Full text of Commercial and Financial Chronicle : July 4, 1914, Vol. 99, No. 2558

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The
VOL. 99

NO. 2558

JULY 4 1914

I

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana. See. Addresses of all. Office of the Company.

CLEARINGS-FOR JUNE,SINCE JANUARY 1, AND FOR WEEK _ENDING JUNE 27
dis Months.

June.
Clearings atInc.or
Dec.

•
•
„

•

.

•

I

Week ending June 27.

or
Inc.orInc.
Dec. I
1913.
1914.
Dec. I

1912.
I
1911.
1913.
1914.
1914.
1913.
I
$
8
$
$
$
$
% .
$
$
1,915,522,003
+0.81,714.745,507
1,634,445,948
48,790,931,559
1,647,638,407
-1A
New York
7,844,202,767 7,753,520.451
T1.2 48,090,217,566
158,199,364 161,405,318 -2.0 153,438,575 149,646,757
Philadelphia
740,921,440 -5.1 4,152,958,187 4,295,385,549 -3.3
703,069,959
„
65,177,527 -16.3
54,538,473
Pittsburgh
251,956,253 -8.5 1,351,917,484 1,511,506,329 -10.6
230,571,367
33,927,214
34,773,101
37,227,146 -13.7
32,128,020
925,089,684 1,016.402.741 -9.0
Baltimore
156,132,985
167,183,197 -6.6
9,359,237
8,970,356
10,308,680 -1.7
10,132,486
300,229,054 -1.7
295,082,431
Buffalo
50,249,519 +1.7
51,102,668
6,776,344
6,988,879
7,896,582 -10.6
7,062,825
205,898,821 -2.4
200,032,977
Washington
36,557,662 +0.1
36,592,307
5,407,544
5,278,603
5,531,643 +9.3
6,044,469
167.452,812 -3.4
Albany
161,742,123
31,613,156 -14.6
26,998,388
4,556,947
4,099,143
3,965,332 +6.4
4,290,009
131,410,646
131,860,344
Rochester
+0.3
22,830,556 +7.5
24,533,481
2,974,684
2,496,215
2,800,000 +4.5
77,925,933 +12.1
2,924,607
87,376,362
12,959,294 +12.1
Scranton
14,533,880
2,331,452
2,438,529
2,350,839 +12.3
79,215,610
2,640,831
75.051,842 +5.5
11,830,535 +18.2
Syracuse
13,980,112
1,383,820
1,556,101
+7.3
1,754,676
49,207,909 -5.5
46,522,387
+2.5
1,883,847
7,563,136
Trenton
7,749,348
1,953,811
1,736,218
57,380,981
2,329,559 +2.4
57,636,205 -0.4
2,386,024
9,263,550 +16.0
10,742,335
Wheeling
1,801,076
1,513,414
49,307,057
+4.5
8,126,472
+5.2
1,792,186
48,667,034
1,885,653
+0.8
Reading
8,489,623
50,508,421
1,520,183
1,569,707
1,625,802 +23.6
45,157,733 +11.8
7,609,104 +14.9
2,009,290
8,742,973
Washington
1,282,374
40,642,849 -2.1
39,768,648
1,576,525 -5.3
6,731,929 +8.2
7,281,674
1,316.168
1,492,648
Wilkes-Barre
39,694,400
40,183,542 -1.2
6,720,934 +0.2
6,732,229
Harrisburg
891,591
551,182
18,851,091
16,246,470 +16.0
2,628,924 +35.2
623,285 +17.5
3,553,751
732,220
Greensburg
844,863
868,426
24,672,575 -1.7
24,255,691
4,005,555 -0.1
4,000,311
853,763 -7.3
791,222
York
854,041
981,290
26,075,583 +5.7
27,569,021
4,428,819 +7.9
4,778,138
1,005,066 -3.2
973,448
Erre
18,083,204 -1.7
582,594
593.817
17,755,937
3,192,588 -0.1
3,188,222
720,932 -7.6
665,675
Chester
503,002
14,391,169
468,889
+1.7
14,636,070
2,493,164 +4.1
2,594,139
599,114 +4.3
Altoona
625,000
17,853,300 -0.05
454,000
2,802,400
Binghamton
513,600
17,844,600
2,956,300 -5.2
614,100 -6.2
575,900
46,769.540 -2.8
1,188,071
962,534
45,466,742
7,365,758
Lancaster
+6.3
6,372,019 +15.6
1,384,016
1,471,967
13,862,470 +2.7
Beaver Co.,Pa
14,239,766
2,500,038
2,373,533 +5.4
12,369,873 -0.9
Norristown
12,250,756
2,306,963 -4.6
2,200,000
8,373,788 -2.5
Frederick
8,168,468
1,329,339
1,308,687 +1.6
7,578,197 +8.2
Franklin
8,200,322
1,270,036 -2.7
1,236,237
10,837,763 +2.2
447,298 -25.3
Montclair
334,815
11,076,495
2,009,929 -4.6
1,916,504
-179 1,941-,357,380 /.918-.135,336 -078 2,009,6263-a2- 2.
- 195,497623
Total Middle
9
-J99-;920,933 0- 556983
,705 4=073 55,978,729,621 -57070,784,490 -=
4,189,542,332
-2.6
133,237,512 131,285,229 +1.5 161,387,033 154,167,981
Boston
645,251,960
+7.3 4,081,431,174
601,245,861
210,958,000 -2.2
6,982,200
7,574,600
208,363,100
6,859,200
7.313,500 -6.2
Providence
32,891,900 +0.7
33,126,800
127,284,026
4,234,732
+8.3
4,391,741
4,037,533 +21.9
4,923,020
Hartford
23,131,912
19,025,201 +21.6
137,796.856
79,061,490 +6.8
2,948,465
2,826,523
3,058,879
2,681,371 +14.1
New Haven
84,427,619
15,225,082
12,284,570 +23.9
71.502,995
+5.6
1,980,831
2,212,533
2,614,744 -5.2
2,479,206
75,470,908
Springfield
13,360,246
11,289,236 +18.3
52,069,995 -3.3
1,927,114
1,958,288
1,723,215
1,673,315 +3.0
50,370,805
Portland
8,220,307
8.408,552 -2.2
68,926,777 +0.2
2,345,399
2,525,631
2,433,346
2,768,879 -12.1
Worcester
69,098,172
11.431,600
11,028,495 +3.7
29,785,250
+13.2
937,546
Fall River
+9.2
1,019.010
1,158,136
1,060,942
33,727,684
5.704,879
4,615,461 +23.6
26,777,488 +9.7
843,507
858,615
921,589 +10.1
New Bedford
1,014,261
29,381,810
4,700,640
4,410,982 +6.6
17,328,602 +8.2
601,005
642,541
731,155
613,879 +19.1
Holyoke
18,748,422
3,167.063
2,698,846 +17.4
13,518,779 +47.4
517,069
499,375
461,098 +51.8
700,003
Lowell
19,824,469
3.600,000
2,131,611 +68.5
468.415
12,613,910
-10.6
+21.6
475,080
453,519
551,393
Bangor
2,191,045
11,279,217
2,235,995 -2.0
25,178,000
+5.6
Waterbury
4,907,400
26,595,700
4,387,300 +11.9
158,869,226 1-85.985,598 +1.9 186.339Tot. New Eng
.716 -177935.438
-774,018,934 -70,729.809 --T9O 4,844,515,936 -1,924,623,443 -1.6
Chicago
+3.4
292,221,592 293,376,709 -0.4 271,656,912 260,249,267
1,381,553,686 1,290,839,722
+5.5 8,263.503.537 7,991,031,256
23,151,950
Cincinnati
665,602,400 +2.6
25,611,750 -5.8
26,140,450
24,128,350
110,380,550
108,461,900 11.8
682,921,750
18,481,851
Cleveland
22,826,237
623,859,836
+2.2
21,865,975
22,408,668 -2.4
106,004,935
637,344,160
103,585,127
2.3
17,887,347
Detroit
26,576,591 -13.4
19,794,710
637,077,339 +9.8
23,022,851
114,851,064
699,272,054
111,576,589
2.9
12,559,591
13,680,700
Milwaukee
381,914,595 +10.4
14,051,134
13.793,897 +8.4
69,814,688
421,711,888
62,959,431 +10.9
8,494,131 -5.3
8,264,417
8,563,378
216,366,634 -6.3
Indianapolis
8,040,812
37,468,562
38,556,036 -2.5
202,797,848
5,318,500
6,918,900 +3.1
6,047,000
164,803,800 +7.9
7,135,700
Columbus
30,928,500
28,944,200 +6.9
177,807,700
4.971,128 +23.0
4,442,398
3,779,140
6,112,363
132,738,258 +16.9
Toledo
27,256,470
22,691,653 +20.1
155,118,252
2,206,633
3,573,277 -20.2
2,960,979
88,275,830 +4.4
2,744,221
14,540,236
Peoria
11,570,612 +25.7
92,481,630
2,961,663 -1.4
2,575,147
2,355,607
84,199,239 +2.6
2,918,670
Grand Rapids
14,353,922
13,538,169 +6.0
86,367,461
2,030,075
1,981,591
2,485,094 -19.8
55,655,735 +15.5
1,992,408
Dayton
9,573,518
10,848,948 -11.8
64,289,932
1,100,191
+4.5
1,110,110
1,144,297
1,149,500
5,357,558
30,572,156
+7.0
Evansville
5,202,529 +3.0
32,706,132
703,773 -16.2
617,497
589,247
693,187
20,651,323 -23.9
Kalamazoo
2,589,566
3,381,694 -23.4
15,697,572
1,244,262 -0.7
1,210,776
31,917,435 +2.3
1,235,492
967,245
5,599,283
Fort Wayne
5,479,568 +2.2
32,658,541
944,422
795,116
+4.8
995,462
29,396,150 +3.0
989,168
Springfield, Ill
5,328,007
4,688.013 +13.7
30,280,634
1,604,009 -13.8
1,453,584
982,235
6,743,129
41,101,194 -3.9
1,383,231
Youngstown
6,689,681
39.496,356
+0.8
1,356,000
9,127.000
50,029,000 -7.8
2,162,000
2,072,000 +4.3
1,635,900
Akron
46,109,000
8,746,000 +4.4
1,128,588 -22.2
773,431
3,950.000
26,426,124 -6.0
878,675
848,716
Rockford
4,448,800 -11.2
24,832,979
2,595,048
27,416,528 -25.8
676,857 -23.1
520,392
811.850
755,087
Lexington
3,281,677 -20.9
20,342,119
7,003,233
39,103,521 -4.4
1,278,495
1,350,000 -5.3
1,174,424
1,108,084
Canton
6,319,218 +10.8
40.837,589
2,861,356
544.622
15,882,051
+0.7
685,666
741,040 -7.6
522,404
South Bend
2,777,848 +3.0
15,994,774
2,084,496
344,940
13,571,355 -8.2
438,625 -7.8
420,83
Decatur
404,760
2,267,275 -8.1
12,461,586
3,233,175
21.841,297 +5.1
703,420 -15.2
704.852
600,000
Quincy
596,238
3,265,795 -1.0
22.947,029
3,250,440
585,528
Springfield
584,834
17,709,357 +13.0
627,953 +9.4
686,520
2,937,622 +10.7
20,020,110
•
3,486.989
582,255
Bloomington
649.247
3,248,745 +7.3
20,106,029 -5.6
588,783
608,060
+3.3
18,913,110
2,220,000
382,850
Mansflied
+9.4
517.374
2,027,269 +9.5
11,837,227 +12.7
468,981
512,633
13,338,196
2,200,000
360,758
Danville
2,030,134
12,363,286
+6.5
383.335
413,436 +8.9
450,000
+8.4
13,160,222
2,374,448
427,500
Jackson
2,429,751 -2.3
14,441,572 -7.9
475,000
470.000 -5.3
445,000
13,303,024
1,109,354
Jacksonville, Ill
1,297,187 -14.5
262,904
257,093
9,009,685 -13.1
254,773 -17.4
210,362
• 7,826,332
2,087,494
Lansing
2,136,445 -2.3
350,000
413,54
445,468 -9.7
12,441,129 +0.5
402,28
12,497,850
2,197,550
Lima
2,068,449 +6.2
400,000
500,000
452,801 -8.2
12,062,754 +4.8
415,947
12,640,673
•
1,611,143
Owensboro
1,619,069 -0.5
12,285,376 -8.6
336,754
342,578
318,397 -12.7
11,226,120
277,975
•
1,800,000
Flint
1,729,121
+4.1
11.068,844 +4.4
11,550,991
•
543,585
Lorain
601.313 -9.6
3,260,162
3,036,646 +7.4
•
1,009,053
Arbor
Ann
864,602 +15.8
168,242
5.341,280 +14.7
154,645
186,231
187,747 -0.8
6.125,585
258,878
Adrian
216,099 +19.8
43,572
1,398,784 +22.3
39,700
1,708,824
60,293 +0.07
60,337
•
1,574,005
Gary
1,699,907 -7.4
8,974,691 -3.3
8,674,644
•
643,436
New Albany
665,504 --3.3
3,786,403 -0.6
3,763,868
•
3,400,000
3,372,548 +0.8
Paducah
22,050,000
21,797,175 +0.3
Tot.Mid.W est.__ - . 17962,964,315 1,889,064,250 +
-5.0 11.998,020,452 -117567-,275,294 ---+377 4217,-262725 428,187,387 -176 396 f8189 370,174,11£
Details of Pacific and Other Western on page 24.
.
521.935,756
507,362,279 +2.9 3,116,375,51
Total Pacific:
98,551,581
3,250,704,502 -4.1
108,982,003 108,940,478 +0.04 109.846,106
i
633,946,163
Total other Wee
616,955,979 +2.8 3,858,690,66
3,870.054.331 -0.3
132,790,905 136,618,811 -2.8 127,017,836 118,670,221
336,068,499
337,319,985 -0.4 2,052,376,07
St. Louis
65,865,361
2,072,766,146 -1.0
69,579,577
70,762,284
74,481,653 -5.0
69,551,315
71,395,954 -2.6
New Orleans
16,353,971
484,186,205
473522,617
15,533,727
+2.3
15,796,288 +5.2
14,981,180
54,116,411
54,634,316 -0.9
Louisville
361.385,663
366,138,149
12,834,681
13,275,125
11,958,845 -0.2
11,937,602
+6.3
32,109,004
Houston
30,127,485 +6.6
232,281,796 -2.3
227,028,050
7,285,810
6.
790,
897
+7
.
3
39,133,000
38,588,000 +6.9
241,377,500
Galveston
243,699,000 -1.0
6,503,501
6,735,000
8,420,500 +13.3
9,543,500
34,108,240
207,536,396
31,441,643 +8.5
Richmond
205,365,340 +1.1
7,227,66
7,142,672
7,212,074
7,631,358 -5.5
53,965,388
44,965,193 +20.0
Atlanta
385.458,976
330,676.751 +16.6
9,176,441
8,104,981
9,455,846 +17.0
11,058,773
29,404,088
193,303,088
Fort Worth
28,433,726
+3.4
203,426,235 -5.0
4,532,10
5,603,397
6,227.407 -2.7
6,061,539
25,211,278
25,257,617 -0.2
Memphis
4,579,11
199,183,17
195,444,415
5,345,140
+1.9
5,076,738 -12.7
4,432,136
16,702,097
15,697,544
+6.4
Savannah
113,694,60,
3,370,071
111.885,142
+1.6
3,515,606
3,537,518 +2.7
3,439,126
24,671,545
24,564,308 +0.4
Nashville
177,850,279
180,489.878 -1.5
4,312,117
4,100,91:
+2.1
5,102,601
5,207,036
17,343.799
17,086,523 +1.5
Norfolk
106.421,246
102,434,071
2,713,201
-2.8
3,296,347
+3.9
3,693,232
3,799,055
12,027,884
Birmingham
12,376,870 -2.9
86,699,99
86,806,863
1,957,43.
+0.1
1,941,002
2,981,075 -9.6
2.693,102
14,723,186
15,027,649 -1.7
Jacksonville
87.926.185
93,289,652 -5.8
2,354,27'
2,824,757
3,070,943 '-7.4
2,844,099
Augusta
6,071,216 +3.2
6,263,848
50.786,710
50,796,82 -0.02
1,476,509 -15.3
1,205,051
1,510,732
1,251,355
Knoxville
8,079,466
6.655,035 +21.4
47,983,151
41,645,593 +15.0
1,585,68.
1,640,301
1,620,272 +7.9
1,748,285
Chattanooga
11,431,129
10,051,557 +13.7
62,996,138
65.316,41
1,813,36
-3.6
2,108,416
2,168,025 -2.1
2,122,385
8,890,425
8,072,593 +10.1
Little Rock
62,085,277
54,973,74
1,57446
+12.9
1,382,384
+5.5
1,642,153
1.732,887
Mobile
5,388,367
5,559,428 -3.1
35,159,257
36,669,38
1,294,76
-4.1
1,200,000
1,367,294 -16.3
1,144,188
Oklahoma
8,704,000
6,649,516 +30.9
52,554,423
43,539.63 +20.7
1,445,14,
1,159,587
1,325,239 +21.9
1,615,04
8,508,832
5,829,535 +11.6
Charleston
52,028,074
44,647,883 +16.5
1,120,99
1,484,363
+8.2
1,491,93
1,379,648
3,544.094
3,794,733 -6.6
Columbia
25,466,780
26,836,16
-5.1
13,069,959
10,015,498 +30.5
95,076,318
Macon
82,431,00 +15.3
2,250,00
2,647,431
2,187,276 +23.0
2,690,416
7,823,207
7,810,453
+0.2
Austin
87,904,760
71,962,84 +22.2
934,49
768,935
1,750,520 -25.3
1,3
10
88
8,
,5
46
81
8
3,208,098
2,789,212 +15.0
18,786,303
Beaumont
-31.2t_
10
0-135.
.
..1
646
1
1,617,904
1,690,352 -4.3
12
2217
12,008,299
09881 :,.0
,050412022
8
5
Columbus, Ga
286
7
0:1004783041548 393234:
1,900,000
2,512,642 -24.4
Wilmington,N.C.-12,736.133
1,033,000
957,000 +7.9
7,920,290
193,32
7,348,706 +7.8
Vicksburg
175,790
180,088 +4.7
1,423,555
1,744,749 -18.4
10,848,542
Jackson
290,00
296,187
297,538 -4.2
285,190
1,450,000
1,359,700 +6.7
9,559,956
244,29
Meridian
310,110
7,381,660
4,570,990 +61.5
42,828,007
513,58
Tulsa
617,071
49
8.
3
1
,5
32
67
5,2
00
70
4
1,0
3°°
51.8
1190
18 +
+
„
+35.3
630,40
23,107,597
Muskogee
512,782
872,957
613,691 +42.2
7,789,450
6:577,162 +18.4
El Paso
42.635.675
39.485,281+8.0
1 9-54+
-3.3 5,681,660478Total Southern- _ _ 881K392,4161-81-0-,3118:
5573,316,824 -1118.59241
-.1.--E9 ,997 179,4195,428 181,692,985.1
- -:2 164.6941.
+1.7 85.477.992,6691 86,257,658,884 -0.9 2,942,757,227,2,957.839,5951 -0.5 2,992,943,555 3,116,421,906
- 13,970.178,517,13,731,494,976
Total all
257975T750 5,977;974,625 +2.5 37.38-7.7701131-37.466.727.325Outside New York-(fa 1.20a its,/ R9111 29S n(16-114.7--2-1 1_278.198.048 1.200199.903
OrClaarings by Telage•pil and Canadian Claaring• •C Page 24




THE CHRONICLE
CHRONICLE INDEX.
The index to Volume 98 of the "Chronicle"—which
volume ended with the issue of June 27 —will be sent
to our subscribers with the number of Saturday,
July 11.
THE FINANCIAL SITUATION.
It is not a long way to the November elections, and
one of the mistakes which it is incumbent on the
business community to avoid, in deciding between
contending political parties and factions, is that of
lifting into power candidates more dangerous than
the officials whom they are to displace. Dissatisfaction with the Administration's legislative policies
is country-wide and trade-wide, and the thing to
be feared is that, disgusted with the party in power,
because of its destructive policies, the voters may, in
sheer helplessness, flock to the support of a standardbearer of a more radical type even than President
Wilson, simply because he may be arrayed in opposition to the latter.
Ex-President Roosevelt is again on the scene,
with a yearning to return to power in the Presidential campaign two years hence. He is keenly
conscious of the discontent felt over the Administration policies and is cunningly striving
to gain political advantage for himself by denouncing
the Administration's efforts and measures,and offering himself and the Progressive Party as the instrumentalities by which the country can be rescued
from its troubles, and prosperity be restored. The
ex-President knows, of course, that to say the present
depression in business is psychological is moonshine,
and he is quick to see that Mr. Wilson's inability
to offer any better explanation gives him an opportunity for posing as champion of the oppressed business man which is not likely soon to come again.
He is not slow to fix the blame. He holds the
Administration responsible and asks support for
the Progressive Party as possessing a cureall for the
ills that are afflicting us. In thinking that he and
his new-fangled party can get the suffrages of the
people,he relies upon public forgetfulness of the destructive character of his own Administration when
he urged upon Congress the same species of legislative proposals as Mr. Wilson is now espousing.
But the public should not let Mr. Roosevelt count
upon its forgetfulness. It should give him to understand that it looks upon him as the author and
originator of all the pernicious legislative proposals
which in recent years have worked so much mischief
in the business world. It should be made plain to
him that if the voters are out of patience with Mr.
Wilson's scheme, they are still more out of patience
with his own, and that they consider he is trifling with
a very serious situation when he offers as a solution
for the present troubles an exchange of his brand of
radicalism for that of the Administration.
Since Mr. Roosevelt, during his Administration,
began the attacks on business, and on corporations
an4wealth, the country has had a long, bitter and
costly experience, and there is every reason to believe
it:will profit by the lesson. It wants none of the Wilsonlbrand of radicalism and it wants still less of the
Roosevelt brand. For enduring prosperity, the country:must get rid of both, and we believe it is as desirous of rebuking the one as the other.
Mr.Roosevelt's latest utterances are contained in a
speech which he made at Pittsburgh on Tuesday night



[VOL. xc

of this week before an assemblage of Pennsylvania
Progressives. In this speech he was unsparing in
his criticism of the policies of the Administration,
but the only relief he was able to suggest was that
of arrying the doctrine of legislative repression of
business a step further. The country is suffering
from too much legislation and Government interference. He would give us more of it. If the
Roosevelt schemes were adopted the last state of
business interests would be worse than the first.
Mr.Rooseveltssays: "The present National Administration is pursuing a course that prevents
the existence of prosperity, and that does not
offer a single serious or intelligible plan for passing
prosperity around, should prosperity, in spite of
the Administration's efforts, at some future time return to our people." But what is it Mr. Roosevelt
proposes as a substitute? In reality he is advocating
the same legislative measures as Mr. Wilson, only
he would give the Government greater power and
greater control over business. If he were again in
the saddle, the existing troubles would be aggravated
and accentuated, and there would be no means of
escape. Note some of the passages in the address.
At the very outset of his remarks he declares: "We
do not intend to let the business man of brains use
these brains to the detriment either of the men who
work with or under him, or of the men who are his
rivals, or of the general public." Here we see promulgated the doctrine of the regulation of all the
leading functions of business. He declares himself
in favor of two commissions, one to shape the
country's tariff policies, "the other commission
should exercise strict supervision and control over
big business." At another point he says: "We
propose to substitute the era of co-operation for the
era of competition among the business men and
farmers and wage-earners, and as a necessary corollary we believe that the Government must in thoroughgoing fashion supervise and regulate this movement
toward co-operation." What is it the Progressive
Party stands for? Here is the program:
'The Progressives therefore advocate the creation
a
of strong Inter-State Trade Commission, and would
give such commission, primarily, three powers:
"First, the power of investigation. The commission should be able to ascertain, on complaint or
on its own motion, whether a monopoly in fact exists, and if it does exist, the basis of its monopolistic
power.
"Second, the power directly to prohibit all unfair
trade practices within its jurisdiction. This power
would enable the commission to stop all monopolies
based on unfair and oppressive trade practices.
Whenever monopoly is based on such practices,
what is needed is not the right to recommend that
suits be brought by the Attorney-General, or by any
one else. What is needed is the direct power in the
commission itself to stop the wrong.
"Third, the power to end the exclusive control
of a factor necessary to production by an order
adapted to the circumstances of the particular case.
The order may involve charges in organization in management, or in the conduct of the business. Where exclusive possession of a natural resource is the basis of
the monopoly, it may be necessary to subject its
possession to the obligation of public service, that
is, the obligation to sell to others a reasonable
amount at reasonable rates.
"Our constructive program of anti-trust legislation has no quarrel with large business organizations
as such. On the contrary, we recognize that business efficiency in production can be attained only
through business organization. But we demand that

(JULY 41914.1

THE CHRONICLE

3

the Government be clothed with all the necessary or nine years as a result of unwise legislation
power to crush monopoly with all its attendant evils. and mischievous Government action, and his
address makes it clear that now, though essaying the
In effect Mr. Roosevelt proposes the Very things role of a savior from the destructive Governmental
which he condemns in Mr. Wilson,the only difference policies of the Wilson Administration, he has absobeing that he would make the exercise of Government- lutely nothing to offer as a remedy except further
al power more effective and comprehensive, so that doses of the same kind of medicine. He is pleading
there could be no escape from the Government for unlimited and unrestrained power over the busipolicing of the entire business of the country. What ness industries of the country. The very thing the
is it he complains of in the Democratic Party? He country is anxious to ese ape from he ould fasten
says: "It is, and always will be, the State's rights more securely upon it. The great need of the hour
party, the party opposed to strong Federal action, is that Government should be taken out of business
the party-afraid-of-power." He then goes on to add: affairs (except to the extent necessary to prosecute
"We cannot control our great national business criminal action in the business world, which no one
without power, national power. But the Democrats excuses), but Mr. Roosevelt is still attempting to
dare not use power themselves, nor let any one else beguile the public with the idea that the'injection of
have it. Their trust program, as it stands to-day, is Government still deeper into business matters offers
made futile by this fear. Their official Administra- a panacea.
tion bills propose a weak Federal Trade Commission,
Mr Roosevelt and Mr. Wilson are men of the same
with no power except to investigate and report.
type;
they are advocating the same thing, and both
the
strength
to
They fear to give the Government
cope with corporate abuses. They fear to give the have the same tenacity of purpose The country
commission power to prevent unfair trade practices. wants neither of them; and relief from oppressive
Indeed, their measure would hardly give the com- and disturbing legislation cannot be counted upon at
mission power really to investigate, much less to de- the hands of either, no matter how strenuously Mr.
stroy, by proper Administrative order, monopolies Roosevelt may insist that his brand of Government
based on the exclusive possession of a factor essential
regulation is superior to that of Mr. Wilson.
to production.
It is in the highest degree important that some
recommenda"To the powers of investigation and
tion which the bill proposes to give to the commis- sober and sensible political leader shall be found, be
sion, so far as they go, we have no objection. It is he Republican or Democratic, to marshal in support
the inadequacy of the commission's power to destroy of right principles those great masses of the populamonopoly which we condemn."
tion who still adhere to the belief that Government
He apologizes for the action of the Progressives policing of the country's industries is not the way
in Congress in supporting the Administration, and to industrial activity and advance. If such a leader
says that "Progressive Congressmen voted for the is notfound, Mr. Roosevelt and Mr. Wilson two years
bill, not because it represents an adequate attempt hence may be pitted against each other, and no third
to deal with a great problem, but in the hope that a candidate be in the field to receive the votes of those
day will arrive when the so-called Trade Commission who have no sympathy with the views of either.
will be given sufficient poll er to make it a real Trade
Bank clearings for the month of June 1914 indicate
Commission, such as our national platform promises
a
little
more activity in mercantile and industrial
and such as the bills which we have introduced would
circles
in
some sections of the United States, the
provide."
outlook having apparently acted as
excellent
crop
He declares that the Clayton bill "goes hopelessly
trade,
thus neutralizing,to some extent
stimulus
to
a
wrong in that it forbids specifically any combination
at
least,
the
various
disturbing factors contributed
or agreement in inter-State commerce between any
by
the
threatened
legislative
enactments of an
two or more corporations,firms,or even individuals,
nature. Stock
inquisitorial
and
generally
adverse
which in any way lessens or restricts the competition
feel
the ill effect
operations,
to
however,
continue
"But,"
he
adds, "the Democrats
between them.
and
the volume
of
the
unfortunate
railroad
situation
the
to
give
Government the firm grasp and
dare not
reach to control these corporations.' Thus there of share sales for the month was the smallest for
is a constant plea for more power. Finally he sets June in some 20 years.
The aggregate of clearings for June 1914 at the
out the whole Progressive platform in the following
160
cities included in our compilation, which is
summary:
presented on the first page of this issue, reaches
"We propose to provide a strong commission, $13,970,178,517, an improvement of 1.7% over the
getting prompt action by direct administrative month of 1913, but for the six months of the current
process; with power in that commission to attack calendar
year there is a loss of 0.9%. Contrasted
directly all unfair and oppressive forms of competiwith
June
of 1912 there is an increase of 2.5% but
that
commission to take a case of
tion; power in
monopoly, find out what is the real business corner- for the half-year a decrease of 0.4%. At New York
stone of its monopoly and then bring the full strength the increase for the month is 1.2%, as compared
of the Government directly against it. We propose with 1913, with the six-months' total showing a detold° away with all unfair practices by big business cline of 1.4%. Outside of this city June furnished
or little business. We propose heartily to encourage by a Slight margin a new high record for the period,
honest business, and to give full scope to efficiency,
provided the efficiency is used for the • benefit and the gain over 1913 having been 2.5%, but for the
half-year there, is a nominal decline-0.2%. Alnot to the detriment of the people as a whole."
together, 83 of the 159 outside cities record gains
We dwell thus at length upon Mr. Roosevelt's over last year for the first half of 1914, with the
remarks because it seems desirous that the public percentages of augmentation notably large at Lowell,
should be undeceived as to his real purposes and'Toledo, St. Paul, Fargo, Sioux Falls, Atlanta,
plans. The United States owes to him all the Knoxville, Charleston, Macon, Austin, Tulsa and
suffering it has had to endure during the last eight Muskogee, and quite satisfactory at a number of



4

THE CHRONICLE

other municipalities of greater or lesser prominence.
Stock transactions at New York in June were not
only lesi than in May, but very much smaller than
for June in most earlier years. In fact, in no year
since 1894 have .the dealing been as meagre as in
1914 and in a number of cases the month's totals
have been from three to five times the current
aggregate, which is only 4,002,748 shares. That
compares with 9,588,174 shares last year, 7,219,721
shares two years ago, 10,508,400 shares in 1911 and
16,292,870 shares in 1910. For the six months
the sales were but 38,069,651 shares, against 46,257,298 shares a year ago, 69,286,540 shares in 1912
and 176,055,746 shares in 1906. Bonds were more
actively dealt in in June than in either 1913 or 1912,
but less so than in 1911. For the six months the
transactions in these securities reached 373 million
dollars, par value, against 284 millions last year,
406 millions in 1912 and over 700 millions in 1909.
At Boston the month's transactions were only 293,406
shares, against 514,104 shares in 1913 and 1,062,885
shares in 1912, with the six months aggregate 2,880,664 shares, or moderately less than that of last
year and very much behind the 6,563,700 shares of
two years ago.
Canadian bank clearings make a somewhat better
exhibit for June than for May, although still furnishing evidence of lessened activity at most points,
especially in the Western section. The aggregate
for the 21 cities from which we have comparative
returns shows a falling off of 4.4% from June a year
ago, this following an almost identical loss in 1913
from 1912. The six monthsrtotal exhibits a decline
of 8.6%from the total for 1913, which was a record
for the period, with the greatest losses at Saskatoon,
New Westminster, Victoria, Vancouver, Moose Jaw
and Regina and the only gain at Ottawa.

[VOL. xcix.

8% in Oklahoma—States that can quite confidently
be counted on to increase acreage from year to year
with prices for the staple satisfactory. It is not
uncommon, however, for the Department to make
extensive additions on later revisions. This was so
in 1906, 1909, 1911 and 1913, when, subsequent to
the original estimates, additions ranging all the way
from 1,289,000 acres to 3,363,000 acres were made.
In July 1913 the area under cotton was reported by
the Department as having been increased about2.5%,
making the estimated acreage that spring 35,622,000
acres; but this spring, prior to the issuing of the 1914
estimate of area, an addition of no less than 1,836,000
acres was made, bringing the territory seeded in
1913 up to 37,458,000 acres. Apparently, then, the
increase in area in 1913 was nearly 7%%,instead of
the 23/2% the Department originally reported.
From 1906 to 1913 no less than 9,430,000 acres were
added to the area in the form of corrections or revisions. Starting with the original estimate of 1907
(32,060,000 acres) and applying in regular order the
June-July percentages of increase or decrease reported by the Department, the acreage this year
would stand at only 31,055,000 acres, or a decrease
in seven years of 1,005,000 acres, whereas, according
to the revised figures, there has actu-ally been an
increase of 5,398,000 acres. The present report of
a small decrease in area for 1914 cannot, therefore,
be accepted as conclusive or final.

Compromise appears to be indefinitely in the air
so far as the Ulster revolt against the provisions of
the Irish Home Rule Bill is concerned. The Marquis of Crewe in the House of Lords on Wednesday
promised that amendment to the amending Home
Rule Bill will receive careful consideration from the
Government. This was followed on Thursday by
a statement by Lord Lansdowne that the House
of Lords will not7oppose the bill on its second readin view of the Government's promise. He said
ing,
The cotton report of the Department of Agriculthe bill was defective on four points—the
that
ture, issued on Monday,- showing as it did a very
decided improvement in the condition of the crop method of exclsuion, the area to escape home rule,
during June—an improvement greater, in fact, than the duration of the term of exclusion and the conseemed to have been looked for by the trade in gen- ditions fixed by the Government for the excluded
eral—was quite an important factor in the markets. areas. Lord Landsdowne's tone was temperate
for the staple, the decrease in area indicated having and conciliatory. But he is quoted by London press
been practically ignored. With the appearance of dispatches as speaking solemnly in referring to "the
the report there was a decline in the various options, irremediable catastrophe which will follow this last
and later in the week there was a further drop, effort." A dispatch from Belfast states that the
Unionist CouncilS there has issued the following
which beneficial rains in Eastern districts assisted.
The Department made the average condition for order : "It has been decided that, at the discretion
the whole belt 79.6% of a normal on June 25, an of the commanding officers, the time has come when
improvement of 5.3 points since the May report, arms may be carried openly by members of the
and comparing with 81.8 at the same time last year, Ulster Volunteer Force, and attempts to seize arms
80.4 in 1912 and a ten-year average of 80.7. The carried in accordance with these instructions are to
improvement over a month ago is quite generally be resisted in accordance with the former instrucshared in by the individual States, amounting in tions."
Texas and Oklahoma—where it was claimed that - The amendments to the amending bill will be
betterment of condition was hardly possible after made, it is understood, after the second reading.
the setback caused by the heavy rains of April and This will probably be reached on Monday, to which
yay—to 9 and 11 points, respectively. Further- day the debate has been adjourned. The chief
more, the situation over most of the territory east danger point, so far as military operations are conof the Mississippi River is better than last year's cerned, appears to be the fact that two opposing
volunteer forces are in the field. Thus conditions
or the average for the preceding ten years.
This official report quite fully confirms our resume are present where a match can very readily start a
of the crop as set forth in these columns last week. severe conflagration. The opposing volunteer forces
But the Department claims that there has been a in Ulster are Sir Edward Carson's followersTon the
decrease in area this year of about 1.3%, a,moderate one hand and theNationalist voltinteersion!the
net gain elsewhere in the cotton belt laving been other. The latter.wasY„formed with the sanction of
much more than offset by losses of 5% in Texasand John E. Redmond, the NationalistIleader. The




JULY 41914.]

THE CHRONICLE

Ulstermen, who have been drilling and organizing
for nearly two years,claim a force of 115,000, while
the Nationalists, who began to organize and smuggle
in arms a little more than a month ago, said at that
time that in six weeks they hoped to recruit 300,000
men. But no figures of the strength they have
really attained are available. Both sides are probably exaggerating. During a recent mobilization
test of the Ulstermen 30,000 volunteers assembled
for a night of duty to show their effectiveness.
News that Greece has been able to obtain two of
our older warships seems to have exercised a restraining influence on the overbearing attitude towards
that country recently shown by Turkey. It is
officially admitted by our Secretary of the Navy,
Mr. Daniels, that he had been approached by representatives of Turkey with a view of purchasing one
of the older vessels in our navy. No attempt,
however, will, it is understood, be made by the
Navy Department officials to have such a sale
authorized by Congress. Possibly Turkey will now
seek other markets, but in the meantime the Porte
is not likely to force a contest under the unfavorable
conditions that have been created. But affairs in
the Balkans, as a whole, are undoubtedly in a condition of great tension. It is difficult to gauge at
this time the importance of the assassination of
Archduke Francis Ferdinand,.heir to the AustroHungarian Throne, and his morganatic wife, the
Duchess of Hohenberg, who were shot to death on
Sunday last while driving through the streets of
Sarayevo, the Bosnian capital. A youthful Servian
student committed the murder, thus adding another
to the terrible tragedies that have marked the reign
of Emperor Francis Joseph. The explanation of
the tragedy which seems to be most generally accepted is that it is the culmination of a carefully
prepared Servian Nationalist plot in revenge for the
annexation of Bosnia and Herzegovina, which
defeated the aspirations of creating a greater Servia.
The assassins have confessed that the plot was
matured at Belgrade. It certainly suggests that
real reason exists for the anxiety always present in
the minds of European politicians about the unstable conditions prevailing in the Balkans. AntiServian riots are reported in various parts of AustroHungary.
Joseph Chamberlain,for many years a commanding
figure in British national and international politics,
died unexpectedly on Thursday night at his home in
Prince's Gardens, London. He had been ill for some
years, but there was no indication of a crisis in his
condition. Several months ago he announced that he
would not again stand for re-election to Parliament,
on account of his age and feebleness. Mr. Chamberlain was born in 1836 in the City of Birmingham, and
was thrice elected Mayor of that city. He was a
Member of Parliament from Birmingham from 1876
to 1885; President of the British Board of Trade
from 1880to 1885,President of the Local Government
Board during 1886, Secretary of State for the Colonies from 1895 to 1902, Chancellor of the University
of Birmingham during 1901 and later Lord Rector
.of the University of Glasgow. Mr. Chamberlain
was a great advocate of imperialism.
Formal mediation in Mexican affairs has failed.
The three envoys representing Argentina, Brazil and




5

Chili, who undertook to seek a solution fo the Mexican
problem, concluded their work on Tuesday. Before
their indefinite recess, the envoys issued a statement,
saying the conference had at any rate been successful
in one important respect, namely, that it had averted
war. This was really the prime object for which the
diplomats had tendered their good offices. The next
step in negotiations will be between Huerta delegates and representatives of Carranza, the leader
of the Mexican Constitutionalists. The Huerta
delegates are remaining at Niagara Falls,obviously
for the purpose of being on hand to confer with representatives of the Constitutionalist Chief. Meanwhile, Senor Esteva Ruiz, Acting Secretary of Foreign Relations at Mexico City under the Huerta
Government,in a formal announcement on Thursday
declared that peace had definitely been arranged
between Mexico and the United States. The statement follows:
Yesterday peace was definitely arranged between
Mexico and the United States. After the explanations requested respecting the clauses of the final
protocol had been received, it was approved and was
signed yesterday by the delegates of the United
States. The Mexican delegates had signed it the
evening before.
It is not possible to communicate the protocols to
the public before they are submitted to the Senate,
but in them the national sovereignty and dignity
were saved. Nay, more; the United States has not
exacted any war indemnity and has waived satisfaction from the Government of -Mexico for the Tampico
incidents. The copies which I hand you of telegrams
which the Mexican Chancellor has addressed to the
mediating Powers and their representatives make
manifest the importance of the international history
of America of the mediation of the three South
American Powers, which has led to the peaceable adjustment of this conflict without any impairment of
the integrity, honor or interests of the Mexican nation.
Friction has broken out between Gens. Carranza
and Villa, but the former is planning a personal visit
to Villa in order to compromise their differences so
that the rebel armies may make a concerted march on
Mexico City. ,
An incident in the Mexican situation this week
has been the publication in daily installments by
the New York "Herald" of correspondence designed
to show that the Carranza revolution was being aided
by large railroad, mining and oil interests in the
United States. The correspondence in question concerns chiefly letters and telegrams between Capt.
Sherburne G. Hopkins, a Washington lawyer, and
Henry Clay Pierce, the St. Louis capitalist, whose
large interests in Mexican oil and railroad properties
is well known. These documents refer chiefly to
efforts on the part of Capt. Hopkins, acting as agent
for Mr. Pierce, to persuade Gen. Carranza to take up
"the problem of the railroads and the proposed formation of a separate system in the States of the North,
pending the occupation of the capital." In brief,
the suggestions were that Gen. Carranza should declare vacant the present board of directors and appoint as their successors persons in whom Carranza
could place confidence, for the purpose of neutralizing "any plan now in process of development having
for its object the control of the roads by a new and
foreign corporation organized by the bondholders."
The document also purports to show that John Lind,
President Wilson's personal representative in Mexico,
was over-friendly to Carranza and that shipments of

6

THE CHRONICLE

[VOL. xc

arms to the Mexican Constitutionalists were winked Lloyds and two French banks. These institutions
at at a time an embargo was supposed to be in opera- were offering a loan of £24,000,000, firm, without
guaranties, economic concessions or political or
tion.
general considerations. The Province of Quebec
Monday of this week offered £1,000,000 432%
on
London's markets have shown some discourageat par, but the result has not yet been reported
bonds
ment this week—the result of a variety of reasons.
The City of Moscow has offered £1,000,cable.
by
In the first place there has developed no little anxiety
notes on a 49.% basis. The City of
yearly
000
regarding Brazilian finances. It was not until the
is offering £200,000 in 5 per cents,
Antofagasta
last moment that the Rothschilds were able to
the Chilian Government, at 97. A
by
guaranteed
remitted
had
Treasury
Brazilian
announce that the
Railway
India
4% loan of £5,000,000 is to
South
funds to pay the July coupons on the old loans.
9732.
at
shortly
issued
be
Even then nothing was said about provision for the
As to the quotations on the London Stock Exsinking fund redemptions. Finally, these funds, too,
they seem to suggest, as is the case with our
change,
became available, but it seems increasingly evident,
a sold-out condition. That is to say,
market,
own
to quote one London correspondent, that "the
of business is exceptionally discourvolume
the
while
Rothschilds are losing pateince with Brazil." Latest
is being well maintained. Thus
level
price
the
aging,
advices received by cable intimate that negotiations
20 to June 20—by
compilation—May
for the new Brazilian loan, which is so vital to the the monthly
of
Magazine"
of the aggreLondon
"Bankers'
continued solvency of the South American Republic, the
on
the London
in
dealt
securities
387
of
value
have again been postponed. Other sources of dis- gate
by
a conreceived
cable,
as
shows,
Exchange,
Stock
couragement to the English market have been the
only
0.07%.
to
equal
is
which
£2,434,000,
of
traction
H. B. Claflin Company failure in New York and the
receivership of the Cincinnati 1Hamilton & Dayton This follows a decrease of £20,629,000, or 0.6%,
Railroad, both, of which are declared to have shaken in May. The largest decline in June took place in
Anglo-American credit quite severely. Still further, African mines, which fell 1.4%, while British home
the continued sensational developments that have rails declined only 0.04%. British and India funds,
followed the failure of the Chaplin, Milne & Grenfell on the other hand, advanced 0.2%, and foreign
Company have caused renewed reserve in regard to government securities also advanced 0.2%. The
Canadian securities. The London market, too, is aggregate value of these 387 securities on June 20
undergoing a period of enforced rest after the ex- 1914 was £3,383,128,000. At the same date in 1913
treme activity that has recently been shown by the corresponding figures were £3,396,940,000 and
underwriters in attempting to distribute new securi- in 1912 £3,588,531,000.
British Consols closed at 75 5-16,against 74 15-16
ties. The new capital issues in June, as reported
of last week. London & Northwestern Ry.
by cable, show, according to the usual compilation on Friday
at 1273/
finished
2, without change from last
shares
by the "Statist", a total of £22,792,000, against
Great
Ry.
Western
closed at 1143,, and Great
week;
only £7,613,000 in June of last year and £16,763,000
473i,
at
both
being without change.
Eastern
in 1912. For the first six months of the calendar
State funds for the week seem slightly easier.
Foreign
year the applications on the capital market
3 to 753 on ThursGerman Imperial 3s declined 4
aggregated £166,280,000, against £151,275,000 for
but fully recovered yesterday; Russian 4s
day,
the first half of 1913 and £120,980,000 during the
point lower at 863/2, Bulgarian 6s are
same months in 1912. Colonial issues have required are M
at 103, Servian Unified 4s still remain
lower
£73,842,000 of the half-year's total of £166,280,000, 1 point
4s are 23% points lower at 753%,
Japanese
7832,
which, it may be added, constitutes a new high at
5s are 3 points lower at 85,
Government
Mexican
record for London's underwriters.
while Mexican Railway ordinary shares finished at
323/2, against 33 a week ago. Correspondents appear
That the supply of new securities in London
to agree that a sustained period of easy money is
has been excessive is indicated by this week's ansight for the British market, though there is no imin
nouncements of the results of loans. Only 5% of
mediate expectation of a reduction in the Bank of
, Russia, 5% offering,
the £2,116,000 City of Kieff,
England rate. Day-to-dayfunds closed at1@1%,
which was made on Wednesday of last week, was sub4% a week ago.
against 13/2@13
scribed by the public. The £4,000,000 South African 4% loan, which was announced on Monday of
Paris, also, has had a quiet market. It is relast week at 9732, was left in the hands of underthat the advance subscriptions to the new
ported
64%.
of
The
extent
writers to the
£2,000,000 St.
Petersburg 43/2% municipal loan, which was under- national loan which is to be offered on Tuesday next
written at 94 on Thursday of last week, was only have been so great that the large applicants will
distributed to outside investors to the extent of Probably receive but 23/2% of the total. The loan
£240,000, and London correspondents cable the is quoted at a premium of 13/ francs. There has
suggestion that Jewish banking interests are exert- been no continued necessity for the French banks to
ing an unfavorable influence against Russian fi- intervene in order to insure the success of the offernance in retaliation for recent political tendencies ing. Hence, the Bourse has been left to its own
on the part of the Russian Minister of Finance, resources. As in the case of London, quotations
which we have outlined heretofore in the "Chroni- on the official French market have been well maincle." As a result of the assassination of Archduke tained despite the severe dulness. French rentes
Francis Ferdinand and his wife, the Duchess of closed at 82.95 francs, against 83.75 a week ago.
Hohenberg, negotiations for a Bulgarian loan that There has been some selling of these securities in
were in progress in London have been suspended. order to re-invest the proceeds in the new national
The group of bankers which was considering the issue which, notwithstanding the taxation to which
loan included the London City & Midland Bank, it is to be subjected, still shows a better net return
Parr's Bank, Neumann-Luebeek & Co., Barclay's, thanithe unredeemable rentes. The Bank of



JULY 4 1914.)

THE CHRONICLE

Mexico shares have been especially weak, following
the publication of an unfavorable balance sheet and
the new strain into which Mexican affairs appear
to have entered. Press advices from Paris state
that the French banks are concerned in a practical
way in the Claflin failure, since they hold, through
their correspondents on this side, quite a large
obligation on Claflin bills, which have heretofore
been in excellent repute in Paris. There is also
reported to be quite a large French holding of the
shares of the United Drygoods Company,'which
have declined so severely of late as a result of the
H. B. Claflin Company failure. The Claflin embarrassment, in fact, has afforded still another
opportunity for the anti-American French press to
pass criticism on American shares as a whole. Money
in Paris closed at 4%, against 1
a week ago,
and New York bankers have received bids of as high
as 10% for funds extending from July 7 to July 9 to
aid in financing the new loan. This suggests
quite a strain at the French centre. Recent reports predicting a reduction in the minimum discount rate of the Bank of France have not been
fulfilled. The French Senate on Thursday voted
to include in the 1914 Budget the 5% tax to be
collected upon incomes received in France from
foreign stocks, bonds and securities of whatever
form, including Government bonds. It was the
refusal of the Senate to include this tax in the Budget
which prevented the passage of the Budget before the
Chamber recently dissolved for the elections. French
banks acknowledge that some securities deposited
with them are being withdrawn and that the coupons
being offered for collection show a substantial decline, indicating that French capitalists are sending
their securities to London, Brussels and Geneva,
and that they are cashing their coupons abroad to
evade the tax. The new tax of 5% on net revenue
from all classes of securities took effect on July 1.
The Berlin market has been unsettled to a measureable extent by apprehensions regarding the final
outcome on American business of the Claflin receivership proceedings. Thus, there has been a
disposition at the German centre to sell American
railroad and other securities that are usually dealt in
there. The assassination of the Austrian Prince,
likewise, was an unfavorable development, while
the Albanian difficulties seem to have added to the
general discouragement. German bank shares have
continued under pressure for the same reason that
we noted last week, namely the request by President
Havenstein of the Reichsbank that the German banks
maintain reserves equal to at least 10% of their
deposits. Money in Berlin reflects some strain resulting from the quarterly settlements, closing at
3@,3m%, against 2% last week. The more conciliatory attitude of Turkey towards Greece has, on
the other hand, been a steadying influence.

7

it is understood that some particularly attractive
bills have been taken at 2%%. In Berlin 23A®
23/2% was quoted, against 2%@33% a week ago.
Vienna still quotes 3%, Brussels WA% and Amsterdam 2 15-16%. The official bank rates at the leading foreign centres are: London 3%, Paris 33270,
Berlin 4%, Vienna 4%, Brussels 4% and Amsterdam 332%.
The Bank of England's weekly return was such
as is usually presented the first week of the new half
year. It showed an increase in gold coin and bullion
holdings of £154,534. There was a reduction of
£927,000 in the total reserve and as a result also
of the increase in liabilities the proportion of reserve
showed the severe decline to 40.13%, against 47.10%
a week ago and 42.12% in 1913. The large increase
of £9,698,000 was reported in the loan item (other
securities), showing the borrowings at the Bank
by Lombard Street in connection with the July payments and the usual window-dressing operations.
Notes reserved showed a contraction of £909,000.
There was an increase of £1,081,000 in note circulation, a decrease of £1,003,000 in public deposits,
an expansion of £9,635,000 in other deposits and a
decrease of £41,000 in Government securities. The
Bank's bullion item now stands at £40,082,797. One
year ago it was L37,047,586 and in 1912 £40,402,056.
The reserve figures out £30,602,000, against £25,867,666 one year ago and £28,878,671 in 1912. The
ordinary deposits aggregate only £34,551,000. These
figures compare with £46,633,003 and £48,389,027
in the preceding two years, respectively. The loans
are £49,692,000, against £40,661,622 in 1913 and
£44,825,356 in 1912. Of the £620,000 South African
gold available in the open London market on Tuesday,the Bank did not receive any. India obtained
£100,000 and the remainder went to the Continent,
France taking £500,000. Our special correspondent
furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
week: Imports, £1,454,000 (of which £276,000 from
South America, £70,000 from the United States,
£455,000 from Egypt and £653 bought the previous
week in the open market); exports, nil, and shipments of £1,300,000 vet from the interior of Great
Britain.
The Bank of France in its weekly report again
showed gold stock at a new high mark. The holdings of the precious metal indicated an increase of
81,988,000 francs, reflecting importations from
London and New York, but especially from New
York. Silver holdings increased 536,000 francs.
There was an expansion of no less than 198,856,000
francs in note circulation and of 179,012,000 francs
in discounts. The Bank's advances increased 3,542,000 francs and general deposits decreased 34,035,000 francs. The Bank noW holds in gold
4,057,673,000 francs. One year ago the total was
3,315,450,000 francs and two years ago 3,259,150,000
francs. The silver stock is 638,879,000 francs,
sgainst 655,125,000 francs in 1913 and 814,775,000
francs in 1912. Discounts show a total of 1,790,857,000 francs, against 1,857,851,113 francs in 1913
and 1,480,191,919 francs in 1912. The deposits
are 982,677,000 francs, against 700,212,205 francs
in 1913 and 708,478,234 francs in 1912.

Official bank rates in Europe have not been
changed, although Berlin dispatches suggest a reduction in the near future in the Reichsbank's
figure. Recent predictions by cable of a decline in
the Bank of France figure have thus far failed of
fulfilment. Private discount rates in.Lombard Street
close at 1 13-16@17A% for short bills and 1 15-16@
2% for long bills. This is a reduction from 2% for
short and 29/8% for ninety-day bills a week ago. In
The Imperial Bank of Germany this week,in its
Paris 29% still remains the private rate, although statement published on Thursday, records a de


8

THE CHRONICLE

crease of 64,924,000 marks in gold and of the large
sum of 125,470,000 marks in total cash, including
gold. There was also the very large expansion of
602,611,000 marks in note circulation and of 457,344,000 marks in discounts, while loans showed the
more moderate increase•of 16,647,000 marks. Treasury bills in&eased 103,423,000 marks. All these
changes, of course, reflect the usual quarterly settlements. The cash holdings now aggregate 1,586,884,000 marks, against 1,362,300,000 marks in 1913
and 1,227,680,000 marks in 1912. Combining loans
and discounts, we have a total of 1,284,377,000
marks. One year ago the corresponding figures
were 1,633,260,000 marks and in 1912 1,580,320,000
marks. Note circulation stands at 2,407,176,000
marks, against 2,316,760,000 marks one year ago
and 2,087,660,000 marks in 1912.
Notwithstanding the close approach of the cropmoving season and the indications that as a result
of the large harvests there will be a corresponding
increase in the volume of the financial requirements,
the local money market has not given indication of
unusual strength. Secretary McAdoo has the present week sent a circular letter to presidents of national
banks throughout the country seeking information
that will guide him in the distribution of Treasury
funds this year. These funds, he is prepared to
deposit, should the occasion arise, in the agricultural sections in order to prevent any strain in money
rates during the crop-moving period. The success
of his similar efforts last year has encouraged him
to repeat the experiment.
When it is considered that the week has witnessed
the accumulation of funds for the July dividend
and coupon payments,which, like those of January,
are always particularly large, and that there has been
the added specific demand upon bank deposits in
the form of the income tax payments (which including corporations as well as individuals are now
stated to have been very close to $75,000,000
for the entire country), it will be appreciated that
supplies of funds must be large to have avoided any
distinct strain. The only real response was an
advance in call money on the first of the month to
23/2%,although the ruling rate did not get above 2%.
There has also been a fractional advance in the
quoted rate for distant maturities, notably five and
six months, though borrowers are resisting this
advance. Owing to the holiday to-day, the weekly
statement of the Clearing House Association was
published at the close of business yesterday. It,not
unnaturally, reflected the influences already referred
to and included a decrease of $1,871,000 in loans and
of $21,684,000 in deposits. The cash showed the
large decrease of $27,090,000, and notwithstanding
the reduction of requirements due to the contraction
in deposits the surplus above requirements declined
$20,768,400. The surplus now amounts to $10,589,450, which compares with $19,956,200 one year
ago and with a deficit of $5,413,200 in 1912.
The Claflin failure still continues a feature of the
market for commercial paper. The committee
formed to protect the interests of the holders of the
notes indorsed by the H. B. Claflin Co. sent out on
Thursday night a circular letter to such noteholders,
including about 3,000 banks, enclosing copies of the
agreement under which they are invited to deposit
their claims. The committee state that the company



[VOL. xcix.

has outstanding no direct or primary obligations
upon notes executed by it. Excluding its merchandise indebtedness, obligations upon leases and letters
of credit, its sole indebtedness is its contingent
liability upon approximately $30,000,000 of notes,
which are commonly known as "Claflin receivables
or indorsements." The committee believes that the
only notes so indorsed and discounted by the H. B.
Claflin Co. were those executed by some twenty-seven
corporations, practically all the stock of each of
which corporations was formerly owned by John
Claflin individually. Most of these twenty-seven
corporations have already gone into the hands of
receivers. Such a large amount of outstanding
paper, which probably will nearly all suffer default,
is not unnaturally causing widespread scrutiny of
commercial paper. But the offerings of new supplies are at the moment quite limited, and discount
rates asked have not been advanced during the week.
Thus the effect of the failure has been to cause caution
rather than higher quotations.
Call money rates have covered a range of 1%®
23/2% this week. On Monday the highest rate was
3%
2%,while the lowest and ruling quotation was 14
On Tuesday 2% was again the highest, and it was also
the renewal basis, though some business was transacted at 13/2%; on Wednesday and Thursday 23/2%
was the highest on each day and 2% the lowest and
ruling figure; Friday's range was 1%@23/2%, with
1%% the ruling quotation. For time money closing
quotations were 234@23/2% for sixty days (against
23/2% a week ago),2%@3% for ninety days (against
3 %),3% for four months (unchanged),33t@332%
24
for five months (against 3@33(%) and 3%@4% for
six months(against 334 C033'%). Commercial paper
remains at 3Y1@431% for sixty and ninety days'
endorsed bills receivable and for four to six months'
single names of choice character. Names less favorably known require 43@4%%.
Sterling exchange this week has moved irregularly.
A feature was the sharp decline in cable transfers
on Tuesday resulting from the culmination of
demand for July 1 payments specifically payable
abroad. During the closing days of the week the
transfer of payments of dividends and coupons to
holders of American securities residing abroad furnished a substantial demand for exchange. Furthermore, the tourist season is also requiring its usual
transfers. These sources of demand, however, have
naturally become mere routine; they are seasonal,
and hence are prepared for in advance. Reports were
current early in the week that a final shipment of
gold would be arranged to complete the order of the
Bank of France. The week closed, however, without any such additional exports of the precious metal
being negotiated. There has been quite liberal drawing of bills in anticipation of shipments of grain.
The sharp decline in discounts in Lombard Street
and the predictions that are cabled from London of
the prospects of a protracted season of easy money
at the British centre have naturally exerted an easing
influence on the sterling exchange situation.
Paris exchange moved quite sharply against London. The French market was a buyer of most of
the Cape gold that was offered at the British centre
on Tuesday. Sterling checks in Paris, as reported by
cable last evening, closed at 25.143/2 francs, against
25.183/ francs on Friday of last week. In Berlin,
demand sterling finished at 20.483/ marks, agains

JULY 4 1914.]

THE CHRONICLE

9

20.50 marks a week ago. Sterling exchange in Amsterdam finished at 12.113/ guilders, against 12.139 THE MURDER OF THE AUSTRIAN ARCHDUKE
guilders a week ago. Berlin exchange in Paris at
The assassination last Sunday of the heir to the
the close was quoted at 122.70 francs, against 122.80 Austrian throne, Archduke Francis Ferdinand, has
francs a week ago. Mexican exchange on New York impressed the political and financial observer, not
closed at 330 and on London at is. 4d , against 300 least of all because of the surprisingly small degree
and is. 43/2d. a week ago, while New York exchange of consternation with which the world at large reon Mexico closed at 30, against 33 last week.
ceived the news. There have been many occasions
Compared with Friday of last week, sterling ex- when the murder of a ruler, or of the expected succhange on Saturday was firmer for cable transfers, cessor to a ruler, in an important government would
which advanced to 4 8890@4 89; demand, however,' have been greeted with immediate exhibition of diswas slightly lower, at 4 8775@4 8785, while sixty may and alarm. In
the case of the unfortunate
days remained unchanged at 4 8575@4 86. On Austrian Archduke, the event seemed to contain
Monday there was a sharp break in cable transfers even more than the
usual possibilities of disturbance.
—to 4 8845—indicating that the half-yearly settleThe present Emperor is eighty-four years of age;
ments had now been negotiated; the range was only a few weeks
ago the European markets were
4 8845@4 8855; demand declined 10 points to greatly unsettled
by the mere report of his illness.
4 8765@4 8775,sixty days was still quoted at 48575® It has been taken
for granted, during many years,
4 86; the easier tendency in English discounts and a that his personality
was the only sure link between
good supply of bills were the chief market factors. the more or less
mutually hostile elements which
Cable transfers suffered a further decline of 55 points make up the Austro-Hun
garian Empire. What.
on Tuesday, to 4 8790@4 88; demand and sixty-day would follow his
death has been a matter of uneasy
bills were also weaker and receded to 4 8755@4 8765 political conjecture during
a decade past; for the
and 4 8560@4 8575, respectively; following the early Austrian Empire,
as a political entity, has always
weakness, covering of short commitments caused a occupied a peculiar
situation in the relations between
partial recovery before the close. On Wednesday the various States
of Europe, and never more so
sterling continued to rule weak, largely on the lower- than at the
present time, when the jealous aggresing of discounts in London; the range for cable siveness of Russia
on one hand, the fact that Austria
transfers was unchanged at 4 8790®4 88 and sixty is
the
one
sure
ally
of Germany on another, and the
days at 4 8560@4 8575, while demand declined to
very
peculiar
relations
between the Austrian GovernWeakness
4 8750@4 8760.
marked the opening
transactions on Thursday, although, later, active ment and the Balkan States to the south of it for
buying by prominent financial concerns induced a a third consideration, have made the Austrian situafirmer tone; quotations ranged at 4 8755@4 8765 for tion largely a key to the general political position
demand and 4 88@4 8810 for cable transfers; sixty of Europe.
days remained u changed at 4 8560@4 8575. On
Yet the surprising fact was that after a day or two
Friday the market ruled firm, chiefly as a result of
of
abundant news and comment, the matter seems
covering of short commitments. Closing quotations were 4 8575@4 86 for sixty days, 4 8760® to be almost forgotten. The European markets,
4 8775 for demand and 4 8805@4 8815 for cable which were upset by the stories of the old Emperor's
transfers. Commercial on banks closed at 4 84% illness, received the news of the Archduke's death
@,4 853., documents for payment finished at 4 843
4 with unquestionable composure.
@.4 85 and seven-day grain bills at 4 86%@4 87.
The Archduke was paying an official visit to the
Cotton for payment closed at 4 843/
2@4 843
%; grain capital of Bosnia, one of
the Turkish tributary States
2.
for payment at 4 853i@4 853/
which was annexed by Austria at the time of the
The New York Clearing-House banks, in their op- Constantinople revolution. The annexation, which
erations with interior banking institutions, have was protested against even by some of the larger
gained $5,274,000 net in cash as a result of the cur- European Powers, created an undoubtedly unpleasrency movements for the week ending July 3. Their ant political situation
in that it greatly deepened
receipts from the interior have aggregated $14,553,the
already
existent
hostility
between Austria and
000, while the shipments have reached $9,279,000.
Adding the Sub-Treasury operations, which occa- Servia. That ill-feeling was apparently an immediate
sioned a loss of $26,546,000, the combined result of cause of last Sunday's tragedy. What has since
the flow of money into and out of the New York appeared to be a carefully premeditated plot was
banks for the week appears to have been a loss of brought to a head by two young Bosnians, of whom
$21,272,000, as follows:
one threw a bomb unsuccessfully at the Archduke's
carriage, and of whom the second, some hours later,
Into
Week ending JAI 3.
Out of
Net Change in
Banks.
lianas.
Bank Holdings.
the bomb having failed of its purpose,shot the Arch$14,553,000
$9,279,000 Gain 85,274,000
Banks' interior movement
21,001,000
47,547,000 Loss 26,546,000 duke and his wife. Two of the assassins were
Sub-Treasury operations
$35,554,000 $56,826,000 Loss S21.272.000 seized; in their subsequent admissions
they turned
The following table indicates the amount of bullion out to be adherents of anarchistic doctrines, but
even more particularly to believe themselves to be
in the principal European banks.
avenging the wrongs inflicted by Austria on Servia.
July 3 1913,
July 2 1914.
The political significance of the event is even now
Banks of
Gold.
Total.
Silver.
Cold.
Silver.
Total.
somewhat difficult to judge. The Archduke was
z
x
40,082,797 37,047,586
England _ _ 40,082,797
37,047,588 the nephew of Emperor Francis Joseph, whose only
France - - - 162,307.320 25,555,080 187,862,400132,618,000 25,204,760 157,822.760
Germany _ 65,357,700 16,000.000 81,357,700 54,048,200 14,117,250 68,165,450 son died twenty-five years ago. He
had been forRussia _ _ 177,562,000 7,327,000 184,889.000 160,858,000 7,770,000 168,628,000
Avis-Hun. 52,397,000 12,387,000 64,784,000 50,438,000 10,802,000 61,240,000 mally named as the Imperial heir
by both Austria
Spain ___ - 21,264,000 29,240,000 50,504,000 18,281,000 30,182,000 48.463,000
Italy_ _ _ 45,775,000 3,100,000 48,875,000 46,500,000 3,761,000 50,261,000 and Hungary; but, on account
of a marriage below
779,800 14,165,800 12,107,00
744,500 12,851,500
Netlflands 13,386,000
Nat.-13e1g_ 8,967,333 4,483,667 13,451,000 7,907,333 3,953,667 11,861,000 his rank of life, had been
compelled to renounce the
5,827,000 5,703,00
5,827,000
Sweden
5,703,000
7,059,000 6,778,00
Swim'land 7,059,000
6,778,000 right of succession on the part
of his own children.
2,700,000 2,319,00
Norway_
2,700,000
2,319,000
The present heir is, therefore, Charles Francis JoTot. week 602,685,150 98,872.547 701,557,697 534,605,119 96,535,177631,140,296
Prey.week 603,149,296 99,166,667 702,315,963 538,281,555 97,331,5771635,613,132
e ph, eldest son of the Archduke's youngest brother,
"1"ntel




10

THE CHRONICLE

xcrx

and a man twenty-seven years of age. The question I indicated by the fact that no official investigation
of succession in the case of a sovereign as old as the of the crime was ever made, and that nobody was
present Emperor involves not only the personality ever punished for it.
In 1898, the Emperor's wife, Empress Elizabeth,
of the Heir-Apparent but the attitude of the comkilled by an anarchist in Switzerland only one
such
was
towards
Empire
Austrian
the
ponent parts of
year
after her sister, a favorite relative of Francis
seemed
had
Ferdinand
Francis
Archduke
succession.
had been burned to death in the Bazaar
reand
Joseph,
had
capacity
good
of
a
man
himself
prove
to
lieved the aged Emperor of many of his exacting fire at Paris. Now comes this blow to the succespublic duties. He was a man, however, of strong sion so carefully arranged by him, and which may
prejudices and of extreme religious ideas, and did well have brought home to the Emperor's mind the
not appear to have achieved any general personal conviction that he is the victim of a malignant fate.
popularity even in Austria itself. The young man We do not know in all history of an instance where
who now becomes heir to the Austrian throne is crushing misfortune has followed so persistently
practically unknown, and it is equally in doubt what the career of a sovereign placed by fate in a position
attitude Hungary and the other outlying parts of of authority and power. The fact that the Austhe Imperial combination will adopt toward the new trian Emperor, in the face of it all, has continued
succession. The general probability is that in this steadily to perform his public duties and at a great
case, as was made evident when Archduke Francis age still remains the one link in the combination of
Ferdinand's succession was ratified, the sense of struggling nationalities of Central Europe, rounds
political self-preservation,in theface of the numerous out a story ,whose strange political aspects are far
dangers threatening the Empire on all sides, will lead superseded by the pathos of its personal significance.
to a prudent and judicious course of action.
To what extent, if at all, the assassination of the
REGULATING THE EXECUTIVE.
Archduke will directly complicate the relations of
Three weeks ago the "Sun" of this city editorAustria with Servia, is a much more obscure problem.
predicted "that the next really great step in
ially
The dispatches have reported an attitude on the part
Governmental regulation will be the regulation of the
of the Servian people which was certainly not caland expressed belief that it is almost in
culated to allay the feeling of vindictiveness in Executive,"
that "unless the restoration of the Conadding
Austria. Servian flags, instead of Austrian, had sight,
of powers among the three
apportionment
stitutional
been displayed during the official progress of the
is undertaken soon
Government
the
of
departments
Archduke into Bosnia. It is said that Bosnian
spirits, both the legislature
patriotic
and
heroic
by
deputies of Servian sympathies refused to wear the
the judiciary are doomed to atrophy."
common insignia of mourning; and, in fact, it must and
division of powers into the separate yet coThe
be admitted that the whole crime was quite in the
ordinate departments of legislative, judicial and exspirit of recent Servian history. A country in•which
is the foundation stone of our governmental
ecutive
it was possible for the Palace guards of an unpopular
and as clearly marked as the division bestructure
Servian King to murder him and his wife under
and sea. The terms themselves unerland
tween
circumstances of exceptional brutality, and in which
convey their meaning. Further, the first
ringly
it was possible for the army officers who had persentence of the Constitution begins with "all legislapetrated this outrage to wear medals publicly afterpowers herein granted shall be vested in a Conward in commemoration of the event, would •seem tive
and Article II begins with "the executive
to contain in its population elements which were gress,"
shall be vested in a President," as Article III
capable of much. But in the strange conflict of power
with "the judicial power of the United States
feeling and sentiment in all that region as regards begins
be vested in one Supreme Court and in such inthe Imperial Austrian power, it has been difficult shall
courts as the Congress may from time to time
ferior
to discover what the real trend of sentiment on the
and establish." No historian or commentaordain
event of Sunday is, even in the Austrian Empire.
failed to note and admire this fundamental
has
tor
Undoubtedly, what will most strongly impress the
structure. In 1908, in course of lecture
the
of
part
world at large is the sense of the aceumulating misinstruction to young men in Columbia, in this city,
fortunes which have fallen on the head of old EmProf. Woodrow Wilson, then the head of Princeton
peror Francis Joseph. When he declared, on hearing
University, said, in treating of "Constitutional
of Sunday's news,"I am sorry that they spared me",
Government in the United States":
he voiced an instinctive feeling which can readily
be understood. His Imperial career has, on the
"Under our system, the people as a whole consplendid
of
authority
and
chapter
a
been
sciously take part in the choice of but one man, the
one hand,
President, and he is not expected to lead Congress,
public
of
story
a
other,
humiliathe
on
ceremony;
assent to or dissent from the laws it
tions and bitter domestic tragedies. Inheriting the but only to
and to put those which receive his
enact
to
seeks
Austrian throne in 1848, at the age of 18, his armies
or are passed over his veto into execution."
signature
were defeated by the French and Lombardy lost
from his dominions. Holstein and Venice had to
Also, as to distinction between State and Federal
be given up in connection with the Prussian and powers, the same lecturer said:
Italian wars in the later sixties, and the rest of his
"Which part of the complex thing icommercej may
reign has been one continuous chapter of political
regulate? Clearly, any part of the actual
Congress
struggles with his neighbors to the south. It was movement of merchandise and persons from State
in 1867 that his brother Maximilian, having been to State. May it also regulate the conditions under
created Emperor of Mexico by Napoleon III, was which the merchandise is produced which is presshot by the insurgent Mexicans. In 1889, his only ently to become the a'ubject-matter of Inter-State
son, the Archduke Rodolf, was murdered in a hunting commerce? Clearly not, I should say. . . . If
power does not end with the regulation
box at Meyerling under most mysterious circum- the Federal
nts of trade, it ends nowhere,
actualfmoveme
the
of
stances—scandalous, in all probability, as was



JULY 41914.1

THE CHRONICLE

and the line between Federal and State jurisdiction
is obliterated."
Now, the evidence that President Wilson has become the' source of present legislation and absolute
dictator in this present session is cumulative and
almost continuous. . When Washington correspondents speak of changes in "the Administration's
program," and repeatedly say "by direction of President Wilson," and "the President is determined upon
action," &c., they adhere closely to present facts. In
an address in Newark last week, Mr. Vanderlip actually said that he himself "knows of cases where
Congressmen have written to their constituents, begging them in turn to write to the President and endeavor to influence him to permit Congress to adjourn this session without further legislation affecting business." Mr. Vanderlip also said the pending
bills will probably go through an unwilling and reluctant Congress, and that he has personally talked
with many of the leaders, including those on the Administration side, "and they have told me unequivocally that a majority of both Houses would prefer
to give the country a period of,legislative peace and
end the present session without further enactments."
Such an amazing situation as expressed thus—to any
man who does not seek to avoid it by deeming Mr.
Vanderlip either untruthful or culpably exaggerating—ought to startle into action. Acting concurrently, the two branches of Congress have unqualified powers as to adjourning, but have their majorities really become marionettes?
All human government must be either by a single
uncontrolled ruler or one somewhat restrained; no
other form is possible, since all governing by "committee" is revolutionary and transient. Now let us
be honest, realizing that phrase and formula are
trivial as compared with fact, and let us answer to
ourselves whether this country, not being an absolute
monarchy, is not a limited or constitutional one.
The question should neither be rejected nor evaded;
it should be faced and answered. If Congress dare
not do as it would with "all legislative powers herein
granted," and cannot adjourn without permission;
and if, as the New York "Times" editorially said,
four months ago, "the President is masterful, the
Congress is manageable"; and if that journal was
right in declaring that there has rarely if ever been
"a Congress so conspicuous for mental pauperism,"
and "the country hopes that Mr. Wilson will continue
to be its best friend through his great influence with
Congress"—if this is so, must we confess that the
benevolent usurpation is nearly complete, and
"atrophy" has firmly seized the sole legislative power
of our Government?
The Founders laid out broad ways for the nation's
movement and growth, and because they could not
foresee future conditions they used general terms.
The Executive shall "recommend" measures to
Congress; the times, the manner and the degree of
urgency in the recommendation were left unprescribed, for they had to be. Revenue measures shall
"originate" in the House, but this does not distinctly
exclude substitution of such a measure which has
originated in the Senate. The commerce clause, general in terms and contemplating only one innocent
and temporary application (as clearly shown by the
situation at the time and by contemporary comment),
has been stretched until it threatens to invert the entire country. All this has come because the Constitution was necessarily a bill of rights, a chart




11

of destination and direction, a declaration of principles to be obeyed, and not a statute of positive and
negative details. Therefore, regulation (that is, restricting and re-limiting of the Executive) cannot be
undertaken either by statutes or amendments, for
it would be impossible to make either so embracing
and so minute and so firm that it would hold back
a President who has the disposition to be supreme
ruler.
It may be alleged that all this criticism of Mr. Wilson comes from those who object to his schemes for
reconstructing things. Not necessarily so. Those
who are passionately devoted to certain ends may
for a time think any means expedient and justified;
but when reflection returns,all must perceive that
principles are what endure, and that endangering a
political structure is too costly a price for any incidental advantages. But in this aspect of the subject,
the character of Mr. Wilson's program is not the determinative element in it, for these measures of his
did not require violence to push them. Or (to state
it more precisely), if his measures are really good,
their own merits will suffice to carry them;if they are
not good, they need his personal pushing. To insist
that they shall now be driven through, with or without approval of Congressmen in their secret thoughts,
and without letting the country pass upon them,is an
admission that, if the country is allowed time to understand them, they will be rejected by it.
Sixteen months ago the President, in accord with
all the bold independence of speech and originality
of thinking which can be justly claimed for him as a
public teacher, could have pointed out how the Government had gradually drifted from its Constitutional courses. He could have declared his purpose
to do what he might, in one term, to re-estai- lish
the fundamental distribution of powers, and thereby
elevate the character of each department (especially
the legislative) by putting upon each the sole responsibility for its proper work. Had he done this,
he would, in our belief, have taken rank as a real
leader, and have written his name high up on the
roll of Fame. He missed the opportunity. It is now
for the people to realize the situation and the peril,
and to do, by a moral constraint, that which he has,
most unhappily, made more serious although more
necessary than he found it:
THE UNITED STATES EXPRESS PASSES OUT
OF BUSINESS.
With the end of June came the retirement of the
United States Express Company, and the familiar
red wagon bearing that name will be seen no more.
This action was decided in March, following the
announcement that the rates-reduction ordered by
the Inter-State Commerce Commission and the
extension of the parcels post made it expedient to
leave the field before unprofitable business had cut
into assets. It is true that express transportation
has not been without defect, but its growth from its
picturesquely humble beginning, more than seventy
years ago, shows that it found and has developed
its field, so that it has proved its right to exist,
measured by the test of service.
So argued Mr. L. M.Porter, speaking on behalf of
these companies recently before the Brooklyn
Traffic Club. Further, he pointed out a number of
services which are necessary in package transportation, yet seem to have been forgotten, in the human
disposition to underrate conveniences which have

12

THE CHRONICLE

long been enjoyed and in the present unreasoning
hostility to corporations, especially to those whose
part it is to carry either persons or things. The
mere moving from one place to another, said Mr.
Porter, is only the mechanical act and may often be
very incomplete by itself. It may be necessary that
the shipper should have a receipt. It may be inconvenient, or even physically impossible, for him
to deliver the package at the company's premises;
therefore, taking it from the shipper's residence or
place of business may be an essential part of the
service. It may be necessary to insure for full or
partial value. It may be necessary to handle with
particular care or to pack in safety trunks; it may
even be necessary to place in a steel safe or to attend
that by armed guards. As an instance, which the
speaker did not cite, the carrying of valuables (including gold dust and bricks) in certain uncivilized
sections may be recalled to mind. In case of
perishable materials, it may be necessary to use
refrigerator cars or to rush through on special trains.
Mr. Porter recognized that, on the other hand,
there is a vast number of daily shipments as to which
the mere carrying is the chief consideration. For
the sake of a very low rate, the sender willingly
goes without a receipt and assumes the risks of
delivery and safety, besides taking the trouble to
carry the package to the place of starting. This
class of business is served by the parcels post, and
the speaker had no criticism to make of that; but,
he argued, why seek to deprive merchants of express
services, why not recognize the fact that there is
a legitimate field for both these modes of transportation and both should be continued? The
express companies are ordinarily called "common
carriers" (as of course they are in legal contemplation) but in reality)said the speaker, they are special
carriers of small freight, "condensing a multitude
of railroad lines and systems into a unit of service
for fast transportation on passenger and even special
high-speed trains, with special trained messengers
in charge, together with special service in colleccion
and delivery." He added that it is doubtful whether
anybody seriously imagines that the railroads would
or could directly undertake the various special functions "such as C. 0. D. and order and commission
features," and he said that the express companies,
through their order and commission departments,
have aided from the first, and still aid, in finding
markets for fruits, vegetables, sea products, and
many other perishable articles of food.
In support of this plea not to be over-hasty in
crippling or destroying a long-established public
service because of an emotion of anger at corporations and in the ass`umption that government can do
all that may be needed through "extensions" of postal
undertakings, we might note the troubles already
encountered in those extensions. The service rendered in carrying and delivering the innumerable
articles which fall outside of the most liberal scheme
for diffusion of intelligence has been far from satisfactory in many instances. It is not a fortnight
since there were reports from the extreme Northwest (where routes are long) that scores of star-route
carriers are virtually striking, in disgust at experience in delivering sugar, flour, lumber and other
inconvenient mail matter. Further, a trolley system
in Connecticut was reported, about the same date,
as positively on strike against mail-carrying. Then
there is the still unsettled case of the railroads for



[VOL. xc

their compensation, a case which has been dallied
wits and deferred (as the still larger case of the
needed rate-advance has been and is still) and there
is even a bill pending which would further reduce
instead of rightly readjusting the roads' compensation for mail-carrying as a whole. While Government, talking righteously about conscience and
justice in all private business, is insisting that it
will re-arrange all such business when done on a large
scale (despite all appeals to desist), it is flagrantly
unjust, not to say dishonest, in some of its own
dealings with the corporations which it employs.
THE COTTON FUTURES BILL.
The Lever bill to regulate dealing in cotton
futures and to compel the use of the Government
standards of grades in trading was passed by the
House of Representatives on Monday and now awaits
the concurrence of the Senate. The Senate passed a
bill on March 28 last with the above o bject in view,
but with provisions of a somewhat more drastic nature,
and when it came 'before the lower body it was
amended by the House Committee on Agriculture by
striking out all after the enacting clause and substituting the measure introduced by Congressman
Lever. In effect, notwithstanding difference in
wording, the Senate and House bills differ in very
few points, but on account of the amendment made,
further action by the upper House is necessary before the measure goes to the President.
Briefly, the bill as it now stands and is expected to
be enacted into law without essential change, provides that contracts for the future delivery of cotton
shall not be subject to tax if certain conditions are
fully complied with. Those conditions are: (1) that
contracts must be in writing and conform to the rules
and regulations of the Act;(2) must specify the basis
grade of comparison, which shall be one of those officially established, the price per pound, the date of
purchase or sale and time of fulfillment or settlement
of the contract;(3) that Government standards must
be used in all settlements;(4) that actual commercial
differences shall be the basis in such settlements;
(5) that certain specified types of cotton shall be excluded from delivery on contracts;(6) that all tenders
shall be for the full number of bales involved therein
and indicate the qualities proposed to be delivered.
Condition 7 sets up machinery for settling disputes
between buyer and seller and (8) provides for settlements on the basis of commercial differences and
how they are to be ascertained.
It the provisions of the Act, as here tersely outlined, are not complied with, t e cotton involved in
such transactions is to be subject to a tax of one cent
a pound.
It has been reported from Washington that the Senate refuses to agree to the House plan and insists
upon the one (introduced by Senator Ellison D.Smith
of South Carolina) it passed last March. The measure, therefore, has gone to conference. In the meantime, the subject has again become a matter of more
or less discussion in cotton circles. Locally, most
interest seems to attach to the section of the bill
aiming to put an end to the use of the "fixed difference system," as employed by the New York Cotton Exchange, and make the differences conform
strictly to those in the spot markets at the time delivery of contract cotton is made. Other features of
the bill have also come in for criticism, and it is ex-

JULY 4 1914.1

THE CHRONICLE

pected that efforts will be made to prevail upon the
conference committee to modify some of its Provisions
before it comes up for final acceptance by the Senate
and House. One thing appears certain, and that is
that the legislative program includes the regulation
of trading in cotton futures, and that no effort will
serve to sidetrack the issue. Therefore, in whatever
shape the measure finally goes into effect, it is the
duty of the cotton exchanges to adjust their methods
to meet its requirements, leaving to future legislators
to make changes where provisions may be found to
be faulty or onerous.
VIVISECTING BUSINESS2—WHAT THE PROHIBITION
OF PLURAL DIRECTORSHIPS MEANS.
[ Communicated.

The Clayton Omnibus Anti-Trust Bill, now pending in the
Senate, aims :
(1) To exclude from the directorates of every inter-State
common carrier every one who, directly or indirectly, has
any individual interest in any transaction with such common
carrier.
(2) To prevent, so far as possible (with certain exceptions
as to size and location) everybody engaged in any capacity
in any branch of the banking business from engaging at the
same time in any capacity in any other branch of the banking
business.
(3) To exclude from the directorates of every industrial
corporation engaged in inter-State commerce every one
who is a director in any competitive corporation.
With the principle underlying the first purpose no one
can quarrel. The only question : Whether the existing
law, punishing directors who, directly or indirectly, profit
individually by improvident transactions of their corporation, needs any reinforcements, and whether this need is
so extreme as to justify eliminating, as directors, industrial
and financial leaders whose advice within the wide field of
their experience is almost invaluable, and whose reputation
for judgment and integrity, fortified by the strict duties
which the law already lays upon them,insures the confidence
of the entire business community in the corporations which
they serve.
There are probably 10,500 railroad directors in the United
States ("Poor's Manual," January 1914).. In the exhaustive
hearings had during the past few months by the House Judiciary Committee,less than a dozen of these directors were
charged with profiting, directly,or indirectly, by improvident
transactions of their corporations. The charge most frequently cited arose out of transactions between the New
York New Haven & Hartford RR. and the firm of J. P.
Morgan & Co., and was conclusively disproved from the
books of the firm. All the other charges arose out of transactions, some of which have been, and all of which could
have been, effectively dealt with under the existing laws.
BANK DIRECTORATES.
With

the provision relating to banks it is hard to be

patient.
Why any one engaged in the banking business, as a, private
banker or director, officer or employee of a national bank
or State bank or trust company, should be forbidden to en:gage at the same time in other branches of the banking
business, while no one engaged in any capacity in any other
lines of business is forbidden to engage at the same time in
any capacity in any other branch of the same business, it
is imposssible to conceive.
If the purpose be to exclude from the management of
every bank every one who, directly or indirectly, had any
individual interest in any transaction with such bank (which
seems to be the purpose in respect of common carriers),
such purpose would, at least, be plausible. If the purpose
be to exclude from the management of every bank every
one who, directly or indirectly, is connected with a competitive bank, such purpose would, at least, be intelligible.
Neither of these principles, however, lies been followed with
regard to bankers.
The only principle discernible is an arbitrary division of the
whole field of banking into innumerable small compartments, and the establishment of uncrossable boundaries
for each of these compartments, determined according to
the character of the institution, whether national bank,
State bank, trust company or private bank, and according




13

to the size of the instiimtion, whether having more or less
than $2,500,000 resources, and according to the population
of the locus of the institution, whether more or less than
100,000.
Peculation in a community of more than 100,000 population would seem to be just as criminal as peculation in a community of less than 100,000 population. Larceny from an
institution of less than 82,500,000 resources would seem to
be just as wicked as,and perhaps in many cases more harmful
than, larceny from an institution of more than $2,500,000.
Why should legality or illegality depend upon any such figures? The arbitrariness of these figures emphasizes the
arbitrariness and lack of principle of the whole proposal.
PUBLICITY ALONE SUFFICIENT.

This brings us back to the question, whether the Sherman
Act, which already forbids such an interlocking of directorates as threatens "restraint of trade," needs any reinforcement, and whether this need is so extreme as to justify
eliminating as directors industrial and financial leaders whose
advice, within the wide field of their experience,is most valuable, and whose reputation for judgment and integrity,
fortified by the duties which the law already lays upon them,
insures the confidence of the entire business community in
the corporations which they serve.
In the exhaustive hearings had during the past few months
by the House Judiciary Committee, no instances of competition suppressed by interlocking directorates were cited which
had not been, or could not have been, effectively dealt with
under the Sherman Act.
If any legislation whatever must be suggested, it would
seem quite enough to provide for such publicity regarding the
personnel of directorates as would promptly expose any vio;ation of the Sherman Act resulting from interlocking. Common carriers could be required to file periodical statements
regarding the personnel of their directors with the InterState Commerce Commission, and national banks could be
required to file similar statements with the Federal Reserve
Board, and other corporations engaged in inter-State commerce could be required to file similar statements with the
Bureau of Corporations or the Inter-State Trade Commission.
GILBERT H. MONTAGUE.

BUSINESS CONDITIONS AND TRADE AND TRUST
LEGISLATION.
. .

The call made upon President Wilson by J. P. Morgan on
Thursday, and the announcement of forthcoming conferences
between the President and other business men, have created
no little attention, in view of the circumstance that previously Mr. Wilson had apparently discouraged attempts on
the part of financial leaders to approach him. Whether or
not Mr. Morgan's visit was made on the latter's initiative
of that of the President has not been disclosed, and the information vouchsafed as to the nature of their conference is
meagre. The President, in answer to inquiriers, has said
that the conversation was largely reminiscent, and that Mr.
Morgan expressed no opinion as to whether business was good
or bad. Mr. Wilson added that "the attitude of business
men seemed to be growing in favor of the Administration
trust program." White House officials declared that the
President had no thought of altering his legislative program.
They state that while the Administration's principal legislative projects were under way—the Tariff Act, the Currency
Bill, and while the trust program was being perfected—the
President felt there should be no opportunity for a charge
that they were receiving inspiration from business or financial
centres. Now that two of the Administration reforms have
been completed and a third is in a final stage, the President is
said to feel that an exchange of thought and information
with captains of industry will be conducive to the business
revival he expects to see along lines which the Administration
holds to be legal. A conference between the President and
Henry Ford, of the Ford Automobile Manufacturing Co.,
has been arranged for next week, and the President has also
planned to receive a delegation from the Chicago Association
of Commerce, representing J. V. Farwell & Co., Marshall
Field & Co., Carson, Pirie, Scott & Co.. Sprague-Warner &
Co., the Cudahy Packing Co., Reed, Murdock & Co. and
J. Y. Ryerson & Co.
At a conference of Democratic Senators on the 1st inst.,
called the previous day by Majority Leader Kern, a resolution was adopted declaring it to be the purpose of Congress
to remain in session until the pending trust legislation is "disposed of." The original resolution presented to the confer-

14

THE CHRONICLE

xcrx.

been in power, even had no tariff bill been passed, we might have had
some depression in business during the present year; but it is gospel truth
that the attitude of the Administration has very much increased the depression and is prolonging and will prolong it very much beyond the time
at which we might have had a natural revival. With all respect due to
the Chief Magistrate of this country, the max the most to blame for this
Resolved, That the conference of Democratic Senators, after due consituation of affairs is President Wilson. It is almost incomprehensible
sideration, hereby declares that the present session of Congress should not
that a scholar, a student of history, a thinker, a man of such unusual
adjourn until at least the following bills now pending in the Senate, have
ability, should appear to be absolutely blind and deaf to actual conditions
been disposed of."
and absolutely unable to see the other man's side of any proposition whatThe three measures—the Trade Commission Bill, the ever. So far as the policy of the Administration has increased and is proClayton Anti-Trust Bill and the Railroad Securities Bill— longing this depression, on him the main responsibility rests.
I am not pessimistic as to the final outcome. I feel confident that
are enumerated by their official numbers. To overcome public
opinion eventually will insist that the Federal reserve banks be taken
the fears of some of the Senators, who thought the resolu- out of politics. I feel confident that if this were done to-morrow, and if
tion might bind them to vote for the bills, Senator Kern, the Administration, while with a strong hand restraining and punishing
all law-breakers, would permit the great body of our citizens who are not
Chairman of the conference, declared that that was not its law
breakers to attend to their business without paternal supervision, we
purpose, and it was accordingly proposed that the following should have an instant psychological change—the beginning of a genuine
revival in business to be consummated this fall when we harvest our wonexplanatory clause be attached to the resolution:
crops.
The resolution bereinbefore adopted is intended merely as an expression derful
of the purpose of the majority of the party in reference to adjournment.

once by Senator Stone proposed that Congress continue its
deliberations until the three trust bills before Congress
had "passed," but the opposition to the resolution in that
form resulted in its modification; ras adopted it reads:

This clause met with considerable opposition among those
favoring the Administration's program; it was finally adopted, however, by the close vote of 17 to 16. Senator Kern,
it is stated, will next week ask the Senate to hold night
sessions to take up the calendar and "other business."
Criticism of the letters forwarded to Congress asking for
a let-up on the trust program was indulged in by Senator
John Sharp Williams of Mississippi during the consideration
on June 26 by the Senate, in Committee of the Whole, of the
Inter-State Trade Commission Bill, when he read into the
"Record" President Wilson's address to the Virginia editors.
Senator Williams insisted that "we are going to stay right
here until we have finished the chief items of our program,"
his utterances in part being as follows:
"I have been receiving, and I understand other Senators have been
receiving, a multitude of letters from our constituents forwarding to us
certain ready-prepared lettergrams and letters sent to them for their
signatures and then to be forwarded to us, these letters as a rule advising
Congress to "shut up shop" and "go home," because it is not doing any
good, and its mere presence in Washington is "a menace to business,"
warning us about the "interference of politicians" with "business," and
so forth. . . .
"This Is a part of the scheme which has been going on. Most of soy
constituents send these forms to me unsigned, with a few ironical remarks
of their own at the expense of those who have forwarded them, the people
of Mississippi being rather pre-eminently a humorous people. . .
"During the day the President received a letter signed by Speaker Champ
Clark of the House,and all the Democratic Representatives from Missouri,
pledging him their support in his campaign for anti-trust legislation, and
promising they would remain in Washington until the program wasfinished.
"Now, Mr. President, I want to add this: We are going to stay here
with him. OW selected and elected chief. We are of the opinion that we
have undertaken to fight this fight out, and we are going to stay here
and 'fight it out on this line if it takes all summer,' until we have finished
the chief items of our program. It was tariff, banking and currency and
trusts. We are not at all influenced in doing it by the fact that an exPresident of the United States predicted that we would not. We had intended all the time to do,our main work here before we adjourned.
•
•
•
•
•
•
"I sin not here for the purpose of criticising Senators who go to Europe.
But I am now announcing the fact that we Democrats in both Houses
meant what we said in the salient points of our platform, and we are going
to stay here until we prove to the country that we meant what we said
when we undertook to take these three great monsters of conditions by the
throat and do something to them. We did not act the fool on the tariff, we
did not act the fool on banking and currency, and we are not going to
act like fools on the trust question. We are going to be with regard to that,
as with regard to the two previous questions, conservatively constructive.
not merely destructive. We shall destroy what is plutocratic exploiting
and industrially tyrannical. We shall conserve present conditions where
honest, advantageous, or even economically indifferent.

The present business depression, to the mind of Elliott C.
McDougal, President of the Bank of Buffalo of Buffalo,
N. Y., is much more widespread and severe than any depression since 1896 and 1897, "which probably," he says,
"were the worst and most discouraging years that followed
the panic of 1893." In making this declaration at the annual convention last week of the National Association of
Credit Men in Rochester, Mr. McDougal asserted that
"the attitude of the Administration has very much increased
the depression and is prolonging and will prolong it very
much beyond the time at which we might have had a natural
revival." Mr. McDougal expresses himself as follows on
the Administration's policy:

This is no time for self-deception. The present depression is very much
more widespread and severe than that which followed the panic of 1907
than any depression since 1896 and 1897, which probably were the worst
and most discouraging years that followed the panic of 1893. Speaking
for the section of the country with which I am in daily touch, I cannot
discern the slightest sign of any coming improvement. I cannot, with like
authority, speak for other sections. My Judgment of the situation is based
upon actual reports received daily from our own customers. My reason
for making this public statement is constant misstatements as to actual
conditions which are promulgated by the Administration at Washington,
and given wide publicity by the press. Those of our citizens who are not
business men are misled by such misstatements. Our citizens are entitled
to the truth.
the present Administration with the full
It would be insincere to charge
measure of the present business depression. No matter what party had




The unsatisfactory state of the iron and steel trade is
commented upon by Judge Elbert H. Gary, Chairman of
the United States Steel Corporation in some general remarks
addressed to the presidents of the subsidiary companies,
under date of June 25. The address was made public on
the eve of Judge Gary's departure for Europe on July 1. Mr.
Gary points out that the depression in this country has been
worse than in many other countries, notwithstanding that we
may not have been closely connected with some of the causes
affecting them; in our own case, he says, "we have been
adversely affected by legislation and threatened legislation,
particularly such as seems to be discriminatory." The
tariff law is also cited by Mr.Gary as one of the matters which
has had a bearing on present conditions. In his belief the
early autumn will witness an improvement in business conditions. We give the following extract from his remarks:
It seems to me it would be foolish to claim that business conditions generally in this country at the present time are satisfactory. I think you will
agree with me that in our lines, taken as a whole, business conditions during
the last few months have been worse than they have been before at any time
during the last decade. It is true the volume of orders during the last two
weeks has increased somewhat, but the prices obtained are so low that as
a total result of our business activities there is not up to the present time
very much improvement. I fear the earnings of all the companies for the
present quarter will be rather small by comparison with other periods, but
the exact figures I am not acquainted with, for, as you know, they are not
definitely made up until the day the results are given out to the public.
There are various causes for business depression,some of which will occur
to you that I do not mention. It is fair and proper for any one to honestly
and accurately state causes for any known effect so far as he is able.
In the first place, there has been throughout the world during the last
two years great destruction and waste of property. Wars, which were
severe, and preparations for possible wars by way of buying and burning
powder and other instruments of warfare, have materially depleted the
financial resources of the world; and the effects have been felt in all countries
and localities, whether they were direetly involved or not. It requires a
good deal of time to recuperate from losses created by disturbances of this
kind. Then the floods and fires and accidents on sea and on land have
resulted in the destruction of and injury to property.
I think in ordinary discussions we are apt to overlook these general causes
which are so very important in the consideration of reasons for depression
in our business; and quite likely we are also inclined to overlook the fact
that it is only a question of time when we shall recover from these effects.
Again, the agitation throughout the universe prompted from good
motives, or sometimes from motives of cupidity, and at other times by reason of individual effort to succeed politically, have had a decided and adverse influence. There has been more or less antagonism between different
elements in society, which has had a decided influence upon the minds
of the people who were financially responsible for and active in carrying
on the business affairs of the world. It is a long story to attempt to describe the causes in detail for these agitations or their effect. But there
seems to have been more unrest, more disturbance, more open antagonism
between different classes of people than ever before. And there is little
doubt that business conditions everywhere have been influenced by this
agitation. This country is no exception.
In this country the depression has been worse than it has been in many
other countries, notwithstanding we may not have been closely connected
with some of the causes I have referred to. Then we have been adversely
affected by legislation and threatened legislation, particularly such as seems
to be discriminatory. As I view it, one of the worst things that could
happen to any country is to enact laws which are calculated to protect or
to punish one class of citizens to the detriment of other classes. Both are
injured, and both become distrustful and dissatisfied.
And the tariff law lately passed has adversely affected the business conditions of this countrV, in my Judgment. This is not or ought not to be a
political question; it is an economic question. To my mind it is unfair
to any country to place it upon a free-trade basis if it has to come into competition with another country which is on a protected basis, assuming, of
course, that the interests of the countries,respectiveiy,are the same with
reference to the application of laws of this kind. I have never believed in
protective laws which would permit the citizens of any country to collect
unreasonable prices for their commodities. I believe protection should
cease at the point where mere protection is afforded and where opportunity
to oppress commences. But the present laws, so far as they affect our
business at least, are not,in my Judgment,adequate to protect. As to the
effect upon other lines of business, it is not necessary to discuss at this
time, although of course we are more or less influenced by general conditions. While the imports of iron and steel to this country may not be large
as compared with the total of our production, yet if they are not large It
will be because the prices are so low that the foreign manufacturers cannot
afford even to dump their surplus into this country. And that brings the
people of this country, including not only those who furnish capital for
doing business but also the working-men of the country, into active competition with labor of foreign countries, paid very meagerly as compared
with the wages paid in this country. We have reason to expect that under
the present tariff law the earnings of manufacturers will not be as large

JULY 4 1914.1

THE CHRONICLE

as they ought to be in order to furnish to the investor a fair return on the
capital actually invested in his business or the payment to his employees
of the wages they need and should be entitled to receive. If thisbe true,
it is only a question of time when the majority of the people will realize
that unreasonably low tariff rates are not of general benefit; and in that
case there will be a change in the policy of the country.
The other side of the general situation I have before referred to, and
you are familiar with it. Any man of experience and thought must realize
that it is only a question of time when there will be a decided improvement;
when this country will make greater and more satisfactory progress than
ever before. Business is halting but expectant. We have always the pro-,
duction from the ground, which is steadily increasing in quantity and
value; and we have an energetic, persistent, courageous and fair-minded
people to deal with. That there are bound to be exceptions to the rule
goes without saying. But the minds of men sooner or later reach the
common basis that all share in prosperity or adversity. No class can long
prosper or even survive to the destruction or failure of another class.
I believe in the early autumn we shall see an improvement in our business
conditions. We are already witnessing an increase in tonnage; and it
will be further increased, I trust. The mere fact that tonnages are Licreasing from day to day will naturally influence some improvement /a
prices. Therefore. I think our earnings should be more satisfactory in
the latter part of the year. Indeed, as I have remarked before, generally
when we have a very good six months during the early part of the year
there is likely to be poorer business in the latter half of the year, and vice
versa. Now business has been bad enough during the first half of 1914,
and we hope at least that it will be very much better during the latter half
of the year. And I am rather expecting it. We must not be discouraged
on account of the adverse conditions; we have every reason to be hopeful.
And the realization of our hopes is only a question of time. We must be
more diligent and persistent than ever. Let us do everything in our power
to assist in restoring confidence and prosperity.
If it be said that action we have taken at different times has not been
favorable to the stockholders of the Corporation because it has reduced
the profits of the Corporation, we may disagree. I realize that when
we increased the wages of our men not long since, at the rate of twelve
million dollars a year. we took Just that amount out of the earnings which
would otherwise have been available to the stockholders; and when we
paid out last year seven million dollars for the welfare of our employees.
we prevented an addition of that amount to the general surplus of the Corporation. In many other ways, by the generous treatment of competitors, of customers, and of others who might be affected by our decisions, we
have reduced for the time being the sum of money which the stockholders
might otherwise have received and been entitled to. But the decisions
which we have made have been rendered because we believed they were
right and just. And if those reasons are not sufficient in the opinions of
any stockholders, then certainly we may appeal to their judgment from the
standpoint of their pecuniary interests, because everything we have done
has in the long run contributed to their profit. Their Corporation is more
valuable, it stands better in the eyes of the community, it secures better
service from its employees, it secures fairer treatment from its competitors
and from the general public, it has succeeded better year by year; and therefore, even if we were considering profits only, we have been acting wisely;
and certainly we have been conscientious.
You have in your minds at the present time, no doubt, because of your
environments and a prevailing sentiment, the question of wages of your
employees. You know that some are making reductions. Others in large
numbers are contemplating general reductions,and you fear you may be
obliged, before we pass through and out of the general and great depression
now existing, to reduce the wages of your men.
I have this to say: when we feel we are required to take any action we
dislike, whether it is in competition with other manufacturers or whether
it is in reducing the wages of our men, then It is soon enough for us to
dispose of these questions. When we feel we are forced to do a thing in
self-defense, then we have no right to shut our eyes to the facts. But until
we believe it is imperative to reduce the wages of our men. I hope we will
not do it.
I do not say that you may not be compelled to reduce wages. You are
sorely tried by the results of labor in other countries receiving very much
less pay, particularly on account of the present laws of the country which,
in passing, I should say were passed because those who voted for then;
believed they were right and would benefit the largest number. We believe they were mistaken in the passage of those laws, and time will probably more fully demonstrate we are right; but whether you are compelled
to reduce your wages or not. I trust you will give due credit to the claims
and to the merits of your men in connection with the possibility of your resources before you conclude to make reductions.
Some of you may be disappointed during the next few months by not
receiving recommendations for extensions. Probably you will
secure favorable consideration of all recommendations which you may make for expend L.
tures calculated to add to the safety and welfare of your employees,
and
for all of those which the Finance Committee determines are necessary
to keep your properties in condition or to take care of the business
which is
on your books or which may be placed on your books if a proposed
expendi.
tura is made. But, for requests to make extensions like the Canadian
plant, which we all would like to see immediately built if we could
afford it,
or additions to your plants in places merely because you believe the return
would be large, I think you may conclude that the President will be slow
to present such claims to the Finance Committee during the summer; and
that if he did, the Finance Committee would hesitate to endorse them.
I am influenced to say this not because I might disagreeiwith any of you
concerning your recommendations, but because I believe it is absolutely
essential to the continuous success and prosperity of the Corporation and
its interests that we keep ourselves as strong in cash resources as may
seem practicable and justified by the particular circumstances which may
be presented.

15

cretion only with regard to security issues having to do with
transportation problems rather than problems of competition, and would forbid the issuances of securities except
for the following purposes:
A. The construction, improvement, equipment, operation or extension
of, or provision or betterment of facilities for, its railroad or some railroad,
boat line or trolley line comprised or to be comprised in the transportation
system of which it forms a part and which it may lawfully own or operate.
B. The discharge or refunding of any securities or indebtedness lawfully
Issued or incurred by the company or by some other company comprised
in its transportation system.
C. The reimbursement of the Treasury of the company for expense for
any of the purposes in this Act specified.
33. The acquisition of any railroad, boat line or trolley line or of any
stock or other interest in any such railroad, boat line or trolley line, the
acquisition of which shall be authorized by the Inter-State Commerce
Commission as hereinafter provided.
E. Some other purpose which the Commission may upon application
and hearing find to be a proper railroad or transportation purpose and as to
which the Commission shall likewise find that the expenditure will not
impair the capacity of the carrier to perform the public duty. Nothing
herein contained shall be construed to confer any additional powers not
now possessed or to limit the lawful power now existing on the part of any
such railroad company to use its surplus or any part thereof in the payment
of dividends to its stockholders.

These provisions, according to the New York "Commercial," are qualified as follows:
Provided, however, that if upon application and hearing the Commission
shall by order find that such acquisition of additional property or issue of
securities or incurring or assumption of additional property or issue of
securities or incurring or assumption of obligations or expenditures of surplus is reasonably necessary in order to develop or to make available any
property heretofore lawfully acquired by any such railroad company or
other part of such transportation system for a purpose prohibited by this
Act, and that such acquisition of additional property or issue of securities
or such expenditure can be made without impairing the capacity of such
railroad company or transportation system or part thereof.

Mr. Brandeis also suggested that the bill carry a provision making it—
"unlawful for any railroad company subject to the Act to Regulate Commerce as amended, even though permitted by the authority creating
such
company, to acquire or lease, purchase or otherwise any interest in any
railroad, boat line or trolley line, or any stock or other security of any
corporation or association owning or controlling the same unless the Commission upon application and hearing shall have authorized such acquisition on a finding that the acquisition will not impair the ability of either
of such carriers to perform its service
to the public."

The bill for the creation of an Inter-State Trade Commission has several times during the week in the Senate
been subjected to criticism by Senator Borah, Republican.
On the 29th Mr. Borah had the following to say:

The vast majority of the business men of this country are willing
and
anxious to do business on an honest basis. They believe in honesty as the
best policy as a business proposition. They will obey
any law that rests
in feasibility and reason—any law that business
can obey and exist. The
laws which we pass ought to take this fact into consideration.
But we do
not do so. We legislate upon the theory that business morally
is
bankrupt,
as it seems to bid fair to be financially bankrupt.
We seem to be reaching
out with commissions and inquisitorial bodies to oversee,
superintend and
police every business man and every line of business in the United States.
We have a penchant just now to see how our business
will look when incased in a strait-jacket of a bureaucratic system. When a wrong is
suggested, instead of making and enforcing the law as to those who
violate it,
we create a commission with many officials, a retinue
of clerks and special
agents to oversee at great expense to the taxpayers those who
violate no
law, while those who do so are occasionally and
spasmodically prosecuted,
and when prosecuted the prosecution generally stops
on the hither side of
effectiveness.
We are either unable or unwilling from sheer political
cowardice to
execute the laws against monopoly, against the few who ride
roughshod.
booted and spurred over their fellows in a business world. We make
a
pretense to the multitude of doing our duty by enacting a few more
laws
while the multitude is suffering, not because of the lack
of laws but because
of the failure to execute what we have. We hope in this way,
apparently,
to satisfy the interests who pay the campaign expenses and to
delude and
chloroform the suspicions of those who cast the votes. What we need in
this country now above all things is the execution of our laws rather
than
the enactment of more laws.
Mr. President, there are few men in this country, very few compared
with the ninety-odd million of people, who have created
vast combinations
and monopolies, who are constantly in violation
of the law. They have
organized and created these monopolies in such a way that even the sinister
and slippery method in which they did it
disclosed their consciousness of
guilt while they were doing it; and yet in order
to get these few men who
have demoralized the business of this country by the monopolies,
we create
here a commission which has to do with every legitimate
industry and
every business in the United States.
Mr. President, I would like to see at the close of this session the
passage
of a national incorporation Act,
and certain provisions which I deem to
be essential for the enforcement
of the Sherman Anti-Trust Law, and then
I would like to see the
announcement made that the monopolies of this
country must obey the law as laid down by the
Supreme Court, and that
neither a plea of business condition nor
a plea of business confidence or
lack of it would deter the
enforcement of the law with reference to these
great monopolies. I do not believe that
it will help the situation to send
out a roving commission to superintend
or supervise, to oversee and police
the hundreds who are not
violating the law. I do not think it will help
business a particle to have in the statute
an uncertain provision with reference to unfair competition. I think that
which will bring about what we
must ultimately have, to wit, the
destruction of private monopoly, is the
announcement that private monopoly must go. And let us not forget that
the owners of private monopoly
distinctly understand the decisions of the
Supreme Court now to that extent that
they know that they must go
if those decisions are carried into
effect.

The amendments to the bill for the regulation and control
of railway security issues proposed by Louis D. Brandeis
before the Senate Committee on Inter-State Commerce
on June 19 were supplemented by another series of amendments offered to the committee by Mr. Brandeis on June 26;
these latest amendments, it is said, have the endorsement
of A. P. Thom, General Counsel for the Southern Ry.;
Robert S. Lovett of the Union Pacific; Daniel Willard,
President of the Baltimore & Ohio RR.; E. P. Ripley,
President of the Atchison Topeka & Santa Fe RR.,and other
The
railroad interests. These latest proposals, it is reported, action following resolution urging that Congress suspend
on the anti-trust legislation was adopted at the recent
are designed to empower the Commission to exercise its disconvention in Detroit of the National Warm Air Heating




16

THE CHRONICLE

& Ventilating Association, as reported by the New York the rural sections, he referred to the unlimited amount
"Times":
of credit given to the farmer,because his paper would be good
Whereas, For several centuries past business laws, usages and customs for six months, whereas others would have to furnish 90-day
have arisen to meet the needs and conveniences of business men, while
such laws are not written in the statutes of the States or nation, neverthe- paper, so that all farm transactions in process or contemplaless they are real, actual and necessary, and are free from harm or evil;
tion would be provided ample facilities for farm credits by
Resolved, That this Association believes in the freedom of business action, the re-discounts. He also stated—we.quotefrom the paper reand condemns in the strongest passible manner the passage of the so-called
'anti-trust laws, and requests Congress to defeat these laws and go home, ferred to above—
and that a copy of this resolution be forwarded to the President, the VicePresident as presiding officer of the Senate and the Speaker of the House
of Representatives.

THE FEDERAL RESERVE DISTRICTS.
A favorable report on three of the nominations to the
Federal Reserve Board was ordered by the Senate Banking
and Currency Committee on the 2d inst. Those as to whom
favorable action was taken are Charles S. Hamlin, W.P. G.
Harding and Adolph C. Miller. These names, together with
those of Paul M. Warburg and Thomas D. Jones, were submitted to the Senate by President Wilson on June 15. It has
,l)een decided by the Committee to invite Mr. Jones to appear
before it next Monday to obtain from him an explanation
of his connection with the International Harvester Co. The
impression exists that Mr. Warburg will later be asked to
visit the Committee before it finally passes on his nomination.
One of the reasons for postponing action in his case, according
to newspaper accounts, is said to be that he has been a citizen of the United States for only three years, and there are
also intimations that the Committee is desirous of inquiring
into the foreign banking influences of his firm, Kuhn, Loeb
-& Co.
But fifty State banks and trust companies, it was announced on June 27, have qualified for membership in the
Federal reserve system, as against 7,500 national banks.
The Organization Committee offers as a reason for the failure
of a grea er number of State banks to join, the prohibition
under the State laws which forbid the State institutions from
acquiring stock in other corporations. Advices from the
Organization Committee state that there are only twenty
States in which the Treasury Department officials are sure
that it is possible for State banking institutions to become
-members of the new Federal reserve system without some
modification of the laws. These States are Vermont, New
-York, New Jersey, Delaware, Maryland, Virginia, West
Virginia, Kentucky, Tennessee, Ohio,Indiana, Illinois, South
'Carolina, Alabama, Mississippi, Arkansas, Texas, Arizona,
California and Oregon. Two of these States—Kentucky and
South Carolina—passed enabling Acts since the passage of
the Federal Reserve Act which make it possible for the State
banks and trust companies to enter the Federal reserve bank
system. In New Mexico and Montana it is possible for
trust companies, but not for State banks, to become member
banks of Federal reserve banks. The information of the
Reserve Bank Organization Committee is based largely, it is
said, on letters written by State officials in reply to inquiries
• concerning their State laws and the necessity for amendment
of their statutes, so that their financial institutions may participate in the new system. Without exception, it is added,
'the State officials gave assurance that steps would be taken
to make changes in State laws which will enable State banks
to join the Federal reserve banks if they so desire. However, in many States the legislatures do not convene until
1915.
An explanation of the Federal Reserve Act was entered
• into by Carter Glass, Chairman of the House Banking and
Currency Committee,at the annual convention in Charleston
•
on June 25 of the South Carolina Bankers' Association.
With respect to the earnings of the regional reserve banks,
Representative Glass is quoted to the folllowing effect in
the Charleston "News and Courier":
The law provides,said the speaker, that the earnings should he divided as
follows: Stockholding banks be paid a cumulative dividend of 6% on
stock held, free from all taxation, Federal. State and municipal, so that
it was an attractive investment at 6% net. When the regional reserve
banks accumulate a surplus of 40% these cumulative dividends are to be
paid, and when both the dividends are paid and the surplus exists, the excess goes to the United States Government to strengthen the gold reserve
or to liquidate the bonded indebtedness of the United States. Ile said he
would predict that in a few years the 348 million dollars of greenbacks
with a gold reserve of 150 million dollars would have a gold reserve of dollar
for dollar. In a little while every symbol of fiatism would disappear and
the system would be based on gold, dollar for dollar. After all this, the excess is to go to the retirement of the bonded indebtedness of the United
States.

The benefits which the Act accords agricultural interests
also came in for discussion by Mr. Glass. In seeking to show
that it provides for an increase in the amount of relief to




The law provides that national banks, which had not been able to invest
In real estate for fitly years, could invest a certain safe percentage in farm
mortgages; statisticians say that the average age of a farm mortgage is
three years. so the law goes beyond that on the safe side and allows a fiveyear mortgage to be bought. He said that it had been estimated by
Charles A. Conant that this provision would release 359 millions of dollars
of farm credits on unencumbered real estate, so that the Federal Reserve
Act certainly takes care of the agricultural interests of America.

INCOME TAX RULES AND DECISIONS.
A bill of complaint seeking the refund of the surtax paid
under protest on the incomes of John F. Dodge and Horace
E. Dodge, of Detroit, manufacturers of automobile parts
and automobiles, was dismissed by Judge Tuttle of the United
States District Court at Detroit on June 29. As stated in
our issue of March 21, an action attacking the income tax
law was filed in the Supreme Court of the District of Columbia on March 16, on behalf of the Messrs. Dodge, who contend that the law unduly discriminates in favor of corporations and against individuals and partnerships. That suit
was dismissed a month ago on the ground that the Court had
no jurisdiction over matters in the Eastern District of
Michigan. Thereupon a bill of complaint was filed (June 10)
in the U. S. District Court at Detroit asking that the Internal Revenue Collector at Detroit be permanently enjoined from collecting their surtax, amounting to approximately $91,000. Judge Tuttle denied the application for a
temporary injunction, whereupon the surtax was paid under
protest and a supplemental bill was filed asking for the refund of the surtax. The Detroit "Free Press" states that—
"With the suit in this form. District Attorney Webster filed his motion
for dismissal of both bills on a number of points, the principal ones being
the fact that the law was Constitutional, and that the bills failed to include
sufficient facts to make the case cognizable by a court of equity. This
meant that the suit should be in the form of specific action seeking to recover the surtax paid under protest. However, in open court, Judge
Tuttle granted a motion for an appeal, and Monday afternoon, June 29,
Attorney Baker filed an assignment of errors in the clerk's office, alleging
that Judge Tuttle had erred in declaring the surtax portion of the law Constitutional. The case will be entered in the October docket of the United
States Supreme Court."

Corporations desiring to make returns of annual net income on the basis of the fiscal instead ot the calendar year
are required to notify in writing the Internal Revenue Collector of their district on this point not less than thirty days
prior to March 1, indicating the date of the close of their
fiscal year. The regulation is announced by the Treasury
Department as follows:
REQUIREMENTS WHERE RETURNS OF INCOME ARE BASED
ON FISCAL YEAR.
Corporations desiring to make returns of annual net income on the
basis of a fiscal year must give notice in writing to the Collector not less
than thirty days prior to March 1, designating in such notice the last day of
some month as the close of the fiscal year. Failure to give such notice at
least thirty days prior to March 1, or to make return for the preceding calendar year on or before March 1, renders corporations liable to additional
tax penalty.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue,
Washington, D. C., June 22 1914.
- To Collectors of Internal Revenue:
Your attention is called to the following provision quoted tram Paragraph C. sub-section G, of Section 2, Act of Oct. 3 1913:
"The tax herein imposed shall be computed upon its entire net income
accrued within each preceding calendar year ending Dec. 31; * * *
provided,further, that any corporation, &c., subject to this tax may designate the last day of any month in the year as the day of the closing of its
fiscal year and shall be entitled to have the tax payable by it computed upon
the basis of the net income ascertained and herein provided for the year ending on the day so designated * * * and it shall give notice of the day
it has thus designated as the closing of the fiscal year to the collector of the
district in which its principal business office is located at any time not lass
than thirty days prior to the date upon which its annual return shall be
filed.
"Except, as provided in the Act, all corporations are required to make
their returns of annual net income on the basis of the calendar year and to
file such returns on or before the 1st day of March next following. March
1 is therefore the primary due date for the returns of all corporations.
This due date can be postponed only in accordance with some legal or authorized action. Unless such action is taken within the prescribed time, or
the returns filed on or before March 1, all corporations in existence at the
preceding Dec. 31, and failing to take such action or to file their returns
for the period ended Dec. 31, will be held to be delinquent and will be subject to the 50 per cent additional tax and the penalty of the law.
The filing of returns at any date other than on or before March 1, and
on a basis other than the calendar year, can be authorized only In cases
wherein corporations, not less than thirty days prior to March 1, give
notice in writing to the collector of the district wherein are located their
principal places of business, designating in such notices the last day of some
month as the close of their fiscal year. In this case the corporations will
make their returns for the year so established, and will file their returns

JULY 41914.]

THE CHRONICLE

on or before the last day of the sixty-day period next following the date
designated as the close of the fiscal year.
For the purpose of the income tax law, a fiscal year, when designated,
must be so designated that the return made on this basis will not comprehend a period greater than twelve consecutive months. If the required notice is delayed until it cannot be given at least thirty days prior to March 1,
or if the date designated as the close of the fiscal year comprehends a period
greater than twelve months from the close of the period for which the last
prior return was made, the returns must be made as of the calendar year and
must be filed on or before March 1, until such time as a fiscal year for
this purpose can be legally established.
If a corporation which shall have filed, on or before March 1, its return
for the preceding period ended Dec. 31, desires to establish as a basis for
making future returns a fiscal year ended at some date prior to the next
Dec. 31,it may do so by filing, at least thirty days prior to the date when its
returns, on a fiscal-year basis, will be due,a notice with the collector designating the last day of some month as the close of its fiscal year. It will
then, on or before the last day of the sixty-day period next following the
date so designated,file a date covering the period from Jan. 1 to the date so
designated in the same year, and thereafter its returns will be made for each
twelve-month period next following such date.
The above ruling will apply to corporations which began business within
the year as well as to those which were in existence and transacted business
throughout the year.
.Any ruling or Treasury decision heretofore issued and in conflict with
this decision is hereby recalled and revoked.
W. H. OSBORNE,
Commissioner of Internal Revenue,
Approved: W.G.McADOO,Secretary of the Treasury.

An earlier ruling in the matter was published in our issue
of Nov. 22 1913.
Co-operative dairies and like organizations are not among
those entitled to exemption from the payment of the income
tax, according to a ruling of the Treasury Department on the
15th inst. The following are the advices to Collectors of
Internal Revenue on this point:
CO-OPERATIVE DAIRIES LIABLE TO TAX.
(T. D. 1996.)
Income Tax.
Co-operative dairies and like organizations do not fall within the classes
of organizations enumerated in Sub-section G, Section 2, Act of Oct. 3
1913, as exempt, and are required to make returns of annual net income.
TREASURY DEPARTMENT.
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
Washington, D. C., June 15 1914.
To Collectors of Internal Revenue*
Regulations
No. 33, approved Jan. 5
Article
92
of
called
to
Attention is
1914, in which it is provided that co-operative dairies not issuing stock and
allowing patrons dividends based on the percentage of butter fat in milk
furnished are not liable to the requirements of Section 2. Act of Oct. 3 1913.
This article is amended to the effect that co-operative dairy associations,
whether issuing capital stock or not, are required to make returns of
annual net income pursuant to the requirements of this Act.
The only corporations,joint-stock companies or associations or insurance
companies exempt from the requirements of this Act are those which fall
within one or another of the classes specifically enumerated in the first
proviso of Sub-section G of the Act cited as exempt.
Co-operative dairies, no matter how organized, do not appear to fall
within any of these exempted classes, and will, therefore, be required to
make returns.
In the preparation of their returns co-operative dairies may include in
their deductions from gross income the amount actually paid to members
and patrons for milk, but any amount retained at the end of the year over
and above expenditures will be returned as,net income upon which the
tax will be computed and assessed.
In so far as Article 92, hereinbefore referred to, is in conflict with this
ruling, it is hereby revoked, and collectors will require all organizations
of this character to make returns of annual net income and in other respects
comply with the requirements of the Federal income tax law as it applies
to corporations, joint-stock companies, or associations and insurance
companies.
In so far as applicable, this ruling also applies to mutual or co-operative
telephone companies,farmers' insurance companies, and like organizations.
W. H. OSBORN,
Commissioner of Internal Revenue.
G.
McADOO,
Approved: W.
Secretary of the Treasury.

A ruling relative to the deduction allowed corporations
under the Income Tax Law in the case of indebtedness
wholly secured by collateral, and bearing particularly on
real estate pledged for the payment of indebtedness, was made
public by the Treasury Department on the 5th inst. Quoting the provision—
that in the case of indebtedness wholly secured by collateral the subject
of sale in the ordinary business of such corporation, joint-stock company,or
association, the total interest secured and paid by such company, corporation, or association within the year on any such indebtedness, may be
deducted as a part of its expense of doing business,

the decision points out that it is not intended to, nor does it,
authorize the deduction "as an expense of doing business" of
any interest paid or indebtedness secured by property, real or
personal, which is not the "subject of sale in the ordinary
business of the corporation." According to the decision, the
only corporations, joint-stock companies, or associations,
which will be allowed under this proviso to deduct as an "expense of doing business" interest paid on indebtedness wholly
secured by mortgage on real estate, or other physical or
tangible property, are those corporations, joint-stock companies,or associations, which are organized and operated for
the exclusive purpose of buying, selling and dealing in the
paxticularikind of property upon which the mortgage is




17

given, and the particular property pledged for the debt upon
which the interest is paid must be the "subject of sale in the
ordinary business of the corporation." The ruling, as furnished at length by the Department, is as follows:
REAL ESTATE HELD TO BE"COLLATERAL" WHEN MORTGAGED
TO SECURE INDEBTEDNESS.
(T. D. 1993.)
Income Tax.
Interest paid on indebtedness wholly secured by collateral the subject
of sale in the ordinary business of a corporation may be deducted as a par
of its expense of doing business.
TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
Washington, D. C., June 5 1914.
To Collectors of Internal Revenue:
This office is in receipt of numerous letters asking a ruling of this office
as to the application of the following proviso quoted from subdivision (B)
of sub-section 0 of Section 2. Act of Congress, approved Oct. 3 1913, to wit:
Provided, That in the case of indebtedness wholly secured by collateral
the subject of sale in the ordinary business of such corporation, joint-stock
company, or association, the total interest secured and paid by such company, corporation, or association, within the year on any such indebtedness,
may be deducted as a part of its expense of doing business.
Many of these inquiries come from corporations engaged in buying and
selling real estate, which real estate is pledged for the payment of indebtedness, and the question submitted is whether or not such real estate is
"collateral" within the meaning of the proviso quoted, and whether or not
corporations paying interest on indebtedness wholly secured by such
collateral may deduct from gross income as "an expense of doing business"
the amount of interest paid on such indebtedness.
Relative to this, you are informed that "collateral," as used in this
proviso, comprehends and includes real estate or any form of physical or
tangible property bound for the performance of certain covenants, the
payment of certain obligations, and if such real estate or other physical or
tangible property is the "subject of sale in the ordinary business of the
corporation" owning the same, that is, if such corporation is, as a matter
of its ordinary business, engaged in buying and selling, or dealing in such
Property, the interest actually paid within the year on indebtedness wholly
secured by such collateral (a mortgage on such property) may be allowably
deducted from gross income under Item 4 (A) of the return form as an
expense of doing business, without regard to the limit of deductible interest
as set out in Sub-Division "Third," Paragraph (B), Sub-Section G of the
Federal Income Tax Law hereinbefore cited.
This construction of the proviso quoted is not intended to and does not
authorize the deduction as an "expense of doing business" of any interest
paid or indebtedness secured by property, real or personal, which is not
the "subject of sale in the ordinary business of the cdrporation," but which is
held by It for the purpose of, or as an instrument in carrying on.its ordinary
business—such as the rights of way and other property of public utility
companies, permanent office buildings and property of like character held
or occupied for their own particular use or purpose in the furtherance of the
objects of the corporation, but which property is not the subject of sale in
their ordinary business, and which is simply occupied or used as an instrument or means of, or essential to, the carrying on of the ordinary business
for the transaction of which they are organized. The fact that such
property may be subject to sale under extraordinary or peculiar conditions
does not qualify, but rather disqualifies, it as "collateral" such as is contemplated by this provision of the Act cited.
The only corporations, joint-stock companies, or associations, which
will be allowed under this proviso,as herein interpreted,to deduct as "an
expense of doing business" interest paid on indebtedness wholly secured
by mortgage on real estate,or other physical and tangible property,are those
corporations, joint-stock companies, or associations, which are organized
and operated for the exclusive purpose of buying, selling and dealing in
the particular kind of property upon which the mortgage is given, and the
particular property pledged for the debt upon which the interest is paid
must be the "subject of sale in the ordinary business of the corporation."
Any corporation whose indebtedness is secured by a trust, mortgage, or
by any form of indenture which covers and includes In the lien any property
which is not the subject of sale in the ordinary business of such corporation,
will be and is excluded from the benefit of this proviso, as hereinbefore construed,and its interest deduction will be limited to the amount authorized in
Sub-Division "Third", above referred to—that is, the interest actually
paid within the year, at the contract rate, on an amount of bonded or
other indebtedness at no time within the year in excess of a sum ascertained
by adding to the paid-up capital stock outstanding at the close of the year
one-half of the total amount of the interest-bearing indebtedness also then
outstanding.
Corporations which under this ruling are entitled to deduct as "an expense of doing business" the total amount of interest paid within the year
on "indebtedness wholly secured by collateral the subject of sale in the
ordinary business of such corporations,"are required to state separately in
their returns the amount of indebtedness upon which such interest is
Paid, segregating it from the indebtedness not so secured, and upon which
the interest paid is taken credit for or deducted under Item 6(A) of the
return form. The interest-bearing indebtedness stated under Item 2 of the
return form as one of the bases for determining the amount of interest which
may be allowably deducted under Item 6 (A) must not include any "indebtedness wholly secured by collateral the subject of sale in the ordinary
business of the corporation." Failure to segregate the two forms of indebtedness will render the interest deduction under Item 6(A) subject to
suspension and disallowance.

Another recent decision of Internal Revenue Commissioner
Cabell deals with interest on foreign bonds, payable within or
without the United States,at the option of the owner; the collection of interest on such bonds, under the ruling just made
public, is to be treated, under certain conditions, the same
as a domestic transaction. The following is the notice in the
matter:
INTEREST ON BONDS OF FOREIGN CORPORATIONS IS SUBJECT TO THE TAX.
(T. D. 1992.)
Income Tax.
Bonds of foreign corporations payable, as to interest, wholly within the
United States, or within or without the United States, at the option of
the owner of the bonds, to be treated for income tax purposes as domestic
bonds when accompanied by certificates of ownership properly executed.

18

THE CHRONICLE

[VOL. xcix.

TREASURY DEPARTMENT,
funds for crop-moving purposes this year, a circular letter
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
seeking the opinion of the national banks in the matter has
Washington, D. C., June 4 1914.
To Collectors of Internal Revenue:
been issued by Secretary of the Treasury McAdoo. In
"Where foreign corporations have an issue of bonds the interest upon
soliciting
the views of the banks, Mr. McAdoo says:
within
wholly
the United States or within or without the
which is payable
While it is expected that the Federal reserve banks will begin business in
United States,at the option of the owner of the bonds, in all cases where
time
to
assist
in moving the crops this fall, the Treasury Department will,
said foreign corporations have fiscal agents within the United States and
the said bonds are owned by citizens of the United States or aliens resident nevertheless, be prepared to help business to the full extent of its power
within the United States, the collection of interest on said bonds shall be through the proper use of Government funds if it becomes apparent at any
considered to be and be treated as a domestic transaction upon the filing time that such help is needed in any section of the country.
The Department's request for information with regard to
with said coupons certificates of ownership properly executed. Provided,
that whenever coupons from foreign bonds not accompanied by certificates the need of Governmental aid to
move the crops is set out
of ownership are presented for collection they shall be treated as foreign
items, and the first bank or collecting agency receiving or accepting the as follows:
In
order that the Treasury Department may determine intelligently to
same for collection or otherwise shall deduct, withhold and pay the tax as
what extent, if any, it may be necessary or desirable this season to deposit
provided by income tax regulations for the collection of foreign income.
Government
funds in national banks in different sections of thecountry,to
"Where a foreign corporation has an issue of registered bonds the interest
on which is payable through a fiscal agent in the United States, certificates meet the legitimate demands of business due to the movement of the crops
of exemption may be filed with said fiscal agent in manner and form as or to other commercial causes, I shall greatly appreciate it if you will send
prescribed by T. H. 1974, and payment by said fiscal agent shall be made fp me promptly answers to the following questions, which are being submitted also to other national banks:
accordance with the provisions of T. D. 1974."
(1) Does your bank expect to have any unusual demand for money or
credit within the next six months? If so, for what purpose or purposes?
The House has approved the amendment, previously
(2) To what extent, in your judgment, will funds be needed in your
adopted by the Senate, increasing the appropriation for the immediate section, in addition to what local banks may be able to supply
conveniently, and normally, from their own resources or through the usual
collection of the income tax from $1,000,000 to $1,500,000. accommodation for correspondents?
(3) During what months between now and January 1 1915 will additional
if any, be most needed?
BANKING, LEGISLATIVE AND FINANCIAL NEWS. funds,
(4) If, in your opinion, it is desirable to deposit public funds, as was done
The public sales of bank stocks this week aggregate 67 last year, in the national banks in certain principal cities of the different
States, please indicate when and to what extent you think if may be desirshares, of which 50 shares were sold at the Stock Exchange able
to place such funds in the national banks in the princiapl cities in
and 17 shares at auction. Transactions in trust company your State, upon the assumption that the banks in such principal cities will
stocks reach a total of 30 shares. Three shares of stock of the use such funds as far as practicable for the accommodation of their country
correspondents.
Mechanics'Bank of Brooklyn were sold at 200,an advance of bank
(5) If such deposits should be made this season, please state when you
30 points over last week's sale price, which was, in turn, 20 think the deposits placed in your community could be returned conveniently
points higher than the last previous sale in September 1913. to the Treasury, indicating the proportion of the deposits to be returned
month, so that the last repaymanents may be made not later than
A sale of 10 shares of stock of the Nassau Trust Co.(Brook- each
March 1 1915.
lyn), which has recently been merged into the Mechanics' (6) What security, commercial paper, United States or other bonds, can,
Bank, was made at 156, as against 130 in April, when the with the greatest advantage to general business, and with safety to the
Government,
last previous sale was made. Extensive tables reporting bid ment deposits.be given by the banks in your section to secure such Govern-

and asked quotations, deposits, surplus, &c., of banks and.
trust companies in all important cities in the United States
are published monthly in the "Bank and Quotation Section,"
the July issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another
department of the paper, and will be found to-day on pages
30 and 31.

With the close of the fiscal year on Tuesday the local
Internal Revenue Collector's office was swamped by those
who had delayed settling for their income tax for the year
1913 until the final day fixed for payment. The statement
of the Government receipts and disbursements for the year
just ended, issued July 1, places the income from corporation
assessments at $43,079,819 44 and the return from the inShares. BANK—New York. Low. High. Close.
Last previous sale.
income at $28,306,336 69, or a total revenue from
dividual
5 Chelsea Exchange Bank_ _ _ _ 139
139
139
Mar. 1914— 143
this source of $71,386,156 13. Secretary McAdoo's earlier
*50 Commerce, Nat. Bank of__ _ 165
167
167
June 1914— 166;1
9 Manhattan Co.. Bank of__ _ 313 313
announcement (June 12) stated that the assessments against
313
Nov. 1913— 315
BANK—Brooklyn.
corporations at that date amounted to between $43,000,000
3 Mechanics' Bank
200
200
200
June 1914— 170
and $44,000,000 (or about $2,400,000 more than had been
TRUST COMPANY—New York.
20 Astor Trust Co
counted upon) and that the personal income assessments
305
305
305
Dec. 1913— 350
TRUST COMPANY—Brook/vn,
were $30,750,000 (or $23,250,000 less than had been looked
10 Nassau Trust Co
156
156
156
April 1914— 130
for); the total assessments on corporations and individuals
•Sold at the Stock Exchange.
he then figured would be $75,000,000. The July 1 state—•-ment of Secretary Melia° says:
A New York Stock Exchange membership was sold
Subject to revision upon analysis of complete returns, the following is a
this
week, the consideration being $42,000, an unchanged figure statement of the ordinary receipts and the ordinary disbursements for the
fiscal year ended June 30 1914:
from the last preceding transaction.
Customs
$292,128,527 63
In a speech in the House of Commons on June 29 Sir
Edward Grey, the British Foreign Secretary, referred to the
repeal of the clause in the Panama Canal Act exempting
American coastwise shipping from the payment of tolls,
and undertook to clear away any impression that might exist
that the President's stand in the matter was the result of
"bargaining or diplomatic pressure." The Foreign Secretary remarked that while a settlement had been reached,
it had not been entirely free from misrepresentation which
-might have in it the seed of future mischief. He added:
It is due to the President of the United States and to ourselves that I
should so far as possible clear away that misrepresentation. It was
stated
n some quarters that the settlement was the result of bargaining or diplomatic pressure. Since President Wilson came into office no correspondence
has passed, and It ought to be realized in the United States that any line
President Wilson has taken was not because it was our line, but his own.
President Wilson's attitude was not the result of any diplomatic communication since he has come into power, and it must have been the result
of
papers already published to all the world.
It has not been done to please us or in the interests of good relations
but I believe from a much greater motive—the feeling that a Government
which is to use its influence among the nations to make relations
better
must never, when the occasion arises, flinch or quail from interpreting
treaty rights in a strictly fair spirit.

Internal revenue. ordinary
Corporation excise and income
Individual income

308.613.483 73
$43,079.819 44
28,306,336 69

71,386,156 13
Miscellaneous
62,215,172 71
Including $3,800,000 surplus of postal revenues for the fiscal year 1913.
receipts
ordinary
Total
$734,343,700 20
Total ordinary disbursements
700,559,248 13
Surplus of ordinary receipts
33,784,452 07
The Panama Canal payments during the year amounted to $34.826,941 76. These have been paid out of current revenues, so that the surplus
for the year of $33,784,452 07 has been absorbed, leaving the sum of
$1,010,058 81 as a charge against the general fund of the Treasury.
The following is a comparative statement of the ordinary receipts and
disbursements, including expenditures on the Panama Canal, for the last
three fiscal years:
1912.
1913.
1914.
$691,778,465 $724.111,229 $734,343.700
Receipts
Disbursements
654,553,963 682.770.705 700,559.248
37,224,501
Surplus
41,340,524
33,784,452
35,327,370 41.741,258
Panama Canal
34,826,941
deficit
sur.1,897,131 def.400,733 def.1,010,058
Surplus or
Owing to the provision in the income tax law which gives ten days after
the close of the fiscal year before penalties attach there, was a failure to
pay approximately $3,500,000 of taxes which had been assessed against
corporations and individuals and which should have been paid before the
close of the fiscal year 1914. Had this $3,500,000 been paid on or before
June 30 1914, there would havebeen a surplus for the fiscal yearotapproximatelY $2,500,000. against a surplus for 1912 of $1,897,000 and a deficit
for 1913 of $400.000.
The Department is exceedingly gratified with the results for the first
fiscal year of the new tariff income tax law. Unquestionably very much
better results will be obtained during the present fiscal year.

On June 27 the Inter-State Commerce Commission suspended from July 1 to Oct. 29 the "spotting" charges filed
by railroads from Eas!ern territory for switching freight to
and from points located on private sidings and industrialAn emergency resolution extending the necessary approplant tracks.
priations of the Government from July 1 to July 15, pending
the enactment of several of the appropriation bills not yet
With a view to enabling the Treasury Department to disposed of, was passed by the Senate and House on June 30.
determine whether any necessity exists for the issuance of



JULY 4 19144

THE CHRONICLE

The Lever bill, regulating trading in cotton futures,
was passed by the House on June 29 by a vote of 84 to
21. The Senate or Smith bill, designed to regulate trading in cotton futures, passed the upper body on March 28,
and was given in full in these columns April 18. The
Lever bill was reported out from the House Committee on
Agriculture on June 4. The Senate bill would regulate
cotton exchanges by forbidding the use of the mail or
telegraph lines in sending out cotton exchange quotations unless certain requirements were met. It provided
that no person connected with an exchange shall send
through the mails matter promoting enforcement of a
future delivery contract, unless the exchange required all
such transactions to comply with specified conditions, among
them that contracts must provide for delivery within Department of Agriculture standards. To use the mail or the
telegraph lines to send out cotton exchange quotations was
forbidden unless the exchange adopted the specified contracts; the sending of such matter through the mails was
made a misdemeanor, punishable by a fine not to exceed
85,000, or by one year's imprisonment.
The House bill entirely omits this feature, but levies a
tax in the nature of an excise of 1 cent for each pound of
cotton involved in any contract of sale of cotton for future
delivery, or at the rate of $5 per bale of 500 pounds,unless
certain conditions are complied with, to which more specific
reference is made in an aditorial article on another page.
It is stipulated in the bill that the Act "shall not be construed to impose a tax on any sale of spot cotton." The
Senate on June 30 declined to agree to the Lever Bill, and
as a result both the Senate and House bills were sent to
conference.
Representative Lever, in a statement made at the time his
bill was reported out from the House Agricultural Committee on June 4, said:

19

The Naval Appropriation Bill providing for the building
of two new battleships and authorizing the sale of the
battleships Idaho and Mississippi and the use of the proceeds
for the construction of a third dreadnought was signed by
President Wilson on June 30. The bill had passed the House
on May 7 and on June 2 was passed by the Senate. One
important respect in which the two differed was the proposal inserted in the Senate bill to sell the Mississippi and
Idaho; when the bill went to conference the House conferees
refused to accept this provision, and on June 16 the "small
navy" men in the House blocked the plans for the sale and
the use of the money in building a third battleship through
points of no quorum. The House finally consented to the
sale on June 23,when it accepted by a vote of 174 to 89an
amendment differing slightly from the Senate provision,
but accomplishing the same purpose. A proposal of Representative Mann that the proceeds of the sale be turned into
the Treasury as miscellaneous receipts was defeated by the
House on the 23d by a vote of 154 to 103. The conference
report on the bill was agreed to by the House on June 26
and by the Senate on June 27, the President approving the
bill, as indicated above, on June 30. It is proposed to sell
the two battleships Idaho and Mississippi to Greece, through
the Newport News Shipbuilding Co. and the Bethlehem
Steel Co. The sale will yield in the neighborhood of $12,000,000. A formal protest against the sale was made by the
Turkish Government on June 22 on the ground that the acquisition of the ships by Greece would give that country a
naval preponderance over Turkey. President Wilson is said
to have favored the sale because he thought it would equalize
the naval power of the two countries and have a tendency
to preserve peace.
The Sundry Civil Appropriation Bill, carrying the provision included in the bill last year prohibiting the use of any
part of an appropriation of $300,000 for the prosecution of
labor unions and farmers' organizations, was passed by the
House on June 25.

Briefly summarized, the Senate bill as amended by the House Committee,
undertakes to regulate the transactions of such cotton exchanges as deal
in futures. The bill recognizes the economic value of such exchanges as
use a contract representative of the true value of spinnable cotton and
levels its prohibition against those exchanges only the value of whoseconThe proposal to give William J. Bryan another Assistant
tracts is susceptible to violent fluctuations and manipulation. Upon such
contracts the value of which, under the rules of the exchange, does not re- in the office of Secretary of State at a salary of $4,500
flect truly the value of spot cotton as exists from day to day in the hands was rejected by the House on June 26 by a vote of 134 to 83.
of the farmers on local markets, a tax of $500 is levied. Such a tax,-in the The
proposition was contained in an amendment inserted in
judgment of the trade, is absolutely prohibitive. Upon such contracts,
however, as do represent the value of spot cotton, no tax whatever Is made the Legislative, Executive and Judicial Supply Bill.
and this is true likewise of all spot cotton transactions including the f.o.b.
cotton, "to arrive" and for "prompt delivery."
The report of the investigation made into the official conThe bill compels the adoption of the Government standards, thus estab1 ishing uniform grades throughout the country, and relieving the trade of duct of Judge Emory Speer of the United States Court for
confusion and abuse growing out of the multiplicity ofstandards in different the
Southern District of Georgia was filed with the House
markets. It prohibits the use,in the settlement of contracts,of the Illogical
and unsound "fixed difference system" and substitutes therefor the system Judiciary Committee by the latter's sub-committee on
of commercial differences in determining the relative value of grades deliv- June 23. In its conclusions the sub-committee states that it
ered upon contracts. It denies to any cotton exchange the use of any conregrets "its inability to either recommend a complete actract under which the very low grades of cotton, unsuited for spinning purposes, are deliverable, and provides that cotton of a staple less then seven- quittal of Judge Speer of all culpability so far as these charges
eighths of an inch in length shall not be delivered in the settlement of such are concerned, on the one hand, or impeachment, on the
a contract.
Under the provisions of the bill each bale of cotton to be delivered upon other hand." The investigation was directed under a resolua contract shall be identified by grade with the date when the cotton is to tion passed by the House on Aug. 27 1913, and the inquiry
be delivered to the purchaser,thus abolishing the practice of long delaysand was begun at Macon, Ga., on Jan. 19 last. The subpro forma deliveries.
It provides that the Secretary of Agriculture shall determine in cases of committee was made up of Representatives Webb of North
disputes arising between quality of the grade or the length of the staple, Carolina, Fitzhenry of Illinois, Democrats; and Represenfmnishing an unbiased tribunal to which may be referred suits which intative Volstead of Minnesota, a Republican. The majority
volve the quality or the grades or the length of staple of any cotton tenreport of Representatives Webb and Fitzhenry criticises
dered under the contract.
Provision is made for the method of determining the relative commercial many of the acts complained of, but, as stated above, decides
value of the different grades of cotton which may be delivered upon conand holds the
tracts, while the Secretary of Agriculture is given such plenary power as them to be outside the pale of impeachment,
will make it impossible to mainpulate the machinery by which the differ- case as not warranting further proceedings. Representative
ences are determined. Authority is given the Secretary of Agriculture Volstead, as a minority, recommends the complete exonerato establish and promulgate standards of cotton by which its quality and tion of
Judge Speer. Nineteen charges were filed with the
value may be Judged, including its grade, length of staple, strength of
staple, color and such other qualities, properties and conditions which may Committee. They alleged, among other things, that Judge
be standardized in practical form, thus making certain the legality of Speer entertained matters beyond his Court's jurisdiction;
the official standard grade.
It is required of all persons coming within the provisions of the bill to that he violated the Bankruptcy Act in allowing compensakeep such records and statements of accounts as will fully and correctly tion in excess of the provisions of that Act to a trustee who
disclose all transactions made upon any exchange, board of trade, similar was his personal friend; also with a violation of the laws in
institution or place of business.
The bill undertakes to prevent, as far as possible, the transfer of present drawing juries; with using his official position in deciding
vicious practices of certain exchanges from this country to foreign countries. cases unjustly in favor of his son-in-law; with unwarranted
It is provided that any person liable to the payment of any tax imposed abuse of his official authority in using Court officials, paid
by the bill who fails to pay, or evades and attempts to evade the payment
rendering
of such a tax, or any person who otherwise violates any of the provisions by the Government, as private servants, without
of the act, or any rule or regulation, made under it, "shall be fined not less any service to the Government; with allowing the dissipathan $100, nor more than $20,000, and in case of individuals, may in ad- tion of assets in bankruptcy estates by the employment of
di b be punished by ire prircnreent for not less than 60 days nor more than
ecc.
three years," and in addition to this may be fined $2,000; to be recovered in unnecessary officials and the payment of excessive fees,
The report of the sub-committee says:
action founded on this act in the name of the United States as plaintiff.
The record shows instances where the Judge, sitting in the trial of
The whole purpose of the cotton future bill is to compel by law the use
of such a contract by the future markets, the quotations of the value of criminal cases, apparently forced pleas of guilty from defendants or conaccurately
and
spinnable
truly
of
reflect
the
value
of
spot
cotton
victions, and there is strong evidence tending to show that in one case,
which will
and usable quality. In the light of the best information available, the at least, he forced innocent parties to enter such pleas through a fear of the
ultimate effect of providing a contract of the character prescribed in the consequences in the event of an unfavorable verdict at the hands of a jury
bill will be to enhance, in the opinion of experts, the value of the cotton presided over by the Judge in the manner peculiar to himself.
The sub-committee regrets its inability to either recommend a complete
crop in the hands of the farmers of the South not less than $100,000,000
annually.
acquittal of Judge Speer of all culpability so far as these charges are concerned, on the one hand, or an impeachment on the other. And yet It is




20

THE CHRONICLE

persuaded that the competent legal evidence at hand is not sufficient to
procure a conviction at the hands of the Senate. But it does feel that the
record presents a series of legal oppressions and shows an abuse of judicial
discretion which, though falling short of impeachable offenses, demand
condemnation and criticism.
If Judge Speer's judicial acts in the future are marked by the rigorous
and inflexible harshness shown by this record, these charges hang as a portentous cloud over his Court. impairing his usefulness, impeding the administration of justice and endangering the integrity of American institutions.

The Volstead report declared that "the evidence introduced was nearly all either hearsay or secondary evidence,"
and that "this short-cut method of arriving at the guilt or
innocence of the Judge created confusion as to the actual
facts." Much ai tention was paid in this report to the charge
that Judge Speer allowed bankruptcy estates to be dissipated
through allowance of excessive attorneys' fees. To refute
this charge, Representative Volstead presented statistics
of the cost of administration of bankruptcy assets in the
Southern District of Georgia, from 1899 to 1912, in comparison with the districts of residence of the various members
of the House Judiciary Committee for these years. This
tabulation, taken from reports of the Attorney-General,
showed the cost in Judge Speer's district was 9.7%, while
the average for the other districts listed was 19.2%.
"It is not necessary," the minority report states, "to say
anything in commendation of Judge Speer. The last line
of the majority report, recommending no further action upon
the charges, is, despite all criticism to the contrary, a complete vindication."
A resolution directing the House Judiciary Committee
to inquire and report whether the action of the House is
necessary concerning the alleged official misconduct of Alston
G. Dayton, Judge of the United States District Court of the
• Northern District of West Virginia,Twas adopted by the
House on June 12. The resolution was offered on May 11
by Representative Neely of West Virginia, a Democrat,
and is said to be an outgrowth of differences between Judge
Dayton and union labor men in West Virginia over the issuance of injunctions. It reads as follows:
Resolved. That the Committee on the Judiciary be directed
to inquire
and report whether the action of this House is necessary
concerning the
alleged official misconduct of Alston G. Dayton; whether he has
unlawfully
conspired with certain corporations and individuals to bring
about the
removal from office of the late John J. Jackson, Judge of the District
Court
of the United States for the Northern District of West Virginia;
whether
he has shown marked favoritism to certain corporations having
extensive
litigation in his Court; whether he has had summoned on juries in
his Court
persons connected with certain corporations to which he has shown
marked
favoritism during his term of office; whether he has assisted his son,
Arthur
Dayton, in the preparation of the defense and trial of numerous
cases
against certain corporations for which the said Arthur Dayton is
attorney,
which cases were tried before him, the said Alston G. Dayton,and
whether
he has unlawfully used his high office and influence
in behalf of said corporations; whether he has abused his power and influence as
Judge
to
further the interests of his son, Arthur Dayton; whether he
has used the
funds of the United States for an improper purpose; whether
he has violated
the Acts of Congress regulating the selection of
jurors; whether he has
actively engaged in politics and used his high office
as Judge to further
the political ambitions and aspirations of his friends;
whether he has lent
his services as Judge to the coal operators of West
Virginia by improperly
Issuing injunctions; whether he has shown hatred and
bitterness toward
miners on trial in his Court; whether he has used his
office as Judge to
discourage and prevent said miners from exercising their
lawful right to
organize and peaceably assemble under the laws of the United
States and the
State of West Virginia; whether he has wrongfully
expressed his own
opinions in charging grand Juries in his Court; whether he
has conspired
with certain corporations and individuals in the formation
of a
trust in violation of law; whether he has unlawfully had an order carbon
entered
staying a proceeding the object of which was the condemnation
of a lot in
Philippi, W. Va.,for a site for a Federal building; whether he
has publicly
denounced the President of the United States from the bench and
before
a Jury; whether he has unlawfully used the funds of the
United States
Government for his own private use; whether he has wrongfully
collected
from the Government funds as expenses not due or allowed to
him Under
the statute; whether he has wrongfully kept open the books of
his Court at
Philippi, W. Va.; whether he has, in open Court and before a
Jury, accused
witnesses of swearing falsely in cases then on trial bfeore him;
whether he
has directed the marshal of his district to refuse to pay the fees of
witnesses
whom he had accused of testifying falsely; whether he has
enforce certain laws of the United States; whether he has openlyrefused to
and criticised the United States Supreme Court; whether he has denounced
Jurors for rendering verdicts not agreeable to him; whether he discharged
has openly
stated that he would not permit the United Mine Workers of
America are
exist within the Jurisdiction of his Court; whether he has refused
to
certain defendants in a case in his Court to have an interpreter; permit
whether
he has stated in open Court that the United Mine Workers of
America are
criminal conspirators; whether he is so prejudiced as to unfit him
mentally to hold a judicial office; and whether he has been guilty temperaof
other acts of personal and judicial misconduct for which he shouldvarious
be impeached.
That this Committee is hereby authorized and empowered to
send for
persons and papers, to administer oaths, to employ, if
necessary, an
additional clerk and stenographer, and to appoint and send a sub
whenever and wherever necessary to take testimony for the -committee
use:of said
s ub-committee.
That the sub-committee shall have the same power in respect to obtaining
testimony as is herein given to the said Committee on the Judiciary; that
the Speaker shall have authority to sign and the Clerk to attest subpoenas
for any witness or witnesses.
That the expenses incurred by this investigation shall be paid out of the
contingent fund of the House.




[VOL. xc

Speaking of the effects of Governmental policies upon the
state of trade, Arthur Reynolds of Des Moines, President
of the American Bankers' Association, had the following to
say at the annual convention of the Pennsylvania Bankers'
Association in Bedford Springs, Pa., on June 27:
"Until the beginning of the present administrative era and the ensuing
political crusade, there was no country on the globe which fostered so many
happy homes and contented citizens. That this atmosphere of happiness
and contentment has been darkened by the clouds of gloom and apprehension needs no visualizing to make it perceptible.
"By what method of reasoning have these modern reformers concluded
that the men who use capital and brains to build railroads, develop mines
and keep the factory steam engines going are all malefactors? They seem
to have over-reached the mark and the progressives have stopped progress.
Business has a surfeit of the sensational talk of politicians."

Mr. Reynolds's remarks also dealt with the new Federal
Reserve Act, concerning which he said: "The measure, as
finally enacted, was relieved of some of its objectionable
features, but still contains burdens that national banks were,
under compulsion, constrained to accept." According to
the Philadelphia "Ledger," Mr. Reynolds regretted that in
every line of the new law there is an invitation to member
banks to re-discount at the regional reserve bank, and he
declared that if this invitation is universally accepted,the
result might be disastrous. He expressed the opinion that the
privilege of re-discount should only be exercised in times of
stress or when an unusual demand for money exists. Montgomery Evans of Norristown, Pa., retiring President of the
Pennsylvania Bankers' Association, in his address, had
the following comments to make respecting labor and law:
"The gist of the new preaching is that the chief aim in life is play. They
rebel against the ancient doctrine that work is not only a duty, but also a
benefit to mankind. In school and college in these days the youth who
plays best is highest honored and the youth who works best is most despised.
The standard of interests prevailing in school and college go with the
youth out into the life of the world. Labor is looked upon as irksome
and to be escaped if possible. In former times thrift went hand in hand
with labor and was recognized as a virtue. To-day thrift is anathema
with a large percentage of our population. To spend and to waste bring
praise.
"Under the old order of things the man who labored, whether in the
humblest or highest position, was valued and regarded on account of his
efficiency and growth in capacity. The doctrines of organized labor to-day
encourage and demand equality of work and uniform result. Men must
still work, but they must be careful not to work too long, nor too hard, nor
too well,and to be sure to watch the clock. The aim is to reduce all craftsmen-to a uniform dead level. The real things accomplished in the past in
this country and in the world have resulted from work of body and mind.
the hardest work, the best work, man's striving to his utmost. The new
theorylpf half-hearted work and of much play has yet to be tested out by
results.
"This mental attitude toward labor and thrift has had a potent influence
upon the written law and its administration. A great undigested mass
of statute law has been enacted to gratify the demands and theories of those
who seek anew social system. There has been a conflict between those who
stand by the old doctrines and those who seek a change.
"The followers of the new doctrine are restive under the process of
evolution in the law and would have immediate revolution. The criticism
of the law and of its administration and the fault-finding against judges is
founded, not upon the failure to properly administer the law, but upon the
failure to:administer it according to the wishes of the critics."

A resolution was adopted at the meeting endorsing the
movement to turn over to the State Banking Department for
liquidation insolvent State banking institutions, and thus do
away with receiverships. Action was also taken at the meeting toward the amalgamation of the Trust Company Section
of the Pennsylvania Association with the main body. A
committee was appointed to confer with the general association in the matter; no:formal action toward the dissolution
of the section will be taken, it is stated, until next year's
annual meeting.
The decree of theilower Court charging the Eastern States
Retail Lumber Dealers' Association with violating the Sherman anti-trust law by circulating among its members socalled "black lists" of wholesalers who sold lumber direct
to big consumers was affirmed by the United States Supreme
Court on June 22. The decision which the Supreme
Court upholdslwas:handed down by:the U. S. District Court
for Southern New York on Jan. 9 1913, when the petition
of the Government for a permanent injunction against the
Eastern Lumber Dealers and other organizations was
granted. The Government's petition was filed in May 1911;
the complaint charged conspiracy to restrain inter-State
trade, in that the defendants sought to prevent the wholesaler from dealing directly with the consumers and established
arbitrary rules for buying, selling and shipping lumber from
one State to another. This, it was alleged, was accdml,
plished through so-called "black lists" or "official reports."
The order of the District Court enjoined the defendants
from continuing this practice. The decisiodof the Supreme
Court hinged on the question whether the circulation of
the "blacklist" letter was a conspiracy in restraint of trade
within the meaning of the Sherman Act. Justice Day, who
read the unanimous opinion of the Court, said there was no

JULY 4 1914.]

THE CHRONICLE

doubt, as inter-State commerce was affected, that the Sherman law applied, because there was an attempt to prevent
the free flow of commerce between the States. The suit
was brought against ten retail dealers' associations and 137
of their officers; the organizations involved in the proceedings are the Eastern States Retail Lumber Dealers' Association, the New York Lumber Trade Association, the Building Material Men's Association of Westchester County,
N. Y., the New Jersey Lumbermen's Protective Association,
the Retail Lumbermen's Association of Philadelphia, the
Lumber Dealers' Association of Connecticut, the Massachusetts Retail Lumber Dealers' Association, the Lumber
Dealers' Association of Rhode Island, the Retail Lumbermen's Association of Baltimore, the Lumber Exchange of
the District of Columbia.
A resolution adopted by the Colorado Bankers' Association at its annual convention on June 20 at Colorado Springs
denounces the acts of lawlessness in the recent industrial
strike, and describes such acts as—
"the acts of those who,for selfish reasons,have thrown some of our southern
counties into a state of warfare, not for the purpose of remedying any unjust condition of servitude or to relieve any hardships or wrongs perpetrated,
but for the sole purpose of advancing their own interests or the interests of
an organization from which they derive a personal gain and whose objects
and intentions are repugnant to the American standard of individual right
to life, liberty and the pursuit of happiness."

21

A quarterly dividend of 3% has been declared by the Co-lonial Bank of this city, payable July 1 to holders of record
June 20. Previous quarterly payments were 2
The Greenwich Bank of New York City has declared a
quarterly dividend of 3%, payable July 1 to holders of
record June 20. Two and one-half per cent has been the
usual quarterly distribution heretofore, extra payments
having also been made in January 1914 and 1913.
The International Bank of this city will pay on June 30,
to holders of record June 29, a semi-annual dividend of 5%,
as against 4% paid at each half-yearly period since December 1912.
The deposits of the , Transatlantic Trust, Co., 67-69
William St., the youngest trust company in Greater New
York, have increased steadily since the day of its inception,
May 22, 1912. The deposits are now $3,390,809, as against
$2,677,725 Jan. 1 1914, with surplus and undivided profits
of $360,044, in addition to capital of $700,000 and total resources of $4,461,362. Julius Pirnitzer is President; H. B.
Fonda, Vice-President; Geo. Plochmann, Treasurer; H. L.
Servoss, Secretary, and E.S. Cubberley, Assistant Treasurer.

The Empire Trust Company of New York announces the
removal of its London office to 41 Threadneedle Street.
W. H. Parker is the London Secretary of the institution.
The company recently closed a long-term lease of quarters
in the new Equitable Building, now in course of erection in
this city. It will occupy two floors and part of the basement on the Pine Street and Broadway corner; the space
leased by it will be in the nature of private quarters; it will be
entirely apart from the rest of the building, being equipped
with separate entrances and elevators. The company is at
Dwight W. Morrow, formerly of the law firm of Simpson, present located at 42 Broadway.
Thacher & Bartlett, was admitted on the 1st inst. as a partner in J. P. Morgan & Co. of New York; Drexel & Co. of
Edward C. Rice, a Vice-President of the Importers' &
Philadelphia; Morgan, Grenfell & Co., London, and Morgan, Traders' National Bank and a member of the firm of Rice,
Harjes & Co., Paris.
Quinby & Co., grain and flour merchants, died on June 26
at the age of seventy-six years. Mr. Rice had been TreasPreliminary steps toward the opening of South American urer of the New York Produce Exchange for the past twentybranches by the National City Bank were taken this week seven years, or since 1887. He had been a director of the
when its directors authorized President F. A. Vanderlip to Importers' & Traders' National since January 1886 and a
apply to the Federal Reserve Board for permission to estab- Vice-President of the bank since April 1912. He was also a
lish branches at Buenos Aires, Argentina, and at Rio de director of the Produce Exchange Bank, the Greene ConJaneiro, Brazil. Robert 0. Bailey, an Assistant Secretary solidated Copper Company and a member of the Chamber of
of the Treasury under President Taft, and who has been Commerce.
associated with the National City Bank for over a year, and
James R. Martine, who has been in its employ for seventeen
The deposits of the Guaranty Trust Co. of New York on
years, are to sail next Tuesday on the Vaterland, going to June 30th amounted to $233,882,398 33, exclusive of
Southampton, and from there to Buenos Aires, to engineer Treasurer's checks. On March 2 1914 they were $203,922,arrangements incidental to the opening of the new branches. 452 40, at that time the largest amount ever reported by
Besides the establishment of these branches, the National any trust company in the United States. On June 30 1913
City plans the creation of agencies similar to that which it the total was $188,693,531 07.
already has in London. Through these proposed branches
it is the purpose of the bank to render the greatest possible
A roof garden for the benefit of the blind of the East Side
assistance in promoting relations between the United States is provided on the new,building erected by the Bank of the
and South America, and other banks desiring to co-operate
United States at 77-79 Delancey Street. The garden will
in the movement will be invited to avail of the facilities of the
be formally opened on July 11. The bank started business
their
of
National City's branches and agencies for the benefit
on
July 1 of last year. Joseph S. Marcus is President.
own customers. The National City has for about five years
close
of
establishment
past been engrossed in plans for the
The merger of the Nassau Trust Company of Brooklyn
financial and commercial relations between the country and
into the Mechanics' Bank of Brooklyn became efBorough
in
business
its
extended
has
to
and
the
South,
republics
June 27 with the ratification on that day by the
ective
on
national
South America to a greater extent than any other
of the arrangements for their, union.
stockholders
bank in this country. Several envoys have been sent by it respective
As
of June 13, the stockholders of the
issue
our
in
explained
Morgan
W.
been
having
to South America, one of these
are given an interest in the
$600,000)
Nassau
Trust
(capital
underShuster, formerly Treasurer-General of Persia, who
the company,
took a campaign in the interests of the bank there two years Mechanics'Bank equal to that held by them in
$1,000,000
from
capital
its
end
the
increasing
that
bank
to
ago.
to $1,600,000. The surplus and profits of the enlarged MeThe semi-annual statement of the Metropolitan Trust Co. chanics' Bank are announced as about $900,000, while a
49 Wall Street, this city, George C. Van Tuyl Jr., President, circular to the depositors on the day the consolidation beshows deposits increased from $23,026,016 March 2 1914 to came effective places the deposits at approximately $22,000,$29,383,744 June 30. The company's surplus and profits 000. George W. Chauncey continues as Chairman of the
are $6,020,539 and its aggregate resources reach $37,522,- board of the Mechanics' Bank; Charles G. Balmanno remains
229. Mr. Van Tuyl was formerly Superintendent of the as President,and Walther Wolf as Comptroller. The ViceState Banking Department. His executive associates are Presidents of the consolidated institution are Andrew T.
Beverly Chew, Vice-President; Edwin F. Rorebeck, Second Sullivan, Harry F. Burns, Harry De Mott, Frank C.
Vice-President; Bertram Cruger, Treasurer; Geo. N. Hart- Rhodes, James A. Stewart and Francis Weekes; Walter C.
mann, Secretary; James F. NeNamara, Trust Officer; R. W. Dunn is Cashier. Messrs.Sullivan,Burns and Weekes were,
K. Anderson, Treasurer; Frederick E. Fried and Willard respectively,President, Vice-President and Secretary of the
Nassau Trust Company. Messrs. De Mott and Stewart
E. McHarg, Assistant Secretaries.
were,respectively,Cashier and Assistant Cashier of the Me-

J. P. Morgan retired this week as a director of the National
City Bank and the National Bank of Commerce. His
action is understood to be in line with the course taken by
him and several other members of his firm early in January,
when they withdrew from the directorate of a number of
organizations, principally railroad propeities. Mr. Morgan
has now no bank affiliations so far as directorships are
concerned.




22

THE CHRONICLE

[VOL. xcix.

Apropos of the La Salle Trust & Savings Bank failure in
chanics' Bank; Mr. Dunn, the new Cashier, was also an
Assistant Cashier,of the Mechanics'. Frederick D. Mackay, Chicago, the American Fidelity Co. of Montpelier, Vt., has
a trustee of the Nassau Trust Co., has been elected a director written us as follows under date of June 26:
of the Mechanics' Bank, succeeding the late Charles G. Several La Salle Street Trust cfi Savings Bank Failure.
insurance
have written to us asking for particulars
Bennett. Mr. Mackay is Second Vice-President of the concerning the bond journals
issued by this company to the above-named bank,
in view of the heavy losses sustained by some surety companies.
E. W. Bliss Company.
For your information we would say that, shortly after this bond was
Issued by our Chicago office, we reinsured the entire risk.

The Brooklyn Trust Co. has recently broken ground for
the erection of a magnificent new home, which is to occupy
A tour of the northern part of Wisconsin was recently
the entire block front on Clinton Street (200 feet), between made by about one hundred and twenty members of the
Montague and Pierpont streets. The building will have Wisconsin Bankers' Association, largely from the southern
only two renting floors, the rest being used entirely by the section of the State. It is said that George D. Bartlett,
institution. The main banking room will be one of the Secretary of the Association, has long urged the southern
largest and handsomest in the city, being 42 feet in height bankers to go over the territory of the north and learn at
and running from street to street, with the main entrance first hand its value. The formation by the bankers of an
on Montague Street. The architecture will be Italian organization which is to deal in farm mortgages served to
Renaissance, with an exterior of Indiana limestone. The stir the bankers into action and to bring about an inspection
basement of the building will be occupied by the Brooklyn by them of the northern farms,upon which most of the loans
Safe Deposit Co. The Pierpont side of the building will be will be made. Besides the Wisconsin Bankers' Association,
completed first and used by the company, while the Mon- the Wisconsin Advancement Association and the Wisconsin
tague side is being constructed. The new building, it is Mortgage & Security Co. assisted in furthering the movesaid, will cost upward of $500,000. York & Sawyer of ment. The trip extended from Wednesday evening June 17
New York are the architects. The new statement, made under .to Saturday June 20.
date of June 30, shows the institution to have aggregate
resources of $34,253,360.
George T. Slade, Vice-President and General Manager of
the Northern Pacific RR., and James T. Clark, Vice-PresiAnnouncement is made of the death on June 25 of John S. dent,of the Chicago, St. Paul Minneapolis & Omaha Ry.,
Wardwell, Vice-President of the Farmers' National Bank have been elected directors of the First National Bank of
St. Paul. Mr. Slade succeeds Howard Elliott, who resigned
of Rome, N. Y.
from the directorate of the bank with his election to the PresiThe business of the Colonial Trust & Savings Bank of dency of the New York New Haven & Hartford RR. Mr.
Chicago was merged on Saturday last into that of the Clark is elected to fill the vacancy created by the death of
Central Trust Co. of Illinois. The negotiations for the William H. Dunwoody.
merger were carried on by Charles G. Dawes, President of
A consolidation is said to have been arranged between the
the Central Trust and Landon Cabe11 Rose, President of the Farmers' & Traders' Bank of
Billings, Mont., the Billings
Colonial, and no knowledge of the proceedings was made State Bank and the Bank of Billings, each
capitalized at
public until their actual consummation. Under the arrange$50,000.
ments entered into,it is stated that the Central Trust takes
over all the assets of the Colonial and assumes all its deposit
Orville R. Jones has been chosen to succeed Charles
liabilities. The Colonial Trust & Savings Bank was estab- Fletcher Jr. as President of the Denver Stock Yards Bank of
lished in 1902. Its last statement to the Banking Depart- Denver, Mr. Fletcher having retired on July 1 to take the
ment (April 4) showed a capital of $1,000,000, surplus and Vice-Presidency of the Stock Yards National Bank of South
profits of $503,490 and deposits of $6,267,673. L. C. Rose, Omaha. Mr.Jones is at present Cashier of the Denver Stock
President, becomes a Vice-President of the Central Trust. Yards Bank, and with his promotion that office will be filled
Following the announcement of the Colonial's absorption,
C. McEllherren, now Assistant Cashier. Frank J.
a run, which did not, however, reach a serious stage, was Denison, Assistant Cashier of the First National Bank of
instituted on the North Avenue State Bank, of which Mr. Denver, will enter the Denver Stock Yards Bank as ViceRose is President. The uneasiness created by the failure President.
of the La Salle Street Trust & Savings Bank is thought
to have prompted the run; its termination was brought
Harry F. Knight was elected President of the Bankers'
about partly through the assistance of the Continental & Trust Co. of St. Louis on June 13, succeeding J. E. FrankCommercial National Bank. The acquisition of the Colonial lin, resigned. Mr. Knight is a member of the firm of A. G.
by the Central Trust increased the deposits of the latter to Edwards & Sons and a director of the Third National Bank
about 433/2 million dollars.
of St. Louis. Mr. Franklin's resignation follows a decline
witnessed in the stock when the quarterly dividend was
An investigation of the twenty-three surety companies passed on April 29; on May 21 it went down to $50, but a
doing business in Illinois was begun on June 19 by James recovery was witnessed the following week, when sales
Fairlie, an actuary of the State Insurance Department as occurred at $75 and O. Recently it has again declined,
a result of the Lorimer-Munday bank failures in Chicago. on June 22 a sale occurring at $49 while on June 24 the
On June 19 the Chicago "Herald" printed the following con- stock sold as low as $40. Mr. Franklin retains the 6,000
shares of its $2,500,000 capital. With his resignation on
cerning the matter:
Rufus N. Potts, Superintendent of the Illinois Insurance Department, June 13 Mr. Franklin was quoted as saying:

yesterday gave the necessary orders for the inquiry. The Insurance
The Bankers' Trust Co. has not been, of late, as prosperous under my
Department of New York has been asked to send an examiner to aid in the management as I could wish. I deemed it advisable to put in a new man
investigation, since many of the companies are New York concerns main- at present—a man with stronger financial connections. I have recognized
resignation has been in the hands of our board of directors
taining branch offices in Chicago. The investigation order was due
to this, and my
the surety companies' practice of issuing bonds to guarantee bank deposits. for a month or more.
Many bonds for large amounts were issued to depositors in the LorimerI am sure Mr. Knight will make good as President of the Bankers' Trust
will have my hearty support. I win still hold all my stock in
Munday banks. The surety companies sustained heavy losses through
the Co. He
company, amounting to about 6,000 shares, but I expect to give my
bank failure. The order was issued after Superintendent Potts
learned the
to my personal affairs, which I have been obliged to neglect
that only $325,000 of the $1,070,000 deposited by the City of Chicago
In time now
the five banks had been paid by the surety companies guaranteeing the for some time past.
deposits.
Meanwhile the surety companies were holding special meetings In
an
A fourth dividend to the depositors of the failed Comeffort to raise funds to cover their losses.
Directors of the Illinois Surety
Bank & Trust Co. of Louisville, Ky., was declared
mercial
Co., of which A. J. Hopkins, former United States Senator, is the
head,
held a special meeting yesterday to provide for meeting the $150,000
obliga- on June 20. The payment amounts to 123/2% and brings
tions of the company. It had insured that amount of the city's deposits
in the total up to 873/2%. The institution closed its
doors on
three of the Lorimer-Munday banks. Of this amount it had paid
$50,000.
The directors voted to reduce the capital stock from $500,000 to $250,000, January 22 1913.
transferring the difference to surplus. This action gave the cOmpany
a
net surplus of $300,000, or three times enough to meet its liability.
An application to convert the Tennessee Bank & Trust

In addition to the institutions enumerated last week, one
other small bank, of which C. B. Munday is President, has
since closed; this is the Farmers' Bank of Botha1to, Ill.,
which suspended June 19; according to the State Auditor,
the reports show the bank to be in good condition, and its
closing was decided upon simply as a precautionary measure.




Co. of Nashville into the Tennessee National Bank has been
approved by the Comptroller of the Currency. The Tennessee Bank & Trust Co. began business on Feb. 17 1913
with an authorized capital of $400,000; its paid-in capital is
$330,300. The succeeding institution will have a capital
of $300,000.

JULY 4 1914.]

THE CHRONICLE

23

Capital. Surplus & Profits.
Deposits.
The Commercial National Bank of Charleston, S. C., be- June 4 1902
3100,000 00
310,000 00
3124.636 00
gan business as successor to the Commercial Savings Bank June 4 1904
113.530 00
100,000 00
1,033,175 00
1.880,61600
147.509 00
100,000 00
on May 18. The plans to convert the institution have June 4 1906
100,000 00
1,991.719 00
165,484 00
4 1908
previously been referred to in these columns. No change June
2.854.652 00
100.000 00
223.881 00
June 4 1910
4.021,865 00
269.838 00
100.000 00
occurs in the management, T. T. Hyde continuing as Presi- June 4 1912
5,084.354 00
287,043 00
100,000 00
dent, with J. S. Pinkussohn and A. R. Rugheimer as Vice- June 4 1914
In twelve years the Plainfield Trust Co. has acquired the
Presidents, Courtenay Olney as Cashier and George L.
accounts of 7,500 depositors and accumulated deposits of
Dick as Assistant Cashier.
$5,000,000; it has in its custody trust funds of upwards
which are kept entirely separate from its other
The National Bank of Commerce of Pensacola, Fla., has of$1,000,000,
erected a handsome banking building and
has
it
assets;
been organized with a capital of $300,000 under the presievery modern convenience; it has paid to
with
it
equipped
dency of R. W. Goodhart. E. R. Malone is Cashier.
stockholders in dividends $46,000, the dividend rate having
been increased in 1913 to 12%; it has paid to depositors in
Controlling interest in the Commercial National Bank interest almost $900,000 and has added $187,043 out of
Comthe
of New Orleans has been acquired by interests in
profits to its surplus account, which now amounts to $287,mercial-Germania Trust & Savings Bank of that city. 043, and established a Christmas Savings Club having a
The President of the latter, William Mason Smith, has re- membership of 7,000. 0. T. Waring and Henry A. McGee,
tired, and has been succeeded in the presidency by John H. both of the Standard Oil Co. of New Jersey, are President
Fulton, President of the Commercial National. The
and Vice-President, respectively; A. V. Heely and J. HerCommercial National has a capital of $300,000 and deposits bert Case, Vice-Presidents of the Farmers' Loan & Trust
of $4,655,000; the Commercial-Germania Trust & Savings
Co. of this city, are also Vice-Presidents of the Plainfield
Bank has a capital of $1,250,000 and deposits of $10,553,000. Trust. De Witt Hubbell, Secretary and Treasurer, is the
The two banks will remain separate institutions.
active officer, assisted by F. Irving Walsh, Assistant Secretary and Treasurer, and A. H. Kirby, Assistant Treasurer.
The Citizens' Bank & Trust Co. of Louisiana, at New
Orleans, announces the death of its Vice-President, Alphonse
Raymond E. Smith, Secretary and Treasurer of the RoseA. Lelong, at Havre, France, on May 14.
ville Trust Co.of Newark when it suspended last August, was
sentenced to an indeterminate term of from seven to fourteen
The Exchange National Bank of North Fort Worth, Tex., years by
Chief Justice Gummere in the Court of Oyer and
has been placed in voluntary liquidation and been succeeded
Terminer
at Newark on June 27. He was sentenced on
by the Exchange State Bank of Fort Worth.
twenty-five individual indictments and six indictments involving him in conspiracy. On each indictment he was
A new institution began business in Dallas on June 3
given
from three and one-half to seven years, all the terms to
under the name of the Bankers' Trust Co. The organizarun
except two, which run consecutively. An
concurrently,
tion conducts a banking and trust business in all its branches,
forgery against Smith was nolle prossed
indictment
charging
except that of commercial banking, operating both trust
at the request of Prosecutor Hood, who explained to the
and bond and mortgage departments. Colonel C. C.
left him in doubt as to whether
Slaughter is Chairman of the Board; and W. B. Slaughter Court that investigation had
that act. Similar action was
Smith
committed
actually
is President.
taken with five indictments alleging that Smith, in conjunction with others, embezzled funds of the bank. Mr. Hood
E. Avenali has been elected an Assistant Cashier of the
stated he was convinced that in the alleged thefts the
First National Bank of San Francisco. Mr. Avenali is
Secretary-Treasurer of the institution had no part.
manager of the exchange department of the bank.
James J. Robison, President of the Ohio Savings Bank &
R. E. Zimmerman has been elected Assistant Cashier of
Trust
Co. of Toledo, died on June 11 as a result of a stroke
the German-American Trust & Savings Bank of Los Angeles of apoplexy. Mr. Robison's father, David Robison Jr.,
to replace the late George A. Mattern.
Chairman of the Board of the institution, died in April last.
James J. Robison was fifty-nine years of age. With his
A bill providing for the reimbursement of the depositors father and brother, Willard F. Robison, he organized the
of the failed Farmers' Bank of Canada has been killed as far Toledo Electric Street Railway Co. in 1888, and he was later
as the present session of the Canadian Legislature is con- active in the organization of the Toledo Railway & Terminal
cerned, through the adoption by the Senate on June 8 Co. Aside from his many other interests, Mr. Robison was
of a motion postponing action on the bill for six months. one of the organizers of the Ohio Savings Bank & Trust; he
The bill to recoup the depositors had passed the House of had
served as its Cashier and had been its President since
Commons on the 5th inst. The measure called for an appro1905.
priation of $1,200,000 for the payment of the depositors.
The institution, whose head offices were in Toronto, suspended on Dec. 20 1910; in October 1912 the stockholders were
IMPORTS AND EXPORTS FOR APRIL.
called upon to meet the double liability of their holdings; the
The Bureau of Statistics at Washington has issued the
bank had an authorized capital of $1,000,000 and a paid-in statement of the country's foreign trade for April, and
capital of $567,579.
from it and previous statements we have prepared the
following interesting summaries:
A striking monograph on an aggressive New Jersey trust
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
an the following tables three ciphers (000) are in all cases omitted.)
company has come to our attention. On the fourth day of
MERCHANDISE.
June 1902, just twelve years ago, the Plainfield Trust Co.
Imports
Exports
1912.
1913.
1914.
1913.
1912.
1914.
of Plainfield, N. J., opened its doors for business. Up to January
204,067 1227,033 $202,446 1154.743 1163.083 $143.586
134,188
149,914
148,045
193,997
198,844
had
173,920
there
been
February__
no
and
time
Plainfield
trust company in
that
155,446
157,577
182.555
205,412
187,427
187,499
March
162,571
146,194
few people seemed to know why the institution had come or April
173,896
162,553
199.813
179,300
155.698
133,724
163,637
175,380
May
194,607
161,650
what it was for, but the Plainfield Trust Co. meant that they June
131,031
131,246
138,234
163,405
148,667
July
139,062
160,991
148,885
it,
therefore, began to advertise. By a
should know, and
154,757
137,652
167,845
187.909
August
144,820
171.085
199,678
218,240
systematic campaign of intelligent publicity it endeavored September__
177,988
132,949
271,861
254,634
October
to show the people of Plainfield that its mission was one of November
148.236
153.095
278.244
245,539
154.095
184.026
233,196
250,316
December
service by persistently advertising its various banking and
Total
91.792,596 51,818.073
12,484,018 12,399,218
trust company functions in detail. Little by little, as people
GOLD.
became familiar with its facilities, they began to make use
Exports
Imports
1912.
1914.
1914.
1913.
1913.
1912.
of them, and as they did so they came to realize that they
$5,141
January
$6,210
$17,238
$1,915
$10,442
$6.014
service.
helpful
and
It
accurate
is
prompt,
receiving
2,937
were
February__
5,357
12,373
10,589
3,209
9,079
4,336
March
2,632
4,381
7,454
7.842
18,077
the story of the up-to-date banking organization which had April
3,893
407
4,014
3,010
1,817
3,460
3,347
May
16,S36
4,451
4,561
12,467
1,973
the courage and confidence to advertise constantly, not only June
5,611
3387
7.171
569
3.741
7,859
7.265
8,654
within its own precincts, but in wider channels without the July
5,577
August
5,804
2,498
1,195
4.201
State, wherever a good report of the company's standing and September_ _
4,627
496
568
11,S7
5,891
484
330
growth would add to its financial reputation and make new October
4,474
November...
7,041
6,663
2,710
11.397
5,073
10,573
657
friends. The following figures are illustrative of this com- December 386,549
$63,705
Total
$91,799
$47,425
pany's growth:




THE CHRONICLE

24
1914.
$4.010
3,592
3,882
4.543
4,844

January
March
Apr1L
May
June
July
August
SeptemberOctober
November.._
December -

SILVER.
Exports
1913.
1912.
$6,028
$6,436
5,122
5,315
5,806
5,537
5,972
4,941
5.329
6,726
4,732
5,046
4,936
6.591
4,908
0,077
5,856
6,011
4,874
6,172
4,423
5,834
7,608
4,458

Total

862.776

January -February March__
April

May

Jane
Jaly
Apgust _
Stember
(iSober
Nbvember
Dbcember.

1914.
$2,318
1,914
2,567
2,214
1,755

1912
$4,358
3,781
8,712
4,189
4.345
4,880
3,436
3.952
3,649
4.684
3,417
3 .998

$35,867

$48.40

$71,962

Total
+3691,422+3581,145
+ Exports. -Imports.

1914.
+31.692
+1.678
+1,314
•
-F3,089

8+28,094

1913.
8+2,235
+2,834
+2,353
+2,236
+2,367
+2,317
+1,507
+2,758
+2.336
+1.334
+1,648

+826.909

Totals for merchandise, gold and silver for eleven months:
Merchandise.
Eleven
Months.
Excess
Ex(0003
of
ImEs*Milted) ports.
ports. Exports ports,

Excess
Imof
Exports. &
ports.

1
s
1913-142.207,425 1,735.886 471,539 63,932
1912-13 2,302,47911,681,762620,717 77.193
1911-12 2,066,089 1,522,234543.855 50,157
1910-11 1.907,6131,404,4195 3. 9
9.435
1909-10,1,617,096 1,437,071 180,026 116,965
1908-0911,545,5921,187,256358,336 83,185

82,721 1,211
65,807 11,386
43,325 6.832
68,839649,404
38,764 78,201
41,636 41,549

Gold.

$
50,325
66,882
59,844
58,972
50,699
50,173

Week ending June 27.

Clearings at

Imports
1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2.538
8,089
2,810

EXCESS OF EXPORTS OR IMPORTS.
Merchandis
1914
1912
1913
1914
1913
+549,324 +583,970 +858.860 -33,528+811.028
+25.875 +44,083 +64,656 +5.870 +7,016
+4,944 +31,981 +47,835 -5,210 +13,696
--11,343 +53,619 A-16,729 --3,053 --1,004
-1,987 +60,883 +19,682 +14,863 +7,906
+32,159
+7,203
-2,818
+21,929
+218
+795
+50,257 +13,088
-4,609
+47,155 +54,858
-4,131
+138,912 +78.646
-4,907
+97.303 +125,149
-378
+49,170 +96,221
+5,500

[VOL. xc

Excess
Imof
ports. Exports
28.504
38,903
42,170
42,431
41,909
39.616

$
21,821
27,979
17,674
16,541
8,790
10,562

1914.
San Francisco...
Los Angeles
Seattle
Spokane
Portland
Tacoma
Salt Lake City
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
North Yakima
Reno
Long Beach

1913.

Inc. or
Dec.

1912.

$
3
%
45,374.851
44,167,374 +2.7
20,280,395
20,726,750 -2.2
12,083,942
12,232,041 -1.2
3,500,000
3,418,894 +2.4
10,134,723
10,394,740 -2.5
1,987,477
2,514,428 -21.0
5,632,874
5,278,823 +6.7
3,094,495
2,866,398 +8.0
1,733,070
1,592,938 +8.8
1,569,983
2,256,600 -30.4
726,732
737,149 -1.4
829,497
858,355 +26.0
745,915
988,657 -24.6
551,932
526,809 +4.8
355,000
325,522 +9.2
381,117
255,000 +49.5
486,739 Not incl.in to tel.

$
47,596,972
19,632,919
12,094,780
3,700,000
9,045,448
2,310,127
5,606,429
2,986,362
1,328,381
2,286,955
759,266
664,900
746,991
502,275
334,601
250,000
.

1911.
$
42,113,288
i6,643,599
10,298,382
3,615.597
9,400,000
3,071,690
5,591,503
3,192,206
1,187,002
1,500,000
690,359
559,884
605,000
445,000
383,071
255,000

Total Pacific

108,982,003

108,940,478 +0.04

109,846,106

98,551,581

Kansas City....
Minneapolis ..Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Topeka
Davenport
Lincoln
Cedar Rapids_
Colorado. Springs
Fargo
Waterloo
Helena
Pueblo
Joplin
Aberdeen
Fremont
Hastings
Billings

43,415,258
22,500,000
15,043,701
11,315,721
8,284,798
6,431,071
4,700,000
3,021,893
3,643,742
2,813,441
1,370,664
1,468.140
1,762,271
1,400,000
580,358
1,012,401
1,159,841
968,968
554,601

46,108,675 -5.8
22,089,431 +1.9
16,409,586 -8.4
10,094,115 +12.1
7,728,603 +7.2
7,735,082 -16.9
4,247,844 +10.7
3,363,240 -10.3
4,253,963 -14.3
3,049,004 -7.7
1,415,603 -3.2
1,896,889 -22.6
1,704,384 +3.4
1,263,576 +10.8
512,533 +13.3
410,847 +146.4
1.700,391 -31.8
917,301 +5.6
493,781 +12.3

44,482,032
17,381,843
15,332,540
10,684,912
9,229,639
6,795,937
4,087,508
3,002,158
3,028,947
3,085,552
1,275,292
1,507,478
1,384,438
1,073,095
725,000
317,933
1,227.905
792,456
629,840

44,076,276
16,662.695
12,665,967
9,899,366
8,147,220
5,925,224
3,335,438
2,430,129
2,480,535
2,961,667
1,451,768
1,354,335
1,324,902
1,147,424
720,000
684,100
1,061,223
748,048
612,985

470,895
361,613
1.55,853
364.695

381,156 +23.5
321,422 +12.5
155,258 +0.4
361,077 +1.0

300,239
260,832
137,452
274,808

333,225
264,975
169,323
123,577

127.017.815

118.670.227

Tot. oth.West_

132.790.905

136.613.311

-2.3

Canadian Bank Clearings.-The clearings of the Canaa Excess of Imports.
dian banks for the month of June 1914 show a decrease from
Similar totals for the five months since January 1 for six the same month of 1913 of 4.4%, and for the six months the
loss reaches 8.6%.
years make the following exhibit:
June.
Merchandise.

rive
Months
(0001
om(tted)

Gold.

Clearings at-

Silver.

Excess
Excess
Excess
of
EsIntof
ExIn:of
Ports, Porte. Expo
Expo
Ports. ,ports. Exports
8
$
8
$
8
$
8
$
8
1914._ 889,689 822,87. 66,813 35,868 26,926 8,942 20,87
10.102
1913_ 1,002,877 748,341254,536 63,165 24,522 38.643 28,59 10,76
15,76
1912.... 961,382 753,621207,761 26.2261 19,653 6,573 28,623 20,38 12.824
8,238
1911___ 846,114 640,939205.17 10.1771 29,005618,82:28,665 18.4
1910... 694,547 676.871 a2,67. 47.9191 14,812 33,107 22,467 18.59 10,211
3,874
1909._ 670,5
593,332 77,222 55,4871 17.768 37.719 23.855 18.53
5.322
a Elxeees of imports.
Exports.

Itnports.

Pacific and Other Western Clearings brought forward
from first page.
June.

Six Months.

Clearings al1914.

1913.

Inc. or
Dec.

1914.

1913.

Inc. or
Dec.

I

$
$
%
3
s
%
San Francisco_ 211,915,927 198.854,62: +6.61,242,921,851,295,881,889
Las Angeles__ _ 98,923,979 95,134,:ii +4.0 609,511,524 632,619,89 -4 1
Seattle
57,008,096 54,459,458 +4.7 316.706,168 316,349,13 -3.7
+0.1
Spokane
18,633,547 17,325,51
+7.6 106,077,945 105,808,833 +0.3
Portland
44,721,935 49,345,91. -9.4 296,440,325 308,953,758 -3.4
Tacoma
9,698,034 11,609,911 -16.5 55,919,694 69,579,13 -19.6
Salt Lake City 25,056,849 24,247,199 +3.3 150,193,422 154,306,699
-2.7
Oakland
15,105,506 14,584.062 +3.7 89,011,507 96,560,119 -7.8
Sacramento_ _ _ 8.499,031 7,805,74. +8.9 49,105,711
50,022,413 -1.8
San Diego_ _ _. 8,214,613 11,218,996 -26.: 55,397,766
72,925,269 -24.0
Pasadena
3,720,892 3,655,33
+1.8 24.413.965 26,500,564 -7.9
Stockton
3,720,069 3,453,263 +7.7 21,687,036
22,256,994 -2.6
Fresno
3,650,618 4,328,76i -15.7 23,331,654
26,828,624 -13.0
San Jose
2,762,066 2,459,051 +12.3 15,922,643
16,311,855 -2.4
North Yakima 1,793,165 1,620,924 +10.7
10,082,130
9,955,992 +0.3
Boise
3,000,00
2.959,363 +1.4
18,389,288
19,212,022 -4.3
Ogden
3.410,914 2,528,1:: +34.9
18,390,369
15,974,497 +14.5
Reno
1,097,693 1,047,783 +4.5
6,629,682
6,817,679 -2.8
Santa Rosa_ 1,002.772
754.40' +34.51
6,242,936
5,861.127
.
Long Beach_ _ _ 2,536,649 Not incl. In total
2,536,649 Not Incl. In total
Total Pacific 521.935,756507.362,279

+2.93,116,375,513 3,250,704,502

-4.1

Kansas City_ _ 207,992,759 207,598,087 +0.21,327.386,1481,365,795,974
Minneapolis
100,203,194 96,061,934 +4.3 586,717,650 582.968.689
Omaha
70,077,8641 71,507,377 -2.0 438,264.964 440,067,27,
Bt. Paul
50.687.2991 40,460,509 +25.3 283,824,808 248,935,833
Denver .......... 38,975,57 36,605.953 +6.5 219,272,683 235,921,453
St. Joseph
30.193.688 33.903.331 -10.9 192,484,035 206,879,30,
Des Moines.... 24,123,868 21,119,844 +14.2 148,934,842 136.313.833
Sioux City_ _ _ _ 14,689,693 14,522,333 +1.2 • 90,699,567 85.866,636
Duluth
15,858,696 17,678,616 -10.2 83,860,751
92,297,363
13.393,170 14,209,497 -5.7 81,948.549 86,881,533
Wichita
Topeka
6,456,378 6,643.451 -2.8 40,556,273 42,781,401
Davenport
6,887,669 7,197,755 -4.3 45,579,833 47,652,874
Lincoln
8,951,937 8,263,050 +8.3 53,220.926 47,812,651
Cedar Rapids_ 7,203,582 6.680,780 +7.5 49,781,674 43,728,623
Colorado Spgs_ 2,729,925 2,699,650 +1.1
15,304,33:
16,083,51:
4,800,090 1.901.752+152.4i20,571,258
Fargo
11,930,309
4,405,974 3„7
Sioux Falls
+41.0124,471,446
18,613,911
6,009,042 7,435,746 -19.21 39,037,500 42,113,334
Waterloo
4,660,732 4,299,62
Helena
+8.61 25,775,184
26,157,557
2,706,984 2,498,317 +8.31 16,386,967
Pueblo
16,876,683
2,831,295 3,251,692 -12.9J 16,720,400
Joplin_ _ _
19,608,19.
2,347,735 1,700,426 +38
Aberdeen
12,235,382
11,065,76,
1,894,152 1,690,572 +12.1
Fremont
9,719,228
8,613,113
846,095 -16.4
707,433
Hastings
4,470,14
5,328,182
1.753,476 1,643,130 +6.7 10,186,092
Billings
9,590,407
1,433.000 1,482,501 -3.3
8,718,000
Grand Forks
8,728,700
930,194
931,042
+0.1
5,513,125
Lawrence
5,1120.526
7.048,901
Iowa City__ _ _ 1,040,009 1,090,111 +4.
6,517,888

-2.8
+0.6
0.4
+14.0
-7.1
-7.0
+9.3
+5.6
-9.1
-5.7
-5.2
-4.3
+11.3
+13.8
-4.8
+72.4
+31.5
-7.3
-1.5
-2.9
-14.7
+10.6
+12.8
-16.1
+6.2
-0.1
-5.3
+8.1

...... ,...,. w.r.0t 625 04R183616.955.979




+2.83.858.690.6693.870 054 221

.___(% z

1914.

1913.

Six Months.
Inc.or
Dec.

1914.

Inc.or
Dec.

1913.

3
8
CanadaMontreal_ __ 234,737,813 242,716,771
Toronto---- 181,914,536 175,102,536
Winnipeg__ _ 109,197,659 118,961,105
Vancouver__ 37,467,108 49,389,201
Ottawa ____ 17,530,901 17,500,451
14,632,544 14,203,076
Quebec
8,178,882 8,472,687
Ifsalfax
Hamilton_ 13,255,451 15,831,911
St. John..._ 6,927,186 6,319,394
7,336,427 7,284,533
London
23,079,089 19,236,218
Calgary
10,915,671 15,180,048
Victoria
15,135.945 18,859,991
Edmonton
9,789,964 9,572,937
Regina
1,985,410 2,294,283
Brandon
5,110,060 7,466,978
Saskatoon
Moose Jaw_ 4,007,615 4,635,354
Lethbridge _ 2,013,360 2,207,127
Brantford _ 2.562,358 2,659,066
Fort William 4,000,000 4,258,959
1,742,817 2,488,257
New W'm'r_
Med'ne H't• 2,139,936 2,881,894

%
-3.3 1,342,621,147 1,395,741,933
+3.9 1,060,585.348 1,081,151,975
-8.2 622,162,189 720,336,257
-24.1 229,579,458 308,825,438
+0.2 10102,654
99,707,653
+4.4
77,320,920
78,592,105
-3.5
49.138.761
49,540,254
-15.2
76.818,969
88,252,057
+9.6
38,257,651
40,700,798
+0.8
43,422,868
46,215.973
+20.0 102,120,011 119,300,548
-28.1
65,856,781
92,302,800
-19.7
87,122,662 105,806,285
+2.3
48,402,699
64,034,199
-13.5
12,071,962
14,565,764
-31.5
31,454,816
49,710,032
-13.5
22,870,032
30,871,189
11,114,416
-8.8
13,473,939
-3.6
15,259,267
16,107,657
19,822,859
-6.1
21,909.134
10,289,033
-30.0
15,114,141
11,064,715
-25.8
6,158,727

-3.8
-1.9
-13.6
-25.7
+2.0
-1.6
-0.8
-13.2
-6.0
-6.0
-14.4
-28.7
-17.7
-24.4
-17.1
-36.7
-25.4
-17.5
-5.3
-9.5
-31.9

..1,m. (-An 711.553.706 744.440.883

-4.44.067.754.5034.452.100.131

-8.6

•• Not included in total: comparison incomplete.

The clearings for the week ending June 27 make a less satisfactory comparison with the same week of 1913, the decrease in the aggregate having been 3.8%.
Week ending June 27.
1914.

CanadaMontreal
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
PeterboroUgb
mMel

1913.

s
$
55,653,405 55,891,950
42.152,091 41,500,000
24,827,812 26,497,262
8.004,811 11,311,774
3,813,911 4,163,581
3,586,346 3,020,585
1,641,808 1,879,459
2,770,829 3,259,614
1,442,911 1,412,331
1,574,069 1.471,135
5,755,055 4,424,650
2,561,635 3,529,505
3,356,590 4,683,599
2,245.693 2,143,984
467,410
479,104
1,149,353 1,615,028
1,005,790 1,044,440
539,105
545,661
588,068
632,144
1,029,212
960,454
368,544
645,168
405,733
613,180
392,862 Not incl. In
184.940.181 171.524808

Inc.or
Dec. I

% 1

-0.4
+1.5
-6.3
-29.2
-8.4
+18.7
-2.3
-15.0
+2.2
+7.0
+30.1
-27.4
-28.3
+4.8
-2.4
-28.8
-3.7
-1.2
-6.9
+7.2
-42.9
-33.8
total.

1912.

3

1911.

$

59,996,701
48,604,199
26,111,707
13,390,987
4,570,220
2,926,345
1,744,725
3,139,023
1,588,892
1,416,425
8,854,090
3,505,707
4,010,675
1,879,860
548,512
2,080,174
1,417,019
658,568
558,451
880,991

47,001,751
33,000,000
20,689,887
10,938,993
4,423,649
2,547,204
1,757,576
2,360,779
1,528,143
1,389,921
4,308,889
2,886,332
2,101,241
1,459,138
473,385
1,114,614
816,742
639,333
517,710

--2 011171ml 971

in onx 067

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.

JULY 4 1914.1

THE CHRONICLE

Clearings-Returns by Telegraph.
Week ending July 4.

Per
Cent.

1914.

1913.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,996,693,650
156,147,269
178,089,053
45,110,212
311,444,365
76,210,403
17,143,919

$1,582,254,553
128,707,769
142,065,255
32,648,402
245,416,346
57,618,880
13,473,367

+26.2
+21.3
+25.4
+38.2
+26.9
+32.3
+27.2

Seven cities, five days
Other cities, flve days

52,780,838,871
587,298,741

32,202,184,572
507,281,016

+26.3
+15.8

Total all cities, five days
All cities, one day

$3,368,137,612

$2,709,465,588
558,444,112

+24.3

Total all cities for week

$3,368,137,612

33,277,909,700

+2.8

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the six months of 1914 and 1913 are given below:
Six Months 1914.
Description.

Par Value
or Quantitu.

Actual
Value.

Six Months 1913.
Aver. Par Value
Price. or Quantay.

Actual
Value.

4 V°T.
Price.

StocklSh's. $38,069,651
$46,257,29
(Val.3,321,640,22i 33,140,066,734 94.5 .4,164,561,775$4,441,560,214 97.0
RR. bonds
342,669,00
329,784,863 96.2
267,441,500
259,011,627 96.9
447,000
Gov't bds_
454,562 101.7
523,500
547,917106.7
State bds_
30,323,000
30,561,882 100.8
15,790,200
14,637,003 92.7
Bank stks_
256,600
519,929 202.3
83,700
166,66 199.1
Total_ _ _ _ 33,695,335,82953,501,387,970 94.78!,448,400,67544,315,923,4291 97.0

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1914
and 1913 is indicated in the following:
1914.

1913.

Afth
Number
of
Shares.

Values.
Par.

Actual.

Number
of
Shares,

Values.
Par.

Actual.

$
8
$
$
Jan 10,088,895 881,625,495 847,963.208 8,748.973 809.787,850 790,879,464
Feb 6,220,059 556,109,360 515.947,91: 6,763,632 617,315,100 600,464,308
Mar, 5,855,260 518.398,024 483,147.619 7,229,732 639,404,500 620,004,816
1st q 22,164,214 1,956,132,8791,847,058,74522,742,3372,066,507,4502,021,348.588
April 7,145,284 623.482,570 593.476.978 8,463,226 738,652,100 716.498.978
May 4.757,405 398.348,240 374,842,097 5,463,561 486,456,000 470,216,409
June 4,002,748 343,676,540 324,688,914 9,588,174 872,946,225 833,496,241
2d q 15,905,437 1,365.507,350 1,293,007,98923,514,9612,098,054,3252,020,211,626
_
6m 34 0(19.651 3.321.640.2293.140.066.734 46.257.29s 4 164 461 77A .f. 041 .680 214

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.

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

Per
When
Cent. Payable.

Railroads (Steam).
Alabama Great Southern, preferred____
3
AIM. Top. & Santa Fe,tom.(Ott.) (No.37) 13.3
Clearings Outside New York.
Atchison Topeka & Santa Fe. preferred_
234
on
Atlantic Coast Line RR.,common
334
1914.
1913.
%
1914.
1193.
%
Canada Southern
134
Central of Georgia Ry. preferred
3
$
$
$
$
2
Jaii..._ 16,228,119,613 16,262,840,268 -0.2 6,854,299,220 6.924.099,062 -1.0 Central RR.of New jersey (quar.)
234
Fttb - 12,888,108,921 13,639,567,259 -5.5 5,650.553,438 5,844.961,954 -3.3 Chattahoochee & Gulf
3
Sr..- 14,280,780,928 14,166,021.542 +0.8 6331,190.884 6,279,796,632 +2.4 Cuba RR., preferred
Delaware Lackawanna & Western (qu.)-334
2
Ist qr_ 43.395,009,452 44,068,429,069 -1.5 18.936,043.542 19.048,857,658 -0.6 Detroit Hillsdale & Southwestern
Detroit River Tunnel
3
3
Alaril - 14,924,762,026 14,314,152.590 +4.3 6.376,244,705 6,258.821.615 +1.9 Georgia RR.& Banking (guar.)
134
ay_ 13,188,042,664 14,143,532,249 -6.8 5,949,511,106 6,181,073.527 -3.8 Great Northern (guar.)
JuLiszt_ 13,970,178,517 13,731,494,976 +1.7 6,125,975,750 5,977,974,525 +2.5 Harrisburg Portsm. Mt. Joy & Lancaster 331
Extra
34
234
2 I qr.. 42,082,983,207 42,189,229,815 -0.3 18,451,731,561 18,417,869,667 +0.2 Illinois Central (No. 119)
Joliet & Chicago (guar.)
134
_
134
6 mos_ 85.477.992,669 86,257,658,884 -0.9,37.387.775.103 37 466 727 325 -0.2 Kanawha & Michigan (guar.)
Kansas City Southern, pref. (quar.)
_
1
Lake Shore & Michigan Southern
8
Guar. stock (Mich. Sou. & Nor. Ind.)_ 6
The course of bank clearings at leading cities of the coun- Lehigh
Valley, corn, and Pref. (CIllar.)
$1.25
try for the month of June and since Jan. 1 in each of the last Little Schuylkill Nay.,RR.dr Coal
$1.50
Louisville ret Nashville
33.4
four years is shown in the subjoined statement:
Mahoning Coal RR., common
$5
Michigan Central
3
Mine Hill & Schuylkill Haven
$1.50
BANKCLEARINGS AT LEADING CITIES.
N. Y. Central dr Hudson River (quar.)
134
Norfolk & Western, corn. (quar.)
134
June
Jan. 1 to June 30Adjustment preferred (quar.)
(000,000s
1914. 1913. 1912. 1911. 1914.
1
1911.
1912.
1913.
Nord en Central
$2
omitted.)
$
$
$
$
$
s
t,
$
7,844 7,754 7,961 8,216 43,090 48,791 50,136 46,952 North,fn Pacific (guar.)
New York
134
Pennsylvania
114
1,362 1,291 1,199 1,170
Chicago
6,893 Philadelphia RR. (quar.)
7,510
8.264
7,991
Boston
645
234
601
699
710 4,081
4,187 Pitts. Ctn. & Trenton (quar.)
4,601
4,190
Chic.
&
St.
L., pref. (qu.)- - Philadelphia
703
36
741
637
3,870 Pitts.
712
3,938
4,295
4,153
Ft. Wayne & Chic., reg. guar.(qu.) 134
St. Louis
336
337
320
1,910 Reading
309
1,982
2,073
2,052
Company, common (quar.)_ _ _
Pittsburgh
231
2
252
238
1,278
1,351
217
1,512
1,352
First preferred (quar.)
San Francisco
212
1
199
209
1,155
193
1,280
1,296
1,243
Second preferred,(quar.)
Cincinnati
110
1
108
103
647 Southwestern
104
693
666
683
of Georgia
Baltimore
156
234
167
151
147
863 Union
935
1,016
925
Kansas City
r3
208
208
1,272 UnitedPacific, common (special)
197
202
1,284
1,366
1,327
N.J.R R.& Canal Cos.guar.(qu.) 234
Cleveland
106
104
93
89
538
624
637
490
Street and Electric Railways.
New Orleans
70
71
69
73
493 Aurora
484
519
474
Elgin ,ft Chic. RR.,corn.(quar.)34
Minneapoiht
100
96
78
78
471
587
488
533
Preferred (quar.)
Louisville
136
54
55
56
56
366
353 Bay
381
361
State Street Ry., let preferred
Detroit
3
115
112
97
85
467 Boston
538
637
699
Milwaukee
__
$1
70
63
60
56
422
345 Ont. Suburban Dec. Cos., pref _
358
382
Nary. & Coo. L.& Ti., cum. (guar.) 134
Los Angeles
99
95
91
78
610
565
633
459
Preferred
Providence
134
33
33
36
33
206
219
211
206 Citizens' (guar.)
Tree. of Oil City, Pa.. Pre-- r- $1.25
Omaha
70
72
67
438
62
440
416
377
Buffalo
Pow., Ry. & Li.,cons.(gu.)51
1
50
44
43
295
300
273
252 Commonwealth
Preferred (guar.)
St. Paul
51
40
134
45
43
284
249
273
258
Indianapolis
Consolidated Traction of New Jersey-37
39
36
2
35
203
216
217
116 Dayton
& Troy Elec. corn. (No. 21)
Denver
39
37
42
39
219
236
134
234
219
Richmond
34
31
33
33
134
208
205
217
196 ElPreferred (guar.) (ko. 53)
Paso Electric Co., pref.(No. 24)
25
25
Memphis
27
23
3
199
195
197
171 Georgia
Light, Power & Rys., pref. (guar.)_
57
54
Seattle
49
46
134
317
316
284
264
Germantown Pass. Ry.„ Phila. (quar.)-$ 1.3134
23
19
Hartford
19
20
138
127
125
114 Green
&
25
tes Sts. Pass., Phila. (quar.)- - $1.50
24
31
Salt Lake City_ - _ _
26
150
154
196
153 Internat.Coates
Trac., Buffalo, pref. (No. 4)_
2
12,866 12,678 12,705 12,898 78.632 79,539 79,823 74,171 Jacksonville Trod., cont. (gu.) (No. 14)._
Total
134
Preferred
1,104 1,053
(No.
Other cities
(guar.)
14)
923
936
134
6,846
6,719
6,025
5,826 Kentucky
Securities Corp., pref. (quar.) 134
Total all
13,970 13,732 13,628 13,824 85.478 86,258 85,848 79,997 Manchester Trac., Light & Pow. (quar.) 2
6,126 5,978 5.667 5,618 37,388 37,467 35,712 33.405 Metropoi. 1Vest Side Elev., Chic. ,pf. (gu.) 1%
Outside N. Y
Clearings, Total All.




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
July 10 June 20 to July 10
Aug. 1 Holders of rec. June 26a
July 1
Aug. 1 Holders of rec. July 170
July 1 June 25 to July 4
Aug. 1 Holders of ree. June 30a
July 20 Holders of rec. July 3a
July 6 Holders of rec. June 20
July 15 Holders of rec. July 8a
July 15 July 2 to July 14
Aug. 1 Holders of rec. July 10
July 10 Holders of rec. June 200
July 10 Holders of rec. June 200
Sept. 1 Holders of rec. Aug. 10a
July 6 Holders of rec. June zoo
June 30 June 27 to June 30
July 15 Holders of rec. June 300
July 29 July 4
to
July 20
Aug. 1 Holders of rec. July 30
July 11 Holders of rec. June Vs
July 15 June 11 to July 14
Aug. 10 July 18 to Aug. 10
Aug. 1 Holders of rec. July 150
July 29 Holders of rec. June 260
July 15 June 20 to July 14
July 15 June 20 to July 19
Sept. 19 Holders of rec. Aug. 31a
Aug. 19 Holders of rec. July 31a
July 15 Holders of rec. June 30a
Aug. 1 Holders of rec. July 9
Aug. 31 Holders of rec. Aug. la
July 10 July 1 to July 10
July 25 Holders of rec. July 150
July 7 June 14 to July 7
Aug. 13 Holders of rec. July 280
Sept. 10 Holders of rec. Aug. 250
July 9 Holders of rec. June 270
July 6 June 16 to July 6
July 20s Mar. 3 to Mar. 22
July 10 June 21 to June 30
July 10 Holders of rec. June 23a
July 10 Holders of rec. June 230
Aug. 1 Holders of rec. July 18
July 15 Holders of rec. June 300
July 15 July 1
to July 15
July 15 July 1 to July 15
July 6 Holders of rec. June 30
Aug. 1 Holders of rec. July 170
Aug. 1 Holders of rec. July 170
July 15 July 1
to July 15
June 30 Holders of rec. June 240
June 30 Holders of rec. June 24a
July 13 Holders of rec. July la
July 1
June 30
July 7 June 17 to July 6
July 7 Holders of rec. June 30
July 15 July 8 to July 15
Aug. 1 Holders of rec. July 15a
Aug. 1 Holders of rec. July 15a
July 15 Holders of rec. June 300
July 15 Holders of rec. July la
July I

[VOL. xc

THE CHRONICLE

28
Name Of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Street and Electric Rys.(Concluded).
234 Aug. 1 Holders of rec. July 14
Montreal Tramways (guar.)
134 July 15 Holders of rec. June 30
Ottumwa By. & Light, pref. (guar.)
83.75 July 10 Holders of rec. June 27
Philadelphia City Passenger By
Philadelphia Co., corn. (quar.)(No. 131) 134 Aug. 1 Holders of rec. July is
Five per cent non-cumulative preferred 23.4 Sept. 1 Holders of rec. Aug. 10a
Aug. 1 Holders of rec. July 15a
Public Service Invest., corn. (No. 10)- _ - $2
51.50 Aug 1 Holders of rec. July 15a
Preferred (guar.)(No. 21)
July 15 Holders of rec. July la
Puget Sound Tr.,L.dr P.,com.(gu.)(No8) 1
134 July 15 Holders of rec. July is
Preferred (guar.)(No.8)
Republic Ry.&Light. DI.(911.)(No,12). 134 July 15 Holders of rec. June 30
prof.
114 July 1 June 26 to June 30
(guar.)
Trac.,1st
&
pref.
Valley
Scioto
134 July 1 Holders of rec. June 30
South Side Elevated RR., Chicago (guar.)._
234 Aug. 15 Holders of rec. Aug. 3a
Tampa Electric Co. (guar.) (No. 39)
July 1 June 21 to June 30
Thirteenth db Fifteenth Sts. Pass.,Phila.__ 56
United Rys.& El.of Baltimore, corn.(qu) 50c. July 15 Holders of rec. July 3a
July 10 Holders of rec. June 13a
3
Virginia Hallway de Power. preferred
134 July 10 Holders of rec. June 23a
Western Ohio Ry., 2c1 pref. (guar.)
134 Aug. 1 Holders of rec. July 15
West Penn Rys., pref.(guar.)
134 July 15 Holders of tee. July 7
West Penn Traction, pref. (guar.)
Banks.
July 1
3
(guar.)
156)
National
(No.
Fifth
Trust Companies.
134 July 2 Holders of rec. June 31
Mutual of Westchester Co. (guar.)
Firs Insurance.
July 6 Holders of rec. July 1
2
Hanover (guar.)
Miscellaneous.
July 15 Holders of rec. June 220
Amer.Agricul. Chem.,com.(gu.)(No.11) 1
preferred (guar.)(No. 36)
134 July 15 Holders of rec. June 22a
1
July 20 Holders of rec. July 140
American Chicle, common (guar.)
1
July 20 Holders of rec. July 14a
Common (extra)
134 July 15 July 11 to July 14
American Coal Products, pref. (quar.)
Amer. Gas dr Elec., pref. (quar.)(No.30) 13.4 Aug. 1 Holders of rec. July 18
American Locomotive, preferred (guar.). 134 July 21 July 4 to July 21
July 15 Holders of rec. June 30a
Amer. Seeding Machine, corn. (guar.)... 1
134 July 15 Holders of rec. June 30a
Preferred (guar.)
yi Oct. 1 Sept.20 to Oct. 1
American Sewer Pipe
July 15 Holders of rec. June 30a
Amer. Telephone dr Telegraph (guar.)... 2
July 15 Holders of rec. July 10a
American Type Founders,corn.(guar.)._ 1
154 July 15 Holders of rec. July 10a
Preferred (guar.)
kmerican Woolen, pref. (guar.)(No. 61) 134 July 15 June 24 to July 6a
knaconda Copper Mining (qu.) (No. 55) 75c July 15 Holders of rec. July 3
Associated Gas & Electric, pref. (guar.)... 134 July 15 Holders of rec. June 30
July 15 Holders of rec. June 24
2
Bell Telephone of Canada (dual'.)
134 July 15 July 7 to July 15
Bell Telephone of Pennsylvania (guar.)._
3onbright(Wm.P.)&Co.,1st pf.(qu )(No.6) 134 July 10 Holders of rec. June 30
3
July 20 Holders of rec. June 30a
Brooklyn Borough Gas
2
July 15
4ush Terminal,common
July 15
3
Preferred
Danadian Car dc Foundry. Ltd.. pf.(qu.) 134 July 25 Holders of rec. June 25a
134 July 4 June 24 to July 3
Danadian Cottons, Ltd.. pref.(quar.)
July 1
Danad. Westinghouse. Ltd.(qu.)(No.38) 134 July 10
134 July 1 Holders of rec. June 25
7ardenas-American Sugar, pref. (guar.)._
134 July 15 July 1 to July is
Dentral Coal &Coke,coin.(guar.)
134 July lb July 1 to July Is
Preferred (guar.)
131 July 9 Holders of rec. June 30a
Dentral & S. A. Telegraph (guar.)
July 25 July 16 to July 26
1
Dhicago Pneumatic Tool (guar.)
34 Aug. 1 Holders of rec. July 15a
:Mies Service, cont, and pref. (monthiy)_
2
Aug. 1 Holders of rec. July 15
;rommonwealth Edison (guar.)
234 July 15 July 1 to July 14
Donaolidated Car Heating
:.'ontinental Payer Bag,corn. (qu.)(No. 37) 134 June 30 Holders of rec. June 29
134 June 30 Holders of rec. June 29
Preferred (qAIT.) (Ne. 56)
134 July 15 Holders of rec. July 6a
Dorn Products Refining. pref. (quar.)
334 Aug. 1 Holders of rec. June 30
Dubs Company, preferred
134 July 15 Holders of rec. June 300
Dayton Power & Light, pref. (quar.)
Delaware Lack. dr West. Coal (guar.)._ _ 23.4 July 15 Holders of rec. July la
134 July 15 Holders of rec. June 300
Jetrolt Edison (guar.)
134 Sept. 15 Holders of rec. Aug. 310
Namond Match (guar.)
34 July 31 Holders of rec. July no
Matilling Co. of Amer., pref. (guar.)_ __ _
3' July 15 June 22 to June 30
Mminion Power & Transmission, pref._
134 July 15 Holders of rec. June 30a
Dominion Textile, pref. (guar.)
aPont (E.I.)deNem.Pow.,pref. (guar.). 134 July 25 July 16 to July 26
Aug. 1 Holders of rec. July 15
ken El. Ill. of Boston (qu.) (No. 101) 3
lectrical Securities Corp., pref. (guar.). 134 Aug. 1 Holders of rec. July 25a
134 July 15 Holders of rec. July 3a
lee. Utilities Corp., pf. (qu.)(No. 17)._
8
Aug. 1 Holders of rec. July 15
ureka Pipe Line
2
July 15 Holders of tee. June la
leneral Electric (quar-)
Aug. 1 Holders of rec. July 29
1
tarrison Bros. & Co.,Inc., pref.(guar.) _
July 15 July 4 to July 15
3
BMWs Brick
134 Aug. 1 July 21 to July 31
'Hulas Northern Utilities (guar.)
$3 Aug. 14 Holders of rec. July 25
ndtana Pipe Line (guar.)
July 15 Holders of rec. July 3
nt. Button-Hole Sew. Mach.,(gu.)(No.87) 1
at. Harvest. of N.J., corn.(qu.)(No.18) 134 July 15 Holders of rec. June 25a
It. Harvester Corp.,corn.(qu.)(No.7). 134 July 15 Holders of rec. June 250
ntemational Nickel. common (guar.).- 234 Sept. 1 Aug. 15 to Sept. I
114 Aug. 1 July 15 to Aug. 2
Preferred (guar.)
ii July 15 Holders of rec. July 6a
iternational Paper, pref. (quar.)
Mk. Aug. 1 Holders of rec. July 15
dand Creek Coal, common (guar.)
$3
Aug. 1 Holders of rec. July 15
Common (extra)
aryser (Julius) & Co., let dr 2d pf.(qm.). 134 Aug. 1 Holders of rec. July 20a
a Rose Consolidated Mines (guar.)..._ 234 July 20 July 1 to July 17
Aug. 31 Holders of rec. July 310
81
thigh Coal dr Nay. (guar.) (No. 143)
23.4 July 18 Holders of roe. July 9
ehigh Valley Coal Sales (guar.)
oose-Wiles Biscuit, 2d pref.(qu.)(No.9) 134 Aug. 1 July 16 to Aug. 2
lacAndrews dr Forbes, corn. (guar.)..._ 234 July 15 Holders of rec. June 30a
134 July 15 Holders of roe. June 30a
Preferred (quar.).,,
Aug. 1 Holders of rec. July 15
fassachusetts Gas Cos.,corn.(guar.)... 1
July 15 July 1 to July 15
lanufaCtUrers' Light & Heat(guar.)..._ 2
lassachusetts Ltg. Cos., old emu.(qu.). 11.75 July 15 Holders of rec. June 260
25c. July 15 Holders of rec. June 250
New common (guar.)
81.50 July 15 Holders of rec. June 250
New preferred (guar.)
1
Aug. 1 Holders of rec. July 24
IcCall Corporation. common
214 July 16 Holders of rec. June 300
(exican Telegraph (guar.)
2
July 15 Holders of rec. June 30
Iontreal Telegraph (guar.)
131 July 15 Holders of rec. June 30a
rountain Slates Tele'', & Pelee. (guar.)._
131 July 15 Holders of rec. June 27a
&Mona, Biscuit, corn.(guar.)(No.64)
134 July 15 July 5 to July 15
ational Carbon,common (guar.)
2
July 3 Holders of rec. July 1
ational Licorice, common (No. 24)
July 16 Holders of rec. July 3
1
ational Fire Proofing, pref. (quar.)
3
July 15 Holders of rec. June 30
ational Properties, preferred
July 10 Holders of rec. June 26a
5
ew York Mutual Gas Light
July 15 Holders of rec. June 24
8
ow York Transit (guar.)
2
July 15 Holders of rec. June 30a
lagara Falls Power (guar.)
5
July 20 July 1 to July 20
missing Mines Co. (guar.)
July 15 Holders of rec. June 300
orthern Ontario Lt. & Pow.,Ltd.. pref. II
orthern States Power, pref.(quar.)._.. 154 July 15 Holders of rec. June 30
ova Scotia Steel & Coal,Ltd.,com.(gu.) 134 July 15 Holders of rec. June 30a
2
July 15 Holders of rec. June 30a
Preferred (guar.)
Onnab° Elec. Light & Power, preferred_ _ _ 234 Aug. 1 Holders of rec. July 20a
lit July 15 Holders of rec. June 30
0 As Elevator, common (guar.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
1.14 July 15 July 1 to July 15
Pet;ctfic Teley. & Teley., preferred (guar.)._
1
Aug. 15 Holders of rec. Aug. 5
PCnman's Limited, common (guar.)
134
Aug. 1 Holders of rec. July 21
(guar.)
Preferred
134 July 15 Holders of rec. June 30a
Pennsykanta Lighting, preferred (guar.)_
3
(guar.)
July
15 Holders of rec. June 300
Mfg.
Salt
nasylvania
Fe
Di July 25 Holders of rec. July 15a
Picfaburgh Coal, pref. (guar.)
Pf as,. Term. Watch. & Transf. (monthly) 1831c. July 15 Holders of rec. July 8
4
Aug. 15 July 28 to Aug. 16
Proctet dr Gamble, common (guar.)
Common (extra, payable in corn.stock) 4f Aug. 15 July 26 to Aug. 16
2
July 15 Holders of reo. June 30s
Preferred (qua-.)
334 July 1 Holders of rec. June 29a
Publc Securities Co., pref
114 Aug. 1 Holders of rec. July 151
PuI. Serv. Co. of Nor. Ill., cont. (guar.)._
13.4 Aug. 1 Holders of rec. July 15
Preferred (guar.)
234 July 15 Holders of rec. July la
aker Oats, common (guar.)
134 Aug. 31 Holders of tee. Aug. is
Preferred (qUar.)
July 15 Holders of rec. July 6
3
Realty Associates (No. 23)
July 15 Holders of rec. July 3
Re ce Button-Hole Mach.(du.)(No. 113).... 3
July 15 Holders of rec. July 3
as Folding Machine (guar.) (No. 21)... 1
234 July 15 Holders of rec. June 30
:unities Company
134 July 15 Holders of rec. June 30a
urgies Corporation General (quctr.)




When
Per
Cent. Payable.

Name of Company.

111

Books Closed.
Days Inclusive.

Miscellaneous IQ:included)
12 June 30 Holders of red. June 25
Sen Sen Chiciet Co. (guar.)
134 July 20 Holders of rec. July 'ma
Shawinigan Water & Power (guar.)
134 Aug. 1 Holders of rec. July 154
Sierra Pac. El. Co., pref. (qu.)(No. 20)_
Southern Calif. Edison, pf. (qu.) (No.20) 134 July 15 Holders of rec. June 30
134 Aug. 1 July 25 to July 31
Stewart-Warner Speedometer, corn. (qu.)
131 Aug. 1 July 25 to July 31
Preferred (guar.)
1,4 July I
Taylor (H.P.)1& Co., pref. (gust.)
Aug. 1 Holders of rec. July 17a
4
Torrington Company, common
Oct. 1 Holders of rec. Sept.21a
Underwood Typewriter,common (guar.)...- 1
131 Oct. 1 Holders of rec. Sept.21a
Preferred (guar.)
Union Natural Gas Corp.(no.)(No.44). 2,4 July 15 July 1 to July 15
Union Switch dc Signal, corn. dt pt. (qu.) $1.50 July 10 Holders of rec. June 30
Aug. 1 Holders of rec. July 24a
United Cigar Mfrs., common (guar.)... 1
1,4 Sept. 1 Holders of rec. Aug. 250
Preferred (quar.)
July 15 Holders of rec. June 26a
2
United Fruit (guar.)(No.60)
2,4 July 15 Holders of rec. June 30
United Gas dr Electric Co., preferred_ __ _
21 July 15 Holders of rec. June 300
United Gas Improvement (guar.)
United Shoe Machinery. common ((Mx) 50c. July 6 Holders of rec. June 16
37i,a. July 6 Holders of rec. June 16
Preferred (guar.)
U.S. Industrial Alcohol, pf.(qu.)(No.31) 134 July 15 Holders of rec. July 80
U.S.Printing &ILithographing, 1st pf.(qu) 154 July 1 Holders of rec. June 200
2
July 1 Holders of rec. June 200
Second preferred (gust.)
IM July 31 Holders of rec. July 15a
U. S. Rubber, common (guar.)
2
July 31 Holders of rec. July 15a
First preferred (guar.)
1,4 July 31 Holders of rec. July 15a
Second preferred (guar.)
750. July 15 Holders of rec. June 30
U. S. Smelt., RIG. & Min., cont. (guar.).
8734c. July 15 Holders of rec. June 30
Preferred (guar.)
50c. July 27 Holders of rec. July 11
Utah Consolidated Mining
134 July 1 June 21 to June 30
Utah Gas & Coke, prefered (guar.)
July 15 Holders of rec. June 300
Va.-Carolina Chem., pref. (qu.)(No. 75) 2
July 15 July 1 to
3
July 15
Wells, Fargo dr Co
Western States Gas & Elec., pref. (guar.) 1,4 July 15 Holders of rec. June 30
July 15 Holders of rec. June 20a
Western Union Teleg.(qu.)(No. 181k... 1
82 July 15 Holders of rec. June 30a
Westinghouse Air Brake (quar.)
July 30 Holders of rec. June 300
Westinghouse El.& Mfg.,corn.(quar.).. 1
154 July 15 Holders of rec. June 300
Preferred (quar.)
Woolworth (F. W.)Co., com(q.u.)(No.9) 13.4 Sept. 1 Holders of rec. Aug. 10a
Cora Transfer books not closed for this dividend. b Lem British income taz,
rection. e Payable In stock. fPayable in common stock. gPayable In Scrip.
to
stock
Ohio
tic
Ballo.
of
distribution
A
a
dividends.
accumulated
of
On account
be made, viz., $12 par value of B.& 0. pref. and $2256 par value B.& 0.common
for each share of Union Pacific common stock held, payment of said extra dividends,
bosh cash and stock, being postponed from Apr.1 to July 20 on account of litigation.
t Erroneously reported in the previous issue as 234 %.

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHANGE OF CORPORATE TITLE.
June 9.
Bank of Commerce of Pasadena," Pasadena, Cal.
National
10,082-"T 1e
to "The National Bank of Pasadena."
CORPORATE EXISTENCE RE-EXTENDED.
2,154-The First National Bank of Belleville. Ill., until close of busines
on June 9 1934.
APPLICATIONS TO CONVERT APPROVED.
The Mount Vernon State Bank, Mount Vernon, Wash., into "The
Mt. Vernon National Bank." Capital, $50,000.
The.Winding Gulf Bank, Beckley, W. Va., into "The Beckley National
Bank.' Capital. $50,000.
CHARTERS ISSUED TO NATIONAL BANKS JUNE 18 TO JUNE 20.
10.561-The Citizens' National Bank of Fort Gibson. Okla. Capital,
$25,000. I. H. Nakdimen, Pres.• C. B. KagY, Cashier. (Suc'Fort Gibson, Okla.)
ceeds The Citizens' State Bank of
First National Bank of Mallard, Iowa. Capital, $25,000.
-The
10,562
.7. P. Mulroney. Pres.; J. W. Johnson, Cashier. (Succeeds The
Mallard Savings Bank, Mallard, Iowa.)
of Dustin. Okla. Capital, $25,000.
10,563-The American National Bank
W. P. Sparks, Pres.; W. M. West, Cashier. (Succeeds The
Oklahoma State Bank of Dustin, Okla.)
of Dallas, Tex. Capital, $1,500.000
10.564-The Security National Bank
D. E. Waggoner, Pres.; Edwin Hobby, Cashier. (Succeeds The
Commonwealth National Bank of Dallas and The Guaranty State
Bank dc Trust Co. of Dallas. Tex.)
Bank, Powell, Wyo. Capital, $25,000.
10.565-The Powell NationalT.
W. Marshall, Cashier. (Conversion of
J. B. Arnold, Pres.;
The First State Bank of Powell, Wyo.)

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares.
305
20 Astor Trust Co
RR...201
Susquehanna
8 Cayuga de
5 Morris & Essex Ext. RR.Co 93
313
9 Bank of Manhattan Co
3 Mechanics' Bank of Brooklyn_200
25 Nat. Bank of Nor. Amer_S2034 p.sh.
16 Oswego & Syracuse RR. Co....202
20 Passaic & Delaware RR. Co_ _117,4
9434
50 Passaic & Del. Ext. RR. Co .280
5 Del. Lack. dr W. Coal Co___ 4034
1 Clinton Hall Association
10 Nassau Trust Co.of Brooklyn _156
550 Utah Apex Mining Co.....S2 per sh.
139
5 Chelsea Exchange Bank
$2 lot
19 Jackson Motor Co
1 Morn. cert. N.Y.Prod.Exch-S500
2 Redwood Library & Athenaeum
31
of Newport, R. I
1 oh. in property of Redwood
Library dr Athenaeum of
El
Newport, R. I
25 Southern Bank of New Orleans Si
Per cen
Bonds.
17,000 Consumers' Albany Brewing Co. 55, 1925; all unpaid cou20
pons attached

Bonds.
Per cent.
$3,000 Seattle Lighting Co refunding 5s, 1949
91
810,000 Grand Tower Mg., Mfg.
Transp. Co. 7s
550 III. & St. Louis Bridge Co_
$8,000 Mem. & Little Rock By.
Co.income 7a
$4,500 St. Louis & Southeast.RY.
lot cons. Bk. Id. 7a
41,000 Ill. & St. L.Bridge Co.3d
75
$10,000 Mem.&L.R.RR.Co.2d 75
100 American Shipbuilding Co
10 N.Y.dr Boston Ina. Co.In lig $16 lot
10 CM.es Martinsville RR.Co.
32 St. L. & Southeast. By. Co.
consol. common
182 St. L. de Southeast. By. Co.
consol. Prof
37 Hoffman Fire Ins. Co. in 11g.
20 Amer. Tontine Life dr Say.
Ins. Co
145 Anchor Life Ins. Co
400 New Boston Coal Mining Co
4 The World Publbilfg Assoc_

By Messrs. Francis Henshaw & Co., Boston:
hares.
00 Continental Mills

lee sill Shares.
305 12-5 Ludlow Associates

$ per eh.
.
130

By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares.
$ per sh.
Shares.
20834 10 Esmond Mills, pref
12 National Union Bank
88-8834
204
20 Mass. Bonding & Ins. Co
6 National Shawmut Bank
158
50 Idaho-Oro. Lt. & P. Co., pf.$50 lot
2 Merrimack N. Bk., Haverh111.150
75
Bonds.
Per cent.
1 Lancaster Mills
170
$8•000 The Suburban Press, Inc.,
6 Great Falls Mfg. Co
7834
N.Y.,68, 1918
5100 lot
50 Hamilton Mfg. Co

THE CHRONICLE

JULY 4 1914.]

SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES,

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh•
Shares.
n per sh. Shares.
5 People's Trust Co., $50 each__ 46
4 Internat. Ed. Pub. Co., pref.... 31
20 People's Nat. Fire Ins. Co.,$25
7 Fire Assoc. of Phila., $50 each
1834
each
330)4-335A
21 Frank.& So'wark Pass. Ry38134-363
800 Nat. Public Util. Corp., corn.,
5 American Dredging Co
9834
$10 each
$1 lot
25
20 Balt. & Phila. Steamboat Co
$25 ea_ 27
20 Indep. F.Ins.Sec.
$288 lot
5 Belmont Driving Club
250 Porter Metal Mfg. Co., corn.,
1 Phoenixville Ag. & Driv. Park
$1 lot
$50 each
1
Assn., 520 each
80 Porter Metal Mfg. Co., pref.,
4 Phila. Bourse, corn., 550 each. 434
$1 lot
$50 each
Per cent.
Bonds.
600 Harvey Cedars Realty Co.,$10
510 lot $3,000 Colo' Springs Lt., H. & P.
each
90
Co. 1st ref. 5s, 1920
100 Assoc. Mines Corp., $1 each_.$1 lot
$2,000 Consol. Gas Co., Pitts., let
15 Franklin Trust Co.,$50 each__ 54
40
1948
5s
876
1 Girard Trust Co
19 Penn. Co. for Insur., &c _61334-815 5200 Philadelphia, City, 330, 1923 9534

By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sh.
$ per sh.1Shares.
Shares,
5534
10 H.K. Mulford Co., par 550
10 Farmers'& Mech. Nat. Bank_ _135
12 Harrish.P. Mt.Joy & Lanc.RR. 92

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 June 27. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
are also given:

Week
ending
June 27.

Capital. Surplus.

$
$
$
$
%
$
$
880,0 4,861,0 19,331,0 15.1+19.4
3,741,5 24,945,0 2,055,0
Brooklyn
14,801,0 132,963,0 15,373,0 1,201,0 17,922,0 110,311,0 15.0+13.9
Bankers
788,0 8,551,0 32,428,0 15.0+20.1
U.S. M.& Tr. 4,412,0 39,701,0 4,0/5,0
1,349,9 20,680,0 1,904,0
141,0 2,725,0 14,579,0 14.0+15.4
Astor
298,0 3,158,0 22,380,0 15.0+12.2
Title Guar.&T. 11,738,1 34,567,0 3,084,0
24,266,5 185,552,0 20,792,0 1,152,0 23,996,0 124,338,0 17.6+18.1
Guaranty
1,352,4 8,020,0
951,0
42,0
831,0 6,417,0 15.3+10.7
Fidelity
496,0 1,974,0 11,388,0 15.4+14.7
Lawyers-T.I&T 5,544,3 15,512,0 1,267,0
7,351,8 48,757,0 4,961,0
835,0 4,519,0 38,288,0 15.0+10.5
Col.-Knicker
1,572,6 15,704,0 1,840,0
389,0 2,243,0 14,828,0 15.0+12.8
Peoples'
323,0 8,868,0 28,537,0 15.0+18.9
New York.... 12,020,0 45,599,0 3,977,0
943,0
1,228.4 10,623,0
174,0 1,383,0 7,444,0 15.0+14.9
Franklin
547,5 10,428.0 1,163,0
225,0 1,023,0 9,116,0 15.2+10.0
Lincoln
8,794,3 28,019,0 2.729,0
241,0 3,282,0 19,610,0 15.1+14.2
Metropo1itan
838,9 13,812.0 1,381,0
690,0 2,225,0 13,629,0 15.1+14.0
Broadway
Totals, average 97,557,0 834,862,0 66,475,0 7,875,0 85,181,0 472,860,0 15.7+15.2
Actual figures June 27 838,919,0 66.651,0 7,894,0 85,392,0 474.031,0 15.7+15.2
The capital of the trust companies Is as allows: Brooklyn, 51,500,000; Bankers
$10.000,000: United States Mortgage & Trust, $2,000,000; Astor, 51,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, 51,000,000:
Lawyers'Title Insurance & Trust.$4,000,000; Columbia-Knickerbocker,$2,000,000;
People's, 51,000,000; New York, 53,000,000; Franklin, 51.000,000; Lincoln, $1.000,000; Metropolitan. 52,000,000; Broadway. 51.500,000; total, $46,250,000.

Specie.

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

Total...._ 174,800,0306,185,4 2,118,263.0419,848.0 77,011,0 85,161.02.033,391,0
Actual.
1,481,452,0350,925,0 65,084,0
Banks__ _ _
1,552,366,0
636,919,0 66,651,0 7,894,0 85,392,0 474,031,0
Trust cos_
Total_

2.118.371.0 417.576.0 72.978.0 85.392.02.020.397.0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
STATE BANKS AND TRUST COMPANIES.

Week ended June 27.
Net
On Dep.
Surplus. Loans. Specie. Legals. tofthC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.

Loans.

$
$
Averages.
$
$
$
,s
$
Banks_ _ _ 128,550,0208,628,4 1,483,401,0353,373,0 89,136,0
1,560,731,0
Trust cos_ 48,250,0 97,557,0 634,862,0 68,475,0 7,875,0 85,161,0 472,660,0

DETAILED RETURNS OF TRUST COMPANIES.

Trust Cos.
00s omitted.

27

Capital as of March 2_ _ _
Surplus as of March 2......
Loans and investments_ _
Change from last week..

Trust Cos.
State Banks
Trust Cos.
State Banks
in
outside of
outside of
in
Greater N. V. Greater N. V. Greater N. V. Greater N. V.

5

23,137,400

$
67,900,000

29,457,000

164,517,300

14,0133,889

13,006,407

324,445,500 1,126,926,500
—618,400 —8,737,100

131,662,800
+359,800

187,645,300
+332,100

137,838,600
--483,300

197.141,000
+142,500

10,588,000

10,750,000

Gold
Change from last week.

52,172,400
+77,800

95,289,000
--511,800

Currency and bank notes_
Change from last Week..

28,298,900
+1,239,400

20,315,800
—4,300

Deposits
Change from last week _

425,670,400 1,291,530,800
+580.600 —7,856,400

Reserve on deposits
Change from last week_

104,799,000
+1,237,300

277,408,60
+1,352,100

25,195,900
+514,600

26,048,400
—214,900

P. C. reserve to deposits
Percentage last week ._

29.2%
28.9%

28.1%
27.9%

19.9%
19.5%

15.3%

+ Increase over last week. — Decrease from last week.

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater New York, not in the Clearing
House. These figures are shown in the table below, as are
For definitions and rules under which the various items are
also the results (both actual and average) for the Clearingmade up, see "Chronicle," V. 85, p. 836, in the case of the
House banks and trust companies. In addition we have
banks, and V.92, p. 1607,in the case of the trust companies.
combined each corresponding item in the two statements,
DETAILED RETURNS OF BANKS.
thus affording an aggregate for the whole of the banks and
We omit two ciphers (00) in all cases.
trust companies in Greater New York.
Banks.
00s omitted.

New York__
Manhattan Co
Merchants'___
Mesh. & Met_
America
City
Chemical
Merchants'Ex,
Butch.&Drov.
Greenwich
American Ex_
Commerce
Pacific
Chat.& Phen..
People's
Hanover
Citizens' Cent.
Market dr Full
Metropolitan.
CornExchange
Imp.&Traders*
Park
East River....
Second
First
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod.Ex.
State
Security
Coal & Iron..
Union Exch..
Nassau, Bklyn

Capital.

Surplus.

Loans.
Average.

Specie, Legato, Net Depos- ReAverage. Average. its, Aver. serve.

$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000.0
3,000,0
1,000,0
300.0
500.0
5,000,0
25,000,0
500.0
2,250,0
200.0
3,000.0
2,550,0
1,000,0
2,000,0
3,500,0
1,500.0
5,000,0
250,0
1,000,0
10,000,0
4.000,0
250.0
500,0
750,0
5,000,0
100,0
200,0
200.0
1,000,0
1.000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000.0

$
4,325,4
4,914,6
2,190,0
8,854,2
6,323,2
33,141,8
7,715,5
751,5
114.5
1,133,8
4,759,8
18,939,5
1,007,2
1,404,0
464,3
15,003.1
2,444,5
1,962,4
1,868,9
6,868,2
7,851,7
14,490,9
57,8
2,848,0
23,374,8
3,528,0
790,3
1,922,2
889,7
10,153,3
2,241,9
822,5
1,040.9
1,786,8
1,296,0
500,8
2,229,0
915,4
2,618,1
2,828.0
955,0
425,6
348,5
578.5
1,001,0
1.171,5

$
24,116,0
38,100,0
22,880,0
84,607,0
25,537.0
204,759,0
29,252,0
8,556,0
1,897,0
9,950,0
49,951,0
144,927,0
5,144,0
22,878,0
1,795,0
86,888,0
23,346,0
9,449,0
10,928,0
66,754,0
27,748,0
93,208,0
1,574,0
13,658,0
120,925,0
47,004,0
3,181,0
8,875,0
4,191,0
107,073,0
12,385,0
3,220,0
4,906,0
14,989,0
9,408,0
3,890,0
13,075,0
3,848,0
28,905,0
26,534,0
9,457,0
18,778,0
11,888,0
6.901,0
10,415,0
8,291,0

$
4,873,0
12,369,0
4,470,0
17,775,0
4,678,0
87,935,0
4,144,0
1,866,0
458,0
2,576,0
12,329,0
26,832,0
883,0
4,479,0
484,0
23,387,0
5,366,0
1,554,0
2,239,0
17,027,0
4,704,0
22,285,0
362,0
3,018,0
26,329,0
10,452,0
787,0
1,622,0
811,0
25,639,0
2,447,0
559,0
1,150,0
3,067,0
2,554,0
892,0
2,184,0
750,0
6,702,0
5,947,0
2,408,0
5,986,0
1.900,0
1,1850
2,386,0
1,585,0

$
1,037,0
1,537,0
1,539,0
5,839,0
1,897,0
6,225,0
2,673,0
308,0
62,0
230,0
1,792,0
7,312,0
840,0
1,602,0
148,0
2,816,0
808.0
980,0
514,0
3,834,0
2,028,0
2,467,0
113,0
123,0
1,330,0
2,715,0
63,0
811,0
221,0
5,288,0
1,1131,0
415,0
254,0
1,045,0
251,0
242,0
1,288,0
434,0
2,365,0
1,449,0
470,0
315,0
1,526,0
826,0
350,0
199,0

$
22,782,0
46,700,0
23,555,0
91,777,0
24,920,0
222,070,0
25,688,0
8,270,0
2,030,0
11,200,0
52,392,0
128,707,0
5,148,0
24,008.0
2,223,0
100,245,0
22,823,0
9,529,0
10,644,0
79,298,0
25,599,0
96.941,0
1,895,0
12,495,0
112,618,0
50,974,0
3,423,0
9,188,0
4,001,0
122,273,0
13,679,0
3.880,0
5,613,0
15,480,0
10,017,0
4,291,0
13,310,0
4,880,0
32,391,0
29,578,0
10,859,0
24,498,0
13,855,0
7,224,0
10,748,0
7,258,0

%
25.9
29.7
25.5
25.7
25.5
33.3
26.5
28.2
25.5
25.0
28.9
26.5
33.0
25.3
28.4
26.1
28.1
28.5
25.8
28.0
28.2
25.5
25.0
25.1
24.5
25.8
24.8
28.4
25.7
25.2
28.3
25.2
25.0
26.5
28.0
26.4
28.0
25.4
27.9
25.0
26.5
25.7
24.7
27.5
25.4
24.5

TotaLs,average 128,550,0 208,828.4 1483,401,0 353,373,0 89,136,0 1560,731,0 27.0
Actual figures June 27..

1481,452,0 350,925,0 65,084,0 1552,366,0 26.7
I

Circulation.—On the basis of averages,circulation of nat anal banks In the ClearingHouse amounted to $41,098,000 and according to actual 'sures was $41,178,000.




NEW YORK CITY BANKS AND TRUST COMPANIES.

Week ended June 27—

'National
March
Capital
State
March
Surplus

banks)
4 andl
banks
2_ _ _ _

Clear,-House Clear:House State Banks andl Total of all
Members,
Members. Trust Cos. Not Banks dt Trust
Average. In C.-H. Aver. Average.
A Clt14IFigures

203,637,400

174,800,000

174,800,000

28,837,40

306,185,400

306,185,400

73,378,300• 379,563,700

Loans and investments... 2,118,371,0002,118,253,000
Change from last week —7,833,000 —11,326,000

574,395,8002,692,858,800
—932,100 —12,258,100

2,026,397.000 2,033,391,000 a575,683,500 2,809,054,500
Deposits
—224,100 —23,822,100
Change from last week —19,996,000 —23,598,000
Specie
Change from last week

417,576,000
—5,758,000

419,848,000
—7,783,000

Legal-tenders
Change from last week

72,978,000
—6,574,000

77,011,000
—829,000

Banks: Cash in vault...Ratio to deposits

416,009,000
26.79%

422,509,000
27.07%

11,985,20
12.35%

434,494,200

41,245,90

115,595,900

Trust Cos.; cash in vault

74,545,000

74,350,000

Aggete money holdings
490,554,000
Change from last week —12,332,000

496,859,000
—8,612,000

Money on deposit with
other bka. & trust cos.
Change from last week

85,161,000
—4,508,000

8.5,392,000
—2,120,000

Total reserve
575,948,000 582,020,000
Change from last week —14,452,000 —13,120,000
Surplus CASH reserve—
Banks (above 25%)
Trust Cos.(above 15%)

27.917,500
3,440,350

32,326,250
3,451,000

Total
Change from last week

31,357,850
—7.481,400

35,777,250
--3,512,600

% of cash reserves of trust Cos.Cash in vault
15.72%
15.26%
Cash on dep. with bkaTotal

30.98%

543,300,900 463,148,900
—88,900 —7,871.900
c9,930.200
—102,100

86,941,200
--931,100

53,231,100 5.50,090,100
—191,000 —8,803,000
105,824,000
+1,114,400

190,985,000
—3,393,600

159,055,100 741,075,100
+923.400 —12,198,600

15.73%
15.26%

9.22%
19.81%

30.99%

29.03%

+ 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

[VoL. xcrx.

THE CHRONICLE

28

this item included, deposits amounted to $674,772,100, a decrease of $615,000 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.

Reports of Clearing Non-Member Banks.-Thefollow
ing is the statement of condition of the clearing non-member
banks for the week ending June 27, based on average daily
results:
bank
the
Clearing-House
To-day being Independence Day,
We omit two ciphers in all these figures.
statement, usually published on Satuday, was issued yesterLoans,
Legal
On
day, and, being thus available before going to press, we give
Disc'ts
Tender Deposit
Banks.
CapiSurand
Specie, and
with
Net
it here also.
tat.

plus.

Incestmerits.

NEW YORK CITY BANKS AND TRUST COMPANIES.

Week ended July 3.
National banks
March 4 and
State banks
Surplus' March 2__ _
Capital{

Clear -House State Banks d Total of at
Members
Trust Cos. not Banks & Tr.
Average.
in C.-H., Av. Cos., Aver.

Clear -Howse
Members
Actual Figs.
174,800,000

174,800,000

28,837,400

203,637,40(

306,184,400

306,185,400

73,378,300

379,563,708

Loans and investments__ 2,116,500,000 2,122,214,000
Change from last week -1,871,000 +3,951,000

572,977,2002,695,191,208
-1,418,600 +2,532,408

2,004,713,000 2,022,807,000 a575,674,3002,598,481.308
Deposits
+10,800 -10,573,200
Change from last week -21,684,000 -10,584,000
391,442,000 403,885,000
Specie
Change from last week -26,134,000 -15,963,000

543,153,300 447,038,308
-147,600 -16,110,604

Legal-tenders
Change from last week

72,022,000
-956,000

71,882,000
-5,129,000

c9,887,400
81,769,400
-42,800 -5,171,808

Banks: Cash in vault_ _ _ _
Ratio to deposits

390,393,000
25.65%

401,993,000
26.10%

12,207,000 414,200,000
11.95%

Crust Cos.: Cash in vault

73,071,000

73,774,000

(ggr'te money holdings_ 463,464,000 475,767,000
Change from last week -27,090,000 -21,092,000

40,833,700

114,607,700

80,898,000
-4,263,000

53,040,700 528,807,400
-190,400-21,282,100
‘
100,860,200 181,758,200
-4,963,800 -9,226,800

537,870,000 556,665,000
Total reserve
Change from last week -38,176,000 -25,355,000

153,900,900 710,565,900
-5,154,200-30,50),200

VIoney on deposit with
74,306,000
other bks. and tr. cos__
Change from last week -11,086.000

Surplus CASH reserveBanks (above 25%)
Trust Cos.(above 15%)

9,974,000
615,450

16,971,500
1,365,850

7, of cash reserves of trus t cos.
15.12%
Cash In vault
13.33%
Cash on dep. with bks_
Total

28.45%

$
$
$
New York City.
$
Manhattan and Bronx.
Washington Heights_ 100,0
369,8 1,661,0
98,0
118,5 1,634,0 407,0
Battery Park Nat__._ 200,0
Century
500,0
501,9 6,727,0 686,0
Colonial
400,0
712,9 7,296,0 811,0
300,0
697,0 6,206,0 696,0
Columbia
200,0
189,8 1,012,0 101,0
Fidelity
200,0
Mutual
491,4 5,832,0 617,0
200,0
329,8 3,428,0 336,0
New Netherland
100,0
525,5 4,743,0 627,0
Yorkville
Brooklyn,
300,0
686,4 3,863,0 365,0
First National
252,0
966,3 5,699,0 779,0
Manufacturers' Nat
1,000,0
527,5 9,514,0 1,205,0
Mechanics'
300,0
590,2 4,643,0 531,0
National City
200,0
190,3 2,693,0 235,0
North Side
Jersey City.
400,0 1,404,8 4,099,0 299,0
First National
832,4 3,373,0 206,0
Hudson County Nat_ 250.0
445,2 2,450,0
96,0
200,0
Third National
Hoboken.
220,0
684,7 4,776,0 295,0
First National
292,1 3,879,0 208,0
125,0
Second National

9.36%
19.01%

32.72%

28.37%

1914.

1913,

I

$3.078,552
15,649,956

We omit two ciphers in all these figures.

49,0
700,0 3,184,0
90,0
912,0 5,229,0
603,0 3,318,0 11,265,0
106,0
797,0 4,571,0
141,0
347,0 2,769,0
365,0 4,969,0
64,0
529,0
133,0
820,0
66,0
37,0

I

$2,567,722
18,399,254

3,115,0
1,841,0
1,262,0

577,0
518,0

1,697,0
1,401,0

1912,

1911.

I

$2,766,703
17,144,251

$2,262,655
11.198,338

$18,728,508 $18,966,976 $19,910,954 $13,461,053
$93.797,285 375,216,322, $71,646,732 $70,189,946
430,255,268 422,485,8471 434,455,5311 365,087,583

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the,
week ending June 27 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

1,291,0
1,872,0
6,879,0
7,475,0
7,112,0
956,0
5,938,0
3,580,0
5,184,0

$524,052,553 $497,702,169 $506,102,263 $435,277,520

Total 26 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:

376,0
221,0
875,0
859,0
783,0
47,0
657.0
317,0
752,0

FOREIGN IMPORTS AT NEW YORK.

Total
Sfncc Jan. 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 $672,375,600. a decrease of $2,396,500
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency and
bank notes.

$

IS

87,0
62,0
413,0
535,0
437,0
35,0
229,0
111,0
223,0

Imports and Exports for the Week.-The following are
the imports at New York for the week ending June 27; also
totals since the beginning of the first week in January:

Dry Goods
General Merchandise

15.28%
17.44%

$

5,647,0 10,556,1 33,528,0 8,598,0 3,786,0 18,374,0 76,621,0
5,647,0 10,556,1 33,174,0 8,493,0 3,785,0 18,678,0 76,276,0
5 R47A) 10.665.4 34.817.0 8.781.0 4.081.0 17.623.0 78A17.0

Totals June 27
Totals June 20
Tntnla .1,,n. 13

For Week.

10,589,450
18,337,350
Total
Change from last week -20,768,400-17,439,900

Bank C.-Ff. Deposits,
Notes. Banks.

1913.

1912,

1911.

For the week
Previously reported

$14,397,055 $14,021,601 $17,086,154 $17,321,437
456,787,859 463,560,710 408,262,999 377,451,660

Total 26 weeks

$471,184,914 $477,582,311 $425,349,153 3394,773,097

The followng table shows the exports and imports of
specie at the port of New York for the week ending June 27
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Loans and
Week Ended- Investments
May
May
May
May
May
June
June
June
June
July

2____
9____
16____
23.___
29____
613____
20____
27.___
3_ ___

$
2,694,809,4
2,685,671,8
2,708,109,8
2,696,008,6
2,688,390,6
2,686,486,8
2,693,062,4
2,704,916,9
2,692,658,8
2,695,191,2

Deposits.

Specie.

Loa's.

TotMoney Entire Res
Holdings onDeposil

$
2,625.328,0
2.619,688,2
2.649,525,0
2,644,890,3
2,632,782,6
2,628,539,3
2,631,571,3
2.632,876,6
2,609,054,5
2,598,481,3

$
485,471,7
486,377.9
488,457,8
492,498,3
492,298,7
486,598,3
482,504,2
471,020,8
463,148,9
447,038,3

$
81,580,0
82,242,7
86,367,3
87,143,1
85,034,6
83,528,5
84,582,7
87,872,3
86,941,2
81,769,4

8
567,051,7
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

$
683,732,8
694.193,3
778,420,2
783,061,1
789,4698
775,756.4
762,028A
753,271.7
741,075,1
710.565 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 hese figures.

Banks.
Boston.
May 9_
May 16_
May 23_
May 29_
June 6_
June 13_
June 20_
June 27_
PhDs.
May 9_
May 16_
May 23_
May 29June 6June 13_
rune 20_
June 27_

Capital
and
Surplus,

Leans.

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

$
229,808,0
235,264,0
236,999,0
238,392,0
238,419,0
238,659,0
239,768,0
239,288,0

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

402,724,0
402,468,0
400,891,0
401,816,0
401.752,0
399,743,0
398,422,0
398,285,0

Specie.
$
30.465,0
32.818,0
34.576.0
33,767,0
30,602,0
31,041,0
30,423,0
30,111,0

Legals.
$
4,122,0
4,044.0
3,751.0
4,102,0
4,240,0
4.647,0
5.263,0
5,264,0

108,8 1,0
110,3 5.0
109,846,0
108,883,0
104.997,0
106,417,0
106,696,0
102,682,0

Deposits.
a

Circelotion.

Clearings,

$
$
284,919,0 10,088,0 142,441,2
306.156,0 10,067,0 181,391.9
294,916,0 10.037,0 153,801,0
294,863,0 9,561,0 114,566,5
293,939,0 9,668,0 179,579.8
292,838,0 9,647,0 139,379,3
296,787.0 9,771,0 140,871,6
286,500,0 9,759,0 133,237,4
*460,581.0
*464,364,0
*462,228,0
*462,703,0
*459,150,0
*457,040,0
*459,782,0
*453,102,0

11,594,0
11,592,0
11,583,0
11.560,0
11,580,0
11.598,0
11,591,0
11.611.0

151,374,6
147,764,4
154,628,2
132.507,8
181,713,8
143,056,0
162,230,5
158,199,4

a Includes Government dopes ts and the Item "due to other banks." At Boston
Government deposits amounted to 31,628,000 on June 27, against $1,537,000
on June 20.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on June 27 as $14,745,000.




Exports.

Imports

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

Week.

$3,800,0741
$11110470 74,398,198,
1,018,913
10,000
829,933
1,105,1201
428,112
135,4001

$350
77,259
15,686

Since Jan.1
$17,366.
90,633.
3,602
918,596
760,8261,857,639
944,797

$11120470 $81,715,750
$93,205 $4,593,459
5,000 60,184,782
781,446 9,297,581
4,977,591 27,461,353 1,425,372 11,853,846

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

Since Jan. 1

$867,591 $16,564,532
112,000 2,703,664
920
121,200

199,665
01,146
1,124,900
121,725

$1,101,711 $20,805,632
847,990 25,864,835
1,369,613 26,354,292

$1,085
146,284
43,008

$9,305
7,774
18,267
26,843
2,442,339
1528,343.
811,486

$190,377 $4,844,357
136,144 4,586,819
55,907 5,312,651

Of the above imports for the week in 1914, $305 wereAmerican gold coin and _ ___ American silver coin.

altiting anti 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
Boston
Chicago

THE CHRONICLE

JULY 4 1914.]

Vaniters'

Ii

antte.

Wall Street, Friday Night, July 3 1914.
The Money Market and Financial Situation.-The
general business conditions of the country at large have
been clearly and accurately reflected in the security markets
this week. The total volume of business at the Stock Exchange has been the smallest in many years past, and the prevailing sentiment, which has found expression in the movement of prices, shifted from slightly hopeful to less hopeful
or more hopeful, as the case might be, without any apparent
cause for either movement. It seems that the outlook for
unprecedented crops is in effect almost exactly counterbalanced by the also unprecedented railway situation, number
of unemployed mechanics and artisans of every description
and amount of idle machinery. Railway traffic reports
continue to be most discouraging, notably those of New York
Central and Pennsylvania g veil out this week, and a crisis
in the affairs of Cincinnati Hamilton & Dayton is portentous.
On the other hand,the Government report on the condition
of cotton, showing it to be 79.6%, as against 74.3 a month
ago and the slowly decreasing number of idle freight cars,
are matters regarded as of a hopeful character. There is,
moreover, a feeling, somewhat general, that any change
must be for the better and that a ct ange of some kind is
about due. This feeling is, perhaps, most prevalent in
iron and steel circles, where a good many people are really
expecting an improvement to begin soon.
In financial circles interest has been awakened by the
City Bank's announcement of intention to establish branches
in South America, and the fact that the half-yearly settlements went through without causing a ripple in the money
markets at home or abroad has been favorably commented
on. Call loan rates in this market have not risen above
23/2%, ai d in London have fallen below 2% this week.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13/i to 23/2%. Friday's rates on call were 1 %(4)2%%.
Commercial paper on Friday quoted 3%@43% for
sixty to ninety-day endorsements and prime four to six
months' single names and 4%@4%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of E154,534 and the percentage of reserve
to liabilities was 40.13, against 47.10 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 81,988,000 francs
gold and 536,000 francs silver.
To-morrow being a legal holiday, Independence Day, the
Clearing-House bank statement was issued to-day. A summary of the statement showing both the averages for the
week and the actual figures for this morning is given on the
preceding page. In the following we report the averages
for the previous week in our usual form in order to preserve
the record.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
June 27.

Differences
from
previous week.

1913.
Averages for
week ending
June 28.

1912.
Averages for
week ending
June 29.

s
$
8
s
128,550,000
133,650,000 131,650,000
Capital
208.628,400
207,223,200 195,518.500
Surplus
Loans and discounts__ _ 1,483,401,000 Dec. 6,090,000 1,330,593,000 1,409,622,000
41,098,000 Inc.
78,000
46,428,000
47,047,000
Circulation
1,560,731,000 Dec. 15,597,000 1,355,769,000 1,461,247,000
Net deposits
353,373,000 Dec. 7,108,000 300,805,000 307,419,000
Specie
69,136,000 Dec. 1,062,000
78,236,000
79,537,000
Legal-tenders
Reserve held
25% of deposits

422,509,000 Dec. 8,170,000
390,182,750 Dee. 3,899,250

380,342,000
338,942,250

385,655,000
365,311,750

Surplus reserve

32,326,250 Dec. 4.270.750
20.343.250
41.399.750
Note.--The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies. also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
page preceding.

• State and Railroad Bonds.-Sales of State bonds at the
Board include 6,000 New York 4%s at 1093' to 1103/8,
$5,000 N. Y. Canal 43/2s at 110, $45,000 N. Y. Canal 4s,
1960, itt 102, $10,000 N.Y. Canal 4s,1962, at 102 to 1021%,
and $27,000 Virginia 6s deferred trust receipts at 533/8 to 533ii.
With one or two exceptions, the only activity this week in
the bond market was in low-priced issues. Conspicuous
among these were the Rock Islands: the refunding 4s advanced 3 points, while the debenture 5s and 4s have declined,
showing the anticipated effect of the reorganization plan.
St. Louis & San Francisco ref. 4s advanced 1% points.
Other advances have been fractional, and a few bonds similarly declined.
Foreign Exchange.-The market for sterling exchange
has been irregular during the week, though it closed firm.
There were no'additional engagements of'gold reported for
export.
To-day's (Friday's) actual rates for sterling exchange were 4 8575®4 86
for sixty days, 4 8760@4 8775 for cheques and 4 8805@4 8815 for cables.
Commercial on banks, 4
04 8534 and documents for payment 4 8431
04 8536 • Cotton for payment 4 843404 8431 and grain for payment
4 85% 011/1{4 85%•
The posted rates for sterling as quoted by a representative house were not
changed during the week from 4 8634 for 60 days and 4 8834 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 518%@
5 1831 less 1-16 for long and 5 1634 ®5 15% less 1-16 for short. Germany
bankers' marks were 94 13-i6@94 15-16 for long and 95 3-16(4)9531 for
short. 'Amsterdam bankers' guilders were 4031 plus 1-32®40 5-16 less
1-16 for short.




8431

29

Exchange at Paris on London, 25f. 1434c.; week's range, 25f. 17c. high
and 25f. 14e. low.
Exchange at Berlin on London, 20m. 4834pf.; week's range,20m.51pf.
high and 20m. 4834pf. low.
The range for foreign exchange for the week follows:
Cables.
.Strty Days.
Chegves.
Sterling Actual4 8785
4 89
High for the week__ _ 4 86
4 8750
4 8790
Low for the week_ _ _ 4 8560
Paris Bankers' Francs51534 lass 1-16 5 1534
High for the week__ _ 51834
5 16% less 1-16 5 15
Low for the week_ ._ 5 18%
Germany Bankers'Marks
95 5-16
94 15-16
9534
High for the week__ _
95 3-16
Low for the week___
9534 less 1-32
9434
Amsterdam Bankers' Guilders4054 plus 1-16
40 5-16 nius 1-16
High for the week__ _40 1-16
4034 less 1-16
40 5-16 less 1-16
Low for the week___40
Domestic Exchange.-Chicago,25c. per $1,000 discount. Boston, par.
asked. San
premium
premium
bid
15c.
and
St. Louis, 20c. per $1,000
Francisco, 25c. per 81,000 premium. Montreal, 313/c. per $1,000 disccount. Minneapolis, 25c. per 81,000 premium. Cincinnati, 15c. per
$1,000 premium.

United States Bonds.-Sales of Government bonds at
the Board include ,000 4s coupon at 111 to 1113/2, $5,500
48 reg. at 1103/i to 1103 and $1,000 Panama 3s reg. at 101.
For to-day's prices of all the different issues and for yearly
range see third page following.
Railroad and Miscellaneous Stocks.-Stock marke
conditions remained practically unchanged throughou the
week. A tendency to weaknes: which characterized it on
Monday was reversed on Tuesday,since which there has been
little change unti to-day. On the eve of a protracted holiday and the possibility that a decision in the Eastern freightrate case may soon follow, there has evidently been a substantial reduction of the short interest to-day, and a corresponding stiffening of prices. As the combined results of
the week's operations,nearly all the active railway issues and
some of the industrials are from 1 to 2 points higher than last
week. If this advance represented an absorption of stocks
by outside interests, the matter would have some significance. As it is, however, wholly the result of professional
Operations, it is unimportant. •
In such a uniform movement there are almost no "special
features." United States Steel his, as usual, been by far the
most active stock, but fluctuated within narrow limits.
Southern Pacific and Reading have been conspicuous for activity only, as they have not covered a wider range than other
issues of the same class.
For daily volume of business see page 37.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jul, 3.

Sales
for
Week

Range for Week.
Lowest.

Amer Brake Shoe & Fdy
50 91
Am Coal Products, pref.
60 106
American Express
80 10051
Cent & So Amer Teleg_ _
90 10434
Chic Rock Isl & Pacific_
38 33
Chic St P Mimi & Om-200 131
Comstock Tunnel
100 7c.
Continental Can
1,700 40
Preferred
1,520 90
Duluth So Sh & Atian_ _
20 4
Preferred
10 8
Federal Min'it & Smelt'
20 10
General Chemical, pref.
50 110
Hocking Valley
100 125
Homestake Mining
135 11231
Laclede Gas, St Louis
100 94
Moline Plow, 1st pref._ 50 104
NY Chicago di St Louis.
135 36
Peoria & Eastern
100 5
Sears, Roebuck & Co, p
120 123
165 101
80 Pacific flubs, 1st paid.
United Cigar Mfrs, pref.
50 100
United Dry Goods, pref_
572 63
Virginia Ry & Power.-100 49
Wells, Fareo & Co
42z93

Highest.

July 2 91
July 3106
June29 102
July 1 106
June30 33
July 1 13131
June30 7c.
June29 44%
June29 91
June29 4
June29 8
July 1 10
July 1 110
June30 125
July 2 115
July 3 94
July 2 104
July 2 36
July 1 5
June30 123
June30 10131
July 3100
July 2 65
June29 49
June30 94%

Range since Jan. 1.
Lowest.

July 2 80
July 3 102
July 3 100
June29 103
June30 33
July 1 125
June30 Sc.
July 3 37%
July 3 85
June29 4
June29 8
July 1 754
July 1 107%
June30 125
July 1 112%
July 3 93
July 2 104
July 2 36
July 1 5
June30 122%
July 2 94
July 3 99
June29 53
June29 49
June29 8034

Highest.

Apr 9734
Jan 06
Jan 10%
Jan 109%
June 33
Mar 13131
Apr 10c.
June 44%
June 91
Apr 6
June 11
May 15
Feb 110
Jan 27
July 122%
May 101
July 104%
Mar 45
July 8
Jan 124%
Apr 103%
June 103%
June 100%
May 52
Feb 10554

Feb
Jan
Jan
Feb
June
July
Feb
July
July
Feb
Jan
Jan
June
Jan
Mar
Feb
Mar
Jan
Jan
June
Feb
Feb
Feb
Apr
Junk

Outside Market.-In the "curb" market this week business was generally dull. The industrial list was a feature,
several issues showing substantial improvement. WillysOverland corn. was in good demand and rose from 79 to 90,
with the close to-day at 89%. Maxwell Motors corn., after
2, sold up to-day to 143/8.
fluctuating between 133/i and 143/
The first pref. opened the week at 403' and to-day jumped
to 43. A loss of over a point to 16% was registered early in
the week by the 2d pref., but it then advanced to 18% and
closed to-day at 183. United Cigar Stores coin. moved up
from 87 to 90 and ends the week at 89%. Tobacco Products
pref. gained a point to 86. United Profit Sharing was conspicuous for a rise of about 3 points to 8, with the closing
3
figure to-day at 7%.
Riker & Hegeman sold up from 84 to
103/
8 and finished to-day at 10. Rock Island issues,"w.1.,"
were weak, the new corn. selling down from 39 to 36 and up
finally to 37. The new pref. dropped from 85% to 843 but
recovered to 86. The 'rights" were traded in down from
% and up to 2%. Standard Oil shares were erratic,
334 to 25
though the final result shows improvement. Atlantic Refining from 578 reached 595 and finished to-daynt 591. Continental Oil rose from 213 to 222. Indiana Pipe Line fell
from $128 to $121 but recovered to 124. Ohio Oil advanced
from $173 to $181%and reacted to $179. Prairie Oil & Gas
registered a gain of 11 points to 439 and finished to-day at
435. South Penn Oil jumped from 276 to 289 and sold
to-day at 286. Standard Oil (California)ran up from 309 to
324 and ends the week at 322. Standard Oil (Indiana)
moved up some 25 points to 478 and reacted finally to 470.
Standard Oil of N.J.improved from 402 to 408% and finished
to-day at 4073/
2. Standard Oil of N. Y. went up from 208
to 213. Mining stocks were quiet.
Outside quotations will be found on Page 37.
_

30
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOW EST SALE PRICES.
Saturday
June 27

fonday
June 29

Tuesday
June 30

Vetinesday
July 1

Thursday
July 2

Friday
July 3

Sales of
the
1Veek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest.

Railroads
911
/
4 Apr 25
9914 6,200 Atchison Topeka & S F.._
9818 9814 9818 9914 985 9918 9858 9878 90
98
98
9737 Jan 13
Do pref
900
10158 10158 10194 10134 2100 10018 *9934 10014 9912 9912 *9914 100
300 Atlantic Coast Line RR_ 116 Jan 3
120 120 *11912 121
120 120
*118 120 11118 120 *118 120
871
/
4 Apr 24
9078 10,190 Baltimore & Ohio
8912 89% 8912 8934 8814 898 8914 8934 8958 9014 90
7734 Jan 6
Do pref
100
*8012 8118 *8012 8118 *8012 8112 *8012 8112 8012 8012 *8014 8112
91% 92% 9178 9218 917 921s 13,390 rooltlyn Rapid Transit.. 87I2Jan 3
90
90,8 89% 91
90
90
18612 Apr 27
1933 19358 193 1P358 194 19438 8,245 Canadian Pacific
192 19212 19134 19218 19114 194
305 J'ne 18
Central of New Jersey
*303 320 *300 320 *300 320 •300 320 *300 320 *300 320
4834 May 9
Chesapeake
&
Ohio
7
3,8001
513
4
51
527
8
51
51
51
49
513
4
5014
5014
5014
5014
11 Apr 21
80O Chicago(it West tr ctfs
14
1434 14
/
4 1412 *14
1414 *141
14
14
•1334 1412 14
Do pref trust ctfs
2732 Jan 7
37
3712 2,525
39
3814 *3712 3812 *37
38
3818 3812 3634 377
991
9418
Apr 25
&
St
Paul_
Milw
6,8301Cliicago
10012
9834
99
9912
99%
9714
9912
9814
1
98 4 98'4 98
131 J'ne 25
551 Do pref
•13112 13712 1134 134 *13114 137 1134 134 *132 134 *132 134
250; Chicago & North Western 128 Jan 3
*129 13112 1131 131 113134 13134 13014 13014 *130 13112 113112 13112
170 Jan .6
1 Do pre
.170 182 *170 183 *170 182 *170 18012 *170 182 *170 182
26 Apr 13
lels,
,
,
s Gin Chic & St L.._
*23
40
*23
40
•23
40
*23
40
*23
40
*23
40
SO J'ne 10
1 1.10 pest
5114
• . 5134 *---- 5114 •___. 5134 •___ 51 *--- 5114 *35
14512 Apr 22
1 ,1 141.1171.3,r2 & R.udson
225. 21
14712 1471 *14812 150
,F1512 143 *146 148
148 148 •147 150
388 Jan 6
224 Delaware Lack & West
400 400 *396 407 *400 402 *400 407 *400 407 2401 401
10 J'ne 15
*1034 12
100 Denver & Rio Grande
*1034 12
*1034 12
11
.1012 1112 11
4,1034 11
17 J'ne 15
Do pref
200
*1714 1914 1812 1812
19
19
*1714 1914 *1712 1912 *17% 20
2534 Apr 25
8,025 Erie
2834 2814 2812 2812 2834 2812 29
2814 2812 277 281s 28
43
43
4338
4018 Apr 25
Do 1st preferred
500
*4234 4312 43
43
*4134 4234 43
*42
43
35 Jan 2
Do 2d preferred
*3514 3712 *35
*3512 37
37,2
*35
37
*35
37
37
•35
124 12414 12334 12334 12414 12478 4,490 Great Northern pref
119 Apr 25
12234 124
1227s 123
12234 123
1
4 Apr 27
Iron Ore properties
1,000
29/
*3114 3214 3114 3114 3114 313
32
*3114 312s 3114 3134 32
650, 111inois Central
112 11212 11274 11234 11234 11312 *11212 11418
107 Jan 7
*110 113 *110 114
1,925'Interboro-Metrop v t ctf_
131,Apr 25
1418 1418 1412 147, 1412 1414 1438 1418 1414
137 14% 14
6178 6214 6218 6218 621 6212 2,300
Do pref
5814 Apr 25
6112 6112 6112 6134 617s 62
2618 2652 2612 2714 27% 277, 2718 2812 5,600 Kansas City Southern
27
23 Apr 2.5
2614 2614 *26
60
61
61
61
Do oref ,
400
613 *5912 61
1
4 *60
57 Apr 25
*6058 6112 6034 60/
Lake Erie.
*513 9
*51
9
*518 9
*51
9
. Vx tern____
*518 9
*518 9
62 Feb 28
*1112 19
*1112 19
*1112 19
*1112 19
Do p2-f
*1112 19
17 Apr 3
•1112 19
136 13612 16,950 Lehigh 'Valley
13214 Apr 21
13414 13434 13338 1348 13358 13634 135 13638 13514 136
*1371
*1371
139
139 139
139
138 13812
300 Louisville & Nashville
13114 Apr 25
*13612 13812 *137 139
200 Manhattan Elevated_128
Jan 5
Loui_
•130 13112 *130 131 *130 13112 *130 13112 *130 13112 13018 13018
*1214 13
*12
13
1112
*12
13
13
13
12 Apr 18
Minneapolis & St
s__
.12
13 .12
*26
27
27 •26
2712 2712 *26
28
27
2712 J'ne 30
Do pref
25
*26
.26
27
12334 12334 125 125
124 12433
11734 Apr 27
750' Minn St P & S S Marie
12218 12218 122 123
*12212 124
130 131
130 J'ne 25
13114 13114 1,0841 Do pref
130 131
13314 13314 *12812 134 *129 134
*1813 171 *1612 1712 17
1414 Apr 22
161 1612 1812 17
171
*1638 18
1.1001 Missouri Stan & Texas
35 Apr 25
39
3712 3712 *36
37
37
38
*36
41
381
*87
40
4501 Do preferred
16% Apr 30
17
1734
1758 1734 12,7001M1s3ouri Pacific
1738 1734 1738 17%
1658 1714
1658 1658
*27
•27
35
30 jar. 19
33
*27
35
*27
*27% 36
33
*2714 35
IN at Rys of 3,1ex 1st pref_
*11
9 Apr 25
1178 *11
11
1034 12
121
105s 1058 11
*11
1112
300; Do 2d preferred
865 Apr 16
8812 8914 8912 8934 5,8421 N Y Central & H R
8834 90
8834 8834 8834 8914 8814 90
8338 J'iy 2
12,0001N Y N II & Hartford
6414 6412 6412 6534 633 6512 637, 6414 6434 65
65
65
2212 J'ne25
2314 2314 2314 .327 24
23
24
*2278 24
1,0001N Y Ontario & Western_
231s 233, 23
9958Jan 9
105 105
1 10412 10412 1047, 10413. 10412 10412 1047 105
1,380 Norfolk & Western
*10412 104;,
85 Jan 7
*57
89
Do adjustment pref
*87
89
89
___ ____ ____ *87
10612 Apr 25
10912 110h 11012 11134 - -11-,11i Northern Pacific
11013 111
10934 111
110 11014 10934 110
10814 Apr 25
11114 11112 4,600 Pennsylvania
110 11038 11018 11018 110 11118 11034 11118 111 111
6914 J'ne24
74
73
73
74
74
*71
74
7134 7134 *71
*72
75
300 Pittsb Cin Chic & St L
96 J'ne23
preferred
*80
100
100
•80 100
•
100
Do
*80 100
*80
*80 100
215812 Apr 27
162 1627, 16112 1621.. 16138 16418 163% 164
1631
/
4 1637k 16334 16412 109,200 Reading
8712Jan b
.881 90
8812 8812 *88
*8811 90
1st preferred
*88
90 .88
89
200
90
87 Apr 28
*85
88
85
89
2d preferred
1085
*85
89
*85
89
*86
89
88
158J'iY 3
17
17
17
158
134 134
2
173 17
2
2
134 6,434 Rock Island Company
234J'IY 1
31
234 278 0258
234 314
*3
3/
1
4
3
3
Do preferred
3
31a
2,863
2 Apr 7
*21
*21
*21
3
3
*212 3
.215 3
3
St Louis & San Francisco
*21
3
8 May 5
*6
*7
12
*9
12
*6
12
Do 1st preferred
*7
12
12
*6
12
518 Apr 39
*413 5
*412 5
*413 5
Do 2d preferred
*412 6
*413 5
100
42 412
18 J'ne 15
*1634 21
*1914 21
2034 2034 *1934 2278 •1934 227
*1934 21
100 St Louis Sou thwestern _ _ _
40 J'ne 18
Do preferred
____ 52
*397 50 *____ 50
*40
50 *____ 50
1340
50
1634Ja11 2
950 Seaboard Air Line
1914
184 1814 *1814 1834 181 1914 1914 1914 *1812 1912 *19
453432.4l 2
Do preferred
5414 5414 5414 5414 5414 5334 5414 1,600
5315 5333 5315 5312 54
8614 Apr 25
1
4 9638 97
95
9678 9738 83,405 Southern Pacific Co
958 947 9558 9434 9678 9614 97/
9458Jan 2
Certificates (wh. iss.)_
50
22422-pr 25
-12
-i- -24.- -2,
4 -iii4 Wig 3,950 Southern v tr ctfs stmpd_
1- -1Z18 -Zirs Yu; -His ii1; -2:14 ii375 Jan 3
do
preferred
Do
1,330
*7713 7834 178
7978 80
7834 7834 7834 7914 7914 7912 80
1312.14.5 5
Pacific
100 Texas &
*1434 1534
*15
16
1512 *15
1434 1434 *15
16
1534 *15
3814 Apr 25
*401 4112 4118 4158 1,625 Third Avenue (N Y)
42
01034 4034 4012 4012 411, 4114 *41
9 Apr 20
Western
&
St
L
Toledo
200
*7
10
10
10
1018 '8
•7
10
*7
10
*7
10
1214 May 0
Do preferred
*1214 15% *1214 151 *1214 15% •12% 15% •1214 1518 *1214 1578
Twin City Rapid Transit 102 J'ne25
*10214 103
1021 10278 *102 10314
10278 10278 103 10318 103 103
14878 Apr 25
15313 15334 1525* 15312 152% 1551 15414 15518 1545 155
154% 15534 63,950 Union Pacific
82 Apr 24
Do preferred
*82% 8314 831 8312 8314 8312 *83
8212 83
8312 18314 8314
850
1012J'ne 18
12
1212 12
*11
13
4 1214
500 United Rys Investment _
*11
13
12
3112 J'ne 17
preferred
1
Do
33
3313 •32
700
3234 33
*32
3412 3134 32
35
33% 34
as Apr 30
4.34
78
*34
78
34
34
38
34
34 1,130 Wabash
5*
At
P8
3 Apr 30
31
*31., 4
*312 4
35
312 •314 4
•314 4
Do preferred
*314
100
J'ne 15
1818
Maryland
1818 1834 1838 184 181 1812 1812 1812 1812 1812 1,600 Western
101853 19%
358 Feb 24
.3% 4
!Wheeling & Lake Erie
*312 4
*31
*312 4
4
.312 4
*312 4
13 Af.., 24
•14
16
*14
16
*14
*14
16
16
Do 1st preferred
*14
16
16
*14
5 MaY 1e
Do 2d preferred
•4
*4
7
7
*5
7
*4
7
8
*5
8
*5
38 J'83925
1 Wisconsin Central
*381 40
*381 4312 .3813 44
43
*3812 44
*38
44
*38
Miscell.
and
Industrial
I
27% 27733 3,700 dAlaska Gold 21in Par SIO 92034Ja0 9
2634 2834 267 2678 271 2734 2712 2712 *2714 275
858Jan 6
1012 *10
1012 *10
115* *10
100 Allis Chal Mfg v t c
1012 *10
8012 1012 *10
1012
41 May14
c
•41
43
•41
43
43
.41
43
*41
43
*41
Do preferred v t.43
•40
6678 J'ne28
693, 6858 699, 69
6934 6978 7058 67,465 Amaipmated Copper
68% 6818 671 6814 67
4734Jan 2
*53
55
55
200 American Agricut Chem_
5434 5434 5414 5414 *53
55
*53
*53
65
91 Jan 8
95
•91
•92
96
9414 941
96
Do preferred
100
/
4
943, •91
*93% 9434 *94
1958 Apr 25
26
26
26
2518 2534 2638 26
2814 267, 1,600 American Beet Sugar
1
4 25
2514 25/
68 May 4
*70
1070
80
80
*7318 80
80
*70
80
Do preferred
___ _ _ __ _
*71
We Apr 20
2658 2738 12614 2614 *712534 27
2678 2714 4-,71i, American Can
2638 2834 2614 2814
8714 Apr 24
D0 preferred
304
9012 0134 DO% 901; 9114 915*
•90
92
92
*90
92
*90
4418Jan
5
Foundry
4
Car
&
507
::.07
3
American
51
511
e
50
50
5114
5114
50
1,400
5014 5034 50
114 Jan 28
, 11714 11714
Do preferred
310
0114 11718 *11412 11714 *1147 117% *1147 11714 11634 1163
32 May 6
American Cities
60 Jan 6
*60
65
*60 -65
*6134 65
Do preferred
6214 6214 •60 -85
150
65
;80
3712Jan 8
4034 4014 4013 4012
*39% 4112 *1912 42
42
200 American Cotton OIL._
*39
13391 43
9358 J'iM 5
preferred
*9213
95
195
95
1192%
95
95
*92%
95
*9212
Do
95
50
*921
4 Apr 18
41
434 *414 434
434 •4
434 438 *4
412 •4
100 American Hide & Leather
*4
1878 Apr 25
21% 2112
•20
24
*20
24
*20
24
24
•20
Do preferred
300
21
21
24
Jan 3
Securities
Ice
•2914
30
30
30
29
3
4
30
30
American
30
30
30
3014
1,600
3014
91
*9
914 J'ne24
*913 934 *9% 934 *91 10
*9
914
9% •9
American Linseed
2618 May25
•27
•28
30
*2612 81
*2858 29
13261 29
20
Do preferred
2973
s*26
28 Apr 24
3130
32
31
*291 31
*2812 31
31
31
*29
100 American Locomotive__
31
.
1 28
98 Jan 6
*3978 100
*9914 100
29814 9814
*99% 10012 9934 9934 100 100
Do preferred
458
6 May29
*412 7
*41
American Malt Corp
*412 7
*412 7
612 *512 612 *412 7
4178 J'ne 1(3
*40
3140
44
*40
44
42
s40
•40
44
44
44 .40
Do preferred
79% Apr 28
*82
84
3182
84
1382
84
84
•82
84
3182
12f: Amer Smelters Sec pref B
84
.82
6218 63
627 63
3,600 Amex smelting & Refin'g 57 Apr 25
6212 64
/
4 6238 6134 63
16212 6212 1621
9713 Apr 25
Do preferred
660
010134 10214 10238 10258 102 102 *10134 10234 10214 10214 *102 103
157 Apr 25
American Snuff
,
1 160 170 *160 170 *160 170 *160 170 *160 170 41160 170

Range for Previous
Year 1913.
Lowest.

1003,Jan 23
10134 J'ne 29
126 Jan 23
983g Jan 26
835
,Jan29
941
/
4 Mch 6
22017 Feb 4
310 Jan 12
68 Jan 22
1514 J'ne 23
4112 J'ne 23
10718 Feb 4
143 Feb 6
13878 Feb 14
180 Jan 24,
40 Jan 5
70 Feb 9
15912Feb 4
40634 J'ne 6
1914 Jan31
3113Feb 4
3212Jan 23
4934 Jan 27
401.(Jan 23
13434 Feb 4
3914 Jan 19
115 Jan 26
1638Jan 24
6518 J'ne 10
2812J'iy 3
62 Jan 24
9 Jan 23
2112Jan 28
1564 Jan 23
1418 Jan 19
133 Feb 7
18'4 Jan 31
3512 Jan 22
131 Feb 5
145 Feb 2
24 Jan 26
60 Jan 30
30 Jan 27
34 Feb 6
14 Jan 28
995 Jan 31
78 Jan 2
3158Jan 23
105341'eb 4
90 Apr 29
118l3 Feb 4
11512Jan 31
91 Feb 4
101 Mch25
17214 Jan 22
8918 J'ne 24
93 Jan 28
165 Jan23
25 Jan 16
58 Jan 15
17% Jan 13
934 Jan 26
2634Jan 26
65%Jan 26
2238Feb 5
58 Fen 4
991 Jan 23
10612 J'ne22
2814 Feb 4
8514 Feb 4
1734 Apr 1
4534Jan 13
1234 Jan 24
23 Jan 26
10812Jan 19
l643 Jan 31
86 Feb 4
234 Feb 6
4914 Mch24
45* Jan 23
13 Jan 23
35 Jan 22
698Jan 7
21 Jan 23
11 Jan 24
48 Feu 4

Highest.

9014 Nov 10638 Jan
96 J'iy 10214 Jan
112 J'ne 133 8 Jan
90% J'ne 10838 Jan
77% J'ne
88 Jan
28334 J'ne
9234 May
204 Dec 2663., Jan
275 J'ne 362 Jan
511 J'iy
80 Jan
1018 J'ne
1778 Jan
23 J'ne
35 Jan
9614 Nov 11614 Jan
1311 Nov 145 Jan
2123 Dee 138 Jan
17118 Nov 1189 Jan
3478 Aug
54 Jan
60 Oct
945 Jan
14713 J'ne 167 Jan
380 Dec 445 Jan
.338 J'ne
231 Jan
23 J'ne
41 Jan
3212 Jan
2014 J'ne
4913 Jan
33% J'ne
2814 J'ne
41 Jan
11512 J'ne 13258 Jan
4114 Jan
2512 J'ne
10234 Dec 12878 Feb
195 Jan
12% J'ne
45 J'ne
6538 Jan
2838 Ply
213a J'ne
8112 Jan
56 J'ne
1132 Feb
7 May
35 Jan
16 Nov
14114 J'ne 16832 Jan
12614 J'ne 14214 Jan
11-7 J'ne 13258 Feb
2314 Jan
12 J'ne
47 Jan
30 Dec
11514 J'ne 14214 Jan
131 Nov 1150 Jan
2918 Jan
1818 J'ne
6412 Apr
52 J'ne
435 Jan
2114 Dec
59 Mch
31 Dec
834 Dec
2713 Jan
907, Dec 109i4 Jan
655* Dec 12934 Jan
25,8 J'ne
3378 Jan
98 J'ne 113% Jan
8014 Aug
87 Feb
101% J'ne 12258 Jan
1J6 Dec 12334 Jan
77% Dec 104 Jan
100 J'ne 1109 Sep
J'ne
17'12 Oct 172 De
18
52
Apr
pe
r
84 J'ne
95 Apr
115* Oct
2478 Feb
1712 Oct
4434 Jan
234 J'ne
1934 Jan
13 J'ne
59 Feb
512 J'ne
29 Jan
20 Dec
3512 Jan
5614 Deo
75 Jan
1412 J'ne
203, Apr
38 J'ne
497, Sep
83 Nov 110 Jan
8814 Nov
9912 Sea
1918 J'ite
285* Jan
72 Joe
81,2 Sich
1014 J'ne
2258 Jan
2778 J'ne
433 Sep
15
14
14 .J1:inYe
10118 Xne
13134 J'ne
7934 J'ue
18 J'ne
30 J'ne
2 J'ne
26
87% j
De
lY
e
334 Oct
13 J'ne
558 Dee
4012 J'ne

2
19
334.JC
an
101
) Sep
18234 Jan
93% Jan
3513 Jan
6313 Jan
6 Aug
JAaung
418718
8 Jan
2818 Jan
14 Jan
5812 Apr

52878 May18 $18 Nov 82438 Oct
1414 Feb 00
Ps Dec
9 Dec
49 Jan 26
40 Nov
4312 Dec
78%Feb 4
6158 J'ne
8012 Sep
5912 Mch19
4114 Sep
57 Jan
9717 Jan 23
90 Nov
99 Jan
2938 J'ne 9
19% J'ne
5012 Jan
7678 J'ne 8
85 Oct
86 Mch
351 Jan 27
21 J'ne
4672 Jan
98 Jan 24 /8012 J'ne 12912 Jan
36% J'ne
5312Feb 4
5632 Jan
118 Mch 9 108 J'ne 117 Mch
364 Jan 26
3314 J'ly
48% Jan
68 Jan 26
6014 J'ne
7812 Jan
4612Feb 9
3312 J'ne
5732 Jan
3 Mch 3O
97,
9212 Sep
98 May
514 Feb 6
313 J'ly
512 Jan
2584 Feb 6
1512 J'ne
2814 Feb
3234 Feb 20
17 J'ne
2734 Apr
1132Jan 28
672 J'ne
1212 Nov
3134Jan 16
20 Oct
3338 Nov
3724 Jan31
27 J'ne
4412 Jan
19212 Sich25
94 Oct 10634 Jan
934 Jan 26
13 Jan
514 Oct
5018Jan 24
41% Oct
6117 Jan
85 Jan 19
7912 J'ne
86 Jan
71%Feb 4
5812 J'ne
7434 Jan
105 Jan 27
97 J'ne 107 Feb
172 Jan 31 150 J'iY 193 Jan

BANKS AND TRUST COMPANIES-3ROKERS' QUOTATIONS.
I

HIS
580
205
120
425
225
175
150
__
115
570

Ask

Bank.
.C+92
Ask
Chat &Pher. 772
177
Chelsea Ex:- t139..._
425
Chemical _. 4*5
Citizens' Cen 172
177
338
342
_ City
153
260
--- Coal 44 iron- 145
-___
1410 Colonial 1... 450
325
____
-___ Columblal
125 Commerce
1165 1167
--- Corn Exch 1_ 314 317
590 Coamoporn 11 85
105
____
60
East River
510
210
135

Banks
Bid
Fidet,tyl--_ 150
Filth Avel_ 4501)
Fifth
300
First
870
Fourth
199
Garfleid
195
Germ-Amer 1 130
German Ex / 390
Germanial- 465
Gotham._._
190
Greenwich1- 275
Hanover .... 655

Ask
sank.
BO
.42V
285
150 '
1391man __ 275
,
x._ Imo a Trad. 500 515
175
180
i.i
Ryles
600 615
831 Liberty
335
325
201 Lincoln
____
210 Manhattan 1 1313
250
140
Mark &Full. 245
248
410 Mech & Met- 243
500 Merch Exch. 165..__
175
_ Merchante„ 170
Metropolls1- 300 310
685 Metroporn 1 183 189

banks
Mutual 1 -Nassau -New Nethl_
New York Co
New York
Pacific 8....
Park
People s 1
Prod Each 1
Publid
Reserve

,
a
000100000 .
0
.0 .
Cl .
...0,
1000 "0.o 1 10
MI Cl .0I's 0C•1 0E1,1 .

Banks
New York
America I-Amer Exch_
Battery Park
Bowery:IBronx Boroi
monx Nat__
Bryant Parkl
Butch & Dr_
Century :___
Clutse

Ask
--__
1011
225
825
380
265
367
235
163
215
60

Banks
Ilid
3eaboard____ 410
Second
390
Security 1-Sherman --__ ---State 1
lief
230 Ward1
130
Union Exch. 143
Unit Stated.. 500
Wash WW1_ 275
Westch As11_ 160
West Mel- 450
Yorkville 1----

Ask
435
425
105
135
165
140
148
_-_.
175"
475
550

I

day. z Ex-mgat3. I Less than 100 shares. 11 State banns, a Ex-dly. & right. b New stock
*Ad and asked pr ces; no sales on this
toot at moo Exchange or at_aUctloiLtAle
Quqe_d d011ar_s_94_3_r alyire, First insiallment paid. S So 8 at private sale at.1,14/3




/Ex 24% accam. diva
Fu1l_pf41.

JULY 4 1914.]

New York Stock Record-Concluded-Page 2
per record of sales during the week of stocks usually thactire. See-second page preceding

STOCKS--HIGHES7' AND LOW EST SALE PRICES.
Saturday
June 27

t,fonday
June 29

Tuesday
June 30

ilrednesday
July 1

Thursday
July 2

Friday
July 3

Sales of
the
Week
Shares

31

Range since Jan. 1,
On basis of 100-share Lou,

STOCKS
NEW YORK STOCK
EXCIIANGE

Lowest,

Industrial & Misc (Con)
100 Amer Snuff pre!(new)_ _ _
150 Amer Steel Found (new)_
435 American Sugar Refining
19
Do preferred
1,70' Amer Telephone & Teleg
50± American Tobacco
600 Preferred, new
American Woolen
..)0(.
Do preferred
200 Amer Writing Paper pref
3,700 eAnaconda Cop Par $25
Assets Realization
900 Baldwin Locomotive_ _
240 Do preferred
2,350 Bethlehem Steel
Do preferred
300
200 Brooklyn Union Gas
500 California Petrol v t ctfs_
400 Do preferred
Case(ii)Thresh M pftrcfc
3,700 Central Leather
150 Do preferred
4,900 dChino Copper__ _Par $5
Cluett,Peatiody & Co,Inc
Do preferred
100
700 Colorado Fuel & Iron.. _ 700 Consolidated Gas (N Y)_
700 Corn Products Refining_
Do ,preferred
6
350
70 Deeref
Gurre

/
4 10114 *104 110
1061
99/
1
4Jan 9
5104 108 5104 105 5104 108 .104 110
.2912 31
*2912 31
28 Jan
29/
1
4 2952 52912 31
/
4 30
*2912 3012 *291
ii7 Mch 12
106 10612 .106 10712 *1054 10712 .106 10712
106/
1
4 10611 •105 107
10718 Mch 31
*111 11312 •111 114 •111 114 *111 11312 11214 11214 .111 11312
11718 Jan 2
12214 12214 12214 12214 212012 12078 12012 12012 12024 12038 12012 12038
23012 232
22914 22914 *227 232 *227 233
215 Apr V,
229 229 •226 230
107 107 *10612 108
10634 10634 *106 107
10134Jan 7
*106 107 *108 107
16
•13
.13
17 .13
.13
16
16
16
13 5'ne25
.13
512
16
76
.74
76
7212 Mch 4
.734 7412 *734 7412 744 7418 •74
1
4 76
*73/
10 *___ _ 10 *____ 10 *____ 10 *____ 10
10 Apr 22
1014 1012 10
3138
304 May 8
1
4 3078 3078 307s 304 3114 311s 3112 314 3112 231
30/
1412 Apr 23
•____ 1434
*___ 15 .____ 15 •____ 15 *____ 15
331,Jan 7
.4312 4614 •4312 4634 .4312 4434 *4312 4634 *4312 464 4612 451
10638 10638 *10512 10712
10212Jan 16
510512 10712 •10512 10712 *10512 10712 110612 107
41
4038 4112 414 42
2912Jan 5
4114 414 4112 42
4114 4112 40
85
8514 .83
8514 8512 8512 *8312 851
63 Jan 10
582/
1
4 85 .8234 85
125 125
125 125
121 Jan 5
*125 128 .124 130 *124 128 •124 128
1834 19/
1
4 1938 1938 .1838 1912 •1834 1934 .1834 1934 19
19
18 Jan 2
55
55
*53
50/
5534 5614 5612 *5512 564 *5512 667
1
4Jan 2
*54
55
*8112 90
.811
/
4 86 .804 86
*8111 86
.8034 86
8012 Apr 23
*81
86
2578Jan 14
3512 3538 3578 357
35/
1
4 3558 3514 3514 3514 3534 3538 36
10118 10118 *101 102 .101 102 .100 102
94/
1
4Jan 6
5101 102 *100 101
4018 3912 4038 4018 4012 *4014 4012 41
37 Apr 25
39/
1
4 40/
41
1
4 40
6812 Feb 25
6712 *65
565
6712 •65
6712 *65
6712 *65
671
6712 .65
5100 101 •100 101 *100 101 .100 101 .100 101
100 Pne25
101 101
52558 2612 *25% 2612 254 2612 26
24 Apr 27
26
261
*2512 2614 26
1274 May21
1
4 130 *12734 130
12834 12834 .12814 12914 12812 12812 12812 129
•127/
744 Mch25
812 812
*838 8/
8/
1
4 87
814 812 •814 814 *812 8/
1
4
1
4
6212 6212 562
62
60 Mch25
65
85 .62
65
6234 *62
65 .62
*9384 94 .934 94
9312 9312 94
941
94
*94
94
94
9114Jan 2
400 Distillers' Securities Corp
1512 1412 1412 1434 1434 *1412 16
*14
•14
1434 1434
15
134 Apr 20
1,700 General Electric
148 148
149 149
140 Jan 3
147 147
147 147
14714 14734 *147 148
3,270 Gen Motors vol tr ctfs
93
/
9012 9112 8812 901
4 8814 8934 9012 9012 .8938 9012 91
373± Jan 3
9214 9214 *92
94
570 Do pref v t ctfs
*9214 9312 9214 9214 9238 93
93
93
77 Jan 5
600 Goodrich Co (B F)
•23
2334 2338 233
24
23 .23
•23
24
19/
1
4Jan 17
2334 23
523
200 d Du
797g Jan 2
preferred
8714 8714 *8612 8812 .864 8812 8818 8818 .8712 8812 •8712 883
ge h E p or Par $25 $441
Gi
53
5312 *5234 5314 534 5314 •5314 534 .5234 5312 5314 543
/
4Jan 8
1738 1738 1738 1,400 dinsp'n Con Cop Par C20 8351k Jan 10
174 1718 *17
•1634 1738 1634 17
17
17
teu
rnap
•105 10614 10612 107
100
00 InG
trielfaurrr
1,8
10412 10438 10414 10414 105 10578 •105
ved
1
4 Apr 25
e.ster of NJ 100/
*118 ____ .118 ____ •118
•118 -- •118
•118
11312Jan 3
rnati
pl
100 Internal
harvester
err
*102 103 4,102 103 *102 -- •102 104 •102 101 *102 101 Corp.. 10078 Jan 3
•115
•115
5115 ---- *115 117 .115 --__ *115
11414 May15
100 lot Mer Marine stk tr ctfs
278 278 *212 278 .24 3
.278 3
*278 3
*212 3
2 May 14
100 Do pref stk tr ctfs_
10/
1
4 1018 .978 1012 .94 11
7/
1
4 May13
*104 1012 •1018 11
*978 1078
_4,
718 812 .734 812
778 778 *712 814 *712 8
100 International Paper
*712 8
752 Apr 21
3312 334 •33
100 Do preferred
34
*33
3412 *34
84
35
532
*34
35
3234J DC22
teu
3
312 52
rnap
6
.3
*3
trer
412
320 InG
412 5312 612 .3
Sterr
eaT,IPum p_ _ _
3 J'ne 29
6
*8
12 5____ 12 *--__ 15
56
12
.6
12
*5
12
11 J'ne 24
*8812 9012 89
*8812 91
89
586
90
Cor(
e u
soo
586
90
rr
Ilends!
586
90
b0 Jan 19
*110
Kaj
D
*110
se
114
11412
r
14
o
114
'
st
•109 114 .109 115 *109 115
5109
106 Mch 12
Kresge Co (S 8)
*9212 100 .9212 100
.9212 97 .9512 100
59212 100
59212 100
81 Jan 6
Do preferred
*10214 105 •1024 105 •10214 104 *10214 105 51021
99 Jan 13
/
4 104 .10214 104
.212
.212
218
Liggett & Myers Tobacco 214 May 6
21612 *212 21612 *212 21612 *21212 21612
5212 21612
190 Do preferred
117 117 5116 119 511612 119
5114 118 •114 11612 *114 118
1111
/
4Jan 6
Loose-Wiles Bis tr co ctfs 291
.2912 32
.30
32
32
.30
.30
32
530
/
4 Apr 24
32
*30
3414
Do 1st preferred_
2____ 10514
10514 •____ 10514 •___. 10514 *10212 10514 .10212 10514
101 Apr 22
Do 2d preferred
95 5
89 Jan 2
95
.91
95 .90
*90
*90
95
95
95
590
Lorillard Co (P)
•16812 180 •158 180 •168 180 5168 180 *168 180 •168 175
166 Jan 20
Do preferred
*113 -- 511312 -- •113/
5113
110 Jan 6
1
4 --_ *115 ____ *115
300 Mackay Companies _ _
80
80
85
•78
76 Apr 25
80
794 7912 •78
79
79
578
82
65/
1
4Jan 2
6812 6812 6812 566
*66
6812 .65
200 Do preferred
•68
70
70
568
70
600 May Department Stores_
60
60
5112J'ne25
59
60 •57
59 .51
6012 6014 6014 *57
61
Do
9712J
9834 9834 •97 101
'ne25
*93 100 .93 100
preferred
101
19912 9912 599
197 Mexican Petroleum
$612Jan 2
60
5934 5934 5978 5978 59
5914 5912 6878 5878 59
6018 1,51
22
22
26501dMiami Copper_ __Par $5 $21 May 7
2178 21; 22
22
22
22
2152 22
2124 22
*4914 4934 4914 4914 4934 4934 4912 4934 *4738 4734 4934 4934
46 Apr 25
'700 Montana Power
406 Do preferred
101 Apr 27
•101 10134 .101 10134 101 101 •101 10212 .101 10212 102 102
300 National Biscuit
5128 130 *128 13514 •128 130
122 Jan 6
132 132
13178 132 •128 132
/
4Jan 13
Enp
um
refeerg
i rell stamp,g 1191
420 Na
12638 12638 128 128 *126 128 1128 128
D
trii
128 128 *12612 129
9/
1
4Jan 8
•1012 1114 •1012 1114 •1012 1114 *1038 11
*1038 1114 •1012 1114
Do
J'ne 6
80
preferred
88
•76
86
576
576
88 .76
88
88
576
•76
88
National Lead
44 Jan 3
•4414 4712 *4438 4712 545
*45
48
4812
4812 545
4812 •45
150 Do preferred
105 Jan 13
*10718 10812 •10634 10812 108/
1
4 10812 .107 11012 *10712 11012 510712 110
3 509 dNevada Cons Cop Par $5 $1312 May 2
1314 13/
1
4 134 1334 1334 14
1384 1378 1378 14
1378 14
200 North American Co(new) 65 Jan 2
1
4 •7014 7234 7234 7234 •73
57014 72/
76
574
7612 75
75
'42 J'ne25
400 PacifIc Mali
0214 2212 521
22
2212 23
22
22
*2112 23 .2112 23
acipflie
c.sTG
23 J'ne30
elef&
&c
550 Peu
T
(
eG
leui
g_u_
)
*234 26
2412 241:
24
52312 26
25
23
*23
•23
25
118/
1
4 Apr 25
00
00
0
11,
:22
66
2
*11912 120
11914 119/
1
4 11914 11978 11934 1194 1194 11912 11912 122
1778Jan 3
Pittsburgh
Coal
•19
2012
20
20
2012
21
1812 20
20
•19
1234 1934
Apr 25
Do
84
preferred
90
588
90 •87
8812 8812 897s 8078 8978 8978 90
9012
2634Jan 5
,sW Steel Car
4212 4212 •4234 44
434 4312 4214 4312 1.790 Pr Lk
4213 4212 •4214 43
97
/
1
4Jan
15
Do
preferred
*10214 103 *10214 103 •102 103 •102 103 *102 103 *102 103
Pub Serv Corp of N J.-- 107 Jan 13
0111
•111
5111
•11112
•11112
•11112
15112Jan 6
1,133 Pullman Company
155 155 1155 1552± 1155 155 515412 156
1
4 155
154/
1
4 164/
1
4 154/
100 Railway Steel Spring........ 25 Apr 25
132678 29
528
528
29
2822 .2618 2714 27/
1
4 2752
52678 29
g9314 Mch
590
93/
1
4 9314 5,100 Do preferred
*90
*90
98
590
98
98
590
98
98
700
2012 2014 2012 2058 2012 20/
1
4 2078 2078 21
21
1
4 20/
214 1,500 dRay Cons CopperPar310 $1734J an
1924Jan
Republic
Iron
&
Steel_..*211
1
4 23
2238 2238
/
4 23
23
22/
•2112 23
23
23
22
200 Do preferred
80 Jan
585
871 585
8514 8514 •84
87
861
585
8712
84
84
Rumely
Co
814 Apr 24
.9/
(M)
492
1
4 11
11
10
11
12
10
914 9/
1
4 1014 1014 510
800 Do preferred
20/
1
4 Apr 24
*25/
1
4 28
52514 28
2512 251
271 *2678 2814
2714 27± 27
18614 18614 5186 188 •188 190
1186 186
190 19558 19632 19712 1A75 Sears,Roebuck & Co........ 180 Apr 24
Sloss
Apr 24
25
-Sheffield
Steel
&
Ir..
528
524/
30 .24
1
4 30
52414 30
30 .24
52414 30
30
Standard Milling
32 Jan 7
*34
37 .34
37
*34
37
37
37
*34
*34
37 .34
100 Do preferred
61 Apr 29
64 .60
560
*63
64 .00
68
64
6312 631 56312 68
29
28114 29
20 Jan 3
2918 29
291
2812 29
28/
1
4 2812 28/
1
4 2912 1,400 Studebaker Corp (The)._
100 Do preferred
83
•80
83
580
70 Jan 5
*80
85
88
580
86
80118 8038 *80
532/
1
4 33 .3238 33
33
334 33
3312 2,000 dTennessee Cop_ _Par $25 $3134 Apr 25
33
331
3314
3331
550
Texas
143 143
Company (The)
514212 144
1424 14238 14212 1423 *142 1431± 1143 143
128 Jan 3
1
4 J'ne 26
Underwood Typewriter.... 73/
.73
80
76
574
•74
80
81
574
.7412 81
81
574
*10554 113 .10534 113 510554 113 510534 113 510534 113 510514 113
Dopreferred
108 Jan 16
100
Union Bag & Prper
*4/
ass J'ne 16
1
4 512 .414 518 *4
5
5414 5
*4/
1
4 5
4/
1
4 434
20/
1
4!Any 11
2118 214 52012 221 12012 201 520/
120 Do preferred
221
*20
1
4 221 52012 2214
DC
u asptref
7/
1
4.1.ne25
200 u S
8
Iron
57/
1
4 10
Iro
urr
8
n
*VS 91
& Fdy
57
9
9
57
9
57
530
87
530
37
35
530/
1
4 85
530
32 J'ne 24
35
531
35
531
500 U 13 Express
77
571
77
573
77
79
46 Jan 7
*7112 77 .71
78
77
77
100 U S Realty & Improv't- 64 Jan 7
.58
601 *58
•58
61
61
5954 595 558
61
558
61
5818 581
5838 584 6814 581
63/
1
4 Apr 25
5812 685
59
591
5952 5958 9A20 United States Rubber_
*102 103 1102 102 5102 104
480 Do 1st preferred........ 9958 Apr 24
102/
1
4 1023 5102 103
103 103
59/
1
4 601
604 601
5914 611
58 Apr 25
eft 6158 6058 61'4 6114 6178 539,450 United States Steel
108/
1
4 1091 10818 1091 109 1091 10918 1091± 10952 10912 2,250
DO preferred
109 109
10614 Jan 2
irs
tah
ugapper.._ _Par $10 $48/
5658 58
571
/
4 574 5658 571
57/
1
4 58
5754 581
1
4 Jan 10
5818 5854 14,200 dU
28/
1
4 281
28/
1
4 2834 52812 29/
2818 281
1
4 28/
1
4 2812 28/
1
4 2854 1,100 V
arolina Chem- 25/
1
4 Apr 30
598 104 5100 102 5100 102
96 May 7
100 DO preferred
*100 104 *100 104
10134 1011
/
4
67/
1
4 57
57
577
571
57
66/
1
4J'0e24
5754 577
5778 58
5814 5854 9,627 Western Union Tel..
7354 741 z7254 73/
741
1
4 7312 733
74
7384 74
75
7614 6,950 Westinghouse El & Mfg.. 64 Jan 3
Do 1st preferred_ --- 11578 Jan 1
*121/
1
4 1251 •122 128 5120 124 5121 125 •121 125 •121 125
9512 951
9534 96
961
*98
500 Woolworth (F W)
•94
97
97
97
596
9812
92 J'ne2
•114/
1
4 11584 •11454 1153 *115 1155 11538 115 *115 116 1116 116
160 Do preferred
' 11214 Jan

Range for Previous
Year 1913.

Highest.

Lowest,

Highest,

1061
/
4fly 2
3712 Fen 16
109/
1
4 Jan 24
11378Jan 7
12414 Jan 30
2±8 Mch 23
109 J'ne 9
20% Jan 28
83 Jan 26
1718Jan 23
3814 Feb 3
2973 Jan 8
5212 Melt 5
110 J'ne 8
441
/
4 Mch 11
88 Mch 11
130 Jan 24
3058Feb 6
68 alch20
95/
1
4 Jan 16
37/
1
4 J'ne 12
10212 J'ne 11
44 Feb 4
70 Feb 13
104'z Tel) 14
3413 Feb 5
139'2 Jan 24
1328 Jan 31
73 Jan 29
9984 Feb 3
2012 Mch 4
15058 Feb 20
99 May27
95 Feb 19
28/
1
4 Apr 17
91 Feb 3
$571
/
4 Apr 2
$181215401124
11322 Jan 22
11818 Mch 4
11134 Jan22
11712 Feb 13
334Jan 27
1514 Jan 30
1078 Feb 2
41 Jan 31
973 Jan 20
29 Jan 19
94 J'ne 8
108/
1
4 MaY18
105 Feb 25
105 Mch 3
231 Mch 1
11814 May29
38 Jan 26
105 15.1c1218
9514 J'ne 12
190 Apr 7
11514 Mch14
87/
1
4Feb 20
70 Jan 27
6914 Jan 17
101/
1
4 Feb 9
73/
1
4 Feb 9
624/
1
4Feb 16
5278 J'ne 5
10372 J'ne 4
139 Feb 3
128 J'ne 29
14 Feb 3
Mch 10
62 Jan 26
109 Feb 18
$1612 Jan 26
7914 Mch 14
29 Jan 21
31 Jan 24
125 Jan 5
231± Feb 4
93'± Feb 4
46 Feb 14
10514 Mch 5
114 Apr 7
159 Jan 28
3438 Feb 2
101 Feb 14
82212 Apr 3
27 Jan 27
9114 Mch 11
18 Jan 14
41 Jan 13
19712 J'1Y 3
35 Jan 26
40/
1
4 May25
68 Mch 6
3614 Mch31
92 May15
$3614 Feb 11
149/
1
4 Mch 5
88 Jan 31
118 Apr 16
8/
1
4 Jan 31
3212 Feb 3
1382 Jan 23
49 Feb 6
87 Mch 10
63/
1
4 lidch 10
63 Mch 14
10458Jan 14
6714 Jan 31
1
4 Jan 31
112/
$5912 J'ne22
3478 Mch20
107/
1
4 Mch 20
8678 Feb 16
7878 Mch 16
12.112J'ne 8
10314 Feb 5
11872 Mch 8

100 J'ne
25 J'ne
99/
1
4 Dec
1101
/
4 inc
110 Dec
200 J'ae
96 J'ly
1412 Dec
74 May
111
/
4 Nov
30/
1
4 J'ne
22 Dec
3612 Dec
10014 J'ne
25 J'ne
6214 J'ne
120 Oct
16 Aug
45 J'iy
9014 Dec
17 J'ne
288 J'ne
3052 J'ne

105 Jan
4012 Feb
118 Jan
11858 Jan
140 Jan
294/
1
4 Jan
10618 Jan
2312 Sep
Si Sep
321
/
4 Jan
4112 Jan
120 Jan
5312 Jan
10512 J'ne
4112 Jan
74 Aug
1371
/
4 Jan
5612 Feb
86 Jan
10358 Feb
30/
1
4 Feb
9714 Melt
47/
1
4 Jan

2412 J'ne
125/
1
4 J'ne
7/
1
4 J'ne
6112 J'ne
9112 Dec
91
/
4 J'ne
129/
1
4 J'ne
25 May
70 May
1518 Nov
7334 Nov
4034 J'ly
13/
1
4 Dee
96 J'ne
Ill May
9512 J'ne
111 MRS'
273 J'ne
1212 J'ne
612 Oct
324 Oct
412 Dec
15/
1
4 Dec
77 Dec
10612 Oct
5s J'ne
97 .1'ne
195 J'ne
10612 .Ply
21 J'ne
89 Aug
84 J'ly
2150 J'ne
103 J'ne
7552 J'IY
62 Dec
65 Oct
9712 J'ne
4134 Nov
2032 rat
,

4112 Feb
14212 Jan
171
/
4 Jan
7914 Jan
10018 Jan
211
/
4 Jan
187 Jan
40 Aug
8114 Sep
68 Jan
10514 Jan
533s Jan
204 Jan
11112 Sep
116 Oct
11014 Sep
11414 Sep
458 Jan
1912 Jan
1252 Jan
4812.1RD
1822 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
235 Mch
11612 Jan
3978 J..n
105 Jan
95 Jan
200 Jai.
117 Feb
87 Jan
69 Apr
76/
1
4 Jan
10512 Jan
7814 Feb
2012 Jan

104 J'ne
116 J'ne
9 Joe
1
4 Oct
74/
43 Oct
100 J'ne
13 J'ne
60 J'ne
18 J'ne
22 Nov
104 J'ne
1412 J'ne
73 J'ne
18/
1
4 J'ne
8812 J'ne
105 Dec
149 Sep
2214 J'ne
9014 Joe
15 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
154/
1
4 J'ne
23 J'1Y
31 Dec
52/
1
4 May
1554 Dec
6412 Nov
22684 J'ne
89 J'ne
78 J'ne
104 J'1Y
4 Nov
18/
1
4 Nov
914 J'ne
40 Dec
38 Dec
49/
1
4 Nov
51 Nov
98 J'ne
49/
1
4 J'ne
10212 J'ne
/
4 J'ne
391
22 J'ly
93 J'az
54/
1
4 Dec
5358 J'ne
107/
1
4 J'ne
8112 J'ne
109 J'ne

130 Sep
12472 Jan
1914 Jan
921
/
4 Jan
5614 Jan
108 Oct
20 Jan
8112 Jan
31'± Jan
48 Jan
1291
/
4 Sep
24/
1
4 Jan
95 Jan
36 Jan
10118 Jan
118 Jan
165 Jan
35 Jan
100 Jan
22 Jan
2812 Jan
9214 Sep
9214 Jan
99/
1
4 Jan
21312 Jan
45121:n
4012 Jan
66/
1
4 Feb
36 Feb
9314 Jan
39/
1
4 Jan
13212 Dec
9912 Jan
113 Jan
784 Jan
4114 Jan
1654 Jan
5614 Jan
66 Jan
77 Jan
69/
1
4 Apr
109/
1
4 Apr
6918 Jan
110114 Jan
60/
1
4 Jan
43/
1
4 Jan
114 Jan
75/
1
4 Jan
79/
1
4 Jan
11914 Jan
112 Jan
11512 Jan

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
maws.
Brookilln
Coney 181'd li
Flatbuds Greenpoint.
Rill Add -Homestead II
Manulact're
Mechanical
Montauk VNassau

Bid
____
250
110
150
- -80
410
1200
110
205

Ask

Banks
BrookSys
National City
North tildel_
People', ____

/hd

150
273
265
175
130
145
160
125
Trust Co's
100
N Y City
425
____ Astor
$305
126 Bankers' Tr_ 405
221) Erway Trust- 149

Ask
285
200
155

412
153

.
,
Trust co
Bid
N Y City
1005
Trust
Cenral
Columbia- 420
Commercial. ____
300
Empire
Equitable 'Tr. 400
Farm L & 'Tr 1095
210
Fidelity
Fulton
275
Guaranty Tr 645

Ask
1020
430
85
310
410
1115
220
30°
553

Trust Co's I
N Y City
Hudson ----I
LawTI&T,1
Lincoln Trust
Metropolitan
Mutual Atlianoe
I
Mut'l (W
cheater).-

Bid

Ask-

130
143
118
370

135
162
---____

128

138

130

135

Ask
Trust CO', Bid
N Y 0±1*
NY Life & Tr 950
____
N Y Trust__ 595
605
Title Gu & Tr 403 415
TransatlanUe 200 220
Linton Trust.. 370
380
1.1 S Mtg & Tr 400
412
United States 055 1075
135
Westchester. 126

Trust Co's Bid
Brooklyn
Brooklyn Tr_ 475
CitIzens' ___ 135
Franklin ---- 240
Hamilton -_ 265
102
Home
Kinge CountY 570
$156
Nassau
People's
276
Queens Co
55

•1414 and asked prices; no salsa on Uds day. I Less than 100 shares. :Ex-rights. a Hz-div. & rights.S New kook. a Quoted dollars
Beaks marked with a zarrap___30.1_,zil gut,
Malmo ar as auction Ude week._ s Er-etoek dividend.




per MILWIM

Ask
485
140
255
275
112
------.
255
_
we

Sala as SaSall

32
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan.1 1909 the Ezciianqe method of quoting bonds was changed.land prices are now all-"and interest"except for income and 'defaulted bonds.
Z...$
BONDS
.E
N. Y. STOCK EXCHANGE .s.
-F. a.
Week Ending July 3

Price
Friday
July 3

Week's
Range or
Lan Sale

1
4

Range
since
Jan. 1.

i
BONDS
N. Y. STOCK EXCHANGE 11
Week Ending July 3
-.4..

Price
Friday
July 3

Week's
Range or
Lasi Sale

4
t°
ll
3433

Range
since
Jan. 1.

,

High No. Low High
Ask Low
818
r.ow High Chesapeake & Ohio (Con.)4 94
1
1992 M-3 94 04/
94322 27 92% 984
General gold 434*
9634 0834
1992 .91-S 9012 ____ 93'* Feb '14 -- 9312 934
Registered
9634 99
8034 au 79 8612
1930 F-A 8034 Sale 7978
Convertible 4343
10114 10214
1944 .9-1) 8314 8614 8314 J'ne'14 -- 8314 8314
Big Sandy 1st 48
MI 10272
Coal River Ity 1st gu 4s 1945 4-D 83 834 8334 J'ne'14 -- 8334 85
10912 11212
2.101s Dec '13 --1941 J -J 99 101
Craig Valley 1st g 55
111 11314
1946 .1-4 .._,.. -_-- 8434Jan '13 ..Potts Creek Br 1st 4s
1989 4-4 883-4 90 8814 Mch'14.- 88 8833
R it A Div 1st con g 4s
15534 1021-2
1189 J-I 82 -___ 82 Apr '14 _- 82 8512
201 googol gold 49
90 Apr '14 ...... 90 90
Greenbrier Ey 1st gu g 4s_1940 99-N 854
Foreign Government.
9634
6 95 98
b 60 67
Wile & Alton RR ref g 39 121411 A-0 6014 Sale 6014
804
Argentine--Internal 5s of 1909_ 0-3 1 9634 9712 9634
4 5512
1
Railway 1st lien 334s,,..1950 .9-.j 40 414 433* J'ne'14 ---- 43/
88 8912
Chinese (Hukuang) ity 58 L____ J-D 8838 8878 88a J'ne'14
Chic 13 & Q Denver Div 4s_1922 F-A 9934 100 9932 May'14 --- 9914 0914
Imperial Japanese Government
7 82 857s
851a
11)49 -1 -.1 8412 8114 8514
8934 21 86 9034
4 Sale 894
1
1.11100111 -Div 334s
1925 F-A 89/
Sterling loan 4 lis
1949 4 -J 8248 ...... 8614 Aug 12 ---4 8514 8912
4
1
89/
1925 4 -J 4 89 8912 89
Registered
2d Series 4345
4 28 93 11171
95/
4 9538
1
1949 .I -4 9518 95/
7812 8914 7884 J'ne'14 _
Illinois Div 48
1931 J -J
7534 90
Sterling loan 45
'ne'14
J
J-J --------93 Pne•13 -0034
1948
--__
8
;1003
90
Registered
11-3
debt_.,_1
10034
58
Cuba
of
eaten
Republic
1919 A-0 10314 .. 103 Alay'14 -- jogs c(ii- •
9312 93 J'ne'14 si 93 9312 Iowa Div sink fund 5s
1949-F-A :
External loan 449s
1919 d.-0 9814 99 9834J 'ne'14 ---- 9634 9834
3 841g 90
854
Sinking fund 4s
Tokyo City loan of 1912 58____ 14-S 1 8514 8578 854
3 9434 98
98
83 7914 Apr '14 ___ 77 85
Nebraska Extension 43_1927 26-N 9714 98 9778
U 3 of Mexico 9 f g 5s of___1899 Q-4 2
4 05 68
6612
1927 16-44: 9514 ___ 9632 Sep '12 ..-.
Registered
1954 J-D 895 67 65
Gold 4s of 1904
4-- __ 9938 rile'14 .--.
1
18-1;
:These are y ices 'op the 93313 31 15 to
1921 '3A-3 99/
Southwestern-Div 4s
Joint bonds; See Great North
State and City Securities.
934 4 9114 9412
1958 M-15 9324 9312 9314
General 4s
1960 10-3 10212 Sale 10178 10212 74 100 10212
N Y City-444s
2 30% 08 -35 3734 35
35
107/
4 43 10334 10732 Dine & E ill ref& Imp 4s g..1955 J -J
1
1963 •11-13 10712 Sale 107
4)c.s Corporate stock
1934 A-0 105 110 111 J'ne'14 --- 10714 11212 •
10012 141 9512 100%
1959 li...N 10012 Sale 100
1st corm'gold es
4% Corporate stoca
1 90 1001/
90
1937 M-N 75 90 90
30018 34 9512 10018
General'consol 1st 55
1959 31-N 10198 Sale UM
4% Corporate stock
1937 III-ti *_--- 97 98 Feb '14 -- OS 98 . •
4 9534 1001/
10013
Registered
191: 51-N 100 1004 100
4% Corporate stock
1942 F-A ---- 97 9734 Feb '13 10714 23 103/
195: 21-N 1074 10714 107
4 10714 .Fur money 1st coal 59
1
New 434s
4 10178 31 10112 102
1
Registered
1911 s1-12,2 10112 1014 101/
New 434s
10714 11 10378 10712
Chic & Ind 0 Ey 1st 59_1936 J-J ____ 49 39 J'ne'14 -- -55- -a434% Corporate stook_1957 rl-N 10728 19714 107
7414 - 2" 70 7513
10178 19 1014 10212 Mk Great West 151 4s____1959 51-S 7344 sale 7334
434% assessment bonds 1917 1I-N 141234 bait 10111
2 11734 120
)1de Ind & Louisv-Ref 68_12)47 1 -.I 111: -sue 11934. 120'
85 88
334% Corporate stock-1954 6-N -_-- --- 8714 J'ne'14
'14
103%103%
Men
4
13/33
10514
Wele
____
'14
J-4
.4
/
1011
Apr
10112
11447
3-5
100
1961
Refundin- gold 5s
10112
N Y State-4s
4 Apr 11
1
1017 J -j al ____ 96/
Canal Improvement 4s_,1961 J - J 12)14 1024 10112 Apr '14 .... __ 974 10112 Itafundius 45 Series G
10214 10 99 10214
1946 j-.1 --------83 Ply -12 .....Ind & Luulsy 1st Cu 422
Canal improvement 49_1962 4,4 10178-- 102
45 10012 10112 Jhlclnd&Sou 0-year4s_1ir9 4 -9! ---- • 684 9014 Aug'12
102
Canal Improvement49_1960 3-4 1017s ---- 102
110
9 10734 11014 Ade L S & East lst 4)99_1969 J -t... --------104 . Dec '11 --Canal improvement 4 494.1964 J-J llu Sale 110
Sale
8
1097
99
1104
11018
II-S
10713 110% ;laic Mil& St P terml g 53_1914 4-4 --------100 4'ne'14 ---- 100 100's
Highway irnprov't 434s_1963
96% 12 92 6634
Gen'l gold 4s Series A___el989 34 95 96 96
South Carolina 4 4932 20-40_ _1933 .9-i __ -- -_-- 10312 Ply '10
e1989 Q-3 -______ 94 J'ne'14 _- 9212 94
4 4 8434
Registered
-6
Virginia funded debt 2-3s 1991 J-J 8334.-- 8434Jan '14
2 80 8334
81
Sc)
5318
al
Sale
27
80
534
5312
J-.11
13_411189
---'l
Gen
gold 334s See
50 67
6s deterred Brown Bros Ws-e1980 J-J._-__ ,3 Pne'I 1 -Registered
34 ..,,,. -.2412 102S 49 -1135,-4 111351
.
Gen 439s 3er C
e 1990 4-3 104'
R ailroad.
6222 85 624
63
b 624 74
4 2.
/
911
1934 J-4 914 Sal:. 9112
25-year dehen 48
1,1995 Q-J
A nn Arbor 1s6 g 4s
957k 61 93 Ms
98 103
4 116 1000
/
9332
1011
1992 4-1) It.:1,1. a,de 101
convertible 434*
ri.tch Top & S Fe gen g 4s_1995 A-0 964 Suit 9084
4 9211 9814
9434
Chic & L Sup Div g 5s.. 1921 .9-3. 1...3:A __ _1192133 Sep .'19
1995 A-0 ---- 95 94
Registered
8712
1 84 gals
h1905 Nov 8714 8778 8712
Chic & Me itly Div 53_1920 4-41 1932. _ _'107 .;'ne'24 ...._. 104 1-07Adjustment gold 48
1044
6 10212
104.4
1921 4-4 :90. 19438 19114
1,1995 Nov --------88 Mch'13.
exile & r w 1st g 5s
Registered
9354 19 , 89 93%
10 844 -881188
1,1996 61-N 8712 Sale 8712
Stamped
2 CM & Puget 8d 1st gu 49_1949 4-3 9438 Sthe 9338
9 03 100
•
11/16 4-j 100/
4 ____ 10034 Nov '14
1
Dak & Ott Sou gold 5s
98
1055 J-D 984 99 9734
Cony gold 48
T1; 10,44
4 _1920 J -J 199 • ____ 108114121ay'19
1
Dubuque Div 1st s f c/
1955 4-I.) ____ -_ 9912 May'13
Cony 48 issue of 1909
ilu
_
1
___
---513
.1'04•13
-4
4
1924
98
Sale
0s
9834
g
42
9834
J-1)
assum
Sou
&
Far
1960
Cony 4s (Issue of 1910)
1(1218 Jan 14 --- : ioirs fa]; •
1919 J -J
3 99/
101
La Crosse it D 1st 59
1917 J-D 101 sale 101
4 10214
1
10-year gold 55
4 J 'ne'14
/
10258 10438
4 10421 1941
/
1041
6 9139 9512
9434
1928 41-3 9412 9512 9434
WI% it 611/1n Div g 59_1921 .1 -4 103___.
East Okla Div 1st g 49
19924 :vice'14 .-_. m1410914
109
11244
J-J
1920
J'ne'14
91
8
917
9114
65
1st
Div
Vail
I-4
Wis
1958
8614 92
'Short Line 1st 4s gold
1934 4-D 10212 1934 1024 Li 'ne'14 --- 9934 10213
Mil it No 151 eat 4345
1962 A-3 _-__ 99 9812 Apr '14
Cal-Ariz 1st & ref 4)9s
9714 9812
1934 J-li 10212._ _ 191.4 a/ay'14 _- 101 10134
Cons extended 434*
S Fe Pros & Ph 1st g 5s-1942.M-S 1034 ---- 109 Mch'14 -_ 104 109
nue it Nor West cons 78_1915 is F 10134 104' 102 .1••ne'14 -- 102 102%
1916 .111-5 10112 ___ 0112 rne•14
10112
Chic & St Louis 1st 6s
1 9412 9812
9614
1886-1920 1'-A 'J3 'Wu 961.2
9334 12 91 10112
Extension 45
MI Coast L 1st gold 4s___h1952 61-3 934 Sale 9312
95
9432 9.5
1330-1926 N-A 913a ....... 9132 Apr '14
Registered
111952 01-5.--------95 Jan '13 _
Registered
0
8313
83%
SU 84
wJe
4
1
/
1987
93
M-722
9312 93 May'14 _
General gold 334s
1959 J -D
93 93
50-year unified 48
p1987 44-F --- ___ 7812 Jul'ii ---- 7812 7812
0512 J'ne'14 ..... 103l 10512
Registered
Ala Mid 1st gu gold 59_1928 XI-N 10512
I/13
96
906
93
'3512
9734
11187
231-h
4s
95
4
1
/
General
93
'19
Apr
.3
937
J-J
Bruns & IV 1st gu gold 49_19323
937a 9372
0a Nlay'14
108 1084
-192b A-0 11/812 ____ 112
Singing fund 6s1870
Charles & Say 1st gold 78_1936 J-J 133
1879-1929 A-0 397's ____ 10512 Dee '12 ...7. I
Registered
9234 27
o1952 I,I-N 9212 Sale 924
L & N coil gold 4s
1879-1929 A-..... ',Was__ 10412 blaj'14 ....... 10418 19112
Sinking tuna bs
Say F& IV 1st gold 6s____1934 A-0 1214.- 121 May'14 ..... 121 121
1879-1929 A-C 19332 ____ 102 Out '13 -Registered
11038 May 11 _
1934 A-0 10741st gold 5s
19134 J'ne'14 ---- ,i55T21027
1921 JS-1..• 102__
58
Debenture
May'14
98
99
4
/
981
-J
J
96
1918
98
Ell Sp Oca & li gu g 4s
1921 .2.-1.2 ---- -- 101 Dee '14 ...- 1
Registered
6
92
90 9272
alt & Ohio prior 334s.._1921 4 - 4 92 Sale 92
192142.*:422 163 __ 10344 • 16314
,u2I4 103/
4
1
Sinking fund deb 55
9973 May'14.
1,1925 Q-4
8972 90%
Registered
1114:6;97,-.61 104 --__ 101,4 API' *14 --- 19134 101/
4
1
Registered
93/4 . 37 90% 90
4 Sale 9312
/
1,1949 A-0 93,1
Gold 4s
120 122
Frem gak & Alo V 186 6s 1962 A-0 1444 ____ 122 818y'14
91.2 9134 92 May.'14
90% 94
/21949 Q-J
Registered
Man G B it N W 1st 3%8 1091 4-4 ___. ____ eOls Sep '09 ...92 Sale 9112 . 9214 197 90 9434
1933
20-Yr cony 434s ,
__ ____
1041 4-2 liCi .... _ _
Alilw & 8 L lst gu2.1%s
1922 J -4 10034.- 112 Jan '12
---- -Pitts Junc 1st gold 6s
111114 May'14
IN;gift;
Mil L Sit West 1st g Cs 5921 121!-7.3 14014
2 8812 00
90
P June& Al Div 1st z 339231921 xl-N 8812-_ 8934
59_1929 r -A Al ____ 10618 Nicn'14 ...... iutpa 10618
gold
f
u
imp.
it
Ext
19
87
4
863
87
9614
31.-N
1941
8412 9912
P L E.& W Va Sys ref 4s
11318
-'14
Feb
113% 113%
114'g__._
M-$
1925
6s
g
1st
Div
Ashland
9112 13 8714 9112
9112 Sale 9114
Southw Div 1st gold 334s_1921 J -J
Alice' Div 1st gold 09_1224 4-4 114 ____ 1134 sien'14 ---- 11314 11314
CentOhlo E 1st c g 4%9_1936 21-5 97 ___ Mu Apr 14
91 94
4s_1947 sA-S 918 Sale 914
9
9214
gu
1st
W
N
&
Spar
MU
J'ne14
10512
4
/
11451
____
-1512 16E1-2
Cl Lor tc W con 1st g 5s_1933 A-0
4 May'14 ..... 10712 10814
1
1917 34-5 5973g_,,,,_ 197/
Northw Union 1st Is g
Monon River 1st gu g 5s1919 F-A 100 ____ 10224 J.11,1 12
1051/ 107
5.s..19•A .1-4 10534 10612 10612 rne'14
15574 fa,, St L Peo& N W 1st gu 7s.
Ohio River ER 1st g 59_1936 4-i) 105 ____ 10534 J'ne'14
2.43 14618 100'a 10614 1961
3 10614 1063s
4
/
Winona it SIP 1st est
1937 A-0 102 10412 10438 stay'14
4 10433
1
194/
General gold 5s
1hicago Rock is'& Pac 69_1917 J-4 194 __ 10414 May'14 ... 104 105
Pitts Clev& Tol lst g 68_1922 A-0 107 ____ 11312 Feu '1: -_-.
4
/
1919 3-4 10312 104i 10438 1161:1'14 -- 104/
41041
1
Registered
9624 -C)6.2.4
1917 4-4 97 ___ 9634Alch'14
Pitts & West lit g 43
2 84 90
88
1988 J-J 87 88 8712
General gold 45
Stat lid Ry let gu g 4%13_1943 21-1) --------91 J'ne 12 ......
_'ne'14
4
87
89
___
87
2-4
8412
1989
Registered
3olivia Ry 1st 532___ ____ _1927 J-J
4 134 72 81
/
781
1939 A-2.4 777; Sale 71312
Refunding gold 45
1937 61-5 11012 ...... 110 J'ne'14
08 110
Sulfate. It & P gen g 533
7434 1028 6612 8012
1934 j-4 7338 Sale 7234
20-yber debenture 55
1957 111-N 191 10913 104 J'ne'14 _
10212 104
Consol 4)9s
1918 M-si __ 92 9434 Pne'll Cull trust Series P 49
1998 A-0 92 --__ 94 Jan '14
94 94
All& West 1st g 4s gu
4 506 2812 63
1
29/
4 Sale 284
2092 80N 283Unic it 1 it Poe ER 4s
Clear & Mall 1st gu g 59_1943 J-J -___ 11114 112 Apr '14 ... _ 111 112
3372 51%
2002 M-N --------328j Apr '14
Registered
Bocb & Pitts 1st gold 632-1921 F-A 10924......_ 110 J'ne'14 .. _. 10912 110
'13 hi,Ark it Louts 1st 4345_11l34 14-S __ 83 85 J'ly '14
1922 1-0 112 _-__ 112 J'ne'14
11058 112
Consol 1st g Os
Apr
4
1
/
102
l02%
1934
10138
100
10234
A-1.4
5s
g
N-Ist
Kit
6
0
IMir
4
1
/
106
10622
10612
100
A-0
532_1962
10334
10678
rlanada Sou cons gu A
4 May'14 -- 100/
1
4 103 •
1
u R 1 Fit N IV 1st gu5s_11/21 A-0 lulls __-- 100/
2.1 Registered
l0678 10678
1962 A-0 ____ --__ 10678 Apr '14
1927 4-1) ___ ____ ___ •
M & St L 1st gu g 7s
3 97 100
.100
jarClinch&Ohiolst 30-yr5s1938 4-D ICA Sale 99
Clioc Okla& G gen g 58__o19111 4 -4 97 99 9971 Mir 13 ..._
Jentral of Ga 1st gold 5s__y1945 F-A 10714 -___ 108 Feb '14 ..__ 108 108
99 9914
1952 6i-22 ____ 99 9914 J'ne'14
1 gold 53;
102 105
1945 NI-ri *10414 104i 10412 J'ne'14 _
Consol gold 5s
4 Alch'14 .._
1
/
91% 9242
Zezel:St Des Moines 1st 59.1923 A-0 ____ 91 92
1945 A-N --------10614 Sieh'13 ---Registered
5 75 89
764
a%
7314
75
1s14342'49,1k-A
L
tila
0
K
$217:sel
it
Chatt Div put moo g 49_1951 J-D ..:,2 S322 87 Mch'14 ..... 85 87
4 J'ne'i4
1
118 12034
4.... MI,Jan '12
1
11334 Mt PM it 0 con 65-19316 4-1) ;30 142 . 120/
Mac & Nor Div 1st g 5s 1946 J-J 1J3/
10412
1947 J-J ma!s ____ 10412 Apr 14
Cand as reduced to 334s_11140 J-17 &o:2 ___ 8914 Dee '12
Mid Ga & Atl Div 5s
10112
1930
4
/
1011
4'116'14
56,122
4
1023fa- 55
Debenture
10934 May 11.
1946 J-J 16434
Mobile Div 1st g 58
U61211612
se is it Minn 1st g 62-1918 81-2•4 1194 ...... 11612 Jan '14
9934 fai;
;en ltlt & it of Ga col g 5s_1937 M-N 190 10012 10014 May'14
___
..._
09
1194
May
4-4
4
/
1291
69-1930
1st
Wisconsin
11034
4
11714
117
11714
North
-J
J
14 118
;ent of NJ gen'l gold 59_1987
1919 A-0 10732, 10712 10733 J'ne_'14 ,.... 107 10838
.1, Pit jj City 1st g 6s
4 ____ 11634 Pne'14
1
1,1987 Q-J 116/
1334 117
Registered
-----------104 10434
3uperior Short L 1st Sagg1930 MAm -Dock & Imp gu 59_1921 J-J 1114:6 10512 10434 rile'14
4-D
85 85
5s_1980
1st
8o'east
&
It
rue
'13
•hic U.'
Leh & Mud It gen gu g 59-1920 .J-4 102 103 100
3 10372 10612
Me As Wait Ind gen g es-41932 12-4,3 10614 ..... 10618 10018
N Y & Long Br gong 4s__1941 61-S 954 _ _ _.1004 Jan '13
-J
4
1952
.8914
8412
8334
19
8312 87
Sale
4s
-year
May'14
50
80
81
Consol
---Q-F
43_0.920
g
gu
1st
Vermont
;east
80 864
93 OS
ip 13 /3 D 2d goid 4 As____11/37 J -J *77 _ ._. titi Alolf 14
;hesapeake & Ohio1959
1St St•retunclIng 4s
0834 10014
Gen funding & impt 5s--1929 J-J 96 100 100 J'ne'14
19511 J -3 --------9814 4'21-e'.ii
4 10738 10678 10643
1
1 05 1974
1939 M-N 106/
LA guaranteed 4s
1st consol gold 5s
1941 ,a-N ____ 99 10194 Xleh'14
CZ;fo-Cs
IA 03 1054 -3.. Ilk- 1 1st en tr 5s
107 .:011. Thal
1936 MN
itsgistsred
- U. S. Government.
U fil 2s consol registered__01939 Q-4
01930 Q-4
U S 28 consol coupon
11919 22-F
U 3 35 registered
Ic1919 Q-F
U 3 38 coupon
1925 -1F
U 848 registered
1925 22-F
U 848 coupon
U 3 Pan Canal 10-30-yr 2s k1936 Q-F
1961 Q-11
U S Panama Canal 35 g

ma
Ad Imo
High No.
9634 9712 967s Pne'19
97 98 9714 J'ne'14 _
1014 102 10114 Joe '14.
10114 102 10112 slay'll
10912 11012 11018
5
11014
10
111 Sale Ill
1112
9634 ___ 9511 Ply '13
100 102 101124110'14 --__

B

far,

Jai-

MISCELLANEOUS BONDS-Continued On Next Page.
Street Railway
Brooklyn Rapid Tran g 55_1945 A-0
1strefund cony gold 49-.2002 -4
6-year secured notes 5s___1918 J-4
Ilk City 1st con 59__1916-1941 J-J
Bk Q Co it 8 con gu g 5s__1941 M-N
Bklyn Q Co it S lst 5s___1941 .1 -4
Bklyn Un El 1st g 4-58_1950 F-A
1950 F-A
Stamped guar 4-55
Kings County El 1st g 49_1949 F-A
1949 F-A
Stamped guar 4s
, Nassau Elec guar glId 49_1951 J-J
phicago Rwys 1st 5s ____ _1927 F-A
Conn ity & I.istScref 5g 4%a'51 J-J
1951 J-J
Stamped guar 4.)-9s
'DelD United Sat cons g 43423_1932 J-J
.51-S
59_1938
g
1st
Tr
&
Ft Smith Lt
Grand Rapids ity 1st g 59-1916 -13
Havana Klee console 59_1952 F-A

Street Railway
4 Sale 814
1
8214 47 81% 914
2 N12 10234 Elm! & Manhat 5is Ser A_.1957 F-13 81/
3:i3511 Sale 10312 10358
1957
4 32 30 39
1
30/
304 -3114 3012
92 372 874 934
4
1
834 87 89/
Adjust income Ers
1932 F-A
4 100 150 9618 100
1
9.478 Sale 99/
N Y it Jersey 1st 59
Sale "'if"
47 -55- -191;
•758
10218
101 1024 1024
2 100111021* Interboro-Metrop coll 4 199-1950 A-0 77%
_
.
._
9813 98 es Apr '14
98 98 intertmro Rapid Transit'-'
Sale
03%
9878
99
4
1
71 98/
101 MaY•13
refundin:
1s1&
4 J'ne'19
1
4 10314 41
1
(NY)teg.1•1Z 43-1 V-* A-o 9112 9274 92/
1131': 2033* 105/
4, Mx-nhat
2031isai; A-0 93 93 9278.1'ne'14 -55
_ 10314 10178 May'14
Stamped tax-ercmul
100 102
84
84 Sale 84
83 84 sletroo.ltan Cave. R7101 10814
8.338 8412 834 J'ne'14
4 8412
1
82/
Bway it 7th Av 1st C fC 513-1948 4-4 10334 - 10314 J'ne'14
101 J'ne'14
100 101
78 7838 79 J'ne'14
74 80
Colt 9th Av lst gu g 531_1993 124-S 101
4 101
1
98/
9858
4 Sale 9812
1
98/
4 9634 994
Lex Av & P I 1st gu g 58_1993 54-S ---- 102 101 Apr '19
80 Mch'14
4 rne•12
/
80 80
1011
Met W 8141 (Chic) 1st g 48_1938 F-A
103 1021
1024 May'14
.
95 97 964 J'ne'i,4
9614 9614 Milw Elec Ity it Lt cons g 591926 F-A
9213 93 91 Apr '13
---- 7012 7112 J'ne'14
Refunding it exten 430_1931 J-J
69 7812
4 10158 102 Nov'12
1
84 Jan '14
84 84
Alinneap St lit cons g 5s,._1919 J-J 99/
100 J'ne'14
4
/
991
99 100
Montreal Tramways lot 63 ref
1941 -4 0812 99 98/
9714 99
9878
4
1
91 9234 92 Apr '19
9112 95
30-year 55 cer A

*No pries Friday; laud& this wank. ODes April. C Due May




4
/
991
/4 It
891
4
/
881

U Due June.

1440

&Da.AUX. 5 ZUJ 003. 17 DIM Nov. _a,Daa Poo. a_CoRciciamich

JVLY 4 1914.]
BONDS
N. Y. STOCK EXCHANGE h
a 1..
Week Ending July 3
...ot,

New York Bond Record—Continued—Page 2
Price
Friday
July 3

Week'sC., I Rang*
Range or
ez.
sines
Last Salt
42
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending July 3

33
Prite

Friday
July 3

Wecr • s
Nang. or
Law Salt

!a°

.:arge
str.ce
Jan. 1,

Ow
Cin Ham & Day (Con.)—
die Low
Mph No. Gorr High
Bid
Hie No. Low High St PM & M (Continued)—
Ae. Low
1937 J -j 12518 ____ 125 J'ne '14
C Find & Ft W 1st gu 4sg_1923 11-N -__. 80 88 Meh '11 __-_ ____ ___
Mont C 1st gu g 6s
12114 125
_ 13614 May 06
1937 J -J 115
Cin I & W 1st, gu g 4s____1953 J-J --__ 70 86 Jan '14 ---- 86 -86
Registered
1937 J -J 11014 ---- 10634 Feb .14
Day& Mich lstcons4 0_1931 J-J
1st guar gold 5s
10638 107
95 .... ___
__ ___ ____ _......
1937 J -J
Ind Dec & W 1st g 59.___1935 J-J ---- 97 97 Mch'14 __-- 97 100
Registered
_
Will & S F 1st gold 5s.......1938 J-1) 1661;:::: i6-11-2
1st guar gold 59
1935 J -J ---- 95 1071/ Dec '()2 .__ .___
Is_61952
J
-J
9013
J'ne
'14
Cleve Cin C & St L gen 49_1993 J -D ---- 77 76%
i 7614 -ig Gulf& s 1 1st ref& t e
89 1)2
7638
01952 J -J
20-yr deb 4 Ms
Registered
82 874
80 82 82 J'ne'14 _
1931 J-J
§ilJ 1661; 16615
Cairo Div 1st gold 4s
51 1-61LT ock Val 1st cons g 4;0_1999 J -J
8434 J•ne •14 ___ 8434 86
8434
1939 J -J
1999 J -J - - 9812 074 Jan '14
96% 974
Cin W & M Div 1st g 4s 1991 J -J ---- 80 83 Feb '14 ---- 83 83 "Registered
1948 A-0 56 ___. 92 Apr '13
St L Divlst colt tr g 49_1990 M-N ..--.. 8214 83 J'ne'14 ---- 82 8534
Col & H V 1st ext g 4s
VOI;
Col & To]1st ext 49
9012 J'ne '14
Registered
8214 8214
8334 8214 Mch'14 199C M-N
1955 F-A 90
. 56 10014 Dee '12
II Otis Belt & Term 1st 59_1937 J -J
Spr & Col Div lstg 49__1940 II-S ---- 8538 85 Men'19 ---- 8.5 85
9413 97
100 9678 I'ne'14
W W Val Div 1st g 4s__1940 J -J..._ 92 91 Apr '12 ___ ___
_ I llinois Central 1st gold 49_1951 J -J
0514 97 100 Sep '11
1851 J -J
C I St L& C consol 6s
4 __ 1054 Apr '14 ---- 105F8 1-034 I. Registered
1920 ,v1-1Al 105384 07 85 May'14
1951 J -J
84 85
1st gold 4s
1st gold 3 Ms
92 May'14.
81936 Q-F 9012_
91 92
8812 Feu •13
1951 J -J
Registered
81936 Q-F 90 92 90 Men'13.
Registered
9312 May'09
1951 A-0
Cin 8 & Cl con 1st 459_1923 J-J 101
Extended 1st g 330
103 May'14 ____ 103 10314
1951 A-0
C C C & 1 gen con g 65 __1934 J -J --------118 May'14 ---- 118 11939
Registered
-55"
1951 vi-S
1st gold as sterling
Registered
12
1934 J-J
Ind 13 & W 1st pref 49_1940 A-0 80
1951 81-S
94 J'Iy 'Ob ____ ____ ____
Registered
0 Ind & W 1st pref 5s___d1938 Q-J ____ _ _ _. ___.
1952 A-0 -563-4 "ii" 8934 Pneii
-894 03
Coll trust gold 4s
___
____ _--9514 Sep '12
1952 A-0
Peo & East 1st cot. 4s
72 84
1940 A-0 70 73 7212./ 'ne'14 — -, ____Registered
92
43 89s 94
1955 II-N 92 Sale 92
1st ref 49
Income49
20 25 20
1990 Apr
20
2 20 30
82 Feb '14
Cleve Short L 1st gu 41251961 A-0 9,512 9534 9512
1952 j-j 8012
79 82
1 954 9614
9512
Purchased lines 3;0
8912 J'ne'14
Col Slid and 1st g 45
1953 151-1\ 88 L N 0& Tex gold 4s
88 91
19
2 1412 1914
19
14 19
1947 J -J
Trust Co. certfs, of deposit__ _ _ ---- 1812 17 Feb '19 __-_ 17 17
84 84
Registered1953 11-N -512 84 May'14
50 Apr '19
6ti.
90 90
Colorado& Sou 1st 4 4s
1950 J
Cairo Bridge gold 49
9014 20 89 93
)
Sale 9014
1929 F-A tA/14
74 Feb '14
74 74
Refund & ext 4-s
1935 M-N -,-- 8752 8712 J'ne'14 ____ 874 931, Litchfield Div 1st g 39_1951 J -3 6712 _
76 84 81 klay•13
Ft tV & Den C 1st g 69
Loulsv Div& Term g 33-is 1953 J-J
1921 J -D 10212 105 10534 J 'ne'14 ---. 105 107
83 Aug le
__ ____ ____ ___
Conn & Pas Itivs 1st g 4s1943 A-0 ____ _____
1053 J -J
Registered
123 May'99
Cuba RR 1st 50-yr 59 g ....1952 J -J ---- 101 100 - May10:
1021 F-A 76E18 _
-Aliddie Div reg 5s
721s Feb '14
1951 F-A 711/
Ile! Lack & Western—
Omaha Div 1st g 3s
.
764 Ilea.1k
73 77
11--• Morris & Essex lst7s
St Louis Div & term g 39_1951 J -J
---- 100,4 Mch'14 ---- 10014 10078
1914 M-N 7
---1951 J -J
,-4 103 l023 J'ne'14 --- 10234 10314
1st conso. guar 7s
1915 J-D 1023
Registered
---Gold 3 Hs
1951 J -J 814 .-----1915 J -D --------103 Nov•13 ____
Registered
'93
__-_
Oct
J
'ne'14
86
8712
1951 J -J
8738
....-- 8512 8738
1st ref gu g 3 3is
2000 J -D
Registered
---- -78:1 XI ch
N Y Lack & 13,1 1st 69
__ 110% J'ne'14 --- 10814 110-38
71339
7858 78%
1961 J-J
Spring Div 1st g 3 Ms
1921 J -J 11014
1951 J-J
Construction 55
1923 F-A RH% ---- 10412 Feb '14 _-- 10412 10412
Registered
-56- 91,
Term & Improve 49._ 1923 VI-N 9514 __ 9534 J'ne'14 .--- 9424 9,534
Western lines 1st g 4_1951 F-A Ohs -66 'if Feb '14
10218 Feb '03 ____
Warren 1st ref gu g 33.s....2000 F-A 84
1951 F-A
Registered
iff12
Del & Bud 151 Pa Div 79
1917 21-5 10814 ____ :0834NIch'19 ---. iOiTs foriz;
Dellev & Car 1st es
1923 J -D 102"
_
Carb & Shaw 1st g 4s_1932 41-S 8712 --- 9412 J'ly '12
Registered
1917 II-S --------149 Aug '01 __ _
9912 11 9739 -6614
108 110
10914
10-yr cony deb 4s
1916 J -L 991s Sale 9912
1951 J-1) 109 sale 109
ChicStL&N (Jg 5s
1st lien equip g 43-is
1922 J -J 10014 101 10014 10014
1 994101
Registered
1951 J-1) 1008111 114 Feb '11
9712
12 9311 9712
Gold 3 Ms
90 Oct
1943 21-1', 9714 071: 97
1st dr ref 45
1951 j-D
8612 25 8412 87
Alb & Sus cony 3 tis ' 1046 A-0 8012 Sale 8612
Registered
1951 J-1)
Rens & Saratoga 1st 7s1921 1/1-N 11512 ____ 11612 Feb '14 ____ 115 1154
Memph Div 1st g 49__1951 J -D 841 :::: 9213 Au-g-'"E
2 7914 85
7912
794 80 7912
Deny & R Or 1st con g491936 J-J
Registered
1951 J -D
87 May'14 -- 87 903,
87
Consol gold 4 Ms
St L Sou 1st gu g 49
1036 J -J
1931 51-S 90 9512
Improvement gold 59
1928 J -D 8234-- 83 J 'ne'14 ---, 83 9212 Ind Ill & la 1st it 4s
1950 J -J 88 8812 83 J'ne'14
;473 -181-2
int & Crest Nor 1st g 6s
1st & refunding 58
1955 F-A 55 sale 5514
10234
10234
18 6614 74
50
10234 104
1919 34-N 101
1939 J -0 --------1011 Dec '12 ...-- ___- -___ James Frank et Clear lst 49 1959 J-D _
Rio GrJUnC 1st gu g 59
9112 Mcla'14
9112 9218
1940 J -J ---. 7.7 6112 Apr '11 ___ ____ ____ v an City Sou 1st gold 3s 1950 A-U ails 70 69
Rio Gr So 1st gold 4s
6912 13 6All 70
Lk. Registered.
1940 J -J --_- 74 85 Al eh ',..8
Guaranteed
63 Oct 'OU
1950
A-0
1939 LI -J ___ 80 81 J'ne'14 ____ 79 /44
Ref & impt 58
Rio Or West 1st g 4s
9538 Sale 9538
9538
-4144 Wit
Apr 1950 J-J
1949 A-0 -..- 66 66 J'ne'14 - 68 724 Kansas City Term 1st 45_1960 J -J
Mtge& col trust 4s A
93 9414 9234 J'ne'14
9214 9513
11- .ake Erie & W 1st g 59_1937 J-J 10112
Utah Cent 1st gu g 45_a1917 A-0 --------90 Apr '14 ---- 90 90
101 J 'ne'14
100 10334
-3-3 2d gold 5s
Des Moi Un Ry 1st g 55_1917 M-N -----110 Sep '04 ____ _ _
May'14
9434 95
9334
. 9434
1941 J -J
84
83
May'14 ---- 8-4
North Ohio 1st gu g 55_1945 A-0
. -85
Det& Mack 1st lien g 49_1995 .1-1) 84
- Nit 98 Men'14
98 98
1995 JD 82 ---- 82 J'ne'14 ---- 82 82
Leh Vail N Y 1st gu g 4;0_1940 J -J lot 10112 101 J'ne'14
Gold 48
10014 10112
934
J
'ne'14
9334
__.
---93
/
1
4
M-N
3-s_1061
97
Tun
4
Del HIV Tun-Ter
Registered
_
100 Dec '13
1940 J -J
104
Lehigh Vail (Pa) cons g 4s-2003 M-N 8814 ___ 90 J '31e'14
3 10314 105
Dui 15119sabe & Nor gen 59_1941 J -3 104 10414 104
4
8712 -6631937 A-0 10338 10334 10339 J'ne'14 ____ 10011 124
.General cons 4345
Dui & Iron Range 1st 5s
2003 M-N 99 997
9212 30 99 99%
; 9912
Meh'U8
____
10612
---_______
---A-0
1937
Leh V Ter Ry 1st gu g 55_1941 A-G 11114
Registered
III J'ne•14
11038 111%
1916 J-J -------. 104 Feb '11 ____
Registered
2d 68
11118 Dee '11
1941 A-0 _ Lell.Val Coal Co lst gu g 55_1933 J-J 104
1937 J-J 101 ---- 9914 Dec '13
Du -So Shore& At it 5s
10414 2.1e11'14
10A-174 1-641;
Registered
Ulgin Jot & East 1st it 5s_1941 411-N •104 ---- 10412 Apr '14 ____ it7a72 fall
—
1933 J-J 102 ___ 106 Oct '13
1920 MS 111 11212 11134 11134 10 11118 112
1st int reduced to 48
carie 1st consol gold 7s
1933 J-J
1947 M-N 97 ____ 9712J'ne'14 ____ 974 98
Leh & N Y 1st guar g 411_1945 M-S
N Y & Erie 1st ext g 49
-551;Feb '14
8818 8818
. ..
1919 M.-S -------102 J'ne'14
28 ext gold 55
Registered
102 10212
1945 11I-S
1923 M-S 100 1001s 9912 J'ne'14
9912 100
El C tie N 1st pref 68
3d ext gold 43.s
.1611; Feii-'10
1914 A-0
1920 A-0 10214 102% 10214 May'14
Gold guar Is ' •
4th ext gold 5s
894 Nov'13
•
1914 A-0
102 1025
1028 J-D 99 ---_ 9338 MAY'14 ___, 93% 9338 Long 191(1 1st cons gold ss_hl931 Q-J 10628
10912 M eh 14
5th eat gold 4s
16672 116i;
1st consol gold 45
9814 24::a•l2
NYLE& IV 1st g fd 7s 1920 M-S 11012 .,_-_ 11012 11012
al931 Q-J
2 11012 110%
8414 Sale 8334
1996 J-J
General gold 49
8412 21) 8284 8714
irs
1938 J-1) 8914 9118 9114 May 14
Erie 1st con g 4s prior
83 83
Ferry gold 43s
1906 J-J --,- 834 83 Jan '14
1922 121-S 9.5 991: 9514 May'14
96 97
Registered
Gold 49
0914 Get '96
73 ' 14 7114 764
1996 J -3 73 Sale 73
1932 J-1) 83
1114 consol gen Ken g 49
Unified gold 49
1998 J-J ---- 74 77 Apr '12
1949 M-S 8634 88 8612 illay'14
Registered
-8;- WI;
101 41e9'14
Debenture gold 55
1951 F-A 89 90 8914 J'ne'14
10014 101
1934 J-ll
Penn cod tr g 4s
89 92
89
9118 I1ay'14
Guar ref gold 45
724 32 71 774
1953 A-0 72 7234 71 .
1949 M89 92
50-year cony 49 A
1953 A-0 7114 Sale 7034
95 Jan '11
72
Registered
•
1949 01136 7014 76
Series 13
do •
NY B82 14 18 1st con g 59_1935 A-0 roil;:::: 10014 Jan '14
1916 J-D 10414 10412 10414 rne'14 ___- 104 10424
1054 16514
Buff N Y & Erie 1st 79
1982 vl-N 107 108 108 J'ne'14 — — 10538 108
10212Jan '14
N Y & it 13 181 g Is
1927 14-S 101 _
1021/ 1024
Chic & Erie 1st gold 5s
Nor Sh II 1st con g gu 59_01932 Q-J 10234 105 102 May'll
102 102
Clev & Mahon Va, it 5s1938 j-3 10334 10912 103 Feb '14 __-_ 103 103
9112 9114 iv eu '14
1p
Long Dock consol g 69-1935 A-0 12212 ___ 12212 May'14 -- 12112 123 Louisiana & Ark 1st g 59_1927 81-S
1 14 19
19
_ Louisv & Nash Gen 6s
Coal & RR 1st cur gu 69_1922 SI-N 1011g 108 100 Dee '12
1930 J-1) 113 11334 112,1 J'ne'14
103
Gold 55
1 ioiis fOi
lUtPs slay '14
1937 511-N 11014
Dock & Imp 1st ext 59_1943 J -J 103 ---- 103
10634 110
_
N y & Green L gu g 5s_1946 91-N 10012 __ 1031/ Aug •12
Unified gold 418
9614 —2.
1940 J-j 9614 nate 95,8
5 92,4 9614
1937 j-j 93
98 J 'ne'14 .___ fig" iiI,
Registered
95 j'ne 14
1940 J-J
N Y Sus 3s W lst ref 5s
11137 F-A --------10014 Dec '06
_
_ .
Collateral trust gold 5.9_1931 31-N 105%
10514 Apr '14
2c1 gold 4 Ms
19334
05 10
9514
F-A
1940
.
74
-fi
E if Ss Nash 191, g 63
75 Apr '14 _
General gold 59
10438108¼
1919 J -0 108%
- 10818 May•14
10494 108 1111 Jan '14 ....._ 102 102
1943 al-N ....Terminal 1st gold 59
L Cin & Lea gold 4 3'-is
..
100
!
.1 If
193I 31-N 10214 _ 1002 J'ne'14
1940 A-0 10314 N 0& M 181, gold 6s
11112 slay-12 _
Mid of N J 1st ext 5s
- 12014 Mc:CPIS
1930 J-J 117 11812
1942 J-1) 92 93 .94 J'ne'14_.._ -ail 9812
NO & M Zd gold 6s
Wilk & Na 1st gu g 59
111 111
1930 J-J 10914 ---- 111 Feu '14
Ev & Ind 151 con gu g 65_1926 J-J -- 103 106 May'12 ____ ____ ____
Si Yeti '14
Paducah& Nlem div 43_1948 F-A
89 59
Evans & '1' Id 1st cons 69_1921 J -J --------104 Dee '13 ____
__
tit Louis Div 15t gold 69 1921 M-S i5i1; 110 10838 Feb '14
iciz
.
10s
1942 A-0 ----. 95 9934 Dec '13 ---- --------.0 4old 3s
1st general gold 58
_ 6412 6938 Sep '12
---1980 M-8
Mt Vernon 1st gold 6s
1923 A-0 --------108 Novli ____ .,___ ____
go.; 904 90%
A tl 'smog & Cin Div 49_1955(6-N
9038
Branch
1st
g
59_1930
A-0 --------95 J'ne'12 ____
___
Still Co
AL Knox & Nor 1st g 5s 1946 J-D 108
_ ill Jan '13
Vlorida E Coast 1st 4 3-s._1959 J -D -- 9144 90
9114
7 50 94
Header Bdge 1st,9 f it 6s
ioF fa"
Si-S 10434 - _ 1133 Jan '14
_
1932-'
ort St U D Co 1st g 4;59_1941 J -J --------92 Aug'10 __ _ _
Kentucky Cent gold 49_1987
881/ 9014
J -J 8934 ---- 8934 J'ne'14
1928 J-J ---- 81 62 Apr '14 ____ 6;12 -64
Ft W & Rio Or 1st g 4s
L & N & M & M 1st g 4 Ms 1945 i'Vf-S 1014s - - 1111 May'14
100 101
.2,16:
,,s
Nis
-ter
Sou
(2.rest Northern—
83 85
et
dh 51 joint 49 1952 J -J
841,
&Cs fig 8412
971454.1z 97
1921 J-J
9734 203 9434 28
I-4 C B & Q coil trust 4s
35 Feb '92
51952
. 974 07 J'110'14 ,
9314 3752
14 Fla st 8 1st gu g 6s
1921 Q-J
Registered It
10414 105
105 May'14
1937 -A
i.'& C) Edge gen gu g 4 Ms 1945 J -J
101
9 100 10132
15t& refunding 4;is ser A 1961 J-J 101 Salt 10034
9912 100
ghts - - 9034 J'ne'14
1961 ------------011 J•nc•13 ___, ____
Peas & All 1st gu g 8s
Registered
110
10668 110
1921 F-44 tows 116 110
SR N Ala Congo it 5s
1933 J -J 98 991/ 9714 May'14 _ _ 9644 18
St Paul M & Man 4s
10514 107
1936 F-A 19534 ____ 107 Mch'14
1933 J-J 12639____ 12114 Meh'14- ---- 11934 12114
Gen cons gu 50-yr 59_1963 A-0 10312
1st consol gold 68
104%
10438
10414 105
_ L& Jeff 13dge(Jo gu 4 45-1945 61-S
___
1933 J-J 11734 —
Registered
1171/ Aug'13 ___ 10074_
83122.1.31114
83 85
1043133
anus, HP.—sou ones4s_1936 121-N
to gold 40_1933 J -j 10314 1037
1031441
Ruced
ed
_- 103 .14 'ne'14 ____
_
___ '
-*-1- ex Internal 1st con g 4s 1977 31-S
Registered_ _
1933 J -J -_ _.
_ 10834 J'ne'09 ____
75 77 mcriii
Stamped
1937 J-D 961g 9614 95% Apr '14 ____ 93 95-38
Mont ext 1st gold 4s..
79 Nov'll.
11-S
& STLglia
'2440,8 .12
9412 9412 Ai amP
Registered
1937 J-1) 93 -__ 9412 Apr '14 __ ____stra
go
nitdeed
75
192
77 ,)-D
-racificExt lstgold 6s
1921 A-0 103 jai 11015 Auell
8712 ____ 9234 Mch'il ____
Pacific ext guar 45 £__.._1940 J -J
9438 95
1st consolgo-d 5s
18 Minn Nor Div 1st g4s 1948 A-0 95118 97 95 May'14 ____ ___.-1934 SI-N 88 8912 9114 May'14
89 -0;
Island refund gold 49
Minn Union 1st it 6s
1922 J-J 11038___ 11012Jan '14 .--- 11012 11012
1949 M-S 5038 Sale 5038
5038
80 61
Des M & Ft 1) 1st on 4n 1935 J -J
60 J'ne'14
MISCELLANEOUS BONDS—Continued on Next Pave.
----

---.

----

---.

-fiqs0;
101.s ,15

-1.-

----

---.

Street Railway
Street Railway
New On Ry & Lt gen 4;0_1935 J-J
80.58 81
United itys St List g 4s__1934 J-J 69 7012 69 May'14
84 81 May'14
N Y Itys 1st 1.1. ER ref 4s 1942 J -J
7538 Sale 7558
761
17 75 7918
St Louis Transit gu 5s____1924 A-0 ---- 6914 69 J'ne'14
30-year ad1 Inc Is
01942 A-0 5334 Sale 5312
5414 100 52 6312 United Hits San Fr if 4s_1927 A-0 5314 5312 53
5314
87 90
Va Ry & Pow 1st & ref 5s_1934 J -J ---- 9234 9212 J'ne'14
N Y State Ryslst cons 4 30_•62 51-N 83 8932 8914 J'ne'14
Portland Ry 1st & ref 59_1930 31-fl 10012 10112 101 Jan '13
Gas and Electric Light
Portland lty Lt & Pow 1st
1942 F-A 91 9418 92 Mch'14
92 10012 Atlanta 0 L co. 1st g
& ref cony s f 55
J-1) 10013
- 10112 May'14
Portland Gen Elec 1st 59-1935 J-J
Bklyn U Gas 1st con it5s-1947
59_1945 M-N 10534 106 10534 106
Buffalo Gas 1st it 55
fitJos By,L.11 & P 1st g 5s 1937 M-N 99 oh% 88 NoVilis
1947 A-0 102 __.. 54 J'ne.13
10312 Feb '13
Columbus Gas lst it 5s
St Paul City Cab cons g 59_1837 J-J
J-J
1932
1960 J-J
8312 Sale 8312
84
24 -8672 85
Detroit City Gas it 5s
997 1001 10012 J'ne'14
Third Ave tat ref 45
1923 J-J
a1910 A-0 7912 Sale 7914
79% as 7644 8414 Bet Gas Co. con 1st g 5s
Adj Inc 5s
1918 F-A
9534 Sep '08
10 111613 10912 Dot Edison 1st coll tr 5s
.y let g 5s____1937 J -J 109 Sale 108% 109
Third Ave 1,
1933 J-J
10244
10234
55_1923
98 98 Eq 0 L N V 1st con it 55—.1932 MA-0 9612 97 97 J'ne'14
Tri-City Ry & Lt 1st s r
If(412 Oct '12
94 96
Gas& Elec Berg Co c g 55-1949 J-D idd.
Undergr of London 430_1933 J- 1 9512 96 9512J 'ne'14
100 Feb '13
1948
8712
90
8712
8434
9214
Gr
8712
7
Rap
G
L Co let g 55.-1915 F-A
Income 69
100 Oct '09
84 Oct '08
Hudson Co Gas let g
Union Elev (Chic) let it 55_1945 sc-13
M-N 16
.
134 106 104 May'14
71 J'ne'13
Kan City(Mo)Gas 1st g Si 1922 A-0
United Rye Inv be Pitts 159 1926 M-N
92 Moll 14
-ind asked tills week. a Due Jan. c Due Feb. 4 Duo April. h Due July. h Due Aug. 0 Due Oct. s Option sale.
•No price Friday; law.-




69
89
18 52
9212

7212
7114
0119
9412

10112 10112
8 10252 106
98'z 10012
4 100 10314

1514 ail;
91 92

34
2 3,
1.20i8 DS
..9.
t
r. Y. STOCK EXCH.E.NGE
-,p.
Week Ending July 3

New York Bond Record-Continued-Page 3
Prwe
prsaag
July 3

Week's
Range Or
Last Sale

.1

a

.72

Range
since
Jan. 1.

r.
BONDS
tl?
N. Y. STOCK EXCHANG it 3:. t
Week Ending July 34,
- a.

[VOL. xcix.
Price
Priam/
July 3

Week's
Range or
Last Sale

•a

Os

oau.

Range
since
Jan. 1.

zeta
AA Low
High No. Low High
NW. No. Low High NY NH & Hartford (Con.)AsA Low
Mg
linn & St Louis(Con.)B & N Y Air Line 1st 44_1955 F-A 86 _.,_ 9912 Pao'12 _- ___ -_ _
8814
3 88 64
Iowa Central 1st gold 54_1038 J-D 8512 8912 8814
al Mch'14 ...
... 81
48
Cent New Eng 1st gu 4s__1961 J -J --83
5712
1 47
48 481 48
Refunding gold 4s -----1951 4-S
4 ____ 10654 Ace '14 ---, 10654 10654
9474
Housatonic R cons g 5s_ _1937 51-N 10737 90 9514
9474 95 9474
1 StP&SS51 con g 4sint gu 1938 J -J
10 6774 83
70
NY W'ches&B 1st ser 1 410'46 J -J
70 Sale 70
1941 M-8, - ---- 9714 J'ne'12 __-_ ____ ____
1st Chic Term Is t 4s
_
N 11 & Derby cons cy 5s1918 M-N --------107 Aug'09 -- ........ -M S S 32 A 1st g 44 int 40_1926 J -J --------06 Nov'13._ _
New England cons 54__1045 J -J --- __-_
9114 May'14 --- 5174 "9112
__ ---- ---- ____
91 ___
lississippi Central 1st 38-1049 J -J
1945 J-J -..- -__ .__9912 M011'12
---- --- ---Consoi 44
1o Kan & Tex 1st gold 44-1990 J-D 87 871; Ms J'ne'14 ___, 8614 9178
55 _ _ 60 May'14 __-- 54 -60
70
Providence Secur deb 48_1957 M-N
6912 6934 70
2 6914 77
91994 F-A
2d golu 45
4 8112 88
83
N Y O& W ref lstg 4s_ _01992 NI- S 8112 Sale 8112
1944 .\1-N•--- 90 90 J'ne'14 ---- go 09
1st eat gold 55
9212 J'ne'12 ---- ___.
Registered $5,000 only
; 65 65 J'ne'14 _..-. 6414 71
--91992 51-8
2004 11-S 641
1st& refund 44
8112 -E14
---14
Mclf
8112
-12
g2
---_
85
7212
1
J-D
75
1955
Genera144
75
--77
J-J
1936
30
4
fund
sinking
Gen
7814 Apr '13 ____ ____ ___ Norfolk Sou 1st& ref A 5s 1961 F-A 9112 96 94 J'ne'14 ---- 92 9712
St Louis Div 1st ref g 48_2001 A-0 ____ 75
1941 NI-N 10114 ___ 101 May'14 __-- 100 10114
Noll& Sou 1st gold 54
9934 Dec '13
-- 1940 51-N
Dal& Via 1st gu g 54
1931 M-N 12013.,___ 11914 May'14 ---- 1171211974
78
1 78 8212 Norf Se West gen gold 6s
1990 F-A 78 Sale 78
Kan0& Pao 1st g 4s
123 Jan 13 ---- ___
_
Improvement& ext g 64_1934 F-A 12134
1942 A-0 99 102 104 Apr '14 _.-- 10314 10414
Mo K & E 1st gu g 54
9812
1 2654 9812
9812
118 Feb '14 --- 118 118
98 100
_1932 A-0 12014
New River 1st gold 64
1042 M-N
M K & Ok lst guar 54
96
16
9512
94
96
9812
4
3
95
My
A-0
90
44_1996
9214
90
1st
W
11-S
90
&
g
cons
N
54_1942
1 90 9614
M K & T of'!' 1st gu g
1996 A-0 --------94 May'14 ___, 94 94
Registered
Sher Sh & So 1st gu g 54 1942 J -D --------96 May'13 ___ _Ti_
9074
901 Sale 9014
3 8812 9134
1944 J -J
Dly'll 1st 1.52 gen g 44
-99-1-2
Texas& Okla 1st gu g 58_1943 M-S ____ 9734 99' Jan '14 ..--,
102
Sale
102
102
11-N
10-25-year cony 45
1932 J-D 1.104 106 10214 Apr '14 ---- 101 10354
3 102 105
IlasouriPac 1st cons g 64_1920
3 9454 9814
95
10-20-year cony 4s
1932 11-S •104 106 10514 J'ne'14 _ - 101 10514
Trust gold 54 stamped_a1917 51-S 9434 95 95
2 10054 10534
10434
1938 51-S 10412 10534 10434
Convertible 4;0
a1917 81-8 --------97 May'12 ____
Registered
9012
2 go 9512
1941 J -D 8812 90 89 J'ne'14 ---- 8714 9012
Pocah (1 & 0 joint 44
1920 F-A --- 90 9012
1st collateral gold 55
10534Jan '13 - -_
__
____
00Ss T 1st guar gold 54 1922 J -J 10312 __
_
--- -- _
--_1920 F-A
Registered
Scio V & NE 1st gu g 44_1939 11-N 93 98 94 J'ne'14 __ 9058 -94
4
5375374 54
1 Li; Vt2
437-4
1945 45-S .__40-year old loan 45
9334 44 9212 96
9534 Sale 9514
8234 51 go 7734 Northern Pacific prim. 1g 45 1997 Q-J
1959 M-S 60 Sale 60
1st & ref cony 55
1997 Q-J ---- 9414 9412 J'ne'14 --_ 94 9518
75 ____ 86 Jan '14 ____ 86 86
Registered
3d 75 extended at 4%__......1938 M-N
41 8414 6854
67
888 May'14 ____ 8874 9234
General lien gold 3s
a2047 Q-Ii" 67 Sale 6612
Cent Br ity 1st Cu g 44-.1919 F-A ---- U
7712 Dec '13 ____
a2047 Q-.1? 65 6614 66 J'ne'14 - 6514 67
---- 98
Registered
1948 JCentBr UP lstg4s
St P-ui-Duluth Div g 44__1906 J-D 8954 ____ 90 Jan '14 - 90 90
_
Leroy & 0 V A L 1st g 54-1926 J-J -------- 110 lich'05 ....-8912
7 -illy -9914
Dui Short L 1st gu 54____1916 NI-S 100 --_ 10012 Sep '13 -----------Pac It of Mo 1st ext g 44_1938 F-A ---- 92 8912
98 104 9914 J'ne'14 ..., 9974 100
St P & N P gen gold 64_1923 F-A 11214 1123; 11214 May'14 ---- 11074 11212
1938 J -J
24 extended gold 54
---- 11534
10214
Registered certificates_1923 Q-F
10112
--.
1
A-0
10112
54_1931
g
con
100
4
5
gen
51/c8
Ir
105
BEL
103 Feb'
10534-- 107 Jan '12 ---- .___ ___
St Paul & .11._luth 1st 54_1931 F-A ---14 ---: 103 103
Gen con stamp gu g 55-1931 A-0
- 114
2455
1017 A-0 10114 102 10114 1lay'14 ---. 101 10
3 75 82
70
Unified & ref gold 44__1929 J-J ---- 7434 7513
1968 j_D 8812 ____ 87 Feb '14 --- 87 87
80%Oct '12 ___
1st consol gold 4s
1929 J-J --..... _
Registered
__
4 73 8144
74
7214 7374 74
1948 Q-M 824 ___. 8112 Dec '13 ---- ____
Wash Cent 1st gold 44
Riv & G Div 1st g 45
1933 NI-N
9212 Dec'13 ____
Nor Pae Term Co 1st g 64 1933 J -J 11212 114 113 May'14 ---- 113 11314
Verdi V 1 & W 1st g 54_1926 NI- S ---- __ _
2 89 92
8912
89
i2 id-6-4 Oregon-Wash 1st & m2'44_1961 J-J ---- 89
11 ---- 1.157
Lob & Ohio new gold 64_1927 J -D 11814 117 1164 J'ne'
8 9914 10312
102
1st extension gold 64__--h1927 Q-J 11234 -___ 11212 Apr '14 ____ 11212 11212 -Pacific Coast Co 1st g 54. _1946 j-D 102 Sale 10114
1938 5I-5 80 83 80 J'ne'14 ____ 80 82
General gold 4s
-5- ennsylvania RR1 98 100
100
--------100
104
'14
J'ne
4
1047
__-NI-N
104 10614
1923
1947 F-A
1st real est g 44
Montgom Div 1st g 55
_
1919 51-S 10234_ 102 May'14 -_-... 102 102
1927 J-D 94 ---- 95 Dee '13 ---Consol gold Is
St Louis Div Is
1 9914 10014
100
100
May'14
9114
92
;
90
1001
99
J-J
1931
44
gold
M-N
1943
Consol
if,,
g
guar
Cairo
48
....2 8814
St L &
9914 94 9734 9914
108
3 10512 10814
Convertible gold 31iz___01915 J-D 9914 Sale 99
JashvilleCh & St 1. 1st 531928 A-0 1061:.,,_ 08
Registered
o1915 J-D ___ ____ 9914 J'ne'14 --- 9812 9914
1 Jasper Branch 1st g 681923 J-J 108 ____ 11 Jan '13 _
1 99 102
19014
4
1948 NI-N 100 10114 10014
Consol gold 45
hic111 al W & Al 1st 64_1917 J-J 10314 --__ 1034 Jan '14 ____ jai,foi4Alleg Val gen guar g 44_1942 M-S 9634 9712 9674 J'ne'14 ---- 9612 97
1917 J-J 10314 ____ 113 J'ly '04 ____ _
T & P Branch Lit Gs
91 Mch'14 --- 91 91
- 1- V 5
D It KR & B'ge 1st gu 44 g'36 F-A 921.
at Rye of5Iex pr lien 4;45 1957 J-J --------58 J'ne '14 __
Phila. Balt& W 1st g 44_1943 M-N 9834 ____ 9914 1'ly '13 ---- ____ __-Guaranteed general 44_1977 A-0 --------77 Feb '13 ____
2924 J -J --------102 Jan '03 ---. ____ ___Sod Bay & Sou 1st g 54
at of Mex prior lien 4;0_1926 J-J --......- 9674 Feb '13 .--- --.. _
-_ _ -9214 ____ 1951 A-0 --,.... ---- 60 Apr '14 ___ 50 EoSunbury & Lewis 1st g 44_1938 J-J
lit consol 5
43
42 ___ 4112
3 3104 58
U N J RR & Can gen 45 1944 M-S 99 -_ 10112 ay 12- ____ ____
0 Mob & Chic let ref 54_196 I J-J
'0& NE prior lien g 6s_p1915 A-0 10074 104 101 J'ne'14
101 10112 Pennsylvania Co3 loo 10154
10154
_
1921 J-J 102 10254 10154
Guar 1st g 4;0
_
ew Orleans Term lit 48_1953 J -J ----7812 MaY'13 __
1921 J -J ___- 102 1011451ch'14 ---- 100 10114
8234 Sale 8212
8234 59 Hi
Registered
!ii
' Y Central & II it g 3;0_1997 J -J
8212 8312 8215 J'n0'14 _- 86
Guar 3gs coil trust reg_1937 51-S 8512-- 8412 Apr '14- 8412 86
1997 J -J
Registered
2,3
84
034 9
8534 ____ 8534J 'ne'14 ---- 85 8512
8954 9014 8934
8934
Guar 3 a coil trust ser 13_1941 F-A
6
1934 M-N
Debenture gold 48
9834 ____ 9834 May'14 ---- 9712 9838
1916 51-N
Trust(....o ctfa gu g 31is
Registered
1934 NI-N --------8918 J'ne'14 ___ 8914 8974
1942 J-D 831z_...._ 85 May'14 --_- 83 8512
7814
7814 12 7734 84
(ivar 330 trust ctfs C
Lake Shore coll g 330„ 1998 F-A 78 79
2J'ne
-_- 8434 Apr '14 --- 8434 8434
85
-D
J
'14
1944
781
D
4
7
77
etts
-,..trust
Guar 3;44
1998 F-A
7612 8324
Registered
1031 A-0 943.2 951-2 9374 J'ne'14 ---- 93 95
78 76
9 7314 78
77
Guar 15-25-year g 44
Mich Cent coil gold 3;0_1098 F-A 74
1942 51-N 921s 9312 9312 Apr '14 ---- 93 9334
75 J'ne'14 ____ 72 75
73 77
Cin Leb& Nor gu 44 g
1998 F-A
Registered
CI & Mar lit gu g 430_1935 51-N 9844 _ 110 Jan '05 ---- -- --Beech Creek lit gu g 44_1936 J-j 95 __ 9514 Apr '14 ____ 9524 9524
99 May'11 __. ---- --Cl/c P gen gu g 4308er A 1942 J-J 10354 ___ 10134 Nov'13 __ ____ ____
1936 J -j 92
Registered
_
1942 A-0 10314 ____ 10934 J'ly '09 _ ___ ___
100
-,I
Jr
1936
Series B
2d guar gold 58
_ ---_
Int reduced to 3.30_1942 A-0 8534 ____ 9114 Feb '12 .... ____ ___
Registered
1948 11-N 8534 ____ 9014 Oct '12 ___ ___ ....
Series 0 3;45
---- ---. ___ -'
Beech Cr EU'lst g 330_81951 A-0 ---- ---- --,1950 F-A 8534 ___ 841a Dec '13 ._-- ___ __
Series D 3;0
Cart 62.21d 1st gu g 44_1981 J -D 8514 __ 88 Oct '12 ___ ___: "'-'
85i2 _ 8614 May'14.- 8614 -8614
__ ____ _
-Erie& Pitts gu g 330 B 1940 J -J
Gouv & Oswe 1st gu g 54_1942 J-1) 104 ___ ___
87013 ____ 9014.1'1y '12 _..... __ ____
1940 J-J
'14
e
J'n
95;
C
____
eerie,
2
951---M-S
48_1901
g
gu
Mob & Mal 1st
_ __ 9534 Dec '13
6204
-.1
J
4;0_1941
Or R & I ex 1st gu g
NJ Junc R guar 1st 44_1986 F-A 85 ____ 92 May'14 __ 92 92
___ - ._-- _--- ---_
Pitts Y & Ash 1st co 54_1927 5141 20434 --__ 109 May'10 ___ ___ -1988 F-A -- - ____ ___
Registered
9812 May'14 ...-- 9812 9815
103
ge12
-1-J
1931
2
872
__
847
A
4;44
gu
0
&
Dec
WY
'12
Tol
_
____
2000 M-N
N Y & Harlem g 330
--- -9132 10012 9812 J'LlY14 .--- 9812 9812
1933 .1-J
Series 13 4)4s
2000 MN - Registered
_ 9314J 'ne'14 ___ 9314 9314
194251-S 9314
Series 0 44
N Y & Northern 1st g 54-1927 A-0 10214 106 102 Jan '14 _--- rol Ili'
1940 A-0 leo 103 103 J'ne'14 ___ 10054 103
P 00& St L gu 4;4• A
N Y & Pu 1st cons gug 45-1993 A-0 8514 9134 92 Oct '13 _- --_-1942 A-0 ____ ____ 10212Feb '14 ---- 10014 10212
Series .8 guar
-t7 ---Nor& Mont 1st gu g 55-1918 A-0 7nr - --- ....,1942 M-N --------106 J'ne '11 -_ ____ __
guar
C
Series
Feb
Pine Creek reg guar 65_1932 J -D 110 ---- 110 r o'14 ---, iii- 1-1111245 54,-ry 9334
94 J'ne'14 ---- 93 -94
guar
43
D
104
Series
R W & 0 con 1st ext 54__h1922 A-0 10434 ___ 10474
3 10212 105
-73
-1949 FA 9114 ---- 92 J 'ne'14.- 9014 92
Series E 3;0 guar g
Delve& It 2d gu g 54____41915 F-A 9814 __ 10014 Mch'14 ____ inn. Ho,
9514 Jan '14
_....
4
923
JD
1953
g
48
gu
F
Series
'
___
____
'10
J'ne
104
____
R W & 0 T It 1st gu g 54_1918 NI-N 10112
_ ___
1957 51-N 9258 ____ 9712Jan 13 ....
Series G 45 guar
" --Rutland 1st con g 4;0_1941 j-j -------- 90 Apr '13 ....
2
A-0 107 _-__ 106'2 May'14 ---- 1.0Z112 108158_1932
g
con
1st
P
&
-----------L
St
___
'13
0
Sep
80
78
---J
j
1948
48g
gu
lst
Cham
Og & L
____
10114
May'14
10114
10114
____
Q-F
1921
10114
Un
Pek
Cs
g
1st
oo&
____
'09
ne
J
___" -_-_-_
Rut-Canad 1st gu g 44_1949 J-J ---- _-__ 92
89
------89
---'14
Feb
89
-M-N
51921
3c1 gold 4)48
" _
St Laws& Adis lat g 55-1998 J -j 101 __ 108 Sep '12 _ _ '
45___1955 J -3 __ lois 25 May'14 -_-- 25 25
2d gold 88
1996 A-0 105 ---_ 11912 Mch'12 ____ --- Pere Marquette-Ref
---- 1955 J-J ---- ----40 Dec'13
Refunding guar 4a
_ _
Utica & 131k Riv gu g 44 1922 J-j 9712 ___. 95 Doc'13
73 -73
1921 J-D --------73 May'14 --Ch & W M 58
_ III '611997 j-D 8414 8522 8612 J'ne'14
Lake Shore gold 3144L
89
a ss 104
1920 A-0 23815 ---- 88
Flint
65
_
ScFMg
8512May•14
8314
8524
87
j-13
1997
Registered
'14
Apr
7312
____
---90
7312
65
PA-N
1939
15t consol gold 54
945a 26 8914 go
1928 M-S 9414 Sale 9414
Debenture gold 48
__ 72 75 Apr '14 -_ 75 904
.
. 937
9334 79 881
pt Huron Div 1st g 54_1939 A-0
1931 M-N 9312 Sale 9312
25-yr gold 44
____
____
---__
---_
_
____
F-A
1931
44
g
gu
1st
11
&
Tus
Sag
914
gin;
____
'14
J'ne
4
917
..__
,,1931 M-N
Registered
ii&14 65 Belay'14 ____ 6414 6514
__
Philippine liy 1st 30-yr 4(43'37 J -J
- -- -Ka A& (1 It lstgu c 54 1938 J-J 100111 ---- -1940 A-0 jos; __ 10812 Alay'14 -- 10812 10812
i071
ioii, I611-4 pits Sh & L E 1st g 54
;Apr-'14
1934 J-j 10734
Mahon C'I RR 1st 54
_ 11314Niov'll ____ ___ _
_
10814
-J
J
1943
105
5s
gold
consol
Apr
14-105
'14 _--_ 105 105
ist
Pitts& L Erie 2d g 54_11928 A-0
1997 J-J
9514 Sale 9478
9514 98 9234 -9554
_ l301 Jan '09 ___ ___
-foi eliding Co gen g 45
Pitts McK & Y 1st gu 64 1932 J-J 11675
____ 9412 J'ne'14 ...._ 9434 9412
1997 J-J
9412
Registered
IX
" -12314 11011'12 -__ - _1934 J-J 11474 _
2d guaranteed Gs
-_-_
8 9312 98
9412
1951 A-0 9412 9514 9412
jersey Cent colt g 44
_
-- .
_ McKees& B V 158 16 64_1918 J-J 10154 ___ ___
1951 J -J
9112_ -- ---- --- -Atlan City gu 48 g
1931 Ni-S 10514 -__ 1051; J'ne'14 :::. 10.g.4 1-08
--1;
Michigan Centro., 55
75;
f512
19
i'
11a
____
.--J-J
1947
.
7512 -78
48
g
May'14
1st
141
Gr
10312
&
..
.
Jo
4
1038
Q-M
t
1931
Registered
10312 10312
8713 ____ 98 Apr '12 _
1940 j-J
t Louis& San Francisco___ ___
4.
1931 J-J 109 114 112 Slich'14 --__ ill 112
General gold 65
1940 J-J --------87 Feb '14 _
Registered
87 87
1 100 103
10212
1931 J -J 102 Sale 102
General gold 55
J L & 8 1st gold 3;0_1951 11-S ------- 90 J'ne'08 --__
7712 7712 J'ne'14 -- 7312 80
75
8.1 . _ 8318 Mch'14 .... 83; -8,11;
St L & Si? RR cons g 44_1996 J-J
1952 M-N
0
lit gold 33,
11 4034 54
42
45 4034
1927 MN
on 15-20-yr 54
20-year debenture 44_.-1929 A-0 94 fij 8312 J'ne'14 "___ 8314 87
43 40 5534
42
;Sale 40
Tr Co certts of deposit__ ---- 401
9412 97
N Y Chic& St L 1st g 44_1937 A-0 9478 95 9434 J'ne'14 "
_
1947 A-0 --------93 Dec '13.
Southw Div 1st g 54
.38
1937 A-0 94 ____ 9412 J'ne'14
Registered
-As 9412
63
ai W4
iai
7013
J-J
1051
Sale
7012
g44
Refunding
_
May'14
85
8.5
1931
44
MN
Debenture
8412 87
____ _ .
____
Moh'll
4
3
80
_
J-J
1951
Registered
4 98'4 93
/
921
9334
2361 J-J
4 9112 95
West Shore 1st 44 guar
4 il07-4 111 J'ne '14 -- 10912 11-2-12
9054
K 0 Ft d & M con g 65_1928 oil-N iliti32361 J-J
6 8934 92
90's Sale 903*
Registered
7712
31 72
74
K0 Ft8& 51 Ry ref g 44_1938 A-0 73 7514 7312
'1- y Cent Lines eq In 434s 1922 j_j 9814 __ 10012.1'1y '11 ____ _
.___
1938 A-0 _ ____ 7712 J'iy '12 --__ ____ ___
Registered
Y New Haven /c Hard1955 J-J --... 7% 78 May'14 ____ 75 8012
K 0& M R & B lat gu 58_1929 A-0 90 ___ 95 Mch'14 -- 95 -95
Non-cony deben 4s
1989 51-N 83 Sale 83
1 83 88
8634
41 L 8 W 1st g 44 bd ats
1956 M-N --, 77 78 May'14 ..... 76 81
lon-conv 44
8912
1956 j-3 611; 7114 6912
3 68 75
2d g 4i Inc bond ctfs--p1989 J -J --------75 J'ne'14 --__ 75 75
bony debentured 54e
68 7714
14
89
69
70
48
1932
4
7
88
gold
J-D
Comm'
J-J
1948
10
4
83 Sale 108/4
Jony debenture 64
10914 25 105 11712
ARI.int. '14 ____ 081. MI!
12••••.... Pt.'PA,. let cri; cr 5,4_194 3-11
002. Nino'19.
4'...i..... 34_33*. flhao 1.t .1.2 111RA 43-1\1
MISCELLANEOUS BONDS-Continued on Next Palle.
Gas and Electric Light
11534 J'ne'14
Peo Gas & 0 1st con g 84_1043 A-0 116
194751-S 101 10114 101
101
Refunding gold 58
1947 11-5
99 Sep '13
Registered
10334 J'ne'14
Ch G-L & Cke 1st gu g 54_1937 J-J
Con G Co of Ch lstgu g 541038 J-D 100 10112 10112 May'14
93 lAch '12
Ind Nat Gas & Oil 30-yr 5s'36 M-ii
10012 May'14
Mu Fuel Gas 1st gu g 54_1047 11-N 810012
1
AE:r
F
Philadelphia Co Cony 5s_,11l9:
98 95 Sep '13
id 97 9834 J'ne'14
'
Cony deben ass
8954 Apr '14
Stan Gas & El cony f 64_1926 J -D 88 91
Syracuse Lighting 1st g 58_1951 J -D 10034 ____ 100 51c/i'14
1054 J -J
8512 J'ne'12
Syracuse L & P 5s
Trenton 0 & E lit g
10112 J'ne'14
51-S 10134
100 may•14
Union Eiec L & P 1st g 54 1932 11-S 100
1933 M-N
9234
94 Nov'13
92 03 9234
14e(/c ext 5.
9234 obis
1950 J-J
101 Mch'14
y41lot
Utica El L & P 1st g 55
1004
Dee '11
1057
5$
ref
J
3
E
89 9014 8934 May'14 _
/c
Gas
Utica
8934 9012
1004
1950 J -D ___ 10434 10434
100 ____ IL( Jan '14_,
Westchester I-tie d 58
100 100
Due Feb.
Due May. g Due June. 8 Due July., e Due Oa- a DU Nov. sOpUon 50221
asked. a Due Jan.
*NO DrielFade:West bid and

Gall and Electric Light
Rings Co BIL & P g 5sm_1937 A-0
1997 A-0
Purchase money Os
1925 M-S
Convertible deb 68
Jf,4 1.1111Bkn 1st con g 44-1939 j-J
Lac Gas L of lit L 1st g 54_41919 Q-F
1934 A-0
Refand ext 1st g 5s
1927 /91-N
Milwaukee Gas L lit 44
1948 J-D
Newark Con Gas g 5s
1948 7-D
NYGELH&Pg.54
1949 F-A
PurChase money g 48
1995 J-J
Ss
g
cons
lit
Ed El III
INY&QE1L & P lst con g54 1930 F-A
1921 .41-1\
5s
g
1st
Gas
Rich
&
NY
PaCific G& El Co Cal G &E
Cum unifying & ref5s_,, 1937 11-N
Pau Pow /c Lt 1st& ref 20-yr
1030 F-A
gg Internal Series
,1-8
1949 ,,
• 434aanir G & E 54
co-.




104l____ 10412 Apr '14 _
113 11514 11412 J'ne'14.
11114- _ 11312 Apr '14 _
8744_ 88 May'14.
10112_ 102 J'ne'14 _
1005____ 10054
10054
a
9044 Sale 90$4
0054
103 ___ 10134Jan '14..
105 Sale 105
105
27
87
87 88 87
3
-109 J'ne'14
10834101 -_ 101 Feb '14 _,
.-------9218 J'iy '09 _,

114 115%
9834 10112

102 10412
111 11412
113 11312
88 89
100 102
9714 10114
8812 9112
10134 10134
10134 105
83 87
108 109
101 101
.-

10334

i 174" 10113
99I4 fail;
"oisr, 98
88 9214
100 10012
1011.. 1011k
1001
to

ior
i

101

JULY 4 1914.1
2e
BONDS
N. Y. STOCK EXCHANG E
.1-,57:
Week Ending July 3

New York Bond Record -Concluded-Page 4
Pr we
Friday
July 3

Week's
Range or
Last Sale

b
0;103

Range
since
Jan. 1.

Price
BONDSWrek'
g 3:
s
N. Y. STOCK EXCHANGE
t
Friday
Range or
Week Ending July 3
July 3
...u.
Last Sale

35
a

g ..
.4".

Range
since
Jan. 1.

ma
Ask Low
11405 No, Low 11105 Wabash (Concluded)Ria
Art Low
Mot No. Low High
8112 10 77 84
B A & A Pass let gu g 4s___19.13 J-J
8034 8112 8114
Lgult Truxt Co :Ate
bats Jan '14 .___ 5658 5858
II I3& N P let sink fg 5s___1919 J-J IOUs__ 104 Oct '09 __-Do Stamped
4712 484 47
-4814 25 48
574
Seaboard Air Line g 4s____1950 A-0 --------8514Feb '14 ---, 8358 8512
Det & Ch Ext let g 53_1941 3-J ____ ____ 106 Nov'13 ____ ____ ___.
Des Moin Div 1st g 4s-1939 J -J ____ ___. SO Aug '12
84%
3 834 86
1950 A-0 8458 8514 84%
Gold 4s stamped
_
_
_
Om
_
.
---Div 1st g 334s
1041 A-0 65 69
1950 A-0
Registered
85 Al,: '14 ---- a 72
7658 20 7458 86
7658 Sale 7534
0949 13-A
1941 d-S
7318 74
7318 May'14 _--- 70 80
Adjustment 55
Tel & Ch Div 1/3b g 4s
74% 744
1959 A-0 74
744
3 734 78% Wab Pitts Term 1st g 45_1954 J-D
Refunding 4s
8¼____
712 3lay'1.: ._-712 12
8512
1
84
85%
Cent and Old Col Tr Co certs- ---_
844 84% 8512
Atl-Birm 30-yr 1st g 43__e1933 11-S
8 sai.
714
8
7 7
1414
74 J'ne'14 _
86% ---- 8518 Mch'14 ---- 85 8518
Columbia Tr Co ctfs
Car Cent 1st con g 4s
64 ___
1049 J-3
61
/
4 131
/
4
Jan
.13
103
/
1
4
____
___
10018
____
____
--__
Col
6
3
4
tr
J
-J
71
Mk for Cent Tr ctfs
/
4 734 ...'ne 14 ____
Fla Cent & Pen 1st g 5s 1918
814
1412
1930 j-j 1003__,._ 104 Nov'12 -2d gold 4s
1954 J-1,)
1st land gr eat g 5s
/
1
4 Sale
78 22
4
78
34
/
4 Feb '14 --- 101%101%
Trust Co certfe
Consolgold 5s
1943 J-J 102 ____ 1011
78 Sale
58
4 25
12 11
/
4
8312 ____ 8312
Ga & Ala ity 1st con 58_01945 J -J 1044 __ _ 10412 J'ne'14 ---- 10212 10512 Wash Term I 1st gu 3%3_1945 V--A
834
3 8114 84
1031
1 10318 1034
1st 40-year guar 4s
1945 F-A
Ga Car& No 1st gu g 5s 1929 J -J 10178 106% 10334
96 99 LOU Sep---- ---1926 .5 -J 1014 105 10114 Oct '13 -- ____ ____ West Maryland 1st g 2s
1952 A-0 82 63 61
Seab & Roa 1st 5s
6312 42 51
80
West N Y & Pa 1st g 55_1937 J-J 104 111.5 104 Pne•14 --- 10212 1054
Southern Pacific Co90% 17 Op 94
Gen gold 9s
1943 A-0 7834 795 78%
Gold 4e (Cent l'ac coll)_k1949 J -D 90 Sale 90
7834
5 75
82
51949 J -D 87 ____ 90 Feb '14 ---- 90 90
Income 5s
81943 Nov ----------34 Feb 'lb
Registered
8
Sale
8534
8618 199 8434 92
4/1929 11-S 857
20-year cony 45
Wheelin& L E 1st g 5s___1926 A-0
102
112--- 02
4 155- 102.10218 1640 9912 1035i
9512 ____ 9512 Nov '13
Wheel Div 1st gold 55_1928 J -J
193. J-1) 102 Sale 101
20-year cony Is
_
94
14 9112 904
91 Feb '14 _--- iii. -61.
Eaten Sc Impt gold 53____1930 F-A
94 97
Cent Pac 1st ref gu g 4s_1940 F-A 94 Sale 94
_
lilt 1st cense] 4s
74
1949 F-A 89 - -- 9412.1'1y '12 ____
74 76
74
Registerea
1949 31-S
2 74 80
/
4 Sale 9111
91%
915;
6 91
90 ____ till Apr '14 ___- 90 90
Mort guar gold 3 34s_k1929 .3-D 911
20-year equips f 5e
1922 J-J
Through St L 1st gu 4s_1954 A-0 8618 8778 8614 . 864
1 8534 8712 Winston-Salem S 1B isz4s_1960 J -J
8634 8758 88 Feb '14 ____ 88 88
G 11 & s A M & p ist 55_1931 3/1-N 102¼____ 103 API•'14 ---- 103 10334 Wis Cent 50-yr 1st gen 48_1949 J -J
88 8814 88 J 'ne'14 ____ 8558 891
/
4
011a V G & N 1st go g 5s_1924 M-N 101 ____ 10234 Apr .14 ___ 101 10234
Sup&Dul div Sr term 1st 45 '36 MN ---- 8834 8834J 'ne'14 _-- 86
81351)
Hous E & W T 1st 33 513-1933 .11-1\ 10234 ___ 102 Sep '13 --1933 54-N 10234 ____ 101 Apr '14 ---- jai 1-63*
1st guar 58 red
Manufacturing & Industrial
B & T C let g 5e lot gu_1037 J -J 109 ____ 109 .1 1)&14 ---- 109 109
Gen gold 4e int guar
1921 A-0 94 9512 94 May'14 ---- 9334 954 Am Ag Chem let c 55
10078
1928 A-0 10014 Sale 10014
7 9734 102
AM Cot Oil ext 433 __p1915 Q-F 99 99% 99 J'ne'14 ---- 96 994
Waco& NW div 1st g Gs 1930 .31-N 105 10814 108 Mch'14 ---- 108 108
10412 193 Mch'14 ---- to112 103
Debenture 5s
9514 11 89 9512
A & N W 1st gu g 5s
1941 J -J
1031 M-15. 9514 Sale 95
Morgan's La & T 152 75_1918 A-0 iijii-2 ____ 1074 Msy'14 ___ 10612 1078 Am Hide & Lists f g 6s
1919 M-S 10214 103 1024
102%
2 101 10312
89
1st gold 6s
3 7814 89
1920 J -J 10614 ---- 10718 11,1ch'14 ---- 10718 10718 Amer Ice Secur deb g 8
I925 A-0 89 Sale 88
Am Smelt Securities s 1 85_1926 F-A 10412 Sale 103/
10412 41 103 105
1
4
No of Cal guar g 58
1938 A-0 11012-112 Feb '07 --Ore & Cal lit guar g 5s_1927 J -3 113134 104 1014 Mch'14 ---- joii2 fijli4 Am Spirits Mfg g Gs
1015 51-S 9434 97 9484 J'ne'14 ____ 94 99
_ 93 9418
So Pac of Cal-Go g 5s 1937 M-N 106 ____ 10112 Nov 13 ___ ____ ____ Am Thread 1st col tr 45_ 1919 J-J
94
'
3 96
94 J 'ne'14
_ Am Tobacco 40-yr g Gs
90 ---- 9112 Sets '12 ---- ,
1221
1944 A-0 12112 123 12212
Su Pac Coast 1st gu 48g-1937 J -si
2 11712 123
Registered
1944 A-0 --. ___ 12134 May'14 ___- 12134 12138
San Fran Terml 1st 45_14150 A-0 8312 84% 8434 J'ne'14 __.'14
____
96
Apr
____
99
96
96
Gold
4s
9812 10 97 9812
Tex & N 0 con gold 5e 1943 J -J
1051 F-A 971-2 ____ 9812
1
1
4 9334
9212 99 89/
9214 Sale 92 8
1955 J-J
Registered
1951 F-A -----------98 rile 14.._ _ 98 98
Se Pac RR 1st ref 45
37 10214 106
105
Am Writg Paper isle f 53_1919 J -J
65 Sale65
6518 11 8414 78
Bouthern-let cons g 53_1994 J -J 105 saie 10434
Baldw Loco Works 1st 5s_1940 M-N •10334 104 04
1994 J-J --------100 Aug •13 ___.
104
Registered
8 102 1044
1
4 Beth Steel 1st eat s f 5s _ _1926 J-J
734 88 ;72E8 76/
Develop & gen 48 Ser A 1956 A-0 734 Sale 72%
99 Sale 9812
9924 68 9312 100
81 J'ne 12 _--- 8014 8312
1s1 & ref 53 guar A
Mob & Ohio coil tr g 4s_1038 IM-S 81 8134 10412
88 81314 86 ,
8038
1942 .81-N
8 81% 8818
me1
2•14
__
106
10413
104 10412 Cent Leather 20-year g 58_1025 A-0 9934 Sale 9932
Men, Div 1st g 4(-5s_..1996 J-J
993
59 9718 100
1951 j-j 87 90 86 J'ne'14 ---- 83% 88
Consol Tobacco g 4s
St Louis div let g 4e
1951 F-A --- --_ 9812
981
1 9718 98%
10514
___
'ne'14
1043
4J
-j
Corn
--J
Prod
1918
1044 10434
Ala Con It 1st g Gs
Ref 5 f g 5s__1931 .11-N
9418 ___ 95 May'14 -- 9312 9612
110 25-year s f 5.
Ala tit Sou let cons A 5s 1943 J-D 994 10018 9934 May'14 --- 9934 100
9418 951-4 9412 J'ne'14 ___ 9112 9514
M-N
1934
88'a,.__ 88 Apr '14 --__ 8618 88
Cuban-AmerSugar coil tr 65 1918 A-0 904 95 9134J 'ne'14 el 9134 93
1948 J -J
All & Danv lit g 4s
Distil Sec Cor cony let g 58_1927 A-0 5812 *sale 5812
2d 4s
1948 J -J -2.-- -_ 824 Feb '12 ---601
26 58 68
i8 ---- -------- ---- -------- 16 I du Pont Powder 4%8_1938 J-1) 86 Sale 85/
Atl & Yad 1st g guar 4s._1949 A-0
1
4
861
6 85% 8918
n s: General Baking
;AU1916 J-J 10114 1024 101% Feb '14 ____ Col & Greenv let Is
871
1 8712 904
-3 1--lle
ist 25-yr 65_11138 J-1)- 97', 8712
106
j.ne•14
10512_
___
104% 106
Gen Electric deb g 33-54-1942 13-A 79 ---- 79% May'14 ____ 77 8
E T Va & Ga Div g 55_1930 J -J
0/
1
4
1956 1I-N 10813 --- 10818 J'ne'14 ---- 10514 10812
Debenture 53
Con let gold 5s
106
1952 .31-S 10512 sine 10512
9 103 1064
100
-___
10518
,ply
.12
___
Gen'l
1938
M-S
E Ten reor lien g Is
Motors 1st lien 6e1915 A-0 1004 Sale 1018'4
101's 39 9812 101%
Ill Steel deb 435
1946 A-0 ------ 6412 May'13 ---Oa Midland 1st 35
1940 A-0 87 88 88 J'ne 14
8312
53l 89
Indiana Steel 1st Is
1922 J-J 10813-- 109 J ne'14 ---- 108 109
Ga Pac Ity let g 65
1952 MN 1014 Salt 19133
10134 36 98% 10218
Knox & Ohio 1st g Ge _ 1925 J -J ---- ---- 11018 May'14 ---- 109 11012 Ingersoll-Rand 1st 5s_
J -J 102 -___ 100 Oct '13---.
o1935
st
ap
peurm
CpolIsettscr
on:68_1918 F-A 9978 101 10112 J'ne '14 --. iii1T4 1-63
Mob & 131r prior lien g 55_1945 J -J 10018 ---- 10512 Nov 12 --- ____ ____ I::P
7213 ---- 79 Lich'13 --Consol cony s f g 53
1945 J -J
Mortgage gold 48
1935 J-J ..-- 7614 75 J'ne '14
75 8412
10114
i 100%10114
Bich & Dan con g 6e__1915 J -J 10118 101% 1014
48
1929 -51-S 44 Sale 43
38 43 6712
1927 A-0 100 104 10314 Feb '14 --- 10314 10314 Lackaw Steel 1st g 55
Deb 53 stamped
9124 11 904 07
1923 A-0 9114 9138 9138
_
lit con Is Series A
1048 M-N 70 ---- 73 Sep '12 _--Rich & Meck let g 4s
1950 M-S ....... 7112 71 J'ne•14 ___ 70 784
Bo Car & Ga 15t g 511-1019 M-N 10114 102 101 J'ne '14 ---- Kins
2-year Convertible 55
1915 M'S 97 9712 9712
9712
4 9312 9812
1916 M'S 10124 -- -- 112 Oct '05 ---- _ ___ ____ Liggett & Myers Tobac 71_1944 A-0 12534 12634 12512
Virginia Mid ear 01 83
126
11 120 12718
1011
8
55
---1033
4
-8
Nov'12
-M
1921
Series D 4-55
102
22 9834 10224
1951 F-A 10/ ___ 10114
1028 NI- 8 10273 ---- 102 Dec'13,.,.
Lorillard Co (13)74
Series E Is
126
;1254
1944 A-0 126 1271
14 1192412624
5s
104 Mch'13 --1031 ,V1-8 10378.
Series F 55
102
1951 F-A 102 Sate 101
14 9624112
1938 M-N 10414 ---- 10412 May'14 ---- 10212 10412 Mexican Petrol Ltd cnv 6: A.:21 A-0 1/1. 9712 95 Apr '14 ---- 91
General 5e
97
104 Apr .14 ____ 1031.105
V a & So'w'n 1st gu 55..2003 J-J 10513
1st lien & ref 68 series C 1921 A-0 90 95 93 Mny'14
93 9738
91/
1
4 10 904 92/
1
4
1958 A-0 9134 Sale 91/
1
4 Nat Enam & Stpg 1st 55_1929 J-D 91 94
1st cons 50-year 5s
93 alay•14 __ 9112 94
W 0 & W 1st cy gu 4e
1924 F-A 90 -- 92 rne'13 ---_ Nat Starch 20-yr deb 58_1930 J-J
82 -..... 85 May'14 ____ 81% 8215
West N C1 lit con g 65_1914 J-j ---- --- 101114 May'14 ____ KW,1153-,, National Tube 1.8 5.
: 100
12 96/
1952 M-N 100 Sale £181
1
4 10014
1
4 N Y Air Brake 1s1 cony 6s-1928 MN 97 91312 9710'
95 97 9612J 'ne'14 ____ 9612 98/
Spokane Internal 18t g 544_4955 j...1
0614 ---- 97 99/
1
4
Per' A of St List g 456_1939 A-0 9934 101 10012 May'14 ---- 100 100% Railway Steel Spring-k 1st con gold 5s___1894-1944 F-A 10578 10714 107 J 'ne'14 ---- 10334 107
Latrobe Plant 1st e f 551921 J-J
98
9712 98
98
1 97 9814
Gen refund 5 f g 45
Inter-ocean P 1st.f 5s_1931 A-0 9112 9212 9134
1953 J-J- 88 88% May'14 ---- 8514 0012
91/
1
4
6 91
934
St L M Bge Ter gu ,4 55_1930 A-0 ia 103 102 306'14 ---- 1011
/
4 102
Rental I & 8 Ist& col tr 53_1934 A-0 1U4/
1
4 ---- 103 Apr '14 ____ 10278 103
Tex 24 Pac 1st gold 5e
10-30-year Is s f
2000 J -D 10014 10012 100
10018 13 9912 104
1940 A-0 94 9414 94
94
25 91
9458
Standard Milling lit 53
Zd gold Inc 155
Q2000 Mch 20 40 51 Nov'12 ____
193086-N 88 8912 8812J'ne'14 ____ 84 894
1931 j-3 90 -- -- 95 May'14___ iii "9"5- The Texas Co cony deb 135_1931 J-J 102 Sale 102
La Div B L 1st g Is
102'z 69
W klinW & NW 1st gu 58_1930 F-A .----- 10612 Nov '04 ____
_ Union Bag & Paper let 55_11130 J-J ____ 8512 90 Feb '13 ____ 10024108
___
Tol & 0 C let g 55
10514 Apr '14 _
Stamped
1935 J - J 10514
103341-65%
1930 J-J ____ 90 914Jan '13
..„.
Western Div let g 5s
1935 A-0 1024 10478 101 Aug'13 ____ _
_ U 8 Realty& I cony deb g 5s...24 J-J __
8312 83 J'ne'14
8134 89
General gold 55
1935 J-D --- ---- 10112 Apr '14 ____
10124U S Red 114 Refg let g 63_1931 J-J
20
18 May'14 ____ 18 20
18
A-0 871
;
8714J 'ne'14 --... 8512 87/
1
4 US Rubber 10-yr coil tr 65_1918 J-D 10224 Sale 10212
Kan & M 1st gu g 48.1090
1024 34 10134 104
Id 20-year 55
1927 J -J
984 -_.„9812 984
1 9534 98% 0 8 Steel Corp-qcoup -81983 86-N 103 Sale 10213 103
9834
216 9978 11.134
Tol l' & W 1st gold 4s__1917 J-j 70 75 75 May'14 5 f 10.80-yr 5eireg _411963 M-N
75 80
____ 11)258
11134
1 100 10314
Toist L& W pr lien g 3%5_1925 J -.1 80 8112 82 Feb '14 ____ 814 82
Va.-Car Chem let 15-yr 58.1923 J-D _9814 97 9614
9614
7 97¼ 98
10-year gold 4s
1950 A-0 52 544 54 J'ne'14 s1 52 60
West Electric 1st 5s Dec 1922 J -J 10178 Sale 101%
102
36
10018 10214
1917 F-A --.... 48 43 J'ne '14 ____ 43 50
Coll tr 45 g_Ser A
WestinghOuseE & Met 514_1931 J-J
9534 Sale 954
9524 46 8912 96
Tar Ham & Buff let g 4e_h1946 J-D 85 8712 8518 J'ne'14 ____ 85 8558
10-Year coil tr notes 5s_1917 A-0 99
1
4 9924
__ 9958 J'lle'04 .... 96/
rrIster & Del 181 con g 55_1928 J-1) 1014 ---- 10112 Apr.14 _ 10012 10134
U 1st refund g 45
1952 A-0 74/
1
4---- 78 Apr '14 ____ 74 70
Miscellaneous
Union PacificAdams Ex coil tr g 48
1948 .91-8
7734
781: 791
: 771:
2 7312 8034
let RR & land grant g 48_1947 j-j 9712 Sale 974
9714 72 954 98
Armour & Co let real est4 3.is '39 J-D 9214 Sale 924
9224 37 8912 934
Registered
1947 J-J ---- 98 May'14 ____ 954 9612 Bush Terminal 1st 4s
1952 A-0 805 88 8613
864
1 8612 88
1927 J -J
20-year cony 45
911
;-Sale 91
Congo' 55
9124 31 90 9338
1955 J-J
9212
9218 Sale 9214
4 89 924
9438 Sale 944
4,2008 M-S
1st & ref 4s
941
Bldgs 55 guar tax ex
7 91 05
1960 A-0 87 88 8712
8712
1 85 8978
Ore Ry & Nay long 431-1948 JD 925s 93 93
93
3 0134 94
Chino Copper 1st cony 65_1921 J -J ___ -__ 168 Apr '14
__ 150 166
Ore Short Line 1st g 611-1022 F-A 11014 Sale 1104
1104 10 10918 11034 Granby Cons M S &pcom 6s A'28 M-N 10/- 104 10214 J'ne'14 ___. 99%1054
1946 .5-3 10711 10812 10758 J'ne'14.- 1054 108
1st cense! 4 5s
Inspir Cons Cop 1st conv65 1922 M-8 100 Sale 9958
10014 47 9634 10312
1929 J -D 9134 Sale 913
Guar refund 4s
9178 12 894 9414 Out Nieman Marine 4%14_1922 A-0 5212 Sale 5214
521
41 474 01
11328 J-J 103 --- - 108 May'll __-_ ____ ____ Int Navigation
Utah & Nor gold 5s
1st if 55-1929 F-A
73
1
7234 7312 73
7158 7712
1933 .1-41
914 99 _ _
_
1st extended 45
____
____ Montana Power 151 58 A
1
4 9412
1943 J-J
924
9212 9234 9234
3 92/
vandalia cons g 4s Sea' A-1955 FA --------93 Apr .15 .... _ _ ____ Niorria & co 1st
a f4;ia
1939 .5-3 ___ ____ 8812Jan '14 __ 8812 884
5 opnsol 45 Series 11- -1937 M-N ...-- ---- 9214 May'14 __-- ii14 924
Mtge
Bond
(NY)
4s
ser
2
logo
A-0
83 ____ 8.3 Apr '14 -_-_83 83
J-J ---- 97 94 Oot '12 __
Vera Cruz & P let u 4
_ _
_
10-20-yr 53 series
1932 J-J
log
100
5 too ioo
-f664 N Y Dock 50-yr 1st3
Virginian lit Is Series A -1062 M-15,1 9812 Sale 9813
9834
g 4s
1951 F-A -771-2-793-4 7818 May'14
_ 77 784
1939 MN 103 10334 103
Wabash lee gold 55
103%
8 101%105
Nlag Falls Pow 1st 55
1932 J -J 10112 ____ 101
I 101 1014
101
1039 FA 96 97 90
VS 2d gold 55
98
5 94 100
Nlag Lock &0 Pow 1st 5s 1954 IM-N ..May'14
____
_
92 93
92
II
Series
1039 J-J _
Debenture
_ .. - 90 J'ne'12 __ . _
_
95
s1921 MS 56 5i, 98 Feb .14 ____ 5; 'al Ontario Power N F 1st 53_1943 F-A 95- a2 9158 954
le 95
lit lien equips fd g 5s
Ontario Transmission 55-.1945 .VI-N
May'14
92 024
92
____
901
2term
45_1954
50-yr
J-J
g
___
____
75
lien
Apr
'14 -- 75 78
Pub Serv Corp NJ gen 55_1959 A-0
lit
90
90 Sale 8934
10 8812 91
61 Sale 50
1958 J-J
518 95 50 6114 RayConsCopper 1st cony
1st ref and ext e 48
841921 J-J 11234 Sale 112
113
26 10741174
5014 May'14 ____ 494 554 Sierra & 8 13 Power 1st
Cent Trust Co ctfs
53 Apr '14 ____ 60 564 Wash Water Pow 1st 5s54-1949 F-A ---- 93 9214 Feb '14 ---- 9214 924
Do Stamped
1939 J-J ---- ---- 103': Jan '1 ---- 10312 10314
MISCELLANEOUS BONDS-Concluded.

-ii.

166

4;_1934

Coal & Iron
Buff& Susq Iron 31 58_1932 J-D
al926
S
Debenture 5/3
OolF& 1 Co gen s f g 5s-1943 F-A
1919 M-N
Col Fuel gen 65
Col Indus 1st & coll 55 gu_1034 F-A
1935 J-1)
Cons Ind Coal Me 1st 55
°One Coal of Md ist&ref 5s 1050 J -D
55-1952
F-A
lit
g
Coal
Continental
Or lily Coal& C 1st g 6s.._61919 A-0
051
5s_l
J -J
(g
1st
5
0
&
0
Kan & 11
Pacah Con Collier lets f55-1957 -J
.1955
J -J
5s
1st
1'
t&
M
Rock
St L
1051 J -J
Tenn Coal gen 5s
Birm Div 1st consul 6s...1917 J-J
a1917 A-0
Tenn Div let g 6s
Cali0 M Cu 1st gu g 65-1922 J -D
1953 -J
5s__...--f
let
e
Fuel
Victor
Vs Iron Coal&Coke 1st g 58 1949 M'S

io ink,

*No price FrIdaY: latest bid and asked. a Due Jan,




Telegraph & Telephone
Am Telep & Tel cell tr 4s__1929 3
,
3 898k Sale 89
1
4
891
36 85 89/
Convertible 4s
1936 M-S
96 J'ne'1
9334 974
20-yr convertible 4 Sis
1033 h1-£3
944 100
99
Cent Dist Tel 1st 30-yr 58_1943 J-D 99 Sale 9814
991
/
4 0971
994 J'ne'14
Commercial Cable 1st g 45_2397 Q8814 J'ne '14
81% 8814
Registered
2397
79 84
79 Apr •14
7758 79
T & T let & gen 5s_1937
Cum
"
9714 9712 97'g
9612 984
971
Keystone Telephone let 5s_1935 -J
59l3
8914 Mch'14
894 894
Metropol Tel&Tel 1st s f55_1018 M-N 10034 10124 10024 May'14
1003810038
Mich State Telep 1st 55_1924 F-A
9638 100
9874 9934 98/
1
4
98/
1
4
N Y&NJ Telephones.g_1920 M-N
10314 May'11
NY Telep 1st& gen 5f4%511139 M-N
9734 Sale 9712
95 9818
9734
Pac Tel Sc Tel 1st 58
1037 J -J
9878 Sale 9824
90 99%
97
South 13ell Tel& T lets f Is 1941 J -3 98 Sale
974 100
98
98
West Union col tr cur 55
1938 J-J
9512 971 98
93 0818
6
134I and real est g 4%5.-1950 M-N 9134
88/
1
4 93
9214 9112
9234
Mut Un Tel gu ext 5s
1941 M-N
104 j'ne'11
Northwest Tel nu 45s g_1934 J-J
874 __
93 Jan '13
Due April. e Due May. a Due June, 5 Duo July. 3 Due Aug. eDue 001 o Due Nor. e Due Deo.,Option ode

92
3 92 92
02 Sale 92
1380 8580
80 J'ne'14
86
87
10
10714 J'ne'12
105
74 J'ne'14
73 82
73 79
73 Mch'14
9012
8912 8912
8911
89
8 89
9918 Feb'14
59
991 9918
----. 981 1025s Apr '08
93 9324 93 Mch'14
-63- III;
85 85/
1
4 8612
8678
8 84 8814
78 81
77 82
80 J'ne'14
10211 1022 10211 J'ne'14
974 10312
1014 103
102 103 102 J'ne'14
101 10212
102 103 1011
/
4 J'ne '14
10114 10114
101 ____ 10114 Mch'14
73 73
73 Apr '14
91
9015 Sale 90
5 90 95

t?.
g2

CHICAGO STOCK E XGFIANGE --StoeLc Heem.d.

o

STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
June 27

•Ionday
June 29

Tuesday
June 30

.Vedhesday
July 1

Thursday
July 2

Friday
July 3

Sales ey
the
W eek.
Shares.

STOCKS
CHICAGO STOOK
EXCHANGE

Range since Jan, 1.
Lowest.

nallroads
2
12 May2.
Chic City&O Ryptsh corn
Last Sale 12 May'14
*--_. 12 .__ 12 *____ 12 .___ 12
3812 J'ne 12
pref
'Do
June'14
10
Sale
Last
40
40 .38
40 .38
40 .36
.36
1
J'ne
21
eom100
Rye
&ley
Chime°
Last Sale 21 June'14
*-- 25 •____ 25 •____ 25 ._ 25
100 61 J'ne 1
Do pref
Last Sale 61 June'14
..---- 75 .____ 75 .____ 75 •____ 75
10
Jan
90
"1"-__
CU
part
Rya
Chic
655
9712
9712
98
9738 974 9714 9712 .97
9712 9712 *97
1,621 Chic Rys part elf "2"_-.. 27 Jan S
3534
35
3478 35
344 3414 3414 -3438 344 3434 347s 35
6 May 7
Chic Rye part elf "3"--June'14
Last Sate 6
612
612 .6
612 *8
612 .8
*8
2 Jan 14
Chic Rye p..rt CU "4"___
23
Sale
June'14
8
Last
*218 212 *218 212 *24 212 .24 212
17 Jan 15
21
35 Kansas City Ry & Lt_100
21
2012 *20
•20
2034 •20
20
.2012 22
*2012 22
100 35 Apr 8
pref
Do
3912
165
39
3914
3812
39
39
3812
39
3812
•____
39
....___
412Jan 7
Streets W Stable C L_100
Last Sale 412 Feb.14
4
*2
4
.2
4
.2
4
.2
100 25 Jan 26
Do ere(
Last Sale 25 Feb.14
22
.16
22
25 .18
25 .18
*16
P Iscellaneous
25 Apr 18
100
American Can
2712
Last Sale 274 June'14
264 •27
2812 *28
2612 .28
.28
100 8912 Jan 2
Do pref
Last Sale 9284 Mar'14
9012 .9112 92
9012 .90
9012 *90
*90
1 American Radiator-100 399 Apr 16
_ .39712 ____
490 400 *39712 -_
e39712
__ .30212 __ _ *3924
100 128 Mch14
Do pref
Last Sale 132 June'14
•123 li2 .128 132 .128 132 .128 132
35
85 Amer Shipbuilding-100 30 Jan 9
35 .33
*33
35
*33
35
33 .33
33
35
.33
100
76 Jan 8
prof
Do
Sale
May'14
Last
76
81
.79
81
.79
81
*79
81
.079
Last Sale 12112Feb'14
Amer Telep A 7eleg 100 118 Jan 2
*122 12212 *122 12212 .12034 1214 •12034 12114
34
34 .32
95 Bcoth Fisheries corn_ 100 32 J'ne 29
- *32
__ .32
•32 32
32
__
_
100 72 J'ne 26
Last Sale 72 June'14
Do 1s1 pref
72 ..71 -72 .71 -72
*71
72
*71
*32Last Sale 50 Dec'13
Cl & Chic Canal & D 100
504
504 *49
5018 *49
504 •49
.49
49 Apr 2,5
Tool_100
Pneumatic
54
U
Chic
-325
---544
541s
4
533
5312
5312
5312 5312 5312
-- .212 216
10 Chicago Title & Trust 100 20912 J'ne 5
21012 21012 .212 218 .212 218
*210 217 .210 216
13612 13812
167 Commonw.th-Edison.100 133 Jan 26
135 13512 135 138 *135 136 .138 13812 136 138
91s Jan 9
Last Sale 12 Feb.14
9
Corn Prod Ref Co com100
.8
9
.8
9
.8
9
*8
100
Last Sale 77 Feb'13
Do pref
.6312 6512 *6312 6512 .634 654 .8312 8512
100 9112Jan 2
941s• 9418 --------84 Diamond Match
95
95
95
94
95 .9412 95
95
Last Sale 2314 Mar'14
Goodrich (13.F.) Com_101 2314 Mcn30
*2318 24
*2318 24 .2318 24 .2318 24
30 Hart Shaft & Marx 0(100 10012Jan 2
*102 10312 *102 10312 .102 10312 10212 10212 10212 10212 -------597 Jan 9
100
6718
64
8
Brick
667
8
663
1,285
67
ilinola
.68
864
66
6613
68
68
66
Last Sale 1041gM'y'14
Internet Harvester Co100 10412 May 11
---- ---_ --- ---- ---_ ____ ---- ---Last Sale 7634 Aug'12
Knickerbocker Ice pf 10C
77 .___. 77 ....- 77
1
._
13____ 77 '
100 12334Jan 14
180 130
----------------25 National Biscuit
.129 133 .129 133 .129 133
Last Sale 128 June'14
100 12114 Feb 16
Do pref
.128 128 *127 129 .127 129 •127 129
1174 1174 11612 11812
100 /105 Apr 29
72 National Carbon
11712 11712 11712 1174 .11612 1174 '118 118
100 11514 Jan 2/
10 1/0 prof
121 121 .121 122 *120 121 •121 122
*120 121 *120 121
40
210 Pacific Gas & El Co_100 35 Jan 9
394 3913 3912 3978 394 40
- *39
__ *39
*39
724 People's Gas L&Coke.100 119 Apr 25
11912 120 11612 11034 11934 120 11912 11972 11934 122
120 fio
781 --------42 Pub Sery alio III corn 100 76 May29
76
*7612 77 .7612 77
*7812 77
.7812 77
9612 ---------------100 94 May20
98
203
Do pref
97
98
96
96
97
*96
Last
10
12 Mch 23
*9
Sale12 Mar'14
100
10
*9
'timely cOlnmOn
11
.9
11
*9
28
100 30 Mch 23
Last Sale 30 Mar'14
28 .27
*25
28
Do pref
*24
26
*24
190 195
188 189
19512 19712 3,192 Sears-Roebtick eom_100 178 Apr 25
18558 18714 1881s 187
*186 187
100 122 Jan 14
Last Sale 12314.1'ne.14
Do prof
*121 123 *121 123 .121 123 .121 123
Last Sale Ms Feb.14
StudebakerCorp com.I00 274 Feb 3
•2813 2912 .284 294 •2811 2011 .2812 204
100 83 Feb 3
83
Last Sale 86 Feb'14
*82
Do pref
83
83 •82
83 .82
.82
100 10434Jan 3
10512 10578 106 10618
10538 106
401 Swift & Co
*108 1064 10534 10614 10514 106
Last Sale 235 June'14
The Quaker Oats Co_100 230 Jan 6
*235 240 .235 240 .235 240 .235 240
100 102 Jan 6
Do prof
*108 107 .108 10614 *106 10614 10614 10614 -----------------10
100 140 Feb 9
560 Union Carbide Co
15238 15238 152 15214 15234 15234 --------15212 15412
*151 153
Unit Box Bd & P Co-100
100 57 Apr 20
cm
Steel
9
4
613
U
60
813
65
4
150
-..-..
..--_-- ---.T.-.
11212 11-212 11278 11278
11278 11278 1124 1124 11212 113
98 Ward, Monte')& no pref 109 Jan 3
*11212 113
314 May 1
100
Last Sale 34 May'14
Western Stone
.24 4
*24 4
•212 4
.212 4
100
Loot Sate 91 May'13
Woolworth.rom

Chicago Banks and Trust Companies
NAME.

Dividend Record
Capital Snip,
Per- Last Paid,
In
Stock.1 Profits t In
1912. 1913. Sod.
(00s am Wed.)

Bid. AO,

NAME.

Highest.
204Jan 31
5512 Feb 2
25 Jan 19
70 Jan 21
9934 J'ne 24
3534 J'ne 4
812Jan 29
4 Jan 2
22 May 8
4012 May 7
411Jan 7
25 Jan 28

Range (or Previous
Year 1913),
Lowest.

....
2412 J'ne
70 fly
88 Jan
18 J'ne
512 J'ne
2 J'ne
1814 J'ly
3512 Nov
438 Dec
25 Sep

532,7
432.3
53,1
8
1.687,6
140.2 8&2e
121,0
10

Jaa
30.
91 Jan
102 J'ne
3314 Sep
9 Sep
458 Apr
37 Sep
38 Oct
94 Jan
45 Meh

347 Jan 23
2112 J'ne
4511 Jan
9514 Jan 27 r 81 J'he 12914 Jan
500 Feb
940 Feb 16 400 Oct
13412Feb 6 125 Dec 135 May
55 Jan
28 Nov
94 Jan 31
78 Nov 10312 Jan
92 Feb 4
124 Jan 28 11034 Dec 13934 Jan
5014 Jan 21
4912 Dec
71 Jan
894 Jan
734 J'ne
8422 Jan 27
40 J'ly
55 Jan
5512 Sep
60 Feb 13
4712 J'ne
218 Mch 17 200 Apr 221 Sep
140 Mc1316 u12412 Dec 155 Sep
1812 Jan
8 J'ne
13 Jan 31
77 Feb
77 Feb
90 Oct 11014 Feb
102 Jan 28
53 Fib
1512 NOv
28 Feb 4
94 1 Ich 10012 Dec
108 alch17
7812 Jan
58 Nov
70 Jan 30
III Jan 22 100 J'ne 115 Jan
138 Feb 3 105 J'ne
126 J'ne 9 116 Dec
161 Feb 19 113' J'ne
121 J'ne30 1114 J'ly
33 Nov
474 Feb 13
125 Jan 5 104 J'ne
65 J'ly
81 Mch 4
8914 Dec
100 Feb 7
19 Aug
17's Jan 14
4012 Aug
4034Jan 14
19712.1'1y 3 155 J'ne
125 J'ne 8 117 MaY
1614 Nov
3034 Feb 5
86 Nov
86 Feb 4
10712Feb 27 101 J'ne
250 Mch21 105 J'ne
9934 J'ne
107 Feb 28
15812 Mch24 8142 Dec
1 Jab
8712 Feb 13 • 50 rile
114 Mch17 10512 Feb
9 fly
64 Jan 14
R714 M eh

Dividend Record
Capital Sort/. &
Per- Last Paid.
Di
tim
Stork. I Profits t
1912. 1913. iod
(00s em tied.)

Southwest Tr & 8 3200,0
Standard Tr &Say 1,000.0
200,0
Stoekmen's Tr AS
Union Trust Co-_ 1,200,0
400,0
WestSide Tr&Say
200,0
Woodlawn Tr &

Ilighssl.

Q-/
6 Q-M
J-J
6
13&30 Q 51
12 Q-181
10
Q-J

130 Set,
123 Jan
137 Dee
118 Jan
63 Jan
180 Sep
85 Aug
1014 Jan
69 Feb •
9718 Feb
21414 Jan
1244 Feb
34 Feb
70 Nov
10778 M eh
280 Feb
10811 Feb
318 Nov
14 Feb
8834 Jan
111 Sep
1412 Jan
112 Jan

Bid, Ask.

July '14, 146 120 125
Mch.31.14.112 161 185
Liu. '14, 3 145 150
Mch.31'14,2
Mch.31'14,3 350 375
Apr. 14. 214 225 230

Nich.31.14 112 184 188
215 5)4w
American State__ 5400,0 $127,0
73,4 None
An Jan '14, 8 225 250
8
100.0
Calumet National
21,8 Org. J an. 37 13. V.95, p.1565 105 108
200,0
Capital litate____
250,0
31,5 Beg. b us. Oat 7'l2 V. 95,p. 944 153 158
Central Mfg Diet_
Apr.'14, 3 277 279
114
Cont & Cool Nat_ 21,500.0 11,220,1) 10
18&8y Q-J Apr.'14, 4 402 405
Corn Each Nat__ 3,000,0 6,635,8 16
'14, 154 8220 225
July
Q-J
6
6
151,8
m300,0
Drexel State
Q-J Apr. '14, 242 250 260
10
394,7 10
750,0
Drovers' National
Q-J Apr. '14, 2 170 175
8
8
59,1
200,0
Englewood State.
BONDS
17 Q-M Me/331.14,414 415 419
FirstNational___ 10,000,0 12,318,8 17
Rang:
Prim
rda
Week's
InterCHICAGO STOCK
1214 10&34 Q-M Meh.31.14 24 350 355
248.1
150,0
FlretNatEnglew'd
• Sines
Sold
Friday
Range or
est
EXCHANGE
Ba
nk
Priv
at.
525,5
Bros.__
1,000,0
Foreman
Last Sale
January I.
period
July 3
3
July
Ending
Week
2
'14,
250 258
Q-J Apr.
8
11 Dearborn Nat_ 2,000.0 1.010,9
120 125
529.8 Org. N ov 25 1912
200,0
Halsted St State_
Bid
4:0 Low
High No. Low
High
Hibernian ilk Amin 2,000,0 1,254.7 Not on billeted -me e note (11)
91 Feb '13
Am Tel & Tel coil 4e....1929 J - J t•
55.0
Q-J July '14 2129 135 138
200.0
Hyde Park State_
2 -894 93
92
8
927
-D
8
92
.1
925
1939
Armour & Co 434.
15,9 -Org
. Feb 12 ; V.94 D465. 124 129
100,0
--a nIrving Park Nat__
824 Aprll'12
77
173
1928
Auto Mee let M III
Jan. Ile,
255 300
400.0
224,7 10 111.A5o
Kasper State____
1164 May '12 -I-. 97
Cal Gas & El unit & ref 5s 1937 5.1-N
200,0
115 Q-J Apr '14, 1)5 106 110
8.5 ---Lake View State_
14 "9914 fa"
1004
1927 F - A 100 Sale 100
Chicalte City Ry 55
200,0
67,6
Q-M Meh.31.14, 2 270 275
Lawnclale State__
79
79
79 June'14
8578
A -0 178
5e-41927
Ityli
Con
&
City
Chia
14.3
.
245
Meh.31
250
Q-M
12
685.6 10.1k2e
Live Stk Each Nat 1,250,0
June'14
9578 100
100
-J
J
1914
5,
Ry
Elev
Chicago
60,2 Beg, b us.Aug 26'1 V 95, o 593 134 136
200,0
Mach & Trad State
954 Apr '14
9212 9514
98
J -I
Chic Pneu Tool 151 5e...a
8
8 Q-J Mch.31'14,2. 198 200
Nat Ilk of Repub. 2,000.0 1,472,3
8 9612 9918
984
985s
9858 Sale
1927 F - A
Chicago Rye 5e
6
Q-1 Apr.'14, 134 158 160
830,6
2,000,0
National City.,.,
9258
927s 10 91
94
imerien 'A" A -0 O 9278 93
Chia Rye 51
6
Q-J Apr. '14, 11.4 kill 175
6
126,7
National Produce /250,0
33 7814 8138
79
7814
merles "B" J -D t 79 Sale
43
Rys
14,
July
INS
CAW
112,0
7
155
160
200.0
State_
North Ave
June'14
98
95
F
9534
A
95
944
"C"
series
O
4.
Rya
Chia
'14,
6
Apr.
114
20.2
Q-J
6
133 135
200,0
North Side 9t Say
100 Jan •12
1913 F - A
Chia Rye col( es
7
6
79.6
Q-J July '14 14 170 174
300,0
North West State
Apr'14
70
69
-67776-4
65
V.95,0. 1944 ..- 104
Chic Ry Pr m M g 4e_e1927 J -J
9,7 Org. N ov. 27
200,0
Ogden Ave State_
46 Juno'14
48
48
5414
Ntayl
45
4a-e1927
Inc
AIM
Ry
212
'14,
Chic
275 300
10
144.3 10
Q-j Apr.
500.0
Peoplit'sfitk YcloSt
15 9934 10118
Sale
101
10118
110118
-D
.1
58_1923
Chicago Telephone
27.0 Beg. b us Nov 1'11 V.93, p. 1235
200,0
Second Security__
97 June'14
9714 98
ret 0 m_1932 J -J t ---- 9714
Co
Gas
Apr.
2
'14,
245
250
Cicero
7)4
6
Q-1
181,7
400,0
Security
10218 17 10058 10218
Commonw-Edison 51....._1943 *1-S 1024 Sale 102
8&.2e Q-1 Ap.. '14, 2 220 225
8
154,9
285,8
South Chicago Say
3 1004 10138
10138
Commonw Else 5___51943 1.4- 8 110118 10134 10138
6
Q-,1 Apr. '14, 134 135 138
6
31.0
200,1
South Side State_
010038 101
June'14
8
5
100
N
NI5c...1924
9914 10018
M
let
Pack
3
'14,
Apr.
Cudahy
388
12
12
390
Q-J
State Bank of Chic 1,500,0 2,888,3
'14
Apr
10512
1920
104 10511
ea
deb
Dia Mateh Con
50.3 Beg. b ne.Aug 19'1 J V.95, p.523 125 130
200,0
State Bank ol Italy
notea_1915 A ---- 9984 April'12
L
let
6%
Mai-31'14.4
-M
Q
10
Mot
15
___
350
Gen
258,9
250,0
Stock Yards Say_
10038 May'14
tooi;
6 M-N May'14, 3 174 176
184,4
Lot Liar 3-yr 5% g noteo_1915 F - A ---500,0
Union Bk of Chic_
1054 AprU'I2
Inland Steel let 04 g 611-.1028
30,6
6)4 10&3e Q-J Apr, 14. 2N4 235
100,0
Washingt'nPkNat
Co
Light
&
24.5
Ry
City
'14,
Apr.
9
Kau
Q-J
227
2,103,5
229
Central Tr Co of III 4,500,0
90 Oct '12
1913 NI- N
422.9 10A2e 12&le .1-J Jan.'14, 6 290 300
5$
500,0
Chicago City BAT
63 June'14
68 68
1928 J -J
Q-J Apr.'14, 134 142 144
8
6
Lake St 142-1st 5a
275,8
Chicago Say 13 AT 1,000,0
2 7732 84
A
8112
F
8112
43_1938
lit
El
Side
2)5
'14,
Apr.
516
212
W
814
8
Melt
Q-J
Chicago Title & Tr 5,600,0 52,886,9
7914 May'14
1938 J -J
8012
74
Ext.:MS(0n g 41
Q-J July '14, 2 --- 150
(0)
503,4 8&24
Colonial Ti & Say 1,000,0
10448 Aptil'12
F-A
MU El Ry Lt 1st g 58_1926 J -J
3,000.0 1,879,1 Not pti Wished -se e note (11)
(111_,
Cons& Com Tr&
12
95
.
Apt11
4148_1931
est
&
2N5
Q-J
ref
'14,
Apr.
10
do
285
192,9 10
250,0
Drovers Tr & Say
1939 J - .1 I 86'l 8712 8758 June'14
80
Morris A Co 444e
First Trust & Say 5,000.0 4,110,7 None None Q-M Dee30'11„ 4
10014 May'12
1952 11-N
117,3 Beg. b us.Apr 3'11 V.92, p.929
Nat Tube let g 53
500,0
FtDearborn Tr&S
A -0 I 9914 10114 99
Jan'14
58_4_1922
99
99
g
Q-J Mch 31'14,114 162 166
Nor Shore RI 150
132.7
300,0
Franklin Tr & Say
93
974 June'13
974 9812
let A ref cc 51-1940 A -0 1151
10
Q-1 Apr. '14, 214
do
326,9 10
Greenebaum Sons 1,500,0
93
A
F
'12
Sept
9512
91
53_1937
lot
III
of
.1-J
Jan.
'14
Gam
a
3l4 jai 136
Nor Sh
82,5
200,0
Guts,antes Ti &
1 -972 foK
9914
NWOLA Coke Co 58_1923 Q -51 : 9918 9934 9914
Harris Tr A Say_ 1,500,0 2,658.8 12 12&10e Q-J July'14. By
3 93
96
50 Sale
954
1945 111-N
96
84,2 Beg. b us.Apr 10'1 1.V.92,p.1004 151 153
Ogden Gas es
300.0
Home Bank & Tr_
11512
Sept'12
0
A
83_1943
let
Apr. 14, 4 470 480
PeOp Gas L C
Illinois Tr di Say_ 5,000,0 10,599,4 18A4e 16A4e
10118 26 -55; fcrii
1947 144- S t15572 111J 10078
55
Apr
Q-J
'14,
4
7&2e
7
13
gold
109.1
190
Refunding
200,0
195
&Say
Ti
Kenwool
2____ 10414 1034 June'14
101 love'
6
Q-J Apr .14, 1NI 180 183
111,4
Chia Gas LA C 1,0 84.1937 J - J
300,0
Lake View Tr&Say
10034 Mel) 14
1938 J -D I 9978
99 10114
Consum Gas let 5s
343,6 Bea. UP. Ma y'10
it La Salle StTr& Se 1,000,0
10012
10012
1947 1.4-N :10012
51
6
lit
Oas
100 10012
'12.
Fuel
D
G
Org.
Mutual
cc.
7.9
160
165
275,
Say_
Liberty Tr A
9014 904 June'14
1 90
9014 9884
31,0 Org. 9 apt. 5 '12. V. 95, p. 593 112 114
Pub Sere Co lot ref g 5s-1956
200,0
Market Tr A Say_
9312
9318
1924
934 June'14
90 91
58.0 Bea. b us-Ply 1'12 V. 94, p. 484 181 185
250,0
South Side Elie 444e
MerentileTr&Say
1014
10018 Mar'14
100 1018,
16
Q-J Apr.'14, 4 420 424
16
Switt & Co 1st g 5s
Merchants' L &Tr 3,000,0 7,428.1
1944
9814 Sale
Lit,!g 5s
9618
9838 16 96
Q-J July '14, 134 130 135
974
5
do
73.0
200,
Michigan Ave Ti.
.b tie. Ap 10,1 1.V.92,0.1004 205 209
142,7 C-o-rt1Tri-City By A Lt eon
500,
Mid-City Tr& Say
1923
9814 AprIl'12
8 Q-M W11.31'14,2 318 323
8
trust Ilea • f 5s
1,500,0 2,901,0
Northern Tr Co
1945
85 Sale
84
J-J Jan.'14, 5 270 275
aa 18 lSlj 8$
8
8
136,0
Union Elee (Loop) 5s
300,1
Nor-West Tr A 8_
100 May'12
58,3 Beg. b us.rne 1 11 V.92, p.1637
110
G Gypsum BIte
200,0
Old Colony Tr AS
1922
9938 Dec'13
8 912A2e Q-J July '14, 214 278 283
246,2
Western Elea Co 5s
500,
People's Ti & Say
8
284.2
8
300,0
Q-J Nich .3114.2 200
Pullman Tr & Say
added to all Chicago Price
3
Note-Accrued interest ram
47,5
200.0
Q-J Mch 3114,212 153 156
Sheridan Tr A Say
No
sales were mane on this day.
4 (close of business for national banks and April 4 (opening of business) for State Institutions.
March
no
prices;
ask
and
'Bid
price this week. /sem. 1 1911. 11 Dividen ds not published; ock all acquired by the Continental & Commercial National Dank. a Due Dec. 31,
price Friday; latest
Aprli
extra
payments
with
beginning
-J.,
18.
y
Q.
paid
reported
are
Divs.
stock.
14%
New
k
of this is extra. z Sales
1. e Extra dly.
Due June. c Due Jan.
accumulated dividend. w Increase in capital to $400,000 authorised Sept. 24, a cash div. of 75% being paid In connection thereQ.-F. t Dec. 31 1913. o Ex-24%
5 Ex-dly. and ex-stock div. is 52 assessment paid. o Paid 8% reg. and 114 extra on old capital Kock of $600.000 and 134% on new
with. V. 65, p. 1000, 574.
stock diy. in Capital to be increased to $350,000. V. 98. D. 812. /Capital to be increased to $300,000; a 20% cub dividend tO
capita. 51,000,000. 1 Ex-501
therewith, V. 93. P. 1132. 5 April 21 1914. yIncludeS extra dividend. n Suspended business June 12. V.98, p. 1824. pDcclslt4 1116.
be declared In connection
and 114 quarterly thereafter.
payable 212% July 1




Chicago Bond Record

izis

JULY 4 1914.1

TIM CI-113.0,1\11CLE

VOIWile 01 _),ISILLTMA
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
Stocks.
Week etunny
July 3 1914.

Shares.

Per Value.

Railroad,
ye.,
1
Bonds.

State
Bonds.

U. S.
Bonds.

Telegraph and Telephone
e Amer 'Pelee & Cable...10(
C Central & South Amer_10C
Comml On Tel (N Y)26
Empire & Bay trate Te1 100
Franklin
100
,Gold & Stock Teleg- -100
Marconi Wireless Tel of Am5
e Northwestern Teleg____50
Pacific & Atlantic
25
e Pao Telep & Telex pref_100
Southern & Atlantic
25

37
B.a
50
104
100
60
40
110
*234
108
60•
185
85

Ask
60
105
110
70

ao

121
3
115
70
90
95

Indust and Miscell-(Con)
Am Steel Fdy 6s 1035_A-G
Deb 48 1923
F-A
American Surety
50
American Thread pref....6
Amer Typefoundere corn.100
Preferred
Deb g Os 1939
Amer Writing Paper-91
1N
0
-1
Barney & Smith Car corn 100
Preferred
100
Blpr
lase
(
fE
effW
ed
)
)
Co corn
50

FIG
100
71
168
*4

36

AO;
102
75
175
39
94 •
95

9922es
---- 1212
-_ -_ 46
$1,000
so
87
1,000
128
Short-Term Notes
Bond & Mtge Guar
100 204 299 :
4,500 Amal Copper 64 1915-M-2 10014 10012
e
1
14
er
5
41, 115
'
erere
C
ind Milk com.1
59 110
100
8,000 Amer Locomotive 631915 J-J
105
997s 10038
Ss 1916
J-J
9034 10038 Braden Copper Mines ____5 .75s 734
Total
769,164 3640.543So 59,300,000
63 1917
8657,000 1114.590
J-J
9978 10038 e Brown Shoe
42
100
35
Am Tel & T Sub Cos 5s '16. 100 100,s
90
Preferred corne
100 84
Balto & Ohio 43.s 1915-1-3 100 10018 C Butterick Co
Saks at
Week ending July 3.
202
100 28
Jan. 1 to July 3.
Bklyn Rap Tr-See NY Stk Ex list. Casualty Cool Amesica 100 95 1(15
New York Stock
Ches & Ohio 55 1919._ -143 9434 95 Celluloid Co
Exchange.
100 130 132
1914.
1913.
1914.
1913.
Erie Coll 5a0ct 1 1914.A-0 100 10012 City Investing
20
100 15
Co
Coll Ter April 1 1915....A-0 9934 100
Stocks-No.shares__
85
Preferred
769,164
801,951
46,738,189
38,460,6251
100 75
5103
Apr
1917
Par value
A-0 9878 9918 C (Medlin (H B) Co com-100 ---- 30
567,057,350 572,617,350 $3,353,893,829 $4,208,304,125
Benk shares, par
e let preferred
50
65,030
$9,700
$90,300 Har Riv & Pt Ch 5)3'15 M.N 9634 9734
5263,100
10
Hocking Valley bs •14.131-N 10012 10034 cieuet
Bonds.
2tpre y 4, c..0-3
50
144
00
Government bonds
list
92
$14,500
5533,500 Int & Gt Nor Sc 1914 F-A 89
$459,500
$30,500
State bonds
657,003
16,125,200 Inter Harvester 55 '15_ F-A 100 10014 Comm! Car Heating
417,500
30,683,500
100 51-11;717i 75
ER..,ad misc.Donde_
347.671,0001
9,300,000
as
iirtIn
270,990,500 MUM &1St L gee 1916F-A 90 95 eCeop
feernred
tal Can com_100 42
5,229,500
Mo Kan & Tex 5211915_M-N
89 93
9114
Total bende__ _____
W1,941,
$378,814,000 $287,140,200 Missouri Pacific 6s 19153-U 90 93 e Crucible Steel com
..i,500
10
0° 9
15
03
'2
4 16
New Log Nay Os 1917 _RUN 94
e Preferred
96
100 90
DAILY THANJACrioNs AT THE BOS ros AND PHILADELPHIA
*NYC Lines Eq Ss 1914-22 5 4.70 4.60 Davis-Daly Copper Co___10
•12 34
414e lap 1915-1925
EXCHANGES.
J-J 6 4.70 4.60 duPont(EI) de Nem Pow 100 120 124
432e Jan 1915-1927.. _J-J II 4.70 4.60
e Preferred
82 83
100
N Y Cent 4128 1915
20
10018 10012 Emerson-BrantIngham 10
23
Bosion.
Philadelphia.
5s Sept 15 1914
Preferred
10014 100513
IVeek ending
76
100 72
Se Nov 5 1914
10038 10058 Empire Steel & Iron corn 100
_ 13
July 3 1914.
Unlisted! Bond
Bona
Listed
NYNH&H bs 15 _M-N 9754 0812
Preferred
25
Shares! Mies.
100 15
Share*. Shares. I Sales.
Seaboard Air L its' bald M-S 9934 10018 e Federal Min & Smelt _10
10
1412
Southern Ry As
e Preferred
F-A 0958 9978
33
Saturday
37
$10,000
3,994i
1,315
10
1,4171
$8,000
bs
Monday
36,100
5,957
1,693
1,190;
73,700 WestMch 2 19171916_.M-S2 9958 9978 e General Chemical com_100 165 180
Maryland
be 1915_J-J 89
e Preferred
Tue:lay
13,711
13,8,10
96
3,367
6,255:
100 10914 11014
78,000
7,941
W0.1,.e. lay
36,000
lls
1,454
10 •158
2,1821
117,600 Westingh'se El gx NI Os 1015 102 10238 Goldfield Conseil 51
k Hackensack Water Co10,793
23,000
Thc.:' Ay
1,623
437,000
1,661
1st g le 1952 op 1912 J-.1 84
10,975
11,000
8514
Friday
79,000 e Cble & Railroads
4,259,
2,298
Alton corn
912 Hale & Kilburn e. m
100
30
100 25
e Preferred
100 13
Preferred
0
53,S641 51e.. ,0.i0
25
100 75
80
11,750
16,1061 $423,300 *ChM
St P
& Om
100 130 140
Havana Tobacco Co
2
4
100
"--Nare.-Boston "Unlisted ieriartmenta-disconrinue
-..TMey 1.
•Preferred
100 135 14
25
12
315
9
100
•Colo & South coin
100 2212
letPreig be June 1 1929_1-D 1 62
66
Clot preferred
100 40
42 Hoboken Land & Improve't
e 24 preferred
100
tireNvoz 1p9r3oOducte.M_I-00N 1030
40 aoleak
e Del SS & All com.-.100 33
4
4
5
e
%I. (Milo [Alice. are A...VI -and ,nao.eat- escape
Preferred
wric_e mar: ed • f"
100
11
8
41
let
g 54 1961
.1-3 37
4N Y Chic & St L com_100 35
40 e Ingersoll-Rand com...100 105
'Street Rallways-(Len.)
Bid Ask
e
let
preferred
100 92 100
100 92 _
Stroet Railways
e Preferred
Bid Ask United Rye 01St L•24 preferred
100 65
80 Interoontin Rub com
61
712
Common
100
100 10
Northern Securities Stubs_
102 106 Internet Banking Co
New Fork City
105
100
e Preferred
100 34
36
Pith
Bess
&
Lake
830
Bleeek St & Fully stk _100 19
33 InUrntatlozal Nickel-1g 19
117
26 Wash Ry & El Co
...
_90
100 8512 .
1:2
51
Preferred
50 *60
66
1st ratge 4s 1950
10612
3-3 68
73
Preferred
e Railroad Securities CoInternational Bait
B'y & 7th Ave elk
19
100
j-0:)
)
. :2
134 :Ve
7
4s 1951
100 170 185
ll' C stk trctfo8erA
67
75
let
Broadway Surface RRg
be
1951
8
Wort Penn Tr&WatPow 100
West Pac lot As 1933_51-5
47
48 International Silver pref-A1-00
let be 1924
J-J 10104 1023, Preferred
° I 15405 loo 30 ---Standard
Oil
stocks
Per share I let 64 1948
Cent Crosstown stock_100
3-13 109 110
10 Electric, Gas & Power COO
Anglo-American Oil new_
•161
let nage Os 1922._ M-14 99 103
rre
Srporfleng
634 Hell); p
figl
d Tire ....100 67
58
Atlantic Refining
155 585 5L3
Christopher & 10th St atkl0C 120 135
100 70
80
New York Mg
Borne-Scry
mser
100 290 300
2d preferred
Dry Dock E D & BattCent Un Gas bs 1927---3-.1 10112 10311 Buckeye Pipe Co
100
Line Co___60 *137 140 ei,iL
ittanw m
Lm
ac
aI
Steel„,e01,o,...... ..10
n
ipon
ianocaonc,dyo
ler gold ba 1932
J-11 98 100 e Kings Co El L & P Co-100 122 12311
9°
30
0 9
34
Cheeehrougu Mfg Cons_100 650 660
Scrip ba 1914
F-A
21
100 8112 83
27 Now Amsterdam GeeColonial 011
1011 95 105
Eighth Avenue atock
Lawyers' Mtge Co
100 280 310
100 188 102
let consol As 1948
.1-3 102 10312 Continental
011
100 220 225
Lehigh Val Coal Sales_
Scrip lis 1014
F-A
44:60
t05518 180
99 1001a N Y dr E R. Gas let 54'44 .4
- 100
0;
0 00
.6 17
21
i-11:5
0412 Crescent Pipe Line
211).2 102
Co___50 547
dId & Or St Fy stock
Al)
Manhattan Shirt
100 240 180
Consol be 1945
100 50 60
Cumberland Pipe Line...100 55
420 St 51 & St N Ave
100
x100
N Y & Q El L & Pow Co_100 ---- ____
101
Eureka Pipe Line Co
5 Ma
100 260 2S0
Fnrhfaerrtrini Transit
let 61ext at5% to'40-M-S 100 105
Preferred
20
*58
100 ---- ---- Gal
perna
elotl:inal Oil com 100 174 177
Mortgage Bond Co
Ninth Avenue stock..
100 155 170 N Y & Richmond Gas
101
100 37
45
100 145 150
Nat Cloak & Suit com_.-1
Second Avenue stock-100
65
4
3 North'n Un 181 5211997_11-N 10034 103
50
100
00 9
Indiana Pipe Line
*122
Consol be 1948 ctfe_F-A f 20
25 Standard G L lot bs'30 M-N 100 104
11814.
National Transit Co
2
25 *35 1.
1g e ITargoen
r
r
a
e
l°
Surety
eighth Avenue stook...JO° 116 120
182
New York Transit Co--100 265 270 e New
York Air Brake-1
Sou Bouley 58 1945
978
57'4 61)
0
° 15
10
°99
Other Cities.
J-J 8912 100
Northern Pipe Line Co_100 108 112 e New York
Dock com-100
▪ Fer let be 1019
20
A-0 90
98 Am Gas & Elm com
5
50 *85
88
Ohio 01l Co
25 *179
Preferred
tiO
Tarry WP & ha ba
Preferred
75
"5
50
49
Pierce 011 (new)
•181
ed
& Security
28 & 29th Ste Sc 96 cue A-0 15
15 Am Lt & Tree corn
100 343: 342
Prairie Oil & Gas
100
430
Union Es' let bri 1942__F-A 1021 104
al
Preferred
111
Solar Refining
100 295
Westchester let 5a '43-.1-2 89
09 Amer Power & Lt com..1
els
°000
° 1012
° 63
Southern Pipe Line Co_100
34
183
2
019
4
55112 NNN
100 28
20
N 161;
1 2
1 s'rulet
-'PI'rBel
Transportationfernr
g3
Yonkers St RR be 1946.31-0 89
Preferred
eo
100 1811 8212 South Penn 011
285 Ohio Copper Co
SI
.1,38
Bay State Gas
11
60
Sou West Pa Pipe Lhies-100 143 148 e Ontario
Silver
Brooklyn
Buffalo City Gas striek 100
31
2
Standard 011 (California)100 320 322 Otte
Elevator corn
/Alan Ave lin con Sc '31A-0 101 103 Cities Service Co corn-l00 793 SO
71
Stand 011 (Indiana) ..-100 460 465
Preferred
BB&WE
Preferred
11/33.--A-0 97 100
100
97
100 71
73
Standard Oil(Kamm)-100 405 410 e
Brooklyn City RR
10 173 175 Columbia Gee & Elec
27
Co 100
.
990 -97
.2
1
55
100 1058 1034 Stand 011 of Kentucky- 100 2/0
275
e lit preferred
Bklyn ugh let be 1941-A-0 100 102
99
let bs 1927
100
.1-3 681 70
Stand 011 01 Nebraska 100 340 350
PitptarebfuerrrgehdBrewing
Coney lel & Bklyn
100 90 100 Con Use of NJ be 1936__J-J
50 *912 934
98
Stand 011 01 N J (old) 100
lit cons g 4e 1948
.2512
81 Consumers' L H & PowJ-J 82
Stand 011 of NJ
100 404 iiii- e Pittsburgh Steel pref_ 5°.,1(h
Con g 48 1956
85 87
J-J 80 84
be 1938
J-D 99
Standard 011 subsidiariesBrk C & N bs 1939
. Pope Mfg Co coin
1
100
J-J 9912 1001: Consumers Power (Minn)
Standard
01101
N Y___100 210 iii
Naftali Eleo let & 1944 A-0 109 104
Preferred
II 2
100
let & ref 60 29 Opt'1461-N
8812 91
Standard 011 of Ohio
100 400 410
14 Wmaburgh di FlatbushPratt & Whitney pref
100 9712 10113.
Denver G & El ba 1949.34-N
90
92
Swan
&
Finch
100 185 11 Producers
1st 4)4s July 1941
92
eers
3 0110341y3)
96 Electric Bond Share peel 100 0984 100
F-A
100
1.00 130
Union Tank Line Co
100 85
Steinway lir 64 1922....-J107 lib
99 1112 Elizabeth Gas Lt Co
100 325
Vacuum Oil
10 219 211 Relm
eting
prteofe
nTypewUr com100 20
Essex & Hudson Gas-- 100 133 135
21
Washington
Oil
10 *45
Other CUles.
96
Gas & El Bergen Co____100 90 93
98.
100
Waters-Pierce 011
Buff St its' let con bs 31F-A 102 104 (RI West Pow
100
Id preferred
89
100 87
be 1946-.1-.1
80
Com'W'Ith Pow its' & L-100 60
Royal Bak Powd com
61 Hudson County Gas___100 iii" 133
100 177 180
Tobacco Stocks
Preferred
Preferred
100 824 84 Indiana Lighting Co-. _100 39
100 10314 10412
42
(See also Stock Exchange List)
•Conn Ry da Ltg corn
Safety Car Heat di Lt.....100 104's 10512
100 59
61
4s 1058 opt
70
F
-A
72
Amer
Cigar
corn
100 128 132 Seare.Roebuck&Co-SeeN Y Stk
'Preferred
100 62
65 Indianapolis Gas
60 1110
Preferred
100 97 100
•Detroit United Ry____100 67s4 6914
er Arefeirrdg -see Chic Stk Ex II. t.
00 shie2P
1st g be 1052
A-0 89
91
Amer Machine & Fdy...10
Federal Light & Trac
85
100 22
Co
25 Jackson Gas ea g 1937__A-0 9712 100
100 3327 332
BrItiati-ame
rican Tobac...£1 •2114 214 Standard Coupler com_100 25
Preferred
100 72
76 eLacledeGasL(SLouis)100 94 98
33
New stock
Mayans Elec try L & P 100 70
*2114 22
Preferred
e Preferred
79
100 105 111
100
95
Conley
Foil
Preferred
100 275 300 Stewart-Warner Speedo'r100 6012
100 1023495 Madison Gas Os 1926 A-0 102 107
e Heinle (Geo %in com loo 155
Louisv St be 1930
J-J
10314 Narragan (Pros') El Co 60 •82
100 98 166"
e Preferred
se
New On Rye & Lt com-100
100 108
Newark (las fis Apr '44 Q-J 120
& Sons prel _10
92 95
Johnson Tin Foll&Meta) 100 125
'Preferred
. Newark Consol Gas
100
175 Texas & Pacific Coal
100 98 100
100
96
97
MacAndrews & Forbes_100
IN Y State Rye com....„100 68
63 No Bud L II & P as 1938A-0 99
98 105
Porto-Wadi-Amer Tob_100 190 200 5 Texas Pacific Land Tr_10
eNor Ohio Tr & Lt com-100 el
66 Pacific Gas & E com____100 39 "ir Reynolds
240 250 TonopahMin(Nev)-SeaPhil Stk 6 e list
(12 3)'Tobacco_100 265 275 Trenton
Pub Sere Corp of N J-See Stk E a list
Preferred
Potteries com_10
4
6
100 8012 82
Tobacco Products corn 100 100
Tr ells 6% perpetual.... 1043 10512 Pat dr Pas Gaa & Eleo
lit
Prelis e
ocI
p new
100 45
100 90
bb
Preferred
78
No Jer St let 4s 1948 ra-N
100 85
go St Joseph Gas 156 1937.....i-J 80
United
18
14
100
88
Cigar Mfrs corn loo 46
Cons Tract el N J
100 73
73 Standard Gas & El (Del) 60 *612 712 0 United
lerred
rerfeerred
8
49834
P
3r
2
10
6
C Preferred
let be 1933
100 95 100 e United Dry Goods
J-D 102 1034
Preferred
100
50
25
.
*
2112
65
224
United
Cigar
Stores
New'k Pus Ry be '30 3-.1 1041 106 United Electric of N Jcom 100 8938
100 60
63
Preferred
Rapid Tran St Ry_._ 100 230
190 110 115
1st g 45 1949
U is Casualty
J-D 81
100 190 110
I Weyman-Bruton Co
82
lit is 1921
100 215 300 U S Effneed
A-0 10111 ior United Gas & Eleo Corp-100 27
ev
g
rrelo
dpe co
corn
140
100
146
I
30
Preferred
.10 Hob & Pat le'49 M-N
764 77
100 110
let preferred
100 67
10(, 1.0412 10612
6912 Young (2 B) Co
So J Gas El & Trac___100 126 130
100 125 140
20 r referred
U S Finishing
100 31
412 8
100
33
Gu g ba 1953
M-S 984 991 Utah Securities Corp
100
1814
100
2712 ---..
183
4
Industrial&MIscellaneous
No Hod Co Ry 681928 J-J 102 103
120
6% notes Sep 15•22M&615 85 8514 e
lar g ba 1919
PPrtee
.1-.1 91
95
Adams Express
Ext be 1924
M-14 97 ____ Western Power oom
100
98
10
78
212
100 17
: 75
Col tr g 4s 1947
18
691
Pat Ry con 68 1931...J-D 110
J-D 741
Preferred
e U t3n loins
100 61
cite TI2c9
4
30
ohol--1
0 16
.10
64
Alliance Realty
A-0 100 101
2d 6s 1914 opt
100 88 92
__- Western Stater' Gee & Ele
Preferred
100 80
85
Amer Bank Note com....50
Republic Ay & Light-100 20
21
lit & ref g be 1941 op_J-D 82 85
*35
36
U S Steel CorporationPreferred
Preferred
10
Ferry Companies
71
73
60 *50
51
Col s f &gape 1951 op 1911 112 114
American Book
Tennessee Ry L&P com-10
1134 1234
100 160 170
Lit
Col a 1 be Ape 1961 not opt 119
18
American Brass
Y &Es 1922
Ferry'4°a-51-N
Preferred
10
61
64 N let
100 132 135
M 4
US Tit Cu & Indem......100 40
10
46
American
Chicle com
17 N li & Hob bs May '46__J-D 80
100 14
Toledo Tract L &
100 199 204 e Virginia Iron C & C
100 SO
10012
ao
Preferred
100 9512 9612 e Wells Fargo & Co
100 43
Preferred
48 I Hob Fy let 65 1946_16
.4 1 /
t
100 94 99
e American Express
Treat P& H ba 1943- 1-D 95 ____ NY&Nb
100 101 105
.l e 1946
,
tc
m
Weir
ht
e
g
se
t
er
thi
t
_
Title
Bronx
Am
GraPhophone com-100
United It & Rye com_ 100 63
68 10th & 23d BM Ferry
100 13
--175
20
Preferred
100
100 72
let preferred
74
lot mtge bs 1919
--.... e W estingtfIse Air Brake_60
J-D 40
190 1°5 130
45
American Hardware
100
1241 preferred
100 66
70 Union Ferry stock
Willys-Overland com
100 32
100 88
89
35
Amer Muting 6. 1914_J-D 120"
9914
.
lit bs 1920
1017112
ha-N 97 100
Preferred ......___100 93 95
Amer Press Assocen
100 26
30
Worthington(11R)Co pf 100
35
•Per share. a And accrued dividend. 0 Beals. k Llsted on Stock
Exchange but usually Inactive. 1 Flat price.
Subsidiaries. a Ex-div. I, Ex-righta. X Includes all new stock dividends
n Nom nal. 8 see price. k New stock. es Es.
and subscriptions. •lAsted on Meek
It any, will be found On ispreceding page. _fliE.4000% e.tock
Exchange blle lalrequantly dealt in: record o Bilag
Saturday
Monday
Tuesday
We.lneelay
Thumlay
Friday

67,719
69,325
261,146
129,717
88,337
152,920

$5,S74,10C
6,104,00(
22,625,301
11,533,701
7,r /2,20
13,142,25

$764,000
1,131,000
2,102,000',
1,792,000;
1,389,500
1,821,500

$16,0
,
1
93,500
187,000
123,500
109,000
128,000

liogr

Inactive and unnsted Securities




11, suZgg
Sulzberger

BOSTON STOCK EXCHANGE-Stock Record.

38

STOCKS-HIGHEST AND LOW EST SALE PRICES.
Saturday
June 27

1forsday
June 29

Tuesdao
Jenut 30

.Veinesday
Ju'o 1

Thursday
July 2

Friday
July 3

Sales iv
the
Week
Shares

•

STOCIi.
BOSTON STOOri
EXCI1ANGB

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

Highest.

99
9813 934 *984 9878 *984 9834 99
98 98 •3818 9838 0100
1992:IL%,
,
101. *994 100
10114 10114 49914 9934
iio- iSO
180 180
17934 1791, 17934 17934 017912
4 9113 9314 9312 951: 9524 9512
90, 914 9032 9032 90 -913151 153
156
3 _ 133 •_ 153 •____ 158 ▪
• __ 153 7.
35
3413 35
3413 3434 214 33
3412 39: 344 344 35
235 235 •225 240 73225 240
13225 243 •225 240 *225 240
12
*7
Last Sale 7 Apr1214
12
*7
12
*7
12
*7
Last Sale 5412 June'14
---- -Last Sale 34 Nov'13
W- ;ii- -ii" ;ii- 133- Last Flak 35 May'14
war 15163 *__
160
Last Sale 160 Mar'14
160 *
• _ 160 •
3103
100 103 *103
•1054
Last Sole 176 May'll
_ •180
*171 --_- '180____ *130
75
77
77 --*75 -74 - *75
71
77 77
78
3175
*12113 12214
122
122
122
122
12134
12134
121
3
7
--.._
*120
*864 87
87
87
*354 87 •8614 87
87 87
87 87
95 95
*9312 93
*9313 95
4,934 95
9412 93
95 95
131032
11
11
11
11
11
11
___
*II
58
53
58
60 •____ 60
58
1356
•____ 60 *____ -60
6314 6312 6414 6314 65
6414 6433 64 6512 64
0418 65
- 10313 10312 *10312 -- *1034
*10312 ___- 311034 ___ .10312
Last Sale 150 June'14
13145 153 *150 152 73150 132 •150 152
224
*23
•21
2214 *21
2114 2114
Last Sale 15134 Jun'14
*153 15314 •15234 153 *15434 15514 .15414 15374
3.334 84 •S314 24
Last Sale 8334 June'14
8312 '
*3234 5312 *33
Lad Sale 125 June'14
13120 123 73120 130 •____ 133 •___ 130
63
664 6613 *6712 68
6812
664 67
6712 68
*6512 67
87 87
874 87
87 •85 87 •85 87
5712 3185
*85

Hailronds
74 Atch Top & Santa Fe_100 9514 May14
lilt 978 Jan 15
10 Do pref
105 21774 May29
22 Boston & Albany
77. May 8
101
1,623 .3oston Elevated
10, 155 Jan 2
5 Boston & Lowell
3034 May29
197
651 Boston & Mains
Boston & Providence_10, '225 May 1
7 Mch 2
Boston Suburban Ill Cos_
5313 May 1
Do prof
Boston & 13,orc Mee C .s_
36 May 6
Do pref
Chic Junc My 63 USY_100 160 Mch 23
10312 May19
5 Do pref
Connecticut River-1013 176 May 4
22 Fitchburg pref__ ___ _100 75 J'ly 3
172 Ga By &Elec stmpd_107: 1264 May14
10' 83 Jan 3
Do pref
46
9078Jan 5
107
22 %taine Central
9 Apr 22
107
165 41ass Electric Cos
10 Do pref stamped _100 56 Apr a
2,215 N Y N H & Hartford_100 6312.Ply 2
101 100 May 6
10 •Corthern N H
ild Colony
100 145 J'ne 1
100 19 May 8
10 :wasp& pref
100 14913 Apr 25
Onion Pacific
100 82 Apr 17
Do prof
10t 115 Jan 9
Vermont & Mass
50 6512J'ne 4
230 %/est End St
85 Apr 33
51
39 Do pref

40 Jan 26
163 Jan 15
107 J'ne 11
200 Jan 24
93 Jan 24
121 May 1
1387s Apr 6
99 Mch 28
14 Jan 23
6612Jan 24
777* Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16334 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12

5412 5413 55
*54
*544 55
934 94
94 94
9412
94
*234 3
3
3
*234 3
20
20
1912 1913 *194 20
105 10712 10614 10638 10634 107
113 113 1124 113
11214 113
1234 12332 12013 12072 12012 121
• Lea SAC 15 Mar'14
-ir 741; 743 747. 7414 7412 744 744
3-8 7334 74
5
73 .7
..53
*584 62 *564 60
60 *5313 60
60
5912 69
*5914 60
739712 99
93 09
•9712 99
*9712 93
9372 9812 *98 --__
8
*8
8
*3
Last Sale 6 Jone'l1
8
*6
8
*6
14
14
14
14
15
15
1314
1313 1312
15 *14
1314
*1034 12 •1012 12
*1034 12
4104 12
11
11
11
11
24813 2494 249 24013 249 2491: 249 249
*249 24912 248 248
14713 144
14814 1474 144 149
147 14738 14714 14714 *14714 148
100 10012 *99 1004 1004 16012 1199 1001: 10012 10013
*9013 100
5514 85
86
8314 84
51
83
. 86 8612
8753
83 83
9013 904 90': 90 904 9914 904 go
8012
*8912 9312 7390
21313 21311 215 215 .21312 215 7321313 214
*214 215 215 215
3
*234
*234 3
*234 3
MU Sale 234 June'14
4234 3
*20 -- *20
•20
Last Sale 20 June'14
*20
571: 1355 574 55
5712 3755
5712 *55
55
*51
20
3720 ____ 1320 --•24 ..-- *23 --__ •20 ___ 23
45
4____ 4.5 •____ 45 *__ _ _ 45 3_
1,2st Bale 67 Mar'14
130 130 *130 ____ 130 130
•_ _ _ _ 130 •_ __ 130 130 130
3.414 15412 155 155
15412 165
155 155 *155 15538 155 15634
13
20 20
20
2018 •1912
1834 1834 *1834 ---- 13
10512 106
106 103
10534 10613
10134 1064 10512 1031.: 101 133
3034 3031 3034 •30
3034 3034 3034
3034 3034 3034 304 7330
4274 2312 *2713 281, •2712 2814 *2712 2814 *2734 2814 2818 284
114
1
I
314 *1
314 311
41
_
114
*1
143 14812 147 14914 147 14714 146 34712 14314 14613 14013 115
5578 574 57
38114 164 563, 57
5718 5734 5838
57
57
*2913 30
2934 2914 30
30
2938 2914 2914 2914 30
*29
60 6038 6018 6011 594 6112 6078 6112 6034 6112 6118 6134
109 10914 10872 10878 1034 10834 10918 10912 10914 10912 1094 10938

Miscall:31%00in
ISO Amer Agricul Chem_100
447 Do prof --------lot
105 Dner Pneu Service-- 55
51,
18 Do pref
416 Amer Sugar Rah:1_100
342 Do pref
5741
10
1,784 Amer Telep & Teleg_1
1 merican Woolen ___100
100
211. Do prof
153 1moskeag Manufacturinr
46
Plc
oulf
eG
Ati
retW 1258L_I00
Do pref
100
61
10
35 East Boston Land
63 Edison Elec illunt_100
100
147 General Electric
40 McElwain(WH)ist pf 100
1,349 Massach usettsGasCosl00
100
273 Do pref
100
7 Llorgenthaier Lino
10
dexican Telephone
Mississippi Ely Pow.100
pref
100
Do
2
100
35 NE Cotton Yarn
100
Do pref
100
52 N E Telephone
100
443 Pullman Co
115 Reece Button-Hole.... 11,
100
194 Swift& Co
25
os Torrington
25
us Do pref
154) Union Copper L & M 25
10,
4,696 United Fruit
2 on Un Shoe Mach Corp_ 25
25
297_ Do Peer
'
100
3,826 1-1 S Steel Cern
100
255 13o pref

5914 bich19
93 J'ne 15
4 Jan 81
22 Jan 31
11014 Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 28
67 Feb 13
10012 J'ne 18
9 Jan 23
1684 Jan 16
144 Feb 11
265 Mch 4
1504 Feb 20
102 Jan 23
9438Feb 17
98 Mch 16
21634 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
2013 J'ly 2
1074 bleb 9
31 May21
2923Jan 20
2 Feb 4
173 Feb 13
6134 J'ne 4
30 J'ne 30
6714 Jan 31
11238Jan 26

*ThEr,

534
4,53
9412
*94
*2$4 3
•1913 1911
10512 10672
113 113
122 12234

533- 5312 644
4.73
93 941: 5334 94
*24 3
*234 3
•1913 1934 1913 1912
1053 1074
30578 103
112•3 113
13212 113
12214 1227.- 311314 12332

474 Jan 2
91 Jan 3
2t2 Jan 27
17 Jan 2
9774 Mchll
108 Meh3O
1174Jan 3
14 Mch 4
7234 Mch 4
5312 J ly 3
9734 J'ne25
5 Feb 19
1373 May27
10 Jan 20
244 Apr 29
13972Jan 3
983i Apr30
8274 May20
894J'ne 9
2314 Jan 3
Ai May13
20 May26
55 J'11026
20 Apr 9
66 Mehl°
130 J'ne26
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
27 Mc1124
1 Apr 15
14012 J'IY 3
5354 Fob 2
28 Jan 9
5618 Apr 25
10578 Jon 5

Mining
1 Apr 14
25
Adventure Con
112 37118 148
Last Sale 118 June'14
112 *1
113 •1
•1
2., 23934 Apr 22
4 Ahmeek
204Jan 8
13268 280 268 268 *270 280 41270 280 •268 280 •268 280
10
Gold
Alaska
3,755
, 2634 2673 2658 2678 264 2738 2714 2712 2714 2712 2712 2778
.02 J'ne
120 Algomah Mining__ 25 2412Jan
•.90 1
•.95 1 •.95
.92 .92
1
1
•.90 1 13.92
25
15 Allouez
40
40 *39
40
40
40
103914 40
40
40 *39
074 J'n7325
*39
100
Copper
Amalgamated
684 6818 6733 684 6714 6914 6834 6914 6918 6913 70
7013 3,507
1534 Apr 28
255 Am Zinc Lead & Sm., 25
16
*1534 16
*1534 16
16
'4 1534 1514 *1534 1614 1534 16
4 Jan 10
5
795 Arizona Commercial_
438 413
438 413
412 413
•414 44
44 4%
412 4%
2 Apr 22
10
Cop
Butte-Balaklava
170
234 234
47234 3
278 278 •234 3
*234 3
234 234
3
314Jan
10
Cop(Ltd)
374 3714 37
3718 3734 3634 3718 3714 374 3.809 Butte& Sup
3718 37
38
61 Apr 25
10
Arizona
&
Calumet
64
64
64
556
6434 634 6413 64
64 64
6414 6413 65
403 J nen
25
Hada
dc
Calumet
16
*400 410 400 400 400 400 400 405 *405 410 410 410
25 14 Jan 9
1714 *1614 1612 *16
320 Centennial
17 •16
1613 1814
17 •1618 17
, *16
8715 Apr 25
4014 3978 4014 •40
4012 *404 404 4078 4078
4014 7340
40
95 Chino CopperCon Co 100 31 Apr 28
CopperRange
3534 3534 354 36
3514 3514 3552 3554 35
3552 3554 3612
316
114 May19
20
Daly-West
•/72 2
*178 2
*173 2
•178 2
Last Sale 178 June'14.
94J'ly 2
Cop Mln_ 10
978 10
973 10
10
10
934 10
807 Eas
10
10
272Jan
1014 1038
25
.44 44 •4
44 44 *4
44
414 41. *414 434
75
454
734Jan 9
FrankblyinConsolidated_100 214
7913 784 794 7914 7914 79
997 Granby
7912 8012
79
7913 7934 79
Apr 25
100
31
31
31
30
304 31
304 3034 1,603 Greene-Cananea
31
314 3118 31
1312 Apr 22
25
.14
16
34
14
1338 14
•14
16
15
15
95 Hancock Consolidated
15
15
10 284 Feb 16
Hadley Gold
.745
Las Sale 2912 June'14
4.7.
145 11_;._3_1 2?45 .21 2?45 •_;.,21 2(
.
_ 21
30
..
.25J'ne 12
25
Helvetia Copper
Last Sate .25 June'14
3 Apr 24
25
Indiana Mining
*312 4
434 412
*313 4
4312 4
Last Sale 313 June'14
o Mch 6
1
Coal
Creek
Island
378
3)
1349
•49
50
50
494
4978
.50
50
50
81 J'ne 2
50 50
1
pre!
Do
88
Last Sale 88 June'14
83 *737
7387
•8714 84 •87 88
25 1638 Apr 25
20
19
382 Isle Royale Copper
20 *1912 20
1912 1912 1914 1913 20
372 Mch28
*194 20
5
gog Kerr Lake
478 5
.5
5
5',
5
.518 6%
54 5%
5
5
24 May 5
25
Keweenaw Copper_
Last Sale 312 June'14
*34 34 •34 4
*322 354 *333 4
54 Apr 24
2
614 64
64 *6
624
6
go Lake Copper Co
64
64
612 612 *6
.8
372J ne30
25
go La Salle Copper
4
4
*334 4
*378 4
378 4
*378 4
433, 4
2
May25
10 Mason Valley Mines_ 5
102
*214 3
*214 3
*213 234
3
2 Mch 7
24 213 *211 3
25
Consol
Mass
210
414
413
412
*44
414
414
418 418 *44 412
*414 412
334 J'ne 16
25
Mayflower
657
*4
412
378 378
418 418
414 438
4
4
418
4
May 8
5 2138 rly
10 Miami Copper
224 224 •2178 2218 732134 2213 •2134 22
*2134 2214
4214 22
2
.50
5
.50 .50 •.50 .60
33 N5Mieolvchhaaldwgaakcnonsoildsted. 25 39 Apr 22
2
4
*1.60 .80 0.50 .60 73.50 .60 •.50 .80
25
44
*4334 4434 *4334 45
44
*4314 44
45
45
4,434 94
8
aV
1
,,
1310
1373 1378 1378 134 *1334 14
14
14
14
14
14
178Jan 14
14
515 New Arcadian Copper 25 8532 Alch30
518
*5
5
5
5
5
5
5
54 5171
434 5
5
6
638 638
638
406 Nipbudng Mines
64 613
64 633 2614 614
638 638
2334 Ain 24
15
Butte
North
1,978
2538
2538
2514
25
254
25
25
2434
225
2538
2478. 25
,95 Apr 25
25
315 North Lake
1
1
118
1
114
•1
114 . 14 14
•14 14 *I
34 Apr 22
25
Ojlbway Mining
Last Sate 99 June'14
224 Meh 30
•.99 112 *.99 112 •.99 114 •.99 114
25
Colony
405Old
4
4
4
4
4
4
4
4
4
4
438
4,4
34e7
464
25
4812 3748
4812 •48 4812
48 •48
4812 45
348
447
70 Old Dominion Co
4734 '
25 704 Apr 25
16 Oseeola
*75
77
78
75
•75
75
7613 •7512 7612 754 76
4,76
16 Apr 24
10
Coal
Creek
Pond
1634
235
17
17
17
17
*1612 17
1672 17
85 J'ne26
17
•164 17
25
5133
56
5612 *57 53
53
5514 55 55
55
57
4,55
1.1 Quincy
1784 Jau 10
60 Ray vons01 Copper_ 10 31
21
2118 2118
*2012 2078 •2038 204 204 204 2034 2034 21
Apr 24
26
Land..
Min
Lad Sale 35 June'14
St Mary's
*3313 35 •33 85
3.5
*33
35
it2Jan 7
•33
14 112
DX 112 *14 112
255 Santa Fe Gold & Cop_ 10
112 112
112 1'2 *14 14
5 J'ne 22
10
Shannon
54
.5
8
5
5
55
54
*5
512
512 512 *5
512
*5
10 22 Apr 22
234 *23
2314 234 2312 2313 2312
85 Shattuck-Arizona
24 •23
23
,IOJ'ne I
13334 24
South Utah M & S___ 5
1,231 Sale 15 June'14
*11 .15 *.10 .14 11.10 .13 *.10 .14
cop
Boston
25 254 Apr 24
r
or
0
i
eri
*2614
er
p
27
*264 2634
sup
27
40 S
2612 2613 2612 *2813 27
105
2714 1.2
•26
14 Apr 25
10
11% 2
I% 2
1% 2
23,4
21s *2
4,2
26 2812Jan 9
135
3412 3412 3414 344 *35 3534
go Tamarack
May273
3
3412 3412 344 3413 35 .
25
2
A
314 324
40
33
_12 _12
3.7 Trinity
.
13:31g .
.35 J'ne 29
•314 312 *34 34 .
1
31 .
3
3
*36 .40 .
40 •.35 .40
125 Tuolumne Copper
3
.35 .35
.0.35 .40
APr 23
2912
50
Min&
Ref
Smelt
34
3414
3414
33
8
344
33
1,048 U
3414 3414 3434 3434 23414 344
50 4012 Apr 23
4634 464
288 Do pref
4712 z4633 4638 464 4612 464 47
112 Apr 22
474 4713 4714
5
14 112 *112 184
112 112 *112 134
Igo Utah-Apex Mining
134
4
1111
6
jan 10
1314 131
211J
0 4834
15
1122 1112 1112 114 134 114 1114
17
5
335 Utah Consolldated
1
17
1112 1113 1114 1114 5
5734 5778 5778 584 1384 5834
375 Utah Copper Co
4 57
Mch 2
1
5733 5733 553
25
4214
24
2
•214
214
238
Victoria
24
•214
32
4.214 24 *214 24
J'ne
34 34
24 24 e313 312
238 238
455 Winona
0232 -•233
25 382
4
25
40
40 40
1
*39
175 Wolverine
39
*39 -40 - 39
5
133914 -;:;" •.50 .75 *.50 .65 •.50 .65
2
.30J'ne
Last Sale 65 June'14
Wvandott
•50
65
s
rights.
Unstambed.
sad
Ifo-stoOk
0
cilvidaad.
Ex-dividend
a
.
24Kx-rights.
.4,33,14 sag asked prices. Cassessulent _paid.




997 Jan 26
10138 Feb 10
195 Jan 5
9513 J'iy 2
173 Feb 9
55 Jan 12
255 Jan 27
7'2 Feb 13
60 Jan 19

Range ror Yrtrious
Year 1913,
Lowest,

Highest,

5064 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
164 Oct
65 Mcn
74 Melt
45 Jan
186 Feb
107 Mch
260 Jan
122 Feb
126 Feb
82201Y 88 Sep
91 Dec 110 Mch
194 Feb
1012 Dec
63 Dec 79 reb
6534 Dec 130 Jan
100 Dec 130 Feb
150 Dec 3764 Feb
25 Aug
36 Mch
13913 J'ne 16214 Jan
8018 J'ne 904 Jan
105 Dec 150 Feb
814 Feb
67t4 Dec
85 J'ly 100 Jan

914 Oct
9534 J'iy
183 Dec
82 Nov
150 Dec
35 Dec
23812 Dec
7 Sep
5772 J'ne
5 Feb
3613 Dec
152 Sep
1014 J'ne
200 J'ly
68 Dec
3115 Aug

41 Sep
8912 Dec
212 J'ne
16 Nov
9912 Dec
1084 Dec
11014 Dec
1514 Dec
74 May
May
9234 Xis,
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
go Nov
70 Dec
17 Apr
6372 Apr
127 Dec
149 Dec
144 Apr
101 J'ne
26 Sep
26 Sep
J'ae
147 J'ne
4112 3'ne
26778 J'ne
50 J'ne
1024 J'ne

57 Jan
994 Jan
412 Jan
2334 Jan
1184Jan
11714 Feb
14083 Jan
21 Apr
8372 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
2881k Jan
18654 Jan
154 Jan
934 Jan
9533 Lich
220 Sep
34 Feb
4114 Sep
7012 Dec
50 Apr
914Jan
160 Jan
16512 Jan
18 Sep
108 Mch
2811 Jan
2814 Jan
2 Jan
182 Jan
6534 Feb
2812 Feb
69 Jan
111 Jan

2 Jan 22
I May
5 Jan
300 Mch24 230 Nov 330 Jan
2834 May18 33814 J.
" 2438 Oct
1114 Jan 20 .15 May
24 Jan
434 Feb 18
294 J'ne 424 Jan
62 J'ne 8032 Sep ,
7814 Feb 4
154 Dec
214Jan 30
327g Feb
612 Sep ,
6% Mch 4
224 J'ne
44 Feb 2
114 J'iy
5 Oct.
404 May18
184 J'ne 48 Jan
704 Mch25
564 J'ne 7213 Jan'
460 Feb 13 388 Dec 565 Jan
19 Feb 4
10 J'ne 18 Jan ,
4323Feb 4
304 J'ne 4713 Jan
4034 Feb 4
32 Dec
63 Jan
2 Sep
3 Feb 6
4 Jan
13 Jan 26
914 J'ne
1518 Jan
772 Apr 6
212 Dec
9 Jan
91 Feb 4
51 J'ne 7814 Sep
274 Oct
42s Feb 4
3513 Aug
22 Feb 4
12 Nov
25 Jail
30 Mci224
2778 Jan
35 Apr
12Jan 8
14 May
la Jan
612 Feb 20
3 Oct
17 Jan
5014 J'ne 10
'no
J
444
59 Jan
8913 J'ne 20
79 J'iy
874 Jan
24 Feb 4
16 Inc 3371 Jan
5%J'no 15
233Jan
4% Nov
4%Feb 13
1 Aug
338 Feb
10'3 Jan 16
5 Nov 244 Jan
54 Feb 14
34 J'ne
54 Jan
4 Jan 16
34 No%
104 Jan
134 Nov
613 May23
64Jan
9 Jan 28
5 Nov
1514 Jan
24! Feb 16
2014 Joe
2812 Jan
14 Feb 18
4 Dec
2 Apr
46 Jan 23
38 Nov 85 Jan
1638 Feb 4
13 J'ne
1934 Jan
638 Mch12
J'ne
24 Jan
714 Nov
818 Jan 22
912 Alch
3034 Feb 4
2134 J'ne 341k Jan
258 Feb 4 .99 May
24 Jan
2 Jan 23
12 Joe
314 Jan
5,
x4 Jan 28
3 Apr
83,Jan
51 Feb 4
4134 J'ne 56 Jan
84 Feb 4
674 Dec 107 Jan
2078Jan 22
15 J'ne 2814 Jan
68 Feb 5
5214 Dec
80 Jan
2212 Apr 6
154 J'ne 22 Jan
40 Feb 25
30 Nov 45 Jan
24Jan 27
1 J'ne 3% Aug
74 Feb 16
5 Dec
1313 Jan
2934 Feb 4
21 Feb
31 Sep
9
Feb
.23
.15 Aug .86 Jan
32 Feb 14
21 Nov 4012Jan
2%Jan 23
1% Jan
e482 Feb
43 Feb 28
21 J'ne 38 Jan
5t2Jan 23
3 May
0 Jan
,g5Mch19 .60 Dec
812Jan
4318 Feb 4
34 J'ne 4313 Jan
487k Feb 6
4513 J'iy
60 Jan
23,Feb 6
Ds May
278 Sep
14 Feb 13
74 May 111a Jan
69 J'ne22
40 J'ne 60 Jan
2 Jan
e2% May 4 .90 J'ne
41i Jan
84 Sep
48 Feb 25
4734Feb 20
394 Nov 75 Jan
114Jan 24 .40 J'ne
J11121
_224 paki. _ si Hall paid.

JULY 4 1914.1

Boston Bond Record
16;
4.i

....ONDS
BOSTON STOCK EXCHANGE
Week Ending July 3
-.a.
•

Price
Friday
July 3

Week's
Range or
bast Sale

a
EZ.,
ai,Z

Range
Since
Jan. 1

39

BONDS
-..
G'
BOSTON STOCK EXCHANE
Zh
......
Week Ending July 3

Price
Pada?,
Juiy 3

Week's
Range or
Last Sate

4

E t,

,,
Z

Range
Since
Jan.1

ma
Ad Low
Ilia No Low High
Bta
Ad tow
NW No. Low Hie
General Motors 1st 5-yr Gs_1915 A-0 1001210118 1005811Ich'14 ____ l0058 100
Am Agricul Chem 1st 5s_1026 A-C 1001210114100-28 J'ne'14 ---- 9934101
9738 Sale 9714
9733
5 9434 9758
Am Telep & Tel "oil tr 4s_1929 J -J
8912 38 8478 897; Gt Nor C 13 & Q coil tr 4s__1921 J -J
8912 Sale 89
97 May'14 ____ 9458 9714
Registered 4s
1921 Q-3 97
_ 10343Mch'13
Convertible 45
1036 VI-S
____ __..__ ____ ____ ____
20-year cony 4;is
1 95 9974 Houston Elec 1st at gen 5s_1925 F-A _—
9812 99 98
_
1933
98
1917 A-0 ____ __ _ 117 Apr '04 ___ .__ -__..
Am Writ Paper 1st s f 5s g_ 1010 -6033 Mch'14 ____ 6938 72 la Falls & Sioux C 1st, 7s
J --J
65 J'ne '14 —.... 65 65
Kan 0 Olin & Spr 1st 5s
192I A-C 60 71
Am Zinc L & S deb Gs
100 Mch'14 ___ 100 104
HA , VI-N
10914
2 10858112
9512 96 9512 rne'1.9 __ 9318 9574 Kan C Ft Scott & 111em 6s 1928 '61-N 10812111 10914
Atch Top & S 1- c gen g r. _1995 A-0 ___7458Mctf14 ___ 7458 7514
l( 0 Ft S & M Ity ref 4s gu_1936 A-0 -___
Adjustment,
r, 4s____Jury 1995 Nov
87 88 87 Mch'14 ____ 8538 87
83 85 8312
lian 0 M & B gen 4s
8312
1934 M-S
5 8312 86
Stamped
8414 Aug 13.
July 1995 NI-N
75 Apr '14 _--- 75 80
1934 M-S ___- 73
Assented income 5s
9478 9474
51,-year cony 4s
0478Jan '14 _
1955 J-1)
10-year cony Os
_ Han C & M icy & Br 1st 5s_1929 A-0 ____ 941: 93 J'ne'14 ____ 93 9654
10014 Dec '13 ____ ____
1017 J-.1.)
115 J'ne'04
. Nlarq liough & Ont 1st Gs 1925 A-0
Atl Gu.f & W 1 SC Lines 5s_1950 J-J
6412 19 6312 .. 8
6438 Sale 6441
9612
0618 Sal:, 0618
3 9514 9714
1929 J -J
-_ _ ___ Nlass Gas 4)45
Bps & Corb 1st cony s C 6s 1023 11-N
50 May'13
2 93 9534
9478
Deben 4)45
Dec 1931 J -J - ___ 9478 9434
8313 834
Boston Elev 3 -yr g 4s
_
8312Jan '14 ___1035 VI-N
98,8Mch'14 --Mich Telephone 1st 5s
1917 J -J ____
9878 Ma
Boston & 1.owe I 4s
1015 J -J-------- 11,014 Meh '09
81
8112
2 81 8534
1951 J-J
1041Oa '04 ____ ____ ____ Miss River Power 1st 5s
Bost m & Nlaine 4;
,
js
1941 J -J ____
74
75
75
3 74 83
____ New Eng Cotton Yarn 5s_19213 EA
PAin .)
95 Feb '12 ___.
1942 I5-A
_
.100 Feb '19 __
9978100
1915 A-0
1003
__.-4 1011: New Eng Teieph 58
Bur & Mo Ely cons Gs
_ 10034 11c5'14 _
191;. 3 -J 101
10114 ii) tow, 10134
5s
1932 A-0 ir)1 10114 10118
____ ____
__
Butte El & Pow 1st 5s__
____ ..._ _ 1051 J-1) ____
70 Mch'14 ____ 75 80
10414 Feb '1:i __-_-_ 1041410414 New River (The) cony 5s1934 J -J
Cedar Rap & Mo 1tiv ist-7s 1916 191-N
7028 Mch'14 „.... 6878 75
Cent Vermt 1st g 4s___May 1929 Q-F ____ 82 80 J'ne'14 ____ 80 8574 N Y N 11 & 11 con deb 3;6s_1956 J-3
11143111c1P14 ____ 11138117
Cony deb 6s
1948 J-J ---C B & Q Iowa Div 1st 5s
1103 Oct '07 ____ -___
1919 A-0
10958 Jan '14 ____ 1095810958
8 9812 Ores Sh Line 1st g 65
lows. Div 1st 45
1922 F-A -___
9812J'ne '14.......9771919 A-0
103
103
1 100 10712
Denver Eaten 4s
99 Mch'14 ____ 99 99 Pond Creek Coal 1st 68 __ _1923 JD
1022 F-A
9928
88 Jan '14 ._.. 88 88
1932 F-A
Nebraska Exton 9s
9658Feb '14 ____ 9514 9654 Puget Sd Elec 1-03'1-03'1st 5s
1927 "ri-N
103 Jan '11 ____ ___. __
____ Repub Valley 1st s f 6s
B
1
1919 J -J
9812 Dec '12 ____
9934
1921 VI-S ___7014 Dec '11
___8334 831 Savannah Elec 1st cons 5s 1952 J -J
Illinois Div 330
8334 Mch'14 _
1940 3-J
10128
102(4
2 kid iciil,
1930 F-A
Chic Jet By 6z Stk Yds 5s_1915 J-J 10014 Sale 10014
10014 12 98341011 Seattle Elec 1st g 5s
1919 'I-N ---- 95 95 May'14 --__ 92 95
4 80 84 Shannon-Ariz 1st 6s g
82
Coll trust refunding g 43_1946 A-0 82 8212 80
1929 3-J -------- -97 Apr '07
Ch Milw & St P Dub 1)6s_1920 J -J
107 J'ne'13 ____ ____ __ Terre Haute Elec g 5s
100 Mch'14 --- iciei icid
11358Feb '11 ____ _____ Torrington 1st g 5s
1918 \I-S
Ch M & St P Wis V div 6s...1920 J -J
9712 Nich'14 ---. 9753 9712
Union Pac RR & Id gr g 4s_1947 J-J ---65 Apr '14 ____ 65 65
Oh & No Mich 1st gu 5s
1931 NI-N
9012 Nich'l ...... 9012 9012
20-year cony 4s
1 70 92
70
1927 J -J
— 70
Chic & NV Mich gen 5s
1921 J -D 66
94
4 9351; 9718
9334 94 94
9312 /101'14 ___ 9312 931. United Fruit gen s f 4)4s
1923 J -J ___Concord & Mont cons 4s
1926 J -D
__
____
____
'13
1 92 9514
93 •
93
9212
9312
Mch
J
-J
95
Debenture
1925
95
85
Copper Range 1st 5s
1949 A-0
4)4s
10014 Aug'12 ___ ____ ___. U S Steel Co 10-60-yr 58 Apr1963 1.1-N 1023410313 10258 May'14 ____ 10078 103
Cudahy Pack (The) lstg 5 . 1924 VI-N
92 J'15,'13 ____ ____ ___ West End Street By 4s
99123'ne'14 „... 98 991s
1915 F-A --_1926 A-0
Current River 1st 5s
9973 Feb '14 ____ 9978 9978
Gold 4)4s
5812JMe'14 ____ 5812 78
1914 VI- 5
pet Gr Rap & W 1st 4s__1946 A-0 56
Gold debenture 4s
9878 Apr '19 ____ 9858 9852)
1940 VI-N 98 100 9914 May•14 ____ 9738 994
1916 M-N --_Dominion Coal 1st s f 5s
95 Oct '12 ____ ____ ____
Gold 45
1 9813 9812
9812
9812
1927 11-S
1917 F-A
Fitchburg 45
121 Mehl/ _-__ 12012121
10 9334 9938
973
Western Teleph & Tel 5s
9714 9712 9712
1932 J-J
Freest Elk & Mo V 1st 6s 1913 A-0 12114
122 Mch'12 ____ ____ ____ Wisconsin Cent 1st gen 48_1949 J-J ____
9358 Feb '1 ____ ____ ___.
1933 A-0
Unstamped 1st 6s
NOTE.—Buyer pays accrued Interest in addition to the perenase price tor all Boston bonds. • No price Friday: latest bid and asked. 11 Fiat prices.

Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
,
7' PER CENTUM PRICES
SHARE PRICES-31
Saturday
June 27
•i0512
114
•1212
*Li
•1241
•1:..14
•33l2
23

11-4
15
56
____
_--_
-i);

Monday
June 29

Tuesday
Mine 30

•10512 107 *10513
114 114 *113
*1112
*1212 14
55
56
*54
12634
129 129
*---- 1912 ---____
*____ 54
2773
2778 28

107
115
1234
55
12634
---___
-2814

,Vednesday
July 1

Thursday
July 2

*106 107
10634
*11312 115 *11414
*12
14
*12
*54
56
*54
12634 12712 128
*19 ---- *19
*54
_ _ *54
277s -282778

Friday
j90 3

10634 107
*114
_
-_ •12
_. *54
flo 129
2014
55
2778 *27

107
115
1312
55
12912
271
:

Sala
ACTIVE STOC:CS
of theI
Week I (For Bonds and Inactive
Shares
Stocks see below)
7
1501
10
714
701

Baltimore
Con Gas El L & Pow_100
Do
pref
100
Houston Oil tr ctfs_100
Do
prof tr ctfs_100
Northern Central
50
Seaboard Air Line___100
Do
pref
100
United By & Electric_ 50

Philadelphia
50
_American Cement_
...-- ---- ---- ---- ---- ---37
Ot
37
37
*37
73 American Railways
50
37
3712 *37
37
3712 *37
9712
4712 4753 4712 4712 4712 2
.2
564 Cambria Steel
*4712 441
50
*4734 4812 4734 4812
Electric Coot America 10
1112
'31
"58 sus Lf,8 Lira WI, ;3.1 "ii 5113 5111
43 Elec Storage Battery_100
Li If
----36
36
36
3638 *36
38
37
826 Gen Asphalt
100
3634 *3612 3712 37
3712
76
Do
781r 78
pref
*7712 791 *78
100
7738 775i *7714 78
78
78
78
Keystone Telephone_ 50
1134 *11
113, •n.
1134 4.11 1134 *11 1138
*1114 115: 5:41
*1612 17
466 Lake Superior Corp 100
*1613 17
17
1613 1.C1: 17
1612 17
1614 1638
870,1 803.: *8012 8112 8012 8012 *8012 8112 *80
50
5 Leh C & Nay tr ctfs
81
8118 8118
310 Lehigh Valley
50
67
*6712 6734 6734 6734 *6813 6814
67;f31377', 6634 67;.: 67
Lehigh Valley Transit 50
171: '17
1712 *17
37: *17
*17
1712 •17
1712 17
18
wit :914
3014 1...l1.1
pref
50
3012 3012 *3014 3034 *3014 3034 3034 31
Do
290
5558 5512 5558 5512 5512 5512 5514, 1,791 Pennsylvania KR
50
551X. 551: 55
56;8 5.7.'
3812 382. 39
39
411 Philadel Co (Pittsb)
50
z39
40
*39
397s 3912 3912
2518 2518 2538 2518 2514 2512 25Is 2518 2514
1,363 Philadelphia Electli„ 25
23'; 2514 25
15:: 1512 1512 1514 1513 1538 1538 •1514 1512
50
430 Phila. It T vot tr ctfs
14,8 1478 *15
33118 813
/4 8113 8114 8054 8172) 8134 8178 8172; 8178 82
1,125 Reading
50
8218
634 634
6% 6% *Oa 634
1
634 6%
6% 7
6% 6% 1,055 Tonopah Mining
42
42
42
4134 42
4212 42
4134 4134 42
1,174 Union Traction
50
*42
42
741 United Gas Impt. 50
8453 8412 8433 8412 a'3338 8312 8312 8312 8312 8312 L312 8312

PHILADELPHIA
Bid A sk
PHILADELPHIA
Bid Ask
PHILADELPHIA
.---—
Inactive Stocks
•
Bonds
Ph & Read 2d 581933 A-0
J
Prices arc all "and
Amer Gas of N
Ex Imp M 48 1947_A-0
10
American Milling
interest"
Terminal 5s g 1941 Q-I5
106 10113 10212 Alt & L V Elec 4;is'33F-A __ ____ P NV & B col tr 45 '21__J-J
Amer Rya pref
56 4212 4312 Am Gas & Elec 55'07_F-A 853-4 88 Read Trac 1st 61; '33_ J-J
Cambria Iron
Central Coal & Coke 100 ---- ---- Am ItYs 5s 1917-----A-0 --- 98 Hoch Ity & Leon 55'543-3
100
Atl C Gas 1st s f 55 '60 J-3 ___ _ _.... Spanish-Am Ir Gs '27 __J-J
Preferred
Consol Trac of N J-100 7214 ---- Berg&EBrew lst6s'21 J-J ___ ---- Stan'd Gas & El 6s'26 JD
Harwood Electrie
100 -------. Betilleh 8'01 6s 1998_Q-1.5 11612 --,. Stand SD Wks lst5s'28 J-J
Huntington & 11 T
56 ---- --- Ch Ok &0gen 5s1919 J-J ____ 971-2 U Trac Ind gen 5s '19_J-3
50
Con Trac of N J 1st 55'33 10212 ---- Un Rys tr ctfs 4s '49 ..J-J
Preferred
10 2234 23 Del Coltys tr ctfs 434'49J-J ____ _ United Itys Inv 1st coll tr
Insurance Coot N A
s f 5s 1926
M N
Inter Sm l'ow & Chem 50 ___ ____ Edison Elec 55 1946__A-0 ___ 106
Kentucky Securities 100 _ _ _ _ _ Elec & Peoples Tr tr ctfs_ 803-4 81 Welsbach at5s 1930-1-1)
Keystone Telep, pref_ 50 59 60 Fr Tan & H 1st 5.•40_j_2 _ _ ___ WII-B G&E con 58'55..J-.1
Keystone 'Watch Case 100 - — --__ Gen Asphalt 58 1916_M-S Co§ 9814 York Rys 1st 55 1937-J-D
10
ilarw Elec lst Gs 1942 M-S 10234 103
Lit Brothers
50 ---- ____ Interstate 4s 1943___F-A 58
581s
BALTIMORE
Little Schuylkill
____
Inactive Stocks
Minehill & Schuyl 21_ 50 -__ -___ Kentucky Tra&T 58'51F-A __
Nat Gas Eloc Lt & P 100 14 60 Keystone Tel 5s 1935__J-J 01 4 92 Atian Coast L(Conn)_100
70 Canton Co
100 80 85 Lake Sup Corp Inc 5s'24 0 69
100
Preferred
-4_Q-F ___ ___ Consolidation Coal_100
50 ___. ____ Lehigh Nay 4)4s •.,
North Pennsylvania
Cons 4%8 A 1954-__J-J 9914 -___ Georgia Sou & Fla
100
petmsy receipts $30 paid_ -- -_ _ 1st preferred
50 105 108 Leh V 0 1st 5s g 1933_3-..1 10434 105
100
pannsylvanla Salt
2d preferred
100 _._ —. Leh V est 45 1st 1948_J-D __— --100
Pennsylvania Steel
Consol 138 1923____J-D 112 ____ G-B-S Brewing
100 6212 6312
100
Preferred
Consol 4 As 1923—J-D __ _ ____
Bonds
Phila Co(Pitts)5% prf 50 35 38
4212
Annuity 68
J-D 138 140
Prices arc all "and
8% cumulative pref. 50 42 ____
8914 Nig
Gen cons 43 2003__M-N
interest"
Phlla German & Norris 50 -___
50 80 8012 Leh V 'Fran con 42;'35 J-D ____ ___ Bait City 354* 1930
J-J
Phila. Traction
5,/_s ____ __
.
43 1954-1955__-Various
1st series A 4a 1035
834 ____
Railways General___ 10
10314 ____
521 1918
1st
series
M-S
13
5s
1935
8%
M-N
6%
1
Doi
Belmont
Tonopah
_100 ___ ____ MarlretstEi 1st 48.5559-N 9414 9434 Anaeostia & Potom 5s A-0
United Cos of N J_
NatLH&P serB 5s '19 J-J ____ ____ Atl C'st cony deb 4s_M-N
United 'frac Pitts pref 50 -___ —__ New
....
Con Gas 5s 1948_J-D 104 ---- AU Coast L(COctfs 5s J-D
Virginia Joy & Power-100 -___
5-20-yr 4s1925
J-3
100 .. — ---- N Y Ph & No 1st 4s'39 3-3 ___- -Preferred
Income
4s 1939___M-N ____ ____ B StP_6; 01st 4 Sis'53 F-A
10
9
3
4
1
0
SteelWarwick Iron &
--__ Bal Trac 1st 58 '29_M-N
' ---- ---- Penn Steel 1St 5s '17-M-N --- ---Was'ton-Va Ry(sew)10
No Bait Div 5s 1942J-D
100 ___ ____ People's Tr tr cti's 49_1943 83
Preferred
100 ---- ---- P Co lst&coll tr 5s'49M-E 99 9912 Cent By cons 58'32_M-N
Welsbach Co
Ext & Imp 55 1932 51-8
,
1 8258 83
,& coil or 5s'51 M-1
—__ ,Con
50
50
Sh_
Sea
&
West Jersey
.
50 6112 6212 I hll Elec gold tr ctfs_A-0 10212103 Chas City By 151 5s.22 3-3
Westmoreland, Coai
7978 80 Chas By 0& El 5s'9DMS
Trust; ctfs 98 1949__J-J
100 ____
Wilkes Gas & Elec
50
714 8 P & E gen M 5s it '20_A-0 10312 ___- City & Sub 1st 58 1922 J-D
York Railway
City&Sub(Was) 1st 5s'48
98
_A-0
1920_
4s
g
33
Gen
M
32
50
Preferred
pale.
-dividend. 11$15 pald.
Es
&Li.
thla
on
sales
no
Mill sad asked:




Range Since Jan. 1
Lowest

Highest

Range for Previous
Year (1913)
L..west

103 Feb 14 10834 May21 101 J'ne
109 Jan 3 11412 May28 101 J'ne
12 Apr 25 1912 Feb 2 1213 Dec
53 Apr 28 60 Jan 19 5612 J'ly
115 Jan 22 12913 .1'ne 19 10613 Dec
1734 Jan 6 22 Feb 5 1413 J'ne
48 Jan 2 5512 Feb 9 4113 J'ly
2413 Jan 7 2858 May25 23 Jan

37 Apr 16
:4578 Apr 30
11 Jan 15
4612 Jan 5
38 J'ne24
7434 Jan 5
978 Apr 28
1558 J'ne 10
z7712 Apr 30
26614 J'31e26
1612 J'ne24
30 J'ne 9
5414 Apr 25
3838 Apr 27
2434 J'ne 8
13 Apr 27
z79)8 Apr 27
6 Mch 6
4134 J'ly 1
82 Apr 25

Higher
120 Jan
12034 Jan
2513 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2738 Apr

2 Feb
2 Feb
3912 Feb 14 37 J'ne 24912 Feb
5358 Jan
5134 Jan 21 41 J ne
1218 Jan
1114 Jan 27 1114 J'ly
5512 Feb 2 4213 J'ne
5414 Jan
4212 Feb 10 33 J'ne
4278 Feb
78 May
82 Feb 10 7038 J'ne
3313 Jan 15
1312 May
934 J'ne
3113 Jan
2314 Jan 31 21 Dec
8434 Jan 22 81 'Poe
9312 Jan
7818 Jan 24 7058 J'ne 841
4Jan
2058 Feb 4 1524 Jan
2378 Mch
34 Jan 29 2912 J'ne
3712 Met"
4Dee 61% Jan
5734 Jan 31 531
46% Feb 8 37 J'ne
50 Jan
2714 Feb 19 1)2012 J'ne 112618 Deo
2018 Jan 15 18 Nov
2813 Jan
8618 Jan 23 7558 J'ne 85% Dee
713 Jan 14
4 J'ly
75
4 Dee
47 Jan 15 4134 Nov
5113 Jan
9132 Feb
86 Jan 28 8034 J'ne

Ma Ask
Bid Ask
BALTIMORE
—
__ __ _-- Coal & C fly 1st 5s'10A-0 _ ___ -____ ___ Coal & 1 Sty 1st 58'20 15-A 95 99
___ Col & Grnv 1st 62; 1916 J-J 102 _
__
-_- ____ °onset Gas 55 1939__J-D 10534 -------0004 ti 1954
A-0 9458 - —
ons GE & P 43.5s '35 9-.) 8912 g;
___ -___
3
1013
;---- Consol Coal 55 1950 J-D 89 90
__ -_ _ Fair
----Fair & Cl Tr let 523'18 A-0 10014 10011
__ - _._-:._
& Ala 1st con 58'45 J-3 10412 10434
....-- ___ Ua Car&N 1st Is g '29 J-J 10314 __-7i- -75 Georgia P 1st 6s 1922—J-J 10734 ---Ga So & Fla 1st 58 '45_J-J 105 ____
7038 7658 G-B-S Brew 3-41 '51_M-S 2534 3e
83 ---- Honston Oil div ctfs F-A ____ 78
102 ____ Knoxy Trac 1st 5s'28 A-0 103 -____ 93 Niaconny&Lt 1st 5s'53J-J -------Nld Elec By 1st 5s '31 A-0 98 981
Memphis 801st 5s '45_J-J 9412 —
Monon V Trac 5s '42 J-D ...._ ___
31
32
123 128 Mt Ver Cot Duck 1st 5s__
_ _ 155 NptN & OP 1st 5s'38M-N __-- 93
921 ____ N & A Terml 5s '29 M-S_—
20 ____ Nor&Port Tr 1st 5s'36 J-D
87
93 Non By & L 58'49 M-N 973 98
89
78 — North Cent 4;•is 1925 A-0 101 _—
2 _-__
Series A 5s 1926____J-J 106 — —
Series B 5s 1926..--J-J 108 —
Pitt Un Trac 5s 1997__J-J -..... --Pato Val 1st 5s 1941_ _J-J --- ---9234 ____ Say Fla & West 5s'34-A-0 106 —.
981 _-__ Seab Air L 4s 1950—A-0 __-- ---101 ____ Scab & Roan 5s 1926....J-J 105 -9912 —,... South Bound 1st 5s A-0 10512 -___ _—_ 11 El L&P 1st 4 Ms'29M-N
93 -993-4 ---- On By & El 1st 4s '49 M-S 8334 837-s
91 ---Income 4s 1949
J-D 621, 8234
9734 -Funding 5s 1936 J-D 8814 ......
1041 ---Cony notes 5s 1914 J-J
---105 ____ Va Mid 3d ser 6s 118_M-S um ---104 ____
4th sac 3-4-3s 1921 M-S 103 --104 ___
5th series 5s 1926 M-S 10334 —
102 1023
; Va (State) 3s new '32_J-J 85 -....
92 ---Fund debt 2-3s 199114 83.___ 105 West.
.!1' C con Os 1914_J-J 9978 10018
10114_
Wil & Weld 5s 1935___J-J 107

[VOL. XC

THE CHRONICLE

40

Anuestment and Aaitraati 341t4tigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 'Ube first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest ih's.ss Earnings.
LOADS.

Work or
Month.

Current
Year.

Latest fraas 'Earnings.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

A.la N 0 & Tex Pac67,000 3,865,307 3,741.218
67.000
N 0 & Nor East.. 2d wk June
29.000 1,774,257 1,803,558
31,000
Ala & Vicksburg_ 26 wk June
24,000
24,000 1,742.235 1,655,822
Vick &Slimy&Pac 21 wk June
39,385
42,591 2,230,703 2,224,814
3d wk Jane
Ann Arbor
8,879.790 9,368,397 101838406 108275822
Atch Top & S Fe...._ May
230,949 247,113 3,159,445 3,010,462
Atlanta Birm & Atl May
3,055,882 2,924,072 33,981,826 33,513,818
Atlantic Coast Line May
185,733 159,902 1,810,244 1,625,818
Chariest & W Car April
108.907 103,709 1,247,840 1,127.977
Lou Hand & St L May
7,586.213 8,967,456 89,610,138 92,540,705
g Baltimore & Ohio May
106,705 146.809 . .
li &0 Ch Ter RR April
407,116 337,720 3.182.378 2,679.483
Pangor & Aroostook April
750,265 997,387 7,427,467 7,953,894
Bessemer & L Erie_ May
87,079 120,205 1,077,161 1,163,470
Birmingham South_ day
3,820,367 3,973.644 43,290,9111 44,464,852
Boston & Maine._ 'day
Buff Roch & Pittsb_ 3c1 wk June 208,459 254,637 10,507,661 10,774.954
.klay
94,899 210,22a 1.971,022 2.282,133
Buffalo & Suso
Canadian Northern. 31 wk June 406,100 489,300 22.188,300 22,278,900
Canadian Pacific.... 3d wk June 2,185.000 2,530,000 126011473 135186228
953,620 1,003,172 13,258,771 12,953.452
Central of Georgia_ May
2.492,698 2,496,449 26,101,736 26,809,478
Cent of New Jersey April
310,002 306,863 3,461,490 3,411,644
Cent New England._ May
327,542 352,076 3,343,031 3.466.021
Central Vermont April
Ches & Ohio Lines_ 3d wk June 726.068 714,245 35.607,579 31,066,331
3d wk June 248,552 304,712 13,039,142 15,052,522
Chicago & Alton
6,594,676 7,081,599 78.718,82579,583.138
Chic Burl & Quincy April
May
1,060,450 1,298,484 14,417,684 14,869,489
f Chic & East ill
p Chic Great West_ id wk June 299,832 337,898 13,962,455 13,690,528
Chic Ind & Louisv- 3d wk June 127,284 129,538 6.760.267 6,827,778
6,970,871 7,338.031 84,111,285 86.452.139
Chic Milw & St 1._ I May
Chic Mil&Pug SJ
6.588,287 6.797,722 78,847,673 78,38115
oChic & North West May
1,318,195 1.304,492 16,743.658 15,806, 54
oChic St PM & Om May
149,668 153,001 1,988,444 1,786, 22
Chic Terre H & S F: May
882,852 839,074 0,219,574 9,140,029
Cin Ham & Dayton May
135,402 120,386 1,625,307 1,700,640
Colorado Midland.. May
b Colorado & South 3d wk June 213,985 256,740 12,861,055 12.724,816
May
13,070
Cornwall
19,816
167,056
222,255
26,716
32,706
Cornwall& Lebanon May
386,004
287.393
462,001 447,127 4.732,487 4,232,940
May
Cuba Railroad
1,897,438 1,908,032 21,124,897 22,016,029
Delaware & Hudson May
3,414,174 3,569,323 36,355,709 37,125,861
Del Lack & West May
Deny & Pio Grande 3d wk June 405,500 422,400 22,580.241 23,822.741
Western Pacific.._ 3d wk June 124,300 121.400 5,912,936 6,016,634
27,414
Denver & Salt Lake 3d wk May
24,286 1,168,774 1,122,833
117,180 102,525 1,272,327 1,384.781
Detroit Tol A: Iront April
21.996
22,900 1,178,431 1.209,837
Detroit & Mackinac 3d. wk June
529,495 954.589 5,760,896 6,068,950
Dul& Iron Range.... May
65.162
80,158 3,339,484 3,3/7,485
Duluth So Sh & Atl 3d wk June
798,367 1,208,254 10,490,472 12,201,331
Elgin Joliet & East_ May
756,99'7 745,777 8,221,491 7,966,036
El Paso & Sou West May
May
4,863,226 5,410,711 55.671,464 57,290,468
Brie
557,566 483.320 4.456.982 4,298,491
*Florida East Coast_ April
89,418
85,682
898,180
901,881
Fonda Johns& Glov May
258,422 256,228 2,859.710 2.633.160
Georgia Railroad_ April
94,050 110,367 6,543,276
Grand Trunk Pac 2d wk June
Grand Trunk Syst_ 3d wk June 1,042,646 1,166,394 52,879,305 54,249,357
. Grand Trk West_ 3d wk June 141,994 153,995 6.986,597 7,190,131
51,939
' Det Or H & Mil_ 3d wk June
53,789 2.458,764 2,403,832
58,928
Canada Atlantic_ 3d wk June
50,538 2,300,039 2,351,072
Great North System May
5,852,799 7,007,940 69,315,235 71,856.891
Gulf & Ship Island_ May
146,484 189,676 1.848,635 1,929317
Hocking Valley
May
442,016 755.451 6,544.209 7,094.143
Illinois Central
May
5,221,978 5,662,824 61,092,009 59,436,200
Internat & Grt Nor 34 wk June 141.000 156.000 9,722,000 11,063,831
a Interoceanic Max 3d wk June 55.102 207.984 8,914,043 8.622,201
3..ranawba & Mich.._ April
274,739 238,448 2,701.230 2,673,698
'Kansas City South_ may
886.186 901,363 10,012,98e 9,852.329
Lehigh & New Eng. May
260,850 187,340 1.981,389 1,656,787
May
Lehigh Valley
3,516,422 3,795,218 36,161,939 39,299,894
Louisiana & Arkan_ April
144 381 147,607 1.428.198 1.405.045
a Louisv & Nashv 3d wk June 1.025,805 1,089,950 58,217,946 58,132.615
10,490
9,93'
IvJacon & Birm'ham May
146,475
147,408
May
927,873 938,983 10,654,080 10,388,413
Maine Central
47,483
43,374
492,322
465.623
Mafyland & Penna. May
June
196,200
124,300
9,022,20,0
8,858,600
a Mexican Railways 3d wk
18,410
3d wk June
17,510
821.119
488,080
Mineral Range
Minn & St Louis__ I 3d wk June 209.508 207,432 9,416.407 9,526,074
-Iowa Central___J
Mina StP & S S M_ 3d wk June 544.762 593,156 28,514382 31,327,220
97,139
946,647
967,893
Miasissinpl Central_ May83,52
U Mo Kan & Texas_ 3d wk June 521,148 544,292 30,714,572 3E616,129
s Missouri Pacific 3d wk June 1,950,000 1,162;000 58,268,527 60;756,555
1,014,100 1,137,435 11,895,680 12.248,980
Nasby Chatt & St I May
a Nat Hys of Mez i 3d wk June 272,033 746.667 83,529,824 56,301,568
7.815
8,336
355,732
Nevada-Cal-Ore,gon 3d wk June
391,161
148,541 176,917 1,793,285 1,639,528
New On Great Nor_ May
7.539,944 8.554,444 87,885.073 39,641,474
IN Y Ci & Hud Itiv May
1,377,519 1,471.277 15.354.098 15,483,919
Boston & Albany May
1,011,523 5,040,440 48.960.701 53,444,158
. Lake Shore & M S May
446,214 508.953 5.260,474 5.547,279
n Lake Erie & W_ May
333,589 390,241 8,995,897 4,066,919
Chic Ind dc South May
2,606,439 2.984,922 31,429,087 32,363,774
Michigan Central May
2,713,303 3,212,400 33,104,772 34,371,128
Clev C 0 & St Li. May
Peoria& Eastern!
100.108 127.591 1,340,904 1,393,985
Cincinnati North. May
1,394,046 1,885,234 16,238,612 18,805,264
Pitts & Lake Erie May
878,715 986.807 10.859,500 11,529,864
NY Chic & St _ May
266.841 558,190 5.100,387 5,070364
Tol & Ohio Cent_ May
21598246 25718499 259529504 271118628
Tot all lines above May

ROADS.

IVedk or
Month.

Current
Year.

Juts 1 to Latrrt Date
urrent
Year.

Previous
Year.

Previous
Year,

a
171,850 224,566 1,860,701 2,112,299
5,580,765 5,740,206 60,839,177 63,197.751
760,980 794,917 8,231,106 8.638,337
367,329 321,333 3,653,280 3,490.447
340,811 399,3553,151.182 3,112,372
3,760,982 3,901,568 40,756,465 39,987,031
5,076.147 5,766,417 62,887,165 66,651,910
280,380 271,804 3.053.080 3,028,684
508.597 608,954 6.009.732 6,590,807
13900292 15603928 164702261 166270968
328,811
291,634
28,962
32,919
259,993 293.261 3,160,247 3,221,688
1,153,804 1,005,975 11,268,106 10,350,864
140.061
142,641
11,221
12,388
337,520 356.455 3,450,675 3,387,817
1,084,304 1.175,394 12,087,235 12,228,020
1,772,601 1,851,228 18,846,476 19,320,400
• 538,318 505,191 5,812,798 • 5,780,390
4,623,2086,228,829 55,726,471 60,418,572
5,102,21, 5,067,191
3,142:
4 03 3,985:010 38.783,241 40,861,835
784,748 929,146 10,361,376 10,320,169

NO Mobile & Chic_ April
N Y N II & Hartf__ May
N Y Oft & West._ May
N Y Susq & West.. May
Norfolk Southern__ March
& Westera_ May
Northern Pacific. May
Northwestern Pae_ April
Pacific Coast Co.... April
Pennsylvania RR_
May
Bait Chas & Atl_ May
Cumberland Val. May
Long Island
day
Maryl'd Del & Va May
N Y Phila & Norf May
Northern Central May
Phila Valt &Wash iay
W Jersey & Se.sh lay
Pennsylvania Co__ _ lay
Grand Rap & Ind iay
Pitts C 0& St L_ Jay
Vandalia
May
Total linesEast Pitts & E_ May
20274410 22277281 231928673 235367081
West Pitts &R... May
1,181,061 11813967 112207201 116337724
All East & West_ May
19455471 3401249 314135877 354201812
Pere Marquette
April
1,393.936 1,374,232 13,947,722 14.381,235
Reading Co1,051,812 4,369.543 44,785,792 47,524,484
Phila dc Reading_ May
2,931,7753,294,073 30,718,287 38,489,448
Coal & Iron Co_ May
Total both cos__ May __- 6,986,58717,663,616 75.504,079 36,013,930
277.609 296.140 2,391,336 2,421,974
Rich Fred & Potom April
918,433
868,115
69,833
72,234
Rio Grande June...... April
642,935
627,534
Rio Grande South__ 3d wk June
1,938329 5,370,193 62.051,000 64,989,001
Rock Island Lines.. May
310,013 327.299 3,398,636 3,383,525 May
Rutland
117,405 120,872 1,361.241 1,308.977
St Jos & Grand Isl., April
2,472.725 2,697.829 28,023,254 21,871,797
St L Iron Mt & So_ April
219,299 199.178 2.285,927 2,083.566
St L Rocky Mt & P May
3,318,541 3,499.773 38,239,792 38,636,406
St Louis & San Fran April
St Louis Southwest.. 3d wk June 201,000 220,000 12,479,596 13,011,639
968,720 830,874 8,743,299 8,436,598
San Ped LA & S L.. Anril
Seaboard Air Line__ 3d wk June 435.578 456,042 21,757,764 24,013,071
10983655 11784 139 126975943 131130 169
Southern Pacific__ May
Southern Railway__ 3d wk June 1,162,420 1,209,179 67398,036 68,981,688
Mobile & Ohio__ 3d wk June 236.684 248,423 12,638,791 12,038,510
CinN 0& Tex P_ 3d wk June 185,509 191,498 10.592,066 10,188,761
90,632 5,236,003 5,074,118
91,579
Ala Great South_ 3d wk June
45,093 2,522,670 2,507,739
44,115
Georgia Sou & Fla 3d wk June
408,460
April
384,674
4,107,239 4,433,743
Seattle
&
Spok Portl
'2,397 , 90,479
134,039
1,315
Tenn Ala & Georgia 3d wk June
138,782 141,916 1,426,608 1.399,510
Tennessee Central_ April
Texas & Pacific__ 30 wk June 298,497 277,258 18,240,994 17.681,946
10,545
9,094
97,653
80,760
Tidewater & West_ May
26,197 1,257,609 1,341,924
22,716
Toledo Poor & West 3d wk June
79.345 4,469,5004,229,226
99,161
Toledo St L & West 3d wk June
1,718,160 7,270,482 84,824,933 86.074,697
Union Pacific Syst_ May
, ,
152,940 165,433
780086 1660811
Virginia & So West- May
May
569,130 522,218 .161:566 5,690,211fl
Virginian
2,313,807 2,612,673 27,694,421 29,170,790
May
Wabash
684,775 634,733 6.887.207 6.282.1941
Western Maryland April
464,265 741.148 7,100,937 7,066,2511
Wheel & Lake Erie_ May
18,201
334,249
291.473
18,298
Wrightsv & Tennllle May
861,188 11,702,173 10.200,203
864,302
May
Yazoo & Miss Vail..

A

Various Fiscal Years.

Period.

Jan 1
Delaware Er Hudson
Jan 1
N Y Central & Hudson River_e- Jan
1
Boston & Albany
Lake Shore & Michigan Souti. Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern Jan 1
Jan 1
MichiganCentral
Jan 1
Cleve CM Chic & St Louis
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake hirie
Louis
Jan 1
&
St
Chicago
York
New
Jan 1
Toledo dc Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic. Jan 1
Jan 1
CumberlandValley
Jan 1
Long Island
Maryland Delaw Sr Virginia.._ Jan 1
Jan 1
N Y Philadelphia & Norfolk_ Jan
1
Northern Central
Jan 1
Washington
&
Bait
Phila
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana..... Jan 1
Jan 1
Pitts Chi Chic & St Louis
Jan 1
Vandalla
Totallines-East Pitts & Erie Jan 1
-West Pitte & Erie Jan 1
-All lines E & W... Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland

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

Current
Year.

Prsvious
Year.

A
May 31 8,720,155 9,737,969
May 31 35,834,903 39,101,206
May 31 6,362,201 6,705,474
May 31 20,053,136 24.206.462
May 31 2,202.187 2,361,211
May 31 1.730.576 1,856.892
Ma/ 31 13,122,340 14,689,416
May 31 13,486,000 11,428,287
519,230
May 31
492,096
May 31 6,589,522 8,213,583
may.31 4,641,678 5,030,899
May 31 1,822319 2,126304
May 31 103364891 119305433
May 31 68,554,859 73,693,485
May 31
111,631
101,799
May 31 1,350,304 1,484,632
May 31 4,436,663 4,082,276
May 31
47.427
46,305
May 31 1,430,912 1,517,773
May 31 5,024.344 5,393,907
May 31 8.003.414 8.542,957
May 31 2,053,729 2,075,971
May 31 21,013,743 24,967,870
May 31 2,101,509 2,127,639
May 31 15,711,057 17,516.135
May 31 4,236,847 4,391,169
May 31 95.496,094 102458932
May 31 44,020,207 49.977,787
May 31 139516301 152436770
376,398
340.446
April 30
May. 31 1.357,607 1,388,291

E ATES OF Gos EARNINGS-Weekly and Monthly.
•Weekly Summaries.

Current
Year.

Prerious
Year.

Increase or
Decrease.

%

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
3
$
..
Mileage. Cur. Yr. Prey. Vi-.
$
$
119.492 216.702 259.335.020 255,493.023 +4.342.006 1.50
August
-453,249 3,49
26 week Apr (39 roads).- 12.536.856 12,990,105
239,050
285.050,042
-242.097
275,244.811
3.57
+9.805,231
September
Scl week Apr (37 roads,.._ _ _ 11,181,328 12.217.183 -1.035360 8.48
October ......243,690 240.886 299,195,006 300.476,017 -1381,011 0.48
4th week Apr (39 roads)........ 16,392,604 18,500,271 -2,107.467 11.34
241.452
Novembe-243.745
269.220,882
--9,143.593
8.35
278.364,475
roads)___
12,003,703
(36
13.237.580 -1.233,877 9.32
1st week May
December -243.322 241.180254.218,891 266.224378 -12,005,787 4.51
26 week May (35 r a.c1s)____ 11,090.232 12.391.052 -1.300.813 10.47
241.489
--243,732
233.073,834
6.75
-16,884307
249.958,641
roads)____
11,286,099
January
(35
12,495,251
may
1.209.153
9.69
week
February---244,925 242,928 209,233305 233,056,143 -23,823,138 10.22
16.865,235 19,681.512 -2325,277 14.33
4th week May (39 roads)-- 11,090,999
245.200 943,184 250,174,257 249,514.091
+660.166 0.27
March_
let week June (39 roads)___ 14,203,407 13,389,559 -1,298.560 9.70
243,513 241,547 236,531,600 245.048,870 -8,517,270 3.48
roads)___13,313,869
April
(33
8.34
-1,110,462
week June
2i1
95.337 94.060 68.545,322 77.384.569 -8.839,247 11.42
OA
•Ir s", • Illn- (.40 rods)
12.447.270 13.531.675 -1.087.405 R,03
Mav
District Ry.from Nov. 1 1911. e Includes the New York &
- a Mexican currency. h Doss not include earnings of Colorado Springs & Cripple Creek which,
being a Canadian road, does not make returns to the
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of8c
Indiana RR. g Includes the Cleveland Lorain & Wheeling
Inter-State Commerce Commission. IIncludes Evansville & Terre Haute and Evansville
Fort Dodge and Wisconsin Minnesota & Pacific. s In&
City
the
Northern
Mason
Includes
Ohio
RR.
p
earnings
of
n
Includes
years.
both
Ry. In
and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes the Texas Central in both years and
gludes Louisville & Atlantic
e Wichita gaits Lines in 1912, beginning Nov. 1. o Includes not only operating revenues, but also all other rweAnts. x includes St. Louis Iron moan*
no
looser
factaclaitm 14m1m;roa..4 luktly or our totals.
111Ye
41 Southern. ___

ad




THE CHRONICLE

JULY 4 1914.1

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of June. The table covers 39 roads and shows 8.03% decrease in the aggregate under the same week last year.
Third week of June.

1914.

1913.

$
$
90,632
91,579
Alabama Great Southern
42,591
39,385
Ann Arbor
254,637
208,459
Buffalo Rochester & Pittsburgh
489,300
406,100
Canadian Northern
2,185,000 2,530,000
Canadian Pacific
714.245
726,068
Chesapeake & Ohio
304.712
248.552
Chicago St Alton
337,898
299.832
Chicago Great Western
127,284
129,538
Chicago Ind & Louisville
185,509
191,498
Cin New Orl & Texas Pacific__ _
256,740
213,965
Colorado & Southern
405.500
422,400
Denver & Rio Grande
124,300
121,400
Western Pacific
27,414
24,286
Denver & Salt Lake
21,996
Detroit & Mackinac
22.900
Duluth South Shore & AU
65.162
80,158
Georgia Southern & Florida
44,115
45,093
Grand Trunk of Canada
1 1,042,646 1,166,394
Grand Trunk Western
Detroit Or Hay & Milw_ ___
Canada Atlantic
'
Internat & Great Northern_ _ _ _
141,000
156,000
Louisville gz Nashville
1,025,805 1,089.950
Mineral Range
•
18,410
17,510
Minneapolis & St Louis
209,508
207,432
1
Iowa Central
Mimi St Paul & S S M
593,156
544.762
Missouri Kansas & Texas
521.143
544,292
Missouri Pacific
1,050,000 1,162,000
Mobile & Ohio
236,684
248,423
8,336
Nevada-California-Oregon
7.815
12,736
Rio Grande Southern
10,590
220.000
St Louis Southwestern
201.000
456,042
435,578
Seaboard Air Line
1,162,420 1,209.179
Southern Railway
2.397
• 1,315
Tennessee Alabama & !Georgia_
296,497
277,258
Texas & Pacific
22,716
26,197
Toledo Peoria & Western
99,161
79,345
Toledo St Louis & Western__ _ _
Total(39 roads)
12.447,270 13.534,675
Net decrease (8.03%)
Mexican rds. (not incl. in total)
Interoceanic of Mexico
55,102
207,984
Mexican Railway
124,300
196,200
National Railways of Mexico
272.022
746.887

Increase. Decrease.
$

$
947

----11,823

_____-_
2,900
3,128

3,206
46,178
83,200
345,000
56.160
38.066
2.254
5,989
42.775
16,900
904
14.996
978
123,748
15.000
64,145

900
2.076
48,394
23.149
112,000
11,739
521
2,146
19,000
20,464
46,759
1,082
19.239
3.481
19,816
60.829 1,148,234
1.087,405
152,882
71,900
474.634

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
Roads.

-GrossEarnings- -Net Eearning;-Prevtous
Current
Previous
Current
ar.
Yes
Yes
ar.
Yes
ar.
Year.

610,491
629,093
Atlantic Coast Line_ a_ May 3,055,882 2.924.072
33.981,826 33,513,818 8,583,796 9,507.969
July 1 to May 31
790,323
May 3,820,867 3,973,644
805,285
Boston & Maine_b
July 1 to May 31
43,290,901 44,464.852 8,262,786 9,245,600
73,054
45,831
158,889 def19,016
Buff& Susq RR Corp.b.May
Jan 1 to May 31
211,366
27,266
777,877
571.772
Canadian Pacific_ a_ _ __May 9,795,929 11,904,979 2,963,012 3,504,030
July 1 to May 31_....._..119760.403 127721,266 39,090,303 42,618,118
Central of Georgia_ b_ _ _May 953,620 1,003,172
e94,750 c133,491
July 1 to May 31
13.258.771 12,958,452 e3,365,366 6,401.156
Chicago & Alton_a_ _ _ _May 1,074,246 1,263.315
e131.603 e155.575
July 1 to May 31
13.202,946 14,123,859 el ,438,638 e1,842,274
Chic & East Illinols-b-MaY 1,066,400 1,298,484
162,929 der375,729
July 1 to May 31
14,417.664 14,869.489 2,340,802 2,950,598
Chicago Great West_ b_May 1,090.016 1.127.245
230,706
193,853
July 1 to May 31
13,102,399 12,775,776 3,149,586 3,396.470
645,593
Chic Ind & LouiSv_ b_ _May 575,382
190,350
135,705
July 1 to May 31
6.372,391 6,423,306 1.591,831 1,759,600
ay 6.970,871 7,338,031 2,139,852 2,123,591
Chic ilw & St Paul_
July 1 to May 31
84.111,285 86,452,139 27,898,940 28.857.512
Cin Ham & Daiton_ b_ _ May 882,852
839.074
94,242
79.094
July 1 to May 31
9,219,574 9,140,029
864,654 1,840,116
Railroad
May
462,001
Cuba
447,127
238,690
221,213
July 1 to May 31
4,732.487 4,232,940 2,293,971 1,996,175
Del tack & Wmtern_b_May 3.414,174 3,569,323 1,151,214 1,266,113
July 1 to May 31
36.355,709 37,125,861 12,965.778 14,055,447
Deny St Rio Grande_ a-May 1.751,377 1,912.734
408.280
505,262
,July 1 to May 31..-..-..-21,376,418 22,579,875 5,646,883 6,117,610
108,083
97,453
Detroit & Mackinac_ a_May
32.111
16,227
July 1 to May 31
1,114,274 1.141,375
271,255
243,750
El Paso & Southw_b_ __May 756,997
745,777
261.895
294,939
July 1 to May 31_ _
8,221.491 7,966,036 3,096.627 3,256,848
May 4,863.226 5.410,711 1,347,439 1.634.088
Erie_a
July 1 to May 31
55,671.464 57,290.468 11,228,334 14,674,978
Fairchild & Nor'east_ b_May
3,166
2,078
224
188
July 1 to May 31
34,858
25,671
8,663 def5,686
Hocking Valley_ b
May 442,016
286.162
145,872
755,481
July 1 to May 31
6,544,209 7,094.143 2,062,095 2,513,726
May .5.221,978 5.662,824
Illinois Central_a
833,206 1,070.875
July 1 to May 31
61.092,009 59,436,200 10,876,693 10,023,544
gin teroceanic of Mex_ _ _May 522.289
275,129
807,267
12,973
July 1 ti May 31
8,796.871 8,268,372 2,729,210 2,935.539
Lehigh & New Eng_bMay 260,850
96,098
114,838
187,340
July 1 to May 31
1.981,389 1.656.787
795,093
843,779
Louisville & Nashv_b__May 4.514.075 5,071.380
878.716
815,574
July 1 to May 31
55.167,021 54,797,676 13.886.979 13,944,492
May 927,873
Maine Central- b
187,084
938,983
266,208
July 1 to May 31
10,654,080 10.388,413 2,879,412 2,938.645
Minn St P & S S M_a_ _May 1,292,519 1,605,652
378,165
254,800
July 1 to May 31
17,307,920 19.836,934 5,050,016 7.667.384
Chicago Division_a_ _May 785.014
198,620
144,757
889,608
July 1 to May 31
9,756,374 10,001,724 2,653,693 3,014,364
Mississippi Central_b_ May
83,521
42.196
38,383
97.139
July 1 to May 31
401,273
946.647
381,977
967,893
Missouri Hans & Tex_b_May 2,194,849 2,409,627 k642,589 k564,072
July 1 to May 31
29,209,161 29,994.670 k8,121,030 k9.103,153
May 4.624.180 5.105,686 h888.322 h1.486,634
Missouri PacifIc_a
July 1 to May 31
55,106,770 57,430,682h12,982,050h13,862.269
249.794
199,416
Nashv Chatt & St L_b-May 1,014,190 1,137,435
11.805.680 12,248.980 2.414.081 2,731,671
July 1 to May 31
N Y C & Hud River-b_May 7,539,944 8.554,444 1,939,239 2,326,900
35,834,903 39.194,206 7,276,110 9,300,221
Jan 1 to May 31
384,333
361,085
Boston & Albany_ b_ _May 1,377,519 1,471,277
6,362,201 6,705,474 1,208,274 1.573.330
Jan 1 to May 31
952,380 1.519.953
I.ake Shore & M El_b_May 4.011,523 5,040,440
90,053,136 24,206,462 4,495,894 7.340,033
Jan 1 to May 31




41

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
3
$
i
NY C Sr Hud River (Con.
Lake Erie & West_ b_May 446,214
506.953
70,528
96.786
Jan 1 to May 31
2,202,087 2,361,211
321,739
414.174
Chic Ind & South_ b__May 333,589
390,241
63.423
88,011
Jan 1 to May 31
1,730,875 1,856,892
228,720
363,266
Michigan Central_b_May 2,606,439 2,984,922
594.865
877,004
Jan 1 to May 31
13,122,340 14,689,416 2,588,200 3,883,324
C C C & St Louis_ b_ May 2,713,308 3.212,400
308,860
308,388
Jan 1 to May 31
13,486,000 14,428.287
582,416 1,448,767
Cincinnati North_ b_ May 100,108
127.591
6.103
17,628
Jan 1 to May 31
519.230
492,096 def35.067 def39,549
Pitts & Lake Erie_ b_May 1,324.046 1,885.234
428,335
994.512
Jan 1 to May 31
6.589.522 8.213.583 2,153,463 3,901,518
N Y Chic & St L_b_ May 878,715
986,807
107.373
178,488
Jan 1 to May 31
4,641.678 5,030.899
437,233
928,609
Tol & Ohio Cent_b__May 266.841
558,190 def34,412
156,988
Jan 1 to May 31
1,822,919 2.126,904 . 133.282
421,711
Total all lines_ b
May21,598,246 25,718,499 4.797,779 6,948,990
Jan 1 to May 31
106364,891 119305,433 19,390,264 29,535.404
gNational Rys of Mex__May 2,111,859 3,618,667
260,410 ' 832,998
July 1 to May 31
32,499.521 54.274.064 2,213.026 20,855,695
NY NH & Hartford_b_May 5.580,765 5.740,206 1.551,618 1,281,514
July 1 to May 31
60,839,177 63,197,751 16,493,035 19,354.819
N Y Ontario & West_a_May 760,980
794,917
195.269
225,402
July 1 to May 31
8,231,106 8.638,337 1,833,991 2,451,605
NY Susq & Western_ alMay 367,329
321,333
167,219
113,437
July 1 to May 31
3,653,280 3.490,447
971,643
922.554
Norfolk & Western_b_May 3.760,982 3,901.568 1,305,677 1,279,703
July 1 to May 31
40.756,465 39.997,031 13,256,847 13.974.902
Northern Pacific_b____May 5,076.147 5,766,417 1,867,887 1,647,815
July 1 to May 31
62,887.165 66.651.916 24,344,554 25,745,523
Pennsylvania RR_a
May13,900,292 15,603,928 3,213,078 3,629,158
Jan 1 to May 31
68,554,859 73,693,485 11.878,378 14,058,655
Bait Ches & Atlan_a_May
32,919
28,962
6,360
4.37r
Jan 1 to May 31
111,631
101,799
def347
1,757
Cumberland Vall_a__May 259,993
293,261
87.549
98,526
Jan 1 to May 31
1,350,303 1,464,632
401,570
441.729
Long Island_a
May 1,153,804 1,005.975
334.140
251.469
Jan 1 to May 31
4,436.663 4,082,276 • 538,330
360.064
Maryland Del & Va_ aMay
12,388
11.221
def5,270
def3,693
Jan 1 to May 31
46,305
47,427 def31,225 def20,870
N Y Philo & Norf_a_May 337,520
63,053
356,455
81,562
Jan 1 to May 31
1,430.912 1,517,773
159,610
268,919
Northern Central_a__May 1,064,304 1,175,394
120,805
116,200
Jan 1 to May 31
5,024,344 5,393,907
61,706
186.724
Phila Bait & Wash_ a_May 1,772,601 1,851,228
334,387
215.449
Jan 1 to May 31
8,008,414 8,542.957
890,487
945,679
W Jers & Seashore_a_May 538,318
505,191
131.527
53.748
Jan 1 to May 31
2.053,729 2,075,971
def1,689 def50,720
Pennsylvania Co_a_ __ _May 4.623,268 6,228,829
925,323 1.351,991
Jan 1 to May 31
- 21,013,743 24,967,870 2,646,357 3,087,770
Grand Rap & Ind_ a_ _May 431,294
446,390
69,856
38,527
Jan 1 to May 31
2,101,509 2,127,639
172,974
134,450
Pitts C C & St L_a__May 3.142,403 3,985,010
528.872
528,965
Jan 1 to May 31
15,711,057 17,516,135 2,250,821 1,687,234
Vandalia_ a
May 784,748
929,146
83,603
128,481
Jan 1 to May 31
4.236,847 4,391,169
458,253
488,563
Total E Pitts & E_a_May20,274,410 22,277.281 4,363,928 4,623.295
Jan 1 to May 31
95,496,094 102458,982 13,643,954 16,358,450
Total W Pitts & E_a_May 9,181.061 11,813,967 1.625.067 2.079.743
Jan 1 to May 31
44,020.207 49,977,787 5,591,768 5,486,369
Total all lines_ a
May29,455,471 34.091.249 5.988,994 6,703,037
Jan 1 to May 31
139,516,301 152436,770 19,235,723 21.844,819
Reading CompanyPhila & Reading_b_ _May 4,054,812 4,369,543 1,346.568 1,536,874
July 1 to May 31
44,785.792 47.524,484 14.462.281 18,348.010
Coal & Iron Cob.-- May 2,931,775 3,294.073
100,552
39,337
July 1 to May 31
30,718,287 38,489,448
782,842 3,866,659
Total both cos_b_ _ _ _May 6,986.587 7.663,616 1,447,120 1,576,211
July 1 to May 31
75,504.079 86,013,930 15,245,123 22,214,668
Reading Company___May
171,143
168.585
July 1 to May 31
1.828,831 1,829.855
Total all companies-May
1,618.264 1,744,795
July 1 to May 31
17,073,955 24,044.523
Rock Island Lines_b_ __May 4,938,829 5.370,193
706,327 1,326,296
July 1 to May.31
62,051,000 64.989.001 15,316,795 16,722,926
Rutiand_b
May 310,013
327,299
67.007
75,961
Jan. 1 to May 31
1,357,607 1,388.290
219,134
216,034
St L Rocky Mt & P_a__May 219,299
199.178
73,064
44,202
July 1 to May 31
2,285.927 2,083,566
762,628
562,627
St Louis Southwest_a_ _May 871,898 1,030.260
19,848
181.198
July 1 to May 31
11,887,495 12,336,900 2,235,792 3,453,158
Seaboard Air Line_a_ __May 2,040,670 2,076,750
549,900
639.851
July 1 to May 31
23,344,470 22,587.206 6,426,008 6.264.812
Southern Railway_b_ May 5,505,276 5,605,709 1,190,832 1,296.707
July 1 to May 31
64,367,103 63,382,393 17,944,481 18.867,794
Mobile & Ohio_b_ __May 1.085,279 1.184,985
221,874
322,469
July 1 to May 3i
11.895,402 11.306,966 2,665.406 3.016,937
Georgia Sou & Fla_b_May 201,305
197.638
34,885
19,094
July 1 to May 31
2,394,060 2,372,464
433.252
480,704
Tidewater & West_b_ _ _May
9.094
10.545
661
2,383
July 1 to May 31
80.760
97.654
786
15,064
Tol St L & Western_ a_ _May 347.697
389.819
97.888
132.724
July 1 to May 31
4.191.901 3,965,191 1,104,234 1.170.936
Virginia & Southw_b_ _May
152,240
165,343
33,127
51.715
July 1 to May 31
1,780,066 1.660,817
515,226
508.987
Virginian_ a
May 569,130
522,218
258,799
209,267
July 1 to May 31
6.161.566 5,690,207 2,656.464 2,383,245
Yazoo & Miss Valley_ a_May 864.302
861.188135,231
130.855
July 1 to May 31
11.702,173 10.200,203 3.121.681 1.795.908
Roads.

INDUSTRIAL COMPANIES.
-GrossEarniugs-.-NetEarnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Abington & Rockland Elec
Light & Powers
May
9,369
10,311
1,641
1,397
Jan 1 to May 31
54.946
53,752
10,874
9.593
Adirondack El Pow a_ _May
96,911
91,117
35,033
15.949
Jan 1 to May 31
526,065
483.933
194,998
121,677
Atl Gulf & W 188 Lines-Subsidiary Cos
Apr 1,488,222 1,682,291
294,011
177,835
Jan 1 to Apr 30
6,144,832 6,637,484
737,980 1.125,558
Blackstone Val G & E a May
99,754
99.737
38.572
32,185
Jan 1 to May 31
546,827
540.339
196,404
218.575
Canton Elec
May
39,710
29.175
17,099
13,587
Jan 1 to May 31
217,511
101.847
83.007
163,784
Edison Elec Ill (Brock)a May
35,977
32,815
11.323
11,706
Jan 1 to May 31
197.373
186.025
67.597
71,536

THE CHRONICLE

49

-Gross Earnings- -Net Earnings-Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
11.287
5,106
37,794
37,146
Fall River Gas Wks a_ May
61,300
33,725
191.966
199,946
Jan 1 to May 31
9.068
22,225
8.096
22,352
Houghton Co El Lt a__May
61,975
62.166
129,994
131,149
Jan 1 to May 31
11.873
34,028
12,448
35,520
Lowell El Lt Corp a......May
72,419
71,974
188,433
193.218
Jan 1 to May 31
7,522
4,916
19,821
18.796
Marion Lt & Heating_ May
96,772
236,340
114.027
261,972
June 1 to May 31
25,228
47,872
55,653
Whitney
57.925
Pow
&
El_
_May
Mt
252,092
479,360
345,698
617,685
June 1 to May 31
36,475
May
21.141
38,796
21,508
Rockford Elect
197,424
117,231
109,164
Jan 1 to May 31
214,779
53,030
32,577
53,744
31.989
May
Sierra Pacific Elec
270,457
165.046
164,009
274,596
Jan 1 to May 31
70.086
May
43,762
83,290
39.352
Scranton Elect
387,357
297,524
494,218
241.427
Jan 1 to May 31
13,072
24.334
May
Wheeling Elect
27,335
10.319
159,041
327,706
280,983
June 1 to May 31
127,901
Companies.

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for outside operations and taxes, operating income for
May 1914 was $49,287, against $89,816; and from July 1 to May 31 was
$2,854,520 in 1914, against $2,913,810.
e After allowing for miscellaneous charges to income for the month of
May 1914, total net earnings were $96.194, against $115,722 last year,
and for the period from July 1 to May 31 were $786,412, this year. against
$1.215,247.
g These results are in Mexican currency.
h Includes St. Louis Iron Mt. & Southern. After allowing for other
income total income was $1,075,573 in May 1914. against $1,677.835 and
from July 1 to May 31 was $15,123,211 in 1914, against $15.945,825.
k After allowing for outside operations and taxes, operating income for
May 1914 was $523,179, against $458,967; from July 1 to May 31 was
$6.635,208 in 1914, against $7.871,435 last year.

Interest Charges and Surplus.
Roads.

-lid., Rentals, &c.- -Bat,of Net Earns.
Previous
Current
Current
Previous
ear.
Year.
Year.
Year.

30,243
Buff & Susq RR Corp__May
151,576
Jan 1 to May 31
May
71,567
Cuba RR
749,042
July 1 to May 31
Denver & Rio Grande.. May550,674
6,243,480
July 1 to May 31
May 118.959
Hocking Valley
May
31
July 1 to
1.357.837
N Y Ont & Western____May 120,717
July 1 to May 31
1,321,187
May 868.500
Reading Company
July 1 to May 31
9,433,500
St Louis Rocky Mt & P May
38,275
July 1 to May 31
458,880
St Louis Southwestern_May 258,274
July 1 to May 31
2.761,113

24,055 zdef26,363
x24,668
98.795
z11,926 x125,664
66,792
149,646
171,898
734,431 1.544,929 1,261,744
549,361
x33,005 zdef44.803
6,133,352 x866,815 z1,430,391
129,935
z16,929 z175,050
1,446,835 x894.532 51,708,848
131,108
74,552
94,294
1,370.220
512,804 1,075,385
838,004
749,764
906,791
9.229,516 7,640,455 14.815,007
31,933
34,789
12,269
355,227
303,748
207,400
230,800xdef158,523
z55,339
2.525,580 x387,040 51.855,609
INDUSTRIAL COMPANIES.
-lid., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
Abington & Rockland Elect
Light & Power
May
407
306
990
1,335
Jan 1 to May 31
2,176
1,584
8,697
8,009
Adirondack Elec Pow_May
20,971
21,329
14,062 def5.380
Jan 1 to May 31
105,237
106.677
89,761
15.000
Atl Gulf& W 188 LinesSubsidiary Cos
Apr 146,639
148,631
31,196
145,380
Jan 1 to Apr 30
586,929
579,788
151.051
545,770
Blackstone Val G & El_May' 17,694
16,328
14,491
22,244
Jan 1 to May 31
81,534
108,258
88.146
137,041
Canton Elect
5,423
4.954
May
11,676
8.633
Jan 1 to May 31
28,015
23,845
73.832
59,162
Edison El Ill (Brock)__May
2.239
2,277
9,084
9,429
Jan 1 to May 31 .
12,597
11,323
55,000
60,213
Fall River Gas Wks_ ___May
318
821
4.788
10,466
Jan 1 to May 31
4.101
3,932
29,624
57,368
Houghton Co El Lt.._ __May
3,445
3,508
4,651
5,560
Jan 1 to May 31
19.595
19,867
42,571
42,108
Lowell Elec Lt Corp__..May
231
254
12.217
11,619
Jan 1 to May 31
1,158
1.274
70.816
71,145
3,111
Marion Lt & Heating_May
3,344
1,805
4.178
June 1 to May 31
36,727
35,082
77,300
61,690
11.825
9,125
Mt Whitney Pow & El_May
23,828
16,103
June 1 to May 31
126,760
102,000
218,938
150,092
7,863
7,696
May
Rockford Elect
13,278
13,812
Jan 1 to May 31
40,495
38,756
76.736
70,408
7,472
5,934
Sierra Pacific Elect_ _ __May
25,105
26.055
36,039
29,208
Jan 1 to May 31
129,007
134,801
May
20,993
17,210
Scranton Elect
22,769
22,142
99,056
Jan 1 to May 31
76,670
198,468
164.757
May
6,004
4,236
Wheeling Elect
7,068
6.083
63,588
June 1 to May 31
53,540
95,453
74,361
z After allowing for other income received.
EXPRESS COMPANIES.
-Month of March- -July 1 to Mar. 311913-14.
1912-13. 1913-14. 1912-13.
Adams Express Co.$
$
$
$
Gross receipts from operation 2,571,913 2,738,876 25.482,766 26,493,724
1,310410 1,432,437 13,247,347 13,738,667
Express privileges-Dr
Total operating revenues_ 1,261,502 1,306,439 12,235,418 12,755,057
Total operating expenses.__ 1,361,127 1,332,808 12.652,045 12,434,789
Net operating revenue_ _ _ _ def99,624 def26,368 de1416,626
320,268
15,789
16,704
One-twelfth of annual taxes..
151,138
147.971
Operating income
loss116,329 loss42,157 loss567,765
172.296
-Month of March- -July 1 to Mar. 311914.
1913.
1914.
1913.
American Express Co.$
Gross receipts from operation 3.44.505 3,726,034 33,73,777 35,4,370
-Dr
1.698,685 1,842.432 16,587,272 17.244,731
Express privileges
Total operating revenues_ 1,774,819 1,883,601 17.151.504 18,594,639
1.870,549 1.927,131 17,480,574 17,623.081
Total operating expenses..
-95.729 -43,529 -329,070
Net operating revenue
971.558
32.756
30,238
278.828
One-twelfth of annual taxes_
281.989
-128.486 -73.768 -607,898
Operating income
689,568




xcix.

-Month of March- -July 1 to
1913-14. 1912-13. 1913-14.
$
207,256
216,866 2,291.981
112,673
117,948 1,229,688
Total operating revenues_
94,583
98,917 1,062,315
Total operating expenses__ _
83,598
84,557
822.108
thIsel:ttwosteti
rtitt,!zis r
10,985
14,350
240,206
annual taxes..
4.500
4,500
40,500
Operating income
6,485
9,850
199,706
Northern Express Co.Gross receipts from operation
Express privileges-Dr

Mar. 311912-13.
2,34,366
1,293,590
1.103,776
834,936
268,839
40,500
228,339

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.

Latest Gross Earnings.
Week or
Month.

Jan. 1 to latest date.

Current Previous Current
Year.
Year.
Year.

Previous
Year.

$
$
$
$
American Rys Co-_ May
475.534 435,402 2,135.881 1.983.463
Atlantic Shore ity___ May
27,199 28,927
116,380
120.618
cAur Elgin & Chic By May
181,058 168,721
751,940
720,450
Bangor By & Electric April
56,594 57.448
240.126
228,756
Baton Rouge Elec Co May
14,964 12,231
71,548
62,045
Belt LRyCorp(NYO) January
64.786 70,582
04.786
70,582
Berkshire Street Ry_ April
70,566 73,997
281,115
284.920
Brazilian Trac,L & P May
1987,712 1990,910 9.777,523 9,636,194
Brock & Plym St By.. May
10,999 10,279
39,336
41,364
Bklyn Rap Tmn Syst January
2093,612 1910,627 2,093,612 1,910,627
Cape Breton Elan Co May
29,486 29.989
137,624
143,981
Chattanooga By & Lt May
94,761 123,316
460,637
493.373
Cleve Painesv & East April
31,896 29.683
115.833
110,306
Cleve Southw & Col_ May
112,895 108,624
486,820
463.557
Columbus(Ga)El Co May
54,087 48,717
272.281
239.440
ComwthPow,Ry&Lt May
243,412 193,561 al.266,822
703,862
April
Connecticut Co
618,574 662,638 2.344,148 2,413.982
Consum Pow (Mich). May
260,773 233.125 1.425,569 1,311,491
Comb Co(Me)P & L April
186,634 167,748
721.833
668,775
Dallas Electric Co..... May
184,844 184,736
936,355
859,610
Detroit United Lines 1st wkJune 233,314 248,203 4,013,750 5.290,702
D D E B & Bat(rea)_ January
46,839
48.477
46,839 48,477
Duluth-Superior Trac May
524.923
110,967 105,873
485,578
East St Louis & Sub_ May
227,430 222,156 1,105,712 1,057,971
El Paso Electric Co_ May
435,551
370,842
83,286 69,037
42d St M dc SIN Am January
153.831
166.457
166.457 153.831
Galv-Hous Elec Co.._ May
905.332
974,540
210,528 202,470
Brand Rapids By Co April
404,341
405,201
101.454 100,665
Harrisburg Railways. May
382,175
396,302
87,050 87,087
Havana El Ry,L & P
Railway Dept _ _ Wk June 28 53,306 50,489 1,392,378 1,393,735
Honolulu Rapid Tran
January
& Land Co
51,658 52,399
51,658
52.399
Houghton Co Tr Co_ May
24,177 24,644
115,644
122,472
blludson & Manhat_ May
473,462 464,440 2,384,930 2,329,273
_ April
Illinois Traction
701.615 612,005 2.731,668 2,532.377
Interboro Rap Tran_ May
2948,937 2857,075 14,801,274 14.169,430
Jacksonville Trac Co May
76,647 59,834
323,148
274.796
11,062 10,847
Key West Electric_ _ May
54,848
57,828
109,200 102,229
Lake Shore Elan Ili_April
410.161
386.166
170,750 147,652
684,614
Lehigh Valley Transit May
646,241
49,773 49.274
Lewis Aug & Watery April
183,346
184.170
15,603
Long Lgland Electric_ January .... 15,603 15,090
15.090
266.078 258.919 1.023,023 1.022.232
Louisville Rallway_ April
501,578 492,981 2,039.969 1.995,240
6111w El By & Lt Co_ April
111,844 102,863
453,120
A/11w Lt Ht& Tr Co_ April
397.572
91,430 79,473
Monongahela Val Tr_ May
403,859
363,329
Nashville By & Light February _ 173,144 171,332
360,975
357,331
January
Interboro__
53.178 46.915
N Y City
53.178
46.915
27,892 28.163
NT Y & Long Island._ January
27,892
28,163
16,706 14.873
NT Y & North Shore__ May
January
101,601 103,585
NT Y & Queens Co.....
101,501
103,585
1199,849 1232,152 5,509,710 5.878,534
Kew York Railways. May
34.340 28,452
N Y Westch & Boston April
120.229
98,841
25.903 25.323
N Y & Stamford By.. April
90,925
94.421
Northampton Trac__ April
15.043 13,908
64,475
53,386
May
Lt_
323,036
Trac
&
Ohio
279,992 1,403.920 1.205,719
Nor
171,411 164,683
North Texas Bloc Lt_ April
678,436
651.409
26.255 24.915
Northw Pennsylv Ry April
100,936
98,470
January
1)..
5,675
4,531
3cean Electric (I.
5.675
4,531
24,552 25,665
Paducah Tr & Lt Co_ May
125,644
115,066
22,746 22,770
Pensacola Electric Co May
114,108
114,516
2178,842 2173,824 9,956,212 9,958,736
Phil& Rap Transit Co May
538.473 549,852 2,740,685 2,724.648
Port(Ore)Ry,L &PCo May
77,306 74,793
Portland (Me) RR_ April
288,386
284,723
702,770 689,941 2.861,919 2.749,256
Puget Sound Tr,L&P April
257,020 245,342 1.253,879 1,172,989
Republic By & Light May
415,948 412,240 1.570.746 1.584.725
Rhode Island Co.._.. April
Richmond Lt & ICE_ January
25,602 25,192
25,602
25.192
;00seph(Mo)Ry,Lt.
102,116 98,836
Heat & Power Co_ May
528,380
503,419
40,335 38.167
190,609
lantiago El Lt & Tr_ May
187,271
71,500 70.026
lavannah Electric Co May
350,379
333,603
75,271 81,368
3econd Avenue (Rec) January
75,271
81.368
17.228 14.081
17.228
iouthern Boulevard. January
14.081
18,760 17.915
18,760
Ratan bid Midland.. January
17.915
83,719 69,556
402.635
ramps Electric Co_ May
325,927
January
344.708 328.444
344.708
['bird Avenue
828.444
501,435 476.640 1,865,195 1,750,184
roronto Street Ry_ April
['win City Rap Tran_ 3e1 wk June 185,576 181,948 4,267,596 3,993,542
Jnderground Elec By of LondonLondon Elm Ry_ WkJune 20 E13,040 £12,955 E355,880 E353,105
Metropolitan Dist_ WkJune 20 £13,003 E13,120 £328.924 £327,850
London Gen Bus_ WkJune 20 £74,548 E74,515 £1,534,104 £1,503,300
209.083 201.749
209.983
Jnion By Co of NYC January
201.749
1068,244 1055,130 4.090,982 4,024,181
Jnited Rys of St I._ April
433,497 416,030 2,098,470 1,999.582
Tirginia By & Power_ May
67.956 59,345
236.563
Wash Balt St Annap_ April
250.271
42.573 40,805
Westchester Electric_ January
42.573
40.805
19.383 18.635
Westchester St RR....April
68,054
68.742
212,908 207,440 1,053,303 1,001,803
Western Rys & Light May
55,887 59,033
Wisconsin Gas & Elm May
331,776
301,709
ronkers Railroad__ January - 55.566 28,486
55.588
28.488
Mull
62,481 58.390
rork Railways
257.990
238.481
21,037 21,020
roungstown tic Ohio_ May
100,504
94.540
Tnomiratniffn & South Audi
13.597 13.136
51.829
49.106
a Includes earnings on the additional stock acquired May 1 1913. b Rep
resents income from all sources. c These figures are for consolidated co

Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Net Earnings---FU=stEargegs
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Aurora Elgin & Chic_ a_May 181.058
63,341
168,721
56,613
July 1 to May 31
1.851,020 1,770,937
709,390
655,568
Raton Rouge Elec_a-__May
14,964
4,681
6,314
12,231
71,548
Jan 1 to May 31
23.678
22,962
62.045
Brazilian Tr Lt & Pow_ _May 1,987,712 1,990,910 1.154.753 1,059,391
Jan 1 to May 31
9,777.523 9,636,194 5,684.032 5,152.689
Brockt,on & Pim-a____May
1,741
1.063
10,999
10,279
def1,132
Jan 1 to May 31
4.486
41,364
39,336
Roads.

JULY 41914.]

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year
Year.
Year.
Year.
i
29,486
10,874
13,391
29,989
Cape Breton Elec_ a_ _ _ _May
137,624
54,217
143,981
Jan 1 to May 31
58,278
Southw
&
Col_b_May
108,824
Cleve
112,895
47.088
46,096
486,820
Jan 1 to May 31
463,557
181,521
169.985
Columbus (Ga) Elec_a_May
54,087
48.717
28,611
22.908
272,281
Jan 1 to May 31
239,440
106,139
152,952
Com'w'th P.Ry & L_a-May 243,412
193,561
233,835
185.690
1,266,822
Jan 1 to May 31
703,862 1.217.343 *672.544
May 184,844
Dallas Elec Co_a
184,736
79,195
75,908
Jan 1 to May 31
936,355
859,610
363.813
343,754
Elec_aMay
Eastern Texas
55,084
22,248
Jan 1 to May 31
263,847
96,114
May
83,286
69,037
El Paso Elec_a
29,707
35,765
Jan 1 to May 31
435,551
370,842
192,869
171.495
Galveston-bust Elec a May 210.528
202,470
90,954
98,161
Jan 1 to May 31
974.540
905,332
366,960
412,028
May
Harrisburg Rys
87,050
87,087
22,038
19,719
Jan 1 to May 31
396,302
382,175
62,606
67,242
Houghton Co Trac_a_ May
24,177
24,644
9,536
8.508
Jan 1 to May 31
115,644
122,472
44.263
40,190
cHudson & Manhat_ a- _May 473.462
464.440
278,700
262,599
Jan 1 to May 31
2,384.930 2,329,273 1,402,320 1,326,428
Jacksonville Trac_ a_ _ _ -May
76,647
59,834
22,169
32,076
Jan 1 to May 31
323,148
274,798
96,815
124,543
Key West Elec_a
May
11,062
10,847
3.532
4,012
Jan 1 to May 31
54,848
57.828
19,412
20,883
Keokuk Elec a
May
21,557
22,000
9,402
8,125
June! to May 31
248,005
243,853
97.890
95,334
Monongahela Val Tr_ b-May
91.430
79,473
52.702
58.185
Jan 1 to May 31
403,859
363.329
239.088
252,204
May 1,199,849 1,232,152
N Y Railways_a
365,109
379,149
July 1 to May 31
12,684,866 12,915,883 3,622.205 3,817,418
Northern Ohio Tr & Lt &May 323,036
279,992
131,228
112,295
Jan 1 to May 31
1.403,920 1,205,719
543,810
455.616
Pacific Gas & El
May 1,368,892 1.310,765
646,156
551,502
Jan 1 to May 31
7,208,552 6,796,089 3,546,326 2,986,509
Paducah Tr & Light_a_May
24,552
25.665
8,980
7,738
May
31
1
to
125,644
Jan
115,066
43,500
34.498
Pensacola Elec_a
May
22,746
22,770
8,353
7,135
Jan 1 to May 31
114.108
114,516
37,972
41,470
Savannah Elec_a
May
71.500
70,026
25,190
24,817
Jan 1 to May 31
350,379
333,603
104,390
118,269
Tampa Elec Co_a
May
83,719
69,556
31,398
39.455
Jan 1 to May 31
402,635
152,711
325.927
183,949
Twin City Rap Trans b May 806,614
742,153
385,207
415,471
Jan 1 to May 31
3,727,219 3,476,037 1,733,044 1,673,053
Western Rys& Light_ May 212.908
207.440
76.770
75.330
Jan 1 to May 31
1.053,303 1,001.803
373,394
338,054
Wisconsin Gas & El_a_ _May
59,033
55.887
9,923
16.155
Jan 1 to May 31
331.776
301,709
85,471
75,824
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
* Including earnings from May 1 1913 only, on the additional stocks
acquired as of that date.
c Includes income from all sources.
Roads.

Interest Charges and Surplus.
Roads.

-Int., Rentals, &c.- -Rot. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year,
Year,

Aurora Elgin & Chicago_May
30,114
35.566
21,047
33,226
July 1 to May 31
354,102
378,609
276.959
355.288
Baton Rouge Elec
May
2,605
2,109
3,205
2,076
Jan 1 to May 31
10,560
13,636
12,402
10,042
Brockton & Plymouth- May
1,083
636
def20
1,105
Jan 1 to May 31
5,368
5.512 def6,500 def1,026
Cape Breton Elect
May
4.793
6,438
6,953
6,081
Jan 1 to May 31
28.138
32,143
30,140
22.074
Cleve Southw & Col-..May
31,590
32.628
14,506
14.460
Jan 1 to May 31
160,771
14,186
155,804
20,750
Columbus(Ga)Elea---MaY
13,084
24,781
9,824
3,830
Jan 1 to May 31
124,540
64,651
28.412
41,488
Com'veth P. Ry & Lt__May
56,971
12.937
126.864
172,753
Jan 1 to May 31
40.021
290,786
632,522
926.557
Dallas Elect Co
May
27.492
24,615
51,703
51.293
Jan 1 to May 31
135,124
123,157
220,597
228,689
Eastern Texas Elect_ May
8,377
13,871
Jan 1 to May 31
41,326
54,788
El Paso Elect Co
May
4.201
2,198
31,584
27,509
Jan 1 to May 31
22,021
14,529
170.848
158,966
Galveston-Houston El_..May
35.669
34,755
62.492
56,199
Jan 1 to May 31
185,716
226.312
173.775
193.185
Houghton Co Tract_ --.May
5.357
5.629
3.907
3,151
Jan 1 to May 31
27,855
28,229
16.034
12,335
Hudson & Manhattan_ May 032.252
038.524
224.074
246,448
Jan 1 to May 31
0156.586 0170.051 1.245.734 1,156,376
Jacksonville Tract
May
12,560
11,184
19,516
10,985
Jan 1 to May 31
63,923
55,116
41,699
60.620
Key West Elect
May
2.554
2.589
943
1,458
Jan 1 to May 31
12,618
12,856
8,027
6.794
Keokuk Elect
May
2,185
2,199
7,223
5,940
June 1 to May 31
31,385
26,180
71,710
63,949
Monongahela Val Trac-MaY
25,528
24.111
28,591
32,657
Jan 1 to May 31
127,411
120.533
118.555
124,793
N Y Railways
May 277,060
278,862 421.702 x131.395
July 1 to May 31
3,044,881 3,069,456 x932,149 x1,121,110
North Ohio Tract & Lt-May
50,660
45,214
80,568
67.081
Jan 1 to May 31
250,815
225,510
292,995
230.106
Paducah Tract & Lt___May
7,760
7,425
1,220
313
Jan 1 to May 31
38,433
36,750
5,067
def2,252
Pensacola Elect
May
7,173
6,477
1,180
657
Jan 1 to May 31
36,017
31,945
5,453
6,027
Savannah Elect
May
22.916
22,727
2,274
2.090
Jan 1 to May 31
114,433
102,986
3,836
1,404
Tampa Elect Co
4,452
May
4,528
35,003
26,870
Jan 1 to May 31
23.556
23,529
160.393
129,182
Twin City Rap Trans May 232,834
239,448
182,637
145.759
1,133,283 1,169,343
Jan 1 to May 31
599.761
503,710
Western Rye & Light......May
60.470
50.935
24.050
26.697
Jan 1 to May 31
295,418
253,513
109,781
95.906
Wisconsin Gas & Elec....May
9,123
x1,928
8.440
x8,430
46,833
Jan 1 to May 31
x42.255
44,516
z35,197
z After allowing for other income received.
a Does not include interest on bonds, after deducting which net available
for interest on Adiustment Income Bonds was $69,731 in May 1914,
against $61,716 in 1913.




43

THE CHRONICLE
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
olfjune27. Thenextwillappearintluat ofJuly15.
Brazilian Traction, Light & Power CO., Ltd.
(Report for Fiscal Year ending Dec. 31 1913.)
Secretary J. M. Smith, Toronto, May 28 wrote in subst.:

The consolidation of interests undertaken in July 1912 has been successfully carried out, and at this date practically the entire share capitals ofthe
three companies concerned has been acquired, as follows:
No. of sharesIssued. Acquired. Still Out.
Rio de Janeiro Tramway,Lt. & Pow. Co.,Ltd_450,000 449,304
696
Sao Paulo Tramway,Lt.& Pow. Co.,Ltd
186
99,814
100,000
Sao Paulo Electric Co., Ltd
50,000 50.000
Your company has undertaken to make all the financial arrangements
for these subsidiary companies, and guarantees fixed dividends on their
share capitals, and in consideration thereof receives the net income after
meeting their expenses of operation, including renewals, taxes, reserves
and their fixed
To provide the funds required for extensions of plant and other capital
developments and outlay of the subsidiary companies, $10,000,000 6%
cumulative preference shares were issued in May 1913. and the proceeds
were advanced to the subsidiary companies for the purposes mentioned.
These shares confer on the holders the right to exchange the same for ordio
nAzia
eference shares fororel
shares of tlm.cegpan
e 2za
2ittis of l.
p.y1g7thilib
ry share
share
Dec. 31 1913 was $114,177,200, divided into 1,041,772 ordinary shares
and 100,000 6% cum. pref. shares in denominations of $100 each.
The results of this company's operations since its incorporation have
proved very satisfactory. The combined net earnings of the subsidiary
companies for the year 1913 shows an increase of 31.709.437 over 1912.
The combined reserves and surpluses of this company and its subsidiaries
at the present time reach the total of 315,028,144, and have been
expended on the development of the enterprises of the subsidiary co's.
RePort of F. S. Pearson, President of Operating Companies.
Rio de Janeiro Division.-The operation of this division for the year 1913
has been quite satisfactory and show an increase in gross $1,690,766.
Tramway Operations1911.
1912.
1913.
Miles track
230.37
236.79
223.26
Miles run, all cars
24,814,760 24,189,853 22,506,707
Total passengers carried
195,783.634 183,272,559 167,718.528
Light and Power Service1913. 1912. 1911. 1910. 1909.
Incandescent lamps
683.937 419,413 288,985 173.417 90,204
Arc lamps-public
617
8,660 6,929 5.597 3,522
private
1,730
2,161
1,926
1.560
2,155
Horse-power motors
63,539 58,288 51,064 36,221 18.071
Consumers-light
26,927 17,828 11,462 6,806 3.408
power
1.865
It has been found necessany, owing to the Vapid increase in the passenger
traffic, to increase the car equipment, and the company has now under
order and construction 100 new cars.
In 1913 the extensions to the power house at Rio das Lages were completed, and the Pirahy tunnel, which was constructed for the purpose of
diverting the waters of the Rio Pirahy into the Rio das Lagos, was also
completed. This work consisted of a tunnel 5% miles in length,and through
its construction the water supply of the Rio das Lazes power station has
been greatly increased, giving it an ample supply for many years to come.
The extensions in the power station at Rio das Lagos consist of two hydroelectric units of 16,000 h.p. each, bringing the maximum output of this
station up to 84.000 h.p., and it is estimated that with the additional water
now available still further extensions can be made when the demands of the
business require it, increasing the output by a further 38,000 h.p.
The telephone business in Rio de Janeiro is shown by the following statistics: Total No. of telephones Dec. 31 1911, 6.275; 1912. 9,020; 1913,
11,379. The Rio de Janeiro company also owns and operates the Interurban Telephone Co. of Brazil, which on Dec. 31 had 1,560 telephones in
the cities of Nictheroy and Petropolis, a net increase for 1913 of 409.
The output of gas has been greater than in the previous year, due to a
marked increase in the use of gas for cooking and heating. The gas manufactured per annum was in 1911. 31,708,360 cu. metres; in 1912,30,935,400;
in 1913, 32,757,800.
Total Gross Income of the Rio de Janeiro Division.
1913.
1911.
1912.
1910.
1909.
Tramway
8,337,843 7.8!5,608 7.133,687 6,43%,466 3,641,779
Light & power 4,520.506 3,691,954 2.880,885 1.836,289 1,130,448
Telephone
734,277
538,049
362,467
256.800
209,681
2,709,298 2,535,547 2,575,278 2,427,625 2,545.650
Gas
Total
16,301,924 14,611,158 12,952,317 10,960,180 7,527.558
Sao Paulo Division.-The results from operation of this division for the
year 1913 have shown a gratifying increase in both gross and net income.
The suburban tramway service has increased greatly and the number of
Incandescent lamps connected up has increased about 41% for the year.
Tramway Service1913.
1912.
1911.
Miles track
126
141.4
Miles run. all cars
9.344,880 8,184,482
Total passengers carried
56.776,702 48,113,109 36.794,120
Light and Power Service-1912.
1913.
1911.
1910. 1909.
Incandescent lamps
175,395 124,004 96,011 74,302 62,321
Arc lamps
2,453
1,986
1,847
1,688
1,638
Horse-power motors
33,104 27,841 21,886 16,172 11,788
Consumers-light
12,148 8,245 6,196 5,343 4,727
power
1,271
1,045
737
535
428
There have been added to the equipment 104 electric pascenger cars. The
tramway lines have been extended by 15.4 miles of track. The auxiliary
steam power station in Sao Paulo was completed, but it was not necessary
to increase the hydro-electvic development on account of the provisions for
power made by the contract entered into with the Sao Paulo Electric Co.
Gross Income of Sao Paulo Division.
1913.
1912.
1911.
1910.
1909.
Tramways
$3,599,418 $3.106,005 $2,408,716 $1,999,778 $1,677,907
Light and power 1,858,380 1,509.867 1,186,562
949,515
761.578
Total
$5,457,798 $4,615,872 $3,595,278 $2.949,293 $2,439,485
Sao Paulo Electric Division.-The Sao Paulo Electric Co. Ltd., was organized for the purpose of owning and operating hydro-electric plants,
electric light and flower, and gas systems in the State of Sao Paulo. The
gross income in 1912 was 31,590,236 and in 1913 it was $1,731,219.
This company is operating a small hydro-electric plant of about 4,000 h.p.
on the Sorocaba River and is building a hydro
-electric plant of
h.p.
capacity, which is planned for an ultimate capacity of 50,00030,000
h.p. The
construction work of this plant was not finished on Dec. 31 1913, but the
plant is now in regular operation, the work being practically completed
W. 95, p. 1043). The company has contracted to supply the
Paulo
Tramway, Light & Power Co. with 15,000 h.p., and the latterSao
company
has constructed a transmission line from the power
station on the River'
Sorocaba to the city of Sao Paulo for the purpose of utilizing this energy.
INCOME ACCOUNT OF THE BRAZILIAN TRACTION, LIGHT &
POWER CO.,LTD.,FOR 18 MOS.ENDING DECEMBER 31 1914.
Revenue from securities owned and under contracts with sub.
cos., 311.266.139; interest on advances to sub. cos., $256.698; total
311,522,837
Deduct-Head office, general and legal expenses,
interest, discount and exchange
$324,343
Dividends on 6% cum, preference shares(4%
ordinary shares(7% %).37,735,496; total %),$450,000; on 8.185,496
Balance, surplus for 18 mos. ending Dec. 31 1914
$3,012,998

44

THE CHRONICLE

....NCOME ACCOUNTS(SUB.COMPANIES)FOR YEAR END.DEC.31'14
R.de J. Tr., SaoP.Tr.,Lt. SaoP.Elec.
Net revenue under contract with L.&P.Co.,Ltd. P.Co.,Ltd.
Co.,Ltd.
65,029,723 $1,500,000
B. T. L. & P. Co., Ltd
$272,125
Bond and debenture interest
2,529,723
500,000
272,125
Sinking fund (1st M.bonds)
250.000
Dividends paid
(5)2,250.000 (5)1.000.000
Balance, surplus
None
None
None
BAL. SHEET (BRAZILIAN TRAC., LT. & P. CO., LTD) DEC. 31 1913.
Assets (total, 5118,436,180)-Capital account, incl. the acquisition of shares and controlling rights and int. of& in oth.cos $110.141.928
Advances to sub. cos, with accrued interest to Dec. 31 1913.
$7,626,921; accts. rec., $1,981;cash in bank,$665,350; total_
8,294,252
Liabilities (total, $118,436,180)-Ordinary shares, $104,177,200; preference shares.$10.000,000; total
$114,177,200
Dividend accrued on preference stock, $150,000; accounts
payable, 81,095,982; total
1,245,982
Profit and loss
3.012.998
BALANCE SHEETS (SUBSIDIARY COMPANIES) DEC. 31 1914.
R.deJ.Tram.,Lt. S.P.Tr.,Lt. S.P.Electric
Assets&Pow.Co.,Ltd. &P.Co.,Ltd.
Co., Ltd.
Franchises, conces., contracts, &c-- 892,307,415 $26,640,934 $16,939,641
Skg. fd. invest.(1st M.bonds)
1,093,090
1.737.570
Stores
1,687,194
301,575
Amounts receivable
1,850,097
362,460
319,123
Advances to sub. cos., &c
13,081,482
139,197
22,258
Cain
31,577
Total
5110.208,851 $28,712,846 617,591,711
LiabilitiesCapital stock
$45,000,000 $10,000,000 $5,000,000
First mortgage bonds
25,000,000
6,000,000
25,627.867
5% 50-year mortgage bonds
9.733,33
Perpetual consol. debenture stock
______
3,999,996
Current accounts
1,160,493
_1,148,488
057,607
Loans and accrued interest from
Br. Tr., Lt. Sr Pow. Co
3,714,082
1,768,180
2,144,659
Provision for renewals
523,552
Accrued bond interest
945,286
Customers', &c., deposits
660,659
bonds)
res.
(1st M.
Sink. td.
1,093,090
Insur. fund (injuries & damages)
200,000
120,970
General reserve fund
3,750,831
3.518,903
Profit and loss
z3,056,543 y1,632,757
56,112
Total
$110,208,851 $28,712,846 $17,591,711
--z After deducting insurance fund for injuries and damages, $200,000,
and general reserve fund,$500,000. y After deducting $500,000 transferred
to general reserve fund.-V. 98, p. 1765.

Buffalo (N. Y.) Gas Co.
(Report for Fiscal Year ended Dec. 31 1913.)
Pres. Alex. C. Humphreys May 1 wrote in substance:
Settlement. with City.-This report has been delayed in the expectation
that the long-standing litigation with the city of Buffalo might be settled.
This hope has been realized. Our account against the city, amounting,
with interest, to 8255,664. has been compromised, the company deducting
335,000 from the total; and on April 24 of this year the company received
$220,664 in full settlement. This amount has all been applied to the
liquidation of part of the floating debt (V. 98, p. 1074).
As explained in previous reports, the city has for some years, under
order of the courts, neon paying the company on account for gas consumed
in city buildings and in public lamps at the rate of 70c. a 1,000. The
settlement, as made, is on the basis of 90c. a 1,000, the price determined
by the P. S. Commission in Feb. 1913.
Compelition.-Tho competition with natural gas, which is sold at 30c. a
1,000 Cu. ft., continues to be most difficult to meet. The Natural Gas Co.
continues to extend its distributing mains. To compensate for the loss in
sales thus suffered by this company, it has been necessary to extend our
mains to the outlying districts. This has cost about $600,000 during the
last ten years, absorbing our working capital and yearly surpluses after
paying bond interest (V. 98. p. 1074).
Pressing Need for New Capital.-During 1913 the company was further
embarrassed in not having the capital to make all the extensions to mains
promising a remunerative return. The protection of the interests of the
stockholders' demands that advantage shall be taken of all new business
offered, especially in localities where there are no natural gas mains at
present or inunethately in prospect. It was only by taking advantage of
all such opportunities, up to the time that the working capital was exhausted, that enabled the company to earn its bond interest. It was by
assistance obtained from certain stockholders that I have been able to meet
the bond interest for the last four semi-annual interest periods ending
Oct. 1 1912, April 1 1913, Oct. 1 1913 and April 1 1914(V.98. p. 1074).
If the interests of the stockholders are to be preserved, the stockholders
at large must come to the relief of the company before Oct. 1 of this year,
when the bond interest will be again due. Notwithstanding the present
competition of natural gas, the chances for the future warrant the stock
holders in making some sacrifice to iireserve their control of the property.
To pay the floating debt as of May 1 1914, and to supply the necessary
working capital as above referred to requires not less than $450,000.
Results for Year.-Our sales of gas decreased 1.76% in 1913, .67% in
1912 and .79% in 1911. During 1912 many meters wereremoved.espec
ially in central districts, making a net decrease of 1,606, due principally to
extensionsof mains by the Natural Gas Co., contrasting with 290 and 406,
tfully, in 1912 and 1911. There was a net increase in cooking stoves
other appliances of 274, against net increases of 627 and 388.
ae
r nrc
The gross profits were $213,906, and there was required for bond Interest
(5% on 55.805,000). 8290,250,showing a nettieficit of 376.344. The deficit for 1912 was $23.331.
Additions.-There was added (net) for extensions and renewals, 316.148,
as compared with $21,616 and $20,192 for 1912 and 1911.

[VOL. xcix.

Autosales Gum & Chocolate Co., New York.
Report for Fiscal Year ending April 30 1914.)
Pres. Ulysses D. Eddy, June 23, wrote in substance:
During the year the directors disposed of an unprofitable candy plant.
the Tenney Candy Co., and in payment received pref. stock of the purchasing company, upon terms favorable to an early liquidation of this stock
at par. We still retain in Boston a plant for the manufacture of high-class
confections, which, in addition to its general business, is in a position to
furnish supplies for the theatre machines.
On April 18 1914 the stockholders were advised as to the sale of their
gum plants and gum business to The Sterling Gum Co.,Inc., which resulted
in your company becoming the owner of about one-third of the outstanding
stock of the latter co. Out of the sale of a portion of this stock $140,000 was invested in bonds for the sinking fund. With the $140,000 were
purchased and canceled $223,500 bonds Autosales Gum & Chocolate Co..
reducing the amount outstanding originally ($3,600,000) to $3,220,500.
This purchase resulted in an interest saving of $13,410 per annum. It is
anticipated that further sales of stock will be made and the proceeds used
in the further retirement of bonds.
On May 15 1914 $20.000 was also expended in the retirement of bonds
of the Weighing & Sales Co., a subsidiary.
Our vending machines are of various types, of which the most important
are the slot machines for vending chewing gum and confections and the
weighing machines. In addition your company owns a large number of
theatre vending and opera glass machines, which are attached to the backs
of chairs in places of amusement. In spite of keen competition, extraordinarily heavy disbursements incurred in putting in order your vending
machines. representing a total charge to expense of $109.973(approximately
$45,000 more than in the previous year), the net profits of this class of
business were satisfactory. It is a reasonable expectation that with our
attention now concentrated principally upon the development of the vending
business and with the resources at our command, we shall be able to materially augment the earnings of the vending machine department. The
profits from the theatre machines business, however, are less satisfactory.
This is due to a very bad theatrical season, and to the earnings having been
affected by expenditures on the perfecting of these machines.
The officers have recommended that the.vending machine manufacturing
and repair business be removed from the present two factories to a building
which will also accommodate our general offices. This concentration is
expected to result in greater efficiency and considerable economies.
Your company owns the Keystone Trading Co. which manufactures,
under patents, a gum which is a valuable ingredient
'in high-grade chewing
gum. In this line of business there has been considerable competition.
While this competition resulted in some reduction of profits in the past fiscal
Year. various manufacturers, who went temporarily to other sources of
supply, are now returning to the Keystone Trading Co.
The increase in administrative and general expenditures was due in part
to litigation considered necessary in defending your patents, trade-marks.
&c. and to the expense of transferring the San Francisco and Chicago plants
and their consolidation with the Louisville plant. Your company, as a
stockholder of The Sterling Gum Co., Inc., is now in position to participate
in the benefits resulting from this step (See that company under "Industrials" below and in V. 98, p. 1321, 1076.)
As a result of the various transactions referred to above, the officers have
been able to bring about a reorganization of the business on a basis which, in
their opinion, will save in excess of $50.000 of overhead charges during the
coming fiscal year.
INCOME ACCOUNT FOR YEARS ENDING APRIL 30.
1914.
1913.
1913.
1914.
5277,003 $296,570 Gross income
Net profit
$140,211 $198,219
Admin. & gen. exp.__ 143,276 120,879
DerlactionsBond interest
$26,561 $232,235
$133,727 $175,691 Reserves
Balance
10,100
6,484 22,528 Interest on loans, &c.. 7,953
Other income
$140,211 $198,219
Gross income
Balance, deficit__ $94,303 $44,016
BALANCE SHEET APRIL 30.
1914.
1913.
1913.
1914.
$
$
AssetsMania:les8
Capital stock ....__ 6,000,000 6,000.000
Prop's', plants,&e. I
trade-mks.,19,791,899
9,261,626
Funded debt
Pat's,
3,833,000 3,930,600
Accounts payable..
irc
108,003
63,666
75,746
145,746 Notes payable__
Stocks and bonds110,000
20,539
5,386
Bonn Int. accrued.
Sinking fund
76,984
78:945
474,718 Scrip nav.(sub cos)
379,567
Inventory.
1,275
*95,740
214,338 Reserve
Accounts receiv
13,334
45,000
117,529
Profit and loss_ 5343,882
46,820
Cash
99,657
19,329
32,863
Adv. to sub. cos
24,806
17,692
Deferred charges_
Total

'10,460,866 10,263,478

Total

10,160,866 10,263,478

* Less reserve for doubtful accounts. x After deducting net of miscellaneous adjustments for interest, materials, &C.. transactions previous year
amounting to $4,394. and adding discount on bonds retired, $11,731, and
profit from the sale of plants and gum business and from the purchase of
securities. $331,191.
Directors.-E. Beverly Walden (Chairman), F. V. Canning. G. F. Hurd,
Ulysses D. Eddy. Charles R. Flint, Oscar L. Gubelman, A. J. Hemphill,
David A. Kellar, C. D. Smithers.-V. 87, P• 1847.

William Cramp & Sons Ship & Engine Bldg. Co., Phila.
(Report for Fiscal Year ending April 30 1914.)
Pres. Henry S. Grove, Phila., June 25, wrote in substance:

The company shows a satisfactory improvement over a year ago. The
additions have all been completed and paid for at a cost of $762,161, COM
paring with an estimated cost of $750,000. No important expenditures
are anticipated during the present fiscal year except what may be required
for safety appliances. The company during the fiscal year paid in advance
and cancel 5200,000 of its 3-year 6% notes, leaving $1,000,000 of that
issue outstanding. Since April 30 last we have purchased an additional
5300.000 of said notes, which for the present are held in its treasury.
Owing to repeal of the free-toll clause for coast-wise vessels, and to the
disposition of the Government to build more and more of their requirements
RESULTS FOR CALENDAR YEARS.
the navy yards, the prospect for shipbuilding is not as bright as a year
in
1912.
1913.
1911.
1910.
ago. The hesitation of capital to develop the water powers of our country
$213,906
Net profits
$266.919
has restricted both inquiries and orders in our hydraulic department, and
$313,721
$328,190 the
decline in general business has decreased the volume of new orders of a
290,250
Interest on bonds
290.250
290,250
290,250 miscellaneous
nature. Nevertheless we still have a comfortable amount
Balance
def.$76,344 def.$23,331 sur.$23,471 sur.$37,940 of unfinished orders on our books which will keep our works employed at
an economical rate of production for the present fiscal year, before the
expiration of which time it is to be hoped that the condition of general
BALANCE SHEET DECEMBER 31.
business may improve. Our plant was never so efficiently equipped as it is
to-day, nor so capable of handling whatever business may offer.
1912.
1913.
1913.
1912.
AWLS
EARNINGS FOR FISCAL YEAR ENDING APRIL 30.
Plant & equip't._ _14,945,459 14,929,311 Stock,common___ 7,000,000 7,000,000
1913-14. 1912-13. 1911-12. 1910-11.
81,130
47,652 Stock, pref.,6%. 1,713.000
Materials & wpm.
1,713,000 1,713,000
Net earnings of all departments__ _$1.180,332 $561,796 $473,022 $283,507
95,000 Gold 5% bonds..._ 5,900,000 5,900,000
95,000
Treasury bonds._
54,727 Bench repairs-- 49,249
9,371
Gas bills receivable
Int. on 20-year 5% serial notes__ $153,583 $165,083 $176,083 $187,083
9,143
210,598 Bills payable
_ 248,748
56,667
251,550
City of
57,917 59,167
170,000 Int. on first mtge. 5% gold bonds_
60,417
Accounts payable. .115.477
Buffalo_-dr
122,605
Other accounts
32,120
29,664
35,955 *Ground rents&int.on real est.Ms_
29,839
64,682 Consumers' dopes.
65,938
76,050
bills receivable.
77,890
Reserve
for
construction
imp't_
54,191
surplus
$847,477 $306,676 $208,108 $6,168
Open
Net
54,908
Other res'ves, &c_
322
69,835
accounts
55,462
5,793 *Accrued taxes,&c
60,959
19,561
*Also includes in 1913-14 interest on 6% notes.
Cash
18,570
Accrued
interest
33,495
72,563
Deferred charges_
217,687
The net earnings above include the company and Its subsidiaries, viz.:
36,564 Coup. purch. by
2,514
Prepaid accounts_
I. P. Morris Co. and Kensington Shipyard Co., incl. misc. Income, and
outside parties. 207,725
deduction of insurance and taxes, but before depreciation.
after
Profit and loss_ _
693,491
191,712
The company,has made the following payments and expenditures:
reduction of capital debt, $250,000:
In
Total
15,444,327
15,582,814
15,582,814 15,444,327 250 20-year 5% serial notes redeemed, as per terms of issue_ __ _8250.000
Total
25 1st M.5% gold bondsredeemed,as per terms deed of trust__ 25.000
Includes taxes in 1913. b After
200 3-year 6% notes_________________________ 192,000
*Already charged to operating. a
amounts
not
for
debit
included
net
in
in the purchase of real estate, new
$21.877,
Ernended
maCn'nery and
insome
deducting in 1913
for improvements,&c
320,605
accounts.-V.98, P• 1074.




THE CHRONICLE

JULY 4 1914.]
BALANCE SHEET APRIL 30.
1914.

1914.

1913.

1913.

3

Assets-

Capital stock__ 6,095,000 6,098,000
Real estate, ma_13.837,731 13,846,527 Bonds, notes and
chinery, &c
5,687,004 6,175,344
mortgages
Bills Fe accts. rec_ 1,626,404 1,626,873
200,000
428,741 Bills payable
Materials & tamp. 426,473
323,520
564,137 Mdse.accounts__ _ 390,187
588,295
Cash
67,966
72,073
674,298 Wages due May
a649,216
Deferred assets
79,847
Accrued interest
74,450
4,806,405 4,195,898
Profit and loss
Total

17,128,119 17,140,575

Total

All of the companies controlled by the Southwestern Power & Light Co.
operate as independent units. They furnish electric light and power
service to 37 communities, gas service to 7 communities, water service to
3 communities, street railway service to 1 community and ice and fuel
service to 1 community. Total population of the communities served in
1910 was about 322,170; now estimated at 365,000. (See also bond offering in V. 97, 13. 954.)
The gross earnings for the year 1913, $2,267,091. were derived as follows:
Electric light and power, $1,802,894; artificial gas, $322,362; natural gas,
$8,910: water. 580.954; railway, $37,047; miscellaneous. $14,924. (El Paso
Gas & Electric Co. bonds have been called for payment and money has been
deposited with trustees.-Ed.1

17,128.119 17,140,575

a Includes $635,368 contested claims against the Government (uncollectible balance to be written off when all claims have been finally adjudicated)
and $13,848 undistributed expenditures on plants, stocks, patents and patent litigation.-V.98, p. 1996, 1319.

Parke, Davis & Co., Detroit.
(Balance Sheet Dec. 31 1913.)
.
12.
1913.
1912.
S
5
Liabilitiess
19$
AssetsReal est. & bldgs_ 2,086,210 1,982,226 Capital stock__ 9,856,150 7,568,375
4,497,176 4,379,002
Inventory
(Compare V.87,
667,051
398,795
p. 1608; V.85,
Cash
Bills & accts. rec_ 2,418,620 2,325,437
p.923,1007;V.
1,118,351 1,120,989
Investments
76,p.814,708:
282,272
211,107
Office turn.& fixt_
V.72. p. 187.)
312,522
Machinery & labAccounts payable_
312,002
oratory appratus 1,254,954 1,187,566 Surplus fund
2,156,482 3,724,224
19,324,634 11,605,121

45

Texas Power & Light Company.
Does the entire commercial electric light and power business in Waco,
Denison, Sherman, Paris, Temple, Palestine, Tyler, Cleburne, Gainesville.
Brownwood, Waxahachie, Hillsboro, Ennis, Taylor, Bonham, Honey
Grove and 13 other communities, and also a gas business in Waco, Denison,
Paris, Cleburne and Brownwood. Also supplies at wholesale electric light
and power service for Corsicana and Rogers. Population served estimated

at 185,000. (See also bond offering in V. 97. p. 891.)
The gross earnings for the cal. year 1913. 51.187,148, were derived as
follows: Electric light and power, $1,052.405; artificial gas, $125,833;
natural gas, $8,910; total $1,187.148.
Fort Worth Power & Light Company.
Supplies the entire electric light and power service in Fort Worth and
furnishes under contract current to the city for lighting the streets and a
large part of the current necessary for pumping the city's water. Total
population served estimated at 90,000. (See also bond offering in,y.
98. P. 307.)

12.324,634 11,605,121

American Power 5: Light Co. Holding Co. (Incorp. Sept. 17 1909).

Dividend Record Since 1906 (Per Cent).
1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913.
Cash Dies.(%)12
12
Regular
6
63i
12
8
9A
10
5
5
5
5
-3
234
Extra (paid Dec. 31) - In Oct. 1907 a stock dividend of 8734% ($3,500,000) was paid. A
stock dividend of 30% (about $2,270,512) was also paid to holders of
record Jan. 28 1913. Compare V. 98, p. 767, 527.

Controls Kansas Gas & Electric Co., Pacific Power & Light Co. and Portland
Gas & Coke Co. through ownership of entire outstanding common stock, except
directors' shares, and Southwestern Utilities Corporation through control of 65.6%
of capital stock.

Total

Total

American Power & Light Company, New York
Kansas Gas & Electric Co.
Pacific Power & Light Co.

Portland Gas & Coke Co.
Southwestern Utilities Corp.

(Financial and Physical Data as of Dec.31 1913.)
Pres. F. G. Sykes, March 10, wrote in substance:
The report issued under date of June 18 1913 (V. 97, p. 143) stated that
your company and its subsidiaries had an investment of about $4,830.000
cash in properties which had not become materially productive, but would
ultimately be of great value. The policy of acquiring property and of
building for the future has been continued, and the amount of the present
cash investment not yet materially productive is approximately $4,621.000.
Since the last report, however, there has been placed in operation property
representing a cost of about 54.835,000. A part of this property, representing a cost of about $1,925,000, has been in operation only since Nov. 1
1913, and consequently its earning value is only partially reflected in the
accompanying statements of earnings.
No statement of the Vancouver Gas Co. appears in this report, as the
property of this company has been acquired by the Pacific Power & Light
Co. at a price representing its cost, plus int. at 6% per ann. on investment.
American Power & Light Co. (Holding Company).
The American Power & Light Co. controls the Kansas Gas & Electric
Co. the Pacific Power & Light Co. and the Portland Gas & Coke Co,
through the ownership of the entire outstanding common stock, except
directors' shares, and the Southwestern Utilities Corporation, through the
ownership of 65.6% of the capital stock.
The foregoing subsidiaries (either directly or through controlled companies) supply electric light and power service to 89 communities, artificial gas service to 15 communities, natural gas service to 3 communities, water service to 7 communities, street railway service to 3 communities, interurban railway service to 3 communities and ice and fuel service
to 1 community. Total population served est, at approximately 850,000.
Of the subsidiary companies' total developed electric Power capacity
of approximately 78,200 h.p. (58,340 k.w.), 20,760 h.p. (15,488 k.w.) is
generated by hydro-electric power plants.
Combined Income Account for Year ended Dec. 31 1913 [Kansas Gas & Elea.
Co.,Portland G.& C.Co..Pac.P.& L. Co.and Soul/us.P.& L.Co.subel.
1912.
1913.
Gross earnings
55,864,165 $5,346,156
Net earnings
2,377.768
2,678,831
Note.-The above statement shows bite earnings of all the properties of
above-named cos. now owned, irrespective of the dates of their acquisition.
The gross earnings for 1913, as shown above, were derived as follows:
Electric light and power, $3,235,693; artificial gas. $1,765,828; natural gas,
$460.046; railway. $208,202; water, $179,472; miscellaneous, $14,924;
total. $5,864,165. (Since the issuance of pamphlet report, American Power
& Light Co. has acquired, through exchange, all stock of Southwestern
Utilities Corp. in the hands of public, one share of A. P. & L. Co. stock beIng given for two shares of Southwestern Util. Corp. stock.
-Ed.1
Kansas Gas & Electric Company.
Supplies electric light and power and natural gas to Wichita and Pittsburg, Tiansas. and electric light and power to Frontenac. Independence.
sedgwick, Valley Center, Newton, Halstead, Cherokee and
Cherryvale.
Kansas. The natural gas sold in Wichita is supplied by the Wichita
Natural Gas Co. and in Pittsburg by the Kansas Natural Gas Co. The
total population served is about 105.000.
Gross and Net Earnings, Showing Source of Income.
1913-Gros5-1912.
1913-Neb-1912.
Elec.light and power--- 5579,413
$517,938
$268,504
5317.086
451,137
Natural gas
464,955
70,197
55,346
$1,030,550
Total
$982.893
5338,701
$372.432

Service and Property of Subsidiary Companies.
These supply electric-light and power service to 89 communities, artificial gas
service to 15 communities, natural gas service to 3, water service to 7, street railway
service to 3, interurban railway service to 3 and ice and fuel service to 1. Total
population served estimated at 850,000.
1912.
1909.
1913.
Statistics (a few partly est.)4,893
Electric customers
61,378
49,970
52,474
450
Artificial gas customers
57,221
Natural gas customers
14,226
12,575
10.301
Water customers
6,184
7,372
Total customers
15,644
121,203
140,197
Kilowatt generating capacity
2,575
46,621
58,340
Kilowatt gen. cap, under construction750
13,700
16,460
Output 12 months (k. w. hours)
78,329,260
6.654,227
107,411,812
Elec. distributing lines in service, miles119
1,414
1,737
do
underground conduit, miles_
21
24
High-voltage transmission linesIn operation, miles
476
702
Under construction, miles
83
198
Artificial gas holder capacity (cu. ft.)._
40,000
5,716,050
4.373,000
do
under construction (Cu. ft.)_
3,185,000
2,000,000
Gas output for 12 monthsArtificial (cubic feet)
9.377,300
2 030,104,962 1,809,981,768
Natural (cubic feet)
2 321,533,000 2,017,326,000 2,745,997.700
4.5
35.5
Miles of electric railway
35.5
Miles of gas mains
142
1,020
1,147
Mlles of water mains
115
134
STATISTICS FOR CONTROLLED COMPANIES DEC. 31 1914.
- Portland G. & C. Co.
Kan. Gas & El. Co. -Pac.P. & L.Co.
1913.
1912.
1912.
1912.
1913.
1913.
13,952
Electric customers__
15,285
11,421
9,938
40,698
5,759
4,597
37,276
Gas customers
13,151
12,575
4,442
4,162
Water customers_
Gen,capacity, k.
20,600
15,468
11,605
10,835
750
3,900
7.950
Gen.cap.under const.
Output(k.w)12mos.18,470,21316,769,16733,101,00031,410,862
93,376 1,652,926 1,480,924
Output gas 12 mos_b2,288,873 2,017,326 100,549
*Elec.distrib.linesOverhead
2671
749
679
291
4j
Underground cond.
6
444
444
*Highpow.trans.lines
39
28
Gas holdersCapaeity (Cu.ft.)_
439,500 408,000 4,185.000 3,000,000
Capacity (cons.)2,000,000 3,185,000
*St.ry.&interurb.ry.
lines (in operation)
30.5
30.5
*Gas mains
180
174
119
611
669
88
*Water mains
89
80
*Miles. b Three ciphers omitted.
-S.W.P.cEL.- -Tex.P.& L.- -Ft. W.P. tit L..
1912.
1912.
1913.
1913.
191:3.
1912.
8,316
Electric customers
9,474
34,672 26,080 22,033 16,482
4,961
Gas customers
5,891
11,839 10,601
Water customers
2,930
2,022
5.000
9,193 13,000
Generating capacity (k. w.)---- 26,135 20,298 10,418
5,000
do
do under construction 12,560
5,000 12,000
Output (k.w) 12 months_x____ 55,541 30,149 21,549 13,621 29,578 14,000
do gas 12 months_x
309,290 235,682 133,705 83,300
100
135
Miles elec. distrib. lines (overh'd)
697
468
488
315
17
17
do
do undergr'd conduit
18
17
1
4
High-power transmission lines__
4
219
4
198
do
do under construction
83
10
198
26
198
Gas-holder capacity (Cu.ft.) 1,091,550 965,000 341,550 215,000
Miles street railway lines
5
5
Miles gas mains
179
147
104
79
Mlles water mains
45
35
x Three ciphers omitted.

Pacific Power & Light Company.
Furnishes electric light and power service to 42 communities, gas service
street railway service to 2 communities, interurban railcommunities,
to 7
• EARNINGS OF CONTRpLLED COMPANIES YEARS ENDING DEC. 31.
way service to 3 communities and water service to 4 communities. Toe
total population now served by the company, including an estimated rural [Showing the earnings of all properties owned irrespective of dates of acquisition.)
approximately
111,000.
Of the company's total
population of 4,000, is
Gross
Net (after
Interest
Dividends
Balance,
developed electric power capacity of approximately 27,610 h.p. (20,600
Earnings.
Taxes).
Charges.
Paid.
Surplus.
k.w.). 20,760 h.p. (15,488 k.w.) is generated by hydro-elec. power plants. Kansas Gas & 1913__$1,030.550 $372,432 5175,005(7)5105.000
$92,427
The gross earnings for 1913, 51.288,059. were derived as follows: Electric
Electric Co._ _ 1912_.. 982,893
338,701
156,215 (7)105,000
77,486
light and power, $853,385; railway, $171.155; artificial gas, $165.001: Pacific Power & 1913_51,288,059 $624,385 5341,656 $242,500
$40,229
water, $98.51.
Light Co
1912_ _ 1,257,364
609,327
288,070
215,000
106,257
1913__$1,280,916
Portland (Ore.) Gas & Coke Company.
Portland Gas &
$655,249 $249,127 5114,188 $291,924
Coke Co
1912._ 1,178,772
579,163
201.745
281,605
95,813
Does the entire gas business in Portland, Ore., and its suburbs and supNot
Not
Not
plies gas at wholesale to the St. Johns Gas Co. and to the Pacific Power Southwest'n Pow. 1913.$2.267,091 $1,026,765
& Light Co_ _ _ 1912_ _ 1.927,127
850,577
stated
stated
stated
& Light Co. for its Vancouver. Wash., service. Total population now
Texas Power & 1913_51,187.148 5436,957 5210,836 3110,250 $115,881
served about 265,000 (V. 98, p. 309).
Light
1912__
1,000,806
Co
412,675
109,756
44,363
258,556
Southwestern Utilities Corporat,on.
Ft. Worth Power 1913._ $671,000 $397,421
$82,788
$51,908 $262,725
but owning all the
& Light Co..... 1912._
514,073
250,158
An Investment company, operating no properties,
61,979
144,779
43,400
directors'
shares,
except
of
the
stock,
capital
outstanding
and
issued
Southwestern Power & Light Co. [Since the issuance of the pamphlet reBALANCE SHEET OF AMERICAN POWER & LIGHT CO.
port, $400,000 pref. stock of Southwestern Power & Light Co. has been
sold to the public.-Ed.1
Dec.31'13. Apr.30'13.
Dee.31'13. Apr.30'13.
investment
(an
company).
Light
Co.
Power
Ec
Southwestern
Assets$
Liabilitiesits
comthrough
ownership
of
all
Stocks
&
bonds_
__12,000,887
Light
Co.
10,887,881 Preferred stock_ _ _ 3,119,800 3,119,800
Power
&
Togas
the
Controls
through
5-yr.6s8.W.U.Cor.
2,868,475
Co.
3,301,200 Common stock_ _ _ 5,631,400 5,631,400
stock, except directors' shares; Fort Worth Power & Light
5,200,000 5,200,000
of more than 93% of its common stock; El Paso Gas Co., Paris Notes & accts. rec.11,752.441 1,956,902 Funded debt
ownership
mon
West Cash
Current liabilities_ 2,444,903 1,854,658
Transit Co., Wichita Falls Electric Co., Wichita Falls Water Co.,
Tr
4,052
Co. and Suspense
5,200 Reserves
44,923
46,096
Texas Electric Co. International Electric Co., Eagle Pass Water
5,196
3,554 Surplus
276,698
370,613
Sweetwater Ice & 'Cold Storage Co. through ownership of all their out- Furn. & fixtures__
86,673
67,829
standing securities, except directors' shares of stock and except $300,000 Note discount, &e.
El Paso Gas & Electric Co. 6% bonds, which have been assumed by the
16,717,724 16,222,567
Total
Taal
16.717,724 16,222,667
El Paso Gas Co.




BALANCE SHEETS OF CONTROLLED COMPANIES.
-Kan.G.&E.Co.- -Par.P.& L.Co.- -PortlandG.&C.Co.Dec.31'13. Apr 3013 Dec.311.3.Apr.30'13.Dec.31•13. Apr.30'13
3
3
s
s
s
3
Assets7,359.898 7,202,88415,920,12115,376,32310,541,800 9,736,434
Plants
1,001
1,001
6,248
6,249
Securities other cos_ 304,700 308,100
300,264 271,880 525,953 457,930 395,314 420,279
Current assets
30,890
Sinking fund
196,000 300,000
Treasury bonds_
14,147
2,509
8,637
6,888
2,607
981
Miscellaneous
Bond dlsct. & exp.. 141.002 138,771 400,277 384,679 144,498 110,161
S 110,845
Total
,
Liabilities
1,500,000
Preferred stock
Second pref. stock_ _
3,000,000
Common stock
500
Cap.stk. of 0th.cos _
3 210,000
Bonds
Current liabilities_ _ _ .234,723
84,542
Reserves
81.080
Surplus

7,955,13216,859,48816,435,32711,385,12210,296,512
1,500,000 2,000,000
1,500,000
3,000,000 6,000,000
500
500
3,089,000 6,076,000
204,59161,151,359
23.154
57,857
103,185 108,475

2,000.000
1,500,000
6,000,000
500
6,076,000
740,137
30.552
88,138

2,000,000 1,475,000
3,000,000 3,000,000
600
24,999
5,492,000 4,746,000
.339,069 590,774
433,760 368,427
119,693
91,311

8,110,845 7,955,13216,859,48816,435,32711,385,12210,296,512
Total
a 350,343, of which 19 doe Am.Pow.& Lt. Co. is Includes 8862,412 due the Am.
Pow.& Lt. Co. c Includes 361,389 due the Am.Pow.& Lt. Co.
BALANCE SHEETS AS OF DEC. 31 1913.
Tex.P.& L. Ft.W.P.&L.
s.W.U.Co.
Assets
315,881,593 35,759.170
5127,969
Plants
75.000 19.198,797
Securities of other companies_ _ _
565,906
861,586
.237,653
234,105
Current assets
300,000
290,000
Treasury bonds
13,311
92,927
9,460
Miscellaneous
$7,213,530
Trust assets
512,385
28,078
Bond discount and expenses
87,797,084 320,360.383 516,981,695

Total

36,320,813

Liabilities

Preferred stock
Second preferred stock
Common stock
Bonds. &c
Trust liabilities
Current liabilities
Reserves
Surplus

31.565,000 81,575,000 31,100,000
1 32,851,0001 1,575,000
15,000,000 9,100,000
2,760,000
1,1,282,000 y4,090,000
2,038,000
g4,368,500
1.849,930 y1,492,936
240,133
161,453
5,415
89,031
602,351
103.529
83.038
248,420
121,408
157,831
57,797,084 320,360,383 316,981,695 36,320,813

Total

x Current assets in 1913 include notes receivable 3166,552: accrued interest and
dividends accrued receivable $49,192 and cash in banks 371,909. § Held in trust to
secure the issue of 5-year 6% gold notes under agreement dated June 15 1912.
a Of the above amount (34,368,500). 53.205,000 is owned by the Am.Pow. dr Lt Co.
I. All the 1-year 6% coupon notes and 3764.799 of the current liabilities are due
Southwestern Utilities Corp. and 36,640 of the current liabilities is due Am. Pow. &
Lt. Co. y Of the above (31,492,936) 8496,463 is due to Southwestern Pow. & Lt.
Co. 3816,070 Southwestern Utilities Corp. and $72,663 Amer. Pow. & Lt. Co.
-V.98, fl. 1158.

Indian Refining Company, Inc., New York
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Theodore L. Pomeroy, N. Y., March 26 1914,
wrote in substance:
Financial.-During the year there have been issued 861,000 1st M.bonds
and $2,549,600 2d M. notes (V. 96, P. 1025, 1366). Capital liabilities of
81.487,318 have been retired and canceled: this includes the payment of
the earliest maturities of the 2d M.notes issued in tbe period. Bank loans
amounting to $2,314,000 have been paid. The capital liabilities and bank
loans paid during the year exceed therefore the new capital liabilities incurred by $1,190,718.
In addition there is a gain in excess of current assets over current liabilities of a net amount of 8448,674.
There has further been capital expenditure on oil properties, refineries,
selling stations, &c., over depreciation charges deducted of $142,901. In
addition to the foregoing net increases, there is for the year an increase in
organization and financing expenses, temporarily capitalized, of 3129.949.
From the foregoing there is deducted a decrease of sundry assets (comprising the amount written off Mr. R. Levering's account and the reduction
of the sinking fund assets) amounting to $184.177.
There is also deducted and set aside as a "general reserve" an amount
equal to the sinking fund payments made during the year for the 1st M.
bonds, namely $610,465. The above completes the accounting for the
year, as follows:
Reduction in capital liabilities and bank loans
$1,190,718
Expenditure on oil properties, refineries, selling stations. &c.
142,902
(less depreciation charges deducted)
Increase of net current assets
446,674
Financing expenses, temporarily capitalized
129.949
Total
Less-Reduction of sinking fund assets
Amount charged off R. Levering accounts
Amount set aside as a "general reserve"

$1,910,243
$29,589
154,588
610.465

$1.115,801
Net result
Oil.-During the past year arrangements have been made whereby an
additional supply of crude oil has been obtained and It is believed our requirements have been provided for a considerable time to come.
Appreciating the fact that our oil-producing property is an asset having
only a limited life, your directors have determined to charge directly out of
earnings and credit to a "general reserve account" an amount equal to the
sinking fund payments on the 1st M.bonds, and this charge has been made
for the cal. year 1913, as will appear on the statements herewith. The
company has also taken steps to obtain additional oil production.
Suit.-During the year the suit brought against the company by the
Valvoline 011 Co., attacking the use by your company of the trade-mark
"Havoline," was decided in our favor on Dec. 23 1913, and the decision
firmly establishes the right of this company to the use of this name. During
the litigation we hesitated to make any large expenditures in order to increase the sale of this brand of lubricating oil, but it is their present purpose
to make an active campaign during the coming year to increase the safe.
Distribution.-Arrangements are now being perfected whereby a larger
proportion of the output will be marketed through our own dUtributing
stations, with a corresponding increase in the net return.
COMPARATIVE CONSOLIDATED BALANCE SHEETS.
Dec.31 '13. Aug.31, 13
Dec.31 '13. Aug.31 '13.
Liabilities-3
Assets53
Capital assets__ _ 5,812,970 5,694,987 Common stock__ 3,000,000 3,000,000
Preferred stock.. 3,000,000 3,000,000
Inventories of oils.
798,750 1st M. bonds out. 2,645,000 2,949,000
830,369
ea. (cost)
43,018 2d M.notes
1,923,600 2,344,500
Advanc
Accts. rec., less res 976,860 1,160,635 Car trust obllgations
26,547
13,943
395,000
400,285
Notes receivable__
Purchase-money
Foreign accounts,
mortgage
78,207
15.471
78,661
15,471
less reserves....
527,189 Vouchers and ac675,332
Cash
counts payable. 362.983
2138,494
a Accts. substan450,000 Notes payable.-- 21:1:gg:
450,000
4
:
4:71
111
tially assumed
Int. accrued
Int., taxes & ins.
26,570 Unclaimed dive__
20,673
10,268
1,333
unexpired
13,185 Insur.fund reserve
19,399
19,399
13,185
Ins, fund assets
157,204 Reserve for depl'n
62,271
Sink, fund assets_
787,378
of oil dep., &c._
610,465
organ., &e., exp. 684,929
Prof. & loss deficit 2,714.879 2,674,960
Total

[VoL. xc

THE CHRONICLE

46

12,340,286 12,438,630

Total

12,340.288 12.438,630

a Accounts substantially assumed by Richard Levering in process of

.adjustment.-V- 98. P. 158.




The New River Co.
(Report for Fiscal Year ended March 31 1914.)
Pres. Robert H. Gross, Boston, May 14, wrote in sudost.:
Results.-The operations show a deficit of $57,422 as compared with a
deficit of $211,914 for the preceding year. Labor troubles continued until
July 1913, alien an arrangement was made providing for a full nine-hour
day,&c. which should prevent further serious trouble until April 1915. It
was not, however, until Jan. 1914 that an ample supply of labor was available. More coal could then be produced than had been sold, and as a
result all mines in the New River district were forced to run on half time
from about the middle of January 1914 to April 1, thus forcing up the cost
as a result of the small tonnage, and causing a large loss for that period.
Had it not been for these conditions,the bond and note interest of about
$180,000 would have been earned.
Purchase.-All of the outstanding stock of the Prudence Coal Co.has been
purchased, as well as nearly all of the outstanding stock of the Harvey Coal
& Coke Co. and the Dunn Loop Coal & Coke Co.
Sold.-The Washington and Louisville retail yards have been sold, and
the Cincinnati yard will be disposed of as soon as a favorable opportunity
presents itself. .
Ouilook.-Contracts for a much larger tonnage have been made for this
year at same prices as those prevailing last year. Therefore, unless business
conditions arise, this year should show substantial earnings over and above
bond and note interest.
Data Furnished by Gen. Mgr. S. A. Scott, May 8 1914.
Improvements.-These for the year aggregated $111,539.
Electrical equipment has been and is being purchased and will be installed
in practically all of our mines during 1914. and, as soon as installed power
will be furnished by the Virginian Power Co.(V. 98, P• 1998 1923.) under
favorable contracts.
The equipment and conditions of the mines are such that we can produce
up to 200,000 tons per month, subject to labor conditions, car supply and
disposition of coal. Producing 150,000 to 160,000 tons per month should
reduce the cost, so that at the present price of coal_we might expect a
satisfactory year's business.

output and Earnings of Subsidiary Operating Companies and Amounts Thereof

Belonging to New Ricer Co., Years ending March 31.
-Output (tons)- -Total Nei Profits
1913-14.
1912-13.
1913-14. 1912-13.
373,709 487,387 losc$33,258 108438.698
White Oak Fuel Co
18,172
24,700
New River Fuel Co
26,226
7,170
101,089
116,221
Collins Colliery Co
loss3,558 loss14,489
78,324
83,814
Macdonald Colliery Co
loss29,791
6,332
211,858
184,618
Co
Cranberry Fuel
37,896
47,024
184,999 183,763
Dunn Loop Coal & Coke Co
29,613 loss10,642
133,988 116,732
Harvey Coal & Coke Co
loss6,915
83,740 108,158 loss14,158
Beckley Coal dr Coke Co
1,816
123,852
Prudence Coal Co
23,469
15,270
77,724
82,573
Mabscott Coal & Coke Co
108.97,350
513,237 loss22,958
6,956
Price Hill Fuel Co
Stuart Colliery Co
133,059 140,146 loss27,189 lo.ss50.022
42,421 loss11,276 loss13,157
Great Kanawha Collieries Co
23,030
18,172
White Oak Coal Co.(wholesale)
1oss13,510 loss65,302
White Oak Coal Co. (retail)
lose6,422
1,507
White Oak Railway Co
13,847
13,412
Piney River & Paint Creek RR
1.482,680 1,608,088
351,637 loss3112,676
Total
1913-14.
1912-13.
1911-12.
New River Co. proportion of profit and losses
prof$46,255 loss$120,676 1oss$132,697
of operating companies, net
27,730
New River Fuel Co.. profits for year
103,677
91,239
90.822
New River Co., losses for year
5211,915
$195,789
New River CO., net loss(but see text above) • 857,422
There VIOS charged off for depreciation $57,445 in 1913. against $84,797 in
1912-13 and $65,920 in 1911-12: and also in 1912-13, 811,251 for plants impairment.
NEW RIVER COMPANY-BALANCE SHEET MARCH 31.
1912-13.
1913-14.
1913-14.
1912-13.
Liabilities$
AssetsInv. in sub. cos- _19,689,512 19,442,372 Common stock__ _ 18,249,800 18,249,800
Preferred stock._ _11,237,400 11,237,400
Properties & rights
owned in fee__ 1,763,666 1,764,840 Bonds outstanding 3,912,000 3,954,000
683,233
596,725
Treasury stock._ 9,275,000 9,275.000 Notes payable_ _ _
25,713 Accrued interest &
26.518
Sundry investmls.
39,651
taxes
34,774
37,098
36,148
Cash & accts. reo_
34,946
38,881
Bonds in treasury_ 1,412,000 1,454,000 Contingent accts._
33,979 Deprec.res've,&c.
30,604
5,643
Contingent accts._
Loans to sub. cos_ 1,070,033 1,214,708
858,756
861,893
* Profit and loss_
Total

34,164,055 34,109,019

Total

34,164,05534,109,019

•Includes bond interest and underwriting.
The investments in subsidiary compan is were: Stocks aggregating 321,453.178
on March 311914.against 321,207,211 in 1913(see list March 311912,V.96,p.946):
and loans to subsidiary companies, 322,523,266 in 1914, against $22,421,919 in 1913.
CONSOLIDATED BALANCE SHEET OF SUB-COMPANIES MARCH 31.
1913-14. 1912-13.
1913-14. 1912-13.
3
Liabilities$
S.
S
Assets5,745,400 5,645,400
85,666,798 5,508,178 Capital stock
Plant
Inter-co. receivables 512,946 826,352 Due New River Co 1,560,847 1,524,682
512,946 813,485
mdse.,fecd,furn.,&c_ 382,993 430.518 Inter-co. payables
200,384 190,034
Accounts receivable_ 280,151 333,050 Accounts payable
83,733
93,806
Notes receivable.... _ 172,036 237,963 Notes payable
75,006
47,015
Due fromNewRiv.Co 490,758 309,974 Pay-rolls
58,964 158,657 Royalties
46,626
Casio
76,347 Contingent payables. 53,920
103,909
77,684
Coal in transit
53,250
Contingent recely'les 75.121
460,575 482,434
Profit and loss
Total

8,204,251 8,466,722

Total

8,204,251 8,466,722

a After deducting reserve for depreciation. 3650,949.-V. 98, p. 1771,614.

Federal Sign-Systern (Electric), Chicago.
(Report for Fiscal Year ending March 311914.)
Charm= Samuel Instill, Chicago, wrote in substance:
Generally the company has continued its policy of developing its merchandising business. but without diminishing the line of its own manufactures, to which it has added several new articles. Light and power companies continue to be its principal customers. The gross sales have increased substantially, but its customers have this year confined their purchases largely to staple apparatus and supplies essential to their regular
business, on which we makebut a medium profit. Customers have been inplentiful money the purchase of elecclined to defer until a period of morethe
year the company has opened one
tricity-consuming devices. During
new office, at Toronto, making a total of 24 offices.
INCOME ACCOUNT.
Years ending--

Gross income
Expenses (including depreciation).

Mar.3114. Mar.3113. Mar.23.12.
$1,988,269 31,533.674 $1,286,716
1,106,151
1,815,488
1.331,191

$172,781
Net income
Revenue (stock divs. from investm'ts)

$202,483
$92,500

$180,585

Total net income
$172,781
$141,059
Preferred dividend (7%)
Amount charged against income to absorb development account
Deductions affecting prey. year's surp_
17.966

$294,983
$134,040

$180,565
877.930

62,251
41,450

39,696

$57,242

382,939

Balance, surplus

$13.756

THE CHRONICLE

,T1m-17 41914.1

47

The substitution bill offered by Representative Doherty of Fall River.
BALANCE SHEET MARCH 31.
providing for State ownership with a referendum on the petition of 50,000.
1914.
1913.
1913.
1914.
i
defeated by a vote of 113 to 104. Amendments were also voted down
was
3
$
Liabilities-Assets$
the Senate.
2 045,400 2,016,160
Preferred stock
Property, franchises,
New Haven Co. has given formal notice of its opposition to the
The
3,110,150 3,109,550
4 493,210 4,427,341 Common stock
patents, &c
of the so-called "string" provision by which the
285,032 166,904 Fisher-Ellis bill becauseto
Material on hand _.. 531,691 453,035 Accounts payable
purchase at any time the B. & M.stock (about
70,734 State reserves the right
159,191
Accounts & bills rec_ 343,367 291,646 Notes payable
Railroad Holding Co.on the ground that such right
Boston
the
by
held
51%)
971
1,685
18,925 Miscellaneous
75,058
Cash
its value.
depreciate
to
serve
will
purcnase
119,660 127,032 Reserve for depr.,&c. 243,870 203,624 of The
Investments
company, in addition to the discontinuance of certain special rate
Surplus
217,646 203,890
Deferred charges(beceased selling a large number of
month
last
ago,
months
two
tariffs
made
ing written off)_ 499,488 439,472
Issues of round trip local tickets, and also numerous one-way limited ticket
13,883
Miscellaneous
rates which were put into effect several years ago, mainly to meet the comso far as
petition of electric roads. The increases caused by these changes,
S. Commission.
6,062,974 5,771,834 Ma.spchusetts is concerned, have been suspended by the P.
Total
6,062,974 5,771,834
Total

Retrenchment.-The company put into effect on June 29 a
15% reduction of the station, clerical and yard masters'
Co.,
Minneapolis
Telegraph
&
Tri-State Telephone
forces. Many trains were also discontinued, the entire
and St. Paul
reduction in mileage amounting to 4,000 miles daily.
(Report for Fiscal Year ending Dec. 31 1913).
Suit.-See Hampden RR. below.-V. 98, p. 1765.
The report signed by Pres. E. H. Moulton, and V.-Pres.
Brooklyn Rapid Transit Co.-Bond Conversions.-Of
and Treas., G. W. Robinson, as of March 25, says in subst.: the 1st ref. convertible 4% bonds, $29,620,000 had been
The general business conditions were such that we thought best to curtail converted into stock on July 1, when the time to do so expired,
to some extent the extensions into unoccupied territory. All exchange leaving $5,219,000 unexchanged. It is thought that some of
properties operated have shown a healthy growth, exceeding in most instances the average of the past eight years. The surplus and reserve ac- the bonds are in transit.-V. 98, p. 1692.
counts continue to increase, now totaling 15% of plant value.
Chesapeake & Ohio Ry. of Indiana.-Authorized.The installation at the Snelling exchange was completed early in July,
-Ir. 98, p. 1922.

The company has been authorized to issue 3150,000 additional stock and
and is already taxed to its capacity. Our underground system has been
at par and the
extended by the addition of more than 19 miles of conduit, and aerial leads $11,000 1st M. 5% 20-year bonds, the stock to be issued1914.
The C.&
of
miles
bonds
70
at 80,for improvements for the year ending Apr. 30
About
extended to meet the demand in suburban districts.
49.
pole line and 500 miles of copper wire have been added to our toll system 0.Ry.Co.will receive all of the stock and bondsfor advances.-V.97.P•
toll-line
The
towns.
and
cities
additional
22
with
and connection secured
S.
P.
Mass.
-The
-Authorized.
RR.
&
Chicago
Alton
interest
revenue has increased more than 14% over 1912. A controlling
has been secured in two non-competing properties, occupying territory not Commission on June 23 authorized the company to issu.
1315.
heretofore served.
the $585,000 general M.bondsfor improvements.-V.98,p.
The agreement of the Am. Tel. & Tel. Co. expressed in a letter to
prop-66,000,000 Receiver's
Attorney-General to refrain from the further purchase of competing
RR.
Illinois
&
Eastern
Chicago
local
with
connections
to
lines
erties and to throw open the Bell long-distance
-Receivers Jackson
Independent companies will, we believe, prove of great importance to the Certificates due July 1 1914 to be Refunded.
independent operating companies.
and Winter, under date ot June 23, announced that,inasmuch
INCOME STATEMENT YEARS END.DEC. 31 (Compare V. 93,P. 1793) as present conditions have precluded an immediate reorgan1911.
1912.
1913.
ization of the company, the Court, on the petition of the
31.556,054 $1,455,378 131,398,627
Earnings from operation
receivers,has authorized an issue of $6,000,000 one-year6%
21,1921
21,813
revenue
Miscellaneous
maturing
$1;577,867 $1,476.570 $1,398.627
Total income
Deduct$698,261
733,671
°per., maint., general expenses---- $786,522
46,511
52,301
55,823
Taxes '
228,374
140,449
103,226
Interest on bonds, &c
Total deductions
Net Income
Preferred dividends1
Common dividends1

$945.571
$632,296
361,708

$926,421
550,149
124.668
150,223

I

$973,146
$425.481
112.396
59,811

$253,274
$275,258
Balance, surplus
$270,588
The surplus as above in 1913, $270,588. was appropriated as follows:
$150,000 to renewals and reconstruction and $20,588 to miscellaneous reserves and the remaining $100,000 to surplus.
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
3
5
Assets$
Liabilities-$
4,000,000
4,000,000
Plant, equip., &c.....7,995,581 7,663,413 Common stock
2,045,180 1,972,460
Stocks owned
504,512 471,543 Preferred stock
1 200,250 1,162450
Advances
76,328
Funded debt
Material & supplies_ 178,260 149,921 Notes & accts. pay_ 357,406 249,315
Notes & accts. rec.... 98,612 176,787 Accr. taxes,int., dm_ 179,064 162,860
798,406 719,436
Cash
94,043
61,868 Reserves
415,000 315,000
Other assets
47,071
58,090 Surplus
Total
-V. 98, p. 1248.

8,99.5,306 8.581,622

Total

8,995,306 8,581,622

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.-Acquisition.-The
company has taken over the Kansas Southwestern, which
runs from Arkansas City, Kan., to Anthony, 60 miles, and
which has heretofore been operated jointly 'by the Atchison
company and the St. Louis & San Francisco. The Atchison
company now owns all of the stock.
Merger of Controlled Roads.-The Gulf & Inter-State,
Concho San Saba & Llano Valley, Texas & Gulf, and that
part of the Pecos & Northern Texas south of Sweetwater
were merged with the Gulf Colorado & Santa Fe system on
July 1, in accordance with the Act passed by the last Texas
Legislature.-V.98, p. 1844, 1691.
Atlanta Birmingham & Atlantic RR.-Interest on Receivers' Certificates.-The interest on the receivers' certificates of the Atlanta Birmingham & Atlantic RR., Georgia
Terminal Co. and Alabama Terminal RR. Co. due July 1
was paid when due at the Farmers' Loan & Trust Co.,
N. Y.-V.98, p. 1918, 1844.
Baltimore & Ohio RR.-Interest.See Cincin. Hamilton & Dayton Ry. and Pere Marquette RR. below.

receivers' certificates bearing date July 1 1914 and
July 1 1915, with the privilege to the receivers of redeeming
the same at any time at par and int.' to replace the present
outstanding certificates maturing July 1 1914. Holders
are, therefore, requested to forward immediately the receivers' certificates they now hold to the Equitable Trust
Co., of New York, which will deliver on July 1 an equal par
amount of new certificates, together with a cheek for the
commission of 1M% allowed by the Court and tho semiannual interest maturing on that date.
Statement by Stock and Trust Certificate Holders' Protective Committee, Alvin W. Krech, Chairman.
Under the order ofCourt under which these certificates are issued,they
precede about $18,000,000 refunding and improvement 4% bonds and
about $18,000.000 pref. and common stock. The conunittees representing
the refunding and improvement 4% bonds and the stock of the company
deem the present time and conditions impossible for a plan of reorganization. but as a matter of course the receivers' certificates will have to be
provided for in any reorganization of the property. The following large
holders of the maturing receivers' certificates deem it in the interest of
the holders of certificates to make the exchange proposed by the receivers.
Signed: Equitable Tr.Co.,N.Y.; Redmond & Co.,N.Y.•, Old Colony Trust
Co., Boston; Roosevelt & Son, N. Y.; A. M. Kidder & Company, N. Y.

Defaults.-Notice to Bondholders.-The committee of
holders of refunding and improvement mortgage 4% gold
bonds due July 1 1955, John W. Platten, Chairman, in an
advertisement, say:
The interest due July 1 1914 on the above-mentioned bonds has not been
paid and a bill to foreclose the mortgage will be at once filed.
In order that the interest of the holders may be adequately protected
and a plan of reorganization formulated, it is essential that all holders
deposit said refunding bonds in negotiable form, accompanied by July 1
1914 coupons, with the U. S. Mtge. & Trust Co., the depositary, 55 Cedar
St., N. Y. City. The undersigned committee has already received large
amounts of the above-named bonds and holders of a sufficient amount in
addition, to assure that the committee will hold a majority of the entire
issue, have signified their intention of depositing.
Default in the payment of interest has this day been made on the lstM.
bonds of Chicago & Indiana Coal By. Co. and the 1st M. bonds and
On
1st consol. M. bonds of the Evansville & Indianapolis RR. Co.
for the
account of a possible conflict of interest,the committee will not act
holders of the last-named three issues of bonds, but deems it wise that they
should be seaprately represented. Compare V. 98, p. 1992. 1919.

Cleveland & Pittsburgh RR.-Rehearing Denied.-

The Ohio State Supreme Court has denied the motion of Attorney-General
amount
Hogan for a rehearing in the suit brought by the State to collect theTax Act
of the tax claimed to be due by it under the Willis Capital Stock
the
review
to
declined
of 1-10 of 1% ($85,203). in which the Court recently
decision of the Cuvahoga County Court of Appeals favorable to the com486.
p.
pany. Compare V. 98, p• 999; V. 96.

Chicago & Indiana Coal Ry.-Population Served.Bigelow & Co., N. Y. and Phila., present a memorandum
showing that there are 48 stations with a total population
of 21,108 on this 176-mile railroad, an average of only 119.5
persons per mile. The firm says:
The data has been obtained from railroad time tables and tho U. S. Cen-

the population
Acquisition.-The Hampshire Southern RR., extending sus of 1910. For 16 of the 48 stations the Census reports
as "unknown.' After a careful study of these facts, together with other
from Romney to Petersburg, W. Va., 38 miles, has, it is known
conditions, is there any reason for the future existence of this line?
reported, been acquired, possession being taken July 1.- Compare V. 98, p. 1992.
V. 98, p. 1918, 1691.
Chicago Indianapolis & Louisville Ry.-No Dividend.
-The directors have taken no action on the dividend,
Bituminous Coal Roads.-Resumption.Miners of the Kanawha (W. Va.) district, by a referendum vote, have which is usually paid in June,on the $10,500,000 common
accepted the proposition recently submitted by the Federal Board of Conciliation, and, it is stated, will resume work on Monday. The agreement stock, 93% of which is owned by the Louisville & Nashville
includes the "check-off" and leaves the adjustment of a wage scale to a and the Southern Ry., and deposited as part security for
special committee of arbitration. Compare V. 98, p. 1918.
1913 semiIreThe Ohio coal miners' representatives on July 2 informed operators of their joint collateral trust bonds. From 1909 to
made.
each
were
the 5 sub-districts who have been continuing negotiations with miners annual distributions of 15
%
4
on
that they were willing to sign a wage scale on the basis of 47 cents a ton
machine-mined coal on the mine-run basis, instead of 49.64 cents, which
of the first
they had been demanding persistently since April 20, the date
cents as their
joint convention. The operators who had offered 44.61
1918.
1992.
the
-V.
p.
compromise.
rejected
98.
highest bid

Boston & Maine RR.-House Passes Separation Bill.Rates Increased.-The Mass. House on June 30, by a viva
voce vote,passed the Fisher-Ellis bill providing for the
separation of the road from the N. Y. N. H.& Hartford RR.
The 'bill was on July 2 passed by the Senate to be engrossed
by a vote of 37 to 2.




Dividends on Common Stock Since 1902.
1905 to 1908.
1904.
1903.
3 yearly.
31,:1
-V. 98, p. 1992. 23.1

.t l91 .
9 yearlyo
1390u

Cincinnati Hamilton & Dayton Ry.-Receivership.Judge Hollister in the U. S. Court in Cincinnati, on July 2
because of the defaults in interest payments below mentioned, appointed Judson Harmon and Rufus B. Smith as
receivers of the property, on application by Bankers Trust
Co., trustee.

48

THE CHRONICLE

Statement by Daniel Willard. President of Baltimore & Ohio R.R.
"Because of a series of unusual and unforeseen circumstances, the Cincinnati Hamilton & Dayton road was not in a position to meet its various
obligations as expected. The Baltimore & Ohio had assumed the responsibility of restoring the property, following the flood in March 1913. This
has been done promptly in order that the vast commercial interests in the
territory served by the Cincinnati Hamilton & Dayton might be relieved
as promptly as possible, and has been done so thoroughly that I have no
hesitation in saying that to-day the Cincinnati Hamilton & Dayton is
physically in better condition than at any previous time in its entire history •
cost of this re-construction has not only been greater than was first
thought probable. but the after-effects of the flood have imposed such
burdens on the C. H. dr D. that the directors of the Baltimore & Ohio
reached the conclusion that the B.& 0. would not be justified longer in extending its credit beyond its legal obligations, which latter, of course, will
be fully complied with. Except for current monthly accounts and pay-rolls
the C. H.& D. has no operating debts.
"Briefly, the commitments of the B.& 0. under the agreements of 1909
are as follows: The B.& 0. guaranteed the principal and interest of $12,500,000 of the First and Refunding M.4% bonds of the C. H.& D. Only
$7.500,000 of these bonds, however, are now outstanding, the remaining
$5.000.000 not having been sold, but instead the B.& 0. has advanced for
construction purposes about $3,900,000, holding as collateral security for
such advance $4,861,000 of these bonds. In addition.the B.dz 0.advanced
$1,800,000 for equipment obligations, approximately $1.200,000 for reconstruction of property destroyed by the flood and about $3,200,000 for
general treasury purposes. The B. & 0. also guaranteed $11,557,000 of
purchase-money notes, secured by $13,000,000 of first and refunding mtge.
bonds, which notes the B.& 0. paid at maturity, July 1913, and now holds
the notes and collateral.
"There is also the agreement with respect to the exchange or purchase in
1916 of the general mortgage bonds, of which $17,529,000 are outstanding.
Effective July 1 1914 and until June 30 1916. these bonds bear fixed interest
at3% , but the obligation with respect to this interest is that of the C.11.&D.
In October 1912 a supplemental agreement with Messrs. J. P. Morgan &
Co. fixed $740,970, in addition to the minimum $2,530,000, as the maximum price to be paid in 1916 for the stock of the C. H.& D.

Default on Guar. Bonds.—See Pere Marquette RR. below.
Interest Due July 1.—The payments and defaults were:
Issues on Which the July Interest Was Defaulted.
C. H.& D. First & Ref. M.unguaranteed bonds
$1,677,000
Cincinnati Indianapolis & Western First & Ref. M.4s
4,672.000
Indiana Decatur & Western 5s
3.162.000
Issues on Which the Jay Interest WasPaid.
C.H.& D. second mortgage 4.348
$2,000,000
do do Gen. Mtge. bonds, Mt, paid 3 of 1% (see below)_ _17,529,000
do do First & Ref. M.4s,guaranteed by Bait.&
Ohio_ _
7,500.000
Da
n & Michigan 1st M.434s
,
o do Divs on guar. stock (guar. by C. H. & D., pref.,
$1,211,250 8% p. a.; coin., $2.401,950 334% p. a.)
3.613.200
The decision of the B. & 0. to pay interest, 34 of 1%, on C. H. & D.
Gen. Mtge. bonds, which are not guaranteed by the former, is understood
to be due to a contract between Baltimore & Ohio and J. P. Morgan & Co.
to share equally any deficit of Cin. Ham. & Dayton on this interest up to
July 1 1914. This was specifically for the benefit only of the
two parties
and not any third party,and has been abrogated by consent. Nevertheless,
Baltimore & Ohio decided to meet this small payment since some bondholders may have thought the contract guaranteed payment of the interest.
These general mortgage bonds, according to their terms, bear 3%
int.
from July 1 1914 to July 1 1916, but this is not guaranteed, and fixed
it is intimated that B.& 0. will in no case advance any further interest thereon.

Causes of Trouble.—Mr. Willard, at the recent hearing before the Inter-State Commerce Commission, said:
A committee of B. dc 0. directors which arranged the deal thought that
ownership of Pere Marquette stock by C. H. & D., while it
would not
bring any dividends at that time, would at least give it such influence
in
Northern Michigan and other territory served by Pere Marquette as would
result in a large interchange of business. That forecast
was found unjustified, because shippers began to exercise the right to route their freight, and
very little influence in that direction rested with the operating companies.
And Pere Marquette felt that as other companies would give Itmore
business in return than C. H.& D. could give, it was not to its advantage
interchange freely with C. H.& D. So nothing practically worked out to
of
that arrangement.
Some other estimates were also disappointing, and some were justified.
They assumed that by 1913 gross would be $10,000.000 a year. It was
more than that, and would have been still more but for the flood. They
assumed that contracts between C. H. & D. and Erie. under which Erie
got freight business from Dayton to Cincinnati, could be revised on a more
profitable basis to C. II. & D., and that was done.
They assumed that there would be a large increase in ore movement
from Toledo to Hamilton, and to Ironton and Ashland on the Ohio
River.
That was a mistake. They spent nearly 51.000.000 for dock facilities
at
Toledo, but the concern expected to use the increased ore at Hamilton
failed, and that plant has been closed the last two or three years.
Increased passenger traffic between Toledo and Cincinnati did not
happen. because New York Central Lines came into control of Toledo &
Ohio Central, and then had their own lines between Cincinnati and
Instead of C. H. & D. getting more passenger business, it foundToledo.
keener
competition.
The committee, however, reported that closer relationship between
Cincinnati Hamilton & Dayton and Baltimore & Ohio would probably
result in an increase in interchange of business of $1,000.000 a year. Last
year the business interchange was $1,700,000 more than before the arrangemud. I might mention some other things they did not foresee.
Baltimore dc Ohio took charge of Cincinnati Hamilton & Dayton, the Since
wage
increases have amounted to more than $500,000 a year. The taxes have
been increased.
Notwithstanding all those things, the deficit in operation for the first two
or three years was not materially greater than the committee had assumed.
The committee figured that for first two or three years out of the seven
there would be a deficit, but with a surplus sufficient to wipe out the deficit
and show a clear surplus at end of the seven-year period. I, myself, had
felt, up to a year and a half ago, that perhaps that might be true. But
effect of the flood shattered any such hope.—V. 98. p. 1693.

Columbus (0.) Railway, Power & Light Co.—Authorized.—The shareholders on June 29, by a vote of 73,566 to
3,637,approved the plan, in V. 98, p. 1767, authorizing:
An
117',11skig0P1r:tf.cosgoelk.,4eisconfiath:017.
Co.,br
iss
cga
sni7e
f, $
voful
l tory ex
fo
0r
(2) Increase of Series A pref. stock from $1,143,500 to $1,593,500, to provide for voluntary exchange of $450.000 1st M.6s of Columbus Electric Co.
(3) An issue of $25,000,000 First & Ref. M.5% bonds.
A press report says: "Pres. S. G. McMeen explained that $4,000.000 to $5,000,000 bonds would be used for refunding and other financial
e e
rements wouIdk
inrlur
$300,000 to
The
2
:0
rci refunded
7—$3de0WtSieTyea1
Ry.
, ,000
Columbus St. Ry. 1st As. $572,000 Crosstown St. Ry. 1st As, $450,000
Col. Electric 1st 6s and $300.000 Col. Edison Electric 1st As. After refunding of bonds there would be left 920,253,000 of bonds authorized and
still to be issued. The capital stock (if the proposed exchanges for stock
above indicated are fully carried out) would then consist of $3.145.000
4% prior pref. stock. $1,593,500 6% pref. "A," $4,066.500 5% pref.
"B" and $6,340,000 common stock.' See also V. 98, p. 1766.

Dayton & Troy Electric Ry.—Dividends.—A dividend
of 134% (No. 21) was paid on June 30 on the $500,000
common stock.
Previous Common Dividend Record (Per Cent).
1904 1905 1906 1907 1908 1909 1910 1911 1912
1913.
2 None 5
6
6
5
1% Sept., 134; Dec.,ig
6
2
95, p. 1745.

Delaware & Hudson Co.—Listed.—The N. Y. Stock
Exchange has listed $4,500,000 additional First and Refunding M.4% bonds due 1943, which were recently sold (V. 98,
p. 1044), making the total amount listed $32,204,000.
The procersis will be used to discharge 53.000.000 outstanding notes,
representing expenditures for additions and betterments, and to defray




[VOL. xclx.

the cost of further additions and betterments. The expenditures, aggregating $5.055.543. include: '
Right of way & sta. grounds $135,784 Ellin. of grade crossings._ _ $116,688
Grade reductions& changes
Station bidgs. and fixtures_ 187,532
of lino
238,972 Shops, engine houses and
Bridges, trestles & culverts_ 283,830
turntables
1,286,103
Sidings and spur tracks._ _ 249,676 Elec. light & power plants_ 176,288
Terminal yards
685,934 Equipment
673.926
Miscellaneous
1,040.810
—V. 98. p. 1844.

Erie RR.—New Vice-President.—Albert J. Stone, General
Manager, has been elected a Vice-President in charge of
operation, with headquarters at 50 Church St., effective
July 15.—V. 98, p. 1694.
Grand Trunk Ry. of Canada.—Notes Sold.—Cable advices from London state that $10,000,000 one-year bills were
4% basis,re-payable July 15 1915.
on June 25 placed on a 43
The bills are secured by Grand Trunk 4% debenture stock, which is taken
at a valuation of 70,or considerably below the market price. The proceeds
are to be used to finance the Grand Trunk Pacific Ry. and its branch lines.
It is intended during the year to dispose of bonds guaranteed by the Dominion and provincial governments to reimburse the company for advances.—
V. 98, p. 1993.

Hampden RR.—Indictment—Note Extensional—

Charles S. Mellen, former President of the Boston & Maine RR., six
members of the firm of F. S. Moseley & Co., brokers, the late Ralph D.
Gillett of Westfield, Mass.and the investment committees of two Cambridge (Mass.) savings banks were on June 29 indicted on a number of
counts by the Middlesex County Grand Jury on charges of conspiracy or
larceny in connection with the purchase of notes of the railroad by the
banks. The notes aggregated $45,000, but as each one of them has been
renewed several times, a separate indictment was found on each renewal.
It was charged that the Hampden Investment Corporation, which was orfanized by Mr. Gillett, ho built the road, and whic endorsed the notes,
was not a substantial surety or endorser on the notes." and that the parties
Indicted speculated on the II. & M. leasing the road.
F. S. Moseley & Co. say: "We sold the notes in the regular course of
business to various savings banks, national banks and trust companies,
both in this and other States. We believed at the time that they were
authorized savings bank investments,and,on representations made to us at
the time, they.were absolutely safe. We now believe that ultimately they
will be paid.
A member of the investment committee of one of the savings banks states
that at the time the bank's investment was made,$1.400,000 of the corporation's paper was taken up by different savings banks in the belief that on
completion of the road the B.& M. would lease it, with the consent of the
P.S. Commission, and that it was an investment that would sell anywhere.
The holdersofa very large majority of the 6% notes, which were extended
until July 1. have, it is stated, agreed to a further extension for one year.
If the holders of the remainder of the notes agree to the plan,a receivership
for the road will be averted.

Suit Against Boston & Maine.—The company on July 2
filed a suit against the Boston & Maine to enforce its alleged
contract liability, amounting to between $3,500,000 and
,000,000, the approximate cost of the line.
An attachment for $4,000,000 has been filed against the Boston &
Maine's real estate. The B. & M. allowed to go to protest a note of the
Hampden RR.due on July 1.—V.98. p. 1920,690.

Hampshire Southern Mt.—Sale.—
See Baltimore & Ohio RR. above.

Illinois Central RR.—Improvements.—An officer of the
company confirms the following particulars regarding the
improvements in progress or planned on which the company is
spending over 9 millions and has 4,000 men employed:
Kensington (Chicago) track elevation, eliminating ten grade
0 completed this summer_ 32,500.000
crossings. Work to be about 507
Memphis terminal, grades and yards (including new passenger
station to cost about $1,000,000)
3,300.000
Completion of35 miles of double track between Fulton. Ky., and
Memphis. thus completing the double track between Chicago
1,300,000
°track at Hawthorne (Chicago), connecting with
onevrof
eva
dtiN
Elan
in
200,000
Lo
et at Mattoon,
elevationgiontracks 2 feet
separating them from
Cleveland Cincinnati Chicago & St. Louis tracks
400,000
Raising track between Mounds. Ill., and Cairo, 5 ft. above
highest recorded water mark
410.000
reducing
by
6
delta,
m.
length
of
Yazoo
freight
route 8
Short line in
300
0000
:
000
0
Kentucky division grade reduction
—Ar, 98, p. 1608.

Interoceanic Railway of Mexico.—To Meet Bond Interest and Rentals with Deferred Warrants, &c.—The holders
both of the 4% debenture stock and the 4%% 2d debenture
stock voted June 22 to approve the following plan:
(1) The installments of Interest payable (a) in respect of the 4% debenture stock on Sept. 15 1914 and Mar. 15 1915, (b) payable in respect of the
434% second debenture stock on May 30 1914 and Nov. 30 1914, are to be
satisfied by the issue of an equal par value of 5% deferred warrants,redeemern2)asTmneeninstallmentstionebeiowo.
able
f the rent payable under
der lease,(a) to Mexican EastRs. Co., Ltd., on June 7 and Dec. 7 1914 and (b) to Mexican Southern
Ry. Ltd.. June 30, July 28 and Dec. 31 1914 and Jan. 28 and Apr. 27 1915
(other than those for administration expenses), are to be satisfied by the
Issue of 5% certificates of indebtedness, redeemable as mentioned below.
(3) The net earnings of the company's own system of railways from May
30 1914 to May 29 1915 (both dates inclusive), are to be applied in the MIlowing order of priority, namely:Pirstaf, in payment of the amounts payable
Ltd., under the existing
by the company to the Vera Cruz Terminal
and subject thereto in proarrangements with that company: secondly, Co..
viding for the proportion of the half-yearly installment of interest payable in
debenture
stock of the company on Sept. 15 1915, at0
respect of the 47
tributable to the period between Mar. 15 1915 and May 29 1915: thirdly,
and subject thereto in the payment of the half-yearly Installment of interest payable on the 434% second debenture stock on May 30 1915;
fourthly, and subject thereto in or towards the redemption rateably in par,
of deferred warrants issued in respect of interest on the 4% deand
int.'stock of the company; and fifthlo, and subject thereto in or tobenture
redemption ratably atpar and hit, of deferred warrants issued
the
wards
in respect of interest on the 4 7 second debenture stock.
(4) The net earnings of the exican Eastern Ry. during the same period are to be applied in or towards the redemption at par and it, of the
certificates of indebedness issued to that company.
(5) The net earnings of the Mexican Southern Ry. during the same
period are to be applied in or towards the redemption at par and it ofthe
certificates of indebtedness issued to that company.
(6) As from May 29 1915, the general net earnings of the company of
each year. after providing for the obligations of the company properly payable out of revenue, are to be applied, firstly, in or towards the redemption
at par and int. of deferred warrants issued in respect of the interest on the
4% debenture stock and not previously redeemed. and secondly, in or towards the redemption ratably at par and Int. of deferred warrants issued in
respect of the interest on the 434% second debenture stock and of certificates of indebtedness issued as mentioned above,treated as one class.
(7) On the total or partial redemption of any deferred warrants or certificates of indebtedness, the company is to be at liberty to deduct from the
nominal amount thereof or from the portion thereof paid, and from the interest payable thereon,Income tax at the rate current for the time being, and
warrants or certificates issued at an earlier date are to be redeemed before
those issued at a later date in respect of the same stock or to the same co.
(8) The company is to be at liberty at any time to redeem a portion of the
nominal amount of a deferred warrant with interest on such warrant down
to that date. Interest to cease to run in respect of the sum so paid.

JULY 4 1914.]

THE CHRONICLE

(9) Except as above mentioned,such deferred warrants and certificates of
indebtedness are not to constitute debts payable by the company except in
the event of the winding up of the company.
(10) The payment of such installments of interest by means of deferred
warrants is not to constitute a default rendering the 4% debenture stock
and the 4;4% second debenture stock of the company payable or rendering
the charges created in favor of the holders of such stocks enforceable.
For further particulars see V. 98. D. 1767.

49

rates. Between New York and Springfield, Mass., 136 miles,
the increase is 15 cents, and between New York and Boston,
232 miles, 25 cents.-V.98, p. 1538.
N. Y. Railways.-Staten Island Transfer Arrangement.

Keokuk & Des Moines Ry.-Suit.-Henry I. Clark &
Co., owners of 3,600 shares, and others owning 400 shares of
pref. stock, on June 26 brought suit in the Supreme Court in
this city against the Chic. R. I. & Pac. Ry.for an accounting
under the lease to the defendant.
Charges of mismanagement, failure to pay income due, diversion of
traffic and waste of property are made, and an accounting and injunction
are asked for.-V.98. D. 912.

See Rapid Transit in New York City below.-V.98. P. 1994.

Northern Central Ry.-No Injunction Against Lease.Judge Knapp in the U. S. District Court, in the case of the
minority stockholders to prevent the execution of the lease
to the Pennsylvania RR.,on July 1 refused to grant a temporary order restraining the execution of the lease pending termination of the suit as requested by Arthur W. Machen
Jr., their counsel.
The case was adjourned to Sept. 28. It was stated that the lease would
stated

be executed, as permitted by the P. S. Commission. The Court
Lehigh & New England RR.-New Bonds.-Brown that
the minority stockholders would not be prejudiced by the execution
Bros. & Co., Philadelphia, are offering at 983 and int, of the lease and would not be debarred from receiving dividends, subject
such order as the Court might finally determine to be equitable.-V.98.
yielding about 5.09%, $2,000,000 General Mortgage 5% to
p. 1994. 1920.
gold bonds, series A, dated July 1 1914 and due July 1 1954,
Northern Pacific Ry.-Bonds Offered.-Kean, Taylor
but redeemable on any interest period at 105 and int. on & Co.
are offering, by adv. on another page, at 953 and int.,
60 days' notice. Interest J. & J. Tax-exempt in Pennsyl- yielding
about 4.22%, the unsold portion of their block of
vania. Trustee, Guarantee Trust & Safe Deposit Co.,
$3,400,000 Prior Lien Railway and Land Grant 4% Gold
Phila. Denom. $1,000 (c*).
Bonds of 1896, due Jan. 1 1997. Interest Q.-J. Exempt
Digest of Statement by Pres. S. D. Warriner, Phi:a., June 24 1914
from normal Federal income tax. A circular says in subst.:
Total issue auth. by mtge. is $15,000,000, applicable as follows:
Series "A"($2,000.0W sold to Lehigh Coal & Nav. Co. at 98%
$4.000.000.
and int.. $2,000.000 now offered)
Reserved to retire 1st M.5% bonds due July 1 1945(closed mtge.) 1.000.000
Reserved for future additions, betterments, extensions and ac10,000,000
quisitions
A direct mortgage lien upon the entire property, sublect only to the $1.s
000,000 first mtge. 5% bonds above mentioned, after the stipulated retire
ment on or before Oct. 1 and Jan. 1 next of the following $2,650,000 bondc
i$1,638,000 owned by Lehigh Coal & Nay. Co.,$692.000 in hands of publi
and $320,000 in company's treasury]:
Lehigh & New Eng. RR.Co. Consol. NI. 5s. red. Oct. 1 1914. --$1.700.000
300.000
Northampton RR.Co. 1st M.5s. redeemable Jan. 1 1915
Lehigh & Delaware RR.Co. Gen. M.5s, redeemable Jan. 1 1915 650.000
Through the sale of these $4,000,000 bonds, the company secures the
funds for the retirement of funded and unfunded debt, the construction of
additional shop and yard facilities, purchase of other railroads and additiona
working capital, all of which will result in an eventual increase of annual
fixed charges of only about $66,750.
The entire capital stock 44,645,000. par $50 a share) except the qualifying directors' shares, is owned by Lehigh Coal & Navigation Co. During
1912 and 1913 the stock was increased by 72,900 shares, which were sold to
Lehigh Coal & Nay. Co. at par, or $3,645,000.
As owner, lessee or under other tenure, operates a railroad from the
anthracite coal fields of Pennsylvania northeasterly to connections with the
N. Y. Central Lines and the N. Y. New Haven & Hartford RR. at Campbell Hall, N. Y.,and forms part of a thorugh route from the anthracite,
slate and cement regions to points in New Jersey, New York and beyond,
and via the Poughkeepsie Bridge to Central and. Southern New England.
While an independent line, having no alliance with any other railroad cornin Eastern
Pally, it has direct connection with practically every trunk line
Pennsylvania and vicinity. Total mileage operated, 292.51 miles. of which
196.17 miles are owned and 96.34 miles are operated under trackage agreements with the N. Y. Susq. & Western and Erie RR.companies. A trackage agreement with the first named road, effective July 1 1912. permits the
operation of anthracite coal trains direct to N. Y. tidewater.
Practically all the tonnage carried by the company originates or termitonnage
nates on its lines, which cover a territory of great industries. This
amounted for the year ended June 30 1913 to 2,858.165 tons (as compared
with 1,810.340 tons for the preceding year), principally consisting of cement, brick and lime, 898.208 tons; anthraicte coal, 780,297 tons (27%);
bituminous coal, 537.020 tons; and stone, sand and like materials, 356.253
tons. The anthracite tonnage for the year showed an increase over 1912 of
about 478,000 tons,out of a total increase of 1,048,000 tons. the Tamaqua
extension to the mines of the Lehigh Coal & Navigation Co. having been
completed July 8 1912.
Results for Year ended June 30 1913 and 10 Months ended April 30 1914.
19 mos. I
Year
10 Mos.
Year
1912-13.
1913-14.
1913-14.
1912-13.
&c.
chges.,
Int.
$1.720.540J
$455,359
$335,046
_$1,793,785
Grass earns_
$366.136
Net, aft. tax_ $803.543 $701.182 Net income __ $358,184
Engines and all other equipment are adequate and in serviceable condition.. Outstanding equipment trust certificates Apr. 30 1914. $1,980,000
reduced by annual payments, at present of $150,000.
4 Ws. which are being
98, p. 1920. 1845.

Mesaba (Electric) Ry.-Re-incorporation.-The company
has been organized under the laws of Massachusetts, with
$3,750,000 authorized stock, as successor of the Minnesota
corporation of the same name (V. 98, p. 1245).
The stock will consist of 12,500 shares of 7% cum. pref. and 25,000

shares of com. stock. Of the stock 15,757 shares of pref. and 6.850 shares
in exchange for the outstanding $1,199,099 stock
of cont. are to be issued
corporation and $99,168 cash. The incorporators are
of the Minnesota
Clement R. Ford, Samuel F. Shannon and Warren Motley, all local men.
Compare V. 98. P. 1245.

Security.-A first lien upon the ownership in fee of 4.733 miles of road
at the low rate of $23,590 per mile, and covering also as a first mortgage
land grants (9.270,955 acres June 30 1913), terminals,equipment,securities,
&c. -Likewise covers 179.74 miles of road subject to 87,887.000 6% bends
due 1923. to retire which an equal amount of these bonds is reserved.
The road mortgaged includes the entire main line from St. Paul. Minn..
and Ashland, Wis., to the Pacific Coast at Seattle and Tacoma, Wash..
and Portland. Ore., and branch lines.
Provisions of Issue, &c.-Authorized. $130,000,000. Of this amount
$111,652,500 bonds are outstanding, which includes the bonds recently sold
$7,497,500 bonds have been r•urchased by the sinking fund and canceled
$7.887,000 bonds are reserved to retire a like amount of underlying bonds
$463,000 bonds were originally reserved for various purposes but are not
issuable and $2,500,000 are reserved for additions, betterments, &c.
Bonds of this issue are listed on the N. Y. London and Amsterdam stock
exchanges. Legal investment for savings &Inks and trust funds in N. Y..
Mass., Conn. and N. J.
These $111,652.500 bonds are followed by $51.171,500 outstanding General Lien bonds, $10,000,000 notes and $247.946.000 stock, having a market value in excess of $315,000,000. Dividends have been paid at the rate
of 7% for the past ten years.
Sinking Fund.-One-half, but not exceeding $500,000. of the net proceeds
from land sales shall be applied to the purchase and cancellation of these
bonds at not over 110. If these bonds cannot be purchased, to purchase of
General Lien bonds at not over par. One-half of said net moneys and such
ortion of the other one-half as shall be in excess of $500.000 may be used
or extensions, betterments, equipment. &c.. subject to the lien hereof.
Earnings.-For year ended June 30 1913 the company had $28,401,203
available for interest charges amounting to only $6,837.685. Average
Yearly amount available for interest for the past five fiscal years equals
over 3.70 times present annual interest requirements.

p

New Refunding & Impt. Bonds Sold.-J. P. Morgan & Co.
and the First National Bank have purchased $20,000,000
1st Ref. & Imp. 432% M. bonds, the sale of which was
authorized by the board at a recent meeting. A public offering of the issue will be made early next week. The proceeds from the sale of $10,000,000 are to be used to retire
notes of the company which mature on July 9 and the
remainder for other corporate purposes.-V. 98, p. 1845,
1695.
Oklahoma Central Ry.-Sale.-The foreclosure sale is
advertised for July 31 at the court house of McClain County,
Okla. See plan, V. 98, p. 1845, 1920, 1994.
Pacific Gas & Electric Co.-Plan Approved.-The stockholders on June 29, by a vote in excess of two-thirds, approved the financial plan (V. 98, p. 1846).

Subscriptions to the $12,500,000 new first pref. stock are stated to be
corning in satisfactorily, many asking more than their 30% pro rata share.

Earnings.-For I.. 5 and 12 mos. ending May 31:

-One Month- -Five Months- -Twelve
1913. 1913-14.
1914.
1913.
1914.
$
$
Gross - _1.361,892 1,311765 7.208,552 6.796,089 16,614,800
Oner.exp. 722.736 759,263 3,662.226 3,809,580 9,183,852

Months
1912-13.
$
15,303,160
8,849.268

Net......
_ - 646,156 551,502 3,546,326 2,986.509 7,430,948 6.453.892
On May 31 the company was serving 356.569 consumers, a gain of 30,196
within 12 months. The gain in the number of consumers in the first 5
months of 1914 was about 2,000 greater than in the first 5 months of the
preceding year.-V. 98, p• 1920, 1846.

National Rys. of Mexico.-July Interest.-The company
on July 1 announced with regard to its requirements for inPaterson & Ramapo RR.-Dividend.-A semi-annual
terest maturing on that day (about $2,600,000) that negotia- dividend of 2% has been declared on the 8298,000 stock,
tions are in active progress with the Mexican Govt. for an payable July 1 to holders of record June 24.
arrangement on lines similar to those followed in the case of
The road was leased in 1852 to the New York & Erie RR. during its
existence at a rental of $26.500 ,per annum, and the lease has been
recent interest provisions, and that the railway company legal
assumed by the Erie RR. Dividends have been paid at various rates. In
hoped to make a definite announcement in a few days.
1906-07. 12% was paid; in 1907-08 and 1908-09, 8%; in 1909-10, 6%;
it is understood that the conclusion of the plan is contingent upon the 1910-11 and 1911-12.8%;in 1913 and 1914.4% (2% each in Jan. & July).
ratification by the Mexican Congress of a proposed new Government bond
Penn Yan & Lake Shore (Electric) Ry.-Bonds.-Geo.
issue, a part of which is to be placed as collateral under the short-term
notes to be offered to coupon holders in lieu of cash, as was done previously. A. Fernald & Co. are offering at a price to yield about 5.40%
for
issue
Thursday
on
Senate
bond
authorized
new
a
Mexican
The
$60,000 1st M.5% gold bonds, due Aug. 1933. Int. P.& A.
$60.000,000.-V. 98, p. 1993.
at American Trust Co., Boston. A circular reports:
New York New Haven & Hartford RR.-Syndicate
of an issue of $100,000 bonds authorized by the P. S. Commission
Dissolved.-The syndicate beaded by J. P. Morgan & Co., ofPart
N.Y.State. The railway, built in 1897, runs from Penn Yan to BranchN. Y., a distance of 8% miles for four miles thereof, along Lake
which underwrote $20,000,000 New York New Haven & Hart- port,
Keuka, one of the finest
es inland lakes In Central
York, and a favorite
ford RR. 1-year 5% notes, $20,000,000 New England Navi- summer resort. At Keuka Park a college givesNew
to the road considearble
business, both passenger and freight. This is one of the finest fruit and
gation Co.3-year 6% notes and $10,000,000 Harlem River & agricultural
in the State. Connects at Penn Yan with the Penn.
Port Chester RR. 1-year 5% notes expired by limitation on RR., which districts
furnishes freight cars to handle freight through to all points.
Rails 70-lb. T for 73. miles, and through Penn Yan for abouta mile; 130-lb.
June 29 and was dissolved. It is stated that about 30% girder
rails, laid on a concrete foundation, with heavy steam railroad ties,
of the 850,000,000 notes, consisting partly of the Harlem and paved. Road
practically reconstructed during past 7 years out of
River & Portchester and partly of the New England Naviga- earnings. Owns at Bluff Point and Branchport freight stations, coal
sheds and freight houses. Has U. S. mail contract and receives revenue
were
the
among
and
distributed
sold,
not
were
notes
tion
from express business. Results for year ending June 30 1913: Passenger
revenue, $18,163; freight revenue, 311.693; miscellaneous, $2.996; total
syndicate members.
$32,851; oper. exp. & taxes, $19,832; balance, surplus, $13,019.
Regular service with a schedule of 16 passenger trains a revenue,
completedelectrified being more than 2% times the interest on the bonded debt.
day was established over the recently
Peoria & Eastern Ry.-Notice to Income Bondholders.and New Haven,
section of the main line between Stamford
Grand Central Ter- A committee requests deposits of the 4% income bonds with
Conn. The electrified line between the
the Empire Trust Co., 65 Cedar St., N. Y., on or before
miles long.
minal, N. Y., and New Haven, is 73that
company above. Sept. 1, with a view to taking such action as may be necesBoston & Maine Separation Bill.-See
in view of the failure of the company to pay any interest
Increased Rates.-The company on June 1 put into effect sary
small numerous increases in on these bonds out of net income for 1913. Committee says:
new passenger tariffs which show




50

THE CHRONICLE

The company has assigned various reasons for its failure to show net
earnings with which to pay the said coupons. Among others stated are:
Increased cost of operations: recent floods along the line of railroad; large
amounts paid for hire of equipment, and other large sums paid for improvements and betterments.
A comparison of the statements filed by the company for the years 1913
and 1912, the last coupons having been paid from the 1912 earnings,
shows a decrease in operating revenue for the year 1913 of a little less than
$43,000, whilst the operating expense shows an increase over 1912 of more
than 8315.000. with also an increase for hire of equipment of about $60.000.
In other words, whilst approximately the same volume of business was done.
It cost over $375,000 more to do it. Taese items of difference alone amount
to more than double the amount required to pay the coupons upon the bonds
for the year 1913. Moreover, the railway company has charged against
the income for the year 1913 $122,325 for additions and betterments.
These defaults have become so frequent that the bonds, which in 1905
were worth and sold in the market for $84, are now selling at $20. These
facts warrant a thorough investigation and such action as may be necessary
to porotect the interests of the holders of these bonds.
Committee: John F. Wallace. Chairman, Chairman Westinghouse,
Church. Kerr & Co.: Lewis E. Waring of Edward Sweet & Co.; Sidney S.
Schuyler of Schuyler, Chadwick & Burnham. and Thomas Nelson. Frank
D. Ketcham is Secretary to committee, 80 Invay, N. Y.—V. 98, p. 690

Pere Marquette RR.—Default on Refunding Bonds,
Guaranteed as Well as Unguaranteed.—No funds having been
provided to meet the interest due July 1 on the $10,106,000
refunding bonds of 1905, of which $9,207,000 bear the guaranty of the C. H.& D. Ry. Co., the committee representing
Strauss is acting
the refunding issue, of which
Chairman (in the absence of Benjamin Strong), will, it is
announced, make formal demand on the Cincinnati Hamilton
& Dayton Ry. Co. for payment of the interest on the guaranteed bonds and will do their best to enforce the lien of the
mortgage. The preceding two coupons were taken care of
by the bankers representing the junior securities.

[VOL. xcpc.

plant, 19 single-truck and 19 double-truck pass. cars, &c. Owned and
managed by present stockholders and officers for nearly a gneeratiom and
has gradually been developed by continuous re investment of profits. In
1900 had 8 miles of track and 10 passenger cars. Ford, Bacon & Davis
estimate the present physical property, exclusive of franchise value. at
$1,200.000. Since Jan. 1 1916 has expended 8845.539 for construction,
reconstruction and acquisitions. Total bonded debt only $800,000 at
present, with a balance of $75,000 still in the treasury for further additions
and betterments. In 1912 all the franchises were extended by a vote of
the citizens of Shreveport until 1954, free from burdensome restrictions.
Car receipts in 1900, $47.000; in 1914, $305,000. Net earnings are over
throe times the bond interest.
No additional bonds can ever be issued unless the company earns at
least three times its interest charges on all outstanding bonds, and then
only for 80% of cash cost of additions, extensions, &c.

Shreveport(La.) Traction Co.—Successor Cornpany.—

See Shreveport Railways above.—V. 98, p. 1921.

Southern Railway.—Voting Trust Ends.—Holders of the
outstanding stock trust certificates (representing a majority
of the stock) are notified, by adv. on another page, that,in
the exercise of their discretionary powers,the voting trustees
have resolved and determined that certificates for the pref.
stock and the common stock shall be delivered in exchange
for and upon surrender of corresponding stock trust certificates at any time on or after July 31 1914.
Exchanges will be made at the office, Times-Dispatch Building, Richmond, Va., or at the office of J. P. Morgan & Co., in New York, on or
after July 31 1914; but not more than one hundred schedules per diem
will be received by the agents in either city. In exchange for all stock trust
certificates so surrendered there will be delivered vouchers entitling the
holders thereof to receive stock certificates of the character and amount
therein specified as soon as the same can be prepared for dellvery.—V. 98.
P. 1994, 1847.

Terminal RR. Association of St. Louis.—Authorized.—
The Missouri P. S. Commission on June 23 authorized the
company to issue $1,000,000 additional general refunding M.
4% bonds for improvements. This will make $23,812,000
outstanding.—V. 98, p. 1994.
Texas & Pacific Ry.—Meeting.—The shareholders will
Foreclosure Suit.—Judge Tuttle on July 3 authorized the
Central Trust Co., trustee of the refunding mtge., to file vote Aug. 3 on approving1. A proposed agreement granting to St. Louis Iron Mountain & Southa bill of complaint against the receivers for the foreclosure
ern Ry. Co. the right of using, jointly with this company, that portion of
of the mortgage.—V. 98, p. 1767.
its railroad from Alexandria to Mile Post 9, or from Ferriday. by way of
to said Mile Post 9, together with the right to purchase that portion
Pittsburgh Youngstown & Ashtabula Ry.—Bonds.— Addis,
the line between Ferriday, La., and Addis.
Edward B. Smith & Co. and Elkins, Morris & Co., hila- of2. A proposed agreement providing
for the use by this company and
Louis Iron Mountain & Southern Ry. Co. of the terminals and propdelphia, are offering at 96M and int., to yield about'4.20%, St.
erty of the Trans-Mississippi Terminal C,o.
M.
4s
of 1908, due June 1 1948, part of $3,070,000
1st Gen.
3. The guaranty by this company, jointly and severally with St. Louis
Iron Mountain & Southern R. Co.. of all 1st M. bonds which may be
outstanding. See V. 98,p. 1994.
issued from time to time by the Trans-Mississippi Terminal Co., not ext p f of $50,000
sole a0Ofl
ceeding
T $7,500,
Rapid Transit in New York City.—Contracts, &c.—
The
capital stock of the Trans-Mississippi TerCounsel have advised the directors of the Baltimore & Ohio that the
guaranty by the Cincinnati Hamilton & Dayton Ry. Co. on the aforesaid
bonds of the Pere Marquette was given as a matter of accommodation and
without consideration,and was, therefore, beyond the powers of 0.11.& D.
as a railroad corp. of Ohio and cannot be enforced.

The P. S. Commission on June 22 awarded the contract for the construction of Section 1 of Route 12, the subway in Flatbush Ave., Brooklyn,from
the terminus of the present subway at Atlantic Ave. to a point south of
St. Mark's Ave., to the Cranford Co., the lowest bidder, for $2.195,296.
Secretary of the Treasury McAdoo on June 29 agreed to let the city have
an easement for the new subway under the Federal Building for a nominal
sum on condition that the Post Office Bldg. will be adequately protected by
the city, that indemnity will be paid for any dwriage that may result
from the construction of the subway, and that at the end of 2 years the city
may be required to provide mail chutes facilities in the subway at the demand of the Treasury Department.
The Commission on July 1 adopted a route and general plan for 2 new
rapid transit lines in Brooklyn, one the so-called 2-tracked crosstown line
and the other a modification of the Eastern District line (the upper part
3-tracked except for a short distance). The main feature of the crosstown
line, which is to run from the Queensboro Bridge plaza to a connection with
Brighton Beach line near the Eastern Parkway,is that a subway is provided
for the line on Franklin Ave.in place of the elevated line originally intended,
for which the property owners refused to grant the necessary permission.
The proposed line will extend through Long Island City to a crossing of
Newtown Creek near Oakland and Box Sts., Greenpoint. It will run by
elevated and subway under the Williamsburgh Bridge plaza until it reaches
Franklin Ave. at Kent Ave. It continues under the former street to Fulton
St.. and then under private property to the intersection with the Brighton
Beach line.
The Eastern District line will run from Bushwick Ave. and Scholes St.,
Williamsburgh, where connection will be made with the Brooklyn, Manhattan and Long Island City route, laid out some time ago, to Broadway and
Rose Place. where connection may be had with the existing elevated line.
The Board of Estimate on July 2 approved the award made on May 19
last by the P. S. Commission for the construction of Section CA,connecting
the new Seventh Ave. (Manhattan) subway and the present subway at
Times Square. to the lowest bidder, the Holbrook, Cabot & RoWns Corporation, at $421,566 (V. 913, p. 1609).
The Board also approved the arrangement made with the New York Railways for free transfers at the battery to and from the ferryboats and the
cars of the New York Railways Co.running to the battery, viz.: the Broadway-Columbus, the Sixth Ave., the Amsterdam Ave. and the Eighth Ave.
lines. The Lexington Ave. cars, which do not run south of Bowling Green.
are not Included. No re-transfers are to be permitted. Of each nickel
the city will get 2 cents and the railway company 3 cents. It was admitted
at the meeting of the Board that the contract may result in a loss to the city
of $200.000 a year, but it was stated that since the city is Pledged to the
policy, It must be carried out.—V. 98, p. 1921.

minal Co., being one-half of the total stock.
5. A lease by this company to the Trans-Mississippi Terminal Co. of
all the present terminal property and facilities of this company in the city
of New Orleans, including tracks, buildings and warehouses, also transfer
boats and property at Gouldsboro. Gretna and Westwego including elevators, docks and wharves, also the main line tracks and right of way
from the west bank of the Mississippi River opposite the city of New
Orleans to Mile Post 9. &c.—V. 97, p. 1729.

Trans-Mississippi Terminal Co.—Joint Guaranty, &c.—

See Texas & Pacific Ry. above.
E. F. Kearney, First Vice-President of the Texas & Pacific Ry. has been
elected President to succeed T. J. Freeman, who resigned.—V. 97, p• 952.

Twin City Rapid Transit Co.—Listed.—The N. Y.
Stool; Exchange has authorized to be listed $1,900,000 additional common stock recently offered to stockholders at
par, on notice of payment in full, making the total amount
authorized to be listed $22,000,000.
The proceeds are to be used to reimburse the treasury for expenditures
made on account of additions to the central power house and the erection of
sub-stations, additional power lines and conduits, additional rolling stock,
car stations and storage yards and equipment and extensions of the lines in
Minneapolis and St. Paul. 79 miles of new single track having been added,
and to pay for new lines of railway, extensions of existing lines and new construction work in progress. The extensions, additions and betterments to
the property since the last listing in Aug. 1906 are of the value of upwards of
810.000,000.—V. 98. p. 1817. 1763.

Union Ry. New York.—New Franchise.—The Boai.d'of
July 2 granted the company a franchise to cross
Estimate on '
the Willis Avenue Bridge over the Harlem River to 125th St.
and to pass along that street to the Fort Lee Ferry without
obligation to give transfers to the Third Avenue cars.
. The Committee on Franchises of the Board of Estimate recommended
that the franchise be granted so long as the company realized that the
P. S. Commission might, if it saw fit, at any time require it to furnish
the transfers.—V. 94, p. 1318.

United Rys. & Electric Co. of Baltimore.—Notes SubSt. Louis & San Francisco RR.—Default.—As ex- scribed.—The $1,000,000 5% convertible notes were taken
June 29.
by the subscribers on
pected, the interest due July 1 on the refunding mortgage upAlexander
Brown & Sons on Thursday offered $100,000 of the notes at
4% bonds due 1951 was allowed to remain unpaid. See 99% and interest.—V. 98, p. 1995.
V. 98, p. 1994.
United Rys. of The Havana & Regla Warehouses.—
The company paid at par and int. on July 1 at the banking house of
San Francisco-Oakland Terminal Railways.—Bonds
Schroeder & Co., 145 Leadenhall St., London, Eng., the following
Henry
J.
and Notes.—The Cal. RR. Commission on June 24 gave a 1st M.5% bonds of 1890: 16 bonds of £1,000, 37 bonds
of £500 and 80
preliminary order authorizing the company to issue not over bonds of £100 each; total, £42,500.—V• 95 p 764.
$650,000 promissory notes secured by pledge of 81,000,000
United Railways of St. Louis.—Transfers.—The new
of General Lien bonds, the proceeds to be applied as follows:
system of universal transfers under the ordinance passed
Payment of interest on outstanding bonds and notes
8350.000 some time ago went into effect on July 1.
Taxes
Preliminary payments on a ferryboat to be used for carrying 140,000
passengers from Oakland to the Exposition
60,000
Preliminary payments on Oakland Street cars
•
100,000
—V. 98. p. 1768.

A passenger on payment of a single fare will be carried from any point on
the system to any other point thereon within the city. Under the recent Court decree, the trip must be continuous, and by the shortest route.
President McCulloch in a statement callsattehtion to that part of the decree
which declares that the ordinance "does not contemplate that a passenger
should receive a round trip for one fare, or that he should transfer his right
to ride to somebody else."—V. 98, p. 683, 612.

Shreveport (La.) Railways.—Bonds Offered.—The bond
department of the Hibernia Bank & Trust Co., New Orleans,
Western Maryland Ry.—Status—Office Moved to BaltiIs offering by adv. on another page, at a price to yield
5.15%, $800,000 1st M.5% serial gold bonds dated July 1 tnore.—The "Baltimore Sun," June 30, said in substance:
the Western Maryland will end the year with a deficit of
1914, maturing 1918 to 1 44 ($590,000 thereof serially),
It is known thatcontrasting
with $514,000 last year. The directors, how$1,500,000,
but red. at 103 and int. on or after July 1 1918. Denom. fully
majority
stockholders. The Roekefellers, Blair & Co.,
its
are
the
$100, $50€1, $1,000 (e),.. Coupons payable J. & J. at office ever.
Deutsche Bank and George Gould together own 90% of the outstanding
stock and practically all of the $13,000,000 notes due July 11915.
of trustees. Income tax will be paid while law permits.
follows
that
this property will be carefully helped
It therefore,

over the
Data from Letter of Pres. W. F. Dillon, Shreveport, June 15 1914.
hard places before default is permitted on the bonds. In fact, there Is said
Organization.—Successor of Shreveport Traction Co. (V. 95. p.
1747: to be no probability of such a contingency in view of the large stockholdings
which
in
succeeded
the
Shreveport
turn
Belt By. Co. of these few individuals and their deep interest in working out the company's
V. 98. p. 1921).
and Shreveport City RR.Co.,chartered in 1870.and purchased the Highland traffic possibilities. A party of directors have returned from an inspection
Park Traction Co. and Shreveport Suburban Ry. Co. Thus owns and of the property and, it Is said, arrangements have been made to meet the
operates the entire street railway system in Shreveport, serving a Popula- interest and other fixed charges. Pres. Carl R. Gray has been givingThis
tion of about 40,000. Property comprises about 30 miles of track, power efforts to a reduction in the operating cost of the road, and he is making




JULY 4 1914.]

THE CHRONICLE

51

rapid strides in that direction is the assertion. The directors are coevinced the company and the dismissal of the civil suit clears the docket of action
brought againstit by the Government.- V.98. p. 1769.
of this and the road's backers are willing to advance more money.
Admittedly matters look rather gloomy, but they may not be so bad
American Sewer Pipe Co. Akron, 0.-Dividends-as they appear. The road seems not to have found itself since It ceased
A dividend of 34 of 1% has been declared on the $7,000.000 stock,payable
to be a purely local coal property and became a link in through east and
made since
west trunk line connection. It has been under the necessity of spending Oct. 1 to holders of record Sept. 19. No distribution has beenof
1% quarwith X
away above original estimates for bringing the property up to trunk line Jan. 1 1908, when 34% WM also disbursed. contrasting
1 1907.Oct.
on
I%
of
X
and
inclusive
terly
1907
from
July
to
1904
July
standards. Indeed,it will cost the directors heavily Ifthey have misjudged
the company's outlook, for their confidence in the future has prompted V.98. p. 157. 75.
them to put up the funds with which to meet the maturing interest obligaAmerican Shipbuilding Co.-Not to Appeal.-The comtions unearned this year. This contingency, as far ahead as Nov. 1, has
pany,it is stated, has decided not to appeal from the decision
been provided for.
The office of the Secretary and Treasurer, L. F. Timmerman, will be recently rendered by the IL S. District Court of Appeals,
moved from New York to Baltimore on July 6. The change is said to be
in line with the policy of President Gray. The board meetings will con- ordering it to take back 3 steamers purchased by the Comtinue to be held in New York, as most of the board members are business monwealth Co., and to return the purchase price, with intermen of that city.-V. 98, p. 764.
Amen-

INDUSTRIAL, GAS AND MISCELLANEOUS.
Amarillo (Tex.) Gas Co.-Bonds Called.An of the outstanding 1st M.6% bonds dated July 1 1912 were called
for payment on July 1 at 101 and Mt, at the Commonwealth Trust Co..
St. Louis. Mo.-V. 95. v. 177.

American Chicle Co.-Stock Increase-Rumors.The circular to the stockholders dated June 23 says that the $2,000,000
new common stock to be authorized July 9 is to be issued and dLsposed of
from time to time to acquire new properties and for such other purposes as
the directors may deem conducive to the growth and development of the
business of the company.
It is rumored that the $2.000,000 new stock will be exchanged for the
84.000,000 Sen Sen Chiciet Co.stock, with an option, possibly, of accepting
an amount in cash in lieu of stock. The dividend on the latter has been reduced from a 10% to an 8% annual rate, a 2% quarterly distribution having
been paid June 30, comparing with 2X % theretofore. Under the terms of
exchange,the returnto the Son Sen holders would be9% on their presentstock.
It is said that the plan contemplates an increase in American Chicle dividends to 20%, which would restore Sen Sen holders to their former income
basis of 10%.-V• 98, D. 1995.

American Gas & Electric Co.-New Bonds Offered.Conant, Young & Co., Boston, are offering, at 974 and int.,
$200,000 6% gold debenture bonds (American series) dated
May 1 1914 and due May 1 2014. This series is redeemable
Denom.: c*
as a whole on any int. day at 110% and in
$100,$500 and $1,000 each; r $1,000 each. Int. M.& N.in
N. Y. Trustee, Guaranty Trust Co. of N. Y.

est. The bill of sale from the Commonwealth to the
can Co.,it is reported, is being drawn, and the cases will, it is
said, probably be closed by July 15. Compare V. 98, p.
1769.-V. 98, p. 1769, 1696.
American Smelting & Refining Co.-Favorable Decision.
See Federal Mining & Smelting Co. below.-V.98. p. 1318.

American Telephone & Telegraph Co.-Coupon Payment.-Coupons on the 4% collateral trust bonds, payable
by their terms on July 1 at the office of the Treasurer in
New York, will be paid by the Bankers Trust Co., 16 Wall
Street.-V.98, p. 1318.
•
Ames-Holden-McCready, Ltd.-New Officers.-

Fleetwood H. Ward has been elected Vice-Pres. to succeed Clarence?.
Smith, who retired. Pres. D. Lorne McGibbon has been chosen to fill the
newly-created office of Managing Director. Sir Thomas Tait, W.A. Matley and S. J. Le Huray have been elected directors, to succeed Clarence F.
Smith, W.It. Allen and Arthur Congdon, respectively.-V.98. p. 1995.

Associated Merchants Co., New York.-Pref. Dividend
Not Declared.-The directors decided at the meeting held
June 30 that because of present conditions affecting the
H. B. Claflin Co. (see V. 98, p. 1000), "it was inexpedient
to take action at the present time in regard to declaring the
dividend usually declared and paid in July on the pref. stock
of the company ($4,492,000 1st pref. and $5,136,200
2d pref.), although the books of the subsidiary companies
owned entirely by this company show that the earnings have
been more than sufficient to meet these requirements."

Digest of Statement by Pres. R. E. Breed, New York, June 29 1914.
Organization.-Organized in N. Y. State Dec. 20 1906. Controls,
The Claflin noteholders' committee, already, it is said, representing over
through ownership of all the common stock, except directors qualifying shares, Atlantic City Elec. Co, The Canton Elec. Co., Indiana one-third of the $30,000.000 "Claflin receivables and indorsements." has
-V.98.P.1995General Service Co., Marion Light & Heating Co., Muncie Elec. Light Co.. issued a circular urging further deposits. See V.98. p. 1996.
Jonesboro Water Co., Ohio Light & Power Co., Rockford Elec. Co.,Sunny(J. G.) Brill Co.-New Officer.side Elec. Co., Scranton Elec. Co. and Wheeling Elec. Co.
Wm.H. Heulings Jr., formerly Asst.Sec.and Sales Mgr.,has been elected
Capitalization of American Gas & Electric Co.
Authorized. Outstand'g. Vice-Pres, to succeed Edward Brill. deceased. J. W. Rawle, who was
$3,500,000 $1.669,000 Asst. Treas., becomes 2d Vice-Pres.-V. 98. 10• 607. 526.
Preferred stock,6% cumulative
4.000,000 3,500,000
Common stock
Brooklyn Union Gas Co.-Suit.6.282,000 6,282,000
Collateral trust 5%,due 2007
1,000,000 ofJustice Crane in the Supreme Court in Brooklyn on July 2,on application
issue)
(present
bonds
debenture
gold
6%
Thomas Read of Brooklyn, the owner of 1,620 shares of stock. wto has
brought suit against the company charging extravagance and mismanageCombined Statement of Earnings (for the 12 Mos. ended Apra 30).
1913.
1912.
ment and the withholding of about $7,000,000 that should have been dis353 tributed among
1,4.
06
19
the stockholders, made an order setting July 10 as the day
Gross earnings of all subsidiary cos_ _ _$3,029,202 $3,492,949 $4,0
for the company to produce its books anti papers, and Vice-President
Balance of sub-companies' earnings,
1,031.918 Jourdan. William Rockefeller and David G. Leggett, two of the directors,
952,061
after all &due.,applicable to this co. 865,773
388.525 to submit to an examination. Compare V. 97, p. 1501. 1506.
308.868
Other income of Amer. Gas & Elec. Co. 334,428
A motion has been made to vacate the order. If the order is sustained
Total gross income applicable to
the defendants have signified their intention to appeal, and if it is vacated
$1,200,201 $1,260,929 51.420.443 the plaintiff will appeal, so that the examination will probably be deferred
American Gas & Electric Co
646,774
671,771 until after the Appellate Division of the Supreme Court has decided the
Total exp.& int. of Am.Gas& El.Co. 655.316
matter next fall.-V. 98. p. 1530.
3748.672
$614,155
$544,885
Balance
Buffalo (N. Y.) Gas Co.--Settlement with City-Pressing
60,000
Annual int. on $1,000,000 6% gold deb. bonds (present Issue)
$688,672
Balance
Gross Earnings and Surplus Earnings of Subsidiary Companies, After All
Deductions, Applicable to Am. Gas & Rtes. Co.-Calendar Years.
1913.
1912.
1909.
1911.
1910.
$2.482,204 $2,682,602 $2A88,269 $3,338,770 $3,811,292
Gross
8706,848
$915.439 $1,024,715
$728,827
$806.448
Bal.. surp
Gold Debenture Bonds.-The proceedsfrom thesale ofthese6% gold debenture bonds may be used to liquidate floating debt resulting from the financing of subsidiary companies,for the purchase of additional properties and
for other corporate purposes. The indenture under which said debenture
bonds are issued provides that no additional debenture bonds shall be issued
unless the annual net income of American Gas & Electric Co. (after deducting expenses and interest on outstanding secured indebtedness of the company maturing not less than five years from the date of this issue) are three
times the interest charges for a like period on the debenture bonds outstanding, those applied for, and interest upon any indebtedness of the
company other than the secured indebtedness above mentioned. The
present issue of debenture bonds is designated as American Series. These
debenture bonds are callable as a whole on any int. date at 110% and hit.
Following the debenture bonds are $1,669,000 pref. stock and $3,500,000,
par, cern. stock. representing an equity, based on present market quotations, of approximately $7,800,000. Annual diva. of 6% have been paid
regularly on the pref. stock since May 1 1907. Divs. on the corn. stock
have been paid: 1% July 11910, 114% quar. Oct. 1 1910 to April 11912.
1 x% quar. July 1 1912 to Jan. 11913. 2% quar. from April 1 1013 to
present time. An extra div. of 2% in com, stock also is to be paid July 1
1914 to holders of common stock.
Properties of Controlled Companies.-The controlled companies operate in
an aggregate estimated population of 634.000. and
74 communities, having
are located in six different States. The franchises are satisfactory, and a
large proportion of them is unlimited as to time.
Total No. of Customers, etc., of Operating Cos. Controlled as of Dec. 31.

Need for New Capital.-

See "Annual Reports" on a preceding page.-V.98. p. 1074.

Canada Steamship Lines, Ltd.,-Sub. Co. Bonds.
See Northern Navigation Co. below.

Status.-An official statement issued on or about June 24
says in substance:
Freight Boats.-Every steamer controlled is in commission. Some
are carrying wheat from Port Arthur and Fort William to Montreal and
return cargoes of package freight. Others are bringing grain and ore from
the head of the lakes and are returning with coal cargoes. Several are loading nitrates in Montreal for the head of the lakes ,other boats are carrying
cement and several boats are engaged in carrying pulpwood from Seven Islands and Anticosti to Lake Erie. We have a contract alone for 1,000,000
tons of coal for the Canadian Northern By. to the head of the lakes. We
also have booked 5,000,000 bushels of new wheat to be loaded out of Chicago
next August for export.
Grain Rates.-Although grain rates are not as high as last season, still,
with the prospect of good crops in the Canadian Northwest, it is not unreasonable to look for just as high an average this year as last before the season closes. Shippers are offering 554 cts, per bushel, Fort William to
Montreal,for wheat to be loaded next October, and this is 1 ct. per bushel
over present rates, and in all probability the rates will be higher than this,
especially if the Northwest is favored with the expected good crop.
Passover Business.-Returns are better than last year, with less boats in
operation,and with a warmer sununer,there is no reason why they should not
exceed last year, which was the best season the Richelieu and Ontario boats
ever had. The new passenger steamer "Noronic" (see Northern Nay. Co.
below) will undoubtedly help passenger earnings.
Vuebec Steamship Co.-Our last returnsfrom this company show increased
business and better earnings than last year, and we believe that this is a
business which is bound to grow in both passenger and freight.
Operating Expenses.-Although we have more boats operating this year
than last, we are saving money in overhead expenses. Owing to the amalgamation of the different companies, it is not necessary to have so many
agents at operating points, and ,as it has been reported before, there Is a
large saving in hull insurance. Both at Montreal and Toronto we are operating with one dock less than last season, which is a considerable saving.
Out
the dulness of general trade all over Canada, we
are doing our full share of business, both passenger and freight, and,with
good prospects for the growing crop in the Northwest,it is not unreasonable
to look for a general improvement before long.
Financial Position Strong.-The company has paid of its liabilities to
its bankers and has a considerable balance to its credit in the Bank of
Montreal. There was a report to the effect that the company owed the
Bank of Montreal $1,250,000. which is untrue. We don't owe the Bank
of Montreal or any other bank one cent.-V.98, p. 1462, 612, 526.

16A80
2,873
5.
41,447
Electric customers
2.142
1,737
2,085
Steam customers
capacity
74,905
generating
63.250
28,738
Kilowatt
Electric distributing lines in service
1.549
1.289
472
overhead. miles
25.10
25.10
do underground conduit, miles
Miles of high voltage transmission
100
71
lines, in operation
272
49
do under construction
36.45
35.40
Steam-heating mains, miles
_142,254,960 113.839.276 41.421 723
jr. w.hour feeder output for 12 mos_
All of the physical properties of the controlled companies, except certain
properties recently acquired (now in process of rehabilitation) are in excelentirely re-built or so improved
lent operating condition, having been either
as to make them,in most
and extended during the last few years
Central Coal & Coke Co.-Modification Denied.Muncie,
instances.
practically new. The generating plants in Atlantic City, Canton,
The Missouri Supreme Court on July 2 refused en bane the application
Newark, Rockford, Scranton and Wheeling are among the most modern of the so-called "Yellow Pine Trust" for a modification of the judgment
respective
the
States.
-V.98, P• 1847.
rendered against it on Dec. 24 last. The Court entered an order reducing
and efficient steam plants in
the fines against 4 of the 24 lumber companies which were found guilty
American Naval Stores Co.-Suit Dismissed.and withholding ousters issued against all of the companies so long as they
Savannah
on
at
June
Court
30
Federal
on
the
the
the laws of the State and withdraw from the Yellow Pine Lumber Asobey
in
Judge Adams
dismissed "without prejudice" the sociation. The total fines to be paid within 60 days aggregate 3358.000.
application of the Attorney-General
company
the
The
dissolve
to
civil
Government
suit
Compare
the
V.98,p. 527.-V.98. p.997.
by
suit brought
and was argued bewasnevertried. A demurrer was filed by the defence David
D. Shelby of
& Urbana (Ill.) Water Co.-Earnings.Champaign
Appeals,Judge
of
Court
Circuit
the
of
Pardee
Judge
fore
Earnings for cal. year 1913: Gross, $70,342; net, $36,402; bond interest.
Huntsville. Ala.. acting Judge of the Court of Appeals, and Judge William
$400,000 each;
of Atlanta. An opinion overruling the demur- $11,793; balance, surplus, $24,609. Stock and bonds auth.,
T. Newman, District Judge,
bonds; 1st M.sinking fund gold
by Judge Pardee on Jan.6 1913. The answer of the outstanding, $250.000 stock and $259.000
98 and int.,
at
Co.
rer was handed downMar.
&
Fernald
/i.
Geo.
by
5s,
offered
are
which
has
of
it
time
318,000
been
some
understood
1 1913. For
defendant was filed
dismissed. The recent acquittal of four officials of yielding about 5.15%. Compare V. 95, p. 1125.
that the case would be




THE CHRONICLE

52

Denver (Colo.) Union Water Co.-Forechisure Suit.-

filed a suit
The INew York Trust Co., mortgage trustee, on July 1
Denver, Colo., to foreclose the mortgage sein the U. S. District Court at the
principal of which fell due July 1. The
curing $8,000,000 5% bonds,
interest has been paid in full. A receivership is asked for.-V,98,P. 1966.

Dunkirk Gas Coal Co.-Bonds Offered.-H. P. Taylor
& Co., in connection with other of their July offerings, have
for sale at 97M a block of this company's 1st M. 5s, due
Nov. 1 1932, interest M. & N.
Eastman Kodak Co.-Not Owned.The report that the company has sold to a group of Rochester capitalists
the Defender Photo Supply Co. is, we learn, incorrect. The Eastman
company never owned any of the Defender company stock. About a year
Justice objected to the holding of some
and a half ago the Department of
personally, and at the request of the Deof the stock by George Eastman
partment he sold it. The further hearing of the suit brought by the Government has been adjourned to Sept. 22.-V. 98. p. 1540, 1395.

Erie County (Pa.) Electric Co.-Bonds Called.-

[VOL. xcix.

A. E. PRIM:Mc Co.report: Total population served about 70.000: valuation of properiies mow included, over $2,000,000; corporation's net earnings for 12 months ended Mar. 31 1914 (not including Union City Elec.
Light Co.). applicable to its bond interest, were $81,427, being about 2„ti
times the full year's interest on all the corporation's outstanding bonds.
Roosevelt & Thompson, engineers, have been retained to operate the properties. Capitalization of corporation, $1,000,000 stock and $2,000,000
1st Lien 6% sinking fund gold bonds, due Mar. 1 1933. The bonds will
shortly be offered by A. E. Fitkin & Co. The firm issued recently an illustrated booklet, showing some of the cities served.-V. 97, p. 1507.

Kansas Gas & Electric Co.-Annual Report.See American Power Sr Light Co.under "Annual Reports."-V.97,p.120.

Lincoln (Neb.) Gas 85 Electric Light Co.-Notes Refunded.-A. B. Leach & Co. have sold, princiaplly in the
West, $500,000 3-year 6% collateral trust notes dated
July 1 1914, issued to provide for retirement of $500,000
3-year 6% notes due Aug. 1 1914.(V.93, p. 289.)

Five 1st M.67 gold bonds dated 1892. Nos. 6,48, 54, 107, 156, of the
Edison Electric apt& Power Co. of Erie, Pa., were called for payment on
July 1 at 103 and mt. at N. Y. Trust Co.

Interest payable semi-annual J.& J. Denom.$1,000. Trustee,Empire
Trust Co. The collateral for the new notes is the same as that held against
the notes due August 1.-V. 96. p. 65.

dispatches,
The Kansas P. U. Commission on July 2, according to or
ordered a general reduction of 17% in express rates, the elimination of the
two-line rates and an end to all special rates. The order followed an Investigation and numerous public hearings. The express companies must
install uniform rates to all Kansas points at once.-V.97, p. 1359.

Six 1st M.gold 6% bonds of $1,000 each, Nos. 2, 4, 5, 7: 10, 12, of the
series due March 1 1915, for payment on Sept. 1 at 101 and int. at Dollar
Savings & Trust Co., Youngstown, 0., or the First Nat. Bank, Cleveland,
Ohio.-V. 94, p. 490.

Express Rates.-Kansas Reduction Ordered.-

Fairbanks Co., New York.-Dividend Deferred.-

The directors have decided to defer the quarterly dividend on the $1,514,000 8% corn. pref. stock, which fell due on July 1. Pres. George G.
Worthley says: 'During the past few months the company has suffered a
considerable falling off in business. For the first four months of the present
year the sales were approximately 25% less than during the corresponding
period of the previous year. The decrease in business is due to the inability
of the railroads to purchase necessary supplies and equipment and to the
general industrial depression.
"Under the circumstances, your directors deem it wise and in the best
interests of the company and its pref. stockholders, to conserve all of the
company's resources, including its surplus, and have therefore determined
to defer for the present the payment of the quarterly dividend on the pref.
stock due July 1. You will bear in mind that this is a cumulative stock.
It may be said, however, that the past month shows an improvement in
business, and it is to be hoped that the present depression will not be longcontinued.'-V. 98, p. 1159.

Federal Mining & Smelting Co.-Suit Dismissed.-

Mahoning Valley Water Co.-Bonds Called.-

Massachusetts Gas Companies.-Bill Fails to Pass.-

The Mass. House by a vote of 94 to 106 on June 24 refused to pass to
engrossment the 70-cent gas bill for Boston. A letter was read from Louis
D. Brandeis. protesting against altering the sliding scale and a P. S. Commissioner was also said to be opposed to the bill.
The House, on Thursday, by a vote of 15 to 175, voted to sustain the
Governor's veto on the 80-cent gas bill for East Boston.
The House on Thursday, by a vote of 15 to 175. voted to sustain the
Governor's veto on the 80-cent gas bill for East Boston. An investigation
into the matter is pending before the Board of Gas and Electric Light
Commissioners.-V. 98. p. 1996. 1770.

Merchants' Heat & Light Co., Indianapolis.-Bonds.Lee, Higginson & Co. are offering $308,000 Ref. M. 5s of
1912, part of $2,918,000 now out, which after July 1 will be
a first lien. Net earnings of properties now owned for the
12 mos. ending March 31 1914 were $371,117. See V. 97,
p. 890, 1666.
Merchants' & Miners' Transportation Co., Baltimore.

Justice Philbin in the Supreme Court in this city on July 1 dismissed
the complaint in the suit brought by Sidney Norman and other minority
stockholders against the company and the American Smelting & Refining
James H. Jenkins, of Stamford, Conn., has been elected President to
Co. to set aside the contract for the purchase by the American Smelting & succeed
Joseph C. Whitney, who has been connected with the company since
Refining Co. of the Federal company's output for 21 years from 1909.
was 18 years old and resumes his old position of traffic manager.
The Court holds that the charges of fraud and unfairness made by the hoThe
intends to build 3large new boats.-V.98. p. 1396, 1320.
company
the
unfounded:
that
agreement
was
plaintiffs were
substantially the same
as that made in 1905, and that "no question has ever been raised as to the
Mexican Telegraph Co.-Partly Estimated Earnings.propriety or fairness of the first contract, which was made before the Amerisix months ending June 30:
can company held a large block of the stock and a majority of its directors For three and Tot.
Inc. Net Inc. Mex.Govt. Divs. Paid.
Bal.,Sur.
Three Mos.were officials or employees of the Smelting Co." The Court further says
$279,500 $18,000 (2X)$89,735 $171,765
$305.000
themselves
found
no
1914
fault
plaintiffs
with
the
that "the
contract between
265,148
12,000 (2X) 89,735
275,000
163.413
the making thereof in 1905 and shortly before the bringing of this action 1913
Six Mos.in 1913," and that although the plaintiffs had circularized tise stockholders
$565,000 $505,790 $35,886 (54179,470
%
$290,434
of the Federal Co.. calling their attention to the matters of which they com- 1914
501,507
24,000 (5%) 179.470
523.000
298,037
plained. yet the entire interest of the plaintiffs amounted to only 2% of 1913
Total surplus June 30 1914. $4.082,559.-V. 98, p. 1763, 1003.
the stock and that -there is no evidence that any of said shareholders wished
to join in the plaintiffs' protest or were in sympathy with it."-V.98,1).1996.
National Licorice Co.-Common Stock Dividends.Fort Worth Power & Light Co.-Annual Report.A semi-annual dividend of 2% was paid on the $1,000,000 common stock
See American Power & Light Co. under "Annual Reports."-V.98.P.307 July 3 1914 to holders of record July 1, comparing with 3% in Jan. 1914.
and 3% in Jan. 1913.
Georgia-Alabama Brick Co., Augusta, Ga.-Bonds.-- 2% in July 1913
Dividend Record of Common Stock (Per Cent).
John W. Dickey, Augusta, is offering at par and int. $250,'03. '04. '05. '06. '07. '08. '09. '10. '11. '12. '13. '14.
Year434 136 2 3% 5 4% 5 3 43
5 5 5
000 1st M. 7s, due serially on April 1 from 1916 to 1927. Per cent
Compare V. 93, p. 109.-V. 98. p. 159.

Goldfield Consolidated Mines Co.-Dividend Omitted.-

No dividend has been declared on the $35,591.480 stock for the second
quarter of 1914. In April last 30 cents per share was paid and in Oct. 1913
30 cents and 10 cents extra, but in Jan. and July no disbursements were
made. Compare V. 97. p. 731.-V. 98. p. 1687. 1392.

Goodyear Tire & Rubber Co.-Stock Retirement.-

Natomas Consolidated Co. of California.-New Reorganization Plan.-Frank B. Anderson of San Francisco, on
his return from London was quoted by the "San Francisco
Chronicle" of June 18 as saying in substance:

The English bondholders finally decided to accept the (new) plan of reorganization proposed and also agreed to turn all of their bonds and interests over to a reorganization committee, to be composed of Herbert Fie'shacker of the Anglo iSz London Paris National Bank, Percy T. Morgan of
Imperial Glass Co., Bellaire, Ohio.-Bonds Called.Wells, Fargo & Co. Bank, Hon. Curtis H. Lindley, George E. Webber and
Forty-six 6% coupon promissory notes issuedJuly 1 1910, as part of a myself.
35% dividend, were paid on July 1 at Security Trust Co., Wheeling, W.Va.
`Under the plan agreed upon, a new company will be created under the
laws of California, which will take over the properties. It will have the
98, P. 75.
following capitalization, &c.:
Pipe
Line
Co.
Indiana
-Dividend Reduced.$3.000,000
Five-year notes
A quarterly dividend of$3 a share(6%) has been declared on the $5,000,- Twenty-year 6% first mortgage bonds*
16,500.000
000 stock, payable Aug. 14 to holders of record May 15, comparing with Non-cumulative preferred stock (non-assessable)
7,250,000
$4(8%) quarterly from Nov. 1912 to May 1914,incl., and $3(6%)in May Common stock (non-assessable)
9.250,000
and Aug. 1912. An official statement says: "While the operations of the
satisfactory,
the
continue
board
deems
it
wise
to conserve the recompany
.$4,500,000 of these bonds will be used to secure the 5-year notes.
sources of the company on account of the continued decline in business,
The right will be reserved to pay the first five years' interest on the bonds
which began several months ago, hence the reduction in the amount of this
fully-Paid bonds of the same series and about $2,500,000 of the $16,500,in
dividend from the amount of that paid in May."-V.98, p. 527.
this purpose.
000 bonds will be set aside for
A new English company will be formed with a capitalization of £600,000.
Inter-State Chemical Corp.(of Va.), Charleston, S. C.
now California company.
the
stock
of
common
the
hold
a
suit
in
the
on
June
29
filed
Supreme
Court in this city to
The company
of the new California company and the
The bonds and shares of stock
against James B.Duke to compel him to provide $8,000,000 new capital and
company will be issued as follows:(a) Natomas Syndito obtain an injunction restraining him from disposing of property alleged to stock of the English
of
notes
for $1,700,000 and a majority of the
$3,000,000
the
buy
will
cate
have been purchased by him in violation of the rights of the plaintiffs.
company. (6) Each holder of $1,000 1st M. bonds of
The phosphate business had, it is stated, for some time before Sept. 1912 stock of the English
will
receive
Consolidated
$600 of the new 1st M. bonds and
Natomas
substantial
decline
in
the
owing
to
a
price
the
unprofitable,
of
rock
been
and of
(c) Each holder of $1,000 of second mtge. bonds
the manufactured product, so that the plaintiff company made little or $400 in preferred stock.
pref. stock and £5 in stock of the English company.
no profit. Tjhomas L. Wilson, an engineer of Ottawa. Can., it is said, will receive $500 in$100
of stock in Natomas Consolidated will receive £1
controlled a number of patents on inventions made by himself and others, (d) Each holder of
company. (e) The floating debt creditors will surby which fertilizer is manufactured without the use of sulphuric acid in stock of the English
and other rights as they now have and take unsecured
(the usual method being to saturate the phosphate rock with the acid), render such security
but which requires a large amount of water-power, and in order to furnish notes of the new California company or the five-year notes of the new cocents.
the water-power required for its use, Mr. Wilson acquired 2 valuable power pany at 90 California
company will have for its directors the members of the
The new
sites in Canada, one on the Saguenay River, where 200,000 horse-power can
and also John D. McKee of San Francisco,
be developed, and one on the Shipsaw River, capable of furnishing 18,000 reorganization committee
Sacramento, H. C. Hoover, Louis Sloss and W. Mayo
F. W. Kiesel ofFrancisco,
horse-power.
all of whom have been named by the London
San
of
by
which
a
Newhall
stated,
made
new
A contract was, it is
company was to be organized to take over the properties of the Chemical Company and also those bondholders.-V.98, p. 1923, 1160.
was
to
receive
latter
Willson,
and
the$1,150.000
for
Mr.
of
the Saguenay
New Idria Quicksilver Mining Co.-Div. Omitted.property, of which $850,000 was to be in cash and $500,000 in bonds of the
The directors have decided to omit the quarterly dividend on the $500.000
new company, and $500,000 in stock and bonds for the Shipsaw River outstanding
stock. An official statement says: "Two severe storms, one
Mr.
Willson's
for
patent
$350,000
rights. The plaintiff
property and
and one in February, caused severe damage to our
company was to receive $6,450,000 for its net assets and to pay for all the the last of January
combined with the general dulness of business, prevented our
properties and their development. It was arranged that$10,000.000new capi- plant. This,
for the quarter ending June 1 and payable June 30.
dividend
the
earning
Duke,
it
is alleged, made an oral contal should be obtained, of which Mr.
it good business to pass the dividend rather than pay
tract to provide four-fifths, the other fifth to be furnished by the plaintiffs. Your directors deemedDamages
are now all repaired and plant in good shape
surplus.
the
from
testing
it
erected
a
station
at
stated,
plaintiffs,
it
is
The
Charlotte, N. , at
operating.'
a cost of $100,000. Mr. Duke, it is further alleged, in violation of
C.the and
Recent Dividend Record (Per Cent).
agreement. purchased from J. B. Haggin for 81,650,000 a valuable water'01. '02. '03. '04. '05. '06-'07. '08-09. '10. '11. '12. '13. 1914.
power site in Canada above that owned by Wilson, "and conceived a plan Year
12 20 30 24 20 16 YIY. 24 YIY. 32 30 24 8 Mch.,2
of procuring the property alone and of freezing out the plaintiffs," inducing Per cent
8377,000
for
options
on
which
he
had
accept
Wilson
to
set
a
Mr.
price of
Lockport & Ontario Power Co.-Bonds.Niagara
$2,000,000, and which Mr. Duke now holds for his own benefit.-V. 93,
See Salmon River Power Co. below.-V.98, p. 1464, 1320, 1313.
p. 1194.
The company, it is stated, has already purchased the 8350,000 pref.
stock which it is required to retire annually beginning with the next fisca
year.-V.98, P• 1770.

Inter-State Electric Corporation, N. Y.-Purchase.-

This corporation announced on June 26 that it had completed its Purchase
of all the outstanding stock of the Union City (Pa.) Electric Light Co.
Properties Now Included in Inter-State Electric Corporation.
San Angelo (Tex.) Water, Light & Hoisington (Kan.) Elec. & Ice Co.
Trenton (Mo.) Gas & Elec. Co.
Power Co.
Corry (Penna.) City Elec. Lt. Co.
Laredo (Tex.) Water Co.
Union City (Pa.) Elec. Lt. Co.
Great Bend (Nan.) Vat.& El. Co.




•

Northern Electric (Mfg.) Co., Ltd., Montreal.-Bonds
Offered.-Lee, Higginson & Co. are offering at a price to
yield 53-i% the unsold portion of the present issue of $3,500,000 1st M.5% Sinking Fun' Gold bonds dated June 1 1914
and due June 1 1939. Hi ginson & Co. offer the same in
London.

JuLY 4 1914.]

THE CHRONICLE

sinking
Callable as a whole on any interest date after 1914 or in part for payable
fund at 105 and int. Denom.$1,000.$500 and $100(c*). Interest
Trustee,
.1. & D. in Montreal, N. Y. and London at $4 86 2-3 to E.
$10,000,000; outstanding
Montreal Trust Co., Montreal. Total
auth.' requirements, under care(present issue), $3,500,000; reserved for future
ful restrictions, $6,500,000.
Digest of Statement by President E. F. Sise, Montreal, June 1 1914.
Organization.-Incorp. in Jan. 1914 under laws of Canada as a consoliImperial Wire & Cable
dation of Northern Electric & Mfg. Co., Ltd., and
or their predecessors. had been In
Co., Ltd., both of which companies,
Company since 1895
Northern
-the
years
many
successful operation for
The largest manufacturer of teleand the Imperial Company since 1899.
Canada;
also manufactures
cables
in
and
wires
electrical
apparatus,
phonic
factories in Montreal (three
various electrical supplies. Head office and
construction, to be completed
factories now in operation and one under
and warehouses in Halifax, Toronto,
about Jan. 1 1915); branch houses
in Toronto. Calgary and
Winnipeg,.Regina, Calgary and Vancouver, those
factory occupying four acres
Vancouver being owned. The new fire-proofof
the
present wire and cable
that
double
than
will have a capacity more
plants, which it will supersede. The telephonic apparatus and supply
ft.
sq.
500
253
space
of
floor
plant has a
net assets must be inRequisites to Issue of Additional Bonds.-(I) The
such additional bonds. (2) Tocreased by an amount equal to par value ofand
assets," nor the fully
quick
cash
"net
the
exceed
tal bonds must not
net earnings must be double the inpaid capital stock. (3) The annualto
be issued.
terest charges, including bonds then.-Will
defray the cost of the new plant
Proceeds ofPresent $3,500,000Bonds
equip.,about$3,000.000,of
in Montreal (total esti cost, including land and
provide additional working
and
expended),
already
$1,700,000
which about
working
capital.
ample
capital, leaving the company with
plants now owned or
Security.-A first mortgage on all real estate and
which
will be superseded
Montreal,
in
plant
one
(except
hereafter acquired
by the new plant and then will be available for sale, and except two minor
properties).
Authorized. Outstanding.
Capitalization$10,000,000 $6,000,000 (fully paid)
Capital stock
3,500.000
10,000,000
Bonds
Gold
Fund
1st Mtge. 5% Sink.
have paid cash dividends during
The predecessor companies together about
per annum on the pres7%
of
average
an
equal
to
years
five
last
the
.
ent $6.000,000 stock.
for Last 5 Years.
Sales and Net Profits for Cal. Year 1913 and Aver.1913.
Average.
$11,322,757
$7,440,781
Sales were
Net profits (after full depreciation charge) applica- 1,240,804
977,641
ble to interest charges
175.000
175.000
Interest on $3,500.000 5% bonds now issued
Total Net Assets, About $9,473,775, May 1 1914, after Adding Proceeds of
Bonds Now Sold.
Valuation of plants and real estate (the actual cost of these properties will 'be approximately 86.545,870, but reduced by de$5,001,349
preciation charges aggregating $1,544,520)
4472326
Net cash and quick assets after deducting all current liabilities
Annual Cash Sinking Fund.-2% on total bonds issued, plus interest on
bonds retired, to purchase or draw bonds, being sufficient to retire 90% of
present $3,500.000 Issue.
Largest Annual Output by These Companies, Principal Products.-Leadcovered telephone cable, 925,000,000; rubber-covered copper wire, 117.000.000, and switchboard wire, 101,000,000 conductor feet; bare copper
wire, of which 6,250.000 lbs. used by company in its manufactures, 11,500,000 lbs.; telephone receivers and transmitters, 116,806; subscribers'
sets, 65,929; desk sets, 31,384.
Directors.-C. F. Sise, Pres. Bell Telephone Co. of Canada; Hon. Robt.
MacKay, Robt. Archer, Hugh Paton, Chas. Cassils, E. F. Sise (Pres.),
Paul F. Sise (V.-Pres. and Gen. Man.), and L. B. McFarlane, all of Montreal; H. B. Thayer and H. A. Halligan. New York.

Northern Navigation Co. (Canada S.S. Lines, Ltd.)
-Bonds.-The Tillotson & Wolcott Co. Cleveland, &c.
have sold the total auth. issue of $275,060 1st M.5% gold
bonds dated May 1 1914, 'which they offered on a 51/2%
basis.
Due serially on Jan. 1 from 1916 to 1925 (alternately $27,000 and $28,000
but redeemable at any interest date on 30 days'notice at par and a premium
of 1% for each unexpired year, but never less than 2%. Denom. $1000.
Principal and interest J. & J., payable at Superior Savings & Trust Co..
Cleveland, trustee.
A letter from Jas. 0. Wallace,Prest. of Amer. Ship Building Co.,reports
in substance: A Canadian corporation incorp. in 1899. Owns nine other
boats and is an integral part of The Canada Steamship Lines, Ltd. (See
that Co. above and V. 98, p. 612). This latter company was formed to
acquire the assets of twelve other steamship companies, which operate
about 100 steamers and control by far the most important part of the
passenger and freight transportation business between Canadian ports on
the Great Lakes and Montreal and Quebec on the St. Lawrence. These
bonds are a first mortgage on the new steel steamer "Noronic", which is the
largest stern wheel passenger steamer on the Great Lakes, having been
recently built at a cost of $750,000. The net earnings of the company
for the last seven years have averaged $147.882 and since organization
has paid dividends at an average of 8% per annum. Capitalization $1.000,000 common stock, fully paid. $500,000 1st M. ten-year bonds.authorteed but not issued, and this issue of $275.000 on the "Noronic". Compare V. 98. p. 1396.

Old Dominion Co. of Maine.-New Jersey Co. Dividend.

53

$2.000,000 Contra Costa Water Co. 1st 5s, $1,500,000 Oakland Water
Co. 1st 5s. $600,000 Alameda Artesian Water Co. 1st 5s, $500.000 East
Shore Water 1st 54 and 81,000.000 Contra Costa Water Co. 2d 5s. People's Water Gen. M. bonds, 57,149,000. See V. 98. p. 1849. 1464, 917.

Phelps, Dodge & Co.-Copper Production.-The production of copper by the Copper Queen, Detroit and Moctezmna mines, owned by Phelps, Dodge & Co., for the six
months ended June 30 1914, was 72,490,306 lbs., as compared with 68,575,866 lbs. in 1913, as follows:
Pounds.
1914.
1913.
1913.
Pounds.
1914.
11.368,292 11,689.357
12,715,084 11.510.711 April
January
12,837,220 11.852.535
February -...._10,905,527 10,519,051 May
12.684,835 11,481,874
March
11,979,348 11,517.338 June
72,490.306 68,575,866
Total (pounds) for six months
Customs ores business added a further amount for the six months of
3.309.667 lbs. in 1914,against 5,640.273 lbs. in 1913.-V.98.p. 1849. 1771.

Pierce, Butler & Pierce Mfg. Co.-Sale.The property is advertised to be sold at auction in bankruptcy proceedings at Syracuse on July 23.pursuant to order of U.S. Dist. Court for Northern Dist. of N. Y. See plan, V. 98, P. 1771.

Pierce Oil Corporation, New York.-Notes Paid-Sale
of $10,000,000 Convertible Debentures-Par of Shares.-The
company /mg sold to Ladenburg, Thalmann & Co. and Hayden, Stone & Co. $10,000,000 10-year 6% gold debentures,
convertible into stock at par. Principal and interest of the
debentures is payable in New York at office of Ladenburg,
Thalmann & Co. or in .£ in London at office of J. Henry
Schroeder & Co. The company paid on July 1 the $8,000,000 one-year notes dated July 1 1913.
Trustees under debenture agreement: Albert H. Wiggin, Pres. Chase
Nat. Bank; Charles H. Sabin, V.-Pres. of Guaranty Trust Co., and Moritz
Rosenthal of Ladenburg, Thalmann & Co. Charles Hayden of Hayden,
Stone & Co., and Walter T. Rosen of Ladenburg, Thalmann & Co.. wlli be
elected directors and members of the finance committee.
Application to list the debentures and stock is to be made shortly, both in
New York and Boston.
61
The par value of the stock has recently been changed from $100 to $26.
and the exchange of certificates is now in progress at New York Trust Co..
N.Y. City. See V. 98. p. 1772, 1849.

Portland Gas & Coke Co.-Annual Report.See American Power & Light Co.under "Annual Reports."-V.98.p.309.

Prairie Oil & Gas Co.-Full Opinions.The opinions rendered on June 22 by the U. S. Supreme Court in the suit
in which it was held that the compnay and other pipe line companies which
are engaged in carrying oil for the public are common carriers was given in
the "Oil. Paint and Drug Reporter" of June 29. pages 32-G and 32-H.
Compare V. 98, p. 1997.

Pure Oil Co., Pittsburgh.-Option.-

E.H.Jennings, a director of the company. states than an English syndicate has secured an option on a majority of the stock. The option calls
for $26 a share for the common, or $24 05 net per share after deducting the
commission for making the sale.-V.98. D• 1541.
St. Lawrence Sugar Refineries, Ltd.-New Officers.-

J. W. McConnell. formerly' Vice-Pres., has been elected President to
succeed A. Baumgarten, who becomes Honorary President. A. W. Donner was made Vice-Pres. and Managing Director. The board of directors
having been increased from 5 to 6, L. C. Webster of Montreal has been
elected a member.-V.95. D.622.
St. Louis Screw Co.-Bonds.-The Altheimer & Rawlings Invest. Co.,St. Louis,is offering at par and int.$150,000
1st M.6% gold bonds, "Series A," dated July 1 1914 and
due serially July 1 1916 to 1923. A circular shows:
Due $15,000 yearly 1916 to 1920, $25,000 yearly 1921 to 1923, but callable at 102 and int. Prin. and interest (J. & J.) payable at Mississippi
Valley Trust Co.. St. Louis, trustee. Denom. $500 and $1.000. A first
mortgage on all real estate, plants, &c., now owned or hereafter acquired.
Has also issued $50,000 Series "B" bonds, a second lien.
Paid-up capital stock, $600,000, which is now being raised to $750.000
one-half of which increase is being sold at par for cash, the balance remaining in the treasury. Appraisal as of Feb. 26 1914: Bare ground values,
$195.860; buildings and machinery, $311.710. To this add new steel and
concrete rolling mill plant, now under construction, $250,000; total valuation, E757,570. Total assets, including proceeds of this issue, will be $1,085,000. Earnings for past eight years have averaged 614 times the interest on this issue and should be materially increased by improvements and
additions now in progress.
Organized in 1888 and manufactures and distributes screws, nuts, bolts,
washers,&c. Properties in North St. Louis, bounded by North Broadway
and terminal tracks, a total of 13.25 acres. The present bond issue is in
part to erect a modern rolling mill (on real estate already acquired), which
will supply at a considerable saving the raw material heretofore purchased.
Management excellent and conservative. Company has never had an unprofitable year. No indebtedness other than this issue.

The Old Dominion Copper Mining & Smelting Co. has declared a "sPedal" dividend of $10 per share on its 162,000 shares, 155,353 of which are
owned by the Old Dominion Co. of Maine. The New Jersey Court of
Errors and Appeals on June 28 denied the application for a re-hearing in
Salmon River Power Co. (Near Syracuse, N. Y.).the suit brought by Godfrey M.Hyams of Boston for an injunction restraining the distribution to the stockholders of the Old Dominion Mining & Bonds.-J. C. Dann & Co., Buffalo, and Blodget & Co.,
money
realized or to be realized fromthejudgments Boston and N. Y., are offering at
Smelting Co. of any
873/i and int., yielding over
against Albert S. Bigelow. The share of the Old Dominion Co,$1,553,530,
was paid to it and at once turned over to the "trustees" under the agreement 5.80%, 1st M.40-year 5s of 1912 guaranteed prin. and int.
made at the time the Bigelow litigation was begun, and the funds are on de- by endorsement by Niagara Lockport
'
& Ontario Power Co.
posit to their credit. This amounts to about $10 75 per receipt. The
remainder of the money recovered from Mr. Bigelow (about $330.000) is in Tax-exempt in N. Y. State. Interest F. & A. Authorized,
y
$5,000,000; issued. $3,235,000(V.95, p. 1043).
the treasury of the New Jersey compan.
Judge De Courcey in the Supreme Judicial Court at Boston, on the
Data from Pres. Fred, D. Corey, Buffalo, N. Y., April 1914.
petition of Albert S. Bigelow asking the Court to review the judgment of
The Niagara Lockport & Ontario Power Co. (which OVilis the 5750.000
more than $2,000,000 obtained against him by the Old Dominion Copper
Mining & Smelting Co., appointed Robert D. Weston to hear and report all capital stock and operates the property under lease) has been selling since
Jan. 1 1913 an average of 64.528 h. p.. of which 60,000h. p. has been carof the facts and evidence. Mr. Bigelow claims that since the decree was ried from Niagara Falls over the
transmission lines, the balance
entered he has discovered that the properties of the Old Dominion Copper being generated at steam plants company's
recently purchased at Lyons and Auburn,
Old
Dominion Copper, Mining & Smeltffig
Co. of Baltimore, sold to the
than appeared at the hearing before the N. Y. with a present capacity of 9.500 h. p. The parent company sells
Co., were of much greater value
power'
in the Syracuse district (Syracuse being 154 miles from Niagara Falls)
Court, and if those facts had been disclosed, the result would have been to the following companies, operating about 400 miles of electric
railway
different. This application holds up, at least temporarily, any payment track and also doing a general lighting and power business in their respective
receipts-V.
98,
trust
13.
1923.
766.
the
of
to the holders
territories: Rochester Syracuse & Eastern RR. Co., Syracuse Lighting Co.,
Syracuse
Rapid
Transit
Ry.
Mining
&
Co.,
-Div.
Syracuse
&
South
Copper
Smelting
Co.
Bay
Electric RR. Co.,
Old Dominion
Auburn & Northern Electric RR. Co., Syracuse Lake Shore & Northern
See Old Dominion Co. of Maine above.-V.98, p. 1075.
Ry. Co.. Auburn Light, Heat & Power Co., Syracuse Watertown & St.
Co.
-Annual
Report.
Light
Lawrence
RR.
Co.,
Oswego
River
Power Transmission Co. and Auburn &
Pacific Power &
Syracuse Electric RR. Co. The 1913 deliveries show a gain of 58% in the
See American Power & Light Co.under "Annual Reports."-V.97,p.121. last
two years and nearly 200% since 1908.
Oswego,
N.
Y.
--Bonds.
Co.,
Electric
People's Gas &
Parent Company's Average Horse-Power Sales per Month.
1909.
1910.
1911.
H. C. Warren & Co., New Haven, are offering, at 92M and In Syracuse district_ _ _ _ 1908.
1912.
1913.
8,261 11,262 13,777 15,533 18,423 24,583
5s.
convertible
$100,000
int., to yield 5.60%,
Total of all sales
25,500 38.131 44,834 48.493 57,144 64.528
callable
after
but
Dec.
11925.
11933.
due
Dec.
and
Dated Dec. 1 1913
The Salmon River Power Co. owns 8,378 acres of land situated about 42
holder after Dec. 1 1915, but not later than
and convertible at option of
miles northeast of Syracuse, including the river bed of the Salmon
company.
Dec. 1 1925, into stock at par. A Tenney
for about 12 miles, in which distance the river has a fall of 330 feet. ARiver
concrete dam 600 ft. long has been built on solid rock foundation, creating
People's Water Co., Oakland, Cal.-Default.-In order storage
a
reservoir of about 4 sq. miles, with a capacity of 1,000,000.000 cubic
the parties in interest the necessity feet, which
before
squarely
bring
be
will
increased
to
to
2,225,000,000 cubic feet when the dam is
plan,
the
company,
comprehensive financial
raised lift. The initial development of 15,000 h. p.is completed and power
of agreeing on a
year beginning is now being delivered, at 60.000 volt& on a two-circuit steel-tower line
although estimating its surplus for the
42 miles long, to the station of the Niagara Locknort & Ontario Power Co.
meeting interest and fixed at Solvay, adjoining Syracuse. The pipe line. distributer, surge
tank and
July 1 1914 at $300,000, after
calendar year 1913, has power house have been constructed large enough to provide for an additional
charges, against $201,473 for the
Installation of 15,000 h. p. This second installation will be made in
the
interest,
including:
July
summer
is
estimated
of
It
that
a
its
1914.
all
total
of $3,500,000 of bonds willjbe
defaulted on




5*

THE CHRONICLE

sufficient to complete the full development of 30,000 h. p., while from the
sale of the $750,000 capital stock the above-named water-right and 8,000
acres of land have been acquired. The aforesaid lease extends till Nov. 1
1953. and calls for payment of all operating expenses, taxes, &c., and a net
rental equal to 1% times the interest on all 1st M.bonds issued.
Earnings of Niagara Locicpor1 dt Ontario; Cal. Years-Gain 90% Since 1909.
1912.
1911.
1910.
1913.
1909.
• $251,956 $351,521 $381,231 $432.451 $477,986
Net earnings
Net income for year, after allowing for $250,000 interest on its
$171,537
present outstanding bonds
I estimate that upon the delivery of 30,000 h. p. by the Salmon River
the
Niagara
Lockport & OnPower Co., the annual net profit accruing to
tario Power Co. through its ownership of the entire capital stock of the Sal5200,000,
after
will
be
not
less
than
deducting
Power
Co.
all exRiver
mon
penses, interest charges, depreciation and sinking fund of the Salmon River
Power Co. The surplus earnings of the Niagara Lockport & Ontario Power
Co. (after allowing for all fixed charges, including interest and sinking fund
on the present issue) thus available to protect the guaranty of interest on
the Salmon River Power Co. bonds should be $300.000; in other words, the
amount available would be more than 2% times the interest on these bonds.
(See V. 98. p. 1313.)
The new hydro-electric plant was described in "Electric World" of
New York. June 13 1914, &c.-V. 95, p. 1043.

Sen-Sen Chiclet Co.-Dividend Reduced-Rumors.See American Chicle Co. above.

xclx.

believes that with the board so constituted the interests of the bank creditors will be fully safeguarded.
2. The last maturity of the proposed note issue to the banks will become
due and payable some two years earlier than the first maturity of the proposed serial debentures and of the bonded debt. In the opinion of the committee, the earnings of the company will provide for the payment of all interest and company charges of every character and also be sufficient to
retire the said note indebtedness as it matures.
3. Dividends.-The proposed debentures will contain a provision to the
effect that no dividends shall be paid upon the stock, preferred or common,
until the entire amount of said debenture indebtedness has been paid.
The earnings for the fiscal year ending June 30 1914 (June estimated),
as certified by your committee's accountants, show net profits, over and
above all interest charges, of over $230,000; this despite the prevailing business depression and while the company was handicapped as the result
of mismanagement by former officers. The company earnings have
thus steadily increased and the outlook is favorable for improved business under much better conditions than those that obtained last year.
Your committee has accepted the above offer, subject to the approval
of the banks, and has agreed to give a definite answer on or before July 15
of this year. We therefore recommend that you send an immediate affirmative response to John Quinn, 31 Nassau St., New York.
Committee: Herbert J. Wells, Chairman; George S. Mumford, John
Quinn. (The last-named succeeded C. L. Bausher, who resigned because
of ill-health.) Compare V. 98,9., 1541.

Utah Consolidated Mining Co.-Dividend Increased.-

A dividend of 50 cts. per share(10%)has been declared on the $1,500,000
stock, payable July 27 to holders of record July 11, compared with 10% on
Mar. 27 and 5% in Nov., July and Apr., 1913.
Previous Dividend Record (Per Cent).
$167,850 1901 1902 1903 1904 19,05 1906 1907 1908 1909 1910 1911 1912 1913
60
70
100 140 40
40
10
10
30
30
$303,025 48.8__ 64
-v.p. 1160. 528.

Southwestern Gas & Electric Co. of Del.-Earnings.E. T. Konsberg & Co., Chicago, report:
Earnings of Company for Year Ending April 30 1914.
$1,082,412jInt. on bonds out
Gross earnings
$470,875 I Surplus
Net, after taxes
Compare V. 98, p. 309; V. 95, p. 1335, 1406.

Standard Milling Co.-Tenders for Subsidiary Bonds.The Hecker-Jones-Jewell Milling Co. has asked for tenders to sell $250,000 debenture bonds up to and including June 26. Payment for accepted
bonds will be made July 1.-V. 98, D. 1611.

Standard Oil Cloth Co.-Stock IncrCase, &c.-

Utah Securities Corporation, N. Y.-$1,000,344 for
Purchase of Notes.-The Guaranty Trust Co., trustee, has on
deposit $1,000,344 33 for re-purchase of the 10-year 6% gold
notes of 1912, at not over 101 and interest.

Sealed proposals will be received by the trustee at 140 Broadway,N.Y,.
This company has been reincorporated in Ohio and its capital stock
will be increased from $6,000,000 to $7,000,000. Plants at Youngstown until 12 m. Monday, July 13. The notes so purchased must be delivered
on
or before July 20-V.98, p. 1321, 1160.
and Akron, Ohio: Rock Island, Ill.; Athenia, N. J., and Montrose, N. Y.
H. M. Garlick of Youngstown,0.,is President; Alvin Hunsicker of N. Y.,
Virginia-Carolina
Chemical Co., Richmond, Va.E.
Thatcher
of
N.
Man.;
W.
Y.
Gen.
Asst.
V.-Pres. and
Treas., and
will be used for the Debentures.-Blair & Co. and Hallgarten & Co.are offering
Harold S. Hull of N. Y., Sec. The increased capital'
extension of the business. The officers and directors are substantially at par and int. part of the initial issue of $5,000,000 10-year
the same as those of the present company. Compare V. 98. p. 1998.

sinking fund convertible gold debentures, dated May 15
Sterling Gum Co., N. Y.-New Project.-Bamberger, 6%
1914 and due May 15 1924, fully described in V. 98, p. 1541,
Loeb & Co., New York, in a circular say:
1321. Convertible on any int. date on or before Oct. 15
Competent authorities estimate that the annual sale of chewing gum in
the United States amounts to $30,000,000 wholesale or $60,000.000 retail, 1922 into pref. stock, $110 debentures for each $100 share.

equal to 60c. per capita. The Sterling Gum Co. has been incorporated in
N.Y.State with an authorized capital of $6,000,000 (in $5 shares), of which
$5,800,000 is outstanding, and it will not only bring out some new brands,
but it has taken over the old brands and all the gum-manufacturing plants
of the Auto-Sales Gum & Chocolate Co.(See"AnnualReports,) "locatedin
Long Island City, Louisville and Toronto. It paid theAuto-Sales Co. about
$2.000,000 for its gum business. The organizers estimate that the business
so taken over will not represent more than 15% of the business of the
Sterling Gum Co. in its second year, and the Auto-Sales company ranked
third among the chewing-gum manufacturers in this country last year.
The Sterling Gum Co. has closed a contract with the Auto-Sales Co.
whereby the latter will feature the Sterling brands of chewing gum in the
thousands of vending machines controlled by the Auto-Sales Co. The
latter has between 50.000 and 60,000 vending machines.
The Sterling Gum Co. starts business with a working capital of $1,000,000. Franklin V. Canning, who organized the chewing-gum business for
the Auto-Sales Co., has been made President, and Leo Michaels. formerly
sales manager of the cigarette department of the American Tobacco Co.,
will direct its sales campaigns.
The Sterling Gum Co. officially started business on April 15 1914, and
between April 15 and June 1 secured $1.000,000 business, one of the most
favorable contracts being with the Metropolitan Tobacco Co., which has
40,000 customers in the N. Y. City district alone, and will feature the
Sterling brands of gum. Based on business already in sight, the Sterling
Gum Co. has ordered large additions to its plants in Long Island City.
When these are completed the capacity of the plants will be five times
that of the present plants. The output of the new Toronto lant will be
four times that of the old plant,taking care of the Canadian business.
Directors of the Sterling Gum Co. are confident that by the second year
the company will be able to do a gross business of at least 310,000.000,
on which they should show net earnings of $3,000,000.-.V. 98,p. 1076, 1321.

Data from a Letter of President S. T. Morgan, June 18 1914.
Total net tangible assets and other net current assets of the company
and its subsidiaries as of April 30 1914, including the proceeds from the sale
of these debentures, are valued at over $57.000,000. or over three times the
entire funded debt of the company, including the present issue of debentures. Net current assets alone, after giving effect to the sale of these
debentures, and after deducting all current liabilities about $24,000.000.
The not earnings of the company and its subsidiary companies applicable
to interest and discount, as reported by the accountants for the six years
ended May 31 1913, have averaged 33,714,842, or equivalent to about three
times the interest and discount requirements for the fiscal year 1913.
The volume of business done by the company has grown sul3stantially,
having increased from $31,623,000 in 1905 to over $59,000,000 in 1914.
The proceeds from the sale of these debentures will be used to retire
floating debt of the company,so that there should be practically no increase
In the interest charges as a result of the present financing.
The 313,500,000 1st M.is now closed and no additional general M.may
be placed on the company's present properties while any of these debentures
are outstanding, without thereby securing these debentures thereunder
equally and ratably with every other obligation secured thereby. Through
the sinking funds under the 1st M. and under the indenture securing these
debentures, the co. will retire annually about 3400,000 of its funded debt.
The company has outstanding $20,000,000 8% cum. pref. stock and
$27,984,400 common stock, the two issues having a present market value
of approximately $28,000,000. Application will be made to list these debentures on the N. Y. Stock Exchange.-V.98, p. 1541, 1321.

Western Union Telegraph Co.-Listed.-The New York
Stock Exchange has listed $130,000 additional collateral trust
5 currency bonds due 1938 making total listed ,745,000.
'for $30,000 6% stock of the Washinghe bonds were issued in exchange

Temple Coal Co.-Stock Offered.ton & New Orleans Telegraph Co. and $100,000 6% bonds of the Mutual
Brooks & Co. of Wilkes-Barre, Pa.. &c., recommend, at par ($100 per Union Telegraph Co.
Share), the 8% cum. pref. stock (divs. Jan.. Apr., July and Oct.). ReDecision of United States Supreme Court.deemable at oPtion of the company at 105 and accrued dividends.
The U. S. Supreme Court on June 22 held unconstitutional as an interferCapitalization: First M.and Coll. Trust 5% bonds, authorized, 32,500.commerce the South Carolina law giving the right to
000: outstanding, $2.320.000; 8% cumulative pref. stock, $2,000,000: ence with inter-State
telegraph companies for "mental anguish" caused
common stock, $1,000.000. The bankers say: The company was formed collect damages from
in the delivery of delayed messages. The Supreme Court reunder the laws of Pennsylvania to take over the anthracite coal business of by delay verdict
obtained against the company by Mr. and Mrs.
for
$750
a
versed
Temple
Iron
Co.whose
the
coal assets have been sold by decree of the
Washington (D. C.) for delay of a message delivered to
U.S. Circuit Court. 'These assets consist of the entire stock of the underly- William Brown of
in South Carolina and forwarded to Washington, but not deing companies, operating near Wilkes-Barre. Scranton and Carbondale, the company
the plaintiff through negligence of the company, as found by
Pa. R. V. Morris, consulting mining engineer,estimates there is an assured livered toannouncing
the death of Mrs. Brown's sister.-V. 98, p. 1998.
tonnage of coal remaining in the ground of 14.475,000 tons, and that the the jun',
tonnage of possible coal recovery is 24,163,000 tons.
Electric & Mfg. Co.-Notes Paid.Westinghouse
The estimated net pirofits, based upon actual profits derived during the
All of the 2-year 6% collateral trust notes now outstanding (over $1,000,past few years, are sufficient to redeem the entire bond issue on the sinking 000),
Aug. 1 1915, have been called for payment on Aug. 1 at 102 and
due
before
maturity,
and
20
cents
a
ton
provide
a
fund of
substantial sinking
Bankers' Trust Co., N. Y.-V.98, p. 1854, 1603.
fund for the redemption of the pref. stock, insuring a strong market on the int. at
Wisconsin-Minnesota Light & Power Co.-Pref, Stock
stock around the price at which it is offered. The common stock will not
receive dividends until the preferred is retired.-V.98 p. 1541.
-Paine; Webber & Co.,

Boston, and Miller &
Offered.
George, Providence, R. I., are offering at par and div.
cumulative
pref. (p. & d.) stock. Dividends
$1,500,000 7%
United States Finishing Co., Norwich, Conn.-Set- payable quarterly, Sept. 1, &c. The enterprise was fully de"Chronicle."
A circular further shows:
week's
tlement of Bank Claims-33 1-3% in Cash, Balance in 6% scribed in last
Total authorized pref.. $5,000,000; outstanding, $1,500,000. An addiSerial Debentures-Earnings.-The committee of bank credtional $200,000 pref. stock is held in reserve and cannot be sold except with
itors in circular of June 22 says in substance:
approval of the bankers until the net earnings applicable to the pref. diviTexas Power & Light Co.-Annual Report.-

See American Power & Light Co. under "Annual Reports."-V.97,p.891.

Your committee is able to report a firm offer from the company which in
our opinion will yield to the bank creditors the payment of their claims
in full with interest, as outlined below. The original bank debt,amounting,
when your committee was formed, to approximately 32,245,000, has.
through the sale of collateral, the application of offsets and the payment of
10% on account last September, been reduced to 31,691,508,represented by
notes of the company maturing Sept. 13 1914. The stockholders have
agreed to take an issue of serial debentures, to be dated approximately
Sept. 1 1914, payable in equal installments in six, seven, eight and nine
years, which will enable the company to pay in cash to the bank creditors
on Sept. 13 3564,000, or 33 1-3%. of Its bank indebtedness.
For the balance of the bank indebtedness the company offers to the bank
creditors its notes, to be dated Sept. 13 1914 [of an issue to be limited to
$1,000,000; V. 98. p. 15411. in the amounts and maturing as follows: 20%
of the balance after the payment of said 33 1-3% in one year; 25% of said
balance in two years, and the remaining 55% of said balance in three years,
with interest at 6% per annum, payable quarterly. The company reserves
the right to anticipate the payment of said notes in whole,or ratably in part,
on any interest day. The company agrees that it will anticipate these notes
to the fullest extent made passible by its earnings.
In connection with this offer of the company, your committee has had in
mind three essential things:
1. Control of the Company.-The stockholders' committee, which has
proxies from 85% or more of the stockholders, agrees that until these
will vote the stock of the
new notes to the banks are paid, that committee
company for a board of eight directors made up of the three members of your
nominees, two representatives of the stockholders of
committee or their representatives
of the subscribers to said debenture
the company, two
bondsrand the President of the company. Your committee has entire
confidence in the integrity and efficiency of the present management and




dends are twice the amount required for the $1,700,000 stock. No pref.
stock in excess of $1,700,000 unless the available earnings are 1% times
the dividends on the pref. stock outstanding and to be issued, unless authorized by the RR. Commission or a majority vote of pref. stock. No additional pref. stock shall be issued at less than par and except for money or
property at its true value. No priority stock except by vote of two-thirds
of the pref. stock. Net floating debt (in excess of quick assets) shall
not exceed 20% of annual gross earnings. No new mortgage except with
substantially similar provisions. Company shall not guarantee the funded
debt of any other corporation. The pref. stockholders may elect a majority
of the board whenever four consecutive quarterly dividends remain unpaid
or the property is shown to be inefficient or depleted.
The common stock ($988,000) is owned by American Public Utilities Co.
Combined Earnings for Years Ended Apr. 30 1913 and 1914 and Estimated
for 12 Months Following Completion of Additional Transmission Lines.
1912-13. 1913-14. Estimate.
Gross earnings- _ -------------------------3705.950 $771,925 $886,000
and taxes)
Net earnings (aster exp.
$346,587 $379,046 $468,000
---- $191,100 $187,500
----------Preferred
Interest105,000 105,000
Balance, surplus

$82,946 $175,500

Wisconrin Telephone Co.-Dividends.A dividend of $2 (4%) has been declared on the $9.012.000 stock, $9.-

006.400 of which Is owned by the Amer. Teleph. & Teleg. Co. The directors have authorized the expenditure of $520,000 for additions and repairs
to the plant, of which about $200,000 will be spent in Milwaukee. In
1911 to 19138% yearly was paid,in 19107%% and 19096%.-V.96,p.1494.

JULY 41914.1

55

THE CHRONICLE

Thr

Tranntertial

-F. D. Glover & Co. 345 Fourth Ave., Pittsburgh, an'
firm name to Glover & MacGregor,
nounces a change in the
the partners remaining the same as heretofore, the partner
COMMERCIAL EPITOME.
ship being composed of F.D.Glover and John W.MacGregor.
Friday Night, July 3rd 1914.
Both were associated with the old J. S. & W. S. Kuhn orTrade, as usual, at this time of the year,is quiet. Exports
ganization in Pittsburgh, and Mr. MacGregor was financial
editor of the "Pittsburgh Press" for many years. Glover & of wheat are very large, reaching for the week approximately
MacGregor will furnish to holders of the new American 5,800,000 bushels. Sales of merchandise during June made
Water-Works & Electric Co. and the subsidiary companies a better exhibit, on the whole, than had been expected.
of the former American Water-Works & Guarantee Co. the Most of the great industries, it is true, are still slow. Sales
market quotations and the latest information regarding these of wool continue very large at strong prices. Those of
properties, upon application.
lumber have increased at the Far West. On the other hand,
half of
-The bond firm of T. W.Stephens & Co., 2 Wall St., this however, collections are slow. Failures for the first
the same
city, was dissolved last Wednesday and has been succeeded the year were larger by some 8% than they were in adversely
by the new firm of Ludwig & Crane at the same address. period of 1913. Unseasonably cool weather has
Charles B. Ludwig and Ralph T. Crane are general partners affected retail trade. The glowing crop reports are one of
and T. W. Stephens will be a special partner. Mr. Ludwig the redeeming features.
BrazilSTOCKS OF MERCHANDISE IN NEW YORK.
has been associated with T. W. Stephens since May 1902,
Junel 14.Juhil 13.
July 1 '14.
when the firm of T. W. Stephens & Co. began business. Coffee,
bags..1,300.762 1,277,819 1.436.161
36,104
30.641
mats.. 30,851
Mr. Crane is Vice-President and Treasurer of the Montclair Coffee. Java
230,830
208.169
Coffee, other
bags 243,002
Savings Institution of Montclair, N. J. Ludwig & Crane Sugar
89,504
54,251
hhds_
51,257
will conduct an active inves tment business in stocks and Hides
20,700
No.. 25,928
1,5°0
223
53
118.537
Cotton
bales- 109,724
bonds.
17,881
3.637
Manila hemp
3,687
bales..
441
Sisal
1,963
bales1.480
-Jacob Piatt Dunn, City Comptroller of Indianapolis, Flourhemp
41,200
52,200
bbls- 39,000
thinks there is a regrettable lack of attention to religious
LARD has been steady but rather quiet; prime Western
discussion in this country; he has, therefore, inaugurated a
refined for the Continent 10.75c.; for South America
movement for remedying the defect by publishing a little 10.40c.;
and for Brazil 12.25c. Lard futures have been
volume of essays, entitled "The'Unknown God and Other 11.25c.;
more or less irregular, yet, on the whole, inclined to be a
Orthodox Essays," including "The Unknown God," "The trifle
the West for the week
First Heresies," The "Virgin Birth," "The Passing of Dar- was steadier. The hog packing at
513,000, against 629,000 for the same time last year.
winism," and "The Debt of English Literature to the Bible." Of late
a somewhat larger demand has been noted for SeptemMr. Dunn is Secretary of the Indiana Historical Society. ber lard.
To-day prices advanced in response to a rise in hogs.
The price of the essays is $1 00.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGOFri.
Thurs.
Wed.
Mon. Tues.
Sat.
-Meikelham & Dinsmore, 25 Broad St., this city, have July delivery
10.12
10.05
10.00
10.07
cts_ 9.97
10.07
published a compilation of quotations of several thousand September
10.27
10.20
10.15
10.27
delivery_ ---10.15
10.22
inactive and unlisted securities, which are not generally
PORK steady; mess $22@$22 50; clear $19 50@$21; famor frequently quoted. This is said to be the first time that ily $23(M5. Beef remains quiet and unchanged; mess $18
a house dealing in investment securities has compiled and @$19; packet $19@$20; family $20@$22; extra India mess
published such an extensive list of quotations, which in all $28(030. Cut meats quiet with no change in prices;
probability will be highly interesting to investors generally. pickled hams, 10 to 20 lbs. 14@)14%c.; pickled bellies, 6 to
The prices have been gathered from various sources and rep- 12 lbs., 14 M ©15 Mc. Butter, creamery extras, 27@27c.
resent the best recent actual market.
Cheese, State whole milk, fresh colored specials, HY@
-A. B. Leach & Co. of 149 Broadway, this city, and 105 14 Mc. Eggs, fresh gathered extras, 23(4)25c.
COFFEE has continued slow on the spot with No. 7 Rio
South La Salle St., Chicago, and other cities, own and offer
/s©13c. Coffee
%@,8 .; fair to good Cucuta 125
subject to prior sale and change in price, a select assortment down to 83
of July investments, which are advertised in detail elsewhere fill-tires have been inclined to sag a little on long liquidation,
in the "Chronicle" to-day. The list includes municipal bonds though of late the tone at times has been somewhat steadier.
yielding 3.80% to 4.75% and corporation bonds with an in- A large decrease in the visible supply is believed to have taken
come return of 4.60% to 5.20%. The firm's July circular, place during June. Some, however, look for a large crop of
describing over 100 issues of investment bonds, will be mailed Brazilian coffee this season. Last season the yield was approximately 10,945,000 bags, or about 2,000,000 bags larger
on request.
than some of the estimates early last season. Closing prices
formed
been
-A new firm-Geo. B. Gibbons & Co.-has
were:
by George B. Gibbons with Thomas Fairservis. Mr. Gib- July
8.99(89.00
8.40(4.8.42 November _8.8008.81IMarch
9.02 9.03
August
8.5018.52 December_ _8.90©8.9i!April
and
Boston
bons has been associated with Adams & Co. of
9.05 9.06
September _ _ 8.60( 8.62 January _ _ _ _8.93@8.95 I May
manager
New York for the last six and one-half'years as
October
8.70 8.71 February ___8.96©8.97 I
general
of their New York office. They will transact a
SUGAR has been quiet and steady; centrifugal,96-degrees,
municipal bond business at No. 40 Wall St., specializing in test, 3.32c.; molasses, 89-degrees test, 2.67e. European
trust
bond issues which are eligible for savings banks and
markets have latterly been stronger. Refined has been in
sunds.
good demand with granulated at 4.30c. The consumption
-Curtis & Sanger, 49 Wall St., this city, have their is admittedly large as usual in the fruit season.
OILS.-Linseed in moderate demand and firm; city, raw,
July circular ready for distribution to investors and financial
institutions. The list includes a wide choice of municipal, American seed, 54@55c.; boiled, 55@56c.; Calcutta, 70e.
railroad, public utility and industrial bonds, also a special Cocoanut steady; Cochin 10%@Ile., Ceylon 93-@10o.
list of short maturities. Many of these securities are legal Olive fairly active at 85c. Castor in good demand at 83%@
%@7'Mc.for Lagos. Cod, domestic
investments for Massachusetts and New York savings banks. 8 Mc. Palm steady at 73
-The firm of Henry & West, 1417 Chestnut St., Phila- 37@38c. Corn firm at 6.45@6.50c.
PETROLEUM unchanged; barrels 8.50@9.50c.; bulk
delphia, was dissolved on the 1st inst., W. Barldie Henry
retiring, and a new co-partnership of the same name being 5@6c.; cases 11(4)12c. Crude steady; Pennsylvania dark
formed, with William West, Harry C. Thayer, G. D. Mont- $1 75; second sand $1 75; Tiona $1 75; Mercer black $1 30;
Cabell $1 35; New Castle $1 30; Corning $1; Wooster $1 43;
gomery, all members of the old firm, as members.
North
Lima $1 16; South Lima 8111; Indiana $1 11; PrinceJuly
-A carefully selected list of municipal bonds for
ton
$1
12; Somerset, 32 degrees and above, $1 05; Ragland
by
"Chronicle"
investments is advertised in this issue of the
70c.;
Illinois,
above 30 degrees, $1 12; Kansas and OklaSt.,
William R. Compton Co., Pine St., corner William
homa,
75c.
Spirits
of turpentine 49®49Mc. Common to
return
this city, St. Louis and hicago. The investment
good
strained
rosin
$4
20.
yields 4.60 to 5%.
TOBACCO has continued quiet and steady. Leaf of the
=Charles C. Bellows, formerly manager of the trading better grade is not easy to buy, especially binder. For that
department of Chandler Brothers & Co., this city, has matter, however, the better descriptions of filler arealso far
become associated with George H. Burr & Co., 14 Wall from plentiful. Meanwhile the cigar business is gradually
St., as manager of the firm's bond department.
improving, and it is hoped that before long business in leaf
-The Dominion Securities Corporation, Ltd., Toronto, tobacco will also increase. Sumatra continues quiet. There
Montreal and London, has issued its quarterly bond list for is no disposition to buy it except to supply immediate needs.
July 1914, covering numerous Canadian Government, Much the same is true of Cuban leaf. On the whole, crop
municipal and corporation bonds.
reports in regard to American leaf are favorable.
COPPER has been in better demand and steadier, with
-Flint & Co., 25 Broad St., this city, and Mores Bldg.,
Philadelphia, have issued a July circular of investmEnt bonds, Lake l3gc. and electrolytic 133'c. In London business has
been active at higher prices and speculative stocks have
which will be mailed to any inquirer upon application.
-Colgate, Parker & Co., 1 Wall St., this city, announce decreased at Rotterdam and Hamburg. Tin on the spot
the admission of Frank Hamilton Davis, formerly of Kissel, 31 8c., showing an advance on a better demand. London
prices have also advanced; Singapore quotations likewise
Kinnicutt & Co., as a partner in the firm.
higher.
The visible supply of tin is decreasing. Lead here
-Estabrook & Co. have prepared a circular showing the on the spot
3.90c. and spelter 4.95c. Business in iron and
municipal, railway, street-railway and other bonds which steel is still disappointing.
Pig iron is quiet, and during June
they are offering as July 1 investments.
Southern iron touched the lowest point of the year; No. 2
-Lee, Higginson & Co. have issued their usual July 1 cir- Eastern $13 70(4)$14; No. 2 Southern Birmingham $10 25.
cular of assorted investment bonds and notes.
Eastern railroads have latterly been ordering more rails, but
-Remick, Hodges & Co. have issued a list of municipa it is pointed out that Canadian mills have recently been able
to sell rails to anlOhio road.
and other bonds which they offer for sale.




THE CHRONICLE

56

[VOL. XCIX.

COT TON.

On Shipboard, Not Cleared for-

Friday Night, July 3 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
32,609 bales, against 30,500 bales last week and 47,984
bales the previous week, making the total receipts since
Sept. 1 1913 10,169,739 bales, against 9,430,137 bales for
the same period of 1912-13,showing an increase since Sept.
1 1913 of 739,602 bales.
_
Sat.
Galveston
Texas City
Port Arthur
Aransas Pass, &c
New Orleans
Mobile
Pensacola
Jacksonville,&c_
Savannah
Brunsaick
Charleston
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
Philadelphia_ _
Totals this week_ 1

Wed.

Mon. 1 Tues.
2,940
-

3,849

733

-i6

-ila

-5-29
__
1.427

513
-___

--ria! -8o6
,

-Bi
----___

-'2Oa
---19

--5A 1-;258
----5 ---62

7

13

29

372

25

2
i

1.889

1,870 15,632
-------

1,267
----

4,973
- --

Total.

86
1,002

458
4,306

152

Fri.

308
-___

-135 4F,064

-gib

Thurs.

9.208

18
113
352

- 18 E;ea§
1,517
6,895

------------114
107
181
1,157

86 :::: --15 --ba
------------137
7
70

_
1.5
8.374

3.577

6.594

2.91171 22 ma

The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
•
1913-14.
Receipts to
Ju'y 3.

1912-13.

Stock.

This Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.

15,632 3,305.928
Galveston
466,861
Texas City
46,238
Pt. Arthur
---____ 109,541
Aransas Pass, &c.
5,638 1,857,528
New Orleans..___
1,517 433.875
Mobile
6,895 163,890
Pensacola
Jacksonville, tkc_
29,063
Savannah
1,a§5
1,806,410
Brunswick
291,500
Charleston
62 422,460
Georgetown
Wilmington
114 398,648
Norfolk
1,157 574,120
N'port News,&c_
____ 139,244
New York
6,603
Boston
92
20.251
Baltimore
137
94,050
Philadelphia
70
3,529

6,920 3,780,134
71 666,851
138,642
__
123,523
6,341 1,416,867
972 224,040
124,899
254
15,358
3,448 1,268,686
190 234,319
333 305,313
110
392 342,380
1,939 532,506
____
114,006
198
14,874
179
45,435
297
74,619
____
7,595

1914. 1 1913.
81,630
477
890
2,557
2,701
'
74,637
9,904
145
15,467
1,624
10,715
17,977
1
114,633
2,212
2,466
1,896

32.609J 10169729 21,83410430 1271 22n

Totals

17111

40,960
4,533
36
501
22,529
716
9,124
10,020
21,774
51,496
7.271
6,244
925
on 700

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1914.

1913.

1912.

1911.

1910.

Galveston ___
Texas City,&c
New Orleans_
Mobile
Savannah
Brunswick.....
CharlestonAc
Wilmington.._
Norfolk
N'port N.,&c.
All others.....

15,632
____ I
5,638
1.517
1,295

7,194

928

864

1,938

3,372

Total this wk.

32,609

21,534

16,946

8,561

21,571

6.920
71
6,341
972
3.448
190
333
392
1,939

62
114
1.157

5,504
320
5,379
234
2,384

2,497
4
2,427

890
21
1,346

144

1.530

21

3,213
100
5,799
329
2,370
2,767
308
3.313

1909.
7,781
6,272
1,017
1,479
133
17
1,472
274
726

19,171
Since Sept. 1_ 10169739 9,430,137 11426253 8.378.290 7.128.262 9 791 7(14
The exports for the week ending this evening reach a total
of 56,282 bales, of which 19,774 were to Great Britain,
4,379 to France and 32,129 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Week ending July 3 1914.
Exported toExports
from-Galveston__
Texas City_
Port Arthur
Ar.Pass,kc_
NewOrleans
Mobile _
Pensacola__
Savannah__
Brunswick _
Charleston_
Wilmington
Norfolk____
N'p't News.
New York_
Boston ____
Baltimore..
Philadel'a__
Detroit_ ___
San Fran__
Pt. Towns'd

From Sept. 1 1913 bo July 3 1914.
Exported to-

ContiGreat
Great
Britain. France. nent&c. Total. Britain.
9,498

2,489
3.100

Total.

14,987 24,485 1,044,594
849,059
2,006
30,184
2,723 1,788 4-.K1 881,953
2,457 2,457 143,992
-iob 4,306 6,895 53,996
2,879 5,979 226,155
87,579
118,943
73„024
1;i6o 1;i6o 48;051

-551
1,564
2,572

ContiFrance. ncnt& C.

1-ibb

4,106
77

--bo
-iio

315,963 1,419,095 2,779,652
26,888 80,896 456,843
30,802 32,808
8,171
38,355
185,599 601,578 1,669,130
73,997 148,886 366,875
48,947 61,047 163,990
240,990 708,701 1,235,846
22,954 155,479 266,012
5,030 181,434 305,407
102,434 177,855 353.313
87,344 135,395
569
589
4,657 129,057
18,652 209,302 357,011
1,641
84,922
8,921
93,843
4,128 57,706
14,848 97,284 169.838
50 41,291
14,389 55,680
313
313
289
178,544 178,544
76,048 76,048

Total____ 19,774

4,379 32,129 56,2823,372,825 1,056,302 4,306,345 8,735,472

8,781

1,161 33,942 43,8843,528,208 972,383 3,864,752 8.365,343

Tot. '12-'13

Note.-New York exports since Sept. 1 include 10,473 bales Peruvlan,75 bales
Brazilian, 27 bales West Indian to Liverpool, 26 bales West Indian to Havre and
492 bales West Indian to Bremen and Hamburg.
In addition to above exports, our telegrams to-night als
give us the following amounts of cotton on shipboard,otn
cleared, at the ports named. We add similar figures for
New York.




July 3 at-

Great
GerOther I CoastBritain. France. many. Foreign; wise.

New Orleans__
Galveston
_
Savannah
Charleston....
Mobile
Norfolk
New York_
Other ports

4.998
8,338

251

2.202

Total.

5,689

Leaving
Stock.

13.140
8,338
4,916
15,800
1,050
900

61,497
73,292
15,467
1.624
4,988
2.177
113,583
19,091

6,223 6,389 15,800 44,144
9,745 11,380 12,962 38,116
4,683 21,124 17,147 47.629

291.719
188,604
276,534

_
1,745

3,171

100
300

250

Total 1914.. 15,481
Total 1913.. 3,692
Total 1912.. 4.395

251
337
300

15;:aii6
700

----

Speculation in cotton for.future delivery has been more
active, and at one time prices were strong. The Bureau
report on Wednesday, however, was the signal for heavy
selling and a sharp decline. Much to the surprise of the
trade, it stated the average condition in the belt at 79.6%,
against 74.3% in the June report, 81.8 last year and the 10.
year average of 80.7. It reported an increase in the condition
of 9% in both Texas and South Carolina,6% in North Carolina, 4% in Florida, 3% in Georgia and Alabama and 11%
in Oklahoma..The average guess at the New York Cotton
Exchange previous to the report was 78.1%. The appearance of the report led to general liquidation from all quarters.
It showed an increase in the condition during June of
5.3%, which was the largest ever known in that month. The
nearest to it was in June 1904, when it was 5%. In the last
10 years there has now and then been a decrease in the June
condition of anywhere from 1 to 6%. Liverpool, Wall Street
and the South sold freely. The weekly weather report last
Tuesday was also in the main more favorable than had been
expected. It indicated that the early-planted cotton is doing
very well. Some private reports take the ground that the
crop outlook in the Eastern belt is very favorable, and that
there is a prospect of early cotton. At the same time Liverpool has been very quiet, with spot sales ranging from 3,000
to 7,000 bales a day. A few days ago the tenders there
amounted to 50,000 bales. Manchester, moreover, has
complained of bad trade. Yarns are said to be pressed for
sale there and cloths very dull. In this country there are
also complaints of slowness of trade. The recent Claflin
failure has certainly not helped matters, nor inclined buyers
to increase their purchases. Spinners as a rule have not been
buying here either. On the other hand, large spot interests bought heavily on the decline and the Continent also
bought freely. It is doubted by some whether the crop
during
June that
stride
big
the
made
actually
Government report of July 1st.
in the
noted
is
While the Government stated the condition at 79.6, various
other reports put it at 77.7 to 78.6%. In the latest weekly
weather report the late-planted cotton is said to be suffering
from drought except in the extreme eastern portions of the
belt. The late-planted cotton also needs rain in Texas and
Arkansas. It is contended that persistent hot, dry weather
has been using up moisture in the soil very fast and that if
the dry weather continues much longer the effects may be
unfavorable. Temperatures have been offitially _reported
during the week of as high as 106 in Georgia and Mississippi
and 105 in Arkansas, Texas and Alabama and 104 in Oklahoma, with 102 in Louisiana and 100 degrees or more in the
Carolinas. The crop, according to not a few reports,is two
belt. The Texas
to four weeks late in many parts of the
condition at 74% is 8% below the ten-year average. Of late,
spinners are said to have been buying to some extent. Large
trade interests have also bought the winter months quite
freely. Towards the close of the week there was more or less
liquidation, not only because of the Government report, but
also for the reason that many wished to clean up their accounts before the Fourth of July holiday, fearing to take
chances on the weather and the action of Liverpool in the
meantime. October has been liquidated to some extent in
the fear that the Lever Bill may go into effect three months
hence and cause no small expense in the re-classification of
cotton. In any case certain low grades will be eliminated
from delivery after Dec. 1 next, which of itself would be
apt to cause more.or less liquidation of October contracts.
general and beneficial rains and
To-day prices declined on
heavy long liquidation, partly on stop orders. Domestic and
foreign spinners bought on the decline. Spot cotton closed at
13.250. for middling uplands, showing no change for week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
2E87 to July 313.25 13.25 13.25 13.25 13.25 13.25
Middling
ORK QUOTATION FOR 32 YEARS.
WY
uPlands
10.80 1898-c
6.25
12.00
1914_c_____ 13.25 1906_c
10.80 1897
7.88
1913_______ 12.45 1905
10.85
1896
1904
7
.
.1
44
9 1188887
8
10.31
1912______
12.75 1895
14.70 1903
11.06
1911
9.31 1894
7.31 1886
1910_____ -_15.35 1902
8.88
1901
1893
12.60
8.00 1885
10
9..4
54
0
9_______
19
908
9.94 1892
'11.40 1900
7.38 1884
11.12
6.12 1891
13.50 1899
8.38 1883
10.41
1907
AND SALES AT NEW YORK.
MAR

IIRS-c

Spo :Market
C osed.
Saturday___
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Total_ _ _ _

Quiet
Quiet
Quiet
Quiet
Quiet
Quiet

Futures
Market
Closed.
Steady
Steady
Steady
Steady
Easy
Steady

SALES.
Spot. Confect! Tota .
34 •
•

34
NN5i
200
41,4001 41,400
1,900
1,900
400
160
560
194 42,900 42,094

57

THE CHRONICLE

JULY 4 1914.]

AT THE INTERIOR TOWNS the movement-thatis,the
FUTURES.-The highest, lowest and closing prices at
receipts for the week and since Sept. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Satruday, Monday, Tuesday, 1Ve4'day, Thursd'y, Friday,
corresponding period of the previous year-is Set out in
1. July 2. July 3.1 Week.
June 27. June 29. June 30. July
detail below.
JuneRange
Closing_
JulyRange
Closing
August• Range
Closing_
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing_
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
April-

12.86 ---- (4) ---- lg ---- (4) -- igl ---- ---112.86 12.79-.84 12.85-.90

Movement to July 4 1913.

Movement to July 3, 1914.

I
12.78-.93 12.83-.96 12.78-.90 12.60,95 12.58-.70 12.45-.55 12.45,96

Receipts.
ShipTowns.
merits.
12.79-.81 12.85-.87 12.78-.79 12.72-.73 12.57-.58 12.45-A6,- -Week.
Season.
Week.
Season.
Week.
1
_
12.84-.95 12.86-.98 12.77-.94 12.58-.88 12.51-.68 12.41-.57112.41-.98
100
21,110
8
692
22,631
6
12.86-.87 12.86-.87 12.72-.78 12.71-.72 12.52-.53 12.42-.43--- Ala.,Eufaula__
375 156,759 1,504
3 2,912
11 156,155
Montgomery..
573
39 118,683
713
79
14 126,188
Selma
12.63-.68 12.72-.75 12.62 -12.44-.61- + -12.24 42.24-.75
53
41,643
50
919 2,2984
2 65,628
12.66-.68 12.69-.71 12.62-.64 12.49-.51 12.28-.30 12.18-.20,- -- Ark., Helena_
153 181,215 2,246
Little Rock
103 189,220 4,197 15,808
23,960
900
100
27,418
12.60-.65 12.68-.78 12.60,75 12.41-.65 12.27-.45 12.13-.261 12.13-.78 Ga.,Albany
525
5 107,117
Athens
10 117,266 1,450 4,987
12.65-.66 12.68-.69 12.61-.62 12.49-.50 12.28-.29 12.18-.19- -722
330 162,080
Atlanta
677 232,032 1,539 3,906
600 335,563 2,223
1,325 373,478 2,617 14,627
Augusta
12.53-.55 12.58-59- ig -- ig -12.28 ----12.28-.59
1,700
75,106
125
4,047
200
81,140
12.12-.1430
Columbus
12.54-.56 12.56-.58 12.55-.57 12.44-.46 12.23-.25
990
36,789
4
58
8
Macon
5 44,456
400
51,543
56
198 3,900
58,023
Rome
12.65-.73 12.72-.82 12.68-.81 12.53-.76 12.39-.55 12.25-.37 12.25-.82
50
52
15 140,942
12.68-.69 12.72-.73 12.71-.72 12.60-.61 12.39 -12.27-.28--- La.,Shreveport
7 194,829 4,593 4,914
18
27,647
247
54
38,224
Miss.,Columb's
49,308
1,613
67
12.55-.60 12.60-.70 12.56-.68 12.43,68 12.30-.46 12.14-.28 12.14-.70
85,790
Greenville ___
5
462
108,937
350 6,700
12.56-.57 12.60-.61 12.60-.61 12.52-.53 12.30-.31 12.17-.18--50 142,295
Greenwood___
444
58,102
216
79 2,290
34,807
Meridian ____
27
225
18,131
12.58-.64 12.65-.74 12.61-.71 12.49-.72 12.35-.48 12.19-.33 12.19-.74
100 1,900
19,706
Natchez
92
29,337
85
12.60-.61 12.64-.65 12.63-.64 12.56-.57 12.34-.35 12.21-.22--891
186
34,322
6
Vicksburg
100
22,476
63 1,600
40,656
Yazoo City
12.76 -- (gl -12.85 -- @ -12.55-.57 12.37-.44 12.37-.85 Mo.,St. Louis_ 2,628 566,258 3,691 17,492 3,282 559,883 4,497
Range
106
11,143
100
59
12.76-.78 12.81-.83 12.78-.80 12.71-.73 12.50-52 12.36-38--- N.C.,Raleigh_
Closing
100
14,830
71
600 225,789 1,341
May0., Cincinnati_ 3,283 246,819 4,677 13,964
30,200
12.78-.81 12.85-.93 12.83-.92 12.70-.90 12.53-.67 12.39-.52 12.39-.93 Okla.,Hugo......
Range
37,135
niatir.,
12.79-.81 12.85 -12.32-.113 12.74-.76 12.53-.54 12.39-.40--- S.C.,Greenved.
19,672
217
13,498
Tenn.,Memphis 2,9391,117,843 5,715 21,699 2,567 809,115 5,079
55
7,857
50
126
Nashville ____
10,984
62
17,749
50
502
38
17,730
4
THE VISIBLE SUPPLY OF COTTON to-night, as made Tex., Brenham
25
43,835
49,702
Clarksville__
_
300
up by cable and telegraph, is as follows. Foreign stocks, Dallas
100 132,560
703
3 100,559
200
45,137
33,202
Grove.
as well as the afloat, are this week's returns, and consequently Honey
Houston
5,2122,752,757 12,817 44,686 3,8863,283,242 6,712
all foreign figures are brought down to Thursday evening. Paris
151
151,138
200
100
114,944

But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1914.
bales. 935,000
5,000
77.000

July 3Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

1913.
1912.
934,000 1,000,000
5,000
3,000
63,000 108,000

1911.
665,000
13,000
67,000

1,017,000 1,002,000 1,111,000
7,000
12,000
39,000
393,000 311,000 409,000
286,000 188,000 218.000
3.000
3,000
3,000
17.000
20,000
31,000
19,000
33,000
28,000
13,000
26.000
58,000

745.000
11,000
103,000
154,000
2,000
18,000
19,000
9.000

686,000

316,000

Total Continental stocks

838,000

593,000

Receipts.

Ship- Stocks
meets. July
Week.
3.

American-

723,000
52,000
691,100
189,878
335,863
174.652
2,147

743,000
43.000
549,000
121,048
226.720
209,428

81,1:23
655,000
105,768
324,163
144118

888
51R:
267.000
84,151
207,495
122.5g

4.
1,673
6,750
582
175
15,746
700
2,862
2,200
22,542
9,371
5,572
4,598
3,300
714
146
2,538
3,817
525
778
2,600
20,255
160
22,275
2,850
29,307
450
550
25
2,600
300
43,017
450

Total.33 towns. 16.4687.160.525. 43.940174,652 12,6961,103,768 30,956209.428

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
----1913-14----

July 3.
ShippedVia St. Louis

3,691
1.208

Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes,&c

775
285
188
216

----1912-13---Since
Sept. 1.

Since
Sept. 1.

Week.

554,954
402.098
7,025
120,813
120.518
142.198
351.582

4,497 543,565
b801 5296,548
112
21.738
578
88.751
163 129,540
324 141,758
489 384,046

Week.

Total European stocks
1,855,000 1,595,000 1,797,000 1,061,000
India cotton afloat for Europe_
212,000 104,000 104,000 135,000
Total gross overland
6,363 1.699,188
84,151 Deduct
Amer. cotton afloat for Europe
159,878 121.048 105,768
shipments31,000
15,000
Egypt,Brazil,&c.,aflt.for Europe.. 36,000
24,000
Overland
Y.,
Boston,
&c
299 124,433
to
N.
87,000
82,000
81,0eX in Alexandria. Egypt
138,000 115,000
Between interior towns
172.346
Stock in Bombay, India
934,000 861,000 583,000 542,000
Inland, &c., from South
150,476
5.158
Stock in U.S. ports
207,495
335,863 226,720 324,163
Stock in U. S. interior towns__
174,652 209,428 144,215 122,970
Total to be deducted
5,457 447.255
U. S. exports to-day
672
799
2,147
Leaving
overland
*
total
net
906 1.251.933
Total visible supply
3,847,540 3.256,196 3,155,945 2,271,288
Of the above, totals of American and other descriptions are as follows:
* Including movement by rail to Canada. b Revised.
Liverpool stock
bales..
Manchester stock
Continental stock
American afloat for Europe
U. B.port stocks
U.S.interior stocks
U.S.exports to-day

Stocks
July

6,964 1,605,986
674
__
3,438

142,523
124,440
101.631

4.112

368,594

2,852 1.237,392

The foregoing shows the week's net overland movement
this year has been 906 bales, against 2,852 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 14,541
bales.

-1913-14
-1912-13
In Sight and Spinners'
Since
Since
2,138.540 1.892,196 2.184,945 1,248.288
Takings.
Week.
Sept. I.
Week.
Sept. 1.
Liverpool stock
32,609 10,169,739
21,534 9,430,137
212,000 191,000 129,000 152,000 Receipts at ports to July 3
London stock
2,852 1,237,392
906 1.251.933
5,000
13,000 Net overland to July 3
5,000
3,000
Manchester stock
59,000 2,500,000
25,000
14.000 Southern consumption to July 3_ _ 59,000 2,636,000
20,000
24,000
Continental stock
147,000
49.000
44,000
31,000
India afloat for Europe
Total marketed
92,515 14,057,672
83,386 13,167,529
212,000 104,000 104,000 135,000
Egypt, Brazil, &c. afloat
112,392
60,138 *18,260
36,000
*27,472
31,000 Interior stocks in excess
24,000
15,000
Stock in Alexandria. Egypt
138,000
87,000
115,000
82,000
Stock in Bombay, India
Came into sight during week_ _ 65,043
934,000 861,000 853,000 542,000
65,126 13,279,921
Total in sight July 3
14.117,810
Total East India, &c
1,709,000
971,000 1.023,000
Total American
2.138,540 1,364,000
15.507 2,440.827
1,892.196 2,184,945 1,248,288 Nor, spinners' takings to July 3__ 29,438 2,624,001
Total visible supply
* Decrease during week.
3,847.540 3,256,196 3.155,945 2,271.288
Middling Upland,Liverpool
7.46d.
7.97d.
6.86d.
6.704.
Middling Upland, New York_ _ _ _ 13.25e.
Movement into sight in previous years:
12.00c. 14.65c.
12.35e.
Egypt, Good Brown. Liverpool.... 9.60d.
WeekBales.
Bales.I Since Sept. 1lid.
lOgd.
9.95d.
,
1 Good,Liverpool 8.854.
Peruvian, Rotuil
1912
-July 6
15,220.163
65,305 1911-12-July6
11.254.
9.254.
9.504.
Broach, Fine, iverpool
(3, .
1911-July 7
11,570,862
47,45311910-11-July 7
6d. 6 5-16d.
Tinnevelly, Good, Liverpool
10,180,604
6)4d. 6 5-164.
41,824 1909-10-July 8
6gd. 7 7-154. 1910-July 8
1909-July 9
57,123 i 1908-09-July 9
13,282,072
Continental importsfor past week
Total American

East Indian, Brazil, &c.-.

have been 190,000 bales.
The above figures for 1914 show a decrease from last week
NEW ORLEANS CONTRACT MARKET.-The highest,
a
gain
bales,
of
of 285,035
591,344 bales over 1913, an excess lowest and closing quotationsfor leading contracts in the New
bales
over
1912
691,595
and a gain of 1,576,252 bales over Orleans cotton market for the past week have been as follows:
of
1911.

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
duly 3.

C osing Quotations for Midd Mg Cotton onSaturday. Monday. Tuesday. Jed'day. Thursd'y. Friday.

Galveston
13 11-16
New Orleans__ _ 13 9-16
13
Mobile
13
Savannah
Charleston
Wilmington..
13g
Norfolk
13%
Baltimore
Philadelphia __ _ 13.50
1434
Augusta
13%
• Memphis
13%
St. Louis
Houston
13%
Little Rock_ __ - 13g




13 11-16
13 9-16
133
13%
13%
13%
13.50
14
13
13
13 4
13g

13 11-16
13 9-16
13g
13%

135i
134

13.50
14g
13%
13%
13%
13g,

13 11-16
13 9-16
1331
13;4

,3.
13q

14%

13
13
13%
1331

13%
13 9-16
13
13
13%
13%
13.50
14%
13
13
13%
1331

13%
13 7-16
13g
13%
13%
13%
13.50
14g
13
13
13
1334

y

Saturday, Monday, Tuesday, Wed'day,IThursd'y, Friday,
June 27. June 29. June 30 July 1. July 2. July 3.

JulyRange

Closing

August-

Range
Closing
September-

Range
Closing
October-

Range
Closing
December-

Range
Clmlng
January-

Range
Closing
March-

Range
Cl.ng
Tone-

Spot
Options

I

13.08-.26 13.27,03 13.10-.20 13.05-.15 12.90-.00 12.83-.85
13.25 -13.17-.22,13.17 -13.10-.12 12.90-.92 12.81 13.20-.27 13.25-.331 13.24-.31 13.02-.23I 12.90-.03 12.78-S7
13.21-.24 13.26-.271.21 -13.11 -12.90-.92 12.78-.79

I

12.46,
12.82 -12.91-.93 12.85-.87 12.78-.80 12.55-.57 12.45.-47
12.63-.70 12.68-.78 12.64-.74 12.47-.70 I 12.36-.49 12.24-.36
12.64
,
65 12.69-.70 12.64,65 12.57-.58,12.37-.38 12.27-.28
12.63-.68 12.67-.76 12.64-.73 12A8,71112.37-.49 12.24-.35
12.63-.64 12.69 -12.64-.65 12.57-.58 12.37-.38 12.27-.28
,

12.66-.70 12.77-.79 12.65-.76 12.58-.73 12.40-.51 12.27-.40
12.64-.65 12.72-.73 12.66-.67 12.60-.61 12.40-.41 12.29-.30
t
12.76-.81 12.83-.87 12.77-.86 12.69-.80 12.50-.63 12.38-.49
12.74-.75 12.81-.83 12.76-.78 12.70-.71 12.50-.51 12.39-.40

Quiet. Quiet,
Steady. Stands,

Steady.
Qt....A..

Quiet. I Quiet.

04........1••

Qt..A 1r

Steady.
Qt..A..

58

WEATHER REPORTS BY TELEGRAPH.—Our telegraphic advices this evening from the South are in the main
of a favorable tenor, beneficial rains having fallen in many
sections where needed. From portions of Texas, however,
there are complaints of lack of moisture. Reports from
Alabama indicate that there is very little alarm in that State
over the boll-weevil.
Galveston, Tex.—Weather conditions unfavorable to growing cotton except in the northwestern part of the State,
where beneficial rains have occurred. Good rains are needed
in all sections. There has been no rain here the past week.
The thermometer has averaged 86, ranging from 78 to 94.
June rainfall twelve hundredths of an inch.
Abilene, Tex.—It has rained on one day of the week, the
precipitation reaching thirty hundredths of an inch. Minimum thermometer 68. Month's rainfall 1.49 inches.
Brenhan, Tex.—We have had no rain the past week. Average thermometer 84, highest 96, lowest 72.
Cuero, Tex.—We have had no rain during the week. The
thermometer has averaged 84, the highest being 98 and the
lowest 70. June rainfall 3.44 inches.
Dallas, Tex.—There has been no rain during the past week.
The thermometer has averaged 89, ranging from 76 to 101.
Month's rainfall 1.85 inches.
Henrietta, Tex.—There has been rain on one day of the
week, the rainfall reaching twenty hundredths of an inch.
Thermometer has ranged from 72 to 102, averaging 87.
June rainfall twenty hundredths of an inch.
Huntsville, Tex.—It has been dry all the week. Average
thermometer 86, highest 98,lowest 74. June rainfall thirtysix hundredths of an inch.
Kerrville, Tex.—There has been no rain the past week.
The thermometer has averaged 79, the highest being 94
and lowest 64. June rainfall 2.10 inches.
Lampasas, Tex.—Dry all the week. The thermometer
has averaged 83, ranging from 68 to 98. June rainfall forty= hundredths of an inch.
Longview, Tex.—We have had no rain during the week.
The thermometer has ranged from 70 to 104, averaging 87.
June rainfall eighty hundredths of an inch.
Luling, Tex.—We have had rain on one day.the past week,
the rainfall reaching two hundredths of an inch. Average
thermometer 86, highest 100, lowest 72. June rainfall
1.39 inches.
Nacogdoches, Tex.—There has been no rain during the
week. The thermometer has averaged 85, the highest being
98 and the lowest 72. June rainfall 1.02 inches.
Palestine, Tex.—It has been dry all the week. The thermometer has averaged 85, the highest being 98 and the lowest 78. Month's rainfall ,nil.
Paris, Tex.—Dry all the week. The thermometer has
averaged 89, ranging from 72 to 106. June rainfall 1.86 ins.
San Antonio, Tex.—There has been no rain the past week.
The thermometer has ranged from 70 to 96, averaging 83.
June rainfall one hundredth of an inch.
Taylor, Tex.—Dry all the week. Minimum thermometer
72. June rainfall 1.84 inches.
Weatherford, Tex.—We have had no rain the past week.
Average thermometer 86, highest 100, lowest 72. June
rainfall forty-six hundredths of an inch.
Ardmore, Okla.—We have had rain on two days of the
week, the precipitation reaching six hundredths of an inch.
The thermometer has averaged. 88, the highest being 105
and the lowest 70.
Holdenville, Okla.—There has been rain on one day during
the past week, the precipitation being eighty hundredths of
an inch. The thermometer has averaged 82, ranging from
66 to 99.
Marlow, Okla.—We have had no rain during the week.
The thermometer has ranged from 68 to 103, averaging 85.
Eldorado, Ark.—It has rained on one day during the week,
the rainfall being fifty hundredths of an inch. Average
thermometer 86, highest 102, lowest 71.
Fort Smith, Ark.—It has rained on three days during the
week, the rainfall being fifty-nine hundredths of an inch.
Average thermometer 85, highest 102, lowest 68.
Little Rock, Ark.—The week's rainfall has been fifty-five
hundredths of an inch on one day. The thermometer has
averaged 86, the highest being 101 and the lowest 72.
Alexandria, La.—There has been no rain the past week.
The thermometer has averaged 87, ranging from 73 to 101.
New Orleans, La.—There has been rain on four days of the
week, the rainfall reaching two inches and twenty-eight
hundredths. The thermometer has ranged from 74 to 98,
averaging 86.
Shreveport, La.—It has rained on one day during the week,
the rainfall being eighteen hundredths of an inch. Average
thermometer 88, highest 101 and lowest 75.
• Columbus, Miss.—We have had no rain during the week.
The thermometer has averaged 86, highest 108, lowest 64.
Greenwood, Miss.—Dry- all the -week. The thermometer
has averaged 83, ranging from 63 0,104. •
Vicksburg, Miss.—We have had rain on one day during the
week, the precipitation reaching one hundredth of an inch.
72 to 98; averaging 85.
The thermometer has ranged from
Livingston, Ala.—Rain has fallen on one day oi the week,
the precipitation being thirty-seven hundredths of an inch.
Average thermometer 86, highest 104, lowest 69.
Mobile, Ala.—Hot weather and frequent showers are inducing rapid growth of cotton. There is very little alarm



VOL. xcLx.]

THE CHRONICLE

over the boll-weevil. We have had rain on two days during
the week, the rainfall being one inch and five hundredths.
The thermometer has averaged 84, the highest being 101
and the lowest 74.
Montgomery, Ala.—Rainfall for the week two hundredths
of an inch on two days. The thermometer has averaged 88,
ranging from 73 to 104.
Selma, Ala.—We have had rain on two days during the
week, the precipitation reaching one inch and ten hundredths.
The thermometer has ranged from 74 to 105, averaging 86.5.
Madison, Fla.—We have had rain on two days during the
week, the rainfall being one inch and thirty hundredths. The
thermometer has ranged from 71 to 96, averaging 83.
Tallahassee, Fla.—We have had rain on four days the past
week, the rainfall being one inch and forty-two hundredths.
Average thermometer 84, highest 100, lowest 69.
Albany, Ga.—The week's rainfall has been seventy hundredths of an inch on one day. The thermometer has averaged 87, the highest being 104 and the lowest 70.
Augusta, Ga.—Rainfall for the week thirty hundredths of
an inch, on two days. The thermometer has averaged 86,
ranging from 72 to 101.
Savannah, Ga.—Dry all the week. The thermometer
has ranged from 75 to 96, averaging 86.
Charlotte, N. C.—It has rained on four days of the week,
the rainfall reaching thirty-three hundredths of an inch.
Average thermometer 84, highest 98, lowest 70.
Goldsboro, N. C.—We have had rain on four days of the
week, the precipitation reaching fifty-four hundredths of an
inch. The thermometer has averaged 81, the highest being
96 and the lowest 66.
Memphis, Tenn.—There has been rain on one day of the
week, the rainfall reaching thirty-one hundredths of an inch.
The thermometer has ranged from 70 to 90, averaging 85.
More moisture is badly needed.
Dyersburg, Tenn.—We have had rain on one day during
the week, the rainfall being forty-seven hundredths of an
inch. The thermometer has averaged 85, the highest being
104 and the lowest 66.
Charleston, S. C.—We have had rain on one day the past
week, the rainfall reaching two inches and four hundredths.
Average thermometer 85, highest 98, lowest 72. June rainfall 4.33 inches.
Spartanburg, S. C.—There has been rain on two days during
the past week, the precipitation being thirty-eight hundredths
of an inch. The thermometer has averaged 87, ranging
from 68 to 107.
—Messrs. Renskorf, Lyon & Co. members of the New
York Stock, Cotton and Produce exchanges and of the New
Orleans Cotton Exchange and the Chicago Board of Trade,
and associate members of the Liverpool Cotton Association,
have removed their offices to Exchange Court Building, 33
New Street, New York City. The cotton department is in
charge of Mr. C. C. Taylor.
AGRICULTURAL DEPARTMENT REPORT ON COTTON ACREAGE AND CONDITION.—The Agricultural
Department at Washington issued on July 1 its report on
cotton conditions and acreage as follows:
States Department of AgriThe Crop Reporting Board of the Unitedcorrespondents
and agents of
culture estimates, from the reports of the
of acres of cotton in cultivation this year
the Bureau, that the number
acres,
as
36,960.000
compared
with
about
is
States
United
(1914) in the
37,458.000 acres by the revised estimate of last year's planted area, a decrease of about 498.000 acres. or 1.3%. June 25 was 79.6% of a
normal
The condition of the growing crop on
condition, as compared with 74.5 on May 25 1914, 81.8 on June 25 1913
on
years
June
ten
past
25.
the
for
condition
average
the
80.7,
and
Details by States follow:
Area 1914, prelim. est.
Area
Condition—
P.C.
under cultiJune May June Tencomp.
ration a
25, 25. 25,.
th
year
1913.
veerwi
evisedago
esi.
00 18
s.
6e,0
14. 18
A4cr
96
93
14. In& a
8v4
ge
r
States—
96
48,000
-__Virginia
82
1,589,000
76
76
81
100
North Caro_ 1,589.000
81
2,826,000
101
72
73
79
South Caro_ _ 2,798,000
194.000
86
82
101
85
85
192,000
Florida
101
83
5,398,000
80
74
81
- _ 5,345.000
Georgia
3,912,000
88
85
103
80
79
Alabama __ _ 3,798.000
81
3,148,000
87
101
82
78
M ississippi_ - 3,117.000
82
110
81
81
1,389,000
78
Louisiana_ — 1,263.000
74
12.052,000
82
65
95
86
12,686,000
Texas
80
79
86
2,527,000
81
100
2,527,000
Arkansas
866,000
79
80
87
83
100
866.000
Tennessee
124,000
93
86
110
88
83
113,000
MIssourI___
79
68
2,854,000
92
89
82
3,102,000
Oklahoma
35,000
100 100
250
95
97
14,000
California—
U. S

37,458,000

98.7

36.960,000

79.6 74.3 81.8 80.7

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1913-14.
Week.

1912-13.

Season.

Week.
Season.
—
—
4,132,575
3.491,909
Visible supply June 26
2,055,351
2,135,485
Visible supply Sept. 1
65,043 14,117,810
65,126 13,279,921
American in sight to July
36.000 3.637,000
26,000 2,609,000
Bombay receipts to July
18.000
2_-2599.000
445,200
16,000
Other India shipm'ts to July
1,000 1,014,000
993.600
Alexandria receipts to July 1...
9,000
334,000
308,000
7,000
Other supply to July 1*
Total supply
Deduct—
Visible supply July 3
Total takings to July 3a
Of which .American
Of which other

4,261,618 21,757,161 3,606,035 19.771,206
3.847,540 3,847,540 3.256,196 3,256,196
414,078 17,909.621 349.839 16,515,010
224.078 13.021,621 250,839 12,753,210
99.000 3,761.800
190.000 4,888,000

•Embraces receipts in Europe from Brazil, Smyrna, West Indies, gze.
a This total embraces the total estimated consumption by Southern mills
2.636.000 bales in 1913-14 and 2,500,000 bales in 1912-13—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 15.273.621 bales in 1913-14 and 13,946.610 bales in 1912-13, of
which 10,385.621 bales and 10,184,810 bales American.

JULY 4 1914.]

THE CHRONICLE

INDIA COTTON MOVEMENT FROM ALL PORTS.
July 2.
Receipts atBombay

1913-14.

1912-13.

1911-12.

Since
Week. Sept. 1.

Since
Week. Sept. 1.

Since
Week. Sept. 1.

36,000 3,637,000 26,000 2,609,0001 14,000 2 222,000
For the Week.

Exports
from-

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

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Market, I
1215
Neglected
P. M.

I

Since September 1.
CottaJapan
neat. & China. Total.

59

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Pressed
for
Sale,

Neglected.

Moderate
demand.

Easier.

More
demand.

Mid.Uprds

7.61

7.63

7.64

7.60

7.53

7.46

Sales
Spee,Stezp.

3,000
200

4,000
300

3,000
200

5,000
300

7,000
300

7,000
500

Bombay1913-14_
1912-13__
1911-12._
Calcutta1913-14__
1912-13__
1911-12__
Madras1913-14__
1912-iL_I
1911-12_
All othe
1913-14._
1912-13_
I911-12__

3,000 13,000
16,000
1,000 12,000 1,000 14,000
1,000 6,000 4,000 11,000

Total all1913-14__
1912-13__
I911-12__

June 27 Saturday. Monday, Tuesday. Wed'ilay. Thursday. Friday.
to
3,000 41,000 5,000 49,000 120,0001,645,0001,268,200 2,933.000
July 3. 1234 1234 124 4 1234 4 124 7 124 4 1234 4
2,000 16,000, 34,000 52,000 67,000 674,0001,011,2001,752,200
p.m. p.m. P-m• p.m. P.m. p.m. P.m. p.m.P.m.Pm.P.m p.m.
1,000 15,0001 23,000 39,000 33,000 502,000 884,0001,419,000

26,000 5,000 31,000
4,000 32,000 36,000
8,000 18,000 26,000
2,000

1:556
1,000

1.000

1,666

58,0001.126,000 1,138,0002,334.000
33,000 405,000 864,0001,307,000
11,000 323,000 802,0001,136,000

2,000
1,000
1,00

2,000
3,000
2,00

21,000 104,000 127,000
24,000 33,000 60,000
40,000
22,000 16

1:656

5,000
3,000
3,000

30,000
19,000
4,000

1,000

3,00
200
1,000

38,000
22,200
8,000

45,000 366,000 23,000 434,000
23,000 226,000 114,000 363,000
mops 153,000 65,000 235,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
July 1.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)-

1913-14.

1912-13.

1911-12.

3,500
7.601.265

600
7,452,851

2,500
7.252.697

This Since
This Since • This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.

To Liverpool
201,093 3.750 199,750
To Manchester
5,500 217,415
200,432
To Continent and India_ 5,500 416.415 6,250 386.171
To America
82,003
600 121,365

4,250 198.605
222,936
5,250 367,162
2,000 111,291

Total exports
11,000 916,926 10,600 907,718 11,500 899.994
Note.-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.

Futures.
Quiet.
Steady,
Weak,
Quiet,
Quiet,
Steady,
Market
405 pts. generally 1 pt. dec.to 5402 pts. 203 pts. 51407 pts.
opened f advance. unchanged. % pt. adv. decline, advance.
decline.

1

Market, I Steady,
Steady, Barely sty. Quiet,
Quiet,
4
33414434 4340534 206 eta. 507% pts. 2340334
P. M. 1 pts. adv. pts. adv. pts. dec.
decline.
pts. dec.
•At 7 p. m.

arelyet'y,
6(48158.
decline.

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 100th...

Thus, 7 44 means 7 44-100d.

d.
d.
d. d. d. d. d. 1 d. d. d. d. d.
June --------7 4434 4434 4934 464 -___ ____ 1 _ __ ____
____ __
July
_ 7 2634 27 32 3434 26 26 21 19 Fiji 12 1134
July-Aug_ ____ 7 2634 27 32 3434 26 26 21 19 1734 12 1134
Aug.-Sep_ ____ 7 10 1034 1534 1834 1134 1134 06 034 024 96 9431
Sep.-Oct -----6 88 8734 9234 95 9034 8934 83 81 80 72 70
Oct.-Nov_ ____ 6 79 7834 8334 S6 8134 8034 74 72 7134 64 62
Nov.-Dec. ____ 6 7134 71 76 7834 73.4 73 664 65 64 5634 554
Dec.-Jan_ ____ 6 6934 693.4 7434 77 72 7134 65 6334 624 5534 544
Jan.-Feb_ ____ 6 694 6934 7434 77 72 7134 65 634 6234 5534 5434
Feb.-Mar. ____ 6 7034 70 75 7736 724 72 6534 64 63 56 55
Mar.-Apr. ____ 6 72 7134 764 79 74 72 67 6534 6434 5734 56$
Apr.-1!ay ____ 6 72 7134 7634 79 74 73 67 6534 644 5734 56
May-June ___ 6 72 714 77 79 74 7334 67 6534 6434 58 57
June-July ___ 6 69 6834 74 76 71 71 6434 63 62 55 54
July-Aug_
II 67 BRS4 72 74 69 69 6234 61 60 53 52

BREADSTUFFS.

Friday Night, July 2 1914.
Flour has been more active at lower prices. Large bakers
have shown a disposition to increase their supplies. The
trading in old crop spring patents is reported to have been
especially large at prices said to have ranged from $4 10 to
$4 25, though it is not altogether clear that $4 10 has actually been accepted as a rule. But in other grades of flour it
must be confessed that trade has been quiet. In fact the
demand for spring patents also subsided towards the close
1914.
1913.
of the week. The mammoth wheat crop is still a factor to be
8% his. Shin- Cot's
sq lbs. Shirt- Cot's considered. It is clear that buyers, as a rule, are not in32s Cop
ing,, common Mid
ing% common Mid.
321 Cop
to finest.
UPS's clined to purchase very freely. The Northwest, however,
to finest.
Unt's
Twist.
reports a better trade. The total output last week at
d.
d. s. d.
S. d. d.
e. d d. d.
d. s. d.
May
Minneapolis, Duluth and Milwaukee was 319,995 barrels,
15 10
11
234@ii 3
7.47 10
O 10% 6 2 011 414 6.79 against 344,220 in the previous week and 350,420 last year.
22 10%
11% 6 3 @114
7.59 10 • 10% 6 2 011 4% 6.72
Wheat has declined at times, but covering of shorts has
29 1054
11% 6 3%011 4S4 7.70 10 • 10%
2 011 4% 6.61
June
caused occasional rallies, not only at home but abroad. The
5
11% 6 4 011 5
O 10% 6 2 011 4% 6.67 July tenders in Liverpool, it seems, passed into strong
7.74 10
hands,
12 10%
11%13 0(011 3% 7.87,10
O 10% 6 2 011 4% 6.77
6.79 and this fact was not without its effect on Chicago prices.
19 10%
11 A.6 4 011 4% 7.68 10 X, O 10% 6 2%011 5
26 10%
6.75
11% 6 4 011 4% 7.53 10
O 10% 6 2%011 .5
It is said, too, that within the last few days export sales on
July
3 10)4
11% 6 3 011 3
6.70 this side of the water have approximated 1,000,000 bushels,
7.46 10% 0 11 6 2 @116
a statement which is here given for what it is worth. That
SHIPPING NEWS.---As shown on a previous page, the there has been a fair export business is clear enough. It is
exports of cotton from the United States the past week have not so clear that the total has reached so large a figure as that
reached 56,282 bales. The shipments in detail, as made just mentioned, though some Western houses have undoubttip from mail and telegraphic returns, are as follows:
edly made liberal sales to Europe. Moreover, there are
Total bees.
NEW YORK-To Liverpool-July 1-Baltic,345 upland,6Peruvian 351 complaints of too much rain in the three Northwestern
To Manchester-June 26-Canning, 200
200 States. Also the world's visible supply fell off last week
To Bremen-June 26-Prinz Friedrich Wilhelm, 313
313 8,938,000
bushels, against a decrease in the same week last
To Rotterdam-June 30-Isle of Mull. 20
20
To Barcelona-June 29-Provincia. 117- _July 1-Patria, 250 367 year of 6,244,000 bushels. The world's stock is now only
To Genoa-June 26-Calabria, 1,246 ...June 29-Caserta, 450
_-_June 30-Hamburg. 1,654
3,356 98,744,000 bushels, against 135,104,000 bushels a year ago
July 2-Re d'Italia, 6
To Naples-June 26-Calabria, 50
50 and 133,282,000 bushels at this time in 1912. From GerGALVESTON-To Liverpool-June 26-Floridian, 9.498
9,498 many have
come reports of rust, owing to wet weather,folTo Bremen-Juno 30-Gifford. 11.485
' 11,485
To Hamburg-June 26--Inkula, 2005,
lowed by high temperatures. Rains are interfering with har- _-June 30-Gifford.
597
3,502 vesting of winter-wheat
in Russia. From Hungary a good
NEW ORLEANS-To Havre-June 29-St. Laurent, 2,723
2,723
'
To Genoa-June 29-Coniston, 1,788
1.788 many complaints are being received of rust. Heavy rains
MOBILE-To Bremen-June 29-Montauk Point, 1.988
1.988 are interfering with the movement of the wheat crop in the
To Hamburg-June 29-Montauk Point, 469
469
Punjab of India. The crop outlook in Australia is reported
PENSACOLA-To Liverpool-July 1-Meltonlan, 902_ __July 22,489 less favorable, owing to dry weather. Damage to the crop is
To Dunkirk-July 1-Meltonian, 100
100
To Bremen-June 29-Indianola, 4,306
4,306 reported in Italy, and Spain by bad weather. On the other
SAVANNAH-To Liverpool-July 2-Usher, 1,796
1,796 hand, however, crop reports from the American winterTo Manchester-June 30-Eavestone, 1,304
1,304
To Hamburg-June 30-Welssenfelde, 2,000
2,000 wheat belt are generally favorable. Some estimates of the
To Antwerp-June 26--Glenelg, 709; Themisto, 170
879 total yield put it as high as 936,000,000 bushels, including
NORFOLK-To Hamburg-June 22-Bohemia, 1.190
1.190 657,000,000 of
winter and 279,000,000 bushels of spring. The
BOSTON-To Liverpool-June 27-Devonia, 1,292_ _June 291,564 condition of both crops is said to be 93%. Elevator interests
To aioa.
-June 27-Cretic, 77
at
Chicago
have been free sellers. The Kansas crop is
BALTIMORE-To Liverpool-June 25-Swanmore, 2,572
2,572
a
une 23-Lancastrian, 1,.356
1.556 said to be no less than 160,000,000 bushels-a brilliant harPHILADELPHIA-To Rotterdam-June 25-Zulderdyk, 50
50
vest
-with
the
SAN FRANCISCO--To Japan-June
condition 98%, as against 96% in May and
20-Korea, 100 ..June 25Siberia, 239-_June 27-Chiyo Meru,
289 an average yield per acre of 18 bushels. Rumors of an im150
pending
railroad
strike at the West, however, have caused
Tooal _______________________________________________ 56.282
some covering of July. Still, it is noticed that the moveLIVERPOOL.-Sales, stocks, &c., for past week:
ment of the crop is already rapidly increasing. SouthJune 12. June 19. June 26.
July 3. western receipts are
much larger than those of a year ago,
Sales of the week
34,000
30,000
28,000
34,000
Of which spoculatom took
1,000 even though at times the Southwestern offerings have been
1.000
2.000
2,000
Of which exporters took
1,000
1.000 checked somewhat by rains. -Rumors
1,000
1.000
have been in circuSales. American
26,000
25,000
21,000
23,000
Actual export
8.000
7,000 lation as usual at this time of the year of rust at the North4,000
6,000
Forwarded_
83,000
74,000 west. They are an unavoidable episode. They are no.
67,000
71,000
Total stock
972,000 959,000964,000 935,000
Of which American
769,000 754,000 742,000 723,000 very seriously considered, however. There are many who
Total imports of the week
53,000
62.000
78,000
51,000 think that the new low levels recently reached in the price
Of which American
32,000
45,000
38,000
41,000 of
Amount afloat
wheat amply discount the bearish features of the situation.
168,000 149,000 114.000
88,000
Of which American
108,000
66,000
90,000
46,000 But there are no very clear traces of a disposition as yet on
@ Soso GOO

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues quiet for both yarns and shirtings. The demand
for both yarn and cloth is poor. We give the prices for today below and leave those for previous weeks of this and
last year for comparison.




60

1V0L. xc

THE CHRONICLE

tense heat with the lack of sufficient rain was somewhat detrimental, while
further south the continued heat and absence of sufficient moisture has
caused severe damage to and, in many cases, almost complete failure of
the crop. Oats, hay and pasturage continue their favorable progress in
most Western and Northern districts, but in the Ohio Valley and to southward they are very generally short. Tobacco setting in Kentucky is much
delayed and the plant is suffering for rain in many other States. In the
cotton belt the early planted is nearly everywhere reported as making
good growth in spite of the intense heat and generally dry weather over
most of the belt. The late planted is suffering, however, front drought,
except in the extreme eastern portions, where local rains have been of much
benefit. In the truck-growing districts of the South the late crops are
nearly everywhere suffering for rain, although local showers afforded some
reliefin Florida and along the immediate Gulf coast. Over the Atlanticcoast
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. States good rains occurred from Virginia northward to New York, greatly
Sat. Mon. Tues. Wed. Thurs. Fri.
the severe drought over the first-named State and benefiting crops
88A relieving
cts- 8734 8734 86% 8731 88
No. 2 red in elevator
the other States. Corn is reported in good condition; wheat harvest is
87% 87% 87% 8734 8834 89A in
July delivery in elevator
with good yields assured, and hay-making is under way.
progress,
in
September delivery in elevator_ 86% 86% 86% 8634 87% 8734 In the Rocky Mountain and Plateau regions moderately cool weather with
89
89% 90% 90% good rains over the northern portions afforded favorable conditions for
December delivery in elevator..-89% 89
-. WHEAT FUTURES IN CHICAGO. spring wheat and ranges in those districts, but to the southward generally
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs, Fri.
warm and dry weather prevailed and the ranges, although still in good con77% 77% 78% 79A 79A dition, are beginning to need rain, and the second crop of alfalfa is being
cts- 78
July delivery in elevator
7834 shortened. Some damage from frost occurred to fruit and other crops in
7734 7734 77% 79
September delivery in elevator.....78
80% 80% 80% 81% 81% the northern districts, and haying was delayed to some extent by rains.
December delivery in elevator__ ..- 81
Over the Pacific Coast States the weather was everywhere favorable, exIndian corn has shown the effects of good weather at cept
in the northern portions, where cloudy weather delayed haying and
the West for Kansas and Missouri have had beneficial rains. severe frost damaged wheat to some extent in the northern highlands.

the part of big people to take the bull side. On the contrary, the general trend of sentiment seems to be the other
way. It is encouraged by such things as the Oklahoma July
report indicating a crop of 47,000,000 bushels, against only
17,500,000 bushels last year. The July deliveries at Chicago were only 5,000 bushels. To-day prices were irregular,
advancing early and reacting later. Russian crop reports
were rather unfavorable, and the week's statistics are likely
to be bullish. Argentine shipments are small.

The acreage is said to be 104,520,000 acres, against 102,970,000 acres harvested last- year, even though the planted
area then may have been 4,000,000 acres more than this, or
107,000,000 acres. Private reports put the condition at
87.9%, as against 85.9% last year. That would seem to
point to a crop, if we consider the condition at this early
stage of the season as a guide, of 2,925,000,000 bushels.
Liverpool has reported larger offerings of Danubian corn,
and also lower prices for River Plate cargoes. Prices have
been lower in Buenos Ayres, with some pressure of arrivals
and a less active export demand. Liquidation in old July
corn has been free at Chicago, owing to deliveries of 535,000
bushels, which put it at a discount of 1%c. under the new.
There has been heavy selling by large elevator interests, particularly in July, while other concerns have been selling the
distant futures. The available supply of American corn
decreased for the week 474,000 bushels, however, as against
an increase in the same week last year of 1,941,000 bushels.
Country offerings at the West have been small, and the Eastern demand of late somewhat larger. It is contended that
while the drought has been in a measure relieve in Kansas
and Missouri, other parts of the belt are in urgent need of
rain. Oklahoma is one of these States. To-day prices fell,
owing to favorable weather at the West and Argentine shipments of about 5,000,000 bushels,including 1,275,000 bushels
for America.

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

1

Oats.

Barley.

Rye.

b51s.1961b3. bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.481bs, bu.56 lbs.
331,000
45,000
208,000 1,450,000 1.945,000
127,000
Chicago. _ _ _
32,000
412,000
240,000
374,000
102,000
61,000
Milwaukee__
192,000
172,000
55,000
93,009
457,000
Duluth
108,000
225,000
54,000
162,000
543.000
Minneapolis.
1,000
32,000
58,000
23,090
Toledo._
75,000
21,000
10,000
9,000
Detroit
2,000
3,000
84,000
48,000
31,000
16,000
Cleveland __
14,000
6,000
393,000
262,000
29.1,000
49,000
St. Louls___
1,000
25,000
169,000
207,000
11,000
30,000
Peoria
170,000
244,000
296,000
Kansas CRY
168,000
269,000
41,000
Omaha
Total wk. 14
Same wk.'13
Same wk.'12

292,000
362,000
196,011

2,026,000
3,920,000
1,520,979

3,181,400
5,555,000
3,161,010

196,000
226,000
85,000

3,818,000 1,030,000
6.691,000 1,790,000
191.526
2,453,065

Since Aug. 1
1913-14... 18.899,000277.029,000 213,718,000 211,398.00084,711.000 22281000
16765642
1912-13... 16,929,520 251,981,966 219,134,228 235,898,688 98,382,330 8,143,928
11.770.050 132.962.607 187.875,522 142,136,481 61,308,164
1011-19

Total receipts of flour and grain at the seaboard ports for
the week ended June 27 1914 follow:

Rye,
Oats, Barley,
Corn,
Wheat,
Flour,
bush.
bush.
bush.
bush.
bush.
bbls.
Receipts atDAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
35,000
542,000
172,000
439,000
165,000
Sat. Mon. Tues. Wed. Thurs. Fri.
New York
6,000
68,000
53,000
29,000
cts- 76% 7634 76% 7634 76% 7631 Boston
No. 2 mixed
189,000
246,000
47,000
28,000
Philadelphia
DAILY CLOSING PRICES OF CORN FUTURNS IN CHICAGO.
34,000
144,000
43,000
76,000
23,000
Baltimore
Sat. Mon. Tues. Wed. Thurs. Fri.
59,000
41,000
1,000
48,000
•
cts_ 68% 68
68
68% 68% 67% New Orleans
July delivery in elevator
3,000
September delivery in elevator__ 67% 66% 66
6534 65A 64% Newport News
1,000
Norfolk
elevator_
--- 5774 5734 57% 5534 55A 54%
December delivery in
. 2,000
7,000
71,000
Galveston
56,000 1,951,000
173,000 350,000
Oats have been affected more or less by the weakness at Montreal
1,000
Quebec
times in other grain. Chicago has also reported liberal coun356,000 1,164,000 350,1100. 75,000
1914_ 354,000 2,804,000
try acceptances, and this fact of itself has caused not a little Total week11914.10.500.000
68,077,000 13,283,000 13.961,000 7067,000 1980,000
selling at Chicago. Though some unfavorable crop reports SinceJan.
327,000 1,394,000 535,000 104,000
2,723,000
674,000
Week 1913
are being.received, the largest oats States report prospects Since Jan. 11913.11,006,000 81,077,000 40.986,000 27,675,000 13226000 1838,000

in the mam favorable. For the belt, the condition is reported
*Receipts do not include grain passing through New Orleans for foreign ports
in some cases as 82.3, against 75.8 a year ago, pointing to a on through bills of lading.
crop of 1,132,000,000 bushels. Cash prices at Chicago have
The exports from the several seaboard ports for the week
been lower,but on the decline the demand has improved some- ending June 27 are shown in the annexed statement:
Rye, Barley, Peas,
Oats,
Corn, Flour,
Wheat,
what. To-day prices declined in sympathy with other grain.
bush.
bush, bush.
bush.
Ms,
bush.
bush.
Exports fromHedging sales, however, were nothing very heavy. Harvest40,665 65,943 13,564 2,496
7,191 51,447
686,777
York
New
ing has begun in Nebraska. The cash demand was fair. Portland, Me......
7,500
3,845
259,917
There is a lack of any very interesting features in the trade at Boston
14,000
____ 304,000
77,143
the present time. Speculation is not aggressive on either Philadelphia
14,305
9,841
17,202
320,241
Baltimore
38,000 9,200
side. Prices are about 4c. lower than a year ago.
New Orleans.___ 50,000
2,501
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Wed.
Sat.
Tues.
Thurs.
Fri.
Standards _44 A-45 4434-45 4334-44 43A -44 43A -44
43A-44
No.2 white.44%-4514 4434-4534 43%-44% 43344434 43X-44;i 4444%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 3734 3734 3734 3634 36 Si 3634
July delivery in elevator
36
354 3534 3534
September delivery in elevator-- 3634 36
December delivery in elevator---- 38% 37% 3734 36
36% 36%

The following are closing quotations:
GRAIN.
Corn, per bushelWheat,per bushel-f.o. b.
eta.
No.2mixed
$098
N.Spring, No.1
7634
No. 2 yellow
9534
N.Spring, No.2
7634
No. 3 yellow
8834
Red winter. No. 2
76
89
Argentina in bags
Hard winter,No.2,arrive
7034075
cts.
Rye, per bushelOats, per bushel, newNew York
4334044
Standards
68069%
Western
No. 2 white
44044%
4343% Barley-Malting
No.3 white
59085
FLOUR.
Winter, low grades_-$3400$3 60 Spring clears
$4 00 $4 15
4 800 5 00 Kansas straights,seeks_ 5
Winter patents
49
15
46 4
4
0
100
5
4 30 Kansas clears, sacks
3 80
Winter straights
4 10 4 25 City patents
Winter clears
flour
Rye
80
4
Spring patents
3
4350
300 3 90
4 200 430 Graham flour
Spring straights
3800460

WEATHER BULLETIN FOR WEEK ENDING JUNE
29.-The general summary of the weather bulletin issued
by the Department of Agriculture for the week ending
June 29 is as follows:
The weather of the past week was, on the whole, favorable for agricultural interests. Somewhat too much rain occurred in a few Northern
States and severe drought continues in portions of the South, but wheat
harvest proceeded satisfactorily and other staple crops made the usual
progress. Over the winter wheat belt harvesting is nearing completion
In the southern districts, and thrashing is under way with generally satisin the central districts, and in
factory yields. It is progressing favorably
is maturing satisfactorily. In the spring
the more northern portions wheatfavorable
for rapid growth, but sunshine
wheat belt the weather has been
In the corn belt conditions over the
and drier weather are now needed.
and the crop made
western and northern portions were in the main ideal
where cultivation was
excellent progress, except in some northern portions
middle
and
Ohio
the
Mississippi
In
rains.
valleys inheavy
delayed by




Newport News _
Galveston
Mobile
2,654,000
Montreal
Quebec
Norfolk

41,000
1,000
714

Total week____4,274,935
2,689,028
Week 1913

62,393 133,518
122,910 212,974

263,000

595,000

657,470 143,086 276,564
455,561 2,097 268,642

2,496

The destination of these expdris for the week and since
July 1 1913 is as below:

--C'orn--Wheat
Since
Since
Since
July 1,
Week
1
July
Week
1
July
Weak
1913.
1913. June 27.
1913. June 27.
ExpOrtsfor weekend June 27.
bush.
bush.
bush,
bush,
bbls.
bbls.
since July 1 to637,551
United Kingdom._ 61,213 5,274,948 2,368,300 91,512,086
781,002
44,109 2,924,359 1,858,155 92,542,843
Continent
686,100
26,075
18,480 1,484,745
Sou. & Cent. Amer_ 18,827 1,336,245
35,178 1,983,261
101,640
12,849 1,715,583
West Indies
9,344
98,458
1,400
Cols.
Am.
Nor.
Brit.
43,894
1,140
340,097
30.000
150 303,124
Other Countries....
62,393 4,141,152
133,548 11652,717 4,274,935 185981,411
Total
39,767,411
212,974 11501,014 2,689,028 170619,975 122,910
Total 1912-13
Flour

The world's shipments of wheat and corn for the week
ending Jvne 27 1914 and since July 1 1913 antl 1912 are shown
in the following:
Corn.

Wheat.
Exports.

1913-14.
Week
June 27.

Since
July 1.

1912-13.
Since
July 1.

1913-14.
Week
June 27.

Since
July 1.

1912-13.
Since
July 1.

Bushels.
Bushels. Bushels. Bushels.
Bushels. Bushels.
1,870.000 37,216,000
North Amer. 5,080,000 269,038,000 256,894,000
12,207,000
16.313.000
3,456,000 168,762,000 107,507,000 374,000 41.427,000 17.454,000
Russia
Danube...._ 464,000 60,890,000 54,759,000 2,006,000 164,087,000 222,324,000
1,088,000 45,614,000 127,614,000 4,489010
Argentina
Australia... 1,064,000 66,298,000 45,852,000
2 184,000 33,835,000 64,756,000
India
88,000 7,455,000 7,240,000
Oth.countr's
6.869,000 223.697.0001289.201,000
Total ____ 13424000 651,892.000 664,622.000

61

THE CHRONICLE

JULY 41914.]

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

New York to June 27Great Britain
Other European
China
India
United
United
Arabia
Total.
Continent.'
Kingdom.
Total.
Continent.
Kingdom.
Africa
West Indies
Bushels. Bushels. I Bushels.
Bushels. Bushels. Bushels.
Mexico
. June 27 1914._ 22,552,000 16,912,000 39,464,000 7,429,000 12,844,000,20,273,000 Central America
June 20 1914.. 22,840.000 19,656,000 42,496,000 7,242,000 11,747,000118,989,000 South America
14,042,000
22,194,000,36,236,000
44,152,000
20,520,000
23,632,000
June 28 1913..
Other countries
June 29 1912._ 24,984,000 21.168.000 46,152,000 8,551,000 21,318,000,29,869,000
Total
Wheat.

Corn.

--1914
Since
Week. Jan. 1.
2,265
84
1,668
58
39,149
__
11,931
2,616
7,678
1,685
4.981
410
25,990
694
302
12,071
442
29,812
500
37.017
465
6.954

172,864

-----1913
Since
Week. Jan. 1.
827
157
497
45
2,623 34.329
8,285
18,363
15,317
214
622 20,057
1,413
19
•
8.385
260
28,785
1.251
33,095
520
5,711

169,353

The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and $12,557,684 in 1914, against $13,657,928 in 1913.
seaboard ports June 27 1914 was as follows:
Business in cotton goods is fairly active, with buyers showUNITED STATES GRAIN STOCKS.
ing more interest in their forward needs. In most houses the
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley. volume of sales is found to be about equal to that of last year,
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush, bush. bush. despite the fact that the buying during this period has been
In Thousands42 -.-33
3
464
115
42
117
New York
3 ---- done only as the goods were needed. This is leading mer22
1
5
1
7 ___
Boston
---- chants to look more hopefully into the future, especially as
24 . 133
79
74
10 ---Philadelphia
1 ---79
84
161
Baltimore
and retailers
142
---- supplies of staple goods in the bands of jobbers
90
New Orleans
---- ---85
130 ---there are no accumulated mill
Galveston
as
and
are
small
---be
to
known
____ i
610
lo"io
112
770 1,214 "iio
Buffa
stocks. Jobbers report fair sales, both through the mails and
78
246
109
____
Toledo
--ii
32
over the counter, and are consequently showing more wilDetroit
90
80
---48 -85
782
____ 2,681 2,884
Chicago
lingness to place additional contracts with mill agents.
49
" afloat
215
-- Ii 'ill
Many contracts expired July 1, and these will have to be
304
108
37
Milwaukee
314
41
64
227
180
98
1,868
Duluth
renewed
shortly if the goods are to be had when needed.
364
65
371
76
____
9,544
Minneapolis
13
8
Many buyers were led to expect a break in prices following the
179
458
St. Louis
54 -52
829
Kansas City
failure of the H. B. Claflin Co., and as a result made bids for
333
38
---- -Peoria
supplies substantially under the market. None of these has
72
300
---Indianapolis
25
--51
448
870
so far been given any attention. The Claflin house has
37
Omaha
147
50
95
479
____
1,192
On Lakes
taken many orders since the appointment of the receivers, but
-----__
170 --------45
On Canal and River_
at no sacrifice in values. Prices are firm at present levels,
5
277
1,410
430
405 7,589 7,327
Total June 27 1914..14.999
7 and if expectations of the trade are realized, higher values
492
528
1,386
7,407
7,921
842
1914..18,933
20
Total June
96 will be witnessed throughout the last half of the year. Gray
449 1,478
822
Total June 28 1913..30,163 3,196 11,479 14,696
222
513
416
414
Total June 29 1912..23,250 2,469 8,204 3,690
goods, 38-inch standard, are quoted 5 3-16c. to 5Yic.
CANADIAN GRAIN STOCKS.
WOOLEN GOODS.-Trading in woolens and worsteds is
Canadian Bonded
Canadian
Bonded
Canadian Bonded
Rye. Barley. Barley. quiet, as is to be expected during this period of the year.
Wheat. 1Vheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush. bush, bush. bush.
In ThousanlsDress goods are well under order for the fall, and as tailored
635 31
____
90 1,618
3,823
Montreal
---- suits, loose cloaks and cape styles are going to be very popu469
Ft.William&Pt.Arthur_ 4,028
____
--------5,386
-2,662
Other Canadian
lar,it is not expected that any of the heavy business booked in
635 -- -- serges and broadcloths will be turned back. Many of the
31
90 7,473
Total June 27 1914_10,513
--795
1
3 7.652
Total June 20 1914._10,240
novelty lines for fall are doing better than expected when they
438 ---78
11 9,307
Total June 28 1913...11,065
were first introduced, and although there has been much com1 4,951
Total June 29 1912..10,758
plaint about the competition from silk mixtures and foreignSUMMARY.
Bonded
Bonded
Bonded
made piece goods, the volume of sales is found to be about
Rye. Barley. Barter.
Wheat, Wheat, Corn. Oats, Oats.
equal to that of previous seasons. Of course, prices have
bush, bush. bush, bush. bush. bush, bush. bush.
In Thousands5
430 1,410
277
been abnormally low and manufacturers have suffered in
405 7,589 7,327
14,999
American
635
31
90 7,473 ---10,513 ____
Canadian
consequence, but the opening of the new spring season is ex5 pected to see an end of price-cutting as manufacturers have
461 2,045
277
405 7,679 14,800
Total June 27 1914..25,512
7
493 2,181
528
842 7,924 15,059
Total June 20 1914_29,173
96 seen the folly of over-estimating the possibilities of foreign
927 1,916
822
Total June 28 1913..41,228 3,196 11,490 24,003
222 competition.
521
416
414
Total June 29 1912..34,008 2,469 8,205 8,641
FOREIGN DRY GOODS.-Demand for summer dress
linens is improving steadily, and considerable of the business
which was considered lost earlier in the season is now being
THE DRY GOODS TRADE.
put through. Road salesmen are sending in fair orders,
New York, Friday Night, July 3 1914.
with encouraging reports of conditions as they find
together
satisvery
Conditions in the dry goods trade are considered
among the retailers of the country. The volume
be
to
them
steadfactory for this season of the year. Orders are coming
linens is of course nothing like what it
summer
of
sales
of
lots
small
ily to hand with jobbers, and while they consist of
but bids fair to exceed expectations.
seasons,
past
in
been
has
volfor immediate and near-by needs, they aggregate quite a
dress goods and silk mixtures has
cotton
of
popularity
The
the
ume. Retailers in most sections of the country entered
of dress linens in the more thickly populated secsales
hurt
merchandise
summer with very poor stocks of summer
tions of the country, but in agricultural and-rural sections,
and are now picking up lots of goods here and there which, where the styles are less conventionaly the old standard
delivery
in normal years, would have been placed earlier for
dress linen holds its own. Household goods are moving
upon specifications. The upheaval caused by the H. B. steadily for this time of year, and as arrivals from abroad are
Claflin Co. failure has subsided, with no worse effect than to light, there is no accumulation of supplies. Little change
cause a more close scrutiny of the financial condition of cus- has been noted in the market for burlaps. business being
tomers before shipping them goods on any lengthy term of quiet and the undertone about steady. Light-weights are
credit. Jobbers report a fair and varied demand from all quoted at 4.30c. and heavy-weights nominally at 5.25c. to
sections, both through the mails and over the counter. The 5.30c.
week has by no means been as quiet as had been expected,
preceding the holiday, many jobbers and retailers from, dis- Importations & Warehouse Withdrawals of Dry Goods.
tant points being in the market looking over offerings. Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
They are not only filling in their immediate needs but are
Since Jan. 1 1914.
June 27 1914.
also giving considerable attention to goods which they will
Value.
Pkgs.
Pkgs.
Value.
in
firm
not require before the spring. The price situation is
$
$
Manufactures of2,003
558,772 47,742 13,429.426
Wool
all quarters and for all styles of fabrics. The firm raw-ma24,641.997
93,711
2,647
621,028
Cotton
possiterial situation,in both cotton and wool,precludes the
39.113 18,891,679
734.477
Silk
1,525
9,466,893
39,854
Flax
1.243
269,104
bility of any lower values in the near future. Any of the
7,411,147
1.305
85,112
Miscellaneous
126,975
with
staple cottons taken at present prices and compared
of
was
Total 1914
8.723 2.210,356 305,532 73.841,142
previous seasons, when cotton was selling lower, and
Total 1913
7.214 1,691.814 247,206 57,676.736
a better grade, are found to be selling at sacrifice levels.
Warehouse Withdrawals Thrown Upon the Market.
The same is true of wool and worsted fabrics, but with these Manufactures
ofwool
6,464.698
24.336
522
152,335
it was the fear of competition of,imported lines which held
Cotton
109,829
19,911
5,298,541
403
prices down. Foreign competition has proved nothing like
Silk
81,552
7.031
3,132.689
179
to
expected
Flax
83,815
12,687
3,033,471
325
what had been feared, and as a result prices are
Miscellaneous
203
30.418
61,000 3,476,682
be much better beginning with the new spring season. Business in cotton goods for export continues quiet, new demand
Total withdrawals
1.632
457,949 124,965 21,406,081
8,723 2.310.356 305,532 73,841,142
being confined to small lots. Many export contracts ex- Entered for consumption
pired on July 1, and it is thought that mills will be more willTotal marketed 1914
10,355 2.768,305 430,497 95,247,223
Total marketed 1913
9,347 2,150,155 351,479 71,882,422
ing to meet offers which they recently refused, if foreign buyImports Entered for Warehouse During Same Period.
ers do not soon enter the market for further supplies. Finan- Manufactures
ofand
East
895
cial disturbances and trade depression in the Far
Wool
263,886
5,058,268
17,191
696
Cotton
232,500
5,437.793
19,608
along the Mediterranean have left these ports over-stocked,
170
Silk
82,462
3,125,529
7.180
Amerwhile Continental manufacturers continue to undersell
473
120,513
Flax
3,527,225
14,688
248
Miscellaneous
2.807,328
68,835
39,398
ican goods in all ports.
DOMESTIC COTTON GOODS.-The exports of cotton
2,482
768.196
98,065 19,956,143
Total
8,723 2,310,356 305,532 73.841.142
goods from this port for the week ending June 27 were 6,954 Entered for consumption
packages, valued at $380,613, their destination being to the
11,205 3,078,552 403,597 93.797,285
Total imports 1914
10,857 2.567,722 377.588 75.216,322
Total imports 1913
points specified in the table below:




THE CHRONICLE

62

[VOL. xcnc.

Amendment to Sec. 8, Art. XI., increasing the bonding
power of cities and towns from 3% to 10% of the valuation
TATE MID CITY DtfAftniTENT. and
providing that such debt may run for 60 years instead

of 15 years as at present.
Amendment to Sec. 15, Art. X, providing that the State
and county boards of equalization shall equalize to the end
PUBLISHED WEEKLY.
that all taxable property shall be assessed at its "full cash
value."
Terms of Subscription—Payable In Advance
$10 00
Amendment to Sec. 2, Art. XIX., permitting change In
For One Year
6 00
For Six Months
the manner and cost of publishing constitutional amendments
European Subscription (including postage)
13 00
and initiated and referred measures.
European Subscription six months(including postage)
22
71
Annual Subscription in LondonAincludingpostage)
50
4s.
Idaho.—Proposed Constitutional Amendments.—Provision
11 us.
Six Months Subscription in Lon on (including postage)
Canadian Subscription (including postage)
$11 50
was made by the 1913 Legislature for submission to the voters
Subscription includes following Supplements—
in November 1914 of three proposed amendments to the State
BANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly) Constitution.
These amendments extend the term of all
ELECTRIC RAILWAY(3 tunes yearly)
RAILWAY EARNINGS(monthly)
State officers from two years to four, provide for five JusSTATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
tices of the Supreme Court in place of three as now, and reTerms of Advertisind—Per Inch Space
move the Superintendent of Public Instruction from memberTransient matter per inch space(14 agate lines)
$4 20 ship on the State Board of Land
Commissioners.
(8 times)
Two Months
22 00
29 00
Indiana.—Constitutional Convention.—At the regular
Standing Business Cards rxr7,1;Th8 (13
times)5000
Twelve Months(52 times)
87 00 election in November a vote will be taken on the question of
CHICAGO OFFICE—Geo.M.Shepherd,513 Monadnock Block;TeLHarriSen 4012. holding a constitutional convention. If the proposition
LONDON OFFICE—Edwards 65 Smith,1 Drapers' Gardens, E. C.
carries, delegates will be elected in March and assemble in
WILLIAM B. DANA COMPANY,Publishers,
May 1915.
P.0.Box 958. Front. Pine and Depeyster Sts..
New York.
Oregon.—Proposed Constitutional Amendments.—At the
1913 session the Legislature passed joint resolutions proMUNICIPAL BOND SALES IN JUNE.
viding for the submission to the voters in November 1914 of
The month of June was one of unusual activity in the the following proposed amendments to the State constitution:
Amendment to Sec. 7, Art. XI., permits the issuance of bonds by tho
municipal bond market. Our records show that no less than State
up to 2% of the assessed valuation for the construction of irrigation
and
power projects and developing untitled lands.
$52,224,528 long-term bonds were placed during the month,
Amendment to Sec. 29, Art. IV., fixing the compensation of members
of the Legislature at $5 a day, the total pay of each member not to exceed
this being, with but one exception, the largest total ever $300
for a regular session
$125 for an extra session. They shall also
reported for June. The exception was the June 1909 total receive 10cents per mile inand
going to and returning from the seat of governPresiding officers shall, it is provided, receive an additional comment.
of $62,124,450, but that included a block of 0,000,000 4% pensation
of $5 a day. At present the pay of members is limited to $8
day and not more than $120 for each regular session, while extra sessions
bonds of New York City. A number of large issues were amust
not extend over twenty days. The mileage now allowed amounts to
for every 20 miles. The additional compensation for presiding
put out last month, but no single block of such proportions $3equal
officers
to two-thirds of their regular allowance as members.
Is
as the New York City issue sold in June 1909. Some of the more
Amendment to Sec. 8, Art. V., creating office of Lieutenant
-Governer.
to Sec. 1, Art. IX., establishing uniform rules of assessment
important sales made during the month just ended were as andAmendment
taxation and providing that taxes may be imposed on incomes,
from
whatever source or sources derived; such taxes may be either proportional
follows: Boston, Mass., $6,558,000 4s; State of California, or
graduated and progressive.
Sec.
Amendment
2,
Art.
II.,
to
permitting
all
citizens
$3,000,000 4s; Cleveland, Ohio, $1,500,000 43/
over
21
to vote.
28; Memphis,
Sec. 2. Art. XL, permitting merging of adjacent cities
Amendment
2s; and $1,000,000 5s; Milwaukee, Wis., and towns. to
Tenn., $250,000 43/
32,
Art.
to
relating
Sec.
Amendment
1..
to
imposing,
levying and case2s; San Francisco, Calif., $1,500,000 5s and ling taxes.
$1,450,000 43/
Amendment to Sec. 6, Art. XV.. stipulating size and population new
$250,000 43/os; Albany, N. Y., $836,000 43s, and Buffalo, counties
have.
must
N. Y., $1,109,000 43/2s.
St. Louis, Mo.—Neu? Charter.—A new city charter with
As already stated, the total of $52,224,528 given above provisions for the initiative, referendum and recall was
consists only of permanent municipal loans. There were also adopted by the voters on June 30. The vote is reported
8
5.—.
k4o,t1a
toa4
negotiated in June $33,755,259 temporary loans, including at 46,839 D
Proposed Constitutional Amendments.—
South
$21,956,139 revenue bonds and bills and corporate stock notes
of New York City. Canadian permanent loans made last The following proposed amendments to the State Constituwill be voted upon at the November 1914 election:
month totaled $33,723,776. This latter sum includes the tion
Amendment to Section 6 of Article 3 extending terms of members of the
£5,000,000 Dominion Government loan and £1,000,000 Legislature from two to four years. Also removes the limit as to length
and provides that legislators shall not be paid for more than
ity of Quebec bondsissued in London. In the following table of sessions
session.on 5 of Article 8, relating to the sale of school and
we furnish a comparison of all the various forms of obliga- esix
andreducing from 6% to 5% the rate of interest purftnatds
o Sec
nad
eyn
msteolna
ymwedm
dto
nA
chasers must pay on that part of purchase price not paid in cash at time of
tions put out in June of the last five years:
sale.

wite Thranicte.

1914.
1913.
1912.
1911.
1910.
$
Perm't loans(U. S.)_ _ 52,224,528 39,386,230 49,485,807 27.470,820 19.369,775
•Temp'y loans (U. S.) 33,755,259 z59,292,761 14,093,788 25,350,329 22,018,458
Canadian loans (perm.)33,723,776
3,248,873 6,460,091
9,695,863 4,127,053
Bonds U.S. posses•ns.
None
None
None
125,000
None
None
Panama bonds
None
None 50,000.000
None
Gen.Fd.bds.(N.Y.0.)
None
5,000,000
None
6,500,000
None

Amendment to Section 5 of Article 9 excepting superintendents of schools
from the provision that no person shall be eligible for more than four years
in succession to a county office.
Amendment to Section 1 of Article 3 granting to the people the right to
Invoke the initiative and referendum.
Amendment to Sections 2 and 3 of Article 14 creating a State Board of
Control to supervise State institutions.
Amendment to Section 1 of Article 7 granting the right of suffrage to

119,703,563 106,927.864 70,039,686 119,142,012 45,515,286

"men
Amendment to Section 7 of Article 5 providing that in the event of the
disqualification of one or more judges of the Supreme Court from taking
part in any Particular case, persons may be selected to serve in their place.
Adding Section 7 to Article 21 so as to provide for the organization of
Irrigation districts.

Total

•Includes temporary securities (revenue bonds and corporate stock notes) issued
by New York City: 821,956,139 in June 1914 and 515,044,204 In June 1913.
z Includes also $27,000,000 State of New York 8-months notes and 59,401,000
1-year temporary loan bends of the State of Tennessee.

Constitutional Convention.—At the November 1914 election,a vote will also be taken on the question of calling a
constitutional convention, as recommended by the Legislature.
Texas.—Proposed Constitutional Amendments.—The 1913
Legislature passed joint resolutions providing for the submission to the voters at the November 1914 election of two
proposed constitutional amendments, one, establishing the
Initiative and referendum and the other authorizing counties
bordering on the Gulf of Mexico to build sea-walls. A resoFor the
Month of
Month of
For the
Six Months.
June.
June.
Six Months
lution was also passed at the 1913 session providing that a
552,224,528 $352,487,851 1902
528,417,172
1914
887,628.395
taken at the next general election of State officers,
218,879,270 1901
39,386,230
13,468,098
1913
61,223,060 vote be
246,289,293 1900
49,485,807
19,670,126
1912
77,943,665 or at a previous general election for other purposes, on a
223,262,370
1899
27,470,320
29,348,742
1911
63,345,376 proposed amendment increasing the compensation
of the
162,846,110 1898
19,369.775
9,704,925
1910
44,078,547
207,125,317 1897
.62.124,450
16,385,065
1909
73,275,377 Legislature. Under this amendment members of the Legis169,082.579
31,606,064
1896
12,792,308
1908
43,176,964 lature are to receive $1,200 for their services for the
year in
115,347,889 1395
21,390,486
15,907,441
1907
56,991,613
102,338,245 1894
21,686,622
16.359,377
1906
66,426,992 which each reg9lar session is held and $5 per day of every
111,723,054 1893
19,016,751
1,888,935
1905
32,663,115 special session in the year next !succeeding that in
137,869,155 1892
which a
24,425,909
12,249,000
1904
49,093,291
regular session is held. In addition legislators are entitled
79,576,434
16,926,619
1903
not
same
to
the
mileage,
exceed
5
to
cents per mile. At
* Including 540,000,000 4s of New York City.
present the pay of ?members of the Legislature is limited to
of
condition
the
first
our
60
crowded
days
for
day
the
$5
of
per
to
columns,
each
Owing
we are
session and $2 a day
obliged to omit this week the customary. table showing the for the remainder of the session. The mileage now allowed
be
It
will
detail.
given
stipulated.
in
is
sales
it
later.
not,
bond
exceed
shall
$5 for every 25 miles.
month's
The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1914 were 431 and 655, respectively. This
contrasts with 478 and 641 for May 1914 and 451 and 650
for June 1913.
For comparative purposes we give the following table,
showing the aggregates for June and the six months for a
series of years. In these figures temporary loans and bond
issues by Canadian municipalities are excluded:

News Items.
Bond Calls and Redemptions.
Colorsdo.--Constittdional Amendments.—The voters of
Boise City, Ada County, Idaho.—Bond Call.—Payment
this State will at the November election pass on the follow- will be made on July 1 at the City Treasurer's office of bonds
ing constitutional amendments proposed by the Legislature numbered 1 to 5, inclusive, of an issue of $25,000 5% funding
bonds dated July 1 1902, and also of bonds numbered 49 to
of 1913:




JULY 4 1914.1

THE CHRONICLE

63

-We are adBANCROFT, Cumming County, Neb.-BOND SALE. the $17,500
vised that Burns. Brinker & Co. of Omaha have purchased
on Nov. 17
success
without
offered
5% 5-20-year (opt.) sewer bonds
1913 (V. 97. P. 1524)•
SCHOOL
ENT
INDEPEND
BANGOR TOWNSHIP CONSOLIDATED
-Proposals will
DISTRICT (P. 0. Union), Iowa.-BOND OFFERING.
5% coup.
for
$18.000
Sec..
Green.
be received until 2p. m.July 7 by M.II.
Int. M. St N.
tax-free bldg. bonds. Denom. $500. Date Aug. 1 1914. check
for 2%,
Cert.
years.
3
after
call
to
subject
Due from 1917 to 1924.
payable to L. R. Green, Pres. of Board,required. Bonded debt, this issue:
no floating debt. Assess. val. 1913, 3300.000.
District No.
June 29
Bond No. 74 of the second issue of School
BARBERTON, Summit County, Ohio.-BOND SALE.-On
(V. 98. p.
the $2,950 5% 3-year (average) coupon tax-free paving bonds
1900 and in denomination of $1,000.
17.
No.
District
School
of
issue
first
the
of
$2,953
for
(100.101)
Bonds Nos. 155 to 160,Incl.,
2007) were awarded to R. L. Dollings Co., Hamilton, other bids
n of $1,000 each.
hit.-a basis of about 4.964%. There were no
dated Dec. 20 1897 and In denominatio
of School District No. 21. dated March 15 and
27 by
• 'Bond No.47 of the first Issue
BOND OFFERING.-Proposals will be received until 12 m. July
each.
bonds:
1898 and in denomination of $1,000
Geo. M. Norm, City Auditor, for the following 5% alley-inapt,
Due
Call.
$275.
special assessment bonds. Denom. (19) $400. (1) July 1 1919.
_Lake County (P. 0. Meadville), Colo.-Bond County $7,875 $1.600
yearly July 1 from 1915 to 1918. incl.. and $1,475
1919.
1
July
Due
Payment will be made on July 15 at the office of thefor $100,
300 Corporation's portion bonds.
Date July 1 1914. Int. J. & J. Bonds to be delivered and paid for
Treas. of bonds numbered from 107 to 132, incl.,
within 10 days from time of award. Certified check for $100. Payable to
1901.
15
Nov.
dated
each,
$1,000
and
$500
City Treasurer, required. Purchaser to pay accrued interest.
special- theBATESVILL
E, Panola County, Miss.-BOND OFFERING.-This
Spokane, Wash.-Bond Call.-The following the
City town is offering for sale $15,000 6% 20-year bonds.
improvement bonds have been called for payment at
-The
BAY MINETTE, Baldwin County, Ala.-BOND ELECTION.
Treasurer's office. To be paid July 1.
question of issuing the water, sewerage and electricBonds Called election to vote on the
reported.
is
it
27,
July
Bonds Called
held
light bonds (V. 98, p. 1787) will be
Name of District- up to and Incl.
-We
Name of District- up to and Incl.
BEATRICE, Gage County, Neb.-NO ACTION YET TAKEN.
Montgomery Ave. No.
Grade.
are advised that no action has yet been taken looking towards the offering
421
37
district No. 13
paving
Atlantic Ave. No. 503_
$12,000
and
12
No.
district
of
paving
the
3
$38,000
Normandie St. No. 945
7
Adams St. No.750---bonds. voted May 21 (V. 98. p. 1707)•
16
17th Ave. No.391--9
Arthur St. No.829_ _ _ _
proposiWater MainBEAVER, Beaver County, Utah.-BONDS VOTED.-The
7
Bridgeport Ave.No.769
5
W12No.
St.
tion
to issue $30,000 municipal-water-system bonds carried, reports state,
Buffalo
28
No.
788-Ave.
Boone
2
_
W7_
No.
St.
June
23.
held
an
Central
election
at
37
Cedar St. No. 1
2
Carlisle Ave. No.W1417
BEAVER DAM, Dodge County, Wis.-BOND SALE.-On June 30
Carlisle Ave. No. 376_
4
Colton St. No. W16--19
the $133,000 434% coup. water-works bonds(V.98, p. 2007) were awarded
Clarke Ave. No. 649
2
W34-No.
St.
Cook
8
to
the Harris Trust & Savings Bank of Chicago.
11th Ave. No. 552---2
Daike Ave. No. W17
7
(P. 0.Bedford).
16th Ave. No. 801......
3
BEDFORD CONSOLIDATED SCHOOL DISTRICT
Division St. No. W183
Fairview Ave. No.987.
2
_
W19County, Mo.-BONDS VOTED.-This district onisJune 19
No.
Livingston
Ave.
18th
38
it
bonds,
uilding
stated.
high-school-b
Hatch St. No.868- _
3
$2,500
of
authorized the issuance
15th Ave. No. W20
32
Jefferson St. No. 349
2
by a vote of 81 to 36. The same proposition was defeated on June 4.
Lamonte St. No. W30..
14
3
La Crosse Ave. No.608
First
-The
SALE.
W35
D
No.
St.
Lee
19
BELLAIRE, Belmont County, Ohio.-130N
Madison St. No. 362-.
2
1-year
Madelia St. No. W2
22
National Bank of Bellaire was awarded, it is stated, the $5.000 6%
Normandie St. No. 774
3
30
W21
June
No.
bonds
offered
Ave.
Mayfair
(assessment)
curb and sidewalk-improvement
4
9th Ave. No. 814
3
Park Drive No. W3
16
(V. 98, p. 2007) at 101.
Providence Ave.No.175
3
W23_
No.
St.
Ruby
Belle
Noble
11
0.
Valley),
(P.
BELLE VALLEY SCHOOL DISTRICT
7th Ave. No. 368
2
Sherman St. No. W9_ _
39
County, Ohio.-BOND SALE.-On June 2952.000 514% building bonds,
17th Ave. No. 390- _ -2
2nd Ave. No. W13
8
Sherbrook St. No.442_
dated July 1 1914, were awarded to the Farmers' & Merchants' Bank of
2
No.
W5
Ave.
25th
16
12th Ave. No. 499
Caldwell at 102.05. The Security Savings Bank & Trust Co. of Toledo
5
24th Ave. No. W10_11
22nd Ave. No. 532__ _
bid 101.50 and interest.
2
W26.-No.
22nd
Ave.
12
543.-No.
Ave.
25th
3
BELLINGHAM SCHOOL DISTRICT (P. 0. Bellingham), What34th Ave. No. W33
11
Wall St. No.631
3
corn County, Wash.-BONDS DEFEATED.-The question of issuing the
Wall St. No. W27-20
Wellesley St. No. 827..
school-bldg. bonds (V.98.13. 1405) failed to carry at the election
$100.000
Paring
Sewer17
held June 6.
Broadway Ave. No.760
22
Alley No. 565
7
BELVIDERE, Boone County, Ill.-BONDS DEFEATED.-The ques8th Ave. No. 745
10
8th Ave. No. 525
78
Howard St. No.638--tion of issuing the $55.000 bridge bonds (V.98,p.1181)failed to carry atthe
11
Nora Ave. No.573---57
Howard St. No.729
election held April 21.
--5
25th Ave. No. 613.
9
9th Ave. No. 773
BERKELEY, Alameda County, Calif.-BOND ELECTION.-AccordWalk12
7th Ave. No. 963
20
5th Ave. No. 382
ing to reports an election will be held Aug. 29 to submit to the voters the
-36
Liberty Ave. No.294
questions of issuing $500,000 school, $175,000 civic-center and $500,000
harbor-improvement bonds.
TO BE PAID JULY 15.
Called.
-Bonds
Name of District
BEVERLY, Mass.-BOND OFFERING.-Proposals will be received
Bonds Called.
Name of District.
24
coupon
654
No.
St.
Sheridan
until 10 a. m.July 8 by Percy A. Wallis, City Treas.,for $44.0004%Denom.
Grade.
22
925
No.
Stevens St.
tax-free Beverly-Rantoul St. reconstruction loan 1914 bonds.
12
Astor St. No.924
Co. of
22
Date July 15 1914. Int. J. & J. at the Old Colony Trust $4,000
23rd Ave. No. 1
5
$1,000.
Addison St. No. 643_
22
Boston. Due $5,000 yearly July 15 from 1915 to 1922. incl., and by the
13th Ave. No. 409---53
Addison St. No. 743
4
genuineness
their
to
July 15 1923. These bonds will be certified as
23
30th Ave. No. 946....
Boone Ave. No. 549_
of Ropes,
Walk
above trust company,which will further certify that,in the opinion
20
Carlisle Ave. No.636
the
15
Carlisle Ave. No.377-Dalton Ave. No.807_
23
Gray, Boyden & Perkins of Boston, this issue is a valid obligation of
6
Queen Ave. No. 1009-6
Elm St. No.837
city of Beverly.
14
PROPOSED.
ELECTION
Tekoa St. No. 328---25
First Ave. No.651_
Ga.-BOND
BIBB COUNTY (P. 0. Macon),
9
to submit
13th Ave. No. 410.
17
Fourth Ave. No.809_ -Reports state that an election will be held in the near future
Paring.
13
Glass Ave. No. 414._ to the voters the question,of issuing court-house, road and bridge bonds.
4
Alley No 158
36
Glass Ave. No. 935--670
BONDS PROPOSED.-According to reports this county is contemplating
Cannon Hill No. 722__
4
Howard St. No. 986
31
the issuance of $100,000 Macon hospital bonds.
8th Ave. No. 746
6
Jefferson St. No. 521
D OFFERING.
17
BILLINGS COUNTY (P. 0. Medora), No. Dak.-BONJ.
Lincoln St. No. 164....
5
Madison St. No. 159Wilson. Co.
16
MonroeSt. No. 162
-Proposals will be received until 10 a. m. July 17 by Ira
22
Maple St. No. 418-Int. semi$500.
Denom.
bonds.
funding
13
-year
10
6%
165
St.
$15,000
No.
Wall
8
Aud. for
Magnolia St. No. 646_
the sale of
postpone
and
bids
all
reject
to
Sewer.
ann. County reserves the right
18
Main Ave. No. 725
days.
15
15
exceeding
not
time
No.
635.
Ave.
a
for
Augusta
bonds
19
said
739
St.
No.
Monroe
4
AlleyNo. 633
8
Olympia St. No. 921_ _
BINGHAMTON, N. Y.-BOND SALE.-On July 1 the $15,000 434%
7
to Geo.
Denver St. No. 626.__
18
Pacific Ave. No. 775._
10-12-year (ser.) pavement bonds (V. 98, p. 1864) were awarded
96
No.
Ward
First
5
1003_
Queen Ave.No.
Gibbons & Co. at 101.25 and int.
B.
15
16.8....
22
First Ward No.
16th Ave. No. 308- ___
.-We
DEFEATED
DS
Neb.-BON
BLAIR, Washington County,
16
19
Wall St. No. 632
Spokane St. No. 370electric-lighthave just learned that the question of issuing the $35,000
at
carry
to
failed
1525)
p.
(V.07.
bonds
ext.
water-plantconstr. and $20,000
the election held Nov. 28 1913.
PROELECTION
BLOOMINGTON, Grant County, Wis.-BOND
have decided to hold
POSED.-According to reports, the voters of this townwaterworks bonds.
an election to vote on a proposition to issue 510.000
n), Monroe
Bloomingto
ADAMS COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Council),
0.
(P.
CITY
BLOOMINGTON SCHOOL
awarded
-On
20
June
for the
SALE.
was
Idaho
the
of
State
-BOND
received
Idaho.
County, Ind.-BIDS.-The following are the other bids
22 to the
June
on
awarded
$4.000 6% 19-20-year (opt.) building bonds at par. Other bids were:
bonds
-building
-school
512,000 414% high
,
to
-equal
50
Central S.B.& Tr•Co.,Denver_$4,005Itieeler Bros. Denver
for
$12,287
rican Nat. Bank of Indianapolis
Sweet,Causey,Foster&Co.,Den 4,000IJames N. Wright & Co., Deny. 3,900 Fletcher-Ame
102.395. (,V. 98. p. 2007).
Date
Da June 20 1914. Int. J. & .
$12,241
m $500.
Deno.
Indianapolis
Breed, Elliott & Harrison.
12,222
po
ADAMS SCHOOL TOWNSHIP (P. 0. Adams), Decatur County, E. M. Campbell, Sons & Co., Indianapolis
12,030
Ind.-BOND SALE.-On June 27 the $7,988 414% coup. building bonds J. F. Wild & Co., Indianapolis
J.
&
J.
(v. 98, p. 1931) were awarded, it is stated, to the Union Trust Co. of
Denom. $500. Date July 1 1914. Int.
-On
SALE.
Greensburg for 58,308-equal to 104.006.
-BOND
Ind.
Lebanon),
0.
BOONE COUNTY (P.
AKRON, Summit County, Ohio.-BOND SALE.-On June 30 the June 29 the two issues of 414% road bonds, aggregating $11.200 (V. 98.
$446,000 414% 10%-year (aver.) coup. Little Cuyahoga River purifica- p. 2007), were awarded to Gavin L.Payne & Co. of Indianapolis for $11,272
tion bonds(V. 98, p. 1404) were awarded, it is stated, to Wm. R.Compton (100.642) and interest. Other bids were:
made in the Fletcher-Amer. Nat. Bk_ _$11,268 00 I Miller & Co
Co. of St. Louis for $456,037-equal to 102.25. Provision is
50
2 00
2 51
11,2
d, Elliott & Harrison_51
bid that tho bonds will not be accepted unless approved by Compton's J. P. Wild & Co
attorneys.
All above bidders are fromildd6i1anTplenlrisee.
POSTOFFERING
-BOND
Iowa.
ALLEGAN, Allegan County, Mich.-BOND SALE.-The First NaBOONE COUNTY (P. 0. Boone),
tional Bank of Allegan has purchased the $14,000 5% street-paving and POIVED.-The offering of not exceeding $200,000 414% 5-25-year (serial)
court-house-construction bonds, which was to have'taken place on July 6
water-impt. bonds voted Feb. 2(V.98, p. 465).
4- •
kr
- (V. 98. p. 1787),,has been postponed indefinitely.$' ,
Amity), Yamhill County, Ore.
AMITY SCHOOL DISTRICT (P. 0.issue
% high-schoolof $20,000
an
s,AL .-On•June 30-fthe fourteen issues of
Mass.-BO
BOND SALE.-Reports state that
s Trust Co. of Portland. 4% OSTONo
Lumbermen'
the
awarded to a
by
were
purchased
2007).
98,
p.
been
(V.
bonds,
aggregating
has
$6.558,000
bldg. bonds
&
D SALE.-We are Just syndicate composed of Estabrook & Co., R. L. Day & Co., N. W. Harris
ARTESIA, Eddy County, New Mex.-BON
Bros. & Co..
Blake
Co.,
CO..
&
Inc.
Oldham
Co.,
Merrill,
Sz
Blodget
bonds
(opt.)
of 6% 20-30-year
interest.
advised that on June 8 the three issueswere
and
101.389
and
&
of
&
at
Sanger
'
Burr
Curtis
Boston
awarded to James N. Wright Parkinson
Co.
ting $16,000 (V. 98 p. 1629)
Foster & This was the only bid for all the bonds offered. The Old Colony Trust
Denver. Bids were also submitted by Sweet. Causey,
of Boston bid 100.638 for $1,340,000 bonds, and the following small
Co. of Denver and Otis & Co. of Cleveland.
at
were
bid
for
amounts
par:
.
%0
,0
$1F
Amount Birl
Amount Bid For.) BidderBidderAUBURN SCHOOL DISTRICT, Placer County, Calif.-BOND OF. W.Prouty
$6,000 J. L. Dunton
FERING.-Bbis will be considered until July 13 for the $4,700 5% 40-year
3.000
2.000 R. Levi
J. E. Prouty
school-bldg. bonds voted June 16 (V. 98, p. 2007). Int. semi-ann.
BRADENTOWN, Manatee County, Fla.-BOND OFFERING.
Ga.AUBURN SCHOOL DISTRICT (P. 0. Auburn), Lee County,-schoolwill receive proposals until July 17, it is stated, for the
Clerk
City
The
county-high
storm
BONDS VOTED.-The question of issuing $10,000
bonds:
30-year
20
to
5%
$10,000
$30,000
water-works.
following
building bonds carried, it is stated, by a vote of 88 to 4,at an election held sewer. $5.000 fire-department and $15,000 funding-floating-debt.
oi
June 22.
-It Is
M,
Washington
PLECTION.
FIFBRENHA
ex.-BOND
County,IrT
PortRavenna),
AURORA TOWNSHIP SCHOOL DISTRICT (P.O.
of submitreceived reported that an election will be held on July 21 for the purpose
age:County Ohio.-BONDS NOT SOLD.-No formal bids were
ting to the voters the question of Issuing $30,000 water-works and sewerage(aver.) coupon school-completion bonds system
fo*the $6,060 434% 20%-year
bonds.
at
sale.
private
offered on July 1 (V. 98, p. 1931).The bonds will be sold
BROOKE COUNTY (P. 0. Wellsburg), W. Va.-BOND ELECTION
ELECTION PROPOSED. PROPOSED.-The County Court has been petitioned to call an election to
AZUSA, Los Angeles County, Calif.-BONDheld
in the near future to vote on the issuance of road-improvement bonds. 111 -1
election will be
,
-We are advised that another
and
$35,000
light-impt.
submit to a vete the questions of issuing the$20,000
BROOKVILLE, Franklin County, Ind.-BOND SALE.-On June 26
fcr
water-impt. bonds voted Mar.3(V.98. p. 940), because the proceedings
River flood bonds
White
and
East
Fork
(ser.)
1-10-year
5%
the
55.000
illegal.
be first election were

1
60 of an issue of $59,854,60 5% funding bonds dated July
1900.
Colo.Denver School District No. 1 (P. 0. Denver),
1 at the offices
Bond Call.-Payment will be made on Julybonds
of former
of the District Treasurer of the following
of
school districts numbered 2, 17 and 21, in the County
Arapahoe, Colo.:
2, dated Aug. 1

9

Bond Proposals and Negotiations this week
have been as follows:

rtrrOf




64

THE CHRONICLE

[VOL. xmx.

(V. 98, p. 1932) were awarded, it is stated, to J. F. Wild & Co. of In- principal in
1925, 6% 1926, 7% 1927, 8% 1928, 9% 1929 10% 1930,11%
dianapolis at 103.20.
1931, 13% 1932. 15% 1933 and the
in 1934. No deposit required.
BRUNING, Thayer County, Neb.-BOND SALE.-Spitzer, Rorick & Total debt, this issue. Assess. val. balance
1914. $156,338. These bonds are taxCo. of Toledo on May 1 purchased the following 5j,j% bonds at par:
able if held within State.
$12.700 5-20-year (opt.) water bonds dated May 1 1914. Denom. (24)
CIRCLEVILLE, Pickaway County, Ohio.-BOND
$500 and (1) $700.
OFFERING.
Proposals will be received until 12 in. July 14
by T. D. Krinn, City And,
3.100 5-20-year (opt.) light bonds dated July 1 1912.1 Denom. (5) $500 for
the following 5% impt. bonds:
and (1) $600•
$8,400 sanitary-sewer ext. No. 7 bonds. Denom. (1)
$400,
(16) $500.
BRUNSWICK, Glynn County, Ga.-BOND ELECTION.-The quesDue $500 yearly on Mar. 1 from 1916 to 1931 incl.
and $400 Mar.
tion of issuing $30,000 bonds, of which $13,500 will be used in the equip1 1932.
ment of the fire department and $16,500 to extend the sewerage system, 27,860 Main St. impt.(assess.) bonds.
Denom.
(1)
$360,(55) $500. Due
will be voted upon on July 22, according to reports.
$1,500 each six months from Sept. 1 1914 to
Sept. 11923. except
that $1,000 is due on Mar. 1 1915, 1919 and 1921
BRUNSWICK AND TOPSHAM WATER DISTRICT, Maine.
and $860 on Mar.
1 1924.
BIDS REJECTED.-The district rejected all bids received for the $20,000
Date
Mar.
1
1914.
Int. M. & S. Cert. check for $100, payable to
4% bonds offered June 30(V. 98, p. 2008).
City Treas., required. Bonds to be delivered and paid for
BUFFALO, N. Y.-BOND SALES.-During the month of June the fol- from
within 10 days
time of award. Purchaser to pay accrued interest.
lowing two issues of 4% bonds, aggregating $21,119 95, were purchased
at
CLACKAMAS COUNTY (P. 0. Oregon City), Ore.
par by the Comptroller for the various sinking funds:
-BONDS DE$2,000 00 bonds to pay claim Law Dept. Date June 1 1914. Due July 1 FEATED.-According to reports, the question of issuing the $600,000 road.
impt. bonds (V.98, p. 1405) was defeated at the election held
1915.
May 15.
9,119 95 bonds for sundry work, Board of Public Works. Date June
CLARENCE, Shelby County, Mo.-BONDS VOTED.-The
15
electors
1914.
on June 23 authorized the Issue of $10.000 electric-light-plant
-improvement
bonds
by
a
vote of 122 to 58. according to a St. Louis newspaper.
BUHL, St. Louis County, Minn.-BOND SALE.-On June 24 the
$125,000 5% 93.1-year (average) coupon tax-free refunding bonds (V.
CLEARFIELD, Clearfield
Pa.-BOND OFFERING.-Prop. 1932) were awarded, it is stated, to Edw. R. Cooper & Co. of Duluth98, posals for an issue of $38,6004%County,
5-30-year (optional)
at
bonds
par and int. There were no other bidders.
will be received, it is stated, until 7:30 p. m. July 15improvement
by J. D. Connelly,
Clerk
of Borough Council.
BURLINGTON, Chittenden County, Vt.-BOND SALE.-On
June 29 the $20,000 4% 20-year coupon school bonds (V. 98, p.
CLEVELAND,
Ohio.
-BOND SALES.-During the six months ending
2008) were
awarded to Merrill, Oldham & Co. of Boston at 99.619 and int.
Other June 30 the city sold the following 5% street-improvement (assess.) bonds,
bids were:
dated April 1 1914, at par: $137,000, due Nov. 1 1914. to the City
Sinking
N.W.Harris & Co.,Inc.,Boston.90.2791R. L. Day &
Boston
98.56 Fund, and $30.000, due Nov. 1 1916. and $30,000, due Nov. 1 1917,
E. H. Rollins & Sons, Bost__99.26 10Id Colony Trust
to
Co..
Boston_97.16 the Board of Education Sinking Fund.
BUTLER, Bates County, Mo.-BONDS VOTED.-The question
COHOES, Albany County, N. Y.-BOND SALE.-On June
of
issuing the $75,000 water-works bonds at not exceeding 5% int. (V. 98, p.
25 the
$20,000
(aver.)
-year
434%
reg.
1034
tax-free fire-equip. bonds
1630) carried at the election held June 9.
98. P.
1932) were awarded to Kissel, Kinnicutt & Co. of New York (V.
at 102.01.
.
CAIRO SCHOOL DISTRICT (P. 0. Cairo), Randolph
Other bidders were:
Mo.-NO BONDS TO BE ISSUED.-The District Clerk advisesCounty,
Magoffin,
James
R.
N. Y____102.001Farson,Son & Co., New York_101.52
us that
the $5,000 bldg. bonds voted Feb. 28(V. 98, p. 851) will not be issued.
Adams & Co., New York_ _ _ _101.751
CAMAS, Clarke County, Wash.-BONDS NOT AWARDED.
COLDWATER, Branch County, Mich.-BONDS AWARDED IN
-The
Mayor advises us that the $8,363 21 7% funding bonds offered on
-On June 15 $3,061 of an issue of $7,364 4% paving bonds
Apr. 14 PART.
have not yet been awarded.
disposed of at par. Denom. $100. Date June 15 1915. Int. ann.was
in
March. Due part yearly from 1915 to 1919 incl., subject to call at option
CAMBRIDGE, Mass.-BOND OFFERING.-Proposals will be
it is stated, until 12 m.July 6 by the Treasurer for the following received, of City Council.
4%
bonds:
$100.500 street bonds due $11,800 yearly from 1915 to 1919
COLORADO SPRINGS, El Paso County, Colo.-BOND OFFERincl. and ING.
$8,300 yearly from 1920 to 1924.
-Local papers state that F. A. Bartholomew, City Treas., began
8,000 bridge bonds due $400 yearly from 1915 to 1934 inclusive.
offering for sale on July 1 $100,000 4% water-refunding andjcity-hall
bonds in the denom. of $100 and $500.
CAMDEN, Camden County, N. J.-BONDS
AUTHORIZED
.Reports state that the City Council on June 26 passed an
COLUMBUS, Ohio.-BOND SALES.-During the six months ending
ordinance providing for the issuance of $70,000 4 % 30-year motor-fi
re-equip.-purchase June 30 the sinking fund purchased at par $390.500 assessment bonds
bonds.
and the following issues of general bonds,
aggregating $1,483,000:
Purpose.
CAREY, Wyandot County, Ohio.-BOND
Int. Rate.
Due.
OFFERING.-D. E. $5A
usn_Itilanitary Garbage collectIon_MarDate.
0,0
m0
o0
Angus, City Clerk, will receive proposals until 12 m.
. 1 1914 5.7
June 1 1914
July 27, it is stated.
16.000__Sanitary emergency
for $12,500 5% semi-ann. 1-10-year (serial) street-impt.
Mar.
31
1916
bonds.
Certi_Sanitary
5,000_
emergency
fied check for 10% required.
Mar.31
July 1 1919
3,000__Penn. Ave. extension
Dec. 1 1913 5
CABS COUNTY (P. 0. Logansport), Ind.-BOND
Sept. 1 1923
5,000__Sidewalks
Dec.
SALE.
1
-On
1913 5
June 27 the two issues of 4,i,j% gravel-road bonds, aggregating
Dec. 1 1923
2,000__Cypress storm sewer
Dec. 1 1913 5
$24,500
Mar. 1 1924
(V.98, p. 1932), were awarded to Gavin L.Payne & Co.
of Indianapolis for 700,000Grade crossing
Aug. 20 1913 4
Sept. 1 1952
$24,667 (100.681) and interest. Other bids were as follows:
6,000__6th Street extension
June
1
1914 4
Sept.
1 1934
J. F. Wild & Co
$24,660 501E.M.Campbell & Sons Co.$24,634
2,000_ _Garbage car
June 1 1914 4%
75
June 1 1919
Fletcher-Amer. Nat. Bank 24,643 501Miller & Co
6,000_ _Sidewalk.s
June 1 1914 4%
24,630 00
Sept.! 1924
Breed. Elliott & Harrison_ 24,635 001
125.000.
.Water-works
June
1
1914 43j 0, Sept. 1 1934
Above bidders are all from Indianapolis.
,
June I 1914 4.54% Sept.! 1924
Fl d "1913'
On June 30 the $11,240 436% Andrew Heppe et al. highway
June 29 1914 4 %0
50.000_ _Refuse department
9 Sept.! 1917
bonds
(V. 98, po 2008) were awarded to Gavin L. Payne & Co.
pub.
impt.(28)June
portion
of Indianapolis 145.000.. city's
1 1914 434% Sept. 1 1929
for $11,315 (100.667) and int. Other bidders were:
_Electric-light-extension
A
M
A
pp
a
vi
y
25,000_
i
33
2
0
9
1
9
911
9
14
4
4
1
1 1924
Fletcher-Amer. Nat. Bk.,E.M. Campbell & Sons
nextension
100:000__Water main extensioin
1 1944
Indianapolis
$11.313 751 Co.,Indianapolis
$11,296 00
!
1924
Breed. Elliott & Harrison,
J. F. Wild & Co.. Ind'pls_ 11,296 00
June 1 1914 434 •0 "e
5,000_ _Bridge repair
l
e .
:
!1924
Indianapolis
11.300 001Miller & Co., Ind'polls__ 11,285 00
e:li
n
m
gp
i
d
e
en
wp
t
i
t
pe
High
tre
ve
S
June
000
20
1 1914 434% Mar. 1 1944
50,000__Street repair
CASSVILLE SCHOOL DISTRICT (P. 0. Cassville), Berry County,
A
Mpary
03
20
9 191
09144
4 4 .7
% Sept. 1 1924
_City's
t.(29)n
Mo.-BOND SALE.-The $13,250 6% 3-20-year (ser.) bldg.
Apri
ril 3
,
0 1 914 434% Sept. 1 1934
bonds voted 100,000_
tvilv
halee
Mar. 3(V. 98, p. 941) were awarded to Wm. R. Compton
30,000_ _Clinton
Co.
Sept. 1 1944
of
St.
Louis
bondsarke
on May 1 for $13,864, equal to 104.633. Denom. $100. Date
,TheseOO0. _ M
% Sept.! 1924
May 1
sbeew
en
erredeemed.
1914. Int. M.& N.

1811

SePt. 1

CEDAR BLUFFS SCHOOL DISTRICT (P. 0. Cedar Bluffs),
COLWYN (P. 0. Philadelphia), Delaware County, Pa.-BOND
Saunders County, Neb.-BONDS NOT YET ISSUED.-The Sec.
B. Stras.sburger of Phila. recently purcha.sed an issue of
Bd. of Ed. SALE.-Perrycoup.
advises us that the $17,000 434% 5-20-year (opt.)
tax-free bldg. bonds. Denom. $500. Date June
$5.000
434%
bldg. bondsrecently
1
voted (V. 98, p. 1475) have not yet been issued. Denom.
1914. Int. J. & D. at Rittenhouse Trust Co., Phila. Due June 1 1944.
$500.
Date
Sept. 11914. Int. ann. on Sept. 1.
Total bonded debt (incl. this issue). $22,500. ASSPRS. val., 5637,600:
$1,000,000.
bonds
These
(est.),
val.
may
be
rent
registered
as
to principal.
CEDAR FALLS SCHOOL DISTRICT (P. 0. Cedar Falls),
Black- The purchaser is now offering these bonds to investors.
hawk County, Iowa.-BOND OFFERING.-Proposals
until July 20 for the $30,000 5% 10-year East Cedar will be received
CONNELLSVILLE, Fayette County, Pa.-BOND SALE.-On July
school-conFalls
1
struction and gymnasium bonds voted March 9
(V. 98, p• 941). J. L. the $100,000 434% funding and improvement bonds (V. 98. p. 1865) were
Bailey, member Board of Education.
awarded to the First National Bank of Pittsburgh at 102.9425. Denom.
$1,000. Date July 11914. Int. J. &J. Due $4.000 yearly 1919 to 1924,
CEDAR LAKE, Barron County, Wis.-BOND OFFERING.
-F. J.
Thalke, Town Clerk, will receive bids until
$8,000 yearly 1925 to 1933,1 nclusive, and $4,000 in 1934. Other
2:30 p. m. July 11 at Mikana Inclusive,
for $1,000 5% 1-5-year (ser.) town-hall-build
were:
ea
.
w
aele0
bidders esc
ing
bonds.
Denom. $200. cri
Interest annual.
Turner.
102.776 A. B. Leach & Co.. N. Y_ _ _ _101.777
Co.,
Yleve_ _102.575 First Nat. Bk., Connellsville_101.665
N C
CHARLEVOIX, Charlevoix County, Mich.-BOND
OFFERING.
- CommonwealthTr.00..Pitts_102.541 T
Dh
eVy
emhlc0
ttn
,ua
Trhar
ed/C
,c
o.0
,Che
nn ileliv.1
Bids will be considered by Peter E. Vandermade, City
_1,011.2
31
52
Clerk. until 7:30 Lyon, Singer & Co., Pittsb_ _102.117
p. m. July 27 for an issue of $25,000 20-year bridge-refunding
bonds. Int.
Gordon & Co., Pittsb
rate to be named in bid. Cert. check for $500, payable
h__
_101
to City Treas., I
Ftldtz
rop
hakrC
&a
,P
itittsts.:101:911 Reilly, Brock & Co.,P ila__100.579
mes
is.
er,W
o.P
Ho
sIrn
required. Bonded debt $92,000. Assess. val. 1914,
$23.649.945.
COOPERSTOWN, Griggs County, No. Dak.-BOND OFFERING.
CHERAW SCHOOL DISTRICT, Chesterfield County, Se. Caro.
BONDS OFFERED BY BANKERS.-J. H. Hilsman & Co. of
Proposals will be received until July 6 for $2,5006% public-gymnasium-site
Atlanta are bonds. Authorized
offering to investors $15,000 534% 20-40-year (opt.) school-bldg.
by vote of 102 to 10 at an election held June 5. Duo
Denom.$1,000. Date July 1 1914. Int. ann. in New York. Totalbonds. $625 yearly for 4 years, opt. after first year.
debt,
825,000. Assess. val. 1914. $968,350. Actual val. (est.). $3,000,000.
COQUILLE, Coos County, Ore.-BOND ELECTION PROPOSED.
CHESTER SCHOOL TOWNSHIP, Wabash County, Ind.-BOND Papers state that this city intends holding an election
to vote on a proposiOFFERING.-Proposals will be received until 2 p. m. Aug. 1 by Edwin
issue $25.000 water-works bonds.
Singer, Tvrp. Trustee (P. 0. 204 East Main St. North Manchester), J. tion to
for
CRYSTAL FALLS, Iron County, Mich.-BOND SALE.-Reports
519.200 434% bonds for the construction of a school building in Sch. Dist.
state that the Chicago Savings Bank & Trust Co. has purchased the $40,000
No. 1, at Servia, Ind. Denom. $960. Date Aug. 1 1914. Int. F. &
A.
1-20 yr. (serial) city-hall bonds (V. 97, p• 1762)•
5%
Due $960 each six months from Feb. 1 1915 to Aug. 1 1924 incl.
CUMBERLAND, Cass County, Iowa.-BOND ELECTION.-The
CHICAGO, Ill.-BOND OFFERING.-John E. Traeger, City
Comp- election to vote on the question of Issuing the
$5,000 water-impt. bonds
troller, is offering at par and in $470,000 health department building
and (V. 98, p. 1708) will be held July 6, it is stated.
$350,000 bathing beach 4% 3 to 20-year (serial) gold bonds. Denom.
$500.
County,
Pasco
Fla.
CITY,
-BONDS
DADE
VOTED -The
Date July 1 1914. The legality of these bonds was approved by
Wood & to issue the $20,000 water-works and 36,500 sewer-main and proposition
septic-tanOakley of Chicago.
bonds submitted to the voters on June 23 (V. 98, p. 1788) received a vote
The official notice of this bond offering will be found among the
ted
D
ta
L
iscoso
e
lta
adrertisements elsew4ere in this Department.
ISTRICT, San Joaquin County,
-BOND
oEfLD5E3ACVt77/ISOIN0e.-On July 8 this district will submit to the voters Cal.
a proposition
CINCINNATI, Ohio.-BIDS.-The following are the other bids
!
v
sositu
B
b
as
tiea
00
d
A
.5
N
r
r
5
0
D
7
isr
received
e
to
for the $80,000 street-impt. (city's portion) and $604,000
orks
'County, Fla.-BOND OFFERING.% 20-year bonds awarded jointly on June 25 to Harris, water-w
& Co. This town is offering for sale $22,500 5% 20-year
and Estabrook & Co. of New York at I04.316-a basis ofForbes
water bonds. Denom.
about 4.18 $500. Interest semi-annual. Chas. H. Willson, Chairman
(V. 98, 13• 2008):
Finance Comm.
BiddersDEDHAM, Norfolk County, Mass.-BOND SALE.-On July
Water Bonds. Street Bonds.
1 the
Seasongood & Mayer and Fifth-Third National
issues of5% bonds, aggregating $42,500(V.98,p.2009), were awarded
four
Bank, Cincinnati
$629,162 64
$83,332.80 to R. L. Day & Co. of Boston at 100.449 and int. Blodget & Co. of
Blodget & Co., Boston and New York
OO
D.03.
629,005
br
idulL
DBER
Field, Richards & Co., Cincinnati
628,281 00
83,220 00 BostonTOWNSHIP (P. 0. Ravenna), Portage
A.B. Leach & Co., Chicago and New York_
-The question of issuing 87,500 road County, Ohio.
VOTED.
-BONDS
H. H. Rollins & Sons, Chicago and New York_ _
bonds carried, rePorts state, at the election held June 23.
Western-German Bank, Cincinnati
625,562 80
82.856 00
Provident Say. Bank & Trust Co., Cincinnati_
DEFIANCE COUNTY (P. 0.Defiance), Ohio.
-BOND OFFERING.
Atlas National Bank, Cincinnati
624,398 00
83,301 25 Proposals will be received until 12 m. July 20 by Roger Daoust. County
Brighton German Bank, Cincinnati
Auditor, for $4,500 5% ditch-construction bonds. Auth. Secs. 6489 and
83.280
00
German National Bank, Cincinnati
82,697 00 6492. Gen. Code. Denom. $500. Date July 25 1914. Int. M. & S. at
Davies. Bertram Co.. Cincinnati
82,515 00 the County Treasury. Due 31,500 March 1 1915, 1916 and 1917. Bonds
to be delivered and paid for Aug. 11914. Certified check for $100, payable
CHIMNEY ROCK IRRIGATION DISTRICT (P. 0.
Chimney to the Auditor. required. Purchaser to Pay accrued
interest. The blank
Rock), Morrill County, Neb.-BOND OFFERING.-Further details
are
at hand relative to the offering on July 7 of the $83.000 6% coup. irriga- bonds will be furnished by the county.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND SALE.
tion impt. bonds (V. 98, p. 2008). Proposals for these bonds will be re-On
ceived until 2 p. m. on that day by C. W. Slaberry, Sec. Denom. $100. June 30 the $16,000 4Si% Wm.E. Brammer et al. highway bonds in HamDate Jan. 1 1014. Jul. J. & J. at office of County Treas. Due 5% of ilton Township (V. 98. p. 2009) were awarded to jthe Merchants' Nat.
Bank of Muncie at 100.902 and accrued interest.




JULY 4 1914.]

THE CHRONICLE

65

-On June 17 the
EXETER, Tulare County, Cal.-BOND SALE.
were awarded.
Other bids were:
534% 1-40-yr. (ser.) sewer bonds (V. 98, p. 1789)
Kitselman Bros., Muntie_ _ _$16,1251Breed ,Elliott&Harrison ,Ind_$16301 $45,000
Francisco.
N. W. Halsey & Co. of San
J. F. Wild & Co.,Indianap-- 16,118;E.M.CampbellSons&Co.,Ind. 16,082 it is stated, to
County,
Tuscola
Fairpove),
0.
(P.
FAIRGROVE TOWNSHIP
Gavin L.Payne & Co.,Ind_ 16,1161Miller & Co., Indianapolis__ 16.064
5% 634-Year (aver.)
Mich.-BOND SALE.-On June 16 the $25,000
Fletcher-Amer. N. Bk., Ind: 16,1071
at
Detroit
of
Co.
&
Moss
E.
W.
to
awarded
were
1865)
p.
98,
(V.
DENISON, Grayson County, Tex.-BONDS VOTED.-The question bonds
basis of about 4.927%•
of issuing 1330,000 filtration-plant and $25,000 street-improvement bonds 100.404 and int.-a
OFFERING.
-BOND
Ind.
FAYETTE COUNTY (P. 0. Connersville),
(V. 98, p• 1552) carried, it is stated, by a majority of 98 votes.
will be received until 2 p. m. July 21 by M. A. Starr, County
DERBY, New Haven County, Conn.-BOND SALE.-On June 29 -Proposals
Treasurer, It is stated, for $17.160 434% highway bonds.
the $100,000 434% 1634-year (aver.) gold coupon tax-free refunding bonds
D.
FERRIS, Ellis County, .Tex.-BOND OFFERING.-Mayor L.
(V. 98, p. 2009) were awarded to R. L. Day & Co. of Boston at 103.199
Johnston will receive proposals until July 10, it is stated, for the 816.000
and interest-a basis of about 4.23%.
(V- 98, p• (129)•
1913
December
in
voted
bonds
sewer
(opt.)
10-40-yr.
DETROIT, Mich.-BONDS AWARDED IN PART.-Of the four issues
ELECTION REFLORENCE, Lauderdale County, Ala.-BONDto vote on the issuof 4% 30-year coup. or reg. tax-free bonds, aggregating $1,178,000, offered
held July 20
on June 30 (V. 98, p. 2009), the $50,000 park and boulevard issue was SCINDED.-An election which was to be
rescinded.
been
ance of $30,000 5% 20-yr. school-impt. bonds has
awarded to the Peninsular State Bank of Detroit, it is stated, at par.
June 22
FLORENCE, Douglas County, Neb.-BOND SALE.-On
DE WITT COUNTY (P. 0. Cuero), Tex.-BONDS VOTED.-On
1933), were
$50,000
the
the $55.000 6% funding bonds. Series 1914 "A" (V. 98, p.and
of
stated,
is
it
issuance,
the
June 23 Cuero District authorized
interest.
par
at
Omaha
of
Co.
Trust
States
awarded to the United
drainage bonds by a vote of 226 "for" to 74 "against" (V. 98, p. 85)•
Due Jan. 1 1934.
OFFER- Denom. $1,000. Date May 15 1914. Int. J. & J.
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BONDCommis.,
OFFERING.
-BOND
Ohio.
FRANKLIN COUNTY (P.O. Columbus),
ING.-Proposals will be received until 2 p. m. July 7 by the Co.
Board
Proposals will be received until 10 a. m.July 16 by John Scott, Clerk
Isaac 0. Taylor, Prest., for $20,000 of an issue of $30,000 coupon highway692, Act of Co. Commrs.,for the following 5% bonds:
improvement bonds at not exceeding 5% int. Auth. ChapterInt.
1
July
Date
bonds.
J. &J. $38.000 Main St. Worthington road-improvement
of General Assembly 1912. Denom.$500. Date July I 1912.
from
1914. Due $2,000 July 1 1915 and $4,000 yearly on July 1
Due $1.500 yearly on Jan. 1. Cert. check for 5% of bonds bid for, payable
1916 to 1924 inclusive.
to Co. Commrs., required.
Due
20,000 Haughn road-improvement bonds. Date July 1 1914.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 102, Wash.-BOND
52.500 yearly on July 1 from 1917 to 1924 incl.
810.000
SALE.-On June 19 an issue of $3,800 1-5-year (opt.) building bonds was
Due
11914.
50,000 infirmary-maIntenance bonds. Date May
awarded to the State of Washington at par for 534s. Denom- (5) 1700,
11919. A similar
on May 11916, 1917 and 1918 and $20,000 May
$63.000
(I) $300. There were no other bidders.
issue of bonds in addition to two other issues. aggregating
24
21
June
-On
DOWNEY, Bannock County, Idaho.-BOND SALE.
was reported sold to Hayden, Miller & Co. of Cleveland on /vIrty
98.p.
the $15,000 6% 10-20-year (opt.) street-improvement bonds (V.
8
p.
(V.
1708.)
on
discount.
check
Cert.
Treas.
$550
Co.
less
of
par
1933) were awarded to Keeler Bros. of Denver at
9. Int. semi-ann. at office
Denom. $500.
payable
a nat. bank or trust company, or cash, for 1% of bonds bid upon,
Denom. $1,000. Date May 1 1914. Int. M. & N.
delivery on
Ind.-BOND to Board of Co. Commrs., required. Bonds will be ready for
DUDLEY SCHOOL TOWNSHIP, Henry County,
to the
relative
had
proceedings
July 25 by R. E. day of sale. Complete transcripts of all
OFFERING.-Proposals will be received until 2 p. m.
accrued interect.
434% bldg. bonds.. issuance of these bonds will be furnished .Purchaser to payof
Commrs..
Bradway, Twp. Trustee (P. 0. Straughn) for 85,000
Co.
Bd.
Clerk
Scott,
six
each
John
Proposals will be considered by
F. & A. Due $500
Denom. $500. Date Aug. 1 1914. Int.
until 10 a. m. July 29 for the following 5% road-improvement (assess.)
months from Feb. 1 1915 to Aug. 1 1919, incl.
-This town is bonds:
OFFERING.
-BOND
Miss.
County,
Due $5.000 yearly on July 1
Bolivar
DUNCAN,
and sidewalk bonds re- $29,500 Inter-county highway No. 48 bonds.July
1 1921.
offering at private sale $10,00061 sewerage-system
from 1916 to 1920 incl. and $4.500
Denom. $100 to $1,000, to suit
$3,000 yearly on July 1
Due
bonds.
cently authorized by a vote of 2 to 3.
5
No.
14,500 Inter-county highway
1. Due Nov. 6 1933.
purchaser. Date Nov. 6 1913. Int. ann. Mar.
$2.500 July 1 1921.
and
incl.
1920
from
to
1917
Assessment
treasury.
in
$1,500
than
more
office of Co. Treasury.
at
J.
&
J.
Town has no other debt and
Int.
11914.
July
Date
Denom
$500.
ever threatcompany, for 1% of bonds
1913, $141,000. Total val. (est.), $260,000. No litigation
at- Cert. check or cash on a national bank or trust
to pay
ened on account of this issue. J. C. Roberts of Cleveland, Miss., is
Co. Commrs. required. Purchaser each
bid
of
upon,
Bd.
to
payable
of
all proceedings had in
torney for the town.
accrued interest. A complete transcript of'
ELECreasonable
a
and
bidder
-BOND
Caro.
No.
0.
successful
(P.
Kenansville),
DITPLIN COUNTY
said road-improvements will be furnished
TION PROPOSED.-Reports state that elections will be held in the near time will be allowed successful bidder for examination of same.
SALE.
future in Hallsville, Deulahville, Limestone and Wolfscrape townships to
FRANKLINVILLE, Cattaraugus County, N. Y.-BOND
the
vote on the question of issuing $25,000 Central Carolina RR.-aid bonds.
On June 26 the $4,000 coupon water-extension bonds were awarded to
Date
$500.
Denom.
5s.
for
par
at
DUPREE INDEPENDENT SCHOOL DISTRICT (P. 0. Dupree), Union National Bank of Franklinville
.-year school Oct. 1 1913. Int. A. & 0. at the above bank. Due 51,000 yearly Oct. 1
Ziebach
So. Dak.-BOND SALE.-The $8,500 20
bonds offered
on 1%lar. 25(V. 98, p. 852) have been purchased by the State. from 1921 to 1924, inclusive.
County,
30 the
La.-BOND
Rouge),
FULTON, Oswego County, N. Y.-BOND SALE.-On June
EAST
•
BATON ROUGE PARISH (P. 0. Baton
p. 2009) were
SALE.-On June 25 the $186,000 5% 1334,-year (aver.) coupon Road $28,100 29-yr. reg. grammar-school-bldg. bonds (V. 98,
for $29.080 (103.487)and int.
District No. 2 road bonds, dated Aug. 1 1914(V.98. 1708) were awarded awarded to James R. Magoffln, New York,bids
were:
p' and int.-a basis as 434s-a basis of about 4.289%. Other
to the Bank of Baton Rouge for $186,211 50 (100.113)
Rate.
Price Bid.
of about 4.989%.The proceeds of sale to beleft on deposit in said bank with4 kfs
$28,135 00
bid
Orleans
York
New
New
Douglas
of
Co.,
Co.
&
Fenwick
Banking
out interest. The Inter-State Trust &
4Y4 s
02
28,126
other
and
W.H.Cook, New York
par, less 54,438 50, brokerage commission, attorney's fees
4.30s
28,119 67
A. B. Leach & Co., New York
expenses.
,
4.45
28,154 23
Harris, Forbes & Co., New York
EATON, Preble County Ohio-BOND OFFERING.-Proposal. rrU
Some of the above bids appear to be higher than that of the purchaser's.
be received until 7 p. m. July 27 by Earl Dalrymple, Village Clerk, for but
Chamberlain.
City
the
by
were
rejected
they
the following 5% street-improvement village's portion bonds:
County, Ohio.-BOND OFFERING.GALLIPOL/S, Gallia
$7.500 Main St. bonds. Due $500 each 6 mos. from March 1 1916 to
28 for $20,City Auditor C. C.Ingels will receive proposals until 12 m.Julybonds.
March 1 1923, inclusive.
Destreet impt. assessment
5,000 Cherry St. bonds. Due $500 each six months from March 1 1916 000 5% semi-ann. 634-year (avre.)
1917 to
nom. $500. Date Apr. 1 1914. Due $2.000 yearly Apr. 1 from
to March 11920, inclusive.
withfor
paid
and
delivered
be
to
Bonds
Int.
1924.
1
Apr.
11914.
$6,000
1923 incl. and
Auth. Sec. 3939, Gen. Code. Denom. $500. Date July
of in 3 days from time of award. Cert. check for 2% of bonds bid for, payable
M.& S. Bonds to be delivered and paid for within 10 days from time
Village to the City Treas., required. Purchaser to pay accrued int.
award. Certified check for 5% of bonds bid for, payable to themust
be
GARRISON, McLean County, No. Dak.-BONDS REFUSED.-We
Treasurer, required. Purchaser to pay accrued interest. Bids
are advised by the Vii. Prest. that the $3,000 5% 10-year funding and streetunconditional.
- improvement bonds offered without success on May 1 (V. 98, P. 706) were
EAU CLAIRE, Eau Claire County Wis.-BOND ELECTION.-Re
propo purchased by the Fargo Bond & Trust Co.. but were subsequently turned
ports state that an election will be held J1:fly 11 to submit to a vote the
account of some irregularities in the election.
sitions to issue $45,000 city bldg.. $75,000 public auditorium and $30,000 down by them on
GENESEE COUNTY (P. 0. Flint), Mich.-BOND SALE.-On June I
auditorium site purchase bonds.
the $100,000 44% 1611-year (aver.) coupon road bonds (V. 98, p. 1475)
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater), Bergen
is were awarded to the Genesee County Say. Bank of Flint at 101.475 and int.
County, N. J.-BOND OFFERING.-Proposals will be received, it
basis of about 4.372%. Other bids were:
stated, until 8 p. m.July 8 by T. F. Rigney, Clerk, for $35,000 5% 18-year -a
Farson. Son & Co., Chic.-*$102,267 John F. McLean, Detrolt_3100,200
(average) school bonds. Int. semi-annual. Certified check for 5% re- First
Nat. Bank, Detroit__ 101,505 Harris Tr.& Say. Bk., Chic_ 100.182
quired.
H. Rollins & Sons, Chic_ 100.170
following McCoy & Co., Chicago__-_ 101,218 E.
ELKHART COUNTY (P. 0. Goshen), Ind.-BIDS.-The
Kinnicutt& Co.,Chic. 101,153 J. D. Dort,Flint ($25,000)- 25.500
Kissel,
-improvement
%
434
of
issues
highway
the
four
for
received
bids
other
the
are
Detroit Trust Co., Detroit_ 100,500
bonds. aggregating $165.000,awarded on June 25 to the Fletcher-American
* Deposit check conditional.
p.2009)
Nat. Bank of Indianapolis for $166,574 90-equal to 100.954(V.98,$25,000
$08,500 $32,500 $39,000
GENEVA, Kane County, 111.-BOND ELECTION PROPOSED.-An
Issue
bond,
Issue.
Issue
Issue
election will be held, it is stated, on the question of issuing $15,000
Prem. for
Prem.
Prem.
Prem.
the purchase of Herrington's Island for park purposes and improving
$227
50
00
00
$355
$212
$412
00
Indianapolis
J. F. Wild & Co.
the spot.
176 00
352 00
340 00 225 00
state
Miller & Co., Indianapolis
GIRARD, Burke County, Ga.-BOND ELECTION.-Reports
175 50
355 50
350 50 225 00
question of
Breed, Elliott & Harrison, Indianap
that an election will be held July 27 to submit to a vote the
00
170
__-_
252
00
00
Indianapolis350
Co.,
Creek
Gavin L. Payne &
Holland
$3.500
constr..
and
te-purchase
issuing $8,000 school-si
ELKINS, Randolph County, W. Va.-BOND ELECT!ON.-An elec- bridge-constr., $3,500 Harris ravine bridge-constr., 83,000 city hall and
tion will be held July 18 to vote on the question of issuing 5% municipal barracks impt. and 92,000 cemetery-site purchase bonds.
feint. bonds at not exceeding 8125,000. Derwin, $100 and multiples
thereof. Int. ann. Duo $5,000 yearly from 20 to 24 years incl. and $10,GIRARD, Trumbull County, Ohio.-BOND ELECTION PROPOSED.
vote on
-Reports state that an election will be held in the near future to
000 yearly from 25 to 34 years incl., subject to call after 20 years.
ELLIOTT, Montgomery County, Iowa.-130ND ELECTION PRO- the question of issuing fire-station bonds.
Warren
POSED.-Reports state that an election may be held in the near future
GLENS FALLS SCHOOL DISTRICT (P. 0. Glens Falls),
,
21 the que
to vote on the question of issuing water-works-system-intsaliation bonds.
County, N. Y.-BONDS VOTED.-At the election held June equipment
ELMORE, Ottawa County, Ohio.-CERTIFICATE SALE-On Mon of issuing the $75,000 434% site-purchase, building and $2,500 in
Due
51.
to
months'
certificates of indebtedness (V. 98, p. bonds (V. 98. p. 1933) carried by a vote of 168
Juno 29 the $5,000 6% 6
. 1924 and 1925 and $10,000 yearly from 1926 to 1932 inclusive.
2009) were awarded to the Security Savings Bank & Trust Co. of Toledo
OFFERat 100.10 and int. The First Nat. Bank of Elmore bid par and int.
GLENWOOD SPRINGS, Garfield County, Colo.-BOND
ELYRIA TOWNSHIP SCHOOL DISTRICT (P. 0. Elyria), Lorain ING.-City Attorney J. W.Bell will receive proposals until 8 p. m.July 15.
County, Ohio.-BIDS.-The following bids were received for the $5,000 It is stated, for 8110.0005% 10-15-yr. (opt.) water-plant bonds. Int.semi5% 34-year (aver.) coup. bonds offered on July 1 (V. 98, p. 1789):
annual. Cert. check for 8500 required.
$5,025 Otis It: Co., Cleveland
National Bank of Elyria
85,010
-BOND
5,0111
Lorain Co. Bkg. Co., Elyria
GRANT COUNTY SCHOOL DISTRICT NO. 89, Wash.
received until 2 p. m. July 11 by C. T.
ENNIS, Tex.-BONDS VOTED.-At the election held June 23 th OFFERING.-Proposals will be 0.
bonds at
school
85.000
for
Ephrata),
(P.
Sanders, County Treasurer
question of authorizing a bond issue of $197,000 for the following purpos
call
payable annually. Due in 10 years, subject to
carried: Erection and improvement of public school buildings: $80,000: not exceeding 6% int.,
Bidder to state price at which
years.
date
after
5
any
interest-paying
(vote 373 to 32); paving streets, $35.000 (334 to 72); erecting ol-hall.
bonds.
$17.500 (354 to 51); purchase or construction of sower system, 0,000 he will furnish blank
(359 to 47); improving water-works system. $35,000 (363 to 41). Interest
GRANT'S CREEK DRAINAGE DISTRICT (P. 0. Salisbury), No.
5%, payable semi-ann. in N. Y. or Chicago. Due in 40 years, subject to Caro.-BOND OFFERING.-Proposals will be received until 10 a. tn.
call at purchaser's option. $3,000 of the school bonds are now for sale.
July 14 by C. M.Miller, Supt. Bd. of Dr. Comers for $35,000 6% 3-12-yr.
ERIE, Erie County, Pa.-BOND OFFERING.-The time for receiving (ser.) bonds. Cert. check for $500 required.
bids for the 8101,000 park-purchase. $47,000 storm-sewer and conduitGREENWOOD, Greenwood County, So. Car.-BOND ELECTION
construction, $10,000 city-hall-improvement and $12,000 fire-department PROPOSED.-Reports state that an election will be held in the near future
equipment 4% 20-year coupon tax-free bonds has been extended from to submit to a vote the proposition to issue $50,000 street-impt. and reJune 29 to July 9. For details and terms of offering See V. 98, p. 2009.
funding bonds.
ERIE SCHOOL DISTRICT (P. 0. Erie), Erie County, Pa.-BOND
GROTON. 'Tompkins County, N. Y.-BOND SALE.-On June 22
SALE.-41 Is reported that this district has awarded to Graham & Co. of the 810,000 534-year (aver.) highway-improvement bonds (V. 914, p. 1933)
Philadelphia 8225,000 411% school bonds for $230.042- equal to 102.24.
were awarded to Isaac W. Sherrill Co. of Poughkeepsie at 100.17 and mt..
4.40s. Other bids were:
EVERETT, Mass.-BOND SALE.-On June 30 $10,000 4% coup. tax- for
100.09 for 4.45s
awarded to R. L. Day & Co. of Boston at 102.079 Adams & Co., New York
100.33 for 4.50s
free sower bonds wereCo.
J. Hart, Albany
John
Date
81.000.
Boston bid 100.63. Denom.
for 4.50s
and int. Adams & J. &of
100
D. at Old Colony Trust Co., Boston. Due Tompkins County Co-operative Fire Insurance Co
for 4.504
100
June 1 1910. Int.
Bank,
Groton
First
National
100.13 for 4.60s
30 years from date.
New
&
York
Co.,
Fenwick
Douglas
Minn.-BONDS DEFEATED.-The
EVELETH, St. Louis County,
Cowan
L.
J.
Clerk
(V.
98.
1708)
bonds
p.
paving and impt.
HAGERMAN, N. Mex.-110N1) OFFERING.-Town
question of issuing the $200.000
recently held. Vote was 397 to 385, a 3-5ths will, it is stated, receive bids until July 31 for $16,000 6% 10-20-yr. (opt.)
failed to carry at the electionauthorize.
required.
10%
for
check
Int.
semi-ann.
Cert.
bonds.
water-system
majority being necessary to




66

THE CHRONICLE

[VOL. xc

HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND OFFER- on June 29 of the $20,000
school bonds offered on that day (V. 98, p.
ING.-Proposals will be received until 12 m. Aug. 1 by the Co. Commrs., 2010), as the Educational 5%
Department
Albany would not approve ofan
Albert Reinhart, Clerk, for the $800,000 431% 30-yr. flood-emergency addition to the present school building. at
Bd.of Ed. has issued a call for
bonds (V. 98. p. 2009). Denom. $500. Int. F. & A. at the Co. Treas. another district meeting to be held on The
July
23 to vote on a fire-proof
office. Cert. check for 5% of bonds bid for, payable to the Bd. of Co. building for $55.000.
Commissioners, required.
jANESVILLE, Rock County, Wis.-BONDS NOT YET ISSUED.
HANCOCK SCHOOL DISTRICT (P. 0. Hancock), Houghton The City Clerk advises us that the
$5,500 Douglas school-building bonds
County, Mich.-BOND ELECTION PROPOSED.-Reports state that an authorized by the City Council
during May (V. 98, p. 1553) have not yet
election will be held some time this summer to submit to the voters the been issued.
question of issuing $150,000 site-purchase and constr. bonds.
JEFFERSON COUNTY (P. 0. Mount Vernon), Ill.-BOND SALE.HARDIN COUNTY (P. 0. Savannah), Tenn.-BONDS VOTED.- On June 23 840,000
road
were awarded, it is stated, to the Harris
The proposition to issue the $240,000 Nashville-Savannah-Corinth RR.-ald Trust & Savings Bank ofbonds
Chicago at 100.80.
construction bonds (V. 98, p. 1553) carried, it is reported, at the election
held June 20.
JEFFERSON COUNTY HIGH SCHOOL DISTRICT, Ill.
-BOND
HARRISON, Ark.-BOND OFFERING.-G. W. O'Neal, Secretary of SALE.-An issue of $40,000 high-school bonds was awarded on June 23.
Bd. of Inapt. Commrs., will, it is stated, receive bids until 3 p. m. Jtdy 22 reports state, to N. W. Halsey & Co. of Chicago at 101.405.
for 810.000 Water Dist. No. 1 and $30,000 Sewer Dist. No. 1 6% 20-yr.
JESUP SCHOOL DISTRICT (P. 0. Jesup),
County, Ga.bonds.
BOND ELECTION PROPOSED.-An election will beWayne
held in the near future,
HARTFORD CITY SCHOOL CITY (P. 0. Hartford City), Black- it is stated, to vote on the question of Issuing building bonds.
ford County, Ind.-BIDS.-The following are the other bids received for
JOHNSTOWN, Fulton County, N. Y.-BOND OFFERING.
-Prothe $43,900 5% building and improvement bonds awarded on June 23 to posals will be received until 11 a. m. July 24 by W.
Blackford County Bank of Hartford City for 846,365-equal to 105.615. Chamberlain, for $38,000 5% coupon or reg. pavementJ. Eldridge, City
bonds. Denom.
(V. 98, p 2010):
$1,000. Date July 15 1914. Int. J. &
at Johnstown Bank. Due
Breed, Elliott & Harrison,
!Miller & Co.Indianap_ -846,125 50 $7,000 on July 15 1915, 1916, 1917 and 1918
J. to 310,000 July
1919.
Indianapolis
$46,3551J. F. Wild &
Indpls- 45,961 00 Purchaser to pay accrued int. Official circular states that this 15
city has
never defaulted in the payment of principal or interest.
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND OFFERING.
Proposals will be received until 10 a. m. July 14 by G. E. Rafferty, Co.
JOLIET, Will County, Ill.-BOND SALE.-On June 22 385,000
judgAwl.• for the following
% coup. Joint county road-inapt. bonds:
ment, $60,500 water-works and 850,000 refunding water-works 10;1-year
821,000 road No. 147 bonds. Denom. $1,000. Due 81,000 on July 1 (aver.) and $11.000 11;1-year (aver.) street-department
-incinerator bonds
1915, 1916 and 1917; 81.000 each six months from Jan. 1 1918 to were awarded to N. W. Halsey & Co. of Chicago for
$210.980 (102.121) as
July 1 1922 incl. and 82,000 each six months from Jan. 1 1923 to 434s. Other bids were:
July 1 1924 incl.
Emery. Peck & Rockwood,
IA. B. Leach & Co., Chic_4207,853
9.000 road No. 148 bonds. Denom. $500. Due 81,000 on July 1 and
Chicago
8209,817 80 First Nat. Bak., Joliet
207,792
8500 on Jan. 1 from July 1 1915 to Jan. 1 1921 incl.
E.II. Rollins & Sons,Chic.209,525 95 Continental
Commercial
Date July 1 1914. Int. J. & J. Cert. check or draft for $1,000 required. Wm.R.Compton Co.,St.L.*208.950 601 Tr. & Say.&
Bk., Chicago_ 207,392
HERMAN, Gasconade County, Mo.-BOND SALE.-We are advised Harris Tr.& Sav.Bk.,Chic. 208.211 001 Kissel,Kinnicutt & Co.,Chic.*199,215
* These bidders did not submit offers on the street incinerator bonds.
that the $17,000 57 water-works bonds (unsold portion of an issue of
Denom. $500. Date (judgment, street-incinerator and water) June 1
$35,000, V. 98, p.'
781) were awarded to Wm. R. Compton & Co. of St.
1014 and (refund) July 30 1914. Int. semi-annual.
Louis about May 1.
JONESBORO,
Washington County, Tenn.-BONDS VOTED.
HICK.MAN COUNTY (P. 0. Centerville), Tenn.-BONDS VOTED.
An election held June 20 resulted, reports state, in a vote of 2,400 to 170- An election held June 25 resulted, it is stated, in a vote of 72 to 39 in fain vor of the question of issuing $15,000 street-paving bonds.
favor of the proposition to issue 8150.000 bonds to aid in the construction
of
the Nashville Shiloh & Corinth RR.
KALAMAZOO SCHOOL DISTRICT (P. 0. Kalamazoo), Mich.
-BONDS
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Dallas),
-The election held June 29 resulted, it is stated, in a
Dallas vote of 619VOTED.
County, Tex.-BOND SALE.-The Citizens' State Bank
to 529 in favor of the question of issuing bonds to refund an
& Trust Co. issue
of $75,000 (V. 98, p. 1934)•
of Dallas has been awarded. it is stated, the $30.000 bldg. bonds
voted
June 13 (V.98, p. 1934)•
KANE COUNTY SCHOOL DISTRICT NO. 98, Ill.-BOND SALE.
On June 29 the 36.000 5% school bonds (V. 98, p. 2010) were awarded to
HIGHLAND SCHOOL DISTRICT, Santa Cruz County,
Cal.
- Chas. H. Coffin of Chicago
BOND ELECTION.-An election will be held July 7, it is reported,
for
86.031-eq
ual
to
100.516.
to
on the proposition to issue $3,000 5% school bonds. Denom. $300. vote
KEARNEY, Buffalo County, Neb.-BOND SALE.-On June 24 the
Due 512.5007%
one bond yearly.
1-10-year (ser.) paving bonds (V. 98, p. 1184) were awarded to
local parites at par and int. Denom.$100.
HILLSBORO, Montgomery County, Ills.-BOND
Date May 1 1914. Int. ann.
ELECTION.-Th
on May 1.
election to vote on the question of issuing the $16,000 5%
5
-20
-year
(opt.
On June 15 the 845.000 5% coup. refunding bonds (V. 98. p. 1866) were
water bonds (V. 98, p. 1709) will be held on July 14.
awarded
the
United
to
States
Trust
Co.
of
Omaha at par less accrued int.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL
DISTRICT to June 15. Int. payable in May & Nov.
NO. 45, Fla.-BOND ELECTION.-An election will be
July 21 to
KENSINGTON, Montgomery County, Md.-BOND OFFERING.-'
submit to a vote the question of issuing 560,000 5% coupon held
school-im
provement bonds. Denom. $1,000. Date Aug. 1 1914. Int. J. &
J. at Co. Attention is called to the official advertisement elsewhere in this Department
Treas.' office. Due $3,000 yearly on July 1 from 1916 to 1935
of the offering on July 14 of 550.0005% coup.tax-free sewerage and waterincl.
HOLLEY, Orleans County, N. Y.-BOND SALE.-On June
plant installation bonds. For details and terms of offering see V. 98, p.
$64,400 sewer bonds (V.98, p. 2010) were awarded to the Isaac W. 29 the
Sherrill 2010.
Co.of l'oughkeepsie at 100.186 for 4.455. The other bids, all for 4;is,
Adams & Co., New York
KERN COUNTY SCHOOL DISTRICTS, Calif.-BOND OFFERING.
100.15 i Union Trust Co., Rochester were:
Par -Proposals
Farson, Son & Co., N.Y
will be received until 10 a. m. July 14 by I. L. Miller, Clerk,
100.13 I
Bd.
of Co. Supervisors (P. 0. Bakersfield), for the following coupon school
HOOD RIVER COUNTY (P. 0. Hood River), Ore.-BOND
ELEC- bonds:
TION-Reports state that an election to vote on the question
school district bonds voted May 25 (V. 98, p. 1630).
$75,000 Columbia River highway-completion bonds will be held of issuing $5,000 6% Barnes
July 15.
Due $1,000 yearly on June 4 from 1916
HOOPER, Dodge County, Neb.-BOND SALE.-Kissel,
indebtedness. Assess. val. 1913 $233,475. to 1920 tad. No
Kinnicutt
& Co. of Chicago were awarded about March 10, at par, the $8,000 5%
6,000 6% Stine school district bonds. Due $1,000 yearly on June 6
20-year (opt.) coupon town-hall bonds offered without success on Aug. 10from 1918 to 1923 incl. No indebtedness. Assess. val. 1913
18
1913 (V. 97, p. 1763). Denom. $500. Int. ann. in Sept.
$411,305.
5,000 6% Browngold school district bonds. Due $1,000 yearly on
HORNELL, Steuben County, N. Y.-BOND OFFERING.-Proposals
June 4 from 1916 to 1920 incl. Bonded debt $5,000. Assess.
will be received until 8 p. m. July 9 by Wm. K. Smith, City
Clerk,
for the
val. 1913 52,097,230.
following 5% coupon bridge bonds:
Bakersfield school district bonds. $8,000 yearly on June 9
%
53i
40.000
32,000 So. Cedar St. bridge bonds. Due July 15 1915.
from 1920 to 1924 incl. Bonded debt $191,000. Assess.
15,000 River St. bridge bonds. Due $2,000 yearly on July 15 from
1916
val. 1913 $8,852,594.
to 1922 incl., and $1,000 on July 15 1923.
Denom. $1,000. Int. J. & D. at office of Co. Treas. Cert. check or
4,000 East Elm St. bridge bonds. Due $1,000 July 15 1923
and $3,000 cash for 10% of bid, payable to H. A. Jastro, Chairman of Board of
Sups.,
July 15 1924.
Denom. $100. Date July 15 1914. Int. J. & J. at office of City Cham- required. Bonds to 13e delivered and paid for within 15 days from acceptance of bid.
berlain. Cert. check for 25% of bonds bid for,
but
not
to exceed $500.
payable to "City of Hornell," required.
KEYSER SCHOOL TOWNSHIP, De Kalb County, Ind.-BOND
OFFERING.-Bids will be received until 1 p. m.July 16 by S. II. Downend,
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND
OFFERING.
- Twp. Trustee (P.0. Garrett). for 118.5005% bldg. bonds. Denom. $550.
Proposals will be considered until 10 a. m. July
(and from day to day Date July 16 1914. Int. J. & J. Due $550 each six months from
thereafter until sold) by Larry Ryan, Co. Treas.,7for
July 10
the following 4%% 1915 to Jan. 16 1930 incl.
road-improvement bonds:
$12,400 Theo. S. Kratzer road bonds in Howard Twp.
KEYTESVILLE SCHOOL DISTRICT (P. 0. Keytesville), Chariton
Denom.
$620.
17,600 Wm. Langley road bonds in Taylor Twp. Denom.
County, Mo.-BOND SALE.-On June 10 the $15.500 (not $15.000 as
$880.
24,080 Otis Hornell road bonds in Center Twp. Denom.
first reported)5% building bonds voted Feb.24(V.98, p.943) were awarded
$1,204.
4.5,600 T. A. Ruse road bonds in Center Twp. Denom.
to the Little & Hays Invest. Co. of St. Louis. Denom. $500 and $LOW.
82,280.
19,680 W. W. Drinkwater road bonds in Center Twp.. Denom.
Date about July 11914. Int. semi-ann.
$984.
Due one bond of each issue each six months for 10 years.
KIMBALL, Brule County, So. Dak.-BONDS WITHDRAWN FROM
HUBBARD, Trumbull County, Ohio.-BOND SALE.-On
MARKET.
-The City Auditor advises us that the $15.000 5% 5-20-year
June 29
the $19,311 74 6% West Liberty and North Main St. bonds, 2 issues
(opt.) coup. water-works bonds offered without success on Nov. 17 1913
(V.
98. p. 1790). were awarded to the R.L. Dollings Co.of Hamilton, Ohio,for (V. 08, p. 408) have been withdrawn from the market.
$208 premium and int. Other bids were:
KING COUNTY SCHOOL DISTRICT NO. 19, Wash.-BOND SALE.
Security Say. Bank & Trust Co., Toledo
$156 premium -On
June
the 89.500 2-20-year (opt.) coup. building and equipment
Seasongood & Mayer, Cincinnati
118 premium bonds dated22
July 1 1914(V.98,p. 1866) were awarded to the State of WashTillotson & Wolcott Co., Cleveland
26 premium ington at par for 53.1s.
Sweet, Causey, Foster & Co. of Denver bid 89.526
HUMBOLDT, Minnehaha County, So. Dak.-BOND
- for Os.
Proposals will be received until 2 zo. in. July 13 by C. A. OFFERING.
Palmer, Town
KING COUNTY UNION HIGH SCHOOL DISTRICT NO. "0,"
Clerk,for not exceeding 310.000 5% water-works-construction
bonds. Int. Wash.-BOND SALE.-On June 22 the $25,000 5-15-year (opt.) coup.
annual. Due one-third in 10, 15 and 20 years.
construction and equipment bonds dated July 1 1914 (V. 98. p. 1866) were
HUNTINGTON COUNTY (P. 0. Huntington), Ind.-BOND
to the State of Washington at par for 5s. Security Say. Bank &
SALE. awarded
_on June 23 the throe issues of 4;4% 5 2-3-year (average)
Trust Co. of Toledo bid 100.10 for 531s.
highway-impt.
bonds, aggregating $26.000 (V. 98, p. 1934), were awarded to
FletcherKINSTON, Lenoir County, No. Caro.-BOND OFFERING.
American National Bank of Indianapolis for 526,196 (100.753)the
and interest posals will be received, it is stated, until July 15 for $100,000 5%-Pro-a basis of about 4.349%. Other bids were:
30-yr.
paving and sewer bonds.
810.700
$9,000
56,300
KIRKWOOD,St. Louis County, Mo.-BOND SALE.-The City Clerk
Issue.
Issue.
Issue.
J. F. Wild & Co., Indianapolis
810,763 59.055 00 $6,337 00 advises us that the $15,000 city-hall bonds voted Apr. 7 (V. 98, p. 1260)
Breed. Elliott & Harrison,Indianapolis_
10.755
9,045 50
6,331 50 have been purchased by the city.
H. M. Campbell Sons & Co., Indianapolis
10,765 9.06000
KNOXVILLE CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
Miller & Co., Indianapolis, bid $26,141 for the three issues. 6.33700 Knoxville),
Marion County, Iowa.-BOND OFFERING.-Proposals
HURON, Beadle County, So. Dak.-BONDS VOTED
be received until 2 p. in. July 15 by the Treasurer, Bd. To Ed. for the
will
a vote of 875,000
4;1% coup. high-school-bldg. bonds. Auth. Sec. 2820-a, 2820-b,
639 to 34, the question of issuing 822,000 5% 20.yr filter-plant-ins
tall2820-d, Supplement of 1907, and amendments thereto; also
bonds carried, it is stated, at the election held June 23.
similar issue of 2820-c,
vote
at an election held June 9. Denom. $1,000. Date Aug.
bonds was reported sold on Feb. 9 to W.51. Prindie & Co.A
of Duluth!(V. 98. of 528 to 464
1
p. 541).
1914. Int. F. & A. at the Dist. Treas. office. Due Aug. 11924.subject to
after 1919. Purchaser to furnish bonds at his own
or
on
call
INDEPENDENCE, Polk County, Ore.-BOND
expense.
OFFERING.-Pro- Bonded debt, $14,000. Assess. val. of property, $561,620; true val., $2.posals will be received until 8 p. m.July 15 by B. F.Swope,
City Recorder, 246.480. Official circular states that there has never been any default in
for $18,868 76 gold coupon street-improvement and sewer-construction
the payment of principal or interest on any bonds.
bonds at not exceeding 6% interest. Denom. $500 and 8368
KNOX COUNTY (P. 0. Knoxville), Tenn.-BONDS PROPOSED.
July 1 1914. Int. semi-annually at the Farmers' State Bank of76. Date
There is talk, according to local papers, of issuing $100,000 bonds for the
ence or Independence Nat. Bank. Due July 1 1924, subject toIndepend
call,
any
after
1
erection
of new school buildings.
year.
or
Certified check for 5% of bonds bid for,
or all, on
payable
to the Recorder. required.
LACKAWANNA COUNTY (P. 0. Scranton), Pa.-BOND OFFERIONIA, Ionia County, Mich.-BOND OFFERING.-This
ING.-Proposals will be received on or before 12 m. July 27 by Charles P.
village
is
sale
an issue of $8,000
offering for
% 20-year paving (assess.) bonds Savage, County Compt., for $100,000 4% road impt. bonds. Cert. check
recently autholzel. Denom. $500.
for $5,000, payable to the County. required.
ISHPEMING, Marquette County, Mich.-BOND ELECTION
The official notice of this bond offering will be found among the advertisePROPOSED.-According to newspaper reports, an election will be held in
the
near future to vote on the question of issuing $30,000 Third Ward sewer- ments elsewhere in this Department.
construction bonds.
LA GRANDE, Union County, Ore.-BOND AWARD RESCINDED.
According to reports, a resolution has
passed rescinding the award on
ISLIP (TOWN) UNION FREE SCHOOL DISTRICTINO.
,2 (P. 0. March 18 of $47.392 61 6% 1-10-yearbeen
-improvement
bonds
street
(opt.)
to
County,
N.
Y.
-BONDS
Suffolk
NOT SOLD.-No sale was made !he Portland Trust & Say.
Islip),
Bank, which refused to liquidate the issue.




JULY 4 1914.]

THE CHRONICLE

LA HABRA SCHOOL DISTRICT (P.O. La Habra), Orange County,
Cal.-BONDS VOTED.-The election held June 22 on the question of
issuing $38,000 bldg., site-purchase and equip. bonds multed,it is stated,
in a vote of 122 to 14.
LAKE COUNTY SCHOOL DISTRICT NO. 107 (P. 0. Highland
Park), Ill.-BOND SALE.-The Continental & Commercial Trust &
Savings Bank of Chicago was awarded on April 28 the $25,000 5% building
bonds (V. 98, p. 1104 at 104.50. Denom. $1,000. Date April 1 1914.
Int. A. & 0. Due, last bond 1932.
LANCASTER COUNTY (P. 0. Lincoln), Neb.-BOND ELECTION
PROPOSED.-We are advised that the election to vote on the question of
issuing the $599,000 6% 5-20-year (opt.) telephone-system-installation
bonds (V.98, p. 408) will be held in November.
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND SALE.-On
June 29 the five issues of 434% bonds, aggregating $54,000 (V.98. p. 2010).
were awarded to the Fletcher-American National Bank and J. F. Wild &
Co. of Indianapolis for $54.358 (100.663) and interest.
LA RUE, Marion County, Ohio.-BOND OFFERING.-Proposals
will be received until 3 p. m. July 28 by J. W.Campbell, VII. Clerk, for the
following 6% coup. bonds:
$16,200 High St. impt. bonds. Denom. (18) $800, (2) $900. Due $800
each six months from Mar. 15 1915 to Sept. 15 1923, incl., and
$900 on Mar. 15 and Sept. 15 1924. The first 19 bonds are assessment and last bond is city portion.
3.200 School St. impt. bonds. Denom. (18) $150.(2) $250. Due $150
each six months from Mar. 15 1915 to Sept. 15 1923 incl. and $250
on Mar. 15 and Sept. 15 1924. The first 18 bonds are assessment
and the last two bonds are city's portion.
5,100 Front St. impt. bonds. Denom. (10) $200. (8) 5300, (2) $350.
Due each six months as follows: $200from Mar. 15 1915 to Sept. 15
1919 incl.; $300from Mar. 15 1920 to Sept. 15 1923 incl. and $350
on Mar. 15 and Sept. 15 1924. Tile first 18 bonds are assessment
and the last two are city's portion.
2,700 Vine St. impt. bonds. Denom. (16) 5100. (2) 5200, (2) 5350.
Due each six months as follows:$100from Mar. 15 1915 to Sept. 15
1922 incl.; $200 on Mar. 15 and Sept. 15 1923, and $350 on Mar. 15
and Sept. 15 1924. The first 18 bonds are assessment and the last
two are city's portion.
2,900 Front St. impt. bonds. Denom. (3) $100. (15) $150. (2) 5175.
Due $100 on Mar. 15 and Sept. 15 1915 and Mar. 15 1916; $150
each six months from Sept. 15 1916 to Sept. 15 1923 incl. and
$175 on Mar. 15 and Sept. 151924. The first 18 bonds are assessment and the last two are city's portion.
Date July 15 1914. Int. J. & J. Cert. check for 5% of bonds bid for,
payable to Vii. Treas., required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued int.
LA SALLE COUNTY (P. 0. Cotulla) Tex.-BONDS VOTED.-An
election held June 20 resulted, it is stated, in favor of issuing $40,000 road
bonds. The vote is given as 219 to 22.
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BOND SALE.-On
July 1 the four issues of 434% 5 2-3-year )average) highway-improvement
bonds (V. 98. p. 2010) were awarded as follows:
To Breed, Elliott et Harrison, Indianapolis.
$8,600 Marion Twp. road bonds for 58,645-equal to 100.524.
2.900 Indian Creek Twp. road bonds for $2,904-equal to 100.137.
To The Citizens' Trust Co., Bedford.
$3,300 Marshall Twp. road bonds for $3,316-equal to 100.486.
2,900 Spice Valley Twp. road bonds for 52,913-equal to 100.448.
LEAF RIVER, Ogle County, Ill.-BOND ELECTION.-On July 14
a vote will be taken, reports state, on the question of issuing $2,000 bonds
for the extension and completion of water mains.
LEWIS AND CLARK COUNTY (P. 0. Helena), Mont.-BOND
ELECTION PROPOSED.-Reports state that an election will be held in
the near future to vote on the question of issuing road and bridge bonds.
LEWIS/VITRO, Marshall County, Tenn.-PURCHASER OF BONDS.
-We are now advised that the purchaser of the $20.000 6% 15-30-year
(opt.) coupon street bonds sold on June 20 was the First Savings Bank &
Trust Co. of Nashville and not the First Savings Bank & Trust Co. of
Lewisburg, as reported last week (V. 98, p. 2010).
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Ray•
mond), Union County, Ohio.
OFFERING.-Proposals will be
received until 1 p. m. July 9 by-BOND
W. E. Hall, Dist. Clerk, for the $30,000
5% coup. school loonds voted June 9(V.98,p. 2011).
Denom.$500. Date
July 9 1914. Int. J. & J. at Deposit Bank, Raymond. Due $1,500 each
six months from Jan. 9 1915 to July 9 1924 incl. Cert. check or cash for
$500, payable to "Board of Education, required. Said board will furnish successful bidder a certified transcript of proceedings of Bd. of Ed
in reference to the issuance of said bonds.
LILLY SCHOOL DISTRICT (P. 0. Lilly), Tazewell County, Ill.
-BONDS VOTFD.-By a vote of 57 to 33, the question of issuing $3,500
bldg. bonds carried, it is reported, at an election held June 16.
LINCOLN, Neb.-BOND ELECTION PROPOSED.-Local newspaper
reports state that an election may be held in the near future to vote
on the
question of issuing $25,000 storm-sewer-constr. bonds.
LINDSAY SCHOOL DISTRICT, Tulare County, Cal.-BOND OFFERING.-Reports state that the lid. of Co. Supers. will receive bids until
11 a. m. July 10 for $50,000 6% bonds of this district.
LISBON, Columbiana County, Ohio.
SALE.-On June 27
the $2,000 5% 11-year refunding bonds (V.-BOND
the Firestone Bank of Lisbon at par and int.98, p 1790) were awarded to
LIVE OAK COUNTY (P. 0. Oakville), Tex.-BOND
ELECTIONS.Reports state that an election will
be held in August throughout the entire
county to vote on the question of issuing $100.000
road and bridge bonds.
On June 27 a vote will be taken in Whitsett
Precinct, it is also stated, on
the issuance of $40,000 road bonds.
LONE TREE SCHOOL DISTRICT P. 0.
Lone Tree), Johnson
County, Iowa.-DESCRIPTION OF BONDS.-The
$30,000 5%
bonds, awarded in January to Geo. M.
Bechtel & Co. of Davenport at
t par
N.
(V. 98, p. 2011) are dated Feb. 2 1914.
Denom.
$500. Int. M.&
Due May 1 1916 to 1923.
LORAIN COUNTY (P. 0. Lorain), Ohio.
OFFERING.
Proposals will be received until 12 m. July 15 by-BOND
F. L.
Clerk
Bd. of Co. Commrs., for the following 434% road-impt.Ellenberger,
(assess.)
$47,000 road bonds. Due $3.000 each six months from Mar. 8bonds:
to
Mar. 8 1917 incl. and $2,000 on Sept. 8 and $3.000 on 1915
Mar. 8
from Sept. 8 1917 to Sept. 8 1923 incl.
43,000 road bonds. Due $1,000 Mar. 8 1915, $2,000 Sept. 8 1915 and
$2,000 on Mar.8 and $3,000 on Sept.8from Mar.8 1916 to Sept.8
1923 incl.
23,000 road bonds. Due $1.000 each six months from Mar. 8 1915 to
Mar. 8 1919 incl. and $2,000 on Sept. 8 and 51,000 on Mar. 8,
from Sept. 8 1919 to Sept. 8 1923 incl.
23,000 road bonds. Due 51,000 each six months from Mar. 8 1915 to
Sept. 8 1918 tncl. and $2,000 on Mar. 8 and $1,000 on Sept. 8
from Mar. 8 1919 to Sept. 8 1923 incl.
Denom.$1,000. Date July 8 1914. Int. M.& S. at office of Co. Treas.
Cert. check for 5% of bonds bid for, payable to C. A. Horn, Co. Aud.,
required. Purchaser to pay accrued interest.
LORAIN
(P. 0. Pearl City), Stephenson County,
Ill.-BONDSTOWNSHIP
VOTED.-The proposition to issue bridge repair bonds
carried, It is stated, at an election held Juns 12.
LOWELL, Middlesex
Mass.-TEMPORARY LOAN.-Reports state that this city on County,
29 awarded the temporary loan of $200.000
dated July 1 1914 and dueJune
July
1
p. 2011) to Salomon Bros.
1915
(V.
& Hutzler, New York, at 3.98% discount.98.
LOWNDES COUNTY(P.O. Hayneville), Ala.-BOND OFFERING.Parther details are at hand rexative to the offering on July 13 of the $75,000
5% 30-year coup. tax-free road-impt. bonds (V. 98, p. 1934). Proposals
for these bonds will be received until 12 m. on that day by R. J. Staggers,
Chairman Bd. of Revenue. Denom. $500. Date July 13 1914. Int.
ann. on July 13 at Hayneville Bank. Cert. check for 5% of bid, payable
to above Chairman,required. These bonds are part of an Issue of $153,000.
Bonded debt, this Issue. Floating debt, $21,000. Assess. val. 1913.
54.537,756.
LUCAS COUNTY (P. 0. Toledo), Obio.-BOND SALE.-On June 26
$12,120 73 5% road-impt. bonds were awarded to Stacy & Braun of Toledo
for $12.315 99-equal to 101.61. Other bids were:




67

$12,322 73
Seasongood & Mayer, Cincinnati
12,297 68
Rudolph Kleybolte & Co.. Cincinnati
12,240 00
Faison, Son & Co., Chicago
LUNA COUNTY (P. 0. Deming), N. Mex.-BOND ELECTION PROPOSED.-Newspaper dispatches state that an election will be held in the
near future to vote on the question of issuing $50,000 road bonds.
LYONS SCHOOL DISTRICT (P.0. Lyons), Burleson County, Tex.
-BONDS VOTED.-According to reports, the question of issuing 59,300
bldg. bonds carried by a vote of 36 to 1 at an election held recently.
MADISON COUNTY (P. 0. Anderson), Ind.-BOND OFFERING.Geo. T. Beebe, County Treasurer, will, it is reported, receive bids until
10 a. m. July 6 for $60.040 434% gravel-road bonds.
MADISON COUNTY DRAINAGE DISTRICT NO.1(P.O.Jackson),
Tenn.-BOND SALE.-On June 25 575,000 6% 5-20-year (ser.) drainage
bonds were awarded to Oscar Moreland of Toledo, Ohio, at par and int.
There were no other bidders. Denom. $500. Date June 1 1914. Int.
annually on June 1.
MAHONING COUNTY ROAD DISTRICT NO. 1, Ohio.-BOND
OFFERING.-Proposals will be received until 1 p. m. July 20 by the Road
Commrs., Frank Agnew. Secy. (P. 0. Youngstown). for $60,000 5% roadimprovement bonds. Denom.$1,000. Date July 20 1914- Int. F. & A.
at Co. Treasurer's office. Due $1,000 on Feb. 15 and $2,000 on Aug. 15
from Feb. 15 1915 to Aug. 15 1934. inclusive. Certified check on a
Youngstown bank for 51.000 required. Purchaser must be prepared to
take bonds by July 20, if later, with accrued interest.
MAINE.-BOND SALE.-On July 1 the $500,000 4% coupon highway
bonds (V. 98, p. 1935) were awarded to E. H. Rollins & Sons, Boston. and
Harvey Fisk & Co. of New 'York at their joint bid of 101.319. Other bids
were:
Price
Amount
Bid For. Offered.
Fidelity Trust Co., Portland
1
Merrill Trust Co., Bangor
)
1$500,000 100.57
Chas, FL Gilman & Co., Portland
Maynard S. Bird & Co., Portland
Perry, Coffin & Burr, Boston
A. B. Leach & Co., Boston
i• 500.000 10046
N. W. Ha
Harris & Co., Inc., Boston
W. J. Lannigan Jr
500,000 100.53
Merrill, Oldham & Co., Boston
500.000 100.179
Maine Savings Bank, Portland
100,000 101.33
Linscott, Taylor & Wilson
100,000 100
Chas. Chase
• 3,000 100
MALDEN, Mass.-LOAN OFFERING.-Proposals will be received by
the Treasurer, it is stated, until 8 p. m. July 9 for a temporary loan dated
July 13 and due Dec. 13 1914, issued in anticipation of taxes.
MANATEE, Manatee County, Fla.-BOND OFFERING.-Propoqais
will be received, it is stated, until 2 p. m July 22 by C. J. Majory, Mayor,
for the $35,000 water-works-constr., $25,000 sewerage-system-constr. and
$10,000 street-paving 5% 20-30-yr. (opt.) coup. bonds voted May 26
(V. 98, p. 1867). Denom. $500. Int. semi-ann. at place to be agreed
upon. Cert. check for 2% required. These bonds are exempt from city
taxes. Bonded debt (incl. these issues), $115,000. Floating debt, $800.
Assess. val. 1913, $891,234.
MANHATTAN BEACH (P. 0. Manhattan) Los Angeles County,
Cal
ELECTION,PROPOSED.-An election will beheld in the near
future, it is stated, to vote on the question of issuing $75,000 municipal
pier-construction bonds.
MANCHESTER, N. H.-BOND OFFERING.-Proposals will be received until 11 a. m. July 7, it is stated, for $100.000 4% macadamizing
and sewer bonds due $5,000 yrly. on July 1 from 1915 to 1934 incl.
MANSFIELD WATER SUPPLY DISTRICT (P. 0. Mansfield),
Mass.-BIDS REJECTED.-Bids received for the 565.000 4% coupon
water bonds offered June 30 (V. 98, p. 2011) were rejected.
MARION, Marion County, Ohio.-BOND .SALE.-On June 30 the
three issues of 5% bonds (V. 98. p. 1935) were awarded as follows:
$10,000 634-year (ave age) street and sewer-improvement bonds to Well,
Roth & Co. of Cincinnati at 102.035.
3,209 3-year(average) alley-sewer-impt. (city's portion) bonds to Ohio
National Bank, Columbus, for 53,225-equal to 100.498.
9.500 334-year (average) funding bonds to R. L. Dollings Co. of Hamilton at 100.34.
Other bids were:
53.209
59.500
510.000
Issue.
Issue.
Issue.
Ohio National Bank, Columbus
510.164 09 59,526 50
Stacy & Braun, Toledo
10,160 00 9.525 72 33,220 18
R. L. Dollings Co., Hamilton
10,150 00
3,219 90
Spitzer. Roriek & Co., Toledo
10.128 00 9.518 00 3,212 50
10,125 00 9.51000 3,21200
Otis & Co., Cleveland
Tillotson & Wolcott Co., Cleveland
10.120 00 9.512 35
First National Bank, Cleveland
10,029 80 9,506 80 3,210 40
Seasongood & Mayer of Cincinnati offered $22,950 and int,for the three
issues.
MARNE, Cass County, Iowa.-BONDS DEFEATED.-A special election held recently resulted, it is stated, in the defeat of a proposition to issue
$3,500 water-works-extension bonds.
MARSHALL, Calhoun County, Mich.-BONDS TO BE SOLD
LOCALLY.-The Mayor advises us that the 525,000 paving bonds at not
exceeding 434% int., voted April 6 (V. 98, p. 1477), will be sold to local
citizens.
MASON COUNTY (P. 0. Ludington), Mich.-BONDS DEFEATED.
-We have Just been advised that the question of issuing the $35,000 agrigultural school bonds (V. 98, p. 87) was defeated at the April election.
MARTIN COUNTY (P. 0. Shoals), Ind.-BOND SALE.-On June 27
the $5,000 434% 6 3-5-year (aver.) coup. tax-free bridge bonds (V. 98, la.
1790) were awarded to the White River Bank for Loogootee for $5,129 76
(I.02.595) and int.-a basis of about 4.055%. Other bids were:
55.093 00 and int.
E. M. Campbell & Sons Co., Indianapolis
Breed, Elliott & Harrison, Indianapolis
5,069 00 and int.
Meyer-Kiser Bank, Indianapolis
5,067 50
MEAD, Saunders County, Neb.-BOND SALE.-The 510,000 5%
I-20-year (opt.) coupon water-works bonds offered without success on
Jan. 5 (V. 98. p. 944) were awarded about June 10 to the Bank of Mead
at par.
MELROSE, Mass.-TEMPORARY LOAN.-On July 3 this city, dispatches state, awarded a temporary loan of $50,000,in anticipation of taxes.
maturing $25,000 Nov. 16 1914 and 525.000 Dec. 15 1914, to Loring. Tolman & Tupper of Boston at 3.49% discount for the 525.000 maturing Nov.
16 and 3.59% discount for the
$25,000 maturing Dec. 15.
MEMPHIS, Tenn.-BOND SALE.-On June 30 the 5250,000
30-yr. water and 51.000,000 5% 40-yr. general liability special levee 431%
bonds
(V. 98, p. 1867) were awarded, it is stated, to a syndicate composed of the
Harris Trust & Say. Bank,
Trask & Co.. Chicago; Estabrook &
Co., N. Y., and the SecuritySpencer
Bank & Trust Co. of Memphis at 103.886.
MERCHANTVILLE SCHOOL DISTRICT (P. 0. Merchantville),
Camden County, N. J.-BOND SALE.-On June
the 550.000 434%
school-bldg. bonds (V. 98. p. 1935) were awarded, it 26
Is stated, to Chas. C.
Harrison Jr. & Co. of Philadelphia.
...MILWAUKEE, Wis.-BIDS.-The following are the other bids received
for the AU issues of 434
10-year (aver.)
aggregating 51.450 000
awarded on June 25 to Kissel, Kinnicutt bonds,
Co., Lee. Higginson Sr. Co.
and Rhoades & Co., New York. at their joint&bid
of 102.43 and int.-a basis
of about 4.20% (V. 98, p. 2011):
Harris Trust & Savings Bank, Chicago
Kean,Taylor & Co.,Chicago; Continental & Commercial Trust &$1,484,100
Savings Bank,Chicago; Illinois Trust & Savings Bank,Chicago,
and Second Ward Sayings Bank. Milwaukee
E. II. Rollins & Sons, N. W.Halsey & Co., First Trust & Savings 1,482.815
Bank, Chicago
1,481,610
Estabrook & Co., R. L. Day & Co., Biodget & Co
1,480.305
First National Bank of Milwaukee
1.479,402
MINNEAPOLIS, Minn.-CERTIFICATE SALE.-On June 30 the
5736.829 07 1034-year (average) certificates of indebtedness (V. 98. p.
1935) were awarded to Wells & Dickey Co. and Minnesota Loan & Tr.
Co., both of Minneapolis as 4345 for $739,351 07 (100.342)-a basis of
about 4.459% •

68

THE CHRONICLE

The Harris Trust & Savings Bank of Chicago bid $739,329 07 for 4s.
BOND SALE.-On the same day (June 30) the $25,000 fire department
and $25,000 park 4% 30-year bonds (V. 98, 1). 1935) were awarded to
Merrill, Oldham & Co. of Boston at 98.179-a basis of about 4.106% •
Other bids were:
97.50 " 48,750 00
Wells & Dickey Co., Minneapolis
97.199 " 48.599 50
R. L. Day & Co., Boston
97.042 " 48,521 00
Harris Trust & Savings Bank, Chicago
97.03 " 48,515 00
A. B. Leach & Co., Chicago
96.719 " 48,359 50
E. H. Rollins & Sons, Chicago
96.58 " 48,290 00
Stevens, Chapman & Co., Minneapolis
96.54 " 48,270 00
Farson. Son & Co., Chicago
96.08 " 48,040 00
Union Investment Co., Minneapolis
For $25,00097.384 or $24,346 00
Wm. R. Compton Co., St. Louis (Fire)
97.188 " 24,297 00
t(Park)
97.10 " 24.275 00
Geo. S. Ring, St. Paul (Fire)
MITCHELL,Davison County, So. Dak.-NO ACTION YET TAKEN.
-Under date of June 25, the City Aud. advises us that no action has yet
been taken looking towards the re-offering of the $60,00010-20-year(opt.)
municipal telephone bonds offered without success on Oct. 20 1913 (V. 97.
p. 1765), as the matter is still in the hands of the Supreme Court.
MONROE COUNTY, Fla.-BONDS OFFERED BY BANKERS.Farson, Son & Co. of New York and Chicago are offering to investors
$50,000 6% funding school bonds. Denom. $1,000. Date June 1 1914.
Int. J. & D.at Continental & Commercial Trust & Savings Bank, Chicago,
or County Treasurer's office in Key West. Due June 1 1925 to 1928,
inclusive. Bonded debt, $123,000. Assessed valuation 1913. $3.368,442.
Real value (estimated), $10,000,000.
MONROE COUNTY SCHOOL DISTRICT NO. 127 (P. 0. Madison),
Mo.-BONDS DEFEATED.-We have just learned that the proposition
to issue the $35,000 bldg. bonds failed to carry at the election held Dec. 6
1913 (V. 97, p. 1678)•
MONTPELIER VILLAGE SCHOOL DISTRICT (P. 0. Montpelier),
Williams County, Ohio.-BOND OFFERING.-Proposals will be receiveduntll 12 m.July 6(not June 6,as inadvertently reported in last week's
"Chronicle") by A. .1. Brown, Clerk Bd. of Ed., for $75,000
% coup.
stte-purchase, constr. and equip. bonds (V. 98, p. 2011). Denom. $500,
Date July 6 1914. Int. M.& S. at Farmers'& Merchants' State & Saving.;
on
Mar.
1
and
$1,500 on Sept. 1 from
Bank, Montpelier. Due $1,000
Mar. 1 1916 to Sept. 1 1945 incl. Cert. check for 2% of bid, payable to
above Clerk, required. Purchases to pay accrued interest.
MORGAN HILL, Santa Clara County, Calif.-BOND OFFERING.
Reports state that bids wit be received until I p.m. July 15 by F. R. Bone.
Clerk, for $8,000 5% street-impt. bonds.
MORRIS SCHOOL DISTRICT (P. 0. Morris), Stevens County,
Minn.-BONDS VOTED.-An election held June 26 resulted in favor of the
question of issuing $63,000 4% building bonds, due from 1919 to 1934, incl.
The vote was 127 to 38. Bonds will be taken by the State of Minnesota.
MT. RAINIER, Prince Georges County, Md.-BONDS NOT SOLD.
-The sale of $100,000 sewer and water and $25,000 elec.-light-plant 6%
bonds which was to have taken place on June 30 was prevented by the issuance of a temporary injunction.
MOUNTAIN GROVE SCHOOL DISTRICT (P. 0. Mountain
Grove), Wright County, Mo.-BOND SALE.-We are advised that the
$15,000 high-school-impt. bonds voted Mar.9(V.98. p.944) have been purchased by Bumpus & Co. of Detroit.
MULLINS SCHOOL DISTRICT (P. 0. Mullins), Marion County
So. Caro.-BOND OFFERING.-Proposals will be received by erjl
Rogers, Clerk Board of Trustees,for $12.000 6% 20-year hill h-school bonus
MUNCIE SCHOOL CITY (P. 0. Muncie), Delaware County, Ind.BONDS PROPOSED.-This school city is contemplating the issuance of
$200,000 school bonds.
NAPA, Napa County, Cal.-BOND ELECTION.-Reports state that
an election will be held July 16 to vote on the queetion of issuing $12,000
motor-driven fire-engine and $10,000 storm-sewer blionds.
NEHALEM,Tillamook County, Ore.-BOND ELECTIONPRO POSED
-Reports state that an election will be held in the near future to submit
to a vote the question of issuing water-plant-purchase and power-plantconstruction bonds.
NEVINS TOWNSHIP (P. 0. Fontanet), Vigo County, Ind.-BOND
SALE.-On June 8 the $3,000 bonds (V. 98, p. 1633) were awarded to the
Fletcher-American National Bank of Indianapolis at par and interest.
BOND OFFERING.-Up to 2 p. m. July 9 proposals will be received, it is
stated, by H. J. Adams, Trustee, for $24.000 434% 15-year school-house
bonds.
NEWARK, N. J.-TEMPORARY LOAN.-The City Comptroller on
June 26 awarded $3,000,000 temporary loan bonds as follows: $600,000
to Bernard Scholl° & Co. of New York in six lots of $100,000 each at an
average interest rate of 2.8357 and $2.400,000 to Bond & Goodwin of
New York at 3.235%. The bonds are issued for the purpose of caring
for installments due the Passaic Valley Sewerage Commission. They will
mature in three months and will be dated June 29.
NEW BERLIN, Stark County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. July 28 by E.E. Clouser, Village Clerk, for the
following 5% coupon bonds:
$3,000 6-year water-works-extension bonds. Denom. $1,000.
1,500 4-year sanitary sewer-extension and repair bonds.
500 4-year fire department improvement bonds.
Date June 1 1914. Interest annually. Bonds to be delivered and paid
for within 10 days from time of award. Certified check en some bank in
Stark County for 5% of bonds bid for, payable to the Village Treasurer,
required. Purchaser shall furnish at his own expense the necessary blank
bonds.
NEW BERLIN SCHOOL DISTRICT (P. 0. New Berlin), Stark
County, Ohio.-BONDS NOT SOLD.-No bids were received for the $1,500 5% 2-year (average) school-property-improvement bonds offered on
June 2i (V. 98, p. 1867).
NEW ENGLAND, Hettinger County, No. Dak.-BONDS VOTED.
The proposition to issue the $7,000 6% water-works-installation bonds
(V. 98, p. 1936) carried by a vote of 38 to 13 at the election held June 22.
NEW HAMPTON SCHOOL DISTRICT (P. 0. New Hampton),
Harrison County, Mo.-BOND SALE.-The $6,000 school bonds voted
during April (V. 98, p. 1185) were awarded during the same month to
Wm.
Compton Co. of St. Louis at par for 5s. Denom. $500. Date
May 1R.
1914. Int. M.& N. Due May 1 1934, subject to call part yearly
after 10 years.
NEW LEIPZIG, Morton County, No. Dak.-BOND OFFERING.
The Treasurer advises us, under date of June 30, that this village will sell
an issue of $2,500 5% bonds.
NEW LEXINGTON VILLAGE SCHOOL DISTRICT (P. 0. New
Lexington), Perry County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. July 18 by J. H. Cookson, Clerk Bd. of Ed.,
for $4,000 5% public school property irnpt. bonds. Auth. Sec. 7629.
Gen. Code. Denom. $1.000. Date July 18 1914. Int. J. & J. Due
$1,000 yrly. July 1 from 1921 to 1923 incl. Cert. check for 5% of bonds
bid for, payable to the Treas., Bd. of Ed., required. Bonds to be delivered and paid for within 10 days from time of award.
NEW MEXICO.-BOND SALE POSTPONED.-The sale of the $500,000
4% gold highway bonds which was to have taken place June 1 (V. 98. p.
1791) has been postponed until July 6,pending a decision by the Supreme
Court in the suit brought by taxpayers to restrain the State Treasurer
from accepting a bid submitted by Kelly & Kelly of Kansas City.
NEW YORK CITY.-BOND SALE.-The bonds given below were
purchased at par during the month of June by the Sinking Fund of this city:
PurposeInt. Maturity Amount.
Various municipal purposes
3 1923
8500,000 00
3 1939
Water
1,425,704 84
4 1963
Rapid transit
200,000 00

Revenue Bonds 1914Special
do
do

[VOL. xc
Maturity.
Interest.
3
Jan. 11 1915
3P
1
Jan. 15 1915
3
Jan. 8 1915

Amount.
$250.000 00
100.00000
275.00000

Total revenue bonds (special)
Revenue Bills 1914..334
Current expenses
..334
do
do
*334
do
do
*33/s
do
do
*334
do
do
*334
do
do
do
*3 13-16
do
*3 13-16
do
do
*3 13-16
do
do
do
*3 13-16
do
do
*3 13-16
do
*334
do
do
*334
do
do
*334
do
do
..334
do
do
*3 11-16
do
do
*3 11-16
do
do
*3 11-16
do
do

$625,000 00
Dec. 30 1914 x$1,266,873 04
Dec. 15 1914
x575,036 27
Nov.30 1914
x767.00046
Nov. 27 1914
x336,034 53
Nov. 25 1914 z2,282,191 45
Nov.24 1914 x1,487.044 99
Nov.30 1914
x480,421 03
Nov. 27 1914
z480,574 23
Nov. 24 1914
z480,727 43
Nov. 21 1914
x961,659 18
Nov. 18 1914
x480,982 79
Nov.30 1914
x1,680.698 16
Dec. 11 1914
a190,741 33
Nov.30 1914
0609,585 18
Nov. 25 1914
a190,876 45
Nov.27 1914 a1,618,281 50
Nov. 25 1914 01,333,250 90
Nov. 17 1914
a190,581 95

Total revenue bills (current expenses)
Corporate Stock Notes3
Various municipal purposes
*334
do
do
do
*3 11-16
do
do
do
do
do
*3 11-16
do
do
do
*234
do
*234
Water
*3 1146
do
*3 13-16
Rapid transit
*334
do
*3 11-16
do

;On or before).
IJune 1 1915J
$10,000 00
Nov. 25 1914
z480,543 49
Dec. 4 1914
x600,07848
Nov. 16 1914
z432.410 35
Nov. 16 1914
494,19863
Nov. 16 1914
494,19863
Dec. 28 1914 z1,316,919 74
Nov.30 1914
x1,200.345 72
Nov. 25 1914
x480,595,40
Nov. 16 1914
x408,387 58

Total corporate stock notes

$15,413,460 87

$5,917,678 02

* Rue of discount: figures In "Amount" column represent proceeds of
loan after deducting discount. z Payable in £ sterling. a Payable in francs.
NIAGARA FALLS, N. Y.-BOND SALE.-On July 2 8160,000 41/..9
24-27-year (ser.) sewer redemption bonds were awarded to the Isaac W.
Sherrill Co. of Poughkeepsie at 108.72. Adams & Co. of New York bid
108.25. Denom. $1,000. Date Sept. 11914. Int. M.& S.
NORCROSS, Gwinnett County, Ga.-BONDS TO BE SOLD LOCALLY.-We are advised that an issue of $4,000 5% bonds will be disposed of
locally.
FOLK, Madison County, Neb.-BOND OFFERING.-Additional
Information is at hand relative to the offering on July 6 of the $10,000 5%
5-20-year (opt.) coupon water-extension bonds (V. 08, p. 2012). Proposals for these bonds will be received until 5 p. m on that day by P. F.
Stafford, City Clerk. Denom. $1,000. Date June 1 1914. Int. ann. on
June 1 at office of State Treas.
NORTH BERGEN TOWNSHIP (P. 0. West Hoboken), Hudson
County,. N. J.-BOND SALE.-On June 25 the $13,000 5% 20-year firehouse bonds (V. 98, p. 1936) were awarded to R. M. Grant & Co. of N.Y.
at 106.178 and interest. Other bids were:
105.91 I Outwater & Wells, Jersey
J. S. Rippel, Newark
105.589
Hoboken Bk. for Say.. Hob-105.7671 City
NORTH DIXON SCHOOL DISTRICT (P. 0. Dixon), Lee County,
newspaper reports, we stated that this
Ill.-BONDS DEFEATED.-Using of
the issuance of $1,800 site-purchase
district on Nov. 28 voted in favor
bonds (V. 97. p. 1765). We now learn that the issue was defeated.
NORTH POWDER, Union County, Ore.-BOND SALE.-On June 23
-year water-works-construction bonds (V. 98, p. 1868)
the $20,000 6% 20Kissel,
Kinnicutt & Co. of Chicago at par. Sweet.
were awarded to
and Jas. N. Wright & Co. of Denver each bid par.
Co.
&
Foster
Causey,
semi-annual.
ic
c,ai.
wi n
R
em
Int.os
Huron County, Ohio.-BONDS VOTED.-The question
municipal-elec.-light-plant-erection bonds carried reof issuing $120,000
.
stated
ta, co
lyiltpiAsRsK
cenotA
ok County, Ill.-BONDS VOTED.-An election held
June 30 resulted, reports state, in favor of the question of issuing $35,000
fire-LepNt.oimGANpt. bonds.
COUNTY SCHOOL DISTRICT NO. 49, Wash.
BOND OFFERING.-Proposals will be received until 10 a. m. July 11 by
Co. Treas. (P. 0. Conconcully), for $10,000 5-20-yr.
Quackenbush,
E. C.
(opt.) bldg. bonds at not exceeding 6% int. Denom. 81,000. Int. payoffice.
No deposit required. No bonded or floating
Treas.
Co.
at
able
debt. Assess. val., $204,259.
SCHOOL DISTRICT (P. 0. Olney),
HIGH
TOWNSHIP
OLNEY
Richland County, Ill.-BONDS OFFERED BY BANKERS.-Tho
$60,000 5% 5-16-yr. (ser.) bldg. bonds voted March 5 (V. 98, p. 944) are
now being offered to investors by the Continental & Commercial Trust &
Say. Bank of Chicago. Denom. $1.000. Date May 1191,4. Int. MAN.
as to principal. Bonded debt (this
at said bank. May be registered 31,600,000.
Real val. (est.), $4,800,issue), $60,000. Assess. val. 1913,
000.
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND OFFERING.-Proposals will be received, it is stated, by J. W. McCullough, Treas., until
% gravel-road bonds.
2 p• m. July 6 for $6,040
ORANGEVILLE SCHOOL DISTRICT, Wis.-BONDS VOTED.-An
election held June 23 resulted, Ills stated, in a vote of 132 "for" to 22
"against" the issuance of $4,000 school-addition bonds.
OREGON TOWNSHIP SCHOOL DISTRICT (P. 0. Toledo), Lucas
County, Ohio.-BOND SALE.-On June 25 the $2,500 534% 1-5-yr.
98. P. 1791) were awarded to Stacy & Braun
coup. school-imPt. bonds (V.
of Toledo, it is stated, at 100.4012.
ORION SCHOOL DISTRICT (P. 0. Orion), Henry County, Ill.PURCHASER OF BONDS.-We are advised that the purchaser of the
sold at par on April 1 (V. 98, p. 2012)
$14,900 5% school-building bonds
was Geo. M. Bechtel & Co. of Davenport. Denom. (1) $900,(14) $1,000.
Date April 11914. Int. ann. in April. Due 1 bond yearly after 1916.
ORLEANS, Harlan CountyNeb.-BOND ELECTION PROPOSED.asking for an election to
Reports state that a petition is' being circulated
vote on the question of issuing $12,500 electric-light-plant-purchase bonds.
-BOND
Ohio.
OFFERING.-Proposals
County,
Greene
OSBORNE,
Village Clerk,for $12.000
will be received until 6 p. m.July 14 by Ben Herr.
$500.
Date March 24 1914.
Denom.
$100
and
bonds.
-hall
public
5%
Interest M. & S. Due $500 yearly for four years, $800 yearly for five
years. Certified check for 10% of bid,
years and $1.000 yearly for six
required. A similar issue of bonds was awarded to R. L. Dallings Co.
of Hamilton on May 16 (V. 98, p. 1633)•
OWATONNA, Minn.-BOND OFFERING.-Until 7:30 p. m. July receive bids for $20,000 5% 20
'
City Clerk C. J. Servatius will, it is said,
year storm-sewer bonds. Cert. check for 5% required.
PAINESVILLE, Lake County, Ohio.-BOND SALE -The following
premiums were offered for the $60,000 434% and $5,000 and $8.000 5%
bonds offered June 29 (V. 98, p. 1868):
$60,000
$8,000
Sewer.
Street.
0.
0 lid
81.5
oi bh0
N
No bid
Brighton German Bank Co., Cincinnati__$401 00
$22500
230 00
380 00
Otis & Co., cleveland
bot
Cincinnati
80
-8462
Co.,
0
1
2
bO0
id
&
N
Roth
Well,
90
4
26
76
17
C.E.Denison & Co., Cleveland
um
132 60
Ohio National Bank, Columbus
1
allfor
0
-$138272801
3
2
&
Tr.
Co.,
Bk.
Say.
Cincinnati_
Provident
or.aAllug. 3 by
0
10
3fm
Seasongood & Mayer, Cincinnati
41 25
6S 75 Stacy Braun, Toledo
unti
l
iv6
ed
1
BOND OFFERING.-Proposals will be rece4
bonds:
Frank L. Kelly, City Clerk, for the following 5% coup.
Secs. 3860 and 3865,
$5,000 delinquent sidewalk-constr. bonds. Auth.
to 1919 incl.
Total
Gen. Code. Due $1,000 yriy. Apr. 1 from 1915
$2,125,704 84
3881 and 3914, GEM.
The following short-term securities, aggregating $21,956.138 89, and
3,500 sewer-constr. (assess.) bonds. Auth. Secs.
and
1917,$1,000 1918
1916
bills
and
$500
bonds,
corporate
stock notes, were also
Due on$1
50
r.11as
920.follows:
Code.91,
consisting of revenue
a
issued during June:




JULY 4 1914.1

THE CHRONICLE

69

Denom. $500. Date Apr. 1 1914. Int. A. & O. at the City Treas.
PULASKI SCHOOL DISTRICT (P. 0. Pulaski), Pulaski County,
office. Bonds to be delivered and paid for within
10 days from time of Va.-BONDS VOTED.
award. Cert. check on some bank other than
-Reports state that $58,000 bonds for public
the one bidding,for $350, schools were voted
June 23.
payable to the City Treas., required. Purch. to pay
accrued int.
PUTNA
M
COUNT
Y
(P. 0. Greencastle), Ind.-BOND OFFERING.
PASADENA, Los Angeles County, Cal.-BOND ELECTION PRO- Proposal
s will be received until 12 m.July
POSED.-An agitation for the issuance of $100,000 library-b
6 by II. H. Runyan, Co. Treas.,
ldg. bonds has for the following 41i% road-improvemen
been begun in this city, it is stated.
t bonds:
$6,120 J..1. Roach et al road bonds in Madison Twp. Denom.
$306.
PASADENA GRAMMAR SCHOOL DISTRICT (P. 0. Pasaden
9,680 S. A. Hazelett et al road bonds in Greencastle Twp. Denom.
a), 10,260 James
$484.
Los Angeles County, Cal.-BOND ELECTION PROPOS
Ingram et al road bonds in Warren Twp. Denom. $513.
ED.-Reports 12,300
state that this district proposes holding
A.
H.
Hatm et al road bonds in Floyd Twp. Denom. $615.
election
an
in
the
near
future
for
the purpose of submitting to the voters a proposition to
2,840 R.C. SutherRn et al road bonds in Clinton & Russel Twps.De
issue about $30,000
nom.
bonds.
$142.
800 R. C. Sutherlin et al road bonds in Clinton Twp.
Denom. $40.
PAULDING COUNTY (P. 0. Paulding), Ohio.-BOND
Date
July
SALE.
1914.
6
Int.
M.
N.
&
Due
one
bond of each issue each six
On June 26 the eight issues of5% bonds,aggregating $79,000
(V.98. p.1936) months from May 15 1915 to Nov. 15 1924 incl.
were awarded toliayden, Miller & Co. of Cleveland for
$80,278 (101.617)
and int. Other bids were:
PUTNAM COUNTY (P. 0. Unionville), Mo.-NO ELECTI
ON PROOtis & Co., Cleveland_ __ -379.9411Weil, Roth & Co.,
POSED.-We are advised that the reports stating
Cin__379.639 50 templati
that this county is conSeasongood & Mayer, Cin_ - 79,915!Tillotso
ng calling an election to vote on the issuance
n & Wolc.Co.,Clev. 79,420 27 (V.
court-house
of
bonds
97, p. 1765) are erroneous.
PAWNEE CITY, Pawnee County, Neb.-BOND OFFERI
NG.-City
Clerk H. D. Flory will receive sealed bids
QUITMA
N,
Brooks
County,
Ga.-BO
until
ND ELECTION PROPOSED.
8 p. m. July 6, it is stattd, Newspaper
for $33,000 5% semi-annual 10-20-year optional
reports state that an election will probably, be held in the
funding bonds. A cer- futurete g
near
tified check for $200 is required.
te
o vbe
otaedo
sn
. the question of issuing water and light-plant, paving and
PERRY COUNTY(P.O. New Lexington), Ohio.-BOND
OFFERING.
-Proposals will be received until 12 m. July
RAILROAD SCHOOL TOWNSHIP(P.O.San Pierre), Starke County,
6 by Clyde M. Foraker,
County Auditor, for $25,000 5% bridge-i
-BOND OFFERING.-Proposals will be received until July 10
mprovement bonds. Denom. Ind.
by
$1,000. Date July 1 1914. Int. J.
Owen
Daly, Twp. Trustee, for $9,700
&
J. Due $1,000 July, 1 1923 and
coupon school building bonds.
$3,000 yearly on July 1 from 1924 to 1931,
Denom.(9) $1,000. (1) $900. Date July%
1 1914. Int. semi-ann. at First
inclusive
Certified
.
check
for
5% of bonds bid for, payable to County Treasure
Str
in
aB
ad
a
n
g
km
oo
f
N
ju
o
l
.
y
Ju
l
d
i
s
ci
o
2
n
4
..
Due
yearly
$1,000
on
required
July!
r,
from 1915 to 1923
. Bonds to be
delivered and paid for within 10 days from
time of award.
Clyde M. Foraker, County Auditor, will
also receive bids until 12 m.
RANDO
July 13 for an issue of $50,000
COUNTY (P. 0. Winchester), Ind.-BOND SALE.
5% road-improvement bonds. Denom. On June 27LPH
91,000. Date July 1 1914.
$9,900 R. V. Murray et al highway and $16,200 Fred. R.
J. & J. Due $5,000 yearly on July 1 Miller et al the
from 1915 to 1924, inclusive.Int.
highway 43.% 52-3-yr. (aver.) bonds (V. 98, p. 1937) were
Certified
check
for
bonds
5%
of
for,
bid
awarded
to the Commercial Nat. Bank of Union City and the Randolph
payable to County Treasurer, required.
Bonds to be delivered and paid Co. Bank, Winchest
for within ten days from time of
er. Other bids were:
award.
Premium.
Premium.
Gavin L.Payne & Co..Indplis.$
PHILADELPHIA, Pa.-BOND OFFERING.-Further details
183 00 Miller & Co., Indianapolis_ _ _ _ $135
are
at
hand relative to the offering on July 10 of the $3,160,0
Fletcher-Amer.Nat.Bk.,Ind's. 154 8.5 J. F. Wild & Co. Indianapl
00 4% 30-year Breed,
ois__ 130
registered or coupon tax-free permanent-impt.
Elliott
& Har.,Ind'pls. 135 00 E.M.Campbell.Sons& Co.,Ind's 104
loan bonds (V. 98. p. 2012).
Proposals for these bonds will he received until 12 m.
Rudolph BlankenRAVALLI COUNT
burg, Mayor. Denom. $100 or multiples thereof. byDate
July 1 1914. SALE.-On June 20 Y SCHOOL DISTRICT NO. 9, Mont.-BOND
Int. J. & J. Cert. check or certifica
$8,900 6% 10-20-year (opt.) building bonds were
te of deposit, drawn to the order of awarded to
Keeler Bros. of Denver for 39,000-e0ual to 101.123. Denom.
the City of Philadelphia. for 5% of amount of loan bid
for, required. Bids (8) $1,000, (1)
must be made on form furnished by the Mayor.
$900. Date May 15 1914. Int. M.& N.
RAVALLI COUNTY UPPER BURNT FORK SCHOOL DISTRI
PIERCE COUNTY SCHOOL DISTRICT NO. 88, Wash.
CT
-BOND NO. 6, Mont.
SALE.-On June 20 an issue of $16,000 1-10
OFFERING.-Proposals will be received until
(opt.) building bonds 2 p. m. July 18 -BOND
was awarded to the State of Washington at par-year
Earl Miller, Clerk of Board of Trustees (care First State
5s. The Security Say. Bank, Stevensviby
Bank & Trust Co. of Toledo bid $16,100 forfor
lle)
for $5,000 6% coup. school bonds. Denom. $1.000.
6s. Denom. $100. Int. Date July 1
semi-annual.
1914. Int. J. & J. Due in 10 years. subject to call $1,000
yearly after 5 years.
Certified check for 2% of bonds required. No
PITTSBURGH, Pa.-BOND OFFERING.
indebted
ness.
Assess. val. $215.937. These bonds were authorized by a
-Proposals will be received
until 3 p. m.July 6 by E. S. Morrow, City
Comptroller,for $275,500 41i% vote of 25 to 18 at an election held June 12.
Diamond Square Market House rebuildi
ng
bonds. Denom. coupon bonds
RENO, Nev.-BOND SALE.-On June
of $1,000 and $500 each or registere
24 $1.951 50 7% 1-10-3T. (ser.)
chases. Int. J. & D. at City Treas.d bonds in amounts desirpd by pur- special street assess, bonds were awarded
to Mrs. Elizabeth Manning for
office, free from any deduction for $2,146 60-equal
State tax in Pennsylvania.
to 109.997. Denom. $195 15. Date July 1 1914.
serially, 1-29th yrly. on Dec. 1 until Int. annual.
1942. Validity of issue will Due
be
passed
upon
Hawkins
by
Delafield
.
&
Longfellow of New York. Cert, check
REPUBLIC SCHOOL DISTRICT, Wash.-BOND
on a national bank for 2% of bonds
bid for , payable to the City
S VOTED.-An
required. Bidders must use special election held June 23 resulted, it is stated,
blanks which will be furnishe'Treas.,
in favor of a proposition to issue
d upon application to the City Comptroller. $36.500 high-school-addition bonds.
Official circular says: "There is no litigation
•
or controversy pending
or threatened concerning the validity
RIPLEY, Lauderdale County, Tenn.-BOND ELECTI
of these bonds, the boundaries of the election
ON.-An
municipality or the titles of the officials
will be held July 14. reports
or their respective offices.'
$15,000 street-improvement bonds. state, to vote on the question of issuing
PITTSFIELD, Berkshire County, Mass.-TEMPORARY
LOAN.
On June 30 the $100,000 loan due
RIPLEY COUNTY (P. 0. Versailles), Ind.-BOND OFFERI
Dec. 8 1914 (V. 98, p. 2012) was nego- Proposal
NG.
tiated, it is stated, with Bond
s will be received by John N. Hess, Co. Treas.,
& Goodwin of Boston at 3.95% discount.
until 1 p. m.
July 6 for the following road-imp
t. bonds:
PLAIN TOWNSHIP SCHOOL
Geo. H. Gayert et al. road bonds in Laughery Twp. Denom.
Franklin County, Ohio.-BOND DISTRICT (P. 0. New Albany), $9,000
$450.
6,000 Henry Crum et al. road bonds in
SALE.-On June 29 the $5,000 5%
8L -year (aver.) Sub-Dist.
Delaware Twp. Denom. $300.
No. 5 school-bldg. and equip. bonds (V. 98. P•
Date July 6 1914. Int. M. & N. Due one
1791) were awarded, reports
bond of each issue each six
state, to the Central Nat. Bank of Columbus months from May 15 1915 to Nov.
at 101.20.
incl.
1924
15
Bonds
to be delivered
on July 6. Non-resident bidders will be required
to file a cert. check for
full amount of bid.
PLEASANT TOWNSHIP (P. 0.
Be Graff), Logan County, Ohio.
BONDS DEFEATED.-At
election held May 2 the question of issuing
ROCKINGHAM; Vt.-BIDS REJECTED.-Bids received for
the $28,000 school-buildingthe
$37,000
bonds (V. 98. p. 1339) failed
refunding bonds offered June 25 were rejected, accordin
to carry by a vote 4%
of 69 "for" to 123 "against".
g to newspaper reports.
PLEASANTVILLE, Westchester
County, N. Y.-BOND OFFERING.
-Proposals will be received
until 8 p. m. July 6 by Chas. J. Laire, Village
Clerk, for $5,500
d Church St. macadam
ceeding 5% int. registere
izing bonds at not exAuth. election held June
18 and Gen. Village Law.
Denom. $500. Date
t'1914. Int. J. & J. at the Mount Pleasant
Bank, Pleasantville. July
Due
$500
yrly.
July
1 from 1919 to 1929 incl. A
cert. check on an incorporated
State or national
for 5% of the bonds
of New York State
bid for, payable to the Vii.bank
Treas., required. Bids
must be unconditional. Bonded
debt, not including this Issue, $155,390.
Assess. val. 1914, $2,564.590.
The legality of said bonds will be approved
by Hon.D.P. Hays, 115
Broadway,N.Y.,whose opinion or duplicat
of will be delivered to the
therepurchaser or _purchasers thereof, who ewill
requiredptuo
be
retitic
.diegapa
ay
ndJ:learriefrimiatme at the Mt. Pleasant
Bank on July 1
PLYMOUTH TOWNSHIP (P.
0. Plymouth), Richland County,
Ohio.-BOND
NG.-Additional details are
at hand relative to the
Offering on JulyOFFERI
14 of the $15.500 5% 1914-yr.
(aver.) coup. road-imillt•
bonds (V. 98, P. 2012).
Proposals for these bonds will be received
12 in. on that day by Albert
until
Kirkpatrick. Twp. Clerk. Auth. Ohio Laws,
Vol.91,page 284. passed
Apr. 22 1904. Denom.$500. Date
Int. M.& S. at Plymout
Mar. 11914.
h.
Due
serially
Mar. 1 from 1920 to 1943. Cert.
check or cash for $200, 'payable
debt, incl. this issue, $70,000. to the Twp. Trustees. required. Bonded
No floating debt. Assess. val. 1913,
$2,784,590.
POPLAR BLUFF. Butler
-The City Clerk advises us County, Mo.-NO ACTION YET TAKEN.
towards the issuance of the that no action has yet been taken looking
$75,000 4% municipal electric-light-plantconstruction bonds voted March
19 (V. 98. p. 1105.)
PORTSMOUTH, Scioto County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m.
July 28 by Geo. L. Gabieman, City Aud..
for $10,000 5% coupon sewer
-construc
tion
(city's portion) bonds. Denom.
$500. Date July 1 1914. Int.
July 11922. Cert. check for 2% J. & J. at office of City Treas. Due
of bonds bid for, payable to City Aud,
required. Purchaser to pay accrued
interest.
PORT OF SEATTLE,
County, Wash.-BIDS.-The following
are the other bids receivedKing
for $300,000 of the $375,000 5%
(ser.) harbor-improvement bonds
1-42-Tear
awarded on June 24 to John E.
Price &
Co. of Seattle at 101.813 and interest.
(V.98, 2013)•
Well, Roth & Co., Cincinnati
,3303,03
7
50
and
Interest.
Erman & Co., Seattle
A. B. Leach & Co., E.
H. Rollins & Sons,
N. W. Halsey &
Co., and the Dexter-)$302.450 00 and interest.
Horton National
Bank, Seattle
Seasongood & Mayer
and the
$300,685 and interest.
Provident Say. Bank &
Trust Co., Cin_
Denom. $1.000. Date
(3200.01111) Jan. -1 1914 and $100,000) June 1
1914. Int. J. & D.
POWHATTAN, Brown County,
Kans.-BONDS VOTED.-At a
recent election this town voted
in favor of the issuance
of $10,000 electriclight bonds, it is reported.
POWHATAN POINT SCHOOL DISTRI
CT (P. 0.Powhatan Point),
Belmont County, Ohio.FERING.-Edgar Steiner,Clerk Board
of Education, will receiveBONDOF
proposals until 10
6% coupon bonds. Auth. Sections 5636-565 a. m. July 9 for $1,723 64
8. General Code. Denom.
(2) $529 66 each and one bond for $664 32. Date
June 16 1914. Interest
payable at First Nat. Bank of Powhata
Inclusive. No deposit required with bid.n. Due Sept. 1 1915 to 1917,
PULASKI COUNTY (P. 0. Somerset), Ky.-BONDS DEFEAT
ED.
The proposition to issue $300,000 road bonds
failed to carry at the election held June 26.




ROCKPORT, Essex County, Mass --BOND SALE.-W.
L. Raymond
& Co. of Boston were awarded on July 1, accordin
g to reports, $8,000 4%
water bonds at 100.88. Date July 11914. Due 1915-192
2,incl.
.
ROUNDHEAD SCHOOL DISTRICT, Ohio.-BOND
S
VOTED.
-REports state that this district has voted to issue $8,000 high-scho
ol-bldg. bds.
ST. CHARLES PARISH (P. 0. Hahnvill
La.-BOND ELECTION.
-Reports state that an election will beheld e),
July 14 in Road Dist. No. 3
to vote on the question of issuing $110,000 road bonds.
ST. JOHNS, Clinton County, Mich.-BOND
S PROPOSED.-The
City Clerk advises us under date of June 26 that the
matter of refunding
$40,000 water-works bonds is in the hands
of the Finance Committee of
the City Council.
ST. JOHNS, Multnomah County, Ore.-BOND
ELECTION PROPOSED.-It is reported in Portland papers
this city proposes holding
an election to vote on the issuance of bonds forthat
the purchase offire apparatus
ST. LOUIS COUNTY SCHOOL DISTRICT NO.
18 (P. 0. Kinloch
Park), Mo.-BONDS OFFERED
BANKERS.-Little & Hays Investment Co.of St. Louis is offering toBY
investors $6,000 5% 20-y,r. school bonds.
Denom.$500. Date July 11914. Int. J.& J. at the Mechanic
s-Arnerican
Nat. Bank,St. Louis. Total bonded debt,incl.
this issue,$11,000. Assess.
val. 1913, $566,840: actual val., $1.700,5
20.
SALAMANCA, Cattaraugus County, N. Y.-BOND
SALE.-On
June 29 the $42,000 water bonds
(V. 98, p. 1868) were awarded to Douglas
Fenwick & Co. of N. Y. as 4.358
$42,037 (100.09). Denom. $2,100.
Date July 1 1914. Int. J. & J. in for
N.Y.
Exchange. Due $2,100 yrly. on
July 1 from 1915-1934 incl. Other
bidders were:
John H. Hart, Albany, 100.03
4.35s.
Farson, Son & Co., New York, for
100.13 for 4.40s.
Harris, Forbes & Co., New York,
100.094 for 4.454•
Isaac W.Sherrill Co., Poughkee
psie, par for 4;,6.5
SALEM, Essex County, Mass.-TEMP
ORARY LOAN.-On June 29
the $100.000 loan due Nov. 20 1914
Old Colony Trust Co. of Boston at (V. 98. p. 2013) was awarded to the
2.50% discount. The First Nat. Bank
of Boston offered to discount
the loan at 3.20% and the Naumkeag Trust
Co. at 3.75%.
SALEM, Columbiana County,
Ohio.-BOND SALE-On June 29
the $2.084 63 6% West Dry St.-improv
ement and $3,855 96 514% West
Main St. improvement 211-year
(aver.) bonds (V. 98, p. 1937) were
awarded to Seasongood & Mayer of
Cincinnati for $5,976 59 (100.66) and
interest. Other bids were:
Security Savings Bank & Trust
Co., Toledo
Tillotson & Wolcott Co..
$5,972 59
Cleveland
5,954 59
SALISBURY, Wicomico County, Md.-BO
ND
SALE.
-On
June 29
the $30,000 4)4% coup. tax-free street-im
pt.
bonds (V. 98, p. 1937) were
awarded to Hambleton & Co. of Baltimor
e at 101.731 and int.
SAN DIEGO COUNTY (P. 0. San
Diego), Cal.-BOND ELECTION
PROPOSED.-Reports state that an
election will be held in the near future
to vote on the question of issuing $1,000,0
00 road and bridge-impt. bonds.
SANDUSKY, Erie
Ohio.-BOND OFFERING.-Proposals
will be received until 12 County,
in. Aug. 1 by Fred. W. Bauer, City Auditor
for
the $41.000 43-% coupon street-Improvemen
t (city's portion) bonds.
Authorized by the City Council
May 25 (V. 98, p. 2013). Denom.
$500. Date July 1 1914. Int. on
J.
&
at
J.
office
$10,000 on July 11923. 1924 and 1925 and $11,000 of City Treas. Due
on July 1 1926. Cert.
check for 3500, payable to City Treas.,
required. Bonds to be delivered
and paid for within 10 days from time
of award.
BOND SALE.-According to local papers, the
Board of Firemen'
sion Fund Trustees has purchased $2,000 Hayes
Ave.subway-paving s Penbonds.

70

THE CHRONICLE

Calif.-BOND ELECTION
SANTA CRUZ, Santa Cruz County,
the near
an election will be held in-extension
PROPOSED.-According to reports
water-system
$150,000
issuing
of
question
the
future to vote on
bonds.
T, Santa Barbara County, Cal.
SANTA MARIA SCHOOL DISTRIC
$24,000 bonds has been awarded, it is stated,
-BOND SALE.-An issue ofPasadena
524,527-equal to 102.2.
for
to the Wm. R. Staats Co. of
T (P. 0. Sault Ste. Marie),
DISTRIC
SCHOOL
MARIE
SAULT STE.
N.-The question of issuing
Chiupewa County, Mich.-BOND ELECTIO
bonds will be submitted to a vote on
-bldg.
school
highar
10-ye
$150,000
Sept. 1.
18 the following bonds were
SCOTIA, N. Y.-BOND SALE.-On June
awarded to Adams & Co. of New York:
4.40s for 87,1.05-equal to 100.07.
$7,100 20-year refunding bonds as (2)
$700,(1) $600,(1) $500.
Denom. (3) $1,000,(2) $800,
4.60s for 53,005-equal to 100.166.
as
bonds
3,000 5-10-yr. (ser.) impt.
Denom. $1,000.
A. The other bids received
Both issues are dated Aug. 11014. Int. F.&
were as follows:
102.62; 53,000 5s. 101.10.
64,
$7,100
sie:
Poughkeep
Co..
Sherrill
W.
I.
$3,000 4.70s, 100.18.
John J. Hart, Albany: $7,100 4.60s, 100.21;
100.11; $3,000 5s. 100.12.
Lee, Higginson & Co., N. Y.: $7,100 4.80s,
100.17. RI
415s.
$10,100
Y.:
N.
Co..
&
Fenwick
Douglas
100.24.
W.N. Coler & Co., New York: $10,100 4.60s.
Schenectady Trust Co.: 510.100 5s, par.
-BOND SALE.-On June 29 the
SEVILLE, Medina County, Ohio.
electric-light-distribution bonds (V.
$5,000 5% 3 1-6-year (aver.) coup.
to the Exchange Nat. Bank of Sestated,
is
it
awarded,
were
98, p. 193'7)
ville at par and int.
e), Ind.-BOND OFFERING.
SHELBY COUNTY (P. 0. Shelbyvill
July 15 by W.A. McDonald, Co.
Proposals will be received until 10 a. m.
bonds:
ent
-improvem
Treas.,for the following 436% highwayin Washington Twp. Denom.8415.
$8,300 L.C.Weinantz et al road lazonds
in Union Twp. Denom. $378.
7.560 Samuel Farthing et al road bonds
bonds in Brandywine Twp. Denom. $157.
3,740 Chas. R. Ray et al road &
one bond of each issue each six
Due
N.
M.
Int.
1914.
15
Date July
months from May 15 1915 to Nov. 15 1924 inclusive.
(P. 0. Sidney), Cheyenne County,
SIDNEY SCHOOL DISTRICTstate
that an issue of $15,000 high-sch.
Neb.-BONDS VOTED.-Reports
bldg. bonds carried at a recent election.
T (P. 0. Sierra Madre), Los
SIERRA MADRE SCHOOL DISTRIC
T OF BONDS VOTED.-Reports state
Angeles County, Calif.-AMOUN
the
election heldJune 15(V.93.
at
voted
bonds
school
that the amount of
p. 2013) was $12,500.
INDEPENDENT SCHOOL DISSIOUX RAPIDS CONSOLIDATED
Buena Vista County, Iowa.-BOND
TRICT (P. 0. Sioux Rapids),
until 10:30 a. m. July 6 by J. 0.
received
be
will
s
-Proposal
G.
OFFERIN
for the 865.000 5% building bonds
tzsmundson, Secy. Bd. of Directors,
Denom. 81.000. Date July 1 1914.
voted June 19 (V. 98, p. 1869).
to call 82,000 yearly commencing
Int. J. dr J. Due July 1 1924, subject
payable to EM.Duroe, Dist. Treas.,
July 11916. Cert. check for $2,500,
resolutions.
required. Purchaser to furnish blank bonds and necessary
No bonded or floating debt.
it is
SLATER, Story County, Iowa.-BONDS VOTED.-This place,
stated, has voted bonds for a water-works system.
-BONDS VOTED.-Reports
SMITH COUNTY (P. 0. Tyler), Tex.District
the proposition to issue
state that at a recent election held in Winona
$25,000 road bonds carried by a vote of 144 to 52.

xcIX.

water-works, $12,000 city-hall and jail and 83,000 fire department 6%
10-35-year (opt.) bonds. Interest semi-annual. Certified check for 2%
of bid required.
TEMPLE SCHOOL DISTRICT (P. 0. Temple), Bell County, Tex.BOND ELECTION.-An election will be held July 25, it is stated, to vote
on the question of issuing $35,000 school-building honds•

TENNESSEE.-BONDS OFFERED BY BANKERS.-In an advertisement on a preceding page, Wm. A. Read & Co. are offering to investors,
at a price to net 4%, $9,381,000 41i% temporary loan coup. refunding
bonds dated July 1 1914 and due July 11015. Int. J. & J. in New York.
Bonds may be fully registered.
TEXAS.-BONDS PURCHASED BY STATE BOARD OF EDUCA$71,TION.-On June 10 the State Board of Education purchasedtoward
665 5% school-house bonds. Of this sum $63,065 was applied
the
while
meetings,
at
previous
for
contracted
the payment of issues
to buy.
balance. $8,600, was paid on new bonds which the Board has agreed
,
showing
purchased
bonds
the
school-house
of
n
descriptio
a
below
print
We
June:
in each case the total issue and amount of same taken by the State in
Amount
Purch'd
Total
Common
County
Option. Issue. in June.
Due.
Date.
School DistrictsJuly 15 1913 40 years 10 years 520.000 $2,500
Atascosa No. 22
1,500
6.000
10
years
40
years
15
1913
Oct.
Atascosa No. 7
900
3,000
Apr. 10 1914 20 years 10 Years
Boson° No. 52
1,000
13,000
years
10
years
40
1913
1
Sept.
17
No.
Cameron
750
2,500
None
April 10 1913 20 years
Comanche No,26
500
1.500
July 10 1913 20 years 5 years
Comanche No.43
1,000
5,000
April 10 1914 40 years None
Crosby No. 2
900
3,000
July 1 1913 40 years 2 years
Donley No. 6
540
1,200
Nov. 10 1913 20 years 10 years
Erath No.6
1,000
Jan. 10 1914 40 years 20 years 10,000
Galveston No.6
500
2.000
Jan. 10 1914 20 years 10 years
Galveston No, 15
1.000
8.000
Jan. 10 1914 40 years 20 years
Galveston No. 17
1,200
8,000
Aug 4 1913 40 years 20 years
Harris No. 43
700
8,000
June 10 1913 40 years 20 years
Harrison No. 6
1.500
6,000
5
years
40
years
1914
10
April
Jackson No. 19
1.500
6.000
April 10 1913 40 years 10 years
Jim Wells No. 12
600
1.300
Oct. 1 1913 20 years 5 years
Kaufman No. 28
400
5,200
April 10 1913 40 years 10 years
iiimt No. 13
700
4,000
July 10 1913 20 years 10 years
Limestone No,35
800
5.000
10
years
years
20
1913
10
July
Limestone No. 5
1.000
7,500
June 10 1913 20 years 10 years
Limestone No. 64
6,500
1,500
years
McCulloch No. 44__ June 10 1914 40 years ZO
1,000
8.000
yea
1913 40 years 5 years
April
Medina No. 3
1,000
Jan. 10 1913 40 years 5 years 10,000
Medina No. 9
800
4.000
5 1913 40 years 1 year
. 19
ec.
Aug
D
Mae
N
o.e3
cgdN
No. I
och
59
llam
500
2,000
20 years 5 years
500
1,000
years
5
20
years
9
1913
Dec.
27_
es
No.
Nacogdoch
1.000
6.000
years
20
June 11 1913 40 years
Notan No.24
500
5,000
Sept. 10 1913 20 years 10 years
Parker No. 23
500
1,000
San Augustine No. 16_Jan. 10 1914 20 years 10 years
900
7.400
Sept. 10 1913 40 years 20 years
Tarrant No. 18
1,000
7,500
Sept. 10 1913 40 years 20 years
Tarrant No. 52
1.000
13.500
20
years
17
Acorn
40
1913
years
91
No.
Tarrant
800
3,000
Mar. 2 1914 20 years 10 years
Travis No. 43
500
Oct. 10 1913 15 years 5 years
Upshur No. 18
500
Jan. 15 1914 20 Years 10 years
Van Zandt No. 21
N
2:000?)
April 10 1914 20 years 10 years
Van Zandt No.81
1,300
_Juno 1 1914 20 years 10 years
Van Zandt No. 109
9.000
1.700
July 15 1913 40 years 15 years
Victoria No. 9
700
5,000
Sept. 12 1912 20 years 10 years
Wharton No. 17
1,000
5
20
years
10
500
1913
years
Sept.
16
No.
Wheeler
6.000
500
June 10 1913 40 years 20 years
Wise No.92
Independent Sch. Mats
20
years
4.000
years
1,000
1
40
1913
et.
0
Arlington
4.000
500
July 1 1913 40 years 10 years
SNOOK SCHOOL DISTRICT (P. 0. Snook), Burleson County,
a Brashear
500
June 14 1913 40 years 10 years 10,000
Tex.-BONDS VOTED.-This district, it is reported, recently voted
Calallen
1,125
1
None
40
6,562.50
purposes.
1913
years
Aug.
school
for
$2,000 bond issue
3,000
April 10 1914 40 years 10 years 18.000
bsyton
Deilis
8rOs
N.-The election
3,000
Oct. 1 1913 40 years 20 years
SPARKS, Washoe County, Nev.-BOND ELECTIO
and sewer bonds author- Forney
10
1,6
0
50
2,300
Nov. 1 1913 20 years 10 years
to vote on the proposition to issue the $25,000 street
will be held July 18. Frultvale
1 year
40
1
June
1913
years
ized by the City Council on April 13 (V. 98. p. 1340)
n
ns
o
ni
is
tch
uyto
rr
a
na
G
i
0
0
2
5
1,
3
10
Jan.
40
years
1914
years
9,000
It is stated.
Groveton
July 10 1913 40 years 5 years 10,000
Stark County, Ill.501
July 10 1913 40 years 10 years 12.000
1.0
SPEER SCHOOL DISTRICT (P. 0. Speer),
questhe
in
of
favor
resulted
16
June
held
500
6,000
June 16 1913 40 years 20 years
election
-An
VOTED.
BONDS
is
18 to 4.
1.000
June 1 1913 40 years 10 years 10,000
tion of issuing school-addition bonds. The vote reported as
Lo eldesr
Lart
600
4.000
Sept. 1 1913 40 years None
Malakoff
elec
500
8,000
July 15 1913 40 years 20 years
SPENCERVILLE, Allen County, Ohio.-BONDS VOTED.-An
the elec- Matagorda
2.500
Jan. 1 1914 40 years 10 years 12,500
ertens
uratuireis
tion June22resulted in favor of issuing $10.000 bonds to rebuild
Mertens
1.000
Oct. 1 1913 40 years 10 years 14,000
tric-light plant. The vote is reported as 365 to 36.
1,000
Aug. 1 1913 40 years 20 years 12,000
Pecan Gan
T NO. 159, Wash.-BONDS Port
2,000
10 1914 40 years 10 years 10,000
April
STEVENS COUNTY SCHOOL DISTRICmade
Aransas
$5,000
the
20
of
on
June
16,000
10
years
years
3,500
was
40
sale
no
1913
1
Oct.
that
are
advised
.
e
W
SOLD
NOT
Poteet
1,000
Aug. 1 1913 40 years 15 years 12,000
school bonds offered on that day.
Rio Hondo
1,500
Aug. 1 1913 40 years 5 years 15.500
Ind. Richardson
9,000
10
years
1,000
years
40
1913
1
July
SULLIVAN SCHOOL CITY (P. 0. Sullivan), Sullivan County,
Streetman
1:08
1
00
4-year (aver.) gymnasium0
000
July 1 1913 40 years 5 years 10.000
-BOND SALE.-On June 27 $32,000 431% 9,
of
Sweeney
Co.
Trust
600
4.500
years
5
years
40
1913
10
June
school-building bonds were awarded to Sullivan Co. Loan &
Other Theney
4.05%.
of
about
basis
12.000
int.-a
years
20
1.000
and
ears
y
40
1
(101.687)
1913
for
332,540
Dec.
Sullivan
Tolar
84%0
rs
ears
3 20 years 5 yea
9113
119
bids were:
'1132.647 00 Vandyke
50 years
1
nye 1
Jul
j
E. M. Campbell. Sons & Co.. Indianapolis
Water Valley
00
32,335
1:0
years
12,000
00
10
30
is
years
40
Indianapol
1
1913
July
Miller & Co..
32,267 00 Weton
9
6.500
April 1 1 14 40 years None
Peoples' State Bank, Sullivan
32,261 00 Westminster
3,500
10
years
700
years
20
1913
1
Sept.
Breed. Elliott & Harrison, Indianapolis
32,052 50 Yantis
Sullivan State Bank
purchased $2,500 of a
32.000 00
In addition to the above, the Board of Education
J. F. Wild & Co., Indianapolis
water-works bonds of the city
total issue of $20,000 5% 10-40-year (opt.)
bonds.
4.14%
* For
11913.
Dec.
dated
J.
&
J.
Quanah
Int.
1914.
1
of
Denom. $640. Date June
BONDS REGISTERED.-The following 5% bonds were registered by the
Ohio.-BOND SALE.-On June 29 State Comptroller during the week ending May 30:
SUMMIT COUNTY (P. 0. Akron),
Due.
Option.
!rapt. (assess, and county's por- Amount.
road
Oak
Loyal
Placecoup.
5%
of
issues
two
the
40 years 10 years
1869), were awarded to R. L. $25,000 Clifton Independent School District
tion) bonds, aggregating $49,063 (V. 98, p.
2 years
int. Other bids were:
Bee County Common School District No. 24.8350 every10
3,150
Dollings Co.of Hamilton for $50.200(102.317) and$41,753 27
years
years
37,309 73
600 Callahan County Common School Dist. No.33-20
10
years
Issue.
years
Issue.
40
bonds
mm
ad
roo
s County c
ecnt;.p
Ca
0000 P
1:4
85
87,339 70
School District No. 1_20 years 10 years
ds
$42.743 82
Tillotson & Wolcott Co., Cleveland
5 years
40 years
7,347 73
42,730 27
40,000 Crockett County road bondsSch. Dist. No. 28-20 years 10 years
Seasongood & Mayer, Cincinnati
7,366 73
42,680 2.7
2,500 Williamson County Common
Hayden, Miller & Co., Cleveland
_ _20 years 10 years
7.344 73
No.
3....
Dist.
Sch.
27
42,578
Common
County
Calhoun
Cleveland
5,000
Otis & Co.,
State Comptroller during the
7,348 33
42.526 52
The following bonds were registered by the
Stacy & Braun, Toledo
7,361 63 week
_ _ 42,509 00
ending June 13:
Provident Say. Bank & Trust Co., Cincinnati
87
42,521
Option.
Due
Cincinnati
Place.
Weil, Roth & Co.,
Amount.
7,318 13
42,436 07
20 yrs.
40 yrs.
3320,000__Sweet Water Water-Works
First National Bank, Cleveland
42,296 06
20 "
"
40
Cincinnati
Harrison.
House
&
School
Elliott
Breed,
1,200W,.Bowie
a premium of $608 25 for both issues.
20 "
40 "
School House
Ohio Nat. Bank. Columbus,offered
6 500 McCullochCounty
10"
20 "
D. No. 21
C.
S.
Zandt
n
1.400__Va
e
epor=rt
SALE.-R
-NOTE
Mass.
County,
10 "
"
-20
Essex
No.81_
8.
D.
OTT,
SWAMPSC
2.000_ _Van Zandt CountyC.
miscellaneous coup. notes to R. L. Day
40 " Serially
Dist. No,5---that this city has awarded $15.000
600.000- Bell County Road Impt,
1914. Due $3,000 yearly from
1
June
Date
5 yrs.
20
1
100.19.
No.
D.
C.
S.
at
County
agdoches
Boston
2,000Nac
& Co. of
•
40 "
5 "
6,000-Jackson Co. C S. D. No. 19 32
1915 to 1919 incl.
10 ..
"
20
D.No.
8
C.
County
Zandt
-Van
1,300
the two issues of
30
June
-On
SALE.
-BOND
Y.
S.
D.
N.
C.
No.
16
E,
County
SYRACUS
1.000San Augustine
bonds (V. 98. p. 2014) were awarded as follows:Co. of
20
10
None
C. S. D. No, 58
447 reg. tax-free (aver.)
5.000--Coleman County
local-Mmt. bonds to Kean, Taylor &
112,000 each year
_Galveston County Fire-Boat
.000 535-year
$270°
75,0004.15%.
of
about
basis
a
100.468n County Street Pavng
4,000 each year
New York at
_Galvesto
150.000_
Co.,
&
Deposit
to
the
Trust
bonds
local-irnpt,
7.500 each year
8,000 3-year (aver.)100.11-a
300.000- Galveston County Municipal Building
basis of about 4.20%.
Onondaga,at
4,000 each year
40,000-Grimes County Bridge Bonds
S.
5 Yrs•
D.
C.
No.
28
Count
yrs.
20
_Kaufznan
Other bids were:
300_
Issue.
Issue.
1
$8,000
$270.000
.
yer
veryissu
Grimese
,0CO3nt
County)
Road
Wallcer
Dist
Huntsvi1le
150,000__
$8.000 00
3270,837 00
bear 5% interest, except the $40,000
bonds
Equitable Trust Co., New York
All
09
270.639
York
New
Co..
&
interest.
Dodge
555%
bears
Clark.
8,003 25 which
270,603 00
New York
Comptroller during
Wm. R. Compton Co.,
270.506 71
The following 5% bonds were registered by the State
Onondaga
Trust & Deposit Co.. New I ork
8.00000 the week ending June 20:
270.486 00
Chapman,
0,ption,
Due.
Chisholm &
60
00
8,001
PlacePurpose.
270,405
Amount.
York
New
years
Ind. Sc-h. Dist. 40 years 10
A. B. Leach & Co.,
270,351 00
320.000 Thorndale
York
years
New
10
Co.,
years
40
&
Estabrook
8.001 68
Water works
270.275 40
10,000 Leonard
York
40 years 15 years
works
Harris, Forbes & Co., New
Water
$278,627
Electro
issues_
City
both
25,000
York.for
10
years
New
years
40
Goodwin.
bonds
&
Road
Bond
10,000 Waler County
40 years 10 years
-Sewer bonds
Pinellas County, Fla.-BOND OFFERING
10,000 Granger
er
durComptroll
TARPON SPRINGS, until 12 m. July 31 by N. A. Van Winkle. J. R.
State
the
The following 5% bonds were registered by
n Bank.
Proposals will be received
ending Juno 27:
Fernald. Bond Trustees (Fare Greek-America
West Jr. or L. S.for the 835,000 street-paving, 515,000 sewer, $15,000 ing the week
Tarpon Springs),




Ng

JULY 41914.]

THE CHRONICLE

71

Amount.
Place.
Purpose.
Due.
Option.
VERMILLION COUNTY (P. 0. Danville),
-BOND ELECTION.
$1,500 00__Waller County
C S. D. No. 14 t 40 years - 5 Years -The Board of County Supervisors, it is stated,Ills.
has ordered an election for
8,000 00__Cockrell Hill
Ind. Sch. Dist. ,71.40 years .1.10 years Nov. 3 to vote on a proposition to issue 31,500,000 road
bonds.
2,000 00_ _Kerr County
C. S. D. No. 3
20
5 years
VERMILLIO COUNTY (P. 0. Newport), Ind.-BOND SALE.-On
30,000 00._YoakumSchool house40 Years
years 20 years June 23 $1,600 N434%
52
-3
(average)
road
bonds
-year
20,000 00_ _Dirnmit County
(V. 98, p. 1938)
C. S. D.
40 years 20 years were awarded, it is stated. to Miller & Co. of
Indianapolis for $1.601 55
16,000 00 _Villageof West Dallas_School-house
40 years 10 years equal to 100.096.
600 00--Jack County
C. S. D.
20 years
5 years
VERNON SCHOOL TOWNSHIP (P. 0. Vernon), Jennings County,
400.000 00__Navara County
Road Dist. No. 1 40yrs. $10,000 AY.
1,100 00__Smith County
C S. D. No. 39
20 years
5 years Ind.-BOND OFFERING.-Proposals for $3,000 434% school-house bonds
800 00_ _Smith County
C. S. D. No. 57
20 years
5 years will be received,it is stated, until 2:30 p. m.July 17 by Fred Felter. Trustee.
100.000 00_ _Trinity County
Road Dist. No.2 40 years :20 years
VERSAILLES, Darke County, Ohio.-BOND SALE.-On June 29
2.500 00__Travis County
C. S. D. No. 28
the 216.500 5% Main St. (village s portion) bonds were awarded to Well,
20 years A 1 year
Roth
THREE RIVERS INDEPENDENT SCHOOL DISTRICT, Tex.
& Co.of Cincinnati for $16,683 50(101.112) and int.(V.98.p. 1869)•
BOND ELECTION.-According to San Antonio newspaper reports, VIGO COUNTY (P. 0. Terre Haute), Ind.-BO:VD SALES.-On
an
election will be heldJuly 20 to vote on the question of issuing not exceedJune 25 the 27,900 0.6% highway-improvement bonds (V. 98, p. 1938)
ing $20,000 5% 10-20-yr. (opt.) school-building bonds.1.41Mdlail go *BM were awarded to the Fletcher-American Nat. Bank
of Indianapolis for
TIFFIN, Seneca County, Ohio.-BOND SALE.-The following are $7.948 50 (100.613) and int. Other bids were:
the bids received for the two issues of 4% sewer bonds. aggregating $2.400. Breed, Elliott & Harrison, Indianapolis
,
0
.9
942 0
$7.
and five issues of 5% sewer and paving bonds, aggregating 231,500.
Miller Co., Indianapolis
offered E. M.&
on June 26 (V. 98, p. 1938):
Campbell & Sons Co., Indianapolis
7.939 50
Interest
M.
& N.
For 5% Bonds.
Seasongood & Mayer, Cinc_234,8811 Commercial National Bank,
According to reports, $53,636 4)4% Mullikin road-improvement bonds
Otis & Co., Cleveland
34,825
Tiffin
05
0 were recently purchased by the City of Terre Haute. Denom. 51.325.
6
8
9
:
6
64
3
Tiffin Nat. Bank, Tiffin _ _ _ _ 34.685 Tiffin Say. Bank. Tiffin_ _$34
Interest semi-annual.
On June 29 the $6,500 435% 5 2-3-yr. (aver.) Samuel C. Rynerson road
Tillotson & Wolcott Co. of Cleveland offered a premium of $31 50 for
the seven issues.
bonds (V. 98, p. 2014) were awarded to Breed, Elliott & Harrison of
w
Indianapolis
for $6,534 (100.523)-a basis of about 4.40%. Other bids
TIPPECANOE COUNTY (P. 0. La Fayette), Ind.-BOND SALE.
On June 19 the two issues of
% 5) -year (average) road-improvement Miller & Co.,Indianapolis$6,532 501.7,
F. Wild & Co..Indianap.$6,531 00
bonds(V.98, p. 1635) were awarded to
Arthur Curtis as follows:
Fletcher American Nat.
$8.700 Chas. -T. Schmierer road-hnpt, bonds for 28,766 75 (100.767) and E. M. Campbell, Sons &
Co.,Indianapolis
6,531 00
int.-a basis of about 4.346%•
Bank, Indianapolis
6.52875
7.000 Jno. L. Marks et al highway-impt. bonds
for $7,053 (100.757) and byBOND OFFERING.-Proposals will be received until 10 a. m. July 6
int.-a basis of about
Thos. J. Dailey, Co. Treas., for $7,800 4)4% John II. TIollingworth
4.348%•
Other bid were:
bonds in Fayette Twp. Denom.$390. Date June 25 1914. Int. M.& N.
Fletcher-American National Bank, Indianapolis
$15,818 25 Due $390 each six months from May 15 1915 to Nov. 15 1921 incl.
Breed, Elliott & Harrison, Indianapolis
15,797
00
WALKER COUNTY (P. 0. Jasper), Ala.-BOND ELECTION.
J. F. Wild & Co.,
15,803 75 According to local newspaper reports, an election will be held July 13to
E. M. Campbell,Indianapolis
Sons & Co., Indianapolis
15.797
00
vote
on the question of issuing $30.000 road bonds.
E. F. Parr & Co., Chicago
15,784 25
WALKER
Miller & Co., Indianapo is
COUNTY
(P.
Huntsville),
0.
-BOND
Tex.
SALE.
-Ac15,781 00 cording to
Farmers' & Traders' Bank. Lafayette ($7,000)
7.066 50 (V. 98, p. newspaper reports, the $150,000 5% road bonds offered Jan. 27
326) have been disposed of.
TONAWANDA, Erie County N. Y.-BOND SALE.-It is reported
WARREN, Warren County, Pa.-BOND OFFERING.-Reports state
that the Common Council on June 25 awarded $19,000 sewer bonds to
that the Borough Secretary will receive sealed bids until 12 in. July 10 fo
Spitzer, Rorick & Co. of New York.
TOONE, Hardeman County, Tenn.-BOND OFFERING.-Proposals• 515.0004)4% semi-annual 30-year paving improvement bonds.
WARRENTON, Clatsop County, Ore.-BOND OFFERING.-Rewill be received until 12 m. July 15 by T. H. Ransom, Mayor,for $3,000
6% 20-yr. coup. school bonds. Denom. $500. Date July 1 1914. Int. por,ts state that John Evenden. Clerk of Bd. of Water Commissioners,
will receive bids until 2 p. in. Aug. 3 for 5150,0006% 20-yr. water bonds.
semi-ann. at the Merchants' & Planters' Bank, Toone.
TORRINGTON, Litchfield County, Conn.-PURCHASER OF Cert. check for 5% required.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.Ravland),
BONDS.-Concerning the sale of $250,000 4 % funding and school
bonds Jefferson County,
reported in last week's "Chronicle," page 2014, we are now advised that
the 17 1-6-year (aver.) Ohio.-BOND SALE.-On June 23 the $3.500 6%
purchase was made by Beach & Austin of Hartford as agents for Spencer
school bonds (V• 98, p. 1869) were awarded to the
Miners' &
Trask & Co. of New York, both firms haying an interest in
the transaction. Other bidsMerchants' Bank of Smithfield for $3,601 10 (102.888) and int.
TREDYFFRIN TOWNSHIP (P. 0. Devon), Chester
County, Pa. Sidney Spitzer & Co., Toledo
$3,643 00
-BOND OFFERING.-Proposals will be received
until 12 m. July 9 by First National Bank, Barnesville
J. D. Heite, Twp. Treas., it is stated, for
3.571 00
$10,000 44% semi-ann. 1-10- Chagrin Falls Bank Co.. Chagrin Falls
3,55080
yr. (serial) road-impt. bonds.
First National Bank, Cleveland
3,509.80
TROY, N. Y.-BOND SALE.-On June 29
•No
check accompanied bid
the 5100,000 59 tax-exempt
certificates of indebtedness or revenue bonds dated
June 29 and due Oct. 17
WATSONVILLE SCHOOL DISTRICT (P. 0. Watsonville), Santa
1914 (V. 98,
2014) were awarded to the Manufacturers' Nat. Bank of Cruz County, Cal.
-BONDS DEFEATED. Newspaper dispatches state
Troy at 100.42
p. and interest.
that the question of issuing the $125,000 high-school-building and equipTRURO TOWNSHIP SCHOOL DISTRICT (P. 0. Reynoldsburg), ment bonds (V. 98, p. 1713) failed
to carry at the election recently held.
Franklin County, Ohio.-BOND OFFERING.-Proposals will be reWAYNE COUNTY (P. 0. Detroit), Mich.-BONDS AWARDED IN
ceived until 12 m. July 18 by C. 0. Smith, Clerk Bd. of Ed., for 58.000
PART.
-Local
papers
dated
June
state that nearly all of the 2500,000
22
534% sub.District No. 7 building and equipment bonds. Denom. $500.
12-year (aver.) road bonds have been sold. The sale of $100,000
Date July 18 1914. Int. J. & J. at office of Twp. Clerk. Due $1.500 on 455%
of the bonds was reported in V. 98, p. 1188.
July 1 1915 and Jan. 1 1916: 22,000 July 1 1916 and $3,000 Jan. 11917.
WEST DALLAS SCHOOL DISTRICT(P.O. Dallas), Dallas County,
Cert. check on a Franklin County national bank or trust company (or cash)
Tex.-BOND SALE,-This district, it is stated, has awarded $16,000 bonds
for 1% of bonds bid upon, payable
Bd. of Ed., required. Purchaser to the
to pay accrued interest. A completetotranscript
Citizens' State Bank & Trust Co. of Dallas.
proceedings had in
of
all
the issuing and sale of these bonds will be furnished purchaser and a reasonWEST NEW YORK SCHOOL DISTRICT (P. 0. Station 3, Weeable length of time will be allowed successful
bidder for examination of same. hawken), Hudson County, N. J.-BIDS REJECTED.-The following
TULARE COUNTY (P. 0. Visalia), Calif.-BOND ELECTION PRO- bids, all of which were rejected, were received on July 1 for the $175,000
5 bonds offered
that day. (V. 98, p. 1933). The bids were:
POSED.-PetitIons are being circulated for an election
to vote on the ques- M.M.Freeman & on
tion of issuing $1.000.000 highway bonds.
Co.. Phila. 101.051R. M.Grant & Co., N. Y___101
& H.L.Crawford&Co..N.Y.
A. B. Leach & Co., N. Y__ _100.523
UNION COUNTY (P.O. Marysville), Ohio.-BONDSALE.-OnJuly 1
All the above bidders offered accrued interest in addition to their bid.
the 61,300 gravel road and $3,690 ditch 5% bonds,
aggregating
WETHERSFI
$7,990
TOWNSHIP
ELD
(V.
SCHOOL DISTRICT, Ill.-BOND
98, p 1938) were awarded to the Union Banking Co. of Marysville at SALE.-Geo.
M. Bechtel & Co. of Davenport have been awarded, it is
100.258 and 100.162, respectively. There were no other bidders.
stated. $30,000 bonds of this district for $30,529 75-equal to 101.765.
UNION SCHOOL TOWNSHIP (P. 0. Frankfort),
WEST POINT, Troup County, Ga.-BOND ELECTION PROPOSED.
Clinton County,
Ind.-BOND SALE.-On July 1 the $4.000
4 t.c% 2)4-year (aver.) building -According to reports, an election will be held in the near future to vote
bonds (V. 98, p. 1938) were awarded to
the proposition to issue auditorium constr. bonds.
on
the
First
Nat.
Bank
of
Frankfort
for 54.006 50-equal to 100.162.
Other bids were:
WHITE, Brookings County, So. Dak.-BOND NOT YET SOLD.
J. F. Wild & Co., Indianapolis
54,006 25 The City Auditor advises us that no sale has yet been made of the $18,000
Fletcher-American National Bank,
Indianapolis
4,006 00 5% 20-year water and light bonds offered without success on June 30 1913
Miller & Co., Indianapolis
4,002 00 (V. 97, p. 1767). We are further advised, however, that a private party
E. M. Campbell, Sons & Co., Indianapolis
4,001 00 nstalled the light plant.
Breed. Elliott & Harrison,
Indianapolis
4.001 00
WHITE SULPHUR SPRINGS, Meahger County, Mont.-BOND
UNION SCHOOL DISTRICT (P.
0. Union), Hardin County,Iowa. SALE.-On June 1 the 516.000
-BOND OFFERINO.P
534% 10-20-year (opt.) coupon taxable
roposals will be received. it is stated,
until 2 p.m. sewerage-system bonds (V. 98, p. 1635) were awarded to Ferris & HardJuly 7 by M. H. Green, Secretary,
Int. semi-ann. Cert. check for 2% for $18,000 5% 3-10-yr. (opt.) bonds. grove. Spokane for $16,005 (100.031) and int. Other bids were:
required.
James N. Wright & Co., Denver, par and blank bonds less $315.
UNION TOWNSHIP
Gerard & Co., Chicago, par and interest, less $313.
paign County, Ohio.- SCHOOL DISTRICT (P. 0. Urbana), Cham- Powell,
Union Trust & Say. Bank, Spokane, 516,080 and interest, less $500.
BONDSDEFE
ATED.-The
question
of issuing the Causey,
$20,000 school bonds (V. 98, p.
Foster & Co., Denver, par and interest, less $592.
1713) failed to carry, reports state,
election held June 2.
at the Ulen & Co.
of Chicago, par, int. and blank bonds, less $760.
UNION (TOWN) UNION FREE
WHITE SULPHUR SPRINGS, Greenbrier County, W. Va.-BOND
SCHOOL DISTRICT NO. 1 (P. 0.
Endicott), N. Y.-BOND SALE.-On
OFFERING.
-Further
Juno
24 the $110,000 15 1-3-year
details are at hand relative to the offering on July 14
(average) registered high-school bonds
(V. 98, p. 1938) were awarded to of the 88.0006% gold coupon tax-free water and sewer bonds (V.98, p.2015).
Adams & Co. of New York at 100.14 for
Proposals for these bonds will be received until 1 p. m. on that day by
4.355.
Howard
Templeton, Town Recorder.
UNION (TOWN) UNION FREE SCHOOL
$500. Date July 15 1914.
DISTRICT NO. 6, Interest annually on July 15 at Bank of Denom.
Broome County, N. Y.-BOND SALE.
White Sulphur Springs. Due $4,000
June 25 $100,000 school in 1924 and 54,000
bonds were awarded to Lee, Higginson &-On
in 1934. Cert. check for 10%. payable to above ReCo. of New York at 100.20 for corder, required.
Bonded debt 58.000. Assess. val. $407.665.
4.40s. Denom. $1,000. Date July 1 1914. Int. ann. on
Dec. 1. Due
52,000 Dec. 1 1915, 1916, 1917. 1918; 53,000 Dec.
WHITMAN COUNTY SCHOOL DISTRICT NO. 12, Wash.-BOND
1 1919, 1920, 1921, 1922,
1923. 1924; $4,000 Dec. 1 1925, 1926, 1927, 1928,
OFFERING.
-Proposals
1929,
1930
and $5,000
be received until 2 p. m. July 21 by H. H.
yearly Dec. 1 from 1931 to 1940 incl.
Wheeler, County Treas.will
(P. 0. Colfax), for $2,250 3-10-yr. (opt.) bldg.
and impt. bonds at not exceeding
UNIONVILLE SCHOOL DISTRICT (P. 0. Unionville),
6% int. Denom. $250. Date Sept. I
1914.
Putnam
Int.
ann.
at office of County Treas, or at fiscal agency of the State
County, Mo.-BONDS NOT ISSUED.-We are advised
the 230,000 of Washington. Cert. check
building bonds voted during April(V.98. p. 1263) have notthat
or draft for 1% of bonds, payable to County
yet been issued. Treas. required. Bidders
to state whether or not they will furnish the
necessary blank bonds. These
UPPER TYRONE TOWNSHIP SCHOOL DISTRICT,
bonds are issued under the 1909 Session
Laws of
County, Pa.-BONDS OFFERED BY BANKERS.-Perry B.Fayette
State of Washington, page 324, Secs. 1
Strass- 21 to 1 atthe
and 2; also by vote of
an
burger of Phila., is offering to investors an issue of $13.000 5%
election
held May 29. No bonded debt at present. Warrant
coupon
tax-free school bonds. Denom. $1,000. Date July 1 1914. Int. J. & J. ndebtedness Gen. Fund. 81.128 29. Assess. val.. 5369.640.
at First Nat. Bank, Scottsdale. Due $1.000 yearly
WHITTIER UNION
to 1929 incl. and $2,000 July 1 1930. These bonds on July 1 from 1919
SCHOOL DISTRICT (P. 0. Whittier),
may be registered as Los Angeles County, HIGH
to principal. Total
Calif.-BONDS VOTED.-The proposition to
bonded debt this issue. Assess. val. $669,245; real issue the $15,000
(est.) 51.250.000.
athletic-field-purchase and equipment bonds (V. 98.
P. 1869) carried by a vote of 521 to 146
at the election held June 19, it is
VANDERBURG COUNTY (P. 0. Evansville), Ind.-BOND SALE.. stated.
On June 25 the $5.200% 5 2-3-yr.
(aver.)
WILLIAMSON, Mingo County, W. Vs.-BONDS VOTED.-A bond
tax-free
Rose
road
Ave.
bonds
dated June 25 1914 (V. 98 p. 1793) were awarded
issue
of $150,000 was ratified by the voters
to Walker & Walker of
Evansville for $5.242 50 000.818) and
on June 26, according to newspaper reports. The money will
int.-a basis of about 4.33%•
be used to build a new city hall, an incinerator plant, pave streets and
VAN WERT, Van Wert County, Ohio.-BIDS.-The following
extend
the
system.
sewer
are
the other bids received for the two Issues of 57„ improvement city's porWILLIAMSON INDEPENDE
SCHOOL DISTRICT (P. 0. Williamson), Mingo County, W.NT
tion) and assessment bonds, aggregating. $10.6010. awarded on June
Va.-BOND
25
to
SALE.-On June 29 the
$50.000
Otis & Co. of Cleveland for $10,860 (102.45
% 10-34-year
B0
2)
1hand int. (_V. 98. p. 2014.):
coupon school bonds (V. 98, p. 1939) were
awarded to R. M. Grant &(opt.)
Co. of Chicago ,it is stated. at 102.57.
FOr
$8,000
Issues.
WILMINGTON, Clinton County, Ohio.-ROND SALE.
$10,000
Issue.
Breed, Elliott & Harrison. Cin
-On June 30
the 512,000 5% street-paving
$10,822 60
refunding bonds (V. 98, p. 1793) were
Seasongood & Mayer,O
awarded, it is stated, to
10,779 0n
the Ohio National Bank of Columbus
Tillotson & Wolcott Co., Cleveland
for $12.10,712 80
273 25-equal to 102.277. Due
$500 each six months from June 1 1915 to
First National Bank, Cleveland
10,696 20
Dec. 1 1926, inclusive.
Stacy & Braun, Toledo
$10,163 15
WOODBURY COUNTY (P. 0. Sioux City), Iowa.-NO ACTION
Rudolph Kleybolte Co.. On
$8,212 00 YET TAKEN.-No
action has yet been taken looking towards the issuance
Provident Say. Bk. & Trust Co.. Cin__
8.162 40 of the $500.000 court-h
ouse bonds voted June 1 (V. 98, p. 1794)•




[VOL. xcix.

THE CHRONICLE

72

$24.675
$50.000 810.000 $10,000 $11,950 $3,460 $5,190 $7,210
Green), Ohio.-BOND SALE.
(8)
(7)
(4)
(5)
(6)
(3)
WOOD COUNTY (P. 0. Bowlingfor
(2)
(1)
the$50,0005% road imp't. bonds
$12,076 $3,482 $5,236 $7,282 824,956
$10,203
$10,203
Following is a list of the bids receiveddated
$51,833
A
bonds
$40,000
1914,
15
July
5,262 7,309 25,020
3,508
12,117
10,225
10,225
dated July 14 1914 $50,000 bonds
51,904
B
dated July 17 1914 (V.98, p. 1869).
24,965
dated July 16 1914 and 830,000 bonds Savings
51,717 10,196 10,196
Bank Co. of Bowling Green C
10,180 10,160 12,069 3,470 5,205 7,231 24,921
awarded June 29 to the Wood County
D
interest:
24,795
7,221
5,195
3,461
12,006
10,112
10,112
for an aggregate premium of $1,730 and accrued Premium
51.130
E
51,595 10,178 10,173 12,062 3,486 5,230 7,266 24,906
F
Fourth
Third
Second
First
three Bret issue
for
bulk
in
bid
$72,223
G
Issue.
Issue.
Issue.
Issue.
24,878
51,073
H
The Davies-Bertram Co_ _ __1
51,592 10,188 10,188 12,078 3,461 5,212 7,253 24,979
40 00 $340 00 $272 00 $204 00 /
24,948
7,290
5,247
3,488
12,082
10,201
Breed, Elliott Az Ilarrison,„ JCincin..$376
10,201
51,835
46 40 J
62 80
76 40
40
First Nat. Bank. Cleveland
51,405 10,147 10,147 12,016 3,476 5,214 7,243 24,790
360 00 360 00 288 00 216 00 K
24,907
12,062
Hayden, Miller & Co., Cleveland
10,211
10,211
51,842
00
75
L
00
100
125 00
125 00
24,921
Otis Az Co., Cleveland
51,555 10,163 10,163 12,060
335 00 335 00 268 00 201 00 M
10,171
The Tillotson & Wolcott Co., Cleve
51,812 10,171
284 00 213 00 N
355 00 355 00
10,112
The Prov. S. Bk. 8z Tr. Co., Cincin
10,112
51,062
-O
$1,475 50 on four issues
E. H. Rollins & Sons, Chicago
52,041 10,243 10,243
390 09 390 09 312 06 234 04 P
(B) Curtis & Sanger, N. Y. My:
Stacy & Braun, Toledo
(A) W. R. Compton Co., St. Louis, Mo.; Miller
00 240 00
& Co., Cleveland: (E) Ohio
Wood Co. S.Bk.Co.,Bowling Green- 595 00 525 00 370
(C) Stacy & Braun, Toledo, O.; (D) Hayden,
Co.,
Boston: (0) E. H. Rollins & Son,
-On Nat. Bank, Columbus: (F) R. L. Day &
WOODSTOCK, Champaign County, Ohio.-BOND SALE.
Rorick dr Co., Toledo;
(I)
Spitzer,
Cleveland:
Bank,
Nat.
First
-improvestreet
taxable
(N)
coupon
(average)
ear
Chicago;
July 1 the $3,000 6% 3%-y
son & Co„ Chicago;(K) Provident Say. Bank & Tr. Co., Cincinnati:
ment bonds (V. 98, p. 1939) were awarded to Stacy & Braun of Toledo for (J) Farsoo,
(M) Breed, Elliott & Harrison, Cincinnati:
Cleveland:
Co.,
&
Denison
were:
bids
E.
Other
C.
interest.
(L)
and
$3,037 45 (101.248)
$3,000 (N) Seasonzood & Mayer, Cincinnati:(0) Atlas Nat. Bank, Cincinnati;(P) Harris,
Security S. Bk.& Tr. Co.,Tol.$3,0361Woodstock Bank
Forbes Az Co., N. Y. City.
First Nat. Bank,Barnesville_ _ 3,0211
3 to Harris, Forbes Az Co.; No.4 to
Bonds were awarded as follows: Nos. 1,2 and
to W. R.CompWOODCRAFT, Crook County, Wyo.-BOND OFFERING.-ProRorick & Co.: No. 5 to R. L. Bay Az Co.: Nos. 6 and 7 above.
Spitzer,
All bids
Town
d,
at bids as shown
All
Co.
R.
Shacklefor
to Spitzer, Rolla Az
posals will be received until 8 p. m. July 13 by D.
ton & Co.: No. 8
delivery.
of
date
to
interest
Clerk, for 815,0006% reg. coupon water-works-system-construction bonds.
accrued
include
Treas.
20 by
of
Town
July
p.
office
2
m.
at
J.
until
be
8z
received
J.
will
s
Int.
1914.
1
Denom. 51.000. Date July
BOND OFFERING.-Proposal
c coupon or reg. bonds:
Due $1,000 yearly on July 1 from 1929 to 1943 incl. Cert. check for 5% Dan J. Jones, City Aud., for the following 57
yearly
54,000
Due
bonds.
portion)
(city's
ent
-improvem
required.
bid,
of
$20,000 street
on Oct. 1 from 1916 to 1920 inclusive.
WOODLAWN SCHOOL DISTRICT (P. 0. Woodlawn), Hamilton
Due Oct. 1 1917.
3,000 electric-light-plant bonds.
whether or
County, Ohio.-BOND ELECTION.-The election to decide
bonds. Due Oct. 1 1917.
3,000 Glenwood Ave. wall
not $3,000 school-repair bonds shall be issued (V. 98, p. 1482) will be held
paving bonds. Due $350 yearly on Oct. 1 from 1915
Ave.
Rice
1,950
July 14, according to a Cincinnati newspaper.
to 1919 inclusive.
yearly on Oct. 1 from 1915
15.400 Ayers St. paving bonds. Due $3,080
WORCESTER COUNTY (P. 0. Snow Hill), Md.-BOND SALE.-On
coupon
registered
tax-free
(serial)
1919 inclusive.
-year
to
-50
June 16 the $25,000 5% 26
yearly on Oct. 1 from
$990
Due
bonds.
paving
to
stated,
Ave.
is
Townsend,
4,950 Haseltine
bridge bonds (V. 98, p. 1794) were awarded, it
1915 to 1919 inclusive.
Scott & Son and Baker, Watts & Co. of Baltimore at 105%•
$160 yearly on Oct. 1 from
Due
bonds.
paving
Ave.
8,000 lialleck
WORCESTER COUNTY, Mass.-TEMPORARY LOAN.-On July 3 a
1915 to 1919 inclusive.
temporary loan of $70.000 dated July 8 and due Dec. 15 1914 was nego$2,215 yearly on Oct. 1 from 1915
11,075 Steel St. paving bonds. Due
tiated, it is stated, with the First National Bank of Boston at 3.60% disinclusive.
1919
to
yearly on Oct. 1 from
count.
12.675 South Ave. paving bonds. Due $2,535
YONK.ERS, N. Y.-BOND SALE.-On June 30 the six issues of 4%%
1915 to 1919 inclusive.
to
Bond
yearly on Oct. 1 from
were
awarded
p.
2015),
98.
$2,690
(V.
$496,500
Due
reg. bonds, aggregating
13,450 Himrod Ave. paving bonds.
& Goodwin of New York at 101.822. Other bids are reported as follows:
1915 to 1919 inclusive.
York
yearly on Oct. 1 from
&
101.736
New
Sons,
Rollins
H.
E.
$1,084
and
Due
Co.
bonds.
Tr.
paving
St.
Equitable
5,420 new Court
101.588
Rhodes & Co. and Harris. Forbes &Co., New York
1915 to 1919 inclusive.
100.84
St. sewer bonds. Due $133 yearly on Oct. 1 from 1915
Estabrook & Co.. New York
Garlick
665
102.413
Barbour & Co., New York, $80,000 water
1919 inclusive.
1915 to
1,180 Center St. sewer bonds. Due $236 yearly on Oct. 1 from
YORK, York County, Pa.-BOND SALE.-On June 30 5200,000
-paving
street
and
r-construction
1919 inclusive.
water-sewe
% sanitary and storm
Oct.1
on
yearly
bonds.
Due
$2,352
sidewalk
street
11,760 Oneta et al 1919 inclusive.
bonds were awarded, it Is stated, to Geo. S. Fox & Sons and Martin & Co.
from 1915 to
of Philadelphia at their joint bid of 5206,104 20 (103.0521).
on Oct. 1 from 1915
yearly
Due
bonds.
$4,333
paving
St.
Foster
21,665
YOUNGSTOWN, Ohio.-BOND SALE.-The bids received for the
to 1919 inclusive.
8 issues of 5% bonds offered June 22 (V. 98, p. 1714) were as follows:

NEW LOANS

NEW LOANS.

NEW LOANS.

$100,000
$50,000
Town of Kensington, Md., Lackawanna County, Pa.,

$820,000

CITY OF CHICAGO

5% Sewer & Water Coupon Bonds

4 PER CENT GOLD BONDS
For Sale
Office of the Comptroller
PRICE, PAR AND ACCRUED INT.
:-170,000 Health Department Building Bonds, and
8350,000 Bathing Beach Bonds.
These bonds are 4%, 20-year serial gold bonds,
in denominations of $500, each; dated July 1st,
1914, and maturing serially in from 3 to 20 years.
These bonds were approved by the voters at
the election held Tuesday, April 7, 1914.
They are exempt from the Income Tax.
These bonds are the direct obligation of the
City of Chicago. The faith and credit of the City
are pledged to pay both principal and interest
as they mature and an annual tax levy therefor
is required under the constitution.
These bonds are a legal investment for savings
banks In the New England States and New York.
They are a legal investment for trust funds and
are acceptable as security for Postal Savings
Deposits.
The legality of the issue was approved by Wood
& Oakley of Chicago.
All information pertaining to these bonds may
be had on application to the City Comptroller.
JOHN E. TRAEGER,
Comptroller.

Mayor
Sealed proposals will be received by the
. Maryland,
and Town Council of Kensington
until
Treasurer,
Hughes,
addressed to C. R.
DAY OF JULY
8 P. M. o'clock, on the 114TH thousand
dollars
1914. for the purchase of fifty coupon bonds, in
Five Per Cent sewer and water
dollars each,
denominations of five hundred
the bonds to be
interest payable semi-annuallyat; the rate of one
redeemed by Serial numberthe first two of said
thousand dollars per year,
years after date,
bonds being redeenable three
each year thereafter
and two each of said bonds
bonds are issued
These
order.
proper
In their
of Maryland
under Act a the General Assembly county and
and are negotiable and exempt from
municipal taxation. accompanied by a certified
Each bid must be
total amount of
check for Two per cent of the
and.all
bonds bid for. The right to reject any
bids is reserved.
to said
Any further information in relation
bonds will be gladly furnished upon request.
C. R. HUGIIES,
Clerk and Treasurer.
Kensington. Maryland.

MUNICIPAL AND RAILROAD

IRVING WHITEHOUSE CO., Inc.
INVESTMENT BONDS
8% First Mortgage Loans
Stocks or Bonds
nrw'malion on any Western
furnished on request.
Wash
215-217-218 Hutton Bldg.. Spokane.

$75,000

North Haven Township,
County of New Haven, Conn.
VA% BONDS

LAWYER.
Specializing in Examination

of

Municipal and Corporation Bonds

Bolger,Mosser&Willaman

BLODGET & CO.

Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.

29 South La Salle St.,




BONDS
LIST ON APPLICATION.

SEASONGOOD & MAYER
Ingalls Building
CINCINNATI

GRAND RAPIDS.

F. WM. KRAFT

Proposals will be received until 4. P. M.JULY
North
8TH by D. W. Patten, First Selectman,Bonds.
% Town
Haven, Conn., for $75,000
due November 1st, 1943. Denominations, $65,000 of $1,000 each and $10,000 of $500 each.
Certified check for 2% of bonds bid for, payable
to Town of North Haven. required.

MUNICIPAL BONDS

4% Road Improvement Bonds
Sealed proposals will be reeek ed hy the County
of Lackawanna for the sale of One Hundred
Thousand Dollars worth of Lackawanna County.
Pennsylvania,(4% per cent) Road Improvement
Bonds,for the purpose of improvement and repair
of public roads in said county that are already
constructed, or in course of construction, or that
may be constructed under the provisions of the
Act of Assembly of the 26th day of June, A. D.
1895, P. L. 336, and its supplements and amendments thereto. All bids to be accompanied by a
certified check of Five Thousand Dollars,to be
to
made payable to Lackawanna County. Bids
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:
COLLINS,
RALPH
Deputy County Controller.

517-520 HARRIS TRUST BUILDING.
111 WFST MONROE STREET

CHICAGO, ILL.

BONDS
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK

WE PURCHASE
Public Service Properties
which have established earnings.

Kelsey, Brewer & Co.
BANKERS
ENGINEERS-OPERATORS
Grand Rapids, Mich.

WE BUY AND SELL
of Public Utility Securities
Issues
BONDS
Entire
AD
RAILRO
&
CITY
STATE,
CHICAGO

JULY 41914.]

THE CHRONICLE

73

7,015 Elm St. paving bonds . Due $1,403 yearly on Oct. 1 from 1915
MAYCROFT SCHOOL DISTRICT, Alta.-DEBENTURE SALE.
to 1919 inclusive.
An issue of 31,500 7% debentures, payable in 20 annual installments, has,
5,565 Morse St. grading bonds. Due $1,113 yearly on Oct. 1 from according to reports, been sold by this district.
1915 to 1919 inclusive.
MEDICINE HAT, Alta.-RESULT OF DEBENTURE ELECTION.
Date July 27 1914. Int. J. & J. at office of Sinking Fund Trustees.
Cert. check for 2% of each block of bonds bid for, payable to City Aud., An election held June 2 resulted, it is stated, in favor of $14.000 hospital
required. Bonds to be delivered and paid for not later than July 27. and $2,500 market-improvement debentures and in the defeat of the $17.500
park-improvement debentures.
Separate bids must be made for each issue.
MONTREAL, Que.-BOND OFFERING.-At 5 p. m. July 14 bids will
be opened by the Catholic School Board, it is reported, for $500.000 43'X %
40-year bonds. Certified check for 1% required.
ORILLIA, Ont.-DEBENTURES VOTED.-The by-law providing for
ALBERTA SCHOOL DISTRICTS.-DEBENTURE OFFERING.
issuance of the $85,000 water-works debentures carried, it is stated, at
Tenders will be received until 4 p. in. July 26 by the Bond Branch of the the
Department of Education, W. R. Alger. Manager, at Edmonton for the the election held June 18 by a vote of 315 to 249.
following debentures:
OTTAWA, Ont.-DEBENTURES AUTHORIZED.-Reports state
$25,000 Redcliff Sch. Dist. No. 22836% 20-year debentures.
that the City Council has authorized the following debentures: $50,000
3.000 Bow Island Sell. Dist. No. 1883 6% 5-year debentures.
drainage, $5,000 city's share of Canadian Northern By. subway, $8,000
2,500 Three Hills Sell. Dist. No.3048 6%% 5-year debentures.
Howick Hall additions, $50,000 Horticultural and Agricultural Hall.
4,000 Delburne Sell. Dist. No. 2919 6%% 10-year debentures.
330.000 drainage,$80,000 bridge,$36,000 discount on debentures,$120,000
ANTHONY HILL, Alta.-DEBENTURE SALE.-This district, it is aqueduct, $60,000 sewer, $40,000 water works and $80,000 water mains.
stated, has sold an issue of $1,000 7% debentures, payable in 8 annual
POINTE AUX TREMBLES, Que.-DEBENTURE OFFERING.-Pronstallments.
posals will be received until 6 p. m. July 8 by Richmond De Celles, Sec.
Treas., for $150,000 6% 40-yr. college-constr. and land-purchase debenBLADWORTH, Sask.-DEBENTURES AUTHORIZED.-The issu- tures.
ance of $10,000 bldg. and road-impt. debentures were authorized, it is to the Denom. $1,000. A check on a chartered bank for 31.000, payable
School Commissioners, required.
stated, on June 8.
BRANT CONSOLIDATED SCHOOL DISTRICT NO. 1703, Man.- in QUEBEC, Que.-LOAN.-A £1,000,000 4%% loan was underwritten
London
at par on June 29, according to cable advices.
DEBENTURE SALE.-On June 15 the $9,000 6% coupon school debentures (V.98.
1870) were awarded to Brent, Noxon & Co. of Toronto for
RENFREW, Ont.-DEBENTURE.S ELECTION.-This municipalityon
$8,840 (98.222)
p. and interest. Other bids were:
July 4 will submit to the ratepayers, it is stated, a by-law to issue $11,000
Proctor Bros., Woodlands
97.50 John Kolmer, Winnipeg
95 Aberdeen Park purchase debentures.
W. L. McKinnon & Co.,Reg--97.461
ST. AGNES ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT
BROADVIEW, Sask.-DEBENTURE OFFERING.-Proposals will be iN
tO
is.st
2a
2ted
(P
.
. 0. Moose Jaw), Sask.-DEBENTURES NOT SOLD.-The
received until 6 p. m. July 20 by A. Sinclair, Sec.-Treas., for $18,000 6% 167,000
school debentures offered on June 17 (V. 98, p. 1794) were not sold,
gas-producer electric-light-plant debentures, repayable in 15 equal ann.
installments of principal and interest.
ST. VITAL (Rural Municipality), Man.-DEBENTURE ELECTION.
CALGARY, Alta.-DEBENTURES VOTED.-The questions of issuing
election will be held July 9 to vote on the proposition to issue $140,000
the following debentures: $360,000 for aid to Calgary Industrial Exhi- -An
bition Co. and $90,000 for concrete sub-base-construction under railway 6% 20-annual installment road debentures.
tracks. (V. 98, p. 9939) carried on June 26. It is expected that it will be
STAMFORD TOWNSHIP, Ont.-DEBENTURE SALE.-0. A. Stimsome time in the fall before the city is prepared to offer these debentures son
& Co. of Toronto are reported as having purchased 124,500 53 % deand that they will bear date of July 1 1914 and extend over a period of bentures, payable
in 30 annual installments.
30 years, with interest at 5%.
TORONTO, Ont.-DEBENTURES AUTHORIZED.-Council has
CHATHAM, Ont.-DEBENTURE SALE.-R. C. Matthews & Co.
passed
by-laws, it is said, to raise the following amounts: $203,660 for
of Toronto have been awarded, it is stated, $40,645 5)X% debentures.
the reconstruction of
New Beach sewer outlet; $228.580 to make a grant of
HUMBERST ONE TWP., Ont.-DEBENTURES AUTHORIZED.
to the Toronto General Hospital; 169,411 for Beech Avenue main
Council has, it is said, authorized, a loan of $15,000 for the erection of a $210,000
and
other mains; $243.000
to provide the balance of the estimated cost of
school in School Section No. 4 near Dainville.
the Gerrard Street Bridge over
the Don to cost $443,000;$43.540 to provide
HERBERT, Sask.-DEBENTURE OFFERING.-Proposals will be for cost of Princess
St.
cribbing;
3111,244 for a retaining wall on Dundas
received until July 6 for $5,000 6%% 20-yr. school-completion debentures. St., $13,000; St. Clair Ave.
Bridge, $80,000, and additional expenditure
KAMSACK, Ont.-DEBENTURES DEFEATED.-The ratepayers on on Crawford St. Bridge, $9,200; and $85,340 made up as follows: office
building
June 11, it is stated, defeated a proposition to issue $30,000 school debens.
adjoining central
hall, $3,440; telegraph building adjohaing
fire hall, $2,590; firefire
hall,
St.. East Toronto. 34.140; Balmoral
LACOMBE, Alta.-DEBENTURE ELECTION.-On July 4 a propo- central
Ave. fire hall, $4,760; HowlandMain
Ave. fire hall. $1,555; Clarement St.
sition to issue $3,500 electric-light-power-plant-impt. debentures 1011 be police
station, $21,245; Markham and London streets police station.
submitted to the ratepayers, it is stated.
$20.510; Davenport Road and New St. police station, $27.100.

Canada. its Provinces and Municipalities.

ENGINEERS •

MISCELLANEOUS.

MISCELLANEOUS

THE J. G. WHITE COMPANIES

STONE & WEBSTER

H. M. Byllesby & Co.

ENGINEERS - MANAGERS
Fl NANC I ERS

SECURITIES OF
PUBLIC SERVICE CORPORATIONS

43 Exchange Place. - NEW YORK
Chicago

San Francisco
London
Manila, Para, Buenos Aires, Santiago, Chill

Alfred E. Forstall

Charles D. Robison

FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
SS William St.,

Incorporated
NEW YORK
CHICAGO
Trinity Bldg. Cont. & Comm.
Bank Bldg.

TACOMA
Washington

Purchase, Finance, Construct and
Operate Electric Light, Gas,Street
Railway and Water Power Properties.

STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS

Examinations and Reports
Utility Securities Bought and Sold

STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS

CHICAGO, ILL.
Continental-Commercial Bldg.

BOSTON

NEW YORK CITY

147 MILK STREET

C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public, Utilities and Industrials
RFPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alton S. Millar

Alex. C. Humphreys

HUMPHREYS& MILLER,Inc

NEW VORIS

CHICAGO

5 NASSAU ST. FIRST NAT.BANK BLDG.

SIMON BORG & CO.,

CERTIFIED
PUBLIC ACCOUNTANTS

BANKERS
Members of New York Stock Exchange

No. 20

Nassau Street -

ROBINSON, MASQUELETTE &(q.

New York

HIGH-GRADE
INVESTMENT SECURITIES

NEW ORLEANS
WHITNEY 8455 BLDG.

HOUSTON, TEX
UNION NAT. 6K.BLIDG.

ENGINEERS

Power-Light-Gas

163 BROADWAY

NEW YORK

Alining (Engineers%
H. M. CHANCE & CO.
Mining Engineers and Geologists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.




PHILADELPHIA

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.

Girard Trust Company
PHILADELPHIA
Chartered 1836

CAPITAL and SURPLUS,$10,000,000
E. B. Morris, President.

xcix.

THE CHRONICLE

74

ififlan r tIll

ifinancial

ATLANTIC MUTUAL INSURANCE COMPANY.

New York, January 22d, 1914.
The Trustees. in conformity with the Charter of the Ctonpasta, submit the following statement of its affairs on the
dLst of Decetstber. 1913.
The COVIVW21/3 business has been confined to marine and inland transportation insurance.
53,600,334 83
Premiums on such risks from the lot January, 1013, to the 31st December, 1013
787.050 94
Premiums on Policies not marked on 1st January, 1913
Total Premiums

$4,367,385 77

Premiums marked off from January 1st, 1913. to December 316t, 1913

53,712.602 61

Interest on the investments of the Company received during the year__-_3308,419 48
39,877 94
Interest on Deposits in Banks and Trust Companies, etc
130,212 32
Beat received less Taxes and Expenses

478,609 72

51,700,888 32
5233,432 06
320,813 71
47 58 5.54,343 3,5

Losses paid during the year
Less Salvages
Re-Insurances
Discount

$1,236,544 97
Returns of Premiums _______________________________________________________ $105,033 85
Expenses, Including officers' salaries and clerks' compensation, stationery, advertisements,etc---------------------------------------------------------------- 650,942 03
A dividend of Interest of Six per cent on the outstanding certhicate.s of profits will be paid to the holden!
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the Issue of le08 will be redeemed and paid to tile holders thereof, or their
legal representatives, on and after Tuesday the third of February next, from which date all Interest thereon
Will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending 31s1
December. 1913. which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
O. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES
SAMUEL
T.
HUBBARD,
BEACH,
JOHN N.
CHARLES M. PRATTO
THOMAS IL HU1313ARD,
ERNEST C. BLISS,
DALLAS B. PRATT.
LEWIS CASS LEDYARD,
WALDRON P. BROWN.
ANTON A. RAVEF,
H.
WILLIAM
LEFFERTS,
CLAFLIN
JOHN
JOHN J. RIKER,
D.
CHARLES
LEVERICEI,
GEORGE C. CLARK,
DOUGLAS ROBINSON.
GEORGE H. MACY,
CLEVELAND H. DODGE!
WILLIAM J. SCIIIEFFELIN
NICHOLAS F. PALMER.
CORNELIUS ELDERT,
WILLIAM SLOANE,
HENRY PARISH,
LOUIS STERN,
RICHARD H. EWART,
ADOLF
PAVENSTEDT.
WILLIAM A. STREET;
PHILO' A. S FRANKLIN!
JAMRS H. POST,
HERBERT L. GRIGGS.
GEORGE E. TURNURE.
RICHARD H. WILLIAMS.
ANSON W. HARD,
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President.
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits In Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, contenting offices
Real Estate on Staten Island (held under
provisions of Chapter 481.1aWe of 1887)
Premium Notes
B lie Recel vable
Mill In hands of European Bankers to
pay losses under policies payable In
foreign countries
Cash in Bank
Temporary Investments (Payable January and February. 1914).
Loa..

$4870.000 00
1.783.700 00
2,737 412 00
282,520 00
1,000,000 00
4290,426 04
75,000 00
475 727 45
C05,891 79

LIABILITIES.
Estimated Losses and Losses Unsettled
51,806,024 00
in process of Adjustment
654,783 26
Premiums on Unterminated Risks
2114,136 25
Certificates of Profits and Interest UnPaid
108,786 90
Return Premiums Unpaid
28,905 88
Iterve for Taxes
221,485 06
It
Premiums
Claims not Settled, including Compen70,799 43
sation etc
Certificates of Profits Ordered Redeemed,
22,556 09
Withheld for Unpaid Premiums
7,240,320 00
Certificates -, Profits Outstanding

177.881 39
8,38,485 49
505,0001)0
10.000 00

,841.227 29
Thus leaving a balance of
$5161026
Accrued Interest on the 31s4 day of December. 1913, amounted to
28,378 26
Rents due and accrued on the 31st day of December, 1913, amounted to
Re-insurance due or accrued, in Companies authorized in New York, on the 31st day of December. 1138.830 09
1913, amounted to
55,003 22
Unexpired re-Insurance premiums on the 31st day of December, 1513. amounted to
Note: The Insurance DePartment haS estimated the value of the Real Estate corner Wall and
450,573 96
William Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And tne property at Stolen Island in excess of the Book Value, at
of December, 1913, extie Market Value of Stocks. Bonds am', other Securities on the 31st d
ceeded the Compauy's valuation by,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1,268,075 10

bait nce would

Ft?,Let us send you copy of
,list of securities
selected'
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, S15,500,000

La Salle and Jackson Streets
CHICAGO

Public Utilities
In Eirowind communities boudht
and financed.
giTheir securities offered
to investors.

510.117,79687

113,259.024 16

Ii the hula of these Increased ,,aluatilms the

JULY

Do-

54,926,33809

Mellon NationalPA.Bank
PITTSBURGH,
8-26

3% on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited

Resources over - $65,000,000

Middle West
Utilities, Co.
112West Adam St.
CHICAGO.

ILLINOIS

Mountain States
Telephone
IN
COLORADO.
BELL SYSTEM
NEW MEXICO, ARIZONA. UTAH.
WYOMING. IDAHO AND MONTANA

7% STOCK
No Bonds—No Preferred Shares

BOETTCHER, PORTER
eSi COMPANY
DENVER

OM,

The Union Trust Company of New York offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
The Union Trust Company will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts. A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are Solicited.
UNION TRUST CO. OF NEW YORK, 80 Broadway
$8,300,000
Capital and Surplus



We Are Specialists
in the following types of sound securities,
netting 5A to 6%.
First Mortgage Serial Bonds Issued by Department Store corporations of the highest credit
standing in the large cities.
First Mortgage Serial Bonds secured by the
highest class of improved real estate in Chicago
awl other Western cities.
First Mortgage Loans secured by improved
Chicago property.
No investor has •ver been comeelled to
accept loss on any eeeurity purchased of
this house.

S.W.STRAus & Co.
;;TiCii4DBANKERS
"
MORTGAGi
LISKSOIOSA

STRAUS aulLOING

ONE WALL STREET

CHICAGO

NEW YORK