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i
a
I N C L U D I N G
B ank &
Q u o ta tio n
S e c tio n
R a ilw a y &
R a ilw a y
E a r n in g s
S e c tio n
B a n k e rs ’ C o n v e n tio n
V O L . 98
I n d u s tr ia l S e c tio n
S A T U R D A Y ,
W EEKLY.
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
*4 20
Transient matter per inch spaco (14 agate lines).................
( Two Months
(8 times)""."**"” " " " ” ” " 22 00
Standing Business Cards < Toreo Months (13 times)......................... 29 00
) Six Months
(20 times)......................... 60 00
V Twelve Months (52 times).......................... 87 00
Chicago Office—Geo. M. Shepherd, 513 Monadnock Blc Jc;Tel.Harrison401&,
London Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W l b L I A M II. D A N A C O M P A N Y , P u b l i s h e r s ,
P . O. B o x 0 5 8 .
f r o n t , P in e niul D e p e y ste r 8 ts.,
N ew Y o r k ,
r P l}b l'she<1 e v e ry S a t u rd a y m o rn in g b y W I L L I A M B . D A N A C O M P A N Y ,
J a c o b S e ib e rt J r . , P re s id e n t a n d T r e a s .: G e o rg e S . D a n a a n d A rn o ld G . D a n a .
v ic e -1 re sid e n ts; A rn o ld G . D a n a , S e c. A d d re s se s o f a ll, O ffic e o f the C o m p a n y
RETURNS.
Tho following table, mado up by telegraph, &c., indicates that tho total
bank clearings of all tho clearing houses o f tho United States for the week
ending to-day have been $2,985,423,474. against $3,084,538,512 last week
and $2,955,011,794 tho corresponding week last year.
1914.
1913.
Per
Cent.
N ew Y o r k ___
B o s t o n .............
P h ilad elp hia B a ltim o re ____
C h i c a g o ..........
S t. L o u is ____
N ew O rleans-
8 1,3 49 ,41 0,4 5 5
1 09 ,80 6,3 05
1 27,046,907
2 6,2 26 ,28 2
2 4 0 ,43 5,0 14
0 1,0 84 ,73 2
15,349,698
S I ,3 20 ,79 7,2 35
108,028,420
134,178,814
30,9 01 ,83 9
2 49 ,52 7,0 42
62,959,511
13,748,338
+ 2 .2
+ 1.6
— 5 .3
— 15.1
— 1.2
— 3 .0
+ 11.6
S even cities, liv e d a y s .
O th er cities, liv e d a y s ___
8 1 ,9 35 ,35 9,4 8 3
542 ,07 6,2 98
8 1 ,9 20 ,14 1,2 1 5
5 10 ,08 7,4 62
+ 0 .8
+ 6 .2
T o t a l all cities, fiv e d a y s ..
A ll cities, on e d a y ____________
8 2 ,4 77 ,43 5,7 8 1
507 ,98 7,6 93
$ 2,4 30 ,22 8,6 7 7
524 ,78 3,1 17
+ L9
— 3 .2
T o t a l all cities fo r w eek .........................
$ 2 ,9 8 5 ,4 2 3 ,4 7 4 1 $ 2 ,9 5 6 ,0 1 1 .7 9 4 I
+ 1 .0
Tho full dotails for tho week covered by the above will bo given next
Saturday. Wo cannot furnish them to-day, clearings being made up by tho
clearing houses at noon on Saturday, and hence in tho above tho fast day
o f the week has to bo in all cases estimated, as wo go to press Friday night.
Wo present below detailed figures for tho week ending with Satur
day noon, Juno 20, for four years:
Week ending June 20.
Clearings at1914.
N ew Y o r k ............
P h ila d e lp h ia ____
P ittsb u rg h _______
B a lt im o r e _______
B u f f a l o .................
W a s h i n g t o n ____
A lb a n y ...................
R o c h e s t e r _______
S cran ton . .......... _
S y r a c u s e ________
T r e n t o n ______
W h e e lin g ________
R e a d i n g ................
W ilm in g to n _____
W ilk e s -B a r r e ___
G re e n s b u r g _____
Y o r k ____________
E r i e -------- ----------( Jhester _________
A l t o o n a _________
B in g h a m t o n ____
L a n c a s t e r .............
M o n t c l a i r ............
1913.
S
$
1 ,689,244,215 1,792,758,726
162,230,463
160,030,100
51,3 07 ,16 6
58,3 27 ,60 5
33,9 09 ,20 0
4 3 ,3 48 ,44 5
13,721,051
12,690,717
7 ,2 8 7,4 36
7 ,9 3 2,1 75
5,98 1,2 42
0,83 8,6 27
4 ,8 3 0,5 76
4,70 9,1 03
3,36 5,4 36
3,06 7,1 09
2,80 3,3 72
2 ,7 6 3,9 29
1,770,487
1,666,769
2 ,738,421
2 ,1 4 9,1 67
1,877,228
1,898,464
1,972,159
1,680,913
1,588,222
1,501,623
638,142
553,738
852,044
950,263
1,112,235
1 ,058,878
730,199
770,500
600,000
649,057
624,000
673,900
1,559,387
1 ,3 0 9,0 08
413,615
466,667
T o t a l M id d le . 1,99 1,1 56 ,29 0 2 ,1 0 8 ,4 5 1 ,5 4 9
B oston ...................
P r o v id e n c e ..........
H a r t f o r d ___•____
N ew H a v e n . ___
S p r in g fi e ld ..........
P o r t l a n d ________
W o r c e s t e r _______
F all R iv e r . ____
N ew B e d fo r d ___
H o ly o k e .......... ......
L o w e l l ..........
B a n g o r....................
140,871,640
7 ,5 9 5,0 00
4,90 2,0 59
3,26 8,5 20
3,07 4,2 99
1,922,214
2 ,5 3 2,5 10
1.417,018
1,276,612
663,737
924,599
410,093
137,795,070
7 ,8 0 7,2 00
4 ,1 3 4.0 11
2 ,8 0 9,8 72
2 ,4 1 7 ,2 4 5
1,789,312
2 ,5 4 2,9 52
976,605
1 ,052,394
628,056
486,933
572,828
T o t a l N ew E n g .
108,858,307
163,012,544
NoM .— F or
Canadian clearings
Inc. or
Dec.
— 5.8
+ 1.0
— 12.6
— 21.8
+ 8.1
— 8.1
— 12.5
+ 2.0
+ 9 .7
+ 1.8
+ 6.2
+ 27.4
— 1.1
+ 17.4
+ 1.7
+ 15.3
— 10.3
+ 5.1
— 5 .2
— 7.0
— 7.4
+ 19.1
— 11.4
1912.
1911.
S
$
1 ,739,485,164 1 ,725,135,750
1 51,193,028
147,263,033
53,4 90 ,37 0
49,3 46 ,63 3
35,5 99 ,88 7
32,8 12 .49 6
10,685,790
10,220,589
7 ,107,019
0 ,4 1 6,0 05
7 ,6 2 6,2 28
5 ,5 5 9,9 00
4 ,4 3 4,3 10
3,72 4,2 30
2 ,5 5 0,0 00
2 ,8 2 6,5 10
2 ,3 3 1,4 52
2 ,2 6 1,6 40
1,583,879
1,476,571
2,14 6,6 79
1,528,134
1,63.8,275
1 ,678,330
1,430,169
1,35 9,3 80
1,208,571
1,35 1,0 60
609,058
655 ,00 0
954,634
825 ,60 7
945,353
775,764
507,351
570 ,51 0
525,123
525^755
640 ,50 0
509 ,60 0
1,316,954
976,156
— 5 .6 2 ,0 2 8,1 35 ,80 0 1,99 7,8 01 ,60 7
+ 1.5
— 2.7
+ 18.6
+ 10.3
+ 27.2
+ 7.4
— 0 .4
+ 45.2
+ 21.3
+ 5.0
+ 89.9
— 28.3
156,028,601
7 ,9 8 6,4 00
4 ,0 4 3 ,0 0 0
2,53 2,1 53
2 ,6 0 8,1 98
1,993,423
2 ,7 4 5,8 76
1,015,679
912,751
644 ,09 0
615 ,43 0
405 ,02 8
C ity
S e c tio ©
N O . 2557
Week ending June 2 0 .
Inc. or
Dec.
B ank and Q uotation (monthly) |R a il w a y and I ndustrial (3 times yearly)
B ailw a y E arnings (m onthly)
E lectric R a ilw ay (3 times yearly)
State and C ity (semi-annually) |B ankers ’ Conventiok (yearly)
Clearings—Returns by Telegraph.
Week ending June 27.
and
1914.
:
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Year......................................................................................... *10 00
SPor Six Months......................................................................................
5 00
European Subscription (including postage)......................................... 13 00
European Subscription six months (including postage)..................... 7 60
Annual Subscription in London (including postage).................. ..... £2 14s.
Six Months Subscription in London (including postago)....................£1 11 s.
Canadian Subscription (including postage).........................................$11 50 '
Subscription includes following Supplements—
C L E A R I N G -H O U S E
27
S ta te
Clearings at—
© Ix r o ttid je .
P U B L IS H E D
J U N E
E le c tr ic R a ilw a y S e c tio n
S e c tio n
184,455,602
7 ,0 9 5,8 00
4 ,1 9 4 '9 1 7
2 ,916,181
2 ,2 8 9 ^ 4 4
1,795,279
2 ,3 1 9,0 20
855|342
8 91,876
535^000
510,588
425 ,44 9
+ 3 .6
1 81,531,229
2 0 8 ,29 0.3 58
see "C o m m e rc ia l and M iscella n eou s N e w s .'
C h ic a g o __________
C i n c i n n a t i _______
C l e v e l a n d _______
D e t r o i t ..... ...........
M il w a u k e e ______
I n d i a n a p o l i s ____
C o lu m b u s _______
T o l e d o ___________
P e o r i a ___________
G r a n d R a p id s ___
D a y t o n __________
E v a n s v i ll e _______
K a la m a z o o ______I
F o rt W ayne
S p rin g fie ld , 111..
Y o u n g s t o w n ____
A k r o n ...........
R o c k f o r d ____
L e x in g t o n . . .
C a n t o n _____
S o u th B e n d .
D e c a t u r _____
Q u in c y ______
S p rin g fie ld , O h io
B lo o m in g t o n ..
M a n s f i e ld ____
D a n v i l l e ______
J a c k s o n _______
J a c k s o n v ille , 111.
L i m a ________
L a n s i n g _____
O w e n sb o ro . .
A nn A rb o r...
A d r i a n ...........
T o t . M k l. W e s t
S a n F r a n c is c o .
L o s A n g e le s___
S e a t t le ________
P o r t l a n d ______
S a lt L a k e C i t y . .
T a c o m a __________
S p o k a n e __________
O a k la n d __________
S a n D ie g o ............
S a c ra m e n t o ______
P a s a d e n a ............
S t o c k t o n ________
F r e s n o ___________
S a n J o s e __________
N o r t h Y a k im a . .
R e n o ..........______
L o n g B e a c h _____
T o t a l P a c if i c . .
K a n s a s C i t y ____
M in n e a p o l i s ____
O m a h a ___________
S t. P a u l— ______
D e n v e r __________
S t . J o s e p h _______
D o s M o in e s ______
S io u x C i t y . ..........
D u l u t h ................
W i c h i t a ________
T o p e k a ..............
D a v e n p o r t ____
L in c o ln ________
C e d a r R a p id s ___
C o lo ra d o S p rin g s
F a r g o .....................
P u e b lo ..................
W a t e r lo o ________
H e le n a ..................
F r e m o n t ________
A b e rd e e n ________
H a s t in g s ..............
B i l l i n g s ................
T o t a l o t h .W e s t
St. Louis..........
New Orleans___
Louisville_____
Houston______
Galveston_____
Richmond_____
Atlanta_______
Fort Worth____
Memphis______
Savannah _____
Nashville______
Norfolk_______
Birmingham___
Jacksonville___
Augusta_______
Knoxville-------Chattanooga___
Llttlo Rock____
Mobile________
Oklahoma _____
Charleston____
Macon________
Austin________
Meridian...........
Vicksburg_____
Jackson _______
Tulsa.................
Muskogco.........
Total Southern
Total all.........
CUttiuc N. y
$
%
S
3 10 ,04 8,0 72
3 1 1 ,06 6,0 05
— 0 .3
2 89 ,85 9,3 88
2 62 ,76 2,8 89
2 6 ,4 3 5 ,9 0 0
2 6 ,3 91 ,35 0
+ 0.2
2 5 ,1 7 1 ,2 5 0
2 3 ,4 0 9 ,6 0 0
2 6 ,7 04 ,47 1
2 5,9 40 ,18 3
+ 2.9
2 2,6 6 7 ,4 1 2
2 0 ,3 5 5 ,6 5 2
3 2 ,6 6 4 ,9 9 2
2 9 ,8 41 ,64 8
+9
2 3,9 1 1 ,9 3 5
19,9 32 ,46 7
15,6 54 ,65 5
14,911,056
+ 5.0
13,7 67 ,50 9
1 2 ,1 76 ,12 8
8 ,9 6 5 ,0 9 6
8 ,8 8 8 ,4 5 6
+ 0.9
8 .1 5 6 .3 4 8
7 ,7 5 5,8 82
7 ,0 3 6,3 00
6 ,5 9 0 ,5 0 0
+ 6.8
6 .2 7 4 .6 0 0
5,47O,S0O
6 ,8 4 2,4 53
6 ,0 8 4,4 82 + 12.5
4 ,5 8 7,7 71
4 ,7 5 1 ,8 5 9
3 ,1 5 0,5 75
3 ,5 1 7,2 27 — 10.4
3 .1 7 3.3 49
2 ,5 3 9 ,3 2 8 .
3 ,3 2 0,3 82
3 ,1 8 0,2 58
+ 4.4
3 ,0 1 8,3 51
2 ,4 2 4 ,0 7 5
2 ,3 2 7,0 17
2 ,7 5 1,2 06 — 15.4
2 ,0 9 0 ,6 6 8
2 ,2 5 5 ,0 3 4
1,161,937
1,147,962
+ 1.2
1 ,0 3 9,7 18
1 ,1 0 7 ,7 6 6
605,734
835,324 —27.5
835 ,43 2
671 ,28 5.
1,453,764
1,317,752 + 10.3
1.03 0,5 54
1,05 3,0 71
1 ,097,812
1,063,179
+ 3.2
1,312,241
1 ,0 8 3 ,1 8 7
1,738,263
1,487,424 + 16.9
1 ,403,076
1 ,1 6 1 ,7 4 3
2 ,3 2 7,0 00
2 ,4 1 3,0 00
—3.5
2 .0 7 7 .6 0 0
1 ,5 9 0 ,0 0 0
928,421
993,999
—6.5
8 20 ,18 8
8 0 7 ,0 2 5
584,232
801,187 —27.1
781,840
9 3 5 ,5 0 8
1,91 9,7 85
1,387,461 + 38.3
1,46 5,6 92
1 ,0 7 2 ,4 5 8
685,590
808,520 — 15.2
595,062
5 3 5 ,2 9 6
458 ,30 8
484,827
—5.4
529,156
4 4 5 ,4 0 2
739,231
745,084
—0.8
684 ,05 0
636,561
613 ,49 8
622,567
— 1.4
510,449
4 5 8 ,2 8 8
702,721
832,316 — 15.6
731,026
6 02 ,25 7
554.797
4 92,380 + 12.7
476 ,14 8
433,701
475 .00 0
453,677
+ 4.7
459 .17 3
4 0 4 ,7 7 3
600 .00 0
6 25,000
—4.0
618 ,00 0
6 0 0 ,0 0 0
247,086
285,073 — 13.3
268 .13 8
2 22 ,05 2
652,967
512,206 + 27.5
539,191
357,841
558,801
572,916
—2.4
4 5 0 ,00 0
3 3 5 ,0 5 5
349,282
395,627 — 11.6
320.139
351 ,26 3
209,103
188,304 + 11.2
175.173
139,744
65,928
68,778
— 4.2
33,476
39,251
461 ,87 9,1 73
456 ,03 6,3 76
+ 1.3
4 19 ,73 4,1 03
3 8 2 ,8 7 7 ,2 4 0
51,2 92 ,06 8
47,4 40 ,24 6
+ 8.1
5 0,0 8 8 ,6 3 3
4 1 ,0 8 7 ,5 5 9
23,7 30 ,72 2
22,995,614
+ 3 .2
2 3 ,2 7 4 ,9 3 2
17,653.491
12,798,750
12,843,990
— 0 .4
11,513,256
9 ,3 8 5 ,7 6 0
1 0,723,363
11,467,582
— 7 .5
10,5 76 ,08 4
9 ,9 7 3 ,1 6 7
5,78 1,0 12
6,479,461 — 10.8
5 .4 1 8 .1 8 9
6 ,4 6 0 ,8 9 8
2 ,3 0 3,7 39
2 ,809,191 — 18.0
3 ,1 8 6 ,3 0 0
2 ,9 1 7 .1 3 7
4 ,0 8 1,6 86
4 ,0 3 8,9 00
+ 1.1
3 ,9 9 3 ,3 8 7
4 ,0 6 8 ,6 1 7
• 3 ,6 9 7,3 66
3,61 7,0 78 + 16.8
3 ,2 4 9 ,8 6 8
2 ,8 7 8 ,3 7 0
1,953,559
2 ,633,449 — 25.8
2 .5 4 8 .1 9 0
1 ,3 6 5,0 00
1,895,084
1,871,608
+ 1.3
1 ,421,274
1,44 1,8 13
879,091
882,383
— 0 .4
930 ,05 7
712 ,03 0
806,859
811,540
—6.8
1 ,032,307
7 95,417
848,436
1,084,456 —21.8
778,735
6 2 5 .0 0 0
575,205
506,957 + 13.5
596,092
4 5 8 ,3 8 2
3 73,675
335,719 + 11.3
320,328
4 1 8 ,9 4 3
2 34,207
2 60,914 — 10.2
237,567
2 7 0 .0 0 0
526,523 N o t Included in total
121,974,822
119,629,088
+ 2.0 119,165,199 100 ,51 1,5 84
48,7 64 ,24 0
50,5 12 ,05 0
—3.5
4 5 ,2 20 ,96 6
4 7 ,3 9 7 ,4 1 8
2 4 ,1 47 ,13 8
24,1 50 ,58 6 —0.01
18,777,050
18,3 38 ,28 6
16,000,000
16,605,355
—3.6
16.657.789
14,0 82 ,84 3
12,184,106
9 ,116,827
+ 3.4
1 0,889,784
9 ,4 3 7 ,019
9 ,1 0 3,0 67
8,92 6,3 52
+ 2.0
10,121,311
8 ,4 9 3 ,6 6 1
7,54 4,2 12
8,20 1,9 67
—8.0
6 ,4 1 8 ,0 3 8
6 ,2 5 4 ,8 5 2
5,49 0,6 44
4 ,8 7 7,0 62 + 12.6
3 .9 9 4.7 89
3,663,316.
3,20 3,3 23
3,20 5,3 55
—0.1
2 ,8 3 7,3 77
2 ,3 4 9 ,0 0 0
3,85 0,1 32
4 ,5 6 0,8 44 — 15.6
3 ,2 9 7 ,9 1 8
3 ,5 0 9 ,5 4 4
3 ,2 0 6,6 08
3 ,3 0 4,3 60
—8.3
3 ,1 5 3,2 78
3 ,2 1 9,0 71
1,569,893
1,647,476
1 ,616,010
—4.7
1 ,5 8 5,2 91
1,319,741
1,547,423 — 14.7
1,662,531
1 ,3 4 6,2 68
1,946,981
1,896,099
1,559,513
+ 2.6
1 ,4 0 8,4 98
1,444,642
1.584,958
1,447,809
—8.8
1 ,7 7 0,0 43
644,893
640,115
+ 0.7
678,344
6 23 ,02 3
1,18 1,5 18
487,445 + 142.5
379,773
709,643
654,514
666,616
— 1.8
680,331
6 37 ,06 5
1 ,392,730
1,589,068 — 12.4
1 ,433,024
943 ,02 9
1 ,068,293
1,030,562
+ 3.7
1,065,183
944 ,92 2
437,981
370,374 + 18.3
321,451
2 85 ,19 3
4 50 ,00 0
366,573 + 22.8
2 56,744
4 16 ,40 4
130,346
187,137 —30.3
141,463
100,712
393,126
3 68,277
+ 6.7 ___ 2 42,488
___ 113,518
1 45,948.128
145,841,881 + 0.07
132,852,964
1 27 ,02 8,6 19
76,1 60 ,93 6
16,307,043
12,082,629
8 ,2 5 2,6 83
9 .1 9 4 .5 0 0
7 ,6 0 3,9 46
12,563,972
6 ,1 4 7 ,2 5 0
5 ,6 1 9,7 22
3 ,8 5 4,2 29
5 ,5 0 8,1 66
3 ,6 2 7,0 25
2 ,6 9 6,6 03
4 ,0 6 7,6 94
1,373,127
1.685.501
2 ,5 3 3,3 82
2 ,0 7 5,8 24
1 ,274,375
2 ,0 9 6 ,2 0 0
1,612,902
3 ,2 0 0,1 84
1,558,169
3 23,666
2 01,669
3 68,607
1 ,818,445
913,337
1 94,721,786
82,4 74 ,50 3
1 9,101,018
12,861,295
7 ,0 4 2,7 95
8 ,9 7 4,5 00
7 ,094,151
10,793,108
6 ,7 1 7,8 57
6 ,0 8 6,2 19
3 .9 4 0.2 49
6 ,1 6 0,9 22
3 ,7 7 9,4 00
3 ,0 1 9,0 57
3 ,5 8 8,8 36
1.649.250
1 ,651,158
2 ,4 5 7,9 14
1,772,926
1,28 0,0 00
1 ,713,300
1,444,193
2,56 9,4 04
1,743,979
328,315
191,540
446,305
1 ,115,478
630,729
—7.7
— 14.6
—6.1
+ 17.2
+ 2.5
+ 7.2
+ 16.4
—8.5
—7.7
—2.2
—9.8
— 10.7
+ 13.3
— 16.7
+ 2.1
+ 3.1
+ 17.1
—0.4
+ 22.4
+ 11.6
+ 24.6
— 10.6
— 1.4
+ 5.3
— 17.0
+ 63.0
+ 44.9
76,1 45 ,03 4
18,359,264
12,613,196
8 ,0 3 9 ,5 0 0
7 ,7 9 1 ,6 8 0
10,243,176
5 ,9 9 9,6 58
6 ,3 6 1,3 23
3 ,7 5 9,1 37
4 .5 6 3 ,6 9 8
3 ,0 9 7 ,3 0 6
2 ,5 1 0,6 69
3 ,4 2 5 ,0 0 0
1,672,864
1,905,667
2 ,0 0 3,2 06
1 ,720,369
1,189,993
1,44 3,3 09
1 ,517,502
3 ,1 7 2,0 98
857 ,95 0
258,355
179,751
995,532
865,508
694,927
6 6 ,7 89 ,67 1
17,5 95 ,79 5
1 3,7 09 ,54 8
6 ,6 0 3 ,5 0 0
7 ,1 9 3,4 74
9 ,0 3 0 ,7 1 6
4 ,6 8 0 ,7 7 8
5 ,2 3 9 ,4 9 6
3 ,2 0 6 ,3 0 8
3 ,8 9 3 ,2 7 4
2 ,8 4 9 ,9 4 4
2 ,0 0 9 ,0 4 7
2 ,6 4 1 ,5 3 2
1 ,373,830'
1 ,4 0 7,3 71
1 .8 5 8 .3 4 8
1 ,4 3 8 ,4 6 8
1 ,2 3 2,9 18
1,66 3,9 55
1.50 4.3 48
2 ,3 9 1 ,5 7 1
1 ,1 7 0 ,6 4 8
2 5 5 ,33 3
198,339
354 ,10 8
527,661
6 8 9 ,91 0
“ R AILWAY AND INDUSTRIAL SECTION.”
A new number of our “ Railway and Industrial
Section,” revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: “ Southeast
ern Coal Railroads and Improved Operation,” ‘ ‘ Valua
tion and Auxiliary Maintenance Work Trains” and
“ The Peril of Confusion in Tampering with Standard
Tim e.”
_________________ ___
THE FINANCIAL SITUATION.
The failure of the H . B. Claflin Co. cannot be
accepted as symptomatic of general conditions.
At the same time it should disillusionize the mind
of the President and convince him that everything
is not, after all, lovely and rosy in the business world.
On the day when the failure was announced the Presi
dent made an address to the Virginia Editorial Asso
ciation at Washington, and declared “ that the signs
of a very strong business revival are becoming more
and more evident from day to day.” He went fur
ther and prophesied that when, through his scheme
of trust legislation, business “ is given its constitution
of freedom,” there will follow “ a boom of business
in this country such as we have never witnessed in
the United States.” In view of what is actually
occurring, M r. Wilson’s reiteration that nothing is
wrong in the industrial world and that unexampled
prosperity lies ahead if the country will only accept
his benevolent scheme for hampering and restrict
ing its activities becomes not only monotonous but
verges on the ludicrous.
There may have been other contributing influences,
but in the last analysis the embarrassment of the
Claflin concern must be ascribed to its inability to
dispose of its stock of goods and promptly collect for
the same. This inability, in turn, must be ascribed
to impaired purchasing power on the part of the con
suming masses or to their being so pinched as to be
unable to find the means to pay promptly for what they
have bought. This is not merely a matter of inference,
but would seem to follow from the facts of the case,
since being an exceedingly large concern and con
trolling through its own and associated concerns large
numbers of retail stores all over the country, it
possessed unusual facilities for distributing its goods
and for marketing them. That a concern so cir
cumstanced, with an honored name and a business
record extending back over a half a century, should
go down, is highly significant.
It is not, however, necessary to attempt a serious
analysis of the causes of the failure. It is the fact
itself that confronts us and with which we have to
deal. Whatever the consequences that may flow
from the collapse— whether large or small— the pres
ent is clearly not the time for further unsettling confi
dence by pushing a legislative program that is cer
tain additionally to harass and embarrass the busi
ness world. We do not question the purity of the
President’s motives or the sincerity of his purpose.
He is undoubtedly honest in his professions of a de
sire to stimulate business activity, but he is a quack
doctor and has nothing but quack medicines to offer.
It is these same quack medicines, which the country
has been forced to take against its will, that have
brought it nigh unto death, and it wants no more of
them.
The President proposes in his various trust meas
ures to shackle business when what is needed is
freedom. He proposes to limit individual initiative
when the imperative requirement is that, through
the application of individual energy and skill, un
fettered by legislative devices, the scope of industrial
activities shall be enlarged and extended until busi
ness shall once again attain its old proportions. He
would have the business man reduced to an automa
ton, free to act only in accordance with set Govern
ment rules and regulations, thus binding him hand and
foot at a time when the captains of industry in all the
other principal countries enjoy the fullest liberty of
action.
All the President’s legislative proposals embody
new and untried theories. They are experiments—
and of a very venturesome kind too— in government.
No one knows how they will work out except that
they are sure to be a clog on enterprise. The busi
ness world does not ask that the President’s legis
lative scheme shall be delayed for three or four
months. It insists that it shall be absolutely
abandoned. The President is right in saying that
the country has been laboring under doubt and un
certainty for the last ten years. The doubts began
two or three years after the assassination of Presi
dent M cKinley, while Mr. Roosevelt was acting as
Chief Executive. Mr. Wilson is mistaken, however,
when he refers to his as “ an Administration which
for the first time had a definite program of con
structive correction.” Mr. Roosevelt had the same
kind of a “ constructive” program and was just as
strenuous in seeking to carry it through. Mr. Wil
son cannot claim originality for his trust policies.
What he is now trying to do is simply a repetition
of what former President Roosevelt tried to do in
1907. Mr. Roosevelt’s messages were full of the
self-same suggestions; and bills to give expression
to them were introduced in Congress and received
serious consideration at the hands of various com
mittees. The fear that they might be enacted into
law produced disaster in those days and the com
munity is being consumed by similar fears to-day.
The analogies which the President seeks to draw
between the existing fears regarding trust legislation
and the fears previously expressed regarding tariff
legislation and banking legislation are most unfor
tunate. Here is what he has to say regarding the
tariff:
First there was the tariff, and business shivered.
“ We don’t like to go in; the water looks cold’-’ ; .but
when the tariff had been passed, it was found that
the readjustment was possible without any serious
disturbance whatever. So that men said with a
sense of relief, “ Well, we are glad to get that behind
us, and it wasn’t bad, after all.”
The President certainly cannot felicitate either
himself or the country upon the working of the new
tariff law. Whatever the cause, since the new tariff
has been in o p e r a t i o n , our imports have been steadily
rising and our exports have been as steadily declining,
with the result that for the five months from Janu
ary 1 to M ay 31 the excess of merchandise exports
over merchandise imports stands at only $66,812,590,
against an excess in the five months of 1913 of no less
than $254,536,415; and, as a consequence, gold is
flowing out of the country in a steady stream.
Business men should take a lesson from this experi
Nor is M r. Wilson’s reference to banking legislation
any more apt. Ho says on that point:
_____ ence of the railroads. The unfortunate condition of
“ Then came the currency reform. You remember the roads to-day is the result of excessive and unsound
with what resistance, with what criticism, with what Government regulation and control. The same thing
systematic holding back a large body of bankers in will happen in the business world if the Rooseveltthis country met the proposals of that reform, and Bryan-Wilson schemes, for making every step in the
you know how, immediately after its passage, they
recognized its benefit and its benificence, and how, country’s industrial processes subject to Government
ever si.nde the passage of that reform, bankers supervision and control, shall find expression in
throughout the United States have been congratulat legislative enactment. The present proposals, bad
ing themselves that it was possible to carry out this though they are, are simply the entering wedge. The
great reform upon sensible and solid lines.”
business men of the country, if they would avert
The reason why bankers at first opposed, and serious consequences, can no longer afford to delay
finally accepted, the Federal Reserve Law, is that and tarry. They should hurl themselves in solid
the bill, as originally presented* was full of most phalanxes against the authors of these pernicious
serious defects, but these defects, as the result of schemes and never desist until the plans have been
criticism and opposition, were all subsequently defeated. It is a time for action and for unrelenting
eliminated. If the trust bills are similarly improved, opposition.
all objection here will also disappear. As a matter
of fact, however, the only way in which all the objec
At least some of Mr. Vanderlip’s sentences in his
tionable features can be eliminated from the Presi address in Newark on “ constructive public opinion”
dent’s trust program is by abandoning it altogether. must command quick assent of all thinking persons,
Unfortunately, too, there have been this week and ought also to stir them to action. Business men,
many other disconcerting developments. Certain he says, should now make, not to a party for party’s
Supreme Court decisions have been extremely dis sake, but for the country, the most gigantic contri
turbing. The decision that oil pipe lines, built as butions ever made in a campaign; but not in money,
a result of the expenditure of private effort, energy for the effective contribution must be of personal
and capital, are public carriers available to all, an service. You cannot delegate the work, nor can you
nounces a doctrine the possibilities of which seem mo discharge your duty, by drawing checks, he tells
mentous. One involuntarily asks what form of pri business men, nor can you hire others to propagate
your views. Appealing both to patriotism and self
vate investment may be the next to be confiscated for
preservation, and going back to Colonial days for an
the supposed benefit of the general community.
example, he suggests that our “ committees of corres
Then the decision in the inter-mountain rate cases is
pondence” now be the Chambers of Commerce
occasion for the deepest anxiety. We review that
throughout the country; through them, the work
decision at length in another column, and wish to note
of “ creating an informed and sound public opinion”
here only that in no other case has the Commerce
should be taken up.
Commission arrogated to itself so much power or
Now it is true, is it not, that for many years past
exercised it so sweepingly. The carriers thought that business men have refrained from politics except to
the Supreme Court would surely decide that the Com contribute money to the party that appeared the
mission had transgressed its authority. Instead, the lesser evil and perhaps sit on a platform during the
Court holds that the Commission was clearly within last weeks of October preceding an election. The
its rights. There is often complaint of hostile action machines and the manipulators of party politics dis
against the railroads on the part of the States. Such gusted them. They had no time to spare, their busi
action, however, is relatively rare and confined to a ness demanding it all. The utmost they could do was
comparatively few States. Experience demonstrates to make some profit in trade or a profession, and it
that the real danger to the railroads is from the Fed appeared cheaper (as it certainly was less repulsive
eral body, the Commerce Commission; andthislatest personally) to let the professionals have their way,
decision is proof of the fact.
while they themselves paid the bills for such govern
This decision comes at a time when the railroads are ing as the country and the State got, braced their
suffering as never before in their history. A few backs to carry the increasing load, and gave thanks
returns for the month of M ay, as received the present that things were no worse than they were. The trees
week, will Suffice to show the situation in that re could not afford to do the ruling, but the bramble
spect. The Baltimore & Ohio for M ay lost no less had the time and the willingness, and so it was; the
than $1,381,243 in gross as compared with the story can be read again, with profit, in the ninth
corresponding month last year. The company man chapter of the Book of Judges. No arrangement
aged to reduce expenses in the sum of $622,944, but could have better suited the men who make of politics
this still left a loss in net of $758,299, or nearly 30% . a trade of liberal living. Let business men be com
The Chicago & North West, for the same month lost pletely absorbed in their ledgers and their labors to
only $209,454 in gross, but expenses and fixed get balances on the right side; they might have their
charges increased $451,567, so that in the final result organization dinners and talk of business topics there,
the company was $661,021 poorer off; and that is and they were welcome to disport themselves with
the loss for a single month. The Southern Pacific automobiles and other ameliorations which money
for M ay has fallen behind $800,483 in gross, while commands; they could come out annually and vote
expenses and taxes have risen $247,357, thus causing under their party emblems; only leave the governing
a loss in net in amount of no less than $1,047,840. to the professionals, who will cheerfully take care
The Union Pacific has lost $552,322 in gross and of it all.
This is a simple, unvarnished statement of what
$341,942 in net; the Atchison $488,606 in gross and
The tacitly under$295,377 in net. And instances like these might be has gone on these many years.
I stood partnership arrangement has been carried out.
extended almost indefinitely.
«
Business men have had neither time nor disposition
to meddle with politics, and have held aloof, leaving
politics alone; but politics has not left business
alone. On the contrary, politics has dug into the
vitals of business deeper and ever deeper. Consider
ing only their own hold upon office, the politicians
have increasingly catered to the lower ranks of voters
because of the solidity there; have attacked and
exploited wealth and success because that appeals to
the populace, always remembering that noses are
what count on election days; and of late have bowed
in abject surrender to organized labor, not having
even the wit to remember that the labor vote will be
like other purchased votes of years long back; it
will accept the price, but there will be neither guar
anty nor certainty of its being “ delivered.”
Legislators, in both national and State capitals,
follow the loudest noise as most influential. While
the most substantial and solid of the people say
nothing, they will be assumed to have no decided
views. While they keep silence, they will be as
sumed to acquiesce in what goes on. This is so
natural that it is inevitable and cannot be sweepingly
condemned. There has been clamor for restrictive
and regulative government. The dissatisfied and
jealous have shouted and demanded; they always do
so. When a politician, laying his ear to the ground,
hears nothing but grumblings about inequalities and
demands that the Government shall repress the trusts
and the rich who are making life hard for the poor, he
cannot be too severely blamed for supposing that the
country wants (or consents to, as being a right of
humanity) that things shall be all made over anew in
the interest of “ fairness” and an uplift in life.
This is the pass, is it not, to which business and
business men have come by a silence interpreted as
assent and by their mistaken faith that reason would
prevail in public affairs by virtue of its inherent
force. Clearly, it cannot be left without assistance.
Following the loudest noise led to enactment in
Missouri and Kentucky of laws under which fire insur
ance became impossible; the emergency thus created
drove business men to action, and the laws were
nullified by agreement, and now there is some pros
pect that the business men there who organized to
save, themselves have learned a lesson and will gradu
ally solidify into a defense of business from politicians.
The latter will learn; they need only lessons stern and
continued. And now evidences accumulate daily
that business is aroused and will refuse at least to let
itself be misinterpreted by silence hereafter.
The drop in the volume of our foreign exports of
commodities, noted in previous months of the current
calendar year, was also a feature in M ay, the official
trade statement showing that the outflow of mer
chandise for the period covered a much smaller value
than for the month in 1913 and even quite a little less
than in 1912. Furthermore, starting with November
last, the declining tendency has been continuous, and
for the seven months since elapsed, the decrease, as
compared with 1912-13, is no less than 163 million
dollars, with much of the falling off in manufactures,
&c., the articles upon which expansion of our foreign
export trade is now almost wholly dependent. More
over, coincidentally with the diminution in the out
flow of goods, imports have quite largely increased
of late, exhibiting for the identical seven months
alluded to above a gain of 100 million dollars over
the like period last year. Therefore, against a
November-May, inclusive, export balance of 476
millions in 1912-13, we show only 213 millions for
1913-14.
The exports in M ay 1914 aggregated a value of
$161,650,203, and fell below those of 1913 by 33
millions, 1912 by 14 millions and exceeded 1911 by
barely . 8 % millions, with the loss from last year
quite generally shared in by the various articles.
Breadstuffs shipments were only a little under those
of a year ago, an enlarged outflow of flour largely
counterbalancing decreases in wheat and corn.
Cotton showed a contraction in value of 3 % millions
and provisions of 1% millions, wholly in pork prod
ucts. A comparatively heavy decline in the ship
ments of cotton-seed oil is also to be noted. For the
articles already enumerated and mineral oils and
cattle, sheep and hogs, which exhibit moderate
gains, the M ay total this year was 60% millions,
against 66% millions in 1913 and 52% millions in
1912. Here a loss of virtually 6 million dollars is
recorded, leaving 27 millions to measure the falling
off in manufactures, &c. For the five months of the
calendar year 1914 the merchandise efflux, at 889%
millions, was 113 millions less than in 1913 and nearly
72 millions smaller than in 1912, and the eleven
months (July 1 to M ay 31) aggregate, at $2,207,424,
688, shows a shrinkage of 95 millions from 1912-13
and is only 41 millions greater than in 1911-12.
Merchandise imports for M ay were very much
heavier than in 1913, reaching $163,637,386, against
$133,723,713, but contrasts with $155,697,886 in the
month of 1912. For the five months the inflow of
goods totaled 823 million dollars, or 75 millions more
than for the corresponding period a year ago, and for
the eleven months of the fiscal year 1913-14 they were
$1,735,885,740, or 54 millions greater than in 1912-13
and 213 millions in excess of 1911-12. The imports
balance for M ay reached $1,987,183, as against
export balances of 60% millions and 19% millions,
respectively, in 1913 and 1912. For the five months
of the calendar year the balance of exports is only
67 millions, or 187 millions below that for the same
period of 1913, and for the eleven months of 1913-14
the outward movement of merchandise exceeds the
inflow by but 471% millions, against 620% millions
and 543% millions, respectively, one and two years
ago. The record export balance, established in the
year of depression here (1907-08) was 643 millions.
The gold movement of the month shows a large net
export, due primarily to considerable shipments of
the metal to France from this port. The aggregate
exports for M ay were $16,835,902 and the imports
only $1,972,411, leaving a net outflow of $14,863,491.
For the eleven months of the fiscal year 1913-14 a
small net export is shown— $1,247,348— this com
paring with similar balances of $11,386,256 in 1912-13
and $16,831,870 in 1911-12. In 1910-11 we imported,
net, $49,404,401 gold.
The cotton crop situation at this time is referred
to at length in our annual report on acreage and con
dition on subsequent pages of this issue, and therefore
calls for no extended notice here. The essential fea
tures of the report are that there has been a further
moderate addition to the area planted and that an
outlook that, to say the least, was rather unsatisfac
tory a month ago, has been turned into one that
encourages expectation of a good yield. As regards
area under cotton, the only conclusion to be drawn
when the work of preparing land was under way
was that there would be an increase this spring,
and nothing developed during the course of the
planting season to modify original intention, except
the rather continuous rains in portions of Texas. In
consequence of those rains some land has apparently
been lost to cotton this year in that State, but the
acreage abandoned, as far as we are able to judge, has
been much less than current reports have indicated;
at the same time the increase in acreage there is not
as large as it would have been with a more favorable
April and M ay. The gradual subsidence of fears
of the boll-weevil has resulted in the returning to
cotton of a further moderate amount of land in
Mississippi and Louisiana and conservative additions,
as was expected, have been made in Arkansas and
Oklahoma. In the Atlantic States the change in area
is merely nominal. In fact the localities in which a
radical tendency to increase cotton territory has been
observable has been in the newest producers— Cali
fornia and Arizona. For the whole belt our investi
gation causes us to place the increase in area this
year at 2.34% , or 904,120 acres.
The leader of the Asquith Government in the
House of Lords, the Marquis of Crewe, introduced
on Tuesday the promised amendment to the Home
Rule Bill. As a matter of fact, the provisions were,
in the main, identical with the proposals made
by Premier Asquith on March 9. The Parliamentary
electors of each county in Ulster are, if the measure
is finally enacted, to be allowed to decide by a vote
whether the county shall be excluded from the pro
visions of the Home Rule Bill for a period of six
years from the first meeting of the new Irish Parlia
ment. The introducer of the amendment, speaking
in its behalf, admitted that because of the religious
difficulties involved, there was a necessity for some
form of exclusion, but to exclude all of Ulster would,
he said, involve great injustice. Hence the Govern
ment had reiterated Premier Asquith’s proposal of
exclusion by counties. That the Government ex
pects the bill to be freely amended, however, is
indicated clearly by the statement of the Marquis
that “ the bill gives the widest possible latitude for an
amendment” and he added that the Government
might make still further alteration in the original
bill if necessary. Under the provisions of the
amending bill, he explained, the excluded areas of
Ulster would be governed by the Lord Lieutenant of
Ireland through his appointees. London corres
pondents report that confidence is increasing that
a compromise will be the final outcome of the current
controversy and it is suggested that a secret under
standing already exists.
The reconstructed Kiel Canal, which connects the
North Sea with the Baltic, was formally opened by
the German Kaiser on the Royal Yacht on Wednes
day with elaborate ceremony. The work of re
constructing the canal has been accomplished at a
cost of $55,000,000, the waterway having been en
larged to permit the passage of modern warships
throughout its entire length. The bed was widened
from 00 to 130 feet and the width at the surface
increased from 130 to 320 feet. The canal was first
opened in 1895 and the work of reconstruction was
begun in 1907.
__,
Premier Asquith on Saturday last fulfilled the
promise to receive a deputation of suffragettes which
he made to Miss Sylvia Pankhurst, the militant
leader, last week. Miss Pankhurst, after her re
lease from Holloway Jail, took up a position on the
doorstep of the House of Commons and threatened
to carry out a hunger and thirst strike there until the
Prime Minister received a deputation of her com
rades. Mr. Asquith eventually yielded. Accord
ingly a party composed of six working women, mem
bers of Miss Pankhurst’s East End Federation,
visited the Prime Minister at his official residence in
Downing Street. The proceedings were without
important excitement. The women were accom
panied by George Lansbury, a former Socialist
member of Parliament, and they urged the cause
of women’s suffrage from their special point of view.
The Premier welcomed the members of the deputation
as representatives of “ an association which dis
sociated itself from the criminal methods of those
who had done so much to damage and put back
the cause of women.” The Premier explained that
while it had become necessary to suppress the or
ganized violence of militant suffragettes, the Govern
ment had no desire to interfere with free speech or
the proper organization ot opinion. In conclusion
he promised consideration of the women’s representa
tions and said he would present to Reginald Me
Kenna, the Home Secretary, their request for the
unconditional release of Miss Sylvia Pankhurst.
Turkey formally protested to the State Depart
ment on Monday last against the sale of the battle
ships Idaho and Mississippi to Greece. Neverthe
less, on Tuesday the House of Representatives
granted authority to President Wilson to sell the ves
sels to Greece for the cost of construction, such cost
being estimated at about $11,750,000. The pro
ceeds must be turned into the Treasury for use in
the construction of one battelship of the Dread
nought type. The Senate had previously passed
the authorization. President Wilson told callers
he favored the sale of the battleships to Greece be
cause it has been represented to him that it would
even up the balance of power in the Mediterranean
and make for peace.
Turkey has shown recently a more friendly spirit
in its dealings with Greece. The Porte has instructed
its Minister at Athens to inform the Greek Govern
ment that Turkey is willing to permit the return of
Greek subjects who have been compelled recently to
leave Turkish territory. The Ottoman Govern
ment was declared to be ready to grant any indemnity
for the losses suffered by those forced to leave their
houses during the recent anti-Greek disturbances
and who in many cases had left their entire belong
ings behind them. The Greek cruiser Helle, pur
chased from the New York Shipbuilding Company,
which had built the vessel for the Chinese navy,
sailed from Philadelphia on Saturday for Piraeus,
by way of the Azores. Because of the recent friction
in the relations between Greece and Turkey, the
ship was hurriedly prepared for sea. It was re
ported on Tuesday and has not since been denied,
that the Albanian insurgents had captured Durazzo.
While this has not yet been confirmed, there seems
no doubt that the rebels have taken Elbassan, G4
miles southeast of Scutari, and are threatening the
towns of Avlona, Berat and Fieri.
King Peter I of Servia on Wednesday was reported
to have abdicated the throne in favor of his second
son, Prince Alexander. The royal proclamation
did not confirm the report of abdication, but declared
that, owing to ill-health, the King was unable to per
form his duties, and in accordance with paragraph 69
of the Servian Constitution he confided the Govern
ment of Servia to his heir, the Crown Prince Alex
ander, during his illness. King Peter is 70 years
old. He ascended the Servian throne on Junel5
1903, after the murder of King Alexander and Queen
Draga. Peter was in Geneva at the time and after
wards denied all knowledge of the conspiracy to
kill their Majesties. He never caused the punish
ment of the conspirators, however, who retained
their rank in the Servian army.
M r. Bryan, Secretary of State, made public on
Thursday the record of communication between the
Ministry of Japan and this country in regard to the
California Alien Land Law. The correspondence
shows that the Japanese Government has taken up
the problem with renewed vigor. The Mikado’s
Government has broken off negotiations for a new
treaty which it was proposed would give Japan all
the rights of the most favored nation aliens in the
matter of land tenure
Japan suggested this plan
after the two governments had reached a complete
deadlock on a diplomatic discussion of the issues
involved. No suggestion is now made for a sub
stitute plan. The correspondence was made public
at the request of Japan.
General Villa on Tuesday night captured the City
of Zacatecas after a very severe struggle and his
army is now resting there in preparation for an
attack on San Luis Potosi, where the next battle
of importance will be fought. Villa, however, does
not expect any formidable resistance from now on
until he reaches Quereato, the gateway of Mexico
City, v/here the decisive battle of the revolution will
probably be fought. A direct attack on Mexico
City by Zapatistas was defeated on Sunday when
a large force of bandits was discovered at San Fran
cisco near Xochimilco, a suburb of the Mexican
capital and also the source of the capital’s water
supply.
At Niagara Falls protocols have been signed by the
South American mediators and the delegates of both
Mexico and the United States, and representatives
of the Constitutional party have been invited to send
delegates to discuss with the Mexican . delegates
the internal aspects of the situation. The protocols
signed are as follows :
Article 1.— Tko provisional government referred to in the
protocol No. 3 shall be constituted by agreement of the
delegates representing the parties botween which the internal
struggle in Mexico is taking place.
Article 2.— (a) Upon the constitution of the provisional
government in the city of Moxico the Government of the
United States of America will recognize it immediately, and
thereupon diplomatic relations between tho two countries
will be restored.
(b) The Government of tho United States of America will
not in any form whatsoever claim a war indemnity or other
international satisfaction.
(c) Tho provisional government will proclaim an absolute
amnesty to all foreigners for any and all political offenses
committed during tho period of civil war in Mexico.
(d) Tho provisional government will negotiate for the
constitution of international commissions for the settlement
of tho claims of foreigners on account of damages sustained
during tho period of civil war as a consequenco of military
acts or tho acts of national authorities.
Article 3.— Tho three mediating governments agree on
their part to recognize the provisional government organized
as provided by Section 1 of this protocol.
Protocol No. 3, referred to in the above, was signed
two weeks ago, and sets fo&th merely that a provi
sional government, to be constituted as later pro
vided, shall be recognized on a certain date, to be
agreed upon subsequently, and from that time for
ward shall exercise governmental powers until the
inauguration of a Constitutional President. It is
likely that the conferences between the repre
sentatives of the two Mexican factions will be held
at Niagara Falls, Ontario. Meanwhile the media
tors will take a recess.
A firm undertone has been maintained on London’s
markets for securities this week. But business has
shown no improvement in volume. The expected
support from Paris was not realized. Some dispo
sition was evinced to withhold commitments for the
rise until the full extent of the losses that will result
from the Chaplin, Milne, Grenfell & C o.’s failure
are definitely known. The various ramifications of
the company’s finances in connection with affiliated
concerns are assuming sensational proportions, and
London correspondents, who are usually extremely
cautious in their statements, cable that large amounts
of funds and securities are mysteriously missing.
This is a feature of the developments that appears to
bear heavily upon the Canadian division of the Lon
don market. Bonds of the Western Canada M ort
gage Co. have declined 33 points this week. Never
theless, as we have intimated, quotations for highgrade investment securities have been maintained.
There has been a much better attitude towards the
Mexican question, but the Brazilian loan seems to
have encountered a serious hitch. Political con
siderations in Brazil are largely responsible and
charges are being made there that the real conditions
of the loan have not been properly communicated
to Rio de Janeiro. It was announced by the Roths
childs in London yesterday, however, that the Bra
zilian Government had promised to meet the half
yearly interest on its old loan and that money will
be remitted on M onday. Negotiations for the new
loan will as a consequence be resumed next week.
Underwriters have been fairly active in their
applications for new capital on the London market
this week. On Monday a £4,000,000 South African
4% loan was offered at 97}^, and presumably has been
well taken, though definite announcement as to the
volume of subscriptions has not yet been received.
A £2,000,000 St. Petersburg 4 ^ % municipal loan
was underwritten at 94 on Thursday. A £2,116,000
City of K ieff, Russia, 5% loan was offered on Wednes
day. The Port of London £1,000,000 4% loan
offered at 96 last week is reported by cable to have
been largely over-subscribed. On Thursday the
Grand Trunk R y. of Canada placed £2,000,000 oneyear 4 % % bills in London secured by 4% debentures.
Sentiment appears to be growing in London that
there will be a general election in the autumn at
latest. This is a feature that promises to exercise
a repressing influence on the general market for secur
ities. Another influence in the same direction has
been what one correspondent describes as a “ muddle”
in the Budget. Official announcement was made in
the House of Commons on Tuesday that the Gov
ernment had decided to reduce the income tax 2% .
It is expected that business will bo interfered with
quite severely during the next few weeks, owing to
the difficulty in readjusting the income tax payments
from the 16-pence rate per pound which has been in
operation since last April.
It appears that a rebate One reason for this disappointing result is the fric
of one penny in the pound will now be collectible tion that has arisen over the Brazilian loan. Con
on all dividends and interest that have been over tinued uneasiness in respect to the Balkan situation
charged at the higher rate. The change will involve has been another restricting influence. There have
new sets of warrants adjusted to the new basis by been one or two spasmodic attempts by French banks
all the railroads and other companies which have to intervene in favor of the market. The Chamber
already prepared for their July disbursements. All of Deputies on Friday of last week, by a vote of 452
these thousands of warrants must now be corrected. to 108, authorized the issuance of the 800,000,000Money is showing a rather firmer tendency at the franc part of the 1,800,000,000-franc loan proposed
English centre, the closing quotations for day-to-day by the Yiviani Ministry.
As we have already stated
funds, however, being 1 % @ 1 % % , against 1 % @ in the “ Chronicle,” the issue will be offered on July 7.
1 % % a week ago.
The bonds will bear 3 % % and be subject to a 4 ?0
A bill was introduced in Parliament on Monday income tax. They will be redeemable at par from a
that has direct interest for owners of American sinking fund, drawings to extend over a period of
securities.
It provides that American corporations twenty-five years. A proposal to grant the new
the securities of which are sold in England must bonds immunity from further taxation was rejected
comply with British laws in making public reports by the Deputies by a large majority, thus leaving
of their business or be outlawed from the protec the issue open to existing taxation. It is understood
tion of the courts. The bill was introduced by M ajor that the offering price will be 91, though this has rot
Martin Archer-Shee, a well known Unionist member, been officially announced. Cable advices state that
who married Miss Frances Pell of New York. the entire issue has been already over-subscribed,
While this bill is officially named a “ Foreign Com and that an extraordinary feature is the large volume
panies’ Control Bill” , it is aimed particularly at of applications from Berlin. Subscribers to the new
American securities and is designed, among other loan will be given opportunity to make payment in
things, to give British shareholders in American four separate installments.
corporations a larger share of control in them, and
One particularly unsettling influence on the Paris
to compel them to give more information concerning Bourse has been the official promulgation this week
their business to their British investors than they of the regulation by which the French Government
can be forced to do under the existing laws. Press is to collect a tax of 5% upon incomes received in
dispatches declare that the enactment of the bill France from foreign stocks, bonds and other securi
into law is considered probable. The measure pro ties, no matter what the form
These regulations
vides that a director of a foreign company, who is a go into full operation on July 1. The law under
subject, and is domiciled in England, may be sued whose authority the tax is to be levied was passed
there under British laws, which compel corporations last March. Since then, press advices state, enor
to file an annual report and balance sheet at Somerset mous pressure from financial interests has been
House. Corporations which are not represented by brought to bear upon the French Government to
a director or other official who may be sued in delay the application of the legislation. Various
England, and which fail to comply with these laws, changes have been proposed. It has been argued
would be outlawed by making their contracts non by extreme pessimists, for instance, that the enforce
enforceable by the courts, on the same basis as ment of the law will drive out of France an indefinite
gambling debts. Obviously, under such conditions number of thousands of Frenchmen and foreigners
the securities of companies which failed to comply resident in France, who will prefer to leave the coun
with the law could not be dealt in on the English try rather than lose the twentieth part of the income
stock exchanges, nor could they be sold privately they derive from capital invested abroad. Other
with safety except as cash transactions. M ajor thousands, it is declared, will remain in France and
Archer-Shee was identified with the Parliamentary evade the law, which is in some quarters deemed im
investigation into the Marconi scandals. It is possible of enforcement. The regulations are in
stated that he received his inspiration to frame the tricate. They require banks to keep a record of all
bill in question as a result of such investigation.
j coupons, checks and other instruments of credit used
British consols closed at 74 15-16, against 74 11-16 to transfer or collect interest from abroad. Severe
on Friday of last week. As an indication of the penalties are inflicted for evasion, the extreme limit,
steadiness in the so-called gilt-edged m arket,it may aside from heavy fines, being a year’s imprisonment.
be stated that London & Northwestern closed at Efforts at evasion will, it is reported by Paris cor
127%, against 127 on Wednesday and 127% on respondents, take the form of actual exportation of
Friday of last week; Great Western Railway closed foreign securities to foreign centres, where banks and
at 114%, against 114% last week; and Great Eastern other financial institutions will have the entire hand
at 47% , which is a decline of % point. State funds ling of the dividends and coupons. There obviously
have ruled somewhat irregular. Bulgarian sixes are opportunities , to quote one correspondent, for
have advanced 1 point to 104 and Servian unified American banks and trust companies to engage in
4s still remain at 78% , while Japanese fours are this business. The Swiss banks, particularly, have
again % point higher this week and closed at 78% . been making active preparations to handle the
German Imperial threes have not flucutated from French-owned securities. The French markets were
76, Russian fours are 1 point lower at 87 and also disappointed at the final decision by the Bank of
Mexican Government fives are also 1 point lower at France not to reduce its discount rate this week.
86, while Mexican railway ordinary shares show the During the earlier days reports were persistent that
sharp advance of 1% points, to 33.
such a reduction was in contemplation as a definite
incentive for improvement in the general investment
The financial markets in Paris have thus far not situation, in order to afford encouragement for the
displayed the enthusiasm that the early approach new national loan. A short-lived strike of Post
of the offering"of the new loan was expected to kindle. Office employees was stdl another influence agamst
enthusiasm. One more untoward influence was
the Senate’s unexpected decision to incorproate the
income tax in the Budget. The Upper House had
been expected to stand as a solid protection against
the inquisitorial tax, which is in such active disfavor
among French business interests as a whole. Money
in Paris is abundant for day-to-day funds, the clos
ing quotation being 1 3 / 2 % , against 2 /0 a week ago.
demand. Our special correspondent furnishes the
following details by cable of the gold movement into
and out of the Bank for the Bank week: Imports,
£1,240,000 (of which £735,000 from Argentina,
£150,000 from the United States, £100,000 from
Egypt and £255,000 bought in the open market);
exports, £25,000 to Gibraltar and receipts of £32,
000 net from the interior of Great Britain.
The large increase of 100,385,000 francs, represent
ing in large measure the arrivals of American gold,
was reported by the Bank of France in this week s
bullion holdings. The silver stock was drawn down
3.257.000 francs. A contraction of 65,064,000 francs
is reported in note circulation and of 10,082,000
francs in the Bank’s advances. General deposits
increased 72,142,000 francs, discounts are 12,330,000
francs higher and Treasury deposits show an increase
of 90,330,000 francs. The Bank’s gold supply has
again established a new high record, standing at 3,
975,697,000 francs, which compares with 3,317,
000,000 francs in 1913 and 3,262,975,000 francs in
1912. The stock of silver aggregates 638,329,000
francs, against 623,650,000 francs in 1913 and 819,
600,000 francs in 1912. The outstanding circula
tion aggregates 5,852,295,000 francs. At this date
a year ago it was 5,398,917,975 francs and in 1912
5,110,651,585. Discounts total 1,579,393,000 francs
against 1,656,189,879 francs in 1913 and 1,206,968,
European bank rates are still without change, 408 francs in 1912.
though the Bank of Bengal on Thursday reduced
This week’s statement of the Imperial Bank of
its official rate to 3% from 4 % . Private discount
rates in London are slightly firmer for the week, Germany was published on Thursday. It regis
closing at
for short bills and 2^g for long bills. tered an increase of 14,873,000 marks in gold and
A week ago the corresponding figures were 2 7-16 of 24,714,000 marks in total cash, including gold.
@ 2 3 ^2 % and 2 % % respectively. In Paris 2 % % There was a contraction of 29,835,000 marks in note
still remains the combination private rate, while in circulation, of 27,002,000 marks in discounts, of
Berlin a range of 2% @ 33^ % is quoted, against 9.272.000 marks in loans and of 9,759,000 marks in
2M @ 33/8% a week ago. Vienna still continues at Treasury bills. Deposits, on the other hand, gained
3 % , Brussels at 3 }/i% and Amsterdam at 2 15-16%. 86.073.000 marks. The Bank now holds 1,722,360,
The official bank rates at the leading foreign centres 000 marks in cash, against 1,415,900,000 marks at
are: London3% ; Paris 3 j^ % ; Berlin 4% ; Vienna4%; this date a year ago and 1,338,820,000 marks in
1912. Combining loans and discounts, we have a
Brussels 4 % and Amsterdam 3 )^ % .
total of only 810,396,000 marks, against 1,077,
The Bank of England’s return this week was fairly 040,000 marks in 1913 and 1,042,380,000 marks in
favorable in all its items with the exception of loans 1912.
(other securities), which showed an increase of
The failure of the H. B. Claflin Company, proba
£2,532,000, indicating that Lombard Street has been
freely borrowing. London advices state that a bly the largest dry goods jobbing house in the coun
large supply of trade bills is offering, including bills try, and the owner, directly and indirectly, of a long
in anticipation of shipments of American products. chain of retail establishments, naturally unsettled
There was an increase in the Bank’s bullion item of the local money market at the close of the week,
£1,246,667 and of £962,000 in the reserve. The pro both in respect to time money engagements and com
portion of reserve to liabilities declined to 47.10%, mercial paper. It is estimated that the company has
which compares with 48.24% a week ago and 47.53% outstanding in something like three thousand banks,
in 1913. Circulation increased £285,000, public spreading over many sections of the country, some
deposits are £437,000 larger and other deposits regis 830,000,000 of commercial paper, of which it is
ter the large expansion of £3,047,000. The Bank’s either the maker or the endorser. The practice
bullion holdings this week amount to £39,928,263, has been to extend in large measure this paper as it
against £38,416,702 in 1913 and £41,083,754 in 1912. matured, and we learned that it was the insistence
The reserve figures out £29,675,000. This compares of some of the interior banks for settlement that
with £28,213,622 in 1913 and £30,324,979 in the year brought on the crisis that made the receivership for
preceding. Ordinary deposits are £44,916,000, the company necessary. With such a large amount
against £41,304,417 one year ago and £43,017,728 of their funds so clearly tied up in paper, a substan
in 1912. The loans (other securities) aggregate tial part of which undoubtedly will not be met at
£39,994,000, against £36,191,168 in 1913 and maturity, there has not unnaturally developed on
£40,275,876 in 1912. Of the £670,000 South African the part of banks an increased degree of reserve about
gold offered on Tuesday in the London open market, entering additional commitments of this character
£150,000 was secured by India, the remainder going except to regular customers, until the Claflin hori
to the Bank of England, as there was no Continental zon becomes much clearer. It should be understood
Advices from Berlin are without significant fea
tures.
The markets there are quiet but steady,
the large exportations of American gold having
apparently inspired confidence regarding the pros
pective ease in the European money markets as a
whole. M oney at the German centre is ruling
particularly easy, day-to-day funds closing at 2% ,
against 2 @ 2 j^ % a week ago. *There is a disposition
to take a more confident view of the Balkan outlook,
the success of Greece in acquiring two American
warships having apparently created the impression
that Turkey will show greater caution before forcing
hostilities upon an antagonist which is so well pre
pared. Bank stocks at the German centre have
been rather adversely affected lately because of a
conference that President Havenstein of the Iteischbank had with prominent German bankers in which
the former urged the bank officers to maintain re
serves equal to at least 10% of their deposits.
that the Claflin paper primarily is of two kinds. stiffening of the local money market following the
It represents first, payments for merchandise sold announcement of the dry goods embarrassments also
to retail establishments throughout the country that favored a reactionary tendency in sterling exchange,
are not owned by the Claflin Company. This pa while the favorable showings of the European banks
per has the endorsement of the Claflin Company, was still another influence in the same direction.
which has discounted it with the banks. Presuma On Monday an additional engagement of $1,500,000
bly it will be met as it matures by the makers, who in gold bars was announced for export by Goldman,
are not concerned in the failure except so far as they Sachs & Co.; on Tuesday Lazard Freres engaged
have depended upon the Claflin Company to facili $8,000,000 for export to Paris, also in bars, and on
tate the renewal of the paper. Second is the paper Friday Heidelbach, Ickelheimer & Co. arranged for
of the retail stores that are owned or controlled by $1,000,000 in bars for the French centre. It is
Mr. Claflin or the Claflin Company. This, too, now believed that the efflux of the precious metal
represents payment for merchandise and has received for the current movement is very near an end.
the endorsement of the Claflin interests before being T his week s figures brmg the total of the present
discounted. As it is feared many of these retail movement up to $63,820,000 and smee the first of
stores will default, it is this class of notes on which January up to $79,820,000. There have been fair
serious loss or delay is expected to result.
remittances this week to cover July payments on
With such an unexpected and important condition American securities whose dividends and coupons
arising, it is not surprising that lenders should show have been made specifically payable in London and
a tendency to increase their rates for what amount Paris. These will be followed by the usual re
of business they are in fact willing to do with regular mittances of dividend and interest payments of
customers. Some of the large lenders are evincing securities owned abroad but which are payable in
a temporary indisposition to name rates for fixed ma New York
The Baltimore & Ohio road has $20,
turities. On the other hand, borrowers are recog 000,000 in notes maturing on July 1 that have the
nizing the existing condition and are not making option of payment in sterling on the basis of 4 863^
urgent demands.
for demand. As the demand rate is now fully l% c .
Another influence— a routine one— in the firmer in the pound above that basis, there appears to be
tone in the money market at tins centre has been the no question but that the option will be very gener
necessity for preparing for the July dividend and in ally exercised. The Government’s monthly report
terest disbursement, which, with the January pay of foreign commerce continues to indicate that the
ments, are always the largest of the year
An addi natural movement of remittances should continue
tional $10,500,000 in gold has been engaged for export against this country. As we state elsewhere, there
to Paris. Nevertheless, supplies of loanable funds is an excess of merchandise imports for M ay this
except as complicated by the Claflin failure are year of $1,987,183, as against an excess of exports
adequate. 1 he bank statement on Saturday last amounting to $60,883,709 in M ay 1913
Thus,
registered a decrease of $5,204,000 in loans and of there is little doubt that the outbound movement of
$20,417,000 in deposits. The latter was responsible gold is very closely associated with the payment of
for a contraction of $4,345,050 in reserve require balances due abroad by our bankers. On the other
ments. Thus, while the cash item was reduced hand, the sharp declines that have taken place in
$7,817,000, the surplus above requirements was only prices of our grains are placing these products upon
$3,471,950 lower for the week, and now stands at a basis on which they can favorably compete with
$38,839,250, which compares with $43,809,050 one other producing countries. There have already
year ago and $29,207,850 in 1912. The banks suf been unusually large engagements of wheat for
fered a loss of $0,009,000 in their cash in vaults and exportation, a movement that undoubtedly will con
the trust companies lost $1,148,000 in their cash in tinue and increase in the near future.
vaults and $0,079,000 in their cash in banks. The
The Continental exchanges have moved as a
specie item of the banks and trust companies in the general thing in favor of London this week. Sterling
Clearing-House Association now stands at $423, checks in Paris, as reported by cable last evening,
334,000, against $357,847,000 at this date one year closed at 25.18% francs, which is an advance of 13 ^2
ago and $380,447,000 in 1912.
centime from the quptation of Friday of last week.
Call money rates have remained virtually pegged In Berlin demand sterling finished at 20.50 marks,
at 1 % @ 2 /0, these having been the lowest and highest which compares with 20 483^ marks a week ago’
figures, respectively, each day of the week except on Sterling exchange in Amsterdam finished at 12 13%
Wednesday, when 17
A % was the minimum figure, guilders, against 12 13 guilders Berlin exchange
and on Friday, when that figure was the maximum. in Paris finished at 122.80 francs, against 122.90
The ruling rate on Monday was 2% , on Tuesday and francs a week ago. Mexican exchange on New York
Wednesday 1 % % , on Thursday and on Friday 1% % . closed a t '300 and on London at Is. 4 ^d ., against
For time money closing quotations were 2 % % for 280 and Is. 5% d. a week ago, while New York
sixty days (against 2% % a week ago), 2 % % for exchange on Mexico declined to 33 from 35.
ninety days (against 2 % % ), 3 % for four months
(against 2 % @ 3 % ), 3 @ 3 % % for five months
Compared with Friday of last week, sterling ex
(unchanged), and 3 % @ 3 % % for six months (against change on Saturday was firmer for demand and cable
3%%)• Commercial paper may be quoted nomin transfers, which advanced to 4 8795@4 8805 and
ally at 3 % @ 4 % % for sixty and ninety-day endorsed 4 8830@4 8840, respectively; sixty days remained
bills receivable and for four to six months’ single unchanged at 4 8590@4 8610. Higher English dis
names of choice character. Names less favorably counts, as well as covering of short commitments,
known require 4 % @ 4 % % .
brought about additional advances at the opening
on Monday; later, more liberal offerings of bills
There has been somewhat of an increase in the caused some reaction, but the close was at the best,
supply of finance bills this week. The sudden with the range 4 8810@4 8820 for demand and
4 8945@4 8955 for cable transfers; sixty days ruled
weaker at 4 8575@4 86. On Tuesday, despite
further large engagements of gold for export, rates
continued firm and advanced, mainly on the stif
fening in discounts at London, smaller supplies of
bills and European selling of stocks, to 4 8820@4 8830
for demand, 4 8855@4 8865 for cable transfers and
4 86@ 4 8610 for sixty days. Sterling moved ir
regularly on Wednesday, demand declining 20 points
to 4 8805@4 8815, while cable transfers showed a
25-point advance to 4 8870@4 8880; sixty days was
still quoted at 4 86@ 4 8610; the firmness in cables
was due mainly to the fact of the last steamer capa
ble of landing mail in time for the half-yearly set
tlements having sailed. Cable transfers exhibited
increased firnness on Thursday, advancing still
further on the active inquiry in connection with the
coming settlements; demand ruled slightly easier,
while sixty days was without change; the day’s
range was 4 8875@4 8890 for cable transfers, 4 8795
@ 4 8810 for demand and 4 86@ 4 8610 for sixty
days. On Friday the market opened weak on easier
London discounts and the firmer money situation at
home. Subsequently, however, a moderate recovery
set in. Closing quotations were 4 8575@4 86 for
sixty days, 4 8780@4 8790 for demand and 4 8865@
4 8875 for cable transfers. Commercial on banks
closed at 4 84^g@4 8 5 ^ , documents for payment
finished at 4 85@ 4 85% and seven-day grain bills
at 4 [8 6 % @ 4 87.
Cotton for payment closed at
4 85L£@4 85 j/^; grain for payment at 4 8 5 % @ 4 86.
PHASES OF THE PRESENT BALKAN UNREST.
People who regarded the Balkan question as set
tled by the wars of 1912 and 1913 (if there were really
any such people) bid fair to be as much disappointed
as were those who held similar views regarding the
Balkan settlement by the Treaty of 1878. The
problems which now remain for solution are differ
ent in their nature from those of a generation ago,
because the Turkish rule of the Christian popula
tions has now been reduced to practically negligible
dimensions. But, on the other hand, this long-stand
ing racial and religious hatred has now been replaced
by quite as bitter animosities between the Christian
States themselves, the allies of the recent war. This
mutual sentiment has been particularly deepened by
two circumstances of the case— the humiliation of
Bulgaria by its own recent allies, in the second Bal
kan war, with the resultant forced surrender of part
of its own legitimate spoils of war, and the problem
which immediately followed of establishing a new
and independent kingdom, under the rulership of an
alien prince, in the midst of the jealous Balkan
States.
This second problem was one of no small diffi
culty and complexity. A similar undertaking was
surrounded with formidable obstacles, even at the
time when Bulgaria itself was first erected into an
independent State. Prince Alexander of Battenberg, a popular ruler and a brave and successful
commander, was unable, even when he commended
himself to the loyalty of his subjects, to escape the
jealousies of outside Powers. In the end he was
The New York Clearing-House^ banks, in their
actually abducted, supposedly under the influence of
operations with interior banking institutions, have
Russia, and was forced to abdicate. The ruler
gained $14,836,000 net in cash as a result of the
similarly imposed at that time on the newly created
currency movements for the we ek ending June 26.
Servia, having been subject from the first to the in
Their receipts from the interior have aggregated
fluences of the outside Powers, gained the hatred of
$19,567,000, while the shipments have reached
his subjects and was assassinated by his palace
$4,731,000. Adding the Sub-Treasury operations
guards, with what seemed to be the approbation of
and the gold exports, which together occasioned a loss
the Servian people. The same problems which arose
of $22,189,000, the combined result of the flow of
on those two occasions are already arising in the case
money into and out of the New York banks for the
of the new kingdom of Albania.
week appeairs to have been a loss of $7,353,000, as
The erecting of this purely geographical area into
follows:
an independent State, instead of distributing the
territory among the victorious Balkan kingdoms,
N et Change in
Out o f
Into
Bank H oldings.
Banks.
Banks.
W eek ending June 26.
was a political necessity. Austria and Italy alike had
$4,731,000 Gain $14,836,000
$19,567,000
39,813,000 Loss 22,189,000 imposed a final veto on the surrender of that terri
17,624,000
Sub-Treasury oper. and gold exports.
Socially, also, it was possible to say
$37,191,000 $44,544,000 Loss $7,353,000 tory to Servia.
Total_______ ____ ______ ____
The following table indicates the amount of bullion that the Albanian people had a claim to independence,
being, at all events, not homogeneous with the other
in the principal European banks.
Balkan States.
Accordingly, the new kingdom was
June 26 1913.
June 25 1914.
artificially
carved
out, its general form of govern
Banks o f
Total.
Silver.
Silver.
Total.
Gold.
Gold.
ment prescribed, and Prince William of Wied, a
£
£
£
£
£
£
38,416,702 German dignitary, was named by the Powers as its
England.. 139,928,263 _______ 39,928,263 38,416,702
France__ 159,027,800 25,533,600 184,561,400 132,679,920 24,945,960 157,625,880 sovereign.
What has immediately resulted has been,
Germany. 68,603,900 16,600,0001 85,203,900 55,747,600 15,047,450 70,795,050
Russia « . . 178,463,000 7.314.000 185,777,000 160,858,000 7.770.000 168,628,000 first, resistance by the Albanians to the regular pay
61.240.000
Aus.-IIunb 52.345.000 12.184.000 64.529.000 50.438.000 10,802,000
Spain___ 21.125.000 29.159.000 50.284.000 18.249.000 30,177,000 48.426.000
Italy -d . . 45.775.000 3.100.000 48.875.000 46.500.000 3.761.000 50.261.000 ment of taxes, with which they had previously largely
767,500 13,182,500
770,400 14,156,400 12.415.000
Netta lands 13.386.000
Nat Belgd 9,011,333 4,505,667 13.517.000 8,121,333 4,060,667 12.182.000 dispensed, through their defiant attitude toward
5.704.000
Sweden .. 5.827.000 ............. 5.827.000 5.704.000
6.803.000 Turkish rule.
6.912.000 6.803.000
Swltz 'land 6.957.000
2.349.000
2.700.000 2.349.000
Norway.. 2.700.000 _______
But quite aside from this, the Albanian community
Tot. week 603,149,296 99,166,667 702,315,963 538,281,555 97,331,577 635,613,132
Prev .week 596,962,579 98,871,947 695,834,520 537,541,821 06,935,830 634,477,651 is already torn by many opposing parties with di
a The total of gold In the Bank of Russia Includes the balanco held abroad— verse purposes and interests.
Not least of all, the
that Is, the amount held for Russian account In other Continental banks.
serious
problem
has
confronted
the new regime of
b The Austro-IIungarlan bank statement Is now Issued In Kronen and Heller
•nstead of Gulden and Kreutzer. The reduction of the former currency to sterling dealing with a native leader, Essad Pasha, who had
Founds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In long exercised a species of feudal control over the
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
inhabitants, and, in a certain sense, had dealt as an
byldlvldlng the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given In our tablo of coin and bullion I
independent potentate with Turkey. The placing
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain; It Is not claimed to bo accurate, as the banks make no distinction In the of Essad in the Cabinet of the new Albanian King
weekly returns, merely reporting the total gold and sliver; but wo believe the
proved to be the most futile of expedients. Con
Wlon we make Is a close approxlti atlcn.
d
spiracies followed as an absolute matter of course;
they were checked only through the arrest and ex
pulsion of Essad from the country. This, as the
logic of events would indicate, has been followed by
revolts of the Albanian people, by a species of guer
illa warfare, and by actual attacks on the city where
the alien sovereign maintains his headquarters.
The Powers who placed this sovereign in his present
office have shown no disposition to intervene— if,
indeed, it were possible for them to do so, in view of
their own mutual jealousies in the matter.
The Albanian difficulty is not the only one of the
troublesome after-effects of the Balkan war. Re
cently news has been gradually coming in that the
Turks were expelling alien inhabitants from the
parts of Macedonia which Turkey still controls;
carrying them to the nearest villages in Greek terri
tory and leaving them there to shift for themselves.
In Chios 5,000 of such refugees have been reported.
The Greek Government has promptly called Turkey
to account; has threatened war and has arranged a
naval demonstration— to which one may imagine
the Turks will pay a minimum of attention. Back
of all this stands the bitter feeling between the Bul
garians and the Servians over the incidents and out
come of the second war of 1913. But when one asks
whether all this is likely to bring about an actual
renewal of the Balkan fighting, the answer is that
its renewal on any large scale is entirely improbable.
That would involve extensive plans for financing
such a war, and the fiscal condition of the recent
belligerent States is such as quite to preclude any such
arrangements. The Balkan States have not yet
made serious progress in refunding the floating debt
raised by them during the recent conflict. One may
even ask how Greece is to manage payment for the
two battleships which our own Government is plan
ning to sell to her.
There must also be considered, in any question as
to renewal of the conflict, the attitude of the civil
ized world toward the atrocities of the recent war.
The report of the Carnegie Peace Commission, con
sisting of eminent experts on the problems involved,
who carefully canvassed and investigated all the
conflicting charges which the rival belligerents had
hurled against each other, has told this shameful
story. Some of the assertions raised by the partici
pants in the second Balkan war against one another
have been found to be exaggerated or false, but those
which were established by convincing evidence were
sufficient to inflict lasting disgrace on all the partici
pants in that war, if not, indeed, on human nature
itself. The second Balkan war had, in point of
fact, become a fight in which the ordinary rules of
civilized warfare had been abandoned, and in which
the appetite for lust and blood had gained such sway
over commanders and armies as to render the entire
campaign worthy of the most savage periods of
Asiatic invasions.
Torturing and outraging of the living and mutila
tion of the dead; destruction of harmless villages;
plunder andmurder of non-combatants, were the rule
and not the exception in that second campaign of
the armies of States which had been signatories of
the Hague agreement regarding rules of international
warfare. The evidence that the leader of the
Greek armies, a member of the royal family, deliber
ately authorized reprisals of this sort, though it is
even now difficult to say which side really began the
business, shows to what stage of civilization the war
had come. To imagine that, after the passions of
war have cooled down, renewal of such a contest could
be calmly invited by any of the unhappy participants,
does seem a considerable injustice, we should say, to
the better side of human nature. But it leaves in
great obscurity the question as to the political and
social future of these Balkan States. Only the chang
ing influences and vicissitudes of time, which in the
end should readjust, as it always hitherto has done,
the interests and affiliations of this group of States,
is likely to solve the problem. That another war
would solve it no one is likely to contend, after having
seen what followed the victory of the allied Balkan
States over the Turkish Empire.
INSURANCE UNDER THE WORKMEN’S
COMPENSATION LAW.
On the 9th the Insurance Department sent out
from Albany a statement that, after repeated confer
ences by experts, the last of these being on the 5th, it
had determined a basis for adequate minimum rates
for insurers of employers under the compensation law
of this State which takes effect on July 1. The ex
perts agreed upon only one thing; that Massa
chusetts’s- experience should be utilized as a basis,
and the Department decides that rate schedules, in
order to receive official approval, must be constructed
according to the schedule in that State, plus 8% for
incompleted experience and the catastrophe hazard,
and multiplied by 2 in order to represent the admit
tedly greater benefits allowed by the New York law.
To cover all expenses and taxes, the gross premiums
must be “ loaded” one-third; companies may appor
tion this loading to the separate items of expense as
they please, but the margin is fixed, since as much as
this will be required and a greater expenditure (or
expense uses will not be permitted. A discount of
20% is permitted on policies which exclude certain
medical benefits, and reductions up to 40% will be
permitted on rates to employers whose plants have
been inspected and have been approved for safety.
Upon the adequacy of the rating basis as above in
dicated we offer no criticism; it may be too low, but
it is not likely to be too high. N obody knows what
the rates ought to be, for only a quite prolonged
experience can determine. Massachusetts has de
veloped some experience, but the law of this State
goes so far beyond her in the benefits payable that
all concerned are at sea, and an arbitrary guess is
made that Massachusetts rates shall be doubled.
The other arbitrary guess of 8% , to be added before
the doubling, is to cover two very uncertain and
menacing factors. A loss on burned property or a
death claim in life insurance is a fixed sum and is
disposed of finally; but experience has shown that a
personal injury incurred in 1914 may continue as
a loss demand through several years more, and it is
almost impossible to calculate in advance the maxi
mum which may be demanded under it. The other
uncertain factor is the catastrophe hazard, already
referred to. What it may come to, under the greatly
enlarged scale of payments allowed by this law, no
body can surely foresee, but we doubt whether an
8% loading is sufficient for it.
The rates indicated by the Department are,
however, the minimum, and companies may go be
yond them. They are informed that manuals which
“ conform to the Department minimum rates, or that
provide for adequate rates in excess of such minimum
rates, will receive Department approval as a matter
o f c o u r s e ,”
b u t t h a t m a n u a ls
m u la e
r e q u ir e
w ill
a
prepared
r e a s o n a b le
on
tim e
o th e r fo r
fo r
c o n s id e r a
b e tte r g u id e s w h e n
th e
tio n .
sam e
c h a ra c te r
as
la w
its e lf
w as
sk e tc h e d
in
its
su b sta n ce
th e “ C h r o n ic le ” o f J a n u a r y 3 1 la s t, p a g e 3 3 9 .
e m p lo y e r s
w ith in
can
th e
c le a r ly
th a t
k in d s n a m e d , a n d
read
th e y
th e ir
in
M an y
w ork
m u st ta k e
fa lls
one
of
m odes
th e m s e lv e s
in ju r ie s .
in s u r a n c e
fin e s
T he
a b s o lu te
under
to
of
as
S ta te
q u itta n c e
it,
and
it
w e ll
Fund
as
w ill
to
p e r m itte d
as
to
h o ld s
s u its
out
lia b ility
p r o b a b ly
or
in
th e
fo r
o ffe r
exp ose
s i m i l a r y e a r s in a c y c le
cu rren t
year.
1 9 1 5 w ill b o a y e a r o f a c t i v i t y .
Com
p a r is o n s m a d e w i t h t h e d a t a o f 1 9 1 4 w ill p r o b a b l y s h o w
v a s t im p r o v e m e n t a n d th e r e fo r e m a y b o m is le a d in g ;
a
if c o m
p a r is o n is m a d e b e t w e e n t h o f ig u r e s f o r t h e y e a r s 1 9 1 5 a n d
1 9 1 2 , a m u c h t r u e r c o n c e p t i o n o f a c t u a l c o n d i t i o n s w ill b e
o b ta in e d ;
fo u r
b o tw e e n
th o
T o illu s tr a te fu r th e r :
T he
th e
m ade
t h a n w h e n m a d e w i t h t h e p r e c e d in g y e a r , w h i c h is n e v e r o f
in b r i e f , c o m p a r i s o n s m a d e b o t w e e n t h o y e a r s o f
r e c o v e r y a n d li q u i d a t i o n a r o o f le s s v a l u e t h a n t h o s e m a d e
case
of
b e tw e e n y e a r s o f liq u id a t io n , y e a r s
p r o m ise
of
o f a c t iv it y a n d p r o s p e r ity , e v e n th o u g h th o n u m e r ic a l d a te s
th o se
lo w e r
in s u r e d
ra te s,
o f re c o v ery , an d years
m a y b o th r e e o r fo u r y e a r s a p a r t.
W i l l y o u fa v o r m e w ith y o u r o p in io n o f th is s u g g e s tio n ?
at
Y o u r s v e r y tr u ly ,
le a s t
fo r
th e
c o m p a n ie s
p re se n t;
can
on
th e
s e le c t th e ir
o th e r
hand,
th e
cu sto m e rs a n d
sto c k
W .
C.
M IL L E R .
d is c r im in
I t w ill b e o b s e r v e d t h a t o u r c o r r e s p o n d e n t c r itic iz e s
a te
a g a in s t
th o se
w ho
n e g le c t
p rop er
p r e c a u tio n s ,
th e
w h ile
th e
S ta te
F und
m u s t, a p p a r e n tly , a c c e p t
p r e v a ilin g
cu rren t
w ho
a p p ly .
E m p lo y e r s
w h ose
b u s in e s s
does
not
are
not
year
fa ll
w ith in
th e
lin e s
s p e c ifie d
in
th e
la w
p r a c tic e
of
c o m p a r in g
s ta tis tic s
fo r
a ll
p e r io d s
w ith
im m e d ia te ly
c o rr e sp o n d in g
p r e c e d in g .
It
s ta tis tic s
does
of
not
th e
appear
t o u s t h a t t h e p r a c t i c e is o p e n t o v e r y g r a v e o b j e c t i o n .
re q u ire d
by
d e e m in g
th e m s e lv e s
it
to
do
a n y th in g ,
o u ts id e
and
o f it,
if
th e y
su ch
an
err
in
e r r o r w ill
W h e th e r
case
p r o b a b ly
th e le s s ,
and
be
tre a te d
o ffe re d
ra te s
fo r
to
le n ie n tly .
th e m
m any
and
In su ra n ce
is
is ,
e x p e d ie n t
e m p lo y m e n ts
to
th e m ,
th e
la w
T o
not
a p p ly
have
a lr e a d y
been
w ay.
p u b lis h e d ,
above
sta te d .
B u t
th e
th e
does
on
m is le a d in g
upon
th e
in
u se
any
g iv e n
m ade
of
it
rare
year
p r e c e d in g
le a d
to
o c c a s io n s ,
is
th e
it.
erron eou s
fo r
m ost
n a tu ra l
c o n c lu s io n s
p erson s
know
th e se
in
c o m p a r in g
w ith
th e
p r e v io u s
year
com
b y th e D e p a r tm e n t
p a r is o n
as
w ith
N or
w h e th e r
r a te s b e in g o n th e b a s is in d ic a te d
is
a lto g e th e r
com pare
except
does
c o m p a r iso n
n ever
fo r
w h ic h
th e
depends
ra te s
of
th e
sto c k
is
w ith
a
good
p e r io d
or
a
bad
p e r io d
and
com
m ake
a llo w a n c e s
a c c o r d in g ly .
p a n ie s a r e n o t y e t a n n o u n c e d , a n d i t is r e p o r t e d t h a t
F o r s c ie n tific a c c u r a c y o r e c o n o m ic s t u d y th e
s e v e r a l w e ll-k n o w n
c o m p a n ie s
deem
th o se
com
in d ic a te d
p a r is o n s h o u ld n e v e r b e c o n fin e d t o a tw o -y e a r te r m ,
r a t e s t o o lo w
a n d w ill n o t w r ite e x c e p t a t a c o n s id e r
but
s h o u ld
e x te n d
over
a
s e r ie s
of
years.
T h ere
is
a b le a d v a n c e .
o fte n
O n
T u esd ay
th e re
w as
a
p u b lic
p r e s e n ta tio n
an
a d v a n ta g e
c o m p a r a tiv e
but
and
th e
m u tu a ls ,
by
r e p r e s e n ta tiv e s
T he
s im ila r
th e
d iffic u lty
m a n a g e rs o f th e F u n d
agree
as to
h ere
w hat
is
in
p e r io d
g e ttin g
in
th e
o n e ’s
past
can
of
b e h e ld
each.
s tr ic tly
m e r its o f th e S t a t e F u n d , th e s to c k
n e ig h b o r to
c o m p a n ie s,
c o m p a r in g
of
p e r io d s,
th e
in
to b e e x a c tly s im ila r .
V e r y fr e q u e n tly , to o ,
are q u ite a c t iv e ly
i t is i m p o s s i b l e t o m a k e a c o r r e c t d i a g n o s i s o f c u r r e n t -
s e e k in g
c u sto m e rs
fo r
it,
in
o th e rs,
and
o ffe r in g
c o m p e titio n
w ith
th e
day
p r o m is e s
th o se ,
as
w e
are
to
several
s im p ly
say
a s s u r in g
m o o te d
o p in io n s
p o in ts .
th a t : (1 )
th e re
C o n c e r n in g
are
a
num ber
o f e m p l o y m e n t s a b o u t w h ic h , a s t o s o m e p o r t i o n s , if
n o t t h e w h o l e , i t is u n c e r t a in w h e t h e r t h e y f a ll w it h i n
or
w ith o u t
d is t in c tly
as to
th e
s p e c ifie d
a ffir m s
h azardous
th e
a s s e s s m e n t s ,”
th e F u n d , a n d
p u b lis h e d
o p in io n s
of
th e
m a n a g e r s a n d th e ir p r o m is e t o n e v e r re so r t to a sse ss
m e n ts,
not
it
is
in v o lv e d
u n c e r ta in
in
th e
w h e th e r
sch em e,
lia b ility
w h ile
th e F u n d h a s n o d e fin ite p r e m iu m
fix e d
lim it o f c o s t; (3 )
it
is
to
th e m
c e rta in
is
th a t
a n d is w i t h o u t a n y
it is q u e s t i o n a b le w h e t h e r t h e
a b s o lu t e q u it t a n c e o n li a b ili t y in a p a r t ic u la r in s ta n c e
o f in ju r y
s id e
can
th e
Fund
be
tru ste d
hazardous
by
lis t
e m p lo y e r s
yet
w ho
v o lu n ta r ily
are
o u t
ch oose
th e
m ent
THE PROPER W A Y TO COMPARE STATISTICS.
d e a ls
and
r e c o v e r y .”
a d j u s t m e n t ,”
w ith
a
q u e s tio n
of
general
in te r e s t:
Berkeley, Cal., May 6 1 9 1 4 .
The “Commercial & Financial Chronicle,” New York City:
Gentlemen.— M o s t f i n a n c i a l p u b l i c a t i o n s g i v o d a t a o f c u r
but
In
th e
w h e th e r
la s t
th e
in te r p r e te d .
its e lf
be
lik e
seem s
to
m e,
per
day
in
M arch
to n s
per
day
in
1911
not
n e c e s s a r ily
h ow ever,
t h e o n e s u s u a lly q u o t e d .
year
of
r e a d ju s tm e n t
corre
a
p e r io d
as yet
is
of
“ re
c e r ta in ly
th o u g h
ir o n
(a s
are
th e
as
c ite d
of
of
7 5 ,0 0 0
o n ly
7 0 ,0 0 0
le tte r
above)
a g a in s t
in
th e
upon
p r o p e r ly
c o m p a riso n
p r o d u c tio n
1914
e v id e n c e
depends
s a tis fa c to r y
p rogress.
I n t h e m e a n t i m e p o p u l a t i o n h a s g r o w n a n d in n o r m a l
S ta t e s s h o u ld
be
record ed
fo r
th e
p ig
p r o d u c tio n
ir o n
o n ly
T h is
6 4 ,5 1 4
as m u ch
c o u n t r y lik e t h e U n i t e d
f o r a s i n g l e y e a r a s is h e r e
t h r e e -y e a r
has
p e r io d .
ta k e n
S in c e
a n o th e r
illu s tr a te s
th e
year
A fte r
a ll, w h a t g o o d
p e r io d
tio n
we
in
w ith
th e
risk
p ast
in
is
fu r n a c e s
u n d e r ta k in g lto
poor
dum ps
com p are
p e r io d ?
one
W h at
are
not
q u ite
poor
sa tisfa c
th e k n o w le d g e t h a t
we
d e c id e
p ro p e r to c o m p a r e w ith .
d o es itfd o U o
a n o th e r
th e
ol
it
is t o b e d e r i v e d [ f r o m
are
M arch
dow nw ard
to n s p er d a y .
w hat
so
th o u g h
b a d ly
o ff
y e a r s a g o , w h e n w e w e r e a ls o in t h e
S ta tis tic s
are
of
very
little
u se
except
as
a d m e a su r e o f g r o w t h , a n d f o r th is p u r p o s e t h e y s h o u ld
c o v e r th e
th a t
t h e f ig u r e s f o r
1911
are
M y
and
a r g u m e n t is t h i s — 1 9 1 1
recovery;
1914
is
a
w as
year
w id e s t
p ig
ir o n
ir o n
s ta tis tic s
averaged
w ith
9 1 ,0 3 9
to n s
per
p o s s ib le
b o th
and
a g a in .
In
6 7 ,5 0 6
to n s
ran ge,
good
per
to n s
day
M ay
per
in
th a t
is ,
c o m p a riso n
b a d p e r io d s.
1914
d ay.
M a y
T a k e th e
th e
T h is
1913
m ake
of
com pares
and
8 1 ,0 5 1
of
r e a d ju s tm e n t a n d r e c o v e r y , h e n c e c o m p a r is o n s o fip r o d u e tio n ,
r a i l r o a d e a r n i n g s , b a n k c le a r i n g s , a n d b a n k s t a t e m e n t s a r e
be
com pared
p e r io d s t h e in c r e a s e in a n e w
b e m a d e w ith
o f v a s t ly g r e a te r im p o r ta n c e th a n th o s e o f 1 9 1 3 , w h ic h a re
a
Our
th is:
‘ ‘Pig-Iron production for March 1914, 75,000 tons per day.
••
“
“
1911, 70,000 “
"
It
P ig
to n s
is
are
T h i s is s o e v e n
d u m p s?
T h i s is t i m e - h o n o r e d c u s t o m
a n d v e r y p r o b a b l y t h e a v e r a g e b u s in e s s m a n w o u ld b o m y s
sta te m e n t
m ay
e v e r y th in g
th a t
fa u ltle s s .
p e r io d o f th e p r e v io u s y e a r .
a
is p a s t .
“ recovery”
a n a ly s is
as w e w e re a fe w
by
It
th e
fig u r e s
r e n t c o n d i t i o n s a n d c o m p a r e i t w i t h s im il a r d a t a a t t h e s a m e
tifie d
p e r io d
la c k in g .
w as
fo llo w in g
th e
d ip a n d o n J u n e 1 t h e c a p a c i t y o f th e a c t iv e
n o tw ith s ta n d in g .
T he
u n til
s p o n d e n t s p e a k s o f 1 9 1 4 a s b e in g a y e a r o f “ r e a d ju s t
la w
to
th e
lia b ility
(2 )
a n y e m p lo y e r w ith d r a w in g fr o m
n o tw ith s ta n d in g
“ h is
lis t;
c o n d itio n s
and
day
p e r d a y , in
in
M a y
M a y * 1911.
1912,
but
w ith
6 1 ,0 7 9
to n s
W h y
go
s h o u l d 'w e
back
to n s
and
per
sto p
th e re ?
com pare
day
in
w ith
1907?
ju s t “b c fo r e th e
1907
T h is
in te n s it y
of
s h o u ld jw e n o t
p rodu ct
la tte r ,
p a n ic a n d
b u t ’ is i t 'n o V a _ f a c t o f v e r y
n v c ^ c T fT th e
W h y
th e
to
of
7 4 ,0 4 8
be su re,
w as an
w as
a c tiv e p e r io d ,
g r e a tfs ig n ific a n c c , in d ic a -
th e
d e p r e s s io n
p r e v a ilin g ,
t h a t t o - d a y w e s h o u ld b e p r o d u c in g le s s ir o n t h a n w e
d id
seven
years a g o ?
in
th e
la s t a n a ly s is th e
p e titio n
th e
of
lin e s
v o lv e d
r e a c h in g
but
w h o le
fo r
d iffe r e n t
c o n tro v e rsy w a s on e o f c o m
m a rk e ts.
th e
p r a c tic a lly
co u n try ,
on
th e
serve
in te r -m o u n ta in
cago,
lik e w is e
roads
o n ly
at
B u ffa lo
in
th ro u g h o u t
th e
in
th e
are
are
and
m e r e ly
w ere
C oast
so
not
th a t
th o se
P a c ific
te r r ito r y ,
th o se
w as
C oast
a ll t h e
e x c e p tin g
m erch a n ts
It
P a c ific
S o u th ,
a n x io u s
th o se
at
to
C h i
P itts b u r g h ,
and
n o t le s s s o t h o s e o n t h e A t l a n t i c C o a s t .
THE SUPREME COURT DECISION IN
THE IN TER-M O U N TAIN CASE.
It
is
s c a r c e ly
n ific a n c e
and
r e a c h in g
U .
S.
p o s s ib le
Suprem e
In t e r -S ta te
of
C ou rt
I n t e r -m o u n t a in
cases.
its
of
s ig
been
th e
fa r -
tin u e
e x a g g e ra te
th is w e e k ’s d e c is io n
N o
e x e r c is e
th o se
th e
to
th e
order
pow ers
and
p ow ers.
In
in
oyer
e m b o d ie d
of
th e
su ch
th e
fa m o u s
is s u e d
w a s a n d is a d m i t t e d l y a d i f f i c u l t o n e ,
by
th e
to
have
a llo w e d
unchanged,
n a tu ra l
d e te r m in e d
b r in g
upon
about
tra ry
e x is tin g
th e y
w a s q u ic k ly
an
a r b itr a r y
th e
C om m erce
c o n d itio n s
w ere
B u t
th e
th e
up
th e
in
and
of
w as
to
w h o lly
a r b i
w h o le
coun
a g a in s t it .
C o m m is s io n
con
proceeded
th ro u g h
re s u lt t h a t th e
arm s
to
o u tg ro w th
C o m m is s io n
r e a d ju s tm e n t,
a d ju s tm e n t
m e t h o d s , w ith
try
C o m m is s io n
a
th e
s w e e p in g
th is o rd er th e
th e
s in c e
c ir c u m s ta n c e s .
a
su ch
none
o f th e
a c tio n
C o m m is s io n
C o m m is s io n
of
o v e r -e s tim a te
or
u p h o ld in g
C om m erce
C om m erce
u se
to
im p o r ta n c e
con seq u en ces
T h e p r o b le m
a n d th e w is e s t c o u r se fo r th e C o m m is s io n w o u ld h a v e
W e
im a g in e
a
d is tin c t
e x p e r ie n c e d
f e e lin g o f r e lie f w h e n t h e C o m m e r c e C o u r t s t e p p e d in
w e n t fu r th e r t h a n it h a d e v e r a t t e m p t e d t o g o b e fo r e ;
a n d g r a n te d th e in ju n c tio n r e s tr a in in g th e o r d e r s fr o m
in
g o in g
e ffe c t,
g r a n te d
in g
it
it
in te r p r e te d
it u n d e r th e
th e
rig h t
th e
a m e n d a to ry
to
do
to d o in th e w a y
in g r a te s
-to
m ake
to
w h e th e r
n a tu ra l
w h a t jo b b in g
tio n s
s h o u ld
re m o te r
cree
or
ta b lis h e d
o f th e
d e a th
the
to
th e
ra te s
e v e r y th in g
unm ake
th e m ,
overcom e,
to
d e c id e
sa y th e
th is
C om m erce
g e n e r a lly ,
in te r e sts
th ro u g h
of
th e
de
lo n g -e s
in s tr u m e n
C o m m is s io n
b e in g
th e
w ay.
by
it.
C o m m is s io n
d e v ise
ow n
of
It
pow ers
it
an
th e
th e
w ith
th e
th e
M is s o u r i
in
lib e r ty
to
w ith
its
accord
in v itin g
in v itin g
le a v e s th e
p ro sp e c t fo r th e
p rosp ect
fo r
th e
th e
p o in t
at
is s u e
th e
cases
by
th e
h ig h e st
in te r p r e ta tio n
and
a p p lic a
d e fin ite ly
ju d ic ia l tr ib u n a l w a s th e
in
s e ttle d
w h ic h
c o n sid e r a tio n s
and
w ere
in v o lv e d ,
a s w ill a p p e a r f r o m
case.
T he
c a r r ie r s
be
as
m uch
a lr e a d y
a r e c ita l o f th e
im m e d ia te
s h o u ld
h ow ever,
q u e s tio n
a llo w e d
to
w as
charge
la r g e r
in d ic a te d ,
fa c ts
m ore
fo r
It
w ill
be
p e rc e n ta g e s
w ho
lo n g h a u l t o
m ore.
ta in
in g
P a c ific
c u sto m
fix e d
th e
by
w a te r
to
d e v ia te d
fro m
in
been
th e
fo r
to
charge
P a c ific C o a s t
h a u lin g
is
a
th e
p o in t, th o u g h
c e r ta in
fo r
a n d , if s o , h o w
c o m p e titio n ,
lo c a l c h a r g e
in t e r -m o u n t a in
C o a st,
has
p o in ts th e ra te
j)lus
th e
T he
th e
th a n
th is
cases.
T he
has
o b je c tio n s
its
p o s itio n
r a is e d ,
and
several
w as
tim e s
ra te )
to
been
C om m erce
m ade
to
becau se
of
r e c o g n iz e
th e
east
o r ig in a tin g
m ig h t
P a c ific
th e
C oast
P a c ific
th a n
in
d ecreed
be
7 %
th a t
h ig h e r
te r m in a ls .
For
B u ffa lo -P it t s b u r g h
a llo w e d
a
charge
th a n
to
on
1 5 %
th e
th e
th e
C h ic a g o
zone,
h ig h e r
P a c ific
A tla n tic
to
C o a st,
Seaboard
lo n g -h a u l r a te s w a s p e r m it
observed
w ere
w ro te
th e
te m
of
o p in io n
by
out
th a t
fo llo w e d
in to
of
th e
in
th e
he
zone sy s
C o m m is s io n ,
th e m s e lv e s
and
have
d iv id e d
a v e rre d ^ th a t
zones
as
and
W h ite ,
c o m b a tin g
th e
th e
p r a c tic e
d is tr ic ts , a n d
th e C o m m is s io n
by
ra te s
J u s tic e
C o u rt,
r a ilr o a d s
s im ila r
m o d ifie d ,
p rop osed
c a r r ie r s u p o n
p rop osed
th e
a
th e
a r b itra r y .
th e
r a te -m a k in g
p o in te d
w ays
th a t
w h o lly
th u s
a l
th e
“ th o u g h
s e le c te d
w e r e in s u b s t a n c e t h e s a m e
by
as th o se
a u g u r a t e d b y t h e C o m m is s i o n in t h e
m ore
th e
and
a ll
th e
th e
th a n
if
to
c a r r ie r s
s io n ’s
order.
ask ed
in
th e
changes
d iffe r e n c e
th a t
th e
s a n c tio n
A s
and
to
h ig h e r
th a n
T h is
p e titio n
p osed ,
in s te a d ,
th a t
in g
c o n c e p tio n s
w hat
be
fo r c e
th e
th e
had
It
of
sta n d s
done
fa c t
th e
a ll
p e r m itte d
to
e x iste d ,
C o m m is
th e
p e titio n in g
to
n o th in g
p r e v io u s ly
a tta c k ed
in
in
r a te s th e m s e lv e s
w o r ld .
had
have
m a tte r
in t e r -m o u n t a in
b a s is
ra te s
th e
in s ta n c e ,
m is s io n , w a s t h a t t h e y
r a te s p r e v io u s ly in
in
not
a
fir s t
in
C o m m is s io n
w o u ld
new
w h ile a n d is s u e d s e v e r a l o r d e r s c o n c e r n in g th e s a m e .
s h ifte d
on
and
g iv e n
th e
C o m m is s io n h a d th e c a se s u n d e r c o n s id e r a tio n a lo n g
It
p o in ts
w ere
B u t th e se m o d ifi
(w h ic h , b e
r u le
te r r ito r y
fu rth e r
to
c o in c id e n ta lly
th e
fr e ig h t b a c k
p r e v a il
c a tio n s
m uch
lo w
by
th e
p r e v i o u s l y f i x e d b y t h e c a r r i e r s .”
in te r -m o u n
very
do
and
d is t a n t p la c e
C o m m is s io n
te r r ito r y
a tta c k s m a d e
reason
A r iz o n a
s h o u ld
a m ore
p o in ts
in
to
Paul
te d .
m ake
and
as
fr e ig h t
in c r e a s e o v e r t h e
of
N evad a
to
no
fo r fr e ig h t o r ig in a tin g
s h o r t e r h a u l t o i n t e r - m o u n t a i n t e r r i t o r y in t h e S t a t e s
W a s h in g to n ,
w o u ld
th e
o f th e
w h e th e r
to
C o m m is s io n
co u n try
A c tu a lly ,
or
a llo w e d
o th e r w o rd s, S p o k a n e
C om m erce
ra te s
som ew h at
1910.
In
For
S t.
charge
th a n
ra te s
o r ig in a tin g
th e
of
its
m o n th s,
be
p rop osed
fro m
in te r -m o u n ta in
sam e
th e
t i o n o f t h e lo n g -a n d -s h o r t -h a u l c la u s e a s a m e n d e d b y
A ct
h ig h e r
p la c e
d e s tin a tio n s
in te r -m o u n ta in
and
th a t
in te r m e d ia te
th e
a 2 5 %
w o u ld
C o m m is s io n
no
R iv e r .
to
th a n
fu ll
th e
in
fro m
fr e ig h t
as
m o d ifie d
m o d ific a tio n s
sch em e
prop osed
R iv e r
p r e c is e ly
C oast
th e
been
It
p o in ts
ra te s
fu rth e r
P a c ific C o a s t .
o th e r
th e
pow ers
th a t
in te r m e d ia te
th e
m a tte r, an d
c o n tr o l,
r a te -m a k in g
is
a ll
h a v in g
e ffe c t.
ord er.
th a t
h e ld
la r g e
now
its
th e m ,
T h e S u p rem e C o u rt,
p ossesses
is n o t a n
n e ith e r
at
N o m in a lly ,
have
r e a lly
su p rem e
d ic ta te s .
co u n try
a b o lis h e d ,
T h a t en d s th e
in
sch em es
r a ilr o a d s ;
s in c e
its n e w
c o n s tr u in g
r e v e r s e s t h e C o m m e r c e C o u r t a n d s 'a y s
C o m m is s io n
su m ed
c o n str u e d
th u s
h ad go n e to o fa r.
h ow ever, now
th e
In
a fte r
th e n ew
w hat
te r r ito r y ,
C o u rt,
C o m m is s io n
g o in to
N o tic e
on
th e
C o m m is s io n
broad
to
to
and,
fo r,
c e r ta in
b e fo r e
M is s o u r i
a n y o th e r a u th o r ity .
W e
m ade
any
needs
e ffe c t,
seem ed
o f th e
th e
s o le a r b i t e r in a ll in s t a n c e s , w i t h n o r i g h t o f a p p e a l t o
in
it
be
p r e s c r ib in g o f r a te s )
im p o r ta n t
fix e d ,
it
a n d r e g u la t
in to
d e r s m a n y tim e s d u r in g th e p r e v io u s fifte e n
w h a t m a n u fa c tu r in g se c
s ta n d in g — a lw a y s
of
as g iv
c a te r to
co u n try ,
to
and
a u th o rity
1910
o f fix in g
be
and
a llo w e d
of
c e n tre s, to
s h o u ld
d is tr ic ts
be
p a rts
life
ta lity
tr a ffic
(th r o u g h
a d v a n ta g e s
la w
a n y th in g
m ig h t c h o o se
d ecree
e n la r g e d
c a r r ie r s
th e
C om
c o n tin u e
th e
b o th to P a c ific C o a s t p o in ts
p o in ts,
th e
la tte r
b e in g
on
a
fo rm e r.
C o m m is s io n
d e n ie d ,
s o m e th in g
n o v e l,
o f its
a lto g e th e r
ow n,
and
e m b o d y in g
out
of
p ro
s tr ik
accord
w ith
p r e v io u s
a new
p r a c tic e s .
sy ste m
upon
th e
k e ts.
m e r its
of
O b serve
t e r -m o u n t a in
P a c ific
In
p r o p o s in g ,
m oreover,
o f r a te s c h e d u le s , it u n d e r t o o k
in
r iv a l
th e
p o in ts
C oast
jo b b in g
fir s t
p la c e
upon
p o in ts,
it
d is tr ic ts
th a t
a
b a s is
put
th e
in
of
to
pass
and
m ar
p la c in g
e q u a lity
jo b b e r s
in
w ith
in
in te r
a
w h ic h
jo b b e r s
on
P a c ific
T he
fe r
h e r e to fo r e
th e
C oast
C o a st.
upon
one.
T he
c e n tre s
a d v a n ta g e
now
w h ic h
th e
in t e r -m o u n ta in
O bserve,
have
been
a d v a n ta g e
have
is
a
c a r r ie r s t o
a
T he
p o in ts
fu rth e r m o re ,
is
tio n s
w h ic h
th e
w ith
seek s
a w h o lly
th a t
th e
im p a r t ia lit y — in
m o u n ta in
p o in ts
fa c t
are to
fa r
sta n d
fro m
on
a
e n tir e ly
In ter
o f e q u a lity
m ade
in
in
th e C o m m e r c e C o m m is s io n
m e d ia te
fro m
p o in ts
m ay
be
It
s h o u ld
is a
be
little
a
h ig h e r
p e r p le x in g
h e in o u s
a lr e a d y
sta te d ,
h o ld s t h a t r a te s t o
7 %
t h e s a m e p la c e o f o r ig in t o
n a ls .
as
th a n
in te r
th e
ra te s
P a c ific C o a s t te r m i
to
o ffe n se ,
u n d e rsta n d
in v o lv in g
w hy
it
p re fe re n c e
or
th a n
a
fo r
sam e
th e
and
com es
fro m
th a n
changes
d e s tin a tio n s
no
fu rth e r
east
th e
of
o r r e c e iv e
fo r
lik e
k in d
d i s t a n c e ,”
th e
“ under
m ade
w ere
in
th e
fa r
w hen
o ffe n se
th e
and
of
p r e fe re n c e
sh ip m e n ts
o r ig in a te
and
in
th e
C h ic a g o
d is
B u t if th e r e a s o n
d is c e r n ,
th e
T he
fo r su c h
e ffe c t
d is c r im in a tio n
tr ic t.
p o in ts , p r o v id e d
d itio n s
w ere
is
a g a in s t
a d is tin c tio n
p e r fe c tly
jo b b e r s
C o m m is s io n
in
is d i f f i c u l t
o b v io u s.
in
th e
e ffe c t
It
is
C h ic a g o
d e c id e s
a
d is
th a t
its
c o n se n t.
W ith
th e
e v e r , a h ig h e r c h a r g e
w ith o u t th e
b u s i
sa n c tio n
J u s tic e W h it e
s e c tio n
M is s o u r i
R iv e r
to fo r e
n o n -e x is tin g ,
d is t r ic ts .
A nd
th e
d is c r im in a tio n
b e c o m e s m o re m a r k e d th e fu rth e r e a st w e g o .
in t h e v i e w
m ore
to
w hen
th e
o f th e
C o m m is s io n
in te r -m o u n ta in
fr e ig h t
ra te m a y
te r r ito r y
th a n
m e n ts
o r ig in a te
w hen
it
rig h t
to
2 5 %
ra te s to
and
th e
an
R iv e r
te r r i
w hen
th e
A tla n tic
to
th e
h a n d ic a p
a tte m p t
to
of
say
zon e,
an
lo n g -h a u l r a t e s .
C o m m is s io n
sh ip
and
Seaboard
add
it
E a st
becau se
th e
fo r
th a t
reason
“ th e
p as
in
U nder
th e
p la c e d
th e
w ith in
in
1910
it a lic s ,
c ir c u m s ta n c e s
and
som e
W ith
th e
o th e r
o m itte d
to
n e a r p o in ts th a n
c ir c u m s ta n c e s
d is s im ila r ,
and
even
con
th o u g h
th e
c a r r ie r s
lo d g e d
It had
been
in te r m e d ia te
or
th e
C om m erce
C ou rt
c re a te
but
s im p ly
“ In
sh ifts
new
to
s u b s t a n c e ,”
sta te s
th e
d e p o sit
of
v e sts
p u b lic
it in
a le s s e r r a t e t o
ra te
th a t
s e c tio n
to
th e
under
as
th e
th e
to
m ore
pow er
th e
c a r r ie r
m ore
of
th e
a n y a u th o rity th a t
h a s b e e n v e s t e d i n i t , f o r i t is n o t i n t h e p o w e r o f t h e
th e
C o m m is s io n
a c tm e n t.
c e n ta g e
of
C oast
to
an
say
th a t
unknow n
1 0 7 %
le s s
is n e c e s s a r i ly
a
or
th a n
any
g iv e n
r e a s o n a b le
m a x im u m
p er
ra te
r e a s o n a b le
to
and
p la in
to
th e
C o m m is s io n
of
to
th a n
a u th o rity
to
a ls o
of
p o i n t .”
H e
sa id
th e
p r a c tic a l
r e s u lt
a
c o n tin u e s :
ra te
W e s t, or to
fro m
th e
p r e v e n t th e
e n tire
E ast
c a r r ie r s f r o m
to
th e
e n tire
g e ttin g
a ll t h e
p u rp ose
“ T o
it
e x e r c ise
says
and
th is
in te n t
u p h o ld
th e
and
tra n sfe r re d
tra n sfe r ,
e ffe c t o f t h e C o m m is s io n ’ s o r d e r w a s e ith e r t o c o m p e l
b la n k e t
W h ite
fix
to
it
w as
by
to
th e
and
any
to
to
au
gen eral p ow ers
o f ra te s
is
rea
is
li n i t e d
w ith o u t
its
a
th a t
c o m p e titio n
m eet
r e a s o n a b le n e s s
v iv ific a tio n
th e s a m e p o in t o f o r ig in
in te r io r
as a
at
a ll p o i n t s .
d ir e c tly
in
C ou rt
m a n ife s te d
p r o p o s itio n ,
c o n flic t
a n d w ith
by
it
its
en
w o u ld
be
n e c e s s a r y t o s a y t h a t th e p o w e r s w h ic h w e re e s s e n tia l
n o n -d is c r im in a to r y r a te fr o m
an
th e
th a n
tra n sfe r re d
th e s ta tu te a s c o n str u e d b y th e
order
or
by
p r e v io u s ly
p o in ts;
w ith
C o m m is s io n t h a t it "g o e s b e y o n d
th e
c o n fe rre d
c o m p e titiv e p o in t th a n
do
e x is te n c e
th e
do
th e
to
in te r m e d ia te
am ended
a s c e r ta in in g
th o r ity
p o in ts ,
J u s tic e
to
says,
r u le
C o m m is s io n
B u t
re fe re n c e
he
new
pow er
th e
Judge
w ith
no
pow ers
c o n c e r n in g
sa id
th e re
r e -d is tr ib u te th e
h e ld t h a t t h e C o m m is s io n h a d e x c e e d e d it s a u t h o r it y .
M ack
am ended
pow ers
in s is te d t h a t th e r e w a s n o p o w e r , a fte r
charge
a u th o r iz in g
th a t
to
how
im p o s e d
C o m m is s io n .
in tr in s ic a lly
and
to
15
s h a ll
not
e x is tin g .
th e
to
say,
W h at
be
r e c o g n iz in g th e e x is te n c e o f c o m p e titio n a n d th e r ig h t
w is d o m
r0 .
o m itte d ,
in s ta n c e
p r i m a r y in s t e a d o f a r e v ie w in g f u n c t i o n .”
its
25
w ords
in n o
o f th e
s im p ly
in t h e m
in
m a rk e ts
but
q u o te d
can
th e s e c tio n a s it o r ig in a lly s t o o d ; t h a t is , it ta k e s fr o m
s o n a b le
w hat
a lr e a d y
p r in c ip le ,
o f th e lo n g e r
p ro
w as
am endm ent
reason
p a r t ic ip a t e in t h e b u s in e s s ?
w as
p ow ers
is
in c r e a s e
T h ese
e v e n t h a n d ic a p p e d
a d d itio n a l
but
C oast
in te r -m o u n ta in
C oast
ju s t ifia b le
charge
th e
B u ffa lo -P itts b u r g h
on
any
to
M is s o u r i
th e C o a s t a r e h ig h e r b y
an
th is
th e
and
in
in
th a n
h ig h e r t o
P a c ific
o v e r th e
are
d is ta n c e s ,
p oses
in
proper
zones
1 5 %
th e
o r ig in a te s
and
of even
be
W h ile
i t is w r o n g t o
p o in ts
o r ig in a te s
to r y , th e
th e
of
lin e
sa y s th a t th e e ffe c t o f th e
fo u r th
It
com p en sa
in c lu d e d
s im ila r
m ore
th e
s u b s ta n tia lly
in t e r -m o u n t a in te r r it o r y s h a ll b e lim it e d t o
is
th e
c a r r ie r s c o u ld n o t b e c a lle d
charged
n e ss w ith
ern
A ct
1910,
t h e y h a d n o t a p p lie d t o th e C o m m is s io n a n d o b ta in e d
tr ic t.
to
change
th e
p r o v is io n s o f
sam e
& c.
s e c tio n .
to
of
th e
e lim in a te d
d is c r im in a tio n
fre e
in n o c u o u s
of
th e
have
s u b s ta n tia lly
c o n d i t i o n s ,”
a c c o u n t if t h e y
be
th e
by
g re a te r
b e in g
w e
to
s h o u ld
la r g e ly
c o n sid e rs th e
of
c la u s e
to
over
& c .,
w ord s
w o r d s in t h e s e c t i o n , t h e
C oast
is
does not
tr a n s p o r ta tio n
sh o rte r
and
th e
th e
p ro p e rty ,
d is ta n c e
th e
M is s o u r i R iv e r , w h ile a h ig h e r r a te t o in t e r -m o u n t a in
to
and
H e
any
th e
of
p o in ts
th a n
of
in s ta n c e
d e a ls
case
am endm ent
c a r r ie r s u b je c t
lo n g e r
lo n g e r
n a m e ly ,
th e
o p in io n
s ta n d p o in t
th e
a g g re g a te
am endm ent
sh ip m e n t
w h ere
th e
to
charge
d ir e c tio n ,
th a n
te r m in a ls
a
under substan
tially similar circumstances and conditions f o r a s h o r t e r
sen gers,
p o in ts
C oast
to
th e
a n d d is c r im in a tio n , t o c h a r g e m o r e t o in t e r -m o u n t a in
to
no
in v o lv e d .
lo n g -a n d -s h o r t -h a u l
com m on
tio n
te r r ito r y ,
r ig h t
each
q u o ta tio n .
fro m
P r e v io u s
any
n o fu r th e r e a s t th a n th e M is s o u r i R iv e r .
C h ic a g o
by
m ade
m e r c e A c t r e a d a s f o llo w s : “ T h a t it s h a ll b e u n la w fu l
fo r
A ct
in
th a t
be
lo n g -a n d -s h o r t -h a u l c la u s e , o r S e c tio n 4 , o f th e C o m
th is
o r ig in a tin g
in
p o in ts
W h it e ’s
its e lf t o
th e
1910.
w i t h t h e C o a s t c e n t r e s o n l y in t h e c a s e o f d e s t in a t io n s
O n fr e ig h t
th e
w hat
b e tw e e n
J u s tic e
adapt
it.
b a s is
d is r e g a r d e d
th e le g a l te c h n ic a litie s o f th e
m a tte r
of
s a id
S ta te s
U . S . S u p r e m e C o u r t s w e e p s a ll t h e s e c o n t e n
a s id e .
r e a d ily
C o m m is s io n
o p in io n ,
U n ite d
c o n sid e re d
ra te
on e.
in t h e d is t r ib u t io n o f it s fa v o r s d o e s n o t p r o c e e d w it h
e n tir e
e n tir e ly
to con
a r tific ia l
w h o le
H e a ls o a s s e r te d t h a t s u c h w h o le s a le
have
r e a s o n a b le
th e
n a tu ra l
C o m m is s io n
c o n c u r r in g
th e
r a t e -m a k in g
by
served
but
c o u ld
‘ ‘ s p e c ia l c a s e .”
m o u n t a i n t e r r it o r y in p o s it io n t o c a t e r t o c e r ta in c o m
m u n itie s
se p a r a te
d e v ic e
o f th e
and
hence
act
by
b e n e fic ia l
had
r e a liz a tio n
ev a p o ra ted
th a t
w h ic h
th e
it
pow er
w as
in
th e
of
th e
process
p e rish e d
c o n f e r r e d .”
as a
Ie
A s th e p r im e o b je c t o f th e tr a n sfe r w a s to v e s t th e
b u s in e s s w h ic h t h e y n o w
s e c u r e w i t h o u t lo s s b y m a k
in g
m erch a n ts
ra te s
w h ic h
c o m p e titio n .
e n a b le
Judge
A r c h b a ld
to
(s in c e
m eet
m ark et
re m o v e d ),
C o m m is s io n
w ith in
th e
scop e
of
th e
d is c r e tio n
im
p o s e d a n d s u b j e c t in t h e n a t u r e o f t h i n g s t o t h e li m i -
in ' t a t i o n s
a r is in g
fr o m
th e
c h a ra c te r
of
th e
d u ty
en-
a c te d
and
A ct
flo w in g
w ith
tio n s
and
th e ir
n e c e s s a r ily
th e re
do
th a t b y
th e re fo r e
and
fr o m T th e
a u th o rity
to
r e la tio n
w ent
w h ic h
to
w ith
a lo n e
e s ta b lis h m e n t
p erson s
c o u ld
o f th e
of
p r o v is io n s
th e
of
c o m p e titiv e
b a s is
rig h t to
e x e rte d ,
and
by
th e
and
o th e r,
p e rc e n ta g e s
E xcept
zones
or
as
in
or
to
th e
q u e s tio n s
argum ent
p e rc e n ta g e s
d is c r im in a tio n
of p ow er,
as
or
to
as
th e
to
r e s u ltin g
th e re
is
no
in e q u a lity
any
undue
fr o m
th e
con
of
a c tio n
ta k e n .
in v ie w
o f th e fin d in g s o f th e
th e
sy ste m
of
ra te s
w ere
b e fo r e
it,
of
th e
ta r iffs
and
w h ic h
b u rden s
p o s s ib le
engen dered
by
a g g r a n d iz e m e n t,
lim its p r o d u c e d
by
p r e v a ilin g
th e
su ch
in
in e q u a lit ie s
sy ste m ,
of
th e
u n n a tu r a lly , b e y o n d
c o m p e titio n
q u e s tio n ,
deed
are
th a t
th e
w h ic h
it
fa c ts
w h ic h
we
in f a v o r
accept
u n c h a lle n g e d ,
we
order
s u s ta in e d
w as
w as
not
based,
or
see
th a t
no
it
th e
o f th e
w h ic h th e s t a t u t e c o n fe r r e d o r
and
ground
by
th e
com
w hen
a c tin g
upon
th e
w h ic h
fo r
in
s a y in g
fa c ts
exceeded
th e
sw e e p in g
p ow ers
to
r i fl e
corresp on d en ce
e n jo in
th e
p e r fo r m a n c e
o f a c ts
as
th is b ill c o n fe r s
t h o c o m m i s s i o n in d e a li n g w i t h b u s in e s s m e n a g a i n s t
w hom
no
such
c o m p la in t
or charge
has
been
m ade.
N o
w h e r e in t h e E n g l i s h - s p e a k i n g w o r ld s in c e t h e o v e r t h r o w o f
t y r a n n y - r u l e h a s s u c h u n r e s t r i c t e d p o w e r o f d is p o s it i o n o v e r
it s a g e n c i e s .
F r e e d o m f r o m in t e r f e r e n c e in t h e p u r s u i t o f a la w f u l b u s i
m o re e sse n tia l to th e n e e d s o f o u r m a te r ia l e x iste n c e th a n th a t
f r e e d o m o f s p e e c h a n d f r e e d o m o f t h e p r e s s w h ic h w e h a v e
a lw a y s c h e r ish e d a s b u lw a r k s o f o u r d e m o c r a c y ; y e t n o m e a s
u r e c o u ld b o c o n c e i v e d w h i c h w o u ld m o r e e f f e c t i v e l y i n t e r
f e r e w i t h t h e r i g h t o f a p e r s o n t o l a w f u l l y c o n d u c t h is b u s in e s s
u n m o le ste d b y
I ho
C o m m is s io n B ill ju s t d e
m e m b e r s o f th e c o m m is s io n are g iv e n a b s o lu te p o w e r
n o t o id y
to
e n fo rc e
th e d e liv e r y
to
th em
and
th e ir a g e n ts
o f b o o k s , le t t e r s a n d o t h e r p a p e r s o f a c o r p o r a t i o n o f w h a t -
upon
s o e v e i p ii v a t o a n a tu r e , b u t a c t u a lly to m a k e th e in fo r m a tio n
d e r i v e d t h e r e i r o m p u b li c t o t h e w o r l d if in t h e i r o w n d is c r e
in t h e C o m
s u b je c t b e fo r e
t h e in t e r f e r e n c e o f a n o f f i c i o u s G o v e r n m e n t
th a n th e p r o v is io n s o f th e T r a d e
s c r ib e d .
p ow ers
t r a n s c e n d e d th e lim its
o f s o u n d le g a l d is c r e tio n w h ic h it lo d g e d
m is s io n
to
upon
p e tit iv e p o in t s , a n d a g a in s t o th e r p o in ts b y th e ta r iff
in
su ch
n e s s is n o le s s d e a r t o o u r s e n s e o f l i b e r t y a n d is v e r y m u c h
p re fe re n c e
C o m m is s io n
to
and
th e
B u t b e th is a s it m a y ,
as
g iv e n
f i le s , t o e x a m i n e p r i v a t e p a p e r s a n d p u b li s h t h e m t o t h e w o r l d
p r i v a t e e n t e r p r is e b e e n v e s t e d in t h o G o v e r n m e n t o r o n e o f
w a s w i t h i n t h e p o w e r g r a n t e d ...........................
te n tio n
been
p la c e s ,
th e
be
one
th e
c o n d i
and
th e p ow er
it
a c o n sid e r a tio n
th e
o th e r
c o n sid e r
tio n t h e y d e e m it a d v is a b le t o d o s o .
E v e n w ero th e
com
m is s io n n o t a u t h o r i z e d t o m a k e p u b l i c t h e i n f o r m a t i o n o b
t a i n e d b y i t in t h o e x e r c is e o f it s p o w e r s , c o r p o r a t i o n s a n d
it.
t h e i r o f f ic e r s w o u l d b e n a t u r a l l y a n d r e a s o n a b l y r e l u c t a n t t o
T h e o n ly p o i n t in t h e d e c is io n f r o m w h ic h a n y c o m
fo rt
can
r u le
la id
w h ile
be
d e r iv e d
dow n
fin d in g s
w ith in
is t h a t
by
of
it
in
fa c t
th e
a
C ou rt
p r e v io u s
m ade
by
r e ite r a te s
d e c is io n ,
th e
th e
th a t,
C o m m is s io n
th e s c o p e o f its a d m in is tr a tiv e d u tie s m u s t b e
b a r e t o th o e y e s o f a p r y in g c o m m is s io n , a n d to its in v e s t i
g a to rs
and
a g e n ts,
d e v e lo p e d ,
le g itim a te
p erh a p s,
th ro u g h
a n d o th e r d o c u m e n ts .
m in in g
or
w h e th e r
w h e th e r
th e
in
a p ro p er sen se fro m
C o n s titu tio n
sta tu to ry
pow ers
has
been
c o n fe rre d
d e te r
v io la te d
have
been
and
la b o r ,
or
v e n ie n c e a t t e n d a n t u p o n th e e n fo r c e d p r o d u c tio n a t th e w h im
not
c o u rts
c o n s c ie n tio u s
a n d u p o n t h e s o lo p o s s e s s i o n o f w h ic h t h e v e r y s u c c e s s
o f th o
th e
of
f a ilu r o o f t h e i r e n t e r p r is e m a y d e p e n d , o r t o s u f f e r t h e i n c o n
a c c e p t e d in c a s e o f ju d i c ia l r e v ie w , s u c h d o c t r in e d o e s
r e lie v e
tr a d o se c r e ts d is c o v e r e d
years
c o m m i s s i o n o f t h e ir c o r p o r a t e b o o k s , c o r r e s p o n d e n c e
B u t th e p o w e r to d e m a n d su c h p r o
d u c t i o n , c o u p l e d w i t h t h o a u t h o r i t y t o m a k e p u b l i c t h o in f o r
m a tio n o b t a in e d t h e r e fr o m , if th e
c o m m is s io n sees fit to d o
s o , p la c e s in t h e h a n d s o f f i v e m e n t h e v i r t u a l p o w e r o f life
tra n scen d ed
tra ry
not
w ay
or h ave
as to
been
g iv e n — “ d o c tr in e s
ta ry
p r in c ip le
w ith
d is c r e tio n
but
on
th e
e x e r c is e d
a m o u n t to
th a t
c o n tra ry
su ch
an
a r b i
in v e s titu r e
not
im p ly
c a r r ie s
of
th e
w ith
a
p u b lic
rig h t
it
as
o r d e a th o v e r th e c o r p o r a tio n s s u b je c t to th e ir ju r is d ic tio n .
of a u th o rity
w h ic h b u t e x p r e s s th e e le m e n
an
does
in
th e e x e r tio n
a
to
body
ab u se,
n ecessary
T h e s tre ss o f c o m p e t it io n h a s m a d e it a c o n d itio n o f s u c
c e s s t h a t e a c h b u s in e s s e n t e r p r is e o f w h a t e v e r n a t u r e g a t h e r
a b o u t i t s e l f in t h o c o u r s e o f i t s e x i s t e n c e c e r t a i n h a b i t s a n d
m e t h o d s o f o p e r a t i o n p e c u li a r t o i t , t h r o u g h w h ic h e f f i c i e n c y
o n th o o n e h a n d
an d e c o n o m y on
t h o o t h e r is e f f e c t e d , in
o r d e r t o o f f s e t t h o e f f i c i e n c y a n d e c o n o m y o f it s c o m p e t i t o r s
in c id e n t th e c o m m a n d t h a t th e lim its o f a s o u n d
d is
in o t h e r r e s p e c t s .
c r e tio n
im
o f t h i s “ in s id e p o l i c y ” is v e r y a p p a r e n t a n d i t is e q u a l l y p la in
be
not
tra n sc e n d e d ,
w h ic h
by
n ecessary
p li c a t io n c a r r ie s w it h it t h e e x is t e n c e o f ju d i c ia l p o w e r
The
e n t e r p r is e
t h a t t h a t v a lu e d e p e n d s e n tir e ly u p o n th e in v io la b ilit y o f th e
se c re ts b a c k o f i t .
t o c o r r e c t w r o n g s d o n e b y s u c h e x c e s s .”
tr e m e n d o u s v a lu e to a n
T o c r e a t e b y l e g i s la t i o n a p o w e r b y w h ic h
s u c h s e c r e t s m a y b e f o r c e d t o b e r e v e a l o d , is n o t h i n g s h o r t
o f le g a l d e s p o t i s m , w h ic h o p e n s a f i e l d f o r t h e e x p l o i t a t i o n
BUSINESS INQUISITION.
The
T rad o
C o m m is s io n
B ill
now
b e fo r o
o f c o rp o ra tio n s s u b je c t t o
th o
S en a te
fo r
d is c u s s i o n p r o v i d e s t h a t t h o c o m m i s s i o n t h e r e i n c r e a t e d m a y
“ r e q u ir o t h o p r o d u c t i o n f o r e x a m i n a t i o n o f a l l b o o k s ,
docu
m e n ts , co rre sp o n d e n ce , c o n tr a c ts , m e m o r a n d a or o th o r
p e rs r e la tin g
to
o r in a n y
w ay
a ffe c tin g
th o c o m m e r c e
pa
in
s io n , a n d
fo r
th e ju r is d ic tio n
t h e ir c o m p l e t e r u in
at
o f th e
th e
c o m m is
in s t a n c e
of con
s c ie n c e le s s c o m p e t i t o r s .
It
is p r o v i d e d t h a t t h e c o m m i s s i o n s h a ll h a v e s u c h a t t o r
n eys,
a c c o u n ta n ts,
e x p e r t s , e x a m i n e r s , s p e c ia l a g e n t s ,
o th e r e m p lo y e e s as m a y fr o m
and
tim e t o tim e bo a p p r o p ria te d
w h ic h s u c h c o r p o r a t i o n u n d e r i n q u i r y is e n g a g e d o r c o n c e r n
fo r
in g it s r e la t i o n t o a n y i n d i v i d u a l , a s s o c i a t i o n o r p a r t n e r s h i p ,
e x a m in e r s a n d
a n d to m a k e c o p ie s o f t h o s a m e , ” a n d t h a t t h e C o m m i s s i o n
y e t th o tr e m e n d o u s v a lu e t o a c o r p o r a tio n , a n d c o n s e q u e n tly
by
C on gress.
W h ile
th e
a p p o in tm e n t
of
d is h o n e s t
o t h e r e m p l o y e e s s h o u ld n o t b o a n t i c i p a t e d ,
o r it s a g e n t s ‘ ‘ s h a ll a t a l l r e a s o n a b le t i m e s li a v o a c c e s s t o f o r
t o it s c o m p e t i t o r s , o f i t s t r a d o s e c r e t s , t h e g r e a t t e m p t a t i o n
th o p u r p o se o f e x a m in a tio n , a n d th e rig h t to c o p y , a n y d o c u
w h ic h w o u l d t h u s b o o f f e r e d t o r e v e a l s u c h s e c r e t s , a n d t h o
m e n t s o r w r it i n g s o f a n y c o r p o r a t i o n
b e in g in v e s tig a te d o r
p r o c e e d e d a g a in s t . ”
s e r io u s n e s s
to
a
c o rp o ra te
e n t e r p r is e
of
su ch
r e v e la tio n ,
m a k e s t h o q u e s t i o n o n e d e s e r v i n g v e r y s e r io u s t h o u g h t .
T h o b ill e ls e w h e r o p r o v i d e s t h a t s u c h i n v e s t i g a t i o n s m a y
b e b e g u n b y th o c o m m is s io n
u p o n it s o w n i n i t i a t i v e a n d o v e n
I t is t r u e , t h e b ill p r o v i d e s t h a t a p e n a l t y o f a f in e n o t
e x c e e d in g $ 5 ,0 0 0
o r im p r is o n m e n t n o t e x c e e d in g o n e y e a r ,
t h o u g h n o c o m p l a i n t h a s b e e n lo d g e d o r c h a r g e m a d o a g a i n s t
o r b o t h , b o im p o s e d u p o n a n e m p l o y e e o f t h e C o m m i s s i o n
th e c o r p o r a tio n s u b je c te d to s u c h in v e s tig a tio n ; a n d t h a t th o
w ho
c o m m is s io n
d u r in g t h o c o u r s e o f h is e m p l o y m e n t .
m a y m a k e p u b li c in it s d is c r e t i o n a l l i n f o r m a t i o n
w h ic h it o b ta in s e x c e p tin g s u c h a s it m a y d e e m to b e o f n o
p u b li c i m p o r t a n c e .
It
d iv u lg e s
any
in fo r m a tio n
c o m in g
to
h is
k n o w le d g e
B u t a p e r so n r e v e a lin g
s u c h in fo r m a tio n to a n o th e r w h o h a s th e in te r e s t a n d in c lin a
t i o n t o h e e d i t , w o u l d h a v e l i t t l e d i f f i c u l t y in f i n d i n g $ 5 , 0 0 0
is a l s o p r o v i d e d
th a t w h en ev er th e
c o m m is s io n
s h a ll
w h e r e w ith
to
pay
th e
m a x im u m
fin e ,
and
even
a
p r is o n
h a v e r e a s o n t o b e lie v e t h a t a n y c o r p o r a t i o n is u s i n g a n y u n
s e n t e n c e , if it w e r e i m p o s e d , w o u l d n o t a l w a y s b e a n e f f e c t i v e
fa ir m e t h o d o f
c o m p e t i t i o n , it m a y c o m m e n c e a p r o c e e d i n g
d e terren t
to e n jo in
m eth o d s a n d
d is h o n e s ty .
w h ic h
it
such
deem s
to
m ay
a c t u a lly e n jo in a n y a c ts
b e u n fa ir c o m p e titio n ,
even
th o u g h
no
in
v ie w o f
t h e la r g o
re tu rn u p o n su c h
fo rm
of
I t w o u ld b e s m a ll c o n s o la tio n t o a c o r p o r a tio n ,
w h o s e s e c r e t p r o c e s s e s o r li s t o f c u s t o m e r s o r o t h e r v a l u a b l e
c o m p l a i n t h a s b e e n lo d g e d o r c h a r g e m a d o a g a i n s t t h o c o r
tr a d e s e c re ts h a v e b e e n r e v e a le d to a c o m p e t it o r , t o
p o r a tio n .
t h a t t h o i n f o r m a n t h a d b e e n p u n i s h e d w h il e it s r i v a l p r o s p e r s
T h e r o a r e 8 0 5 , 3 3 0 c o r p o r a t i o n s in t h o U n i t e d S t a t e s a n d
a t it s e x p e n s e .
I t s h o u ld
know
b o n o t e d , s ls o , t h a t th o s e c tio n
a l l o f t h e m e x c e p t i n g c o m m o n c a r r ie r s , b a n k s a n d a f e w n o t
p r o v id in g fo r th e p u n is h m e n t o f p e rso n s d iv u lg in g in fo r m a
e n g a g e d in i n t c r - S t a t o c o m m e r c e , w ill b e s u b j e c t t o t h e s e p r o
tio n
v is io n s .
C o m m is s io n ,
Even
th o c o u r ts , w h e n a c tin g u p o n sw o rn
c o m p la in ts
in
p r o c e e d in g a g a in s t p e rso n s c h a r g e d w ith c r im e , h a v e n e v e r
o b ta in e d
in
th e
r e fe r s
cou rse
of
s p e c i f i c a ll y
t h e ir
to
e m p lo y m e n t
employees
of
th e
by
th e
Com
m i s s i o n , a n d t h o d is c lo s u r e o f s u c h i n f o r m a t i o n b y a m e m b e r
o f t h e C o m m i s s i o n it s e l f is v i s it e d b y n o p e n a l t y .
B u t,
p erh ap s,
even
m ore
v ic io u s
th a n
th e
p r o v is io n s
g iv in g t o th e C o m m is s io n u n lim it e d p o w e r to e x a m in o a n d
c le a r l y i n d i c a t e s , a n d y e t i t is t r u e t h a t , w i t h t h e v e r y
great
d is c lo s e t o t h e p u b l i c t h e c o n t e n t s o f t h e p r i v a t e p a p e r s o f a
in c r e a s e
in
th e
u ses
to
w h ic h
c o tto n
has
been
p u t o f r e c e n t y e a r s , w e h a v e n o t se e n a n y w id e v a r ia
c o r p o r a t io n , a r e th o s e g iv in g it th e r ig h t to e n jo in a c o r p o r a
t i o n f r o m d o i n g a n y t h i n g w h i c h i t s h a ll h a v e r e a s o n t o b e li e v e
c o n stitu te s
u n fa ir
c o m p e titio n .
W h a t is u n f a i r c o m p e t i t i o n ?
T h e la w o f u n fa ir c o m p e t i
t i o n is a t t h e b e g i n n i n g o f i t s d e v e l o p m e n t , a n d in t h e l i g h t ,
ju d ic ia lly
d e te r m in e d
w hat
is
and
c o m p e t i t i o n in a n y g i v e n i n s t a n c o .
no
d e f in i t e
sta n d a rd
beyond
w hat
is
not
of
th e
q u ite
or
had
s in c e
n o se r io u s e ffe c t o n
in d iv id u a l
con
14,
of
w h ic h
m ay
m id d lin g
its e lf f r o m
so
ten d en cy
1905,
is ,
to
o f p la n tin g
and
has
m ake
been
a d d itio n s
v a iu e s .
It
is a f a c t , n e v e r
t h e le s s , t h a t a s r e g a r d s th e la te s t c r o p , t h a t o f 1 9 1 3
p r ic e s h a v e
to s h ie ld
T he
c o n s is te n tly
s c ie n c e s o f it s d ir e c t o r s a n d o f f i c e r s , b y w h i c h a c o r p o r a t i o n
b e g u id e d ,
lo w .
u n fa ir
C o n s e q u e n t l y , t h e r e is
th a t
h ig h
e a c h y e a r , a n d th e r e s u ltin g c ro p s h a v e , o n th e w h o le ,
o r m o r e e x a c t l y , i n t h e h a z e o f t h e c o n f l i c t i n g d e c is i o n s i t is
not
t io n s in a r e a , a c c o r d in g a s p r ic e s a t t i m e
w ere
th e a lm o s t u n lim ite d
p o w e r o f th o C o m m is s io n to e n jo in its a c t s .
M o r e o v e r , th o q u e s tio n a s to w h e th e r a g iv e n m e t h o d of
c o m p e t i t i o n is f a i r o r u n f a i r n a t u r a l l y v a r i e s t o s o m e e x t e n t
Y ork
th e
rem n an t
r u le d
h ig h
u p la n d
fa lle n
m a rk e t; m u ch
c e n ts,
w h ile
it
is
now
b e in g
th ro u g h o u t.
b e lo w
12
A t
c e n ts
m a rk e te d ,
no
tim e
in
th e
has
N ew
o f th e t im e it h a s b e e n a b o v e
has
gone
as
h ig h
as
1
4
cents,
13
and
w i t h t h e p a r t i c u l a r k i n d o f b u s in e s s in w h i c h t h e m e t h o d is
d u r in g th e p r e p a r in g a n d p la n tin g s e a s o n s h a s r a n g e d
e x e rc ise d .
b e tw e e n
A
b u s in e s s p o l i c y w h i c h
s c i o n a b lo a n d
w o u ld b o e n tir e ly c o n -
c u s t o m a r y in o n e k i n d o f b u s in e s s m i g h t b e
m o s t u n e t h i c a l in a n o t h e r .
1 2 .5 0
and
1 4 .5 0
c e n ts.
H a s th e re n o t b e e n
h e r e a n in c e n t iv e t o p la n t m o r e c o t t o n ?
T h o C o m m i s s i o n w ill c o n s i s t o f
A g a in , th e
f iv e m e n , a n d th e s e v e ra l h u n d re d th o u s a n d s o f c o rp o ra tio n s
S o u th e rn
p la n te r s
are
a liv e
to
th e
t h a t , w ith
under
s t e a d i ly in c r e a s in g d e m a n d fo r it in a lr e a d y e s ta b lis h e d
th e
su n .
If
th o
C o m m is s io n
c o n siste d
of
th e
best
i n f o r m e d m e n in b u s in e s s m a t t e r s o f t h o c o u n t r y , t h e y c o u ld
n o t h o p e t o b e s u f f i c i e n t l y f a m i l i a r w i t h t h o b u s in e s s d o n o b y
each
of
th o c o r p o r a tio n s s u b je c t
to
th e ir c o n tr o l t o
t h e e x t e n s io n in t h e u s e o f c o t t o n
fa c t
w i t h i n t h e ir ju r i s d i c t i o n w ill e n g a g e in e v e r y k in d o f b u s in e s s
in d u s tr ie s , a c o n s ta n t a u g m e n t a tio n
p e r a tiv e
year
by
year,
and
th e y
a n d th e
in s u p p ly
a lo n e ,
is i m
a t le a s t
at
know
w h a t w a s f a ir a n d w h a t u n f a i r c o m p e t i t i o n , a n d t o l e a v o th o
p re se n t, can
W hen
w e go
and
th e tim e w e fir s t b e g a n th e c o m p ila tio n o f th e r e s u lts
im p o se o n th e m
dow n
F u rth e rm o re ,
th e
C o m m is s io n
b e in g
em pow ered
to
pro
c e e d t o r e s t r a in t h e u s e o f m e t h o d s o f c o m p e t i t i o n w h ic h it
shall have reason to believe a r e
u n fa ir, th o “ re a so n to
b e lie v e ”
d a te ,
a
c o n s u m p tio n
p ro
ceed
to
cou rse o f c o tto n
back
d e c is i o n t o s p e c ia l a g e n t s a n d e m p l o y e e s w i t h t h o s e r io u s c o n
a d u t y g r o s s l y i n c o m m e n s u r a t e w i t h t h o ir
tra c e th e
it.
s e q u e n c e s t h a t s u c h d e c is i o n w o u l d c a r r y w i t h i t , w o u l d b e t o
r e s p o n s ib ilitie s .
to
fu rn ish
fr o m
h is to r y o f a lm o s t c o n tin u o u s p r o g
r e s s is d e n o t e d ; b u t
th e
th in g
t h a t is m o s t i m p r e s s
i n g is t h e a d v a n c e t h e S o u t h h a s m a d e i n t h e m a n u f a c
tu re
of
its
sta p le
p rodu ct
in to
good s.
In
1 8 8 9 -9 0
m a y b o r e a d i l y s u p p l i e d b y a r i v a l c o r p o r a t i o n w h ic h m a y
c o n s u m p tio n
see
b a le s ; in t h e c u r r e n t y e a r it p r o m is e s t o e x c e e d 3 ,1 0 0 ,
in
a
tem p orary
arrest fr o m
a c tiv ity
in a d ir e c t i o n in w h i c h i t h a s b e e n
tir e ly
le g it im a t e ly ,
w ith
th e
of
it s
c o m p e tito r
in te r fe r in g , t h o u g h e n
in fo r m e r ,
an
o p p o r tu n ity
to
r e g a in lo s t g r o u n d a t th o e x p e n s e o f th e c o r p o r a tio n p ro ce e d e d
a g a in s t.
A n i n j u n c t i o n is a n i n s t r u m e n t w h e r e b y t h e m o s t
s e r io u s a n d p e r m a n e n t c o n s e q u e n c e s t o
th o e n jo in e d p a r t y
m a y a t t e n d i t s g r a n t i n g , a n d t h e C o m m i s s i o n b i l l m a k e s it
a w e a p o n w h ic h
m a y b o d ir e c te d b y
th e re
w as
o n ly
a
little
0 0 0 b a le s , a n d a n o t u n im p o r ta n t it e m
n o w g o in g o n fr o m
m a ttre sse s,
p a n d in g
q u ir e s
fu r n itu r e ,
th e
in t h e in c r e a s e
y e a r t o y e a r is t h e u s e o f c o t t o n in
& c.
c o n su m p tio n
th a t
o v e r 5 0 0 ,0 0 0
in
T o
h is
S o u th e rn
ta k e
ow n
care
of
b a iliw ic k
p la n te r
e x te n d
th e e x
a lo n e
h is
re
co tto n
t h e h a n d o f in t e r e s t s
d i r e c t l y o p p o s e d t o t h o s e a t w h i c h i t is a i m e d .
T h o l’e a s o n a b le r e g u l a t i o n o f c o r p o r a t i o n s b y C o m m i s s i o n
area.
In
little
over
1 8 8 9 -9 0
o r o th e r w is e c a n n o t b o o p p o s e d o n a n y le g itim a te g r o u n d s ,
p r o p o r tio n
b u t it is s u b m i t t e d t h a t t h e T r a d o C o m m i s s i o n b ill n o w b e fo r e
The
t h e S e n a t e w o u l d e x e r t o v e r t h o b u s in e s s o f t h o c o u n t r y
an
fa c t
S o u th e rn
7 %
of
had
r is e n t o
of
th e
th e
m ills
ab sorbed
y ie ld
but
y e a r ’s
1 7 % ,
m a tte r
is
and
th a t,
th e e ffo r ts t h a t h a v e b e e n
now
by
o n ly
is o v e r 2 2 % .
n o tw ith s ta n d in g
m a d e to
a
1 9 0 0 th e
a ll
in c r e a s e t h e s u p
i n q u i s i t o r i a l p a t e r n a l i s m w h i c h is b o y o n d a l l r id e a n d r e a s o n .
W
D . W
a l t e r
il e
p ly o f c o t t o n r e c e iv e d fr o m s o u r c e s o u ts id e th e U n it e d
.
S ta te s,
COTTON ACREAGE A N D CONDITION
JUNE 1 9 1 4 .
of
creased
co tto n
d is c lo s e
acreage.
T h at
o v e r, n o t a m a tte r to
c o n tr a r y , th e re
a
such
q u ite
c le a r
s h o u ld
be
case
so
have
been
reason
of
is ,
o c c a s io n a n y s u r p r is e .
w o u ld
in
m ore
O n th e
fo r
s u r p r is e
h a d th e t e n d e n c y b e e n t o h o ld d o w n o r d e c r e a s e a r e a ,
as
a ll
th e
in d u c e
in flu e n c in g
fa c to r s
a g r e a te r p la n tin g .
have
In
been
w o . Id
upon
as
su ch
as
to
th e fir s t p la c e , p r ic e s
fo r th e s ta p le th r o u g h o u t th e s e a so n n o w d r a w in g to a
im a te ly
and
20
m uch
m illio n
th e
h a s c o m e fr o m
h ere.
p ly
7
o th e r
m illio n
A t
th a n
th is ju n c tu r e
g iv e s
m a te ly
t h r e e -q u a r te r s
sam e
tim e ,
o n ly
m o d e r a te ly
s p o n d in g
th e
v is ib le
d a te
in
C an
sto c k s
any
one
a
o f th e
at
raw
th a t
b a le s .
A t
o f A m e r ic a n
now
1913.
doubt
m illio n
s u p p ly
g re a te r
t u r e r s , in t h i s c o u n t r y
s m a lle r
of
by
th a n
at
co tto n
is
b r in g in g
p la n te r s
m uch
v irg in
e ls e w h e r e
w o u ld
to
in flu e n c e
th a t
p r ic e
year
ago.
c ir c u m sta n c e s
c o tto n
and
som e
e x te n t
set
had
th a t
a sid e
upon
acreage
c a n h a r d ly b e e x a g g e r a te d , a s th e h is to r y o f th e p a s t
in
1 9 1 3 -1 4
au g m en ted
s u p p ly
th e E a s t
U n ite d
S ta tes
is
not
over
th a t th e
B u lle tin
v a lu a b le
and
in fo r m a tio n
D ep a rtm en t of
N o.
Its
on
001,
(<A
N ew
A p p li c a t i o n ,”
how
to
p rod u ce
b est
to
r e s is t
th e
in v a s io n
of
th e
b o ll-w e e v il.
T he
g r o w in g s e a s o n h a s b e e n r e c o g n iz e d a s th e b e s t m e a n s
under
has
w e ig h t
m a n u fa c
o th e r c r o p s in f a v o r o f i t ?
T he
som e
m a te r ia l th a n
s o il
m illio n
b u lle t in , a fte r p o in tin g o u t t h a t th e s h o r te n in g o f th e
th e r e w o u ld b e t h e le a s t h e s i t a n c y in n e w e r te r r it o r y
in
years
m o r e o f t h e s t a p le in a s h o r te r p e r io d o f t i m e , a n d h o w
o f se c u rin g p r o te c tio n
a
1 0 )^
th is y e a r , w ith
C u ltu r e
p e st,
su ch
20
th e fig u r e s ,
in 1 8 9 3 -9 4 to a p p r o x
lik e
n o te
F arm ers
le a s t , a re r e p o r te d t o h o ld
under
c o m p ile
corre
th e
F u rth e rm o re ,
th e
of
th e
we
h e a v ie s t
crop
th a n ever
la s t
b a le s .
a p p r o x i
( 1 9 1 1 -1 2 ) ,th e
of
E ven
fr o m
5 0 0 -lb .
has
p r e c e d in g
m ore
th e
I n d ia c r o p t h e la r g e s t e v e r r a is e d , th e c o m b in e d s u p
C o tto n
e x c e p tio n
as w e
b a le s
S y ste m
o .ie
In
g rea te r p a r t o f th e
in
b e e n ,w i t h
is n o w
b a le s o f 5 0 0 lb s . n e t w e ig h t e a c h
A g r ic u ltu r e
r e c o r d , e x c e e d in g th e
w h o le
co u n try .
h a s p r a c tic a lly d o u b le d , a d v a n c in g fr o m
c lo s e h a v e r u le d h i g h , d e s p it e t h e f a c t t h a t t h e y i e ld
on
a
th is
th e w o r ld ’s c o n s u m p tio n ,
I n v e s t ig a t io n s w e h a v e m a d e r e s p e c tin g th is s p r in g ’ s
p la n tin g
th e
dependent
sta te s
w e e v il
is
th a t
g r e a te st
lu x u r ia n t g r o w th
fo r m a tio n
of
a g a in s t in ju r y fr o m
‘ danger
under
of
fro m
th e
c o n d itio n s
th a t
fa v o r
o f th e y o u n g p la n ts a n d
la r g e
n u m bers
of
T he
o f th e se
k e y n o te
bran ches
su p p r e ssio n
c r o w d in g
o f th e
is t h e
of
th e se
p la n ts ,
th e
b ran ch es,
co n tro l of th e fo r m a tio n
o f th e
bran ches
and
b o ll-
in d u c e t h e
v e g e ta tiv e
w h ic h p r o d u c e n o b o lls .
T he
th e in s e c t
in ju r y
a ls o
new
a v o id s
sy ste m .
in ju r io u s
m a k e s it p o s s ib le to
l e a v e m o r e p l a n t s i n t h e r o w s t h a n is n o w c u s t o m a r y .
T h e m o s t im p o r t a n t c o n s id e r a t io n w h ic h t h e n e w s y s
tem
r e q u i r e s is t h e p l a c i n g o f p l a n t s c l o s e r t o g e t h e r ,
d u r in g t h e e a r lip r s t a g e s o f g r o w t h , u n t il t h e s t a lk s
have
grow n
beyond
th e
sta g e
w h ere
v e g e ta tiv e
b r a n ch e s a re p r o d u c e d .”
la n d s a n d p u t t i n g in o f s e e d t h is s p r in g h a s n o t b e e n
w ith
by
any
s p e c ia lly
u n to w a rd
c ir c u m
w ith
1913
of
2 .3 4 % ,
th e
to ta l
acreage
r e a c h i n g 3 9 , 4 7 7 , 5 6 7 a c r e s in 1 9 1 4 , a g a i n s t 3 8 , 5 7 3 , 4 4 1
a c r e s in 1 9 1 3 .
W e a d d t h e r e v is e d a c r e a g e f o r p r e v i
ou s y e a rs fo r c o m p a r is o n , g iv in g a t th e fo o t o f th e
ta b le
I t is g r a t i f y i n g t o n o t e t h a t t h e w o r k o f p r e p a r i n g
in t e r fe r e d
T h i s c o m p i l a t i o n s h o w s t h a t t h e r e is a n e t i n c r e a s e
com p ared
not
crop
o n ly
th e
a g g re g a te
fo r e a ch y e a r , w ith
acreage
b u t th e to ta l
t h e p e r c e n t a g e o f in c r e a s e ?
o r d e c r e a s e in a r e a a n d p r o d u c t i o n c o m p a r e d w it h t h e
p r e v io u s y e a r a n d
th e p ro d u ct p er acre
s t a n c e s , a n d c o n s e q u e n t ly , w it h t h e a s s is ta n c e o f o u r
C OTTON ACREAGE FOR THE YEARS N AM ED (000s omitted)
n u m e r o u s c o r r e s p o n d e n t s , w e a re a b le t o g iv e a p r e t t y
c le a r id e a
o f t h e s it u a t io n
a s it s t o o d
on
June
22.
I t is t r u e , o f c o u r s e , t h a t a t t i m e s w e a t h e r c o n d i t i o n s
h a v e m ilit a t e d a g a in s t s a t is fa c t o r y p r o g r e s s , b u t th e r e
has
been
no
o v e r flo w
y e a r s s e r io u s ly d e la y e d
su ch
as
has
in
som e
e a r lie r
t h e p u t t i n g in o f s e e d , a n d
s e r v e d t o r e d u c e t h e y i e l d in t h e s e c t i o n s i n v o l v e d .
A fe a tu re o f th e cu rre n t y e a r p a r tic u la r ly w o r th y o f
m e n tio n
is t h e
c u ltiv a tio n
in
very
th e
la t e s t in fo r m a t io n
im p o r ta n t e x te n s io n
I m p e r ia l
V a lle y ,
of
co tto n
C a lifo r n ia ,
our
in d ic a t in g t h a t m o r e t h a n d o u b le
th e a r e a o f 1 9 1 3 , o r u p w a r d s o f 7 5 ,0 0 0 a c r e s , h a s b e e n
p u t in c o t t o n th is y e a r .
In som e o f th e
Total acreago__
Total production_________
Increase in acreago
Increase in production_____
Product per acre, lbs__
* Decrease.
le w e r s e c
t io n s o f T e x a s , t o o , a v e r y la r g e ly in c r e a s e d p la n t in g
is r e p o r t e d .
S E C O N D — W it h r e g a rd t o th e m a tu r ity , c u lt iv a
t io n a n d c o n d it io n o f t h e p la n t , t h e c o n c lu s io n s w e
re a ch a re as fo llo w s :
C o n clu s io n s .
F rom
th e
d e ta ils
p a g es, w e su m
F I R S T .—
by
(1 ) I n m a t u r it y t h e c r o p a t th is w r it in g (J u n e 2 4 )
S ta te s g iv e n
on
su bsequ en t
u p o u r c o n c lu s io n s b r ie fly as fo llo w s :
A c r e a g e
.— A s
has
a lr e a d y
been
in t i
m a te d , th e te n d e n c y to a d d to th e a rea d e v o te d
c o t t o n h a s b e e n p r e t t y g e n e r a l th is s e a s o n .
to
T h e in
c r e a s in g d e m a n d fo r c o t t o n , n o t o n ly fo r t h e a r tic le s
fo r w h ic h
1913-14. 1912-13. 1911-12. 1910-11. 1909-10.
42
42
42
40
40
1,665
1.648
1,696
1,631
1.574
2,777
2,777
2,884
2,731
2,693
5,492
5,468
5,628
5,219
5,078
293
300
319
311
283
4,128
4,106
4,190
3,947
3,876
3,494
3,417
3,487
3,419
3,395
1.254
1,090
1,025
1,013
1,023
12,703
12,041
11,747
10,977 10,272
2,415
2,322
2,470
2,458
2,278
859
839
857
800
785
3,298
3,198
3,105
2,724
2,459
153
129
131
109
106
38,573 37,377 37,581
35,379 33,862
14,129
16,043
12,132
10,651
3'20%
*0.54%
6.22%
4.48%
1.05%
*11.93% 32.24% 13.90% *22.99%
187
209
168
"
Virginia ________
North Carolina____
South Carolina__
Georgia __ ___
Florida _______
A labam a_______
Mississippi___
L o u is ia n a ,.___
T exas________
Arkansas _____
Tennessee_____
Oklahoma______
Missouri, &c___
i t s u s e h a s b e e n l o n g e s t a b l i s h e d , b u t in
a c o n s t a n t ly a u g m e n t in g n u m b e r o f n e w lin e s , m a k e s
w o u ld b e c a lle d a la te o n e a n d , fu r t h e r m o r e , n o t a s
w e ll a d v a n c e d a s a y e a r a g o .
m oved
on e o f th e
A b s e n c e o f flo o d s re
d e te r r in g fa c t o r s o f t h e
p la n tin g
s e a s o n , b u t lo w te m p e r a tu r e o v e r m u c h o f th e a re a ,
a c c o m p a n i e d b y e x c e s s o f m o is t u r e in s o m e s e c t io n s
a n d la c k
o f it in o t h e r s , o p e r a t e d
to
d e la y s e e d in g
a t tim e s a n d a ls o t o r e ta r d s a t is fa c t o r y g e r m in a t io n .
C o n s e q u e n t ly fo r t h e S o u t h a s a w h o le th e r e w a s a
im p e r a t iv e t h e e ff o r t s t o in c r e a s e t h e s u p p ly fr o m y e a r
litt le
t o y e a r . W h e n , in a d d i t i o n t o t h is i n c e n t iv e t o e x t e n d
a r e a , th e p la n t e r fin d s t h a t h e c a n g e t v e r y r e m u n e r
p a r t o f A p r il a n d m o s t o f M a y w e t w e a th e r w a s a n
a t i v e p r i c e s f o r h i s p r o d u c t , a s h a s b e e n t h e c a s e a ll
m ore
d e g ie e
t im e th is
n orm al
r e p la n tin g .
in
w as th e
O k la h o m a ,
bu rd en
and
M a y la c k o f
o f c o m p la in t fr o m
th e
M is s is s ip p i R iv e r .
th e
w ea th er
h o m a , a n d th e in fa n t c o t t o n
p ro d u c e r s , C a lifo r
n ia a n d A r iz o n a .
I n f a c t , in o l d e r d i s t r i c t s o f t h e
t o fo s t e r h e a lth y a n d v ig o r o u s g r o w th
m a d e, h a ve been v e ry m od era te
A
m ark ed
w it n e s s e d
in
m o is tu r e
d is tr ic ts e a st o f
d is
w as
D u r in g a
o f T e x a s a n d in le s s e r
in
p la y e d , a n y v e r y r a d ic a l a d d it io n s t o a r e a h a v in g b e e n
c o n fin e d t o th e n e w e r s e c tio n s o f T e x a s a n d O k la
b e lt in c r e a s e s , w h e r e
has been
a
a d v e r s e in flu e n c e o v e r m u c h
t h r o u g h th e s e a s o n n o w d r a w in g t o a c lo s e , th e r e ca n
b e n o q u e s t io n a s t o w h a t h e w ill d o .
A t th e sam e
y e a r , as la s t , c o n s e r v a t is m
th a n
im p r o v e m e n t
th e
S ou th w est
in
con
c u r r e n t w it h t h e o p e n in g o f J u n e , b u t t h e r a in s n e e d e d
o f th e p la n t
e ls e w h e r e d id n o t in a n y c o n s id e r a b le q u a n t i t y c o m e
t ill n e a r t h e m id d le o f t h e m o n t h .
I t is c o n s e q u e n t l y
o n t h e w h o le , e x c e p t in s e c t i o n s o f L o u i s i a n a a n d
M is s is s ip p i, w h e r e t h e s u b s id e n c e o f fe a rs o f th e b o ll-
o n ly n a tu r a l t h a t th e a d v ic e s t o u s as w e g o t o p re ss
w e e v il h a s c a u s e d a fu r th e r
s h o u ld s p e a k o f th e p la n t as b e in g b a c k w a r d , a lt h o u g h
re tu rn t o c o t t o p o f
la n d
t h r o w n o u t o f t h a t c r o p a t th e h e ig h th o f th e s c a r e .
A l o n g t h e A t l a n t i c , l i t t l e o r n o c h a n g e is o b s e r v a b l e '.
E x p e r im e n t s h a v in g d e m o n s t r a t e d
th e a d a p ta
b il i t y o f t h e s o il o f A r iz o n a t o t h e c u lt iv a t in g o f E g y p t
ia n c o t t o n , a n e x c e lle n t s t a r t h a s b e e n m a d e in t h e
r a is in g o f t h a t v a r ie t y o f s ta p le t h e r e .
I n C a lifo r
n ia w e fin d a v e r y la r g e p e r c e n t a g e o f a u g m e n t a t io n ,
a n d t h e I m p e r ia l V a l l e y , is , c o n s e q u e n t l y , a s s u m in g
d o in g w e ll a s a r u le n o w .
th e
cu rren t
m on th
(2 )
C u ltiv a tio n
been
very
put
th e
and
at
S ta tes.
E s tim a te d f o r
In crea se.
, 42.796
1.664,583
2,776.838
5,492,497
293,461
4,127,767
3,494,052
1,253,814
12,702,827
2,415,171
859,349
3,298,221
116.500
35,565
148%
Total ___ ______________ 38,573.441
2.34%
Florida____________________
Alabam a__________________
Arkansas__________________
Tennessee_________________
Oklahoma_________________
M issouri__________________
California, &c_____________
S ta te
are
fu lly
has,
a lo n g , th e
a s s is tin g .
I lie
crop
th e
d ry
r a in s
very
c lo s e
D ecrea se.
—
—
—
m
T%
—
-----—
—
—
—
—
—
—
—
—
....
6%
if
d r y , c u ltiv a tio n
1914.
A cres,
are n o w
1914
42.796
1,664,583
2,749,070
5,519,959
299.330
4,169,045
3,633,812
1,329,043
13,083.912
2,487,626
876,536
3,413.659
119,995
88,201
39,477,567
a c c o r d in g
a tte n d e d
to
east
it
our
of
w as
a
of M ay
A p r il
andM ay,
th e
in
th e
la tte r
a d v ic e s ,
th e
w ea th er
of
of
w as
to
b a d ly
sh ow ed need o f w ork ;
A cre
a ge.
1913.
each
th an
c o n s u m p t iv e d e m a n d s .
a c c o r d in g t o o u r a n a ly s is o f th e s it u a t io n , h a s b e e n a
fu r t h e r a v e r a g e n e t e x te n s io n o f a r e a o f 2 .3 4 % .
The
fo r
b e tte r
a s s u r e a g o o d c r o p — o n e s u f f i c i e n t t o f u l l y s u p p l y a ll
s i p p i a ll
th em
I t is s a f e t o a s s u m e t h a t
is m u c h
a g o a n d t h a t a n o r m a l s e a s o n h e r e a fte r w ill
q u ite s o m e im p o r t a n c e a s a c o t t o n r e g io n .
F o r th e
b e lt a s a w h o le t h e r e s u lt o f t h e s p r in g ’ s p la n t in g
ch a n g es as w e h a v e m a d e
s h o w n in t h e f o l l o w i n g :
o u tlo o k
M is s is
m a te r ia lly
how ever,
grass
m on th
in
T exas
th e
fie ld s
b u t s in c e t h e w e a t h e r t u r n e d
a c tiv e ly
p ro se cu te d
and
fie ld s
p r a c t ic a lly c le a r o f fo r e ig n v e g e t a t io n .
As
r e g a r d s fe r t iliz a t io n , w e h a v e t o n o t e a fu r t h e r s p r e a d
o f t h e i n t e n s i v e f a r m i n g i d e a ; in o t h e r w o r d s , c o m
m e r c ia l a id s t o p r o d u c t iv e n e s s h a v e b e e n m o r e fr e e ly
used th a n
(3 )
is in g
up
to
above,
e v e r b e fo re .
C o n d itio n
in
th e
th e
th e
m a tu r ity ,
of
m a in ,
average
p la n t
b u t,
th e
p la n t
a lth o u g h
of
recen t
is a l i t t l e
as
we
have
is
now
q u ite
p r o b a b ly
season s.
b e h in d
not
As
som e
h e r e to fo r e
p rom
fu lly
sta ted
years
in
rem a rk ed ,
since June opened has been moro favorablo, benoficial
showers having fallen. S ta n d s aro good as a rule and fields
im p o r ta n c e .
W hat
is
needed
now
is a . s u c c e s
well cultivated. A c r e a g e .— The tondoncy as regards area
s io n o f fa v o r in g c lim a tic c o n d itio n s ; as t o th e s e
in South Carolina has been strictly conservative. In fact,
t h e r e h a v e b e e n n o d r a w b a c k s t h a t c a n n o t b e o v e r in most sections no changes havo been made, in others there
have been slight decreases, and in still others cotton has bene
c o m e a n d a y i e l d b e y o n d a ll e a r ly c o n j e c t u r e e a s ily
fited a little at tho expense of cereals, &c. Going over our
secu red .
returns carefully, wo consider a fair estimato of this spring’s
O u r s u m m a r ie s b y S ta te s a re as fo llo w s :
planting to be a small net loss— 1.0%. Tho uso of f e r t i l i z e r s
VIRGINIA.— Dry and cool weather served to retard pre has been moderately increased this season.
liminary work over the limited area devoted to cotton in
GEORGIA.— As in the Carolinas, our advices from Georgia
Virginia, and similar conditions acted to hinder normal refer to tho dry weather and lack of moisture in lato April
progress in the putting in of the seed. Furthermore, sat and in May as causes operating to delay preparatory farm
isfactory germination was hardly to be expected under work and responsible for protracting tho planting season of
tho circumstances. Our replies, in fact, indicate a contrary 1914. The latter work, although commenced early in March
result, seed being reported to have come up slowly and in somo territory, becoming general April 1 to 10, was not fin
rather poorly. Development, too, was checked, the rains ished until aftor May 20. There is a somewhat marked di
and warmer weather necessary for tho best interests of tho versity of opinion in the returns on germination. Some say
plant holding off until near the first of June. But with tho that seed came up well, but in so reporting it is explained that
turn to more favorable conditions very perceptiblo improve the early plantings are referred to; others characterize the
ment was apparent, and their continuation since has worked start as fair, but the majority say poor, remarking that there
much benefit. In fact, s ta n d s at this writing are stated to was not sufficient moisture in tho soil to induce satisfactory
bo good, the fields in very satisfactory condition and tho germination. A rather considerable amount of replanting
outlook promising for a good yield por acre. A c r e a g e .— is said to have resulted. The fact stands out quite clearly
Changes in area from year to year are never material, and that dry weather more than low tomperaturo has been an adthis season there does not seem to havo been any mentionablo verso factor this season, holding in check development and
net change from 1913. Fertilizers havo been used to about thus fostering for some time a somewhat gloomy idea as to
tho same extent as a year ago.
the outlook. Relief from tho unsatisfactory conditions was
NORTH CAROLINA.— Tho chief cause of complaint in not experienced until the close of May. But that thoro has
North Carolina this spring has been dry weather and also, been decided improvement since then is evidenced by most
during much of the time, low temporature. This applies recent advices, as now tho plant is stated to be doing very
especially to late April and most of May, but even prior to well almost everywhere.
S ta n d s , somewhat irregular to
that time moisture and temperature were on the whole poor at first, aro now good on tho whole, denoting tho im
below the normal of previous years. Preparation of land provement the I’ain has worked, but the crop is somowhat
for crops was well attended to and quite generally planting backward. Cultivation has received all needed attention.
started about on a par with 1913, but dryness of the soil A c r e a g e this year has undergone hardly any mentionablo
rotarded operations; all seed seems not to havo been sown alteration, explanation for which is furnished by our remarks
until close to tho 1st of Juno or a week to 10 days later than in reviewing tho Carolinas. An addition of no more than
last year. With conditions as outlinod above, germination 0.5% seems to bo warranted by our returns. F e r tiliz e r s
was slow and in most instances poor or indifferent. It is of commercial sorts have been taken to a greater extent,
to bo said, however, that no particularly great amount of and generally it is to be noted of higher grado.
replanting had to be done, although moro than average.
FLORIDA.— In this Stato, also, dry and cool weather
As to tho weather since growth began, there is much to indi has been the basis of complaint this spring, hindering soil
cate that tomperaturo was too low much of tho time at night preparation and sowing operations. Planting began shortly
until near tho close of May, and complaints of droughty con after tho first of March and reached its ultimate conclusion
ditions were persistent. Latterly, however, or, to bo moro very late in May, or a little later than last year. Droughty
specific, since tho first of June, the weather has been moro conditions interfered with satisfactory gormination over
favorablo and tho plant has recovered much lost ground, much of tho area, so that whilo in a few instances tho start
even though not as forward as in an average year. S ta n d s , was reported as good, quite generally it was stated to have
poor at first over a pretty largo area, are at this time good been poor, and in some localities a comparatively largo re
generally on light or sandy lands, but on stiff or clay lands planting was required. Lack of moisture was tho principal
are rather below tho average. The crop, however, is well cause for complaint during April and May, but early in Juno
cultivated. In fact, in this latter respect condition is excel conditions turned moro favorable and latterly there havo been
beneficial rains. S t a n d s .— A fairly good stand has been
lent, as foreign vegetation has had practically no opportunity obtained and fields aro free of grass and weeds. A c r e a g e
to get tho upper hand of farmers. A c r e a g e .— In the older under cotton in Florida has seemingly been increased this
cotton-growing region, moro especially in the Atlantic divi year about 2 % . F e r tiliz e r s aro not much usod, but latterly
sion of tho belt, little or no changes in the aroa dovotod to there has beon a moderately greater resort to commercial
the staple aro looked for from year to year, as, with all avail varieties.
ALABAMA.— In some of the bottom land territory of
able agricultural territory already given to one crop or an
other, they aro merely the substitution of ono form of Alabama high wator caused a limited overflow in the early
spring, but the water subsided quickly and therefore the prep
vegetation for some other, as economic reasons may dictate. aration of land for crops was_ not materially delayed. Cool
This year wo find no particular evidence of the presence weather, howevor, was a hindering influence at times in
of such an influence, and consequently estimate tho cotton portions of the State, more particularly in northern sections,
acreage of tho State the same as in 1913. F e r tiliz a tio n has and as a consequonco tho planting season was on the wliolo
a little later than in tho preceding year Specifically, tho
received about normal attention.
putting in of seed wns begun in somo districts nround tho
SOUTH CAROLINA.— Here as in North Carolina tho middle of March, about a fortnight later in others, becoming
preparing of land and actual planting operations were delayed general shortly aftor tho first of April, and was finished quito
to a greater or less extent in many localities by tho condition generally May 20 to 25tli. As regards germination, seed
of tho soil, moisture having been deficient, and low tem came up well to very well as a rule dissenting^ opinions be
ing rare— but slowly in the main, as a result of inadequacy of
perature was another adverse factor. The actual period moisture, this being especially true of cotton planted in May.
of seeding was behind 1913 by some 10 days, tho finish hav Replanting was necessary to only an unimportant extent,
ing been between tho middle of May and tho first of June. and that duo to cold and moist ground and to damage by
Dry and cool weather was detrimental to germination, too, hail. Cold weather and lack of rain were complained of
for while in a few instances seed is reported to havo come to some oxtent in lato April and in May, but tho consensus of
up well, in general the start was poor, and it appears, more opinion was that any harm dono was confined to tho retard
ing of germination and growth rather than tho inflicting of
over, that, more than a usual replanting was necessary. As any mentionable injury to tho plant itself. Most of our cor
regards weather since growth began, there is much agreement respondents, however, seom inclined to consider tho condi
of opinion, and that is that until quite recently it was rather tions of weather since development began as favorablo on
unfavorable. During April and most of May there were the whole, and since needed rains have fallen, reports havo
complaints of dry weather, and low temperature also was re been quito uniformly satisfactory. S ta n d s aro variously re
ported upon, but only in isolated cases are tlioy stated to bo
ported as hampering normal development of tho plant. other than good or very good. On tho other hand, excellent
The long continuance of the dry spell, in fact, led a number and perfect aro tho terms used to express tho situation in somo
of our correspondents to look upon tho prospects in lato localities. Fields aro clear of weeds and grass. Tho fore
May as especially poor for tho time of year and thoir prog going would appear to indicato an encouraging outlook*in
nostications wore for a late and short crop. But tho weather Alabamaljatithis time, but tho crop is a littlo later than an
th a t
is
at
th is
tim e
a
m a tte r
of
secon d ary
or no
average in point of maturity. A c r e a g e . — This year there of the State, necessitating, according to all, a greater than
has been more disposition to favor cotton in the allotment of normal replanting.
In some instances, too, scarcity of seed
land for crops than was the case a year ago, but along con for the purpose was complained of. Development of the
servative lines, and in our judgment an average increase in plant was rather slow at first over most of tho territory, the
acreage for the State of say 1 % should pretty correctly meas result of too much moisture and low temperature at night,
ure the tendency. F e r t i li z e r s . — Thero has been a trend but toward tho end of May there was a decided change for the
toward greater takings of commercial aids to productiveness better, and latterly the piant has done very well, although it
in some sections this year, but in others, owing to the higher is backward as compared with an average year. S t a n d s . — In
prices they command, farmers have turned to a larger use South and West Texas quite generally a good to very good
of home-made manures.
stand was secured quite promptly.
Elsewhere in tho main
MISSISSIPPI.— It is to be remarked that in Mississippi they were reported as indifferent to poor at first, but with the
this year there has been complete freedom from overflow, favorable meteorological conditions recently prevailing, have
and in that respect, therefore, the situation in the State is improved steadily and materially, so that now the outlook is
better than a yoar ago, and very decidedly so as compared encouraging for a satisfactory yield. Likewise, fields that
with 1912. But cold weather served to delay farm work were foul as a result of the rains have been brought to a good
more or less and in consequence the planting season was some stato of cultivation since the warm and comparatively dry
what prolonged. Seeding began in earlier districts a little woather has enabled planters to take them in hand. Acre
prior to the fkst of April, and was completed between May 15 age.— It would be an anomalous situation if, with prices
and 25, or fully a week later than in 1913. On the whole, satisfactory, a year should pass without some addition to the
seed came up well— somo say unusually so— and we note that cotton area of Texas. That, needless to say, has not been so
very little replanting had to be done. Few complaints as this spring. In newer sections much virgin soil has been
regards moisture have come to hand, but cool nights in late brought under cultivation, and cotton has received its share,
April and early May acted as a deterrent to normal develop increases running as high as 50% being reported. In older
ment in somo districts.
Still, in the main conditions have districts, too, there have been additions, but, on tho whole,
been favorable, and our latest advices denote that recently along conservative lines. Still, for the State as a unit, and
the weather has been of a nature to leave little, if anything, taking into account area abandoned on account of damage by
to complain of. Consequently, the current promise is looked heavy rain, we feel impelled by our advices to estimate the
upon as presaging a very good crop, with an average season gain at 3 % . F e r tiliz e r s aro not used at all in many sections,
hereafter. The only discordant note is that, according to but there is a disposition in some quarters to avail of the com
some of our advices, the boll-weevil is moro numerous than mercial sorts in moderately increasing quantities from year to
last year. S ta n d s secured range from good to perfect, and year. The aggregate takings, however, are small withal.
the work of cultivation has received adequate attention to
ARKANSAS.— They planting season in Arkansas this
put fields in excellent shape. A c r e a g e . — Additions to cotton spring was about on a par with 1913. Last year, it will be
area have been tho order of the day in Mississippi this year, romembered, there were breaks in the levees along the Mis
but the tendency has not in any sense been radical. Almost sissippi River, but as they involved only a limited territory,
without exception augmentation is reported by our corres and the water receded early, no special delay occurred in
pondents, and we feel warranted in making tho averago gain preparing for the crop. This year thero havo been no
in tho Stato 4% . F e r tiliz e r s have been a little moro freely crevasses, but heavy rains in late April and early May caused
used than heretofore, but whether of commercial or homo- tho overflowing of some land, and that, of course, served to
mado sorts, they play a very small part in tho agriculture of delay work a little. But, planting was under way quite
Mississippi.
generally by the middle of April, and, despite the delay oc
LOUISIANA.— Too much rain in the early spring and casioned by excessive rainfall and low temperature, was com
continuing through April tended to delay farm work and the pleted on the wholo by the 20th of May. Early-planted seed
putting-in of cotton. This interference, however, which as a rule germinated well, but late sowings came up slowly
prolonged the finish of the planting season to near tho middle and in the main poorly, cool and wet weather having been ad
of May, or some ten days to two weeks later than the aver verse factors. Moreover, much replanting was required
age, is not looked upon as an unmixed evil by some of our to bo done, running as high’ as almost half the crop in some
correspondents. One, in particular, whose opinion we value cases, with poor seed a contributing cause, as well as the ad
very highly, speaking authoritatively, states that he considers verse meteorological conditions. Some of our correspondents
the lateness decidedly favorable from a boll-weevil point of refer to the weather as particularly unfavorable up to the
view. Denying that ho advocates lato planting, ho says 17th of May; at times too dry and cool and then too wot
that it is incontrovertible that very early seeding— if such and then again too dry; but in late May conditions turned
produces very early squares— is ruinous. Stating that the favorable, and during Juno have been of a character to foster
weevils cannot breed m anything but a cotton square, lie satisfactory development of tho plant. S ta n d s in somo in
points out that “ they come out of hibernation 9% in March, stances aro stated to be rather below the normal of recent
33% in April, 53% in May and 5% in June, and their averago years, but in others our replies indicate they aro good to very
On tho whole they would seem to average fairly
life is 11 days. Tho earlier they come out the longer they good.
live, and vice versa. It follows, then, if squares aro pro good and are steadily improving under the better weather
duced on May 10, breeding places are furnished for part of tho conditions. Cultivationxmoreover, has recently been vigor
weevils emerging in April, all of thoso of May and of Juno. On ously prosecuted, and now fields aro quite clear of foreign
the other hand, if squares are not furnished until Juno 10, tho vegetation. A c r e a g e has been treated in a strictly conserva
planters would havo to contend with only tho 5 % coming out tive manner this year, notwithstanding the incentive of
in June. Planting should not begin before April 20. This is fered by prices to make additions. Somo planters have
early enough anywhere, even if there are no weevils.” Seed merely adhered to last year’s area, but the increases by others
came up well to very well this year, and tho replanting was havo apparently been large enough to warrant us in conclud
limited. Tho weather was too cold and wet at times, but ing that the augmentation in area in the Stato as a whole
latterly on tho whole has favored cotton, which lias devel has been about 3% . F e r tiliz e r s of the commercial varieties
oped very satisfactorily. S ta n d s are good and fields woll have come in for a little greater use this year.
cultivated. A c r e a g e . That thero has been a further subsi
OKLAHOMA.'—The planting season in Oklahoma dif
dence of tho fears of tho boll-weevil that were instrumental in fered very little this year from last year. In many localities
so decidedly diminishing cotton area in 1909-10 is clearly indi ground was broken very early in January in some cases,
cated by our returns. In some instances the additions run and seeding wsa commenced in a number of districts early in
as high as 10%, and on the average tho increase in the State March. Delay was occasioned, however, by cold and wet
approximates, say, 6% . F e r tiliz e r s have been moro freely weather, and as a consequence all seed was not in tho ground
used on uplands.
until late in May. As regards germination, our advices are
TEXAS.— With an area of over 260,000 squaro miles and somewhat in conflict. A few correspondents report a good
extreme length and breadth of 620 and 760 miles, respec stai’t, but tho majority of the replies indicate that seed came
tively, it is easy to understand why thero should be material up poorly, as a result of unfavorable weather, and it would
divergence in the reports from widely separated sections of seem, moreover, that the amount of replanting required
Texas, and according to tho nearness of territory to tho Rio was rather above tho normal. At times in May low tomperaGrande or its remoteness therefrom the time of preparing turo and excess of 'moisture^were?complained of. There has,
land for crops and tho actual work of sowing varies consider in fact, beon much complaint of excess of moisture and; low
ably. This is made clear by tho fact that in the most temperature as a decided hindrance to work and develop
southerly districts planting was actively in progress this year ment this spring. Furthermore, tho situation has been ac
before the close of February, was carried on under generally centuated to some extent by the nature of tho seed available
favoring auspices and completed around the first of April. for planting. It is explained that much of the seed utilized
Elsewliero work began between March 15 and April 15 as a was takon from cotton that matured poorly last season, on
rulo, but in somo cases hardly beforo the end of the last- account of hot Avinds and wet weather during picking time,
named month, and was finished at varying dates in lato May. and, therefore, lacked vitality. Since about the 30th of May
Such being the situation, it is conceivable that no general tho crop outlook has changed materially for the better. Con
statement will suffico fox’ the Stato as a whole. Tho samo is ditions havo beon favorable in tho main, inducing rapid and
equally true as to germination. In tho sections of earliest vigoi*ous growth of the plant. S ta n d s secured range from
planting, as also in Western Texas, our reports indicate that fairly good to very good, and fields that a few weeks ago Avere
seed came up well to very well, but elsewhere, on the whole, badly in grass havo now been brought under a very satis
tho start is stated to have been rather poor, tho rains of factory stato of cultivation. In fact, tho change recent con
April and May, and to somo extent low temperature, having ditions havo brought about is such that tho present outlook is
been adverse influences. Quite a number of our correspond considered very encouraging, oven though the plant is some
ents, in fact, refer in particular to the excessive rainfall, ono what beloAV tho average in maturity. A c r e a g e . — As regards
reporting moro washing rains than in any spring sinco 1905, area, we note that in some districts there has been a disposi
and others characterizing them as the heaviest in tho history tion to give wheat the preference over cotton, with the re
suit that a diminution in acreage under the staple is reported.
But in newer sections thero have been some notable addi
tions, and in most others the area of last season has either been
maintained or slightly increased. Analysis of our roturns
leads us to place the acreage gain in the State this year at say
3V 2% .
F e r t i l i z e r s . — A little more attention has been given
to artificial aids to productiveness in limited sections this
year, but generally, fertilizers play a very unimportant part
in the agricultural economy of Oklahoma.
TENNESSEE.— Thero was nothing in the early spring
conditions in Tennessee to unduly delay the time of putting
in of cotton. Rain, it is true, was a hindrance at times,
but less so than in either 1913 or 1912. Beginning about
April 10, planting was completed in most part by the middle
of May. As regards germination, there is pretty close
agreement among our correspondents this spring. In iso
lated cases first plantings are said to have come up irregu
larly, but in the main seed started off well and there has been
very little replanting. During the period of early growth
development was checked somewhat by unseasonably cool
and wet weather, but later there was a change for the bet
ter; then came a dry spell and toward the close of May
moisturo was claimed to bo needed. Some sections had
beneficial showers early in June, but there was not general
relief from droughty conditions until after the middlo of the
month. S ta n d s are now good and fields well cultivated.
A c r e a g e in Tennessee has seemingly undergone no very ma
terial change this year; wo estimate an increase in area of
2 % . F e r tiliz e r s have been used a little more freely this year,
the idea of intensive cultivation having taken a little greater
hold. Their use here, however, is very limited.
MISSOURI.— Planting over tho comparatively limited
cotton area of Missouri was carried on about at the usual
time this year, the start having been about April 15, and all
seed was in the ground by May 27. Seed germinated well
in the main, and no appreciable replanting was required.
A number of complaints of cold and dry weather were heard
until near tho close of May, but since that date more favora
ble seasons havo been experienced and the plant has taken on
healthy and vigorous growth. S ta n d s are good and fields on
clean. A c r e a g e . — To the cotton area of the State, confined
to a few southeastern counties, a moderate addition has
been made— about 3 % , as wo conclude from our returns.
F e r t iliz e r s receive no moro than casual attention.
CALIFORNIA.— As wo havo heretofore remarked, tho
cultivation of cotton in California is virtually confined to
the Imperial Valley region, but tho area is steadily and
rapidly increasing and has now attained a fairly important
total. Furthermore, in contradistinction to tho States al
ready reviewed, tho crop of California is independent of
rainfall, all needed moisture being supplied by irrigation,
and consequently ono element of uncertainty is removed.
Planting began this year somewhat earlier than last, or about
tho middle of February, and reached a finish June 1. Seed
came up well and since growth began conditions have quite
uniformly favored satisfactory development of tho plant.
In fact, one of our correspondents remarks that tho weather
in the Imperial Valloy is always favorable to the growth of
cotton, owing to the absence of frost or low temperature.
S ta n d s are reported very good; some planters say tho best
they have over had at even date. A c r e a g e has been phe
nomenally increased; our information leads us to conclude,
in fact, that for the State as a whole tho augmentation this
year has been fully 150%, giving an actual area of somowhero
about 70,000 acres. F e r t i l i z e r s — No fertilizers of any kind
are ever used. A moro fertile soil, it is explained, would be
detrimental in running tho plants too much to stalk.
ARIZONA.— Considerable impetus has been given to the
raising of cotton in Arizona tho past year or two, experi
ments having demonstrated the adaptability of tho soil for
the Egyptian varieties of tho staplo. In fact, excellent
results from last year’s planting in tho Salt River Valloy have
been reported, tho yield ranging all the way from 442 lbs.
to 866 lbs. lint per acre or a much heavier roturn than se
cured from tho samo kind of seed in Egypt. One of the ad
vantages Arizona possesses, it is pointed out, is that dry,
hot air and complete absence of moisturo in the soil from
Oct. 1 to the planting season makes it impossible for bollweevils to live from one season to tho next, should they evor
bo brought into tho valley. Thus tho danger of an important
pest is eliminated. Furthermore, it is stated, tho even soil
moisture maintained by irrigation makes it possible for tho
grower to hold and mature every squaro that forms on tho
plant. Tho planting season in Arizona this year was from
March 10 to May 10; seed is reported to have germinated
well, and a good stand has been secured. A c r e a g e . — In
the matter of area there has been, as intimated above, de
cided expansion in 1914, tho territory devoted to cotton be
ing given as 15,000 acres, against less than one-third that
total a year ago.
NEW M EXICO.— Cotton cultivation is still in its exper
imental stages in this State, but tho tendency this year has
been towards extending. Our information is to the effect
that tho seed planted camo up well, experienced favorable
growing weather later and that a good s ta n d has been at
tained. A c r e a g e has been increased to the extent of 2% or
3 % . Tho total area is probably about 1,000 acres, and some
attention has been paid to fertilization.
KENTUCKY AND KANSAS.— We havo no information
this year warranting comment upon tho cultivation of cot
ton in these States, which is very limited in any evont.
T IIE IP R E S ID E N T S
TRADE
A N D
TRUST
P R O P O S IT IO N S .
On Thursday, the day when ono of tho greatest failures in
the history of the country occurred— that of tho II. B. Claflin
Co.— President Wilson firmly announced that there Avould
bo no postponement of trust legislation. His declarations
were made in Washington to a delegation representing tho
Virginia Editorial Association, to whom the assertion was
made that “it is a matter of conscience as well as a matter
of large public policy to do what this Congress, I am now cer
tain, is going to do—finish this program. Because when the
program is finished, the interrogation points aro rubbed off
tho slato, business is given its constitution of freedom and
is bidden to go forward under that constitution. And just
as soon as it gets that leave and freedom thero will be a
boom of business in this country such as wo have never wit
nessed in the United States.” President Wilson’s declara
tions in full are as follows:
I think it is appropriate in receiving you to say Just a word or two in
assistance of your judgment about the existing conditions. You aro largely
responsible for tho state o f public opinion. You furnish tho public with
information, and in your editorials you furnish it with the interpretation
of that information. W o are in tho presence of a business situation which
is variously interpreted. Here in Washington, through tho Bureau o f
Commerce and other instrumentalities that are at our disposal, and through
a correspondence which comes in to us from .all parts of tho nation, wo are,
perhaps, in a position to judgo of tho actual conditions of business better
than thoso can judge who aro at any other singlo point in tho country, and
I want to say to you that as a matter of fact the signs of a very strong
business rovival aro becoming more and more evident from day to day.
I want to suggest this to you: Business has been in a feverish and appre
hensive condition in this country for moro than ten years. I will not stop
to point out tho time at which it began to bo apprehensive, but during moro
than ten years business has been tho object of sharp criticism in the United
States, a criticism growing in volume and growing in particularity; and as a
natural consequenco, as tho volume of criticism lias increased, business lias
grown more and moro anxious. Business men havo acted as some men do
who fear they will havo to undergo an operation and who aro not sure that
when they get on the table tho operation will not bo a capital operation.
As a matter of fact, as tho diagnosis has progressed, it has becomo moro
and moro evident that no capital operation was necessary; that at tho most
a minor operation was necessary to remove admitted distempers and ovils.
Tho treatment is to be constitutional rather than surgical, affecting habits
of lifo and action which have been hurtful. For on all hands it is admitted
that thero aro processes of business, or have been processes o f business,
in this country which ought to be corrected; but tho correction has been
postponed, and in proportion to tho postponement tho fever has increased
— the fever of apprehension.
There is nothing more fatal to business than to be kept guessing from
month to month and from year to year whether something serious is going
to happon to it or not, and what in particular is going to happen to it, if
anything does.
It is impossible to forecast tho prospects of any lino o f business unless
you know what tho year is going to bring forth. Nothing is moro unfair,
nothing has been doclared by business men to bo more harmful, than to keep
them guessing.
The guessing went on; tho air was full of interrogation points for ton years
and more. Then camo an Administration which for tho first timo had a
definito program of constructive correction; not of destructive correction,
but of a constructive correction of admitted evil— a very cloar program,
disclosed so far as possible in a general program, in its particulars as well
as in its general features. And tho Administration proceeded to carry
out this program.
'
First there was tho tariff, and business shivered. "W o don’ t like to go
in; tho water looks cold” ; but when tho tariff had been passed it was found
that tho readjustment was possiblo without any serious disturbance what
ever. So that men said with a sense of relief: "W ell, wo aro glad to get
that behind us, and it wasn't bad after all.”
Then camo tho currency reform. You remember with what resistance,
with what criticism, with what systematic holding back, a largo body of
bankers in this country met the proposals of that reform, and you know
how, immediately after its passage, they recognized its benefit and its
beneficence, and how ever sinco tho passage of that reform bankers through
out tho United States havo been congratulating thomselves that it was
possiblo to carry out this great reform upon sensible and solid lines.
Then wo advanced to tho trust program, and again tho samo dread, tho
same hesitation, tho samo urgency that tho thing should bo postponed.
It will not be postponed; and it will not bo postponed bccauso wo aro tho
friends of business. Wo know what wo are doing; we purposo to do it
under the advice, for wo have been fortunate enough to obtain tho advlcej
of men who understand tho business of tho country; and wo know that tho
effect is going to bo exactly what tho effect of tho currency reform was—■
a senso of relief and of security.
Because when the program is finished it is finished; tho interrogation
points aro rubbed off the slate; business is given its constitution of freedom
and is bidden go forward under that constitution. And just as soon as it
gets that leave and freedom there will be a boom of business in this country
such as we havo never witnessed in tho United States.
I,
as a friend of business and a servant of tho country, would not dare stop
in this program and bring on another long period of agitation. Agitation
longer continued would be fatal to the business of this country, and if this
program is delayed there will come agitation, with every letter in tho word
a capital letter. Tho choice is a sober and sensibio program now completed,
or months upon months of additional conjecture and danger. I, for ono,
could not ask this country to excuse a policy which subjected business to
longer continued agitation and uncertainty; and, therefore, I am sure that
it is beginning to bo evident to the whole press of this country, and, by tho
same token, to the people, that a constructive program is at last not only
to be proposed, but completed, and that whon it is completed, business
can get, and will get, what it can get in no other way— rest, recuperation
and successful adjustment.
I cannot get rest if you send mo to bed wondering what is going to hap
pen to mo in the morning; but if you send mo to bed knowing what tho
courso of business is to bo to-morrow morning, I can rest, llow much
better is "certain” justice to the men engaged in business.
11
is a matter o f conscience as well as a matter o f largo public policy to
governed by business men. If this line is followed I confidently'predict
do what this Congress, I am now certain. Is going to do— finish the program. great benefits arising from such Governmental control.’ ”
And I do not think that It is going to take a very long time. I believe that
the temper o f those engaged in this great thing is admirable, that the vari
“Foolish legislation” is assigned as one of the reasons for
ous elemonts sometimes in antagonism in the Congress o f the United States
are drawing together, and that wo shall witness an early, statesmanlike the decision of Janeway & Co. of New Brunswick, N. J., the
result for which we shall all have abundant reason to be thankful.
oldest wall-paper manufacturing concern in the country, to
Notwithstanding President Wilson’s failure to recognize
as an actuality a depressed condition of affairs, and the con
stant issuance by him of extracts of letters seeking to show
that the existing industrial prostration has been manufac
tured, there is no lack of evidence to indicate that there is
a real stagnation in business, and that this unfortunate
situation is being greatly intensified by tho legislative pro
posals of Congress. Petitions emanating within Congress
and outside its ranks for a cessation of legislative proceedings
continue to present themselves. One of the Congressmen
active in tho effort to secure an adjournment of Congress is
Chairman Underwood of the House Committee on Ways and
Means, whoso attempts last week to have the President agree
to a let-up in new legislation as soon as the appropriation
bills are passed, were referred to in these columns a week ago.
Mr. Underwood’s views in the matter have been conveyed
to the Philadelphia “ Ledger” in a communication sent in
answer to that paper’s request for an expression of opinion
as to whether business should bo given a respite from legis
lation. His reply is published in the “ Ledger” of June 19
as follows:
go out of business. President William R. Janeway makes
tho following statement concerning his company’s action:
I made up my mind to quit business because competition is too severe to
warrant a man of my age (Mr. Janeway is a little over sixty) bearing the
burdens of the business for the profit there is in it, and because of the
expenses and hazards, caused largely by foolish legislation.
I could readily have sold the business to other parties who would carry it
on were it not for the fact that legislation is such that men do not feel
justified in investing money in a new venture now.
One feature of this legislation is that while the men are allowed to have
unions and thereby advance wages and make more onerous the manufac
turers’ burdens, the very moment the manufacturers make the least move
toward co-operation and making a profit that would benefit them, and
would not injure the public at all, they are threatened with fines and im
prisonment.
As an instance in point, I can cite an occurrence in Cleveland where
some time ago members o f the Manufacturers’ Association, an organization
purely social and not at all for the purpose of trade agreements or price
agreements, were prosecuted in the United States District Court for alleged
violations of the Sherman Anti-Trust law. Although they were acquitted,
the defense of the suit cost them something more than 840,000 and their
enforced presence at a trial lasting three weeks, and other circumstances
connected with the trial, were, to say the least, extremely discouraging.
Mr. Janeway adds that while conditions are not satisfac
tory, there is no danger of the United States going to the
“demnition bow-wows.” “Neither is there,” he says, “any
danger of New Brunswick permanently losing this industry.
I can assure you I will find a buyer for the factory.” The
Committee on Ways and Means,
business was started in 1844 by John P. Hardenbergh, and
House of Representatives.
the Janeways have been connected with the concern since
T o th e E d it o r o f th e “ P u b lic L e d g e r ,” P h ila d e lp h ia :
S ir . — I received your telegram this morning, asking me to inform the
1845.
“ Public Ledger” if I favored a plan to give business a rest by adjourning
Congress at this time. I could not answer your letter clearly by wire, and
therefore answer it by this letter.
Tho IIouso has passed all of the appropriation bills except the Sundry
Civil and tho General Deficiency. Tho Sundry Civil Bill is now under
consideration and will bo shortly completed. It will not take tho IIouso
long to dispose o f the General Deficiency Bill, but about half tho appro
priation bills are in tho Senate and have not been acted upon.
Of course Congress cannot adjourn until tho appropriation bills are
passed, but my own view o f tho situation is that we should expedite tho
passago o f the appropriation bills, th en a d jo u r n C o n g r es s a s s o o n a s p o s s ib le
a n d a llo w th e m e m b er s to g o to th e ir d is tr ic ts a n d r e tu r n h e r e i n N o v e m b er
a n d ta k e u p p e n d i n g leg is la tio n a t th a t t im e .
I think this would bo advisable, as most o f tho members o f Congress are
worn out with tho long session and strenuous work o f more than a year.
It would glvo tho Senato committee an ample time to consider and digest
the pending trust legislation and an adjournment now would, I beliove,
expedite the passago o f good legislation along that line rather than hinder it.
T
n.^
A
O. W. UNDERWOOD.
lime 17 l1il1
E. C. Simmons, of tho Simmons Hardwaro Co., has this
week taken occasion to indicate his concurrence individually
in the views set out in the letter of his company (published
on page 1887 of last Saturday’s issue of the “ Chronicle” )
that tho country needs a rest from legislative action. Mr.
Simmons says:
“ The nowspapers quote tho President as saying business is as good as
usual for this time o f tho year. With the greatest possible respect to
him, I say lie does not know as much about that as I do. I know that
business conditions aro very poor, although they are better now than they
were a month ago, and even in tho last week business has improved con
siderably.
" I am entirely in sympathy and in harmony with tho President's policies
— have been over since he was elected. M y contention is that it would be
to tho best interests o f tho country at largo to have a little rest from the
disturbing results o f this continued agitation of business matters, and
therefore I feel confident that if further legislation on tho subject of business
control was postponed until December, It would bo a very wise move on tho
part o f tho Government.
“ I approvo Governmental control o f business. I wrote a letter Jan. 5
1913, before tho President’s inauguration, in which I said in part:
“ ‘What wo thought was and what appeared to bo a new economic
development (centralizing business control into ‘ trusts’)— shows that we
got a wrong start on’ it some ten years ago, and at that time we were so
overcome with tho idea— It was so fascinating and promised so many
benefits from consolidations and combinations— wo rather lost sight of the
vital principle of human naturo, that no matter how intelligent or well
educated it may bo, it cannot be trusted wi(h power unchecked by re
sponsibility.
“ ‘There aro two kinds o f big business. One lias grown naturally, fought
its way up by lionorablo methods, lias developed by reason of square dealing
witli its customers, by reason o f economics and hard work, intelligence,
clean thinking and planning. That kind of big business is not to be feared.
“ ‘Tho other kind o f big business I would call bad, and it is tho one that
needs regulation to-day. This is tho result o f an unnatural throwing
together o f a lot o f heterogeneous elements, antiquated plants capitalized
at high figures the principal ingredient o f which is water, or unnatural
associations both o f men and methods, o f manufacturing sites and the
ovident;disposition on tho part o f tho promoters or managers to gain their
ends by monopoly and competition o f a brutal kind, rather than on merit.
“ 'Federal regulation, in my opinion, is sure to come.
At any rato I am
sure we are going to givo it a trial. It is only a question o f time when it
will come. A commission established for this purpose, at tho outset, must
hav i great'power.in order to accomplish anything worth while.
" ‘There is great danger in giving such a commission unlimited power. I
quito agreo with Secretary Nagel that no commission regulating largo cor
porations should bt£glvi-. ,u« ..ower to iix prices. It ls£a business proposi
tion, pure and simple, and it should bo'dirccted, controlled andlabsolutely
Secretary of Commerce William C. Redfield, whose
reports on business conditions to President Wilson are said
to be the basis of the latter’s confidence in the business
situation, was credited with the following statement on the
23d inst.:
"Tho United States was the last of the nations to enter the world-wide
depression, felt it least and is now emerging first. The dulness of trade and
industry is psychological, just as President Wilson says it is, and reports
and figures will show this.”
The “ Times,” in its issue of the 21st, had something to
say concerning one of the instances cited by Mr. Redfield
as an evidence of good business conditions— the receipt of an
order by the Maryland Steel Co. for 16,000 tons of rails from
Australia. The “ Times” says:
That the officials of tho Maryland Steel Co. do not agreo with Secretary
Redfield in his interpretation of the significance of this rail order would
appear from thp following telegram received by “ The Times” yesterday in
answer to an Inquiry it addressed to J. C. Jay Jr., General Sales Manager
of tho Steel Co.:
“ Replying to your telegram of the 19th: The order for rails for Australia
to which you refer will keep our rail mills occupied for ten days. The order
is unsuited to our mills, both in specifications and weights. It was taken
solely to keep our men employed.
“ Our business is in a more depressed condition than in the period following
the so-called panic o f 1907. The tonnage on our order books to-day is less
than one-fourth the tonnage of a year ago, and prices aro very much lower.
“ I consider the present depression in the steel industry the worst since
1896” J. C. JAY JR .,
“ General Manager of Sales.”
One of the prominent business men who has openly ex
pressed himself in favor of Congress adjourning without
taking further action on the anti-trust legislation is Charles
E. Tripp, Chairman of the Westinghouse Electric & Manu
facturing Co. He says:
I would Iiko to see Congress adjourn without passing tho trust bills, be
cause I have the hope that lapse o f time, business depression and further
reflection will convince the Administration that the bills as at present
drafted contain several provisions highly injurious to business interests.
I beliove that business men in general have this feeling, and that therefore
the uncertainty resulting from a postponement would encourage rather
than discourage business interests.
Tho stagnation in trade is referred to in a letter addressed
to President Wilson by John C. Scales of Chicago, Presi
dent of the National League of Commission Merchants of
the United States, in which he appeals to the President for
a halt in all trust legislation until tho organization of an Inter
State Trade Commission for purposes of investigation and
until its findings and recommendations are submitted to
the President and Congress. His appeal is made in the
following:
On M ay 29 1914 tho National League o f Commission Merchants of the
United States, a trade organization with branches in thirty-seven cities,
extending from New York in the East to Denver in tho AVest and New
Orleans in the South, voted in the affirmative upon a referendum taken
by the Chamber o f Commerce o f the United States of America upon the
question of the creation of an Inter-State Trade Commission.
While tho various voting units of the aforementioned league voted for the
creation of a trade commission, the consensus of opinion was that, pending
the creation of such commission, all additional legislation affecting the gen-
cral business of the country'should be deferred until such time as tho com
mission was appointed, organized and given ample time to ascertain what
legislation in amendment of or supplemental to the Sherman Act, if any,
is required to properly regulate or suppress such trusts or combinations
as may bo in restraint of trade or inimical to tho general welfaro.
That thero is a general and unwonted stagnation in trade cannot be gain
said. While by many this stagnation is attributed to the uncertainty as
to tho final effect of tho present tariff, quito as largo a number attribute
the prevailing dulnoss to the fear that business in general is to be harassed
and hampered by such a multiplicity of drastic laws as to result in wide
spread depression and disaster.
Speaking for the line of business (fruits and general produce) represented
by this organization, wo would most respectfully state that we are in full
accord with all legislation looking to tho welfare of the country and peoplo
at large; in fine, all legislation tending to place business upon the highest
plane of equity and probity, but are unqualifiedly and unalterably opposed
to tho enactment of such a multiplicity of exacting, vexatious and inquisi
torial laws as shall check not only corporate but oven private enterprise,
ending finally in unbalancing tho whole vast business interests of the coun
try, eventuating in tho twofold disaster of opening tho great market of the
United States to foreign-made goods, while at tho same time, losing our
own market to our own people, deprivo tho United States of all hope of
competing with her manufactures with other manufacturing nations In
tho markets of the world.
It is not enough that wo export our surplus foodstuffs and raw material,
we must (in addition to manufacturing for our own use) export manufac
tured goods if we are to give all our people work and reach and hold suprem
acy in the world’s markets; a position to which our vast and varied area
and great resources justly entitle us.
It is only by as few statutory trade laws as possible, and they broad
and unoxacting, that American initiative and enterprise can be given that
freedom of action so necessary to the holding of what wo now have and to the
full development and building up ot our foreign and domestic trado.
We are in tho midst of a battle of tho nations for trado supremacy, and
wo must be careful how we undermine and sap the energy and take tho spirit
and heart out of that multitude of business men and manufacturers who,
with intent to wrong no one, nor break any laws, are yet put constantly
in fear of some portentous and overshadowing law; often so ambiguous
that oftentimes even tho courts cannot agreo upon their proper interpreta
tion, and yet whon even tho courts disagree tho business community is held
culpable even to tho point of criminality.
It is not to say that wo opposo all further legislation touching Improper
trusts or combinations in restraint of trade; on tho contrary, wo favor such
legislation, but believo it should be approached and carried out with the
greatest caro, and we know of no better or safer way to obtain sound and
safe trade legislation tnan through the disinterested help of a non-partisan
trade commission. Consequently, as before stated, we believo that all
additional trust legislation should be halted until tho appointment and or
ganization of tho Inter-State Trado Comm.ssion and until its findings and
recommendations are submitted to tho President and the Congress.
T ho labor-exem ption clauses of tho C lay ton bill and tho
Sundry C ivil Appropriation bill are opposed in resolutions
adopted b y tho M erch an ts’ Association of N o w Y o r k ,
which say :
Resolved, That the Merchants’ Association of New York emphatically
condemns the provision of the pending Sundry Civil Appropriation bill
(II. R. 17,041) prohibiting tho use of any of tho funds appropriated in
prosecuting labor or agricultural organizations in tho enforcement of tho
anti-trust laws, and further condemns sections 7 and 18 of the Clayton bill
(II. R. 15,657), as passed by tho House of Representatives, on the following
grounds:
Because each of theso, if enacted, would constitute class legislation of tho
most vicious type, creating discriminations and distinctions between dif
ferent elements of tho citizenship; and
Because the proposed provision in the Sundry Civil Appropriation bill
constitutes an attempt by indirection to amend tho Sherman Anti-Trust
law through the medium of a rider to a goneral appropriation bill.
Senator N ow lan ds’ bill providing for a Federal Trado C o m
mission was m ade the unfinished business of tho Senate on
tho 25th in st., w ith an agreement that its consideration is
not to interfere w ith the appropriation bills.
In presenting
his m otion to m ake tho bill the unfinished business, Senator
N ew lan d said:
All Senators will, I think, agreo with mo that an early adjournment of
Congress is desirable. Thero ought not to bo protracted debato on this
bill. Tho country no longer listens to us, and we no longer listen to each
other. Wo are nearing tho close of tho session, or what should bo the closo
of the session. Tho question is whether tho Senate will put restraint upon
itself, or whether restraint shall be put upon it by means of a cloture rulo.
Wo have been in practically continuous session for four years, much to our
own discomfort and tho discomfort of tho nation.
A report on the bill was filed b y Senator N bwlands on
tho 2 3 d , which in part says:
Tho establishment of a Trado Commission at tho samo time that the
Inter-Stato Commerce Commission was established would havo prevented
tho extraordinary development of monopolistic organizations in industry
in this country. If this commission had been in existence during this
period we would not now havo to deal with such organizations as the United
States Steel Corporation, tho International Harvester Co. or tho American
Sugar Refining Co.; the American Tobacco Co. would not have been or
ganized, and even the Standard Oil Co. would not havo survived tho dis
solution of the original Standard Oil Trust in 1892. Such a commission
would havo at least kept within limited bounds the activity of a multitude
of price-fixing associations in different branches of business which, together
with great trusts, have been potent causes of tho present high cost of living.
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Experience in the execution of tho Sherman Anti-Trust law, as shown in
tho Standard Oil and American Tobacco decrees of dissolution and in tho
frequent efforts of combinations to make voluntary adjustment with tho
Department of Justice, establishes that tho question involved is adminis
trative as well as legislative and judicial. It is generally conceded that tho
peculiar character and importance of this question malco it indispensable
that somo of tho administrative functions should bo lodged in a body
specially competent to deal with them by reason of information, experience
and careful study of the business and economic conditions of tho indus
try affected.
Tho value of such administrative oversight and control has been recog
nized in tho banking and transportation business and wo havo in tho Comp
troller of the Currency, tho newly created Federal Reserve Board and tho
Inter-Stato Commerce Commission practical illustrations of tho operation
of such organizations.
Sam uel U nterm yer is said to havo sent to tho Senato C o m
m ittee on Inter-State Com m erce a series of am endm ents in
the nature of a substitute for Chairm an N ew lan ds’ trado
commission bill.
Objections to tho bilFproviding for the regulation and con
trol of railroad stock and bond issues b y tho Inter-State
Com m erce Com m ission were expressed to the Senate In terStato Com m erce C om m ittee on the 19th inst. b y Louis D .
Brandois, special counseIj[to the C om m ission. M r . Brandeis
urged that tho Com m ission, already overburdened as it is,
would be doubly taxed and m aterially ham pered if the task
of supervising stock and bond issues were laid upon it; ho also
pointed out that it is w ithout sufficient inform ation to intelli
gently pass upon such m atters, and that approval of railroad
securities b y the Com m ission m ight be construed as a guar
an ty of such securities b y the G overnm ent.
M r . Brandeis
proposed that Section 20a of the H ouse bill bo am ended so as
to prohibit railroads from issuing bonds for any other purpose
than the betterm ent or extension of their systom s, and for
bidding them from in[any w ay extending their system w ith
out tho approval of tholC om m ission.
H is proposed am end
m ent reads as follows:
See. 20a. That from and after the passage hereof it shall be unlawful for
any railroad corporation, subject to tho Act to regulate commerce, as
amended, to lssuo any capital stock, or certificate of stock, or any bond
or other evidence ot interest in or indebtedness of tho carrier (hereinafter
collectively termed "securities”), or to assume any obligation or liability
as lessor of another carrier, or as lessee, guarantor, surety, or otherwise in
respect of tho securities of any other person, natural or artificial, even
though permitted by tho authority creating tho railroad corporation, in
order to acquire any interest in any property or any share of stock, bond or
other interest in any corporation or association forjanyjpurposo other than
tho operation, improvement or extension of its railroad system, including
any ship or boat lino or trolley lino lawfully owned, or to be owned or op
erated, or to be operated by it as a part of such system.
From and after the passage hereof it shall bo unlawful for any railroad
company, subject to tho Act to regulate commerco, asjamended, to acquire,
whether by lease, purchase or otherwise, any interest in any railroad, ship
or boat lino or trolley line or any share of stock, bonds or other intorost
in any corporation or association owning or controlling.tho same, even for
the purpose of extending its railroad system, without tho prior approval
of the Commission, and then only to the extent and in the manner approved
by tho Commission.
Every railroad subject to the provisions of this Act shall file with the
Commission on or prior to tho date of issuanco of any stocks, bonds, notes
or otherjevidence of indebtedness payable at a period of more than two
years after the date thereof, and now or hereafter to bo authorized, a cer
tificate of notification in such form as tho Commission may, from time to
time, deterinino and prescribe, which shall show-----Then follows tho languago of tho bill concerning tho m a t
ters to bo sot forth in tho certificate relative to tho am ount
and character of the issue.
T o the delay in settling tho m atter of railroad rates is
ascribed the present unsatisfactory business conditions by
A lb a B . Johnson, President of tho Baldw in L ocom otive
W ork s. M r . Johnson’s views wore subm itted to tho United
States Com m ission on Industrial Relations in Philadelphia
on W ed n esday during the courso of its investigation into
industrial conditions and relations.
In answer to the first
question put to h im , as to how m a n y men aro em ployed in
tho m etal trades in Philadelphia b y his concern, M r . Johnson
asked whether tho questioner, E . I I . Busiek, special counsel
for tho C om m ission, m eant under “ ‘psychological’ business
conditions or under norm al business conditions.”
“ Under
normal business condition s,” said M r . Johnson, “ tho B a ld
win L ocom otivo W ork s em ploys from 17,0 0 0 to 1 8 ,0 0 0 m on.
A t present we aro em ploying 8 ,2 0 0 .”
Sotting out his opinion
as to tho reason which brought about such a decrease, ho
said:
Thero is no question but that it is due to a factor which has acted upon
all business throughout the nation, and that is tho uncertainty existing
in tho matter of railroad rates. Tho railroads aro sulfcring from tho delay
in settling the rate question and aro not doing any buying. All other lines
of business aro affected by this.
A s to tho causes for the present industrial unrest, M r .
Johnson is quoted in tho “ Ledger” as saying:
Well, I think that it is duo to a universal crazo to get rich quick. I
believe it is bccauso too largo a proportion of persons havo been taught to
bolievo that they can livo beyond their means. Tho old-fashioned notions
of thrift aro not so common as they ought to bo. The remedy would como
if wo only could inculcate in tho minds of men and boys tho fact that legiti
mate opportunities for advancement are greater to-day than ever before
in tho history of the world, and that unrest is duo to a desire for premature
advancement.
Tho pressing necessity for tho taking of a deoper interest
in political affairs by business mon was urged upon those in
attendance at the dinner of tho N e w Jersey Stato C ham ber
of Com m erce, held in N ew ark on tho 22d in st., in an address
b y F rank A . Vanderlip, Presidont of tlio N a tio n al C ity B a n k
Not only aro the proposals in tho pending legislation novel in their appli
of N e w Y o r k . U sing as bis them e “ C onstructive Public cation to business, but there is another point of dissimilarity between theso
measures and any that we have had beforo. They are being discussed
Opinion, M r . Vanderlip admonished his hearors to realize anil in all probability will bo passed by a Congress, a large majority of
their responsibility and to turn present forces in right chan which is not in favor of passing them at the present time, and they will
nels. B y united efforts, ho contended, they m u st impress be added to tho laws of a nation a largo majority of whoso citizens aro not
in favor of such laws being enacted at the present time.
upon the country thoso views which aro tho results of the
I can say that I have personally talked with many of tho leaders, includ
best experience, thereby establishing a public opinion that will ing the leaders of the Administration side, and they have told me un
prom ote tho safety and happiness of posterity.
“ Such a equivocally that a majority of both Houses would prefer to give the country
a period of legislative peace and end tho present session without further
course of a c tio n ,” he argued, “ will create a public opinion enactments. I believe there is not a newspaper correspondent in Washing
that will bo constructive, and n o t, as now , destructive, of the ton, familiar with tho viows of many individual Members of Congress,
best sort of business a c tiv ity .”
M r . V andorlip’s remarks who will not verify that statement. It has been charged that there is an
effort to manufacture sentiment and in turn to have that sentiment im
followed a meeting of the B oard of Trustees of tho C ham ber, pressed upon Congress by a chain of letter-writers, and tho endeavor has
which form ally voted to launch a now non-partisan political been termed a conspiracy. I can tell you that I know of cases where
departm ent for educational purposes. Proceeding along Democratic Congressmen have written to their constitutents begging
thorn in turn to write to tho President and endeavor to influence him to
lines similar to thoso outlined b y M r . V anderlip, tho C h a m permit Congress to adjourn this session without further legislation affectber established tho new departm ent w ithout giving it any par
ng business. I do not regard this action on tho part of Congressmen as
conspiracy, but rather an effort to bring out a true reflection of public
ticular designation as y e t, and named a com m itteo of thirteen a
opinion.
— a representative from each Congressional district and a
Lot us consider for a moment how these measures, of vast import as
com m itteem an-at-large— to conduct the business of that they aro to the business of this nation, and, therefore, to the life of every
branch. T h is com m itteo consists of: M . D o C o u rcy , C a m citizen whether business man or not, are being handled by Congress.
, hero is no well crystalized sentiment there as to their form. The House
den; H aines Lippincott, A tlan tic C ity ; W . P . R u n yo n , Perth has passed one measure of tho first order of importance under a caucus
A m b o y ; Carl G . R oebling, T ren ton ; R obert D . F oo te , M o r whip and with dosure of debate, openly expecting tho Senate to revise
ristown; D w igh t W . M orrow , E nglew ood; W illia m B arbour, it into reasonable form. Is it not probable that under tho pressure of
great desire to end the session, with hazy ideas of just what legislation
Paterson; Richard V . Lindabury and A n th o n y R . K u ser, they wish, and working in a field of practically untried experiment, with
N ew ark ; A rthur B . Leach, South Orange; T h om as J . M a debate discouraged and legislative hearings cut short, tho finished product
will fail of its purpose?
loney and George T . S m ith , Jersey C ity , and W . L . Saun
Tho proposal that I would like to soe Congress agree to is this : I would
ders, N o rth Plainfield. Besides appealing to the business by no means ask that Congress merely stop its legislative work because its
m en for their support in creating a constructive public members are weary, or because they hear domestic or political calls that
aro with great force attracting them homeward; I would ask that the two
opinion, M r . Vanderlip also urged that Congress cu t short houses go forward now with a full discussion of these several important
its legislative work. W o quote at length from his observa legislative projects; that they permit free debate, and that they gather
such information from hearings as they may feel will help them toward
tions as follows:
There is special significance and promise in tho character of this gather wiso conclusions; that they finally, at as early a date as they can, agree
ing. You have met as representatives of tho many Chambers of Com upon tho exact and specific form which theso measures aro to take on tho
merce organized throughout this State. Tho movement is significant in statuto books, and then, without enacting them definitely into law,
indicating, as it does, that business men aro coming to grasp tho necessity that they go home and give tho country three months’ time in which to
study their completed work. Give tho voters three months time in which
for that kind of organization.
There is reason enough why business men of this State, and why business to familiarize themselves with tho exact terms of tho law which Congress
men of tho wliolo nation, should see tho need for such organization. There proposes to enact, give themselves threo months’ time in which to feel the
is necessity for tho association of theso business organizations into effective reflection of public opinion, and if after that they aro so minded, let them
forums for tho discussion of current affairs. Thcro is need to band them return to Washington and enact these measures into law.
I would ask that business men havo this opportunity to discuss this
togothor for tho promulgation of unified views that will help a right public
opinion. I believe that business men aro faco to faco with a peremptory legislation, which so vitally concerns not only their interests, but the
interests of tho wholo country and of all tho people for years to come.
necessity for taking a deeper interest in political affairs.
I firmly boliovo that if this nation is to avoid disaster, a general awaken Is it too much to ask that with such a grave responsibility resting upon
legislators
that they permit, and not only permit but seek, such an analysis
ing is necessary. Wo must recognize tho probable effect of present-day
political tendencies upon business, upon proporty and upon property of their proposed acts and such a crystalization of sound opinion in regard
to them?
rights, and upon tho courso of industrial and commercial development.
A year ago we were told that tho pending banking legislation had to bo
I boliovo that currents aro developing to-day that may quickly become
irresistlblo forces, and that, too, forces of adversity and ill fortune, if their enacted at tho special session. Failing that, there was finally brought to
dangers aro not comprehended, their direction corrected, and their sources bear the greatest Executive pressuro to make it a law beforo the Christ
mas holidays. Jt is still unoperativo, but the country is in no financial
controlled.
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I wish thcro could bo a clearer comprehension of what a disheartened turmoil as a result. The Chief Executive took nearly six months to select
business community really means; what it means to tho wholo people. tho Board which is to be responsible for its administration,and,considering
the admirable character of tho selections made, tho timo may havo been
If tho directive forces of business Iifo aro to lose heart, if their courage for well
spent.
now enterprise is to ebb, if their willingness to take risk, to test tho chances
It was on October 14th 1913 that tho Eastern roads made an application
of the future, to venture present possession upon prospective development,
is to fail, then tho psychology of tho business mind becomes a matter of to the Inter-State Commerce Commission for advance in rates. That body
has felt that it was wise to take tho months that have intervened for con
tho gravest import.
Ono may well stop to ask if anything resombling such a state of mind sidering tho matter and has not yet made public its decision, although tho
general
subject had been under consideration by them since tho roads made
really exists, and, if it does exist, is thero any substantial foundation for it? application
in 1910.
A largo part of tho business world is pessimistic; yet thero is much in tho
Why
cannot wo, therefore, havo a little patience, however strong our
situation that would seem to make pessimism unwarranted. Naturo is
smiling as rarely beforo, and holding out hands overflowing with plenty. belief may be in the desirability of this pending legislation? Why ought
Tho banking situation is peculiarly free from tho results of errors of judg wo not to give tho country timo to study it in its specific and definite form
ment, and nearly every community in tho country has tho advantago of before it is finally engraved upon tho tablets?
If such an course were adopted, however, it is easy to see how important
an easy money market and a sound credit situation. Wo havo had no
blows from any extraordinary disaster. At many points tho statistical it would bo that the public opinion which weighed theso measures should
data of business shows that it is still largo in volume; in somo important bo informed, right-minded, constructive. My only fear, were such a
courso taken with pending legislation, would bo that through the neglect
particulars figures could bo adduced that havo rarely been exceeded.
In tho faco of such conditions, it may well bo asked, aro there just grounds by business men of their duty in helping to create a well informed public
opinion,
tho reaction I anticipate might bo delayed.
for apprehension? Aro tho dangers that some of us think wo seo merely
I havo tried to give some hint of how important I believe it is that
phantoms; havo wo minds so inflexibly bound to tradition, to tho old
order, that wo cannot grasp tho significance, or tho bcneficenco, of change? business men at the present timo should tako a wider interest in political
Do wo, therefore, perforce, find in prospective changes prospective disas affairs. I have no serious criticism of Congress. My criticism goes
ters, while, in fact, our apprehonsions havo no substantial existenco? Aro back of that to tho constituency— back to a public opinion which I believe
industries running on half time merely examples of unrealized fears; aro is not well informed, which does not fully grasp the force of great economic
tho many illustrations of industrial distress that might bo cited, of urgent principles that aro moro potent than any laws that Congress can enact.
You havo your full share of blame if public opinion is ill informed. As
need for financing that it is difficult to do, of new enterprise abandoned,
of old enterprise left with plans for expansion grown cold, only tho result a class, you have been silent in the faco of calumny. Gross misstatements
of a blind and stiff-necked adhesion to tho old ordor, of an inability to in regard to business methods and aims of business men have gained credit
by being confidently repeated and rarely or never answered. An important
conform to now conditions, to now social and political ideals?
We seem to bo without leaders wiso enough to answer such questions so part of tho public holds resentment against business men because of tho
that their conclusions will convert thoso holding opposite viows. Thus accumulation of the charges of misconduct that havo been mado and gone
wo havo many conflicting opinions. For myself, I can only say that unanswered; because of tho distorted pictures of your aims and methods
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tho political curront upon which wo aro now beginning to travel with which havo gone unchallenged.
I can hardly over-omphasizo how important I believo that is to th
tremendous speed, seems to mo liable to land us in a thorough-going dis
organization of business and industrial lifo. Thoso currents may bo business in which overyono of you is engaged. With this in mind, you will
engendered and guided by forces partially sincero and honest, but only not bo surprised if I tell you that I believo tho timo has como when wo
partially, and oven when thoso forces aro sincere and honest, they aro should seo mado tho most gigantic contributions that wero over mado by
frequently ill informed as to facts and lacking in sound understanding of business men to a political campaign. I do not care to which party the
contributions aro made, for the contributions that must be made, if you
great economic principles.
In legislation thero is a disposition to throw oxporienco to tho winds. aro to do anything that is effective, will not bo contributions of money—
they
will bo contributions of service; contributions of experience, of under
Wo scorn to havo a now conception of tho functions of Government; of what
legislation may bo expected to accomplish. Indeed, wo havo gotten far standing, of truth; contributions in the way of an effective demand that
away from tho conception of the fathers of our Government in our viows tho men whom you select as your representatives shall freely exercise their
regarding tho relative balance of its three co-ordinate branches.
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both honesty and intelligence in tho exercise of representative obligations.
No provious Congress lias enacted so much legislation of immediato
Through your organizations, see to it that every misstatement of fact,
novel and fundamental importance in its relation to business as lias tho
whether
mado in Congress, in the press, or in any public utterance, is'
presont Congress. Now, with its first regular session still uncompleted,
it has in hand further measures of still moro far-reaching importance, repre challenged. Lot men understand that loose statement, that misstatement,
senting still moro novel theories of Governmental supervision. Wo find can no longer go carelessly on. Havo every page of tho Congressional
this active Congress proposing additional legislation which promises to Record read and every timo a misstatement is printed there challenge
create between business and Government a relationship entirely now, which tho man who mado it; challenge him so publicly that an answer will over
must proceed along paths lierctoforo unexplored.
take alio. If a man is a demagogue,if ho clothes half-truths in language
that appeals to prejudice, go into his district and answer and expose him.
If a newspaper is ill-informed, see to it first that it has every facdity for
correct information, and then if it is still unfair, publish its unfairness in
a way which will mako unfairness unprofitable, and you will havo no more
of it.
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I would see that there is banded together for effective, militant woik,
not alone every business man, but overy citizen who could bo induced to
join these organizations. I would make special effort to bring into co
operative relationship those men who more than you aro interested in
prosperity, although their relation to it may bo in tho humblest capacity
of laborers in those industries that you help to direct. I would especial y
invito representatives of labor organizations into your councils. I would
ask nowspaper writers and editors to join in your deliberations, in order
that through the frco exposition of your views and a free giving of informa
tion in regard to your acts and affairs, theso writers and editors may bo in
a better position to givo facts to tho public. Your organizations should
bo Bureaus of Facts. There must also be a national co-ordination of the
work of these organizations— a national clearing house, a national executive
committee. By making use of tho organizations and facilities which wo
already have and by giving to them thought and effort in unstinted measure,
tho work can bo carried on with undoubted success.
A. vigorous protest against w hat ho characterizes tho knif
ing of business” was voiced at the annual convention o f the
N a tio n al W holesale Grocers’ Association at its annual m eet
ing in M inneapolis on the 17th inst. b y tho President of tho
organization, Oscar B . M cG lasso n of C hicago. M r . M c Glasson said:
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If the Government keeps up this knifing of business, tho cutting of tho
arteries of commerco, the stifling of industry, it will only be a short time be
fore the knife will find the heart of tho nation. American business is what
has made tho great American Republic. It is admitted that Germany is
ono of tho great Bowers of the world, and Emperor Wilhelm recently said:
“ Wo owe more to tho business interests of tho development and growth of
tho Empiro than to any other, and I want to say that the enemy to business
is my enemy.” The hectoring and nagging of business by the Government
must cease or a national business burial ground provided largo enough to
care for a bankrupt nation.
If business can be assured of a square deal, honest consideration and fair
treatment by clearing mooted questions through a trade commission, for
tho love of our country let us havo one. The business man wants to know
when ho is within tho law. What we want is a settled condition of tho
Government’s attitude toward the business world. Ono week wo aro told
that the antagonism of tho Government to business is over and tho next
week comes a fresh and more vigorous attack.
M r . M cG lasso n also declared him self as opposed to the
parcel-post policy of Postm aster-Goneral Burleson, which ho
charged as tending to create ‘ ‘tho greatest monopolies tho
world has ever kn ow n .”
On this subject his utterances were
as follows:
I cannot refrain from registering a protest against tho parcel-post policy
of our Postmaster-General. Tho present parcel-post plan will centralizo
commercial channels into the mall order houses and will create tho greatest
monopolies tho world has ever known.
It has required many years to build our country up to its high commer
cial and industrial position and to lose this prestige in tho world’s business
without a protest is not expected. It is not economy to centralizo tho busi
ness of this country into the hands of a few concerns and thereby build up
a monopoly of tho channels of distribution.
This is what tho parcel-post is doing, and tho oil, steel and tobacco trusts
will soon be pigmies compared with tho mail order trusts, with tho United
States as chief partner and no share of the profits. Tho Government is
subsidizing tho mail order houses by carrying their commodities way below
the actual cost of servlco. Tho country merchants aro not qualified to
meet theso conditions or this competition and in tho course of time will bo
driven out of tho game. If tho business men of tho country sit idly by,
offering no criticism, no intervention, tho Post Office Department will con
tinue its ruinous plan, irrespective of tho aggregate cost of tho business in
terests of tho nation. A strong protest by tho combined banking and in
dustrial interests should be made in some forcible, decided way to tho au
thorities at Washington.
Charles C . Jackson of Jackson & Curtis, B o ston , suggests
a reduction in wages as a rem edy for the existing depression
in tho industrial w orld.
In T u e sd a y’s issue of tho B oston
N ow s Bureau ho was quoted to tho following effect :
Becauso President Wilson is obviously absurd in asserting that tho
present economic depression is psychological, docs it follow that his op
ponents are right in charging it all to bad legislation? * * *
In order to understand the situation of business ono must keep in mind
that hi 1913 probably 4,000,000 men were engaged in constructing perman
ent property, and that probably tho idleness among this class to-day is
equal to the full time of 2,000,000 men. It seems to mo that tho great
question before the business community is how to set this idle 2,000,000
at work.
Tho reason why these men aro not at work is that our investors are not
supplying money to pay them with. It seems clear that tho chief, if not
tho only reason why investors do not supply this money, is that they havo
not got it: for if they had it, thero would certainly bo a much better demand
for first-class bonds. And tho obvious reason why they have not got it Is
that tho various operations from which they derive their profits .are not
paying well and that their profits aro, therefore, unusually small.
The question Is then, how shall tho profits of tho commercial arid manu
facturing and transporting classes— who are, of course, our chief investors—
bo increased. Now it is obvious that profits cannot be increased by raising
the prices of our products, for, if these prices were raised, our balanco of
trado with foreign countries would be so much against us that we should
export gold enough to cause a financial spasm. Tho only avenue to an
increase In profits seems to bo through a reduction in wages.
Wages are beginning to decline and, since thero aro so many idle workers
(who cannot bo set to work until the profits of Investors increase, and wages
decline, materially), it seems clear that a serious doclino in wages is In
evitable.
R obert R . R eed of Caldw ell, M asslich & R eed , speaks in
caustic terms of the pending A n ti-T ru st measures. H o says
“ T h e latest anti-trust am endm ent, reported to havo mot the
‘approval and enthusiastic support of tho President and
now adopted b y the Senate C om m ittee, is epochal in charac
ter.
It would establish an absolutely personal governm ent
over inter-Stato corporations.”
T o carry tho theory of
commission control to its logical conclusion, he facetiously
suggests as a substitute tho following bill for a, trado com
mission. W e quote only tho opening and closing parts.
A c o m m is s io n i s h e r e b y c r e a t e d a n d e s t a b lis h e d t o b o k n o w n a s t h o C o m
m is s io n o n t h e G e n e r a l W e lf a r e a n d S o c ia l J u s t ic e o f th o U n it e d S ta te s ,
c o m p o s e d o f f iv o m e m b e rs , in c lu d in g th o P r e s id e n t , to s e rv e d u r in g h is
t e r m o f o f f ic e ; L . D . B r a n d e i s a n d S a m u e l U n t c r m y c r , t o s e r v o u n t i l , i n
t h e o p in io n o f th o o t h e r m e m b e rs o f t h e c o m m is s io n , t h e y s h a ll a c t u n
f a ir ly , a n d G e o rg o W . P e r k in s a n d T h o m a s W . L a w s o n , to s e rv o f o r lif e .
E v e r y a c t a n d t h i n g t h a t i s u n f a i r , o p p r e s s i v e , u n j u s t o r i n e q u i t a b le , o r
o p p o s e d t o t h e s o c i a l w e lf a r e a n d j u s t i c o o f t h o U n i t e d S t a t e s , i s h e r e b y
p r o h ib it e d .
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A l l la w s h e r e t o f o r e e n a c t e d a r o r e p e a le d .
T h e C o n g re s s o f th o U n it e d
S t a t e s i s a d j o u r n e d s in e d i e , p e n d in g a n a m e n d m e n t o f t h o C o n s t i t u t i o n
t o a b o li s h i t .
T h e c o u r t s o f th o U n it e d S t a t e s a ro h e r e b y c o n t in u e d , p r o
v i d e d t h a t t h e i r j u r i s d i c t i o n s h a l l b o li m i t e d t o e n f o r c i n g t h o o r d e r s o f
s a id
c o m m is s io n .
“ T he w isdom of continuing the power of tho courts under
this proposed law m ight well bo questioned,” said M r . R eed .
“ Some unfair-m inded citizen m ight obtain from an un
regenerate court a decision holding it unconstitutional.”
A denunciation of tho pending trust legislation is con
tained in resolutions adopted a t tho annual convention of tho
Oregon State Bankers’ Association at M ed fo rd on tho 16th
in st., in which tho Oregon Representatives in W ashington
are urged to work for the retention of tho Sherman law and tho
abandonm ent of further legislation in W ash in g ton . A c
cording to the P ortland “ Oregonian,” tho resolutions declaro
that further legislation along anti-trust lines would needlessly
disturb business conditions, no crisis dem anding such action,
and tho A ssociation prays tho President to desist.
EX-PRESIDENT ROOSEVELT ON TIIE PROPOSED
TREATY W ITH COLUMBIA.
W ith tho return on W ed n esday of form er President T h eo
dore R oosevelt from Spain, where ho had gone soveral weeks
ago to attend his son’s wedding, ho issued a form al statem ent
defending tho courso pursued b y his A dm inistration in its
dealings with the C olom bian Governm ent in tho Panam a
Canal proceedings. T h is is his statem ent:
Tho payment of twenty-fivo millions to Colombia, together with tho
expression of what is hi effect an apology for our having secured the right
to build tho Panama Canal is merely tho belated payment of blackmail
with an apology to the blackmailers. If this proposed treaty submitted
by President Wilson through Mr. Bryan is right, then our prescnco on tho
Isthmus is wrong. In such caso Panama should at onco bo restored to
Colombia and wo should stop work on tho canal and abandon tho place,
bag and baggage. Thero should bo no half-way measure.
If wc as a nation havo been guilty of theft, we should restoro tho stolen
goods. If we havo not been guilty of theft, wo should not pay blackmail.
Tho handling of our foreign affairs by President Wilson and Secretary
Bryan has been such as to mako tho United States a figure of fun in tho
international world.
T h i s p r o p o s e d C o l o m b i a n t r e a t y c a p s t h o c li m a x , a n d i f r a t i f i e d i t w i l l
r ig h t ly re n d e r u s a n o b je c t o f c o n t e m p t u o u s d e r is io n to o v e ry g re a t n a t io n .
In view of its submission to tho Congress, I wish to call attention to
exactly what was done under my Administration. Bccahso of tho action
of that Administration tho peoplo of tho United States acquired what they
could by no other means havo acquired, tho right to build tho Panama
Canal.
In 1903 It was still doubtful whether wo would adopt tho Nicaragua or
tho Panama routo. Tho Government of Colombia was exceedingly anxious
that we should adopt tho latter, and offered to arrange and did arrange a
treaty with us in order to prevent our going to Nicaragua. Partly hi con
sideration of this treaty wo abandoned negotiations with Nicaragua. Wo
acted in good faith and tho courso of action wo thereby entered upon was
conditioned upon their proposal, their promise.
It was our right and also our duty to our own peoplo and to the rest of tho
world to exact tho performance of this promiso. I'or 400 ( ! ) years
there had been conversation about tho need of tho Panama Canal. Tho
timo for further conversation had passed. Tho timo to translato words
into deeds had como.
A
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If I had followed President Wilson s policy of watchful waiting," it
would have insured half a century of additional conversation and the canal
would still bo in tho dim future. And it is only becauso tho then Adminis
tration acted precisely as it did act that wo now havo tho Panama Canal.
Tho interests of the civilized peoplo of tho world demanded tho construc
tion of the canal.
Events had shown that it could not bo built by a private concern. Wo
as a nation would not permit it to bo built by a foreign government.
Therefore wo were in honor bound to build it ourselves. Wo were in honor
bound not to permit tho great enterpriso so essential to our own well-being
and fraught with such usefulness to all tho nations of mankind to bo arrested
by tho corrupt greed of a government impotent itsolf to build tho
canal, impotent to keep order on the Isthmus or to preserve it from invasion
and from the dominion of any Old World Power, and at tho same timo so
ignorant of tho feelings of tho American people and of this Government
as to believe that they would tamely submit to extortion and blackmail.
Until tho present proposed treaty was negotiated by President \Vilson
and Secretary Bryan, I had not supposed that any American Administra
tion would thus betray tho honor and interest of tho American poople by
submitting to blackmail; but at any rato the Colombian Government was
in error when it indulged in such a supposition about my Administration.
I havo no quarrel whatever with tho Colombian peoplo and do not
question their fine privato qualities. But unfortunately hi international
affairs a nation must bo judged by tho government that speaks for it.
The then Colombian Government was embodied in tho person of a singlo
man, a dictator with absolute executive and legislative power. lie had
been elected Vicc-Prcsident and after a short time ho seized tho President
and put him in jail.
Ho then published an edict saying that under tho Constitution, for ho was
an ardent adherent to tho letter of tho Constitution, it was his right to .as
sume all executive powers of the Government in the absence of the President.
IIo refused to permit Congress to assemble. Ho then published another
edict reciting that under tho Constitution it was his right to assume ail of
the legislative powers in tho absence of Congress.
The absence of tho President soon becamo permanent, as he died in jail.
Year after year went by and still no Congress was allowed to meet, so tho
elected Vice-President continued as aboslute and uncontrolled dictator,
embodying tho entiro Governmental power of Colombia.
While this was tho situation ho, not only embodying but being tho
Colombian Government, negotiated tho canal treaty with us. Ten million
dollars was tho sum stipulated to bo paid. Remember that the Colombian
Governmental power which negotiated tho treaty was the same that rati
fied or rejected it. It was merely one man in two different capacities.
And it was partly in consideration of this treaty that wo abandoned tho
Nicaragua route. But when we had thus committed ourselves and tho
Colombian dictator, that is, tho Colombian Government, thought it was too
lato for us to change, he decided to try to get more money from us.
T h e official version in English of the treaty to which
M r . Roosovelt objects is as follows:
Treaty between tho United States of America'and the" Republic of Co
lombia for tho settlement of their differences arising out of the events which
took place on tho Isthmus of Panama in November 1903.
Tho United States of America and the Republic of Colombia, being
desirous to remove all the misunderstandings growing out of the political
events in 1 anama in November 1903, to restore the cordial friendship that
formerly characterized tho relations between the two countries, and also
to define and regulate their rights and interests in respect of the interoceanic
canal which tho Government of the United States is constructing across
the Isthmus of Panama, have resolved for this purpose to conclude a treaty,
and have accordingly appointed as their plenipotentiaries;
His Excellency tho President of the United States of America; Thaddeus
Austin Thomson, Envoy Extraordinary and Minister Plenipotentiary of
tho United States of America to tho Government of tho Republic of Co
lombia; and
His Excellency tho President of the Republic of Colombia; Francisco
Joso Urrutia, Minister for Foreign Affairs; Marco Fidel Saurez, First
Jcsignato to Exercise tho Executive Power; Nicolas Esguerra, ex-Minister
of State; Joso Maria Gonzalez Valencia, Senator; Rafael Uribe Uribo.
Senator, and Antonio Jose Uribe, President of tho House of Representatives;
Who, after communicating to each other their respective full powers,
H o h a d a b s o lu t e p o w e r t o e x e c u t o t h o t r e a t y w it h o u t t h e c o n s e n t o f h i s
which were found to bo in due and proper form, have agreed upon tho
C o n g re s s.
A lit t lo la t e r h o o ffe re d to e x e c u te it w it h o u t th o c o n s e n t o f th o
following:
C o n g re ss.
B u t in o rd e r to g iv o h im a p re te x t, h o s u m m o n e d C o n g re s s ,
ARTICLE I
a C o n g r e s s t h a t c a r r i e d o u t h i s o r d e r s w i t h o u t a l t e r i n g t h e m i n t h e s m a ll e s t
I ho Government of tho United States of America, wishing to put at
p a r t ic u la r , w h ic h d id n o t h in g w h a t e v e r e x c e p t r e je c t th o t r e a t y a n d th e n
rest all controversies and differences with tho Republic of Colombia arising
adjourn.
out of tho events from which the present situation on the Isthmus of Pan
Ono of tho speakers assigned tho real reason for their action with much ama resulted, expresses, in its own name and in the name of the People of
frankness. Wo had agreed to pay tho French company $10,000,000. Tho the United States, sincere regret that anything should have occurred to
Colombian Government, in defianco of its own legislative Act, proposed to interrupt or to mar tho relations of cordial frlcndsldp that had so long
confiscate tho property of the French Government so as thereby to bo in a subsisted between tho two nations.
better position to negotiato with us, in other words, to bo ablo to get this
Tho Government of tho Republic of Colombia, in its own name and in tho
$ iO,000,000 from us.
name of tho Colombian Peoplo, accepts this declaration in the full assurance
Incidentally, I would call tho attention of President Wilson and Secre that every obstaclo to the restoration of complete harmony between tho
tary Bryan to tho fact that this $10,000,000 represents the exact sum which two countries will thus disappear.
Colombia lost when tho United States Government of that day refused to
ARTICLE II.
submit to blackmail. They now only propose to pay $25,000,000 black
The Republic of Colombia shall enjoy tho following rights in respect to
mail. They had better make the job thorough while they aro about it tho interoceanic canal and the Panama Railway:
and give tho wholo forty millions. Otherwise, they will still leavo an open
1. The Republic of Colombia shall bo at liberty at all times to transport
ing for action by some futuro Administration of similar mushy amiability
toward foreign Powers that havo sought to wrong us. Thcro is no earthly through tho interoceanic canal its troops, materials of war, and ships of
reason why wo should not throw in tho extra fifteen millions if wo propose war. oven in case of war between Colombia and another country, without
paying any charges to the United States.
to pay tho twenty-fivo.
2. The products of the soil and industry of Colombia passing through
Colombia has exactly as much right to ono sum as to tho other. Of
tho canal, as well as tho Colombian mails, shall bo exempt from any charge
courso. Franco would not havo submitted to tho proposed robbery. I
or duty other than those to which tho products and mails of tho United
made up my mind that if wo waited wo would havo on tho Isthmus a great
States may bo subject. Tho products of the soil and industry of Colombia,
Old World Power which would have a right to bo thcro bccauso wo would
such as cattle, salt and provisions, shall be admitted to entry in tho canal
have lost our own rights through our supine folly, and in such case, in other
zono, and likewise in tho islands and mainland occupied, or which may bo
words, if I had acted on tho Wllson-Bryan theory, all chanco of our building
occupied by the United States as auxiliary and accessory thereto, without
tho canal would havo vanished into thin air.
paying other duties or charges than those payable by similar products
Tho case demanded immediato and decisivo action. I took this action. of tho United States.
Taking tho action meant taking tho canal zone and building tho canal.
3. Colombian citizens crossing tho canal zono shall, upon! production of
I1allure to take tho action would havo meant that tho canal zone would not
proper proof of their nationality, bo exempt from every toll, tax or duty
havo been taken and that the canal would not havo been built.
to which citizens of tho United States aro not subject.
Panama regarded itself as having suffered, and in fact had suffered, an
4. During tho construction of tho interoceanic canal and afterward,
intolerable wrong. Tho building of tho canal was vital to her well-being.
Colombia had been an unsympathetic and incompetent master, powerless whenever traffic by tho canal Ls interrupted, or whenever it shall bo neces
sary
for any other reason to use the railway, tho troops, materials of war,
even to keep order in tho territory which it had ruled and oppressed. During
tho preceding fifty years there had been fifty-three revolutions on tho products and mails of the Republic of Colombia, as above mentioned, shall,
isthmus and on a scoro of occasions wo had boon obliged to land our troop8 oven in caso of war betjveen Colombia and another country, bo transported
to protect our treaty rights and tho lives and property of Americans and on the railway between Ancon and Cristobal or on any other railway sub
stituted therefor, paying only tho samo charges and duties as aro imposed
other foreigners. Panama declared her independence, her citizens acting
upon the troops, materials of war, products and mails of the United States.
with absolute unanimity. Wo promptly acknowledged her independence.
The officers, agents and employees of tho Government of Colombia shall,
Sho forthwith concluded with us a treaty substantially liko that wo had
upon production of proper proof of their official character or their employ
negotiated with Colombia for the same sum of money. Wo then imme
ment .[also bo entitled to passage on tho said railway on tho samo terms as
diately took tho canal zone and began tho construction of tho canal.
officers, agents and employees of the Government of tho United States.
Wo did not in tho smallest degreo instigate tho revolution. Tho peoplo
The provisions of this paragraph shall not, however, apply in caso of war
of Panama wero a unit in demanding tho revolution. Wo never fired a between Colombia and Panama.
shot at any Colombian. Tho only act of ours which could in any measure
Coal, petroleum and sea salt, being tho products of Colombia, passing
bo construed as liostilo to Colombia was our landing sailors and marines
from tho Atlantic Coast of Colombia to any Colombian port on the Pacific
on tho isthmus to protect tho lives of American women and children, and in
Coast, and vice versa, shall bo transported over the .aforesaid railway freo
this matter wo merely did what had been done in at least twenty of tho pre
of any charge except tho actual cost of handling and transportation, which
vious fifty-tlireo revolutions.
shall not in any case exceed ono-halfof tho ordinary freight charges levied
As soon as tho revolution was an accomplished fact and when it was, of
upon similar products of the United States passing over the railway and in
courso, too lato, Colombia endeavored to undo her actions. Her President transit from ono port to another of the United States.
offered to ratify tho original treaty either by calling a Congress which ho
ARTICLE III.
would guaranteo would ratify it. or else by ratifying it himself in tho abTho United States of America agrees to pay to the Republic of Colombia,
sonco of Congress, if preferred.
This alternative offer demonstrated with
mathematical certainty ills previous own power to carry out tho treaty ho within six months after tho exchange of tho ratifications of tho present
treaty, tho sum of $25,000,000, gold, United States money.
had himself previously made and said ho could not carry out.
ARTICLE IV.
Of courso our Government could notatthat lato date yield to his request,
Tho Republic of Colombia recognizes Panama as an independent nation,
as it would havo been treachery to Panama. As President, I declined to
allow Undo Sam to bo blackmailed. President Wilson now desires tho and, taking as a basis tho Colombian law of Juno 9 1855. agrees that tho
boundary shall bo tho following; From Capo Tiburon to tho headwater
blackmail to bo paid.
Ills attitudo can bo illustrated by a hypothetical case. Tho present of tho Rio do la Miol, and, following tho mountain chain by tho ridgo of
Administration has with regard to Mexico pursued a courso wavering bo- Gandi to tho Sierra do Chugargun and that of Mali, going down by tho
tween peaco and war, exquisitely designed to combine tho disadvantages ridges of Niguo to tho heights of Aspave, and from thcro to a point on tho
Pacific half way between Cocalito and La Arvita.
of both and feebly tending first toward ono and then toward tho other.
In consideration of this recognition, tho Government of tho United'Statcs
Usually it has permitted tho free ingress of arms into Mexico, both from
this country and from others. Occasionally, however, it has undergono will, immediately after tho exchange of tho ratifications of the!present
spasms of understanding that theso arms might ultimately bo used against treaty, tako tho necessary steps in order to obtain from the Government
our own troops.
It has then prohibited the landing of arms, sometimes of Panama tho dispatch of a duly accredited agent to negotiato and con
wabbling back again to its original position, as when it took Vera Cruz clude with tho Government of Colombia a treaty of peaco and friendship,
to prevent tho landing of weapons and munitions of war, and shortly after with a viow to bringing about the establishment of regular diplomatic[relations between Colombia and Panama and tho adjustment of all questions
ward permitted tho very sanio arms and munitions to bo landed.
Well, if somo futuro Administration of similar views on International of pecuniary liability as between the two countries, in accordance with
recognized
principles of law and precedents.
relations should offer Mexico twenty-fivo million dollars as an atonement
ARTICLE V.
for intermittently refusing to allow tho landing of arms that might be used
Tho present treaty shall be approved and ratified by tho high contracting
against our own people, it would bo behaving precisely and exactly as Presi
parties
in
conformity
with
their
respective laws, and the ratifications thereof
dent Wilson’s Administration is behaving about Colombia.
The conduct of tho United States Government throughout tho entiro pro shall bo exchanged in the City of Bogota as soon as may bo possible.
In faitli whereof, tho said plenipotentiaries have signed tho present
ceeding which resulted in tho acquisition of tho canal was absolutely open
and straightforward, absolutely in accordance with tho principles of tho treaty in duplicato and have hereunto affixed their respectivo'seals.
Done
at tho City of Bogota, the sixth day of April in the year of our’Lord
highest international morality. Only by acting precisely as wo did act
nineteen hundred and fourteen.
could wo havo secured tho right to build tho Panama Canal.
THADDEUS AUSTIN THOMSON.
It Is hypocrisy to claim credit for tho canal and at tho samo timo to at
FRANCISCO JOSE URRUTIA.
tempt to discredit tho courso which alone rendered tho canal possiblo.
MARCO
FIDEL SUAREZ.
It will bo a grave wrong to tho Republic, a reflection upon tho honor of this
NICOLAS ESGUERRA.
nation in tho past and a mcnaco to its interests In tho futuro if this treaty
JOSE MARIA GONZALEZ VALENCIA.
for tho belated payment of blackmail is ratified at Washington.
RAFAEL URIBE URIBE.
ANTONIO JOSE URIBE.
I am not tho President of tho Harvester Company, consequently not Its
spokesman or responsible for tho dotails of its management; but in Presi
THE FEDERAL RESERVE DISTRICTS.
dent Wilson’s statement there is a direct reflection on tho men who organ
ized tho company and who havo been responsible for its general policy
T h e Reserve B oard nom inations sent to the Senate on toward tho public. I am ono of thoso men. This is not tho first time that
Juno 15, as indicated in last S atu rd ay’s issuo of our paper, an officer high in Governmental circlos has, directly or indirectly, assailed
wore referred on the 19th to the following su b-com m ittees mo for my part in tho organization of the company and its general policy
toward tho public. I have never knowingly allowed such a reflection to go
of^tho Sonate C om m ittee on B anking and Currency for in unchallenged, because I do not bollove that during my entiro connection
with tho Harvester Company, both as an organizer and a director, I havo
vestigation:
I’aul M . Warburg of Now York—'Senators Pomoreno, Hollis and Bristow. ever done anything that has been improper, illegal or against tho public
P W . P. G. Harding of Birmingham— Senators Reed, Hitchcock and interest, and I am unwilling to rest under any such imputation.
I congratulate Mr. Wilson on securing so honorablo and able a man as
Crawford.
Mr. Jones as a member of tho Reserve Board, but I rcsont his attompt to
A. C. Miller of San Francisco— Sonators Owen, Leo and McLean.
secure
confirmation by reflecting on tho reputations of other men and by
Charles S. Hamlin of Boston— Sonators Hitchcock, Reed and Weeks.
making public statements that aro in no way warranted by tho facts.
Thomas D. Jones of Chicago— Sonators Pomerene, Shafroth and Nelson
T h om as D . Jones, against w h om opposition has seemed
M r . Jones’ appointm ent lias also been com m ended in a
im m inent ever since his nom ination because of his associa
tion with the International H arvester C o m p a n y , is especially letter written to President W ilson b y E dw ard P . G rosvenor,
commonded for favorable consideration b y the com m ittee in a of the law firm of Cadw alader, W ick ersham & T a ft, which
letter addressed b y President W ilso n to Sonator Owon, Chair drew up the papers in the Federal suit against tho Harvester
m an of tho Senate B anking and Currency C o m m ittee, on the C o m p a n y . M r . Grosvenor declares that M r . Jones was
1 8th , and m ade public on tho 2 0 th .
In writing in defence of m erely a m inority stockholder, liko hundreds of others, and
that his presence on tho board of directors was entirely
M r . Jones, the President says:
T h e W h ite H o u s e ,
incidental. T h o lotter also sets forth tho writer’s conviction
W a s h i n g t o n , J u n e 18 1914.
that the Chicago m an is in overy w ay desirablo for m em ber
M y D e a r S e n a t o r —1 am afraid that Mr. Thomas D. Jones Is tho man
about whom tho Committee will have tho least Information, and I venture ship on the Federal Reservo B o ard , and calls attention to
to write you this lotter to tell you what I know, and fortunately I can say
the fact that he m erely was a co-defendant in a civil action
that I do really know It.
I have been associated with Mr. Jones In various ways for more than brought b y tho G overnm ent and not in a criminal suit.
fifteen years, and have seen him tried by firo in causes which were liko
tho very causes we are fighting for now. He has always stood for tho
P aul M . W arb u rg , who recently resigned as a director
rights of tho peoplo against tho rights of privilege, and ho has won a illaco
of esteem and confidence by his quiet power and unquestionable integrity of tho N a tio n al B ank of Com m erco because of his appoint
m ent to tho Federal Reservo B o ard , has given notice of his
In tho City of Chicago which I think Is very enviable indeed.
His connection with the Harvester Company Is this: He owns one sharo, intention to sover his relations w ith all his other corporate
and only one sharo, of stock in tho company, which ho purchased to qualify
as a director. He wont into tho board of tho Harvester Company for interests. T his will includo his w ithdrawal from tho firm
tho purposo of assisting to withdraw it from the control which had led it of K u h n , Loeb & C o ., and from tho board of tho U nited States
into tho acts and practices which have brought it under tho criticism of tho M ortgage & T ru st C o . and tho T itle Guarantee & T ru st C o .
law officers of the Government, and has been very effective in that capacity.
His connection with those acts and practices is absolutely nil. His con Tho announcement made in tho m atter says :
I’aul M . Warburg, having already withdrawn as a director of tho National
nection with it was a public service, not a privato interest, and ho has
Bank of Commerco, intends to rotiro from all his corporato offices upon
won additional credit and admiration for his courage in that matter.
confirmation
by the United States Senate of his nomination by tho President
Ho is a lawyer by profession, but ho has devoted his attention to spe
cial aspects of tho law and has been very little in tho courts, I believe. to tho Federal Reserve Board. It is stated that tho other partners of
My close association with him was in the Board of Trustees of Princeton Kuhn, Loeb & Co. intond to rosign from financial directorships they hold
University, where ho stood by me with wonderful address and courage n financial institutions which enter tho Federal Reserve Bank system.
in trying to bring the University to true standards of democracy, by which Because of this, Mortimer L. Schiff, who had been ono of tho directors of
tho Fourth National Bank, has not accepted tho invitation to become a
it would serve not special classes but tho general body of our youth.
Ho graduated from Princeton University in 1876. He is of Welsh ex director of tho Mechanics’ & Metals’ National Bank, which has just ab
_
traction, possibly of Welsh birth, though I am not certain on that point, sorbed tho Fourth National Bank.
and Is a man whom I can absolutely guarantee in every respect to tho Com
I t is inferred from the abovo that Jacob H . Schiff of K u h n ,
mittee. Ho is the one man of tho whole number who was in a peculiar Loeb & C o ., will also retire from tho directorate of the N a
senso my personal choice.
tional C ity B a n k .
Cordially and sinceroly yours,
WOODROW WILSON.
T ho M arylan d B ankers’ A ssociation at its convention in
Hon. Robert L. Owen, United States Senator.
Despite tho President’s letter, it has been intim ated that Capo M a y last week adopted a resolution urging tho Federal
M r . Jones m ay be invited to appear beforotho C om m ittee and Reserve B oard to give consideration to B altim ore’s claim for
personally inform it as to his relations w ith the H arvester a Federal reserve bank; tho resolution says:
W h e r e a s , It appears to this convention that in designating tho city for
C o m p a n y . A statem ent talcing exception to implied strictho Federal reserve bank of tho Fifth district tho organization Committee
•tures upon tho interests in tho H arvester C o m p a n y, conveyed has failed to follow tho trend of trado and business as directed by tho Act,
in tho President’s letter, was issued on M o n d a y b y George and,
W h e r e a s , We bclievo that, by reason of its size, commercial importance
W . Perkins, who was prominont as an organizer and director
and location, Baltimoro is tho logical and proper city to bo tho seat of tho
of the com p an y.
H is statem ent we quote herewith:
Federal reserve bank of tho Fifth District as outlined;
In President Wilson’s letter to Senator Owon, regarding tho confirmation
T h e r e f o r e , B e i t r e s o l v e d . That we, tho Maryland Bankers’ Association
of Thomas D. Jones as a member of tho Federal Reserve Board, ho says:
in convention assembled sincerely deprecato tho abovo action of tho Or
“ His [Mr. Jones’s] connection with tho Harvester Company is this: ganization Committeo and urgo tho Federal deserve Board to givo full and
Ho owns one sharo, and only one share, of stock in tho company, which he fair consideration to Baltimore’s protest and to roviow tho decLsion of tho
purchased to qualify as a director. Ho went into tho board of the Har Organization Committeo in the premises.
vester Company for tho purposo of assisting to withdraw it from tho con
A resolution was also adopted advocating a ono-cont letter
trol which had led It into tho acts and practices which havo brought it under
tho criticism of tho law officers of the Government, and has been very ef- rato. Tho address delivered at tho meeting b y Channing
foctivo in that capacity. His connection with those acts and practices R udd of Baltim oro on “ Currency and U nited States B onds
is absolutely nil. Ills connection with it was a public service, not a pri
Under tho Federal Reservo A c t ” was givon in part on pago
vate interest, and ho has won additional credit and admiration for his
1894 of last Saturday’s issuo of tho “ Chroniclo.”
courage in that matter.”
In tho above statement Mr. Wilson has constructed a theory which in no
way squares Itself with tho actual facts. From tho abovo statement tho
averago reader can gather but one impression, viz., that Mr. Jones, as a B A N C I N G , F I N A N C I A L A N D L E G I S L A T I V E N E W S .
public-spirited citizen, acquired ono share of stock in tho Harvester Com
T h e public sales of bank stocks this week aggregate GO
pany so that ho could enter its board of directors to assist other men on
that board to withdraw tho company from a control that was .pernicious shares, of which 5 0 shares wero sold at auction and 10 shares
and to correct acts and practices that were wrong, and which havo been at the Stock E xchange. T w on ty-fou r shares of trust com
condemned by tho law officers of the Government; that, by exercising great pany stock wero also sold at auction. A salo 6 f 5 0 shares
courage, ho has effected those changes and has won additional credit and
of stock of the M ech anics’ B a n k of Brooklyn at 170 shows
admiration for his course.
Notwithstanding that tho President says in his letter to Senator Owen, an advance of 20 points over tho price paid in Septem ber
“ I venture to write you this lotter to tell you what I know, and, fortu
1913, when the last previous public salo was m ade.
nately, I can say that I do really know it,’ 'tho following aro the facts.
L o w . H ig h . C lo se. L a st p r e v io u s sa le .
A vacancy occurred on tho Harvester board soveral years ago, and Cyrus S h a r e s . BANK— N e w Y o r k .
II. McCormick, tho President of tho company, suggested Mr. Jones, an * 1 0 C o m m e r c o , Nat. Bank o f ____10614 1G634 16614 Juno 1914— 170
BANK— B r o o k l y n .
old college mato and a personal friend, to fill tho vacancy. Tho other di
5 0 Mechanics’ Bank___________ 170
170
170
Sept. 1913— 150
rectors heartily approved of Mr. McCormick’s suggestion, for they all
TRUST COMPANY— B r o o k l y n .
were pleased to secure tho services of a man so highly regarded. At tho
24 Brooklyn Trust Co_________ 480 480
480
Nov. 1913—• 47514
time Mr. Jones entered tho board there was absolutely no division of
tho board on tho subject of the company’s practices, so that Mr. Jones
*Sold
at
tho
Stock
Exchango.
could not havo entered it to join any particular faction concerned over tho
company’s practices and looking for help to bring about reforms.
T h e m ost im portant event of tho week was tho failuro on
Thero was no suggestion by Mr. Jones or any ono else that ho should
come on the board to assist in reforming the company. Indeed, he camo on Thursday of the mercantile house of I I . B . Claflin & C o . with
tho board at tho invitation and through tho votes of tho very men who were
responsible for the company’s organization and subsequent management. estim ated liabilities of 8 3 4 ,0 0 0 ,0 0 0 . A detailed account of
There has been no revolution in tho methods or conduct of the company the m atter will be found in our departm ent devoted to
slnco Mr. Jones becamo a director. Wo havo, without oxcoption, been a
railroad and industrial nows on page 199G.
unit in believing that tho company’s mothods havo been not only legal,
but honorable and fair.
I n s tr u c tio n s
r e g a r d in g
m o n e y
o rd e r
sen t
p ostm a sters
to
sy ste m ,
G e n e r a l B u r le s o n
o rd e r,
a lth o u g h
a t a n y
m o n e y
a fte r
w h ic h
w as d ra w n
th o
o p e r a t io n ^
w h ic h
g o e s
th ro u g h o u t
on
o n
a
it
m a y
b o
co u n tr y
s p e c ifie d
p a id
th o
e ffe c t
w ith in
b y
o n ly
a t th e o ffic e
o ffic e ,
t h ir ty
a t
th o
n e w
J u ly
U n d e r th o n e w
o r d e r p o s t o ffic e
o r r e p a id
th o
T u e sd a y .
d ra w n
in to
p o sta l
1,
w ere
Section 6 provides that tho Act shall tako effect'six'months from its
passage.
P o stm a s te rp la n
m a y
d a y s
o ffic o
T h o
a m o n e y
b o
ca sh e d
o f it s is s u e ,
o n
w h ic h
it
p o in te d ly
o f
lis h e d
lio tt
T h e
tio n
O w en
o f
C o m m itte e
b ill
b ill, p r o v id in g
s to c k
w o u ld
ex ch a n g es,
o n
B a n k in g
b a r
fr o m
th o
fo r th o
in c o r p o r a t io n
w a s
re p o rte d
a n d
C u rre n cy
m a ils
a n d
c o m m u n ic a t io n
a ll m e s s a g e s
on
sto ck
n o t
a n y
m o re
C o m m itte o ,
b ill,
b u t
a
h a s
N o w
a d jo u r n m e n t
o f
a fte r
Y o r k
m o n th
sou g h t
p o in ts
I m m e d ia te ly
fo r
ex ch a n g o
th a n
n o
th o
secu re
q u o ru m
p re p a ra to ry
on
T h u rs d a y
to
a
o f th o
to
m o tio n
S ta to
re p o rt
b lo c k
a b ro a d .
to
T h o
a n d
C h a ir m a n
h is
b ill S e n a to r
g o in g
r a is in g
te le
tr a n s a c tio n s
u n d er
fa v o r a b lo
se rv e d
a d o p tio n
r a ilr o a d
th o
la w s .
r e -c o m m it
a n d
o n
th e
a n d
b e fo r e
th o
b ill
th e
r a ilr o a d s
re v e n u e s
b u s in e s s
w o
if
to
m eet
a n d
th e
th e
g re a t
d en
a n d
o n
lo o k
it s
o f
w h a t
h a s
h o
a
a n d
la s t
u rg e n cy
o f
in c r e a s e
n o t
th o
to
n e a rly
w a n ts
b e
t im e
seo
a n d
sa y
m o n e y
w h en
see
th e
it
b een
is
a n d
is
th ree
th e
p a r tin g
th ree
n a tio n
fo o t
p u ttin g
th a n
n e e d e d
g ro w .
to
in
W e
a
th e
w a g e s,
h e
sa y s,
w a y s,
a n d
d e
g o
o n ,
ca n n o t
s h o u ld
E l
in
th o
e x p a n s io n
R ’s
e n o u g h
n o t
R s
n o w ,”
o f
p u b
M r .
y e a r s — r a is in g
lo o k s
P r e s i
R R .,
in s t .
“ It
a g e n c ie s
w h a t
g o
2 2 d
c o n tin u e d
th ose
w h e th e r
co u n tr y
tw e n ty
E llio t t ,
H a rtfo rd
th o
h a v e
r a t e s .”
v e ry
tr a n s p o r ta tio n
a h e a d
b u s in e s s
th o
H o w a rd
&
o f
“ th ero
r a ilr o a d s ,
w ill
b y
H a v e n
“ H e r a ld ”
n a t io n
it s
it
a r tic le
N o w
r e d u c in g
th o
th ere
lis te n ,
a n
th a t
re a ch e d
o f
c o n s id e r s
in
a n d
h a d
th a t
in
Y o r k
C h ic a g o
ta x e s
b e ca u so
IIo
le ft
if
o u t
rem a rk s
v e lo p m e n t
th o
e ffo r ts .
J u st
as
o f
O w en
n e t
N o w
th o
a p tly
b y
sot
th o
in
r e g u la
T h u rs d a y .
t e le p h o n e
O w en ,
a
a n d
S en a te
c o n c e r n in g
in c o r p o r a te d
S e n a to r
to
th o
o n
fr o m
g r a p h ic
F o r
to
c o n fr o n tin g
th e ir
w h ic h c o n t in u a lly c o n f r o n t s t h o c a r r ie r s fo r la b o r a n d m a te r ia ls
is
d e n t
o f is s u e .
s itu a tio n
a u g m e n tin g
th e
b ills .”
“ s to p ,
lo o k
g re a te r
b u r
th e y
ca n
o rd e r
to
q u o te
a
b ea r,
le t
p a rt
th e
o f
b e lo w :
If thero is any one fcaturo offering encouragement in the existing railroad
situation I think it lies in tho increasing recognition of tho important
relation tho prosperity of the railroads bears to tho welfare of tho country
as a whole, and of tho very gravo danger thero is in tho failure of tho
a n o b je c t io n in te r p o s e d b y S e n a t o r H o llis s e r v e d t o h o ld th o
Governmental agencies to help out. The narrowing of tho margin between
m o tio n
o v o r fo r a
d a y .
Y e s te rd a y
(F r id a y ) th o
b ill w a s
railroad incomo and outgo, reflected in tho many published statements
o r d o r e d r e -c o m m itte d t o th o S e n a te C o m m itte o o n B a n k in g
of earnings, and tho effect this has had of stopping railroad improvements,
upon which tho country’s growth depends, has been very generally observed.’
a n d C u rre n cy .
T h is w a s a fte r S e n a to r C la r k e o f A r k a n s a s
That something must bo done to increase the net revenues of tho railroads
h a d p r e s e n te d a ru le a d o p t e d b y th o S e n a to s e v e ra l m o n th s
has lately been conceded even by Mr. Brandeis. In his brief presented to
a g o
w h ic h
p r o v id e s
th a t n o
co m m itte e
s h a ll r e p o r t a
b ill
th° Commerce Commission at tho close of tho recent rato hearings he
said: "On the whole, tho net income and net operating revenuo of the
w it h o u t t h o c o n c u r r e n c e o f a t le a s t a t h ir d o f it s m e m b e r s h ip .
railroads in official classification territory aro smaller than is consistent
S t a t e m e n t s w e r o m a d o a t y e s t e r d a y ’s c o n s id e r a t io n
o f th o
with their assured prosperity and the welfaro of tho community, and
b ill t o th o e ffo c t t h a t o n ly fiv e m e m b e r s o f th o c o m m it t e o
this is notably true of tho General Freights Association and other Eastern
lines. In view of this fact it is desirable that steps should bo taken as
o u t o f tw e lv o w e r o p h y s ic a lly p r e s e n t w h e n th o v o t o t o r e p o r t
promptly as reasonably may bo to increase that net revenuo.”
th e b ill w a s ta k e n ; t h a t t w o o th e r s h a d a u th o r iz e d th e m s e lv e s
It may bo of interest to refer to a very recent uttcranco of Arthur von
Gwinner, managing director of tho Deutsche Bank. Herr von Gwinner
t o b o c o u n te d t o m a k e a q u o r u m , a lth o u g h t h e y w e r e n o t p r e s
says:
“American railway rates should not bo 3, 4 or 5% higher. They
en t w h en
th e v o to
w a s
ta k e n , a n d
th a t o n e
o f th o
tw o ,
ought to bo 25, 35 or 50% higher. Such a stato of affairs as exists in
S o n a to r H o llis o f N o w
H a m p s h ir e , h a d a u th o r iz e d S e n a to r
American railroads is a deliberate menace to tho prosperity of tho republic
and becauso tho prosperity of tho rest of the world is bound up with that
O w e n to v o t o h im
fo r th o b ill.
T h o v o to o f th ose p resen t
of America, it is a danger to all of us.”
w a s o n ly 3 t o 2 t o r e p o r t th o b ill.
C h a ir m a n O w e n , in h is
Tho duties of American railroads to-day, except paying the bills aro prac
r e p o r t , s u m m a r iz e s t h o b ill a s fo llo w s :
tically directed by Governmental authority. Tho railroad owners and
Section 1 forbids tho uso of tho mails to tho quotations of tho stock ex railroad managers have, to a very largo extent, lost control of some of the
changes unless such stock exchanges aro incorporated under tho laws of very important elements of their business. Tho railroads cannot fix the
tho Stato, with a charter and by-laws containing regulations safeguarding selling prico of their goods, their rates aro all fixed for them by Stato or
transactions of such exchanges, tho character of tho securities dealt in- Federal laws or by municipal organizations, they cannot control their taxes
and other information concerning such transactions as may bo necessary any moro, thoy havo little control over rates of pay, and they cannot any
to safeguard tho public against fraud and deceit in tho following particulars. moro get capital for improvements at 4 % , as they used to do.
Tho transportation business in tho United States is a very big one It Is
(A) Requiring, beforo listing or dealing in such stocks that thero shall
bo filed with tho Secretary of tho exchango a statement, approved by tho second to agriculture, tho biggest of all. Tho last Census showed that there
were something over $41,000,000,000 in agriculture, about $19 000 000 000
directors and verified under oath, setting forth:
hirst, tho nature, amount and valuo of tho property of such corporation, in manufactures and somewhere between $18,000,000,000 and $20 000 000 liabilities and obligations, tho volume of its business and net earnings; and 000 hi transportation. These three great interests aro interwoven together
a liko statement with regard to every subsidiary corporation in which it They must go up or go down together. Tho transportation business must
grow and must develop and must be reasonably protected and regulated
is interested.
Second, a copy of every contract or agreement in full affecting tho issuo or it will not bo in a position to servo the country and the millions whose
daily
livelihood depends upon this great business
or sale of tho securities with a full disclosure of all fees, commissions, &c.
Tho railroad is nover finished, and it cannot stand still; it must go for
agreed to bo paid bankers or brokers or others in connection with tho issuo
ward or backward, and to go forward means a constant investment every
or sale, &c.
(B) Requiring that every such corporation shall filo at least once a year, day in tho year. In round figures, for every dollar increase of gross
earnings
for tho railroads of tho United States as a whole at least $6 of now
or oftener if tho exchango requires it, with tho Secretary of tho exchango
and with tho Postmaster-General, for public inspection, a detailed state capital is required. In New England, where there is a dense population for
ment of its gross receipts and expenses, its net earnings, its directors and overy dollar Increaso in gross earnings tho new capital investment must be
moro than $6.
shareholders, with other stipulations providing complcto publicity.
For tho last four or fivo years the railroads have been struggling with tho
(C) That no outstanding securities having been listed shall bo stricken
higher cost of living, as have individuals. For the year ending Juno 30 1 9 1 4
from tho list,except upon duo notice and under safeguards.
( ° ) That tho manipulation of securities, fictitious prices and sales, tho New Ilaven will pay $2,500,000 more than for tho year ending June 30
matched orders and washed sales, or other dealings or transactions deceiving 1910 for tho samo amount of labor. This Is 5% on S50.000.000. That
could bo used to pay tho return on bonds or other forms of indebtedness
or misleading tho public shall bo prohibited.
(K) Forbidding exchange members from hypothecating securities of or for improvements, but it can’t bo used for both. If the New Haven
customers for any sum in excess of the amount duo thereon or from using could havo paid tho samo rates in 1913 as it did In 1903, its pay-roll would
havo been $7,200,000 less.
tho securities of customers.
Coincident with theso increasing expenses there has been a fall in freight
(F) Forbidding tho lending of customers’ securities. (This to abate tho
rates. For example, if tho New Haven had received tho samo averago
practico of fictitious short sales.)
(G) Requiring exchango members to keep accurate books of securities freight rates in 1913 as it received in 1903, it would havo had for tho same
service $1,800,000 moro. Hero in these two items tho increaso in the unit
handled, open to inspection by tho Postmaster-General.
(II)
Requiring 20% margin beforo accepting orders to purchase. (Toprico for wages and tho decrease in the averago unit prico of freight thero Is
a difference of $9,000,000. In other words, tho averago physical energy
abato unwholesome speculation.)
expended by tho railroad to-day is paid for at a less prico than ten years
(I)
Forbidding tho securities of a corporation from being listed or dealt
ago,
while it costs very much moro. In twenty years railroad taxes havo
in unless tho charter or by-laws of such corporation prohibits tho sale by
any officer or director thereof of any security of which ho Is not tho owner increased 225%, or from $34,000,000 to nearly $125,000,000, with no lnoreaso
in freight rates.
at tho time of such sale, &c.
T h e n , t o o , in a d d i t i o n , t h e r o a r o t h e d e m a n d s f r o m G o v e r n m e n t a l b o d ie s
Theso conditions must bo complied with beforo tho quotations of securi
ties by such stock exchango shall bo admitted to tho mails by the Post i n v o l v i n g e x p e n s e o n t h o p a r t o f t h e r a i l r o a d a n d a t t h o s a m o t i m e t a k i n g
a g r e a t d e a l o f t im e a n d p h y s i c a l a n d m e n t a l e n e r g y o f t h e o f f i c i a l s w h i c h is
master-General.
w as
m a d o
th a t
it s
b y
S en a to r
a p p ro v a l
h a d
H itc h c o c k
b een
a fte r
secu red
b y
ch a rg es
a
b a ro
w ero
m a d e
q u o ru m ;
b u t
S e c t io n 2 p r o v id e s t h a t th o P o s t m a s t e r - G e n e r a l m a y f o r b id th o u s o o f th o
m a ils to q u o t a t io n s o f a s t o c k e x c h a n g o n o t c o m p ly in g w it h th o re q u ire m e n t s
o f s e c t io n 1, a n d t h a t h e s h a l l f u r n i s h a c o p y o f s u c h f i n d i n g t o t h o t e le g r a p h
a n d t e le p h o n e c o m p a n ie s a n d t o n a t i o n a l b a n k s .
Section 3 imposes a fine of not more than $1,000 0r imprisonment for not
moro than one year, or both, upon any person who shall knowingly uso tho
mails to circulato matter concerning transactions in securities sold or offered
for saio on any stock exchango not conforming to tho requirements of this
section.
Section 4 imposes a liko penalty upon any telegraph or telephone com
pany which circulates information relative to transactions in securities on
any stock exchango not conforming to tho rcqhiremcnts of section 1 and
a liko ponalty upon any officer or director of any such telegraph or’ tele
phone company knowingly permitting a violation of that section
Section 5 defines tho meaning of “stock exchango,” "security,” "manipu
lation of securities,” "matched orders” and washed sales.”
'
1
t h u s d iv e r t e d f r o m c o n s t r u c t iv e a n d o p e r a t iv e w o r k .
T h e c o n f l i c t o f l a w s in
th o S ta te s h a s n a t u r a lly b e e n a n e m b a r r a s s m e n t to t h e g re a t p u b lic s e r v ic e
c o r p o r a t io n s .
The railroads havo gono pretty nearly to tho limit In their efforts to In
creaso their efficiency, although there is always a chance to improve; they
aro getting heavier engines, engines capablo of drawing heavier trains and
heavier rails; managers aro trying each year to mako a dollar go further
than tho preceding year, but thero is something of a limit to what they can
do, and in my own judgment that limit is very nearly reached.
Tho cost of producing new railroads connecting important communities is
so great that nono is likely to be built, and the country must depend upon
thoso now in existenco and permit them to expand to meet tho increaso In
business.
The railroads of tho United States havo done a wonderful pieco of work
sinco tho Civil War in practically ro-buildlng tho transportation machino
of this country, so that to-day it Is tho wonder of foreign nations. They
have so done it that the capital invested represents but $60,000 per mile.
whilo in England it represents $275,000 per milo and in Germany $114,000
per mile. The average pay of the employees of the railroads is $733 per
year, compared with $270 per year in England and $388 per year in Ger
many. The average charge against the peoplo of the United States for
hauling 2,080 pounds one milo is only % of a cent. It is 2 1-3 cents in
England and 1J4 cents in Germany.
In other words, the railroads have succeeded hero in producing a piece
of machinery at a capitalization of $00,000 per mile upon which labor is
employed at the rate of $733 per year, and tho freight rate is from 1 1-3 to
1 y2 cents per milo cheaper than in foreign countries. Not only that, but
the best appliances, tho latest inventions for the safety and comfort of
employees, are found on the railroads of this country. Our people demand
and our railroads supply better facilities for safe and luxurious travel than in
any other country.
Thero havo been three It’s in tho railroad business in the last twenty
years— raising wages, raising taxes and reducing rates. It looks now
as if we had reached very nearly the parting of tho ways and that if tho
nation wants continued expansion and a development of its railroads those
three It’s cannot go on, becauso there will not be money enough to foot the
bills.
We put up at a railroad crossing a sign and we letter it “Stop, Look and
Listen.” I-Ias not the time como when the nation should stop and see
whether it is not putting a greater burden on its transportation agencies
than they can bear, and look ahead and see what is needed in order to let
tho business of this country go on and grow?
A
is
la r g e
d ecrea se
a n n o u n ce d
as
to
v a n ia
R R .
e ffe c t
an
e n fo r c e d
la y in g
o ff
a
o ff
T h o
o ffic o
fo r c o
fir s t
th ree
d a y s,
p la n
is
th o
e m p lo y e e s ,
is
w it h o u t
s a id
v a s t ly
th o
a n d
as
th o
sy ste m ,
c le r k s
in
th e
p a rtm e n ts
p a y
o ffic e s ,
v a n ia
w ill b e
th e
tr a ffic
P e n n s y l
w h ic h
th o
su m m er,
d r a s tic
d a y s
o n o
is
o ff
in
in
g ro u p
in to
w ill
a c c o u n tin g ,
a re
r e c e n tly
th e
T h o
to
to
b e
c la im s
o f
th o
o rd e r
th o
T h is
p resen t
c o n d it io n
m o v e m e n t
o f M a y
p a rt
fo r
th o
o f
d e p a rtm e n ts
a ffe c te d
o n e -te n th
in
th o
o f
h is
to ta l p a y -r o ll,
a ll o v e r
th o
a u d itin g
A b o u t
a n d
a n d
P e n n s y l
5 00
a llie d
F o u rth
d e
S treet
th o
lin e s o f t h e P e n n s y l
b een
a b o u t
a re
id e a
in
tr a ffic
m a y
b o
c a r s a t 8 1 ,0 0 0
3 00
th o g rea test
th e
on
fiv o
p er
th o
o f
th e
o f
th e
b a s is ,
0 0 0
to
o r
o f
fo u r
is
w a g es
sta ted
it is s a id
m en ts
la y in g
th a t 4 0 0
m e n
th e
to
fr e ig h t
c a r s is 8 8 0 ,0 0 0 ,0 0 0 ,
8 6 ,0 0 0 ,0 0 0
e q u ip m e n t 8 8 6 ,0 0 0 ,
th is
ea ch
w e
so o n ,
m o n o y
m o n th
m en
a re
p u t
w e
a ro
T h o re d u c tio n
ca n
th a t
s h o u ld
fo r
h a v o
H a r d in ,
so
“ w e
w it h
is a ls o
b e
a ll
th o
a re
is
p a r in g
n o
b a ck
h o ld in g
o n
o n
fu ll
t im e
d o w n
In
to
th orn
a t
w it h
cu t
d e p a rt
h ero
m a n y
th o
t h is
A c
w h o le s a le
w o r k i n g f e w e r d a y s a t le s s p a y .
th e m
a
m o n th
d ro p p e d .
“ th ero
s a v in g .
Y o r k
g et
la s t
e n g in e e r in g
b een
e m
a n n o u n ce d .
e m p lo y e e s
D u rin g
c le r ic a l a n d
sa y s
d o
ro a d s
1 2 % .
C en tra l
H o
w o
m ea n s
th o
Y o r k
o f m e n .”
ca n
a n d
in
F o u r
to
V ic e -P r e s id e n t
w h erev er
m en ts th o
th a t
N e w
10
ro a d s
a n d
d e p a rt
r a ilr o a d s
to
th o
d en t
th e
C iv ic
E r ie
o f
in
“ th e
v ic tim s
G o v e r n m e n t .”
a
sev era l
in
in
w h ic h
b y
h o
d is h o n e s t
M r .
its
id e a
a ttitu d o
c o m m u n ic a tio n
A s s o cia tio n
R R .,
th e
fo llo w s
G o v e rn m e n t
is c o n t a in e d
S h a ron
o f
th e
F .
v ie w .
a d d ressed
D . U n d e r w o o d , P r e s i
p r a c tic e s
U n d o rw o o d
th e
th o
ro a d s
a t
th e
w r ite s
in
to
b o
h a n d s
o f
p a rt
as
:
The Erie Railroad (in common with other railroads) is not at this time
considering any expenditures which may bo considered refinements. Its
available resources are now being used for tho furtherance of safety—
automatic signals, new cars and elimination of grade crossings.
I may bo pardoned for making tho suggestion that if tho civic bodies
throughout tho country would bend their energies toward securing from
tho Federal and State authorities fair treatment for tho railroads, they
would not only bo doing a good stroke for tho business interests but also
for themselves. The railroads aro now tho victims of several dishonest
a re
n o w
p o in t
fo r
a r ily ,
it
n o tic e
th o
J u n e
3 0
la te r
th a n
b y
a
re sp e ct
1 91 4.
d e ta ile d
to
h a v in g
t h is
a n
w eek
su ch
a
T h o
C o m
rep ort
re p o rt
F e b ru a ry
1
sta te m e n t
1915
o f
th o
p rop erty ^ a b a n d on ed .
a n n u a l g ross
e x a m in a tio n
p e r m itte d
o f b e in g
o f
to
t h e ir
ro a d s
to
to
to
sta te d ,
a
w o rk
c a r r ie r
is
in
b y
th o
m a p s.
a n y
th o
o f
s a y in g
n ew
T h o
m a p s
it s
T h e
th o y
m a y
o n es,
r e q u ir e m e n ts
su ch
o n o
ro v o n u o
m a p s
p rep a ro
av I io s o p r o p e r t y
m a tte r
v a lu a tio n
o f
th o
it
C o m
C o m m is s io n
a t
w ill
n o w
p r o v id e d
som o
g iv e
in t e n d s
O r d in
th reo
to
C o m m is s io n
h as
co n v e n ie n t
r e p r e s e n ta tiv e s .
C o m m is s io n
u n d e rta k e n .
th o
B oa rtl
p h y s ic a l
F e b ru a ry .
c o lle c t
e x a m in a tio n
8 1 0 0 ,
V a lu a tio n
b y
s u b m it
o b lig e d
la s t
o f
th o
d ir e c te d
a v a ila b le m o o t w ith
is
c ir c u la r
m o u th s’
v a lu o
h a s
b e fo r e
is s u e d
a
:
As soon as tho Commission lias passed upon tho maps and profiles tho
carrier should proceed to make the changes or additions required in presen t
maps and profiles or to preparo now ones, as tho caso may be. Carriers
having no maps and profiles, or whoso maps and profiles are clearly of such
a character as to bo insufficient for this work, should at onco proceed to
preparo those called for by tho order of the Commission.
n o tic e
o f th o
C o m m is s io n
a ls o
c o n ta in s
th o
fo llo w in g
:
All carriers should at onco preparo a list of their lands, showing grantor,
grantee, instrument, &c., as called for in tho order. If tho carrier prefers,
it may in tho first instanco preparo typewriten schedules which may bo
so arranged upon separate sheets as to be mechanically transferred to tho
maps finally. In the end tho schedulo of lands must appoar upon tho maps
as set forth in tho order pertaining to maps and profiles.
In
a n
m e n t
a d d ress
e x e r c is e s
P r e s id e n t
la b o r
in
o f
C r a w fo r d s v illo ,
W a b a sh
T h o m a s
tr o u b le s
a lle g o d
la b o r
R .
a n d
M a rs h a ll
c la s s
d is p r o p o r tio n
a n d
C o lle g o ,
o n
w e a lth
o f
th o
th e
1 7 th
in to
lie
cre a te d
a ssu m ed
a t
th e
e n tered
d is c o n te n t.
o f
c a p ita l m u ch
I n d .,
a
co m m e n ce
in s t .,
a ttr ib u te d
b y
V ic e
d is c u s s io n
th e
to
o f
th o
e ffo r ts
d is s a tis fa c tio n .
o f
T h o
s a id :
Slight knowledge will not enable tho young man to assume the manage
ment of life’s affairs. In tho irrepressible conflict between labor and capital
ho cannot assume that either property or laboi^ is everything without tend
ing to establish a peon class in America or an oligarchy of wealth. Complcto
knowledge may convince him that it willbo bo ttci for the Republic to bo
controlled by neither of tlieso classes.
In 1850 we had a Republic wliero labor was satisfied, where respect for
religion and revercnco for law and order and a sincere attachment to tho
Constitution were strong. In that year the proportion of annual wealth
created in tho country by tho joint efforts of labor and capital was onofourth to labor and tlire.o-fourths to capital. Now the proportion has
changed to less than one-fifth to labor and moro than four-fifths to capital.
This disproportion, to my mind, has much to do with our present discon
____
tent.
s a la r ie s
in
to w a rd
r e c e n tly
d e c la r e s
to
n o t
fo r
W e h o p e
o ld
o f fo r c o w ill a m o u n t t o a lit t le o v e r 5 p e r c e n t .”
o f
fo r
h a v o , in s t e a d
“ P r o b a b le
R e se rv e
L o s
C h a n g e s in
A c t ”
S to d d a rd
o f
C r itic is m
w ere
V ic e -P r e s id e n t
d a y s
B ig
o rd e r
fr o m
o ff
th ero
th o
r a n g in g
o f
co r d in g
th a t
a n d
r a ilr o a d s
m o re
a s s e m b le
T h o
r a ilr o a d s
id lo
p er a n n u m .
v a c a tio n s
C e n tr a l, N ic k e l P la to
It
th o
I n te r -S ta te
r a ilr o a d s
W e s t
p lo y e e s o f th o tr a ffic d e p a r tm e n t o f th o L a k o S h o r e , N o w
in
fo r e
o n
a n d
th o
d a y s
th e
ca rs
e a ch , a d d s
o f th o id le
ce n t
in
E a st
w h ic h
id lo
8 2 0 ,0 0 0
lo a d e d -c a r
fr e ig h t
co st
a g o .
la s t t e n
th a n
lin e s
d e p r e s s io n
id le , a t
to ta l v a lu o
a
8 4 ,3 0 0 ,0 0 0
E n fo rce d
th e
E s tim a tin g
lo c o m o t iv e s
F ig u r e d
e a r n in g
o f
id le
th o
tim e
th o
th e
h e a v ie r
8 0 ,0 0 0
som e
b y
th a t fo r
m u ch
e a ch , th o v a lu e
m o r o , m a k in g
0 0 0 .
w a s
in c lu d in g
h a d
in ,
in d ic a te d
sh o w e d
W ith
S y ste m ,
e x p e r ie n c in g .
w h ile
c le a r ly
set
th e
th e
:
th e
S ta tio n
d e p r e s s io n
w h ic h
m o e lifh .
P e n n s y lv a n ia
som e
w a s
M a y ,
lo s s
th o
b u s in e s s
sa y s
re q u e ste d
u su a l
p r io r
B o a rd
in
o f
u p o n
Such schedules shall show this property classified in accordance with the
Inter-State Commerce Commission’s investment accounts and shall give
tho physical units of the property, with the original cost of samo to dato
of abandonment; also dato of abandonment and disposition and presont
status of abandoned property. Carriers shall accompany such schedules
with a descriptive list of all maps, profiles or other records which refer
to tho j)roperty and which will serve to aid tho Commission in identifying
and examining the same, and upon request from the Commission shall file
with it such maps, profiles and other records or copies of tho samo as
may be required.
T h e
s in c e
ro a d s
o rd e r
T h o
th e
B o a rd
c a lle d
a c c o m p a n ie d
m is s io n s ’
a
c o n s id e r a b le .
h a v e
is
T h e
h a s
w ith
th ose
p a y
a ffe c te d .
s a id
a n d
V a lu a tio n
a b a n d o n e d
file d
m o n th
e ffe c t
S treet
b e
a m o n g
lo s in g
p u r c h a s in g ,
B r o a d
p ro p e rty
to
A ll t lio
is
m o n th .
ta k in g
P h y s ic a l
C o m m is s io n
d is s a tis fa c tio n
th o
b o
o n
is
In
m a n
a
T h e
m erce
d a y s ’
p e r ce n t cu t
g o n e
o f
th e
p la n .
a lto g e th e r .
e m p lo y e e
s a v in g
th e
la id
ton
h as
lit t le
th ree
in
In ste a d
o f c le r k s , e a c h
sq u a d s,
g iv e n
E a ch
th o
a re
fo r
fo u r
th o fr e ig h t m o v e m e n t o n
R R .
o f
fo r c e .
le s s
o r
v e ry
b e in g
P h ila d e lp h ia ,
L o s s e s in
in to
lo s in g
m a k es a
in
a
n u m b e r
th re e
ca u se d
th a n
sch om o
v a n ia
m e n
u p o n
fo r
s in c e
tim e -c u t.
m o n t h ’s s a la r y
o ffic e
th e
a
p a ssen ger
re tre n ch m e n t,
it s
o f
a re
d iv id e d
h a v e
w ith
o f
a n d
d e c is io n
th e n e x t g o in g o ff w h e n a n o th e r r e tu r n s .
b e tte r
v a c a tio n s
b y
p a y
th o
o f
n u m b e r
th ere
is
to
p o lic y
d e c id e d
w h ere
la id
a
to n n a g e
fo r
v a c a tio n
c h ie fs
o ffic e
fr e ig h t
rea son
a d o p t
c e r ta in
d ep a rtm en t
e v e ry
in
th e
practices at the hands of the Government and I havo yet to hoar from any
commercial body putting forth concerted efforts to hcli> tho railroads as
against the Government piracy.
Let me cite you two examples : The Government— State and National—
pays its employees once a month. They requiro the railroads to pay their
employees twico a month, thereby discriminating in favor of themselves.
The Government compels tho railroads to carry tho parcels post without
remuneration; in addition to that, it took tho multiple of six, in paying
them for transporting the mails, instead of seven, notwithstanding tho fact
that all mail trains run daily. These aro but a fow instances. If tho
people of the country are to havo what they want in tho way of railroad
facilities, it is about time they took the sido of tho railroads Instead of that
of a grasping, dishonest Administration.
J ess,
A n g e le s ,
avus
B a n k in g M o t lio d s u n d e r th o F e d e r a l
th om o
o f
a n
a d d ress
V ic e - P r e s id e n t
o f
th o
F ir s t
a t
th o
th e
la te
a n n u a l c o n v e n tio n
n ia B a n k e r s ’ A s s o c ia t io n .
H is re m a rk s h a v o
p a m p h le t
th e re fro m
tio n s
fo r m .
m a d e
c le a r in g
b y
ch e ck s
W o
M r .
a n d
t a lc o
J ess
o n
th o
th o
d e liv e r e d
N a tio n a l
o f th o
b een
o f
C a lifo r
p r in te d
fo llo A v in g
a d ju s tm e n t
b y
B a n k
in
o b se rv a
reserv es
a n d
d r a fts:
Tho first grave question that engages tho attention of tlioso Avho aro
prophesying as to what will tako place under tho workings of tho now
law is as to tho probablo effect on tho banking situation of tho trans
ference of funds to the Federal reserve banks. Had tho provisions con
i tained In the earlier drafts of tho bill been retained, marked contraction
would unquestionably havo taken place, but wiser counsels prevailed, and
under the provisions of tho bill as it becamo a law the cash contribution
of the member banks to tho capital of tho Federal reserve banks is only
3 % , or for all national banks an aggregate amount estimated at $53,000,000,
only one-third of which must bo paid within any given period; one-third
on call by the Organization Committee, amounting to approximately
$17,500,000; one-third in ninety days, and one-third in six months. Whilo
o transference of reserves against the deposit liabilities of tho banks
presents a problem more difficult of solution than the contributions to
capital, the ultimate effect will not culminate for a period of thirty-six
months, during which time the banks will have ample opportunity to propparo for the change.
The decreased percentage of reserves required under
the new system, and the opportunity that will be open to all banks to
re-dlscount with tho Federal reserve banks, will both be prominent and
potential factors in solving the problem presented In tho shifting of reserves.
The decreased percentage of reserves required will, if taken advantage of,
largely take care of the reserves to bo deposited with tho Federal reserve
banks during the first twelve months, and tho additional requirements for
tho next twenty-four months will probably bo met without necessitating
such a contraction of tho loans of the banks to their customers as will dis
turb general business.
Tho burden to be borne by tho different classes of banks, in the shifting
of reserves, will bo decidedly unequal. By reason of the fact that tho
country banks. I. e., banks not in reserve or central reserve cities, do not
havo any deposits of other banks, or at least only a very limited amount
of such deposits, and are practically exclusive creditors in reservo transac
tions, they are in an impregnable position, and can force the banks In
reservo and central reserve cities to bear the entire burden of tho shifting
of reserves, if they see fit to do so. Tho banks in reserve cities will be
called upon to bear an increased burden, proportionate to the deposits
of country banks held by them, through the depletion of tho balances of the
country banks by tho transference of funds to tho Federal reserve banks, in
addition to financing their own reserve requirements.
Tho greatest burden in tho adjustment of reserves under the new system
will fall upon the banks of tho central reserve cities, because they hold
by far tho greatest amount and largest percentage of bank deposits, when
compared with their total volume of deposits. Tho banks in central reserve
cities will not only be called upon to meet any requirements of country
banks, in the transference of reserves, but of the banks in reserve cities as
well, and this in addition to financing their own reserves with the Federal
reserve banks.
One might take pencil and paper and figure out that the adjustment
of reserves required by the now Act can only bo accomplished by such a
contraction of loans as would bring dire results to the business world, but
tho process is to bo so gradual, tho ultimate strain not coming until after
a period of nearly three years from tho date of the inauguration of tho
systom, that I believe it will bo so managed that all untoward results will bo
avoided, and when it has boon finally accomplished tho bankers will all
wonder at tho easo with which it was done.
There is no question but that the success of tho new system and tho ease
with which tho adjustment of reserves will bo accomplished will depend
largely on tho co-operation of the existing banks. This, I believe, can be
counted upon. Tho country banks and the banks in reserve cities, by
pursuing a policy in tho transference of reserves entirely unmindful of tho
effects on tho banks in reserve and central reserve cities, might bring
disaster, but this I consider highly improbable, for it seems to mo thero
are, and will be, many reasons why tho country banks and tho banks in
the reserve cities will consider it desirable to maintain their present relations
with their city correspondents, even after the now system is in full swing.
Tho inducement offered by the city correspondents, in paying interest on
balances of country banks, whereas it is commonly understood that it
will not be tho policy of tho Federal reserve banks to pay any interest, will bo
a potential influence in causing tho country banks to keep at least their
surplus reserves with their city correspondents. Tho country bank, with
a city correspondent nearer at hand than is the Federal reserve bank in its
district, will need its city correspondent as a base of coin supply. Tho
country bank will need tho services of its city correspondents in connection
with tho collection of all items outside of the Federal reserve district in
which it is located, as the Federal reserve bank will hardly undertake to
act as a genoral clearing house, and aecept and credit items on points outsido
of its own district, at least for some time to come, and if it does eventually
accept such items. It will confine its operations to demand items upon
member banks, while the city correspondent will handle items on non
member banks, and frequently accept and credit items drawn at sight, or
some time after sight, against shipments of commodities. Until such time
as the country banks have provided thoinselves with a character of paper
acceptable to the Federal reserve banks for re-discounting, they will un
doubtedly find it convenient to borrow of their city correspondents, as In tho
past, and, realizing that the liberality shown by their city correspondents in
making them loans will be proportionate to the balances carried, they
will bo inclined to carry as liberal balances as conditions will permit. Again,
the personal equation, existing between tho country banker and his city
correspondent to a degree that can hardly be expected to exist with tho
manager of tho Federal reserve bank. Is another potent reason why ho will
be disinclined to sevor his existing relations with his city correspondent.
*
*
*
*
*
*
»
*
*
*
'
By the provisions contained in tho earlier drafts of the Act, it was
contemplated that tho Federal reserve banks should col'ect, at par, tho
checks of all member banks in all reservo districts.
By tho provisions of
the Act, as it finally became a law, every Federal reservo bank is required
only to receive on deposit, at par, from member banks, or from Federal
reserve banks, checks and drafts drawn upon any of its depositors, and,
when remitted by a Federal reserve bank, chocks and drafts drawn by any
depositor, In any other Federal reserve bank or member bank, upon funds
to the credit of said depositor, in said reservo bank or member bank.
Apparently looking forward ultimately to exercising tho functions ofa
clearing house for tho entire country, tho Act provides that tho Federal
Iteservo Board may, at its discretion, exercise tho functions of a clearing
house for all tho reserve banks or may designate one of tho reservo banks
to act as a clearing house for the others. It has been suggested that when
tho system lias been fully established thero will be no further use for clearing
houses in cities whero Federal reservo banks are located, and that they
may be abolished, tho Federal reserve banks performing tho same functions.
This will hardly como to pass unless all the banks join tho system, for tho
Federal reservo banks do not contemplate handling tho checks of non
member banks, and for this reason, if for no other, tho non-member banks
will require tho services of clearing houses, as at tho present time.
Tho Federal Rescrvo Board is authorized to fix tho charges to bo collected
by the member banks from their patrons. Under the workings of tho Act
all member banks will be required to remit, at par, for all items received
from the Federal reserve bank, but will bo allowed to make such exchanges
or collection charges as tho Federal Reserve Board may fix and allow. It is
to be hoped that tho radical change in making tho collection of exchange
charges at sourco will end in doing away with the pernicious practice of bank
customers sending personal checks to distant points in payment of bills or
accounts, anticipating tho deposit of funds to cover before tho items aro
presented for payment, and result In tho buying of drafts for remittance
purposes. Tho result of the provisions of tho new law, as affecting oxchango
matters, will bo decidedly in favor of the banks in reserve and central reservo
cities, and against the country banks. Heretofore tho city bank has been
obliged to settle tho question of exchange with its customer, on tho accep
tance of tho items, and through competition has largely found it necessary
to absorb the exchange charge. Under the new order of things, the city
bank will accept items on member banks at par, receiving in return credit
at par by the Federal reserve banks. The country bank, in turn, must
remit, at par, and must collect its exchange direct from its customer, and
at such rate as the Federal Reserve Board may see fit to allow. This may
result, through competition, in placing the country bank in a position
whero It will be necessary or desirable to forego making any exchange
charge to Its customer and make serious inroads on its earnings from this
source.
J a m es
th o r ity
M .
o n
s e p a r a b ly
d ie d
o n
m o re
S w a n k
ir o n
lin k e d
th e
h is
y ea rs
S teel
h a d
b e e n
h e
h a d
in
se rv e d
th a t
s ta tis tic s
as
c a p a c ity
o f
w ith
ir o n
h e
w h o se
Iro n
to
&
ir o n
th e
a n d
th e
a n
a u
is
in
W e
h a v e
M r .
S w a n k ’s
steel
in d u s tr y
F o r
o v e r
A m e r ic a n
a n d
th e
en d
V ic e -P r e s id e n t
a n d
G en era l M a n a g e r,
v o lu m in o u s
p r o d u c tio n
w a s
ta sk
o f
fo r ty
Iro n
a t
th e
re tir e d
y e a r.
to
s u b je c t.
w ith
as
n a m e
S te e l A s s o c ia tio n ,
re fe r
th e
o f
co n n e cte d
u n til
a n d
e ig h ty -s e c o n d
k n o w le d g e
A s s o c ia tio n ,
1885
a n d
h is
o c c a s io n
fa m ilia r ity
u n lim ite d
h e
in
ta k e n
p r e -e m in e n t
s t a tis tic s ,
th e A m e r ic a n
in s t.
o n ce
e x tr a o r d in a ty
a n d
P h ila d e lp h ia ,
ste e l
w ith
2 1 st
th a n
o f
a n d
o f
1 91 2;
fr o m
c o m p ilin g
s h o u ld e r e d
b y
th e
h im .
In
a d d it io n , h e fo u n d t im e t o w r it e m a n y w o r k s o n ir o n a n d o t h e r
s u b je c ts ,
n o ta b ly
M a k in g
a n d
th e
C o a l
“ I n t r o d u c t io n
M in in g
th e M a n u fa c tu r e o f Ir o n
o n
I n d u s tr ia l,
“ H is to r y
o f
in
H e
h a d
tra cts.
a n d
S teel
th e
a ls o
B e fo re
P o lit ic a l
A s s o c ia tio n
jo u r n a lis tic
to w n
o n
a n d
in
fie ld ,
“ T r ib u n e .”
m itte e
a n d
w r itte n
id e n t ify in g
In
r e lin q u is h in g
Iro n
a id
a n d
to
S teel
th ose
en g a g e d
in
S u b je c t s ,”
S p e c ia l
m o re
R e fe re n ce
th a n
th e
th e
h a d
e d ito r
o f
M r .
h a n d lin g
th e
th e
in
J o h n s
o f th e
C o m
o f A g ricu ltu re .
w ith
S w a n k
Iro n
R e p r e s e n ta tiv e s ,
D e p a rtm e n t
c o n n e c tio n
ta r iff
fig u r e d
o f
fir s t c le r k
H o u se
100
A m e r ic a n
S w a n k
b e ca m e
o f th e
A s s o c ia tio n ,
o f
H is to r ic a l
w ith
M r .
th e
a c t iv e
Iro n
C o m m e n ts
w ith
b e e n
o f
o f
“ H is to r y
a n d
c o m p ile d
186 9 h e
w a s la t e r C h ie f C le r k
S in c e
a n d
h im s e lf
h a v in g
H is to r y
“ C a m b r ia C o u n t y P io n e e r s ,”
1 8 7 2 ,
M a n u fa c tu r e s
a
“ N o te s
P e n n s y lv a n ia ,
t o I t s I n d u s tr ia l D e v e lo p m e n t ,”
& c.
to
P e n n s y lv a n ia ,”
A ll A g e s ,”
E c o n o m ic ,
W e ste rn
in
th e
A m e r ic a n
h a d
fr e e ly
le n t
w o rk
w h ic h
h e
h is
h a d
s o lo n g u n d e r ta k e n .
G u e rn se y
ch a rg e
h a s
o f
R .
th e
J e w e tt,
fa ile d
b een
a p p o in te d
o f
N e w
a rd s
th o
D e p u ty
J o w e tt
w a s
fa ile d
b een
m a rk e d
b a n k in g
in s titu tio n s
H is
g a n
in
b y
p ro p e rty
d a y s
th e
o f
R ic h a r d s
fa ile d
th e
A t
a
m e e tin g
tors
w ere
J a m es
o f
N a tio n a l
to
C a n n o n ,
B a n k ,
A ll
o f
r e c e n t ly
O sca r
o f
B a n k s
o f
O sca r
to
th e
a s
o f
th e
b o a rd :
o f
to
h a v e
fa ile d
t h is
co u n
Y o r k
h e
b e
w a s a p
o f
th e
S u p e r in te n d e n t
h e
w ill
p e r s o n a lly
B u re a u ,
th e
w ith
th e
M e c h a n ic s ’
fo llo w in g
L .
w ith
o f
th e
S ch erer
F .
&
N .
th e
T .
a n d
M e c h a n ic s
C h a th a m
&
&
d ire c
B lis s
J r .,
F ra n k
M .
F o u rth
C o ., le a t h e r
th o
n e w
L o re e ,
C . S u lliv a n
d ir e c to r s
o f
tw e n ty -
a p p r a is e r
C o r n e liu s
D e la n o ,
b o a rd
to
ch a rg e , A . K . M o o r e .
G . S n o w , F . d e
e le c te d
is
o f
N e w
B a n k .
w e e k
c o n s o lid a te d
in
p resen t
in
o f
s a id
1 9 0 7 , w h e n
s to c k h o ld e r s
S ch erer
h a s b e e n
o f
is
h is to r y
L iq u id a tio n
w ere
T h ir d
a p p o in tm e n t
a ffa ir s
th e
th e
th e se
th e
fo r
t h is
R ic h
a s
liq u id a tio n
th e
E u g e n e
M a n v ille , E lb r id g e
W ils o n .
th e
B a n k
e le c te d
G .
in
H a m ilto n
o f
in
B u re a u ,
L a m b
m a n a g e m e n t
b a n k in g
a s s is ta n c e o f th e p r e s e n t d e p u t y
M e t a ls ’
T h e
th e
p a n ic
th a t
a ffa ir s
E u g e n e
a d m in is tr a tio n
S u p e r in te n d e n t
th e
a n n o u n ce s
a d m in is te r
fo r
k n o w n
th e
B a n k s
D e p a rtm e n t
e co n o m ic a l
w ith
o f
L iq u id a t io n
t h e s a la r y is $ 5 ,0 0 0 p e r a n n u m .
H is
e v e r
o f
th e
B a n k s.
m o st
c o n n e c tio n
th o
p o in te d
o f
r e s p o n s ib le
th e
in
B a n k in g
1 1914 a n d
in s t it u t io n s .
b y
S u p e r in te n d e n t
S u p e r in te n d e n t
S ta te
S u p e r in te n d e n t
th re e
try .
b y
Y o r k
t a k o e ff e c t o n ’J u ly
M r .
D e p u ty
in s titu tio n s
O rm e
N a tio n a l
&
M e ta ls .
m e rch a n ts,
P h e n ix
N a
t io n a l B a n k o f t h is c i t y .
A
b ra n ch
2 0 7 th
Is id o r
d ie d
a t
y e a r.
in
th e
M r .
o f I. &
W o rm s e r
C o .
u n til
I s id o r
m e m b e r
o n
w as
B a n k
o f
is
th e
th e
2 3 rd
so n
o f la te
a
to
b e
S to ck
in s t.
in
h is
S im o n
A fte r th e d e a th
W o rm se r
th e
J r.
Is id o r
S to ck
se a t.
a
S . W o rm se r.
d ea th
r e tir e d
s p e c ia l p a r t n e r in
th e
J r .,
F ra n ce ,
Is id o r
b u s in e s s
&
E x ch a n g e
o p e n e d
a t
E x ch a n g e ,
fo r t y -s ix t h
W o rm s e r,
a n d
o f t h e la t e I s id o r W o r m s e r , fo u n d e r s o f t h e b a n k in g
1 89 5,
a fte r
C o rn
P o s t A v e n u e .
W o rm se r
S o s p e l,
a n ep h ew
fir m
o f
S treet a n d
o f
W o rm se r
in
th e
fr o m
th e fir m
E x ch a n g e
a n d
h is
u n c le
a c tiv e
o f S im o n
n e p h e w
in
W o rm s e r
c a r r ie d
1 9 0 7 ; s h o r tly
b u s in e s s
a n d
o n
th e
th e re
b e ca m e
a
o f h is b r o t h e r -in -la w , W . E . L a u e r
J r.
w as
a d m it t e d
1892
a n d
h a d
as
a
m e m b e r
n e v e r r e lin q u is h e d
o f
h is
F r e d e r ic
th e
C r o m w e ll,
M u tu a l
L ife
w h o
B e r n a r d s v ille , N . J ., o n
co n n e cte d
in
In su ra n ce
w it h
th e
1905
d ie d
2 2 d
in s t.
th e
M u tu a l
L ife
m a d o it s T r e a s u r e r , s e r v in g in
In
1 9 0 5 , d u r in g
r e s ig n a tio n
A . P e a b o d y
th o
th e
fr o m
to
1 90 7.
th o
o f
a t
M r . C r o m w e ll
in
p r e s id e n c y
H e
1 8 8 0 ,
a n d
in
b e ca m e
1 88 4
th e
A .
w a s
M c C u r d y ’s
e le c tio n
o f
C r o m w e ll o ffic ia t e d
r e m a in e d
C r o m w e ll
R ic h a r d
a n d
a
tru stee
w a s
o f
th e
fo r m e r ly
b o a r d s o f s e v e r a l b a n k in g in s titu tio n s .
se co n d
a c tin g
th a t c a p a c ity fo r tw e n ty y e a rs.
o ffic e , M r .
M r .
P r e s id e n t
a t h is s u m m e r h o m e
in te r v a l b e tw e e n
th o
co m p a n y .
u n til
w a s
C o .,
a
C h a r le s
a s h e a d
o r g a n iz a tio n
d ire c to r
H e w a s
o f
in
o n
th o
h is s o v e n t y -
y e a r.
T h o
B a y a rd
o f
th e
T ru st
D o m in ic k ,
in s t.
in
h is
C h ic a g o
th reo
fo r m e r ly
D o m in ic k
s ix t y -fifth
y ea rs
o f
I I.
b ro th e r’s
a g e.
fir m
D ic k e r m a n
s ilk
o f
D o m in ic k , c o n tin u in g
o f
a n d
d ir e c to r
B o s to n ,
C o .
o f
la s t
L e a d v ille ,
d iv id e n d
a n d
fir m
w ith
h is
w h e n
o f
M r .
D o m in ic k
th o
th e
S ta rs
M r .
D o m in ic k
In su ra n ce
In v e stm e n t
C o n s o lid a te d
a
in
o f
5 % ,
th o
2 0 %
B a n k
o f
p a y a b le
q u a r te r ly
p er
th is
a n n u m
h a s
1.
C o .
o f
d e c la r e d
T h is
d is tr ib u tio n
b a s is .
fo r
th o
T h o
O ld
w a s
o f
th e
o f
o f
is
th e
th e
th o
w as
n o t
o f
W h e n
tru st
c a p ita l o f a n
p o s s ib le
O ld
c a p ita l
o n
B a y
fo r
o f
th e
C o lo n y
b e co m e
la w
w a s
e n a cte d
th o
T ru st
B a y
4
S ta te
w ere
n e w
S ta te
a
O ld
n o t
C o lo n y
M a rc h
u n d e r
th o
d o e s
th o n o w
th e
la tte r
th o
w ith
r e q u ir e m e n t
th a t
a b le
o ffic e s
B o s to n
n ew
$ 5 0 0 ,0 0 0
C o lo n y
o n e
C o .
th e
sta te d
d e p o s its
b ra n ch e s
it
T ru st
se v e ra l y e a rs.
it
sh a res
C o .;
la w
$ 7 ,5 2 3 ,4 1 5 .
to
r e ta in
T r u s t; b e fo r e
tru st
co m p a n y
h e ld
T ru st
to
its
as
e n a ct
h a v e
m ore
b ra n ch .
N a th a n ie l A .
o f
S a le m ,
y e a r.
to
T re a su re r o f th o
d ie d
V e r y
T h e
S a le m
cre a te
o n
h a d
a
th o
7 th
h o
N a tio n a l,
b a n k s,
N a u m k e a g
w ere
T ru st
N a u m k e a g
in s t.
b een
p o s itio n
N a u m k e a g
N a tio n a l
th o
fo r m e r ly
N a tio n a l B a n k ,
y e a rs.
a n d
V e r y ,
M a s s .,
M r .
k e a g
C o .
S e c u r it ie s
M in in g
c ity
J u ly
p r o h ib itin g
o f
in
h is
C a s h ie r
h a d
h o ld
w ith
th o
in
th o
C o .
in
T ru st
C o .
s e v e n ty -s ix th
o f
fo r
th o
N a u m
tw e n t y -e ig h t
A s ia tic
u n io n
N a tio n a l
w h ic h
serv ed
1 90 9.
w a s V ic e -P r e s i
N a tio n a l
A m e r ic a n
la w
1 0 %
G o rd o n
fr o m
a n d
is
w h e n
P r e v io u s ly
1 6 %
C a r r ig a n
o f
P h ila d e lp h ia
h is
co n ce rn
to
P h ila d e lp h ia ,
S to ck
w h o
E x ch a n g e
e x p e r ie n c e d
w a s
sev era l
d iffic u ltie s ,
su sp en d ed
m o n th s
h a s
a g o ,
b een
r e in
m e m b e r s h ip .
a
in
R .
th e
M a rk e t
a n
p la c e s
S .
th e
y e a r ly
L iv in g s to n
J a m es
S treet
T .
S u lliv a n
h a s
b e e n
N a tio n a l B a n k
S u lliv a n ,
is
e le c te d
a
d ir e c to r
o f P h ila d e lp h ia .
P r e s id e n t
o f
th o
o f
H is
th e
fa th e r ,
in s titu tio n .
p a id .
T h o
u su a l
B a n k
a t
o f
2 5 %
re ce n t
s p e c ia l
t h is
h o ld e r s
o f
th o
S ta te
a lth o u g h
sta te d
1 %
o f
o n
D ic k e r m a n ,
fo r m e d
C o lu m b ia n
N a tio n a l
q u a r te r ly
s to c k
e n te re d
C o lo .
H a n o v e r
crea se
w a s
o f
a n d
ca reer
1873
h o
B a y
m o n th
4 ,8 3 0
in
h o w a s
b u s in e s s
in
th a n
2 2 n d
b o rn
a s it s s e n io r m e m b e r u n t il h e r e t ir e d ,
th o
d ir e c to r
B o s to n
T h o
o f
h is p a r e n t s w h e n
h is
w as
m o re
S to ck
th e
w it h
&
th o fir s t o f th e p r e s e n t y e a r .
d en t
th e
o n
D o m in ic k
sta rte d
1 89 9, h o
o f
d ie d
M r .
im p o r t e r s ;
D o m in ic k
r e t ir e d , in
m e m b e r
D o m in ic k ,
Y o r k
H e
F o g g ,
s e n io r
&
y e a r.
b u t ca m e to N e w
W illia m
&
o f
M a ssa ch u se tts
h o ld in g
C o .,
o p e r a tiv e
m e n t
fir m
e n a cte d
fr o m
o t h e r t r u s t c o m p a n y is r e s p o n s ib le f o r t h e m e r g e r o n T h u r s d a y
th a n
E x ch a n g e
n e w ly
c o m p a n ie s
t im e
re co rd
is
1 91 2,
a t
w ere
1 3 5 %
m a d o
3 0 .
T h e
th o
as
J u ly
d e c la r e d
b e e n
J u n e
p a y a b le
y ea rs
d iv id e n d
h a s
sa m o
fo llo w s :
1911
a n d
b y
th e F ift h
1 2 5 % ,
p a y a b le
r e g u la r
t im e .
1 3 0 %
1 3 0 %
q u a r te r ly
S p e c ia l
J u ly
J u ly
1
to
d iv id e n d
d iv id e n d s
1 9 1 3 ,
A n th o n y
A v e n u e
J u ly
1 2 5 %
in
J u ly
to w n
W .
A v e n u e
1912
w ith
tio n ,
in
co u n t
th o
h o
th e
o f
C a s h ie r
P h ila d e lp h ia ,
p e r m itte d
e x te n t
a
to
o f
th o
w a s
p u t in
a
o f
w h o
th o
w a s
fu n d s
d e p o s ito r
$ 8 ,4 0 0 ,
w it h o u t b e in g r e q u ir e d
1 91 0.
fo r m e r ly
o f
m is a p p r o p r ia tio n
th a t
to
H e ck e r,
B a n k
to
G erm a n
ch a rg e d
o f
th o
o v e rd ra w
a c q u itto d
o n
d e fe n ce .
It
in
in s titu
h is
th o
3 d
a c
in s t.
is s t a t e d
th a t
a ft e r t h e C o m m o n w e a lt h r e s t e d it s c a s e , c o u n s e l f o r t h o d e fe n d
T h e
p la n
H o llin s
th e
C o .
a p p ro v e d
2 2 n d
fo r
&
b y
s e ttle m e n t
o u tlin e d
J u d g e
in s t .
A
in
H a n d
v id e d
fo r , in
n otes
10%
to
b e
p a id
fiv e
c o m p o s itio n
a n d
9 0 %
esta te
o f
J .
a m o u n te d
H o llin s
o v e r
th o
fir m
A
on
o n
th o
th o
th e
tu rn e d
to
W .
fu n d .
31
o f
S c h e d u le s
in
p la ce d
h e
th e se
a s $ 1 ,1 1 1 ,0 5 3 ;
w it h
t h o lia b ilit ie s o f I I . B .
v id e d
u n d er
w h o
d id
n o t
h a d
H .
B .
tu rn ed
o f
lia b ilit ie s
a t
H o llin s
a ro g iv o n
n o m in a l a s s e t s o f $ 9 8 0 ,0 2 5 ; t h o
lia b ilit ie s
a s $ 8 3 9 ,7 2 9
a n d 'n o m i n a l a s s e t s
F o llo w in g
on
th o
K u h n
n o
W a lt e r
a sse ts.
re -e n te r
T h o
o f
It
is
E a st
d e c la r e d ,
2
re p o rts
u n d e rsto o d
lia b ilitie s
th a t
M r .
o f
o f
R iv e r
a
N a tio n a l
B a n k
s e m i-a n n u a l
p a y a b le
191 2,
J u ly
w h en
F id e lit y
3 %
T ru st
a n n u a l
d iv id e n d
re co rd
J u n e
2 %
o f
2 6 .
h a s
resu m ed
d iv id e n d
1.
T h is
w a s
p a id .
8
p e r
ce n t
C o .
3 % ,
T h e
a t C h r is t m a s
to
h a rm
a ls o
P h ila d e lp h ia
h e
o f
th o
filin g
in s t.
T h o
$ 5 5 7 ,4 3 3 ,
a ro
tio n a l B a n k
w a s
th o
to o k
u su a l
P e o p le ’s
a n d
in te n d s
to
tie s
th o
th a t
in
as
th e
o f
p ro
to
re
te s ti
th o b a n k
q u e s tio n .
a
c r e d it o r s ’ p e titio n
J a m es
p e t it io n in g
V a lle y
th o
M
.
K u h n
P a rk
E q u ita b le
B a n k
w h oso
B a n k ,
T ru st
o f
in
o f
P it t s b u r g h .
in te r e s ts
o f
th o
fir m
o f
a g g re g a te
N o w
Y o r k ,
th e
a n d
th o
P a .,
F o r
o f J .
S .
a p p o in te d
M e rch a n ts’ N a
S p r in g d a le ,
B a n k
W illia m
w a s
c la im s
th o
C o .
b a n k ru p tcy
a n d
K e n n e d y
c r e d ito rs ,
N a tio n a l
th o
S .
th o
S .
&
tim e
th e ir b a n k in g v e n tu r e s
y e a r
a g o ,
J .
r e c e iv e r
o f
th o
K .
D u ff,
it s
p u rp oso
W .
S .
e x p e r ie n c e d
T rea su rer,
o f
K u h n ,
w as
d iffic u l
n a m e d
a s
fir m .
is
o f
th o
th e
2 %
fir s t
p a y m e n t
h a v in g
b een
p a y m e n t
s in c e
A t a
m e e tin g
M ilw a u k e e
w e r o e le c te d
a n
o f
t h is
c ity
p a y a b le
co m p a n y
h a s
d e c la r e d
J u n e
3 0
to
p a id
a n
e x tra
a
s e m i
s to c k h o ld e r s
d iv id e n d
o f
d ir e c to r s
1 8 th
in s t .,
o f th o
E .
J .
F ir s t N a t io n a l B a n k
H u g h es
a n d
B .
C o .
J u ly
o f
o f
1
P a r m o le e ,
C a s h ie r .
C a s h ie r .
M r .
M r .
p o st
n ew
o ffic e .
T h o
n ow
P e o p lo ’s
H u g h e s
J a y
w h ic h
h is
o f
a tta ck
o f a cu te
w ith
th o
T ru st
o ffic e s
th o
D .
o f
J a y
h a s
h a d
b een
h e re to fo re
m a n a g er
o f
b een
th o
an
b o n d
h e w ill c o n t in u e t o h o ld in a d d it io n
o f
1 2 %
h a s
B r o o k ly n ,
b een
d e c la r e d
p a y a b le
1 %
b y
th e
m o n th ly
C h a se,
P r e s id e n t,
h ou sed
sta rts
1 91 4.
in
w ith
o f
fo r m e r
b e g a n
it s
a
B a n k
o f
S ta to
o w n
o n
b u ild in g
c a p ita l
$ 5 6 ,0 0 0 .
o f
S t.
a t
th o
1 7 th
S ix th
$ 3 0 0 ,0 0 0
M r .
P a u l,
o f
w h ic h
S u p e r in te n d e n t
b u s in e s s
S e cre ta ry
a n d
A s s is ta n t
T rea su rer
in s t .
C o .
in s titu tio n
o f
o n
in d ig e s t io n .
co m p a n y
P a te rso n ,
th o
1 2 tli in s t.
M r .
fo r a b o u t
d ie d
as
P a r m e le o
fiv o
s u d d e n ly
th o
h a d
y ea rs; h e
o f I I . I I . P a r m e le e , T r e a s u r e r o f th o in s titu tio n .
in
r e s u lt
b een
w a s a
K e ls e y
B a n k s,
T h o
b a n k
S treot a n d W a b a s h a .
a n d
C h a so
o f
h a s
s u r p lu s
th o
a n d
is
is
It
u n d iv id e d
a s s is ta n c e
in
th o
a n d A . H irs c h -
o f
m a n a s V ic e -P r e s id e n ts ;
H a m ilto n
N .
V ic e -P r e s id e n ts a n d A . G . C a s p e r w a s a p p o in te d
A s s is ta n t
to
o f th o
th o
d e p a rtm e n t, a
a n n u m .
d iv id e n d
w ith
o n
m a n a g e m e n t o f H . G . A lle n , F r a n k M . M o o r o
fie d
b a n k ,
o n ly o ffic ia l
a t th o
a
p r o fits
J oh n
in
th e
t im e , w h ic h in c r e a s e s it s d iv id e n d p a y m e n t s
p er
T ru st
b e g in n in g
th o
b in d in g
g ra n ted
o c c a s io n
p a p ers,
tr a n s a c tio n s
W illia m
N a tio n a l
A lle g h e n y
o f
a g a in s t
th o
a n d
S p r in g d a le
S .
T h e
to
C o u rt
th a t
P it t s b u r g h ,
A s s is ta n t
T h e
ju r y
o f $ 7 5 8 ,
$ 1 0 ,0 0 0
H o llin s
g iv o
F e rg u so n
b u s in e s s .
d iv id e n d s ,
J a n .
K u tz le b
th e
1 8 th
r e c e iv e r .
I n c .,
1 8 6 ; w h ilo
th o
sh o w
in te n t
T h e
k n o w le d g e
c o n s e r v in g
o f B r itto n N . B u s ch
to
to
J u d g o
w it h
A c t.
a cco r d in g
C o u rt
t h a t it w a s n o t s h o w n th a t M r . H e c k e r
a n d
th o
th o
h im .
th o g ro u n d
m a lic io u s ly
th e
T h r e o o f th o p a r tn e r s file d in d iv id u a l s c h e d u le s
t h o 2 2 n d ; in
on
a s k in g
a c q u it
a cte d
m o n y
b a n k ru p tc y
th o
m o tio n
th e
w h ic h
a d d itio n ,
w h ic h
m o tio n
to
th e
a n d
c la im s ,
a
s tr u c tio n s
m a rk ,
o f
e ffe c tin g
a n t m a d o
th e
th e E q u itie s
in
In
th o
p r o
C o r p o r a tio n —
th e ir
fr ie n d s ,
1914
o n
is
liq u id a tio n
$ 1 ,0 0 0 ,0 0 0 .
h is
C o u rt
V a n d e r b ilt
w a iv in g
B .
w as
d o lla r
o v e r to
K .
H .
w ee k
c o n fir m a tio n
u p o n
o f
in
M a rc h
D is tr ic t
R e a liz a tio n
b o
a m o n g
c r e d ito r s ’
a g a in s t
la s t
m a te r ia l fa c t o r
a c tio n
M o r g a n
S .
cen ts
p a y a b le
$ 2 5 ,0 0 0
file d
U .
a fte r
a ro to
c la im s
c o lu m n s
100
d a y s
a p p r o x im a te ly
$ 5 ,8 3 4 ,6 4 3 .
o n
th e
P .
r a is e d
to
th o
w as
th o
E q u itie s
C o r p o r a tio n .
s e ttle m e n t
th e
a t
o f th o
a sse ts o f th e fir m , w h ic h
R e a liz a tio n
in
s e ttle m e n t
o f
th ese
th o
le y
R .
I la r lo y ,
A . I . M o lle n th in , C a s h ie r , a n d
A s s is ta n t
S ta n
C a s h ie r .
o f an
id e n t i
b ro th e r
T h e
la r g e r
S ta to
b a n k s
a fte r a n
N a tio n a l B a n k
o f
th o
city ,
o f
L ittle
c lo s e d
a ll-n ig h t c o n fe r e n c e
it s
R o c k ,
d o o rs
A r k .,
o n
o f th o o ffic e r s a n d
th o
o n e
2 0 th
o f
th o
in s t.
d ir e c to r s , w h o
d e c id e d
n o t
th a t
ju s t ify
th o
recen t
th em
in
resen ts
a
c o n v e r s io n
in
c a p ita l
o f
-1 5 0 0 ,0 0 0
a n d
p o rte d
C o .
as
o f
S I ,7 1 9 ,7 9 3 .
S t.
L o u is
N a tio n a l.
h e a v y
1 90 2
it s
It
o w n s
h a d
L ittlo
R o c k
th o
T h o
o f
th o
is
sta te d
fo llo w in g
C h a r le s
to
sa y
o n
d e p o s its
B a n k ;
th o
th o
it
4
re p
h a d
a
w ero
re
B a n k e rs’ T ru st
s to c k
S . M a rs h
c o n c e r n in g
d id
N a tio n a l
M a r c h
th a t
o f
o f
S ta to
S ta te
d e p o s its
$ 5 0 ,0 0 0
V ic e -P r e s id e n t
T ru st
w ith d r a w a l
co n tin u in g .
o f
th o
o f th e
th e
S ta te
B a n k e rs’
c lo s in g
o f
th o
in s titu tio n :
T h o c o n d it io n o f th o L it t l o R o c k b a n k , a s
s o v e ra l w e e k s a g o , w a s a ll r ig h t .
A t th at
w e ro t h r o w n o u t , a n d th o b a n k w a s p u t in
E x a m in e r , w h o is o n e o f th o s t r ic t e s t in th o
f a r a s s h o w n b y a n e x a m in a t io n
t im e a l l b a d o r d o u b t f u l n o te s
a c o n d it io n s a t is f a c t o r y to th o
s e r v ic e o f th o T r e a s u r y D e p a r t
m e n t.
R e c e n t c h a n g e s a m o n g t h o o f f i c e r s o f t h o b a n k h a v e c a u s e d i t t o lo s o s o m e
o f t h o d e p o s it s , a n d t h e n t h o c o u n t r y c o r r e s p o n d e n t s b e g a n t o d r a w o u t
m o n e y fo r c r o p - m o v in g p u rp o s e s in t h e ir d is t r ic t s .
I t w a s a s e a s o n a b le
d e m a n d w h ic h c o m e s e v e r y y e a r , b u t t h is t im e t h e m o n e y w a s w it h d r a w n
f a s t e r t h a n t h o S t a t e N a t i o n a l c o u ld c o l l e c t i t s lo a n s .
B e c a u s e o f r e c e n t c h a n g e s i n t h o b a n k i t w a s n o t a b le t o g e t a li n o o f
c r e d i t i n N o w Y o r k a n d C h i c a g o , a s i n p r e v i o u s y e a r s , a n d , t h e r e f o r e , c o u ld
n o t k e e p u p w it h th o w it h d r a w a ls .
T h e b a n k ’s r e s e r v e s d r o p p e d b e lo w t h o
a m o u n t r e q u i r e d b y t h o n a t i o n a l b a n k i n g la w a n d t h o d i r e c t o r s t h o u g h t i t
b e s t t o c lo s e .
I a m c e r t a in t h a t t h e d e p o s it o rs w ill r c c e iv o e v e r y d o lla r , a n d t h a t i f th o
s t o c k h o ld e r s s u f f e r lo s s i t w i l l b o a s m a l l o n e .
C h i c a g o w i l l n o l o n g e r b e c a l l e d u p o n t o b e a r t h o w h o le s t r a i n a n d r e
s p o n s ib ilit y o f E a s t , W e s t , N o r t h a n d S o u t h .
I h a v e g o n e c a r e f u lly o v e r
th o “ F e d e r a l R e s e v r c A c t ” , a n d a lt h o u g h it c o n t a in s fe a t u r e s w h ic h m ig h t
b o c r i t i c i z e d a d v e r s e l y , y e t o n t h e w h o le i t i s a g r e a t p i e c e o f l e g i s la t i o n ,
a n d h a s re m o v e d m a n y o f th o d a n g e rs w h ic h a r e in c id e n t a l to t h e N a t io n a l
B a n k s y s t e m , b u t w it h o u t le a n in g in t h e d ir e c t io n o f e n c o u r a g in g u n h e a lt h y
e x p a n s io n .
I t p la c e s a t t h e d i s p o s a l o f e v e r y s e c t io n o f t h e c o m m u n i t y a n d
o f e v e r y i n d u s t r i a l a n d a g r i c u l t u r a l c e n t r e n o t o n l y t h e w h o le r e s e r v e s o f
t h o d is t r ic t to w h ic h t h e y a r e t r ib u t a r y , b u t t h e s u r p lu s f u n d s o f e v e r y
o th e r re s e rv e c e n tre c a n b e m a d e a v a ila b le .
I t c o m e s a s c lo s e a s i t c a n
t o o u r C a n a d i a n s y s t e m i n p r o v i d i n g a f le x i b l e c u r r e n c y , a n d i n o n e r e s p e c t
It is b e t t e r t h a n o u r s y s t e m in s o f a r t h a t it b in d s it s m e m b e rs t o g e th e r
i n o n e h e l p f u l , s y m p a t h e t ic b o d y , a n d p r o v i d e s a n e m e r g e n c y c u r r e n c y a n d
c n e r g e n c y c a p it a l o f g r e a t v a lu e .
T h e t im e w ill c o m e in C a n a d a , a n d
c o m e e a r l y , w h e n w o w i l l f i n d I t a d v i s a b lo , y e s , n e c e s s a r y , w i t h o u r g r o w t h
a n d d e v e l o p m e n t , t o e s t a b li s h a b a n k o f r o - d i s c o u n t u n d e r t h e p a t r o n a g e
o f th e D o m in io n G o v e r n m e n t , a n d w it h s o m e w h a t s im ila r p o w e rs to th o s e
t h a t h a v e b e e n g ra n t e d to th e re s e rv e b a n k s o f th e U n it e d S ta te s .
T h o
S ta n d a rd
d e c la r e d
1914
a fte r
T h e
b o n d
d ep a rtm e n t
S t.
L o u is
J .
R .
L o n g m iro
H u g h es,
is
h a s
S e c u r it ie s
b e in g
o f
th o
M is s is s ip p i V a lle y
m a n a g e d
s in c e
th o
b e co m e
b y
A s s is ta n t
fo r m e r
B o n d
V ic e -P r e s id e n t
C o r p o r a t io n
o f
N e w
T ru st
B o n d
O ffic e r ,
o f
th o
C o .
O ffic e r
F e lix
T .
E n g in e e r in g
Y o r k .
to n ,
b u s in e s s o f th e
C a b le
K y .,
B a n k
w a s
o n
th o
n e g o tia tio n s
fo r
p r e v io u s
d a y .
1907;
h a d
it
tra n s fe rre d
1 7 th
in s t .,
a
o f $ 3 0 7 ,3 6 2 .
th a t
c o n s o lid a tio n
T h o
a
to
o f
fo llo w in g
o f
C o m m e r c ia l
c a p ita l
o f
th o
th o
G e rm a n
tw o
N a tio n a l
o f
th o
in s t it u t io n s
th o
w a s
a n d
o r g a n iz e d
d e p o s its
T h o G e r m a n N a t io n a l, o r g a n iz e d in
c a p it a l o f $ 3 5 0 ,0 0 0 ;
u n ch a n g ed ;
it is s t a t e d
th a t
th o d e p o s its o f th o
N a tio n a l
c o n s u m m a tio n
th o
$ 1 0 0 ,0 0 0
o f C o v in g
to
N a tio n a l o n
in
L o n d o n
T h o
G erm a n
p o r t in g
M iln o ,
tio n a l B a n k
co n fe sse d
o f
on
b e e n
e le c te d
C o lu m b u s ,
th o
1 2 th
is
G a .,
u lt.
to
s u c c e e d in g
a
sh o rta g o
th o
T h ir d
A .
W .
H a lo , w h o
o f
$ 1 4 ,0 0 0
C a s h ie r , th o
A s s is ta n t
b o n d
o f
$ 2 0 ,0 0 0 .
d ir e c to r s
C a s h ie r
a n d
h a v e
In
a d d itio n
ch o se n
L e m u e l
D .
th a t
in
n o
h is
i t , a s t h e a m o u n t o f t h o s h o r t a g o is m o r e t h a n c o v
n ow
b a n k
to
T .
F .
as
S e co n d
H ill
lo s s
is
e le c t in g
C o o k
as
T h o
a
F ir s t
A s s is ta n t
Im p e r ia l B a n k
sh ow
y e a r
o f
C a n a d a
e x p a n s io n
o ffic e
T o r o n to )
t w e lv e m o n t h s o f $ 7 8 ,8 0 3 ,2 5 2 , a g a in s t $ 7 7 ,9 6 4 ,1 0 8
a n d
th o
y e a r
$ 7 3 ,7 5 1 ,0 6 8
ju s t
th e
9 4 4 ,0 6 7 ,
o f
th o
o f
o th e r
b a n k s
rep orts
a n d
b a n k ’s
th o
h o ld in g s
d eb en tu res
to
c a ll a n d
T h o
It
fu n d
b e a r in g
a n d
o f
th o
o f
a
o f
a n d
a n d
to
th o liq u id
to
p a id -in
sa m o
is
a n d
th a t
o c c u p ie d
w a s
$ 5 ,0 0 0 ,0 0 0 ,
d iv id e n d s
th o
b e e n
C a n a d a
th e
c a p ita l
a n d
o f
to
lo s s
o f
3 0 0
5 %
C o .
b y
w h ile
a n d
a
P r e s id e n t
F ed era l R eserv e
A c t
D .
o f
R .
th e
W ilk ie ,
U n ite d
b y
o f
d is tr ic ts ;
$ 3 4 ,4 7 3 ,4 5 9 .
a n d
c o m m e n tin g
S t a te s , s a id
o n
B a n k
o f
th o
U n io n
C o .,
co n ce rn .
1 86 5
“ re st”
a n d
o r
h a s
fir m
in
it s
a ccu m u
b ra n ch e s
T h o
la r g e ly
w o u ld
fa ile d
in
Its
in
th e
b e e n
su p
o f
C h a p lin ,
C a n a d a ,
a n d
p ro v e
a n
im p o r ta n t
B a n k
o f
C a n a d a .
h o ld in g s
o f
o f th o
p u b lic
th e
a d d i
th e
S ta te s
a re
U n ite d
31
1 9 1 4 .
d e b t
m a d o
a n d
u p
T re a su ry
fr o m
o ffic ia l
For statement of April
see issue of May 2 3 1 9 1 4 , page 1 5 8 2 ; that of May
see issue of June 28 1 9 1 3 , page 1 8 1 6 .
is s u e d
M a y
31
In terest
P a y a b le .
1 91 4.
3 0
31
D A T E M A Y 3 1 19 14 .
------------- A m o u n t O u tsta n d in g --------------
A m ount
Issu ed .
R e g ister ed .
T it le o f L o a n —
S
$
2 s, C o n s o ls of 1 9 3 0 ...............Q .- J . 6 4 6 ,2 5 0 ,1 5 0 6 4 2 ,8 3 1 ,8 0 0
3 s, L o a n o f 1 9 0 8 -1 8 ..............Q .- F . * 19 8 ,79 2 ,6 6 0 4 6 ,1 6 8 ,8 4 0
4 s, L o a n of 1 9 2 5 ____________ Q .- F . Z 1 6 2 ,3 1 5 ,4 0 0 1 0 1 ,2 1 9 ,2 5 0
2 s, P a n . C a n a l L o a n 1 9 0 6 .Q . - F .
5 4 ,6 3 1 ,9 8 0 5 4 ,6 0 9 ,0 8 0
2 s, P a n . C a n a l L o a n 1 9 0 8 .Q .- F .
3 0 ,0 0 0 ,0 0 0 2 9 ,6 7 8 ,9 2 0
3s, P a n . C a n a l L o a n 1 9 1 1 - Q .-S .
5 0 ,0 0 0 ,0 0 0 3 9 ,9 7 4 ,0 0 0
2 M s ,P o s t .S a v .t )< Is .’ l l - ’ 1 3 . J . - J .
3 ,5 0 6 ,0 0 0
2 ,9 9 6 ,4 8 0
2 M s .P o s t .S a v .b d s . 1 9 1 4 . _ J . - J .
1 ,1 2 9 ,8 2 0
9 7 6 ,9 8 0
C oupon.
T o ta l.
S
3 ,4 1 8 ,3 5 0
1 7 ,7 7 6 ,6 2 0
1 7 ,2 7 0 ,6 5 0
2 2 ,9 0 0
3 2 1 ,0 8 0
1 0 ,0 2 6 ,0 0 0
5 0 9 ,5 2 0
1 5 2 ,8 4 0
S
6 4 6 ,2 5 0 ,1 5 0
6 3 ,9 4 5 ,4 6 0
11 8 ,4 8 9 ,9 0 0
5 4 ,6 3 1 ,9 8 0
3 0 ,0 0 0 ,0 0 0
5 0 ,0 0 0 ,0 0 0
3 ,5 0 6 ,0 0 0
1 ,1 2 9 ,8 2 0
4 9 ,4 9 7 ,9 6 0 9 6 7 ,9 5 3 ,3 1 0
* O f t h is o rig in a l a m o u n t iss u e d , $ 1 3 2 ,4 4 9 ,9 0 0 h a v e b een re fu n d e d In t o th e 2 %
C o n s o ls o f 19 30 a n d $ 2 ,3 9 7 ,3 0 0 h a v e b een p u rc h a se d fo r th e s in k in g fu n d a n d
ca n ce le d , x O f t h is o rig in a l a m o u n t issu e d , $ 4 3 ,8 2 5 ,5 0 0 h a v o b een p u rc h a s e d fo r
th e s in k in g fu n d a n d ca n ce le d .
D E B T O N W H IC H IN T E R E S T H A S C E A S E D S IN C E M A T U R IT Y .
M ay 31.
F u n d e d lo a n o f 18 91, co n t in u e d a t 2 % , c a lle d M a y 18
1900, In te re s t cea sed A u g . 18 1 9 0 0 _________ _________
F u n d e d lo a n o f 18 91, m a t u re d S e p t. 2 19 18 ...................
I.o a n o f 1904, m a t u re d F e b . 2 1 9 0 4 ....... ........................
F u n d e d lo a n of 1 9 07 , m a tu re d J u ly 2 1 9 0 7 . . ..............
R e f u n d in g c e rt ific a t e s , m a t u re d J u l y 1 1 9 0 7 ................
O ld d e b t m a t u re d a t v a r io u s d a te s p r io r to J a n . 1 1861
a n d o t h e r ite m s o f d e b t m a t u re d a t v a rio u s d a te s
s u b se q u e n t to J a n . I 1 8 6 1 ________ ___________________
$ 4 ,0 0 0
2 3 ,6 5 0
1 3 ,0 5 0
6 5 7 ,6 0 0
1 3 ,3 3 0
00
00
00
00
00
$ 4 ,0 0 0
2 3 ,6 5 0
1 3 ,0 5 0
6 5 3 ,0 5 0
1 3 ,3 1 0
00
00
00
00
00
9 0 3 ,6 8 0 26
9 0 3 ,6 6 0 2 6
A g g re g a te d e b t o n w h ic h In te re s t h a s cea sed sin ce
m a t u r i t y ........................................................................... $ 1 ,6 1 5 ,3 1 0 26
$ 1 ,6 1 0 ,7 2 0 6 2
D E B T B E A R IN G N O IN T E R E S T .
M a y 31.
A p r il 30.
U n it e d S ta te s n o te s...............................................................$ 3 4 6 ,6 8 1 ,0 1 6 0 0 $ 3 4 6 ,6 8 1 ,0 1 6
O ld d e m a n d n o t e s ................................................................
5 3 ,1 5 2 0 0
5 3 ,1 5 2
N a t io n a l b a n k n o tes, re d e m p tio n f u n d ........................
1 5 ,5 8 5 ,6 7 6 0 0
1 6 ,1 3 1 ,2 2 1
F ra c t io n a l c u r r e n c y , le ss $ 8 ,3 7 5 ,9 3 4 e stim a te d a s
lo st o r d e s t ro y e d _____________________________________
6 ,8 5 3 ,0 9 7 90
6 ,8 5 2 ,4 7 2
A g g re g a te d e b t b e a rin g n o In t e re s t .....................$ 3 6 9 ,1 7 2 ,9 4 2 4 0
00
50
00
90
$ 3 6 9 ,7 1 7 ,8 6 2 4 0
R E C A P IT U L A T IO N .
In t e re s t -b e a rin g d e b t ..............
D e b t In te re s t ce a s e d __________
D e b t b e a rin g n o in t e re s t .........
M a y 3 1 19 14 .
$ 9 6 7 ,9 5 3 ,3 1 0 0 0
1 ,6 1 0 ,7 2 0 26
3 6 9 ,7 1 7 ,8 6 2 4 0
In crease ( +
or
D e c r e a s e (— ) .
A p r i l 3 0 19 14 .
$ 9 6 7 ,9 5 3 ,3 1 0 0 0
1 ,6 1 5 ,3 1 0 26
3 6 9 ,1 7 2 ,9 4 2 40
T o t a l g ro ss d e b t ..................... $ 1 ,3 3 9 ,2 8 1 ,8 9 2 66 $ 1 ,3 3 8 ,7 4 1 ,5 6 2 66
C a s h b a la n c e In T r e a s u r y * . .
2 4 0 ,2 8 2 ,2 3 3 66
2 4 5 ,8 2 3 ,1 9 1 5 2
— $ 4 ,5 9 0 0 0
+ 5 4 4 ,9 2 0 0 0
+ $ 5 4 0 ,3 3 0 00
— 5 ,5 4 0 ,9 5 7 86
T o t a l n e t d e b t ....................... $ 1,09 8 ,9 9 9 ,6 5 9 0 0 3 1 ,0 9 2 ,9 1 8 ,3 7 1 14 + $ 6 , 0 8 1 ,2 8 7 8 6
a
h is
th o
:
T h e a m e n d m e n ts to th e B a n k in g L a w s o f th e U n it e d S ta te s a n d th o
in c o r p o r a t io n o f th o “ F e d e r a l R e s e r v e B a n k s " h a v e a lr e a d y in s p ir e d c o n
f i d e n c e t h r o u g h o u t t h e U n i t e d S t a t e s , a n d h a v e r e m o v e d , f o r t h o t im o
b e in g a t a n y r a t e , a l l f e a r s o f m o n e y s t r i n g e n c y , t h o r e s u l t o f t h o c r o p
m o v e m e n t s , w h i c h l i a s m o r o t h a n o n c o i n t e r c e p t e d t h o f lo w o f p r o s p e r i t y .
T h o F e d e r a l R e s e rv e B a n k s w ill f u r n is h a ll o t h e r b a n k s w h o a re m e m b e rs
o f t h o R e s e r v o B a n k s y s t e m w i t h f a c i l i t i e s f o r b o r r o w i n g o n s h o r t n o t ic e
u p o n s u c h o f t h o ir a s s e t s a s c o n s i s t o f “ n e g o t ia b le p a p e r is s u e d o r d r a w n
f o r a g r ic u lt u r a l, in d u s t r ia l o r c o m m e r c ia l p u r p o s e s , ” a n d N e w Y o r k , a n d
2 4
$ 1 ,
in te r e s t
In
J u ly
G r e n fe ll &
b u s in e s s
sta te m e n ts
b o n d s,
g o v e rn m e n ts;
d e p o s its ,
p a y a b le
o f
U n io n
th o
it s
it s
y e a r.
o p e ra te d
b u s in e s s
F o r e ig n
$ 7 ,0 0 0 ,0 0 0 ,
Its
d u o
T h o
a cco u n t
31
th e
o v e r t h e p r e m is e s
fo r m e d
$ 3 ,6 0 0 ,0 0 0 .
a b o u t
th is
sa y
C h a p lin , M iln e ,
IN T E R E S T -B E A R IN G
g o v e rn m e n t
sch o o l
a ssets u p
o f
$ 6 ,9 6 9 ,6 8 9 ,
o th e r
u p o n
s e c u r e s o m e o f t h e b u s in e s s h ith e r
o f
a b o u t
G r e n ffe ll &
fo llo w in g
fig u r e s
p u r
d u o
B r itis h
p r o v in c ia l
p r o fit
a m o u n t.
o f
a n d
a n d
b a la n c o
$ 2 4 ,3 0 0 ,5 2 9 ;
r a ilw a y
m u n ic ip a litie s
th o
as
h a s
J u ly
w ill b e
re co rd
DEBT STATEMENT OF M AY
T h e
th ese
b a n k s
b a la n c o
p r o v in c ia l
to
$ 1 2 ,
b e s id e s
o th e r
e ls o w h o r o
a g g reg a te
T h o
to
$ 1 ,7 0 6 ,9 2 0 ,
$ 2 ,7 0 1 ,5 2 4 ;
$ 8 9 4 ,1 1 0 ,
lo a n s
fu n d .
M in is te r , fo r
n otes
s e c u r it ie s ;
fo r w a r d
th o
c o in ,
fo r
o f 8 .3 0 %
n o n -in t e r e s t -b e a r in g , r e a c h $ 5 8 ,2 3 8 ,8 5 5 .
a n n u a l a d d ress
n ow
to
tu rn -o v e r
fo r
a y e a r
p r o fits
a m o u n te d
s e c u r it ie s ;
to w n s,
h as
s u r p lu s
m u n ic ip a l
s h o r t lo a n s , b r in g
reserv o
o f
ite m s ,
sto ck s;
c a r r ie s
w ith
D o m in io n
p u b lic
co n
a ssets
ra to
$ 1 1 ,2 3 7 ,0 8 7 ;
$ 3 3 8 ,2 2 0 ;
b a n k s
n et
th o
1914
s ilv e r
o f
co rre sp o n d e n ts
o f
c itie s ,
a n d
n o te s
o th e r
ca sh
a n d
b a n k
2 6 5 ,9 1 9 .
g o ld
to ta l
T h o
a n d
A p r il 3 0
C a n a d a
C a n a d ia n
C o lo n ia l
1 9 1 2 .
c a p ita l
o n
d e p o s it
o n
in
r e p o r tin g
$ 1 ,2 3 6 ,9 8 5 — a t
F u n d ,
b a n k in g
s e c u r itie s ;
lo a n s
o f
o n
ch eck s
b a n k s
w h ic h , w ith
a n d
u p
C ir c u la tio n
$ 4 5 2 ,9 7 9 ;
b y
w ero
b a n k
1914
A p r il 3 0
G o v e rn m e n t
b a n k
3 0
p a id -u p
th o
m a d o
D o m in io n
o n
clo s e d
a v era g o
a ssets
p o se
A p r il
(h e a d
it s b u s in e s s , it s a n n u a l s t a t e m e n t
th o
a g o
e n d in g
in
th o
u p o n
w h ic h
o f
A g g re g a te in t .-b e a rln g d e b t . , 1 , 1 4 6 ,6 2 6 ,0 1 0 9 1 8 ,4 5 5 ,3 5 0
fo r
ca sh
o f
tio n
C a s h ie r .
tin u e s t o
T o r o n to )
e n d in g
p er a n n u m
I t h a s a lr e a d y ta k e n
h a d
n u m b e r
N a
s u ffe r e d b y
H a lo ’s
th o
o f
I t
b y
b y
1 3 %
b a n k , a n d
L o n d o n
fir m
o f
4
a cco u n ts .
ered
a n n o u n ce d
C a s h ie r
th e
a c q u is itio n
1 9 1 4 ,
h a s
o f
s h a r e h o ld e r s
step s to
B a n k
reserv e
r e m a in
M a rc h
J a m e s C . E r n s t c o n tin u e s a s P r e s id e n t o f th o
Y o u n g
ra te
o ffic e
q u a rte r
4
N a tio n a l.
H .
b y
a m o u n ts
D o m in io n
1 9 1 3 ,
W .
to
(h e a d
cu rre n t
o f th e
1
fr o m
w h ic h
U n io n
ca sh
w e r o $ 9 9 3 ,1 8 4 .
a d v ic e s
h a s ta k en
co n d u cte d
1 8 7 1 , h a s a
t h o a m o u n t is t o
G e rm a n
in
M a r c h
a t th e
w h ic h r e c e n t ly fa ile d .
c a p ita l
C o m m e r c ia l N a t io n a l B a n k
C a n a d a
th e
1 9 1 4 .
la te d
T h o
b e in g
A u g .
o f
fo r
c a p ita l s to c k
a n d
C a n a d a
o f
B a n k
d iv id e n d
3%%,
o f
p a id -u p
o n
a
* In c lu d e s $ 1 5 0 ,0 0 0 ,0 0 0 re s e rv e fu n d .
a U n d e r tho ne w fo rm o f sta te m e n t a d o p te d b y th e U n it e d S ta te s T r e a s u r y on
J u ly 1, th e ite m " n a t io n a l b a n k n o tes re d e m p tio n f u n d ” is n o t o n ly In c lu d e d In
th e “ d e b t b e a rin g n o in t e re s t ,” b u t a p p e a rs a s a c u rre n t lia b ilit y In th e T r e a s u r y
sta te m e n t o f " c a s h asse ts a n d lia b ilit ie s .”
I n a r r iv in g a t th e to ta l n e t d e b t, th ere
fore, a n d to a v o id d u p lic a t io n , th e a m o u n t Is e lim in a t e d a s a c u r r e n t I la b llt y ,
In c re a s in g to t h a t e x te n t th e ca sh b a la n c e In tho T r e a s u r y .
T h o
fo r e g o in g
$ 1 ,3 3 9 ,2 8 1 ,8 9 2
in
th e
T re a su ry )
T R E A S U T Y
fig u r e s
6 6
a n d
o f
cu rre n cy
b u s in e s s o n
sh ow
n et
a
g ross
d e b t
$ 1 ,0 9 8 ,9 9 9 ,6 5 9
C U R R E N C Y
c o m p ila tio n , b a s e d
th o
a
o n
h o ld in g s
d e b t
(g r o s s
o n
d e b t
M a y
le s s
n e t
31
o f
ca sh
0 0 .
H O L D I N G S .—
T h o
fo llo w in g
o ffic ia l G o v e r n m e n t s ta te m e n ts , sh o w s
o f
th e
T re a su ry
a t
th e fir s t o f M a r c h , A p r il, M a y
th o
b e g in n in g
a n d J u n e, 1914.
o f
M a r . 1 1 9 1 4 . A p r . 1 19 14 . M a y 1 19 14 . J u n e 1 19 14 .
H o l d in g s i n S u b -T r e a s u r ie s —
S
$
S
S
N e t g o ld co in a n d b u llio n __________2 1 3 .S 7 4 .4 6 3 2 2 6 ,9 9 3 ,7 7 4 2 0 9 ,3 6 6 ,8 2 5 2 1 0 ,1 5 6 ,9 1 0
N e t s ilv e r c o in a n d b u llio n _______ 3 4 ,9 0 6 ,6 6 7 3 6 ,3 1 7 ,5 3 8 4 0 ,8 9 9 ,6 7 3 3 2 ,1 1 7 , 7 2 3
9 ,1 9 5
8 ,8 4 1
8 ,6 9 3
N e t U n it e d S ta te s T r e a s . N o t e s .
6 ,7 6 5
6 ,6 8 8 ,9 2 5
5 ,2 1 4 ,4 2 7
6 ,2 7 1 ,8 5 4
N e t le g a l-te n d e r n o t e s ___________
7 ,4 7 1 ,3 2 6
3 1 ,8 2 0 ,0 9 1
3 8 ,3 6 3 ,6 4 4 3 8 ,7 5 7 ,5 5 9
N e t n a t io n a l b a n k n o te s__________ ■ 4 5 ,3 1 8 ,1 2 6
2 1 ,3 5 8 ,2 0 0 2 1 ,5 7 1 ,2 3 4
N e t f ra c t io n a l s i l v e r ______________ 1 9 ,2 9 3 ,0 3 8 2 0 ,2 9 5 ,7 7 2
2 ,5 5 3 ,7 1 6
2 ,1 6 1 ,2 0 4
2 ,3 1 7 ,6 0 2
M in o r c o in , A c _____________________ 2 ,4 3 9 ,5 5 6
L e s s g o ld re s e rv e f u n d .........
.3 2 3 ,3 0 9 ,9 4 1 3 2 9 ,5 1 1 ,5 9 8 3 1 8 ,8 2 4 ,0 0 8 3 0 1 ,9 1 7 ,7 9 4
.1 5 0 ,0 0 0 ,0 0 0 1 5 0 ,0 0 0 ,0 0 0 1 5 0 ,0 0 0 ,0 0 0 1 5 0 ,0 0 0 ,0 0 0
.1 7 3 ,3 0 9 ,9 4 1 1 7 9 ,5 1 1 ,5 9 8 1 6 8 ,8 2 4 ,0 0 8 1 5 4 ,9 1 7 ,7 9 4
C a s h In n a t io n a l b a n k s —
. 6 6 ,7 2 8 ,3 8 5
. 7 ,3 5 7 ,1 1 4
5 5 ,6 4 2 ,3 2 2
7 ,3 9 7 ,8 5 9
5 1 .1 9 6 ,1 4 5
7 ,51 0 ,7 7 2
5 1 ,9 0 6 ,2 6 6
6 ,0 9 9 ,8 8 2
. 7 4 ,0 8 5 ,4 9 9
. 5 ,6 7 1 ,6 7 8
6 3 ,0 4 0 ,1 8 1
5 ,6 3 2 ,3 7 4
5 3 ,7 0 6 ,9 1 7
4 ,5 1 6 ,3 2 9
0 1 ,0 0 6 ,1 4 8
4 ,7 8 2 ,0 2 2
.2 5 3 ,0 6 7 ,1 1 8 2 4 8 ,1 8 4 ,1 5 3 2 3 2 ,0 4 7 ,2 5 4 2 2 0 ,7 0 0 ,5 6 4
.1 4 3 ,4 9 5 ,8 2 7 14 0 ,6 6 3 ,7 6 4 1 3 6 ,2 2 4 ,0 6 3 1 3 0 .4 2 4 ,3 3 0
B a la n c e ....................................
.1 0 9 ,5 7 1 ,2 9 1 1 0 7 ,5 2 0 ,3 8 9
16 ,60 4 ,968
. 1 6 ,7 0 4 ,7 4 3
9 5 ,8 2 3 ,1 9 1
1 5 ,5 8 5 ,6 7 6
9 0 ,2 8 2 ,2 3 4
1 6 ,1 3 1 ,2 2 1
A v a ila b le ca sh b a la n c e ________ 9 2 ,8 6 6 ,5 4 8 9 0 ,9 1 5 ,4 2 1
8 0 ,2 3 7 ,5 1 5 7 4 ,1 5 1 ,0 1 3
a C h ie f ly " d is b u r s in g o ffic e rs ’ b a la n c e s ."
x In c lu d e s S 3 ,3 8 6 ,7 5 9 17 s ilv e r b u llio n
a n d 5 2 , 5 5 3 , 7 1 5 5 1 m in o r c o in , & c . , n o t In c lu d e d In sta te m e n t “ S to c k o f M o n e y .”
TREASURY CASH AND DEMAND LIABILITIES —
Tho cash holdings of the Government as the items stood
May 31 are set out in tho following:
ASSETS.
L IA B IL IT IE S .
T r u s t F u n d H o l d in g s —
S
T r u st F u n d L ia b ilitie s —
$
G o ld c o in a n d b u ll i o n . . 1,1 38 ,6 0 2 ,8 6 9 0 0 G o ld c e rt if ic a t e s .....................1 ,1 3 8 ,6 0 2 ,8 6 9 0 0
S ilv e r d o lla r s ____________
4 7 9 ,5 7 9 ,0 0 0 0 0 S ilv e r c e rt ific a t e s _______ 4 7 9 ,5 7 9 ,0 0 0 0 0
S ilv e r d o lla rs o f 1 S 9 0 . . .
2 ,4 6 0 ,0 0 0 0 0 T r e a s u r y n o te s_____________
2 ,4 6 0 ,0 0 0 0 0
T o t a l t ru s t f u n d ......... 1, 6 2 0 ,6 4 1,8 6 9 0 0
T o t a l t ru s t lia b ilit ie s . 1 6 2 0 ,6 4 1,8 6 9 0 0
G e n 'l F u n d H o l d in g s —
G en . F u n d L ia b ilitie s —
I n T r e a s u r y O ffice s:
I n T r e a s u r y O ffic e s—
D is b u r s . o ffic e rs ’ b a l.
5 9 ,7 3 8 ,7 4 6 5 5
G o ld c o in ______________
2 7 ,3 0 7 ,659 58
O u t s t a n d in g w a rra n t s
1 ,8 6 5 ,2 1 3 56
G o ld c e r t if ic a t e s _____
32 ,8 4 9 ,250 0 0
O u t s t ’g T r e a s . ch e ck s.
3 ,3 8 6 ,9 3 4 67
1 5 ,5 5 4 181 0 0
S t a n d a rd s liv e r d o lla rs
O u t s t a n d ’g In t. ch e ck s
2 9 6 ,4 1 1 10
1 3 ,1 7 6 ,783 0 0
S ilv e r c e rt if ic a t e s ____
P . O . D e p t , b a la n c e s .
14 ,3 9 9 ,74 4 3 5
6 .6SS 9 2 5 0 0
U n it e d S ta te s n o t e s . .
P o s t a l s a v in g s b a l s . . .
9 ,195 0 0
2 ,1 1 7 ,8 0 2 8 3
T r e a s u r y no tes o f 1890
J u d ic ia l o ffic e rs ’ b a l
5 04 ,530 04
C e r t , ch e c k s o n b a n k s
a n ce s, A c ___________
3 1 ,8 2 0 ,091 2 5
8 ,7 6 0 ,0 5 0 84
N a t io n a l b a n k n o t e s .
N a t io n a l b a n k n o tes:
S u b s id ia r y s liv e r c o in .
2 1 ,5 7 1 ,2 34 2 0
2 3 1 26
1 6 ,1 3 1 ,2 2 1 0 0
R e d e m p t io n f u n d . .
F r a c t io n a l c u r r e n c y . .
2 ,0 4 8 ,954 21
M in o r c o i n ..................
N a t. bank 5 % fu n d ..
2 0 ,6 6 6 ,3 9 3 12
3 ,3 8 6 ,7 59 17
A sse ts o f fa ile d n a
S ilv e r b u l l i o n ________
tio n a l b a n k s ............
2 ,0 9 3 ,8 9 8 69
T o t . In S u b -T re a s u rie s 1 5 4 ,9 1 7 ,7 9 3 71
M ls c . (e xch an g es, A c .)
7 ,1 1 5 , 0 0 0 0 5
I n N a t . B a n k D e p o sito rie s :
C r e d it T r e a s . o f U . S .
5 4 ,9 0 6 ,2 6 5 69
T o t a l .........................
1 3 6 ,5 7 1 ,4 1 6 76
C r e d it U .S .d ls .o f f lc e rs
6 ,0 9 9 ,8 8 2 34 S u b t ra c t :
checks
not
c le a re d ............................
1 ,0 3 0 ,7 7 3 06
T o t a l In b a n k s ____
6 1 ,0 0 6 ,1 4 8 0 3
I n T r e a s . P h ilip p in e Is la n d s —
1 3 5 ,5 4 0 ,6 4 3 7 0
C r e d it T r e a s u r e r U . S .
1 ,8 7 3 ,3 3 3 79 I n N a t . B a n k D e p o s .:
C r e d it U .S .d ls .o f f lc e rs
2 ,9 0 9 ,2 8 8 2 3
J u d ic ia l o ffic e rs ’ b a l
an ce s, .fee___________
6 ,0 9 9 ,8 8 2 34
T o t a l In P h ilip p in e s
4 ,7 8 2 .6 2 2 02
O u t s t a n d in g w a rra n t s
4 9 0 ,7 0 8 84
T o t a l In b a n k s ____
I n T r e a s . P h ilip p in e s —
D is b u r s . o ffic e rs ’ b a ls .
O u t s t a n d in g w a rra n t s
T o t a l ..........................
T o t a l U a b ll. a g a in s t ca sh
C a sh H a l. A R eserv e —
T o t a l ca sh re s e rv o ______
M a d e u p o f—
A v a ila b le 7 4 ,1 5 1 ,0 1 2 66
an d
R e s e rv e F u n d :
G o ld a n d
R e ser v e F u n d H o l d in g s —
G o ld co in a n d b u ll i o n . . 1 5 0 ,0 0 0 ,0 0 0 0 0
b u ll . 1 5 0 ,0 0 0 ,0 0 0 0 0
G r a n d t o t a l________ 1 ,9 9 1 ,3 4 8 ,4 3 2 70
n o t a r y ? ® o m m
E n g lis h
6 ,5 9 0 ,5 9 1 18
2 ,9 0 9 ,2 3 8 2 3
1 ,5 1 5 ,0 2 7 99
4 ,4 2 4 ,3 1 6 22
1 4 6 ,5 5 5 ,5 5 1 10
2 2 4 ,1 5 1 ,0 1 2 66
G r a n d t o t a l________ 1 .0 9 1 .3 4 8 ,4 3 2 76
M a rk e ts —
P e r
C a b le .
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending June 2 6 .
Sat.
S ilv e r , p e r o z _______________ d 2 5 13-16
d C o n s o ls , 2 % p e r c e n t s ____ 7 4 %
d F o r a c c o u n t ....................... 7 4 13-1 6
d F r e n c h R e n te s (In P a ris ) f r . 8 4 .4 5
Amalgamated Copper C o . . - 72%
A m . Smelt. A Refining C o . . 65
b Anaconda M ining C o ____ 6%
A tch. Topeka A Santa F e .. .1 0 1 %
Preferred....... ............ ........ .1 0 3 %
Baltimore A Ohio_________ - 93%
Preferred_______________ . 83
Canadian Pacific_________ .1 9 9 %
Chesapeake A Ohio......... .. - 53
Chicago Great Western____ - 14%
Chicago M llw . A St. P a u l.. .1 0 2 %
Denver A Rio Grande--------- - 11%
Preferred............................. - 19%
E r i e ______________________ - 29%
First preferred_________ . 45
Second preferred_______ . 38
Great Northern, preferred. .126
Illinois Central____________ .115
Louisville A Nashville_____ .142
Missouri Kansas A T e x a s .. - 18%
Preferred_______________ - 39%
Missouri Pacific___________ - 16%
N a t. R R . of M c x ., 2d pref. - 12%
N . Y . Cent. A H ud . R ive r. . 94
N . Y . O nt. A Western......... - 26%
Norfolk A Western________ .1 0 7 %
Preferred_______________ . 90
Northern Pacific_________ -1 1 3 %
a Pennsylvania____________ - 57
a Reading Com pany______ - 84%
a First preferred________
a Second preferred...........
Rock Island______________ . 3
Southern Pacific__________ .. 96%
Southern R ailw ay............... .. 25%
Preferred.............................. 80%
Union Pacific_____________ ..1 5 9 %
Preferred_____ _________ .. 85%
U . S. Steel Corporation____.. 63%
Preferred_______________ -1 1 2 %
W abash___________________ .
1
Preferred_______________ .. 4
Extended 4s____________ . 53
_ a price per sharo. b £ sterling.
Mon.
Tues.
Wed.
26
7 4 11 -1 6
74%
8 4 .3 7 %
2 5 15 -16
7 4 9 -1 6
7 4 9 -1 6
8 3 .9 2 %
25%
7 4 9 -1 6
7 4 9 -1 0
8 4 .1 0 %
72%
65
%
%
103%
9 4%
83
199%
52%
14%
%
%
19%
29%
45%
38
126%
116
142
18%
39%
17
%
94
26
107%
90
114
57
84%
72%
65%
%
2 5 15 -16 2 6 %
74%
7 4 15-16
74%
7 4 15-16
8 3 .7 5
71%'
65
%
%
103%
93%
83
198%
53
15
%
%
19%
29%
45
38
127
116
142
17%
39
17%
69%
63%
%
%
103%
91%
83
197%
51%
15
69%
63
%
99%
103
91
83
196%
54%
14
99%
19
28%
43
37
126
115
140%
17
38
16%
%
<91%
25
107
56%
82%
18
28%
43
37
124%
113%
140
17%
39%
17
%
90
23
106 %
89
%
56%
82%
1
2
'
T h u rs.
6
101
6
102
6
101
6
100
102
11
11
102
11
100
11
12
___
___
2
%
9 6%
25%
80%
160
86
63%
112%
1
4
c
104
9 4%
83
199%
52%
15
103
%
19%
29%
45%
38
127%
116
142
17%
39%
17%
%
94
26%
108
90
114%
57%
84%
12
___
___
2
12
94
26
107%
113%
57
84%
2
99%
25%
81
160
85%
63%
%
9 8%
25
81
159
85%
62%
%
l
4
4
112
53
53
Ex-dlvldend.
112
1
53
e r c ia l a u d iW
12
88
112
%
96%
24%
80%
156%
85
60%
112
1
3%
52
F r i.
6
11
11
111
9 6%
24%
80
156%
84 %
60%
%
111
%
3%
51
d Quotations here given
s c c I I a t ic a u s
National Banks.— The following information regarding
national banks is from the office of the Comptroller of tho
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Security Bank of Atwater, Atwater, Minn., into “ Tho First National
Bank of Atwater.” Capital, $25,000.
Tho People's Bank of Springfield, Springfield, S. C ., into “ Tho First
National Bank of Springfield.” Capital, 825,000.
The Bank of Erwin, Erwin, Tenn., into "Erwin National Bank.”
Capital, $25,000.
The People’s Bank of Santa Cruz, Cal., into “ The Farmers’ & Merchants’
National Bank of Santa Cruz.” Capital, $100,000.
Enterprise Bank, Laurens, S. C ., into “ Enterprise National Bank of
Laurens.” Capital, $100,000.
The People’s Bank of Columbia, S. C ., into “ The People’s National
Bank of Columbia.” Capital, $100,000.
CHARTERS ISSUED TO NATIONAL BANKS JUNE 13 TO JUNE 15.
10.559— The First National Bank of Cowen, W. Va. Capital, $25,000.
William Rogers, Pres.; R. C. McCandlish, Cashier.
10.560—
The Craig National Bank, Craig, Colo. Capital, $25,000.
W. R. Deakins, Pres.; F. M . Pleasant, Cashier. (Succeeds Tho
Bank of Craig, Craig, Colo.)
VOLUNTARY LIQUIDATION.
554— The National Bank of Commerce of Boston, Mass., M ay 28 1914.
Liquidating committee, N. Penroso Ilallowell, Boston, Mass.,
and Eugene V. R. Thayer, Lancaster, Mass. Consolidated with
The Merchants’ National Bank of Boston.
9,752— The Farmers’ National Bank of Myerstown, Pa., May 26 1914.
Succeeded by tho Myerstown Trust C o., Myerstown, Pa., which
is to act as liquidating agent.
6,086— The First National Bank of Oquawka, 111., Juno 15 1914. Liqui
dating agent, James W. Gordon, Oquawka, HI. To bo succeeded
by the First State Bank of Oquawka.
8,812— The First National Bank of Curtis, Neb., Juno 9 1914. Suc
ceeded by the Security Stato Bank of Curtis. Liquidating agent,
J. E. Boas, Curtis, Neb.
DIVIDENDS.
The following shows all tho dividends announced for the
future by large or important corporations.
D ivid en d s annou nced this week are printed in italics.
Name of Company.
R a il r o a d s (S t e a m ).
A lab a m a G rea t S ou th ern , p referred -----A lb a n y A S u sq u eh a n n a ............................. —
A lleg h en y A W estern , g u a ra n teed -----------A tch ison T o p e k a A S anta F e , p r e fe rr e d . .
A t la n t a A W e s t P o i n t ---------- ----------------------A tla n tic C oa st L ino R R ., c o m m o n ---------B eech C reek , g uaranteed (q u a r .)-------------B oston A A lb a n y (q u a r .)-------------------------B oston A L o w e ll__________________________
B o s to n R e v e re B ea ch & L y n n (q u a r.) —
C a n a da S ou th ern ........................... .....................
C a nadian P a c ific, c o m . (q u a r.) (N o . 7 2 ) .
C en tral R R . o f N ew Jersey (q u a r .).............
S p e cia l-------------- --------------- ----------------------C hesap eak e A O h io (q u a r .)---------------- . . .
C h ica g o In d ian a p olis & L ou isville, p r e f . .
C h lca g o & N o r th W estern R y . . c o m .(q u .)
P referred (q u a r .)-----------------------------------C on n ectin g R a ilw a y (P h ila d e lp h ia )-------C u b a R R ., p r e fe r r e d ____________________ _____
D ela w a re L a ck a w a n n a A W e s t e r n (q u a r .) .
D e tro it H illsdale A S ou th w estern ...............
D e tro it A M a ck in a c, c o m . A p r e f---------D e tro it R iv e r T u n n e l-------------------------------E lm ira A W illia m sp ort, preferred ...............
F t . W o rth & D e n v e r C ity , sta m p e d s t o c k . . .
c r e t a i l iiy lis liT t c iu s
F in a n c ia l
C o m m
G eorg ia R R . A B anking (q u a r .)..................
G rea t N orth ern (q u a r .)------------ --------------H arrisburg P ortsm . M t . J o y A L ancaster
E x t r a ____________________________________
H ockin g V a lley (q u a r .)------------------ ----------I l li n o is C en tra l ( N o . 1 1 9 )-------------------------Illinois C en tra l, Leased L in es-----------------In terb orou g h R a p id T r a n s it-------------------In terb orou g h R a p id T ra n sit (e x t r a )-------J oliet A C h ica g o (q u a r .)---------------------------K ansas C ity S ou th ern , pref. (q u a r .)------L ackaw anna R R . o f N ew Jersey (q u a r .).
Lake S hore A M ich ig a n S o u th e rn -----------G u ar, sto c k (M ic h . S ou . A N o r . I n d . ) .
L ehigh V a lley , c o m . a n d p ref. ( q u a r . ) . . .
L ittle S chu ylkill N a v .. R R . A C o a l.............
l.oulsvllle A N a sh v ille ........ ..................... .........
M a h on in g C oa l R R . , c o m m o n ---------------P r e f e r r e d ........................ ....................... .........
M a in e C en tral (q u a r .).................... ................
M an h a ttan R a ilw ay (q u a r .)........................
M ichigan C e n tr a l---- --------- ------------------------M in e H ill A S ch u ylk ill H a v e n . ....................
M ob ile A B irm in gh a m , preferred ...............
M orris A E ssex -------- ------------------------------ - N . Y . C en tral A H u d son R iv e r ( q u a r . ) . .
N ew Y o r k A H a rlem , c o m . a n d p r e f . .
N . Y . L ackaw anna A W estern ( q u a r . ) . .
N o r fo lk A W e s t e r n , c o m . ( q u a r .) -------A d ju s t m e n t p r e fe r r e d (q u a r .) -----------N orthern C e n tr a l______________________
N orthern R R . o f N ew H a m pshire (q u a r.)
N orw ich A W orcester, p ref. (q u a r .)-------Paterson A H u d so n _________ ______ _______
P a te rso n A R a m a p o ________________________
P e n n s y lv a n ia C o m p a n y ______________________
P en n s y lv a n ia R R . ( q u a r .) ................ ...............
P hilad elp hia B a ltim ore A W a sh in g to n —
P itts . C i n . C h ic . A S t. L .. p r e f . ( q u a r . ) . . .
P itts. F t . W a y n e A C h ic ., reg . g u a r .(q u .)
Special guaranteed (q u a r .)_____________
R ea d in g C o m p a n y , co m m o n (q u a r .)------F irst preferred (q u a r .)________________
S econ d preferred (q u a r .)_____________
Rensselaer A S a ra toga __________________
R ic h . F red . A P o t o m ., c o m . A d lv . ob llg
R o m e A C lin to n __________________________
S t. L ouis R o c k y M t . P a c .A C o ., p f. (q u .)
S t. L ou is A San F ra ncisco—
I t . C . F t . S . A M „ p f. tr. c t fs . (q u a r .).
Southern P a cific C o . (q u a r.) (N o . 31) —
T o r o n t o H a m ilton A B u ffa lo (q u a r .).
U n ion P a c ific, co m m o n (s p e cia l)--------Union P a c ific, com m on (q u a r .)---------U nited N . J . R R .A C anal C os . g u a r .(q u .)
V a lley R a ilroa d (N ew Y o r k ) -------------W e s t e r n R y . o f A la b a m a ________________
W r ig h ts v llle A T e n n ll le , c o m . a n d p r e f ------S t r e e t a n d E l e c t r i c R a ilw a y s .
A thens R y . A E lectric, p ref. (q u a r .)-----Am erican C ities C o ., preferred ---------Asheville P o w . A L t ., pref. (q u .) (N o . 9)
A u g u s t a - A ik e n R y . A E le c . p r e f. ( q u a r . ) . .
A u rora E lgin A C h ic. R R . , c o m . (q u a r .).
P referred (q u a r .)___________________
P er
When
Cent. Payable.
3
4%
3
2%
3
3%
1
2%
4
1%
1%
2%
2
2
1
2
1%
2
2
3
2%
2
2%
3
3.16
3
3
1%
3%
%
2
2%
2
2%
5
1%
1
1
6
6
$1.25
$1.50
3%
$5
$1.25
1%
1%
3
$1.50
2
3%
1%
$2.50
1%
1%
1
$2
1%
2
4
2
3
1%
2
%
1%
1%
2
1
1
4
4%
3%
1%
1
Aug.
J u ly
J u ly
Aug.
J u ly
J u ly
J u ly
Ju n e
J u ly
J u ly
Aug.
Ju n e
Aug.
Ju n e
Ju n e
Ju n o
J u ly
J u ly
Ju n o
Aug.
J u ly
J u ly
J u ly
J u ly
J u ly
Juno
J u ly
Aug.
J u ly
J u ly
Ju n e
S e p t.
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
Aug.
J u ly
J u ly
Aug.
Aug.
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
S ep t.
Aug.
J u ly
J u ly
J u ly
J u ly
J u ly
Ju n e
Aug.
Juno
J u ly
J u ly
J u ly
Aug.
S ep t.
J u ly
J u ly
J u ly
J u ly
Ju n e
Books Closed.
Days Inclusive.
H o ld e rs o f rec. . J u ly
J u n o 16
to
Ju n e
H o ld e rs o f rec. Ju n o
H o ld e rs o f rec. . J u n e
Ju n o 21
to
Ju n e
Ju n e 2 0
to
J u ly
H o ld e rs o f rec, . J u n e
H o ld e rs o f re c. , M a y
M a y 24
to
M ay
H o ld e rs o f rec. , J u n e
H o ld e rs o f rec. . J u n e
H o ld e rs o f rec. , M a y
H o ld e rs o f re c. J u ly
H o ld e rs o f re c. J u n e
H o ld e rs o f rec. J u n e
H o ld e rs o f re c . J u n e
H o ld e rs o f re c. J u n e
H o ld e rs o f re c. J u n e
H o ld e rs o f rc c . J u n e
H o ld e rs o f re c. Ju n o
H o ld e rs o f r c c . J u l y
H o ld e rs o f re c . J u n e
J u n e 13
to
J u ly
H o ld e rs o f rc c . J u l y
Ju n e 20
to
Juno
J u n o 2 1 to
Ju n e
J u ly
2
to
J u ly
H o ld e rs o f re c. J u l y
H o ld e rs o f rec. Ju n o
H o ld e rs o f rec. Ju n o
H o ld e rs of rec. J u n e
H o ld e rs o f rec. A u g .
Ju n e 2
to
J u ly
H o ld e rs o f rec. J u n e
H o ld e rs o f rc c . J u n e
H o ld e rs o f rec. J u n e
H o ld e rs o f rec. J u n e
H o ld e rs of re c. J u n e
J u ly 4
to
J u ly
H o ld e rs o f rec. J u ly
H o ld e rs o f rc c . J u n e
J u n o 11
to
J u ly
J u ly 18
to
Aug.
H o ld e rs o f rec. J u ly
H o ld e rs o f rc c . J u n e
H o ld e rs o f rc c . Ju n o
H o ld e rs o f rec. J u n e
H o ld e rs o f rc c . Ju n o
Ju n o 20
to
J u ly
Ju n o 2
to
Ju n e
H o ld e rs o f rec. Ju n o
Ju n e 20
to
J u ly
H o ld e rs o f rec. J u n e
H o ld e rs o f rcc. , Ju n o
H o ld e rs o f rcc. , A u g .
H o ld e rs o f rcc. . J u ly
H o ld e rs o f rec, . J u n o
H o ld e rs o f rec . J u n e
J u n e 18
to
Ju n e
H o ld e rs o f rec, . J u n e
H o ld e rs o f rcc. • J u n e
18a
30
19a
30a
30
10
23a
29a
30
15a
26a
30a
17a
23a
5a
17a
la
la
2 0a
30a
3a
20
1
8a
30
30
14
10
20a
20a
6a
10a
4
20a
20
26a
30a
9a
20
3a
27a
14
10
15a
I9 a
15a
15a
26a
14
30
10a
19
16a
15a
31a
31a
30a
8a
30
10
24
H o ld e rs
H o ld e rs
H o ld e rs
J u n o 14
Ju n e 16
H o ld e rs
H o ld e rs
H o ld e rs
J u n o 16
Ju n e 2 4
J u n o 21
J u n e 21
la
10a
15a
7
1
28a
25a
27a
30
1
30
29
o f re c. A u g .
o f re c. J u n o
o f re c. J u l y
to
J u ly
to
J u ly
o f re c . J u l y
of re c. A u g .
o f re c . J u n e
to
Ju n e
J u ly
to
to
Ju n e
to
Ju n e
2
2%
2%
3
3
J u ly
l J u n e 17
to
J u ly
1 H o ld e rs o f re c.
J u ly
1 H o ld e rs o f rec.
J u ly 20s M a r . 3
to
J u ly
1 H o ld e rs o f re c .
J u ly 10 J u n e 2 1
to
J u ly
l H o ld e rs o f re c.
J u ly
1 Ju n e 21
to
J u ly
1 H o ld e rs o f r c c .
J u ly
Ju n e
Ju n e
M a r.
Ju n e
Ju n e
Ju n e
Ju n e
Ju n e
1
la
19a
22
la
30
22a
30
25a
1%
3
1%
1%
%
1%
J u ly
J u ly
J u ly
Ju n o 30
J u ly 10
J u ly 10
Ju n e
Ju n e
Ju n e
Ju n e
Ju n e
Ju no
30a
30
20a
25a
23a
23a
1%
1%
«3
H o ld e rs
Ju n o 21
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
of rc c .
to
o f re c .
o f re c .
of rcc.
o f re c .
Name of Companj.
Per
Cent.
When
Payable .
Books Closed.
Days Inclusive.
Street and Electric Rys. (Concluded).
Bangor Ry. A El., pf. (qu.) (No. 11)___
Bay Stale Street Ry., common.............. . .
First preferred_________ ___________
Birmingham Ry., Li. A Power, com.&pref.
Boston A Suburban Electric Cos., pref___
Boston A Worcester Electric Cos., pref..
Brazillan Trac., Lt. & Pow., prel. (quar.)
Brooklyn Rapid Transit (quar.).............
California Ry. & Power,, prior pref. (qu.)
Capital Traction, Wash., D. C. (quar.)..
Carolina Pow. & Lt., pref. (qu.) (No. 21)
Chicago City A Connecting Rys., pref..
Chicago City Ry. (guar. ) . . ........................
Chippewa Val. Ry., L. A P., com. (qu).
Cincinnati Dayton & Toledo Trac., pref.
Cln. A Hamilton Trac., com. (quar.)...
Preferred (quar.)....... ............ ............
Cincinnati Street Ry. (quar.)......... .
Citizens’ Traction of Oil City, Pa., pref—
City Ry., Dayton, O., com. (qu.)-----------Preferred (quar.)___________________
Cleveland Railway (quar.)-----------------Columbus (Ga.) Elec. Co., pref. (No. 16)
Colum. Newark A Zanesv. Elec. Ry.,pf.(qu)
Columbia Ry., Gas A Elec., pref. (quar.)
Columbus Ity., Pow. A Lt., pref. A (qu.)
Consolidated Cities L., Pow. A Tr. (quar.)
Consolidated Traction of New Jersey----Continental Passenger Ry., Philadelphia.
Duluth-Superior Trac., com. A pref. (qu.)
Eastern Texas Electric Co., pref. (No. 5)
Elmira Water, Light A R R „ first pref...
El Paso Electric Co., pref. (No. 24)........
Frankford * Southw. Pass. Ry. (quar.)..
Germantown Pass. Ry., Phlla. (quar.).5
Halifax Electric Tram, (quar.)-----------Illinois Traction, preferred (quar.)_____
Indianapolis Street Ry----------- ----------International Tract., Buffalo, pref. (No. 4)
Interstate Railways, preferred.. ........
Kentucky Securities Corp., pref. (quar.)
Lake Shore Electric Ry. 1st pref. (quar.)
Little Rock Ry. A Electric, common----Preferred______ ______ ___________
London (Canada) Street Ry__________
Louisville Traction, common (quar.)....
Manchester Traction, Light A Pow. (quar.)
Manila Elec. Rlt. A Ltg. Corp. (quar.).
Massachusetts Electric Cos., preferred..
Memphis Street Ry., common_________
Preferred (quar.)............. ............... . .
Mohawk Valley Co. (quar.)___________
Monongahela Valley Traction, com______
Montreal Tramways (quar.)____________
Nashville Ry. A Light, pref. (quar.).........
New England Incest. A Security, pref___
New Orleans Railway A Light, common.
Preferred.............................................
New York State Railways, com. (quar.).
Preferred (quar.).................. ..............
Northern Ohio Trac. A Light, pref. (qu.)
OmahaACoun.Bl.St.Ry.,com.Apf.(qu.)
Philadelphia Co., com. (quar.) (No. 131)
Five per cent non-cumulative preferred
Porto Rico Rys., Ltd., com. (quar.)______
Preferred (quar.)............................. .....
Public Service Corp. of N. J. (quar.)__
Public Service Invest., com. (No. 10)____
Preferred (quar.) (No. 21)......... .........
Puget Sound Tr., L. & P.,com.(qu.) (No8)
Preferred (quar.) (No. 8)___________
Reading Traction....................................
Republic Ry. A Light, pf. (qu.) (No. 12).
Ridge Avc. Pass. Ry., Phlla. (quar.)___
Second A Third Sts. Pass., Phlla. (quar.)
Sierra Pacific Elec. Co., pref. (qu.) (No.20)
Springfield A Xenia, pref. (quar.)______
Toronto Railway (quar.)____ ________
Twin City Rap. Tr., Minneap.,com. (qu.)
Preferred (quar.)........................... .....
Union Passenger Ry., Philadelphia_____
Union Traction, Philadelphia_________
United Electric Co. of New Jersey.........
United Light & Rys., com. (qu.) (No. 6)
First preferred (quar.) (No. 15)--------Second preferred (quar.) (No. 15)-----United Rys. A Elec, of Baltimore, com.(qu.)
United Trac. A Elec., Providence (quar.)
Virginia Railway A Power, preferred----Wash. Balt. A Annap. El. RR., pf. (qu.)
Washington Water Pow., Spokane (quar.)
West End Street Ry., Boston, preferred.
Western N. Y. A Penn. Trac., lsf pref----Western Ohio Ry., 1st pref. (quar.)----Second preferred (quar.)................
West India Elec. Co., Ltd. (qu.) (No. 20)
West Penn Rys., pref. (quar.)........... ......
West Penn Traction, pref. (quar.)_____
West Philadelphia Passenger Ry.............
Winnipeg Electric Ry. (quar.)...............
YoungstownA Ohio River, pref. (quar.)__
IX July 1 Holders of rec. June 20
2X June 30 Holders of rec. June 29a
3
Aug. 1 Holders of rec. July 18
3
June 30 Juno 26 to June 30
SI July 15 Holders of rec. Juno 30a
$1 July I Holders of rec. June 24a
IX July 1 Holders of rec. Juno 15
IX July 1 Holders of rec. June 9a
IX July 1 Holders of rec. June 20a
IX July 1 June 15 to June 30
IX July 1 Holders of rec. June 20a
$2.25 July 1 June 23 to June 30
2X June 29 June 24 to June 28
July 1 Holders of rec. June 30a
2
2X July 1 June 16 to Juno 30
July 1 June 21 to June 30
1
IX July 1 June 21 to June 30
IX July 1 June 17 to June 30
SI.25 July 6 Holders of rec. June 30
2
Juno 30 June 21 to June 30
IX June 30 June 21 to June 30
IX July 1 Holders of rec. June 15a
July 1 Holders of rec. June 16a
3
IX July 1 June 26 to June 30
IX July 1 June 24 to June 30
IX July 1 Juno 14 to June 29
X July 1 Holders of rcc. June 15a
2
July 15 July 1 to July 15
S3
Juno 30 Holders of rec. May 29a
July 1 Holders of rec. June 20a
1
July 1 Holders of rec. June 16a
3
IX July 1June 16 to June 21
3
July 13 Holders of rec. July la
$4.50 July 1 Holders of rec. June la
1.31 X July 7 Juno 17 to July 6
2
July 2 June 20 to July 2
IX July 1 Holders of rec. June 15a
3
July 1 June 21 to July 1
2
July 15 July 8 to July 15
3
July 1 Juno 20 to July 1
IX July 15 Holders of rec. June 30a
IX July 1 Holders of rcc. June 20a
5
June 30 Juno 21 to July 1
3
June 30 June 21 to July 1
3
July 1
1
July 1 June 11 to June 15
2
July 15 Holders of rec. July la
IX July 1 Holders of rec. June 18a
$2
July 1 Holders of rec. Juno 6a
X June 30 June 23 to Juno 30
IX June 30 June 23 to Juno 30
IX July 1 Holders of rec. Juno 24a
IX July 1 June 27 to July 1
2X Aug. 1 Holders of rcc. July 14
IX July 1 Holders of rcc. Juno 24
$2
July 1 Holders of rec. June 20a
60c. June 30 June 21 to June 30
IX Juno 30 June 21 to June 30
IX July 1 Holders of rec. June 17a
IX July 1 Holders of rec. June 17a
IX July 1 Holders of rec. June 15a
IX July 1 June 17 to June 30
IX Aug. 1 Holders of rcc. July la
2X Sept. 1 Holders of rec. Aug. 10a
1
July 1 Holders of rec. June 20a
IX July 1 Holders of rcc. June 20a
IX Juno 30 Holders of rec. Juno 20a
$2
Aug. 1 Holders of rcc. July 15a
SI.50 Aug. 1 Holders of rcc. July 15a
1
July 15 Holders of rec. July la
IX July 15 Holders of rec. July la
75c. July 1 June 20 to June 30
IX July 15 Holders of rec. Juno 30
$3
July 1 June 16 to July 1
$3
July 1 Holders of rec. June la
IX Aug. 1 Holders of rec. July 15a
IX June 30 Holders of rec. June 25a
2
July 2 Holders of rcc. June 15a
IX July 1 Holders of rec. June 15a
IX July 1 Holders of rec. June 15a
$4.75 July 1 Holders of rec. June 15a
$1.50 July 1 Holders of rcc. June 9a
2X July 1 Holders of rec. June 30a
1
July 1 Holders of rec. June 15a
IX July I Holders of rec. June 15a
X July 1 Holders of rec. June 15a
50c. July 15 Holders of rec. July 3
IX July 1 Juno 10 to June 14
3
July 10 Holders of rec. June 13a
IX June 30 Holders of rec. Juned25a
2
July 1 Holders of rec. June 13a
$2
July 1 June 21 to July 1
3
July 1 June 28 to June 30
IX July 1 Holders of rec. June 23a
IX July 10 Holders of rec. June 23a
IX July 2 June 24 to July 2
i x Aug. 1 Holders of rec. July 15
IX July 15 Holders of rcc. July 7
$5
July 1 Holders of rec. June 15a
3
July 2 Holders of rcc. Juno 20a
1 J uno 30 Holders of rcc. Juno 25a
Banks.
America, Bank of------ ----------------------Battery Park National_________________
Bronx National--------- ----------- ----------Butchers' A Drovers’ , National_________
Chase National (quar.)--------------------—
Chatham A Phenlx National (quar.)----Chemical National (bi-monthly)_______
Citizens’ Central National (quar.)_______
City, National (Brooklyn) (No. 124).........
City Company. National_______________
Coal A Iron National (quar.)__________
Colonial (quar.)____________ ________
Columbia (No. 52)......... ........................
Commerce, National Bank of (quar.)___
East River National......... .....
Fifth Avenue (quar.)...............
' *
Special____________________ IIIII.
First National (quar.).........
First Security (quar.)........... .............
Flatbush, Bank of, Brooklyn (quar.)
Garfield National (quar.)........... .............
German Exchange____ _____
Gotham National (quar.)........... " I l l ”
Grcenpolnt National____________ I . I I I
Greenwich (quar.)...................I l l ”
Hanover National (quar.)_______ .1 "
Homestead, Brooklyn....................
Importers A Traders National................
International ......................... ...............
Irving National (quar.)...........................
Liberty National (quar.).....................
Manhattan Co., Bank of the (No. 216)___
Manufacturers’ Nat., Brooklyn (quar.)___
Market A Fulton Nat. (quar.)..................
Mechanics' (Brooklyn) (No. 124).... ........
Merchants’ Exchange National-------------Merchants National (No. 222)...............
Metropolis. Bank of the (nuar.)........... .
14
3
2
3
5
2
2X
2
7
3
IX
3
8
2
2
25
125
7
3
IX
3
10
2
2
3
5
2
12
6
2
5
7
5
3
3
3
4
4
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Juno
July
July
July
July
July
July
July
Juno
July
July
July
July
July
July
July
July
July
1 June 20 to July 1
1 Holders of rcc. June 25
1 June 23 to June 30
1 June 19 to June 30
1 Holders of rec. June 30a
1 June 21 to June 30
1 June 20 to Juno 30
1 Holders of rec. June 25a
1 June 24 to July 1
1 Holders of rec. June 30
1 Holders of rec. June 10
1 Holders of rec. June 20a
1 June 18 to June 30
1 June 20 to July 1
1 June 25 to July 2
1 Holders fo rec. June 30a
1 Holders of rcc. June 30a
1 Holders of rcc. June 30a
I Holders of rec. June 30a
1
June 30
30 June 25 to Juno 30
1 June 20 to July 1
1 Holders of rec. June 30a
1 June 21 to July 1
1 Holders of rec. June 20a
1 June 21 to June 30
1 June 21 to July 1
1 June 20 to June 30
30 Holders of rec. June 29a
1 June 21 to June 30
1 Holders of rec. June 30a
1 June 26 to June 30
1 June 25 to June 30
1 June 24 to June 30
1 Juno 25 to June 30
1 Holders of rec. June 25
1 Holders of rec. June 25a
1 Juno 27 to June 30
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Banks (Concluded).
Metropolitan (quar.)_________________
2
July 1 June 20 to June 30
July 1 June 16 to June 30
Montauk, Brooklyn__________________
2
Mutual________ _____ _____________
7
July 1 June 23 to June 30
Nassau National, Brooklyn (quar.)______
2X July 1 Holders of rec. June 27
New York, Bank of, N.B.A. (No. 261)..
8
July 1 June 24 to June 30
New York County National___________ 20
July 1 June 28 to July 2
North Side (Brooklyn) (No. 40)----------3
July 1 June 11 to July 1
Park, National (quar.)________________
4
July 1 Holders of rec. June 23
Peoples National____________________
2X July 1 Holders of rcc. June 30a
Peoples (No. 126)___________________
6
July 1 June 21 to June 30
2
Ridgewood National (Brooklyn)_______
June 3( June 26 to June 30
Seaboard National (quar.)-----------------3
July 1 Holders of rec. June 24a
Second National (quar.)........................... 3
July 1 Holders of rec. June 30a
5
July 1 June 13 to June 30
State_________________ ____________
4
June 3C June 21 to June 30
Union Exchange National_____________
2
July 1 Holders of rec. June 30a
Washington Heights, Bank of (quar.)____
6
July 1 June 19 to July 1
West Side........................... ..................
June 3C June 20 to June 30
Yorkville______ ________ _____ _____ 10
Trust Companies.
Bankers (quar.)........... .......... ........ ........
5
July 1 Holders of rec. June 25a
Brooklyn (quar.)____________________
5
July 1 Holders of rec. June 19a
Central (quar.)______ _______________ 10
July 1 Holders of rec. June 23a
Columbia-Knlckerbocker (quar.)______
6
June 3C Holders of rec. June 22a
Commercial of N. J. (quar.)____________
4
July 1 June 26 to June 30
Empire (quar.)...______ ____________
2X June 30 Holders of rec. June 20a
Equitable (quar.)___ ____ ___________
6
June 30 Holders of rec. June 24a
Fidelity__________ ____
3
Franklin, Brooklyn_____
6
Fulton (No. 4 4 )............... .......
5
July 1
Guaranty (quar.)______ _________
6
Extra_____ _______ _____ ________
2
June 30
Hudson__________ ______ ____ _____
3
July 1
Lawyers' Title Ins. A Tr. (qu.) (No. 63). 2
July 1
Mechanics’ of N. J. (quar.) (No. 60)........
6
July 1 June 27 to July 1
Extra.................... ..............................
5
July l
Metropolitan (quar.) (No. 70)................. 6
June 30 June 20 to June 30
Mutual Alliance_____________________
IX July 1 June 26 to June 30
Nassau, Brooklyn (quar.)_____________
2
July 1 Holders of rec. June 24
New York (quar.)___________________
8
June 30 June 21 to June 30
Peoples (Brooklyn) (monthly)__________
lx Julv 1
Title Guarantee A Trust (quar.).............
5
June 30 Holders of rec. June 23
4
Union (quar.).........................................
July 1 June 25 to June 30
Extra..................................................
1
July 1 June 25 to June 30
United States......................................... 25
July 1 June 20 to June 30
6
Holders of rec. June 27
Fire Insurance
2X July ]
Miscellaneous.
Aeolian, Weber Piano A Pianola, pf. (qu.) IX June 30 Holders of rec. June 25
Amer. Agrlcul. Chem.,com.(qu.) (No. 11) 1
July 15 Holders of rec. June 22a
Preferred (quar.) (No. 36)..................
IX July 15 Holders of rec. June 22a
Amer. Bank Note, pref. (quar.).............
IX July 1 Holders of rec. June 15a
Amer. Beet Sugar, pref. (quar.) (No. 60) IX July 1 Holders of rec. June 17a
Amer. Brake Shoe A Fdy., com. (quar.).
IX Juno 30 Holders of rec. June 19a
Preferred (quar.)____ _____________
2
June 30 Holders of rec. June 19a
Amer. Can, pref. (quar.)_____________
IX July 1 Holders of rec. June 17a
Amer. Car A Fdy., com. (quar.) (No. 47)
X July 1 Holders of rec. June 11a
Preferred (quar.) (No. 6 1 )..............
IX July 1 Holders of rec. June 11a
American Chicle, common (quar.).............
1
July 20 Holders of rec. July 14a
Common (extra)------------------------ ----1
July 20 Holders of rec. July 14a
Preferred (quar.)___________________
IX July 1 Holders of rec. June 24a
American Cigar, preferred (quar.)_____
IX July 1 Holders of rec. June 15a
American Coal Products, com. (quar.) . .
IX July 1 June 25 to June 30
Preferred (quar.) ------------------------ IX July 15 July 11 to July 14
American Express (quar.)______ ____
IX July 1 Holders of rec. June 13a
Amer. Gas A Elec., com. (qu.) (No. 17)..
2
July 1 Holders of rec. June 20
Common (extra, payable In com. stock) 2/ July 1 Holders of rec. June 20
Preferred (quar.) (No. 30)................ .
IX Aug. 1 Holders of rec. July 18
Am. Iron A Steel Mfg.,com. A pf. (quar.) IX July 1 Holders of rec. June 20a
Amer. La France Fire Eng., Inc., pf.(qu.).
IX July 1 Holders of rec. June 20a
American Locomotive, preferred (quar.)..
IX July 21 July 4 to July 21
American Manufacturing, com. (quar.)..
IX July 1 June 16 to June 30
Preferred (quar.).... ........................ .
IX July 1 June 16 to June 30
American Piano, pref. (quar.) (No. 25)__
IX July 1 June 25 to July 1
American pipe A Construction (quar.).
1
July 1 Holders of rec. June 15a
Amer. Power A Lt., pref. (quar.) (No. 19) IX July 1 Holders of rec. June 25a
American Public Service, preferred (quar.). IX July 1 Holders of rec. June 19
Amer. Public Utilities, common (quar.)..
X Julv 1 June 16 to June 30
Preferred (quar.).................... ...........
IX July 1 June 16 to June 30
American Radiator, common (quar.)
2X June 30 June 23 to June 30
American Screw (quar.)........... .............
IX June 30 Holders of rec. June 23a
Amer. Seeding Machine, com. (quar.)__
1
July 15 Holders of rec. June 30a
Preferred (quar.)..____ _______
IX July 15 Holders of rec. June 30a
Amer. Smelters' Secure., pref. A (quar.)
IX July 1 June 20 to June 28
Preferred B (quar.) (No. 37).............
IX July 1 June 20 to June 28
American Snuff, common (quar.)______
3
July 1 Holders of rec. June 13a
Preferred (quar.)______ ___________
IX July 1 Holders of rec. June 13a
American Steel Foundries (quar.)______
X June 30
Amer. Sugar Refln.. com. A pref. (quar.) IX July 2
American Surety (quar.) (No. 100)_____
2X June 30
Amer. Telephone A Telegraph (quar.)... 2
July 15 Holders of rec. June 30a
American Tobacco, pref. (quar.)_______
IX July 1 Holders of rec. June 15a
American Type Founders, com. (quar.)..
1
July 15 Holders of rec. July 10a
Preferred (quar.)................................
IX July 15 Holders of rec. July 10a
American Woolen, pref. (quar.) (No. 61) IX Julv 15 June 24 to July 6
75c. July 15 Holders of rec. July 3
Anaconda Copper Mining (qu.) (No. 55)..
Anglo-American Oil................ ............... 10u> July 1 Holders of coupon No. 7
Ansco Co., common (quar.)............. ......
2X July 1 June 20 to June 30
Baldwin Locomotive Works, common__
1
July 1 Holders of rec. June 13a
Preferred..................
3X Julv 1 Holders of rec. June 13a
Baltimore Electric, preferred..................
2X July 1 Holders of rec. June 20
Bell Telephone of Canada (quar.)______
2
July 15 Holders of rec. June 24
Bell Telephone of Pennsylvania (quar.) . .
IX July 15 Holders of rec. July 6
Bethlehem Steel Corp.. pref. (auar.)___
IX July 1 Holders of rec. June 16
Bliss (E. W.) Co.f com, (quar.)
IX July 1 June 23 to June 30
Preferred (quar.)..................
2
July 1
Bonbright (Wm. P.) A Co., Inc., 1st pf.
(qu.) (No. 6)..............
IX Julv 10 Holders of rec. June 30
Booth Fisheries, first preferred (auar.)...
IX July 1 June 21 to July 1
6b June 30 See note (u).
British-Am. Tobacco, ordinary (Interim)
Brooklyn Borough Gas
3
July 20 Holders of rec. June 30a
Brooklyn Union Gas (quar.)__________
IX July 1June 14 to June 30
Extra ................................................
1
July 1 June 14 to June 30
Brunswlck-Balke-Collender, pref. (quar.) IX July 1
Buffalo General Electric (quar.) (No. 79) IX June 30 Holders of rec. June 20a
California Elec. Generating, pref. (quar.) IX July l|Iloldera of rec. June 20a
California Petroleum Corp., pref. (quar.)
IX July liHolders of rec. June 13a
Canadian Car A Foundry, Ltd., pf. (qu.)
IX July 25[Holders of rec. June 25a
Canadian Cons’d Rubber, com. (quar.)..
1
July 2iHolders of rec. June 23d
Preferred (quar.)................................
IX July 21Holders of rec. June 23d
Canadian Cottons, Ltd., pref. (quar.)__
IX July 4 June 24 to July 3
Canadian Gen. Elec., com. (qu.) (No. 60)
IX July 1 Holders of rec. June 15
Canadian Locomotive, pref. (quar.)___
IX July 1 Holders of rec. June 20a
Canad. Westinghouse, Ltd. (qu.) (No.38) \x July 10
July 1
Canton Company__
$2 July 1 June 21 to July 1
Case (J.I.)Thresh. Mach.,Inc., pf. (qu.).
1*4 July 1 Holders of rec. June 15a
Celluloid Company (quar.)___________
IX June 30 Holders of rec. June 15a
Central Coal ACoke. com. (quar.)_____
IX Julv 15 July 1 to July 15
Preferred (quar.)....................... ........
IX July 15 July 1 to July 15
Central Leather, preferred (quar.)_____
1*4 July 1 Holders of rec. June 10a
Central A S. A. Telegraph (quar.)_____
IX July 9 Holders of rec. June 30a
Central States El. Corp., pf. (qu.) (No. 8) IX Julv 1 Holders of rec. June 10
Chicago Pneumatic Tool (quar)________
1
July 2-. July 16 to July 26
Chicago Telephone (quar.)____________
2
June 30
June 30
Chino Copper Co. (quar.)...................... 75c. June 30 June 6 to June 9
Cincinnati Gas A Electric (quar.)______
IX July 1 lune 15 to June 21
Cln. A Subur. Bell Telephone (quar.)__
2X July 1 June 16 to June 30
Cities Service, com. A pref. (monthly)..
X July 1 Holders of rec. June 15a
City Investing, pref. (quar.)_____ ____ _
IX July 1 Holders of rec. June 26
Cluett, Peabody A Co., pf. (qu.) (No. 6) IX July I Holders of rec. June 20a
Columbus Gas A Fuel, preferred (quar.).l IX July 1 Holders of rec. J^ne 15
Name of Company.
Per
When
Cent. Payable
Miscellaneous (Continued).
Columbus Light, Heat & Power, common I X
Preferred (quar.)................................
IX
Connecticut River Power, common_____
IX
Consolidated Car Heating_______ ____
2X
Cons. Gas, El. Lt. & P., Balt., com. (qu.) I X
Consumers’ Power (Mich.), pref. (quar.).
IX
Continental Can, Inc., pref. (quar.)___
IX
Continental Gas A Elec. Corp., com. (qu.).
X
Preferred (quar.)..................................
IX
Corn Products Refining, pref. (quar.)____
IX
Cote Piano Mfa., pref. (quar.)__________
IX
Cuba Company, common......... .............. t 3 X
Preferred.................. .......................... 3 X
Cuban-Amerlcan Sugar, pref. (quar.)___
IX
Crucible Steel, pref. (quar.) (No. 43)___
IX
Dayton Power A Light, pref. (quar.).........
IX
Delaware Lack. A Western Coal (quar.)..
2X
Detroit Edison (quar.).... ................. .....
IX
Distilling Co. of Amer., pref. (quar.)____
X
Dominion Canners, Ltd., pref. (quar.)..
ix
d Dominion Power & Transmission, pref- d3i2
Dominlon Textile, common (quar.)------IX
Preferred (quar.)__________________
IX
Duluth Edison Elec., pref. (quar.).............
IX
du Pont Internat. Powder, pref. (quar.).
IX
duPont (E.I.)deNem.Pow.,pref. (quar.).
ix
2
Eastern Light & Fuel (quar.)................
Eastman Kodak, common (quar.)--------2X
6
Common (extra).__________________
Preferred (quar.)------------ ------- ------IX
Edison Elec. III. of Boston (qu.) (No. 101) 3
Electrical Utilities Corp., pf. (qu.) (No. 17) I X
Electric Light Sc Power of Ablngton &
Rockland, Mass. (No. 42)................. $4
Electrical Securities Corp., com. (quar.). 2
Preferred (quar.)...............................
IX
Electric Storage Battery, com. & pf. (qu.) 1
Galena-Signal Oil, common (quar.).........
3
Preferred (quar.)__________________
2
General Baking, pref. (quar.) (No. 10)._ 1
General Chemical, preferred (quar.)____
IX
General Chemical of Cal., 1st pref. (qu.).
IX
2
General Electric (quar.) _____________
General Fireproofing, common (quar.)..
IX
Preferred (quar.) (No. 29)--------------IX
General Gas A Elec., pref. (quar.)----------IX
General Railway Signal, common— .........
IX
Preferred (quar.) (No. 40)............. .......
IX
Goodrich (B. F.), preferred (quar.)-----IX
Goodyear Tire A Rubber, pref. (quar.)----IX
Gorham Mfg., pref. (quar.)........... ........
IX
Great Lakes Towing, pref. (quar.)-------IX
Guggenheim Exploration (quar.) (No. 46) 8 7 X c.
Hale & Kllburn, 1st & 2d pref. (quar.)...
IX
Hart, Schaffner & Marx, pref. (quar.)...
IX
Helme (Geo. VV.), common (quar.).........
2X
Preferred (quar.)__________________
IX
3
Illinois Brick.................................... .......
Indep. 5 A 10 Cent Stores, pf. (qu.) (No. 6) I X
3
Indianapolis Gas............................ ......
3
Ingersoll-Rand, preferred_____ _____ _
Int. Harvest, of N. J., com. (qu.) (No.18) IX
Int. Harvester Corp., com. (qu.) (No. 7).
IX
International Nickel, common (quar.)... 2X
Preferred (quar.)............. ..................
IX
International Paper, pref. (quar.)_______
X
International Silver, pref. (quar.)--------IX
Internat. Smokel. Pow. & Ch.t com. (qu.)
X
International Text Book (quar.)_______
2X
Island Creek Coal, common (quar.)........ 50c.
Common (extra)___________________ $3
Preferred (quar.)........... .................... $1.50
Kansas Gas & Elec., pref. (qu.) (No. 17). IX
Kaufman Dept. Stores, pf. (qu.) (No. 6).
IX
Kayser (Julius) & Co., common (quar.)..
IX
First and second preferred (quar.)----IX
Kellogg Switchboard A Supply (special)... 15
Kelly-Sprlngfleld Tire, 1st pref. (quar.)..
IX
Second preferred (quar.)..................
IX
Kelsey Co., Inc., common-----------------IX
Preferred (quar.) (No. 2)-------- ------- IX
Kolb Bakery, pref. (quar.) (No. 10)----IX
3
Kresge (S. S.) Co., common..................
Preferred (quar.)--------------------------IX
La Belle Iron Works, preferred (quar.).. 2
Lanston Monotype Machine (quar.)----IX
La Rose Consolidated Mines (quar.)----2X
2
Laurentlde Co., Ltd. (quar.)..................
3
Lawyers' Mortgage Co. (quar.)-----------Lehigh Coal & Nav. (quar.) (No. 143).. $1
Lehigh Valley Coal Sales (quar.)..............
2X
Liggett* Myers Tobacco, pref. (quar.)..
IX
Loose-Wiles Biscuit, 1st prof, (qu.) (No.9) IX
Second preferred (quar.) (No. 9).
IX
Lorlllard (P.) Co., common (quar.)
2X
Preferred (quar.)................ .......
IX
MacAndrews * Forbes, com. (quar.)----2X
Preferred (quar.).... ...................
IX
Mackay Cos., common (quar.) (No. 36).
IX
Preferred (quar.) (No. 42).... .............
1
Manhattan Shirt, preferred (quar.)----IX
Manning, Maxwell & Moore, Inc. (quar.) IX
2
Manufacturers' Light A Heal (quar.)-----Massachusetts Gas Coe., common (quar.)..
IX
Massachusetts Lighting Cos., old com.(qu.). s i.75
25c.
New common (quar.)...... ...........
$1.50
New preferred (quar.)--------------May Department Stores, pref. (quar.)...
IX
1
McCall Corporation, common____
First preferred (quar.) — .........
IX
Mergenthaler Linotype (quar.)___
2X
Extra ...................................... .
X
Mexican Telegraph (quar.)...........
2X
Michigan Light, preferred (quar.)..
IX
Michigan State Teleph., com. & pf. (qu.) IX
Montana Power, common (quar.)..
X
Preferred (quar.)------------------IX
Montgomery Ward * Co., pref. (quar.).
IX
2
Montreal Telegraph (quar.)---------Mortgage-Bond Co. (quar.).........
IX
National Biscuit, com. (quar.) (No. 64)..
IX
National Carbon, common (quar.).
IX
Nat. Enam. & Stpg., pref. (quar.)
IX
National Fire Proofing, pref. (quar.)
1
Nat. Gas, Elec. Lt. & Pow., com. (qu.).
1
Preferred (quar.)........... .........
IX
National Lead, common (quar.)...
X
National Licorice, pref. (quar.) (No. 48).
IX
National Light, Heat A Pow., pref. (qu.)..
IX
3
National Properties, preferred_____
National Sugar Refining (quar.)...
IX
National Surety (quar.)................
3
Nevada Consolidated Copper Co. (quar.) 37Xc
New England Power, pref. (quar.).
IX
New England Telep. & Teleg. (quar.)...
IX
3
N. Y. Mortgage & Security (quar.)
New York Mutual Gas Light____
8
New York Transit (quar.)_______
2
Niagara Falls Power (quar.).........
Nlptolng Mines Co. (quar.).........
5
North American Co. (quar.) (No. 4 1 )...
IX
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
Boots Closed.
Days Inclusive.
Name of Company.
M is c e ll a n e o u s ^ C o n c lu d e d )
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Holders of rec. June 15
3
July 15 Holders of rec. June 30a
Holders of rec. June 15
Northern Pipe Line____ ____ . .
5
July 1 Holders of reo. June 10
June 24 to June 30
Northern States Power, preferred (quar.)..
IX July 15 Holders of rec. June 30
July 1 to July 14
Nova Scotia Steel & Coal, Ltd.,com.(qu.)
IX July 15 Holders of rec. Juno 30a
Holders of rec. Juno 20
Preferred (quar.)____________
2
July 15 Holders of rec. Juno 30a
Holders of rec. June 17a Ogllvie Flour Mills, Ltd. (quar.).
July 2 Holders of rec. June 18
Holders of rec. June 20a Ohio Cities Gas, preferred..........
IX July 1 Holders of rec. June 15
Holders of rec. June 22
Old Colony Gas, preferred (quar.)_____
IX July 1 Holders of rec. June 20 |
Holders of rec. June 22
Old Dominion SS. Co. (quar.) (No. 77). 3
June 30 June 19 to June 30
Holders of rec. July 6a Otis Elevator, common (quar.)___
IX July 15 Holders of rec. June 30 j
Holders of rec. June 24
Preferred (quar.)____________
IX July 15 Holders of rec. Juno 30 '
June
la
Holders of rec.
2
July 1 Holders of rec. June 20a
Ottawa Lt., lit. & Pow. (qu.) (No. 32)..
Holders of rec. June 30
July 15 Holders of rec. June 30
Pennsylvania Salt Mfg. (quar.)___
3
Holders of rec. June 16a Pennsylvania Water* Pow. (qu.) (No. 2)
1
July 1 Holders of rec. June 19a
June
20a
Holders of rec.
Pettlbone.Mulllken Co.,lst&2d pf. (qu.)_
IX July 1 Holders of rec. June 17a
Holders of rec. June 30a Pittsburgh Coal, pref. (quar.)___________
IX July 25 Holders of rec. July 15
Holders of rec. July la Pittsburgh Plato Glass, common (quar.).
July 1 June 17 to July 1
IX
Holders of rec. June 30a Procter & Gamble, common (quar.)___
16 to Aug. 16
4
Aug. 15
Holders of rec. July 11a
. 16 to Aug. 16
Common (extra, payablo In com. stock) 4 / Aug. 15
June 16 to July 1
Preferred (quar.)_______ __________
2
July 15 Holders of rec. Juno 30a
June 22 to June 30
Oats, common (quar.)_________
2X July 15 Holders of rec. July la
Holders of rec. June 15a Quaker
Preferred (quar.)................ ..............
IX Aug. 31 Holders of rec. Aug. 1
Holders of rec. June 30a Ray
Consolidated
Copper
Co.
(quar.)...
6 to June 9
37XC.
June 30 .
Holders of rec. June 20a Realty Associates (No. 23)....................
s of rec. July 6
3
July 15:
Holders of rec. June 20a Remington Typewriter, 1st pref. (quar.).
IX July i :
July 16 to July 26
Second preferred (quar.)......................
2
July l
June 19 to June 21
Iron & Steel, pf. (qu.) (No. 47).
IX July l :
Holders of rec. May 29a Republic
Reynolds (R. J.) Tobacco (quar.)______
3v July 1 1
Holders of rec. May 29a Rltz-Carlton Hotel, preferred............. .
3X July l
Holders of rec. May 29
Royal Baking Powder, common (quar.).. 3
June 30:
Holders of rec. July 15
Preferred (quar.)__________________
IX June 30
Holders of rec. July 3a Safety Car Heating & Ltg. (quar.)_____
2
July l
St. Joseph Stock Yards (quar.)..................
IX July l :
Holders of rec. June 18a Sears, Roebuck * Co., preferred (quar.).
July
July l
IX
Holders of rec. June 27a Sen Sen Chiclet Co. (quar.)........................
July
2X June 30:
Holders of rec. July 25a Securities Company_________ ____ ___
Aug.
2X July 15 Holders of rec. Juno 30
Holders
of
rec.
June
20a
July
Shawlntgan Water & Power (quar.)____
IX July 2 0 :
s of rec. July 7a
June 30 Holders of rec. May 29a Sloss-Sheffield Steel & Iron, pref. (quar.)
IX July l
June 30 Holders of rec. May 29a Southern Calif. Edison, pf. (qu.) (No. 20).
IX July 1 5 ;
Holders
of
rec.
June
20
July 1
Southern Utilities, preferred (quar.)........
i x July i .
to June 22
July 1 Holders of rec. June 17a South Penn Oil (quar.)_______________
3
June 30 .
to June 30
July 1 Holders of rec. June 20
Extra ................................................. 2
June 30 .
to June 30
July 15 Holders of rec. June la South Porto Rico Sugar, common (quar.) 1
July l :
Holders of rec. Juno 20
July
2
July l :
Preferred (quar.).................. ..............
Holders of rec. June 20
July
July l :
5
Southwest Penn. Pipe Lines (quar.)____
June 25 to July 1
July
Spring Valley Water (quar.)------------------ 62X June 30 .
to Juno 30
June 27 to July 1
July
4
June 30 ]
Standard Coupler, preferred..................
f rec. June 24a
June 27 to July 1
July
June 30 .
Standard Gas Light, common-------------to Juno 30
IX
Holders ■ rec. June 19a
July
June 30 .
3
Preferred..................... ............. ........
to Juno 30
June 21 to June 30
July
July 1 .
4
to July 1
Standard Oil (Kentucky) (quar.)...........
Holders . rec. Juno 24a
July
July 1 .
1
to July l
Extra............................... ..................
Juno 21 to July 1
July
July 1.
3
to Juno 24
Standard OH (Ohio) (quar.)___________
June 13 to June 17
July
July 1.
3
to June 24
Extra ______ ____________________
June 30 Holders of rec. June 20a Standard Screw, common.____ _______
to Juno 30
2X July 1.
June 30 Holders of rec. June 20a
July 1.
to June 30
3
Preferred, Class A...............................
July 1 Holders of rec. June 13a
to Juno 30
Preferred, Class B (quar.) — .............
IX July 1 .
July 1 Holders of rec. June 13a Subway Realty (quar.)...........................
IX July i :
July 15 July 4 to July 15
Sulzberger & Sons Co., pref. (quar.)----IX July l .Juno 16 to June 30
July 1 Holders of rec. Juno la Swift* Co. (quar.) (No. I l l ) .................
IX July l Holders of reo. Juno 10a
June 30 Holders of rec. June 9
Texas Company (quar.)........... - ........ .
2X June 30 Holders of tec. June 16a
July 1 Holders of rec. June 15a Tobacco Prod. Corp., pf. (qu.) (No. 6).
IX July 1 Holders of rec. Juno 22
July 15 Holders of rec. June 25a Torrlngton Company, common.............
4
Aug. 1 Holders of rec. July 17a
July 15 Holders of rec. June 25a
Preferred............. ................................ 3X July 1 Holders of rec. June 23
Sept. 1 Aug. 15 to Sept. 1
July 1 Holders of rec. June 20a
1
Underwood Typewriter, common (quar.)
July
15
to
Aug.
2
1
Aug.
Preferred (quar.)__________________
IX July 1 Holders of rec. June 20a
July 15 Holders of rec. July 6a Union Carbide (quar.)_______________
2
July 1.
:l to June 30
July 1 June 19 to July 1
July 15.
1 to July 15
Union Natural Gas Corp. (qu.) (No. 44)..
2X
Holders
of
rec.
June
20a
July 1
July 10
Union
Switch
*
Signal,
com.
*
pf.
(qu.)
$1.50
July 5
July 1 June 30 to
United Cigar Mfrs., common (quar.)...
Aug. l :
1
Aug. 1 Holders of rec. July 15
Preferred (quar.)_____ ____ _______
IX Sept. l ;
Aug. 1 Holders of rec. July 15
United Fruit (quar.) (No. 60)_________
2
July 15 1
July 1 Holders of rec. Juno 23
United Gas A Electric Co., preferred_____
2X July 15 1
July l Holders of rec. Juno 25a United Gas Improvement (quar.)...........
July 15 1
$1
July 1 Holders of rec. June 20
Shoe Machinery, common (quar.) 50c. July 6 1
July 1 Holders of rec. June 19a United
(quar.)......................... ...... 37Mc. July 6 I
Aug. 1 Holders of rec. July 20a U.Preferred
S. Gypsum, pref. (quar.)--------------to June 30
IX June 30 .
June 29 Holders of rec. June 26
U. S. Industrial Alcohol, pf. (qu.) (No. 31) IX July 15 1
f rec. July 8a
July 1 Holders of rec. June 24a U. S. Printing of N. J., com. (quar.)........
to June 30
IX July 1 .
July 1 Holders of rec. June 24a U. S. Printing of Ohio (quar.)-------------- 15-16
July 1 .
to July 1
July 1 Holders or rec. June 20
U. S. Rubber, common (quar.)_________
IX July 31 1
July 1 Holders of rec. June 20
July 31 1
First preferred (quar.)......... ................. 2
July 1 Holders of rec. June 20
July 31 1
Second preferred (quar.)_______ _____
July 1 Holders of rec. June 16a U. S. Smelt., Rfg. A Mining, com. (quar.). IX
75c. July 15 1
July 1 Holders of rec. June 16a
Preferred (quar.)................................. 87Kc. July 15 1
June 30 June 21 to June 30
2 to Juno 10
U. S. Steel Corp., com. (quar.) (No. 42).
IX June 29 .
June 30 Holders of rec. June 20
1 to July 1
United Utilities, pref. (quar.) (No. 14)..
IX July 1 .
July 20 July 1 to July 17
75c. June 30 .
6 to Juno 9
Utah
Copper
Co.
(quar.)
(No.
24)-------July 2 Holders of rec. June 23
July 1 Holders of rec. June 15a
Utilities
Improvement,
com.
(monthly)..
X
July 1 Holders of rec. Juno 22
Preferred (monthly).........................
X July 1 Holders of rec. Juno 15a
Aug. 31 Holders of rec. July 31a Va.-Carollna
July 15 Holders of rec. Juno 30a
2
Chem., pref. (qu.) (No. 75)-July 1 SHolders of rec. July 9
July 15 Holders of rec. Juno 30a
3
Wells,
Fargo
A
Co....................................
July 1 Holders of rec. June 15a Welsbach Company, common.... ............
June 30 Holders of rec. June 22a
2
July 1 June 16 to July 1
3X Juno 30 Holders of rec. Juno 22
Preferred.............................................
Aug. 1 July 16 to Aug. 2
June 30 Holders of rec. June 23a
2
Western Electric Co. (quar.)__________
July 1 Holders of reo. June 15a Western Stales Gas A Elec., pref. (quar.)..
IX July 15 Holders of rec. Juno 30
July 1 Holders of rec. June 15a Western Union Teleg. (qu.) (No. 181)—
July 15 Holders of rec. Juno 20a
1
July 15 Holders of rec. Juno 30a Westlnghouse Air Brake (quar.)............
$2 July 15 Holders of rec. Juno 30a
July 15 Holders of rec. Juno 30a Westinghouse El. A Mfg., com. (quar.)__
July 30 Holders of rec. Juno 30
1
July 1 Holders of reo. June 10a
IX July 15 Holders of rec. Juno 30
Preferred (quar.)......... .................... .
July 1 Holders of rec. June 10a Weyman-Bruton Co., common (quar.)..
July 1
3
July 1 Holders of rec. Juno 22
IX July 1
Preferred (quar.).................. ..............
June 30 Holders of rec. June 30a Wlllys Overland, pref. (quar.)________
IX July 1
July 15 July 1 to July 15
Woolworth (F. W.) Co., com. (qu.)(No.9) IX Sept. 1 Holders of rec. Aug. 10a
Aug. 1 Holders of rec. July 15
IX July 1 Holders of rec. June 10a
Preferred (quar.)__________________
July 15 Holders of rec. Juno 25a Yale
3 to Juno 30
IX July 1 ."
& Towne Mfg. (quar.)......... ..........
July 15 Holders of rec. Juno 25a Yukon
June 30 .
3 to June 17
7Xc.
Gold Co. (quar.) (No. 20)--------July 15 Holders of rec. Juno 25a
______
_
_
__________________
____________
come
tax. d Cor
July 1 Holders of rec. Juno 15a rection. e Payable in stock. /Payable In common stock, o Payable
In scrip,
Aug. 1 Holders of rec. July 24
ft On account of accumulated dividends, s A distribution of Balto. <k Ohio stock to
July 1 Holders of rec. June 25
June 30 Holders of reo. June 6a be made, viz., $12 par value of B. & O. pref. and $22 60 par value B. * O. common
June 30 Holders of rec. June 6a for each share of Union Pacific common stock held, payment of said extra dividends,
July 16 Holders of rec. June 30a both cash and stock, belDg postponed from Apr. 1 to July 20 on account of litigation
July 1 Holders of rec. June 15a t Declared 7% to holders of record June 1. payable 3H% July 1 and 3X% Nov. 1.
u Transfers received In London on or before Juno 17 will be in time to be passed
Juno 30 June 16 to June 30
v Payable In 6 /„ Interest-bearing note
July 1 Holders of rec. June 16a for payment of dividend to transferee.
July 1 Holders of rec. June 16a or scrip, w Dividend two shillings per share payable in U. 8. currency on basis of
$4.86 2-3 to the £ sterling, z Declared 12% payablo In monthly Installments begin
July 1 Juno 21 to July 1
ning July 1 1914.
July 15 Holders of rec. Juno 30
June 30 Holders of rec. June 23
July 15 Holders of rec. Juno 27a
S a l e s . —-Among other securities, tho following,
A u c t io n
July 15 July 5 to
July 15
June 30 Holders of rec. June 10a not usually dealt in at the Stock E x c h a n g e were recently sold
July 15 Holders of rec. July 3
at auction in New York, Boston and Philadelphia:
July 1 June 26 to June 30
By Messrs. Adrian H. Muller & Sons, New York:
July 1 June. 26 to Juno 30
June 30 Juno 13 to Juno 17
per cent.
Shares.
Per cent. Shares.
June 30 Holders of rec. Juno 22
500 Domo Mines Co., Ltd.,
100 Atlan. Gulf & W. I. SS. Lines,
July l June 26 to Juno 30
$10 each..................... $8H per sh.
pref........... .......... ................. 13X
July 15 Holders of rec. June 30
24 Brooklyn Trust Co............... .480
98 Atlan. Gulf & W. I. SS. Lines,
July 2 Holders of rec. Juno 8
5 Ansco Company..-................. 250
common......... — ................... 5X
July l Juno 21 to Juno 30
50 Mechanics’ Bank, Brooklyn__ 170
40 Scalshlpt Oyster Co., pref. tr.
June 30 June 6 to June 9
rects_______ _____________ $41 lot 500 Blind Brook Realty Co..........$5 lot
July 1 Holders of rec. June 23
164 Franklin’s, Inc., $10 each,
June 30 Holders of rec. Juno 17a
Per cent.
$1.10 per sh. Bonds.
July 1 Holders of rec. Juno 24
$30,000 K. C. Mex. & Orlont Ry.
6 WalpoleTIre* Rub. Co., com.
July 10 Holders of rec. June 26a
1st 4s,, trust rects_____ $400 lot
tr. reo..................................... $1 lot
July 16 Holders of rec. June 24
By Messrs. Francis Henshaw & Co., Boston:
July 15 Holders of rec. June 30a
Shares.
$ per sft.l Shares.
$ per sh.
July 20 July 1 to
July 20
10 Pacific Mlll i............ .............. 107
15 Old Colony Trust Co...............305
July 1 Holders of rec. June 15a
2 Bay State St. Ry. 1st pref___ 122X \
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
S per sh. |Shares.
3 Iroquois Iron Co___________ 10
4 Everett Mills..........- .......... 112%
2 Tonowanda Iron & St. Co____ 50
2 Nashua Mfg. Co., $500 each.,672%
3 Boston Ground Kent Trust, 99«fclnt.
3 Lenox Street Bldg. Trust------ 50
200 West End Land Co_________ 41c.
2 Buffalo ritts. Co.................. -100
Bonds.
Per cent.
2 E.T.BurrowcsCo., pref., with)
2 E. T. Burrowcs Co., com. as>150 $1,000 Fitchburg UR. 4s, 1927___ 87
$3,000 K. C. * Mem. Ry. & Bdge.
bonus__________________ J
5s, 1929--......................... 95
2 Draper Co., com., ex-dlv------ 200
By Messrs. Barnes & Lofland, Philadelphia:
Per cent.
Shares.
$ ver sh. Bonds.
$2,000 Altoona, City of, 4s, 1934. 97%
50 Pennsyl. Wire Glass Co......... 100
$5,000 Ches. & Ohio Grain Elcv.
9 Farmers’ & Mech. Nat. Bank,
Co. 1st 4s, 1938................ 70
133%-135
65 Franklin F. Ins. Co., $25 each. 52% $2,000 Concord (N. C.) Gas Co.
1st 5s, 1942.................. 95
10 Iladdonfield, N. J., Nat. Bank 260
$500 Penn. Cent. Lt. & P. Co.
9 John U. Stetson Co., com.,
1st 6s, 1963_____
99%
363%-364%
10 Federal Steel Cast. Co., prof-- OX $6,000 Phlla., City, 4s. 1939-..101%
$1,000 Bronx Gas & Elec. Co. 1st
120 Manhat. Real Est. Co., $10
1960........................... 96%
lot $3,000 5s,
each....... - ............— - —
Mich. City Gas & Elec. Co.
38 Eqult. Guar. Co., pref., $10
1st 5s, 1937______ _____- 94
each....................................... 51 lot
$2,000 Union Ry., Gas<fc Elec. Co.
20 Del. & Bound Brook RR------- 184X
coll. tr. 5s, 1939________ 90
5 l’ennsy. F. Ins. Co--------404%-406
$3,000 Colo. Springs L., II. & P.
25 Girard Nat. Bank----------------335
Co. 1st ref. 53, 1920-------- 90
11 Commonwealth T. I. & T. Co.237%
$1,000 Consol. Gas Co., Pitts., 1st
6 Continent.-Eqult. Tr. Co., $50
5s, 1948........................... 42%
each......................
90
$1,000 Ind. & Northwest. Trac.
15 Franklin Tr. Co., $50 each-----54
Co. 1st 5s, 1923-............... 89
1 Girard Trust C o ............. .......878
$2,000 Phlla. & Read. RR. 3. t. 4s,
8 Guarantee Tr. & S. D. Co---- 156X
1932, guar........- ..............96%
10 Logan Trust Co____________125%
$3,500 North. Pa. RR. gen. 3.3s,
5 People’s Tr. Co., $50 each___ 46
1953 _____ ________ 80%-81%
5 Prov. Life & Tr. Co................ 840
4 United Secur. L. I. & Tr. Co..l40% $10,600 Phlla., City, 3s, 1916-21,
93%-97%
25 Delaware Ins. Co., new stock. 25
$7,500 Phlla., City, 4s, ’38.101%-101%
2 Flro Assoc, of Phil., $50 each,
$2,000 Boro, of Braddock, a. d.
336%-337
4%s, 1915.......................100%
3 Girard F. & M. Ins. Co_____ 225
$1,000 Elgin-Amer.GasCo. 1st 6s,
27 Insur. Co. of State of Pa........103
1917.....................
20 Germantown Pass. Ry_____ 106%
$100 Peoria Water Wks. deb. 4s,
3 Ridge Ave. Pass. Ry_______ 239
1950 .................................. 21
1 Library Co. of Phlla________ 17
4 Phlla. Bourse, com., $50 each. 3%
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
S per sh. I Shares.
$ per sh.
10 Farmers’ & Mech. Nat. Bank..136 I 2 Real Est. Tr. Co., pref.............85
NICARAUGUA CUSTOMS RECEIPTS— Wo append a
statement showing the Nicaragua customs recoipts for tho
first three months of 1914, compared with 1913:
1914.
1913.
January................................................ 3158,251 30 $149,945 98
February.............................................- 156,910 64 126,957 25
March _........................ ....................... 118,220 40 139,518 74
Increase.
$8,305 38
29.953 39
*21,298 34
First quarter__ _________________ $433,382 40 $416,421 97
* Dccreaso.
$16,960 43
The capital of the trust companies Is as follows: Brooklyn, $1,500,000: Bankers
$10,000,000: United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers’ Title Insurance & Trust, $4,000,000; Columbla-Knickerbocker, $2,000,000:
People’s, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.
000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
For definitions and rules under which tho various items are
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in tho case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Capital.
Banks.
00s omitted.
New York___
Manhattan Co
Merchants' —
Mech. & Met.
Amerlca____
City...............
Chemical___
Merchants’ Ex.
Butch .&Drov.
Greenwich__
American Ex.
Commerce__
Pacific...........
Chat. & Phcn.
People’s_____
Hanover........
Citizens’ Cent.
Market <fc Ful.
Metropolltan
Corn Exchange
Imp.&Traders
Park.........
100
East River...
Second .........
First_______
Irving______
Bowery.........
N. Y. County.
Gcrman-Amcr.
Chase______
Fifth Avenue
German ExchGermanla__
Lincoln ____
Garfield___
Fifth______
Metropolis . .
West Sldo__
Seaboard___
Liberty _____
N .Y .Prod .Ex.
State.........
Security____
Coal & Iron..
Union Exch
Nassau, Bklyn
Surplus.
Specie. Legals. Net Depos Re
Average. Average. its, Aver. serve.
Loans.
Average.
$
$
S
2 ,000,6 4.325.4 24.023.0
2.050.0 4.914.6 38.480.0
2 ,000,0 2.190.0 23.091.0
6 ,000,0 8.854.2 85.267.0
1.500.0 6.323.2 26.292.0
25.000. 33.141.8
0
204.732.0
3.000.
0
28.946.0
7.715.5
751.5
1.000.
0
8.513.0
114.5
300.0
1.877.0
500.0 1.133.8
9.880.0
49.315.0
4.759.8
5.000.
0
25.000. 16,939,5
0
145.772.0
5.224.0
500.0 1.007.2
2.250.0 1.404.0 22.368.0
1.805.0
464.3
200.0
85.384.0
3.000. 15,003,1
0
2.550.0 2.444.5 23.337.0
9.460.0
1.000.0 1.962.4
1.868.9 11.116.0
2 ,000,0
3.500.0 6 .868.2 66.064.0
1.500.0 7.851.7 27.283.0
93.728.0
5.000. 14.490.9
0
1.584.0
57,8
250.0
14.041.0
1.000. 0 2.846.0
10,000,0 23,374,8 121.927.0
48.131.0
3.528.0
4.000.
0
3.164.0
790.3
250.0
8.664.0
500.0 1,922,2
4.186.0
689,7
750.0
109.879.0
5.000. 10,153,3
0
100.0 2.241.9
12.599.0
822.5
200,0
3.220.0
1.040.9
200,0
4.892.0
1.766.8
15.232.0
1 .000.
0
9.516.0
1,000,0 1.296.0
3.918.0
500.6
250.0
1,000,0 2.229.0 13.255.0
3.848.0
915.4
200.0
1,000,0 2.616.1 26.927.0
1,000,0 2,828,0 27.070.0
9.564.0
955,0
1,000,0
425.6 18.714.0
1,000,0
348.5 11.667.0
1,000,0
6.998.0
578.5
1,000,0
10.367.0
1,000,0 1,001,0
1,000,0 1.171.5 8.171.0
$
4.757.0
10.479.0
4.459.0
17.377.0
4.611.0
73.101.0
3.910.0
2.074.0
457.0
2.561.0
11.197.0
27.377.0
794.0
4.257.0
345.0
24.492.0
5.250.0
1.510.0
2.571.0
16.367.0
4.754.0
21.869.0
343.0
3.095.0
31.523.0
10.618.0
778.0
1.558.0
767.0
26,151,0
2.567.0
560.0
1.099.0
3.182.0
2.405.0
918.0
2.288.0
748.0
6.154.0
5.797.0
2.376.0
5.871.0
1.903.0
1.053.0
2.339.0
1.819.0
$
$
%
994.0 22.580.0 25.4
1.586.0 45.700.0 26.4
1.485.0 23.735.0 25.0
6.149.0 92.127.0 25.5
1.742.0 25.656.0 24.7
5.677.0 226.696.0 34.7
2.776.0 25.274.0 26.4
8.664.0 27.7
331.0
2 .011.0 25.7
61,0
235.0 11.123.0 25.1
1.971.0 50.819.0 25.9
7.301.0 130.108.0 26.6
5.151.0 31.5
832.0
1.660.0 23.559.0 25.1
147.0
2.252.0 21.8
3.164.0 100.146.0 27.6
610.0 22.665.0 25.8
1.013.0
9.529.0 26.4
333.0 10.966.0 26.4
3.106.0 78.160.0 25.0
1.778.0 24.942.0 26.1
2.649.0 97.260.0 25.2
1.935.0 23.5
112.0
125.0 12.768.0 25.2
2.347.0 119.939.0 28.2
2.636.0 52.189.0 25.3
3.428.0 24.4
60,0
9.084.0 25.7
779.0
3.954.0 24.8
214.0
5.650.0 125.958.0 25.2
13.961.0 25.7
1.022.0
3.851.0 25.1
410.0
5.547.0 24.3
254.0
1,061,0 15.873.0 26.7
9.972.0 26.6
252.0
4.319.0 27.0
249.0
1.328.0 13.639.0 26.5
429.0
4.613.0 25.5
2.029.0 31.544.0 25.9
1.887.0 30.413.0 25.2
415.0 10.882.0 25.6
309.0 24.314.0 25.4
1.039.0 13.963.0 25.3
846.0
7.236.0 26.2
350.0 10.654.0 25.2
7.169.0 28.0
195.0
C a n a d i a n B a n k C l e a r i n g s . — Tho clearings for tlio week
ending Juno 20 at Canadian cities, in comparison with tho
samo woek of 1913, show a decrease in tho aggregate of G.8%. Totals,average 128,550,0 208,628,4 1489,491,0 360,481,0 70,198,0 1576,328,0 27.3
Canada—
Montreal_______
Toronto________
Winnipeg_______
Vancouver______
Ottawa............. _.
Quebec_________
Halifax_________
Hamilton_______
St. John________
London_________
Calgary_________
Victoria_________
Edmonton______
Regina_________
Brandon________
Saskatoon_______
Moose Jaw______
Lethbridge______
Brantford_______
Fort William........
New Westminster.
Medicine Hat____
1914.
1913.
Inc. or
Dec.
55,264,717
42,415,091
24,961,457
8,039,658
4,406,782
3,249,413
2,119,080
3,177,114
1,699,308
1,740,977
4,572,032
2,527,131
3,496,320
2,518,717
479,416
1,107,791
879,396
487,972
560,145
928.0S0
401,061
445,564
56,892,615
40,738,343
28,955,825
11,697,671
4,544,653
3,454,127
1,887,860
3,305,977
1,603,388
1,774,452
4.894,413
3,662,163
4,486,914
2,309,711
599,310
1,901,873
1,190,872
589,744
056,947
1,148,922
588,158
768,805
%
—2.7
+ 4.1
— 13.8
—31.3
—3.0
—5.9
+ 12.3
—3.9
+ 5.7
— 0.2
— 6.0
—31.0
— 22.1
+ 9.1
— 20.0
—38.0
—26.1
— 17.3
— 14.6
— 19.1
—31.3
— 42.0
Total ........................ 165,540,222 177,057,803'
S ta te m e n t
Actual figures June 20................. 1484,836,0 358,021,0 71,842,0) 1570,878,0 27.3
Week ending June 20.
Clearings at—
o f
N e w
Y o r k
C ity
1911.
$
60,859,033 37,124,207
40,000,000 29,489,966
28,982,273 17,858,412
12,810,249 9,124,467
4,345,797 3,205,222
3,209,946 2,324,189
1,869,066 1,244,609
3,081,198 2,154,730
1,693,722 1,325,830
1,543,984 1,159,239
5,610,241 3,680,416
3,820,983 2,351,238
3,851,865 2,300,639
2,OSS,159 1,216,948
603,809
470,130
2,213,283
892,838
1,302,071
714,004
762,658
6.31,349
061,305
527,705
1,147,725
— 6.8 180,460,367 117,862,129
C le a r in g -H o u s e
B a n k s
— The detailed statement bolow
shows tho condition of tho Now York City Clearing-House
members for tho weok ending June 20. Tho figures for tho
separate banks aro tho averages of tho daily results. In
tho case of tho totals, actual figures at tho end of tho week
are also givon:
a n d
T r u s t
C o m p a n ie s .
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
Surplus.
Net
On Dep.
Loans. Specie. Legals. wllhC.H. Deposits.
Average. Average. Average. Banks. Average.
$
S
S
$
$
843,0 4,451,0 18,862,0
24,774,0 1,967,0
133,136,0 15,434,0 1,155,0 23,059,0 110,338,0
41,381,0 4,402,0
797,0 8,480,0 34,609,0
21,431,0 1,992,0
83,0 2,537,0 15,419,0
34,317,0 3,020,0
350,0 3,654,0 22,355,0
188,638,0 20,998,0 1,027,0 24,205,0 128,355,0
7,976,0
778,0 6,409,0
941,0
43,0
15,575,0 1,271,0
502,0 1,.872,0 11,543,0
48,535,0 5,069,0
830,0 4,119,0 39,149,0
15,817,0 1,865,0
379,0 2,270,0 14,955,0
46,115,0 3,998,0
406,0 6,829,0 29,180,0
10,030,0
960,0
145,0 1,611,0 7,427,0
10,392,0 1,152,0
232,0 1,077,0 9,112,0
27,653,0 2,711,0
165,0 2,755,0 19,431,0
1.3,678,0 1,370,0
685,0 1,942,0 13,514,0
$
Brooklyn........ 3,741,5
14,801,0
U. 8 . M. & Tr. 4,412,0
Astor_______ 1,349,9
Title Guar.&T. 11,736,1
Guaranty____ 24,266,5
Fidelity_____ 1,352,4
Lawyers’T.I&T 5,544,3
Col.-Knlcker.. 7,351,6
Peoples’ ......... 1.572,6
New York___ 12,020,0
Franklin____ 1,228,4
547,5
Lincoln -------Metropolitan.. 6,791,3
833,9
Broadway___
'
51
Totals, average 97,557,0 640,098,0 67,150,0 7,042,0 89,609,0 480,061,0
SUMMARY COVERING BOTn BANKS AND TRUST COMPANIES.
Week
ending
June 20.
Capital. Surplus.
Reserve.
Loans.
Specie.
On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits.
S
Averages.
$
$
S
$
$
$
1,576,328,0
Banks__ 128,550,0 208,628,4 1.4S9,491,0 360,481,0 70,198,0
Trust cos. 46,250,0 97,557,0 640,098,0 67,150,0 7,642,0 89,669,0 480,661,0
Total — 174,800,0 306,185,4 2,129,589,0 427,631,0 77,840,0 89,669,0 2,056,989,0
Actual.
358,021,0 71,842,0
1,570,878,0
Banks___
.......... .......... 1,484,836,0
641,368,0 65,313,0 7,710,0 87,512',6 475,515,0
Trust cos.Total.. .
..........
.......... 2,126,204,0 423,334,0 79,552,0 87,512,0 2,046,393,0
Tho State Banking Department also furnishes weekly
returns of tho State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures aro compiled so as to
distinguish between the results for Now 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, seo “Chronicle,” V. 98, p. 1661.
STATE BANKS AND TRUST COMPANIES.
Week ended June 20.
Capital ns of March 2—
%
14.8 + 19.0
15.0 + 17.2
15.0 + 19.0
13.4 + 13.8
15.0 + 13.9
17.1 + 15.8
15.3 + 10.2
15.3 + 13.9
15.0 + 9.5
15.0 + 12.9
15.0 + 18.9
14.8 + 17.2
15.2 + 10.5
14.8 + 12.3
15.2 + 12.5
Surplus as of March 2—
15.5 + 15.7
Actual figures Juno 20 641,368,0 65,313,0 7,710,0 87,512,0 475,515,0 15.3 + 15.5
Circulation.—On the basis of averages, circulation of national banks In the ClearlngHouso amounted to $41,020,000 and according to actual figures was $41,163,000.
Loans and Investments-.
Change from last week.
State Banks
Trust Cos.
State Banks
Trust Cos.
in
outside of
outside of
in
Oreater N. Y . Greater N. Y. Greater N. Y. Greater N . Y.
$
23,137,400
$
67,900,000
29,457,000
$
10,588,000
S
10,750,000
164,517,300
14,063,889
13,006,407
325,063,900 1,133,663,600
+ 627,900 + 3,936,300
131,303,000
+406,500
187,313.200
+ 174,000
.................
.................
Change from last week.
52,094,600
— 173,400
95,300,800
+ 1,035,000
Currency and bank notes.
Change from last week.
27,057,500
—800,300
20,320,100
+ 261,400
Deposits--------- ----------Change from last week.
425,0S9,800 1,299,387,200
—3,704,900 + 2,901,500
.................
138,196,700
+ 776,300
.................
196,998,500
—334,700
Reserve on deposits____
Change from last week.
103,561,700
—682,900
276,056,500
+ 2,120,300
24,681,300
—235,200
26,263,300
—699,600
P. C. reserve to deposits.
Percentage last week..
28.9%
29.0%
27.9%
27.8%
19.5%
19.5%
15.3%
15.7%
+ Increase over last week. — Decrease from last week.
The Banking Department also undertakes to present
Reports of Clearing Non-Member Banks.— The follow
soparate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
rust companies in Greater New York, not in the Clearing banks for the week ending June 20, based on averago daily
H ou se.
These figures are shown in the table below, as are results:
We omit two ciphers In all these figures.
also the results (both actual and average) for the Clearing _____
House banks and trust companies. In addition we have
Loans,
Legal
On
Dlsc'ls
Tender Deposit
combined each corresponding item in the two statements,
Banks.
Capi
Sur
and
Specie and
with
Net
tal.
plus.
Invest
Bank C.-H. Deposits.
thus affording an aggregate for the whole of the banks and
ments.
Notes. Banks.
trust companies in Greater Now York.
New York City.
$
$
.3
NEW YORK CITY RANKS AND TRUST COMPANIES.
w eek ended. June 20—
National
March
State
Surplus March
Capital
C lear.-H ou se C lea r.-H ou se State Banks am\ Total o f all
Atem bers.
M em bers.
T rust Cos. N o t Banks & Trust
in C .-H . A ver
A ctua l Figures
A vera ge.
A vera ge.
$
$
S
$
banks!
4 and)
banks |
174,800,000
174,800,001
28,S37,400
203,637,400
2____J
306,185,400
306,185,400
73,378,300
379,563,700
Loans and Investments.. 2,126,204,000 2,129,589,000
Change from last week — 5,204,000 + 9,646,000
575,327,900 2,704,916,900
+ 2,208,500 + 11,854,500
Deposits_____________ 2,046,393,000 2,056,989,000
Change from last week — 20,417,000 — 1,676,000
a575,S87,600 2,632,876,600
+ 2,981,300 + 1,305|300
Specie..
423,334,000 427,631,000
Change from last week — 12,784,000 — 11,371,000
Legal tenders_________
79,552,000
77,840,000
Change from last week + 4,967,000 + 3,113,000
Banks: Cash In vault__ 429,863,000 430,679,000
Ratio to deposits........
27.36%
27.32%
543,389,800 471,020,800
— 112,400 — 11,4831400
Cl0.032.300
+ 176,600
87,872,300
+ 3,289,600
12,122,300
12.45%
442,801,300
Trust Cos.: cash In vault.
73,023,000
74,792,000
41,299,800
116,091,800
Aggr'te money holdings..
Change from last week
502,886,000
— 7,817,000
505,471,000
— 8,258,000
53,422,100
+ 64,200
558,893,100
— 8,193;SOO
Money on deposit with
other bks. & trust cos.
Change from last week
87,512,000
— 6,079,000
89,669,000
+ 1,750,000
104,709,600
— 2,313,100
194,378,600
— 563+00
Total reserve........... 590,398,000
Change from last week — 13,896,000
595,140,000
— 6,508,000
158,131,700
— 2,248,900
753,271,700
— 8,7561900
Surplus CASH reserve—
Banks (above 2 5 % )___
Trust Cos.(abovel5%)
37,143,500
1,695,750
36,597,000
2,692,850
Total......................
Change from last week
38,839,250
— 3,471,950
39,289,850
— 7,898,100
s
3
100,0
200,0
500,0
400,0
300,0
200,0
200,0
200,0
100,0
369,8
118,5
501,9
712,9
697,0
1S9,8
491,4
329,8
525,5
5
349,0
1,651,0 104,0
84,0
55,0
251,0
1,632,0 401,0
823,0
6,684,0 664,0 427,0
920,0
7,337,0 813,0 519,0
818,0
6,227,0 709,0 468,0
1,030,0 100,0
37,0
59,0
5,657,0 626,0 241,0 1,032,0
3,445,0 342,0 114,0
226,0
4,754,0 632,0 223,0
718,0
First National______ 300,0
686,4 3,868,0 352,0
Manufacturers’ Nat.. 252,0
966,3 5,720,0 736,0
Mechanics’ ________ 1,000,0
527,5 9,331,0 1,176,0
300,0
National City______
590,2 4,674.0 518,0
North Side________ 200,0
190,3 2,693,0 234,0
Jersey City.
First National______ 400,0 1,404,8 4,103,0 303,0
832,4 3,301,0 212,0
Hudson County Nat. 250,0
445,2 2,417,0
Third National_____ 200,0
98,0
Hoboken.
220,0
684,7 4,784,0 270,0
First National______
292,1 3,866,0 203,0
Second National........ 125,0
1,287,0
1,899,0
6,834,0
7,499,0
7,218,0
984,0
5,699,0
3,529,0
5,199,0
54,0
682,0 3,182,0
87,0
922^0 5,202,0
588|0 3,316 j) 11,161,0
114,0
819^0 4j590’0
16+0
346,0 2J69;0
323,0 5,027,0
51,0 ’567,0
131,0
748,0
3,075,0
1,692,0
1,320,0
62,0
517,0 1 647 0
46,0
538^0 1,490,0
10,556,5
33,174,0
8,493,0 3,785,0 18,678,0 76,276 0
Totals June 20___ 5,647,0
Totals June 13___ 5,847,0 10,665,4 34,817,0 8,781,0 1,081,0 17,623,0 78i617j0
Totals June 6 ___ 5,847,0 10,665,4 85,324,0 8,488,0 4,062,0 16,436,0 80,141,0
Imports and Exports for the Week.— The following are
the imports at Now York for the week ending Juno 20; also
totals since tho beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1914.
For Week.
Dry Goods........... ..............
General Merchandise______
1912.
1913.
$2,224,705
14,801,028
$2,743,816
15,408,630
1911.
$2,150,117
13,154,092
SI,731,033
13,095,093
Total____________ ____ $18,152,446 $17,025,733 S15.304.209 S14,820,126
Since. Jan. 1.
Dry Goods.......................... $90,718,733 $72,648,600 $08,880,029 $67,927,291
General Merchandise_____ 414,605,312 400,086,593 417,311,280 353,889,185
Total 25 weeks................. $505,324,045 $478,735,193 $486,191,309 $421,816,470
% of cash reserves of trust Co’s.
Cash In vault.________
15.35%
Cash on dep. with bks.
15.54%
Total______ _____
Manhattan and Bronx
Washington Heights.
Battery Park Nat___
Century____ ____ _
Colonial_____ _____
Columbia__________
Fidelity....................
Mutual_____ _____
New Netherland____
Yorkvllle__________
30.89%
15.56%
15.72%
9.26%
19.55%
31.28%
28.81%
+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "Duo from reserve deposi
taries and from other banks and trust companies In New York City and exchanges” with this Item Included, deposits amounted to §675,387,100, an Increase of $517,500
over last week. In the ease 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.
The following is a statement of tho oxports (exclusive of
specie) from tho port of Now York to foreign ports for the
week ending Juno 20 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
1913.
1912.
1911.
$11,920,039 $15,903,227 $11,699,108 $12,329,167
444,867.820 447,657,483 396.503,891 365,122,493
Total 25 weeks_________ $450,787,859 $463,560,710 $408,262,999 S377.451,660
For the week_____________
Previously reported_______
The averages of the New York City Clearing-House banks
and trust companies, com bined with those for the Stato banks
and trust companies in Greater New York City outsido of the
The followng tablo shows tho oxports and imports of
Clearing House, compare as follows for a series of weeks past: specie at the port of Now York for the week ending June 20
and since Jan. 1 1914, and for tho corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
1913 and 1912:
We omit two ciphers In all these figures.
Loans and
Week Ended— Investments
April
April
May
May
May
Mav
May
June
June
June
18___
25___
2___
9___
16___
23___
29___
6 ___
13___
20___
S
2.667.243.5
2.698.408.3
2.094.809.4
2.685.671.8
2.708.109.8
2.696.008.6
2.688.390.6
2.686.480.8
2.693.062.4
2.704.916.9
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Deposits.
Specie.
Legals.
TotMoney Entire Res
Holdings onDepostt
$
2,591,167,3
2.626.157.2
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
2.632.876.0
S
470.768.1
475,387,4
485.471.7
486,377,9
488.457.8
492.498.3
492.298.7
486.598.3
482.504.2
471.020.8
S
81.753.0
83.791.4
81.580.0
82.242.7
86.367.3
87.143.1
85,034,0
83.528.5
84.582.7
87.872.3
$
552.521.1
559,178,8
567.051.7
568,620,6
574.825.1
579,641,4
577,333,3
570.120.8
567.086.9
558.893.1
$
661.403.0
669.238.6
683.732.8
694.193.3
778,420,2
783.061.1
789.469.8
775.756.4
762.028.6
753.271.7
Boston and Philadelphia Banks.—Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
Exports.
Gold.
Week.
Great Britain__________________ $1,296,771
35,000,000
Germany______________________ .............
50(1
Total 1914
Total 1913
........................ $26297271 $70,595,280
150,000 60,179,782
........................
302,600 22,483,762
Silver.
.
930
Boston.
May 2
May 9.
May 16.
May 23.
May 29.
Juno 6 .
June 13.
June 20 .
Phlla.
May 2 .
May 9.
May 16.
May 23.
May 29.
June 6 .
June 13.
June 20 .
Loans.
Specie.
Legals.
Deposits.
a
Circu
lation.
Clearings.
S
60,735.0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
S
232,709,0
229,808.0
235,264,0
236,999,0
238,392,0
238,419,0
238,659,0
239,768,0
$
29,356,0
30,465,0
32,818,0
34,576,0
33,767,0
30,602,0
31,041,0
30,423,0
$
4,239,0
4,122,0
4,044,0
3,751,0
4,102,0
4,240,0
4,647,0
5,263,0
$
285,032,0
284,919,0
306,156,0
294,916,0
294,863.0
293,939,0
292,838,0
296,787,0
10,090,0
10,088,0
10,067,0
10,037,0
9,561,0
9,668,0
9,647,0
9,771,0
s
S
157.135.2
142.441.2
181.391.0
153.801.0
114.566.5
179.579.8
139.379.3
140.871.6
103,684,3
103,684.3
103,684,3
103,684.3
103,684,3
103,684.3
103,684,3
103,684,3
403.078.0
402,724,0
402,468,0
400.891,0
401.816,0
401,752,0
399,743,0
398,422,0
♦460,542,0
♦460,581,0
♦464,364.0
♦462,228,0
♦462,703,0
♦459,150,0
*457,040,0
♦459,782,0
11,514,0
11,594,0
11,592,0
11,583.0
1+560,0
11,580,0
11,598,0
11,591,0
160,662,2
151.374.6
147.764.4
154,628,2
132.507.8
181.713.8
143.056.0
162.230.5
107.21 8,0
108,851,0
110,315,0
109,846,0
106,883,0
104,997,0
106,417,0
106,696,0
a Includes Government deposits and tho Item "due to other banks ” At Boston
Government deposits amounted to $1,537,000 on Juno 20, against $1 538 000
on Juno 13.
’
’
* "Deposits” now Include the Item “ Exchanges lor Clearing House.” which wero
reported on June 20 as $13,919,000.
Total 1914
.................
Total 1 9 1 3 ............................ Total 1912
_____ _______
$108
+005
5,218
29,257
98,904
Since Jan. 1
$17,366
90,633
3,602
929,111
$134,552
359,233 8,516,135
894,084 10,428,474
$9,305
7,774
198,745
91,146
1,124,900
525
$2,269
10,578
19,166
19,320
$773,810 $19,703,921
982,881 25,016,845
882,319 24,984,679
85+333
116,389
6+847
140
Capital
and
Surplus.
Imports.
Week.
$661,740 $15,696,941
111,000 2,591,664
We omit two ciphers (00) in all these figures.
Banks.
SincevvJan. 1
$3,800,074
63,287,728
1,018,913
819,933
1,105,120
428,112
135,400
Of the above imports for tho week in 1914, $4,275 were
American gold coin and $130 American silver coin.
gattMttfl and g inaucial.
M u n ic ip a l
B o n d s
Ask us to send you C ircular No. 615 describing Canadian
and American Municipal Bonds.
S p e n ce r T ra sk &
C o .
43 EXCHANOE PLACE— NEW YORK
Albany
B oston
Chicago
A n
% \ x n X itx s 7 (5 a *je ite *
ern
a c tiv ity
Wall Street, Friday Night, June
T h e
M o n e y
o th e r
ev en ts
h a v e
b een
in
C o m p a n y
in
w as
in
s im ila r
is
som e
m en t o f p ro p o se d
w a y
k n ow n .
tr a ffic
rep orts
co m p a re d
in
a n
o r
w ith
e n tir e ly
th e
T h ere
tem p era m en t
th a t fo r
re p o rt
o f
id le
a re
M a y .
d u r in g
d u ll
th o
g o ld
a ro
th e
sea son
to
serve
w eek
to
a n
o n
2 % .
T h e
ra to
2 9 .
3 8 5 ,0 0 0
w h ic h
to
th a t
a
b y
a ll
b e h o v e
th e
e n a ct
im m e d ia te
as h a s
e v e n
y e a r
r a il
w h en
a g o ,
a re
a n d
re d u ce d
o f
h a lf
a n d
o f
p r ic e s
m oro
s to ck
th a t
th o
ea sy
o f
o f
B a n k
b o n d
ra tes
fr a n c s
g o ld
@ 4 %
m o n e y
h e re to fo re
th e S to ck
c o lla te r a ls
c a ll
m a r
re p o rte d .
3 %
@ 4 %
%
%
fo r g o o d
th o
fo u r
d ecrea se
to
s in g lo
o n
th o
a t
a n
w e e k
o f
as
fix e d
o f
1 0 0 ,
s ilv e r .
1913.
1912.
A vera ges fo r
w eek e n d in g
J u n e 21.
A vera ges fo r
w eek e n d in g
J u n e 22.
1914.
A vera ges fo r
w eek e n d in g
J u n e 20.
D i ff e r e n c e s
fr o m
p r e v io u s w e e k .
S
S
S
S
131.150.000
133.650.000
128.550.000
C a pital....... .......... ..........
207,223,200 195,115,700
208,628,400
Surplus---------------------------Loans and discounts— 1.489.491.000 In c. 7~,5lb,666 1.319.945.000 1.399.012.000
46.450.000
46.946.000
41.020.000 Dec.
Circulation ..................104,000
N et deposits.................. 1.576.328.000 Dec. 1,085,000 1.343.350.000 1.457.350.000
360.481.000 Dec. 11,782,000 297.326.000 313,144,050
Specie.----------------------------70.198.000 Inc. 2,511,000
78.797.000
Legal-tenders................
78.815.000
Reserve held_________
2 5 % of deposits..............
430.679.000 Dec. 9,271,000
394.082.000 Dec.
271,250
376.141.000
335,837,500
391.941.000
364,337,500
Surplus reserve_____
36,597,000 Dec. 8,999,750
40,303,500
27,603,500
N o t e . — T h o C le a r in g H o u s e n o w Issu e s a s ta te m e n t w e e k ly ,
sh o w in g th e a c tu a
c o n d itio n o f tho b a n k s o n S a t u rd a y m o rn in g , a s w e ll a s th e a b o v e a v e ra g e s. T h e
fig u re s , to g e the r w it h th e re t u rn s of th e s e p a ra te b a n k s a n d t ru s t co m p a n ie s, also
tho s u m m a ry Issu ed b y th e S ta te B a n k in g D e p a rt m e n t g iv in g th o c o n d itio n o f S tate
b a n k s a n d t ru s t co m p a n ie s n o t re p o rtin g to th e C le a rin g -H o u s e , a p p e a r o n th e se co n d
page p re ce d in g .
fo r c a b le
in g
o f
som o
to
th o
th o
E x c h a n g e .—
fir m e r
d u r in g
th e
T h o
m a rk e t
e a r lie r
d a y s
tr a n s fe r s , w h ic h
sh ort
d eg reo
c o m m itm e n ts .
o f
e x ten t
h a v o
o f
fo r
o f
a d v a n ce d
T o w a rd s
ex ch a n g e
w e e k ,
e s p e c ia lly
a s a r e s u lt o f c o v e r
th o
ir r e g u la r ity
d e v e lo p e d .
$ 1 0 ,5 0 0 ,0 0 0
in
b a rs
s t e r lin g
th o
c lo s e ,
G o ld
w ero
h o w o v e r,
en g a g em en ts
a n n o u n ce d
d u r in g
w eek .
T o - d a y 's ( F r i d a y ’s ) a c t u a l r a t e s f o r s t e r li n g e x c h a n g e w e r e 4 8575@4 86
f o r s i x t y d a y s , 4 8770@4 8790 f o r c h e q u e s a n d 4 8860@4 8875 f o r c a b l e s .
C o m m e r c i a l o n b a n k s 4 84H @ 4 85% a n d d o c u m e n t s f o r p a y m e n t 4 85
@ 4 85M - C o t t o n f o r p a y m e n t 4 85 H @ 4 853-3 a n d g r a i n f o r p a y m e n t
4 85 M @ 4 80.
.
Tho posted rates for sterling, as quoted by a representative house, for
60-day bills was not changed during tho week from 4 86H . but the sight
rate was reduced He. to 4 88H on Monday, reacting on Wednesday to
4 89, at which it ruled until yesterday, when it again declined to 4 8 8 H .
To-day’s (Friday’s) actual rates for Paris bankers’ francs wero 5 18H
less 1-16@5 18H ■ess 1-32 for long and 5 1 6 ) 4 (d)5 1 6 ) 4 plus 1-32 for short.
Germany bankers’ marks wero 9 4 H © 9 4 15-16 for long and 95 M @ 9 5 y .
plus 1-32 for short. Amsterdam bankers' guilders wero 40 3-16 olus 1-32
($40 3-16 plus 1-16 for short.
___
K x c h a n g o a t P a r i s o n L o n d o n , 25f. 18Hc.; w e e k s r a n g e ,25f. 19c. h ig h
a n d 25f. 16H e. lo w .
E x c h a n g e a t B e r l i n o n L o n d o n , 2 0 m . 5 0 p f . ; w e e k ’s r a n g e , 2 0 m . 5 1 p f .
h i g h a n d 2 0 m . 4 9 p f . lo w .
The rango for foreign exchange for the week follows:
S te r lin g A c t u a l —
■
S ix lu D a y s .
High for tho week___
for tho w e e k ...
5 18H
5 18 H less 1-16
G erm a n y B a n kers' M a r k s —
High for tho week—
Low for tho week—
A m s ter d a m
4 8890
4 8830
5 15H
5 16H
5 15 less 1-64
5 15H
95 % less 1-32
95 M less 1-32
94 15-16
94 H
B a n k ers' G u ild ers—
th o
B o a rd
$ 7 1 ,0 0 0
g in ia
N .
R a ilr o a d
in c lu d e
Y .
$ 8 3 ,0 0 0
C a n a l 4 % s
6 s d e fe rre d
B o n d s .—
N e w
a t
tr u s t r e c e ip ts
S a le s
Y o r k
1 0 9 %
to
a t 5 2 %
o f
4 % s
110
to
S ta te
a t
a n d
5 3 % .
b o n d s
a w h o le
is s u e s
h a v e
w e e k ,
a
p a rt
w a s
h a v o
b o th
o f
th e
w e a k , in
d e c lin e d
b o n d s
a n
o v e r
a
re co rd e d
a
2s
S a le s
o f
G o v e rn m e n t
re g .
a t
1 1 0 % ,
4s
co u p ,
a t
9 7 %
a n d
b o n d s
$ 1 ,0 0 0
$ 1 0 ,0 0 0
3 s
a t
co u p ,
P a n a m a
2s
9 7 .
a n d
a ffe c te d
rem a rk s
p rem e
It
w a s
d e c is io n
w a s
a n d
s in c e
o th e r
d a y , fir s t o n
in flu e n c e d
th e
b y
o n e
is
th e
A m o n g
la s t
th e
w e e k ,
C e n tra l
4 ,
th is o n
b u t
th e
w e e k
th e o n ly
ra te
to
4 % ,
fo llo w in g
in
d e c is io n , a n d
w ith
stro n g
a
to
la te r
w h ic h
lo n g
u p w a rd
C a n a d ia n
o f
4 %
S o u th e rn
in d e e d
h a v e
a ffe c te d .
u n til
lis t
fo u r p o in ts lo w e r th a n
to -d a y ’s
ra n g e
o n e w h ic h
s a le s
to
a d v a n ce d
T h u rs d a y
m o v e
P a c ific
p o in ts ,
P a c ific
h as
N e w
4 %
Y o r k
a n d
U n io n
o f th e e n t ir e lis t , S o u t h e r n
sh ow s a
n e t g a in
d e c is io n
o ccu rre d
o n
fo r
th e w eek —
m e n tio n e d .
For daily volume of business see page
T h e
S u
ca se.
d e c lin e w a s r e c o v e r e d .
th e m in e r a l-la n d -t it le
re p re se n te d
th e
e s p e c ia lly
r e c e iv e r s h ip
o n
h a s
g en era l
la n d -title
d e c lin e d
ca se
lit t le
it
m o re
s y m p a th e tic a lly
fe a tu r e s ,
O f th e se , a n d
is
h o w
fo llo w in g
s te a d ily
tw o
in
a
th e
r a ilr o a d s ,
c lo s e
fr o m
p r e v io u s
R e a d in g
P a c ific 5 % .
P a c ific is
th e
to
o f th a t co m p a n y
c o m m e r c ia l
e x c e p tio n a l
w ith in
th e
w ere
A t
sto o d
m e n t a b o u t h a lf th e
co v e re d
to
m a rk e t
g rea t
in
M o n d a y ,
I n te r -m o u n ta in
th e
to
T h e re
a s
lo n g -p e n d in g
s e c u r it ie s
fa m ilia r .
clo s e
o n
th e
th e
o f im p o r ta n t s to c k s
a t
fir m
sto ck s
M o n d a y
e x ce p t
re fe rre d
in
T h e
S t o c k s .—
m a rk e t,
fa v o r a b le
P a c ific .
s h a r p ly
sto ck
m a tte rs
a b o v e .
d e c is io n
e v e ry
th e
b y
C o u rt
S o u th e rn
B u t
M is c e lla n e o u s
a b o u t
1 98 5.
t h is
o u r
d e ta ile d
lis t
S ales
fo r
W eek .
R ange fo r W eek .
26.
STO C K S.
W e e k en d in g J u n e
th o
w eek
p a g es
o f
sh a res
w h ic h
n o t
fo llo w :
a t
R a n g e s in c e
L o w e s t.
H ig h e st.
215 lO O H June
Adams Express...............
310 101 June
American E x p r e s s .------100 6 June
Brunswick Term in al------310 29H Jun e
B utterlck.................. ........
200 22H Jun e
Colorado & Southern—
100 32 June
2d preferred_________
100 6c.Jun e
Comstock T u n n e l .........
350 3 7 H Ju n c
Continental C a n ..............
300 85 June
Preferred____________
220 70 June
Crex Carpet______ _____
10 113HJune
Detroit Edison________
100 4 June
D uluth S S & A t la r t lc .300 170 June
General Chemical...........
12 109HJune
Preferred ......................
2 11 June
Green Bay & W , deb B _ .
190 115 June
Ilomestako M in ing _____
300 95 June
Laclede Gas (S t Louis). .
337 34 June
Long Island____________
23 66 June
New Y o rk A ir Brake__
300 2 H Ju n o
Ontario Silver M in in g ..
Quicksilver M in ing --------- 1,100
H Ju n c
300
lH J u n c
Preferred---------------------254 99 H June
So I ’ac subs 1st paid------100 46H Jun e
United Cigar M frs--------100 99 June
Preferred---------------------100 83 June
United D r y Goods--------Preferred......... ............ 3,555 53 June
10 85 June
U S Indus Alcohol, pref.
200 49 June
Virginia R y & Power___
Wells, Fargo & C o ......... 2,729 94 June
20 102HJune
26 105 June
25 6 June
22 29H Jun e
20 2 2 H Jun e
24 32 June
22 6c. June
26 38H Jun o
25 8 6 H Ju n c
2C 70 June
23 113HJune
22 4 June
23 171 June
23 109HJuno
26 11 June
22 115HJune
22 95 June
23 35 June
25 66 June
24 2 H J u n c
24
1 June
25 2 H Ju n e
22 102HJunc
25 4 6 H Jun o
25 99 June
20 83 June
26 9 6 H Ju n e
20 85 June
24 49 June
26 105HJunc
O u ts id e
o n ly
M a r k e t .— T r a d in g
m o d e ra te ,
S ta n d a rd
O il
o f
S .
th o
U .
r ie r s ,
a n
a n d
e a r ly
d a y
a t
N .
Y .
u p
to
fo r n ia )
so m o
T h o
n ow
2 0
a n d
3 %
to
a n d
to
en ed
fr o m
8 4
p r e f. s o ld
to
to
to
to
a n d
ea sed
m o v e d
b a c k
fr o m
a n d
to
1 10 ,
c lin e d fr o m
V ir
sto ck s
d o w n
1 1 5 %
w ere
O u ts id e
to
to
5 3 ,
to
th e
9 7 % .
to
w it h o u t
o ff
co m .
fin a lly
5 7
1 1 4 %
In
w en t
to
th e
w ill
(C a li
to
a n d
3 0 4 ,
to
4 5 5 .
in
3 7 a n d
th e
41
8 7 % ,
tra d e d
in
fig u r e
fr o m
M o to r s
a t
a n d
w ith
d o w n
to -d a y
8 7 %
c o m .
14.
p r e f..a ft e r
N a t.
fo u n d
2 8 5 ,
(I n d ia n a )
to
a n d
C lo a k
m o v in g
C o n .
a n
clo s e d
fr o m
u p
G a s
to
c o n v .
o n
p a g o
1 98 5.
a t
8 0 % ,
S u it
fr o m
1st
a d a n ce
to d a y
79
&
w ea k
T h e
a n d s o ld fin a lly a t 1 1 4 % .
b e
a n d
to
O il
fe a tu r e .
q u o ta tio n s
2 1 9
d o w n
fin a l
to -d a y
1 6 %
b o n d s
8 2
$ 1 7 3 .
P r o d u c ts p r e f. ro s e fr o m
2 d
p r e f.
to
O il
d e c lin e d
a d v a n ce d
7 9 .
O h io
p o in t
to -d a y
w ere
M a x w e ll
T h e
a t 2 7 0 .
to
p r o m in e n tly
w ith
c o m .
fin is h e d
3 9 % .
a
re co v e re d
to
$ 1 2 8 .
en d s th e w eek
S ta n d a rd
T o b a c c o
8 2 % .
W illy s -O v e r la n d
d ro p p e d
3 % ,
to
1 0 4 % .
2 2 6
o f
b e tw e e n
ca r
a fte r
fin is h e d
S ta n d a rd
“ rig h ts ”
w as
T h e
d e c is io n
fin a lly
c o m . b e tw e e n
ra n g ed
th e
to -d a y
to
fr o m
th en
2 )4
2H
4
103 H
5 0H
103 H
91
100H
85 Vi
52
105H
w e e k
$ 1 3 2
clo s e d
2 7 6 .
29H
28H
35
10c.
38H
86 H
80
113H
6
180
109H
14H
122H
101
36
69
co m m o n
a n d
fr o m
111
fig u r e d
S tores
1 3 %
1 8 % ,
a n d
th e
to 8 7 .
fe ll
to
5 7 2
g a in
3 0 9 .
T h e
u p
C ig a r
o ff fr o m 4 4
1 7 %
1 7 % .
a n d
a n d
1 4 %
i.,”
p r e f.
re co v e re d
8 3 %
fr o m
2 %
a t
a
m
R e fin in g ,
to 4 2 0 a n d
3 2 7 ,
4 5 0
a t 8 5 % .
U n ite d
to
b y
lin e s
re co v e re d
4 57
sto ck s
“ w .
T h e
to -d a y
3 % .
9 8 %
s o ld
a n d
fr o m
a fte r
b e in g
to
Is la n d
fin a lly .
fr o m
b u t
p o in ts
R o c k
2 6 9
to -d a y
3 2 3
to -d a y
to
w e n t d o w n
O il,
th is
1.
Mar
Jan
Feb
June
Jan
Mar
Feb
June
June
Jan
June
Feb
Jan
June
Jan
Mar
Feb
Feb
Jan
June
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Apr
June
110
U0M
d ep ressed .
A tla n tic
a n d
fr o m
P e n n
fr o m
to
lin e
c lo s in g
fig u r e
lo s t
a t
2 7 2 ,
p ip e
d e c lin e d
d o w n
$ 1 6 9
91
100
6
26
20
32
5c.
37 H
85
70
112H
4
160
107 H
10K
113
93
28
60H
2q
“ cu r b ”
b ro k e
L in e
281
to
P ip e
S o u th
to
5 9 9 ,
G a s s lu m p e d
a d v a n ce d
fin a l
to
Feb
Jan
June
Jan
Mar
June
Apr
June
June
June
M ay
Apr
Apr
Feb
Apr
Apr
M ay
Jan
Apr
M ay
H June
1 H June
94
Apr
Jan
45
99
June
83
June
53
June
Jan
81
49
M ay
8 0 H Feb
24
23
25
23
25
24
22
25
26
23
23
22
24
23
26
23
22
23
25
24
23
23
23
25
25
20
23
20
24
23
a ffe c te d
m a k in g
Jan.
H i g h e s t.
L o w e s t.
b e in g
h e a v ily .
w e n t
p o in ts
S o u th e rn
2 2 0 .
3 9
L in e
9
th o
a d v e r s e ly
P ip e
fe ll fr o m
P ip e
O il &
d ro p p e d
th e
5 9 5
o n
g e n e r a lly
C o u rt
In d ia n a
o v e r
4 2 8 .
w ero
s u ffe r e d
fr o m
T r a n s it
P r a ir io
a t
sh a res
ris e
N o rth e rn
m a rk e t
S u p rem e
5 7 8 .
O il lo s t
th e
v a lu e s
$ 5 9 ,0 0 0
1 0 9 %
a t
s a id
8 5 %
95 7-16
95 5-16
40 1-16 plus 1-16 40H plus 1-16
40 5-16
40 less 1-16
40 3-16 plus 1-32 40M
D o m e s t i c Exchange. — Chicago, 5c. per 81,000 discount.
Boston, par.
St. Louis, 25c. per $1,000 premium bid and 30c. premium asked. San Fran
cisco, 35c. per $1,000 premium. Montreal, 6'2Hc. per $1,000 discount.
Minneapolis, 20c. per $1,000 premium. Cincinnati, 5c. per $1,000 dis
count bid and par asked.
a n d
$ 2 ,5 0 0
$ 5 ,0 0 0
th o c lo s e
High for tho week___
Low for tho w e e k ...
S ta te
b e
b e e n
a t
4 8830
4 8770
P a r is B a n k ers' F ra n cs—
High for tho w e e k ...
Low for tho week—
as
la s t
lo s t
o f
o n
a d v a n ce .
B o n d s .—
R a ilr o a d
to
tr a d in g
C a b les.
C h equ es.
4 8610
4 8575
L ow
th a n
h a v in g
r a ilw a y
d e a lt in
re
3 % ,
fr a n c s
fe w
in c lu d e
1 9 3 8 ,
b e fo r e .
in c r e a s e
o f 3 ,2 5 7 ,0 0 0
4s
S o u th
a p p e a ra n ce
For to-day’s prices of all the different is
sues for yearly range see third page following.
n a m es.
(N o t I n c lu d in g T r u s t C o m p a n ie s .)
F o r e ig n
1 0 1 % ,
s ix
T h u rs d a y
p e rce n ta g e
4 8 .2 4
sh ow s
ra n g ed
1 % @ 2 % .
(n o m in a l) fo r
p r im e
sta te m e n t
a n d
h a v o
N E W Y O R K C L E A R IN G -H O U S E B A N K S .
ru le d
a t
A
a c t iv e
th e
fo r m e r w e re
m a rk e t
S ta te s
B o a rd
r e g .,
a n d
E x ch a n g e
w ere
u n ch a n g ed
F ra n co
a
d ecrea sed
n o tw ith s ta n d in g
o n
a g a in s t
r e m a in s
a n d
w ill
fir m e r , h o w e v e r ,
a n d
w e e k ly
£ 1 ,2 4 6 ,6 6 7
o f
J u n o
c r itic a l.
4 7 .1 0 ,
d is c o u n t
T h o
b y
o p tim is tic
fo r
t r o u b lo ,
as
q u o te d
en d orsem en ts
w a s
d is
r e c e iv e d
a n
n u m b e r
a n d ,
C la flin
as
a n d
E n g la n d
in e r e a s o
o f
o u tp u t
J u n e ,
th e
a lm o s t
th e
g e n e r a lly
o th e r h a n d , th o s e m i-m o n th ly
th e
sh o w s
n a m es a n d 4 %
o f
a re
n e t
U n ite d
th o
r a r e ly
th e
O n
F r id a y ’s
lia b ilit ie s
J a n .
o f
m a r k e t r a t o fo r c a ll lo a n s o n
B a n k
to
g en era l
to
th a t
e x p o rts
n in e ty -d a y
sh ow ed
th o
a n d
h o p in g
fir s t
r e m a in
m o n t h s ’ s in g lo
T h o
fr a c tio n a l
p e n d in g ,
h o w e v e r,
C o m m e r c ia l p a p e r o n F r id a y q u o t e d
s ix ty
C la flin
th o
d iv id e n d s
m a tte r
th o se ,
ca rs
som ew h a t
th e
1 %
b y
su ch
s te e l in d u s tr y
c o m m e r c ia l p a p e r a rc
op e n
d u r in g
fr o m
tw o
u n fa v o r a b le ,
in s t a n c e s
T h e
Is la n d s a n d
m a rk e t
ir r e g u la r
n o te d .
sh a res.
a n d
le s s
r e fu n d in g
o n ly
a sk e d
is
w ere
w ith
w ill in s u r e a n
m a tte r
th en
T h e
th e
p o in t
co m m e r
sh a red
a n d
a d v a n ce s
b u t
a n d
s y m p a th y
b u t
a re
5s
b o n d
th o w e e k .
s c a le ,
d e b .
T h is
in
fr e ig h t
c o n d itio n s
T h e
o f
a n d
a re
w h o
e x ceed
b u y ers
w e
in
r e c e iv
b een
p r o s p e r ity
g e n e r a lly
ir o n
e s p e c ia lly
fo r
y e t
t h is
r e la tiv e ly
p ro d u ce rs.
R a tes
h a v e
th e
m o v e m e n t o f R o c k
th e r a ilw a y
C la flin
o p e ra te d ,
d e p r e s s io n
b u s in e s s
W h ile
a p p o in tin g ,
k et
A n d
n u m b e r
fr o m
co n tin u e d
u n u s u a l,
b een
im p o r t a n t ,
la r g e s t
th o
d o n e
A ll
g a v e
e a r ly
e n o rm o u s
1 9 1 4 .
su sp en d ed .
R e p o rts
s lig h tly
h as
b u s in e s s
a re
th e
in c r e a s in g
it
a re
th e
b u s in e s s
a ttr ib u te d ,
a n d
b een
w h ic h
b y
2G
S it u a t io n .—
co u n tr y —
“ tru s t le g is la tio n ”
re v iv a l o f a c tiv ity
if e v e r
th o
th o
tra d e .
rea l
o f
p a r tic u la r s
w h ic h
o f
n o
so m e
o f
o f
la r g e ly
lin e s
th ere
F in a n c ia l
o v e rsh a d o w e d
h is to ry
u n d er
is
a n d
w e e k ,
ch a ra cte r
c o lla p s e
th a t
th o
th o
T h o
c o n d it io n s
it s
o f
c o m p le t e ly
c ia l fa ilu r o
e r s h ip .
M a r k e t
u n u s u a lly h e a v y
P a c ifie s
co m .
9 8 %
6s
to
d e
M in in g
New York StooFDxchange—StoclfH'ecoFd“~Dally, Weekly and Yearly
OCCUPYING TWO PA dE S
P o r r e c o r d o f sales d u r i n g t h e w e e k of s to c k s u s u a lly In a c t iv e , see p r e c e d in g p ag e
STOCKS— I l i a H E ST A N D
S a tu rd a y
J u n e 20
M ond ay
J u n e 22
T u esd a y
J u n e 23
LOW EST
S A L E P R IC E S .
W rd n esd a y
June 2 1
27. ursriay
J u n e 25
S ales o f
F rid a y
J u n e 26
W eek
S h a res
STO C K S
N E W YO R K STO C K
EXCHANGE
R a n ge s in c e J a n .
L o w e st.
R a ilr o a d s
Atch ison T o p e k a & S F . .
Do
p ro f______________
A tla n tic C oa st L in e U H .
B a ltim o re & O h io ________
Do
p re f______________
B ro o k ly n R a p id T r a n s i t .
Cana dia n P acific________
C e n tra l of N e w Je rse y___
Chesapeake & O h io _____
Ch ica go G t W est tr c t f s ..
D o pre f tru s t ctfs___
Chicago' M i l w & S t P a u l.
Do
pref______________
C h ica go & N o r t h W estern
09% 091
99% 993.
98% 99%
96% 985*
C 4% 977* 12,906
101% 101% *101 101% 5101% 101% 100% 100% lb i% 101%
576
121 121% ♦12011 121% 119?t 121
1 ,nor
119 119
120 130
9134 92%
i 03.
68% 89% 1 3 ,7 4 c
91% 92%
89% 91
83
*80% 81** *81
10'
807* K0'7*
81% ♦81
813* *80% 813*
91% 91%
16,050
90% 91%
89% 90
89% 90
90
91
195
194% 195% 193% 194% 192% 1933i 190% 198% 19-% 1923., 1 6 ,so:
320 *300 320 ♦300 325 *300 320 *300 320 -309 320
49% 50%
51%
61% 61%
49
9,400
51% 51%
59%
49% 51%
14^4
14% 15%
13% 14
14
14
10,310
14
141* 14%
15%
39%
353* 38
39% 40%
06% 37%
27,070
39% 41%
37% 401*
100% 100% 101
97% 100
10) 1005.
9. 1 981" 19,240
95% 98
134% *131 135 *134 132
133% 13 1
131 131 *131 140
406
132 §130% 130% 134 131
130% 130% 123% 130
131 131
1.66C
18D? *173 185 ♦170 181% *172 132 *172 182 *170 1:3
*22
40
40
*81
40
40
*31
40
*31
*25
40
C le v e C in C h ic & S t L . _
5184
513, ♦
51% * __
61%
51*4
513.
1487* 148% 148% 148% 149 149
14.8 148% 1467* 1 4 3 7 * 145)4 1473.1 2,150 D elaw are & H u d s o n ____
•400 403 ♦400 403
400 400
390 399 *396 402
400 4(0
786 D elaw are L a c k Sc W e s t ..
•10% 11
11
11% 11% *10
12
*10% 11%
11%
1(% 103,
906 D e n v e r & R io G ra n d e ___
19%
20
•18
18% 18% *17% 18% *17% 19%
•17*4 19% *17
Do
p re f_______________
10C
29%
29
29
29%
233| 29%
28
2HU
27% 23
27% 28% 17,875 E r i e ______________________
4•
•i ;
44%
44
44%
42
*43*2 4 4*2 44
43
41% 42
1,706
Do
1st p referred____
•36
37%
3 7 % 37%
*35
*'55
373.1 *35
*35
100
D o 2d preferred_____
37
37
IJ 3 U 123*2 12-3^3 12412 124 1241- 12273 1333i 121 1287, 1217* 122?, 10,725
31% 32%
31 >2 31%
32
32
31
29% 30%
3,700
Iro n O re properties___
31
80% 313,
•112 114 *113 114% 113 113
610 Illino is C e n tra l___________
112% 112%
113 113% *110 114
14% 14%
1413 14*8
14% 14% *13% 14%
165, 14
14
14
1,400 In te rb o ro -M e tro p v t c tf .
62% 62%
62
02 *2 62%
62%
60% 613,
61
61%
6,600
Do
pref______________
01% 62%
27
*2012 27
27
25% 16%
27
26%
1,600 Kansas C i t y S o u th e rn ___
27
26% 26%
26
•60
61% *60
61% ♦60
61% 61%
60S, 60S;
613.1 ♦60
61%
200
Do
p re f______________
*51S
9
*5%
*513
9
*5
9
*5%
9
•5*3
9
9
L a k e E r ie & W e s te rn ____
19
•15
*12
*11
*15
19
18
*15
19
*15
10
19
13s i 2 13;'.7S 138% 139% 139 130% 137% 133% 1363, 137*4 rl3 2 % 135
39,050 L e h ig h V a l i e v ___________
139 139
138% 138% 138% 133% 137 138% 137% 137% 137 137
1,900 L o u isv ille & N a s h v ille ___
130 130 ♦129% 131 *129% 130% ♦130 131 *180 130% 130% 1:6%
940 M a n h a tta n E le v a te d ____
♦1234 13%
12% 12% *12
*12% 13
13
13
•1212 13
13
205 M in n e a p o lis & S t L o u i s ..
31
♦27
•27
31
*27
31
*27
31
*27
31
*26
27
•123 125 *124 125
124% 12434 1231* 124% 163 123 ♦122 124
1.2C0 M in n S t P & S S M a r i e . .
135% 135% *130 136 *130 135 *130 138
130 136% 130 120
695
Do
p re f____ __________
18
17
17*2 17% *17
17%
16% 17
16% 163, *16% 17%
1,500 M iss o u ri K a n & T e x a s ._
41
*38
41
*38
♦33
41
*38
40
*30
40
87
37
ICO
D o preferred_________
16% 17%
10% 17%
16% 17%
16% 16%
16% 16%
16% 16% 14,835 M iss o u ri P a c i f i c . . _____
*28
35
Jifi
*28
35
35
*2.3
*28
35
♦27
*27
35
N a t R y s of M e x 1st p re f.
•11% 12% *11% 12% *11% 12% *11% 12%
12
11
11% *11
500
D o 2d preferred_____
0033 91%
91
91%
91
01%
863.: 28,152 N Y C e n tra l & I I R _____
87% 90%
873* 88*3
8,1
66
66%
65% 68
65ss 63
61% 65%
64%
04
64%
Go
B.SC0 N Y N I I J t H a r t fo r d ____
*25
26% ♦25
27
26%
21% 25
*25
23
22% 21%
23
2,100 N Y O n ta rio Sc W e s te rn .
105 105
105 105% 105% 1053; 104% 105% 104% 104% 104% 191%
2,255 N o rfo lk & W estern _____
*84
89% *84% 89%
111% 111% 111% 111% 1103t 11134 100% 1103.1 103% 109% 103% 110
15,275 N o rth e rn P a c if ic ________
•111 111% 111% 112
11133 112% 110 111% 1091., 110% 109% 110
21,160 P e n n s y lv a n ia ____________
82
82
♦82
89
78
82
69% 7634 69% 71
70
74
5,738 P itts b C in C h ic & S t L . _
*95 100
♦95 100
95
95 * __
100 ♦
100 * . _ 100
150
D o preferred_________
164% 165%
16233 1041.J leC'/3 162 h 1607* 1621, 190,700
165% 164% 105
89%
*83%
893*
*88%
89% *88% 89%
893* *3812 C0 ■ *88% no
200
1st preferred___________
•88
89
89
•S3
*88
80
♦33
£9
89
*37
89
3
1%
2
2
2%
2%
2
2%
2%
2
2
13,605 R o ck Is la n d C o m p a n y ..
1%
4
I
4
3
?12
3%
2*2
3%
3%
3
;>3
6,423
D o p referred_________
3%
3
3
*2%
*2%
*6%
3
3
3
3*3
*2 %
3%
600 S t Lo u is Sc San Francisco
3%
*8
14
*8
14
14
*7
14
*3
14
*7
14
*7
Do
1st preferred___
0
3
3,
0
*4%
*4 %
5
*4%
5%
4%
4%
*4^2
400
D o 2cl p referred_____
4U
•19
20%
20% 20%
*20
*19% 21
23
*2 0 % 227* ♦1934 2 1
100 S t L o u is S outh w e stern ___
•41
60
♦41
54334 43*4 ♦40
*____
50
50
42
110
50
D o preferred_________
♦19
19%
19% 19%
19% 1933
183* 137*
1734 18%
18
18%
1,286 Seaboard A i r Lin o
64 14
6234 53%
64
64*4 54%
53
5.6% 3,542
64% 64%
53% 543*
D o preferred_________
94
94%
037* 95% 182,950 Southern P acific C o _____
04% 97%
98% 97%
93% 06%
95% 96%
It! 1% 103% 106% 106% 105 105%
1,780
2 U 4 24%
233* 237*
24% 24%
243*
26% 2334 6 , 2 0 0 Southern v t r ctfs s t m p d .
24% 25
24
79
79
79
79
77% 781., *773, 78%
*78% 79% *783* 79%
600
Do
preferred
do
•15% 16% *15% 16% *15% 16% *15% 16%
15% 15% *14% 15%
100 Te x a s Sc P a c ific _________
•42
095* 40%
43
413s 42
41% 41%
41
41%
40% 40%
2,700 T h ir d A v e n u e ( N Y ) ____
10
•7
*7
10
*7
10
*7
10
*7
10
*7
10
T o le d o S t L & W e s t e r n ..
•12% 15% *12% 15% •12% 15% *12% 15% *12% 15% *12% 15%
•102 104
103% 103% 103% 1031.1 103% 103% 102 1027* 102 102%
1,000 T w i n C i t y R a p id T r a n s it
15512 156% lo > 1 157
155^3 153% 1523* 1557* 151% 1561, 15134 1533* 135,180 U n io n P a c ific ____________
82% 8234 82% 621*
84
84
835* 83%
83% 83%
* •3 84%
1,560
D o preferred_________
12
12
*11
13
*12
12% *12
12
12
13
*11% 12%
400 U n ite d lt y s In v e s tm e n t .
3c.7g *32
33%
♦32
35
•32% Z'l
87
31% 3134 32
32
600
D o preferred_________
*3,
*34
*34
1
1
1
*h
7S
Si
*4
7*
**4
100 W a b a s h _____ ____________
4
53%
8%
4
8%
3%
♦3%
4
*3%
4
*3%
*3%
170
D o preferred_________
1834 1834
*19
18% 18»4
18% 1S%
18% 19
19
19%
19%
8(M Western M a r y la n d _______
4%
4
*r»l2
*fll2
•3
*3%
4
*3%
333
4
4
101 W heeling & L a k e F r le ___
3-V
•14
16
*14
16
♦14
♦14
_ .. . . . .
16
*1 1
10
*14
16
16
Do
1st preferred____
*5
8
*5
8
*4
0
*5
*4
*4
7
7
8
D o 2d preferred_____
44
*38
*38
44
♦8 !
4t
88
♦38
41
106 W isconsin C e n t r a l_______
*38
44
S3
9914
•101
•120
91’4
•SI
91%
lOl-tg
•300
513*
•143g
3934
IOOI4
•131
•130*2
•173
*22
09%
101%
121
92
81%
01%
27%
•10%
•43
70%
28
27% 27%
11% *10% 11%
44
43% 43%
70% 71%
71%
55
6 0 *2 C3% z >5
05%
*'3*2 $012
26% 27%
26% 26%
*74
78
*7412 77
28%
28
27% 28%
92
92%
92% 92%
52
621.J
51% 621.1
•115 117% *116 118
64
64
*60
*41
43
*41
•9 3 % 9 5
*93%
*4 %
4%
*4%
\J0%
*2 0 % 2 2
31
31
3()ls
*9% 10
10%
♦26
•26
30
*31
*30% 82
100% 100% *3 9 %
*6
6%
*3
•41
43
*40
•82
84
*82
*62% 631* 627*
1102 102
102
*162 170 ♦160
64%
43
05
4-V
22%
31%
9%
30
32
26%
*10%
42%
70%
51%
*91
263*
*74
21
92
•51s*
117%
*60
*41
♦91
*4%
♦20%
31%
9%
*26
31
101
*997*
7
*6
45
*40
83
*82%
63%
63%
102 •lQl-%
170 *162
27%
26% 267*
£6% 27
11%
10!* 10%
*9% lM t
421.. *42
44
41
42
70%
60
70%
67
G884
53
65
58
53
53
91
*9i% 1.6
*93
95
2634 25% 26%
24
25
77
75% 75% *78% 77
2*
26% 27%
25% 261*
03%
to
01%
89% C0%
60% 51
497*
49
62%
117% *115 117% *114 117%
643*
43
95
43*
23
31%
93*
30
31
101
6%
42
84%
03%
102%
170
*60
40%
♦91
*4%
*20%
30%
9%
*26
*20%
*907*
a
141
184
61%
102
♦162
65
*60
64
63%
41
39% 40
40
95
*92% 05
*92%
♦4%
4-%
*4
4%
22
*20% 22
*20
20
30%
2 9 )4
8d*
9%
9%
§9
9%
30
*28
80
*20
297* 30
83
♦29
101
*9934 100
♦99
6
*5%
*5%
6%
41
*40
42
•40
84
*80
84
*82
01% 613,
63%
613*
102 1101% 101% IOIS 4
163 163 *160
170
B A N K S
Ranks
B id
A sk
N ew Y o n
America ! ___
Amer E x c b .J
Battery Park
Bowery ......
Bronx Boro!
Bronx N a t ..
B ryant P ark!
Butch & D r .
Century ! ___
Chase
I A a )*
H bw *
660
570
205
210
120
135
425
225
230
D6
190
150
____ 125
185
680
600
13,200 <1A laska G o ld M in P a r S10
26.)* 27
*10
201 A llis C l al M f g v t c ____
11%
43
400
*40
D o preferred v t c . .
667, 68% 103,406 Am a lgam a ted C o p p e r___
*521» 51
1,500 A m erican A g ric u l C h e m .
*02
CO
100
D o preferred_________
25% 25%
3,750 Am e rican Beet S u g a r____
*66
80
100
D o preferred_________
25% 263* 17,650 Am e rican C a n ____________
*90
4 330
92
D o preferred_________
4973 667*
3.020 Am e rican O a r & F o u n d ry
*114 117%
100
D o preferred_________
B id
Bank*
Chat & Phea. 173
Chelsea E x l . 135
C h e m ical___ 405
Cltlzona’ Can 172
C it y ________ 310
Coal & Iro a . 150
Colonial ! __ 450
C o lu m b ia !_ 825
Commerce . . tl66%
Corn Exch ! . SIS
Cosmopol’n 11 85
60
East It lv e r ..
A N D
A sk
17$
145
416
177
345
T R U S T
F i lt h .............
First .............
Fourth _____
Gerra-Amer !
German E x !
G e rm a n ia !.G o t h a m ____
Greenwich ! _
H anover____
200
D o p referred_________
800 A m e rican C o tto n O i l____
3 ,2 0 0
64!)
__
600
100
250
Am e rican H ld e & Le a th e r
D o p r e f e r r e d .._______
A m e ric a n Ice S e c u ritie s ..
A m e ric a n L in s e e d _______
D o preferred_________
Am e rican Lo c o m o tiv e ___
D o preferred_________
Am e rican M a lt O o r p ____
10 A m o r Sm elters See p ro f B
4,080 A m e r S m eltin g Sc R e fin ’g
360
D o preferred_________
100 Am e rican S n u f f _________
C O M P A N IE S — B R O K E R S ’
R anks
B id
F i d e l i t y ! ____ 150
F ilt h A v e ! . . 4500
G a r f i e l d ____
320
185
—
63%
40
95
4?,
21%
30%
9
29
31
101
6%
43
84
61%
J 01*4
170
800
875
109
195
130
390
495
190
275
050
A sk
Banks
B id
A sk
160
___ .
325
896
201
2 10
110
410
600
I la r r lm n n ___
Im p & T r a d .
I r v U g _______
L ib e rty ______
L in c o ln ______
M an h attan !
M a r k <t F u lt .
M eeh Sc M e t .
M oroh E x c b .
M e rc h a n t s ’ . .
M e t r o p o li s ! .
M e t ro p o l'n !
275
490
17 5
600
325
310
235
24 3
180
170
300
183
28 5
515
180
620
335
320
215
243
....
175
3 10
189
R a n g e f o r P rev io u s
H ig h e s t.
91), A p r 21
97% J a n 1 ;
116 J a n
87% A p r 2
773, J a n <
87% J a n 1
186% A p r 2V
805 J 'n e is
48’ , M a y l
11 A p r 21
27% J a n 7
94% A p r 25
131 J ’ne 25
128 J a n 8
25
1.
106% A p r 25
10S% A p r 25
19% J ’no24
95 J ’n e ‘23
87%J a n 8
87 A p r 28
1*4 J 'ne ‘22
3 J ’ne 22
2 Api 7
8 M ay 6
3% A p r 30
18 J ’ne 15
40 J ’n o lS
163., J a n 2
45*4 J a n 2
86% A p r 25
22% A p r 25
75 J a n 3
13%J a n 5
88% A p r 25
9 A p r 20
12% M a y 9
102 J ’ne25
1487* A p r 25
82
A p r 24
1 0 % J ’ne 18
31% J ’ne 17
% A p r 30
3 A p r 30
1S% J ’n o lS
33* Fe b 24
13 A p r 24
5 M a y 18
88 J ’ne25
H ig h e st.
1003* J a n 21
90% N o v
1013* Feb 9
96 J ’iy
126 J a n 21 112 J'n e
983* J a n 26
90% J ’ne
833* J a n 21
77% J 'n e
04% Mch 6 x8334 J ’ne
220% Fe b 4 204 Dec
310 J a n 12 275 J ’ne
63 J a n 22
51% J ’ly
10% J ’ne
156, J ’n e 23
23 J ’ne
41% J ’ne 23
96*4 N o v
107% Feb 4
143 Fe b 6 131% N o v
136% Feb 14 *123 Dec
A p r 13
145% A p r 2 2
388 J a n 6
10 J ’ne 15
17 J ’ne 15
2ft*, A p r 25
40% A p r 25
35 .lan 2
119 A p r 25
29% A p r 27
107 J a n 7
13% A p r 25
6S% A p r 25
23 A p r 25
67 A p r 25
6% Fe b 28
17 A p r 3
132% A p r 21
131% A p r 25
128 J a n 5
12 A p r 18
28 J ’ne 11
11734 A p r 27
130 J ’ne 25
14% A p r 22
35 A p r 25
15% A p r 30
30 J a n 19
9 A p r 25
86% A p r 10
6 3ioJ’ne 2
22% J ’ne25
99% J a il 9
L o w e st.
40
Jan
5
169% F e b 4
40634 J ’no 6
19% J a n 31
31%Feb 4
32% J a n 23
493, J a n 2 7
40% J a n 23
13434 Feb 4
115 J a n 26
16*8 J a il 24
OS** J ’ne 10
277* J ’ne 0
62 J a n 24
9 J a n 23
2 U - J a n 28
150% J a n 23
1417* J a n 19
133 F e b 7
10% J a n 31
36% J a n 22
137 Fe b 6
145 Fe b 2
24 J a n 26
60 J a n 30
30 J a n 27
34 Fe b 6
14 J a n 26
96-3* J a n 31
78 J a n 2
31% J a n 23
10534 Feb
4
90 A p r 29
118% Fe b 4
1 13% Jan 31
91 Fe b 4
101 M cb25
1721, J a n 22
893* J ’ne 24
16% J a n
25 J a n
638 J a n
17% J a n
9*4 J a n
2034 J a n
65% J a n
223* Feb
68 Fe n
99% J a n
23
16
15
13
26
26
26
6
4
23
86% F e b 4
173, A p r
1
4534 J a n 13
1 2 % J a n 24
347* A u g
60 O c t
147% J ’ne
380 Dec
20% J ’ne
33% J ’ne
28% J ’ne
1023.,' Dec
1333* J a n
1063* J a n
88 J a n
92*4 M a y
266*4 J a n
362 J a n
80 J a n
17^8 Jsm
35 J a n
116% J a n
145 J a n
138 Ja n
64
Jan
167
415
23%
41
32%
49%
Ja n
Ja n
Jan
Jan
Jan
Jan
1287* Fe b
283fj J ’ly
IU
2
Fe b
111% J ’ne
127
J ’ne
J ’ne
12
14214 Ja n
1323* Fe b
115%
131
18'*
52
21%
31
J ’ne
N o v 1150 ' J a n
J ’ne
J ’ne
Dee
Dec
60 M ch
8*4 Dec
9())» Dec
109*4 Ja n
05% Dec
1297* Ja n
25% J ’ne
98 J ’ne 113% Ja n
87 Feb
101*4 J ’ne
122% Ja n
106 D ec
123*4 Ja n
77% Dec
104 J a n
100 J ’ne }100 Sep
151*8 J ’ne 17134 1)co
82% O c t
92% A p r
1)5 A p r
ID * O c t
247* Fe b
4434 J a n
17% O ct
234 J ’ne
19*4 J a n
13 J ’ne
69 Fe b
5% J ’ne
20 D ec
56% Dec
14% J'n e
38 J ’ne
493g Sep
83 N o v 110 J a n
19% J ’ne
J ’ne
10% J ’no
277* J ’ne
7% J ’ly
72
108% J a n 19
164% J a n 31
80 Fe b 4
23-% Feb 6
49% Mch24
4% J a n 23
13 J a n 23
35 J a n 22
6*8 J a n 7
21 J a n 23
11 J a n 24
48 FcD 4
10D* J ’no
13734 J'n e
7934 J ’ne
16 J ’ne
30 J ’no
2
J ’ne
6% J ’ly
287* Dec
334 O c t
13 J ’ne
6% Dec
40% J ’ne
$2 0 ), J a n 9 $287* M a y 18
14% Feb 20
838 J a n 6
41 M a y 14
49 J a il 20
78% Feb 4
667* J 'ne28
69% M c h 19
4734 J a n 2
97% J a n 23
91 J a n 8
293* j ’no 9
1938 A p r 25
757* J ’no 8
66 M a y 4
35% J a n 27
227* A p r 20
87% A p r 2 4 96 J a n 24
63% Fe b 4
44% J a n 6
114 J a n 28 118 M ch 9
363* J a n 2 0
68 J a n 26
60 J a n 5
46% Fob 9
37%Ja n 8
93% J ’no 6 973* Mch 30
5% Feb 6
4 A p r 16
26*4 Fe b 6
187* A p r 25
32*4 Feb 20
24 J a n 3
11% J a n 28
9 % J ’ne24
31»4J a n 16
26% M ay25
37% J a n 31
28 A p r 24
GO J a n 6 102% M ch25
9% J a n 20
6 M ay20
6 0 % J a n 24
41% J ’ne 16
86 J a n 19
793* A p r 28
71% Fe b 4
67 A p r 2 5
p 27
97% A p r 25 106
31
157 A p r 26 1«
$18 N o v
7% Dec
40 N o v
613* J'n e
41% Sep
90 N o v
19*4 J'n e
65 O c t
21 J ’no
/80% J'n e
30% J'n e
108 J'n e
81% M ch
433* Sep ;
13 J a n
93% J a n
$243* O c t
9 Deo
43% 1)80
129% J a n
117
Mela
193
Ja n
00% J ’ne
33% j ’ne
02% Sep
3% J ’ly
15% J ’ne
17 J'lio
67* J'n e
20 O c t
27 J'n e
94 O c t
6% O c t
417* O ct
68% J ’ne
ISO
J ’ly
Q U O T A T IO N S .
Banks
M u t u a l!
N a s s a u ___
N ow N e t b ! N ew Y o rk C o
N ew Y o r k . . .
P a cIIio ! ____
P eo ple’s ! ___
P ro d E xoU ! P u b llc H ______
R e s e rv o .....
B id
835
____
2 10
750
370
255
363
220
168
60
A sk
Ranks
B id
A sk
100'
2 25
835
3 10
235
360
235
105
215
CO
Seaboard____
Second___. .
Security V . . .
Sherman____
S ta te !...........
23d W a rd ! . .
Union E x ch .
Unit StiitesUWash ir t s ! .
Westell A v li.
West 81do 11.
Yorkvllle 1
410
390
435
425
105
135
105
14(1
143
150
130
143
600
275
180
450
176
47*
550
no. 3a.lea
t Cx-rlghts. 17.033 than 100 shares. V State banks, a E x -d lv , * right*. 6 New stock
/ E x 2 4% ar.mrn d ir .
kxohAage at a t Auotloa Uik w o*k« 4 Quoted dollars ptr &U&ro« $ Flrut Installment paid* k Hold At prlrAto mUo At this p^lco* x Kx-Uly, ; iruu paid.
J u n e
27
New York Stock Record— Concluded— Page 2
1 9 1 4 .]
F o r rsco rd
STOCKS— H IG H E S T A N D
S atu rd ay
J u n e 20
M ond ay
June 22
T u esd a y
June 23
o ’
s i l c i d u r in g t h e
w o e k o f s t o c k s u s u a l l y in a c t iv e , s e e s e c o n d p aste p r e c e d in g
L O W E S T S A L E P R IC E S .
W ed n e sd a y
June 2 1
T h u rsd a y
June 25
F rid a y
J u n e 26
S ales 0/
th e
W ee k
S h a res.
STOCKS
R a n g e s in c e J a n . 1.
O n b a s is o f lO U -sha re lo ts.
N EW YO H K STO CK
E X C H A N G E
R a n o e f o r P rev io u s
Y e a r 19 13 .
L o w e st.
H ig h e s t.
Industrial & Aiisc (Con)
*104
11 0
♦ 101
108
* 10 1
103
*104
108
*10 4
108
* 10 1
108
A r a e r S n u f f p r o f ( n e w ) ___
*30
32
* 30
3D
♦ 30
32
*30
3H *30
32
30
30
100 A i n e r S t e e l F o u n d ( n e w ) .
* 10 7
108
10 3
103
10 4
1 0 3 b 1 0 -ib 106 b
107
1 0 7 b 1 0 3 b 107
2 ,1 0 0 A m e r i c a n S u g a r iie f in in . it
*112
114
* 11 2
115
1133, 1 1 3 ’ * *111
11 5
• 1 1212 115
♦ 1 11
111
Do
p r e f e r r e d _________
'lOO
12 3 3 , 1233, 1 2 3 b 121
1213
122
1 2 2 b 1 2 3 b 1 2 0 b 1223? 121
122
8 ,5 0 0 A i n e r T e l e p h o n e & T e le ,
*230
2 3 1 ', 2 3 0 b 2 3 0 b * 2 30
233
229
230b 226
2 2 7 b 2 2 7 b 2273.
1 ,350 A m e r i c a n T o b a c c o ______
10 7
107
107
* 1007, 1 0 7 b ♦ 1 0 0 b 103
107
§1 0 7
1071? * 1 0 6 b 10 3
P r e f e r r e d , n e w ________
265
13
15
13
* 15
18
13
♦ 1 4 b 18
* 1 4 b 1 6 b ♦ 1 4 b 18
7 0 0 A m e r i c a n W o o le n ________
76b
7 2 b 7 3 b *71
74
7 7 b ♦ 7 4 b 7 6 b *74
76*4 7634 *70
Do
p r e f e r r e d ___________
SCO
*10
14
♦ 1 0 'i 12
13
*10b l i b
* 10
1112 * 10
* iO b
A m e r W r it in g P a p e r p re f
lib
8 0 b 307, 1 5 ,0 1 0 a A n a c o n d a C o p P a r $ 2 d
3 0 b 307,
30-b 3 D ,
31
31
30b 31b
3 0 3 31
15
1 5 b *____
1 5 b * ____
1 5 b * ____
*.
15b * . . .
A s s e t s J t e a li z a t lo n _____
43
44
*427, 481.
48b
4 6 b *44
4 6 ’ . *41
*4 l
46*4 *44
200 B a ld w in L o c o m o t iv e . .
15
* 10 5
1 0 7 b * 1 0 5 b 1 0 7 ’? • 1 0 0 b 1 0 7 b 5 1 0 7 b 1 0 7 b ♦ 1 0 5 b 1 0 7 b * 1 0 5 b 1071;
D o p r e f e r r e d ________
40
41b
4034 43
40b 41b
4 1 b 42
4 2 b 427,
4 2 12 43
6 ,1 0 0 B e t h l e h e m S t e e l________
f.l
84
83
8 3 b *82*4 8 4 b ♦ 8 2 b 84
300
Do
p r e f e r r e d ___ ___
* 8 3 12 8 4 b * 8 3 b 8 4 b
*
12
1
128
1
2
4
b
1
2
1
b
*
121
* 12 5
128
128
* 12 5
128
15 0 B r o o k l y n U n io n G a s .
*125
128
20
20
1 8 b 19
IS b
19b
2 0b 20b
•19 b 20b
1 8 b 10
2 ,4 0 0 C a l i f o r n i a P e t r o l v t c t f s .
57
67
* 5 G b 58
53
63b
5 3 b 65
* 5 3 b 65
*59b 59b
700
Do
p r e f e r r e d ______
*803, 90
♦ 80*! 90
* 8 0 ’ t 90
{ 8 8 b 8 8 b * 8 0 b 90
*80*4 90
16 C a s e ( J 1) T h r e s h M p f t r e f s
35
35b
3 4 b 35% 2 1 ,6 0 0
30b 30b
35b 36b
3 4 b 353,
3 6 14 303)
e n t r a l L e a t h e r _______
101
102
101
10 1
600
Do
p r e f e r r e d _______
♦ 1 0 l b 1 0 2 b 1 0 2 b 1 0 2 b * l o i b 1 0 2 b * 10 l b 102
4 1 b 415,
397, 4 011 15,600
40b 4D ,
4 1 b 415,
39 b 40b
413, 4 1 b
6 7 b *66
6 7 b *66
6 7 b *65
6 7 b *65
*60
0 7 b *60
67b
.P e a b o d y * (Jo , In c
*0934 1(H
*9934 101
100
*101
100
p r e f e r r e d ______
* 9 9 b 1 0 0 b * 9 9 b 1 0 0 b 100
* 25
2 8 b *27
2d,
25
26
27L
2 0 b 27
1 ,5 0 0
2 7 U U7*4 *27
129
1 2 8 b 129
129
1,080
1 2 7 b 1 2 7 b *127
* 1 2 8 b 1 2 9 b 1 2 9 b 1 2 9 b 129
334
87,
8’4
834
8%
8-5,
8
8*8
85,
8-7,
8b
8%
1,8 00
66
63
64
Do
p re fe rre d .
63
64b 64b *61
63
600
• 6 3 b 67
♦ 6 1 b 64
* 9 3 '4 913, ♦ 933, 9 D , *937, 913, ♦ 937, 94’ , *937, 9 4 b * 9 3 b 941,
157, 16
137, 14
« 1 5 b 16’ t * 1 5 b 163,
14
14b
15b
16
1 ,5 5 0
14S
148
1467,
14 6b 148
1 4 8 b 14 S b 1 4 8 b 1 4 8 b 1473, 1475, 148
1,5 4 5
93
93
*93
91
90
92
* 9 2 b 95
9 1 b 93
6,800
8 8 b 9034
*93
91
93
93b
*93
94
93
93
Do
p re f v t c tfs.
93b 93b
9 2 b 0^1?
900
2434 2 4 ’ i
23
24’ i
2 4 ’ 4 2434
23
23b
23
23b
*24b 25
3 ,1 2 5 G o o d rich C o ( B F ) .
*88
90
*8311 89
Do
p r e f e r r e d _____
8 8 b 88b
* S 8 b 9 0 b ♦ 8 8 b 90
4 00
8 6 b 871,
543, 6t3<
5 3 '1 61
6 -lb C M i
5 4 b 55
52
52’,
51b 53b
5 ,5 5 0
1733 1 7 b
17
17
167, 17
* 1 6 b 17
17
17b
17b ID s
3 ,7 0 0
* 10 05, 103
1 0 7 b 10 7 b 10 >b 107
101
1 0 5 ', 1 0 6 b I 0 3 ’ 4 10 l b
1041,
3 ,6 5 0
____ *118
•1 18
____ *118
____ *11.3
*118
____ *118
Do
p re fe rre d ,
1 057, * 102
* 10 3
1057, *1015, 1 0 5 b 1015, 1 0 5 b * 10 3
1 0 4 b 102
102
4 00 a t e r n a t H a rv e s t *
* 1 1 4 3 , ____ ♦ 1 1 1
____ * 11 1
____ ♦ 1 1 4
115
115
____ * 11 4
D o p re fe rre d .
100
*234
3«.
3U
33,
*2b
3b
*2b
3b
*2b
3b
3
*212
400
11
11
11
lib
*10b ID s
Do
p r e f s t k t r c t f s ___
*10b n
10b 10b
1,1C0
10 b 10b
8
8
8
8b
*8
8b
*8
8b
*734
8b
8
8
600
{3
2
7
,
327,
3234
3
3
b
33
33
3 2 3, 3234
33
33
* 33
Do
p re fe rre d .
31
960
*4
5
4
4
*4b
6
*4
6
41*
4H
4
4
4 0 0 ’ ate rn a t S te a m I 1
*
1 D , 1 13, * l l l 4 . .
* 10
13
11
l i b *____
15
Do
p re fe rre d .
15
300
*90
9 3 b *90
93b
90
9(j
* 8 9 b 93
91
* 8 3 b 9 1 b *89
300
* 110
111
•110
11 5
♦ 110
lit
♦ no
lit
*109
lit
*109
111
Do
1 s t p r e f e r r e d _____
♦ 9 3 b 100
* 9 3 b 100
*92
• 9 3 b 99
*02
97
* 9 3 b 100
100
♦ 1 0 2 b 106
* 1 0 2 b 105
• 1 0 2 b 10 0
* 1 0 2 b 10 5
♦ 1 0 2 b 105
* 1 0 2 b 10 5
Do
p re fe rre d ,
218
*214
217
•2 1 4
2 1 0 b *214
215
215
*212
2 1 0 b * 210
216b
100 ig g e t t & M y e r s
118
* 11 5
118
♦ lit
118
* 11 4
118
1 1 5 b 1 1 5 b 11334 1 1 5 b 110
D o p re fe rre d .
1,3 0 0
SI
* 32
3 3 b * 32
* 32
34
32
32
30
30
30
30b
900
Do
•102
IO 5 I4 ♦ 102
10 ob * 102
1051.-. _*___
1 0 5 '/
1 0 5 b *102
1 s t p r e f e r r e d ____
1 0 5 b *10 0
Do
*90
95
*90
95
*91
2 d p r e f e r r e d ______
*91
95
♦ 91
95
95
*91
95
*170
180
*170
180
* 17 0
ISO
* 17 0
ISO
17 0
170
* 1 0 7 b ISO
160
•113*2 11434 1 1 4 b I H b * 1 1 3 b 115
Do
p re fe rre d ,
1 1 3 b 1 1 3 b * 1 1 3 b 115
* 1 1 3 b 11 5
20 0
*30
85
*80
85
♦ 81
£5
81
81
85
80
80
*79
200 la c k a y C o m p a u
Do
p re fe rre d .
0 7b 67b
67 b 67 b *66
6 8 b *66
6 8 b *____
68b *
364
68b
565, 571,
• 5 7 1 1 60
* 5 7 b 60
65
* 6 7 b 00
5 1 b 63’ 4
1,4 00
67b
Do
p re fe rre d .
*!>S34 ICO
*9.S34 101
98*4 98*4
100
* 9 S b 100
9 7 b 0834 *92
40!
•5 9
6134
60
00
60
60
59
60
573.J 59
59
59b
2 ,9 0 0
2 2 b 22b
2 2 b 22b
2 17 , 221,
217, 217,
22b 22b
1 ,400
21*4 2 1 b
50
507,
50’ 4 50b
50 b 50b
4 9 b 50
1,90 0
49
4 0 b ♦ 487, 4 9 b
1017, 1017, 10 2
102
Do
p r e f e r r e d ___________
>1015, 1 0 2 b *1015, 1 0 2 b 1 0 1 b 1 0 1 b * 1 0 0 b l o i b
4 00
•1 2 8
132
*128
133
134
* 131
1 3 7 b ♦ 131
130
130
♦ 128
120b
12 0 ■ N atio n al B i s c u i t ___ __ .
•
1
2
5
',
129
Do
p r e f e r r e d _______
*
1
2
5
b
129
1
• 1 2 5 b 128
126
128
* 12 5
no
* 1 2 5 b 129
11
n
*10b l i b
10 b
10b *10b i n .
*10b l i b
n
11
600 •
D o p re fe rre d ,
*76
88
*70
88
*76
88
88
*76
88
*70
88
♦ 70
• 4 5 b 4 8 b * 4 5b 48b
4 5 b 4 5 b * 4 5 b 4 8 b * 4 5 b 481*
45b 45b
2 0 0 1 r a t io n a l L e a d . .
D o p re fe rre d .
•10631 1 0 8 b * 10 6’ 4 108b 5 1 0 7 b 1 0 7 b * 1 0 7 b 1081- 1 0 7 b 1 0 7 b ♦ 1 0 6 b 1 0 8 b
12 5
*137, I 4 l t
14
14
14
14
137, 137,
1 3 b 137,
1,4 00
13 b 13b
*70
7 0 b *70
7 0 b *70
7 6 b *71
72
72
7 8 b *68b 75
10 0 J
*22
23
2 2 b 2 3 b •221* 24
22
22
221* 2 2 b
400
*21b 23
2 4 b 24*4
2 6 b 2 0 b *25
* 25
20b
26b
24
24
* 23b 25
8 50
•121
122
1207,
1207,
12 0
12 0 U 1 1 9 b 12 0
121
121b
119
120
1,8 5 0
2 9 b 207,
* 19
20b
2 0 b 21
19 b
* 19 b 203i
19
18 b 19b
4 ,2 0 0 i
D o p re fe rre d ,
897, 00%
*88
89
89
90
8 8 b 89
88
88
3 .5 0 !
87
88b
4 37, 437,
4
3
’
i
437,
43 b 4 35,
43
43
42
4 3 b 437,
2 ,7 7 0 r e s s e d S t e e l C a t
42b
Do
p re fe rre d .
• 1 0 2 b 103
103
103
300
* 1 0 2 b 103
* 1 0 2 b 103
1 0 2 b 1 0 2 b 1023, 10 2 ’ ,
____
J
• 1 1 2 b ____ * H 2 b ____ ♦ 1 1 2 b ____ * 1 1 2 1 * ____ ♦ 1 1 2 b ____ ♦ 111
1 5 4 b * 15 1
15 5
* 15 1
1 5 5 b ♦ 101
1 5 5 b * 15 1
1 5 5 b i r .453 1 M 5 , *154
12 5
29
*28
20
*28
29
*28
29
COO
2G34 2 7 b *26
23
28b
93
*91
98
*94
98
•9 0
93
*90
*90
98
•S S U 93
20-b 2 0 b
21
21
2 0 b 21
4 ,7 0 0 a
21
211,
21
21b
20b 20b
22’4 22’4
23
23b
23b 23b
22
22b
2 ,2 1 0
2 2 1, 22*4
2 2 b 221,
D o p re fe rre d .
*84
87
8 5b
40.0
841, 8 5
•8 5 b 8 0 b * 8 5 b 87
8 6 b 8 6 b *85
10
10
*9
12
*9
11
*9
12
*9
12
10
10
3 0 0 1 ;u m e ly C o ( M ) .
D o p re fe rre d .
27
*25
29
25
2 5 b * 25
750
• 2 0 b 29
26b 20b
27b 27b
*184
190
185
190
188
183
500 S
1 8 7 b 1 8 7 b *187
1 8 7 b 1 8 7 b 18S
*24
*24
30
30
26
26
* 20
30
*28
30
*28
30
10 0 8
•3 2
3 5 b *34
37
•85
37
* 35
37
*35
37
* 3 5 b 37
*60
65
*00
64
♦ 63
60
D o p r e f e r r e d __________
*03
68
*63
00
*63
60
27
29
28
28
*3 l b
323,
28*4 3 1 b
2 ,4 4 5 & t u d e b a k e r C o r p ( T h e ) . .
* 3 0 b 3 1 b ♦ 3 1 b 32
*85
89
83
84
82
82
*85
89
Do
p r e f e r r e d __________
•8 5
88
*85
83
400
32-b 3 3
♦ 337, 3 4
"t
31
331* 337,
34
34
32b 33b
2 ,6 0 0 C
145
I 4434 1 4 5 b *14 3
146
144
1 4 1 b 1 4 3 b 14 3
• 1 4 3 b 1 4 4 b 141
3 ,6 0 0 '
*74
81
74
74
* 74
81
*74
81
♦ 74
81
7 3 b 731.1
2C 0 l
* 1053, n o
*10534 4 13
*10534 11 3
*105*4 113
* 1 0 5 ’4 11 3
* 1 0 0 b 113
D o p re fe rre d ,
*•43,
51,
4’4
434
4*3
4%
*4b
5
43,
4b
4%
4b
600 l n io n B a g &
21
21
23
23
•20
2 2 b *20
* 2 0 b 2 2 b *20
Do
p re fe rre d .
*20b 2 1b
200
9
9
*:)
10b
7b
7*4
*0
*9
10b
9b
*9
10b
635 1
32
35
32
32
37
{3 0
30 b 36b ♦ 35
30b
Do
p re fe rre d .
•35
37b
680
* 7 5 b 7 0 b ♦ 71
77
* 73
76
*75U 77
............I
* 7 5 b 77
* 7 5 b 78
*61
02
* 57
61
*61
62
*58
61
*00
62
______ l
* 00
62
57
57b
68*4 537,
57 b 5 8 b
67b 58b
6 8 b 52,3.1
2 ,0 0 0 l
*5814 59
102
IO D 3 1 0 3 b 10 3
*1027, 1035, 103 b 1 0 3 s, *1027, 101
102
102
1,7 0 0
1 s t p r e f e r r e d _____
60
613,
587, 60
68% 60
017, 027,
617, 62*3
6 1 ’ i 02 b
1 S t a t e s S t e e l______
2 3 4,4 6 0 1
{1 0 9 7 , 1097, ICO ’ 4 1097, 1097, 1097, 1 0 9 b lO ’J 7, 1087, 1 0 9 b 1087, 109
3 .1 8 0
p r e f e r r e d __________
583, 633,
56
57b
6 85, 093,
57 b 5 3 b
6 6 b 6 7 b 4 3 ,0 5 0 C
5 3b 59b
*29*4 3 0
29
29b
2 8 b 28 b
28b 28b
1 ,1 0 0 V
2934 2 !F 4
29b 29b
10134 * 10 3
102
102
* 10 0
103
101
1 0 4 b 1 0 1 b *102
310
D o p re fe rre d .
104 b 103
667, 67 b 1 6 ,3 1 5 \
593, 5 9 b
6 7 s, 6 9 b
50b 67b
681, 5 7 b
57% 68%
76
76b
73
74
74 3, 7 5
70
70b
9 ,9 00 \
75-3, 7 6 b
73 b 74 b
12
1
124
124
* 12 4
120
*122
125
12 4
124
♦ 124
1 2 5 b 124
000
bo
1 s t p r e f e r r e d _____
*90
99
{9 9
99
92
91b
93
* 97
99
9 5 b 967,
4 ,3 0 0 \ T o o lw o r t h ( F W ) ........... ..
94b
*114,1, n o
*114*4 115*4 *114*4 115*4 * 1 1 4 b 115*1 • 1 1 3 b 11434
*114*4 110
D o p r e f e r r e d ___________
B A N K S
Banks
B id
B ro o k ly n
C o n e y I s l ’d T] m___
2 50
F i r it ________
F l a t b u ; h ___ 110
G r e e u p o ln t .. 150
____
H ill I d e ll____
80
H o m e ste a d 1]
M a n u la c t ’rs . 410
M e c h a n ic s 'll. t l 7 0
M o n ta u k H .. n o
N a s s a u -------- 2 0 5
ASk
Banks
150
205
130
160
125
100
4 25
____
12 5
220
N a tio n a l C it y
N o rth S id e
P eo p'e’s ____
A N D
B id
A sk
273
175
145
2S5
2 00
155
360
410
149
365
4 20
153
B rooklyn
C O M P A N IE S — B A N K E R S ’
T r u s t C o ’s
B id
A sk
C e n tra l T ru s t 1010
C o lu m b i a ___ 4 2 5
C o m m e rc ia l .
E m p i r e ______ 3 0 0
400
E q u it a b le T r
F a rm L A T r 1095
210
F u lt o n _______ 2 7 5
550
G u a ra n t y T r
10 2 5
430
85
310
4 15
1 1 15
220
300
555
N Y C ity
1 r u s t C o ’s
N Y C ity
A s t o r _______
B a n k e rs’ T r .
B ’ w ay T r u s t .
T R U S T
T r u s t C o ’s
10 0
25
997,
1 1 0 's
110
200
93
141*
74
117,
307,
22
J ’ ne
J 'n e
D ec
J 'n e
D ec
J 'n e
J ’ ly
D ec
M av
N ov
J 'n e
D ec
3612 D e c
1 0 0 i4 J ’ n e
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6 2 i4 J ’n e
12 0 O c t
16 A u g
4 5 J ’ly
90U D e c
17 J ’ n e
z8 S
J ’ne
30 ’ s J ’ne
105 J a n
4 0 i2 F e b
118 J a n
1163, J a n
140 J a n
29434 J a n
IO61, J a n
2 3 i2 S e p
82
Sep
3 2 i4 J a n
4 li2 Ja n
120 J a n
5 3 i« J a n
1 0 5 i2 J ’ n e
4 1 i2 J a n
74
Aug
1377, J a n
5 6 i2 F e b
86 J a n
1033, F e b
301, F e b
97U M ch
4 7 t, J a n
2 4 i2 J ’ n e
1 2 5 ', J 'n e
7-i, J ’ n e
6 H 2 J 'n e
9 li2 D ec
934 J ’ n e
12 9 s4 J ’n e
25 M ay
70
M ay
151, N o v
73>4 N o v
4 0 b J ’l y
137, D e c
96 J ’ n e
111
M ay
9 5 i2 J ’ n e
111
M ay
27, J ’ n e
1 2 i2 J ’ n e
6i2 O ct
3 2 ', O c t
4 i2 D e c
157, D e c
77 D e c
IO 6 I2 O c t
58 J ’ n e
97 J ’ n e
195 J ’ ne
10C '2 J ’ ly
21 J ’ne
89 A u g
84 J ’l y
15 0 J ’ n e
103 J ’ n e
7 55, J ' l y
02 D e c
65 O c t
97>2 J ’ ne
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203, J ’n e
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1423, J a n
171, J a n
7 9 i4 J a n
1 0 0 ', J a n
2 1 s4 J a n
187 J a n
40
Aug
8 1* 4 S e p
68 J a n
10514 J a n
5 33, J a n
20*, J a n
11U 2 Sep
110 O c t
1 1 0 i4 S e p
114*4 S e p
45, J a n
19 i 2 J a n
125, J a n
4812 J a n
18k J a n
70 J a n
94 F e b
110 J a n
83 S e p
102 J a n
235 M c h
11012 J a n
397, J . , n
105 J a n
95 J a n
200 J a n
11 7 F e b
87 J a n
69 A p r
767, J a n
105<* J a n
78b F e b
26<2 J a n
104
116
9
7 4 i4
43
lo o
13
60
10
22
104
14b
73
I8 i*
881*
13 0 S e p
1247, J a n
1914 J a n
9 2 i4 J a n
5 6 14 J a n
108 O c t
20 J a n
8 li* J a n
3D 2Jan
40 J a n
12934 S e p
243, J a n
95 J a n
30 J a n
101’, J a n
118 J a n
165 J a n
35 J a n
10 0 J a n
22 J a n
28*, J a n
9 2 14 S e p
9 2 i4 J a n
9934 J a n
21312 J a n
4 5 i* J ,n
40b Ja n
667, F e b
30 F e b
931, J a n
391* J a n
l3 2 i2 D o c
99k Ja n
113 J a n
7*4 J a n
41*i J a n
16*4 J a n
56*4 J a n
66 J a n
77 J a n
69b A p r
109*4 A p r
6 9 ', J a n
110*4 J a n
60*, J a n
4 3 i, J a n
114 J a n
7 5 i, J a n
79U J a n
119*4 J a n
112 J a n
115b Ja n
J ’n e
J ’ne
J ’ne
O ct
O ct
J ’n e
J ne
J ’ne
J ’ ne
N ov
J ’ne
J ’ne
J ’n e
J ’ne
J ’ne
1 05
Dec
149 Sep
2 2 i4 J ’ n e
90>4 J 'n e
15 J ’ n e
17 J ’n e
72 J ’ne
14 N o v
33 D e c
15434 J ’ n e
2 3 J ’ ly
31 D e c
5212 M a y
15 34 D e c
64 '2 N o v
r 2 :j34 j ’n e
89 J ’n e
78 J ’n e
114 J ’l y
4 N ov
I S '2 N o v
U '4 J ’ n e
40 D e c
38 D e c
491, N o v
51 N o v
98 J ’ n e
497, J ’ ne
1021* J ’ n e
395, J ’n e
2 2 J ’ ly
9 3 J 'n e
6 -ii, D e c
5338 J
1077, J
8H* J
109__ J
’n e
’ne
’n e
’ ne
Q U O T A T IO N S .
B id
A sk
130
148
no
370
13 5
152
120
N Y CUy
H u d so n ____
Law T I & T r
L in c o ln T ru s t
M e tro p o lita n
M u t u a l A U Ia ne e............
M u t ’l (W estC h e ste r)___
997, J a n
9 10ni2 J ’ n e
28 J a n
6
3 7 i2 F e b 16
9 7 M e h i 2 1097s J a n 24
1 0 7 7, M c h 31 1137, J a n
ll7 is J a n
2 124 U J a n 3 0
2 1 5 A p r 25 2 5 6 M c h 23
10D 4 J a n
7 109 J ' n e 9
13 J ’n e 2 5
207, J a n 28
72b M ch 4
8 3 J a n 20
10 A p r 22
1753 J a n 23
3 0 i2 M a y 8
3 8 i4 F e b 3
l i b A p r 23
297, J a n 8
3 8 i2 J a n 7
521, M c h 5
1 0 2 is J a n 16 1 1 0 J ’ n e 8
2 9 i2 J a n 5
4434 M c h 11
6 3 J a n 10
88 M c h 11
121 J a n
" 13 0 J a n 24
18 J a n _
305* F e b 6
50% Ja n 2
68 M c h 2 0
8 OI2 A p r 23
951, J a n 16
257, J a n 14
37*» J ’n e 12
9 17, J a n 6 1 0 2 i2 J ’n e 11
3 7 A p r 25
44 F e b 4
0 8 i2 F e b 25
7 0 F e b 13
lo o J ’n e 2 5 10412 F o b 14
2 1 A p r 27
341* F e b .
12714 M a y 2 i 1 3 9 i2 J a n 24
7S4 M c h 2 5
13 J a n 28
60 M c h 2 5
7 2 J a n 29
9D4Ja n 2
9934 F e b
1 3 i4 A p r 20
201* M c h .
14 0 J a n 3 1505, F e b 2 0
3 7 3, J a n 3
99 M a y 2 7
77 J a n 5
9 5 F e b 19
1953 J a n 17
287, A p r 17
797, J a n 2
91 F e b 3
'4 1?, J a n 8 S 5 7 b A p r 2
M S 's J a n
S 1 8 i* M c h 2 4
10034 A p r
1 1 3 i2 J a n 22
11312 J a n
1181, M c h 4
lO07s J a n „ 11134 J a n 22
l l l i 4 M a y 15 11 712 F e b 13
2 M a y 14
3>4 J a n 27
7s4 M a y l 3
15<4 J a n 30
753 A p r
107, F e b 2
3234 J ’ne:
41 J a n 31
4 J ’ne
97, J a n 20
11 J ’ n e
29 J a n 19
80 J a n
94 J ’n e 8
10 6 M c h
1085, M a y 18
81 J a n
10 5 F e b 25
99 J a n
10 5 M c h 3
214 M a y
231 M c h 1
1113s J a n
llf c b M a y 2 9
2 9 >s A p r
38 J a n 28
10 1 A p r 22 10 5 M c h lO
89 J a n 2
95>4 J ’n e 12
166 J a n 2 0 190 A p r 7
1 1 0 J a n 6 11 5 '4 M c h H
76 A p r 25
873* F e b 20
6 5 ig J a n 2
7 0 J a n 27
5112 J ’n e 2 5
6 9 '4 J a n 17
9712 J ’ n e 2 5 10134 F e b 9
46 j 2 J a n
7 3 i2 F e b 9
* 21 M a y . *24>t J a n 27
46 A p r 25
627, J ’ n e
1 0 1 A p r 27 1037, J ’ n e
122 J a n 6 139 F e b .
1 1 9 i4 J a n 13 1257, J ’n e 10
97, J a n 8
14 F e b .
SO J ’n e 6
867, M c h 10
44 J a n 3
62 J a n 26
10 5 J a n 13 109 F e b 18
* 1 3 i2 M a y 2 * 1 6 is J a n 26
65 J a n 2
7 9 14 M c h 14
22 J ’n e 2 5
2 9 J a n 21
24 J ’n e 2 5
3 1 J a n 24
11834 A p r 25 12 5 J a n 5
177g Ja n 3
2 3 i2 F e b 4
84 A p r 25
9 3 '2 F e b 4
2634 J a n 5
4 5 '2 F e b 2
9734 J a n 15 1 0 6 '4 M c h 5
10 7 J a n 13 114 A p r 7
1 5 1 i 2 J a n 6 159 J a n 28
2 5 A p r 25
343, F e b 2
* 9 3 '4 M c h 0 101 F e b 14
*1734 J a n 9 * 2 2 '2 A p r 3
1934 J a n 5
2 7 J a n 27
80 J a n 2
9 1 b M c h 11
6 U A p r 24
18 J a n 14
2 0 b A p r 24
41 J a n 13
180 A p r 24 193 F e b 2
2 5 A p r 24
3 5 J a n 2o
32 J a n 7
4 0 '4 M a y 2 5
6 1 A p r 29
66 M c h 6
20 J a n 3
3 6 '4 M c h 3 1
70 J a n 5
92 M a y 15
$3134 A p r 25 J3634 F e b 11
128 J a n 3 1497, M c h 6
7 3 i4 J ’n e 26
88 J a n 31
108 J a n 16 11 3 A p r 15
35s J 'n e 16
8 '2 J a n 31
2 0 1s M a y 11
3 2 l2 F e b 3
J ’n e 2 5
1 3 i2 J a n 23
3 2 J 'n e 24
49 F e b 6
46 J a n 7
87 M c h 10
64 J a n 7
6334 M c h 10
5 3 i4 A p r 25
63 M c h 14
9 y s, A p r 24 1045, J a n 14
66 A p r 2 5
0 7 '4 J a n 31
1 0 6 i4 J a n 2 11234 J a n 31
$487s Jan 10 J5 9 3 8 J ’n e 2 2
25’ 4 A p r 30
347, M c h 2 0
96 M a y 7 1 0 7 b M c h 20
661* J ’n e 2 4
667, F e b 16
64 J a n 3
787, M c h i o
1157* J a n 19 1241* J ’ n e S
92 J ’n « 2 5 1 0 3 b F e b 6
1 1 2 b J a n 6 1187, M e h 6
128
133
130
13 5
T ru s t C o ’r
N Y CUy
N Y L ife & T r
N Y T ru s t...
T it le G u & T r
T ra n s a t la n t ic
U n io n T r u s t .
U S M tg A T r
B id
A sk
T r u s t C o ’s
B id
A sk
B rooklyn
950
695
401
200
370
405
125
605
4 15
220
380
4 15
10 7 5
135
t4 S 0
C it iz e n s ’ ____
135
240
H a m i l t o n ___ 2 6 5
103
570
145
275
85
140
255
275
112
155
2 85
95
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan.
N.
1 1909
th e E x c h a n g e m e th o d o l q u o tin g b o n d s w a s c h a n g e d , a n d p r ic e s a r e n o w a ll— “ a n d i n t e r e s t " — excep t to r in c o m e a n d d e fa u lte d b o n d s .
Price
Friday
June 26
BONDS
STOCK EXCH ANGE
Week Kn ng June 26
Y.
U. S. Government.
L S 2s consol reglstered__dl93C
U S 2s consolcoupon_____ dl930
U S 3s registered_________ *1918
U S 3s coupon___________ *1918
U S 4s registered__________ 1925
U S 4s coupon____________ 1925
U S Pan Canal 10-30-yr 2s 1:1936
U S Panama Canal 3s g___1961
Foreign Government.
_
Argentine— Internal 5s of 1909. M-S
Chinese (Hultuang) Ry 5s £____ J-D
Imperial Japanese Government
Sterling loan 41$s________1925 F-A
2d Series 4 H s__________ 1925 J -J
Sterling loan 4s__________ 1931 J*J
Republic of Cuba 5s exten debt. M-S
External loan 4>$s________ 1949 F -A
Tokyo City loan of 1912 5s------ M-S
U S of Mexico s f g 5s of---- 1899 Q-J
Gold 4s of 1904...................1954 J-D
Bid
10912 11012 110%
11 0 11112 s ill
10 0
High
11018
J ’ne’ 14
____ 95% J'ly ‘ 13
IOH2 J’ne’ 14
102
{ 9612 96*4 9612 J ’ n e ’ 14
t 883* 89
8 8 % J ’n e ’ 14
8912
t 89 Sale 8834
88U
8834
t 883* 89
l 79*8 84% 7834 J ’ n e ’ 14
110038------ 10 0 U
10084
93
93
J------ 9312
8538
t 8518 857a 85%
79 U A p r T 4
l 80U 88
6812 70% 6 7 M a y ’ 14
These are p rices on the b
State and City Securities. . . _
N Y City — I X s .....................i 960 M-S
4Hs Corporate sto c k ____ 1963 M-S
4 % Corporate stock_____ 1959 M-N
4 % Corporate stock_____ 1958 M-N
4 % Corporate stock_____ 1957 M-N
New 4 ^ s ............................. 1957 M-N
New 4 H s............................. 1917 M-N
Corporate stock___ 1957 M-N
4H % assessment bonds.,1917 M-N
3 H % Corporate stock___1954 M-N
N Y State— 4s____________ 1961 M-S
Improvement4s___1961 J-J
8anal
anal Improvement 4 s ._ .1962 J-J
Canal Improvement4s___1960 J -J
Canal Improvement 4 Iis.1964 J-J
Highway Improv’t 4 ^ 8 __1963 M-S
South Carolina 4 Hs 20-40..1933 J-J
Virginia funded debt 2-3S..1991 J -J
6s deferred Brown Bros ctfs
Railroad.
A nn Arbor 1st g 4s_____ A1995 Q-J
ta-tch Top Sc S JFe gen g 4s_1995 A-O
Registered_______________ 1995 A-O
Adjustment gold 4s_____ /il995 Nov
Registered____________ *1995 Nov
Stamped_______________*1995 M-N
Conv gold 4 s ____________ 1955 J-D
Conv 4s issue of 1909____ 1955 J-D
Conv 4s (issueof 1910)___ 1960 J-D
.............
...............................
10-year...gold
5 s __________ ........J-D
1917
Bast Okla Div 1st g 4s___1928 M-S
Short Line 1st 4s gold____ 1958 J -J
Cal-Ariz 1st & ref 4 J^s.__1962 M-S
S Fe Pres Sc Ph 1st g 5 s . . 1042 M-S
Ghlc& St Louis 1st 6s___1915 M-S
Atl Coast L 1st gold 4s___*1952 M-S
Registered____________ *1952 M-S
50-year unified 4 s ______ 1959 J-D
Ala Mid 1st gu gold 5s___1928 M-N
Bruns & W 1st gu gold 4s_193S J-J
Charles & Sav 1st gold 7S.1936 J-J
L & N coll gold 4s............01952 M-N
Sav F & W 1st gold 6s____ 1934 A-O
1st gold 5s......................... 1934 A-O
Sll Sp Oca & G gu g 4 S ...1 9 1 8 J -J
Sc Ohio prior 3 j$s___1925 J -J
B altRegistered__________
*1925 Q-J
Gold 4s............................... *1948 A-O
Registered....................*1948 Q-J
20-yr conv 4>4s__________ 1933 — r
Pitts June 1st gold 6s____ 1922 J -J
P J u n c& M Dlv 1st g 3 J4sl925 M-N
P L E & f f V a Sys ref 4s. .1941 \1-N
Bouthw Div 1st gold 3)^8.1925 J -J
Cent Ohio R 1st e g 4 H s _ .1930 M-S
Cl Lor & W con 1st g 5S..1933 A-O
Monon River 1st gu g 5S..1919 F-A
Ohio River RR 1st g 5 s.._1 9 3 6 J-D
General gold 5s_________ 1937 A-O
Pitts Clev& Tol ls tg 6s__1922 A -O
Pitts & West 1st g 4s------ 1917 J - J
Statist Ry 1st gu g 4j$s._1943 J-D
Bolivia Ry 1st 5s...................1927 J -J
Buffalo R & P gen g 5s------ 1937 M-S
Consol 4 H s ______________1857 M-N
All & West 1st g 4s gu____ 1998 A-O
Clear & Mah 1st gu g 58.1943 J -J
Boch & Pitts 1st gold 6s__1921 F-A
Consol 1st g 6s_________ 1922 J-D
Sou cons gu A 5s_1962 A-O
C anada
Registered.......................1962 A -O
C*rCUnch&Ohiol8t 30-yr5sl938 J-D
Central of Ga 1st gold 5s__pl945 F -A
Consol gold 6s.....................1945 M-N
Registered______________1945 M-N
Chatt D lv pur mon g 4 s .. 1951 J-D
Mac Sc Nor Dlv 1st g 5s__1946 J -J
Mid Ga Sc Atl Dlv 5s____ 1947 J -J
Mobile Div 1st g 5s______1946 J -J
Qen RR & B of Ga col g 6s_1937 M-N
Cent of N J gen’l gold M ...1 9 8 7 J - J
Registered..............
*1987 Q-J
Am Dock Sc Imp gu 5«___ 1921 J -J
Leh Sc Hud R gen gu g 5s_1920 J -J
N Y & Long Br gen g 4s__1941 M-S
Cent Vermont 1st gu g 4 s ..« l» 2 0 Q-F
Chesapeake Sc Ohio—
Gen funding 3c Impt 5s___1029 J -J
. 1st consol gold 5s_________ 1939 M-N
Registered____ _________ loitfM-Nl
Street Railway
Brooklyn Rapid Tran g 5s.l945 A - O
1st refund conv gold 4s___2002 J - J
6-year secured notes 5s___1918 J -J
Bk City 1st con 5s__1916-1941 J -J
Bk Q O o& S congu g 5 s . . 1041 M-N
Bklyn Q Co Sc S 1st 5 s . . .1041 J -J
Bklyn Un El 1st g 4-5s.__1950 F-A
Stamped guar 4-5s_____ 1950 F-A
Kings County El 1st g 4 s .1949 F -A
Stamped guar 4s________1949 F -A
Hassau Elec guar gdd 48.1951 J -J
Chicago Rwys 1st 5s______ 1927 F - A
OonnKy Sc L lst&ref 5g 4H s ’51 J -J
Stamped guar 4 H s______ 1961 J -J
Det United 1st cons g 4 ji»_1932 J -J
Ift Smith Lt Sc Tr 1st g 5S..1W36 M-S
Brand Rapids Ry ls tg 5S..1W16
__
J-D
tavana
avana Elec consol g 5
5s___1052
s . . .1052 F-A
F -A
ASH Lute
96% 97% 96% J’ne'14
97%
97%
97 98
101U J’ne’ 14
101% 102
l01i2May’ 14
101% 10 2
97
102 Sale IO D 4
107 Sale 106%
9934 Sale 99%
9934 Sale 99%
9934 Sale 9938
10634 Sale 10634
1013s 10134 10 U » J
1066* 107 107
1013* 10134 101%
87U 873$ 87>4
102
107%
9934
9934
9934
10634
’n e '1 4
107
10158
8734
I O I 3 4 _____ 1 0 1 % A p r '14
1013*____ 101% A p r T 4
IO D 4 J ' n e ’ 14
101% M a y T 4
110
10934 Sale 10934
11 0
109% Sale 10934
103% J ' l y '1 0
83 ____ 8434 J a n T 4
62 54
62%
53
63%
64%
95%
95%
94
04
87%
87%
80 Mch’ 13
88
87% 88% 87%
99%
97% Sale 97%
99% May’13
99%
97% Sale 97%
100%
100% Sale 100%
94% 95% 94% J ’ne'14
91
88 91% 91
98% Apr ’14
____ 99
103%____ 109 Mch’ 14
63 64%
95% Sale
____ 9434
87 88
1 0 1 % _____ 101%
101%
93%
93%
95 Jan ’1
93 May’ 14
92 93
105% 107 105% J’ne’14
93%____ 93% Apr T4
133 91%
91 91% 01%
121% 121% 121 May’ 14
107%____ 110% May’ll
98 May’14
98% 99
92%
91% 92% 91%
90% May’14
94
I H I "9334 93%
91% 91% 02 May’14
921.
91% Sale 91%
106%____ 112 Jan T
89%
89%
89% . . .
86%
8634 87% 86%
91
90% Sale 90%
97% . . . 100 Apr 13
1 0 5 % .... 105% 105%
100% . . .
102% J’ne'12
105% . . . 105% J ’ne’14
102% 105 104% May’14
107 . . . 113% Feb '12
96%___ 96%Mch’ 14
81 J’ne'12
03*4 Sale
J ’ne’14
104
104
94 Jan T4
_____ 111% 112 Apr ’ 14
109%___ 110 J’ne’ 14
11 2 _____ 112 J ’ne’ 14
106%
10 0 106% 106%
106% Apr T4
*99* *99% 99% J’ne’14
107%___ 108 Feb ’ ll
104% 104% 104% 104%
106% Mch’ 13
87% 8832 87 Mch’ 14
104 . . . 107% Jsn '12
103% . . . 104% Apr T4
1041* 109 10934 May 11
1 0 0 100% 100% May’14
117%
117 Sale 117
11(5% . . . 116*4 J’n e’14
104% 105% 104*4 J’ne’14
____ 103 100 J’ne’13
95% . . . 100% Jan ‘13
80 May’ 14
♦80
110% . . .
103 . . .
92 . . .
Range
since
J a n . 1.
W eek ’ s
Range or
Last Sale
110
BONDS
N . Y . STOCK E X CH A N G E
Week Ending June 26
Price
Friday
June 2 0
Range
since
Jan . 1.
Week’ s
Range or
Last Sale
Bid
Ask Low
High
Chesapeake & Ohio ( C o n .)—
94*4 Sale 94*8
95%
General gold 4 ^ s _______ 1992 M-S
91 ____ 93% Feb ’14
Registered_____________ 1992 M-S
80 80% 81
81
Convertible 4J^s____ ____ 1930 F-A
10 1% 1 0 2 %
83% 86% 83% J’ne’ 14
Big Sandy 1st 4s_________1944 J-D
101 102%
83 83*8 83% J ’ne’ 14
Coal River Ry 1st gu 4s__1945 J-D
109% 112%
96% Dec ’13
98
101
J-J
Craig
Valley
1st
g
5s_____
1940
111 113%
84% Jan ’13
Potts Creek Br 1st 4s____ 1946 J-J
88% Mch’ 14
8 3 * 4 ______
R & A Div 1st con g 4s___1989 J-J
100*4 102%
82 ------ 82 Apr ’14
2d consol gold 4s_______ 1989 J-J
90 A p r’ 14
8 5% eo
Greenbrier Ry 1st gu g 4s_1940 M-N
60%
60% 60*8 60%
Chic & Alton RR ref g 3s__1949 A-O
95 98
43*8
43*8
40
43*8
J-J
Ila
ih
c
a
y
1st
lien
3
>£s____
1950
88 89%
99*4____ 99*8 May’14
Chic B & Q Denver Dlv 4S.1922 F-A
85%
84% 8o*s 85%
86 D034 Illinois Div 3 )is _________1949 J-J
82%____ 86% A ug'12
Registered_____________ 1949 J-J
85% 89%
95%
95% Sale 95%
Illinois Div 4s___________ 1949 J-J
75% 80
93 J’ne'13
99 100*4
Registered.........................1949 J-J
Iowa Div sink fund 5s___ 1919 A-O 103%------ 103 May’ 14
93 93%
Sinking fund 4s_________ 1919 A-O 98% 99% 98% J ’ne’14
84% 90
97% 97% 97% J ’ne’14
Nebraska Extension 4s___1927 M-N
77 85
Registered_____________ 1927 M-N 95%___ 96*8 Sep T2
67 68
99*4____ 99% J’n e’14
Soutnwestern Dlv 4s_____ 1921 M-S
of §5 to £
Joint bonds. S e e Great North
03%
93% Sale 93%
General 4s________________1958 M-S
100 102
30% 35
30%
32
103*4 107% Chic & E 111 ref & imp 4s g_1955 J-J
111
112
1st consol gold 6s_________ 1934 A-O _____ 111
95% 99%
99 Apr ’14
General consol 1st 5s_____ 1937 M-N ____ 96
95% 99*4
98 Feb ’14
Registered ............. .......... 1937 .VI-N ------ 97
9534 9934
Pur money 1st coal 5s____ 1942 F-A ------ 97% 97% Feb ’13
1033s 107%
Registered__________________
101% 102
-J ____ 40
39
50%
Chic & Ind C Ry 1st 5s___1936
103% 107%
74 Sale 73*s
74*8
101% 102% Chic Great West 1st 4s____ 1959 M-S
85 87*4 Chic Ind & Louisv— Ref 6s. 1947 J -J 12 0 _____ 120 J’ne’14
Refunding gold 5 s _______ 1947 J-J 104% 105% 1035s Mch’ 14
100 101%
81 ____ 965* Apr 11
Refunding 4s Series C ____ 1917 J-J
97% 101%
86 J’ly '12
Ind Sc Louisv 1st gu 4s___1956 J-J
99 102
90% Aug'12
100% 101% Chic Ind & Sou 50-year 4 s .. 1956 J-J _____ 88%
104 Dec '11
107*4 110% Chic L S & East 1st 4>4s___ 1969 J-D
107% 110% Chic Mil & St P terml g 5 s_1914 J -J 100 ____ 100 J ’ne’ ll
95%
95%
95% 90
Gen’l gold 4s Series A ___el089 J-J
94
94
Registered____________ el989 -J «____94
84%
8434
80
80
79 81
Gen’l gold 3H s Ser B___el989
50
67
86 J’ne’ ll
Registered____________ el 989 J -J ____ 81
103
Gen 4 j*s Ser C _________e 1989 J -J 102% Sale 102%
91%
92%
91% 92
25-year deben 4s_________ 1934 J -J
63 74
102%
Convertible 4>$s_________ 1932 J-D 101% Sale 100%
93 96%
102*8
Sep
'13
104%____
J
-J
Chic
&
L
Sup
Div
g
5s___19?1
92% 95%
Chic Sc M o Riv Div 5 s . . . 1926 J -J 107%____ 107 J ’ne’ 14
84 88%
Chic & P W 1st g 5s..........1921 J-J 104% 104% 104% J ’ne’ 14
93*4
93*8 93% 93%
O M & Puget Sd 1st gu 4 s . 1949 J-J
84*g 8 8 %
Dak Sc Grt Sou gold 5s___1916 J-J 1 0 0 % ------- 100% N ov’13
93 100
Dubuque Div 1st s f 6s___1920 J -J 109%____ 108% May’14
93
ffOSg Far & Sou assum g 6s____ 1924 J-J 113%____ 110 J’ne’13
La Crosse Sc D 1st 5s____ 1919 J -J 103%____ 102% Jan ’14
99% 102%
104%
Wls & Minn Dlv g 5s____ 1»21 J -J 104% 104% 1043*
91% 95%
Wia Vail Div 1st 6s............1920 J -J 109% 112*4 109%Mch’14
86% 92
M11& No 1st ext
___1934 J-D 102 103 102% J ’ne’ 14
97% 98%
Cons extended 4 14s____ 1934 J-D 10 2 _____ 101*4 May’ 14
104 109
102
F 102 Sale 102
1 0 1 % 1 0 1 % Chic Sc Nor West cons 7s_1915
95% 96*2 96% J’ne ’14
Extension 4s________1886-1926 -A
91
95
94%____ 91*8 Apr ’ 14
Registered________1886-1926 F-A
83*8
General gold 3>Ss...............1987 M-N 82% 83% 83**
93 93
78% Jan ’ 14
Registered____________ pl987 -F
103% 105%
96%
General 4s............................. 1987 l-N 96 Sale 96
93% 93%
Sinking fund 6s____ 1879-1929 A-O 108%____ 108% May’14
Registered________1879-1929 A-O 107%____ 105% Deo ’ 13
87 95
Sinking fund 5s____ 1879-1929 A-O 104%____ 101% May’ 14
121 121
Registered________1879-1929 A-O 103%____ 102 Oct ’13
Debenture 5s____________ 1921 A-O 10 2 _____ 101*4
101*4
96 98
101 Deo T2
Registered......................... 1921 A-O
90 92%
Sinking fund deb 5s_____ 1933 M-N 104 ____ 103% J’ne’14
89% 90%
Registered______________1933 M-N ♦ 1 0 2 _____ 101% Apr ’ 14
90% 96
Frem Elk & M o V 1st 6 s . . 1933 A-O 1 2 2 % _____ 122 May’ 14
90% 94
90% Sep ’09
M anG B & N W 1st 3 *%s 1041 J-J
90 94*4
80 .
•Milw Sc S L 1st gu 3 y $ s ___1941 J-J
Mil L S & West ls tg 6S..1021 M-S 110% 110% 110% May’14
88% 90
Ext Sc I m p . s f gold 5s_1929 F-A 107%------ 106% Men’ 14
84% 89%
Ashland Div 1st g 6s___1925 M-S 114%____ 113% Feb ’l l
87% 91%
Mich Div 1st gold 68___ 1924 J -J 114 ____ 113% Mch’14
92%
92% 92% 92%
MU
Spar A N W 1st gu 4 s. 1947 M-S
105% 105%
Northw Union 1st 7s g___1917 M-S 107%____ 107*8 May’14
St L Peo& N W 1st gu 5 s .l9 .8 J -J 100 107% 106% J ’no’ 14
105% 105%
106*8
Winona & St P 1st ext 7s.l»16 J-D 106%____ 106*8
104*8 104*8
Chicago Rock Is! Sc Pac 63.1917 J -J 104 ------ 104% May’14
Registered......................... 1917 J -J 103% 104% 104*8 Mch T4
96% 96%
90
88
88% 88%
General gold 4s________..1 9 8 8 J-J
87
87
Registered______________1988 J-J ____ 89%
80%
78% Sale 74%
Refunding gold 4s________1934 A-O
108 110
74*8
78%
74%
Sale
J-J
20-year debenture 5s_____1932
102% 104
94*4 J’ne 'll
Coll trust Series P 4a____ 1918 M-N ____ 92
94 94
32*4
Chic R 1 Sc Pac RR 4s____ 2002 M-N 293* Sale 29%
111 112
33% Apr T4
Registered......................... 2002 M-N
109% 110
85 J’ly ’ 13
R I Ark Sc Louis 1st 4 «s_1 9 3 4 M-S ____ 83
110*8 112
Bur O K & N — ls tg 5 s . . . 1934 A-O 1 0 0 % ------- 102% Apr ’ 14
103*4 106%
O R I F i N W 1st gu5s.l921 A-O 1 0 1 % ------- 100% May’14
106% 106%
M & St L 1st gu g 7s____ 1927 J-D
97 100
97
9V 99% May’ 13
Choc Okla Sc G gen g 5s__ol9199 J -J
108 108
99
99%
Consol gold 5 s ._________ 1952 M-N •____ 99
102 105
923*Mch’ 14
Keok Sc lies Moines 1st 5s.1923 A-O ____ 91
78
St Paul& K G Sh L 1st 4>£s ’41 F-A
75 ------ 75
85 87
120%
Chic St P M & O con 6s— .1930 J-D 120% Sale 120%
89%------ 89% Dec '1
Cons 5s reduced to 3>£s__1930 J-D
104% 104%
101%
Debenture 5s___________ .1930 M-S 10 1% 102% 101%
Oh St P Sc Minn 1st g 6S..1918 M-N 119%------ ll0%Jan ’14
99% 100%
North Wisconsin 1st 6s___1930 J-J 1196*------ 1296* May '09
114 118
St P Sc S City 1st g 6s____ 1919 A-O 107% 107% 107% J’ne T4
113% 117
Superior Short L 1st 5sg0l93O M-S
104 104%
85 Jan ‘ 14
Chic T H & So’east 1st 5s_ 1960 J-D ____ 96
Chic& West Ind geng 6s__?l932 q : m 108 ------ 106 J’ne’14
84%
83% 84% 84%
Consol 50-year 4s________1952
80 86%
90 ------ 96 Mch’ 14
CinH & D 2d gold 4>£s____ 19377 J -J
1st & refunding 4s________1959 J -J _____ 88
08% 1001*
*86% J'no"’12 . . . I
1st guaranteed 4s____ __1959 J -J
105 107%
100% Mch’lil___
103 106>* Cln D Sc 1 1st gu g 5s____ 1941 M-N
L ow
H ig h
96*4 98*4
96*4 99
100
99 100 99%
1071*
106% 107% 107%
106% 107 105% J ’ne’ 141
.MISCELLANEOUS BONDS— Continued on Next Pago.
103%
103%.---- 103
91*8
89% Sale 89%
100
99% Sale 99%
101% 102% 102% J ’ne’ 14
98 Apr T4
96% 98
101 May’ 13
102% 103% 102%
103
18
____ 103% 101% May’ 14
83%------ 83% J’ne T4
____ 84%
83% J’ne’ 14
70 Sale 78%
79
93%
98% 98*4 98%
93 ____ 101% J’ne ’ 12
96% J’ne’14
06 97
71% J ’ne’ 14
____ 71
84 Jan '14
99%____ 100 J ’ne’14
____ 92%) 0292 Apr
Apr
*14_____
T4
nins
Street Railway
82% Sale 81%
821*
99% 103*4 Hud Sc Manhat 5s Ser A _1957 F - A
31 Sale 31
31
Adjust Income 5s___.. ..1 9 5 7
87% 93%
99 -----N Y & Jersey 1st 5s____1932 F - A
96% 100
77% Sale 77%
78
100% 102% Interboro-M etrop coll 4 H s. 1956 A-O
Interboro Rapid Transit—
98 98
99 Sale 98%
99
1st & refunding 5s______ I960 J-J
91% 92% 92*8
92%
99% 103
Manhat Ry ( NY) cons g 4 s .1990 A-O
92% 93
100 10 2
Stamped tax-exempt_____ 1990 A-O
92% J ’ne’14
83 84
Metropolitan Street Ry—
Bway Sc 7th Av 1st c g 5S.1943 J -D 103% Sale 103
103%
82% 841*
74 80
Col & 9th Av 1st gu g 5 s ..1093 M-S ♦ 100 % 101 101 J’ne’ 14
101 Apr ’ 14
Lex Av & P F 1st gu g 5 s .1993 M-S _____ 102
96% 99%
80 Mch’ 14
Met W S El (Chic) 1st g 4 s.l9 3 8 F -A
*96% 96% MUw Elec Ry & Lt cons g 5sl926 F-A 10 2 _____ 102% M a y '1 4
Refunding & exten 4)$s_1931 J -J ____ 93
01 A p r ’ 13
G9 76%
Mlnneap St 1st cons g 5s— 1919 J - J
84 84
99% 101% 102 N o v ’ 12
Montreal Tramways 1st Sc r o t
99 100
91% 95
30-year 5s Ser A .............
________1941
1941 J -J
08% 09
08%
98%j
Low
92%
93%
79
83%
83%
H igh
88
98%
93%
86%
83%
85
88**
82
90
60
43*8
99%
82
85%
90
67
55%
99*4
85%
93
96
102% 103
96*4 98%
9434 98
98% 98%
91% 94%
30% 08
107% 112%
95*4 100%
98 98
39 99
70 75%
117% 120
103% 103*8
100
100%
92 96%
921* 94
80 83%
100*8 103%
83 93
100 103*8
105% 107
102% 104%
89 93%
108 108%
102% 102%
102*8 104*8
109% 109%
99% 102%
101
102
101%
102%
94% 96%
94*a 95
80 84
78% 78%
93 97%
108 108%
104% 104%
100% 102%
102% 103%
101% 101%
120 122
109*8 110%
106% 106%
113% 113%
113% 113%
91 94
107% 108%
105% 107
106*8 106%
104 105
104*8 104%
84 90
84% 87
72 81
66% 80%
29% *53*
33% 51**
102% 102%
100%103
09
91%
75
118
99%
92*t
80
120%
101 103
116% 116%
107
10S*t
85 85
105% 106%
83% 87
93 98
10 0 % 1 0 0 %
9714 99
3| 071*
N.
P r ic e
F rid a y
J u n e 26
BONDS
Y. STO CK
EX CH A N G E
W e e k E n d in g J u n e 26
D in 11 a m & D a y ( C o n .) —
O F i n d * F t VV 1 s t g u 4 s g _ 1 9 2 3
O l n 1 & W 1 s t g u g 4 s _____ 1 6 5 3
D a y & M ic h ls t c o n s 4 H s -1 9 3 1
l n d D e c 3c W 1 s t g 5 s _____ 1 » 3 5
1 s t g u a r g o ld 5 s ___________ 1 0 3 5
C 'l e v e C i n O 3c S t L g e n 4 S . . 1 9 0 3
2 0 - y r d e b 4 ) ^ s .........
1031
C a i r o D i v 1 s t g o ld 4 s ............1 0 3 9
C l n VV 3c M D i v 1 s t g 4 s . . 19 0 1
S t L D i v l s t c o l l t r g 4 s ___ 1 0 9 0
R e g i s t e r e d _________________ 1 0 9 0
S p r & C o l D i v l s t g 4 s _____ 1 9 4 0
W W V a l D i v 1 s t g 4 s ______1 0 4 0
C I S t L 3 c C c o n s o l 6 s _____ 1 9 2 0
1 s t g o ld 4 s _________________ * 1 9 3 6
R e g i s t e r e d ______________ * 1 9 3 6
G i n S & C l c o n 1 s t g £ 5 s ----- 1 9 2 3
C C C & I g e n c o n g 6s — 19 34
R e g i s t e r e d _________________ 1 9 3 4
l n d B 3c W 1 s t p r e f 4 s . . . 1 9 4 0
O l n d 3c W 1 s t p r e f 5 s ___ d l9 3 8
P e o 3c E a s t 1 s t c o n 4 s _____1 9 4 0
I n c o m e 4 s ___________________1 0 0 0
C l e v e S h o r t L 1 s t g u 4 * 2 8 .- 1 9 6 1
C o l M i d a n d 1 s t g 4 s ________ 1 9 4 7
T r u s t C o . c e r t f s . o f d e p o s i t ___
C o lo r a d o & S o u 1 s t g 4 s _____ 1 9 2 9
R e f u n d 3c e x t 4 ) * s .................1 9 3 5
F t VV & D e u O 1 s t g 8 s ___ 1 9 2 1
C o n n 3c l ’ a s R i v s 1 s t g 4 s _ _ 1 9 4 3
C u b a K R 1st 5 0 -y r 5s g ..1 9 5 2
e l L a c k 3c W e s t e r n —
M o r r i s 3c E s s e x l s t 7 s _ — 1 9 1 4
1 s t c o n s o i g u a r 7 s _____ 1 9 1 5
R e g i s t e r e d ___________ 1 9 1 5
„ 1 s t r e f g u g 3 J ^ s _____ . 2 0 0 0
N Y L a c k & VV 1 s t 6 s _____ 1 9 2 1
C o n s t r u c t i o n 5 s ___________ 1 9 2 3
T e r m 3c I m p r o v e 4 s _____ 1 9 2 3
W a rre n 1 st r e f g u g 3 ^ s . .2 0 0 0
D e l & H u d 1 st F a D iv 7 s— 1017
R e g i s t e r e d _________________ 1 9 1 7
1 0 - y r c o n v d e b 4 s __________1 9 1 6
1 s t li e n e q u i p g 4 ) i i ----------1 9 2 2
1 s t & r e f 4 s ___________________1 9 4 3
A l b 3c S u s c o n v 3 H * _______ 1 9 4 6
K e n s & S a ra to g a 1 s t 7 s . . . 1921
D e n v & R G r 1 s t c o n g 4 s __ 1 9 3 6
C o n s o l g o l d 4 ^ s ___________ 1 0 3 6
i m p r o v e m e n t g o ld C s _____ 1 9 2 8
1 s t & r e f u n d i n g 5 s __________1 9 5 3
R i o G r J u n e l s t g u g 5 s ___ 1 9 3 9
R i o G r S o 1 s t g o ld 4 s _____ 1 9 4 0
G u a r a n t e e d ________________1 9 4 0
R i o G r W e s t 1 s t g 4 s ........... 1 9 3 9
M t g e 3 c c o l t r u s t 4 s A ___ 1 9 4 9
U t a h C e n t 1 st g u g 4 s .a l9 1 7
D e s M o l U n R y 1 s t g 6 s ___ 1 9 1 7
D o t 3c M a c k 1 s t li e n g 4 s ___ 1 9 9 5
G o l d 4 s _______________________ 1 9 9 5
D o t R l v T u n - T e r T u n 4 1 ^ 8 .1 9 6 1
D u l M i s s a b e 3c N o r g e n 5 S .1 9 4 1
D u i & I r o n R a n g e 1 s t 5 s ___ 1 9 3 7
R e g i s t e r e d ___________________1 9 3 7
2 d 6 s __________________________ 1 9 1 6
D u S o S h o r e 3 c A t g 6 s _____ 1 9 3 7
l . U g l n J o l & E a s t 1 s t g 5 s __1 9 4 1
L - 'r i e 1 s t c o n s o l g o ld 7 s _____ 1 9 2 0
N Y & E r ie 1st e xt g 4 s . . . 1047
2 d e x t g o ld 5 s _____________1 9 1 9
3 d e x t g o ld 4 3 ^ 8 __________ 1 9 2 3
, 4 t h e x t g o l d 5 s ___________ 1 9 2 0
5 t h e x t g o ld 4 s ___________ 1 9 2 8
N Y L E & VV 1 s t g f d 7 s . . 1 9 2 0
E r i e 1 s t c o n g 4 s p r i o r _____ 1 9 9 6
R e g i s t e r e d ------------------------- 1 9 9 6
1 s t c o n s o l g e n li e n g 4 s ____1 9 9 6
R e g i s t e r e d _________________ 1 9 9 6
P e n n c o l l t r g 4 s _____________1 9 5 1
6 0 - y e a r c o n v 4 s A . . . ______1 9 5 3
do
a e r i e s B ________ 1 0 5 3
B u f f N Y 3c E r i e 1 s t 7 s . . . 1 0 1 6
C h i c 3c E r i e 1 s t g o ld 5 s . . . 1 9 8 2
C l e v & M a h o n V a l g 5 s . .1 0 3 8
L o n g D o c k c o n s o l g 6 s __. 1 9 3 5
C o a l 3c R R 1 s t c u r g u 6 s . . 1 0 2 2
D o c k & i m p 1 s t e x t 5 s ----- 1 9 4 3
N Y & G re e n L g u g 5 s . . .1 9 4 6
N Y S u s 3 c VV 1 s t r e f 5 s — . 1 0 3 7
2 d g o ld 4 ^ s .........................
G e n e r a l g o l d 5 s ___________ 1 0 4 0
T e r m i n a l 1 s t g o ld 5 s ------- 1 9 4 3
M i d o f N J 1 s t e x t 5 s ...........1 9 4 0
W l l k & E a 1 s t g u g 5 s ------- 1 9 4 2
E v & ln d 1 s t c o n g u g 6 s— 1926
E v a n s & T IX 1 s t c o n s O s . . . 1 9 2 1
1 s t g e n e r a l g o l d 5 s -------------- 1 9 4 2
M t V e r n o n 1 s t g o ld 6 s — 1 9 2 3
B u l l C o B r a n c h 1 s t g 5 s ----- 1 9 3 0
l o r id a E C o a s t 1 s t 4 H S - - 1 0 5 9
o rtS tU D C o ls t g 4 ^ s _ 1 9 4 1
f t W 3c R i o G r 1 s t g 4 s ------- 1 9 2 8
re a t N o rth e rn —
C B Sc Q c o l l t r u s t 4 s . . . 1 9 2 1
R e g i s t e r e d h ---------------------1 9 2 1
1 s t 3c r e f u n d i n g 4
s s e r A 1961
R e g i s t e r e d _________________ 1 9 6 1
B t P a u l M & M a n 4 s ........... 1 9 3 3
1 s t c o n s o l g o ld 6 s ------------1 0 3 3
R e g i s t e r e d ________________1 9 3 3
R e d u c e d t o g o ld 4 > * s _ 1 9 3 3
R e g i s t e r e d __ __________ 1 6 3 3
M o n t e x t 1 s t g o ld 4 a _____ 1 9 3 7
R e g i s t e r e d ________________1 9 3 7
P a c i f i c e x t g u a r 4 s £ _____ 1 9 4 0
E M in n N o r D i v 1 s t g 4 s 19 48
M i n n U n i o n 1 s t g 6 s _____ 1 9 2 2
D
F
Gr
W e ek 's
R a n y e or
L a st Sale
A sk L oto
M -N
J-J
J-J
J-J
J-J
J-D
J-J
J-J
J-J
M -N
M -N
M -S
J-J
M -N
Q -F
33
J-J
J-J
A -O
n
A -O
J -J
F A
M -N
J-D
A -O
J -J
M -N
J-D
J-D
J-D
J-J
F -A
M -N
F -A
M -S
M -S
J-D
J-J
M -N
A -O
M -N
J-J
J-J
J-D
F -A
J-D
J-J
J-J
J -J
A -O
A -O
M -N
J-D
J-D
M -N
J-J
A -O
A -O
J-J
J-J
M -N
M -S
M -N
M -S
M -S
A -O
J-D
M -S
J-J
J-J
J-J
J-J
F -A
A -O
A -O
J-D
M -N
J-J
A -O
M -N
J-J
M -N
J-J
F -A
F -A
M -N
A -O
J-D
J-J
J-J
A -O
A -O
A -O
J-D
J-J
J -J
J -J
33
J -J
J -J
J -J
J -J
J -J
J-D
J-D
J -J
A -O
J -J
80
74
88
86
R ange
s in c e
J a n . 1.
L 010
H ig h
M chTl
J a n ’ 14
9 7 M c h ’ 14
10712 D e c ’ 02
7 6 li J * n e ’ 14
70*8 SO
82
82
80
82
8434 J ’ n e '14
84*4
8 3 F e b ’ 14
80
8 2 l2 8 3 J ’n e ’ 14
83*4 8 2U M c h ’ 14
85*8 8 5 M c h ’ 14
92
91 A p r T 2
105*4 A p r T 4
105*4
9 2 M a y '14
90*2
92
90
9 0 M c h '1 3
101 —
10 3 M a y ’ 14
118 M a y '14
118*2
80 —
94 J ’l y ’08
07
76*4
82
84*4
83
82
82*4
85
101
102*4 103
801t 8 7 i2
11 0* 4 _____
10 4 - * . . . .
9 5 H S a le
8 5 _____
105- a 10312
99 S a le
10014 1 0 1 i8
9?*s 9712
83*2 8678
1 1 5 * 2 _____
7i
83
8.
9012
2 S S a le
5 7 fcnre
i r . * ff ■
_____ 7 4
_____ 80*8
_____ 66
85
82
93*4
10 3
10 3s*
88
_____
S a le
104
103*4
1 0 0 1 * _____
104 _____
111*4 11212
9 7 1 2 _____
*97* I I I I
102 >4 102*8
94 _____
1 1 0 1 2 _____
83*4 84
_____ 83-2
72*2 b a i t
8 9 U S a le
7 2 S a le
7 U 2 S a le
1041* 1 0 4 i £
108 S a le
1033* 1 0 9 i2
1 2 2 1 2 _____
1011* i 08
10 3 _____
1 0 0 1 * _____
9 3 _____
mi
104*4 108
103* 4 _____
--------93
--------1 0 3
--------9 5
90
*64*
9H4
M
10 0
100
85
87*2
86
83
85*4
82*4
85
105*8 105**4
91
92
7 0 ' n ‘ *7212 J ’ n e ’i i
20
23
2 0 J ’n e ’ 14
95*2 96*4 9 5 U
96i*
14
19
14ig J ’n e ’ 14
14*4 18*2 17 F e b '14
00*4 .Sale 9014
0014
87*2 8 7lg
8 7 l2
105 105*4
—
105*4
—
H ig h
103
118
10 3 U
119*8
72
20
95*4
14*2
17
89
87*2
105
84
30
90*4
19*4
17
93
93*2
10 7
M a y TO
10014 M c ta ’ 14
102*4
102*4
10 3 N o v ’ 13
87*2
87*s
110**
110*8
104*2 F e b T 4
95*4
95*4
102*8 F e b ’03
108*2 M c h ’ 14
149 A u g '01
99
09
100*4 J ' n e ’ 14
97*8
97*2
86*2
867s
116*2 F o b '14
79*2
81
8 7 M a y ’ 14
83
83
68
58
109 D e o T 2
61*2 A p r ’ l l
8 5 M c h ’08
81 J ’n e ’ 14
00 J ’n o ’ 14
90 A p r T 4
110 S e p ’04
84 M a y ’ 14
82 J ’n e ’ 14
93*4
03*4
104*2 M a y T 4
103*8 J ’n e ’ 14
106*2 M c h ’08
104 F e b ’ l l
99*4 D e c T 3
104*2 A p r T 4
11**8 J ’n e ’ 14
97*2 J ’n e ’ 14
10 2 J ’n e ’ 14
99*2
99*2
102*4 M a y ’ 14
93*8 M a y T 4
110*8 J ' n e ’ 14
84
34*4
S3 J a n T 4
72*2
73*4
77 A p r T 2
89*4
90
71*8
72
70*4
72*4,
104*4 J ’n e ’ 14
108
108
10 3 F e b T 4
122*2 M a y ’ 14
100 D e c T 2
102U A p r T 4
103*2 A u g T 2
96 J W 1 4
IOOI4 D e o ’06
75 A p r T 4
102 J a n T 4
111*2 M a y ’ 12
04 J ’n e ’ 14
106 M a y ’ 12
104 D e c T 3
99*8 D e c T 3
108 N o v ’ l l
9 5 J ’n e ’ 12
93 M a y T 4
92 A u g TO
02 A p r T 4
lOOti 1007s
102*4 103*4
85*2
108*4
104*2
94*4
87*8
110*s
104*2
05*4
108*8 108%
97*8
99*2
93*2
84*2
115
79*4
87
83
50
79
CO
90
99*4
101
07*2
87
115*2
85
90*4
92*2
74
8 4 l2
72*4
90
84
85
82
82
93*4 97
103*4 105
100*2 104
104*2
111*8
97*2
102
99*2
10 2
93*8
110*8
82*4
83
71*4
104*2
112
»8
10212
100
102*8
93*8
110*8
87*4
83
76*4
89
71
70*4
104
105*8
10 3
1 2 1 l2
92
77*8
70
104*4
108
103
123
10178 IO 2 I4
96*
75
102
*99**2
75
102
92*4 98*2
91
94
68*2 64
971* S a le 07*2
97*4
97
97
_____ 97>2
100*4 S a le 100*4
101
96 J ’ n e ’ 13
98
9 9 >2 97*4 M a y ’ 14
12 2 * 4 ------- 121*4 M c h T 4
1 1 7 * 4 _____ 117*2 A u g T 3
103>( 104 103 J ’n e ’ 14
108*4 J ’ n e '09
90 ig 98 lg 95*2 A p r '14
9 3 _____ 94*2 A p r T 4
8 7 i g _____ 92*8 M c h ’ l l
95 M a y ’14
05** 97
110*4___ 110*2 J a n T 4
94*4 08
95*4 97*8
10 0 101*8
90*4 98
119*4 1 2 1 U
100*4 103*4
93
05*8
94*2 94*2
94*t 0 5
110*2 110*»
M IS C E L L A N E O U S
W e e k 's
R a n ge or
L ast Sale
R ange
s in ce
J a n . 1.
L ow
H igh
S t P M & M ( C o n tin u e d ) —
Bid
A sk L ow
M o n t O 1 s t g u g 6 s _______1 9 3 7 J - J
125*4_____ 1 2 5 J ’ n e ’ 14
R e g i s t e r e d .......................... 1 9 3 7 J - J
1 1 5 _____ 136*4 M a y 06
1 s t g u a r g o l d 5 s ________ 1 9 3 7 J - J
11 0 * 4 _____ 106*4 F e b T 4
R e g i s t e r e d _____________ 1 9 3 7 J - J
W i l l & S F 1 s t g o ld 5 s . . . 1 9 3 8 J - D
1 0 9 * 2 _____ 104*2 J ’ n e T 3
G u lf & S 1 1st r e f & tg 5 s _ .& 1 9 5 2 J - J
89
90*8 90*2 J ’n e T 4
R e g i s t e r e d _________________ & 1 0 5 2 J - J
L T o c k V a l 1st co n s g 4 H s ._ 1 9 9 9 J - J
100*4 S a le 100*4
100*4
A-*- R e g i s t e r e d ...........................19 9 9 J - J
07*4 J a n T 4
--------08*2
8 8 * 4 ____
C o l & H V 1 s t e x t g 4 s _____ 1 9 4 8 A - O
92 A p r T 3
9 0 _____ 9 0 i2 J ’ n e ’ 14
C o I & T o l 1 s t e x t 4 s ________ 1 * 5 5 F - A
100*4 D e c T 2
H o u s B e l t 3c T e r m 1 s t S s . . . 1 6 3 ' J - J
*97*8 10 0
967* J ’n e ’14
I K i n d s C e n t r a l 1 s t g o ld 4 s . '* 6 5 1 J - J
10 0 S e p ’ l l
_____ 9 7
R e g i s t e r e d _______
19 51 J - J
84
87
8 5 i \ I a y ’ 14
1 s t g o ld S 'A b _________ __ . 1 6 5 1 J - J
_____
82
88*2 F e b T 3
_
_ 19 51 J - J
R e g i s t e r e d _______
8 2 _____ 93*2 M a y ’ 00
E x t e n d e d 1 s t g 3 U s _______ 1 9 5 1 A - O
82 .
R e g i s t e r e d _________________ 1 9 5 1 A - G
8 0 J ’l y ’ 09
1 s t g o ld 3 s s t e r l i n g ________ 1 9 5 1 a - s
R e g i s t e r e d _________________ 1 9 5 1 ■ r s - s 1
C « h t r u s t g o ld 4 s _______
.1 9 6 2 * ^ v
335*4 ------- 89*4 J ’ n V ’ 14
06*4 S e p T 2
H , e ^ is t s r « i
__________ l e t ! . . . .
0 2 l2
92*2 92
i r - i r « ? /*q_____________________Y 9 6 » 7 4 -t M i r
8 2 F e b '14
I V t c f c a s a i l i n e s J M i ____i 2 . 1 --J .
&912 J ’n e ’ 14
S3 ,
L N 0 4 T e x g o ld 4 s _ _ ____ i w J 3
R e g i s t e r e d _______________________ 1 3 6 3 b t -e
. .f. . C 6*a 84 M a y ’ 14
90 A p r T 4
S? .
C a i r o B r i d g e g o ld 4 s _______ 1 9 5 0 J - &
74 F e b T 4
6 7 it .
L it c h fie ld D i v 1 s t g 3 s . . . 19 51 J - J
74
81 M a y ’ 13
L o u i s v D i v 3c T e r m g 3 U s 1 9 5 3 J - J
83 A u g T 2
R e g i s t e r e d _______________________ 1 9 5 3 J - J
L23 M a y ’99
M i d d l e D i v r e g 5 s ________________ 1 9 2 1 F - 101*2
A
72*2 F e b T 4
O m a h a D i v 1 s t g 3 s ________ 1 9 5 1 F - A
71*2
73
75*2 M c h ’ 12
77
S t L o u is D i v & te rm g 3 s _ 1 9 5 l J - J
R e g i s t e r e d _______________________ 1 9 5 1 J - J
G o l d 3 y £ s ......................................... 1 9 5 1 J - J8 1 * 8 _____ 77*2 S e p ~ T 3
101*8 O c t ’99
R e g i s t e r e d . . ................................1 9 5 1 J - J
78*8 M c h ‘ 14
S p r i n g D i v 1 s t g 3 ^ s _____ 1 6 5 1
‘v i I I I I
R e g l s i e c A i ______________________ I S s i l J - >
. H I *43
0 l ‘ Feb'li
W e s t e r n li n e s 1 s t g 4 s _____
R e g i s t e r e d ______________
1 S51
S -vV
x o i " i i n 117*2 M a y ’I o
B e l l e v 3c C a r 1 s t 6 s .............. 1 8 2 3 J - D
C a r b Sc S h a w 1 s t g 4 s _____ 1 9 3 2 M - d
8 7 * 2 _____ 04*2 J ’l y T 2
110
11 0
107*8 11 0
C h i c S t L 3c N G g 5 s _______ 1 9 5 1 J - D
114 F e b ’ l l
R e g i s t e r e d ________________________ 1 9 5 1 J O103*2 111
G o l d 3 H s .......................................... 1 9 5 1 J - D8 0* g _____ 9 0 O c t ’09
R e g i s t e r e d ______________________ 1 9 5 1 J - D
92*1 A u g T 2
M c m p h D i v 1 s t g 4 s _____ 1 9 5 1 J - D
R e g i s t e r e d ______________________ 1 9 5 1 J - »
S t L S o u 1 s t g u g 4 s ________ 1 8 3 1 M - S
‘ 95*2 9 8 ' J ’ly * ’ 08
S3
l n d 111 Sc l a 1 s t 3 4 s _______„ i9 * H r
- J 0 5 88*i 88
i O O c _____ 10 3 M c a ’ 14
l n t Sc G r e a t N e w i t t c t>s___ 1 SLS M - R
61*2 M c h T 4
J a m e s F r a n k * C l e a r 1 s t 4 s * 3 5 8 i - D l -------- VJ
3 3 *t 7 0
69*8
69*8
a n C i t y S o u 1 s t g o ld 3 s _ _ 1 9 5 U A-O
6 3 O c t ’00
R e g i s t e r e d ________________1 9 5 0 A-O
36*2 S a le 95*2
96
R e f & i r n p t 5 s ________A p r 1 9 5 0 J - J
02*2 93*2 92*4 J ’n e ’ 14
K a n s a s C i t y T e r m 1 s t 4 s ___ 1 9 6 0 J - J
1 0 1 * 2 _____ 101 J ’n e ’ 14
a k e E r ie & W 1s t g 5 s . . . 19 37 J - J
94*4 A l a y ’ 14
______ 9 8 * 4
2 d g o ld 5 s ________________18 4 1 J - J
0 8 A l c n ’ 14
_____ 99*8
N o r t h O h i o l s t g u g 5 s ___ 1 9 4 5 A - O
1 0 1 101*2 1 0 1 J ’n e ’ 14
L e h V a l l N Y 1 s t g u g 4 > $ s . 1940 J - J
100 D e c T 3
R e g i s t e r e d ........... ................ . 1 9 4 0 J - J
8 9 *4 _____ 9 0 J ’ n e T 4
L e h ig h V a il ( P a ) c o n s g 4 s . 2 0 0 3 M -N
99*2
99*2
G e n e r a l c o n s 4 H * ________ 2 0 0 3 M-N _____99*2
L e h V T e r l i y 1 s t g u g O s ___ 1 9 4 1 A - G
311*4 111*3 1 1 1 J ’n e '1 4
111*8 D e o T i l
R e g i s t e r e d ___________________1 8 4 1 A - O
i O i *4
104*4 M c h T «
L e h V a lC o a i C o 1s t g u g 5 s . 19 32 J - J
*02 _____ 106 O c t T 3
R e g i s t e r e d ___________________1 9 3 3
1 s t i n i r e d u c e d t o 4 s ______ 1 8 3 3 J - J
I I I I 88*» F e b 'li
L e h 3c N Y 1 s t g u a r g 4 s ___ 1 9 4 5 M-S
R e g i s t e r e d ___________________1 8 4 6 M-S
101*2 F e b TO
E l C & N 1 s t p r e f o s ______ 1 9 1 4 A-O
9 9 7t N o v ’ 13
G o l d g u a r 5 s ______________ 1 9 1 4 A-O
L o n g l a i d 1 s t c o n s g o ld 5 s D i l 2 3 1 Q-J 10 3* 2_____ 108*2 M c h T l
9 2 * 3 ------- 95*4 M c h T l
1 s t c o n s o l g o l d 4 s __________ .11931
G e n e r a l s o l d 4 s _____________* 9 3 8 J-D
JO
91*8 91*8 M a y ’ l l
F e r r y g o ld 4 ^ s .........
1 9 2 2 iV i-B
95
85*2 95*4 M a y ' l l
G o ld « s ---------------------------------- 1 & 3 2 J-D
99*4 O c t ’06
83
...
86*2 M a y ’ 14
U n i f i e d g o l d 4 s --------------------- 1 9 4 9 M - a
88\
88
D e b e n t u r e g o l d 5 s __________ 1 9 3 4 J -D 190 _____ 101 M c q ’ 14
G u a r r e f g o ld 4 s _____________ 1 9 4 9 M - S
89*4_____ 91*2 M a y '14
R e g i s t e r e d _____________
1949 M -S
95 J a n ’ l l
N Y B 4 M B 1 st co n g 5 s . 19 35 A -O
10272 I I I I 100*4 J a n ’ 14
N Y & K B 1 s t g 5 s .............. 1 9 2 7 M-S 1 0 1 _____ 102*2 J a n '14
N o r 8 h B 1 s t c o n g g u 5 s . o l 9 3 2 O-J 10 2 _____ 10 2 M a y ’ 14
91*2 F e b '14
L o u i s i a n a & A r k 1 s t g 6 s ___ 1 9 2 7 M-S _____ 91*2
112*8 J ’n e ’14
L o u i s v Sc N a s h G e n 6 s _____ 1 9 3 0 J-D 112 11 3
1 1 0 * 2 _____ 109*8 M a y ’14
G o l d 5 s ...................................... 1 9 3 7 M - N
0 6 S a le 9574
96
U n i f i e d g o l d 4 « ........................1 9 4 0 J - J
9 5 J ’n e ’ 14
R e g i s t e r e d .............................1 9 4 0 J - J
C o l l a t e r a l t r u s t g o ld 5 s ___ 1 9 3 1 M-N !0 5 v * _____ 105*4 A p r T 4
E H Sc N a s h 1 s t g 6 s ______ 1 9 1 9 J-D i o e » i _____ 108*a M a y '1 4
L C l n Sc L e x g o ld 4 U s _____ 1 9 3 1 M-N * 02 * 4 ___ _ 101*2 J ’n e T 4
117 118*2 120*4 M c h T 3
N O 3c A l l s t g o l d 6 s_______1 9 3 0 J - J
N O Sc M 2 d g o ld 6 s ________1 9 3 0 J - J
109*4____ 1 1 1 F e b T 4
89 F e b T 4
P a d u c a h 3c M e m d i v 4 s ___ 1 0 4 6 F - A
108*s F e b T 4
S t L o u i s D i v 1 s t g o ld 6 S . . 1 9 2 1 M - S
107*2 11 0
09*8 S e p T 2
2 d g o ld 3 s ___________________1 9 8 0 M - S _____ 01*2
A t l K n o x Sc C l n D i v 4 s ____ 1 9 5 5 M - N
90*2
90*2 S a le 90*8
1 1 0 _____ 1 1 1 J a n T 3
A t l K n o x & N o r 1 s t g 5 s __ 1 9 4 6 J - D
B e n d e r B d g e 1 s t s f g 6 s __ 1 9 3 1 M-S 1 0 1 * 2 _____ 106 J a n T 4
8 S7«_____ 89*4
K e n t u c k y C e n t g o ld 4 s ___ 1 9 8 7 J - J
89*4
L 3 c N & M Sc M 1 s t g 4 H * 1 9 4 5 M-S 10 1 * 2 _____ 101 M a y ’ 14
8 4 M a y ’ 14
L 86 N - S o u t h M j o i n t 4 S . . 1 9 5 2 J - J
84>i 8 6
6 5 F e b '0 5
R e g i s t e r e d ---------------------- A 1 9 5 2
N F l a & 8 1 s t g u g 6 s ______ 1 0 3 7
105*4 1 1 1 . 10 5 M a y ’ l l
N Sc O B d g e g e n g u g 4
1945 J - J
9 9 * 4_____ 99*4 J ’n e ’ 14
P e n a Sc A t l 1 s t g u g 6 s _____ 1 8 2 1 F-A 109*8 11 0 109*4
109*4
8 Sc N A l a c o n g u g 5 s _____ 1 9 3 6 F-A 107* 4 _____ 107 M c h ’ 14
104*1
G e n c o n s g u 5 0 -y r 5 s . . 1963 A - O
103*2 104*8 104*4
83*2 M c h T 4
L & J e ff B d g e C o g u g 4 s . . . 1945 M -S
_____ 8 3
i / i a n * ia K B — 8 o u l i n e s 4 S . 1 9 3 6 M - N
7 7 M c h ’ 10
A e x l n t e r n a t 1 s t c o n g 4 s 1 9 7 7 M-S _____ 7 6
79 N o v TO
S t a m p e d g u a r a n t e e d . . . . 1 9 7 7 M-S
124*j O c t '1 2
M i n n 36 S t L l s t g o l d 7 s _____ 1 9 2 7 J-D
110*8 A u g ’ l l
P a c i f i c E x t 1 s t g o ld 6 s _____ 1 9 2 1 A-O 1 0 3 106
1 s t c o n s o l g O id 5 s ___________ 1 9 3 4 M-N
88
89*2 91*4 M a y '1 4
l s t a n d r e f u n d g o l d 4a_____ 1 9 4 9 M - S
52** S a le 52*8
63*2
D e s M Sc F t D 1 s t g u 4 s __ 1 9 3 5 J - J
6 0 J ’n e ’ 141
_____ 68
H ig h
121U 125
106*4 107
89
02
97 101
96*8 97*4
90*2 90*2
94*2 97
84
85
80*4 9 3
897t
79
94
82
91
84
90
74
71
72**
78*8 78*8
56'
V l'
86*2
103
01*3
68*2
88*2
104
0 2 >|
70
94*8
92*4
10 0
94*4
98
100*4
08*2
95*2
103*4
95
08
101*2
"34*8mi
K
L
87*2 90*4
99
09*8
ilU * I 111*4
i o i u io V * I
88*8 88*8
i 0 5 * i 106*8
kl* 4
06
80
87*2
100*4 101
89
02 1
100*4 100*4
102*2 10212
102 10 2
91*2 91*2
111*2115
105*4 H O
02*4 96*4
63*4 9 5
106 105*4
108*1108*1
100*8 10 2
111 1 1 1
89
89
108*s 108*s
u
on
92*8
97 I
88
90*8
106
83*2
100
83
106
90*4
10 1
85
104*4
90*2
108*$
105*4
104*4
83
105
10 0
110
107
106
85
89
60
60
96*f
61
69
69
69
63
921,
72 1,
71*4
61%
94>j
N ext P aze.
Street Railway
J-J
J-J
A -O
M -N
M -N
81
79*8
63*2
00
U n it e d R y s S t L 1 s t g 4 s . . .1 9 3 4
S t L io u is T r a n s i t g u 5 s _____ 1 0 2 4
U n it e d K R s S a n F r s f 4 s ._ 1 0 2 7
V a R y 3c P o w 1 s t 3c r e f 5 s __ 1 9 3 4
____
0 2 100*2
. . . . ____
----
...................
A t l a n t a G L C o . 1 s t g 5 s ____1 9 4 7
B k l y n U G a s 1 s t c o n g 5 s __ 1 9 4 5
B u f f a lo G a s 1 s t g 5 s _________ 1 9 4 7
C o l u m b u s G a s 1 s t g 5 s _____ 1 9 3 2
D e t r o i t C i t y G a s g 5 s _______1 9 2 3
D e t G a s C o . c o n 1 s t g 5 s ____1 9 1 8
D o t E d i s o n 1 s t c o l l t r 5 s ___ 1 9 3 3
E q G L N Y 1st co n g 5 s . . . 1932
G a s 3c E l e c B e r g C o e g 5 s __ 1 0 4 9
G r R a p G L C o 1 s t g 5 s _____ 1 9 1 5
H u d s o n C o G a s 1 s t g 5 s ___ 1 9 4 8
K a n C it y (M o ) G a s 1st c 5s 19 72
81 M a y ’ 14
84
76*s " ’ §9
"75*2 78*4 75*4
5 4 S a le 53*4
64*2 304
SSH 8 9 4 89*4 J ’n e T 4 . . . .
IOOIa 1011 o 101 J a n '1 3
F -A
91
95*«
J - J « _ 101*4
M - N " 0 9 “ 09*4
J-J
10112
J-J
82*4 ~83*2
A -O
79 S a lo
J -J
108 10878
A -O
96*4 98
j- r
96*2 96
88
89
income 6s______________}M*
E n lo n E l e v ( C h i c ) 1st g 6 S .1 9 4 5 A - O
( n lt e d Rys I n v 6s P i t t s l s s l 9 2 6 M - N * 6 0 “ _____
P ric e
F rid a y
Ju n e 26
BONDS
Y. STO CK EX C H A N G E
W e e k E n d in g J u n e 26
B O N D S — C o n t in u e d
Street Railway
c iv O r l R y & L t g e n 4 H « - 1 0 3 5
I Y R y e 1 s t R E 3c r e f 4 s 1942
3 0 - y e a r a d j i n c 5 s ------------a l 9 4 2
I Y S t a t e R y s l s t c o n s 4 M « - ‘ 62
o r t l a n d R y 1 s t 3c r e f 5 s . . . 1 9 3 0
d r t l a n d l i y L t 3c P o w 1 s t
3c r e f c o n v s f 5 s -------------- 1 9 4 2
P o r t la n d G e n E le c 1 s t 5 S .1 9 3 5
t J o s R y . L , H 3c P 1 s t g 5 s 1 9 3 7
t P a u l C i t y C a b c o n s g 6s . 1 9 3 ,
'h i r d A v e 1 s t r e f 4 s ------------ 1 9 6 0
A d j I n c 5 s .............................. « 1 9 « 0
h i r d A v e R y 1 s t g 6s ------- 1 9 3 7
I H - C i t y R y 3c L t 1 s t s f 5 » - 1 9 2 3
tn d e rg r o f L o n d o n 4 H s — 19 33
N .
92
M c h ’ 14
'9 8 * N O V ’08
103*2 F e b ‘ 13
83
84
79
79*4
1 0 8 t2 J ’n e ’ 14
97
97
9512 J ’n e ’ 14
88 J ’n o ’ 14
84 O c t ’ 08
71 J ’n e ’ 13
80H
75
62
87
69 M a y ’ 14
69 J ’n e ’ 14
53*4 J ’**0 ' 14
92*2 J ’n e T 4
J ■
AA
J-
69
70*2
_____ 09*4
63 _____
_____ 92*4
J MA
102*4_____ 1 0 U 2 M a y ’ 14
105*8 107
106
106*4
. . . . 54 J ’n e ’ 13
III*
IIII
Gas and Electric Light
89 80*2 86
100 75*4 84*2
« . . . 106*2 109*2
* 4 06
08
94
08
....
84*4 02*4
---mmmm . . . »
- I — ____ ______
1 0 1 1 ,1 0 1 1 1
1 10 2 *, 106
i-
JFJ'
M
J
F
M
A
100*2 S a le 166*2
2 981, lO o'l,
166*2
95*8 S e p '0 8
99
103*4
6 10 0 103*4
103*4 S a le 1027,
1C61, O c t T 2
1
1 0 0 * 4 __ _ 100 F e b ’ 13
100 O c t ’ 09 —
103*4 106 ~ 104 M a y ’ 14
Q lo lu 104%
92 M c h ’ 14
I) 0 1
92
_____ 0 1
BONDS
N . Y. STOCK EXCHANGE
Week Ending June 20
Minn & St l.ouis {Con.)—
Iowa Central 1st gold 5 s.1938 i-i,»
Refunding gold 4 s _____1951 M-J¥
M StP&SSM cong4slnt.gul938 J
1st Chic Term Is f 4s_____1941 M-NY
M S S & A 1st g 43 i n t gu. 1026 J -J
Mississippi Central 1st 5s. .1949 J -J
M o Kan & Tex lstgold 4S..1990 J-D
2 d gold 4s______________01990 F-A
1st ext gold 5s__________ 1944 ..I-N
lst& refund 4s__________ 2004 M-S
Gen sinking fund 4 }-$s____ 1936 J-J
St JLouis Div 1st ref g 4s_2001 A-O
Dai & W a ls tg u g 5 s _____1940 M-N
Kan C & Pac ist g 4s...___1990 F-A
M o K & E 1st gu g 5s____1942 A-O
M K & Ok 1st guar 5s____1942 M-N
M 1C& T of T lstg u g 5 s .1942 M-S
Sher Sli & So 1st gu g 5s_1942 J -D
Texas& Okla lstg u g 5s . .1943 M-S
MissouriPac lstco n sg 6 s ..1920 M-N
Trust golu 5s stamped._ul917 M-S
Registered___________ ul917 M-S
1st collateral gold 5s_____1920 F-A
Registered_____________ 1920 F-A
40-year gold loan 4s_____1945 M-S
1st & ref couv 5s________ 1959 M-S
3d 7s extended at 4 % ____ 1938 M-N
Cent iir Ry 1st gu g 4s__ 1919 F-A
C en tlir U P ls t g 4 s _____1948 J-D
Leroy & O V A L ls t g 5S.192C J -J
P a c R o fM o ls t e x tg 4 s _1938 F-A
2d extended gold 5s___ 1938 J -J
St L IrM & S gen con g 5 s .1931 A-O
Gen con stamp gu g 5s_1931 A-O
Unified*; ref gold 4s___ 1929 J -J
Registered____________1929 J -J
, Klv <5c G Div lstg 4s___ 1933 M-N
Verdi V 1 & YV ls t g 5s___1926 M-S
M ob & Ohio new gold 6 s._1927 J -D
1st extension gold 6s___ h1927 Q- J
General gold 4s_________ 1038 M-S
Montgom Div ls t g 5 s ____1947 F-A
St Louis Div 5s_________ 1927 J-D
8 tL & C a iro guar g 4s___ 1931 J-J
ashvilleCh 8c St L 1st 5s 1928 A-O
Jasper Uranch 1st g 1023 J-J
M eM M W & Al 1st 6 s . . . 1917 J -J
T & E Branch 1st 6s.........1917 J -J
N atR ysofM exprL ien4H s 1957 J -J
Guaranteed general 4s__ 1977 A-O
Nat o f Mex prior lieu 4^s_1026 J -J
1st consol 4s_____________1951 A-O
N O M ob & Chic 1st ref 6S.106O J -J
N OJc N R prlorllengOs_p l9 l5 A-O
New Orleans Term 1st 4s_1953 J -J
N Y Central*; H R g 3>$s_1997 J -J
Registered____________1997 J -J
Debenture gold 4s_______ 1934 M-N
Registered____________1934 M-N
Lake Shore coll g 3 ^ s ____1998 F-A
Registered___________ 1998 F-A
Mich Cent coll gold 3J^s.l998 F-A
Registered___________ 1998 F-A
Beech Creek 1st gu g 4s_1936 J -J
Registered__ ________ 1936 J -J
2d guar gold 5s_______ .1936 J -J
Registered____________1936 J -J
Beech Cr Ext 1st g 3>$s_&1951 A-O
Cart & Ad ls t g u g 4s____1981 J-D
Gouv& O sw elstg u g 5s_1942 J-D
Moh & Mai 1st gu g 4s___1991 M-S
N J June R guar 1st 4s_.1986 F-A
Registered________
1986 F-A
N Y 8c Harlem g 3 ^ s ____2000 M-N
Registered_____________2000 M-N
N Y 8c Northern ls t g 5 s .. 1927 A-O
N Y & Eu lstcon sg u g 43.1993 A-O
Noric M ont lstg u g 5s___1910 A-O
Pino Creek reg guar 6s__ 1932 J-D
R W & O con 1st ext 5s__hl922 A-O
Oawe& R 2d gu g 5s____*1915 F-A
B W 4 0 T R ls tg u g 3 s _1918 M-N
Rutland 1st con g 4)^s___1941 J -J
Og& LCharn lstgu 4s g 1948 J -J
Rut-Canad lstg u g 4s_1949 J-J
StL aw r& A dlr ls tg 5 s.— 1996 J -J
2d gold 6s______________1996 A-O
Utica & Blk Rlv gu g 4 s ..1922 J -J
Lake Shore gold 3*^s____ 1997 J-D
Registered_____________1997 J-D
Debenture gold 4s______1928 M-S
15-yr gold 4s................... 1931 M-N
Registered____. . . ____ 1931 M-N
K a A & G R lstg u c5s._1938 J -J
Mahon C l R14 1st 5s__ 1934 J -J
Pitts 8c L Erie 2d g 5 s .„2 l9 2 8 A-O
P ltt»M cK & Y lstgu 6s..1032 J -J
2d guaranteed 6s_______ 1934 J -J
McKees & B V ls t g 6s..1018 J -J
Michigan Centra* 5 s ____1931 M-S
Registered------------------1931 Q-M
4 s .....................................1940 J-J
Registered------------------1940 J-J
JL 8c S 1st gold 3HS. — 1051 M-S
1st gold 3 >$s______
1052 M-N
20-year debenture 4s__ 1929 A-O
N Y Chic*; StL lstg4s._1937 A-O
Registered_____________1937 A-O
Debenture 4s__________ 1931 M-N
West Shore 1st 4s guar__ 2301 J-J
Registered____________ 2361 J -J
__N Y Cent Lines eq tr 4 Ms 1922 J -J
21 Y New Karen & Hartf—
Non-cony deben 4s__ ___1955 J -J
Non-cony 4s____________ 1956 M-N
C o n y d e b e n t u r e 3 _____1856 J -J
Cony debenture 6s_______ 1948 J-J
Harlem R -P t Cbes 1st 4 s .1954 M-N
N
Prut
Friday
June 20
•a
IVeek's
Range or
Last Salt
Ask Low
BONDS
Y. STOCK EXCH AN GE
W e e k E n d in g J u n e 2 6
Range
since
Jan. 1.
High
Low
90 May’ 14
------88b
48 48l2 48*8
48l2
947* 95b 95U J ’no'14
—
—
07b J’ne’K
96 N ov ’ 13
n
911* May’ 14
&7
87b 861*
70
C,*?b TO 693*
. _,
94
90
90
64*2 <sd 65 J ’ne’ 14
___ 75
72
78
TSb Apr ’ 13
—
76
H igh
88
47
90
94
5712
95<4
91U
861*
691*
90
6414
721*
01b
9178
77
99
71
85
9934 I > c ' 1 2
82i2 Apr '<4
104 Apr '15
96^8 J ne'14
92b 92U J ’ne'14
96 Alay'13
9734 99l2Jan '14
102 102 J ’ne'14
95
95
96. 95
97 May'12
90b 01 91 J’no’14
93
90
78
103
82*4
965*
VPb
9 3 i2
961*
97
9 9l2
102 105
945* 981*
90
------64
62b 6312
75 ___
— — 91
------76
631*
537#
63
63l2
88 Jan '14
887s May'14
77'a Deo '13
110 Alch’05
8934
89-14 Sale 893*
9978 104 0978 J'ne’ 14
10 11;
101b 102 10 1* 2
103 Feb '14
77
75b 77 76
807j Oct '12
7334 Sate 7334
74
021* D e c '13
116U 117 11034 J’ne T4
11234 . . . . 112i2Apr '14
81 83 80 J’n e'14
10478 ___ 104 J'ue'H
94 ___ 95 Dec '13
90 92 91b May'14
103 . . . 108‘* 1081*
108 . . . . 111 Jan '13
103**___ 10334 Jan '14
1031s___ 113 J’ly '04
58 J’n e'14
77 Feb '13
067s Fob '13
60 Apr '14
41 Sale 39'a
45i2
10114 104 101 J’no '14
79*2 May'13
823a 83 82b
83*2
82ig 84 82b J’no '14
9078
90*a Sale 90
897*
8978
78l2
78b 79 78*2
70>2 J’ne T4
-------- 78'4
761* 78i2 7678 J ’ne'14
72 77 75 J’n e ’14
94*2____ 95b Apr '14
92 ___ 09 M ay'll
10 0
8 2 l2
IO314 10414
100
95i2
533* 6 Gl2
62l4 775*
86
86
8 8 7* 923*
893* 901*
997s 100
1005* 105
103 103
75 82
73
81*4
1131* 11034
112l2 1121j
80
104
82
106b
*4 91 lj
105*2 1081*
10334 10334
53'
61"
50 60
3912 68
10 1
10 1* 2
8 U2
8034
86
897*
7734
76*2
73U
72
95U
84
84
9212
897*
84
831*
78
75
9534
95
92
9 5 l2
92
_____
88 Oct '12
851* .
104 .
85 . . . .
9512 J’no'14
92 May'14
"84" I ” I 8712 Deo'1 2
102 ' J a n '14
8934 92 Oct *13
162*4 106
85
l i e ' III
1047* . . .
116' F eb ’ 14
105
105
100U M cb’ 14
104 J’ ne’10
10U2 ..
00 Apr T3
. . . 76 80 Sep ’ 13
92 J tie’09
10 0 _____ 108 Sep T2
105 ..
11912 Mch’ 12
971j___ 05 Dec ’ 13
85lj 86l2 86I2 J ’ne’ 14
8512 May’ 14
------87
943*
9434
943* S a le
0334
933* Sale 935*
917* J’n e’ 14
116 116
10212 105
99l2 lOOh
0 8 ‘4 _____
lo c i* . . .
10 7 3 4 ___
84
8312
8914
88l2
907g
107U Apr T4
88
8512
947*
9378
9178
107h 107>4
105 105
105 u ____ 105 Apr ’ 14
1301* Jan ’09
11434___ 12314 Mca’12
1015* ..
105U___ 105U J ’ne’ 14
1 0 3 3 4 _____ 1031* May’14
98 Apr ’ 12
8 712— 87 Feb ’ 14
90 J’ne’03
84 ____ 831* Mch’ 14
83 87 831* J ’ne’ 14
9434
943* Sale 9434
94i* Sale 94l2
91*2
85 May’14
------85
943*
04 Sale 94
9 0 i2 0 1 i2 9H*
9U2
OS’* ___ 1001* Jby ’ ll
11634 ____
54
105U IO I
1031* 103l2
87
87
831* 83>(i
8312 87
94l2 97
935* 9412
8412 87
91>2 95
893* 92
76 May 14
70 May’ 14
697»
6978
lOOUSale 10834 10934
99>4N ov’ 12
____77
74 78
69*| 70
75
8012
76 81
68 75
105 11712
fr te o
Friday
June 20
'
Weeks s
Range or
Sale
N Y N H & H a r t f o r d ( C o n .) —
Ria
/U i Low
Hlg).
B & N Y A i r L in e l s t 4 s _ . 1 9 5 5 F - A
86 .
9912 J ’ lr t ;' 12
C e n t N e w E n g l s t g u 4 s __1961 J - J
------82
81 M c h ’ X
H o u s a t o n i c It c o n s g 5 s ___ 1937 M -N
1066* A p r '1 »
IO734- —
N Y YV’ c h e s & B 1 st s e r 1 4 1 4 s ’ 46 J - J
69
70
70
70
N H & D e r b y c o n s c v 5 s __ 191 H| M -N
107 A u g -0'J
N e w E n g l a n d c o n s 5 s _____ 1941SI J - J
C o n s o l 4 s ________________ 1 9 4 S i J - J
9912 Mch’ 12
55
60 May’14
P r o v i d e n c e S e c u r d e b 4 c_ _ 1 9 5 7 !< V l-N
82
N Y O & W r e f l s t g 4 s _____0 1 9 9 2 M - S
83
83
83
02l2 J’ne ’ 12
R e g is t e r e d 5 5 ,0 0 0 o n l y _ _ ( 7 l 0 9 2 '- I - S
8U2MchT4
------- 8212
G e n e r a l 4 s _____
1955(^1- D
0 H 2 90
94 J’ ne’14
N o r f o l k S o u l s t & r e f A 5 s . . 1961 F - A
I0 H4 ___
101 Alay’ 14
N o r f A S o u l s t g o l d 5 s ............1941
1201*____ 1197* May’ 14
N o r I & W e s t g e n g o ld 6 s . . _ 1031 t f - N
1213*____ 123 Jan 13
I m p r o v e m e n t A e x t g G s __ 1934 r ' t '
N e w R i v e r l s t g o l d 6 s _____1 93 2 A-O 120>4 ___ 118 Feb ’14
955*
9 5i2 S a le 95
N A W R y l s t c o n s g 4 s ___ 1 99 6 A - O
R e g i s t e r e d ________________1 9 9 6 A - O ) ..................... 94 May’14
906* 907* 907*
9078
•J 906j
D i v ’ l 1 s t 1A g e n g 4 s _ _ _ _ 1 9 4 4
‘ ‘ 106 102i* Apr T 4
£ , 104
1 0 - 2 5 -y e a r c o u v 4 s ______ 1932
104 10512 105b 105U
1 0 - 2 0 -y e a r c o n y 4 s ______ 1932 M - S
104 105 105
105b
C o n v e r t i b l e 4 1 4 s _______ 1 9 3 8 M - S
P o c a h C A C j o i n t 4 s _ _ _ 1 9 4 1 J-D
88*2____ 80 J ’ne’ ll
103i*___ lu6’ 4 Jan ’ 13
C C A T 1 s t g u a r g o l d 6 s __ 1 92 2 J-J
94
94
93
96
S c i o V A N E 1 st g u g 4 s _ _ 1 039 M -N
953*
N o r t h e r n P a c i f i c p r i j r )g 4 s 1907
- J 053* Sale 947*
R e g i s t e r e d _________________1 99 7 .-J >--------- 948* 94i2 J’no T4
67b
G e n e r a l lie n g o l d 3 s ______ a 2 0 4 7 Q-F
67 S a le 663*
65
60U 66 J’ ne’ 14
R e g i s t e r e d _______________ a 2 0 4 7
898*___ 90 Jan ’14
S t P - u l - D u l u t h D i v g 4 s __1996 n
D u l S h o r t L 1 st g u 5 s _____ 1916 M - S 1 0 0 _____ 100b Sep ’ 13
1121* 11284 112b May’ 14
S t P A N P g e n g o ld 6 s ___ 1923 F - A
1153* Aug ’ ll
R e g is t e r e d c e r t if i c a t e s __ 1923 Q - F
S t P a u l A D .lu t h 1 st 5 s . . 1931 F-A io e T , m i 107 Jail ’ 12
10 114 10 2
2 d 5 s _________________
1917 A - O
101b May’ 14
8 s i 2 _____ 87 Feb ’14
1 st c o n s o l g o ld 4 s ________19G8 J - D
8 2 b ___ 8li2 Deo ’ 13
W a s h C e n t 1 st g o ld 4 s _____1948
11212 11412 113 May’ ll
N o r l ’ a c T e r m C o 1 st g G s__1 0 3 3
-------- 89i2
O r e g o n -W a s h 1 st A r e l 4 3 — 1961 j - j
90b J ’ne’ 14
101 103 IU134 May’ 14
p a c i f i c C o a s t C o 1 s t g 5 * . .1 9 4 6 J - D
-1- e n n s y l v a n i a R R —
98 Apr ’ 14
1 s t r e a l e s t g 4 s ______________ 1 92 3 M-N
102*4
102 May’14
C o n s o l g o l d 5 s ______________ 1919 M - S
99 lOOU 100b J ’no ’ 14
C o n s o l g o l d 4 s ______________ 194 3 M-N
Sale 99
991*
C o n v e r t i b l e g o l d 3 j ^ s ___ o l 0 l 5 J - D
99b J ’no’ l l
R e g i s t e r e d _______________ o l 9 1 6 J - D
C o n s o l g o l d 4 s ______________ 1 94 8 M-N 101*4 101*4 10Ii2 J’ue T4
96'b
96b
96
97*2
A i le g V a l g e n g u a r g 4 s ___ 1942 M-S
92
91 Moll’14
D 14 R R A B 'g e 1 s t g u 4 s g ’ 36 F - A
97 —
99b J’ly '13
P h il a B a l t A YV l s t g 4 s — 1 94 3 M -N
102 Jan ’03
S o d B a y A S o u 1 s t g 5 s ___ 2 9 2 4 J-J
92'*
S u n b u r y A L e w i s 1 s t g 4 s . 1 93 6 J - J
101b Ma'y'T2
99
—
M-s
U N J R R A C a n g e n 4 s . . 1944
P e n n s y lv a n ia C o —
101*3 Sale 1013* 1013*
G u a r 1 s t g 4 > 4 s ____
1921 J-J
101b Mch’ 14
R e g i s t e r e d _________________1921 J-J
85ia___ 84i2 Apr ’ 14
G u a r 3 J4s c o l l t r u s t r e g . . 1 93 7 M - S
853*
8534 ___ 853*
G u a r 3 J4s c o l l t r u s t s e r B .1 U 4 1 F - A
08b___ 983* May’ 14
T r u s t C o c t f s g u g 3 > 4 s ____ 1916 M -N
85 May’14
G u a r 3 >4 s t r u s t c t f s O _____ 1942 J-D *853*___
83>2____ 8434 Apr T4
U u a r 3 J 4 s t r u s t c t f s D _____1944 J-D
04b____ 937* J’ne’D
G u a r 1 5 - 2 5 -y e a r g 4 s ______ 1931 A-G
921* U8i2 93*2 Apr ’ 14
C l n L e b & N o r g u 4 s g _____1942 M -N
988*------ 110 Jail '05
C l A M a r 1 s t g u g 4 *4 s__1 93 5 M-N
1036*___ 1013* Nov’ 13
C I A P g e n g u g 4 J o s s e r A 1942 J-J
103b___ 1093* J ly ’09
S e r ie s B ___ _______________ 1942 A - O
85'4___ 91b Feb T2
I n t r e d u c e d t o 3 J 4 s ___ 1942 A - O
85>2----- 90b Oct '12
S e r ie s C 3 U s _____ _________1 94 8 M -N
8512 ------ 841* Dec
S e r ie s D 3 > 43.......................... 195 0 F-A
85l2 ___ 86b May’14
E r ie A P i t t s g u g 3 J 4 s B __1 9 4 0 J-J
85l2 ----- 901* J’jy ’12
J-J
S e r ie s O ____________________104 0
9914------ 953* Dec '13
G r R A I e x l s t g u g 4 > 4 a .l 6 4 1 J-J
P it t s Y A A s h 1 s t c o n s 5 s _ 1 0 2 7 M -N 10134 ___ 109 May’10
O8 I2 103 98b May’14
T o l W V A O g u 4 > 4 s A ___ 1031 J-J
98>2___ 98b
98b
S e rie s B 4 > 4 s ______________ 1 93 3 J-J
931*____ 93b J ’ne’ 14
S e r ie s C 4 s _________________1042 M - S
102 103 103 J ’no’ 14
P C O A S t L g u 4 > 4 s A ___ 1 9 4 0 A - O
102b Feb ’ll
S e r ie s B g u a r __ ___________ 1042 A-O
106 J ’n e ’l l
S e r ie s O g u a r ______________ 1942 M -N
9334 _____ 94 J'po’14
S e r ie s D 4 s g u a r _________ 1 0 4 5 M -N
91
92
91b
92
S e r ie s E 3>4 a g u a r g _____ 1940 F - A
923* . . . .
95b Jan ’13
S e r ie s F g u 4 s g ___________ 1953 J-D
9 2 5 * ____ 97b Jan 13
S e r ie s G 4 s g u a r _ _ ________ 1957 M -N
107 ____ 106b Alay'14
C S t L A P 1 st c o n g 5 s ___ 1932 A - O
10lb Aiay’14
P e o A P e k U n l s t g 6 3 _______ 1921 Q-F
89 Feb T4
2 d g o l d 4 3 4 s ............................ 6 19 21 M -N
____201*
25 May’ 14
P c r e M a r q u e t t e — R e f 4 s ___ 1955 J-J
40 D ec’ 13
R e f u n d in g g u a r 4 s _ _ — ____ 1 95 5 J-J
73 May ’ 14
C h A YV M 5 s ............................ 1921 J-D
89 _____ 89b J’no T4
F li n t A P M g 6 s .....................1 9 2 0 A - O
05 _____ 73b Apr ’ 14
1 s t c o n s o l g o l d 5 s ________ 1 9 3 9 M-N
75 Apr '14
P t H u r o n D i v 1 s t g 5 s __ 1 93 9 A-O
S a g T u s A H 1 st g u g 4 s . . 1 931 F-A
_____
061*
65 May’ li
J-J
P h il ip p i n e R y 1 s t 3 0 - y r s f 4 s 37
IOS'2----- 108b May’ 14
P e t s o i l A L E l s t g 5 s ............1 9 4 0 A - O
10Gb___ 113b Nov’ li
1 st c o n s o l g o l d 5 s ___________ 1 9 4 3 J-J
947s 95
95
953*
e a d ln g C o g e n g 4 s ______ 1 90 7 J-J
94l2 _____ 94*3 J’ne’ 14
LY R e g is t e r e d _______________ 1 9 9 7 J-J
941* 95'8 9134 J ’ne’ 14
J e r s e y C e n t c o i l g 4 s ______ 1951 A-O
9 H 2 _____
A t i a n C i t y g u 4 s g __________1951 J-J
_____ 7 o l2
75*2 May’ li
J t J o & G r I s l 1 s t g 4 a ______ 1 94 7 J-J
'C t L o u i s A S a n F r a n c i s c o —
.
1U 12 114 112 Mch’ 14
G e n e r a l g o ld 6s . . __________1931 J-J
102
S
a
le
J
-J
102
102*4
G e n e r a l g o l d 5 s ___ ________ 1931
75
7 7i2 77b
77b
I t L A 8 F R R c o n s g 4 s . . 1 9 0 6 J-J
44b
45
G e n 1 5 - 2 0 -y r 5 s ___________ 1 927 M-N _____ 4 5i2
_____4 4l2
44
4434
T r C o c e r t fs o f d e p o s i t ------93 Dec ’ 13
S o u th v r D i v 1 s t g 5 s _____ 1 94 7 X'-O
70
69 S a le 68*3
R e f u n d i n g g 4 s __ _________ 1 951 J-J
8034 Mch’ ll
R e g is t e r e d ______ ___ ___ 1951 J-J
I C O F t S A M c o n g 6 * . . . 1 9 2 8 1VI-N 10834 1107* 1*1 J’ne T4
7234
73i* 7334 723*
K O F t S A M R y r e f g 4 s .l « 3 6 A -O
77b J’ly 12
R e g i s t e r e d _________________ 1 9 3 » A - O
90 . .
95 Mch’ 14
K O A M R f c B l s t g u 6 s . 1928 A - O
84b
84*2
i t L 3 YV 1 s t g 4 s b d e t f s — 1989 M -N _____ 8 4 '4
76 J’ no ’ 14
2 d g 4 s in c b o n d e t f s — __ p l 9 8 9 J-J
63
69i2 68
70
C o n s o l g o l d 4 s ___ _____
1 0 3 2 J-D
98*2 Jan '1 4 .
G r a y ’ s P t T e r l s t g u g 5 s . 1 94 7 J-D
n
Range
since
Jan. 1.
Low
H igh
81
83
1063* 1063*
677s 83
85
60
8 17* 83
8 H2
92
10 0
U 7b
83b
97**
10 1b
119'a
118
94
94
88b
101
10 1
1005*
87b
118
96
iM
0134
103*8
>95*4,
il)3*4
90*i
906*
92*2
94
64*4
65b
90
•
98 I
95**
085*
67
90
1 1 0 7* 1 1 2 *»
101 101*4
87
87
113* U S * ! ;
89
92
99 b 103*1:
98
98
102 102
99b
973*
98b
99
96b
91
100*4
99*4
9 9 1*
102
97
91
10 0
10 0
84b
85
07*i
83
81*4
03
03
10 1* 1
IOH4
80
85*1
983*
85*i
84b
95
9334
86b
86b
98*2
98*2
93b
1006*
10 0 b
98*1
98*1
93*1
103
10 2 * 1
93
00b
04
92
10 0 b 106*1
1 0 1 b 1 0 1 l4
80
89
25
25
73
73
89*2 104
7 3 b 00
75
90<i
6 4 b *6*8*14
108*2 I08*a
923* 95s,
943* 941*
93*2 96
7 5 b "7 8*
III
100
73*2
1 4b
44
112
103
80
54
65’ 4
08b
7814
109b 1 1 2 *i
72
77*1
95
84
76
68
95
88
75
77*4
93*2 9 8 b
MISCELLANEOUS BONDS—Continued on Next Pane.
1
Qn* and Electric Light
Co EiL i t E g 6s___ 1937 A-O
Purchase money 6s_____ 1997 A-O
Convertible deb 6s_____ 1925 M-S
Ed E 1111Bkn 1st con g 43.1030 J-J
Lac Gas L of StL Istg5*.el019 Q-F
Rofand ext lstg 5s._...1934 A-O
Milwaukee Gas L 1st 4 s . . . 1927 M-N
Newark Con Gas g 3s____ 1945 J-D
N Y G K L 1I& P g 5s____ 1945 J-D
Purchase money g 4 s._ _ — 1049 F-A
Ed El 111 1st cons g 5s___ 1095 J-J
NY&QE1L& P 1st con g 6s 1930 F-A
N Y & Rich Gas 1st g 5s__ 1921 M-N
PacificG & E1C oC alG & K
Oorp unifying St reT5s____1937 M-N
Pae P o w & I.t lst& ref 20-yr
5s Internat S e rie s .......1930 F-A
P a t* P a s s a ic O & E 5a___ .1049UV1-S
*No prlre Friday; latest bid and asked,
K in g s
103b___
113 115b
114 b ___
87*4_____
10 l b . . . .
1003*___
005* 91
103
_____
1043* sale
887* 87
109** . . . .
10 1
_____
92b Sale
88
10 0
104*2 A p r ’ 14
114 b J ’n e ’ 14
U 3 b A p r ’ 14
88 M a y ’ 14
_
1 0 2 J 'n e ’ 14
7
10 0 b
10 0 b
90b
905*
2
101»4 J a n ’ 14
1043*
10 4 7*
22
867*
867*
8
109 J ’n o ’ 14
101 F e b '14 -----9 2 b J ’ l y ’ 09
92b
90**
_____ 100
923*
J a n ’ 14
12
—
10 2
111
113
88
10 0
97**
8S b
101*4
101*4
83
106
10 1
10412
114l2
1 13b
89
10 2
101b
91*2
101*4
105
87
109
10 1
02b
95b
89*4 90**
10 0 10 0
a Due Jan. t Due Feb. « Due May.
d a s a n d E le c tr ic L ig h t
P e o G a s & C 1 s t con g 6 s . . . 1 9 4 3 A-O
R e f u n d i n g g o l d 5 s ________1 9 4 7 M - S
R e g i s t e r e d ________________ 1 0 4 7 M - S
C h G - L & C k e 1 s t g u g 5 S -1 9 3 7 J - J
C o n G C o o f C h 1 st gu g 5 s l9 3 0 J -D
I n d N a t G a s & O il 30-yr^ 5 s 3 6 M -N
M u F u e l G a s l s t g u g 5 s __ 1 9 4 7 M -N
P h ila d e lp h ia C o c o u v 5 s _ _ . 1 0 1 0 F - A
C o n v d e b e n g 3 s . . ________ .1 0 2 2 M -N
S t a n G a s * E l c o n v s f O s .-l* * 2 ® J - D
S y r a c u s e L i g h t in g l s t g 5 s . . 1 9 5 1 J - D
S y r a c u s e L & P 5 s ___________1 9 5 4 J - J
T r e n t o n G Sc E 1 s t g 5 j __. . 1 9 4 9 M - S
U n io n E l e c L & P 1 st g 5 s _ . 1 9 3 2 M - S
R e f * e x t 5 s ...............................1 9 3 3 M - N
U tica E l L & P 1 st g 5 s . . . .1 9 5 0 J - J
U tica G a s * E r e f 5 s . . . . - .1 9 5 7 J - J
Y V cs tc h e cte r L t g g 5 s . __ . . . 1 9 5 0 J - D
gDue June.
6 Due July, e Due Oct.
116
IIW 4 J ’ n o T 4
101 101b 101
101
99 S e p T 3
10334
103*4
100*2 10U2 10 l b M a y ’ 14
93 Mch'12
10 0 b ____ 10 0 12 M a y ’ 14
05 S e p T 3
951*
90*4 J ’ n o ’ 14
88
8 9 b A p r T4
100*4
100 iVICh’ 14
85*2 J ’ n e ’ 12
10134 ..
101b J’no’ 14
100 ..
100 M a y ’ l l
94*2 04 N ov’ 13
101 ..
101 Mch’ 14
97 . .
10O*4 Dee ’ ll
------- 104b 1043* J’n o’ 14
9 Due Nov. « Optien sale.
114
115b
08s4 101*2
1007*1 0 3 b
9 0 b 101*|
99<* 100*4
00** US
83
02b
100 100*2
io ib io ib
100 100b
10 1
10 1
1 0 2 b IQS .
N.
BONDS
Y. STOCK EXCHANGE feS
Week Ending Juno 26
rf
Price
Friday
June 26
Bid
J-J
J-J
A-O
A-O
A-O
F-A
A-O
M-S
J-J
J -J
J-J
j- J
J-J
Ga & Ala Kj
J -J
J -J
Boutbern Pacific Go—
,
Gold 4s (Cent 1’ ac c o ll).*1040 J-D
ltogistcred----------------- *1049 J-D
20-year conv 4s________ pio^u M-S
20-year conv 5 s ______,— 193 - .1- 1)
Gent Pac 1st ref gu g 4s— 1040 F-A
Registered_____________1049 F-A
M ort guar gold 3Hs__fcl029 J-D
Through St L 1st gu 4S.1954 A-O
G U & S A M U P 1st 5S.1931 M-N
Gila V G & N 1st gu g 5s_1024 M-N
llous E & W T 1st g 5s . .1033 M-N
1st guar 5s red________ 1033 M-N
H & T O 1st g 5s Int gu__1937 J -J
Gen gold 4s intguar____1021 A-O
Waco 4c N W div ls t g Cs 1030 M-N
A & N W 1st gu g 5s_____1941 J -J
A-O
J -J
1st gold Cs.
A-O
J -J
M-N
So Pac Coast 1st gu 4s g_1037 J -J
San Fran Terml 1st 4s . .1050 A-O
Tex & N O con gold 5s_1943 J -J
So Pac B R 1st ref 4 s____1055 J-J
Southern— 1st cons g 5s_1904 J -J
Registered_____________1004 J -J
Develop <5c gen 4s Ser A ..1056 A-O
M ob & Ohio coll tr g 4 s ..1038 M-S
Mom Dlv 1st g 4H -5s— 1006 J-J
St Louis dlv 1st g 4s_____1051 J -J
Ala Cen It 1st g 0s______1018 J -J
Ala G t Sou 1st cons A 5s_1943 J-D
Atl & Danv 1st g 4s_____1048 J -J
2d 4s................................. 1948 J -J
Atl & Yad 1st g guar 4s_1040 A-O
Col & Greenv 1st 6s_____1916 J-J
J -J
M-N
M-S
A-O
J-J
J -J
J -J
J -J
J -J
Kick 4c
A-O
M-N
M-N
M-S
Series D 4-5s................... 1921 M-S
Series E 6s....................... 1026 iVi-s
Series F 5s....................... 1031 M-S
M-N
Va 4c So’ w’n ls t gu 5s._2003 J-J
lstco n s 50-year 5 s ------1058 A-O
W O 4e W 1st cy gu 4s----1024 F-A
West N O 1st con g 6s— 1014 J -J
J -J
Spokane Internet 1st g 5s.
A-O
rp er A o f St L 1st g 4 ^ s .
F-A
A 1st con g o l d 5 S .. . 1 8 0 *
J-J
Gen refund s f g 4s------A-O
J-D
Alch
La Dlv 13 L l s t g 5s.........1031 J-J
F-A
J-J
A-O
J-D
A-O
J -J
J -J
J -J
A-O
F-A
J-D
lster 4c Del 1st con g Bs-1028 J-D
1st refund g 4s_______ 1952 A-O
Union Pacific—
1st ltlt 4c land grant g 4 s . 1047 J -J
Itegistered____________1047 J -J
20-year conv 4s_________ 1027 J -J
1st 4c rol'4s__________ _.p 2008 M-S
Ore Ity 4c Nav ion g 4 s ..1046 J-D
Ore Short Line 1st g 6s..1022 F-A
1st consol 6s--------------J046 J -J
Guar refund 4s-------------1029 J-D
Utah 4c Nor gold 5s------ 1926 J -J
1st extended 4s______ 1033 J -J
Sfandalla cons g 4s Ser A-1055 F-A
V consol 4s Series 13.---- 10o7 M-N
Vera Cruz & P lstg u 4H s.l034 J -J
Virginian 1st 5s Series A -.1062 M-N
1,Vabash 1st gold 5s______1030 M-N
>V 2d gold 6s..................... 1039 F-A
Debenture Series 13______ 1039 J -J
1st Hen equip s fd g 6s____1921 M-S
1st lien 60-yr g term 4s_.1084 J-J
1st rcl and ext g 4s______ 1956 J -J
Cent Trust Co ctfa___
Do Stamped_______
8 A & A Pass 1st gu g4s-__1943
U F& N P 1st sink Ig 5 s _ _ .io l0
Seaboard Air Line g 4s____1050
Gold 4s stamped________ 1050
Registered---------------------1050
Adjustment 5s_________ ol040
Kefunding 4s____________1050
U
Week's
Range 0$
Last. Sale
Ask Lou>
Range
since
Jan. 1.
N.
Price
Friday
June 26
BONDS
Y. STOCK EXCHANGE
Week Ending June 26
High
Lous High Wabash (Concluded)—
Eqult Triut Co 2tfc__
77 84
Do Stamped_______
85*4 Feb '14
Det & Cli Ext 1st g 5 s . . . 1941 7-J
835* 85k
Des Moin Div 1st g 4s__ 1930 J-J
84*2 85 84k
83k 86
84k
________ ____
....
Om Div 1st g 3*^s...........1941 A -O
TolAc Ch Div ls t g 4 s ..-.1041 M-S
75*4 Sale 75*4
76*2
74*8 "go
7434
74 74*2 74
73*2 78*4 Wab Pitts Term 1st g 4s—1954 J-D
84 853.1 Cent and Old Col Tr C o certs.
84*4 85*2 85*4 Apr '14
86*8___ 85*8 Mch’ l l
85 85*8 Columbia Tr Co cbfs_____
100*8___ 103*4 Jau '13
Col tr ctfs for Cent Tr ctfs
2d gold 4 s .......................... 1054 J-D
101 ____ 104 Nov'12
102 _ -- 101k Feb '14
Trust Co cerffs_______ ____
101*4 101k
___ 1945 F*-A
104*2 101k 104k 104*2
102*2 105t2 Wash Terml 1st gu 3
1st 40-year guar 4s______1945 F-A
102*8----- 103*2 103*2
I03lg 1031?
101*4___ lOlljOct '13
West Maryland 1st g 4 s . . . 1952; A-O
W estN Y & Pa 1st g 5s._ . 1037 J-J
90k
Gen gold 4s_____________1943 A-O
00 00k 90
00 04
87 ___ 90 Feb '14
Income 5s______________tfl943 N ov
00 00
86*4 Sale 85*2
80*2 430 8434 92
Wheeling& L E 1st g 5s__ 1020 A-O
101*4 Sale 10Q*4 1U2*8 2330 0912 103*8
Wheel Dlv 1st gold 5s__ 1928 J -J
04*4 40 0112 0434 Exten & Impt gold 5s____1930 F-A
94 Sale 93k
90 ___ 94*2 J'ly '12
ltlt 1st consol 4s_______ 1040 M-S
Oik 02 91k
91k
20-year equip s f 5s____1922 J-J
91 0U2
86lg 877g 86 Apr '14
S534 87k Winston-Salem S B lst4 s_1060 J -J
102*8___ 103 Apr '14
103 103»4 Wis Cent 50-yr 1st gen 4s_1949 J -J
101 ___ 102*4 Apr ’ 14
101 10234 Sup&Dul div & term 1st 48 ‘36 M-N
102*8___ 102 Sep '13
102*4 103k 101 Apr '14
161' 103' M anufacturing & Industrial
100 ___ 109 J'lie'14
109 109
04 05*2 94 May'14
0334 05k Am Ag Ohem 1st c 5s_
1028 A-O
105 108*4 108 Mch '14
108 108 Ain Cot Oil ext 4H s --."«1 0 1 5 y -p
Debenture 5s_
1931 M-N
____103 103 Mch’14
10U2 103
100l2 10734 Am H id e * L 1st s f*g 6sZ*"l9iy M-S
107k___ 107*4 M iy 'll
106*4------ 107k M ch'14
*1025 A-O
107's 107>s Amer ice Secur deb g 6
Am Smelt Securities s f 6s 1020 F-A
110*2 . . . . 112 Feb '07
10134 104 101k M ch'14
101*2 101*4 Am Spirits M fg g Gs...........1015 vI-S
106 ___ 101k Nov 13
Am Thread 1st col tr 4 s . .. 1010 J-J
00 ___ 91*2 Sep '12
Ain Tobacco 40-yr g C s ... 1044 A-O
8434
Itegistered______________ 1944 A-O
84 84*4 84*4
84*4 88
Gold 4s________________ 1051 F-A
♦___ 99 96 Apr ’ 14
96 96
92*.
02k Sale 02
Itegistered_______"
1051 F-A
893g 03%
105*2
104*8 105*4 105
102i4 106 ■Am Writg Paper 1st s f SsIlOlO J -J
100 Aug'13
ESaldw Loco Works 1st 5s 1040 M-N
73*8
73k Sale 73*4
73 76*4 Beth Steel 1st ext s f 5s____1026 J-J
80 82*g 81
81*4
1st & ref 5s guar A ______1042 M-N
80*4 83*2
104*2 100 104k Mch’ 14
101 101*2 Cent Leather 20-year g 5s_1025 A-O
86
86*2___ 86
H'SH 86 Consol Tobacco g 4s.
1951 F-A
104*4___ 104*4 101*4
10412 10434 Corn Prod lief s f ;; 5 s ...Il0 3 1 M-N
99*4___ 09*4 May’ ll
1st 25-year s f 5s________ 1934 M-N
0034 100
88*8___ 88 Apr '14
Cubau-Amer Sugar coll t r 6s l 018 A-O
8 6 *g 8 8
82k Feb '12
Distil Sec Cor conv lstg5s_1927 A-O
76 ___
E 1 du Pont Powder 4 1 0 3 6 J-D
101U 102*2 101*8 F e b '14
lOPg 101Sg Ueueral Baking 1st25-yr 6s_1036 J-D
105k--.-- 106 J'ne '14
Gen Electric deb g 3*^s._.1042 F-A
1043g 100
Debenture 5 s____
1952 M-S
108*g 108*8 108*8 108*8
10**4 108*2
100 ----- 105*8 J’ly '12
Gen‘1 Motors 1st hen 6sII*1915 A-O
64*2 May'13
111 Steel deb 4}$s...........
1940 A-O
109 J lie'14
108 109 Indiana Steel 1st 5s........... 1052 M-N
108*4___ 110'g May'14
109 110*2 Ingersoll-liaud 1st 5s____.^1935 J -J
l<nt Paper Co 1st con g Gs..l918 F-A
lOOig___ 105k Nov 12
72 ___ 79 Mch'13
Consol conv s f g 5s...........1035 J-J
101k Sale 101*8 101*8
100*8 101*4 Int St Pump 1st s f 5s.........1020 M-S
100 104 103*4 Feb '14
103*4 103*4 Lackaw Steel 1st g 5s_____1023 A-O
70 ----- 73 Sop 12
1st con 5s Series A ______1950 M-S
5-year convertible 3s___ 1915 M-S
101*4 102 1U1 J 'n e 'll
100k 102
101*8___ 112 Oct '06
Liggett & Myers Tobac 7s.l944 A-O
10I k ----- 103*4 Nov'12
6s...........
1951 F-A
102k ___ 102 D e c'13
Lorillard Co (P) 7s.......... -.1944 A-O
103*8___ 104 Mch'13
5s.................
1951 F-A
104*4___ 104k May'14
102*2 104*2 Mexican Petrol Ltd cuv 4s A . ’21 A-O
105 ___ 104 Apr '14
103*2 105 „ 1st Hen & ref 6s scries C _1921 A-O
91*4 04 02k
92*2
0034 0234 Nat Enam & Stpg 1st 6 s..1029 J-D
90 ___ 92 J'ne'13
Nut Starch 20-Jr deb 5s__ 1030 J -J
100 . . . . 100*4 May’14
100>* 100*2 National Tube 1st 5s______1952 M-N
95 97 96*2
96*2
00*2 98*4 N Y Air Brake 1st conv 6s. 1028 M-N
09*4 101 100*2 May'14
100 100*g llaUway Steel Spring—
Latrobe Plant 1st s f 5s..1921 J-J
105k 107*4 107 J'no’ 14
10334 107
------88
88*4 May’ 14
Inter-ocean P 1st s f 6s__l93l A-O
85*4 00*2
102 103 102
102
Repub I A S 1st & col tr 5S.1034 A-O
101S4 102
100 100*2 100
100
10-3Qs-year 5s s f ________ 1940 A-O
00*g 104
20 40 61 Nov 12
Standard Milling 1st 5s____1930 M-N
00 ___ 05 May'14
95* *95" The Texas Co conv deb 6s_1931 J-J
__ _ ____ 106*2 N ov'04
Union Bag A Paper 1st 5 s.1930 J -J
106*4------ 105*4 Apr '14
Stamped _______________1930 J -J
16334 105%
____104k 101 Aug'13
U S Realty A I conv deb g 5s_.’24 J -J
101k Apr '14
98 10Ik U B Red A ltefg 1st g Cs___1931 J -J
J-D
80*4___ 87*4 J 'no'll
85k 87*4 U H-Rubber 10-yr coil tr 6S.1918 M-N
08*4 99 08*2
93*2
9634 98»4 U S Steel Corp— /coup __rfl963
M-N
____83
75 May'14
S
f
10-60-yr
6
«
l
r
e
g
_
_
(21963
75 80
____81
82 Feb ‘ 14
Va-Car Chem 1st 15-yr 5 s.1923 J-D
81k 82
____64k
63k
54
west Electric 1st 5s Dec 1922 J-J
6'J. 60
___ 48
43 J'ne'14
WestinghouseE A M s f 5S.1931 J-J
43 60
85 87k 85*8 J ’ue’14
85 855g 10-year coll tr notes 5s_1917 A-O
101k____ 101*2 Apr '14
100k 10134
74k------ 76 Apr '14
M iscellaneous
„
74 76
Adams Ex coll tr g 4s______1948 M-S
07*8 Sale 07*4
07*8
95k 98 Armour & Co 1st real e s U ^ s '39 J-D
90 May‘ 14
95k 96k Bush Terminal 1st 4s______1952 A-O
91 91k 01
,91*4
00 033S Consol 6 s _______________ 1955 J-J
____U4*s 94*2
Bldgs 5s guar tax cx_____1960 A-O
04*8
01 05
93k Sale 03*8
03*4
0134 94 Chino Copper 1st conv 6*. .1921 J -J
110*4 110k 110*4 110*4
lOOig 11034 Granby Cons Al 8 & P com Cs A ’28 M-N
107*2___ 107*8 107*8
10534 108 Inspir Cons Cop lstconvGs 1922 M-S
02*2
02 Sale 92
80*4 04*4 Int Mercan Marine 4>$ s__ 1922 A-O
103 ___ 103 M ay'll
Iht Navigation 1st s f 5s__ 1929 F-A
91*2 99
Montana Power 1st 5s A . ..1943 J-J
93' A pr'13
Morris & Co lsts f4 > ^ s ___ 1939 J -J
02*4 May’ 14
02*4 02*4 Mtge Bond (N Y) 4s sor 2..1966 A-O
___ 97 04 Oct '12
10-20-yr 5s series 3...........1932 J -J
98*2 08k 113*4
90
97*a 100*2 N Y Dock 50-yr 1st g 4s— .1951 F-A
10314 104 103*2 103*4
101*8 105 Nlag Falls Pow 1st 5s_____1932 J-J
00
00 Sale 06
Niag Lock St O Pow 1st 6 s..1954 M-N
04 100
90 J'ne 12
Ontario Powar N F 1st 5s.. 1943 F-A
03 Feb '14
____99
oa" 08** Ontario Transmission Ss— 1946 M-N
__ 76 Apr T4
Pub Serv Corp N J gen 5s_1969 A-O
75 78
62 117 60 61*4 ltayConsCopper 1st conv 6sL92l J -J
60*2 Sale 60
60k May’ 14
49k 55*2 Sierra & S F Power 1st 5S..1949 F-A
63 Apr 'll!
60 60k Wash Water Pow 1st 6s—T193»l J -J
8 H2 83*4 81*2
81k
101*2___ 104 Oct ’09
Week's
Range or
Last Sale
!?
Range
since
Jan. 1.
High No.
Ask Low
66*8Jan 'll —
48k J ’ne’ 14 —
106 N ov-13
80 Aug'12 ___
65 69 65 Apr '14 . . . .
73*8 73 73*8 May'14 ___
8*8------ 7k May’ 14 ___
37
8
7k Sale 7*8
7*4 Sale 7*4
7*4 10
Ok 7k 7*4 J’ne H ___
k J’ne '14 ___
>2 *4
*4 J’n e'14 . . . .
*2
*4
83*4___ 83*4 Apr 'll ___
06 ____ 100 Sep '12
63*2 64 63*2
65k 42
____105 104
104
3
78*4 79*4 79 J ’ne'14 ___
34 Feb '07
100 102 102 J'ne'14 ___
95*2____ 95k Nov '13 ___
93*4 97 91 F eb '14 __
74 76 75
75
10
90 ____ 90 Apr ’14 ___
86
87*8 88 Feb 14 __
83 88*4 88
8Sk
8
1
____ 88*.i
88*4
88*4
Low High
56*8 56*8
46 67*4
100
101 101
101
8
U9
90 00k 99
1
95 Sale 95
95
8
102 103 103
103*4
6
88 83*4 88*8 J ’ne'li
104** Sale 104
104*4 " iS
94*4
94*4
____97
1
94*s
04 Sale 94
1
122*4____ 123 J ’ne i4 . . . .
121*4 May’ 14 _
98*2
c
97k____ 98
03
93
1
65 66 65
65
1
103*4 104*4 104 llay'l4 ___
99*2 10
90*8 Sale 09*4
86*2 Sale 86k
86*4 33
99*4 72
99*2 Sale 99*2
97*2 Apr '14 . . . .
94k____ 95 May'14 ___
94*2 20
94*8 04*4 94*2
1
90 95 91*4
91*4
61
11
60 Sale 59*2
86
86*2 80*4 J'ne' 14 . . . .
90 May'14 ___
____87k
79 ____ 79*8 M ay'll . .
106
4
105 106 106
101*8 67
101 Sale 101
88
9
88 Sale 88
10l k 102 101*4 102*8 51
102 ___ 100 Oct '13 . . .
2
____101*4 101*2 101k
75
75 Sale 75
1
73
43k Sale 43k
63
92
92
____92
7
71
71
1
____71k
98
97k Sale 97k
17
126 127 125
127*4 65
101*4 102*4 101*4 102
16
126 126*2 126
126k 14
100k sale 100k 101
8
91 07k 95 Apr '14 . . . .
. . . . 95 93 May'14 . . . .
91 94 93 May’ 14 . . . .
82 ------ 85 May'14 __
100
99k 100 100
8
97 98k 97k j ’ne'14 —
97*4 102
96 99*8
89 95*2
101 103k
78*4 69
103 105
01 90
93 94*s
117*- 123
121*4 121*4
97 98k
98 08
64*4 78
102 101*8
93*2 100
81*a 88*8
97*g 100
97k 97*2
03*2 06*2
91*2 05*4
91*4 03
58 68
85*8 69*2
90 90*4
77 60*4
103 106<s
98k 101*4
83*2 89
98*8 102k
__ _____
look 103 *
75 81*2
43k 07 k
90*4 97
70 78*1
03k 98k
120 127k'
96*4 102*4
119*8 126*8
06*8 101*4
91 97
93 97*8
01*2 94
81*8 82*1
96*4 100*4
97 09k
1
97*4
97k OS 97*4
92
92 Sale 92
1
104k------ 103 Apr '14 __
94*8 ‘ *41
93k Sale 93k
88 89k 88k J ’ne'14 _
102k Sale 102k 103 "4 5
90 Feb '13
___ 85k
___ 89 91*4 Jan ‘13
83 Sale 83
4
83*2
18 20 1-8 M ay'll
102k Sale 102k 102k "2 0
102*2 Sale 102k 103 16S
102k Sale 102*8 102k
2
96 07*4 90
96*4
4
14
101k 102 101*4 102
95k 23
95k Sale 95k
99*8
J’n
e'14
99*4 . . . .
07 08*4
91 03*4
102k 103
01 04*8
84 80*2
100*8 106
...............
81*4 89
18 20
101*4 104
99k 103*4
100 103*4
01*8 98
100*8 102*4
89*2 06
06*4 99*8
77*4 15
77 77*2 77
92*8 23
92*8 Sale 92
86*8 88 86k J ’ne'14 ___
92
2
91*4 95 92
6
86*4 87*2 87k
87k
160 180 166 Apr '14
ior-2 104 102*4 102*2 " l 2
99*4 mile 99*4 100*4 34
53 126
52 Sale 52
3
73k
72 73k 72*j
6
93*4
92k 93*4 93
88k J&n ‘ 14 . . . .
83 ------ 83 Apr 'll
100
100 ” 9
77k 79k 78k May'14 . . . .
101*2------ 101*8 Mch’ 14 . . . .
*91 92 92 May'14
95 95*8 95*8 J'nc'14 ___
00k____ 92 May’ 14
'l l
«0
89*4 Sale 89*4
23
114
112k Sale 112
. . . . 93k 92*4 Feb ’ 14 . . . .
103k Jan '14 ___
73*2 80*4
80*. 93*8
Bid
____48k
'65
70
7k
7
0*4
0*4
k
k
81*4
___
63*2
72
80
12
14*4
13*4
14*2
k
1*4
84
__ >
m
">’()
102*2 105's
75 fr2
ioo~ foil*
___ __ _
91 91
75 bO
9.) 94
bb .-8
86 « b’J'4
86
69*8
86*2 88
89 02
85 88k
150 166
09*8 105k
06*4 103*2
47*2 61
71*8 77*2
92*4 94k
88k 88*2
83 83
100 loo
77 7 '*8
101*8 101 *a
02 93
01*8 05*4
02 92*2
88*2 01
107k 117*4
92*4 02*4
103k 103k
MISCELLANEOUS BONDS— Concluded.
Coal & Iron
Bull & Susq Iron s 1 6s_...1932 J-D
Debenture 6s---- -----------ol026 M-S
Uoi F & 1 Co gen 6 f g 5s---- 1043 F-A
' Col Fuel gen Gs-------------- 1019 M-N
Col indue lst& collOsgu—1034 F-A
Cons lnd Coal M e 1st 5s— 1035 J-D
Cons Coal o f Md lst&ral 5s 1950 J-D
Continental Coal 1st g 5s_.1952 F-A
Or ltiv Coal& C 1st g Os. JilOlO A-O
Kan & II C Sc O 1st s 1 g 68-1051 J -J
Pocah Con Collier 1st s f 5s_1957 •M
St L Rock M t& P 1st6 s . . . 1056 J -J
xenu Coal gen 5s---- ----------f051 J -J
Birin Div 1st cousol Cs— 1017 J-J
Tonu Dlv 1st g 6s--------- al0l7
.C a ll C M Co 1st gu g 6s—1022 J-D
Victor Fuel 1st s f 5s______ 1953 J -J
Va Iron Ooal&Ooke 1st g 5s 1949 M-S
T elegraph & T elephone
02 F e b ’14
02
80 " " 2
80 ‘ i s ’ 80
02*2 02k J ’ne'14 -----,
107k J’ne’ 12
106“
74
6
. . . . ■7j* 7*
71 73 Mch'14
2
"fiOk 01k 801*
89k
89
00*8 Feb '14 ___
__ _ ‘ 08k 102*8 Apr '06 ___
03
03 Mch ’ 14
86*4 ' 2
86k 86k 86*4
76 81 80
1
80
1
102k
102k 102*4
102 Sale 102
102
7
3
10lk Sale 101k
102
101 . . . . 101*4 Mob'14
. . . . 84 73 Apr '14
00 01*8 01*2
91k "“ 4
02 02
80 80
. 91k 00
73
73
80
IWs
___
03
Vm Telep A Tel coll tr 4s__l9
89 89*4
Convertible 4a___ ______1936 M-S *05 100
M-S 07k 93
J-D •99k___
82
70
00k Cunii
991* Keystone Telephone 1st 5 s.1
MctrqnolTel&Tel 1st s f 5s_l
1 ,1
1
93*8 M1M.
84
88*4
101
102*2
O-J
<5-j
j- 3
j -j
M-N
F-A
M-N
M-N
77 82
J-J
07*8 103k
101k103 S outhB ellT el* T l s t s f 5s 1941 J - J
IOU4 101*4
73 73
00
05
J-J
M-N
M ut Un Tel gu ext 5s____1941 M-N
J-J
89*4
89k 47
06
06
1
97
98k 150
99k J ’ne'14 . . . .
77k____ 88*4 J'ne T4 . . . .
77*8 81 79 Apr '14
07k 12
97*4 97k 97*4
80k____ 89*4 Mch'14 . . . .
100*4 103 100k May'14
03k 99k 08*4 j'no'14 . . . .
103k M ay'll
17
98
07k Sale 97*8
07 Sale 96k
07*8 37
98*4 34
07*4 Sale 97*4
94k{
2
04%------ 04%
93
10
92*4 93k 93
104 J'ne 11
87*4____ 03 Jan ‘ 13
85 89k
03*4 0 /I 4
04*2 100
99*4 99k
81*g 68k
77*8 79
00*2 98*4
89*4 89*4
100% 100*8
96k 1U0
95 08k
06 09*4
97*a 100
03 08k
80k 03
CHICAGO STOCK EXCHANGE—Stock Record.
1984
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
June 20
Monday
June 22
•_ _
40
•
•
•97
3^1
*61.1
12 *
40
*38
25 *
75 *
99
99
341? 3412
6U
6
*214 21? *214
20*s 20*8 *20*4
*33
40
*3.3
*2
*2
4
•16
25
*16
Tuesday
June 23
Wednesday
June 24
Thursday
June 25
Friday
June 26
12 *___
12
•36
40
♦38 40
*
*
25
25
75 *
75 *
991* ♦98 100
991*
351? 34t2 35*8 *34U
6M *6
6u *6
21?
2*8 2*8 *2t4
22
*2012
♦20*4 22
40
•3$ 40 *
4
•2
4
♦2
25
*16
25
*16
*
12
Last Salt 12 May’ 14
40
*36
40
*36 40
25
75
Last Sale 61 Junc’14
97
98
993,1 97
98
35
34
34l2 34b 34b
6*2
61? *6
61? *6
21? *2U 212 *2U 2b
22
*20b 22
*20'2 22
Last Sale 40 June’ 14
39
Last Sale 4b Feb’ 14
4
Last Sale 25 Feb’14
25
Last Sale 27b June’ 14
•27*4 2814 *27*4 28b *27*4 28b *261* 27
Last Sale 92*4 Mar’14
♦91*4 9214 *91*4 92l4 ♦91*4 92b •90U 90*4
Last Sale 400 June’ 14
•400
*397l2 __
*39712
♦397b
*
Last Sale 132 June’14
132 *130 132 ♦130 132 *130 132
37
♦33 37
*33
37
*33
♦33 3412 *33
35
34*s 35
Last Sale 76 May’14
*79
81
81
*79
*79
81
*79
81
Last Sale 121b Feb’14
•123 1231- *123 123'2 *123 12312 ♦1201* 121
___
*32
34
Last Sale 32b June’ 14
*32
*32
*32
34
34
73
♦71
73
*71 73
*71
72
72
*70*4 74
*70*4 74 ♦_
*
501, *4!)
Last Sale 50 Dec’13
50b
601, *
601, _
53*4 53*4 53l2 53*4 ___ __
*53U 51
*53l2 54
♦53b 51
*207 211 ♦207 211 *207 211 ♦207 214 215 216
135*4 136
13512 135b 135b 135b
•136b 136>2 1361* 136b 135*4 136
*8
Last Sale 12 Fcb’ 1.4
0
*8*8 9
*8*8 9
*8*8 9
*641* 651? *6412 6512 ♦641* 65*2 *6312 65t2
Last Salt 77 Feb’ 13
*941* 95
*9412 95
95
95
94*2 95
*24
25
*24
25
*24
25
*23
25
Last Sale 23U Mar’14
•102 105 *102 103l2 *102 103*2 103*2 103*2
66
66
65
65
*645, 65
65
66
66
66l2 66b 67
104bMay’l4
•
77
7634 Aug’12
77 *
77 *
77 *
Last Sale 128 Apr’14
•130 132 *130 132 *130 132 *130 132
Last Sale 126 June’14
•126 123 ♦126 128 ♦126 128 •126 123
116 116 ♦115 118
11712 11712 117b 11812
117»2 118
*120 121 *120 121 *120 121
*11912 1201* 119*8 119*8 *120
♦39b 41
*39b 41
39
39
39
39
391S 39b *391* 41
•121 122
121 121
119*8 11978
1203.1 120b 120 120*4 ___ .
*7612 77
Last Sale 76b Junc’14
♦7612 77
*76
77
*76
77
97
95>2 97
*96
97
97
*9012 97
12
*9
12
*10
11 ■ Last Sale 12 Mar’14
12
*10
•10
*2612 29
*28
29
29
29
Last Sale 30 Mar’ 14
*23
*28
187*4 188
lSOlg 188 184b 186
188 1881? *188 189
185b 186b
122 122
123b 123b
•122 123 *122 123
*301* 31
*3012 31
Last Sale 28b Feb’ 14
*3012 31
*281* 3012
*80
87
♦85 87
*86
87
*86
87
Last Sale 86 Feb’ 14
106lg 106b 106 106
106 106
106*4 107U 107 1071.1 106l2 107
*230 240 ♦230 240 *230 240 *235 240
Last Sale 235 June’14
*106 106b ♦106 1061? *100 1061? *106 107 *106 107 106b 10GU
151 152b 151b 151b
162*4 152*4 ♦152 153l2 152 152*4 151 152
1*8 July’ 13
8 II4 6 U4
62*8 62*8
59
59
•1101* 1127, 113 113 *1121.4 H27S *112b H27s *11214 1127, *112b 1127,
4
*212 4
*21* 4
Last Sale 3*8 May’14
*2i2
•21* 4
Last Sale 91*4 May’13
Sales o!
the
Week.
Shares.
NAMJE.
Knickerbocker Ice pf.100
National Biscuit_____ 100 I 23J4 Jan 14 138 Feb 3 105 J'ne
Do pref__________ 100 121b Feb 16 126 J’ne 9 116 Dec
102 National Carbon____ 100 1105 Apr 29 161 Feb 19 113 J’ne
100 Do pref__________ 100 115U Jan 27 120 Mch 17 llli* J’ly
600 Pacific Gas Ac El C o ..100 35 Jan 9 47i2 Feb 13
33 Nov
385 People’s Gas LACoke.100 119 Apr 25 125 Jan 6 104 J’ne
PubServof N olilcom 100
76 May29 81 Mch 4
65 J’ly
32 D o pref__________ 100 94 May20 100 Feb 7
89*4 Deo
Rujuely common____ 100
12 Mch 23 17*4 Jan 14
19 Aug
D o pref__________ 100
30 Mch 23 40*4 Jan 14
401* Aug
1,237 Sears-Roebuck com ..100 178 Apr 25 19312 Jan 31 155 J’ne
11 Do prof__________ 100 122 Jan 14 125 J’ne 8 117 May
3tudebaker Corp com .100 27i2 Feb 3 30*4 Feb 6
16U Nov
D o pref_________ 100 83 Feb 3 86 Feb 4
68 Nov
313 Swift As Co...................100 104*4 Jan 3 1071* Feb 27 101 J’ne
The Quaker Oats Co.100 230 Jan 6 250 Mch 21 195 J'ne
35 Do pref__________ 100 102 Jan 6 107 Feb 28
99*4 J’ne
442 Union Carbide Co___100 140 Feb 9 158>2 Mch 24 s 142 Deo
Unit Box Bd At P Co.100
1 Jan
200 U 8 Steel com________100 57 Apr 20 671* Feb 13
50 J'ne
25 Ward, Montg'y As Co pref 109 Jan 3 114 M chl 7 1051* Feb
3U May 1
Western Stone______ 100
6*2 Jan 14
9 J’ly
Wool worth, com.
.100
87b Mch
Dividend Record
In
Per
1913. iod.
Last Paid.
% Bid. Ask.
$400,0 $127,0
Mch .31’ 14 lb 186 189
2K 6H«>
73,4 None
An Jan ’ 14, 8 225 250
100.0
0
200,0
21,8 Org. J an. 27 ’ 13. V. 95, p. 1585 105 107
250,0
31,5 Beg. b us. Oat 7 T2 V. 95, p. 944 153 158
21,600,0 11,220,9 10
11H Q-J Apr. ’ 14, 3 279 280
3,000,0 6,635,8 16
16A8y Q-J Apr. ’ 14, 4 403 406
m300,0
151,8
6
6 Q-J Apr. ’14. IK *220 225
750,0
394,7 10
10 Q-J Apr. ’14, 2K 250 260
200,0
59,1
8
8 Q-J Apr. ’ 14. 2 172 176
10,000,0 12,318,6 17
17 Q-M Mch31’ 14,4b 418 421
150,0
248,1 12K 10A3* Q-M Moh.31’ 14 2b 350 355
525,5 Prlv ate Ba nk
1,000,0
2,000,0 1,010,9
8
8 Q-J Apr. ’ 14, 2 250 255
A29.8 Org. N or 25 1V12
200,0
120 125
Hibernian Bk Aun 2,000,0 1,254,7 Not pa btlahed — 1C e note (U)
(U)
___ Q-J July T4 2bP 134 137
55.0
200,0
Hyde Park State.
15,9 Orga n. Feb •12 : V. 94, p 465. 124 129
100,0
Irving Park Nat—
400,0
224,7 10 10A5e JQ Jan. ’14, 6 255 300
Kaspar State___
200,0
8,5
Lake View State.
1H Q-J Apr’ 14, 1H 106 110
200,0
67,6
6 Q-M Meh.31'14, 2 272 270
Lawndale State..
665,6 10A2*
12 Q-M Mch.31’14,3 245 248
LlveStk Exoh Nat 1,250,0
60,2 Beg. b us.Aug 26 ’ 1 2 V 95, p 693 130 135
Mech A Trad State
200,0
8
8 Q-J Mch.31’ 14, 2 199 202
Nat Bk of Repub. 2,000,0 1,472,3
830,6
6
National City___ 2,000.0
0 Q-J Apr. *14, 1H 160 163
125,7
6
6 Q-J Apr. ’14, IK *172 176
National Produce /250.0
112,0
200,0
7
North Are State.
7 Q-J July ’ 14, IH 160 163
20,2
200,0
6
North Side St Sav
6 Q-J Apr. ’14, IK 134 138
79,6
300,0
6
North West State
7 Q-J July ’ 14, 1*4 170 174
200,0
9,7 Org. N ov. 27 ’12. V.95, p.1944
Ogden Ave State.
104
144,3 10
600,0
Feople’sStk Yde St
10 Q-J Apr. ’14, 2b 276 300
200,0
27.0 Beg. b us Nov I ’ ll V.9S, p.1235
Second Security-.
400,0
181,7
6
Security_______
7H Q-J Apr. ’ 14, 2 245 250
285,8 1154,9
8
South Chicago Sav
8A2e Q-J Apr. ’ 14. 2 220 225
200,0
31,0
6
South 8tde State.
0 Q-J Apr. ’ ll, IK 134 138
State Bank of Chic 1,800,0 2,888,3 12
13 Q-J Apr. ’14, 3 390 392
200,0
50,3 Beg. b us.Aug 19 ’ 1 2 V.95, p.523 125 130
State Bank ol Italy
250,0
258,9 10
15 Q-M Mch.31’ 14, 4 350
Stock Yards Bar.
184,4
6
6 M-N May*14. 3 174 176
600,0
Union Bk of Chic.
Washingt’nPkNat
100,0
30,6
OH 10A3« Q-J Apr. 14. 2K 235
9 Q-J Apr. ’ 14, 2K 226 223
8
Central Tr Co of 111 4,500,0 2,103,5
Chicago City BAT
422,9 10A2< 12A1* J-J Jan.’ 14. 6 290 300
500.0
6
a Q-J Apr. ’ 14, IK 142 144
Chicago Sav B AT 1,000,0
275,8
Chicago Title A Tr 6,600,0 <2,886,9
8
8H Q-J Apr. ’14. 2K 210 217
Colonial 'Tr A Sav 1,000,0
603,4 8&2e
(0)
Q-J July T4 2 167 160
Cont A Com Tr A 8 3,000,0 1,879,1 Notpu bllshed —«e e noto (if)
proven Tr A Sav
250,0
10 Q-J Apr. ’ 14, 2K 235
192,9 10
First Trust A Sav 5,000,0 4,110.7 None None Q-M Dco30’ll, 4
Ft DearbornTrAS
500,0
117,3 Beg. b us .Apr 3 ’ ll V. 92,p. 929
_ .ga Q-J Mch,31’ 14,ll4 162 166
Franklin Tr A Sav
300,0
132,7
Oreenebaum Sons 1,500,0
10 Q-J Apr. ‘ 14, 2K
326,9 10
6
200,0
6
Ona'&ntee Tr A S
62,6
J-J Jan. *14 3K 133 136
Harris Tr A 8 a r „ 1,600,0 2,658,8 12 12A10* Q-J July'14, 61/
84,2 Beg. b us .Apr 10’ 1 1.V.92.P.1004 152 154
Home Bank A Tr.
300,0
Illinois Tr A Sav. 6,000,0 10,599,4 16A4* 16A4< f Apr. '14, 4 470 480
Kenwood Tr A Sav
200,0
109,1 7A2«
7
Q-J Apr ’ 14, 1*4 190 195
6
Lake VlewTr ASav
111,4
300,0
6
Q-J Apr ’14, IK 180 183
IlLaSaUoStTrASa 1,000,0
343,6 Bog. b ud. Me y ’ 10
*
12.
Liberty Tr A Sav.
eo.
6
275,0
7,9 Org. D
160 165
Market Tr ASav.
200,0
31,0 Org. S opt. 5 ' 12. V. 95, p. 693 111 114
Mere’ntlleTrASav
250,0
68,0 Beg. b us .J’ly 1’ 12 V. 94, p. 481 161 165
16
Merchants’ L A Tr 3,000,0 7,426,1 16
Q-J Apr. '14. 4 424 425
6
Michigan Ave Tr.
200,0
73,0
Q-J July ’ 14, IK 134 137
600.0
Mld-Clty Tr A Sav
142,7 Com.b us. Ap 10 ’ 1 l.v .92,0.1004 205 209
Q-M
Northern Tr C o.. 1,600,0 2,961,0
8
8
Mch.31’14,2 318 322
300.0
136.0
J-J Jan. *14. 5 272 375
Nor-West Tr A 8 .
8
8
200,0
68,3 Beg. b us.J’ne l 'll V.92, p. 1537
Old Colony Tr A S
115
246,2
0b * 2r Q-J Apr. ’14. 2K 278 283
600,0
Feople’i Tr A Sav
8
284,2
300,0
Pullman Tr A Sav
8
8
Q-J Mch.31’ 14. 2 200
3
Sheridan Tr A Sav
200,0
47.6
6
Q-J Moh 31*14,2b 152 156
American State..
Calumet National
Capital State___
Central Mfg DUtCont A Com Nat.
Corn Exch Nat..
Drexel State____
Drovers’ National
Englewood Bute.
First National-. .
First NatEnglow’ d
Foreman Bro*__
Ft Dearborn Nat.
rs»e
Qe-T
.
Range for Previous
Year (1913).
Range since Jan. 1.
Lowest.
Highest.
Lowest.
Railroads
ChlcCIty&C R y ptsh com
12 Mav22 20*4 Jan 31
10 D o prof____________
36b J'ne 12 55i2 Feb 2
Chicago Kiev Kys eomlOO 21 j ’ ne 1 25 Jan 19
24i* J’ne
___
Do pref__________100 61 J’ne 1 70 Jan 21
70 J’ly
90 Jan 10 99*4 J’ne 24
392 Chic Kys part c tf “ 1” __
88 Jan
1,050 Okie Rys part ctf “ 2” __
27 Jan 8 35*4 J’ne 4
18 J'ne
200 Chic Kys part ctf "Jt"__
6 May 7
8b Jan 29
6i* J’ne
50 Cliic Rys part ctf “ 4” __
2 Jan 14
4 Jan 2
2 J’n«
10 Kansas City Ry & Lt.100
17 Jan 15 22 May 8
16U J’ly
D o pref_________ 100 35 Apr 8 4012 May 7
35i| Nov
4i2Jan 7
4*2 Jan 7
Streets W 8table C L.100
4*s Dec
25 Sep
D o pref_________ 100 25 Jan 26 25 Jan 26
M iscellaneous
21i* J’ne
American Can_______ 100
25 Apr 18 34b Jan 23
Do pref_________ 100 8912 Jan 2 95*4 Jan 27 s 81 J'ne
American Radiator_100 399 Apr 16 440 Feb 16 400 Oct
D o pref_________ 100 128 Mch 14 1341* Feb 6 125 Dec
10 Ajner Shipbuilding__ 100
28 Nov
30 Jan 9 44 Jan 31
78 Nov
D o pref_________ 100 76 Jan 8 g2 Feb 4
Amer Telep us Teleg_100 118 Jan 2 124 Jan 28 110*4 Dec
Booth Fisheries com.. 100 32*2 Junel8 6OI4 Jan 21
4912 Dec
100
D o 1st pref______ 100 72 J’ne 20 8412 Jan 27
73i* J’ ne
40 J’ly
250
47i* J’ne
49 Apr 25 60 Feb 13
25
20912 J’ne 5 218 Mch 17 200 Apr
750
133 Jan 26 140 Mch 16 «1241* Dec
0b Jan 9
8 J’ne
13 Jan 31
Do pref__________ 100
77 Feb
77 Diamond Match_____ 100
OlbJan 2 102 Jan 26
90 Oct
Goodrich (B.F.) com.KlC 23b Men 30 26 Feb 4
151* Nov
20 Hart Shaff St Marx pflOO 100i2Jan 2 106 Mch 17
94 I.Ich
699 llinols Brick_________ 100
59b Jan 9 70 Jan 30
68 Nov
Intemat Harvester C o l00 104i2 May 11 111 Jan 22 100 J’ne
Chicago Banks and Trust Companies
Capital Sur-p. Jt
stock.y Profits f In
1912,
(00* om itted.)
STOCKS
CHICAGO STOCK
EXCHANGE
NAME.
Capital Surp. A
Stock, t Profits t In
1912.
(00s om itted.)
$32,7 . . . .
Southwest Tr * 8 $200,0
432.3 . . . .
Standard Tr ASav 1,000,0
6
53,1
Stoekmen’sTrAS
200,0
8
Union Trust C o.. 1,200,0 1,687,6
140,2 8A2«
West 81deTr ASav
400,0
121,0 10
Woodlewn Tr A 8
200,0
Highest.
30 Jan
91 Jan
102 J*no
33U Sep
9 Sep
45g Apr
37 Sep
38 Oct
9<2 Jan
45 Mch
46i2 Jan
129U Jan
600 Feb
135 May
55 Jan
1031* Jan
139*4 Jan
71 Jan
897* Jan
55 Jan
551* Sep
221 Sep
155 Sep
161* Jan
77 Feb
110U Feb
53 Feb
1001* Deo
76i* Jan
115 Jan
130
123
137
118
63
130
85
Sep
Jan
Dec
Jan
Jan
Sep
Aug
101*3 Jan
69 Feb
07*8 Feb
214*4 Jan
124*4 Feb
34 Feb
70 Nov
1077, Moh
280 Feb
108if Feb
218 Nov
li 2 Feb
68*4 Jan
111 Sep
14t* Jaa
112 Jan
Dividend Record
In
1913.
Per
iod.
Last Paid.
% Bid., Ask.
Q-J July T4, IK 121 125
Q-M Mch.31’14,11* 102 166
V
6
J-J Jan. ’14, 3 145 150
8A3« Q M Mch.31’14,2
12 Q-M Mch.31’ 14,3 350 375
10 Q-J Apr. 14, 2K 227
Chicago Bond Record
BONDS
CHICAGO STOOK
EXCHANGE
Week Ending June 26
Inter
est
period
Price
Friday
June 26
Ask
Bid
Am Tel A Tel eoU 4s___ 1929 J - J ___ __
Armour A Co 4K«_____ 1939 J -D t 92b 92b
77
Auto Elec 1st M 6s......... 1928 . . . . . t 73
Cal Qas A El unit A ref 5s 1937 M-N t----- 97
Chicago City Ry 6s____ 1927 F - A U00 Sale
79 Sale
Chle City A Con Rys 6s.<11927 A -O
Chisago Elev Ry 5s........1914 J - J t 99b 100
Ohio Fneu Tool 1st 6s..al921 J - J t 93*8 95*8
Chicago Kys 6«...............1927 F -A t 93*8 98b
92b Sale
CMo Rye 5s____ series ’A” A -O
73b Sale
Chle Rys 4s____ series "B" J -D
Chle Rys 4*____ series “ C” F -A t 94b 96
Chle Rys coll 6s......... 1913 F - A . . . . . . . .
70
Chlo Ry Fr m M g 4s.el9U7 J - J t 65
Chle Ry Ad] Ine 4s...el927 Mayl J 46 Sale
Chteago Telephone 6s__ 1923 J -D 101b sale
Cloero Gas Co ret Q m..l932 J - J t . — 97 b
Co.mraonw-Edison 6s___ 1943 VI- s 101b Sale
Commoaw Eleo 5s__ 61943 M - 8 10 lb Sale
Cudahy Pack 1st M 6 s...1924 M-N tioob ioi
Dia Matoh Con deb 6 s ...1920 . . . . . __ - . . . .
’ Gen Mot 6% 1st L notes.1915 A -O . . . . ----Int Har 3-yr 6% g notes.1915 F -A —— . . .. ..
Inland Steel 1st M g 0s 1928
Kan City lty <fc Light Co
....
fia __ _ _
1913 M-N
Lake St FJ—1st 5a_____ 1928 J - J *68 Sale
Metr W Hide El let 4a...1933 F -A X----- 83*2
Extension g 4a............ 1933 J - J t— - 793g
....
MU El Ry A Lt 1st g 6S--1926 F -A
....
do ref A ext 4HS..1931 J - J
Morris A Co 4K i______ 1939 J - J X 86*i 83
Nat Tube 1st g 6i______ 1952 M-N . . . . . . . .
Nor 8hore SI 1st g 5s___ 1922 A -O t 99U 101b
93
do 1st A ref g 6s__ 1940 A -O t 98
Nor 8h Gas of 1U 1st 6 s..1937 F -A t 9J, 03
N W G L A Coke Co 6S..1923 Q-M t 99b 99b
Ozden Gas 5a ________ 1045 M-N t 95*4 Sale
Feop Gas L A C 1st AS...1943 A -O . . . . . . . .
Refunding gold 5s____ 1947 M- S flOlb sale
Chle Gas L * C 1st 6s. 1937 J - J U03b . . . .
Contain Gas 1st 5s___ 1936 J -D t 90b . . . .
Mutual Fuel Gas 1st 6s 1947 M-N tioob . . . .
9034
Pub Serv Co 1st ret g 6s.1966 . . . . . t 90
South Side Elev 4H«___ 1924 J - J t 93b sale
Swift A Co 1st g 6s_____ 1914 J - J {100 ioob
do 1st a f g 6s___ 1944 ___ 196*8 Sale
Trl-Clty Ry A Lt soil
....
trust Uen s f 6s______ 1923 A -O
Union Eleo (Loop) 6s___ 1945 A -O X------- 87*«
U S Gypsum 1st g 5s___ 1922 M - 8 ..... . . . .
Wottern Eleo Co 6a____ 1922 J - J — - ——
Note—Accrued interest mas t be added to all
Week’s
Range or
Last Sale
Eds
Sold
Range
Sine*
January 1.
Loto
91
92b
82b
00b
100
79
High No. Low High
Fob ’13
June’14
*89*4 *03*
Aprll’ 12 -HI
May T2
100b ” 63 " 99*4 lO'l*
79
13 79
85b
100 Junc’14
95b 100
95b Apr ’ 14
92b 95b
98b
985S ” 'o
09b
92b
02b
4 91
94
78b
79
47 781* 8lb
95 June'14
05
95*4
100 Jan '12
00 Apr’ 14 ” 11 *67” ‘70b
46
46
51b
101b
10U4 14 45
99*4 1011*
97 Juno’ 14
97b 9 8
101b
102 " ’ 4 100*8
102
10lb
101b
2 100b 101b
100b Juno’ 14
99b 100*8
1051* Apr’ 14 .III 101
105b
99*4 Aprll'12 -III
100b May’ 14 -III 100b 100b
105b AprU’12 . . . .
90 Oct *12 . . . .
63
68
"os' *63”
81b
81b 12 77** 84
79b May’ 14 ___
74
80b
1047* April’ 12 . . . . . . . . ----95 Aprll’ 12 ___
87b June’14 ___ *86*4 89”
100S4 May’ 12
99
Jan’ 14 1111 '99* 9*9”
97b June’ 13
97b 98b
95b Sept ’ 12
99 June’ 14
*99b 100b
95*4 „ 95*4
3 93
96
U5b Sept’13
101b
10U4
2 *99b lo'lb
103b Juno’ 14
101 103b
100*4 Mch' 14
09 101b 1
100b Feb’ 14
100 1001*
001*
9012 10 90b 93*4
5 90
83b
93b
95
100b Mar’ 14
10O 1011*1
96*8
06%
I 98
07b1
08b Aprll’ 12
”
44
871*
87b
76b 83~
100 May’ 12
09>» D eo’13 . . I I IIIz H Z
Chlcneo price c.
_______
W assessment poM. * Paid 6% reg. and 1K~extra' on old capital stook of 5600,000 and 1K% onnoir
?
t0al?
*T60,’ °S0’ J f ’ M * p’ 813’ /C a Dlt*1 *>
Increased to 5300,000: a 20% cash dividend to
thereafter.1133’ * AprU al 1014- ^Anoludea extra dividend. » Suspended bustnoM Juno U . V. 98. p. 1824. j* Declared
*“ d
Indust and Mlscell— (Con)
Am Steel Fdy Os 1935.A-C
Deb 4s 1923........
F-A
American Surety_______ 6'
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
American Thread pref___ 5
DAIEY. WEEKLY AND YEARLY
Amer Typefounders com.100
'
Preferred__________ 100
Railroad,
Slocks.
Deb g 6s 1939..........M-N
State
fee..
U. S.
Week ending
Amer
Writing Paper___ 100
Bonds.
Bonds.
Par
Value.
Bonds.
Shares.
June 26 1914.
Barney A Smith Car com 100
Preferred__________ 100
$35,000
62,324 $5,390,900 $1,555,000
S a t u r d a y . ..
Bliss (E W) Co com_____ 50
3.994.500
95.000,
185,216 10,667,300
M o n d a y ____
Preferred)___________ 50
2,231,000
80.000,
198,089 17,525,050
T u e s d a y ___
Bond A Mtge Guar____ 100
2.524.500
133.000
349,765 30,069,500
W ed n esda y.
Borden’s
Cond Milk com.100
3.085.500
87,500
156,500
39.206.900
458,324
T h u rs d a y . .
Preferred__________ 100
2.065.500
103.000
10,000
283,299 24.415.900
F r i d a y _____
Braden Copper Mines___ 5
e Brown Shoe com ____ 100
$662,500 817,500
1,537.017 S127.275.550- $15,458.'’')')
T ota l .
e Preferred_________ 100
e Butterlck Co________ 10(
Jan.
1
to
June
26.
Week ending June 26.
Sales at
Casualty Co of America.100
New York Slock
Celluloid Co................... 100
1913.
1914.
Exchange.
City Investing Co_____ 100
Preferred__________ 100
45,936,938
1,445,711
37,691,461
1,537,017
e Claflln (H 15) Co com..100
Stocks— N o . s h a r e s ...
$4,135,086,775
$129,277,500
$3,286,830,479
8127,275,550
e 1st preferred______ 100
l ’ ar v a l u e ---------------S80.000
.............
$258,100
1,000
B ank shares, pa r-------e 2d preferred_______ 100
Ilonds.
duett, Peabody A Co—See
$503,000
$445,000
$20,090|
$17,500
G overn m en t b o n d s —
Consol Car Heating___ 100
15,677,700
30,026,500
838,700|
662,500
eCcntlnental Can com_100
State b o n d s ---------------265,761,000
338,371,000
6,004,500'
15,456,000
H R . a n d m is c. b o n d s .e Preferred__________ 100
e Crucible Steel com___ 100
$6, *83,20,V S368,842,500l
$281,941,700
T o t a l b o n d s------------ S10,I.iO .P°
e Preferred ............
100
Davis-Daly Copper Co__ 10
DULY TRANSACTIONS AT I'lIE BOSTON AND PHILADELPHIA
duPont(EI) de Nem Pow 100
EXCHANGES.
« Preferred_________ 100
Emerson-Brantingham_100
Philadelphia.
Boston.
Preferred__________ 100
Week ending
Empire Steel A Iron com 100
Bond
Listed Unlisted 1 Bond
June. 26 1914.
Preferred................... 100
Shares. Sates.
Shares. Shares. \ Sales.
e Federal Min A Smelt .100
e Preferred_________ 100
985. $25,000
1.56S
3,561
89,000
c General Chemical com.100
79,000
3,530
2,452
12,500
9,272
2 Preferred_________ 100
27,000
2,8971
3.462
15,021
63.500
Goldfield Consol M ____ 10
75,600
8,168
23,000!
4,470
16,580
k Hackensack Water Co—
52,400
11,803
22.0001
4.531
1st g 4s 1952 op 1912..J-J
21,340
69,200
1,662
5.S27I
88,000
Hale A Kllburn ixm__ 100
13,792
Preferred___________ 100
33,259 $u_8,200
Havana Tobacco Co___ 100
Total ..................... ............ 79.6661 $163,0001 18,145
Preferred ---------------100
~Note.— B o s to n " “ U n listed” D e p a rtm e n t" discon tin u ed M a y 1.
1st g Ss June 1 1922..J-D
Hoboken Land A Improve’t
1st 5s Nov 1930........M-N
locking Val Products.. 100
1st
g 5s 1961...............J-J
-f whc.c marl ed ‘ f
‘and inC2.,o>-r
All bond prices are n
3 lngersoll-Rand com__ 100
tia Aik
Street Railways— (Cun.)
e Preferred_________ 100
Intercontln Rub com__ 100
Bid Aik United Rys of St L—
Street Railways
10 ___
Common__ ________ 10(
internat Banking Co___ 100
International Nickel___ 100
New York City
90
Preferred__________ 100
Bleeck St A Ful Fy stk..l00 19 24 Wash Ry A El Co......... 100 85l2
82 83
Preferred__________ 100
73
International Salt_____ 100
lat mt-ge 4s 1950_____ J-J 68
823
4
84
4s 1951......................J-t
1st g 5s 1961............. A-O
B’y A 7th Ave stk---------100 170 185
Watcrloo-Cedar Falls A N 01
International Sliver pref.100
2d mtge 5s 1914_____ J-J 100M
1st 5s 1940................ J-J 87*2 92*2
1st 0s 1948.................J-D
Broadway Surface RR—
7*2 12
KeUy Springfield Tire_100
1st 6s 1924...................J-J 10134 1023/. West Penn liAWatl’ow 100 30
45
Preferred__________ 100
1st preferred________ 100
Cent Crosstown stock.. 100 __ 10
6c Power Cos
2d preferred________ 100
1st mtge 6s 1922-----M"N 100 103 Slecirlc,
New York City
t Lackawanna Steel___ 100
Christopher A 10th St stklOO 120 135
Cent Un Gas 5s 1027___ J-J 10U2 103l2
Lanston Monotype____ 100
Dry Dock E B A Batt—
Lawyers' Mtge Co_____ 100
1st gold 5s 1932-------J-D 98 100 * Kings Co El L A P Co. 100 122 123'a
27 New Amsterdam Gas—
Lehigh Val Coal Sales__ 50
Scrip 5s 1914..............F-A / 21
1st consol 6s 1948____ J-J IOD4 10238
Manhattan Shirt______ 100
Eighth Avenue stock__ 100 280 310
104l2
102*2
N
Y
A
E
R
Gas
1st
6
s
’44
J^J
Preferred__________ 100
Scrip 6s 1914..............F-A / 99 1001*
Manhattan Transit_____ 20
Consol 5s 1046______ J-J 99*2 102
42d A Gr St Fy stock__ 100 240 .'80
Mortgage Bond Co____ 100
42d St M A St N Ave
Nat
Cloak A Suit com__ 100
1st 6s ext at 5% to ’40.M-S
33 45
Prsterrw!___________ 100
Ninth Avenue stock___ 100 155 170 N’ l i i Richmond Gas__ 100 1003
4 103
V North’a Ua 1st 5s 1927. M-N
National Surety_____ 100
Second Avenue stock__ 100
t New York Air Brako.,100
25 Standard G I. 1st 5s ’30 M-N 100 104
Consol 6s 1948 ctfs-.F-A / 20
Other Cities.
elNew York Dock com..100
rSlxth Avenue stock___ 100 115 1*10
Am Gas A Elec com___ 50 •82 85
e Preferred_________ 100
100
89
>
2
Sou Boulev 6s 1945........J-J
*47*2
48*2
Preferred__________ 50
N Y Mtge A Security__ 100
SoFer 1st 6s 1919......... A-O 90 98
343
N Y Title Ins Co............10C
Tarry \VP & M 5s ’28..M-S / 76 80 Am Lt A Trac oom____ 100 340
Preferred__________ 100 109 111
N Y Transportation____ 2t
15
28 A 29th Sts 5s ‘96 ctfs A-O / 6
Nlles-Bem-Pond com__ 101
Onion Ry 1st 5s 1942..F-A 102*2 104 Amer Power A Lt com.. 100 61 6212
Ohio Copper Co________ 10
92
Preferred__________ 100 81*2 82*3
Westchester 1st 5s ’43.J-J 89
»38
e Ontario Silver............. 100
*2
Yonkers Bt RR 6s 1940. A-O 89 03 Bay State Gas________ 60
Buffalo City Gas stock.. 100
k34
Otis Elevator com_____ 100
Brooklyn
78 80
Preferred__________ 100
101 103 Cities Service Co com__ 100
Allan Are RR con 5s 1
Preferred__________ 100 72*2 7412
e Fettlbone-Mulllken Co 100
11 B A W E 68 1933----- A-O 97 100
10*4 101*
e 1st preferred______ 100
173 175 Columbia Gas A Elcc__ 100
1st 5s 1927.................J-J 68*4 69(4
Pittsburgh Brewing_____ 6C
100 102
Preferred___________ 6t
90 100 Con Gas of N J 5s 1936.. J-J 98
84 Consumers’ L H A Pow—
e Pittsburgh Steel pref--100
1st cons g 4s 1948------ J-J 82
6s 1938...................... J-D
99
Pope Mfg Co com_____ 10b
Con g 4s 1955..............J-J 80 84 Consumers
Power (Minn)—
Preferred__________ lot
. Brk C A N 6s 1939-----J-J 9912 100l»
lOllj
1st A ref 5s '29 opt ’ 14M-N 88l2 91
Pratt A Whitney prof__ 100
Nassau Eleo 1st 5s 1944 A-C 102 104 Denver
G A El 6s 1949.M-N 90 92
Producers OH_________ 100
N Wmsburgh A Flatbush—
Electric
Bond
Share
pref
100
98l2
100
•
Realty
Assoo
(Bklyn)__
100
95
92
1st 4 « s July 1941. . .F-A
Elizabeth Gas Lt Co___ 100 325
RemlngtonTypewt’r comlOO
Steinway lsf 6s 1922-----J-J 100 102 Essex
A Hudson Gas___ 100 132 134
1st preferred..._____ 100
Gas
A El Bergen Co___ 100 89 92
2d preferred____ ___ 10C
Other Cities.
7
S
-)|
793
4
Royal 15ak Powd com__ 100
Buff Bt Ry 1st con 6s ’31F-A 101 10312 Gr’t West Pow 5s 194G..J-J 130
133
Tobacco Stocks
61 Hudson County Gas___ 100
Preferred_______ __100
59
39 42
(See also Stock Exchange I.lsl)
82 Indiana Lighting Co___ 100
Safety Car Heat A Lt__ 100
81
Amer Cigar com______ 100 130 139 Sears.RoebuckACo—SerN Y
4a 1958 op t...............F-A 70 72
69 61
65 Indianapolis Gas_____ 60 100
Preferred__________ 100 98 100
s Preferred—See Chla Stk
02
1st g 5s 1952............. A-O 893.t 91
____ 71
Amer Machine A Fdy_100 85 90 Singer Mfg Co______ ..100
23 Jackson Ga3 6s g 1937.-A-O 97*2 100
British-American Tobac.il •21 2 H2 Standard Coupler com..100
20
New stock_________
75 eLaclede Gas L (StLouls)lOO 90 95
73
•21>4 2134 Preferred__________ 100
94 95
e Preferred_________ 100
79
Conley Foil___________ 100 275 300 Stewart-Warner Speedo’r 100
70
< Uelme (Geo W) com_100 155 170
Preferred__________ 100
___ 95 Madison Gas 6s 1926_A-O 102 107
e Preferred_________ 100 108 117 Sulxberger A Sons pref_100
103 103U Narragan (Prov) El Co. 60 •x___ 83
Newark Gas 6s Apr '44.Q-J 120
Jolmson Tin FpllAMetal 100 125 175 Texas A Paolflo Coal__ 100
19(2
94
MaoAndrews A Forbes.. 100 190 200 e Texas Pacific Land Tr.100
97
66 Newark Consol Gas____ 100
* Preferred . . . .
Porto-Rlean-Amer Tob.100 238 250 TonopahMln(Nev)-Sr«Phlla
___ 65 No Hud L U A P 6s 1938A-0 99
61 64*4 Pacific Gas A E com___ 100 39 391* Reynolds (R J) Tobaceo.100 205 275 Trenton Potteries com..100
Preferred new..____ 100
Tobacco Products com_100 100 150
Pub Berv Corp of N J—See Stk E x 11>t ITeferred.................. 100 80 82
Preferred__________ 100 82 84 United Copper.........1 0 0
10434 10512 Pat A Pas Gas A Elec__ 100 90
Tr ctfs 6 % perpetual
« United Cigar Mfrs com 100 46 48
Preferred_____ . . . __100
781? 79»2 St Joseph Gas 53 1937__ J-J SO 88
e Preferred_________ 100 90 ICO e United Dry Goods.._100
71*
73 74 Standard Gas A El (Del) 60 *7
Preferred__________ 60 *2134 23
United Cigar Stores com .100 8612 87
e Preferred . . . . . . . . . . 1 0 0
1021* 103
Preferred__________ 100 110 115 U 3 Casualty_________ 100
104 ' 105 United Elcetric of N J—
e Weyman-Bruton Co__ 100 215 300 U S Envelope com. . . . . .100
1st g 4s 1949............. J-D 81 82
230
Preferred . . . . . . . . . . . 1 0 0
e Preferred . . . . . ____ 100 112 120
United Gas A Eloc Corp.100 30 33
100
Young (J S) Co.............100 125 140 U S Finishing____ _____100
68
71
761* 7712 1st preferred________ 100
Preferred___ .......1 0 0
2d preferred________ 100
34
31
125 130
1st g 6s 1919...............J-J
17l2 18*2 Indus trial JtMisceUaaeous
081J 9912 Utah Securities Corp__ 100
e Adams Express.._...100 08 104
Con g 5s 1929___ ...J -J
0% notes Sep 15’22MAS15 83 84
IOD2 103
Col tr g 4a 1947_____J-D / 7412 78 I'J 3 Indus Alcohol.._100
Western Power com___ 100 10
18
98
s Preferred_________ 100
Alliance Realty________ 100 88 93
110
Ptkforred .................. 100 65 67
Amer Bank Note com____ 50 *36 $9 U S Steel Corporation—
100 MS Western Stetea Gas A El—
Cols 15s Apr 1951 op 1911
Preferred____________ 60 *50 51
let A ref g 5a 1941 op.J-D 80 84
1 20
22
American Book_______100 160 175
Col s f 5s Apr 1951 not opt
Ferry Companies
7$ 76
American Brass______100 133 135 U S Tit Gu A Indem___ 100
18
12
13 N T 4K R F erry stock-. 100 10
American Chicle com___ 100 195 193 « Virginia Iron C A C__ 100
40
J 62 65
1st 6s 1922________ M-N 40
Preferred___________ 100 97 98 s Wells Fargo A C o-.....100
1 12
15 N Y A Hob 6s May ’46 ..J-D 99 100>*
Tolodo Tract L A P .
* American Exprees__ ..100 100 104 Westchester A Bronx Title
) 40 45
Hob Fy 1st 6s i940..M-N 102
A Mtge Guar____ ...100 165 175
Am Graphophooe com_100
96
) 95
N Y A N J 68 1946_____ J-.
e Weetingh’ se Air Brake.50 •12812 . . . .
Preferred______ ___ 1 0 0 ___
0 65 63 10th A 23d Bta Ferry___ 100 13 20
American Hardware....100 116 120 WlUye-Overland com...100 T9 80
) 72 74
1st mtge 6s 1919..__ J-D 40 45
1st preferred..—
Preferred__________ 100 02 94
Amer Malting 6a 1914_J-D 99*4 1001*
0 67 70 Union Ferry stock___ _10C 33 35
Amer Press Aasoc’n_____ 100 25 30 Worthlngton(HR)Co pf.100
97 100
1st 5a 1920............. .M-N
•Per share a And accrued Yivi&tsti. b yasla, k Listed on Stock Exchange but usually Inactive. /F lat price, n Nominal, s Sa’e price * New stock.
Subsidiaries "s Kx-Alv. V Rx-rlgntj. v RrLrlea all new stock dividends and subscriptions, e Listed on Stock Exchange but infrequently dealt in: rooord of sals,
JLaof* will be found on a )»e«os(ita6 pea*. 2 Xv-300% stock dividend.
Volume of business at Stock Exchanges
Inactive and Unlisted Securities
Telegraph and Telephone B.a Ask
t Amer Teleg & Cable__ 100 50 51
e Central & South Amer. 100 105 IO 6I4
Comm’l Un Tel (N Y)_..25 95 105
70
Empire A Bay State Tel.100 60
Franklin_____________ 100 40 50
r Gold A Stock Teles__ 100 110 121
Marconi Wireless Tel of Am 5 *314 312
e Northwestern Teleg___ 51 108 116
Pacific A Atlantic______ 25 65
e Pac Telcp A Teleg pref.100 86 *9014
Southern A Atlantic____ 25 85 95
Short-Term Notes
Amal Copper 5s 1915..M-^ 1003g 1003,
Amer Locomotive 5j 1915 J-J 9934 IOOI4
5s 1910...................... J-J 9 9 i2 100
5s 1917.......................J-J 9 9 i2 100
Am Tel A T Sub Cos 53 ’16. 9978 1001,
Balto A Ohio 5s 1914...J-J
997a (00
Bklyn Rap Tr—See N Y Stk Ex list.
Ches A Ohio 5s 1919... J-D 947, 951,
ChlcElevRys 5s 1914...J-J 997, 100
Erie Coll 6sOct 1 1914.A-O 1003, 1005,
Coll 5s April 1 1915..A-O 9934 100
5i2s Apr 1917_______ A-O 987, 9£14
Har Itlv A Pt Cli 5s ’ 15 M-N 9S>4 983<
Hocking Valley 5s ’14.M-N 1003, ICOi,
ill Cent 4Hs 1914___ J-J 100 Will*
Int A Gt Nor 6s 1914..F-A 88 V3
Inter Harvester 5s ’ 15..F-A 10014 lOtta
90 95
Minn A St L g 6s 1916_F-A
Mo Kan A Tex 5s 1915.M-N 89 93
Missouri Pacific 6s 1915 J-D 91 94
New Eng Nav 6s 1917 .M-N 98’4 993,
( N I C Lines Eq 5s 1914-22 b 4.70 4.60
4Ms Jan 1915-1925..-J-J b 4.70 4.60
4Ks Jan 1915-1927...J-J b 4.70 4.60
N Y Cent 4126 1915 ...Irt-N 1001, IOOI2
5s Sept 15 1914............... IOOI4 1005,
6s Nov 5 1914................ 1003, 1003,
N Y N U A II 5s ’ 15 -.M-N 98*4 9S3i
Seaboard Air L Ry 5sT6 M-S 9&50 1001,
Southern Ry 6s 1916.. F-A 99i2l 99*4
5s Mch 2 1917_____M-S2 99*2 6934
96
West Maryland 6s 1916.J-J 89
Wcstlngh’sc El A M 6s 1915 102 1023,
Railroads
e Chic A Alton com____ 100
91
e Preferred_________ 100 13 23
e Chic St P M A Orn___ 10b 125 140
e Preferred_________ 100 135 145
e Colo A South com____ 100 22 23l2
42
e 1st preferred______ 100 40
e 2d preferred_____ ..100 32 40
4
5
e Did S S A Atl com___ 10i
ii
8
e Preferred_________ 100
e N Y Chic A St L com..10C 36 t o
e 1st preferred______ 100 92 100
e 2d preferred_______ 100 65 80
Northern Securities Stubs.. 102 108
Pitts Bess A Lake Erie._50 *30 33
Preferred___________ 60 •60 66
e Railroad Securities Co
73
lli C stk tr ctfs Ser A____
51
West Pac 1st 6fl 1933..M-S 49
Per th a n
Standard Oil Stocks
16L
Anglo-American Oil new__ •16
Atlantia Refining______ 100 560 1575
Bornc-Scrymser Co____ 100 290 '300
Buckeye Pipe Line Co__ 60 •138 140
Chesebrougb Mfg Cons.100 630 650
Colonial Oil................... 100 95 105
Continental Oil_______ 100 205 210
Crescent Pipe Line Co__ 50 •47 52
Cumberland Pipe Line.. 100 60 56
Eureka Plpo Line Co__ 100 255 205
Galena-Signal Oil corn.. 100 172 175
Preferred__________ 100, 145 159
Indiana Pipe Line Co.__ 50 *125 130
National Transit Co____ 25 •37 39
New York Transit CO...1U0 265 275
Northern Pipe Line Co_100 104 15)9
Ohio Oil Co.____ ______ 25 *168 170
Pierce Oil Corp__________ *76 80
Pralrlo OH A Gas............100 415 425
Solar Refining________ 100 285 300
Southern Pipe Line Co_100 217 220
South Penn OH_______ 100 270 275
Sou West Pa Pipe Lines. 100 140 145
Standard Oil (California) 100 300 306
Stand Oil (Indiana)-----100 445 450
Standard Oil (Kansas) —100 395 400
Stand Oil of Kentucky..100 205 270
Stand Oil of Nebraska.. 100 320 350
Stand Oil of N J (old).. 100 1300
Stand Oil of N J............100 395 400*
Standard Oil subsidiaries... •950
Standard Oil ol N Y___ 100 204 206 "
Standard Oil of Ohio...100 385 400
Swan A Finch________ 100 180 200
Union Tank Line Co___ 100 82 85
Vacuum Oil__________ 100 212 215
Washington Oil________ 10 *45 50
Waters-Fierce Oil_____ 100. 3000
1986
BOSTON STOCK EXCHANGE—Stock Record.
STOCKS—111OHEST AND LOWEST SALE PRICES.
Saturday
June 20
Monday
June 22
Tuesday
June 23
Wednesday
June 24
99%
101
•178%
89%
99% 99% 99% *99% 99% 937a 98%
101% *101% 101% *101 101% *101% 101%
___ *17S%
179% 179% *179
90% 89% 90% 90
91% 91
91
160 *
160 *
169 *
159
34% 35
34
3>
2 4% . •>
3 4% 35
•224 240 *220 240 *223 249 *225
<•j
12
♦7
12
12
*7
12
•36
*
•105
79%
•121
•86%
*93%
•11%
*60
65%
*103%
•148%
*21
•156%
83%
•120
67%
33
160
106
*36
*33
33
33
*35
*
160 *
160 *
*105 103 106 103
19:3 10J
*175
*175
79% 78
78 ♦
78
78
7.3
122 *120% 122 *120 122 *120 H i
87
*36% 87
*36% ! 7
*3612 87
95
95
*93% 95
*11%
11% 11% *11%
63
60
60
60% 60
60"% *59
66
05% 65
65% 66
f;*% 65
*103%
*103%
*lU3%
152
150 160 *14.3% 152
150 159
*21
*21 ___
*31
25
166% 156% 153% 150% 156% 154% 154%
83% *84
84% *83% 84
*88% 84
130 *120 128 *120 123 *120 123
67% ♦07% 67% *57
67-% 67
67%
89
87% 87%
87% *85
8/%
63% 66% *54%
rJ4%
*2% 4-8 *2%
20
20
*19%
167%
•107,2 103
113-3 1137* 113%
123% 123% 123%
76% 76%
*60 - __
100 100
*6% 8
•14
15
11% 11%
251 254
143 143
100% 100%
84
8-4
90
90%
— __ —
*2 % 3
*20 ___
60
___
45
130% 130%
154% 154%
•20 20%
•107 ___
•30 30%
•28% 30
*1% 1%
149% 150%
67% 57%
*28% 29%
62
62%
109% 140
r,i\ 54% 51%
94% 95
95
2-8 *2% 3
___
2 ) 20
1IM 107% 101
113% 113% i m
123% 122% 123%
76% 76% *74% 74%
62
*60
62
*50
*!):>% 109
*07% 99
*6% 8
♦6% 8
15
*14
15 *14
12
11
11
*11
251
2.r) 259
K < 143% 14"-% 143%
100% 100% ♦10J lt)L
85
84% 84% 84
!">% 90% 90
90
215 215 213 213
*2% 3
*2% 3
*20 ___ *20 21
*57
60
*57
59%
*20 ___ L 20
20
*
45
45 *
139% 130% *130% 131
151% 155
164% 154%
*19
*19
107 10/% 106% 106%
30% 30%
30% 31
29
29
*27% 28%
1% *1
*1
1%
159 151
150% 151
57% 57%
67%
2)
29
29%
62->8 61% 62%
62
199% 10J% *109% ll/J%
5-*% 645,
95 95
*-% 3
*1!IU 29
107 107%
113 113%
12<)7a 122%
Thursday
June 25
Friday
June 23
*xr,% 97
*97% 93
*)!!0 j 101
179 ___
90
99% 9012 00%
. 156
153 353
31
£5
Last i'-’e 225 June’14
Apr’14
Last Lalf 7
Last Sue •;% June'14
Last S- ’:
16“ May'14
Last SrIt
105% 105%
103 106
176 May’14
*___ 78 *___ 77
*129 ___ 121% 121%
*11% ___
11% 11%
59
59 11___ 60
64
64* 61% 65
Last Sale 101 June’ 14
*143% 152 *148% 152
*21 ___
21% 22
*151% 151-.
*82%
Last Salt
C7 G7% 67 67
*35 87% 87% 87%
63% 63% 53% 53%
94% 04% 91
C1%
2% 2% *2% 3
♦19% 19% 19% 19%
105 100% 105 106
112% 113
112% 112%
121 1217S 12U.! 122
Last Sale 15 Mar’14
74% 74% 73
74% 73% 73%
*60% 62
60 60% CO 60%
*97% ___
97% 98
G% 6%
6
6
*6
8
*14
14%
*10% 11 *10% 12
*10% 11
250 249% 250 219 219
147% 147% 116 147
146% 147
*100 101
ICO 100
100 100
84 84% 83
84
S3 83
*90 90% 90 90
90
90
214% 214% 214% 215 *___ 211%
*2% 3
Last Sale
*20
21
*29 21
20 20
*57
69% *---- 57% 55
65
20
20
*29 ___ *20 23
45
37 Mar'14
130% 130% 130% 130% 130 1?0%
154 154% 154 154% 154 154
20
20
*18% 20% •18% 19
105% 100% 105% 100% 100 106%
30% 30% 30% 30% *30
30%
*27% 28% *27% 23% 28% 28%
*1
1%
1% May’14
150 150% 149% 150 rl47 148
66% 67
63% 57
56% 57
29
29
29
29% *29
29%
60% 61% 58% 60
50 697s
109% 100% *103% 109% 109 109%
Sales 0/
STOCKS
Week
Shares
EXCH ANGE
Range since Jan. 1.
On basis of 100-s/iartf lots.
m
Lowest.
99% Jan ,26
91% Oct
(
101% Feb 10
95% J’ly
-J
195 Jan 5 1S3 Dec
1
91% Jan 16 82 Nov
179 Feb 9 150 Dec
55 Jan 12
Dee
255 Jail 27 238% l)cc
7% Feb 13
7 Sep
GO Jan 19
67% J
5 F—
40 Jan 26
30% Dec
163 Jau 15 162 S—
107 J’ne 11 101% J
200 Jan 24 200 J
93 Jan 28
68 Dec
124 May 1 *115 Aug
88% Apr 6
82% J’ly
99 Meh 28
91 Dec
14 Jan 23
10% Dec
66% Jan 24
63 Dec
77% Jan 2
65*4 Bee
112 Feb 6 100 Dec
105 Jan 30 150 Dec
30 Jan 8
25 Aug
163% Jan 31 139% J’ne
85 Jan 6
80% J’ne
130 Feb 5 105 Dec
75 Jan 23
67% Dec
95 Mch 12
86 J’ly
i'liscclkzncous
111 Amer Agricul Chom__10G 47% Jan _ 69% Mch 19
91 Jan 3 98 J’ne 15
105 Do p r e f________ 10b
2 %Jan 27
4 Jan 31
75 Amer Rneu Service-- 50
17 “ Jan 2 22 Jan 31
70 Do pref_________ 50
681 Amer Sugar ltefin__ 100 97% M chll 110%Jan 2
272 Do pref_________ 100 108 Mch30 114 Jau 29
Amer Telep & TeIeg-100 117%Jan 3 124 Jan 24
3
14 Mcll 4
Mch 4
American Woolen____100
72% Mcll 4 83 Jan 26
475 Do pref_________ 100
107 Amoskeag Manufacturing 59i2 J’ne 2 67 Feb 13
97% J *n©25 100% J nelg
23
5 Feb 19
9 Jan 23
08 Atl Gulf & W I S H L_100
13%May 27 16% Jau 16
10 Jau 20 14% Feb 11
70 East Boston Eand___10
Apr 29 265 Meh 4
149 Edison Elec Ilium___100 244
100 139%Jan A 150% Feb 20
408 General Electric
Jan 23
37 McElwain(WJi)lst pf 100 98% Apr 30 102
632 MassachusettsOasCoslOu 82% May 20 94% Feb 17
89% J'ne 9 96 Mch 16
145 Do pref_________ 100 211
%Jan 3 216% Feb 27
18 Morgentbaler Lino___100
2% May 13
3 Jan 28
Mexican Telephone.. 10
10 Mississippi lilv Pow-100 20 May 26 38 Feb 3
65 J ’ue26 70 Jan 30
pref_____100
40 _ Uo
20 Apr 9 30 Jan 19
GO N E Cotton Yarn____100
66 Mch 10 69 Jan 24
J ‘ne20 141 Feb 2
137 N E Telephone______ 100 130
Jau 27
147 Pullman C o_________ 100 151 Jan 7 159
16 Jan 7 20 J'ne 10
10 Reece Button-Hole_10
3 107*4 Mch 9
131 Swift & Co__________ 100 104%Jan
67 Torrington_______ _ 25 27 Feb 24 31 May21
27 Mch24 29% Jan 20
3 Do pref_________ 25
1 Apr 15
2 Feb
Union Copper L & M 25
1,613 United Fruit________ 100 *147 J ’ne20 173 Feb 13
2,752 Un Shoe Mach Corp. 25 5334 Feb 2 61% J’ne
194 Do pref_______ _ 25 28 Jan 9 29% J'ne 13
Ion 66% Apr 2*6 67% Jan 31
6,123 U S Steel Corn..
105% Jan 5 112% Jan 26
49
Alining
1 Apr 14]
•1% 1*8 *1% 1%
1%' 1% •1% 1%
1%
1% 1% •1
100 Adventure Con______25
•275 230 *270 280 *270 230 ’ 2/0 230
239% Apr
Last Sale 275 June’ 14
27
28 23
23% 23% 23% 20% 10,622 Alaska G o ld ............... 10 20%Jan *
27% 27% 27
27%
*.95 1
*.92 .96 *.C2 1
Last Sale
*.99 1
Algomah Mining____ 25 .92 J’ne t
40
39% SJ3. 87% 38
•10 40% 40% 40% 40
34%Jan b
39
39
280 Allouez_____________ 25
7T7% 70% 69% 70
71% 71% 70% V1
67% 68% 67% 63
3,792 Amalgamated Copper 100 67% J ’ue 15
16% 16% 16% 16% 16
16% 16% 16% •15% 16% ♦15% 16% 1,010 Am Zinc Lead <& Sm . 25 16% Apr 26
4% 4% *4% 4% *41.i 4%
4 Jan 10
*4% 4%
4% 4%
135 Arizona Commercial. 5
•2% 3
2 Apr 22
2 ’3 27«
2% 2%
2-s 2', <2% 3
*2% 27S
435 BuUe-lialaklava Cop 10
37% 37% 37
3. % £6% 37% 23% £5% £3
£3% 36% 37% 0,989 Butte & Sup Cep (Ltd) 10 31U Jau 3
65
65
65
65
65
64
fj'O
65
63% 61% 6334 64% 1,937 Calumet & Arizona.. 10 61 “ Apr 2
410 415
405 405 405 405 400 4C0
•410 415 411 411
400 J ne2o
ne
37 Calumet & llecla____25
14 Jau u
•167* 17% 17% 17% 16% 16% * Id
16% 16
16 *16% 16%
160 Centennial__________ 25
41% 41% *41% 41% 4138 41% 40% 41% 39% 40% 40
37% Apr 25
Chino
Copper_______
5
40
720
88% 30% 30% C'5% S3% 33% 36
86% 36
36% 30
36
457 CopperKange Con Co 100 3 1 Apr 25
1% May 19
•1% 2
*17s 2
*178 2
*1% 2
173 Jutm»’ 14
9% Apr 25
10% 10% 10% 10% 10% 10% 10% 10% 10
1,435 East Butte Cop M in. 10
10% 10
10
4%
2 %Jan 6
4%
4%
*4% 4'!j
41s 4% *4% 4%.
4% 4%
Franklin ............ ........25
„
82
81
81
•81
81% 82
81
81
79
80% 79% 80
2,559 Granby ConsolIdated-100 73% Jan 9
21% Apr 2o
32% *32
82
32
•32
31% 32
29% 32% £0 31
2,109 G rceno-Cananea_____ 10<
*15
16
18
15
•15
16 *15
15
*14
16 *14
15 11ancock Consolidated 25 13% Apr 22
16
2£i-> Feb 16
29%
29%
29%
29%
Last Sale 22% J!’rc*1■ ......... Hedley Gold________ 10
25J’ne 12
*.25 .40 *.30 .40 ’ *.30 .40 "*.31 .40
Last Sal: .25 Jus2*14
Helvetia Copper_____25
3 Apr 24
4
4
3% 3% *3% 4
*4
*3% 4%
4%
75 Indiana Mining_____21
*£% 4
49% 50
60
60
f.O 59
60
49% CJ *49% 60
60
216 Island Creek Coal___ 1 46 Meh
99
*87% 83
85
89% 89% *89
83
*87
83
Do prof_______ 1 81 J’ne
10
*37
n
Apr 2„
•20% 21% 20% 20% 20% 20% 19% 20% *19 20
270 Isle Royal0 C opper._ 25 16%
19% li%
3'%Men 28
6
6
5
5
6
6%
5 At
&A«
5
6
1,120 Kerr Lake__________ 5
4% 5K.
2
%
May
6
3% 3% *3% 3% *3% 4
*3% 4
3% 3%
400 Keweenaw Copper.__ 25
5 %A pr 2-4
*6% 6%
6% 6% *6% u3.
6% 6%
0% C% •6
25
6%
175 Lake Copper Go
4 J ’ u e.3
4
*4% 4% *4% 4%
4
•4
4%
4
4‘%
4
4
- 25
105 La Salle Copper
2 M»i25
*2% 3
*2% 3
*2% 3
2% 2%
*2% 3
n o Mason Valley Alines, u
2 M e n ,?
•4% 6
4% 4%
*4% 5
4% 4 %
4% 4%
4% 4%
350 Mass Consol________ 25
33. J’ne 16
4
*4
4%
4
4
4
■u, 31,
3% ?.%
460 Mayflower__________ 25
3% 3%
2
i% May 5
22% 22
•21% 22% *22
22% *22
22
22
22
*21% 22
20 Miami Copper______ 5
.60 May 26
.60 .60 *.50 .75 *.60 .8?
*.60 .80 *.60 .80 *.60 .80
ICO Michigan___________ 25
39 Apr 22
44
44 44 *4-4% 4 1% 44
44
44% 44 4 1
431- 40%
92 M ohaw k___________ 20
lia i-s
14 *1378 l " l
13% 13% ♦13% 14% *13% 13% 1378 1£7j
14
25 Nevada Consolidated. 5 13,2
17aJuil 11
4% 6%
*5% 5%
5% 6%
6%
4% 478
4% 4*, 1,450 New Arcadian Copper 25
5K 6%
M cMO
6% 6 At *3%
•6% n K, •«*,
6% G%
327 Nipissing Mines_____ 6
6 At G>r;
2334 Apr 24
25% 26>3 25% 25% 25% 26Js 25 25% 25 25
1,012 North Butte________ 15
25 25
.95 Apr 25
*1
l's
1% 1% *1% 1% *1
1%
1%
1%
n o North Lake_________ 25
i>* *1
a, Apr 22
*.99 1% *.99 1% ' .99 .99 *.76 1%
.99 .99
200 OJibway Mining_____25
.90 .99
2«i Mcll 3Q
4
4
4%
*4% 4%
4% *4
4%
4
4
510 Old Colony_________ 25
4
4
46% May 9
47% •47 47% *47
•47% 43% *47% 43
47% 47% •47
80 Old Dominion C o____25
47%
70% Apf 25
78
78
76 76
76
•76% 78 *76
*75 76
132 Osceola____________ 25
75
75%
16 Apr 24
171, 10% 17
17
17
1,264 Rond Creek Coal____10
17‘» 173* 17% 18
17-4 17U 17
55 J no25
•56
67
63
55% 66
*56% 58 *56
•55% 53
65
55*3
136 .Quincy_____________ 25
1734Jau 10
•20% 21% *21
21% 21% 21% 207s 21
20% 20% *20% 20%
04 Kay Consol C opper.. 10 31
Apr 24
•33% 35 •33% 35
*33% 35
*33
35
Last Sale 35 June’14
l%Jan 7
•1% 1% *1% 1%
1% 1% *1% 1%
560
1'1 I*,
1% 1%
5 J’ue 22
•6% 5%
5
6% 6%
5%
6',
6% 6% ♦5
5
5
180 Shannon ___________ 10
22 Apr 22
•23*4 24% 24
24
*23% 24
•23% 24
2334 23% *23 24
180
l
•.11 •iii *.11 .16 *.11 .16
.14
South Utah M & S___ 0 25lOJ'uo
%Apr 24
•27% 28% •27% 28% 27
27
27
27
26 26% 20 20%
185
1% Apr 25
2
2% 2%
2% >2is
2%
800
z'A 2%
2
2 Mi *17j 2
231
,
Jan
9
86 •35 86
35% 35% 35
*35
38
31% 34%
320
3 May26
3% 87S ♦3% 4
*3% 4
*3% 4
3% 3%
105
3% 3%
.33 J’ne 10
•.35 .40 *.35 .40 *.35 .40
.40 .40 *.35 .40 *.35 .40
100
35% 35% 36% 35% 31 35
85
85
85
85
31
81% 1,223 U .S Smdt Itcf f; M in. CO 29% Apr 23
40% Apr 23
47% 4/1, 47% 47
47% 47
47% 47
47% 47 47%
83S
1%Apr 22
1% 1% •1% 17« *;'« 1% •1% 1% *1% 1%
t*
1%
50
8%Jan 6
11% 11% 11% 1D8 11% 11% 10% 11
11
11
11
11% 1,235
68% 68% 6.3 68
56% 67% 5634 57
59
*3% 58% 59
827 Utals Copper Co_. . . 10 49%Jan 10
2% 2% *23S 2?8 *2% 23S
•2% 2%
* Mob 2
2% 2*8 *2% 2%
1
159 Victoria....................... 25
2% 2%
2% 2%
2% *2%
2% 2% *2% ___
2 J’no 8
150
!£• 40%
40% 40% 40 40
*40%
40 40
40 40
38 A or 24
120 Wolverine___________25
.65 .79 *.50 .70
.75 *.70 .80
.05 .65 .*50 .70
450 Wvandott__________ 25
♦did and aafcod prices, t Asaeaamaat paid, b J£x-#tocJt dividend. A Ex-rl&utt. aKx-UivMeud uud rights. 1 UnaUUn*o4L
JSS
Highest.
„ Railroads
17< Atch Top & Santa Fe_100 96% May 11
97% Jan 15
8C Do pref_________ 100
1C Boston & Albany___ 10C *17712 May20
10C 77 May 8
97f Boston Flevate.l ...
7 Boston * Lowell_____10C 155 Jan 2
30 *4May 29
451 Boston & Maine_____IOC
Boston & Frovidenee_100 225 May 1
7 Moll 2
631* May i
Boston & Wore Flee U)S_
30 May
Chic June Ry & USY.100 160 McU 2
45 Do pref______ ______ 10312 May Hi
Connecticut River__ 100 176 May 4
78 J’ne 10
67 Fitchburg pref______ 100
5 Ga By « Elec stmpd-100 120% May 14
$3 Jan
90% Jan „
9 Apr 22
115 Mass Electric Cos__ 100
21 Do pref stamped _ 100 56 Apr 30
63s* J'no
1,860
100 May
12 Old Colony_________ 100 145 J ’ue .
19 May 8
25
149% Apr 25
22
aa Apr 17
20
Vermont & Mass____100 115 Jan 9
65% J’ne 4
839 West End St________ 50
BO 85 Apr 30
72 Do nref_ _
Range for Previous
Year 1913.
2 Jan 22
300 Mch24
28% May 18
1% Jan 20
43% Feb 18
78% Feb 4
21% Jau 30
6^a Meh 4
4% Feb 2
40% May 18
70% Mctl2o
460 Feb 13
19 Feb 4
43% Feb 4
40% Feb 4
3 Feb 6
13 Jan 26
7% Apr 6
91 Feb
42% Feb
22 Feb 4
30 Alcn24
%Jan
6% Feb 20
59% J’nelO
89% J’ne 20
24 Feb 4
5J4* J’ne 15
4% Feb 13
10%Jau 16
5% Feb 14
4 Jan 16
c5>2 May23
9 Jau 28
24% Feb 16
l%Feb 18
#46 Jau 23
W% Feb 4
On Men 12
8% Jan 22
30% Feb 4
2 % Feb 4
2 Jan 23
5 ;^ Jail 28
54 Feb 4
84 Feb 4
20%Jan 22
68 Feb 6
22%Apr 6
40 Feb 25
2 %Jan 27
7% Feb 16
29% Feb 4
.23 Feb 9
32 Fob 14
2% Jau 23
43 Fob 28
6%Jan 23
.85Mchlu
43% Feb 4
48% Feb 6
2% Feb 5
14 Feb 13
69 J ’n«22
«2% May 4
4% Feb 25
47% Feb 20
l%Jan 24
pf,i^ ^
41 Sep
89% Dec
2% J’ne
16 Nov
9912 Dee
108% Dec
110%Dec
16% Dec
74 May
59 May
9234 J’ly
6 Jan
10 Jan
9 J’ne
234 Dec
130 J’ne
95 May
87 Apr
80 J’no
209 J’ne
3 Jan
30 Nov
70 Dec
17 Apr
03% Apr
12/ Dec
149 Dec
14% Apr
101 J'ne
26 Sep
26 Sep
% J’ne
147 J’ne
41% J'ne
20% J ne
50 J’ne
102% J'»o
Highest.
106% Jan
101% Feb
215 Jan
114% Jan
205 Jan
97 Jan
290 Jan
16% Oct
65 Men
7% Mch
45 Jan
166 Feb
107 Mch
260 Jan
122 Feb
126 Feb
88 Sep
110 Meh
19% Feb
79 Feb
130 Jan
130 Feb
176% Feb
36 Mch
162% Jan
90% J^n
150 Feb
81% Feb
100 Jan
67 Jan
99% Jan
4% Jan
23% Jan
118% Jan
117% Feb
110% Jan
21 Apr
83% Sep
75 Jan
100 Jan
12% Aug
19% Aug
15 Feb
288% Jan
186% Jan
101 Jan
93% Jan
96% Mch
220 Sep
3% Feb
41% Sep
70% Deo
50 Apr
91% Jan
160 Jan
166% Jau
18 Sep
108 Mch
28% Jan
28% Jan
2 Jan
182 Jan
65% Feb
28% Feb
69 Jan
111 Jan
1 May
0 Jan
230 Nov 330 Jan
ic834 J’ne
34% ()ct
.15 May
3% Jau
29% J’ne
42% Jan
62 J'ne 80% Sep
15% Dec
Feb
2% J ’no 32%
6% Sep
1% J’ly
6 Oct
18% J no 45 Jan
50% J'ne
72% Jan
388 Deo 566 Jan
10 J'ne
18 Jan
30% J'ne
47% Jan
32 Deo
63 Jan
2 Sep
4 Jan
9% J’ne 15% Jan
2% Dec
9 Jan
61 J'ne
78% Sep
27% Dot
35% Aug
12 Nov 25 Jan
27% Jan
35 Apr
% May
% Jan
3 Oct
17 Jan
44% J’ne 59 J an
79 J’ly
87% Jan
16 J’ne 33% Jan
2% Jan
4% Nov
1 Aug
3% Feb
5 Nov 26% Jan
3% J’ne
5% Jan
3% No*
10% Jan
134 Nov
6% Jau
6 Nov
15% Jan
20% J 'ne 26% Jan
% Dec
2 Apr
38 Nov 65 Jan
13 J ne 19% Jan
% J'ne
2% Jan
7% Nov
9% Mch
21% J’ne 34% Jan
.99 Maj
2% Jan
% J ne
3% Jan
3 Apr
8% Jan
41% J no
Jan
67% Dec 107 Jan
15 J'ne 38% Jau
52% Dec
80 Jan
16% J 'no 92 Jan
30 Nov 40 Jan
1 J’ne 3 At Aug
5 Deo
13% Jan
21 Feb
31 Sep
.15 Aug •35 Jan
21
_Nov
40% Jan
1 % Jan
*1% Feb
21 J’ne 38 Jan
3 May
6 Jan
.50 .Dec
3% Jan
34 J’na 43% Jan
46% J’ly
50 Jan
1% May
2% Sep
7% May 11% Jan
40 J’ne 6u Jan
•90 J'no
2 Jaa
*4 Sep
4% Jaa
39% Nov 76 Jaa
.40 J'ne
1% Jm^
Week's
Range or
Last Sale
Price
Friday
June 28
Range
Since
Jan. 1
Bonis
Sold
BONDS
IOSTON STOCK EXCHANGE
Week Ending June 26
r
Am Agricul Ohom 1st 5s__1028 A-C
Am Telop & Tel -rell tr 4s_1029 J -J
Convertible 4s________ 1030 M-S
20-year conv 4
1033
Am Writ Paper 1st s f 5s g_1019 T -J
Am Zinc L & 8 deb 0s______ 1015 M-N
Atcli Top Sc S Fe gen g S..1995 A -0
Adjustment g 4s___ July 1905 Nov
Stamped________July 1005 M-N
50-year conv 4s_______ 1055 J-D
10-year conv 5s_______ 1017 J-D
At! Gu.f Sc W I SS Lines 5s. 1959 J-J
Bos& Corb 1st conv s f 6s _1923 M-N
Boston Kiev 3 -y r g 4 s _____ 1035 M-N
Boston & Lowell 4s_______ 1016 J -J
Boston & Maine 4 A s _____ 1944 J -J
Plain 4s....... ............
1042 F-A
Bur & M o Kiv cons 0s_____ 1918 J -J
[Butte El & Pow 1st 5s____ 1951 J-D
Cedar Itap & M o Kiv 1st 7s 101G M-N
'Cent Vermt ls t g 4s___May 1920 Q-F
O B & Q Iowa Dlv 1st 5s___1910 A-O
Iowa Dlv 1st 4s_________ 1010 A-O
Denver Ex ten 4s________ 1022 F-A
Nebraska Exten 4s______ 1927 M-N'
B & S W s f 4s__________ 1921 M-S
Illinois Dlv 314s________ 1949 J -J
Chic Jet Ry & Stk Yds 5 s..1915 J-J
Coil trust refunding g 4 s.1940 A-O
Oh Milw & St P Dub D 6s__1020 J -J
Oh M & St P Wis V div 6S..1920 J -J
Oh & No Mich 1st gu 6s___1931 M-N
Ohic & W Mich gan 5s_____ 1921 J-D
Concord & Mont cons 4s___ 1920 J-D
Copper Uange 1st 5s______ 1949 A-O
Oudahy Pack (The) lstg 5 •1924 M-N
Current River 1st 5s______ 1920 A-O
iDet Gr Rap Sc W 1st 4s___1948 A-O
Dominion Coal 1st s f 5s___1940 M-N
Fitchburg 4s______________1927 M-S
Fremt Elk ie M o V 1st 6 s ..1933 A-O
__Unstamped 1st 6s_______ 1033 A-O
Bid
Ask
100*2 101
893g Sale
High No.
___
48
___
6
___
100 ]
___
051* 98 95l2
6
___
87 1
___
64*2
65
41
6 0 ___ _
83i2Jan '14
100i4 Mch '00
10412Oct '08
95 Feb '12
IOO34 Mch'14 - —
104i4 Feb '14 . . . .
80
80
1103 Oct '07
98i2J’ne ’l l
9934------ 09 Mch’14
905* Feb T4
' 9934II11 98>2Dec T2
83*4 Mch’14
100U Sale IOOI4 lOOh " 2 2
82
2
80 82 82
107 J’noT3
1135sFeb 'll
'
42 55 65 /
68 ___ 72 J
93*2 5
95 Mch'13
lOOh Aug’12
92 J"
50 ___ 68i2J’ne’ 14
99 100 9914 a'
95 c
121»4___ 121
122 a
NOTE.—Buyer pays acenied Interest in addition to the purchase prloe
Price
Friday
June 28
BONDS
BOSTON STOCK EXCHANGE
Week Ending June 26
Week's
Range or
Last Sate
High
Bid
Ask Low
Low High
993,1101 General Motors 1st 5-yr 6s_1915 A-O 101 lOlU 100*8Mch’14
97>4
8478 897f Gt Nor C B & Q coll tr 4s._1921 J -J
97U Sale 97
Registered 4s___________1921
967s ___ 97 May'14
95 997s Houston Elec 1st s f gen 5s_1925
117 A p r'08
69*8 72 la Falls & Sioux O 1st 7s___ 1917 A-O
65
100 104 Kan O Clin & Spr 1st 5s___ 1925 A-O 60 71 65
93*8 957s Kan O Ft Scott & Mem 6 s ..1928 M-N 103 111 tlU7aApr 'll
74*8 Mch’ 14
85*8 87 K C Ft S & M Ry ref 4s gu_1936 A-O
SI
Kan C M & B gen 4s______ 1934 M-S 84 Sale 84
75 Apr 14
9478 947s
Assented income 5s_____ 1934 M-S ____73
Kan C & M Ry & Br 1st 5 s .1929 A-O ____94i2 93 J ’ne 14
115 .I’ne'Ub
03*2 68 Marq Hough & Ont 1st Gs_1925 A-O
Mass Gas 4 A s ____________1929 J-J
9GI2 . . .
96*2 J ’ne’ 14
83*2 83k
Debsn 4 A s________ Dec 1931 J -J ------ 0478 05 J 'ne'14
Mich Telephone 1st 5s_____ 1917 J-J
9878Mch’ ll
Miss River Power 1st 5s___1951 J -J
8178 Sale SH2 8178
New Eng Cotton Yarn 5s__1929 F-A
74i2____ 74
74
10034 101*2 New Eng Teleph 5s_______ 1915 A-O
100 F e b ’ 14
5 s ---------------------------------1932 A-O 101U 101i2 101*4 10138
104U 104h New River (The) conv 5s__1934 J -J
75 Mch’14
80 867« N Y N H <fc H con deb 3 J^s.1956 J-J
7078 Mch’14
Conv deb 6s____________1948 J-J
lll*8MchT4
977s 98*2
109*8 Jan ’ ll
F-A
99 99
J-D 102i2 Sale 102*2 104
95*4 96*8 Puget Sd Elec Ry 1st 5s__ .1932 F-A
88 Jan ’ 14
Repub Valley 1st s f 6s__ .1919 J -J
103 Jan '11
83*4 8334
70*4 Dec '10
J -J
98*4 101*8
F-A 101*8___ 401*8 Pnc’ 14
80*2 84
.1919 M-N ____95
95 May’ 14
J -J
97 Apr '07
M-S
100 Mch’14
65 65 Union Pac It It <&Id gr g 4 s.1947 J -J
97*2 Mch’14
72 92
20-year conv 4s_________ 1927 J -J
90*2 Mch’ 14
93*2 93*2 United Fruit gen s f 4 Hs___1923 J -J ____95t4 95*4
95*4
93*g 9412 94*2 J 'ne’ 14
Debenture 4H *________ 1925 J -J
U S Steel Co 10-60-yr 5s Aprl963 M-N! 102*4 J03's 1025* May’ 14
West End Street R y 4s____1915 F -A
99*» J ’ne’ 14
58*2 78
Gold 4 *^s______________1914 M-S
997s Feb ’ 14
Gold debenture 4s______ 1916 M-N
97*8 99*8
9S78 Apr '14
Gold 4s________________ 1817 F-A
96*8 Nov "13
120*2 121
973* 9734 97
9734
J -J
J -J
93*g Feb '12
for all Boston bonds. * No price Friday; latest bid and asked. 1| Flat prices.
n
Range
Since
Jan. 1
Low High
100*8 100
94*4 97*8
94*8 97*4
65 65
108*8 112
74*8 75*4
S4 86
75 80
93 96*4
95*4 97*4
93 9534
987s 987s
81 85*4
74 83
9978 100
iOOls 101*4
75 80
6878 75
111*8 117
109*8 109*8
100 107*2
88 88
100 101*8
92 95
100 100
97*2 97*8
90*2 90*2
93*8 97*8
92 95*4
1007s 103
98 99*2
997s 997s
98*8 9878
3 9334 993s
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARK PRICES—N^T PER CENTUM PRICES
Saturday
June 20
Monday
June 22
•105*4 106*2 100
•115 118 *114*2
•1234
•1212
+__
129 129 *127*2
•19*4
*19*4
•64
•54*4
27*8 277s 2778
Wednesday
June 24
100*4 106K 106*2 100
119 ♦114 110 *113
__
15
♦12
66 ♦__
60 *
*_ _ 129*2 *124
*__
*19*4
♦
•54*4
28
28 28*e 28
38
*37
•37 38
48*2 48*2 48*2 48*2
61
51
•30*4 37*2
•77*2 78
•11
11*4
17*8 173S
•79*2 80*4
*69*4 69*2
*17
17*2
•30 303,
55% 55%
3834 38*4
25*8 25*8
•15
16*4
82*8 823a
•6'% 7
42*2 4212
84*2 8-1*2
Tuesday
June 23
37*8 37»s
48
48h
Thursday
June 25
106
116
14
106
*113
68 ♦
♦126
19*2 18*4
64*2 *
28
28
37*4 37*4
47*t 4712
106
116
105*2 106
♦113 110
*12
13*2
*54
55
56
129 ♦125 129
18*2 *17*4___
*52*2___
54
28
*2734 28
37
37
47*2 47*2
61
6 U4 61*2 6 U2 51
51*2 61
51
36
30
*36*2 37
36
*36*2 37
30
*77*1 78*4 78
78
77*4 78
♦77*4 78
*11
11*4 ♦11
1134
11*2 12
11*4 *11
17
16*2 1678 16*2 16*2
17*4 17*4 17
81
80
80*2 81
80*8 80*2 80*4 8012
69*2 69*4 69*2 6978 68*4 69*8 68*2 683.|
17*2 16*2 17*8 *17
17*8 17*8 *17
17*4
3034 30*4 30*4 30*4 30*4 30*4 30*4
*30
55*2 65*4 5534 66 % 55% 551*8 64*4 55*4
3878 3878 39*8 39*8 39
39
39
39
25*8 26*4 25*8 26*4 25*8 25*8 25
25
1534 15
15
*15
15
15
14*4 14*4
82%
823,
82*s
81%81% 81
82*8
8 U4
7
6% 6%
7
6% 6%
674 6%
42*4 42
42
42*2 42*2 42
42
42
84*2 84*2 8438 84*2 84
84*8 84
84*8
Bid
PHILADELPHIA
Inactive Stocks
00
37
37
47** 47*2
*11
11*2
*50*2 51*2
*35*2 36*2
77*2 7734
11*4 11*4
16*4 16*4
*80 80*4
*66*4 67*8
17
17*2
30*4 30*4
54*4 55 Me
38*4 39
25 25*8
*14*4 16*4
80% 8078
078 6%
42
42
84 84*2
PH ILA D E LP H IA
B id
Sales
of the
Week
Shares
ACTIVE STOCKS
Stocks see below)
Baltimore
Con Gas El L Sc Pow.100
Do
p r e f ______ 100
Houston Oil tr ctfs__ 100
Do
pref tr ctfs. 100
250 Northern C e n tr a l.... 50
50 Seaboard Air Line__ 100
Do
pref_______ 100
1,118 United Ry & Electric. 50
Range Since Jan. 1
Lowest
th is d a y .
,
Philadelphia
American Cement___50
15 American Railways_50
37 Apr 10
338 Cambria Steel_______ 50 i457i Apr 30
11 Jan 15
E lectrlc Co of America 10
97 Elec Storage Battery.100
46*i Jan 5
110 Gen Asphalt _____
100
33 J ’ne24
74*4 Jan 6
188
Do
pref_______ 100
143 Keystone Telephone. 50
978 Apr 28
2,255 Lake Superior Corp._100
15*8 J'ne 10
74 Leh C & Nav tr’etfs_50
*77*2 Apr 30
463 Lehigh Valley________ 50 *66*4 J ne26
263 Lehigh Valley Transit 50
16*2 J'no24
335
Do
pref______ _ 50
30 J’ne 9
3,773 Pennsylvania R R ____50
54*4 Apr 25
488 Philadel Co (P ittsb ).. 50
38*8 Apr 27
24*4 j ’ne 8
1,849 Philadelphia Elect1J__ 25
1,125 Phila R T v o t tr ctfs_50
13 Apr 27
653 R eading..____________50 *79 % Apr 27
695 Tonopan Mining____ 1
6 Mch 6
781 Union Traction_______ 60
42 Mch 27
82 Apr 25
077 United Gas Impt____60
A sk
PH ILA D E LP H IA
B onds
s E x -d lv ld e n d .
fl J15 p a id ,
i
*17A
Highest
p a id .
U 22A
p a id .
Range lor Previous
Year (1913)
L
j
W C SI
103 Feb 14 108*4 May21 101 J’ne
109 Jan 3 114*2 May28 101 J’ne
12 Apr 25 19*2 Feb
12*2 Dec
53 Apr 28 60 Jan 19 56*2 J’lv
115 Jan 22 129*2 J’uolO 100*2 Dec
17*4 Jan 6 22 Feb 5 14*2 J'ne
46 Jan 2 55*2 Feb 9 41*2 J’ly
24*2 Jan 7 28*8 May 25 23 Jan
Ph & Read 2d 5s 1933 A-O
P ric e s a re a ll “ a n d
Ex Imp M 4s 1947.A-0
1 ,.. . , i n t e r e s t ' '
Terminal 5s g 1941 Q-F
101*2 102*2 Alt ’* L V Elec 4 H s ’33F-A
P W Sc B col tr 4s ^ l . I j - J
43U 44 Am Gas & Elec 5s ’ 07.F-A "83 ' "86*4 Read Trac 1st 6s '33__J-J
Am Rys 5s 1017_____A-O
96 Roch Ry Sc L con 5s ’54J-J
Atl C Gas 1st s f 5s ’60 J-J —
Spaclsh-Am Ir 6s ’27. J-J 101*2
Berg&EBrow lstGs’21 J-J
Stan’d Gas Sc El 6s'26 J-D
Bethleh S'tl 6s 1998.Q-F 116*4
Stand Stl Wks lst5s’28 J-J
Oh Ok & G gon 5s 1919 J-J
97*2 U Trac Ind gen 5s ’ 19.J-J
Con Trac of N J 1st 5s '33 102*4 —
Un Rys tr ctfs 4s ’49 _J-J
22l2 22*4 Del Co ltys tr ctfs 4s’49J-J
United Rys In vlst coll tr
Edison Elec 5s 1946..A-O :
106
s f 5s 1’926_______ M-N
Elec Sc Peoples Tr tr ctfs. 81 82 Welsbach s f 5s 1930_J-D 6912
88
Fr Tac & II 1st 5s '40.J-J
69*2
Wil-B G&E con 5s ’55.J-J 102
Gen Asphalt 5s 1916.M-S 98 "98Q York Rys 1st 5s 1937.J-D
Ilarw Elec 1st Gs 1942 M-S 10234 103
54
Interstate 4s 1943.. F-A 58*8 68*2
B A LTIM O R E
66*2
Kentucky Tra&T 5s’51F-A
In a ctiv e S tock s
Keystone Tel 5s 1935_J-J 91*4 9*
65
125*2
Lake Sup Oorp inc 5s’24 O —
80
70
Lehigh Nav 4 A s ’2 4 .Q-F
92*4
92*2
Con* 4 Interim ctfs w 1 99*2
20
106 106*t Leh V O 1st 5s g 1933.J-J 104*4
1st preferred_______ 100
Leh V ext 4s 1st 1948.J-D
2d preferred_______ 100
Consol 6s 1923____J-D n i l ) 112 G-B-S Browing______100
*6’i
Consol 4 A s 1 9 2 3 ...J-D
36 38
Bonds
42 42*2 Annuity 6s____ ,__ J-D 137*2
P r ic e s a re a ll “ a n d
W0
Gen cons 4s 2003_M-N
90 91
interest"
80 80*2 Leh V Tran con 4s '35 J-D
Balt City 3 A s 1 9 3 0 ...J-J M
8*4
1st series A 4s 1935.M-S
4s 1854-1055... Various
6*8 "<%
1st series R 5s 1935 M-S W3Q
5s 1016__________ M-N 101
MarketStEl 1st 4s ’55M-N 94*4 95*s
99la
NatLH&PserB 5s '19 J-J
93
Now Con Gas 5s 1948.J-D 104
100
N Y Ph & No 1st 4s’39 J-J
6-20-yr 4s 1925..___J-J 91
Incomo 4s 1939__ M 7N
B 8 P Sc C l i t 4 A s 53 P-A 97*4
Penn Steel 1st 5s '17.M -N
___ 'lalt Trac 1st 5s '29.M -N 104b
People’s Tr tretfs 4s. 1943 ~83*2
No Balt Div 5s 194 2J-D 105
P Co lst&coll tr5s’49M-S 99
... lent Ry cons 5s '3 2 .M-N 104
50*2
„ Con A coll tr 5s ’ 51 M-N ---- 83*t
Ext Sc Imp 5s 1032 M-S 104
61*2
Phil Klee gold tr ctfs. A-O 102 102*2
102
Trust ctfs 4s 1949._J^J 79 80
93*4
” & E gon M 5s g '2 0 .A-O 103*8 .. .
103'
Gen M 4s g 1920__ A-O
98 ___
101 H i)
_
American M illin g.-_ .10
Amer Rys pref_______ lot
Cambria Iron ._______ 00
Central Coal & Coke— 100
Preferred._________ 100
Consol Trac of N J__ 100
Harwood Electric____100
Huntington Sc B T ____50
Preferred ___________50
insurance Co of N A . _ 10
Inter Sm Pow Sc Chem 50
Kentucky Securities_100
Keystone Telop, pref. 50
Keystone Watch Case 100
Lit Brothers__________ 10
Little Schuylkill_____50
Minohill Sc Schuyl H__ 50
Nat Gas Elec Lt Sc P ..100
Preferred_________ 100
North Pennsylvania!! 50
Pennsy receipts S30 paid
Pennsylvania Sait____60
Pennsylvania Steel__ 100
Preferred_________ 100
Phila Co (Pitts) 6% prf 60
6% cumulative pref 50
Phila German & Norris 50
Phila Traction________ 50
Railways General____10
Tonopah Belmont Dev 1
United Cos of N J____100
United Trac Pitts pref 50
Virginia Ry & Power_100
Preferred_________ 100
Warwick Iron Sc S;eel. 10
Wash’ton-VaKy (new) 100
Preferred_________ 100
Wolsbach Co________ 100
West Jersey & Sea Sh_ 50
Westmoreland Coal— 50
Wilkes Gas Sc E lec._.100
York Hallway________ 60
Preferred _______
50
• B id a a d a sk ed ; n o sales
Ask
Friday
June 20
Hlghes:
Jan
120*4 Jan
25*2 Nov
68 Jan
123 Apr
21 Jan
49*2 Sep
27*8 Apr
120
2 Feb
2 Feb
39*2 Feb 14 37 J’ne *49*2 Keb
5134 Jan 21 41 J ne
53*8 Jan
11*4 Jan 27 11*4 J’ly
12*8 Jan
55*2 Feb 2 42*2 J’ne
54*4 Jan
42*2 Feb 10 33 J’ne
4278 Feb
82 Feb 10 70*8 J’ne 78 May
13*2 Jan 15
934 J’ne
13*2 May
23*4 Jan 31 21 Dec
31*2 Jan
84*4 Jan 22 81 J’ne 93*2 Jan
78*8 Jan 24 70*8 J’ne 84% Jan
205s Feb 4 15*4 Jan
2378 Mch
34 Jan 29 29i2 J’ne 37*2 Mch
57*4 Jan 31 53 A Dec 61% Jan
46*4 Feb 6 37 J’ne
50 Jan
27*4 Feb 19 520*2 J’ne 1126*8 Dec
20*8 Jan 15 18 Nov
28*2 Jan
86*8 Jan 23 75*8 J’ne 85% Deo
7*2 Jan 14
4 J’ly
7% Dec
47 Jan 15 4134 Nov 51*2 Jan
86 Jan 28 80*4 J’ne
9U2 Feb
BALTIMORE
Coal & C R y 1st 5s ’10A-O
Coal Sc I R y 1st 5s’20 F-A
Col & Grnv 1st Gs 1916 J-J
Consol Gas 5s 1939_J-D
Gen 4 A s 1954.........A-O
Cons G E & P 4 M S ‘35 J-J
Consol Coal 5s 1950_J-D
Fair & Cl Tr 1st 5s ’38 A-O
Ga Sc Ala 1st con 5s ’45 J-J
Ga Car&N 1st 5s g '29 J-J
Georgia P 1st 6s 1922.. J-J
Ga So & Fla 1st 5s ’4 5 .J-J
G-B-S Brew 3-4s ’51.M-S
Houston Oil div c tfs..F -A
Knoxv Trac 1st 5s ’28 A-O
MaconBy&Lt 1st 5s'53J-J
Md Elec Ry 1st Gs '31 A-O
Memphis St 1st 5s '45.J-J
Monon V Trac 0s '42 J-D
Mt Ver Cot Duck 1st 5s
NptN Sc O P 1st 5s’38M-N
N Sc A Terml 5s '2 9 ..M -S
Nor&Port Tr 1st 5s’36 J-D
Norf Rv Sc L 5s '4 9 ..M -N
North Cent 4 A s 1925 A-O
Series A 5s 1926___ J-J
Series B 5s 1926___ J-J
Pitt Un Trac 5s 1997..J-J
Poto Val 1st 5s 1941___J-J
Sav Fla Sc West 5s '34 A-O
Seab Air L 4s 1950 _ A-O
Seab & Roan 5s 1926..J-J
South Bound 1st 5s__A-0
U El L&P 1st 4H s’29M-N
Un Ry & El 1st 4s ’-19 M-S
Inoome 4s 1919...J -D
Funding 5s 193G..J-D
Conv notes 5s 1914 J-J
Va Mid 3d ser 6s il6_M -S
4th ser 3-4-5s 1921 M-S
5th series 5s 1926_M-S
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J-J
West N C con 0s 1914.J-J
Wll Sc Weld 5s 1 9 3 5 .._J-J
93*2
98*i
102
105*4
9412
89*4 89*8
89*2
100*4 101
104*4 105
103
107*4
105
25
102*2
98*4
95*4
961j
28*2 30*|
99
86*4
97*2
101
106
106
10**4
105
105
93
83*8
62*8
87*2
100
102
103
103*4
85*2
83
Jm restraent a n d ^ la tlr g a d ftttellxgence,
RAILROAD
GROSS
EARNINGS.
The following table shows tho gross earnings of every STEAM railroad from which regular weekly or monthly returns1
can be obtained. The first two columns of figures give tho gross earnings tor tho latest week or month, and the last two
columns the earnings for the period from July 1 to and including tho 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 o f the electric railw ays are brought together separately on a subsequent page.
Latest Gross Earning*.
loads.
Week or
Month.
Current
Year.
Current
Year.
ROADS.
Previous
Year.
Ala N O & Ter Pac
N O * Nor Fast. M a y _____ 322,602 356,089 3,724,307 3,610,218
136,401 157.854 1.715,257 1,744,558
Ala * Vicksburg. M a y _____
129.197 140,763 1,695,285 1,608,822
Vicks Shrev &Pac M a y _____
41,574 2,143,037 2,141,576
38,928
Ann Arbor________ 1st wkJune
9,368,397 101838406 108275 822
8,879,790
M
a
y
__
Atch Top & S Fe__
230.619 269,298 2,928,406 2,763,340
Atlanta Birm & Atl April . . .
Atlantic Coast Line A pril_____ 3,267,613 3,236,584 30,925,044 30,580.746
Chariest fc. \V Car A p ril_____ 185,733 159,902 1,810,244 1,625.818
94,091 1,138,933 1,024,177
Lou Ilend & St L A pril_____ 111,696
a Baltimore & Ohio. M a y ___ 7,586,213 8,967,456 89,610,138 92,540,705
106,765 146,899 1.347,863 1,480,063
B & O C h T e r KK A pril__
407,116 337,720 3,182,378 2,679.483
Bangor & Aroostook A pril____
440,757 595,068 6,677,199 6,956,508
Bessemer & L Erie. April ____
900,082 1,043,265
Birmingham South.. A pril____
88,246 122,401
Boston Sc Maine__ A pril____ 3,873,601 3,873,797 30.470,034 40,491.208
Buff Itoch Sc Pittsb. 3d wlc June 208,459 254,637 10,507,061 10,774,954
Buffalo & 8usq___ April_____
75.304 211,833 1.876,123 2,071,908
Canadian Northern. 3d wk June 406,100 489,300 22,188,300 22,278,900
Canadian Pacific. . 3d wk June 2,135,000 2,530,000 120011473 135186 288
Central of Georgia. A pril_____ 1,047,699 1,062.679 12,305,151 11,955,280
Cent o f New Jersey A pril_____ 2,492,698 2,495,449 26,101,736 26,809,478
Cent New England. A pril_____ 364,901 826,204 3,147,274 3,100,101
Central Vermont. . A pril_____ 327,542 352,076 3,343,031 3,466,021
Ches & Ohio Lines. 3(1 wk June 726,068 714,245 35,607,579 31,066,331
2d wk June 257,113 315,341 13,690,590 14,747,810
Chicago fc Altou.
Chic Burl * Quincy A pril____ 6,594,676 7,081,599 78.718,825 79,583,138
923,078 1,203,922 13,351.264 13.571,006
/C h ic & Kast 111... A pril____
p Chic Great TVest. 2d wk June 308,988 308,728 13,655,331 13,352,630
Chic Ind & Louisv. 3d wk June 127.284 129,538 6.760,267 6,827,778
7,106,116 7,166.900 77,140,414 79.114,108
Clitc tvlllw A St F . April . . .
C •ir M i! Sc T nerS
•Chic & N ortii W est May ____ 6,588,267 6,707,7°° 78,847,673 78,884,215
•Chic St P M & Om M a y _____ 1,318,195 1,304,492 16,743,658 15,806,254
Chic Terre H & S E April_____
96,678 160.855 1,838,776 1,633,721
Cin Ilant & Oaytoii A pril_____ 796.175 533,798 8,336,721 8,300,95*1
Colorado Midland, Aoril____
130,963
9° ,697 1,489,905 1.580,254
bColorado & South 3d wk June 213.965 256.740 12,861,055 14,724,816
202,439
153,976
Cornwall_________ April _____
14,384
20,408
353,298
260,677
Cornwall & Leban’n April
35,034
28,396
544,872 450,650 4,270,486 3,785,813
Cuba Railroad___ April _____
Delaware & Hudson May _____ 1,897,438 1,908,032 21,124,897 22,046,029
Del Lack & West__ A pril_____ 3,330,031 3,282,011 32,941,535 33,556,538
Deny Sc Rio 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
25,297 1,141,360 1,098,547
28,484
Denver fc Salt Lake 2d wk June
117,180 102,525 1,272,327 1,384,781
Detroit Tol Sc Iron! Anril_____
Detroit Sc Mackinac 3d wk June
22,900 1,178,431 1,209,837
21,996
Dul Sc Iron Range. _ April_____ 132.000 254,800 5,231,401 5,114,361
65,162
Duluth So Sh & Atl 3d wk June
80,158 3,339,484 3,317,485
Bigin Joliet Sc East. April_____ 848,157 1,092,415 9,692,104 10,993,077
El Paso & Sou West April____ 796,008 722,411 7,464.494 7,220,260
April_____ 4,861,631 4,723,760 50.808.238 51.879,756
B r ie _________
Florida East Coast. A pril_____ 657,566 483,320 4,456,982 4,293,491
816.199
808.762
79,014
Fonda Johns & Glov April
78,374
Georgia RaHroad_ A pril_____ 258,422 256,228 2,859.710 2.633.160
Grand Trunk P a c.. 1st wkJune 100.406 122,709 6,449,226
Grand Trunk 8yst_ 3d wk June 1,042,646 1,166,394 52,879,305 54,249.357
Grand Trk W est. 1st wkJuno 139,197 143,995 6,703,605 6.894.141
51,400
47,293 2,349,878 2,296,750
D«e Gr H & M il. 1st wkJune
52,299
45,238 2,192,412 2,261,495
Canada Atlantic. 1st wkJune
Great North System May _____ 5,852,799 7,007.940 69,315,235 71,856,891
156,067 172,289 1,702,151 1.740.141
Gulf Sc Ship Island. April
Hocking Valley____ April____ 394,904 652.829 6,102,192 6,338,692
Illinois Central___ - f a y _____ 5,139,916 5,662,825 61,009,947 59,436,200
Internet Sc Grt Nor 3d wk June 141.000 156,000 9,722,900 11,063,834
65,102 207,981 8.914.043 8,822,201
a Interoceanlc Mex 3d wk June
Kanawha 6c M ich .. A pril_____ 274,739 238,448 2,701,230 2,673,098
Kansas City South. M a y _____ 886,186 001.363 10,012,986 9,852,329
Lehigh & New Eng. A pril_____ 236.916 ____
_ 1,720.540 1,469,447
170,196
Lehigh Valley_____ M a y _____ 3,510,422 3,795.218 36.101.936 39,299,894
Louisiana Sc Arknn. April
144,980 146,60' 1,428,198 1,405,045
• Louhnr Sc N ashv.. 2d wk June 999,365 1,132,030 57,192,141 57,0-12,665
10,499
9,930
140,475
147,408
M acoa Sc BIrm’ham Vlav
914,504 914,441 9,726,207 9.449.430
Ktatne Central_____ April
422.254
49,504
44,024
444.839
jKaryland & Peuna. April
i Mexican Railways 1st wkJune 131,400 267,600 8,776,200 8,452,100
__
821,119
488,089
18,410
3d wk June
17,510
[lneral
' ..... Range___
.
2d wk June 198,721 204.205 9,206,899j 9,318,612
[inn S
cSt Louis.
Iowa Central__ /
J ftm S tP J cS S M . 3d wk June
Mississippi Central. April.
« M o Kan Sc Tc*a3_ 3d wk June
f M issouri Pacific. . 3d wk June
flashy Chatt & St L A pril__
aNat Rys of Mcx _ 3d wk June
N eyada-Cal-Oregon 2d wk June
New Orl Great Nor. A pril_____
eN Y C & Hud Rtv. A pril_____
Boston & Albany April
Lake Shore & f.l MApril
n Lake Erie Sc W. A pril_____
Chic Ind & South A pril__
Michigan Central April _____
Olev O C & St L A pril____
Peoria & Eastern.
Cincinnati North. A pril____.
Pitts * Lake Erie A pril_____
N Y Chic & St L. A pril__. . .
Tol fc Ohio Cent April
Tot all Uaea above April
* W e e k ly
S u m m a r ie s .
Current
Year.
Week or
Month.
C u rren t
Y ea r.
P r e v io u s
Y ea r.
O P
G R O S S
In c re a se or
D ecrea se.
Previous
Year.
Current
Year.
N O Mobile & Chic. A pril_____ 171,850 224,566 1,860,701 2,112,299
N Y N II & H artf.. April_____ ,518,832 5,683,4S9 55,338,184 58,153,690
N Y Ont & W e st... A pril_____ 707,308 713,434 7,444,193 7,823,332
N Y Susq & W est.. A pril_____ 331,451 357,911 3,285,951 3,169,114
380,811 399,355 3,151,18° 3,112,372
Norfolk Southern.. M a r c h __
N orfolk* Western. A pril_____ 3,561,536 3,152,492 36,995,483 36,095,463
Northern Pacific__ A pril_____ 5.142,647 5,698,244 57,811,018 60,885.499
Northwestern Pac. A pril_____ 280,380 271,804 3,053,080 3,028,684
Pacific Coast C o __ A pril_____ 508,597 608,954 6,009,732 0,590,807
040
Pennsylvania ItK-. A pril____ 14170552 14830280 150801969 150667
262,672
295,892
23,482
25,671
Jtalt d ie s & A tl.. A p ril_____
2,928,427
2.900.254
308,608
A
p
ril.........
293,955
Cumberland Vail
958,944 864,561 10,114,302 9.344,889
Long Island____ A pril____
128,840
130,253
9,480
10.977
Maryl'd Del Sc Va April_____
N Y Phila & Norf April_____ 313,610 322,842 3,113,155 3,031,362
Northern Central A p ril_____ 1,059,713 1,106,325 11,022,931 11,052,023
Phila Balt &Wash A p ril_____ 1,695,102 1.761,907 17,073.875 17,469,172
W Jersey Sc Seash A p ril_____ 489,007 411,324 5,274,480 5.275,199
Pennsylvania Co__ A pril____ 4,220.244 4,869,305 51,103,263 54,189.74a
443,473 423,447 4,670,925 4,620,801
Grand Rap & Ind A pril_. . .
Pitts C O & St L . A p ril_____ 3.054,297 3,041,566 35,640,841 36,876,825
Vandalla_______ A pril_____ 740,678 853,214 9.576.628 9,391,023
Total Lines—
East Pitts Sc E . A pril_____ 19948046 20758 664 211654263 213089800
West Pitts Sc E A p ril_____ 8,654,568 9.391,636 103020 140 107023757
All East & West. A pril_____ 28602615 30150302 314680406 320113562
Pero M arquette__ A p ril____ 1,393.906 1,376,232 13,947,722 14,681,235
Reading Co—
Phila & Reading- A pril_____ 4,082,90S 4,235,118 40,730,979 13,154,941
Coal & Iron C o. A pril_____ 4,311,737 4,160,226 27,786,511 36,195,374
Total both c o s .. A pril_____ 8,394.645 8,395,344 68,517,490 78,350,315
Rich Fred & Potom April_____ 277,609 296,140 2,391,336 2,427,976
69,833
948,433
72,234
868,115
Rio Grando June__ A p ril____
11,591
630,199
12,574
610,914
Rio Grande South 2d wk June
Rock Island Lines. A p ril------- 1,938,559 5,208,590 57,112,171 59,618,809
290,023 283,692 3,088,623 3,056,226
Rutland_________ April
117,405 120,872 1,361,241 1,308.077
St Jos & Grand Isl. April
St L Iron M t Sc So. A pril_____ 2,472,725 2,697.829 28.023.254 28,871,797
201,202 190,711 2.066.628 1,884,388
St L Rocky Mt & P A pril-----38,239,792 38,636,406
St Louis * San Fran April___ 3,318,541 3,499,773
St Louis Southwest. 3d wk June 201,000 220,000 12,479,590 13,011,039
968,720 830,874 8,743,299 8,430,598
San Fed L A & S L . A p ril____
459,110 24,332,815 23,557,029
Seaboard Air Line— 2d wk June 462,213 11784139
126975 933 131130109
Southern Pacific— M a y ____ 10983 655
66,648,397 65,772,509
Southern Railway— 2d wk June 1,154.747 1,179,245
12,402,106 11,790,088
M ob ile* O h io ... 2d wk June 241,635 241,182
195,165 10,404,390 9,997,262
Cin N O * Tex P . 2d wk Juno 200,870
94,002
89,178 5,159,154 4,983,486
Ala Great South. 2d wk Juno
45,093 2,472,432 2,462.647
41,842
Georgia Sou & Fla 2d wk June 384.674
408,460 4,107.239 4.433,743
Spok Portl & Seattle A pril------2,396
1,679
89,164
131,642
Tenn Ala & Gerogia 2d wk June 138,782
141,915 1,426,608 1,399,510
Tennessee Central. A p ril_____ 290,497 277,258
18.240,994
17,681,946
3d
wk
June
Texas & Pacific----8,900
7,349
71,666
87,108
Tidowater & West. April
29,55-1 1,234,893 1,315,727
22,458
Toledo Peer & W est 2d wk June
91,776
98,974
4.356,015
4,149,881
2d
wk
June
Toledo 8t L & West
7.270,482
6,718,160
84,824,933,86,074,697
Union Pacific SyBt. M a y _____ 162.319
160,392 1,627,826 1,405,474
Virginia & So West. A pril_____ 5-40,871 539,968
5,592,436 '>,167,989
Virginian________ A pril_____
2,612,673 27.694,421 29,170,790
Wabash_________ M a y _____ 2,313,807
684,775 634.733 6,887,207 6,282,194
Western Maryland. A pril------464,265 741,148 7,100,937 7,066,251
Wheel & Lake Erie. M a y ------18,201
18,298
334,249
291,473
Wrightsv & Tennlllo M a y _____
859,131 861,188 11,697,003 10,200,203
Yazoo & Miss Vail M a y ------Current
Previous
Year.
Year.
V a r i o u s F i s c a l Years.
May 31 8,720,155 9,737,969
Delaware & nudscm— - - ------ Jan
April 30 28,294.959 30,639,762
Jan
N Y Central & Hudson Rlver.e Jan
April 30 4.984,682 5,234.190
Boston & A lbany------April 30 16,041,613 19,166,022
Lake Shore & Michigan South Jan
April 30 1,755,873 1,854,258
Lake Erie & Wcstwn.n - . - - Jan
April 30 1.397,286 1,460,651
Ohlcago Indiana * Southern. Jan
April 30 10,515.901 11,704,495
Michigan C e n tra l...— ,----- Jan
April
30 10.772,691 11.215.885
Jan
Clave Cin Chic * St Louis—
April 30
Jan 1
419,122
364.504
Cincinnati Northern-.-.
April 30 5,265,476 6,328,349
Pittsburgh * Lake E rie.— _ Jan
to April 30 3,762,964 4,044,093
Now Vo Ac Chicago & St Louis Jan
to
April
30
Jan
1.556,077 1,568,712
Toledo & Ohio Central..------April 30 84,760,644 93,586.928
Jan
Total all lines.. . . ----April 30 54,654,566 58,089.555
Pennsylvania R'lilronA--- - - - - - Jan
April
30
78,712
72.837
Baltimore Chesap * Atlantic. Jan
April 30 1.090,310 1,171,371
Jan
Cumberland Valloy-----April 30 3,282,800 3,076,301
Ian
Long Island.— - - - - - April 30
33,917
36,207
Maryland Delaw & Virginia-- Jan
April 30 1.093,392 1,161,317
N Y Philadelphia & Norfolk Jan
April 30 3,960,039 4,218,513
Northern Central-------------- Jan
April 30 0,235,812 6,691,728
Phila Balt & Washington— Jan
April 30 1,515,411 1,570.781
West Jersey * Seashore----- Jan
April 30 16,390.535 18,739.040
Pennsylvania Company ---------- Jan
April 30 1,070,216 1.681.25 J
Grand Rapids * Indiana----- Jan
April 30 12,568,653 13,531,121
Pitts Cin Chic * St Loui3-.- Jan
544,762 593,156 28,514,382131,327,220
863.125L, 870,754
80,514
79,903
621,143 544,302 30,714,572 31,616,129
1,050,000 1,162,000 58,268,527 60,756,555
1.062.579 1,095,721 10,791.490 11.111,544
272,033 746,667 33,529,824 56,301,568
385,825
347,917
7,466
7,375
149,632 155,891 1,574,744 1,463,311
7,338.163 7,090,439 80,345,129 81.087.030
1,351,614 1,381,050 13.970,579 14,012,642
4.128,612 4,893.684 44,949,178 48,403,718
440,631 466,076 4,814,260 5.040,326
306,492 326,366 3,662.308 3,676,678
2,838,557 3,149,564 28,822,648 29,378,852
2,622.118 2,423,022 30,391,464 31.158,728
Total lines— East Pitts * Erie
104,885
78,645 1,240,796 1,166.304
— West Pitts * Erie
1,311,408 1,874,911 14,914,566 10.420.030
— All lines E & W -892,908 958,080 9,980,786 10.543.058
324,470 391.554 4,833.546 4,512,674 Rlo Grande Junction__________
21659034 2373 1991 237931258 245400139 IR u tla n d __________ ___________
A G G R E G A T E S
July 1 to Latest Date
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Y jar.
E A R N IN G S —
W e e k ly
a n d
*Monthly Summaries.
April 30 3,452,099 3,462,022
April 30 75,221.685 80,181,701
April 30 34,839,145 38,163,813
April 30 110060830 118345 521
April 30] 340,-146
376,393
April 30l1 1.047,59-1 1,060,991
Jan
Jan
Jan
Jan
Dec
Jan
M o n th ly .
C u rren t
Y ea r.
%
P re v io u s
Y ea r.
S
Increase or
Decrease.
i
M ile a g e .
C ur. Y r.
S
$
August ___ 219,492 216 .709 259.835,029 255,493.023 +4,342,006 1.50
—29,061 0.23
week Apr (38 roads).,.. 12,582,203 12,611,264
8eptember._242.097 239 ,050 285.050.042 275,244.811 + 9.805,231 3.57
—453,249 3.49
week Apr (39 roads)___ 12.636,860 12,990,105
,886
299,195,006
240
October___ 243,690
300,476.017 — 1,281.011 0.43
week Apr (37 roads)___ 11,181,328 12,217.188 — 1,035,860 8.48
November_243,745 241 ,452 269,220.882 278,364,475 —9.143.593 3.35
w.eek Apr (39 roads)___ 18.392.804 18.600,271 —2,107.487 11.34
12.003,703 13,237,580 — 1,233,877 9.32
December__243,322 241 ,180 264,218,891 260.224,678 —12,006,787 4.51
weekMay (30 roads,
,469
233,073,834
241
11,090,239 12.391.052 — 1,300,813 10.47
January____243,732
249,068,641 —16,884,807 6.75
weekMay (35 roads)...
11,286,099 12,495.251 — 1,209,153 9.69
February__ 241,925 242, 928 209,233,005 233,050,143 —23,823,138 10.22
weekMay (35 roads)__
16,865,235 19,681,512 — 2,825,277 14.33
March_____245,200 243 ,184 250.174,357 240,514,091
+ 660,166 0.27
weekMay (39 roads).
547
236.631.600
245.018,870 —8.517,270 3.48
April...........243,513 241
roads)__
week June 9 -----■
“* _ 12,090,999 13,389,559 — 1,298,660 9.70
94 060 08,645.322 77,384,669 — 8,830.247 11.42
May............ 95,337
week June 3 roads)___ 12,203,407 13,318.869 — 1,110,462 8.34
a Mexican currency,
b Does not includo earnings of Colorado Springs & Cripple Creek District Ry. from Nov. 1 19 11. e Includes the New York *
Ottawa, the St. Lawrence & Adirondack and the Ottawa & Now York Ry., tho latter of which, being a Canadian road, does not make returns to the
Inter-State Commerce Commission. /Includes Evansville * Terre Haute and Evansville & Indiana RR. aIncludes the Cleveland Lorain & Wheeling
Ur. in both years, n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific, s In
cludes Louisvlllo & Atlantic and the Frankfort & Cincinnati, t Includes the Mexican International, u Includes the Texas Central In both years and
the Wichita Falls Lines in 1912. beginning Nov. 1. r Includos not only operating revenues, but also all other receipts, x Includes St. Louis Iron Moun
roads In any of our totals.
tain S
e Southern, _* Wo no longer Include the Mexican
Me '
1st
2d
3d
4th
1st
2d
3d
,th
?st
gd
P rev. Y r .
— Int., Rentals, Ac.--------Dal. of Net Earns.—
L a t e s t G r o s s E a r n i n g s b y W e e k s . — In the table which
Previous
Current
Previous
Current
follows wo sum up separately the earnings for the second week
Year.
Year.
Year.
Year.
of June. The table covers 38 roads and shows 8.34% de
S
S
$
S
Rio Grande Junction__ Apr
8,333
8,333
13,337
12,617
crease in tho aggregate under the same week last year.
Dec 1 to Apr 30______
41,667
41,667
60,467
71,252
Second Week of June.
1911.
1913.
Increase. Decrease.
$
S
Alabama Groat Southern______
94,002
89,178
Buffalo Rochester & Pittsburgh
254,037
194,407
Canadian Northern__________
353,100
500,500
Canadian Pacific____________
2,158,000 2,503,000
Chesapeake & Ohio__________
723,051
090,506
315,341
257,113
Chicago & Alton____________
308,728
Chicago Great Western______
308,988
136,583
135,110
Chicago Indianapolis * Louisv
195,165
200,870
Cine Now Orl & Texas Pacific. 243,697
207,847
Colorado & Southern______
423,900
412,200
Denver & Rio Grande_____
111,700
100,000
Wostorn Pacific_________
25,297
28,484
Denver & Salt Lake_______
22,707
23,655
Detroit & Mackinac_______
Duluth South Shoro & Atlantic.
00,015
77,581
Georgia Southern & Florida__
41,8421
45,093
Grand Trunk of Canada______ ]
Grand Trunk Western_____1 1,000,639 1,143,971
Detroit Grand Haven&Milw|
Canada Atlantic__________ J
Intornat & Great Northern___
137.000
150.000
Louisvilio & Nashville________
999,305 1,132,030
Mineral Range_______________
10,073
15,415
Minneapolis & St Louis______1
198,721
204,205
Iowa Central______________ /
Minneapolis St Paul & S S M ._
503,086
532,094
Missouri Kansas & Texas_____
518,748
543,748
Missouri Pacific______________
1,049,000 1,003,000
Mobile & Ohio________________
241,182
241,635
Npvada-California-Orcgon_____
7,375
7,466
Rio Grande Southern.._______
12,574
11,591
St Louis Southwestern_______
192.000
222.000
Seaboard Air Line____________
462,213
459,110
Southern Railway____________ 1,154,747 1,179,245
Tennessee Alabama & Georgia.
1,679
2,396
Toxas & Pacific______________
207,482
277,101
Toledo Peoria & Western______
22,458
29,554
Tolodo St Louis * Western___
98,974
91,776
Total (38 roads)____________ 12,203,407 13,313,869
Not decrease (8 .3 4 % )_________
Mexican Roads (not included in total)—
Interoceanic of M exico________
174,532
55,295
National Railways of M exico..
353,809
669,047
S
4,824
26,485
260
5,711
3,187
$
60,230
153,400
405,000
58,228
" V,473
35,850
11,700
5,700
” '948
11,566
3,251
143,332
1,258
453
3,103
9,079
7", 198
13.000
132,665
"5",484
28,408
25.000
14.000
24",'498
717
"7,096
62,158 1,172,620
1,110,462
119.237
315.238
— Gross Earnings------ - ------ Net Eearning----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
$
$
Atch Topeka & S F o .b .M a y 8,879,790 0,308,397 13,000,831 13,214,708
July 1 to M ay 31______101838,406 108275,826;34,566,779j3 6,50 l,073
Baltimore & O hio.b.__M ay 7,586,213 8.967,456 1,917,681 2,675,980
July 1 to May 31------------89,610,13892,540,705 23,834,852 25,476,207
Buff Roch & Pitts b -------- M ay
770,113 1,016,377
102,404
322,788
July 1 to M ay 31------------ 9,900,413 9,931,780 2,499,758 2,956,899
481,600
580,200
Canadian Northern---------M ay 1,641,600 2,218,400
July 1 to May 31------------ 21,045,40020,801,000 5,888,500 5,506,500
988,333 1,509,314
Chic & North W e st.a ..M a y 6,588,267 6,797,722
July 1 to M ay 31...........78,847,673 78,884,215 20,885,964 22,361,934
Chic St P Minn & Om a.M ayl.318,195 1,304 492
282,876
32,405
July 1 to M ay 31...........16,743,658 15,806,254 4,230,288 4,088,998
Colorado * Southern b.M ay
925,589 1 253 457
178,691
330,322
July 1 to M ay 3 1 ..........12.236,629 13,’972,’722 3,150,518 4,245,458
Delaware & H udson.b.M ay 1,897,438 1 908 032
692,995
689,292
---- ’ *
Jan 1 to M ay 31........... 8,720,155 *9,737,969
2,424,003 3,542,710
Kansas City S outh.b_.M ay ' 886,180
901,363
296,072
338,555
July 1 to M ay 31..........10,012,986 9,852,329 3,679,099 3,690,310
Lehigh V alley.b_____ M ay 3,516,422 3,795,218 1,263,010 1,217,647
July 1 to M ay 31...........36,161,936 39,299,894 10,’710|723 12!802!727
Rio Grando Junction___ Apr
72,234
69,833
?i21,670
7120,950
Dec 1 to Apr 30_
340,446
376,398 71102,134 77112,919
Southern Pacific.a_____ MaylO.983,655 11,784,139 2,512,131
__
3,559,972
July 1 to May 31------------ 120975,984131130,109 34,664,751 40!947,274
Southern Railway—
Cine N O & Tex Pac b M ay 929,111
979,296
257,129
315,916
July 1 to M ay 31______ 10,005,427 9,609,801 2.977.309 3,206,448
Ala Great Southern__May 410,162
471,539
39,008
100,280
July 1 to M ay 31........... 4,957,620 •4,805,192 1.099.310 1,325,024
Union Pacific.a............. M ay 6,718,160 7,270,481 1,933,883 2,275,825
July 1 to M ay 31..84,824,933
86,074,697 29.066,354 31,991.921
Wrightsv & Tennillo.b.M ay
18,298
18,201 d efl.O ll
defl.060
July 1 to M ay 31...........
334,249
291,473
115,536
58,846
INDUSTRIAL COMPANIES.
Amcr Power & Lt a___ May
507,290
447,498
229,202
199,157
Juno 1 to M ay 31______ 6,189,281 5,495,386 2.873,406 2,425,783
Ft Worth Pow * L t.a .M a y
72,724
50,091
35,386
32,108
773,984
560,057
436,728
299,753
(/Mexican Lt & P ow er..M ay
720,275
785,250
611,594
582,366
4,167,503 3,848,282 2,978,722 2,828,337
Penn Central Lt & Pow.M ay
64,031
65,743
26,312
26,204
198,308
189,273
85,134
75,411
Sierra & San Fr Pow a .-M a y
96,652
89,181
58,139
44,564
1,127,419
996,384
630,213
553,345
Southern Calif Fdlson__May
387,516
393,955
207,683
209,922
1,910,500 1,872,864
890,959
908,013
Southwest Pow & L t.a .M a y
165,762
216,013
92.060
78,096
Juno 1 to M ay 31______ 2,494,784 2,062,387 1,129,622
905,387
Texas P ow er* LIght.a.M ay
83,737
125,418
37,765
30,117
Jun 1 to M ay 31______ 1.372.674 1,063,974
482,680
415,692
a Net earnings hero given aro after deducting taxes,
b Not earnings hero given aro before deducting taxes.
g These results aro in Mexican currency
) For M ay 1914 taxes were $443,310, against 8391,910 last year, and for
the period from July 1 to M ay 31 they were S5,526,440 In 1914, against
84,288,524 last year.
n These figures represent 30% o f gross earnings.
Iloads.
C h a r g e s
a n d
S u r p lu s .
— Int., Rentals, &c.--------Dal. of Net Earns.—
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
8
8
8
$
Buffalo Roch & P itts...M a y
201,392
181,780 *def47,436 *220,264
July 1 to May 31______ 2,049,923 1,982,629 *1,211,271 *1,909,776
C h ic* North W estern..M ay
927,536 „ 787,496
60,797
721,818
1 b July 1 to May 31______ 9,901,205 9,142.037 10,984,759 13,219,896
Chic St P Minn & O n u .M ay
209,345
176,083 defl76,940
106,793
k L July 1 to May 31______ 2,403,532 2,055,296 1,826.756 2,033,702
* After allowing for other
EXPRESS COMPANIES.
-----Month of April----- —July 1 to April 30—
1913-14.
1912-13.
1913-14.
1912-13.
Canadian Northern ExpressS
Gross receipts from operation
80,667
90,975
809,854
784,144
Express privileges— Dr_____
31,462
35,156
312,367
305,116
Total operating revenues..
49,205
55,818
497,487
479,028
Total operating expenses__
34,402
32,730
333,218
302,060
Net operating revenue___
14,803
23,087
164,268
176,968
One-twelfth of annual taxes.
2,375
631
9,531
5,053
Operating income________
12,427
22.455
154,737
171,915
E L E C T R IC
R A I L W A Y
A N D
T R A C T I O N
C O M P A N IE S .
51
983
30.000
N o t
E a r n in g s
M o n th ly
t o
L a te s t
D a t e s . — Tho tablo
following shows the _gross and net earnings of STEAM
railroads and industrial companies reported this week:
I n te r e s t
Companies.
Ft Worth Pow & L t___ M ay
June 1 to M ay 31______
Southern Cal Edison__ M ay
Jan 1 to M ay 31______
Texas Power & Light__ M ay
rR IA L COMPANIES.
-I n t., Rentals, Ac.------ -Dal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
8
S
S
9,757
6,734
25,629
25,374
94,987
69,961
341,741
229,792
76,211
68,098
144.492
135,947
377,438
340.950
538,894
576,093
9,240
16,344
28,525
13.773
252,659
147,551
230,021
268,141
income received.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
S
S
American Rys C o__ May
475,534 435,402 2,135.881 1,983,463
Atlantic Shore R y__ May
27,199 28,927
116,380
120,618
cAur Elgin * Chic Ry April
149,756 116,266
570,882
551,729
Bangor Ry & E lectric April
56,594 57,448
240,126
228.756
Baton Rouge Elec Co April
13.589
12,240
56,584
49,814
Belt LRyCorp(NYC) January . .
64,786 70.582
64.786
70.582
Berkshire Street B y A p ril_____
70,566 73,997
281,115
284.920
Brazilian Trac, L * P A p ril_____ 1906.887 1933,317 7.789,811 7.645,284
Brock & Plym St Iiy. A p ril_____
8.338
8,354
28,337
31,085
Bklyn Rap Tran Syst January . . 2093,612 1910,627 2,093,612 1,910,627
Cape Breton Elec Co. April
26,505 27,917
108,138
113,992
Chattanooga Ry & Lt M ay
94,761 123,316
460,637
493,373
Clove Painesv & East April
31,896
29,683
115.833
110.306
Clevc Southw & Col. A p ril_____
99,627 94.941
373,925
354,933
Columbus (G a)E l Go A p ril_____
55,234 47.131
218,194
190.723
Comw'thPow ,R y*L t A pril....... a243.426 106,730 a l,023,410
510.301
Connecticut C o____ A p ril___
618,574 662.638 2,344.148 2.413.982
Consum Pow (M ich). M a y ___
260.773 233,125 1,425,569 1,311,491
Cumb Co (Me) P & L A p ril___
186,631 167,748
721.833
668,775
Dallas Electric C o__ A p ril_____ 179,086 166,008
751,511
674.874
Detroit United Lines 1st wkJune 233,314 248,203 4,013,750 5.290,702
D 1) E B & Bat (rec). January _
46.839 48,477
46.839
48.477
Duluth-Superior Trac M a y _____ 110,967 105.873
524,923
485,578
East St Louis & Sub. M a y _____ 227,430 222.156 1,105,712 1,057,971
El Paso Electric Co__ A p ril_____
81,419 69,199
352,265
301.805
42d St M & St N Ave January . . 166.457 153.831
166,45“
153.831
Galv-IIous Elec C o .. A p ril_____ 196.149 185,507
764.012
702,862
Grand Rapid3 Ry Co A p ril_____ 101.454 100,665
404,341
405,201
Harrisburg Railways. A pril.........
78,003 74.140
309.252
295.088
Havana El Ry, L & P
Railway D e p t ___ Wk June21
52,512 54,390 1,339,072 1,343,256
Honolulu Kapld Tran
& Land Go____
January . .
51,658
52,399
51,658
52.399
Houghton Co Tr C o. A p ril_____
24,345 25.700
91.467
97,828
ftlluason & Manhat A p ril____ 484,776 467,693 1,911,468
1,864.833
Illinois T raction___ A p ril......... 701,615 612,005 2,731,668 2,532.377
Interboro Ran Tran. M a y _____ 2948,937 2857,075 14,801,274 14,169,430
Jacksonville Trac Co. A p ril_____
62,836
56.364
2-16,501
214.962
Key West Electric__ A p ril_____
10,539
11.307
43.786
46.981
Lake Shoro Elec Ry A p ril_____ 109,200 102.229
410,161
386.166
Lehigh Valley Transit M a y ____ 170,750 147,652
684,614
046,241
Lewis Aug * Waterv A p ril____
49.773 49,274
183,346
184,170
Long Island Electric. January . .
15,603
15,090
15,603
15,090
Louisvilio Railway.. A pril_____ 266,078 258,919 1.023.023 1.022,232
Milw El Ry & Lt C o. A pril_____ 501,578 492,981 2,039.969 1.995,240
Milw Lt lit & Tr C o. A p ril_____ 111,844 102.863
453,120
397.572
Monongahela Val Tr.. A pril_____
80,616 71,065
306,429
277,446
Nashville Ry * Light February . 173,144 171,332
360,975
357,331
N Y City Interboro.. January . .
53.178 46.915
53,178
46.915
N Y * Long Island.. January . .
27,892 28,163
27.S92
28.163
N Y * North Shore.. M a y .........
16,706
14.873
N Y * Queens Co__ January . . 101,501 103,585
101,501
103,585
Now York Railways. A p ril_____ 1148,888 1232,761 4,309,861 4,646.382
N Y Wcstch & Boston A p ril____
34,340 28,452
120,229
98,841
N Y * Stamford R y. A p ril____
25.903
25,323
90,925
94,421
Northampton T ra c.. A p ril_____
15,043
13,908
5-4.475
53,386
Nor Ohio Trac & L t. A p rii_____ 287,718 238,546 1,080,883
925,727
North Texas Elec L t. A p ril_____ 171,411 164.683
678,436
651,409
Northw Pennsylv Ry A p ril_____
26,255
24.915
100,936
98,470
Ocean Electric (L 1). January . .
5,675
4.531
5,675
4,531
Paducah Tr & Lt C o. A p ril_____
23,941
13.701
101,092
89,401
Pensacola Electric Co A p rii_____
22,323 21.156
91.362
91,746
Plilla Rap Transit Co M a y _____ 2178,842 2173,824 9,956,212 9.958,736
Port (Ore) Ry,L &PCo M a y _____ 538,473 549,852 2,740,685 2,724,648
Portland (Mo) RR__ A pril_____
77,306 74,793
288,386
284,723
Puget Sound T r,L *P A p ril_____ 702,770 689,941 2,861,919
Republic Ry & Light M a y ____ 257,020 245,342 1,253,879 2.749,256
1,172,989
Rhode Island C o___ A p ril____ 415,948 412,240 1,570,746 1.584,725
Richmond Lt & R R . January . .
25,602 25,192
25,602
25,192
StJoseph (Mo) R y.L t,
Heat & Power C o. M a y _____ 102,116 98,836
528,380
503,419
Santiago El Lt & T r. M a y ____
40,335 38,167
190,609
187.271
Savannah Electric Co A p ril_____
70,841
66.378
278.879
263,577
Second Avenue (Rec) January . .
75.271
81,368
75,271
81,368
Southern Boulevard. January ._
17,228
14.081
17.228
14.081
Staten Isld Midland. January . .
18,760
17.915
18,760
17,915
Tampa Electric C o .. A p ril_____
79,258 60.180
318.916
256.371
Third Avenue.......... January . . 344.706 326,444
344.706
326.444
Toronto Street R y .. A p ril____ 501,435 476.640 1.865.195
Twin City Rap Tran. 2d wk June 182,153 172.864 4,082,020 1.750,184
3,811,594
Underground Elec Ry of London
London Elec R y .. Wk June 13 £13,725 £13,405
£340,150
Metropolitan Dist. Wk Junel3 £13,112 £13,169 £342,840
£315,916 £314,730
London Gen B us.. Wk Junel3 £68,677 £67,716 £1,459,556
£1,428,785
Dnion Ry Co of NYC January . . 209.083 201.749
209.083
201.749
United Rys of St L__ A pril____ 1068,244 1055,130 4.090,982
Virginia R y * Power. M ay______ 433.497 416,030 2,098,470 4.024.181
1,999,582
Wash Balt * Annap. April____
67,956 59,345
236.563
250.271
Westchester Electric. January . .
42,573 40.805
42.573
40.805
Westchester St RR__ A p ril_____
19.383
18,635
68,054
68,742
Western Rys & Light A p rii_____ 202,995 187,285
840,395
794,364
Wisconsin Gas & Elec A p rii_____
66,146
57,885
275,889
242,676
Yonkers Railroad__ January _.
55.566 28,486
55.566
28.486
York Railways______ A p ril_____
62.481
58.390
257.990
236,481
Youngstown * Ohio. M a y _____
21,037 21,020
100,504
94,540
Youngstown
& South A p ril_____
13.597
13,136
51,829
___________________________
______________________________
49,106
a Includes earnings on the additional stock acquired M ay 1 1913. b Rep
resents lncomo from all sources, c These figures aro for consolidated co
bonds of subsidiary companies have all been sold during the fiscal year and
E le c tr ic
R a ilw a y
N e t
E a r n i n g s . — The following table
the proceeds used for the corporate purposes of tho company (V. 98, p.
V. 96, p. 1773.
,
, .„
. .
.
gives the returns of ELECTRIC railway gross and net 236;
During tho past year tho subsidiary operating companies have been
earnings reported this week:
engaged, in addition to the regular operation of their properties, in making
------ Gross Earnings —•— ------ Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
s
3
$
~
55,863
35,650
Chattanooga R y & Lt a M ay 94,761
123,31(5
198,689
174,420
Jan 1 to M ay 31______
460,637
493,373
9,646
12,394
30,713
29,274
Citizens’ Trac C o---------M ay
114,023
105,784
July 1 to M ay 31______
338,703
312,034
87,979
254,559
--------C olum (0)R y,P & L t.a--M ay
465,127
Jan 1 to M ay 31______ 1,272,058
51,498
43,549
105,873
110,967
Duluth-Super Trac.b__M ay
216,341
180,751
485,578
Jan 1 to M ay 31______
524,923
73,719
97,818
222,156
227,430
East St Louis & S u b .a .-M a y
374,644
454,555
Jan 1 to M ay 31______ 1,105,712 1,057.971
Interboro Rap T rans.a.M ay 2,948,937 2,857,075 1,656,433 1,518,833
July 1 to M ay 3"!______30,800,728 29,906,600 17,035,948 15,793,120
Lehigh Valley Trans b .M ay
170,750
111’!};??
rook-m
i n i ’ iiri
Jan 1 to M ay 31____
684,614
646,241
329,671
302,110
592,275
595,795
294,769
319,465
o Mexico Tramways___ M ay
Jan 1 to M ay 31.........- 2,938,082 2,676,760 1,446,881 1,408,911
Portland(Ore)R,L&P a M ay
538,473
549,852
251,185
280,143
Jan 1 to M ay 31........... 2,740,685 2.724,648 1,348,870 1,387,767
Republic R&L(sub cos)aMay
257,020
245,342
106,987
93,608
Jan 1 to M ay 31........... 1,253,879 1,172,989
521,796
446,034
Third Avo R y System a M ay
997,279
967,821
357,768
324,517
July 1 to M ay 31______ 9,887,167 9,097,866 2,759,844 2,669,122
Youngst & Ohio R iv .a .M a y
21,037
21,020
8,172
5.052
Jan 1 to M ay 31...........
100,504
94,540
37,114
29.434
Roads.
a Net earnings hero given are after deducting taxes,
b Net earnings hero given are before deducting taxes.
g These results are in Mexican currency.
I n t e r e s t
C h a r g e s
a n d
S u r p lu s .
— Int., Rentals, &c.------- Bal. o f Net Earns.Previoi s
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
31,256
6,810
28,840
24,607
Chattanooga Ry & L t_.M ay
77,440
35,446
121,249
138,974
Jan 1 to M ay 31--------4,010
5,895
5,636
6,499
Citizens’ Trac C o--------- May
45,977
47,279
58,505
68,046
July 1 to M ay 31--------40,891
47,088
CoIum (0)Ry, P & Lt__May
242,864
222,263
Jan 1 to M ay 31--------17,588
26,043
25,961
25,455
Duluth-Super Trac------May
56.842
89,094
123,909
127,247
jgSJan i to M ay 31--------19,033
47,767
50,051
r
54,686
East St Louis & Sub____May
207,810
246,745
105,308
269,336
|K3 Jan 1 to M ay 31928,790
2:810,296
X647.304
Interboro Rap Trans— M ay• 911,861
July 1 to M ay 31--------- 10,211,704 10,145,711 2:7,391,441 26,076,612
28,172
36,379
45,889
58,775
Lehigh Valley Trans— M ay•
74,282
45,780
283,891
227,828
Jan 1 to M ay 31--------67,542
117,969
162,174
Portland(Ore)R, L & P .M ay• 183,643
597,335
790,432
463,285
885,585
|9S Jan 1 to M ay 31--------62,541
47,904
45,705
RepublicR&L(sub cos) .M ay■ 44,446
216,455
298,724
223,071
229,581
Jan 1 to M ay 31--------x l 15,360
215,273
214,126
2149,575
Third Ave R y System .-M ay
2:479,271
x747,054
July 1 to M ay 31--------- 2,351,637 1,981,601
886
4,006
4,166
4,166
Youngstown & Ohio R .M ay■
8,601
16,205
,
20,909
20,833
Jan 1 to M ay 31x After allowing for other income received.
ANNUAL REPORTS.
^ A n n u a l R e p o r t s . — The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since May 30.
This index, which is given monthly, does not include re
ports in to-say’s “ Chronicle."
such physical improvements as will enable them to operate more efficiently.
While they are already enjoying some advantages from theso improvements,
thoy have not yet received the full benefit therefrom. Tho subsidiary
companies aro at present serving with one or more classes of public utility
service, an aggregate estimated total population of between 900,000 and
950,000 people in 333 communidies embraced in ten States
The combined earnings of these various properties during the Company’s
fiscal year were as follows:
Gross earnings, $7,345,351: net (after taxes)----- - — ---■--------$2,308,655
Fixed charges to outside holders, $908,032; interest on junior se
curities, dividends on stock and proportion of undistributed
earnings due outside holders, $474,817-------------------------------- 1,382,849
Earnings accruing to securities owned by M iddloW cst Utilities Co. $925,805
Of these earnings, $336,127 have come into the company’s treasury as
interest on bonds and debentures, and $442,262 as dividends on stocks
owned, leaving a balance of $147,417, being the company s proportion of
the surplus carried in the aggregate surplus accounts of the subsidiary
companies on their own books.
Principal Subsidiary Companies (Compare V . 98, p. 613 .
Illinois Northern Utilities Co.
Kentucky Utilities Co.
Tri-County Light & l’ower Co.
Inter-State Public Servico Co.
Central Illinois Public Servico Co. Constantine Hydraulic Co.
Central Illinois Utilities Co.
Marquette County Gas & Elec Co.
Missouri Gas & Elec. Servico C o.
Twin State Gas & Electric Co.
Public Service Co. of Oklahoma.
New Albany Properties.
The New Albany properties include United Gas & Electric C o., Now
Albany Water Works, New Albany Streot R R . C o., Louisville & Northern
R y. & Lighting Co. and Louisville & Southern Indiana Traction Co.
INCOME & PROFIT & LOSS ACCT. FOR YEAR END. APRIL 30 1914.
Year end. ll^imos.end
Apr. 30 T4. Apr. 30 ’ 13.
Int. received and accrued on bonds and debentures $336,127
$113,306
Divs. received and accrued on stocks of sub. c o s ..
442,261
224,375
Divs. received and accrued on stocks of outside cos.
37,962
40,591
Sundry hit. on notes receivable, brokerage, &c---162,506
86,968
T otal-------------- ---------------------------- v - "
Profits from salo of properties or securities where
proceeds have been realized in c a s h ...
.........
Profits from sale of prop, to sub. cos. whero pro
ceeds in sec. or notes have not all been sold, ar
rived at on basis of values fixed by tho board. _
Fees for engineering, &c., construction works of tho
su b?cS s:N ov. 1 1912 to April 30 1914..............
*978,856
___
15,960
$465,240
362,348
159,131
287,598
109,597
Total income and profits as aforesaid
$1,466,761
Deduct— Administration expenso, $141,263; int
erest, $227,516-......... — - - - - - - - ............ .. -$368,779
Depreciation and loss on investments. ------- - - 7,097
Misc chgs., incl. taxes, deprcc. of office furn., A c.
16,699
Writing off diset. on 3-yr. notes & exp. hi connec
tion with issuo of capital stock— ------------------75,000
Divs. on pref. stock paid and accrued to date-----566,925
$911,969
Total deductions, incl. preferred dividends----- $1,034,500
Balance, surplus, for period--------------------------$432,261
BALANCE SHEET APRIL 30.
1914.
1913.
1914.
Liabilities—
$
3
3
Common stock__ 8,427,300
Seeing plants, conPreferred stock__ 9,779,300
&c?(book°value)’21,270,281 15.923.632 Collateral loans..*1,567,500
3-ycar 6% collat.
notes........... _.y3,500,000
A“
ry c o s .!.b: 2.566.731 1,381,955
Advances on un. nn r„ , Deferred paym’ts
on pur. contracts 217,000
closed contracts
79,819
109,623
66,703
Pf. divs., &c., accr. 118,35->
60,10.1 Accts. payable,&c.
ol6,122 1,068,595 Pf.dlv.,&c.,accr. 215,641
Cash___________
Surplus............... 777,864
$566,366
$345,603
Total............... 24,551,308 18,543,808
$154,612
19,744
38,592
353,418
1913.
3
7,356,200
8,470,100
1,600,000
563,500
72,499
135,906
345,603
Total............... 24,551,308 18,543,808
*"securcd by deposit and prof, stocks (par valuo $2,073,000). together
with bonds pledged by its sub. cos. (par valuo $438,500).
v Secured by ileposlt of bonds (par value $4,667,000).
Total auth. stock $12,000,000 each, common and preferred; total Issued
ss p, 16 500 and $9,826,900, but $219,200 and $47,600, respectively, aro in
the6 treasury', leaving outstanding $8,427,300 and $9,779,300, - V . 98.
p. 1920, 613.
American Car & Foundry Co., New York.
Industrials (Concluded)—
Page.
(15th A n n u a l Report— Y ea r en ding A p r i l 30 1914.)
Federal Sign System Co., Chicago..1922
Goldfield (Nev.) Consol. Mines C o.1687
Pres. Fred’k II. Eaton June 25 wrote in substance:
Hale & Kilburn Co., Phila. & N. Y.1687
Hart-Parr Co., Charles City, &C...1688
__The net earnings for tho year amount to $3,757,971, an lnHocking Valley Products Co--------1690 rrraSn of *429,378* This gratifying result is not, however, to bo ascribed
Internat. Harvester Co., N. J.1842, 1850 altogether to any improvement in general business conditions occurring
Internat. Harvester Corp-----1842, 1852 Hi,ring the vear just ended. It is duo in largo measuro to tho fact that at
Internat. Merc. Marine Co., N. Y..1916 the close of the fiscal year 1912-13.your company had on its books contracts
International Nickel Co., N. Y -----1761 for cars in number sufficient to assure tho continuous operation of your
Kellogg Switchboard & Supply Co.
niants for a number of months.
(balance sheet Dec. 31)------------- 1690 1 The number of cars under contract at tho close of tho late year was apLindsay Light Co., Chicago----------1918 nrtx’ inblv less than it was at tho closo of tho preceding period. Since then,
Mexican Telegraph Co...............— 1763 however there has been some improvement In this regard, and buying has
Montreal Cotton Co-------------------- 1764 heen somewhat more free and inquiries more numerous. It is a matter of
Montreal Light, Heat & Power Co. .1685 ironoral belief that the facilities of tho railroads for tho prompt moving of
New England (Bell) Telegraph &
such a crop as is now indicated aro moro or less inadequate: if this is so,
Telephone Co_________________ 1762
j- entirely likely that the above-noted improvement in the demand for
New River Co----------------------------1771 vour products, both for tho construction of new and tho repair of old equip
N. Y. * Richmond Gas Co..............1771 ment will continue, and become moro accentuated if the favorable crop
Ohio Fuel Oil Co..............................1843 conditions indicated by the Government forecasts aro realized.
Ohio Fuel Supply Co., Pittsburgh.. 1842
During the year buying on the part of tho railroads has been moro or
Oklahoma Natural Gas Co----------- 1843 less irree7ilar, both as to time and quantity. It is quite apparent that thoy
Oro Electric Corporation-------------- 1763 •mi as vet buying only to meet pressing necesssity and not at all for full rePennsylvania Steel Co., Phila--------1916 nnlrements. Tho restrictions upon their ability in this regard, dwelt
Pond Creek Coal Co., Boston--------1764 upon at some length in your President’s letter of Juno last, still to a largo
Public Service Co. of Northern Illi
degree obtain. But at this writing thero is evidence that an improve
nois, Chicago_________________ 1688 ment in this condition is impending, which may serve in somo measuro to
Rochester (N. Y.) Telephone C o...1923 alleviate tho hardships of which tho railroads complain.
Safety Car Heating & Lighting C o.. 1688
From tho net earnings thero have been paid tho regular 7% dividend upon
Southern Bell Teleph. & Teleg. C o.1689 the nref stock, amounting to $2,100,000, and 2% upon tho common stock,
Southern New England (Bell) Tele
amounting to 8600,000. Thero has been carried tho sum of $700,000 to tho
phone Co____________________ 1689 reservo for general overhauling, improvements and maintenance; and tho
Standard Screw Co., N. Y ----------- 1763 remainin''' $357,971 has been added to surplus account.
Stern Bros., N. Y. City................. 1686
Balance Sheet.—-On April 30 1913 your inventory showed over $16,000,
United Shoe Machinery Corp--------1685 000 as against $7,000,000 April 30 1914. Your accounts and notes re
U. S. Realty & Impt. Co., N. Y — 16S4 ceivable showed $18,000,000, as against a present showing of $12,000,000.
Union American Cigar Co., Pitts.. 1690 On April 30 1913 your liabilities for audited vouchers and notes payable
Union Natural Gas Corp., Pitts— 1917 aggregated $ 17,000 ,000 , while now you have no notes payablo and the lia
U. S. Reduction & Refining Co.,
bility for audited vouchers is less than $4,000,000. On tho other hand,
Colorado Springs, Col_________ 1843 w h ile on April 30 1913 you had cash in bank and on hand amounting to
Western Grocer Co., Oskaloosa, la. 1690 something over $3,000,000. you had of cash on April 30 1914 about twice
(J. G.) White Companies, N. Y-----1917 that, amount—-over $6,000,000. Tho situation hero reflected indicates tho
slackened condition of your company’s business and at tho samo tinao
shows its financial health. Your inventory Is kept down to a point suf
ficient to meet actual needs, while your resources aro availablo as actual
M id d le
W e s t U tilitie s
C o .
cash to meet any improvement In business.
.
Additions Reserves. Jic.— Additions costing $119,047 weremado to several
(Report f o r Fiscal Y ea r ending A p r i l 30 1914.)
of vour plants, principally those at Berwick and Depew, and for this pur
President Samuel Instill, Chicago, says in substance:
pose the reserve for construction and additions to steel car plants was
The policy of the company to keep the junior securities of its subsidiary drawn upon. This has been in part compensated for by the transfer to
companies so far as possible, in its own treasury is being continued; its tho reserve of $100,000 from surplus earnings— thus making tho reserve as
forward $67-1.310.
.
..
holdings of their preferred and common stocks aro being kept intact in carried
Ex p e n d itu re s during the year from tho reserve for general overhauling,
its treasury and have been greatly added to during the past year.
'The S3 500 000 of 3-year 6% collateral gold notes issued June l 1913 and im pro ve m en ts and maintenance amounted to $498,093. representing tho
secured by the deposit with a trustee of $4,667,000 par value of mortgage cost of various improvements at practically all your plants
Railroads—
Page.
Huntingdon & Broad Top Mountain
RR. & Coal Co.......................... 1683
International Itys. of Cent. Amer.-1684
Electric Railways—
Cleveland Palncsville & Eastern RR.1684
N. Y. State Rys. (bal. sh. Dec. 31).1684
Pacific Gas & El. Co., San Fr_1760, 1773
Winnipeg Electric Ry------------------- 1761
Youngstown & Ohio River RR____ 1684
Industrials—
Adirondack Electric Power Corp— 1764
American Coal Products Co., N. Y.1761
American Dlst. Teleg. Co., N. J— 1687
American Dlst. Teleg. Co., N. Y..1687
American Hardware Corp., New
Britain, Conn............................... 1761
American Iron & Steel Mfg., Leba
non, Pa______________________ 1690
Amer. Pneumatic Service Co., Bost.1688
Associated Gas & Electric Co-------- 1917
Associated OH Co., San Fra. & N . Y.1686
Automatic Electric Co., Chicago...1691
By Products Corp., Syracuse, N. Y.1689
California Wine Assn., San F ran...1690
Calumet & Hecla Mining Co., Bost.1842
Canadian Converters Co., Ltd------ 1843
Canadian Cottons, Ltd., Montreal-1764
Casein Co. of America, N. Y --------1688
Central & South Amer. Teleg. C o.. 1763
Chesapeake & Delaware Canal Co. .1922
Chicago Lumber & Coal Co., East
St. Louis, 111-------------------------- 1843
Chicago Ry. Equipment C o ..........1689
Cleveland & Sandusky Brewing Co. 1765
Ceckshutt Plow Co., Ltd., Brant
ford. Can.......................
}691
Columbus Gas <fc Fuel C o.------------- 1686
Copper Range Consol. Co'., Boston. 1762
Crex Carpet Co., N. Y ................... -1691
Crocker-Wheeler Co-------------------- 1689
Diamond Match Co., Chic. * N. Y.1762
DomlnlonTcxtileCo., Ltd.,Montreal 1764
Elk Horn Fuel Co., Inc................. .1762
This reservo has been replenished to the extent it lias been drawn
upon during tho year, and has been increased by the addition to it ot suificient to bring its amount, as carried forward, up to $905,011.
While, o f course, affected by tho general conditions of the business
of tho railroads, your miscellaneous business has been fairly good.
On tho whole, your management considers tho financial condition ol
your company to be both satisfactory and healthy.
FISCAL RESULTS.
1910-11.
1911-12.
1912-13.
1913-11.
Earns, from all sources, $5,810,889 $5,539,829 $1,193,751 $0,240,324
1,354,520
2,005,535
2,211,230
llcnowals, repairs, &c. x 2,052,918
Net earnings_________ $3,757,971 $3,328,593 $2,839,231 $4,234,789
Preferred dividends (7%) $2,100,000 $2,100,000 $2,100,000 $2,100,000
000,000
000,000
000,000
Divs. on common (2 % ).
000,000
Res’ vc for gen. overhaul_
250,000
750,000
ing, impts. & m aint..
<00,000
$378,593
$139,231
$784,789
Balance, surplus------Previous surplus----------- 25,25o,109 24,870,570 24,737,345 23,952,550
Total surplus
$25,013,140 $25,255,109 $24,870,570 $24,737,345
x Thero was expended in addition for extraordinary impts. and charged to
thorcservo for general overhauling, impts. and maint., $119,048 in 1913-14,
against $350,052 in 1912-13, $478,380 in 1911-12 and $319,501 in 1910-11.
BALANCE SHEET OF APRIL 30.
1914.
1914.
1913.
Liabilities—
S
S
S
ASS€tS~~“
Cost of prop’ties *66 ,782,533 66,682,532 Preferred stock 301,000,000 30.000.
Material on hand. 7,551,777 16,821,888 Common stock 301,000,000 30.000.
Vouch., notes &
Acc’ts.&c., receiv
pay-rolls_____ 3 ,,899,999 17,107,360
able ........
12,099,353 18,147,361
Insurance reserve. 1,000,000 1,000,000
Stocks and bonds
For
gen. overh’g,
of other com
Impts. & maint. 905,011
703,104
panies________
682,219
960,116
For constr. of and
Bank certs, of de
add’ns to steel
posit ________ 2,000,000
---------------674,310
693,357
car plants_____
Cash on hand and
In bank............ 4,251,578 3,422,093 Reserve for divs.
600,000
on com. stock.. 600,000
675,000
675,000
Dlv. pay. July 1..
Surplus account..255,613,140 25,255,169
Total...............93,367,460 106033,990
Total ...............93,367,460 106033,990
* Includes cost o f properties, plants, &c., to April 30 1913, $65,989,175;
additions to plants, $119,048: reservations for construction of and additions
to steel car plants, $074,310.— V . 97, p. 446.
U
1913-14.
1912-13.
1911-12.
1910-11.
Balanco for year_______ def.$59,868sur.$504,427sur.$527,978sur.$484,369
35,512
l’ rov. surp. (after divs.)737,285
172,859
144,881
Transf’d from “ Reserve
250,000
for add’l work, capital”
------------------------Total________________ $077,417
Pref. divs. (see text)------(4)500,000
$737,285
(4)500,000
$672,859
(4)500,000
$769,881
(5)625,000
Surplus end of y e a r ... d$177,417
$237,285
$1/2,859
$144,881
a After deducting cost o f maint. and operation of plants, exps. of sales
and general offices and provision for taxes and doubtful accts. (see note c).
b Includes ro-valuations account previous year of inventories, $135,844,
and of accounts receivable, $48,926.
.
,
, .
c Reserve for doubtful accounts was deducted in three later years before
arriving at the figures for mfg. income as above, $121,297 in 1913-14,
against $729,279 in 1912-13 and $833,794 in 1911-12.
d See foot-note x below.
BALANCE SHEET M A Y 31.
1913.
1914.
1914.
1913.
S
Liabilities—
S
s
s
Assets—
12.500.000
Pref.
stk.
outst'g.
12,500,000
,741,664
24,9S6,731
Plant Investment.24
347,555
347,555 Com. stk. outst’g. 12,500,000 12.500.000
Treasury stock__
Am.P.&Fdy.bds 1,500,000 1.500.000
Bonds Amer. Pipe
179,000
Dlmmick Pipe bds 179,000
& Fdy. Co. and
598,860 Accts. & bills pay. 1,898,315 1,743,653
sinking fund__
609,650
85,114
73,894
520,632 Accrued int., &c_.
Cash___________
813,523
Reserves—
Raw and manufac
170,652
Improve’ts,
<fec.
227,693
2,570,260
tured
materials
2,591,865
000
Working capital 1,700,000 1.700.000
Accounts receiva
000
28,692
Doubtful accts.
51,220
ble, &c............. 1,809,841 2,223,614
103,257
Insurance ____
106,558
737,285
Surplus________ x 177,418
Total............. .30,914,098 31,247,653
Total............... 30,914,098 31,247,653
x After deducting dividend o f 4% ($500,000) on pref. stock, paid out o
profits of year to M ay 31 1913.—V. 96, p. 1837.
GENERAL INVESTMENT NEWS.
R A I L R O A D S ,
I N C L U D IN G
E L E C T R IC
R O A D S .
— B on d s— D ivid en d
Rale N o w 9 % .— Fairfax Harrison, Pres, of Southern Ry.,
gave June 17 the following data touching the $5,500,000
30-year 1st M .
bonds, Series A,
which, asannounced
n it e d S t a te s C a s t I r o n P ip e & F o u n d r y C o . (o f N . J .) .
last week (by adv.), J. P. Morgan & Co. and Brown Brothers
(15th A n n u a l Report— Y ea r en ding M a y 31 1914.)
& Co. have sold at 9 8 and interest. It will be noted that
Pres. L. R. Lomoine, N . Y ., Juno 11, wrote in substance: under the lease as recently modifiedthe guaranteed divi
Results.— Your company’s business for tho year has been unrcmuncrativo dend of the Atlanta & Charlotte is fixed at 9% .
A t la n t a
&
C h a r lo t t e
A ir
L in e
R y .
because o f low prices and severe competition for a business which in total
These bonds constitute tho initial series issued under the Atlanta AjCharvolume amounted to less than half that needed for tho available capacity lotto first mtge. for $20,000,000, to be dated July 1 1914 and to mature
of all makers. While low prices liavo been known beforo, tlio present July 1 i944. The proceeds of these $5,500,000 bonds are to be used to
unsatisfactory price markets liavo continued over a longer period, anil retire tho entire amount ($5,500,000) of existing bonded debt, and the
business managers aro in a tnoro or less helpless condition regarding the remainder aro to be issued from time to time in lettered senes, bearing
use of any method for maintaining or advancing the pneo o f their product. interest at rates not to exceed 5% per annum, for a face amount equal to
Tlio country seems to be involved in a cyclo o f unrest, distrust and sus the cost of double-tracking the Atlanta & Charlotte, for additional terminals
picion: an utter “ lack of confidence.’ ’ Tills condition is not a mental and betterments and additions covered by the mortgage. The financial
illusion. It is caused by hard facts— which suggest a now bondage rather plan and the sale of these $5,500,000 bonds have been duly approved by the
than a now freedom. What added difficulties to general trade conditions Georgia Railroad Commission. Tho property upon which these bonds are
may dovolop it is impossible to forecast; but until uncertainty and lack of a first mortgage constitutes that part of the Southern R y . mam line extending
confidence ovaporate, a return o f normal conditions is unlikely.
Under such circumstances tho wonder is your loss for tho year is as from Charlotte, N. C ., to Atlanta, G a „ 263 miles, through the Piedmont
small as it is. Wo end tho year with a loss or $59,868 as compared with a region, which continues, as in tho past, to bo marked by a vigorous mdussurplus o f $564,427 for tho year 1912-13. Tho loss is largely duo to tho tr The^rig^al^oad was completed in 1873, and in 1881 was taken over by
factor o f price; in addition to which tho curtailment o f business generally, tho Richmond & Danville RR. Co. under a perpetual contract in the nature
resulting from economic changes and apprehension as to further pending of a lease. The debt, equal in amount to the present 4 V iv/o issue, but
legislation, has had a very direct effect upon tho general business situation; bearing interest at 7% and 6% , was untouched in the reorganization of the
and as applied to your industry, resulting in the sovero competition of other properties which were combined in 1894 as Southern Ry. C o., the lastmakers, some o f whom, it would seem, liavo been selling their product far named company having then secured tho right to operate the property
bolow tho cost of production. That such economic waste should bo forced under tho contract of 1881. Under this contract the stock of the Atlanta &
by our Government is indeed hard to understand; especially when wo Charlotte was entitled to dividends at a minimum rate of 5% and a maxi
consider how enlightened nations abroad foster their industries by permit mum rate of 7% , tho latter rate to be paid in any year when tho gross
ting reasonable co-operation o f competitors, a co-operation which includes earnings exceeded $2,500,000. The required dividends were paid during the
regulation of output and prices, in tho placo o f tho ruthless competition receivership of the Richmond & Danville System, and since 1902 the rate
which, as now forced in this country, cannot mean anything but tho “ sur has been 7% per annum. Southern Ry. Co. Is not, and never has been,
vival of tho fittest,"— a result which present laws wore Intended to prevent.
owner of any of the stock.
.
. . , . . ..
In tho first quarter o f tho past fiscal year, at three o f your plants you thoThe
growth of traffic during the last 10 years has made desirable the
wero recovering from loss and damago incident to tho sovero floods in tho double-tracking
this division, and an agreement was consummated this
Ohio Valley; and much o f your largest Ohio plant was closed, owing to year whereby thoofstockholders
the Atlanta & Charlotte, in consideration
labor conditions, chiefly because of a moldors’ strike in the district, which of a modification in the lease of
for 9% dividends in addition to
extended to your works. Notwithstanding tho reduction in output, oper interest on the indebtedness to providing
issued, consented to create a mortgage
ating costs, Including the carrying o f idle plants, wero kept down to approxi which would provide for retiringbethe
existing debt, furnish additional ter
mately tho same level as last year with its much larger cast. Tho six plants minals, and means for double-tracking and revising grades, &c.
now partially operated show a somewhat lower working cost per ton. In
For many years the Atlanta & Charlotte has had a total bonded debt of
fact, oven with tho reduced tonnago, owing to greater efficiency, thero 85 50(1 000 which was finally acquired by Southern Ry. Co. in Jan. 1910,
would have been a material reduction in tho cost per ton had there not anii pledged under tho latter’s First Consol. Mtge. The present $5,500,000
been an increaso in items over which you have no control; notably, for in 4U s Series A, will retire the extended bonds (called for payment July 1)
stance, tho cost o f accident insurance as affected by recent State laws.
the proceeds will be paid over to the trustee of Southern Ry Co. hirst
Your output for tho past year Is only approximately 30% less than for and
Consol. M tge., and applied toward the completion o f the double-tracking
tho year preceding. For tho f irst half tho volumo of business decreased to of tho Southern Ry. main line between Washington, D. C ., and Charlotte,
tho lowest point on record. For tho second half thero was someimprove- N. C .. for which purpose such proceeds arc nearly sulticicnt.
ment, but not sufficient to supply your several works with a normal ton
Under tho terms of tho Atlanta & Charlotte mortgage, arrangements are
nage; and your operations wero, of necessity, so curtailed that for several
assured for the double-tracking of the continuous main line under the
months, loss than half your plant capacity was in work. Several of your thus
control
of the Southern Ry. Co. for the entire distance between Washington
works aro now closed ponding a return to hotter conditions. Some oftliem and Atlanta,
miles, of which 306 miles, or 47.13%, is now double
may not bo ro-opened as tho policy of concentration which is being worked tracked. It is649
planned to do tho remaining work continuously, beginning
out, when accomplished, will notably reduce tho number of your activo at onco and looking
completion within five years. In connection with
plants without decreasing your capacity, so that soveral o f tho loss offectivo the double-tracking to
of the Atlanta & Charlotte, a certain amount of re
plants may ultimately bo disposed of; while tho larger tonnago per unit alignment work will be
done with a view to lowering the cost of operation.
will result in lower costs and greater efficiency.
Balance Sheet.— Your property and plant account decreased (not) during Tho engineering plans contemplate such revision at this time as to Increase
tho year $245 007. The difference in earnings this year as compared with by an amount of 30% tho tonnago of individual freight trains on the division.
last year affected your quick assets unfavorably to tho extent o f $024,294. Earns, of Atl. & Chari. Air Line Ry. for Years end. June 30 (1913-14 Est.)
(263 Miles of Road)—
1913-14.
1912-13.
1911-12.
Notwithstanding this difference and tho disbursement during the current
year of $500,000 in dividends, paid from tho previous year’s earnings, with Gross operating revenue_____________ $5,676,777 $5,707,066 $5,182,212
no earnings this year to offsot ft, your company remains in excellent finan Nettncome (after taxes)_____________ S2.198.660 $2,185,343 $2,030,612
11,565
13,094
10,97/
cial condition with its net working capital within $250,000 o f tho amount Other Income________________________
at which it stood at tho close of tho provious year, amounting as of M ay 31
Total_______
$2,210,225 $2,198,437 $2,041,589
1914 to $3,243,019 as compared with $3,485,740 last year.
$247,500
$247,500
Tho inventories have been most conservatively figured: and the stocks Interest on bonds__________________ - $247,500
of unsold pine aro no larger than a year ago, and aro o f those sizes and Dividend on stock (7 % ).........
11S’9RR
11o'2Rn
1Xo ’ Knn
2,500
- 2.500
2,500
Organization expenses_______________
classes usually most readily marketable.
*865,400
^69-Z9Z
Omission of Dividend.— The directors desire to express their deep senso Other deductions-------------11,202
3,930
1.541
of tho injustice o f tho general conditions from which your interests liavo Additions and betterments___________
suffered, and because of which your company is compelled to pass its
Net income...................- ................... $964,623 $1,064,801 $1,000,005
dividend. They aro, however, confident 'of tho future, and believo tho
sober sense o f tho American people will soon so assort itsolf that normal
* As tho company owns practically no rolling stock, the “ Other Deduc
conditions will in duo course obtain. It is hoped that tho time is not far
distant when your business may again earn such Increment as will warrant tions" are largely for hire of equipment, chiefly equipment of Southern Ry.
C o., for which the charge is less than tho usual rates.
a resumption o f dividends.
Through the retirement of the existing debt and the sale of the $5,500,000
INCOME ACCOUNT YEARS ENDING M A Y 31.
bonds which you have bought, the interest charges remain unchanged.
Leaving aside the obligation of Southern Ry. Co. to pay the interest
1910-11.
1911-12.
1912-13.
1913-14.
tho terms of the contract, it is apparent that the present earnings of
$530,711 under
Manufacturing income-- a$12l ,297 a$729,279 a$833,794
mileage covered by these bonds is not only far in excess of the present
81,564
93,798 tho
76,093
70,335
Other Incom e---------------interest requirements, but the surplus, after present charges, is m excess
the maximum interest, $725,000, on the remaining authorized amount
$630,509 of
$915,358
$805,972
Total income-------------- $191,632
of tho mortgage, without taking into account tho increased traffic and
Deduct—
,
increased income incident to tho provision of double-track and the economies
Int. on bonds, and on bills
operation resulting therefrom. Wo expect to secure a substantial and
$138,910
$90,000 of
$145,545
payable in 3 later years $155,500
increase of income both from through and local traffic as the result
03,700
44,140 growing
90,000
90,000
Reserve for improvem’tsof
these
increased facilities.— V. 98, p. 1918.
______
bl84,770
ltoval. acct. prov. year..
12,000
(c)
(c)
(c)
Res’vo for doubtful accts.
B a y
S ta te
S tr e e t
R y ,,
B o s t o n . — D iv id e n d s. — A semi
Total deductions-------
$251,500
$241,545
$387,380
$146,140
annual dividend of 2k£% was paid June 30 on the $20,517,200
co m .
sto ck
(p r a c tic a lly
a ll
o f
E le c . C o s .) , c o m p a r in g w it h
J u n o
3 %
3 0
on
1 8 4 4,
1913,
D e c.
3 %
3 0
o n
D e c .
1 91 1 .
w h ic h
2 )4 %
31
is
o n
a n d
C o m p a re
o w n e d
D e c. 31
2 %
V .
o n
9 6 ,
b y
J u n o
p .
th e
M a ss .
1 91 3, 2 )^ %
2 0
1912
1 8 3 8 .—
V .
E xec. C o m m ., J u n e 20.
---- :, which you have agreed
*•--- —-----,— - -......Elevated Railways Collateral
lru st’ a voluntary association under Mass, laws, controlling, through
stock ownership, all of the elevated railroads in Chicago. These notes
will be specifically scoured by pledge, under indenture dated July 1 1914, in
f X w i n g collateralf
& Savlngs Bank of Chicago, as trustee of the
Collat. <&PerCt. of Total Issue (excl. directors’ shares)—• Par Value Per Cl
Northwestern Elevated RR. preferred stock 5 % .
$ 4 943 soo
99 9 8
" " 4 946400 101) 00
Northwestern Elevated R R . common stock____
Metropolitan West Side Elevated R y. pref. stock 5%ZZ 8’.706 300 99 9 8
Metropolitan West Side Elevated R y. common stock.
7 462 600 9 9 9 9
South Side Elevated R R . stock______________________ 10,193,’ l00 99.62
o n
a n d
9 8 ,
p .
1535.
B it u m in o u s
C o a l
No Agreement in Ohio. —
R o a d s .—
The joint conference o f the scale committee of operators and miners in
Ohio having failed to agree on a new wage scale for the State on June 25
adjourned sine die. Before adjournment tho miners’ representatives
invited the operators to meet them in the various coal districts o f the Stato
with a view to fixing rates by sub-districts. Through these meetings the
leaders of both factions hopo to end the strike in many sections of tho State.
Preceding the final meetings, the miners and operators went into separate
sessions, but both sides refused to make concessions that might lead to a
compromise. In all of tho conferences the miners have held out for a
scale o f 49.(Me. a ton for machine-mined coal and 71 3-7c. for pick-mined
coal, and have refused to consider any contract not based on tho run-mine
system.— V. 98, p. 19,18. 1844.
B r o a d w a y
o ffe r in g , b y
M
.
5 %
th e
&
a d v . on
g o ld
a c c e p t
th e
o f
2 d
1 8 9 3 ,
M
.
m a tu r in g
c ir c u la r
A v e .
R R .
K is s e l,
(N e w Y o r k R a ilw a y s
K in n ie u t t
&
a n o t h e r p a g e , t h e $ 5 0 0 ,0 0 0
b o n d s
o u ts ta n d in g
A
S e v e n th
Bonds Offered.—
S y s t e m ).—
d u e
D e c .
b o n d s , d u e
b o n d s
in
1
C o .
1 9 4 3 , is s u e d
J u ly
1.
ex ch a n g e
T h e
a t
are
F ir s t C o n s o l.
p a r
to
r e tir e
b a n k e r s w ill
a n d
in te r e s t
re p o rts:
Int. J. & D. Exempt (through payment of recording tax) from N. Y ,
Stato, county and municipal taxes. A closed issue except for refunding
Tptj^.1
811,500,000, viz.: Outstandinf, including present issue
88,150,000: reserved to retiro underlying bonds, 81,500,000, and 1st M .
bonds o f leased lines, 81,850,000. The first consols passed through the
drastic reorganization o f the Metropolitan Street B y., now New York Kys.,
in 1911 without being affected, and tho property is leased to the latter
company at an annual rental equivalent to interest on bonds and 10% on
82,100,000 stock. Owns double-track underground-electric surface street
railway running, with perpetual franchises, from 59th St. via 7th Avo. and
Broadway to 15th St., with long-term leaseholds that extend tho lino to
South Ferry. Expert engineers In October valued tho property proper at
811,583,640, viz.: Cost o f land for general real estate purposes, $4,290,140;
buildings, 82,250,290: track, paving and ducts, 81,954,714: and misc.,
83,082,490. Presumably tho largest earner o f tho New York Kys. system
which for the year ended Juno 30 1914 showed gross, $14,065,159, and net,
$5,159,040, against int.on underlying bonds, rental, &c. (incl. rent of this
property) of $2,095,555, and N. Y . Railways int., $1,842,002 (4% bonds
$651,838: incomes, $1,190,164).— V. 98, p. 1844.
K /0
C h ic a g o
&
E a s te r n
Indiana Coal
th o
p a y m e n t
1s t
M . 5 %
le d
th e
th ose
J u ly
b o n d s o f th e
w ith
u n d er
on
th e
th e
C h ica g o
d e p o s it
T h o
im p e n d in g
co u p o n s
&
T ru st
a g reem en t
o f
In d ia n a
co m m itte e
C e n tra l
De-posit of Chicago &
R R .—
. 5s.—
M
in te r e s t
fo llo w in g -n a m e d
b o n d s
ta ry ,
a d v .
I llin o is
Co. 1st
R ij.
o f
to
th o
o f N .
in
d e f a u l t in
$ 4 ,0 2 0 ,0 0 0
C o a l R y .
u rg e
C o .
n o w
th o
C o . h a s
d e p o s it
Y .,
as
o f
d e p o s i
p r e p a r a tio n .
S ee
a n oth er p a g e.
Committee: W. W. Jacobs, Hartford, Conn.; R . II. Carleton, Blodget
& Co.; Edwin S. Hunt, Waterbury, Conn., and J. S. Farlee, J. S. Farlee
cc Co., with Charles E. Sigler as Secretary, 54 Wall St., New York.
B ig e lo w
us
w ith
c e iv e r s
p a y
C o .,
th o
to
I llin o is ,
c e iv e r s
&
N e w
Y o r k
fo llo w in g
th o
U .
S .
E a stern
p ra y ed
a n d
e x tra cts
D is t.
D iv .,
fr o m
C o u rt
d a te d
th a t an
P h ila d e lp h ia , h a v e
th o
fo r
J u n e
th e
10
1 1914 o n
o f
W e ste rn
1 91 4,
o rd e r b o en tered
t h e in te r e s t d u o J u ly
p e t it io n
fa v o re d
th e
D is tr ic t
w h e r e in
d ir e c tin g
th e C h . &
th e
th em
re
o f
re
n o t to
In d . C o a l R y . 5s:
While, as your petitioners aro informed and believe, at tho time of said
consolidation said Coal Ry. was deemed to bo a valuable addition to tho
property o f tho railroad company, by reason of the Railway C o.’s control
of a large part o f what were then known as the Brazil block-coal fields in
Clay County, Ind., the said coal fields have since said consolidation been
substantially worked out, and the mining of said Brazil block-coal and of
all other coal along said Coal Ry. has practically ceased, and Tor several
years there has not been stiff ieient traffic over said Coal Ry to pay the
necessary expenses o f maintaining and operating said Coal Ry. and the
taxes thereon and the interest accruing on said bonds.
Your petitioners have caused statements of tho income, expenses taxes
interest and rentals of said Coal Ry. to be prepared, covering the operations
of said Coal Ry. for tho last five years, and the following statement fairly
discloses the results of such operations for an averago fiscal year during said
period of five years, to wit:
Earnings of Ch. & Ind. Coal Ry. for Average Fiscal Year During Past 5 Years.
Freight revenue................... $291,869 Deduct— T a x e s______I ____ $42,727
Passenger revenue________ 57,682
Interest............................ 231,300
Mail, express, &c_________
19,527
Rentals_________________
3,244
Gross revenue__________$369,077
Net (after op. exp.)............. $58,415
D e ficit............................ -$218,856
E x ch a n g e
s t o c k , m a k in g
3 0 0 .
A n
o n
th e
J u n e
2 4
lis te d
sta te m e n t
T h e
$ 3 0 0 ,0 0 0
t o t a l a m o u n t lis te d
o ffic ia l
to
N e w
Y o r k
a d d itio n a l
d a te
p r e f.
h e r e o f $ 2 ,8 8 9 ,
sa y s:
The company has outstanding 121,917 shares of pref. stock, with 164
additional shares available for issue and exchange ior the stocks of the
Evansville & Terre Haute RR. Co. or of the Evansville Belt Ry. C o., and,
as stated in application dated Dec. 1 1902, 68,307 shares thereof wero dopositable under a trust agreement dated Oct. 1 1902 [Equit. Tr. Co. of
. ' • present trustee.— E d .], one of the provisions of said trust agreement
being: It tho [St. Louis & San Francisco) RR. Co. shall make default in
tho payment of any dividend on any of the stock trust certificates when and
as the same shall become payable, as therein expressed, and such default
in the payment o f any dividend shall continue for the space of 30 days after
demand therefor shall have been made on the RIt. Co., at the office of tho
trustee in tho City of New York, then and in said event any holder of stock
trust certificates may, such default continuing, surrender the stock trust
certificates held by him, and so in default, to the trustee, and in exchange
therefor, but subject to tho provisions of Section 13 of this Article VI.,
shall bo entitled upon demand to receive, and the trustee shall deliver,
certificates for shares of tho preferred stock of the Chicago Company to
tho amount enumerated in such stock trust certificates.”
Receivers of this road having been appointed on May 27 1913, and tho
St. Louis & San Francisco RR. Co. having defaulted on July 1 1913 in tho
payment of that dividend or interest, each of w'hich acts was a default of
said provisions, and the holders of said pref. stock certificates being there
fore entitled to return o f their shares of pref. stock deposited under said
trust agreement, tho amount o f pref. stock of this company now listed
must be increased in order to enable tho trustee to surrender said shares
ot pref. stock under tho terms o f said trust agreement.— V. 98, p. 1919, 1844.
C h ic a g o
$ 3 0 ,0 0 0 ,0 0 0
a t
m a tu r ity
.
R a ilw a y s .
3 -y e a r 5 %
g o ld n o te s d u e J u ly
a t
th o
N a tio n a l
& S a v in g s
Notes Offered. — T h o N
th o
111.
T ru st
is o f f e r i n g
a t 98
5 %
secu red
a n d
g o ld
in t.,
n otes
C ity
B a n k
in
a tio n a l
to
J u ly
1
1910,
b u t
r e d e e m a b le
a t
100
a n d
in t.
on
J .
J .
in
N .
Y .
o r
d a y s ’
C h ic a g o .
T h e
1 9 1 4 w ill b e p a id
in
N e w
B a n k
6 .0 7 % ,
is s u e ),
d u e
3 0
B a n k
1
Y o r k
a n d
C h ic a g o .
C ity
y ie ld
(c lo s e d
d a te
&
— Payment of Notes. —
E le v a te d
as
a
N e w
Y o rk
$ 1 4 ,0 0 0 ,0 0 0
2 -y e a r
w h o lo
D e n o m .
o f
d a ted
n o tic o .
Proportion accruing to Chicago Elevated Rys----- $1,555,797 $1,828 088
Net other income Chicago Elevated Railways--------118.961
21,308
Total income available for int. on these notes----- $1,674,758 $1,849 396
700,000
70CL00O
Interest on these notes____________________________
Balance.................................... ......... ......................... $974,758 $1,149,396
The net Income accruing to tho Chicago Elevated Railways in 1913 was
over 2.6 times tho interest on these notes.
«Junior Securities.— In connection with the present financing of the notes
duo July 1 1914, the Chicago Elevated Railways is to sell $7,000 000 10year 6% debentures at par. These debentures will bo a general obligation
of the Chicago Elevated Railways and junior, as to the pledged collateral
to this issuo of notes. Insamuch as $16,000,000 was realized from the sale
of Chicago Elevated Railways shares, its investment, junior to these
notes, will be $23,000,000.
. .
" lese
Management.—-The control of the securities pledged for this issue o
notes is vested in Frank A. Vanderlip, Henry A. Blair and Samuel M cRoherts as trustees. The operation of the Chicago Elevated Railways is super
vised by an executive committee composed of: Samuel Insull. President
Commonwealth Edison C o., Chicago: Henry A. Blair, Chairman Board of
directors Chicago Railways C o., and fra M . Cobe, Chairman executive
committee Chicago Surface Lines.— V. 98, p. 1919.
1 °xecutlve
C h ic a g o
on
J u ly
1
1914,
a n y
in te r e s t
I n t e r e s t'
’ l’ e
p a y a b
$ 1 ,0 0 0 c * .
&
I n d ia n a
C o a l
R y .—
Committee— Earninas___
See Chicago & Eastern Illinois RR. above.— V. 48, p. 189.
C h ic a g o
R o u t e ” ).—
I n d ia n a p o lis
Bonds Offered.—
Y o r k , a ro o ffe r in g
y ie ld in g
g a g e
Pref. Stock Taken Out of Frisco Trust. —
S to ck
T o t a l...........................................- ................................. -836,251,700 99.88
The pledged securities acquired at an actual cash cost of $21,322,875
represent the ownership of 45.156 miles of elevated railroad with 111.32
miles of track. The total operated mileage amounts to 60.32 miles o f
road, with 140.52 miles of track exclusive of yard and side track. Brof.
George F. Swain in 1912 valued all tho elevated railroads in Chicago, in
cluding tho Chicago & Oak Park Elevated R R ., at $93,279,142. On this
basis we have estimated that the three properties represented by tho pledged
collateral have a present total value of $84,386,294 (incl. about -Ml,000,000
for appraised land) and this estimate has been accepted by Prof. Swain as a
correct approximation. Upon the completion of tho present financing, the
total underlying bonded debt outstanding on the mileago owned will
amount to $40.4,0,000, indicating an equity of $43,916,294, or over three
times this entire note Issue.
The mortgages upon the Metropolitan West Side and tho South Side
Elevated railroads are closed and additional bonds under the Northwestern
Elevnted R R . s 1st M . (over and above the $12,500,000 bonds to be pres
ently marketed; V. 98,.p. 1920) can bo put out only to defray a portion
c °s.t of acquisitions, betterments, &c. Tho outstanding funded
debt of the Chicago & Oak Park Elevated R R . ($4,432,000 mortgage bonds,
f ^ a m c e d hT No.rtiiwestern Kiev. RR. Co., $128,600 income bonds and
$320,000 receivers certificates) is not included in tho figures of underlying
bonded debt outstanding, as the value of tho Oak Park property has been
omitted from the above estimated valuation.
Properties.— Tho lines o f tho Elevated companies, substantially all of
whose capital stock is pledged to secure these notes, radiate from the business
centre of Chicago (where they operate jointly on the Union Loon owned bv
tho Northwestern) to tho north, west and south sides of the citv
It is
estimated that in 1910 about 55.7% of tho total population of Chie-iffn vus
tributary to these lines. Tho population of the citv increased from f (199*
850 in 1890 to 2,388,500 (city census) in 1913, an increase of 117? ’ Tho
traffic of tho three roads increased from 98,696,449 passemrers In i om tn
147,630,480 in 1913, or about 50%. The number of passengers carried
for the first five months of 1914 was 3% in excess of the corresponding
period of 1913 and the early delivery of 128 new cars of the most modern
type will immediately enlarge tho carrying cpaacity, and, it is estimated
should result in an additional annual increaso in tho year to July 1*1915
of about 9% in passenger traffic. A largo proportion of tho lines is biiilt
upon their own private right-of-way. Their franchises for operation
across, along or over streets and alleys aro all of long duration and provido
for a five-cent fare.
1
Income of Metropolitan. South Side and Northwestern Elevated Comnnniev
and the Collateral Trust for Calendar Years.
1
1912.
1913.
I
1912.
1918
Gross earnlngs$8,014,956 $8,069,329 Other income- $114,001 $329 495
Net, aft. taxes$3,407,968 $3,552,813 1Total income_$3,551,969 $3,882’ .3()8
Actual int., rentals, &c., jilus int. on $12,500,000
Northwestern 5s to be presently issued--------------- 1,994,072 . 2,051 818
Proportion due as divs. on undeposited stock about.
2,100
2/102
191 9.
5 .2 0 % ,
5 -y e a r
5 %
b y
th o
g o ld
In te re s t fr o m
&
P o tte r,
a d v . o n
n ow
l
C h o a te
J '
R y .
&
(“ M o n o n
P r e n tic e
a n o th e r p a g e, a t 99 K
is s u o
b o n d s,
J u ly
L o u is v ille
o f
d a te d
$ 1 ,5 0 0 ,0 0 0
J u n o
20
1 9 1 4 , p a y a b lo
J .
C en ora l
191 4,
&J.
d u e
in
N e w
a n d
N
in t.
M o r t
J u ly
1
Y
Authorized, $4 ,0 0 0 ,0 0 0 ; outstanding (now offered), $1,500 0 0 1 ) h e-jm .: c* $1,000; r* $1,000 and multiples. Redeemable as an entire issue
only at 100 K and int. on any interest date upon 60 days’ notico. Trustees
Bankers Trust Co., N. Y .. and William L. Taylor.
russets,
Digest of Letter from Pres. F. A. Delano, Chicago, June 20 1914
Security.— (a) A first collateral lien on the recently acquired line of the
Chicago & Wabash Valloy Ry. Co. (&) A first lien upon all equipment
purchased with the proceeds ol the bonds, (c) A lien, subject to our (closed)
and Indianapolis, &c.
, „ ,
Application of Proceeds.— The proceeds of theso $1,500,000 bonds aro to
be used as follows: $ 5 0 0 , 0 0 0 to cover the purchaso and extension and im
provement of the newly acquired Chicago & Wabash Valley Ry.— atmroximately 36 miles of wliicli have been completed; $300,000 for purchaso
of new equipment; $200,000 for improvements on tho Monon; $500 000 to
reimburse the treasury for expenditures already made for betterments
From July 1 1909 to June 30 1913 the company expended about $2 599 932
for acquisitions and betterments, which wero paid for out of income and
the treasury has not hitherto been reimbursed for any of these expenditures
Chicago & Wabash Valley By.— This property, on which these bonds are a
first lien, by j>ledge of collateral, has been acquired at only a fraction of tho
money spent on tho property. It crosses our main lino at McCoysburg
Ind., anil extends northerly for 36 miles through a rich agricultural country’,
and will bo extended northerly about 6 miles .to our main line near the Illitate lino. This acquisition not only means additional traffic, but
when the expenditures now arranged ior have been completed it will fur
nish us with a second low-grade track for some 42 miles on the congested
part of tho lino between Monon and Chicago.
The $500,000 Ch. & Will). Valley Ry. Co. bonds which aro deposited as
collateral for the Issue represent about one-half of the original cost of tho
property, plus tho expenditures now proposed. These bonds aro a first
mortgago to the same trustees, mature at tho samo dato. and aro substan
tially in tho same terms as our General Mortgago, so that, in effect, tho
latter has an absolute first hen on the now line. Tho issuance of additional
bonds under tho Ch. & Wab. Valley mtgo. is carefully restricted, (a) for
the cost of additional betterments upon the existing line north of McCoys
burg, Ind., and (b) for an extension south from McCoysburg at $25,(300
in bonds ner mile; and provision is mado in our General Mtge. that all such
additional bonds shall, when Issued as aforesaid, bo pledged under tho
General Mortgago Indenture.
Further Gen. M . 5s.- The remaining $2,500,000 of authorized bonds after
Jan. 1 1915 can bo issued under careful restrictions as follows: (a) To acquire
and pledge under this mortgage not exceeding $1,500,000 additional bonds
of Ch. & Wab. Valley Ry. Co., issuable for tho purposes above stated, at
not over $25,000 per mile. (5) For cost of extensions ancl improvements
upon Monon lines, (c) For acquisition of equipment in name of the trustees.
Ownership.— Louisvillo & Nashville and Southern Uy. jointly own
77.47% of the prof, stock and 93.31% o f the common stock and have pledged
the same to secure their joint coll, trust 4% bonds.
Earnings of Alonon Hoad.— The surplus earnings for the last fiscal year,
after paying all bond interest, rentals, taxes, &e., were $538,360; average
for last five years, $604,913. Interest on these $1,500,000 bonds is $75,000
per annum; interest on total Gen. Mtgo. bonds authorized, $200,000 per
annum.— V. 98, p. 1608, 911.
C h ic a g o
&
N o r t h
S to ck
E x ch a n g e
b o n d s
r e c e n tly
W e s te r n
h as
lis t e d
s o ld
(V .
9 8 ,
Listed.—
R y .—
th e
p .
$ 8 ,0 5 4 ,0 0 0
T h e N e w
g en era l
Y o r k
M .
4 %
1 5 3 6 ).
Purposes for Which $8,054,000 General Mortgage 4% Bonds Were Issued.
To retire an equal amount of “ existing bonds,” viz.: $2,442,000
Madison Extension 1st M . sinking fund bonds, $415,000 5%
and 6% sinking fund bonds, $500,000 Milwaukee Lake Shore &
Western Income bonds and $2,697,000 Menominee Extension
1st M . sinking fund bonds-------------------------------------------------- $6,054,000
Expended in permanent improvements or additions, including
equipment, cost o f elevation of tracks, additional right o f way,
subject to the lien of the mortgage........................ ............. ........ 2,000,000
The bonds are stamped “ subject to payment by the holder of Federal
income tax, if any, imposed upon tho holder, and subject to deductions in
accordance with law.” Across tho face o f the coupons is printed tho state
ment, “ Federal income tax not assumed by company.” There wore
previously listed $22,500,000 gen. M . 4% bonds, which were issued prior
to tho passage o f the income tax law, and the coupons are free of all taxes
which tho company may be required to pay or retain, including the income
tax.— V. 98, p. 1608. 1536.
C h ic a g o
R o c k
I s la n d
&
P a c ific
Plan. —
R R .—
Seo Chicago Hock Island & Pacific R y . below.— V. 98, p. 1919.
C h ic a g o
R o c k
I s la n d
&
P a c ific
Shareholders to Participate in Plan.—
la s t
w eek
(V .
m in o r ity
to
9 8 ,
sh ares
s u b s c r ib e
n o
b on u s
1 9 1 9 ),
th e
h o ld e r s
th e
n ew
th o
o f
p la n
th e
Railway w i l l
( $ 3 ,5 0 6 ,3 0 0 ) o f t h e
fo r
in
p .
Right of Minority
R y .—
U n d e r
p r e fe r r e d
sto ck ,
o u tlin e d
o u ts ta n d in g
b e
b u t
p e r m itte d
w ill
r e c e iv e
co m m o n .
New Subsidiary.—
b e lo w .— V .
9 8 ,
p .
S eo
R o c k
Is la n d
O m a h a
T e r m in a l
R y .
192 0.
C o m m o n w e a lt h
P o w e r ,
R a ilw a y
&
L ig h t
New
C o .—
Sub. Company— Notes Guaranteed— Securities Pledged. —
Sco Michigan Railway Co. below.— V. 98, p. 689, 610.
D e n v e r
C o .,
D e n v e r, a ro
p o r t io n
ib le
p .
T ra m w a y
o f th o
g o ld
o ffe r in g
a t
p r e s e n t is s u e
b o n d s,
d a te d
'
Offering.— B o e t t c h e r ,
98A a n d i n t . , t o y i e l d
C o .—
o f $ 2 ,5 0 0 ,0 0 0
A p r il
1
P o rte r
5 -y e a r 6 %
1 9 1 4 , fu lly
&
6 .3 5 % ,
a
co n v e r t
d e s c r ib e d
in
V .
9 8 ,
1156.
F lo r id a
E a s t
E x ch a n g e
5 0 -y e a r
h a s
C o a s t
lis t e d
b o n d s,
Listed.—
R y .—
$ 1 ,0 0 0 ,0 0 0
d u e
1 95 9,
T h o
N o w
a d d itio n a l
m a k in g
to ta l
Y o r k
1st
lis te d
M
S to ck
.
Yi%
4
$ 1 2 ,0 0 0 ,0 0 0 .
Tho proceeds were used toward reimbursing the treasury for improve
ments, betterments, extensions and purchase of equipment, to tho extent of
$1,164,342. Of this $642,943 was for purchase o f flat cars, gondola cars,
steel passenger coaches, express and postal cars, locomotives, wrecking and
locomotive cranes and box cars, and the remainder for additions and better
ments to rolling stock and other property acquired or contracted for.
Earnings.—
F o r
n in o
m o n th s
e n d in g
M a rc h
3 1:
T,
,,
„ Gross
Net
Interest,
Nine Months—•
Earnings. Earnings. Taxes,&c.
1913-14—.............................. -83,897,388 $1,145,468 $749,815
1912-13------------------------------ 3,810,171
1,164,718
— V. 98, p. 1844, 911.
’
.............
G r a n d
T r u n k
R y .
o f
Balance.
Surplus.
$395,653
Interest Payments.
C a n a d a .—
The company announces that the estimated earnings o f tho Wellington
Grey & Bruce Ry. for the half-year ending June 30 1914 applicable to inter
est on tho bonds wdl admit o f tho payment o f £2 18s. 9d. per £100 bond
and tho payment will be applied 17s. lid . in final discharge o f coupon 61,
duo Juno 1, and £2 0s. lOd. on account of coupon 62, duo Juno 1 1901
and will be paid on and after July 1 at tho offices o f the Grand Trunk Ry.
203 Dashwood House, Now Broad St., London, E . C.
Vice-President Dies.—
d e n t,
d ie d
on
H u d s o n
&
C o m m is s io n
tim e
fr o m
J u n o
o f
28
th e
T e r m in a l.— V .
to
p .
I n t e r b o r o u g h -M
T h e
$ 1 ,5 0 0 ,0 0 0
p a id
o ff
w ith
r e c e n tly
T h e
w ill
b e
1914
fr o m
n otes
b y
6 %
p a id
th o
3 3 d
o ff
$ 5 0 0 ,0 0 0
in te r e s t c h a r g e s
th o
5 %
a n
to
T h e
P .
S .
e x te n s io n
b e g in
th o
th e
G ra n d
o f
c o n
C en tra l
M in n e a p o lis
m a tu re d
th o
tru st
o n
5 %
p ro ce e d s
M .
in
o n
arrea rs
J u n o
T r a n s it
th o
b o n d s,
in g
w ere
d iv id e n d
m a tu r in g
fr o m
th o
22
e x tra
R a p id
n otes
r e fu n d in g
Increase.—
Payment of Notes. —
In te rb o ro u g h
w ith
2 3 d S t. R y .
to
C o .—
fr o m
c o lla te r a l
5 0 0 ,0 0 0
w h ic h
S t.
w h ic h
d e r iv e d
th o
Extension.—
co m p a n y
in
V ic e -P r e s i
1 60 8,
115 6.
e t r o p o lit a n
6 %
d e c la r e d
1
1 76 7,
m o n e y
$ 1 ,9 3 6 ,9 4 2
a ls o
O ct.
R e y n o ld s ,
1 8 4 4 ,
R R .—
g ra n te d
su b w a y
9 8 ,
M .
V . 9 8 , p .
M a n h a tta n
y e ste rd a y
J u n e
s tr u c tio n
M a r tin
1 7 .—
s a le
C o .
J u ly
o f
1
w ith
b o n d s.
R a te
Seo editorial on previous pages of to-day’s issuo.
L a n c a s te r
O x fo r d
&
E le c tr ic
R R .
S o u t h e r n
&
R R .
— To Cease Oper’s. —
L ig h t in g
C o r p .
—Earnings. —
Merger, &c. —
M ic h ig a n
R a i l w a y — Offering of $ 5 , 0 0 0 , 0 0 0
First Lien
6 % 5 - Y e a r Gold Notes Guaranteed by Commonwealth Power,
Railway & Light Co.—'T h e N a t i o n a l C i t y C o m p a n y a n d
&
C h ic a g o
(E le c t r ic )
C la r k
&
C o .,
$ 5 ,0 0 0 ,0 0 0
R y .
b y
C o .,
H a rd y
&
C o .,
P h ila .,
h a v e
F ir s t L io n
p r in c ip a l
C o m m o n w e a lth
6 %
a n d
b o th
o f
o ffe r e d
P o w e r,
R y .
N e w
a t
Y o r k ,
98A
a n d
a n d
in t.
E .
a n d
W .
s o ld
N o te s o f th o M ic h ig a n
u n c o n d itio n a lly
&
th u s
9 8 , p .
—
A
b e in g
J a n .
1 9 1 3 .—
V .
T h o
N e w
th o
on
.
L ig h t
g u a ra n teed
C o . b y en d o rse m e n t.
N e w
9 8 ,
o n
p .
th e
a s p r e fe rr e d .
1 to
o n
h o ld e r s
th e
o f
1914
M e x ic o .—
$ 5 ,0 0 0 ,0 0 0
re co rd
a n d
J u n e
2 6 ,
O c t ., J u ly
a n d
Plan Operative.—
T h e
1 07 2)
th e
th e
R a il
F ir s t C o n s o lid a t e d
o n
W e d n e sd a y
8 5 %
d e p o s its
N a tio n a l
h a v in g
h as
4 s
d e c la r e d
co n se n te d .
b eeh
e x te n d e d
to
139 3.
Foreclosure Sale.—
R R .—
S a n ta
1 91 3.
D e c.
U p se t
2
F o , N .
p r ic e
1901
M
C o n n e c t in g
h as
lis t e d
“ A ,”
u n d er
$ 1 5 0 ,0 0 0 .— V .
O n ta r io
a n n u a l
1913
o n
a n d
d is tr ib u tio n
J a n .
w as
in
o n
1906
m a d e
b e in g
a n
Listed.—
&
th e
to
in
9 8 ,
W e s te r n
d e c id e d
p .
T h e
roa d
fo r e c lo s u r e
1911
2 %
in it ia l
In
o m it
4
109.
Y .
S to ck
1st
M .
124 5.
No Dividend. —
th e
w a s
1905
D is tr ic t
A%
p a y m e n t
co m m o n
ea ch
p a y m e n t
p .
N .
1 31 6,
R y .—
to
$ 5 8 ,1 1 3 ,9 8 2
1912.
9 2 ,
T h e
G u a ra n te e d
1 9 5 3 .— V .
T h u rs d a y
d iv id e n d
R R .—
$ 1 6 ,0 0 0 ,0 0 0
d u e
b y
.,
C o . en tered
6
d a te d
w a s
n ecessa ry
C e n tr a l
a t
1 o n
N a tio n a l R R .
p .
fu r th e r
3
Common Dividend.
C o .—
th e
d ir e c to r s
in
b e tw e e n
o f
Y o r k
3 %
$ 6 3 ,
F e
N e w
A u g .
to
$ 2 1 ,0 0 0 ,0 0 0
d ecree
S e r ie s
a n
in c r e a s
th e F ir s t J u d ic ia l D is tr ic t fo r S a n ta
b o n d s,
T h o
a n d
r a tio
d e c la r e d
M a rc h
o f
1 69 4,
J u ly
Y o r k
E x ch a n g e
o n
1 11 5.
9 8 ,
m a k e
m o rtg a g e
M a y
J u ly
4s a n d
(V .
M e x ic o
s o ld
C o u r t fo r
sa m o
th e in te r e s t d u o A p r il
to
1 .— V .
b een
a s in
p .
p r a c t ic a lly
tim e
w ill b o
o f
9 7 ,
n otes
o p e r a tiv e ,
th e
Stock
R y .—
15
$ 4 2 ,0 0 0 ,0 0 0
co m m o n
T r a c t io n
h a s
R a ilw a y s
G en era l M
6 %
fr o m
M a rie
S e p t.
tw ic e a s m u c h c o m m o n
V a lle y
p a y a b le
fo r p a y in g
w ith
s to ck
m a in ta in in g
sa m e a m o u n t
N a tio n a l
w a y s
o n
o f $ 4 2 ,0 0 0 ,0 0 0
1A%
o f
sto ck ,
th o
S te .
1316, 4 5 3 .
d iv id e n d
co m m o n
S a u lt
w ill v o t e
R y .—
5 -Y e a r G o ld
in te r e s t
c a p ita l
c o n s is tin g
M o n o n g a h e la
Sco Michigan Ry. below.— V. 96, p. 1423.
H o d o n p y l,
V .
&
P a u l
s to c k h o ld e r s
a u th o r iz e d
sto ck ,
J u ly
Calendar
Gross
N d (after
Bond
DiviBalance,
Year—
Earnings.
Taxes. Interest.
dends.
Surplus
, ) $350,000 S280.190
1 9 1 3 -.-..........$1,698,593 $907,S07 $277,617 C7C
1912_________ 1.597,674
873,188
277,500 (7%, _______
350.000
245.688
From tho surplus as abovo there was deducted yearly $28,250 for sink
ing fund reserve and $80,000 for replacements and renewals, leaving $171,
941 In 1913, against $137,438 in 1912.— V. 97, p. 1583.
M ic h ig a n
—
p la n
I’ ress reports state that, because of tho ruling of tho Inter-State Commerce
Commission stopping allowances to such roads, tho 22-milc narrow-gauge
lino oxtending from Oxford to Susquehanna will suspend operations on
July 1 and bo torn up.— V. 95, p. 914.
M a n ila
p r e f.
S t.
T h e
tw o sto ck s as a t p resen t—
U. S. Supreme Court Decis'n
C a s e .—
th e
0 0 0 ,0 0 0 ,
$ 1 ,
to g e th e r
There aro no further maturities until July 1 1915, when tiie $4,000 000
5-year 6% notes fall duo, so that the company will bo freo from obligations
of this kind for a year.— V. 98, p. 1920.
“
I n t e r m o u n t a in
Dated June 1 1914, due June 1 1919. Interest payable J. & D. in N. Y.
or in London at $4 8665 per £. Denominations, $1,000, $500 and $100
(c*). Redeemable on interest dates at 103% and int. in 1916, 102% and
int. in 1917 and 101% and int. in 1918. Trustees, Bankers Trust C o.,
N. Y ., and Detroit Trust C o., Detroit. Total auth. issue, $7,000,000.
Digest o f Statem ent by President H. H. Crowell, June 15 1914.
Security.— Secured by first mortgage, through pledge of tho following:
(1) Entire outstanding amount, $6,250,000, 1st M . 5% bonds of Michigan
Railway Co., covering its entire property, which consists of the following
electric railway mileage, &c.:
Interurban railway, Flint to Saginaw (17 miles private right-of-way,
franchises on remainder considered perpetual), branch to Frankenmuth; in operation for about four years_______________________ 34.52
Interurban electric railway, Saginaw to Bay City, on private rightof-way, completed and put in operation M ay 1 1914__________ 10.83
Railroad on private right-of-way Allegan to Battlo Creek, formerly
operated with steam, but now being equipped for electric opera
tion; now practically completed, expected to be in operation by
Jan. 1 1915__________________________________________________ 42.42
Now high-speed interurban railway. Grand Rapids to Kalamazoo,
52.98 miles on private right-of-way, with branch from Plainwell
to Otsego, 3.85 miles. Bast modern standards; between city Un
its on private right-of-way 100 ft. wide, maximum grade 1%,
maximum curvature 3 degrees; 80-lb. steel rails; bridges and via
ducts steel, culverts concroee; valuable real estate for terminals
in Grand Rapids and Kalamazoo______________________________ 56.83
Hydro-electric plant, installed generating capacity of 1,000 h. p.; a
favorable location on Manistee River, with "flowage lands” capable
o f development to extent of 16,000 h. p., and water-power rights on
Grand River in City of Grand Rapids capable of developing 3,000 h. p.
(2) Springville Land C o., all of whoso obligations and stock (except di
rectors’ shares) are pledged for these notes. Owns over 35,000 acres of land
on the Manistee River which were acquired to control water-power sites
capable of development to the extent of producing 96,000 h. p.
total cash expenditures by Michigan Ry. Co. in acquisition of the prop
erties represented by the pledged securities have been over $6,250,000,
or in excess of 125% o f the present issue of notes.
Note Issue.—^The remaining $2,000,000 notes may be issued only to ex
tent of 80% or the cash expenditures for permanent extensions, enlarge
ments and additions, and then only upon deposit of additional 1st M .
bonds equal to at least 125% of the notes to be issued and only in the event
that the net earnings of the property covered by Mich. Ry. Co. 1st M . for
not less than six, or more than 12 months, next preceding are equal to the
interest upon tho present issue of $5,000,000 notes.
Guaranty.— Tho Commonwealth Power, Railway <t Light Co., which
owns $2,999,100 out of the total outstanding $3,000,000 common stock o f
tho Michigan Railway Co., unconditionally guarantees tho principal and
Interest of these notes, by endorsement on each note. As security for the
faithful performance of its guaranty, the Commonwealth Power, Ry. &
Light Co. has become a party to the indenture securing the notes and has
deposited with the trustees the following specific collateral:
Collateral Security for Guaranty Total Par Value $8,915,700, and Per Cent of
Outstanding Amount.
Grand Rapids Raihvay common stock_______________$1,999,100
99.95%
Saginaw Bay City Railway common stock__________ 2,599,100
99.96%
Grand Rapids Holland & Chicago Ry. preferred stock 836,800 100.00%
Grand Rapids Holland & Chicago Ry. common stock.
481,600
98.71 %
Michigan Railway common stock__________________ 2,999,100
99.97%
Tito entire common stock (except directors’ shares) of Michigan Rys. Co.
of Maine (controlling the property of Michigan United Railway Co. through
a 999-year lease) is likewise pledged for the guaranty, and can be released
only upon condition that tho title to tho lease be vested in tho Michigan
Ry. Co. The franchises of all the companies whose securities aro pledged
extend beyond the maturity of these notes.
Earnings.— The Commonwealth Power, Railway & Light Co. net earn
ings for tho 12 months ended April 30 1914, applicable to the collateral
pledged for the guaranty, which, when added to the net earnings of the
Saginaw Flint line (the only line of the Michigan Ry. Co. in operation dur
ing that period), amounted to $449,903, or about 1J£ times the annual
interest charge on this $5,000,000 issuo of notes.
Earnings of Constituent Cos. of Commonwealth Co. for 12 Months ended
April 30 1914, Showing Net for Dividends, A c., of That Company.
Gross (all sources)_____ $14,503,850!Total deductions________ $3,966,730
Not (after taxes)________ $6,170,0791Net for dep. & Com’th.div$2,203,319
Tho Commonwealth lias outstanding $16,000,000 6% prof, stock and
$15,500,000 common stock. Regular dividends at 6% per annum have
been paid on tho pref. stock since organization in 1910 and quarterly divi
dends at 4% per annum on common stock since M ay 1 1913. Estimated
value of stock (on present market quotations) over $20,000,000.
Territory Served.— The line when completed will form, with the Michi
gan United Railways’ line, a complete system extending from Bay City,
on Saginaw Bay, south to Saginaw- and Flint, and from Owosso southw-est
to Lansing and Jackson, and thence west to Battlo Creek and Kalamazoo
and north to Grand Rapids, with a cut-off from tho Grand Rapids-Kalamazoo lino at Monteitli, extending to Battlo Creek. A prosperous manufac
turing section. Population of cities and towns upon tho system’s lines
increased from 334,661 in 1900 to 455,871 in 1910, or 36%.
[Michigan & Chicago R y., incorp. July 22 1909 (V. 96, p. 1423), changed
its name on March 21 1914 to Michigan Ry. and took over also Saginaw &
Flint R y. and new 10-mile line from Saginaw to Bay City. Capital stock
auth., $6,000,000. Officers: I’res., II. H. Crowell; Vice-Presidents, B. C.
Cobb., W . A. Foote, Frank Silliman and Geo. W. Mecham; Sec., G. B.
Dobbin; Treas., J. W . Glendening. Office, Kalamazoo, Mich.]
p a id ,
4 J ^ %
fr o m
s to c k .
b u t
w a s
o f
In
n o
p a id ,
a c c u m u la te d
e a r n in g s
l lA %
a n d
P re s id e n t
K e rr
in
J u ly
th e
r e g u la r
y e a r ly
p a y m e n t.
“ Surplus earnings for the year ending June 30 1914 approximate $625,000,
or what would bo $40,000 in excess of a 1% dividend requirement. The
directors decided that it was better to conserve the cash of the O. & W .
than to pay so large a percentage o f its surplus earnings in dividends. The
immediate consideration leading to the passing o f the dividend was the
present financial situation, coupled with the fact that wo have certain
maturities and commitments during the coming year, in addition to im
provement work which must be paid for.— V. 97, p. 1427.
N e w
N .
Y o r k
Y .
re v ie w
th e
M
.
th e
q u e ste d
V .
a n
(w h ic h
b o n d s
p .
J u s tic e
g ra n te d
a
G re e n b a u m
w r it
P . S . C o m m is s io n
in c lu d e d
a n d
p e r m is s io n
9 5 ,
h a s
is s u e o f $ 6 4 0 ,0 0 0
b o n d s
k e tin g
C o u rt
o rd e r o f th e
a u th o r iz in g
in g
Suit.—
R a ilw a y s .—
S u p rem e
fo r
to
F ir s t
m a d e
d is c o u n t).
fo r
in
N o v .
1
&
to
1 9 1 2 ,
R e fu n d
ex p en ses
T h e
o f
co m p a n y
$ 1 ,0 5 0 ,0 0 0
th e
c e r tio r a r i
R e a l E s ta te
$ 1 4 0 ,8 0 0
is s u e
o f
b o n d s .
m a r
h a d
re
C o m p a re
1 20 7.
________
The petition states that the company acquired with its purchase of the
Metropolitan Street Ry. upward of 175 single-truck cars, the original cost
of which in about 1894 was $3,200 per car. T o replace the cars the new
company purchased 175 new stepless cars at a cost o f $6,000 each, or a total
of $1,050,000, and asked the Commission for authority to Issue bonds for
the purchaso of the cars. The company contends that the Commission’s
action is unauthorized and illegal and in violation o f its rights. The order
is returnable within 20 days from June 16.
The company on Thursday agreed to accept a recent order by the P. S.
Commission and will extend its double-tracked electric service m 34th St.
from 10th to 11th Aves., with a cross-over just east of 11th Ave. so that
cars may bo turned back there when there is serious interruption from tho
New York Central freight traffic in that avenue. Heretofore a shuttle
service has been maintained from 10th to 12th Aves. on a single track, and
this will be continued west o f 11th Ave. until there Is a final settlement of
the question of the disposition of the N . Y . Central tracks on the West Side.
—V . 98. p. 1767, 1538.
N o r th e r n
C e n tr a l
W e d n e sd a y
ex ecu te
le a s e
1 91 1 , a s soon
d e n d
P .
h a d
S .
as
th e
th e
C o u rt
o n
J u ly
9 8 ,
3 1 .
p .
P a c ific
J u n e
th e
is
p .
fr o m
1 9 2 0 ,
R R .
e ffe c tiv e
4 0 %
th e
ord ered
to
J a n .
sto c k
1
d iv i
P e n n s y lv a n ia
1 69 5.
th e
T h o
U .
s a le
o f
fo r e c lo s u r e
S e e re o r g a n iz a tio n
1 92 0,
b e
o n
d e c id e d
Foreclosure Sale.—
R y .—
2 3
to
R e a
h a d
p ro p o se d
a p p ro v a l
9 8 ,
P r e s id e n t
d ir e c to r s
w h ic h
a n d
fin a l
C e n tr a l
o n
th e
ro a d ,
term s
r e c e iv e d
O k la h o m a
— V .
th a t
C o m m is s io n .— V .
D is t.
ro a d
o f
Lease.—
R y .—
a n n o u n ce d
th e
p la n
in
V .
9 8 , p .
S .
T h e
co m p a n y
s to c k
fr o m
h a s
P it t s b u r g h
H o r s e
file d
to
a
C a r
d e c la r e d
to
o n
th o
h o ld e r s
A p r il 2 5
in
o f
c e r tific a te
o f
to
o m it th e
A
$ 2 7 ,4 7 8 ,1 2 5
%of
J u ly
1 %
in c r e a s e
&
S t.
p r e f.
1 5.
o n
q u a r te r ly
o f
a n d
L o u is
th e
D e ce m b e r
in s t e a d
o f
p a y a b le
la s t
co m m o n
d ir e c to r s
o n
th e
A of 1% w a s
o f
s to c k ,
T h e
R y .—
J u ly
2 5
d is b u r s e m e n ts
o n
a n d
1 %
c o n s id e r e d
o n
th e
p r e f.
s e m i-a n n u a lly
q u a r te r ly .
’97-98. '99. ’00. ’01. ’02 to ’05. ’06. ’07-09. ’ 10. ’ l l to ’ 13.
1914.
Pref. 0
3
4
4 4 yearly 4H
5
6>£ 5 yearly
1 ,-,-,
Com. 0
0
0
1 — 3 yearly-------4
6H 5 yearly 1M,
Change o f dividend period made distributions o f 6 M % tall in 1910.
The pref. stock Is "non-cum. and entitled to a div. o f 4% per annum out
of the net earnings as declared by the board, with the right after 3% has
been declared on the com. to an additional 1% , making 5% In all.” After
5% on both com. and pref., the two share pro rata.
Official Statem ent Issued June 24 1914.
Tho company in recent years has declared 5% dividends per annum on
both classes o f stock, including 1913, when that company and other linos
in the same territory suffered severely from the disastrous floods. In
the latter year the company failed to earn the dividends paid to the extent
of $2,600,000, but the directors believed it a wise policy to continue the
dividends at the regular rate, and utilized a large part o f the surplus from
previous years for that purpose. In March 1914, however, tho directors
deemed it prudent, in view o f the largo decrease in gross and net earnings,
to reduce the dividends, and declared a dividend o f 1% on the pref. stock
and M o f 1% on the common stock. Since that time conditions have not
improved, there having been a continued and increasing decline In gross
earnings, and the directors decided that the reduced earnings did not justify
the declaration o f any dividend on tho common stock, and declared a divi
dend on the pref. stock of
of 1% . Compare V. 98, p. 1000.— V. 98,
p. 1461, 1246.
M c K e e s p o r t
&
W e s t m o r e la n d
R y .—
See West Penn Traction Co. below.— V. 96, p. 716.
P it t s b u r g h
Bonds.—
Y o u n g s t o w n
E d w a rd
B .
S m ith
&
&
R R .a
b lo c k
o f
ta b u la
1 94 8.
O n
M a y
o f
a u th o r iz e d
to
P u b lic
J ersey
p a n y
g en .
P .
to
M
b e
U .
fo r
b o n d s
3 0
y ea rs
m a tu r in g
1
la s t
9 8 ,
p .
Purchase.—
p u rch a se d
J u n e
a t
5 %
1
fr o m
th e
Y o u n g s to w n & A sh
$ 5 0 0 ,0 0 0
b o n d s
2 6
th e
T h o
R o c k
T h e
its
I s la n d
O m a h a
co m p a n y ,
s to ck
P a c ific
m is s io n
b e in g
w h ic h
a ll
a u th o r iz e d
$ 3 0 0 ,0 0 0
1 9 1 4 .— V .
to
T e r m in a l R y .—
h a s
o w n e d
R y ., h a s b een
b een
r e q u ir e d
b y
th e
a u th o r iz e d
&
F lin t
th e
6 %
T h e
J o s.
U .
&
s -
G ra n d
fo r n e w
g o ld
te rm in a ls t o
(E le c t r ic )
o f
b e
T h e
g o ld
r e m a in s
th e
p a id
a t
R o c k
b e
Is la n d
th e
Is la n d
A n t o n io
R y
o n
d u e
fo r
o f
J u ly
in te r e s t
u n a lte r e d .
o f
1 9 5 1 , in
th e
J u ly
m u tu a l
h o ld e r s
1
o n
co m m itte e
U v a ld e
J u n e
a u th o r ity
2 2
to
r e g is te r
m ile s o f r o a d
o n
th e
o n
$ 3 ,6 6 3 ,0 0 0
p .
is s u e d
&
G u lf
a p p lie d
b e e n
a cco u n t
1,
in
h a s
o f
th o u g h
c a lle d
p r o te c tio n .
sa y
4 %
v ie w
is s u e ,
In
fo r
t h e ir
p a rt:
to
T e x a s
$ 1 ,0 2 4 ,0 0 0
e x te n s io n
o f
o n
R R .
C o m m is s io n
a d d itio n a l
b o n d s
ju s t c o m p le te d
e q u ip m e n t .
b o n d s
Application.— T h e
R R .—
th e
to
T h erei h a v e
c o m p le t e d
on
C o rp u s
th u s
m ile a g e —
fa r
V . 9 7 ,
1 11 6.
P e d r o
L o s
Authorized— T h e
co m p a n y
to
A n g e le s
C a l.
R R .
is s u e $ 8 6 1 ,0 0 0
&
S a lt
Bonds
L a k e
R R .—
h a s
a u th o r iz e d
C o m m is s iq n
a d d itio n a l fir s t m o r tg a g o
th e
b o n d s.
Tho bonds are not to be Issued for less than 90% of their face valuo in
cash plus accrued interest. They are to be given to the Oregon Short Line
R R . Co. and W . A. Clark for advances.— V. 98, p. 1538.
S o u t h e r n
T h e
U .
S .
P a c ific
S u p rem e
E d m u n d
B u rk e
v is io n
th e
in
o f
th e
S ou th ern
P a c ific
title
m a k in g
M o n d a y ,
a n d
th e
c o n ta in
as
R R .
v a lu a b le o il la n d s in
as w o rth
o n
C a lifo r n ia
to
Oil Land Decision. —
F a v o r a b le
C o .—
C o u r t
p a ten ts
c o n fir m s
in
o th e rs,
la n d
re v e rt
m in e r a ls
b ro u g h t
v o id
to
in d iv id u a l
a n d
K e rn
th e
th e
(in c lu d in g
a g a in s t
th e
s u its
h e ld
G o v e rn
o il).
c la im a n ts
T r a d in g
&
b y
p ro
O il
F r e s n o C o u n t y , C a l., v a r io u s ly
T h is
o f
th e
C o .
to
re p o rted
$ 2 0 ,0 0 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 ,0 0 0 , o r e v e n m o r e .
Justice Van Devanter wrote tho opinion, concurred in by all tho other
istices. The Court holds that tho land office officials could not perform
the duty imposed upon them by Congress, of i)a,tenting mineral lands
by merely inserting the reservation or exception in the patents, but were
bound to determine whether tho lands were mineral before issuing patents,
and tho patents, therefore, passed title to
lvFre not subject
to collateral attack but only to the right of the Government to question tho
title by direct suit for annulment if the land was known to be mineral when
tho patents were issued. Tho patents, it is stated, were issued in 1894 and
apparently tho Government has not set up any claim of fraud in obtaining
them before that time, although the railroad company presented
affidavits that the lands were non-mineral.
Justice Van Devanter pointed out that all the land patents granted to
railroads since 1866 contained a clause declaring that the land should not
pass from tho Government if later it was found to contain minerals, and said:
“ Let us seo what this would mean in the case of the Northern Pacific.“
Tho Northern Pacific got every alternate section oi land in a 40-mile-wido
strip from Duluth to the Pacific. Should theso clauses bo held valid, the
question would arise as to whether thoso who long ago purchased from tho
railroad and created farms, ranches and towns upon tnem, had any rights.”
— V. 98, p. 1921, 1768.
o n
a
fr e ig h t
Decision.—
R y .—
M o n d a y
fix in g
h o ld
th a t
sta n d a rd
tr a in s
th e
h e ig h t
b u t
to
o f
T h o
U .
F e d e ra l
S .
d ra w b a rs
lo c o m o t iv e s
S u p rem e
S a fe ty
a n d
a ll
C o u rt
A p p lia n c e s
a p p lie d
n o t
o th e r
A c t
o n ly
a g e n c ie s
to
o f
Double-Tracking,
T a u n to n .
&
co v e r th e
O m a h a .
Is la n d a t p r e s e n t.
.—Merger, &c.—
fu ll
J u n e
1 8 s u s ta in e d
te e ,
to
S t.
R y .,
b y
b e n ch
fo r e c lo s e
d a te d
C o m p a re
V .
T e r m in a l
T h e
U .
S .
9 7 ,
o f
.
„
th e
p .
fic a tio n
th e
to
en g a g ed
th e
in
S t.
S u p rem e
R y .—
Decision. —
J u d ic ia l
C o u rt
on
2 5
1 90 1,
m a d e
to
b y
th e
secu re
B r is to l
C o u n ty
$ 2 0 0 ,0 0 0
b o n d s.
1 50 5.
R R .
o f la c k
o f
P a w t u c k e t
M a ss .
m o rtg a g o
J a n .
A s s o c ia t io n
D is tr ic t
s w itc h in g
&
th e
„
V. 98, p. 1847, 1461.
th e r ig h t o f th e F e d e r a l T r u s t C o ., a s tru s
th e g ro u n d
to
.—Modification of Decree.
c f e e .—
(M a s s .)
T h e
tra ry
it s r e c e n t r u lin g
co m m e rce .
See Atlanta & Charlotte Air Line Ry. abovo.
R R . C o m
b u ilt in
d ecree
Default on Refunding
—
m a tu r ity ,
b o n d s
p a g e
R R .
co m m itte e
b o n d s
th a t
th ese
a n o th e r
th e re fro m
F r a n c is c o
C h r is ti a n d
co m
N e b ra sk a ,
b o n d s to
th e R o c k
R y
in
th e N e b ra sk a
D is tr io t C oU rt h a s m o d ifie d
S a n
w ill n o t
o n
o r ig in a l
v o t in g it s s t o c k in t h e G r a n d
d iv id e n d s
M o r tg a g e
d e p o s it
C ir c u it C o u r t o f
th e
The receivers have now operated the property for over a year and no re
organization plan has as yet been agreed upon. They inform us that the
earnings have been largely in excess of the amount needed to pay interest
on the 4% Refunding bonds and all charges prior thereto, including rentals
on leased property, but that they have been applied to tho physical rehabili
tation of the property, the payment of car trusts and to other capital pur
poses. Tho Court, objecting to the issue of further receivers’ certificates,
has denied the application to pay the July 1 interest, and the junior interests
in the property, to whom has been offered tho opportunity to pay such in
terest, have failed to provide the necessary money.
Tho undersigned committee has for over a year deemed it unnecessary
to call for a deposit of bonds, but it is now of the opinion that tho rights
and interests o f the bondholders can only be adequately safeguarded by an
immediate deposit thereof. The period of grace is three months, after
which tho principal o f the bonds may bo declared due under the terms of the
trust. Bonds may be deposited with the depositaries, viz.: Central Trust
Co. of New York, 54 Wall St.; Mississippi Valley Trust C o., St. Louis:
Berliner Handels-gesellschaft, in Berlin, and Associatie Cassa, in Amster
dam, in exchange for certificates of deposit.
Tho committee has arranged to purchase the coupons and claims for
registered bond interest due July 1 1914, appertaining to tho deposited Re
funding bonds, through the depositaries, upon the filing of certificates in
the form required by the U. S. Income Tax Law.
Tho receivers are unanimously of the _opinion that the Refunding bonds
are amply secured, and in order that this security may remain unimpaired,
the committee urges prompt action on the part of the bondholders. This
committee will neither adopt nor approve any plan of reorganization that,
as a condition of participation therein, requires the oxponsos of the com
mittee to bo paid by an assessment upon the refunding bonds.
[Committee: Frederick Strauss, Chairman, of J. & W . Seligman ;& Co.
J. N. Wallaco, Bros. Contral Trust C o., N. Y .; Alexander J. Hemphill,
secon d
Seo Michigan Railway above.— V. 95, p. 1404.
S t.
th e
a d v .
P a c ific
1 7 6 8 .
a n n o u n ce m e n t
e a rn e d ,
th e
o f
u n til a
U n io n
The case involving the construction of tho statuto arose in Tennessee,
where D . E. Crockett obtained a judgment against the company on account
of personal injuries due to defective couplings.
New Co.— Mortgage.
C h ic a g o
b y
T h e te r m in a ls w ill b e u s e d o n ly b y
S a g in a w
R e fu n d in g
th e
8 9 , p . 2 6 6 .
in c o r p o r a te d
is s u e $ 6 0 0 ,0 0 0 2 0 - y e a r 5 %
c o s t o f la n d
&
to
p o r t io n
p ro p e rty
T h e
N e w
See editorial on previous pages.— V. 98, p. 1847, 1695.
—
T h e
th e
in te r -S t a t e
U. S. Supreme Court Decision in “Inlerm." Case.
R a t e s .—
L o u is
o f
ca se.
w ere
1 53 8.
o n
O ct.
Sale of
R y .—
Extension of Bonds.—
C o m m is s io n e r s
ex ten d
.
R y .—
h a v e
P itts b u r g h
is s u e d .— V .
S e r v ic e
1 8 4 7 ,
S o u t h e r n
A s h t a b u la
C o .
P e n n s y lv a n ia
4 s
r e c e iv in g
p .
m e n t if la te r fo u n d
Previous Dividend Records of Both Stocks (Per Cent).
P it t s .
S t.
43 A
c a p ita l
d iv id e n d
d is tr ib u tio n
H e r e a ft e r d iv id e n d s w ill b e
J u n e
a n d
9 8 ,
S a n
C h ic a g o
s to c k .
re co rd
w ere
s to ck .
d e c id e d
co m m o n
th e
th e d e c is io n
L o u is .
Bonds—Deposits Called.—
$ 4 3 0 ,0 0 0 .
C in c in n a t i
W e d n e sd a y
$ 3 7 ,1 7 3 ,0 6 0
Is la n d
— V .
fo r
Stock Increase.—
C o .—
Common Dividend Omitted, Preferred Reduced— T h e
on
a p p e a l fr o m
S t.
ch a rg e
in
e n jo in in g th e U n io n P a c ific fr o m
S a n
Subsidiary Reduces Dividend.—
J .)
$ 3 0 ,0 0 0
a n
a t
co m p a n y
See Pitts. Cincin. Chic. & St. L. R y. below.— V. 98, p . 1920, 1846.
(N .
A p p e a ls
d e c is io n
— V. 98, p. 1847. 1768.
Bankers' Statement.—
N ic a r a g u a .—
R R .—
P h illip s b u r g
h a s ta k e n
r e c e iv e r ta k e
a n d
1 8 4 5 .
See page 1931 o f last week’s "Chronicle.” — V. 97, p. 1204.
P e n n s y lv a n ia
th a t n o
h e a r in g
th e
1 84 5.
o f
d ir e c tin g
fin a l
sa y s:
C o u r t a t
S t.
o f
S t.
L o u is
J u n e
2 0
o f ju r is d ic t io n , th e a p p lic a tio n
C o u r t’s
o p e r a tio n s
A n ti-T r u s t
re g u la r
d ecre e
a n d
A c t
d ir e c tin g
a d ju d g in g
o f
J u ly
tr a n s p o r ta tio n
it
it
2
Denied. —
L o u is .—
o n
a
to
d e n ie d ,
c o n fin e
c o m b in a t io n
1 89 0,
in
on
fo r a m o d i
so
fa r
its e lf
co n
as
it
b u s in e s s .
Tho Court also denied the motion for a stay of tho decree pending the
appeal to the Suprome Court. This was denied, but imrmlssion was
granted to the company to appeal from the order denying tlio modification
of the decree. The object is to have the Supremo Court pass on the ques
tion as to whether tho decree o f the District Court should be in force pending
the appeal of tho main case, which is to bo heard next fall.
Application.—
M is s o u r i P .
a d d itio n a l
m en ts.
V .
S .
g en era l
T h is
9 8 ,
T h o
p .
m a k e
h ea d ed
5 0 0 ,0 0 0
a u th o r iz e d
U n io n
S t.
C r o s s to w n
th e
E s ta to
P .
P a c ific
S .
o f
p u r c h a s in g
&
b o n d s
to
th e
.1 1 ,0 0 0 ,0 0 0
fo r
im p r o v e
o u t s t a n d in g .—
Bonds Sold.—
R y .—
C o .
&
h a v o
p u rch a sed
R e fu n d in g
5 %
V .
to
la t e
E .
su cce e d
A
sy n
th e
1 1 ,
b o n d s
9 8 ,
p .
New Vice-President.—
o f th o
V ic e -P r e s id e n t
th o
a p p lie d
is s u o
b o n d s
C o m m is s io n .—
R R .—
ill H a r r im a n , e ld e r s o n
e le c te d
19
to
m o rtg a g o
1 2 3 ,8 1 2 ,0 0 0
H a llg a r te n
R e a l
b y
J u n o
a u th o r ity
13 9 4 .
b y
F ir s t
o n
fo r
r e fu n d in g
w ill
17G 8,
T w e n ty -T h ir d
d ica te
co m p a n y
C o m m is s io n
r e c e n tly
1 9 2 1 ,
1 7 6 8 .
W illia m
A v e r -
11. I la r r im a n , h a s
W .
V .
S .
T h o rn e
in
b een
ch a rg e
d e p a rtm e n t.
The title o f “ director o f purchases" has been eliminated.
continues as a director.
M r. Thorne
Date of Payment of Extra dividend on Common Stock Post
poned.— T h e d a t e o f p a y m e n t o f t h o e x t r a d i v i d e n d o n t h o
co m m o n
fr o m
m en ts
o f
s to ck ,
A p r il
as
1
d e c la r e d
to
J u ly
s h a ll
b o
lit ig a t io n .
o n
2 0 ,
d e e m e d
S ee
J a n .
8
1 91 4,
s u b je c t
to
h a s
su ch
n ecessa ry
o r
b eon
p o s tp o n e d
fu r th e r
p o s tp o n e
a d v is a b lo
b y
rea son
a d v e r tis e m e n t.
The decision in the suit brought by tho Equitable Life Assurance is pend"
mg in tho Court of Appeals and that in a second stockholder’s suit m tho
lower (Supreme) Court in this city.— V. 98, p. 1847, 1095.
U n ite d
R y s .
&
E le c t r ic
Application Granted.—
m eet
a n
th o
v ie w s
a m en d ed
o f
a
33
1 -3 ,
p e t it io n
as
P r e s id e n t
m en ts
th o
in
th o
H ou se
w ere
in
Amended
B a lt im o r e .—
o n
th o
th o
o r ig in a l
J u n e
P .
S .
ra to
d e c is io n
th a t
a ll
m a d o
19,
in
o rd e r
C o m m is s io n ,
o f
c o n v e r s io n
&
r e c e n t ly
to
file d
o f
S on s,
h a n d e d
s u b s c r ib e r s
d e s ir in g
c o n v e r s io n
B ro w n
o f
th o
c o lla te r a l n o te s in to s t o c k a t p a r in s te a d
sta tes
th o
o f
fix in g
o r ig in a lly
ch a n g e
A le x a n d e r
R y .
co m p a n y
m a jo r it y
1 1 ,0 0 0 ,0 0 0 2 -y e a r 5 %
o f
T h o
p r ic o
to
s h o u ld
a g en ts
to
ta k o
fo r
d o w n .
w h o m
a llo t
n o te s
w ith
co m m u n ic a te
w ith
th o
th o
v e r s in g
th e lo w e r
C o m m is s io n
p a n ie s
th o
&
y ie ld
o r
T r .
o n
C o .
3 0
n orm a l
fr o m
W e s t
th a t
th o
p .
lin o
1462,
a t
105
&
D .
to
P .
C o .—
&
M c K e e s p o r t
L ig h t
Merger—Bonds Offered.—
H a r r is
T ru st
H a r r is
&
a n y
fu ll
in t.
S .
d a te .
M tg e .
&
d e d u c
p a r tic u la r s
in
A p r.
3 0
184 7, 1 76 9.
I t is u n d e r s t o o d
is a b o u t
to
R y .
P a .,
a m -
p r ic e
C o n s o l.
w it h o u t
V . 9 8 , p .
8 .2 5
p u rch a se
th e
C o ., o p e r a tin g
m ile s .—
M a y
o r
1
1
&
P o w e r
(tr u s te e ),
I n c .,
a ro
a n d
1914
1919
B o s to n ,
R e fu n d in g
a n d
a t
C h ic a g o .
d u o
105
a n d
C o .,
H a r r is , F o r b e s &
S a v in g s B a n k
F ir s t
M a y
N . Y .
&
C o .,
1 2 ,2 6 5 ,0 0 0
in
a
V .
9 8
1394.
W is c o n s in -M in n e s o t a
a fte r
o r
a t
b u t r e d ., a ll
U .
Acquisition.—
E r w in ,
1 5 7 .
W a s h in g to n ,
W e s tm o r e la n d
to
o n
S eo
c o m
b u ild in g
p .
1951,
re
R o a d s
Bonds.—H
p a g e
in te r e s t
1 3 .—
in
1 1 ,0 0 0 ,0 0 0
1
in t.
K in g ,
W is .—
d a ted
a n d
ta x .
p u rch a sed
M cK e e s p o r t
D o c .
p a y
o f J u n o
T r a c t io n
9 8 ,
o —
T ru ste e ,
in c o m e
C la r e n c e
V .
C
o f th o
S ta te
r a ilw a y
tra ck s
a n o th e r
p o r t io n
p ro p o se s
h as
E le c t r ic
in t .;
D e n o m .c *
1
5 %
a t
C r o s s e ,
C o ., N . Y .;
9 3 )4
3 0 -y c a r
1 94 4,
b u t
in te r e s t
1 5 0 0
L a
C h ic a g o , a n d
o ffe r in g
M .
M a y
a n d
N .
a n d
g o ld
b o n d s,
c a lla b le
p a y a b lo
1 1 ,0 0 0 ;
W .
in t.
M .
o n
or
&
N .
r *1 1 0 0 0 .
Digest of Letter from Pres. Jos. H. Brewer, La Crosse, June 22Organization.— Incorporated in Wisconsin and now owns and operates
all properties formerly owned or controlled by the Chippewa Valiev Itv
Light & Power Co. (V. 98, p . 010. 1155), La Crosso Gas A Electric C o!
(V . 97, p. 890) and Chippewa Valley Construction Co. (The La Crosse
Gas & Electric C o., changed its name to become tho merger corpora
tion and filed at Madison, W is., on Juno 22 a certificate o f increaso of
capital stock from $900,000 to $10,000,000, divided as below shown.— Ed.]
Capitalization—
Authorized. Outstanding.
$5,000,000 $1,700,000
I referred stock, 7% cumulative.............- ......... ..
Common stock___ ■_____________________________ 5 non 0 0 0
qsa 000
First & Ref. M . 5% 30-year gold bonds................. 20’,000’,000
2,205’,000
Chippewa Vahoy R y ., Lt. & Power Co. 1st 5s,
duo 1924. to retire which Sl.485,000 First &
Refunding 5s are reserved----------------------------- Mtgo. closed 1,485,000
/Vote.— Snnultaneously with tho issuanco o f tho First & Ref. 5s, cash
will bo deposited to retire the bonds outstanding against tho properties
of tho La Crosso Gas & Electric Co, (V. 97, p. 890).
Combined Earnings o f Constituent Companies Years ended April 30th.
„
.
1913-M. 1912-13.1
1913-14.
Gross earnings...$771.925 $705,9501 Int. on $3,750,000 bon ds..$187,500
Net, after taxes.. 379 046 346,587 IBalance.................... .......... 191,546
/ roper
Owns ana operates electric-light and power, street and inter
urban railway, gas, domestic water ana hot-water-heating properties,
serving a population estimated to exceed 90,000. Nearly soven-eighths o f
tho gross earnings is from electric-light and power, railway and gas.
Has a number of hydro-electric generating plants. Total present rated
capacity o f hydro-electric and steam plants about 14,000 h.p., which can
be increased by additional units and by the development of flowago lands
and water rights to an ultimate capacity estimated at over 1 0 0 , 0 0 0 addi
tional h.p. Owns over 100 miles of high-tension transmission lines connect
ing its various properties (except thoso at La Crosso). and expects to con
struct immediately an additional lino to connect its Cedar Falls plant whit
tho La Crosso properties, which will result in a considerable saving and wil
enable us to take on a large amount o f power business at profitable ratesj
q u a r te r ly
5 %
p r e f.
J u n e
1 %
3 0
o n
V\ o f
s to c k
to
O h io
o f
R iv e r
1 %
o f
2 5 la s t,
9 5 2 ;
V .
A m a lg a m a te d
b een
fr o m
J u n e
l % o n
D e c . 31
G A S
(B e e t)
2 5 ,
la s t a n d
9 6 , p .
p a id
A N D
1
la s t,
1
th e
%%
1 1 ,0 0 0 ,0 0 0
1 9 0 3 ),
c o m p a r in g
1 0 2 3 , 9 4 8 ;
S u g a r
o n
J u ly
re co rd
in J u n e a n d M a r c h
S ee V . 9 7 , p .
.— Dividend Increased.—
R R
lia s
(c u m u la tiv e
h o ld e r s
M a rc h
1 %
&
d iv id e n d
IN D U S T R IA L ,
A p p e a ls ,
th a t th o
C o m p a ro
&
o f
e le c tr ic
r e -lo c a tin g
1 90 2, d u o
F ed e ra l
co m p a n y
fr o m
h e ld
th e
a d v . o n
J .
“ C h r o n ic lo ”
P e n n
P itts b u r g h
o f
In t.
P res.
1 9 1 4 , in t h o
a
R y .
d a y s ’ n o tic o
(c * ).
w e e k
a n d
u n s o ld
b o n d s
C o m p a n y
fo r
le t t e r
th o
g o ld
1 1 ,0 0 0
tio n
C .)
C o u rt
fr o m
h ig h w a y s .
(D.
4 .9 5 % ,
p a rt,
P a r
th is
C o . a re o ffe r in g b y
M tg o . 4 %
M a r y la n d
re c o v e r
o f S ta te
a s h in g t o n
b le t o n
C o u rt,
ca n n o t
c o s t o f c h a n g in g
sy stem
W
to
th o
T h o
Y o u n g s t o w n
A
co m p a n y .
Tho order handed down states that, as tho Commission is engaged in
making an investigation o f tho property and business o f tho company and
tho rates that should bo charged by it, tho authorization of tho salo of notes
and their conversion into stock at par shall not “ bo taken or construed in any
way as a determination by tho Commission that such common stock is now
or will bo at any time within tho period o f conversion actually worth its
par value, or as ovidenco o f any intention upon tho part of tho Commission
* * * to hold tho owners o f such common stock or any other common
stock of tho company entitled to a return upon tho basis of such or any other
valuation.”
It is also ordered by the Commission that tho Railways Co. must file
within 3 months and every 3 months thereafter sworn statements showing
tho disposition o f tho proceeds o f tho notes and tho extent to which they
havo been converted into stock. Compare V. 98, p. 1921, 1847.
Favorable Decision.—
To handle this business an additional unit will be installed in the Cedar
Falls xilant, increasing tho capacity of that plant from 5,500 to 8,000 h.p.
Also owns and operates (a) 20$4 miles o f electric railway, including an
Intcrurban line on private right of way between Eau Claire and Chippewa
Falls and local lines in Eau Claire, (b) An up-to-date gas property in La
Crosse, with 55 'A miles o f mains, covering tho city.
Bond Issue.— The new bonds aro secured, in the opinion o f counsel, by
a first hen on (1) tho properties formerly owned by the La Crosse Gas &
Electric Go. (subject only to a small amount of bonds, to pay which cash
has been deposited); (2) the properties formerly owned by the Chippewa
Valley Construction C o., and (3) tho properties formerly owned by the
(^I'blipwa Valley R y ., Lt. & Power C o., subject to the 1st 5s due July 1
1924, to retire which bonds of this issue have been reserved.
Provided the company shall first havo expended $250,000 for extensions
and additions for which no bonds may be issued, escrow bonds c an be issued
tor 75% of the cost of extensions and additions, but only as regards tho
first $2,750,000 bonds, in case the annual net earnings are \ lA times tho
total interest charge, including bonds applied for; the balance can be issued
on‘ y wnen tbo net earnings aro 1J£ times the annual bond interest charge.
Sinking fund payablo on the basis o f the following percentages of the
bonds outstanding, including underlying bonds: 1% yearly 1919 to 1928:
1A % yearly 1929 to 1938, and 2% yearly 1939 to 1943, either to retire
bonds or for extensions and additions.
Territory.-—Serves 16 cities and towns, mostly in Wisconsin (its Minnesota
business being confined to the wholesaling of power to other public service
corporations in Red Wing, Wabasha and Lake C ity), thriving communities
located in a rich agricultural country, with a largo number of prosperous
manufacturing industries. Estimated population: La Crosse, 32,000:
Eau Claire, 20,000: Chippewa Falls, 10,000; Red Wing, 10,000; Menomi
nee, 6,000, &c.
Franchise Situation.-— Operates under the P. U. laws of Wisconsin, which ,
in the opinion of counsel, give tho company tho right to operate for an un
limited time, free from competition, if the service rendered is adequate and
the rates reasonable.
Eguity.— On the basis of the cash investment in the property by the
present owners, there is an equity, over and above all bonds outstanding,
amounting to more than $2,500,000.
Management.—All common stock owned and properties managed by
American Public Utilities Co. (V. 97, p. 523.)
1 )4 %
p a y a b le
w ith
o n
q u a r t e r ly in
V .
9 8 , p .
%
o f
S e p t. 3 0 ,
1 9 1 2 .
1 0 0 1 , 6 1 2 .
M IS C E L L A N E O U S .
Stock Purchased.—
C o .—
Press reports state that Pres. Joseph F. Smith, as trustee for the Mormon
Church, has acquired, at $87 per share, 25% (6.250 shares) of the stock from
tho American Sugar Refining Co., and has, it is understood, an option on
tho remaining 25% still held by the American C o., same amount having
previously been sold (seo holdings, V. 91, p. 1572) and 1573).— V. 75, p. 186.
A m e r ic a n
C h ic le
Slock Increase.—
C o .—
The stockholders will vote on July 9 on increasing the authorized com
mon stock from $6,000,000, all outstanding, to $8,000,000. The stock is
to be issued as required from time to time to acquire additional properties
and for other necessary purposes.— V. 98, p. 306.
A m e r ic a n
L u m b e r
C o .,
C le v e la n d .—
Receivership.—
In Santa Fo, N. M ., on Juno 23, C. F. Wade of Ann Arbor, M ich., and
George W. York of Cleveland were appointed receivers for the company in
a suit filed by the Detroit Trust C o., trusteo. There are said to be out
standing $500,000 6% serial bonds and $8,000,000 stock, par $10. A
sinking fund installment of $50,000 is overdue, and on July 1 interest is due
on tho bonds. Tho semi-annual interest, duo in January, it is stated, was
paid. Last div. on stock stated as A o f 1% in Feb. 1910.— V.90,p.700,1679
A m e r ic a n
P u b lic
U tilitie s
C o .—
Merger, &c.—
See Wisconsin-Minnesota Light & Power Co. below.— V. 98, p.612,454. J
A m e r ic a n
S u g a r
R e fin in g
C o .—
Suit by La. Dismissed.
See items on “ Banking, Financial and Legislative News" on a previous
page.
Sale of Stock. —
.
Seo Amalgamated Sugar Co. above.— V. 98, p. 833, 306.
A m e r ic a n
Status. —
sa y s
in
W a te r
P r e s id e n t
W o r k s
H .
&
H o b a rt
E le c t r ic
P o rte r
in
C o .,
I n c .,
c ir c u la r
o f
N .
Y .—
J u n e
23
su b sta n ce:
This company, organized in Virginia, has taken over the assets of Ameri
can Water Works & Guarantee C o., pursuant to plan of reorganization
(V. 98, p. 1074, 1395, 1539), and has secured the services of the following
well-known men as directors: Wm. Nelson Cromwell, J. B. Finley
II. C. Buffer Jr., Samuel Insult, J. II. do Lanoy M cijer, James D. Mor
timer, Chas. H. Payson, Henry H. Pierce, Henry Russell Platt, H. Hobert
Porter, Thoodoro Revillon, W. B. Schiller, Chas. R. Scott, Andrew V.
Stout, Guy E. Tripp, Robert Wetherell and Albert H. Wiggin.
E.
C. Converse, Chairman of reorganization committee, and Charles R.
Brooker, President of American Brass Co., will act as an advisory committee
of stockholders. Voting Trustees— Wm. Nelson Cromwell, E. C. Converse,
Andrew S. Squire, Albert II. Wiggin and Howland Davis. Offices at 50
Broad St., N. Y. City.
Tho properties were taken over as of April 27, since which sufficient time
has not elapsod to permit the preparation o f an accurate financial statement,
but from present indications tho company will have originally available
about $2,000,000 in cash.
Based on the earnings of tho water works companies for tho 12 months
ending April 30 1914, together with interest on cash and securities in tho
treasury, it appears that the company's income will be more than sufficient
to cover bond interest and dividends on the first pref. stock. In this esti
mate no income is included from our large investment in the West Penn
Traction & Water Power Co. stock, the payment of dividends by that
company having been temporarily suspended in order to strengthen its
cash resources (V. 98, p. 1921). It may, however, be reasonably assumed
that at no distant date and in increasing measure tho West Penn securities
held by your company will materially add to its income.
Many of the subsidiary companies will require our constant attention
in order to develop plans under which capital can bo secured for maintain
ing and extending their earning power, while in tho case of some of them it
may bo desirable to carry through a reconstruction so as to establish them
on a firmer financial basis.
Your company’s financial year will date from July 1 and tho first dividend
on tho first pref. stock will therefore not be due until Oct. 1 and will cover
tho period from April 27 1914.— V. 98, p. 1539, 1395.
A m e s -H o ld e n -M c C r e a d y ,
April 30
Net
Year—
Pro its.
1914.................. $307,598
1913
......... - 351,390
— V. 97, p. 665.
A r lin g t o n
M ills ,
L im it e d .—
Earnings.—
Bond
DepreWritten Pr. Dies. Balance,
Interest, ciation.
Off.
(7% ). Surplus.
$58,700 $20,000 $47,602 $175,000 $6,296
60,000
15,000
10,818
175,000 90,572
L a w r e n c e ,
M a s s .—
Dividends Resumed.
A semi-annual dividend of 2% has been declared on the $8,000,000 stock,
payablo July 1 to holders of record Juno 23. In Jan. last no distribution
was mado, but from 1903 to July 1913 payments were at tho same annual
rato (4%) as the dividend just declared. Comparo V. 98, p. 75.
A s s o c ia te d
M e r c h a n ts
C o .—
New Officers, &c.—
See United Dry Goods Co. below.— V. 98, p. 1462, 836.
B la c k s t o n e
V a lle y
G a s
— Operating Arrangement.—
&
E le c tr ic
S to n e
&
C o .,
R h o d e
I s la n d .
W e b ste r re p o rt:
An operating arrangement has been entered into with tho Rhode Island
Power Transmission Co., a subsidiary of the New England Power C o., by
which the Blackstone Co. will use electrical energy generated by the hydro
readjustment without first submitting the samo to such depositing creditors.
Committee: Edwin II. Baker, o f West, Baker Sc Co.; John W. Bird, of
Amory, Browno Sc Co.: Robert T. Fowler, of Alexander Smith & Sons
Carpet Co.; Lawrence Sc Co.; Samuel If. Lummis, Sec. Eastern Millinery
Association: Henry P. McKcnny, Pres. Merchants’ Protective Association;
William A. Marble, Pres. Merchants’ Association of New York; Frederick
W. Wakefield, of Cheney Brothers; C. Morton Whitman, of Clarence
C e n t r a l M e x i c o L i g h t & P o w e r C o . —Preferred Dividends
Whitman & Co., and Edmund Wright, of Frcd’k Vietor & Achelis, with
Suspended for the Present. —
Anthony C. Brew, 346 Broadway, N. Y ., as Secretary.
Curtis & nine, Gen. Mgrs., in circular dated at Colorado Springs, Colo..
Announcement of Creditors' Audit & Adjustment Association, Netv York.
Juno 11, said in substance:
.
In the matter of It. B. Claflin Co. and allied interests, this .association
At a recent meeting tho directors voted that the payment o f dividends on
at a special meeting hold Juno 25 appointed a committee consisting of the
the cumulative preferred stock be suspended for the present.
undersigned
to protect tho rights of tho unsecured creditors and to make
"While there has been no material injury to tho property, and we have
succeeded in keeping all tho plants in operation, Increasing disorders in every effort to secure the largest possible dividend returns. Tho committee
Mexico have reduced tho earnings and increased operating expenses, while will co-operato with tire Claflin interests in tho rehabilitation of tho business
the great depreciation of Mexican currency has involved serious losses in just as long as such co-operation is compatible with the best interests of
transfer of funds to this country. The occupation of Vera Cruz by tho tho creditors, but no longer. All committees and creditors desiring to join
should communicate witii tho Secretary, Franklin II. Brown, 41 Union
U. 8 . forces in April created such anti-American feeling that it was necessary us
to withdraw all our American employees and substitute a Mexican operating Squaro, N. Y.
[Signed: Milo M . Belding Jr. (Belding Bros. & C o.), John II. Love
force supplemented by somo of our foreign employees.
Arrangements have been made for the payment of all bond interest, (Graupner, Love Sc Lamprecht), Stephen D. Conger (Ed. McConnell &
sinking fund and other fixed charges for a considerable time to come, and C o.), Holmes J. Corbett (Fred. Butterfield & Co.) and C. Stanley Mitchell
we shall probably be able to meet current operating expenses out of earnings, (Vice-Pres. Century Bank).! Compare report V. 98. p. 233.
so long as present conditions continue. How long this will be is uncertain,
C o n n e c t i c u t R i v e r T r a n s m i s s i o n C o . — Control, Ac . —
and it is, therefore, prudent to husband our cash resources.— V. 96, p. 718.
Seo Newr England Company below.— V. 97, p. 1586.
electric plants of the New England Power Co. and the Connecticut River
Power Co. Tho arrangement contemplates interchange o f service, so that
the steam plants of the Blackstono Co. will help out tho hydro-electric
plants In dry seasons. The Rhode Island Power Transmission Co. will
furnish additional energy if needed.— V. 97, p. 301.
(H .
B .)
th o
U n it e d
S ta te s ,
J o se p h
B .
H a n d
m a d e
F a m e s ,
w as
b y
T h e
to
o f
m a tu r in g
p a p er
000, 0 0 0 ,
th e
a ffa ir s
it
b a n k e rs
o f
a cco u n ts
th o
h o ld
a n d
a ssets
ex p ress
co m p a n y
o f
u p o n
a p p lic a
J o h n
C .
e n d o rse m e n ts,
ca n
to
seek
b o
th o
sta te d
b e lie f
o f
th ro u g h o u t
o f
th a t
th e
re n e w in g
p r o te c tio n
a b o u t
$ 4 4 ,
if
a llo w e d
tim e
a d ju s te d .
Statem ent by President John C. Claflin.
Tho unprecedented shifting o f trade centres in New York has causod
great loss to many interests. In tho case o f tho If. B. Claflin Co. tho up
town movement o f business has seriously curtailed our wholesale profits
and has compelled us to rely mainly on tho profits from financing retail
stores throughout tho country. Their rapidly extending business has occa
sioned largo capital requirements, which wo have not been able to meet.
A receivership lias therefore become necessary, ponding a readjustment
of affairs of tho company. A plan o f reorganization for tho II. II. Claflin
Co. will soon lie presented which wohopo will prove acceptable both to cred
itors and stockholders.
Tho Associated Merchants Co. and the United Dry Goods Companies aro
not themselves borrowers o f money. They aro in exceedingly strong finan
cial condition, and tho success o f their retail stores is assured.
[Tho "growing tendency o f manufacturers to eliminate the jobber and sell
direct to the retailer” is spoken of as another feature affecting the profitable
ness o f tho wholesale business o f II. B. Claflin Co.— Ed.]
Claflin Retail Interests. —
th o
A s s o c ia te d
(s e e
th e
la r g e
in t e r e s t s
m o st
o f
w h ic h
to
th o
o f
th ese
M e rch a n ts
la s t-n a m e d
fa ilu r e
r e ta il
co m p a n y
d o e s
in
o f
II.
C o .
a n d
B .
r e ta il
p la ce d
C la flin
h as
a p p e a r
in
&
fr o m
o f
th o
t io n
en d orsem en ts
w ith
S itu a tio n ”
th e se
o n
re fe rre d
a c q u is itio n s .
a n o th e r
to
h o ld in g s
D r y
G o o d s
in
C la flin
a c q u ir e d
d ry
g o o d s
co n ce rn s
H o w
in
h a n d s
o w in g
fa r
th o
th o
la s t -n a m e d
fo r e g o in g
co n tro l
rem a rk s
S ee
w a s
g iv e n
rem a rk s
in
in
co n n e c
Protective Measures by Creditors. —
a n n ou n cem e n ts
a ro
7 %
s t o c k .— V .
T h e
c u m u la tiv e
9 8 ,
p .
N .
Y .
(W m .)
&
S o n s
C u r tis
S h ip
&
Interest on
20-Yr. 5s.
$153,583
165,083
P u b lis h in g
C o .,
S to ck
p r e fe r r e d
a n d
4 5 1 .
E n g .
B ld g .
Earns.—
C o .—
Interest on
Other
1st M . 5s. Int., Ac.
$56,667
$122,604
57,916
32,119
P h ila d e lp h ia .—
Balance,
Surplus.
$847,477
306,676
New Company.
The stockholders will vote July 22 on a proposition to sell tho "real estate
and personal property of the company to a new corporation having an
authorized capital of $25,000,000, ot which $20,000,000 is to bo issued in
payment for the property of this company; such sale to be effected by the
exchango of tho capital stock of such new corporation for the capital stock
of this corporation on tho basis of two shares for ono.” — V. 96, p. 1024.
D e n v e r
(C o l.)
U n io n
W a te r
City Bonds Offered.—
C o .—
See Denver in “ State and C ity” department.— V. 98, p. 1159, 1075.
F e d e r a l
&
M in in g
S m e ltin g
Earns, for May Quar.
C o .—
March 1914...........
869,494 Total net earnings_______ $2l9 456
ISOioOO
April 1914_______
66,962 Deduct— Juno 15th div
39 459
M ay 1914________
93,000 Balanco, surplus________
1,540,187
Total net earnings-------------- 219,456 Total surplus Juno 1st
The Morning Mine, which was closed M ay 20, has re-opened. During
the shut-down tho Callow flotation process was installed at the Morning
mill. 'The company has been making tests 011 tho Morning ores with this
process for many months past and has found it highly successful.— V. 98, p.
1075.
G u a n a ju a t o
R e d u c t io n
&
M in e s
Default. —
C o .—
The comnanv it is announced, will not bo able at this time to pay tho
semi-annual Interest due July t 1914 on $2,800,000 1st M . 20-year Cs o f
1901. Tho closing of tho smelters duo to tho .Mexican disorder has made it
impossible to convert the company’s product into cash, although the earn
ings for (he six months, it is said, were more than sufficient to meet tho
Interest payment.— V. 82, p. 932.
L a
C r o s s e
G a s
&
E le c t r ic
Merger, &c.—
C o .—
Seo Wisconsin-Minnesota Light & I’ow'cr Co. under "Railroads” abovo.
— V. 97, p. 890.
L e h ig h
S to ck
4 y,%
(V .
C o a l
&
E x ch a n g o
s in k in g
9 8 ,
p .
N a v ig a tio n
lia s
fu n d
3 9 0 ),
h a s
o n
n o t ic e
a m o u n t
b e
lis te d
L o r d
&
M e ta ls
as
T a y lo r ,
N a tio n a l
to
L o rd
&
o f
is s u a n e o
N e w
Y o r k .—
o n
T a y lo r
th o
a n d
9 8 ,
T h o
Y .
M tg e .
s o ld
$ 4 ,0 0 0 ,0 0 0
th o
1 84 9,
is s u e d
b y
o f
m a k in g
p .
Status.—
T h u rs d a y
(c o n tr o lle d
N .
w e re r e c e n t ly
lis tin g
s a le ,
V .
T h e
C o n s o lid a te d
w h ic h
a u th o r iz e d
$ 1 8 ,0 0 0 ,0 0 0 .—
B a n k
Listed.—
C o .—
$ 1 4 ,0 0 0 ,0 0 0
b o n d s , S e r ie s A ,
a n d
a d d itio n a l
to
lis t e d
tota l
7 6 5 .
M e c h a n ic s
th o
U n ite d
&
fo llo w in g
D r y
G o o d s
C o .):
S u b s ta n tia lly
th e
fo l
m a d e .
N oteholders’ Committee, Bankers T rust C o., Depositary.
The appointment o f receivers of tho If. B. Claflin Co. renders it of
utmost importance that tho holders o f notes endorsed by the H. B. Claflin
Co. should promptly unito for their mutual protection. Holders of notes
are requested to deposit tho same immediately with the Bankers Trust Co.,
16 Wall St., as depositary, or with agents of tho depositary, as follows:
Northern Trust Co., Chicago: Mercantile Trust Co., St. Louis: Old Colony
Trust Co., Boston. It is imperative that all of tho noteholders should
deposit promptly in order to preserve the equities.
Unmatured
notes deposited, if not paid at maturity, will bo protested or waiver of pro
test will bo obtained. (See also adv. pages.)
Committee: James S. Alexander, Chairman, Pres. Nat. Bank of Com
merce, N. Y. City: Lewis L. Clarko, Pres. Amer. Exch. Nat. Bank. N. Y.
City: Howland Davis, of lllako Bros. Sc Co., N. Y . City; Charles W.
Folds, o f Hathaway, Smith, Folds Sc Co., Chicago: Ernest A. Ifamill,
Pres. Corn Exchange Nat. Bank, Chicago: Seward Prosser, Pres. Liberty
Nat. Bank, N. Y .; Philip Stockton, Pres. Old Colony Trust Co.. Boston,
and Festus J. Wade, Pres. Mercantile Trust C o., St. Louis. II. W. Jones,
16 Wall St., is Secretary to the Committee and White & Case, counsel.
M erchandise C reditors’ Committee.
Including Merchandise Creditors of the II. 11. Claflin Co., Defender Co. of
N . Y. City, and Jones Store Co. of Kansas City, M o., and Bedford Co.
and II. Batterman Co., Brooklyn, N . Y.
Receivers having been appointed for tho above-named companies, the
undersigned have, at the request of merchandise-creditors holding claims
estimated at upwards o f $2 ,0 0 0 ,0 0 0 , consented to act as a merchandise
creditors’ committee. It will bo our aim to aid In tho readjustment of tho
finances of the companies involved, looking to their continuance and to
such beneficial results for creditors, as may bo possible and looking particu
larly to tho prevention of forced liquidations. Wethereforeinviteyou tosend
send signed statements o f your accounts against such companies to the
undersigned. Room 1234. 346 Broadway, N. Y. City. The committee
will, without expense to depositing creditors, represent and act for them
In all respects, excepting that It will accept no plan of reorganization or
co m m o n
Listed.—
I n c .—
“ F in a n c ia l
p a g e .
Whitehouse Co., Spokane.
MacDougall & Southwick Co.,Seattle
People’s Store Co., Tacoma.
Stewart & C o., Baltimore.
Watt, Itettow & Clay, Norfolk.
Jones Store Co., Kansas City, M o.
Castnor-ICnott Dry Goods Co., Nashv.The Fair, Cincinnati.
.1. Bacon A Sons, Louisville.
Geo. W. McAlpin Co., Cincinnati.
Copper City Commercial C o., Ana- Lion Dry Goods Co., Toledo.
Kline Bros., Altoona.
conda.
M . .1. Connell Co., Butte.
McCreery A Co., Pittsburgh.
Ilennessy Co., Butto.
Lord Sc Gage, Reading.
Montgomery Fair, Montgomery.
If. Batterman Co., Brooklyn.
Josiin Dry Goods Co., Denver.
Bedford C o., Brooklyn.
Root Dry Goods Co., Terre Haute. Thomas C. Watkins (Ltd.), Ham
ilton.
J. B. White & Co., Augusta.
Spring Dry Goods Co., Gr. Rapids. Ifigbeo Company, Cleveland.
(The Ifigbeo Company of Cleveland Is stated to have been locally financed
and to havo debts of only $18,000. Stewart Sc Co., Baltimore, report:
‘ ‘This storo is strongly and independently financed and is not affected by
the present embarrassment of tho II. II. Claflin C o.” Hennessy Co.,
Butto, report themselves as "absolutely solvent.” Mr. Claflin is a stock
holder in tho Scruggs-Vandervoort Dry Goods Co. of St. Louis, but that
company is “ financed entirely by St. Louis men.” )
lo w in g
C r a m p
o f
th a t a c o n s id e r a b le a m o u n t
a b o v e
C o .,
$ 5 ,2 5 0 ,0 0 0
April 30
Net
Year—
Earnings.
1913-14____ $1,180,331
1912-13____
561,795
— V. 98. p. 1319, 613.
C o .
M r .
v e ste d
th o
P r e s . C l a f l i n , b u t i t is u n d e r s t o o d
h is
r e c e iv e r s ’
C o .
b een
to
U n ite d
b e lo w ),
fo llo w in g
b een
in te r e s t s
n o t
a d d itio n
co m p a n y
th o
h a v e
In
C a n
o f
as
s a tis fa c to r ily
$ 8 ,0 0 0 ,0 0 0
are
so m e
$ 3 0 ,0 0 0 ,0 0 0
b a n k s
a re
th o
in c lu d in g
d iffic u lt y
C o n t in e n t a l
E x c h a n g e h a s lis t e d
N a tio n a l
co m p a n y ,
a m i
b y
th e
n ecessa ry
n o m in a l
C o u rt,
th e
th e
S t ., a s r e c e iv e r s ,
8 3 4 ,0 0 0 ,0 0 0 ,
la tte r
m a d e
o f
T h is
in
p o s s e s s io n
C h e m ic a l
in c lu d in g
a b o u t
th e
th e
th e
o f 7 0 W o rth
D is tr ic t
lia b ilit ie s ,
c o lle c tio n s
T h e
a n d
o f
in
h ou se
S 3 ,6 3 8 .
m e r c h a n d is e
S lo w
g o o d s
p la c e d
V ic e -P r e s id e n t
p a p er,
co u n try .
C o u rt.
S .
o f c la im s fo r
a g g reg a te
c o m m e r c ia l
d ry
P r e s id e n t
U .
Receivership. —
Y o r k .—
T h u rs d a y
th e
c o m p a n y ’s
$ 4 ,0 0 0 ,0 0 0
th e
o n
in
a
h o ld e r
b e lie v e d
N e w
w h o le s a le
F r e d e r ic A . J u illia r d
J u d g e
tio n
C o .,
lo a d in g
M a r tin d a le ,
B a n k , a n d
b y
&
C la flin
co m p a n y ,
Lord Sc Taylor is in no way involved with tho TI. B. Claflin Co. (see
above). Tho company has on hand ample lunds for its present require
ments and a group of banks lias arranged, upon verification of tho figures
supplied by tho company, to provido funds, if any bo needed, to couttnuo
the business as heretofore.
The undersigned have been chosen to represent tho banks abovo referred
to- Gates W. McGarrah. Pres. of the Mechanics & Metals National Bank;
Stephen Baker. Frcs. of the Bank of tho Manhattan Co., and Edward C.
Smith, of Hathaway, Smith, Folds & Co.— V. 98, p. 390, 693.
(W .
H .)
M c E lw a in
&
C o .—
Earnings.—
May 31.
Total
Net
Bonuses Spec.Ap. Dividends Balance,
Year
Sales.
Earns, to Mgrs. toPl t.Ac.
Paid. Surplus.
1913-14_____$21,817,542 $705,550 $39,570 $51,227 $561,900 $52,853
1912-13___ 20,631,070
769,116 83.992 40,556 570,637
73,930
Dividends as above include 6 % on the 1st pref. stock, 9% on tho 2d pref.
and 4)4% on tho common in 1913-14, against 15%.
New Directors— Retirement, of Preferred Stock. —
KImber I,. Barton of Kansas City, M o., and Seward M . Paterson a
Winfield L. Shaw of Boston, have been added to the board.
Tho stockholders on Juno 2.) voted to reduce the capital stock of th
company from $8,890,000 to $8 ,8 .>0,000 by canceling $40,000 first pref.
stock retired during the fiscal year ended ^ lay 3 1 1 9 1 4 . This makes tho
capital stock $4 ,8 5 0 , 0 0 0 first pref. stock, $2,000,000 second prof, stock and
$2,000,000 common. Tho retirement of the first pref. stock is in accordance
with tho by-laws of the company, which provido that tho company expend
annually 1 0 % of tho not earnings after tho payment of tho first pref. divi
dends.— V. 97, p. 45.
M a s s a c h u s e tts
—
T h e
tru ste e s
G a s
h a v o
Annual Dividend, 5%.
C o m p a n ie s .—
v o te d
to
set
a s id e
$ 1 ,2 5 0 ,0 0 0
(5 % )
c o m m o n s t o c k d iv id e n d s d u r in g th o y e a r e n d in g J u n o 3 0
p a y a b le
A u g .
in
1,
fo u r
N o v .
a m o u n t
as
$ 1 ,0 0 0 ,0 0 0
1,
q u a r te r ly
F e b .
w a s
(3 % )
1 a n d
d e c la r e d
fo r
th o
in s t a llm e n t s
M a y
la s t
th reo
1
o f
n e x t.
y e a r,
1
a n d
p r e v io u s
]/f%
T h is
is
fo r
1915,
e a ch
on
th o
sa m e
co m p a ro s
w ith
y ea rs.
Dividend Record of Common Slock (Per Cent).
1907 to 1910.
1911 to May 1913.
Aug. 191.3 to May 1914.
3 yearly.
4 yearly (Q.-F.)
5 yearly (Q.-F.).
1906.
2
Dividends of Subsidiary Companies.—
C o .
h a s
d e c la r e d
1 %
e x tra ,
1 2 %
in
a n d
1 2 %
m a k in g
1 9 1 2 -1 3 ,
in
a
r e g u la r
1 1 %
1 0 %
in
fo r
q u a r te r ly
th e
fis c a l
1 9 1 1 -1 2 a n d
T h o
E a st B o s to n
d iv id e n d
y e a r,
1 9 1 0 -1 1 ,
o f
2 )^ %
co m p a re d
1 1 %
in
G as
a n d
w ith
1 9 0 9 -1 0
1 9 0 8 -0 9 .
The Boston Consolidated Ga-s Co. declared a dividend of 2% , making
% for fiscal year, against 9% in tho fivo previoust’iscal years. Owing to
tho advanco in the cost of labor and material, especially the cost of gas oil
it was found that the net earnings for tho year ending Juno 30 1914 would
not bo sufficient to pay tho rate of dividend to which the company is
entitled under the so-called Sliding Scale Act of 1906. Tho Newton Sc
Watertown Gas Co. has declared a quarterly dividend of 2% , making 9%
for fiscal year, against 11% in previous two years. Tho Citizens’ Gas Co.
of Quincy has declared a regular quarterly dividend of 114%, making 5%
8
for fiscal year, the same as a year ago, and compared with 414% In previous Interest on the New England Co. bonds ($90,000) is payable out o f sub
fiscal year and 5% three years ago. Boston Tow Boat Co. has declared a stantially all of the net earnings hero shown, after payment of interest on
dividend of 10%, tlio samo as in previous two years. New England Coal & Massachusetts Co. bonds ($54,350). The net earnings available aro over
Coke Co. declared a dividend of 10%, the same as last three years, also an threo times the combined interest charges on both issues.
extra payment of 30%. Tho Federal Coal & Coke Co. and the J. B. B.
These earnings will be materially increased in 1914 from contracts now
Coal Co. have declared dividends of 10% and 5% , respectively. These aro in operation which were not in operation in 1913, and will be far greater
the first distributions since tho Massachusetts Gas Cos. assumed control.
increased in 1915 from the sale of tho power from plant No. 5, now in pro
cess of construction and to be completed during this year by the New Eng
Earnings of Controlled Companies.
Earnings of Subsidiary Cos.—
and I ower Co. Tho present installation is about 50,000 li. p. and the
-M aycapacity will bo increased about 50% with the completion of plant No. 5.
1914
1913
1913-14 1012-13
New England Gas & Coko C o__ $75,364 $66,269
$735,127
$751,728 Natural markets easily accessible by tho transmission lines will absorb
Boston Consolidated Gas C o ___ 82,928
86,860 1,160,182 1,312,034 several times as much electric energy as the New England Power Co. and
East Boston Gas C o___________
4,206
5,439
60,819
70,513 the C onnecticut River Power Co. can produce when all the water rights of
Citizens’ Gas Light C o_________
453
1,647
18,540
20,580
1,055
Newton & Watertown Gas C o ..
2,959
44,410
08,031 p 1O3f08lllC93r%f0S ^ l T T ° PC^' ^ C° a S° ^ CW England Power C o., V. 98.
47,075
New England Coal & Coko C o_. 40,733
216,964
298,057
N e w E n g l a n d P o w e r C o . — B ond s on T ra n sm issio n L in e s .—1
2,655
4,124
Fedoral Coal & Coko C o_______
63,158
19,850
See New England Co. above.— V. 98, p. 917, 908.
6,502
2,397
Boston Tow Boat C o__________
33,797
48,035
Total...................... ................... $218,502 $212,104 $2,332,997 $2,598,434
Tho above figures do not includo tho profits o f tho .J. B. B. Coal Co
because, while tho Massachusetts Gas interests own a majority of the stock,
thoy do not own all of it. The earnings of the J. B. B. Coal Co. for May
1914 show an increase over tho samo month last year of $1,150.
Increase in Gas Output.
Boston Consolidated Gas C o--------------- 0.05%
4.44%
3.12%
5.13%
Eas Boston Gas____________________ 9.84% 12.00%
9.57% 13.14
Citizens' Co. of Quincy_____________ 21.14% 18.38% 19.33% 22.59 yo
9.01% 12.05%
Newton & Watertown----------------------- 9.41% 12.42%
— V. 98, p. 1770, 1320.
M ic h ig a n B o u le v a r d B u ild in g , C h ic a g o .
-B o n d s .— The
Continental & Commercial Trust & Savings Bank, Chicago,
the mortgage trustee, is offering at par and int. SI,800,000
(closed) 1st M. 5 % gold bonds, dated July 1 1913 and due
serially on July 1, 875,000 yearly 1919 to 1932 and 8750,000
July 1 1933. A circular reports:
Redeemable on any int. date after July 1 1923 at 103 and int. Dcnom.
S500 and $1,000 (c*). int. payable J. & J. without deduction for normal
Federal Incomo tax. A first lien on the land, owned in feo, at corner of
Michigan Avo. (96 ft.) and Washington St. (162.6 ft.), Chicago, and new
handsomo 15-story fireproof Michigan Boulevard Bldg, erected thereon.
Located in central retail district of Chicago. Fully insured, payable to
trustee. First floor divided into stores; second to sixth floors into shops;
upper nine floors for office purposes. Built to carry five additional stories,
should tho present building ordinance be changed to allow 20-storybuildings.
The land is estimated as worth $2,000,000; building cost, $1,500,000
total, $3,500,000; against a closed bond issue o f $1,800,000.
Estimated annual earnings; Gross, $403,208; net '(after taxes and less
10% for vacancies), $234,212; int. on these bonds, $90,000; balance not
surplus, $144,212. Property owned in feo by Jarvis Hunt, J. Milton
Trainer and Wallace G. Clark, trustees, and titlo guar, by Chic Title &
Trust Co.
M o b ile
G a s
C o .—
E a r n in g s .—
Gross Net(after
Period Covered—
Earnings. Taxes).
Year end. April 30 1914--$212,775 $92,095
Year end. Dec. 31 1912.- 178.937
85,099
— V. 94, p. 915.
M o u n ta in
S ta te s
(B e ll)
T e le p h o n e
&
T e le g r a p h
C o .—
N e w
Y o r k
T e le p h o n e
C o
.— Stock In c re a sed .—
Tile company has filed in the office of the Secretary of State notice of
Increase of capital stock from $125,000,000 to S150,000,000. The stock
is all owned by the American Telephone & Telegraph Co.— V. 98, p. 1464.
N o r t h
A t la n t ic
F is h e r ie s
C o .,
L t d .,
H a lifa x ,
N .
S .—
,i„ i 0 ” ‘factors some time since decided to omit the usual quarterly fly
dend on the $.>00,000 7% cumulative pref. stock which would have bee
payable May 1. All previous dividends were paid.— V. 95, p. 1546.
P a c ific
T e le p h o n e
&
T e le g r a p h
C o .—
A c q u is itio n . —
- f *V®compromise between the city o f Oakland and the company providing
f ° rJ he acquisition of the Home Telep. Co. was mado effective Juno 17
by the passage of the necessary resolutions by the City Council. Under the
agreement the company will not forfeit the $ 100,000 which was to have been
paid to the city in the event o f the sale of tho Home Co. The Pacific Co.
thcIlr,0]m ° f I'anebise, which increases the life of its franchise grant
r v A o c r r .1 Under lhe Home company s franchise, assumed by the Pacific
^’10 &ro^ warnings ' V1 i
the city. The company also
furnishes the city with 200 free telephones.— V. 98, p . 1511, 1003.
P o p e
M fg .
C o .,
H a r t fo r d .—
Sale o f A s s e t s .
Superior Court Judge Bennett, at Hartford, Conn., on June 24 declined
to authorize the sale of tho assets to the creditors’ committee for $1,800 000.
1ho Court said it had never been its policy to allow receivers to engage in
financial speculation, and he doubted that the Court would approve of the
offer, even though all of the parties were agreed. In any event, the Court
would not force creditors to accept notes of a corporation that had not yet
been organized, and in the absence of some outside agreement that would
relievo tho Court and the receiver o f responsibility as to the notes, ho would
not accept tho offer.
Edward E. Blodgett, as counsel for the committee, filed a motion that
the property of tho company located in Connecticut and Massachusetts
be sold at public auction both sales to take placeinMass. Judge Bennett
fixed a hearing on the motion for July 2.— V. 98, p.1923, 1738.
P r a ir ie
O il
&
G a s
C o .—
P ip e L in es H eld C om m on Carriers.
— The U. S. Supreme Court on Monday, reversing the de
cision of the Commerce Court on March 12 1913 (V. 96, p.
793), held that the pipe lines aro common carriers under the
amendment of 1900 to the Hepburn Law, and are subject to
the supervision of the Inter-State Commerce Commission.
Justice Holmes wrote the majority opinion. Which exempts from the
operation of the law the line of the Undo Sam Oil Co., which runs from its
Portor & Co., Denver, recommend at well in Oklahoma to its refinery in Kansas. Justice McKenna dissented.
$99 per share the company’s stock, which is paying 7% per
annum. Par $100. Dividends Q.-J. 15. Outstanding
i-j--------- „— .......................... ..........—.............„.com pany!,..vu.«v....
April 30 1914, $31,520,300. No bonded debt.
tho field as a purchaser of oil for transportation in inter-State commerce.
Stock.— Boettcher,
Justice Holmes says that Congress had in mind the conditions existing
chiefly in respect to the transportation of oil, the Standard Oil combination
being in control of practically all transportation from all points in the
country to the Atlantic Seaboard. The Standard Oil Co. refused to carrv
oil except on condition that the owner would sell his property to it, making
N e w E n g l a n d C o m p a n y , B o s t o n . — O ffering o f N e w Bonds
itself tho master of tho field.
Guaranteed by N e w E ngland Pow er C o. (o f M a i n e ) . — Baker,
Justico Holmes says: “ If the Standard Oil Co. was not so engaged in
transporting oil in commerce, nobody was. The statute was intended as
Ayling & Co., Boston, aro offering by adv. on another pago, an
injunction that those engaged in transportation were to bo treated as
at 9 3 lA and int., yiolding 5.40% income, $1,800,000 First common carriers. It not only would bo a sacrifice of fact to form, but
w«°Jll<!,£n,ptjr tho 4 % ,lf the carriage to the seaboard of nearly all oil east
& Refunding Sinking Fund 5 % bonds dated May 1 1914 and of
California were held not to be transportation within its meaning of the
due May 1 1954, but red. at 105 and int. on any interest date. Act to regulate commerce, because by the exercise of their power the car
Interest M. & N. at Old Colony Trust Co., Boston, trusteo. riers imposed as a condition to the carriage a salo to themselves.
statute does not compel the pipe lines to continue in operation,
Denomination $1,000 (exchangeable into $500 or $1000 but“ The
it does require them to continue except as common carriers. That is
tho plain meaning of the statute. It was intended to bring in all who were
denominations). A circular shows:
offering to buy, if only offerers would sell at (heir price. That the trans
Authorized issue, $30,000,000; present issuo............................... $1,800 000 portation is commerco among the Stab's wo think is clear. It would bo
Reserved for exchange of tho Massachusetts Co.
illusory to deny the title of commerco to such transportation beginning
5% bonds (V. 97, p. 1587)............................... -$1,087,000
in purchase and ending in sale.”
Reserved to be issued up to 80% of tho value of fu
In regard to pipo lines of the future, the Court says there can be no pos
ture additions, provided that tho annual incomo
sible
question of the validity of the Act. The statute means no more than
available for bond interest is iy 2 times the
that they must give up requiring a salo to themselves before carrying oil
amount required, including bonds to bo issued. .27,113,000
that they now receive.
A first lien upon (a) an electric distribution system in Massachusetts
The pipe lines directly affected by tho decision aro the Standard Oil Co.
consisting of sub-stations and about 110 ndles o f high-tension lines on steel of Ohio, Ohio Oil C o ., Prairie Gas & Oil C o ., Tidewater Oil Co. and Standard
towers, connecting with the hydro-electric plants of Connecticut River Pow. Oil Co. of Louisiana. The last-mentioned company was organized after
Co. and tho New England I’owor Co. (b) Upon ail stock of the Connecti the passage of the Act. The Court calls attention to the fact that tho
cut River Transmission <'o ., subject only to a closed mortgage of $1,087,000 Standatd Oil Co. of Louisiana received oil from the Prairie Gas & Oil Co.
of tlie Massachusetts Company’s bonds, secured by the Transmission where
the pipes of the latter touched tho State of Louisiana, and there took
C o.’s stock as collateral, to retire which an equal amount of bonds of this title to file oil, which was transported to Baton Rouge. The Court said
Issue is reserved. The Connecticut River Transmission Co. owns and oper that tile application of the decision to that company was obvious. In
ates transmission lines directly connecting with the system of (lie New Eng other words, the ilovico of transferring title at tho State line was so trans
land Company, and the entire system consists of about 200 miles of modern
that it is stated it is not worth whilo even to call attention to it as
high-tension steel transmission lines on nrivato rights of way, so situated parent
a distinct featuro of tho case.
jL*
that it can servo practically all of Central and Western Massachusetts, and
As
to
the Uncle Sam C o., Justice Holmes says that “ it would bo a per
will deliver power at tho Rtiodo Island and Connecticut State lines during version of
considering the sense in which it is used in the statute,
the coming year. Tho sinking fund is to retire annually 1% of all bonds to say thatlanguage,
a man was engaged in the transportation of water whenever he
which have been outstanding three years.
pumped a pail of water from his well to his house.”
Tho sinking fund is to retire annually 1% of all bonds which have been
Justico McKonna says that it is of less consequence what tho effect of
outstanding tiireo years.
For tho 4 months ending April 30 1914 tho gross revenue was $2,523,132;
net, $939,713. Stations owned April 30 1914, 203,438; stations connected,
22,990; total in service. 226,428.— V. 98, p. 1606. 916.
Digest of Statement by Pres. Oeorge S. Smith, Boston, Ju n e 18 1914.
Organized under Massachusetts laws as an association and controls en
tire distribution system in Massachusetts of the Now England Power Co.
and the Connecticut River Power Co. Tho territory embraces many of
tho largo manufacturing centres of tho State and ono of tho most, diversified
power markets in the United States. This system comprises the largest
hydro-electric development in tho United States east of Niagara Falls
Property is operated by tho Connecticut River Transmission Co.; J. G.’
White & Co. aro tho consulting engineers.
Partial List of Poicer Customers.
Worcester Cons. Street Ry. Co.
Norton Grinding Co., Worcester.
Berkshire Street Ry. Co.
Lancaster Mills, Clinton.
Springfield Street Ky. (at Palmer).
Osgood-Bradley Car Co., Worcester.
Northern Massachusetts Street Ry. ParkhlU Mills, Fitchburg.
Uxbridge A Milford Street Ry. ' Louis DeJongo Paper Co., Fitchburg.
Boston & Maine RR. (Hoosac Tun.) Wyman & Gordon, Worcester.
Worcester Suburban Electric Co.
Falulah Paper Co., Fitchburg.
Worcester Electric Light Co.
Renfrew Mfg. Co., Adams.
Marlboro Electric Co.
Wright Wiro Co., Worcester and
Gardner Electric Light Co.
Palmer.
Fitchburg Gas & Electric Co.
L. L. Brown Paper Co., Adams.
Amherst Power Co.
Apsley Rubber Co., Hudson.
Crocker, Burbank & Co. (7 paper Morgan Spring Co., Worcester.
mills).
Worcester Pressed Steel Co.
Am. Steel & Wire Co., Worcester.
Power is sold direct to the towns of Boylston, West Boylston, Sterling
Princeton, Ashburnhani and Holden, Mass. A contract has also just been
signed with tho Blackstono Valley Gas & Electric Co. in Rhodelslandtransmission lines aro being constructed to Providenco and power should be
delivered in that city during tho coming year. Also with tho Itockvillo
& Wllllmantic Lighting C o ., Connecticut, service to commence about Oct. 1.
Tho earnings o f tho New England Power Co. System for tho year ending
Apr. 30 1914 were: Gross, $910,738; not (after op. exp. and taxes), $480,448.
which tho Standard Oil Co. had acquired over pipo lino transportation, but
the companies have tho right of eminent domain and their pipes are laid
over private rights of-way. They have never held themselves out as
common carriers. The conception of property is exclusiveness— the right
of exclusive possession, enjoyment and disposition.”
Justico McKenna suggests that under such a decision as that rendered,
a Washington business man who had provided exceptional facilities for tho
conduct of his business might be compelled to share them witha compet itor.
In concluding his opinion, Justico McKenna says: “ There is quite a body of
opinion which considers the individual ownership of property economically
and politically wrong and insists upon a common ownership of all that is
profit-bearing. This opinion of thosocialistshas its cause, among other causes,
in tho power— may I say tho duress—of wealth. If it accumulates 51% of
power, may it put its convictions into law and justify the law by the ad
vancement of public welfare, by destroying tho monopoly and mastery of
separato ownership? ’
Attorneys familiar with the matter say that if a refinery which has a
pipo lino connected with it would refrain from purchasing oil and confine
itself to transporting oil produced by wellsowned by it, it could relieve it
self from obligation to act as a common carrier.— V. 98, p. 1003, 842.
Simpson-Crawford Corporation, N. Y .— O fficial State
connection with tho Claflin trouble, Pres. Alexan
der MacLachlan on Thursday said;
m en t .— In
The Simpson-Crawford Corporation is not affiliated or connected with
tho H. B. Claflin Co. or any of its allied corporations.
Mr. John Claflin, however, was very activo and helpful in tho recent
reorganization of the Simpson-Crawford Corporation and was individually
a subscriber to its pref. stock, the amount of his subscription being some
what less than one-eighth of the total issues. Mr. Claflin neither controlled
system supplying electric power in tho famous Kanawha-New River coal
district, W. Va. This district contains moro than 250 operating mines,
having a combined output for year ended Juno 30 1912 of 20,203,480 tons
of bituminous coal, of which 19,000,356 tons, or 94%, woro mined in Kana
wha, Fayette and Raleigh counties, which are at present tho principal
market for output of Virginia Power Co. Electric power is highly essential
in coal mining for cutting, hoisting, hauling, pumping and ventilating pur
poses, and the company starts out with a largo amount of contracts.
The steam-power station is located at Cabin Creek Junction, W. Va.,
15 miles from Charleston, on Ches. & Ohio R y., and has a steel and brick
S o u t h e r n
S i e r r a s P o w e r C o . — B on d s. — Boettcher, Por
superstructure, in which there are installed turbo-generators. Sec., capable
ter & Co., Denver, are offering at 99 and int. 1st M . sinking of generating 26,666 electrical h.p., and space for two additional units to
the generating capacity to 53,332 "h.p. when required. Tho plant
fund 6% gold bonds, unconditionally guaranteed as to prin increase
all economical appliances, inch a mechanical coal-handling plant.
cipal and interest by Nevada-California Power Co. Dated hasBonds.—
An absolute first mortgage on tho power plant on about 129 milos
Sept. 1 1911; due Sept. 1 1936, but callable after July 1 1918 of transmission and distribution lines and water rights and lands located
Bluestono and the Virginia State line, and further secured by all
at 105 and int. Int. J. & J. in Denver, N. Y . or at Chicago. between
the capital stock of New River Power Co. (which owns valuable water rights
Auth., 85,000,000; outstanding, 82,500,000. A circular says: and lands along the Now River at Hawk’s Nest and Richmond Falls, W. Va.,
to a purchase money mortgage of $180,000 payablo without interest
Owns steam and hydro-electric generating plants aggregating 15,666 h .p ., subject
rato of $10,000 annually), and by tho capital stock of Dominion Power
interconnected with the generating plants o f the Nevada-California Power at
Co. of Va. The main transmission lino extends on structural steel towers
C o., and has 238 miles of double steel tower high-tension transmission line: to Beckley, W. Va., while steel poles carry the distribution lines.
also 630 miles of distributing system, serving the territory from Bishop,
Capitalization Outstanding.
nnn
Inyo County, Cal., south to Elsinore, Riverside County, a distanco of
280 miles, including San Bernardino, Corona, Perris, San Jacinto, Hemet First & Coll. Tr. M . 5% bonds, auth., $ 1 5 ,0 0 0 ,0 0 0 ; outstanding $3,300,000
Reserved for extensions, betterments, acquisitions, Sec.,
and Elsinore: wholesaling current under long-timo contracts to Riverside
under restrictions__________________________ $11,200,000
and Redlands, and, under a 43-year contract, furnishing electricity to tho
Available for corporate purposes_______________
500,000
Coachella Valley Ice & Electric Co. for distribution in the Imperial Valley.
During 1913 secured power contracts aggregating 11,520 h .p., mostly for Cap. stk., auth., $10,000,000 (H pref.); out ($1,200,000 pref.)- 6,200,000
These bonds aro issued to financo permanently tho steam-power plant
long terms, bringing its total contracted load to l6,3 l0 h .p., to which tho
and distribution system now in operation. Further acquisition extend
company expects to add several thousand h.p. during 1914.
Nevada-California Power C o., tho parent company (V. 97, p. 1667), transmission system and purcliaso of additional equipment.
Sinking Fund to Retire Bonds.— Annually, beginning Dec. 1 1 9 1 7 , an
has had for 5 years past surplus earnings averaging $363,385 available to
pay the interest charge on $2,500,000 Southern Sierra bonds now out amount in cash or in these bonds at cost (not exceeding 105%) equal to 1%
of bonds then outstanding.
standing.—'V. 97, p. 1434.
Earnings.— Begins operations with signed power contracts to supply
S t a n d a r d O il C lo t h
C o ., Y o u n g s t o w n ,
O . — R e-in co rp .
128 mines, among which are tho largest coal-mine operators In tho KanaThis company, heretofore a N . J. corporation, was re-incorporated in wha-Now River district, as, for instance, the Now River Co., Paint Creek
Ohio on Juno 17 with auth. capital stock reported as $7,000, which, it is Collieries Co., Raleigh Coal Sc Coke C o., Now River Sc Pocahontas Consol.
understood, will bo increased to $7,000,000, as against $6,000,000 (half Coal Co. and many others.
pref.) o f N . J. company. Compare V. 96, p. 423.
Est. Results from Signed Contracts— 1st Yr. Customers Full Operation.
Gross in c o m e ..................... $494,8501Interest charges----------------$165,000
S ta n d a r d
S cr e w
C o . — F irst D ivid en d on P ref. Stock. —
An initial dividend o f 3% has been declared on tho Class A preferred Net earnings_____________ 320,8501Balance, surplus.................. 155,850
Water-Power Sites.— Owns or controls three large power sites on New Riv
stock, also a quarterly payment o f \3
A % In the class B preferred, both
payablo July 1 to holders o f record Juno 10. See plan, V. 98, p- 843.— er, located at Bluostone, Richmond Falls and Hawk’s Nest, \V. Va., and
several other smaller water-power sites also along the Now River. Esti
V. 98, p. 1763, 1541.
mated drainage area ranges from 4,400 sq. miles at Bluestono to 6,250 sq.
T e x a s
P o w e r
& L i g h t C o . — B onds — E a r n in g s. — The miles at Hawk’s Nest. Available power at Bluestono, 125,000 k.w.j
Richmond Falls, 15,000k.w.; Hawk’sNest, 30,000k.w. It is contemplated
Harris houses and Perry, Coffin & Burr aro placing, at 93 ^ that,
upon proper authorization, tho initial water-power development will
and int., a further 8700,000 of tho 1st M . 5s, making 84, bo mado at IJluestone, \V. Va., with a dam 140 ft. in height, length about
790,000 outstanding. For year ending May 31 1914, the 2,000 ft., connecting two chains of mountains and forming a lake of about
acres. This would enable us to meet tho present requirements of
gross earnings were 81,372,674; not earnings, 8482,680, 8,500
tho mining districts above mentioned and to do a lucrative business with
against 8415,692 in 1912-13; present interest chargo, 8239, public utilities and mfg. industries in Charleston, Huntington, etc.
Outlook.— It is estimated that in tho counties in which tho company
500; bal., sur., 8243,180. See V. 95, p. 970; V. 97, p. 891, operates,
tho isolated power plants of the mining companies develop un
economically over 100,000 li.p. Tho small electric-lighting properties
121.
in this territory also offer a market for electric power. Our steam and
U n ite d
C ig a r S to r e s
C o . o f
A m . — S u bsid. D ivid en d . —
water-power developments will bo within easy reach of tlio Logan, Mingo
Tho United Cigar Stores Co. o f New Jersey has declared a dividend of and Elkhorn coal fields of W . Va., and should eventually do business
55% on its $900,000 stock, all o f which is owned by tho company. This
makes thus far 110% this year, or $990,000, to go Into tho treasury of tho co. 1 [Tho “ Manufacturers’ Record" of June 11 has a 3-pago illustrated arti
cle under "Electricity for Coal Mining Operation, and tho Engineering
— V. 98, p. 1465.
Nows" of Juno 18 a four-page illustrated article under Steam Station for
U n i t e d D r y G o o d s C o m p a n i e s . — Favorable D e c is io n . —
Long-Distance Bower Transmission, both d o lin g exclusively with tho
Surrogate Fowler In this city on Juno 22 handed down a decision of ob Virginia Bower Co.— Ed.) Seo also V. 97, p. 891; V . 98, p. 1854, 1923.
jections by the heirs of Edward P. Hatch, late Presklont o f Lord & Taylor,
W e lls , F a r g o
& C o . — 3 % S e m i-A n n u a l D iv id e n d .—
to tho accounting by tho executors, tho chief ■question decided being that
A semi-annual disbursement of 3% has been declared on tho $23,967,400
tho executors acted within their powers when thoy sold 7,969 shares o f
.
Lord Sc Taylor common stock owned by Mr. Hatch to John Claflin, acting stock payablo July 15 to holders of record Juno 30.
This compares with 5% paid half-yearly from July 1906 to Jan. 1914,
for tho United Dry Goods Companies, at $27 per sharo.
inclusive. Tho larger part of tho dividend represents earn bigs from in
N e w O fficers, & c . — Owing to tho embarrassment of the vestments, thoso from express operations being less than 1%. fnis period
H. B. Claflin Co. (see that company above), John Claflin includes 5 months’ operations under tho reduced express rates which becamo
resigned on Thursday as President of the Associated Mer effective Feb. 1. Compare V. 97, p. 1903.— V. 98, P- 1699.
the company nor was one o f its directors, but at the request of mercantile
and banking creditors he consented to serve one one year as a voting trustee
and this statement is mado to explain M r. Claflin’s association with tho
company and to render cordial acknowledgment of the invaluable assistance
ho gave in bringing about its reorganization on such a sound basis.
The SImpson-Crawford Corporation is doing a good business and lias no
obligations other than for current bills not yet due, which aggregate, how
ever, considerably less than its cash in banks.— V. 98, p. 11(30, 1004.
chants Co. and tho United Dry Goods Co. and was succeeded
by Cornelius N. Bliss. T. S. Atwater was elected Treas
urer of both concerns. These companies are stated to bo in
strong financial position, though tho Claflin trouble may
affect their dividends. The Associated Merchants’ Co.
holds half of the stock of the H. B. Claflin Co. and the
United Dry Goods Companies own about 93% of tho Asso
ciated Merchants’ common stock. Tho last-named, it is
figured, will therefore lose 8245,000 annually by a stoppago
of II. B. Claflin dividends.
A statement issued by tho two concerns on Thursday said:
This severs tho management of the last two companies from the stores
In which Mr. Claflin has a personal Interest. Mr. Claflin desires to devote
his entlro time to the affairs of tho II. B. Claflin Co. and the various retail
stores in which ho is personally interested. M r. Bliss is ono of tho leading
merchants of New York City and is considered as one of tho best equipped
men in this city for tho position which ho has accepted.
"The United Dry Goods Companies stores aro: Hahno Sc Co., Newark;
Stewart Dry Goods C o., Louisville: William Hengerer, Buffalo; Powers
Mercantile Co., Minneapolis: Lord & Taylor, New York.
“ Tho Associated Merchants' Company stores are: McCreery & Co.,
New York: Stewart Sc C o., Baltimore; O’Neill, Adams Sc Co., New York;
J. N . Adam Sc Co., Buffalo: C. G. Gunther, Now Y ork."
Seo also H. B. Claflin Co. above and V. 98, p. 837.
U n it e d
S ta te s
C a s t
I r o n
P ip e
&
F o u n d r y
C o .—
R eport.
— See “Annual Roports.”
Preferred D ividen d O m itted .— N e w D irector. — Tho directors
on Wednesday voted not to declare a dividend as usual on
the 812,001,300 7% non-cum. pref. stock.
In Juno 1912 and 1913 4% was declared, payablo in quarterly install
ments o f 1% each, beginning In tho July following.
Dividend Record of Preferred Stock (Per Cent).
'00. '01. ’02-’03. '04. '05. '06. '07. '08- '09. '10. 'l l . '12. '13. 1914.
3H 0 4 y ’ly 4H 8
7
7 3K 5H 6
2
4 1 ,1 .-,J. C. Brady has been elected a director to succeed his father, tho late
Anthony N. Brady.— V. 96. p. 1837.
(T h e )
V ir g in ia n
P o w e r
C o . — B onds
O ffered . — Having
sold a largo part of the present issue of 83,300,000 First &
Coll. Tr. M . 5 % gold bonds of 1912, due Dec. 1 1942, A. B.
Leach & Co. aro offering tho remainder, by adv. on another
page, on the basis of a 81,000 bond and 8300 (3 shares) com
mon stock for 8900 and accrued interest on tho bonds.
Denomination $1,000 (or £205 9s. 8d.) c*&r*. .Callable on any interest
date at 105 and int. Principal and Interest (J. Sc D .) payablo in N. Y. and
London without deduction for any Federal or State tax required to bo paid
or retained therefrom by tho company or the trusteo. Present 4-mill tax
in E’ennsylvania refunded. Total authorized, $15,000,000; issued, $3,
300,000. New York Trust Co., trustee.
Digest o f Statem ent by Pres. P. G. Gossler, New York, Juno 10 1914 .
Organization.— Organized Sept. 25 1912 in Mass., and by purchase of
tho properties and rights of Dominion Power Co. o f W . Va. and all tho
outstanding stock of both Dominion Power Co. of Va. and Now River
Power Co. o f W. Va., has secured valuablo lands and water rights along
tho New River in W. Va. and Va. Has also constructed a modern steampower station at Cabin Creek Junction, and a comprehensive distributing
W e s te r n
U n io n
T e le g r a p h
C o .—
Syndicate
D issolved
The syndicate headed by Kuhn, Loob & Co. to underwrite
the 829,657,200 stock formerly held by the American Tele
phone & Telegraph Co. expired by limitation on Wodnosday.
Of the block, 47.2% was subscribed for by stockholders. Of tho remain
ing 52.8%, 50% was distributed among the syndicate members a month
ago and tho 2.8% still held by tho managers was distributed to syndicate
participants on Thursday.— V. 98, p. 1854, 1397.____________________ __
— At a recent meeting of tho Advisory Committoe of tho
“Public Utility Section of the Financo Forum,” which hold
its sessions at tho West Sido Y. M . C. A. rooms, it was de
cided to continue tho series of meetings during the winter
season of 1914-1915. The course of lectures delivered by
eminent specialists in the public utility field during tho past
winter under tho auspices of tho Financo Forum have been
very successful. Tho committee re-elected O. B. Willcox
(of William P. Bonbright & Co., Inc.) Chairman and H. L.
Bennet of the same firm Secretary of the Advisory Committee.
R. H. Rorabeck, Vice-President of tho Metropolitan Trust
Co., this city, is Secretary of tho Finance Forum.
— For the semi-annual requirements of investors, trustees
and financial institutions seeking investments for their
July funds, Harris, Forbes & Co. of this city aro advertising
a largo list of municipal, railroad and public utility bonds
yielding from 3.95% to 5.50%, elsowhero in tho “ Chronicle.”
This is only a partial list; the firm has an extensivo selection
of conservative bonds yielding as high a return as is con
sistent with safety of principal. It invites correspondence
and will be glad to furnish detailed information regarding
the representative list featured in tho advertisement, and
over 100 other issues of bonds, tho yield on which ranges
from 4 % to 6% . Write for circular.
— A pago of selected public utility investments is displayed
to-day by William P. Bonbright & Co., Inc., 14 Wall St.,
this city, and their Paris and London houses, among our
advertisements. Tho bankers base their recommendation
of these desirablo offerings on tho roports and records of
their engineering, accounting, legal and statistical depart
ments. This mid-year list of securities embracos short
term bonds and notes, long-term bonds and preferred stocks.
The investor will find tho list varied to suit all needs and tho
investment yield ranges from 5.05% to 7.75%. A de
scriptive circular with comploto summaries of tho securities
will bo sent on application.
— G. M. Miller, formerly of II. M . Byllesby & Co., has
become associated with tho firm of A. E. Fitkin & Co. in
the capacity of sales manager.
— For tlio requirements of July investors, Bertron, Griscom & Co. of New York, Philadelphia and Paris, France,
call attention in their advertised announcement to-day to
the short-term notes of public service companies of success
ful history and established credit. The short-term notes
havo been issued by public servico corporations financed by
Bertron, Griscom & Co., and which operate in substantial
and growing centres in tho United States. Dotails and prices
on inquiry. Correspondence invited.
— The attention of investors is called to the advertise
ment of N. W . Halsey & Co. on another pago, in which they
are offering for July investment a vory choice list of highgrade municipal, railroad and public utility bonds yielding
from 4.05% to 6% . A number of tho issues are legal for
savings banks in one or moro Now England States and also
in Now York State. A full descriptive circular will bo
mailed upon application to the firm’s principal office or any
of its branches.
— At 99K and int., to yield 5.20%, Potter, Choate &
Prontico are offering SI,500,000 Chicago Indianapolis &
Louisvillo Ry. Co. (Monon Route) gon. mtgo. 5-year 5%
bonds. The bankers havo placed over SI,000,000 of these
bonds and offer tho remainder, subject to prior salo. Tho
security features aro fully described in tho advertisement
elsewhere in tho “ Chronicle,” and firm’s circular will be
furnished upon requost.
— Chattanooga Railway & Light Co. 2-year 5 % secured
notes aro advertised and offered for sale to-day in tho “ Chroniclo” by E. W . Clark & Co. of Philadelphia. These notes are
a direct obligation of tho Chattanooga Railway & Light Co.
The earnings applicable to the interest on tho notes aro, it
is stated, moro than five times tho necossary amount.
Prices and full particulars on application.
— Kissel, Kinnicutt & Co., 14 Wall St., this city, Chicago
and Hartford, offer for investment $500,000 Broadway &
Seventh Avo. RR. Co. (Now York Railway System) first
consol, mtgo. 5 % bonds, due 1943. Price and details on
request. The bankers also announce in to-day’s advertise
ment: “ In exchange for tho above, we will pay par and int.
to maturity (viz., $1,025) for Broadway Surface 2d 5s due
July 1 1914.”
— A choice list of New York State and Now York City,
Japanese and Chinese governments, and leading Amorican
railroad securities aro offered for tho investment of July funds
by Sutro Bros. & Co., 44 Pino St., this city. These bonds,
offered subject to prior salo, will yield about 4.04 to 5.85% at
the prices advortised to-day. Information regarding any
one of these issues will bo supplied on application.
— A. B. Loach & Co., 149 Broadway, this city, are adver
tising elsowhero in tho “ Chroniclo” to-day a now issue of
$3,300,000 Virginian Power Co. first and coll, trust mtge.
5 % bonds duo Dec. 1 1942. A largo part of tho issuo has
been sold and the rest is offored subject to previous salo.
General particulars appear in the advertisement and com
plete information will bo furnished on request.
— Tho firm of Robinson, Masquelotto & Co., Certified
Public Accountants, of Now Orleans and Houston, has re
cently established an offico in Chicago in tho ContinentalCommercial Building. This invasion of tho North deserves
notico. It is tho first time a Southern firm of accountants
lias gono North. It has ahvays been the case of tho North
coming South.
— Baker, Ayling & Co., 50 Congress St., Boston, are offer
ing for investment $1,800,000 Now England Co. first and ref.
5 % bonds, guar, by tho Now England Power Co. of Maine.
Price 93>6 and accrued interest, yiolding 5.40%. See tho
advertisement in our columns to-day for dotails, and doscriptivo circular will be mailed upon inquiry.
— Curtis & Sangor, 49 Wall Street, this city, own and offer
$100,000 Goneral Rubber Co. 4J^% debenture bonds duo
July 1 1915, guaranteed principal and interest by the U. S.
Rubber Co. and the Rubber Goods Mfg. Co., to yield 6% ,
and also $250,000 United Fruit Co. 5 % 4-year gold notes
duo May 1 1918, to yield 5 ^ % .
— Knauth, Nachod & Kuhne, of Now York and Loipzig,
aro featuring a list of “ Well Secured Investment Bonds” in
our advertising columns to-day. Tho list includes railroad,
public utility, industrial and municipal bonds, with an in
come roturn of 4.30 to 6.30%.
Detailed dscriptions on
requost.
— William Salomon & Co., 25 Broad St., this city, and 105
So. La Sallo St., Chicago, are advertising a selected list of
“July investments” in this issuo of tho “ Chroniclo.” Tho
investment yiold ranges from 4.10% to 5 % . Special cir
culars on request.
— Morris Brothers, of 141 Broadway, will, on July 1 1914,
discontinue its Now York offices at 141 Broadway; tho busi
ness herotoforo carried on in Now York will bo transacted
at its principal offices, Suite N. 712, Morris Building, Phila.
— Shearson, Ilammil & Co. announco tho removal of their
Chicago office to tho now Continental & Commercial Na
tional Bank Bldg. Their now offices aro on tho ground floor
at tho corner of So. La Sallo St. and Adams St.
— McClure, Jones & Reed strongly urgo the purchase of
tho now Consolidated Gas Co. convertible 6% debentures,
“ which combine security with an unusual opportunity for
profit.”
<3£he
G k n m u r m a t
’£ i m c s .
COMMERCIAL EPITOM E.
F rid a y N ig h t , June 26 1914.
Tho outlook for the grain crop continues very favorable,
and this is a source of no little optimism at the West, where
it is expected to give a decided stimulus to general trade.
The largo Claflin suspension has had less effect than might
havo been expected. The transactions in dry goods and
hardware at the West and also in some other commodities
make a very fair exhibit. Sales of raw wool are the largest
for a year or more. They are among tho important features
of tho business situation. Exports of wheat, too, are large,
exceeding 5,000,000 bushels for the week. It looks as though
the sales of American wheat to foreign markets during the
coming season might be very considerable. At the same
time there can be no question that there are drawbacks in the
general situation. Trust legislation is still to be encountered.
Tho railroad freight question is unsettled. There is a cer
tain sluggishness in the great industries of tho country. The
iron and steel trade is undoubtedly disappointing. Even
concessions in prices fail to stimulate sales materially.
LARD has been in moderate demand; prime Western
10.45c.; refined for the Continent 10.80c.; South America
11.25c. and Brazil 12.25c. Lard futures have shown some
weakness at times in sympathy with a decline in prices for
hogs and grain. Receipts of hogs, though still larger than
last year’s, havo not so greatly exceeded last year’s total as
thoy did a short time ago. To-day prices declined.
D A ILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed.
Thurs. Fr
July delivery.........cts.10.15
10.12
10.07H 10.07
10.02
9.95
10.12
September delivery.. . 10.32H_10.27___ 10.22H_10.22___10.17
PORK continues unchanged; mess $22@$22 50; clear
$19 50@$21; family $23@$25. Beef, quiet but steady;
mess $18@$19; packet $19@$20; family $20@$22; extra
India mess $28 @$30. Cut meats remain quiet and steady;
pickled hams, 10 to 20 lbs., 14@ 14^0.; pickled bellies, 6 to
12 lbs., 1434@15J^c. Butter creamery extras 27@27J^c.
Cheese, State, whole milk, fresh colored specials, 14%@15c.
Eggs, fresh gathered extras, 23@25c.
COFFEE has been quiet on the spot; No. 7 Rio 9@9)^c.
and fair to good Cucuta 13)4 @13 Me. Coffee futures have
latterly shown more or less weakness, owing to increasing
receipts at Brazilian markets and lower prices not only there
but in Europe. With tho near approach of the new coffee
year there is some apprehension that supplies will bo pressed
for salo by Brazilian holders. At the samo time the spot
demand hero is distinctly disappointing. To-day prices
were slightly higher. Closing prices were as follows:
Juno
.........8.4 9 @ 8 .501October_____ 8.78@8.79 February - . . 9.01@9.06
July
_____8.49@ 8.501November _.8.87@ 8.89 March______ 9.07@9.09
August ___ 8.59@ 8.60 December
8.97@8.98
September _.8.69@8.70|January------9.01@9.02
SUGAR quiet and lower; centrifugal, 96-degrees test,
3.32c.; molasses, 89-degrees test, 2.67c. The world’s visible
supply is 3,300,000'cons, against 3,290,000 last year. Cables
from across the water have of late been lower. Refined
quiet and steady at 4.30c. for granulated. Of late the weather
has been favorable. This has led to a very active consump
tion by manufacturers of ice cream and soft drinks.
OILS.— Linseed in moderate demand and steady; city, raw,
American seed, 54@55c.; boiled, 55@56c.; Calcutta, 70c.
Cocoanut firm; Cochin 1 0 % @ llc .; Coylon 9M@10c.
Olive in fair demand at 85c. Castor active at 8 x/i @ 8 J^c.
Palm steady at 7M @7M c. for Lagos. Cod, domestic, 37@
38c. Corn steady at 6.45@6.50c.
PETROLEUM steady; barrels 8.50@9.50c., bulk 5@6c.,
cases ll@ 12c. Crude firm; Pennsylvania dark $1 75;
second sand $1 75; Tiona, SI 75; Mercer black, $1 30; Cabell,
$1 35; New Castle, $1 30; Corning, $1; Wooster, $1 43;
North Lima, $1 16; South Lima, $1 11; Indiana, $1 11;
Princoton, $1 12; Somerset, 32 degrees and above, $1 05;
Ragland, 70c.; Illinois, above 30 degrees, $1 12; Kansas and
Oklahoma, 75c. Spirits of turpentine 49@49>£c. Com
mon to good strained rosin $4 20.
TOBACCO has been quiet but steady. Manufacturers,
though thoy have recently had a somewhat better trade,
havo shown little disposition to depart from the policy fol
lowed for months past of buying from hand to mouth. Nor
do they seem likely to do so until their business improves
moro decisively than it has. Sales of leaf, though small,
however, aro generally at steady prices as supplies aro far
from burdonsomo. Sumatra and Cuban leaf aro also selling
to only a moderate extent. Needed rains have helped
tobacco in Kentucky, and late crops in Virginia have been
benefited by moisture.
COPPER has been lower; Lake 1 3 % e . ; electrolytic
13.50c. Tin hero on the spot 29.80c. Lead here 3.90c.;
Spelter 5.05c. Pig iron has been quiet; No. 2 Eastern
$13 70@$14; No. 2 Southern Birmingham $10 25. Trade
in steel is disappointing. That fact is beginning to be
generally acknowledged. Though June sales are larger than
those of May, tlioro is no disguising the fact that thoy are
not up to expectations. Prices have again been lowered,
but in vain. No increase in tho consumption of iron and
steel is observablo. A significant decrease is noticed
in tho operation of merchant blast furnaces. Railroads
buy supplies vory cautiously. In short, things are not
looking woll in the iron and steel trade.
COTTON.
On Shipboard, Not Cleared for—•
26 1914.
THE MOVEMENT OF THE CHOP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts lxavo reached
30,500 bales, against 47,984 bales last week and 49,234
bales the previous week, making the total receipts since
Sept. 1 1913 10,137,130 bales, against 9,408,603 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 728,527 bales.
F rida y N ig h t, June
Sal.
Galveston______
Texas C ity_____
l ’ort Arthur___
Aransas Pass, &c
New Orleans..^.
M obile__ _ .
Pensacola______
Jacksonville, & c.
Brunswick_____
W ilm ington____
N ’port News,&c.
Baltimoro______
Philadelphia___
Totals tills week.
Tues.
Mon.
Thurs.
Wed.
Fri.
Total.
1,436
1,965
674
2,455
1,203
2,47 7
168
” 95
2
2 ,455
1,113
’ 898
124
'488
103
"842
157
7',255
1,667
1,304
"773
l',937
'531
'645
'884
6",074
'430
"3 7
5
464
'124
"2 2
84
55
'279
2,510
56
....
528
'162
5
1,562
2,510
78
141
528
5,921
3,396
2,785 10,518
'125
220
"4 5
2
—
6,399
4,180
2,563
8,041 30,500
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
June 26.
1912-13.
Stock.
This Since Sep This Since Sep
Week.
1 1913.
Week. 1 1912.
Galveston______
Texas C ity_____
Port Arthur____
Aransas Pass, &c.
New Orleans___
M ob ile _________
Pensacola_______
Jacksonville, &c.
Savannah_______
Brunswick_____
Charleston______
Georgetown____
Wilmington_____
Norfolk_________
N ’port News, &c.
New Y o r k ______
Boston_________
Baltimore_______
Philadelphia___
10,518 3,291,226
—
466,377
46,238
___ 109,095
7,255 1,851,890
1,667 432,358
___ 156,995
___
29,063
6,074 1,805,115
291,500
162 422,398
4,497 3,773,214
956 666,780
138,642
123,523
8,287 1,410,526
1,014 223,068
240 124,899
220
15,104
4,633 1,265,238
234,129
437 304,980
110
325 341,968
3,502 530,567
2,738 114,006
___
14,676
86
45,256
327
74,322
—
7,595
1914.
1913.
94,380
3,087
54,559
4,365
82,515
11,282
2,156
51,422
4,794
36
501
32,337
797
10,186
12,007
20,042
9,928
25,255
118,775
9,568
3,696
4,038
52,983
8,158
4,848
1,105
30,500 10137130 27,262 9,408,603 383,379
* 21,932 blaes added as correction o f receipts sinco Sept. 1.
261,274
5 398,534
1,562 *572,963
2,510 139,244
6,603
78
20,159
141
93,913
528
—
3,459
145
21,688
Totals________
In order that comparison may bo made with other years
we give below tho totals at leading ports for six seasons:
Receipts at—
1914.
Galvaston__
ToxasCity,&c
Now Orleans .
M obilo______
Savannah __
Brunswick__
Charleston,&c
Wilmington. .
Norfolk_____
N ’port N ., &c
All others___
10,518
Total this wk.
1913.
1912.
1911.
1910.
4,046
7,255
1,667
6,074
4,497
956
8,287
1,014
4,633
6,436
364
2,982
2,024
34
4,309
149
2,304
"1(52
5
1,562
2,510
747
437
325
3,502
2,738
873
40
180
1,939
“ '42
421
289
478
579
2,896
30,500
27,262
16,465
10,151
22,879
1909.
2,790
8,757
734
2,126
' 3",342
15
2,219
27,503
Sinco
Sept. 1. 10137130 9,408,603 11394598 8,359,876 7,106,691 9,702,533
_____________________________________________________
The exports for tho week ending this evening roach a total
of 58,895 bales, of which 14,178 wore to Great Britain,
5,619 to Franco and 39,098 to tho rest of the Continent.
Below are the exports for the week and sinco Sept. 1 1913.
W eek
E x p o r ts
fr o m —
G rea t
B r ita in F r a n c e
Galveston..
Texas City.
Port Arthur
Ar. Pass.&c.
NewOrleans
M obile___
Pensacola..
Savannah._
Brunswick .
Charleston _
Wilmington
Norfolk . . .
N ’p’t News.
New York.
B oston___
Baltimore..
Phlladol’a.
Detroit___
San Fran..
Pt. Towns’d
T o t a l__
en d in g J u n e 26
E x p o r te d to —
6,561
___
___
___
5,949
___
36
1,489
149
___
—
14,178
Tot. '12-’ 13 15,494
C o n t i
n en t &C
1914.
T o t a l.
F ro m S ep t.
G rea t
B r ita in .
1 1913 to J u n e
E x p o r te d to —
F ra n ce.
C o n lln e n l& e .
26 1914.
T o ta l.
4,291 19,816 30,671 1,035,096 315,963 1,404,077 2,755,136
___
349,059
26,88f
80,890 456,843
___
2,006
30,802
32,808
___
30,184
8,171
38,355
9,425 15,374 881,097 182,876 599,790 1,663,763
___
143,992
73,997 146,429 364,418
___
51,507
48,847
56,741 157,095
1,159 7,785 8,935 223,055 240,796 765,753 1,229,598
___
87,579
22,954 155,479 266,012
118,943
5,03C 181,434 305,407
73,024 102,431 177,855 353,313
___
48,051
86,154 134,205
_____
__
569
569
336 128,506
178
122
18,652 205,196 352,354
83,358
3 1,492
8,844
92,202
55,134
13,292
1,060 1,060
97,284 165,710
40,791
887 1,027
14,289
55,080
____
313
313
___
___
___
_____
_____
178,255 178,255
—
—
—
76,018
76,048
..........
..........
5,619 39,098 58,895 3,351,695 1,051,723 1,274,066 8,677,484
3,231 21,178 39,903 3,519,427
971,222 3,829,677 8,320,326
York exports since Sept. 1 Include 10,467 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool, 26 bales West Indian to Havre and
492 bales West Indian to Bremen and Hamburg.
June 26 atNew Orleans..
Galveston___
Savannah ___
Charleston___
M obilo_______
N orfolk______
New York___
Other ports__
Total 1914. .
Total 1913..
Total 1912..
Great
,
| Ger- | Other | CoaslLeaving
Britain France.! many. \Foreign wise.
Total.
Stock.
732 2.321
456 4,577!
___ I 8,086
74,429
10,196
14,358 3,593 2,587 30,734
63,646
759,
759
20,929
2,156
1,614
4,348
5,962
5,320
17,900, 17,900
2,142
100
600
1,000
1,700 117,075
1,500
900
2,400
30,141
14,142 2,321 20,662
9,170 2 1,246' 67,541 315,838
6,749
1,575 10,616 22,202 10,738' 57,880 203,394
950 7,256 22,932 19,970 66,056 286,601
14,9481
Speculation in cotton for future delivery has been fairly
active, with the same irregularity of prices as was witnessed
in recent weeks. Now it has been moro favorable crop and
weather advices like those contained in the weekly Govern
ment weather report, which was issued last Tuesday, and
which caused more or less selling and depression. Now it
has been a pressure to liquidate July contracts, by scattered
interests, which some time ago bought July, believing that it
would repeat the premium exploits of March and May.
Now it has been a fear of heavy selling of July on notice day
— Friday— when a largo number of notices of delivery, it
was believed, would be issued. Theso things have at times
had a tendency to depress prices. The actual progress of tho
crop, as near as can be gathered, has been in many respects
favorable. That is true, oven of Texas, whoro the early
planted has been blooming and tho lato planted is coming up.
The recent breaking of tho drought in Georgia, North
Carolina and South Carolina was of signal importance,
and
has
been
by
no
means
lost
sight
of
by conservative interests. Cotton in Oklahoma has re
cently, according to tho Government reports, mado “splen
did growth” . It has made “satisfactory progress” in
Alabama, where many fields aro in bloom. Good growth
is also reported in Mississippi. Boneficial showers lately
fell over a large area of Arkansas. Improvement is noted
in Tennessee. Recent showers were beneficial in Louisiana.
At the same time Liverpool and Manchester have been dull.
Trado on the Continent of Europe has been poor. Business
does not look well in India, South America, China and
Japan. Tho South has sold to somo extent. So has Liver
pool. Spinners have either not been buying at all or havo
bought very sparingly. They havo shown little disposition
to accept current prices as permanent and act accordingly.
On the contrary, they have evidently been sceptical as to
the stability of present quotations. Trado in cotton goods
on this side of the water has also been unsatisfactory,
if not positively dull.
Sinco March tho rise in cotton
futures has been very large, so much so that many are inclined
to believe that it discounts anything at all bullish in tho situa
tion present or prospective. But tho market, on the other
hand, has plainly reflected decidedly dissentient opinions as
regards the foregoing. At times prices havo been very strong
on tho idea that the temperatures in the Eastern and Central
sections of the belt were altogether too high for this stage of
the season, especially as following recent heavy rains. They
have been persistently high. They have been as high as 106
in South Carolina, 104 in Georgia, 103 in Alabama and Mis
sissippi and 101 in Arkansas. This news was the signal for
aggressive buying for both sides of tho account. Prominent
Wall Street bulls became moro belligerent than ever.
Wall Street shorts covered. Liverpool camo to the right
about and sent a good many buying orders. Largo spot
interests bought July if thoy sold October, at 15 points
difference, as against 24 points at ono time. Complaints
of grass and weeds havo come from Texas, whero somo
sections need rain, according to the latest Government
weather report. Somo localities in Louisiana also need
rain; so it appears do parts of the Carolinas, even though
recent rains broke tho drought so far as most sections aro
concerned. Parts of Tennessee, it also appears, would bo
the better for rain, though tho plant is much improved in
that State it is still small. At tho samo time a big crop
is believed to be necessary.
It is urged, too, that
tho consumption is likely to bo largo, partly as the result
of a phenomenal wheat crop, which is expected to great
ly increase tho buying power of tho West.
Tho fail
ure of the II. B. Claflin Company was announced on
Thursday.
It was not altogether unexpected and it had
comparatively little effect. It was offset by continued hot
dry weather over most of tho belt and bullish crop reports.
To-day prices were lower for a time on tho old crop, owing to
July notices for 80,000 bales. But lator camo a rally on tho
prompt stopping of the notices by large spot interests and
continued dry, hot weather in many parts of the belt, includ
ing temperatures reaching 108 in South Carolina, 107 in
Georgia, 106 in Alabama and 105 in Texas and Mississippi.
Spot cotton closed at 13.25c. for middling uplands, showing
no change for the week.
_
The official quotation for middling upland cotton in the
New York market each daw for tho past weok has been:
June 20 to June 26—
Sat. Mon Tues. Wed. T hurs. Pri.
Middling uplands____________ 13.25 13.25 13.25 13.25 13.25 13.25
N o t e .— New
In addition to above exports, our tolegrains to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
Now York.
1914-C-.
1913___
1912___
1911. . .
1910___
1909___
1908___
1907........
-.13.25
.1 2 .4 0
-.11.60
-.14.75
-.15.10
-.11.80
-.11.60
-.12.90
1906. c ____ 10.80
1905. ______9.30
1904. .......... 11.05
1903. ______13.35
1902. ______9.31
1901. ...........8.88
1900. ...........9.56
1899. ...........6.00
FOR
1898.c-_ . . .
1897___ . . .
1896___ . . .
1895___ . . .
1894___ . . .
1893___ . . .
1892___ . . .
1891___ . . .
6.38
7.75
7.50
7.00
7.31
7.94
7.44
8.38
YEARS.
1890. c .........11.94
1889.
.10.91
1888.
.10.34
1887.
.10.91
1886
■ 9-38
1885.
.10.38
1884.
.11.04
1883.
.10.3a
FUTURES.— The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, XVed'day, Thursd’y,| Friday,
June 20 June 22. June 23. June 24. June 25.'June 26.
June—
Range—
Closing___ 12.G0-.62
July—Range ..
12.60-.75
Closing..
12.G4-.65
August—
Range....... 12.59-.74
Closing___ 12.81-.62
September—
Range__
Closing___ 12.50-.52
October—-
Week.
AT THE INTERIOR TOWNS the movement— that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below.
— --------12.77
12.77 —
12.56-.60 12.79-.84
12.50-.55
12.5S-.70 12.5612.69-.70 12.57-
12.58-.72
12.59-.75 12.52-.84 12.52-.84
.71
12.68
.58 — 12.62-.63 12.81-.82
12.54-.69 12.5612.68-.69 12.57-
12.58-.77
12.66-.80 12.67-.85 12.54-.85
.70
12.72-.73
12.68.70 12.83-.84
.58
I
12.51-.55 12.55-.64 12.53-.62 12.50-.64
12.57-.61
.57
12.55-.56 12.54-.55 12.62-.64
12.45-.47
.58
I
Range........ 12.40-.50 12.37-.53 12.40-.56 12.44-.62 12.50-.63 12.53-.63 12.37-.63
.53 12.61-.62
Closing___ 12.40-.41 .1252-.53 12.42 .43 12.55-.56 12.52November—
12.50 — ------------ 12.31-.50
12.40 —■12.31
.42 12.50-.52
Closing----- ; 12.27-.29 12.40-.42 12.30-.32 12.42-.44 12.40December—- 1
.65 12.55-.66
12.42-.66
Range____ 'l2.43-.55 12.42-.57 12.43-.60 12.46-.64 12.53.55 12.64-.65
Closing___ 12.43-.44 12.56-.57 12.45-.46 12.58-.59 12.54January—•
12.33-.51
.46
12.41.54 12.44-.56
12.32- .56
Range____ 12.31-.41 12.32-.44 12.3212.47-.48
.33
12.42.43 12.53-.54
Closing___ 12.31-.32 12.44-.45 12.32March—
12.38-.56
.52
Range........ 12.37-.45 12.37-.48 12.3612.46-.58^12.47-.58 12.36-.58
12.52-.52
.37
12.4G-.47j 12.57-.58
Closing___ 12.37-.38 12.49-.50 12.36A prll—
12.63-.65
12.56-.62
Range------12.66-.65
12.55-. 56 12.69-.71 12.64-.66 12.75-.77
Closing___ 12.55-.57
May—
12.5912.63-.78
.73
12.57-.72
Range____ 12.59-.G5
12.57-.81
12.69.80 12.71-.81
12.74-.75
.60
12.69.70 12.78-.80
Closing___ 12.59-.60 12.71-.72 12.5912.5012.50-
Movement to June 26 1914.
Towns.
Receipts.
1 Ship-
Week. | Season. | Week.
4 22,625
Ala., Eufaula..
Montgomery.
103 156,144
59 126,174
Selma ...........
__
Ark., Helena..
65,626
Little Rock..
203 189,117
Ga., Albany-. .
27,418
Athens .........
” 45 117,256
Atlanta_____
298 231,355
Augusta____
297 372,153
Columbus___
50 81,110
Macon .........
1 44,451
Rome--------272 57,973
La., Shreveport
50 194,740
Mlss.,Columb’s
12 38,224
Greenville__
88 85,785
Greenwood__
75 142,245
Meridian___
74 34,780
Natchez____
8 19,706
Vicksburg__
58 34,316
___
Yazoo CIty_.
40,656
Mo., St. Louis. 4,387 563,630
N. C., Ralelgh.
97
14,759
O., Cincinnati. 3,050 243,536
Okla., Hugo__
37,135
S.C.,Greenw’d.
13,498
Tenn.,Memphis 2,806 1,114,904
___
10,984
Nashville___
Tex., Brenham
3
17,726
___
Clarksville__
49,702
Dallas..........
100 100,556
33,202
Honey Grove.
Houston____ 10,371 2,747,545
Paris_______
—
114,944
Movement to June 27 1913.
Stocks
26.
8
686
117 2,904
21
778
515 3,216
4,464 19,902
1,000
'550 6,427
732 4,768
2,958 15,919
450 4,217
14
61
250 4,048
360 9,500
52
301
169 l,675j
1,075 7,000
630 2,342
108 2,000
219 1,0711
242 1,663
7,282 18,555
125
88!
4,300 15,358!
’ 217
4,770 24.475
151
126
20
536,
..
.
317
700,
Ship Slocks
ments.
Week.
27.
Receipts.
Week.
Season.
10 21,102
137 1,765
225 156,384 1,565 7,879
416 118,644 1,468 1,116
41,593
178
'202 181,062 2,555 17,839
700
23,960
200
” io 107,112
999 3,382
622 161,750 1,154 2,592
669 334,963 1,076 24,165
125 74,981 2,250 10,946
36,785
637 6,558
*109 51,487
275 4,942
20 140,927
80 3,337
12 27,647
51
732
2 49,308
31
146
108,937
500 3,000
’ 119
57,886
316 4,045
18,131
50
750
112
” *7 29,252
785
22,476
61 2,700
3', 249 556,601 5,750 21,470
155
11,043
150
166
1,304 225,189 2,533 23,016
30,200
19,672
2,850
2,503 806,548 6,963 31,819
92
7,807
61
455
69
17,699
128
662
43,835
30
50
100 132,460
100 2,800
___
45.137
80
500
2,3793,279,356 6,304 45,843
151,138
120
600
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
11,133 52,29l'
all foreign figures aro brought down to Thursday evening.
200
300.
But to make the total the complete figures for to-night
(Friday), wo add the item of exports from the United States, Total, 33 towns 22,511 7,143,975 41,232 202,124' 12,3997,091,072 35,736 227,688
OVERLAND MOVEMENT FOR THE WEEK AND
including in it the exports of Friday only.
SINCE SEPT. 1.— We give below a statement showing the
June 26—
1914.
1913.
1912.
1911.
Stock at Liverpool________ bales. 964,000
982,000 1,063,000
705,000 overland movement for the week and since Sept. 1, as made
Stock at L on d on ______________
5,000
5,000
5,000
10,000 up from telegraphic reports Friday night. The results for the
Stock at Manchester___________
77,000
62,000
104,000
75,000
weok and since Sept. 1 in the last two years are as follows:
Total Great Britain__________ 1,046,000 1,409,000 1,172,000
790.000
-1913-14
-1912-13-----Stock at Hamburg........................
29,000
10,000
7,000
June 26.
Since
12,000
Since
Stock
Stock
Stock
Stock
Stock
Stock
at
at
at
at
at
at
Bremen______________
H a v r e _______________
Marseilles ...............
Barcelona____________
G e n o a .................
Trieste...................
Total Continental stocks...........
433,000
232,000
3,000
16,000
36,000
14,000
110.000
48,000
343,000
203,000
3,000
20,000
33,000
26,000
855,000
638,000
741,000
337,000
416,000
301,000
3,000
30,000
2 8 ,0 0 0
Shipped—
Week.
- 7,282
. 1,876
174,000
2,000
18,000
13,000
8,000
Total European stocks......... .1,901,000 1,687,000 1,913,000 1,127,000
India cotton afloat for Europe__ 307,000
118,000
128,000 148,000
Ainer. cotton afloat for Europe..
191,072 143,286
101,064
99,555
Egypt.Brazil,&c.,aflt.for Europe.
27,000 26,000
27,000
28,000
Stock in Alexandria, Egypt____
152,000
127,000
96,000
99.000
Stock in Bombay, India............... 969,000
891,000
602,000 580,000
Stock in U. S. ports____________ 383,379
261,274
352,657 203,283
Stock in U. S. interior towns------ 202,124
227,688
155,385 133,653
U. S. exports to-day........................... .........
10,661
9,475
14,642
Total visible supply--------------- 4,132,575 3,491,909 3,384,581 2,433,133
Of the abovo, totals o f American and other descriptions aro as follows:
American—•
Liverpool stock ................. bales. 742,000
794,000 938,000 558,000
Manchester stock..........................
52,000
43.000
79,000
59,000
Continental stock...... ................... 727,000
595,000
709,000 295,000
American afloat for Europe------- 191,072
143,286
101,064
99,555
U .S . port stocks ---------------------- 383,379 261,274
352,657 203,283
U. S. interior stocks-------------------- 202,124 227,688
155,385 133,653
U. S. exports to-day------- ------------------10,661
9,475
14,642
Total American
. ------------ 2,297,575 2,074,909 2,344,581 1,363,133
East Indian, Brazil, &c.—
’
'
Liverpool stock_________________ 222,000
188,000
125.000
147.000
London stock ...............................
5,000
5,000
5,000
10,000
Manchester soock__________ ____
25,000
19.000
25.000
16,000
Continental stock________
128,000
43.000
32.000
42.000
India afloat for Europo______________ 307,000
118,000
128.000
148.000
Egypt, Brazil, &c., a flo a t............................27,000
26.000
27.000
28.000
Stock in Alexandria, Egypt______________ 152.000
127.000
96.000
99,000
Stock in Bombay, India_____________ 969,000
819.000 602,000
580.000
Total East India, &c_.............. 1,835,000 1,417,000 1,040,000 1,070,000
lotal American.......... ............. 2,297,575 2,074,909 2,344,581 1,363,133
-----------------supply----upply.. --------- 4,132.575
—
w—
«.... ,/ 3,491,909
'' t t<
7t,OUd 3,384,581
„f
w * 2,433,133
'
«... . .
Totai
visible
Middling
Liver
..Tiddling Upland, Liverpool_____
"7.58d.
' “J
~
'
----------- 6.75d.
6.62d.
8.04d.
Middling Upland, New Y o r k .... 13.25d.
12.30c.
11.60c.
14.80c.
Egypt, Good Brown, Liverpool..
9.70d
10.05d. 10 ll-16d. 11 3-16d.
I’cruvian, Rough Good, Liverpool
8.85(i.
9.25(1.
9.50(1.
11.25(1.
Broach, Fine, Liverpool..............
b%«d.
6% d. 6 3-16(1. 7 ll-16d.
Tinnevelly, Good, Liverpool___
6% d. 6 5-16d.
6% d. 7 9-16d.
Via Rock Island.
Via Louisville__
Via Cincinnati__
Week ending
June 26.
Galveston___
Now Orleans..
M obile_______
Savannah ___
Charleston___
Wilmington__
N orfolk ______
Baltimore___
Philadelphia. .
Augusta______
Memphis_____
St. Louis_____
Houston______
Little Rock__
Closing Quotations for Middling Cotton on—
Saturday.] Monday. Tuesday., Wed’day. Thursd'y. Friday.
13 11-16 13 11-16 13 11-16
13 13-16 13 11-16 13 11-16
13%
13%
13%
13%
SB
13%
13%
13.50
14%
13%
ill
13%
13%
13.50
14%
13%
13%
13%
13%
13 11-16
13 11-16
13%
13%
13%
13(50
13%
13%
13%
13%
13 11-16 13 11-16
13 9-16 13 9-16
13%
13%
88
Week.
Sent. 1
5.750
539,068
6405 6295,547
271
21,616
1,172
87,473
749
128,777
398
141,434
297 385,107
.10,822 1,692,825
9,042 1,599,022
.
.
.
.
DeductSshimpents
610
334
615
105
.
747
. 3,108
- 3,456
124,134
172,346
145,318
413
24
454
141,849
124,440
98,193
Total to be deducted_________.7,311
7,311
441,798
891
364,482
. 3,511 1,251,027
8,151 1,234,540
* Including movement by rail to Canada, b Revised.
The foregoing shows the week’s net overland movement
has been 3,511 bales, against 8,151 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits an increase from a year ago of 16,487 bales.
-1913-14Since
Week.
Sept. 1.
30.500 10,137,130
3,511 1,251,027
59,000 2,577,000
In Sight and Spinners’
Takings.
93,011 13,965,157
"18,721
87,610
Came into sight during w eek.. 74,290
31,338
14,052,767
2,594,563
-1912-13Since
Week.
27,262
8,151
59,000
Movement into sight in previous years:
9,400)03
1,224,540
2,441,000
94,413 13,120.143
*23,337
130,652
71,076
14,565
* Decrease during week.
13,214,795
2,425,320
.
Week—
Bales. I Since Sept. 1—
Bales.
1912— Juno 28.............. ........... 69,930 1911-12— June 28.............15,140,149
1911— June 3 0 . . . .................... 47,50111910-11— Juno 30.............11,513,556
1.......................... 46,761 1909-10—July
1............ 10,138,780
1909— July 2.......................... 68,62311908-09—July
2_______13,224,949
NEW ORLEANS CONTRACT MARKET.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
June 20. June 22. June 23. June 24. June 25. June 26,
Continental imports for past week have been 105,000 bales.
The abovo figures fqr 1914 show a decrease from last week June—
R an ge.......... — @ — - © of 108,731 bales, a gain of 640,666 bales over 1913, an excess
C losin g ____ 13.02-.04 13.12-.14
of 747,994 bales over 1912 and a gain of 1,669,442 bales over July—•
Range ______ 13.03-.23 13.00-.15
1911,
Closing........ . 13.05-.06 13.14-.15
^ T 9 o ^ m ? I 0 ^ SF0R M IDDLING COTTON AT OTHER
MARKETS.— Below aro the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Sept. 1.
551,263
400,890
7,025
120,038
120,233
142,010
351,366
August—
Range ...........
Closing..........
September—■
Rango ______
Closing_____
October—
Range ______
Closing______
November—
R a n ge______
Closing______
December—■
Range ______
Closing______
January—•
Rango ______
Closing______
March—■
Range ______
Closing______
May —•
Range ______
Closing______
Tone—
Spot________
Options ._ .
— @ — — © — — © —
13.of-.04 13.09 — 13.07 — 13.04 06
13.03-.19 1 3 .0 4 -.il 13.09-.19 12.90-.14
13.03-.04 13.11-.12 13.09-.10 13.07-.09
12.95-.09 12.91-.0-i 13.05-.06 13.01-.09 13.10-.20 13.06-.21
12.97-.99 13.03 — 12.95-.96 13.08-.10 13.09-.10 13.20-.21
12.62 — — © — —• @ — — © —•12.79-. 80
12.6l-.64 12.72-.75 12.61-.63 12.77-.78 12.72-.74 12.80-.82
12.39-.50 12.41-.54 12.41-.56 12.45-.59 12.52-.65 12.55-.64
12.41-.42 12.51-.52 12.41-.42 12.55-.56 12.53 — 12.62-.63
— © — — © — — @ —•12.60 — __ @ __
12.4f-.42 12.51-.52 12.41-.42 12.54-.56 12.51-.53 12.62-.63
12.39-.49 12.40-.53 12.40-.54 12.43-.58 12.50-.62 12.52-.62
12.40-.41 12.50-.51 12.39-.40 12.53-.54 12.51-.52 12.61-.62
12.40-.50 12.42-.54 12.41-.56 12.46-.59 12.53-.65 12.55-.65
12.42-.43 12.52 — 12.41-.42 12.55-.56 12.53-.54 12.64-.65
12.48-.57 12.50.-63 12.53-.65 12.58-.68 12.64-.73 12.64-.74
12.50 — 12.61-.62 12.51-.52 12.55-.56 12.63-.64 12.73-.74
— © — 12.57 — 12.60 — — © — — © — — @ —
12.53 — 12.64 — 12.58-.60 12.69-.71 12.67-.69 12.76-.78
Quiet.
Quiet.
Steady. 1Steady.
Steady.
Steady.
Quiet.
Steady.
Quiet.
Steady.
QuietA]
Steady i
W E A T H E R
a d v ic e s
fr o m
w ea th er
h a s
so m e
to
B Y
S o u th
b een
s e c tio n s ,
c la im e d
a
R E P O R T S
th e
q u it e
o v o n in g
g en era l
in c lu d in g
b o
T E L E G R A P H .—
th is
d u r in g
p o r tio n s
n eed e d .
T e le g r a p h ic
in d ic a t e
th e
o f
w e e k
a n d
T e x a s,
T e m p e ra tu re
h a s
th a t
dry-
th a t
is
h ig h
D r y
w e a th e r
w ith
p r e v a ile d
th o ru g h o u t
th e
w e e k .
fr o m
o f
a n d
g en era l
la c k
b o ll-w e e v il
o n e
m o is tu r e
h a s
a p p e a re d
in
d a y
o f
th o
w e e k ,
h u n d red th s
o f
a n
in c h .
est
8 8 ,
lo w e s t
th e rm o m e te r
It
h a s
lo w e s t
7 0
th e rm o m e te r
a n d
th o
lo w e s t
h a s
h a s
th o
th e rm o m e te r
9 2 ,
7 0
th o
to
w e e k .
a v e r a g in g
8 1 .
w e e k .
p a st
7 0 .
T h e th e rm o m e
th e lo w e s t 6 0 .
T h e
th e rm o m e te r
9 6 .
a ll
n o
th e
M in
w e e k .
A v e r
7 4 .
r a in
th e
d u r in g
th o
h ig h e s t
w e e k .
b e in g
101
d u r in g th o w e e k .
8 3 , r a n g in g
h a d
n o
fr o m
r a in
7 0
d ry
a n d
h a v e
fr o m
to
a ll
6 9
d u r in g
9 7 ,
to
9 6 .
th e
w e e k .
a v e r a g in g
th e
w e e k .
8 4 .
A v e ra g e
lo w e s t 7 1 .
h a d
n o
8 6 ,
th o
p a st
h ig h e s t
T h e ro
h a s
b e e n
a v e ra g e d
h a v o
ra n g ed
R a in
ex te n t
8 6 ,
h a d
fr o m
h a s
o f
n o
r a in
r a n g in g
n o
r a in
w e e k .
b e in g
6 9
to
fa lle n
o n
W o
th e rm o m e te r h a s
9 8 ,
100
h a v o
h a d
a v e ra g e d
n o
8 4 ,
7 4
w e e k .
to
th e
9 8 ,
9 9 .
w e e k .
d a y s
lo w e s t
th o
h ig h e s t
o f
T h e ro
th e rm o m e te r
h a s
T h o
th e rm o m e to r
h a s
Greenwood, Miss.—
ra n g ed
I t
h a s
8 5 , h ig h e s t
Livingston, Ala.—
th erm om eter
9 7
o f
co tto n
is
h a v o
h a d
v o ry
lo w e s t
h a d
a v era g e d
g o o d .
o n
8 4 ,
It h a s b een
tw o
8 4 , h ig h e s t
Madison, Fla.—
th erm om eter
a n d
th o
lo w e s t
T h e
th e rm om eter
to
1 0 2 , lo w e s t
h a v e
h a s
a v era g ed
w o r k in g
T h e
to
o n
7 1 .
T h o
w e e k ,
in c h .
7 4
r a in
a re
th o
th o
th er
1 00 .
o n e
d a y
o f
d u r in g
a n
th er
n o
r a in
d u r in g
8 4 ,
th o
h ig h e s t
th o
w e e k .
b e in g
100
7 0 .
Albany, Ga.—
T h e re
th e rm om oter
h a s
Augusta, Ga.—
8 6 ,
T h e re h a s b een
h a s
It
a v o ra g e d
h a s
h ig h o s t
Savannah, Ga.—
W e
p r e c ip ita tio n
b een
ra n g ed
h a s
104
h a v o
r a in
67
d r y
a ll
to
a n d
lo w e s t
r a in
n in e
fr o m
105,
o n
th o
7 0
d u r in g
th o
h a d
r e a c h in g
d u r in g
r a n g in g
n o
fr o m
b een
n o r a in
8 7 ,
o n
a n
a cco u n t
e a ch
c ir c u la r
s e c tio n
S p e c ia l
co tto n
o f
fo r m ,
b u s in e s s
fr o m
7 0
tw o
d r y
th e
c itie s
is s u o
o f
w ill
to
th e
a ll t h e
n o
an
b e in g
a v era g ed
d a y s
w e o k .
in c h .
a v e r a g in g
w e e k .
8 0 .
A v e ra g e
d u r in g
a v e ra g o d
T h o
S A L E S
A T
th o
w e e k ,
8 8 , h ig h e s t
th o rm o m o te r
N E W
o u r
S o u th .
Y O R K .
SALES.
175
In
a n n u a l
o f th o
T h o
o u r
b o
h a d
100
175
100
275
c o l
A cre a g o
c o n d itio n
m a y
100
e d ito r ia l
C o tto n
re p o rt h a s
c ir c u la r s
h a s
Spot. |Conlr'ct Tola
R E P O R T .—
o f
th o
R o p la n t
b een
p rep a red
in
q u a n t it ie s
th e re o n .
ca rd s
o f
th o
fo llo w in g
b ro k e ra g e
fo u n d
d u r in g
o f a n
7 4 .
r a in
h a s
102.
in
th o
h ou ses^
re p r e s e n ta tiv e
o f
a d v e r tis in g
N o w
Y o r k
c o lu m n s
o f
a n d
th is
“ C h r o n ic le .”
LOGAN & BRYAN,
HEINEKEN & VOGELSANG,
HERKLOTZ, CORN & CO.
II. & B. BEER,
'
HAYW ARD & CLAR K ,
MORRIS H. ROTHSCHILD & CO..
VAN LEER & CO.,
R . II. HOOPER & CO.
HOOPER & CO.,
REYNOLDS & GIBSON,
THOMPSON, TOWLE & CO.
W . R. CRAIG & CO.
HUBBARD BROS. & CO.,
STEPHEN M . W ELD & CO.,
W ELD & NEVILLE,
^
GEO. H. M cFADDEN & BRO.
DICK BROTHERS & CO.,
HENRY HENTZ & CO.,
HOPKINS, DW IGHT & CO.,
ROBERT MOORE & CO.,
LEHMAN BROS.,
GW ATH M EY & CO.,
FUGEN C. ANDRES CO.,
W ILLIAM R AY & C O .,
th e
o f
h u n d re d th s
tw o
9 8 ,
Futures
Market
C oseil.
th o
a n d
b e
d u r in g
h ig h e s t
ten
o n
lo w e s t
to
p r in te d
b u s in e s s
o th e r
A ls o
d a y s
h u n d re d th s
63
h a d
a t le n g th
th o
c o m m is s io n
w eek ,
A v e ra g e
r a in .
th o
to -d a y
a n d
ca rd
th o
h u n d re d th s
8 5 ,
r a in
a n d
a ll
A C R E A G E
w ith
w ith
o f
in c h .
Harcly steady.
F irm ________
Hardy steady.
Steady_______
Steady_______
Steady_______
p o r t,
ca rd s
o f
m e rch a n ts
T h o s e re p re se n te d
a
n u m b e r
a n d
m ill
o f
th o
s e llin g
le a d in g
a g en ts
d ry
in
g o o d s
th o
co m
c o u n try .
a re-
W OODW ARD, BALDW IN & CO.,
FLEITM AN & CO.,
^
GRINNELL, W ILLIS & CO.,
CATLIN & CO.,
^
L. F. DOM M ERICII & CO.,
J. P. STEVENS & CO.,
SCHEFER, SCHRAMM & VOGEL,
W O R L D ’S
S U P P L Y
A N D
W ILLIAM ISELIN & CO
JAMES TALCOTT
J. SPENCER TURNER CO
W ELLINGTON, SEARS & CO..
T A K IN G S
O P
C O T T O N .
1913-14.
C otton Takings.
Week and Season.
Week.
Visible supply Sept. 1------- - - -
American in sight to Juno 26-Bombay receipts to Juno 25. -
Other India ship’ ts to Juno 25-Alexandria receipts to Juno 24 -
Other supply to Juno 24 *-------
1912-13.
Season.
4,241,306
2,055,351
14,052,767
3.601.000
581.000
1.013.000
325.000
74,290
66,000
13,000
1,000
9,000
Week.
Season.
3,649,529
2,135,485
71,076 13,214,795
40,000 2,583,000
23,200
429,200
100
993,600
7,000
301,000
Total supply________________ 4,404,596 21,628,118 3,790,905 19,657,080
Deduct—■
Visible supply to Juno 26--------- 4,132,575 4,132,575 3,491,909 3,491,909
Total takings to Juno 26.a------ 272.021 17.495.543 298,996 16,165,171
192.021 12.797.543 193,696 12,502,371
Of which American-------------80,000 4.698,000 105,300 3,662.800
Of which other_____________
^ Lmuraces receipts m
/»
l
V X,
a This total embraces tho total esfcjViannnc1on.sun} P ^ ^ S o u t h e r n mills,
2,577,000 balas in 1913-14 and 2,441,000 bales in 1912-13— takings not
being available—and tho aggregate amounts takon by Northern and foreign
spinners, 14.918,543 bales in 1913-14 and 13,724,171 bales in 1912-13, of
which 10,220,543 bales and 10,001,371 bales American.
in c h .
A v e ra g e
7 0 .
h a d
n eed
Quiet.
QuietQuiet.
Quiet.
Quiet.
Quiet.
fo u n d
in
w e e k ,
A L E X A N D R I A
R E C E IP T S
A N D
S H IP M E N T S .
1 0 2 , a v e r a g in g 8 7 .
a ll t h o w e e k .
W o
Tallahassee, Fla.—
th erm om eter
o f
a n
w e e k .
lo w e s t
in te r io r .
h u n d re d th s
7 2
8 6 .
A v e ra g e
th o
1 02 ,
th e
fr o m
h a s b e e n
d ry
d u r in g
d a y s
o f
r a n g in g
r e a c h in g
a v e r a g in g
B o ll-w e e v ils
th e rm o m e to r h a s ra n g e d fr o m
Selma, Ala.—
r a in
in
tw o
1 05 .
7 4 .
h ig h o s t
h u n d re d th s
T h e ro
r a in fa ll
n o
8 6 ,
w e e k .
to
w e e k .
d a y
a n
w e e k
sev en
fr o m
h a v o
a n d
d u r in g th e w e e k .
103,
a ll t h o
sh ow ers
r a in
tw e lv e
Montgomery, Ala.—
th e
h a v o
to
p a st
71
th o
b een
102
A N D
b o
w e e k .
b e in g
th e
r a in
th e rm o m e te r
D r y
w ill
7 6 .
p a st
fr o m
n o r a in
6 9
d ry
a n d
r a in
r a n g in g
fr o m
b een
S ca tte re d
r e a c h in g
n o
8 8 ,
a v e ra g e d
W o
h a s
9 6
W e
h a s
Mobile, Ala.—
b e e n
T h e re h a s b een
Vicksburg, Miss .- —
th erm om eter
h as
a v era g ed
o f
175
in
th er
th o
th e rm o m e te r h a s
h a s b een
a n
7 1 .
Columbus, Miss.—
fo r
T h e
h a s
W e
T h e
r a n g in g
C O T T O N
w e e k ,
8 3 .
d u r in g
h u n d re d th s
r a in
th o
p a st
a v e r a g in g
tw o
s e v e n ty -fo u r
th e r m o m o to r 8 7 , h ig h e s t
th o
fr o m
d u r in g
o n e
a v e ra g e d
ra n g e d
It
u m n s
m is s io n
r a in
th o
d u r in g
Total.
9 8 .
th o
th o
T h e
101.
1 0 0 , a v e r a g in g 8 0 .
o n
tw e n ty -th re e
Spot Market
C osecl.
Saturday__
M on d a y __
Tuesday__
Wednesday.
Thursday . .
Friday_____
101
100.
T h e ro
M A R K E T
to
r a in
to
o f
in c h .
6 6
in c h .
th o
100 a n d
d r y
a v e ra g e d
h a s
th o
A v e ra g e
w e e k ,| t h o
to
8 7 ,
b een
W o
T h e
T h e
fr o m
d u r in g
to
b een
100
W e
Shreveport, La.—
T h e
100
o f
a n
n o
9 8 , lo w e s t
h a s
h a s
h a s
th e rm o m e te r
m o m e to r
w e e k .
d a y
r a n g in g
w e e k .
7 2
b een
ra n g e d
$&New Orleans, La.—
w e e k ,
th o
o f
to
C ro p s
A v e r
b e in g
o n e
r a in
7 6 .
8 6 ,
b o in g
lo w e s t^ 6 2 .
w e e k ,
7 2 .
Alexandria, La.—
T h o
th o
a v era g ed
h a s
Little Rock, Ark.—
th o
o n
d r y a ll t h e w e e k .
h a v o
It
th e rm o m e te r
m o m e te r
h ig h e s t
h a s
lo w e s t
59
d a y
a n
n o
h a d
h a s
h ig h e s t
r a in .
7 2.
h ig h e s t
r a in
8 4 ,
a ll
n e e d
a v e ra g e d
9 0 .
in c h .
h u n d re d th s
h a d
a v e ra g e d
Port Smith, Ark.—
r a in fa ll
lig h t
h ig h e s t b e in g
t h e r m o m o te r 8 5 , h ig h e s t
c o n d itio n
th o
T h e r e h a s b e e n n o r a in
th erm o m e te r h a s
s lo w ly .
to
6 6
Milan, Tenn.—
w e e k .
th e
d u r in g
lo w e s t
W o
Eldorado, Ark.—
T h o
cro p s
1 05 ,
h a v e
b o in g
h a s
8 8 ,
o n e
o f
h u n d re d th s
d a y s.
Memphis, Tenn.—
w e e k .
fr o m
r a in fa ll r e a c h in g
th e rm o m e te r
o n
b een
R a in fa ll
Dyersburg, Tenn.—
th e r
7 3 .
Marlow, Okla.—
T h o
r a in
9 4 ,
h a s
th erm o m e te r h a s
lo w e s t
lo w e s t
n o
r a in
h ig h e s t
Iloldenville, Okla.—
th o
0 8
o f
o f a n
n o
It
T h o
T h o
d a y
7 0
T h e re
th e rm o m e te r
in c h .
o n e
8 0 ,
fr o m
fr o m
th o
h ig h e s t
6 8.
tw o
Weldon, N. C.—
th e rm o m e te r h a s
h a d
D r y
o n
T h e
9 8
W e
lo w e s t
in c h
8 3 .
7 0 .
th e
a n d
a n
w e e k ,
b e in g
th e
fr o m
fr o m
8 2 ,
th e
th o
fr o m
h a s r a in e d
th e rm o m e te r
th e
W o h a v e h a d n o r a in d u r in g t h o w e e k .
a n d
to
d u r in g
h a v o
r a n g in g
th e rm o m o te r
w e e k ,
r a in
ra n g ed
th o
th e rm o m e te r 8 6 ,
th o
th o
h ig h e s t
a n d
tw o
h a v o
a n d
It
r a in fa ll
fa lle n
r a n g in g
h a s
h ig h e s t
Goldsboro, N. C.—
9 2.
A v e ra g e
d u r in g
T h e
o n
9 4
a v era g ed
W o
W o
8 0 ,
8 4 ,
lo w e s t
102
T h e
8 1 .
b e e n
h a d
It h a s b e e n
lo w e s t
in c h .
w e e k .
to
th o
th e
h u n d re d th s
h a s
h a v e
Ardmore, Okla.—
T h o
r a in
n o
r a in e d
r e a c h in g
Weatherford, Tex.—
T h e
n o
a v e ra g e d
th e rm o m o te r
Taylor, Tex.—
T h e
7 2
8 3 ,
th e
r a n g in g
9 (3 , a v e r a g i n g
7 9 , r a n g in g
h ig h e s t
San Antonio, Tex.—
T h o
fr o m
d u r in g
w e e k ,
8 3 ,
w e e k .
h as
tw o
Charlotte, N . C.—
th o
8 4 ,
h u n d re d th s
8 4 ,
T h e re
r e a c h in g
th e rm o m e te r
b een
te n
T h e re
th e rm o m o te r h a s
Paris, Tex.—
a ge
p a st
R a in
sev en
a v e ra g e d
th e rm o m e te r
M in im u m
th o
w eek .
a ll t h e w e e k .
h a s
8 3 ,
th e rm o m e te r
im u m
to
8 5 ,
a v e r a g in g
It
r a in fa ll
a v era g ed
r a in
a ll t h e
a v e ra g e d
9 2 ,
W e
ter h a s a v era g ed
h a s
w e e k .
r a in
7 0
h a d
h a s
D r y
Palestine, Tex.—
N
h ig h
r a in fa ll
9 9 ,
Nacogdoches, Tex.—
A v e ra g e
8 3 ,
7 2 .
Luling, Tex.—
T h e
e ig h t y
b e in g
h a s
th e rm o m e te r h a s ra n g e d
th e
fa lle n
7 2 .
a v e ra g e d
r e a c h in g
T h e
T h o
d ry
h a v e
to
th e rm o m o te r
th e
n o
fr o m
lo w e s t
T h e re
Longview, Tex.—
w e e k ,
9 4 ,
h a s
p r e c ip ita tio n
a g e
th o
n o
W o
Huntsville, Tex.—
th o
T h e
h a s
r e a c h in g
8 2 , r a n g in g
h a s
Lampasas, Tex.—
fr o m
n e e d e d .
R a in
7 2 .
th e rm o m o te r
ra n g ed
a ll
b een
It h a s b e e n
Kerrville, Tex.—
T h o
s u ffe r in g
th e rm o m e te r
b e e n
ra n g e d
h ig h e s t
th e rm o m o te r
th o
d ry
h a s
h a s
h a s
Henrietta, Tex.—
a n d
b e e n
a v e ra g e d
T h e ro
Dallas, Tex.—
8 3 ,
a re
p r e c ip ita tio n
A v e ra g e
T h e re
th e rm o m e te r
T h o
r a in fa ll
a v era g ed
Spartanburg, S. C.—
o f
th e rm o m e te r h a s
Cuero, Tex.—
m o m e te r
r a in s
s e c tio n s .
is
7 0 .
Brenham, Tex.—
T h e
p la n t
h a s
6 5 .
Greenville, S. C.—
te m p e ra tu re s
7 8 .
Abilene, Tex.—
T h e
T h e
som e
th e
h ig h
lo w o s t
Charleston, S. C.—
th o
T h o
Galveston, Tex.—
o n
th e
m o m e te r
as
ru le .
th e rm o m e to r
a n d
in
m o is tu r e
ra n g e d
T h o
104.
w eek .
a v e r a g in g
8 6 .
A v e ra g e
6 8 .
tw o
d a y s
h u n d re d th s
Receipts (cantars —•
This week___________
Since Sept. 1------------
w eek .
to
th o
w e e k .
Alexandria, Egypt,
June 24.
o f
o f a n
th e
in c h .
Exports (bales —
To
To
To
To
Liverpool.-"_________
Manchester_________
Continent and India.
America____________
1913-14.
1912-13.
1911-12.
11,000
7,597,523
1,400
7,451,860
1,500
7,249,623
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
4.000 201,039
211.915
2", 250 410.915
3.000 81.948
4,000 196,108
200,432
2",250 379,849
1,500 120,660
194,288
222,879
2,500 352,740
109,038
Total exports------------ 9,250 905,847 7,7501897,055 2,500 878,945
Note.— A cantar is 99 lbs. Egyptian bales weigh about 750 lbs
I N D I A
C O T T O N
M O V E M E N T
F R O M
A L E
T h e
P O R T S .
ea ch
1913-14.
June 25.
Receipts at—
Since
Sept. 1.
Week.
Since
Sept. 1.
Week.
Great
Britain.
Great Conti Japan
Britain. nent. AChlna Total.
Bombay—
1913-14.1912-13
1911-12_
Calcutta—
2 ,0 0 0
1 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
2 ,0 0 0
.........
Conti
nent.
2 ,0 0 0
19,000
2 1 ,0 0 0
2 2 ,0 0 0
200
All others—
1913-14,.
1912-13..
1911-12..
2 ,0 0 0
1 ,0 0 0
18,000
8 ,0 0 0
15,000 24,000
Total all—
1913-14..
1912-1.3 ..
1911-12..
1 ,0 0 0
2 ,0 0 0
2 ,0 0 0
42,000
50,000
3,000 46,000
2,20(1 51,206
15,000 37,000
c a b lo
to -n ig h t
q u ie t
fo r
In d ia
y e a r
a n d
fo r
is
le a v e
a n d
W o
fo r
g iv e
9 li
d.
3.
6
6
6
6
d.
s d
2 @11 244
2H @H 3
3 @ 114
3M@11 444
15
22
29
10
10H
10K
5
10%
10%
10%
1 0 ‘4
(5) 1 1 % 6 4 @11
® 1 1 % 6 4J4@11
@ 1 1 % 6 4 @11
@ l l 'A 6 4 @11
12
19
20
11
S H IP P IN G
N E W S .—
e x p o rts
o f co tto n
re a ch e d
5 8 ,8 9 5
u p
m a il
fr o m
fr o m
5
544
444
444
A s
th e
b a le s .
a n d
38,000
200
1 ,0 0 0
2 1 ,2 0 0
th e
th e
7,000
p r ic e s
w eek s
o f
b y
m a rk e t
d e m a n d
fo r
fo r
th is
is
b o th
to -d a y
a n d
la s t
1913.
|
@
@
®
@
1144
1144
3,000
______________________________
SH lbs. Shirt- Cot'n
inff-f, common Afid.
Upl's
to finest.
1044
d.
152,000
59,000
39,000
r e c e iv e d
th a t
T h e
c o m p a r is o n .
32» Cop
Twist.
104,000
32,000
15,000
23,000 418,000
113,000 349,000
61,000 224,000
re p o rt
sta tes
p r e v io u s
1914.
8
O u r
s h ir tin g s .
p o o r.
th ose
Total.
117,000 1,504,000 1,263,000 2,884,000
65,006 658,000 977,200 1,700,200
32,000 487,000 861,000 1,380,00
M a n ch e ste r
y a rn s
C h in a
42,000 353,000
2 2 ,0 0 0
214,000
16,000 147,000
1 1 ,0 0 0
2 2 ,0 0 0
M A R K E T .—
fr o m
b o th
a n d
b e lo w
1 .0 0 0
2 ,0 0 0
2 0 ,0 0 0
2,208,000
30,000
19,000
3,000
2 ,0 0 0
3,000
M A N C H E S T E R
2 2 ,0 0 0
Japan
China.
2 ,0 0 0
3,000
5,000
200
1 0 ,0 0 0
Since
Sept. 1.
1,133,000 2,303,000
38,000 401,090 832,000 1,271,000
351,000 784,000 1 , 1 1 0 ,0 0 0
1 1 ,0 0 0
1 1 ,0 0 0
1 0 ,0 0 0
1911 -12 - -
Week.
6 8 ,0 0 0 1 , 1 0 2 ,0 0 0
33,000
31,000
1,030 32,000
31,000
1 ,0 0 0
sp o t
Since September 1.
For the Week.
exports
from—
1911-12.
06,000 3,601,000 40,000 2,583,000
____ —
Bombay____
1912-13.
44 lbs. Shirt- Cot’n
Inge, common Mid.
to finest.
Upl’s
8
32s Cop
Twist.
d.
d.
3.
d.
7.32
7.47
7.59
7.70
10
10
10
10
@
@
@
@
10 44 6
10 H 6
1044 6
1044 6
2
7.74
7.87
7.68
7.58
10
10
10%
10%
@
@
©
@
10V* 6
10 44 0
10 % 6
10 % 6
2
2
d
sh o w n
U n ite d
T h e
te le g r a p h ic
o n
a
S ta te s
th o
in
a ro
@11
@11
244 @11
244 @11
p a st
p a g e ,
w e e k
d e ta il,
as
444
444
5
5
as
0.67
6.77
6.79
6.75
th o
h a v e
m a d o
-58,895
a rra n g ed
in
ou r
o f
th e
fo r e g o in g
u su a l fo r m ,
a ro
s h ip m e n ts
fo r
th e
w eek ,
a s fo llo w s :
Great French Ger- -—Oth. Europe— ATex.,
Ac. Japan. Total.
IirHaiti ■ Ports. many. North. South.
___
22
100
178
New York__
336
__
_ 30,671
637 9,504
Galveston__ . . 6,564 4,291 9,675
___
__
. 15,374
3,241
6,184
New Orleans. . . 5,949
__
__
786 2,688
Savannah . . .
1,150 4,311
8,935
—
__
.‘5 ___
Boston--------- . . 1,489
1,492
___
___
__
__
1,060
Baltimore . .
1,060
—
887
110
—
Philadelphia . . .
—
1,027
................
__
__
58,895
T o ta l____ ..14,178 5,619 21,255 2,310 15,533
T h o
e x p o rts to
fr o m
P a c ific
b a le s
fr o m
b a le s
fr o m
J a p a n
p o rts,
S a va n n a h
W ilm in g to n
L I V E R P O O L .—
s in c e S e p t.
3 2 ,6 7 0
a n d
1 0 ,5 5 0
a n d
S a le s ,
1 h a v e b een
b a le s
5 ,8 7 2
sto ck s,
fr o m
b a le s
b a le s
& c .,
June 5.
Sales of tho week_______________
25,000
Of which speculators took-------600
Of which exporters took---------300
Sales, American............................
15,000
Actual export__________________
5,000
Forwarded......................................
60,000
Total stock____________________ 1,010,000
Of which American___________ 799,000
Total imports of the week-------47,000
Of which American___________
34,000
Amount afloat__________________ 142,000
Of which American....................
94,000
2 5 0 ,2 5 5
G a lv e s to n ,
fr o m
fr o m
fo r
p a st
June 12.
34,000
1,000
1,000
26,000
8,000
83,000
972,000
769,000
53,000
32,000
168,000
108,000
b a le s
3 4 ,3 5 0
M o b i l e 4 3 ,0 0 0
N e w
L iv e r p o o l
p a st
w eek
h a v e
b een
as
Saturday.
Monday.
Market, f
12:15 i Irregular.
P. M. (
Pressed
for
sale.
Spot.
m a rk et
a n d
fo r
th e
sp o ts
d a ily
a n d
c lo s in g
fu tu r e s
p r ic e s
o f
fo llo w s :
Wednesday. Thursday.
Tuesday.
Very
dull.
Friday.
Pressed
for
sale.
Pressed
for
sale.
Irregular.
Mid.UPds.
7.57
7.50
7.56
7.56
7.63
7.58
Sales____
Spec.&e.xp.
3,000
7,000
300
4,000
300
4,000
300
5,000
300
4.000
200
Futures.
Steady
Market f 5@6 pts.
opened ( decline.
Market,
4
P. M.
Steady
344 Pts.
decline.
T h e
p r ic e s
b e lo w .
c la u s e ,
fu tu r e s
a re
u n le s s
Quiet
4@5 pts.
decline.
1 .0 0 0
Quiet
2® 3 pts.
decline.
Steady
244©344
pts. adv.
44 @ 2
o f
P r ic e s
Steady
3@4 pts.
advance.
Steady
Quiet
Steady
Steady
Quiet
pts. 3@344 pts. 2>4® 5 pts. 144 @4 Pts. 'A @ 144
advance. advance. adavnee. advance.
pts. dec.
Quiet
5@6 pts.
{ decline.
f
a t
o n
L iv e r p o o l
th e
o th e r w is e
b a s is
fo r
o f
e a ch
d a y
u p la n d ,
a re
g o o d
g iv e n
o r d in a r y
sta te d .
The prices are given in pence and lOOfftsl
Thus, 7 29 means 7 29-100d.
June 20 Saturday. Monday, Tuesday. IVcd'day. Thursday. Friday.
to
June 26 12K 12M 12^ 4 12 M 4 12^1 4 12H 4 12KI 4
V .m. p.m. p.m. p.m. p .m. p.m. p.m.lp.m. p .m. p.m. p.m. p.m.
d.
June. . .
Jun e-July
July-Aug.
Aug.-Sep.
Sep.-Oct .
Oct.-Nov.
Nov.-Dee.
Dec.-Jan.
Jan .-Feb.
Feb .-Mar.
Mar.-Apr.
Apr.-May
May-June
June-July
July-Aug. —
d. I d .
d.
d.
d.
d.
d.
d.
d.
d.
26 29 44 32 33 3144 37 44 4.344 41 >4 40 40
06 44 11
1344 1444 1344 1944 25 2314 22 22
0744 1144 14 15
1344 1944 25 23 44 22 22
93 97 44 00 01 99 04 A 0844 07 05 44 0544
71 44 77 79 so
7544 8244 85 44 84 '-4 84 84
68
70 71 67 7344 7644 7514 75 7544
6244
55 44 6 1 63 64 60 66 A 6944 6844 67 44 68
54 5944 6144 62 44 5844 64 44 6744 66 44 6544 66
59
61
62 58 6444 6744 66 >-4 6544 66
5344
54 44 60 62 63 59 6544 6814 6744 66 44 67
56 6144 63 44 64 44 6044 67 70 69 68 68%
56 6144 63 44 6444 6044 6V 70 69 68 68%
56 6144 6344 64 44 60 44 67 70 69 68 68%
53 59 61 62 58 6444 67 66 65 65%
51 57 59 60 56 6244 65 64 63 6344
d.
29
10
11
9644
76
6644
5944
58
57 44
5844
59%
5944
5944
57
55
7
7
7
6
6
6
6
6
6
6
6
6
6
6
6
B R E A D S T U F F 'S .
Friday Night, June
F lo u r
Y o r k .
w eek
June 19. June 26.
34,000
28,000
2,000
2,000
1,000
1,000
23,000
21,000
4,000
6,000
71,000
67,000
959,000 964,000
754,000 742,000
62,000 78,000
45,000 38,000
149,000 114,000
90,000 66,000
h a s
a lto g e th e r
a b le
in
b y
cro p
a
is
a t
le a s t
T h e
a
b een
o f
a n d
in
A t
o n ly
as
o f
d e p r e s s io n
p ro v e
to ta l
th e
o f
h a s
th e
b e st
s in c e
th e
h a s
fa lle n
1906.
h a v e
b een
if
w a s
o p e n in g
B e r lin
o f th e
a n d
B u d a p e st
d u r in g
L iv e r p o o l
la s t
A n tw e rp
th e
to
th e
a ls o
rea ch ed
1 2 ,6 6 0 ,0 0 0
on e
b u s h e ls ,
is
a n o th e r
M in n e a p o lis ,
t im e
lo w e s t
fa lle n
3 2 7 ,7 6 5
la s t
y ea r.
p r ic e s
seen
s h a r p ly .
l l/ i
d ro p p e d
to
2
ce n ts.
a n d
d ecrea se—
th e
n e a r ly
A r g e n tin a .
D a n u b e
1 ,0 0 0 ,0 0 0
T h e
cro p
1 1 ,9 3 6 ,0 0 0
in
p ro sp e cts
fo r th e
m ore
w h ea t cro p
it
In
lo o k s
as
lo w e r
b e e n
p o rts
p r ic e s .
fr o m
d e s p ite
a n d
In
Y e t
co u n try
la s t
a n d
4 .0 4 6 .0 0 0
w eek
b u sh .
1 4 1 .3 4 8 .0 0 0
1912.
W e st
3 .5 0 0 .0 0 0
p a rtly
h as
fille d
A ro
w o r ld ’s s t o c k s
K a n sa s
d e c lin e
o f
T w e n ty
T h e re
o f
6
ca rs
lia v o
T h e re
are
b e n e fi
in c r e a s e
in
in
o f
v ia
a t
th e
w h o le
to o
in
to
th e
lit t le
sto ck s
th a n
in
e f
th is
1 0 ,4 1 8 ,0 0 0
la s t y e a r o f o n l y
to o , a re
h a v e
o f
th e
s m a lle s t f o r
th e
h a v e
a t
b een
M e x ic o .
M o n tre a l a n d
s a le s
B u llis h
h a d
1 4 3 ,4 0 3 ,0 0 0
s a le s
G u lf
le s s
w eek
re
fa v o r a b le ,
r a in .
h a v e
h a v e
cro p
1 0 7 ,6 8 2 ,0 0 0 b u s h ., a g a in s t
a n d
L a rg e
m u ch
n o
a n d
m ore
a v a ila b le
th e sa m e
o n ly
c o n d itio n s
S o u th w e st
b u s in e s s
d ecrea se
e x p o rt
T h e
p u b lic
C ity
a r r iv a l
are ra th e r
w ere
t h is
a t
C h a rters
G u lf fo r
b een
tim e
m a d e
h a v e
m ore
m a d e
to
in
th e
th a n
E u ro p e ,
h e r e , o f h a r d a n d s o ft w in te r a n d o f M a n it o b a
M a c a r o n i.
th e
th en
y e a r a g o
la r g e
a n d
A t
so m e
w ea th er
w o r l d ’s s t o c k s ,
b u s h e ls .
th o
r a in s
fo r e a r ly s e e d in g , a n d
b e
th e
a m o u n te d
T h e
m a d e
re p o rte d
T h e p ro sp ects
T h e y
H u n g a ry .
re ce n t
th e
on
e x p o rt
d ecrea se
s h ip m e n t
in
a re
a n d
th e
b u sh , a
b een
in
co u n tr y ,
T h e y a re n o w
A ls o
fo r
r e c e n tly
n o w
C a n a d a
fiv e y e a rs p a s t.
in
th is
lib e r a l
b u s h e ls , a g a in s t a
b een
w o u ld
h a r v e s tin g
N o rth w e st
a
fr o m
m o re o v e r,
I n d ia w h e a t h a s la t t e r ly b e e n fr e e ly o ffe r e d
fo r
th e
sh a rp
s h ip m e n ts
G e rm a n y ,
a re g o o d
th ere
N o r th
a
fo r w h e a t , c o a r s e g r a in a n d
w h ere
c o n d itio n s
c o m p la in ts
s t a t is tic s
fe c t.
th e
a re p r o m is in g .
h a v e
F ra n ce ,
th o u g h
In
fa v o r a b le
th e y
in
A u s tr a lia
n o w
a cre a g e th e re .
a t
o f R u s s ia
th a n
c o m p la in ts
c ia l.
o ffs e ttin g
F o r r y e , t h e o u t l o o k is a l s o b e t t e r .
fa v o r a b le
fe w e r
in
in
n o w
th e
E u ro p e a n q u o ta tio n s .
In d ia ,
b u s h e ls —
h a v e im p r o v e d ; th e y a re g o o d
p o ta to e s.
a n d
a t
T h a t w a .s
T h e r e w a s a n o t e w o r t h y in c r e a s e in t h e s h ip m e n t s fr o m
R u s s ia ,
d .;
in c r e a s e d n o t ic e a b ly .
a g a in s t
p r e v io u s w e e k , s o m e th in g w h ic h t o ld o n
A m e r ic a ,
A t
l%
d e p re sse d ,
d a y
b e c a u s e t h o w o r ld ’s s h ip m e n t s la s t w e e k
T h e y
a t
h a s,
g ra d es
W h e th e r
te ste d
lik e w is e
in
d o n e
m a n y
ste a d y .
th e sa m e
h a v e
w ere
b u y ers
su m m er
b a r r e ls , a g a in s t
in
w eek
d ro p p e d
th is
in
w eek
th e y s u d d e n ly
p r ic e s
q u o ta tio n s
c o n fro n te d
b u s in e s s
a n d
n o t
n o t ic e
flo u r
flo u r
c a lle d
1914.
o fte n
le d
s h a r p ly
3 4 4 ,2 2 0
p r ic e s
w eek
th e
2 6
s o m e th in g
p r ic e s
fo r
s iz e
ste a d y
t h e p r e v io u s w e e k a n d 3 7 2 ,4 1 2
W h e a t
w h e a t
q u o ta tio n s
p r o d u c tio n
M ilw a u k e e
e v e r,
n a tu r a lly
m o d e ra te
P r ic e s
r e a lly
T h o
D u lu th
d e c lin e
s m a ll
w o u ld
v ie w
q u ie t
w ea k n ess
p o s s ib le .
b een
m a tte r.
in
as
p h e n o m e n a l s iz e
th a t
th e re fo re ,
in
a b o u t
s u r p r is in g
o f
b e lie v e
th e y
b een
w h ea t.
to
it h a s
fo llo w s :
T otal.
p a r tic u la r s
co tto n
th e
th o
d.
Total bales
NEW YORK— To Liverpool— June 24— Celtic, 36 Peruvian.............
36
To Havre— June 20— Rochambeau, 25 Sea Island _________
June 22— Tilly Russ, 153 upland-----------------------------------------178
To Hamburg—-June 24— Pennsylvania, 22: West Indian_______
22
To Venice— Juno 23— Oceania, 100----- ----------------------------------100
GALVESTON— To Manchester— June 23— Victoria de Larrinaga,
6,564-----------------------6,564
To Havre— June 23— Farley, 4 ,2 9 1 ------------- ------------------------ 4,291
To Bremen—Juno 23— Frankby, 9,675--...................................... 9,675
To Antwerp—Juno 20— Wray Castle, 50 -.....................................
50
To Ghent— Juno 20— Wray Castle, 5 8 7 ..-----------------------------,587
To Barcelona— June 24— Ellcma, 8,104---------------------------------- 8,104
To Trieste— June 24— Ellenia, 1 ,4 0 0 -------,------------------------- 1,400
NEW ORLEANS— To Liverpool— Juno 25— Engineer, 4,549........... 4,649
To Manchester—June 25— Orarian, 1,400------- 1,400
To Bremen—Juno 23— IColn, 4,822.--Juno 24— BKack Prince,
1,362 ...........
6,184
To Barcelona— Juno 19— Carolina, 1,842........................................ 1,842
To Naples— June 2 2 — Dinnamare, 20..........................................
20
To Venice— June 19— Carolina, 277
...........................................
277
To Genoa— June 2 2 — Dinnamare, 978............................ ..............
978
To Triesto— Juno 19— Carolina, 124..............................................
124
SAVANNAH— To Havre—June 25— Khorazan, 1,1 50--...................1,150
To Bremen—Juno 25— Khorazan, 4,229-..................................... 4,229
To Hamburg— Juno 23— Atholl, 82---------------------------------------82
T o Antwerp—Juno 23— Atholl, 466— June 25— Khorazan, 320 786
To Barcelona—June 20—-Arimatea, 2,688------------------------------ 2,688
BOSTON— To Liverpool— Juno 18— Sachem, 199— June 19— Winifredlan, 659__ lune 22— Laconia, 411......... ............................... 1,269
To Manchester— Juno 19— Iberian, 220.......................................
220
To Hamburg— June 18— Cleveland, 3
------------ --------- -------3
BALTIM ORE— To Bremen— June 17— Rhein, 880
Juno 20—
Friedrich, 180--------------- ------------ ------------------------------------- 1,060
PHILADELPHIA— To Liverpool— Juno 19— Dominion, 140...........
140
To Rotterdam— June 18— Menomineo, 88 7.------------ --------------887
T h e
o f
o f
@11 444 6 .6 8
2 @11 444 6.79
2
@ 1 1 444 6.72
2
@ 1 1 444 6 .0 1
p r e v io u s
s h ip m e n ts
retu rn s,
«. d.
to n e
d a y
It
ca sh
a
o f
n ew
w h e a t
h a v e
so o n
fa lle n
T h e
to
w ith
th ere
o f
r a in s
ta k en
m o r e o r le s s d e p r e s s io n
s is t e n t w e a k n e s s o f L iv e r p o o l p r ie e s
b e
cr o p ,
o w in g
sta rte d
la s t
a
M o n d a y .
ru st
s e r io u s ly .
o f la te , a n d
h as b een
to
w ith
S a tu rd a y .
la s t
a n d
e ls e .
r e p le n is h e d .
s h a r p ly ,
w eek
a r r iv e d
n o t b een
m a m m o th
e v e r y th in g
co m p a re d
c o m p la in ts
h a v e
co m in g
d w a rfe d
a re
th ere.
b u sh el
so m e
N o rth w e st, b u t th e y
th e
h as
T h e y
p r ic e s
w h e a t
ce n ts
s a le s h a v e c a u s e d
c r o p ,
e y e .
s m a ll?
n ew
b een
n ew
a t
th e
H e d g in g
th e p e r
a n o th e r n o t ic e -
a b le
fa c to r .
in c r e a s e d
T h e
C o u n try
th e
th o u g h
tin u e d
w est
fr o m
o f
a
b ig
A m e r ic a n
I n d ia a r e te llin g
o n
cr o p
E u ro p e a n
to
b e
e x p o rt
it
is
tru e
d o n e .
h a v e
d e m a n d
th a t
h a s la tte r ly
a
p r e tty
sh o w n
g o o d
b een
in
th e
m a in
h a s
c o n
fr o m
th e S o u th
a n d
h a r v e s tin g
s a tis fa c to r y
is g e n e r a l u p t o t h e N e b r a s k a lin e .
la r g e .
r a t h e r le s s
b u s in e s s
T h r e s h in g r e tu r n s , t o o ,
a n d
p r ic e s .
a cce p ta n ce s a t th e W e s t h a v e , m o re o v e r, b e e n
M e a n w h ile
sn a p ,
e x p e c ta tio n
o ffe r in g s
T o -d a y p r ic e s w e r e lo w e r .
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN NEW YO RK .
Sat. M on.Tues. Wed. Thurs. Fri.
N o. 2 redin elevator__________cts. 92
91 % 88% 88
88%
87)4
91
89% 89
89% 87%
July delivery ih elevator_________ 92%
September delivery in elevator____90%
89% 88% 87% 87% 86%
91% 90% 90% 90% 89%
December delivery in elevator____ 92
D A IL Y CLOSING PRICES OF W H EAT FUTURES IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. Fri.
July deliveryIn elevator_______ cts_ 82%
81% 79% 79% 79%
77%
September delivery in elevator____81%
80% 79% 79
79
78%
December delivery In eievator____83%
82% 81% 81% 82% 81
In d ia n
fe lt
co rn
th e
fa lle n
w h ere
ca sh
h a s
e ffe c ts
fe lt
o f
th e y
d e m a n d ,
th e
w ere
to o ,
E a st.
th e
O n
re p o rt n o te d
w a rd .
try
o th e r
som ew h a t
c e ip ts
h a v e
in c r e a s e
h a v e ,
b een
in
th a n
th e
T h e
ca sh
s m a ll,
a v a ila b le
I n d ia n a .
T h e
C h ic a g o
tra d o
d e m a n d
a n d
h a s,
som e
C o n s id e r a tio n s
a n y
o f
w h e a t,
co rn
h a v e
fr o m
b een
w h e a t,
it
co rn
p a rts o f th e
a p p ea rs,
sa m e
T h o
o f
th o
la te ,
w e a th e r
as
10
to
in
as
T h o
6 3 4 ,0 0 0
s to c k
a t
is
a
as
in
so rt
o f
d e p r e s s io n
o f
la te .
A ls o
ch e a p e r
th a n
O k la h o m a , s o
liv e
a
tim e
a
th a t
s t o c k — s o m e th in g
T o -d a y
p r ic e s
d e c lin e d .
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O RK.
Sat. M on. Tues. Wed. Thurs. Fri.
77%
77% 77% 76%
76%
N o. 2 mixed.............................. cts. 78
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator____ cts. 69% 38%
69% 68% 68
67%
67
67% 67% 66% 6.5%
September delivery in elevator___ 67%
December delivery in eievator___ 58%
57%
57% 57% 57% 56%
O a ts
h a v e
b een
o th e r
g r a in s ,
h a v e
sh ow n
y e t
a
In d ia n a
a n d
a g o o d
o f ca sh
h a s
b u s h e ls
s to c k
s o ld
n ew
b een
w as
o n e
th e
fr o m
d o n e .
rea son
o n ly
a
sa m e
th e
o f
O h io
A ls o
A
T h o
1 7 ,1 6 8 ,0 0 0
b u s h e ls ,
O k la h o m a
fr e e ly .
T o -d a y
o r
S ta te s
th ere
m a d e
s u p p ly
a n d
so m e
a n d
p r ic e s
I llin o is ,
a b o u t
y e a r
y e a r
ra th er
a n oth er
h as
fa ir a m o u n t
h a s
a v a ila b le
la s t
in
s te a d in e s s .
V a lle y
o a ts.
S h o r t s e llin g
w eek
a g o .
o r
r e p o r ts fr o m
1 ,7 4 4 ,0 0 0 -b u s h e l s , o r o n l y
th e
w ea k n ess
in d e p e n d e n t
h o ld e r s
e x p e cte d .
in
th a n
oa ts
fo r
o f
b y
a t t im e s fo r S e p t e m b e r .
h as
th a n
n o w
le s s
w h o le ,
A d v ic e s
d ecrea sed
is
b u s h e ls
a ffe c te d
a m o u n t
en cou ra g e
th a n
le s s
le s s
b eca u se o f a d v e rse cro p
d em a n d
b u s in e s s
im p r e s s io n
w eek
to
o r
th o
O h io .
ten d ed
b een
on
ce r ta in
T h is w a s p a r t ly
h a v e
m o re
le s s
la s t
1 0 0 ,0 0 0
th e
h a v e
re ce d e d .
D A IL Y CLOSING PRICES OF OATS IN NEW YO RK .
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Standards cts.46@ 46% 46@40% 45% @ 46 45@45% 45@45% 44@44%
No. 2 w h ite..46% @ 47 46 % @ 4745% @ 46% 45% @ 46 45% @ 46 44 % @ 45
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. 'Thurs. Fri.
July delivery in elevator______cts. 39% 39% 39% 38% 38% 37%
September delivery in elevator------38%
38
37% 37% 37% 36%
December delivery in elevator------39%
39
38% 38% 38% 37%
T h e
fo llo w in g
a ro
c lo s in g
q u o ta tio n s :
GRAIN.
Corn, per bushol—•
Wheat, per bushel— f. o. b.
No. 2 mixed_____
N. Spring, No. 1—........... $0 96
No. 2 yollow____
96%
N . Spring, No. 2________
N o. 3 yellow-----Red winter. No. 2______
87 %
Hard winter, No. 2, arrivo
93
Argentina in bags.
Oats, per bushel, new—■
cts.
Rye, per bushel—
Standards______________44 @ 44 %
New York______
Western________
No. 2 white.......................44% @45
No. 3 white_____________43%@4-1 Barley— Malting ...
th o
sta tem en ts
N e w
la k e
b e lo w
cts.
76%
76
75%
70
o f th o
a re
P ro d u ce
r iv e r
p o rts
A u g u st
Cleveland . .
St. Louis__
Kansas City
Omaha........
b y
o f b r e a d s tu ffs
u s fr o m
E x ch a n g o .
fo r
th e
e a ch
o f
w eek
th e
fig u r e s
T h o
la s t
th ree
y ea rs
W E A T H E R
b y
T h e
th o
J u n o
2 2
B U L L E T I N
g en era l
su m m a ry
D e p a rtm e n t
is
as
o f
F O R
o f
W E E K
th e
A g r ic u ltu r e
E N D I N G
w e a th e r
Tot. wk. ’ 14
Same wk.’ 13
Same wk.’12
fo r
th e
w e e k
e n d in g
h a v o
a n d
b e e n :
Barley.
Rye.
287.000
341.000
206,242
2.045.000
3.928.000
1,696,783
3,968,000 1.239.000
0,723,000 1.811.000
249,827
2,818,224
3,835,000
0,493,000
4,194,528
160,000
184,000
74,114
Since Aug. 1
1913-14
18,607,000 275,003,000 210,537,000 207,580,000 83,681,000 22085000
1912-13 . . 10,567,520 248,001,966 213,579,228 229,237,088 90,592,330 16539642
1911-12 .. 11,583,039 131,441,628 184,514,512 139,083,416 61,116,538 8,058,928
T o t a l r e c e ip ts
th e
w e e k
en d e d
o f flo u r
J u n o
Flour,
bbls.
Receipts at—
New York_____ . 166,000
Boston.............. . 2 1 ,0 0 0
Philadelphia___ . 26,000
Baltimore......... . . 43,000
New Orleans *__ . 50,000
.
1 ,0 0 0
Galveston-.........
T "6,666
. 56,000
Port Arthur____
Total week 1914 369,000
Since Jan. 1 1914..10,152,000
Week 1913_____ . 348,000
Since Jan. 1 1913..10,332,000
a n d
2 0
g r a in
1914
a t
th e
se a b o a rd
p o rts
fo r
fo llo w :
Wheat,
bush.
510.000
248.000
387.000
78,000
8 ,0 0 0
24,000
1,951,000
40,000
Oats,
bush.
359.000
87.000
104.000
76.000
55.000
Corn,
bush.
179,000
2 ,0 0 0
2 1 ,0 0 0
61,000
96,000
Rye,
bush.
24.000
Barley,
bush.
9.000
1 1 ,0 0 0
1 .0 0 0
28.000
33,000
T .ooo
27,000
173,000 350,000
..........
371,000 85,000
0717,000 1905,000
525,000 33,000
12691000 1734,000
3,246,000
386,000
856,000
65,273,000 12,932,000 12,797,000
3,090,000
303,000 1,650,000
78,354,000 40,059,000 26,281,000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
T h e
e n d in g
e x p o rts
J u n e
fr o m
2 0
th o
a ro
Philadelphia___
Baltimore______
New Orleans___
Newport News..
27,000
1913
is
as
p o rts
a n n e x e d
T h e
w o r l d ’s
e n d in g J u n e 2 0
in
th e
fo r
th o
w eek
sta tem en t:
Oats,
Rye, Barley,
bush.
bush.
bush.
71,835
21,930 13,725 01,875
50,000
1 2 ,0 0 0
286,000
d e s t in a t io n
1
th o
13,496
19,000
400
53,000
29,000
Peas,
bush.
1,986
200
6 ,0 0 0
543",666
28,000
ib~ 666
27Y 666
..........
1 ,0 0 0
101,939 104,017 630,905 82,725 331,875
109,801 233,823 1,177,032 73,420 1225023
Total week___3.320,722
Week 1913____ 3,719,597
T h o
in
Corn, Flour,
bbls.
bush.
21,939 72,579
11,572
Mobile...............
Montreal______ 2,015",666
40,000
Norfolk....... .......
J u ly
sev era l se a b o a rd
sh o w n
Wheat,
bush.
293,730
242,980
420,000
Exports from—
New York.........
J U N E
is s u e d
b y
a t W e stern
S a tu rd a y
Oats.
o f
th ese
e x p o rts
fo r
th e
w eek
a n d
1,980
2,938
s in c e
b e lo w :
■Corn------- —
Since
July 1
1913.
bush.
637,551
781,002
32,821
600,025
07,117 1,948,083
9,344
" Y .o o i
44,755
70%
69
59 @65
b u lle t in
m a rk et
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
352.000 1,594,000 1,805,000
454.000
40.000
127,000
347.000
274.000
316.000
75.000
2 0 .0 0 0
65,000
8 8 ,0 0 0
137.000
144.000
527.000
35.000
2 0 0 .0 0 0
334.000
274.000
50.000
641.000
37.000
3,000
47.000
1 ,0 0 0
2 0 .0 0 0
72.000
07.000
" " o ',6 6 6
13.000
87.000
36.000
1 ,0 0 0
1 2 .0 0 0
27,666
575.000
7.000
224.000
239.000
55.000
2 1 ,0 0 0
7.000
204.000
244.000
30.000
4,000
96.000
416.000
87.000
397.000
462.000
75.000
.............
------- Flour-------- -------- -Wheat--------Since
Since
Week
July 1
Week
July 1
1913.
Exports for iceek and .Vne20.
1913. j'ne 20.
bush.
bush.
since July 1 to—
m s.
bbls.
United Kingdom— 68,853 5,213,735 1,957,457 89,143,780
FLOUR.
Continent _______ 18,202 2,880,250 1,300,805 90,084,088
8,000 1,406,265
Winter, low grades___ $3 40@$3 60' Spring clears----------------$4 00@$4 20 So. and Cent. Amcr. 40,309 1,322,418
400
101,040
Winter patents________ 4 80® 5 00 Kansas straights, sacks. 4 15@ 4 40 West Indies______ 30,315 1,702,734
200
97,658
Winter straights_______ 4 25® 4 40 Kansas clears, sacks___ 3 80® 4 10 Brit. No. Am. Cols.
H U H " 310,697
168 302,974
Winter clears__________ 4 10® 4 25 City patents---------------- 5 95®
630 Other Countries___
Spring patents________ 4 50@ 4 75 Rye flour--------------------- 3 30®
390
Spring straights_______ 4 30® 440! Graham flour-------------- 3 80®
450 Total .............. 104,047 11519,169 3,320,722 181700,470
Total 1912-13_____ 233,823 11288,040 3,719,597 107930,947
2 2 .—
to
c o lle c t e d
r e c e ip ts
e n d in g
la s t
Corn.
Wheal.
Flour.
Receipts at—
Chicago___
Mllwaukee..
Duiuth____
Minneapolis
Toledo........
1 fo r
m o v e m e n t
p re p a re d
Y o r k
a n d
s in c e
to ta l
6 ,0 0 0 ,0 0 0
I llin o is
T h e
in d ic a te d
o n ly
C h e a p e r
th e
b u sh el
in
to
as
p r ic e s .
w e ll
cen ts
th is
a cte d
s itu a tio n
co rn .
y e a r.
o n ly
re
la s t y e a r o f n o
th a n
h a v e
S o u th w e st, n o ta b ly
a g a in s t
w e e k
lo w e r
c o r n , w ill b e f e d
to lls
th e
w a s
le s s
th e
15
o f
to ta l
b u s h e ls s m a lle r t h a n
th ese
A r g e n tin a ,
T h e co u n
T h o
a v a ila b le
tow a rd s
fa cto r s
is
w h e a t, ra th e r th a n
n a tu r a lly
th o
b u s h e ls
su ch
te n d e n cy
tim e
w e e k
1 ,7 0 0 ,0 0 0
7 5 0 ,0 0 0
o n
w h ic h
in
s m a ll.
th is
la s t
b u s h e ls .
191 2.
o ffe r in g s
h a s
w ith
G o v e rn m e n t
b e e n
fo r
in c r e a s e
b ra k e
in
e v e n
sto ck s
b u s h e ls , o r a b o u t
a g o
h a s
h a v e
s lu g g is h .
w e e k ly
m o re o v e r,
2 ,2 6 3 ,0 0 0
9 ,9 1 8 ,0 0 0
in
a n d
it
d r y w e a t h e r in t h e O h io V a ll e y S t a t e s a n d s o u t h
b u s h e ls , a g a in s t a n
y e a r
I llin o is
o fte n
A ls o
R a in s
d u ln e s s o f t h e c a s h
h a n d ,
b e tte r.
w h e a t.
re p o rts.
O k la h o m a c o m p la in s o f d r y , h o t w e a th e r .
o ffe r in g s
le s s
in
b een
a t tim e s o f th e
in
w e a th e r
n e e d e d
h a s
c o m p la in e d
b een
d e p r e s s io n
fa v o r a b le
Northern portions, and by lack of rain in tho Central and Southern portions,
but on tho whole Its condition appears satisfactory in tho more important
districts.
Hay, oats and pasturage continued in good condition over tho Western
and Northern districts, but they are generally short in tho middle Missis
sippi and Ohio valleys and to the southward.
In the cotton region tho weather of the week was on tho whole tho most
favorable of the season to dato. Good rains occurred over much of tho
Central and Eastern portions of the bolt and tho plant made excellent
growth.
Over tho Western portion o f tho belt warmth, with occasional showers,
permitted of rapid growth and tho outlook has greatly improved. Bollweevil are reported as numerous in Louisiana, Mississippi and Alabama.
In the principal trucking districts of the South considerable rain occurred,
especially in Florida, and the outlook is materially improved, but more rain
is needed over large areas, and many of tho earlier crops are short.
In tho Atlantic Coast States severe drought still prevails in Virginia and
more rain Is needed In some districts to tho northward; over other portions
tho weather was favorable for grass and hay, but somewhat too cool for
corn and too dry for tobacco setting.
In tho Rocky Mountain and Plateau districts and tho western portions
of the Plains States the ranges continuo excellent, and good crops of alfalfa
are being harvested, whilo other crops aro generally making good progress.
Over the Pacific Coast States tho weather was favorable, and tho staplo
crops are generally reported as continuing In good condition.
s h ip m e n ts
o f
w h e a t
1 9 1 4 a n d s in c e J u ly
a n d
Week
J’ne 20.
bush.
101,939 4,080,700
169,801 39,044,501
co rn
1 1913 a n d
fo r
th o w eek
1 91 2 a ro sh o w n
fo llo w in g :
fo llo w s :
The weather of the week was on tho whole favorable for nearly all agri
cultural interests. Some damago from frost occurred and crop growth
was retarded by cold in the northern districtsfrom tho Lake region eastwarti, and drought still persists In portions of tho middle Mississippi and
Ohio valleys, and locally in tho Middle Atlantic States and over small areas
in the South, but otherwise conditions were nearly everywhere satisfactory.
In tho winter-wheat belt harvesting is nearing completion in some of
tho Southern sections and is beginning in tho Central part of tho belt under
generally favorable weather conditions. Tho yield in Texas and Oklahoma
is reported as being less than anticipated, but in other districts tho excellent
prospects appear to havo been maintained.
In the spring-wheat region tho weather continued exceptionally favorablo,
and rapid growth of tho plant is reported from practically all tho important
districts.
In tho corn belt warmth and local showers in tho Western districts wore
very beneficial and rapid growth occurred. In tho Central and Eastern
districts growth of corn was somowhat retarded by cool weather in the
Wheat.
Exports.
1913-14.
Week
June 20.
Since
July 1.
Corn.
| 1912-13.
Since
July 1.
1913-14.
Week
June 20.
Since
July 1.
1912-13.
Since
July 1.
Bushels.
Bushels.
Bushels. 1 Bushels.
Bushels.
Bushels.
North Amer. 4.440.000 263.958.000 252,838,000
1,870,000 37.170.000
Russia____ 4.200.000 165.300.000 100.171,000 470,000 15.939.000 11.977.000
Danubo___ 1.056.000 60.420.000 53,743,000 2.298.000 39.421.000 10.810.000
Argentina... 736.000 44.526.000. 120.388.0003.917.000 159,598,000 213,655,000
Australia__ 640.000 65.234.000 45,504,000
1.584.000 31.651.000, 02,148,000
Oth.countr's
4,000 7,367,000| 7,192,000
Total___ 12660000 038.468,000 054,014,000 0,691,000 210,828,000 279,024,000
T h o
q u a n tity
m e n tio n e d
o f w h ea t a n d
w a s
as
co rn
a flo a t
fo r
E u ro p e
T h o
Bushels.
Bushels. 1 Bushels.
22.840.000 19.656.000 42,496,000
22.616.000 20,112,000:42,728,000
24.408.000 23,752,000:48,160,000
25.480.000 27.128.000 52,608,000
Bushels.
Bushels.
Bushels.
7.242.000 11.747.000 18.989.000
5.517.000 10.319.000 15.836.000
11,398,000 19.405.000 30.803.000
9.529.000 22.330.000 31.859.000
a t
sea b oa rd
o f
p r in c ip a l
p o rts
g r a in ,
p o in ts
J u n o
2 0
UNITED
Amer.
Wheat.
bush.
In Thousands—
183
New York.................. .
102
Boston-------------------- .
Philadelphia________ .
32
114
Baltlmoro__________ .
New Orleans.........— .
75
Galveston__________ .
76
Buffalo.................... . 697
Toledo_____________ . 360
45
Detroit____________ Chicago......... ........... . 3,136
“
afloat.........
Milwaukee................. .
57
. 1,922
Minneapolis............... .10,586
St. Louis.................... .
37
Kansas City............... .
47
Peoria_____________ .
5
Indianapolis............... .
38
Omaha____________ .
43
On Lakes................... . 1,265
On Canal and River.. .
113
o f
1914
c o m p r is in g
as
Total June 20 1914.. 10,240
Total Juno 13 1914..12,186
Total June 21 1913..11,403
a t
la k e
a n ce
o f
G O O D S
o f
b u t
th o
w as
528
992
825
493 2,181
504 1,916
423 1,401
to
b o
a c tiv e
B .
C la flin
n o t
c o n d it io n
w h o lly
o f
th o
p lis h e d
fa c t,
g o o d s
to
to
o f
a ssets
co u rso ,
h a d
m a d e
a ls o
c a u s in g
t io n
o f
w ea k on
fr o m
R e ta ile r s
a re
in
s ilk
w e ll a s
b e
fa r
a ls o
so
n is h in g
w h ic h
little
h ig h .
th e
a ro
fr o m
t h is
h e a v y
in
to
fo r
T h e
h a s,
o f
It
is
c o n d i
th a n
o f
ch ea p
S ea
p o rt
h ig h
fo r
o f
A m e r ic a n
n on e
sea son
jo b b e r s
g o o d s ,
a n d
to
o n
th e ir
s a le s
d e m a n d
h a v e
ra w
th e
as
d e s p a ir
c o n tin u e s
o x p o rt
w h ile
to
fo r w a r d
p ro p o se d
m a n u fa c tu r e r s
m a rk ets
o f
fo r
ju s t
b y
T h o
e n d in g
n o t
s lig h t
u p
o n
g o o d s
p a r ity
a re
se v e ra l
a ro
2 0
if
p e c ia lly
in
so
as
y e t
a n d
a ls o
w ith
fu r
g o o d s
o f
w ero
co tto n
5 ,8 8 4
in
a t
W O O L E N
b a c k , as
th e
g o o d s ,
3 -1 6 c .
th e y
o f
sp o t
a n d
cu tte r s -u p
to
a re
n e w
fo r
s p r in g
s till u n w illin g
c r e d ite d
T h e
in
co tto n
is
a n d
th a t
F o re ig n
cu t
in
to o
m u ch
a ll
in
th e
p rog ress
o f
F O R E IG N
q u e st,
dress
th e
as
w e ll
as
o f
s ilk s
a n d
n a m e p r ic e s .
o v e r
s ilk
b e in g
g o o d
m o v in g
g o o d s
T h o
to
m a rk e ts.
as
lo s t.
th e
s itu a
w a tch e d ,
b e
a d
th a t
th o
a c t iv e
re
n o w
k n o w n .
in
s tim u la te d
o w in g
to
a re
r e t a ile r s .
a n d
sh orta g e
p o p u la r ity
lin e n s ,
s o lid
co lo r s
h ou ses
lin e s
in
o f
d o in g
d ress
S to ck
h o u s e h o ld
s a le s
n o t
th e
S ta p le
m a rk ets
&
a re
L ig h tw e ig h ts
a t
a re
a re
n o t
cra sh es
co n
a n d
fo r
th e
1 91 4,
a n d
fo r
a re
th o
w ith
s a le s
fo r
th e
th e w ea k n ess o f th e
q u o te d
W ith d r a w a ls
w a reh ou se
w e e k
to
a t
4 .3 0 c .
a n d
5 .4 0 c .
W a r e h o u s e
p o rt
q u ie t ,
s m a ll lo t s , o w in g
n o m in a lly
im p o r t a t io n s
w ero
s p r in g ,
c o u ld
o w n ,
r a m in e s
a n d
in
c lo s e ly
lin e s
su m m er.
w ith
a n d m e d iu m
c o n tin u e
n o v e lty
p ro n o u n ce d
B u r la p
I m p o r t a t io n s
1
is
g o o d s
g r e a tly
b o th
s te a d ily
lin e s
b e co m e
e x p e cte d ,
t h is
fa c to r
th e ir
c o n
n e e d le s s ly
la r g e
L in e n s
n ew
w e ll,
w a s
p a st
a re
h o u s e s h a v in g s u p p lie s o f t h e s e a r e d o in g a p r o fit
h e a v y w e ig h ts
J a n .
h a d
d e m a n d
b u s in e s s .
t h is
h o ld
h a v e
o f th e
p a s t fa ll a n d
p r o fits
h a v in g
th e
m ix tu r e s
m o s t p a r t c o n fin e d
T h o
o f
th e
d o m e s tic
G O O D S .—
s e llin g
o u t
C a lc u t t a
t a r iff
h a n d
P r e d ic t io n s
th ose
M a n u fa c tu r e r s
im p o r te d
s till
p ie c e
to
M u c h
p r ic e s
o f
th a t
w e a th e r
im p o r t e r s
a ro
in
th o
S o m e
h o w e v e r,
o f
a n d
D R Y
w a rm
g o o d s .
q u o te d
h o ld in g
d u r in g
w a y
fin d
c o n s id e r a b ly
e ffe c ts
a re
es
g o o d s .
is , o f c o u r s e , a
m a n u fa c tu r e r s
fu lle s t
a t
th e
a n y
in to
w o rste d
s e a s o n a b le
q u a rters.
s e v e r e ly
c o m p e titio n
a n d
a ccu m u
th a t
ta k e n
sta n d a rd ,
a n d
fo r
su m m er
lin e s , b u t a g e n t s a r e
to
o p e n in g
w a sh
so
su m m e r,
fid e n t t h a t d o m e s t ic lin e s , p a r t ic u la r ly in t h o lo w
g ra d e s, w ere
o f
c o n tin u e
e x p e cte d
w o o le n
m o v e d
S a le s
th e
o f
n o w
lin e s
o b ta in a b le
a s t h e r e is n o
n o t
3 8 -in c h
th e
a re
b een
g o o d .
5}4c.
In
d is p o s e
m o d e r a t e r e - o r d e r b u s in e s s is c o m i n g
is g i v e n
a re
to
is
th e
s ta p le
w ere
th ro u g h o u t
fir m n e s s
g en era l a d v a n ce
s p r in g
h o ld s
it
to
o f
n o w
to
in
m e r c h a n d is e .
m a rk e t.
e x p e cte d
a p p e a r
G O O D S .—
c lo th ie r s
o f a
a re
to
a n d ,
q u o ta tio n s .
th e y
S a le s
h a v e
th e
h a n d s,
w ill
G ra y
5
g o o d s m a rk e t a
a tte n tio n
o f
la te r
fa ll
a n d
w h ic h
a g o
w ea th er
th e ir
p r ic e s
c o n s id e r a tio n .
fr o m
tic k e ts
a n d
th e
w h e n
u n ch a n g e d
fo r
fo r
a lo n g
b e g in n in g
o b ta in
n e e d s.
c a ll
q u a rte rs,
r e t a ile r s
d a y s
rest
a re
in q u ir y
f o r m ills is a t h a n d , a n d
sto ck s
w ea k n ess
th e
b e tte r
cu rre n t
g o o d s ,
c o m m is
d r a g g in g
e n a b le d
fa ll
fe w
h e a v y
w eek s
o f
to
m a n y
a
w it h
q u ite
c lo s in g p e r io d
la t io n
b e tte r
a
a ll
to
m e e t
su m m er
a n d
r e d u ctio n s
a
to
s h o w in g
B o th
b een
in
163,642
1913.
b u y e rs
B u y e rs
sto ck s
w e a th e r h a s
s a tis fa c to r y
a t
h a v e
d iffic u lt
w illin g
a tte n tio n
e n d in g
o f
D r y
G o o d s .
w ith d r a w a ls o f d r y
J u n e
c o r r e s p o n d in g
2 0
1914
p e r io d s
o f
g o o d s
a n d
s in c e
la s t
y e a r,
fo llo w s :
Imports Entered for Consum ption for the Week
Week Ending
June 20 1914.
Pkgs.
Value.
Manufactures of—
S
2,280
W ool.........................
629.722
C o tto n _______________________ 2,405
588,920
Silk......... ..................
1,290
569,679
Flax .................
1,028
258,696
Miscellaneous________________ 2,090
163.352
and Since Jan. 1
Since Jan. 1 1914.
Pkgs.
Value.
S
45,739 12,870,654
91,064 24,020,969
37,588 18,157,202
38,611
9,197.789
83,807
7,284,172
Total 1914____________ ____ 9,093 2,210.369 296,809 71,530,786
Total 1913_________________ 6,489 1,494,263 239,992 55,984,922
W arehouse W ithdrawals Throw n Upon the Alarket.
Manufactures of—•
W ool.............. ..............
...
526
134,357
23,814
6,312,363
C otton ______________
...
586
154,860
19,508
5,188,712
Silk___________ _____ _
...
292
119,239
6,852
3,051,137
F la x ............................
...
446
93.563
12,362
2,949,656
. . . 1.425
85,855
60,797
3,446.264
Total withdrawals_____ . . . 3,275
587.874 123,333 20,948,132
. . . 9,093 2,210,369 296,809 71,530,786
b u y
m a te r ia l c o n
e x p o rts
J u n o
a re
th e ir
e x p e r ie n c in g
w ill
th e ir
in
fir m ,
r e q u ir e m e n ts .
c lo s e d .
b e
165,910
a n d
o f
m u ch
o f
R u m o rs
b u y e rs,
w o rld
a
w a rm
d u ll.
c o m p e t it io n .
G O O D S .—
w e o k
th ese
d r e s s g o o d s w ill d o
a cco u n t
r e d u c tio n
th o
o f
th e
m a rk ets
n o t
co m o
m a n u fa c tu r e r s .
a n y
fo r
a ro
is s t e a d i l y
b e g a n
o ffs e t
w ea k
w illin g n e s s
e x te n s iv e
b u t p r ic e s
to o
fo r
S to ck s
dress
th o
g r e a tly
in te r e s t
C O T T O N
a d d itio n a l
s u p p lie s o f g o o d s
a ro
g o o d s
fa v o r a b lo .
fo r
h a s
a ls o
tu r n in g
i t is
ra th er
fir m , m a n y
th o
tlio y
th a t
o x p o rt
R e d
it
su m m er
a fr a id
C o n tin e n ta l
co tto n
to o
o f
a ro r e c e iv e d ,
P r ic e s
D O M E S T IC
g o o d s
o f
r o t a il m a r k e t s
sto ck s
o f
b u y in g ,
w o u ld
fa ile d
h o p e
o u tse t
lo o k s a s if c o t t o n
b u s in e s s
m a te r ia liz e d .
lin e s
B u s in e s s
in q u ir ie s
th e
b a ck
m ix t u r e s
so
th e ir
is
re ce n t
c o n s id e r a b le
th e
7,519
m a r g in
m o re
to
.5.884
w h ic h
b een
b e in g
-1913Since
Week. Jan. 1.
10
670
452
16
31,706
29
8,285
2,102
18,363
15.103
1,619
331
19,435
36
1,394
425
8,125
552
27,534
2,399
32,575
8 1 3 ,1 0 3 ,7 8 2
a re
co n tra cts
g o o d s
a b le
so .
g rea ter
T h e re
jo b b e r s
d e s tin a tio n
•1914Since
Week. Jan. 1.
2,181
1,610
39,149
..
18
9,315
5,993
4,571
25,296
302
. 262
11,629
29,312
36,552
a c t iv e
fu tu r e
fin a lly
a re
th o
su m m er dress co tto n s
fin d in g
le ft w it h
w ere
o v or.
fu r th e r
A t
h e ld
ers
tin u e s
a re
a
th a t
su m m e r,
a re
th e ir
n a rro w
a lth o u g h
th e
d is a p p e a r e d .
s h o w in g
d e m a n d , a lth o u g h
o x te n s iv o
F re q u e n t
is
a re
th o
c o t t o n s , b u t it n o w
lia v o
h a v in g
h a v e
th e
fe a r in g
in
m a n y
tin u e s , a n d
q u ite
a n d
fo r w e e k s
r e a liz e
a g a in s t
g o o d s
a n d
a n d
a ccu m u la tin g .
in to
jo b b e r s
h ou ses
aro
t h e ir s u m m e r m e r c h a n d is e
a c t iv o
e x p e cte d .
to
o f
s io n
g o o d s ,
T h o
1 9 1 4 ,
in te r e s t
n o t
m o ro
th o
a ro
m o re
in
co tto n
is
s a le s , a lt h o u g h
o v e r
u p o n
w ea th or
a n d
d is p o s in g
jo b b o r s
T h e y
h a n g s
c o n d itio n s
c a lls
m eet
o x p e cte d
w h ic h
B u s in e s s in
a n d
to
a n d
th ere
t im o
c o lle c tio n
stren g th en
m ore
b u y ers
c a r r y in g
h a n d s.
o f
a p p r o v in g
w ill
it
a n d
s h a r p ly
S ta p le
a ssets
T h o
th e
th o
som o
a ffa ir .
lin e s a r e
m a rk et
c o ld
as
ta k o
in
d ra w n -o u t
m o ro
t h is
a cco m
s e n tim e n t,
co n sta n t
a n d
th e
s ilk s
b e fo r o
g e n e r a lly
stro n g e r
p e s s im is t ic
lo o k
fa ilu r o ,
th o
th a n
w ero
a
fa il
m a rk e t,
is a n
C o m p a n y ,
m a k e
u p o n
w ero
to
th a t
s te a d ily
a h ea d .
la r g o
la t e r
w h o
clo u d
S t a p le
im p r o v in g
to o
lia b ilit ie s
m en
th o
m a k in g
p le n tifu l
op e ra to
th o
o f
a ro
s u p p lie s .
sp ots
to
T h e
e m b a r ra s s in g
th o r o u g h ly ,
as
e ffe c t
b o
8 1 2 ,1 7 7 ,0 7 1
v a n ce d
c o n tin u
p r e tty
w ill
th o
a
th e
fa ilu r e
to
it
to
s e v e r e ly .
p r o tty
su ch
Mexico
m e r c h a n d is e
th o
b een
th e
1 91 4.
b u s in e s s .
r e s u lt
a n d
th ose
c r e d it
b e lie v e d
A s id e
a
o f
b a d
th e ir c u s t o m e r s
g e n e r a lly
as
is
fa c t
W h ile
o f
Other Europe.
tio n ,
co m e .
sh o ck
h a d
s u ffe r
lia b ilit ie s
a
In
th a t
a ffa ir s
th e ir
b e lo w :
India . .
Arabia.
Africa .
b u t
2 6
w ith
su m m e r
e x p e cte d
w ill
b u s in e s s
s e ttle m e n t
h as
a re
th o
c o v e r
n o w
b e fo r o .
c r e d ito r s
th e
a n d
fa ilu r o
o u t
th a t
o x p e cto d
n a tu re
th a n
o f
as a
C o m p a n y
c o n d it io n s
s tr a ig h te n
th o u g h t
ca m e
u n e x p e cte d .
t im e , a n d
tra d e
a n d ,
fo r se v e ra l w e e k s to
C la flin
fo r so m e
b u y in g
C o .
7
33
147
T R A D E .
s till im p r o v e s ,
w ea th e r,
II.
r e a liz e d
d ry
g o o d s
fa v o r a b le
is e x p e c t e d
u re
d ry
ta b le
a n d
7,921 7,407
492 1,386
528
7
7,641 7,624
992
503 1,471
33
9,663 12,027
825
389 1,066
147
GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Corn. Oats. Oats.
Rye. Barley. Barley,
bush. bush. bush. bush. bush. bush.
3 1,573
1
795 ___
1,307
—
4,772 ___
New York, Friday Night, June
in
S 4 9 7 ,8 1 8 ,
th e
fo llo w s :
842 7,924 15,059
Total Juno 20 1914..29,173
Total June 13 1914..35,598 1,499 7,647 17,192
Total Juno 21 1913..42,775 3,777 9,674 21,085
D R Y
a t
in
s t o c k s in
3 7,652
1
795
6 9,568
1
445
___
11 9,058 ___
34
335 ___
SUMMARY.
Bonded
Bonded
Bonded
Wheal. Corn. Oats. Oats.
Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush.
842 7,921 7,407
492 1,386
528
7
—
3 7,652 —
1
795 —
Wheat.
In Thousands—
bush.
mcrlcan___________ 18,933
anadlan___________ 10,240
B u s in e s s
Total.
STATES GRAIN STOCKS.
Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley.
Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush. bush. bush.
416
42
202
36
61
3
4
328
6
7
3
162
28
10 ___
117
___
76
126 ___
129
2
168
116
168
564 1,066
262 ___
61
82
132
113
29
13
2,994 3,132
53
90
50
24
341
202
97
25
150
137
157
396
326
5
92
411
80
471
473
94
9
18
35
888
76
38
365
315
71
1,060
423
30
30
198
548
111 —
—
34 —
—
—
842
Total June 20 1914. .18,933
Total June 13 1914. .23,412 1,499
Total June 21 1913. .31,372 3,777
CANADIAN
Canadian Bonded
Wheat. Wheat.
bush. bush.
In Thousdands—
Montreal.... ............ . . . 3,070 ___
Ft.Willlam & Ft.Arthur. 4,130 ___
Other Canadian___ . . . 2,440 ___
T H E
th o
a c cu m u la tio n
w as
v a lu e d
s p e c ifie d
New York to June 20-
United
Kingdom. Continent.
s u p p ly
p a ck a g e s,
Corn.
United
Kingdom. Continent. | Total.
v is ib le
g ra n a ry
d a tes
p o in ts
Wheat.
June 20 1914..
Juno 13 1914..
Juno 21 1913..
Juno 22 1912..
o n
fo llo w s :
Manufactures of—
W o o l...................
C otton _________
Silk....... ...............
F la x ___________
Miscellaneous__
.-.12,368 2|798,243 420,142
,478,918
...10,091 1,937,523 342,132 69 .732,267
W arehouse During Same Per
...
...
...
...
...
479
369
272
610
266
129,164
93,834
115.147
137,931
57,371
16,296
18,912
7,010
14,215
39,150
,794.382
,205,293
,013.067
,406,712
,738,493
. . . 1,996
. . . 9,093
533,447
2,210,369
95,583
296,809
19,187,947
71,530,786
...1 1,08 9
—. 9,933
2,743,816
2,224,705
392,392
366,731
90,718,733
72,648,600
N ews Item s.
Commission Charter Rejected.—
H a g e r s to w n ,
p ro p o s e d
n ew
g o v e rn m e n t
J a c k s o n ,
is s u e
fo r
in v a lid
c ity
w a s
ch a rte r
r e je c te d
b y
c o n s tru c tio n
th e
C o u rt
J a c k s o n v ille ,
p r o v id in g
th e
a
c o m m is s io n
v o te rs
o n
J u n e
Bonds Declared Invalid.—
K y .—
th e
b y
M d .—
o f m a ca d a m
o f A p p e a ls
o n
A
o f
2 2 .
$ 1 5 ,0 0 0
streets w a s
J u n e
T h e
fo r m
b o n d
h e ld
to
b e
16.
—Bonds Legal Investments For New
F la .
York Savings Banks.—
S ee
ite m
u n d e r
“ N e w
Y o r k
S ta te
b e lo w .
M a s s a c h u s e tts .
Amendment— B
L e g is la tu r e
s titu tio n
in c o m e s .
o n
y
— House Passes Resolve for Income Tax
a
v o te
J u n e
2 4
e m p o w e r in g
T h e
o f 2 0 5
a g re e d
th e
m ea su re
to
to
G en era l
n o w
7
a n
th e
lo w e r
C o u rt
g o e s
to
b ra n ch
a m e n d m e n t
th e
to
le v y
to
a
o f
th e
ta x
th e
c o n
u p o n
S en a te.
N e w
Y o r k
State.—Attorney-General Holds that Bonds of
City of Jacksonville, Fla., are Legal Investments For Savings
Banks.— A s s t a t e d i n t h e “ C h r o n i c l e ” o f J u n e 1 3 , p a g o 1 8 6 3 ,
A tto rn e y -G e n e ra l
c ity
o f
b a n k s in
in
fu ll,
C a rm o d y
J a c k s o n v ille ,
N e w
Y o r k
is a s f o l l o w s
F la .,
S ta te .
h e ld
a re
r e c e n tly
le g a l
T h e
th a t
b o n d s
in v e s tm e n ts
fo r
o f
th e
s a v in g s
A t t o r n e y - G e n e r a l ’s o p i n io n ,
:
SECTION 239, SUBDIVISION 5. BANKING LAW.
Bonds o f the Cilu of Jacksonville, Fla., as Legal Investments for the Savings
Banks of this State.
Bonds o f the Territory o f Florida issued in aid o f various corporations
and bonds of the State o f Florida issued in aid of certain railroads remain
ing unpaid do not constitute such a default upon tho part of the State
of Florida as to render illegal the bonds o f the City o f Jacksonville. Fla.,
for investments by the savings banks of this State.
INQUIRY.
Tho Superintendent of Banks has submitted for my opinion tho question
whether bonds o f the City o f Jacksonville, Fla., are legal investments for
the savings banks o f this State.
OPINION.
In determining the question here involved it is necessary to discuss tho
issuance o f certain bonds of the Territory o f Florida and also bonds of tho
State o f Florida, which the failure to pay on tho part o f the State is con
sidered in some publications, as for instance, “ Tho Repudiation of State
Debts” , by William A. Scott, and “ Tho Report on Valuation, Taxation
and Public Indebtedness in the United States,” compiled in connection
with tho 10th Census, June 1 1880, a default upon the part of the State
in the payment o f its indebtedness.
..
.
So far as tho bonds o f tho Territory o f Florida are concerned, the facts,
as I have been able to ascertain them, are as follows :
In 1833 the Territory o f Florida chartered tho Union Bank o f Florida
(Laws o f Florida, 1833, p. 73) with a capital of $3,000,000, and authorized
the issue of bonds of the Territory for tho purpose of providing the capital.
Tho statute chartering the bank also provided that the owners of real
estate in the Territory could become subscribers to the stock by giving
mortgages to secure the payment o f their subscriptions and when the
stock had been so subscribed and secured, bonds o f the Territory were to
bo delivered to tho bank to enable it to raise tho capital required.
In 1837 this bank suspended specie payment and in 1842 it failed to pay
the interest on tho bonds loaned to it.
. _ . . . 1Q...
The Bank of Pensacola was chartered in 1831 (Laws of Florida 1831,
p 47) and to aid its operations it was authorized to issue its bonds to the
amount o f $500,000, and the Governor of the Territory of Florida was
authorized to guarantee these bonds on behalf o f the Territory, which
bonds were so issued and guaranteed.
In 1843 this bank passed out of existence.
,
, , ,
The Southern Life Insurance & Trust Company was incorporated in
1835 (Laws o f Florida 1835, p. 265), and by Section 21 of the Act incor
poratin'' it it was provided In substance that to enable the company to
make loans’ and discounts beyond the amount o f its capital, it might issue
certificates o f $1,000 eacn at such times as the Governor and the company
agreed on and made it the duty o f the Governor to endorse on such cer
tificates “ guaranteed by the Territory o f Florida.”
Pursuant to said Section it is said that certificates were issued amounting
to the sum o f $400,000.
.
Whether any of the bonds of the banks or certificates of the insurance
and trust company above mentioned are outstanding at the present time
<*°,n ie <TerrRory’o f Florida was admitted to statehood on March 3 1845.
Subdivision 5 o f Section 239 of the Banking Law o f this State, in so far
a s material, provides as follows :
“ Section 239. Investment o f deposits and guaranty fund and restric
tions thereon. A savings bank may invest tho moneys deposited therein,
the sums credited to the guaranty fund thereof and the income derived
therefrom, in the following property and securities and no others, and
subject to the following restrictions : * * * * *
5. The stocks or bonds of any incorporated city situated in one of tho
States o f tho United States which was admitted to Statehood prior to Janu
ary first eighteen hundred and ninety-six, and which sinco January first,
eighteen hundred and sixty-one, has not repudiated or defaulted in tho
payment of any part of the principal or interest o f any debt authorized
bv the Legislature o f any such State to be contracted, provided said city
has a population, as shown by the Federal Census next preceding said
investment, of not less than forty-fivo thousand inhabitants, and was
incorporated as a city at least twenty-five years prior to tho making of
said investment, and has not, since January first, eighteen hundred and
seventy-eight, defaulted for more than ninety days in the payment of any
part either o f principal or interest o f any bond, noto or other evidence of
indebtedness, or effected any compromise of any kind with tho holders
thereof
* * ♦ *'
The bonds above referred to aro claimed to have been unlawfully ami
illegally issued, being in aid o f private corporations and violative of a
resolution o f the Judiciary Committee o f tho Territorial Legislature adopted
in 1840 There would seem to bo every good reason for this contention,
but however that may be, the indebtedness, if any, thus created was
that of tho Territory, and so far as I have been able to find, was never
assumed by tho State.
. . . .
,
It is my opinion, therefore, that so far as these bonds aro concerned, it
cannot be said that tho State o f Florida has “ sinco January first, eighteen
hundred and sixty-one * * repudiated or defaulted in the payment
of any part of tho principal or interest authorized by tho Legislature * *
*°So far as*the*issuance o f bonds in aid of railroads by the State of Florida
is concerned, it appears that bonds were Issued, amounting to $3,000,000,
in aid of tho Jacksonville Pensacola & Mobilo Railroad, and $1,000,000 in
aid of the Florida Central Railroad during the years 1870 and 1871.
It seems that these bonds were issued pursuant to an Act of the Legis
lature of Florida which became a law Juno 24 1869, by which law the
Jacksonville Pensacola & Mobile Railroad Company was incorporated, and
which Act provided in substance for the delivery by the Governor of tho
State o f coupon bonds o f the State, amounting to $16,000 per mile of said
railroad in exchange for the railroad’s first mortgage bonds, and also
provided that in order to secure tho principal and interest of the said
bonds of tho company, the State of Florida had a statutory lien, valid as
a first mortgage, upon all o f tho real and personal property of tho com
pany and its franchises.
Tho legality o f these bonds has been passed upon by the courts on
In the case o f Holland vs. State o f Florida, et ai, 15 Fla. 455, it was held
that tho bonds created no liability upon tho part of tho Stato to the holders
o f the bonds, but that the State did stand in the position of a trustee
holding the bonds of tho company to secure payments to parties who had
advanced moneys to the company.
In this case the Court, at page 533, said :
,
"The bonds of the State of Florida here authorized to be issued are,
therefore, unconstitutional. The power of the Legislature is limited in
this respect, and tho bond here sanctioned is not embraced within the
limitation. One of the consequences of this is that neither the State nor
her people aro bound for tho bonds now in the hands of those who hold
them. No doctrine of estoppel can operate against the Stato.”
In the case of Railroad Companies vs. Schutte, 103 U. S. 118, at page
142, the Court, referring to said bonds, says :
“ These bonds as State obligations were void, but as against tho com
pany which had actually put them out they were good.”
The two cases from which quotations were made concern tho bonds of
the Jacksonville Pensacola & Mobile Railroad Company, but the bonds
issued to the Florida Central Railroad Company wero issued pursuant to
the same authority, and in the case of the State o f Florida et al, vs. The
Florida Central Railroad Company et al, 15 Fla. 690, tho bonds issued
in aid o f the latter company were held to be illegal.
The decisions above mentioned and others in which theso bonds were
held to have been illegally and unlawfully issued were based on various
provisions of the Constitution of Florida, which the court held limited
the Legislature to the issuance of bonds in aid of uncompleted improve
ments authorized in 1855, and, therefore, did not apply to the construction
of the railroads in question.
.....
It seems to have been clearly established by this litigation that the said
$4,000,000 of bonds of the Stato of Florida so issued in aid of said railroads
wero issued without statutory authority, and that the Acts of tho Legisla
ture authorizing the Issuance thereof were unconstitutional.
It also appears that by tho enforcement of the statutory lien which the
courts determined tho State held for the benefit of tho holders of tho bonds
of tho company, the holders of some of the bonds havo realized thereon.
The indebtedness created by these bonds upon tho part of the State
has been declared illegal and unauthorized. It seems to me that the State
of Florida cannot be said to have “ repudiated or defaulted in the payment
of any part of the principal or Interest of any debt authorized by the Legis
lature of any such State to be contracted,’ for the reason that under tho
decisions mentioned there never was a legal debt or obligation concerning
which a default or repudiation could be said to exist.
I am, therefore, of the opinion that so far as tho legality of tho bonds of
the City of Jacksonville, Fla., for investments by savings banks of this
State are concerned, such legality is not affected by the failure of the
State to recognize the said bonds of the Territory of Florida or thoso issued
in aid o f the railroads mentioned.
This opinion must be regarded as confined strictly to the particular
question under consideration here and tho peculiar conditions referred to
above, and must not bo construed as holding that a State may not assume
obligations of a territory.
, ,
,
It appears from the certificates of tho proper officers of tho City of
Jacksonville that said city complies with tho conditions of sub-division 5
of Section 239 of the Banking Law, and if tho State of Florida has com
plied with tho conditions mentioned in said statute in reference to States
and has mado no default in tho payment of its indebtedness, it being under
stood that the alleged indebtedness heretofore referred to is excluded from
consideration, I am of tho opinion that the bonds of tho City of Jackson
ville Fla. are legal investments for the savings banks of this State.
Dated. June 9 1914.
THOMAS CARM ODY.
Attorney-General.
To :
HON. GEORGE I. SKINNER,
First Deputy Superintendent of Banks,
Albany, N. Y.
Conviction of Former Senator Stilicell For Bribery Upheld by
Appellate Division— O n J u n e 1 2 t h e A p p e l l a t e D i v i s i o n
a ffir m e d
fo r m e r
a
o f
ch a rg e
o f n o t le s s t h a n
T h e
c h ie f
ce r ta in
th e
in ju r e
tr ia l,
ju s t ly
J .
S t il w e ll’s
is
n o w
a p p ea l
e x c lu d in g
to o
o th e r
M c L a u g h lin
D iv is io n .
th e
c o n v ic t io n
s e r v in g
w a s
a
on
se n ten ce
“ It
o f
to
b e
in
a d m ittin g
c o n s id e r e d
in
th e
is
s u ffic ie n t
th e m ,
d e fe n d a n t.
c o n v ic te d ,
.
orror
te s tim o n y .
n u m erou s
e x a m in a tio n
ju d g m e n t,
h e
( V . 9 6 , p . 1 5 6 9 .)
th e
a re
J u s tic e
ca re fu l
w a s
o f
a n d
A p p e lla te
a
S tep h en
w h ic h
fo u r y e a rs.
o b je c t io n s
le n g t h ” , s a id
a fte r
fo r
g ro u n d
e v id e n c e
“ T h e
o f
S en a tor
b r ib e r y
u n a n im o u s
th e y
to
d id
sa y
th a t,
n o t,
in
m y
a
fa ir
T h e
d e fe n d a n t
h a d
th e
ju d g m e n t
s h o u ld
a n d
a t
o p in io n
b o
a ffir m e d .”
N o r t h
P la in fie ld ,
N .
b o ro u g h
t io n
in
o f
A c t
o f N o rth
S a le m ,
in
th o
S e p t. 2 4
th o
c ity
o f
o f
a n d
a . m . F r id a y
w ill b e
to
v o te
P lm n L e ld
A p r il
16
th e
le a th e r
w h ic h
w as
ca u sed
b y
d is tr ic t
n o t
a fir e
a t
2
b ro u g h t
(J u n e 2 6 ), a ft e r a b o u t
o
a n d
2 0 ,0 0 0
k ea g
p e o p le
S tea m
a ro s a id
C o tto n
e m p lo y in g
l lA
a n d
to
C o .
b e tw e e n
m ile s
b o
7 ,0 0 0
a n d
d e stro y e d .
V ir g in ia -W e s t
nounced— C
U .
S .
v a lu e d
8 ,0 0 0
S u p rem e
C o u rt
to
V ir g in ia
r e s u lt o f a c o n fe r e n c e
ta k e
d e b t
w ith
T h e
a t
fiv e
R ic h m o n d ,
V a .,
h a n d s,
w ere
Y p s ila n t i,
17.
b a s
te s tim o n y
a n n o u n ce d
o ffic ia ls a n d
V .
W a s h te n a w
9 8 ,
p .
C o u n t y ,
Purchase of Gas Plant Called Off—Wo
e le c t io n
p la n t
to
fo r
v o te
o n
th o
$ 1 1 0 ,0 0 0 ,
p u rch a so
w h ic h
(V . 9 8 , p . 1 8 6 3 ), h a s b e e n
a n d
t o t a lly
w a s r e c e n tly d ir e c te d b y
a d d itio n a l
ca se,
S ta te
A u g .
N a u m -
$ 3 ,5 0 0 ,0 0 0
w a s
o f
to
th e
in
th a t
th e
as
a
a tto rn e y s rep re
s e n t in g t h e t w o S t a te s , it h a s b e e n a g r e o d t o b e g in
in
b u rn t
1 5 ,0 0 0
Hearing in Debt Case An
V ir g in ia .—
. E . L ittle fie ld , w h o
V ir g in ia -W e s t
u n til
m a n y
T h e
B e tw e e n
h o m e le s s .
m ills ,
sta rted
co n tro l
w id e .
lo n g
r o u g h ly
T h u rsd a y
h om es a n d
d e s tro y e d .
m ile s
th e
q u es
p r o v id e d
w h ic h
im p o r t a n t in d u s t r ia l p la n t s h a d b e e n
2 ^
as
c lo c k
u n d er
1 ,0 0 0
in
th e
1902.
a rea
is
h e ld
o n
Destroys Part of City—A l o s s ,
F ir e
a t $ 1 2 ,0 0 0 ,0 0 0 , w a s
h ea rt
a fte r n o o n
5
w ith
o n
L e g is la tu r e a p p r o v e d
M a s s .—
e s tim a te d
s p e c ia l e le c t io n
P la in fie ld
c o n s o lid a tio n
o f th e
—Election on Question of Consoli
J .
dating with Plainfield— A
th e h e a rin g
1863.
M ic h .
a re
th o
—Election on
a d v is e d
Y p s ila n ti
h a v e
b een
th a t
th e
G a s
C o .
h e ld
J u ly
25
c a lle d o ff .
B on d C alls and R edem ptions.
E l
P a s o
C o u n t y ,
C o l o . — Bond Call.— P a y
M a n ito u ,
m e n t
w ill
T r e a s .,
N e w
o r
b e
Y o r k ,
th e
O ct.
a n y
6 %
15
in g
q u o ta tio n
lis t
o f
d e m p tio n :
J u ly
6
h ou so
C h ic a g o ,
1 5 -2 0 -y c a r
a t
o f
th o
o ffic e
o f
E .
H .
R o llin s
D e n v e r,
or
S a n
(o p t .)
r e fu n d in g
th o
&
T o w n
S on s
in
F ra n c is c o ,
o f
w a ter
b o n d s
1897.
M is s o u r i.—
t h e ir
o n
b a n k in g
B o s to n ,
$ 3 9 ,0 0 0
d a te d
m a d e
a t
Bond Calls.—
p a m p h le t
m u n ic ip a l
W liita k o r
d a te d
b o n d s
J u n o
w h ic h
&
1 5,
h a v e
C o .
o f
S t.
in c lu d e
b oon
L o u is ,
th e
c a lle d
in
fo llo w
fo r
re
vestors by Ulen & Co. of Chicago. Denom. $1,000. Date Mar. 1 1914.
Int. M . & S. at the Hanover Nat. Bank of N. Y. Bonded debt, $45,000.
Assessed valuation $518,000: real value, $1,000,000.
ATHENS TOWNSHIP SPECIAL SCHOOL DISTRICT (P.O.
Athens), Athens C ounty, O h io.— BONDS DEFEATED.— The question
of issuing the $15,000 school-building bonds (V. 98, p. 705) failed to carry
at the election held some time ago.
tGCVty V f*Do'>Soto, Jefferson County, 4% bonds, dated M ay 20 1904, for
ATTALA COUNTY (P. O. K osciusko), Miss.— BOND OFFERING.—
51.000 each, Nos. 8, 9 and 10, of the water works issue havo been called Proposals will be received until July 6 by .11 II. Oliver, Clerk of Board of
and will be paid M ay 20 1914.
,
„
...
,
.. , Supervisors, for $50,000 10-25-year Road District No. 1 bonds. Denom.
City of Lexington, M o., city hall bonds Nos. 3 and 4 have been called $500. Date July 1 1914. Int. (rate not to exceed 6% ) payable semi-ann.
and will be paid July 1 1914.
Certified check for $2,000 required. These bonds are part of an issue of
Elsberrv School District No. 10 5% budding bonds dated July 1 1904, $150,000, S50.000 of which has already been sold.
5-20s. No. 12, has been called and will be paid July 1 1914.
ATTLEBORO, Mass.— TEMPORARY LOAN.— On June 24 this city
E v e re tt T o w n s h ip , Cass C o u n t y , 5 % b o n d , d a te d .M a r. 1 1888, for S I ,00o
awarded a loan of $50,000 due Nov. 24 1914, issued in anticipation
of taxes, to the First National Bank of Boston at 3.28% discount.
Other bidders were :
Discount
Loring, Tolman & Tupper, Boston____________ ______ ______
3.38%
m nh’ Nos' 1 "o’ 3 and 4, have been called and will be paid June 10 1914.
3.40%
Poplar illuff: M o District No. 17. Township 25. Range 0 6% building First National Bank, Attleboro-------------------------------------—
bond No. 5, dated June 1 1906. for S100, has been called and will be paid
AUBURN SCHOOL DISTRICT, Placer County, C alif.— BOA’ DS
VOTED.— This district on June 10 voted 485 to 37 in favor of the question
JUSchool9 District (old 3-21-8) New 53-24-8 , 6% bonds (Butler County, of issuing the $47,000 school bonds (V. 98, p. 1787).
M o.), dated Nov. 11 1905. for $100 each, Nos. 6, 7 and 8, have been called
AUXVASSE CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. O.
and will be paid June 1 1914.
School District No. 73 of Do Soto, Jeffesron County, M o., 4 14% bonds, Auxvasse), Callaway C ounty, Mo.— BON'D SALE.— The $16,000 sitepurchase
and building bonds offered without success as 5s on March 30
dated Juno 1 1898, for $500 each, Nos. 10 and 11, have been called and will
(V. 98, p. 1012), were awarded on June 12 to the Mercantile Trust Co. of
be paid June 1 1914.
School District No. 1, New Madrid, M o., 6% building bonds, dated St. Louis for 6s. Denom. $500. Date March 1 1914. Int. M . & S.
BARAGA COUNTY (P. O. L ’Anse), M ich.— AT0 ACTION YET
Aug. 1 1808. for S250 each, Nos. 9, 10, 11, 12, 13, 14, 15 and 16, have been
called and will be paid Aug. 1 1914.
„ TAKEN.— We are advised that no action has yet been taken looking to
Scotland County 414% refunding bonds dated June 1 1897. for $1,000 wards the issuance of the $75,000 road bonds.
each, Nos. 201 to 223, both inclusive, have been called and will be paid
BARBERTON, Summit County, O h io.— BOND OFFERING.— Pro
June 1 1914.
posals will be received until 12 m. Juno 29 by Geo. M . Korns, City Auditor,
$2,950 5% coupon tax-free paving bonds. Denom. (9) $300, (1) $250.
N e w
I b e r ia
S o u t h e r n
D r a in a g e
D is tr ic t ,
La .— Bond, for
Date June 1 1914. Int. J. & D. at office of City Treasurer. Due two
Call. — Payment will be made on July 1 at the Whitney- bonds yearly on Juno 1 from 1915 to 1919, inclusive. Certified check for
payable to City Treasurer, required. Bonded debt (including this
Central Trust & Savings Bank, New Orleans, of the following $100,
issue), $356,880; floating debt, $13,280. Assassed value 1913, $12,610,000
5 % bonds numbered 3, 14, 15, 17, 25, 27, 32, 52, 56, 58,
BARTON HEIGHTS (P. O. R ichm ond), H enrico C ounty, Va.—
68, 79, 98, 112, 113, 115, 119, 120, 140, 148, 154, 165, 172, BOND OFFERING.— Proposals will be received until 8:30 p. m. July 7
Titos. Armstrong, Chairman, Finance Committee, for $25,000 6%
208, 271, 290, 323, 355, 367, 381, 408, 423, 448, 454, 491, by
30-year coup, general impt. bonds. Denom. $1,000. Date July 1 1914.
517, 557, 593, 595 and 597.
Int. J. & J. at First Nat. Bank, Richmond.
BAY CITY, Bay C ounty, M ich.— NO BOND ELECTION.— The City
W h e e l i n g , W . Va.— Bond C all. — Call was made for pay
advises us that the reports that stated that an election would
ment July l at the Bank of the Ohio Valle}', Wheeling, of Comptroller
bo held in this city April 27 to vote on the questions of issuing $700,000
consolidated puraping-station and filtration-plant and $126,000 sidewalk
the following bonds:
Refunding loan of 1902, Series “ C” bonds, Nos. 135 to 140, inclusive, to bonds (V. 98, p. 1333) are erroneous.
the amount of $6,000.
BEAVER DAM, Dodge County, W is.— BOND OFFERING.— Bids will
Main St. bridge bonds (First Series), bond of $500, No. 105: bond of be received until 3 p. m. June 30, it is stated, by Wm. II. Hall, City ClerkJ
$1,000, No. 209.
for $133,000 4H % coup, water-works bonds. Denom. (63) $1,000;
Loan of 1885. bonds Nos. 81 and 83, for $500 each, and Nos. 116, 140, (100) $500, (200) $100. Date July 2 1914. Int. J. & J. at office of City
155, 171, 190, 206, 209, 224, and 305 for $1,000 each.
Treas. Due on Jan. 2 as follows:
1917 85,500 ..1921 $7,500 ..1 9 2 5 1$9,000 __1929l$10,000 1933
$4,000
------ 6,000 . . 1922 8.000 ..1926110,000 _ _1030[ 8,000 1934
4.000 ..1918
5.000 ..1919 6,500 ..1923 8,500 ..1927110,000 ..19311
B o n d P r o p o s a l s a n d N e g o t i a t i o n s th is w e e k
5.000 ..1920 7,000 ..1924 9.000 ..1928|10,000 ..19321
Certified check for $500 required.
h a v e b e e n as fo llo w s :
BELLAIRE, Balmont County, O h io.— B O N D O F F E R I N G . — Proposals
ABBEVILLE COUNTY SCHOOL DISTRICT NO. 39, So. Caro.—
will
be received until 12 m. June 30 by R. E. Crow, City Auditor, for
H O X D S O F F E R E D B Y B A N K E R S . — 11. C. Speer & Sons Co. of Chicago
$5,000
1-year curb and sidewalk-improvement (assessment) bonds.
have for sale an issue of $6,000 6% 20-ycar coup, school bonds. Denom. Denom. 0%
$500. Date June 30 1914. Interest annual. Certified check for
$500. Date Jan. 1 1914. Int. ,T. & .1. at Hanover Nat. Bank, N. Y. 5% of amount
of bonds, payable to City Treasurer, required. Bonds to be
Bonded debt, this issue. Assess, val. 1913, $229,841.
delivered and paid for within five days from time of award. Purchaser to
AKRON, Summit C ounty, O h io. — B O N D S A U T H O R I Z E D . — A n
pay accrued interest. Official circular states that there is no controversy
ordinance was passed by the City Council on May 25 providing for the or litigation pending or threatening affecting the validity of these bonds or
issuance of $51,775 5% coupon stroet-impt. (assessment) bonds. Denom. any other outstanding bonds, and that the city has never defaulted pay
(1) $775, (51) $1,000. Date July I 1914. Int. J .& J . Duo $5,000 yearly ment on its bonds or interest. Total bonded debt (including this issue),
on July 1 from 1915 to 1922, inclusive, $5,775 July 1 1923 and $6,000 $275,685: tax value 1913. $12,312,260.
July 1 1924.
BELZONI, W ashington C ounty, Miss.— B O N D S O F F E R E D BY
ALBION, C alhoun C ounty, M ich. — B O N D S B E I N G S O L D L O C A L L Y .
B A N K E R S . — Ulen & Co. of Chicago are offering to investors $15,000 6%
— We are advised that the $55,000 paving bonds voted April 6 (V. 98, p. tax-free sewer bonds. Denom. (20) $200, (22) $500. Date July 1 1914.
Int. J. & J. at the Continental & Commercial Nat. Bank, Chicago. Due
1258) are being sold to local investors.
ALLEGANY COUNTY (P. O. Cum berland), Md.— B O N D S A L E . — $200 yearly July 1 from 1915 to 1933 incl. and $11,200 July 1 1934. Total
debt
$65,000. Assess, val. $727,271; est. real val., $1,500,000.
On June 23 the $60,000 5% 2-13-year (ser.) coup, school bonds (V. 98, p.
BENSON, Douglas County, Neb.— BOND O F F E R I N G . — Proposals
1863) wereeawardedto
_ _____ the
___ Citizens’ National Bank of Frostburg at 103.9/5
Other
bids
were:
will
bo
considered until 8 p. m. July 2, it is reported, by Dan. Westergard,
and interest— a basis of about 4 % % ■
City Clerk, for $44,500 5% 5-20-year (opt.) sewer bonds. Int. semi-ann.
Ifatnbleton & Co., Balto___ 104.264 Lena Gertrude Holing--------- 102.50
Cert, check for 2% required.
Baker, Watts & Co., B a lt o ..104.133 J. S. Wilson Jr. & C o ----------- 102.36
Nelson, Cook & Co., B alto..104.133 Citizens’ National Bank,
BENTON, Franklin C ounty, Ills.— B O N D S V O T E D . — The proposi
W esternport_____________102.11
Citizens’ Nat. Bank, F’st’b ’g 103.075
tion to issue $15,000 fire-department bonds carried, reports state, at the
Eutaw Sav. Bank. Baltimore 103.90 W. C. Capper______________101
election
held June 16.
Elijah
II.
Loar_____________100.55
Townsend. Scott & Son, Bal. 103.596
BETHEL SCHOOL D ISTRICT (P. O. Canton), F ulton C ounty, 111.
Third Nat. Bank, Cumberl. 103.40 Joseph Hirsch______________ 100.30
Brandler & Zimmerman____ 100.125 — B O N D S V O T E D . — At an election held June 6 the proposition to issue
Second Nat. Bk., Cumberi’d 103
$1,500 bldg, bonds carried, it is stated.
'
ALLENDALE, Bergen C ounty, N. J. BOND SALE.— On June 25
B EX A R COUNTY COMMON SCHOOL D IST R IC T NO. 41, T ex.—
the $45,000 5% 19:,4-vear (aver.) coupon or registered water bonds (V. 98,
B
O
N
D
E
L
E
C
T
I
O
N
.—
Reports
state
that
an
election will be held July 8 to
p. 1863) were awarded to Outwater & Wells of Jersey City for $46,465
vote on the qm^stion of issuing $20,000 5% bldg, bonds. Denom. $1,000.
(103.255)— a basis of about 4.745%. Other bids were :
101-27 Interest annually on April 10.
l’aterson Savings Institution, Paterson----------------------------------BIDDEFORD, York County, Me.— N O A C T I O N Y E T T A K E N . — The
Silk City Safe Deposit & Trust Co., Paterson------------ ------------- 100.25
ALMONT TOWNSHIP (P. O. Alm ont), Lapeor C ounty, M ich.— City Clerk advises us that no action has yet been taken looking towards
BOND SALE.— The $12,000 5% 1-3-year (ser.) highway bonds offered on the issuance of the $100,000 street bonds recently authorized.
June 1 (V. 98, p. 1629) have been awarded to local peoplo at par. Interest
BILLINGS, Yellow stone County, M ont.— B O N D E L E C T I O N . — An
election will be held to-day (June 27) to vote on the question of issuing
payablo in Juno and December.
$450,000
water bonds, it is stated.
AMERICUS, Sumter Countv, Ga.— BONDS VOTED.— The question
of issuing the 810,000 school and hospital bonds (V. 98, p. 1333) carried,
BINGHAMTON, Broome C ounty, N. Y . — B O N D O F F E R I N G . —
reports state, at (lie election held June 17 (not April 29, as first reported).
Proposals will be received until 11 a. m. July 13 by F. M . Hopkins, Secre
ANCHORAGE, Jefferson County, K y.— BOND SALE.— On June 25 tary of Board of Estimate and Apportionment, for the following 44£%
__
the 825,000 5% 15 1-5-year (aver.) water bonds (V. 98, p. 1863) were tax-freo bonds:
$50,000 fire-dept. bonds. Date Juno 1 1914. Duo $15,000 June 1 1922,
awarded to Seasongood & Mayer of Cincinnati, it is stated, at par.
1923
and
1924
and
$5,000
June
1
1925.
,
ANGLETON DRAINAGE DISTRICT (P. O. A ngloton), Brazoria
70,000 First Ward dike bonds. Date May 1 1914. Due $5,000 yearly
County, Tex.— BOND ELECTION POSTPONED.— We are advised that
on May 1 from 1924 to 1928 incl. and from 1930 to 1935 incl.
the election which was to have been held June 13 (V. 98, p. 1787) was post
and $15,000 May 1 1936.
. ,
poned for 30 or possibly 60 days.
Denom. $1,000. Int. semi-annual at office of City Treasurer. Certified
ANTWERP, Paulding C ounty, O hio.— BONDS NOT SOLD.— No check, cash or N. Y. draft for 2% of bonds, payablo to above Secretary,
bids were received on June 23 for the $43,000 5% 1-10-year (ser.) coup. required. Bonds to be delivered and paid for within 5 days from day of
Main St. bonds (V. 98. p. 1706) and no contracts let, an injunction hav sale. These bonds will be printed and certified by the U. S. Mtge. & Trust
ing been filed against the proposed improvement. A hearing will be had Co. and their legality will be passed upon by Hawkins, Delafield & Long
fellow of N. Y. City, a copy of whose opinion will be furnished purchaser.
July 25.
ARLINGTON, Snohom ish County, W ash.— BOND SALE.— 'T wo Official circular states that principal and interest on all previous bonds
havo been promptly paid.
issues of 7 ' ; bonds were awarded, we are advised, as follows:
BLOOMINGTON SCHOOL C ITY (P. O. B loom ington), Monroe
$15,998 53 paving bonds awarded on May 25 to Kyman & Co. of Seattle.
C ounty, In d .— B O N D S A L E . — On June 22 the $12,000 4'A % high-school
Date M ay 25 1914.
15,286 44 sewer bonds awarded on June 1 to L. M . Uloon & Co. of Port building bonds (V. 98, p. 1864) were awarded, it is stated, to the Fletcherland. Date June I 1914.
American Nat. Bank of Indianapolis for $12,2$7 50 (102.395) and int.
Denom. $100. Int. aim. in May. Due 1924, subject to call part yearly.
BOONE COUNTY (P. O. Lebanon), In d .— B O N D O F F E R I N G . —
ARNOLDS PARK SCHOOL DISTRICT (P. O. A rnolds Park), Proposals will be received until 10 a. m. June 29 by J. T . Frank Loughner,
D ickinson County, Iow a.— BOND SALE.—-The 835,000 school-con County Treasurer, for the following 4H % highway-improvement bonds:
struction and equipment bonds voted April 28, which this district has been $5,040 Jos. A. Campbell et al road in Clinton Twp. bonds. Denom. 8252.
offering for sale (V. 98, p. 1474), havo been sold.
6,160 Everett M. Linn et al road In Jefferson Twp. bonds. Denom. $308.
Date June 2 1914. Int. M . & N. Due one bond of each issue each six
AROMA TOWNSHIP, Kankakee County. 111.— DESCRIPTION OF
BONDS.— The $9,000 5% bridge bonds recently awarded to II. C. Speer months from May 15 1915 to Nov. 15 1924, inclusive.
& Sons Co. of Chicago are coupon in form and are in the denomination of
BOONVILLE, W arrick C ounty, In d .— D E S C R I P T I O N O F B O N D S . —
$1,000. Date Jan. I 1914. Int. ann. on July 1 in Chicago. Duo $3,000 The $11,000 6% South Side sewer-improvement bonds awarded on June 8
on Julv 1 1915, 1916 and 1917. Total debt, this issue. Assess, val., to the Boonville Nat. Bank at par (V. 98, p. 1864) are in the denom. of $500
$574,000. Val. of taxable property, $1,500,000.
and dated June 8 1914. Int. J. & D. Due $500 yearly Aug. 1 from 1915
ASHLAND, Jackson C ounty, Ore.— BOND OFFERING.— Proposals to 1922, inclusive, and $500 each six months from Feb. 1 1923 to Aug. 1
will be received until 6 p. m. July 21 by ( ’ . II. Gillette, City Recorder,for 1929, inclusive: subject to call after Aug. 1 1916.
the 8175.000 5% coup, auxiliary water bonds voted June 9 (V. 98, p.
BOSTON, Mass.— B O N D O F F E R I N G . — Additional information is at
1931). Denom. 81,000. Date July 1 1914. Int. J. & J. at City Treas hand relative to the offering on June 30 of the following 4% registered bonds
on r’s office. Due in 45 years, subject to $25,000 every five years after (V. 98, I). 1931):
ten years from date. Certified check for 2% of bonds bid for, payablo to
$100,000 Boylston St. subway bonds. Due July 1 1959.
“ City of Ashland,” required. Purchaser to pay accrued interest.
1.400.000 Dorchester tunnel bonds. Due July 1 i959.
ATHENS, McMinn County, T en n .— BONDS OFFERED BY BANK 1,000,000 East Boston tunnel-extension bonds. Due July 1 1959.
ERS.—The 830,000 5% 30-year funding and improvement bonds recently 1.340.000 street-improvement bonds. Due $67,000 yearly on July 1 from
1915 to 1934, inclusive.
told by this city at 100.083 (V. 98, p. 1707) are now being offered to in
Austin Township, Cass County, 4J-j% bonds, dated Jan. 1 1899 for
51.000 each, Nos. 5 and 0, havo been called and will be paid June 10 1914.
Calumet Township, Pike County, .4 14 % bonds o f 1899, duo 1919, opt.
1914, Nos. 41 to 65. all numbers included, and No. 70, called for payment
Irregularly M ay 1 last. No legal notice filed with the State Auditor.
Locat notice published in newspaper in Bowling Green on or about the lat-
600.000 sewerage-works bonds. Due $24,000 yearly on July 1 from 1915
to 1939, Inclusive.
400.000 drainage bonds. Duo $16,000 yearly on July 1 from 1915 to
1939, inclusive.
500.000 school land and building bonds. Due $25,000 yearly on July 1
from 1915 to 1934, inclusive.
300.000 highway bonds. Due $15,000 yearly on July 1 from 1915 to
1934, Inclusive.
400.000 highway bonds. Due $20,000 yearly on July 1 from 1915 to
1934, inclusive.
150.000 high-pressure fire-service bonds. Due $10,000 yearly on July 1
from 1915 to 1929, inclusive.
150.000 high-pressure fire-service bonds. Due $10,000 on July 1 from
1915 to 1934, inclusive.
125.000 consumptives’ hospital building bonds. Due $7,000 yearly on
July 1 from 1915 to 1919, inclusive, and $6,000 yearly on July 1
from 1920 to 1934, inclusive.
48.000 East First St. extension bonds. Duo $3,000 yearly on July 1
from 1915 to 1930, inclusive.
45.000 police-station bonds. Due $3,000 yearly on July 1 from 1915 to
1929, inclusive.
Proposals for these bonds will bo received until 12 m. on said day (June 30)
by Chas. II. Slattery, City Treasurer. Denom. $1,000 or multiples thereof.
Date July 1 1913. Int. J. & J. at City Treasurer’s offico or through the
mail by check. Certified check on a national bank or trust company of
Boston, or cash, for 1% of bonds bid for, payable to City of Boston, C. II.
Slattery, Treasurer, required. Bonds to bo delivered and paid for on
July 20. Purchaser to pay accrued interest.
BRAZOS COUNTY (P. O. Bryan), Tex.— WARRANT SALE.— An
issue of $50,000 5H % 10-19-year (serial) bridgo warrants was recently
purchased by the Commonwealth Trust Co. o f Houston. Date June 13
1914. Interest semi-annually at the First National Bank ofCliicago,
principal subject to registration by holder of warrants. The trust com
pany is now offering these warrants to investors.
BRECKENRIDGE, W ilkin C ounty, M inn.— NO ACTION YET
TAKEN .— Tho City Clerk advises us that no action has yet been taken
looking towards tho re-offering of tho $25,000 5% 20-year city-hall and jail
bonds offered without success on Oct. 13 . Y. 98, p. 407. At a recent
meeting of the City Council a suggestion was made to sell them to the State
of Minnesota and an election will probably bo held to vote on that pro
position.
BREMEN, Fairfield C ounty, O h io.— BOND OFFERING.— proposals
will be received until 12 m. July 20 by E. A. Iiufford, Villago Clerk, for
$1,800 5% Storm Water Sewer District No. 2 (assess.) bonds. Denom.
$90. Dato Juno 1 1914. I n t .J .& D . Due part each six months. Certi
fied check for 2% o f bonds, payable to Villago Treasurer, required. Bonds
to bo delivered and paid for within 10 days from timo of award. Pur
chaser to pay accrued interest.
BRIGHTON (P. O. R ochester), Monroe C ounty, N .Y .— BOND SALE
— On June 15 $50,000 20-year sewer bonds were awarded to Adams & Co.
of New York at par for 4.40s. Int. J. & D.
BRUNSWICK, Cum berland C ounty, Maine.— BOND SALE.— On
Juno 20 tho $15,000 4% 8-year (aver.) sower bonds (V. 98, p. 1932) were
awarded to O. E. Denison * Co. of Boston at 100.911 and int.— a basis of
about 3.867%. Other bids were:
Union Safe Deposit & Trust Co. o f Portland__________ 100.31 and int.
Bangor Savings Bank, Bangor____________________________par and int.
BRUNSWICK, C hariton C ounty, Mo .— BONDS VOTED.— The
question of issuing $12,000 paving bonds carried by a vote of 189 to 84 at
tho election held Juno 10.
BRUNSWICK AND TOPSHAM W ATER DISTRICT, M aine.—
BOND OFFERING.— Reports state that proposals will bo received until
12 m. June 30 for $20,000 4% bonds. Date July 1 1914. Duo July 1 1942.
BUENA VISTA SCHOOL DISTRICT, Tulare C ounty, Calif.—
BOND OFFERING.— Bids will be received until 10 a. m. July 8, it is re
ported, by the Board o f County Supervisors (P. O. Tulare) for$12,000
6% school bonds. Denom. $1,000.
BURLINGTON, C hittenden C ounty, V t.— BOND OFFERING.—
Proposals will bo received until 10 a. m. June 29 by L. C. Grant, City Treas.,
for $20,000 4% 20-year coup, school bonds. Denom. $1,000. Date
July l 1914. Int. J. & J. at office of City Treas. These bonds will be
certified as to genuineness by the Old Colony Trust Co. and they will fur
ther certify that in the opinion of Ropes, Gray, Boyden & Perkins of Bos
ton this issue is a vaild obligation of the city.
BURV700D SCHOOL DISTRICT (P. O. Riverbank), Stanislaus
County, Calif.— BONDS DEFEATED.—-The question of issuing $3,500
building bonds failed to carry at the election held Juno 16 by a vote of 3
“ for” to 31 “ against.”
BUSHNELL, Sumpter C ounty, Fla.— BOND OFFERING.— Further
details are at hand relative to the offering on Julv 14 of the $15,000 street
and $12,000 water-works 6% bonds (V. 98, p. 1932). Proposals for these
bonds will be received until 8 p. m. on that day by J. T . McCallum, City
Clerk. Denom. $250. Date July 1 1914. Int. ann. on Julv t at Citi
zens’ Bank, Bushnell. Due yearly on July 1 as follows: $1,250 from 1919
to 1922 Incl., $1,500 from 1923 to 1926 inch, $1,750 from 1927 to 1930 inch
and $2,250 from 1931 to 1934 inch Cert, check for 5% of bonds bid for
required. No indebtedness. Assess, val. 1913, $132,000; est. val., $200,CALDWELL, N oble C ounty, O hio.— BOND SALE.— On Juno 22
$3,571 13 5% 5 H-year (aver.) street-paving bonds were awarded, reports
state, to L. C. Harper and J. 8. Jones of Caldwell for $3,036 13 (101.82)
and int.— a basis of about 454%.
CALEXICO UNION HIGH SCHOOL DISTRICT, Imperial County,
C alif.— PURCHASER OF BONDS.— Tho purchaser of tho $65,000 6%
h igh-school-building bonds awarded on June 2 was Stephens & Co. of San
Diego. The price paid was $65,421— equal to 100.65. Wo wero first in
formed that these bonds wero awarded to Wilson, Cranmer & Co. of
Denver for $65,106 (100.163).
CAMBRIDGE SCHOOL DISTRICT (P. O. Cambridge), Story
C ounty, Iowa.— BOND SALE.— On June 1 the $12,000 5% 10-year bldg.impt. bonds (V. 98, p. 1181) were awarded to Geo. M . Bechte'l & Co. of
Davenport at par. Date Juno 1 1914. Int. J. & D.
CANTON, Cherokee C ounty, Ga.— BONDS VOTED.— The proposi
tions to issue $25,000 school-bldg., $5,000 wator and light plant impt. and
$5,000 city-hall-constr.-and-equip. 8% bonds carried, reports state, at tho
election held June 15.
CANTON SCHOOL DISTR IC T (P. O. C anton), F u lton C ounty,
111.— BONDS AUTHORIZED.— Reports state that tho school board has
authorized the Issuance o f $18,000 4 'A % school bonds. Denom. $1,000.
Dato July 1 1914. Int. J. Sc J. Due first bond July 1 1924. last bond
July 1 1934.
CANTREL SCHOOL D IST R IC T (P. O. Cantrol), Van Buren
C ounty, Iow a .— BOND SALE.— The $14,000 school bonds voted during
April (V. 98, p. 1259) have been disposed of.
CARROLL COUNTY (P. O. D elphi), Ind .— BOND SALE.— On June
18 tho four issues of 4J4% 5 2-3-year (aver.) highway-impt. bonds, aggre
gating $26,800 (V. 98, p. 1864), were awarded to J. F. Wild & Co. of In
dianapolis for $26,988 97 (100.705) and int.— a basis of about 4.359%.
CASF.VILI.E TOWNSHIP (P. O. Caseville), H uron County, M ich.—
BOND SALE.— Tho $5,000 5% 614-year (aver.) road bonds offered on
M ay 15 (V. 98, p. 1475) have been awarded to It. L. Hubbard * Co. of
Caseville at par.
CASS COUNTY (P. O. L ogansport), Ind .— BOND OFFERING.—
Bids are asked until 10 a. m. Juno 30 by At. M . Minnick, County Treas.,
for $11,240 4 14 % Andrew Ileppe et al. highway bonds in Eel Twp. Denom.
$562. Date June 15 1914. Int. M . Sc N.
CENTER SCHOOL TOWNSHIP (P. O. Knox), Starke C ounty, Ind.
— BOND SALE.— On Juno 13 the $4,500 4% school bonds (V. 98, p. 1770)
were awarded, it is stated, to J. F. Wild & Co. of Indianapolis at par, their
bid also including $35 for legal expenses.
CHAMPAIGN, Champaign County, Ills.— NO BONDS VOTED.— We
are advised that the reports stating that this city voted during March
an issue of $10,000 library bonds (V. 98, p. 851) wero erroneous.
CHAMPAIGN COUNTY (P. O. U rbana), O hio.— BOND SALE.— On
Juno 22 tho $13,000 5% 214-year (aver.) coupon St. Paris and Rosowood
road-improvement bonds (V. 98, p. 1788) wero awarded, it Is stated, to the
National Bank of Urbana for $13,033— equal to 100.253.
CHARLESTON, W. Va.— BOND SALE.— On June 23 tho $465,000 5%
(serial) street, alleys and levee-improvement bonds (V. 98, p.
1864) wero awarded, it is stated, to E. H. Rollins Sc Sons of Chicago and
Seasongood & Mayer of Cincinnati at their joint bid of 101.68.
CHARLOTTE, Monroe County, N. Y.— BOND OFFERING.— Pro
posals will be received until 7:30 p. m. July 6 by Wm. E. Hogan, Vil. Clerk,
For the $10,300 reg. sower constr. bonds voted Mar. 17 (V. 98, p. 1788).
Denom. $1,000. Dato Aug. 1 1914. Int. ann. on Aug. 1 at somo Roches
ter, N . Y ., banking house, in N. Y . exchange. Duo $1,000 yearly .bo
ginning Aug. 1 1915. Cert, check for $200, payable to Vil. Clerk, required.
CHELSEA, Tama C ounty, Iow a.— BONDS TO BE OFFERED
SHORTLY.— The $17,000 514% water bonds voted last November will bo
issued about Aug. 15. Denom. $1,000. Int. J. & D . Duo $1,000 yearly,
beginning about June 1 1916.
CHEROKEE SCHOOL DISTRICT (P. O. Cherokee), Cherokee
County, Iowa.— BOND OFFERING.— Bids will be received by Wm.
Schardiow, Secy. Bd. School Directors, it is stated, until 7:30 p. m. July 8
for $85,000 5% 10-year school bonds voted Juno 12. Int. semi-annual.
CHERRYVALE SCHOOL DISTRICT, K an s.— BONDS OFFERED
BY BANKERS.— II. C. Speer & Sons Co. of Chicago are offering to in
vestors the $40,000 5% coup, liigh-school bonds voted Apr. 7 (V. 98, p.
1259). Denom. $1,060. Dato May 15 1914. Int. F. * A. at State
Treasury. Due $1,000 yearly on Aug. 15 from 1915 to 1918 incl. and each
six months as follows: $1,000 from Feb. 15 1919 to Aug. 15 1921 incl. and
from Feb. 15 1924 to Aug. 15 1926 incl., $2,000 on Fob. 15 and $1,000 on
Aug. 15, from Feb. 15 1927 to Aug. 15 1933 incl. and $3,000 Feb. 15 1934.
Total debt, $56,000. Assess, val. 1913, $3,316,631. These bonds are
tax-free in Kansas.
CHICAGO, 111.— SALE OF BONDS OVER COUNTER TO BE RESUMED.
— On July 1 tho city will resume tho sale of bonds direct to tho public at
par. In April the city discontinued the first popular sale of bonds after
$1,100,000 of a total Issue of $1,880,000 had been sold. The securities to
be sold beginning July 1 are $470,000 health department bonds and $350,
000 bathing-beach bonds, a total of $820,000. Both issues bear 4% inter
est, and mature in annual installments from 1917 to 1933, inclusive.
In this offering tho city will have tho advantage of being able to sell part
of tho bonds in denominations less than $1,000. In the former offering
over the counter $1,000 was tho minimum denomination. In tho July
sale certificates of $500 and possibly $100 will bo available so that tho city
will be able to supply small investors.
CHICAGO JUNCTION, H uron C ounty, O hio.— BOND SALE.— On
Juno 22 the $3,000 5 14% 314-year (aver.) public-hall-lmpt. bonds (V. 98,
p. 1932) were awarded to Tiilotson & Wolcott Co. of Cleveland at 100.53
and interest— a basis of about 4.835%. Other bids were:
Security Sav. Bk. & Trust
Seasongood Sc Mayer, Cin.$3,011 00
Co.. T oled o___________ $3,015 00|Stacy & Braun, Toledo____ 3,004 03
BONDS TO BE OFFERED SHORTLY.— Tho Corporaton Clerk advises
us that this corporation will shortly offer for sale about $18,000 assess, and
$8,000 corporation’s portion street impt. bonds.
CHIMNEY ROCK IRRIGATION DISTRICT (P. O. Chimney R o c k ),
Morrill County, Neb.—-BOND OFFERING.— Proposals will bo received
until 2 p. m. July 7 by C. W . Sixbcrry, Sec. Bd. of Directors, for $83,000
6 % irrigation bonds.
Denom. $100. Int. J. & J. at offico of Co. Treas.
CINCINNATI, Ohio.— BOND SALE.—On Juno 25 tho $80,000 streetimprovement (city's portion) and $004,000 water-works 414% 20-year
bonds (V. 98, p. 1707) wore awarded, jointly, to Harris, Forbes & Co. and
Estabrook & Co. of New York at 104.316— a basis of about 4.18%.
CLARKSBURG, Ross C ounty, O hio.— BOND SALE.— Weil, I lo th *
C o., Cincinnati have been awarded $18,000 5% 15-year bonds for $18,192
— equal to 101.06— it is stated.
CLARKSDALE, Coahoma C ounty, Miss.— BOND SALE.— We have
just been advised that the $60,000 5% 2 0 -year pav ng bonds (V. 98, p. 1475)
wero awarded on May 21 to Bolger, Mosser Sc Willaman of Chicago at par.
CLEARSPRING TOWNSHIP SCHOOL CORPORATION (P. O.
Topeka), La Grange County, In d .— BOND SALE.— On June 20 the
$15,500 414% 4 4-5-yr. (aver.) school-b ldg. bonds (V 98 p 1788) were
awarded to J. F. W ild * Co. of Indianapolis for $15,681 (101.167) and int.—
a basis of about 4.239% . Other bids were:
Breed, E llio tt * Harrison, Indianapolis..................................... $15,680 00
Kissell, Kinnlcutt & Co., Chicago...................................... - ......... 15,555 00
CLINTON SCHOOL TOWNSHIP (P. O. Millersburg), Elkhart
County, Ind.— BOND OFFERING.— Proposals will be received until 2
p. m. July 6 by D. A. Wortinger, Twp. 1 rustco, for $24,000 414% schoolnouse-constr. bonds. Denom. $000.
1514. Int. J. & J.
Due $1,200 each six months from July 15 1915 to Jan. 15 1925 incl. Cert,
check for 25% of bid required.
COAHOMA COUNTY (P. O. Clarksdale), Miss. BOND OFFERING.
— Bids will bo received until 12 m. July 6 , it is reported, by S. L. Carr.
Co. Clerk, for the $100,000 5% 30-yr. road and bridge bonds. Int. ann.
Cert, check for $1,500 required.
COIN, Pago C ounty, Iowa .— BONDS TO BE OFFERED THIS FALL.
— Tho Town Clerk advises us that tho $12,000 water-works bonds voted
Mar. 30 (V. 98, p. 1103) will probably not bo offered beforo Oct. 1 .
COLLEGE HILI. SCHOOL DISTR IC T (P. O. Beaver Falls), Beaver
County, Pa.— BOND SALE.— On June 16 $15,000 5% 10-25-year (ser.)
bonds were awarded to the Federal Iitlo * Irust Co. of Beaver Falls for
$15,200 (101.333)— a basis of about 4.887%. Denom. $1,000. Dato
July 1 1914. Int. J. & J.
COLLIN COUNTY (P. O. M cK inney), T ex.— BOND SALE.— Tho
Commonwealth Trust Co. of Houston recently purchased tho $125,000 5%
20-40-year (opt.) Dlst. No. 7 road bonds Offered on June 1 (V. 98, p. 1552) .
Denom. $1,000. Dato May l 1914. Int. semi-aim. in N. Y. City. These
bonds wero sold to J. Fred. Smith, a|banker ol Dallas, by tho Commission*
ers’ Court of this county at par and int., and the above trust company
bought the bonds from J. Fred. Smith. I no bonds aro now being ofrered
to investors by the trust company.
COLLINS SCHOOL DISTR IC T, Santa Clara County, Cal.— BOND
OFFERING.— Proposals will be received until 1l a. m. July 6 by IlenryjM.
Ayer, Chairman Bd. of Co. Supers. (I’ . O.lSan Joso), for $5,500 6 % coup,
school bonds. Denom. $500. Int. J. & J. at offico of Co. Treas. Duo
$1,000 yrly. from 1 to 5 years incl. and $500 in 6 years. Cert, check for
5% of bonds bid for, payable to II. A. I fister, Co. Clerk, required. Bonds
to bo delivered and paid for within 10 days from timo of award. Bids must
be unconditional.
CORTLAND, Gaga C ounty, N eb.— BONDS DEFEATED.— The ques
tion of issuing $6 , 0 0 0 improvement bonds failed to carry at tho election held
June 18 by a vote of 33 “ for” to 44 “ against .
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT, Iow a.—
NO BONDS TO BE ISSUED.— Some weeks ago it was reported in tho news
papers that this district would voto on the question of issuing $65,000
bonds. Wo aro now advised that bonds will not bo issued and that the
exponso of recent improvements will bo provided for by a direct tax levy.
CRESTLINE, Crawford C ounty, O hio.— BOND OFFERING.— Bids
are asked until 12 in. July 24 by Edward Li bens, Vil. Clerk, for $3,000 5%
water-works-plant-impt. bonds. Denom. $,>00. Date July 1 1 9 1 4 . Int.
J. & J. Duo $500 yearly on July 1 from 1915 to 1920 incl. Cert, chock for
$250, payable to Vil. Treas., required. Bonds to be delivered and paid for
within lO days from timo of award. 1 urchaser to pay accrued interest.
CUMBERLAND, Allegheny C ounty, Md.— BOND ELECTION.— 'Tho
election to vote on tho question ol issuing the $150,ooo paving bonds at
not exceeding 5% interest (V. 98, p. 1182) will bo held on July 14. Int.
semi-ami. Due $15,000 yearly.
CUYAHOGA COUNTY (P. O. Cleveland), O hio.— BOND SALE.—
The following bids, it is stated, were submitted on Juno 20 for tho $20,359
county’s share and $7,531 assess, portion 5% Butternut Road impt. bonds:
County’s Assessment
Portion.
Portion.
,
$26,359
$7,531
Seasongood & Mayor, Cincinnati---------------------------$180 00
$122 00
Weil, Roth * Co., Cincinnati_____________________ 5()2 50
______
Tiilotson & Wolcott Co., Cleveland--------------------------5 0 1 4 4
1 5 5 89
Hayden, Miller & Co., Cleveland---------------------------- 5 2 5
00
Provident Savings Bank & Trust Co., Cincinnati__ 466 55
163142
Otis & Co., Cleveland__________________________
485
00
First National Bank, Cleveland____________ ______ 370 80
92£40
DANVILLE, Knox C ounty, O hio.— BOND SALE.— On Juno 22 the
$5,000 5)4% 1-10-yr. (ser.) street-paving bonds (V. 98, p. 1708) wero
awarded to Samuel Rico at 102 and int.
2 - 1 0 -year
174 00
170 00
DAVENPORT INDEPENDENT SCHOOL D IS T R IC T (P. O. D aven
p ort), Iow a.— BOND SALE.— On June 8 the $5,000 site-purchase and $10.
000 bfdg. (not $25,000 as first reported) 4H % 5-10-yr. (opt.) bonds voted
during March (V. 98, p. 852) were awarded to Geo. M . Bechtel & Co. of
Davenport at par. Denom. $1,000. Date Juno 1 1914. Int. J. & D.
DAVIESS COUNTY (P. O. W ashington), In d .— BOND SALE.— On
June 23 the $18,900 4 M % road bonds (3 issues) wero awarded, it Is stated
to the Washington Nat. Bank for $19,027, equal to 100.672 (V. 98. p. 1865).
DEDHAM, N orfolk C ounty, Mass.—BOND OFFERING.— Report
state that this town will receive bids until 4 p. m. July 1 for $42,500 5%
bonds, consisting of $17,500 high-school-land-purchaso loan dated July 1
1914 and due $875 July 1 1915-1934 inclusive; $18,000 bridge-construc
tion loan due $900 July 1 1915-1934 inclusive; $5,000 street-construction
loan due $1,000 July 1 1915-1919, inclusive and $2,000 street-construction
loan due $1,000 July 1 1915 and 1916.
DELAWARE COUNTY (P. O. M uncie), In d .— BOND OFFERING.—
Proposals will be received until 10 a. m. June 30 by G. G. Williamson,
County Treas., for $16,000 4 }4% Wm. E. Brammcr et al. highway bonds
in Hamilton Twp. Denom. $400. Date May 15 1914. Int. M . & N.
Duo $800 each six months from May 15 1915 to Nov. 15 1924 Incl.
DELAWARE SCHOOL DISTRICT (P. O. Delaware), Delaware
C ounty, O hio.— BOND SALE.— On Juno 20 the $2,500 5% 1-5-yr. (scr.)
school bonds (V. 98, p. 1865) were awarded to the First Nat. Bank of
Delaware at 100.08. A bid of $2,501.50 was also received from the City
Nat. Bank of Columbus,.
DENTON SCHOOL DISTRICT (P. O. D en ton ), D en ton County,
T ex.— BOND ELECTION PROPOSED.— Reports state that an election
w »l probably be held in the near future to vote on the question of issuing
$60,000 school bonds.
DENVER, C olo.— BOND OFFERING.— Bids will be received until
at the banking house of Kountze Bros., N. Y ., at the option of the legal
holder. Cert, or cashier’s check for 3% o f bid, payable to the Commission,
required. Bids may be submitted for entire issue or for blocks of $500,000.
DERBY, New Haven C ounty, C onn .— BOND OFFERING.— ProposalO
will bo received until 5 p. m. June 29 by tho City Treasurer for $100,00s
4>4 % gold coupon tax-free refunding bonds. Denom. $1,000. Date
July 1 1914. Int. .1. & .1. at office o f City Treasurer. Duo $3,000 yearly
on July 1 from 1915 to 1934, inclusive, and $4,000 yearly from 1935 to 1944,
Inclusive. Certified chock for 5% , payable to City Treasurer, required.
Bonded debt (not including this issue), $208,000; no floating debt. As
sessed valuo, $6,648,806.
DETROIT, M ich.— BOND OFFERING.— Proposals will be received un
til 11 a. m. Juno 30 by Geo. Engel, City Comp., for $318,000 school,
$403,000 sower, $50,000 park and boulevard and $107,000 lighting 4%
30-year coup, or reg. tax-free bonds. Denom. $1,000. Date July 1 1914.
Int. J. & J. at office of City Treas. or at current official bank of City of De
troit in N. Y . City. Cert, check or cash on a Detroit Stato bank or upon any
national bank, for 2% o f bonds bid for, required. No bids will bo consid
ered for less than $1,000.
DONA ANA COUNTY (P. O. Las Cruces), N. Mex .— BONDS VOTED.
— Reports stato that the question o f issuing the $50,000 road bonds (V. 98
p. 1552) carried at the election held Juno 13.
DOUGLAS SCHOOL D ISTR IC T (P.O. Douglas), Knox C ounty,Ills.
— NO BOATDS PROPOSED.— We are advised by the Olerk o f the Board of
Education that tho reports stating that this district is contemplating the
Issuance of site-purchase and constr. bonds (V. 98, p. 1182) aro erroneous.
DOUGLASS CITY, B utler C ounty, Kans.—-BOND SALE—-Wo have
Just learned that tho $20,000 5% 151$-year (aver.) coup, tax-free water
works bonds mentioned in V. 97, p. 1525, were awarded to D . P. Blood of
Douglass at par during December 1913.
DU N KIRK UNION FREE SCHOOL D ISTR IC T (P. O. Dunkirk),
C hautauqua C ounty, N. Y .— BONDS VOTED.— At tho election heki
Junei 15, a vote of 255 to 30 was cast in favor o f the issuance of tho $50,000
building bonds (V. 98, p. 1789).
EAST ORANGE, Essex C ounty, N. J.— BONDS PROPOSED.— A
meeting o f tho City Council was to have been held June 8 to consider the
issuance of $21,000 4M % 20-yr. coup, or reg. general bonds, series No. 6
Donoin. $1,000. Dato July 1 1914. Int. J. & J. at office of City Treas.
EATON, Preble C ounty, O hio.— BOND SALE.— On Juno 22 the two
Issues o f 5)4 % 3-yr. (aver.) strcct-impt. (assess.) bonds, aggregating $7 100
and dated June 1 1914 (V- 98 p 1708) were awarded to the pVfble Co.
Nat. Bank o f Eaton for $7,150 (100.704) and int. Other bids were:
Well, Roth & Co., Cin — *$7,153 50 [Tlllotson & WolcottCo.,Cl.$7 149 89
Seasongood & Mayer, Cin. *7,151 50 First Nat. Bank, Clcvo__ 7 120 20
---------IR. L. Dollings Co., Ilamil. 7110 00
*Theso bids appear to be higher than that o f tho purchasers, but aro so
given by the Village Clerk.
EDEN TOWNSHIP SCHOOL CORPORATION (P. O Topeka)
La Grange C ounty, In d .— BOND SALE.— On June 20 tho $14 000 5%
4K -yr. (aver.) school-bldg, bonds (V. 98, p. 1789) wero awarded to Leon
Rose o f La Grango for $14,318 (102.271) and int.— a basis of about 4.375%
Other bids wero:
J. F. Wild & Co., Indlanap-$14,3171KisseU, Kinnlcutt & Co., Clil.$14,300
Breed,Elliott&Harrison, Ind. 14,3151E.M.Campbell,Sons&Co.,Ind 14,278
EDGEWOOD, Clayton County, Iowa.— BOND SALE.— This town has
disposed of an issue of $11,000 5& % 5-20-year (opt.) electric-light bonds
to local investors. Denom. $500. Date Dec. 1 1913. Int. ann. on Apr. 1.
, ^ELGIN, K ane County, 111.— NO ACTION YET TAKEN.— 'Tho City
Treasurer advises us that no action has yet been taken looking towards
the offering of the $162,000 5% coup, municipal-electric-light-plant-ercction
bonds voted Oct. 22 (V. 98, p. 1476), as tho matter is still in tho courts.
ELIZABETHTON, Carter C ounty, T o n n .— BONDS OFFERED BY
BANKERS.— Ulen & Co. of Chicago are offering to investors $7,000 6%
funding bonds. Denom. $500. Dato Mar. 2 1914. Int. M . & S. at tho
Town Treas. office or through Ulen & C o.’s office, without charge. Duo
$1,000 Mar. 2 1916, 1917. 1920, 1921, 1922, 1923 and 1924. Total debt
$15,000. Assess, val., $513,000. Est. real val., $1,800,000.
’
ELKHART COUNTY (P. O. Goshen), Ind .— BOND SALE__On
Juno 25 tho four issues of 4 V, % hfghway-impt. bonds, aggregating $165 000
(V. 98, p. 1933), were awarded .dispatches stato, to the Fletchcr-American
Nat. Bank of Indianapolis for $166,574 90—equal to 100.954
ELLIS COUNTY (P. O. Ennis), Tex.— BOND ELECTION.— Reports
stato that an election will bo held July 18 to vote on the question of issnino$90,000 Road District No. 10 bonds.
ELMORE, Ottawa C ounty, O hio.— CERTIFICATE OFFERING__
Proposals will bo received until 12 m. June 29 by Wm. Halov. Village Clerk
for $5,000 6% certificates of indebtedness. Denom. $2 500 Date
Juno 29 1914. Interest at offico of Villago Clerk. Duo Dec. 29 1914
Certified check for $100, payable to Villago Treasurer, required. Bonded
debt, $29,636; floating debt (including this issue), $20,000
Assessed
valuo, $936,141.
ERIE, Erie C ounty, Pa.— BOND OFFERING.— Proposals will bo re
ceived until 10 a. m. Juno 29 by T . Hanlon, City Clerk, for $101 000 park
purchase, $47,000 storm-sewer and conduit constr., $10,000 citv-’hal! hunt
and $12,000 fire-dept.-equip. 4% 20-year coup, tax-free bonds. Denom
$500. Date July 1 1914. Int. J. & J. at office of City Treas. Cert check
or certificate of deposit on a well-known banking house, for 2% o f bonds bid
for, payable to City Treas., required. The principal of said bonds shall
bo registered in City Treasurer s office. Bonds to bo delivered and paid for
on July 1 at Treasurer’s office. Official circular states that there is no
litigation ponding or threatened affecting the corporate oxistenco of the city
or the boundaries thereof, or tho title of its present officers to their respec
tive offices, or the validity of the proposed issue, or of any o f its bonds.
E X IR A SCHOOL DISTRICT (P. O. Exira), A ud ubon C ounty
Iow a.— BOND SALE.— On June 6 Goo. M . Bechtel <fc Co. o f Davenport
purchased at par tho $10,000 5% 10-year building bonds dated July 1 1914.
V. 98, p. 1708.
FAIRPORT, Lake County, Ohio.— BOND OFFERING.— Proposals
SSJ bo receivcduntil 12 m. July 28 by Robert Moyers. Vil. Clerk, for $18 500 5% coup, wator-mains-ext. bonds. Denom. $500. Date Apr. 1 1914
In t-A . & O. at Paincsvillo Nat. Bank, Painesville. Due $500 Apr. 1 1915 ’
♦ i1™.?'.1 1.928 and $1,000 yearly on Apr. 1 from 1916 to 1920 inch, 1922
to 1927 incl. and 1929 to 1934 Incl. Cert, check on a bank other than the
one making the bid, for $500, payable to Vil. Treas., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
FALL RIVER, Bristol C ounty, Mass.— BOND SALE.— On June 23
the,! S ? .Issues of 4% 10H-yr. (aver.) bonds, aggregating $240,000 (V. 98,
P;
awarded to Curtis & Sanger of Boston at 101.51— a basis
o f about 3.825%. Other bids were:
g,- lP Day & c £ - H°st(>n— 101.448IN. W. Harris& Co., Inc., Bosl00.779
Blodgct & Co., Boston---------101.40 Merrill. Oldham & Co., Bos.100.679
Estabrook & C o., B o sto n ... 1 0 1 .37 I
Denom. $1,000 or multiples thereof. Date July 1 1914. Int. J. & J.
FERGUS FALLS, O ttertail C ounty, M inn.— BOND ELECTION
I HOI OSED. Reports state that an election will be held In the near future
to vote on the question o f issuing $17,000 street sprinkler and power-rollerpurchaso bonds.
*
FORKEDEER DRAINAGE DISTRICT NO. 1 (P. O. H enderson),
CBoster C ounty, T en n .-Z U D S REJECTED.— All W s received for the
p5i ’789) we^reJectecT (aver ) drainaK° bonds offered on Juno 17 (V. 98.
FORT MADISON SCHOOL D IST R IC T (P. O. F ort Madison) Lee
NOT ISSUED.— Under dato of June 23 the
diirln^aTU
n°r^hhfvB
Q0fp.Enioa
1SOS not
us.that
\hc $35,000
during
March
(V. o‘
98,
942)^ have
yet been
issued. bldg, bonds voted
FORT PAYNE, De Kalb C ounty, A la.— BOND OFFERING.— Prov! l l b„eA receIv« l until 12 m July 1 by H. B. Brock, Mayor, for
$10,000 5% 20-yr school bonds. Denom. $100. Int. semi-ann. These
bonds wero offered without success as 4s on June 1 1913 (V. 98, p. 629)
FOSTORIA SCHOOL DISTRICT (P. O. Fostoria), Seneca C oun ty,
9- . 9■T~BOiVDS PROPOSED.— Local newspaper reports state that this
district will issue $20,000 school-construction and heating-system-im
provement bonds.
™ f’£ ^ rK, f m J ? ° 9 N T Y SCHOOI* DISTRICT NO. 66, Neb.— BONDS
NOT SOLD.— The Secretary of the School Board advises us that up to
June 12 no sale had been made of the $11,000 5% 5-20-year (opt.) school
bonds offered without success on M ay 11 (V. 98, p. 1475).
FREEPORT, Arm strong County, Pa.— BONDS VOTED— On June 16
this borough voted 138 to 48 in favor of the Issuance of $8,000 municipalbldg. bonds, it is reported.
FREESTONE COUNTY COMMON SCHOOL DISTRICT NO. 15.
Tex. BONDS OFFERED BY BANKERS.— II. C. Speer & Sons Co. o f
Chicago arc offering to Investors the $9,000 5% 20-40-year (opt.) coup.
«Cinn T w f
mVioutTS*ccess in Jan. (V. 98, p. 706). Denom.
n w °i Date Feb 1 2 1 9 1 4 . i nt. ann. on Apr. 10 at County Treasury.
Total bonded debt, this issue. Assess, val. 1913, $297,475.
y
FULTON, Oswego County, N. Y .— BOND OFFERING.— Proposals
will bo received until 8 p. m. June 30 by Fred. A. Summerville, City
Chamberlain, for $28,100 reg. grammar-school-building bonds at not ex
ceeding 4
int. Denom. $1,000. Date July 1 1914. Int.semi-ann
Duo July 1 1943. Certified check on an incorporated State or national
bank for $1,250 payable to City Chamberlain, required. Bonds to be
delivered and paid for on or before July 15 at offico of U. S. Mtge & Tr
Co., N. Y. Purchaser to pay accrued interest. Bids must bo made on
forms furnished by the City Chamberlain. Bonded debt (not incl. this
issue), $509,581; floating debt. $20,000. Assessed valuation, $5,720,532
GHENT, Summit County, O hio.— BOND OFFERING.— Reports
state that proposals will be received until 12 m. July 6 by F. Bechtel Vil.
Clerk, for $ i5 ,500 5% 5K-year (aver.) street-improvement bonds. Cert,
check for $150 required.
GILBERT STATION, Story C ounty, Iow a.— BONDS NOT SOLD.—
)Yr° aro informed that the $6,000 water-plant bonds voted during Dec. 1913
(V. 97, p. 1921) have not yet been sold.
GLENCOE, Cook County, 111.— BOND SALE.— The $10,000 5% intercontmg-sewer-constr bonds (V. 98, p. 1014) wero awarded on Apr. 7
N. W .-Halsey & Co. of Chicago at 103.05. Denom. $500. Date
inch and^l.OOODec: 31 1933.DUe $5° ° yCarly DeC' 31 fr0m 1915 t0 1932
GLOUCESTER, Essex C ounty, Mass.— TEMPORARY LOAN.— The
Dape -AJV1. National B anjc of Gloucester has been awarded a temporary loan
of $25,000 at 3.179% discount, it is stated. Loan matures Nov. 2 1914.
GOUVERNEUR UNION FREE SCHOOL DISTR IC T NO. 1 (P. O.
G ouverneur), St. Lawrence County, N. Y .— BOND OFFERING__•
Proposals will be received until 4 p. m. July 2 by D. G. Scholton, Sec. Bd.
of Ed., for $14,000 4)4 % school bonds. Denom. $500. Dato July 1 1914.
Int. ann. at Bank of Gouverneur in N. Y . exchange. Due $2,000 yearly
on July 1 from 1919 to 1925 incl. Cert, check or bank draft for 10% of
bonds required.
/0
GRANT INDEPENDENT SCHOOL DISTRICT (P. O. G rant),
Montgomery C ounty, Iow a.— BOND SALE.— Geo. M . Bechtel & Co
cd Davenport ^have purchased the $19,000 bldg, bonds voted in May
GREENE COUNTY (P. O. X enia), O h io.— BOND SALE.— On June 18
the $30,000 5% 3 M-year (aver.) coup. Stato highway No. 29 impt. bonds
(V. 98, p. 1866) were awarded to Hayden, Miller & Co. of Cleveland for
$30,349 (101.163) and int.—a basis of about 4.636%. Other bids wereDavtcss-Bortram Co., Cinc-$30,338 Breed, Elliott & Harrison,
E. II. Rollins & Sons, Chic__ 30,321
Cincinnati____________
$30,240
Seasongood & Mayer, C in .. 30,313 Prov. S. B. & T. Co., Cincin. .30,213
R. L. Dollings Co., Hamilton 30,288 Ohio Nat. Bank, Columbus. 30,199
received from Keeler Bros, of Denver and the Wyoming Trust & Savings
Bank, Cheyenne.
°
HAMILTON, B utler C ounty, O hio.— BOND OFFERING.— Proposals
«o 7 nS9
K ao^
,12 111’ Ju‘ y 19 by En,st
- Erb- City
S9.7
OnxrJ*1
Vino u2
5-11!U
-. Imnmvnmnnt
oc rv*riEnr\
__ Auditor,
_____ * w for
/>*
to be delivered and paid for within 10 days from time of award, Purchaser
to pay accrued interest.
(P C incinnati), O h io.— BONDS TO BE
OH FRED SHORTLY.— Reports state that this county will shortly offer
for salo an issue of $800,000 4>£ % flood-emergency bonds.
HANOVER TOWNSHIP, Colum biana C ounty, O h io.— BONDS
AUTHORIZED.— Local newspaper reports state that the Twp. Trustees
have voted to Issue $24,000 Lincoln highway-impt. bonds.
HARDIN COUNTY (P. O. K en ton ), O h io.— BOND SALE.— On
June 22 tho $13,000 5% 4 M-year (aver.) road-improvement (assess.) bonds
(V. 98, p. 1789) were awarded, it is stated, to Weil, Roth & Co. of Cin.
for $13,198 90 (101.53)— a basis of about 4 S
A%HARRIETSTOW N SCHOOL DISTRICT NO. 3, N. Y .— BOND SALE.
— On June 19 $1,000 6% bonds were awarded to the Adirondack Nat. Bank
of Saranac Lake at 100.50. Denom. $500. Date Aug. 1 1914. Int. F.&A
HARRIS COUNTY SCHOOL DISTRICT NO. 20, T ex.— BOND
ELECTION.— At an election held in this district on June 6 the voters
authorized tho Issuance o f $50,000 bonds for various improvements.
HARTFORD, C onn.— BONDS AWARDED IN PART.— On June 22
Common Council accepted the offer of Harris, Forbes & Co. of New Ytork
to purchaso at par and accrued interest $500,000 of an issue of $2,000,000
4% water bonds. The proposition of Harris, Forbes & Co., was it is
stated, as follows :
“ We agree to pay par and accrued interest for $500,000 of tho above
issue, as soon as the legality of the issue is established, maturing $100,000
Juno 1 1930, $100,000 1931, $50,000 1932, $50,000 1937, and $100,000 each
1938 and 1939, providing, we be granted in consideration for this purchase
an option on an or any part of the remaining $1,500,000 bonds until De
cember 1 1914, at the same price, subject to our exercising this option on
at least $300,000 in addition to the $500,000 purchased outright, by Septem
ber 1 1914. In event that we do not exercise our option on this $3(M),000
by September 1, it is the city’s right to cancel the option on all the leading
bonds. Wo are to have the right to exercise our option on all or any part
of the $1,500,000 bonds in lots of not less than $100,000, to bo taken up
of average maturity, divided between the longest and shortest bonds
remaining.”
HARTFORD CITY SCHOOL C IT Y (P. O. H artford City),
B lackford County, In d .—-BOND SALK.— On Juno 23 the $43,900 5%
bldg, and impt. bonds (V. 98, p. 1933) were awarded, it is stated, to the
Blackford County Bank of Hartford City for $46,365— equal to 105.615.
HENRY INDEPENDENT SCHOOL DISTRICT (P. O. .H enry),
C od in gton C ounty, So. Dak.— ,BOND OFFERING.— ]Bidsi w i l l ^ re
ceived until 2 P- m. July 1 by S. D. Boyd, Treas. for the $20,000 5H %
school bonds voted May 12 (V. 98, p. 1476). Due $1,000 yearly from 1919
to 1930 incl. and $2,000 yearly from 1931 to 1934 inclusive.
HIGHLAND PARK SCHOOL DISTRICT, Lake C ounty, 111.—
fings UHIIK Ul UUUJttKU, wmcu m hww wuwuio
r
rrn
4 lA % - Denom. $1,000. Date April 1 1914. Int. A. & O. in Chicago
at First Trust & Savings Bank. Due $10,000 yearly April 1 1920 to 1924
lncl. and $12,000 yearly April 1 1925 to 1933 incl. Bonded debt (with this
issue), $209,000. Assessed valuation, $6,879,151; real value, $20,657,454.
HIGHLAND PARK SCHOOL DISTRICT (P. O. Dallas), Dallas
County, T ex.— BOND SALE.— This district is offering for sale the $30,
000 5% 10-40-year (opt.) site-purchase and constr. bonds authorized by
a vote o f 26 to 0 at the election held June 13 (V . 98. p. 193 UHOT.T.FV Orleans C ountv. N. Y .— BOND OFFERING.— E. A. Cooley,
Vil. Clerk, will receive bids until 8 p. m. June 29, it is reported, for $64,400
1554-yr. (aver.) sewer bonds. Int. semi-ann. Cert, check for $1,000 re
' HORSEHEADS (TOWN) UNION FREE SCHOOL DISTRICT
NO 4 (P. O. Horseheads), Chemung County, N. Y .— BOND SALE.—
On June 18 $30,000 10-year (aver.) bldg, bonds were awarded to Lee, Higginson & C o., New York, at 100.12 for 4.40s—a basis o f about 4.385% .
Other bids were:
,
inn
. ..
Adams & Co. New Y o r k .. .------------------------------------------- jnnqg3 4 50s
Douglas Fenwick & Co., New York--------------------------------- in o ln 3 ann*
Chemung Canal Trust Co., Elmira-------------------.---1 0 0 .5 0
6.00s
Denom. $2,000. Date July 1 1914. Int. J. & J. Due $2,000 yearly
from 1917 to 1931 Incl.
HOW ARD COUNTY (P. O. K okom o), Ind. BOND SALE'.— On
Juno 12 five issues of 4H % gravel-road bonds; aggregating^$46,120, were
awarded, reports state, as follows: to J
pV
7 n % nnn 7
fn
$28,400 for $28,617 50 (100.765) and $8,680 for
(100.76) and to
Breed. Elliott & Harrison of Indianapolis $3,280 for $3,302 (100.67),
$3,060 for $3,084 (100.784) and $2,700 for $2,720 (100.74.)
HOWE T.e Flore County, Okla.— BOND ELECTION.— An election
will be heVl June 30 to submit to a vote the question of issuing $15,000
6% 20-year road bonds.
HUDSON COUNTY (P. O. Jersey City), N. 3 —BONDS AUTHOR
IZED __The Board of Freeholders on Juno 11 authorized the issuanco or
$28 000 Plank Road. $13,500 Newark Turnpike, $10,000 Belleville Bridge
and’ $28,889 Passaic Ave., Kearney, bonds, it is stated.
HUMBOLDT COUNTY (P. O. Eureka), Calif.— BOND SALE.— On
June 16 $150,000 4% State highway bonds were awarded to N. W. Halsey
& Co. of San Francisco at 96.25 and int. Other bids were:
'
Bond & Goodwin, Chicago--------------------------------------------------- 3 1 11, 172 00
Bank of California, N. A ., San Francisco------------------------------ M l.075 00
Bank of Eureka, Eureka------------------------------------------------------- ;1 o ’25S
Bryno & McDonnell, San Francisco------------- --■--------M3,739 60
All bids provided for tho payment of accrued interest. Those bonds are
part of the $18,000,000 Stato highway bonds which were purchased by
the county from the State o f California.
HUNT COUNTY (P. O. Greenville), Tex.— BOND OFFERING —
Proposals will be received until 10 a. m. July 1 by Geo. B. Hall. County
Judge, for the $400,000 5% Road Dist. No. 1 bonds (V. 98, p. 1553). Dcnom $1,000. Date Aug. 1 1914. Int. F. & A. Due in 40 years, subject
to call $10,000 yearly after 1 year. Cert, check for $1,000, payable to
County Judge, required.
HUTCHINSON, R eno C ounty, K ans.— BONDS PROPOSED — An
ordinance providing for the issuance of $18,000 paving-impt. bonds was
gfrven first reading in the City Commission on June 12, it is reported.
HYDE PARK SCHOOL DISTRICT, Los Angeles County, C al.—
BOND SALE.— On Juno 18 $100,000 5>5% school bonds were awarded, it
is stated to Byrne & McDonnell o f San Francisco. Denom. $1,000. Duo
$4,000 yrly. from 1915 to 1939 incl. Theso bonds were advertised to be
sold May 18 (V. 98, p. 1553), but, owing to some technical error, the
issue was re-advertised.
IDAH O.— BOND SALE.— We are advised, under date of Juno 19, that
of the 4% 10-20-year (opt.) bonds offered on April 30 1913, tho Stato
recently sold $19,000 ltoss Fork Road bonds to J. N. Wright & Co. of
Denver and $200,000 road bonds to C. O. Kalman & Co. of St. Paul. Tho
Stato received par, the difference between the amount o f bid and par being
made up by the local road districts or highway districts.
INDIANAPOLIS, In d .— BONDS AUTHORIZED.— Tho City Council
on June 22 passed an ordinance providing for the issuance o f $45,000 Fall
Creek retaining-wall-construction bonds, it is reported.
IOW A CITY, Joh nson County, Iowa — BOND SALE.— The $1,038 25
North End sewer bonds (V. 98, p. 1407) havo been disposed of.
IRION COUNTY (P. O. Sherwood), Tex.— BONDS OFFERED BY
B A N K E R S . — H. C. Speer & Sons Co. of Chicago are offering to investors
the $20,000 S'A% 10-20-year (opt.) coup, road bonds offered on Mar. 25
(V. 98 p.707).' Denom. $1,000. Date Jan. I 1914. Int. ann. on Jan. 1
at office of State Treasury. Austin, or in N. Y. Total bonded debt,
$26,500. Assess, val. 1913, $2,328,000.
ISLIP SCHOOL DISTRICT (P. O. Islip), Suffolk County, N. Y .—
BOND OFFERING.— Reports state that bids will be received until June 29
for $20,000 5% school bonds. Denom. 81,000. Date Aug. 1 1914. Due
$1,000 yearly on Nov. 1 from 1915 to 1918 incl. and $2,000 yearly on Nov. 1
from 1919 to 1926 incl.
JACKSON CENTRE, Shelby C ounty, O hio.— BOND OFFERING.—
Proposals will be received until 12 m. July 13 by the Vil. Clerk for $1,000
6% water-lmpt. bonds. Denom. $200. Date Apr. 13 1914. Int. A. & O.
Due $200 yearly on Apr. 13 from 1915 to 1919 incl. Cert, check for 5%
of bonds bid for, required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued interest.
JACKSON SCHOOL TOWNSHIP (P. O. Bryant), Jay C ounty, Ind.
— BOND SALE.— On Juno 19 the $21,000 4% school-building bonds
(V. 98 p . 1709) were awarded, it is stated, to Clem G. Arthurs of Red Key
for $21,015.
JAMESTOWN SPECIAL T A X SCHOOL DISTRICT, G uilford
County, No. Caro.— BOND OFFERING.— Proposals will be received until
10 a. m. July 7 bv W . C. Boren, Chairman Bd. of Co. Commrs. (P. O.
Greensboro), for $7,500 5% coup, tax-free school-bldg, bonds. Denom.
$100, $500 or $1,000, to suit purchaser. Int. ann. in Greensboro or N. \ .,
to suit purchaser. Due in 30 years. Cert, chock for 10%, payable to
above Chairman, required. Assess, val. 1913, $658,000.
JAMESTOWN UNION FREE SCHOOL DISTRICT (P. O. James
tow n), Chautauqua County, N. Y .— BOND OFFERING.— Proposals
will be recieved until 7:30 p. m. July 7 by Mildred R. Falconer, Clerk of
Bd. of Ed., for $70,000 4H % rcg. bldg, tax free bonds. Denom. $1,000.
Date July 1, 1914. Int. M . & N. in N. Y . exchange. Due $5,000 yearly
on Nov. 1 from 1916 to 1929 incl.
JASPER COUNTY (P. O. R idgeland), So. Car .— BOND SALE. On June 11 the $40,000 20-40-year (opt.) court-house and jail bonds offered
on June 8 (V. 98, p. 1553) were awarded to Sidney Spitzer Co. of Toledo,
it is stated, as 5s for $38,000 (95) a basis of about 5.30% . Interest payable
annually.
JEFFERSON COUNTY (P. O. Fayette), Miss.— BOND OFFERING.—
C. W. Whitney Jr., County Treasurer, will receive proposals until 12 m.
July 6 for $10‘,000 bonds, it is stated.
JEFFERSON COUNTY (P. O. Steubenville), O hio.— BONDS A U T II
ORIZED.— According to reports, tho County Commissioners have decided
to issue $10,000 Children’s Homo impt. bonds.
JEFFERSON COUNTY (P. O. B eaum ont), T ex.— BOND ELECTION.
— An election will be held July 2, reports state, to vote on the proposition
to issue $175,000 drainage district No. 5 (Hillebrandt) bonds. This same
question was defeated at the election held Juno 9 (V. 98, p. 1632).
JEFFERSON SCHOOL DISTRICT (P. O. Santa Clara), Santa
Clara C ounty, Cal.— BONDS DEFEATED.— The question of issuing
$3 , 0 0 0 6 % 7-yr. bldg, and impt. bonds failed to carry at tho election
held June 5.
KALAMAZOO, Kalam azoo County, M ich.— BOND SALE. On
June 22 the $44,000 1-10-yr. (ser.) street, $27,000 1-10-yr. (ser.) city and
$25,000 1-5-yr. (ser.) sewer 4 'A % bonds (V. 98, p. 1934) were awarded
to Kissel, Kinnicutt & Co. of Chicago for $96,615— equal to 100.64. Other
hids were' *
Kalamazoo City Sav. B k --$96,405IN. W. Halsey & Co., Chicr -$96,306
Detroit Tr. Co., Detroit___ 96,350[Continental & . Commercial
R. L. Day & Co., B osto n .-. 96,3301 Bank------------------------------ 96,177
Denom. $1,000. Date July 1 1914. Int. J. & J.
KANE COUNTY SCHOOL DISTRICT NO. 98, Ills.— BOND OFFER
ING.— Bids will be received until 8 p. m. Juno 29 by C. W . Bailey, Sec.
Bd. of Ed. (P. O. Geneva), for $6,000 5% school bonds. Denom. $o00.
Date July 1 1914. Due beginning A pr.l 1916.
Theso bonds wore author
ized at an election held M ay 9.
KAUFMAN, Kaufm an C ounty, T ex.— BONDS REGISTERED.—An
issue of $7,500 5% 15-40-year (opt.) street-improvement bonds was regis
tered by the State Comptroller on Juno 2.
KENSINGTON, M ontgomery C ounty, Md.— BOND OFFERING.—
Proposals will be received until 8 p. m. July 14 by C. R. “ Ughcs, Town
Clerk and Treas., for the $50,000 5 % coupon sewage and watei-plantinstallation bonds voted April 25 (V. 98, p. 1476)- Denom. $500. Int.
semi-ann. Due $1,000 yearly beginning 3 years after date. GerC check
for 2% of bonds bid for required. These bonds are exempt from county
and municipal taxation.
KEOKUK SCHOOL DISTRICT (P. O. K eokuk), Lee C ounty, Iowa.
— DESCRIPTION OF BONDS.— The $95,000 4 >4 % coupon building bonds ,
the sale of which was recently reported (V. 98, p. 1632), are dated M ay 1
1914. Denom. $1,000. Int. M . & N . Due May 1 1924. Bonded debt
(with this issue). $116,000.* Taxable value, 1913, $3,319,549. Actual value
$12,160,117. The bonds are now offered to investors by the Iurst lrust
& Savings Bank, Chicago.
KEYSTONE INDEPENDENT SCHOOL DISTRICT (P. O. K ey
stone), B enton C ounty, Iow a.— BOND SALE. The $25,000 5% school
bonds Voted May 15 (V. 98, p. 1709) have been purchasetl by Geo. M .
Bechtel & Co. of Davenport at par. Denom. $1,000. Da,to Juno 1 1914.
Int. J. & D. Due $1,000 yearly Juno 1 from 1915 to 1939 incl.
KIRKSVILLE, Adair County, Mo.— BONDS VOTED.— According to
local newspaper reports, this city at a recent election voted in favor of the
issuance or$25,000 water-system-impt. bonds. 1 he vote was 692 to 320.
KITSAP COUNTY SCHOOL DISTRICT NO. 35, W ash.— BOND
SALE.— On June 15 $2,500 bldg, bonds were awarded to the State of Wash
ington at par for 5K s. The First Nat. Bank of Bremerton at par for 6 s.
Denom. $250.
KNOX COUNTY (P. O. V incennes), In d .— BOND SALE.— On Juno
19 the $2,150 4 'A % road bonds (V. 98, p. 1866) were awarded, it is stated,
to Henry M . Dant of Bicknell for $2,152.
LAKE COUNTY (P. O. Crown P oint), In d .— BOND OFFERING.—
Proposals will bo received until 10a.m . July 3 by A. J. Swanson, Co. ireas.,
for tho following 4 H % road-improvement bonds :
n n
$20,000 Win. Hopp road bonds in North Twp. Denom. $500. Due
$1,000 each six months from May 15 1915 to Nov. 15 1924 inch
23,960 Fred Wassman road bonds in Hanover Twp. Denom. $599. Duo
$1,198 each six months from May 15 1915 to Nov. 15 1924 incl.
7,000 F. H. Riechers road bonds in Center Twp. Denom. $.350. Due
$350 each six months from M ay 15 1915 to Nov. 15 1924: incl.
14 000 E. G. Schreiber road bonds in North Twp. Denom. $700. Duo
'
$700 each six months from May 15 1915 to Nov. lo 1924 incl.
4 000 G. E. Nichols road bonds in Cedar Creek I wp. Denom. $200. Duo
’
$200 each six months from May 15 1915 to Nov. 15 1924 incl.
Int M & N. The approved opinion of Matson, Gates & Ross will accom
pany the bonds and no bid will be received except for immediate cash.
TAN8TNG SCHOOL DISTRICT (P. O. Lansing), Mower C ounty,
Minn SBONDS NOT YET I SSUED.— We are advised that the $5,000
b u U d i n 7 S s v o ^ d April 18 (V. 98, P- M08) have not yet been issued.
t a p n n T V POTIN TV (P O. La Porto), In d . — BOND ObFERING.—
Pro£>sa£ w7l! be raehrld until 10 a m. June 29 by Jos. Jolianni, Co. Treas.,
D.nom .5310.
3 200 B F Headley road bonds in Dewey Twp. Denom. •5160.
20J300
James
Van
Ryper
road
bonds
lu
D
e
w
e
y
lw
p
r, snn Goo N Shults road bonds in Dewey t wp. benom
ucnom.°I$2901
$290. ’° 3° ‘
12 000 D. L. Crumpacker road bonds on Twp.line between Clinton and
'
Now Durham twps. Denom. $6 UU.
Date June 15 1914. Int. M . & N. Due one bond of each issue each six
LA S 4LLE La Salle C ountv, Ills-— NO ACTION YET TAKEN.— Tho
City Clerk advises us that no action has yet been taken looking.towards the
Issuance of the $40,000 sower bonds voted Apr. -1 (V . 98, p. 1476).
t a t t p f n s CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P OULaJrens) P ocahon tas C ounty, Iow a.— BOND SALE.— Geo. M .
Bechtel & Co. of Davenport were awarded on April 18 the $50,000 bldg.
hnnH. (v 0 8 n goo) for 5s. Denom. $1,000. Date May 1 1914. Int.
M . & NV ' D M M a y l 1 9 2 4 , s u b je ^ to call $1,000 May 1 1917, 1918 and
1919 and $2,000 yrly. M ay 1 from 1920 to 1923 incl.
LAWRENCE, Essex C ounty, Mass.— BOND SALE.—On Juno 24 the
8250 000 4 <v 4 1-.;-year (average) coupon tax-freo paving bonds (V. 98, p.
1934) were awarded fo R E. Day & Co. of Boston at 100.59 and i n t .- a
basis of about 3.88%.
reported by tne u n y
LAWRENCE COUNTY (P. O. B edford), In d .— BOND OFFERING.—
Proposals will boVeccived until 2 P- m. July 1 by Earl G. Short, Co. Treas..
for the following highway-im provem ent bonds
$3,300 Marshall Twp. road bonds. Denom. $165.
9 000 Snieo Valiev Twp. road bonds. Denom. $14._>.
2’,900 Indian Creek Twp. road bonds.^ Denom. $14o.
8Da?e Jan ‘°15 fn d JuSe^5 1914 Int M &®N Duo one bond of each
issue each'six' months lfrom May 15 1915 to Nov. 15 1924 incl.
b Z d s ^ f l i o T i v h ^ s referred to in V. 98, p. 1476, are in the denom.
of $1 000 each. Date M ay 2 1914. Int. M . <Sc N. Due May 1 1924,
ontional Mav 1 1919. No other bonds outstanding. Taxable value,
1913 $1,1473)91. Actual value, $3,487,622. The bonds are offered to
investors by the First Trust & Saving.iBank. Chicago.
LEMON TOWNSHIP SCHOOL DISTRICT NO. 1, O hio.— BOND
ELECTION.— On July 1 an election will be held in this district, it is stated,
to vote on the issuance of $8,000 sehoo'-she a 1id building bonds.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 10,
M o n t BOND OFFERING.— Proposals will bo received u n til 2 p . 111. J u l y 1
“ y h J Riebeling, District Clerk. (1*. O. Rieboling), for ‘ $1,500 6%
if)-15-year (opt.) coup, building bonds. Denom. $100. Date July 15
1914. Int. J. & J. at office of County Treasurer. No deposit required.
No bonded or floating debt. Assessed valuation 1913, $129,000.
104.3725 and int.
Other bids follow:
Seasongood & Mayer, Cincin-$20,866 C. H. Coffin, Chicago_____ $20,301
Security Savings Bank &
Koehler. Cummings & PrudTrust Co., Toledo_______ 20,275
den, Toledo — .......... - - - - 20,816
Sidney Spitzer & Co., Toledo 20,61o Weil, Roth.tr Co., Cincin__ 20,156
John Nuveen & Co., Chicago 20,520 Bolgor, Mosser & Willaman,
man, Chicago___________ 20,105
Mayer, Deppe & Walter, Cin.20,ol4
Chas. Sykes & Son........ .......... 20,.v2S Terry, Briggs & Slayton, Tol.«20,025
Powell, Garard & C o---------- 20,30o People's Bank, Lewisburg— 20,000
______
John E. Sutherlln...........(below par)
« And blank bonds.
LEWIS COUNTY SCHOOL DISTRICT NO. 27, W a3h.— BOND
SALE.— The Stato of Washington on June 20 paid par for $3,000 5 A %
saa«
“S * ^ ^ * ^
18,930 Geo. W . Wright et al road No. 2 improvement bonds in Allen Twp.
6,020 A UE ‘ nHo°rto^et’ al road No. 3 improvement bonds in Allen Twp.
2
VOTEl
qu wtlon o f issu ing $30,,000
school bonds carried, it is stated, at a recent election.
smrmnn
It«5?orts?tate’ tha^tm*etectionwi1H ie^eW ii/tho nea7f titure to vote on the
question of issuing sewer-system bonds.
o r e — BOND
S S ffite s a ftK ©
jB E S W S S I S ^ : ? * ?
Int. M.U&1N.10Duer part each six monthsi beginnir^^May 15 1915•
BOND SALE.— On June 18 five issues of 4 H % coupon 1 oau impr
merit bonds, aggregating $33,070, were awarded as fo
•
Twp-,
$15,830 10 2-3-year (average) James Stedman et al road. Dee G
P
bonds to J. F. Wild & Co. of Indianapolis for $16,012 25 u u i io i;
and interest— a basis of about 4.353%.
.
T »
7,760 5 2-3-year (average) Willard G. Callaway et a 1road, Allen i wp-.
bonds to J. F. Wild & Co. of Indianapolis for $7,816 r5 (1UU./5W
and interest— a basis of about 4.353%.
TTnion Two
5,520 5 2-3-year (average) James E. Hattery et al roads Union
P
bonds to J. F. Wild & Co. of Indianapolis for $5,558 75 (lUUwuz;
and interest— a basis of about 4.359% •
.. „ Tlv„ hnnds
0 oin a 9-3-vear (average) Henry J. Tillett et al road, I eruTwp., ) .
2,0 to the Ffret Natfonal Bank of Peru at 100.55 and interest-a basis
n /w n cifffrt N G __Proposals will be received until 10 a* nj. June ou,
it fs^tated b y A . J Shinley City Treasurer, for $15,000 4)4% 1-15-year
1 920
5 f2 - 3^year4(average) road-improvement bonds to the First Nat.
Bank of Peru at 100.55 and int.— a basis of about 4.39% .
Other bids were:
.$7,760
$5,520
$2,040
$1,920
Total
Issue
issue.
Issue.
Issue.
Issue. $33,070
<SILOCKHART ' Caldwell C ounty, Tex.— BOND ELECTION— Reports
sta^ethat^n elation will be held June 30, to vote on the question of issuing
* 3 , 0 0 0 bridge-improvement bonds.
Par ---------LOGAN M AGISTERIAL D ISTRICT (P. O. L ogan), Logan C ounty, J ’ Co’.,YndVs& ................................................... $2,048 25
W Va.— BOND SALE.— On June 22 the $75,000 5% 10-34-yr. (opt.) coup, FIpCTUTat:.B k'-'$15,980 38 $7,802 68 $5,550 36 ............................
...........
taxable school-improvement bonds (V. 98, p. 1934) were awarded to .Jay
K Edwards, manager of the Fifth-Third Nat. Bank of Gin., for $<o,02o E-Co.‘, M h ic * 15,966 14 7,791 00 5,542 00 2,048 16 .........- ---------(100.033) and int. on deferred deliveries.
Breed .Elliott*
*$33,370
r n w r , TREE SCHOOL DISTRICT (P. O. Long Tree), Johnson
Harrison,Ind. ________ ________ ________ ________
County, Iowa.— BOND SALE.— Tho $30,000 5%
bonds voted in E.M.Campbell
*33 3 0 1
January (V. 98, p. 253) have been purchased by Geo. M . Bechtel & Go. ot
Sons&Co.,Ind ............... - ............. - ...........- ............... - ......... 0 ’
Davenport.
_
. _
.
Miller & C o..
_ *33,300
---------- —
Indianapolis ------------ --------LORAIN SCHOOL DISTRICT (P. O. Lorain), l o r a t o 0
__BOND OFFERING — Proposals will lie received until 12 m. July o ov
* Received too late to be considered. The offering of the first four issues
o f Bd. of Ed., for the S125.000 5 9 ! M0 0
Date is reported in V. 98, p. 1867.
E . Z " l ! Clerk ■
_
bonds, series B, voted May 26 (V. IW. P- 1709).
" Duo $5,000
MIDDLESEX COUNTY (P. O. New B runsw ick), N. J . — B O N D
"Snv nf«ilr> " Int F & A. at Chase Nat. Bank, N • » ■Gity. uuoso.uyu
each slx months from Aug. 1926 to Aug 1038j. C «t^ c^ e ck or cash ^or
$500 required. Bids must be made on blanks furnished by Board oi i.u..
Purchaser to pay accrued interest.
LORAIN TOV/NSHIP (P. O. Pearl C ity), S tephonson C ounty, 111.—
registered holde r w ill be re m itte d by m a il in N . Y .e x cha ng e.
BONDS VOTED.—The question of issuing $8,000 bridge-impt. bonds car mVn°n?eou?stof
C e rU f i^ Y h ^ k
Y ^ f j f bonds bid for. p a ya b h ; to C o u n t y C o lle ctm ’. r e ried, it is reported, at the election held June 12.
LOS ANGELES SCHOOL DISTR IC T (P. O. Los Angles), C alif.—
^ °Ju lSy 1 5e un K n t S h ^ d a t ^ U be mButuahy Ygleedupon in
BOND OFFERING.— Reports state that bids will be received until July 13
t SSS?
for $ 1.000,000 and $800,000 school bonds. These bonds are parts of issues writing". mi>uJrUcYaL5r
and upon forms fl.l™ 1!)]le^,}** trust COnvpany and their legality approved
aggregating $4,600,000 voted May 14 (V. 98, p. 1710.)
;ls l/ ; M'w!V|'eMa\slicli & Reed of N Y . City., whose unqualified approving
LOWELL, Mass.— BOND SALE.— On June 24
$ 3 0 0 0 0 0 4% revenue
notes due $50,000 Jan. 1 1915 and $250,000 July 1 1915 (V. 98, P- i934) opinion''will be" t o n U e d ^ d t a s e r . Bonded debtj (not= tacludbW this
were awarded to F. 8 . Mosely & Co. of Boston at 100. Ib7. I his, it, is issue) $1,091,300. Assessed value, personal, $15,190,048, real estate,
stated, was the only bid received.
wqi -pppivp
LOAN OFFERING .— Dispatches state that the rreasurer will « l c ^M ID LOTH IA N INDEPENDENT SCHOOL D ISTRICT (P. O. Mid„ t L T p t __ B O N D S V O T E D . — T h o question of issuing
sealed bids until 10 a. m. June 29 for a temporary oan of $200,000, in 1 ??. •
$8 ,0 0 0 nschool-improvem’ent bonds carried, reports state, by a vote of /6
anticipation of taxes, dated July 1 1914 and payable July 1 1. •
t
o
l
l
at
the
election
recently
held.
LYNN, Essex C ounty, Mass.— BOND SALES.— On June 22 thei three
MILWAUKEE. W is.— BOND SALE. - OnXnne>25 the six issuesof 4 ^ ,0
Issues of 4% tax-free reg. bonds, aggregating $422,000 (^ t^ 8 ^fp 'B^ton,'
were awarded to Estabrook & Co. and It. L. Day Sc o.,
at their joint bid of 101.79 and int.
Other bids were:
rAIM .
o, i>nrr
101.19
« ' ? r &
W
t i W
. w
*
w
' s S
f
4 ^ Dl o S w “ 2vom w*y,c^POT
avvardeil to the Second Ward Savings Bank of Milwaukee at 101.3o and int.
® Denom *‘$ 1 000°nSDateCJuly *1* HU^L " Inten^t amnuaSy o i?^ | y
First Nat’ Bank, Madison. Due $5,000 yearly July 1 from 1915 to 1934,
*920" to
1939 incl.
Net indebtedness, including this issue, $33,000.
‘' i o N T C L S m ? 1w & i n w , H. J .-B O X n SALB ^ O n Juno 22 the
0,000 ■! V. - 30-ycar sold coupon hi8h;echool-lmtldmr bond.
, (O
1 8 6 7 ) were awarded to Clark, Dodge & Co.. N. Y .. at 104.3501— a basis
of about 4.2437*. Other bids were: Montclair
Trust
C
o„
M
onte.
102-974
iu u iltu u u i a i
■I
o o r»
J. S. Iiippel, Newark------- -104.31
II. L. Crawford&Co.,N.Y.l 103-5183 Harris, Forbes & Co., N. A ..102.832
J . D . Everitt & Co. and R .M .
M.M.Freeman&Co.,Phila-I
Grant & C o., N. Y . .........
Kissel,Kinnicutt&Co.,N A .103-1313
E H. Rollins & Sons andl 103.1933 Blodget & C o., N. Y - . - ----- 192.47
A. IJ. Leach & C o., N. Y ----- 102.111
N . W. Halsey & Co N. Y ./
Haligarten Sc Co., N. A ------- 101.66
Bond & Goodwin. N . Y ----- iO T il
Estabrook & Co., N. Y ------- 103.09
\a
MADISON COUNTY (P. O. A nderson), Ind.— BOND OFFERING.—
Geo. T. Beebe, Co. Trcas., will receive bids until 10 a. :m.. July t>^ror nve
issues of 4 4 4 % 5 5 4 -year (aver.) gravel-road-improvement bonds aggre
gating $60,040.
_ „ .
MAHNOMEN COUNTY SCHOOL D ISTRICT NO. 1 (P. O. Mah
nom en) Minn — CERTIFICATE SALE.— We are just advised by the Dis
W?™ Treasurer that the $10,000 6% high-school-buildlng-completion cer
tificates offered in February (V. 98, p. 707) havo been purchased by con
tractors at par and interest.
.
MANITOU El Paso County, Colo.— BOND SALE.— Reports state
th“ an iasue o f $39 000 5% refunding bonds was recently purchased by
E. II. Rollins & Sons of Denver at par.
MAT.TCTi'TVTn WATER SUPPLY DISTRICT (P. O. M ansfield)
OFFERING.— Proposals will bo received until 12 m. June 30
j " T r'Z cS y D i s t r i c t Treasurer, for $65,000 4% coupon tax-free water
py ira G .u ra y , u p '" '- 1'
tn Illlv i i o i,|. int. J. & J. at 1 irst Nat.
bon d s.
Denom. 81,000 Date Juiy^
frQm 1015to 1 9 3 5 , inclusive,
•iml' $2 ^0 0 0 °Jiilv ^lUl oflO ° ° rbesi! boiuls will be certified as to genuineness
by^the’First Nat* Bank of Boston, and theirdegnty^ P V ™ v ^ by Kopca.
Grnv Jfe Oorham or Boston, whoso opinion will bo turnisnea to uio ijui
chaser
B o n d f will be delivered to‘ purchaser on or about July 1, at
al MARION C ITY SCHOOL DISTRICT (P O M arion), M arion
fim intv O h io — BOND SALE.— On June 19 the SoO.UUU q/o w /4 year
(aver )School bonds (V. 98, p. 1790) vvere awarded to Sidney Spitzcr & Go.
of Toledo for $89,615, with allowance of $200 for printing of bonds. Other
bids^ were: ms C q n y *$90i842 0 5 1Breed. Elliott & Harrison,
Tillotson & Wolcott Co.,
. __l _ Ci nci nnati . - - - - - - - p”
Cleveland____________ 89,734 50 E. H. Rollins & Sons, C h .*88,884 50
Weil, Roth & Co., Cinc-.*89,717 50 Seasongood & Mayer, Cin.*88,680 00
Otis & Co., Cleveland----- *89,675 00 Ohio Nat. Bank.C olum .. 88,651 08
C. E. Denison & Co., ('lev.89,575 00 It. I^. IJolllngs C o ., IIani-*88,400 00
Provident Sav. Bank &
Hoehler, Cummings &
Tr.
Cincinnati___ oo.iu*
88,102UW
50
oy.OUO 25
Zi)
11. 'Co., v-mv/iiuioi'i----Pruddcn, Toledo---— 89,305
Stacy'& 'BraunTToledo-- 89,224 50| First Nat. Bank, Clevo. 87.658 60
♦ These bids not considered because they were unaccompanied with Certi
fied checks on a local bank, as required.
m a r a t t COUNTY (P. O. Plym outh), Ind.— BOND SALE.— On
JuK
K
T
im V . 1 0 2-3-year (average) 8. C Shilling et al
hiirhwav-imnpovement bonds, aggregating $7.3.486 43 (V. 98. l>. 1710) were
awarded
A Reene for $74 281 43 (101.081) and interest-a basis of
about 4.37%. Other bids were
_
0_ .„
Fletcher-Amorlcan National Bank, Indianapolis----------------------$£i,2_t 43
E. F. Parr & Co., Chicago.......... ......... ............ ............... ............. T-i’ oon aa
Marshall County Trust Board, Plymouth-------------------------------- V'i’ oso is
Miller & Co., Indianapolis------------------- ............... - ......... - ......... 7 'i i«n an
E. M . Campbell Sons & Co., Indianapolis---------------------------- 73,930 43
MASON COUNTY (P. O. Mason), T ox.— BOND ELECTION.— An
election will be held July 7, reports state, to vote on the question of issuing
road bonds.
MAUMEE SCHOOL DISTRICT (P. O. Maumee), Lucas C ounty,
O h io __BONDS DEFEATED.— According to reports, the proposition to
issue the $6,000 school-impt. bonds (V. 98, p. 1710) failed to carry at tho
election hold Juno 6.
MEDFORD, Mass .— TEMPORARY LOAN.— A loan o f $50,000, matur
ing nec 23 1914, and issued in anticipation of taxes, was recently negotiated
with Curtis & Sanger of Boston at 3.25% discount plus SI 2o premium.
Salomon Bros. Sc Kutzler bid 3.26% discount.
“ MERRILL, L incoln County, W is.— BOND SALE.—On June 15 the
m i noo rc/ 7 G-year (aver.) sewer bonds (V. 9$. p. 1710) were awarded
to the First Nat. Bank o f Milwaukee, it Is reported, for $21,421 (102.004)—
a basis of about 4.681%.
MIAMI COUNTY (P. O. Peru), Ind.— BOND OFFERING.— ]Proposals
will bo received until 10 a. m. July 2 by Aaron B. Zook, County rreasurer,
for tho following 4)4% coupon road-improvement bonds:
c ffi r S
o
v
'- s y
’ed. 1 Purchaser to pay accruer1 interest.
V0TED.__Re
port.? stale" tta
^ O O O ltr^t-hnprovenient bonds
carried at the election held June 11 by a vote of 129 to 1S.
w
1944. Total debt, incl. this issue, $180,000. Real val., $4,000,000, as
sess. val., $2,074,000.
,
„
NAPA, Napa C ounty, Calif.— BONDS NOT SOLD.—N o sale was made
on June 16, reports state, of the $25,000 Napa U'^er brulge. SlOJKK) . .
Napa storm sewers and $12,000 motor fire-equip. 5% bonds offered on that
day (V. 98, p. 1710). owing to an irregularity in the proceedings. Ih
bonds will be readvertised.
,
NASHVILLE SCHOOL DISTRICT, Howard C ounty, A rk.—
BONDS OFFERED BY B A N K E R S .-An issue of $17,000 6% coupon bu.ld, , . i, .n,1. j. offered bv 11 C. Speer & Sons Co. oft.hicago. Denom. $500.
1 ^ 1914
Int A * O a t Chicago T itle * Trust C o., Chicago.
DucSSOO vearlv on April 15 from 1916 to 1921 incl. and $1,000 yearly on
April 15 from 1922 to 1935 incl., subject to call at 103 any interest date
after April 15 1919. Total debt this issue. Assessed valuation 1913
$946,002. These bonds are exempt from taxation in Michigan and N . A .
NAVARRO COUNTY (P. O. C orsicana), Tex.— BONDS NOT SOLD.
— The Co. And. advises us that up to June 13 nosale had been made
$75 000 Road Dist. No. 3 bonds offered on M ay lo (V . 98, p. 1338).
NELSON COUNTY (P. O. Lakota), No. Dak.— BOND ELECTION.—
According to reports, the question of issuing $50,000 court-house-construc
tion bonds will be submitted to a vote on June 30.
NEVINS SCHOOL TOWNSHIP (P. O. F ontanet), Vigo C ounty,
Tn(i __BOND OFFER1NG.— Proposals will be received until 2 p. m. Julj 9
bv IIcnrv J Adams. Twp. Trustee, for $24,000 4 >4% school-improvement
bonds. Denom $800, or multiples thereof. Due $1,600 yearly for 15 yrs.
NEWBERRY TOWNSHIP (P. O. Covington), Miami County, O hio.
__BOND OFFERING.— Proposals will bo received until 1_ m. June _9 by
Geo M ^O’ Donnell. Twp. Clerk, for $1,000 6% coupon taxable road bonds
rinnom $200
Date June 15 1914. Int. J. & D- at office of 1 wp. Treas.
Due $200 yearly from 1915 to 1919, Inclusive. Certified check forf{9 ^ of
bid, payable to Twp. Treas.. required. Bonded debt, $ 13,000, no Boating
debt. Assessed value. $5,000,000.
NEW CASTLE COUNTY (P. O. W ilm ington), Del.— BOND SALE.—
Oil June 23 the two issues of 444% gold coup, bonds (V . 98, p. 1633) were
awarded to Harris, Forbes & Co. of N . Y . as follows:
$100,000 43 1-3-year (aver.) highway bonds at 100.18*. and int. a oasis oi
200,000 21 ^J-year9(aver.) building commission bonds at 100.192 and int.
’
— a basis of about 4.486%.
A
Leach &"co?,’ New A'ork (for $100,000 issue)................ ............. Inn nn
Delaware Trust Co.. Wilmington (for $200,000 issue).................. -.100.00
NEWPORT, R. 1.— TEMPORARY LOAN.— On June 25 this city
awarded a temporary loan of $60,000, due Sept. 5. in anticipation of taxes,
tin' Ami idneck Nat. Hank of Newport at 3-125/© discount.
y a
1? S
'*
Lo W ,a r „ ? - »•y- « *>“
»< £
BOND
D1,ST E f C,T (Jy
Orion), H enry County, 111.—•
V. V s, p! 853) hive rbeenVioW . hat th° buiUUng bonds voted dllrin- M<arch
Baker1! Watte / c o ^ E a f ^ } 101 '59G1M a y e r ^ D l n ^ T ^ l r “ ' 100-8625
^ lloteon & W olcottcd.fciev: J101.537 (' C & n a t f PP 4 Walteri no 83
PrAn' ^
&Tl;-,Ci>VCin- 101-17 1Well, Rot h& Co".; Clncln' ~100.82875
All bids provided for payment o f accrued interest.
"
“
— B O N D ^ u ® P IST B IC T (P. O. A shdow n), C h icot C ounty, Ark.
bondV offlfeB V ^hri ,t = , ^ ed that th®,:S40.000 6% 10-25-year (opt.) levee
1U V ‘ 98’ P’ 945’ haV° bucn
Council1is K S W
d a t i JU,y 14 UnIeSS a SpCClal meot,ng of
NEW RICHMOND, Clerm ont C ounty, O hio.— BOND OFFERING__
section.
C l S * S f c jS S S t o S S S U C S bo2n $ ; J ' " y 0
2 000 5J t
2.000 5 A %
T ' “ **■»»>•
DueSl00y“ " y
Duo §200 yearly on Juno 1
sidewalk bonds
Denom. $200.
T-v . T
*™m 1915 to 1924, inclusive.
urer R nm fd
annually in June at office of County TreasAss(ssed<valuo l l i o l sggs o'oo 680 U6S>* S40>764: floating debt- S1-500
JunoET 2BthoC^«mL20^’ ^ ° ^ cbes.t?r C ounty, N. Y .— BOND SALE.— On
m u n ici^ lfcbnPr o y e ^ ^ t4^ ^ s f Series0 “ A ’ aof!T(fl't
p V1936*f*were
001Curtis & Sanger, N. Y __ SOI ,020 00
r ? ! , , P,r '
'A^\¥ir~ ^1-228 281Bond & Goodwin, N. Y
90 93'i 00
Remick,Hodges&Co.,N.Y. 91,185 891Jamos It. Magoffin, N.Y_ 90,560 00
^ a3S-— BOND SALE.— An issue o f §30,000 4% 1-30-vear
0df °a
& &3 %V%°.
Denom. $1,000. In t.J. & D .
a K
Dasisdeot
about
NEW VIENNA, C linton C ounty, Ohio — ROA/^D rr jiirrrFT/r\T__r>«
n ,r r n G,A, ^ F£ LL?> Niagara Falls, N. Y .— BOND A N D CFRTTFT
w f r d J i o A d a m s V c S fo f N ™ Y ? r k °Wl” B bona,, “ '“ 1
»“ •
ng about $5,000 water-mains-installation bonds for Oak Hill
ti<^DCIMIi n ,J ? ? ICT*IONTSCHOOL D ISTR IC T (P. O. P acific Ju nc/YPC7YOV1 b o u n ty Iow a.— BOND ELECTION ILLEGAL—N E W
which Vesu tedVn af ™ ? V1? °e thafc tho olcctpion that was held May 21, and
(V 98 d 17911 W3 , l ° i
,ssuanco of the §16,000 building bonds
new election wiU be hid°July 9?aUa6 0t n0t advert,sln« long u,lollSb- A
vilTel?1nnfil
L akV7coun^y0
^ i1^■
N D
I N XProposals
^
1 ° will
’ u Vbe™re
'
ceivpd
n m Tniv
h-VB
r nO m
V ^rF *FEF
k iR
NG.—
coup.
bldg, Nnf,
bonds!
Date
“ Z ’v of ^ale
rn?r A.
f '£
%r
Painosvilln
RonlfDe^om.^OO
Poinoouiiin >
■»
sale.
lnt.
&°R
O.5at
1930 to Oct. 1 1932, inchlsive!1 C erM flld^ho* f o r ^ o ^ h ®
1
payable to “ Board of Education,” required! 1 f 5% f bonds b,d for’
p ®
fa s 8 s ^ K
M
S
i S
A . & O. at Seaboard Nat. Bank, N. Y. A depositof 1
required. Bonded debt this issue. Assessed value V >onn n« l*nnn nnn•
actual (about), §3.000,000.
Official circular stetes that !
;1 ° ? :
bond indebtedness of district has over been contested.
n° coulJonPALMYRA, M arion C ounty, Mo — BOND ELECTION__ThBnno.ii™
1 on July 7, it is reported.
mitted to a voto
F .u ifT !1" 826 000 water and hght-plants-im provom ent bonds wiliabT sub°
suo
PANGUITCH SCHOOL D ISTR IC T (P. O. P anguitchl O .r f l.w
® » “«v’feoV*bas,s or “bou‘ aM%■ C ounty,
U tah.— BOND SALE— Tho §20,000 building W d s voted M av 2
65.000 \ A % 20-year w a to bonds at 104— a basis of about 4.44%.
10.000 5% 1-10-year (ser ) street-impt. certificates of indebtedness at
Date July 1 1914 I i^ j & J
° Ut 4 '663%' Denom- »1.000.
a s r
S
o S
^
X
K
S
/ 0! * , s s « j f f i ' r 1
(v £ ■
105.63 and Id!.'
gin Ud 5n
Soasongood & Mayer, Cincinnati______
Otis & Co., Cleveland------------------------------------------------------------in ’fn ? on
Provident Savings Bank & Trust Co.,'Cincinnati...................... in a ™
Tillotson & Wolcott C o., C l e v e la n d .......
....................... 10
on
R. L. Dollings Co., H am ilton...........
........................ ....
First National Bank, Cleveland..................................................- in ’ 34 fi 2n
Rudolph Kleyboltc & Co., C incinnati...
............. in mm nR
Spitzer, Itorick & Co.. T o le d o ...
.................................. ....... 10 187 75
(V. 98, p. 1711) have been disposed of.
S.
v,,cc<; Alay 2
PARNASSUS, W estm oreland C ounty, Pa.— BOND OFFERING
Proposes will be received until 8 p. m. July 7 by S. R. McCormick I’Ves
2i « ? ■ Council, for §35,000 4.4% 5-25-year (opt.) bonds. Denom*
check0 fo r b$500 Fequked ' ' seml' ann’ at offic° of 1Joro- Treas‘ Certified
PAULDING, P aulding County, O hio.— BOND OFFERING— Pro
posals will bo received until 12 m. July 20 by Harry L. Hoffman, Villago
Clerk, for $5,100 5% 20-year refunding bonds. Denom. (9) §500, ( 1) § 600 .
■wJ’.fwo'ln L m 44' rrfnt'
& D ■ Certified check for 5% of bonds bid for,'
c!^y,a iiiC. t0on 1 ,a8° Treasurer, required. Bonds to bo delivered and paid
Lk I 1*
2b. days from time of award. Purchaser to pay accrued int. All
blanks for said bonds to bo furnished by tho purchaser.
* ,.4
Co unTv T n
r
n i ,™ ) n J REI GATI ON D ISTR IC T, Malheur
T9,^ ', — Proposals will be received until
for s i* nnn
P- LatHg Secy, of Dist. (P. O. Payette, Idaho),
§15,000 6% coupon irrigation bonds. Int. J. & J. Duo part yearly
of teco value.yearS "
I!° nds W,U not bo 3°ld ^ r lS s than 90%
PEEKSKILL, W estchester C ounty, N. Y .__BOND s a t e __On i„nn
m
%
» , ° » s ‘s
s
„ r
**
“ • fe a r i . f c s o loa . t a w a s . *
f o M ™ l S i » o rrom 1915 “ I93°- 1" ol“ ,v<>- «»<I S6.boo yc.rty ftom i » 3 1 tS
school-impt., §25,000 Bridge St. school-bldg , §25,000 Vernon S t ' ^ r u n
? S 3 3 T k f & M ffS & S : paviDg and * »
L t . S i !& N .
at Par and lnt’
Dcnonl- 550°-
Date May 28^1014°
NORTH HAVEN TOWNSHIP, New Haven C ounty, C onn.— BOND
OFFERING.— Proposals will be received until 4 p. in. July 8 by D. W .
Patten, First Selectman (P. O. North Haven), for §75 000 414 % town
bonds. Denom. (65) §1,000, (20) §500. Duo Nov. 1 1943
Certified
check for 2% of bonds bid for, payable to “ Town of North Haven,” required
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
BOND
O FF E R IN G ^ P
r o p o s a l s i v d i U m ^ c e i v c d S i l O a T i u l J ” 1® t o
G. L. Williams,
uuuuimuii u
Akron), for §25,000 5% 10-year school bonds,
semi-annual.
V a lle y C o u n t y , N e b .—
§13 000 water; a m f § 7 ,
5-20-year (opt.) coupon bonds.
S sR S k z
Denom. §500. °Interest
BONDS OFFERED BY BAN K^
Denom. § 1 0 0 .
Date April
1
Foi l
lnt
Val&( e q u . f l 9 ^ % f e o . ry - T ° ta‘ b° DdCd <Iebt
N O R T H T O N A W A N D A , N i a g a r a C o u n t y , N . Y .— BOND OFFERING
w‘"»«“ f
§30,000 street-improvement bonds. Denom. §3,000. Duo §3 000 vearlv
required.1 ° m 1915 tG 1924> lncluslv®’ Certified^cl4°k forlsOO
18,500 street-improvement bonds. Denom. §1,850. Duo SI 850 vearlv
“ uiF&. fr° m 1915 t0 1924’ inclusiv* Certified°check for $300
3,000 street-improvoment bonds. Denom. §300. Duo §300 yearlv on
required^0" 1 191° t0 1924, lnclusive- Certified c h e c k e r §100
riJin^ res,t semi-annually at State Nat. Bank, North Tonawanda
Certi
fied checks must bo made payable to City Treasurer.
N O R W A L K , F a ir f ie ld
C o u n t y , C o n n .— BOND OFFERING — Pro
posals will bo received until 8 p. m. July 10 by II. J. Hipson, Finance
Committee, for §100,000 4M % 30-year coupon or registered school-improve
ment bonds
Denom. §1,000. Date July 1 1 9 1 4 . interest J. & j .
fnr^cr^ ' e y
^ 1 °, A TrUSfc ? ? ’ ln Now York City. Certified check
o - ^ of bonds bid for, payable to City Treasurer, required
These
bonds will bo certified as to genuineness by the U. S. Mortgage & Trust Co
and their legality approved by Hawkins, Delafield & Longfellow of N Y
City and a duplicate original o f their opinion will bo furnished to the
purchaser.
mSSS e lla c h ^ ln 'th L
^
&‘ /0Und a™
the <*•**i*c-
t ho0 R ? n S r <l 1' ,i L a c k a w a n n a C o u n t y , P a .— BOND SALE— O n J u n e 2 2
19 K - y e a r ( a v e r a g e ) c o u p o n t a x - f r e e p a v in g b o n d s f V 0 8
p . 1 9 3 6 ) w e r o a w a r d e d , i t I s s t a t e d , t o M . M . F r e e m a n & C o . o f P h ila * .
'
”“ « a
a
v
s i
s d w js s
N. W. H arris* C o., Inc----- 102.333 |Curtis & Sanger
m i r.d
Estabrook & C o----------------- 102.09 Blodget & Co ........... ........... jo i 34
f e r
ssie, a r 1 '» “ •
s s a s » a a « s j r f t r
to tho « ^
« w
,- r< i s s ! s w a
S P E R R Y TOWNSHIP (P. O. Perrv), Pike C ou n ty Ills — nn/vr>8
V O T E D . — The question of issuing §10,000 road-improvement bonds carried
reports state, at the election held Juno 4.
nas ca m cd *
PERU, La Salle C ounty, Ills.— B O N D S A L E . — The §10 000 5<7 8-17
year (ser.) sewerage bonds voted April 21 (V. 98, p. 1478)'were awarded in
local parties on M ay 19. Denom. §100. Dato M ay 1 1914 . int ann
on M ay 1.
’
•
^P H E L P S , Ontario C ounty, N. Y .— N O A C T I O N Y E T T A K E N . __Tho
Village Clerk advises us that no action has been taken looking towards tho
Issuance of tho $34,000 paving bonds voted March 17 (V. 98, p . 945 1
B O N D S V O T E D . — Tho question o f issuing $21,000 17-year additional
paving bonds carried at tho election held Juno 16 by a voto of 110 to r,r>
Int. not to exceed 5 % .
PHILADELPHIA, Pa.— B O N D O F F E R I N G .— This city, it is stated
will sell $1,500,000 of the now §3,160.000 4% 30-year Councilmanlc loan
over the counter” on July 10. The loan is apportioned as f o llo w s •
Improving county roads, §500,000; for main and branch sewers, §790 nnn'
Northeast Boulevard, §-100.000: for new municipal pier near foot of MeRear.’
Street, Delaware Itiver, §500,000; recreation centres, §150,000, removal of
railroad tracks, §60,000; purchase of water-pipe and improvements to
Fairmount Park and outlying parks, §250,000. There is set aside §395 non
for tho mandamus fund and §175,000 for refunding to general'aceonnV
money appropriated Dec. 31 1913 for the payment of mandamuses.
,
PIERCE COUNTY SCHOOL DISTR IC T NO. 305, W a s h -llF a n
R A N T S P R O P O S E D . — Wo are advised by the County Treasurer that tVio
district will issue §5,500 6 % building warrants in placo of tho bulldlmr”hnnd»
advertised to bo sold Juno 15.
h uonus
PIONEER, Williams County, O hio. — -B O N D S A L E .— O n lu n n 99 n . „
$13,000 5% 2-14-year (serial) street-improvoment bonds (v 98 n 1701?
were awarded to Otis & Co. of Cleveland for $13,140 (101 077) and
Other bids were :
' “ uu
•
Hoehler, Cummings & Prudden, Toledo---------------------non
R. L. Dollings & Co., Hamilton______________________
13 013
PIPE CREEK SCHOOL TOWNSHIP (P. O. Bunker Hill")" Miami
C ounty, Ind — B O N D O F F E R I N G — Bids will bo received until 0 a m
•ft']/ 14. it is reported, by Warren W. Graves, Township Trustee fnr
§26,000 4 Yi% 10-year school-house bonds.
’ or
PITTSFIELD, Berkshire C ounty, Mass.— L O A N O F F E R I N G __
ports state that bids will bo received until 12 m. Juno 30 bv th’n r'li,'.
Treasurer for a loan of §100,000 dated July 1 1914, maturing Dec 810 1 /
and issued in anticipation of taxes.
•otJ14,
PITTSFORD TOWNSHIP (P. O. H udson), Hillsdale Countv
— B O N D S D E F E A T E D . — Tho question of Issuing tho §6,000 tninl? M™
roarl bonds was defeated, reports state, at tho election held Juno g K Une
PLATTSBURGH, C linton C ounty, N. Y — B O N D O F F E R I N G
Proposals will bo received until 11 a. m. July 6 by II. H. Parmerter ruTT,
Chamberlain, for tho following 414% bonds;
amierter, City
$50,000 water bonds. Due §2.000 yearly from 1915 to 199q ilu.i
§4,000 yearly from 1930 to 1934 inch
,ncI- and
26,500 improvement bonds. Duo §1,000 yearly on Aug 1 frnm im r t
ilM S .-A S T lB r
A ""'
' fr° m I92» ? « *»33 Inc91 i , S
» 3 S & ba a w r i S S a* S i.‘ ? “
“
-‘ W
'
» = » o «•
PLEASANTVILLE, N. Y — B O N D S A L E — On June 29 8 n non , i
bonds were awarded to John J. Ifart of Albany at 100.02 and Ini fm- I f n
Denom. §500. Dato July 1 1914. Int. J. & J.
i 4; 40*'
July 1 1919 to 1930 incl. Other bids follow:
parfc yoarly from
Leo, Higginson Sc Co., Now York— 100.125 and interest fnr -11/..
Spitzer, Rorick & Co.. New York— 100 and interest for 4 80s*
Adams & ( o.. New York— 100 and interest and §1 premium for 4 70s
PLYMOUTH TOWNSHIP (P. O. Plym outh), R ich lan d Countv
° ^ 10,Kr/JOY/?i OFFERING.— Albert Kilpatrick, Township Clerk will re’
ceivo bids until 12 m. July 14 for an issue of .§15,500 5% 19 k -year (aver )
road bonds. Int. seml-ann. Certified check for §200 required?
}
Clerk (P. O. Pomeroy), for $9,000 5 H % road-improvement (township’s
portion) bonds. Denom. $500. Date July 16 !914. Int. J. & J- Due
$1,000 yearly on July 16 from 1915 to 1923 incl. Certified check for 10%
of bonds bid for, payable to Township Treasurer, required. Purchaser
to pay accrued interest.
SANDUSKY, Erie C oun ty, O hio.— BONDS AUTHORIZED.— An
ordinance was passed by the City Council on May 25 providing for
issuance of $41,000 434% coup- street-lmpt. (city£ P°”
> bonds. De
nom. $500. Dato July 1 1914. Int. J. & J- Due $10,000 on July 1
1923, 1924 and 1925 and $11,000 on July 1 1926.
BONDS NOT SOLD.— No bids were received on June 17 for the four
issues of 4H % bonds aggregating $4,300 offered on that day. (V. 98,
p. 1712.)
„
SANDUSKY TOWNSHIP (P. O. B ucyrus, R . F. D. No. 3), Craw
ford County, O h io.— BOND SALE.— On Juno 18 the $11,000 5 % 12M-yr.
(aver.) coup, road-impt. bonds (V. 98, p. 1792) were awarded to Uhl Bros,
of New Washington, O ., at 101.50—a basis of about 4.839%. Other
bids were:
Field, Richards & C o., Cin-*$11,168 Bucyrus City Bk., Bucyrus-$11,095
Farmers’ & Citizens’ Bk..Buc. 11,125 Seasongood & Mayer, Cin._ 11,090
Otis & C o., Cleveland...........11,070
Hoehler, Cummings & PHid
den, Toledo______________11,118 Tillotson & Wolcott Co., Cle. 11,013
T h i Lumbermen’s T m stC m submitted a bid o f 104.26 for the whole issue.
First Nat. Bank, Cleveland- 11,002
♦Conditional.
SAN FRANCISCO, C alif.— BOND SALE.— On June 22 the $660,000
Scandinavian-American Bank, Portland, for whole issuo, 104.2o.
(aver.) city-hall, $840,000 5% 22-year (aver.) municipal
PORT OF SEATTLE, K ing C ounty, W ash.— BONDS AWARDED 5% 2614-year
and $250,000 434% 36-year (aver.) water gold coup, tax-free bonds
I N PART.— Of tho three issues of 5% gold bonds, aggregating $375,000, railway
(V.
98,
p.
1712)
wero awarded to Adams & Co., Curtis & Sanger and Bond
offered on Juno 24 (V. 98, p. 1937) $300,000 was awarded to John E. Price & Goodwin of New
York at their joint bid of 101.53.
& Co. of Seattle at 101.813 and interest.
BONDS
TO
BE
OFFERED SHORTLY.— Reports state that this city
PORTSMOUTH C ITY SCHOOL D ISTR IC T (P. O. Portsm outh),
S cioto County, O hio.— BOND OFFERING.— Proposals will be received and county will shortly offer for sale $660,000 city-hall, $500,000 library,
untU 1 2 m. July 17 by Wm. C. Hazleback Clerk of Board of'Education, $850,000 hospital. Jail-completion and $1,000,000 water bonds.
SAN GABRIEL, Los Angeles C ounty, Cal.— BOND SALE.— On
for $115,000 4 Yx% coup, school-impt. bonds. Denom. $500. Date
July 17 1914- Int. J. & J. at First Nat. Bank, Portsmouth. Duo $5,000 June 12 the $12,500 514% 13-yr. (aver.) bridge-constr. bonds (V .9 8 ,p . 1<92
vearly on July 17 from 1934 to 1948 incl. and $10,000 yearly on July 17 wero awarded to N . W . Halsey & Co. of San Francisco at 102.536 and int.
from 1949 to 1952 incl. Certified check for 5% of bonds bid for, payable | Other bids were:
Torrance, Marshall & Co. of Los Angeles----------------- ----------- ------ $12,571
to above Clerk, required. Bids must bo unconditional.
Bond Co. of Chicago................ ................... ......................... 12,537
PRESCOTT SCHOOL D ISTR IC T (P. O. P rescott), Adams C ounty, Hanchett
Iow a.— BOND SALE.— The $15,000 5% bldg, bonds voted in April Byrne & McDonnell of San Francisco---------------------- -------------------- 12,535
SANGAMON COUNTY SCHOOL DISTRICT NO. 161, 111.— BONDS
(V. 98, p. 1106) have been sold to local parties at par. Denom. $200.
OFFERED BY BANKERS.— II. C . Speer & Sons C o . of Chicago are offering
Int. J. & J.
investors $12,000 5% coupon school bonds. Denom. $1,000. Date
PROVIDENCE, R. I .— LOAN PROPOSED.— Reports state that tho to
1 1914. Int. M . & N . in Chicago. Due $1,000 yearly on May 1
Board of Aldermen have formally authorized the negotiation of a loan May
from 1923 to 1934 incl. Total debt, this issue. Assessed val. $301,250.
of $160,000 for purchasing a sito and construction of a polico station.
Val. of taxable property (est.) $900,000.
PULASKI COUNTY (P. O. W inamac), In d .— BOND SALE.— On
SANGAMON COUNTY SCHOOL DISTRICT NO. 164 (P. O. A u
Juno 20 tho $7,800 434% Henry Busch ct al highway-improvement bonds bu rn ), 111.— BOND SALE.— Wo are advised by Matheny, Dixon & C o..
(V 98 p. 1792) were awarded to Miller & Co. o f Indianapolis for $7,855 Springfield, that tho issue of $15,000 5% serial school-building bonds au
(100.705) and int.
thorized at an election June 20 were on Juno 2
to thraa by sealed bid,
Other bids w ero:
„
, . .
the only other bidder being the First Nat. Bank of Springfield.
Breed, Elliott & Harrison, Indianapolis, $7,848 and interest.
SANTA CRUZ COUNTY SCHOOL DISTRICT NO. 1, A riz.— BOND
Flctcher-Amerlcan National Bank, Indianapolis, $7,846 75.
- Prq^oials will be received until July 21 by the Bd. of Co.
QUINCY, Adam 3 C ounty, 111.— BONDS VOTED.— Tho question of OFFERING
Supers., Luia R. Wood, Clerk (P. O. Nogales), for $60,000 gold coup, taxissuing the Citizens’ Water-Works Co. plant-purchase bonds (V . 98, p. 1016) free
school-site-purchase, constr. and equip. l,° ” ^ ^ t not exce^ing 6% mt.
carried at tho election held in April.
Denom. 81,000. Date June 16 1914. Int. J. & D. at office o fG o . Treas.
QUINCY, Middlesex C ounty, M ass— TEMPORARY LOAN.— It is Due JUne 16 1934, subject to call $6,000 yrly. after 10 yrs. Cert, check
stated that this town has awarded a temporary loan of $50,000, due Api il 8 for 5% of bid, payable to Co. Treas., required. These bonds were pre
1915, to Solomon Bros. & Hutzler of New York at 3.55% discount, ih o viously offered on Juno 16. but all bids received on that day were rejected.
only other bidder was Loring, Tolman & T upper, 3.85% discount.
SCHENECTADY, Schenectady C ounty, N. Y .— BOND SALE.—
RADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. O. Rad- Tho following bids wero received for the three issues of 4 M % 10M->car
cliffo) Hardin C ounty, Iow a.— BONDS DEFEATED.— I ho question (aver.) reg. bonds offered on June 23 (V .9 8 .^ . 1 8 6 ® : ^
$60 000
of issuing $23,000 5% school bonds failed to carry at tho election held in
Sewer Bonds. School Bonds. Park Bonds.
M ay. These bonds, if voted, wero to have taken tho placo of tho 528,UUU
coup, bonds mentioned in V. 98, p. 410.
RALEIGH COUNTY (P. O. Beckley), W. Va.—-BONDS DEFEATED. PaSange°n J r fn ^ N O T ^ o r k !!8. **$301,536 00 *$100,512 00 *$60,307 30
— Tho question of Issuing the $180,000 Town District road-improvement Rhoacfcs & Co. and Harris, Forbes
60,264 64
100.441 23
& Co ,-jointly, New Y o rk ._____ 301,323 69
bonds
1711)
failed to carry -at----the---------election held Juno 9.
UUIIUS (V.
\V . 98,
I/O» p.
It • A
* AA/ *'»**~v»
60,252 60
100,421 00
Bond Si Goodwin, New York------- 301,363 00
60,205 80
RANDALIA INDEPENDENT SCHOOL D ISTR IC T (P. O. Randalia), Romick, Hodges & Co., Now Y ork. 301,039 00
100,343 00
60,192 00
Fayette C ounty, Iow a.— BOND SALE.— Guo. M . Bechtel & Co. of Dav Adams it Co.7New York................. 300,960 00
100,320 00
60,108 00
100,180
00
enport were awarded at par on May 14 the $ 16'000 5% 5-yr- school-bldg, Estabroolc & C o., Nevy York .
300,540 00
bonds (V. 9 8 , 1). 1555). Denom. $500. Dato May 1 1914. Int. M .& N . Eoultable Trust Co. and Kissel,
60,108 00
100,180 00
K nnlcutt & Co., jointly. N. Y . 300,540 00
REDONDO BEACH UNION HIGH SCHOOL DISTR IC T, Los
60,010 00
100,100 00
300,300 00
Angelos C ounty, C alif.— BONDS NOT SOLD.— Reports state that no A B Leach & Co., New York___
60,600 00
sale was made on Juno 1 of the $150,000 building bonds offered on that day, Security Trust Co. of Rochester............... ..........
owing to an injunction having been issued against disposing of tho bonds.
The'seven1smaller issues of 4% reg. bonds, aggregating $52,500, also
RHODE ISLAND.— BOND SALE.— On June 25 the $617,000 4%
50-year gold tax-free cliaritablo institutions loan bonds (V. 98, p. 1937) offered on June 23 (V. 98, p. 1868), were bid in by the Comptroller, to be
were awarded to the Rhode Island Hospital Trust Co. and estate of John hold as investments for tho City Sinking and Pension funds at par.
Nicholas Brown Minor at 102.26 and int.— a basis of about 3.893%.
SCRANTON, Lackawanna C ounty, Pa .— BOND SALE.— The $60,000
a or i r.u .vp (aver.) reg. municipal-impt. bonds offered on May 26 (V. 98,
Richardson & Clark, Providence— 102.125 for $10,000.
D 1634) have been awarded to the First Nat. Bank of Scranton at par.
E . 11. Rollins & Sons, Boston— 100.03 for $100,000.
SEBREE, W ebster C ounty, Ky.— BONDS W ITHDRAW N.— It is
R L Dav & Co Boston— 100.56 for entire issuo.
„
.
Ihvt tho $13 000 5% 20-vear water-works bonds advertised to be
National Exchange Bank, Providence— 101.75 for any part of $200,000. rtatoJ
sold
on June 15 (V. 98, p. 1792) were not sold, as there is a doubt as to their
Hornblowor & Weeks, Providence— 1001for $100,000.
le
g
a
lit
y .11/! vote to establish their validity may be taken at the
White, Weld & Co., New York— 100.29 for entire issue.
November election.
__
Blodget & C o., Boston— 100.68 for entire Lssuo.
SHEBOYGAN FALLS, Sheboygan County, Wis. -BONDS DE
Wilson & ^adeS,’ProvV— toOfor $50,000^1(^^56^?$25,000,101 lot1525,000. FEATED.—-The question of issuing tho $40,000 water-works and sewerageIndustrial Trust Co. and Bodell & Co., Providence, jointly, 102.015 for system bonds (V. 98. p. 410) failed to carry at the election held some time
entire issuo and 101.015 for any part.
ago.
SHELBY COUNTY (P. O. Shelbyville), K y .— BONDS AUTHOR
RICEVILLE SCHOOL DISTRICT (P. O. R icoville), M itchell C ounty
I o w a __BOND SALE.— Geo. M . Bechtel & Co. of Davenport purchased IZED.— Local newspaper dispatches state that the Fiscal Court on Juno 15
about April 1 tho $15 000 5% school bonds (V . 98, P. 945). Denom. 8.j00. authorized the issuance of $25,000 5% court-house bonds. Denom. (20)
Int. M ? * N . Duo May 1 1924. subject to call part yrly., beginning $1,000, (10) $500. Dato July 20 1914. Int. J. & J. Due Dec. 1 1927.
M ay 1 1919.
SHENANDOAH SCHOOL DISTRICT (P. O. Shenandoah), Page
RITTM AN VILLAGE SCHOOL DISTRICT (P. O. R ittm an), Wayne County, Iow a.— BOND SALE.— Cutter, May & Co of Chicago have been
C oun ty O h io.-B O N D SALE.- T h o $35,000 534 % school bonds offered awarded $15,000 5% 5 -10-year (opt.) bonds for $15,160— equal to 101.066
on Tuno 10 (V 08 I). 1712) wero awarded on June 22, it is stated, to tho Denom. $1,000. Date May 1 1914. Int. M . & N.
First National Banlt o f Cleveland for $36,580 8 0 -e q u a l to 104.516.
SHERIDAN, Sheridan County, W yo.— DESCRIPTION OF BONDS.
ROCHESTER SCHOOL DISTRICT (P. O. R ochester), Beaver — Wo are advised that the $50,000 tax-free sanitary-sewor-systpm-extenslon
Crum tv P a __NO ACTION YET TAKEN.— Tho Secretary of this Dis bonds voted M ay 26 are coupon in form and in the denom. of $500. m t.
trict advises us under dato of Juno 6 that no action lias yet been taken look (not to exceed 5% ) payable at some bank in N. Y . City. Due in 20 years,
ing towards^the issuance o f the building bonds mentioned in V, 98. p. 1478. subject to call after 10 years. Bonded debt (not Including this issue),
ROCKPORT, Aransas C ounty, Tex.— BONDS VOTED.— Tho ques $435,000; no floating debt. Assessed value 1913, $6,535,777.
tion of issuing $250,000 causoway-constr. bonds carried, reports state, at
SIBLEY SCHOOL DISTRICT (P. O. Sibley), Osceola C ounty, Iowa.
the election hold Juno 13.
__BOND SALE.— Geo. M . Bechtel & Co. of Davenport purchased the $10,-’
ROSELAWN SCHOOL DISTRICT, Ills.— BONDS VOTED.— A Dan- 000 5% 10-year heating-plant-installation bonds voted 'luring March
vil® newspaper states that the Question o f i^uing $20,000 school bonds (V. 98. p. 1106). Denom. $1,000. Date June 1 1914. Int. J. & D.
carried, by a vote of 93 to 23, at the election held Juno 13.
SIERRA MADRE SCHOOL DISTRICT (P. O. Sierra Madre), Los
RTTSSFT T T ucas County, Iow a.—•BOND ISSUE RESCINDED.— The Angeles C ounty, C alif.— BONDS VOTED.— The question of issuing
Town Treasurer advises us that the $5,000 5% 5-10-year (opt.) coup, trans Mhbol bonds carried by a vote of 133 to 33 at the election held Juno 15,
mission-1 lne-construction bonds offered without success during December it is reported.
„
,
(V. 98, p. 410) wero canceled by an Act o f the City Council.
SMOKEY HOLLOW (P. O. Shovel Lake), Cass C ounty, M inn.—
SAGINAW Saginaw County, M ich.— BOND SALE.— Tho $20,000 BOND OFFERING.— Proposals will be received until 9.a. m. to-day (June
4% 1-10-yr. (ser.) Western Taxing District sower bonds authorized April 28 27) by tho Board of Supers., Corbin Youngs, Town Clerk, for $8,000 6%
(V. 98, p. 1556) havo been sold to local investors at par. Denom. $1,000. 15-year, road and bridge-constr. bonds. Denom. $1,000. Int. semi-ann.
Cert check for $100, payable to ‘ ‘Board of Supervisors,” required. SucDato May 1 1914. Int. M . & N.
ST. JOHN3VILLE, M ontgomery C oun ty, N. Y .— BONDS NOT YET c S u l bUlder to furnish his own bond. A similar issue of bonds was
..
ISSUED.— Tho Village Clork advises ns that the $15,000 reservoir-con offered on Juno 3 (V. 98, p. 1556).
struction and repair bonds voted March 17 (V. 98, p. 945) havo not yet
SOUTH BLOOMFIELD SCHOOL DISTRICT (P. O. South B loom
field) Pickaway C ounty, O hio.— BOND SALE.— On June 1 the $2,000
been issued.
ST. LAWRENCE COUNTY (P. O. Canton), N. Y — BOND OFFERING rot q’u-vear (aver.) school-property-improvement bonds were awarded
— Proposals will bo received until 1 p* m. July « by Geo. M . Holmes, to%J F . Wilson orAshville at 1(51.35— a basis of about 5.53%. Denom.
County Treasurer, for $31,000 4% reg. or coup, county-home-improvement $400 . Date June 1 1914. Int. M . & N . Due $400 yearly Sept. 1 from
bonds
Denom not less than $100 nor more than $10,000. Dato Aug. 1 1915 to 1919 inclusive.
1914 Int M & S Due $15,000 March 1 1929 and $16,000 March 1 1930.
SOUTH RIVER, Middlesex C ounty, N. J . — BOND SALE.— On
ST M ARY’ S SCHOOL D ISTR IC T (P. O. St. Mary’s), Auglaize Tuno 22 tho $25,000 5% 30-ycar coupon or registered electric-light bonds
C oun tv Ohio — BONDS NOT TO BE SOLD.— The Clerk o f tho Board of (V 9 8 . p 1937) were awarded to John D . Everitt & Co. of New York at
Education advises us under dato of Juno 19 that tho $120,000 school bonds
R 4M % r a n af c l f l S L Y ^ M o l ^ S I First Nat Bank. So. River 103.261
votixl Nov. 4 1913 (V. 98, p. 1924) will not bo sold.
ir T Grawford& Co N .Y 104.212 J. S. Rippel, Newark........ -.102.61
SALEM, Essex County, Mass.— LOAN OFFERING.— Tho City A ' B L ea ch * C o .. N . Y -..1 0 4 .1 0 |Outwater& Wells, Jcrs. City.101.90
Treasurer will rccoivo bids until 10 a. m. June 29, it is reported, for a loan
SPIRIT LAKE SCHOOL DISTRICT (P. O. Spirit Lake), D ickinson
o f $100,000, dated Juno 30 1914, maturing Nov. 20 1914. and issued in
C oun ty; Iow a.— BOND SALE.— The $90,000 5% building bonds voted
anticipation of taxes.
in
May (V. 98, p. 1556) were awarded on Jun9 3 to the ilarris T r u s t *
SALISBURY TOWNSHIP, Meigs County, O h io.— BOND OFFERING. Sav.
Bank of Chicago for $92,157— equal to 102.396. Denom. $1,000.
— Proposals will bo received until 12 m. July 16 by Leo J. Byrno, Township
PONTIAC, Oakland County, Mich. BOND s^ L E .— ° n J u n o A
« ok nno
naviner (assess.) bonds were awarded as follows. 520,000 ac
100!25715 toPthe Detroit Trust Co. o f Detroit and $15,000 at par to the
City Sinking Fund. Donom. $1,000. Dato May 1 1914. Int. M . & N.
Duo $9,000 May 1 1915, 1916 and 1917 and $8,000 M ay 1 1918.
PORT CLINTON, Ottawa C ounty, O hio.— BOND SALE.— On Juno
99 thA HiS 040
% 5 \4-vcav (aver.) coup, refunding bonds (V. 98, p. 1791)
w e r o a w ir d e (ito Tiilotson & Wolcott Co. o f Cleveland for $§,241 86
(102.509) and interest. Other bids were:
Seasongood & Mayer, Cin.$8,211 00 German-Am.Bk.,Pt.Clint- $8,176 75
Otis & C o., Cleveland------- 8,210 00 Hayden, Miller & Co., C lc. 8,150,00
First Nat. Bank, Cleveland 8,202 70 Spitzer, Rorick& Co., T ol. 8,102 75
Stacy
& Diauu,
Braun, Toledo-----8,200 03 Ohio Nat. Bk., Columbus- 8,096 , 75
i»cy 06
iuicuu----- ------------------------pAnipT Awn ivTo__TEMPORARY LOAJNT.-A loan of $100,000 due
Oct. 2 1914 has been negotiated, it is stated, with Bond & Goodwin of
Boston at 3.08% discount.
POPTT AND O r e __BOND SALE.— On Juno 16 the 817,524 65 6%
1 in
.
bonds (V 98, p. 1868) were awarded as follows:
n llumbemen's Trust C o . of Portland at 104.26: $6,000 to
the5U nhed^taTes^^t.eBan^So f Portland at 104.26 and $5,000 to W . F.
URBANA, Champaign County, 111.— BOND SALE.— Tho Citv Clerk
28l(Vth98
8 ^ ;° hhave
° 5<7sbeen
Carrl?gie
Library
iF ce ob . ^8
(V. 98,fcn°
p. 855)
disposed
of. construction bonds voted
12 r t f i d v
F r n ? '— Proposals will bo received until
regiTtemiytaX-ffeA bonds
’
y Con,ptrol‘ er- for ^ e following 4 ^ %
R tS lS S H S tfiJ '"skooofn W21D " o 2 2 a n V l!.l4 ’ SUW“ ‘ ‘ °
S2,0° °
SPRINGDALE, A llegheny County, Pa.— BONDS VOTED__The
hiUndinKnbondsTvinifs tn° ilim 000 'vaIt«t::'v:orks-lmprovement and $5,000
33 adt tiebelec?^n hefd f u n e l l ! Carrled’ 16 18 reported’ by a vote of 127 to
the S?7I 097F^ E^ V Cl l ^ C ounty, O hio.— BOND SALE.— On June 19
n i8fiow £L?o 4 >a% 18 -year (aver.) street-improvement bonds (V. 98,
8 ^0 097 f i T n f f m
’ ,(; % s t a t e c L t o Seasongood & Mayer o f Cincinnati for
109S^^S9Q59« 9 ^>t:2T^,'i ~ qo
of about 4.018%. Due $2,700 Sept. 1
1J28, .839.382 25 July 30 1935 and $4,845 40 Sept. 1928.
D" °
s i n # S 5 « S O T « 4 . incluKivof1,000
r «
»,uuo fire-house, police and fire telegraph system improvement bonds
inclusive ? 1’° 00' ° U0 S1'000 yearly on July 1 f?om 1915 to i g i , ’
M ichANnr> v?> ScCw ? .OLr,nISJ ^ ICT (PStandish), Arenac County,
— The 820,000 5% 1 0 ^ -year (aver.) high-school5,000 general hospital improvement bonds. Denom. $500. Due $500
Rol^er
F ° w iiApn 2r(V ‘ 98’ p - 1187) were awarded on May 2 to
4 onn ^
on July 1 from 1915 to 1924, inclusive,
Derfnm ^ nnn& Wdlaman of Chicago at 101.16— a basis of about 4.858% .
i.uuu Koscoe Conkling park-improvement bonds. Denom. $500. Due
Denom. 81,000. Date June 1 1914. Int. J. & D. Due $1 OOOvearfv
June 1 from 1916 to 1928 incl. and $7,000 June 1 1929.
*i.uuuyearly
Date J » ^mr/ y °,n Ju,y 1 from 1915 to 1984- Inclusive,
of registered h r jiii ■ 'SS' ^ & J - afc office of City Treasurer or upon request
ConTr , t ? i ° l E S£ S 9 ? L , DISTRICT (P. O. S tanhope), Hamilton b d ter navahle V?
N,i, Y ' exchange. Certified check for 1% of bonds
bide honr^ v 7“ T ^ 'y 7nS/}rL% ~ ° n June 8 tho 820,000 5% 4-10-yr. (ser.) and unon te?ms
treasurer, required. Bids must bo unconditional
bonds v°ted Feb. 9 (V. 98, p. 544) were awarded to Geo. M . Bechtel
ofboruls'
d h irf, h1 .by l he Clfcy Comptroller. The last four issues
& Co. of Davenport. Denom. $500. Date M ay 1 1914. I n t .M .& N
P 1869 Z n d f w n i h « l H yfl .liev Common Council on June 3 see V. 98.
r.^,viT,wJ,ESVILL.E’ ,Iredell C ounty, No. Caro.— BONDS VOTED.— Ac- and the favofahte onteinn ?r ,?,y ^ Columbia-Knickerbocker Trust Co.
t o th e fitlitv S r ^ th e n a r w C Cald,weU. Masslich & Keed of N. Y. City as
Comntrofte?'^office
f extension bonds will be on file at the City
C olora tion Counsel as to /h! v,ery',.t Tho city wil* give tho opinion of the
K
f f l a ,E
)a
; s
s
a
t
SS3ffi*K,£2Ssa
S i g sf M s '£ „ * j : . papere “nd pr°-
UVALDE COUNTY (P. O. Uvalde), T e x __nnivnq d e f e a t e d
E tZ tfU i,
me to™.!
1a
P .T 480)
nail % £ » S S S to ^ S ^ ft o " 5 5 S S S » MaSl S*tiinT f e hea<1 *
°8,p- 1656> S S S y » a f lf c MfcSBE:
5 " V y S r “ f,oPo S X e ° i > m £ reported-
3 »• m '
15 for S3,900
®^ duly 6 of the $2o,000 S'/i % coup, school bonds (V. 98 p 1938)
prf?
posals for these bonds will be received until 11 a. m ok that day by Henry
unconditional?1** f° r " ith‘ n 10 dayS fr° m time of award- Bids must lie
r SWAMPSCOTT, Essex C ounty, Mass.— TEMPORARY TO A N __r»n
fo i1? 22 this city awarded the temporary loan o f $50 000 dated Juno 29
w
d
W
t
o
w
,0* 1A 19»
M
M
road bopds (V - 98’
C ou in ?y .n ^ d f^ B O N D ^ L L E — O ? Atev* 2<JP 't h ? V n Goo"4 V/ c ? ° l ? jUsk°
(average) building bonds (V. 98, p. 1557) w eroaw af'te^ f?
American National Bank of Indianapolis for $34 436 50 (int ofifiWnrMnr"
— a basis of about 4.25% . Interest payable J & j 59 (101.266) and int.
VANCLEVE CONSOLIDATED SCHOOL DISTRICT rt» o rr
cteve), MarshaH County, Iow a.— BOND ELECTION— An^eiec?lonVwni
b S i u f t t S c S : ' epo,'M
to voto on th0 ,|ue9“ “ 01 i™ ? n ? * 2 0 . 0 0 0
th
7 f 4 S
^ f ^ f f f i r rJ v
? a
V
y
%
o
«
R
gregating $10,600 (V. 98, p. 1869), were awarded to Otis & (te of'clefei-?,fd
it is stated, for 810,860— equal to 102.452.
Cleveland
VIGO COUNTY (P. O. Terre Haute), Ind .— BOND OFFERINC
Proposals will be received until 10 a. m. June 29 by Thos J Dal lev c™,V,'7l7
Treasurer for 86,5004 K % Samuel C. Rynerson road bonds in P rfirieT m
Denom. $325. Date June 25 1914. Int. M . & N. Due $325 Pinh &
months from May 15 1915 to Nov. 15 1924, inclusive.
® 25 each ™
WABASH COUNTY (P. O. W abash), fin d .— BOND OFFERING —
Reports state that N. P. Lavengood, Co. Treas., will receive bids imHi
5 p. m. July 1 for $13,200 and $10,720 4H % road bonds.
DWs untU
WALTHAM, Middlesex County, Mass.— TEMPORARY LOA i v — a
lo a n o f $ 1 0 0 , 0 0 0 d u e D e c . 2 4 w a s n e g o t ia t e d o n J u n o 2 3 w i t h
S a n g e r o f B o s t o n a t 3 . 1 2 % d is c o u n t .
O t h e r b id d e r s w e re :
$270,000 '^ -im p ro v e m e n t bonds.
Due $27,000 yearly on June 1 from
S.OOO lwahimprovemeni; bonds.
Due $1,600 yearly on June 1 from
, . DT
e,n®m- to suit purchaser. Date June 1 1914. i nt. j . & n at Cohimbia-Knickerboclfer Tr. Co., N. Y. Certified check for 2% of bonds bid
for’ata‘
ae m.
m SJuly
? L S14T at
P? r°iVer'
C|UiredBonds
to beadeivered
and dale
paid
ior at U
l l ba.
above tlC
trust
company
unless
subseouent
shall be mutually agreed upon in writing. Thelegality ofthese honrf«
wi 1be examined by Caldwell. Masslich & Keed of N Y City whose favor
?ertifvP
T VtoShn
’ purchaser
and thePurchaser
above trust’company
w01
cert uy th?sn
thesee'bonds
bonds ?as
their
genuineness.
to nav accruod
interest. Bids must be unconditional and upon forms furnished hv ahnvp
bon?lsCr c F trt r 6 6 0 BOOOdedA lr1bt (inC!' ^esPeJssueT)S $1^5 6.96 9? waTe?
actual test ) $155 000 000.
Val’ taXable property 8139,471.940;
FERl^P'BYhli}R h cE R S J
—^ J
n ' P°n fh a to u la ), La.—BONDS OF-
y^riyVroirT ^ 30Sto 1944Uinch,d*T<)taa^debt?^il^^ue
valuation, SI.200,000; estimated real value, S2 500 000
^ PAs»e!®©l
Assessed
C u r t is
'- u r t is
&
&
Salomon Bros. & Hutzler, Boston______
9fw '
Blake Bros. & Co., Boston______________________ 111111111" 3 27%’
F. S. Moseley & Co., Boston (plus $.65 premium)__________I 3[4 2 %
WARREN, Trum bull County, Ohio .— BOND OFFERING.— Proposals will be received until 12 m. July 28 by Geo. T. Hecklingcr, City Aud
for the following 5% improvement bonds :
'
’
82,000 storm water server-construction bonds. Denom. $500. Date
April l51917teclD
$5° ° GaCh S X months from ° cfc- 15 1915 to
3 ,2 0 0
l.? A n h L o g a n AA v e . - i m p r o v e m e n t ( c i t y ’s p o r t i o n ) b o n d s .
D enom ,
$400.
D a t e A p r il 1 1 9 1 4 .
D u e $ 1 ,6 (5 0 o n A p r i l 1 1 9 1 9 a n d 1 9 2 0 .
6 Tn,?t ICoannvv?rrnff CCr?f 81nldng Fund Trustees, now the Union Savs.
L x s] ( n )',';Va, c.n' , (nert- check for $.300, payable to City Treas.,
required. Bonds to be delivered and paid for within 5 days from date o f
$262,868
,aSCr tQ Pay aCCnled intc’rest- Total debt (fncl this tssue)
SALL.
recently
_
_
— Proposals will be received until 1 p . m. June 30 bv Iln»h Rni,i e i / i
)
d S » S o !w 3i"*30o“ 00 8 “ " a
8750: “ " “ tine d i b ? T m
W ARW ICK (P. O. A pponang), K en t C ounty, R. I.— B ID S Tho
following are the other bids received for the 8350,000 4 « < ?
.} , ,
coupon sinking fund bonds awarded on June 17 to N. W Harrh?^ F? d
te rT ^ ^ iU 0 ^) Mass;— BOND SALE.— On June 23 the $43,000 4% regis- Inc., of Boston, at 101.427— a basis of about 4.414% (V 98 n ^Q2s i.C o-’
of Boston at lOteOR8 W6re awarded- lfc is stated, to E. II. Rollins & Sons Merrill, Oldham & C o .,Host. 100.0891Industrial Tr.' Co. ProvV.85 nnm m i
WASHINGTON COUNTY (P. Q. Beecher), W ill C ountv Til
sr^tber bidders, all o f Boston, were:
BONDS OFFERED BY BANKERS.— II. S. Speer & Sims
E11 —
are offering to investors the $35,000 5% coupon road bond.s recentKthem (V. 98, p. 1481). Denom. $1,000 And 8500. SiteT n r i f s m la 1
Int. A. & (). at First Nat. Bank, Chicago. Duo $3 500T e a r l? bn8r w H.‘
from 1917 to 1926 incl. Total debt, this issue. Assesscd val Knl « i°n l) 1
E TERRP
NUW.
iS ir " J ffilW
717. Real val. (est.) S3.000.000.
sea vaI- 1913 SI,052,V7ASHINGTON COUNTY (P. O. Salem), I n d — BOND SAT F
Junel6 the $6,940 4H % 5 2-3-year (aver.) Wm. R A l l e n c t a l h lfw P ,,
impt. Vernon Twp. ponds (V. 98. p. 1869) were awarded tothonFj!,Yayi
hldsnw?re '? 7 '° 00 10 (100'8G5) and int ~ a basls of about 4 336%
Othe£
Farmers' State Bk.. Salem.$7,000 0 0 1Fletcher-Amer Not n , ni,
Breed. Elliott & Harrison,
I Indianapolis'
V , o «7 7 =
Indianapolis___________ 6,991 00 Miller & Co? lndfanaiml'is'$R 07 A nn
J. F. Wild & Co.. Indpls.. 6,980 OolFirst Nat. Bk CjSdago
6 974 70
It was inadvertently reported in last week’s ’’Chronicle’ ’ 'that these
bonds would be offered on July 15.
on
lnat tftese
WATERTOV/N, C odin gton County, So. Dak.— BOND FI FCTION __
An election will be held July 1, reports state, to voto on the question of
on J u V l'ln V. 98 ?p S 1792V slmilar lssuo of bonds was reported to be offered issuing $140,000 sewer-system-construction bonds.
9 e uon of
, WAUSE° N , F u lton C ounty, O hio.— BOND SALE.— On June 21
__nr, $10,727
r
L itchfield County, Conn.__BOlvn
83 5% 5 2-3-year (aver.) Brunell St.-improvement (assess? 2hnAu=
f r e9825nthe. 7^ 0,00°
% ,2?ryear coup, or reg. funding and school bonds i Vp ' 17»3) were awarded to Breed, Elliott & Ilarrison te n i e m?? '!
were-O'856 56 (101.191) and int.— a basis of about 4.759%. Otherbids
Treas. office. Due $9,000 yearly on July 1 from 1916 to 1940 i n c l These
V 98 p?6 1934
V° ted under the head of Hillsborough Co., F la..“ n
S
S
S
« £
=
K
«
C a T h - b o \n ? o ^ ^ ? vv>SC? 0 0 1 * DISTRICT, San Benito County,
i M
10
p
i S
S
r i S
*
- « °°fflB S jfi
aEm YJu?e 2 ? b y \VMp Dwftem^ChyTteTnpS
a s . s e s »
~
j ^
SHIO^'000V|d tax**
s f i £
Weil Roth & Co., C in-------- $110 50 ISeasongood, & Mayer
nn
Otis & Co.. Cleveland-------76 00 First National Balik ( i»--«3 5 00
Tillotson & Wolcott Co.. Clev. 52 561Stacy & Braun Toledo
1 on
WAXAHATCHXE RUPvAL HIGH SCHOOL DISTRICT N 0 T 1P n
W axahatchie), Ellis C ounty, Tex.-B O N D S VOTLD
W.'.rdin^
O T o £ M ? ^ S £ . a r6Cent CleCti° n V° ted hl favor oi ‘ bAeC^uancge S
Co^ntyEE nd.^d^ATib *OF^ ^ I ^ ^ ~ ^ o p ^ a I s ^ 1^ l ? Ibe><r1eceive^auntH
2 n. in. July 10 by Geo. D. Hardin, Township Trustee forS ^ S O o'^ ^ 1
nouww.-uuurtu bonds.
‘Minus, Denom.
ui-iiuni. $500.
«ouu. Date
i^ate Julv
ju iv 10
m 101.1
school-house
1914 ’ nun
*7 not
,5 . over
Due
4 years. Certified check on a Marion County7 national bankUfo?0«
7° 5n
'
7,500
plus premium, if any, payable to Township T n ^ ted reqi ired Bids
mm
must
be made on forms furnished by said Trustee.
required. Bids mui
WAYNE SCHOOL TOWNSHIP (p 7 o . West P oint! Tinnecanon
County Ind . BOND SALE.— On June 18 the $ 5 0(W 4 X
^K?vear
(average) school-building and improvement bonds (V. 98 p 1713) were
awarded to Edward O’Gara of Lafayette at par
1
. WAYNE TOWNSHIP SCHOOL DISTRICT (P. O. Warsaw) K os
ciusko County, In d .— BOND SALE.-—On Juno 19 tho $31 000 4 <r setinni
h? lTSei*bonds [ y *
I)‘
were awarded, it is stated, to J. F. Wiki & Co"
of Indianapolis at par and int., less SI50 to cover expense of printing bonds. *
WEBSTER,
W orcester
County,
Mass.— TEMPORARY LOAN.
S f t o ! ! amn3iu ly 9 by
ported. V. 98, p. 1635) fire-dept. bonds to Walter H. Cook of New York
at 100.27 for 4Hs— a basis of 4.465%.
W V a—
W HITE SULPHUR SPRINGS, Greenbrier C ounty, W. Va.
BOND OFFERING.— Bids art: askedl until^P .000 6 % 1 0 a n d 20.
year w k t e 'r ' i X s e w ^ ' b t t ’ Certified check’ for 10% of bid required.
S W y l % l Sf 2-Tn°t.4i :2l
Treasurer. ' Due §5,000 yearly on July 1 from 1916 to 1924, inclusive, and
c o m p a n d o r \ % o5f bonds1'/)!^fm ? pa>™>*« t.fciounty^Trekliirer! required.
fg*
WINNETKA
s
j
t
« * a * '.r s “; i , s s s r »
d e '^ s" 1
° n Ass^sed va?ue Jpereonak §8,0\57^18(f; r’e ai?$3^ ’ ,08k 68*4 !
WESTFIELD, U nion County^
ami's 173)00 *Ujt"ye£j£
(a v e r .)
4 J^^bonds^V - 9<k IweUsf Je^rcfty-°10o'^
” ^ ris- Forbes & c ° - N - Y - 100’830
It. M . Grant & C o., N. Y — 101.1781
Bids for separate issues were as^oUows . $17,000
S17.000
$41,000
Sneer. Sewer K Walks. Street.
impt.
100.279
102.279
100.279
John D . Everitt & C o., N. Y . . 102.27
100.53
102.88
100.53
H. L. Crawford & C o., N. Y . .102.88
Cook County, 1113 . -B O N D SALE.
We are sdvised
&
«
7
«
«
lSC
e « n « i p r i l 7
lii vp ;v11 been sold. Due in 1924.
WINSTON-SALEM, Forsyth County, No. Car.— RESULT OF BOAI)
FI ECTION.— Reports state that the dtj&^tions of issumg $.-o0.00
1
the $250,000 municipal-light or heat bonds was defeated. Denom. $1. 1 •
Date July 1 1914. Int. not to exceed 5% •
m T rn
Thp
W OOLSTOCK. W righ t C ou n t*W 1< * ^ 7 ^ ^ tra'S 5 S S S ^ T lM
t h e « o M
June 15 b| a vote of 49 to 24. These
bonds will be offered for sale about the middle of July.
YAZOO CIT Y Y azoo C ounty M i» '^ O N D O F F H ^ / c i t y ^ k .
ills s t a ^ fof$T 00 00(?-5%' 19-year average bonds. Certified check for
$500 required.
v m w v t g ti Y __BOND OFFERING.— Proposals will be received
u n u P f 2 mRfune 30 by J o ^ Miller. City Comptroller, for the following
* It Is stated that this offer was successful.
WEST PARK, Cuyahoga C ounty, O h io.— BOND SALE. On June 22
the five issues of 5% 2-yr. (aver.) road-impt. (assess.) bonds, aggregating
SO 259 03 (V. 98, p. 1713), were awarded to the Chagrin falls Banking Co.
of Chagrin Falls for $0,270 72 (100.186) and int.— a basis of about 4.9 0/0 Jl^OOO*to ^ m p r o w m e n t bonds. Due in 17 annual installments beginWEST W ARW ICK (&. O. R iverport), R. I .— BOND .SALE.— On
11,500 fire°bureau equipment bonds. Due in 5 annual installments
Juno 17 the $300,000 4H % 30-year coupon funding bonds (V. 98. P- 1869)
were awarded, it is stated, to N. W . Harris & Co. o f Boston at 101-27.
45.000 school bonds *L DueVn' 15 annual installments beginning June 1
W HITE COUNTY (P. O. M onticcllo), In d .—
OFFERING.—•
Proposals will be received until 10 a. m. July 1 by O C. Middiestadt
80.000 water bonds. Due in 20 annual installments beginning June 1
County Treasurer, it is stated, for three issues of 4A % 5 X-year (aver.)
50.000 public-building bonds. Due in 20 annual installments beginning
road-improvement bonds, aggregating $22,200.
-%rr\
140,000
Douglas Fenw'Ick & C o ., N . Y . 101.811Adams & C o.. New York------- 101.80
w ttttf PLAINS (Village), W estchester C ounty, N. Y .—
- BOND
SALK.__On June l this village awarded $6,000 (not $12,000, as first reNEW
NEW
LOANS.
$ 7 3 6 ,8 2 9 .0 7
C IT Y
OF
S P E C IA L
OF
M IN N E A P O L IS
C E R T IF IC A T E S
aUThe right to reject any or all bids is hereby
resorved.
Two (2%) per cent o f the
par value o f Dm Certificates bid for, made to
O. A . Bloomquist, City Treasurer, must accom' )a<
njkciBar 'containing full particulars will bo
mailed upon application. d a n c BRQWN
City Comptroller
Minneapolis, Minnesota.
$ 5 0 ,0 0 0 .0 0
OF
M IN N E A P O L IS
BONDS
Due In 10 annual installments beginning
NEW
LOAN S.
The T ow n
$ 1 2 ,0 0 0
LOANS
of
P le n ty w o o d ,
S h e r id a n , C o u n t y . M o n t a n a
T O W N
O F
D E X T E R ,
C h aves C o u n ty ,
N ew
M e x ic o ,
IN D E B T E D N E S S
Notico is hereby given that the Committee on
Ways and Means o f the City Councilor the City
o f Minneapolis. Minnesota, will on I U L S D A Y ,
JUNE 30TH, 1914, at 2:00 o clock p. m., at the
office of the undersigned, receive bids for the
whole or any part of $736,829 07 Special Cer
tificates of Indebtedness.
The Special Certificates of Indebtedness being
offered on that dato consist of twelve separato
issues, as follows: One issue amounting to
$4 293 00, one of $567,400 75, one o f $39,804 00,
one, of $29,911 00, one of $11,878 00, one o f $5,
692 32. one of $4,762 00, one of $4,992 00,
o f $3,819 00, one of $9,075 00, ono of $32,203 00
and one o f $22,999 00.
, ,
All to bo dated July 1, 1914, and each issue to
become duo and payable one-twentieth on July 1,
1915, and one-twentieth each and every year
thereafter to and including July 1, 1934.
No bids will be entertained for any of these
Certificates for a sum less than the par valuo of
same and accrued interest to date of delivery,
and the rate of interest must be bid by the pur
chaser and must not bo in excess of I-' ivo (o /n) per
cent per annum, payablo annually or semi-
C IT Y
assessment "bonds.
Int. A . & 0 . at office of City Comptroller in N. Y . exchange. Certified
check for 2% of bonds bid for, payable to City Comptroller, required.
Bonds will be ready for delivery July 7. The legality of these bonds will
be approved bv Hawkins, Delaficld & Longfellow of N •T - City; a duplicate
original of their opinion will be furnished successful bidder._____________
WATER BONDS
PUBLIC NOTICE IS HEREBY GIVEN
that tho Board of Trustees or the Town or Dex
ter, in the County of Chaves, and State or New
Mexico, intends to issue, negotiate and sen tne
negotiable coupon bonds of said town In the
amount of Twclvo Thousand Dollars ($12,000.00).
for the purpose of securing funds for the construc
tion of a system for supplying water for the saia
t0Saidfbonds will bear date May 1. 1914. wiU be
payable and redeemable, at tho option of sa d
town, ten (10) years after date, and absolutely
due and payable twenty (20) years after date,
and bearing interest at the rate of six per centum
(6%) per annum, payable semi-annually. and consistfng of twenty-four (24) D°nas in
^
‘
nation of five hundred dollars ($.>00.OU) eacn.
said bonds, principal and interest, being payable
at tho banking house of Kountze Brothers in the
Ci'n ie fRoard '^Trustees of said town of Dexter,
New Mexico, invites bidders for said bonds, and
all bids shall be sent to the clerk of saicl to«n at
Dexter New Mexico, on or before the 1 Irst Day
of July. A. D. 1914. The said Board reserves
the right to reject any and all bids offered.
No conditional bids for said bonds wUl be <:on
sidcred, and bidders must satisfy said board ot
trustees of their ability to take up and pay for
said bonds within ten days after tho date of sale,
before their bids will ho considered.
AH bids aro to bo accompanied by an uncondi
tional certified check for ten per cent of said bond
Issue, which check Is to be forfeited in case said
bidders refuse to comply with the terms of this ad
vertisement.
,.
,
The bonds will be sold for cash to the highest
and best bidder, in no case for less than par and
accrued Interest to date of delivery, by tho Town
Treasurer, under the general supervision of the
Board of Trustees of said town
__
THE BOARD OF TRUSTEES O F __
THE TOWN OF D E X TE R , NEW M EXICO,
(signed h.v) M. II- ELFORD. Mayor.
At(S?gned) F. L. M EIILIIOP, Town Clerk.
$2,000 Fire Apparatus
10.000 Sewer
20.000 Water-Works
(6%) Bonds
(6%) Bonds
(6%) Bonds
State of Montana
1
County of Sheridan |ss:
Town of Plentywood]
_
Pursuant to the authority or Ordinance N o. 31
of the Town of Plentywood. of Sheridan County.
Montana, passed and approved May 26. A. D.
1914. authorizing and directing the advertisement
and sale of certain bonds of said town, namely:
Fire-apparatus bonds aggregating the principal
sum of Two thousand dollars (32,000):
Sewer bonds aggregating the principal sum or
Ten thousand dollars ($10,000): and
. .
Water-works bonds aggregating the principal
sum of Twenty thousand dollars (S20.000).
Each issue of bonds aforesaid shall be numbered
consecutively from 1 upwards, of the denomina
tion of $1,000 each, dated January 1, A. D. 1914.
due January 1. A. D. 1934. redeemable at the
pleasure of said town after January 1. 1924.
bear interest from their date until paid at the rate
of six (6) per centum per annum, payablo semi-an
nually on tho first days of January and July,
respectively, in each year, both principal thereof
anil Interest threeon payable at the National Bank
of Commerce, in the city and State of New York,
U PUBLIC NOTICE IS HEREBY GIVEN that
each series of bonds aforesaid will, at tho office
of the undersigned Mayor in.said town, on MON
DAY. to-wit: the 29TH DAY OF JUNO, A. D.
1914, at the hour of 10 o-clock A. M ., at public
auction, be sold to tho bidder offering the highest
pr*At sakl'public auction only tho bids of such of
those who have deposited with the undersigned
Mayor a certified check, payable to his order, for
an amount equal to the par value of the bonds bid
for will be considered. i lie checks of all unsucbidders will be returned forthwith, whereas
tb T ch w * to" the successful bidder or bidders
shall he held by the town and forfeited to it should
the purchaser fail totake up and pay foi said bonds
when presented to him.
Eacn series of bonds aforesaid will be available
for delivery at the time of their sale namely,
the dav, date and hour aforesaid, with tut ex
caption that the water-works and sewer bonds
will be delivered to the purchaser, or purchasers,
one day subsequent to the delivery of the fire
Sealed bids will bo received by the Committee
on Ways and Means of the City Council of the
HPJjYa (>RD°ER of the Council of the town of
City of Minneapolis, Minnesota, at the office of
Plentywood, of Sheridan County, Montana,
the undersigned TUESDAY. JUNE 30TH, 1914,
B
o
l
g
e
r
,
M
o
s
s
e
r
&
W
i
l
l
a
m
a
n
m u d eth is^ tb 0ay_
BOL^3T ER f M ay or.
for the whole or any part of $25,000 00 I'ire De
partment Bonds and $25,000 00 Park Bonds.
Attest:'
, ,,
The above bonds to be dated July 1, 1914, and
M U N I C I P A L
B O N D S
C.
M
.
OLUFSON.
<
lerk.
become duo and payable thirty years from the
dato thereof, and will bear Interest at the rate of
L e g a l fo r S a v in g s B a n k a ,
Four (4%) per cent per annum, payablo semi
annually, and no bid will be entertained for a sum
P o s ta l S a v in g s a n d T r u a i F u n d s
less than 95 per cent of the par value of said bonds
S E N D Ff)« L I S T
and accrued interest upon same to date of deliv
ery, and each proposal or subscription must
B LO D G E T & CO.
designate very clearly the date on which it
@FedFRASER