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financial
The.
VOL. 100
1i-to-nide
NO. 26061
JUNE 5 1915
Published every Saturday morning by WILLIAM B. DANA COMPANYe
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Minna
Vice-Presidents; Arnold G. Dana,See. Addresses of all, Office of the Company.
CLEARINGS-FOR MAY FOR FOUR YEARS, AND FOR WEEK ENDING MAY 29.
1915.
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-13arre
Wheeling
Trenton
Harrisburg
Lancaster
York
Erie
Binghamton
Greensburg
Chester
Franklin
Altoona
Frederick
Beaver County, Pa
Norristown
Montclair
Oranges
Total Middle
1914.
Week ending May 29.
Five Months.
.1ray.
Clearings atInc. Cr
Dec.
1915.
1914.
'Inc. or
Dec.
1915.
1914.
$
38,781,453,366 40,246,014,799 -3.6 1,729,485,264 1,325,393.007
8,635,155,510 7,238,531,558
149.771,549 132,507,778
647,125,624
651,553,717 -0.7 3,219.933,681 3,449,888,228 -6.7
43,856,546
50,366 294
209.682,187
228,645,356 -8.3 1,028,394,404 1,121,346,117 -83
28,152,823
28,151.366
768.956,699 -5.1
729,288,066
134,099,195
151,029,750 -10.6
10,087,263
10.116,052
243,979,763 -4.1
234,089,257
47,284,428
47,816,471 -1.1
6,460,991
8,508,660
163,440,670 +1.7
166,278,273
33.487.649 +6.6
35,774,843
4,641,610
4,508,362
134,743,735 -13.7
116,265,145
25,800,820 -5.2
24,461.473:
3,244.319
4,283,249
107,326,863 -7.8
98,934,223
20,962,7871
21,346,576 -1.8
3,017,909
2,863,215
72,842,482 -5.8
68,636,628
14,631,314 -0.2
14,609,6311
2.427,437
2.689,314
62,576,810
65,235,498 -4.1
14,007.968 -5.2
13,272,209
1,514,266
1,794,414
40,547,435 -7.8
37,386,094
-8.4
I461,916
1,661,586
1,476,206
41,765,448
-13.2
36,273,930
-0.9
.
8,034,240
7,961,8 741
1,378,818
34,073,958
1.553,802
32,486,974 +4.9
7,030,856 • 6,354,630 +10.6
1,539,321
46,638,646 -15.6
1,595,802
39,359,935
8,853.736 -7.4
8,198,8621
1,252,835
1;594,700
38,773,039 -3.9
37,263,235
+4.8
7,369,501
7,721,231
32,962,171 -1.2
33,353,276
6,479,846 -1.2
6,400,000
1,152,982
-3.3
36,844,329
1,491,221
38,100,983
.
6,449,192 -1.9
6,327,455
836,496
20,265,380 -3.7
764,859
19,510,784
4,110,850 -6.4
3,845,121
22,790,883 -11.4
854,240
933,570
20,193,517
4,499,463 -6.0
4,200,320
15,052,200 -6.1
570,400
560,400
14,125,000
2,767,000 +6.5
2,948,000
-4.3
947,363
15,297,340
650,089
14,634,783
3,088,762
+9.1
3,368,000
711,552
14,567,715 -10.9
554,064
12,983,613
3,165,970 -10.4
2,836,624
6,964,085 -29.8
4,905,981
1,181,491 -3.0
1,145,098
527,499
475,272
12,041,931 -6.9
2,463,659 -0.7
11,210,786
2,445,929
6,839,129 +10.3
7,541,726
1,350.479 -0.2
1,354,141
11,739,728 -6.9
10,934,274
2,234,004 +1.0
2,257,295
10,050,756 +0.9
10,146,747
1,887,080 +18.6
2,238,039
348,362
375,647
9,159,991 -2.6
144 -2.0
8,921,623
1728436
17,583,659 Not included in total
in total
3,528,424 Not In'cluded
- 27142 +15.9 44,895,513,944 -4-0T39,808,688 -4.0 2,005.337,377 1,572,311,397
07,5-0-762,342,373 -87
-TX-
+n.3
Inc. or I
Dec.
1913.
1912.
t30.5 1,526.996.266 1,604,324,535
13.0 139,469,684 132,611,792
42,992,116
49,387,105
14.8
30,164,601
27,951,593
-0.0
11,420,542
7,864,668
+0.3
8,074,263
7,690,474
+31.7
4,949,158
4,980,713
-2.9
3,670,764
4,233,871
+32.0
2,300,000
2,780,382
-5.1
2,271,584
1,898.113
110.8
1,662,175
1,526,119
18.5
1,446.536
1,377,559
12.5
1,120,214
1,321,193
12.7
1,790,197
1,840,203
+3.8
1,274,137
1,560,228
+27.3
+29.4
t9.4
9.2
1.8
+45.7
+28.3
1,306,321
735,232
939,286
584,500
653,701
547,824
1,331,949
822,720
802,870
438,700
520,452
520,130
+10.9
449,819
391,735
+7.9
360,184
1,790,173,390 1,851,180,698
138,955,289 114,566,491 +21.3 110,791,128 129,127,154
655,207,119 +2.7 3,243,210,188 3,436,179,214 -5.6
673,185,025
5,919,300
6,810,900
5,801,300 +12.5
6,525,800
173,236,300 -8.2
33,391,500 -3.3
32,289,600
158,974,000
3,771,319
3,673,526
5,734,949
4,062,283 +41.2
114,664,944 +20.2
26,731,359
22,324,565 +19.7
137,602,770
2,813,859
2,455,209
2,593,826 t45.3
3,768,229
69,202,537 +11.5
18,191,164
77,161,591
14,372,480 +12.7
2,236,889
2,442,663
16.3
2,279,083
2,651,828
62,110,662 -6.4
12,015,980 -0.9
11,907,191
58,144,345
1,528,939
1,646,706
1,320,512
36.0
1,796,637
8,239,719
8,497,789 -3.0
42,150,498 -6.0
39,600,060
2,728,488
1,907,326
2,037,416
+20.5
2,455,971
11,464,955 +0.0
11,466,169
57,666,572 -5.3
54,631,670
739,177
782,029
1,291,578 -19.3
1,042,803
5,704,816 -10.1
28,022,805 -3.8
5,127,886
26,949,358
691,163
767,731
1,005,000 -10.6
897,957
24,681,170 -11.0
4,358,587
4,765,058 -8.5
21,968,892
444,603
380,537
577,785 +45.3
839,837
3,458,889 +6.3
16,224,469 +2.8
3,678,472
16,673,168
633,339
+34.6
627,547
665,621
895,678
+1.1
3,268,734 +1.3
15,581,359
3,310,504
15,753,612
382,556
376,264
334,231
+2.5
342,688
-9,088,172
1,698,610
1,859,122 -8.7
8,503,438
24.028,900
21,688,300 +10.8
4,427,200 +19.8
5,303,500
1
151,908,388
JE769,964
+21.5
136,535,126
-N7,666
-3
-T6
-4.6
497,002
803,485,786
780,756,813 +2.9 7-574-4-301,992 4,070,
1,317,856,405 1,332,688,101 -1.1 0,497,485,220 6,901,949,871 -5.8 283,873,392 242,818,170 +16.8 250,157,923 241,114,239
Chicago
21,588,750
20,281,700
19,252,600 +20.3
23,162,850
534,909,250
572,541,200 -6.6
105,070,350
104,757,200 +0.3
Cincinnati
16,195,115
14,141,946
20,423.560 +17.3
23,950,252
531,339,245 +6.3
564,645,626
96,552,252 +23.2
118,981,147
Cleveland
17,454,252
19,471,566
19,050,074 +26.7
24,129,337
584,420,990 -11.4
517,745,152
107,828,415 +4.8
112,957,056
Detroit
11,151,366
12,350,103
12,197,729
+9.8
-1.1
13,389,296
351,897,200
347,960,383
65,114,176 -2.7
63,387,000
Milwaukee
6,610,500
6,214,552
6,423,490 +11.7
7,184,609
165,329,286 +2.3
169,139,844
+1.1
33,808,531
34,165,081
Indianapolis
5,077,300
5,550,800
5,025,900 +19.3
5,993,700
140,879,200 -8.2
134,890,800
26,610,800 +3.4
27,514,700
Columbus
3,355,321
4,354,607
5,051,658 +142
5,768,205
127,861,782 -2.3
124,962,227
24,723,877 +1.0
24,979,307
Toledo
2,958,688
2,803,587
-16.4
2,623,411
+3.6
2,718,108
77,921,391
05,155,315
14,366,498 -16.7
11,964,803
Peoria
2,604,351
2,718,346
2,538,119 +16.2
2,948,685
72,013,539 -4.2
68,960,494
13,748,371
+4.4
14,355,849
Grand Rapids
797,783
970,090
1,004,447
882,780 +13.8
27,348,574 -8.0
5,106,809
5,301,453 -3.7
25,152,363
Evansville
1,719,509
2,397,455
-19.1
-11.6
1,806,674
2,043,036
51,716,414
9,369,912
8,415,733
44,265,800
-10.2
Dayton
527,901
751,755
567,378
523,816 +8.3
13,108,006 -6.5
2,399,475 +3.3
2,477,034
12,252,537
Kalamazoo
720,632
913,147
1,008,246
982,197 +2.6
24,952,627 +1.0
4,688,911
4,725,461 -0.8
25,192,774
Springfield,
967,049
1,032,128
1,115,734 +21.3
1,353.109
27,059,258 +3.4
5,734,773
5,449,063 t5.2
27,073,551
Fort Wayne, Ill
1,100,574
1,223,287
1,247,415 +24.9
1,558,744
32,753,227 -10.7
6,054,238
5,627,253
7.0
29,256,998
Youngstown
713,854
+22.8
825,240
1,047,192
1,013,041
-1.2
4,131,917
3,825,866
20,882,979
8.0
20,637,564
Rockford
1,600,000
1,792,000
+9.6
1,676,000
1,837,000
8,613,000
7,581,000 +13.6
36,982,000 +1.0
37,348,000
Akron
597,543
531,327
429,525 +47.3
632,226
2,699,481
2,584,592 +4.4
17,747,071. +3.3
18,326,350
Lexington
600,613
458,333
456,337 +43.6
655,835
2,746,507 +18.4
3,251,637
13,133,418 +9.0
14,317,929
South Bend
650,995
564,287
595,167 +7.7
641,724
3,170,320
3,226,430 -1.7
18,083,889
19,713,854 -8.3
Quincy
1,082,528
1,258,367
1,183,564 +14.1
1,350,000
6,383,239 +18.9
7,591,431
39,651,570
33,834,356 +17.2
Canton
658,351
483,730
607,876 -8.2
557,073
2,657,202 -3$
2,564,656
16,366,994
+6.0
14,426,141
Bloomington
444,482
552,122
611,669 -1.9
600,000
3,086,000
17,061,066
3,059,564 +0.9
16,769,670 +1.7
Springfield, 0
481,181
450,000
+11.1
450,000
+6.8
500,000
11,668,014
2,191,191
+18.0
2,586,345
10,928,570
Jackson
372,706
437,744
378,685 +15.0
9.718,239
435,595
1,889,269 -4.2
1,879,435
10,377,190 -6.3
Decatur
349,507
436,975
463,048 +9.8
508,346
11,492,781
2,047,660 +8.3
2,228,319
11,118,196 +3.4
Mansfield
308,355
316,435
389,742 +8.5
422,187
11,310,697
1,865,000 +23.8
10,963,064 +3.2
2,308,013
Danville
169.450
238,666
+59.1
165,973
-1.8
6,595,453
263,862
6,716,978
1,128,202
+18.7
1,336,867
Jacksonville, Ill
351,791
394,852
419,365 -2.4
9,476,149
409,342
10,443,123 -9.2
2,000,137
2,088,663 -4.2
Lima
305,144
316,492
+25.3
252,786
316,534
8,290,365
9,614,977 -13.8
1,467,867
1,560,571 -6.3
Owensboro
315,690
376,251
399,737 +30.0
518,067
11,606,785
10,410,356 +11.5
2,514,855
2,086,401 +20.5
Lansing
10,737,933
9,750,991 +10.1
2,456,436
2,051,043 +19.8
Flint
5,806,291
7,100,639 -18.2
1,418,773
1,473,105 -3.7
Gary
172,965
174,913
+23.2
159,685
4,990,225
196,510
5,116,632 -2.4
955,362
954,793 +0.1
Ann Arbor
2,214,907
2,716,577 -18.5
381,533
437,794 -12.8
Lorain
19,861
51.679
58,314 +91.6
107,903
1,270,463
1,449,948 -12.3
320,727
290,618 +10.3
Adrian
2,745,065
3,120,430 -12.0
626,116
630,183 -0.6
New Albany
17,3t,512
18,650,000 -7.2
4,030,852
4,102,082 -1.8
Paducah
j8-9T547,859 -N27798,344
3-5E720,402 +17.0-,-058,979 -5.2
0,-8 9,496,060,578 -1-015
+
17925,329,275 1,909,935,823 7
Tot.A. Mid. West
Details of Pacific and other Western
94,264,739
97,338,834
91,397,814 +15.2
481,142,945 on=3,141814 -3.5 2,447,530,774 2,594,439,758 -5.7 105,272,628
Total Pacific
148,535,739 115,698,480 +28.4 114,717,627 110,112,821
617,413,857 +15.1 3,715,761,143 3,224,244,506 +15.2
710,393,097
Total other West
70,797,982
65,192,592
+12.0
62,914.317
70,462,533
-3.2
1,716,307,574
1,661,248,301
317,705,346
328,688,303
+2.8
St. Louis
15,409,310
16,014,022
16,017,579 +8.4
14,673,455
78,226,829 -10.5
414,634,890 -4.8
69,984,510
394,795,013
New Orleans
11,764,997
10,486,123
10,759,219 +29.1
13,891,910
61,402,097
274,825,650
63,206,366 +15.4
312,021,738 -11.9
Louisville
6,580,798
5,516,102
6,819,027 -16.2
29,241,111
34,054,952 -14.1
177,195,307
194,919,045 -9.1
Houston
3,459,000
3,126,500
+46.3
2,619,000
3,834,933
+23.7
18,347,832
76,244,5C0
94,393,423
14,853,000
+23.5
Galveston
6,854,009
6,054,797
7,734,107
6,300,000 +22.8
38,756,550
193,862,226
173,430,156 +11.8
32,794,013 +17.6
Richmond
9,707,440
9,258,984
10,417,167
11,793,817 -11.7
53,460,351
281,445,396
59,191,838 -9.7
331,493,588 -15.1
Atlanta
5,214,574
4,868,636
4,491,880
4,613,898 -2.6
24,501,712
154,244,275
173,971,895 -11.3
28,251,574 -13.3
Memphis
5,634,462
5,952,504
+40.1
7,606,404
5,429,208
+4.2
33,891,000
30,620,988
163,899,000
+10.7
170,846,676
Worth
Fort
4,294,576
4,791,428
4,942,034
4,662,677 +6.0
24,778,125
153,178,734 -16.4
127,986,311
26,697,803 -7.2
Nashville
3,988,202
3,540,319
16.1
3,892,890
3,266,077
17,086,435
106,299,488
16,838,196
96,992,508 +9.6
+1.5
Savannah
2,730,401
3.583,842
3,397,498
3,725,265 -8.8
15,775,826
89,077,447 -5.7
17,029,467 -7.4
84,028,509
Norfolk
2,619,638
3,043,644
2,031,072
2,607,652 -22.1
10,009,411
12,999,055 -23.0
54,194,528
74,778,979 -27.5
Birmingham
2,750,000
3,131,998
2,594,427
3,164,705 -18.0
13,073,584
73,202,999 -16.2
61,356,567
15,181,548 -13.9
Jacksonville
1,574,504
2,221,940
-9.9
2,130,099
2,366,826
-5.5
9,018,601
51,565,009
48,741,719
10,065,783 -10.4
Chattanooga
1,628,666
1,266,181
1,425,149 +12.3
1,600,000
6,683,224
39,803,685 -12.6
7,703,948 -13.2
34,785,633
Knoxville
1,643,142
1,617,917
1,532,857 -32.8
.1,029,136
6,479,424
44,522,862 -19.1
7,033,442 -7.9
36,015,921
Augusta
1,424,948
1,624,685
13.9
1,844,994
1,587,898
-16.0
8,294,288
53,194,852
9,491,288
-12.6
44,699,068
Little Rock
1,416,732
1,319,815
1,605,393 +5.9
1,699,203
7,271,372
45,519,242 -3.4
7,622,636 -4.6
43,970,717
Charleston
1,300,000
1,100,000
1,239,364 -18.2
4,619,022
1,013,088
5,697,534 -18.9
29,770,890 -20.6
23,647,652
Mobile
979,983
1,376,860
2,066,800 -5.3
1,956,600
10,030,245
9,309,452 +7.7
43,850,423 +20.6
52,861,604
Oklahoma
2,700,000
2,405,000
-2.7
2,091,687
-25.2
2,034.904
10,155,848
13,024,072
82,006,359
61,295,331
Macon
2,733,241
15,578,205 +1.0
15,739,591
3,033,838 -9.9
Beaumont
1,086,145
1,576,637
-54.0
2,652,789
1,220,043
7,571,668
80,081,553 -5.1
12,232,253 -38.1
76,006,689
Austin
3,546,600
21,922,685 -11.2
3,812.948 -7.0
19,458,501
Columbia
2,000,000
2,123,921 -5.8
10,836,133 -15.5
9,135,540
Wilmington, N. C_
-10.8
10,390,394
1,750,000
9,264,916
--1.0
1,768,123
Columbus, Oa
181,662
168,270
179,159 -20.1
143,611
6,887,290 -11.4
946,000
1,007,978 -5.1
6,099,377
Vicksburg
278.393
233,244.
274,746 -20.4
218,352
9,424,987 --1.2
1,408,288
9,312,667
1,527,103 -7.8
Jackson
437.850
924,1101
1,477,702 -22.5
1,144,371
5,640,265
35,446,347 -23.4
27,159,202
6,586,838 -14.4
Tulsa
587,759
635,852
844,367 -40.7
500,000
3,306,158
18,135,863
3,558,266 -7.1
19,357,909 -21.8
Muskogee
34,846,225 +23.8
9,000,000
43,153,329
7,457,960 +20.7
El Paso
0--,464,377
610 17E136,814 --1ME921,087 +3.8 -1:627096,698181--1.8 -1I4-13,205,050 -47379,158,103 -Z17
837.449,090077K--338
Total Southern- _
,652,535,777 2,713,803,458
.
14,620t142.566 13,164,811,157 +11.1 68,852,173,478 71,373,207,030 -3.5 3,007,572,501 2,432,584,306 +23.6 2
Total all
.087,237 171-07;191,299 7+-15.4 1,125,5397511,1709,478,q23
42-0,112 -31,127,192,237 -3.4 1,27830,078-7787OT36 5,926,279,599 -7Outside New York. 5,984,9Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
Now Bedford
Lowell
Holyoke
Bangor
Waterbury
Total New England
Clearings by Telegraph and Canadian Clearings on page 1889.
1860
THE CHRONICLE
THE FINANCIAL SITUATION.
This week's decision of the Federal CourtlatiTrenton holding that the United States Steel Corporation
does not contravene the Sherman Anti-Trust Law, is
something more than a victory for the Steel Corporation itself. It is a vindication of the men who have
been so prominent in its affairs and who for so long
have been bitterly and unjustly assailed because of
their connection with this great industrial undertaking. Above all, it is a vindication of that colossal
constructive genius, the late J. P. Morgan, in whose
fertile brain the idea of organizing this great concern
originated. One cannot but regret that he is not here
to rejoice with his associates over the pronouncement
of the Court that his work, long since accepted as
thoroughly sound from an economic standpoint, is
now found legally perfect also by the unanimous
opinion of four Federal Judges, who for months have
been weighing all the evidence and all the testimony
in the case, including that which the Government,
with its vast resources and its extraordinary powers
of inquisition, had spent years in gathering. Finally,
the Sherman Law itself will command higher respect,
now that it has been judicially determined that this
law permits differentiation between different combinations according to their intrinsic merits, that all
do not fall under condemnation merely because some
have been found vulnerable.
The fact which deserves great prominence is that
all the vast powers of the Government were employed to destroy the enterprise, to compel the
dissolution of the Corporation, and that the attempt,
nevertheless, has failed. The suit was instituted
in 1911, when Attorney-General George W. Wickersham, under the Taft Administration, was running
amuck, doing untold mischief in an attempt to
• compel a dissolution of all industrial combinations,
he having then declared in an interview with a
newspaper reporter that he had carefully checked
up the statistics and had found about 100 cases
of combinations that offered prima facie evidence
of being combinations that existed in defiance of
the law. It was at this critical period, when the
determination had been made known to attack
practically every industrial combination of considerable size, that the Steel directors, under the leadership of Mr. J. P. Morgan, decided to accept the
challenge should the Government carry out its
threat and proceed against the Steel Corporation.
Mr. Wickersham was seeking to bring about voluntary dissolutions and there had been rumors that in
order to escape attack the Steel Corporation was
trying to arrange some kind of compromise. It was
then that the Steel directors took their stand and
issued a notable statement indicating their confidence in the legal soundness of the undertaking and
announcing their purpose to defend it at all hazards.
This was in September 1911 and the purpose of
the statement was to "set at rest rumors to the effect
that they (the directors) are contemplating any
voluntary dissolution or disintegration of the Corporation,!or have any belief that it is subject to such
dissolution or disintegration by legal action." The
statement was signed by J. P. Morgan and Elbert
H. Gary as a committee of the board. Mr. Morgan
never had made it a practice to attach his name to
documents relating to corporate affairs, leaving this
for the executive officials. But on this occasion
he made a departure and appended his signature
[VOL. 100.
for the purpose of indicating his confidence in the
legality and wisdom of the course pursued in calling
the Corporation into being. The Court's decision,
therefore, is a notable triumph in vindicating the
soundness of his judgment. This tribute, at least,
is due his memory. The whole Board, in fact, is
deserving of great credit for having resisted the efforts
at disruption. And the benefits, now that the
validity of the undertaking has been sustained, will
accrue to other combinations resting on a similar
foundation of merit.
In the statement referred to, it was declared that no
negotiations whatever had taken place between the
Steel Corporation and the Department of Justice
looking to the dissolution or disintegration of the
Corporation; furthermore, that the Corporation had
been organized for business reasons and had purchased its various plants to promote such businees
and not to restrain trade or obtain a monopoly. In
all its operations, it was observed, the company had
scrupulously observed the law and recognized the just
rights of its competitors and the consumers of its
products. No complaint had ever been made
against it by either of these interests. The directors
had, furthermore, been advised by counsel that its
existence was not in violation of the Sherman Act as
interpreted in recent decisions of the United States
Supreme Court. In view of this record and this
advice, it was stated, the directors felt that their
duty to their stockholders, their employees and the
public required that they should set at rest all rumors
that dissolution or disintegration was contemplated.
In conclusion, the directors reiterated their expression
of belief that the organization was legal, that its
management was proper, that its property was of
immense intrinsic value and that the Corporation
was a benefit to the public interest.
This view the Court has now sustained, and the
directors have rendered an inestimable service in
permitting the test to be made. We pointed out
at the time that it was in the highest degree reprehensible for Government officials to brand all industrial combinations as offenders or to presume that
they must be offenders simply because the Standard
Oil Co. and the Tobacco Co., two peculiarly vulnerable undertakings, had been condemned by the
courts. Nor did it seem to us that the opinions
handed down in those cases sustained the view that
the Steel Corporation was not in all respects strictly
legal. On the contrary, they encouraged the belief
that under the "rule of reason" combinations like:the
Steel Corporation would be found valid so long as
there was no attempt to restrain trade or establish
a monopoly.
This is in substance the conclusion to which Judge
Buffington, who wrote the main opinion in the case,
comes. He points out that the controversy involves
in essence merely business facts. All the trust cases
thus far determined, he avers, settle down to this:
that only such combinations are within the Sherman
Law as by reason of the intent of those forming
them or the inherent nature of their contemplaced
acts, wrong the public by unduly restricting competition or unduly obstructing the course of trade.
All the Judges hold that the price-fixing agreements which may have followed the Gary dinners
but which stopped before the suit was instituted
were unlawful and the Court indicates its willingness to allow the Government to retain jurisdiction
if an attempt should be made to renew price-fixing
JUNE 51915.]
THE CHRONICLE
1861
practices, though it is suggested by Judge Buffington that such matters may now be controlled by the
new Trade Commission. As to the charge of monopoly, Judge Buffington says that the test of
monopoly is not the size of that which is acquired but
the trade power of that which is not acquired. In
the ten years since the Steel Corporation wasformed
it had increased its business about 40%. On the
other hand, eight great competing steel companies
had increased theirs even more, the lowest one 60%,
the highest 3,700%.
All this is encouraging in the highest degree and
the entire business world may breathe freer now that
it has been definitely decided that an industrial
corporation managed in the wholesome way in which
the Steel Corporation has always been administered,
with respect for the rights of all concerned—competitors, consumers and employees alike—does not fall
under the condemnation of the statute.
Judge Buffington's opinion is something more than
a mere legal dissertation. It is a treatise on the
iron and steel trade, with a discussion of the conditions bearing upon its extension and development, and
the part played by the Steel Corporation in promoting such development. From the proofs Judge
Buffington shows that the idea of establishing a
monopoly never entered the heads of the promoters
of the undertaking, that so far from the effect having
been to restrain trade, its influence has been to promote trade, and that,indeed,in the export business
in iron and steel the Steel Corporation has been a
most beneficial agency, the growth of that business
following directly as a result of its efforts.
The discussions in the opinion are so comprehensive
and go so fully into all the details of operations that the
pronouncement of the Court is really an endorsement of all the methods and acts of the Corporation,
and its business policy. The decision is at once a
justification and a certificate of character. The Steel
Corporation at last is fully vindicated. It is true
that two of the Judges, Woolley and Hunt, are not
willing to admit that the original purpose was wholly
good, but they concur in the general conclusion that
the Corporation is now in strict conformity with the
law. We see it stated that the Government intends
taking an appeal to the United States Supreme
Court. If it does, we doubt if it will gain anything.
The Circuit Court's judgment rests upon such impregnable ground, Judge Buffington's opinion being
one of the most illuminating documents ever handed
down in a Court of law, that it would seem safe
enough to rest in entire confidence that the decision
will never be upset.
nothing remains but its interested contemplation;"
the closed mind may be jostled, but it cannot have
experience. To this mind the Bourbon family has
left a name, but there is another type equally to be
shunned. It is not closed, "for unfortunately it is
open at both ends; this is the type which remembers
nothing and learns nothing." No historic family
has given this a name, but some contemporary name
may yet attach to it.
Now open-mindedness, said Dr. Butler, is greatly
desirable, and "it differs both from the closed mind
and from the mind which consists wholly of openings". It is ready to "receive freely and fairly new
facts, new ideas, new movements, but while it
receives these it also estimates them. It does not
yield itself wholly to the new until it has assured
itself that the new is also true; it does not reject
that which is old and customary and usual until
it is certain that it is also false or futile." This
University, declared Dr. Butler, is the product of
liberty, devoted to liberty; "it finds in liberty the
justification and the ground for open-mindedness,
and also the source of those dangers which it is the
business of the educated man to avoid."
This''seems an admirable epitome of the nature
of genuine conservatism and of the distinction between obstinate opposition to all changes and a
furious eagerness to conceive and adopt changes.
"Prove all things, hold fast that which is good",
wrote Paul to the Thessaloneans. Our hasty contemporaries who can see no progress except in and
by radical changes are indisposed to follow either of
these injunctions, although the development of this
globe from its original stage of mists until now has
followed both; natural progress is not in throwing
away the old, but in building upon it.
The degree of Doctor of Letters conferred on
Mr. Charles R. Miller, Editor of the New York
"Times", comports with and is justified by this
staement of Columbia's position. The man is
known by the great journal he directs. Doubtless,
few of us agree with it in everything, but we can
recognize its open-mindedness, according to the
University standard. Its pictorial parts (and we
may recall that pictures in newspapers are modern,
having arisen out of the great development of
photographic processes) really illustrate and really
educate; they are in wide contrast to the daily scrawls
that seem to be devised and drawn for imbeciles.
The 'Times" has become great in size, almost
uncomfortably so as to convenience of handling,
but it is also a great journal in its news and its
teachings.
Columbia University signalized her 161st annual
commencement on Tuesday by graduating, in all
departments combined, the remarkable and record
number of 2,160 persons, 240 more than in 1914.
The granting of honorary degrees (this time unusual
in that a woman was one of the five receiving that
of LL.D.) was made especially significant by some
remarks of President Butler to the graduating class
which seem more pertinent than usual to the time.
Having gained from the course a trained mental
habit and a just moral standard, he said, there are
types of mind to be considered. There is "the closed
mind", by which he means one which has a fixed
formula as answer to every question and as settling
at once all great issues of life by dogma. To the
closed mind "the world is a finished product and
The cotton condition report of the Agricultural
Department, issued on Tuesday, and covering the
status of the staple on May 25, the earliest date for
which official information is furnished, was quite
in line with general expectations,and in consequence,
was of negligible influence in the markets. The
report made the average condition in the whole belt
on May 25 the highest at that date since 1911 and
slightly better than the ten-year average. This
substantiates private advices, including our own,
and indicates that whatever hindering influences
there have been—excess of moisture, or lack of it,
or low temperature—they have not been of sufficient
effect to prevent the plant getting a good start in
the main. Specifically the Department announced
the condition on the date mentioned as 80% of a
1862
THE CHRONICLE
normal, that figure contrasting with 74.3% a year
ago, 79.1 in 1913 and a ten-year average of 79.5.
In 1911 the condition as of May 25 was given at
87.8—the highest with one exception (1902) in the
new century—but in August of that year there was
marked deterioration due to drought cutting down
quite materially the expected product per acre while
leaving the actual yield the record up to that time.
Deterioration, as compared with last year, is
indicated in the current report in Alabama, Mississippi and Louisiana, where lack of moisture had
been complained of, but from which relief was obtained in the closing days of May. Elsewhere in
the Eastern portion of the cotton belt, too, dry
weather has been more or less the subject of complaint this year, but not to such an extent as a year
ago, and consequently condition now is better than
then. West of the Mississippi River, or, to be more
exact, in Texas, Oklahoma and Arkansas, an adverse
factor in the early season was excess of moisture,
but shortly after the opening of May conditions
improved materially, although having been at no
time distinctly bad, with the result that the crop
at this time is also more favorably situated,than last
year. It is evident, therefore, that at the date to
which this official report was brought down, the
cotton crop situation was quite promising. Since
that time there has apparently been further improvement as the weekly weather bulletin for May 31
states that during the week "precipitation sufficient
for present needs occurred in practically all portions
of the cotton belt making satisfactory growth.
The late planted in Texas is coming up and a good
stand is now reported."
Bank clearings for May make the best showing
of any month since the breaking out of war in
Europe. But it is not to be inferred that there
has as yet been any marked progress toward normal
conditions. It is true, of course, that much activity
has.recently been displayed in a number of lines of
trade and industry but this is in greatest measure
explained by the urgent demands for various supplies
by those at war raising our exports to totals never
before attained. On the other hand, it is to be
noted that we are now comparing with a month in
1914 when a majority of the cities made an unfavorable comparison with the corresponding period
of the year preceding, notwithstanding which fact
the aggregate for all the citiesioutside of New York
records a merely nominal gain. It must be admitted that the situation of our affairs is gradually
improving, but it would be fallacious to entertain
the idea that anything approaching general prosperity or activity can be looked for until there is at
least some indication of an end to the conflict in
Europe.
Including New York, the total of clearings for
May 1915 for the 159 cities represented in our
compilation on the first page of this issue, is $14,620,142,566, against $13,164,811,157 in 1914, or
an increase of 11.1%, this following a decline of
6.8% in the latter year, as compared with 1913,
and of 4.3% contrasting 1913 with 1912. It is
evident, therefore, that the current total is slightly
under that of three years ago, whereas under normal
conditions it should be quite a little above. A
number of cities of more or less importance share
with New York in the gain recorded over last year,
Kansas City, Omaha, Cleveland, Hartford, Rich
[VoL. 100.
mond and Louisville, to the most noticeable extent,
but losses predominate, 85 of the 159 municipalities
being in that category. The augmentation at New
York for the month stands at 19.3% but outside
of this city the gain is merely nominal-0.9%.
For the five months there is a diminution in the
aggregate for the whole country of 3.5%, as contrasted with last year, and compared with 1913
5.1%. At New York the decline from 1914 is
3.6% and outside of this city it is 3.4%. Analyzed
by groups, the totals from the period since January 1 are smaller than a year ago in all divisions,
except the "Other Western", where an increase of
15.2% is disclosed. The Middle Section, exclusive
of New York, shows a loss of 5.0%, New England
4.6% (but outside of Boston there is a gain of 1%),
the Middle West 5.8%, the Pacific Slope 5.7% and .
the South 5.7%.
Operations on the New York Stock Exchange in
May were of smaller volume than in April, the
Lusitania incident, the torpedoing of the Nebraskan,
and other disturbing developments connected with
European affairs serving to check speculation, and
cause a decline in values of securities. The decline
was, in part, recovered later, but the stock market
lapsed into semi-dulness. As compared with May
a year ago, however, transactions showed an important increase, the dealings totaling 12,581,040 shares,
against only 4,757,405 shares. For the five months,
moreover, the transactions were 50,925,937 shares,
against 34,066,903 shares last year and 62,166,819
shares in 1913. In 1901 the operations for the
period exceeded 156 million shares. Bond transactions in May were also greater than those of 1914
and for the period from January 1 to May 31 reached
339 million dollars par value, against 3193/ millions
in 1914 and 241 millions in 1913. More activity
is likewise to be noted in the Boston stock market,
the five months' dealings aggregating 5,217,093
shares, or a little more than double those of 1914.
Canadian clearing houses continue almost without
exception to report losses from a year ago, and, in
some instances, of radical percentages. In fact,
for May 1915 Ottawa and St. John are the only
cities showing gains, as compared with 1914, the
decline for the 22 cities being 18.6%. Losses are
noticeably heavy at Vancouver, Victoria, Calgary,
Edmonton, Saskatoon, Fort William, Medicine Hat,
New Westminster and Moose Jaw. For the period
since January. 1 the aggregate falls below last year
by 16.4%.
Commercial failures in May were fewer in number
than in any previous month of 1915 and. smaller
as well in the volume of indebtedness involved,
thus, apparently, reflecting some improvement in
the general mercantile and industrial situation of
the country, which, on the whole, has been more or
less unsatisfactory for some little time, already
existent depression having been aggravated by
developments in Europe. It is to be noted, moreover, that although the number of insolvents in the
month this year was much greater than a year ago,
the aggregate of liabilities was actually less, while
at the same time much larger than in 1913 and
heavier than in any earlier year back to 1900. In
one respect May differed in no essential particular
from many preceding months, and that is in the
important amount contributed to the grand total
by a comparatively few failures.
JUNE 5 1915,J
THE CHRONICLE
Messrs. R. G. Dun & Co's. compilation, from
which our conclusions are drawn, indicates that the
number of business reverses in May111915 was 1,707,
involving debts of $21,053,212 and contrasting
with 1,221 and $23,447,496 a year ago, and 1,246
and $16,803,804 in 1913. The high aggregate of
indebtedness for the period was the $23,771,151 in
1900. In reviewing this May statement Messrs.
Dun & Co. attach more weight or significance to the
number of suspensions than to the aggregate of
liabilities, stating that "further statistical evidence
of improving business conditions is found in the
record of commercial failures, which have shown
a steady reduction, month by month, and in May
made much the best exhibit of the year. In point
of number the insolvency returns still indicate a
mortality above the average. It is encouraging,
however, that the expansion over former periods is
not so pronounced as heretofore, and the progressive
improvement in the failure statistics provides additional evidence that general business conditions
are gradually returning to normal." Manufacturing
casualties were greater in number this May than
last, but the liabilities were very appreciably less,
reaching only $6,721,884, which contrasts with
approximately 10 1-3 millions in 1914 and 8 millions
in 1913. Failures among traders, too, were much
more numerous than in 1914 or 1913, with, moreover, a corresponding large expansion in the volume
of debts—from $7,846,495 a year ago to $12,595,669.
Brokers' and agents' debts, on the other hand,
notwithstanding a noticeable increase in number,
dropped from $5,260,812 to $1,735,659.
For the five months ended May 31 1915 the
number of failed concerns, at 10,986, compares with
7,383 and 7,018 respectively in 1914 and 1913, and
the liabilities exhibit a large augmentation, $170,574,117, contrasting with $127,218,466 last year
and 112 millions two years ago. This year's aggregate, furthermore, is the heaviest on record for the
period, exceeding by 75 millions the total for the
five months in 1908 and by 1 million the former
high-water mark, that of 1893. The manufacturing
1 millions of the period's
section accounts for 62Y
indebtedness, against 513' millions in 1914 and 45
millions in 1913; the trading division makes contrast between 8831 millions, 55 millions and 53
millions; and brokers and agents between 193/i
millions, 20% millions and 14 millions.
The text of the German reply to President Wilson's
note, which was dated Berlin, May 29, was received
in Washington on Sunday, May 30, and was published by the newspaper press of the country on
Monday morning. The note itself appears in full
on a subsequent page of this issue of the "Chronicle".
It may be said to have fulfilled very closely the forecasts that had been current of its contents, its chief
feature being the suggestion that the Imperial
Government "considers it necessary,in the interest of
the clear and full understanding aimed at by either
Government, primarily to convince itself that the
repOrts of the facts which are before the two Governments are complete and in agreement." The note
seeks to justify the sinking of the Cunard liner on the
ground that it was not a defenceless merchant vessel,
but was being used for transportation of war munitions
and troops, unsuspecting passengers being permitted
to take passage to safeguard the war materials. The
German note was discussed at a Cabinet meeting
1863
in Washington on Tuesday, after which, it is understood, the President himself undertook to draft a
reply, setting forth in unmistakable language the
insistence of the United States that the code of
nations and the laws of humanity must be observed
in Germany's conduct of her submarine warfare.
At his own request, Count von Bernstoff, the German
Ambassador at Washington, had a conference lasting about twenty minutes with President Wilson
on Wednesday. One result of the conference was
the dispatch of a personal representative of the
latter to Berlin to present facts that Count von
Bernstoff could not present to his Government
through the cables. He cannot he explained to
the President, use the cables, which are in the possession of the Allies, while, as to wireless, it is found
impossible to send anything but the briefest dispatches. As a result, according to the Ambassador,
Germany is not well informed as to the reasons
controlling the policy of the Administration or the
state of public opinion. Arrangements have been
made with the Allies not to interfere with the German
Ambassador's special envoy, Meyer Gerhard, who
sailed on the steamship United States of the Scandinavian-American line on Thursday afternoon, and
will proceed to Germany by way of Denmark.
Gerhard carries full explanatory reports from the
Ambassador. It is stated, that the dispatch of the
envoy will not delay the President's second note to
Berlin, the completed draft of which was laid before
the Cabinet yesterday.
The event of the war from the military standpoint
was the re-capture by the Austro-German armies at
an early hour on Thursday morning of the Galician
fortress .of Przemysl, which the Russians had occupied on March 22 after it had undergone a siege lasting 201 days. The Russian official statement referring to the re-capture says that the fortress was
evacuated on Wednesday night after all the war material taken from the Austrians had been removed.
It also stated that the Russians realized from the
first that the fortress was incapable of defending
itself. The Russians remained so long as it served
their purpose. The re-capture of the fortress is believed to have been the main object of the great thrust
that the Teutonic Allies have carried on in Western
Galicia for a full month. They have yet to drive
the Russians further back and establish themselves
in easily defended positions, which will enable them to
detach forces for operation against Italy and the
Allies in the West. The re-capture of Przemysl is
regarded in Germany and Austria-Hungary as the
ending of the Russian plan to convert Galicia into a
part of Russia. Meanwhile, the Russian forces have
cut off the Germans occupying Libau from Memel,
their base of supplies, and are now surrounding the
Baltic fort, leaving the Germans no outlet except by
sea. The French continue their operations north of
Arras, where they claim to be slowly blasting the
Germans out of strongly fortified positions. The
British, on their part, have become more active in
the regions of Ypres and La Basse, while the Italians
continue to report the capture of important positions
along their frontier. In the latter region, however,
no news has yet been received of any important battle. On Thursday a British submarine penetrated
the Dardanelles and sank a large German transport.
Lloyd George, British Minister of Munitions, declared in a speech at Manchester on Thursday that
1864
THE CHRONICLE
the German victory in Galicia was due to an overwhelming superiority in equipment, and that if the
Allies in the west had been as well equipped the Germans would long ago have been driven from France
and Belgium. He made a stirring appeal to employers and workmen to supply the British armies with
the necessary munitions.
On Tuesday Zeppelins passed over the outskirts
of London. Many fires were reported in nearby
towns. Details are lacking, as the official press bureau of the British Government reminded newspapers
that "no statement must be published dealing with
the places and neighborhood of London reached by
aircrafts or of the courses supposed to have been
taken by them." The statement adds, "the Admiralty communique gives all the news that properly
can be published." No reports of an important character seem to have been received from the Dardanelles this week. The indications suggest that Bulgaria and Rumania will soon enter the war on the
side of the Allies. Both are understood to be negotiating with the Allies for recognition of their claims.
The headquarters of the German Crown Prince were
bombarded on Tuesday morning by French aviators.
According to the French War Office official statement 29 machines dropped 178 shells and several
thousand darts. No report of the extent of the damage has been made. Dr. Bernhard Dernburg, who
has made himself unwelcome in this country as the
semi-official German spokesman in this country, will
leave on June 12 for Berlin via Norway. A safe passage so far as the Allies are concerned has been arranged for him.
President Wilson and his Cabinet on Tuesday decided on a new policy to be pursued toward Mexico.
This will have as its object the restoration of order
and the relief of millions of non-combatants from the
tyranny of the military cliques. It is contained in
the following statement which has been forwarded to
Carranza, Villa, Zapata and Garza, the principal
leaders, not as a diplomatic note from the United
States, but as a declaration of President Wilson's
attitude expressed in a statement to the American
people:
"For more than two years revolutionary conditions
have existed in Mexico. The purpose of the revolution was to rid Mexico of men who ignored the constitution of the republic and used their power in
contempt of the right of its people, and with these
purposes the people of the United States instinctively
and generously sympathized. But the leaders of the
revolution, in the very hour of their success, have disagreed and turned their arms against one another.
"All professing the same objects, they are, nevertheless, unable or unwilling to co-operate. A central
authority at Mexico City is no sooner set up than it
is undermined and its authority denied by those
who were expected to support it.
"Mexico is apparently no nearer a solution of her
tragical troubles than she was when the revolution was
first kindled. And she has been swept by civil war as
if by fire. Her crops are destroyed, her fields lie unseeded, her work cattle are confiscated for the use
of the armed factions, her people flee to the mountains to escape being drawn into unavailing bloodshed
and no man seems to see or lead the way to peace
and settled order.
"There is no proper protection, either for her citizens or for the citizens of other nations, resident and
at work within her territory. Mexico is starving and
without a government.
k "In these circumstances the people and Government of the United States cannot stand indifferently
[VOL. 100.
by andldo nothing to serve their neighbor. They
want nothing for themselves in Mexico. Least of all
do they desire to settle her affairs for her, or claim
any right to do so. But neither do they wish to see
utter ruin come upon her, and they deem it their duty
as friends and neighbors to lend any aid they properly
can to any instrumentality which promises to be
effective in bringing about a settlement which will
embody the real objects of the revolution—constitutional government and the rights of the people."
The Coalition Cabinet met Parliament for the first
time on Thursday,which,incidentally, was the fiftieth
anniversary of the birth of King George. Because
of the war the celebrations customary on the King's
birthday were omitted. Mr. Asquith, the Premier,
was absent on "urgent public business," while the
new Chancellor of the Exchequer,Reginald McKenna,
accompanied by the Governor of the Bank of England, was in Nice conferring with the Italian authorities over war finance. A bill for the establishment of a Ministry of Munitions was introduced and
will reach its final stages on Monday or Tuesday of
next week. When duly authorized David Lloyd
George, late Chancellor of the Exchequer, will assume charge of the new portfolio. The adoption of
the coalition plan for the National Ministry is believed in usually well-informed quarters to constitute
a precaution to obviate opposition to some form of
national military service. Some observers believe
that this will take the form of conscription. The
Foreign Office has announced that Sir Edward Grey,
the Foreign Secretary, has been advised to leave his
work for a short time on account of trouble with his
eyes. Lord Crewe, who is President of the Council
in the new Cabinet, will assume the duties of Foreign
Secretary while Sir Edward is away. He will be
assisted by Lord Lansdowne, who holds a place
in the new Cabinet without definite portfolio. The
list of birthday honors bestowed by the King included two peerages, seven privy councillorships, six
baronetcies and twenty knighthoods. Foremost
among the many distinctions is that of the Garter
bestowed upon Earl Kitchener. Among the new
knights is E. L. Fletcher, Joint Manager of the White
Star Line, who rendered valuable service in connection with the transport of troops. It is mentioned in the communication accompanying the list
that a further list of honors conferred in recognition
of meritorious services during the war will be announced later, which probably means that the men
in the field who are not included in the present list
will then come in for their share of the honors.
No further definite particulars are available respecting the necessities of the British Government
in the matter of establishing a large credit in this
country. Various credit arrangements have undoubtedly been completed as between London and
New York banks and bankers, but so far as we can
learn these arrangements in no way are directly participated in by the British Government itself. The
demoralized condition of exchange is, nevertheless,
being keenly discussed. A plan is being advocated
in London financial circles to provide opportunities
on preferential terms for American subscriptions to
the next British war loan, which it is expected will be
found necessary in the early autumn. The preferential feature would be the present exchange rate, the
New York parity as a result being 13/2% below the
London basis., Should this basis continue, the final
JUNE 5 19154
THE CHRONICLE
profit on American purchases would depend upon the
exchange rate when the loan matures. The suggestion is that the new loan might be made payable at
mint par, namely $4 8665 in New York, Montreal
and Toronto.
Business has been restricted in volume on the
London Stock Exchange this week. American securities have ruled firm following the similar condition in New York, the importance of the decision
sustaining the United States Steel Corporation being
appreciated fully at the British centre. A suggestive
indication of the backwardness of business on the
London market is that a petition asking that business
be suspended on Saturdays has received more than
1,700 signatures. Reports of colonial security issues
have somewhat depressed older bonds of the same
character. The Grand Trunk RR., too, is to issue
£2,500,000 5-year 532% notes at 99. The amount
has been underwritten, but results of the final distribution to investors has not as yet been cabled.
The proceeds of the sale will be used in part to repay
£2,000,000 notes maturing on July 1. An issue of
£1,000,000 4% London & Northwestern stock is expected in the near future. On Tuesday there were 92
transactions in Americans and 22 in Canadian Pacifies on the London market; Wednesday's corresponding figures were 75 and 35, Thursday's 97 and 30
and Friday's 218 and 15. British consols closed at
663/2, which is again without net change for the week.
Cable accounts from Paris indicate a very quiet
market on the Bourse there. French exchange on
London has further weakened to 26 francs 93/i centimes, which compares with 25.993/i francs a week
ago. This weakness, in view of the large shipments
of gold to establish the £60,000,000 French credit
in London, might be considered surprising were it
not that the credit is reserved entirely for purposes
of financing French indebtedness to America. This
seems to confirm the view that the recent arrivals
of gold from Ottawa have been mainly on French account. Alexandre F. Ribot, the French Minister
of Finance, on Thursday introduced in the Chamber
of Deputies a bill providing for the appropriation of
5,600,000,000 francs ($1,120,000,000) provisionally
for the requirements in the third quarter of the present year. With his bill M. Ribot presented a memoranda showing that the extraordinary appropriations
since the war began, including the estimates for the
third quarter of 1915, just referred to, would amount
to 22,000,000,000 francs ($4,400,000,000). If there
were included the appropriation already made when
the war began for the first five months of 1914, the
total, M. Ribot showed, would rise to 24,000,000,000
francs ($4,800,000,000) for the fourteen months ending Sept. 3. Referring to payments that will be
required to be made in the United States by the
French Government. Paul Leroy-Beaulieu in a recent
compilation says:
The United States is at the moment the chief
provider of industrial materials for Europe—even
of arms and munitions. M. Ribot points out that
Europe is contracting every month a debt to the
United States of 700 to 800 million francs. The machinery for payment has been lacking;it will not continue to be.
M. Ribot estimates that, in the next six months,
the French Government will have to arrange for payment of more than 1,500,000,000 francs, either to
the United States, to Canada or to England. He has
1865
contrived, for the payment of that sum, an arrangement which deserves approval. The British Government agrees to take that amount worth of French
Treasury bonds, payable one year after war, and to
provide against it foreign exchange for 1,500,000,000
francs; the only condition being that the French Government advance to the British Government, in gold,
one-third of the sum just named. There are, then,
500 million francs in gold to be sent gradually into
England.
The bargain is a good one. It makes little difference if the gold reserve of the Bank of France is
cut down 500 million francs—if it falls to 3,500,000,000 or even 3,000,000,000, instead of 4,000,000,000.
This huge reserve was not accumulated for the purpose of never using it. After return of peace it will
in due course be built up again.
Cable advices from Berlin announce that the leading banks in that country have resumed trading in
securities, having until now kept aloof in deference
to the wishes of the Government, which decided that
it would be advisable for the Bourse to remain closed
until .the military situation should warrant a reopening. Hence, quoting the dispatch, the floor of
the Bourse has assumed a more nearly normal aspect
than at any time since the outbreak of the war.
Nevertheless, the return to trading by the big banks
does not mean that the official existence of the Bourse
has been revived. No quotations have as yet been
allowed to be published. Trading continues to be
of a wholly unofficial character. Prices were declared to be fairly firm. The official report of the
German labor market for April states that active
work, which had been going on in a number of industries for some months, showed no diminution, and
in some cases activity had become even more marked.
In a number of industries the demand for goods is so
gre.at that the capacity of the works as operated under
war conditions is, it is declared, taxed to the utmost.
The demands for coal remain as active as in March,
and buyers of pig iron have become more eager to
place contracts than heretofore. The metal-working
and the machinery industries continue to work at
high pressure. The electrical companies are running
on big army contracts, and some of them are working
over time. The ready-made clothing trade has further improved. The percentage of unemployed
workmen, was, the report said, reduced during the
month.
Official bank rates at the leading European centres
remain without change this week. At London,Paris,
Berlin, Amsterdam, Vienna, the figure is 5%. In
Italy and Russia it is 6%; in Norway, Sweden and
Denmark and Portugal it is 53/2%, and in Spain and
Switzerland 432%. The private rate of discount in
London closed at 2%% (against 2%% a week ago)
for short bills and 2%% against 2 13-16@2%%
for ninety-day bills. Money at the British centre
is still quoted at 13i@1%% for day-to-day funds.
No private bank discount rates have this week been
received by cable from Continental centres so far as
we have been able to learn.
The Bank of England reports a loss of £3,094,213
in gold this week. A substantial part of this decline
represents releases of the precious metal from the
Bank's agency at Ottawa for shipment to New York,
in consideration of the French credit which has been
arranged in London. With an increase of £584,000,
in note circulation, the total reserve shows a reduction
THE CHRONICLE
1866
off£3,678,000 for the week, bringing the proportion
of reserve to liabilities down to 20.20%, against
21.50% last week and 42.46% a year ago. Public
deposits showed a contraction of £336,000, while
other deposits decreased £3,717,000 and other securities (loans) decreased £407,000. The Bank's
gold holdings aggregate £58,643,601. One year ago
the total was £35,992,318 and in 1913 £37,600,597.
The reserve aggregates £43,562,000, against £25,448,268 one year ago and £27,411,092 in 1913. Loans
still show the large total of £138,883,000. In 1914
the total was £41,133,709 and in 1913 £29,986,899.
The Bank reports the amount of currency notes outstanding on May 29 as £45,159,634, against £43,795,323 the week preceding. The amount of gold
held for the redemption of such notes remains at
£28,500,000. Our special correspondent furnishes
the following details by cable of the gold movement
into and out of the Bank for the Bank week: Inflow,
£642,000 (of which £67,000 bought in the open market, £200,000 released from Egyptian account and
£375,000 released from miscellaneous accounts);
outflow, £3,736,000 (of which £58,000 earmarked
Argentina, £675,000 earmarked miscellaneous, £200,000 bar gold and £2,000,000 foreign gold coin sold
in the open market and £803,000 net sent to the
interior of Great Britain). We add a tabular statement comparing tor the last five years the different
items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1913.
1912.
1911.
1915.
June 2.
June 3.
June 4.
June 5.
June 7.
33,530,000
Circulation
131,752,000
Public deposits
Other deposits
84,025,000
51,043,000
Government securities
138,883,000
Other securities
Reserve notes and coin
43,562,000
Coln and bullion
58,643,601
Proportion of reserve to
20.20%
liabilities
5%
Bank rate
28,994,050
17,547,433
42,365,614
41,046,570
41,133,709
25,448,268
35,992,318
42.46%
3%
28,639,505 29,084,390
13,675,725 21.740,115
38,743,388 40,314,228
12,802,651 14,155,013
29,986,899 35.632,328
27,411,092 30,051,064
37,600,597 40,685,454
28,286,670
13,914,151
41,193,084
14,971,344
28,890,450
28,966,730
38.803,400
48.50%
3%
52.50%
3%
52.27%
%
The Bank of France for the week ending June 2
reports an increase of 3,075,000 francs in gold and
a decrease of 17,000 francs in silver. A further large
expansion of 98,385,000 francs is indicated by the
total of note circulation,and discounts are 18,319,000
francs higher. General deposits decreased 89,527,000 francs, treasury deposits decreased 806,000
francs and the Bank's advances showed a contraction of 22,247,000 francs. The Bank now holds in
gold 3,916,503,000 francs, against 3,783,050,000
francs one year ago and 3,311,700,000 francs in 1913.
The silver holdings aggregate 375,331,000 francs,
against 626,825,000 francs one year ago and 619,350,000 francs in 1913. Note circulation is almost
double that of a year ago, amounting to 11,927,607,000 francs, against 6,130,980,825 in 1914. The
1913 figures were 5,655,591,200 francs. General
deposits are 2,101,418,000 francs, against 764,548,005 one year ago and 672,571,641 francs in 1913.
How greatly the war has upset the routine business
of the Bank may be judged from the fact that the
'discounts aggregate only 148,639,000 francs, against
1,733,547,525 francs a year ago and 1,514,873,830
francs the year preceding.
An increase of 1,095,000 marks in gold is recorded
in the weekly statement of the German Reichsbank
as of June 2. The cash item, which includes Imperial and loan bank notes and notes of other banks
in addition to coin and bullion, decreased 93,008,000
marks. Discounts showed the large expansion of
[VOL.
no.
165,526,000 marks and note circulation of 175,160,000 marks. Loans increased 1,295,000 marks, deposits decreased 42,078,000 marks, while the Bank's
holdings of securities decreased 613,000 marks. The
stock of gold in the Reichsbank is 2,377,521,000
marks. One year ago it was 1,313,232,000 marks
and in 1913 1,021,900,000 marks. Note circulation
aggregates 5,318,467,000 marks, against 2,013,860,000 marks in 1914 and 1,912,660,000 marks in
1913. Combining loans and discounts, we have a
total of 4,163,390,000 marks, against 1,083,460,000
marks in 1914 and 1,260,020,000 marks the year
preceding.
In money circles the rather monotonous repetition
of previously existing conditions is necessary. In
spots business is beginning to improve, distinct improvement being reported in the general metal industry. The United States Steel Corporation is, for
instance, declared to be operating something over
80% of capacity, and an official of the Carnegie
Steel Co.—one of the Steel Corporation's subsidiaries—in a recent interview in Chicago predicts that
his company will be working at full capacity within
a short time. as a result of definite business that is
in sight. Improved buying of railroad material has
been a feature in this respect. Steel companies
that have not participated in the so-called war orders
are not unnaturally benefiting indirectly, owing to
the lessening of competition thus produced. Western advices speak quite confidently of improved
prospects of general business. Nevertheless, the
demands upon the loanable funds in the banks seem
prospective rather than immediate. Views of lenders
are, if anything, still less arbitrary than a week ago.
This,however,is not surprising in view of the almost
complete suspension of capital demands that has
followed the conceded crisis reached in our national
relations with Germany. At the close of the week
there was increased disposition in local banking
circles to expect some degree of improvement in large
enterprises as a result of the Federal Court decision
sustaining the Steel Corporation in the Government's
suit seeking dissolution. This decision seems to
constitute another link in the chain of favoring influences that have been developing during the time
that the war has been so very effectively obscuring
other considerations. Other important links in this
same chain include the improved attitude of our national authorities towards modern business methods
and in turn the more friendly attitude of the InterState Commerce Commission toward railroad revenues. The entrance into full operation of a new
banking law is still another link. The current Federal Court decision is not unlikely to loosen up quite
freely the restraints that have in recent years so
completely been placed upon national enterprise.
These are considerations, however, that will receive
their greatest consideration after the termination of
the war. Nevertheless, they afford an encouraging
prospect.
According to last Saturday's New York ClearingHouse statement, a further addition of $3,017,880
was made to the surplus held by the banks and trust
companies above reserve requirements, this surplus
amounting now to $183,332,440,which compares with
$48,984,000 under the old form of bank statement at
the corresponding date a year ago. Loans were shown
to have expanded $19,334,000, net demand deposits
increased $27,762,000 and net time deposits were
JUNE 5 1915.]
THE CHRONICLE
$767,000 higher. Reserves in "own vaults" increased $7,603,000,to 37,786,000 (including $367,205,000 specie), reserves• in Federal Reserve banks
decreased $1,261,000 to $117,450,000, while reserves
in other depositaries increased $1,403,000, to $35,298,000, and making the aggregate reserve $590,514,000, or an increase of $7,745,000 for the week. The
Clearing House return appears in greater detail on
a subsequent page of this issue. A feature of the
week has been the passing through the Clearing House
of a single check for the proceeds of the $65,000,000
general mortgage 43/2% bonds of the Pennsylvania
Railroad that were purchased by Kuhn, Loeb & Co.
and sold by them through a syndicate to investors.
Delivery of the bonds was made on June 1 by the
bankers to the great majority of those who had subscribed for them. The numerous checks received in
payment were deposited by Kuhn, Loeb & Co. in
the National Bank of Commerce, upon which the
bankers in turn drew their own check for their remittance to the Pennsylvania Railroad. The latter in turn deposited the Kuhn, Loeb check in its
account with the same bank, the entire transaction
thus being cleared within the bank itself, so it did not
appreciably affect the general money market on that
date.
Referring to money rates in detail, call loans have
this week been included within the range of 1@2%,
against 1@23/2% a week ago. On Tuesday the renewal rate was 2%, but on Wednesday it was reduced to 1%%, at which it remained until the close.
Monday was a holiday. On Tuesday and Wednesday the extreme figures were 1%@2% on Thursday
1@1%% and Friday 13/2@2%. Time money closed at
23/2% for sixty days (against 23'@2%% a week ago),
23/2@2%% for ninety days (also unchanged), 2%@
3% for four months (unchanged), 3@33% for five
months (unchanged) and 3@33% for six months
(unchanged). Discounts for commercial paper remain 332@4% for sixty and ninety-day endorsed bills
receivable and for four to six months' single names of
choice character. Names not so well known require
as high as 43/2%. The discount rates at the Federal
Reserve Bank at New York remain 4% for thirty
and ninety days and 5% (for agricultural bills) above
ninety days. There have been no changes either at
any of the Reserve banks throughout the country.
Below are the current discount !rates for all the Reserve banks:
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Maturities Maturities of Maturities of Agricuttural
of
over 30 days over 60 days and live-stock
30 days and to 60 days, to 90 days, paper over
inclusive.
90 days.
less.
inclusive.
4
4
4
4
4i
4
4
4
4
4
4
3%
4
4A
4
4
4
434
4
4
4
43.
4
43
4
4M
4
4M
4
5
443
4
41
4
4
A
—5
5
5
5
5
5
5
5
53
5
6
Sterling exchange and the foreign exchanges generally have been quiet. The payments for the socalled war supplies purchased by belligerent countries are apparently being financed without specific
reference to the sterling exchange situation. Advices from London state that the £60,000,000 credit
that has been arranged for France in London is
intended exclusively for financing French purchases
of supplies in America. Hence it has not thus far
operated in restoring sterling exchange rates in Paris.
1867
The supply of bills in all directions is abundant.
Additional sums of gold have been received from
Ottawa this week aggregating $7,725,000, of which
all but $225,000 was consigned to J. P. Morgan &
Co. and deposited by them in the Sub-Treasury.
It is estimated that the bankers in question have
received about $5,000,000 (referred to last week)
that have not been deposited. .How much more
they or other bankers have received in this way
will have to be learned later from the Government
records of importations. Omitting estimates of
the indefinite importations the arrivals of the precious
metal since the first of the year aggregate $81,440,000. The gold from Ottawa is believed to represent,
very largely, remittances on French account under
the agreement for the French credit in London.
The weekly statement of the Department of Commerce for the week ending May 29 showed an export
balance in favor of this country of $19,170,460, which
compares with $18,932,596 for the week ending
May 22. The returns in question are from thirteen
customs districts that 'usually handle about 90%
of the country's foreign commerce. There is almost
complete absence of the demand usual at this season
for exchange against letters of credit on account of
tourists' travel abroad. The war has completely
ended the tourist traffic for the present, which is
not surprising in view of such incidents as the sinking
of the Lusitania and the fact that all the leading
countries are involved in war.
Weakness in Italian lire in the Continental exchanges has been a feature. Bankers' sight drafts
closed at 5 913/ against 5 783/i a week ago, while
bankers' cables finished at 5 90% against 5 78. It
is possible that this week's conference at Nice between the British Chancellor, the Governor of the
Bank of England and the Italian authorites over the
war's financial problems will have a steadying effect
on the Italian exchange in the near future. Russian
roubles remain dull and largely nominal at 39 for
bankers' sight drafts. Efforts are reported to have
been made to place Russian contracts in this country,
payment to be made in Russian notes; but in a number of instances manufacturers have refused to conclude negotiations on this basis. Sterling exchange
in Paris has ruled weak, closing at 26.093/ francs,
against 25.993/ francs a week ago. French exchange
in New York has been correspondingly weak, closing
at 5 43% and 5 43 for bankers' check and cables,
respectively, against 5 41% and 5 413 a week ago.
Commercial sight on Paris is without change from
5 43. Bankers' checks on Berlin are 82% at the
close, against 82% last week and cable transfers
are 82% against 833. Swiss exchange closed at
5 26 for checks and 5 273/ for cables against 5 293
and 5 283/2, respectively, a week ago. Checks on
Amsterdam are firmer at 393' and bankers' cables
closed at 40. A week ago the corresponding figures
were 3932 and 39 9-16.
Compared with Friday of last week, sterling exchange on Saturday was dull and almost nominal,
being largely of a pre-holiday character; rates showed
little change at 4 783/2@4 78 9-16 for demand, 4 79
for cable transfers and 4 7532@4 75% for sixty days.
Monday was a holiday. On Tuesday, after a steady
opening, an easier tendency became evident; demand
declined fractionally to 4 78%@4 78 9-16 and cable
transfers to 4 78%@4 79 1-16; sixty days was unchanged at 4 753'@4 75%; there was some improvement in the volume of business transacted. Ex-
THE CHRONICLE
1868
change trading relapsed into its former dulness on
Wednesday, and, following firmness in the initial
transactions, again eased off, with the range slightly
lower for the day at 4 78%@4 783/2 for demand
and 4 78%@4 79 for cable transfers; sixty days was
still quoted at 4 753'@4 75%. On Thursday trading continued dull and inactive; the opening was weak
and demand receded to 4 783 and cable transfers
to 4 78 13-16; later, however, the market rallied to
4 783/@4 79, respectively, while sixty days ruled
at 4 753/ all day. On Friday the market was slightly
steadier. Closing quotations were 4 753/@4 75%
for sixty days, 4 789g@4 78
for demand and
4 78%@4 79 for cable transfers. Commercial on
banks nominal, documents for payment nominal;
seven-day grain bills at 4 77 8. Cotton for payment
nominal; grain for payment nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $3,684,000 net in cash as a result of the currency movements for the week ending June 4. Their
receipts from the interior have aggregated $7,484,000,
while the shipments have reached $3,800,000. Adding the Sub-Treasury operations and the gold imports, which together occasioned a gain of $6,425,000, the combined result of the flow of money into
and out of the New York banks for the week appears
to have been a gain of $10,109,000, as follows:
1Veek ending June 4.
Banks' Interior movement
Sub-Treas. oper'ns and gold imports_
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$7,484,000
34,030,000
$3,800,000 Gain $3,684,000
27,605,000 Gain 6,425,000
341.514.000
831.405.000 Gain $10,109,000
The following table indicates the amount of bullion
in the principal European banks:
June 4 1914.
June 3 1915
Banks of
Gold.
I
Silver.
Total.
Gold. •
Silver.
Total.
58,643,601 35,992,318
35,992,318
England.._ 58,643,601
France.... 156,659,320 15,012,840 171,672,160 151,322,080 25,072.7201176,394,800
Germany. 118,972,750 2,400,000 121,372,750 65,601.600 19,095,5501 81,757,150
Russia ___ 171,026,000 5,542,000 170,568,000 178,203,000 7,430,0001185,633,000
Aus.-Hunc 51,578,000 12,140,000 63,718,000 62,326,000 12,270,0001 64,596,000
Spain _ _ 26,859,000 29,757,000 56,616,000 20,871,000 29,144,000 50,015,000
50,666,000 2,500,000 53,166,00 45,776,000 3,100,0001 48,876,000
Italy
260,700 26,663,700 13,509,000
694,800 14,203,800
Netherl'ds 26,403,000
600,000 15,980,000 8,870,667 4,435,333 13,306,000
Nat.Belgd 15,380,000
6,301,000 5,783,000
5,783,000
6,301,00
Sweden
9,620,000 6,848,000
6,848,000
Switz'land 9,620,000
3,437,000 2,645,000
2,645,000
Norway _ 3,437,000
324,000 6,277,000 4,120,00
300,000 4,420,000
Denmark. 5,953,000
Tot. week 701,498,671 68,536,540770,035,211 591,927.665 98,542,403690,470,068
Prey.week 703,503,934 68,304,320771,808,254591,697,000 99,197,150690,894,150
c July 30.
d Sept. 21.
THE GERMAN REPLY.
The text of the note of the German Foreign Office
in reply to President Wilson's note of May 13, regarding the sinking of the Lusitania with American citizens on board, and regarding the use of submarines
against enemy or neutral merchant vessels, was
published in this country last Sunday. The quite
unanimous declaration of the American press has
been that the reply is unsatisfactory; that it evades
the main issue, and that it beclouds the controversy
with irrelevant contentions and with arguments
which would serve only to prolong a futile discussion.
Mr. Wilson's note had said that the sinking of the
British steamer Falaba by a German submarine on
March 28, the torpedoing of the American vessel
Gulflight on May 1, and, finally, the torpedoing and
destruction of the Lusitania on May 7 "constitute
a series of events which the Government of the
United States has observed with growing concern,
distress and amazement." It pointed out that
Germany's proclamation of a war zone,from which it
[VOL. 100.
had warned neutral vessels to keep away, had already
compelled our Government to "inform the Imperial
German Government that it cannot admit the
adoption of such measures." Going further, the
note of May 13 had stated, on the German Government's own showing, "the practical impossibility
of employing submarines in the destruction of commerce without disregarding those rules of fairness,
reason, justice and humanity which all modern
opinion regards as imperative." Therefore, it proceeded, our Government asks not only disavowal of
the acts to which reference had been made, and not
only "reparation, so far as reparation is possible, for
injuries which are without measure," but that the
German Government "will take immediate steps
to prevent the recurrence of anything so obviously
subversive of the principles of warfare." It was
added, first, that expressions of regret and offers
of reparation "cannot justify or excuse a practice
the natural and necessary effect of which is to subject
neutral nations and neutral persons to new and
immeasurable risks;" next,that "the Imperial German
Government will not expect the Government of the
United States to omit any word or any act" essential
to the performance of its duties in the matter.
To this very explicit presentation of the case
the Berlin Foreign Office now replies that it is far
from the intention of the German Government to
order attacks by submarines on neutral vessels not
guilty of any hostile act; that, on the contrary, "the
most explicit instructions have been repeatedly given
the German armed forces to avoid attacking such
vessels"; that when such instructions had failed of
their purpose, the German Government "has expressed its regret at the unfortunate occurrence and
promised indemnification"; and, finally, that, if
thought desirable, investigation of the facts in any
given case "might be supplemented by an international commission of inquiry" under The Hague
Convention.
Regarding the steamer Falaba, the German note
asserts that the submarine destroyed her because
the vessel took to flight. As to the Lusitania, the
German Government points out that the vessel was
constructed with British Government funds as an
auxiliary cruiser; that, "according to reports at hand
here, the Lusitania when she left New York undoubtedly had guns on board which were mounted
under her decks and masked"; and that she carried
Canadian troops and munitions of war. Therefore,
the German note asserts that the destruction of the
vessel was one of "just self-defense." It remarks
that the English steamship company "quite deliberately tried to use the lives of American citizens
as protection for the ammunition carried, and violated the clear provisions of American laws which
expressly prohibit, and provide punishment for, the
carrying of passengers on ships which have explosives
on board." Therefore "the company wantonly
caused the death of so many passengers." Closing,
the notes refers to Germany's previous offer to stop
the submarine warfare if the United States should
persuade England to abandon her blockade of Germany, adding that Germany "furnished at that time
ample evidence of its good-will by its willingness to
consider these proposals."
From all this, it should be obvious that the German Government has thus far failed completely to
discuss or even refer to the main questions raised by
President Wilson's note. These questions may be
JUNE 5 1915.]
THE CHRONICLE
1869
thus summed up: Does not destruction of merchant they found that their violations of international law
vessels, without giving non-combatant crew or pas- and international decencies had created an awkward
sengers a chance to escape, violate the law of nations international situation. But the indications also
and the law of humanity? Is not such violation in- seem to favor the conclusion that in the present
evitable when submarines are used, as Germany is instance—possibly because of the personal influence
using them, for commerce destroyers? What, then, of the Kaiser—the German Foreign Office has
does the German Government propose to do to con- acquired more power than it has possessed or disform to the rules of nations? None of these ques- played in German affairs on any previous occasion
in the war zone controversy. The request of the
tions is even mentioned in the German note.
The Berlin reply is, therefore, necessarily unsatis- German Ambassador at Washington for the personal
factory. Its references to the regulations of our own interview of last Wednesday with President Wilson
Government regarding cargoes is at least superflu- suggested his wish to do all in his power to avert
ous in such a communication. Its assertion—in the such a contingency as war. His efforts went so far,
face of official declaration to the contrary by the indeed, as to use the American Government's own
Collector of the Port of New York, who had examined channels of communication with Berlin to present
the boat, and apparently on the authority of asser- the American view point plainly to the German
tions by wholly irresponsible individuals—that guns Government, and it seems to be also true that he
were carried on the Lusitania, is close to diplomatic has sent a special messenger to explain the situation
impertinence. Its declaration that the Cunard personally at Berlin.
What will be the upshot of the matter? On the
Steamship Company was the real guilty party in the
loss of life on the Lusitania is an assertion such as surface, the element of deadlock seems to surround
probably was never seen before in the State paper of the whole negotiation. It has been taken for granted
a civilized Government, with the possible exception by our people, from the first, that our Government
of the French Government during the Revolution— must insist on Germany's assent to certain prina Government which expressly undertook to re-make ciples in the matter of submarine warfare before
the law of nations to its own advantage. Finally, discussion of controverted facts in individual inGermany's conditioning of its abandonment of sub- stances can be attempted. But these principles
marine warfare on our persuading England to aban- embody the crux of the whole position. To meet
don her blockade of Germany reminds one strongly the just contentions of our Government, Germany
of the attitude of the British Cabinet which was the must apparently do one of two things—abandon
immediate cause of our War of 1812—an attitude entirely her policy of destroying enemy commerce by
which President Madison, in his war message to Con- submarines, or pledge herself that submarines will atgress that year, scornfully described as asserting a tack no merchant ships without giving ample oppordetermination to persist in illegal acts against Ameri- tunity for - the lives of crew and passengers to be
can shipping "until the markets of her enemy should saved. Replies to the effect that Germany will
be laid open to British products, thus asserting an forbid submarine captains to attack neutral ships,
obligation of a neutral Power to require one belliger- and will pay damages if such vessels are attacked,
ent to encourage by its internal regulations the trade do not meet the case at all, either in the American
public's view or in the light of the demands in our
of another belligerent."
Onithe other hand, it is only fair to observe that Government's note of May 13.
How far will Germany go in the necessary conthe note:expressly declares that the German Governof
statement
The answer, doubtless, depends on the
its
final
position
cessions?
a
ment will "reserve
in
made
which influence is uppermost at
demand
with
question,
further
connection
the
to
with regard
the sinking of the Lusitania until a reply is received Berlin—that of the army and navy clique or that
from the American Government." This leaves dis- of the sober statesmen? This much may at least
cussion of the main point still open. It should also be said: The German Government and people must
be remembered that certain unpleasant predictions, by this time be well aware of the effect that the
made regarding the probable character of the Ger- submarine outrages, notably in the Lusitania
man note, are not fulfilled by the text. It had been tragedy, have exerted on the sentiment of the entire
widely said that Germany would reply in such a way neutral world. With Italy already in the field
as deliberately to force a breach of good relations, against the German• allies, having been pressed on
with a view to stopping our export of munitions to to that position by a public opinion largely created
the Allies. This is clearly not the tone or language by German violation of international law, with the
of the German note. It had also been asserted that, decision of Rumania, Greece and Bulgaria hanging
with the German Admiralty still in control of the in the balance, and with public opinion in Holland
Government's policy in such matters, the reply and the Scandinavian countries, whose passive goodwould adopt the threatening and hectoring language will is of the greatest possible importance to Gerused in the early war zone proclamations. On the • many, stirred to the highest pitch of antagonism
contrary, the note is framed as if by a cautious lawyer by the illegal destruction of their own ships and
citizens—with all this known to the German people
retained for the defence.
This, however, is not strange, for the whole as it is known to the world at large, it would be
experience of this war, beginning with the illegal difficult to imagine serious public men in Germany
invasion of Belgium and culminating in the illegal to be ignorant of the crisis which confronts that
performances of the submarines, has shown that Government. The lapse of time since the Lusitania
while the autocratic general staffs have at times incident has been useful for at least one purpose—
apparently adopted policies, performed acts and the purpose of proving by visible and. unmistakable
issued proclamations with scant recognition of the evidence, to the Berlin authorities, the fact that
rights or restraining power of the Foreign Office, President Wilson's note on the Lusitania calamity
nevertheless, they have been very ready to turn over voiced the unanimous sentiment of civilized neutral
the whole discussion to the diplomats as soon as governments and neutral people.
1870
THE CHRONICLE
[voL. 100.
over 62,000 statutes and in the same time the courts
THE STATUTORY DELUGE.
of last resort (not trial courts, observe) rendered over
A recent news-letter of a national bank in Boston 65,000 decisions, which are to be found in 630 volmentions the large and continuous increase, since umes of reports. To be found there, if one has mo1890, in the number of bills annually brought for- tive and time and strength to hunt them out, but noward in the Massachusetts Legislature. "For more body can know them; nobody can know "the law"
than a decade," it says, "legislation and business and how can anybody avoid encountering it unseem to have been working at cross-purposes." The consciously? Although Mr. Root's figures are from
bills in the Legislature numbered 879 in 1890, but in a careful examination he caused to be made in the
1914 they were 3,549, an increase of a little over Library of Congress, we suspect they come short,
300%. The number which reached the stage of such has been the increasing rush of this process
enactment did not grow so rapidly—from 540 in 1890 through many legislatures. As another suggestion,
to 940 in 1914, an increase of 75%. Says this Albany correspondents told us that Gov. Whitman, although the session dumped upon his table
letter:
thirty-day bills than in almost any recent year,
fewer
"The volume of legislation has usually decreased
in years following panics or business depressions;in one-third less than usual, "has fewer than 400."
The manner of doing it is habitually bad. Prob1914 fewer bills were enacted into law than in the
preceding year. Much work has been done, and no ably without exception, legislative bodies fritter
doubt will be done in the future, to keep down away the time and wind up by jamming a great mass
within reasonable limits the amount of legislation. of stuff into a sort of football rush in the closing
More careful drawing of original bills and more hours, when few realize what the "pending" bills
matured consideration, it is hoped, will result in
are physically almost unable
fewer and fewer legislative amendments to newly- really are and many
As a single example, this
anything.
to
comprehend
passed laws."
Albany, April 25:
from
news
press
the
final
from
About a year ago, the Massachusetts Alliance of
asManufacturers' and Employers' Associations (an
"It was a weary crowd of legislators that left the
sociation of associations, not of individuals) issued Capitol as dawn broke; the Assembly worked under
a letter of protest against State action, not against a close call and the members were locked in .until
the Sentariff reduction. It asked peace for manufacturers, adjournment . . . The emissaries found
a doorand
Senators
of
two
sleepy-eyed
consisted
ate
a term of enforced halt for "social uplifters and
almost a hundred
had
Assembly
.
.
The
.
keeper
agitators," and for "the rest of us time to get ac- bills to put through after midnight."
quainted with the multitude of laws showered upon
Men performing the supposedly serious business
us in recent years." Massachusetts is expelling her
open
own industries, these men declared, "and the great- of enacting laws when they must pry their eyes
in
roll-call
on
their
names
to
respond
to
est problem confronting Massachusetts to-day is in order
page
the
as
as
little
understand
they
what
to
respect
how to retain them." As examples, they cited sixtyone things which a manufacturer "must" and forty boys in attendance are in a sorry state for acting
which he "must not" do, referring to the law as to in an enlightened way. The matter of much that
each one by its number and, title. They did not is done is like the manner. One piece included in
broadly condemn these laws, but said "some of them Gov. Whitman's omnibus veto of 152 thirty-day bills
are undoubtedly good, some unnecessary, and some proposed to make a misdemeanor the blacking of
totally indefensible." What they did ask was a boots in this city, for pay, after 3 p. m. on Sundays,
halt, and of the 101 actions either commanded or except in hotels. In the Massachusetts Senate the
forbidden 67 were under the laws of 1912 or 1913 bill allowing retail bakers to bake bread on Sunday
and 54 were under those of 1913 alone. A month for Monday's consumption has been rejected. At
later, the head of one of the largest woolen manu- least two States have penal laws regulating the prefacturing concerns in Massachusetts said, in a pub- cise minimum dimensions of the sheets which innlished protest along this same line, that his company keepers may put on beds. An old circuit judge in
built what were then the largest mills in the world Missouri is said to have declared publicly that he
morning,
and could employ nearly 17,000 persons in its three looked out of his window while shaving, one
nine
violating
innocently
mills in Lawrence;that,somehow, Massachusetts had and saw nine good citizens
form
its
shows
which
was
statement
rushed ahead in restrictive legislation until (with different laws—a
yet
in
literally,
substance
quite
taken
to
not
be
the possible exception of Rhode Island) it had become the most hostile and least attractive part of doubtless correct. As one instance out of a number,
New England to outside industries. He deemed Tennessee solemnly enacted in 1913 that "it shall be
Vermont rather generous to those and declared that unlawful for any owner or keeper of horses, mules,
"if I could put wheels under our mills and run them cattle, sheep, goats, hogs, or any kind of live stock,
out of the State of Massachusetts I would certainly to run at large in any counties of this State having a
population of not less than 17,560 nor more than
do so."
17,575."
we
us
if
The abundance of statutes would appal
These things get printed in the books and there
WashingA
it.
to
wonted
become
had not gradually
ton press item of March 5 1907 reported that in the lie dormant. But recently somebody dug up an old
59th Congress just then expired 34,879 bills and joint bit of "labor" fixing, forgotten some dozen years,
resolutions had been introduced,in both branches to- and with it put a stop to subway construction; then,
gether, about one-fourth more than in the preceding recalled to mind,it was hurriedly wiped off the books.
Congress; that the House bills numbered 26,154, of Sometimes a legislator, sportively or disgustedly,
which 6,940 went through to enactment, the propor- offers and has printed a regulative and "general
tion of Senate bills which went through being about welfare" bill which is purposely burlesque; then we
the same. Not many weeks ago ex-Senator Root all smile foolishly at the joke, not perceiving that it
told some business men here that in the five years end- is at our own expense and upon ourselves, and the
ing with 1913 Congress and legislatures together made merry process resumes.
JUN.Ii; 5 1015.1
TIIE CHRONICLE
Well, what of it all? Only this: that we shall
continue to squander money in worse than useless
puttering, piling up stuff some of which nobody heeds
after it is officially approved, but some of which also
makes more waste through court procedures and
tangles our feet and retards our energies for productive progress, until—sooner or later— we come
to realize the folly and sweep away the impediments
of our own making.
1871
reason to believe" (i.e., chooses to suspect) anybody "has been or is" competing by "unfair"
method.
But incidentally power is granted "to investigate
from time to time trade conditions in and with
foreign countries where associations, combinations,
or practices of manufacturers, merchants, or traders,
or other conditions, may affect the foreign trade of
the United States, and to report to Congress thereon,
with such recommendations as it deems advisable."
Is the Commission to run down and put out of being
HELP FOR BUSINESS.
combinations made and operating abroad which
In course of touring through the United States, are hindrances to American trading in foreign
"The Honorary Commercial Commission of the countries, or is it to encourage combinations by
Republic of China" have reached New York and Americans whereby to overcome such obstacles
have had a week here, where they are welcome and and generally further American export trade?
have been made to feel so. They express the desire This generalizing sentence, which the framer probfor better acquaintance and increased trade which ably inserted as a sort of offset to the generally
is shared by all intelligent Americans. China has restrictive purpose and without having any definite
done more in the last two years, some of these visi- thing in mind, may be interpreted to mean almost
tors say, than Japan did in ten during the first part what anybody desires it to mean. Does it concur
of her great period of advance, and Chinese mer- with some delpliic utterances from high quarters
chants are more efficient than ever before. But that possibly some combinations, for some purposes,
they are no longer satisfied to be "traded on instead may be deemed not only free from unfairness but
of traded with;" by this is meant that they would rather to be approved and encouraged? For this,
rather trade with this country direct than have any still apparently along the line of the "rule of reason"
other country acting as agent and go-between. in interpreting, we must wait awhile longer.
Direct contact need no longer be feared, these men
Still, there seems no doubt that there is a desire
say, and one of them tells American manufacturers that Government should do something to help trade,
to "wake up, cease to be skeptic and stop looking and this necessarily involves recognition that trade
for a wishbone in a soft-boiled egg", by which he is worthy instead of all wicked. But now lay by all
possibly means that if trade with his country is not wariness about making admissions and consider a
now a full-grown fowl, it is at least an egg.
moment. Suppose some intelligent, studious man,
Beyond doubt, if is wise and well "to know the after unselfishly pondering over a belief that trade
seasons when to take occasion by the hand." As should and might be better, goes to some large
one of the oldest of nations and less uncivilized than mercantile concern in foreign trade, with an offer
we Westerners have rated her by comparison with to help and with suggestions how, in his belief,
ourselves, China can teach us, as well as learn from an advance might be made? Or suppose this man,
us. Our hindrances in pushing export trade with the himself not in business, wants to be more sure and,
great countries of the South and the East have been therefore, consults with ten or twenty like himself
quite other than that lack of ships which still ob- —all diligently inquiring and unselfishly desiring
sesses some persons. While saying that we desired good results—and after a number of earnest sessions
this foreign trade we have accepted rather than over the problem of trade they go in a body to the
really sought it; we have not conformed enough to mercantile concern with their advice—what then?
the customs and habits of the foreigner; we have, Would not the one man be dismissed, with perhaps
perhaps, not even studied them enough to know no great courtesy of manner, and wou'd not the
them well; in a word, there has been a lack of getting larger delegation of volunteer helpers be informed
together.
that while experience is not infallible,inexperience is
Certainly it is not too late to mend, and now is impertinent when it intrudes?
an excellent time to begin the process. The Federal
But—"the Government ?" Does not that know
Trade Commission, for example, to whose members more and can it not do more than any man or men?
may be readily conceded the comparatively negative Blow away the mist of vagueness which somehow
virtue of meaning well and not ill, would doubtless gathers about it and confuses men's minds, and
like to help, and after sitting upon the subject for answer: how does the accession of a man to a tema few days in Boston, that body, still trying to find porary office, in which his thoughts are liable to be
its bearings and without a latchkey to the lock of more bent to the problem of getting back there
the public purse, as yet, has come on to New York. himself than to anything else, make him wiser than
If we turn to the enabling and creating law, now he was before? Gather five hundred politicians
eight months old, the declared purpose • is plainly together, put in transient power by elective methods
the familiar one of construction by destruction, of which are full of defects, and how do they become
helping by restraining and hindering trade. The wise and pure? How can they be more competent
Commission, says Section 5, "is hereby empowered to help business than the body of unofficial volunand directed to prevent"—whom? Why, "persons, teers we were just imagining, though they may be
partnerships, or corporations," except banks and more confident and presumptuous? Landsmen are
carriers in inter-State Commerce, all those being not sent into the pilot-house when the fog is dense,
already under statutory hobbles; but prevented and where experience feels uncertain about the
from what? Why "from using unfair methods of future how can inexperience intervene without makcompetition in commerce." Then follow the pro- ing the uncertainties greater? Can any human
visions empowering inquisitory proceedings, includ- being, in or out of official station, suggest so good
ing seizure of books and papers, whenever it "has a help to business as to untie its hands, ,relieve it
1872
THE CHRONICLE
[vol.,. No.
from its fears of interference, and let it wrestle with 1913-14, we note that East Indian was used in the
amount of 503 million lbs., against 392 millions the
its problems for itself?
previous season, American 190 millions, against 210
millions, and other kinds (Egyptian, Japanese,
AND
COTTON SPINNING IN JAPAN, INDIA
Chinese, &c.) 679. millions, against 73% millions,
CHINA.
Japan, in common with the other important com- the grand aggregate having been 760,791,034 lbs.
mercial nations of the world, has felt and is con- and 675,854,264 lbs., respectively. The amount of
tinuing to feel the added depression brought about yarn produced in 1913-14 at 660,952,087 lbs. was
by the war in Europe, and the cotton-spinning 70 million lbs. in excess of 1912-13 and the output
industry of the country has not escaped. After a of piece goods,at 439,971,601 yards, was 58 million
year (the 12 months ended June 30 1914) of un- yards greater.
Japan's exports of yarns as well as of goods have
precedented activity in the cotton-manufacturing
large proportions in recent years, advancing
assumed
establishments, mill owners found it necessary to
bales of 400 lbs. each in the calendar
285,009
from
suspend operations for a short time in the early fall
bales in 1914. We observe also
568,281
to
1911
year
and later to curtail production by 10%; and this
of the Director of Statistics of
report
recent
a
from
be
conagreement,
by
latter plan, it is stated, will,
that India's import trade
Government
Indian
the
for
part
in
up
make
To
August.
next
until
tinued
monopolized by Japan
virtually
loss in trade in other directions, special efforts were in hosiery has been
that Japan's best
stated
is
it
put forth at the close of November last to enter the and Germany. In fact,
India, 70%
British
is
trade
hosiery
in
customer
the
piece-goods markets in Northern Manchuria. Two
to that
rising
country,
that
from
being
the
imports
of
large shipments, in fact, were made to Harbin in an
ago.
decade
from
barely
a
figure
10%
and
English
American goods.
effort to compete with
Cotton spinning in India also showed expansion in
Furthermore, by quoting extremely low prices for
sheetings and drills immediately following the out- 1913-14,according to official data now at hand, but
break of the war, the Japanese have been able to along more moderate lines than in Japan. It is
secure practically all the business of Shanghai in apparent from the very complete statistics furnished
that line since, which in some measure at least to us by the Secretary of the Bombay Mill Owners'
accounts for the smaller shipments from here. But Association that during the year ended Aug. 31 1914
with all the efforts made, the volume of business [heretofore the results had been for the twelve months
transacted is below normal, presaging a more or less ended with June 301 there was an increase in spindles
considerable falling off in the outturn of goods the from 6,596,862 to 6,778,895 and in looms from
94,136 to 104,179, while the average daily force
current season.
From the building of the first mill at Isogaama in employed advanced from 253,736 to 260,276. In
1863 down to date the present check is the first of any each instance a new high record is established, and
consequence, development of the industry having the same is true of the year's consumption of the
been practically continuous, and on the whole rapid. raw material. The amount of cotton turned into
At the beginning of the new century (1900-01) the yarns and cloth during 1913-14, in fact, at 1,680,211
spinning capacity of the mills was 1,250,000 spindles bales of 500 lbs. each exceeded the 1912-13 aggregate
previous record mark of
and the consumption 631,728 bales of 500 lbs. aver- by 33,924 bales, and the
With so small a gain,
bales.
26,755
by
1908-09
to
this
advancing
1,450,949
age net weight each,
quite
evident that India's
is
it
spindles and 873,576 bales in 1905-06 and 2,099,764 however,in five years,
of
cotton has by no
consumption
spindles and 1,087,184 bales in 1910-11. By 1912-13 progress in the
in manufacthe
augmentation
with
pace
kept
the totals had increased to 2,287,264 spindles and means
contrary,
1.6%
the
marks the
On
facilities.
turing
1,351,709 bales, the latter figure having been just
the
during
five-year
period,
consumption
in
increase
a little less than for 1911-12. Now we have, as
was
spindles
nearly
13%
and
to
addition
the
whereas
1913-14,
already intimated, the official results for
Comparing
10%.
development
force
working
the
to
of
evidence
progress.
conclusive
furnish
and they
in
During the year ended June 30 1914, in fact, 290,078 in Japan and India, we find that the former conbales of 500 lbs.
632,000
from
advanced
additional spindles were installed in the mills, sumption
in 1913-14, or a
bales
1,521,582
to
1900-01
in
each
making the total at the close of the season 2,577,342
the progress in
whereas
(141%),
bales
889,582
of
gain
spindles; and consumption had been augmented by
to
bales
1,680,211
1,060,000
bales,
from
was
India
being
of
bales,
as
reported
bales
1,521,582
169,873
500 lbs. net each for the twelve months. Conse- or an increase of 620,211 bales (582%). Furtherquently between 1900-01 and 1913-14 spindles a little more, the difference in favor of India has now narmore than doubled and consumption rose 140%. rowed to 168,629 bales from 428,000 bales in 1900-01.
A recent communication to the Department of
The number of operatives (mainly females) also infrom Commercial Agent Ralph M. Odell,
Commerce
creased materially in the latest year, the average
Shanghai, gives some insight into the
at
located
during
the
period
been
having
employed
number
117,116, as against 107,394 in 1912-13 and 93,892 operations of the mills in China in 1914. The cottonmanufacturing industry, it seems, did not enjoy the
in 1911-12.
degree of prosperity in that year as in 1913.
same
It is quite clear from the information at hand with
started off well enough, but the stagnation
year
The
regard to the takings of raw cotton by Japan that
trading circles and the curtailment of the
general
in
the
of
yield
bumper
in India
advantage was taken
in the latest year. Shipments from India to Japan country's exports of native produce, following the
during the 12 months ended June 30 1914 were very outbreak of the European war, seriously affected the
much greater than ever before for a like period, mills. At the same time the mills had a fairly prosexceeding 1912-13 by nearly 300,000 bales, and perous year, and in the early part of the current year
absorption of American cotton in the same time fell nearly all of them were running their spindles night
off but moderately. As regards the extent to which and day. As regards the extent of the industry in
the several varieties of cotton were consumed in China, Mr. Odell says there are no Government sta
JuNE 51915.)
THE CHRONICLE
tistics compiled, but figures compiled in Shanghai
and believed to be (approximately correct show that
there are 32 cotton mills in the country, with 1,009,856 spindles (of which 100,000 were added in 1914)
and 4,610 looms. Several new plants are now under
construction. The bulk of the cotton used in the
mills is home-grown and practically all the establishments are run day and night on a 23-hour
schedule.
FAVORABLE COURT DECISION IN GOVERNMENT
SUIT AGAINST STEEL CORPORATION.
The unanimous decision handed down by the United
States District Court at Trenton, N. J., on Thursday in
favor of the United States Steel Corporation in the suit
brought by the Government, while it is a ruling of the lower
Court and an appeal will probably be taken by the Government to the United States Supreme Court, is generally
regarded, and properly so, as an event of vast importance
and significance. The fact that the Court has uttered its
approval of the wise and well-directed endeavors and methods of this,the largest corporation in the country, if not in
the world, must naturally lend renewed hope to the large
business interests of the country that the courts will protect
them if they do not violate the Sherman anti-trust law as
liberally interpreted according to the "rule of reason" laid
down by the United States Supreme Court. Chairman Gary
well says: "I feel this decision approves the ,general policy
of the Steel Corporation. It should have a great and good
effect upon business conditions throughout this country."
The suit was filed by Attorney-General Wickersham on
Oct. 26 1911, hearings were begun on May 6 1912 and the
case finally submitted in October 1914. The testimony
filled about 15,000 printed pages. The main opinion was
written by Judge Buffington. Judge Woolley wrote
a separate opinion in which certain features of the case
were discussed, which was concurred in by Judge Hunt;
Judge McPherson also participated. The opinions covered,
it is reported, about 150 pages, and, while the full opinions
were not yet at hand yesterday, summaries and excerpts
therefrom were given out at Trenton, N. J., and Philadelphia, and we give below some of the salient points brought
out in the same.
The main opinion begins by stating that "this case is
largely one of business facts," which are related at very
great length. The statement is made that "all the members
of the Court are in agreement as to the decree that will be
entered, although they are not in complete accord concerning every step by which that r suit is reached."
Judge Buffington says that the construction of the Sherman law was settled by the Supreme Court in the Standard
Oil and Tobacco cases and applied by the Third Circuit in
the du Pont Powder and Keystone Watch cases. The
Court • shows that in determining what are the unlawful
restraints and monopolies against which the Sherman Act
protects trade, the Supreme Court in a late case summarized
its former trust decisions by stating:
These cases may be taken to have established that only such contracts
and combinations are within the Act as, by reason of the intent or the inherent nature of the contemplated acts prejudice the public interests by
unduly restricting competition or unduly obstructing the course of trade.
1873
the public with inferior goods; if it was using its power to needlessly and unfairly reduce wages;if it were seeking to deceive purchasers by a false appearance of competition, when,in fact, it owned or controlled such seeming
competition, then it was prejudicing, not only that portion of the public
which desired to buy steel, but the public interests generally, by unduly
obstructing the course of trade, and thereby preventing the steel business
from moving in its natural and normal channel.
It is then shown that such unfair and unlawful acts had
been found to exist in the Standard Oil, the Tobacco, the
Powder and the Keystone cases, and were facts on which
those decisions were made, and that in the first three cases
the combinations were so monopolistic in character that they
suppressed competition; that their existence was itself a
continuance of monopoly when the bill was filed, and the
"inherent nature of the contemplated acts" constituted, according to the Supreme Court, "a perennial violation" of
the Sherman Act, so that the original combination should
be dissolved.
The opinion, after summarizing the law, states the questions of fact to be determined as follows:
The tests of the violation of this statute having, then, as we have seen,
been adjudged by the Supreme Court, Nash vs. United States, supra.,
namely, whether the acts in question "prejudice the public in this by unduly restricting competition or unduly obstructing the course of trade,"
it would appear the questions of fact for us to determine from the evidence
are these:
First, was the Steel Corporation, when this bill was filed in 1911, prejudicing the public in this by unduly restricting competition or unduly obstructing the course of the steel and iron trade between the States or with
foreign nations?
If this question be answered "Yes," thelaw wasthen being violated and
an injunction should issue to restrain present and future violations.
Second, did the Steel Corporation, when it was formed in 1901, either
by the intent of those forming it, or by the inherent nature of that company's
contemplated acts, prejudice the public in this by unduly restricting competition or unduly obstructing the course of the steel and iron trade, interState or foreign?
If this question be answered"Yes,"then thelaw was violated and the Steel
Corporation must be adjudged originally illegal.
If illegal, it must be dissolved, because only thus can its inherent nature
be prevented from continuing to work further violations of the statute.
On the other hand, if these questions are negative, then the Steel Corporation should not be dissolved, but permitted to pursue that usual course
of trade which it was the purpose, as we have seen, of this statute to protect.
It will thus be seen that, as stated at the outset, this case is practically one
of business facts.
The point as to whether home trade has been suppressed
by the Steel Corporation is taken up and analyzed in a
48-page summary with references to the testimony adduced.
The proposition is stated that "as trade is a contest for it
between different persons and the gain of that trade by one
means the loss of it to another, it follows that the person
:who best knows whether the man who gained it gained it
fairly is the man who lost it"; that if there is monopoly or
unfair business methods competitors are the first to suffer
and the keenest to condemn.
The subject of basic articles on which subsidiary steel
manufacturers depend for the supplies to run their plants
is then taken up, and, as showing the vital interest of the
country in this question, reference is made to the Congressional investigation of 1905 in regard "to what extent said
corporation and its associates control the output and prices
of the finished products made by independent companies
dependent upon it for their raw materials?"
After discussing the matter of rails, ingots, billets, wire
and other basic supplies, the opinion says:
Summarizing our study of the proofs of this general subject of the relative part of the steel company and its competitors in the total iron and
steel production of the country and their relative part in the home market,
we find that, taking the ten years from 1901, when the Steel Company was
formed, until 1911, when the Attorney-General filed this bill to dissolve it,
its competitors, starting in 1901, making 49.1% of the nation's production
of finished roll product, including structural material, rails, sheets, rods
and bars, had by 1911 so increased their relative proportion that they were
then producing 53% of the nation's iron and steel output.
And, confining ourselves for the present to the production of 1911, used
in the trade of the United States, which alone we are now considering, we
find that of the total amount of such iron and steel products in the whole
market in that year, nearly 60% of it was produced by the competitors
of the Steel Company.
The object of the Sherman law is indicated by its title,
namely: "An Act to protect trade and commerce against
unlawful restraints and monopolies." The purpose was to
protect lawful trade, and the Supreme Court,in the Standard
Oil case, held "one of the fundamental purposes of the statutes is to protect, not to destroy, rights of property."
In regard to the competitors of the Steel Corporation,
The case, it is pointed out, involves the legality, not of a
the Court says:
contract but of a combination, and the opinion proceeds:
And this leads us, in an adequate discussion of the case,to at this point
Therefore, applying the foregoing definitions of the Supreme Court
to the case in hand, the basic question for us to determine is one of fact,
namely whether the union of the several defendant companies in the
United States Steel Corporation prejudices the public interests by unduly
restricting competition or unduly obstructing the course of trade.
The Court then states the public interests thus prejudiced
would consist of first, competitors in trade; second, the purchasing public, and third, the general public, and also further on this point:
For example, if this steel company was in any way guilty of unfair business competition, if it was guilty of such conduct as to unfairly force a
competitor out of the steel business, or if it unfairly prevented those who
wanted to go into the steel business from doing so, then the steel company
was, in tho judgment of the Supreme Court, prejudicing the public in this
by unfairly driving individuals out of business or preventing them from entering it, and it was also injuring the public by unduly restraining trade.
So, also, if this steel company was restricting output in order to exact unfair
prices; if it was buying up competing plants and dismantling them to needlessly restrict output; if it was by reason of its controlling power furnishing
take up the character of the competition in the steel and iron business in
this country,for we may rest assured of the practical fact that where in any
business there exists a healthy,normal,unrestrained and virile competition,
which all are free to enter, the individual has full freedom of business opportunity and the public is in no danger of prejudice from monopoly or
trade restraint.
When the steel business of the United States is referred to one thinks of
it as practically being in the hands of the United States Steel Corporation.
Circumstances have made this quite natural. The manufacture of iron and
steel in their basic form is confined to local districts. Outside of these
localities and outside of those engaged in the steel business, there was, prior
to 1901, but little general knowledge or appreciation of its magnitude and
Its basic relation to the general business of the country. When, therefore,
this great Steel Company, as quickly formed in that year, became at once
the largest corporation capitalization known, it naturally and at once became associated in the general mind with absolute monopolistic control.
But the fact that the Steel Corporation, after due selection by it of such
lines of finishing mills as were deemed necessary to carry out its plans, left
outside of it a most strenuous body of strong competitors, was then not generally recognized.
1874
THE CHRONICLE
The names, location and resources of these great competitors were not
then, and indeed are not now, generally known to those outside the steel
and iron business. Nor was the significance of the anti-monopoly competitive powers and policies of such competitors appreciated. Indeed, the
business fact above found, namely, that in 1911, when this bill was filed,
the competitors of the Steel Company were making and marketing nearly
60% of the steel and iron produced in the United States would surprise
many.
Since, therefore, the gist of monopoly is the suppression of competition,
we deem it pertinent to ascertain from the proofs the character and steady
increase of competition in the iron and steel business since the Steel Corporation was formed. In doing this, we here note of its great competitors
such only as have, in the ten years of competition between them and the
Steel Corporation, made a higher proportionate gain of business than the
Steel Corporation itself.
Taking the Steel Corporation as the basis of comparison, we may say that
while the proofs show a material increase of forty-odd per cent in the Steel
Corporation's businessfrom 1901 to 1911, yet this very substantial increased
percentage of the Steel Corporation's own business was less than that made
by each of eight of its great competitors.
The facts are as follows:
Percentage
Increase of P,oof Inc.
duction From—
Bethlehem Steel Company
3772.7
1901 to 1913
Indiana Steel Company
1901 to 1913
1495.9
La Belle
1901 to 1913
463.4
Jones & Laughlin
1901 to 1912
206.7
Cambria Steel Company
1901 to 1913
155.5
Colorado Company
1901 to 1912
182.9
Republic Iron & Steel Company
1901 to 1912
90.9
Lackawanna Steel Company
1901 to 1911
63.2
Taking up these companies one by one,it will be seen that in location,
facilities, capital and basic supplies, they show such strong past, present
and prospective competition as affords just ground for concluding that the
steel and iron business of this country is not being, and indeed cannot be,
monopolized, for the real test of monopoly is not the size of that which is
acquired, but the trade power of that which is not acquired.
The testimony of the owners of other properties shows,
it is stated, that they do not stand in fear of the Steel Corporation, and have abundant supplies of raw material. It
is stated that all of the basic plants of the Steel Corporation
are inland and dependent on Lake Superior area, while the
Atlantic Seaboard plants, the Bethlehem, Pennsylvania and
Maryland steel companies have unlimited supplies of Cuban
and other ores at water freights, and substantial rail freight
advantages over the Steel Corporation in access to the Atlantic Seaboard markets in its heavy products. The Court
says:
The proofs show that its seaboard competitors named have, as noted,
abundant ore supplies, cheap water freight and a great accessible surrounding market. Without entering into details, we refer to some suggestive
facts in the proofs. For example, the proofs show that the Maryland Steel
Co., through its coast line water freight of $2 50 a ton, so covers the territory supplied by Mobile, Galveston and other Gulf of Mexico distributing
points as to exclude from that territory even the product of the Tennessee
Coal & Iron Co., now owned by the Steel Corporation, which pays a railroad freight rate of $3 40 per ton.
The proofs further show that with the enlargement of the Erie Canal
system, Lake Superior ore will be canal-freighted from Buffalo to New York
Harbor for 28 cents a ton less than the same ore is rail-freighted from Lake
Erie to points in the Pittsburgh district. With the enlargement of that
canal, the proofs are that blast furnaces are now planned for location on
seaboard waters in New York I1arbo:7•limits.
As to the contention of the monopoly in the Steel Corporation by reason
of its ownershipof large bodies of Lake Superior ore, the Court shows the
Pacific Coast is free from such a possibility, citing the growth of large steel
industries on the Pacific Coast since the Steel Corporation was formed.
[Freight rates as a factor of monopoly are then discussed and proofs
cited to show that from its start the Steel Company refused freight rebates,
and the testimony quoted of James F. Garfield, Secretary of Commerce and
Labor, that he had made an investigation similar to that of the Standard
Oil and found none.]
The Court says further on the question of the suppression
of competition:
"We have carefully examined all the evidence given by competitors of
the Steel Corporation. A study of the testimony of these men, who are
close to and vitally interested observers of the prices of these products,
shows that a single large concern, by lowering the price of any substantial
steel product it sells,can depress the obtainable price. It further shows that
the converse is not the case—that no single large concern, by raising or
even maintaining the price of any substantial steel product, can raise the
obtainable price."
The Court therefore answers in the negative the first question, namely, whether the Steel Corporation was at the time
the bill was filed monopolizing or obstructing home trade.
The question whether the steel trade with foreign countries
has been restrained or monopolized by the Steel Corporation
is treated in 24 pages. It is shown that when the Steel Corporation was formed, such foreign steel trade as was done
from this country consisted in our dumping steel on the foreign market when trade was dull hero and sending nothing
abroad when trade was good. The range of foreign steel
markets open to us to be built up in other parts of the world
was, it is stated, comparatively small, as the tariffs of Germany, France, Austria, Russia and Italy forbade our entering those markets, and the attitude of the English public
and of English labor organizations toward American steel
practically kept every thing out except wire fence.
The opinion points out the difficulties encountered in en-tering markets in other pails of the world and shows that
such trade in iron and steel could only have been gained by a
company which makes a wide range of products is able to
establish largo warehouse3 in all parts of the world, and whose
[voL.
100.
business is large and varied enough to distribute the cost of
doing it over a large volume.
It is shown that of the $91,000,000 foreign trade done by
the Steel Corporation, $30,000,000 was jointly done in connection with other manufacturers, who manufactured the
basic products purchased from the Steel Corporation into
fini-hed articles the Steel Corporation did not make. It is
also -further shown how the other $60,000,000 were largely
obtained, how over 300 places of business have been established in 60 countries, how large warehouses were established
at distributing points and great numbers of vessels chartered
to carry entire cargoes. The Court further says on this
point:
We have cited the above as to the Steel Company's foreign trade to illustrate its own continuous and indefatigable efforts to build up this trade on
legitimate commercial lines, and not by trade restraint or monopoly at the
expense of its competitors. It has been the creation of new American foreign trade and not the monopolistic seizure of a pre-existing American
foreign trade.
In illustrating the difficulties encountered in establishitig
foreign trade, the Court cites what had to be done to get
a foothold in the Canadian Northwest:
In the same way the Steel Company established a warehouse depot at
Vancouver, B. C., through which it furnished light rails for lumber camps,
sheet iron, wire goods.and pipe. The building up of trade with British
Columbia exemplifies that the steel trade acquired there was not by the
Steel Company restraining or monopolizing an existing foreign trade, but
was, by its creating a new and non-existent foreign trade in face of serious
obstacles.
To reach Vancouver, the Steel Corporation was confronted by a railroad
rate from Pittsburgh to Vancouver of $18 per ton, while the English manufacturers could reach Vancouver on already established lines of steamers
from Liverpool to Vancouver at $7 per ton. When his steel reached Vancouver, the English manufacturer paid one-third loss of the preferential
Canadian tariff than the American manufacturer.
The result of these adverse conditions was that, after the Steel Company
opened its warehouse at Vancouver, it found that it was impossible to do
much business unless the Steel Company itself established a line of its own
steamers from Now York to Vancouver through the Straits of Magellan.
The Products Company itself, accordingly, started such a' line, which is
the only one from New York to Vancouver. It has four steamers of its
own in service and two chartered vessels. These vessels call en route at
many ports on the west coast of South America and Mexico, at some ports
which have no regular steamship lines.
In addition to carrying considerable quantities of material for other manufacturers in this country, who had been unable to develop a business because of the lack of facilities, in order to obtain return freight for their
steamers, the Products Company have to load them at Vancouver with lumber or coal for the Gulf of California. There they re-load with copper
matts for Dunkirk. France, and in France they take on chalk for Now York.
The whole triangular trip occupies from seven to eight months, and shows
the hitherto unused methods and the continuous sustained effort that must
be made to get and hold foreign trade.
The Court concludes this part of the case by saying:
With these facts, figures and results, proved in this record, we are warranted in holding that the foreign trade of the Steel Corporation, its modern
building it up and its retention when built up. are not contrary to the
Sherman law.
In explaining that the extension of plants was necessary
to ensure continuance of existence, the Court points out in
a long discussion that during the years preceding the formation of the Steel Corporation iron was being supplanted by
steel, and that a process of integration had been going
on by which the steel companies were extending their plants
back to ore and forward to finished p-oducts; that the Federal
Steel Co. in the Chicago district had partially integrated
back to ores and forward to finishing mills, as had also the
Carnegie Company in the Pittsburgh district; that both
companies had more complete integration plans in contemplation and were compelled to do so by the integrating
trend of steel manufacturing and by the fact that neither
of them had sufficient finishing mills to consume their output
of basic products; that serious dissensions broke out between
the partners in the Carnegie Company, and this and the
desire of Mr. Carnegie, its majority shareholder, to retire
from business, led to the possibility of the Federal Steel Co.
purchasing the Carnegie Company.
This led to the formation of the Steel Corporation, which
was really a building company,and which acquired the stocks
of the Federal Steel, the Carnegie Stool and the several companies which were large users of the basic products of the
Federal and Carnegie companies.
On this point and as proof that no monopoly was intended,
the Court says:
These proofs certainly tend to show that the practical manufacturing
question of rounding out,or integrating, the Federal Company, by acquiring
finishing companies was one of the objects its directors had in view at this
meeting. The proofs also show that those several finishing mills were consumers of such basic products as were made by the Federal and the Carnegie, and that these two companies had no such finishing facilities of their
own as were adequate to consume the product they made which was suitable for such mills.
Without entering into the details of the proof bearing on these several
finishing companies, we may say they fairly show that, without the acquisition of each of the finishing companies named, viz., the American Steel &
Wire, the National Tube, the American Bridge, the American Steel Hoop
and the American Steel, the Federal Steel Co., even with the acquisition
of the Carnegie, would not have been provided with adequate finishing
facilities for consuming its sub-basic products. And, further, without
JUNE 5 1915.]
THE CHRONICLE
the acquisition of the first three, the Federal would lack several of the most
important products that had entered into the foreign trade built up by the
United Products Co.
It will also be noted that in addition to the affirmative testimony quoted
above, tending to show that integration along manufacturing lines and
development of foreign trade were among the avowed purposes of those
who formed the Steel Corporation, there is the negative testimony of those
who took part in forming the Steel Corporation, and quoted below, that
monopoly of the steel and iron business was not the purpose for which that
corporation was formed. In passing on that question, several things shown
by the proof are to be noted.
First. That, with the competition left outside of the Steel Company,
the extent of which has already been shown, a monopoly of the steel and
iron business of the United States was simply impossible, and that no effort
was made to secure these companies.
Second. That. in view of the fact that the proportionate volume of competitive business has increased since the Steel Company was formed, and
that the proofs show no attempt by it to monopolize to the exclusion of
its competitors, to now attribute to those who formed the Corporation
an intended monopolization would be to say that, having formed the Corporation for the purpose of monopoly, they immediately abandoned such
purpose and made no effort to accomplish it.
Third. That the publicity which the proofs show the Steel Company has
from time to time made of its prices, its accounts and its policies, would
seem a practice in line with legitimate business rather than with illegal
monopolization.
Fourth. That in carrying out the plan, the advice of Abram S. Hewitt
was taken by Mr. Morgan and, at the latter's request, Mr. Hewitt went on
the board and served until his death, a fact which, in view of the high character of Abram S. Hewitt, tends to negative the contention that the purpose in view was to violate the law.
And lastly, as above stated, there is affirmative testimony that no such
object was in view.
The testimony of Robert Bacon is not to be overlooked. His services
as Secretary of State under one Administration and as Minister to France
under another, coupled with his selection on his retirement from business
to positions of educational character, warrant this Court in attributing
weight to his testimony.
M.
The testimony of Judge James II. Reed, of Judge Gary and Charles
Schwab is to the same effect.
The latter says:"From the moment when I first started my conversation
any way
with Mr. Morgan, the question of our gaining a monopoly, or in
controlling the steel industry, was never mentioned. My whole argument
the
with him,as advocating this company,wasthe economic development of
same, and the matter, to the best of my knowledge, never came up thereafter."
Recurring, therefore, to the particular question with which this particular part of this opinion deals—namely, whether we should now enter a decree dissolving the Steel Corporation on the ground of its original, inherent,
illegal character in 1901, and whether we should also dissolve the several
constituent companies which it acquired on the like ground of their original,
inherent character when they were formed—we think there is ground for
our holding, in view of the facts, proofs and views above set forth, including
the testimony of Colonel Roosevelt and his communications with
Attorney-General Bonaparte, that the Tennessee production at the time
was only 1.7% of the total business; that up to that time it had not boon, a
business success; that its principal product (rails) was made at a loss; its
ultimate success was doubtful and involved a further outlay of $25,000,000
and that this purchase as well as the purchase of the Shelby Tube Co., the
Union Steel Co., the Clairton Steel Co., were made in fair business course
and were "the honest exercise of one's right to contract for one's own
benefit, unaccompanied by a wrongful motive to injure others."
As to the Hill leases, the Court says that, as the Steel
Corporation had exercised its option to cancel the same before the bill was filed and the lands have been surrendered,
that matter is no longer of any concern and is not considered.
The so-called Gary dinners and the committee meetings
of different branches of the steel trade which followed them
are then considered. These meetings, it is stated, were
attended by some 45% of the steel industry, in addition to
representati es of the Steel Corporation, in all 90 to 95%
of the steel industry of the country. The testimony as to
what happened at those meetings is cited, and the Court
then states:
To our minds, the testimony taken as a whole makes the conclusion
inevitable that the result of these meetings was an understanding about
prices that was equivalent to an agreement.
Certainly there was no positive and expressed obligation. No formal
words of contract were used. Most of those that took part in these meetings wont away intending to do what they pleased, but many, probably
most of the participants, understood and assented to the view that they
wore under some kind of an obligation to adhere to the prices that had been
announced or declared as the general sense of the meeting, and feeling bound
to maintain them until they saw good reason to do otherwise, and fooling
bound to maintain them until they had signified to their associates their
intention to make a change.
We cannot doubt that such an arrangement, or understanding, or moral
obligation, whatever name may be the most appropriate, amounts to a
combination or common action forbidden by law. The final test, we think,
is the object and effect of tho arrangement, and both the object and the
effect were to maintain prices, at least to a considerable degree.
The testimony quoted will make it abundantly clear, we think, that even
prices formally assented to at these meetings were not regarded at all by
many manufacturers, for it is plain that the consumers who testified had
no difficulty in buying at rates sensibly below the prices thus referred to.
It is only fair to add that, in our opinion, the participants in this movement did not intend to act illegally. No doubt they did intend to exercise
their full legal rights, but of course they could not be wrong in so doing,
and they believed they had succeeded in keeping within the proper limits.
For the reasons given, we think they were mistaken, but we acquit thorn
of trickiness or attempted evasion.
But the period of co-operation had passed away before the bill was filed,
and, as far as we can see, it is not likely to be repeated.
We do not think the Gary movement would justify us in imposing so
drastic a penalty as the dissolution of the corporation, but we will, if the
Government moves for such action, retain the bill for the purpose of restraining any similar movement by the defendants that might be contemplated hereafter.
We may perhaps suggest that, under recent legislation, Congress may
have provided a sufficiently inactive remedy for any future action that
1875
might have for its object the adoption or the maintenance of unreasonable
prices.
In brief, the conclusions of the Court are these:
As to some of the defendants it is apparent the bill should be dismissed.
Concerning the principal relief sought against the corporation and its
subsidiaries, we are of opinion that the Government has not made out a case
that should be followed by a decree of dissolution, and we are also of opinion
that sufficient reasons have not been afforded to justify us in now awarding
an injunction.
But, as already stated, if the Government so desires, the Court will
retain jurisdiction of the cause for the purposes above outlined.
As has been stated above, all of the four Judges concur in
the final result, and are in entire agreement as to the decree
to be entered, although Judge Woolley in his separate opinion, which is concurred in by Judge Hunt, shows that his
conclusions are based upon somewhat different grounds
than those of the other two Judges referred to at length
above.
The four points discussed by Judge Woolley and his reasoning thereon may be summarized as follows:
First. Was the direct and necessary effect of the organization of the
Steel Corporation unduly to restrain trade or to create a monopoly?
(a) Regarding its control over raw materials, the Corporation has not
been guilty of monopoly, and the bill is dismissed as against the defendants
Rockefeller, who were alleged to have combined with the Corporation in
restraining trade in iron ores.
(b) Regarding the charge of monopoly growing out of the Steel Corporal
don's control over finished products, it is found that the Corporation does
not dominate the industry, and that its size and consequent power are not
sufficient to retard the growth of efficient competition. In distinguishing
the power of the Corporation from the intent with which it was formed, and
its conduct subsequent to its organization, it is held that in its inherent na
ture the Corporation is not a monopoly, and that the direct and necessary
effect of its organization is not to unduly restain trade.
Second. Was an intent to monopolize or unduly restrain trade shown by
the circumstances .which led up to and surrounded the organization of the
Corporation?
On this branch of the case it is found that ther.object of the formation of the
Corporation was to eliminate competition, but that. notwithstanding he
intent of its organizers, and its size, it happened that the Corporation, after
its organization, was confronted by forces beyond its control, and was affected by trade laws and conditions which had been either forgotten or
ignored, and that in competing with others who entered the field against its
subsidiaries supplied with ample resources, equipped with modern plants
and unencumbered with obsolete and dismantled properties, it was without
power alone to do what its organizers expected of it; that it lacked the power
of monopoly, and was immediately forced to resort to old devices of pools
in order to control the price of its products.
Third. Was intent to monopolize or restrain trade shown by the after
conduct of the Corporation?
After stating that the Corporation did not resort to the usual methods to
restrais trade, such as receiving rebates, opposing labor, deteriorating the
quality of its products, creating an artificial scarcity of raw or finished materials, oppressing or coercing its competitors, the opinion says that the
only conduct of the Corporation violating the statute consisted in co-operating with competitors by other means and at different times in fixing and
maintaining prices.
Fourth. In 1911 and prior to the filing of the bill,the Corporation,It Is
found, had entirely ceased to co-operate with its competitors in fixing or
regulating prices.
DISSERTATION ON THE LAW MERCHANT—THE
PROPER WAY TO REGULATE TRADE.
Henry D. Estabrook in his address criticising the policies
of President Wilson presented so able a discussion of the Law
Merchant and its interpretation that we take occasion to refer
here to that part of his speech. As indicated in our issue of
Mch.20(page944),the addressin question was delivered before the Commercial Club of Chicago on March 13. In addition to the extracts given by us on March 20, the speaker,
following up his declaration that "we are fly-blown with
laws deemed necessary to safeguard a New Freedom that
cannot be distinguished from an Old Thraldom," uttered the
assertion that "President Wilson not only sees no evil in the
Sherman Act, but he has done all that a political dentist
could do to add teeth to its insatiable jaws." Leading up to
his observations on the Law Merchant, he continued:
It is concerning this phase of the business situation that I wish, before
closing, to ask you a few questions, which as Americans you may answer to
yourselves to suit yourselves.
Laying out of consideration all matters of police; laws creating—or perhaps nowadays I should say recognizing—class distinctions among our
citizens; the paternalistic efforts of Government to help the indigent, the
gnorant, the improvident, the incompetent—in many respects commendable and of more or less promise; laying out of consideration all such matters
as we have just been discussing, there remains the paramount, overshadowing fact that the Law Merchant, as known to us for more than two hundred
years,has been stood on its head, and that the merchant in propria persona
finds himself pretty much in the same attitude. And in this attitude, so
favorable for rumination, he has been doing some tall thinking and is
bound to put to his fellow-citizens a few pertinent and possibly impertinent interrogatories.
I use the word "Merchant," of course, in its comprehensive and commonlaw sense, typified by the words "commerce" and "business." I have tried
to induce in myself the merchant's frame of mind, without sharing his
topsy-turvy outlook, or his rush of blood to the head, and I wish to ask you
in all candor:
Has there ever been any pecuniary failure, misadventure or disappointment in your business career which, on analysis, you cannot trace to some
shortcoming in yourself, either moral, mental or tenperamental?
If so, can you point out to yourself or to others just wherein the laws and
institutions of your country were at fault?
If you can, have such laws at any time or from time to time been remedied
to your satisfaction?
1876
THE CHRONICLE
Wm,. 100.
Do you thinklthat thelLawlMerchant, as now ossified and straight- Judicial interpretation. Four of the justices of that Court, among them
jacketed in codes/and statutes, is so superior to the elasticity of the common Justice White, declared that the Act should be interpreted with reference
law to meet individual cases that you know henceforth just what you and to the common law—that is to say, in the light of reason; in which case the
all others maytlegally do:or not do, and that your handicaps to success have facts admitted by the demurrer would not have constituted an unreasonable
restraint of trade, and the combination complained of would not have been
been lowered or altogether removed?
You know,Forrpossibly some of you do not know, just what the common illegal. Five of the jurors declared that the Act was intended to metamorlaw is, andkhow the Law Merchant was gradually developed according to phose the common law, and must be construed literally though the heavens
its principles?„; Permit me to explain this briefly. Here is what Mr. Jus- fall; and of course the majority ruled. This ruling, in my humble opinion,
and with all deference, was one of the few colossal blunders ever committed
tice Holmes has said in his lectures on the common law:
by that great tribunal. For, taken literally, the Sherman Act is a blight
"The life of the law has not been logic; it has been experience."
And again he says of it: "Law, being a practical thing, must found itself on enterprise—a manufacturer of crimes without turpitude—a remedy
on actual forces"—such, for example, as the instinct for possession and self- worse than any disease it was supposed to palliate. But the Act thus inadvancement. And he adds: "Philosophy may find a hundred reasons to terpreted was seized upon by certain patriots and purists to attack the great
justify the instinct, but it would be totally immaterial if it should condemn it business interests of our country; to unscramble eggs—with what culinary
and bid us surrender without a murmur. As long as the instinct remains, effect you are all familiar. Merchants by the wholesale, fearful of a catait will be more comfortable for the law to satisfy it in an orderly manner than clysm, hastened to plead nobo contendere to indictments against them. No
to leave people to themselves. If it should do otherwise, it would become merchant dare speak with his enemy in the gate, or obey the Scriptural injunction to agree with his adversary quickly, much less deliberately, witha matter for pedagogues, wholly devoid of reality."
Think of that now! How do you suppose Justice Holmes, away back in out being guilty of a conspiracy and branded as an outlaw.
And yet Cicero, years and years ago, had declared that extreme law is
1881, ever conjured up such an awful contingency as making law a matter
extreme injustice; notwithstanding which truism, the Sherman Act, to•for pedagogues and so wholly devoid of reality?
But what the common law has striven always to do is precisely that— gether with the numerous progeny begotten by it—this extreme of law—is
satisfy human instincts in an orderly manner according to the dictates of still enthroned, and business is still prostrate before it.
But let me ask you:
enlightened reason. Or. as Alexander Pope puts it:
Do you believe the American merchants of to-day are more wicked by
"Those rules of old, discovered, not deviz'd.
nature than the English merchants honored' by Lord Mansfield's confiAre Nature's still, but Nature methodiz'd:
dence?
Nature, like liberty, is but restrain'd
Do you believe that the ipso dixit of a legislature can make a good man
BY the same laws which first herself ordained."
bad?
, Hence Sir Edward Coke was fond of saying that "Reason is the life of the
Aren't you tired of statutory crimes?
aw;nay, the common law itself is nothing but reason."
Does it not grieve you—the patriotic soul of you—to see whole platoons
And in the old case of Coggs vs. Bernard it was said: "Let us consider
of our merchant princes—men whom we are proud to know and delight to
the reason of the case. For nothing is law that is not reason."
honor, who have filled the commercial world with the fame of their benefiDoes not that meet your ideas of what law ought to be? Do you know
cent achievements—to see them filing into the prisoner's dock and pleadof any holier sanction—any higher test of the righteousness of conduet,
ing
guilty to crimes that are not crimes in any other nation on earth—guilty
than its reasonableness? If reason abdicates, to what,in God's name,shall
of no act not sanctioned by the common law and its rule of reason?
reason appeal? When a man is without reason we call him an idiot. Law
Is not this an indictment of a whole people, which Burke thought to be
without reason is tyranny, and a statute that is to be construed otherwise
impossible?
than in the light of reason is an idiotic statute and necessarily bad law. WenAre these men impeached by the spectacle; or rather does it not impeach
dell Phillips once declared that "the best use of good laws is to teach men
the tyranny of the majority—what Tallyrand and de Tocqueville propheto trample bad laws under their feet." He did not mean, I hope, that the
sied would become the besetting evil of our form of Government? Oh,
individual was to interpret laws to suit himself and act on his personal nowe are going to pull out of it, so don't understand me as deprecating our
tions of right and justice, for that is the Roosevelt idea, which leads to form of government. I admit
that republics are wicked. They are as
anarchy. The function:of interpreting laws for the guidance of everybody wicked as human nature; which means
that they are just as good as human
Is only for the courts, and demonstrates at once the necessity forrcourts and nature, and Kings and Tsars and Things are
no better.
the inviolability of their decrees. President Grant said that he knew of no
Let me read you what Pomeroy, one of our great American jurisconsults,
method to secure the repeal of bad or obnoxious laws so effective as their says about our Law Merchant. Speaking of the
Law Merchant as left by
stringent execution. , Thinr=o alifiltidirin the long run.mt Certain of Mansfield, he says:
our laws, obnox ous
ur, merchants, are being stringentlyexecuted,all
the
has,
in
meanwhile,
done its part, and while it has not
"The legislature
right, all right—at great expense and in a deluge of words; but so far it been slow to supply deficiencies and correct mistakes, it
has, hitherto, forhas only served to revealitheir absurdity.fit. Perhaps it will someday result tunately. abstained from any vexatious interference
with arrangements
in their modificatioxfor:repe2.1.1
=at dictated by that best of legislators—Experience.
new battle hymn of the republic, "It's a Long Way to ipperary.
"The mercantile law of England is, in point of fact, an edifice erected by
Let inn further explain that prior to Lord Mansfield's time the Law Mer- the merchant, with comparatively little assistance either
from the courts
chant was a law peculiar to itself. It was created by merchants and ad- or the legislature. The former have, in many instances,
only impressed
ministered by,them, Just as your Stock Exchange has its own rules and its with a judicial sanction, or deduced proper and reasonable
consequences
own forum for enforcing them. This Law Merchant was based on the cus- from, those regulations which the experience of the trader, whether bortoms of merchants in conducting their business, and these customs in turn rowing from foreigners or inventing himself, had already adopted as the
grew out of their business experience. It was justice as the merchant saw most convenient. The latter, wisely reflecting that commercial men are
it; and to his thinking of a higher,finer and more sensitive quality than that notoriously the best judges of their own interests, have interfered as little
known to municipal law; for, as one ancient writer says: "The credit of as possible with their avocations, have shackled trade with few of those
merchants is so delicate and tender that it must be cared for as the apple of formalities and restrictions which are mischeivous, if only on account of
a man's eye." You must bear in mind that all the earlier commentators the waste of the time occupied in complying with them. The mercantile
on this law were:not lawyers but merchants, who had no use for lawyers law of England is, perhaps, of all laws in the world the most completely the
except on rare occasions, when they found themselves in court andjheir offspring of usage and convenience, the least shackled by legislative regucustoms up for judicial investigation, when the issue was usually one of lations. * * * It is, perhaps, in consequence of this that we find such
fact as to the existence or non-existence of a particular custom. This issue high and peculiar sentiments of commercial honor prevalent among
English
the courts would dump into the jury-box with varying results.
merchants. * * *
Now, these old-time merchants had their "guilds," their "trade unions,"
"These and such as these are the reflections which have rendered the
their "pools," their "gentlemen's agreements,"b their "combinations in re- author of this work exceedingly averse from any idea of reducing our comstraint of trade"; but all within the limitations prescribed by their own cus- mercial system into a code, by which the energies of the mercantile communitoms, which customs from long experience they had found to be just and ties would, he apprehends, be shackled,and preventing them from
operat-,
reasonablelfor it seemsitolbe aDaw of nature that antagonistic forces, in ing, as they now most usefully do, upon the law, and working out
its imtheir clash and interaction, are bound to achieve some sort of an equilibrium, provement, without assistance from the legislature. A criminal code
would
which in the case of moral forces we call justice. I find it hard to define or be of great utility, for the rules of criminal law ought to be not only
definite,
conceive of justice except as a moral equilibrium.
but inflexible, incapable of extension, save by the supreme power of the
I noticedi_by; a Washington,dispatch recently that the dministration State. * * * The codification of the law of real property is not worth
complains that it/fis already overburdened by the "duty of promulgating seeking for * * * But the codification of our mercantile law would
definitions forEall business activities." I should think likely. But how be a national evil. It would destroy the singular and fortunate plasticity
came this to be a duty of any!Administration? I suggest that the burden of a system whose rules hitherto have been, and always ought to be, made
could be lightened somewhat by turning the job of definition over to the by the merchant and dictated by his exigencies."
courts, where it properly belongs; for in this work-a-day world, and so long
Please digest these sentiments of a great American law writer at your
as human:instinctsrare what they are, we cannot hope to attain to every- eisure—your ample leisure. Meanwhile, to round out my question to a
body's ideal of justice, for everybody has his own ideal; but only to a prag- conclusion, let me ask you:
matical definitionTand a working basis. Experience evolves its own defiWould you not like to see some great American, who looms big in public
nitions, and, as Iihave:shown;_the law is based on experience and not on life, stand forth before all the people and shake his fist in their faces, calling
the categories of logic.
them ingrates and growlers, unworthy of their blessings, reaping to-day
Because of this fact, William Murray, when he came to the bench as only what they have sown in ignorance and anger?
Lord Mansfield, said to himself*These merchants of ours are good men—
Would you not like to see him raise his face to heaven and thank God for
honest, honorable, great men—the best in the kingdom. They have car- the matchless boon of American citizenship under the Constitution
given us
ried our commerce:over all the world and have made us famous as a trading by our fathers?
nation. They'have added to our national riches more than all our lords
and
muckrakers
bellyachers
and the caterwaul of
Aren't you tired of
and nobles combined4 Their laws and customs must be Just and reasonable malcontents, who are forever screeching in our ears the words of
Richard II:
or they could not have won the friendship of those with whom they deal;
"Let's talk of graves, of worms and epitaphs;
nor would they themselves have acquiesced in them so long and with so little
and
paper,
with
rainy eyes
Make dust our
friction. If common law is only another name for common sense and the
Write sorrow on the bosom of the earth."
perfection of reason, then every custom of these merchants must find its
If they would only add the rest of the sentence now—"Let's choose exeanalogue, its warrant, and its protection, in the law of the realm. It shall cutors and talk of wills"—wouldn't we almost forgive them?
be my mission to articulate this Law Merchant with the body of the law
or destroy it utterly if found to be in conflict with fair and honorable dealing. Wherefore, his Lordship began to consort with merchants, visiting TURKISH, BELGIAN AND AUSTRIAN
FINANCING.
their guilds, summoning themTon special juries, everywhere probing into
Mr. R. Diamant writes us: "If I may contribute a
their business habits, their course of dealing and their reasons for their
customs, which seemed to be common to all nations; with the result that little to our knowledge of recent happenings
abroad, I
there emerged from:the courts a new law maxim: "Lex mercatoria eat les
terrae"—the Law;Merchant is the law of the land. That is to say, the would like to call your attention to a number of interesting
Common Law adopted mercantile ethics as its own standard of right and events along financial lines which have occurred abroad
justice and the measure of legality. There was the rattling of dry judicial recently.
bones in some old carcasses,the assaults ofscholasticism; but the maxim perTURKISH PAPER ISSUES.
sisted, and is part of the common law to-day; for Mansfield was a rare
It is a well-known fact that the administration of the Turkish Government
genius, like our own John Marshall, which means that he was gifted with finances is under the control of a Council of Administration largely comcommon sense—apparently the most uncommon gift in the bestowal of the posed of the representatives of the principal European countries. The
Almighty.
Ottoman Bank, furthermore, is managed by a committee representing
And this maxim:embodied the law of our country when the so-called French and English financial interests. At the outbreak of the war no
Sherman Act first came before the Supreme Court of the United States for change took place in the management of this bank. It was a foregone
,ITTNE 5 1915.1
THE CHRONICLE
conclusion, however, that soon disagreement would arise between the
executive officers of the bank,which has the circulation monopoly, and the
Ottoman Government, especially because it could be expected that demands
should be made upon the printing press of the bank for an increase of the
fiduciary circulation. At this juncture, it must be noted that in September
of last year the Government decided to withdraw from circulation as much
of the gold as could be obtained and to deposit this metal with the banks,
while the outstanding circulation was given a fixed exchange value. The
Ottoman Bank at tho same time was authorized to issue circulation of small
denomination (of one Turkish pound and one-half of one pound) in exchange
for notes of larger amounts, viz.: those of E T.200, Z T. 500 and LT. 1,000
each. None of the notes of one-half Z T. was actually issued, but there
was a demand for the one-pound notes, of which about Z T.4.000,000
entered the circulation. When in January of this year the Ottoman
Government prevailed upon the Ottoman Bank to issue Z T. 6,000,000
additional circulation upon the collateral of a Government loan of the same
amount or to provide the Government with this needed sum through other
means, as it would propose, the Parisian-London Committee in charge
of the Bank's affairs did not wish to listen to any such proposition. The
Turkish Government thereupon "invited" the French and English directors
to leave Constantinople post haste, and the management of the Ottoman
Bank was subsequently assumed by the remaining one member of the
board, a gentleman of Turkish nationality.
However, as German capital is also interested in this institution, an
eminent member of the Berlin "haute banque" hurried to Berlin with the
express purpose to "study" the condition of the bank and to act as the
financial adviser of the Ottoman Government.
To his credit it Must be said that he advised most decidedly against the
Issuance of circulation with flat tendencies. This judgment carried sufficient weight with the Turkish authorities to induce Dsjavid Bel, the wellknown financial specialist of the Young Turk regime, to go to Berlin, in the
company of the German adviser, so as to devise other means for providing
the Ottoman Government with the necessary funds.
As an outcome of this visit, the following plan was agreed to: A German
syndicate with the Deutsche Bank as syndicate managers will advance to
the Turkish Government,on conditions which have not been published,
$30,000,000 in gold. "Owing to existing transport difficulties" (?) this gold
will be placed on deposit with a Berlin institution, the administration of it,
however, being vested in tho Council of Administeation of the Turkish
Public Debt. On the strength of this deposit, the Council, in the name
and for the account of the Turkish Department of Finance, shall issue
"money-bons" of one and five Turkish pounds each, not to exceed in the
aggregate about $29,000,000. This paper has been placed on the same
footing as the outstanding bank note circulation, and has also been accorded
a fixed exchange value. They carry the special privilege, however, of Convertibility into gold six months after the conclusion of peace; at least the
law so stipulates. In this manner the Government got its funds and the
German financiers not alone their commission on the transaction but in
addition the custody of the gold besides. So as to overcome the resentment shown to the new paper by the population, the aid of the press was
called in, and also that of the strong arm of the law, as it was quickly
ordained that those who should refuse to take this new money in payment
would be given time to repent for their sins by a sojourn in jail lasting
from one day to a full month, or should atone by the payment to the fiscus
of a fine ranging from one to fifteen TurkLsh pounds.
1877
depositors were seriously depleting their cash resources. Here it should
be stated that of the total subscriptions above mentioned of 503,000,000
crownd, 107,000,000 were for account of the savings banks themselves and
396,000,000 for account of depositors who requested the savings banks
to use all or part of their deposits for such subscription, the latter to be
placed as security against their deposit account. In their poti ion to the
Government the savings banks called attention to the fact that while a
subscription of 100,000,000 crowns by depositors meant a decrease of their
liquid funds to the same extent, the banks themselves by a subscription
of 100,000,000 crowns on their own account, were called upon to pay out
from their own resources only 25,000,000 crowns and could probably get the
other 75,000,000 crowns from the war loans banks. This, indeed, is typically indicative of conditions created by the abnormal financial methods
through which the financing of the present European war is characterized.
FRENCH TREASURY BONDS AND BONDS OF
NATIONAL DEFENSE.
(From L'Economiste Francais, May 15 1915.
Here is the text of the bill aiming to raise the limit of the issue of ordinary
Treasury Bonds and Bonds of National Defense, which was voted upon
in the House on Friday. May 7:
Statement of Purpose.
Gentlemen:
The law of March 27 1915 raised the limit of the issue of Treasury bonds
from 3,500,000,000 francs to 4,500,000,000 francs.
Now this limit has already been overreached,'as is shown by the following table to the date of April 30 last:
Francs.
A—Bonds of National Defence:
5,944,247,300
Issue
452,202,400
Definite repayments
910,786,500
Renewals
Bonds remitted as security for subscriptions to obligations
243,386,900
of National Defence
1,606,375,800
Bonds in circulation on April 30
B—Ordinary Treasury bonds
C—Bonds remitted in England
Bonds remitted in United States
4,337,871.500
129,175,100
302.640,000
207,275.000
4,976,961,600
There is hence occasion for raising again the legal limit of the issue of
Treasury bonds.
It may be seen from the statistics of the Issue of Bonds of National Defence that the net increase in the amount of these notes in circulation in
a month may be estimated at 600 or 700 million francs (4,337 millions on
April 30, against 3,693 millions on March 31, deduction being made for
all repayments.
It is accordingly no exaggeration to predict that the circulation of ordinary.Treasury bonds and bonds of National Defence will rapidly reach
6 billion francs, and it is to that figure which we ask you to carry the new
legal limit of issue.
BELGIUM BANK NOTE CIRCULATION.
In this limit would not be counted the Treasury bonds which the Minister
The weekly statement as of May 6 1915 of the Societe Generale de
Belgique, the Belgian financial institution which has been charged by the of Finance has been or will be authorized to remit to the Bank of France to
discounted to the profit of allied or friendly countries.
be
German Government with the fiscal affairs of unhappy Belgium, including
We ask you, on the other hand, to consent to the creation of Treasury
the issuance of circulation on the average amount of which a commission
discounted
of one-eighth of one per cent must be paid to the German authorities, shows bonds which would be remitted to the British Government and
by it, the net proceeds of the discount to be employed in the payments which
the f Hewing important items:
on
markets.
meet
foreign
to
have
certain
we
francs 206,113,891
Bank Notes in circulation
These bonds, issued at six months' maturity at the most, would be reCovered by:
52,805,951 newable and would have to be paid within one year after the conclusion of
"
Coin and German Money
peace.
5,996,243
Advances on foreign credits
"
The maximum of issue vould be 42 million pounds sterling, or at the value
1,360,000
Advances on foreign bonds
"
" 200,000,000 of 25.22 francs a pound sterling, about 1,059,500,000 francs.
Advances on Belgian provincial "bons"
We have the honor, consequently, of submitting for your deliberation the
In considering the above, it should be borne in mind that the Belgian
Provincial "bons" represent the securities issued on account of the monthly following bill:
compulsory provincial contributions of 40,000,000 francs each. The fact
BILL.
should also not be lost sight of that the German marks are figured at their
Article 1.—The limit of the issue of ordinary Treasury bonds and Bonds
official exchange value of francs 1.25, which is, of cours3, more than their of National Defence is raised to 6 billion francs.
actual value. According to the German illustrated weekly, "Die Woche,"
This does not include the amount of bonds which the Minister of Finance
some kind of a Belgian budget for the year 1915 has been arrived at. This has been or will be authorized to remit to the Bank of France to be disbudget does not include income and expenses of the postal service, tele- counted for the profit of allied or friendly countries.
fraphy,
, railroads, army and colonies. Tho receipts are estimated at
Article 2.—The Minister of Finance is authorized to create Treasury
170,000,000 francs as against 350,000,000 francs in 1914. The expenses bonds of six months' maturity at the most, to be discounted by the British
are estimated at 190,000,000 francs, creating a deficit for the year of Government, to a maximum amount of 1,059,500,000 francs (42 million
20,000,000 francs. The expenditures do not include anything for interest pounds sterling).
or amortization on the Belgian Government debt, as on the basis of the inThose bonds will be renewable at their maturity and must be repaid at
terpretation accorded to Article 48 of The Hague Convention, those items the latest one year after peace has been concluded.
are no obligation of the German Government.
The following, taken from the Parliamentary report of the English
House of Commons, as it appears in the London "Times" of May 17th, and
bearing upon Belgian fiduciary affairs, may also be quoted:
COMMERCE OF FRANCE DURING THE FIRST
"Mr. Joynson-Hicks asked the Financial Secretary to the Treasury FOREIGN
FOUR MONTHS OF 1915.
whether ho was aware that there was a steady export trade in English
sovereigns being done by German agents through Holland, and that this
(From "L'Economiste Francais," May 22 1915.)
trade was helped by the fact.that the Bank of England gave out to Belgian
The imports from Jan. 1 to April 30 1915 reached 2,179,612.000 francs;
refugees some 10.000 sovereigns weekly in exchange for their notes; and
why it was not possible to issue British new notes to them instead of gold. the exports, 915,449,000 francs.
These figures are distributed as follows:
Mr. Acland (Cornwall, Camborno, Min.)—I am afraid there is no doubt
First Four Months
that the facilities given to refugees for the exchange of Belgian notes have
been abused in the manner suggested. The import of these notes has now,
Gain.
Loss.
1915.
1914.
stringent
more
precautions
being
are
aken
and
Francs.
Francs.
Francs.
Francs.
however, been prohibited,
Imports—
596,579,000 609,160.000
12,581,000
with regard to the exchange of notes already in this country. As currency Articles of food
notes are payable in gold at the Bank of England. I do not think there Materials needed for
969,778,000
manufactures _ _ _ 911,048,000 1,880,826,000
would be much advantage in compelling refugees to accept such notes instead of gold, since any notes so accepted can immediately be exchanged for Manufact'd articles.. 671.985,000 532,625,000 139,360,000
gold at another counter."
2,179,612,000 3,022,611.000 139,360,000 982,359,000
Totals
AUSTRIAN SAVINGS BANKS AND THE AUSTRIAN WAR LOAN
It becomes more and more apparent that the savings banks in certain Net decrease in 1915
842,999,000
European countries are being called upon to invest an unduly large perExports-centage of their resources in war loans.
44,320,000
180,157,000 224,477,000
A striking instance of this respect is offered by the Austrian Savings Articles offood
Banks which subscribed for 503,000,000 crowns to the first Austrian war Materials needed for
451,777,000
manufactures _ _ 198,370,000 650,147,000
loan. The liquid funds of these banks were exhausted on account of these
669,938,000
subscriptions and in view of the second war loan recently brought out the Manufact'd articles_ 470,105,000 1,140,043.000
128,500,000
66.817,000 195,317,000
savings banks requested the Government for authority to borrow money Parcel post*
from the war loan banks on certain mortgages. The savings banks in this
1,294,535,000
915,449,000 2.209,984,000
Totals
request pointed out that the Austrian Government should appeal to large
capitalists and important financial institutions for increased participation
Of which 1,613,000 francs is for parcel post containing silk tissue and
in the new loan as the subscriptions by the savings banks in behalf of their silk floss. The corresponding figure for 1214 was 14,654,000 francs.
1878
THE CHRONICLE
[VOL. 100.
In the case of the sinking of the English steamship Falaba,the commandn g officer of the German submarine had tho intention of allowing passengers and crew ample opportunity to save themselves.
It was not until the captain disregarded the order to lay to and took to
flight, sending up rocket signals for help, that the German commander ordered the crew and passengers, by signals and megaphone, to leave the ship
iwithin ten minutes; as a matter of fact, he allowed them twenty-three minutes, and did not fire the torpedo until suspicious steamships were hurrying
to the aid of the Falaba.
With regard to the loss of life when the British passenger steamer Lusitania was sunk, the German Government has already expressed its deep regret to the neutral governments concerned that nationals of those countries
lost their lives on that occasion. The Imperial Government must state for
the rest the impression that certain important facts most directly connected
with the sinking of the Lusitania may have escaped the attention of the
Government of the United States. It therefore considers it necessary, in
the interest of the clear and full understanding aimed at by either Government primarily to convince itself that the reports of the facts which are
before the two governments are complete and in agreement.
The Government of the United States proceeds on the assumption that the
Lusitania is to be considered as an ordinary unarmed merchant vessel. The
Imperial Government begs in this connection to point out that the Lusttanta was one of the largest and fastest English commerce steamships, constructed with Government funds as auxiliary cruisers, and is expressly included in the navy list published by the British Admiralty. It is moreover known to the Imperial Government, from reliable information furnished by its officials and neutral passengers, that for some time practically
all the more valuable merchant vessels have been provided with guns, ammunition and other weapons, and reinforced with a crew specially practiced
in manning guns. According to reports at hand here, the Lusitania when
she left New York undoubtedly had guns on board, which were mounted
under decks and masked.
The Imperial Government furthermore has the honor to direct the particular attention of the American Government to the fact that the British
Admiralty by a secret instruction of February of this year advised the British merchant marine not only to seek protection behind neutral flags and
markings, but even when so disguised to attack German submarines by
ramming them. High rewards have been offered by the British Government as a special incentive for the destruction of the submarines by merchant
vessels, and such rewards have already been paid out. In view of these
facts, which are satisfactorily known to it, the Imperial -Government is
unable to consider English merchant vessels any longer as "undefended
territory" in the zone of maritime war designated by the Admiralty staff
of the Imperial German navy, the German commanders aro consequently
no longer in a position to observe the rules of capture otherwise usual, and
with which they invariably complied before this. Lastly, the Imperial
Government must specially point out that on her last trip the Lusitania, as
on earlier occasions, had Canadian troops and munitions on board, including no less than 5,400 cases of ammunition destined for the destruction of
brave German soldiers who are fulfilling with self-sacrifice and devotion
their duty in the service of the Fatherland. The German Government
believes that it acts in Just self-defence when it seeks to protect the lives of
its soldiers by destroying ammunition destined for the enemy with the
means of war at its command. The English steamship company must have
been aware of the dangers to which passengers on board the Lusitanta were
exposed under the circumstances. In taking them on board, in spite of this,
the company quite deliberately tried to use the lives of American citizens
as protection for the ammunition carried, and violated the clear provisions
of American laws, which expressly prohibit and provide punishment for,
the carrying of passengers on ships which have explosives on board. The
company thereby wantonly caused the death of so many passengers. According to the express report of the submarine commander concerned, which
is further confirmed by all other reports, there can be no doubt that the
rapid sinking of the Lusitania was primarily duo to the explosion of the cargo
of ammunition caused by the torpedo. Otherwise, in all probability, the
Passengers of the Lusitania would have been saved.
The Imperial Government holds the facts recited above to be of sufficient
Importance to recommend them to a careful examination by the American
Government. The Imperial Government begs to reserve a final statement
of its position with regard to the demands made in connection with the sinking of the Lusitania until a reply is received from the American Government,
and believes:that it should recall here that it took note with satisfaction of the
proposals of good offices submitted by the American Government in Berlin
and London with a view to paving the way for a modus vivendi for the conduct of maritime war between Germany and Great Britain. The Imperial
Government furnished at that time ample evidence of its good will by its
willingness to consider these proposals. The realization of these proposals
failed, as is known, on account of their rejection by the Government of
Great Britain.
The undersigned requests his Excellency, the Ambassador, to bring the
above to the knowledge of the American Government, and avails himself of
the opportunity to renew, &c.,
Berlin, May 28 1915.
VON JAGOW.
(Signed)
Minister for Foreign Affairs.
The undersigned has the honor to make the following reply to the note
of his Excellency, Mr. James W. Gerard, Ambassador of the United States
of America, dated the 15th inst., on the subject of the impairment of many
American interests by the German submarine war.
AMERICAN SECURITIES,
The Imperial Government has subjected the statements of the Govern- SUGGESTS LISTING LATIN
N
JAS. II. OLIPHANT & CO.
ment of the United States to a careful examination, and has the lively wish
on its part also to contribute in a convincing and friendly manner to clear
New York, June 3 1915.
up any misunderstandings which may have entered into the relations of the Editor The Commercial & Financial Chronicle, New York City:
two governments through the events mentioned by the American GovernDear Sir—At the Pan-American Financial Conference held at Washingment.
ton last week, the subject of the Latin American investments was disWith regard, firstly, to the cases of the American steamers Cushing and cussed and attention was drawn to the fact that most of the railways,
Gulflight, the American Embassy has already been informed that it is far traction lines and various other enterprises had been financed through
from the German Government to have any intention of ordering attacks foreign capital—largely British capital—and that the existing war would
by submarines or flyers on neutral vessels in the zone which have not been
probably prevent European nations from investing in Latin America for
guilty of any hostile act. On the contrary, the most explicit instructions many years to come. Attention was called to the fact that nearly all of
have been repeatedly given the German armed forces to avoid attacking the important railway lines south of Panama are owned and have been
such vessels. If neutral vessels have come to grief through the German financed by English companies. Many of those railways are large, sucsubmarine war during the last few months, by mistake, it is a question of cessful lines and have paid substantial dividends for many years.
isolated and exceptional cases, which are traceable to the misuse of flags
I am writing this letter to suggest that the Board of Governors of the
by the British Government in connection with carelessness or suspicious New York Stock Exchange invite the larger of these companies to make
actions on tho part of the captains of the vessels. In all cases where a neu- formal application to list their bonds and stocks on the New York Stock
tral vessel through no fault of its own has come to grief through the Ger- Exchange. It is true that the American public knows little regarding the
man submarines or flyers, according to the facts as ascertained by the Ger- merits of these securities, and there is no likelihood that there would be any
man Government, this Government has expressed its regret at the unfortu- wide marketfor these shares for some time to come. However,following the
nate occurrence, and promised indemnification whore the facts justified it. listing of these shares:the American public would, through the listing stateThe German Government will treat the cases of the American steamers ments and the ability to procure annual reports, &c., become familiar with
Cushing and Gulflight according to the same principles. An investigation the intrinsic merits of these securities and in the course of time an extensive
of these cases is in progress. Its results will be communicated to the Em- business could likely be developed. As I have pointed out, the European
bassy shortly. The investigation might, if thought desirable, be supple- companies operating these various railroads will be unable to do any further
mented by an international commission of inquiry, pursuant to title III financing for some time to come, and it would be not unlikely that they
of the Hague Convention of Oct. 18 1907, for the pacific settlement of in- would be able to sell a largo amount of their new issues of bonds and stocks
ternational disputes.
here in this countryiandithus build additional railway extensions. This
GERMANY'S ANSWER REGARDING SINKING OF
LUSITANIA.
The Imperial German Government,in its answer to President Wilson's note of May 13 protesting against the torpedoing and sinking of the steamer Lusitania and other acts in
violation of American rights on the high seas, reiterates its
charges that the blame for the death of the Lusitania's passengers rests on the English shipping company. "According
to reports at hand hero," the official translation of the note
reads, "the Lusitania when she left New York undoubtedly
had guns on board which were mounted under decks and
masked." It furthermore stated that "the German Government believes that it acts in just self-defence when it seeks
to protect the lives of its soldiers by destroying ammunition
destined for the enemy with the means of war at its command." The reply is acknowledged to be an unsatisfactory
response to President Wilson's protest, in which he stated
that the United States confidently expects"that the Imperial
German Government will disavow the acts of which the
United States complains; that they will make reparation so
far as reparation is possible for injuries which are without
measure, and that they will take immediate steps to prevent
the recurrence of anything so obviously subversive of the
principles of warfare for which the Imperial German Government have in the past so wisely and so firmly contended."
The reply, signed by Herr von Jagow, the German Secretary
for Foreign Affairs, was handed to Ambassador Gerard in
Berlin on May 29, a press summary of it being issued on the
same date; its text was made public by the press associations
on the 30th, but it was not until the 31st that the official
translation was given out. There were several points of difference between the press and official translations.
The American representations regarding the torpedoing
of the British steamer Falaba, in which an American citizen
lost his life, are answered with the statement that it was intended to offer ample time for the passengers and crew to
leave the ship. The action of the captain in attempting
to escape, however, necessitated more summary action; even
then the commander of the submarine granted ten minutes
for those on board to leave the vessel, and actually
allowed them twenty-three minutes before sinking the
ship. Germany expresses regrets for the "unintentional
attacks" on the American steamer Cushing and the Gulflight. The Cushing was attacked by German airmen in the
North Sea and the Gulflight was torpedoed off Scilly Islands.
Germany disavows any intention to attack harmless neutral
craft. She offers to pay compensation wherever she is found
to be in the wrong, and to refer doubtful cases to The Hague.
The passages in the American note concerning the possible
disavowal by Germany of intent to sink the Lusitania and
the discontinuance of her present practices of submarine warfare are not mentioned specifically in the reply. The note
states that, pending the reply of the American Government
to the German assumptions of fact regarding the real character of the Lusitania and her cargo, the German Government will reserve a final statement of its position with regard
to the demands contained in the American communication.
Below is the official text of the reply made public by the
State Department:
JuNE 5 19151
THE CHRONICLE
would not only benefit the companies themselves, but would be of great
material benefit to the South American republics," as practically none of
them have fully developed their resources.
Regarding the safety of many of these investments, it should be pointed
out that a number of the South American Railway bonds and debentures
sell on the London Stock Exchange on a parity with such bonds as Union
Pacific First Mortgage and Land Grant 4s and Northern Pacific Prior
Lien 4s, and that the stocks of a number of the larger companies sell at
from par to $250 per share.
It has been pointed out that American efforts to develop railways in South
America have not been particularly successful, and as an example the illfated Brazil fly. and Argentine fly. are cited. The Brazil fly. at the time
of its incorporation took over the shares of several large and successful railways operating in the Republic of Brazil. All of these companies were
paying substantial dividends and most of them were established on a
thoroughly successful basis. The Brazil Ry. amalgamated these various
systems and built connecting lines, &c. Furthermore, the company expended vast sums in colonization schemes, lumber projects, cattle ranches,
construction of docks, wharves, &c., and undoubtedly would have made
a great SUCCOSS of their enterprise, had not a period of financial depression,
duo to over-expansion, come over the Republic of Brazil. This was followed by the great European war and the general demoralization throughout
the Republic, causing the railway to suspend payments on its bonds and
other securities. The Argentine fly. met its fate through similar causes.
This company was incorporated to take over a number of lines in Northern
Argentine and consolidate them, and also to develop the resources of the
northern portion of the Republic. This company would likewise have undoubtedly been highly successful had conditions continued as they were at
the time of the company's incorporation.
To show the stability of the general Latin American railway securities, I
append a short table which will indicate the size and earning capacity of a
few of the South American railways. In addition to the railways mentioned
below there are a number of other Latin American enterprises, the shares
of which are listed in London, which are thoroughly successful and which
under normal conditions pay large dividends on their shares.
Bonds and Deben- Stocks—
Miletures—Approx. Pref. and
age.
Ordinary.
Figures.
1 Buenos Aires Great Southern fly - $82,246,510 $185,450,000 3.727
103,472,340 3,151
77,845,265
2 Central Argentine fly
b61,000,000 3,473
a160,000.000
3 Buenos Aires & Pacific fly
101,000,000 1,792
42,464,740
4 Buenos Aires Western
48,580,150 1,786
27,510.345
5 Leopoldina fly. (Brazil)
11,250,000 1,010
8,253,000
6 Great Western fly. of Brazil
153
20,000.000
10,000,000
fly
Paulo
7 San
819
30,000,000
23,000,000
8 Antofogasta & Bolivia fly
978
14,000,000
c20,658,053
9 Central fly. of Uruguay
721
28,600,000
10,195,000
10 Paulista fly. (Brazil)
1,131
24,000,000
Co
Navigation
12,500,000
&
fly.
Mogyana
11,
a Includes bonds of leased lines. b Includes stock of parent company
only. c Includes bonds of parent company and of various extension
companies.
1905-1914.
Gross
High & Low. Avg. Div.
Earnings,
Paid
Ord. Stock,
1913.
1905 to 1914. Ord. Stk.
•
$32,846,725
7%
102
1 Buenos Aires Great Southern Ry__ _ _148
32,446,730
6%
1204 914
2 Central Argentine fly
4.45% 27,953,066
513-i
1433
3 Buenos Aires & Pacific fly
14,530,000
7%
1424 103%
4 Buenos Aires Western fly
9,362,380
3.55%
86% 40%
5 Leopoldina fly
3,799,500
80
166%
5.7%
6 Great Western fly. of Brazil,..
*11,706,733
12.7%
178
270
fly
Paulo
San
7
9,058,870
180% 110
x8%
8 Antofogasta & Bolivia fly
6,216,965
115% 75
4s%%
9 Central fly. of Uruguay
* Equal to over $87,000 per mile; this exceeds the 1913 per mile earnings
of any steam railroad in the United States(134 miles of line were operated
during 1913). x In addition to the 8% dividend a number of extra dividends have been paid from year to year.
Note.—The Paulista fly. and the Mogyana fly. & Navigation Co. have
paid dividends of from 8% to 15% annually for a number of years. Their
securities are largely hold in the Republic of Brazil and statistics regarding
these companies are difficult to obtain.
It is the writer's belief that the listing of the various Latin American
securities hero would prove of mutual benefit to our southern neighbors
and to ourselves, and that in the course of time a large business would be
developed hero on the Now York Stock Exchange in these securities.
Yours very truly,
FREDERIC M. IIALSEY, Statistician.
ADMINISTRATION'S ATTITUDE TOWARD
GERMANY'S ANSWER.
Germany's answer to the note of the United States Government on the sinking of tho Lusitania formed the subject
of discussion on Tuesday at the President's meeting of his
Cabinet. The intention of President Wilson to at once
draft a reply to the German note was made evident immediately after the receipt of the von Jagow communication.
It was indicated, however, that he would delay its transmission until after an interview with Count von Bernstorff,
the German Ambassador; this interview, held on Wednesday,
was granted in response to a request made by the Ambassador on May 31. It was the first time the Ambassador had
had any personal intercourse with the President since last
summer. One of the facts brought out by Count von
Bernstorff in his conference with the President was the
difficulty encountered in communicating with his Government, owing to the control of the cables exercised by Great
Britain. While no statement has been issued concerning
the interview, it is reported that President Wilson acceded
to the request of Count von Bernstorff that he be permitted
to send a detailed report of the situation to his Government
through and under the auspices of the State Department.
On Thursday it was announced that the German Ambassador,
1879
with the approval of the President, had arranged to send a
special agent to Berlin to personally inform the German authorities as to the situation created here by the sinking of the
Lusitania. This agent, Dr. Anton Meyer-Gerhard, sailed
on the steamer United States of the Scandinavian-American
line on Thursday.
The steps taken by Count von Bernstorff to acquaint the
German Government with the American sentiment in the
matter will not change the President's plans to communicate
to Germany the Administration's attitude in the controversy,
and to declare his insistence that assurances be given that
Germany shall so conduct her submarine warfare as not to
endanger the lives of Americans traveling on the high seas.
This note occupied the attention of the President and his
Cabinet yesterday, and it is understood to have been perfected at this meeting.
INVESTIGATION INTO QUESTION AS TO WHETHER
LUSITANIA WAS ARMED.
Four affidavits, said to have been obtained by the German
, alleging that the LusiAmbassador, Count von Bernstoff,
tania carried guns concealed below her decks have been
submitted to the State Department, which in turn, has
delivered them to the Department of Justice for an investigation as to the statements sworn to and the character of
the individuals making them. Gustave Stable of this city
is reported to have submitted one of the affidavits. The
State Department is also said to be in possession of a mass
of data contending that the vessel was unarmed, the data
including, it is understood, a report from Dudley Field
Malone, Collector of the Port of New York, stating that the
steamer was thoroughly examined before her departure,
and that no guns were found on board. Denials of the
report that the steamer had carried mounted guns were
issued at the time of the disaster by both Collector Malone
and Herman Winter of the Cunard Line. The agents of the
line are also reported to have explained that the cases of
ammunition referred to in the vessel's manifest were of
empty shrapnel.
PRESIDENT WILSON SEES GREATER DAYS AHEAD
FOR THE NATION.
In eulogizing America's soldier and sailor dead at Memorial
Day exercises held at Arlington National Cemertery on
Monday President Wilson told his hearers that "greater
days lie before this nation that it has ever seen yet, and the
solemn consciousness of those who bear office in this time is
that they must take up their best endeavor to embody in
what they do and say the best things in the United States."
His remarks were as follows:
I have not come here to-day to deliver an address,but merely reverently
to take part in expressing the sentiment of the impressive day. It is
necessarily a day of reminiscences. Reminiscence is not always a profitable exercise. It generally belongs to those, appropriately to those only,
who have left the active stage of life and have nothing to think about
except the things that are gone and dead. It does not behoove a nation
to walk with its eyes over its shoulder. Its business is constantly in the
years that lie ahead of it and in the present that challenges it to the display
of its power. But there are reminiscences which are stimulating and
wholesome, and among those reminiscences are chiefly to be ranked the
recollections of days of heroism, days when great nations found it possible
to express the best that was in them by the ardent exercise of every power
that was in them.
That is what gives dignity to a day like this. It is not a day of regret.
It is not a day of weakening memory. It is a day of stimulation, but, my
friends, these stimulating memories are sometimes apt to minimize because
we do not see the full significance of them. We are constantly speaking
of the great war of which we think to-day as a war which saved the Union,.
and it did indeed save the Union, but it was a war that did a great dea,
more than that. It created in this country what never had existed beforel
a national consciousness. It was not the salvation of the Union, it was
the rebirth of the Union. It was the time when America for the first time
realized its unit and saw the vision of its united destiny.
The solemn lesson of these memories for us is not that we must be ready
to save the Union again, for there are none among us who threaten its life
but that we must see to it that the unity then realized, the vision then seen
Is exemplified in us and the things that we do. Because there is no stimulation in any lesson unless it be the stimulation to duty. There is no stimulation in any occasion if it be merely the pleasure of recollection. It'must
also be the ardor and courage of hope. Greater days lie before this nation
than it has ever seen yet, and the solemn consciousness of those who bear
office in this time is that they must make their best endeavor to embody in
what they do and say the best things in the United States.
It does not do to talk too much about one's self and I do not think that it
is wholesome for the United States to talk too much about itself. I do
not want to know what you are to-day so much as I want to know what
you are going to do to-morrow. The only test I know of that is competent
to determine what you are is the test of what you do. Let us not think
of our characters. Let us think of our duties and of the actions that lie
before us. I have always maintained that the man who lives to cultivate
his own character will result only in cultivating an intolerable prig, because
his object will be himself.
Character, my friends, is a by-product. It is produced in the great
manufacture of daily duty. But duty is not easy to determine. Duty
for a nation is made up of so many complicated elements that no man can
determine it. No group of men without wide common counsel can possibly
1880
THE CHRONICLE
determine what the duty of the day is. That is the strength of a democracy,
because there daily rises in the great body of a democracy the expression of
an untrammeled opinion which seems to fill the air with its suggestions of
duty, and those who stand at the head of affairs have it as their bounden
duty to endeavor to express in their own actions those things that seem to
rise out of the conscience and hope—that purpose of the great body of the
people themselves.
America, I have said, was reborn by the straggle of the Civil War, but
America is reborn every day of her life by the purposes we form, the conceptions we entertain, the hopes that we cherish. We live in our visions.
We live in the things that we see. We live and hope abounds in us as we
live in the things that we purpose. Let us go away from this place renewed in our devotion to daily duty and to those ideals which keep a nation
young, keep it noble, keep it rich in enterprise and achievement, make it
to lead the nations of the world in those things that make for hope anti for
the benefit of mankind.
EARNINGS OF NEW YORK FEDERAL RESERVE BANK.
To disprove the reports that the Federal Reserve banks
would not earn expenses, Benjamin Strong Jr., Governor
of the Now York Federal Reserve Bank, in an address recently before Group VII.of the, New York State Bankers'
Association (comprising Brooklyn and Long Island), announced that the New York bank has in the past six months
earned all its current expenses and a considerable sum to be
appli d toward liquidating the expenses of the organization.
Other facts concerning the workings of the bank are contained in Mr. Strong's address, which was in part as follows:
It has frequently been stated to me that the Federal Reserve banks will
not earn their expenses, much loss their dividends, and that the member
banks, either directly or indirectly, must stand some loss. This surmise
is unfounded. The Federal Reserve Bank of New York in the past
six
months has earned all of its current expenses and a considerable sum to be
applied towards liquidating the expenses of organization, and while it may
take some months to extinguish the latter item, it would, if that were
necessary, be quite proper to apportion it over a period of years, as the greater
part of the organization expense consisted of the co3t of preparing an initial
supply, and a very large one, of Federal Reserve notes. The Federal Reserve Bank of New York has total resources of $140,000,000. With but
10% of these resources invested and loaned at the present very low rates of
interest, the bank is to-day making earnings at the rate of about $200,000
a year, after paying its running expenses. If from 20% to 25% of its resources were invested at present rates, it would earn its expenses and dividends and have something in excess to add to surplus, and its reserves
would still exceed 75% of its liabilities.
It has not, however, been the policy of the bank to force its funds into
use at a time when huge excess reserves are held by the banks throughout
the country. Had the Reserve banks been in operation a few years and
accumulated a considerable loan and investment account, their policy tinder present conditions should be to withdraw funds from the money market
for the purpose of correcting undue ease of money rates, which is only too
frequently accompanied by unsound expansion and speculation. In fact,
the policy of the Reserve banks in using their funds should be influenced
by the desire to stabilize rates, rather than to employ their funds at any
rate obtainable, for the sole purpose of earning dividends, without regard
to the effect of such a policy.
The statement has also been made by some bankers of our district that
very little, if any, of the paper held by their banks is eligible for re-discount
with the Federal Reserve Bank. Those bankers who make this statement
are liable to create the impression that this opinion is hold generally by
member banks; but an examinatlop of statements filed with us disclosed
that only about 80 banks, out of our 480 members, reported that they had
very little, if any, paper eligible for re-discount. With these, we have
communicated, in order to ascertain upon what theory their reports were
based. By correspondence and personal interview, with many of them,
we have satisfied them, as well as ourselves, that one-half or more of the
paper they hold is eligible for re-discount.
The reports, also, disclosed that the banks outside of the City of New
York, which carry about $10,000,000 of reserve deposits in our bank, claim
to hold no less than $79,000,000 of eligible paper, and the banks of Now
York City, which have on deposit with us $120,000,000, report $248,000,000
of eligible paper.
-Up to the present time, and until July 15, considerable latitude has been
allowed as to the method by which the eligibility of notes offered for re-discount shall be determined. The Judgment of the officers of the member
banks and of the Reserve Bank has been exercised broadly, and I may say,
without undue regard to technicalities, few notes have been rejected on
account of failure of eligibility; some having been returned owing to carelessness in drawing or endorsing, and it has been our practice—which we
shall continuo—to act upon the application on the day of receipt, and advise credit if so requested by telegraph. There is, in fact, no red tape to
be untied, nor is there any disposition to use it. On July 15 next, however,
Regulation B becomes effective, and to the terms of that regulation your attention should be particularly directed. After July 15 member banks will
be expected to furnish more specific evidence of eligibility of notes when applying for re-discounts. As to smaller borrowers, whose notes are offered
for re-discount, considerable latitude will still be permitted in determining
the question of eligibility; as to larger borrowers, the member banks are
asked to adopt standards of credit information which will enable them to
promptly determine for themselves the eligibility of the paper which they
desire to re-discount. The regulation is based upon three important general rules:
First. That the member bank should have in its files an original or certified copy of a signed statement disclosing the financial condition of the borrower in the case of all commercial paper purchased from brokers or through
correspondents.
Second. That it should have similar statements on file as to the financial
condition of customers whose notes are offered for re-discount for a total
amount of $5,000 or over, or for an amount exceeding 10% of the capital
stock of the member bank making the application; that is to say, financial
statements must be held as to all purchased paper, and as to paper made by
the bank's customers where the amount of the customers' obligation rediscounted exceeds $5,000 or 10% of the bank's capital. On the other
hand, no such statement is required by this regulation as to customers
whose paper is offered for re-discount in smaller amounts than those named,
In order that they should be eligible.
Third. That the proceeds of the loan must have been used or be intended
for use, In some industrial, commercial or agricultural transaction, but not
for the purchase of land, buildings or machinery, or other fixed or permanent
assets or investments, or for the purchase of goods carried for speculative
[VOL. 100.
purposes. Most bank officers are sufficiently well acquainted with those
who borrow small amounts to readily ascertain the purpose for which the
loan was made. In the case of larger borrowers, this can be best determined by an examination of a statement of the borrowers' financial condition. His statement should be made in such form as to disclose whether
the amount of his current assets, that is to say, cash, bills and accounts receivable, stock of goods, or raw and partly manufactured material, are
reasonably in excess of his current debts. Should the borrower's statement
disclose that his short loans and bills and accounts papable, in other words
his current liabilities, are greater in amount than his quickly convertible
assets, it would necessarily indicate that some portion of the proceeds of his
short loans has been invested in more permanent form in his business.
Such a condition would, in most cases, render the credit doubtful unless
strengthened by an endorsement. Notes made by borrowers of that character are, therefore, not eligible for re-discount, but if the loan is made to
a good endorser and his statement conforms to the same test of eligibility
that is required of a maker of an unendorsed note, it then becomes eligible
for re-discount.
The Reserve banks are at present engaged in the establishment of a system or collecting checks, the details of which plan are so well known as to
require no particular comment. Discussion of the plan, however, discloses
two strong objections in the minds of the officers of member banks—one
being the possible loss of revenue from exchange charges now made by the
country banks and the other the possible loss of interest on balances at
present carried with Reserve agents, through whom collections are made,
and which now count as reserves.
As to the first objection: Experience must demonstrate whether economies resulting from a more prompt and scientific system for collecting country checks, together with earnings growing out of the enjoyment of other
advantages afforded the Federal Reserve System may not entirely make
up the loss of exchange charges to the extent that such charges are reason
able and legitimate.
As to the second objection: Some of us feel that in many cases the present
system of check collection necessitates carrying larger compensating balances than should be required or will be necessary when the Fedora! Reserve collection system is in full operation. To tho extent that balances
maintained solely for collection purposes can be withdrawn and used locally, additional revenues will accrue to the member banks.
The statement is also frequently made that the member banks that
join the system are liable to suffer unexpected depletion of their reserve
balances, and on that account they will find it necessary to carry unaccustomed excess balances in order to anticipate such depletion. This, we hope,
will not be the case. As stated in our circular to member banks and as indicated in a more recent circular letter, it is our intention to co-operate in
every way possible with the banks for whom we are collecting checks, so
as to enable them to maintain the reserve required by law without unnecessary depletion or unnecessary excess. If a member bank finds, after experience, that the charges against its account exceed the amount of the
offset which they are able to remit, it should be possible by arrangement with
ts Reserve agent to make regular transfers for its credit by a simple transfer entry 'on the books of the Reserve bank. On the other hand, the Federal Reserve Bank will enter into such arrangement as may be desired
to make regular transfers from the accounts of member banks to the credit
of the member banks' Reserve agent, so that excess balances should not
unduly accumulate. This plan should prevent unexpected impairment of
reserves, as well as unnecessary loss of interest on balances.
It is also urged that, as a considerable percentage of the checks handled
by country banks are drawn on State institutions, and cannot be collected
through the Reserve Bank, country banks must continuo existing collection arrangements, carrying collection accounts with their correspondents,
and that after two years such balances will not count as reserve. On this
account, the claim is made that reserve requirements are, in fact, increased
by reason of the Act, rather than decreased, and that further losses of interest will result from this cause. This conclusion anticipates a possible loss
to arise a year or two hence. Such balances will count as reserve wholly
or in part for the next two years. It also assumes that no progress will be
made in the next two years in finding a satisfactory method of dealing with
ithe situation. It also assumes that State banks will not take membership
in the Federal Reserve System, and such assumption is far from being justified. To the extent- that the member banks employ the facilities of the
Reserve Bank for collecting checks on member banks, the necessity for
carrying outside balances will be reduced, and to the extent that State banks
take membership, the necessity for carrying outside balances will be further reduced. In order to minimize the necessity for carrying additional
balances that two years hence will not count as reserves, member banks
should employ the Reserve Bank collection facilities to the fullest extent
possible, rather than reduce the effectiveness of this collection facility by
withholding their consent to the plan.
We also frequently hear the claim made by the country banker that he
will be unable to conduct his business and make his collections economically
on the 12% reserve now permitted by the law, and that he is therefore unable to take advantage of the reduced reserve requirements. This claim
Is based upon a lack of appreciation of the present flexibility of his position.
If 50% or more of the commercial paper in the portfolios of the member
banks may be promptly converted into reserve balances by re-discounts with
Reserve banks, the country banker should certainly be able to take advantage of the reduced reserve requirements without undue apprehension as to
his ability to meet unexpected demands by his customers. We appreciate
very thoroughly that he is obliged to make every available dollar earn something. Appreciating, also, the fears that have been expressed as to the
possible effect of the new system of check collection upon the earnings of
member banks, we have arranged with competent experts to make careful
examinations of typical banks in this district in order to ascertain in what
respect economies may be effected and earnings augmented as a result of
the changes to be undertaken, and Its results will be made known to the
member banks.
The experience of the St. Louis district throws some light on this matter.
The Federal Reserve Bank of that district undertook to clear checks for its
459 members some months ago. No assent was asked or obtained. The
adoption of the general collection plan has recently afforded all the member
banks of that district opportunity to withdraw if they so desired. I am
advised that only 99 out of the 459 have withdrawn. Presumably, the
other 360 are satisfied to continue the service. It will be a great aid to the
officers of the bank if the member banks will give patient consideration to
the work now being done and give the new collection system a fair trial.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
As much interest attaches to the condition of the Canadian
banks, we have prepared the following, which compares the
leading items under the last two monthly statements with
the return for June 30 1914.
JUNE 5
1915.1
Gold and subsidiary coin—
In Canada
Elsewhere
THE CHRONICLE
ASSETS.
Apr. 30 1915. Mar.311915. June 30 1914.
$
Total
Dominion notes
Deposit with Minister of Finance for security of note
circulation
Deposit in central gold reserves
Due from banks
Loans and discounts
Bonds, securities, &c
Call and short loans in Canada_
Call and short loans elsewhere
than in Canada
Other assets
Total
39,768,183
24,368,530
39,747,860
25,923,411
28,948,841
17,160,111
64,136,713
136,717,633
65,671.271
137,413,021
46,108,952
92,114,482
6,741,752
5,800,000
113,679,748
859,958,643
113,861,441
68,599,095
6,739,411
5.550,000
108,568,709
866,097,493
114,332,018
68,245,261
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
121,522,971
73,085,553
101,938,685
71,167,527
137,120,167
71,209,738
1,564,103,549 1,545,723,396 1,575,307,413
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
188,866,666
114,422,366
113,980,036
113,327,654
188,866,666
114,422,366
113,978,472
113,227,654
192,866,666
115,434,666
114,811,775
113,368,898
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
96,288,398
36,208,265
451,536,557
686,075,124
32,791,979
6,744,348
11,993,801
96,666,544
38,086,117
437,252,284
676,875,790
32,383,054
8.565,559
11,034,212
99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20,096,365
12,656,085
Total, not including capital
1,321,638,472 1,300,863,560 1,330,488,683
or reserve fund
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the totals given.
DETAILS OF OUR MERCHANDISE EXPORTS.
The preliminary statement of the country's exports during
April gives statistics regarding a few leading commodities
which show in a graphic way the part played by certain items
in swelling the totals. For instance, the value of the breadstuffs exports in April 1915 was $66,317,264, against only
$8,427,850 in April 1914, and the value of the exports of
meat and dairy products, $22,650,106, against $9,301,531.
The shipments of mineral oils (petroleum, &c.) declined,
though on the other hand the exports of cottonse=d oil increased. In the following we show the comparative exports
by groups of commodities just as furnished by the Government, but add also the aggregate value of other merchandise
sent out:
1881
LEGISLATIVE MINIMUM- WAGE PRONOUNCED A
FAILURE.
That the attempt to regulate and control wages by the State
has invariably failed, and that the general operation of legislative minimum wages has been unsatisfactory to employees
and employers, are the conclusions reached by the Industrial
Betterment Committee of the National Association of Manufacturers in a report presented at the convention of the
Association on May 25. The committee, which has been
studying the minimum wage legislation of various States
and nations for a number of months, states its conclusions
on the subject as follows:
1. We hold that historically the attempt to regulate and control wages
by the State has invariably failed.
2. We find that the general operation of the legislative minimum wage
everywhere has been unsatisfactory to employees and employers.
3. We find that the facts upon which the legislative minimum wage in
the United States have been based are not sufficient to warrant us in recommending it at this time.
4. We find no prevailing demand for legislative minimum wage on the
part of either the employer or the employee.
5. We find that economically considered the principle of the legislative
minimum wage has not been shown to be sound.
6. We find that although certain arguments are plausibly advanced in
support of the measure,the weight of adverse arguments is clearly against it.
7. We find that the chief purpose of the proponents of the legislative
minimum wage is to eradicate the sweating evil. We are in hearty accord
with this purpose, but we question the practicability of the method proposed.
8. We hold that the extension of industrial education, through Industrie
continuation schools and other practical forms of training; a broad system
of publicity and regulation directed against the sweatshop, and a stricter
application of laws relating to sanitation in shop, loft and tenement, are
valuable and necessary methods for securing those betterments sought to
be accomplished through the legislative minimum wage, and we pledge our
best efforts in assisting, by every practical means, to bring about the improvement of industrial conditions and industrial relations. In this work
the co-operation of all interested persons is heartily invited. The problem
demands united effort and constant study.
TENDENCY TO LIVE BEYOND ONE'S MEANS AS
FACTOR IN TRADE DEPRESSION.
TEXAS BANKERS' ASSOCIATION ON WALSH INVESTIGATION.
In asserting that the falling off in business is not wholly
due to the European war, J. A.Pondrom of Houston, in his
annual address as President of the Texas Bankers' Association, at Waco on May 18 stated that the tendency of
people to live beyond their means is one of the contributing
factors and should be reckoned with. He declared that too
many people are driving Packards who should be driving
Fords, too many are driving Fords who should be engaged in
push* a wheelbarrow, and too many play golf who are unApril
10 Months ending April— able to pay the caddy.
Exports by Groups—
1915.
1914.
1914.
1915.
In alluding to the tenant farmer, it was asserted by PresiBreadetuffs
8,427,850 484,237,635 131,704,134
dols_ 66,317,264
Cottonseed oil
lbs_ 45,655,219 18,174,676 259,455,909 172,006,009 dent Pondrom (according to the "Dallas News"), that too
dols_ 3,294,167
1,282,518
12,271,232 much maudlin sentiment was
17,541,637
indulged as to this class. He
Cattle, hogs and sheep_dols_
29,290
147,825
396,311
848,163
dairy
products_dok_
22,650,106
Meat Sr
9,301,531 154,972,707 113,211,641 had as much sympathy as any one for the man who feels the
bales
672,008
Cotton
398,215
8,474,777 stings of poverty, since he had once been in that position him7,487,807
1bl...347,295,662 205,637,249 3,915,857,976 4,405,840,943
self, he said, but it had been his observation that the man who
do's_ 33,022,938 24,606,174 330,494,409 566,877,007
gals_170,944,645 220,033,228 1,742,466,333 1,857,703,627 remained a tenant farmer was lazy, shitfless, improvident
Mineral oils
dais_ 11,299,872 14,520,884 105,693,530 124,872,517 and unambitious to do anything else. Too many there were,
dols_136,613,637 58,236,782 1,093,336,229 049,784,694 he said, who wanted to observe both the Jewish and ChrisTotal of above
All other commodities__ dols_157,856,562 104,265,788 1,132,211,839 1,095,989,791 tian Sabbaths, working neither Saturday nor Sunday, and
dols_294,470,199 162,552,570 2,225,548,068 2,045,771,485 always ready to buy anything that any one else would sell
Total exports
The following indicates some of the leading items included them on credit.
Mr. Pondrom asserted that the Federal Industrial Comin the foregoing:
April
10 Months ending Aprilmission,
which recently held hearings in Texas, should have
1914.
1915.
1915.
1914.
680,395
40,080,092
7,570,312 been termed the "insulting commission," since the "members
Corn
bush. 8,788,867
508,976
31,437,582
(lois_ 7,147,435
5,598,595 of that body did nothing but insult the intelligence of the
91,575
73,736,038
970,031
Oats
bush. 16.875,680
people of Texas." Declaring that transportation, next to
38,342
43,971,511
dots_ 11,022,295
431,301
78,140,784 agriculture, was the most important industry in Texas, Mr.
Wheat
bush. 22,756,660 3,065,861 2.35,394,008
3,014,746 206,981,468
dots_ 36,281,467
74,117,403 Pondrom stated that extensions could not be made so long
bbis. 1,428,937
Flour
874,546
9,980,096
13,736,892
as the motto, "Swat the Railroads," continued. Mr. Pond015.. 9,616,568
45,785,640
77,869,916
4,067,182
lbs
Beet canned
2,932,419 drom apparently neither agrees with those who praise the
275,869
6,712,434
57,702,781
dots. 1,245,872
34,977
390,128 Federal Reserve Act extravagantly or those who condemn
9,473,376
it
lbs__ 25,550,835
Beef,fresh
559,663 101,944,656
5,182,842
in general terms. The real test he said, would not come for
Ws_ 3,505,960
71,057
640,696
12,862,504
lbs_ 43,694,094 12,597,687 270,810,108 170,405,390 two or three years, and then it would be seen whether the
Bacon
dots_ 5,617,213
1,747,818
22,722,978 system would attract the vast banking powers now
36,714,705
lodged
Hams and shoulders...lbs._ 18,142,811 12;485,162 138,734,367 138,327,286
__ _dela_ 2,504,574
1,726,351
19,912,997 in State banks.
20,265,536
lbs
38,242,518 29,813,220 419,577,152 406,984,064
Lard
The following resolution condemning the report of the
dots_ 4,101,231
3,309,343
40,125,559 Federal Industrial Commission,
46,580,418
bearing on its Texas invsetilbs_
6,424,336
Neutral lard
2,241,907
23,855,100
23,288,645
dols_
779,403
240,369
2,720,024
2,710,936 gation, was adopted at the concluding session of the conlbs_
8,325,797
3,056,134
Pork, pickled. &c
36,534,764
39,805,184 vention on May 20th:
.
dols_
lbs_
dotsgals.
Illuminating oil
dols_
gals_
Lubricating oil
dols_
Gasoline, naphtha, &c_ _gals" _
Residuum,fuel oil, &c gals_
"
dots..
Lard compounds
933,793
6,497,981
564,295
59,736,280
3,840,150
25,605,519
3,156,039
24,053,069
2,722,480
53,204.530
1,433,371
332,646
4,518,039
418,208
106,719,026
7,058,143
18,577,480
2,322,542
22,479,340
3,130,113
63,491,833
1.659,570
4,047,062
.55,424,586
4,792,295
711,028,967
42,770,482
167,870,463
22,279,286
188,722,629
21,355,491
558,721,634
15,427,638
4,358,163
Whereas Our attention has been called to the report of Frank B. Walsh,
46,328,920 Chairman of the Industrial Commission, in which report Mr. Walsh has
4,376,975 seen fit, through the testimony of one family that came to Texas from an
959,238,111 adjoining State, to cast a stain upon the good name of the thousands of
61,990,993 happy and contented homes in our State, and
165,929,406
Whereas, We believe that it is our duty, as patriotic citizens, to condemn
23,158,670 and deny the fairness of this report, therefore, be it
140,328,837
Resolved by this Association, That we hereby condemn and deny that the
21,653,973 report of the Industrial Commission is true or fairly representative of the
463,585,940 I real conditions in this State, and it is our earnest belief that any honest
12,193,097' and industrious citizen can improve his condition and that of his family
1882
THE CHRONICLE
by locating in the agricultural sections of this State, which offer greater
opportunities than any other States in the Union, to the homeseeker and
home builder.
A'statement made by Chairman Walsh early last month
concerning the conclusion of the Commission with regard
to its inquiry in Texas brought about the adoption of the
following resolution :by the Texas Senate on May 3
protesting against his view as "unfair and unjust."
Whereas, In the daily press of this date appears a statement from Frank
Walsh which contains the following language:
"We found in Texas conditions bordering on serfdom. We found in numerous localities the women and children of Texas are in the same condition that confronts the women and children in the cruel, crowded and congested districts of some of our factory towns, plus loneliness and lack of
educational facilities"; and
Whereas, Such statement sent broadcast over the land is calculated to
Injure the fair name and reputation of our State, as well as to give a false
Impression of conditions in Texas; now, therefore, be it
Resolved By the Senate of Texas, That from our personal knowledge of
conditions in our districts, representing the entire State, and reasonably
familiar with conditions therein, that said statements of Mr. Walsh are
unwarranted and incorrect, and contrary to conditions in Texas;that there is
no country in the United States or elsewhere, where conditions are better,
and opportunities greater, and where the greatest freedom and liberty are
given and guaranteed to every citizen from the lowest to the highe,st, and
that we challenge the fullest investigation and invite the laboring men and
their wives and children to come from their "cruel, crowded and congested
districts" of the Eastern and Northern cities to cultivate the untilled lands
of our imperial domain, where their children will be furnished free education, and we invite Mr. Walsh to come and make more of an investigation
than he can carry on in a few days in a committee room at Dallas.
We believe that if Mr. Walsh had gone over this State and got a view of
conditions as they are, he would not have uttered words which are unfair
and unjust to our State, its people and conditions.
We respectfully ask that the press give our protest and denial the same
publicity as the statement of Mr. Walsh.
FEDERAL RESERVE CHECK COLLECTIONS.
In accordance with the announcement made last week,
the check collection system of the New York Federal Reserve
Bank was inaugurated on Tuesday, the 1st inst. As indicated in our issue of Saturday last, seventy banks are identified with the New York plan.
The Chicago Federal Reserve Bank will put its intra-district collection plan into operation on the 10th inst., and it is
understood that the Federal Reserve Bank of Philadelphia
will start its check collecton system on the 15th inst.
SUPERVISORS OF STATE BANKS EXPRESS CONFIDENCE IN COMPTROLLER OF CURRENCY.
A resolution adopted by the National Association of Supervisors of State Banks at their annual convention in Oakland, Cal., pledging their unqualified belief in the "integrity
and singleness of purpose" of the.Comptroller of the Currency "in his desire to establish upon a basis of permanency
in good government the theory and practice of right supervision over banks," has just come to the attention of the
Comptroller's office, and was mado public by it as follows
on the 1st inst.:
Whereas, An attempt has been made by certain interests to discredit the
principles and motives that inspire Governmental supervision of banking,
as evidenced in the conduct of the Comptroller of the Currency, and
Whereas, it would be a public calamity to invest with ill-repute the splendid service rendered to the American people by supervision of banking
property administered in honesty of purpose and in fidelity to just standards of financial morality, and
Whereas. We recognize the manifold difficulties to be overcome and obstacles to be met in the performance of duties manifestly discretionary, and
Whereas, We have complete confidence that the said Comptroller of the
Currency is animated in the performance of his high duties solely by a strict
sense of public obligation and the necessities of the people's welfare,
Now be it Resolved, That we pledge to the said Comptroller of the Currency
unqualified belief in his intelligence, integrity and singleness of purpose in
his desire to establish upon a basis of permanency in good government the
theory and practice of right supervision and visitation over banks.
PLAN OPPOSED FOR CREATING FOREIGN BANK
THROUGH FEDERAL RESERVE SUBSCRIPTIONS.
The proposal to permit member banks of the Federal
Reserve System to subscribe a limited amount of their capital
for the creation of a foreign banking institution is looked
upon with disfavor by the Merchants' Association of New
York. The Association, in making known the conclusions
of its Committee on Banking and Currency setting out the
reasons for opposing the legislation, says:
Upon the recommendation of its Committee on Banking and Currency,
of which Mr. Lewis E. Pierson is Chairman, the Merchants' Association
has decided not to support the proposed change In the Federal Reserve Act
permitting member banks to subscribe a limited amount of their capital
for the formation of a foreign banking institution.
This amendment of the Federal Reserve Act was presented to the last
Congress in H. R. 21,580. Although the bill was not passed during the
last session, it is expected that it will be re-introduced as soon as Congress convenes.
Too Much Legislation.
The report of the committees, which was adopted unanimously by the
board of directors, was as follows:
"In general we do not believe any legislation should be encouraged where
it cannot be seen, with a reasonable degree of certainty, that it will be of
benefit. Too many statutes are already upon our books which have bean
passed blindly with the fond hope that something of value might result.
100.
We are of the opinion, therefore, that no legislation should be recommended
that is not clearly going to be of value, and we further believe that if there
were no objections to the legislation proposed that its value would still
be in doubt.
"Specifically, we oppose this particular legislation for the following
reasons:
"We do not consider it good policy for banking institutions carrying
public deposits to tie up their capital stock in other banking institutions,
carrying on a business that cannot be under the control of the officers and
directors of the banks supplying the capital, and whose business is based
upon conditions existing thousands of miles from home that are often
clouded with uncertainty.
"That if any real need arises for such a bank, sufficient private capital
will be found to make possible its organization without the necessity of
tying up the capital of deposit banks.
"That such an ingtitution is not at the moment necessary in order to
extend our foreign trade, and that unless a bank of sufficient capital to
compare favorably in standing with foreign branch banks were organized.
it would be so outclassed that of itself it could form no appreciable influence
in the extension of our foreign trade.
1Vould Involve Waste.
"That an institution of sufficient capital could not be organized at present
without great waste, as it could not obtain sufficient business to warrant
such segregation of capital, unless it took a large amount of business from
American banks already organized.
"That such an institution could not satisfactorily carry on its business
without large deposins, which deposits could only be obtained from present
banking institutions, and that there is no necessity for such division of
business requiring banks to part with their deposits.
"And, further, we believe that if the branches already established by one
representative American bank prove profitable and valuable to our foreign
trade, other American banks will also establish branches in foreign countries, and as rapidly as there is sufficient business to warrant them in doing
so and as rapidly as the needs of our exporting manufacturers require or
make desirable."
PLAN FOR RURAL CREDITS.
In an address delivered before the convention of the
Texas Bankers' Association at Waco on May 19 George
Woodruff, President of the First National Bank of Joliet,
Ill., chose as the subject of his remarks,"An American Plan
for Rural Credits Suggested by the Experience of a Rural
Credit Bank at Joliet, Illinois." Mr. Woodruff prefaced
his suggested American plan by a description of the European
system, on which most suggestions for rural credits legislation in this country have been based, enumerating some of the
difficulties, as brought out by the experience of the Farm
Mortgage Bank of Joliet, in adapting the European system
to American conditions.
In outlining his plan for rural credits Mr. Woodruff said:
"The experience of the Mortgage Bank at Joliet suggests the idea that it
might be advantageous to the farmers, the investors and the dealers to
work out a typical American system based in the main upon European practice but adapting itself to American customs and present conditions. This
could perhaps be brought about by authorizing the organization of a system
of independent, joint stock, community owned, Government supervised
mortgage banks from which the farmers might make serial loans instead
of amortization loans, these loans to run for long periods of years and to
be paid back to the banks by making small annual or semi-annual payments. Under this arrangement, a loan would never have to be renewed
and the farmer would have exactly the same advantages as under the
amortization plan. In the case of an amortization loan, the farmer signs
but one note and the amortization payments are indorsed on the back
of this note. Under the serial plan he would sign a separate note for each
payment and he would be given the privilege of taking up any or all of
these notes on any interest-paying date. * * *
"The interest charged to the farmer is at the rate of 6% per annum
and the only difference between this form and the amortization form is that
in the case of a serial loan the annual or semi-annual payments are fairly
large on the start and grow constantly less until the loan is paid off, while in
the case of an amortization loan these payments are always equal in amount.
Furthermore, under the serial plan, the amount applied on the principal at
the time of each payment is always the same while under the amortization
plan the amount constantly grows larger. If the farmer feels that the first
serial payments are for larger amounts than he can pay, a reduction in the
amount of each payment can be brought about by adopting a thirty-year
plan instead of a twenty-year plan, and as amortization loans in Europe
are frequently made for as long as seventy years. a thirty-year period in
America would not be unsafe.
"When a serial loan had been negotiated by the mortgage bank, the
notes signed by the farmer would be indorsed with the guarantee of the
mortgage bank and they would then be sold to investors. The guarantee
would provide that in case a note was not paid, the mortgage bank would
reimburse the holder within eighteen months after the default of the
farmer, interest payments being maintained in the meantime at the rate
provided in the mortgage. This arrangement would give absolute security
to the investor and would give time to the mortgage bank to foreclose the
mortgage before making payment on its guarantee.
"Under the serial plan where a loan to a farmer was for a limited amount,
the serial payments would be small and consequently the denomination of
the notes would make them desirable investments for the smallest class
of savers. This plan of issuing the securities in small denominations has
proven one of the very strongest points in the operation of the mortgage
banks in Europe.
"The profits to the mortgage bank would be represented by a cash
commission, or by 'split interest' coupons, or by second mortgage commission notes, all three of which systems are now in use generally in the United
States.
"The sale of guaranteed farm mortgage notes in sections far distant from
the location of the mortgage bank could be helped and the sale of the long
maturities could be assured through the organization of central banks.
* * * The bonds of the district mortgage banks should, of course, be
given certain advantages by legislation. The national Government
should authorize the investment of postal savings and a stated proportion
of national bank savings deposits in Federal District bonds and it should
also provide that these bonds be exempted from taxation. The State
Governments should also render assistance by legalizing these bonds as
approved investments for trustees and acceptable as collateral for public
deposits."
JUNE 5 1915.]
THE CHRONICLE
1883
Since the war started transactions in Chile in United States dollar exchange have increased considerably, our own companies having sold more
than $2,000,000 worth of bills. In order, however, to develop this business, I beg to submit to the committee the following plan: By the decrees
of June 1908, March, April and November 1909, the Chilian Government
authorized a large number of banks and nitrate exporters to pay part of
the export duties for nitrate of soda by 90 days' sight bills drawn on London in pounds sterling. As there are exported yearly large quantities of
nitrate of soda to the United States, I would suggest that steps should
be taken to have the Chilian Government permit exporters to the United
States to pay such duties either by 90 days' sight bills drawn in United
States dollars on New York or by bills on London. This option should
be given to the shippers in order to enable them to take advantage in case
exchange on London should be quoted at a lower rate than New York
bills on the day of payment.
In putting exporters to the United States on the same level as shippers
of nitrate to Europe, the Chilian Government will be in a better position
than at present. Chili will then not depend entirely upon bills drawn on
the English metropolis as formerly. In case the London credit machinery
should break down again,the authorities will then be able to use to a certain
extent 90 days' sight bills on New York.
Should it happen, however, that the Government of Chile could not
find at times employmentfor such dollar bills, they would be able to discount
them in the New York market, which operation is possible now, thanks to
the enactment of the Federal Reserve Law. With the proceeds of such
bills discounted, the Government will be in position to purchase in New
York telegraphic transfers, sight bills or 90 days' drafts on London.
Now comes the very important question: How to fix the rate of exchange
for United States dollars? I would suggest that It be managed in the same
way as it is done at present, with the fixing of the gold premium to be
charged when duties are paid in Chilian currency. The Government will
weekly fix the price of dollars to be used in settlement of the duties. It is
possible now to secure in New York discount rates for "forward delivery"
for dollar bills, just as well as for London exchange. Before fixing the
dollar rate the Chilian authority will therefore telegraph for the discount
rates "to arrive" which are to be applied about three weeks later, when the
FOR
SUBSCRIBE
TO
NATIONAL BANKS PERMITTED
bills are actually in the possession of the New York banks. The same will
be done with the London exchange, which may also be purchased for future
STOCK IN WABASH REORGANIZATION.
in the case the Government should elect to transfer funds from
delivery
Under a ruling of the Comptroller of the Currency national New York
to England.
in
the
investments
bond
their
protect
banks endeavoring to
Of course there will be a number of other details to be worked out, like
the
the limit of the amount of bills to be taken from each concern, the same
reorganization of the Wabash RR. may subscribe for
is done at present with sterling bills.
stock offered in exchange therefor. The Comptroller's asIitam
confident that the adoption of my plan will stimulate transactions in
following
the
inquiry:
from
developed
ruling
dollar exchange, make the nitrate exporters to the United States less
Both preferred and common stockholders are assessed $30 per share. dependent upon London, and bring a larger supply of 90-day bills to our
The owners of the first refunding and extension 4% bonds receive preferred financial centers, which drafts can be discounted through the Federal
"B" stock in a now company and are required to subscribe to that portion Reserve banks.
of the stock of the new company that is not taken by the stockholders of
the company through failure to pay the assessment. This involves investing money in stock which is not provided for in the National Bank Act. THE PAN-AMERICAN CONFERENCE AND CONSIDWe beg to inquire the attitude of the department with respect to national
ERATION OF SHIPPING FACILITIES.
banks endeavoring to protect their investment to the extent of complying
with the terms of the plan.
The Pan-American Financial Conference in Washington
REPORT OF NATIONAL CURRENCY ASSOCIATION OF
BALTIMORE.
The member banks of the National Currency Association
of Baltimore secured a total of $8,169,000 emergency currency, or 51.11% of the maximum amount available to them
under the Aldrich-Vreeland Law, according to the report of
the executive committee of the Association. Of this total,
which was issued between Aug. 4 1914 and Nov. 17 in order
to give temporary relief to the banks following the outbreak
of the European war, $7,888,000 went to Baltimore banks
and $281,000 to country banks. Eighteen of the twentyfive members of the Association availed themselves of the
privileges of circulation. The maximum amount of emergency currency outstanding at any one time was •,085,000,
on Nov. 2. The report shows total collateral handled by the
committee, including original deposits, exchanges and withdrawals, of $45,416,488. The first application for retirement of circulation was approved Nov. 10 1914, the last,
for Baltimore city members, on Jan. 26 1915, and for all
members April 26 1915. The total expense of the entire
issue of emergency currency was $1,024, or 123/ cents for
each $1,000 of circulation. In the nine West Virginia counties which were added to the Baltimore territory, only one
bank joined the Association and of the 100 national banks in
Maryland, but 24 were members.
In response the Comptroller said:
This office realizes the importance of aiding the banks so far as practicable in their efforts to safeguard these investments and to avoid losses
which might result from a ruling which would make it necessary for them
to force upon an unfavorable market their holdings of the Wabash bonds.
The law of the case has been investigated by counsel, whose opinion I
have just received. This opinion says in part:
"In the case before us the bank is the owner of certain bonds of the rail:
road company acquired in the regular course of business. The railroad
company is in the hands of a receiver and the bonds have depreciated. A
plan is proposed for the reorganization of the railroad company, one of the
provisions of which is that the owners of a certain class of bonds of the railroad company shall receive preferred stock in a new company and are required to subscribe to that portion of the stock of the new company that is
not taken by the stockholders of the company through failure to pay the
assessment.
"This plan is submitted to the banks holding such bonds of the railroad
company in the nature of an offer of compromise and settlement of the
obligation which the bank holds against the company. Have the banks
under their incidental powers the right to accept the provisions of the plan
or should they be permitted to do so? If, in the exercise of good faith, and
all such transactions must be in good faith,'and not mere cloaks or devices
to cover unauthorized practices,' the officers of the bank shall determine
that acceptance of the plan would have the effect of making good or reducing
an anticipated loss and of protecting the stockholders whom they represent,
by making their investments most secure, it is my opinion that such action
would be permissive and not subject, to criticism. It is suggested, however,
that the stock so acquired should, as early as is consistent with prudence
and good management, be sold or converted into money and that the department at its discretion may direct that this be done."
You are therefore advised that if the officers of your association should
conclude that it is to the interest of its stockholders to accept the provisions
of the Wabash reorganization plan so far as the ownership of the first refunding and extension 4% bonds are concerned, this office, in accordance with
the opinion of counsel, would not view such acceptance with disapproval
or regard it as subject to criticism.
As suggested by counsel, however, upon the carrying out of the plans of
reorganization, the stock so acquired by your association should be sold or
converted into money as early as may be consistent with prudence and
good management.
DOLLAR EXCHANGE PLAN ADOPTED IN CHILI.
At the Pan-American Financial Conference last week,
announcement was made by Leopold Fredrick of the adoption
of his proposal for the use of the United States dollar as the
basis of exchange in Valparaiso, Chili. Mr.Fredrick, who is
the financial adviser of the American Smelting & Refining
Co., the Chili Copper Co. and the Braden Copper Co.,presented the following memorandum bearing on his efforts in
the matter:
A few months ago I took steps to have United States dollar bills officially
quoted on the Valparaiso Stock Exchange. I am glad to report that I
have received advices that my plan has been adopted. In order to start
transactions the President of the Valparaiso "Bolsa" (Stock Exchange)
recommends offering drafts on the floor of the board through brokers.
It is expected that shortly actual business will be done and official quotations established.
was brought to a close on May 29, after an all-week session.
While it is acknowledged that the concrete results of the
conference may not be apparent for many months yet, it is
conceded that through its agency the business men of the
United States and the Latin-American republics have been
brought to a better understanding of each other's views.
It is figured that not until Congress meets and receives the
report of Secretary of the Treasury McAdoo, the presiding
officer of the conference, and the suggestions he may make,
will the results, as far as the United States is concerned, be
visible. At the very start of the conference on May 24
it was made evident that the question of transportation
facilities was to form one of the important subjects of the
conference. The suggestion made at the opening session
by Dr. Samuel Hale Pearson, head of the Argentine delegation, that a committee of some of the South American countries be named to consider the improvement of steamship
facilities, either through Government or private means,
met with a ready response from Secretary McAdoo, who
on the 25th announced that the committee would be made
up of the delegations from Argentina, Chili, Brazil, Uruguay, Peru and Ecuador, and the following representatives
of the United States: E. N. Hurley of the Federal Trade
Commission; R. G. Rhett of the executive committee of
the United States Chamber of Commerce; Paul Fuller,
Franklin Q. Brown, J. G. White and Benjamin Strong Jr.,
New York; George W. Norris, Philadelphia, and Harry A.
Wheeler, Chicago. On the 26th a sub-committee was
selected to work out a solution of the subject. Two separate
reports on the establishment of steamship lines between
North and South America were submitted to the conference
on the 29th by the full committee; the conference, however,
took no definite stand before its adjournment on how ocean
transportation could best be developed, leaving the question
of ship subsidy or Government ownership exactly where it
stood when the deliberations began. Secretary McAdoo,
however, is said to have indicated it as his purpose to make
some definite proposal to Congress and to urge the President
to press the matter to a conclusion. In refraining from
committing itself on the question, the conference adopted
the following resolution:
Resolved, That it is the sense of the conference that improved ocean
transportation facilities between the countries composing the Pan-American
Union has become a vital and imperative necessity, and that every effort
should be made to secure at the earliest possible moment such improved
means of ocean transportation, since it is of primary importance to the
1884
THE CHRONICLE
extension of trade and commerce and improved financial relations between
the American republics.
Of the two-ship-line proposals submitted by the transportation committee, one is said to have been offered by
the delegates from Argentina, Brazil and Uruguay, and the
other by the Chilian delegation, in which the delegates.
from Peru and Ecuador concurred. The east coast plan
outlined in the former report was as follows:
[VoL. 100.
similar to those embodied in the Nicaraguan treaty,under
which thoUnitedStates proposes to pay$3,000,000for an option
on a canal right of way and for coaling stations in Fonseca
Bay. According to the "Times," Mr. Bryan explained that
the American Government, hearing that Costa Rica considered herself equally interested with Nicaragua in the proposed right of way, was willing to purchase rights from Costa
Rica also. He added that the United States, though satisfied with the coaling stations mentioned in the proposed
Nicaraguan treaty, would, in order to avoid discrimination,
willingly make offers to Honduras and Salvador for coaling
stations off their coasts. Secretary Bryan,in presenting some
facts concerning the Nicaraguan treaty, said:
The Pan-American Financial Conference begs to suggest the advisability
of calling for bids not later than Dec. 31 1915 for the establishment of a
regular line of fast mail steamers between United States ports and Rio de
Janeiro, Montevideo and Buenos Aires, under the following conditions:
Steamers to have at least 10,000 tons displacement; to make at least two
trips a month; with accommodations for at least 150 first-class cabin passengers; with refrigerating arrangements, and to complete the trip between
United States ports decided upon and Buenos Aires in not more than fifteen
I have asked the Secretary of the Treasury to allow me to say a word in
days. Bidders to state the compensation demanded and the period of
regard to this treaty. I need not tell you that it is a matter with which
the contract.
As part of the compensation for services rendered, said vessels to be the Department with which I have the honor to be connected has been
exempt for five years from all fiscal charges in the respective countries and deeply concerned. •And I want to add just this word, which probably could
come .flore appropriately from this Government than from the committee:
to enjoy all facilities granted to any other vessels.
Thee has been some suggestion that this treaty with Nicaragua was in
Bids to be acted upon within three months, and preference to be given, all
other conditions being similar, to whoever will provide for earlier inaugu- some way antagonistic to the interests of other Central American Republics.
When we received the suggestion that there was uneasiness as to the
ration of the service.
The governments of the respective countries to agree upon the propor- possibility of an interference with rights of adjoining countries, we gladly
stated that we would amend this treaty so that it would specifically provide
tionate charges to be paid by each and upon all other details.
that none of its terms should in any way affect the rights of any other of
Delegate Dr. Gonzalo Vergara Bulnez of Chili made the the
countries of Central America.
following proposal for the west coast:
We did not regard this amendment as necessary, because nothing that
By the organization of a large company, subscription to the capital of Nicaragua and the United States could do by treaty could possibly affect
which may be made by the public, the balance of the stock, if any, to be the rights of any other countries or parties to the treaty, but, in order to
taken by the Government of the United States and the governments of contribute to a sense of security, we have been very glad to offer this asstfrthose Latin-American republics interested, in a proportion to be agreed ance, and we have done it with the consent of Nicaragua. We have been
upon.
very glad to add this amendment, and you will find, when the treaty is
2. The company to be incorporated under the New York laws, but the ratified, that it will contain an amendment that will specifically declare
steamships to be registered in the different countries in proportion to the that no other country is to be in any way injured by any of the rights herecapital subscribed, and to fly the flag of the country under which they with conferred; and we have gone further and said to Costa Rica that we
registered.
are perfectly willing to make a treaty with Costa Rica purchasing an option
3. For the purposes of customs laws the steamships to be considered as on her interest in the canal route, just as we have with Nicaragua.
of the nationality of the port, except the coastwise trade, in those countries
And we have also stated to Honduras and to Salvador that we shall be
where that trade is reserved for nationals.
pleased to make an arrangement with them in regard to the release of a naval
4. The vessels to fulfill certain conditions, e. g., minimum tonnage of base similar to that which we have with Nicaragua. The lease with Nica5,000 tons, minimum speed of sixteen miles an hour.
ragua gives us all that we need in the way of a naval base, and it will be
5. The board of directors to be composed of representatives appointed upon the shore adjacent to Nicaragua; but in order to show our entire imby the respective countries in proportion to the capital subscribed.
partiality, we are perfectly willing to treat with all adjoining ,nations in
6. The payment of the capital subscribed to be made in cash or by exactly the same spirit and upon the same terms, and we want them to all
transfer of vessels belonging to the Government subscribing, provided said understand that nothing we do with each or them is at all prejudicial to their
vessels are suitable.
interests among each other; that we shall be more than pleased to have them
all confer and consult with the United States and with each other about all
matters that affect the welfare of Central America.
Dr. Pearson,
On May
31
Chairman of the Argentine delegation, made known a plan for an all-American ship line,
which would take in, among others, the company owned
by the Government of Brazil, the Panama Steamship Co.,
owned by the United States, the United Fruit:Co. and other
existing concerns. Mr. Pearson suggests that the merged
organizations be owned by the interested governments
of North and South America,'but is not averse to the stock
being open also to private subscription. He is quoted as
saying:
Ratification of the Nicaraguan treaty was recommended
on the 28th by the group conference of delegates from Nicaragua and American bankers and business men assigned to
consider the problems of the Republic. The committee in
its report said:
The committee has received full information concerning the proposed
treaty between the Republic of Nicaragua and the United States, and it
believes that the ratification of this treaty will inure to the decided advantage of both countries parties thereto, not only in aiding the development of
Nicaragua, but in encouraging the investment of capital therein by insurng a continuation of present peaceful conditions.
I understand the political differences in this country as to the merits
The committee also recommended that,the national bankof Government ownership of steamships, and I also understand the fear
ing
laws!of the United States be amended to permit national
political
parties as to the use of subsidies of steamthat has existed among
ship lines.
banks to subscribe to the stock of banks organized to do
The newspapers and magazines have devoted so much attention to the business in other countries.
Pan-American Financial Conference and its conclusions that better transportation between the Americas is the first essential to better trade and
other relations, that I think a change may belbrought about in differences VALUATIONS OF PERSONAL BAGGAGE NECESSARY
of opinion as to Government ownership and subsidies. The people themUNDER CUMMINS' AMENDMENT.
selves are likely. I think, to demand these better transportation facilities.
no matter under what name they get them.
A change in the rules governing the baggage of passengers
This is the time for the United States to occupy itself with this problem.
has been witnessed as a result of the enactment of the
Argentina does not need the ships of the United States, but the United
States needs ships to take its products to South America and bring to the Cummins' amendment to the Inter-State Commerce Act.
United States the goods that are now going to Europe.
The amendment, which was signed by President Wilson
I see very seat difficulties in the way of working:out this problem. With
March 4, prohibits a railroad from limiting its liability
on
Government ownership, of course, if any of the Americas went to war there
would come up the question of being allowed to withdraw ships for auxil- in the transportation of freight, and makes it liable for
iaries. With each country in such a shipping combination, having one the full value of shipments destroyed in transit. With
director on a shipping board, there would come up, too, perhaps, the questhe carrying into effect of the amendment on the 2d inst.
tion of discrimination in ports of call.
But all these things could be worked out. There could be a combina- travelers having baggage valued at more than 8100 are
tion of Government ownership and private ownership. Perhaps the lines required to pay a charge of ten cents for each
additional
of the Panama Steamship Co., owned by the United States of America,
thereof. Under the practice herecould be extended. Perhaps the ships of the United Fruit Co. could be $100 worth or fraction
placed in such a combination, and its present lines in Central America tofore the railroads had placed an arbitrary value of 8100
extended to South American ports, or new lines added to that company.
on the baggage carried. Under the new regulations passenIt isn't a question of money. The sum of $100,000,000 would be sufficient, I think, and that could be easily obtained if some of the Govern- gers will be obliged in each instance to declare the value; it is
mental questions in the way could be straightened out by statesmen of the stated, however, that the roads will not insist that the
United States. It might be passible to alter some of the laws that stand
make out the declarations in person; it may be done
in the way if the people of the country make up their minds that they want shipper
better and closer relations with South America and if they are brought to through an agent, who may be a valet, porter, express
understand thoroughly that the only thing in the way of the realization of driver, &c. In interpreting the Cummins' amendment on
that ideal is the lack offast and reliable communication with South America,
May 7 the Inter-State Commerce Commission in answer to
such as Europe has.
Failing a governmental combination between the countries, there is the the question as to whether the terms of the amendment
possibility of a big private corporation. Personally, I would be willing apply to the transportation of baggage, said:
to go into anything that can be worked out, and something along that lino
This must apparently be answered in the affirmative. Transportation
may result.
of baggage is a part of the contract for transportation of the passenger.
The carriers have always limited their liability for loss or damage to bagNICARAGUAN TREATY—PROPOSAL TO ENTER INTO gage. The baggage check is the carrier's receipt for the baggage. The
conditions attached to the carrier's liability are stated in the fare schedules
OTHER SIMILAR ARRANGEMENTS.
and on passage tickets of contract form.
In an address on the concluding day of the Pan-American
The Commission has considered the carrier's rules relative to charges
conference, Secretary of State Bryan made known to the Cen- and liabilities in the transportation of baggage and prescribed certain
including reasonable insurance charges on baggage
tral American delegates that the United Statesstandsready to reasonable_regulations,
declared to be of greater value than the maximum limit provided in th&
make with Costa Rica, Honduras and Salvador arrangements schedules and contract for carriage.
JUNE 5 1915.1
THE CHRONICLE
1885
All ordinary personal and sample baggage is hidden from view by boxing,
wrapping or other means and the amended law seems clearly to recognize
the carrier's right to fix conditions and terms applicable to the transporta.
tion of baggage dependent on the value as declared by the person offering
the baggage for transportation.
take an appeal from Judge Turner's decision to the State Supreme Court.
The Act makes it a misdemeanor to misrepresent the value.
At a meeting of members of the Jewelers' Board of Trade
on Thursday strong protest was voiced against the new
regulations, although no concerted action in the matter was
drafted. The jewelry trade is one of those which suffers
to the greatest extent as a result of the new requirements,
its salesmen frequently carrying trunks whose contents are
valued at hundreds of thousands of dollars. Ludwig
Nissen is quoted as saying:
Formal announcement of the arrangements whereby the
British Government has granted a fifteen-day extension of
the time within which goods purchased in Germany prior
to March 1 may be shipped from neutral ports to the United
States was made by the British Embassy at Washington
on May 29. The statement said:
"The high values of the stocks in these trunks will make the charge for
transportation and insurance under the new law prohibitive. The law is
ono of the most arbitrary and the most damaging among all the laws
passed during the last five years to restrain and curb business. Ostensibly
It was introduced for the purpose of preventing the railroads from fixing
a limitation on the value of trunks, but I don't believe Senator Cummins
had in mind what the effect would be."
WISCONSIN SUIT CONCERNING SHRAPNEL SHIPMENTS DISMISSED.
The proceedings brought by Gen. Pearson under the socalled "discovery" statute of Wisconsin, were dismissed by
Judge William J. Turner in the Circuit Court at Milwaukee
on May 29. As was indicated in our issue of May 1, Gen.
Pearson entered a complaint in Milwaukee on April 29 to
obtain information to determine whether the Allis-Chalmers Manufacturing Company, its President, Otto H.
Falk, and others had entered into an alleged conspiracy
with the Bethlehem Steel Company and others to manufacture and ship shrapnel shells to European belligerents,
contrary to the Wisconsin law. The action called for the
appearance of Mr. Falk before the Circuit Court Commissioner in Milwaukee on May 5. On May 4 Judge
Turner issued an order requiring Gen. Pearson to show
cause on May 18 why the proceedings for the examination of Mr. Falk should not permanently be stayed and
the suit dismissed. The attorney for the corporation
stated that Gen. Pearson was not a stockholder and had
no right to inquire into the company's affairs, and that
the company would not permit him to do so. On May 20
Judge Turner took under advisement the plea for a stay
of the order obtained by Gen. Pearson; on the 29th, in denying the petition of the latter that the company be ordered
to show cause why it should not be prohibited from manufacturing and selling munitions of war to the Miles, the Court
held that, in view of the settled principles of international
law, the relief sought by the plaintiff was political rather
than legal, and to grant such relief would be for the Court
to entertain jurisdiction upon a matter exclusively within
the political and executive branch of the Federal Government. The allegations that the war would cease if the shipment of shrapnel shell were stopped is only an expression of
opinion, according to the Court, and cannot be made the
basis of judicial action. The Court took occasion to refer
to a suit brought in Louisiana during the Boer war, in which
Gen. Pearson, then a citizen of the Orange Free State, sought
to enjoin certain parties from shipping horses and mules, as
contraband of war, to South Africa. The Court then referred to the decision of the United States Court for the Eastern District of Louisiana, which denied Pearson's plea. The
principal points covered in Judge Turner's decision aro set
out as follows in the Milwaukee "Sentinel":
EXTENSION OF TIME ON GERMAN SHIPMENTS.
The British Embassy has issued a circular instruction to British Consuls
in the United States that American importers who claim to have paid for
goods originating in countries at war with Great Britain prior to March 1.
and whose claims have been admitted by the British Government, should
be reminded that June 1 next has been fixed as the date upon which the
shipment of such goods from neutral ports must cease.
Nevertheless, in the case of those claims which are submitted through
the unofficial agency of the foreign trade advisers of the State Department
and the British Embassy, shipment will be allowed up to June 15 next,
provided that the proof of payment prior to March 1 is satisfactory. This
extension of time is accorded.solely on the ground of time required to submit evidence owing to greater distances and difficulties of postal and telegraphic communication.
After June 15 all cases will be dealt with under the procedure laid down by
the British Order in Council of March 11 1915.
GERMANY ADMITS TORPEDOING OF GULFLIGHT.
The German Government has admitted that the American
oil-tank steamer Gulflight, which was damaged by an underwater explosion off the Scilly Islands on May 1, was torpedoed by a German submarine. An announcement given
out by the State Department at Washington regarding Germany's responsibility, states that the torpedoing was the
result of a mistake on the part of the submarine officer, who
did not discover that the Gulflight flew the American flag
until after he had given the order to discharge the torpedo.
The following is the announcement given out by the State
Department on May 31:
The American Ambassador at Berlin reports that the chief of the Admiralty Staff, Admiral Behnke, has informed him that the commander of the
submarine which sank the Gulflight did so through a mistake, because two
boats, similar to trawlers, one carrying wireless apparatus, were apparently
convoying the Gulflight. The commander therefore thought it a British
boat and did not notice the American flag on the stern until Just after giving
the order to fire.
On the 4th inst. Ambassador Gerard cabled the State
Department a note from the German Government agreeing
to pay an indemnity for the damage to the Gulflight.
GERMANY AGAIN CAUTIONS AMERICAN SHIPPING
TRAVERSING WAR ZONE.
. A statement from the German Foreign Office urging that
American shipping circles again be warned against traversing
the war zone incautiously has been received by Secretary of
State Bryan from Ambassador Gerard. The warning was
made known in the following announcement issued by the
State Department on May 29:
The American Ambassador at Berlin has been informed by the German
Foreign Office that, in view of the fact that during the past few weeks it
has repeatedly occurred that neutral ships have been sunk in waters designated as an area of maritime war by the German Admiralty on Feb.4 1915,
and especially in one case where it was established that the sinking was
traceable to an attack by a German submarine, which took the neutral
ship for an English vessel in the darkness on account of the inadequate
illumination of its neutral distinctive markings, it recommended that
Anierie,an shipping circles again be warned against traversing the area
of maritime war incautiously, and also be urged to make the neutral markings as plain as passible and especially to have them illuminated promptly
and sufficiently at night.
NAVY EXPERTS REPORT NEBRASKAN TORPEDOED.
The American steamer Nebraskan, which was disabled
by an explosion off the coast of Ireland on May 25, was torpedoed by a submarine and not hit by a mine, according
to evidence received at the State Department from Ambassador Page at London. The evidence is based on an investigation made by naval officers who went to Liverpool and obtained sworn statements from Capt. Greene of the Nebraskan and members of the crew and examined the hull of the
vessel. The Nebraskan left Liverpool May 24 bound for
Delaware Breakwater, and following the explosion was able
to put back to Liverpool under her own power. The chief
engineer "observed a white streak in the water perpendicular to the ship on the starboard side and a severe shock was
almost instantly felt, followed by a violent explosion abreast
hold No. 1." The detailed report of the navy experts and
the depositions of three of the ships' officers have been forwarded to the State Department by Ambassador Page. The
had
no
idea
he
of
that
letting
Judge
Turner's
stating
In
decision end the matter, Gen. Pearson on May 29 said that following summary of the report was given out by Secretary
he would immediately instruct his attorney to bring action of State Bryan on May 29:
The American Ambassador in London informs the Department that the
against the shippers of war supplies in the Criminal Court, investigation
of the Nebraskan incident by Lieutenant Towers brings out
on the charge of criminal,conspiracy and at the same time the facts as follows:
That Mr. Pearson has no standing in a court of equity and the proceedings in the action against the Allis-Chalmers Manufacturing Co. and Gen.
Falk should be dismissed.
That the rights involved are political and fall exclusively within the field
of the executive department.
That the rights are not in any sense those pertaining to Mr. Pearson as
an American citizen.
That the right of any subject of the United States to manufacture and sell
contraband articles has been recognized since the Administration of President Washington as violative of neither the law of nations nor the standards
of neutrality.
The right of a neutral individual to trade with either or any of the belligerents is a privilege prescribed by the tenets of international law and protected
by the executive department of our Government.
For the courts to invade this field would be to deny to the subjects of the
country rights guaranteed by a department co-ordinate to and Independent
of it.
To grant the relief asked would in effect be a judicial mandate to the executive, directing it to deny to American citizens the exercise of political privileges guaranteed by civilized nations from time immemorial to the subjects
of every neutral State.
1886
THE CHRONICLE
That the Nebraskan had left Liverpool bound for the Delaware Breakwater on the afternoon of May 24 and was in water-ballast. The words
"Nebraskan, New York," were painted on each side amidships in letters
six feet high, and she flew the American flag continuously up to approximately 8:10 p. in. May 25, at which time the ship was about forty miles
southwest of Fastnet. The flag was then hauled down because the sun
had set and the ship was considered at sea. The chief engineer of the ship
at 8:24 p. m. observed a white streak in the water perpendicular to the
ship on the starboard side, and a severe shock was almost instantly felt,
followed by a violent explosion abreast hold No. 1.
Hatch covers No. 1 were blown off, also cargo booms above same, and
the air was filled with oil and debris, the double bottom compartments below hold No. 1 having been used for tanks for fuel oil. Bottom plating and
pieces of side were blown up through two decks. The ship settled immediately by head and officers and crew took to boats. After remaining off
ship about one hour, they returned and headed ship for Liverpool. Under
orders of British Admiralty, a British naval trawler came up at midnight
and remained with the Nebraskan until she reached the mouth of Mersey.
No one was seriously injured. The Ambassador is sending by mail detailed
report of Lieutenant Towers and depositions of three of the ship's officers
taken by the Consul at Liverpool.
INDIA
PLACES EMBARGO ON EXPORTS OF WHEAT
•
AND FLOUR.
The following report from Consul-General Smith at Calcutta on the 1st inst.states that India has placed an embargo on the exportation of wheat and flour. It says:
Owing to the pronounced rise in price, the Government of British India
has prohibited the exportation of wheat for one year, beginning April 1
1915, exception being made in the case of shipment by, or on behalf of, the
Crown. Another order, promulgated March 27 1915, restricts during the
same period the exportation of wheat flour, shipment being allowed only
when a permit from the chief customs officer has been obtained. Regulations for the enforcement of the embargo have not yet been promulgated.
57074. 100.
of Stephen H. Voorhees, heretofore New York Agent of
the bank, to the position of Vice-President of the National
City Bank. Mr. Jones has been assistant to Mr. Voorhees
for several years and Mr. Bruce has been Supervisor of the
Cuban agencies of the Royal Bank of Canada.
De Witt Clinton Blair, senior member of the Stock Exchange firm of Blair & Co., died in this city on the 3d inst.
in his 82d year. Mr. Blair was at one time connected with
a number of railroad corporations, and at his death was a
director in the Warren RR. (N. J.) and the St. Louis &
Hannibal By. Co. He is survived by two sons, C. Ledyard
Blair, who is the New York Stock Exchange member of
Blair & Co., and John Insley Blair.
Clarence W.Seamans, Chairman of the Board of Directors
of the Remington Typewriter Co. and a trustee of the
People's Trust Co. of Brooklyn, died on May 30. Mr.
Seamans was President of the Union Typewriter Co., a
a directorin the Merchants'Fire Assurance Corporation and
a trustee of Syracuse University. He was formerly a
director of the Washington Trust Co. of this city which was
absorbed by the Corn Exchange Bank in January 1914.
The Mechanics' Bank of Brooklyn has declared an extra
dividend of 1% in addition to the regular semi-annual diviAs previously stated in these columns, the Government of dend of 3%,both payable July 1 to holders of record June 26.
India restricted the exports of wheat and flour to 100,000 The extra distribution is an innovation, the bank having paid
July 1913.
tons between Dec. 1 last and March 31, and confined them 3% at each half-yearly period since
to British possessions.
The stockholders of the City Bank of Syracuse, N. Y.,
BANKING, LEGISLATIVE AND FINANCIAL NEWS. ratified on May 26 the proposal of the directors to increase
the capital of the institution from $200,000 to $500,000.
Only two shares of bank stock were sold at the Stock ExIt is reported that the new stock is being offered to present
change this week. No sales of either bank or trust company
stockholders at $136 a share, and to other investors at $140.
stock were made at auction. Extensive tables reporting bid
At the time announcement was made last month of the inand asked quotations, deposits, surplus, &c., of banks and
tention to raise the capital, it was stated that the stock
trust companies in all important cities in the United States
book value of the
are published monthly in the "Bank and Quotation Section," would be sold at not less than the actual
capital
of a majority
certificate
stock
as
determined
a
by
the June issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and of the executive committee.
trust company stocks are also published weekly in another
Harry D. Matteson has resigned as Secretary and Treasdepartment of the paper, and will be found to-day on page
urer of the Northern New York Trust Company of Water1904.
town, N. Y. Henry A. Hicock, heretofore Assistant SecreLow. High. Close. Last previous sale.
Shares. BANKS—New York.
tary, has been chosen to succeed Mr. Matteson, who had
165
April 1915— 165
165
165
2 Commerce, Nat. Bank of
been connected with the institution since its organization in
A tribute to the services rendered by the Special Com- 1910. James B. Wise, former Mayor of Watertown, has
mittee of Five of the New York Stock Exchange, which was been elected a director to succeed George V. S. Camp. The
in charge of all matters relating to Stock Exchange trading directors of the trust company have declared a semi-annual
following the closing of the Exchange on July 30, and which dividend of 5% on the $400,000 capital.
was discharged in December 1914, has been inscribed on
the north wall of the trading room. Under the names of the
The National Union Bank of Woonsocket, R. I., was
members of the committee the following is carved in the placed in voluntary liquidation on May 4, having been
marble of the wall:
absorbed by the Woonsocket Trust Co. Joseph Hoyle is
Inscribed by the members of the New York Stock Exchange in appreliquidating agent. The National Union had a capital of
ciation of the services rendered by the committee while the Exchange was
$150,000, surplus and profits of about 89,000 and deposits
closed by reason of the war in Europe.
The members of the committee were: President H. G. S. of over $200,000.
Noble, H.K.Pomroy,Ernest Groesbeck, Donald G. Geddes
The United States Trust Co. of Boston opened for business
and Samuel F. Streit.
on May 26 in its new quarters at 30 Court Street, corner of
The provision?: in the Mississippi Banking Law requiring Court Square, in the building just completed on this site
the establishment of a bank deposit guarantee system by where the company started twenty years ago. Several milMay 1 1915 are said to have been complied with by every lion dollars in cash and negotiable securities were transferred
State bank in Mississippi, and certificates to that effect from the company's temporary rooms in the Sears Building
have been given to them by the State bank examiners. As to its new home. The main entrance through heavy bronze
previously stated in these columns, the banking law em- doors leads directly from Court Street into a large public
bodying a bank deposit guarantee provision was signed by space, 30 feet wide and 80 feet long, which is surrounded
Governor Brewer on March 1 1914. Forty banks are re- by bronze grills, cage enclosures and marble counters, in
ported to have liquidated and gone out of business during the rear of which is the space for the working force of the bank.
the year. A protest was lodged against the guaranty pro- The main lobby is paved with selected pink Knoxville marble,
vision by the Bank of Oxford, at Oxford, which claims it while all the counter work and supporting columns are of
has certain charter rights; pending the outcome of the Pavanazzo. The banking rooms are lighted by a semi-direct
proceedings, the bank has fulfilled the requirements of the system, with bronze chandeliers and brackets, and are
thoroughly and elaborately ventilated. The security,
law, putting up the bond necessary thereunder.
money and book vaults are on the first floor at the rear of
Stephen H. Voorhees, New York Agent of the Royal Bank the banking rooms, surrounded by heavy bronze grill, and
of Canada, has been chosen a Vice-President of the National are of the latest burglar-proof and fireproof construction.
City Bank of this city. Mr. Voorhees will be associated In both the banking and safe-deposit departments the latest
with Vice-President H. R. Eldridge in the direction of the devices and appliances for the convenience of customers
bank's branches in South America.
and for the facilitation of business have been installed.
The management of the New York Agency of the Royal
The new Prudential Trust Co. of Boston opened for
Bank of Canada has been placed under the direction of business on the 1st inst. at 83 Summer Street with a capital
Raymond E. Jones and J. R. Bruce, following the election of $200,000 and surplus of $50,000. The officers of the new
JUNE 5 1915.1
THE CHRONICLE
1887
Institution are John H. H. McNamee, President; J. E.
Plans for the establishment of a new State bank in BaltiBradshaw, Vice-President, and William P.Bailey, Treasurer. more, to be known as the Baltimore Commercial Bank, have
been completed. The new institution, which will be located
John G. Mackintosh, formerly President of the Spring- at Market Place and East Pratt Street, will begin business
field Safe Deposit & Trust Co. of Springfield, Mass., died some time during the summer. The capital of the bank will
on May 23 in Holyoke. Mr. Mackintosh organized the be $500,000, and the surplus $100,000, the stock, par value
Springfield Safe Deposit & Trust Co. in 1886 and remained $100, to be sold for $110. It is reported that the capital
as its President from that date until January 1914 when he has been subscribed by out-of-town as well as local interests.
retired to assume the position of Chairman of the Board
of directors, which office was created for him. In 1876 he
The Hopkins Place Savings Bank of Baltimore has taken
established the banking house of J. G. Mackintosh & Co.,
which later became the Manufacturers' Trust Co. Mr. over the accounts and assets of the Border State Savings
Mackintosh was a member of the first board of directors Bank of that city. The securities held by the latter instituof the Holyoke National Bank, President of D. Mackintosh tion were transferred to the Hopkins Place bank on the 1st
& Sons Co., a director of the Northampton Street Railway, inst. It is reported that the merger was effected by the
the Holyoke Street Railway and the Greenfield Electric purchase of these securities and ot the bank building of the
Border State Savings Bank at Park Avenue and Fayette
Light & Power Co.
Street. The deposit accounts of the Border State Savings
Samuel Dickson, a director of the Corn Exchange National Bank aggregate between $700,000 and $800,000. The merBank of Philadelphia and a prominent lawyer, died in that ger will give the Hopkins Place Bank deposits of close to
city on May 28 at the age of seventy-eight. Mr. Dickson $10,000,000.
was the senior member of the law firm of Dickson, Boitler
The Central National Bank of Cleveland celebrated its
& McCouch, a director of the Philadelphia & Reading Ry.,
the Lehigh Coal & Navigation Co. and many other corpora- 25th anniversary on May 26. The bank's quarters in the
Rockefeller Building were visited by the manyfriends and
tions. He was also a member of the Board of City Trusts.
customers of the institution. Colonel J. J. Sullivan, who
The Philadelphia Trust Co. of Philadelphia has organized has been President of the bank since its inception, was
an Employees' Association which has as its primary object especially congratulated for his success in managing this
the prpmotion of efficiency among its employees by means bank and the allied institution, the Superior Savings &
of close co-operation between the officials and employees of Trust Co., of which he is likewise the President, and one of
the company. The entire force of employees will be mem- the founders. In the'evening of the 26th a dinner was given
bers of the Association and are to be organized under direc- to the officers and employees of both institutions. The
tion of a chairman, a vice-chairman, secretary and treasurer, Central National has a capital stock of $1,000,000, surplus
with such committees as may be appointed to look after such and profits of over $900,000 and deposits (March 4) of
matters as lectures, entertainments, athletics, pensions and $9,012,494.
the company's annual dinner. One of the most important
committees will be the Service Committee, whose duty it
George E. Lawson has been elected President of the
will be not only to receive suggestions from the employees People's State Bank of Detroit to fill the vacancy caused
looking toward the welfare,betterment of service and general by the death on May 17 of George H. Russel. Mr. Lawson
efficiency of the trust company's business, but to co-operate had been a Vice-President of the People's State Bank since
with the company in these matters. The Philadelphia the institution was formed in 1907, as a consolidation of the
Trust is said to be the first company in that city to form State Savings Bank and the People's Savings Bank. Prior
such an organization, which is somewhat similar to associa- to that time he had been Cashier of the People's Savings
tions formed in the National City Bank and the Guaranty Bank. Mr. Lawson was President of the Michigan Bankers'
Trust Co. of New York.
Association in 1914; he is a member of the Executive Council
of
the American Bankers' Association, a director of the
The shareholders of the Robert Morris Trust Co. of PhilaSecurity
Trust Co. of Detroit, the Detroit City Gas Co., the
delphia, at a special meeting on May 20, endorsed a report
of a special committee appointed to investigate the affairs Peninsular Stove Co. and other industrial and financial
corporations. •
of the institution expressing confidence in the present
Mr. Lawson has been elected a director of the Union Trust
management of the company. This committee was named in
April, following complaints and charges of mismanagement Co. of Detroit to take the place of the late George H.Russel.
made by certain of the stockholders who were represented
by Logan M. Bullitt as counsel. Following the meeting on
F. A. Schulte, Vice-President of the People's State Bank
May 20, C. S. Seamans, Chairman of the committee, gave of Detroit, has been chosen President of the First Commercial
out the following statement:
& Savings Bank of Wyandotte, Mich., to succeed the late
"Referring to the meeting of the stockholders held to-day, there was George H. Russel. George E. Lawson, the newly elected
represented by proxies and parties present approximately 70% of the
stock of the company. The committee in its report expressed the utmost President of the People's State Bank, succeeds to the
confidence in the integrity and ability of the present officers of the corn- vacancy in the directorate of the Wyandotte institution
pany, and expressed its belief that the sensational charges which have been caused by Mr. Russel's death.
so widely circulated have not been justified by the facts. The action and
vote of the stockholders approved the report of the committee - almost
unanimously. Only one vote was registered against it and that by Mr.
Bullitt, who said he represented twenty-five shares.
"The meeting recommended that the committee be continued in order
to complete certain examinations and report further to the stockholders.
It was the expression of the stockholders present that the company undoubtedly deserved the confidence of the stockholders and depositors, and
that they believe with careful management the institution could be made
to prosper."
Thomas G. Hunter, head of the real estate department
until Jan. 1 last, is understood to have been one of those
identified with the movement to bring about a change in
management. The institution, which was formerly known
as the First Mortgage Guarantee & Trust Co., changed its
name to the Robert Morris Trust Co. in February. Leslie
M.Shaw, ex-Secretary of the Treasury, was formerly President of the institution. James R. McClure, Jr., is its present head.
Albert N. Smith has been elected Vice-President of the
Title Guarantee & Trust Co. of Baltimore in charge of the
banking and safe deposit department to succeed Edwin W.
Adams, who recently accepted the position of Vice-President
of the new Seaboard Bank. Mr. Smith is now connected
with the Merchants'-Mechanics' National Bank. He is
President of the Baltimore Chapter, American Institute of
Banking.
Steps looking to the establishment of a charitable trust
fund to be known as the Chicago Community Trust have
been undertaken by the Harris Trust & Savings Bank of
Chicago. The Chicago trust will be modeled after the
Cleveland Foundation and the St. Louis Community Trust.
The Harris Trust & Savings Bank is to act as trustee of the
fund, which will be administered by a non-sectarian, nonpolitical committee, composed of persons interested in welfare work, two to be directors of the bank, one to be selected
by the Mayor, one by the Judge of the Probate Court and
one by the senior Federal Judge of the district. Any member
of the committee who runs for office, or is appointed to
office, is to be automatically disqualified. The fund may
be investigated by either the Attorney-General, the State
Auditor, or the Chicago Clearing House Association. The
purposes to which the fund will be put are:
Assisting charitable institutions, including educational organizations
not operated for profit, whether supported by private gifts or public
taxation.
Promoting scientific research along lines for the alleviation of human
suffering.
Care of the sick, aged and helpless.
Aiding in the reformation of victims of drugs and liquors, released
inmates of penal and reformatory institutions and wayward and delinquent persons.
Improvement of living and working conditions.
Providing facilities for recreation.
1888
[VOL. 100.
TIIE CHRONICLE
Encouragement of social and domestic hygiene.
Encouragement of sanitation and measures for the prevention of disease
The Woodruff Trust Co. of Joliet, Ill., has increased its
capital stock from $200,000 to $500,000. The Company's
charter has been changed so that it now has the power to
guarantee farm mortgages. The total resources of the institution, of which Goerge Woodruff is President, are $1,140,000
which represents a gain of over $625,000 during the past
year.
The establishment of the Milwaukee Foundation, a benevolent institution founded along the lines of similar organizations in Cleveland, St. Louis, Spokane and Los Angeles, was
consummated on May 24 at a meeting of the directors of
the Wisconsin Trust Co. of Milwaukee, which initiated the
movement and will be custodian of the fund. The object
of the foundation will be to establish a perpetual community
trust made up of large and small bequests for charitable and
educational projects in the city. A committee, which will
have entire charge of the distribution of the funds, and will
serve without pay, will be appointed, consisting of five
members, one to be chosen by the Mayor, one by the senior
or presiding judge of the Probate Court of Milwaukee County,
one by the senior or presiding judge of the United States
District Court, and two by the directors of the Wisconsin
Trust Co. The term of service of the members, who must
• be residents of Milwaukee, is so arranged that one retires
and a new one is appointed each year. Oliver C. Fuller,
President of the Wisconsin Trust Co., led the movement for
the establishment of the Milwaukee Foundation. The plan
was indorsed by many prominent citizens before it was acted
aipon by the directors of the trust company.
s
These conditions have prevailed in spite of the very largo expenditure
and munitions
of the different Governments, including our own,on supplies
in
return
increased
for use in carrying on the war, and in spite of the
with that
dollars and cents for our 1914 crop, short as it was, compared
of the
of 1913. Prices had so advanced that the Government estimate
as compared
value of the field crops of Canada in 1914 is $638,580,300,
growing
and
young
with $552,771,500 in 1913. It is strange in this
persons,
country to note that notwithstanding the immigration of 384,878
compared with
the total acreage of field in crops in 1914 was 35,102,175, as
35,371,430 in 1913, a reduction of about 270,000 acres.
retrenchment
Undoubtedly we were getting well into our period of
facing
when the war began, and had it not broken out would have been
a more serious commercial condition than we are to-day.
grains and
As it is we are getting the benefit of the increased prices for
factories
produce, have disposed of large numbers of horses, many of our
employed,
that otherwise would have been idle or slack have been busily
and the problem of the unemployed has been at least partially solved.
While, as was to be expected, the net profits of the bank
for the twelve months to April 30 1915 are under those of
the preceding twelve months, nevertheless they compare
favorably with a year ago, considering the conditions prevailing, being $1,031,359, as against $1,236,985. The
present net profits are at the rate of 7.366% on the paid-up
capital and 'reserve fund. Out of the $2,297,278 available
for distribution, of which $1,265,919 represented the balance
brought forward from the 1914 profit and loss account, the
appropriations were as follows: dividends at the rate of
12% per annum, 40,000; annual contribution to officers'
pension and guarantee funds, $7,500; provision for depreciation in securities and for contingencies, $400,000; special
contributions to patriotic and relief funds, $14,000; Dominion Government war tax on bank circulation fron Jan. 1
to April 30 1915, $17,789; auditors' fees, $5,000; balance
of account carried forward, $1,012,989. The total deposits
on April 30 1915 amounted to $55,081,904, of which $7,815,803 are non-interest-bearing and $47,266,101 interestbearing (including interest accrued to date of statement).
at
The bank's total assets in the current statement stand
0
$75,568,247. The bank has a paid-in capital of $7,000,00
office
head
The
Traders'
the
of
amount.
Cashier
same
and .a reserve fund of the
W. R. Edrington, heretofore
National Bank of Fort Worth, Texas, has been chosen and branches of the institution now number 125.
President, to fill the vacancy caused by the death of his
father, H. C. Edrington, on May 7. S. P. Britt, President
The Merchants' Bank of Canada (head office Montreal)
of the City National Bank of Childress, has been elected for the year ended April 30 1915 reports net profits of $995,active Vice-President of the Traders' Bank and Edward 431, as against $1,218,695 for the same period last year.
Burns advances from the post of Assistant Cashier to the With the amount carried forward, from the previous year
Cashiership.
($248,135) the bank had $1,243,566 available for distribution which has been appropriated as follows: $700,000 in
William H. Vedder has resigned as President of the First dividends at the rate of 10% per annum; $250,000 written
National Bank of Pasadena, Calif., and the Pasadena Sav- off for depreciation in bonds and investments; $32,500
ings & Trust Co. He has been elected to the newly-created contributed to patriotic and other relief funds; and $15,926
office of Chairman of the Board of Directors and will remain applied toward war tax; leaving $245,140 to be carried forclosely connected with the two institutions in an advisory ward to new profit and loss account. The interest-bearing
capacity. Albert E. Edwards, heretofore Vice-President deposits of the bank on April 30 1915 amounted to $50,of both institutions, takes up Mr. Vedder's duties, becoming 037,101, as compared with $45,946,650 on the same date
President. J. S. MacDonnell, Cashier of the First National 1914, while non-interest-bearing deposits total $12,692,061,
becomes Vice-President in addition to retaining his present as against $13,309,394 the previous year. The total assets
office. W. De Witt Lacey has been made Vice-President the present year of $86,190,464 compare with $83,120,741
and Secretary of the savings bank. Mr. Vedder, who was on April 30 1914. The bank has a capital and reserve fund
formerly Mayor of Pasadena, retires from the presidency of $7,000,000 each. Sir H. Montagu Allan is President
of the two institutions because of his desire to enjoy more and E. F. Hebden, General Manager.
leisure.
IMPORTS AND EXPORTS FOR APRIL.
the
and
Bank
National
Berkeley
of Statistics at Washington has issued the
Bureau
the
The
The stockholders of
trade for April, and from
University Savings Bank of Berkeley, Calif., at a meeting statement of the country's sforeign
and previous statement we have prepared the following
on May 15 approved the merger of their institutions with the it
interesting summaries:
STATES.
Oakland (Calif.) Bank of Savings. W. W. Garthwaite,
FOREIGN TRADE MOVEMENT OF THE UNITED
In all cases omitted.)
President of the Oakland Bank of Savings, will retain his
(In the following tables three ciphers (000) are
MERCHANDISE.
position after the merger, as will J. Y. Eccleston, Cashier
In3ports
Exports
1914.
1913.
1915.
and Secretary. W. K. Cole, President of the two Berkeley
1913.
1914.
1915.
8154,743
$163,063
$122,148
8227,033
8204,067
con8267,879
January
institutions, has been chosen a Vice-President of the
149,914
125,123
148,045
193,997
173,920
February ---- 299,806
157,982
182,555
155,446
187,427
187,499
29.3,612
solidated bank. Previous references to the merger were made March
I
160,576
199,813
162,553
294,470
April
161:123 NIA
194,607
in our issues of May 8 and 22.
101,733
May
In addressing the stockholders of the Imperial Bank of
Canada (head office Toronto) at the fortieth annual general
meeting on May 26, Peleg Howland, President of the institution, presented some figures showing the state of affairs
for the past four months,which,he pointed out,may be taken
as some guide to the future. In his review of the first
quarter of the current year Mr. Howland said:
157,072
154,139
110,367
156,052
194,711
205,878
245,633
Total
52,113.624 52,484.018
GOLD.
Exports
1913.
1914.
1915.
$17,238
$6,914
$691
12,373
9,079
1,054
18,077
2,632
924
3,010
407
814
12,487
18,835
569
48,107
8,654
33,669
1,195
18,126
496
21,887
484
50,302
6,663
14,527
10,573
131
January
February.....
The number of immigrants coming into Canada during the period March
for
the
April
69,823
against
as
16,145,
was
30
1915
to
April
1
January
from
May
same period in 1914.
June
the
four
for
cities
principal
The building permits granted in thirty-ono
July
months of 1915 are reported as amounting to $7,622,757, as against $27,- August
September_
1914.
in
282,971
October
The bank clearings for the four months of 1915 are reported as $2,- November
December
239,968,179, as against $2,642,864,629 in 1914 for the same period.
The receipts of the three great railroads for the four months of 1915 are
Total
given as 546,938,370, as against 555,965,687 in the four months of 1914.
$222,616
157,529
159,677
129,768
139,711
138,080
126,467
114,657
163.405
160,991
187,900
218,240
271,861
245,539
233,106
June
July
August
September_
October
November
December
$91,799
131,246
139,062
137,652
171,085
132,949
148,236
184,026
$1,789,276 $1,792.590
1915.
$6,896
12,726
25,020
16,203
Imports
1914.
$10,442
3,209
7,842
3,460
1,973
3,817
3,392
3,045
2,762
5,945
7,392
4,109
1913.
$6,210
5,357
4,381
4,014
4,661
3,387
7,859
5,804
4,627
5,391
7,041
5,073
$57,388
$63,706
SILVER.
1915.
$5,188
3,425
3,156
4,371
January
February
_
March
April
May
June
July
August
September_
October
November _
December
Exports
1914.
$4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,627
5,390
3,972
3,838
5,312
1913.
$6,436
5,315
5,537
5,972
5,329
4,732
4,936
4,908
5,856
4,874
4,423
4,458
Imports
1914.
$2,318
1,914
2,567
2,214
1,755
1,822
1,240
2,097
1,864
2,724
2,705
2,739
1915.
$2,287
2,400
2,477
2,803
1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,089
2,810
$62.776
$35,867
$51,602
$25,959
EXCESS OF EXPORTS OR IMPORTS.
Merchandise
-Silver
-Gold
1914.
1913.
191.5.
1914.
1915.
1915.
1914.
$145,731 +$49,324 +$63,970 -$6,205 -$3,528 +$2,901 +$1,691
+174,683 +25,875 +44,083 -11,672
+5,870
+1,678
+1.025
+4,944 +31,981 -24,696 -5,210
+138,630
+1,314
+679
+133,894 -11,209 +53,819 -15,389 -3,053
+2,329
+1,768
-2,549 +60,883
+14,862
+3,090
-457 +32,159
+44,290
+2,817
-5,538 +21,929
+30,278
+2,713
-19,401 +50,257
+15,081
+1,530
+16,341 +47,155
+19,125
+3,526
+56,631 +138,912
+1,248
+44,357
+79,411 +97,303
+1,133
+7,135
+130,970 +49,170
+2,573
+3,978
Total
Jan _ _
Feb __
March
April..
May
June
July_
Aug _ Sept.._
Oct
Nov
Dec
Total..
1889
THE CHRONICLE
JUNE 51915.]
+$324,348+$691,422
+825,643
+8165,228
+ Exports. -Imports.
Totals for merchandise, gold and silver for ten months:
Canadian Bank Clearings.-The clearings of the Canadian banks for the month of MiSr 1915 show a decrease
from the same month of 1914 of 18.6%, and for the five
months the loss reaches 16.4%.
Five Months.
May.
Clearings at
1915.
1914.
$
$
Montreal__ 205,366,000 234,782,296
Toronto_ ___ 150,352,850 180,771,533
Winnipeg__ 92,622,141 120,647,216
Vancouver__ 22,669,043 38,089,799
Ottawa ____ 17,433,467 17,162,740
Victoria__ 6,156,908 11,185,071
Calgary....._ 11,976,562 18,618,352
Hamilton__ 12,267,228 13,727,441
7,770,733 14,809,080
Edmonton__
12,524,395 12,995,173
Quebec
St. John_ _ _ _ 6,484,402 6,345,546
8,031,553 8,421,594
Halifax
7,396,129 7,675,575
London
5,915,020 7,472,062
Regina_
3,116,000 4,921,951
Saskatoon
Moose Jaw.. 2,476,596 3,728,007
1,359,429 1,817,603
Lethbridge _
2,078,474 2,598,322
Brantford
Brandon
1,816,000 1,934,798
Fort William
1,898,416 3,688,632
New W'm'er 1,226,709 1,791,500
947,191 1,926,341
Medicine IR
1,488,000 Not incl. in
Peterboro
Inc.or
Dec.
%
-12.5
-10.8
-23.3
-40.5
+1.6
-45.0
-35.7
-10.6
-47.5
-3.6
+2.2
-4.6
-3.9
-20.8
-36.7
-33.6
-25.2
-20.0
-6.1
-48.5
-31.5
-50.8
total.
1915.
Inc.or
Dec.
1914.
$
%
$
955,368,996 1,107,883,334 -13.8
711,146,916 878,670,812 -19.1
492,064,935 512,984,530 -4.1
110,130,474 192,112,350 -42.7
84,131,753 +3.0
86,632,397
54,941,110 -38.6
33,744,785
79,040,922 -22.6
61.151,489
63,363,918 -12.2
55,615,388
71,986.717 -40.9
42,564,882
62,688,376 -8.4
57,452,702
31,330,465 -1.2
30,963,309
40,959,878 -6.9
38,141,144
36,083,441 -0.7
35,845,125
38,612,735 -29.9
27,085,757
26,344,756 -40.8
15,632,936
18,862,417 -25.2
14,112,514
9.101,056 -29.7
6,397,158
12,696,909 -19.8
10,186,605
10,088.552 -9.0
9,181.002
15,822,859 -42.8
9,057,796
8,546,216 -33.8
5,656.273
8,924,779 -49.2
4,534,214
8.165,705 Not, incl. in total.
Tot.Canada 581.885.243 715.108.632 -18.6 2.812.666.797 3.385,155,485 -16.4
Merchandise.
Ten
Months.
(000?
omitted)
Exports.
Imports.
Excess
Erof
Exports ports.
$
8
$
851,358, 24
1914-15 2,225,548 9
9
1913-14 2,045,774 1,572,114 473,660, 47,096
1012-132,107,872 1,548,039 559.833: 64,726
1911-12 1,890,708 1,3613,536 524,1721 45,706
1910-11 1,754,401 1,274,605 478,8561 12,616
1909-10 1,486,013 1,318,233 107,780 116,246
Gold.
Silver.
Excess
Imof
Exports. Exports Ports.
Excess
of
In:ports. Exports
3
88,091 54,033
60,749 13,653
61,246 3,480
39,979 5,727
63,823 151,207
35,621 80,625
23,136
26,749
35,810
37,826
38,875
38.554
!Excess of imports.
42,232
45,481
61,553
53,119
53,918
46,568
19,096
18,732
25,743
15,293
15,043
8,014
•
Similar totals for the four months since Jan. 1 for six years
make the following exhibit:
Merchandise.
Four
Month.
(0005
omitted)
Exports.
Imports.
5
1915_ 1,158,767
1914... 728,038
1913_ 808,270
1912._ 786,002
1911_ 692,961
1910_ 545,788
Excess
of
ExExports ports.
$
$
565,830 592,937 3,483
659,105 69,733 19.032
614,617 193,653 50,698
597,923 188,079 21,775
511,125 181,836,
560,710 14,922 47,200
Gold.
Silver.
Excess
Imof
Exports. Exports ports.
Excess
of
Imports. Exports
8
$
61,446 157,963
24,954 /5,922
19,961 30,737
16,307 5,468
23,991 /20,631
11,669 35,531
9,787 6,372
2,013 7,013
12,673 10,588
16,040 5,857
14,898 8,713
15,238 3,098
5
16,139
16,026
23,261
21,897
23,611
18,336
I Excess of imports.
The clearings for the week ending May 29,in comparison
with the same week of 1914, show a decrease in the aggregate of 21.0%.
1Veek ending May 29.
Clearings at1915.
1914.
$
$
38,214,453 46,566,397
39,389,234 34,093,399
16,568,110 21,826,918
4,652,149 8,198,519
3,916,964 3,259,891
1,084,953 2,118,245
2,361,459 4,768,434
2,409,498 2,727,272
1,571,913 3,110,950
2,413,300 2,882,418
1,186,594 1,227,729
1,614,592 1,652,903
1,358,329 1,418,204
1,086,228 1,401,287
607,801
919,970
489,488
669,275
254,632
385,282
436,722
525,591
370,715
365,164
313,774
721,268
257,569
320,721
190,970
456,284
351,252 Not incl. in
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Victoria
Calgary
Hamilton
Edmonton
Quebec
St. John
Halifax
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brantford
Brandon
Fort William
New Westminster
Medicine Hat
Peterborough
Inc. or
Dec.
%
-17.9
-13.8
-24.1
-43.2
+4.8
--48.8
-50.5
-11.3
-49.5
-9.7
-3.3
-2.1
-4.2
-22.5
-33.9
-26.4
-34.0
-16.9
+1.5
-56.6
-19.6
-58.3
total.
1913.
1912.
$
45,151,658
41,597,047
26,232,170
11,167,402
3,134,898
5,552,458
5,807,259
3,434,971
3,576,389
2,728,654
1,232,381
1,522,586
1,557,622
1,901,603
1,691,826
999,140
447,776
588,692
455,668
850,230
661,795
602,990
$
48,978,156
45,918,368
28,171,659
11,706,979
4,683,555
2,774,293
4,657,307
2,955,191
3,332,912
2,581,736
1,505.226
1,617,059
1,384,679
1,569,627
1,908,028
991,484
600,514
461,138
581,880
1,262,422
THE ENGLISH GOLD AND SILVER MARKETS.
Trital Cnnsuin.
110.249.447 139.011.181 -21.0 159.895.215 167.642.213
We reprint the following from the weekly circular of
Pacific and Other Western Clearings brought forward
Samuel Montagu & Co. of London, written under date of
May 20 1915:
from first page.
GOLD.
This week the balance of movements has gone against the Bank of
England.
The following amounts were received by the Bank:
May 14-1158,000 in bar gold.
May 19- 120,000 in bar gold.
May 19- 50,000 in sovereigns released on miscellaneous account.
Withdrawals were made as under:
May 13- £500,000 in sovereigns on miscellaneous account.
May 13- 60,000 in sovereigns on account of Argentina.
May 14- 14,000 in sovereigns on account of Argentina.
May 14- 100,000 in sovereigns on account of the Secretary of State for
India (gold standard reserve).
May 19-1,042,000 in foreign gold coin.
May 19- 80,000 in sovereigns on account of Argentina.
SILVER.
The market keeps in good heart, but competition for supplies is rather
slight at the present time. As a consequence quotations dipped during the
week, although sellers were not at all prominent. After remaining at
23%d. on the 14th inst., the price rose to 23 11-16d. on the 15th, and from
that point sagged 1-16d. daily until 23 Md. was recorded on the 19th. Today a fresh burst of activity from the Indian bazaars, coming upon a somewhat depleted market, caused a rally to 23 9-16d. For a long time past
the Indian bazaars have not shown special activity with regard to silver
speculation. But recently an inquiry has set in for a rise, not only involving
the purchase of silver outright, but also the acquisition of call options.
The governing idea seems to be that a substantial advance in price is likely
to accompany the cessation of war. Attention is attracted to this movement because of the untoward circumstances which have attended similar
speculations in the past, and because the operations-so it is rumored-are
of a size sufficient to be a factor in the market. It is said that the principal bull operator alone was holding about 2,500 bars for the May settlement in Bombay and that there was a tendency on the part of up-country
dealers to follow his lead. An Indian currency return for May 15 1915
gave details as follows-in lacs of rupees:
Notes in circulation
60,27
Reserve in silver coin
30,89
Gold coin and bullion
7,73
Gold in England
7,65
The stock in Bombay consists of 5,200 bars, as compared with 4,200
last week. A shipment of 200,000 ozs. has been made from San Francisco
to Hongkong. Quotat ons for bar silver, per ounce, standard:
cash
No
Bank rate
May 14__23
5%
quotation
Bar gold per oz. standard_ _ _77s. 9d.
May 15_23 11-16
fixed
French gold coin, per oz_ _ _Nominal
May 17....23
for
U. S. A. gold coin, per oz.. _Nominal
May 18_23 9-16
forward
May 19_..234
delivery.
May 20_ _23 9-16 "
Aver. for week, 23.593 cash
The quotation to-day is 1-16d. below that fixed a week ago.
May.
Five Months.
Clearings at1915.
1914.
Inc.or
Dec.
1915.
1914.
Inc. or
Dec.
$
8
$
$
%
%
San Francisco_ 206.990,335198,452,876 +4.3 1,041,381,608 1,031,005,873 +1.0
Los Angeles-__ 85,177,000 98,757,502 -13.8 423,104,694 510,587,545 -17.1
49,681,474 50,680,035 -2.0 244,815,980 259,698,073 -5.7
Seattle
41,032,320 47,663,568 -13.9 228,880,593 251,718,391 -9.1
Portland
Salt Lake City 24,814,272 23,564,705 +5.3 125,525,695 125,136,573 +0.3
14,817,324 16,451,269 -9.9
Spokane
75,209,436
87,444,398 -14.0
7,259,846 8,775,281 -17.2 41,225,581
Tacoma
46,221,660 -10.8
13,876,162 14,568,716 -4.7 71,992,060
Oakland
73,906,001 -2.6
7,396,986 8,762,515 -15.6
40,133,780
San Diego
47,183,153 -14.9
7,579,846
7,173,097
-5.3
36,717,886
Sacramento......
40,606,681 -9.6
3,527,308 3,981,609 -11.4
18,740,496
Pasadena
20,693,073 -9.4
3,424,297 3,783,004 -9.5
18,870,225
Fresno
19,681,036 -4.1
2,656,871 2,611,695 +1.7
12,950,518
13,160,477 -1.6
San Jose
3,451,900 3,348,363 +3.1
18,678,255
Stockton
17,966,967 +4.0
8,034,117
8,288,965 -3.1
North Yakima 1,807,865 1,807,865 +20.1
15,516,524
3,317,135 2,751,696 +20.6
Ogden
14,979,453 +3.6
2,900,000 2,896,235 +0.1
15,379,475
15,389,286 -0.1
Boise
1,234,000 1,137,365 +8.5
5,804,892
5,531,989 +4.9
Reno
Santa Rosa......
968,347+0.:
4,568,9591
5,240,105 -12.8
Long Beach.... 2,141,066 Not incl. in total.
11,173,2331Not incl. in total.
Total Pacific481.142.945498,534,364
-3.512,447,530,77412,594,439,758
-5.7
Kansas City 293,282,371 210,665,613 +39.2 1,522,684,469 1,119,393,389
81,847,06 96,958,227 -15.6 528,899,400 486,514,456
Minneapolis
78,957,285 66,546,766 +18.6 388,713,457 368,187,100
Omaha
51,343,904 48,333,429 +10.8 244,440,354 233,137,509
St. Paul
39,179,254 37,518,385 +4.4 186,985,459 180,297,107
Denver
St. Joseph. _ _ _ 30,460,211 28,502,284 +6.9 161,066,378 162,290,347
Des Moines__ _ 23,160,390 23,636,146 -2.0 115,574,162 124,810,974
14,474,668 15,027,936 -3.7 76,110,385 68,002,055
Duluth
Sioux city..... _ 13,439,558 13,656,071 -1.6 68,523,485
76,009,874
Wichita
14,428,560 12,954,793 +11.4
77,125,311
68,555,379
Lincoln
11,234,580 9,045,777 +24.2 48,494,812 44,268,989
Davenport .._ - 5,968,565 6,707,490 -11.'
38,692,164
31,383,385
6,590,912 6,502,230 +1.4
Topeka
30,956,675
34,099,895
Cedar Rapids_ 7,650,738 7,776,133 -1.6
37,204,048
42,578,092
4,626,206 4,363,931 +6.0 24,745,584
Fargo
15,771,258
3,956,965 3,782,833 +4.6
Sioux Falls
21,086,070
20,065,472
Waterloo
6,835,737 6,325,516 +8.1
36,489,313
33,028,458
Colorado Sp'gs 2,870,737 2,322,120 +23.6
14,012,992
12,574,413
1,580,145 2,480,316 -36.4
Pueblo
13,679,983
11,714,185
4,636,451 4,255,543 +9.0 22,531,787
Helena
21,114,452
Fremont
1,657,718 1,467,188 +13.0
8,885,594
7,825,076
Aberdeen
2,456,056 2,227,562 +10.3
10,973,763
9,887,647
Billings
1,987,480 1,619,839 +22.7
9,888,232
8,432,616
Hastings
1,003,168
710,236, +41.3
3,762,712
4,609,065
Joplin
3,456,875 2,711,290 +27.5
15,353,503
13,889,105
Grand Fork&_ 1,308,000 1,383,000 -5.4
7,161,700
7,285,
Lawrence
800,
852,003 -6.0
4,107,980
4,582,083
Iowa City
1,075,
+11.6
5,508,901
6,139,595
1,200,
+36.0
+8.7
+5.6
+4.8
+3.7
-0.7
-7.4
+11.9
-9.8
+12.5
+9.5
-18.9
-9.2
-12.6
+56.9
+5.0
+10.2
-11.4
-14.4
+6.7
+13.6
+11.0
+17.2
+22.5
+10.5
-1.7
-10.4
+ 11.5
Tot.oth.West710,393,097617.413,657 -I- 15.13,715,761,1433,224,244,506 +15.2
1890
[VOL. loo.
THE CHRONICLE
Week enfing May 29.
Clearings atInc. or
Dec.
1914.
1915.
1913.
1912.
San Francisco__
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Fresno
San Jose
Stockton
North Yakima
Reno
Long Beach
I
$
47,020,554
18,013,292
12,131,208
8,487,190
5,277,668
3,210,308
1,438,595
2,002,688
1,551,395
1,509,304
730,276
790,143
501,047
752,663
297,015
250,000
409,222
$
35,404,099
17,611,192
10,080,368
9,932,001
4,500,000
3,031,952
1,452,270
2,400,000
1,732,771
1,502,016
719,19'
801,226
446,921
719,158
300,000
225,000
538,732
%
+32.8
+2.3
+20.3
-14.5
+17.3
+5.9
-1.0
+20.9
-10.4
+0.5
+1.5
-1.4
+12.3
+4.6
-1.0
+11.1
-94.0
$
36,879,596
19,028,360
10,030,964
9,063,333
4,708,016
3,237,720
1,995,421
2,394,183
1,909,458
1,730,946
753,559
1,012,523
379,973
606,510
304,177
230,000
41,948,662
19,060,049
8,719,460
7,707,706
5,044,489
3,146,250
2,522,899
3,011,456
1,880,327
1,121,238
690,431
800,000
477,159
597,016
386,586
225,000
Total Pacific__
105,272,628
91,397,814 +15.2
94,264,739
97,338,834
Hanna City__
Minneapolis ____
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Duluth
Sioux City
Wichita •
Lincoln
Davenport
Topeka
Cedar Rapids__ _
Fargo
Waterloo
Colorado Springs
Pueblo
Helena
Fremont
Aberdeen
Billings
Hastings
61,190,805
17,316,949
16,336,345
10,993,019
8,691,058
7,447,498
4,681,765
2,816,663
3,000,000
3,413,803
2,406,607
1,281,030
1,297,635
1,850,000
969,726
1,469,765
600,000
343,140
1,035,318
340,761
525,000
340,000
188,852
+55.2
+6.5
+27.8
+27.3
+21.3
+9.4
-6.3
-10.7
+17.5
+9.6
+45.2
+10.0
-4.1
+32.5
-2.9
+6.4
-32.7
+27.7
+38.4
-7.1
+14.1
+9.7
+33.8
40,416,030
16,863,892
13,494,733
7,122,983
7,037,396
7,392,897
3,723,334
3,223,922
2,679,492
3,287,465
1,330,778
1,186,663
1,338,871
1,197,187
270,314
1,432,945
520,000
450,341
788,966
254,064
250,304
284,534
170,516
42,565,837
14,531,525
11,105,781
8,201,392
7,687,392
5,962,497
3,377,966
2,343,351
2,598,694
2,797,395
1,496,504
1,247,948
1,058,150
1,124,227
2 31,270
1,184,280
580,000
451,809
625,070
262,921
257,088
231,007
185,677
39,424,956
16,257,657
12,784,519
8,645,263
7,000,000
6,808,260
4,997,505
3,153,103
2,553,336
3,115,937
1,657.330
1,164,284
1,352,863
1,396,951
998,786
1,380,380
470,000
510,533
748,649
366,926
459,956
310,091
141,195
The course of bank clearings at leading cities of the country for the month of May and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
s
(000,0003
omitted)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St.Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to May 31
May
1912.
1013.
1914.
1915. 1914. 1913. 1912. 1915.
$
$
$
$
$
5
$
$
8,635 7,239 7,963 8,780 38,781 40,246 41,037 42,175
1,318 1,333 1,334 1,322 6,497 6,002 6,700 6,340
3,903
3,588
3,436
3,243
673
716
655
660
3,339
3,554
647
3,450
3,220
671
652
731
1,662
1,735
327
318
1,716
1,661
342
350
1,114
1,260
210
229
255
1,121
235
1,028
1,072
1,097
207
198
215
1,031
208
1,041
586
105
105
107
557
126
573
535
784
134
849
151
156
168
769
729
293
211
1,087
227
225
1,158
1,119
1,523
119
97
445
104
520
92
531
565
70
78 • 74
450
77
502
415
395
82
97
02
80
410
629
487
487
61
53
55
325
67
220
307
312
113
108
441
112
99
518
525
584
63
65
63
59
298
348
319
352
85
99
109
100
471
423
537
511
32
33
34
38
159
183
173
178
79
67
73
73
389
349
369
368
47
48
52
48
234
244
229
250
51
46
39
43
244
228
233
208
34
34
37
40
169
181
178
165
39
38
41
40
187
180
191
199
33
39
35
33
194
173
184
174
25
28
29
29
154
174
170
170
55
50
49
51
245
260
262
235
21
22
22
27
138
115
108
105
25
30
24
25
125
125
130
165
13,590 12,112 13,038 13,810 63,495 65,765 66,858 1)7,122
5,357
1,030 1,053 1,105 1,012
5,608
5,668
5,136
Total
Other cities
Total all
14,620 13,165 14,143 14,822 68,852 71,373 72,526
Outside New York_ 5,985 5,926 6,180 6,042 30,071 31,127 31,489
72,258
30,083
(Con=ercial andila tscellantonsgems
111111010AP.V.,••••••••••
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
Clearings by Telegraph-Sales of Stocks, Bonds, 8zc. this department, made up from weekly returns, we give the
-The subjoined table, covering clearings for the current following figures for the full months, also issued by our
week, usually appears on the first page of each issue, but New York Custom House.
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
Merchandise Movement to New York.
Customs Receipts
otherleading cities. Decoration Day fellin the week this year.
at New York.
Tot. 0th. West
148,535,739
115,698,480 +28.4
114,717,627
110,112.821
Imports.
Month.
Clearings-Returns by Telegrph.
Week ending June 5.
l'er
Cent.
1914.
1915.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,603,110,374
101,938,663
139,946,561
24,551,241
234,750,111
83,189,310
12,847,242
51,923,606,286
154,052,493
157,174,170
33,705,339
290,251,271
72,014,371
14,591,262
-10.7
--33.8
--11.0
--27.2
--19.1
--12.3
--12.0
Seven Mice, 5 (lays
Other cities, 5 days
$2,180,333,502
475,207,618
32,645,395,192
555,403,218
-18.3
--14.5
Total all cities, 5 days'All cities, 1 day
$2,655,541,120
556,927,818
53,200,798,410
533,207,333
-17.0
+4.4
Total all cities for week
$3,212,468,938
53,734,005,773
-14.0
Our usual monthly detailed st4tement of transactions on
the New York Stock Exchange is appended. The results
for the five months of 1915 and 1914 are given below:
Five Months 1915.
Descriplion.
Par Value I
or Quantity.
Actual
Value.
I
1914-15. I 1913-14.
Exports.
1914-15.
1913-14.
1914-15.
1913-14.
$
July
84,561,785 79,578,905 59,218.363 68.009,103 15,914,37 18,501,705
63,804.412 78,844,081 33,559,424 77,577,210 12,803,28 10,864,108
August
September 76,118.541 96,037,169 61,895,606 74,475.934 12.143,09 18,365,383
77,153.765 71,691,438 88.199,144 84,386,597 11,622,46 20,270,021
October
November 73,767,970 79,254,065 86,701,617 72,334,644 12,426,47 15,751,257
December 66,021,283 103,447,909 08.394,625 82,061,629 10,977,254 14,863,057
70,992.107 82.330.513 104.025,205 72,872.302 12,028,863 16,643,013
January
February 71,016,866 85,328,968 113,203,172 64,934,639 10,888,461 13,023,068'
£0,473,231 101,655,994 120,845,743 72,798,453 13,782,944 17,964,690
March
92,252,02 93,600,190 139,410,642 66,338,88 10,784,88 14,713,576
April
766,161.989 871,769,241 914,513,601 735.789,391 123,372,104 169,958,878
Imports and exports of gold and silver for the ten months:
Gold Movement at New York.
Month.
Imports.
Silver-New York.
Exports.
1914-15.
1914-15.
1013-14.
732,964
973,114
905,106
712.573
1,756,403
1.072.523
2,082,618
1,531,031
3.377.102
3,590,774
2,627,049 32,732,361
949,341
2,645.087
7136,499
2.259,301
244,63
3,117,777
190,398
4,583,990
4.iOl
2,786,709
639,000
1,301,532
996,300
659.423
773.400
1,252.366
754,808
575,917
Imports.
Exports.
1913-14.
1914-15.
1914-15.
7,814,087
47,500
35.350
85,100
477,500
290,746
6,788,486
8,982,204
2,582,056
60,250
492,13
1,266,03
854,15
1,651,731
1,777,702
1,480,15
396,13
1,410,058
1,266,91
834,37
3,239,331
3,322,939
4.301,269
3,695,853
3,131,379
4.949,048
4,371,866
2,892,627
2,725,628
3,626,522
Fire Months 1914.
Aver.' Par Value
Price. or Quantity.
Actual
Value.
Aver.
Price.
f1
Stock Sh's.
50,925,937
1
34,066,003
Val- $4,334,238,295 $3,677,982,648 84.952,977,963,689 $2,825,377,820 94.9
RR. bonds
329,725,70
273,814,570 83.0 292,159,500
281,223,046 96.3
Gov't bds_
475,50
479,795 100.91
387,500
394,024 101.7
State bonds
8,608,50
7,907,543 91.8
26,998,500
27,660,967 102.5
Bank stksl
90,700
159,974 176.41
501,888 203.7
245,900
Total__ 54,673,138,69533,960,344,530 84.853,297,755,089 53,135,157,745 95.1
July August..
September
October
November
December
January_
February
March ___
April
Total.... 16,734,298 21,809,151 40,050,844 1-.7,163,279 11,429,39
36,256,462
The volume of transactions in share properties on the
National Banks.-The following information regarding
New York Stock Exchange each month sine Jan. 1 in 1915
national banks is from the office of the Comptroller of the
and 1914 is indicated in the following:
Currency, Treasury Department:
SALES OF STOCKS AT THE NEW YORK STOCK
EXCHANGE.
1915.
th
Number
of
Shares.
Values.
Par.
Jan _ 5,076,21
Feb. 4,383,441
Mar_ 7.862,301
Actual.
$
435,534,901
380,032,78.
681,471,31(
Number
of
Shares.
Values.
Par.
Actual.
$
$
$
302,461,29' 10,088,895 881,625,495 847,903,208
262,372.421 6,220,059 5.56,109,360 515,947.918
535,476,914 5,855,261 518,398,024 483,147.619
lstq 17,321,967 1,497,039,001 1,100,310,63322.164,214 1,956,132,879 1,847,058,745
Apr _ 21,022,93 1.799.436,33' 1,619,407,30 7,145,284 623,482,571
May 12.581.04 1.037.762.06
958.264.713 4.757.405 308.348.2's
MAY 26.
APPLICATION TO CONVERT APPROVED
The Security State Bank of Arkansas City, Han., into "The Security
National Bank of Arkansas City." Capital, $100,000.
1914.
CHARTER ISSUED MAY 24.
10,741-The
National Bank of Hebron, N. Dak. Capital, $25,000.
H. R.First
Lyon, Pres.; J. It. Watts, Cashier. (Succeeds
State Bank, Hebron, N. Dak.)
The Hebron
VOLUNTARY LIQUIDATION,
7,840-Berkeley
National Bank, Berkeley, Cal., at close of business on
Liquidation to be conducted by
May 22 1915.
the officers and
directors. Consolidated with The Oakland Bank of Savings,
Oakland, Cal.
593,476,078
374.842.097
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
The following compilation covers the clearings by months at
auction in New York, Boston and Philadelphia:
since Jan. 1:
By Messrs. Adrian H. Muller & Sons, New York:
MONTHLY CLEARINGS.
Clearings, Total All.
Month.
1915.
1914.
Clearings Outside New Mork.
1915.
1914.
$
Jan__ _ 13,476.788,69 16,196,109,048 -16.8 6,189,096,165 6,824,078,655 -9.3
Feb __ 11,006,310,33 12,863,538,277 -7.5 5,424,483,783 5,625,9d2,795 -3.6
Mar _ 13,840,654,632 14,251.206,041 -2.9 6,276,540,930 6,401,915,996 -1.9
1st qr_ 39,224,753,660 43,310,943,360 -9.4 17,890,120,878 18,851,977,446 -5.1
Apr
15,007,277,252 14,807,452,513 +0.8 6,195,612,178 6,348,935,192 -2.4
May-- 14,620.142,566 13,164,811,157 +11.1 5,984,987,056 5.926,279.599 +0.9
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
5 42d St. & Grand St.
35 Sixth Ave. RR. Co__ 116%-116A
Ferry RR
673 Phoenix Silk Mtg., old
250
12,500 Southland Cotton 011
pref., $50 each
$750 lot
Co., Tex
1,050 Phoenix Silk Mfg., old
2,700 I3usbertGinCo.,Tex.
$350 lot
corn, $50 each
499 Ladonla Cotton 011 $303,751 83
BondsPer cent.
Co., Tex
$25,000 A.J. Ellis Co., Inc., 2ds-$100 lot
1,220 Hugo Cotton 011 Co.,
$5,500 Wash.-Ore. Corp. 1st Sr
Okla., 525 each
cons. 68, 1936, A dc 0
$100 lot
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
10 State Street Exchange
Plymouth Cordage
per sh.1Shares.
Stocks.
per sh.
67
2,030-473 Lynn Gas & Elec. rights- 32c.
210
JUNE 5 1915.1
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
$ per sh .
$ per sh. Shares. Stocks.
Shares. Stocks.
110
183% 30 Boston Wharf
2 Berkshire Cotton Mfg
8 Thompson Elec. Weld.,$20 ca._ 45
5 Bigelow-Hart. Carpet, pref._ 103
1 Nashua dr Lowell RR
1663j
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
20 13th & 15th Streets Pass. Hy_ _ _226
20 Philadelphia Nat. Bank_ _ _ 435-_
25 People's Nat. F. Ins., $25 each. 15
150
10 Phila. City Pass. RY
2 Farmers & Mech. Nat. Bank,
250
Woodbury, N.J
177
8 1st Nat. Bank, Camden
28531
10 Fourth St. Nat. Bank
210
10 Nat. State Bank, Camden
2 Pennsy. Co.for Insurances, &c_623
10 Merchants Trust Co., Camden 150
130
12 Wildwood Title & Trust
10 Lumbermen's Ins., $25 each. _102
5 Germantown Passenger Ry_ __ _101%
5 Hoopes & Townsend Co
49%
10 UnitedGas & Elec., 1st pref.... 59%
$ per sh.
Shares. Stocks.
10 Phil. Life Ins., $10 each
10
2 Farmers dr Mech. Nat. Bank. _133
4 Real Estate Trust, pref—
81
X
Bonds—
Per cent.
$10,000 L'Ecole des Haute Etudes
Commerciales de Montreal 4s,
8234
1949,guar
$1,000 Hestonville & Mantua 5s_ _ 100
$2,000 Chester,Pa.,City 434s,'15_100
$1,000 No. Pennsy. RR. gen. 3.38,
79%
1953
$500 No. Spring. Water 55, 1928._ 83
$40,000 Empire Lumber 1st 6s,
$5,000
1930
$1,000 sh. Empire Lumber Co..._J lot
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
2% June 25 Holders of rec. Juno la
Alabama Great Southern, ordinary
3
Aug. 27 Holders of rea. July 24a
Preferred
2% Aug. 2 Holders of rec. June 30a
Atchison Topeka & Santa Fe, preferred__ _
$1.50 June 10 May 30 to Juno 9
Atlantic Coast Line Co. (quar.)
23 July 10 Holders of rec. June 21a
Atlantic Coast Line RR.,common
2% June 30 Holders of rect. May 29a
Boston & Albany (quar.)
July 2 Holders of rec. May 29
4
Boston & Lowell
July 15 Holders of rec. Jane 30a
2
Buff. & Susq. RR.Corp., pref.(No. 1)
23.4 June 30 Holders of rec. June la
CanadianPacific,corn.(quar.)(No.76)-Chicago & North Western, corn. (quar.)_
13 July I Holders of rec. June in
July 1 Holders of rec. June la
2
Preferred (guar.)
3
_
corn.
June 0 Holders of rec. May 29a
Pacific,
Chi. New Orleans & Texas
234 June 0 Holders of rec. May 20a
Extra
234 June 21 Holder, of rec. May 29a
Delaware dr Hudson Co. (quar.)
Erie & Pittsburgh (quar.)
1.31 June 10 Holders of rec. May 29a
July 1 Juno 12 to July 5
2
Illinois Central, "leased lines," guar
231 July 1 Holders of rec. June 21
Interborough Rapid Transit (guar.)
Little Schuylkill Navigation, RR. dc Coal
$1.25 July 15 June 11 to July 14
Aug. 2 Holders of rec. July 15a
$5
Mahoning Coal RR., common
June 15 Holders of rec. June la
$16
Common (extra)
holy 1 June 2 to June 30
2
Mobile & Birmingham, preferred
134 June 19 Holders of rec. May 31a
Norfolk & Western common (quar.)
1
June 10 Holders of rec. May 25a
Reading Co., first preferred (quar.)
11.4 July 1 Holders of rec. June la
Southern Pacific Co. (quar.)(No. 35)
July 1 Holders of rec. Juno la
2
Union Pacific, common (quar.)
Street and Electric Railways.
American Railways, common (quer.)- — - 6234 c. June 15 Holders of ree. Juno la
134 June 15 Holders of rec. May 31
Arkansas Vol. Ry., Lt.& Pow., pi.(qu.)_
July 1 Holders of reo. June 23
$1
Boston & Worcester Elec. cos., pre!
Brazilian Tract., Lt. & Pow., pref. (gu.)._
134 July I Holders of ree. June 15
134 July I Holders of rec. June Oci
Brooklyn Rapid Transit (quar.)
June 5 Holders of rec. May 22
84
Chicago Railways, Series 1
June 5 Holders of rec. May 22
$2
•
Series 2
July 1 Holders of rec. June 15a
Ii
Duluth-Superior Tree., common (quar.)_
134 June 15 Holders of rec. June 3a
Eastern Power & Lt. Corp., pref. (quar.)..
234 June 15 Holders of rec. June 5a
El Paso Elec. Co., com.(qu.) (No. 16)
July 12 Holders of rec. June 25a
3
El Paso Electric Co., pref.(No. 26)
Frankford & Southw. Pass., Phila.(qu.) $4.50 July 1 Holders of rec. June la
July 1 Holders of rec. June 21
3
Indianapolis Street Ry
July 1
1
Louisville Traction, common (quar.)...3
June 10 Holders of rec. May 310
Norfolk Railway & Light
131 June 15 Holders of rec. May 25a
Northern Ohio Trac.dr Light,corn.(qu.)
July 1 Holders of rec. June la
Second & Third Ste. Pass., Phila.(quar.)_ $3
134 July 1 Holders of rec. June 19
Tri-City Ry. & Light, preferred (guar.)._ _
134 July 1 June 11 to
June 30
United Light & Rys., 1st pref. (guar.). _
% July 1 Juno 11 to June 30
Second preferred (guar.)
3
July 20 Holders of rec. Juno 30a
Virginia Fly. & Power, preferred
West End Street Ry., Boston, pref. (quar.)_ $2 July 1 June 20 to July 1
Banks.
3
July 1 Holders of rec. June 26
Mechanics, Brooklyn(No. 126)
1
July 1 Holders of rec. June 26
Extra
Trust Companies.
6
June 30 Holders of rec. June 23a
Guaranty (guar.)
July 1 J elders of rec. June 24
4
Union (guar.)
July 1 Holders of rec. June 24
1
Extra
Miscellaneous.
July 1 Holders of reo. June 7
$10
Ahmeek Mining (guar)
134 July 1 Holders of rec. June 15
American Bank Note, pref. (guar.)
134 July 1 Holders of rec. June 16
Amer. Beet Sugar, pref.(a)(No.64). _
131 July 1 Holders of rec. Juno 17a
American Can, preferred (guar.)
% July 1 Holders of rec. June lie
Amer. Car & Fdy., corn. (guar.)(No.51).
134 July 1 Holders of rec. June ha
Preferred (guar.) (No. 65)
1
June 21 Holders of rec. June 14
American Chicle, common (monthly)_ _ _
Preferred (guar.)
134 July I Holders of rec. Juno 25
134 July 1 Holders of rec. Juno 15a
American Cigar, pref. (guar.)
Amer. Graphophone, corn.(qu.)(No.41) 134 July 1 Holders of ree. June 15
June 10 May 30 to June 10
Amer. Laundry Machinery, corn. (quar.) 1
134 July 15 July 4 to July 15
Preferred (quar.)
June 30 June 22 to June 30
4
American Radiator, common (quar.)_
Amer. Smelters Securities, Pref. A (guar.). 134 July 1 June 19 to June 27
134 July 1 June 19 to June 27
Preferred B (guar.)
June 15 May 25 to June 3
American Smelting & Refining. com.(qu.) 1
July 1 Holders of rec. June 12a
American Snuff, common (guar.)
3
134 July 1 Holders of rec. June 12a
Preferred (guar.)
Amer. Sugar Refg., corn. & pref. (quar.). 134 July 2 Holders of rec. June la
134 June 1 Holders of rec. May 3Ia
American Telegraph & Cable (guar.)
134 July 1 June 16 to July 1
American Tobacco, preferred (guar.)
101i June 25 June 20 to
June 24
Amer. Window Glass, pref. (speclal)
234 July 1 June 15 to Juno 30
Ansco Company (quar.)
5
June /5 holders of rec. May 20
Atlantic Refining (guar.)
Atlas Powder, common (quar.)(No. 7).. 134 June 10 May 30 to June 10
34 June 10 May 30 to Juno 10
Common(extra)
334 July 1 Holders of rec. June 12a
Baldwin Locomotive Works, pref
234 July 1 Holders of rec. June 15
Baltimore Electric, preferred
134 July 1 Holders of rec. June 16
Bethlehem Steel, preferred (guar.)
131 July 1 June 20 to July 1
Booth Fisheries, 1st pref. (quar.)
Borden's Condensed Milk, pref. (quay.).. 134 June 15 June 2 to June 15
5
June 30
British-Amer. Tobacco, Ltd., ordinary_ _ _
See note (n).
134 July I June 17 to June 30
Brooklyn Union Gas (quar.) (No. 57)-- July 1 June 17 to June 30
1
Extra
32 June 19 Holders of rec. June 3
Buckeye Pipe Line (quar.)
134 June 30 Holders of rec. Juno 21a
Buffalo General Elec. (guar.) (No.83)._
Butte dr Superior Copper, Ltd. (quar.).. 75c. June 30 Holders of rec. June I la
$2.50 June 30 Holders of rec. June 1 la
Extra
500. June 21 dJune 5 to June 13
Calumet dr Arizona Mining (quar.)
$15 June 18 Holders of rec. May sa
Calumet & Recta Mining (quar.)
Can. Gen.Elec., Ltd., com (qu.)(No.64)13-4 July 1 Holders of rec. June 15
Celluloid Company (guar.)
134 June 30 Holders of rec. June 15a
Central Leather, preferred (guar.)
134 July I Holders of rec. June 10/1
Central States Elec. Corp., pl.(qu.) (No.12) 134 July 1 Holders of rec. June 10
June 21 June 5 to June 21
Chesebrough Mfg., Consolidated (quar.). 6
June 21 Juno 5 to June 21
4
Extra
2
June 30 Holders of rec. June 29a
Chicago Telephone (quar.)
13( June 10 June 3 to Juno 10
Childs Company, preferred (quar.)
75e. June 30 Holders of rec. June 1 la
Chino Copper Co. (guar.)
June 15 Holders of rec. May 31a
Cleve. dr Sandusky Brewing, pref.(quar.) 1
1891
When
Per
Cent. Payable.'
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
June 1511olders of rec. May 31a
Colorado Power, preferred (quar.)
Consolidated Gas (quar.)
134 Juno 15:Holders of rec. May 120
34 June 15 Holders of rec. May 12a
Extra
July 1 Holders of rec. June 15
Consol.Gas,El.Lt.& P.,Balt.,corn.(qu.)
July 1 Holders of rec. June 19a
Continental Can, Inc.. pref. (quar.)
Continental 011 (quar.)
June 16 Holders of rec. May 26
3
Crescent Pipe Line (quar.)
75e. June 15 May 25 to June 15
Cuba Company, common
10
July 1 Holders of rec. June 15
Preferred
334 Aug. 2 Holders of rec. June 30
Cuban-American Sugar, pref. (guar.)._
134 July 1 Holders of rec. June 150
Preferred (special)
134ti July 1 Holders of rec. June I50
Diamond Match (quar.)
134 June 15 Holders of rec. May 31a
Dominion Textile, Ltd., corn. (quar.)__ _
134 July 2 Holders of rec. June. 150
du Pont(E. I.) de Nem.Pow.,corn.(qu.) 2
June 15 Holders of rec. June 5
Common (extra)
2
June 15 Holders of rec. June 5
Common (special)
El
June 15 Holders of rec. June 5
Preferred (quay.)
134 July 26 July 16 to July 26
Eastman Kodak, common (guar.)
234 July 1 Holders of rec. June 120
Common (extra)
234 July 1 Holders of rec. June 120
134 July 1 Holders of rec. June 120
Preferred (guar.)
I% June 10 Holders of rec. June 1
Electric Properties, preferred (quar.)___ _
3
June 15 Holders of rec. June 8
Equitable Ill. Gas Light, Phila., pre!
June 15 Holders of rec. May 240
Federal Mining & Smelting, pref. (quar.) 1
3
June 30 Holders of rec. May 29a
Galena-Signal 011, common (quar.)
2
June 30 Holders of rec. May 29a
Preferred (guar.)
134 July 1 Holders of rec. June 17a
General Chemical, pref. (quar.)
2
July 15 Holders of rec. May 29a
General Electric (quar.)
General Fireproofing, common (guar.)_ _
134 July 1 Holders of rec. June 20
Preferred (guar.) (No. 33)
134 July 1 Holders of rec. June 20
Globe Soap, let, 2d dr spec. pref.(quar.). 134 June 15 June 1 to June 15
June 10 Holders of rec. May 31
2
Globe-Wernicke,common (quar.)
Goldfield Consolidated Mines (quar.)__ _ 10c. July 31 Holders of rec. June 30
July 1 Holders of rec. June 18
Goodrich (B. F.) Co., pref. (guar.)
Great Lakes Towing. Preferred (clear.)- - 1% July 1
July 1 June 12 to June 16
Guggenheim Exploration (guar.)
$1
June 30 Holders of rec. June 19,
hart, Schaffner ,fc Marx,Inc., pref. (qu.).
Mime (George IV.) Co., common (guar.)._
2% July 1 Holders of rec. June 15a
Preferred (guar.)
1% July 1 Holders of rec. June 15a
Hendee Manufacturing, pref.(qu.)(No.7) 14, July 1 Holders of rec. June 21
Hercules Powder, common (guar.)
June 25 June 16 to June 25
2
Homestake Mining (monthly)(No.488)--- 65c. Juno 25 Holders of rec. June 19a
Ingersoll-Rand, preferred
July I Holders of rec. June 12a
3
International Salt
34 July 1 June 20 to July 1
1% July I June 18 to July 1
International Sitter, pref. (guar.)
25o. June 15 Holders of rec. June la
Kerr Lake Mining (quar.) (No. 39)
2h July 15 /If:adore of ree. July 2a
Keystone Telephone, pref. (extra)
1
June 30 June 20 to June 30
La Belle Iron Works, pref. (quar.)
1% June 15 June 2 to June 15
Laclede Gas Light, common (quar.)
254 June 15 June 2 to June 15
Preferred
Liggett & Myers Tobacco, pref. (quar.)....... 1% July 1 Holders of rec. June 150
1% July 1
Lone Star Gas
1;4 July I
Extra
(m) July 15
Stock dividend
Lorillard (P.) Company,common (guar.)._
234 July 1 Holders of rec. June 15a
1% July 1 Holders of rec. June 150
Preferred (guar.)
133 1-3 June 15 Holders of rec. May 27
MacAndrews dr Forbes,common
Mackay Companies, corn.(qu.)(No.40)- lx July 1 Holders of rec. June 90
July 1 Holders of rec. June Pa
1
.Preferred (quar.) (No. 46)
July 1 Holders of rec. June 10a
Maxwell Motor, the., 1st pref. (guar.)._
3,th July 1 Holders of rec. Juno 100
First preferred (extra)
July 1 Holders of rec. June 15a
May Department Stores, pref. (guar.)._
Morgenthaler Linotype (quar.)
2'.4 June 30 Holders of rec. June 5a
% July 1 Holders of rec. June 150
Montana Power, corn.(quar.)(No. /
1% July 1 Holders of rec. June 150
Preferred (quar.) (No. 11)
1% July 1 June 20 to July 1
Montgomery Ward & Co., pref. (guar.)._ _
June 15 Holders of rec. June- 5a
1
Montreal Cottons, Ltd., corn. (quar.)
1% June 15 Holders of rec. June 50
Preferred' (quar.)
Muskogee Gas C Elec., pref.(guar.)
134 June 15 Holders, of rec. May 31
July 15 Holders of rec. June 280
National Biscuit, corn. (qu.)(No. 68)...
% June 30 June 12 to June 16
National Lead, common (guar.)
134 June 15 May 22 to May 25
National Lead, pref. (quay.)
134 July 2 Holders ofirec. June 9
National Sugar Refining, Ifref. (guar.)
50c. June 15 Holders of rec. May 28
National Transit (quar.)
Nevada Consolidated Copper Co.(guar.) 3734c. June 30 June 12 to June 15
New York Air Brake (quar.)
134 June 25 Holders of rec. June 3a
July 15 Holders of rec. June 24
4
New York Transit (quar.)
July 15 Holders of rec. June 30
2
Niagara Falls Power (guar.)
lx July 1 Holders of rec. June 150
North American Co.(quar.)(No. 45)..
July 1 Holders of rec. June 10
5
Northern Pipe Line
134 July 1
Ohio Cities Gas, preferred (quar.)
June 21 May 28 to June 13
$1.25
(quar.)
Oil
Ohio
75c. June 21 may 28 to June 13
Extra
134 June 15 June 0 to June 15
Pabst Brewing, pref. (guar.)
June 15 June 2 to June 15
Packard Motor Car, preferred (quar.)Pettibone Mulliken Co., lst & 2d pt.(qu.) 1% July 1 Holders of rec. June 170
39X c. June 15 Holders of rec. May 220
Philadelphia Electric (quar.)
234 July 15 Holders of rec. July la
Quaker Oats, common (quar.)
134 Aug. 31 Holders of ree. Aug. 20
Preferred (guar.)
June 28 Holders of rec. June 5
$2
Quincy Mining (guar.)
June 21 June 6 to June 21
Railway Steel-Spring, preferred (quar.)
Ray Consolidated Copper Co.(quar.)..373.4o. June 30 Holders of rec. June lie
July 15 Holders of rec. July 6
3
Realty Associates
July 1 Holders of rec. June 19
3
Reynolds (R. J.) Tobacco, corn.(guar.).—
Preferred (guar.)
154 July 1 Holders of rec. June 19
June 15 Holders of rec. June 8a
1
_
common
(guar.)._
Mfg.,
Goods
Rubber
June 15 Holders of rec. June 83
Preferred (quar.) (No. 65)
lg July I Holders of rec. June 15a
Sears, Roebuck & Co., pref. (guar.)
June 21 June 2 to June 20
5
Solar Refining
June 30 June 13 to June 30
3
South Penn Oil (quay.)
July 1 Holders of rec. June 120
1
South Porto Rico Sugar, common (guar.)._
July I Holders of rec. June 120
4
Common (extra)
July 1 Holders of rec. June 120
2
Preferred (guar.)
July 1 Holders of rec. June 15
3
South West Pa. Pipe Lines (quar.)
lg June 15 Holders of rec. May 31
Standard Gas & Elec., pref. (guar.)
Standard 011 Cloth, Inc., pref. A (quar.). 154 July 1 June 16 to June 30
13( July 1 June 16 to June 30
Preferred B (quar.)
Standard Oil (California)(quar.)(No.20) 234 June 15 Holders of rec. May 20
June 15 May 29 to June 15
3
Standard Oil (Kansas)(quar.)
July 1 June 16 to July 1
4
Standard Oil (Kentucky) (quar.)
June 20 Holders of rec. May 20
(Nebraska)
10
Standard
June 15 Holders of rec. May 210
5
Standard 011 of N. J. (quar.)
June 15 Holders of rec. May 280
2
Standard 011 of N. Y.(quar.)
July 1 June 5 to June 23
3
Standard 011 (Ohio) (quar.)
July 1 June 5 to June 23
3
Extra
114 July 1 Holders of rec. June 21a
Subway &caw (guar.)
July 1 Holders of rec. June 10
Swift & Co.(quar.)(No. 115)
Texas Company (guar.)
234 June 30 Holders of rec. June 11
134 June 30 June 20 to June 30
Texas & Pacific Coal (guar.)
July 1 Holders of roe. June 19
4
Thompson-Starrett Co., common
Tonopah Belmont Development (quar.)- 1234 July 1 June 16 to June 21
5 July 1 June 11 to June 20
Tonopah Extension Mining (quar.)
5
July 1 June 11 to June 20
Extra
July 1 Holders of rec. June 150
Underwood Typewriter, common (quar.) 1
131 July I Holders of ree/ June 18a
Preferred (guar.)
July 1 Holders of rec. June 19
2
Union Carbide (guar.)
134 June 15 June 2 to June 15
Un. Cigar Stores of Am.Pt.(qu.)(No.11)
134 June 30 June 16 to
June 30
U. S. Gypsum, pref. (quar.)
June 30 Holders of rec. June lla
$1
Utah Copper Co. (guar.)(No. 28)
July I Holders of rec. June 120
3
Weyman-Bruton Co.. common (guar.)
134 July 1 Holders of rec. June 120
Preferred (guar.)
234 June 15 Holders of rec. June 7
Woman's Hotel
134 July 1 Holders of rec. June 100
Woolworth (F'. W.) Co., pref. (quar.)
7 . June 30 June 9 to June 12
Yukon Gold Co. (guar.)
154
134
134
134
131
154
134
1)-
134
134
134
00
154
a Transfer books not closed for this dividend. b Leer British Income tax. d Correction. e Payable in stock. !Payable In common stock. g Payable in
h On account of accumulated dividends. I April dividend on common stock not to
be paid. I Payable in preferred stock of the Atlas Powder Co. m Stock distrin 'Transfers
bution in the proportion of one share for each nine shares held.
received in order in London on or before June 16 will be in time to be passed for
payment of dividend to transferees.
1892
(VoL. 100.
THE CHRONICLE
Imports and Exports for the Week.-The following are and since Jan. 1 1915. and for the corresponding periods in
the imports at New York for the week ending May 29; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AD IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
Imports.
Exports.
For week
1915.
Dry goods
General merchandise
I
$1,725,429
14,941,607
Total
1914.
1913.
$2,823,329
16,833,517
$1,702,675
13,233,847
1912.
$1,910,208
16,338,660
316.667,036 $19,656,896 314,936,522 $18,248.868
Since Jan. 1.
Dry goods
General merchandise
551,909,025 377,896,294 $61,190,850 $58,326,818
446,7/1,530 355,318,927 347,235,125 359,229,989
Total 21 weeks
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$498,680,555 $433,215,221 $408,425,975 $417,556,802
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 29 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
I
1915.
1914.
I
1913.
1912.
For the week
Previously reported
$26,457,310 $16,117,478 $13,276,969 $12,367,037
, 520,282,175 384,566,384 386,103,090 333,358,849
Total 21 weeks
'$546,739,485 $400,983,862 5399,385,059 $396,725,936
Since
Jan. 1.
Gold.
$131,820 $3,720,978
694,350
50.000
Week.
Since
Jan. 1.
82,500,000
$1,945,958
9,519,314
500
88,782
87,652
873,980
1,092,460
2,835.021
4,287,199
5131,820 $4,465,328 32,676,934 $20,558,432
142,953 4,128,410
9.121,950 31,610,697
286,141 7,388,138
100 59,767,290
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
Franco
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
$9,813
2,597
$402,188 $15,306,132
2,050 1,269,550
120,698
805,184
3,700
42,354
4,410
8524,936 517,931,330
1,031,028 17,257,055
883.125 22.130.016
813,583
13,130
76,592
66,789
330,303
1,178,141
532,581
8103,305 $2,120,224
422,946 4,387,960
132.342 4.089.269
Of the above imports for the week in 1915, $2,507,000
The following table shows the exports and imports of
specie at the port of New York for the week ending May 29, were American gold coin and $____ American silver coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on May 29.
A gain of about $300,000 in the aggregate gold reserves of the Federal Reserve banks and a decrease of 4.4 million dollars in their total cash reserves
is indicated by the weekly statement of the condition of each of the Federal Reserve banks and the consolidated statement for the system as a whole
as at the close of business May 28 1915. New York, Minneapolis and San Francisco show the largest gains in their gold holdings, while Dallas, Boston, Kansas City and St. Louis report the largest net withdrawals of gold for the week. Of the total gold reserves $23,426,000 is held in the gold settlement fund, all the banks reporting credits therein in excess of the required one million dollar minimum.
A loss of about 0.7 million dollars is shown for the total of loans and discounts, including acceptances, held by the banks. The amount of discounts
proper shows a net gain for the week of about 8100,000, the three Southern banks each reporting substantial increases in the amounts of rediscounted
er
class ofr
rIgeagretgea amount
yymer
'
acactigit
ime; h
ee
flf&b
e ythe banks is 9.2 million dollars, thht?dhiri
)
ildiggshof
showingZ4.?•eepa:gcl.
d constituting
3f
forilns
and
paped
$3 172emntire
oloefaa
m
eo
ee
up
nteo
efeee,ue
commercial
the
heerr.banks
th
yepoevp
60-de
,
70while
at the end of the previous week. New York reports
Narsicaacc
oo$11 i
$ilagg,080
show each less than one million dollars. About 38% of the total amount of commercial paper held was 30-day paper anAd23,06'6.60
amount of agricultural and live-stock paper maturing after 90 days, held mainly by the three Southern banks, shows a further increase to 3.3 million
dollars, constituting now about 10% of the entire amount of all the paper held by the banks.
Additional investments of $125,000 in United States bonds are reported from Cleveland and Chicago, bringing up the total of United States bonds
held by the banks to $6,947,000. Other investments in municipal and kindred short-term securities show a total of slightly over 23 million dollars, an
increase of about 0.6 million dollars, all banks with the exception of the Southern banks reporting fresh purchases for the week.
Net deposits decreased about 3 million dollars, New York, St. Louis and Chicago reporting the largest net withdrawals. The item "Other liabilities"
a composed chiefly of amounts held to the credit of other Federal Reserve banks on account of investments. Federal Reserve agents report a total
of $67,156,000 of Federal Reserve notes outstanding, composed of the following amounts issued to the several banks: Boston. $2,320,000; New York,
$31,840,000; Philadelphia, $1,640,000; Cleveland, $2,900,000; Richmond, $7,2400,000; Atlanta, $4,950,000; Chicago, $4,380,000; St. Louis, $626,000:
Minneapolis, $2,660,000; Kansas City, $2,600,000; Dallas. $4,000,000, and San Francisco, $2,040,000. The total outstanding is secured to the extent
of almost 82% by the deposit of gold with the agents. The banks report $9,309,000 of notes on hand. The net liability on account of outstanding
circulation is stated as $10,921,000.
The figures of the consolidated statement for the system as a whole are given below and in addition we present the
results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we show also the
separate figures for each of the twelve Federal Reserve banks.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF TEE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS MAY 28 1915.
RESOURCES.
May28 1915. May 21 1915, May 14 1915.MaY 71915. APr.30 1915. Apr.23 1915. Apr.16 1915. April9 1915. April 1-2'15.
Gold coin and certificates
$243,640,000 $243,376,000 $291,063,000 5244,034,000 5238,228.000 3238.710,000 $237,206,000 5239,540,000 5239,176,000
Legal-tender-notes, silver certificates and
29,360,000 30,018,000 25,627,000
29,184,000
36,832,000 36,561,000
subsidiary coin
31,939,000
34,021,000
26.518,000
3275,629.000 5280,208,000 5277,624,600 $278.055,000 $264,746.000 $267,894,000 $266,566,000 $269,558,000 $264,803,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
812,907,000 *313,809,000 314,706,000
12,423,000 *12,364,000
12,649,000
*8,453,000
8,621,000
7,380,000
15,513,000
12,334,000
7,593,000
16.738,000
12.058,000
7,790,000
15,676,000
12,225,000
8,577,000
13,868,000
14.224,000
7.823,000
11,798.000
14,584,000
8,869,000
10,075.000
15,244,000
8,359,000
Total
$33,951,000 $34,626,000 $39,735,000 835,440,000 $36,586,000 $36,478,000 535.915,000 $35,251,000 $33,678,000
23,303,000 22,751,000 22,299,000
Investments
30,041,000 29,342,000
28,721,000
24,628,000
28,284,000 25,469,000
5,659,000 10,289,000
5,315,000
6,650,000
Due from Fed. Res. banks: Items in transit_
8,254,600
7,435,000
13.215.000
10,139.000
9.968,000
7,482,000
8,605,000
11,648,000
10,080,000
All other resources
13,191,000
11,971,000
9,175,000
9,437,000
11,334,000
$360,247,000 $362,474,000 $366,266,000 $361,093,000 5347,603,000 5346,691,000 5311,179.000 8340,701,000 8339,674,000
LIABILITIES
Capital paid in
$54,158,000 $54,135,000 354,023,000 $53,487,000 539,659,000 536,727.000 836,207,000 $36,165,000 $36,123,000
Reserve deposits
292,050,000 295,038,000 295,523,000
293,316,000 294,832,000 297,210.000 294,154,000 294,042,000 293.954,000
Federal Reserve notes in circulation (net
al0,921,000 al0,859,000 all.224,000 811,197,000 all.038,000 al0,889,000 al0,767,000 al0,449,000 a9,597,000
liability)
3,118,Q00
2,442,000
51,000
45,000
All other liabilities
5,496,000
3,093,000
1,865,000
2,064,000
Total resources
Total liabilities
$360,247,000 5302,474,000 $366,266,000 5361.093,000 8347,603,000 5346,691,000 5341,179,000 3340,701.000 5339,674,000
82.4%
81.3%
82.1%
81.6%
Gold reserve against net liabllitles_b
79.2%
80.1%
80.4%
82.9%
79.6%
90.3%
Cash reserve against net liabilities_b
94.6%
90.2%
93.3%
93.7%
89.3%
89.0%
94.5%
89.3%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
92.0%
95.3%
95.6%
92.0%
cireulation_b
96.8%
91.2%
91.2%
90.8%
96.6%
May21 1915. May 14 1915.May 7 1915. Apr.30 1915. Apr.23 1915. Apr.16 1915. April 9 1915. A pri11-2'15.
(a) Federal Reserve notes: Gross liability-- Alm,28 1915. 561,950,000 559,829,000 855,042.000 *53,353,000 850,074,000 548,961,000 544,828.000 343,376,000
Deduct: Gold and lawful money in hands $65,612,000
of Federal Reserve Agents for re54,691,000
37,694.000 34,379,000 33,779,000
tirement of outstanding notes
51,091,000 48.605,000 - 43,845,000
39,185.000
42,315,000
Net liability of Reserve Banks upon
outstanding notes
$10,921,000 $10,859,000 $11,224,000 511,197.000 311,038,000 $10,889,000 $10,767,000 $10,449,000 59,597,000
(b) After deduction of Items in transit between Federal Reserve Banks, viz
$7,435,000 $6,650,000 $13,215,000 $10,139,000
39,463,000 $3,254,000
$5,315,000 $5.059.000 $10,289,000
* Corrected figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 28 1915.
Boston.
New York.
Phila.
Cleveland. Richmond. Atlanta.
Chicago. I Si. Louis. Minneap. Kan.City. Dallas.
San Fran.
$
3
$
RESOURCES.
$
$
$
$
$
$
$
s
I
$
Gold coin and certificates
14,112,000 103,464,000 18,832,000 17,169,000 7,392,000 5,707,000 35,218,000, 9,093,000 8,541,000 9,180,000 5,989,000 8,943,000
Legal-tender notes, silver certifi6,000
457,000
9,000
cates and subsidiary coin...-. 1,113,000 21,223,000 3,112,000
242,000 3,148.000, 1,241,000
576,000
767,000
95,000
Total
15,225,000 124,687,000 21,944,000 17,936,000 7,487,000 5,999,000 38,360,000 10,334,000 8,591,000 9,637,000 0,565,000 8,952,000
Bills discounted and loans
766,000 1,257,000 6,148,000 2,840,000
2,227,000 3,597,000 1,495,000 1,024,000 7,412,000 4,469,000 1,649,000 1,087,000
2,080,000
Investments
6,856,000: 1,019,000 1,714,000 1,086,000
2,338,000 9,595,000 2,703,000 2,699,000
1,000
12,000
Due from other F.R. bks.-net. 2,383,000
103,000 2,062,000 1,484,000
1,014,000 1,158,000
128,000 866,000
238,000
299,600
All other resources
463,000 2,608,000, 2,847,003
71,000
366.000
53.000 1,473,000
• 950,000 3,407,000
416,000
Total resources
23,123,000 141,286,000 26,441,000 23,039,000 16,129,000 10,984,000 51,541,000 16,751,000 11,277,000 12,346,000 12,894,00016,211,000
LIABILITIES.
I
Reserve deposits
18,013,000 127,474,000 19,829,000 17,062,000 8,106,000 5,662,000 44,933,000 13,963,000 8,804,000 9,128,000 6,702,000 12,279,000
Due to other F. R. bks.-net_
385,000
1,156,000
234,000
Federal Reserve notes in circulation-net amount
4,596,000 2,877,000
193,000 3.255,000
Capital paid in
4,805,000 9,f62,000 6,227,000 5,977,600 3,356,000 2,410,000 6.608,0001 2,788,000 2,383,000 2,791,000 2,919,000 3,932,000
18,000
All other liabilities
300,000 2,699,000
71,000
35,000
I
Total liabilities
23 123 non 141 256 000 26 A41.000 23.030.00(1 18120A100 ln 654 nnn 81 641 nnn 16 781 nn0 11 277 nnn 12 348 nnn 12.394.00016.211.000
Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending May 29. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are
also given. In order to furnish a comparison we have inserted the totals of actual condition for each of the three groups,
and also the grand aggregates, for the four preceding weeks.
1893
THE CHRONICLE
JUNE 5 1915.1
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARINGS HOUSE
Capital.
MEMBERS.
Week Ending
May 29 1915
(00s omitted.)
Net
Profits.
{Nat.Banks May 11
StateBks.Meh.19
Loans.
Discounts,
Insesim'is,
dec.
Gold.
Legal
Tenders.
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[not
[reserve
Notes
Silver. for State counted
[not
as
Institureserve], reserve].
lions].
Reserve Excess
due from
with
Reserve
Legal
Depost- Depositales.
tales.
Net
Demand
Deposits
National
Bank
Net
CirculaTime
Deposits. lion.
Average. Average. Average. Average. Average.
$
Average. Average. Average. Average. Average. Average. Average.
$
$
S
S
$
$
$
$
800,0
$
$
$
25,080,0 1,242,0
$
$
1,998,0
4,0
613,0
759,0
1,943,0
28,704,0 1,843,0
22,972 0
2,000,0 4,669,5
1,693,0
44,0
15,0
238,0 1,315,0
5,000,0
24,462,0 1,218,0
4,909,0
94,647,0
2,000,0 2,173,2
6,792,0
50,0
102,0
92,389,0 7,991,0 4,998,0 0,952,0
318,249,0 1,370,0 3,463,0
6,000,0 9,251,3
697,0 28,198,0
466,0
449,0
175,0
25,000,0 35,449,5 239,139,0 90,963,0 21,558,0 6,655,0
28,703,0
2,343,0
47,0
496,0
29,595,0 2,388,0 1,231,0 4,610,0
60,0
9,337,0
3,000,0 7,945,7
780,0
19,0
322,0
158,0
382,0
50.0
9,921,0
103,0
793,4
1,000,0
1,889,0
153,0
10,0
185,0
40,0
52,0
1,939,0
72,9
300,0
64,494,0 2,038,0 4.228.0
23,0 5,776,0
169,6
67,755,0 2,730,0 1,811,0 2,122,0
3,887,0
125,0
5,000,0 4,813,1
151,309,0
28,0 12,009,0
272,0
546,0 1,199,0
25,000,0 17,618,4 107,676,0 12,325,0 3.005,0 2,435,0
26,176,0
53,0 2,174,0
87,0
932,0
363,0
26,713,0 1,225,0
305,0
2,250,0 1,412,3
101,889,0
50,0 7,628,0
23,0
91,211.0 16,477,0 1,260,0 3,783,0
1,648,0
1,346,0
3,000,0 15,298,7
20.826,0
41,0 1,801,0
95,0
212,0 1,197,0
24,283,0 1,099,0
115.0
2,550,0 2,485,1
8,820,0
878,0
2,0
101,0
634,0
755,0
818,0
8,706,6
50,0
1,000,0 1,989,5
25,229,0
1,001,0
118,0
525,0
29,240,0 1,691,0 1,006,0
3,580,0
357,0
1,500,0 7,127,C
105,848,0
8,659,0
263,0
50,0
5,000,0 15,339,0 106,266,0 7,806,0 2,913,0 4,252,0
2,150,0
174,0
8,0
160,0
41,0
87,0
1,880,0
685,0
59,5
250.0
12,025,0
42,0 1,007,0
60,0
493,0
233,0
739,0
15,802,0
5,077,0
3,145,5
125,0
1,000,0
128.928,0
5,0 9,774,0
78,0
463,0 1,926,0
740,0
82,0
10,000,0 22,624,4 126,272,0 27,443,0
53,950,0
204,0 3,970,0
17,0
803,0 2,441,0
200,0
48,832,0 6,394,0
9,414,0 4,000,0 3,784,1
665,0
9,0
160,0
517,0
135,0
426,0
450,0
9,680,0
776,0
1,468,7
500,0
144,692,0
10,506,0
143,0
223,0
2,931,0
890,0
31,0
14,962,0
5,000,0 9,000,3 131,309,0 11,825,0 3,590,0
1,089,0
5,0
105,0
599,0
598,0
350,0
849,0
15,352,0
8,640,0
1,000,0 1,875,8
726,0
9,0
91,0
769,0
326,0
613,0
250,0
8,629,0
41,0
4,697,0
1.000,0 1,245,7
337,0
10,0
303,0
103.0
154,0
405,0
4,391,0
405,4
32,459,0
250.0
2,961,0
21,0
80,0
2,343,0
1,183,0
500,0
2,991,0
26,575,0
1,611,0
32,491,0
2,820,1
1,000,0
6,0 2,514,0
13,0
398,0
30,980,0 2,237,0 1,022,0 1,976,0
7,428,0
1,000,0 2,925,4
521,0
2,0
29,0
263,0
124,0
763,0
400,0
69,0
7,310,0
10,358,0
606,0
1,000,0
727,0
14,0
845,0
151,0
298,0
267.0
6,0
10,762,0
994,4
7,878,0
1.000,0
546,0
57,0
403,0
95,0
407,0
8,433,0
1,000,0 1,118,2
37,880.0
15,012,0
1,476,015,0
2,736,0 1,434,0 118,300,0
1,394,302,0 204,234,0 49,222,0 52,501,0
Totals.avge.for week 112,600,0 179.770,1
37,857,0
2.351,0 1,487,0 117,430,0 ------1,481,996,0 14,809.0
49,397,0 53.149,0
204,364,0
1,400,861,0
1,468,258,0 14,970,0 37,971,0
29
May
condition
Totals, actual
2,425,0 1,464,0 118,691,0
1,389,129,0 201,902,0 50,948,0 50,423,0
1,468,734,0 13,855,0 37,938,0
117.934,0
1,389,0
Totals, actual condition May 22
2,182,0
50,501,0
50,345,0
1,391,809,0 198,962,0
1,458,776,0 13,264,0 37,866.0
Totals, actual condition May 15
2,010,0 1.298,0 119,550,0
1,390,877,0 182.761,0 45,550,0 58,847.0
1,494,322,0 11,706,0 37,863.0
994,0 121,334,0
Totals, actual conditio n May 8
2,155,0
1,400,649,0 188,165,0 55,431,0 62,035,0
Totals, actual condition May 1
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A31erchants' Nat. BankBlech.& Metals Nat.gational City Bank__
Dhemical Nat. Bank ___
derchants' Exch. Nat_
gat. Butchers'& Drov_
kmer. Exch. Nat. Bank
gational Bank of ComDhatham & Phenix Nat.
Elanover National Bank
Ditizens' Central Nat.._
11arket & Fulton Nat__
[mporters'& Traders'__
Jational Park Bank__
4j.'ast River Nat.Bank_
3econd National Bank_
first National Bank__
Awing National Bank_
4'. Y. County Nat. Bk_
3hase National Bank__
',Imola National Bank_
3arfield National Bank
fifth National Bank__
3eaboard NationalBank
Liberty National Bank_
Doal & Iron Nat. Bank_
[Tilton Exchange Nat__
lassau Nat. Brooklyn
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Colank of America
lreenwich Bank
'acific Bank
'eople's Bank
detropolitan Bank__
Dorn Exchange Bank-3owery Bank
3erman-American Bank
fifth Avenue Bank_ ___
3erman Exchange Bank
3ermania Bank
3ank of Metropolis_-- _
Vest Side Bank
J. Y. Produce Each__
;tate Bank
kicurity Bank
2,050,0
1,500,0
500,0
500.0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,000,0
4,882,4
6,194,1
1,162,3
995,3
453,9
1,894,2
7,225,4
765.1
691.1
2.296,2
812,9
1,012,7
2,137,0
698,8
929,4
472,4
301,3
Totals,avge.for week_ 16,450,0 32,924,5
34,200,0 8,450,0
29,446,0 3,050,0
10,171,0 1,071,0
5,011,0 ' 288,0
147,0
1,951,0
865,0
11,970,0
69,897,0 9,747,0
295,0
3,503,0
617,0
4,262,0
13,813,0 1,821,0
500,0
3,675.0
549,0
5,675,0
12,930,0 1,634,0
4,336,0 • 317,0
10,857,0 2,147,0
18,429,0 1,115,0
649,0
10,697,0
3,685,0
1,515,0
180,0
748,0
44,0
039,0
2,797,0
20,0
168,0
598,0
112,0
65,0
589,0
199,0
780,0
556,0
107,0
.. ,045,200,0
134
27,489,0
67,0
10,961,0
483,0
331,0
4,767,0
190,0
2,478,0
343,0
149,0
1,0
6,0
10,136,0
5,0
60,0
82,444,0
4,000,0
1,414,0
3,156,0
135,0
189,0
57,0
4,269,0
200,0
13,0
14,672,0
83,0
3,664,0
874,0
220,0
72,0
5,541,0
244,0
90,0
13,186,0
203,0
4,357,0
213,0
26,0
12,561,0
119,0
20,176,0
150,0
1,200,0
557,0
9,854,0
591,0 1,692,0
165,0
5,060,0
1,197,0
515,0
83,0
151,0
637,0
4,270,0
59,0
86,0
1,047,0
178,0
131,0
1,046,0
110,0
507,0
556,0
319,0
14,0
14,0
3,201,0
6,0
7,489,0 3,194,0
274,911,0
3,311,0
3,429,0
3,563,0
3,718,0
3,413,0
3,472,0
=--
4,0
6,0
2,0
3,0
2,0
3,038,0
3,305,0
2,494,0
2,111,0
2,936,0
--
277,781,0
272,940,0
272,700,0
275,716,0
274,139,0
3,307,0
3,315.0
3,315,0
3,317,0
3,300,0
141,0
18,0
136,0
103.0
250,0
512,0
30,0
42,0
288,0
243,0
8,0
97,0
47,0
239,0
339,0
27,0
3,0
1,031,0 2,383,0
6,596,0 10,254,0
1,616,0 11,268,0
873,0 1.456,0
1,055,0 5,897,0
4.582,0 18,917,0
338,0
360,0
985,0
682,0
2,220,0 4,948,0
847,0 1,855,0
1,569,0 6.297,0
591,0 1,249,0
469,0 1,154,0
446,0
1,580,0
779,0 2,340,0
20,636,0
131,922,0
32.324,0
17,670,0
21,108,0
186,809,0
7,215,0
13,650,0
44,407,0
16,963,0
31,319,0
11,817,0
9,387,0
31,597,0
15,580,0
5,627,0
27,853,0
12,105,0
5,123,0
715,0
28,187,0
74,0
524,0
15,649,0
878,0
5,373,0
4,616,0
1,044,0
4,934,0
44,0
3,587,0
250,823.0 33.262.0 12.814.0 15,958,0
33,749,0 13,187,0 17,987,0
32,644,0 12,017,0 14,937,0
32,499,0 10,598,0 13,561,0
31,396,0 8,086,0 11,234,0
30,490,0 8,100,0 12,192,0
82,0
7,393,0
7,631,0
7,303,0
7,179,0
7,456,0
---
Totals, actual condition May 29
Totals, actual conditi. n May 22
Totals, actual condition May 15
Totals, actual condition May 8
Totals, actual condition May 1
251,067,0
250,720,0
253,342,0
262,622,0
262,059,0
Trust Companies
Not Members of
Federal Reserve Bank.
3rooklyn Trust Co__-_ 1,500,0 3,361,0
10,000,0 12,816,4
3ankers' Trust Co
2,000,0 4,265,3
J.8. Mtg dz Trust Co
1,250,0 1,107,9
Lstor Trust Co
['Me Guar.& Trust Co_ 5,000,0 11,605,6
10,000,0 22,727,8
lusranty Trust Co
1,000,0 1,304,2
Pidelity Trust Co
Awyers' Title & Trust_ 4,000,0 5,067,7
Dolumbia Trust Co____ 2,000,0 7,311,1
1,000,0 1,419,5
'eople's Trust Co
Jew York Trust Co___ 3,000,0 11,618,1
1,000,0 1.090,9
rranklin Trust Co
526,6
1,000,0
Ancoln Trust Co
detropolitan Trust Co- 2,000,0 6,103,4
894,6
1,500,0
Broadway Trust Co
27,917,0 1,349,0
158,450,0 13,147,0
45,860,0 2,758,0
22,752,0 1,475,0
37,097,0 1,809,0
250,448,0 18,454,0
469,0
8,539,0
21,289,0 1,119,0
62,707,0 3,357,0
17,895,0 1,134,0
46,497,0 3,036,0
795,0
16,678,0
605,0
10,571,0
40,410,0 2,192,0
15,244,0 1,125,0
183,0
10,0
45,0
8,0
123,0
1,665,0
124,0
148,0
115,0
101,0
142,0
275,0
30,0
131,0
82,0
402,0
101,0
313,0
134,0
169.0
2,818,0
111,0
77,0
655,0
302,0
55,0
145,0
294,0
224,0
532,0
782,220,0 52,824,0
3,182,0
6,332,0
2,496,0
214,0 24,850,0 69,782,0
592,404,0 112,746,0
Totals, avge.for week_ 46,250,0 91,220,1
5,011:0
5,420,0
7,595,0
4,067,0
6,551.0
2,471,6
2,376,0
2,476,0
2,375,0
2,341,0
193,0
236,0
235,0
220,0
176,0
27,905,0 75,529,0
26,204,060,883,0
24,359,0 62,659,0
20,355,0 61,451,0
22,782,0 61,466,0
597,875,0 114,429,0
589,142,0 113,493,0
597,506,0 116,421,0
610,636,0 115,666,0
579,869,0 112,319,0
2,427,345,0 290,320,0 65,218,0 74,7-9170
Irand Aggregate, avg.,. 175,300,0 303,914,7 +6,316,0 +2,783,0 +588,0 +4,663,0
,omparison prey. week
2,437,358,0 291,058,0 64,681,0 76,-1.47,0
;rand Aggregate,actual condition May 29_ +19,334,0 +3,073,0-1,398,0 +5,367,0
3omparison prey. week
2,418,024,0 287,385,0 66,0/970 70,780,0
brand Aggregate actual condition .1-Cfay 22_
65,467,0 71,657,0
brand Aggregate,actuai condition May 15- 2,428,635,0 284,104,0
273,500,0 66,341,0 74.148,0
brand Aggregate.actual condition May 8 2,445,430,0 269,729,0 68,127.0 80,828,0
2.430,593,0
1
May
condition
brand Aggregate,actual
65,924,0 81,991,0
;rand Aggergate,actual condition April 24- 2,400,089,0 263.217,0
77,665,0
irand Aggregate.actual condition April 17_ 2,389,800,0 254,273.0 66,622.0
6,083,0
+139,0
2,736,0
+333,0
5,900,0
-39,0
2,351,0
-74,0
5,939,0
(3,194,0
5,788,0
5,813,0
6,034,0
6,229,0
131,778,0
2,42570 1,706,0 152,586,0 64,168,0 27329,890,0 133,591,0
2,182,0 1,826,0 149,596,0 65,153,0 2,338,940,0 132,247,0
2.010,0 1,521.0 147,084,0 63,562.0 2,345,128,0
2,155,0 1.172,0 151,572,0 64,402,0 2,348,330,0 127,325,0
2,478,0 1,406,0 153,121,0 57,663,0 2.308,536,0 123.721,0
2.415,0 1,428,0 150,194,0 52,712,0 2,295,710,0 121,212.0
Totals, actual condition May 29
Totals, actual condition May 22
Totals, actual condition May 15
Totals, actual condition May 8
Totals, actual condition May 1
•
785,430,0
778,175,0
783,484,0
791,931,0
767,885,0
52,945,0 2,097,0
52,779,0 3,119,0
52,643,0 4,524,0
59,343,0 12,705,0
51,074,0 4,596,0
13,0
5,0
52,0
26,0
62,0
2,0
16,0
8,0
1,65470 150,67970 72,976,0 2734570:15 131,069,0 37,880,0
-63,0
+51,0 -2,301,0 +101370 +12,272,0-1,711,0
1,684,0 152,728,0 78,567,0 2,357,652,0 132,545,0 37,857,0
-22,0 +142,0 +143990 +27,762,0 +767.0 -114,0
37,971,0
37.938.0
37,886.0
37,863.0
37,798.0
37,646.0
STATEMENTS OF RESERVE POSITION
Actual Figures.
Averages.
Cash Reserve! Reserve in
in Vault. Depositaries
Total
Reserve.
,Reserve
'
Required.
Surplus
Reserve.
Inc. or Dec.
Cash Reserve' Reserve in
from
Previous Week. in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeut.
$
$
$
$
$
$
$
$
$
$
$
-148,790
$
267,499.730 156,840,27
Members Federal
157,823,700 +1,819,870 306,910,000 117,430,000424,340,000
+4,000,620
Reserve Bank__ 305,957,000 118,300,000424,257,000266,433,300 23,626,020 +3,148.940 68,352,000 7,393,000 75,745,000 50,000,58 25,744,42
-833,950
65,621,000 7,489,000 73,110,000 49,483,9801
747,75
State Banks
823,400 -1,230,600 62,524,000 27,9O5,O0t 90,429,000 89,681,250
Trust Companies_ 64,834,000 24,850,000 89,684,030 88,860,000
+3,017.880
407,181,560 183,332,44
590,514,000
152,728,000
437,783,000
3,738,210
+
2,273,120
+7.073.330
402,454,440 180,314,56
Total May 29._ 436,412,030150,639,000587,051,000404,777,880,18
'178,534,910 +9,835,540 430,183,000 152,586,003582,709,000
+10897390
403,776.770 173,241,23
Total May 22- 428,239,000 152,940,000581,179,000402,644,090
1168,899,370 +9,700,42 427,422,000 149,596,000577,018,000,404,467,160162,393,84
-7,786,530
Total May 15_ 423,327,000 180,614,000 573.941,000405,041,630
566,861,000
147,084,000
419,777.0u0
-11,079.61
9,198,950
I
854.500
170.180,37
405.888.630
Total May 8.,. 418,798,000146,244,000,565,042,000405,843,050115
576,069.000
0 +1,914,92 424,497,000 151,572,000
+12977050
, 3 ,87
Total May 1... 421,753,000 150,382,000,572,135,000401,856,440170,278,56
153,121,000 570,287,000 9, 52,130
398,826,3601168,343,640 + 1222823 417,166,000 150,194,000
0158,057,82
+9,842.880
,396,925,18
554,983,000
Total Apr 24.. 413.532.000 153,658,000,567,190,0000396,999,89
404,789,000
0
+9,794,030
0158,135,41
Total Apr 17 402,328,000150,807,000,553,135.00
Members of the Federal Reserve Banke
--the case of State Banks and Trust Companies, but in the case of
May 8, $665,900;
4, This is the reserve required on Net Demand Deposits in
as follows: May 29, $750,600; May 22, $714,050; May 15, $694,100:
was
which
it-includes also the amount of reserve required on Net Time Deposits,
Reserve Banks
Federal
24,
$563.250.
the
April
of
8581,600;
members
of
May 1,
the case of State Banks and Trust Companies, but In the case
15, $092,750: May 8, $663,200
is This is the reserve required on Net Demand Deposits in
which was as follows: May 23, $740,450; May 22, 3748,500: May
it includes also the amount of reserve required on Net Time Deposits,
May 1, $585,300: April 24,8567,850.
1894
THE CHRONICLE
[VOL. no.
The State Banking Department reports weekly figures
In addition to the returns of "State banks and tru s Imoo
showing the condition of State banks and trust companies
In New York City not in the Clearing House, and these are panics in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
in the whole State. The figures are compiled so as to distin(Figures Furnished by State Banking Department).
Differences from guish between the results for New York City (Greater New
previous week.
May 29.
Loans and investments
$574,744,500 Inc. $624,000 York)and those for the rest of the State, as per the following:
Gold
49,281,300 Inc.
971,600
For definitions and rules under which the various items
Currency and bank notes
9,432,900 Inc.
255,500
Total deposits
720,732,000 Inc. 14,048,230 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in New York City, and exchanges
591,931,300 Inc.
123,500
Rererve on deposits
193,179,100 Inc. 14,901,300 ments of State banking institutions were published in the
Percentage of reserve, 32.8%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVES.
tions relating to calculating the amount of deposits and what
-State Banks
-Trust Companies
Cash in vaults
$11,098,800 11.41%
547,615,400 9.72% deductions are permitted in the computation of the reserves
Deposits in banks and trust cos.._ 15,971,500 16.41%
118,493,400 24.18%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$27,070,300 27.82%
$166.108.800 33.90%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
State Banks
Trust Cos.
State Banks
Trust Cos.
Week ended May 29
in
and trust companies in Greater New York City outside of the
in
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater
Clearing House, compare as follows for a series of weeks past:
N. F.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week ended- Loans and
Investments
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
April 17
April 24
May 1
May 8
May 15
May 22
May 29
2.880.964.8
2.906,083,5
2,936,439,9
2,950,066,4
2,947,856,9
2,958,987,6
2,957,733,9
2,964,217,1
2,980,795,0
3,031,859,4
3,016,636,4
2,995,149,5
3,002,089,5
Demand
Deposits.
2.769,539,0
2,784,801,1
2,817,407,0
2,842,697,0
2,858,795,0
2,882,696,4
2,878,945,3
2,892,967,4
2.910,769,9
2,939,123,1
3,056,351,5
2,922,865,8
2.935,261,3
Specie.
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposits.
339,957,2 81,487,2 421,444.4 653,529,0
340,782,2 81,637,1 422,419,3 653,476,3
346,796,5 82,055,5 428,852,0 668,754,7
357,716.5 81,894,4 439,010,9 685,862,5
388,273,7 81,932,8 448,206,5 701.154,9
061,957,8 81,300,6 443,258,4 699,849,2
374,735,5 81,987,1 456,722,6 714,227,1
386,489,7 81,435,8 467,925,5 736,189.5
393,929,8 82,375,9 476,305,7 748,168,0
392,353,7 81,518,8 473,872,5 744,168,6
397,482,5 81,472,6 478,955,1 754,995,4
405,974,7 79,753,2 485,725,9 759,456,8
414,392,3 80,733,9 495,128,2 780,230,1
Capital as ot Dec. 24__ _
24,550,000
$
67,300,000
10,913,000
13,100,000
Surplus as of Dec.
39,269,500
151,327,000
13,749,700
11,225,000
Loans and investments__
Change from last week_
330,988,900 1,248.895,800
-1,296,200 +4,921.300
134,955,100
-613,000
198,027,900
-1-217,100
Gold
Change from last week _
47,522,400
+1,374,400
96,996,300
+751,600
Currency and bank notes.
Change from last week_
29,195,300
+2,388,400
15,492,100
+1,144,800
Deposits
Change from last week_
433,542,303 1,464,512,200
-266,800 +26,760,500
141,332,800
-1,137,800
203,789;300
-354,100
Reserve on deposit
Change from last Week.
111,705,600 332,574,000
+4,071,800 +22,528,800
23,978,700
-394,700
25,521,000
-266,900
29.1%
27.8%
19.4%
19.8%
15.3%
15.3%
_
P. C. reserve to deposits_
Percentage last week
30.9%
30.2%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing
nonmember institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
May 29 1915.
Members of
Fedi Reserve Bank
Battery Park Nat_ _ _
First Nat., Brooklyn
National Clty,Bklyn
First Nat., Jers.City
Hudson Co. N.J.C.
First Nat.,Hoboken
Second Nat.,11obok
Total
Net
Capital. 1 Profits.
Loans,
Discounts,
!Nat. banks May 1} Invest'State banks Mar.19 ments, cte.
.
369,500 1,867,000
467,200 8,260,000
767,300 7,356.000
848,900 6,553,000
184,100 1,293,000
472,700 4,941,000
268,600 3,373,000
509,600 5,575,000
792,000 17,110,000
180,400 2,984,000
97,000
431,000
351.000
417,000
99,000
709,000
177,000
366,000
782,000
197,000
3,900,000 4,660,300 59,312,000 3,626,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust,BkIn
Mechanics, Bayonne
Total
Grand aggregate-.
Comparison, prey.wk
Excess reserve,
Grand aggete May22
Grand aggrte Mity15
Grand aggr'te May 8
Grand aggete May 1
Grand austere Anr 24
Legal
Tenders.
Nat.Bank
Notes(Reserve for
Biker. State in..
stitutions]
Nat.Bank
NotesiNot
Counted
as
Reserve].
Resettle , Excess
Federal
Due from
Reserve
with
Reserve
Legal
Bank
DeposiNotes[Not Departtaries.
Reserve], tales.
Net
Demand
Deposits.
National
Net
Bank
Time
CtrcnDeposit.. Iwo,.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average,
$
$
$
5
$
$
$
/
$
$
$
$
9
$
200,000
143,300 2,275,000 126,000
72,000
58,000
2,191,000
14,000
250,000
85,000 193,000
300,000
673,800 4,606,000 123,000
29,000 103,000
229,000 4,160.000
527,000
12,000
3,000
293,000
300,000
639,900 5,101,000 153,000
58,000 127,000
05,030 5,048,000
17,000
10,000 817,000
119,000
400,000 1,271,200 4,682,000 215,000 311,000
77,000
483,000 2,330.000 4,029,000
39,000
395,000
250,000
810,600 3,895,000
98,000
11,000
56,000
437,000 2,792,000
85,000
335,000
3,000
194,000
220,000
660,300 5,334,000 101,000
39,000
58,000
645,000 2,035,000 2,677,000 217,000
12,000
2,000 339,000
125,000
299,500 4,108,000
68,000
38,000
81,000
317,000 2,018,000 1,812,000
242,000
4,000
99,000
1,795,000 4,498,600 30,001,000 884,000 558,000 558,000
183,000
18,000 2,793,000 4,053,000 22,323,000 4,574,000 1,510,000
-
State Banks
Mot Members of the
Federal Reserve Bank.
Bank of Wash.Hgts.
100,000
Century Bank
800,000
Colonial Bank
400,000
Columbia Bank
300,000
Fidelity Bank
200.000
Mutual Bank
200,000
New Netherland
200,000
Yorkville Bank
100,000
Mechanics', Bklyn_ 1,600,000
North Side, Bklyn_
200,000
Total
Gold.
500,000 1,031,900 6,753,000
200,000
269.700 3,736,000
481,000
90,000
700,000 1.301.600 10.489,000
571,000
8,000
82,000
165,000
53,000
9,000
49,000
33,000
80,000
107,000
44,000
58,000
157,000
443,000
268,000
30,000
129,000
147,000
206,000
586,000
114,000
18,000
247,000
71,000
98,000
8,000
49,000
58,000
87,000
304,000
35,000
630,000 2,138,000
975,000
15,000
34,000
22,000
63,000
49,000
50,000
220,000 1,416,000
85,000
416,000 1,092,000 6,035 000 1 678 000
384,000 7,820,000
409,000
753,000 6,876,000
413,000
215,000
776,000 200,000
59,000
295,000 1,202,000 4,918,000 435,000
146,000 3,387,000 117,000
1,000 202,000
141,000 5,939,000
358,000
1,057,000 1,277,000 17,614,000 812,000
312,000 3,195,000
192,000
1,000
11,000 3,544,000 5,742,000 58,876,000 3,243,000
--10,000
88,000
152,000
210,000
1,000 281,000 1,439,000 5,825,000 431,000
529,000 1,484,000 2,077,000
74,000
1,000 355,000 1.968,000 7,109,000 2,508,000
49,000
85,000
99,000
6,395.000 10.460.500 99,802,000 5,081,000 1,237,000 2,781,000 1,074,800 423,000
30,000 6,692,000 11,783,000
10325000 1,510,000
-369,000 +100000 +2.000 +72.000 -44,000 +117000 -16,000 -18,000 4-20,000 88,308,000
-460,000 -62,000 -3,000
5195,880 increase
6,395,000 10,460,500 100171,000 4,981,000 1,235,000
11,743,000
88,777,000
2,709.000 1.118,000 300,000
46,000 6,710,000
10387,000 1,513,000
6,395.000 10.430,400 100556 000 4,990,000 1,269,000 2,724,000
1,166,000 355,000
36,0006,553.000 11,767,000 89,138.000 10556000 1,513,000
6,395,000 10.430.400 100171000 4,894,000 1.318,0002,748.000 1,184,000 330,000
38,000 6,595,000 12,729.000 87.880.000 10561000 1,500,000
6,395,000 10,430,400 100388 000 4,789,000 1,419,000 2,668,000
1,208,000
293,000
31,000 8,689,000 12,247,000 88,861,000 10535000
6.395.000 10.430.400 100119000 4.711.000 1.518.000 2.730.000 1.158.000 439.000
31.000 6.506.000 11.924.000 88.503.000 10532000 1,518,000
1.514.001
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing
the totals for all the items in the Boston
We omit two ciphers (00)s In all these figures.
Clearing-House weekly statement for a series of weeks:
Mar. 20
Mar. 27
April 3
April 10
April 17
April 24
May 1
May 8
May 15
May 22
May 29
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus,
Loans.
$
103,884,3
103,684.3
103,684,3
103,684,3
103,884.3
103,684,3
103,684,3
103,884,3
103.884,3
103,684,3
103.684.3
$
411,220.0
412,354,0
412,391,0
412,658,0
415,715,0
415,382,0
415,165,0
418,730,0
416,427,0
415,156,0
416.346.0
Reserve.
$
91,266,0
90,718,0
91,301,0
94,820,0
97,287,0
96,336.0
97,582,0
90,449,0
101,515,0
101,259,0
93.161.0
Deposits. Cirettlaa
lion.
Clearing:
$
$
$
460,783,0 11,516,0 139.5380
450,791,0 11,423,0 133,978,(
469,854,0 11,298,0 159,383,1
468,217,0 11,307,0 156,014,1
479,352,0 11,308,0 159.154,1
473,611,0 11,300,0 153,594,E
475,730,0 11,298,0 152,073,1
481,346.0 11,284,0 165,832,9
483,191,0 11,279,0 147,838,1
479,948,0 11,258,0 155,284,E
473.784.0 11.278.0 140_771.5
a Includes Government deposits and the item "due to other
banks' (May 29
9132,280,000): also "Exchanges for Clearing House"(May 29, $14,185,000).
Due
from banks May 29, $52,781,000.
May 29'15
Change from
previous week.
May22'15. May 15 '15.
Circulation
80,091,000 Dec.
31,000 $9,092,000 59,091,000
Loans, disc'ts Se Investments. 251,382,000 Dec. 1,022,000 252,404,000
255,971,000
Individual deposits. incl. U.S 184,747,000 Inc.
461,000 184,286,003 180,811,000
Due to banks
87,422,000 Dee. 2,819,000 90,241,000 97,882,000
Time deposits
12,301,000 Inc.
24,000 12,277,000 12,332,000
Exchanges for Clearing House 12,175,000 Inc.
548,000 11,627,000 14,388,000
Due from other banks
25,803,000 Dec. 2,025,000 27,628,000 28,814,000
Cash reserve
22,308,000 Inc.
563,000 21,745,000 20,772,000
Reserve in Fed. Res've Bank 9,235,000 Inc.
45,000 9,190,000 10,068,000
Reserve with other banks _ 23,920.000 Inc.
200,000 28,714,000 31,533,000
Reserve excess in bank
8,931,000 Inc.
632,000 8,299,000 7,121,000
Excess with reserve agents__ _ 15,543,000 Inc.
275,000 15,268,000 17,882,000
Excess with Fed. Res've B'k
2,546,000 Inc.
79,000 2,487,000 3,242,000
Imports and Exports for the Week.-See second page
preceding.
JUNE 5 1915.1
THE CHRONICLE
glanRast
azette.
Wall Street, Friday Night, June 4 1915.
The Money Market and Financial Situation.—An unfavorable impression created by the German answer to President Wilson's note, sent after the Lusitania tragedy, caused
a weak opening of the security market after the Memorial
Day holiday. This answer was evasive rather than specifically objectionable, and the firm stand maintained by our
Government and the evident readiness of the German Ambassador to fully acquaint his Government with the prevailing American sentiment have had a favorable effect in the
financial district as elsewhere.
Other influences have added to the optimistic feeling which
has found expression in more activity and higher prices at
the Stock Exchange. Among those of the early part of the
week was a favorable Government report on the growing
cotton crop, and later the weekly bulletin of similar tenor
as to :wheat; the receipt of more gold, $7,725,000 having
come in; announcement that Missouri Pacific's plan for an
extension of time on maturing obligations had become effective; that Interborough-Metropolitan stockholders had
voted for the readjustment scheme; this Government's
avowed determination to intervene in behalf of order in
Mexico; reports of increasing activity and firmer prices for
iron and steel products, and, last of all but by no means
least, was the Federal Court decision in favor of the U. S.
Steel Corporation in the Government suit for dissolution 9f
that corporation under the Sherman anti-trust law. This
decision will doubtless be far-reaching in effect, and its
importance is not likely to be over-estimated.
Referring again to the Government bulletin.report as.to
wheat,it is interesting to note that no mention is made of increased damage byinsects, about which very doleful tales have
been repeatedly told in private reports. This crop, of both
winter and spring growth, now promises to be very large,
and on the issuance of the Government weekly bulletin the
price declined, notwithstanding the practical certainty that
Europe will need all our surplus; whatever that may be.
The Bank of England's weekly report shows a considerable
shrinkage of gold holdings and a corresponding smaller percentage of reserve. Similar reports issued by the Bank of
France and the German Bank also reflect the enormous drain
on the resources of those countries entailed by the war.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 1 to 2%. The
rate on Friday was 1 3.@2%. Commercial paper closed at
33/2(4)4% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names,43/2%.
The Bank of England weekly statement on Thursday
showed a decrease of £3,094,213 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
20.20, against 21.50 the week before. The rate of discount
remains unchanged at 5%, as fixed August 13.
The Bank of France shows an increase of 3,075,000 francs
gold and a decrease of 17,000 francs silver.
Foreign Exchange.—The market for sterling exchange
during the week has ruled quiet with the undertone an easy
one, owing to the ample supply of bills.
To-day's (Friday's) actual rates for sterling exchange were 4 75%0
4 754 for sixty days, 4 78©4 78% for cheques and 4 78% ®4 79 for
cables. Commercial on banks nominal and documents for payment
nominal. Cotton for payment and grain for payment nominal.
There were no rates posted for sterling by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 43 for short. Germany bankers' marks were nominal for
long and 82% for short. Amsterdam bankers' guilders were 38%038%
for short.
Exchange at Paris on London, 26.093. Cr.: week's range, 26.03% fr.
high and 26.093 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling Actual—
Cheques.
Cables.
High for the week_ ..._ 4 75%
4 78 9-16
4 79 1-16
Low for the week..__ 4 75%
4 78%
4 78 13-16
Paris Bankers Francs54i%
5 41U.
High for the week_
5 44
5 43%
Low for the week..
Germany Bankers' Marks—
83(
83
High for the week_
82%
Low for the week_
82
Amsterdam Bankers' Guilders—
High for the week_
40
19%
Low for the week_
39 9-16
393.;
iu
co
m. Boston,roaoro
n Tis
.are
0OFf
E
]
iaciedhaaiff
$Is,a
0n
Exchange.-4r
IliscaiguO, 5
ac
DomesticS. Louis, par
40c.
premium. Montreal, $6 25C1416
per $1,000 premium. Minneapolis,
35c. per $1,000 premium. Cincinnati, 10c. per $1,000 premium.
Nu'
State and Railway Bonds.—Sales of State bonds at the
Board this week include $14,000 N.Y.Canal 4s 1962at 1003';
$1,000 N. Y. Canal 4s 1961 at 101 and $10,000 Va.6s def.
trust ctfs. at 53.
Notwithstanding the fact that our international relations
remain in a somewhat delicate condition, Wall Street shows
great confidence in the undoubtedly strong financial position
of this country. Daily transactions in railway and industrial
bonds have been in nearly the same volume as a week ago,
and prices in almost all cases have advanced.
Copper securities have added substantially to their closing
quotations of last week, owing partially to the increasing
demand for the metal and the present high price of the same.
Inspiration Cons. Copper 6s of 1919 gained 9 points to 130,
while the issue of 1922 added 83/ points to 131. Ray Consolidated 1st 6s also showed marked strength, covering a
4. Despite flowing
range of 5 points and closing at 1247
reports and a substantial advance in the shares, U. S. Steel
s. f. 5s added only a fraction to their value.
All classes of railway bonds have shown steadiness throughout the week. The tendency of the great majority is toward
1895
a higher level, but gains have, in nearly all eases, been fractional. From a list of 20 active issues, 3—Wabash ref. and
ext. 4s, Reading gen. 4s and Chicago Burlington & Quincy
joint 4s—have declined silghtly. On the other hand, Southern Pacific cony. 4s and Atchison Topeka & Santa Fe gen.
4s have added 1 and 3 points, respectively, during the week,
which stand out strongly in comparison with other advances.
Heavy sales were noted in New York Central deb. 6s, but
price movement was limited to a fractional gain.
As noted herewith, sales of State bonds were decidedly
light, while only one lot of United States securities changed
hands.
Sales on a seller's 20-day option (s-20-f) which represent,
presumably, sales on foreign account, have increased this
week, being $391,000 as against $115,000 a week ago, the
latter figure being the low record for bonds sold on this
basis for the past three months.
United States Bonds.—Sales of Government bonds at
the Board are limited to $1,000 3s reg. at 1013.. For to-day's
prices of all the different issues and for weekly range, see third
page following.
Railroad and Miscellaneous Stocks.—On a steadily
increasing volume of business the stock market has displayed unusual strength and substantial additions have
been made to last week's closing prices. As noted above,
the opening on Tuesday was generally at lower figures than
Saturday's closing, but these losses were soon recovered and.
day by day, as the week advanced, new high quotations
have been recorded. To-day's market was, by far, the
most active and also the most erractic of the week or, indeed, for some time past. Only a little over 200,000 shares
were traded in on Monday, while almost 1,000,000 changed
ownership to-day. The U. S. Steel decision mentioned
above, issued after the close of business yesterday, caused
an advance over night of 2 to 16 points, the latter appearing
in the case of International Harvester. This rise is, no
doubt, due to a hope that the decision just rendered foreshadows a favorable outcome of the suit now pending in the
U. S. Supreme Court against the Harvester Company.
The high price recorded this morning was not maintained,
however, and the stock closed this afternoon at 104, 10
points below the highest. On this movement several other
issues declined from 2 to 3 points and the entire market was
weak. Nevertheless, a long list of stocks shows a gain
for the week of from 2 to 6 points or more. U. S. Steel
sold at 64 this morning, a net gain of 9 points, but lost
3% before the close. Bethlehem Steel has covered a range
of 153' points, with a net rise of 103/2, and all the copper
stocks have been strong.
For daily volume of business see page 1904.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 4.
Sales
for
Week.
Range for Week.
Lowest.
Am Tele?, & Cable
650 60
Am Writing Paper, pref..
15 10%
Assets Realization
100 9
Cent & So Arcs Teleg_ _ _ _
1 119
206
Comstock Tunnel
7c
Crex Carpet
55 40
Detroit Edison
150 114
Kings Co Elec Lt & Pow
15 123
124
Nash Chatt& St Louis_
ill 3134
N Y Chic & St Louis_ _ _
725 33/
Ontario Sliver Mining..
200 60
SoPorto Rico sugar__ _
620 073(
Tobacco Products, pref..
200 60
United Dry Goods, pref..
100 1
U 8 Reduc & Refg, pref..
100 37
Virginia Iron Coal dr C..
110 93
Wells, Fargo & Co
June
June
June
June
Highest.
2 GO
Range since Jan. 1.
Lowest.
June 2 53
Highest.
Ma 61
Feb 15
Jan 9
Jan 120
4 10% June 4 7
4 9
June 4 5
3119 June 3 110
May29 21c June 3 7c Mal 210
June 2 40 June 2 40
June 49
June 3l143( June 4 111U Feb1153(
June 2 125
June 4 1203( Mar 125
June 3 124
June 3 121 Apr11126
Juno 4 3134 June 4 3134 Jun 3634
June 4 334 June 4 2
Feb 4
June 1 70
June 2 973
May29 60
June 3 1
June 4 37
June 1 94
May
Apr
Apr
May
June
May
Mar
June
Jan
Apr
Apr
June 4 40
Feb 70 June
Juno 2 95 May 10234 April
May29 4834 Jan .653 April
June 3 1 April - 534 April
June 4 3634 Feb 45
Apr
June 3 7734 Jan 100 April
Outside Securities.—Trading on the Broad Street"curb"
showed a tendency to decrease in volume during the early
part of the week. Prices, however, have advanced, notable
gains being recorded in a number of issues. American Zinc
was again a feature of the week's business. After declining
to 46N it spurted up to 56%, which is a new high record for
that issue. Electric Boat corn. covered a range of 4 points
to 83, the final quotation being 79. Emerson Phonograph,
probably due to the favorable tone of the first monthly report of that company, advanced from 13 to 15 points and
closes at 14%. United Cigar Stores of Am. corn. sold up
from 9732 to 99, the final price being 983', while World
Film and United Profit Sharing Co. showed fractional advances. On the other hand, Kelly Springfield Tire dropped
from 129 to 126, closing at 132, and both Corporation of
Riker & Hegeman and United Cigar Stores new lost less than
a point. The railroad issues were very steady throughout
the week. Interboro Consolidated, w. i., from 25 fell
away to 23, the closing sale being at that price. The preferred lost 13'2 points to 75. The Wabash issues showed
only slight movement and this was downward. Standard
Oil securities have been quiet with trading light. Atlantic
Refining Co. and Prairie Oil & Gas showed the most pronounced fluctuations. The former advanced from 555 to
570 and then dropped .to 565, which was the closing figure.
The latter, after dropping from 306 to 295, advanced to 317
and closed at 315. Prairie Pipe Line also advanced steadily
throughout the week, the opening, high and last prices being
127-133-132. Standard Oil of New Jersey rose from 398
to 404, with the close 403, while Standard Oil of New York
gained 7 points to 188.
Outside quotations will be found on page 1904.
1896
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 29
0014 0014
199 10018
.105 106
72
72
.69
7012
88
88
15514 156
.
275 285
*3912 40
• .1034 1112'
2734 2734
8812 89
•123 125
12614 127
*160 170
1734 1812
.115 130
•125 150
*2518 39
.55
58
30
.28
52
.50
45
*35
.144 150
1415 415
8
.8
•12
15
2478 2514
39% 3938
*31
35
• 11612 11612
3158 3158
10518 10518
2134 23%
7134 73
2514 2512
.5818 5812
*7
812
*17
19
14012 140%
.30
37
•115 116
127 127
15
.13
.
42
28
.__ 119
*123 125
1114 1134
.28
31
11
1112
„ 23
.
1312
712
8412 8434
*6114 6234
*2718 2858
•--__ 16
*10112 10212
1.85
89
104 10438
10678 107
*6514 68
•-- __ 100
14158 14238
90
.85
84
*80
*3s
12
12
*38
*458 478
12
.
8
434 434
1812
*____ 37
.
13
1312
*3234 3414
8758 88
"1613
*49
•15
4834
.
1
*512
*97
12512
8034
*15
31
14
14
.
2212
.
134
.
7
.212
.3112
1618
51
1512
49
3
612
98
12658
8034
17
31
14
38
2434
2
12
3
34
Monday
May 31
Wednesday
June 2
Tuesday
Junel
Thursday
June 3.
Friday
June 4.
100 10012 1001 10158 10112 10212
99 100
99
99
100 100
100% 1001 10012 10012
.104 106
105 105 .105 111 .105 111
7114 7114 72
7212 7234 74
7334 75
69
69
70
703g .69
7038 6958 6958
8712 8812 8812 8812 89
8934 8958 90
x152 15412 154 15512 15934 157
1541 15712
.275 325 .275 325 .275 325 .275 325
3938 3912 3978 4012 4018 41
4058 4138
1034 1034 *1012 12
1114 1114 1112 1134
2758 2758 29
29
29
30
2912 30
88
88
8878 8914 8914 91
9158 0213
.123 12312 125 125
125 126 .125 127
.122 128 5125 125
125 12612 126 128
.160 175 .160 175 *160 170 .160 170
1712 1812 1838 19
1834 1914 19
2112
*115 125 .115 130 .115 130 .115 130
.125 150 *125 150 .125 150 *125 150
*2518 39
*25% 32 .28
*2612 32
33
58
58 *_ ___ 65 .50
65 .50
65
.28
30 .28
30 .28
30
*2812 30
52
*49
52
*49
52 .49
*49
52
*35
*35
45
45
*35
45
*35
45
.143 148 .143 148
146 148 .145 150
.402 415 .402 415 .902 415
410 410
7
7
812 .7
.7
.7
9
8
514
14 .12
1278 1278 .12
13
15
2434 2538 2514 2614 2618 2718 2634 2753
3914 3914 40
4014 4014 4134 4114 4214
*3034 3518 .31
35
36
35
36
36
117 117
11714 11714 118 119
119 120
31
33
32
31
3438 3438 3512
33
*105 10712 .10518 10612 *105 10712 10714 10713
2112 2314 2213 2318 2218 2314 2212 231
72
7314 7212 7314 72
7312 7214 7334
2514 2512 2512 26
2534 2638 27
27
*5818 59 .588 59
§59
59 .5814 5834
*7
812 *7
812 .7
812 .7
812
*17
19 .17
21
.18
21
*18
21
1401 14058 14212 14212 14234 144
14312 14412
.30
36 .30
37 .30
38 .30
37
.114 116
120 120
11814 120 *118 120
.128 129 .126 129 .126 129 .127 129
*1212 1478 *1212 15
1334 1334 §1418 1418
.28
42 .27
*28
42
43 .2912 42
.113 119 .117 119
117 11734 11712 11814
.123 125 .123 125 .123 125 .123 126
1158 1158 1134 12
1214 121
1134 1212
*2912 32
31
*28
30
.30
31
32
1058 1214 1138 1258 11
1178 1034 12
.16
23 .____ 23
23*-__ 23
.612 712 .618 714 .613 714
712 712
85
8512 8534 8612 87
8734 8734 89
6112 6112 6012 6214 6212 6512 65
674
2734 2734 28
2812 2912 2934 3053
28
*1514 16
.1512 20 .1512 20
.1514 16
102 102
102 102
102 10212 10312 10312
89 .85
.85
89 .85
89 .85
89
10312 104
10414 105
105 10834 10634 10753
10853 107
107 107
107 10758 107 10784
.6514 68 .6514 68
*6514 7034 *6514 7034
.____ 100 .___
____ 100
100
14114 14234 14278 100*
14334 14378 14618 14578 148
.85
90
§85
90 .85
85 .85
90
.80
84 .80
84 .80
84
84 .80
%
38
38
12
*14
12
*14
38
12
12
38
.433 478
412
.7
12
.8
*434 512
514
4812 *1514
-- 36 .____
*13
1312 1312
.3234 34
*33
28512 88
8618
1534
.
49
1412
.98
1578 16
52 .49
15
1412
4912 50
.1
.5
;57- 98 9712
x123 12418 12414
8014 8034 8012
15
15 .15
34 .31
.31
14
14
*18
14
38
14
*2212 2478 *2278
.178 2
.178
*7
.714
12
.258 3
.258
34
.31
*31
38
38
434
434
12
*8
512
534
1812 *16
37
1312 1312
34
34
8738 88
38
38
38
434 .412
.8
12
534
512
181 .18
37
--1438 1412
3512 3534
89
8918
434
12
534
1812
37
15
3612
0034
1614 161 1678 1678 1714
5012 5012 5012 52
5212
1514
1458 1912 1478 15
531.
50J4 5012 5278 52
3
.1
3
.1
3
6
.5
6
.5
8
971 .97
981 .9714 981
12558 12578 12778 12734 12918
8012 8058 8058 181
81
17 .15
17
1612 1712
3112 3112 33
34
34
14
18
14
18
18
38
14
38
*14
33
2478 2934 2434 25
25
*178 2
2
.134 2
*8
12
12
*8
12
3
.258 3
3
3
34
3234 3312 3212 33
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share jots.
Lowest
Highest.
Railroads
9,050 Atchison Topeka & Santa Fe__ 9213 Feb 24 105 Apr 19
1,294 Do pref
96 Jan 5 101 May 6
100 Atlantic Coast Line RR
98 Mar 1 11312 Apr 30
5,435 Baltimore & Ohio
6334 Feb 25 7978 Apr 19
472 Do prof
67 Feb 23 7314 Jan 20
3,000 Brooklyn Rapid Transit
8412 Jan 6 93 Apr 21
16,100 Canadian Pacific
x152 June 1 174 Apr 19
Central of New Jersey
300 May 8 325 Jan 22
4,050 Chesapeake & Ohio
39 May20 4938Apr 19
1,100 Chicago Great West
1014 Jan 4 1418 Apr 19
251 May14 3658 Apr 19
1,600 Do pref
6,800 Chicago Milw & St Paul
8314 Feb 24 9814 Apr 19
400 Do pref
123 Feb 25 130 Jan 22
121 Mar 3 132 Apr 15
910 Chicago & North Western
Do prof
1186 Feb 10 1175 Jan 30
31,013 Chic Rock Island & Pacific
1578 May27 3833 Apr 15
Chicago St Paul Minn & Om__ 1114 Apr 8 1114 Apr 8
Do prof
Cleve Cin Chic & St Louis__ _ 121 Jan 18 3412 Apr 19
100 Do pref
5318 Feb 17 65 Apr 1
Colorado & Southern
24 Mar15 32 Apr 8
Do 18t prof
45 Jan 18 5414 Apr 5
Do 28 pref
37 Jan 18 4912 Apr 3
600 Delaware & Hudson
142 Jan 4 153 Apr 19
120 Delaware Lack dc Western
39978 Jan 8 42934 Apr 10
914 Apr 20
100 Denver & Rio Grande
4 Jan 12
110 Do pref
812Jan 7 1814 Apr 19
29,700 Erie
1978 Feb 24 30 Apr 19
3214 Feb 24 4638 Apr 19
4,900 Do 1st preferred
200 Do 2d preferred
27 Feb 25 3714 Apr 19
3,150 Great Northern pref
11234Jan 2 12234 Apr 19
2514 Jan 2 4138 Apr 13
11,700 Iron Ore properties
400 Illinois Central
102% Marll 113 Apr 19
48,600 Interboro-Metropolitan v t ctf 1053 Jan 16 2434 Apr 29
11,500 Do pref
49 Jan 19 7538 Apr 15
3,200 Kansas City Southern
2058Feb 24 2938 May 6
5478 Feb 24 6012 Apr 20
215 Do prof
Lake Erie & Western
958 Apr 21
5 Jan 5
Do pref
19 May27 2314 Apr 22
7,600 Lehigh Valley
12914 Feb 24 14612 Apr 19
Long Island
30 Jan 11 39 Jan 20
600 Louisville & Nashville
110 Mar 1 12512 Apr 20
200 Manhattan Elevated
127 Mar31 129 Apr 23
230 Minneapolis & St Louis
1938Feb 15
1013 Jan 11
Do prof
25 Jan 18 49 Feb 15
500 Minn St P & S S Marie
108 Jan 4 12212 Apr 19
Do pref
125 Mayll 132 Apr 19
1,800 Missouri Kansas & Texas
1514 Apr 19
778 Jan 4
200 Do prof
28 Jan 4 40 Apr 5
39,813 Missouri Pacific
653 Jan 8 1814 Apr 19
Nat Rys of Mexico 1st pref_. 19 May12 23 Jan 5
200 Do 2d preferred
478 Jan 23
712 June 4
8,150 N Y Central & Hudson River_
8112 Mar 1 9234 Jan 22
7,325 N Y N H & Hartford
43 Feb 25 7114 Apr 21
2,100 NY Ontario & Western
2134 Jan 6 35 Apr 20
Norfolk Southern
1512 may 5 25 Feb 15
900 Norfolk & Western
9912 Jan 4 10618 Apr 19
Do adjustment preferred_ 85 Jan 27 8512 Jan 26
10,610 Northern Pacific
9918 Feb 24 11258 Apr 19
7,100 Pennsylvania
10358 Feb 24 11138 Apr 21
Pittsb On Chic & St Louie- 65 May17 72 Jan 18
Do prof
78,100 Reading
13834 MaY10 15718 Apr 19
20 1st preferred
85 Mar 8 8612Jan 11
2d preferred
80 Feb 23 8612 Apr 19
38 may25
118 Apr 9
900 Rock Island Company
3,300 Do pref
212 Apr 9
38 May25
614 Apr 22
300 St Louis dr San Francisco
134 M ar22
914 may 7 12 May17
Do 1st preferred
8 Mar31
1,500 Do 2d preferred
3 Jan 18
St Louis Southwestern
15 Feb 15 19 Apr 23
Do prof
33 Mar24 37 Jan 21
1114 Jan 4 17 Apr 21
1,700 Seaboard Alr Line
1,200 Do pref
32 Feb 25 42 Apr 10
24,400 Southern Pacific Co
8114 Feb 5 95 Apr 21
947 Feb 20 10614 Apr 19
Certificates (when issued)._
5,600 Southern Railway
1234 Feb 24 1938 Apr 9
500 Do
43 Feb 25 63 Jan 26
prof
1778 Apr 19
2,100 Texas & Pacific
11 Jan 11
14,625 Third Avenue (N Y)
35 Jan 2 58 Apr 15
212 Mar31
Toledo St Louis & Western...
1 Jan 6
933 Jan 23
Do pre:
100 Twin City Rapid Transit
8 Feb 25100 Apr 19
95
5513
85,950 Union Pacific
11534Jan 2 13458 Apr 19
775 Do prof
x79 Mar 1 8134 Fob 26
1,300 United Railways Investment_
8 Jan 5 21 Apr 26
2114 Mar15 4014 Apr 26
1,700 Do pref
18 may26
214 Apr 30
8,000 Wabash
14 mav29
612 Apr 29
7,825 Do pref
914 Jan 4 2878 Apr 13
200 Western Maryland
33
4 Jan 18
Wheeling dc Lake Erie
hg Jan 6
Do 1st preferred
9 Mayll 18 Jan 18
Jan 18
6
May21
100 Do 2d preferred
234
30% Feb 24 397 Jan 21
400 Wisconsin Central
Range for Previous
Year 1914.
Lowest.
Highest.
8912 July
29612 Dec
19918 Dee
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
914 July
25 July
8484 Dec
128 Dec
122 Dee
170 Jan
33 June
125 May
10033 Jan
10134 June
126 Jan
9838 Jan
8338 Jan
9414 Mar
22018 Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
13678 Feb
180 Jan
33 June
13114 July
ay
12
32 July
30
2 Jan
y 14
40 July 70 Feb
20 Mar 2812 Jan
3778 July 62 Jan
29 Dec
35 Mar
13834 Dec 15912 Feb
388 Jan 40634 June
4 July 194 Jan
8 July 3118 Feb
2013 July 3212 Jan
32 July 4934 Jan
'2614 July 4014 Jan
11158 Dee 13434 Feb
2212 July 3914 J•11
10312 Dec 115 Jan
1034 July 1638 Jan
50 Dec
6533 June
2014 July 2812 Jai y
62 Jan
4918 Dee
9 Jan
518 July
2112 Jan
17 Apr
118 July 15814 Jas
38 Feb
28 Jan
125 Dee 14178 Jan
128 Jan 133 Feb
9% July 1814 Jan
2712 June 3512 Jan
Feb
F
101
June 11457
130 Dee3
24 Jan
818 Dee
80 Jan
26 Dec
30 Jan
7 Dee
34 Feb
30 Jan
14 Jan
5 Dec
77 July 9653 Jan
4958 July 78 Jan
3138 Jan
1834 Dec
251 July 43 Jan
9812 Dec 10578 July
85 Jan
90 Apr
9658 Dec 11812 Feb
10212 Dec 11512 Jan
8418 July 91 Feb
95 June 101 Mar
137 July 17214 Jan
87 July 8938 June
x80 Dec
93 Jan
% Dec
1653 Jan
1 Dec
25 Jan
53 Jan
2 Apr
8 May 1712 Jan
934 Jan
214 Dec
177 July
2634 Jan
36 July 6518 Jan
2238 Feb
1014 Dee
4534 Jan
58 Feb
81 Dee
9912 Jan
927 Dee 10612 Jun
14 Dec
2814 Feb
58 Dec
854 Feb
1113 Dee
1734 Apr
33 July 4534 Jan
2 Dec
1214 Jan
484 Dee
23 Jan
947 July 10812 Jan
112 July 18438 Jan
7712 Dec
88 Feb
712 Dec
2384 Feb
22 July 4914 Mar
12 July
458 Jan
134 Dee
13 Jan
1034 Dec
35 Jan
213 July
638 Jan
814 July 21 Jan
3 Dec
11 Jan
2934 July 48 Feb
Industrial & Miscellaneous
3412 3512 3534 3812 3612 3734 20,000 dAlaska Gold Mining-Far $10 $261 Jan 7 $4012 Apr 22 51912 July $2878 May
33
34
*1412 16
1512 1614 1534 1612 1634 1714 6,000 Allis-Chalmers Mfg v t
6 July 1414 Feb
734 Jan 12 1958 May 1
.45
47
46
3212 July 49 Jan
148
47
4812 49
48
33 Feb 10 5612 Apr 19
1,550 Do preferred v t c
8414 05
6518 8718 6712 7018 7114 7414 81.100 Amalgamated Copper
4834 Dec
5058Feb 24 7912 Apr 22
781 Feb
50
50 .50
52
4734 Jan
52
59% 1,000 American Agricultural Chem. 48 Jan 4 597 May 5
5312 53
592 Mar
9312 9312 94
.
91
94
94
9014 Dec
95
95
300 Do prof
90 Mar27 95 June 4
97% Jan
4612 4678 4714 4712 4812 4818 4912 12,000 American Beet Sugar
45
3314 Jan 6 5012 Apr 29
19 July 3312 Dee
.
84
87
86
88 .84
66 May 80 Dee
89 .84
89
83 Feb 1 8634 N1 ar22
200 Do pref
.95 103 .95 10218 .98 10218 c102% 10218
80 Apr
200 Amer Brake Shoe & Foundry. $714 Feb 25 103 May 3
9712 Feb
.14212 14978 114978 14978 *147 14978 c14934 150
235 Do pref
13212 Mar25 C155 Apr 29 12912 Jan 14678 Feb
3512 3614 3638 3718 3634 3912 42
46 116,550 American Can
1914 July 35% Jan
25 Feb 24 46 June 4
.96
9614 9612
98
98
10012 101
99
9112Jan 5 101 Juno 4
80 July 90 Jan
2,250 Do pref
5212 5418 5378 5512 7,500 American Car & Foundry
5114 5114 5134 53
4214 Dec
40 Feb 23 5914 Apr 16
5312 Feb
.10978 113 .110 113
113 113 .112 116
215 Do pref
11112 May25 116 Apr 30 112 July 1187,1JulY
95 .92
.90
95
19478 9512 .94
97
110 American Coal Products
82 Jan 20 102 Apr 12 182 Jan 18612 Mar
.108 109 .106 109 .106 109 1107 107
25 Do pref
1105 Jan 7 110958 Apr 6 1102 Jan 107 July
45
45
*4312 4714 4714 48
4814 4838 1,600 American Cotton 011
32 July 4612 Feb
39 Jan 4 5418 Apr 26
94 .90
94 .90
88
.
94 .90
94
Do pref
9353 June 9738 Mar
x92 May14 98 Apr 22
538 538
*514 534
8 Apr 19
438Feb 19
8
314 July
534 534
612 1,200 American Hide & Leather___.
514 Feb
2812 29 .29
30
3014 3212 33% 3434 2,900 Do pref
1934 Jan 5 4212 Apr 19
17 July 2534 Feb
30
30 .28
3034 3012 31
31
3138
850 American Ice Securities
2053 Jan 4 35 Apr 30
197 July 3234 Feb
10
10
714 Jan 2 14 Apr 19
.934 1034 1014 1014 11
11
400 American Linseed
712 July 1153 Jan
.28
29
29
29 .27
29 .29
30
100 Do pref
24 Jan 5 3414 Apr 16
24 Dec
3134 Jan
4512 4614 96
4138 4714 4878 4812 50
19,550 American Locomotive
19 Mar 2 68 Apr 16
2014 July 37% Jan
9314 9434 *93
97 .93
97
*93
10018
97
6
270 Do prof
Mar
Apr
16
75
96 Jan 10212 Mar
5
*412 6
5
37 Apr 14
5
*5
512 15
110 American Malt Corporation
653 Apr 23
414 Dec
914 Jan
.21
2734 28 .25
27
30
28
28
555 Do pref
2112 May27 3212 Mar31
5018 Jan
30 Dec
__ 81
81
82 .79
*78
81
Amer Smelters Sec pref B
78 Jan 19 83% May 5
85 Jan
7914 July
6412 65
7414 27,100 Amer Smelting & Refining
6534 6778 6812 71% 72
58 Jan 2 78 Apr 28
5014 July 7118 Feb
103 10312 10414 10414 .104 106
10514 10512 1,010 Do prof
100 Jan 4 10818 May 6
9713 Apr 105 Jan
.140 160 .145 160 .145 160 .145 160
American Snuff
144 Jan 16 165 Apr 22 148 Dec 172 Jan
*104 108 .104 108 .104 108 .104 108
Do pref (new)
103 Jan 19 10612 Apr 26
9978 Jan 10634 July
3214 3214 34
34
34
33
34
34
1,009 Amer Steel Foundry (new)... 24% Mar 5 40 Apr 30
2713 July 3712 Feb
.108 108 .105 108
106 108
108 10978 2,950 American Sugar Refining__
9912 Feb 24 11414 Apr 23
Mar 10978 Jan
97
.113 120 .113 120 .113 120
Do pref
109 Feb 5 115 May13 10778 Mar 115 Dec
11912 11912 11912 11912 120 12112 121l 1221 - 4,720 Amer Telephone & Telegraph_ 116 Jan 4 12378 Apr 19 114 July 12414 Jan
.223 233 .223 231
225 226
225 226
800 American Tobacco
x218 May14 25212 Apr 22 215 Apr 258 Mar
.106 109 .107 109 .107 109 .107 109
Preferred,new
10314 Jan 4 109 May 6 10154 Jan 109 Jun
.27
29
30 .27
2912 .29
30
30
500 American Woolen
1534 Mar 8 3214 May 3
12 July 2078 Jan
.
83
8412 *8412 8412 84
84
85
85
465 Do prof
771 Feb 27 893 May 1
7212 Mar R3 Jan
3012 3078 3034 3178 32
3312 34
3678 76.300 dAnaeonda Copper Par $25 $2434 Feb 24 139 Apr 28 $2414 Dee $8814 Feb
•Bid and asked prices; no sales on this day. 1 Ex-rights.
Lees than 100 shares. a Ex-dIv. and rights. b New stock. c Certificates of deposit. a Quoted dollar.
per share. a First installment paid. z Ex-dividend. 8 Full paid.
34
3514
•1412 16
45
46
6453 6512
52
*50
*9112 95
4614 4614
.84
86
.101 103
*148 151
3584 3634
.96
98
5112 5214
111012 11012
*92
96
1106 106
46
46
95
*88
*514 534
29
29
13014 30%
.10
11
•26
29
4412 4618
.
93
97
*414 512
.22
27
81
6458 6514
10312 10312
.145 160
*104 106
*32
34
*106 108
*114 118
*119 11978
*223 232
*107 109
*27
30
84
*83
3078 3114
gs,
New York Stock Record-Concluded-Page
For record of sales during the week of stocks usually Inactive. see second Dag
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday I
May 29 1
Monday
May 31
Tuesday
June 1
Wednesday
June 2
Thursday 1 Friday
June 3 ' June 4
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
1897
Preceding.
Range Since Jan. 1.
On basis of 100 share tots.
Lowest.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
Industrial & Miss (Coe)
47
4718 4812 4812 49
4918 5014 5014 5218 13,325 Baldwin Locomotive
4834
2658 Mar 3 6112 May 1
381s Jan
521s Ma
*100 102 *100 10418 *10112 10412 10412 1044
*100 10118
150 DO prat
92 Mar 9 10412 June 4 10212 Jan 110 June
*28 1
*78 1
4,23 1
*78
1
100 QBatopllas Mining...Par $20
1
1
$114 Feb
$12 Feb 5 $2 Apr 17
31 Apr
144 148
135 145
146 14914 147 15012 12,800 Bethlehem Steel
*13614 13712
4614 Jan 2 159 May 7
2912Jan
4658 Dec
*11114 114 *11114 114 *112 113
*11114 114
113 113
Do pref
100
91 Jan 2 113 Apr 8
68 Jan
9158 Dec
*123 130 *124 130 *124 130 *125 130
*124 130
Brooklyn Union Gas
118 Jan 5 1324 Apr 30 118 Dec 130 Jan
*5
*5
612
612
512
511
Brunswick
*5
612
*5
Term & Et 8
612
57 July
200
414 Mar12
712 May 1
858 Feb
7212 7412 75
72
6834 71
70
7778 7678 7978 26,850 dButte de Superior Cop.Par S10 $5914 May15 $7978 June 4
15
4.1478 16
15
15
1512 1514 16
1524 1622 1,400 California Petroleum v t ctfa... 1234 Apr 1 2138 Feb 8
3058 Feb
1518 Dec
*37
39
*36
*37
38
39
38
38
38
38
400 Do met
37 May10 5434 Feb 8
50 July 68 Mob
4._ _ _ _ 7512
*_ _ _ _ 76 *---- 80 *_ _ _ _ 80 *--_- 80
Case (J I) Thresh M pf tr aft
76 May28 8314 Apr 16 177 Dec
9518 Jan
3513 36
3578 36
35
3634 3634 38
3814 3938 14,600 Central Leather
3258 Feb 20 4458 Apr 19
2578 Jan
3814 Dec
*102 103 1103 103
103 103
103 103 *10312 10412
DO pref
460
10038Jan 7 104 Jan 27
947s Jan 104 July
4378 4414
4314 4412 4412 4538 4514 4638 4658 4734 35,025 dChino Copper
Par $5 3234Jan 6 4934 Apr 26 $311 Dec $44 Feb
*55
60
*55
*55
60
60
*55
*55
60
60
Cluett. Peabody & Co. Inc... 155 Apr 28 155 Apr 28
6812 Feb
70 Feb
*101 102
*101 103 *101 102
102 102
102 102
300 Do pref
98 Jan 20 102 Mar15
99 July 10412 Feb
30
30
30
3011 3012 32
2858 29
3034 3212 9,850 Colorado Fuel & Iron
2134 Jan 5 3812 Apr 16
2012 July 3412 Feb
123 123
*122 12312 12314 12314 12434 12612 12618 12713 1,100 Consolidated Gas(N Y
11314 Jan 4 13134 Apr 30 11212 Deo 13912 Jan
§5858 5858 *59
.588 63
63
62
62
64
6414 1,180 Continental Can
4014 Jan 4 6512 Apr 5
3712 June 4514 July
97
*94
95
*94
195
97
*94
9612
97
96
213 Do pref
8812 Jan 5 97 Apr 6
84 July 912g July
1234 13
1212 1258 1278 13
32,900 Corn Products Refining
13
1358 1434 17
June
17
8
Jan
4
2
7 July 13% Jan
75
75
7534 7534 76
7512 78
7612 7812 7912 1,425
Do pref
65 Jan 5 81 Apr 19
5812 July 72 Jan.
2614 2718
2434 28
28
74,400 Crucible Steel of America_
2978 2958 31
2978 32
1814 May10 3434 May24
86
87
87
89
8978 8978 8812 8812 1,200 Do prof
84 May10 93 May24
-75" "76"
68
7014 70
7014 7012 73
71
7378 2400 Cuban-American Sugar
34 Jan 25 7378 June 4
*9912 10012
*9912 100 1100 100
*9912 10012 -------Do pref
- -50
93 Mar17 100 May25
90 Dec
90 Dee
2
92
*84
9013 9013 90
*84
90
92
*84
9113
200 Deere & Co pref
9184 Jan
Apr 8 9012 Apr 30
9934 Feb
86
1558 1618
1534 1612 1818 1612 1812 1712 1938 25
513 mar 2 25 June 4
20,075 Distillers' Securities Corp....
11 July 20112 mob
*10
12
12
2,800
Federal
14
1812
1434 1578 16
Mining dr Smelting...
1778 18
8 Mar24 1812 June 4
714 May 15 Jan
3458
*30
33
3312 34
4112 4312 6,400 Do pref
33
37
41
20 Mar13 4312June 4
2858 Dec
43 Jan
§214 214
215 215
*205 215
215 215
447 General Chemical
218 218
165 Jan 26 218 June 3 160 Apr 180 Jan
*109 10912
1109 10912 10912 10912 *10813 10912 10934 10934
Do prof
318
106 Mar 1 10934 June 4 10712 Feb 110 June
15112 152
162 16512 25,917 General Electric
157 16114 162 184
15134 156
138 Mar 3 16512 June 4 13713 Dec 150% Feb
136 137
13514 13514 13734 13734 133 14812 148 15118 7,250 General Motors vol tr etts
82 Jan 2 15118 June 4
99 May
378* Jan
9914 9938
700
99
Do pref voting trust Ws_ 90s Jan4 10534 Apr 13
•97
99
*97
99
98
*97
99
70 July 95 Feb
4354 4412
4434 4658 4612 4734 10,700 Goodrich Co (B F)
4214 4312 4334 45
211,Jan 7 5334 Apr 9
2872 Apr
1958 Jan
10112 10112 *10134 102
10134 10214 10134 10178 1,300 Do pref
*10114 10214
95 Jan 14 10234 Apr 8
95 Dee
7978 Jan
5812 61
6034 6112 6112 64
594 6012
6334 6514 28,470 dGuligenhelm Explor_Par $25 $4518 Jan 7 $6514 June 4 1401* July 15712 Apr
411733 11712'117 120 111912 11912 *117
35 Homeetake Mining
_
*117 120
1114 Jan 8 111912 June 4 10934July 112212 Mob
2812 2878 2934 301s 30
2858 2914
3112 3112 3314 38,300 dInspiration Con Cop_Par 320 31653 Jan 2 33538 Apr 26 $1414 July 119% July
95
97
95
93
3,300 International Harvester of N J 90 May10 114. June 4
103 114
*9413 100
*92 100
82 July 11312 Jan
-___ ____ ______
*____ 114 *--__ 114 *10934 114
• _ 114
Do prof
112 Mar24 117 Jan 20 1131* Jan 1187s July
*60
75
*60
7018 *60
7038 ____ ____ ___
International Harvester Corp_ 55 Feb 20 80 Apr 10
75
iii
82 Dec 11134 Jan
97
*____ 100
97
97
97
___ _ _ -__ 98
l'.15
D0 Prof
.9012 Mar 6 114 Jan 14 11414 May 118 July
*9
10
*9
*9
10
934
934 1038 1038 1-012 3,400 International Paper
8 Jan 6 12 Apr 19
8114July 1072 Feb
37
37
37
37
3912 3912 1,550 Do prof
38
36
38
39
33 Feb 24 43 Apr 19
80 Dec
41 Jan
*82
84
100 Kayser & Co (Julius
84
*82
•82
84
*82
83
84
83
7712 Feb 20 88 Apr 26
80 Jan
94 June
__ *105 ____ *105 ____ *105
*105
*105 ____
___ ____
Do 1st pref
107 Jan 13 109 Apr 19 108 Mob 10834 May
*128 1-35 *128 135 *128 135 *128 135
*128 135
Kresge
Co (8 El)
99 Jan 18 139 May12
81 Jan 105 Feb
*107 110 *107 110 *107 110 *107 110
*107 10812
Do pref
10514 Feb 15 10912 Apr 22
99 Jan 105 Mob
44
44
*41
44
41
41
45
46
47
2,900 Lackawanna Steel
48
28 Jan 7 49 May 1
261k July 40 Jan
10114
1013
210114
4 102
•10134 103
102 10212 101 10212
500 Laclede Gas (St Louis
92721Jan 15 106 Apr 13
85 July 101 Feb
*217 225 *217 220 *217 225 *215 220
*217 222
Liggett & Myers Tobacco-- 207 Jan 9 231 Apr 22 20712 Deo 231 Mob
118 11818 11818 11818 *118 120 *115 11812
*116 118
DO
pref
300
11334 Jan 5 11912 Jan 21 11138 Jan 11812 July
.1913 2238
*1913 2238 *1913 2238 1913 1913 *14
100 Loose-Wiles Biscuit tr co otft
2238
16 Feb 17 31 Jan 11
26 Dec
88 Jan
9112 9112
8913 8912 *---- 95 *____ 9412 *8712 92
Do let preferred
200
86 Feb 20 105121Jan 13 101 Apr 105 Mob
*6018 65
*6018 65
*6018 65
____
___
*6018
Do 2d preferred
*6018 65
89 Jan
601s Apr 8 85 Marll
951
4 June
*169 170
*_ -_ _ 170 *---- 170 *162 170 *167 180
i.85 LorUlard Co (P)
16512 Jan 6 184 Mar 8 180 July 190 Apr
*110 117
*110 117 *--__ 117 *114 117 *110 117
Do prof
>..
11214 Jan 8 118 Jan 19 110 Jan 11772July
*//
83
*77
83
*78
*79
83
83
80
80
100 Mackay Companies
7258Jan 11 8278 May 6
81 July 878* Feb
*84
88
4.64
68 *...._ 68
*65
68
Do prof
*6614 68
65 Feb 25 6934Jan 19
8518 Jan
70 Jan
4212 4212
4112 4214 4213 4234 43
,..1
45
45
4578 8,300 Maxwell Motor Inc tr otfs
1514 Jan 6 58 Apr 19
1412 Dec
1514 Dee
854 8714
8634 8634 8712 87
8434 8518 86
0
88
Do 1st prof stk tr ctfs.-- 4314 Jan 2 88 June 4
7,500
44 Dec
4112 Dec
37
38
12:1
*36
37
3914 3858 3958 2,400
3712 3734 38
Do 2d prof stk tr Ws
14 Jan 6 44 May 5
17 Dec
174 Dec
*4012 42
*90
42
*40
44
May Department Stores
*41
42 *_ _ _ _ 90
40 Apr 21 56 Mar 2
5112 June 69'g Jan
*96
*96 98*96 98
98
*96
98
9778 9778
200
Do pref
9478 Apr 27 29812 Mar15
9713 June 10158 Feb
*1
6814 6978 6912 76
0528 68
67
68
7418 78
53,300 Mexican Petroleum
51 Jan 9 97 Apr 26
461* Jan
73% Feb
A
*7512 8434
*754 8434 *7512 8434 8434 8478 '---. 86
Do pref
200
67 Jan 15 94 Apr 26
67 May 87 Feb
2514 2538 2538 2513 2612 2614 27
25
8,400 Miami Copper
2558 2538
4
Par $5 11714 Jan 6 $2918 Apr 26 $1812 Dec $2432 Feb
...
*46
48
148
4812 4812 4913 5012 5014 5214 1,835 Montana Power
48
.1
42 Jan 4 5534 Apr 23
41 Dec
5272 June
__ *102 105 *102
*10112 106
*102 104 *102
Do prof
M
99 Jan 29 103 Apr 15 101 Apr 10372 June
118 118 *118 120
*116 120
*118 120 *11613 fio
0
100 National Biscuit
116 Apr 3 132 Jan 22 120 July 139 Feb
*120 12112,
*120 122 *120 122 *12118 122
12113 12112
100 Do pref
119 May25 128 Feb 3 11914Jan 128 June
*68
71
70
*68
*68
*68
70
72
i=1
711z 7112
100 National Cloak & Suit
68 Mar25 8018 Mar31
*10212 104 *10212 104 *10212 104
•10012 10312
10358 10353
100 Do prat
;---:
10012 M ar25 10618 Apr 16
154 1512 1538 1534 1558 1614 16
1513 1512
flat
Enameling
3,000
Stambing_
&
1634
912 Jan 4 1712 Apr 30
9 July 14 Feb
*81
87
83 83
*81
86
*81
86
*81
Do pref
100
87
79 Apr 1 85 Apr 22
80 June 8872 Mob
6112 6318 6214 6412 65
60
59
60
60
6578 11,500 National Lead
44 Jan 4 7034 May 1
40 July 52 Jan
*107 11112 *108 112 *108 112 *110 112
*107 111
Do pref
10434Jan 4 110 Apr 21 105 Jan 109 Feb
1473 1538 1558 1558 1534 16
151 1512
1578 1614 9,150 dNevada Cons Cop__Par $5 $1134 Feb 24 $1678 Apr 27 $1014 July 1161* Jan
85
84
*80
87 z87
89
*80
8912 1,650 New York Air Brake
87
88
561 Feb 26 100 Apr 30
68 July 89 Jan
74
76
*71
74
*72
74
*7312 7412 75
1,100 North American Co (new)._ 64 Jan 19 81 Apr 21
76
6418 July 7914 Mob
2212 2212 2278 23
• 23
23
2314 27
2534 2814 8,100 Pacific Mall
18 Mar17 2814 June 4
1714 July 29 Jan
*2712 32
*2712 33
*2814 32
*28
34
Pacific' Telephone de Telegraph 2618 Feb 11 3912 Apr 16
*30
34
20 July 81 Jan
*113 114 *114 118
*113 11912
118 116
115 115
200 People's Gas Lt &0(Chic)
11212 May10 12312 Apr 3 108 July 125 Jan
22
22
2278 2318 23
22
221s
2338 2338 2312 4,000 Pittsburgh Coal
1514Jan 4 2434 Apr 19
16 Dec
231* Feb
9178 92
92
*87
92
*87
92
92
9178 9234 1,400
Do pref
8158Jan 4 9d Feb 10
9312 Feb
79 Dec
4538 4634 47
4312 453
44
4434
Pressed Steel Car
4778 4734 49
16,600
Mar
25
6
593
4
Apr
30
283
4
Jan
Feb
46
»96
98
*95
98
*95
98
*9513 98
99
99
100 Do prof
86 Mar10 10214 Jan 25
9734 Jan 10514 Mob
*10412 107
105 105 *10413 107 *105 10712
*10412 109
100 Public Service Corp of N J.... 104 Apr 13 11034 Apr 22 107 Jan 114 Apr
*153
15312
115312
15514 155 15514 155 15612 1,013 Pullman Company
*153 15514
15018 Mar12 16314 Apr 28 150 Dec 159 Jan
*12
68
58
58
*12
*12
5s
68
*12
32
200 Quicksilver Mining
178Jan 12
272 Jan
72 June
24 Mar15
*34 112
112
118 l's
*34 112
•11
*34 112
100
Do prof
214Jan 22
% M ar29
112 it11105
4 Jan
2934 30
*28
31
30
30
3078 32
32
3314 4,250 Ra11Wai Steel Spring
1914July 13438 Feb
19 Mar 8 40 May 1
*85
05
95
*87
*88
95
*85
92
*87
91
Do prof
88 Dec 101 Feb
87 Mar 3 95 Apr 19
2378 2378 2414 24
2278 2314 23
23
2338
2434 26,180 dRaY Cons Copper. -Pa? $10 $1514 Jan 2 $2618 Apr 26 $15 Dec $2212 Apr
28
2878 29
2712 28
2714 2734
30
2914 3034 8,940 Republic Iron dr Steel
27 Jan
18 Dec
19 Feb 1 3412 Apr 16
8112 824 83 8312 84
8312 8312
85
8534 8614 2,800 Do pref
75 Dec
9114 Met
72 Jan 30 89 May25
35
37
4
4
4
4
*4
38 334
412 2,000 Rumely Co (M)
18 Jan
Dec
May12
Jan 22
378
8
63
7
s
*1012 11
11
11
11
11
11
11
900
Do pref
1112 13
212Jan 20 18 May 6
41 Jan
2034 Apr
*135 13812
*130 13612 .13434 13612 13612 13738 137 137
400 Sears, Roebuck & Co
213134 Mar17 20912 Feb 1 17014July 19712 Jul)
*122
12512
124
124
*122 128
*122
12418 *124 12512
210 Do pref
12138Jan 4 12512 Feb Hi 120 Dec 12424 June
3434 3434 35
*31
35
*31
35
35
1,400 Sloes-Sheffield Steel & Iron... 24 Jan 6 42 Apr 16
3412 36
191* July 35 Jan
*5014 52
52
*5014 52
52
0014 504
523 5234
270 Standard Milling
431k Feb 23 5538 Apr 6
45 Dec
82 Jan
0812
6878 *68
69
*65
70
*65
70
6978 6978
Do pref
300
86 Feb 17 73 M a r22
5912 Dec
8712 Dee
6512 66
661s 667
6534 67
6613 6812 6778 70
9,800 Studebaker Corporation (The) 3534 Jan 2 80 May 1
20 Jan
MN Mel
*97 10012 *97 100 1100 100
*97
*97 100
9912
pref
Do
25
91 Jan 2 10232 Apr 8
92 Mai
70 Jan
1
3212 33
33
3234 33
33 2 34
3514 34% 3512 0,800 dTennessee Copper___Par 825 1251* Feb 24 13558 Apr 30 $2434 July WI% Feb
12212 123
125 128
*121 125
12212 123
12912 13218 1,820 Texas Company (The)
120 May14 14412 Apr 19 112 July 14972 Mol
60% 6014 *6013 72
70
*60
72
*60
*8012 70
100 Underwood Typewriter
55 Feb 18 6958Apr 20
7314 June 88 Jan
*98 10218 *98 1021s *98 1024 *98 1021s
*98 10218
Do prof
9814 May22 103 Apr 20 103 Dee 113 Apr
*512 578
558 614
*512 6
*514 6
638 638 1,400 Union Bag & Paper
714 Apr 6
438Jan 4
3% June
834 Feb
*22
*22
26
28
*22
26
26
2558
*22
Do pref
2514 Mar27 3078 Apr 6
200
28
1814 July 3212 Feb
.40
48
*40
48
48
*40
•40
48
United Clgar Mfrs
42 Jan 25 5113 Apr 19
-----Feb
5014
Dec
89
___
• _ 10212
*___ 103 *--- 103 *,-- 10212 Do prof
-______
l02' Feb 1 105 Feb 11
99 June 10378 Feb
*13
15
ill
*1312 1512 115
155s
15
520 US Cast Iron Pipe & Fdy
1938 15
8 Jan 2 1814 May24
734 June 1312 Jan
*35
45
*35
45
*35
*40
4478
45
Do pref
*37
3212 Mar 3 4612 Apr 19
4478
80 July 89 Feb
6312 6313 *63
68
*6312 68
*6318 08
*6318 68
100 U El Express
6214 May15 7314 Mar 9
87 Mel
48 Jan
*37
40
*37
40
40
3978 42
*37
4212 43
15 Jan 27 48 Apr 29
1,400 U iii Industrial Alcohol
15 Dec
20 Apr
*84
95
*82
95
95
*82
*82
05
*90
Do prof
95
70 Jan 26 8934 Apr 29
851* Jan
75 Dec
*38
42
*38
40
42
41
*38
4253 *40
Improvement.
Realty
E3
&
5113 Dec
8334 Mai
43
.. 36 Feb 11 50 Jan 12
800 U
6113
6212
6258 8358 6312 65
63
6314
65
5173Jan 2 743 Apr 14
6634 11,750 United States Rubber
441* July 63 Mol
*106 10612 10612 10612 10658 1077,3 107 107
*106 10612
Do let preferred
10138Feb 24 110 Apr 0
4,400
951tauly 1045s Jan
5314 5438 5458 5538 5513 5912 604 64 545,125 United States Steel
5334 5434
38 Feb 1 64 June 4
8714 Jan
48 Dec
10658 10078 10678 10914 1104 11253 10,650
*106 107
106521 10634
2102 Feb 1 112% June 4 10314 Deo 11234Jan
Do Prof
8334 6578 6534 6658 6634 6812 6813 7012 54,450 4Utah Copper
6514 6534
Par $10 $4813Jan 6 $73 Apr 26 84532 Dec 5591* Juni
29
3034 3012 3012 3034 3112 32
*30
31
3212 1,300 Virginia-Carolina Chemical__
15 Jan 4 37 May 5
3472 Mel
17 Dec
4.9134 94
*9134 96
*9134 97
*92
97
Do pref
*93
80 Jan 6 101 May 5
96 May 10712 Mel
97
66
6518 66
6612 6638 6778 673 6853 2,963 Western Union Telegraph
6512 6612
57 Jan 2 7078 Apr 28
5338July 8672 Feb
91
933
9414
4
953
4
92
9314
9513 97
96
99 134,820 Westinghouse Elee & Mfg
64 Feb 24 108 Apr 30
84 Jan
792 Jul
*120 130 *120 130 *120 130 *120 130
*120 130
Do 1st preferred
117 Mar12 130 May 5 11572 Jan 12412 Jun
115 115
*113 115
1153 11834 120 122
115 115
4,050 Willys-Overland (The)
87 Feb 23 135 Apr 8
10058
1005
*10113
1021
8
*1013
*10112 103
8 1021 *10112 10213
Do prof
98 Feb 13 103 Apr 8
102 102
10234 1023 10312 10312 104 10412
10258 10258
800 Woolworth (F W)
9014Jan 6 11112Apr 14
89 July 103's Feb
*119 12012 *11912 12013 *11912 12013 .11912 12012
•119 121
Do pref
115 Jan 8 12014 May24 11234Jan 11872 Mc
•Bid and asked prices: no sales on this day. Less than 100 shares. 2 Ex-righta. a Ex-dlv. and rights. b
stock.
a_ Ex-stock
uo
0 a
dividend. z Ex-dividend.
1898
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1009 the Exchange method of quoting bonds was changed, and prices are now all-"and interest"-eacept for income and defaulted bongs.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
Price
Friday
June 4
Week's
Range Or
Last Sale
Range
Since
Jan. 1.
Hist No. Low High
Ask Low
/31(1
U. S. Government.
9814 9914
U S 2e comet registered_ _(11930 Q98
9812 May'1r
97
9858 Feb '15
U 8 2s consul coupon
d1930 Q98
99
97
1 10012 10158
U B 39 registered
1011
10112
k1918 Q - F 1004
10134 May'15
k1918 Q - F 1004
10012 102
U S 3a coupon
1925 Q - F 109 _ _- 10912 Apr '15
10912 110
U E3 4s registered
1925 Q- F 11012
11012 11112
11112 May'15
U S 4e coupon
U 13 Pan Canal 10-30-yr 2s_k1936 Q - F 97 -- 0512 JulY'13
97 May'14
U S Pin Canal 10-30-yr 2s._ 1938 Q -N
U El Panama Canal 38 g..- -1961 Q -M 161112 :::: 10158 Apr '13
U S Philippine Island 4s_1914-34 Q -F --- 100 100 Feb '15
100
Foreign Government
Argentine-Internal Sc of 1909_ _ M- S 87
Chinese (IIukuang Ry)-53 of '11 J
.Cuba-External debt 5s of 1901_ M9618
Exter dt 55 of '14 ser A
9034
1949 F - A
External loan 4;is
1949 F- A ---Japancse Govt-£ loan 4%s 192' F - A I 7378
Second series 4 Si.
1925 J.j I 75
Do do "German stamp"_
t 74
1931
'Sterling loan 4s
Mexico-Exter loan £ Sc 01 1899 Q .1
1954 J - D ____
Gold debt 4s 01 1004
_ _Prov of Alberta-deb 4 Sis 1924 F - A
Tokyo City-5s loan of 1912____ NI- S 5-- - :These are prices on the basis of 55(of.
State and City Securities.
1960 M- S
Y City-4js
4SO Corporate stock__ 1964 M 44s Corporate stock__ 1063 M1959 IVO- N
4% Corporate stock
1958 NI- N
6% Corporate stock
1957 M-N
4% Corporate stock
1056 M- N
4% Corporate stock
1957 NI- N
New 4s
1917 NI- N
New 43-is
1957 - N
434% Corporate stock
44% Assessment bonds1917 -N
% Corporate stock_ I954 hi - N
1961 hi- El
N Y State-4s
1061 J - J
Canal Improvement 4s
Canal Improvement 4s.__1962 - J
Canal Improvement 4s
1960 J - J
Canal Improvement 4348_1964 J J
Canal Improvement 4 Xs_1965 J - J
Highway Improv't 4 A8_1903 NI- S
Highway Improv't 43.18_1965 M- S
Virginia funded debt 2-3s_ _ _1991 J - J
Sc deferred Brown Bros die__
_
94
7434
9758
9212
85
7412
Salt
92 May'15
83 J ul)"14
9618
9613 14
9012 May'15
35 May'15
74
7412 -ioi
2
75
75
7378
7358
7412 7834 June'14
82
7914 Apr '14
35
65 July'14
9512 Jan '15
06
7912 30 May'15
80
9914
-0
.i18
9014
85
7378
74
73,4
-9712
94
8512
8112
82
7934
- -- ---_--- _ _ _9512 9512
82
78
9912
9912
10358
9478
9512
____
95
1)30
Sale 9934
21 99 10012
100
Sale 9912
9978 139 99 10038
Sale 10358
4 10358 10534
10358
9514 18 95
0518 95
9738
Sale 95,2
4 95
9512
97
06
9638 May'15
95
97
Sale 95
20 95
95
9714
101 10334
104,8 14 10312 10534
101
lin 101 May'15
10034 10114
10114 10418 May'15
104 10518
100 10078 101 May'15
10012 101
8638 8534 May'15
89
84
10014
10134 10034 May'15
9978 10134
1 9978 10112
10012 - - - 101
101
101
10012
10012 14 100 10012
100,2 9952 10012
10012 Apr '1'
10878 10914 10812 May'15
10314 110
_ 104,8 10452 May 15
10412 10434
116 10912 10834 May'15
108 10934
---- 10138 10438 Apr '15
10438 10438
8414 July'14
10 -Ea- -611-2
Sale 53
53
53
Railroad.
5978 60 May'15
59
6612
Ann Arbor let g 48
h 1995 Q- J
9234 Sale 9218
9234 63 91
9534
Atch Top & S Fe gen g
_ 1995 A - 0 ---1 9012 0212
9378 91
91
Registered
1995 A - 0 91
2 81
8234
Adjustment gold 45
8634
111995 Nov --_- 8434 8234
86 Mar'13
Registered
h1995 Nov
- 2 8134 87
834 83
83
Stamped
141995 NI- N 83
99
99
0238 104
Cony gold 4s
1955 J -D 10114 102
0912 NIay'13
Cony 4s issue of 1009
1955 J -D
10134 194 -0
.24 10414
Cony 4e issue of 1910 _1960 3 -D jOit-2 Sale 100
20 1001a 10134
101
19173 -D 10034 101 10034
10-year 58
10 92
93
93
East Okla Div 1st g 4s__ _1928 hi- S 9212 _ _
94
1 8412 39
Sale 85
85
Trans Con Short 1. let 4s_1958 J - J 85
- 98
95 May'15
Cal-Arts let de ret 4Sis"A"1962 3195
96
Feb
.9612
'15
103
El Fe Pres de Ph let g 5s_1942 NI- S
103 103
9014 May'15
All Coast L let gold 4s__111952 NI- S 9014 t
88
93
1059 J - D ---. 9318 9214 July'14
50-year unified 4s
_ 10434 10512 June'14
Ala Mid let gu gold 5s
1928 M- N _
9112 92 May'15
Bruns & W 1st gu gold 4s_1038 J - J 89
9312
91
Charles de Say let gold 78_1936 3 - J - - - --Sale 8412
25 84
85
01052 NI-N 85
L & N coil gold 48
8712
11912 115 Doe '14
Say F & W let gold 6s
1934 A -0
- 16.1-7-2 -- 11058 May'11
1st gold 58
1934 A 1918 J - J 971s -- 9712 May'15
0713 9712
Sil Sp Oca &0 gu g 4s
0 8918 0212
91
Bait & Ohio prior 3S,is
1925 J - J 9112 6i 91
3 8813 90
90
9012 90
Registered
111925 Q - J *40
8734
8834
let 50-year gold 4s
111948 A -0 8838
87
,
4 9112
88
90 Apr '15
Registered
/31948 Q - J
8712 90
86,
8 Sale 8512
8638 182 8212 88
20-yr cony 4349
1933 112 Jan '12 ...„ - - - Pitts Juno 1st gold (is
19223 - J -- _
87
P June & M Div lst g 3Yie 1925 M- N
- - 88 May'15
87
88
8012 26 78
P L E W Va Sys rot 48_1941 M- N 8012 -iia-le 80
84
2 8712 91
88
Southw Div let gold 33,15A925 J - .1 8712 8812 88
100 Apr '13
Cent Ohio It let o g 43.-is 1930 M- $
2 - 10112 Apr '15
CI Lor & W con let g 5s 1933 A -0 16E11631-2 1641-2
10214 June'12
Monon River let gu g 5e1919 F - A
_
10534 June'14
Ohio River RR let g 5s
1936 J -D 101
10438 May'14
General gold 5s
1937 A - 0 93
Pitts Cloy de Tol let g 6s 1922 A- 0
1134 Feb '12
Pitts & West let g 48
9634 M a r'14
1917 .1 Eltat lel Ry 1st gu g 43-4s 1943 J -D
91 June'12
Bolivia Ry let 58
1927 J J
Buffalo R de P gen g 58
1937 M- S 105- 106 May'15
10212 km%
Consol 434s
195731-N 100 170-12 101 Apr '15
100 103
An & West let g 4s gu...1998 A -0 8912 93
9438 Feb '15
9438 043s
_ 112 Apr '14
Clear & Mah let gu g 45s_1943 J - J 103
Rooh de Pitts let gold 68_1921 F - A 10612 108 10718 Jan '15
iOirs
Consol let g 6s
19223 -D 10712 -- 11138 July'14
Canada Sou cons gu A 5s-1962 A- 0 10212 10312 10212 May'15
16112 16412
10678 Apr '14
Registered
1962 A -0
Car Clinch dr Ohio 1st 30-yr 5s'33 J -D
- 98
9638 Feb '15
9632 9638
4 107 10412 AIa r'15
Central of Ga 1st gold 5s___01945 F - A i04310312 10412
9934 Sale 9912
Consol gold 5s
9934
1945 NI- N
9912 10212
Chatt Div pur money g 45 1951 .1 -D
86 Feb '15
86
86
Mao & Nor Div 1st g 58_1046 J -3 1E12 :::_ 10114 May'15
102 10114
Mid Ga & Ati Div 55
10014 AI a r'15
1947 J - J 101
10014 10014
Mobile Div let g 5e
1946 J - J 10214 105 10334 May'15
10334 10334
Cen RR & B of Ga col g 5e....1937 M-N 9012 9134 9238 May'15
0112 925,,
Cent of NJ gen'l gold 5e
114
5 11213 11512
1087 J - J 114 11412 114
Registered
111987 Q - J 11312 114 11334 May'15
112 115
Am Dock & Imp gu Sc.... A921 J - J 10334 10414 10378 May'15
10234 104
Leh & Bud Itiv gen gu g 5/1920 J - .1 100 ---- 100 June'13
N Y Long Br gen g 4s1941 fs1- S 9434 -- 10012 Jan '13
Cent Vermont let gu g 48._0192 Q - F
68 Feb '15
68 68
Chen &0 fund & !mot 58_1929 J - J
-66'- 92 NIa r'15
92
96
Sale 105
let consol gold 5s
1939 hi- N 105
105
10214 105
Registered
1939 M-N ___ 10412 10513 June'14
Sale 8412
General gold 434s
25 8412 01
1992 hi- S 85
85
Registered
1992 M- S ---- 87
9312 Feb '14
Sale 7134
73
Convertible 434s
1930 F - A
116 70
73
76-38
Big Sandy 1st 45
1944 J -D --_- 871 82 May'15
82
8378
Coal River Ry 1st gu 48_1945 J - D _8212
_
8212 May'15
8212 8212
Craig Valley 1st g 55
1940 J - J 6E ____ 9613 Dec '13
Potts Creek Br 1st 4s
8434 Jan '13
1946 J - J
R it A Dlv let con g 4s_1989 J - J ---- 8334 8214 May'15
-8214 -8458
2d consol gold 49
77 Apr '15
1939 J - J _-__ 76
77
77
Greenbrier Ry let gu g 45_1940 M- N
GO Apr '14
Warm Springs V let g 5s_ _1041 M- S
11314 Feb '05
Chio & Alton RR ref g 3s
Sale 55
55
1949 A -0 55
-EE- -66Railway 1st lien 334s
4212
6 38
1950 J - J 4212 46
4212
4712
Ohio B & Q Denver Div 4s 1922 F - A
99 -- 91514
1 983s 9912
99,4
Illinois Div 334s
2 8114 8412
1949 J - J 8314 8412 8312
83,2
Registered
1049 J - J
86,4 Aug '12 Illinois Div 48
1949 J - J -9312 -Eit:le 9312
3 9312 9453
9334
Registered
94
1949 J - J
93 June'13
Iowa Div sink fund 5s__1919 A -0 10112 -- 10212 May'15
10112 10212
Sinking fund is
1919 A -0 9834 10018 9878 May'15
9634 99
Joint bonds. See Great North
Sale
•NO price Friday; latest this week. 4 DUO April. @DUO May.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
•-•
tbz
Price
Friday
June 4
Week's
Range or
Last Sale
Range
Mace
Jan, 1.
High No. Low High
Bid
Ask Low
Chic Burl de Q (Con.)24 058 07
Nebraska Extension 4s_1927
96
9538 0511 9518
Registered
9653 Sep '12
3 91)18 991
Southwestern Div 4s
8
99,
192
9918
27
1 M
M-N
S 999512 -1:
96
-9214
91
21 89
Bale 91
General 45
1953 m- s 91
2 2012 29
2612
2412 Sale 2412
Chia de E III ref & Imp 4s g-I955 J - J
4 91 103
let consol gold 6e
9812 96
1934 A -0 06
96
12 511s 75
1037
N
General consol let 5e
67
66
6614
70
Registered
5212 68
67
1937 NI- N
68 Apr '15
Pur money let coal 5s
00
1942 F - A
9734 Feb '13
Chic Js Ind C Ity let 5s_1936 J - .1
2712 July'14
20
33
Chic Great West 1st 48
1959
s 6814 Sale 6314
10
6814
---- 113 114 May'15
Chle Ind de Loutsv-Ref 68_1947 J 97 101 10338 Mar'14
Refunding gold Sc
1947 J
Refunding 4s Series C
1917 J - .1
- -- 9558 Apr '11
Ind & Loulsy let gu 45_1956 J - J
---- 86 July'12
Chio Ind & Sou 50-year 48_1956 J - J
-- 0014 Aug '12
Chic L S & East let
J -D
-- 104 Dec '11
PaulChicago Milwaukee & St
8934 00
Gen'l gold 4s Series A_ _ _e1989 J - J
89
92
90
10 88
81989 Q - J
Registered
8912 Apr '15
8912 8912
Gen de ref Ser A 4345.,,.. _a2014 A -0 -66- -6D-2 90 May'15
Sale 103
104
Gen ref cony ser B 58.... a2014 F - A 101
153 10
4
12
8
78
0
8
:
1:1( 9238
76
79
79 Apr '15
80
Gen'l gold 354s Ser B.._e1989 J - J
10012
01989 J - J 10012 Sale 10038
General 4Sis Ser C
7 8
90
73
18
2 19
00
114
2
1934 J - J 8838 Sale 88
883s
25-year deben is
Sale 9633
1932 .1 -D 97
037
1: 19
09
48
14
2
97 _1_9_ 19
Convertible 434s
1(113
4 -- 10212 Feb '15 _ 3
_5
_ 102
1921 J - J
18
18
4 103
0212
Chic de L Sup Div g 5a
38
Chic dr Nlo Riv Div 5e____1928 J - J 10378 10158 10458 May'15
102%
1921 J - J 1024 10234 10214
Chic de P W let g 5s
Sale 90
90
CM & Puget Sd let gu 4s_1949 J - J 00
10038
___3
_ 18
08
014 100
Dak & Grt Sou gold 58_1916 J - J
913s
166 _ _ _ 106 May'15
NIay'15
100 1073s
Dubuque Div lets f 6s_ 192 J _ 110 Juue'13
Fargo & Sou asaum g 6e-1924 J - J 109
19193-3 1011210218 10218 Jan '14
La Crosse & D 1st 59
1615-2102
Wle de Minn Div g 58
19213 - J 10218 10314 102 May'15
107 107
Wis Vail Div 1st Os
1920 J - J 10612 _--- 107 Feb '15
- - - 09 May'15 - - 99 10078
hill & No let ext 4As
1934 J -D 99
ar'15
1003
2
19
02
03
12
8 10
04
012
14
Cons extended 434s
1934 2 - D 99 - 9.111 May'15
--Chic& Nor West Est 481886-1926 F - A
_
9438 July'14
Regletered334e1880-1926 F - A
791
79'4 7912 79
-3 -i3-34 82
General gold
1987 M- N
7812 Jan '14
Registered
01987 Q - F
943
6
9414 Sale 941a
General 4s
1987 M- N
9412
89
9334 May'15
Stamped 48
1987 NI- N 9313 94
109 11412
11112
General Sc stamped
1087 M- N 11112 1115s 11112
106
91-4 16
10912 Apr '15
0i
931-4
2
Sinking fund 6s____1879-1929 A -0 10934
10512 Dec '13
Registered
1879-1929 A - 0
1027-2 16E18
_ _ _ _ 10338 Mar'15
Sinking fund Sc
1879-1929 A - 0
Registered
1879-1929 A - 0 10312 -- 102 Oct '13
1665-2 1611-2
10058 Mar'15
Debenture 58
1921 A - 0 101
9914 _ _ _ 101 Deo '12
Registered
1921 A 102
10218
Sinking fund deb 58
1933 M -N 10218 104 10218
0iv-2
g 6
Registered
10118 May'15
1933 hi - N 10012 __
11734 11914
Frem Elk & Mo V let 6s.._1933 A - 0 117
11731 2lar'15
Man G13.1,NW let 330_1941 2 - J
0012 Sep '09
Milw El L lst gu 3;is
1941 J - J
3 16E - 10811
Mil L & West lst g 6s
1921
S 10738
10738 -----------10412 10452
Ext de imp e f gold
F - A 10472 -- 10458 N1ar'15
11312 Feb '14
Ashland Div 1st g 68-1925 111- 13 11034
11112 11112
11112 Apr '15
Mich Div let gold 68_1924 J - J 110 _
9014 91-5-s 9134 May'15
Mll Spar & N W 1st gu 49_1947 M8958 02
Northw Union let 75 g_1917 M- S 10414- 10738 May'14
1'6E14 10514 M tty'15
1E34 106
St L Peo & NW let gu 59_1948 J - J
10312 May'15
Winona & St P 1st ext 78_1916 J l032 10352
- 10178 May'15
10138 10212
Chicago Rock Isl & Pao 8s 1917 J - J 10172
101.14
i6Z12
101,4 May'15
1917 J - J
10114 1014
Registered
8252 24 8134 85
1088 J - .1 8214 8212 82
Ry general gold 4e
80
8212
1988 J - J 81 _ _ _ _ 81 May'15
Registered
6434 121 6334 7178
1934 A -0 6434 Sale 64
Refunding gold 4s
471 101 4212 67
1932 J - J 4714 Sale 45
20-year debenture 5s
9454 June'll
N
8 ---- 93
18
4
4342_ 193
Coll trust Series P 48_
---- 75
85 July'13
R I Ark & Louis let
9978
_ 9178
1 -66- -6679678
2
1934 A Bur C R de N-1st g 5s
10078 May'14
CRIF&NWIstgu5e.-1921 A - 0
NI & St L 1st gu g 75
-15.678
ia
-D
J
217
9 .1
92
Choo Okla & G gen g 58_019
9712 Apr '15
9713 9712
Consol gold 58
83 Feb '15
O
A -N
2M
83
84
Keok & Des Moines let 58 192
953
65 Apr '15
65
65
St Paul& K CS!)L 1st 4yie '41 F - A
11612 May'15
1930 J -D
11518 11734
Chic St P M & 0 con 6s
90 Jan '15
90
Cons 6s reduced to 334e_1930 J -D
90
100 May'15
1930 31- 8
100 102
Debenture Sc
11612 Jan '14
C12 SIP & Minn 1st g 6s 1018 111-N
12958 May'09
North Wisconsin let 6s-1930 J - J
10558 May'15
1919 A St P& S City let g 65
165-1-4 16E3-4
Superior Short L let 5e g_0193 M- El
85 Jan '14
Chia T H & So-east let be _1960 J - D
10638 Apr '15
Chic & West Ind gen g 68-01932 Q -M
73
1952 J - J
78
Coned 50-year 4s
Cinl
1937 J - J
06 Mar'14
H de D 2d gold 4 As
1959 J - J
1st retunding 48
--1959 J - J
8614 Juno 12
let guaranteed 4s
10012 Mar'14
CinD & I 1st gu g 58
23
1
83 Mar'll
191
C Find & Ft %V 1st gu 43 g_1
65 J'ly '14
Cin I & %V 1st gu g 4s_ _ 1953 J - J
9438 Dec '14
Day & Mich 1st cons 4Sis_1031 J - J
65 J'iy '14
1935 J - .1
Ind Dec & %V 1st g 5s
10712 Dec '02
1st guar gold 58
68
- J
2 -D
)3
55
6814
2
93
1()1
Cleve Cln C & St L gen 4s_ _.1
82 June'14
1931 J - J
20-yr deb 43-is
81 Feb '15
Cairo Div 1st gold 48
83 Feb '14
39
Cin W de M Div Ist g 43.._ 1991
80 Apr '15
1900 M- N
St L Div 1st coll tr g 4s
8214 Mar'14
RegisteredNI85 Mar'14
N
S
9
90
94
Spr & Col Div 1st g 4s__ _19
91 Apr '12
W W Val Div 1st g 4s_ _ _1940 5 - J -- - 92
10514 10514 May'15
102() M-N _
C I St L C consol 6s
16E1-4 16Ei
00 Feb '15
1st gold 4s
90
99
87
_ 8812 May'15
Registered
£.7
8812
Sale
- 101
--IFFJ 101
3366 -1(4(1119
9
)
l 23
101
101 101
Cin s Cl con 1st g 5s__ k_1
10534 J'ly '14
CCC&Igencong6s___1934 .1 - J 10834 -Registered
-- 5
94 3.6;-.5a
A -- 0
05
941
Ind B de W 1st pref. 4s _ 193
0 Ind & W let prof 5sd1938 Q-J
- 61
-661; -661-2 5 60 65
PeIonde
com
Ea
est
4s1st con 4s_ _ 1940 A -0
2334 -25
28 Apr '15
_ 21 28
93 Sale 93
Cleve Short L 1st gu 4482
a 91 0334
03
4967 AA-90r
--- 17
16 May'15
17
Col Nlidland 1st g 4s
15
16
1412 Mar'15
1412 15
Trust Co certfs of deposit 1947 j
86
8812
1920
8312
CoR
Ioerfaudnod&
8518 02
s,SE
ou
x t14
st5igs48 _ _ _
8812
8414 Sale 8414
2 8112 35
8414
_ 102
102
Ft W & Den C 1st g 68-11892351
1 100 10314
102
-- _Conn & Pas Itivs 1st g 4s_ _ _1943 A - 0 - - - - - 10012 166- mliy-io
Cuba RR 1st 50 yr 58 g_ _ 1952 J - J
Del Lack dr Western-I)
10018 101
10038 May'15
Nforris dc Es let con gu 78_1915 J
334e1015 .3 -D
- 103 Nov'13
Registered
85 _ _ _ _ 8514 May'15
8518
84
1st ref on g
1071
10812 107 May'15
-D
J -J
199
921)
15
107 109
2
N Y Lack & W 1st 6s_
- - - 10134 May'15
10134 10134
Construction 5s
M-N
-A
95 96
923 P
96
3 954 00
Term & Improve 4s___ _ 19
- - 851 102 Feb '03
Warren 1st ref gu g 314s2000 F - A
- 10514 10514 May'15
Del & Hud 1st Pa Div 75_1917 Ni- S i0478
11:3/33
- - - - - 149 Aug '01
Registered
1917 NI- S
19162 -D 0978 Sale 9978
100
10-yr cony deb 4s
33 -66- 166
J - J 100 10014 100 May'15
1st lien equip g 4345
99 10078
9414 Sale 941s
13 92
1943 111-N
96
lst de ref 4s
9414
8512 85 May'15
1946 A -0 85
Alb & Sus cony 33-Is
8312 86
M-N 11212 11338 11338 Jan '15
11338 11338
Bens & Saratoga Rd
Due June. b Due July. 11 Due Aug. 0 Due 0(3. is Due Nov. g Due Dec. a Option sale.
JUNE
110
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
1899
New York Bond Record--Continued-Page 2
5 1915.1
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,
Friday
June 4
Week's
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Last Sale
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Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
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June 4
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High No Low High
Ask Low
Bid
High No Low High
Ask Low
Bid
8412
84
1st guar g 48_-_1945 M- S 85 ____ 84 May'15
Leh & N
7 734 78
7312
7312
7312 74
Deny & It Gr 1st con g 4s__ _1936
Registered
1 78
83
78
78
7514 78
1936
Consol gold 4s
10334
____ 10378 idiJ
gold
5s__131931
cons
1st
Q
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80
7712
__-May'15
79
7712
1928
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- - 9614 Mar'12 _
531
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1st consol gold 45
49
10 38
4714
4814 4714
47
1955
1st & refunding 59
I64-185 87a
8612 8634 May'15
1938 J -D 85
General gold 4s
- --- 95 109 Deg '12 ____ ____ _ _ _
Rio Cr June 1st gu g 5s 1939
9514 May'14
S
IN1922
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Ferry
gold
'11
Apr
--------6112
1940
Rlo Gr So 1st gold 4s
'06
Oct
9914
-D
1932
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40
85 Mar'08
-1940
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-8438934 May'15
_ __ 89
1949 61- S
75
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1 69
69
69
73
71
1939
Rio Gr West 1st g 45
954 9512
9518 Jan '15
........ 101
Debenture gold Is
_- 594 May'15 _-- 58
91
5918
Mtge & col trust 48 A 1949
8613
8312
May'15
84
85
S -D
1V1 42
39
94
19
Guar refunding gold 45
--------90 Apr '14 _-- __ _
Utah Cent 1st gu g 4s_a1917
_
---- 95 Jan '11
1949 IN- S
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_ _ _ _ _ _ 100 Mar'15 __-_ 100 100
Des Mot Un Ry 1st g 5s_ _ _ _1917
'15
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'15
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1995
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N Y & It B 1st gold 55_1927 NI- S ---- - --- 10212 Jan '14
78
78 - - -- 78 May'15 ---- 78
1995
Gold 4s
Nor Sh B 1st con g gu 58_01932 Q- J ____ 10078 102 J'ly '14
9012
____ 9012 9012 May'15 ---- 90
Det Itiv Tun-Ter Tun 43,0_1961
9112 Feb '14
& Ark 1st g 55___ _1927 Al- S
Louisiana
8
1045
_-10112
May'15
101 10112 10112
Dul Missabe & Nor gen .58_1941
4 iid 115
112
3 11058
1930 J -D 112 1E;
Loulsv & Nashv gen Os
99 __-- 100 May'15__-- 9812 101
Dul & Iron Range 1st 5s_ _ 1937
10014 107
10512 -- 107 May'15
N
M
1937
Is
Gold
--------10612
Slar'08
1937
Registered
9434
11
91
9212
Sale
9112
9212
J
J
1940
48
gold
Unified
104 Feb '11
1916
2d 6s
94 June'14
-1940 J - J
Registered
96 May'15
;66 _
96 100
1937
Du So Shore & At g Is
t031 10314
10314 Jan '15
10314
N
M_1931
5s__
gold
trust
Collateral
105
103
____
'15
10378
Apr
_1941_
Elgin Jol & East 1st g 5s__ _
10153 -- 10838 May'14
E H & Nash 1st g Os
10612 11012
4 i 12 10834 May'15
1.(3g31920
Erie 1st consol gold 7s
9812 _ _ _ _ 10258 .Ply '14
931 51- N
L Cia & Lox gold 4As__ _19192-D
90 --_- 9712 June'14
N Y & Erie 1st ext g 48.....1947
iii3; 11512
11312 - --- 11512 May'15
J
.1
1930
65
gold
1st
10214
51
&
0
N
106
10114
May'15
10114
1919
2d ext gold 58
bag 1097s
1930 J - J ____ 109713 1097s May'15
2d gold Os
3 9814 9914
9812
9812
0812
1923
3d ext gold 4 As
84 Dec '14
Paducah & Mem Div 45...1946 F - A
10114-- 10114
2 1004 10214
10114
1920
4th ext gold Is
2
4 1071561.
11
10612
10612
*___
10612
S
M1921
6s
gold
1st
Div
Louis
St
90 ---_ 9338 May'14 --1928
5th ext gold 4s
3 594 65
5914
5914
S -_-_ 60
1980
2d gold 38
109
i 106 106
109 - - -- 109
N y L E & W 1st g fd 7s_ _1920
8512 8812
8714 Apr '15
-N
rd
864
---45...1955
Div
Cin
&
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8014
11
81
81
8412
81
Sale
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111 Jan '13
_
At! Knox & Nor 1st g 5s-1946 J -D 106 - _
_ _
83 Jan '14 -- _
---- 80
Registered
1996
idi- idi
ii
IIender Bdge lets g 63..1931 M- S 1053s --- 105 Mar'15
i dd.
68
68 Sale 68
1st consol gen lien g 4s_ _ 1996
8734
86
8612 May'15
8534 90
.1
J
45_1987
gold
-_
Central
__
Kentucky
_-__
'12
Apr
77
____
-___
1996
Registered
1
9912 101
--9912
9912
99
S
8814
L&N&M&MIstg4A81945
8618 8814 86 May'15 ---_ 86
Penn coil tr g 4s
1951
80
78
80 Apr '15
66
9 60
L & N-South M Joint 48..1952 J - J ---- 87
63
63 Sale 61
50-yr cony 4s A
1953
- - -- 95 Feb '05
-- Registered
683s 37 6312 70
6838 Sale 673s
do
1953
Series B
'14
J'ly
106
_
-__
101
.1
4
F
7Q
32
N Fla & S 1st gu g 58 1
7 98
10114 10234 10258 Apr '15 ---- 10212 10318
Buff N Y At Erie 1st 7s
1916
*95
97 Dec '14
.1
J
4
4%6_1945
g
1043
gu
Bdge
C
gen
&
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10112
5
4
1013
4
1043
-___
10414
Is.
Chic & Erie 1st gold
_1982
10712 10834
Pens & Atl 1st gu g 6s_ _ __1921 F - A 10534 ii6- 1081t May'15
------- 101 Feb '15 ---- 101 101
Cloy & Mahon Val g 5s
1938
19g18 10518
1054 Feb '15
& N Ala cons gu g 5s_ _ _1936 F - A 10312 - 12012 _._ _ 12212 May'14 ____ ____ _ _ _ _
Long Dock con.sol g 6s_ _ _ 1935
9912 10214
10012
100 101 10012
A
5s_1963
Gen
cons
gu
'12
-year
Dee
50
106
103
____
Coal SC RR, 1st cur gu 6s_ _1922
Mar'14
10318
8312
82
--&
S
L
M10212
4s___1945
Jeff
g
1
gu
Co
1031s
Bdge
10318 Salo 1031s
Dock & Imp 1st ext Is._1043
- Manila RR-Sou lines 4s_ _ _1936 1.4-N
-------10312 Aug '12 ____
N Y & Green L gu g Ss__ _1946
i(7)
:
-t
- - - ---- 77 Ma
94
Mex Internat 1st cons g 4s._1977 M- S
--- - 9414 94 May'15 --- 90
N Y Sus & W 1st ref 5s_ _1937
79 Nov'10
_
--------10014 Dec '00 ---- _ __ _
1977 M- S ---Stamped guaranteed
1937
2d gold 4As
101 Oct '09
75
--'70
Midland Term-Ist s f 5s g_1925 J - D
r'15--a
M
75
70
_
_
_
1910
gold
53
General
1111; 1Ul
11112 Mar'15
_ Minn & St L 1st gold 75_ _1927 .1 -D
-------- 102 Jan '14 ---- __ _
1943
Terminal 1st gold Is
_
_ _
Pacific Ext let gold 68_ _ _1921 A -0 100 10212 11018 Aug '11
10212 - - _- 11112 May'12 -- _
1940
Mid of NJ 1st ext 58
4
85 -61187
8712 8734 May'15
1934 M- N
let consol gold 5s
id
86
i id
86
88
86
Wilk & Ea 1st gu g 5s_ _ 1942
60
10 40
504
1st dt refunding gold 4s_ _1949 M- S 50 Sale 50
--------106 May 12 -__ __ - _
Ev & Ind 1st con gu g Os__ _ 1926
60
Feb
02
60
_
'15
60
J
J
D
Ft
Des
&
lst
Al
48_1935
gu
97
8714 87 May'15 ---- 85
87
Evans & T H 1st cons 68._ 1921
9P14
84
85 May'15
995 Dcc '13
Iowa Central 1st gold 5s_ _1938 J -D 824 85
1942
1st general gold Is
(3.3
5012 16 35
1951 M- S 5012 Sale 4914
Refunding gold 48
Mt Vernon 1st gold 0s_ _ _ _1923
93
4
913
90
92
91
May'15
.1
J
Int
g
gu_1938
con
M StP&$SNI
-- __ -__ 95 Junc'12 -Bull Co Branch 1st g Is.....1930
- - - - 9714 June'12
---1st Chic Terms 143___ _ _1941 M- N
8
9078614 8838 8812 May'15 ---- 87
Florida E Coast 1st 4%8_1959
9612 96 Nov'13
M S S &A 1st g 4s lot gu_1926 J - .1 ---_-- 92 Aug '10 -- ----- -----Fort St U D Co 1st g 43.$s1911
- 90
91 J'ly '14
Mississippi Central let 58_1949 J - J
50
50 May'15 ---- 50
5012 4
1928
Ft W& Rio Cr 1st g 45
16 721
74
7412 7534 7214
Mo Kan & Tex 1st gold 4s1990 .1 -D
Great Northern83
1 53
58
58
5634 58
g1990 F - A
2d gold 4s
9638 101 0478 97
9614 Sale 96
1921
C 15 & Q coil trust 45
89
82 May'15
82
82
1944 M- N
1st ext gold Is
2 9452 9652
9578
96 --- 9578
1921
Registered h
2
1
56/
49
55
55 May'15
_
S
AI2004
4s
refund
&
4
1st
101
C1652
9914
9912
9914
Sale
1st & refunding 45s ser A 1961
74
6
5912
6214
5012
60
--J
J
1936
s
4A
_
Gen sinking fund
_
- - - - 06 June'13 -- _
1961
Registered
9018 801s
6018 Feb '15
ig
St Louis Div le ref g 45 _2001 A&0 --__ 63
9412 66
95 Apr '15 ---1933
St Paul M & Man 4s
9934 Dec '13
-Dal & Waco let gu g Is.._1940 81- N ---- 94
118 11938 11834 May'15 ---- 11712 12014
1933
let consol gold 6s
78 J'ly '14
1990 F -A ---- 78
_ ____ 11834 Apr '15
Kan C & Pac 1st g 4s
118 11834
1933
Registered
-661; -681;
9712 9612 Mar'15
94
1942 A 1 10014 10134
Mo K & E 1st gu g 55
1605 ___ 10058
10058
Reduced to gold 4 A s_ 1933
8512 88
8512 Mar'15
M K & Ok 1st guar 58.._ _ _1942 M-N - - -- 90
.----10834 Apr '15 ------1933
Registered
797s 89
80 May'15
M K & T of T Ist gu g 58_ _1942 51-S ---- 80
di38
34 04 May'15 ---- di
Ii,,
Mont ext 1st gold 4s_1937
96 May'13
-D
J
_1942
5s_
g
gu
1st
_
_
So
_
_
&
Sh
____
Sher
.-'14
Apr
9412
_
-__
1937
Registered
'14
Jan
90
9912
S
M55..1943
g
gu
1st
___ ___ 9258 Mar'll -- -- ---Texas & Okla
Pacific ext guar 4s L._ _ _1940
9 -66 10114
99
99
9914 100
89 ---- 95 May'14 ---- __-- - - - - Missouri Pac 1st cons g Os._ _1920 M- N
E Minn Nor Div 1st g 4s 1948
924 9018
904 17 8912 9653
10712 ___ 11012 Jan '14 ---- -- - - -- -Trust gold 5s stamped__ _a1917 81- S 90
1922
Minn Union 1st g 6s
2 8812 8812
Sale
8812
8812
8812
S
Ma1917
Registered
12058 12212 121 May'15 ---- 120 121
1937
Mont C 1st gu g 68
1 87
9212
87
1920 F - A 87 Sale 87
1st collateral gold 5s
- -- -------- 13614 May'06 ---1937
Registered
10512
A
F
1920
I
1054
_-_
Registered
10512
___
'15
Aug
1937
1st guar gold Is
22
Sale
42
414
423
4
IS
IN1945
40 year gold loan 4s
- - ------ --- - - - - ---1937
Registered
4972
18
40
1959 NI- S 40 Sale 40
lst& ref cony Is
10534 10714 10412 June'13 ---- - -- - - --Will & S Fist gold 5s .1938
78
78
78 Jan '15
-72
70
3d 7s extended at 4%.. 1938 1‘1 N
72 May'15 --80
72
Gr B & W deb ctfs"A"($100 par)
'13
100
Feb
A
Boom, St L & S 1st 5s gu-1951
10 1012 1334
12 Salo 12
12
Deben ctfs "B"(8100 par)---85 -ig
85 Feb '15
_- 78
A
F
_1919
45._
g
gu
1st
88
Cent
Br
8212
---83
Mar'15
84.
Sty
8218
_51952
g
t
&
ref
Is..
Gulf & S I 1st
7712 Dec '13
- -____ 75
Cent 13r U P 1st g 4s
---- - - - - -- 51952
ltegistered
110 Mar'05
-J
J -D
482
1926
95
Leroy &CVAL 1st g 58..1
934 May'15 ---- 91
---- 93
Hocking Val 1st cons g 4s.1990
2 85 - 8712
80
86 61-e- 86
A
F
1st
48.._1938
g
Slo
ext
of
R
Pac
-_
'14
973
_
_
_
..
_
Jan
_
--4
1999
Registered
_
96
9712 J'ly '14
2d extended gold Ia.__ _1938 J - J 90
- - 8512 Jan '15 ---- 13512 8512
1
Col & H V 1st ext g 45-1918
2 10113
23
97
St L Ir Si & S gen con g 55 1931 A -0 9612 Sale 9512
--------9012 June'14 ---- ---- -1955
Col & Tol 1st ext 4s
_ 9778 102 J'ly '14
A
5s
g
1931
gu
con
Gen
stamp
93
9312
--------0312
--'15
Feb
&
Belt
Term 1st 58_1937
Houston
71
6212
Salo
-18
6312
644
64
J
J
1929
gold
ref
4s
&
Unified
9112 9712 971s J'ly '14 --- __- - - - Illinois Central 1st gold 4s_ _ 1951
8078 Oct '12
1929 J - .1
Registered
100 Sep '11
1951
Registered
69
10
- Sale 60
61
-di
1.4-N
1933
1st
4s
Div
g
G
&
,
Rh
83
7834
---83
May'15
84
7912
1951
1st gold 3Ms
9212 Dec '13
89
1926 1171- S
Verdi V 1 & W 1st g 58
8312 8812 Feb '13 ---- ---- -80
1951
Registered
2 -.56711012 11454
11214
1927 J - D 110 117 11214
_ _
_ 7814 Dec '14 --- -- --- Mob & Ohio new gold 68
Extended 1st gold 3As__ _1951
114 114
114 Apr '15
J
_h1927(3_
6s_
gold
extension
1st
____
____
____
____
ii
.
id
1951
Registered
75
72
72
Mar'15
S
M1938
General gold 4s
-1951
g0.- J'ly '09
1st gold 3s sterling
10112 10112
10112 Apr '15
1947 F - A
Slontgom Div 1st g 5s
1951
Registered
95 Dec '13
D
J
1927
Is
Div
Louis
St
1952
Coll trust gold 4s
87 Jan '15
-if - -if
8712 88
St L & Cairo guar g 48_ _ 1931 J - J 10414
- --- --9514 Sep '12 ---_ ____ _ _ _ _
1952
Registered
10412 10638
10558 10612 Apr '15
Ch Sr St L 1st 58_1928 A -0
321 8538 88's
--_- 8712 8634
87
1955
1st refunding 4s
_ NashvilleBranch 1st g Os_
_
'13
Jan
_
111
_
---108
___
.14
J
J
1923
Feb
82
Jasper
-- - .. 83
1952
Purchased lines 35s
---8338
a ii12 id32
W & Al 1st 65_1917 J - J ---- ---- 10334 Jan '14
McM
83 Sale 83
1953
L N 0& Tex gold 4s
- - 113 J'ly '04
---9518 84 May'14 -1917 J - J ---T & P Branch 1st 63
1953
Registered
- - 5934 58 June'14
86
____
Apr '15 ---- 86
89
Nat Itys of Mex pr lien 4%8_1957 J - J
1050
Cairo Bridge gold 48
- Feb
17
'13
Guaranteed general 4s_ _ _ _1977 A -------- 74 Feb '14 ---- _ - -- -- - Litchfield Div 1st g 3s.---1951
9678 Feb '13
84
--------7712 Mar'15 --- '77
'7'712 Nat of Mex prior lien 4%8_1926 J - J
Loulsv Div & Term g 3As.1953
'14
Apr
50
0
A
83
1951
Aug '12 ---- -- - - 1st consol 4s
-------- 1953
Registered
40 May'15
4 41
-H1-------- 123 Slay 09 ---- --- - -- -- N 0 Mob & Chic 1st ref 5s..1960.3 - J
1921
Middle Div reg 55
101 June'14
- -'73
NO&NE prior lien g 6s_p1915 A -0
-------- 73 Mar'15 ---- 68
Omaha Div 1st gold 3s_ _1951
7912 May'13
_ - _ -. New Orleans Term 1st 4s_ I953 J - J
__- 7112 7512 Mar'12 -_ _
St Louis Div & Term g 35_1951
103 1621 9912 104
4 Sale 10134
80
80 Apr '15 -- 78
__ 80
N Y Cen ItR deb 6s wh iss_ _1935 M-N 11)231951
Gold 3).s
893s
27 86
88
88 Sale 87
_ _ _ _ 10118 Oct '99 ---- --- - ---Ref & imp 430"A" _ _2013 A 1951
Registered
8134
21 79
80
5 1997 J - J 80 Sale 79
--------7838 Mar'14 ------- -- N Y Central & II R g
Springf Div 1st g 3 As_ _ _1951
_ 7512 7814
784 May'10
78
77
1997 J - .1
Registered
88
____ ____ 88 May'15 ---- 88
Western 'Ines 1st g 4s_
1951
89
3 84
Sale 86
8618
864
N
M1934
48
gold
Debenture
Registered
1951
8978 June'14
1934 IN- N
Registered
...._ _ 11712 May'10
Bellev & Car 1st (is
1923
4 7214 -fg"
7212
72
73
7278
Lake Shore coil g 3Xa........1998 F - A
-------- 941 J'ly '12 ---- ---- --Carb & Shaw 1st gold 43._1932
7112 72
7112 May'15
72
71
A
F
1998
Registered
1 10612 109710612
s
61 Sal) 10612
Chic St L & N 0 gold 5s_ _1951
'14
Dec
79
80
76
_ ----114 Feb '11 --- ---- - - - JP M &Co ctfs of dep _____
---Registered
1951
17;
69 May'15
----73
6814
A
F
.1998
As_
coll
3
gold
Cent
Mich
__
90
Oct
In
---_----Gold 35s
1951
8912 70
1998 F - A ---- 7014 70 May'15
Registered
Registered
1951
-Battle Cr dr Stur 1st gu 38_1989 J - D - ____ 100 100 May'15 ---- 9812 10058
Joint 1st ref 58 series A.1963
1
4 May'1594
Beech Creek 1st gu g 48._1936 J - J 9212 ____
Mewl' Div 1st g 43._ _1951
- -- - 8834 8612 Mar'15 --- 8612 8612
99 May'll
1936 J - J
Registered
Registered
1951
1936 J - J
2d guar gold Is
-6i. 9512 98 J'ly '08 ---St Louis Sou 1st gu g 48_1931
1936 J - J
Registered
312 86.18
.
8
8518 Feb '15
1950
Ind III & Iowa 1st g 4s
Beech Cr Ext 1st g 3 As_b1951 A -0
99
99
3 98 100
---- 100
Int & Great Nor 1st g 6s.._ _ _1919
- - - - 88 Oct '12
Cart & Ad Ist gu g 4s
9012 Apr '15 --- 8812 9012
-- - _ 00
James Fran & Clear 1st 4s_ _1959
-.1 -D 99
1 .1-D
1982
Gouv & Oswe 1st gu g 5s_ _194
'3
16 6738 69
1 6738
6712
Kansas City Sou 1st gold 38_1950
9512 June'14
Mob & Mal 1st gu g 4s.....1991 M- S
_ ---- 63 Oct '00 --- _ - - ---1950
Registered
86 Jan '15
A
F
4s1986
1st
guar
R
June
J
di
N
iils
914
913
.
6
1950
Sale
s
Apr
914
5s
'mot
St
Ref
N Y dr Harlem g 3As-- 2000 SI-N 85 _--- 8712 Dec '12
10 8978 93
90
90 Sale 8978
Kansas City Term 1st 45_ _ -1900
101l 1017,
___ _--- 10112 Mar'15
N Y & Northern 1st g 'Zs_ _1927 A 9812
93 May'15--__ 90
--_ 91
Lake Erie & West 1st g 53..1937
92 Oct '13
N Y & Pu 1st cons gu g 45_1993 A-0 ____ 88
1911
- - -- 8478 9434 May'14 ____ _ _ _ _ _ _ _
2d gold 55
Nor & Mont let gu g 5s _1916 A -0
- - - - 10018 98 Mar'14 ____ ___ _ _ _ _
-1945
North Ohio 1st guar g Is....
113 113
113 May'15
Pine Creek reg guar 68._ _ _1932 J - D
9934 10112
10012 - 10034 Slay'15 ___
Leh Vail N Y 1st gu g 44s_ _1940
10154 10334
i 99 10034
R \V & 0 con 1st ext 55_7;1922 A -0 lO12 103'z 10211 May'15
_ _ _ _ 997
8 9978
_1940
9978
Registered
Mar'15
10018 10012
10018
A
F
e1915
5s
gag
2d
R
&
87
Oswe
87 Apr '15 _-_ 87
91
86
Lehigh Vail (Pa) cons g 43-2003
104 June'10
R W & OT R lstgug 55_1918 M-N
9312 9912 9934 May'15 -- 9714 9931
2003
General cons 45s
90 Apr '13
Rutland 1st con g 4 As_ _ _1941 J - .1
IC18 --- 10618 Feb '15 ____ 10534 10618
Leh V Term Ry lst gu g 513._1941
70 Feb '15
Og & L Cham 1st gu 413g1948 J - J -60- -- 71
_
11118 Dee '11 _--1941
Registered
i6i- 92 June'09
Rut-Canada let gu g 48_1949 J - J
10414 Feb '15 -_ 154-4 iliii14
1
Leh Val Coal Co let gag 58_1933
101 101
M ar'15
101
.1
J
_1996
Ss
g
1st
Adir
&
Lawr
St
'13
105
-------Oct
--_-1933
Itegistered
11912 Mar'12
1996 A - 0
2d gold (38
1933
it. int rNitiercl to 4s
June h Due July. k Due Aug. o Due Oct.
• No price Friday: latest bid and asked this week. a Due Jan 8 Due Feb. d Due April. I Due May. g Due
p Due Nov. s Option sale.
"if"
643-4
38
-6E1
-ii7; "ii""--5 "iii; "ifITI
--i1-4 -(--
WI;94
----
----
-id- -id
-id- -id
1900
BONDS
N. Y. STOCK EXCHANGE
Week Ending Juno 4.
New York Bond Record-Continued Page 3
t
-,-,
Price
Friday
June 4
Week's
Range or
Last Sale
i ,4,
a CQ
`'`4
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
'dv
t
zt
-'a'
WoL, 100.
Price
Friday
June 4
Week's
Range or
Last Sale
1.
.11
i%
4,
Range
Since ,
Jan, 1
N Y Cen & H RR (Con.)
Ask Low
Bid
High No. Low High Pere Marquette (Con.)
High No. Low High
Ask Low
Bid
Utica & Blk Riv gu g 4s__ _1922 J - J 9512 - - 97 Feb '15 _--- 96
97
Flint & P M gold 6s....1920 A -0 9512 9912 90 Mar'15 ---- 90 90
Lake Shore gold 3%s
1997 .1 -D 8234 Sale 8234
1 81/2 8414
8234
1st consol gold 5s
1939 M-N 6712 --__ 68 Mar'15 -_-_ 6512 69
Registered
1997.3 -D 82 ---- 8112
82
1 81
8112
Pt Huron Div 1st g 59_1939 A -0 --__ 68 . 65 Mar'15 _.-- 65 65
Debenture gold 4s
1928 M- $ 9114 Sale 907a
3 90
9114
Sag Tus & H Ist gu g 4s 1931 F - A -- - -------------------9312
25-year gold 4s
1931 M-N
5 Sale 90
9059 35 8912 9278 Philippine Ry 1st 30-yr s f 4s 1937 J - .1 --- 55
65 May'14 __-- - - - - ---..
Registered
1931 M-N ---- ----9178 June'14 ---- _ _ _ _
Pitts Sh & L E Ist g 5s
1940 A - 0 - - - - --- 10812 May'14 ---- - - - - ---Ka A & G R 1st gu c 5s__ _1938 J - J ---- --- ------- ---- ---- - - - 1st consol gold 5s
1943 J - J ---- ---- 11314 Nov'll --- ---- -Mahon CI RR 1st 5s
1934 J - J 11 1 -- 10714 Apr '14
Reading Co gen gold 4s
1997 J - J 9212 Sale 9212
9234 27 9113 951s
Pitts & L Erie 2d g 59._ _a1928 A -0 ---- ----103 Jan '15 ---- 103 1(13
Registered
19973 - J -- _ - 9J14 93 May'15 -_-- 9012 93
Pitts McK & Y 1st gu 6s 1932 J - .1 114 -___ 1301s Jan '09 ---_ _ _ _
Jersey Central roll g 4s__ _1951 A -0 935s 94
935s
9358
3 91
9355
2d guaranteed Os
1934 J - J 11214 116 1.2314 Mar'12 ---- _ _ ___ _
Atlantic City guar 4s g.._ _1951 J - J -- - - - - _ --_
- - - - ---- - -- - - - -McKees & B V 1st g 69_1918 J - J
-___
_
____
St Jos & Gr Isi 1st g 4s
1947 J - J --- 63 63 May'15 ---- 62
73
Michigan Central 5s
1931 M- S 1152-3-8 --_ ilii38 May'15 ---- .4.1i38 I.6i38 St Louis & San Fran gen 69_1931 J - J 10512 107
5 10678 10812
10578
10518
Registered
1931 Q-6I
10312 May'14
General gold 5s
1931 J - J
- 99
99 1011
99
4s
1940 J - J --------98 Apt '12
St L & S F RR cons g 4s 1996 J - J ------ 75 J'ly '14 -----------Registered
1940 .1 - J --87 Feb '14
General 15-20-year 59_1921 M-N 4612 49
611s
35
__May'15
4612
J L & 5 1st gold 39_1951
%
---M- S
---- 90June'08
Trust Co certifs of deposit__ _ __
4612 50 48
12 3212 51
46
1st gold 339
1952 M-N ---- 8114 81 May'15 ---- 7978 81
do
Stamped__
421
4212
3 3212 49
45
20-year debenture 4s__ _1929 A -0 78 ---- 83 May'15 ---- 7814 83
Southw Div 1st g 5s
1947 A -0 --- --- --93 Dec '13 ---- - - - - -- - NY Chic & St List g 4s 1937 A - 0 91
92 9012 May'15 ---- 9012 9331
Refunding gold 4s
1951 J - J
1
6712
6712
2 6312 711s
Registered
1937 A - 0
9234 J'ly '14
Registered
1951 J' - J -------- --8034 Mar'll ---- - - - - -Debenture 4s
1931 M-N 7612 Sale 7612
1 7612 791 1
7612
Trust Co ctfs of deposit__ -- -- 63 - - - - 66 May'15 --__ -611-2 7112
West Shore 1st 45 guar
2361 J - J 89 9012 89
14 88
89
Stamped__ -_
9212
do
65 Sale 65
36 6014 68
65
Registered
2361 J - J 87 8912 8578
86
3 857s 8934
K C Ft S & M cons g 6s 1928 M-N - - -- 10612 10714 May'15 ---- 107 110
N Y C Lines eq tr 5s__1915-22 M- N ---- ---_ 100 Mar'15 ---- 10() 100
K C Ft S & M Ry ref g 49.1936 A -0 71 Sale 71
731
1
7114
Equip trust 4%9_1916-1925 J - J ..--- ---- 98 J'ly '14
_
_
K C & M R & B Ist gu 59_1929 A -0 -------- 95 Mar'14 ------------NY Connect 1st gu 4%s A_ _ 1953 F - A -----_ 9412 May'15 ---- 9413 9614 St L S W 1st g 4s bond ctfs 1989 M- N 73
75
7412
7412 13 7412 80
N Y N H de Hartford2d g 48 income bond ctfs-p1989 J - J - --. 64
60 May'15 ---_ 55 60
Non cony deben 4s
77 J'ly '14 -___ _ _ _ _
1947 M- 5 77 82
1932 J -D 59
Consol gold 4s
5934 5834
5834
8
56
6234
Non-cony deben 3 .69
70 63 Feb '15 ---- 63 63
1947 M- 8 67
Gray's Pt Ter 1st gu g 59..1947 J - D ----- 9812 Jan '14 -_ ---Non-cony deben 334s_ __ _1954 A -0 65
70
65 May'15 ---- 64 67
5 A & A Pass Set gu g 4s
1943 J - J ---- 75
73 May'15 ----' 73 80
Non-cony deben 4s
7758 May'15 ---- 71
1955 J - J 7612 81
1919.3 - J 10014 101 10014 May'15 ---_ 9934 1003s
7758 SF&NPIstskidg 53
Non-cony deben 4s
76.2 80
76 Apr '15 --1956 M-N
70
76
Seaboard Air Line g 4s
8012 75 Dee '14 ---_
1950 A -0 78
6612 1j, 6112 6912
1956.3 - J 6612 Sale 6612
Cony debenture 3%s
1950 A - 0 '7812 8038 80
Gold 4s stamped
1 78
80
8313
1948.3 - J 11012 Sale 110
Cony debenture 6s
11012 21 101 111,2
Registered
Cons Ry non-cony 4s__1930 F - A 75,2 - -- - - - - - ------ ---- _----Adjustment 5s
01949 F - A 6434 Sale 64
643
4
27
5934
7134
Non-cony deben 4s
75
--_
1)112 Jan '12 --__ __ _ _ _ _ _
1954 J J
Refunding 49.
1959 A -0 67 6912 6812 May'15 ---- 66
70
Non-cony deben 4s
___
1955 J - J 75 ---- ____
Atl Birm 30 yr 1st g 49_81933 M- S - - - - 82
82 Jan '15 ---- 81
82
Non-cony deben 4s_......1955 A -0 -- --_ ____ ______ ____ ____ _ _ _ _
41 , -- - - 8514 Mar'15 --_ 8412 85,4
Car Cent 1st con g 4s____1949 J - J
Non-cony deben 4s_ _ _ _1956 1 - J
- - ----10314 Jan '13 --_ - ---_ _
Fla Cent dc Pen 1st g 5s_ 1918 J - J ---Harlem R-Pt Ches 1st 48_1954 M-N 88 -- 9914 Nov'12
1st land gr ext g 5s___1930 J - J --------104 Nov'12 ..._
B & N Y Air Line 1st 4s 1955 F - A ----- - 9912 June'12 ---- _ _ _ _ _ __
Consol gold 58
1943 J - J *10078-- 10078 Apr '15 ---- 10078 101
Cent New Eng 1st gu 4s 1961 J - J ---- 79 '79 May'15 ---- 71) '79
Ga & Ala Ry 1st con 59_81945 J - J - - - - 103 10258 Mar'15 --__ 10012 10258
Hartford St Ry 1st 4s_
1930 M- $
- --- _
---_
_
Ga Car & No lst gu g 5s 1929 J -.3 101 --- 102 May'15 ---- 10012 10214
Housatonic R cons g 5s__ _1937 M-N i1g1 -_ - (i5-12 1\-1-ay-'1 -__ jog i6g1,
Scab & Ron 1st 5s
1926 J - .1 --- -- - - 10112 Mar'15 ---- 10112 10112
Naugatuck RR 1st 49..._ _1954 M-N ---- - - ---- -87 J'ly '14
Southern Pacific CoN Y Prov & Boston 4s......1942 A -0 --------88 Aug '13 ---Gold 4s (Cent Pac coll)..k1949 J - D 8212 Sale 8112
8212 20 8138 8614
NYW'ches&B 1st ser I 4%s'46 J - J 77 Sae 7512
77
3 6612 7812
Registered
k1949 J - D ---- 80 90 Feb '14 ----- - - --N H & Derby cons cy 50.._1918 M- N 100 --- 107 Aug '()9 ---- _ __ _ _ _
20 year cony 48
227 8018 8334
01929 M- S 82 Sale 8034
82
Boston Terminal 1st 49
1939 A -0 -- - - -- _ _ __ ______ ---- __ _ _
20 year cony 5s
1934 J -D 995s Sale 9812
9934 145 9514 10178
New England cons 5s
1945 J - J
---Cent Pac 1st ref gu g 4s 1949 F - A 875s Sale 8634
00
170 86
8
875
Consol 4s
---------9913
1945 J - J ---- Mar'12-Registered
1949 F - A - - - - 88 8612 Mar'15 --- 8612 8612
Providence Secur deb 4s 1957 M-N
56 Apr '15 ---- 55
5812
Mort guar gold 334s_k1929 J - D 865s 8712 8714
8714
9
89
8714
Prov & Springfield 1st 53..1922 J - .1 ---- -- -----9
-978 Deo '14
Through St L 1st gu 4s..1954 A -0 ---- 8412 85 Apr '15 ---_ 85 87
Providence Term 1st 4s 1956 M- S -- - - ---- 8358 Feb '14 ---- __ _ _ _
0II & S A M & P 1st 5s 1931 61-N -- - - -_-- 102 Mar'15 --__ 102 10213
W & Con East 1st 4%3_1943 J - J - -- -- - -_- __
---(lila V G & N Ist gu g 5s 1924 fa- N --- - - - - - 10234 Apr '14 -------N Y 0& W ref 1st g 4s.. _ _g1992 M- 13 '
Sie 79
3 7818 8258
-7-9
How E &W T 1st g 5s_ I933 Pal-N 99 102 103 Jan '15 ---- 03 103
Registered $5,000 only__g1992 M- S --------9213
June'12
-1st guar 55 red
1933 M-N
991s 10012 10412 J'ly '14 ------General 4s
1966 J -D 767 ---- 7559
7558
I 7512 80
H & T C 1st g 5s int gu... 1937 J - .1 104 -- 104
1 104 107
104
Norfolk Sou 1st & ref A 5s._1961 F - A - - - - 83 94 June'14
Gen gold 4s int guar_ 1921 A -0 93 ____ 94 Apr '15 ---- 93 954
Nonf & Sou 1st gold 5s
1941 M-N --.. 101 101 May'15 ---- 101 102
Waco&NWdiv lstg 6s 1930 6I-N 108 --- 108 Mar'14 ---- ---- ---Norf & West gen gold 6s_ _1931 M- A 118 ---- 118 MaY'I5 - --- 117,4 118
A 48 N W 1st gu g 55
1941 J - .1
li 100
1 100 10212
100
Improvement & ext g 69....1934 F - A 115 120 119 Feb '15 ---- 119 119
Louisiana West 1st 6s
1921 J - J ---- - - ----10
--9 June'14 ---- -- ---New River 1st gold 6s_ __..1932 A -0 115 118 119 Apr '15 --, 119 119
Morgan's La & T 1st 79.__1916 A -0 10534 - - - - 10712 J'ly '14 ---- - -- - - -N & W Ry 1st cons g 4s-1996 A -0 9 1 Sale 9012
91,2 11 0012 94
1st gold 65
1920 J 7 .1 102 106 10614 J'iy '14 -----Registered
- .. ----94 May'14 -_._
1996 A -0 ---No of Cal guar g 5s
1938 A -0 - - - - -- - 112 Feb '07 --- -- - - - - - Dly'l Ist lien & gen g 49_1944 J - J 87 8712 873s May'15 ---7 871s 8812
Ore & Cal 1st guar g 5s_ _ _1927 J - .1 10034 Sale 100,4
10034 18 9934 10112
10-25-year cony 4s
104 10114 10114
1932 J -D
1 9818 10434
So Pao of Cal-Cu g 5s_ _ _1937 M- N 10512 --- - 10112 Nov'13 -- ---- - 10-20-year cony 4s
1932 M- S ---10212 Sale 102
10212 15 9934 10212
So Pac Coast 1st gu 4s g....1937 J - J 9112 9212 9112 Sep '12
____ - --10-25-year cony 439_1938 M- S 10212 10412 102 May'15 --- 101 10512
San Fran Term( 1st 49.-1950 A -0 7 3 79
7834
53 7734 8238
79
Pocah C & C Joint 4s_ 1941 J - D 8734 8814 8814 May'15 ---- 8'734 90,4
Tex & N 0 con gold 5s
1943 J - J ---- - ---06 Apr '14 --- - --- - - -CC & T 1st guar gold 5s 1922 .1 - J 10134 - - - 10534 Jan '13 ---_ _
__ _
8
865
Sale
19553
J
RR
So
1st
Pac
ref
4s
88
8658 63 8358 89
Selo V & N E 1st gu g 4s 1989 M- N 89
907s 91 May'15 --- 90 91
Southern-1st cons g 5s9938 34 9812 101
1994 J - .1 9912 Sale 99
Nor Pacific prior lien g 4s__ _1997 Q - .1 9134 Sale 91
9134 101 8834 931s
Registered
1994 J - J - - - - 98 100 Aug '13 ---- - - - - -- - Registered
1997 Q - J 90 9012 9012 May'15
, 8834 92
Develop & gen 45 Ser A 1956 A - 0 6612 Salo 6412
6612 23 6234 69
General lien gold 3s
92047 Q - F 64 Sale 6312
64 --57 62 66
Mob & Ohio coil tr g 4s
7078 7112 Apr '15 --- 7112 76
1938 M- S 66
Registered
82047 Q - F 6312 Sale 6312
6312
3 6112 6312
Mem Div 1st g 4% 5s
1996 J - J -- - - 091 9934 May'15 --- 9834 997s
St Paul-Duluth Div g 4s_ _1990 J - D 8912 ---- 9034 May'15 ---- 9034 9034
St Louis div 1st g 4s
- 8334 May'15 ---- 8014 8334
1951 J-.1 -------Dui Short Line 1st gu 59_1916 M- $ -- - - --- - 10012 Sep '13
Ala Cen 1st g 6s
--1918 J - J -- 10312 10434 June'14 ---_
St P & NP gen gold 69_1923 F - A --------11012 Apr '15 --- 10912 11118
Ala Gt Sou 1st cons A 5s 1943 J - D ..-- 9812 9934 May'14 -_
--Registered certificates__ 1923 Q - A - - - - ---- 11538 Aug 'II
_
At!& Char A L 1st A 4391944 J - .1 94 9434 9412 Apr '15 ---_ 9414 947s
St Paul & Duluth 1st 5s_ _1931 F - F 141 - -- - 102 Feb '15 ---- 102 102
8318 Apr '15 -- 8318 85's
Atl & Danv lst g 4s
1948 J - .1 8018 84
2d 59
1917 A -0 ---- ----10014 Jan '15 ---- 10014 10014
2d 49
1948 1 - J ----- 8214 Feb '12 -____-__
1st consol gold 4s
1968 J -D 8
--- 88
88
1 88 88
Atl & Yad 1st g guar 4s-_ _1949 A - 0 --------7534 Dec '14 ---- -_ ..-- _
Wash Cent Ist gold 49....._1948 Q -M --------8112 Dec '13
Col & Greenv 1st Os
1916 J - J ---- ---- 1003s J'ly '14 __ __
Nor Pao Term Co 1st g 6s 1933 .1 - J 111 ..
i iii iii
113
113
E T Va & Ga Div g 5s
1930 J - .1 ---- - -- - 1025s May'15 --- 10258 10234
Oregon-Wash 1st & ref 4E1_1961 J - J ---- 847
-,8 86 May'15 --- 8312 88
Con 1st gold 5s
1956 M- N 103 105 10334 May'15 --.. 10313 10458
Pacific Coast Co 1st g 59-1946 J -D 9512 97 9512 May'15 -- 94 9814
E Ten reor lien g 5s
1938 M- S ---- 99 10312 J'ly '14 ---Pennsylvania RR let g 4s
1923 M-N 98 -- - 06 May'15 ---, 96 97
Ga Midland 1st 3s
_
1946 A -0 --- 65 6412 May'13 ---- -_ - _ .
Consol gold 5s
1919 M- $ 102 - - -- 102
102
7 102 102
Ga Pao Ry 1st g Os
1922.3 - J ---- -- - 1061e
10614
1 106 10634
Consol gold 4s
1943 M-N 965's - - 9712 May'15 --- 9712 98,2
Knox &Ohio 1st g 6s_ _ 1925 J - J ---- ..- - - 11018 May'14 ---Convertible gold 3%6-.81915 J -D 10018 Sale
-- 100
10018 54 9938 10018
Mob & Bir prior lien g 59_1945 J - J 10034 - - - - 10512 Nov'12 ---_
_
Consol gold 4s
9772 10 97 981i
1948 M-N 9778 Sale 9712
____
Mortgage gold 45
79 Mar'13 -_-_
1945 J - .1 ---- 82
Consol 4%s when issued_ _1960 F - A 1033s Sale 1031s
10312 153 10278 10478
Rich
& Dan deb 59stmpd.1927 A -0 --------102 May'15 ---- 102 10234
General 4%s when Issued 1965 - -- 981s Sale 9712
9818 648 97 9818
Rich & Meek 1st g 49........1948 M N -- - -- - _ 73 Sep '12 ---- - -- - - - _
Alleg Val gen guar g _ _1942 M.-- S 93 ....„ 94 May'15-- 9338 94
So Car & Ga 1st g 5s
1919 M-N 100 101 10038 May'15 ---- 100 101
D R RR &B.ge 1st gu
4s49g 1936 F - A 9134-- 91 Mar'14
Virginia Mid ser C 69
1916 M- S - - - - - - - - 10014 Mar'15 ---- 10014 10014
Phila Balt & W 1st g 49._1943 M- N 91 ,
9918 J'ly '13
Series D 4-59
-1921 M- 5 101 103 10334 N0v'12 -_
Sodus Bay dr Sou 1st g 59_2924 J -.3 -------- 102 Jan '03 ---- ____ ___ _
Series E 59
1926 M- 5 10214 103 102 Dee '13 ---- - _ --_
Sunbury & Lewis 1st g 49_1936 .7 -3
-- - - - ---- - - - - - - Series F 5s
-_
1931 M- 5 10212 __-- 104 Mar'13 -_-U N J RR & Can gen 4s 1944 M- 8 ---------- --- 9834
- Feb '15 ---- 9834 9831
General 5s
1936 M-N 103 10334 103 May'15 -- 102 10313
Pennsylvania CoVa & So'w'n 1st gu 55.. _2003i - J 100 101 100 May'15 ---- 9812 101
Guar 1st gold 4%s
1921 J - .1 9934 100,2 997s May'15 ---- 9978 10238
1st cons 50-year 5s_1958 A -0
8612 Dec '14 ______
2 86
Registered
1921 J - .1 9934 -_- 9912 May'15 ____ 9912 100
-----92 June'13 -_-_
____
1924 F - A -W 0 Jc W lst cy gu 4s
Guar 3%s coll trust reg A_1937 M- $ 84 -- -_ 8412 Apr '14
Spokane
Internet
1st
June'14 --- _ ___ _
-9612
98
g
-59
1955
.1
J
Guar 3%9 coil trust ser 11.1941 F - A 84 Sale 84
84
i (ii 8412 Ter A of St L 1st g 4%s
1939 A -0 9412 9912 9912 Mar'15 -.-- 9912 9912
Trust Co Ws gu g 3%s
1916 M- N 9914 - - -- 9914 May'15 --- 99
9914
1st con gold 5s___1894-1944 F - A 10134 104 101 May'15 -_-- 10034 102
Guar 3s trust ruts C
- -- 83 Feb '15 ---- 83 83
1942 J - D
Gen refund s f g 4s
8334 Mar'15 -_19533 - J 8118 86
83 8334
Guar3%a trust ctfs D
.83-84
84 J'ly '14
1944 J - D .83
___ __ _
St L M Bridge Ter gu g 59 1930 A -0 9834 100 100 Mar'15 ---- 100 100
Guar 15-25-year gold 4s 1931 A -0 9813 ...... 9214
9214 94,2 rex & Pao 1st gold 58
-D 95 Salo 95
95
2000.3
2
9312
96
40 year guar 4s ctfs Ser E.1952 M- N - -- 92
May'15....
9238 May'14
___ _ _ _
2d gold Inc 55
29 May'15_ _ _ 29
3614
g2000 Mar ---- 40
Cin Leb & Nor gu 4s g_1942 M- N 85 ---- 9312 Apr '14
La Div B L 1st g 59
1931 J - J ---- 90
95 May'14 __ __
Cl & Mar 1st gu g 4%s
1935 M-N - - - --_ 98 May'14
W Min W & N W 1st gu 5s 1930 F - A ____ 95 10612 Nov'04 ___ _ _ _ _. _
CI & P gen gu g 4%sser A.1942 J - J 10034 --- - 101311 Nov'13
r01 & 0 C 1st g 5a
1935 J - J 1011 102 10134
10134
1 101 103
Series B
1942 A -0 10034
10934 J'ly '09
Western Div 1st g 5s
____
1935 A - 0 ---- ----101 Aug '13 ____
Int reduced to 3).69_1942 A -0 84 --- - 9114 Feb '12
General gold 5s
-D -- 981 10112 Apr '14 -19353
Series C 33.9
1948 M- N 8314 ..... 9018 Oct '12
Kan
&
M
1st
gu
80
g
4s
-------A
-0
1990
Mar'15 ---- 86
8613
Series D 3%9
1950 F - A 83
8418 Dec '132d 20-year 5s
9534 Apr '15-- 9512 96
1927 J - .1 - - - - 98
Erie & Pitts gu g 33.i13 B.._ 1940 J - J 84 --- 8614 May'14
rol P & W 1st gold 4s
1917 J - J 6212 64 63
63
1 63 68
Series C
1940 J - .1 83 -- - 9018 J'ly '12
rol
St
L
&
W
pr
lien
,
80
70
76
g
J
3%6_1925
J
Apr '15 --_ 76
78
Or R & I ex ist gu g 4%8_1941 J - J
_
712 9738 Apr '15 ---- 973s 100
50-year gold 48
48 May'15 --__ 4212 5314
1950 A -0 -- 48
Ohio Connect 1st gu 4s
1943 M- S ---_- ---93 May'14
Coll tr 48 g Ser A
43 June'14 --__ __ _ _ - --.
1917 F - A - -- 30
Pitts Y & Ash 1st cons 53.1927 M- N 10214-- 109 May'10
ror
Ham
&
Buff
1st
85
g
8212
4s_h1946 J - D
8212 Mar'15 ---_ 8212 8712
Tol W V & 0 gu 4)is A 193I J - J 9712 - - - - 99 J'ly '14
Aster & Del 1st con g 5s 1928 .1 -D 9912 10012 10012
100.2
1 9812 101
Series B 43is
1933 J - J
9712 99
9812 June'14 --1st refund g 48
5 A -0 74 ---. 74 Mar'15 --__ 74
74
Series C 4s
1942 M- S
J'ly '14
9312
Jnion
Pacific
1st
-z.:
g
49
1947 J - J 96 Sale 9513
96Is 40 9438 9719
P C C & St L go 4%11 A. _1940 A -0 99
9878
- 997s May'15 ---- 99 10112
Registered
1947
J
J
95
9512
May'16
___
93
9512
Series B guar
1942 A -0 99 100 9934 May'15 .-9912 10112
20-year cony 48
1927 J - J 8912 Sale 89
8912 19 8812 9114
Series C guar
1942 M- N ---- 10112 Feb '15 --- 10112 10112
1st & ref 48
02008 M- S - _ - - 9012 9038 May'15 ___ 8814 9214
Series D 4s guar
1945 M- N 9212 9334 9212
9212
1 9212 9334
Ore RR Sr Nay con g 49_1946 J -D 89,4 Sale 89
2 88
9112
8914
Series E 339 guar gold_1949 F - A
5
l
9158
915s
1 90 915s
Ore Short Line 1st g 13s___1922 F - A 108 Sale 108
912
0712 106
10815 _.2 103
'eries F guar 49 gold__ _1953 J - D ----------9514
- -_
Jan '14
1st consol g 5s
1946 J - .1 105 106 106 May'
Series 0 48 guar
1957 M- N - - _ .. -___ 9334 May'15 _
9334 9334
Guar refund 4s
1929 J - D 8878 Sale 8734
1'7 8734 9174
C St L & P 1st cons g 5s 1932 A -0 10314 -- - 10612 May'14
8878
Utah & Nor gold 59
1926 J - J 10212 --- 108 May'll --- - - - - - - - Peoria & Pekin Un 1st g 6s....1921 Q - F 10158 - - - - 10138
1008 1013a
1st extended 4s,
1933 J - .1 --_- ---- --2d gold 4%9
---- -- ---- - - - 51921 M-N ---- ---_ 89 Feb
May'15....
'14 ___ __
randalfa cons g 48 Ser A.._ _ 1955 F - A
93 Apr '13 ---- - - - - - - -Pere Marquette-Ref 49.._ 1955 J - J - - - - 20
25 May'14
Consol 4s Series B
1957 M N -------- 0214 May'14 ---- -- - --Refunding guar 4s
1955 J - J
_
40 Dec '13 ----_-_ _ _
rera Cruz & P 1st gu 4%9_1934 J - J _ _- 90 94 Oct '12 ---- - - - - - - -Chic & West Mich 59
1921 J -D -------73
---- May'14 --_ ____ ___
rirginian 1st 59 Series A
I962 I'd-N 9412 95
9918
04
3 94
0434
•No price Friday; latest bid and asked. a Due Jan. b Due Feb. s
Due
Due June. 5 Due July. k Due Aug. o Due Oct. p Due Nov. f Due D.
May.
sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
c
Price
Friday
June 4
Range
Since
Jan. 1
1Veek's
Range or
Last Sale
High No.
Ask Low
Bid
10034 11
1939 M-N 10034 Sale 10012
Wabash 1st gold 5s
92
9258 18
92
05
A
F
1939
2d gold 5s
90 June'12
1939 J -J
- -Debenture Series B
1921 M- S
- - - --- 8978 Mar'15
1st lieu equip 5 fd g 5s
_ _ 75 Apr '14
1st lien 50-yr g term 45_ 1954 J -J 65
262
21
1956 J -.3 21 Sale 1934
1st ref and ext g 4s
2612 May*15
Cent Trust Co ctfs
1812 May'15 _
18
21
Do stamped
2114 32
2114 Sale 2(12
Equit Trust Co ctfs
1914 59
1914 Sale 18
Do stamped
Det & Ch Ext 1st g 5s__1941 J - J --101 100 May'15
Aug '12 _
Des Moir'Div 1st g 4s____1939 - J
- - --- 80 May'15
58
1941 A -0 5812
Om Div 1st g 3;is
1941 M- S 6612 - _ - - 6612 Mar'15
Tol & Ch Div 1st g 4s
7
712 834 Apr '15
Wab Pitts Term 1st g 4s
1954 .1 -D
5
6
5 Sale
Cent and Old Col Tr Co certs__
Columbia Tr Co certfs
612 812 May'15
8 Apr '15
6
Col Tr ctfs for Cent Tr ctfs _ _
1954
7s May'15
2d gold 48
34 1
34 May'15
Trust Ce certfs
38
38
8134 M ar'15
Wash Term' 1st gu 3;6s___1945 F - A
65 Mar'15
9112
_
1st 40-yr guar 45
1945 F - A
66
67
1952 A -0 6614 67
West Maryland 1st g 4s
10114
West N Y & Pa 1st g 5s
1937 J - J 10114 10134 10114
Gen gold 49
1943 A-0 76
7634 7614
7618
20
Income 5s
1714 May'15
d1943 Nov
Wheeling & L E 1st g 5s_ _ _1926 A -0 98 11(i 100 Apr '15
Wheel Div 1st gold
9512 Nov'13
1928 J - J
-- 96
Exten & Impt gold 55____1930 F - A
-- - - 92 Apr '15
RR 1st consol 45
- 62 6412 May'15
1949 M- S
20-year equip s f 5s
1922 J - J - - - - - - - - 90 Apr '14
Winston-Salem S B 1st 4s
1960 J -j 82 - _ - 84 Apr '15
8412
Wis Cent 50-yr 1st gen 48.__1949 J - J 8412 kSale 8402
85
85
sup & Dui div & term 1st 48'36 M-N --- 86
Low High
97 10212
86
9512
-897s
_
1812 34
22
27
1812 27
2412
19
17
30
99 100
Gas and Electric Light
Atlanta 0 L Co 1st g 5s-- --1947 J -D
Bklyn Un Gas 1st cons g 58_1945 M - N
1947 A -0
Buffalo City Gas 1st g 5s
Columbus Gas 1st gold 55._ _1932 J 1920 Q - F
Consol Gas cony deb 6s
Detroit City Gas gold 5s__ _1923 J - J
Detroit Gas Co cons 1st g 56_1918 F - A
Detroit Edison 1st coll tr 55_1933 J - J
1932 M- S
Eq GLN Y 1st cons g 5s
Gas & Elea Berg Co c g 5s 1949 J -D
Hudson Co Gas 1st g 5s__ 1949 M-N
Kan City(Mo) Gas 1st g 5s_1922 A-0
1937 A - 0
Kings Co El L & P g 5s
Purchase money Os
1997 A - 0
1922 M- S
Convertible deb fis
1925 M- S
Convertible deb 6s
Ed El Ill Bkn let con g 45_1939 - J
Lac Gas L of St L 1st g 5s_e1919 Q - F
1934 A Ref and ext 1st g bs
Milwaukee Gas L let 4s
1927 M - N
Newark Con Gas g 5s
1948 J -D
NYGELH&Pg 5s
1948 J -D
1949 F - A
Purchase money g 4s
Ed El Ill 1st cons g 5s__ 1905 J -.3
NY&Q El L & P 1st con g 5s.1930 F - A
N Y & Rich Gas 1st g 5s_ __ _ 1921 M-N
Pacific G & El Co Cal G & E
Corp unifying & ref 5s_ _ 1937 M- N
Pat Pow & Lt 1st & ref 20-yr
1930 F - A
5s Internet Series
1949 M- S
Pat & Passaic G & El 5s
Peop Gas & C let cons g 6s 1943 A-0
1947 M- S
Refunding gold 5s
1947 M- S
Registered
Ch 0-L & Cke 1st gu g 58_1937 J - J
Con G Co of Chi 1st gu g 561936 J- D
Ind Nat Gas & Oil 30-yr 551936 M- N
Mu Fuel Gas 1st gu a 5s_ _1947 M- N
Philadelphia Co cony Ss._ -.1919 F - A
1922 M- N
Cony deben gold 55
Stand Gas & El cony s f 68_1926 J -D
Syracuse Lighting 1st g 5s_.1951 J -D
10112 --- 10112 May'14
9
10318 105 103
10312
- - - - - - - 54 June'13
97 Feb '15
8
11512 Sale 11512
11512:2:
10
9914 101 100
100
9558 Sep '08
10634 1E1;10214 May'15
10012 May'15
98 - _ 100 Feb '13
102 May'15
10112
92 M ar'14
1
104 Sale 104
104
11012 11212 113 May'15 --113
_ 12212 Dec '12
11558118 1104 May'15
87 871r 88 Apr '15
7
10034 10114 10034
10034-4
9934 Sale 9934
9934
90 9112 9158 May'15 --3
10112
_ _ 103
103
3
10278
103%
10312 19
8212 8278 8212
8212
104 --__ 10614 May'15 --1
9958
*98 101
9958
-- 9212 J'ly '09
9334 Sale
9334
94
91 Feb '15
9912_ 100 Jan '14
111 lig 115
115
lows 101 10034 May'15
_ 99 Sep '13
10112 10212 101 May'15
10012 100 May'15
_
93 Mar'12
100 Jan '15
___ 95 95 Feb '15
9634 June'14
-- 91
9
.214 95 05 May'15
99 10014 100 M a r'14
103
10412
97 - 97 10958 11812
9912 um
io15; 103
101312 10012
10114 10312
10234 10414
113 113
11fE:
11812
8718 88
0
90
74
10
011
9018 9131,
103 103
19
02
114 1
,
03
5.51
10814 10614
9914 99%
--
13 91
9412
8812 91
3 110 115
10018 10112
idi
9974 1003s
idd
95
-
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 4.
Syracuse Light & Power 5s__1954
Trenton G & El 1st g 5s____1949
Un on Floc Lt & P let g 53_1932
Refunding & extension 5s_1933
Utica Elec Lt & P 1st g 53_1950
Utica Gas & Elec ref 5s____1957
Westchester Ltg gold 5s____1950
Price
Friday
June 4
Week's
Range or
Last Sale
.42
c2
Range
Since
Jan. 1
High No. Low High
Bid
Ask Low
8512 June'12
---- - ---10112 J one'14
9914
9712
5 9712 101
9912 9712
90
89
89 Mar'15
89
96 10218
10214 Mar'15
joi14
10014 Dec '11
2 loi - 103
10214
100 iOi 10214
Miscellaneous
73
70
7314 7518 7314 May'15
Adams Ex coil tr g 4s
1948
118 150
127 138 135 Mar15
Alaska Gold M deb 6s A
1925
9238 i9 9012 93
Armour & Co 1st real cat 436s '39
923s Sale 9218
8534
85
85 May'15
55
1952 A-0 __-- 87
6014 Bush Terminal 1st 4s
90
85
1955 J - J 8412 90 86 MaY'15
66
Consol bs
7234
83 87
851 85 May'15
Bidgs 5s guar tax ex
1960 A 6
834
10 98 111
103
5
912 GranbyConsMS&P cozn 6s A '28 rd-N 103 Sale 101
1
4
812 812 Insplr Cons Cop 1st cony 68_1922 WI- S 131 Sale 120
13134 376 97 140/
13112 352 9434 14014
5-year cony deb 65
1919 J - J 1311 Sale 120
7
8
42
17 304 46
Int Mercan Marine 43s.....1922 A -0 4012 Sale 4012
5s 1
72
12
40
4214 May'15
42
3312 4514
Certificates of deposit
40 42 42 May'15
57
36
81,
4 8134 Int Navigation 1st s f 5s____1929 F - A
3 8834 92%
9012
65 65
Montana Power let 5s A-1943 J - J 9012 9034 9014
8812 Jan '14
54
7112 Morris & Co lets I 4jis____1939 J - J - - -- 90
83 Apr '14
10078 10134 Mtge Bond(NY)45 ser 2__ 1966 A -0
1932 J - J 94 _ _ _ 100 J'ly '14
75
7812
10-20-yr 55 series 3
4 71
71
72
71
75
1951 F - A 71
1718 1718 N Y Dock 50-yr 1st g 4s
IOOia 101
1932 J -J 100 10114 101 May'15
100 100
Niag Falls Pow let 5s
10412
A
a1932
Ref & gen 6s
-iL
'
903s -8912 M r;r89i1 9114
92 92
Niag Lock & 0 Pow 1st 5s__1954 M- N *-9314
9234 94 9314
9314 9538
6412 ssa, Ontario Power N F 1st 5s_ __1943 F - A
8618 May'15
N 86 __ _
8618 90
Ontario Transmission 5s____1945
9 8638 8914
8714
84 84
Pub Serv Corp NJ gen 55 _1959 A -0 87 Sale 87
125% 46 103 130
8412 87
Ray Cons Cop 1st cony 65_1921 J - J 12478 Sale 119
9214 Feb '14
8412 8512 Sierra & S F Power 1st 5s.-1949 F - A ---- 92
10312 Jan '14
Wash Water Pow 1st 5s____1939 J - J
Street Railway
10112 14 10014 10338
10112 Sale 101
Brooklyn Rapid Tran g 58_1945 A
3 80 8512
8014
7978 8014
let refund cony gold 46_2002 J - J 79
74 9878 10018
6-year secured notes 5s
1918 J -j 100 Sale 9912 100
2 10014 101
10058
Bk City 1st con 5s_1916-1941 J -J 10012 101 10058
- -- - 98 Apr '14 --Bk Q Co & S con gu g Ss....1941 M-N -1941 J - J 95 -- 101 May'13 ---Bklyn Q Co & S let 5s
2 99 10112
9938
Bklyn Un El let g 4-5E1_1950 F - A 993s 9912 99
9938 10 99% 10012
1950 F -A 99 --- 9938
Stamped guar 4-55
824 8312
2 8278 Apr 15
Hinge County El let g 48_1949 F - A 7912 821
8212 8212
1949 F- A ---- 8434 8212 Jan '15
Stamped guar 45
May'15
78
73
73
73
76
J
NIUMBLI Elec guar gold 48_1951
9718
94
943s May'15
1927 F - A 9314 95
Chicago Rya let 55
June'12
1017
s
-Conn Ry & L let & ref g 4;is 1951 J - J
-9614 June'14
1951 .1 - J
Stamped guar 4 As
4 6534 79
74
Dert United let cons g 4;is...1932 .3- J 7312 Sale 7312
84 Jan '14
---Ft Smith Lt & Tr 1st g 5e_ _1936 M- S
100 June'14
---Grand Rapids Ry lstig 5s._1916 J -D 99 it 12 92 Apr '14
Havana Elec consol g 5s__1952 F -A
7312 16 73 "i678
1957 F -A 73 Sale 73
Hutt & Manhat 55 Ser A
4 25
253s Sale 25
2538
2918
1957
Adjust income 5s
1932 F -A 9914
N Y & Jersey lot 55
7634 --55 7314 7912
Interboro-Metrop coil 4Xs_1956 A -0 7612 Sale 76
Interboro Rapid Transit92 97
98
9858
1966 J -J 98 Sale 9734
1st & refunding Ss
91
88
8918 88
88
Manhat fly(N Y)cone g 48-1990 A-0 88
89
8812 9114
Stamped tax-exempt
1990 A -0 89 Sale 89
Metropolitan Street Ry9934 101
9934
Bway & 7th Av 1st a g 58_1943 J -D ---- 9912 9934
98
99
Col &9th Av let gu g 58 1993 M- S ---- 97 99 Apr '15
Lex Av & P F let gu g 50_1993 M- S ---- 9812 101 Apr '14
80 Mar'14
Met W S El(Chic) let g 4s-1938 F - A
Mllw Else Ry & Lt cons g 55 1928 F - A 1011a 102 10012 Dec '14
8 -E5-8
-6259212 9258 Feb '15
Refunding & exten 4 a_ _ 1931 J - J
Gen & refund 5s ser A
1951 J -D _88
-102 NoVii
-Mlnneap St let cone g5s
1919 J - J 6I12
Montreal Tramways let & re
9418 941-4
9414 Feb '15
95
1941 J - J
30-year 55 Ber A
78
78
85
78 Feb '15
New On Ry & Lt gen 4jis 1935 J - J
4 70
7314
7112
N Y Rys 1st R E & ref 4s 1942 J - J 7012 7112 71
5538
5114 Sale 50
a1942 A 5114 66 50
30-year adj Inc 5s
84 86
NY State Rys 1st cons 4;48_1062 M- N --- 8412 86 Apr '15
9918 9918
Portland Ry 1st & ref 5s____1930 M- N __. 961 9918 Feb '15
Portland Ry Lt & Pow let &
1942 F - A 83 -_ 92 M ar'14
ref cony s f 5s
Portland Gen Elec 1st 5s_1935 J - J 9978
98 NcTai
St Jos Ry, L,II & P 1st g 55_1937 M- N
10312 Feb '13
St Paul City Cab cons g 58-1937 J - J
.18
7958 82.8
8014
Third Ave let ref 4s
1960 - J 8014 Sale 80
22 75 82
76
77
Adi Inc bs
a1960 A -0 7612 78
10512 107
Third Ave Ry 1st g 55
1937 J -.3 10612 109 10614 May'15
2 9434 9714
9434
9434
06
Tr -City Ry & Lt 1st s f 5s 1923 A -0 94
9612 J'Iy '14
1933 J - J - 94
Undergr of London 430
8712 J'iy '14
t
1948
90
Income 6s
84 Oct '08
Union Elev (Chic) 1st g 5s_ _1949 A -0
71 June'13
_
- --United Rys Inv 55 Pitts iss_1926 M-N
6312 6312
6312 May'15
1934 J -.3 62 66
United Rys St L 1st g 4s
5912 5638 Mar'15
5938 5938
1924 A -0
St Louis Transit gu 5s
40
5558
ii12
- 45
44 May'15
1927 A United RIts San Fr s f 4s
8834 8912
- 8918 8834 May'15
Va Ry & Pow 1st & ref 5s__ _1934 J -.3
100
95
8812 -ig
Manufact,,ring & Industrial
9 9978 10238
1928 A -0 100 101 10012 101
Am Ag Chem 1st c 5s
6 92 9334
92 93 9212
9212
1924 F - A
Cony deben 58
10035 13 9978 10012
p1915 - F 10038 Sale 10038
Am Cot Oil ext 4;is
2 9212 94
9414
1931 M-N 9414 Sale 9414
Debenture bs
10012 10314
Am Hide & L 1st s f g 6s_ _1919 M- S 10114 102 102 May'15
88
8912 May'15
8912
Amer Ice Secur deb g 6s
1925 A-0 81
80
14 10388 10513
105
Am Smelt Securities s I 6s 1926 F - A 10434 10512 10434
12 9213 95
95
Am Spirits Mfg g 6s
1915 M- S 95 100 95
5 8312 8312
8312
8312
Am Thread 1st coll In 4s__ _1919 J - J 93 95
Am Tobacco 40-year g 6s__ _1944 A -0 115 122 us May'15 _
115 12118
12134 May'14
-- -1944 A -0
Registered
1951 F - A
97 Apr '15
Gold 4s
97 9818
1951 F - A
- - - --- 98 June'14
Registered
6112 10 59
60
Am Writ Paper lets f 5s
1919 - J 5912 61
70
1940 M-N 101 103 103 May'15
Baldw Loco Works 1st 5s
10034 103
14 9812 101
100
1926 J - J 100 Sale 9934
Beth Steel 1st ext s f 5s
339
9214 Sale 9118
9212
1942 M-N
1st & ref 58 .-uar A
8518 9212
9812 99
0812 16 967s 9912
9814
Cent Leath 20-year g 5s_ _ _1925 A 1951 F - A -98 9754 Jan '15
9734 9734
Consol Tobacco g 48
;_„_ 9612 May'15
9434 974
1931 M-N 9g3
Corn Prod Ref s f g 5s
4 92 9514
95
95
1934 M-N 9314 as
1st 25-year s f 55
95
9812
Cuban-Am Sugar toll tr 6s 1918 A-0 9712 9912 98 May'15
6114 215 4614 6114
Distil Sec Con cony 1st g 5s 1927 A -0 6114 Sale 5634
2 84 9034
88
E I du Pont Powder 4 Yis_....1936 J -D 88 Sale 8714
'14
J'iy
8712
General Baking 1st 25-yr 6s_ 1938 J -D
7454 79
7812 7858 May'15
1942 F - A 75
Gen Electric deb g 3;is
6 102 105
10412
1952 M- S 10412 Sale 103
Debenture 58
10034 10112
1915 A -0 *--- 10114 10114 Apr '15
Gen'l Motors let lien 6s
9 8278 87
85
Sale 8414
Ill Steel deb 430
1940 A-0 8.5
9978 48 99 10012
1952 141-N 9934 Sale 99
Indiana Steel 1st 58
100 Oct '13
41935 J - J 100_
Ingersoll-Rand 1st 5s
5 100 ialt;
10012
Int Paper Co 1st con g 6s___1918 F - A 100 §aie 100
7834 82
1935 J - J 75 80
7934 May'15
Consol cony s f g 5s
51
38
50
Int St Pump 1st s f 5s
1929 M- S 5112-- 51
10 5212 53
5212
53
5112
Certfs of deposit
617 91 May'15
89
Lackaw Steel 1st g 58
1923 A-0 tm
9312
37 65
69 Sale 6878
let con5s Series A
69
75
1950 M6 122 12412
12212
Liggett & Myers I'obac 7s 1944 A -0 12212 Sale 12214
55
1951 F - A 100 Sale 9912 10018 10 9912 102
8 12134 124
12134
Lorillard Go (P) 7s
1944 A -0 12134 Sale 12134
6 9834 102
9912
9934 99
5s
1951 F - A 99
Mexican Petrol Ltd con Os A 1921 A -0 10012 105 10412 May'15
9512 110
95 110
let lien & ref 65 series C__.1921 A -0 100 10312 102 May'15
Nat Enam & Stpg 1st 5s_ _ _ _ 1929 J -D 9214 9314 9314 May'15
92 9314
63 May'15
Nat Starch 20-yr deb 5s_ _ _1930 J - J 83 __
83 85
9712
N 9612 9812 96
National Tube 1st 5s
1952
95 99%
9712
5 90 98
N Y Air Brake 1st cony 6s_.1928 M-N 9712 9812 9712
Railway Steel SpringLatrobe Plant 1st s I 5s__ _1921 - J 9712 9812 9834 May'15
9514 9834
5 90
9112
Interocean P 1st 5 f 58 _ _ _1931 A -0 9014 9112 9112
93
1 9012 9384
9212
92 9212 9212
Remit)I & 5 10-30-yr 5s s f_1940 A 2 8812 921s
9218
1930 M- N 92% Sale 9218
Standard Milling let 5s
22
.9914
J
J
Sale
9912
9914
9712 10014
The Texas Co cony deb 6s_1931
75 Mar'15
80
75
75
Union Bag & Paper 1st 5s 1930 J - J 76
1930 J - J - - - -- 9114 Jan '13
• Stamped
24
75
76
73
00
hi"
S Realty& I cony deb g 5s 1924 J - J 70
- - - 25
30 Apr '15
20
1931 3-i
30
US Red & Refg let g 6s
31 10118 10318
103
S Rubber 10-yr coil tr 6s 1918 3-0 103 Sale 10234
10212
526
9978 10258
US Steel Corp-fcoup ____d1963 M-N 10212 Sale 10115
1 9934 10234
10234
d1963 M-N 10234 Sale 10114
S f 10-60-Yr 551reg
9514
66
30 89 96
Va-Car Chem 1st 15-yr 55__1923 3-0 9512 96
1
10118
10012 101%
1922 3-3 10118 10112 10118
West Electric let 5s Dec_
10212 465 897s 10414
Westinghouse E & M s f5s__1931 J - J 10212 Sale 10118
30 9814 10014
100
100 Sale 6978
10-year coil tr notes 5s_ _ _ _1917 A Coal & iron
1932 J -D 85 -_ 92 rly '14
Buff & Susq Iron s f 5s
75 May'15
-fi- 78
78
Debenture 58
a1926 M- S 75
87 92
Col F & I Co gen s f g 5s_ _ 1943 F - A 89 ---- 89 May'15
72
7214 May'15
70 7412
Col Indus 1st & coil 5s gu .1934 F - A 69
Mar'14
- - 73
Cons Ind Coal Me 1st 5s _A935 J -D
--tot, 8812
9218 8814 Apr '15
Cons Coal of Md lst&ref 58.1950 J -D
Continental Coal let g 5s___ 1952 F - A 89 __ _ _ 9918 Feb '14
Cr Rh' Coal & C 1st g 0s h1919 A-0 90 95 10258 Apr '06
_ 93 Mar'14
Kan&HC&Cletsfg 55_1951 J - J 9014
2 86's 88
87
87
Pocah Con Collier 1st s I 58_1957 .0 - J 8634 88
82 Apr '15
75 82
St L Rock Mt& P 1st 5s____1955 J - J
8212 Apr '15
80'z 85
75
8212
Trust Co ctfs of deposit
s
10,312 -- 101 May'15
1100
011
173
14
00
01144 1
1951
5 10
Tenn Coal gen 58
10112
Birm Div let consol 6s__.1917 J - J 10112 Sale 10114
3
Tenn Div let g 6s
a1917 A - 0 10112 10134 1013$ 10138
Cab C M Co 1st gu 6s_ _ _ _ 1922 3-0 10212 106 101 Dec '14
7712 73 Apr '14
1953 J - J
_Victor Fuel 1st s f 5s
82 86
Va Iron Coal&Coke 1st g 5s_ 1949 M- S 82 85 82 May'15
Telegraph & Telephone
8788 30 87 8914
1929 J - J 8712 Sale 87
Am Telep & Tel coil tr 43
27 9184 98
93
S 93 Sale 92
1936
Convertible 40
179 96 10314
S 102 Sale 9912 102
1933
20-yr convertible 45fs_
98% 994
Cent Dist Tel 1st 30-yr 5s 1943 3-0 9884 9912 9918 May'15
8814 June'14
-Commercial Cable let g 48 2397 Q - J 75
79 Apr '14
2397
Registered
J 75 84
1 95 WIG
96
Cumb T & T 1st & gen 5s_ _ _1937 J - J ---- 9614 96
8918 Dec '14
Keystone Telephone 1st 5s 1935 J - J
.
1-5051-2 -_-_-_-_ 10012 Mar'15
100 i663Metropol Tel & Tel Ist s I 55 1918
4
3 9714 9914
99
99 10014 99
1924 F - A
Mich State Telep let 5s
- - --_ 101 Dec '14
N Y& NJ Telephone 55 g 1920 M-N
37
96
-9f3;
N Y Telep 1st & gen sf 4;0_1939 M- N 9534 Sale 9518
9612 17 9434 98
1937 J - J 9618 Sale 96
Pac Tel & Tel let 5e
20 9614 99
98
South Bell Tel & T 1st s f 58_1941 J -J 98 Sale 9712
4 96
9612
9612
1938 J - J 96 97
West Union coil tr cur 5s
9712
1 8818 938s
9112
Fd and real eet g 4As_ _ _ 1950 111-N 9112 93 9112
104 June'll
Mut Un Tel gu ext Ss__ 194I M-N
-W. 1;44
901s Mar'15
Northwest Tel gu 4365 g_ _1934 J - J 901r
• No price Friday: latest bid and asked. a Due Jan, 4 Due April, 8 Due May. 0 Due June. A Due July. k Due Aug. 0 Due
1901
New York Bond Record-Concluded-Page 4
JUNE 5 1915.]
-
1.
ue Nov.(Due Dec, s Option sale.
BOSTON STOCK EXCHANGE-Stock Record
1902
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
May 29
9958
*99
*174
7512
*121
3238
*233
Tuesday
June 1
Monday
May 31
76
-311
2
15812
106
155
68
88
09
512
36,
4
6212
120
61
84
50
50
95
*93
*212 234
•1534 16
10512 10512
11334 11334
11914 11912
*2712 30
84
8412
*64
6612
*9712 09
10
10
2214 2214
*912 10
8-112
*-1.
103
*7912
*85
•182
*112
*10
*40
101-2
103
80
86
186
3
;i5.012934
*154
*16
108
*3134
*2812
*1
*133
6112
*28
5418
•10614
16130
155
1634
108
3212
29
112
135
6214
2812
5414
107
MEMORIAL DAY HOLIDAY
__
212 212
*380 385
3413 35
*278 3
54
5414
6458 6514
4658 4818
74 712
*314 4
69
71
6112 62
585 585
19
*18
43,
4 44
5012 5114
212 3
1114 11,
4
94 034
80
79
32
32
21
.20
*28
2812
.80
*612 712
*44
45
90
*89
2678 27
5
5
8
258 2,
1212
12
634 634
*212 3
13
13
5
5
*25
2558
*112 2
7112
70
15
1518
8,
8 9
*5,
4 6
3033 31
5018 5018 5112 5112 5214 5214
93
93
9212 93
9214 03
212 212 *214 212 *238 212 *214 212
*1512 16
*1534 16
16
*1512 16
16
10412 10412 10614 10614 10614 1075a 10712 110
113 114
114 114
*11214 114
120 121
119 11934 11914 120
12133 12213
Last Sale 21 Apr'15
*28
30
*27
30
8414 84
*84
8412
8414 *8334 8412 84
65
*63
64
63
65
63
Last Sale 9712 May 15
*9712 9912 *9712 99
9
9
*9
10
9
9
9
9
22
2214 2312 23
2312
22
22
23
10
10
10
10
014 914 *912 10
235 235
233 233
23634 23634
235 235
152 155
158 16014 160 16314 16214 16414
102 102
10234 10234 *101 103 *101 103
79
79
79
79
7912 79,
4 79
79
85
*85
8512 8612 8612
86
86
*85
Last Sale 186 May'15
*182
*182 190
24
Apr'15
Last Sale
*112 3
*112 3
10
*10
_ *10
10
_ *10
_ 40
40
*40 _ _ _ _ *40 _ _ _ _ *40
Last Sale 20 Apr'15
Last Sale 34 Apr'15
;2
-8- 16- ;ia- 30
'
129 130 130 130 12012 12912 12912 130
155 155
155 15512 *154 15512 15514 15514
1634
16
16
*16
1634 .16
ii5- 110
10814 109
109 10912 10912 110
Last Sale 33 May'15
*3114 3312 *3112 3312
Last Sale 29 May'15
*2812 29
*2812 29
May'15
Last Sale 1
*1
112 *I
112
135 13712 137 139
132 13234 13112 134
64
62
6112 6212 62
6234 6212 63
2814 28,2 2818 28,
4 2814 2812 283s 29
5312 54
54% 5538 5512 5912 6012 64
10734 10734 1094 11114
10614 1064 107 107
*214 258
*224 234
418 412
5312 5312
7912
1514
8712
2314
54
*252
814
2612
'%20
2712
358
34
412
.40
34,
4
44
314
1312
66
3
3
,
4
56
*118
•Bid
Friday
June
10012 *10118 10158
100121 100 100
ioois 16618
176 177
177
175 175
76
7612 76
76
76
125 125
125
3112 3258 3133 11332
4
Last Sale 235 May'15
Last Sale 10 Mar'15
Last Sale 56 Mar'15
Last Sale 612 Nov'13
Last Sale 45 May'15
;i81-2
Last Sale 153 Mar'15
*____ 15812
106 10612 10612 10612
*____ 106
*150*151
*150
*66
70
68 .66 -68- *66
Las. Sale 115 May'15
*113 117 *113 117
Last Sale 87 May'15
*8612 88
*8612 88
Last Sale 94 May'15
*96
*96
99
99
518 518
5
514 514
514
5
514
3634 3634
364 3612 36
3634 3613 37
6212 6538 65
6612
61
6112 6112 62
Last Sale 96 May'15
148 149
148 148 *148 150
Last Sale 20 May'15
*19 25 *20 21
*124 12412 *12514 12534 *12758 128
80
80
120 123 *iii- 122 *ii5- fig"
62
61
62
6112 *6112 -- -83
84
84
8234 8234 83
*iii igcr
*20
25
x12438 12438
*118
61
84
Thursday
June 3
*9934 10014 *100
99
99 *100
177
175 177
*76
*7614
77
*123 125
125
32
3212 31
*233
- *233
*____ 10
9958
9912
»iU2
155
68
•113
*8612
*96
512
3612
6112
Wednesday
June 2
80
1512
8712
2312
54
234
814
27
.30
28
334
34
5
.40
35
,
4
44
3
1378
66
3
4
58
114
and asked prices
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
5 Atch Topeka & Santa Fe__100
115 Do prof
100
129 Boston & Albany
100
85 Boston Elevated
100
8 Boston & Lowell
100
220 Boston Sr Maine
100
Boston & Providence ___ _ 100
Boston Suburban Eleo Cos__ _
Do pref
Boston its Wore Electric Cos_
Do pref
Chic June Ry & U S Y_ -100
101 Do prat
4 Connecticut River
100
1 Fitchburg pref
100
Georgia Ry & Eleo stmpd_100
Do pref
100
100
Maine Central
100
360 Muss Electric Cos
471 Do prof stamped
100
100
713 N Y N H & Hartford
Northern New Hampshire_ 100
9 Old Colony
100
100
Rutland, pref
100
4 Union Pacific
10 Do pref
100
10 Vermont& Massachusetts_100
61 West End Street
50
13 Do prof
50
se.BrAg. [vol.. no.
Range Since Jan. 1,
Lowest,
Rangefor Previous
Year 1914.
Highest.
Lowest.
Highest,
10438 Apr 21
9234 Feb 23
97 Jan 15
170 Mar 5
75 May12
109 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
80 Jan 8
198 Jan 12
96 Jan 5
12612 Apr 30
37 May 4
235 May 6
10 Mar24
56 Mar23
8814 Nov
9733 Jan
175 Nov
77 MAY
150 Dec
304 July
225 May
7 Mar
50 July
100 July
10138 Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
60 Jan
39 Jan 20
157 Feb 13
103 Jan 12
140 Feb 25
51 Feb 9
114 Apr 20
8534 Apr 9
92 Mar 4
5 May26
34 May26
43 Feb 25
90 Mar 9
1434 Jan 2
15 Mar17
11612Jan 4
7934 Marll
105 Feb 0
61 May15
8234 Juno 2
4612 Apr 27
158 Mar 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
99 Apr 29
813 Jan 7
56 Jan 6
71 Apr 21
98 Apr 29
157 Apr 9
21 May 6
134 Apr 26
807a Feb 11
125 Apr 20
724 Jan 25
9312Feb 4
35 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
9073 Jan
9 Apr
54 Dec
4978 July
100 May
140 July
19 May
11034 Nov
82 Apr
115 Jan
65 Nov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
8873 Apr
99 Mae
14 Jan
6612 Jan
7778 Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mat
5972 May 5
4714 Jan
9312 Apr 16
89 Dec
3 Apr 14
2 Dee
1953 Jan 9
17 Jan
114 Apr 23
9714 Mar
11512 Apr 26 108 Mar
12334 Apr 17 112 Nov
14 Mar
21 Apr 16
7234 Mar
90 Apr 23
5712 Dec
67 Apr 23
101 Feb 6
9734 June
5 Feb
13 Apr 30
1312 May
24 May27
134 Apr 5
912 Dec
260 Jan 22 234 Nov
16414 Juno 4 137 Dec
104 Mar29
9812 Nov
874Apr 22
7614 Nov
921k Jan 28
85 Nov
200 Jan 4 200 Dee
14 Apr 20
214 May
1214 Feb 8
18 July
4612Jan 26
55 June
20 Apr 15
20 Apr
35 Apr 15
38 Dec
143 Jan 29 123 Nov
16314 Apr 29 148 Dec
1814 Jan 2
16 Jan
11012 Apr 5 10112 Nov
35 May 4
27 Feb
29 May 7
27 Mar
134 Apr 21 .95 Dec
14134 May 3 :113 Dec
05 May24
5214 Dec
2912 Jan 8
23 Jan
64 June 4
48 Dec
11114 June 4 10314 Dec
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
1004 June
9 Jan
1654 lin
1412 lob
285 MI
15012 Feb
102 Jan
9432 Fe's
96 Ma'
21834 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
201s July
10734 Mar
31 May
294 Jan
'2 Feb
173 Feb
8134 June
304 July
8714 Jan
11238Jan
Miscellaneous
210 Amer Agricul Chemical......100 48 Jan 5
100 8712 Mar25
252 Do pref
10 Amer Pneumatic Service
50
134 Mar17
50 16 May 3
75 Do prof
401 Amer Sugar Refining
106 100 Feb 24
27 Do pref
100 109 Feb 5
1,112 Amer Telep & Teleg
100 116 Jan 4
American Woolen
100 1612 Apr 6
62 Do pref
100 77 Feb 5
127 Aznoskeag Manufacturing..___
591s Jan 20
Do prof
9712 May25
235 ALI Gulf & W I S S Lines-100
4 Feb 24
725 Do pref
100
978 M ar12
110 East Boston Land
10
914 Feb 24
88 Edison Electric Ilium
100 230 man°
788 General Electric
100 13814 Feb 26
47 McElwain(W H) 1st prof _100 100 Apr 23
193 Massachusetts Gas Cos......100 78 Apr 8
6 Do pref
100 85 May24
Mergenthaler Linotype,.. 100154 Feb 8
10
Mexican Telephone
14 Apr 20
25 Mississippi River Power...100 10 June 4
50 Do pref
100 35 Feb 23
New Eng Cotton Yarn........100 20 Apr 15
Do pref
100 30 Apr 17
75 New England Telephone_ 100 1274 Apr 27
88 Pullman Company
100 150 Feb 24
5 Reece Button-Hole
10 16 May 6
68 Swift & Co
100 1043 Jan 4
Torrington
25 28 Mar 8
Do pref
25 20 M a r25
Union Copper L & M
25
.95 Jan 18
1,651 United Fruit
100 110 Feb 25
4,644 United Shoe Mach Corp
25 53 Feb 25
192 Do pref
25 28 Mur27
5,966 U S Steel Corporation
100 38 Feb 1
42 Do prof
100 10214 Jan 27
lows June 4
Mining
473 Apr 22
200 Adventure Con
2 Jan
1 Apr
1 Jan 22
25
180 Ahmeek
25 240 Jan 25 409 June 3 23934 Apr 300 Mar
18,120 Alaska Gold
19 July 2834 May
10 26'4 Jan 6 4034 Apr 22
434 Apr 22
1,300 Algonzah Mining
134 Jan
13 Deo
.45 Feb 10
25
3412 Jan
1,480 Allouez
4334 Feb
25 3513 Jan 5 5814 Apr 26
e24
2
49 Dec
3,194 Amalgamated Copper
7
Feb
100 5038Feb 24 75693142
June
52,467 Amer Zino, Lead dc Smelt- 25 1834 Jan 4
1214 Nov 21k Jan
912 Apr 22
212 Nov 634 m ar
324 Jan 4
7,901 Arizona Commercial
5
434 Apr 22
44 yob
335 Butte-Baiaklava Copper_ 10
1 Nov
2 Jan 16
24 Nov 4034 M •Y
33,324 Butte & Sup Cop (Ltd)
10 3534Jan 4 80 June 4
2,689 Calumet & Arizona
53 Dec
7018 M
10 5152 Feb 23 7834 Apr 26
258 Calumet & Hada
25 350 Jan 4 630 Apr 22 350 Dee 480 Fe"
10 Centennial
14 Jan
19 Feb
25 15 Jan 12 25 Apr 22
•
1,405 Chino Copper
3014 Dec
434 Feb
5 3278 Jan 6 4934 Apr 26
29 Dec
8,037 Copper Range Cons Co
4034 Feb
100 30 Jan 13 6314 Apr 26
22
580 Daly-West
14 Nov
3 Feb
20
534 Apr
178 Jan 21
2,486 East Butte Copper Min_ 10
8 Dec
13 Jan
82 Jan 5 1538 Apr 23
593 Franklin
2 Nov
778 Apr
412 Fob 5 1414 Apr 22
25
1,702 Granby Consolidated
60 Dee
91 Feb
100 53 Jan 7 9412 Apr 27
2114 Apr
1,233 Greene-Cananea
4238 Feb
100 2314 Feb 1 3512 Apr 22
870 Hancock Consolidated_ _ _ _ 25 11 Jan 18 2.123 Apr 29
11 Deo
22 Feb
5 Hadley Gold
28 July 30 Mat
10 2658 Apr 9 2934 Jan 19
150 lIelvetia Copper
.25 June
12 Jan
.95 Mar29
25
.25 Mar 2
205 Indiana Mining
3 Apr
*612 8
84 Feb
214 Jan 21 1012 Apr 22
25
*437g 45
815 Island Creek Coal
4412 Dec
5014 June
1 41 Mar18 4712 Jan 16
90
5 Do prof
*89
61 June 894 June
1 85's Jan 5 914 Apr 27
990 Isle Royale Copper
2612 2612
24 Feb
18 Dec
25 172 Jan 11 34 Apr 26
120 Kerr Lake
414 Jan8
64 July
54 Apr 20
z49,4'8 458
378 Mar
5
590 Keweenaw Copper
214 212
24 May 4% Feb
412 Apr 26
25
2 Mar17
22
695 Lake Copper Co
12
12
1013 Jan
434 Nov
25
511 Jan 27 18 Apr
612 612
140 La Salle Copper
31
4Dec
512 Feb
9 Apr 23
25
3I Jan 7
14 Deo
*212 3
412 Apr 27
4 Jan
Mason Valley Mines
1 Marl I
5
3,535 Massachusetts Consol__
1234 13
2 Mar
e513 May
25
3 Jan 11 17 Apr 22
860 Mayflower.
8 Apr 22
*5
512
334 June
9 Jan
25
4 Mar 11
2478 2478
10 Miami Copper
1634 Dec
244 Feb
8 1634 Jan 2 29 Apr 26
10 Michigan
*112 2
.50 July
3 Apr 22
25
.60 Mar 1
114 Feb
1,757 Mohawk
7012 7012
39 Apr
25 4614 Jau 15 82 Apr 26
4912 Deo
961 Nevada Consolidated
1478 15
10 Dec
1838 Dec
6 1133 Feb 24 17 Apr 27
2,825 New Arcadian Copper__ _ _ 25
812 9
74 Jan
178 Jan
412 Feb 24 1314 Apr 28
Nipissing Mines
678 Mar29
+534 6
6
538Feb 3
818 Feb
5 July
5,170 North Butte
1934 Deo
3058 3012
'5 2214Jan 25 3878 Apr 26
3034 Feb
112 214
418 Apr 23
491 North Lake
.95 Apr
1 Jan 28
238 Jan
25
312 Apr 29
214 214
150 011bway Mining
25
.50 Mar 4
34 Apr
2 Jan
935 Old Colony
74 Apr 22
414 412
25
238 Nov 57
338Jan 4
4 Feb
251 old Dominion Co
*5312 5412
44 Dee
25 3812 Mar 8 5823 Apr 21
54 Feb
1,056 Osceola
7812 80
25 64 Jan 28 9312 Apr 22
64 Dec
84 Feb
3
June
15
6,380
1512
Pond Creek Coal
10 12 Jan 7 1712
1234 Dec
207s Jan
801 Quincy
8638 87
25 50 Jan 16 95 Apr 22
5178 Dec
63 Feb
330 Ray Consolidated Copper_ 10 1554 Jan 7 2614 Apr 26
231s 2318
15 Dec
2212 Apr
5412 5458
1,220 St Mary's Mineral Land
25 28 Jan 4 65 Apr 23
28 Dec
40 Feb
212 258
150 Santa Fe Gold & Copper
318 May12
10
1 Mar17
1 Jan
214 Jan
1,385 Shannon
812 812
10
4 Jan 15 1114 Apr 26
712 Feb
4 Nov
*26
885 Shattuck-Arizona
2634
10 1834 Jan 5 33 Apr 26
18 Dec
2934 Feb
'%20 .30
900 South Utah M & S
.35 Mar31
5
.10 Feb 4
.10 June
.23 Feb
1,325 Superior
27
26
28 2222 Jan 6 4112 Apr 28
22 Nov 32 Feb
3.398 Superior & Boston Copper_ 10
412 Apr 29
312 38
1 Mar 3
114 Nov 2% Jan
405 Tamarack
35
34
25 25 Jan 4 4512 Apr 23
43 Feb
2412 Des
1,040 Trinity
434 5
758 Apr 30
25
23a Feb 11
513 Jan
234 Nov
900 Tuolumne Copper
.40 .40
.63 Apr 14
1
.85 Mai
.20 Jan 2
.23 Dec
16,112 U S Smelt. Refin & Min_ 80 20 Feb 25 424 Juno 4
3514 3612
4312 Feb
2414 Dec
664 Do pref
3512 44
50 38 Jan 15 4712 Apr 30
4873 Feb
4012 Apr
314 37
/
4
27,290 Utah-Apex Mining
438 June 4
5
2 Jan 2
258 Feb
114 Nov
10,939 Utah Consolidated
1412
13
14 Feb
6
914 Feb 26 155s Juno 4
834 Jan
1,976 Utah Copper Co
65
65
10 4814 Jan 6 73 Apr 28
4518 Nov 50 June
260 Victoria
*234 3
25
1 Feb 26
412 Apr 22
1 Mar e2% May
500 Winona
*334 4
25
478 Feb
134 Jan 18
178 Dee
54 May 1
1,096 Wolverine
5512 56
25 32 Jan 6 70 Apr 26
4734 Feb
30 Dec
1,260 Wyandott
13g
158
25
114 Jan
24 Apr 23
.50 Mar 3
30 June
e Assessment paid. 0 Ex-stock dividend. A Ex-rights. a Ex-dividend and rights. a Unstamped. •2d paid. to Halt paid
*212 3
380 380
3312 34
*278 3
5334
53
6413 6458
47
4812
718 712
*314 312
6914 72
61
6214
580 580
*18
1812
44
44
51
50
*258 3
1114 1112
918 10
7812 7918
30
30
20
20
*28
2812
*212 278 *212 3
*252 _ _
392 400
392 400
387 395
3433 3558 3558 3612 365s 3714
278 3
2,
4 3
234 234
5658 5712
54
5412 5412 56
6738 6934 7118 7358
65
67
56,
4
4 55
4833 5012 5112 54,
712 778
814 9
8
8
,
4
31,2 312
312 3
,
4
*358 312
7734 7713 80
7412 75
72
6678
66
66
65
6312 65
590 599
585. 590
585 585
19
19 •1034 21
*1814 19
4 4612 4658 47
*4412 4478 45,
,
4
54
,
4 55
52
5612
5012 52
234 314
+258 234
314 314
1114 1178 1134 12,s 1214 1212
914 912 10
103s 1012 1012
84
81
85
84
79
81
30
3012 3112 3314 3212 3418
2112
20
2014 2034 2134 21
2812
2812 *28
2812 2812 *28
*___
.75
.53 .53
712 --71-2
734 734
734 734
4512 474 464 4614
45
45
90
*89
90
*89
90
90
2834 2931
2714 2734 29
27
412 412 *412 4%
*412 434
258 258
214 232
214 212
1314 1312 1312 14
*1214 13
*638 7
7
7
634 634
Last Sale 3 May'15
*234 3
1314 1312 1353 1414 144 1514
434 514
5
514
*5
512
*2514 2512 *2614 263s •2638 2678
134 134 *132 178
+114
1.34
73
76
7712 79
74
72
16
16
1514 1512 *1534 16
11
10
938
9
914 10
Last Sale 6
May'15
*534 6
3034 3122 3114 3234 3214 3434
2
258
2
214
2
214
212 212
234 234
*2
234
412 412
438 5
44 412
54
56
5512 56
54
54
85
8512 87
82
82
82
1712
1712 17
1514 1573 16
4 90
8812 8912 88,
8712 89
24
2414 24,
24
4
24
24
5912 6012
56
5612 5712 60
238 234
3
3
212 222
84 834
8
,
4 9
818
8
2812
261+ 2612 2612 2734 28
.29 .30
_
+.20 .30
3012 3112
2712 2814 30
27
3
,
4 3%
3711
358 334
3612 3814 39
39,
4
35
36
5,
4 578
514 512
5
518
.40
.42
.40
*.38 .40 *.38
37
3814 3812 4134 4012 421
46
461
4514 4534 46
44
41g 438
414
312 4, 4
1558
1478 1512 15
1433 15
6612 6612 6678 683s 6812 7018
3
3
278 3
*234 3
414 412
44 4,
4
412
*4
63
62
61
56
571s 57
112
112
112
112
112 112
1903
THE CHRONICLE
JUNE 5 1915.]
Philadelphia Stock Exchange.-Record of transactions at the Philadelphia Stock Exchange from May 29 to
June 4, both inclusive, compiled from the official sales lists
Boston Bond Record.-Complete record of transactions is
given below. Prices for stocks are all dollars per share,
4,
June
to
In bonds at Boston Stock Exchange May 29
per cent. For bonds the quotations are per cent of
not
inclusive:
par value.
Outside Exchanges-Record Transactions
Bonds.
Week's
Salesfor
Wee/c.
Range.
Friday
Sales. Low. High. Shares.
Range since Jan. 1.
10034 10051 $5,000 09% Jan 102
Amer Agric Chem 58_ _1928
Amer Tel & Tel 45_ _ _ _1929 8734 86% 87% 7,000 86% Jan 89%
100 102% 0,700 95% Jan 103
102
s..1933
20-year cony 434
Jan 73
76,000 60
71
69
Atl & W I SS L 5s_ _ 1059 70
1,000 98% June 98%
98% 98%
C B & Q--S W Div 48_1921
Jan 96%
96% 96% 8,000 95
Great Nor Joint 4s_ .1921
6,000 96 June 9634
96
96
registered
do
102% 102% 3,000 100% May 103%
N Y Central deb 6s._1935
97 • 31,500 04 May 98%
96
Pond Creek Coal 68_1923 97
2,000 9434 Feb 96%
96% 9655
1944
Swift & Co 5s
Feb 99
95% 95% 2,000 93
United Fruit 4558._ _ _1923
Jan 93%
1,000 90
Debenture 4348.......1925 93% 93% 93%
4,000 94% Mar 97
9555 96
Western Tel & Tel 5s..1932
May
Apr
Apr
May
June
May
Apr
May
Apr
May
May
June
Jan
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from May 29 to June 4,
both incl., compiled from the official sales lists, is as follows:
Salesfor
Week's
Week.
Friday
Range.
Sales. Low. High. Shares.
Par
Stocks100
American Can
American Radiator__ _ _100
Amer Shipbuilding_ _ _100
Chic Pneumatic Tool_ _100
Chic Rys part ctr "2"_._
Chicago Title & Trust_100
Commonwealth Edison 100
100
Diamond Match
Goodrich (13 F) com__ _100
Hart Shaft& Marx pref 100
100
Illinois Brick
Int Harvest Co of N .1.100
100
National Carbon
People's Gas L & Coke_100
Pub Serv of No III,com 100
100
Preferred
100
Quaker Oats Co
100
Preferred
Sears Roebuck corn__ _100
Stewart War Speed com 100
100
Swift & Co
100
Union Carbide Co
100
U S Steel common
Ward,Montgom & Co.Pref
BondsChicago City Ry 58..1927
1927
Chicago Rys 58
Chiefly ad) Inc 4s_1927
Chicago Telephone 58_1923
Commonw Edison 53_1943
• Commonw Elea 58_1943
Cudahy Pack 1st M 58 1924
Dia Match con deb (Is 1920
Met W Side El 1st 48_1938
Morris & Co 4348_ _ _ _1939
Poop G L & C ref g 5s_1947
South Side Elev 4348_1924
Swift & Co 1st a 5s_ _ _1944
38
38
354 355
3034 3034
5454 60
2034 22
208 208
13334 13234 133%
x94
9534
95
4434 46
109 110
110
64
65
6534
111 111
111
134 141
114 11534
115
80
8034
94
94
94
260
24634 260
106 107
13434 13734
136
68
6434 6834
10934 109 110
154
15334 157
5434 5734
112 11234
3055
$8
21
96
93
37
10034 10034
100
9934
9934
102
7334 7334
8655
10034 10034
8834
96
06
96
9334
a Ex 50% stock dividend.
9654
9334
37
10034
100
9934
9934
102
7355
8634
10034
8834
96
Range since Jan. 1.
High.
Low.
200 2634 Jan
16 354 June
Apr
25 26
335 4534 Feb
171 2034 June
Jan
.7 205
377 13234 June
Mar
80 90
200 2434 Jan
Jan
143 105
Feb
144 60
Feb
50 96
60 11934 Jan
287 113 May
Jan
42 75
16 9334 May
Jan
40 230
175 103 April
616 a13154 Mar
2,040 4834 Jan
644 10434 Jan
074 14454 Jan
210 3834 Feb
22 11034 Jan
$5,000 96
16,000 93
1,000 37
1,000 9955
6,000 100
0,000 9934
1,000 0934
5,000 10134
17,000 7355
2,000 8634
2,000 9934
9,000 88
27.000 9455
4234 May
Jan
390
36
May
6134 May
3134 Jan
213
Mar
14034 April
98
Jan
5234 May
11234 Mar
6534 May
June
111
June
141
12334 April
87 April
Mar
100
270 May
x107
May
Jan
215
x7155 April
11055 Mar
Jan
165
60 April
Mar
114
June
June
June
Jan
Jan
May
June
Feb
May
Jan
Jan
Jan
Jan
Feb
09
Feb
97
Jan
44
Jan
101
Jan
102
101 'Jan
10034 May
103 May
Feb
77
8834 April
10154 Mar
90 April
9635 Feb
x Ex dividend.
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from May 29
to June 4, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Salesfor
Week's
Week.
Friday
Range.
Sales. Low. High. Shares.
Par
Stocks.
34
34
Cigar Machine Corp
38
38
Commercial Credit.._100
27
27
100
Preferred
106 106
Consol Gas E L & Pow-100
94
94
Consolidation Coal_ _ _ _100
13% (1)4
Cosden & Co
17
18
18
100
Elkhorn Fuel
1454
14
Houston 011 trust ctfs_ _100
Preferred trust ctfs_ _100 59% 59% 5955
83% 84%
50
Northern Central
50 2234 2254 22%
United Ry & Elec
255 254
5
Wayland Oil& Gas
Bonds103 103
Atlanta Consol St 58_1930
Atl C I.(Conn) ctfs 58_ _ _ _
9814 9834 98%
02% 92%
Certificates 5-20 48_1925
90
90
Atlan C L (So Car)43_1948
Bait Elea stamped 58_1947 0955 99% 99%
94
94
Bait Spar P & C 4558.1953 94
103 103
Balt Traction 1st 5s_ _1920
06% 96%
Chicago City Ry 58_1927
93% 94
Chicago Ry 1st 58_...1927
Consol Gas gen 434s._1954 94% 94% 9454
Cons Gas E L& P 43581935 8734 87% 8734
99% 09% 100
Notes
10054 100%
Consol Coal cony 6s._1923
1918 94% 94% 9455
Elkhorn Fuel 55
Fair & Clarks Trac 6s..1938 99% 9934 9954
86% 86%
Florida South 1st 45..1945
101% 101%
Ga Car & Nor 1st 55._1929
Jamison C& C-G C 5s
80
80
1930
small
Knoxville Traction 58_1938 10155 10155 10155
86
86
Lexington (Ky) St 5s_1949
96
96
Md Electric Ry 1st 58_1931
101 101
Minn St & StP C it 5s 1928
35% 35%
M tV-Wood CD'k OM ofdeP
104% 10455
No Central Ser 13 58..1926
9755 97%
Phil Wil & 13 4s
St Jos L II & P 5s ___-1937 9734 97% 97%
80
8054
United Ry & E 48- _1949 80
60%
58
1949
Income 48
82%
1936 82% 82
Funding 5s
1936 82% 82% 83
Small
100 100
1916
Notes 58
Va Mid 4th series 3-4-5s
101 101
1921
small
102% 102%
Guaranteed 55
1941 7954 7934 79%
Wash 13 44 A 5s
Range since Jan. 1.
Low.
High.
154 Jan
58
34 June
15 35% May 168 April
120 25% May 102% April
18 102% Jan 10755 Jan
Jan 05% Jan
30 92
7% May
Jan
5
10
May 20% April
225 16
Mar 1654 April
310 10
Jan 61 April
05 54
Jan 85% Jan
20 83
Mar
291 22% June 27
4% Jan
2% May
150
$1,000 102% Mar 103% Feb
2,300 9834 June 101
Apr
1,500 92% June 9234 June
3,000 90 June 91% Feb
3.000 08% Jan 9934 June
Jan
1,000 94 June 97
1,000 103 June 10355 Feb
1,000 96% June 09
Jan
4,000 93;5 June 97
Jan
Jan 9135 May
8,000 03
5,000 87 , Jan 89 April
2,300 98% Mar 100% May
10,000 09% Jan 101
May
4,000 9254 Jan 9555 Mar
Jan
9,000 9834 Jan 100
1,000 84% Jan 8855 Mar
Jan 102% April
8,000 101
1,000
1,000
1,000
2,000
1,000
1,000
1,000
1,000
1,000
34,000
20,000
8,000
1,300
1,000
80
101%
86
90
100%
35
10455
9755
97%
80
58
8135
81%
100
Salesfor
Week's
Week.
Friday
Range.
Sales. Low. High. Shares.
High.
Low.
June
June
June
May
Jan
Jan
June
June
June
June
June
May
May
Jan
Si April
10354 Jan
89% Mar
98% Jan
102
Jan
40
Feb
104% Jan
97% June
May
98
82
Jan
Jan
63
Jan
87
8755 Jan
10034 April
June
June 101
500 101
2,000 102% May 102% May
20,000 7954 June 8154 Feb
Par.
Stock.American Gas of N J..100
10
American Milling
_50
American Railways
Baldwin Locomotive..100
100
Preferred
Duff & Susu Corp v t c _100
100
Preferred v t c
50
Cambria Steel
50
Catawissa 1st pref
Elec Storage Battery_ _100
100
General Asphalt
100
Preferred
Insurance Co of N A_ __10
Keystone Teleph pref_ _50
Lake Superior Corp__ _100
50
Lehigh Navigation
Lehigh Val Trans pref__50
50
Minehill & S H
50
Northern Central
50
Penn Salt Mfg
50
Pennsylvania
Philadelphia Co (Pitts)_50
Pref(cumulative6%).50
Philadelphia Electric_223-4
Phi's' Rapid Transit_ _ 50
Voting trust rects___50
Philadelphia .Traction_ 50
50
Reading
Tono-Belmont Devel_ _ _ _1
Tonopah Mining
1
50
Union Traction
50
United Gas Impt
U S Steel Corporation_100
100
Preferred
10
Warwick Iron & S
West Jersey & Sea Shore 50
Westmoreland Coal_ _ _ _ 50
Wm Cramp & Sons__ _100
ScripCambria Steel scrip..1916
Feb 1917
do
do
May 1917
do
do
Philadelphia Co scrip_1916
_ _1918
do
do
Bond sAmer Gas & Elec 53_2007
2007
Small
13aldwin Locom 1st 58_1940
Beth Steel p m (is. _ _ _1998
1926
1st ext s f 55
1st & refunding 5s_ _1942
Choc Ok & Gulf gen 5s 1919
Elec& Peoplestr ctfs4s1945
1945
Small
Inter-State Rys coll 481943
Lake Superior Corp 55 1924
LehC&Navfdg&imp4s..'48
1954
Consol 435s
Lehigh'Val cons 4558_1923
2003
Gen consol 4s
Gen consol 4%s_ _._2003
Leh Val Coal 1st 5s_ _1933
LehValTranref.kimp5s_'60
1st 45
1935
Pennsy v RR cons 4s_1948
Temp ctfs 455s_ _ _ _1960
Convertible 33-4 s_ _ _1915
Temp Ws 4558_ .. _1965
Phil D & Wash 1st 48_1943
Phil Co cons& coll tr5s 1951
Phlia Elec tr ctfs 5s..1948
1948
Small
1950
Trust Ws 4s
1950
Small
1997
Reading gen 48
1951
J-C collat 4s
United Rys g tr ctf 48_1949
United Rys Invest 53_1926
Wirkah TT V A, Po
(1011
Range since Jas. 1.
Low.
High.
Feb
Jan 104
63 100
10134 10134
655 Feb
5 April
20
5% 594
Jan
Mar 36
100 30
x30 x3055
1,163 30. Feb 6134 May
52
4734 52
Jan
10355
Mar
90
49
101 10154
May 1334 May
159 11
1354
13
55 393.4 May 4054 May
4054 4055
Feb 5034 April
48
473-4 4854 3,251 41
Jan
Jan 54
10 54
54
54
1,642 4734 Jan 5435 May
52
5154 50
Jan
Mar 32
600 24
2754
2734 27
Mar 69 April
27 60
6434 6534
Jan
Jan 22
36 21
2154 2134 2134
Jan 69 April
13 61
68
68
5 April 1034 April
754 7% 2,090
77 April
May
56
7134
7234 7354
40 2634 Mar 3155 April
2834 2855
Jan 573-4 May
35 55
553,5 56
55
Feb
90 8334 May 86
84
8434
May
Mar 95
9 80
90
90
1,033 5135 Feb 5534 April
5355 5334 54
60 2954 Mar 40 April
35
34
34
Mar 4055 April
10 32
40
40
40
2334 Jan 2434 Feb
857
24
2334
24
7 May 1134 Mar
658
855 8%
754 May 1034 Mar
920
855 9
8%
89 7334 June 7955 Jan
7314 74
515 70 May 7834 April
7334 70% 7314
534 Mar
334 Feb
745
434. 455 454
734 Jan
654 Feb
881
734
7
73
1,022 30 May 3934 Jan
33 yi 3214 34
315 8034 Jan 873.4 Mar
8254 8254 8334
Feb 63 June
49,374 38
6034 5334 63
Jan 111 June
10 103
111 111
111
Jan
954 Feb 10
10
955 934
Jan
Mar 50
1 48
4934 4955
Jan 63 April
199 58
6034 61
June
4454
Jan
6,452
1834
4334 37
4434
98
9734
97
98
97
97
96
96
9834
9755
9754
96
96
44
175
7,024
43
43
$8,000
1,100
4,000
4,000
4,000
12,000
5,000
11,000
1,200
4,000
1,600
1,000
15,000
1,000
1,000
8,000
10,000
3,000
2,000
1,000
16,000
2,500
177,000
3,000
2,000
2,000
500
3,000
2200,
3,000
10,000
6,000
11.000
75114 14.000
8634
8634 86
86
86
10134 102
102
11734 11734 11734
100 100
9134 9134
9734 9734
7534 7554 76
81
77
5755 58
58
28
28
06
96
9834 98% 9934
10155 10134
8955 8934
9894 99
10355 10355
87
87
87
8834 8854
9734 973
10334 10334
100 10054
100
98
9754 9855
9734 9734
7994 80
101 10155
101 101
101
7954 79
703.4
80
79
9294 9254
0354 9334
743.4 7455 7455
6355 64
64
7R
dal01/
Feb
Feb
May
Feb
Feb
05
95
95
90
80
85
85
10034
11534
9954
8794
9554
7554
77
5755
28
96
9734
10034
87
97
103
86
8835
9754
103
0934
97
9755
70
10035
101
7734
79
9154
9034
73
56
75
Jan
Jan
Mar
Jan
Jan
Feb
Feb
May
June
Jan
May
June
Jan
Mar
Feb
Feb
Jan
May
June
Jan
May
Jan
May
May
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
9854
9734
97
97
98
June
April
May
Mar
May
8634 April
86 April
10334 April
119 May
Jan
100
9154 June
9734 April
Feb
79
82 April
60 April
Jan
45
Jan
97
100 April
10134 June
May
90
100 April
10434 Jan
Jan
88
Feb
89
0834 Feb
Feb
105
10055 June
9855 June
Feb
98
8255 And'
10234 Jan
1023-4 Jan
80 April
8054 May
Feb
95
9394 Feb
7434 April
70 May
Feb
77
x Ex-dividend.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from May 29
to June 4, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Salesfor
Week's
Week.
Range.
Friday
Sales. Low. High. Shares,
Par.
StocksAmerican Sewer Pipe_ _100 1994
Am Wind Glass Mach_100 1854
100 82
Preferred
Am Window Glass. pref100
Columbia Gas & Elee_ _100 1054
100 3054
Crucible Steel
100 90
Preferred
100 114
Elk Natural Gas
33,4
Independent Brewing _50
50 1634
Preferred
100
Lone Star Gas
Manufacturers Lt & H-100 47
National Flreproofing__50
50 19
Preferred
1
Ohio Fuel 011
25 44
Ohio Fuel Supply
100 2355
Pittsburgh Coal
100 92
Preferred
55-4
Pittsburgh 011 & Gas_ _100
5 1454
Pure 011
13e.
1
San Toy Mining
Union Natural Gas.. _ _ _100
Union Switch & Signal_ _ 50
U S Steel Corporation_100 6134
Westinghouse Air Brake.50
West'ghouse El& M fg_ _ 50 4954
50
Preferred
BondrPitts All & Man Tr 53_1930
Pittsb Brewing 6s_..1949
Pittsburgh Coal deb 681931
PIttshnrah Trsirtion 5.1027
1934 21
1734 1835
84
82
10855 10854
1054
10
2654 3254
90
86
11214 114
33%
354
16% 1734
108 108
4694 47
534 534
1894 19
1234 12%
45
44
2254 2334
92
92
555 554
1434 1434
11c. 13c.
130 130
993-410054
5655 63
12834 133
46
4954
65
63
98
55
9354
98
240
515
205
10
870
2,820
926
236
80
115
100
430
10
210
85
1,683
380
100
20
355
6,750
10
225
748
420
2,110
40
$4,000
98
8,000
55
945-4 14,000
4.000
98
Range since Jan. 1.
Low.
1754
1654
7054
10855
834
1234
75
10254
294
1534
91
46
455
16
12
3934
1634
8254
5
1334
8c.
130
92
38
11654
3255
58
Jan
May
MAY
Mar
Jan
Feb
Jan
Apr
Feb
Mar
Mar
May
Feb
Feb
May
Apr
Jan
Jan
May
May
Apr
May
Apr
Feb
Mar
Feb
Feb
High.
Apr
24
1935 May
85 May
Jan
123
1234 Feb
34 May
93 May
114 June
Apr
6
2255 Jan
1085-4 Apr
497-4 Jan
654 Apr
2254 Jan
1594 Jan
45 May
2434 Apr
9534 Feb
755 Jan
15% Mar
14c. Jan
Mar
133
Apr
107
63 June
Apr
135
5336 Apr
6534 May
Apr 100
98
5034 Apr 65
Jan 97
90
98 June 100
Feb
Jan
Apr
Mar
1904
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
June 4 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares.
132,816
217,573
393,656
762,883
971,383
$9,479,450
$971,500
HOLI DAY
16,596,950
1,298,000
22,887,000
1,628,000
62,018,925
3,188,000
80,412,100
2,809,500
2,478,311 $191,394,425
Sates at
New York Stock
Exchange.
Railroad.
dec.,
Bonds.
Par Value.
$9,805,000
Week ending June 4.
State,Afun.
et Foreign
U. S.
Bonds.
Bonds.
$25,000
92,500
93,000
46,000
148,000
$1,000
$401,500
31,000
Short Term Notes-Per Cent.
1915.
1914.
1914.
1915.
310,300,500 $10,033,000
$348,113.700
$329,577,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
June 4 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
16,769
$12,500
18,546
59,581
95.258
89,449
5,100
34,100
74,500
31,000
279,603
$157,200
3,433
360,506
HOLI DAY
4,505
31,339
8,134
71,693
33,254
90,012
25,107
110,179
74,433
5363,729
120
$39,000
288
346
534
471
59,800
43,000
43,800
71,200
1,759
$257,700
New York City Banks and Trust Companies.
Banks
Bid
Ask
New York
America* ___ 560 570
Amer Exch.. 200 203
Battery Park 120 135
Bowery' - - 400
Bronx Bore_ 225 260
Bronx Nat _ _ 160
Bryant Park* 140
150
Butch & Dr_ 120
130
Century* - _ 160
170
Chess
550 575
Chath &Phen 184
190
Chelsea Ex*.
125
Chemical
_ 466 410
Citizens Cent 164
170
City
370 380
Coal & Iron. 155
160
Colonial'
_ 450
Columbia*
300 iig
Commerce _ _ t165
Corn Exch.. 302 310
Cosmopolite 85 100
East River
75
90
Fidelity•
155
163
Fifth Aye'..4200 4500
Fifth
250 300
First
850 875
Garfield _ _ _ _
195
Germ-Amer* 125
130
German Ex'_ 390 410
Germania •_ _ 425 475
Gotham _ _
190
Greenwich* _ 265 280
Hanover
600 615
Harriman _ 300 310
Imp & Trad_ 500 510
Irving
167 172
Liberty
600 630
Lincoln
300 325
Manhattan*. 310 315
Mark & Fun_ 240 250
• Banks marked with
Exehange this week.
Bank
Mech & Met_
Merch Exch..
Merchants'__
Metropolis* _
Mrtroporn*.
Mutual
New Neth* _
New York Co
New York...
Bid
247
175
185
300
175
325
210
725
380
200
Park
387
People's* , 230
Prod Exch._ 155
Public*
Seaboard
400
Second
400
Security*
Sherman
State•
23d Ward'.. 100
Union Exch. 136
Unit States*. 500
Wash Ins's._ 275
Wetteh Av•_ 160
Webt
Yorkville •
525
Ask
252
185
190
340
185
225
825
400
220
395
255
165
175
430
425
80
135
135
125
142
175
450
550
Trust Co's
New York
Bid
Ask
Astor
355 365
Bankers Tr
415 425
B'way Trust_ 143
148
Central Trutt 970 985
Columbia _
460 470
Commei cial
80
Empire
295 303 Equitable Tr 410 420
Farm L & Tr 1100
Fidelity
203
Fulton
280 300
Guaranty Tr 540 560
Hudson
125
135
Law Tit & Tr 112
117
Lincoln Trust 100
110
Metropolitan 400 410
Mut'l (Westchester)
130 135
N Y Lite Ins
& 'Trust... 940 960
N Y Trust... 580 590
Title Cu & '1 r 375 390
Tensatlantic 200 220
Union Trust_ 325 335
USMtg&Tr 390 400
United States 1040 1060
Westchester. 140
Brooklyn.
Coney 151'0_
105
First
260 270
Brooklyn
Flatbush _ _
134. 142
Greenpoint
150 Brooklyn Tr_
Hillside __
100 115 Franklin
homestead'. 80
100
Hamilton
Mechanics* _ 140
147 Kings County
Montauk*
105
Manufact'reNassau
195 205
Citizens_
National City 270 280 People's .
North Side_ 175 200 Queens Co__
People's
140
150
a (9 are State banks. t Bale at auction
470
250
270
610
137
280
260
285
635
142
288
80
or at Stook
CURRENT NOTICE.
-The New York Stock Exchange firm of Ackermann & Coles, 61 Broadway, was dissolved by limitation on June 1. W. C. Coles and Albert P.
Rasquin, members of the dissolving concern, have formed a co-partnership,
under the firm name of VT. C. Coles & Co., to succeed to the business
of Ackermann & Coles, whose offices they will occupy. The new firm
will act as dealers in Standard Oil securities, bank, trust company, title
and insurance company stocks,and as brokers in unlisted securities. F. T.
Ackermann, a member of the firm of Ackermann & Coles, retires from
business, but will make his headquarters at the office of W. C. Coles &Co.
W. T. Wisner 2d, a member of the retiring firm and a member of thin
New York Stock Exchange, will have an office at 43 Exchange Place.
Inactive and Unlisted Securities
All bond prices are "and interest" except where marked "t."
Stand 011 Stk. (Concl)- Per sli ars
Standard 011 Stocks-Pe'Share
Par Bid. Ask.
Par Bid. Ask. Pierce 011 (new)
25 *12
,
4 1314
Anglo-Amer 011new
new..
Prairie
•17
1712
011 & Gas
100 313 316
Atlantic Refining
100 565 575 Prairie Pipe Line
131 133
Borne-Scrymser Co
100 265 275 Solar Refining
100
Buckeye Pipe Line Co--- 50*101 104 Southern Pipe Line Co 100 230 235
208 212
Chesebrough Mfg Cons__1001705 720 South Penn Oil
100 280 283
Colonial 011
100 120 130 Southwest Pa Pipe Lines_100 110 112
Continental 011
100 227 232 Standard 011 (California) 100 284 287
Crescent Pipe Line Co
50 •41 43 Standard 011 (Indiana) _ _100
Cumberland Pipe Line__ _100 45 48 Standard 011 (Kansas) __100 417 122
Eureka Pipe Line Co....100 220 225 Standard Oil of Kentucky100 365 375
250 255
Galena-Signal Oil com
100 149 152 Standard 011 of Nebraska100 315 325
Preferred
100 135 140 Standard 011 of New Jer_100 402 105
Illinois Pipe Line
130 132 Standard 011 of New Y'rk100
Indiana Pipe Line Co____ 50 95 97 Standard 011 of Ohio_ _100 186 188
423 428
Internat Petroleum
El *8,
4 9 Swan & Finch
100 105 115
National Transit Co
25 •30 32
Union Tank Line Co- _100 80 82
New York Transit Co
100 205 210
Vacuum 011
100 203 208
Northern Pipe Line Co__100 98 102
Washlnton Oil
10 *33 36
Ohio Oil Co
25 4.137 139
Bonds.
Penn-Mex Fuel Co
.57 62 Pierce Oil Corn cony (Is 1021 76 79
Tobacco Stocks-Per Sha Ti.
Par Bid. Ask.
American Cigar common_100 107 112
Preferred
100 98 100
Amer Machine & Fdry 100 70 80
41512 1612
British-Amer Tobae ord.
Ordinary, bearer
17
Ll *16
Conley Foil
100 300 325
Johnson Tin Foil & Met_100 130 160
MacAndrews & Forbes 100 215 235
Porto Rican-Amer Tob_ _100 195 205
Reynolds(R J) Tobacco_100 300 320
Preferred
117 120
Tobacco Products com__100 52 57
Preferred-See Stock Ex. list.
United Cigar Stores com_100 98 105
Preferred
100 110 120
United Cigar Stores(new) 10 $95, 978
Young (J 5) Co
100 160 170
Jan. 1 to June 4.
Stocks-No. shares__ _
2,478,311
34,803,711
736,808
53,271,462
Par value
$191,394,425 $65,346,650 $4,516,153,270 33,043,110,789
Bank shares, par
200
$253,400
$3,500
$190,900
Bonds.
Government bonds__ _
$1,000
$476,500
$30,000
$417,500
State,mun.,&c.,bonds
27,775,000
404,500
8,088,000
776,500
RR. and misc. bonds_
338,649,200
9,895,000
301,385,000
9,226,500
Total bonds
[voL. no.
Amer Lecomotive 55,'15_J-J
55, July 1918
J-J
5s, July 1917
J-J
Am 'fob 6% scrip, Sep 1 '15_
Am T & T Sub Cos 5s, 1916_
Anaconda Copper 5s'17_0I-S
Bait & Ohio43s 1917
4;is 1918
Ches & Ohio 5s 1919 ___J-D
Chic Elev Ry 5s, 191.6___J-J
Chic & W Ind 5s, 1915_ _M-S
Consum Pow 6s, 1917_M&N
Erie RR 5s, Oct 1 1915-A-0
55 Apri 11 1916
536s, April 1 1917_ _A-0
General Rubber 450,'15.J-J
Hocking Valley 6s,'15_M-N
Int Harr 5s, Feb15 '18_F-A
Lake Sh & M So,5s Sept 1915
59 Dec 1915
Minn Gen El 68, 1917_J&D
Now Eng Nay 6$, 1917_M-N
NYC&HItiv55, Sept 15 1915
55, Oct 1 1915
A-0
NY N II dr II 5s. May 1 1916
Pub Ser Corp N J 5s,'16 M-S
Schwarz dr Sulzb 6s,'16.J-D
Senhoard A L 55, 1916_ _M-9
Couthern fly 5s, 1916 F-A
55, Mar 2 1917
M-22
Sulz&SonsCo 6s,J'nel'16m-S
UnTypew 5s,Jan15'16 J-J15
United Frult6s,Mayl'17M-N
Cold notes 58 1918 M-N
Utah Co 69, 1917
A-0
UtahSecurCorp 6s,'22M-S15
10018 10038
100 10012
9931 10012
10058 10073
10034 101
10014 10012
Bid.
*90
*46
316
107
61
80
29
62
52
55
10
72
Ask.
k.
92
4812
320
10912
62
81
33
65
54
57
1012
74
90 9113
98 100
80
39
68 70
28 30
82 84
45 47
84 85
72 74
90 92
*512 612
28
20
60
21
16
99% 9958
98,
8 9958
90
,
4 9112
95 9612
1512
10018 10038
58
9712 99
10078
100%
9914 9912
71
9834 9914
80
.1,33
100 10014
34
101 10114
50
993s 9934
00 165 175
1003s 1003s American Brass
100 145 155
10088 10078 American Chicle corn____100 148 152
Preferred
100 91 93
100 101
70 75
9518 9512 Am Graphophone com__10
Preferred
100 85 90
10012 10034 American hardware....100 128 130
10058 10078 Amer Malting 65 1914
10014 10012
39
0
012 19
26
0 19
J-6D
Ext to 1917
100 10014 American Surety
99 9912 Am
perrefT
ee
dfounders corn.100 37 40
eryrp
9912 100
9934 100
Amer Writing Paper.
4 99
55
1
,
9734 9812 Bibs(E W) Co corn
50 335
45corn
99 9912
50 135 45
9512 9712 Bond & Mtge Guar
100 275 85
10012 10114 Bop
rirleefn
'
ersre
Cdond Milk com_100 10912 1012
9834
.7
100
638 0712
5 10
9912
98
Braden Copper Mines
80 82 Burns Bros, corn
100 63 65
Preferred
America:10
100 100 103
Casualty Co of
New York City NotesCelluloid Co
MO 138 113City Investing Co
100 15
20
410078
100,
65, Sept 1 1915
Preferreu
100 70 80
1021110212 Consol Car Heating
68, Sent 1 1916
100 60 6312
101 10414 Di.vis-Daly Copper Co__ -10
es, Sept 1 1917
.
18 11/3
du Pont (E I) de Nemours
drerre
rewfe
Po
100 405 410
Per CI. Basis
RR. Equipments100 9212 95 •
Bid. Ask. Electric Boat
100 81 83
4.60 4.50
Preferred
Baltimore & Ohio 430
100 98 101
Buff Roch dr Pittsburgh 450 4.55 4.40 Em
rantinghana .._100 14
18
Preferred
4.55 4.40
Equipment 49
100 48 51
5.25 4.90 Goldfield Consol Mines__10 4.14, 1f
Caro Clinchf dr Ohio 5s
5.00 4.75 Havana Tobacco Co____100
Central of Georgia 55
1
3
Preferred
5.00 4.75
Equipment 455s
100
5
8
6
Chicago dr Alton 4s
1st g 58 June 1 1922__J-D f 50 58
Intereontinenel Rub corn 100
6
Chicago & Eastern Illinois 50
7
8
Internal Banking Co_ ___ 100
6
Equipment 434s
0 9958 10578
5.10 4.75 Inter Mere Marino
Chic Ind & Louisv
Preferred
4.80 4.60
Chic St L & N 0 5s
100
412 5
4.55 4.35 International Nickel____100 140 141
Chicago & NW 41-is
6.00
Preferred
Chicago It I & Pae 430._
100 104 106
5.00 4.75 International Salt
Colorado & Southern 55_
100 24 25
let g 58 1951
5.00 4.80
Erie 55
• A-0 /63 65
5.00 4.80 International Silver preflOD
Equipment 450
O 1065
0
10
10
8
1st 64 1948
5.00 4.80
Equipment 41
6s.
4.90 4.70 KellyDebs6
r 19
831
Hocking Valley 4s
J-J 971210012
3
1eld Tire-100 130 137
4.90 4.70
Equip 5s
1st preferred
4.65 4.50
Illinois Central 59
100 83 85
2d preferred
4.65 4.50
4348
100 126 133
Laen
rr
stLa
onkemkolnio
ntinyg
pc
Kanawha de Michigan 4555.. 5.00 4.75 K
5 *418 4,
4
Louisville & Nashville 58._. 4.55 4.35
100 60 65
Minn St P&SS M 434s.. 4.80 4.60 La Rose Como'Mines
*12
5
5s
MissouriKansas dr Texas 55. 6.25 5.25 Lawyers' Mtge Co
100 183 187
6.50 5.50 Lehigh Val Coal Sates. 50 155 165
MissouriPacific 55
*34
5.20 4.90 Manhattan Transit...._.20
Mobile & Ohio 55
78
5.20 4.90 Marconi Wireless of Am__ _5 *Vs 212
Equipment 4355
4.95 4.75 Mortgage Bond Co
New York Central Lines 58_
100 112 117
4.90
National
5.10
Equipment
100 167 172
Surety
4.90 4.60 N Y Mtge & Security_ -100 ---- 135
N Y Ontario & West 434i
100 40 50
Norfolk& Western 454s.. 4.60 4.40 N Y Title Ins Co
Nipissing
4.40
Mines
4.60
Equipment4s
5 :184
10
Pennsylvania RR 450_2 4.40 4.20 Ohio Copper Co
/efs
4.40 4.20 Otis Elevator corn
Equipment 4s
Preferred
Pere Marnuette 58
Brewing
Pit
Equipment 434s
Preferred
15
580
St Louis Iron Mt & Sou 55.. 5.25 ZOO
0
8 :
*96
:814
2 97
16
9
011
100
6 Producers
St Louis de San Francisco 8.
5.10 4.90 Realty Assoc (P.klyn)...-10 100 Seaboard Air Line 5s
15,1
5.10 4.90 Remington TypewriterEquipment 454
Common
100
4.60 4.50
Southern Pacific Co
912
4.90 4.60
Southern Railway 434s
100 50 55
preferred
rifej
eforeg
rr Icl
111ksd
2
1 etrie
Toledo & Ohio Central
100 30 36
Corp for stk) .634 Vs
Royal Bak Powd com......100 150 160
Railroads100 10112103
PreferredCar Heat & Lt__.101 106 108
Interboro Cons corn w I
23 2112 Safety
72 75
Preferred w 1
10 240 245
SSituagnedraMrd1gCCou
Coupler
corn.
West Pac let 55. 1933.._M-S 12912 3012
25 35
100 100 --Sterling
G
eGum
(
eaf wr
Street Railwaysa
urner Speedo'r 100
Par Bid. Ask.
5 611
'
2 65
254
81
Preferred
Com'w'Ith Pow fly & L__100 50 53
10 103 105
Preferred
100 80 83 Sulzbergerb erger de Sons pref__ 100 90 92
18 Texas & Pacilic Coal__ _100 175 200
Federal Light & Traction 100 15
Preferred
100 5812 63 Tonopah Extension
*318 Vs
United Profit Sharing
Republic fly & Light....100
.314 3
18
Preferred
65 U 8 Casualty
100
10 190 210
7 U S Envelope corn
Tennessee Ry L & P corn_100
5
100 130 140
Preferred
Preferred
100 28 32
100 102 105
S Finishing
United Lt & Rye corn...100 43 46
10
5 10
Preferred
1st preferred
100 67 70
10
25 35
let
g
58
2d preferred
1919
100 67 70
Con g 59 1929
Wash By & El Co
100 92 95
j
J-.1 9
60
8 74
Preferred
100 8414 8512 U S Tit GU & Indem____100 30 50
4s, 1951
J-I) 817s 8218 Westchester & Bronx Title
dr Mtge Guar
West Penn Tr & Wat Pow 100
8 15
1
185 180
Preferred
Worthington (H Et) Com100 20 30
pany pre
100 70 75
Yukon Gold
5 *212 234
•Per share.
a And accrued dividend. 0 Buis. 'Flat price. is Nominal,
s Sale price.
Ex-dlvidend.
Ex-rights.
1905
THE CHRONICLE
JUNE 5 1915.]
'investment anti Sailitaati intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
*an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
3
Ala N 0& Tex Pac298,176 320,986 2,982,683 3,401,705
N 0 & Nor East_ April
118,184 141,951 1.270,359 1,578,856
Ala & Vicksburg.. April
114,760 157,129 1,174,952 1,566,088
Vicks Shrev & P_ April
42,917
40,572 2,062,454 2,054,753
3d wk May
Ann Arbor
Atch Top & San Fe.. April
9,635,319 9,279,413 98,111,697 92,958,615
Atlanta Birm & Atl March
245,089 304,538 2,030,920 2.697,878
Atlanta & West Pt_ April
103,646 101,492
999,586 1,100,018
Atlantic Coast Line April
2,977,165 3,267,613 26,612,265 30,925,944
Charlest & W Car April
172,033 185,733 1,513,083 1,810,244
Lou Hend & St L April
109,394 112,511 1,169,522 1,147,153
gBaltimore & Ohio_ April
7,430,050 7,877,123 74,876,636 83.471.368
B &0 Ch Ter RR April
114,166 110,821 1,293,512 1,385,585
Bangor & Aroostook April
325,864 407,116 3,139,239 3,182,378
Bessemer & L Erie_ April
482,155 443,135 6,460,367 6,701,512
990,082
Birmingham South_ April
679,766
88,246
50,597
Boston & Maine.._ _ April
3,815,971 3,923,069 38,762,507 40,096,249
Buff Roch & Pittsb_ 4th wkMay 285,011 265,707 8,664,439 9,975,492
Buffalo & Susq RR.. April
53,380 1,220.705 1,425;246
113,665
Canadian Northern 4thwk May 379,200 441,700 16,024,300 21,045,300
Canadian Pacific 3d wk May 1,575,000 2,199,000 88,572,821 116226012
Central of Georgia_ April
1,012,351 1,057,570 10,423,225 12,399,635
2,793,185 2,635,975 26,393,664 27,583,869
Cent of New Jersey April
431,869 365,039 3,291,865 3,151,492
Cent New England.. April
317,731 329,901 3,177,082 3,374,916
Central Vermont April
Ches & Ohio Lines.. 3d wk May 787,090 690,247 34,512,176 33,169,762
Chicago & Alton_ _ _ 3d wk May 270,874 240,506 12,670,226 12,849,992
6,689,143 6,693,138 76,907,228 79,450,464
Chic Burl & Quincy April
1.168,884 1,450,078 11.065,189 12,496.260
jChicago & East Ill_ March
p Chic Great West_ 3d wk May 267,324 258,226 12,452,557 12,880,385
Chic Ind & Louisv_ 4th wkMay 181,013 189,224 6,011,602 6,372,391
6,877,038 7,236,599 76,380,309 78,647,398
Chic Milw & St P..1 April
Chic Mil& Pug S f
6,035,695 6,479,671 69,936,288 73,249,024
nChic & North West April
121,407 127,485
Chic Peoria & St L. April
1,322,875 1,390,758 15,420,564 15,703,751
rChic St P M & Om April
161,253
96,945 1,874,069 1,846,141
Chic Terre H & S E April
739,773 796,175 7,935,652 8,336,722
Cin Ham & Dayton April
101,710 121,496 1,483,726 1,499,962
Colorado Midland. April
b Colorado & South 4th wkMay 288,862 299,347 13,018,985 12,236,629
153,976
April
Cornwall
108,318
10,155
14,384
Cornwall& Lebanon April
245,714
260,677
23,550
28,396
Cuba Railroad.._ _ _ April
545,701 544,872 4,208,266 4,270,486
Delaware & Hudson April
2,056,513 2,043,486 18,908,217 19,346,647
Del Lack & Western April
3,757,256 3,593,605 35,492,528 35,860,483
Deny & Rio Grand.. 4th wkMay 555,900 585,700 19,952,273 21,766,865
Western Pacific_ _ March
415,850 446,934 4,149,903 4,818,917
Denver & Salt Lake 2d wk May
37,100 1,430,375 1,020,744
38,400
Detroit Tol & Iront March
117,519 133.824 1,396,658 1,144,778
Detroit & Mackinac 3d wk May
062,508 1,081,507
22,157
19,950
Det & Tol Shore L.. April
115,450 103,495 1,241,572 1,349,796
Dul & Iron Range.... April
247,166 132,905 3,276,411 5,289,693
Duluth So Sh & Atl 3d wk May
57,313
57,293 2,571,599 3,113,883
Elgin Joliet & East_ April
751,150 848,157 6,899,889 9,692,104
El Paso & Sou West April
661,468 797,841 6,343,266 7,486,624
Erie
5,012,208 4,862,381 50,211,404 50,815,649
April
561,029 557,540 4,456,226 4,500,072
Florida East Coast.. April
808,762
721,535
73,041
78,374
Fonda Johns & Glov April
225,709 258,422 2,408,271 2,859,711
Georgia Railroad_ _ April
53,970
99,749 4,347,233 6,108,033
Grand Trunk Pac_ _ 2d wk May
Grand Trunk Syst_ 3d wk May 938,386 963,587 43,991,626 48,417,217
Grand Trunk Ry_ 4th wkMay 756,361 783,608 35,475,031 39,969,787.
Grand Trk West.. 4th wkMay 133,294 132,193 6,410,876 6,382,236
Det Gr H & Milw 4th wkMay
48,709
47,760 2,281,607 2,235,658
Great North System April
4,449,056 5,279,739 57,137,947 64,763,211
Gulf & Ship Island_ April
145,516 156,945 1,366,981 1,702,710
Hocking
April
442,497 394,904 5,149,495 6,102,192
Illinois Central_ _
April
4,655,279 4,825,332 52,391,378 55,870,030
Internat & Grt Nor April
610,757 701,556 7,718,576 8,619,472
Kanawha & Mich.... April
223,256 274,864 2,410,790 2,701,753
Kansas City South_ April
786.066 933,215 8,411,796 9,103,663
Lehigh & New Eng.. March _ _ _ 183,842 217,677 1,844,008 1,484,624
Lehigh Valley
April
3,782,270 3,522,806 35,045,84434,599,318
Louisiana & Arkan_ March _ _ _ 153,078 151,269 1,291,415 1,314,437
Louisiana Ry & Nay March _
1,495,001
188.592
50.120 1,510,
sLouisville & Nashv 3d wk May 963,260 1,039,400 46,012,431 54,016,603
Macon & Birm'ham April
8,746
115,176 • 135,878
11,777
April
Maine Central
858,788 921,853 9,435,420 9,850,728
Maryland & Penna.. March
44,642
795,335
390,424
40,578
94,854 120,388 1,180,535 1,383,350
Midland Valley__ _ _ April
May
wk
Range.._
_
_
18,375
3d
411,980
15.143
Mineral
738,521
Minn & St Louis.._1 4th wkMay 188,938 182,733 9,283,308 8,833,950
Iowa Central...._ f
MinnStP&SSM_ 3d wk May 458,811 478,350 25,015,176 26.404,937
65,137
79,903
863,126
715,561
Mississippi Central- April
u Mo Kan & Texas_ 3d wk May 516,930 500,720 29,712,557 28,871,261
x Missouri Pacific 4th wkMay 1,415,000 1,500,000 53,651,000 55,281,690
928,931 1,062,579 9,213.583 10,791,491
Nashv Chatt & St L April
7,173
328,898
330,583
5,767
Nevada-Cal-Oregon 3d wk May
New On Great Nor_ April
134,745 149,745 1,323,693 1,575.884
e New York Central April
13002429 12264 178 126821 654 133979345
Boston & Albany April
1,423,929 1,382,889 13,559,532 14,394,724
n Lake Erie & W.. April
463,910 440,631 4,734,628 4,814,260
Michigan Central April
2,863,499 2,889,840 27,827,717 29,377,031
Clev 0 C & St 11
Peoria
eo
& East April
2,786,677 2,649,470 29,885,153 30,698,841
Cincinnati Nort April
122,525 104,835 1,290,214 1,240,800
Pitts & Lake Erie April
1,190,908 1,315,549 11,724,705 14,954,665
N Y Chic & St L.. April
950,894 896,899 9,432,496 10,023,407
Tol & Ohio Cent_ April
340,000 325,691 4,189,304 4,856,807
Tot all lines above April
23144771 22269982 229465401 244339876
P
•
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
JU1Y 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
152,775 171,850 1,500,146 1,864,035
N 0 Mobile & Chic April
5,536,894 5,575,981 53,296,468 55,969,520
NYNH& Hartf_ April
April
749,971 730,246 7.498,869 7,643,114
N Y Ont & West
368,511 330,701 3,245,307 3,278,451
N Y Susq & West April
344,087 398,557 3,254,117 3,549.739
Norfolk Southern_ April
3,759,184 3,573,005 34,598,138 37,133,091
Norfolk & Western April
4,682,890 5,267,180 53,185.818 59,432,486
Northern Pacific.. April
258,405 280,380 2,919,247 3,053,080
Northwestern Pac_ April
514,725 468,723 4,780,257 5,501,134
Pacific Coast Co_ __ March.._
15267949 15733023 151710560 165655660
zPennsylvania RR April
88,334 1,031,750 1,034,833
85,249
Bait Ches & Atl_ April
246,374 294,938 2,420.846 2,912,207
Cumberland Vail. April
1,013,241 998,378 10,795,291 10,495,378
April
Long Island
803,434
788,500
70,297
67,039
Maryl'd Del & Va April
299,684 313,610 3,042,866 3,113,154
N Y Phila & Norf April
1,743,884 1,695,101 16,689,707 17,073.874
Phil Bait & Wash April
487,300 502,842 5,406,898 5,417,060
W Jersey & Seash April
4,226,248 4,253,051 43,612,425 51,650,211
April
Pennsylvania Co._
424,270 443,473 4,479,586 4,684,403
Grand Rap & Ind April
3,162,308 3,074,940 31,901.126 35,745,762
Pitts C C & St L.. April
April
864,110 751,981 9,258,413 9,618,267
Vandalia
Total linesEast Pitts & Erie April
19463913 19952745 195883607 212008440
West Pitts & Erie April
8,809,832 8,661,738 90,473,294 103048844
All East & West_ April
28273745 28614483 286356903 315057 288
Pere Marquette.._ - April
1,550,850 1,436,096 15,126,304 14,346,909
Reading CoPhila & Reading.. April
4,272,567 4,251,267 39,323,059 42,360,814
Coal & Iron Co April
3,606,944 4,311,737 25,826,883 27,786,512
Total both cos_ _ _ April
7,882,511 8,563,004 65,152,942 70,147.326
Rich Fred & Potom April
274,124 277,846 2,339,490 2,391,690
Rio Grande Junc_ _ _ March _ _ _
69,638
791,816
795,881
63.724
Rio Grande South 3d wk May
492,851
11,539
587,061
12,603
Rock Island Lines_ _ March _ 5,509,180 5,670,217 54.830,476 52.524.672
April
Rutland
291,281 291,010 2,869,759 3,099,508
St Jos & Grand Isl.. April
119,806 117,405 1,270,931 1,363,305
St L Brownsv & M April
208,134 267,662 1,906,130 2,259,501
St L Iron Mt & Sou April
2,338,246 2,483,002 25,357,03528,120,504
St L Rocky Mt & P April
169,013 201,203 2,332,515 2.066,629
St Louis & San Fran March _ 3,538.777 3,669,655 32,750.843 34,921,249
4,
,80 .639 11,930,277
St Louis Southwest.. 4th wkMay 257,000
863,979 984,593 7,722,496 8,904,145
San Pad L A & S L.. April
1,971,192 2,244,779 17,889,410 21,417,964
Seaboard Air Line_ April
10164036 10960575 107309779 115992328
Southern Pacific.. April
Southern Railway.... 3d wk May 1,060,685 1,256,288 55,827,980 63,827,410
Mobile & Ohio...... 3d wk May 227,647 241,940 9,775,297 11,560,603
CinNO &TexP_ 3d wk May 185,178 208,451 8,402,007 9,759,652
94,034 4,225,137 4,857.870
Ala Great South.. 3d wk May
84,944
47,096 2.002,179 2,334,868
37,408
Georgia Sou & Fla 3d wk May
293,303 390,043 3,716,359 4,169,549
Spok Port & Seattle April
62,212
83,885
1,713
1,159
Tenn Ala & Georgia 3d wk May
Tennessee Central_ April
126,903 138,782 1,238,334 1.426,608
Texas & Pacific_ _ _ _ 3d wk May 298,080 323,019 16.214,686 17,073,783
67,974
71,667
7,349
8,512
Tidewater & West. April
21,277 1,051,835 1,152,373
Toledo Peor & West 3d wk May
16,903
94.649 4,110,830 4,105,368
Toledo St L & West 3d wk May
92,651
828,579 1.921.249
Trinity & Brazos V a March
64,442 138,868
Union Pacific Syst_ April
6,294,001 6,798,348 73,046,826 77.986,611
Virginia & Sou West April
141,756 162,319 1,527,742 1,627,826
March _
486,392 514,846 4,491,478 5,051,565
Virginian
April
2,342,794 2,268,856 24,397.826 25.526,285
Wabash
Western Maryland.. 4th wkMay 259,932 207,584 7,808,242 7,556,588
414,802 409,351 4,343,868 6,654,342
Wheel & Lake Erie.. April
242.668
315.951
24,143
Wrightsville & Tenn April
22,602
Yazoo & Miss Vail.. April
951,116 851,123 9,973,213 10,837,871
Period.
Various Fiscal Years.
Buffalo & Susquehanna RR.._ _ _ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central e
Jan
Boston & Albany
Jan
Jan
Lake Erie & Western n
Jan
Michigan Central
Cleve eine Chic & St Louis Jan
Cincinnati Northern
Jan
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
N Y Susquehanna & Western__ Jan
Jan
sPennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan
Jan
Cumberland Valley
Jan
Long Island
Maryland Delaw & Virginia_ _ Jan
N Y Philadelphia & Norfolk.. Jan
Phila Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Grand Rapids & Indiana_ __ _ Jan
Pitts Chic Chic & St Louis Jan
Jan
Vandalia
Total lines-East Pitts & Erie Jan
-WestPitts & Erie Jan
-All Lines E & W.. Jan
Dec
Rio Grande Junction
Jan
Rutland
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
iparr
30
450,332
498,667
30 6,987,573 6,875,023
30 18,994,695 18,266,690
30 48,312,161 47,536,064
30 5,126,539 5,121,762
30 1,817,120 1,755,874
30 10,625,039 10.708,261
30 11,103,308 10,877,109
419,122
30
456,342
30 4,122,917 5,280,881
30 3,700,427 3,776,941
30 1,314,629 1,560,824
30 86,578,482 87,036,838
30 1,339,278 1.298,721
30 56,198,359 60,474,165
30
286,847
286,242
30
902,254 1,095,207
30 3,530,208 3,425,166
30
231,590
233,199
30 1,092,657 1.093,391
30 6,151,071 6,235,812
30 1,650,629 1,563,612
30 15,175,716 16,513,843
30 1,630,370 1,670,229
30 11,928,707 12.662,407
30 3,442,526 3.493,740
30 70,994,092 75,323.582
30 32,654,619 34.861,852
30 103648711 110185435
250,298
268,211
31
Apr 30 1,023,714 1.051,654
t
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
•Weckly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
'Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage. Cur. Yr. Prey. Yr. $$
$
3
July..
235.407 231.639 252,231,248 261,883,011 -9,571.763 3.67
2d week Mar (35 roads).._.. 10,730,658 12,306,444 --1,575.786 12.80
August
240,831 237.159 269.593.446 280.919,858 -11.326.412 4.03
3d week Mar (36 roads)........ 10.682,708 12,351,434 --1,668.726 13.51
September_ _242.386 238,698 272,992,901 285,850.745 -12,857.844 4.50
---826,445 4.13
4th week Mar (36 roads)...__ 16.453,891 17,280,336
October_ _ - _244.917 241.093 269,325.262 298.066.118 -28.740.856 9.64
---989,580 8.31
1st week April 5 roads)---- 10.926,188 11,915,768
36 roads). _ 10,677,695 11,787,026 --1.109,331 9.42
November _246.497 242,849 240,235.841 272.882.181 -32,646.340 11.96
2d week Aprilr_
---914,998 7.89
December -.246,807 243.242 232,598.369 258.285,270-25.688.901 9.94
3d week April 35 roads)____ 10,686,520 11,601,518
January
248.959 243.559 220.282.196 236.880.747-16,598.551 7.01
14,381,573 15,509,468 --1,127,895 7.27
4th week April (37 roads)
246,186 42.8372 10.860.6812 12.163.967 .-1.303,286 0.61
February
1st week May (30 roads)_ __ _ 10,147,680 11,241,061 --1,093.381 10.70
---973.438 9.02
March
246.848 243,598 238,157,881 253,352,099 -15.194,218 5.99
2d week May (36 roads)___ _ 10,821,709 11,795,147
April
89.285 88,425 60.352.163 65,744.987 -5.392.824 8.05
---991,631 8.46
3d week May (36 roads)____ 10.737,012 11,728,643
b Does not include earnings of Colorado Springs & ()ripple Creek District Ry. e Includes the Lake Shore & Mich. So.. the Chicago Ind. & So..
the Dunkirk Adegheny Valley & Pitts., the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville,& Indiana RR. g Includes Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Ohio RE. p Includes earnings of Mason
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas
Central and the Wichita Falls Lines. v Includes not only operating revenues, but also all other receipts. x Includes St. Louis Iron Mountain ac
Southern. s Includes the Northern Central beginning July 1 1914. • We no longer Include the Mexican roads in any of our totals.
190.;
THE CHRONICLE
Latest Gross Earnings by Weeks.-For the third week
of May our final statement covers 36 roads and shows 8.46%
decrease in the aggregate under the same week last year.
Third week of May.
1915.
1914.
Increase. Decrease.
$
Previously reported (29 roads)_ 10,098.962 11.121,818
Ann Arbor
42,917
40,572
Chicago & Alton
270.874
240,506
Chicago Great Western
267,324
258,226
Georgia Southern & Florida____
47,096
37,408
Nevada-California-Oregon
7,173
5,767
Rio Grande Southern
12.603
11,539
Tennessee Ala & Georgia
1,157
1,713
178,826 1,201,682
2,345
30,368
9,098
9,688
1,406
1,064
556
Total(36 roads)
Net decrease (8.46%)
221,701 1,913,332
991,631
10,737,012 11,728,643
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
EV0L. 100.
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Roads.
Year.
Year.
Year.
Year.
Pennsylvania RR (Con.)$
$
$
$
N Y Phila & Norf_a__Apr 299,684
313,610
33,868
57,125
Jan 1 to .Apr 30
1,092,657 1,093,391
101,038
96,557
Phila Bait & Wash_a_Apr 1,743,884 1,695,101
335,072
337,920
Jan 1 to Apr 30
6,151,071 6,235,812
610,762
556,100
West Jersey & Seash_a.Apr 487,300
502,842
34,403
95,971
Jan 1 to Apr 30
1,650,629 1,563,612 def128,748 def152,047
Pennsylvania Co_a___Apr 4,226,248 4,253,051
521,742
729,413
Jan 1 to Apr 30
15,175,716 16,513,843 1,731,681 1,703,304
Grand Rap & Ind_a__Apr 424,270
50,552
70,826
443,473
Jan 1 to Apr 30
1,630,370 1,670,229
100,791
181,451
Pitts Cin Ch & St L_a_Apr 3,162,308 3,074,940
571,103
348,306
Jan 1 to Apr 30
11,928,707 12,662,407 1,846,056 1,705,744
Apr 864,110
Vandalla_a
def1,536
751,981
121,561
Jan 1 to Apr 30
3,442,526 3,493,740
367,888
462,545
Total East Pitts & E.a.Apr19,463,913 19,952,745 4,148,896 4,239,236
Jan 1 to Apr 30
70,994,092 75,323,582 9,252,915 9,296,263
Tot West Pitts&Erie.a.Apr 8,809,832 8,661,738 1,512,318
942,445
Jan 1 to Apr 30
32,654,619 34,861,852 4,273,926 3,948,011
Total East & West_a__Apr28,273,745 28,614,483 5,661,214 5,181,681
Jan 1 to Apr 30
103,648,711 110185,435 13,526,841 13,244,275
Reading CompanyPhila & Reading_b___Apr 4,272,567 4,251,267 1,425,778 1,245,696
July 1 to Apr 30
39,323,059 42,360.814 12,039,817 13,115,713
Coal & Iron Co_b____Apr 3.606,944 4,311,737
109,519
223,208
25,826,883 27,786,512
July 1. to Apr 30
547,271
682,290
Apr 7,882,511 8,563,004 1,535,297 1,468,904
Total both cos_b
65,152,942 70,147,326 12,587,088 13,798,003
July 1 to Apr 30
Reading Company_b_Apr
555,480
550,098
July 1 to Apr 30
5,563,110 5,506,020
Total all companies_ b _Apr
2,090,777 2,019,002
July 1 to Apr 30
18,150,198 19,304,023
277,846
Richm Fredsb & Pot_b__Apr 274,124
109,597
109,475
2,339,490 2,391,690
798,803
July 1 to Apr 30
832,334
291,010
95,634
Rutland_b
Apr 291,281
71.127
246,477
Jan 1 to Apr 30
1,023,714 1,051,654
151.780
552,751
St Louis Iron Mt & So_a_Apr 2,338,246 2,483,002
717,680
July 1 to Apr 30
25,357,035 28,120,504 6,628,611 9,085,525
172,949
St Louis Southwestn_a__Apr 788,135
902,562
33,615
July 1 to Apr 30
9,043,639 11,054,277 1,384,380 2,215,943
Southern RailwayGeorgia So & Fla_bApr 173,251
23,727
35,250
195,484
July 1 to Apr 30
397,257
306,441
1,889,535 2,104,370
Tidewater & Western_b_Apr
def134
8,512
7,349
1,559
July 1 to Apr 30
67.974
5.205
126
71.667
Tol St L & Westn_a____Apr 367,446
339,559
c59,616
c21,384
July 1 to Apr 30
3,847,718 3,844,204 c766,822 c1.006,346
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Atlantic Coast Line_ a _ _ _Apr 2,977,165 3,267,613
955,002
810,294
July 1 to Apr 30
26,612,265 30,925,944 6,065,454 7,954,701
Bangor & Aroostook_ ___Apr 325,864
407,116
141,418
189,470
July 1 to Apr 30
3,139.239 3,182,378 1,148,745 1,136,689
Canadian Pacific_a
Apr 7,455,859 9,720,461 2,687,755 3,344,865
July 1 to Apr 30
84,091,680 109964,473 28,453,594 36,127,293
Central of Georgia_b___Apr 1,012,351 1,057,570
306,036
176,980
•
July 1 to Apr 30
10,423,225 12,399,635 2,823,630 3,332,109
Central of New Jersey_b.Apr 2,793,185 2,635,975 1,212,675
996,234
July 1 to Apr 30
26,393,664 27,583,869 10,762,909 11,351,044
Chicago & Alton_a
Apr 1,063,634 1,015,978
s37,836
341,292
July 1 to Apr 30
11,894,768 12,111,657 32,044,303 31,289,992
Chic Burl & Quincy_b_ _Apr 6,689,143 6,693,138 1,396,351 1,038,516
July 1 to Apr 30
76,907,228 79,450,464 26,858,916 27,085,268
Chic Ind & Louisville_b_Apr 559,689
539,358
189,663
102,189
July 1 to Apr 30
5,434,023 5,797,009 1,534,745 1,456,126
Chic Milw & St Paul_ b_ _Apr 6,877,038 7,236,599 1,941,475 2,138,917
July 1 to Apr 30
76,380,309 78,647,398 24,188,807 25,944,167
Chic St P Minn & 0_a__Apr 1,322,875 1,390,758
382,483310,126
July 1 to Apr 30
15,420,564 15,703,751 4,377,245 4,307,792
Cin Ham & Dayton_ b__Apr 739,773
796,175
22,734
41,455
July 1 to Apr 30
7,935,652 8,336,722
966,871
785,560
Delaware & Hudson_b__Apr 2,056,513 2,043,486
900,845
749,630
Jan 1 to Apr 30
6,987,573 6,875,023 2,220,749 1,741,803
INDUSTRIAL COMPANIES.
Delaware Lackawanna & Western-b
Jan 1 to Mar 31
9,070,886 8,846,538 2,794,326 2,344,555
-Gross Earnings--Net Earnings-July 1 to Mar 31
30,013,794 30,358,940 10,914,076 10,830,272
Current
Previous
Current
Previous
Denver & Rio Grande_a_Apr 1,623,645 1,678,695
514,080
Year.
362,043
Companies.
Year.
Year.
Year.
July 1 to Apr 30
18,223,273 19,989,465 5,271,522 5,131,163
$
Duluth So Sh & Atl_ b_ _ _Apr 219,088
273,698
94,853
35,630
59,088 Adiron El Pow Corp_a__Apr
98,471
37,774
33,071
July 1 to Apr 30
2,393,248 2,936,506
438,542
408,883
625,846
429,155
Jan 1 to Apr 30
183,436
159,966
El Paso & Southwest'n.b.Apr 661,468
797,841
260,066
369,581 *American Pow & Lt_a_Apr 562,625
526,647
252,876
245,433
July 1 to Apr 30
6,343,266 7,486,624 2,460,656 2,779,191
6.799,494 6,134,196 3,221,493 2,842,073
May 1 to Apr 30
Erie_a
Apr 5,012,208 4,862,381
951,055 1,330,660 Atlantic Gulf & West Indies SS LinesJan 1 to Apr 30
18,994,695 18,266,690 3,686,506 2,906,480
Mar 1,810,784 1,572,677
Subsidiary cos
556,776
191,077
4,775,968 4,656,609 1,159,750
Great Northern_ b
Jan 1 to Mar 31
Apr 4,449,056 5,279,739
560,145
953,944
996,477
Apr
30
July 1 to
57,137,947 64,763.211 26,636,722 25,654,004 Huntington Day & Gas.a.Apr
21,042
8,203
12,574
5,136
80,038
32,476
50,581
Hocking Valley-b
Jan 1 to Apr 30
17,929
Apr 442,497
394,904
139,961
110,880
July 1 to Apr 30
5,149,495 6.102.192 1,618,215 1,916,224
a Net earnings here given are after deducting taxes.
Internat & Great Nor_b_Apr 610,757
701,556
35,568
63,606
b Net earnings here given are before deducting taxes.
July 1 to Apr 30
7,718,576 8,619,472 1,072,294 1,793,110
c After allowing for miscellaneous charges and credits to income for the
Louisville & Nashv_b___Apr 4,136,668 4,670,167
936,569 1,007,262 month of Apr 1915, total net earnings were def .$15,252, against $17,038
July 1 to Apr 30
43,267,064 50,909,738 10,146,070 13,058,092 last year; and for the period from July 1 to Apr 30 were $505,715 this
$1,019,996.
Maine Central-b
Apr 858,788
921,853
251.425
244,649 year, against
h After allowing for other income for the month of April 1915, total net
July 1 to Apr 30
9,435,420 9,850,728 2,657,515 2,575,559
earnings were $132,046, against $58,619 last year, and for period from
Mineral Range_b
Apr
74,555
56,216
24,073
17,833 July 1 to April 30 were $1,915,093 this year, against $1,706.970.
July 1 to Apr 30
677,762
368,037
191,590
34,196
s After allowing for miscellaneous charges to income for the month of
Minneap & St Louis_a__Apr 751,905
723,779 .h189,349 h106,495 April 1915, total net earnings were def.$2,312, against def.$374 last year
July 1 to Apr 30
8,576,773 8,132,309 h2,273,012 h2,006,063 and for period from July 1 to April 30 wore $1,440,098 this year, against
last year.
Minneap St P & S S M_a.Apr 1,225,563 1,344,647
283,214
322,908 $690,500
* Incl. Kansas Gas & Elec. Co., Portland Gas & Coke Co., Pacific Power
July 1 to Apr 30
15,314,962 16,015,400 5,080,185 4,795,216
&
Lt.
Co.
and Southwestern Power & Lt. Co.'s subsidiaries.
Chicago Divislon_a-__Apr 787,071
840,918
177,657
233,083
July 1 to Apr 30
8,341,066 8,971,359 2,180,315 2,508,936
Interest Charges and Surplus.
Mississippi Central_b___Apr
65,137
79,903
24,888
31,110
July 1 to Apr 30
715,561
863,126
289,267
343,59
-Int., Rentals, &c.- -Bal. of Net Earns.Missouri Kans & Tex_b_Apr 2,598,981 2,264,473
Current
Previous
692,125
628,583
Current
Previous
July 1 to Apr 30
28,232,058 27,362,294 8,863,816 7,379,850
Year.
Year.
Year.
Year.
Roads.
Missouri Pacifica
Apr 4,467,223 4,468,324
886,714
980,052
July 1 to Apr 30
49,119,874 50,640,544 11,183,897 12,093,728 Bangor & Aroostook__ Apr 116,657
111,766
x37,893
x84,855
1,139,985 1,127,993 x173,369 x156,114
Nashville Chatt & St L.b.Apr 928,931 1,062,579
July 1 to Apr 30
138,990
226,098
July 1 to Apr 30
9,213,583 10,791,491 1,493.451 2,214,665 Central of Now Jersey_ _ _Apr 709,774
712,476
502,901
283,758
6,783.085
7,219,230 3,979,824 4,131,814
Nevada-Cal-Oregon_b __Apr
July 1 to Apr 30
27,612
30,246 def7,572
7,008
July 1 to Apr 80
311,567
235,471
306,303
16,012
Apr 233,142
149,341
59,894 Chic St P Minn &0
74,655
2.410,793 2,304,096 1,966,452 2,003,696
New York Central_b_Apr13,002,429 12,264,178 4,427,023 2,744,918
July 1 to Apr 30
Jan 1 to Apr 30
48,312,161 47,536,064 12,761,872 8,868,577 Delaware Lack & Western2,383,271
2,342,030 z1,025,975 x904,532
Boston & Albany_b___Apr 1,423,929 1,382,889
Jan 1 to Mar 31
441,956
358,776
7,128,168 7,840,041 x8,116,522 x6,524,328
Jan 1 to Apr 30
July 1 to Mar 31
5,126,539 5,121,762 1,325,023
845,691
580,755
545,232
Grande___Apr
Lake Erie & Westn_b_Apr 463,910
x1,141 zdef95,225
Denver
&
Rio
440,631
92,567
66,865
5,851,625 5,692,806 z983,776 2833,809
Jan 1 to Apr 30
1,817,120 1,755,874
July 1 to Apr 30
382,825
251,211
92,833
96,964
Apr
Michigan Central_ b__Apr 2,863,499 2,880,840
zdef54,395 zdef36,106
781,941
765,162 Duluth So Sh & Atl
938,622 1,023,758zdef467,355zdef382,252
Jan 1 to Apr 30
July 1 to Apr 30
10,625,039 10,708,261 2,148,127 1,970,962
118,905 zdef26,018
Cleve Cin Ch & St L.b.Apr 2,786,677 2,649,470
' Apr 115,776
x4,123
709,714
99,611 Hocking Valley
1,189.954 1,238,879 z396,691 x877,603
Jan 1 to Apr 30
July 1 to Apr 30
11,103,308 10,877,109 2,267,382
256,735
12,354
12,976
Apr
Cincinnati Northn_b_Apr 122,525
x11,877
104,835
x4,995
30,169
5,191 Mineral Rango
123,535
123,963
Jan 1 to Apr 30
456,342
July 1 to Apr 30
x72,068 zdef87,015
419,122
76,434 def41,171
728,896
655,435 def36,772 def26,851
Pittsb & Lake Erio_b_Apr 1,190,908 1,315,549
528,653
419,561 Missouri ICans & Texas Apr 6,060,182
6,809,510 1,908,633
Jan 1 to Apr 30
July 1 to Apr 30
4,122,917 5,280,881 1,400,527 1,723,347
570,340
6,853
6,100 zdef14,323
N Y Chic & St Lb ..Apr 950,894
896,899
21,702
143,689
80,923 Nevada-Cal-Oregon ___Apr
66,230
Jan 1 to Apr 30
61,240 zdef47,820
July 1 to Apr 30
3,700,427 3,776,941
482,252
z1,888
318,170
Tol & Ohio Central_b_Apr 340,000
Apr 1,240,667 1,247,333
850,110
325,691
771,669
68,453
12,132 Reading (all cos)
12,406,667 12,424,333 5,743,531 6,879,689
Jan 1 to Apr 30
July 1 to Apr 30
1,314,629 1,560,824
102,158
165,949
Total all lines- b
263,888
Apr23,144,771 22,269,982 7,224,165 4,583,139 St Louis Southwestern_ _Apr 266,607
x28,150 zdef138,401
2,658,878 2,559,7105def230,726
Jan 1 to Apr 30
July 1 to Apr 30
86,578,482 87,036,838 20,946,600 14,359.471
x545,563
N Y Susq & Western _a__Apr 368,511
330,701
134,345
108,262
INDUSTRIAL COMPANIES.
Jan 1 to Apr 30
1,339,278 1,298,721
404,142
344,729
Norfolk & Western_b___Apr 3,759,184 3,573,005 1,395,995 1,231,058
-Int., Rentals, &c.- -Bal. of Net Earns.Current
July 1 to Apr 30
Previous
34,598,138 37,133,091 11,845,219 11,935,722
Previous
Current
Year.
Year.
Companies.
Year.
Year.
Pennsylvania Railroad.a.Apr15,267,949 15,733,023 3,353,528 3,336,736
$
$
Jan 1 to Apr 30
$
$
56,198,359 60.474,165 7,695,178 7,957,461
21,038
Corp.Apr
Adirondack
21,002
El
Pow
16,735
Bait Ches &
11,979
__Apr
85,249
88,334
6,030
5,300
84,860
Jan 1 to Apr 30
84,266
Jan 1 to Atl_a_98,576
75,699
Apr 30
286,847
286,242
def7,649 def6,139
Gulf & West Indies SS LinesCumberland Valley_a_Apr 246,374
294,938
74,668
116,236 Atlantic
Subsidiary companies_Mar 198,314
145,161
358,461
Jan 1 to Apr 30
45,918
902,254 1,095,207
272,607
313,914
507,342
Jan
1 to Mar 31
440,290
652,409
119,856
Long Island-a
Apr 1,013,241
998,378
193,761
183,970 Huntington Dev & Gas_ _Apr
2,592
1,125
9,982
4,011
Jan 1 to Apr 30
3,530,208 3,425,166
296,655
220,951
Jan 1 to Apr 30
10,349
4,500
40,232
13,429
Maryland Del & Va_a.Apr
67,039
70,297
3,780
5,764
- Jan 1 to Apr 30
231,590
233,199
286
def6,481
z After allowing for other income received.
Roads.
JUNE 5 19151
THE CHRONICLE
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1914.
1914-15. 1913-14.
Southern Express Co.$
$
$
$
Total from transportation__ 1,112,263 1,137,707 9,131,245 10,505,215
Express privileges-Dr
581,578
598,672 4,691,983 5,384,691
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EXPRESS COMPANIES.
February
July 1 to Feb. 28-1915.
1914.
1915.
1914.
Adams Express Co.Total for transportation___ 2,365,201 2,032,310 22,446,661 22,666,578
Express privileges-Dr
1,110,176 1,009,042 11,437,126 11,936,936
Revenue from transporta'n 1,255,024 1,023,268 11,009,535 10,729,641
35.951
22,603
Operations other than trans..
328,102
244,274
Total operating revenues.. 1,290,975 1,045.872 11,337,637 10,973,915
Operating expenses
1,388,962 1,286,449 12,199,610 11,290,918
Net operating revenue..___ -97,986 --240,577 -861,973 --317,002
Uncoil. rev. from transport..
681
3,949
Express taxes
17,690
135,993
16,538
134,434
Operating income
-115,207 --258,268--1,001,916 --451,436
American Express Co.Total from transportation__ _ 3,076,264 2,538,995
Express privileges-Dr
1,590,757 1,302,959
Revenue from transport'n_ 1,485,507 1,236,036
Oper. other than transport'n 202,842
155,196
Total operating revenues_ 1,688,349 1,391,233
Operating expenses
1,871,147 1,798,664
Net operating revenue..___ -182,797 -407,431
Uncollectiblo rev.from trans.
300
Express taxes
29,458
32,736
Operating income
-212,555 -440,167
Globe Express Co.Total from transportation.._
46,142
38,749
Express privileges-Dr
22,734
19,251
15,017,934 13,916,849
1,435,848 1,459,835
16,453,783 15,376,684
16,594,929 15,610,025
-141,146 -233,340
1,491
158
275,810
246,072
-418,448 -479,570
484,742
243,328
467,549
234,853
23,408
643
19,497
617
241,413
6,436
232,695
6,636
Total operating revenues_
Operating expenses
24,051
28,029
20,115
27,880
247,850
234,949
239,331
243,502
Net operating revenue.._.._
Express taxes
def3,977
800
def7,765
1,000
12,900
8,200
def4,171
9,200
Loss4,777 Loss8,765
Total operating revenues..
Operating expenses
551,937
513,302
562,702 4,640,134 5,342,714
547,200 4,222,209 4,641,768
Net operating revenue....__
Uncollectible rev,from tran_
Express taxes
38,634
104
14,627
15,502
8
15,362
417,925
369
117,550
700,945
92
120,211
23,902
130
300,005
580,641
Operating income
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date
Current
Year.
Previous
Year.
$
3
3
3
American Rys Co..- April
414,818 445,493 1,646.001 1,673,287
Atlantic Shore By...... April
23,855 25,154
91.496
89,182
cAur Elgin & Chic By April
142,011 155,640
556,444
596.587
Bangor Ry & Electric April
60.618 56,594
249,550
240,126
Baton Rouge Elec Co April
14,517 13,589
58,911
56,584
BeltLRyCorp(NYC) March__ _ _ 63,431 54,680
182,250
166.301
Berkshire Street Ry_ April
69,861 70,566
271,139
281,115
Brazilian Trac. L & P March....1629491016153984118088.600118133.238
7,407
Brock & Plym St By.. April
8,337
28,101
28,334
I3klyn Rap Tran Syst March _ _ 2178,345 2106,233 6,282,464 6,063,037
Cape Breton Elec Co. April
25,164 26,505
101,153
108,139
Chattanooga By & Lt April
87,745 90,429
330,362
365,876
82,886
Cleve Painesv & East March...... 29,914 30,310
83,937
Cleve Southw & Col_ April
96,217 99,627
369,082
373,925
Columbus(Ga) El Co April
56,409 55,234
228,536
218,194
Colum (0)By P & L April
247,363 248,748 1,025,367 1,017,499
pComwthPow,Ry&Lt April
1093,746 1108,399 4,614,691 4,604,270
Connecticut Co
April
612,898 618,574 2,395,056 2,344.148
Consum Pow (Mich)_ April
290,566 279,086 1,232,505 1,164,795
Cumb Co(Me)P & L April
186,786 186,634
752,027
721,833
Dallas Electric Co...._ April
131,945 179,086
605,510
751,510
Detroit United Lines April
973,144 938,563 3,829,840 3,694,056
D D E 13 & Bat(Rec) March _
40,079 41,513
115,994
124,333
Duluth-Superior Trac April
87,436 108,033
375,622
409,234
East St Louis & Sub- April
193,827 213,998
786,393
878,282
Eastern Texas Elec-- April
50.670 52,519
204,794
208,762
El Paso Electric Co_ April
76,698 81,419
326,669
352,265
42d St M & St N Ave March __ _ _ 159,005 136,754
465,969
411,832
aalv-Hous Elec Co- April
152,211 196,149
623,351
764,013
3rand Rapids By Co April
83,353 101,454
376,254
404,341
Harrisburg Railways. April
75,354 78,003
306,143
306,130
Havana El Ry,L & P
(Railway Dept)...... Wk May30 49,816 52,042 1,103,113 1,173,537
Honolulu R T & Land March .._
49,314 50.991
144,477
155.081
Houghton Co Tr Co.. April
21,851 24,345
82,331
91,467
'Hudson & Manhat- April
465,488 484,776 1,861,908 1,911,468
Illinois Traction..___ April
850,611 905,786 3,584,543 3,576,763
Interboro Rap Tran_ March_.._ 3055,709 3129,766 8,642,131 8.832.133
lacksonville Trac Co. April
52,076 62,836
208,856
246,501
Keokuk Electric --- April
18,343 19,420
74,675
77,921
Key West Electric_ _- April
8,641 10,539
37,365
43,786
Lake Shore Elec By.. March
102,222 105.451
300,961
289,759
Lehigh Valley Transit March
152,072 136,537
443,731
402,417
Lowist Aug & Watery April
53,817 49,773
202,436
183,346
1.ong Island Electric_ March..... 16,371 14,431
46,280
43,637
Louisville Railway__ March ___ _ 240,293 261,657
706,451
756,944
VIllw El By & Lt Co.. April
474,382 501,578 2,004,427 2,039.968
1111w Lt, Ht & Tr Co April
108,652 111,844
453,120
439,090
3cashville Ry & Light April
176,040 186,150
718,714
739,752
V' Y City Interboro__ March...... 55,391 50,525
163,818
148,040
V Y & Long Island__ March..... 31,629 24,712
89,368
75,895
g' Y & North Shore__ March.... 12,075 10,465
34,222
31,122
or Y & Queens Co_ _ _ March _ _
104,659 94,418
296,180
283,341
%Tew York Railways_ March_ _
1111,940 1043,284 3,188.124 3,160.974
sT Y & Stamford Rys April
25,508 25,903
93,759
90,925
,1' Y Westchest & Boo April
37,555 34,340
141,391
120,227
gorthampton Trac__ March..... 13.172 13,597
38,142
39.432
ior Ohio Trac & Lt.. April
279,282 287,719 1,101,351 1,080,884
iorth Texas Electric April
123,465 171,411
518,138
678.434
gorthw Pennsylv By March_ _ _ _ 26,725 25,905
74,681
76,839
)cean Electric (L I)._ March....
5.884
5,535
15,913
15.962
'aducah Tr & Lt Co_ April
22,193 23,941
95,559
101,092
'ensacoia ElectrWo April
20,472 22,323
79,876
91,362
'hila Rapid Transit_ April
1971.599 2042,320 7,831,682 7,777,375
'ort(Ore)Ry,L&PCo April
442,526 533,973 1,815,637 2,202,212
'ortland (Me) RR_April
75.238 77,306
292,460
288.386
'uget Sound Tr,L &15 March...... 615.210 713,650 1,877,787 2,159.149
thode Island Co...... April
349.814 415,948 1.475,791 1,570,747
tichmond Lt & 111_ March _ __ _ 27,049 24,230
77,687
71.862
ItJoseph(Mo)Ry,Lt.
Heat & Power Co.. April
98,822 102,629
428,682
426,264
lantiago El Lt & Tr_ March....... 36,259 37.531
112,512
110,670
65,689 70,841
avannah Electric Co April
265,668
278,879
62,260 61,668
lecond Ave (Rec)_ _ March
183,485
191,591
17,362 15,772
,outhern Boulevard
..
. March ..__ _
50.169
47.565
taten Isl Midland__ March _ __ _ 20,429 16.970
57,446
51,291
'ampa Electric Co__ April
81.176 79,258
331,694
318,916
'hird Avenue
March _ _ _ _ 314,551 314,002
924.493
938,967
'oronto Street By..... March_ .._ _ 488.468 510,751 1,400,007 1,483,867
'win City Rap Tram_ 3d wk May 172,471 187.408 3,550,995 3,447,618
rnion Ry Co of N Y C March ____ 212,290 196,833
614,196
584,592
'irginia Ry & Power April
410,943 420,580 1,639,019 1,664,969
Vash Balt & Annap_ March_ _
60,228 57,841
167.675
168,607
Ve.stchester Electric_ March __
43,194 40,418
125,744
119,370
Vestchester St RR
April
19,369 19,384
71,251
68,055
ronkers Railroad_ __ March _ _
58,281 51,938
166,215
154,800
rork Railways
March____
63,502 64,716
191,600
195,509
roungstown & Ohio_ April
R,P,22 4,2H 23,9N
-
30,165,815 27,936,423
15,147,881 14,019,573
Revenue from tmnspor'n_
Operations other than trans..
Operating income
539,035 4,439,261 5,120,523
23,667
200,873
222,190
10
00CC
0C31
530,684
21,252
Name of
Road.
y
oo co co 4c,o0
iso•co "co". .0.
0 • „.tl
v
A.CO 00e
-400 wco ow
coo
010
(000 0,-. (0 00 100 0,00 -4
Revenue from transport'n
Operations other than trans_
ELECTRIC RAILWAY AND TRACTION COMPANIES.
CO
V
03
00
71,..g. 7::40 ,-.
00
CO
00
NCO O.0
N.4 Q
.
00
40 CO 31,03 00
040 00
14
'0.
71 31
.4 *
g 3
CO -4 (0.4 N
CO0 co 03 -1103 0.300 .4(0
03 (QA 00A 09A
CO
Co w
1907
4,700 Loss13,371
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milrels. g Includes constituent
companies.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
Aurora Elgin & Chic b_ _Apr 142.011
155,640
45,174
50,148
July 1 to Apr 30
1,653,821 1,733,775
592.458
640,072
Bangor Ry & Elec a_ _ __Apr
60,618
56,494
29,517
30.663
Jan 1. to Apr 30
249,550
240.126
129,215
122,830
Chattanooga By & Lt a_Apr
87,745
90,249
29,212
32,829
Jan 1 to Apr 30
330,362
365,876
97.964
138,770
Cleve Southw & Col b__Apr
96,217
99,627
32,941
39,065
Jan 1 to Apr 30
369,082
373,925
130,160
134,433
Columb (0) Ry P & Lt a Apr 247,363
248,748
95,523
94,663
Jan 1 to Apr 30
1,025,367 1.017,499
410,008
377,148
Consumers Pow (Mich)a Apr 290,556
279,086
179,144
176,683
Jan 1 to Apr 30
1,232,505 1.164,795
766,256
695,393
Roads.
[voL. 100.
THE CHRONICLE
1908
-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
71,026
74,965
186,634
Cumb Co(Me)P & L a_Apr 186,786
252,284
302,010
721,833
752,027
Jan 1 to Apr 30
70,671
74,289
213,998
Apr 193,837
East St L & Sub a
304,244
308,909
878,282
786,393
Jan 1 to Apr 30
34,438
16,328
101,454
83,353
__Apr
Grand Rapids Ry
142,970
109,418
404,341
376,254
Jan 1 to Apr a_30
Hudson & Manhattan a
287,834
274,560
484,776
Apr 465,488
(all sources)
1,861,908 1,911,468 1,084,507 1,123,620
Jan 1 to Apr 30
310,730
317,590
905,786
Apr 850,611
Illinois Traction a
3,584,543 .3,576,763 1,404,359 1,382,934
Jan 1 to Apr 30
12,025
18,062
49,773
53,817
Lewist Aug & W'ville a Apr
29,931
57,365
183,346
202,436
Jan 1 to Apr 30
69,756
72,091
186,150
__Apr • 176,040
Nashv Ry & Light
270,120
293,587
739,752
718,714
30
Jan 1 to Apr a_.246,984
193,892
533,973
Port (Ore) Ry L & P a.._Apr 442,526
1,097,685
791,995
1,815,637 2,202,212
Jan 1 to Apr 30
27,159
24,422
a_
77,306
RR
__Apr
(Me)
75,238
Portland
84,576
92,503
288,386
Jan 1. to Apr 30
292,460
85,113
88,778
233,760
Republic Ry & Light_ a_Feb 233,237
180,922
182,899
490,236
Jan 1 to Feb 28
482,601
Roads.
International Harvester Corporation.
(Second Annual Report-For Fiscal Year ending Dec. 31 19140
The report covering the year 1914 will be found at length
on subsequent pages. The company was incorporated in
New Jersey on Jan. 27 1913 and took over as of Jan. 1 alxyat
one-half of the assets of the International Harvester Co. of
New Jersey, per plan V.96, p. 365. Below we give the usual
comparative tables for two years.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
Deduc'ns (Cong.): 1914.
1913.
1914.
$50,000
Income from oper_37,329,826 $10356,628 Appr.,pension fd__$2,100,000 2,100,000
Pref. div.(7%)__
DeductInterest on loans_ _31,224,041 $1.164,432 Common div_(23,01,000,009(5)2000,000
Res. for depr.,&c_*1,843,190 1,936,943
50,000 Total deduens.86,167,231 87,301,375
Approp.(fireins.fd.)
Balance,surplus_ _31,162,595 $3,055,253
plant depreciation, $725,647, against $645,for
reserve
* Includes in 1914
on recolavbles, $853,143;
196 in 1913, and also in 1914 reserves for losses
collection expenses, $100,000.
for special maintenance, $164,400, and for
against $962,347, $179,400 and $150,000, respectively, in 1913.
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
3
Liabilities-Assets..30,000,000
stock-.
30,000,000
Preferred
Real est., bldgs.,
a Net earnings here given are after deducting taxes.
stock_ _ _40,000,000 40,000,000
mach., &c____,222,897,831 22,597,079 Common
b Net earnings here given are before deducting taxes
613,099,879 2,115,629 Bills payable__ _. _15,389,230 16,715,013
Cash
Ace'ts payable_ _ d15,000,533 10,343,997
Notes & acc'ts reInterest Charges and Surplus.
525,000
c54,883,236 53,328,636 Pi. city. pd. Mar.1 525,000
celvable
500,000
.div.pd.Jan.15
Com
43,045,993
34,860,627
Inventories
Earns.
Net
• -Mt., Rentals, &c.- -Bat. of
e5,415,859
5,068,919
Reserves
742,119
521,950
Fire ins. fund
Previous
Current
Previous
Current
20,011,120 18,848,525
177,003 Surplus
73,269
Deferred charges.
Year.
Year.
Year.
Year.
Roads.
$
$
120,341,792
122000,459
Total
126,341,792 122006,459
Total
12,765
5,136
37,383
40,038
Aurora Elgin & Chic _ _ _ _Apr
193,648
259,417
380,655
plant
for
depreciation.
398,809
reserves
July 1 to Apr 30
$3,257,328
1914
in
a After deducting
13,122 b Includes in 1914 $8,000,000 in bank balances abroad. c Includes in 1914
11,897
17,541
17,620
Apr
Bangor Ry & Elect
53,039 farmers' and agents' notes, $42,408,047, and accounts receivable, $17,068.58,749
69,791
70,466
Jan 1 to Apr 30
d Includes current invoices, pay5,232 068, less reserves for losses. $4,587,879. Includes
def79
27,597
29,291
Chattanooga Ry & Lt __Apr
in 1914 reserves for spe28,636 rolls, accrued interest and taxes, &c. eexpenses,
110,134 def18,955
116,919
Jan 1 to Apr 30
$800,000; fire insurance
collection
cial
$750,137;
maintenance,
6,875 fund, $1,658,170; pension fund, $764,214; industrial accident fund, $443.z780
32,190
32,401
Cleve Southw & Col _ _ _ _ Apr
z1,401
6,297 338, and contingencies,$1,000,000.-V. 100, p. 904,312.
128,135
128,999
Jan 1 to Apr 30
56,312
53,463
41,200
39,211
Columb (0) Ry P & L..,.Apr
254,126
215,633 Columbia Gas & Electric Co.(of W. Va.), Cincinnati,&c.
161,515
155,882
Jan 1 to Apr 30
105,430
105,716
71,253
73,428
Consumers Power(Mich)Apr
(Report for Fiscal Year ending Dec. 31 1914.)
407,751
473,919
287,642
292,337
Jan 1 to Apr 30
7,281
4,562
63,745
70,403
Cumb Co (Me) P & L.... Apr
remarks of President A. B. Leach, together with the
The
def2,045
43,681
254,329
258,429
Jan 1 to Apr 30
consolidated income accounts for three years past of the
14,963
13,293
55,708
60,996
East St Louis & Sub_ _ __Apr
89,258 Columbia Gas & Electric Co. and the Union Gas Si Electric
58.069
214,986
250,840
Jan 1 to Apr 30
20,900 Co., and the consolidated balance sheet as of Dec. 31 1914,
2.626
13,538
Apr
13,702
Grand Rapids Ry
88,526 will be found on subsequent pages of this issue.
54,591
54,444
54,827
Jan 1 to Apr 30
Hudson & Manhattan (all
As shown by the financial statement and the accompanying
79,826
62,811
208,008
Apr 211,749
sources)
292,421 map on pages 151, 152 and 153 of the "Railway and Indus239,655
831,199
844,851
Jan 1 to Apr 30
2,381
def3,542 trial Section," the company, in conjunction with subsidiary
15,567
15,681
Lewist Aug & Watery..-.Apr
61,755 def5,135 def31,824 companies, controls the following extensive' public service
62,500
Jan 1 to Apr 30
30,099
41,338
28,418
Apr
41,992
Nashv By & Light
Covington, &c., and operates the
136,840
166,522
156,747
103,598 properties in Cincinnati,
Jan 1 to Apr 30
same, obtaining its supply of natural gas by pipe lines from
10,907
176,595
70,389
.Apr
182,985
Port (Ore) Ry Lt & P.
60,244
701,942
731,751
395,743 its own and other gas fields in West Virginia.
Jan 1 to Apr 30
113
5,724
21,435
24,309
Apr
(a) The gas business in Cincinnati and in 15 municipalities in HamilPortland (Me) RR
def4,333
89.428
.96,836
def4,856 ton Co., Ohio., and the electric business in Cincinnati and 10 adjoining
Jan 1 to Apr 30
z32,034
55,833
56,850
z29,343 Ohio municipalities.
Republic Ry & Light__ _Feb
(b) The electric-light and power business in twelve, the gas business in
z69,367
110,719
113,794
z70,378
Jan 1 to Fob 28
seven and the water-supply business in three communities on the Kentucky
side of the Ohio River opposite Cincinnati.
z After allowing for other income received.
(c) A 70-mile system of electric street railways operating exclusively in
Covington, Newport and other of said Kentucky municipalities and
connecting the same with Cincinnati.
gas, connecting
(d) A 183-mile system of pipe lines for natural
ANNUAL REPORTS
contracts, agreements,
(e) Gas lands held by the company under leases,
of land in southwestern
acres
0(283,105
fee
in
royalties,and the ownership
and eastern Kentucky, with above mentioned municipaliVirginia
West
Annual Reports.-An index to annual reports of steam ties in Kentucky and Ohio. On this domain there have been drilled up to
153 natural gas wells (with a daily open flow of 147,000,000 cu. ft.,
railroads, street railways and miscellaneous companies which date
most of which are supplying gas for use in Cincinnati. Sales in 1914, 16.have been published during the preceding month will be 651,464,000
cubic feet.
given on the last Saturday of each month. This index will CONSOLIDATED INCOME STATEMENT-FORYE
YEARS ENDING
013.
19.
12
not include reports in the issue of the "Chronicle" in which
DEC. 31 (INCLUDING UNION GAS &ELECTRIC Co.).
it is published. The latest index will be found in the issue
of May 29. The next will appear in that of June 26.
International Harvester Co. of New Jersey.
(Report for Fiscal Year ending Dec. 31 1914.)
The company's report for the year 1914 (being the second
since the sale to the International Harvester Corporation
of the foreign plants and business and certain "new lines",
which were added since its incorporation in 1902) will be
found at length on subsequent pages of to-day's issue.
Below we give the usual comparative tables for two years.
INCOME ACCOUNT FOR YEARS ENDING DEC.31.
1913.
1914,
1914.
1913.
Deduc'ns (Cont'd)Income irom oper_12,206,227 13,284,671 Appr'n for pens'n fd_ 200,000 200,000
Preferred dly.(7%).2,100,000 2,100,000
DeductionsInterest on loans__ 1,609,444 1,828,745 Common div. (5%).2,000,000 2,000,000
Res.for dep'n,&c.52,733,552 3,140,400
Total deductions.8,842,996 9,469,145
Appropriation for
200.000 Balance,surplus____ 3,363,231 3,315,526
fire insur. fund_ 200,000
* Includes in 1914 reserve for plant depreciation, $1,156,542, against
$1,290,087 in 1913 and also in 1914; reserve for losses on receivables, $778,000; for special maintenance, $484,335; for ore and timber extinguishment,
$214,674, and for collection expenses, $100,000, against $817,000. $561,718. $421,595 and $50,000, respectively, in 1913.
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Liabilities5
Assets$
Preferred stock_ _ _30,000,000 30,000,000
Real est., plant,
property, &c-. a42,267,012 42,783,936 Common stock-._ _40,000,000 40,000,000
8,145,296 3,475,991 Bills payable
21,743,300 26,672,138
Cash
Accounts payable-.c6,944,753 6,753,447
Notes and accounts
receivable ____ 642,589,510 40,173,752 Pref.div.pd.1\lar.1 525,000
525,000
35,402,598 42,666,951 Com.div.pd.Jan.15 500,000
500,000
Inventories
742,119 Reserves
d6,575.100 5,879,212
737,000
Fire insur. fund
95,846 Surplus
22,972,029 19,608,793
Deferred charges_ 118,766
1,95141,753 $5,497,960
$58
Gross earnings
2,678,017
2,574,644
Operating expenses and taxes
$3,173,520
$2,923,316
Net earnings
470,86.1
471,584
Other income
$3,644,38-i $3,394,900
Total gross income
Accrued rentals (Cin. G.& E. Co.)..- $1,788,552 $1,788,250
Accr. rentals to Cin. Gas Trans. Co.
78:17
719
8
202
(Incl. sk.fd. requirem'ts of$250,000) 708,305
80,949
Accrued int. of Union G.& E. Co.._
apporCo.
E.
&
Surp. earns. of U. G.
326
586
tionable to its outstanding stock
$2,578,392 $2,585,956
Total deductions
$808,944
$1,065,992
Net income
Accrued int. on Col. G.&E.Co. bonds:
$499,225
$516,240
1st mortgage 5% bonds
x61.600
123,262
5% gold debentures
28,998
Other interest
$674,954
$589,823
Total fixed charges
2
8
3
5
0
4
35
sur$391
sur$219,121
Balance, surplus or deficit
$95,005
$95,005
Skg. fd. payments, Col. G.&E. Co.-.
•
$5,155 448
2,524,476
$2,630,970
513,953
$3,144,923
$1.786,345
57:5
723
7
29
72
63,713
$2,631,3a
$513,609
49
195:7
81
654
$515,435
def$1,826
$81,096
Interest on 5% gold debentures accrued for 6 months only, debentures
having been issued as of July 1 1913.
31 (INCLUDING UNION
CONSOLIDATED BALANCE SHEET DEC.CO.)
GAS ec ELECTRIC
1914.
1913.
1913.
1914.
Liabilities8
$
AssetsProperty acc't__ a64,602,399 64,176,682 Capital stock (Col.
G. & E.)
50,000,000 50,000,000
Guar.fds. with trustees:
58
M.
1st
(Col.
764,635
679,718
Cash
G & E.)
15,531,500 15,670,500
Bonds (Col.G.&
E.1stM.58.par) 3,753,000 3,753,000 5%deb.(Col.G &E )2,676,960 2,514,431
0th. secur. owned.c1,103,605 1,109,805 Outst'g stock,&c.,
316,617
Treas. bonds (par)d1,644,291 1,755,600 (Un.G &E.)par 6102,600
530,290 Notes payable_ _
2,146,554 1,906,598
651,675
Cash
513,459 Accts. payable-..-. 371,876
517,467
422,029
Accounts reedy
202,901 Acc.int.,taxes,&c_ 1,255,019
939,227
Materials&supplles 218,792
Cus'rs' depos.,&c_ 211,623
273,861
Accr. int., &c on
504,697
534,858
25,584 Reserves
71,535
securities owned
458,461
219,003 Profit and loss... 798,653
Deferred charges_ 482,599
Total
73,629,643 73,101,859
73,629,643 73,101,859
Total
129,260,182129,938,595
a Includes gas fields, plants, franchises, leases and 24,757 shares of
stock
the East Ohio Gas
common
owned
of
and
of
shares
preferred
24,757
for
plant
reserves
depreciation.
a After deducting in 1914 $9,430,078
b Includes in 1914 farmers' and agents' notes, $25,651,445. and accounts Co. b Includes in 1914 preferred stock $47,600 and common stock $55,000,
receivable, $19,356,557, less reserves for losses, $2,418,492. c Accounts against $50,100 and $59,100, respectively, in 1913, and also $207,417 divi5% stock
payable include current invoices, pay-rolls, accrued interest and taxes, &c., dend certificates in 1913. c Includes in 1914 Cin. G. & E. Co.
& Trac. Co.
d Includes in 1914 reserve for special maintenance. $768,647; collection (11,913 shares), $1,012,605; Cin. Newport & Covington Lt.$6,000.
d Inexpenses, $700,000; fire insurance fund, $2,089,249; pension fund, $1,033,- 434% pref. stock (850 shares), $85,000, and miscellaneous,
863; industrial accident fund, $483,341, and contingencies, $1,500,000.- cludes In 1914 Col. G.& E. Co. 1st M.5s, $1,434,500, and gold 5% debentures, $209,791.-V. 100, p. 1351.
V. 100, p. 736, 478, 312.
Total
129,260,182129,938,595
Total
THE CHRONICLE
JUNE 5 1915.)
The International Nickel Company, New York.
(13th Annual Report Year ended March 31 1915.)
Prost. Ambrose Monell, June 1, says in substance:
Profits.-The net profits for the year, after deducting expenses, de predation, exhaustion of minerals and all other charges were $5,598,071.
Dividcnds.-In addition to the regular quarterly dividends on the prof.
stock the following quarterly dividends were declared on the common
stock, viz.: Three of 2Y % each and one of 5%,making a total distribution
of 123-i% on this class of stock.
Business.-The general disarrangement, in both our domestic and
foreign business, due to the outbreak of the European war, caused a general
curtailment in orders for several months following the outbreak of hostilities.
In the late fall, when the domestic business conditions and those affecting
foreign shipment and foreign exchange had become adjusted to meet the
changed state of affairs brought about by the European war, an increasing
demand for the company's products became apparent, with the result that
the total business for the year has been somewhat greater than heretofore.
Additions, &c.-During the year $595,977 was expended for additional
property, construction and equipment, from which there has been deducted on the balance sheet recoveries amounting to $26,634. There was
also provided out of earnings $1,105,315 for the following funds: regular
depreciation of plants, $720,000 and exhaustion of minerals, $385,315.
Stockholders.-The stockholders have increased from 3,752 to 4,465.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING MAR. 31.
1911-12.
1912-13.
1913-14.
1914-15.
Earnings of constituent
cos. (mfg. and selling
exp. deducted, &c.)_ _ $7,049,112 $6,452,758 $6,802,886 $5,019,703
69,263
126,221
114,029
Other income
181,649
Total income
General expenses
$7,230,761
517,374
$6,566,787 $6,929,107 $5,088,966
222,553
542,308
437,812
Net income
$6,713,387 36,128,975 $6,386,799 $4,866,413
Deduct$497,520
$553,449
$636,915
$720,000
Depreciation of plants
139,782
498,471
687,395
Mineral exhaustion_ _ _ _
385,315
12,000
Foreign cos. not included
10,000
201,500
89.458
Sinking fund reserve
445,650
225,115
Interest on bonds
534,749
534,755
534,756
534,756
Pref. dividends (6%)_ 2,143,412
3,491 049
3,803,150
Common dividends_,...,. 4,753,938
(1836%)
(12%%)
(10%)
Per Cent
Total deductions_ _ _ _ $6,404,009 $5,674,216 $5,392,298 $3,962,614
$903,799
$094,501
$454,759
$309,378
Balance,surplus
CONSOLIDATED BALANCE SHEET MARCH 31.
1914.
1915.
1914.
1915.
.
AssetsProperty acct._ _a44,016,051 44,552,025 Common stock_ .38,031,500 38,031,500
137,838 Preferred stock... 8,912,600 8,912,600
58,210
Investments
1,668 Accounts payable
3,157
Adv. to coast. cos.
642,984
and pay-rolls_ 637,239
Inventories at cost 3,100,381 4,289,021
92,758
89,582
Accts. receivable.. 1,416,092 1,615,404 Accrued taxes____
133,689
39,235 Prof div., due May 133,689
Deferred charges_
950,788
10,050 Corn div.,duo June. 1,901,575
11,071
Bills receivable_ _ _
5,662
7,989
18,022 Divs. unclaimed__
39,270
Interest receivable
58,529
34,272 Accident and inSundry advances165,501
164,979
suranco funds__
Loans on call (see.) 1,000,000
Profit & loss surp. 5,315,625 5,006,247
Certif, of deposit_ 950,000
4,542,539 3,243,672
Cash
(1.A%)
55,195,300 53,941,207
Total
Total
55,195,300 53,941,207
a After deducting amount written off for replacements, mineral exhaustion and depreciation, $1,105,315.-V. 100, p. 1596, 478.
Great Lakes Dredge & Dock-Co., enicago,
(Report for Fiscal Year ending Dec. 311914.)
Net earnings
Depreciation
1913.
1914.
1913.
1914.
$983,1921 $720,064 Surplus for year_ $519,132 $426,004
Previous surplus.. 1,650,527 1,233,523
150,0001
Total surplus __$2,178,659 $1,659,527
Net profits.... $813,192 $720,064
Dividends (CO)- $294,060 $294,060
On Feb. 15 1915 an extra dividend of 8% was paid out of earnings of
1914. On May 15 1915 an extra dividend of 1% and a regular quarterly
dividend of2% was paid to holders of record May 10.
BALANCE SHEET DEC. 31
•
1913.
Liabilities1014.
1913.
1914.
AssetsRealest.,plant,&c.$5,967,561 $5,143,458 Capital stock _ _ _$5,403,500 $4,901,000
42,000 Accounts payable_ 198,795
274,706
42,000
Securities owned__
237,797 Notes payable_
22,500
473,176
Cash
27,502
Notes & accts. rec. 1,061,156 1,214,468 Accrued wages73,231
145,826 Reserve
519
5,009
Materials on hand 165,067
132,456 Surplus
2,178,660 1,659,527
Unest. cont'cts,&c. 88,497
19,968
16,519
Deferred charges_
Total assets____$7,813,976 $6,935,973
-V.100,p. 1513,1441.
Total liabillties_$7,813,976 $6,935,973
Gulf Refining Co., Pittsburgh, Pa.
(Review of the Year ending Dec. 311914.)
In a 66-page pamphlet entitled "Oklahoma, Texas and
Louisiana Petroleum Statistics in 1914," the Gulf Refining
Co. gives various data in regard to its own business.
General.-The production of crude petroleum in Oklahoma, Kansas,
Texas and Louisiana, attained the unprecedented total of 136,943,646 bbis.
in the year 1914. This is more, by 2,000,000 bbls., than all the oil fields
S. produced as recently as 1906. Excluding California's output,
of the
over 72% of the entire yield of crude oil in this country in 1914.
U.
it constitutes
Deeper drilling, and the consequent development of rich pools not
previously discovered brought about the extraordinary increase in production in the Southwest, amounting to 43,480,927 bbls. over and above the
1913 record-a gain of 46.5%. Oklahoma, with 100,002,598 bbls. to its
credit, registered an increase of 52%; Texas made a showing 32% better
than the year before (19,803,946 bbls., against 15,009,478), and Louisiana
gained 17% (14,677,102 bbis., against 12,498,828)•
Companies allied with the Gulf Refining Co. participated on a larger
scale than ever before in producing, purchasing and transporting the crude
products of the Oklahoma, Texas and Louisiana oil fields, handling considerably more than 1,250,000 bbis. per month throughout the year. Practically all of this oil was carried by the Gulif's trunk pipe lines from the oil
districts of Oklahoma, Texas and Louisiana to the company's refineries in
Texas, where It was manufactured into a full line of petroleum products.
These, in turn, were distributed through the company'13 marketing organization to the trade in this country and in Europe.
To meet the requirements of its increasing business, the Gulf Refining Co.
made important enlargements and improvements at its Port Arthur works
extended,through the Gulf Pipe Line Co.,its pipe line system to new oil
fields in Oklahoma and Louisiana, and added two new 50,000-bbl. tank
steamers of the most modern type to its large fleet of ocean-going vessels
Its marketing facilities will be further augmented this year by the completion of a distributing station, the finest on the Atlantic seaboard, at Providence, R. I. and a fuel oil depot at Lynchburg, Tex., on the Houston Ship
Channel. goutheastern New England will be supplied with Gulf Refining
Co. products from Providence. At Lynchburg, Which is only a few miles
distant from Houston, on the waterway that leads to the Gulf of Mexico,
the company will receive Mexican crude in its own vessels and prepare it for
the Texas fuel oil market: A pipe line will transport the oil from Lynchburg
to Houston, where the Gulf Co. has a fuel oil station and loading connections with all railroads.
Mexican crude for the Lynchburg plant will come from the company's
wells in the Panuco field, near Tampico, Mex. Several gushers were completed on the Gulf's properties in this district last year, ranging in capacity
1909
up to 10,000 bbls. each per day. A commodious terminal station has been
built by the company on'the Panuco River, above Tampico, with tankage
for receiving oil from the field and docks where sea-going tank steamers
receive their cargoes. During the past year the Gulf Co. was a large shipper of Mexican crude. With the completion of the Lynchburg depot its
activities in this line will be considerably increased.
Prices of crude oil declined sharply in the U. S. and in Mexico as a result
of the accumulation in storage of many millions of barrels of surplus production. This condition has led to a broadening out of established markets
and a systematic search for new ones. That the efforts of the marketers
have not been in vain is attested by the fact that the volume of business
handled in 1914 was the greatest in the history of the Southwest.
The Gulf Refining Co. had a leading part in supplying this increased
demand. In the single item of vessel shipments of oil from its Port Arthur
refinery it gained 2,164,669 bbls. over its 1913 record, loading out a total
of 11,060,365 bbls. About the same rate of increase was maintained in its
inland trade, supplied by tank cars from its Port Arthur and Fort Worth
refineries, and mounting up into millions of barrels.
Oklahoma.-The development of the Bartlesville deep sand in northwestern Creek County was the direct cause of the vastincrease in Oklahoma's oil
yield last year. This locality, known as the Cushing Pool, supplied
41,687,640 bbls., or more than 41%% of the State's output. The Cushing
crude is rich in gasoline, and, therefore, in demand by the refineries.
Through its allied producing organization, which entered the field at the
outset and drilled In many prolific gushers, the Gulf Refining Co. was
among the first to be assured an adequate supply of Cushing oil. The Gulf
pipe line was immediately extended to the pool, affording a means of
transportation for the Cusihng product through the company's main line
direct to its refineries at Fort Worth and Port Arthur.
Crude Prices.-The posted price of Oklahoma and Kansas Crude Oil
declined in 1914 from $1 05 per bbl. to 55c. per bbl., a loss of 50c. In Feb.
1915 further reductions, amounting to 15c. per bbl., were made, putting
the price on Feb. 15 1915 to 40c.
Texas.-Texas has increased its production of crude oil each year since
1910. Its gain of 4,794,468 bbls. in 1914 over its 1913 record was due
almost entirely to the development of deep sands in new territory adjacent
to the old Sour Lake and Humble fields in the Gulf Coast region.
While the yield of light crude in the State showed very little change, being
the
9,168,114 bbls. in 1914, as compared with 8,901,776 bbls. in 1913,
districts producing heavy oil increased their output to 10,635,832 bbls., as
against 6,107,702 bbls. in 1913, a gain of 4,528,130 bbls.
Late in the year a well estimated to be making 50,000,000 Cu. ft. of gas
per day was drilled in at White Point, in San Patricio County, near Corpus
Christi. The tremendous pressure of gas wrecked the hole, causing a
cavity in which the derrick and drilling rig disappeared. This well is on
property held by the Gulf's producing organization. Further tests were
now being drilled, with the expectation of developing an oil pool in this
locality,. which is many miles from any producing field.
Louisiana.-Louistana produced more crude oil in 1914 than in any
previous year, showing an increase of 2,178,274 bbls. over 1913. New
pools of light crude in De Soto and Red River parishes,in northwestern part
of the State, discovered by the Gulf Refining Co. of Louisiana, were
primarily responsible for the'gain in production. These two districts, with
Caddo Parish, supplied all the light oil produced in the State, 10,528,003
bbls., except 5,984 bbls. from small wells in Sabine Parish. The Gulf
Coast fields of Lguisiana furnished 2,668,204 bbls. of heavy crude. Of this,
quantity, Edgerly, a new deep-sdnd pool in Southwestern Louisiana produced 586,376 bbls. The Gulf Refining Co. of Louisiana was the pioneer
developer, and controls the greater portion of the producing area.
Vessel Shipments from Port Arthur.-The Gulf Refining Co.'s export and
coastwise shipments of refinery products, amounting to 10,511,629 bbls.,
constituted 61% of the entire movement of these grades from Port Arthur.
In addition it loaded out 548,736 bbis. of crude oil, bringing its total shipments to 11,060,365, a gain of 2,164,669 bbls. over 1913. This represents
only a portion of the company's output, as it ships large quantities of menurefactured products by tank cars from its Port Arthur and Fort Worth
fimeries to interior railroad points. Of our shipments of refinery products
from Port Arthur by vessel in 1914, the export trade took 5,036,235 bbls.,
and the coastwise 5,475,395 bbls., against 2,958,556 and 3,686,554, respectively, shipped by other interests.
Growth of Vessel Shipments of Oilfrom Port Arthur. (Barrels of 42 Gallons.)
All Other Companies
-Gulf Refining Co.
Total
Crude
Refinery
Total
Crude
Refinery
Barrels.
Oil.
Products.
Barrels.
Oil.
Products.
Year6,652.342 278,752 6,931,091-Not reported
1912
8,338,284 557,412 8,895,696 4,463,702 282,674 4,746,376
1913
548,736 11,060,365 6,645,120 1,686,823 8,331,943
10,511,628
1914
Port Arthur Refinery.-Important improvements and additions were made
by the
to the Gulf Co.s Port Arthur refinery in 1914, being necessitated
a complete
great increase in demand for its products. Among these was
by
paraffine wax plant. Nearly one-half of all the crude oil consumed
refineries in Texas last year, amounting to more than 30,000,000 bbls., was
treated in the plants of the Gulf Refining Co.
Ships.-To handle its rapidly increasing business, the Gulf Co. added to
its fleet of ocean-going tank steamers two new vessels, the Gulflight and
of
Gulfstream, sister ships to the Gulfoil, built on the Isherwood systemcalongitudinal framing. Each of the three steamers has an oil-carrying to
pacity in excess of 50,000 bbls. A fourth ship of this type is expected
be launched before July 1 1915.
Mexico.-Oil development in Mexico was seriously interfered with in 1914
by the revolutionary disturbances, yet the production and shipments
the
exceeded the records of 1913 and all other years. The output of
the
various fields along the eastern coast, from the northern boundary ofbbls.
State of Vera Cruz to San Cristobal on the south is put at 27,500,000
All but a small percentage of this quantity came from the fields in the State
of Vera Cruz. Many wells of large capacity remained entirely or partly
true
shut-in during the year for lack of a market for the oil. This was
of
particularly at Alamo, Cerro Azul, Los Naranjos and Panuco. Some
more
to
bbls.
10,000
these gushers showed an initial yield ranging from
than 100,000 bbls. each.
The Mexican Gulf Oil Co., the Mexican affiliation of the Gulf Refining
district,
Co., developed a large product on on its properties in the Panuco
bbls. a day.
west of Tampico, one of its wells having an output of 10,000
on the
company
the
by
installed
were
facilities
Steel tankage and marketing
the loading
Panuco River, near Tampico, and docks were built permitting Gulf
of ocean-going vessels for the exporting of oil to the U. S. The theRefinyear.
ing Co. maintained a fleet of tankers in the Mexican trade through Coast.
transporting the oil to Port Arthur and other points on the Gulf
Production of Crude Petroleum, All Interests (Barrels of 42 Gallons)
1914.
1913.
1912.
1905.
1896. 1902.
368,849 12,013,495 53,019,867 65,954,413 102,462,598
Okla.& Kansas.113,741
1,811 18,083,658 28,136,189 11,735,057 15,009,478 19,803,946
Texas
548,617 8,910,416 9,263,439 12,498,828 14.677,102
Louisiana
BALANCE SHEET GULF REFINING CO. JAN. 1 (Filed in Mass.-Ed.)
1914.
1915.
1914.
1914.
Liabilities$
AssetsCapital stock_ _ 1,500,000 1,500,000
Real est., mach'y,
750,000
550,000
12,400,404 9,945,867 Funded debt
ships, &c
4,779,129 4,014.771 Acc'ts payable... 8,580,923 9,283,034
Inventories
600,000
2,400,000
519,780 Bills payable
Cash
Bills & sects rec. _ p2,697.680 2,140,277 Deprec'n reserve_ 3,435,738 2,970,150
133,715 Profit and loss_ _ _ _ 3,410,552 1,671,226
Deferred charges_
•
19,877,213 16,754,410
Total
19,877,213 16,754,410
Total
[Practically the entire capital stocks of the Gulf Refining Co. and the
respectively) is
$1,000,000,
and
Gulf Refining Co. of Louisfana($1,500,000
owned by the Gulf Oil Corporation].-See V. 91, p. 869.
Interlake Steamship Co., Cleveland, Ohio.
(Report for Fiscal Year ending*Dec. 31 1914.)
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
Deduens (Con.) 1914.
1913.
1914.
$186,027
Not from oper_ _ _ _ $581,722 $1,155,313 Disc, on bds., &c..
26,146 Dividends paid__ (7)404,915 (4)261,380
61,679
Int. & disc. rec'a_
Total income__ _ $643,401 $1,181,459
Total deduc'ns_ 3827,415 $847,407
Vessel deprec'n.._ _ $250,000 $250,000
180,000 Bal., sur. or def_dcf.$184,014 sr.$334,052
Bond intere,st____ 172,500
1910
THE CHRONICLE
BALANCE SHEET DEC. 31.
1914.
1913.
1913.
1914.
AssetsLiabilities$
$
Vessel property
7,783,649 8,033,649 Cgpital stock
5,784,500 5,784,500
Stores on hand
18,316
14,904 Bonds
2,750,000 3,010,000
Caih,notes&acctr.rec. 671,121) 1,817,161 Accounts payable
65,031
10,289
Spec.acc't retire.bds. 150,000
Ins., &c., reserve___ 618,364 476,531
Ins.& replace. funds 868,365
Bond int. due May 1 82,500
90,000
Div. pay. Jan. 2_ _ _ _ 86,768 115,690
Surplus
150,038 334,052
Total
9,491,459 0,865.804
-V.100,p. 1261.
Total
9,491,459 9,865,804
The J. G. White Companies, New York.
(Report of Allied Companies for Calendar Year 1914.)
J. G. White, Chairman, April 27, wrote in substance:
Herewith is submitted the amalgamated balance sheet of your companies
as of Dec. 311914. In order that this balance sheet may coincide with the
fiscal year of all the companies, the year of J. G. White & Co., Inc., was
terminated Dec.31 instead of Feb. 28. Individual bal.sheets are alsoshown.
The amalgamated balance sheet shows cash on hand, 8509,669, with
bills and accounts receivable, after provision for doubtful accounts, aggregating 8516,300, making total current assets of $1,025,969. Actual quick
assets were much larger, as considerable blocks of securities owned could be
sold on relatively short notice if deemed advisable. The total debts (exclusive of dividends on pref. stock declared and since paid) were 8629,602.
General conditions, which were intensified by the breaking out of hostilities in Europe, made it impossible to secure large engineering or construction work, and even more impossible to arrange any large flotations or promotions of either new projects or consolidations of existing businesses.
Actual quotations for public utility and other securities generally were
at abnormally low figures on Dec. 31 last. Due partly to writing down of
security values to correspond with current quotations at date of balance
sheet, or their values as determined by special committees of directors, and
partly to dividends paid during last year, the combined surplus shown in
the attached balance sheet indicates a decrease of more than $200,000 as
compared with the year before.
As stated in foot-note to the consolidated balance sheet, however, a revaluation as of Apr. 24 1915 of securities owned (partly on the basis of sales
agreed for securities not yet delivered, a few largo blocks on the basis of this
date's quoted prices and the balance on a conservative basis) would show
an increase in the surplus of more than $250,000. This would bring tho
actual surplus up to more than $800,000,or slightly larger than the combined
surplus shown for Dec. 311913.
During the last few months new business in encouraging, though not large,
volume has been arranged, and the prospects to-day seem better than they
have been at any time since before the outbreak of European hostilities.
We have strong hopes that the next balance sheets will show the companies'
positions improved in all respects.
THE J. G. WHITE COMPANIES-COMBINED PROFIT AND LOSS
ACCOUNT OF J. G. WHITE & CO., INC_ J. G. WHITE ENGINEERING CORP. AND J. 0. WHITE MANAGEM'T CORP.
10 Mos. end. Year end.
.
Dec. 31 '14. Feb. 28 '14.
Accumulated surplus carried forward
$780,268
$782,170
Deduct: Employees' participation in profits
22,580
Balance
3780-268
$759,590
Deduct amt. writ. off in respect of deprec. of secur.
acquired prior to Jan. 1 1914 or Mar. 1 1914, and
reserve for doubtful acc'ts contracted prior to
that date (in 1913-14 prior to Feb. 28 1913)
120,820
159,260
Add: Profit for period (Incorporated Co. 10 mos. $659,448
$600,330
end. Dec. 31 1914 and year end. Feb. 28 1914;
Engineering and Management corporations calendar years 1914 and 1913)
44,817
349,070
$704,265
145,363
$949.400
169,133
Total accumulated surplus end of period
$558,902
$780,267
BALANCE SHEETS OF THE THREE COMPANIES GIVEN IN AMALGAMATED FORM AND SEPARATELY FOR CAL. YEARS 1014.
Amal.
J. G. W. J. G. W.
3 Cos. -J. G. W.& Co.,Inc.- Eng.Corp. M'm'iCor.
Dec.31'14. Dec.3 '14. Feb.27'14. Dec.31'14. Dec.31.14.
Assets$
$
Good-will, plant, &c.1,515,855 1,49 ,038 1,499,038 996,817 500,000
Def. chgs. & sundries.. 17,183
6,909
5,356
10,133
140
Securities owned. &c_ _2,959,240 2,664,710 2,634.802 109,462 185,068
Bills receivable
268,081
70.307 116,575 151,774
46,000
receivable
Accounts
248,219
82.679 101.862 147,714
45,726
Cash
502,838 185,875 255,290 227,381
89,582
Manila stores & plant_
20,000
Miscellaneous
11,828
5,951
18.718
5,878
Deduct-Preferred dividends
Total
5,523,244 4,535,469 4,631,641 1,649,158 866,516
LiabilitiesCommon stock
1,500,000 1,500,000 1,500,000 1,000,000 500,000
6 cum. pref. stock_ _2,000,000 2,000,000 2,000,000
7 o cum. pref. stock
790,900
500,000 290,900
B ils payable
580,587 575,000 455,000
5,587
Accounts payable_
49,014
35,738
34,611
35,727
5,449
Preferred dividend__ _ _ 43,841
30,000
30,000
8,750
5,091
Surp. or undiv. profits *558.902 394,731 612,030
99,094
65,076
Total
5,523,244 4.535,469 4,631,641 1,649,158 866.516
* A re-valuation of securities oewnd Apr. 24 1915 on the basis of sales
prices agreed for those sold but not delivered, market prices for a few other
large blocks and balance sheet prices for the remainder would show an
increase in surplus of over $250,000, bringing this actual present surplus
to over $800,000. This would show a moderate increase in surplus during
the past 15 months, after all adjustments and payments of dividends.
Note.-There are also contingent liabilities of J. G. White & Co., Inc.,
in respect of calls not yet made on stock subscriptions and also of guaranties
of advances under syndicate subscriptions, against which there would be
contingent assets of equal amount. There are also contingent liabilities of
J. G. White Eng. Corp. in respect of underwriting and stock subscriptions,
against which there would be equal contingent assets.-V. 98, 1). 1917.
American Iron & Steel Mfg. Co., Lebanon, Pa.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. James Lord, Lebanon, Pa., Feb. 10 1915, wrote:
Decreased demand, with very low prices, was a feature of the entire year.
A loan of $500,000 was made on account of the electric steel plant, which
has been under construction for 18 months and near completion. The
increase in "real estate, plant and equipment," amounting to $1,376,889.
is principally due to the expenditures on the steel plant.
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets-.
$
Liabilities$
$
5
*Plant & equipment.6,543,089 5,166,199 Pref. 5% cumulative
Inventory
1,232,738 1,313,526
stock
3,000,000 3,000,000
Cash
462,102 1,383,689 Common stock
2,550,000 2,550,000
Accts. receiv. (net) _ 302,489 391,737 Bills payable
500,000
Unexpired insur.,&c. 16,003
8,491 Undivided profits_ _ _2,507,321 2,713,642
Total
8,557,321 8,263,642
Total
8,557,321 8,263.842
* After deducting reserve for depreciation, $1,105,000 in 1914, against
$1,055,000 in 1913. [Regular quarterly dividends of 1 YA % have been paid
since July 1907 on both classes of stock, and also special dividends of 2%
each in 1910, 1911 and 1912. Compare V. 90, p. 1612.-Ed.J-V. 100,
p. 142.
[VoL. 100.
Utah Copper Co.
(Tenth Annual Report-Year ending Dec. 31 1914.)
Pres. C. M. MacNeill, April 10, wrote in substance:
Output.-Tho gross production of copper in concentrates for the year 1914
was 121,779.401 lbs. After making smelter deductions, the net production
amounted to 115,690,445 lbs. of refined copper. In addition there were
produced 34,729 ozs. of gold,for which we received $20 per oz.; also 325,351
ozs. of silver, for which we received 55.545 cts. per oz. This production of
copper, gold and silver was the result of the handling during the year, at
both the Magna and Arthur plants, of 6,470,166 tons of ore.
Our actual sales for the year were made at an average of 13.41 cts., or,
after deducting delivery charges, 13.256 cts. In our balance sheets and
statements of income for the year copper was valued at 13.264 cts. The
difference between the price of 13.264 cts.for copper as shown on the income
statement and the not sales price above noted, 13.256 cts., is due to the difference in the amount of unsold copper on hand at the first and at the end
of the year. The inventory price of the unsold copper on hand at the end
of the year was 13.50 cts. per lb. The net cost of copper produced for the
year, after deducting miscellaneous income, was 8.037 cts. per lb., as compared with 9.256 cts. for 1913.
Profit.-The net operating profit from Utah operations amounted to
$5,992,163; miscellaneous income received from outside investments, including dividends received from stock owned in the Nevada Consolidated
Copper Co. and stock dividend of the Bingham & Garfield Ry. Co., and
from interest, rentals, &c., amounted to $2,738,259; the total income,
therefore, amounted to $8,730,421 90; interest paid during the year
amounted to $51,931, leaving a net profit applicable to dividends or for
other capital purposes of $8,678,491. Dividends were continued quarterly
during the year at the rate of $3 per share (30%) per annum, aggregating
$4,827,885, leaving surplus earnings for the year after payment of dividends of $3,850,606. There was set aside the usual amount for depreciation of plants and equipment, an amount equal to 5% on the total cost, or
$523,851. This leaves $3,326,755 passed to "earned surplus" account.
The total dividends up to and including 1914 aggregate $25,817,815.
Stock Increase-Bingham & Garfield Ry. all Owned.-On Dec. 31 1913
the outstanding capital stock was 1,583,680 shares and Dec. 31 1914
1,624,490 shares, the increase of 40,810 shares being issued in exchange
for $2,040,500 Bingham & Garfield Ry. bonds, which were exchanged
therefor on the basis of $50 per share in accordance with the terms of the
mortgage securing the bonds. Out of the total issue of $2,500,000 1st M.
bonds of Bingham & Garfield Ry., there remained outstanding Dec. 31
1914 only $25,500, par value; the remaining $2,474,500 having been exchanged prior to Dec. 31 last for Utah Copper stock. Of the bonds so exchanged, $480,000 par value have been sold during the past 2 years to the
trustee for the sinking fund, leaving $1,994,500 par value in the treasury
of the Utah Copper Co. prior to Dec.31 1914. These bonds were exchanged
for 19,945 shares ($1,994,100) of the capital stock of the Bingham & Garfield Ry. Prior to the close of the year the Bingham & Garfield Ry. declared a stock dividend of 15,055 shares out of its earned surplus. The par
value of the shares, which is less than their real value, appears in the income
account and should not be regarded as operating profit for the past year.
Your company, owning the entire capital stock of the Bingham & Garfield
Ry., therefore received these additional shares, which results in the entire
$6,000,000 capital stock issue now being owned by your company and is
carried in outside investment.
Surplus.-The surplus from sale of securities account stood Dec. 31 1913
at $6,658,220; this account shows a debit Dec. 31 1914 of $8,290,620; the
increase amounts to $1,632,400. This increase represents 840 per share on
40,810 shares issued in exchange for the Bingham & Garfield By. bonds,
or the difference between $10 par value and $50, the convertible price.
This account should not be confused with the items shown as earned surplus, which Dec. 31 1914 aggregated $13,035,408. This earned surplus in
part represents the working capital of the company,prepaid stripping, and
other permanent capital expenditures derived from earnings.
Ore Development.-The total developed tonnage on the entire property
to Dec. 31 1914 amounted to 377,690,400; 269,640,000 are classed as fully
developed, 108,050,400 as partially developed. Deducting the total tonnage of ore mined from the entire property prior to Dec.311914,35,190,400,
which has averaged 1.457% copper, the total reserves as calculated remaining at that date amounted to 342,500,000 tons. The average grade of
this tonnage is 1.45% copper. On Dec. 31 1913 the developed and partially developed ore amounted to 361,220,234 tons. The ore developed
during the year amounted to 16,470,166 tons. The amount treated at the
Magna and Arthur plants amounted to 6,470,166 tons. Therefore, developments during the year have shown a net increase of 10,000,000 tons
of ore developed and partially developed.
As the bonds of the [(Ingham & Garfield have all been retired, the entire
net earnings of the railway will accrue to your company and may properly
be applied after Jan. 1 1915 in reducing the cost of producing copper. The
resultant credit per pound of copper in the future from this source of income
should amount to from YL of a cent to one cent per lb. of copper produced.
Data from Report of Managing Director Jackling, March 8.
Development at the Mines.-No underground work was done in the original
Utah Copper group, but 9,030 feet of tunnels, drifts and raises were driven
in the original Boston Group, making the total length of all underground
work at the end of the year 448,533 feet, or 84.94 miles. In the areas that
have been mined by steam shovels or stoped from underground workings,
the total length of such workings destroyed or rendered inaccessible to the
end of the year was 64.05 miles, leaving 20.89 miles still accessible.
Operations at the Mills.-There were milled at the Magna plant 4,461,461
tons of ore, being an increase of 318,761 tons over the previous year, while
at the Arthur plant, which was not operated after Aug. 6, 2.008,705 tuns
were milled, being a decrease of 1,367,987 tons as compared with 1913.
The total ore treated at both plants was 6,470,166 tons, compared with
7,519,392 tons for the previous year.
Production.-The total gross production of copper contained in concentrates was 121,779,401 pounds, and the average grade of the concentrates
was 18,19% copper, as compared with 119,939,809 pounds and 17.31%
copper, respectively, for the previous year.
Bingham 46:. Garfield Rg.-The road handled a total of 5,902,196 tons of
freight, or an average of 16,170 tons daily, compared with 6,044,950 tons
and 16,561 tons, respectively, for the year 1913. Of this quantity, 4,829,877 tons were ore, 4,729,411 tons having been shipped by the Utah Copper
Co. and 100.466 tons by other mining companies in Bingham. The remaining 1,072,319 tons consisted of commercial freight, as compared with
630.257 tons of such freight shipped during the previous year. Mhe total
number of passengers handled was 135,759, as compared with 134,151 for
1913.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1913.
Sales of1914
1912
1911
115,690,445 113,942,834 91,366,337 93,514,419
Copper, lbs
Average price
13.264 cts. 14.976 cts. 15.839 cts. 12.646 cts.
34,729
Gold, oz.(at $20)
28,121
34,256
40,202
325,352
Silver, oz
285,589
311,391
366,907
Average price
55.545 cts. 59.582 cts. 60.657 cts.
53.3 cts.
Operating Revenue$15,345,269 $17,063,635 $14,471,576 $11,826,165
Sales of copper
694,587
Sales of gold at $20
562,425
685,115
804,058
Sales of silver
180,717
188,880
170,158
195,564
Miscellaneous
1,883
382
1,346
166
Total income
$16,222,456 $17,797,564 $15,345,953 $12,825,953
ExpensesOperation
$3,986,197 $4,723,858 $4,031,589 $3,598,526
Mine development
56,988
119,649
184.298
216,126
Prep'd exp., ore stripping
563,954
485,262
398,649
351,060
Freight on ore
1.440,749
Treatment and refining.. 5,701,846
6,086,880
4,424,175
2,717,593
Total expenses
$10,230,293 $11,494,341 $9,038,711 $8,324.054
Net operating revenue
$5,992,163 $6,303,223 $6,307,242 $4,501,899
Other IncomeDiv. on investments- _ _ 2,631,063
2,176,000
2,176,000
1,720.750
Interest received
94,200
}
107,196
46,562
f 3,125
Rentals
143,120
Total net profits
$8,730,422 $8,573,423 $8;529,804 $6,268,894
Interest paid
$51,931
$60,318
$80,532
$30,966
Dividends (30%)
4,827,885
4,747,710
4,729,747
4,703,022
Surplus
$3,850,606 $3,765,395 $3,719,525 $1,534,906
BALANCE SHEET DEC. 31.
1913
1914.
Assets18,188,625
Property
Prepaid exp., ore.. 5,385,204
12,611
Ore in mill bins...
Investments ____*11,061,009
69,609
Accts. receivable_
22,800
Notes receivable
689,859
Material.& supp
Equity in copper
3,743,387
in transit
373,526
Cash
10,479
Prepaid insurance.
1911
THE CHRONICLE
JUNE 5 1615.1
17,912,691
3,772,179
9,709
7,610,613
133,372
440,000
771,499
3,606,054
365,792
8,000
1913.
$
Stock outstanding.16,244,900 15,836,800
Treatment and ref.
charges, not yet
529,355 1,043,108
due
805,547
Accounts payable_ 341,643
69,868
83,619
Various reserves- 507,712
Deprec'n reserve 1,031,563
Surplus from sale
8,290,620 6,658,220
of stock
a13,035,408 9,708,654
Surplus
1914,
39,557,108 34,629,909
39,557,108 34,629,009 Total
Total
* Investments include Garfield Water Co. stock (at par), $409,300, and
advances to that co., $69; Garfield Improvement Co. stock (at par).
$140,500, and advances, $40; Bingham & Garfield Ry. stock (at par), $6,000,000; 5,002,500 Nevada Consolidated Copper Co. stock, book value
$4.453,007; $9,350 Utah & Salt Lake Canal Co. stock, book value, $13,092;
water rights, same co., book value $30,000, and North Jordan Canal stock,
$25,000, book value $15,000. a After deducting $523.851 reserved for
depreciation of plant and equipment.-V.100, p. 1843,1678.
Nevada Consolidated Copper Co.
(Eighth Annual Report-Year ended Dec. 31 1914.)
President S. W. Eccles, April 6, wrote in substance:
Costs.-The production for the first half of the year was lower than during
any previous period since 1909 when the plant was completed for full operations, due to the necessity of mining, during the second quarter of the year,
a very large tonnage of low-grade ore averaging only 1.1% copper. This
was necessary to secure the best conditions in the pits for future operations.
The average grade treated during the year was consequently reduced,
being 1.483% copper versus 1.599% for the preceding year. Shortly after
we were again in position to resume operations on a grade of ore more repand since
resentative of the average of the mine, war broke out in Europe,
it was apparent that the copper industry would be among the first most
which ordinarily conseriously affected by the war, as the markets abroad
United States would be
sume about 50% of the copper produced in the
with transporpractically closed due to the interruption and interference
your directors deemed it
tation facilities, financial and other conditions,were
on
issued
Aug.6 1914
instructions
and
operations,
curtail
to
expedient
50% of normal capacity.
to reduce production to a basis approximating
costs naturally increased and,
On a reduced output the direct operating
for the metal declined.
due to the closing of Euorpean markets,the price
lbs., as comThe net production of copper for the year was 49,244,056 of
15,728,773
pared with 64,972,829 lbs. for the preceding year, a reductionf.o.b.
Atlantic
copper
refined
electrolytic
producing
of
cost
net
lbs. The
seaboard, after crediting all miscellaneous earnings but before providing
for plant and equipment depreciation, was 8.91 cts. per lb. versus 8.68 cts.
for 1913. Including plant and equipment depreciation and charges of
every character, except ore extinguishment, this is increased to 9.82 cts.
as compared to 9.51 cts. for 1913, a difference of only .31 ct.
per
-The earnings are computed on the basis of 13.396 cts. per lb
lb.'
Earnings.
versus 14.879 cts. for 1913, a decrease of 1.483 cts. The decreases in the
market price of copper and increase in the cost of production compared with
1913 total of 1.793 eta. and is equal to $882,946 on this year's production.
Improvements.-In addition to the ordinary repairs and replacements,
there was expended at the Steptoo plant, and included in operating cost,
$104,586 for improvements.
Ore.-During the year prospecting to develop additional ore was systematically carried on, with the result that 4,552,000 tons, averaging 1.87%
copper, were added to available ore reserves. There was milled 2,640,294
tons, averaging 1.483% copper, leaving 41,020,296 tons of ore, averaging
1.68% copper, in reserve Dec. 31 1914, compared with 39,108,590 tons,
averaging 1.65% Dec. 311913. an increase of 1,911,706 tons.
During the year $1,025,058 was expended in stripping overburden, of
which $561,468 was charged to operations; balance, $463,591, is carried as
deferred charges against future operations. The total cost of stripping
overburden from the beginning of operations has amounted to $6,362,330:
of this amount $2,622,342 has been absorbed in operating costs and $3,739,988 remains as a deferred charge to be distributed over ore tonnage as
extracted in the future.
Steptoe Co. Dissolved.-The stock of the Steptoe Co. held by the Nevada
Cons.Co.was exchanged for the physical property and assets of the Steptoe
Co.. and on Nov. 28 1914 the Steptoo Co. was dissolved, and your company
now owns in fee the mill,smelter and other property formerly owned by it.
Giroux Ore.-The contract with the Giroux Consolidated Mines Co.
for the treatment of their ores at the Steptoe plant terminated Juno 5 1914,
but as there was an undelivered tonnage under the terms of said contract
they continued regular shipments until the end of July, when their operations ceased duo to the general unsettled conditions caused by the European
war. The remaining undelivered tonnage we expect will be sent to the
Steptoo plant for treatment when the Giroux Co. again resumes operations.
Investment Account.-The decrease of $233,000 in investments is made up
of $225,000 bonds of the Nevada Northern Ry. which were purchased by
the railway company as an investment for its sinking fund,and $8,000 of
McGill County school bonds, which have been retired. There is a further
decrease of $6,500,000, representing the par value of Stoptoo Valley Smelting & Mining Co. stock carried on Dec. 31 1913 as an asset. On that date
there was on the Steptoe Valley Smelting & Mining Co.'s books a depreciation reserve of $288,810; this your board has had written off against the
Steptoo plant account, reducing the book value of the plant by this amount.
Dividends.-The profit and loss statement shows a not profit of $1,763,020, a decrease from 1913 of almost 50%. During the year 3 dividends
amounting to $2,249,389 were declared and paid; this brings the total
dividend disbursements to Dec.31 1914 to $14,977,251,and there remains as
surplus earnings $2,290,626. There has also been ',aid to stockholders
from surplus $1,999,457 in extra dividends, which has been charged against
surplus account. No such disbursement, however, was made during the
Year 1914 on account of decreased output and our cash situation.
EARNINGS AND EXPENSES FOR CALENDAR YEARS.
1912.
1914.
1913.
49,244,056 64,972,829 63,063,261
Sales of copper, lbs
13.396 cts. 14.879 cts. 15.979 cts.
Average price
$6,596,689 $9,667,506 $10,076,872
Copper produced
521,278
557,987
455,810
Gold and silver produced
Total revenue
Operating ExpensesMining,incl. portion of stripping exp.
Freight on ore
Milling
Smelting
Rent of Steptoe plant (including proportion of depreciation)
Freight and refining
Selling commission
$7.052,499 $10,225,493 $10,598,150
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
Assets
-$
Capital stock ...-9,997,285 9,997,285
Cost of mines, less
500
extinguishment_ 3,607,537 3,860,586 Bonds
998,214
752,397 Accounts payable_ 443,788
Equip.& develop't 712,747
Steptoe Plant.--- 5,833,045 6,481,588 Unpaid treatment 569,064
609,836
on metals
95,538
95,327
Deferred accounts
238,810
2,284,000 2,517,000 Deprec'n reserve_
Investments
Deferred charges.a 3,739,988 3,276,397 Surplus-Premium
seon
profit
and
783,859
584,929
supp
Material &
curities sold_ ___ 7,071,850 7,071,850
147,691
Accts. collectible_ 302,607
Undivided profits.b2,290,626 3,069,643
Metals on hand &
4,047,202
3,114,8133
in transit
73,880
97,569
Cash
20,372,613 22,036,138
Total
20,372,613 22,036,138
Total
a Represents cost of opening up pits, shafts, stripping, tracks, shovels.
&c. b After deducting $253,048 for ore extinguishment and $39,600 for
depreciation.
COMBINED BALANCE SHEET DECEMBER 31.
1913.
1914.
1913.
1914.
$
LiaMhaes$
Assets-Capital stock(Nev.
Property, equip't
Consol. only)__ 9,997,285 9,997,285
dr construction_13,361,672 14,256,089
Deferred charges_ 3,739,988 3,278,397 Bonds(Nev.Cons.
500
only)
868,773
Materials & supp_ 672,209
7,071,850 7,071,850
160,973 Surplus
Accts. collectible_ 312,923
702,689
Accounts payable_ 340,574
Stocks dc bonds of
17,000 Unpaid treatment
9,000
other companies
609,836
569,064
on metals
Metals on hand &
141,490
3,114,883 4,017,202 Deferred accounts. 114,755
in transit
853,145
118,493 Res've for deprec'n 732,589
Cash & cash items 139,245
2,620,143
3,466,328
profits_
Undivided
98,216
96,360
Deferred accounts.
21,446,260 22,843,123
Total
-V. 100, p. 1835, 1597.
Taal
21,446,260 22,843,123
Dominion Textile Co., Montreal
(Report for Fiscal Year ended March 31 1915.)
Prest. C.B. Gordon, Montreal, May 26, wrote in subst.:
The net profits for the year after paying current interest on loans, al
mill charges and writing off $204.049 for repairs and Improvements to the
mills amount to $1,230,768. To these profits we have to add $74.250,
being a dividend of 234% on 29,700 shares of the Dominion Cotton Mills
Co., Ltd., in all $1,305.018. After allowing for rentals and interest on
bonds, dividend on stock (7% on pref. and 6% on common), and for all
bad and doubtful debts, there is left a surplus for the year of $52,547. This
will bring the amount at credit of profit and loss account on March 31 1915
to $881,926, to which we have to add the sum of $74.377 annual dividend
for last year on the stock of the Dominion Cotton Mills Co., Ltd., received
since closing our books, making the total amount at the credit of profit and
loss account $956.304, against $903,629 last year. This is thought very
satisfactory, considering the general depression in business owing to the
outbreak of the war, which has affected our trade during the latter half
of the year. Sales for the year amounted to $7,643,674, compared with
$8,899,719. The company has in operation 10,105 looms, 464,144 spindles
and employs over 7,000 hands.
INCOME ACCOUNT YEARS ENDING MARCH 31.
1911-12.
1912-13.
1913-14.
1914-15.
Net prof. aft. repaIrs,&c. $1,230,768 $1,196,990 $1,230,706 $1,137,553
68,460
68,540
73,385
74,250
Div.231% D.C. M.Co.
51.884
51,884
Div. 33i% Mer. C. Co..
$1.305.018 $1,270,375 $1,351,130 51,257.897
Total income
Deduct$188,155
$189,286
$192,139
$192,346
Int. on Dom. Tex. bds_
27.000
27,000
27,000
26,775
Int.on Montmor'cy bds_
345,175
359.110
361.423
.M
366,253
Rent.&int.-Dom.0
58.099
42,325
do do Merch. Cot..
153,430
165,000
189,750
198,600
Mt. Royal rent account..
130,485
131,396
134,654
134.870
Div. on pref. stock (7%)
Div. on corn. stock_ _ __(6%)300.000 (6)300,000(531)275.000 (5)250.000
5,329
12,290
15,989
24,227
Amt.writ.off bad debts..
10,000
Patriotic fund
Total deductions.._-- 51,252,471 $1,220,955 $1,201,407 $1,157.673
$100,224
$149,723
$49,420
$52,547
Balance, surplus
BALANCE SHEET MARCH 31.
1914.
1915.
1914.
1915.
Mabilides1
5
AssetsCommon stock.- _ 5,000,000 5,000,000
Land, buildings,
Preferred stock_ __ 1,925,975 1,924,700
stocks of D. dr
Bonds, four series
M. C. Cos. and
10.775,941 10,724,857 (V.80, p. 2347). 3,252,775 3,251,500
good-will
450,000
Montmorency bds. 445,000
Stocks, bonds and
*3,048,140 3,118,515
Loans
notes of other
Amt.due leased co.
cos. less amount
less stock & bds.
43,493
due leased cos
52,356
of other cos_
718.314
737,486
Raw cotton
296 489
Open accounts_ _ 314,133
Stock mfg. and in
353,289
223,953
1,558,315 1,744,050 Deposits
process
41,500
75,900
Wages
26,304
12,676
Cash
22,750
22,675
Open accounts__ _ 1,767,871 1,740,394 Interest on bonds_
75,000
354.892 Corn. div. April 1_
359,249
Supplies, &c
33,682
33,705
44,500 Pref. div. April 15
65,600
Insurance
881,926
829,379
Profit and loss__
Total
15,276,538 15,396,804
Total
15,276,538 15,398,804
*Loans include commercial, $2,484,920, and special. $563,220.
Note.-There are indirect liabilities consisting of bills receivable under
discount amounting to 3765,607.-V. 98, p. 1764.
Northern States Power Company.
Owning the entire capital stock of the Consumers Power Co. of
Minnesota. V. 100, p. 645, 450.
(Report for Fiscal Year ending Dec. 31 1914.)
President H. M.Byllesby, as of March 15, wrote in subst.
Additions, &c.-Late in 1914 your company acquired on a favorable
basis the property of the Sioux Falls (So. Dak.) Light & Power Co., hich
operates without competition in Sioux Falls (population in 1910 of 14,094).
owning a fine, modern hydro-electric and steam reserve generating plant.
The hydro-electric plant of the Northern Mississippi River Power Co.,
all of whose stock is owned by the Consumers Power Co., has been fully
completed and put in full commission since Nov. 30 1914. Its operations
1,204,630 have been of great advantage and distinctly profitable to your company.
881,670
1,162,476
918,152 Only a small part of the full earnings of this property have been reflected
943,564
717,945
103,356 In the last year's statement (V. 99, p. 473; V. 96, p. 1026. 1428).
97,900
67,048
Increase of $2.935,316 in Plant and Property Account in 1914.
$6,335,522 $8,212,050 $7,316,231 Construction expenditures, Minneapolis General Electric Co_ ___ $699,662
Total expenses
85,720
Paul transmission line and Lakeville extension..
Northfield-St.
profit
$3,281,919
$716,977
$2,013,443
operating
Net
286,965
St. Paul, Fargo and ten other divisions
1,459,112
999,172
1,381,772
Dividends on investments
468,615
Northern Mississippi River Power Co
82,808
88,671
46,871
Interest, rentals, &c
Purchase of Sioux Falls Light & Power Co. property, less mis1,394.354
cellaneous adjustments
$1,763,020 $3,483,886 $4,823,839
Total income
Balance Sheet.-The total bonded debt and coupon note indebtedness of
$2,249.389 $2,999,185 $2,999,137 the consolidated companies was increased in 1914 by $3.595,500 (net) as
Dividends
*(2231 %)
*(30%) follows: (a) Increases: Minneapolis notes 6%,$2,000,000; Northern Mis*(30%)
Dividend rate
sissippi 5s, $92.000; Sioux Falls L. & P. 1st 6s, $720,000; Sioux Falls L. &
Consumers
def$486.369 sur$484,7015.81,824,702 P. gen. 5s. 8225,000; Sioux Falls E. L. dc P. 1st 5s. 5100.000;
Balance, surplus
1st 5s, $34,000; Consumers 6% notes, $534,000; total. $3.705.000.
other
$34,000.
issues,
$76,000;
1st
5s,
Minneapolis
Decreases:
cts.
each
731%
(3731
of
payments
in
above
include
10143
as
*Dividends
The $72,250 notes payable outstanding Dec. 31 1914 have all been paid.
per share) and in 1913 and 1912 4 payments of the same amount and an
Maintenance, &c.-All the properties have been fully maintained in
extra dividend of 50 cts. per share (10%) on Dec. 31. which the company
highest efficiency; the cost, $240,960, has been charged to operation,
the
of
simplicity.
sake
but
for
shown
is
the
above
charges against profit and loss,
$1,240,932 $1,651,998 $1,436,369
759,129
843,446
703,408
1,414,506
1,682,727
1,382,737
1,480,089
1,829,939
1,341,782
1912
THE CHRONICLE
and there was $35,536 charged against depreciation reserve for replacements
and renewals during the same period. From the surplus earnings of
$437,633 of 1914, $128,000 has been arbitrarily carried to depreciation
reserve,plus $16,660 to depreciation reserve from current operating accruals,
and $45,000 has been set aside to amortize bond discount. The remaining
$264,633 has been carried to undistributed surplus. The foregoing,together
with the results of operations of previous years, results in a depreciation
reserve account of $590,775 and an undistributed surplus of$623,397, which
have been invested in extensions and enlargements of property.
Relations with Municipalities-Business.-The relations existing between
your company's subsidiaries and the communities they serve are harmonious. There are no controversies or litigations relative to franchises
and rates, those mentioned in the report of last year having been satisfactorily and fairly settled with one exception, and this situation is now well in
hand for settlement within a short time. The only competition is that
existing in St. Paul.
Large contracts for the sale of power have been entered into recently
which have not as yet come into your company's operations. These will
result in a substantial gain in gross and net income. The business has been
generally expanding and there is a wide and satisfactory field continually
developing for future operations. It is probable that during the coming
year extensive enlargements to the generating plants, both steam and hydraulic, and to the distribution systems of your company will be undertaken
in order to serve the business available. The entire territory covered has
been uniquely prosperous during the past year as compared with the generally depressed conditions in the balance of the country. This is due partly
to the great natural resources of this territory, also the large accumulated
wealth and to the continuous development of its industries.
Electric Stations- Rated Capacity.1 Gas PlantsCapacity.
Recip'g eng. & turbines_47,990 h.p. Gen'g capac.per day 1,200,000 cu.ft.
Water wheels
48,025 h.p. Holder capacity...._ _1,331,000 cu.ft.
Connected Dec. 31
1914.
1914. 1913.
1913.
Electric consumers _ _ _56,945 45,518 16 c.p. equivarts_1,147,493 955,439
Gas
3,656
10,190 9,846 City arcs
3,060
Steam heat
634 City incandesc'ts_
9,171
666
7,894
Telephone
1,439 1,300 Total k. w.connec. 132,715 105,572
Motors
8,686 7,260 Local pole lines, m.
1,030
do h.p
73,284 60,388 Transm. lines, m_
457
CONSOL. INCOME ACCOUNT FOR CAL. YEARS., INCL. SUB. COS.
[Sioux Falls company included only after Aug. 1 1914.]
1913
1914
Deductions.
1914
1913
El output,k w_160,235,541 128,658,783 Dividends
8587,069 $571,514
Gas output,cu 1t273,052,460 263,118,100 Bond interest_ _1.31,339,668(81,182,511
Gross earnings.. $4,395,869 $3,887,408 General interest'
22,113
Operating exp.. 2,031,499 1,930,474
Total deduens_$1,926,737 $1,776,138
Not earnings.. $2,364,370 $1,956,934 Balance,surplus__ $437,633 $180,796
* After crediting in 1914 interest on construction, $70,828, and interest
on bank balances and notes receivable, less interest on notes and accounts
payable, $906.
CONSOL. BALANCE SHEET DEC. 31, INCL. SUBSIDIARY COS.
1914
1913
1914
1913
AssetsLiabilitiesPlant, prop.,fran _41,947,890 39,012,575 Preferred stock__ 8,386,700 8,386,700
Cash
309,144
1,225,987
Common stock__ _ 5,975,000 5,975,000
Notes & accts. roe. 586,994
575,233 Collat. lien notes.. 5,000,000 5,000,000
Mdse. & supplies.. 363,118
330,932 Collat. trust notes 934.500
400,000
Bond int. depos'd_
34,195 Underlying bondsx11,045,000 10,000,000
33,895
N.Miss.R.P.1st M
M.0. El.cou.notes 2,000,000
88,000
Cons.P.coll.note.s..
200,000
do 1st M.Ss.... 7,777,000 7,853,000
81,500
Minot.L.&T. 6s_
12,000 N.Miss.R P 1st 58 2,192,000 2,100,000
Sinking fund
774 Notes payable.. _ _ _
464
72,250
395,290
Cash with trustee
Accounts payable.. 256,123
232,898
for Cons. Power
Miscellaneous_ _ _ _
29,947
24,093
coll. trust notes_
Accrued bond int. y628,653
88,103
563,753
Bond discount.. _ _ 944,376
875,971 Depreciation, &c..
Duo acct. sale No.
reserve
590.775
505,064
Misr. R. P.bds_
348,450 Surplus
43,556
623,397
368,008
104,532
Miscellaneous..
107,462
Total
45,511,345 41,803,806
Total
45,511,345 41,803,806
Underlying bonds-Consumers' Power Co. 1st M. 5% 20-year gold,
due Nov. 1 1929 (V. 96, p. 288), $6,879,000; Union Light, Heat & Power
Co. 1st M.5% 30-year, due Sept. 1 1932, $475,000; Red River Power Co.
1st M.5% 5-year, due June 11915,$300,000; Grand Forks Gas & Electric
Co. refunding 5% 20-year, duo July 1 1925; $311,000 Mankato Gas & Elec.
Co. 1st M.5% 20-year, duo May 11920, $200,000; and Consol. and Ref.
5% 30-year, due Nov. 1 1935 (V. 82, p. 1500), $50,000; Minot Light &
Telephone Co. 1st M. 6% 20-year, due Oct. 1 1925, $46,000; and Gen.
Mtge.6% 15-year, due serially, March 1 1926, $35,000; Northern Heating
& Elec. Co. 1st M. 5% 10-year, due July 15 1920 (V. 91,p.467,592),
$800,000; Interstate Light & Power Co. 1st M.6% gold, due July 1 1932
(V. 91, p. 1632), $604,000; Fargo & Moorhead Street Ry. 1st M.5% gold,
due Jan. 2 1925, $200,000, and 2d M. 6%, due Jan. 2 1925, $100,000;
Sioux Falls Light & Power Co. 1st M.6% 19-year, due Juno 11926, $720,000; gen. M. 5s, 20-year, due Aug. 1 1931, $225,000, and 1st pref. 5s,
20-year, due Aug. 1 1926, $100,000.
y Includes In 1914 accrued interest on bonds and notes,$206,979; accrued
taxes, $272,783; accrued pref. dividend, $146,942, and misc., $1,882.
Of the Consumers' Power Co. Gen. Mtge. 5% 25-year gold, due June 1
1937, $75,000,000 auth.(V. 90, p. 1298), $17,104,000 have been issued but
are held as follows: Pledged as part collateral to $5,000,000 collateral lien
notes of Northern States Power Co.($5,000,000), and to $934,500 collateral
trust notes of Consumers' Power Co. ($1,059,000), $6,059,000; deposited
with trustee to retire underlying bonds, $11,045,000.-V. 100, p. 1172.
American Glue Co., Boston.
(Report for 19 Months ending Dec. 311914.)
Pres. Jesse P. Lyman, Boston, Jan. 26 1915, wrote:
[VOL. 100.
Riordon Pulp & Paper Co., Ltd., Montreal.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. C. Riordon, March 10, wrote in substance:
Your directors have much pleasure in making the report (showing net
profits of $19,005 more than 1913), as naturally business has been very
much unsettled, owing to the war. During the early part of the war the
price of pulp advanced materially, but during the last few months the demand has fallen off and prices are lower. We anticipate, however, an improving demand for the company's product during 1915, and hope to make
as good a showing for the current year. Owing to the existing financial
situation, the directors have been unable to secure a satisfactory price for
the bonds they have authority to issue.
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1913.
1912.
1914.
$309,679}
Profits
$375,863
$48,953
Reserve for depreciation
Not
$65.951
Interest paid
stated
32,653
62,833
Net profits
Adjustments
Bond interest
Preferred dividends
$228,073
$226,249
66,498
$90,000
$35,522
$90,000
(7%)79.000 (7%)70,000 (334)35.000
$247,079
Total deductions
Balance, surplus
$160,000
$137,020
$160,000
$68,073
$89,229
$87,079
BALANCE SHEET DEC. 31.
1913.
1914.
1914.
1913.
Assets$
1,000, 00 1,000,000
6,873,763 6,732,841 Preferred stock
Properties.a
4,500,000 4,500,000
47,876 Common stork
Stocks of other cos
48,076
lot M. sk. fd. deb_ _1,500,000 1,500,000
Inventories in logs,
363,687 388,078
lumber, supp., &c.1,591,762 1,577,010 Accounts payable..
Bills payable
70,215 138,261
Accounts receiva5le
39,819
294,443 273,746 Accrued liabilities
(less reserve)
31,678
886,343 700,020
Cash
15,561 Bank advances
40,904
255,513 255,513
Prepaid Insur., &c-.. 11,009
23,818 Surplus at reorgan
244,380 157,302
Surplus profits
Total
8,859,957 8,670,852
Total
8,859,957 8.670,852
a Properties include timber limits, real estate, buildings, machinery and
equipment, &c., at the values adopted June 1 1912, with subsequent
additions, less depreciation.
Contingent liabilities Dec. 31 1914 on bills under discount, $180,579.
-V. 100, p. 1083.
Michigan State (Bell) Telephone Co.
(11th Annual Report Year ended Dec. 31 1914.)
President B. E. Sunny, March 15, wrote in substance:
Rates.-The appraisal of our property in Detroit has been completed at
a cost of $35,000 and we shall shortly renew the application for new rates.
Although the use of each telephone increases with the increase in the
number of telephones connected, and in the last 10 years the number of
telephones in Detroit has grown from 18,126 to 89,066, the rates for unlimited service remain unchanged, being now grossly inadequate to support
the present service and investment.
In 1910 the number of telephones in Detroit was 56,319 and in 1914
89,066, an increase of 58%. The exchange revenue in the same time
increased from $1,769,500 to $2,977,700, or 68%, while operators' wages
increased from $367,460 to $923,000, or 151%. Heavier traffic per telephone, plus fewer telephones handled per operator, plus higher wages per
operator, is costing us for operators' pay roll in excess of $400,000 per
annum more than in 1910, without any corresponding increase in revenue.
Other operating expenses have also increased as they have in all lines of
business, because of increased salaries, wages, shorter working hours and
the cost of materials.
Results.-The operating statement for 1914 reflects the severe conditions
under which the company is operating. The gross revenue increased
$397,182, while the expenses increased $804,371. Some of this increase
is for depreciation reserve, which, if anything. is scant to take care of the
wear and obsolescence of the property. The net earnings were $154,419,
The preferred stock dividend of 6% on $4,000,000 requires $240,000 and
the common stock dividend of 6% requires $360,000 per annum. The
dividends weze paid quarterly throughout the year (except on the common
stock for the last quarter) and charged against the surplus accumulated
over a period of years, and which is now reduced to $308,358(V.99, p. 1914).
Outlook.-We hope that upon a full presentation of facts a rate adjustment will be approved that will give the company a proper return on its
investment and will enable it to secure the necessary now capital to keep
the Detroit exchanges and telephone service among the best in the country.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1913.
1914.
1914.
1913.
193,297 Operating Income-3766,405 $1,126,307
Owned stations__ 201,350
69,981 Other income
75.687
Conn'g,,te.,stat'ns
42,454
35,922
$5,556,703
Oper. revenues_ _ _$5,953,885
Oper. expenses__ _ 4,821,184 4,016,812 Total net income_ _8808,859 $1,162,229
Rent, interest,
652,758
750,824
Net open revenue_$1,132,701 $1,539,891 Miscellaneous
1,683
Taxes and uncol413,584
Balance,
.
366,296
surplus_
_S154,418 $411,405
lectibles
.Pref. diva.(6%)_ _ _E240,000 $162,740
Operating income_ $760,405 $1,126,307 *Common divs_(414)270,000 (6)245,632
There were paid in 1914 dividends of $270,000 (434 %) on the common stock as
increased Oct. 11913 and $240,000(0%)on the preferred stock, which were charged
against profit and loss. Dividends in 1913 include $162,740 (6% )on the preferred
stock and $245,632(6%) on the common stock before the increase.
BALANCE SHEET DECEMBER 31.
1913.
1914.
1914.
1913.
LiabilitiesS
$
Assets,
$
$
514,345 Capital stock _ _ _10,000,000 9,999,931
Intangible capital_ 694,829
Land & buildings_ 1,339,360 1,342,821 Funded debt
10,052,000 10,050,100
Adv.
from
22,515,520
system
Telephone plant...23,248,869
corporations
161,965
General equipm't_ 183,293
1,475,000
460,000
Accounts payable_ 316,384
Other perman't &
371,245
340,940 Acct. acets.not duo 548,705
long term loves_ 340,940
576,559
131,349 Insur.,&c.,reserv's
Cash and deposits 461,345
3,574
3,623
6,133 Employees' benefit
7,333
Marketable securs.
fund
314,953
Bills &accts. roe.... 329,011
150,000
150,000
644,342 Depreciation
Materials & sun- 390,139
4,367,823 3,951,298
2,385 Surplus
Accr. int. not due_
2,498
308,358
665,510
253,511
Deferred debits-- 224,227
This statement covers the 19 months from June 1 1913 to and including
Dec. 31 1914, our year having been changed to conform with cal. year•
Since our last report, most o' the subsidiary companies have been absorbed to simplify auditing and the making of reports to the public authorities. Important items in the statement are materially changed by
such absorption. The board deemed wise to decrease the item patent
rights and good-will by $699,999, charging off a like sum.
The business during the last quarter of 1914 was considerably below
normal, but a gradual improvement is noted since Jan. 1 1915 and we hope
to see a further improvement during the next few months.
19 mos. end.
Year end. May 31
Dec.31 1914. 1912-13.
1911-12.
1910-11.
Net
$371,421
$244,932
$242,484
$261,462
Prom,from sale of stock
184,140
Total
$244,932
$371,421
$426,624
$261,462
Preferred dividend....-(12%)240,000(8%)160,000(8%)139,236(8%)128,000
Common dividends_ _ (9%)72,000 (6%)48,000 (6%)48,000 (6%)48,000
Total
27,221,844 26,223,265
Bal., sur. for period__
Total
$36,932
$59,421
27,221,844 26,228,285
$239,388
$85,462
Previous surplus
1,188,360
1.190,292
1 ,048,972
963,510 -V. 100, p. 984.
Total
$1,249,713 $1,225,292 $1,288,360 $1,048,972
Depreciation
Cumberland Telephone & Telegraph Co., Inc.
*699,999
35,000
100,000
Tot.sur. end of period $549.714 $1,190,292 $1,188,360 $1,048,972
(Report for Fiscal Year ending Dec. 31 1914.)
* Depreciation in 1914 was on patent rights and good-will and on plants
in previous years.
Pres.
W. T. Gentry, Jan. 31, wrote in substance:
BALANCE SHEET AS OF DEC. 31 1914 AND MAY 311913.
Replacements.-The year. even before the outbreak of hostilities in
Dec. 31 '14.May31'13.
Dec.31'14.May31'13. Europe, was one of restricted business conditions
in a large part of the
AssetsLiabilities$
$
$
$
territory. One of the consequences of this was that only $1,410,786 was
Real estate & mach.1,286,017 423,138 Preferred stock
2,000,000 2,000,000 added to the plant, against $1,955,452 during 1913. The
net sum of
Stooks owned
483,110 791,650 Common stock
800,000 800,000 $1,321.690 was however, expended in the replacement of plant,
which had
Pat. rts. & good-will
1 700,000 Notes payable
942,500 712,500 reached the limit of its serviceable life, and was charged against the
reserves
Cash
94,484 140,408 Accounts payable
136,170
76,631 created for this purpose. The sum is much larger than that similarly exAccounts receivable.. 533,368 1,624,307 Profit and loss, surpended in any prior year and was $267.736 larger than in 1913. In spite
Notes receivable.... _. 98,542
68,812
plus
549,714 1,100,291 of this unusual expenditure, the effect of which is materially to improve the
Mdse.,mfd.& in proc.1,932,862 1,031,107
condition of the plant, the appropriation was sufficient to add a small sum
to the amount in reserve at the beginning of the year. The growth in
Total
4,428.384 4,779,422 'rasa
4,428,384 4,779.422 business was small, only 4,975 owned and 12,217 connecting
stations
-V. 97, p. 173.
being added.
Change in Organization.-Early in the year the type of organization under
which the company's affairs are managed was modified by the creation of
three general managerships, with headquarters located within the territory,
in place of one general managership serving both the company and the
Southern Bell Telephone & Telegraph Co.
The effect of placing supervision closer to the actual work, together with
the longer terms of service of employees and more efficient work secured
to the company by the operation of the employees' benefit plan, has been
the
a marked reduction per station in operating expenses. Eliminating deeffect of changes in the amount appropriated to the reserve for accrued
preciation, this saving in operating expenses, as compared with 1913,
amounted to a little over 81 39 per station for the year, or the equivalent
were
of $283,659. As offsetting this relative decrease in expense there
the former
large decreases in both excalange and toll revenue per station, The
reducper
station.
cts.
116.4
to
the
latter
and
cts.
32.4
to
amounting
tion in exchange revenue was largely the continued effect of rate reductions
made during 1913 in the settlement of rate litigation and otherwise. The
reduction in toll revenue was due solely to general business conditions.
The net result of all operations was a decrease in net revenue available for
dividends, compared with 1913. of $68,940. This necessitated cutting the
dividend for the last quarter to YL%.making the total dividend for year 6%.
End of Litigation.-At the close of the year a further reduction in rates,
in settlement of litigation, was made at one of the large exchanges. This
removes the last pending cause of friction with the public authorities, and
the public relations of the company seem rapidly approaching a satisfactory state.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
• 1913.
1914.
1914.
1913.
200,014 Operating income_$1,800,735 31,728,067
Stations owned.- 204,989
99,784
Other income_ _ 153,697
Connecting, &c.,
89,040
101,257
stations
Gross income _ _$1,954,432 $1,827,851
Gross revenues__ _58,048,552 $7,908,686
Oper. expenses_ _ _ 5,650,949 5,698,335 Int., rents, &c_ _ _31,269,230 31,073,709
Dividends paid_(6%)664,809 (7)775,611
Net earnings_ _32,397,603 $2,210,351
Total deduens..$1,934,039 $1,849,320
482,284
596,868
Taxes, &c
Balance,surplus or
sur.$20,393 def.$21,469
Oper. Income-51,800,735 $1,728,067 deficit
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
$
$
Liabilities$
Assets11,080,150
Land and bldgs__ 1,349,310 1,152,731 Capital stock __ _ _11,080,150
15,935,000
21,935,000
debt
Funded
_17,777,401
lines_
Exchange
3,702,650
Bills payable
7,809,059
Toll lines
402,323
5,939,484 31,000,535 Accounts payable_ 270,812
Equipment
accounts
Accrued
800,909
&c_
Right of way,
16,952
32,277
not due
702,032
Investments
432,944 Employees' benefit
Cash awl deposits 389,717
150,000
150,000
fund
1,652,114
2,720,995
rec...
Bills dr accts.
212,990 Depreciation re1,910
Marketable semi'.
4,084,9531 4,076,588
Mat'ls & supplies_ 413,520 1,226,590 serve
50;744J
Insur. &a. reserves
Accr'd income not
663,543
533,159
4,100 Surplus
9,137
due, &c
255,202
Sinking fund, &c_ 223,621
38,137,095 36,027,206
Total
-V. 100, p. 736.
1913
THE CHRONICLE
JUNE 5 1915.1
Total
38,137,095 36,027,206
Mexican Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1914.).
1912.
1913.
1914.
Receipts all sources____ $1,265,537 $1,204,303 $1,026,252
Deduct$181,096
$219,572
Oper. exp. and taxes__ _ $236,760
Mexican Govt. partici45,638
63,527
68,886
pation in earnings_ _ _
19,496
30,798
33,252
Cable repairs
358,940
358,940
358,940
Divs.(10% per annum)
45,293
Loss sale C. S. Mexican
13,519
34,478
33,739
Miscellaneous
Add to surp. for year.. $533,960
3,794,634
Previous surplus
$451,695
3,342,939
$407,563
2,935,376
1911.
$946,907
$176,531
45,500
358,940
15.677
$350,259
2,585,117
$4,328,594 $3.794,634 $3,342,939 $2,935,376
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
Liabilities$
$
Assets3,589,400 3,589,400
3,515,508 3,510,163 Capital stock
Plant
53,320
497,109 214,470 Sundry creditors_ _ 132,513
Cash
89,735
Investment secur's_ _2,890,266 3,451,322 January dividend _ _ 89,735
3,139
Fire insurance fund_
4,295
N. Y.-Colon dupliSurplus revenue end
593,331
cate cable
3,794,634
4,328,594
year
103,950
of
111,966
&c_
Sundry debtors,
Current traffic accts. 536,357 250,323
Total
8,144,537 7,530,228
Total
-V. 100, p. 1082.
8,144,537 7,530.228
Total
Iron Steamboat Co. of New Jersey.
(Report for Fiscal Year ending Oct. 31 1914.)
1911-12.
$268,286
47,606
1910-11,
$269,949
127,075
116,852
1913-14.
EarningsConey Isl. & fish'g route $283,698
44.106
Charters
Privileges, &c
282
Miscellaneous
J
1912-13.
$303,229
48.758
41
5,067
$328,086
Total
ExpensesOper., gen'i repairs, &c_ $230,899
Terminal charges-rents.
45,343
wharfage,&c
x1,881
Taxes
$352,028
$320,959
$313,876
$229,184
$247,820
$230,992
39,490
1,797
39,192
1,511
46,816
1,468
$278,123
Total
$49,963
Net earnings
$23.498
Deduct-Int.on bona
Divs. (see below)____ (5)18,262
$270,471
$81,557
$23,805
(7)25,566
$288,523
$32,436
$24,352
$279,276
$34,600
$24,962
$49,371
$32,186
$24,352
$8,084
$24,962
$9,638
Total deductions_ _ _ _
Balance,surplus
$41,760
$8.203
x After crediting income tax withheld at the source, amounting to $10.
BALANCE SHEET OCT.31.
1914.
1913.
1913.
1914.
York.
of
New
Co.
District
Telegraph
LiabilitiesAmerican
Assets400,000 400,000
Cost of property_ _ _ _1,000,000 1,000,000 Capital stock
76,100
34,770 let M.5% bonds.._ _ 65,100
(Report for Fiscal Year ending Dec. 31 1914.)
Cap.stock in tress__ 34,770
2d mtge. 4% bonds_ 500,000 500,000
2,513
Insurance cos
23.900
acc't_
8,744
Bond
redemp.
in
wrote
Grove
substance:
2,
Feb.
Valley
Stevens,
Pres. H. F.
a145,223 131,058
5,690 Profit and loss
Repair shops
The number of telegrams delivered and collected this year over last year Cash
81,854
73,040
shows a material gain. The increased revenue from that source, however,
was offset by a decrease in receipts from messenger service, due largely to
1,110,323 1,131,058
1,110,323 1,131,058 Total
Total
depression in business generally. The receipts from our other departments
show a substantial growth and are reflected in the increase of gross revenue
Before deducting 5% div.($18,262) paid Oct. 31 1914.
a
and
normal,
about
is
expenses
in
increase
The
year.
last
over that of
-V.99. p. 1455, 1370.
undivided profits are slightly less than last year. The loss shown in the
number of stations is the result of a readjustment made to conform to a
plant.
the
George B. Newton Coal Co., Philadelphia.
recent inventory of
STATISTICS.
(Report for Fiscal Year ending Oct. 31 1914.)
•
1910.
1911.
1912.
1913.
1914.
Pres. Samuel B. Crowell, Phila.., Nov. 30, wrote in subst.
1,664
1,688
1,704
1,699
1,732
Miles of wire
79
79
86
84
86
During the year we handled 1,312,850 tons of coal and coke at a gross
Offices
36,466 profit of $1,133,006, against which we had expenses amounting to $968,024,
37,152
38,419
37,723
38,196
Instruments
6,726,064 6,606,995 6,298,631 5,454,956 4,839,863 leaving a net prOfit of $164,982, or within $2,095 of the profit for the year
Messages delivered
4,139,060 3,916,171 3,667,068 3,267,536 2,854,625 1913, regardless of the fact that our taxes alone, including the Pennsylvania
Messages collected
State tax on anthracite coal, increased approximately $50,000, which
EARNINGS, EXPENSES, &C.
amount has not been recovered by an increase in price to the consumer,
1911.
1914.
1912.
1913.
but has been largely taken care of by the continued reduction in oper. exp.
$710,429 $699,486 $689,379 $607,753
The appraisement of Oct. 31 1914 shows quick assets of $515,861 and
Earnings
622,315 610,425 575,639 497.184 total assets of 82,081,637. Throughout the year we have expended conExpenses
siderable money improving our plant and equipment, and feel that we are
$88.114 $89,061 $113,740 $110,569 now ready to handle satisfactorily and with proportionate profit any load
Net
76,888 that may be put upon us. Had not the depression among manufacturers
76,782
76,888
76,891
Dividend
existed, our tonnage and net profits would have materially advanced.
$11.332 $12,170 $36,852 $33,681
Surplus
BALANCE SHEET OCT. 31 1914 (Total Each Side $6,528,201).
BALANCE SHEET DECEMBER 31.
Assets-Real estate, $712,411; bldgs. and impts., $424,251: machinery, tools and scales, $142,302; horses, wagons and har1913,
1913.
1914.
1914.
$1,756,367
ness, $443,369; furniture and fixtures, $34,034; total
I Liabilities$
$
$
$
Assets3,167,550
$2,345,250; trade agreement, $822,300; total
Good-will,
3,839,200 3,844,700
Plant, franchises,&c.4,140,778 4,166,141,Capital stock
70,792
$16,178; investment of sk. fund, $54,614; total_
Investments,
8.479
payable...
Accounts
28,395
278,031
298,309
__
_
owned..
Securities
56,622
expenses
Organization
Reserves
24,745
'
97,356
17,947
Miscellaneous assets. 892,623
total
158,342
$7,078;
receivable,
bills
$151,264;
Cash,
686,361 675,029
24,543 Profit and loss
Cash in treasury_ ___ 27,076
Accounts receivable (customers, $724,819; misc., $2,216)-- 727,035
---531,989
Inventories of coal and wood
4,558,735 4,506,071
4,558,785 4,566,0711 Total
Total
Inventories of feed, supplies and stationery, $30,825; prepaid
59,504
deferred charges, $28.679; total
and
expenses
and
materials
$68,229;
supplies,
receivable,
accounts
a Includes in 1914
Liabilities-Capital stock 1st pref. 7% cum., $1,750,000; 2d
$15,245, and pre-payments, $9,149.-V. 98, P. 1687.
5,210.000
pref., 7% cum., $1,710,000; common, $1,750,000
242,000
Mtge. bonds, 5%,$222,000; mtge. 54-10%, $20,000; total
Bills payable, $316,428; accounts payable, $585,076; total__ _ 901,504
American District Telegraph Co. (of New Jersey).
8,704
Accrued charges
Reserves-For bad debts, $9,924; for depreciation of coal in(Report for Fiscal Year ending Dec. 31 1914.)
15,570
ventories, $5,645; total
Surplus-Special surplus (sinking fund), $72.114; provision for
President Newcomb Carlton says: "An increase of $125,000 in gross
pref. dIv., $61,250; undistributed profits. $17,059; total...... 150,423
operating revenues and income cannot but be viewed with satisfaction.
is
norabout
-V. 99, p. 1752.
The ratio of operating and other expenses to gross revenues
mal. Prospects are fairly favorable."
Miami (Ariz.) Copper Co. (of Delaware), New York.
INCOME ACCOUNT FOR CALENDAR YEARS.
1911.
1912.
1913.
1914.
(Report for Fiscal Year ending Dec. 31 1914.)
$2,517,682 $2,391,818 $2.351,347 $2,162,784
Gross
1,465,7041 1,369,857
1,734,445
Oper. ex., deprec., &c... 1,808,729
Channing,V.-Pres.and Cons.Eng.,wrote in sub.:
Parke
J.
14,789
13,572
15,325J
Bd.int.(A.D.T.of N.J.)
During 1914 the net production of refined copper was 33,296,010 lbs..
tons of ore. For the last 5 months
$792,927 derived from the treatment of 1,096,633
$870,318
$642,584
$695,381
Net
on a reduced scale of production, due
398,552 of the year the property was operated
398,554
398,562
398,556
Dividends (4%)
European war.
to the unsettled condition of the market occasioned by the
the cost per pound of copper produced
$394,375 Despite the reduction in tonnage,
$471,764
$244,028
$296,819
Surplus
years.
two
preceding
the
of
either
for
than
was lower
BALANCE SHEET DEC. 31.
Section 6 of the mill was operated successfully during the year with the
improvements and changes mentioned in last year's report, and the remodel1913.
1914.
1913.
1914.
way, and
ing of the whole mill to correspond with this section is well under
$
Liabilities$
Assetsan increased
9,905,351 9,965,351 will increase the capacity of the mill to 4,200 tons a day with
Properties acc't...i2,368,500 11,989,690 Capital stock
saving.
of
ratio
15,243
15,243
399,847 Cap.stk.sub. cos_
Securities owned__ 213,836
304,000
229,961 Bonds
330,000
240,065
Cash
Data from Report of General Manager B. Britton Gottsberger.
Pur. money mtgs_ 455,625
498,125
Bills & acets rec'le
Development.-Underground development consisted of 22,865 ft. of drifts
168,501 Pay'ts rec. in adv.. 216,267
159,917
(less reserve)--- 217,428
ore-body. On account of the
13,988 Reserves
822,807 and raises, almost entirely within the Captain
845,291
15,824
Deferred charges_
extract it in two lifts, the upper one
211,785 thickness of the ore, it is planned to level,
98,397 Miscellaneous_ _ _ 207,271
Supplies in stock.... 117,021
which point a transfer will
from
270-ft.
the
above
ore
the
Surplus
897,156 consisting of
81,161,626
raises.
be made to the main tramming level through specially preparedwork
---on
is
completed and
level
tramming
420-ft.
the
of
development
The
Total
13,170,074 12,900,384
13,170,674 12,900,384
Total
to
permit
sufficiently
was
advanced
above
the transfer level and sub-levels
One room was completed by
May.
of
month
the
in
stoping
actual
of
to
relating
prior
for
adjustments
$32,350
1914
a After deducting in
Aug. 1. at which time further work was discontinued, but ore extraction
period.-V. 100, p. 1439, 1350.
1914
THE CHRONICLE
from this section can be resumed whenever necessary. In mining this orebody the shrinkage stope method will be used with modifications based
upon our previous experience, consisting principally of the use of much
narrower rooms and pillars. During the year 22,865 ft. of drifts and raises
were driven, viz.: 19,430 ft. drifts. (4,182 on 270-ft. level) and 3,435 ft.
raises (1.981 on 420-ft. level).
Operations.-Ore hoisted during the year amounted to 1,099,208 tons,
derived from the following sources: Development, 78,160 tons; square sets
and slicing, 345,908 tons; shrinkage stopes, 675,140 tons.
The results of milling operations for the year are given below: Ore milled,
1,096,633 tons at 2.28% copper; concentrate produced, 44.579 tons at
39.31% copper; copper in concentrate, 35,048,445 lbs.; copper per ton
ore, 31.96 lbs.; mill extraction, 69.93%. From the above concentrate produced, the smelter returns of refined copper amounted to 33,296,010 lbs.
Cost of Refined Copper in Concentrate on Board Cars at Miami, Based on
Smelter Returns.
Per ton ore. Per lb. copper.
Mining
81.18756
30.039205
Milling
.49963
0.016456
General
.27176
0.008951
Total
$1.95895
30.064612
Ore Reserves.-At the beginning of the year it was contemplated that further prospecting of the ore-body in depth would be undertaken and a drift
from the main shaft to the ore-body was started on the 720-ft. level, but at
the time of the curtailment this plan was held up. The ore reserves will,
therefore, show no increase. The reduction, however, is less than the
amount of ore mined during the year, as current development work resulted
in the opening up of small additional tonnages. The amount of ore in
reserve Jan. 1 1915 was: High-grade sulphite ore, 19,500,000 tons, 2.40%
copper; and low-grade sulphide ore, 17,000,000 tons, 1.21% copper; total,
36,5130,000 tons, 1.85% copper. There are, in addition to the 36,500,000
tons of sulphide ore, 6,000,000 tons partially developed mixed sulphide and
oxide ore of an approximate grade of 2% copper.
Outlook.-Early in the coming year the mill improvements under way
will permit of the handling of larger tonnages, and as the mine will be able
to respond to the increased demand as soon as necessary, an increase in
copper production can be looked forward to. The improved conditions
may be expected to show a still further reduction in the cost of copper.
INCOME ACCOUNT FOR CALENDAR YEARS ENDING DEC. 31.
1914.
1913.
1912.
32,879,447 33,134,334 32,477,923
Copper sold (lbs.)
13.3488 cts. 15.2404 cts. 16.582 cts.
Price per pound
Total sales
$4,389,026 $5,049,807 85,385,502
DeductionsConcentrates
$1,835,081 $2,313,400 81,916,479
General mine expenses
298,019
298,257
187,578
Freight on concentrates
213,659
219,558
223,691
Smelt., refg. & freight on pig copper.... 613,911
665,417
753,976
Selling expenses
85,839
67,398
41,694
Legal expenses
15,162
12,511
N. Y. office expenses and taxes
41,775
45,127
39,780
Silver proceeds
Cr.38,888
Cr.51,533
Cr.41,697
Gold proceeds
Cr.231
Cr.969
House rentals
Cr.10,293
Cr.5,788
Cr.6.417
Gain in power & supply accounts_
Cr.27,868
Cr.48,994
Total deductions
Balance
Other income
$3,026,396 $3,515,122 $3,114,115
$1,362,630 $1,534,685 $2,271,387
57,750
47,500
65,041
Total
$1,420,380 $1,582,185 82,336,428
Interest on loans (less bank deposits)- $52,274
$50,853
$42,255
Interest on bonds
1,290
2,060,
135,278
Depreciation
223,874
169,097
(30%)1,120,375(40)1491,989(30)1100,112
Dividends
sur.8111,163 def.$186,591 sur.$994.693
Balance, surplus or deficit
BALANCE SHEET DECEMBER 31.
1913.
1914.
1914.
1913.
LiabilitiesAssets$
3,735,560 3,733,795
Mining property-_1,517,231 1,548,050 Capital stock
1,686,726
First mtge. cony. 63- 19,000
1,535,208
Development
25,000
2,948,512 2,879,489 Prem. on shares less
Construction
expenses of Issue....1,995,412 1,991,177
100,000 100,000
Stock investment_
Deer. pay roll, &c__ 63,789
Ore and metals on
75,710
.966,489 797,894 Smelt. & fgt. charges 223,859 211,292
hand, &c
Materials & supplies 302.199 322,179 Machld'y & supplies 21,544
19,969
1,467 Accident reserve_ _ _ _ 15,325
1,752
Unexpired insurance.
54,269 Res. for bullion taxes 16,875
124,737
Cash
16,875
20,369
Profit
and
43,024
loss
receivable_
Accounts
1,447,788 1,336,625
[VOL. 100.
The ore body developed at Chivatera has opened out most satisfactorily
during the year. This ore is thoroughly oxidized and while it contains
but about 2% of copper, it averages 12 to 15 ounces in silver and some gold.
As the ore body stands, it now contains several years' reserves on the basis
of 150 to 200 tons daily production, and there is a considerable territory lying ahead of the present developments that gives promise of important deveiopment.
Operations.-Throughout the year 1914 the political disturbance and civil
war in Mexico has continued. During the first half of the year we were
obliged to close down our mines and works for short periods, once because
Of local disorder and once because of landing of troops at Vera Cruz. Finally, on Aug. 15, we were again obliged to close the works and have been
unable to resume operations since on account of continued warfare in northern Sonora. During most of this time our port of entry, Naco, has been
besieged and all traffic with Cananea cut off. At the present time the port
Is closed to commerce. While production has been impossible, we have
maintained a few hundred men at work. We have operated our power
house for pumping at the mines and public service purposes,and have also
undertaken a small amount of development work at the mines. A large
gang of Mexican mechanics have also been employed in making repairs
about the works, which are now in good condition.
Throughout these serious times our property has not suffered any irreparable damage and our losses have been comparatively light. We have
studiously avoided mixing in any way in politics and we believe that our
company stands high in the regard of all factions involved in the war. We
believe and hope that during the first half of the present year conditions
will be such that production may be resumed. The desirability of starting
up is apparent both on account of the favorable outlook for the price of copper and on account of the desperate needs of the working people.
CONSOLIDATED INCOME ACCOUNTS OF OPERATING COMPANIES.
(1) Greene Consolidated Copper Co. and Cananea Consolidated Cop.Co.,S.A.)
1914.
1913.
1912.
Copper sales
$2,794,140 $6,139,917 $6,554,930
Silver sales
471,792
774,144
622,452
Gold sales
115.741
138,900
90,577
243,202
Miscellaneous
383,429
368,393
Copper in process end of year
228.123
139,748
293,116
Total
DeductOperating expenses
Interest on advances
Legal and general expenses
Taxes
Depreciation
Copper in process first of year
Net income
(2) Net income San Pedro Copper Co
$3,852,998 $7,576,138 $7,929,468
$2,845,964 84,937,586 $5,263,082
17,987
19,204
41,990
40.114
30.122
49,433
15,665
985
160,071
85.410
152,647
139,748
293,116
182,629
$615,792 $2,186,260 $2,280,799
23,163
158,332
330,030
$638,955 $2,344,592 $2,610,829
Total net income
Divs.Paid (Chiefly to Greene-Cananea Copper Co.GreeneCons.(95.4%to par't co.)(10%)$1,000,000(9M)$950000(14)1400,000
225,000
San Pedro (all to parent co.)
800,000
.Balance after divs. or oper. cos.._ _def.$361,045sr.$1,169,592sur.8410,829
COMBINED BALANCE SHEET DEC. 31 OF
Greene Consol. Copper Co. and Cananea Consol. CopperCo., S.A.
1914.
1913.
1914.
1913.
Liabilities$
$
AssetsCapital stock (par
Real estate, mines.
10,000,000 10,000,000
810)
railways, &c_ _.10,009,029 9,985,311
236,979
Prepaid taxes, &c..
34,691 Sundry creditors
372,688
1,822
5,610
Accrued labor_ _Unsettled copper,
21,309
769
769
&c. sales
609,3031 4,196,871 Unclaimed divs_ _ _
Reserve for conNotes,& acc'tsrec_ 546,748f
91,056
tingencies
Demand loans_ _
31,583
2,976,506
Supplies & mdse_
689,767 1,064,335 Res vs for handling
supplies,&c_ __ _ 189,950
55,866
Inventory of cop28.585
32,796
per in process__ 228,123
139,748 Other reserves_ _ _ _
4,628,373 5,012,581
Cash
119,024
104.636 Surplus
Office fur. & fist__
1,000
1,000
Total
15,181,322 15,530,592
Total
15,181,322 15,530,592
a Includes real estate, mines and mining claims, buildings, concentrator
railways, smelter plant, and equipment, &c., $9,985,311, and new machinery, construction, &c., during 1914, $23,718.-V. 100, p• 1081.
Chicago Railway Equipment Company.
(22nd Annual Report Year ending Dec. 31 1914.)
Total
7,539,152 7,410,443
7,539,152 7,410,443
Total
Pres. E. B. Leigh, Chicago, Feb. 2 1915 wrote in subst :
* Includes in 1914 copper sold for future delivery less advances, 8899,854;
copper inconcentrates, $91,336; silver, 89,237, and ore, $6,061.-V. 100,
General Situation.-The ebb in business continued with only one or two
slight revivals throughout the year. The practically adverse decision of
p. 1352, 1262.
the I. S. C. Commission was coincident with the declaration of war. The
Greene Cananea Copper Co.
official records (for the U. S. and Canada) show:
((Report for Fiscal Year ending Dec. 31 1914.)
1914.
1913.
1912. Previous Min.
Total No. of cars ordered
80,264 146,732 234,758 62,669 in 1908
Pres. Thomas F. Cole, Duluth, May 15, wrote in subst.: Total No. of cars built
104,541 207,684 152,429 62,950 in 1904
In 1914, therefore, the smallest number of cars was ordered for any
The number of shares of the Greene Consolidated Copper Co. now owned
by this company is 959,378 out of an outstanding issue of 1,000,000 shares. Year except 1908, while the number built was in excess of some previous
During the year dividends aggregating $972.645 were paid.
years, owing to the "hold-over" or unfilled orders of 1913. The reluctant,
The mines and works owned and controlled by your company produced partial allowance in December last of the rates asked for can hardly be
during the year 1914, including ores purchased, 21,858,920 pounds of fine expected to immediately restore railroad credit, so greatly impaired by
copper, 907,310 ounces of silver and 6.054,970 ounces of gold. The com- several years of almost hostile attitude toward this great industry.
bined net income amounted to $638,955. The average price received for
Operations.-The new Franklin mill completely reconstructed following
copper produced during the year 1914 was 13.8382 cts. per pound. The the fire of May 1913 was started up in June 1914 and is one of the most
total cost per pound of refined copper, after deducting values of precious modern plants of its kind in the country. With its principal departments
metals and miscellaneous revenues, was 10.724 cts. per pound. The cost out of commission for more than 12 months and the almost complete dearth
includes depreciation charges and all shut-down and other expenses.
of business, the operations of this plant are a promise of what may be connormal business conditions are restored;
Statement by W. D. Thornton, Pres. of the Greene Consolidated fidently expected from it whenever
the
net results, however, were not favorable from the standpoint of profit.
Copper Co., May 15 1915
The Grand Rapids plant, with its labor-saving machinery, was able to
The refined copper production for the year of the Cananea Consolidated
of the year, and the
Copper Co., S. A.., was 20,131,317 lbs., all of which has been sold, bringing earn a handsome proportion of the total earnings
contributor to your earnings.
13.87957 cts. per pound. The cost of producing a pound of copper was Marion plant has also been an important
usual excellent condition.
10.6113 cts. The above figure includes all our expenditures for the year Your other plants continue in their
Stockholders.-Number 736, increase 24,
and therefore does not represent the actual cost during the operating perDividends.-On Dec. 31 1914 your company paid its 73rd dividend, being
iods. Operating profits amounted to 8615,792, after charging off all expaid, and without reduction.
penses of shut-down, &c. Dividends amounting to $1,000,000 were dis- the 70th consecutive quarterly dividend
It
is gratifying that as a result of the conservative policy heretofore purthe
company
shareholders
of
during
tributed to the
the year.
expedient
to continue your dividends
it
The financial condition of the company is excellent, but a large portion sued, your directors have found
of our cash balance will be required to carry on the comppay's business when under conditions so discouraging to many other corporations.
Rickerts
states
in his report, the plants
operations are resumed. As Dr.
BALANCE SHEETS OF DECEMBER 31.
and mines of the company are in good condition and ready to operate on
Assets1911. '
short notice. Ore reserves increased during the year, and there is no doubt Real
13
4,477 $11,961836.,429 $1,726,335 $1,374,299
est.,
,9
90
bldgs.
&
mach- $11
that results would be most satisfactory if conditions were normal.
774,895
775,706
good-will_ _ _ __
773,042
770,352
The Greene Consolidated Copper Co. owns the entire capital stock of Patents,
on hand, ChiThe Cananea Consolidated Copper Co., S. A., the mines and works of Material
cago, Detroit, Grand.
which are located at Cananea. Sonora. Mexico.]
Rapids,Marion,FrankCondensed Extracts from Report of S. D. Ricketts, Pres. of Cananea
747,284
867,874
lin and Montreal
80194;298558
Consolidated Copper Co.
19,485
Investments, &c
The mines in general are looking very well and there is more and richer Acc'ts & bills rec.& cash.
591
4:7
1
15
4
385
,
7
58
19,4
731
3:7
55
39
1
425,006
there
has
time
than
been
for
sight
at
the
present
a
ore in
number of years.
7,833
Deferred charges
13,831
Important developments have been made in the Sierra de Cobre mine.
The ore reserves in the old Eureka mine have decreased, although this
$4,043,166
$3,944,619
Total
84,058.911
$3,238,577
production
for
several
years, but this decrease has far
ground will continue
Liabilitiesmore than been made up by the development of ore in the territory between Stock outstanding
$2,486,000 $2,486,000 $2,486,000 $2,485,000
Sierra de Cobre shafts 1 and 2, which has opened up in a most encouraging Accounts payable, &c
86,447
114,563
255,538
79,384
way, and has given us a large reserve of smelting ore of good grade. There Bills payable
300,000
100,000
300,000
has also been good ore encountered west of Sierra de Cobre shaft No. 2, Reserves
841,303
828,955
803,169
216,950
and a very large body of gossan has been cross-cut that is a promising pros- Surplus account
a329,416
415,101
214,204
457,243
pect, but it must be developed at a greater depth.
The ore body in the Capote mine has been extended on the 8th, 9th and
$4,043,166 $3,944,619 $4,058,911 $3,238,577
Total
10th levels, and the development here is most encouraging, especially, on
the 10th level, where the ore contains about 3.17% of copper. It is a
a After deducting $500,000, amount transferred to general reserve and
primary ore in granite, and we have every reason to believe that it will go included in "Reserves" ($841,303), as shown above.
to a much greater depth. Itis proposed to cross-cutfor the ore on the 11th
Dividends paid during 1914, $174,020; 1913„$174,020; 1912, $174,020;
level of the new Capote shaft No. 15, and as soon as production is resumed 1911, $173,950; 1910, $173,906; 1909, $173,600,
and in 1908 and 1907.
we will coubtless sink this shaft to the 1,500 ft. level and run cross-cuts.
$173,602, charged to surplus account.-V. 98, p. 1689.
RNA
JUNE 5 1915.]
THE CHRONICLE
1915
BALANCE SHEET MARCH 31.
1914.
1915.
1914.
1915.
Licg)i ticsAssets$
2.061,300 2,045,400
Preferred stock
Property, franchises.
3,110,450 3,110,150
patents, &c
4,629,065 4,493,210 Common stock
Pres. S. H.Fullerton, East St. Louis,Mar.23, says in sub.: Material on hand_
505,000 531,691 Accounts payable__ _ 329,003 285,032
206,000 159,191
The stockholders on Jan. 15 1915 voted almost unanimously for renewal Accounts & bills rec_ 298,343 343,867 Notes payable
1,722
1,685
75,058 Miscellaneous
105,301
of the charter for 5 years from Feb. 1915, with the understanding that the Cash
126,160 119,660 Reserve for depr.,&c. 261,787 243,870
best efforts of the officers and directors would be used to liquidate the assets Investment
212,049 217,646
Surplus
Deferred charges (be
of the company within that time.
ing written off).
518,442 499,488
The extreme depression prevailing during 1914. which still continues,
necessitates our leaving in the forest a large percentage of the low-grade
6,182,311 6,062,974
Total
Total
6,182,311 6,062,974
logs, which will not bear the cost of manufacture and transportation. This
re-estimate
has
made
a
and
re-valuation
-V. 100, p. 1755, 1596.
results in an absolute loss, and
necessary, with the result that we are forced to shrink our property values
in excess of $1,000,000. Should conditions improve, a part of this may be Baldwin Co. (Pianos, Organs and Piano-Players), Cinc.
saved, but should conditions remain as they are or become more acute,
(Report for Fiscal Year ending Dec. 31 1914.)
further reductions may be necessary.
In our retail department, the first 6 months' business was not up to
The report says: There is no bonded or mortgage debt. There are no
normal. The last 6 months, owing to favorable crops and high prices pre- contingent liabilities. Manufacturing plants, salesrooms and stock fully
vailing for farm products, was very much better, and we made a reasonable
All bills discounted monthly. All bills and accounts receivable
showing. In our wholesale department the result has been reasonably insured.
satisfactory, although the extreme depression restricted the volume of our held by the company.
business considerably and the export business was practically stopped on SALES AND INCOME ACCOUNT YEARS ENDED DECEMBER 31.
account of the European war. The manufacturing plants in which this
Total
Added to Pf. Divs.
Total
Divs. on
Added to
company is interested showed an actual loss on account of the extreme low
Earnings. Reserve. (6%).
Common.
Sales.
Surplus.
prices that prevailed for the product.
Notwithstanding the depression, the financial condition of the company 1914 __ _$5,781,206 $409,876 $83,803 $48,000 *(8)$88,160 $134,813
555,784 133,344
48,000 *18) 83,976
1913 ___ 6,202,183
237,979
Dec. 31 1914 compares favorably with that of former years, as follows:
441,912
96,399
48,000 * 8) 80,000
1912 ___ 5,462,230
167,513
313,302
70,636
48,000
8) 80,000
1911 ___ 4,793,683
114,666
Current Assets1912.
1914.
1913.
330,260
71,181
48,000
8) 80,000
131,079
Merchandise
$1,801,194 $1,935,306 $1,914,382 1910 ___ 4,933,825
411,130 112,095
48,000
(8) 80,000
171.035
Notes and accounts
3,228,584
2,371,501
2,090,459 1909 _ 4.970,002
306,031
61,937
48.000
(8) 60,000
136,094
Cash
412,429 1908 ___ 4,277,522
483,161
289,723
94,743
48,000
360,775
(5) 50,000
1907...._ 4,549,124
168,032
372,278
64,701
48,000
(4) 40,000
219,577
Total
$5,512,939 $4,596,530 $4,417,270 1906 _-_ 4,423,572
Current Liabilities, &c
1,434,039
1,559,698
2,770,986
5%,
calling
for
$55,100
in
* Also a stock dividend of
1914, $52,485 in
Excess of current assets
$2,741,953 $3,036,832 $2,983,231 1913 and $50,000 in 1912.
Ratio of current assets to liabilities
308%
300%
200%
GENERAL BALANCE SHEET DEC. 31.
This statement includes all liabilities of subsidiary companies as well as
1913.
1914.
1914.
1913.
accounts due to allied companies by the Chicago Lumber & Coal Co..
LiabilitiesAssets3
The prospect for the coming year is not at all bright, but the officers and Real estate & bidgs_ 642,794 626,397 Common stock
1,157,585 1,102,485
directors assure you of their best endeavors to liquidate the assets as fast Machinery
368,555 369,847 Pief.stk.(6% cum.) 800,000 800,000
as reasonably satisfactory returns can be secured.
Cash
280,048 212,474 Surplus earned
1,626,994 1,492,182
Bills
&
accts.
2,645,049 Reserves
recelv-2,876,602
1,045,978 962,175
PROFIT AND LOSS SURPLUS ACCOUNT DEC. 31.
Merchandise, raw &
Accts. pay. & taxes_ 232,975 252,751
1914,
1913.
manufactured
1,435,633 1,452,826 Bills payable
740,100 697,000
Net profits and income for year: Merchandising and
Total
manufacturing profits of controlled and allied cos.,
5.603.632 5,308.593
Total
5.603.632 5.306,593
marketing,
maint.
and
of
after deducting (1) all exp.
-V. 100, p.400.
(2) adequate provision for bad & doubtful accts. and
deprec'n of plant & equip., and (3) the original cost of
stumpage cut during year,and incl. discount on capital
Standard Gas 8; Electric Co.
stk. purch., viz., $25,450 in 1914 and $64,723 in 1913_$153,458 $472,030
Add-Amount brought forward from preceding year__.._ 186,382 327,901 (Additional Data from Report for Year ending Dec. 31 1914.)
The text, earnings, balance sheet, &c., were cited in the
Total
$339,840 $799,931
Deduct-Appropriations to reduce book value of invest"Chronicle" of April 3 last, page 1165. Further data from
ments in allied cos. to the approximate market value
as estimated by the officers, Szc
$518,549 the report follow:
$617,719
Provision against further loss on liquidation
Bonds of Subsidiary Companies Outstanding, None of which is Owned by Standard
Amt, written off book values of invest, in affiliated cos__ 660,000
Gas & Electric Co., Dec. 31 1914.
Losses on investments, &c., disposed of during year_ _ __ 16,929 •
CompanyDescription.
Amount. See "Chron."
Dividends: 1st pref. (6%), $57,350; 2d pref. (7%).
Ry., Lt. & P. Co.Ark.
Valley
V.94,9.1625
92,271
$34,922; total
95.000
1st S. F. 58, 1921
Pueblo Trac. & Ltg. Co
$1,020,000 V.75,9.1204
Pueblo & Sub. Tres.& Ltg
1st & Ref. S. F., 1922
1,947,000 V.93,p.45
Balance, surplus or deficit for year
def.$1.047,079sr$186382 xConsumers' Power Co.
Fargo & Moorhead St. Ry
1st 58, 1925
200,000;See "El.Ry.
CONSOLIDATED BALANCE SHEET OF CHICAGO LUMBER & COAL
do
2d 68, 1925
do
do
100.0001Sec.." p. 53
CO. AND COS. EITHER COMPLETELY OWNED OR CONGrand Forks Gas & El. Co__ _Ref. 58, 1925
311,000 V.9.1,9.466
TROLLED AND OPERATED DECEMBER 31.
Interstate Light & Power Co 1st 68, 1932
604,000 V.91,p.1632
Mankato Gas & El. Lt. Co.
Cons. Ref. be, 1935
1914.
1913.
1914.
1913.
50,000 V.82,9.1500
Mankato Gas & Electric Co
1st 55, 1920
AssetsLiabilities200,000 V.90,p.1242
5
Minot Lt.& Telephone Co
Gen. 68, 1926
Ch.L.& Co. stock_y6,162,600 6,319,200
Real estate, im35,000
1st 68, 1925
do
do
do
Interest in controlled
46,000
prov'ts, standNorthern Heating Sc El. Co_....1st 5$, 1920
800,000 V.91,9.592
companies not held 822,085 922,900
ing timber, &c_ x2,922,682 4,823,529
1st 58, 1915
Red River Power Co
Purch. money obligs.
300,000 V.91,p.468
Invest'ts in other
Union Light, Heat Sc Power
1st 58, 1932
of controlled cos_ 50,000
475,000 V.84,9.1372
companies
50,000
Minneapolis Gen. El. Co
1st 55, 1934
1,914,382 1,935,308 Depos. by stockhold
7,777,000 V.99,p.1601
Merchandise
do
do
6% coupon notes, 1917 2,000,000 V.99,p.1601
do
ers & empl,yees__ 69,504 111,351
Notes and accounts
Northern States Power Co
Coll. Lien 6% Notes,'17 5,000,000 V.94,p.1701
a2,090,459 2,371,500 Bills & accts. payle_1,314,536 1,398,348
receivable
Consumers'Pow.Co.(Minn.)_Coll. Tr. Notes, 1917
412,429 289,724 Undivided profits_
Cash
186,382
853,000 V.100.p.400
Nor. Miss. River Power Co_ - _1st 5s, 1938
31,694
32,912 Unrealized surplus_
Other resources
464,791
2,053,500 V.96,9.1026
Sioux Falls Light Sc Power Co_Gen. 5s, 1931
1,047,079
Profit and loss
225,000 V.93,9.475
do
do
do
1st 6s, 1926
720,000 V.93,p.475
Sioux Falls Elec. Lt.& Pow.Colst 68, 1926
Total
8,418,725 9.452,972
Total
100,000
8,418,725 9,452,979
Louisville Gas Sc El. Co
1st & Ref. 65, 1918
8,500,000 V.100,9.1082
Includes
real
estate
x
improvements, standing timber, &c., $1,595,263:
do
do
do
6%
gold
notes,
1918
335,200
V.100,9.1082
investments in other companies, $1,443,059; total, $3,038,322; less adLouisville Lighting Co____ __ylst 5s, 1953
3e3,119,000 V.96,9.719
justments, $115,640; balance, as above, $2,922,682.
Muskogee Gas Sc El. Co
1st Deb. 5s, 1924
310,000
V.98,9.1320
Consists
of
iotes
and
accounts receivable (general), $1,816,194, and
a
Muskogee Gas Co
30,000
stockholders and employees (of which 76% is secured by deposit of stock Nor.Idaho Sc Mont.Power Co.- 1st 68, Serial
V.99,9.535
of the Chic. L.& C. Co. or its allied cos.), $361,843; total, $2,178,037; less
Willamette Valley Co
1st 58, 1930
718,000
reserves for bad and doubtful accounts, &c., $87,578; balance, $2,090,459. Oklahoma Gas Sc Elec. Co
1st 58, 1929
2,563,090 V.93,9.1327
y Chicago Lumber & Coal Co.stock in 1914 was $6,500,000,less common
do
do
do
Deb. 68, 1922
228,500 V.93,9.1827
stock in treasury, $337.400.
Ottumwa By.Sc Lt. Co.V.99,9.675
Note.-The Chicago Lumber Sc Coal Co. guarantees $1,978,000 Gulf
Ottumwa Trac. Sc Light Co 1st 58, 1921
286,000
Lumber Co. bonds as to prin. and int., these being, however, primarily San Diego Cons. Gas &El. Co_ 1st 5s, 1939
4,266,000 V.100,9.985
secured by standing timber and other property of an aggregate value of
do
do
Deb. 6s, 1922
do
108,000 V.100,9.985
$7,197,083.-V. 100. P. 1170.
1st 611, 1934
Sapulpa Electric Co
140,000
Tacoma Gas Co. Real Est. M.(due $2,500 s.-an.)
115,000 V.90,p.1332
1st 5s, 1926
Tacoma Gas Sc El. Lt. Co
416,000 V.89.9.108
Federal Sign System (Electric), Chicago
Western States Gas Sc El. Co.
American River Elec. Co
1st S. F. 53, 1933
392,000 V.91,9.1712
(Report for Fiscal Year ending March 31 1915.)
Total
$46,341,290
Chairman Samuel Insull, as of May 15,says in substance:
x All of Consumers' Power Co. stock except qualifying directors' shares owned
The volume of rentals and sales business has not materially diminished; by Northern States Power Co. y Total amount outstanding, $3,121,000, is
of which
but, owing to an increase in selling cost, the margin of gross profits has $2,000 are owned by Louisville Gas Sc Electric Co. of Ky.
decreased. The enforced economies practiced by many electric lighting
companies has caused a substantial decrease in the purchases of our adver- Bonds, Coupons and Promissory Notes Owned Dec. 31 1914 by Standard G. & E. Co.
tising devices, the sales of electric signs during the year having fallen off
-Bond Issues, wholly or partly owned- -Promissory Notesabout 40%. In so far as volume of business is concerned this loss has
CompanyIssue.
Owned. Total Ised. Owned. Issued.
been nearly offset by the sales of other articles, but the profit realized from Ark.&T.0.&G__Ist 6s, 1915
53,000
$20,000 None
such sales is considerably less than the profit ordinarily realized from the Ark.V. R.,LAP_ lst Sc Ref. 58,1931 3,665,000 3,665,000
do
$60,000
sale of electric signs. Your directors believe that with a return of general Consum.P.Co__Ist S. F. 5s, 1929
1,920,000 6,879,000
do
prosperity and normal conditions of new financing, the electric lighting Enid El. Sc G.Co.lst 68, 1920
20,000
620,000 $65,003
70,000
companies will resume their purchases on an even larger scale. Already Everett Gas Co_lst 58, 1940
426,000
762,000 35,919
52,919
there is noted a slight improvement in the demand for the service and goods. Ft. Smith L.&T_Ist S. F. 58, 1936
150,000 2,671,000 None
Our business is of a substantial character and volume and should grow
do do do Deb.68, 1918
300,000
300,000
do
and new business, if evenly distributed in the territory now occupied,will
do do do
do
20,000
result in only a small increase in operating cost and largely increased profit. Mobile Elec. Co_lst 58, 1946
224,000 1,805,000
do
65,000
In view of the situation your directors have decided to make no dividend Muskogee a&E1.1st&Ref. 58, 1926
196,000 1,035,000
do
28.500
pref.
payments to
stockholders for the present. It seems wise to build N.L&M.Pow.Co.lst 6s, 1949
1,465,000 4,613,500
do
374,436
up a strong working capital and surplus and this policy, it is believed, will Olympia Gas Co.lst 55, 1945
70,000
120,000
do
ultimately result in the greatest benefit to the stockholders.
Ottumwa R.Sc L.lst Ref. 58, 1924
206,000 1,034,000
do
10,000
S. W.Gen.Gas.lst Sc Ref. 6s, 1931
499,000
499,000 60,000
60,000
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
Tacoma G.L.Co.Ref. 5s, 1926
683,000 1,559,000 15,000
55,000
West. States Gas
Year ending1914-15.
1913-14.
1912-13.
Sc El. of CaliLlst & Ref. 58, 1941
676,000 4,355,000 75,000 z314,100
Gross income
$1.869,150 $1,988,269 $1,533,674
do
do 6% Coup.Notes,'17
280,000
280,000 None
Expenses (including depreciation)
1,762,114
do
1,815,488
Dela
1,331,191
157,732
157,732
San Diego Cons.
Net income
Gas & El. Co_
$107,036
$172,781
$202,483
105,500
338,000
Revenue (stock divs.from investm'ts)
$92,500 Nor. States Pow.
sub. cos
None
72,250
Total net income
$107,036
$172,781
$294,983 Okla. G.&El.Co.
do
40,000
Preferred dividend (7%)
$106,864
$141,059
$134,040 Louisv. G.Sc EL
do
241,542
Amount charged against income to absorb development account
Total
62,251
510,783,000 530,217,500 $514,151 $1,959,479
Deductions affecting prey. year's surp.
17,966
41,450
z Includes $148,100 due to Western States Gas Sc Electric Co. of Delaware, and
Balance, surplus
$172
$13,756
$57,242 in turn carried by the Standard Gas Sc Electric Co.
Chicago Lumber & Coal Co., East St. Louis, Ill.
(Report for Fiscal Year ending Dec. 31 1914.)
1916
Amounts of Stock Owned by Standard Gas & Electric Co. Dec. 31 1911.
-Preferred Stock
Common Stock
Owned. Total Issued. Owned. Total Issued. %Own.
Ark. Val.RY.,L.& P.Co $125,000
$645,000 $3,499,400 $3,500,000 99.082
Enid Electric & Gas Co__ 439,300
439,300
499,500
500,000 99.9
Everett Gas Co
310,030
253,900
722,500 1,000,000 72.25
Ft. Smith Lt.& Tr. Co._ 798,700 1,410,000
949,000
950,000 99.089
Louisville Gas & El. Co
1,780,000 al0,802,500 1,030,000 a6,390,800 16.119
Miss. Vail. Gas& El. Co_ 1,300,000 1,300,000 1,248,500 1,250,000 99.88
852,500
Mobile Electric Co
277,500
864,200
950,000 90.968
b Muskogee Gas&El. Co- 511,500 1,433,300
765,000
765,500 99.931
Nor.Idaho & Mont.Pow.
80,100 2,500,000 1,381,300 4,000,000 31.607
Nor. States Power Co__ _ 607,200 8,386,700
759,500 5,975,000 12.711
c Okla. Gas Sc El. Co_
2,599,300 2,600,000 99.973
449,900
Ottumwa Ry.& Lt. Co
234,500
630,200
650,000 96.953
SanDlegoCons.G.&E.Co.
2,715,090 2,715,000 100
Southwest. Gen. Gas Co_
25,000
25,000 1,000,000 1,001,000 99.9
d Tacoma Gas Co
407,800
750,000 1,097,100 1,550,000 70.78
Western States Gas & El.
Co.,Delaware
212,300 2,125,000 3,145,700 3,503,000 89.8
•
Total
$7,032,800 $31,429,200 $22,910,100 837,300,300 61.421
a Mississippi Valley Gas & El. Co.owns$4,500,000 of the pro( stock and $2,500,000 common stock of Louisville Gas & El Co. making a total of 55.24% of the
common owned. b Owns all the stock of Sapulpa Okla. Elec. Co. except qualify
ing shares of directors. c Owns physical property at El Reno (Okla.) operatedunder lease by El Reno (Okla.) Gas & El. Co. d Owns all the stock of Olympia
(Wash.) Gas Co. except qualifying shares of directors.-V. 100, p. 1165, 1173.
Street's Western Stable-Car Line, Chicago.
(Report for Fiscal Year ending June 30 1914.)
Pres. F. J. Reichmann, Chicago, Sept. 22 1914, wrote:
The gross earnings for the year show a shrinkage of 3.70%. While there
has been some shrinkage in the volume of live-stock shipments the de-,
crease in gross earnings is largely due to the fact that the railroads have had
a surplus of idle cars throughout the year. Expenses were materially
increased by reason of the fact that the railroads have become more exacting in their demands upon car owners, so that we must take care of certain
services which were formerly assumed by the carriers. A constantly increasing proportion of the damage to cars must now be repaired at the expense of the owner. Net earnings, after deducting maintenance ofcars,
taxes and all other operating and general expenses, were $106,308. Deducting $82,085 for interest on bonds, the balance of $24,223 was carried
to surplus account. The total bonded debt has been reduced by $90,000
to $1,600,000, making a total of $400,000 canceled to June 30 1914.
The I.-S. C. Commission conducted an extensive hearing during last
March concerning the relation between carriers and private car lines.
Your management feels that nothing was developed at that hearing that
would in any way place your company, or the private-car-line industry,
in jeopardy. On the contrary, much evidence was submitted to show that
the arrangements between carriers and private car lines were most profitable to the carriers. The Commission has not yet made any rulings as a
result of this extensive hearing.
INCOME ACCOUNT.
Years ending June 30----- Year end'g
1914.
1912.
1913.
Dec.31 '11.
Net earnings (after maintenance, taxes, &c.)__ $106,308
$159,234
$120,226
$163,600
Interest on bonds
82,085
85,323
89,782
91,350
Net income
$24,223
$73,911
$30,444
BALANCE SHEET JUNE 30.
1014.
1913.
1914.
AssetsLiabilities-$
Cars,franchises, patCommon stock
3,800,000
ents, real estate,
Preferred stock
775,000
buildings,
_ _7,572,538 7,610,946 5% equip. gold bds_1,600,000
Constr. & materials.
80,349 101,380 Car renewal funds
&c..241,762
Accounts receivable- 115,106 143,327 Accounts payable__ _ 117,182
Cash
6,194 Bills payable
8,187
40,000
Prepaid expenses...
861
954 Surplus,available for
Bond discount
158,282 158,292 depreciation,&c_a1,361,389
Total
[voL. 100.
THE CHRONICLE
7,935,333 8,021,102
Total
$72,250
1913.
3,800,000
775,000
1,690,000
154,900
112,243
42,500
1,446,459
7,935,333 8,021,102
a After deducting $109,293 charges on account of prior period.-V.99,
D. 905.
Sherbrooke (Que.) Railway & Power Co.
(Report for Fiscal Year ending June 30 1914.)
Pres. C. J. McCuaig, Sept. 28, reported in substance:
While the gross income shows a gain of $15,344, or 12.13%, the net earnings only show a gain of $2,093, or 4.03%., owing to an increase of $13,251,
or 17.7%, in operating expenses. But for the delays in installing the
machinery and electrical apparatus of the Canadian Connecticut Cotton
Mills Co., the Canadian Brake Shoe Co. and the Panther Rubber Co.,
the earnings from these contracts would have been considerably larger,
whereas very little was realized from them during the year. The street
railway earnings were effected by a scarlet fever epidemic in Sherbrooke.
The industrial depression which affected the whole of Canada during
the past 18 mos. affected both the street ry. earns, and the power revenue.
The prospects for increased earnings in 1915 are as favorable as can be
expected, although they must be necessarily affected to some extent by
the European war. The company has contracted for the greater part of
the power available from its present development and the earnings should
show a satisfactory increase as soon as normal conditions again prevail.
The company has acquired the assets and undertakings of the Burroughs Falls Power Co., Ltd., at Ayers Cliff, P. Q., which adds another
electric lighting system to those already owned and a further interest in
the Lennoxville Light & Power Co., which controls the lighting and power
business of Lennoxville and Huntingdon.
Owing to general financial conctitions the past yearthe directors were
unable to sell sufficient securities to cover the entire costofthese extensions
and purchases,andadvances were obtained from our bankers to cover the
balance required.
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
Gross rev.,incl. rentals,&c
$141,990
$126,646
$89,440
Operating expenses
87,970
74,718
56,592
Net revenue
Deduct-Bond interest
Miscellaneous interest
Accidents, &c., written off
Office, &c., expenses
Disputed taxes,1911-1913
$54,020
$48,265
2,642
1,478
403
3,292
$51,928
$46,274
927
759
3,094
$32,848
$33,077
1,123
Total deductions
$56,080
$51,054
$34,200
Balance,surplus or def
def$2,060
sur$875 def.$1,352
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
LiabilitiesAssetss
$
$
$
2,206,206 2,146,841 Capital stock
Property
1,080,500 1,080,500
Bonds
Office furniture, &c_
757
1,090,500 1,080,500
Lennoxville Lt.& P.
14,649 Accounts payable..- 52,878
28,901
Bills payable
Mortgages
11,000
22,500
20,000
12,476 Bond int. July I.__ 20,785
Lt.& Pow.accts.,&o 14,261
26,824
Accts. dr bills receiv_ 10,355
31,519 Prop. sales account_
170
Suepense
Profit and loss
569
1,157
3,216
Merchandise
7,006
4,544
Cash on hand,&c
7,381
3,258
Cash for coupons_
20,785
26,824
Total
2,278,320 2,240,111
-V.99. p. 1053.818.
Total
2,278,320 2,240,111
Reading Company.
(Balance Sheets of June 30 1914.)
The text of the annual report and comparative statement
of earnings were given in the "Chronicle" of Sept. 19, pages
810, 821. The balance sheets of June 30 follow:
READING COMPANY BALANCE SHEET JUNE 30.
1913.
1912.
1914.
$
$
$
41,314,602 37,459,916 37,331,088
3,644,009 3,643,758
4,050.647
6,459,541 10,344,670 6,243,339
18,563,708 16,646,088 16,916,041
20,000,000 20,000,000 20,000,000
25,383,373 26,414,494 26,960,730
42,481,700 42,481,700 42,481,700
8,000,000 8,000,000
8,000,000
53,290,265 53,313,453 53,312,453
72,472,767 72,980,172 73,466,530
4,832,233 4,057,967 3,242,207
2,716,198 4,606,525
2,347,259
373,291
372,165
374,881
155,948
47,101
1,152,849
298,000
135,000
135,000
493,705
490,874
1,448,237
AssetsRailroad equipment
Floating equipment
Equipment accounts
Real estate
Phila. & Reading By. bonds owned
Bonds of sundry companies
Phila. & Reading Ry. stock owned
P.& R. Coal & Iron stock owned_ _ _ Stocks of sundry companies
Phila. & Reading Coal & Iron Co
Sundry railroads, &c
Cash
Accrued income
Philadelphia & Reading By
Notes receivable
Miscellaneous
Total assets
300,307,062
LiabilitiesStock (see "Ry. Sc Indus." section)_ _140,000,000
Bonds (see "Ry.& Indus." section) 128,357,831
1,539,297
Contingent account
3,031,642
Accrued interest and taxes (est.)
115,970
Current business
3,119
Miscellaneous
27,259,203
Profit and loss, surplus
Total liabilities
299,103,807 297,525,315
140,000,000 140,000,000
129,312,658 130,216,659
1,539,297
1,338,486
3,044,204 3,319,172
370,340
41,800
846
571
24,836,462 22,608,627
300,307,062 299,103,807 297,525,315
PHILADELPHIA 8z READING RY. BALANCE SHEET JUNE 30.
1913.
1912.
1914.
Assets$
$
all1,497,762 107,931,237 105,54f,791
Road and equipment
1,752,610
Marketable securities
1,550,610
1,948,600
Cash
1,422,042 5,325,406 3,950,316
Advances to proprietary, &c., cos_ _ _
709,005
596,392
626,634
Miscellaneous investments
580,220
• 997,198
836,160
Traffic,&c., balances
4,500,412 4,573,503 3,713,798
Due from agents
2,082,214 2,481,360 2,283,564
Materials and supplies
..
3,666,180 3,981,410 2,795,845
Loans and bills receivable
12,414
17,868
12,320
Insurance fund
1,050,373
1,045,598
1,059,226
Other deferred debit items
59,779
42,591
54,548
Total assets
127.708,024
LiabilitiesStock
42,481,700
Bonds (see "Ry. & Indus." section)_ 49,285,752
Mortgages and ground rents
131,061
wages
Vouchers and
3,597,247
314,342
Interest and rents matured
Traffic balances and miscell. accts.. 4,686,643
1,800,550
Interest, taxes, &c.. accrued
601,469
Operating reserves
981,723
Insurance fund
187,673
Other deferred credit items
15,213,687
Appropriated surplus_b
8,426,178
Surplus
Total liabilities
128,765,210 122,231,752
42,481,700 42,481,700
49,239,752 49,188,752
133,831
196,831
4,444,864 3,989,068
308,187
304,479
3,871,380 3,404,489
1.744,853
1,405,861
568,120
539,869
1,052,247
1,046,775
171,288
110,607
13,188,903 10,797,341
11,560,085 8,765,980
127,708,024 128,765,210 122,231,752
a For details in 1914, see V. 99, p. 825. b Appropriated surplus represents expenditures on property through income since June 30 1907 and
charged as an asset.
PHILA.& READ.COAL & IRON CO. BALANCE SHEET JUN1E
9132
0
.
.
1913.
$
Assets$
481,9
38
1
64.
8,138 48,905,220 49,397,660
Coal lands
841,691
841,691
Timber lands
841,691
839,540
839,540
New York and Eastern depots
839,540
1,824,284
1,786,608
Western yards and depots
1,736,979
553.138
553,138
Miners' and other houses
553,138
417,940
407,732
Pottsville shops, real estate. &c
391,463
675,108
675,108
Storage yards and washeries
851,892
403,488
396,425
Other real estate
388,425
12,959,224 12,959,224 12,959,224
Impts. and equip. at collieries
515
1 9,9
363
9:9
86
353
75,
:9
9728
13
5
3 9
Stks.& bds. of& loans to cos. control'd 9,8
2:8
663
92:9
615
8
Cash on hand
3,098,297
Coal accounts
3,634,568 3,221,693
Rent accounts
98
50
1,7
59
45
2
Companies and individuals
873,957
48,116
5,401,470 3,449,263
Coal on hand
776,701
1,433,010
1,566,268
Supplies and materials on hand
1,236,240
60,191
Steels, bonds Sc mtges. owned, &c
74,557
76,034
88,141,271 87,820,920 86,647,523
Total assets
Liabilities8,000,000 8,000,000 8,000,000
Capital stock
1,080,000
Bonds (see "Ry. Sc Indus." section)_ 1,050.000
1,110,000
72,472,767 72,980,172 73,466,530
Reading Company
1,062,744
1,226,028
Pay-roils and vouchers
1,033,421
1,342,606
Phila. Sc Reading Ry.current account 1,166,189
647,870
1,074,894
592,827
Interest, taxes Sc miscellaneous
930,008
3,314,677
2,599,287
Profit and loss
1,459,694
88,141,271 87,820,920 86,647,523
Total liabilities
-V.100, p. 1169. 230.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTICR ROADS.
Aberdeen (So. Dak.) Ry.-Receiver.---
A press dispatch from Aberdeen on May 28 stated that the stockholders
had agreed to place the company in the hands of a receiver, and appointed
a committee with a view to reorganization. The company has lawn losing
money for two yews past. At last accounts no bonds were outstanding.
Capital stock, 390.350.
Atlantic Coast Line RR.-Time for Exchange of Bonds
Extended.-The directors have extended to Dec. 1 1915 the
privilege of exchanging Unified Mtge.50-year 4% gold bonds
for General Unified Mtge. 50-year Series "A" 4
gold
bonds. Compare V. 98, p. 1243, 1154, 1070, 761; V. 99,
p. 1671.-V. 100, p. 1508, 1436.
Baltimore & Ohio RR.-Stock Decrease.-The following
decreases in capital stock of the subsidiaries of the Baltimore
& Ohio were announced:
Ohio River RR. Co.. from $6,000,000 to $10,000; Monongahela River
RR.Co..from $1,300,000 to $10,000; West Virginia 'Sc Pittsburgh RR. Co.,
from $900,000 to $10,000; Ravenswood Spencer Sc Glenville By. Co., from
$250,000 to $10,000; Huntington Sc Big Sandy RR. Co., from $200,000 to
$10,000.-V. 100, p. 1671, 1591.
JUNE 5 1915.1
THE CHRONICLE
1917
Chicago & Eastern Illinois RR.-New Director.Barcelona Traction, Light & Power Co.-Bonds.---A
D. Heed of Chicago has been elected a director for one year,succeeding
press dispatch from London says that the company is offering E.T.
H. Porter, resigned.-V. 100, p. 1751, 1671.
at 96 £900,000 (part of an auth. issue of £2,000,000) prior
Chicago Rock Island & Pacific Ry.-Default, &c.lien series "A" bonds, of which £450,000 are to be placed
See Cons. Ind. Coal Co. under "Industrials" below.
privately in the United Kingdom and the remainder elseEstimate
Apparently Misunderstood.-Receiver H. V.
where. See summary of financial plan in V.100,p.1830, 1751.
Mudge is quoted as saying:
Boston & Lowell RR.-Renewal of Notes."Estimated Rock Island results to Dec. 31. submitted to the Eastern
See Boston & Maine RR. below.-V. 100, p. 811, 732.
Boston & Maine RR.-Bill Signed.-Governor Walsh of
Massachusetts has signed the compromise bill providing for
the reorganization of the Boston & Maine system. Similar
legislation was enacted in Maine, but failed to pass in New
Hampshire and Vermont.
The company is authorized to purchase or consolidate with any or all of
its 29 subsidiaries, subject to ratification of two-thirda of the stockholders
of the roads affected. An entirely new corporation may be formed if necessary. The B. & M.is permitted to purchase the Hampden RR. at a price
to be fixed by the P. S.Commission. The bill contains provisions relating
to the issuance of securities, including one authorizing the B.& M.to reduce
its capital stock. Nearly all of these provisions require the approval of
the P. S. Commission. There is also a provision forbidding the officials
of the reorganized company to serve in interlocking directorates, or to sell
supplies to the road through other corporations in which they may be
interested.
Extension of Controlled Co.'s Notes.-Arrangements have,
it is stated, been made with bankers interested in five issues
of short-term notes of controlled cos. that matured Juno 1
and 2, aggregating $5,635,000, by which they were met by
new issues of the same amounts running for 12 months, in
order to permit a general reorganization of the system to be
worked out. The notes extended are:
Due.
Amount.
RoadNotes.
Connecticut River RR
*1-year 5s $2,000,000 June 2
6 mos. 6s
450,000 June 1
Connecticut River RR
1 6 mos.
2.300,000 June 1
Vermont Valley RR
1750,000 June 1
6 mos. 6s
Fitchburg RR
e 135,000 June 1
6 mos.
Boston & Lowell RR
* Representing a 01% basis to the Co. 1 Discounted at 6%.
In the case of all except the Boston & Lowell, the interest rate for the
new notes will be 6%, the rate for the new Boston & Lowell issue being
%. The maturing B. & L. notes were discounted at 6% interest.
-V. 100, p. 183.1, 811.
Camaguey Co., Ltd.-Proposed Sale.-The stockholders
will vote on June 22 on accepting an offer from the Electric
Bond & Share Co. to purchase the property for $500,000,subject tá outstanding bonds.
The company has $1,000,000 capital stock, and if the offer is accepted
the stockholders would receive approximately $50 a share. The company
has 5570173 1st M.5% bonds. No dividends have been paid for two years.
At one time dividends at a 4% rate were paid.-V. 100, p. 1751.
Committees, are apparently misunderstood. The last four months of our
fiscal year are always light and seldom earned fixed charges, whereas, the
first eight months make up for that and show some surplus.
"My figures were not in the form of an income account, but an estimate
of the probable cash we would have on Dec. 31, or amount we would have
earned above what we spent up to Dec. 31, assuming we started on an
oven keel July 1. That is not a fair set of figures for further computation,
because in the succeeding six months we would have to pay out large
amounts of interest which probably would not be earned.
"The estimate of $1,000.000 debt at the end of this fiscal year sounds
about right when you consider we have to charge $1,600,000 to depreciation
In operating expen; n. This is not actually paid out, of, course, but
amounts to that so f .r as the income account is concerned.'-V. 100, p.
1831, 1671.
Cincinnati Ilamilton & Dayton Ry.-Default on Underlying Bonds-Committee.-Default having been made in
the'payment of interest due June 1 1915 on the $3,000,000
General M. 5s of 1892 due June 1 1942, the following protective committee, representing about 40% of the entire
issue, requests the holders to notify the Columbia Trust Co.,
60 Broadway, N. Y. City, of their names and addresses
and amount of holdings: Willard V. King, Frederick H.
Shipman and Frederick H. Ecker.
The coupons due June 1 1915 on the car trust 5s of 1910 are being paid
at the office of J. P. Morgan & Co.-V. 100, p. 1672, 1167.
Cincinnati Indianapolis & Western Ry.-No Separate
Receivers.-Judge Hollister in the U. S. District Court on
May 26, in granting the applications for foreclosure decrees
under the 1st & Ref. M. and Indiana Decatur & Western
mortgage, refused to grant the petition of Receivers Harmon
and Smith of the Cin. Ham. & Dayton to appoint separate
receivers for the Cin. Ind.& West., because of the prospective
sale of the road..
The Court fixed the price for the line west of Indianapolis at $1,400,000
and for the whole road at $3,500.000.-V. 100, p. 1831. 1256.
Columbus (0.) Railway, Power & Light Co.-Bonds.-
The authorized amouns of the First Refunding & Extension Mortgage,
bonds 0" which issue are pledged to secure the Notes, is $25.000,000,instead
of $20,030,000, as shown last week. See V. 100, p. 1831.
Connecticut River RR.-Notes Renewed.See Boston & Maine RR. above.-V. 100, p. 1751, 1078.
Cuba Co.-Interim Dividend.-
An interim dividend of 10% has been declared on the $8,000,000 common
Charleston Interurban RR.-Notes Offered.-Robert stock,
payable July 1 to holders of record June 15. An initial payment of
Garrett & Sons and The Fidelity Trust Co.,Baltimore,are 7% was made for the year ending June 30 1914 in installments of 3X%
each
on
July 1 and Nov. 1 1914.-V. 99, p. 672.
placing, at 99M and int., $450,000 Three-Year 6% Collateral
Cumberland Corporation.-New Notes.-The company
Trust Gold Notes, dated May 1 1915 and due May 1 1918,
but redeemable on any int. date upon 6 weeks' prior notice has issued $5,000,000 one-year 5% collateral trust notes
at par and int. Authorized, $750,000. Int. M. & N. dated June 1 to retire $5,000,000 3-year 5% notes then due.
The new notes, like the old ones, are secured by $5.000,000 Carolina
Company agrees to pay normal Federal income tax, so far Clinchfield
& Ohio Ry. pref. stock and $25,000,000 of its common stock.
as may be lawful. Denom. $1,000 c*.
The notes are redeemable at 101 on Dec. 1 1915; interest June 1 and Dec. 1
Data from Pres. lion. W.A. MacCorkle, Charleston, W.Va .May 1 1915 at the New York Trust Co., trustee.-V. 95, p. 480.
Notes.-To be secured by deposit with the Safe Deposit & Trust Co. of
Cumberland County Pow. & Lt. Co., Portland, Me.Baltimore. trustee, of $1,000,000 Kanawha Valley Trac ion Co. Is M.5%
bonds dated Jan. 1 1906 and due Jan. 11946, out of a total authorized issue
of $2,060,000, all of which, with the exception of $75,000. wiil be issued
and outstanding simultaneously with the issue of these notes. Under our
agreement with you, we are to deliver $450,000 of these notes now, the
balance to be delivered on or before May 1 1916, each note, as and when
issued, to be secured by deposit of bonds,$1,000 of bonds for $760 notes.
Purpose.-These notes are being issued to retire floating debt of the
company contracted in building an interurban line to St. Albans, W. Va.;
also to construct an extension of about 24 miles to Montgomery, W. Va.
This extension will serve an additional population of about 24,000 people,
and will pass through the villages of Kanawha City, Malden, Maimet.
Winifrede Junction, Chelyan, Cabin Creek Junction, Coalburg, East Bank,
Hansford, Paint Creek Junction, Hanley and Montgomery, enabling us to
serve the well-known Cabin Creek mining district, also several villages
connected by ferry with the above-mentioned towns. Upon completion
of the interurban lino the isroperty will include about 48 miles of track,
including the trackage in Charleston City.
Franchises-Lease.-The Charleston Interurban I3R. Co. is the lessee
company operating the lines of the Kanawha Valley Traction Co. under a
99-year lease, paying a rental beginning with $10,000 ]pzr annum in 1909
and increasing to $20,000 per annum in 1915, at which figure it continues
until the expiration of the lease. Under said lease the Charleston Interurban RR. Co. has assumed the payment of principal and interest of The
Kanawha Valley Traction Co. 1st M. bonds referred to above. The title
to all the property is in the Kanawha Valley Traction Co., which has a
50-year franchise from the City of Charleston. granted in 1904, covering all
of the important streets of the city. The interurban linos are mostly on
private rights-of-way.
Earnings.-The new extension to Montgomery should be profitable from
completion, and by the end of two years should be producing gross revenue)
of not less than $150,000 per year, or in other words,the entire system,consisting of over 48 miles of trackk, should earn within the next three years
approximately $450,000 per year gross.
Earnings1914.
1913.
1912.
Gross earnings
$253,179 $243,261 $171,070
Net (after taxes)
121,873
129,966
88.102
Interest on bonds and notes
51,511
50,892
49,834
Rental of leasehold property
15,000
15,000
10,000
Available for surplus
$55,362
$65,132 $27,210
The Charleston Interurban RR. Co. has agreed to pay no dividends on
its capital stock of $1.500,000 during the life of those notes and proposes
earnings
back
into the development of the property.
to put all surplus
Officers.-W. A. MacCorkle, Pres.; J. E. Chilton, V.-Pres.; F. M.
Staunton, Sec. & Treas.
Construction.-Road, standard construction. 13rick and steel power
plant, 89 ft. by 77 ft., operated by natural gas, although so constructed
that coal can bo used; sufficient capacity to supply all existing lines, and
about 8 miles of the now extension. The power for the Montgomery end
of the new extonsion will probably be obtained from other sources under
contract. Ample car barns and adequate equipment on city linos of PayAs-You-Enter cars.
Population.-Kanawha County has a population of 90,000, of which 75%
will be served by this company upon the completion of the Montgomery
extension. The line extended into Fayette County will have tributary to
it probably from 10,000 to 15,000 population of that county making
mile for the entire system. including
approximately 2,000 population to the m
the population of Charleston. Charleston has a population of about
35,000,showing an increase of abou.,200% in the last 15 years; and 13 banks
with resources aggregating over $16,000,000, and total clearings in 1914 of
over $140,000,000. V. 100, p. 228.
Cheyenne (Okla.) Short Line RR.-Sale.---
See Lewiston Augusta & Waterville St. By. below.-V.99, p. 1597.
Denver & Rio Grande RR -Interest Payment.-The
company, it is stated, already has on'deposit over $1,000,000
toward trio payment of the amount required to pay the
coupons due July 1.-V. 100, p. 1592, 1437.
Detroit (Mich.) United Ry.-Motorman Re-instated.The arbitration board recently appointed under the agreement of May 14
on May 27, by a majority vote (the company's representative making a
minority report), decided to re-instate the motorman whose discharge
brought about the strike.-V. 100. p. 1751, 1592.
Dominion Trac. & Lighting Co., Windsor, Ont.-Stock
This Canadian company, which recently decreased its common capital
stock from $10,000,000 to $8,000.000 authorized, the preferred stock remaining $2,500,000. has outstanding, we are informed,$2,500.000 common
and $500,000 preferred.-V. 100, p. 1751.
Fitchburg RR.-Renewal of Notes.See Boston & Maine RR.above.-V. 100, p. 812, 733.
Fresno Interurban Ry. Co.-Stock-Bonds.-
.
Tho Cal. RR. Commission on May 26 authorized the company to issue
$25,000 stock (par $100) and $70,000 1st M.bonds, to be sold at not less
than $80 and $90, respectively.-V. 99, p. 1909.
Grand Trunk Ry.-Notes.-A cable dispatch from London stated that the underwriting has been secured for
$12,500,000
%5-year notes, which are to'be issued at 99,
to meet maturity of £2,000,000 1-year 5% bills duo July 15
(V.99, p.48),and for other purposes.-V.100, p. 1832, 1432.
Interborough Consolidated Corporation, New York.
See Interborouga-Metropolitan Co. below.-V. 100, p. 1509.
Interborough-Metropolitan Co., New York.-Plan
Ratified.-Th shareholders on June 1 ratified the proposed
merger and readjustment of capital stock, &c., by a vote of
1,106,527 shares in favor and 5,635 shares against the plan.
The number of shares of pref. stock voting in favor of the plan was 335,445, of a total authorized and outstanding issue of 457,400 shares, and
the number of shares of common stock voting in favor of the plan was
751,082, out of a total of 932,620 shares at present outstanding.
Of the 5,635 shares opposing the plan. 2,800 were pref. and 2,835 common
stock, and they were voted by three stockholders, viz.: C. H. Venner with
100 shares. Moritz Walters with 920 shares and I'. J. Goodhart with 4.165.
The P. B.Commission decided it had no jurisdiction respecting the plan.
The new company, the Interborough Consolidated Corporation, was formed at Albany on June 2 by merger of the
Interborough-Metropolitan Co. with the Finance & Holding
Corporation. The officers and directors of the Consolidated.
corporation are the same as those of the Interborough-Metropolitan Co., with F. P. Frazier in the place of George W.
Young as director. See full particulars as to plan in V. 100,
p. 1751, 1672, 1592, 1510, 1437.-V. 100, p. 1832.
Inverness Railway & Coal Co., Toronto.-
This 7-mile road, extending from Strong City to Cheyenne, Okla
The company having failed to meet the interest due May 1 1915, the
be sold at auction by Receiver W. E. Hecker, with its rolling stock (1'locomotive and 3 cars), &c., at Cheyenne on June 22, under order entered in holders of the 1st M. 5% gold bonds secured by trust deed May 1 1902
the District Court of Roger Mills County on May 22.
(National Trust Co., Ltd., Toronto, trustee), will vote at the offices,
1918
THE CHRONICLE
1 Toronto St., Toronto,Juno 30,on agreeing: (1) That all interest payments
due or to become due on said bonds, and also all payments of sinking fund,
be postponed for a period of years after the termination of the present war
as may be determined at the said meeting. (2) That the company may
create prior lien securities for such amount and upon such terms as may be
determined at the said meeting.
Condensed Statement by Sec. L. W. Mitchell, Toronto, May 25.
The company is capable of producing about 1,000 gross tons of coal per
working day, but the cost of mining, in view of the depth and extent of
the workings, has reached a point where the margin of profit is very small.
The percentage of slack coal is above the average, owing to the friable
nature of the coal seams, and, under present conditions, with a limited
market, calling largely for screened coal, it has been necessary to waste
considerable tonnage. The railway is largely dependent upon the coal
shipments, inasmuch as the local business is small, and were the mines to
close,it is doubtful if the railway could be operated on a paying basis. The
management is of the opinion that it can operate with a prospect of paying
interest on the outstanding securities only by the perfecting of a system
of briquetting coal (without the use of a binder in the shape of pitch) by
a method that is la use on the Continent. The holders of a large proportion of the outstanding bonds have expressed their approval of the waiver.
During such pericto an opportunity will be afforded to ascertain whether the
system of briquetting can be employed successfully, the necessary funds
therefor to be obtained by an issue of prior lien securities or otherwise.
[Incorporated in Nova Scotia in 1902. Capital stock, $7,500,000, all
outstanding; par $100. Bonded debt, auth., $3,000,000 First Gold 5s of
$500 each of 1902, due May 1 1922; outstanding, $2,131,000; remaining
$869,000 held as security for outstanding loans. Sinking fund, 5 cents for
every ton of coal sold. Earnings for year ending June 30 1914: Colliery,
$511,373; railway, $212,912; total gross, $754,285; net, $91,162; other
income(def.), $24.504; bond intereso, $106.550; other charges, $111,645;
d)ficlk for year, $151,537. Pres., Sir William Mackenzie.—Ed.1—V. 81,
p. 1723.
Kanawha Valley Traction Co.—Bonds Pledged.—
See Charleston Interurban RR. ahem—V. 100, p. 229.
Lewiston Augusta & Waterville Street Ry.—Guaranteed Notesfor Refunding, &c.—E. W.Clark & Co., Phila. and
Chicago, and Ludwell L. Howison, Portland, Me., recently
placed, at 973 and int. $614,.000 3-year 5%- secured
gold coupon notes, Series "C," issued to refund $500,000
5% 2-year notes due June 1 1915 and for other purposes.
The new notes are guaranteed by Cumberland County Power
& Light Co. of Portland, Me., which owns practically the
entire common stock. A circular shows:
(VOL. 100
capacity; we will employ more men in every department. The only reason
why the Midland Valley cannct expand at this time is because there are not
enough dollars to go around.—V. 99, p. 1749.
Missouri Pacific Ry.—Holders of 85% of Notes Assent
to Extension—Plan Operative—No Payments Made June 1 on
Non-Assenting Notes.—The holders of 85% of the $24,845,000 6% notes due June 1 having deposited their holdings
under the extension plan, and word having been received of
considerable amounts of additional notes that would participate in the extension, the directors on June 2 formally declared the plan operative and extended the time for deposits
to and including June 7. No payment of principal or interest was made June 1 on the non-assenting notes, and none,
it is stated, will be forthcoming. The June interest is being
paid on the assenting notes, which yesterday aggregated
$21,600,000. The official announcements (see adv. on another page) say:
The extension of one year provided for in the extension agreement
dated April 9 1915 having been declared operative by the board of directors,
notice is hereby given that the time for further deposits of notes under said
agreement is extended to and including Monday, June 7 1915. Upon ale
deposit of their notes (with the June 1 1915 coupon) with any of the depositaries named below, noteholders will receive (a) the interest of $30 per
of 1%,
$1.000 note due June 1 1915, (0) the extension commission of
and (e) receipts of the depositary which will entitle them to extended notes
with a memorandum of the extension stamped thereon and new interest
coupons attacned. Deposits by noteholders should be accompanied by
certificates of ownership as required by the Treasury Department under
the Federal Income tax law. New coupons are now in course of preparation, and announcement will be made when the extended notes and new
coupons will be ready for delivery.
Now that the noteholders realize that the company cannot and will not
provide for the payment of any of the unextended notes, the board believes
that practically all of the remaining notes will be deposited for extensions
as obviously the principal ground for hesitation of noteholders has been the
fear that at the last minute provision would be made for the payment of
the unextended notes.
The board of directors is very much gratified by the confidence manifested by the noteholders, not only by reason of the liberal deposits of notes
already made, but by the apparent disinclination of any of the noteholders
to embarrass the company -by suing upon their notes.
There seems to be a general realization that it is bestlfor all concerned,
including the noteholders, that the present board of directors should have
an opportunity of completing and submitting to the security holders the
plan now in course of preparation for readjusting the financial structure of
the company and thereby provide for the payment of the extended notes
In cash and for the further requirements of the company. In other words.
the divosition of all concerned seems to be to co-operate in carrying out
the policy indicated in the circular of the Proxy committee,by whose votes
the present directors were elected.
[Of the unassenting notes, it was said on June 2 that the holders of only
about $1,500.000 appear to be seeking a cash payment. E. E. Ravellain
of N. Y.. holder of $72,000 of the unpaid notes, on Wednesday obtained
an attachment for the amount due him.] Compare V. 100, p. 1258.
1349.—V. 100, p. 1832.
Authorized, $750,000; issued, $614,000, dated June 1 1915 and due
June 1 1918, but redeemable at 101 and int. Fidelity Trust Co., Portland
Me., trustee. Denom.$1,000. Int. J.& D. Legal for Maine say. banks
Digest of Statement by Vice-Pres. Ii. L. Clark, Phila.. March 31 1915.
A direct obligation of the railway company secured by pledge of its
First & Refunding Mtge. 5% Bonds, due 1937, at 72% of their face value,
the $614,000 notes being secured by deposit of $853000 bonds. The balance
of the $750,000 notes may be issued from time to time upon pledge of additional bonds in the same proportion.
Outstanding Capitalization, upon Issuance of These Notes, June 1 1915.
First & Ref. 5s, due 1937: Issued,$2,553,000; less pledged under
$1,700,000
5% notes, $853,000
Monongahela River RR.—Stock Decrease.—
Underlying bond issue (seep. 101 of "Electric Railway Section") 1,345,000
See Baltimore & Ohio RR. above.—V. 70, p. 1092.
5% notes, this issue, total authorized, $750,000
614,000
Preferred stock 6% cumulative
600,000
National Railways of Mexico.—Default.—The company
Common stock (practically all owned by Cumberland County
Power & Light Co.
2,400,000 has, as expected, defaulted in the payment of the principal
The company owns and operates 162 miles of track of electric railways, of the 2-year 6% gold notes due June 1, and presumably also
the main line extending from Waterville via Winslow to Augusta and
thence to Lewiston and Auburn. From Brunswick a branch line via in the payment of the issue of $746,000 6% notes due on the
Freeport connects at Yarmouth with the lines of the Portland RR. Co., same date. No statement in regard to the matter has yet
controlled by Cumberland County Powerr. & Light Co. (which company
guarantees these notes), giving through service to Portland and near-by been made.—V. 100, p. 1078, 901.
south coast points. The line between Lewiston and Augusta is 20 miles
New York New Haven & Hartford RR.—Bills Vetoed.—
shorter than the most direct steam railroad route. Besides its passenger
business the company does a freight and express business, also the light Governor Walsh on June 1 vetoed the validation bill passed
and power business in Freeport. Estimated population served by the by the Legislature and also the bill limiting the issues of
company, 130,000. Largely on private right of way; balance operated
stocks, bonds, notes and other evidences of indebtedness
under favorable franchises, the majority unlimited in time.
Security.—The First & Refunding Mtge. 5% Bonds pledged for these by railroad corporations located in or having charters from
notes are a mortgage on the entire property and a first lien on 73 miles of
track; on the balance of the mileage they are subject to prior liens amount- more than one State.
ing to $1,345,000, all but $500,000 of which mature on March 1 1918.
Both branches of the Legislature on May 4 passed the
amended mortgage bond bill, substantially in accordance
Earnings for the 12 Months ended Feb. 28 1915.
$687,556 1 Int. on mtge. obligations_ --$148,215 with the recommendation of the P. S. Commission apGross earnings
221,413 Balance
Net, after taxes
73,198
proved by Gov. Walsh. The Senate passed the amended
Interest on these $614,000 5% notes calls for $30,700.
validation bill.
Gross Earnings for Years ended June 30.
1912.
1913.
1911.
1914.
One of the main objections mentioned in the lengthy veto message on
1910.
$609,367
$650,004
$533,019
$677,723 the validation bill is that it is unattended by the Resolve which the Public
$526,206
public
Earnings of Cumberland County Power & Light Co., Excl. of the 4ew1stan Service Commission wanted nad which would serve to safeguard thebenefit
interests, and further that it is presumed to give the railroad the full
Augusta ee Waterville Street Ry. for 12 Mos. ended Feb. 28 1915.
$1,850,000 1 Int., guar. divs., rents, &c__$534,879 from the "unearned increment" that may come from the physical valuation
Gross earnings
issue
863,5521Balance
Net, after taxes
328,973 of the road by the I.-S. Commerce Commission. The so-called bond
of its auManagement.—Under the supervision of E. W.Clark fec.(Jo.,—V. 100, p. bill, which has become known also as the mortgage bill because
thorization of a mortgage on the railroad, is found to be objectionable be1832.
cause of its departure from the "uniform legislation" that was advocated
Louisville & Nashville RR.—Decision.--The U. S. in Massachusetts and adopted in Connecticut in conformity with the
S. Commission's recommendation.
Supreme Court on June 1 handed down a decision affirming P.In
the veto of the validation bill, it is stated that amendments offered
that the I.-S. Commerce Commission relating to switching and adopted during the closing hours of the session have made "changes
contrary to the public interest, and that strike a most destructive
charges and practices at Nashville, Tenn. Compare V. 100, decidedly
blow at the wise and settled policy of the Commonwealth." The Governor
p. 901.—V. 100, p. 1438, 1078.
holds that some relief for the New Haven road was desirable and in the
interest and says that the bill should be amended to accord with the
Mahoning Coal RR.—Extra Dividend.—An extra divi- public
original recommendations of the P. S. Commission, and that if it is so
it. Ho declared that the resolve for
dend of $15 per share (30%) has been declared on the $1,- amended he would gladly approve
investigation by the Commission, which was not adopted, should
500,000 common stock, of which $865,900 is owned by the abefurther
enacted into law.—V. 100. P. 1833, 1752.
of
New York Central RR.), payable June 15 to holders of recNew York Railways.—Notice to Holders of Adjustment
ord June 1, comparing with $20 (40%) in June 1914 and Mortgage 5% Income Bonds.—The committee named below,
$25 (50%) in May 1913.
under date of May 26, says in substance:
Dividend Record on Common Stock (Per Cent.).
Holders of Adjustment Mortgage 5% Income Bonds owning and repre'91. '92. '93. '94.'95-'06. '07-'09. '10. '11. '12. '13. '14.
senting over $6,000,000 thereof[out of $30,626,977 outstanding] haveasked
8A 8 8 10 y'ly. 12 y'ly 16 20 20 20 20 20
' us to take up the matter of the litigation against the company for the unpaid
___
------------ 50 50 -_ 50 40 30
portion of the interest on such bonds. We believe that a recovery should
be had of the full amoun5 of the unpaid interes., and a judicial decision
as to the manner of determining income applicable to bond Interest
Midland Valley RR.—No Extensions.—President Inger- obtained
which will insure future payment of the full 5% thereon. The views arising
soll on May 29, in answer to the suggestion that the com- from out preliminary investigation are well expressed in the letter dated
April 30 1914 of the New York Life Insurance Co. to the trustee under the
pany secure a New Orleans connection and also one north adjustment
mortgage (V. 98, p. 1538): "An investigation of the Railways
from Wichita, Kan., its present northwestern terminus, Company's gross earnings since
Jan. 1 1912 and of the legitimate deductions
therefrom, will disclose that the said company has realized an amount of no
and a line from Fort Smith, the present eastern terminus to income
in each year more than sufficient to pay the 5% on these bonds
Nashville, Tenn., said in part:
and that it is illegally withholding from the bondholders an amount of inThe Midland Valley can accomplish nothing at present. The road cost terest due them.'
its owners $14,250,000 and it has a bonded debt of $5,000,000 That
The amounh of the unpaid interest involved in the litigation to da,e is
leaves the stockholders an equity of $9,250,000. To-day that equity has upwards of $1.500.000, approximately $50 for each $1,000 bond. While
no market value. The whole trouble is tnat there are not enough dollars the expenses of the litigation wilt naturally be paid out of any sums ulticoming in from operation of the road to go around. Our freight rates are mately recovered in the event of success, it is necessary that the expenses
down to a point where we cannot make enough money to pay our expenses. of the suit be defrayed as they are incurred. For this purpose bondholders
Whenever the Midland Valley begins to take in more dollars than it spends are asked to advance $1 for each $1,000 bond owned or represented, sending
the people of Oklahoma may expect it to expand. Over-regulation has the same to Ernest P. Hoes, Secretary and Treasurer of the committee.
stifled the railroads. Wages have been increased, more men have been No ability or obligation is incurred by you behind the sum remitted. The
added to train crews in certain States, the public has demanded and re- funds will be disbursed by counsel in the litigation, approved by us.
ceived better service, expenses have been increased in numerous ways and
Our preliminary investigation is reassuring. The company is in strong
at the same time freight and passenger rates have been decreased. Ninety- financial condition with large cash reserves. The property, tracks and
eight Western roads have petitioned the I.-S. Commerce Commission for equipment are generally in good physical condition, and the operation
an increase in freight rates and nave presented their case. The Midland appears to be efficient. We think that for a security of this character the
Valley is affected in that case. If the increase is granted it will enable us bonds are unusually well secured by capital assets.
to come nearer making expenses—perhaps operate with a profit. If we
So far as concerns future interest on these bonds,it is noteworthy that the
operate with a profit we will run our Oklahoma shops at Muskogee to company has some $12,000,000 of property from which it now receives little
Regular ..___
Extra
—V.
----
.1r.
THE CHRONICLE
JUNE 51915.]
1919
The road has suffered a decrease of about $125,000 in earnings from
or no income, consisting of real estate in New York City not needed for
operating purposes, uninvested cash held by the mortgage trustee, tax Dec. 15 1914 to date on account of jitney bus competition. The directors
refund moneys receivable by the company on the termination of litigation believe that the operation of these busses, on the present basis, is economicalready successful, and other unadjusted claims, assets which are in process ally unsound and against public interest and that competition from this
of conversion into income-producing form. In addition to this, important source will decrease. This opinion is reinforced by the action taken by the
adjustments have already been made and economies effected which should voters of Oakland on May 11, when they approved, by a vote of nearly
2 to 1, an ordinance designed to regulate auto bus operation and to impose
materially increase the income available for interest on your bonds.
Bondholders' Committee.-Frank L. Hall, Charles P. Howland and on it a license tax of reasonable amount.
By reason, however, of the loss from jitney bus competition and the
George B. Leighton, with S. Sidney Smith as Counsel and Ernest P. Hoes,
general business depression, gross and net earnings for the current fiscal
Secretary and Treasurer, 30 Broad St., New York City.
year show a considerable decline as compared with the three preceding
after the payment of
Bondholders are requested to communicate with the years reported above. The net income remaining
operating expenses, maintenance and taxes will not be sufficient to pay
Secretary of the Committee, stating number of bonds held interest
charges and sinking fund requirements, disregarding entirely reand may obtain from him a copy of the report of the Com- quirements for necessary capital expenditures.
In 1912 this company sold 310 acres of tidelands to the Oakland Terminal
mittee giving the result of its investigation. (See advertise- Co.,
a subsidiary company, which company mortgaged the same to secure
ment.)
$1,100,000 notes. The proceeds are being used exclusively in payment
a new solid fill pier, trestle and terminal improvements, now nearing
o) for
[Distributions on the 5% Adjustment Income Bonds.-Inittal div. (0.7717
completion, for the 'Key System. This solid fill will materially reduce the
paid Oct. 1 1912 (V. 95, p. 544); In 1913, April, 23%; Oct., 1.63%. In cost of maintenance, as compared with the old trestle, permit an improve1914, April, 2.34%; Oct., 1.288%. In 1915, April, 1.769%. See also ment in trans-bay service and make possible arrangements with other
p.
99,
970,
V.
100,
V.
343,
p.
1538;
p.
1211, 1300, 1452;
V. 98,
237, 690,
transportation companies for the use of these superior terminal facilities.
1549, 734, 1079.1-V. 100, P. 1752.
Aside from the above, it has not been possible during the last four years
to obtain any substantial amount of cash for capital expenditures, except
New York Westchester & Boston Ry.-Merger Sanc- from earnings. The time has now come when the raising of a substantial
for capital purposes is imperative, notably Tor track
tioned.-The New York P. S. Commission, 2d Dist., has amount of new money
street paving, interlocking tower, &c.
approved the proposed corporate merger of this company reconstruction,
The Cal. RR.Commission, after a most exhaustive investigation, handed
the reproduction cost of physical
and the Westchester Northern RR. Co., organized to extend down its decision on May 24beholding
as follows:
as of June 30 1914 to
the line from White. Plains to Danbury, Conn., with a property
$20,354,747
Operative property
6,558,118
Non-operative property
branch to Brewster, Putnam County.
The record shows that the time within which the Westchester Northern
$26.912.865
Total valuation physical property _
must expend 10% of its capital stock and complete the construction of its
road was extended by the last New York Legislature t. 5 and 10 years,
Adding to this total the cash expenditures for.capital purposes from
respectively. from March 1 1915. The new company is to be called the June 30 1914 to April 30 1915, $992,051. makes the reproduction cost to
New York Westchester & Boston By. Co., and its capital stock will not April 30 1915 $27,904,916. In reaching its decision, the Commission placed
exceed in amount the sum of the stocks of the two present companies at par. a value upon the real estate owned of $6,500,000 less than the valuation
No stock or other securities will be issued without the further approval given by the experts of the company. The Commission, moreover, estiof the Commission.-V.98, P. 1538.
mated accrued depreciation at $3,271,000, notwithstanding that the physical
elements are being constantly renewed out of the earnings. For mainteNorthern Pacific Ry. Co.-Earnings.-For 10 months.
nance of equipment (cars and ferryboats) the expenditure was in 1912,
DirtBalance, $226,838; 1913, $242,977; 1914, $342,309, and for the first four months of
Fixed
Other
Net (Ole;
io mos.to Gross
Surplus. 1915 (at rate of $423,894 per annum) $141.298. The appraisal, furtherdends.
Income. Charges.
Taxes.
Apr.30. Earn.
$
value," "cost of developing the business"
more, takes no account of
$
$
1914-15_53,185,818 18,105,245 4,570,604 7,393,969 14,466,666 785,213 or any intangible elements of value.
The extensive non-operative properties, valued by the RR. Commission
1913-14_59,432,456 18,645,006 4,065,613 7,060,363 14,466,666 1,183.589
The revenue train mileage for the period in 1914-15 was 16,277,918. at $6,558,118, do not contribute any earnings in their present condition,
but, on the other hand, impose a cash burden on the railway company for
against 18,574,450 in 1913-14.-V. 100, p. 1093. 1073.
the payment of interest, taxes, &c.
The company is also called upon to refund or make payment of the aboveOhio River RR. Co.-Stock Decrease.mentioned $3,600,000 notes now overdue. These notes are secured by
See Baltimore ,Sc Ohio RR. above.-V.95,P. 1123.
collateral, the value of which is largely in excess of the amount of the loans.
The debt due to trade creditors has been reduced to a moderate amount:
Ottawa Electric Ry.-Bonds Called.Oct. 31 '14. April 30 '15.
Fifteen ($15,000) 4% debenture bonds issued under mortgage dated
payable, due trade creditors
$247,473
$266,833
June 29 1897,for payment at par and int. on July 5 at office of the company Notes
creditors
trade
due
vouchers,
Audited
376,860
224,975
in Ottawa. Ont., Can.-V.99, p. 338.
Pacific Gas & Electric Co.-Stock Dividend.-Notice is
given by advertisement substantially as follows:
The Cal. RR. Commission has granted authority to the company to
Issue during 1915, by way of reimbursement for net earnings applied to the
redemption of its bonds through sinking funds, and as dividends on its outstanding common stock, new common stock to an amount equal to 6% of
such outstanding common stock. The board will meet June 30 and declare
a common stock dividend of 6%, to bo issuei in two installments,one-half
on July 15 and one-half on Dec. 15, to the holders of record June 30,In certificates for whole shares of fully-paid new common stock and warrants for
fractional parts of such shares, exchangeable at par for stock certificates for
integral numbers of shares, but not bearing interest nor entitling the holder
to participate in dividends prior to exchange for stock certificates. Transfer books will not be closed.-V.100, p. 1752, 1673.
$624.333
Total floating debt, due trade creditors
$491,808
In spite of the fact that the assets exceed the outstanding debt by a
considerable margin, a fundamental readjustment is essential to correct
the following conditions: (1) Excessive sinking fund requirements. Relief
can be obtained only by the unanimous consent of the bondholders or the
issuance of new bonds to take the place of those now outstanding. (2) Impossibility under present financial structure of raising new capital essential for betterments, extensions, &c. (3) Obligation to pay $3,600,000
notes, which are now approximately two years overdue, in order to save the
securities pledged to Secure the same and re-establish the credit of the company. (4) The $1,121,000 1st 6s of Oakland Transit will mature July 7 1918
and must therefore shortly be provided for. (5) The present financial status
of the co. greatly hampers economical operation.
The following committee' will prepare a financial plan:
F. B. Anderson, George A. Batchelder, J. F. Carlston, B. H. Dibblee,
Philadelphia Co.-NoteIssue.--The Co.has sold to bank- John
S. I)rum, M.Fleishacker, W.W.Garthwaite,Edward J. McCutcheon,
ers, who have disposed of the same, an issue of $2,000,000 John D. McKee, Percy T. Morgan, A. F. Morrison, G. K. Weeks.one-year 5% notes, due May 15 1916, to be used for general V. 100, p. 1833, 1753.
corporate purposes.-V. 100, p. 1748, 1259.
Southern Pacific Co.-Decision.-The I.-S. Commerce
Commission on May 7 denied the application of the company
Rates.-Ohio Maximum Act Repealed.Governor Willis of Ohio has signed the bill repealing the maximum freight and the Associated Oil Co. to continue the ownership and
rate law of that State, which has prevented putting into effect completely operation of oil steamers between California ports and points
the 5% increase in freight rates allowed by the I.-S. Commerce Commission
in December last, owing to the participation in the rates of roads in Ohio. in Oregon and Washington.
The repeal goes into effect in 90 days.
The railroads in Central Freight Association territory are at work upon
a general readjustment of rates, as suggested by the Commission in its
decision in the Eastern rate case in order to bring all rates into harmony
and to eliminate a number which the Commission stated are non-compensatory. The Ohio statute, which has been repealed, would have interfered
with this general readjustment.-V. 100, p. 643, 557.
The order is to be effective July 15. The Commission further held (1)
that unless the Southern Pacific Co. participates, by its rail lines, or in
connection with other lines, in transportation of oil from Caifornia points
to a port for transshipment of oil from California points to a port for transshipment to Alaska, the continued ownership and operation of its oil steamers between the Cal. ports and ports in Alaska, transporting only oil destined to Alaska, is not, and will not be, in violation of the provisions of
Section 5 of the Act to Regulate Commerce as amended by the Panama
Reading Company.-New Directors.Canal Act; (2) that the Southern Pacific Co. does not compete with its oil
Alfred H. Smith, l'resident of the New York Central RR., and W. L. steamers in their operation to the Hawaiian Islands, and as to that service
Hinter, Assistant General Solicitor of the company, have been elected the continued ownership and operation of these boats will not be in violadirectors, to succeed Charles C. Harrison, who resigned, and Samuel Dick- tion of the l'anama Canal Act;(3) that if the petitioners own any commoncarrier pipe line which does or may compete with the operations of its boat
son, decoased.-V. 100, p. 1169, 230.
line, such ownership and operation is within the provisions of the Act.
San Francisco-Oakland Terthinal Railways.-Readjust- -V. 100, p. 1833, 1673.
ment Necessary.-The directors have issued a statement
showing the necessity for a readjustment, substantially:
Vermont Valley RR.-Notes Renewed.-
See Boston & Maine RR. above.-V.99. D. 1675.
The outstanding obligations on which interest must be paid, sinking
Wabash RR.-Deposit of National Bank Holdings.funds maintained and payment of principal provided for in due course
See editorial item on a previous page.-V. 100, p. 1834. 1673.
aggregate
031:kitU
tZ:
o
s 11
1 1:NretP:igAs
l r"sr1=1
MAW Cgtti
West End Street Ry. Co., Boston.-Bondsfor Refunding.
Division, the East Shore & Suburban By. and the San Fran. Oakland
The Mass. P. S. Comm. will hear, June 10, the petition of the company
Oakland Traction Co.
& San Jose By., tho following note issues,
authority to issue $4,473,000 30-year 6% bonds, in order to retire a
for
RailOakland
viz.•.
equipment 6% notes of 1911, due Jan. 2 1916-19,$126,000;
ways6% notes of 1912,due June 12 1913,$2,500,000 (secured by $1,843,000 like amount of bonds maturing Aug. 1.-V. 100, p. 1160, 983.
Oakland Traction Co. Gen. Cons. bonds, $1,413,000 San Fran. Oak.& San
Western Pacific Ry.-Time Extended.-A large amount
Jose Cons. bonds,and by other collateral)(V.95,p.619,544; V.98,p. 764):
Oakland Terminal 6% notes of 1912, due Aug. 20 1913, $1,100,000 (secured of the 1st M. 5s having been deposited with the Equitable
by 2d lien on the above collateral and by 1st M.on 310 acres of tide lands, Trust Co. of N. Y., as depositary under the agreement of
the equity in which is owned by this company, V. 95, p. 619, 544); shortterm notes, secured by General Lien bonds (V. 100, p. 142; V. 99, P. 1750, May 1 1915, the protective committee for these bonds,
50), $499,000.-E d.)
W. Krech, Chairman, gives notice by adv. on another
The annual interest on the bonds and notes enumerated in the preceding Alvin
statement, at the rates of interest now being paid, amounts to $1,1:33,646. page that the time for making deposits has, in response to
In 1910 the sinking fund requirements of the deeds of trust securing many requests,been extended to and including Juno 26. Itis
the outstanding bond issues amounted to only $30,150 for the year. The
payments annually called for during the current years, including maturing the intention of the committee to secure a foreclosure sale
equipment trust notes, are as follows: 1914, $264,125; 1915, $319,125; of the property at as early a day as shall be practicable,
1916, $334,125; 1917, $349,125. Thereafter these requirements constantly
increase, reaching by 1917 the stun of $723,125 for the year. Other de- pursuant to the terms of a plan of reorganization to be
mands, referred to herein, have been such that the company has been adopted. Compare V. 100, p. 1674, 1594, 1259, 813.
unable to meet the installments of its various bond sinking funds, maturing
since Jan. 1 1914. It is absolutely impossible to sell new bonds or stock
West Virginia & Pittsburgh RR.-Stock.for essential corporate purposes while the company is thus in default.
See Baltimore & Ohio RR.above.-V.71. p. 810.
The earnings as certified 13y public accountants, were:
1912.
1914.
Wisconsin-Minnesota Lt. & Pow. Co.-New Contract.
1913.
Earnings Year ending June 30$4.515,708 $4.505,430 $4,360,388
Gross operating revenue
See American Public Utilities Co. above.-V. 100, p. 647.
Maintenance expenditures
$685,053 $592,360 $457,801
2,244,867 2,262,771 2,253,984
Operating and general expenses
205,757
213,640
239,001
Taxes and licenses
tion
01
,ftlaCf-
$1,346,877 $1,436,659 $1,442,845
Not revenue
97,191
116,122
125,965
Add miscellaneous income
Not income before charging interest,
amort. of prems. & disc'ts on bonds
& notes & deprec. of road & equip_$1,472,842 $1,552.781 $1,540,063
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Chicle Co.-Earnings.-
Earnings for the year ended Dec. 31 1914 are reported as $1,638,063,
against $1,591,793 in 1913; dividends and interest, $1,615,075, leaving
undivided profits, $22,988.
1920
THE CHRONICLE
Balance Sheet Dec. 31 [Filed in Mass.-Ed.j
1914.
1913.
1914.
1913.
AssetsLiabilities3
$
$
Real estate__ _ 604,713
519,983 Capital stock 11,000,000 9,000,000
Machinery ___
536,604
324,524 Funded debt_ 2,276,125
Inventories-- 2,236,447 1,520,144 Accts. payable
44,491
58,129
Cash & debts
Bills payable
555,000
receivable._ 2,613,659 3,419,179 Surplus
821,325 4,299,308
Patent rights,
good-will,&c 8,150,518 8,128,607
Total
14,141.941 13,912,437
-V. 100, p. 1834, 1534.
Total
14,141,941 13,912,437
Aetna Explosives Co., Inc., N. Y.-Note Issues., &c.
This company's present issues of 5% (collateral) gold notes,
namely, $1,000,000 series A, due Dec. 15 1915, and $1,000,000 series B,due Jan. 15 1916, were subscribed for,it appears,
at 973/2 with 5% of common stock as bonus.
Status.-John A.Burnham & Co., New York and Chicago,
who are dealing in the stock and notes, report in substance:
Amount
Pledged SyndicateHolds Amount
CapitalizationAuthorized. under Notes.for Add7Prop. Outstand.
First M.6% bonds
$3,500,000 $1,300,000
$2,200,000
5% gold notes
3,000.000
2,000,000
Pref. stock, 7% cum...._ 5,500,000
$1,500,000
2.800,000
Common stock
7,000,000
2,200,000
4,800,000
Note.-In addition to the amounts shows as "outstanding" above, the
balance of authorized 1st M.6% bonds, $1.300,000. is pledged under 5%
gold notes and $1,500,000 of pref. stock and $2,200,000 of common stock
has been issued to a syndicate for purpose of acquiring additional properties.
Properties.-Incorporated in N.Y.State, Nov.1914 and has acquired, di_
rectly or through stock ownership,the plants and properties of the Aetna Pow
der Co.,MiamiPowder Co.,Keystone!National Powder Co., F. K.Brewster'
Inc.,and 60% of the stock of the Kingsley Wood Pulp Co. of Saulsbury, Vt:
(1) Acquired (2) Now Being Completed for Making Explosives and Ingreds.
Location.
(2) Being Completed.
Product.
(I)
Daily Cap.
High explos.Aetna, Ind.
Location.
Aetna
Product.
lea.
High explos.Fayville, Ill.
Aetna
Emporium,Pa. Smokeless powder 25,000
Elec.explod .Xenia, Ohio
Aetna
Emporium,Pa. Picric acid
25,000
Black powd.Goes, Ohio
Miami
Mt.Union,Pa. Smokeless powder 50,000
Black powd.Thebes,Ill.
Mt. Union, Pc. Pink acid
Miami
25,000
Keystone (2) High explos.Emporium,Pa. Aetna, Ind_ _ _Guncotton
40,000
Keystone _ _ _High explos.Sinama h on,Pa Heidelberg, Pa _Trinitro toluol _ 15,000
Brewster.. __Exploders
Oakdale, Pa_ __Trinitro toluol
15.030
(Electric &c.)Kingston,N.Y. Noblestown,Pa.Diphenylamine
Brewster.. _ _ _Fulminate_ _Prawn, Ont. Pittsburgh, Pa_Toluol & benzol 60,000
Gold Notes.-The 5% gold notes are dated May 1 1915. Series "A,"
$1,000,000, mature Dec. 15 1915; Series "B," $1,000,000. mature Jan.15
1916. Denom. $1,000. Callable at any time at 101. Interest payable
on Nov. 1 and at maturity. The proceeds of these notes have supplied the
company with funds with which to build its new plants and to finance its
current purchases of raw materials. The unissued notes. Series "C,"
31,000,000, may be issued for general corporate purposes, if necessary, with
consent of the noteholders' committee. If issued, these Series "C" notes
will mature Feb. 15 1916.
Secured by pledge with the trustee of $1,300,000 of the 1st M.6% bonds.
and by pledge of all of the company's equities in the contracts now in force
for the manufacture of explosives for military purposes. Also a direct lien
on the entire property,subject to the lien of the 1st M. bonds.
Three members of the noteholders' committee are to be nominated by
John Burnham & Co. Bayne, Hine & Co. and White, Weld & Co.
No dividends can be declared on the common stock nor can the amount
of common stock outstanding be increased beyond 37,000,000 during the
life of the notes, without the consent of this committee.
Contracts.-Has signed contracts for smokeless powder, gain cotton, etc.
for delivery by Jan. 1916. aggregating in value over $22,000,000; the estimated net profit from these contracts is very largo. Is negotiating for additional contracts which,if secured, will take substantially the full production
of the plants for 1916, and should yield net profits considerably larger than
the estimated earnings for 1915. Under the contracts already signed, at
least 25% has been deposited in cash as a guaranty of full payment.
Preferred Dividends.-An initial dividend of 2 1-3% was paid April 25
1915 on pref. stock of record April 20 1915, representing accrued dividends
for 4 months from date of incorporation to April 1 1915. Pref. dividends
are payable 14% quarterly (Q.-J. 25).
Expected Dividends on Common Stock.-Based on the estimated net profits
for 1915 from the contracts now in force, the balance, after payment out of
earnings of the principal of the 5% notes,and all interest and preferred dividend charges, will be much over 100% on the amount of common stock now
outstanding. If the additional contracts now pending are secured,the earnings in 1916 will be so large as to make the common stock worth, In our
opinion, well over its present market value. (See "Gold Notes" above.)
Expert's Report.-Col. B. W. Dunn has reported favorably on the ability
of the company to complete the contracts now in hand.
Management.-President, A. J. Moxham, until recently a Vice-President
of E. I. du Pont de Nemours Powder Co. All other heads of departments
are experienced powder men. Technical expert in charge of manufacture,
Col. O.C.Homey, for 7 years head of U.S.powder plant at Dove',N.J.
Directors (and officers): President, A. J. Moxham; V.-Pres. and Treas.,
F. L. Belin; Charles A. Belin, Egbert Moxham, Joxiah Howard. (The
Sec. is W.H. Evans.)-V.100,p. 1439, 1512, 1594.
!vol.,. too.
company through its ownership of all of the common stock of the WisconsinMinnesota Light & Power Co.
•The directors of the Wisconsin-Minnesota Light & Power Co. have also
authorized expenditures of about $500,000 for extensions of transmission
lines and other additions and improvements which it is believed will increase
the earnings.-V. 100, D. 903. 1439.
Amer. Telegraph Typewriter Co.-Promoter Convicted.-
A jury in the U. S. District Court in this city bofore Judge Killits on
March 2found Dr. George A. Cardwell,formerly Presidont of the company,
and Adolph E. Benesch and Elias J. Beach of the stock brokerage firm of
Benesch & Beach guilty on indictments returned in Dec. 1912 for using the
mails to defraud in connection with the sale of stock of the company. Sentence was postponed until the micklief of June, ponling the docision by the
Court of motions for arrest of judgment anl a new trial.
Dr. Cardwell invented a telegraph typewritin; machino and organized a
company in Delaware to market it with $10.00),000 authorized stocic (par
of shares $10 each). A factory was established at Pearl and Prospect
streets, Brooklyn, and Benesch & Beach sold, it is said, about $200,000 of
stock, but the machine did not prove a commercial success.
Beatson Copper Co.-Merger.-
See Kennecott Copper Co. below.-V. 98, p. 1696.
Bridgeport Hydraulic Co.-New Notes-Old Notes Called.
-The company has sold to Hincks Bros. & Co. of Bridgeport,who have re-sold the same,an issue of$1,500,000 of new
5% gold notes of $1,000 each, part of an authorized $5,000,000. Dated July 1 1915, due July 1 1920, but subject
to call on 30 days' notice, at 100
Interest J. & J. in
Bridgeport. Trustee, Bridgeport Trust Co.
Part of the proceeds will be used to retire the outstanding 1-year 67
0 gold
notes (about $1,000,000) dated Nov. 1 1914, which have been called for
redemption at the Bridgeport Trust Co. trustee, or Bankers Trust Co.,
an
and
additional
int.,
and
par
1
at
on July
premium of $3 33 per 31,000
note, being equal to interest at 1% per ann. for unexpired term of said notes.
There are also $600,000 5% notes outstanding, due Oct. 11916, but no bonds.
authority
obtained
from
the Conn. Legislature to
The company recently
increase its capital stock from $3,000,000 to $8,000,000 (all of one class in
$100 shares) to provide for extending its mains into Greens Farms, Huntingfacilities,
but as yethas issued none of
ton, &c., and for additional water
the new stock. Dividends since 1900 have been 8% p. a. (Q.-J 15).
Prest., De Ver H. Warner; Sec., A. E. Lavery: Treas., W. S. Wilmot.
See also V. 99, P. 1368.-V. 100, P• 736
British-American Tobacco Co.-Interim Dividend.-
An interim dividend of 5% has been declared on the ordinary stock,
payable June 30 to holders of record June 16. Interim payments of 23,67
were made on March 31 and Jan. 12 lass. Compare V. 100, p. 814; V.
100, p. 1834.-V. 100, D. 1754. 814.
Calumet & Heels (Copper) Mining Co.-Earnings-The balance sheet of Dec. 31 1914 shows an increase in surplus of $348,902 over last year's figures. There was produced during the year 53,601,562 lbs. of refined copper,
against 45,016,890 in 1913. The price per pound received
for copper sold was 14.01c. in 1914, against 15.77c. Dividends amounting to $1,000,000 were paid during the year,
aggregating 40%, against $3,200,000 (128%) paid in 1913.
-V. 100, p. 1595, 558.
Canadian Salt Co., Ltd., Windsor, Ont.-Bonds, &c.
-The Royal Securities Corp., Ltd., Montreal, in offering
at par and int. the 6% 1st (closed) M. sinking fund gold
bonds of 1914, reports:
Dated Sept. 1 1914, due Sept. 1 1934. Redeemable upon three months'
notice, as a whole or in part, at any time after Sept. 1 1919 at 105 and int.
Annual cum. sinking fund of 2)4%. commencing Sept. 1 1917, will redeem
about 75% of the issue before maturity at not over 105 and int. Total
authorized, $400,000, of which $100,000 issued in 1914 and 3200.000 now
to be issued. Remaining $100,000 issuable for general purposes as and
when required. Interest payable M.& S. at Merchants' Bank of Canada,
Montreal or Toronto, or at London Joint Stock Bank, London, Eng.
Denom. $1,000 or in sterling at $4 86 2-3 to the £1. Trustees, Toronto
General Trusts Corporation.
Digest of Letter from Pres. William C. Van Horne, March 1 1915.
Incorporated under Dominion Charter in April 1901 to mine, manufacture and sell salt in its various forms, and purchased the properties and
business of the Windsor Salt Co., operating at Windsor, Ont. The largest
manufacturer in Canada of dairy and ("1Vindsor") table salt. In 1010
purchased valuable patents from Arthur E. Gibbs, giving it the sole rights
for Canada to manufacture thereunder caustic soda and bleaching powder.
The company's present output of these two products is contracted for on a
profitable basis, and so much business is offering therein that the directors
have decided to use the proceeds of this issue to increase the
echemical plant.
CapitalizationIssued.
1st M.6% 20-year sinking fund gold bonds
$400,000
$300,000
co.
on
due
part
($15,800
paid stk.) 800,000
Ordinary stock
800,000
Properties.-Main works and original salt wells are at Windsor, Ont.;
Ahmeek Mining Co.-Dividend Increased.also has additional salt wells at Sandwich, Ont. Has given notice of its
option,
obtained several years ago, to purchase
A quarterly dividend of $10 per share has been declared payable July 1 to intention to exercise the
holders of record June 7. In April last $3 was paid, but in Jan. for $100,000 the 38 acres at Sandwich on which the chemical plant is lo1915 and Oct. 1914 no distributions were made. In July 1914 $2 was paid. cated, but now valued at about $250.000.
Value of the net fixed assets, $946,000. Net current as.sets Dec. 311914,
There is $1,250,000 stock, par $25, of which $17 has been paid in. Of the
including the proceeds of this issue. $332.936; total, 31.278,936, or over
50,000 shares, 24,512 are owned by the Calumet & Hecla Mining Co.
fohr times the bonds now out. The value of the fixed assets include
1912.
1913.
1911.
1914.
1915.
nothing for valuable patents, trade-marks or mining rights.
$18
$22
Nov., $2
$6
Apr., $3; July, $10
Earnings for Years 1910 to 1914 and Estimate With Proposed Works. .
Alabama Traction Lt. & Power Co.-Bonds.
3 before charging
j
After deducting chargesfor repairs• etc.1,9b1ut
bank intert:
Interest:
The company has asked the London Stock Exchange to list a further issue
1912.
1910.
Estimate
of $7.138,400 5% 1st M. 50-year gold bonds, making the total listed, $96,737
389,938
395.532
$914,191
9 28
$112,375
$160,000
appear
$13,138,400.-V. 100, p. 814, 57.
t would
c.o
er
Has paid quarterly dividends at rate of 8% ip
s
oe
ne.1,ts
901hi
om
n invain
ciorrplovrialtilia
recse ins
capi
rtitraciasotros.
ck_spin
Alamo Land & Sugar Co.-Stock.erne,
This West Virginia corporation on or about May 29 decreased its capital
Wissalliteder
Thomas
G.
Sir
Shaughnessy
Angus,
and
R.
B.
Vaughan;
Sir Thomas Tait,
stock from $8,000,000 to $1,260,000.
all of Montreal; Gen. Mgr., E. G. Henderson, Windsor; F. S. McGraw,
American Gas Co., Philadelphia.-Stock.-Buffalo. N. Y.
The Philadelphia Stock Exchange has listed a further issue of $1,073,000
Canton (0.) Sheet Steel Co.-Stock Increase.capital stock, making the total listed $6,438,200. (See V. 100, p. 311.)The stockholders in March 1915 authorized an increase in the authorized
V. 100, p. 1753. 1512.
stock front $500,000 to $2,000,000, consisting of $1,000,000 each of coin.
American Hosiery Co., New Britain, Conn.-Dividends. and 7% cum. pref., the latter being subject to redemption in 1915 to 1919
The directors voted to pay a second cash .dividenci of $25 a share
at 110, in 1920 at 109, 1921 at 108, 1922 at 107, 1923 at 106 and 1924 at
(100%) on the stock on May 26. For some time the company has had its 105. Of the pref. $600,000 is to be outstanding at present. Par of shares,
surplus invested in bonds of other corporations. At the recent annual $100. The present capacity will be doubled, making a total of 15 hot mills
meeting it was decided to realize on these bonds as market conditions were Instead of 7. The improvements will be begun at once and completed in
favorable and distribute the receipts among the stockholders as cash divs.
the fall. Incorp. in Ohio May 2 1910; began business with 4 hot mills.
The stockholders on Feb. 18 voted to instruct the directors to distribute The officers are: Pres., W.W.Irwin; V.-P., H.S. Renkert; Sec. & Treas.,
the greater part of the company's invested surplus, which amounts to over C. A. Irwin.
$1,000,000, after converting same into cash. They voted also to disconCardenas-American Sugar Co., N. Y. & Cuba.-Pref.
tinue relations with James Talcott as sellInT &sent, and henceforth to sell
to the trade direct. Capital stock is stated as $300,000. par $25.
Stock, &c.-H. F. McConnell & Co. N. Y. are offering a
' at 90. Dividends
American Public Utilities Co., Grand Rapids, Mich. block of 7% cum. pref. (p. & d.) stock
-New Contract.-This company, which is under the manage- Q.-J. Full voting power. Red. at 110 and divs. on 3 mos.
notice. Auth., $2,000,000; outstanding, $1,250,000. A
ment of Kelsey, Brewer & Co., on May 28 announced:
The Wisconsin-Minnesota Light & Power Co. (one of your subsidiary circular shows:
Earnings for Years ending Oct. 31 1914 and July 31 1913.
companies) has closed a 30-year contract with the Consumers Power Co. of
St. Paul (V. 100, po. 400, 645) by which the latter will purchase a large
1913-14. 1912-13.
. Deprec.& reserves 350,623 $25,274
953,-756
2 $4
amount of electrical energy, beginning in 1917. The intervening time will Gross income_ _3
581 1.
151
919
3
,
be required to put us in readiness to carry out the contract, since the Operating exp_ __ 302,671 318,427 Annual prof. divs_ 87,500
98,438
arrangement calls for an investment by the Wisconsin-Minnesota Light &
Net earnings__ _$246,911 $135,329
Power Co. of approximately $2,000,000.
Balance, surp_ _3108,778 $11,617
The above gross income has been derived from two crops of sugar, whereas
Under the terms of the contract the Consumers Co. buys a stated amount
of power in 1917, and this amount is increased each year until 1921, when the expenses and charges cover two years and five months of operations.
the maximum called for is reached. Your officers believe that when the Average production for two years shown in above statement was 59,320 bags
contract is fully operative it will materially increase the earnings of your of sugar, and the annual productive capacity of factory has recently been
JUNE 5 1915.1
THE CHRONICLE
increased to 90,000-100,000 bags. Production of cane fields is being increased to meet this added capacity.
Current assets Oct. 31 1914. $246,253; total debt, only $32,135.
Property.—Incorporated in N. Y. State in 1912, and took over the plantations "Dos Rosas" and "Precioso," located on the north coast of Cuba
about 8 miles northwest of Cardenas and 75 miles east of Havana. Owns
factory, with modern equipment for the production of raw sugar, 16 miles
of railways, warehouses, docks and lighters, and 10,000 acres of land, 6,000
acres being available for cultivation, of which area over half is now planted
in cane. There are also 2,600 acres held under lease and 5,200 acres con• trolled through contracts for cane.
Capitalization (No M(ge. or Funded Debt)—
Authorized. Outstanding.
7% cumulative preferred stock
$2,000,000
$1,250,000
Common stock
2,000,000
1,500,000
Directors.—Ernesto Castro and Santiago Estevez, Cardenas; Norman H.
Davis, Havana; H.J. Douds, Henry P. DuBois, Thomas A. Howell, Alfred
Jaretzki, Seward Prosser, Edmund G. Vaughan and J. G. White, all of
New York; and George L. Pratt, Atlanta.—V. 99,D. 896; V. 96,D. 1701.
Central Iron & Steel Co.,i Harrsburg, Pa.—Plan.—/The
creditors' protective committee in circular dated at 1510
Penn. Bldg., Phila., May 1 1915, recommends substantially
as below the following plan of reorganization already approved by the bondholders' committee:
Proposed Capitalization of Successor Corporation.
First Mortgage Bonds (Girard Trust Co., of Phila., trustee), viz.:
Series A 6% bonds, redeemable on any interest day at 105 and
int. Sk.fd. 3% p. a. of bonds issued. Bonds to be applied
by reorganization committee to providing for arrears of
taxes, expemes of foreclosure, &c. not over $100,000; for
treasury of new company as working capital, the balance
to be used only for improvements and additions
$500,000
Series B 5% bonds, to be issued at par for the outstanding present 1st M. bonds ($1,239,000). No interest thereon to be
paid for the first 2 years; 2% thereon for the next 3 years and
5% thereon thereafter. The deferred interest to be cumulative, and after 5 years from the date of issue any portion
of interest deferred for first 5 years as above may be paid by
directors out of surplus net earnings, provided full rate of
interest on all debentures has been paid. Sk. fd. of $25,000
a year to begin after 5 years. All subject to call at par and
int. Total authorized
1,300,000
Debenture Bonds (subject to call on any interest date. Entitled
to no interest for 5 years. "After 5 years, 3% per ann. to
Series A, and all interest paid thereafter to be equally divided
' between Series A and Series B until Series A shall receive 5%
per annum, after which payments are to be made to Series 13
until both classso of debentures shall receive 5% per ann."
Series A, with priority as to principal over Series B in case
of liquidation. Total to commercial creditors for 80% of
their claims (with 20% in stock)
600,000
Series B. Total auth., of which $600,000 to go to other unsecured creditors for 80% of their claims (with 20% in stock)
700,000
Capital Stock (voting trust certificates)
2,245,000
To commercial creditors 20% of their claims
$139,500
To other unsecured creditors 20% of their claims..
150,000
To stockholders 50% of their stock
1,122,500
The balance of each class of securities—bonds, debentures and stock—
remaining after the distribution herein provided for or not required for such
distribution will be held and may be used either by the reorganization committee or the now company as may be necessary.
Present bondholders will therefore receive 1st M. Series B bonds at par
for their bonds. Commercial creditors will receive 80% of their claims in
debenture bonds, Series A,and 20% in stock. Other creditors 80% of their
claims in debenture bonds, Series B,and 20% in stock.
All of the capital stock will be subject to a voting trust agreement until
all of the debentures and all of the bonds are paid. The voting trustees
thereunder shall elect a board of nine directors, three each to represent the
bondholders, the creditors and the stockholders. When all the debentures
shall have been paid, the creditors shall no longer be entitled to representation upon the board of directors, and their places shall be taken by representatives of tho bondholders.
The provisions whereby the payments of interest upon the Series B First
Mortgage bonds are limited and payments to their sinking fund postponed
for five years will relieve the company from the payment of a large amount
of overhead charges until it will be better able to meet them.
The company is responsible as the guarantor for the payment of the principal and interest of $545,000 outstanding bonds of the Connellsville Basin
Coke Co., whose bondholders are now in a position to foreclose. The plan
contemplates that the Connellsville Co. shall receive its shares of stock now
held by the Central Co. and the cancellation of Central's claims for advances
in consideration for which the guaranty of the bonds will be canceled.
Creditors' committee: James B. Bonner, B. H. Jones, J. Hervey Patton.
[The third report of the receivers, covering the year ended Feb. 28 1915,
shows, it is stated, a net loss ,with the plant operated on a 40% basis, of
$116,439, but this, it is pointed out, was due to the most unfavorable trade
conditions in 16 years.) Compare V. 91, p. 418, 769, 1567; V. 99, p. 272.
Colorado Fuel & Iron Co.—Decision.—Judge Riner
in the U.S.Dist. Court some time since dismissed the suit
brought by the company to restrain the County Treasurer
of Platte County from collecting the $1 per ton tax imposed
against iron ore.
1921
Consumers Power Co., Minn.—Contract.—
See American Public Utilities Co. above.
Report.—See Northern States Power Co. under "Annual
Reports" above.—V. 100, p. 645, 400.
Continental Can Co.—Prospects.—
In connection with the declaration of the usual quarterly dividend of
1 % on the pref. stock, payable July 1, an officer on Tuesday stated:
"Business for the five months ending May 31 was consideiably larger than
that in the same period in 1914. The prospects for 1915 are excellent and
the not earnings are expected to be very much larger this year ,.han they
were in 1914, when 10.69% was earned on the common stock." Compare
annual report, V. 100, p. 472.
Dayton (0.) Power & Light Co.—Stock Issue.—
The Ohio P. U. Commission on May 24 authorized the company to issue
8,483,425 6% pref. stock; $183,425 to pay for the Miami Light, Heat &
Power Co. of Piqua that has been purchased; the remainder to be used for
extensions and betterments. This makes $2,789,925. See balance sheet
in V. 100, p. 1351].
A trade journal recently reported that a holding company was being
formed to take over the utilities in Dayton, including the Dayton Power &
Light Co. This rumor was denied May 11 by Pres. Frank M. Tait, who
said: "In so far as the Dayton Power & Light Co. is concerned, there is no
truth in the matter." See V. 100, p. 1351, 477.
De Bardeleben Coal Co., Inc.—Bonds.--Graham & Co.
and Cassatt & Co., Philadelphia, recently offered at par and
int, a limited amount of 1st M. 20-year 6% gold bonds of
1915. Auth. $600,000; outstanding, $510,000. An advertisement shows:
Dated May 1 1915 and due $30,000 annually May 1 1916 to 1935 incl.,
but subject to prior redemption, all or part, at 102% and int. Interest
payable M. & N. Trustee, Pennsylvania Company for Ins. on Lives &
Granting Annuities, Philadelphia. Pennsylvania State tax will be refunded under conditions in mortgage; company agrees to pay the present
normal Federal Income Tax.
A first mortgage on the entire property, consisting of over 14,000 acres of
coal lands, containing coal of a very high quality and modern mining plant
in the Warrior coal field, about 35 miles northwest of Birmingham, Ala.,
conservatively valued at approximately double the amount of bonds outstanding. Sinking fund, 10c. per ton on coal mined, to redeem bonds.
Net earnings for 12 months ended Mar. 31 1915 over double interest and
sinking fund requirements on the entire authorized issue of these bonds.—
V.73, p. 724; V.54, p.486.
Delaware River Ferry Co.—Called Bonds.—
Five bonds of 1891 (auth. issue $500,000) have been called for payment
on July 1 1915 at 105 and int. at the Provident Life & Trust Co. of Philadelphia.—V.87, p. 1481.
Dominion Steel Corp., Ltd.—Combined Earnings.—
Mar.31
Net
Int. on
Sink. Pd., Pf.Divs. Corp.
Balance,
Year.
Earns.
Bds.,&c. Depr.,&c. Sub. Cos. Divs.
Sur. or Def.
1914-45.83,571,058 $1,651,522 $1,064,280 $210,000 $420,000 sur.$225,256
1913-14. 4,442,032 1,575,994 1,011,212 560,000 1,380,931 def. 86,105
Sinking fund, depreciation, &c., as above in 1914-15 includes sinking
fund and depreciation, 8920,093, and proportionate discount on bonds,
$144,187, against 8903,889 and $107,323, repsectively, in 1913-14. Dividends as above include yearly $420,000 6% preferred dividends and $960,931 3% common in 1913-14.—V. 100, p. 233
•
Draper Co. Hopedale, Mass.—Decision.—The company
recently issued warning to the trade substantially as follows:
The rights granted in the suit brought by Coldwell & Gildard are re-issue
patent No. 11,923, for an improvement in warp stop-motions for looms
against the Stafford Co. and its exclusive licensees the Draper Co. and the
Crompton & Knowles Loom Works will be enforced against all persons who
unlawfully appropriate the patented invention.
The case was twice before the U. S. District Court,.and twice before the
Ti. S. Court of Circuit Appeals for the First Circuit. After the latter on
May 1 1914 had affirmed the validity of the patent, the Stafford Co. applied
for a re-hearing, which the Court refused, and then petitioned the U. S.
Supreme Court to revise the decision of the Court of Appeals, which petition was refused on Oct. 261914. This finally established the validity
of the patent.
The Stafford Co. has been under injunction forbidding it to make, use
or sell the invention since the decree of the U. S. District Court on Aug. 7
1913. The Court then said :"The very extensive use of' these devices, and
especially their use on fine and delicate fabrics, shows that the refinement
was of practical value and a substantial advance in the art." The Draper
Co. states that it has reason to believe that the patented arrangement ii
still employed in many Stafford looms; and "that it is just as much an
infringement to use a patented invention as to make or sell the same."
—V. 99, p. 973.
Eastman Kodak Co., of New Jersey.—Extra Dividends.
An extra dividend has been declared on the $19,532,800 common stock
in addition to the regular quarterly distribution of 2%%, both payable
July 1 to holders of record June 12. On June 1 5% was paid, in Apr.
234% and in Mar. 10%, making 20% in all this year up to July, the same
amount as in the entire year 1914.
Extra Dividends (Per Cent) on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
Years.
Year 1914—
1915.
Year. Year. Year. Year.
1906. 1907. 1908. 1909. 1910-13. Apr. July. Sept. Oct.
See above.
30 each. 734 5 5 2%
15
20
934
10
—V. 100, p. 1755, 1344.
The dismissal was made before trial on the strength of a decision by the
U. S. Circuit Court of Appeals at St. Louis the week before, in a suit
brought by the Union Pacific RR. against the officials of Weld County in
Colorado, holding that the Federal Court had no jurisdiction in suits to
enjoin the collection of taxes in States where a remedy was provided in the
State courts. Colorado and Wyoming have similar statutes, which provide that a person or corporation seeking to resist a tax must pay the asEmerson Phonograph Co.—First Monthly Report.—
sessment under protest and bring an action in the State courts to recover
The first monthly report (for May),issued June 2. says: "We have comthe excess. The decision also affects the action brought by the Midwest pleted arrangements whereby an initial output of 50,000 to 60,000 disks
Oil Co. to resist the collection of tax by county officials of Natrona County. ['dime disks') per day can be established within the next several weeks, and
The Colorado Co. contended that the State Board of Equalization had. this output will be rapidly increased. Our facilities for manufacturing
placed the value of their iron ore higher than the price and value of the com- records have also been arranged without any investment in plant, machinmodity justifies, and that it had been discriminated against in that its ery or equipment. Deliveries are expected to be made by or before Aug. 1.
product is assessed at more than the full value, while the properties of It is our purpose to manufacture a two-sided 7-inch record to retail at 25
other concerns and of private parties are assessed at one-half the actual cents. These records will play about 2% minutes. We have practically
value. The board places the value of the ore at $1 per ton, while the com- closed a contract for the manufacture of the $3 machines, which will give
pany claims it is worth only 82 cents.—V. 100, p. 1440, 736.
us the advantage of a large and well-equipped plant without the investment of a dollar. Sample machines should be ready for delivery this week."
Comstock Tunnel Co.—Decision.—
In explanation of the rise in the quotation of the stock on the N. Y. Stock —V. 100, p. 1596.
Exchange from 8 to 20 cts. per share, the following statement was issued
Federal Telephone Co., Buffalo, N. Y.—Decision.—
at the office of the company on June 2: "Judge Langan of Nevada has filed
Justice Bissell in the Supreme Court at Buffalo on April 22 handed down
an opinion upholding all the contentions of the company in the suit pending his decision in the case involving the right of the city to exact payment of
between it and the Mexican Mining Co. The Comstock Pumping Associa- 3% of the annual gross receipts of the company for the years 1909 to 1911.
tion has reached the 2,700-ft. level, giving a new deep level basis for pros- The Court holds that when the city permitted the New York Telephone Co.
pecting."—V. 90, P• 910.
in Oct. 1909 to begin operations in Buffalo. without exacting from it confor percentage payments and for free telephones to the city, it
Consolidated Indiana Coal Co.—Default—Committee.-- ditions
violated the agreement with the Federal Co., which succeeded the Frontier,
Default has occurred in the payment of the interest on the and opened the way for the Federal to repudiate the payment of 3% upon
gross receipts and for furnishing free telephones to the city. He dis$2,500,000 1st M. 30-year 5s of 1905 and also in the sinking Its
misses the complaint of the city.—V. 82, p. 1500.
fund payment, both duo June 1 1915. The payment of the
interest on these bond is guaranteed by the Chicago Rock
Island & F'acific Ry. Co., but the receivers of that company
have been instructed by the Court not to make further payments, either on account of the interest or the sinking fund.
At the request of the holders of a large amount thereof, the
committee named below is urging the deposit of the bonds for
mutual protection with the New York Trust Co., 26 Broad
St., N. Y. City, as depositary. See adv. on another page.
Committee: Mortimer N. Buckner, Chairman, V.-Pres. New York Trust
Co.; David T. Davis and Edward R. Tinker Jr., V.-Pres. Chase Nat.
Bank, with Herbert W. Morse, Secretary, 26 Broad St., N. Y., and Stetson, Jennings & Russell, counsel, 15 Broad St., N. Y. Compare V. 80,
p.2401, 2623; V. 82, p. 1499.—V.90, p. 505.
Ford Motor Co.—Stock Increased—Stock Dividend.—
The stockholders on June 4 voted to increase the authorized capital
stock from $2,000,000 to $100,000,000. A stock dividend of' $48,000,000
(2,400%) has been declared on the $2,000,000 stock, payable July 1,
raising the outstanding stock to 650,000,000. A cash dividend has also
been declared on the original authorized stock of $2,000,000, but the amount
has not been made public. The holdings of President Henry Ford are, It
Is reported, increased by $27,840,000, and of Vice-Pres. James Couzens
by $5,000,000. The unissued $50,000,000, it is stated, will remain in the
treasury, "to be used as conditions demand in the future." Vice-Pres.
Couzens says that the purpose of the increase "is to have the outstanding
stock more nearly represent the value of the company.
Decision by U. S. Supreme Court.—
Judge Hollister in the U. S. District Court on Dec. 4 in the suit brought
over a year ago against the Union Motor Sales Co. and some individuals,
all of Dayton, 0., held that contracts entered into by the company with its
1922
[voL. 100.
THE t.','HRONICLE
agents whereby the re-sale price of automobiles was fixed by it, are invalid,
Gold & Stock Telegraph Co.-Debentures Extended.and dismissed the bill of complaint. The company sought an injunction
The $500,000
% debentures due May 1 1915 have been extended to
to restrain the defendants from representing that they would sell Ford May
1 1940 at the same rate of interest.-V.80, p. 1426.
automobiles at less than the regular price list; from dealing in Ford automobiles and from "conspiring" with regularly licensed agents of the Ford
Goodyear Tire & Rubber Co.-Authorized.Co. to break the company's price restrictions and obtain autos from them
The stockholders on June 1 authorized an increase in the common stock
at prices less than the regular retail price as fixed by the company in from $8,000,000 to $25,000.000, and passed a resolution which provides for
contracts with its licensed agents. At the trial of the case it was shown setting aside $1,700,000 of the new issue, to be sold to employees, other than
that the defendants obtained Ford automobiles from regular Ford agents officers and directors, at par. Of the stock, $250,000 will be distributed at
at prices which enabled them to re-sell to persons holding memberships in once,the remainder over a period of years. Compare V. 100, p. 1676, 1596.
the Union Motor Sales Co. at a price from 10 to 15% less than the regular
retail price fixed by the Ford Co.
Goodrich Transit Co., Chicago.-Bonds Offered.An official pronounces as incorrect the report that the company has
Kean, Taylor & Co., New York and Chicago, and Second Ward Savings
reduced its output from 1,000 cars daily,(as shown in the"Chronicle" of Bank, Milwaukee, recently offered at 101 and int. the $500,000 (closed)
Nov. 28 last, page 1595) to 600.-V. 100, p. 1675, 1513.
1st M.3-year 6% gold bonds,dated April 1 1915,due April 1 1918. Interest
payable April 1 and Oct. 1 at Citizens' Savings & Trust Co. of Cleveland,
Fort Worth (Tex.) Stock Yards Co.-Bonds, &c.- trustee.
Redeemable, in whole or part, at 101% int. on 30 days' notice.
A circular shows: Secured by a closed 1st M. on all the company's
Stanwood, Taylor & Co., Chicago, recently offered at 98
the replacement value of which was recently determined by T. F.
and int. $65,000 1st M.5% gold bonds of 1902. Due Mar. 1 vessels,
Newman, Gen. Mgr. of the company, Robert Logan, Marino Architect,
1922, but red. on any Mar. 1 at 105. Int. M.& S. in N. Y. Cleveland, as $1,756,300. Adding $203,000, the cost of one now steel
freight vessel under construction, and $30,000 improvements being made
N. Y. Trust Co., N. Y., trustee. A circular shows:
to another vessel, makes a total valuation of $1,989,300, or approximately
Part of a closed issue of $1,200,000, of which $954,000 are now outstand- four times this $500,000 bond issue. Followed by $250,000 prof'. and $500,ing, $246,000 having been called at 105 and int. A first mortgage on the 000 common stock. Company has no funded or floating debt other than
land holdings (comprising enough.acreage to double the present capacity the bonds, and has working capital considered sufficient for all purposes.
of the yards), buildings, railroad tracks, &c. The plant and equipment On Dec. 31 1914 current assets amounted to practically four times current
account represents an investment of over $4,500,000, including, we under- liabilities. The mortgage securing the bonds requires the maintenance of
stand, $1,500,000 expended during past three years. In successful opera- at least $1,000,000 fire and marine insurance and $500,000 protection and
tion for over 13 years.
Indemnity insurance for the benefit of the bondholders.
Earnings for cal. year 1914: Gross earnings, incl. revenue from railroad
The report of accountants shows that net earnings available for interproperty, $701,062; operating expenses, taxes, &c., $337,081; net earnings, est charges for the past five years averaged approximately.2 times interest
$363,981. Interest on $960,000 1st M. 5s outstanding as of Dec. 31 1914, charges on this issue of bonds. This is after deducting unusually liberal
$48,000; balance, surplus, $315,981. The net earnings from 1911 to 1914 charges for maintenance and depreciation, and the cost of adequate insur.
increased over 150%.
The company is owned and managed by Chicago men of broad business
Officers, &c.-R.J Dunham, Pres.; Edward F. Swift, V.-Pres.; 0. W. experience and financial strength. For over 50 years the Goodrich fleet
Matthews, Sec. and *Treas.; W". B. King, Gen. Mgr. The company is of steamers has maintained a position of leadership in Lake Michigan pasunder the direct control of Armour & Co. and Swift & Co., these corpora- senger and freight traffic tributary to Chicago, Milwaukee and other points.
tions owning about two-thirds of the $2,736,200 capital stock.
Earnings for Five Years 191010 1914-Average Available for Interest $77,290.
Company covenants to pay the interest without deduction for the nor1913.
1914.
1912.
1911.
1910.
mal Federal income tax.-V. 100, p. 645.
Net earns., aft. deprec'n, &c__$44,504 $105,520 $60,890 $118,101 $57,436
Foundation Co., New York.-Decision.-Judge Hand Int. on funded & float'g debt__ 21,250 30,174 39,361 40,476 40,472
in the U. S. District Court in this city on Jan. 8 decided in
favor of the O'Rourke Engineering Construction Co. the
patent suit brought several years ago against the Foundation
Co.in regard to certain patents on caissons for buildings.
Balance, surplus
-V. 100, P. 1352.
$23,254 $75,346 $21,529 $77,625 $16,964
Great Lakes Dredge & Dock Co.-Dividend.-
See "Annual Reports" above.-V. 100, p. 1513, 1441.
The patent obtained by John F. O'Rourke in 1901 covers the method
Grinnell Manufacturing Corporation, New Bedford,
of sinking caissons below the water level to rock or other secure foundations.
Under it substantially independent'masonry piers are sunk through the Mass.-Extra Dividends.-A circular signed by Joseph NV.
earth or water by the pneumatic caisson method, and are then connected Webster, Clerk, May 18, says in substance:
together so as to form continuous water-tight walls. The plan was, it
This corporation,during a period of over 32 years, has expended for real
is stated, first used on the New York Stock Exchange Bldg., with 4 floors estate, construction and equipment of the mill plant, a sum so largely in
below the street level.
excess of the present capital stock of $1,000,000 that your directors believe
The Foundation Co., it is alleged, has used the patent on the American it is for the interest of the stockholders that the capital stock be increased
Express, the Bankers Trust, Morgan & Co. and Western Union buildings. to a figure which shaWmore fairly represent the present value of the property.
It was contended that the patent is not as broad as the O'Rourke Co. They have accordingly authorized the Treasurer to increase the book value
claimed, and that it is invalid on the ground that the method was in general of real estate, buildings and machinery from $1.000,000 to $1,500,000, and
use before it was patented. The Court held that the Foundation Co. had recommend to the stockholders that the capital stock bo increased to
obtained all the benefit of the invention and could not evade the conse- $1,500,000, this 50% increase of capital to be issued [as of Juno 11 pro rata
quences by slightly modifying the methods employed.
to stockholders of record May 27 1915. Stockholders need not subscribe
D. Anthony Usina, counsel for the company, says in the suit over the nor pay for the new stock.
infringement of a patent governing a connected concrete cofferdam that
[The directors on May 27 also declared a cash dividend of 50%, payable
the decision had been misinterpreted in newspaper accounts. He says: on June 1 to shareholders of record May 27. Regular cash dividend rate in
"The decree was that the broad claims were invalid. The Court found 1914, &c.,8% per annum, payable Q.-M. No bonded or mortgage debts.
that this method of making removable sections in the adjacent ends of The company has long been greatly under-capitalized.;-V. 71, p. 700.
the caissons and removing such sections and carrying the concrete through
continuously had been practiced in the foundations for the Commercial
Guggenheim Exploration Co.-On 16% Basis.Cable Building about four years prior to the application for the O'Rourke
A quarterly dividend of $1 per share (4%) has been declared on the
patent, so that the general plan was not new. The Court held that the $20,793,300 stock (par $25), payable July 1 to holders of record Juno 11,
detail of securing the adjacent walls together close to the removable sec- comparing with 3).% quarterly from April 1914 to April 1915, and 3%
tions was the only improvement which Mr. O'Rourke had made, and held from July 1913 to Jan. 1914, with 2% extra in Jan. 1914.
his patent valid and infringed as to this detail."
Dividend Record (Per Cent.).
1914.
1913.
1915.
1903.
1904 to 1906.
1907 to 1912.
General Gas & Electric Co. (of Maine).-Sub. Co.153i
11
5
X,
7
yearly.
10 yearly.
below.
Electric
Co.
Gas
&
-V..100,
p. 1675, 1513.
See Sandusky
-V. 100, P. 472.
General Petroleum Co.-Suit.-L-
•
Gulf Oil Corp.-Operations.A suit has been filed by Victor Etienne Jr. and other stockholders against
See Gulf Refining Co. under "Reports" above.-V. 100, p. 1756.
the company, Western Ocean Syndicate Ltd., Mercantile Trust Co. of
San Francisco and Paul McDonald,said to be an agent of the Ocean SyndiHocking Valley Products Co.-New Director.cate, asking that the bonds and stocks deposited with the Trust Co. bo
restored to their owners and that the Western Ocean Syndicate be enSidney S. Schuyler of Schuyler, Chadwick & Burnham, members of the
New York Stock Exchange, has been elected a director.-V.100, p. 401, 57.
joined from making use of the securities.
The plaintiffs claim that Andrew Weir held out the name of Earl Grey
Honomu (H. T.) Sugar Co.-Dividend Increased.as an inducement to deposit their bonds, stating that the latter would be
elected as a director
The directors on May 19 voted to increase the regular monthly dividend
BALANCE SHEET.
on the $750,000 stock (par $100)from $1 to $1 50, beginning June 5 and conApr. 30'15 Dec. 31 '14
Apr.30'15 Der.31 '14 tinuing until further action by the board. In July 1913 distributions were
LiabilitiesA ssetsdiscontinued for a year or so.
Capital assets__ _ 57,453,096 57,309,048 Capital Ifabilities_51,413,700 51,432,700
Dividends Paid Prior to July 13.
279,057 Capital surplus_ _ _ 4,764,606 4,721,771 1906.
Adv.to contr. cos_ 278,971
1907.
1908.
1909.
1911-1912.
1013.
1910.
205,326 D‘sf. pay'ts onland
Casing & supplies_ 210,375
25.425
12
27,145 22%
6
18
12
15
163,6
1,146,264
Oil in storage
1,184,242
Notes payable_ __ _ 145,627
295,666 -V. 00, p. 0000.
5,712 Accounts payable_
Notes receivable
534
46,162
136,073
2,261 Aud. vouchers, Ste
1.0. P. A. certifs..
1,775
Houston Oil Co. of Texas.-Bonds Called.94,856
151,625
352.322 Accrued interest__ 1,333,050 1,039,768
Oil accts. recehele 384,287
One hundred New Series Timber Certificates, issued under the Kirby
48,671 Amer. GasoleneCo 398,276
Other accts. reedy
50,968
437,846 Lumber Co. contract, dated Aug. 1 1911, for payment at par and interest
933,333 West. Ocean Synd.
Andrew Weir
933,333
on Aug. 1 at Maryland Trust Co. Baltimore, trustee, or the Chase Nat.
230,974
Cash
14.000
Ltd
5,204
5,204 Bank. New York.-V. 100, p. 1441.
Pref. charges and
London drafts_
2,082,220 2,082,220
280,424 Liab. to contr. cos. 806,251
credit
355,175
597,089
Independent Harvester Co., Plano, Ill.-Indictments.Deficit
31,642
350,691
The U. S. grand jury before Judge Landis in the U. S. District Court on
May 28 Indicted six former stock-selling agents on charges of using the mails
Total
61,083.735 60,576,416
Total
61,083,735 60,576,416 in a scheme to defraud farmers in the Middle West. The indictment sup-V. 100, p. 1589, 1352.
plements one returned three weeks previous on the same charge against
William Campbell Thompson,founder and former President of the company,
General Railway Signal Co., Rochester.-Contrcict.- and
eight former officials and agents,charged with using the mails in an alThe P. S. Commission Dec. 22 1914 refused to reconsider its leged fraudulent stock-selling scheme.-V. 97, p. 526.
approval of the contract for $1,293,494 made by the New
York Municipal Ry. Corp. (Brooklyn Rapid Transit system)
on Dec. 18 of a new cab-signal and speed-control system to
be installed on the various elevated and rapid transit lines.
The contract was awarded over the protest of the Federal Signal Co., the
lowest bidder on the original contract, whose figures were $1,392,833.
against $1,808,676 by the General Signal Co. It was then suggested to
the railroad company that a further device had been perfected, known as
cab signals and controls, which flashed the signals in the cabs and would
authomatically decrease the speed of and finally stop the train if the motorman disregarded the signals. It was suggested that it would be a good idea
to have these additional devices in the subway. The railroad company,
after opening the original bids, permitted the bidders to revise their bids so
as to include an installation of the auxiliary system if it should prove successful, and the General Signal Co. received the award on the amended bids,
its bid being the lowest.
The "Railway Age Gazette" of Dec. 25 contains a descriptive article of
the devices used.-V.99, p. 410.
Globe-Wernicke Co., Cincinnati.-Decision.The Ohio Supreme Court on May 25 reversing the judgment of the
Hamilton County Court of Appeals, held that the company is liable to the
Safe-Cabinet Co. of Marietta, O., for an accounting on profits from "unfair
competition" sales. The suit was begun in Aug. 1911. A special master
has been appointed to compute the amount. The plaintiff, incorporated
in 1906, claimed that its metal cabinet for storing books and records
was known under the name of "safe-cabinets," having the name on plates,
and painted olive-green, and that it was the pioneer in the field and entitled
to exclusive use of the name as a trade name. The Globe-Wernicke Co.,
it is stated, manufactured metal cabinets different from those of the plaintiff, but in 1911 began to manufacture and sell a metal cabinet painted the
same color as that of the Marietta company, and gave it the same name.
The charge was made that this was a deception on the buying public, to the
detriment of the Marietta company.-V.96, p. 1159.
International Cotton Mills Co.-Bonds Called.-
Eighty-five 6% debenture bonds of the J. Spencer Turner Co., dated
Feb. 1 1906. have been called for payment at par and int. on June 15 at
company's office, 86 Worth St., N. Y. City.-V. 100, p. 478, 58,
International Salt Co.-Dividend.-
A dividend of 3,i of 1% has been declared on the $6,077,130 stock, payable
July 1 to holders of record June 19. A distribution of the same amount
was made on April 11015, being the first since Dec. 1906.-V. 100, p. 1508.
Kennecott Copper Corp., N. Y.-New Company-Bonds.
J. P. Morgan & Co. have purchased and placed privately
$10,000,000 1st M. 6% 10-year convertible bonds, dated
June 1 1915 and due June 1 1925, interest payable J. & D.in
N. Y. City. Denomination $1,000. The following is pronounced substantially correct:
The company was recently incorporated under the laws of N. Y. State
and took over the copper properties in Alaska formerly owned by the
ICennecott Mines Co. and also the majority of the stock of the Beatson
Copper Co.(V. 98, p.1696). The properties of both those companies have
been in operation now for more than four years, and during the past year
largo and improved plants have been constructed. The mines, it is stated,
are now producing a larger output of copper than at any time heretofore.
The issued capital stock consists of 672,040 shares, having no par value.
There will be tssuable 400,000 additional shares for conversion of the
$10.000,000 bonds. The bondholders have the right to convert on and after
June 1 1917 and before June 1 1925, into stock at the rate of 40 shares of
stock for each $1.000 bond. The bonds are redeemable on Juno 1 1917,
and on any subsequent interest day prior to maturity, , upon 90 days' notice,
at 105,the conversion right to continue to the date of any redemption. The
bonds will have an annual sinking fund equal to at least 50% of the net
earnings of the corporation.
1923
THE CHRONICLE
JULE 5 1915.1
Laclede Gas Light Co., St. Louis.-Construction.-
The now 56-oven by-product coke-oven plant was put in operation on
May 21. It has a daily capacity of 756 tons of coke and will, it is said,
produce 11,000,000 cubic feet of gas per day.-V. 100, p. 1514, 551.
Lake Drummond Canal & Water Co.-Decision.---The
Circuit Court of Norfolk County on Jan. 5 entered a final
decree in the suit brought by the company against the city
of Portsmouth (Va.) and the Eastern Dredging Co., in
which an injunction was granted Dec. 17 1913. The injunction is dissolved on conditions noted below:
Pittsb. Wheeling & Lake Erie Coal Co.-Foreclosure.-
The property was sold at foreclosure sale on April 26 last to the Wheeling
& Lake Erie Coal Mining Co.,which in 1901 took over the property under
lease. The entire stock of the coal mining company is owned by M. A.
Hanna & Co. of Cleveland, who also owned all of the $200,000 prior lien
bonds under which the sale was made. The price obtained was just sufficient to pay the prior lien obligation and there remained, therefore, no
equity for the 1st M. 4s ($634,500 at last accounts outstanding) or the
stock, a majority of which was owned by the Wheeling & Lake Erie RR.
V. 94, p. 1060.
Quincy Mining Co.-Dividends Increased.-
A dividend of $2 a share(8%) has been declared on the $2.750.000 stock.
payable June 28 to holders of record June 5, comparing with $1 (4%) in
The Court holds that the plaintiff, its successors and assigns is entitled March last and 50 cts. (2%) in Dec. 1914, the last-named being the first
to the use of the waters of Lake Drummond,so far as they shall be necessary distribution since Sept. 29 1913, when $1 (4%) was paid.
Annual Dividend Record (Per Cent) Since 1899.
for the purposes emntioned in the charter of the Dismal Swamp Canal Co.
and in those of its successors, or any amendments thereto, including the '00. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10. '11. '12. '13. '14. 1915.
2 4,8.-,36 36 28 22 20 24 50 54 18 16 20 16 20 15
right to impound the waters in wet seasons for its use for the purposes
Compare V. 97, p. 1667, 669.-V. 100, p. 985, 811.
mentioned in the decree, but that such use must be reasonable and economical and not wasteful, and that the plaintiff is only entitled to such use, and
Co.
Called.
Iron
Rogers-Brown
-Bonds
that the city of Portsmouth and its successors is entitled to such rights in
Twenty First & Ref. M. 5% serial gold bonds, dated Jan. 3 1910, for
Om use of the waters as it may have, subject to the prior rights of the
redemption on July 1 at 10234 and int. at the Bankers Trust Co., 14 Wall
plaintiff.
The city before removing or diverting any of the waters of the lake, at Street.-V. 100. p. 1442.
any time, and from time to time, must give reasonable notice, in writing,
(M.) Rumely Co., La Porte, Ind.-Receiver's Certificates.
of its intention and in any controversy hereafter arising between the city
Judge A. B. Anderson in the Federal Court at Indianapolis on June 1
and the complainant as to whether there is more than sufficient water in authorized
receiver Finley P. Mount to Issue $250,000 receiver's certifithe lake for the purposes of the complainant, the burden of showing this cates, part of an authorized issue of $1,500,000, of which $500,000 or $550.fact shall be upon th7 city.-V. 83, p. 1232.
000 has already been issued. Compare V. 100, p. 1836, 559.
Lima (0.) Locomotive Corporation.-Earnings.-
Sandusky (0.) Gas & Electric Co.-Bonds.- "
The stockholders on May 24 authorized an issue of $3,000,000 bonds,
Earnings for 11 Months Ended March 31.
$750,000 to be issued at once and the balance held in the treasury. The
1913-14.
1914-15.
1914-15.
1913-14.
General Gas & Electric Co.(V. 100, p. 1675).
Gross income_$3,146,211 $2,317,757 Total net Inc- $163,337 $101,577 company is controlled by the
129.184 which is managed by W.S. Barstow & Co. of N. Y.-V.100, p. 1442.
138,751
Net income__ $125,010
$62,571 Interest
sur.$24,586 def.$27,607
Balance
Sears, Roebuck & Co.-Sales.Increase.
Increase. I 1915-5 Mos.-1914.
1915-May-1914.
The company is capitalized as follows: 1st M. bonds due 1932, $1,888,$912,403 I $45,514,693 $41,907,912 $3,6C6,781
$7,552,310
000 ($112,000 additional in sinking fund); pref. 7% stock, cum.from May 1 $8,464,713
-V. 100, p. 1597. 1262.
1915 (last(liv.,
%,June 1913),$2,000,000;common stock. $4,000,000.
Business, it Is stated., has recently improved, orders aggregating ,it is
Sheboygan (Wis.) Gas Light Co.-Sale.estimated, about $1,725,000 haying been received during May.-V.99,p.612.
The Wisconsin Securities Co. has. it is announced, purchased the $150,000
subject to a bond issue
Lord & Taylor (Dept. Stores), N. Y.-Notes Extended. stock, and has thus acquired control of the company,
The 6% gold notes duo Jan. 1 1915, of which about $5,000,000 are out- of $250,000 (V. 100, p. 738). The Sheboygan plant has a capacity of
is
of 275,000 Cu. ft.
disposing
time
present
ft.
extencu.
at
further
and
350.000
gas
of
the
been
have
next,
1
July
to
standing and which were extended
New officers are: President, Clement C. Smith; Vice-Pros.. Henry L.
ded to Jan. 1 1916 with the consent of the noteholders committee. ComRice; Treas., Howard Green; See., George Allison. The above with.
pare V. 99, p. 1836.
Gross sales for 1914 amounted to about $21,000,000.-V. 99, p. 1914 Ludington Patton, will be the directors.-V. 100, p. 738.
McCrory Stores Corporation.-Sales for May.1915-May--1914.
$375,244
$431,553
-V. 100, p. 1756.
Increase. I 1915-5 Mos.-1914.
$1,732,792
$56,30931,966,913
Increase.
$234,121
Magnolia Petroleum Co.-Notes Called.-All of the remaining $1,200,000 6% gold notes due Jan. 1 1916, issued
under agreement of Jan. 1 1914, have been called for payment
at 104 and int. on July 1 1915 at Columbia Trust Co., 60
Broadway. The payment of the notes has been provided for
by the recent sale of $2,390,000 1st M. 6% gold bonds of
1912. Compare V. 100, p. 1676.
Maple Leaf Milling Co., Ltd., Toronto.-Earnings.Total
Balance,
Preferred
Net
Interest
March 31.
Surplus.
Surplus.
Dividends.
Earnings. Charges.
Year1914-15_ _ _$1,048,997 $173,560 (7%)$175,000 $700,437 $1,034,406
333,969
92,083
418,169
151,086 (7%) 175,000
1913-14-- _
Stock, $2,500,000 each of common and preferred. No bonds. Bank
loans March 31 1915, $1,291.131, against $2,958,180 in 1914; contingent
reserve, $226,721, against $3,274.
New River Co.-Earnings.-
Simplex Refining Co., Cal.-Increase of Stock.-
r. Meischke-Smith, Cal. agent of the Shell interests, has applied to
the Commissioner of Corporations for permission to increase the Co'sstock
from $2,000,000 to'33.000.000 in exchange for rights to the patents covering
the Trumble process for refining petroleum. The process was originally
financed by the General Petroleum Co., which purchased a half interest
for $75,000 and assumed certain obligations to carry on the work. The
payment for the half interest was used in securing patents in 72 countries.
The process was sold for $1,000.000, of which $900,000 has been paid and
$100,000 withheld pending the final action on certain patent applications.
Of this the General Petroleum Co., it is stated, receives one-half less $50,has there000 due to the Trumble concern. The General Petroleum Co.'
fore received $400,000 in cash and will receive another $50,000 on the completion of the deal. The General Petroleum also retains the right to use
the process in California.
South Porto Rico Sugar Co., N. Y.-Extra Dividend.An extra dividend of 4% has been declared along with the regular quarterly disbursement of 1% on the $3,371,000 common stock, both payable
July 1 to holders of record June 12. In Oct. 1910 and Jan. 1912 and 1913
2% extra was disbursed. Regular payments have been made since Jan.
1910.-V. 99, p. 1907.
Springfield (0.) Light, Heat & Power Co.-Bonds.H.F. Bachman & Co., N. Y. & Phila., are placing, at 923and int.,$300,000 Gen.and Ref.5s of 1913,due April 1 1933.
Net Gain
New River
Authorized, $5,000,000: issued, $300,000. Int. A. & 0. In N. Y. City,
Net from
Output
Mar :31
or Loss.
Co. Losses.
and in London at $4 8665 per E. Red. on any int. date at 105 and int.
Sub. Cos.
(Tons).
Year3127,173
prof.$17.538 Denom. $1.000c5. Trustees, Michigan Trust Co. and George Hefferan,
$109,635
1,611,427
1914-15
loss 57.422 *Grand Rapids. A direct lien on the entire property, subject only to the
46,255
103,677
1.482,680
1913-14
There was charged off for depreciation $75,225 in 1914-15, against $57,- $750,000 1st M.5% bonds, no more of which can be issued, and for the retirement of which an equal amount of bonds of this issue has been reserved.
445 in 1913-14.-V. 99, p. 46.
Property.-Company has been in business since 1908 and owns an electric
Oklahoma Natural Gas Co., Pittsburgh, Pa.-New lighting, power and heating plant, transmission lines and heating system
of Spr1ngfield, Ohio. Generating station has steam turbines of 6,000
in
Bonds.-Secretary John C. Bartlett, in circular dated at h.city
p. capacity water-tube boilers, automatic coal-handling machinery, etc.
Pittsburgh, Pa., May 10, says in substance:
Franchise extends beyond April I 1933; no burdensome restrictions.
Issued CapitalizationThe stockholders on May 4 1915 voted to create a bonded debt of $1,000,000 evidenced by 1.370 First Refunding 6% gold bonds divided into 8 First M.5%, bonds, due Feb. 1 1929 (incl. $15,000 bonds in s. f.) $750,000
300,000
series, viz.: Series A and B men for $100,000 in bonds of $1,000 each, Gen. & Ref. M.5% bonds (this issue) due April 1 1933
and Series C,also for $100,000, in bonds of $500 each; said series to mature Stock ($50,000 is preferred stock)1,050,000
All of the stock is owned by Commonwealth Power, Railway & Light Co.
respectively on March tin 1919, 1920 and 1921; Series D,$70,000, in bonds
of Al ,000 each; Series E,$30,000,in bonds of von each, to mature March 1 and represents an investment by that company of $500,000.
1912.
1913.
1914.
Earnings for Calendar Years1922; Series F,0 and If, each for $200,000, In bonds of $1,000 each, those
$293,135 $265,083 $248,102
Gross earnings
series maturing respectively on March 1 1923. 1924 and 1925.
$140,251 $120.284 $114,483
Net (after taxes)
The purpose is (a) to sell the first five series. aggregating $400,000
52,500
45.625 . 37,500
and thus to provide for paying ,he floating debt, which win make it un- Interest on bonds
necessary to carry any notes hereafter and leave sufficient cash on hand for
$87,751
$74,659
$76,983
Surplus after bond interest
a working capital; (b) the remaining series, aggregating $600,000. will be
Net earnings for last three years more than 24 times fixed charges.
placed in the hands of the Colonial Trust Co., trustee, to offset the present
This Bond Issue.-Authorized amount, $5,000,000; $300,000 issued;
$600,000 of 1st M. bonds now outstanding.
Although the entire now issue of $400,000 of bonds is substantially under- $750,000 reserved to retire the 1st M. bonds; remainder reserved to be
-tenth in bonds of the Issued to the extent of85% of the cost or fair value of permanent extensions,
written, the stockholders are entitled to purchase ono
par value of their holdings in stock, and, they may apply for any amount enlargements and additions when the net earnings are 1M times the annual
the
only
but
-tenth
ono
quota,
will be reserved interest charges, including the bonds to be issued.
portion
regular
their
above
Control.-The entire capital stock is owned by the Commonwealth Power.
up to and including June 11915. Any application for bonds In addition to
the regular rights will not be considered until after Juno 1. at which time Railway & Light Co., which is a holding company owning various public
of
their
price,
order
the
Subscription
properties in Mich., Ill., Ind., Wisc. and Ohio, and which has out- ,
utility
receipt.
in
up
taken
they will be
standing $16,000,000 6% Cum.Pref.IStock and $15,500,000 common stock,
par and int. Compare V. 100. p• 1353, 313.
on which dividends of 4% are being paid (see map, &c., pages 46 to 48.
Ontario National Brick Co., Montreal.-Default.-- "Electric Railway Section"). is under the direct supervision and managoManagement.-ThLs property
The company was unable to pay the June 1 interest on its outstanding
$1.250,000 1st M.6% bonds of 1912, total authorized $5,000,000. Stock ment of Hodenpyl, Hardy & Co. of New York, and E. W. Clark & Co. of
full paid, $2,000,000. Has plant at Coolcsville, Ont., with an annual ca- Philadelphia.
Population of City.-38,253 in 1900; 46,941 in 1910; at present estimated
pacity of 60,000,000 bricks. An authorized statement says in substance:
"Prior to Aug • 1 last the company was operating at the capacity of the plant, over 50,000.-V. 96, p. 1302.
with orders on hand for 25,000,000 bricks. Practically all sales stopped,
Submarine Signal Co., Boston.-Bal. Sheet, &c.and after delivering unfilled orders the plant was shut down. There Is no
-Rented- -Sold-- -Lent or on tr'l
Apparatus ShippedPossibility, under the circumstances, of reopening the works, and it will be
1914. 1913. 1914. 1913. 1914. 1913.
Interest
payments
on
resume
year
the bonds until at least a
impossible to
51
42
141
161
853
945
equipped
after building operations in Toronto are resumed on a normal scale. A Ships
__
__
27
30
80
65
plan for financing the company will shortly be submitted to the bond- Ships ordered to be equipped
31.
Dec.
Sheet
Balance
have
still
the
greatest confidence in the earning
holders. The directors
1914.
1913.
1914.
1913.
power of the company under normal conditions." Pres., J. N. Green$
$
Assets (Con.)Assets$
$
shields, K.C., Montreal.
61,664
59.994
1,383,651 1,415.489 Inventory
Patents
52,448
Leased apparatus 54,969
Pennsylvania Steel Co.-Bonds Called.Total
1.709,138 1,696,300
14.970
equip't_
24.259
One hundred and seventy-one ($171,000) 1st M. 20-year 6% gold bonds Factory
LiabilitiesCash and notes
of the Spanish-American Iron Co. for payment at par and int. on Jan. 1
70.190 Capital stock_ 1,679,750 1,679,750
receivable.. _ _
86,248
Phila.
Co.,
Trust
Girard
at
1915
29,388
Accts. payable
16,550
Accounts reedyTwo bonds called for July 1914 and four called for Jan. 1 1915 still remain
100,017
81,539
able
unpaid.-V. 100, p. 1668, 1516.
Total
1.709,138 1.696,300
President Frederic Parker April 1 says: "The year closed with the perPittsburg Brewing Co.-New President.fection of the Fassenden Oscillator for signaling between moving ships.
C. 11. Itidall, former manager of the sales department, has been elected An active campaign is being inaugurated for placing this apparatus on the
Ruske.-V.
Mr.
100,
p.
succeed
1677, 559.
President to
market." An initial dividend of 2%,or 50 cts. per share, has been declared
on the $1,679.750 stock, payable July 1 to holders of record May 13.
Pittsburgh Coal Co.-Bonds Called.-All of the $8,011,- -V.
100, p. 1678.
,fund gold cou000 outstanding 1st M. 50-year 5% sinking:
pon and registered bonds, dated Jan. 1 1904, have been called
for redemption on July 1 at 110 and interest at the Union
Trust Co. of Pittsburgh, trustee. (Compare V. 100, p. 646.)
-V. 100, p. 895, 646.
Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Earnings.
March 31
Year1914-15
1913-14
-V. 95. p. 627.
Net
Profits.
$142,794
214,325
Preferred
Dividends.
(7%)$140,000
(7%) 140,000
Balance,
Surplus.
$2:794
74,325
Total
Surplus.
$218,961
216,167
1924
THE CHRONICLE
[VOL. 100
Union Carbide Co., New York.-
Marysville, Ida., to Farmington; N. M.; also the location
of the 30 hydro-electric plants and 6 steam electric stations.
-V. 100, p. 1828, 903.
Utica (N. Y.) Gas & Electric Co.-Bonds Offered.Harris, Forbes &
. Y.; Harris Trust & Savings Bank,
Chicago, and N. W.
Co.,karris & Co., Boston, are offering, at
United States Light & Heating Co. (of Maine).-Sale. 99 and int., $350,000 Refunding and Extension Mtge. 5%
-The property is advertised to be sold at Niagara Falls on Gold Bonds of 1907, due July 1 1957, making $3,350,000 (of
the $5,000,000 auth.) outstanding. Tax-exempt in New
July 1 under order of U. S. District Court filed June 2.
State. The bankers report:
Success of Plan-Time Extended.-The stockholders' pro- York
The company does the entire
business, and practically the entire
tective committee, Walston H. Brown, Chairman, in cir- electric light and manufacturing gas
power business, in Utica, Little Falls,
Herkimer, Mohawk, Ilion, Frankfort and other municipalities located in
cular of June 1, says in substance:
the rapidly growing Mohawk Valley: total population served, over 130,000.
Stockholders of record July 15 are offered the right to subscribe for 10%
of their holdings at par, payable Aug. 14. There is now $19,060,000 stock
outstanding.
It is officially denied that the company has purchased an interest in the
Norwegian-American Steamship Line, as reported. The only basis for the
rumors, we are informed, is that interests identified with the company have,
with others, subscribed for some of the new stock recently offered by that
company.-V. 98, p. 1698.
A large part of the stock remaining undeposited April 5 has been deposited
with your committee and more than 90% of the pref. and 75% of the corn.
stock deposited has already paid the subscriptions provided in the plan
(V. 100. p. 1263). The reorganization was assured through the underwriting of the $500,000 new bonds, and of the stockholders' subscriptions to an
amount sufficient to pay all claims against the property. The deposit from
assenting stockholders of $70,000 more than the stock underwriting has
rendered the financial position that much stronger.
It Is our earnest desire that every depositing stockholder participate in
the reorganization by paying his subscription, thus not only protecting his
equities in the property, but sharing in the future success of the company.
The time for the payment of subscriptions by stockholders, and also the
time for the subscriptions to the bonds is therefore extended to June 19 1915.
A large number of the creditors have expressed a desire to take securities
of the now company in payment of their claims. The committee, therefore,
reserves the right to use any securities not subscribed for by stockholders
for settling the claims against the property and paying the expenses of
reorganization, including compensation of committee, underwriting commissions, &c. Depositors who do not dissent from these amendments
within 30 days will thereby be deemed to have assented thereto.
The property includes large and valuable water powers (developed and to
be developed) capable of operation and development at low cost and within
a short distance of the market to be supplied. Practically all the franchises
are, in tho opinion of counsel, unlimited in duration. Capitalization:
Capital stock (authorized and issued)(10%)
$2,000,000
Refunding & Extension Mtge. bonds, this Issue (auth., $5,000,000), issued
• 3,250,000
Divisional bonds (closed), incl. $131,000 held alive in sink.fund_ 2.390,000
Earnings for years ending April 30 1915 and Dec. 31 1913 (latter supp. by Ed.)
Years end. Apr:3015 Dec. 31 '13
Years end. Apr. 3015 Dec. 31 ,1.
Gross income_$1,284,984 $1,243,307 Bond int.chgs. $287,000 $259,360
Op. exp.& tax_
670.054 Dividends_ _ _(10)200,000(9%)190000
675,815
Net income. $609.169 $573,253
Bal., surp_- $122,169
See further particulars in V. 98. p. 1779.
$123,893
Van Dorn Iron Works Co., Cleveland, 0.-Stock Sale.-
13orbon & Berton, Cleveland, 0.. have sold tho $100,000 7% cumulative
pref. stock which they offered recently at 102 and div. Par $100. Divs.
Q.-J., pref. p. & d., redeemable after Jan. 1 1918 at 110 and divs. No
New Bonds-Status of New Company.-The new bonds, mortgage, bonds, notes, or other such debts maturing later than one year,
be executed; nor the auth. pref. stock be increased without consent
offered (through Guaranty Trust Co., depositary) to the can
of 757, of pref. stock outstanding. The pref. has no voting power unless
depositing shareholders at 873/ and int., with a bonus of 3%% in dividends is in default, or 150% in quick assets are not maintained.
Total net assets. $974,612; net quick assets, $573,379. Net earnings for
100% in new common stock, are described as follows:
cal. year 1914, after liberal deprec. charges, $44.670; average for last three
United Slates Light & Heat Co., Inc., of New York.
years, $64,883. Capitalization, bonds, none; common stock, all out.
[After receiver's sale, will own entire property and all deposited stock.[ $150,000; pref. stock auth. $200,000, incl. 8100,000 now sold and 8100,000
$500.000 1st M. 6% 20-year sinking fund coupon gold bonds dated issuable only when no:', earnings for each of the two years preceding are
June 1 1915 and (Inc June 11935, but red. on any int. date at 105. Denom. three times the dividend of the full 8200,000 pref. Plant, 7.3 acres in Cleve$100. $500. $1,000. Int. payable Dec. & June 1. Normal Federal income land; floor space, 195,000 sq. ft. Company long in business; well known
tax payable by the company. Sinking fund sufficient to retire bonds at for jail equipt., iron grill work, structural steel and metal office furniture.
maturity. Trustee, Guaranty Trust Co. of New York. Auth. capital:
Valley Pipe Line Co., California.-New Pipe Line.Capital stock ($3,000,000 pref. 7% non-cum.;*4.000,000 corn.)$7,000,000
The first four secticns, comprising about 47 miles. of the oil pipe line of
First mtge. bonds (auth.), 81,000,000; reserved, $500,000
500,000 this subsidiary of the Shell Royal Dutch Co., which was designed and is
Mortgage constitutes a first mtge. on all real estate, plant and equip- being built by Sanderson & Porter of New York. &c., was placed in successful
ment and all patents and rights now owned. Property appraised at about
tidewatererminnearlurti;ezlanfraneisco
17dmiIclorgehteVs iomtheRalng
eration
May 15.Thislin:is
$2,500,000; royalty value of patents used, $100,000 to $200,000 yearly
cn
olifieldstoa
(depending upon volume of business done), the latter sum being equal to Bay, mid will have a carrying capacity of 25,000 bbis. per day. The
5% annually on $4,000,000; other patents owned have great possibilities. storage capacity at the pumping stations now in operation on this first
No attempt has been made to value good-will (compare V. 100, p. 1263).
section of the lino amounts to 2,25,000 bbls. which is thus made immediately
The sum of $400.000 has already been paid in by stockholders for the new available for the storage of surplus production.
storks under the plan, and it is expected that $100,000 more will be conWashington Co. Water Co., Hagerstown, Md.-Stock.
tributed by stockholders In response to present circular. With this additional sum. making $500.000 paid in, the $800,000 debts will have been reThe stockholders on or about March 31 voted to increase the capital
duced to $500,000 consisting of these bonds.
stock from $320,000 (par 810) to 8870,000, to provide. It is understood,
The company will have (a) cash working capital and short-time bills for new construction, including a reservoir of 400,000,000 gallons' capacity
receivable of about $550,000, and (b) materials and manufactured product on South Mountain. There is also an authorized issue of $500,000 1st M.
of over $650,000, or more than $2 of quick assets for every dollar of bonds 50-year 4% bonds duo 1957, but subject to call after Jan. 1932; outstanding
hereby offered; (c) physical plant and machinery, worth approximately at last accounts, $345,000. Chas. S. Lane. President.
$1.500,000; so that its actual assets will be twee five times the amount of
Washington-Oregon Corporation.-Foreclosure Sale.bonds outstanding, without taking any account of patents or good-will.
Judge Cushman In the Federal Court at Tacoma on May 27 ordered the
Business and Earnings for Fiscal Years ending June 30.
1910-11.
1911-12.
1913-14. Aro. 4 Yrs. foreclosure sale of the property under the $1,569,000 mortgage, Fidelity
1912-13.
Gross business_ _$1,705,698 $1,835,976 $3.312,977 $2,722,417 $2,394,267 Trust Co. of Philadelphia, trustee. Se3 plan V. 100. p• 1508, 1759.
Net earnings_ _ _ _ 8106,277 $355,895 $352,657 $136,388 3312.804
Western Union Telegraph Co.-Debentures Extended.For several years before the receivership the annual net earnings amountSee Gold & Stock Telegraph Co. above.-V. 100, p. 1444, 1354.
ed to about; 12 times the interest on the $500,000 of bonds here offered.
Even during the year ending June 30 1914 th9 property earned over four
Westinghouse Electric & Mfg. Co.-New Sub. Co.times the Interest on $500,000 of bonds. The interest on these bonds has Chairman Guy E. Tripp is quoted:
been earned during the last two months alone.
"The company has purchased the property and assets of the Stevens
The receivers are now doing a business amounting to over $2.000,000 a
year, and many new contracts are only awaiting the completion of the Arms & Tool Co. and the Stevens-Duryea Automobile Co. and a company
reorganization. The receivership has, however, made possible many has been incorporated under the laws of Massachusetts to own and control
economies In administration and overhead expenses. The savings in this these two properties. This company will be known as the New England
account alone amount to three times the interest on these bonds. Compare Westinghouse Co. and all of its $2,000,000 capital stock is owned by the
Westinghouse Electric & Mfg. Co. The company has no bonded debt.
V. 100. p. 1843, 1263; V. 99, p. 905: V. 98, p. 1068.
"These two companies were purchased by the Westinghouse as a result
United States Printing & Lithographing Co.-Stock.- of the order for 1,000,000 rifles which we have taken from the Russian
The stockholders will vote June 29 to act on increasing the capital stock Government. This large order will be filled entirely from the two Stevens
(authorized by the directors.on May 27) from $3,500,000 to $10,000,000 companies that have been purchased. It is not the intention of the Wes($3,800,000 1st pref., $2,000,000 2d pref., $4,200,000 common),and to cre- tinghouse Electric & Mfg. Co. to make any alterations whatever to its
ate voting powers, rights, benefits, restrictions and limitations thereon as present plants in connection with this rifle order. In other words, it is to
be filled by companies which are thoroughly experienced in themanufacture
per merger plan in V. 100, p. 404, 1678.
of this class of product, so that there are few uncertainties in connection
United States Reduction & Refining Co.-Application. with the transaction."-V. 100, p. 1746. 1678.
Attorneys for the company have filed motions in the U. S. District Court,
Wisconsin Securities Co.-Purchase.asking that the order appointing J. Arthur Connell as receiver be vacated
See Sheboygan Gas Light Co. under "Industrials" below.-V.94.P. 632.
and that he be ordered to turn over to the company all property and papers
In his possession. It is charged that the New York Trust Co. was a party
The Wyman & Gordon Co. Worcester, Mass.-Pref.
to collusive action which resulted in the appointment of Mr. Connell as
receiver and that all of the acts done by Clarence C. Hamlin as a pretended Stock, &c.-Hayden, Stone &'
Co. have sold the entire
attorney for the company were part of a general conspiracy; also that the $450,000 7% cum. pref.
(p. & d.) stock, red., all or part, on
appointment of Mr. Connell was the result of "(livers persons acting collusively with the New York Trust Co. to unlawfully, wrongfully and illegally any dividend date at $110. Divs. Q.-F. Registrar, First
deprive the company of its property."-V. 100, p. 1678, 1598.
Nat. Bank, Boston.
United States Steel Corporation.-Favorable Decision
Digest of Letter from Pres. Geo. F. Fuller, Worcester, May 3 1916.
Business established in 1883. Incorp. In 1905 in Mass. Produces the
in Government Suit.-See editorial columns on previous pages. highest
quality of heat treated machine forgings, embracing nearly every
Operations.-In connection with many unauthorized re- lino of machine manufacture.
Capitalization, auth. and issued, prof. stock,
common stock, $450,000; no mortgage or funded debt. Main
ports regarding current operations, Chairman Gary on $450,000:
property, in Worcester, Mass., includes 8 acres of land, a modern plant,
Thursday said:
laboratories, &c. Also owns a factory in Cleveland, 0. Not earnings for
"I make this statement because other statements not justified or author- past 10 years have never been less than five times the dividend require..
ized have been given out. Our last reports show our companies, taken as a ments on the $450,000 pref. stock.
whole, are operating 81.2% in ingots and 68.78% in pig iron. In above
The audited balance sheet shows: Cash, $160.183; accounts receivable,
are included exports."-V. 100, p. 1678, 1598.
$208,371; notes receivable, 833,184; inventories, $211,842; plant and
equipment,
$646,265; patent rights, $6.800; total, $1,266,645. Offsets:
Utah Securities Corporation (of Va.), New York.- Stock(A pref.).
$900,000; accounts payable and accrued, $89,740; continFinancial and Physical Data as of March 31 1915.-The gent fund, $95,695: surplus, $181,210. Net quick
assets, $116 for every
pref. stock; total not fixed and quick assets, $260 each $100 pref.
recent report of this company,issued in pamphlet form by the $100
No bonds, mortgages or any prior lions other than commercial paper,
Electric Bond & Share Co. of N. Y. (see last week's issue, without consent of 75% of the outstanding
pref. shares, and no additional
pref. shares unless annual surplus earnings aro five times tho pref. dividends,
pages 1828-9) will be found in extended form in subsequent Including
the additional amount to be issued. Sinking fund, 10% of the
pages of to-day's "Chronicle."
annual net profits, after deducting depreciation and pref. dividends, to repref. shares at not to exceed $110 per share.
The report, beautifully illustrated, contains, besides the tireMust
always maintain quick assets of three times the current liabilities
etter of President S. Z. Mitchell and the financial and physi- and
net quick assets equal to 880 per shares of outstanding pref. stock.
cal data referred to relating to the company and its controlled The pref. shares will have no voting power unless unpaid dividends amount
to 7%, and in that event will have exclusive voting power until all pref.
properties (the Utah Power & Light Co. and Utah Light & dividends
In arrears are paid. Said provisions cannot be altered without
Traction Co.), 31 pages of photographs, together with an consent of 75% of the pref.
Directors.-George F. Fuller, Pros. & Treas.: Harry G. Stoddard. V.index thereto and a map showing the territory served by Pres.
& Gen. Mgr.; and Charles M.Thayer, all of Worcester. Charles C.
the Power & Light Co.
Winn is Asst. Treas. & Clerk.
[The company recently increased its capital stork from $300,000 to
The photographs show the plants, stations, transmission $900,000
the issue of $450,000 of prof. stock and $150,000 of corn. stock.
lines, pipe lines, &c., and a panoramic sketch of the Bear All of theby
stock held by the estate of Lyman F. Gordon was then purchased
Lake and Bear River Development of the Utah Power & by other interests; but the control remains in Worcester. Mr. Fuller, the
new Pres. & Treas., has been connected with the company for 27 years
Light Co. The map shows the location of the transmission and
its Gen. Mgr for 10 years. The company, it is stated, will erect an
lines in operation and also of those projected, the entire administration building, and a building to increase the heat-treating departwhich will be concentrated the old as well as new equipment, rement.
system, on completion of the projected lines.to extend from leasinginspace
for other manufacturing purposes.I
,
1925
THE CHRONICLE
JUNE 5 1915
jlteparts and Documents.
INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1914.
To the Stockholders:
The Board , of Directors submits the following report of
the business of the International Harvester Company of
New Jersey and affiliated companies for the fiscal year
ending December 31 1914, together with a statement of
the financial condition at that date:
INCOME ACCOUNT FOR 1914.
Income from Operations, before deducting Interest on
Loans and the necessary annual provision for Ore and
Timber Extinguishment, Plant Depreciation, Special
Maintenance and Losses on Receivables taken on sales
$12,206,227 09
of 1914 season
Deduct:
Interest on Loans
$1,609,444 09
Reserve for Ore and Timber Extinguishment
214,673 91
1,156,542 33
Reserve for Plant Depreciation
484,335 36
Reserve for Special Maintenance
778,000 00
Reserve for Losses on Receivables
100,000 00
Reserve for Collection Expenses
200,000 00
Appropriation for Fire Insurance Fund_
200,000 00-4,742,995 69
Appropriation for Pension Fund
$7,463,231 40
Net Profit for Season 1914
SURPLUS DECEMBER 31 1914.
$19,608.797 81
Balance at December 31 1913
Add:
$7,463,231 40
Net Profit for Season 1914
Less:
Preferred Stock Dividends,7% 32,100,000
Common Stock Dividends,5%, 2,000,000
4,100,000 00-3,363,231 40
$22,972,029 21
Surplus at December 31 1914
COMBINED BALANCE SHEET DECEMBER 311914.
ASSETS.
•
Property:
Real Estate and Plant Property, Ore
Mines, Coal and Timber Lands, etc.._ _$51,697,089 61
Deduct:
9,430,077 85
Reserves for Plant Depreciation
Deferred Charges
Fire Insurance Fund Assets
Current Assets:
Inventories:
- Raw Materials, Work in Process. Fin$35,402,598 23
ished Products, etc
Receivables:
Farmers' and Agents'
$25,651,445 11
Notes
19,356,556 98
Accounts Receivable..
$42,267,011 76
118,766 04
737,000 00
Cash
2,418,491 99
42,589,510 10
8,145,295 81-86,137,404 14
$129,260,181 94
LIABILITIES.
Capital Stock:
Preferred
Common
$30,000,000 00
40,000.000 00
$70,000,000 00
Current Liabilities:
$21,743,300 00
Bills Payable
Accounts Payable:
Current Invoices, Payrolls, Interest and
Taxes Accrued, etc.._ - $6,944,752 85
Preferred Stock Dividend (payable March
525,000 00
1 1915)
Common Stock Dividend
(payable January 15
500,000 00
015)
7,969,752 85-29,713,052 85
Reserves:
$768,646 84
Special Maintenance
700,000 00
Collection Expenses
2,089,248 42
Fire Insurance Fund
1,033,863 25
Pension Fund
483,341 37
Industrial Accident Fund
1,500,000 00
Contingent
6,575,099 88
22,972.029 21
Surplus
$129,260,181 94
PROPERTY.
Balance at December 31 1913
Add:
Net Capital Additions during 1914:
Harvester Works and Twine Mills:
Keystone Works: New power machinery. McCormick Works: Part
construction of now manufacturing
building; special building for painters, additional machinery and
equipment. Osborne Works: Malleable foundry extension
Raw Material Facilities:
Coal mine equipment and development, tenement buildings at coke
works, Benham, Kentucky; now
buildings and equipment at Agnew
and Hawkins iron ore mines in
Minnesota; enlarging blast furnace
capacity, central power station at
South Chicago steel mills; saw-mill
extensions at Deering, Mo., and
Huttig, Ark
Agency Warehouses, etc.:
Tractor shed at Grand Forks, N. D.,
addition to warehouse at Parkersburg, W. Va., etc
366,111 91
517,766 92
Balance at December 31 1914
Deduct:
Reserves for Plant Depreciation
Net Balance at December 31 1914
$51.697,089 61
9,430,077-85
$42,267,011 76
WORKING CAPITAL.
Current Assets:
Inventories
Receivables (Net)
Cash
$35,402,598 23
*42,589,510 10
8,145,295 81
$86,137,404 14
Deduct:
Current Liabilities
29,713,052 85
Net Working Capital at December 31 1914
$56,424.351 29
*Includes a balance of $12.626,298 for goods sold to the International
Harvester Corporation.
INVENTORIES.
At Harvester Works and l';'dne Mills at close of manufacturing season:
Raw Materials and Supplies
$8,716,216 36
Work in Process of Manufacture
4,200,393 71
Finished Machines
1,709,729 89
Repair Parts
878,561 15
Twine
679,101 70
$16,184,002 81
At Agency Warehouses, Transfer Points and Local Agencies:
Finished Machines, Repair Parts, Twine, etc
14,440,234 94
At Ore Mines, Furnaces and Steel Mills:
Iron Ores, Pig Iron, Steel Billets, etc.
2,156,880 02
At Saw Mills:
Lumber, Logs, Stores and Supplies
422,823 11
Advertising Supplies and Miscellaneous
288,998 15
$33,492,939 03
Add:
Net Material Purchases, etc., after close of manufacturing season
1,909,659 20
$35,402,598 23
$45,008,002 09
Deduct:
Reserves for Losses__
Deduct:
Property sold during 1914_ $151,438 00
Provision for amortization
of iron ore and coal mined
and timber cut during
1914
214,673 91
$51,179,322 69
Raw Materials, Work in Process and Finished Products
are valued at cost, or at market values December 31 1914,
if lower. A depreciation allowance of $1,250,000 has also
been deducted from the inventory value of finished machines
carried over on the territory, repair parts for old-type
machines and other inventory items subject to depreciation.
Net material purchases, etc., after close of manufacturing season include purchases and manufacture at Works
between inventory-taking and December 31 1914, less the
manufacturing cost of goods shipped from the Works during
that period, which were either sold in 1914 season or included
in the country inventory.
CAPITAL STOCK.
The authorized Capital Stock of the International Harvester Coinpany of New Jersey at December 31 1914, all
of which was issued and outstanding, was:
Preferred Stock, 77
0 Cumulative:
300,000 shares of 3100 each, par value
Common Stock:
400,000 shares of $100 each, par value
$30,000,000
40,000,000
$70,000,000
No portion of the Capital Stock was issued for Goodwill or Patents. The Company's properties are free and
unencumbered, and it has no bonded indebtedness.
CURRENT LIABILITIES.
Bills Payable:
Purchas e Money Obligations
Five Per Cent Gold Notes
Bank Loans
Fiber drafts discounted in Manila, P. I
$254,000 00
*20,000,000 00
516,100 00
973,200 00
$21,743,300 00
$89,129 61
Accounts Payable:
Current Invoices, Pay-rolls, etc
Interest accrued
Taxes accrued:
State, Municipal, etc., Taxes
Federal Income Tax
Preferred Stock Dividend, payable March 1 1915
Common Stock Dividend, payable January 15 1915_ - _ -
36,084,827 68
375,062 93
387,292 94
97,569 30
525,000 00
500,000 00
37,969,752 85
Total Current Liabilities at December 31 1914
763,108 52
31,640 70
$883,878 83
$29,713.052 85
*Of this amount, $15,000,000 represents the issue of February 15 1912,
maturing February 15 1915, since exchanged for a new issue of like amount
and character maturing February 15 1918. The remaining $5,000,000,
maturing February 15 1918, was issued August 15 1914 to retire other loans.
In the sale of one-half of the Net Assets of International Harvester
Company to International Harvester Corporation as of January 1 1913.
this Company was not relieved of its liability on $15,000,000 loans then
transferred to International Harvester Corporation. In August 1914
the International Harvester Corporation refunded $5,000,000 of such loans
maturing during the year, thus reducing the contingent liability to $10,000,000.
[VOL. 100.
THE CHRONICLE
1926
PENSION FUND.
RESERVES.
PLANT DEPRECIATION.
The annual appropriations from earnings for plant depreciation reserves constitute the necessary provision for the
impairment and consumption of the plant assets utilized in
production. Such depreciation is based on rates established
by recognized authorities and confirmed by past experience
in this industry, and should prove sufficient to reproduce
the properties as their replacement becomes necessary.
88.395,387 00
Balance at December 31 1913
Add:
Provision for 1914
Deduct:
Replacement Charges, etc
121,851 48
SPECIAL MAINTENANCE.
These reserves provide for re-lining of blastfurnaces,maintenance of docks and harbors, conversion of power systems,
and other renewal work of a current nature, the expenditure
for which occurs at irregular intervals. To provide for such
renewals when they become necessary the future cost of the
work is apportioned over current earnings.
$793,852 48
Balance at December 31 1913
Add:
Operating Provision for 1914
484,335 36
$1,278,187 84
Deduct:
Re-lining, Renewal and other Charges during 1914
Balance at December 31 1914
509,541 00
$768,646 84
REPAIRS, RENEWALS AND MAINTENANCE.
In accordance with the Company's policy, liberal expenditures have been made for ordinary repairs and renewals in
order to maintain the properties at their maximum efficiency.
All such expenditures are charged to operating expenses
and have been included in the cost of production. A comparison of these expenses for the last two seasons is:
1914.
1913.
$1,683.773 75 $1,908,994 70
401,917 48
499.263 93
129,210 36
84,599 16
$2,170,290 39 $2,537,468 99
LOSSES ON RECEIVABLES.
The annual deductions from earnings to provide for losses
which may ultimately be sustained in the realization of Bills
and Accounts Receivable taken on each season's sales are
based on long experience in this business and are considered
adequate to cover such contingencies. A systematic and
careful investigation into the financial responsibility of
prospective customers insures to the Company a high grade
of notes and accounts; moreover, the greater portion of the
receivables consists of farmers' notes or agents' acceptances,
which have proved to be excellent credits.
From the face value of the notes, as shown on the balance
sheet, there has been deducted $600,000, the estimated
amount of trade discounts included therein. This deduction does not, therefore, form any part of the reserve for
losses on receivables shown on the balance sheet.
Balance at December 31 1913
Add:
Provision for 1914
Deduct:
Bad Debts charged off during 1914
Balance at December 31 1914
$2,007,141 18
778,000 00
$2,785,141 18
366,649 19
$2,418,491 99
COLLECTION EXPENSES.
In most lines of business the time which elapses between
the date of a sale and the collection of the proceeds in cash
is comparatively short, and the need of a reserve to meet
the future cost of collecting receivables outstanding at the
date of the Balance Sheet would arise only in the event of
liquidation. In the harvester business, where long credits
in'some lines are extended to the farming community, conservative management has adopted the principle of providing currently for such a reserve, which will be gradually
built up to a reasonable amount.
Balance at December 31 1913
'Add:
Provision for 1914
Balance at December 31 1914
$600,000
100,000
$700,000
FIRE INSURANCE FUND.
The Company pursues the policy of carrying a reasonable
portion of its own fire insurance. This year a special appropriation of $200,000 was made to the Fire Insurance
Fund out of 1914 earnings in addition to the amount accruing
from regular insurance charges to operations.
Balance at December 31 1913
Add:
Credit for 1914 from regular charges to operations
Income from Fund for year 1914
Appropriation from 1914 Earnings
Balance at December 31 1914
$1,683,687 69
176,130 70
97,837 67
200,000 00
$2,157,656 06
68,407 64
$2,089,248 42
At December 31 1914 $737,000 of the Fire Insurance Reserves was invested in income-bearing securities.
$843,145 29
41,045 63
200,000 00
$1,084,190 92
Deduct:
Pension payments during 1914
Balance at December 31 1914
50,327 67
$1,033,863 25
$9,430,077 85
Balance ,at December 31 1914
Deduct:
Losses by Fire, etc., during 1914
Balance at December 31 1913
Add:
Income from Fund for year 1914
Appropriation from 1914 Earnings
1,156,542 33
$9,551,929 33
Harvester Works and Twine Mills
Furnaces and Steel Mills
Miscellaneous Properties
Pensions are paid by the Company without any contribution from employees. At December 31 1914 there were
176 former employees on the pension roll. A permanent
pension fund is being established by annual appropriations
from earnings until its amount shall be sufficient to provide
the income necessary for future payments.
GENERAL.
Crop conditions in 1914 were very satisfactory. The
yield was exceptional and the farmers obtained high prices
for their products. The generally depressed condition of
business in the first half of 1914 was reflected in the conservative attitude of the implement dealers and farmers.
Reluctance in buying on the part of the latter, and the policy
of restricted credit adopted quite generally by the country
bankers, followed by the outbreak of the European war,
resulted in a decline in the volume of sales and the net
profits of the business as compared with those of the preceding year.
The strictest economy in operations was practiced throughout the entire organization. A considerable saving was
effected in selling and distributing expenses on the territory
and in indirect manufacturing charges at the Works. This
saving was, however, offset by higher manufacturing costs
due partly to increased labor and material prices and partly
to diminished output. The amount of working capital
invested in inventories was materially reduced. Appropriations of new capital were restricted to the completion
of construction begun early in the year.
Current liabilities, including bills payable, were reduced
$4;700,000. In August 1914 the Company authorized an
issue of 820,000,000 Five Per Cent Gold Notes, maturing
February 15 1918. Of this amount, $5,000,000 was used
to retire loans maturing in 1914 and $15,000,000 has since
been exchanged for a like amount of similar notes maturing
February 15 1915.
In the latter part of the year the reduction in export orders
received from the International Harvester Corporation, duo
to the interruption of its European business, necessitated
running the Works with much smaller forces and on shorter
hours. While this diminution of export trade has thrown
a large number of employees out of work, the Company by
shortening the hours of labor and reducing the number of
working days per week, has continued in employment as
many of its workmen as possible.
The policy of the Company in regard to the welfare of its
employees continues unchanged. This department of the
business rendered efficient service during the winter months
to the families of many employees who might have suffered
through lack of work.
The stockholders of the Company now number 7,018, of
whom more than one-half are employees.
The Government suit begun in the United States District
Court at St. Paul on April 30 1912 and argued November 3-5
1913 was decided against the Company August 12 1914.
Judges Smith and Hook, while exonerating the Company
from all charges of wrongful or oppressive trade practices,
held that the original organization and the resulting large
percentage of the trade in harvesting machinery violated
the Sherman Law. Judge Sanborn vigorously dissented,
saying:
"This suit seems to me to present a now case under the
anti-trust law" because of "the absence of all the evils against
which that law was directed, . . . the absence,in short,
of all the elements of undue injury to the public and undue
restraint of trade."
The decree of the District Court as originally entered
embraced the foreign trade and directed the division of the
Company's business and assets "among at least three substantially equal, separate, distinct and independent corporations with wholly separate owners and stockholders."
But this was subsequently modified by eliminating the
foreign business and the provision as to the number of corporations among which the business and assets should be
divided. The case was promptly appealed to the United
States Supreme Court, was argued there on April 7-9 1915
and now awaits decision.
The books and accounts for the fiscal year have been
audited by Messrs. Haskins & Sells, Certified Public Accountants, and their certificate is presented herewith.
The Board of Directors appreciates the spirit of cooperation and loyalty displayed throughout the entire organization during the past year, when the rapidly changing and
unusual business conditions have presented particularly
difficult and complex problems for the organization to discharge.
By order of the Board of Directors,
CYRUS H. McCORMICK,
President.
Chicago, May 18 1915.
1927
THE CHRONICLE
JUNE 5 1915.]
_777=1,17_
INTERNATIONAL HARVESTER CORPORATION
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1914.
To the Stockholders:
The Board of Directors submits the following report of
the business of the International Harvester Corporation and
affiliated companies for the fiscal year ending December 31
1914, together with a statement of the financial condition at
that date:
INCOME ACCOUNT FOR 1914.
Income from Operations, before deducting Interest on
Loans and the necessary annual provision for Plant Depreciation, Special Maintenance and Losses on Receiva$7,329,825 76
bles taken on sales of 1914 season
Deduct:
$1,224,041 00
Interest on Loans
725,646 69
Reserve for PlantDepreciation
164,400 00
Reserve for Special Maintenance
853,143 37
Reserve for Losses on Receivables
100,000 00-3,067,231 06
Reserve for Collection Expenses
$4,262,594 70
Net Profit for Season 1914
$20,011,119 60
Surplus at Dec. 31 1914
by the
* Owing to adverse business and financial conditions occasioned
European war, no Common Stock dividends were paid for the last two quaryear.
fiscal
1914
of
ters
COMBINED BALANCE SHEET DECEMBER 31 1914.
ASSETS.
Property:
Real Estate, Buildings, Machinery,
$26,155;159 64
Equipment, &c
Deduct:
3,257,328 36
Reserves for Plant Depreciation
$22,897,831 28
73,269 19
521,950 00
Deferred Charges
Fire Insurance Fund Assets
Current Assets:
Inventories:
Raw Materials, Work in Process, Fin$34,860,626 73
ished Products, &c
Receivables:
Farmers' and Agents'
$42,408,047 39
Notes
Accounts Receivable_ _ _ 17,068,067 50
4,587,878 57
54,888,236 32
*13,099,878 47
102,848,741 52
$126,341,791 99
* Of this amount $8,000,000 is in bank balances abroad.
LIABILITIES.
Capital Stock:
$30,000,000 00
Preferred
40,000,000 00
Common
$70,000,000 00
Current Liabilities:
$15,389,280 00
Bills Payable
Accounts Payable:
Current Invoices, Payrolls, Interest & Taxes
$15,000,533 16
Accrued, &c
Preferred Stock Dividend
(payable March 11915) 525,000 00
15,525,533 16
800,000 00
1,658,169 49
764,214 18
443,338 18
1,000,000 00— 5,415,859 23
20,011,119 60
$126,341,791 99
$102,848,741 52
Deduct:
Current Liabilities
**30,914,813 16
$71,933,928 36
Net Working Capital at Dec.31 1914
* Includes approximately $8,000,000 deposited in European banks pending more favorable exchange rates.
** Includes a balance of $12,626,298 for goods purchased from International Harvester Company of New Jersey.
At Works and Twine Mills at close of manufacturing season:
United States:
$2,827,098 37
Raw Materials and Supplies
2,433,451 14
Work in Process of Manufacture
1,297,546 27
Finished Machines and Repair Parts
Canada:
Raw Matarials and Supplies
Work in Process of Manufacture
Finished Machines and Repair Parts
Europe:
Raw Materials and Supplies
Work in Process of Manufacture
Finished Machines and Repair Parts
Twine
$1,449,936 23
910,814 99
926,315 72
$1,699,296 94
1,328,153 95
1,098.204 98
228,316 26
At Foreign Branch Houses and Distributing Points:
Machines, Repair Parts, Twine,&c
Railroads and Miscellaneous
$6.558,095 78
3,287,066 94
4,353,972 13
$14,199,134 85
18,771,902 78
227.885 76
333,198,923 39
•
Add:
Net Material Purchases, &c., after close of manufacturing
1,661,703 34
SESSOU
Raw materials, work in process, and finished products are
valued at cost, or at market values December 31 1914, if
lower. A depreciation provision of $1,150,060 has also been
deducted from the inventory values of finished machines
carried over on the territory, repair parts for old-type machines, and other inventory items subject to depreciation.
Net material purchases, &c., after close of manufacturing
season, include purchases and manufacture at Works between inventory-taking and December 31 1914, less the manufacturing cost of goods shipped from the Works during that
period which were either sold in 1914 season or included in
the country inventory.
Preferred Stock, 7% Cumulative:
300,000 shares of $100 each, par value
Common stock:
400,000 shares of $100 each, par value
$30,000,000
49,000,000
$70.000,000
No portion of the Capital Stock was issued for Good-will
or Patents. The Company's properties are free and unencumbered, and it has no bonded indebtedness.
CURRENT LIABILITIES.
PROPERTY.
$25,137,888 43
Balance at Dec. 31 1913
Add:
1914:
during
Not Capital Additions
United States Works:
Akron Works: Completion of new manufacturing buildings, new machinery and
equipment. l'lano Works: Completion
of new forge shop. Tractor Works: Additional engine and tractor equipment,
completion of new warehouse. Weber
$296,960 61
Works: New warehouse
Canadian Works:
Hamilton Works: Equipment to manufacture side-delivery rakes and im27,708 65
proved grain binders
European Works:
Croix Works, France: Completion of
now malleable foundry and second unit
of twine mill. Lubertzy Works, Russia: Completion of new warehouse buildings, equipment for manufacturing grain
binders. Neuss Works,.Germany: Completion of second unit of twine mill.
Norrkoping Works, Sweden: Comple467.990 43
tion of twine mill
Railroads:
11,578 69
Switchyard extensions
Agency Warehouses:
Completion of new Canadian warehouse
at Lethbridge, Alta.; completion of new
warehouses at Armavir and Windau,
Russia; addition to warehouse at Charkow, Russia; part construction of new
warehouses at Odessa and Samara, Rus80,097 83
sia
132,935 00
Miscellaneous
1,017,271 21
Balance at Dec.31 1914
$34,860,626 73
54,888,236 32
*13,099,878 47
CAPITAL STOCK.
The authorized Capital Stock of the International Harvester Corporation at December 31 1914, all of which was
issued and outstanding, was:
30,914,813 16
Reserves:
Special Maintenance
ColIection Expenses
Fire Insurance Fund
Pension Fund
Industrial Accident Fund
Contingent
Surplus
WORKING CAPITAL.
Current Assets:
Inventories
Receivables (Net)
Cash
$34,860,626 73
$59,476,114 89
*Cash
3,257,328 36
$22,897,831 28
Net Balance at Dec.31 1914
INVENTORIES.
SURPLUS DECEMBER 31 1914.
$18,848,524 90
Balance at Dec.31 1913
Add:
$4,262,594 70
Net Profit for Season 1914
Less:
Preferred Stock Dividends 7%---32,100,000
%_ 1,000,000
*Common Stock Divs.
3,100,000 00-1,162,594 70
• Deduct:
Reserves for Losses
Deduct:
Reserves for Plant Depreciation
$26,155,159 64
Bills Payable:
Five Per Cent Gold Notes, maturing February 1918
Loans maturing 1921
Bank Loans
*$5,000.000 00
10,000,000 00
389,280 00
$15.389,280 00
Accounts Payable:
Current Invoices, Pay-rolls, &c
Interest accrued
Taxes accrued:
State, Municipal, &c.. Taxes
Federal Income Tax
Preferred Stock Dividend, payable March 1 1915
**$14,454,674 53
185.416 66
321,924 58 •
38,517 39
525,000 00
$15,525,533 16
Total Current Liabilities at Dec. 31 1914
$30.914,813 16
* Issued in exchange for like amount of Gold Notes maturing in February. 1915.
** Includes a balance of 312.696,298 for goods purchased from International harvester Company of Now Jersey.
RESERVES,
PLANT DEPRECIATION.
The annual appropriations from earnings for plant depreciation reserves constitute the necessary provision for the
impairment and consumption of the plant assets utilized in
production. Such depreciation is based on rates established
by recognized authorities and confirmed by past experience
in this industry, and should prove sufficient to reproduce the
properties as their replacement becomes necessary.
1928
THE CHRONICLE
Balance at Dec.31 1913
Add:
Provision for 1914
$2,540,809 13
725,646 69
$3,266,455 82
Deduct:
Replacement Charges, &c
should now be sufficient to provide the income necessary for
future payments under the present plan.
Balance at Dec.31 1913
Add:
Income from Fund for year 1914
9,127 46
Balance at December 31 1914
$3,257.328 36
SPECIAL MAINTENANCE.
[voL. 100.
Deduct:
Pension payments during 1914
Balance at Dec.31 1914
$729,988 34
36,456 00
$766,444 34
2,230 16
$764,214 18
These reserves provide for maintenance of docks and harGENERAL.
bors, conversion of power systems, elevation of railroad
tracks, and other renewal work of a current nature, the exEarly in the 1914 selling season the outlook for the foreign
penditure for which occurs at irregular intervals. To pro- business was promising. The outbreak of the European war,
vide for such renewals when they become necessary, the fu- together with partial crop failures in Western Canada and
ture cost of the work is apportioned over current earnings:
unsettled financial conditions in South America, materially
Balance at Dec 31 1913
$699,182 67 affected the outcome, and the sales in foreign countries deAdd:
clined 12 per cent from the previous year. There was alio
Operating Provision for 1914
164,400 00 a considerable reduction in the volume of engines, tractors,
$863.582 67 wagons, &c., sold to the International Harvester Company
Deduct:
of New Jersey for its United States trade.
Renewal and other Charges during 1914
113,445 29
Many complex and difficult problems confronted the manBalance at Dec 31 1914
$750,137 38 agement as a result of the war. •The efficiency of the European manufacturing and selling organizations was seriously
REPAIRS ,RENEWALS AND MAINTENANCE
impaired by reason of the number of experienced employees
In accordance with the Company's policy, liberal expendi- called to the colors of their respective countries.
The Works at Croix, France, have not been in operation
tures have been made for ordinary repairs and renewals in
order to maintain the properties at their maximum efficiency. since August, but no report of any damage to this property
All such expenditures are charged to operating expenses, and has been received. The Works at Neuss, Germany, and
have been included in the cost of production. A comparison Lubertzy, Russia, have been operating with reduced forces,
and have been subjected to delays and difficulties in securing
of these expenses for the last two seasons is:
materials and supplies. The Works at Norrkoping, Sweden,
Works and Twine Mills:
1914
1913
United States
$602,758 63 $806,015 24 have been running at full capacity. The extensions and adCanada
137,592 26
191,535 68 ditions under construction at the European Works were
Europe
371,125 96
306,298 87 completed before the beginning of the war.
General business and financial conditions in Canada and
$1,111,476 85 $1,303,849 79
Railroads
70,419 21
120,154 05 South America have been very unsettled, and the volume of
Agency Warehouses
56,286 97
83,361 03
business and collections in those countries has been disap$1,238,183 03 31,507,36487 pointing.
Notwithstanding the moratoria generally declared throughout Europe, and other embarrassments incident to the war,
LOSSES ON RECEIVABLES.
the collections•in all European countries have exceeded exThe annual deductions from earnings to provide for losses pectations, being only a small percentage less than in 1913.
which may ultimately be sustained in the realization of Bills The high rate of exchange between Continental Europe and
and Accounts Receivable taken on each season's sales are the United States has prohibited the transfer of funds to
based on long experience in this business and are considered this country without very substantial losses. Consequently,
adequate to cover such contingencies. A systematic and the Company's bank balances abroad in the belligerent councareful investigation into the financial responsibility of pros- tries at the close of the fiscal year amounted to $8,000,000.
pective customers insures to the Company a high grade of The various depositories in each country have been selected
notes and accounts; moreover, the greater portion of the re- with the utmost care for the safety of the funds, and in most
ceivables consists of farmers' notes or agents' acceptances, cases interest is being received on the deposits.
which have proved to be excellent credits.
The increase in current liabilities is due to an increase in
Balance at Dec.31 1913
$3,995,522 82 the amount owing the International Harvester Company of
Add:
New Jersey for goods purchased during the fiscal year. The
Provision for 1914
853,143 37 liquidation of this
account has been delayed, owing to the ex$4,848,666 19 pense and difficulty involved in transferring cash balances
Deduct:
from Europe and Canada.
Bad debts charged off during 1914
•
260,787 62
The Company has adopted a policy of retrenchment in all
Balance at Dec.31 1914
$4,587,878 57 departments of its foreign business. No appropriations for
new capital outlay are contemplated, and every effort is being made to conserve the working capital of the Company by
COLLECTION EXPENSES.
investment in inventories and restricting the
In most lines of business the time which elapses between reducing the
of credit to customers.
the date of a sale and the collection of the proceeds in cash extension
In determining the Income Account for 1914 and in preis comparatively short, and the need of a reserve to meet the senting
-the financial condition of the Company at December
future cost of collecting receivables outstanding at the date 311914,
all known losses to date have been deducted, and
of the Balance Sheet would arise only in the event of liquida- ample reserves
have been provided for bad debts. depreciation. In the agricultural implement business, where long tion of plant property
concredits in some lines are extended to the farming community, tingencies. No specialand inventories, and all ordinarymade
provision has, however, been
conservative management has adopted the principal of pro- for exceptional and
extraordinary losses resulting from the
viding currently for such a reserve, which will be gradually European war;
but the surplus of the Company, aggregating
built up to a reasonable amount.
$20,000,000, in addition to its reserves, affords a substantial
Balance at Doc.31 1913
$700,000 00 margin of security.
Add:
The Directors, believing it the course of wisdom to susProvision for 1914
100,000 00
pend the payment of dividends on the Common Stock, passed
Balance at Dec.31 1914
$800,000 00 the quarterly dividend of October 15 1914 and subsequent
quarterly dates.
,
FIRE INSURANCE FUND.
The stockholders of the Company now number 6,265, of
The Company pursues the policy of carrying a reasonable whom more than one-half are employees.
In the suit of the Government against the International
portion of its own fire insurance. Investigation has determined that the Fire Insurance Fund should now be sufficient, Harvester Company,an adverse decision was rendered in the
with the annual accretions from regular insurance charges, United States District Court at St. Paul on August 12 1914,
to operations, and the income from investments, to provide by two of the three Circuit Judges. The original decree
ample protection for the fire risk which the Company as- embraced that Company's foreign business; this would have
injuriously affected this Corporation; but afterward all refersumes.
ences to foreign business were stricken out. The case was
Balance at Dec.31 1913
$1,504,286 20 heard upon appeal in the United States Supreme Court,
Add:
Credit for 1914from regular charges to operations
128,056 23 April 7-9 1915, and now awaits decision.
Income from Fund for year 1914
83,650 21
The books and accounts for the fiscal year have been aud$1.715,992 64 ited by Messrs. Haskins & Sells, Certified Public AccountDeduct:
ants.
Losses by Fire,&c., during 1914
57,823 15
During the past year, our organization has been confronted
Balance at Dec.31 1914
$1,658,169 49 with many perplexing and unusual problems, and the Board
of Directors appreciates the courage, the loyalty and the
At December 31 1914 $521,950 of the Fire Insurance Re- ability displayed in the discharge of duty under these tryserves was invested in income-bearing securities.
ing circumstances.
a PENSION
FUND.
Pensions are paid by the Company without any contribution from employees. It is believed that the accumulation
of the permanent pension fund established from earnings
By order of the Board of Directors.
CYRUS H. McCORMICK,
President.
Chicago, May 18 1915.
JUNE 5 1915.1
THE CHRONICLE
1929
UTAH SECURITIES CORPORATION
UTAH POWER & LIGHT COMPANY
UTAH LIGHT & TRACTION COMPANY
FINANCIAL AND PHYSICAL DATA AS OF MARCH 31 1915.
UTAH SECURITIES CORPORATION.
To the Stockholders of Utah Securities Corporation:
Utah Securities Corporation was incorporated SeptemYour Company began business in September 1912. It
acquired at the outset, or soon afterward, the control of ber 10 1912 under the laws of Virginia to acquire securities
electric generating plants and distributing systems in Utah, of companies operating and controlling electric-light and
Idaho and Colorado having gross earnings for the twelve power, gas, railway and water-works properties. It is an
months ended September 30 1912 aggregating $1,160,305 investment company and does not operate any properties.
Utah Securities Corporation controls the Utah Power &
and net earnings aggregating $635,300. These properties,
which were owned by separate organizations and were dis- Light Company through the ownership of all its outstanding
connected and largely of an inefficient character, were capital stock, except directors' shares. Utah Power &
transferred to the Utah Power & Light Company, which was Light Company controls The Western Colorado Power
organized as an operating company, the Utah Securities Company through the ownership of all its issued securities,
except directors' shares of stock, and the Utah Light & TracCorporation being purely an investment company.
Your Company subsequently acquired the control of addi- tion Company through the ownership of all its capital stock,
tional properties of much larger aggregate value, as shown by except directors' shares.
CAPITAL STOCK.
the financial and statistical data appended. The most important acquisition was the property of the Utah Light &
The authorized and outstanding capital stock of the Utah
Light
Utah
Railway Company, which is now owned by the
Securities Corporation as of March 31 1915 was as follows:
Authorized. Outstanding.
& Traction Company. Through this acquisition your Com- Capital stock (all of one class)
$35,000.000 $30,775,100
the
and
business
pany secured the electric-light and power
BONDS.
street railway system in Salt Lake City and vicinity and the
The Company has no authorized or outstanding bonds.
gas property and business and an electric-light and power
NOTES.
business in Ogden, with aggregate annual gross earnings at
The authorized and outstanding ten-year 6% gold notes
the time this property was acquired, in September 1914, of
$2,750,228. This property is in splendid physical condition of the Utah Securities Corporation as of March 31 1915 were
as follows:
and is of great value to your system.
Amount authorized
$30,000,000
During the past two and one-half years your Company Amount subscribed
27.500.000
systems
old
numerous
of
interconnection
the
completed
has
issued in payment of calls(75%)
$20,625,000
in Utah and Southern Idaho. It has made substantial pro- Amount
Additional amount issued to subscribers antici4.460,500
pating payments
gress in enlarging and improving the water-storage facilities
$25708-5,500
Total amount issued to subscribers
and the various power plants, and also in re-building and Amount
call
to
2,414,500
subject
extending transmission lines so as to interconnect many of Amount subscribed
$27,500.000
the power plants, thereby extending and improving the seramount issued to subscribers(as shown above)$25,085,500
vice to the public. This has resulted in increased efficiency Total
issued (in addition to the amount subin the use of water and in the operation of the new system as Amount
scribed) in part payment for the property of The
290,000
San Juan Water & Power Company)
a whole. The service now supplied is efficient, reliable and
$25,375,500
Total amount issued
adequate in every respect.
8.766.500
retired
Amount
Your directors have thought it best to lay out the new Amount outstanding as of March 31 1915
$16,609,000
power installations and transmission lines and to construct
On the subscriptions for the notes 75% has been called
reservoirs upon a basis which will provide additional power
no delinquent subscribers. Subcapacity as needed at a unit cost relatively lower than the and fully paid, there beingmust
be at least thirty days apart
payment
present unit cost for what is believed to be an assured large sequent calls forwritten
notice of at least twenty days. No
future growth of business. In connection with the working and only upon
installment can be called for more than 10% of the
out of this plan a large reservoir has been built at Oneida, single
of notes subscribed for. Subscribers have
and an extensive system of dikes and canals has been built principal amount
the right to anticipate all or any part of their uncalled subto divert and store the waters of Bear River in Bear Lake scriptiods
at any time.
during flood seasons and to discharge the same during lowAll payments on account of subscriptions to the notes are
water seasons, thus substantially equalizing the stream flow
interest.
as between wet and dry years. This will provide an ade- made in New York funds and at par and accrued
quate supply of water for gravity irrigation and for the opera- Definitive notes are issued to subscribers as their cash paytion of the hydro-electric plants on Bear River for the gen- ments are received.
The notes are dated September 14 1912 and are due
eration of power for irrigation pumping and other beneficial
Interest is payable March 15 and
public uses, free from the uncertainties of stream flow hereto- September 15at1922.
the office of the Guaranty Trust Company
September 15
fore prevalent in that section.
The notes are in $1,000 and $500
The work of constructing new reservoirs, power plants, of New York, trustee. in
coupon form, but principal may
transmission lines and sub-stations, as described in subse- denominations, and are
redeemable as a whole, or in part,
are
They
quent pages, and the re-building of a large percentage of be registered. date,
option of the Company, at 101%
the
at
distributing lines and of improving the underground system on any interest
in Salt Lake City is practically completed for the present and accrued interest.
Under the terms of the trust agreement securing the notes
requirements.
which the Utah Securities
During the past two years much of the time of your organi- it is provided that all securities
acquire by the use of the proceeds from the
zation has been taken up with negotiations for the acquisition Corporation mayshall
be deposited with the trustee as secursale of the notes
of additional properties, retiring of underlying securities, ity
for the notes. When any of the securities so deposited
clearing titles, re-arranging, and, in a large measure, unifyor paid the proceeds must be used by the trustee
ing rates and readjusting franchise conditions. The fran- are soldpurchase,
redemption and cancellation of the notes.
chise situation in Salt Lake City was much involved at the for the
required to advertise for tenders of notes and
time your Company took over the property of the Utah Light The trustee isnotes
first which are offered at the lowest price,
& Railway Company. An amicable agreement was reached to buy those
with the Salt Lake City officials whereby the franchises were and if notes cannot be purchased at 101% and accrued inrearranged in a way entirely satisfactory to the public and terest, or at lower prices, then notes must be called by lot
at 101% and accrued interest.
to your Company.
All of the issued securities of the Utah Power & Light
The construction period for the immediate future and the
period of readjustment and reorganization being practically Company, except $11,000,000 first mortgage thirty-year
at an end, your Company now finds itself, for the first time, 5% gold bonds and except directors' shares of stock, are
in position to proceed along ordinary operating linos. After deposited under the indenture securing the ten-year 6%
this date you may expect an improvement in the operating gold notes.
BALANCE SHEET.
results.
Sheet of the Utah Securities CorBalance
the
of
copy
A
other
and
districts
mining
the
in
industries
copper
The
follows:
1915
31
March
of
as
poration
conby
have
been
Company
much
depressed
your
by
served
ASSETS.
ditions incident to the European war, which has also ad- Current Assets:
$2,834 29
Accounts Receivable
versely.affected general business in that locality. These
206,447 63
Interest Accrued on Sacurities
industries are now resuming operations along normal lines,
99,344 77— $308,626 69
Cash on Hand and in Banks
and it is expected that business conditions and power output Advances in Connection with Acquisition of Properties and
96,557 78
Prepaid Charges
will likewise improve.
Trust Assets:
Neither your Company,nor any of its subsidiaries, has any
Securities Held in Trust by Guaranty Trust Company of
New York to Secure the Issue of Ten-Year 6% Gold
floating debt in the hands of the public except current liabiliNotes:
ties, and these are more than offset by current assets.
Stocks and Notes of Subsidiary Com.318,319,966 24
panies
Respectfully submitted,
9,481 99
Other Securities
S. Z. MITCHELL,
300 21
Cash on Deposit with Trustee
18.329,74844
President.
$18,734.932 91
May 11915.
• 1930
THE CHRONICLE
LIABILITIES.
Current Liabilities:
Accounts Payable
Interest Accrued on Ten-year 6% Gold
Notes
Federal Income Tax Accrued
Trust Liabilities:
Ten-year 6% Gold Notes Issued
Less Retired by Trustee
[VOL. 100.
COMBINED NET INCOME.
$149,805 02
41.522 50
5,693 99
$197,021 51
$25,375,500 00
8,766,500 00
16,609,000 00
Capital Stock:
$30,775,100 00 par value outstanding, issued under the
laws of Virginia for assets valued at
1,256.020 00
Reserve
162,667 53
Surplus
.,510,22387
$18.734,932 91
CONDENSED PROFIT AND LOSS ACCOUNT.
• A copy of the Condensed Profit and Loss Account of the
Utah Securities Corporation for the period from September 10 1912 to March 31 1915 follows:
Interest and D;vidends
$2,469,848 43
Profit Realized by the Redemption, at a Discount, of $8,766,500 Utah Securities Corporation Ten-year 6% Gold Notes
1,352,522 01
Expenses
$109,677 55
Interest on Ten-year 6 Gold Notes
2,617,360 26
Commission Paid on Underwriting of Tenyear 6% Gold Notes
585,108 76
$3,822,370 44
3,312,146 57
Surplus
$510,223 87
CERTIFICATE OF AUDITORS.
A copy of the combined net income account of the Utah
Securities Corporation and its subsidiary, the Utah Power
& Light Company, including the subsidiaries of the latter,
for the twelve months ended March 311915, follows:
Earnings from Operation of the Utah Securities Corporation for
Twelve Months:
Gross Earnings (Interest and Dividends)
$696.068 44
Expenses
30,287 55
Net Earnings
—$665,78-0 89
Surplus of Subsidiary Companies accruing to Utah Securities
Corporation:
Utah Power & Light Company for the Twelve Months
ended March 31 1915:
Net Divisible Income
$398,407 85
Less Dividends paid to Utah Securities
Corporation
366,740 00
Utah Light & Traction Company for the Six
Months ended March 31 1915 (periof of
ownership) Net Divisible Income
$31,667 86
43,562 04
75,229 89
Net Earnings from Operations for the Twelve Months
ended March 31 1915
$741,010 78
Profit on Redemption of Utah Securities Corporation Ten-year 6% Gold Notes retired during
the Twelve Months ended March 31 1915_ _ -$1,352,522 01
Less Commission paid on Underwriting__
42,865 00
1,309,657 01
Income from all sources accruing to Utah Securities Corporation for the Twelve Months ended March 31 1915-$2,050,667 79
Deduct Interest Charges on Ten-year 6% Gold Notes
1,063,008 55
Combined Net Income for the Twelve Months ended
March 31 1915
$987,659 24
DIRECTORS.
We have audited the accounts of the Utah Securities Corporation from the commencement of business on September 10 1912 to March 31 1915 and certify that the foregoing
The directors of the Utah Securities Corporation are as
Balance Sheet is properly drawn up so as to show the true follows:
financial position of the Corporation as at the latter date, A. C. Bedford
Vice-President and Treasurer
of Standard Oil Company_ New York, N. Y.
and that the Condensed Profit and Loss Account correctly Irving W. Bonbright Vice-President
of Wm.P. Bonshows the income for the period.
bright & Company, Inc_ _ _ _
President of American Gas &
We have not audited the accounts of the Subsidiary Com- R. E. Breed
Electric Company
panies and their securities are stated in the foregoing Balance G. E. Claflln
Vice-President of Electric Bond
& Share Company
Sheet at cost to the Corporation.
G. M. Dahl
Vice-President of Electric Bond
MARWICK, MITCHELL, PEAT & CO.,
Chartered Accountants.
79 Wall Street, New York, May 3 1915.
CONSOLIDATED BALANCE SHEET.
A copy of the consolidated balance sheet of the Utah Securities Corporation and its subsidiary, the Utah Power & Light
Company, including the subsidiaries of the latter, as of
March 31 1915, follows:
ASSETS.
Current Assets:
Cash on Hand and in Banks
Notes Receivable
Accounts Receivable
Interest Accrued
Supplies
Other Assets
$586,286 75
56,406 88
430,131 52
471 15
671,502 92
19,033 53
$1,763,832 75
388,594 32
47,724,391 39
1,240,309 01
Investments
Plants
Unamortized Bond Discount and Expense
LIABILITIES.
Current Liabilities:
Accounts Payable
Accrued Interest and Other Charges
Other liabilities
$51,117,127 47
$426,494 01
594,918 04
4,793 12
Funded Indebtedness:
Gold Bonds and Notes Issued
$48,154,900 00
Less in Treasury
$2,577,900 00
Less Pledged and Deposited under succeeding
2,492,000 00
Mortgages
5,069,900 00
$1,026,205 17
43,085,000 00
Capital Stock of Utah Securities Corporation, $30,775,100,
Par Value, Issued under the Laws of Virginia for Assets
Valued at
1,256,020 00
Reserves
2,935,905 27
Surplus
2,813,997 03
$51,117,127 47
SECURITIES IN HANDS OF PUBLIC.
& Share Company
Charles Hayden
of Hayden, Stone & Company_Boston, Mass.
AlexanderJ. Hemphill Chairman of the Board of
Guaranty Trust Company
of New York
New York, N. Y.
D. C. Jackling
First VicoPreident and Managing Director of Utah Copper Company
Salt Lake City, Utah
James Mitchell
President of Alabama Traction,
Light & Power Co., Ltd_ _ Now York, N. Y.
S. Z. Mitchell
President of Electric Bond &
Share Company
J. D. Mortimer
President of North American
Company
J. R. Nutt
Vice-President of Citizens Savings & Trust Company
Cleveland, Ohio
Frederick Strauss
of J. & W. Seligman & Company, Bankers
New York, N. Y.
Festus J. Wade
President of Mercantile Trust
Company
St. Louis, Mo.
UTAH POWER & LIGHT COMPANY.
Utah Power & Light Company was incorporated Sept. 6
1912 under the laws of Maine. It owns and operates electric light and power properties, as hereinafter described,
and also owns all the issued securities, except directors'
shares of stock, of The Western Colorado Power Company,
and all the capital stock, except directors' shares, of the
Utah Light & Traction Company.
Utah Light & Traction Company owns the electric light
and power and street railway properties in Salt Lake City
and the electric light and power and gas properties in Ogden
formerly owned by the Utah Light & Railway Company.
The electric light and power and gas properties are leased to
the Utah Power & Light Company for 99 years from Jan. 1
1915. These properties are operated by the Utah Power &
Light Company in connection with its own properties. Utah
Light & Traction Company continues to operate its street
railway property in Salt Lake City.
The stock, bonds and notes of the Utah Securities CorporaSERVICE AND PROPERTY.
tion, the Utah Power & Light Company and the Utah Light
Utah Power & Light Company furnishes electric light and
.& Traction Company in the hands of the public as of March 31
power service in 104 communities in Utah and Southern
1915 were as follows:
Idaho, including Salt Lake City, Ogden,Provo, Logan, Park
Capital
Bonds and
Utah Securities Corporation:
Stock.
Notes.
City, American Fork, Eureka, Bingham and Lehi, Utah;
Capital stock
$30,775,100
Rexburg, Preston and Montpelier, Idaho;
Ten-year 6% gold notes
$16,609,000 and Idaho Falls,
Utah Power & Light Company:
Ogden, Utah. Through its Colorado suband
gas
service
in
thirty-year
5%
mortgage
gold bonds
First
11,000,000 sidiary, The Western Colorado Power Company, it supplies
Utah Light & Traction Company:
Thirty-year first and refunding mortgage gold
electric light and power service to Durango, Telluride, Montbonds
11,661,000 rose, Ouray and Delta and other communities in SouthwestUtah Light & Power Company 5% prior lien
gold bonds
744,000 ern Colorado.
Utah Light & Power Company 4% consolidated
Among the large power customers under contract are, the
mortgage 4% consolidated mort, gold bonds_
1,113,000
Salt Lake & Ogden Railway Company, which operates the
Consolidated Railway & Power Company 5%
first mortgage gold bonds
1,472,000 electric interurban railway system between Salt Lake City
Utah Light & Railway Company 5% consolidated mortgage gold bonds
486,000 and Ogden, with a total of 67 miles of track; the Salt Lake &
Utah Railroad Company, which operates the electric interTotal
$30,775,100 $43,085,000 urban railway system between
Salt Lake City and Provo and
Total amount all securities
$73,860,100
The aggregate annual interest charge on the notes and the local system in Provo, with a total of 51 miles of track;
bonds outstanding in the hands of the public as of March 31 the Ogden Logan & Idaho Raliroad, which operates the street
railway systems in Ogden, Brigham and Logan, with inter1915, as shown above, is $2,309,210.
urban railway connections, with a total of 104 miles of track
EARNINGS.
in operation and 41 miles under construction to complete
A statement of gross and net earnings, from all sources, the connection between Ogden, Utah,. and Preston, Idaho;
inter-company charges eliminated, of all properties now con- the Utah Copper Company, the Union Portland Cement
trolled by the Utah Securities Corporation (irrespective of Company, the Ogden Portland Cement Company, the
the date of their acquisition).for the twelive months ended Portland Cement Company. of Utah, the United States
March 31 1915, with a comparison for the previous twelve Smelting, Refining & Mining Company, the Salt Lake
months' period, follows:
Pressed Brick Company, the Utah Lake Irrigation Com1915.
1914.
Gross Earnings
$4,640.126 $4,474,261 pany, the Mosida Irrigation Company and the Board of
Net Earnings
2,284,477
2,361,320 Canal Presidents.
JUNE 5 1915.1
•
1931
THE CHRONICLE
The total population served by the Utah Power & Light
Company and The Western Colorado Power Company is
estimated at 225,000.
The total number of customers served by the Utah Power
86 Light Company and The Western Colorado Power Cornpany, and the physical equipment and output of their properties,including propertiesleased from the Utah Lt.& Traction
Co. and other leased properties, as of Mar.31 1915,follows:
transmission lines from the Grace station and one 44,000 •
volt transmission line from the Wheelon station.
FRANCHISES
Utah Light & Traction Company's franchises in Salt Lake
City, under which the Utah Power & Light Company operates as lessee, expires in 1955. The franchise owned by the
Utah Power & Light Company in Ogden expires in 1946.
The Company's franchise in Provo expires in 1940: in Logan
in 1936, in Bingham in 1953, in Lehi in 1962, and in Preston
in 1956. The other franchises under which the Company
operates in the smaller cities, towns and communities expire
on various dates, and contain no burdensome restrictions.
46,707
Electric customers
1.055
Gas customers
47,762
Total customers
93,750
ydro-electric
Installed generating capacity (kilowatts)—hsteam
26,500
Installed generating capacity (kilowatts)— otal
120,250
CAPITAL STOCK.
Installed generating capacity (kilowatts)—t
20.500
Generating capacity under constr. (kilowatts)—all hydro-elect.281,134,027
The authorized and outstanding capital stock of the Utah
Kilowatt-hour feeder output for twelve months
(6,600 volts
of March 31 1915 was as follows:
Miles of overhead electric distributing pole lines
1,003 Power & Light Co. as
Outstanding.
Authorized.
or less)in service,irrespective ofthe number of circuits carried_ _
$3,000,000
$5,000,000
Miles of underground electric distributing conduit in service,
stock
Preferred
12
7,837,000
10,000,000
irrespective of the number of ducts or circuits carried
stock
Preferred
Second
30,000,000
30,000,000
Total miles of electric distributing pole lines and conduits in
stock
Common
1,015
carried
service, irrespective of the number of circuits
133
The preferred stock is entitled to cumulative- dividends
Miles of 130,000-volt, double-circuit, steel-tower trans. lines
Miles of other high-voltage transmission pole and steel tower
at the rate of 7% per annum. It has preference over both
lines (over 6,600 volts) in operation, irrespective of the num1,419 the second preferred stock and the common stock as to
ber of circuits carried
Total miles of high-voltage transmission pole and tower lines
assets in case of liquidation, and is redeemable on any
(over 6,600 volts) in operation, irrespective of the number of
1,552 dividend date at 115% and accrued dividends.
circuits carried
240,000
Gas-holder capacity (cubic feet)
The second preferred stock is entitled to cumulative
28,682,000
Artificial gas output (cubic feet) for twelve months
at the rate of 7% per annum. It has preference
18
dividends
Miles of gas mains
over the common stock as to assets in case of liquidation,
The most important hydro-electric plants owned by the and is redeemable on any dividend date at par and accrued
Utah Power & Light Company are the Grace, Wheelon and dividends. The second preferred stock, as a whole or in
Olmsted plants, all in operation, and the Oneida plant, now part, may cease to be subordinated to the preferred stock
under construction. All of these plants, except the Olmsted, upon vote of the directors whenever net earnings for twelve
are located on Bear River. This river, the largest in Utah, consecutive months within the fourteen months immediin Utah, ately preceding any application are equal to at least two and
flows into Great Salt Lake and drains large areas
substan- one-half times the dividend requirements on the preferred
Wyoming and Idaho. The flow of Bear River is
as a stock then outstanding and the additional preferred stock
tially controlled and equalized by using Bear Lake
to be issued in exchange for the second preferred stock.
storage reservoir and by using the Oneida and Wheelon
MounAll of the outstanding preferred, second preferred and
• reservoirs. Bear Lake is located in the Wasatch
tains, partly in Idaho and partly in Utah and has a surface common stock, except directors' shares, of the Utah Power &
Light Company is owned by the Utah Securities.Corporation.
area of approximately 110 square miles. The Company
BONDS.
has made possible the use of the lake as a reservoir by buildcontrol
ing a system of dikes, inlet and outlet canals and
The authorized and outstanding bonds as of March 31
capacity
gates. It is estimated that the combined storage
1915 were as follows:
Authorized. Outstanding.
of the lake and the artificial reservoirs is sufficient to sub$100,000,000 $11,000,000
of
flow
First mortgage thirty-year 5% gold bonds
stantially equalize the seasonal variations in the
bonds are dated
gold
years.
5%
The first mortgage thirty-year
Bear River as well as the variations between wet and dry
The largest generating plant is at Grace, Idaho. The February 2 1914 and are due February 1 1944. Interest is
original portion of this plant was built in 1908 and has an payable February 1 and August 1 at the office of the Guarinstalled generating capacity of 11,000 kilowatts. An anty Trust Company of New York, trustee. The mortgage
entirely new station was built in connection with this plant provides that bonds may be issued in $1,000, $500 and $100
$1,000
and placed in operation in the early part of 1914. The new denominations, but the bonds so far issued are inprincipal
station is equipped with two 11,000 kilowatt units, making denomination only. They are in coupon form, but or
more
the total installed generating capacity of this plant 33,000 may be registered. Bonds may be issued in one Series.
series. Those so far issued are known as American
kilowatts.
propThe Grace plant utilizes 526 feet of fall in the Bear River.. The bonds are secured by a first lien on all physical
erties, rights and franchises of the Company located in Utah
The water used in the operation of the plant is diverted from
by a
the Bear River by a low dam and conveyed in two pipe lines and Idaho, and, through the deposit of all securities,
first lien -on all the property located in Colorado owned by
(one eight feet in diameter and one eleven feet in diameter)
for a distance of nearly five miles and then carried down a The Western Colorado Power Company.
The bonds are redeemable as a whole on any interest date
steep slope to the generating station at the edge of the river.
The Oneida plant, now under construction, is to have an. on or after February 1 1919, or in part by lot by purchase
initial installation of 20,000 kilowatts. The plant is de- through the sinking fund, as described below, on or after
signed throughout, however, and in part constructed, for December 31 1916, at 105% and accrued interest.
A sinking fund is established by the mortgage requiring
a second similar installation, making the ultimate installed.
capacity 40,000 kilowatts. In connection with the con- payments on the total amount of bonds outstanding on
struction of the plant a solid concrete dam, 116 feet in December 31 of each year as follows: 1% from 1916 to 1918,
height, is being erected. This dam will form a storage pond inclusive; 2% from 1919 to 1933, inclusive; 23/2% from 1934
with a surface area of approximately 509 acres. The intake to.1943, inclusive. Money in the sinking fund may be used
works of the plant are constructed for the use of two sixteen- for the redemption of bonds at not more than 105% and acfoot diameter steel pipe lines, each about one-half mile in crued interest, or it may be used to.reimburse the Company
ts, etc.,
length. One of these pipe lines has been completed and for the cost of permanent additions, improvemen
which might otherwise have been made the basis for the
will be used in connection with the initial installation.
The Wheelon plant has an installed generating capacity issuance of bonds. If bonds for redemption, as stipulated
in the
of 7,125 kilowatts, and the Olmsted plant on Provo River in the sinking fund provision, are not obtainable
market at 105% and accrued interest, or at a lower price,
has an installed generating capacity of 7,200 kilowatts.
The remaining hydro-electric plants of the Company are they may be called by lot at 105% and accrued interest.
Additional bonds to the extent of $5,719,000 par value
situated on various streams in widely separated water sheds
may be issued against the property of the Company as it
having diverse characteristics of flow.
The Jordan steam electric generating station owned by existed on December 31 1913, when the net earnings of the
the Utah Light & Traction Company and operated under Company for twelve consecutive months within the thirteen
lease by the Utah Power & Light Company is located in months immediately preceding any proposed issue are at
Salt Lake City and is of the best modern type of construction least twice the interest on all bonds then outstanding and
and equipment. It was built and the equipment installed in those applied for. The remaining bonds may be issued only
1911 and 1912. The generating equipment consists of two to reimburse the Company for not exceeding 80% of the cost
of permanent additions, improvements, etc., and then only
8,000 kilowatt steam turbine units.
The Company's properties are operated in three distinct provided net earnings of the Company for twelve consecutive
groups, not yet interconnected. The principal group serves months within the thirteen months immedately preceding
the entiro territory in Utah in which the Company operates any proposed issue are equal to at least twice the annual inand the southeastern section of Idaho. Another group terest charge on the total bonds then outstanding and those
serves that section of eastern Idaho extending north from applied for.
BALANCE SHEET.
Idaho Falls to Ashton. The third group of properties is
A copy of the balance sheet of the Utah Power & Light
operated by The Western Colorado Power Company and
serves an extensive territory in southwestern Colorado. It is Company (including The Western Colorado Power Company)
expected that these three groups will be ultimately connected. as of March 31 1915 follows:
CONSOLIDATEDSBALANCE SHEET.
The larger portion of the power from the generating
(Accounts between‘companies eliminated)
stations located on Bear River is carried over a 133-mile,
ASSETS.
$58,188,903 36
Securities of Other Companies
double circuit, steel tower transmission line, operating at Plants, Leaseholds and
523.055 98
Receivable
Accounts
and
Notes
130,000 volts, to the Company's terminal- and sub-station Supplies
289,198 75
n
1.546 34
located near Salt Lake City. This steel tower transmissio Prepaid Accounts
237,081 12
sufficient
Cash
line is constructed on a private right-of-way of
11,661,000 00
ah Lt. & Tr. Co. Bonds (see contra)
Guaranty—Ut
is
and
line,
1,239,807 01
width to permit the construction of a duplicate
Bond Discount and Expense
35,402 36
one of the longest and most modern high voltage lines in the Other Assets
92
$72.175.994
volt
Total
44,000
country. This line is supplemented by two
1932
THE CHRONICLE
LIABILITIES.
Capital Stock:
Preferred
Second Preferred
Common
Bonds, First Mortgage 5%
Notes Payable
Accounts Payable
Customers' Deposits
Accrued Accounts
Guaranty—Utah Lt. & Tr. Co. Bonds (see contra)
Other Liabilities
Reserve Accounts
Surplus
Total
* All due Utah Securities Corporation.
[VOL. 100.
below, and are further secured by the deposit of $999,000,
par value, Utah Light & Railway Company 5% consolidated mortgage gold bonds; $4,000, par value, Utah Light
& Power Company 5% prior lien gold bonds, and $2,000,
par value, Utah Light & Power Company 4% consolidated
mortgage gold bonds.
The bonds are redeemable as a whole on any interest
(lay, or in part for sinking fund after December 31 1917, as
described below, at 105% and accrued interest.
A sinking fund is established by the mortgage requiring
payments on the total amount of bondg outstanding on
December 31 of each year as follows: 1% from 1917 to 1919,
EARNINGS.
inclusive; 2% from 1920 to 1934, inclusive; 23/2% from 1935
A statement of earnings for the twelve months ended to 1943, inclusive. Money in the sinking fund may be used
March 31 1915 follows:
for the redemption of bonds at not more than 105% and
Gross Earnings
$2,392,619 accrued interest, or
it may be used to reimburse the Company
Operating Expenses and Taxes
1,208;713
Net Earnings
$1,183,906 for the cost of permanent additions, improvements, etc.,
Other Income
49,694 which might otherwise have been made the basis for the issuTotal Income
$1,233,600 ance of bonds. If bonds for redemption, as stipulated in
Bond Interest and Discount
542,932
Other Interest
292,260 the sinking fund provision, are not obtainable in the market
Balance
$398,408 at 105% and accrued interest, or a lower price, they may be
•
Note.—The above statement shows the earnings for the entire period called by lot at 105% and accrued interest.
of all properties now owned by Utah Power & Light Company and The
Additional bonds may be issued only to reimburse the
Western Colorado Power Company, irrespective of the dates of their acquisition, and the earnings since January 1 1915 of the electric light and power Company for not exceeding 80% of the cost of permanent
and gas properties owned by the Utah Light & Traction Company and now additions, improvements, etc.
Leased to the Utah Power & Light Company.
All bonds so far outstanding are guaranteed, principal
DIRECTORS.
and interest, by the Utah Power & Light Company.
The directors of the Utah Power & Light Company are
UNDERLYING BONDS.
as follows:
President of American Gas &
R. E. Breed
The
underlying
bonds
of the Utah Light & Traction ComElectric Company
New York, N. Y.
President of First Nat. Bank _ _ _Ogden, Utah.
pany outstanding as of March 31 1915 were as follows:
M.S. Browning
T. R. Cutler
C. E. Groesbeck
Charles Hayden
John M. Hayes
D. C. Jackling
C. E. Loose
*
W. S. McCornick
S. Z. Mitchell
P. J. Moran
C. W. Nibley
J. R. Nutt
M. H. Walker
Bulkeloy Wells
$3,000,000 00
7,837,000 00
30,000,000 00
11,000,000 00
*6,725,140 30
139,11..8 80
80,830 07
279,760 44
11,661,000 00
4,793 12
1,104,208 39
344,133 80
$72,175,994 92
Vice-President & General Manager of Utah-Idaho Sugar Co._Salt Lake City, Utah
Vice-President & General Mana46
ger of Utah Power & Light Co..
"
of Hayden,Stone & Company_ __Boston, Mass.
Assistant Secretary and Cashier
of Utah Copper Company_ _Salt Lake City, Utah
First Vice-President and Managing Director of Utah Copper
Company
Vice-President of Provo Commercial & Savings Bank
Provo, Utah
President of McCornick & Co.,
Bankers
Salt Lake City, Utah
President of Electric Bond &
Share Company
New York, N. Y.
Contractor
Salt Lake City, Utah
Presiding Bishop of Mormon
66
Church
Vice-President of Citizens' Savings & Trust Company
Cleveland, Ohio
President of Walker Brothers,
Bankers
Salt Lake City, Utah
President of The Western Colorado Power Co. and Vice-President of New England Exploration Company
Telluride, Colo.
UTAH LIGHT & TRACTION COMPANY.
Utah Light & Traction Company was incorporated September 18 1914 under the laws of Utah. It owns the electric
light and power and street railway properties in Salt Lake
City and the electric light and power and gas properties in.
Ogden formerly owned by the Utah Light & Railway Company. The electric light and power and gas properties are
leased for 99 years from January 1 1915 to the Utah Power
& Light Company, which Company owns all the outstanding
capital stock, except directors' shares, of the Utah Light &
Traction Company.
The street railway property in Salt Lake City and vicinity
continues to be operated by the Utah Light & Traction
Company.
Total Outstanding.
Utah Light & Power Co.5% prior lien
gold bonds
$750,000
Utah Light & Power Co. 4% consolidated mortgage gold bonds
2,600,000
Consolidated Railway & Power Co.5%
first mortgage gold bonds
1,772,000
Utah Light & Railway Co. 5% consolidated mortgage gold bonds
3,135,000
Treasury
and
Deposited
Bonds.*
Owned by
Public.
$6,000
$744,000
1,487,000
1,113,000
300,000
1,472,000
2,649,000
486,000
Total
$8,257,000 $4,442,000 $3,815,000
* None of the treasury or deposited bonds can be sold to the public.
All mortgages under the above-named underlying bonds
were issued are now closed.
BALANCE SHEET.
A copy of the balance sheet of the Utah Light & Traction
Company as of March 31 1915 follows:
Assets—
Plants, and Securities of Other Companies
Notes and Accounts Receivable
Supplies
Prepaid Accounts
Cash
Bond Discount and Expense
Other Assets
$19,958,113 51
133,719 42
382,304 17
3,465 98
223,698 45
502 00
6,599 98
Total
$20,708,403 51
Liabilities—
Capital Stock
$1,000,000 00
Bonds (Held by Public):
Thirty-Year First and Refunding Mortgage
11,661,000 00
Underlying
3,815,000 00
Accounts Payable
147,267 13
Accrued Accounts
359,529 57
------------------------------------Other Liabilities
7,771 43
Reserves--------------------------------------------- 1,758,196 02
Surplus--------------------------------------------- 1,959,639 36
Total ---------------------------------------------$20,708,403 51
EARNINGS.
A statement of earnings for the six months ended March 31
The electric light and power and street railway franchises 1915 (the period for which the property was controlled by the
of the Utah Light & Traction Company in Salt Lake City Utah Securities Corporation) follows:
Gross Earnings------- -----------------------------------$1,04
648
1:3
18
00
6
extend to 1955.
Expenses and Taxes
FRANCHISES.
Operating
CAPITAL STOCK.
The authorized and outstanding capital stock of the Utah
Light & Traction Company as of March 31 1915 was as
follows:
Authorized.
310,000,000
Capital stock (all of one class)
Outstanding.
$1,000.000
All of the outstanding stock, except directors' shares, is
owned by the Utah Power & Light Company.
BONDS.
The authorized and outstanding bonds issued by the Utah
Light & Traction Company as of March 31 1915 were as
follows:
Authorized. Outstanding.
Thirty-year first and refunding mortgage gold
bonis
(open mortgage)$11.661,000
The thirty-year first and refunding mortgage gold bondof the Utah Light & Traction Company are dated Sops
tember 18 1914 and are due October 1 1944. Interest is
payable April 1 and October 1. Bonds may be issued in
one or more series. Those so far issued are known as Series
"A." They are in $1,000 denomination and in coupon form,
and bear interest at the rate of 5%. Under the terms of
, the mortgage, the interest rate on any subsequent issue of
,bonds cannot exceed 6%. Bonds may be issued in coupon
!form in $1,000, $500 and $100 denominations, and in fully
iregistered form in $1,000 denomination. Coupon bonds in.
any denomination may be registered as to principal. Bankers Trust Company, New York, N. Y., is the trustee.
The bonds are secured by a first lien on all properties,
frights and franchises of the Company now owned or here'after acquired, subject to the underlying bonds as listed
Net Earnings
Other Income
$,
106,726
88,271
---- -------------------------------- $494,997
Total
Bond Interest and Discount
379,301
Balance ----------------------------------------------- $115,696
Note.—The above statement shows the earnings from all poroperties
owned by the Utah Light & Traction Company for the months of October,
November and December and from its street railway property only for the
months of January and February, as the electric light and power and gas
properties were leased from January 1 1915 to the Utah Power & Light
Company and their earnings from that date are included in the earnings
of the latter company.
DIRECTORS.
The directors of the Utah Light & Traction Company are
as follows:
American
J. M. Bidwell
R. C. Gemmel'
Lawrence Greene
C. E. Groesbeck
E.0. Howard
D. C.Jackling
J. Frank Judge
0. J. Salisbury
Joseph Scowcroft
Joseph S. Wells
C. W. Whitley
S. A. Whitney
Manager
Smelting &
Refining Company
Salt Lake City, Utah
General Manager Utah Copper
14
Company
President and General Manager
Utah Fire Clay Company.._ _ _
Vice-President and General Man44
ager Utah Power & Light Co_ _
Cashier and Director Walker
Brothers, Bankers
First Vice-President and Managing Director Utah Copper
Company
Real Estate and Mining
Investments
President John Scowcroft & Sons
Company
Ogden, Utah
Secretary and Treasurer Utah
Light & Traction Company.. Salt Lake City, Utah
General Manager Utah Dept.
American Smelting & Refining
41
Company
Cashier McCormick & Co.,
If
Bankers
1933
THE CHRONICLE
JUNE 5 1915.]
COLUMBIA GAS AND ELECTRIC COMPANY
ANNUAL REPORT-FOR FISCAL YEAR ENDED DECEMBER 31 1914.
A decision has recently been handed down by the Federal
To the Stockholders:
As will be noted from the income statement presented here- Circuit Court for the district, confirming the perpetuity of
with, your Company has made progress during the past year, the street railway franchise in the City of Covington, which
particularly in view of the business depression due to the had previously been questioned by the authorities of that
City. The Supreme Court of the United States has also
European war.
The gas fields of the Company have continued to meet all recently rendered a decision confirming the Company's
demands, and during the year 25 wells were drilled or pur- contention that unreasonable and impracticable requirechased. Your Company now owns a total of 153 wells, with ments by municipal authorities cannot be enforced against
a street railway company doing an inter-State business,
an open flow capacity of 147,000,000 cubic feet daily.
The service from the gas fields has been operated without such as that of the South Covington & Cincinnati Street
interruption, and the pipe line has been efficiently main- Railway Company.
tained. The total sales of gas for the year amounted to
FINANCIAL.
16,651,464,000 cubic feet, of which 16,241,305,000 cubic feet
During the year 2,367 gas customers, being an increase of
Cincinnati
the
district.
in
sold
were
13%, and 589 electric customers, an increase of 9.8%, were
During the year substantial improvement has been made obtained. A gas extension of 14 miles to the Village of
with regard to your Company's gas leases; titles to active Latonia was completed in September, which resulted in an
and valuable leases have been safeguarded and the entire immediate addition of 652 customers and from which further
situation has been materially improved.
profitable returns will be ecured. Including the Latonia
The new compressor station located at Branchland, West extension, a total of 18 miles of gas mains were laid, and to
Virginia, was completed at a cost of $66,458 and placed in provide for new business 45 miles of electric lines were
operation in July, and its expected benefit to the service has constructed.
been fully realized.
The total cost of betterments and extensions to these
properties in the year 1914 was $193,059 43, of which
THE UNION GAS & ELECTRIC COMPANY.
20 was obtained from the guaranty fund provided
The physical operation of this Company has been satis- $111,271
for that purpose. As this fund has been exhausted, the
factory in all departments, and efficient service is being further
financing of the capital requirements of the Kentucky
rendered to its customers. All obligations under The Cin- properties
is now being arranged and provided for.
cinnati Gas & Electric Co. lease have been complied with.
.During the year $139,000 par value of your Company's
Gas Department.-The construction expenditures in this First
Mortgage Five Per Cent Bonds were redeemed through
department were confined to necessary extensions of mainsand
sinking fund and canceled
services;10 miles of mains were laid and 2,764services installed. the
In
accordance with the Cincinnati Gas Transportation
On December 31st the Company had 106,149 gas custom- Company
lease, $272,000 par value of the First Mortgage
ers, an increase over 1913 of 3,886, or 3.8%. While the sale bonds
of that Company were redeemed and canceled through
of appliances was somewhat less than in the previous year, payments
made by your Company.
their general use is continually increasing. During 1914,
$271,000 par value of your Company's First Mortgage
4,812 gas ranges, 4,167 heaters and 2,505 furnaces and mis- Five
Per Cent Gold Bonds held in the Treasury were sold,
cellaneous appliances were sold.
a balance of $1,434,500 in the Treasury at the close
The distribution system of the department has been main- leaving
of the year. In accordance with your authority previously
tained in a satisfactory condition, with further improvement given,
a further amount of $162,528 67 of your Company's
in reduction of leakage.
were issued during the year
A further small increase in rates to industrial consumers Five Per Cent Gold Debentures
covering the acquisition of Union Gas & Electric Company
was made on December 1st.
issued as of
Electric Department.-The operation of the generating and dividend certificates. The total50,amount
of which $2,467,168 33
was $2,676,959
distributing system of this department has continued without December 31 1914 in
the hands of the public, the balance
interruption and the property has been adequately maintained. were outstanding Company's
During the year 79 miles of overhead and underground being held in the has now Treasury.$374,625 out of the
acquired
Your Company
lines were constructed and 1,678 services and 1,486 meters total
of $375,000 of the dividend certificates of The Union
were installed. On December 31st there were 21,742 elec- Gas &
Electric Company.
tric customers, an increase over 1913 of 1,416, or 7%.
Herewith is submitted the income statement and balance
The Company's power house has been connected up with sheet
of your Company and The Union Gas & Electric Comthe power house of the Kentucky Companies, thereby simpliconsolidated form.
fying and improving operating conditions and further guar- pany in
total gross earnings for the year were $5,851,537 17,
anteeing the continuity of power supply to both companies; anThe
incr ase over the previous year of $353,577 37, or 6.4%.
these advantages, together with the reduced cost of produc- There
was an increase in the operating expenses of $103,373,
tion obtained, fully justify the outlay incurred.
In order to meet certain peculiar conditions of the business, or 4%. income for the year
Other
amounted to $470,864 30,
and to obtain consumers who could not otherwise be secured,
total gross income of $3,644,384 43. After deducta reduction in rates for wholesale power service was made,, making rentals
fixed
and
cahrges, the surplus for the year
ing all
effective September 15th 1914.
$391,037 87.
The ordinance governing the electric rates charged by the amountedtotocontinued
ill health, Mr. James C. Ernst, senior
Owing
Company expired March 1st 1914. Since that time the ComVice-President of your Company, resigned in September
pany has continued to charge the rates previously in force, last.
Mr. Ernst's services during his long association with
under temporary ordinances passed by the Council of the
value and have merited
City of Cincinnati pending the determination of rates for your properties have been of distinct
a further ten-year period. A physical inventory and ap- high appreciation.
Respectfully submitted,
praisal of the property of the electric department has been
A. B. LEACH, President.
completed by the Company and filed with the Public
Huntington, W. Va., May 21st, 1915.
Utilities Commission of Ohio. The City of Cincinnati
has requested the Commission to also make a valuation of
the Company's electric property in order to aid the City in
COLUMBIA GAS & ELECTRIC COMPANY
arriving at a decision on the rate question, and the matter
THE UNION GAS & ELECTRIC COMPANY
is now awaiting the completion of such valuation. In the
event that a rate ordinance is enacted unsatisfactory to the CONSOLIDATED BALANCE SHEET DECEMBER 31ST 1914.
Company, appeal can be taken to the Public Utilities Property Account, Comprising ASSETS.
Gas Fields, Plants, FranCommission.
chises, Leases and Preferred and Common Stock owned
of The East Ohio Gas Company (24,757 shares Preferred
Plans for the erection of a new generating station have
$64.602,399 02
and 24,757 shares Common)
been completed, and material progress in arranging for the Guaranty
Funds Deposited with Trustees$679,717 70
financing of this undertaking has been made.
Cash
Bonds-Col. G.& E. Co. 1st Mortgage 5%
The growth in the electric business of the Company was
3,753,000 00-4,432,717 70
Gold Bonds (at par)
greatly retarded in 1914 due to the 3lectrie rate investigation, Other Securities OwnedCincinnati G. & E. Co. 5% Stock (11,913
which continued throughout practically the entire year.
$1,012,605 00
shares)
The continued discussion of this matter in the public presE
Cincinnati Newport & Covington Lt.& Tr.
85,000 00
Co. 4M % Preferred Stock (850 shares)..
and otherwise has served to disturb the minds of prospective
6,000 00-1,103,605 00
Miscellaneous
consumers and to postpone any aggressive commercial Treasury
Bonds-at par$1,434,500 00
Col. 01. & E. Co. 1st Mortgage 5%
program. With an early settlement of this question and
209,791 17-1,644,291 17
Gold Debentures-5%
the completion of the plan for financing the new power Current
and Working Assets$651,675 36
Cash
house, which will provide for necessary additional capacity,
422,028 63
Accounts Receivable
the Company will be able to prosecute a vigorous campaign
218,792 18
Material and Supplies
Interest and Dividend accrued on securifor new business.
KENTUCKY PROPERTIES.
All requirements of your Company's agreement with the
Cincinnati Newport & Covington Light & Traction Company
have been complied with, and all departments of these
properties have been carefully maintained and satisfactory
service, rendered.
ties owned
Deferred AssetsPrepaid Accounts
The Cincinnati Gas & Electric Co. account
betterments
The Cincinnati Newport & Covington Lt.
& Tr. Co. account betterments
71,534 88-1,364,031 05
$61,346 92
326,378 34
94,874 08- 482,599 34
$73.629,643 28
1934
THE CHRONICLE
LIABILITIES.
Capital Stock-Col. G. & E. Co
$50,000,000 00
First Mortgage 5% Gold Bonds-Col. G.& E. Co
15,531,500 00
5% Gold Debentures-Col. G.& E Co
2,676,959 50
Outstanding Securities of Union G.& E. Co. at par:
Preferred Stock
$47,600 00
Common Stock
55,000 00
102,600 00
Current and Accrued LiabilitiesNotes Payable
$2,146,554 21
Accounts Payable
371,875 61
Accrued Taxes
160,833 32
Accrued Rentals
758,397 93
Accrued Interest on 1st Mortgage Bonds..
258,500 00
Accrued Interest on Debentures
61,662 50
Other Accrued Interest
15,626 29
3,773,448 96
Deferred LiabilitiesSo. Coy. & Cin. St. Ry. Co
$68,536 02
Customers' Deposits
141,775 32
Suspense
1,310 38
211,622 62
ReservesTo amortize Kentucky Betterments
$86,111 11
For net current assets leased September 1st,
1906
336,731 43
For Construction
95,96623
For other Contingencies
16,04944
534,858 21
798,653 09
Profit and Loss
$73,629,643 28
We hereby certify that we have audited the books of account and
record of the Columbia Gas & Electric Company, Huntington, W. Va., and
The Union Gas & Electric Company, Cincinnati, Ohio, covering a period
of two years ended December 31st, 1914, and that, in our opinion, the
foregoing Consolidated Balance Sheet correctly reflects the financial condition of the combined Companies at December 31st 1914, and the accompanying combined Statement of Income for the periods audited by us is
correct.
(Signed) ERNST & ERNST, Certified Public Accountants.
Cincinnati, February 16th 1915.
COLUMBIA GAS & ELECTRIC COMPANY
THE UNION GAS & ELECTRIC COMPANY
CONSOLIDATED INCOME STATEMENT-YEAR ENDED DECEMBER 31ST 1914 (WITH COMPARATIVE FIGURES
FOR 1912 AND 1913).
1914.
1913.
1912.
IncomeGross Earnings
$5,851,537 17 $5,497,958 90 $5,155,446 06
Operating Expenses & Taxes 2.678,017 04 2,574,644 04 2,524,475 67
Net Earnings
Other Income
$3,173,520 13 $2,923,315 76 $2,630,970 39
470,864 30
471,583 88
513,953 11
Total Gross Into=
33.644,38443 $3,394,899 64 $3,144,923 50
DeductionsAccrued Rentals to Cincinnati G. & E Co
$1,788,552 00 $1,788,250 01 $1,786,344 44
Accrued Rentals to Cincinnati Gas Trans. Co. (ineluding Sinking Fund Requirement of $250,000)-- 708,305 15
718,208 35
727,727 18
Accrued Interest of The
Union G. & E. Co
80,948 54
79,171 88
53,529 41
Surplus Earnings of The
U. G. & E:Co. apportion586 40
325 35
able to its outstanorg stock
63,713 43
Total
Deductions
$2,578,392 09 $2,585,955 59 $2,631,314 46
$1,065,992 34
$808,944 05
$513,609 04
Fixed Charges-Col. G. & E. Co.
Accrued Interest on 1st Mtg.
5% Gold Bds. of Col. G.
$516,239 97
& E Co
Accrued Interest on 5% Gold
DebenturesofCol.G.&E.Co. 123,262 50
Other Accrued Interest of
.35,452 00
Col. G. & E. Co
$499,22500
$495,783 54
28,997 91
19,651 51
Total Fixed Charges
$674,954 47
$589,822 91
$515,435 05
Surplus
$391,037 87
$219,121 14
$1,826 01*
$95,004 95
$95,004 95
$81,096 43
Net Income
Sinking Fund PaymentsCol. G. & E. Co
61,60000x
x Only six months' interest, debentures having been issued as of July 1st
1913. *Deficit.
CURRENT NOTICE.
-Harris, Forbes & Co., Pine St., corner William, this city, have prepared a booklet (No. 200) on railroad bonds in response to the numerous
inquiries received from investors for information and comparisons. This
booklet presents in convenient form some of the important factors regarding the bond issues of most of the principal railroads in this country. It
also includes the income account, management, capitalization and other
useful information of interest to investors. Upon request, Harris, Forbes
& Co. will be pleased to mail readers of the "Chronicle" a free copy if they
ask for "Booklet No. 200."
-Spencer Trask & Co., 25 Broad St., are distributing among investors
their new special circular on "Railroad and Industrial Stocks." The
108 issues described therein are classified as Investment, Semi-investment
and Speculative.
-"Public Utility Securities; Are They Safe?" This question is discussed very favorably to the securities in question by Robert Garrett &
Sons of Baltimore in a circular, copies of which are now being distributed.
-Albert W. Morton has acquired an interest in A. D. Converse & Co:,
49 Wall Street, and will have charge of the Philadelphia office of the
concern in the Commercial Trust Building.
-J. K. Rice Jr. & Co., 36 Wall St., this city, are to-day advertising in
this issue a large list of stocks which they are in the market to buy and to
sell. Telephones 4001 to 4010 John.
-John H. Cross and Edward L. Wittmeyer have organized the new firm
of Cross & Wittmyer at 30 Broad St., this city, to do an investment security
business.
-Mackay & Co., members of the New York Stock Exchange, 55 Wall
St., this city, announce the removal of their offices to 14 Wall St., Bankers
Trust Building.
-George F. Gundel has become associated with E. T. Konsberg & Co.,
234 So. La Salle St., Chicago.
[VoL. 100.
The Tranutercial
WinteS.
COMMERCIAL EPITOME
Friday Night, June 4 1915.
The strained relations between the United States and
Germany have overshadowed the great markets. They are
partly offset, however, by the decision by a Federal court in
favor of the United States Steel Corporation which is accepted as in some sense the herald of better times for business
corporations whose only fault lies in not being small. Also
the weather in parts of the United States has been more
seasonable, and this has helped trade as well as the crops.
The wheat yield may prove to be the largest on record. The
cotton crop condition is somewhat above the ten-year average. Unemployment is steadily decreasing under the spur
of increasing industrial activity. War orders are still on a,
very large sale for cottons, munitions, &c. Building operations are increasing. Collections are fairly prompt. Stocks
advanced on the Steel decision, which heartened various
other branches of business. It is hoped that the Government will be wise enough not to make an appeal but to let
the matter drop. It is also hoped that the Mexican question
will not prove serious enough to militate against American
business. Mail order sales are larger than a year ago.
Exports of leather for military uses are increasing. Money is
plentiful and easy. The excess of merchandise exports
during the first four months of the present year was nearly
$600,000,000. Business failures are fewer. On the other
hand, our exact relations with Germany and Mexico have
yet to be determined. There is as a rule no great activity
in iron and steel, especially in structural material. Ocean
freights are still scarce and high. Exports of cotton are
slow. The wheat exports for the week are the smallest of
any week since the beginning of the war, and prices of grain
have recently declined materially. Sales of lumber to foreign
markets are hindered by the scarcity of vessels. No visible
progress towards ending the war is apparent. The frightful
waste of men, money and property goes on and it is absurd
to say that American trade will permanently benefit from
such deplorable conditions across the water. But, aside
from the possibility of serious trouble with Germany and
neislin
,174..
Mexico, the outlook is very generally regarded as proum
.E
mW
ayY10
.1R5K.
J
STOCKS OF MERCHANDJuSnEe 11%.T15N
bags_1,057,932 1,256,514 1,277.819
60,447
mats_
61,700
30,641
bags_ 452,913
422,984
208,169
89,438
hhds_ 100,025
54,251
220,665
No_ 279,360
20,700
186,376
bales_ 222,057
113
8:6
53
37
260
310
Nil
Nil
1,963
barrels.. 64,000
58,200
52,200
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour
LARD has been quiet; prime Western 10e., refined for
the Continent 10.70c., South America 10.90c., Srazil 11.90c.
Lard futures have declined. The Chicago stock increased
sharply during May and quotations for hogs have latterly
declined. Packers have bought. To-day prices declined.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Fri.
Tues.
Sat.
Mon.
9.72
9.90
cts_ 9.97
9.77
9.80
July delivery
HoltSeptember delivery____10.20
10.12
10.05
9.97
day. 10.02
PORK remains quiet and steady; mess $20@$21, clear
$20@$22, family $21 @$23. Beef, 'mess $18 50@$19,
packet $17@$18, family $19@$20, extra India mess $31@
$32. Butter, creamery extras 283'c. Cheese, State whole
milk, fresh, flats and twins, colored specials, 16%@17c.
Eggs, fresh-gathered extras 23 ®24c.
COFFEE has been dull and lower; No. 7 Rio 7c., No. 4
1 4 @,9 Me., fair to good Cucuta 93'@10e. Coffee
Santos 9/
futures have declined on light trading. Lower prices in
Brazil have had a depressing effect here. Hedging sales
also told. So has the dulness of the spot trade. Rio exchange got down to 12d., later 12 1-16d. Covering caused a
sharp rally here. Cost and freight prices rose. It is predicted in some quarters that the decrease in the visible supply
during May will turn out to have been large. But large crops
are expected and the financial condition in Brazil is not considered as good as it might be. To-day prices advanced.
Closing prices were:
January .._6.83@6.84 May
February
March
6.90 6.91 July
August
June6.9
April
6.95
7.00 ©7.01
5.655.69
6.77@6.78
.79 6.80
September --6.80@6.81
October
6.8o6.81
November _6..8
6.'8
81
1
88 6
6 6.82
December __6.80
SUGAR has advanced; centrifugal, 96 degrees test, 4.95c.;
molasses sugar, 89-degrees test, 4.18c. Early in the week
granulated moved up to 6.10c. Also, there were heavy
rains in Cuba. Receipts fell off. Drought has injured
the Australian crop materially. The usual yield in that
country is about 200,000 tons. Advices from Louisiana
are rather unfavorable. But the recent cold, wet weather
in the United States has hurt refiners' trade. To-day
prices were lower.
January ---_3.71 ®3.74
ry ___3.64@3.66
___3.6403.66
February
March
3.56@3.60
April
3.56®3.60
May
June
July
August
3.56@3.60 September __4.16©4.17
Ncotvobm
e 0 O
er
.._44:2
10
0 4.
88
9 3:999
.2
12
1
3:9
4.08@4.09 December
3.97
OILS.-Linseed has been in moderate demand and steady;
City, raw American seed, 67c.; boiled 68c.; Calcutta 75c.
Cocoanut oil steady; Cochin 103@11c.; Ceylon 9%@103/
2o.
Olive, 92@95c. Castor steady at 10c. Palm fairly active
at 83@9c. for Lagos. Cod, domestic, 45@46c. Cottonseed oil steady at 6.50@7.25c. for winter and 7.55@7c.
for summer white. Spirits of turpentine 42c. Common to
good strained rosin $3 20.
THE CHRONICLE
JUNE 51915.]
1935
In order that comparison may be made with other years,
PETROLEUM steady and in good demand; refined in
barrels 7.50@8.50c.; bulk 4@5c.; cases 9.75@10.75e. we give below the totals at leading ports for six seasons:
Naphtha, 73 to 76 degrees, in 100-gallon drums, 233'c.,
1911.
1910.
1912.
1913.
1914.
drums $8 50 extra. Gasoline, 89 degrees, 26c.; 74 to 76 Receipts at- 1915.
degrees, 22@24c.; 67 to 70 degrees, 22c. Shreveport, La., Galveston _ _ _ 15,431 18,135 10,119
3,781
4,640
7,552
4,356
2,898
491
reports say that development work in Northern Louisiana TexasCity,&c
9,584
2,902
5,431
12,087
New
Orleans_
8,859
14,108
is active. Prices remain unchanged and are as follows:
154
136
891
Mobile
1.569
307
5.060
Pennsylvania dark $1 35
1 35
Second sand
Tiona
1 35
97
Cabell
97
Mercer black
97
New Castle
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
83c
$1 05
86c.
83c.
78c.
84c.
Somerset,32 deg__
Ragland
Illinois, above 30
degrees
Kansas and Oklahoma
80c. Savannah _ _ _
62c. Brunswick _ _ _
Charleston,&c
84c. Wilmington_ _
Norfolk
40c N'port N.,&c
fair All others__ _ _
4,984
500
614
1,315
1,489
994
2.606
11,224
7,002
215
345
668
3,388
2.463
2,530
4,481
450
149
3,035
468
2.193
968
1,880
2,910
Total this wk.
37,590
54,822
43,284
24,504
18.271
26,832
TOBACCO has been quiet but steady. There is a
movement of new Sumatra, but, taken as a whole, trade is
slow, especially as the consumption of cigars nowadays has
been reduced with economy so widely practiced. Tobacco
is used in its less expensive forms more than was formerly
the case.
COPPER has been firm and quiet; though the production
is increasing it is smaller than the deliveries. London prices
/
3@19c. Tin has been firmer at
have risen; electrolytic 187
37%c. The visible supply during May decreased 1,139 tons.
London and Singapore have latterly declined. Lead is up
to 5.20c. on the spot here, or a rise of about $20 a ton in a
short time. London prices have risen. Spelter has been
excited and higher, reaching 30c. here on the spot and 28c.
at East St. Louis; later 29c. here, with small sales at that
price. It is still scarce here and London has advanced
sharply. June here has latterly been held at 28c.; July 27c.
At East St. Louis sales have been made for shipment, November and December at 23c., June 25c. In the iron and steel
trade talk is cheerful, but actual transactions in most departments are not large. Considerable sales, however, have
been made of round bars for shrapnel. Steel works in g9neral are running at about 75% of their capacity. The foreign
demand continues but freights are scarce, thus hampering
business. England is trying to buy sheet bars and has
ordered 10,000 tons from Chicago. The Pennsylvania RR.
has issued a new specification for its order of 138,000 tons
for delivery this year. The order may not be distributed
for several weeks. Moderate sales of rails have been made
to various other railroads. Pittsburgh mills have advanced
galvanized pipe $10 a ton, the biggest advance ever made at
one time by the pipe trade. It is due to the scarcity and
abnormal cost of spelter. The pipe companies advanced
galvanized products $2 a ton on May 1. Galvanized sheets
are now 4.30c. a pound. Toronto advices say that one
Canadian company is to make munitions for Russia to the
value of $50,000,000. Russia has been buying railroad cars
in this country and Canada; also large quantities of rails
and barb wire.
Friday Night, June 4 1915.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
37,590 bales, against 73,245 bales last week and 69,538
bales the previous week, making the total receipts since
Aug. 1 1914 10,109,535 bales, against 10,290,632 bales for
the same period of 1913-14, showing a decrease since Aug. 1
1914 of 181,097 bales.
Mon.
Tues.
Wed. Thurs.
4,596
200
544
15
1,670
5,164
2,910
261
153
1,074
Since Aug. 1_ 10109535 10290632 9,554,126 11653859 8.485,379 7,140.304
The exports for the week ending this evening reach a total
of 100,499 bales, of which 28,990 were to Great Britain,
36,958 to France and 34,551 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
Week ending June 4 1915.
Exported toExport.,
from-
From Aug. 1 1914 to Juno 4 1915.
Exported to-
ContiGreat
Great
Britain. Prance. nent. Total. Britain. France.
Galveston_ _ 19,863 18,856 6,138
Texas City_
Port Arthu
Ar.Pass,&c_
NewOrleans 6,38 11,064 3,020
Gulfport__ _
--- _
Mobile
_
Pensacola_ _
Savannah_ _
4,878 7.321
Brunswick _
Charleston.
Wilmington
Norfolk.._ _
New York_
2;i55 6.67
Boston ___ 2,747
171
Baltimore.
Philadel'a_
..
_
477
Portrd, Me.
San Fran_ _
Pt.Towns'd
10.746
Los Angele.
Pembina-
Coralnest.
Total.
44,857 1,256,539 290,009 1,285,944 2,832,492
39,677 458,567
418,890
400 48,564
48,164
618
618
20,469 823,851 148,917 480,512 1,453,280
5,322
5,322
837 86,941
86,104
40
72,466
46,566 25,500
12,199 406,682 88,046 748,296 1,243,024
163.706
18,147 13,103 194,956
174,575 254,419
79,844
54.783 30,646 105,169 190,598
46,348 72,435
26,087
8.838 53,843 28,795 329,575 412,213
5,449 94,756
2,918 89.307
1,6
49,407
6,550
57,557
477 29,130
5,084 34,214
2,002
2,002
154,044 154,044
10,746
215,406 215,406
4,500
4,500
- 1,614
1,614
Total__ 28,990 36,958 34,551 100,4993,644,727 636,6103,608.651 7,889,988
Tot. '13-'14 45,16
4,206 42.509 9i8753,337,903 1,051,8304,268.1618,657,894
Note.-New York exports since Aug. 1 Include 8,341 bales Peruvian and 25 bate
West Indian to Liverpool, 50 bales Egyptian to Mexico.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
OnShipboard, Not Cleared for-
COTTON
Sat.
69
119
3,166
Fri.
Total.
Great
GerOther CoastJune 4 at- Britain. France. many. Foreign wise.
New Orleans.. _ 1.730 • 822
Galveston _ _ _ _ 31,644 1,951
Savannah __ _ _ 2,000
Charleston
Mobile
Norfolk
500
New York_ _ _ _
800
Other ports_ _ _ -1,666
Total 1915... 38,874
Total 1914_ - 18,040
Total i913
15,591
Total.
• Leaving
Stock.
13.360
10.703
6,000
5,000
2,350 18,262
2,500 46,798
500 8,500
5.000
100
200
30,500 31,000
4,300
3,500
2,000
5,000
182,305
203,822
78,474
53,257
17,565
27,835
233,584
96,197
3,573
100 40,563 35,950 119,060
858 17,564 33,993 18,003 88,458
1,939 25,046 16.554 20,624 79,754
893,039
374,823
252.601
100
Speculation in cotton for future delivery has kept within
moderate limits and prices have been irregular. They declined at one time, but have latterly advanced forty points.
The depressing factors earlier in the week were the talk of
possible war with Germany, the dulness of trade, the large
stocks and an idea that this country might possibly carry over
into next season something like 4,000,000 bales. That would
be far the largest carry-over ever known. Speculation, too,
has §ubsided. Spot sales at the South have latterly been
small, and at one time prices there weakened. Early in the
1
110
414 1,315
15
593
182
Wilmington
327
486 1,489 week the spot soles in Liverpool were slight, whatever they
140
Norfolk
094
994 were later on. Exports have been small. Liverpool has
-----------------N'port News,&c.
355 weakened under sales of cargoes seized by English war vessels,
New York
555 -------- -----20
1
1
174
1.003
320
159
Boston
____
987
__
246 1,233 in keeping American cotton out of Germany. Meantime, the
---------Baltimore
-___ stock at New York has been steadily increasing. And some
---------*---___
Philadelphia_ - _ _
Totals this week 6,874 6,637 7,290 5,503 3.966 7,320 37,590 of the crop reports have been favorable, so far at least as
The following table shows week s total receipts, total since conditions existed in the latter part of May. These reports
Aug. 1 1914 and stocks to-night, compared with last year: state the condition then at anywhere from 78.7 to 82.5%.
All of them showed a condition considerably better than that
Stock.
of a year ago. The Government report received on Tuesday
1913-14.
1914-15.
Receipts to
June 1 put it at 80%, against 74.3 last year, 79.1 in 1913,
This Since Aug This Since Aug
June 4.
78.9 in 1912 and 79.5 as the average for 10 years past. Also,
Week. 1 1914. Week. 1 1913.
1913.
1914.
although rains and low temperatures were subsequently
Galveston
15,431 3,917,770 18,135 3,470,948 250,620 129,660
491 499,377
Texas City
25,275
3,261 cited as bullish factors, the weather in the eastern belt
____ 468,069
Port Arthur
54,039
46,238
cleared on Thursday. The recent drought in Louisiana has
15
Aransas Pass,&c_
61,293
____ 144,705
966
8,859 1,745.535 14,108 1,822,420 200,657 105,766 been broken. The fact is emphasized that an agreement
New Orleans
5,322
Gulfport
with Germany has not yet been reached. Also, there are
307 163,773 5,060 428,594
Mobile
17,765
12.467 some apprehensions of more or less serious complications with
72,622
---Pensacola
156,285
32,318
Jacksonville, &c_
111
34
29,571
145 Mexico growing out of President Wilson's address to the
4,1:84 1,729,902 11,224 1,805,786
Savannah
86,974
34.496 American people last Wednesday on the subject of the deplor500 221,088
294,042
9,800
Brunswick
614 401,104
450 423.163
58,257
2,792 -Bible conditions existing in that country. Finally, there are not
Charleston
1,857
Georgetown
a few who believe that cotton is altogether too high. They
1,315 274,544
149 398,707
43,361
13,401
Wilmington
1,489 5E5,994 3.035 550,013
58,835
20,647 think that the export outlet is seriously threatened by the
Norfolk
994 154,509
468 129,833
N'port News,&c_
tension between this country and Germany and the shutting
21,005
355
54
6,415 237,884 122,107
New York
1.003
84,704
470
18,924
14,727
10,390 out of Italy as a medium of export trade with Germany and
Boston
391
1,233
'79,309
93,756
4,226
2,117
Baltimore
Austria. Sweden has just put an embargo on cotton.
2.750 1,245
3,161
4,840
3,923
---Philadelphia
But latterly much stress has been laid on reports that the
Totals
37.590 10109 535 54.822 10290632 1.012.099 463.281 weather in the Eastern belt and also in parts of the South-
1,268 • 2,424 4,865 3,442 1,186 2,246 15,431
Galveston
Texas City491
__
Port Arthur_ _ _ _
_---------------------15
15
Aransas Pass,&c.
3:564 1-,41
665
456
New Orleans...
485 1,331 8,859
ert
ultr
ao
22
156
____
Fr
36
50
62
Pensacola
_
_
Jacksonville,&c_
6i5 1,i46
468 1,655
1-,66i
646 47,644
Savannah
500
500
Brunswick
49
183
14
15
614
208
145
Charleston
1936
- -
THE CHRONICLE
west has been too cool and wet. Grassy fields have been
complained of in Georgia, Alabama and South Carolina. Boll
weevil has appeared in Alabama and Mississippi as well as in.
some parts of Texas. Then there was a feeling in the cotton trade that the interview between President Wilson and
Count Von Bernstorff, the German Ambassador, might pave
the way for an understanding between this country and Germany. Moreover, the possibility of Rumania and Bulgaria
and Greece entering the conflict was regarded as in its
way a bullish factor, as seemingly suggesting at least
an earlier ending of the great war which everybody
on this side of the water, at least, would be
glad to see ended in the shortest possible time.
The rise in the stock market exemplifying more optimistic
feeling in regard to our relations with Germany, found an
echo in the cotton market. Besides Liverpool spot sales of
late have been 8,000 to 10,000 bales a day. Those are the
largest for many weeks past. Moreover, it is now said that
England has sold out all the seized contraband cotton cargoes. That means a noticeable lessening of selling pressure
in Liverpool. The exports from Southern ports .have latterly increased a little. Spot markets at the South have been
rather firmer. Local and Wall Street shorts have covered to
some extent. Liverpool has sold pretty freely, but most of
the time it has been the only conspicuous seller. The market
has latterly had a sold-out and even slightly oversold appearance in the estimation of many. Certainly there has been
no such pressure to sell "long" cotton as was recently
noticed. And bears have been distinctly less aggressive.
It was a wet May in Georgia, Alabama, South Carolina and
and ,Mississippi. This is usually considered bad
for cotton, as fostering a spreading of the tap root on the
surface, whereas it ought to strike straight down into the
soil, where it could get the benefit of subsoil moisture during
possible droughts in July and August. Still, the fact remains that trading has not been large and that fluctuations,
after all, have usually been within very contracted bounds.
The first days of June are rather early to decide what the
crop is going to do. To-day prices advanced early and then
reacted under heavy selling for so narrow a market by
Liverpool, New Orleans and Wall St. The short interest
has been reduced on the recent rise of about 40 points.
Spot cotton closed at 9.75c. for middling upland, showing
an advance for the week of 15 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 29 to June 4Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
9.60
H.
9.55 9.60 9.75
9.75
[VOL. 100.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 4Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1914.
1912.
1913.
1915.
bales.,1707,000 1,010,000 1,068,000 1,208,000
42,000
5,000
5,000
4,000
73,000 127,000
175,000
83,000
1,924,000 1,098,000 1,146,000 1,339,000
10,000
19,000
*8,000
7,000
*272,000 460,000 410,000 533,000
298,000 328,000 253,000 289,000
3,000
4,000
11,000
3.000
16,000
30,000
45,000
18,000
20,000
35,000
43,000
469,000
23,000
51,000
*3,000
14.000
1,106,000
927,000
735,000
907,000
Total European stocks
3,030,000 2.025.000 1,881,000 2,246,000
India cotton afloat for Europe
146.000 326,000 145,000 130,000
Amer. cotton afloat for Europe- 551,258 266,109 240.496 178,846
Egypt, Brazil,&c.,afloat for Eur'pe 24,000
27,000
37,000
39,000
Stock in Alexandria, Egypt
180,000 185,000 149,000 119,000
Stock in Bombay, India
933,000 974,000 948,000 639,000
Stock in U. S. ports
1,012,099 463,281 332,355 414,894
Stock in U. S. interior towns..._ 607,369 268,512 296,510 188,316
U.S.exports to-day
16,426
15,009
6,603
1,854
6,500,152 4,561,911 4,024,964 3,954,910
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_1,428,000 799,000 883,000 1,087,000
Liverpool stocks
Manchester stock
53,000 104,000
54,000
153,000
*948,000 826,000 700,000 873,000
Continental stock
American afloat for Europe
531,258 266,109 240,496 178,846
U. S. port stocks
1,012,099 463,281 332,355 414,894
U. S. interior stocks
607,369 268,512 295,510 188,316
U. S. exports to-day
1,854
6,603
15,009
16,426
Total American
East Indian, BratIi, &c..
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, Scc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
4,716,152 2,691,911 2,510,964 2,847,910
279,000
42,000
22,000
*158,000
146,000
24,000
180,000
933,000
211,000
5,000
29,000
101,000
326,000
39,000
185,000
974,000
185,000
5,000
20,000
35,000
145,000
27,000
149,000
918,000
121,000
4,000
23,000
34,000
130,000
37,000
119,000
639,000
Total East India, Ste
Total American
1,784,000 1,870,000 1.514,000 1,107,000
4,716,152 2,691,911 2,510,964 2,847,910
Total visible supply
6,500.102 4,561,911 4,024,964 3,954,910
Middling Upland, Liverpool
5.35d.
7.74d.
6.67d.
6.45d.
Middling Upland, New York....
9.75c.
13.65c.
11.65c.
12.10c.
Egypt, Good Brown, Liverpool
8.10d. 10.00d. 10.30d.
10 N3d.
Peruvian, Rough Good, Liverpool 10.50d.
8.85d.
9.25d.
9.50d.
Broach, Fine, Liverpool
5.15d. 6 5-16d. 6 5-16d.
6Yed.
Tinnevelly, Good, Liverpool
5.27d.
6gd. 6 5-16d. 6 1-16d.
* Estimated.
NEW YORK QUOTATIONS FOR 32 YEARS.
Continental imports for past week have been 99,000 bales.
The above figures for 1915 show a decrease over last week
The quotations for middling upland at New York on
of 254,515 bales,a gain of 1,938,241 bales over 1914,an excess
June 4for each of the past 32 years have been as follows:
and a gain of 2,545,242 bales
12.90 1899_c
1915_c
975 1907_c
6.25 1891_c
875 of 2,475,188 bales over 1913
11.30 1898
13.65 1906
1914
6.50 1890
12.31 over 1912.
1913
1912
1911
1910
1909
1908
11.70
11.45
15.85
14.90
11.50
11.50
1905
1904
1903
1902
1901
1900
8.50
11.75
11.50
9.38
8.25
9.00
1897
1896
1895
1894
1,893
1892
'7.75
7.75
7.25
7.31
7.88
7.81
1889
1888
1887
1886
1885
1884
11.19
10.00
11.44
9.25
10.81
11.56
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 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.
Movement to June 4 1915.
Towns.
Receipts.
Movement to June 5 1914,
Ship- Stocks
ments. June
4.
Week.
-116 8,855
626 56,755
347 21,426
558 2,548
1,665 18,335
190 9,660
1,050 14,892
1,405 11,459
5,853 97,962
1,020 25,483
87 6,234
237 7,093
1,637 33,599
455 3,705
447 5,730
406 7,000
923 14,288
____ 4,536
137 5,856
387 5,000
6,697 27,96t
295
175
7,169 24,128
Receipts.
Ship- Stocks
ments. June
117eek. Season. Week.
Week. Season.
5.
_
25,073
7
25
Ala., Eufaula_ _
22,813
12
690
202,821
381
298
Montgomery 160,660 1,003 2,954
Futures.
251 128,875
254 136,420
Selma
SALES.
437
850
Spot Market
Market
204
Ark., Helena_ _
32 62,239
65,589
928 5,075
Closed.
Closed.
312 188,331 3,955 28,500
Spot. Contr'ct Total.
Little Rock
131 204,753
32,132
ii
Ga.. Albany__ 161 1,044
28,438
225 118,969
Saturday_ _ _ Quiet
Steady
Athens
725 120,419
800 8,542
HOLIDAY
1,448 230,03, 2,040 7,295
Monday
Atlanta
658 187,003
Steady
Tuesday _ _ _ Quiet,5 pts. dec.
1,259 373,808 1,554 23,411
Augusta
1,38' 447,344
98,108
125 81,23'
Wednesday_ Quiet,5 pts. adv._ _ _ Steady
710 5,435
Columbus _ _ _
100
100
37,577
44,516
Thursday _ - Steady, 15 pts. adv.. Firm
--io
32
Macon
87
66,186
Easy
360
75
Steady
308 4,200
57,768
Friday
Rome
200
200
337 192,491 2,051 11,869
Shrevenor
207 156,562
40
33,073
38,197
Total _
189
8
899
200
100
300 Miss.,Columbu
411
85,718
928 2,570
Greenville _ _ _
15 73,408
150 142,020
Greenwood
160 134,679
785 9,200
22:
34,515
450 52,027
278 3,485
__
FUTURES.-The highest, lowest and closing prices at Meridian
21,963
19,675
Natchez
16
100 2,100
52 34,210
3 38,228
Vicksburg
881 1,334
New York for the past week have been as follows:
39,574
40,708
Yazoo City
_
481 2,140
8,813 553,547 10,091 23,717
Mo.,St. LOUtg. 6-,035 678,505
71
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
111
12,
14,79.
13,835
N.C., Raleigh_
222
2,173 242,779 2,357 18,652
May 29. May 31. June 1. June 2. June 3. June 4.
0., Cincinnati_ 6,798 309,234
Week.
...
10,354
Okla.,Hugo_ - 37,136
June594 5,122
28,320
S.C., Greenw'
92
13,950
217
Range
Tenn.,Memphi
3,393 1,050,260 8,796 110,607 5,3251,109,544 12,775 38,437
7261
Closing.- 9.17 188
9.18 - 9.17 - 9.37 - 9.25 ---7,602
Nashville _ _ _ _
18
10,994
404
45
Jtify1,243
19,375
14
Tex., Brenham
82
23,41.
28
574
Range
9.36..41
9.27-.39 0.37-.43 9.44-.60 9.45-.62 9.27-.62
100
46,476
-- -- -----Clarksville...
100
49,701
50
Closing.... 9.37-.38
9.38-.39 9.37-.38 9.57-.58 9.45 --- Dallas
80 121,713
01,534
175 1,238
August------- ------2 ,6
___
Honey Grove_
--33,202
Range
7,3003,360.124 15,8i3A 77372 8590 2,916,047 13,322 64,452
9.63-.67 9.60
Houston
9.60-.67
Closing._ 9.50-.52
9.51-.53 9.50-.52 0.68-.69 9.57-.59--300
50
116,254
Paris
114,944
300 1,000
September-'
Range
--9.47 ---- 9.67 ---- 9.47-.67 Total, 33 town 28.82717.963,283 57,053607,369 30,6237.308.152 56.903208.512
9.58-.60 9.57-.59 9.77-.80 9.67-.69--Closing.-- _ 9.59-.61
OctoberThe above totals show that the interior stocks have deRange
9.70-.75 IIOLI- 9.60-.74 9.68-.78 9.75-.95 9.80..00 9.60-.00
Closing_
9.72-.73 DAY. 9.71-.72 9.70-.71 9.92-.93 9.80-.81--- creased during the week 28,226 pales and are to-night 338,857
Decemberbales more than at the same period last year. The receipts at
Range
9.84-.97 9.93-.01 10.01-.20 10.05-.26 9.84-.28
9.93-.98
Closing
9.94-.95 9.95-.96 10.18-.19 10.05-.06--- all towns have been 1,796 bales less than the same week
9.95-.96
Januarylast year.
Range
0.87-.02 9.97-.04 10.05-.26 10.10-.29 9.87-.29
9.97-.02
Closing..,. _ 9.98-.09
9.99-.00 9.99-.00 10.24-.25 10.10-.12--MarchOVERLAND MOVEMENT FOR THE WEEK AND
Range
10.23-.25
10.16 - 10.25-.30 10.30-.48 10.34-.53 10.16-.53 SINCE AUG. 1.-We give below a
statement showing the
Closing_
10.23-.2,1
10.24-.25 10.23-.25 10.48-.50 10.34-.35---Mayoverland movement for the week and since Aug. 1, as made
.
Range
10.34-.35 10.45 -10.51 ----10.34-.51 up from telegraphic reports Friday night. The results for
--the
Cimino
10.52-.54- -- -
1
week and since Aug. 1 in the last two years are as follows:
THE CHRONICLE
JUNE 5 1915.]
1937
Brenham, Tex.-We have had rain on two days of the past
week, the rainfall being sixty hundredths of an inch. The
thermometer has averaged 76, ranging from 63 to 89.
Cuero, Tex.-There has been rain on three days during
the week, to the extent of one inch and eleven hundredths.
The thermometer has ranged from 61 to 91, averaging 76.
Dallas, Tex.-Dry all the week. Average thermometer
75, highest 92, lowest 58.
1,681,864
20,296
1,897,487
28,347
overland
Total gross
Henrietta, Tex.-We have had rain on one day of the week,
Deduct shipments2,159 122,256 the rainfall reaching twenty hundredths of an inch. The
Overland to N.Y., Boston, &c_ _ _ 2,591 187,768
163,449
5,068
220,473
7,606
towns
Between interior
and the
6,357 148,705 thermometer has averaged 72, the highest being 88
7,879 153,020
Inland, &c., from South
lowest 55.
434.410
13,584
561,261
18,076
deducted
Total to be
Huntsville, Tex.-We have had no rain the past week. The
• 6,712 1,247,454 thermometer has averaged 76, ranging from 59 to 93.
Leaving total net overland *_ _ _ _10,271 1,336,226
Kerrville, Tex.-There has been rain on one day during
* Including movement by rail to Canada.
the week, the rainfall being fifty-one hundredths of an inch.
The foregoing shows the week's net overland'movement this The thermometer has ranged from 53 to 90, averaging 72.
year has been 10,271 bales, against 6,712 bales for the week
Lampasas, Tex.-Rain has fallen on three days during the
last year, and that for the season to date the aggregate net week, to the extent of one inch and sixteen hundredths. Avoverland exhibits an increase over a year ago of 88,772 erage thermometer 74, highest 93, lowest 54.
bales.
Longview, Tex.-We have had rain on two days of the past
-----1914-15----- ------1913-14
Since week, the rainfall being twenty hundredths of an inch. The
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week
Takings.
thermometer has averaged 76, the highest being 94 and the
37,590 10,109,535 54,822 10,290,632
Receipts at ports to June 4
6,712 1,247,454 lowest 58.
10,271 1,336,226
Net overland to June 4
Southern consumption to June &_ 64,000 2,634,000 60,000 2,652,000
Luling, Tex.-It has rained on two days of the week, the
The
Total marketed
111,861 14,079,761 121,534 14,190,086 rainfall reaching one inch and forty-three hundredths.
125,044 thermometer has averaged 78, ranging from 62 to 93.
487,230 *26,280
*28,226
Interior stocks in excess
Nacogdoches, Tex.-We have had no rain during the week.
95,254
83,635
Came into sight during week
14,315,130 The thermometer has ranged from 58 to 89, averaging 74.
14,566,991
Total in sight June 4
Palestine, Tex.-The week's rainfall has been twenty-four
26.889 2,630,408
Nor. spinners' takings to June 4_ _ 24,484 2,885,892
hundredths of an inch on one day. Average thermometer
* Decrease during week.
75, highest 88 and lowest 62.
Movement into sight in previous years:
Paris, Tex.-We have had no rain the past *reek. The
Bales.
Bales.' WeekWeek52,844 thermometer has averaged 74, the highest being 94 and the
83,903 1911-June 9
1913-June 6
56.461
75.091 1910-June 10
1912-June 7
lowest 54.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
San Antonio, Tex.-2-It has rained on two days of the week,
middling
of
MARKETS.-Below are the closing quotations
the rainfall reaching one inch and six hundredths. The therfor
markets
cotton at Southern and other principal cotton
mometer has averaged 76, ranging from 62 to 90.
each day of the week.
Taylor, Tex.-There has been rain on three days during the
week, to the extent of ninety-one hundredths of an inch.
Closing Quotations for Middling Cotton onMinimum thermometer 60.
Week ending
Weatherford, Tex.-The week's rainfall has been forty-eight
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
June 4.
hundredths of an inch, in one day. Average thermometer
9.05
8.95
8.95
9
Galveston
9.13
75, highest 92 and lowest 57.
-6:60
9.00
9.00
-A:63
New Orleans.._ _ 9.00
8.63
8.63
8.63
8.69
8.69
8.69
Mobile
Ardmore, Okla.-We have had no rain during the week.
93
9N
9N
Savannah
The thermomet n. has averaged 70, the highest being 87
89
Wilmington.._ _ _ - 9.13
9
9
9
9
Norfolk
and the lowest 54.
ON
Baltimore
Mangum, Okla.-The week's rainfall has been one inch
01
19
10.00
9.85
9.80
9.1
Philadelphia _ _ _ 95
8.88
8.88
8.88
8.88
9
and eighty-five hundredths on one day. The thermometer
Augusta
9.12
9.12
9.12
9.12
-612
9.12
Memphis
has averaged 70, ranging from 53 to 86.
91
9N
9N
93,
9N
N
St. Louis
90
9.00
9.00
Tulsa, Okla.-There has been rain on two days during the
9.00
9.00
Houston
8.87
7§7
8.87
9.00
9.00
Little Rock_ _ _ _ 9.00
week, the rainfall being five hundredths of an inch. The
NEW ORLEANS CONTRACT MARKET.-The high- thermometer has ranged from 49 to 84, averaging 67.
Eldorado, Ark.-It has rained on two days of the week,
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as the rainfall reaching twenty-five hundredths of an inch.
Minimum thermometer 68, highest 87, average 52.
follows:
Fort Smith, Ark.-It has rained on two days of the week,
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday,
the rainfall reaching two hundredths of an inch. The therMay 20. May 31. June 1. June 2. June 3. June 4.
mometer has averaged 69, the highest being 86 and the
lowest 52.
June-Range
Little Rock, Ark.-Rain has fallen on one day during the
9.01-.03
8.90-.94--- 8.92 - 8.92 Closing
week, the precipitation reaching twenty-seven hundredths of
July9.18-.33 an inch. Thermometer has averaged 71,rangingfrom 56 to86.
9.04-.15 8.93-.02 8.99-.14 9.10-.15
Range
9.18-.19
9.07-.08 9.00-.01 9.09-.10 9.09-.10
Closing
Alexandria, La.-There has been rain on two days durin
Auaustthe week, to the extent of two inches and six hundredths.
9.17-.19
28
9.16-.18
9.26-.
9.15-.17
Closing
si neg
gan
The thermometer has ranged from 59 to 90, averaging 74.
SeRtaemberHOLT- -New Orleans, La.-It has rained on three days of the week,
DAY.
51
9.38-.40
9.49-.
9.39-.41
9.36-.38
n
Closing
the precipitation being one inch and eighteen hundredths.
October9.57-.70 Average thermometer 78, highest 90, lowest 66.
9.40-.50 9.33-.39 9.36-.52 9.44-.52
9.56-.57
9.44-.45 9.38-.39 9.47-.48 9.45-.46
Closing
Shreveport, La.-We have had rain on one day the past
November--- week, the rainfall being one hundredth of an inch. The
Range
9.66-.68
9.55-.57
9.52-.54--- 9.57-.59
Closing
thermometer has averaged 80, the highest being 89 and the
December9.74-.89 lowest 71.
9.61-.65 9.52-.57 9.53-.67 9.62-.68
9.74-.75
9.61-.62 9.55-.56 9.65-.66 9.62-.64
fonsfrei
Closing
g
Columbus, Miss.-It has been dry all the week. The
January9.85-.98 thermometer has averaged 71, ranging from 55 to 84.
9.73-.77 9.66 - 9.63-.81 9.74-.77
Range
9.85-.86
Holly Spring, Miss.-We have had rain on three days
9.72-.73 9.65-.66 9.76-.77 9.72-.74
Closing
March
10.11-.15 during.the week, the rainfall being twenty-six hundredths •
9.90 - 9.85 - 9.89-.91 9.98 Range
10.06-.07 of an inch. The thermometer has ranged from 57 to 86,
9.93-.95 9.85 - 9.97-.98 9.93-.95
Closing
os g
• Toneaveraging 72.
Steady
Quiet
Quiet
Steady
Steady
Steady
Spot
Steady
Vicksburg, Miss.-We have had rain on three days during
Steady Steady Steady Steady
Ontions
week, to the extent of seventy-five hundredths of an inch.
the
WEATHER REPORTS'BY TELEGRAPH.-Our tele- Average thermometer 73, highest 88, lowest 57.
graphic advices from the South this evening indicate that
Decatur, Ala.-There has been rain on five days of the
the weather has been favorable on the whole during the week. week, to the extent of one inch and one hundredth. The
Rain has been quite general and as a rule beneficial, although thermometer has averaged 72, the highest being 85, and
lowest 60.
the precipitation has been a little heavy in some portions theMobile,
Ala.-Scattered rains in the interior have helped
Texas
section.
is
decotton
reports
that
Atlantic
of the
crops. Cotton condition is fair to good. We have had rain
veloping well and from some other districts improvement in on three days of the week, the rainfall reaching eighty-two
hundredths of an inch. The thermometer has averaged 77,
condition is noted.
Galveston, Tex.-Weather throughout the week has been ranging from 66 to 89.
Montgomery, Ala.-Prospects good. There has been rain
favorable for all crops, light rains occurring in different
localities. Cotton has made good progress with cultivation on two days during week, to the extent of twenty-eight
well under way. Showers are indicated for Northeast hundredths of an inch. The thermometer has ranged from
Texas and cool dry weather for the balance of the State. It 66 to 90, averaging 77.
Selma, Ala.-It has rained on one day of the week, the
has rained on three days of the week, the precipitation being
on( inch and ten hundredths. Average thermometer 75, precipitation being thirty hundredths of an inch. Average
thermometer 73.5, highest 88, lowest 63.
highest 84, lowest 66.
Athens, Ga.-There has been rain on three days during the
Abilene, Tex.-There has been no rain during the week.
hunThe thermometer has averaged 75, the highest being 92 week, the rainfall reaching one inch and ninety-three
dredths. Average thermometer 71, highest 86 and lowest 55.
and the lowest 58.
June 4ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
----1914-15---Since
Week. Aug. 1.
6,697 657,223
3,345 317,353
4,380
745 152,353
2,060 114,336
3,413 172,335
12,087 479,507
----1913-14---Since
Week. Aug. 1.
10,090 542,065
6,910 397,206
7,004
47
1,094 119,395
692 120,150
587 142,803
876 353,241
1938
THE CHRONICLE
Savannah, Ga.-There has been rain on five days during
the week, the precipitation reaching two inches and thirtyfour hundredths. The thermometer has averaged 77, the
highest being 88 and the lowest 66.
Albany, Ga.-We have had rain on four days during the
week the rainfall being one inch and thirteen hundredths.
The thermometer has ranged from 67 to 93, averaging 80.
Charleston, S. C.-Rain has fallen on four days during the
week, the precipitation reaching two inches and fifty-seven
hundredths. The thermometer has averaged 76, ranging
from 66 to 86.
Cheraw, S. C.-There has been rain on four days during
the week, to the extent of two inches and sixteen hundredths.
The thermometer has ranged from 55 to 82, averaging 69.
Spartanburg, S. C.-Rain has fallen on three days during
the week, to the extent of two inches and forty-five hundredths. Minimum thermometer 54.
Madison, Fla.-It has rained on three days of the week,
the rainfall reaching two inches and thirty hundredths.
The thermometer has averaged 77, the highest being 89 and
the lowest 69.
Tallahassee, Fla.-We have had rain on five days of the
past week, the rainfall being two inches and thirteen hundredths. The thermometer has averaged 80, ranging from
67 to 93.
Charlotte, N. C.-There has been rain on four days during
the week, the precipitation reaching three inches and ninetyseven hundredths. The thermometer has averaged 66, the
highest being 80 and the lowest 52.
Goldsboro, N. C.-The week's rainfall has been three inches
and nine hundredths, on four days. The thermometer has
averaged 68, ranging from 55 to 82.
Weldon, N.. C.-We have had rain on five days during the
week, the rainfall being three inches and forty-four hundredths. The thermometer has ranged from 51 to 76, averaging 64.
Memphis, Tenn.-We have had a rainfall of seven hundredths of an inch during the week, on one day. Mean
thermometer 72, highest 87, lowest 58.
Milan, Tenn.-There has been rain on one day during
he week, to the extent of fifteen hundredths of an inch. The
thermometer has averaged 70, the highest being 83 and the
lowest 57.
Dyersburg, Tenn.-It has rained on one day of the week,
the rainfall reaching fifteen hundredths of an inch. The
thermometer has averaged 70, ranging from 59 to 82.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
[VoL. loc.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JUNE 1.-Below we present a synopsis of the
crop movement for the month of May and the ten months
ended May 31 for two years:
1914-15. 1913-14.
Gross overland to May
72,598
194,428
Gross overland for 10 months
1,885,321 1,670,343
Net overland for May
34:
17
17
24
2
130,785
Net overland for 10 months
1,328,213 1,24
Port receipts in May
283,449
390,601
Port receipts in 10 months
10,085,456 10.247,527
Exports in May
399,256
630,749
Exports in 10 months
7,826,549 8,577,805
Port stocks on May 31
508,200
1,055,074
Northern spinners' takings to June 1
2,869,524 2,620,490
Southern consumption to June 1
2,592,000 2,602,000
Overland to Canada for 10 months (included in net
overland)
131,377
163,942
Burnt North and South in 10 months
1
1,741
Stock at Northern interior markets June 1
18,836
24,695
Came in sight during May
669,598
428,571
Amount of crop in sight June 1
14,510,669 14,238,337
Came in sight balance of season
Total crop
66
31
8
1,9
14,3
67
09
Average gross weight of bales
513.52
514.13
Average net weight of bales
488.52
489.13
NEW YORK COTTON EXCHANGE ANNUAL REPORT.-The annual report of the Board of Managers of the
New York Cotton Exchange, made public on Thursday, says
in part:
The Board of Managers, in submitting to you the forty-fifth annual report, feels that it must, for the sake of history, record the principal events
that have made the past year perhaps the most momentous since the
organization of your Exchange in 1870.
Because of the world-wide chaos in finances produced by the European
war, your Exchange was closed on July 31 and was not reopened until
Nov. 16. The severe and immediate decline in the price of cotton consequent upon the war, resulting in enormous losses to the cotton trade, was
especially burdensome upon the members of your Exchange, who were engaged in carrying and financing such a large share of the world's stock of
cotton. The problems arising out of these conditions were many and serious and required the constant attention of not only your Board of Managers,
and your various committees, but also of every experienced member of the
Exchange for over three months. The plan that enabled the Exchange to
reopen and to resume its normal business, as finally evolved by the conference committee, was supported loyally and generally. It is a pleasure to
record that you have so publicly acknowledged the great ability and service
to the common good of Edward M. Weld, Robert C. Cairns and Henry
Schaefer, the members of this committee.
There was established by the Act of Congress on Aug. 18 1914 the "United
States Cotton Futures Act." Your by-laws and rules were changed to
conform to the provisions of this Act and trading contracts made in entire
conformity to the law began on the reopening of the Exchange, although
the law became effective only on Feb. 18 1915. Further changes necessary
to be made in the rules governing the conditions under which cotton may
be delivered have been deferred until a more precise understanding is had
of the law, and also in the hope that the regulations of the Secretary of
Agriculture might be so changed as to permit of a more harmonious working of the law and established methods of delivery.
The report adds that the Board is firmly of the opinion that it is to the
best interests of the Exchange that all cotton should go through both the
inspection bureau and the classification committee before being referred
June 4 1915. June 5 1914. to the Secretary of Agriculture. It is stated that representations have been
Feet.
made to the Department, looking to a modification of the regulations in
Feet.
New Orleans
Above zero of gauge..
order to permit of this policy, and it is given as the belief of the Board that
9.3
11.7
Memphis
Above zero of gauge..
the existing machinery of the Exchange should be retained until time has
26.8
12.6
. Nashville
Above zero of gauge..
14.1
proved that some other course should be pursued.
7.5
Shreveport
Above zero of gauge..
"It is to be regretted," says the report, "that the United States Cotton
16.7
13.4
Vicksburg
Above zero of gauge_
28.2
Futures Act prohibits the sending of an order to any foreign market thus
22.8
permitting those residing abroad, advantages and opportunities denied to
•
American citizens. A further consequence of this prohibition will be also
OUR COTTON ACREAGE REPORT.-Our cotton acre- to
impose, at times, a heavy burden on this market of an undue share of
selling, a burden that has previously been shared by the European
age report will probably be ready about June 18. Parties hedge
markets. We earnestly hope that this condition, detrimental to the Ameriwill be remedied.'
desiring the circular in quantities with their business cards can markets,
It is announced that the committee appointed to formulate rules to govern
printed thereon should send in their orders as soon as possible the Clearing House
contracts has practically completed its work and the
statement is made that the New York Cotton Exchange Clearing Associato ensure early delivery.
tion, Inc., has been incorporated and will soon be in a position to begin
operations.
AGRICULTURAL DEPARTMENT REPORT ON COTTON CONDITION.-The Agricultural Department at
Washington issued on June 1 its report on cotton condition
as follows:
The Crop Reporting Board of the Bureau of Crop Estimates, U. S. Dopartment of Agriculture, estimates, from the reports of the correspondents
and agents of the Bureau, that the condition of the cotton crop
on May 25
was 80% of a normal, as compared with 74.3 on May 25. 1914,
79.1 on
May 25 1913,78.9 on May 25 1912 and 79.5. the average of the past
ten
years on May 25. Comparisons of conditions, by States, follow:
1915.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Mhsourt
Oklahoma
California
88
85
80
81
80
78
82
76
79
84
85
90
76
82
1914.
83
76
72
80
82
85
87
82
65
79
80
86
68
100
1913.
83
76
68
69
83
75
81
81
84
85
87
90
87
96
United States
80.0 I
74.3 I
79.1 I
78.9
79.5
For purposes of comparison, the condition of the cotton crop in the
United States monthly and the estimated yield per acre for the past ton
years are given below:
Years1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
10-year average
Yield
May 25. June 25. July 25.1 Aug. 25. Sept. 25. per Acre.
74.3
79.1
78.9
87.8
82.0
81.1
79.7
70.5
84.6
77.2
79.6
81.8
80.4
88.2
80.7
74.6
81.2
72.0
83.3
77.0
76.4
79.6
76.5
89.1
75.5
71.9
83.0
75.0
82.9
74.9
78.0
68.2
74.8
73.2
72.1
63.7
76.1
72.7
77.3
72.1
79.5
79.9
78.5
72.8
Cotton Takings.
Week and Season.
1914-15.
Week.
1913-14,
Season.
Week.
Season.
Visible supply May 28
6,754,667
4,687,100
Visible supply Aug. 1
3.176,816
2,581,551
American in sight to June 4..__ _I 83,635 14,566,991
95,254 14,315,130
Bombay receipts to June 3
b50,000 2,669,000
76,000 3,437,000
Other India shipm'ts to June 3.. I b20,000
20,000
244,000
777,000
Alexandria receipts to June 2.... I
845,000
64,000
1,000 1,013,600
Other supply to June 2•
b10,000
2,000
101,000
329,000
Ten-year
Total supply
6,922,302 21,602,807 4,800,354 22,453,281
1912. I Average.
DeductVisible supply June 4
6,500,151. 6,500,152 4,561,911 4,561,911
89
86
Total takings to June 4_a
87
82
422,150 15,102,655 328,443 17,891,370
83
Of which American
78
283,150 11 ,530,655 193,443 12,956,770
74
Of which other
80
139,000 3,572,000 135,000 4,934,600
75
84
* Embraces receipts in Europe from Brazil, Smyrna, West In lies, &c.
74
80
72
a This total embraces the estimated consumption by Southern mills,
79
69
2,634,000 bales in 1914-15 and 2,652,000 bales in 1913-14-takings
78
not
86
being available-and the aggregate amounts taken by Northern and
79
foreign spinners. 12,468,655 bales in 1914-15 and 15,239,370 bales in
73
80
74
1913-14, of which 8,896,655 bales and 10,304,770 bales American.
81
74
b Estimated.
84
78
81
96
-BOMBAY COTTON MOVEMENT.
May 25.
States.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
I
73.5
64.1
69.6
71.1
65.9
58.5
69.7
67.7
71.6
71.2
Lbs. lint
209.2
182.0
190.9
207.7
170.7
154.3
194.9
178.3
202.5
186.1
68.3
187.7
-The receipts of
India cotton at Bombay and the shipments for the week
ending May 13 and for the season from Aug. 1 for three
years have been as follows:
1914-15.
Receipts atMay 13
Week.
3ombav
Exports
from-
Since
Aug. 1.
1913-14,
1912-13.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
91.000 2.417.000 95.000 3.180.000 81.000 2.298.000
For the Week.
Great
Britain.
Bombay1914-15_ _
1913-14_
57,
1912-13 -------30,00
Since August 1.
Japan
Great
&China Total. Britain.
9,000 12,000
75,0001 132,000
29.000 59,000
ContiJapan
nent. & China. Total.
51,000 296,000 1,090,000 1,437,000
45,000 915,000 1,015,000 1,975,000
13,000 332,000 756,000 1,101,000
THE CHRONICLE
JUNE 5 1915.]
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending May 12 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
May 12.
41,100
6.178.170
10,000
7.542,081
This Since
Week. Aug. 1.
Exports (bales)-
To Liverpool
3,350 188,099
To Manchester
138,383
To Continent and India.. 3,400 264,617
To America
3,900 145,438
Total exports
9,000
7.424.624
This Since
Thisl Since
Week. Aug. 1. Week. Aug. 1.
I
2,750;190,232
199,574
9,750 376,673
2,2501 71,236
1,500 187,578
___ 191,484
6,750 351,323
1,000 115,796
10.650 736.537 14.750 837.715
9.250 846.181
----1
The statement shows that the receipts for the week ending May 12 were 41,100 cantars and the foreign shipments were 10.650 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that there is an
improved tone to India and China is active. The home
trade is improving. We give prices for to-day below and
leave those for previous weeks of this and last year for
comparison:
1914.
1915.
8Yj lbs. Shirt- Corn
ing:, common Mid.
Uprs
to finest.
Apr. d.
16
23 8%
30
May
7 4%
14 3%
21 4%
28 3%
J'ne
4 8:(,)
@ 0089 660
323 Cop
Theist.
d. s. d.
s. d.
9% 63 @7 9
63 07 9
9 83 07 9
9
9
9
9
6
6
6
6
3
4
4
4
07
07
07
07
3
4
4
4
8% 6 4 @7 4
32s Cop
Twist.
83,
4 lbs. Shirt- Corn
ings, common Mid.
to finest.
Uprs
s. d.
d. s. d.
d. d.
5.7599(, @101046 6 1%011 3
5.78 914 0 ION 6 2 011 2%
5.66 9% 0 1014 6 2 011 2%
d.
7.30
7.36
7.26
5.19 9% (4 10% 6 2 011
630
6 2%011
5.36 10% 0 11% 6 3 @II
5.14 1014 @ 1114 6 3%@11
7.32
7.47
7.59
7.70
2%
3
4
4
5.35 105-16011 5-16 6 4 011 5
7.74
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 100,499 bales. The.shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Havre-June 1-Livingston Court,650
650
To Bordeaux-May 29-Chicago, 1,510
1,510
To Gothenburg-May 28-Grekland, 192
192
To Genoa-May 31-Taormina, 1,035..__June 2-Principe di
Udini, 3,200___June 3-Cretic, 2,251
6,486
GALVESTON-To Liverpool-May 28-Napierian, 7,768_ -June 1-Castano, 12,095
19,863
To Havre-June 2-Craigard, 10,309; Domingo de Larrinaga,
18,856
8,547
To Barcelona-June 3-Catalina, 6,138
6,138
NEW ORLEANS-To Liverpool-May 28-Ardanmhor, 5,595..
5,595
June 4-KelTo Manchester-May 28-Ardanmhor, 565
vinbrae, 220
785
To Havre-May 29-Alexandra, 7,201___June 2-Frinton,
11,064
3,863
To Oporto-May 28-Ardanmhor, 2,000
2,000
To Port Barrios-June 3-Coppename, 150
150
To Mexico-June 4-City of Tampico, 870
870
SAVANNAH-To Havre-May 29-Hesperus, 4,878
4,878
To Genoa-June 3-Moncenisio, 7,321
7,321
BOSTON-To Liverpool-May 29-Devonian, 264. Juno 1Dunsle , 1,834
2,098
29
-Iberian,
649
To Manchester-May
649
To Yarmouth-May 25-Prince George, 171
171
PHILADELPHIA-To Rotterdam-May 28-Poeedijk, 477
477
-Yokohama
28
Maru,
SEATTLE-To Japan-May
3,469
3,469
To Shanghai-May 28-Yokohama Maru, 350
350
To Vladivostock-May 31-Talthybius, 500
500
TACOMA-To Vladivostock-May 31-Taithyblus, 3,051......
June 1-Shensei Maru, 3,376
6,427
Total
100,499
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
Galveston
New Orleans
Savannah
Boston
Philadelphia
Seattle
Tacoma
Total
Great French Ger- -Oth.Europe- :Vlad.,
&c. Japan.
Britain. Ports. many. North. South.
192 6,486
__-2,160
6.138 -------19,863 18,856
6,380 11,064 -------- 2,000 1,020 ____
- 7,321
-------4'
_..,i , ------___-_
171 ..___
2,'747 -----------------___
____
_-4
-880 3:4136,
--- 6,427 ____
28.990 36,958
____
Total.
8,838
44,857
20,464
12,199
2111
4,319
6,427
669 21,945 8,468 3,469 100,499
The exports to Japan since Aug. 1 have been 262,243 bales
from Pacific ports, an 113,059 bales from Galveston.
COTTON FREIGHTS.-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 1.00@1.25c.; Manchester, 1.00(411.25c.; Havre, 1.50c.; Rotterdam, 1.50c.; Genoa, 1.25c.; Naples, 1.25c.; Leghorn, 1.35c.; asked;
Barcelona, 1.50c. asked; Mraseilles, 1.50c.; Piraeus. 1.50c. asked; Japan,
1.25c.; Shanghai, 1.00c.; Bombay, 1.25c.
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at
that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the stock
Of which American
Amount afloat
Of which American
May 14. May 21. May 28. June 4.
31,000
29,000
17,000 1,100
2,600
1,000 5,000
2,700
2,000 24,000
22,000
14,000 9,000
7,000
7,000
19,000
101,000
87,000
62.000 114,000
1,553.000 1,579,000 1,7088,00 1,707,000
1.277,000 1,288,000 1,419,000 1,428,000
96,000 120.000 198,000 132,000
90,000
93,000 188,000 117,000
358,000 285,000 279,000 296,000 247,000 233,000 -
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Futures.
Market 1
opened I
Market, f
4
P. M. I
Monday.
Limited
demand,
1912-13.
Sales
Spec.&exp.
Receipts (cantars)This week
Since Sent. 1
Saturday.
Mid.Upl'd
1913-14.
1914-15.
Spot.
Market, 1
12:15
P. M.
1939
HOLIDAY.
Tuesday. Wednesday. Thursday.
Fridav•
Moderate
demand.
Good
business
doing.
Dull.
More
demand.
5.14
5.13
5.16
5.22
5.35
5,000
1,400
4,000
500
10,000
4,000
8,000
1,000
8,000
1,000
Dull.
Quiet,
Steady,
Quiet,
Quiet,
generally unch'g'd to 50.6 pts.
M 01
pts. dec. unchanged. Yi pt dec. advance
Dull,,' pt.
Idle,
Steady,
adv. to 234 53606 pts. 1 point
pts. dec. advance. advance.
Steady,
Steady,
9010 ki 4@9% pts.
Ms. adv. advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
May 29 Saturday. Monday. 1 Tuesday. Wed'day. Thursday.' Friday.
to
1234 11236 4 1236 4 1236 4 1236 4
June 4. 12X 1236 4
P.m. P.m. P.m. p.m. p.m Pm.P.m. P.m. P•m• P.m. P•m• p.m
d. I d. d. d. d. d. d. I d. d.
d. d. d.
5 0034,
May-June
June ____
____ 4 9834 9834 0434 02 0534 08 16 12034 25
____ 4 98% 98% 04% 02 05% 08 15% 20 25
June-July
July-Aug_ '
____ 5 09 110 1534 1334 1634 18 2534 29 32
Aug.-Sep.
____ 5 18341934 2434 2234 2534 27 3434 38 4034
i
Sep.-Oct.. Holt3414 42 14534 47
Oct.-Nov. day.
____ 5 3234 33 3834 37 3934 41 4834 52 5334
Jan.-Feb..
_-__ 5 473448 5334 52 5434 56 6334 67 68
Mar.-Apr.
-___ 5 5434 55 6034 59 6134 6334 7034:74 75
May-June
-_-- 5 6136 6114 6734 66 6814 7034 77% 8014 8134
BREADSTUFFS
Friday Night, June 4 1915.
Flour has been dull and depressed. Buyers, however,have
adhered to the policy of purchasing only from hand to mouth.
The idea of many of them is that the decline has only just
begun. On one day Chicago reduced family brands of spring
patents 40 cents per barrel, to a basis of $7 50in wood,against
$8 30 early last week. Chicago dispatches have described
the market there as demoralized. Of course, the price here
and at the West has been affected by the more favorable
wheat-crop advices and the sharp decline in wheat itself. At
the best the demand has been only moderate and most buyers,
as already intimated, have bought very cautiously and only
to supply present needs. To-day there was a fair demand,
with prices weak. Liverpool prices were 6d. lower. There
were rumors of a fair export business here.
Wheat has declined sharply on very favorable crop outlook. It is very generally agreed that recent reports of
damage were exaggerated. Moreover, the export demand
has been very moderate. Besides, politics have been a depressing factor. Of course reference is made to the controversy with Germany. Fears of war and a curtailment of
exports have had a noticeable effect. Besides, Liverpool
and Buenos Aires have been depressed. India has been
offering freely of both old and new wheat. The more cheerful crop reports from this country have affected Liverpool
prices. In Argentina the weather has been fine, being generally clear and cool. June wheat has been under severe
pressure at Buenos Aires. The weather has been favorable in Russia and the crop outlook is regarded as promising. In Rumania, Bulgaria and Hungary the
prospects are said to be favorable, though rain is wanted.
Italy's crop promises to be larger than that of last year.
The outlook in Spain is good and in North Africa they are
excellent. Beneficial rains have occurred in Australia.
The world's visible supply of American decreased last week
7,870,000 bushels, against a decrease in the same week last
year of 8,200,000 bushels. The total decrease in American
was only 2,670,000 bushels, however, against 4,400,000
Harvesting has
bushels in the same week last year.
begun in Texas and the yields are said to be above the
average.
One private report has estimated the total
wheat crop at 950,000,000 bushels, against 900,000,000
bushels, as officially reported in June last year, and
final returns of 891,000,000 bushels.
The Southwest
has been pressing offerings on the market.
This, with
the depression in Liverpool, and more cheerful crop
outlook has had a very noticeable effect. From the springwheat belt the advices have been particularly favorable. The
condition of winter wheat in France, according to an official
report, is 87%, against 71% on May 1 last year. On the
other hand, prices continuo high in Russia. The port of
Archangel is being used entirely for military purposes,thereby
precluding to all appearances shipments of wheat from that
port to the markets of Western Europe. In the United Kingdom the weather has been too Wet and cold. India needs
rains. The season is backward in France. Rain is needed
in Hungary. But various factors have carried more weight
than anything bullish in the situation, as may be readily inferred from the severe decline. To-day prices declined about
three cents. The week's clearances showed a sharp decrease.
The weather in Canada was better. Liverpool was depressed,
partly by reports of large India shipments. Offerings of
new wheat from Illinois and Indiana were larger. Predictions of a very large crop are increasing. Rotterdam officials,
it is stated, have cabled tho Holland-American line here to
stop loading grain for shipment to Europe. Cash houses
were good sellers at Chicago. In the Northwestern markets,
also, there was considerable selling. Early in the day there
was a temporary advance. Some reports of black rust came
1940
100.
THE CHRONICLE
from Oklahoma. Export sales were also reported of 600,000
bushels.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_154
Holt- 146% 1443 142
140%
July delivery in elevator
131% day. 127X 124
1253 1243,
September delivery in elevator_ _ _ _
123X 120
121% 1184
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_125% Holt- 121
117% 119% 116%
September delivery in elevator_ _ _ _120% day. 117 Yi 114
115
112
Indian corn has sympathized with the decline in wheat.
Yet the weekly Government report stated that considerable
replanting would have to be done, owing to recent wet
weather. Heavy rains prevented the completion of planting
in some of the northern districts. On the other hand, warm
weather and rain have greatly benefited the crop in the Southern States. It is well worked in Texas and some other parts
of the belt. Still, it is said to be grassy in other sections,•
and in the middle and northern parts of the belt replanting
in some cases will have to be done. But this has had little
effect. Nor have statistics been much regarded. Yet
last week there was a decrease in the American visible
supply of no less than 2,346,000 bushels, against a decrease in the same week last year of only 17,000 bushels. The fact remains, however, that the total American
supply is close to 15,000,000 bushels, against 6,000,000 a year ago and 4,300,000 at this time in
1913. Also there have been very cheap offerings of Argentine corn in New York. This has excited much comment. It
offset the talk of wet weather at the West. But, after all,
the most potent factor has been the very noticeable depression in wheat. Corn has simply followed wheat 'despite
decreasing stocks, small country offerings and the Western
rains. At times Liverpool has been depressed on more
favorable crop accounts from Argentina, lower quotations
at Buenos Aires and increasing offerings. To-day prices
declined on scattered liquidation. Farmers have completed
planting and therefore the movement of old corn to market
is expected to increase. The domestic cash demand is reported good at Chicago. No export business, however,
was reported. The trading was generally small.
proved prospects in other sections of the South, also in the far West, where
the crop is generally in good condition. In the middle sections the crop is
headed, or heading, and is making satisfactory growth in the more northern portions.
Spring Wheat.-In the spring-wheat States much cool and cloudy weather
prevailed, but wheat appears to have made good progress in all portions,
and especially over the more western districts, where warmer weather and
local showers afforded highly favorable conditions for rapid growth.
Corn.-Wet and cool weather over the greater part of the corn belt greatly
retarded growth and cultivation, where up, prevented proper germination
of the later planted, and further delayed the completion of planting in some
of the northern districts. Warm weather and rains have greatly ioenefited
corn in the Southern States, and the crop is well worked in Texas and some
other portions, but it is reported as grassy and in need of cultivation in many
sections, and much replanting will be necessary in the middle and northern
portions of the belt. Sunshine, warmth and drier weather are now much
needed.
Cotton.-Precipitation sufficient for present needs occurred in practically
all portions of the cotton belt, and the crop is now making satisfactory
growth. The late planted in Texas is coming up and a good stand is now
reported. Cultivation is proceeding satisfactorily, except in portions of
Oklahoma, Arkansas and some of the more eastern sections, where the soil
continues too wet and the fields are becoming grassy.
Oats and Grass.-In the States where oats are largely grown the weather
was mostly favorable and the crop is reported as in excellent condition.
Harvesting of a good crop is in progress in Texas and the outlook in other
portions of the South has greatly improved, but harvesting is being delayed somewhat on account of rain. Grass is nearly everywhere reported
as growing rapidly and pastures are excellent. Hay-making has been
retarded, however, by rain and much alfalfa has been seriously injured
both before and after cutting on account of damp weather.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Wheat.
Flour.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu. 561bs.
700,000 1,258,000
280,000
19,000
861,000
Chicago...
170,000
169,000
230,000
108,000
25,000
Minneapolis.
1,562,000
60,000
13,000
16,000
72,000
Duluth
238,000
321,000
138,000 12,000
208,000
Milwaukee_
125,000
70,000
57,000
Toledo
69,000
26,000
51,000
11,000
Detroit
7,000
12,000
18,000
Cleveland
10,000
11,000
48,000
2,000
1,000
267,000
St. Louis...
68,000
384,000
396,000
4,000
117,000
17,000
Peoria
37,000
445,000
26,000
85,000
Kansas City.
709,000
167,000
96,000
Omaha
158,000
291,000
Total wk.•15
Same wk.'14
Same wk.'13
362,000
263,000
283,000
4,124,000
3,302,000
2,712,000
2,493,000
4,222,000
3,174,000
74,000
145,000
108,000
725,000
764,000
808,000
2,455,000
3,410,000
4,417,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Since Aug. 1
Sat. Mon. Tues. Wed. Thurs. Fri.
1914-15.... 17,131,000 360,490,000 214,521,000 243,088,000 79,752,000 18651000
No.2 mixed
cts. 85% Roll- 85
85X 853
823
1913-14._ 17,359,000 259,081,000 190,333,000 190,230,000 79,731,000 21323000
day.
1912-13... 15.252.394 320.350.777 191.413.363 203.406.462 91.802.506 15565000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Total receipts of flour and grain at the seaboard ports for
July delivery in elevator
cts 76% Hon- 75% 7434 733j 7334
September delivery in elevator_ _
7434 7434 73
7734 day. 76
the week ended May 29 1915 follow:
Wheat,
Rye,
Oats have declined on heavy liquidations of July, partly
Corn,
Oats, Barley,
Flour,
bush,
bush.
bush.
bush.
bush.
Receipts at-bbls.
on stop orders. The cash demand has been only moderate. New
782,000
317,000
408,000
15,000
691,000 39,000
York
Crop prospects have been generally favorable. Texas has Boston
165,000
37,000
1,000
61,000
1,000
970,000
164,000
48,000
505,000
been offering new crop in Southern markets at rather low Philadelphia
173,000
56,000
231,000
30,000
26,000 80,000
Baltimore
prices. The seaboard has been selling at Chicago. Chicago New Orleans
173,000
64,000
44,000
81,000
32,000
2,024,000
4,000
has leaned to the bear side on reports of ideal conditions in Newport News__
3,000
269,000
the oats belt. On the other hand, export sales were reported Galveston
20,000
5,000
2,000
Mobile
81,000
750,000 48,000
26,000 1,550,000
in the middle of the week at 1,500,000 bushels. Cash houses Montreal
have bought July freely. The decrease in the American visi- Total week 1915_ 545,000 4,120,000 797,000 4,311,000 113,000 96,000
ble supply last week was 2,469,000 bushels, against a de- Since Jan. 1 1915_11,498,000 20,225,000 33,671,000 62,546,000 5315,000 5950,000
478,000 1,701,000 270,000 246,000
364,000 4,252,000
Week 1914
crease of 1,000,000 bushels less than this in the same week Since
Jan. 1 1914_ 9,030,000 55,091,000 10,726,000 9,354,000 5633,000 1587,000
last year. The total American visible supply is now 19,250,
Receipts do not include grain passing through New Orleans for foreign ports
000 bushels, against 20,450,000 a year ago and 21,130,000 at on*through
bills of lading.
this time in 1913. But there is a lack of the former speculaThe exports from the several seaboard ports for the week
tive snap in the market, partly owing to the favorable crop
prospects. The Government weekly report of last Wednes- ending May 29 are shown in the annexed statement:
Wheat,
Corn, Flour,
Rye. Barley, Peas,
Oats,
day said "Harvesting of a good crop is in progress in Texas
bush.
Exports frombush,
bush.
bbls.
bush, bush,
bush.
and the outlook in other portions of the belt has greatly im- New York
225
271
677,351 540,027 163,078 161,449 17,747
239,312
21,500
8,558
proved. But harvesting is being delayed somewhat on ac- Boston
Philadelphia ____ 773,000 309,000 11,000 734,000
count of rain." To-day prices advanced early and then de- Baltimore
523,222 433,965 33,195 1,541,401
clined. Increased offerings of new oats to arrive depressed, New Orleans_ _ _ _ 392,000 114,000 26,000
6,000
Newport
News__
320,000
4,000 2,024,000
September especially. Crop prospects are still reported Galveston
466,000
favorable.
Mobile
2,000
5,000
20,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs Fri.
Standards
cts- 5834 Holt- 5734 5734 5634 5734
No. 2 white
59
day. 58
58
57
58
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
4934 Holl- 48
473/ 4734 4734
September delivery in elevator_ _ _ - 45
day. 4334 433. 4234 41 %
The following are closing quotations:
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN. Spring, No. 1
No. 2 mixed
$1 5134
f. o. b.
8234
N. Spring, No. 2
No.2 yellow
c. 1. f.
8234
Red winter, No. 2
No. 3 yellow
1 4034
8234
Hard winter, No. 2
Argentina
in
%
bags
1 44
Oats, per bushel, newRye, per bushelCis.
Standard
New York
5734
1 2701 28
No. 2, white
Western
58
No. 3, white
5634 Barley-Malting
80085
FLOUR.
Winter, low grades_ ---$5 90030 25 Kansas straights,sacks_$6 600$6 85
Winter patents
7 000 7 25 Kansas clears, sacks__, 6 4040 6 50
Winter straights
6 600 6 85 City patents
8 55
Winter clears
6 400 6 60 Rye flour
6 250 6 75
Spring patents
7 100 7 35 Buckwheat flour
Spring straights
7 000 7 25 Graham flour
6 250 6 50
Spring clears
6 650 7 00
WEATHER BULLETIN FOR WEEK ENDING MAY
31.-The influences of weather on the crops as summarized
in the weather bulletin issued by the Department of Agriculture for the week ending May 31 were as follows:
Winter Wheat.-While too much rain occurred in the western and northern portions of the principal winter-wheat States, causing too rank growth
in places and local damage by flooding in others, still the cool weather and
rain appear to have materially checked the activity of insect pests and
favored growth in districts where the crop had previously been reported as
light. In the southern districts the crop is ripening under favorable conditions and is being harvested, with good yields reported in Texas and im-
Montreal
1,234,000
13,000
Total week__ A,624,885 1,414.992 260,831 4,471,850 17,747 21,771
199,911
Week 1914
94,321 187,938 611,759
3,998,397
225
1,069
The destination of these exports for the week and since
July 1 1915 is as below:
Wheat
Corn
Since
Since
Since
Week.
July 1
July 1
Week.
Week.
July 1
May 29.
1914. May 29.
Exportsfor week and May 29.
1914.
1914.
bush.
bush.
bids.
since July 1 to-bbls.
bush.
bush.
United Kingdom_ _ 45,524 9,966,180 2,008,618 111171,861
3,205,805
Continent
164,590 35753,390 2,616,267 176799,839 1,268,867 30,655,225
2,956,097 111,859 1,590,146
So. & Cent. Amer
30,233 1,380,029
West Indies
19,583 1,385,230
43,235
33,666 2,026,678
69,095
Brit. No. Am. Cols851
11,816
Other Countries__ _
50 284,212
608,224
34,772
600
--Flour
Total
Total 1913-14
260,831 13838.136 4,624,885 201579,256 1,414,902 37,524,442
187,938 10815,054 3,998,397 171582,546
94,321 3,714,589
The world's shipments of wheat and corn for the week
ending May 29 1915 and since July 1 1914 and 1913 are
shown in the following:
Corn.
Wheat.
Exports.
1914 15.
Week
May 29.
Since
July 1.
1913 14.
Since
.1441/ 1.
1914 15.
Week
May 29.
Since
Judy 1.
1913 14.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer.6,092,000 413,036,000 249,633,000 1,466,000 38,250,000 1,870,000
4,811,000 14,256,000
Russia
12,074,000 152,690,000
9,431,000 32,439,000
Danube_
2,347,000 57,714,000
Argentina _ _ 4,010,000 78,915,000 40,854,000 1,735,000 128,670,000 150,597,000
Australia _
8,990,000 61,258,000
India
1,600,000 22,363,000 27,547,000
Oth.countr's
52,000 5,997,000 7,211,000
Total ___ 11760000 543,733,000 596,912,000 3,201,000 181.162.000 199,162,000
THE CHRONICLE
JUNE 5 1915.)
1941
DOMESTIC COTTON GOODS.-The exports of cotton
The quantity of wheat and corn afloat for Europe on dates
goods from this port for the week ending May 29 were 5,157
mentioned was as follows:
packages, valued. at $353,589 ,their destination being to the
Corn.
Wheat.
points specified in the table below:
United.
Continent. Total.
Kingdom.
United I
Kingdom. Continent.
Total.
Bushels. ' Bushels.
Bushels.
Bushels.
Bushels.
' Bushels.
51,064,000
9,665,000
May 29 1915
7,532,000
54,960,000
May 22 1915_
May 30 1914_ 21,328,000 20,512,000 41,840,0003,766,000 7,863,000 11,629,000
May 31 1913._ 25,848,000 32,096,000 57,944,000 9,172,000 13,617,000 22,780,000
The viable supply of grain., comprising the stocks in
granary at Twin:104ml points of accumulation at lake and
seaboard parts May D) 1915 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush. bush. bush. bush, bush, bush. bush. bush.
In Thousands1,930 1,161
375 1,283
228
46
270
11
New York
6 ____
1
233
202
4
2
Boston
916
33
184
920 ___
Philadelphia
31
34
684
80
702
540 ____
Baltimore
105
241
612 ___
126
194 -New Orleans
__-- --1,090 __
1.910
Galveston
___ _
2,220
285
12 1-,i1-35 _ _ _
Buffalo
64
1
287 ____
296
276 --Toledo
37 ---Detroit
149
114
____
13
6
Chielgo
2,711
____ 5,549 4,885 _ _ -Milwaukee
101110
3
26
Duluth
171
6
2,357 --ii
111
16
19
48
Newport News
418 ____
4
14
135
938
Minneapolis
4,023 ____
522
242
27
154
St. Louis
151
1
15
___
87
151
Kansas City
24
589 -___ 1,359
338
Peoria
5
3
94
Indianapolis
259
302
60
Omaha
979
310
85 ____
134
On Lakes
____
193
384
42 -ioi
On Canal and River _ _
79 ____
17
286 1,236
244
May 29 1915..19,079 1,775 12,795 12,486
61
308 1,526
343
May 22 1915_20,927 2,290 14,876 14,250
1,762
115
595
8,144
1,896
4,409
2,295
1914..29,775
May 30
226
503 1,259
May 31 1913_37,940 5,923 2,549 8,125 1,268
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Rye, Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush. bush, bush. bush.
In Thousands101 1,218
11
126
4,109____
Montreal
Ft. William&PLArthur. 2,739
____ 1,546
1,670
Other Canadian
-101 4,146
11
126
Total May 29 1915_ 8,518
164 4,446
107
11
Total May 22 1915_ 8,750 ___
9,986
30
886
Total May 30 1914_13,811
6 10,281
28
640
Total May 31 1913._13,634
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush. bush. bush. bush. bush, bush. bush.
In Thousands244
19,079 1,775 12,795 12,480
286 1,236
17
American
101 4,146
11
8,518 -___
126
Canadian
Total
Total
Total
Total
Total May 29 1915_27,507 1,775 12,816 16,632 . 244
343
Total May 22 1915._29,677 2,290 15,040 18,696
Total May 30 1914..43,586 2,295 4,409 18,130 1,896
Total May 31 1913...51,574 5,923 2,555 18,406 1,268
297 1,362
319 1,633
625 2,648
531 1,899
17
61
115
226
THE DRY GOODS TRADE
New York, Friday Night, June 4 1915.
No new developments have occurred in the dry goods
trade during the past week, and aside from a temporary interruption due to the holiday, business has progressed quietly. Manufacturers of staple cotton goods are making
steady shipment against standing contracts and in most cases
are catching up with delivery dates. They are firm in their
price views, and buyers in need of covering their forward
requirements are compelled to meet full asking prices. So
far as can be ascertained, manufacturers are well situated
on business for deliveries running well through the fall and
are not inclined to seek new business by concessions in prices.
At the moment they are more interested in the future course
of raw material values and the matter of dye supplies than
anything else. Despite efforts of influential interests to
bring about an arrangement for a freer importation of dyes
from Germany, the situation remains unchanged. Large
dye works are already warning their customers of the necessity of another advance in the cost of dyeing in the near
future. Jobbers report business fairly active, although
weather conditions have not been favorable to retail distribution. Mail orders are satisfactory and advices from distant sections of the country reassuring. Jobbers will soon
begin a readjustment of stocks to make room for their fall
and winter lines. It is not believed that there will be much
lightweight goods to dispose of, and clearance sales on the
scale of those of previous years are not expected. Many
retailers are still in need of additional supplies of summer
merchandise, and jobbers will probably have no difficulty in
disposing at firm prices of any surplus they may have.
Retailers are doing a fair business, although bad weather
conditions have checked local sales. With a few days of
real summer it is expected that retailers will be calling for
additional supplies. Export business, aside from war contracts, is at a standstill. Exporters, however, are looking
for a better demand from Mediterranean markets as a result
of Italy entering the war. They believe that with Italian
and Austrian goods out of those markets there will be a good
demand for American merchandise, although the lack of
shipping facilities will be a serious obstacle. The trade has
been favorably impressed by the Chinese merchants visiting
here this week, and believe that their visit will bring good
results after they have returned and informed their people
of the willingness of American merchants to co-operate with
them in every way possible. The fear of Japanese supremacy in China's trade is less pronounced now that Chinese
merchants have been interviewed at first hand concerning
the future trade relations of the two countries.
New York to May 29Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
---1914
1915Since
Since
Week. Jan. 1.
Week. Jan. 1.
192
1,749
805 29,653
1,434
310 10,891,
2,g53 37,715
4,053
2
9,277
3,126
14,542
946
5,958
23,371
213
4,416
,
7,047
817 22,503
1,882 20,760
236259
7,187
i88 9,440
76
25,699
1,522
17,627
1,526
890 30,298
460 28,850
5,157 165.665
10,358
147,300
The value of these New York exports since Jan. 1 has
been $10,503,353 in 1915, against $10,538,262 in 1914.
Staple cottons are fairly active and firm. While buyers
are conservative in placing forward requirements, there is a
good business being done in spot goods. One feature of the
primary market is the heavy trade in cotton duck. Most
mills are booked to capacity on business for export, and if
domestic demand should increase they would have difficulty
in meeting it. Coarse cotton sheetings are well sold, being
taken steadily by bag makers. While print cloths for forward delivery are quiet, there is a good spot business. Print
cloths would develop more activity if mills were willing to
offer slight concessions in prices. Printers are worried over
the scarcity of dyes and are not operating heavily into the
future. Sales of fine cottons are progressing on a fair scale
and supplies for immediate and near-by requirements are
limited. Jobbers are disposing of wash goods steadily in
small but frequent quantities. Gray goods, 38-inch standare, are quoted 43'c.
WOOLEN GOODS.-Fall trade in woolens and worsteds
is steadily expanding with cutters-up and jobbers taking a
more active interest in their requirements. Early purchases
of fall dress goods are being enlarged upon and the outlook
for the remainder of the season is good. Talk of higher
prices on the favorable lines is heard in many quarters and
will likely be realized if the demand continues to improve.
Whipcords are growing in favor and retailers are anxious to
cover their requirements of these goods in anticipation of
an early fall demand. The shortage of dyestuffs is being
seriously felt in the woolen and worsted trade and it is feared
that it will be the cause of higher prices and irregular delicries later in the season. Domestic dyes are now being extensively used, but manufacturers will not guarantee these
goods. Selling agents are informing the trade that it will be
next to impossible to secure fast colors until the obstacle to
the importation of dyes is removed. This state of affairs
is likely to greatly delay the opening of the new 1916 lightweight season,towards which nothing has yet been done.
FOREIGN DRY GOODS.-The situation in the linen
trade is unchanged. Demand for dress goods in solid colors
is improving steadily, but buyers are not willing to meet the
prices asked. It looks now as though colored dress linens
would become a fad during the coming season, chiefly owing
to their scarcity. Importers are prepared to engage for the
further importation of goods from abroad, but fear that the
prices which will have to be asked after the goods are landed
will kill the market for them. Supplies of colored linens in
this market are now at very low levels, with little likelihood
of their being replenished. There is a steady movement
of household lines, though mostly in substitute goods.
Burlaps remain firm with the situation growing more acute,
owing to scarcity of supplies. Lightweights are quoted at
6.60c., and heavyweights at 7.50c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 29, 1915 and since
Jan. 11915, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
May 29 1915.
Pkgs.
Value.
Manufactures ofWool
Cotton
Silk
Flax
Miscellaneous
366
1,285
1,185
641
1,350
3
90,708
354,197
620,723
164,909
70,536
Since Jan. 11915.
Pkgs.
Value.
$
14,522 3.777,508
45,595 12.589.768
25,268 13,030,587
17,489 5,273,363
57.399
5,116.662
4,827 1,301,073 160,273 39.787,888
Total 1915
Total 1914
9,309 2.179,233 267,639 61,284,440
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of269
Wool
96,447
8,373 2,757,624
Cotton
500
134,924
12,243 3.663,626
Silk
247
95,440
8,029 3,112,963
Flax
339
92,717
9,135 2,522,717
Miscellaneous
1.491
55,611
39,342 2,699,048
Total withdrawals
Entered for consumption
2,846
4,827
474,839
1.301.073
77,122 14,755,978
160.273 39,787,888
Total marketed 1915
7,673 1,775,912 237,395 54,543,866
Total marketed 1914
13,128 2,677,527 359,938 77.819,646
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
272
88.745
5,732
2,252,497
Cotton
263
84,137
10,449
2.984,655
Silk
319
123,681
6,475
2,466,763
Flax
287
70,629
7,750
2.376,636
Miscellaneous
317
57,164
29.516
2,040,586
Total
Entered for consumption
Total imports 1915
Total imports 1914
1,458
424,356
59,922 12,121,137
4,827 1,301,073 160,273 39,787,888
6,285 1,725,429 220,195 51,909,025
11,643 2.823,329 342,989 77,896,294
1942
THE CHRONICLE
AND
CITY DEPAIITIVIEPIT,
MUNICIPAL BOND SALES IN MAY.
Sales of new issues of municipal bonds last month amounted
to $38,683,052. This includes the $11,781,000 ($5,370,000
4s and $6,411,000 43's) State of Tennessee bonds, as well as
the following large issues: Albany, N. Y., $915,000 43s;
Buffalo, N. Y., $1,248,000 43's; Kern County, Cal.,
$500,000 5s; Knox County, Tenn.,$500,000 5s; Milwaukee,
Wis., $600,000 43/25; Multonomah County, Ore., $1,250,000
5s; New Orleans, La., $500,000 5s; Norfolk, Va., $743,000
43s;[St. Paul, Minn., $400,000 43's; Sacramento, Cal.,
$1,422,900 43's; San Bernardino County, Cal., $625,000 5s;
Utica, N.Y., 30,0004Ms, and Wilmington, Del.,$300,000
432s. The following large bond issues were offered without
success during May: San Francisco, Cal., $2,025,000 43's;
Vermilion County, Ill., $1,500,000 4s; Collin County, Texas,
8665,000 5s; Atlantic City, N. J., $663,000 43's; Norfolk
County, Va., $250,000 43's; Florence, S. C., $232,000 43's,
and Pensacola, Fla., 400,000 43/2s.
The total of $38,683,052 given above includes only permanent bond issues by places inithe United States. There
were also negotiated last month $19,321,722 temporary or
short-time loans. In the Dominion of Canada the sales of
permanent bond issues in May reached a total of $10,375,103,
including $4,000,000 5% bonds of the Province of Alberta
and $4,000,000 43's of the Province of Ontario. In the
following we furnish a comparison of all the various forms
of obligations put out in May of the last five years:
1912.
1915.
1914.
1913.
1911.
$
$
$
Permanent loans(U.5.).38,683,052 34,166,614 a83,234,579 a98,852,064 33,765,245
•Temp'r loans (U. S.)A9,321,722 26,422,487 35,267,494 23,099,003 12,591,697
Canadian loans (perm)_10,375,103 15,421.778 10,407,898 2,614.982 10,287,092
Bonds of U.S. Possess_
None
None
None
200,000
None
Total
68,379,877 76,210,879 128,909,971 124,566,049 56,644,034
including temporary securities issued by New York City, $12,865,000 in May
1915. $9,421,487 in 1914, $33,117,519 in 1913, $19,863,793 In 1912 and $10,261,311
In 1911. a Includes issues of long-term corporate stock by New York City, $45,000,000 in 1913 and $65,000,000 in 1912.
The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1915
were 352 and 503, respectively. This contrasts with 260
and 513 for April 1915 and with 503 and 673 for May 1914.
For comparative purposes, we add the following table,
showing the aggregates of long-term issues for May and the
five months for a series of years:
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
Month of
For the
May.
Five Months.
$38,683,052 $204,664,370 1903
34,166,614 303,153,440 1902
83,234,579 179,493,040 1901
98,852,064 196,803,486 1900
33,765,245 195,791,550 1899
18,767,754 143,476,335 1898
27,597,869 145,000,867 1897
25,280,431 137,476,515 1896
15,722,336
93,957,403 1895
80,051,623 1894
14,895,937
92,706,300 1893
16,569,066
55,110,016 113,443,246 1892
Month of
For the
May.
Floe Months.
$14,846,227 $62,649,815
20,956,404
59,211,223
.14,562,340
•
47,754,962
9,623,264
58,273,539
7,897,642
33,996,034
7,036,926
34,373,622
8,258,927
56,890,312
10,712,538
30,384,656
11,587,766
41,084,172
14,349,410
50,067,615
4,093,969
30,774,180
7,856,860
36,844,291
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
News Items.
Estill County (P. 0. Irvine), Ky.—Decision in Railroad
Aid Bond Case.—The Louisville, Ky., "Courier-Journal" of
May 27 prints the following concerning a decision in a suit
involving some old railroad-aid bonds of Estill County.
Frankfort, Ky., May 26.—(Special.)—Estill County must redeem with
Interest $50,000 in bonds voted in 1888 to aid the construction of the
Richmond Nicholasville Irvine & Beattyville RR., now the Louisville &
Atlantic branch of the Louisville & Nashville, projected at that time from
Keene, in Jessamine County, through the cities whose names it bears.
The bonds are held by J. C. Bright, J. C. Stone and T. J. Curtis. Suit
was brought by J. D. Winn and other taxpayers to enjoin the levy of a
special tax to meet the interest and principal on the ground that the railroad
had not complied with its agreement as to the extension of the line, and
that the election was fraudulent. The Court, in an opinion by Chief
Justice Miller, held that the county is liable for bonds and interest, amounting to around $100.000, and directed judgment dismissing the suit.
For previous item concerning this litigation, see "Chronicle" of Jan. 23, page 324.
Massachusetts.—Legal Investments for Savings Banks.—
The report of the Bank Commissioner for 1914, just issued,
.and notes of
includes a list, which we reprint below, of bonds
railroad, street railway and telephone companies.which are
considered legal investments for Massachusetts savings banks
under the provisions of clauses third,fourth,fifth and sixth of
Section 68, Chapter 590, Acts of 1908. Clause fourth, it is
explained, provides that bonds which complied with the law
prior to its being amended in 1908 shall continue, under certain conditions, to be legal investments. The bonds which
do not comply with clause third of the Act, but continue to
be legal through clausefourth, are printed in italics, the reason
being in all instances given in the foot-notes. The issues
added to the latest list for 1914 are designated below by means
of the word "new" in black-faced type.
[VOL. 100.
RAILROAD BONDS.
BANGOR & AROOSTOOK SYSTEM. a e
B. 4 A. RR., a, e, 1st 5s, 1943.
Aroos. Nor. RR., a, e, 1st 55, 1947,
Piscat. Div., a, e. 1st 5s, 1943.
North Maine Seaport RR., a, e.
Van Buren Ex., a, e, 1st 5s, 1943.
RR. and term. 1st 55, 1935.
Medford Ex., a. e, 1st 5s, 1937.
BOSTON & MAINE SYSTEM.
Boston'& Lowell RR.—
Concord & Montreal RR. cons. mtg.
Plain, 45, 1915.
45. 1920.
Plain, 4s, 1916.
Fitchburg RR.—
Plain, 4s, 1917.
Plain, 4s, 1915.
Plain, 45, 1918.
Plain, 48, 1916.
Plain, 350, 1919,
Plain, 350, 1920.
Plain, 350, 1921.
Plain, 4s, 1920.
Plain, 350, 1923.
Plain, 350, 1921.
Plain, 350, 1925.
Plain, 4s, 1925.
Plain, 45, 1926.
Plain, 4s, 1927.
Plain, 4s, 1927,
Plain, 48, 1928.
Plain, 4s, 1929.
Plain. 45s, 1928.
Plain, 4s, 1932.
Plain 450, 1932.
Plain, 450, 1933.
Plain, 450, 1933.
Connecticut ec Passumpsic Rivers
Plain,5s, 1934 (new).
RR. 1st 4s, 1943.
Plain, 4s, 1937.
Connecticut River RR.—
Troy & Bos. RR. 1st 75, 1924.
Plain, 350, 1921.
Vt. & Mass. RR. plain 350, 1923;
Plain, 350. 1923.
Sullivan Co. RR. 1st 45, 1924.
Plain, 45, 1943.
Vermont Valley RR. 1st 43s, 194C
NEW YORK NEW HAVEN ec HARTFORD SYSTEM.
Boston & Providence RR. plain,4s, Old Colony RR.—
1918.
Plain, 4s, 1924.
Plain, 45, 1925.
Holyoke & Westfield RR. 1st 4
Plain, 4s, 1038.
1951.
Plain, 350, 1932.
Norwich & Worcester RR.debenture
Prov. & Wore. RR. 1st 48, 1947.
4s, 1927.
MAINE CENTRAL SYSTEM.
European & North American By.
Maine Central RR.—
1st 4s, 1933.
Collateral trust 55, 1923.
Penobscot Shore Line RR. 1st 48, Upper Coos RR.
Mortgage 4s, 1930.
1920.
Extension mtge. 450, 1930.
Maine Shore Line RR.1st 6s, 1923.
Belfast & Moosehead Lake RR. Wash. Co. Ry. 1st 350, 1954.
Portland & Rumford Falls By. con.
1st 45, 1920.
solidated 48, 1926.
Dexter & Newport RR. 1st 48, 1917.
Dexter de Piscataquis RR. 1st 48, Port. & Ogd. RR. 1st 43s, 1028,
1929.
Somerset Ry.—
First 55, 1917.
Fir;3t refunding 48, 1955.
ATCHISON TOPEKA & SANTA FE RAILWAY SYSTEM.
Atchison Topeka & Santa Fe Ry.— Chicago Santa Fe & Cal. By. 1st 5s.
General mortgage 4s, 1995.
1937.
Trans. Short Line 1st 4s, 1958.
Hutchinson & So. By. 1st Ss, 1028.
East Oklahoma 1st 4s, 1928.
San Francisco & San Joaquin Valley
Chicago & St. Louis By. 1st 6s, 1915.
By. 1st Ss, 1940.
BALTIMORE & OHIO SYSTEM.
Ohio River RR. 1st bs 1936.
Baltimore & Ohio RR.—
W. Va. & Pittsb. first(4s11990.
Extension 48, 1935.
5sj
Prior lien 350, 1925.
First mortgage 4s, 1948.
S. W. Div. 350. 1925.
50.
CENTRAL OF NEW JERSEY SYSTEM.
Central RR. of N. J. general 5s, 1987.
CHICAGO & NORTH WESTERN SYSTEM.
Winona & St. Peter RR. 1st 75.
Chicago & North Western Ry.—
1916.
General 350, 1987.
Boyer Valley RR. *1st 33s, 1923.
General 4s, 1087.
Minn. .do Ia. By. 1st 3 As, 1924.
Sinking fund cons. 73, 1915.
Southern Iowa Ry. •lst 3;is, 1925.
Extension 48, 1926.
Princeton do N. W.By. 1st 3 Ms,1926.
Sinking fund mtge. 55, 1929.
Peoria 4 Northw. Ry.•1st 3 hs,1928.
Sinking fund mtge. 6s, 1929.
Cedar Rapids & Missouri River RR. Mankato ec. New Ulm Ry. '1st 33s,
1929.
mortgage 75, 1916.
Northwest. Union By. 1st 75. 1917. Fremont Elkhorn de Missouri Valley
RR. cons. 6s, 1933.
Milw. Lake Shore ec Western Ry.—
Minnesota & South Dakota Ry. *1st
Consolidated 6s, 1921.
350, 1935.
Marshfield Ext. 1st 58, 1922.
Iowa M. & N. W.By. 1st 3 5is, 1935.
Michigan Div. 1st 6s, 1924.
Sioux City & Pac. RR. 1st 35is,1936.
Ashland Div. 1st 6s, 1925.
Manitowoc Green Bay ec N. W. By.
Ext. & impt. mtge. 58, 1929.
1st 350, 1941.
Wisc. Nor. By. let 4s, 1931.
CHICAGO BURLINGTON & QUINCY SYSTEM.
Chicago Burlington & Quincy RR.— Burlington & Mo. River RR. in NeGeneral 45, 1958.
braska consol. 6s, 1918.
Illinois Div. mortgage 3 56s, 1949. Republican Valley RR. mortgage
Mortgage 4s, 1949.
Os, 1919.
Iowa Div. mortgage 45, 1919.
Tarkio Valley RR. 1st 7s, 1920.
Mortgage 55, 1919.
Nodaway Valley RR. 1st 7s, 1920.
Denver Extension 45, 1922.
Nebraska Ext. mtge. 4s, 1927.
CHICAGO MILWAUKEE & ST. PAUL SYSTEM.
Chic. Milw. & St. Paul By.—
Chic. Milw. & St. Paul Ry.—
General & ref. 4s 2014(new).
Chicago & Pacific, Western Div.
European loan 4s,1925 (new).
1st 55. 1921.
Wis. & Minn. Div. 1st 5s, 1921.
Convertible 450,1932 (new).
Chicago & Lake Superior Div,
Debenture 4s,1934 (new).
1st 55, 1921.
General 3%a, 1980.
Chic. ec Mo. Riv. Div. 1st 55, 1926.
General 4s, 1989.
Dak. & Gt. So. By. 1st 5s. 1916.
General 450, 1989.
La Crosse & Davenport Div. 1st Fargo & So. By. 1st 6s, 1924.
Milw. & Nor. RR. ext. 4%8. 1934.
55, 1919.
Cons.extended Ois, 1934 (new).
Dubuque Div. 1st 65, 1920.
Chic. Mil. & Puget Sound By. 1st
Wisc. Valley Div. 1st 6s, 1020.
48, 1949(new).
CHICAGO ST. PAUL MINNEAPOLIS & OMAHA SYSTEM.
Chic. St. Paul Minn. & Omaha By. Chic. St. P. & M. Ry. 1st 8s, 1918.
Nor. Wisc. By. 1st 6s, 1930.
Consol. 350, 1930.
St. Paul & Sioux C. RR. 1st 6S, 1919.
Consol. 6s, 1930.
DELAWARE & HUDSON SYSTEM.
1Schenectady 83 Duanesburg RR. 1st
D. & H. Co. 1st ref. 45, 1943.
6s, 1924.
D. & H. Canal Co. 1st 7s, 1917.
Adirondack Ry. 1st 450, 1942.
Alb. & Susq. RR. cony. 350. 1946.
DELAWARE LACKAWANNA & WESTERN SYSTEM.
New York Lackawanna & Western Ry., c., 1st 6s, 1921.
Morris & Essex RR. 1st cons. 7s, 1915 (new).
GREAT NORTHERN SYSTEM.
Eastern By. of Minn.—
Northern Division 4s, 1948.
Montana Central By.—
First 5s, 1937.
First 6s, 1937.
Willmar & Sioux Falls Ry.—
First 5s, 1938.
Spokane Falls & Northern Ry.—
First 6s, 1939.
Gt. Nor. Ry. 1st ret.4 50,1961.
Minneapolis Union Ry.—
First 5s, 1922.
First Os, 1922.
St. Paul Min. & Man. Ry.—
Consolidated 45, 1933.
Consolidated 4 5is, 1933.
Consolidated 6s, 1933.
Montana ext. 45, 1937.
Pacific ext. 43, 1940.
LAKE SHORE & MICHIGAN SOUTHERN SYSTEM.
Lake Shore & Michigan Southern Mahoning Coal RR. '1st 55, 1934.
Pittsburgh McKeesport a YoughioBy. 1st general 314s, 1997.
phony RR. '1st Os, 1932.
Kalarnazoo Allegan. & Grand Rapids
RR. •lst 5s, 1938.
THE CHRONICLE
JUNE 5 1915.1
1943
EAST MIDDLESEX STREET RAILWAY CO.
East Middlesex Street By. Co.— 'East Middlesex Street By. Co.—
f Plain. 48, 1922.
Plain, 5s, 1918.
FITCHBURG & LEOMINSTER STREET RAILWAY CO.
Fitchburg & Leominster St. By. Co.I Leominster Shirley & Ayer Street
By. Co.—
1st 5s, 1917.
1st 5s, 1921.
Con.sol. 434s. 1921.
HOLYOKE STREET RAILWAY COMPANY.
I Holyoke Street By. Co.—
Holyoke Street By. Co.—
Debenture 5s, 1923.
Debenture 5s, 1915,
Debenture 5s, 1920.
MILFORD & UXBRIDGE STREET RAILWAY CO.(NEW).
LEHIGH VALLEY SYSTEM (NEW).
Milford Holliston & Framingham St. Ry. Co. mortgage 5s, 1918.
Milford & Uxbridge Street By. Co. mortgage 5s, 1918.
Lehigh Valley RR. 1st 48, 1948.
NAHANT & LYNN STREET RAILWAY COMPANY.
LOUISVILLE & NASHVILLE SYSTEM.
Nahant & Lynn Street By. Co.— 1 Nahant & Lynn Street By. Co.
Mobile & Montgomery 4 As, 1945.
Louisville & Nashville RR.—
1 1st 5s, 1929.
1st 5s, 1925. •
N. 0. & Mobile Div. $5,000,000
Unified 4s, 1940.
RAILWAY
COMPANY.
STREET
SPRINGFIELD
1930.
6s,
1st
1930.
General 6s,
Nashville Florence & Sheffield By. Springfield St. By. Co. 1st 4s. 1923.1 West. Mass.St. By.Co. 1st 5s, 1926.
First 5s, 1937.
1st 5s, 1937.
Spr.& East. St. By.Co. 1st 5s, 1922.1Woronoco St. By. Co. 1st Os, 1920.
Trust 58, 1931.
Evansville H.&N. Div. s. f. 6s. 1919. Pensacola & Atlantic RR. 1st 6s.
UNION STREET RAILWAY CO. (NEW).
1921.
Louisv. Cin. & Lex. By. general
So. & No. Ala. RR. 1st cons. 5s, Union Street By. Co. mortgage 434s, 19134.
4348, 1931.
Southeast & St. Louis Div. 8s, 1921.
1936 (new).
WEST END STREET RAILWAY COMPANY,
West End Street By. Co.—
NEW YORK CENTRAL SYSTEM.
West End Street By. Co.—
Debenture 454s, 1930.
Debenture 4s, 1915.
N. Y. C. & H. R. RR. mortgage Syracuse Phoenix & Oswego RR., c.
Debenture 4s, 1932.
Debenture 4s, 1916.
1st 6s, 1915.
334s, 1997.
Debenture 5s, 1932.
Debenture 4s, 1917.
Beech Creek RR. 1st 45. 1936.
Carthage Watertown .16 Sackett's HarDebenture 5s, 1944(new).
Debenture 434s, 1923.
Mohawk de Malone By. 1st 45, 1991.
bor RR., c, cons. 5s, 1931.
WORCESTER CONSOLIDATED STREET RAILWAY CO.
N. Y. cfc. Harlem RR., c. mortgage Utica & Black R.RR. c. 1st 45, 1922.
334s, 2000.
Boston & Albany RR.—
Marlborough & Westborough Street Worcester & Blackstone Valley Street
By. Co. 1st 434s, 1926.
Rome Watertown ea Ogdensburg RR, Plain, 3 As, 1952.
By. Co. gold 5s, 1921.
C. consol. 55, 1922.
Plain, 334s, 1951.
Uxbridge & Blackstone Street By. Worcester & Clinton Street By. Co.
1st 5s, 1919.
c consol. 334s; 1922.
Plain, 45, 1933.
Co. 1st 5s, 1923.
• c, consol. 4s, 1922.
Plain, 45, 1934.
Uxbridge & Blackstone Street By. Worcester & Holden Street By. Co.
1st 5s, 1923.
Rome Watertown (fe Ogdensburg Term.
Plain, 4s, 1935.
Co. debenture 5s, 1927.
RR., c, 1st 5s, 1918.
Plain, 434s, 1937
Worcester Consolidated St. By. Co.— Worcester & Marlborough Street
By. Co. 1st 5s. 1917.
Plain, 5s, 1938.
Debenture 434s, 1920.
Norwood & Mont.RR., c, lot 5,1016.
Worcester & Southbridge St. By.Co.
Plain, 5s, 1963.
Debenture 5s, 1927.
Oswego RR. Bridge, c, 1st 6s, 1915.
1st 434s, 1922.
Refunding 1st 434s, 1930.
1st 434s, 1925.
NORTHERN PACIFIC SYSTEM.
ILLINOIS CENTRAL SYSTEM.
Illinois Central RR.—
Illinois Central RR.—
Cairo Bridge 1st 48, 1950.
Refunding mtge. 45, 1955.
St. Louis Div. 1st 35, 1951.
Sterling extended 45, 1951.
do 1st 334s. 1951.
do
Gold extended 334s, 1950.
Purchased lines 1st 334s, 1952.
Sterling 38, 1951.
Collateral trust 1st 334g. 1950.
Gold 4s, 1951.
Western Lines b; 1st 4s, 1951.
Gold 334s. 1951.
Louisville Div., b. 1st 3 As, 1953
Gold extended 334g. 1951.
Omaha Div., b, 1st 3s, 1951.
Springfield Div. 1st 3348, 1951.
Kankakee & South Western RR. Litchfield Div.. '1st 35, 1951.
Collateral trust, d. 48. 1952.
1st 5s, 1921.
Northern Pacific Ry.—
Ref. & impt. 434s, 2047 (new).
General lien 35, 2047 (new).
St. P. & Dui. Div. 4s, 1996(new).
Prior lien 45, 1997.
St. Paul de N. P. By. 6s, 1923.
St. Paul & Dul. RR.lst 5s, 1931.
Duluth Short Line By. 1st 5s, 1916
(now).
St. P. & Dul RR. 2d 5s,1917 (new).
Consolidated 48, 1968 (new).
Wash. Cent. By. 1st 45, 1948(new).
Wash. & Col. R. By. 1st 4s, 1935
MICHIGAN CENTRAL SYSTEM.
M. C.-Jackson Lansing & Saginaw
Mich. Cent. RR. 1st 3348, 1952.
RR. 1st 334s, 1951.
M. C.-Mich. Air Line RR. 1st 4s,
M. C.-Joliet et Northern Indiana
1940.
RR. '1st 48, 1957.
M. C.-Detroit & Bay City RR. 1st
M. C.-Kalatnazoo c*. South Haven
5s, 1931.
RR. '1st 5s, 1939.
MINNEAPOLIS ST. PAUL & SAULT STE. MARIE SYSTEM (NEW)•
Minneapolis St. Paul & Sault Ste. Marie Ry. 1st cons. 4s, 1938.
Minneapolis & Pacific By. 1st 4s, 1936.
Minneapolis Sault Ste. Marie & Atlantic By. 1st 4s, 1926.
TELEPHONE COMPANY BONDS.
American Telephone & Telegraph Co. collateral trust 43, 1929.
Comparing the above list with the one included in the
Bank Commissioner's report for 1913, we find that in addition to bonds which have matured the following issues have
also been eliminated:
BOSTON & MAINE SYSTEM.
Portsmouth Great Falls & Conway
Boston & Maine RR.—
RR, 1st 434s. 1937.
Plain, 334s, 1921.
Wore. Nashua & Roch. RR.—
Plain, 3345. 1923.
First, 45, 1930.
Plain, 334s, 1925.
First, 48, 1934.
Plain, 4s, 1926.
First, 4s, 1935.
Plain, 434s, 1929.
Plain, 4s, 1937.
Plain, 4s, 1942.
Plain, 434s, 1944.
Plain, 3s, 1950.
NASHVILLE CHATTANOOGA & ST. LOUIS SYSTEM.
NEW YORK NEW HAVEN & HARTFORD SYSTEM.
Nash. Chatt. & St. L. By. (con.)- N. Y. New Haven & Hartf. RR.—
Nashville Chatt.& St. Louis RT.—
Danbury & Norwalk RR.—
Lebanon Branch 1st 6s, 1917.
1st consol. 5s, 1928
Consolidated 5s, 1920.
Debenture 4s, 1947.
Jasper Branch ext. 1st Os, 1923.
Tracy City Branch 1st 6s, 1917.
Consolidated 6s, 1920.
Debenture 334o, 1947.
Centreville Branch 1st 6s, 1923.
Fayette& McM. Br. 1st 6s, 1917.
General 5s, 1925.
Debenture 334s, 1954.
Refunding 4s, 1955.
95, 1955.
Debenture
SYSTEM.
PENNSYLVANIA
qaugatuck RR. 1st 4s, 1954.
Cony. debenture 3340, 1956.
Philadelphia & Erie RR.—
Debenture 3 As. 1930.
Pennsylvania RR.—
Harlem River & Port Chester lot
General 6s, 1920.
New Haven & Derby RR. consoliConsolidated 5s, 1919.
Is, 1954. •
General 5s, 1920.
dated 5s, 1918
Consolidated 4s, 1043.
ifousatonic RR.—
General 4s, 1920.
Providence & Springfield RR. 1st
Consolidated 334s, 1945.
Consol. 5s, 1937.
United N. J. RR. & Canal Co.-58, 1922.
Consolidated 45, 1948.
N. Y. Providence & Boston RR.
General 45, 1923.
Providence Terminal Co. lot 48,
Sunbury ez Lewistown By., • 1st 48,
general 4s, 1942.
General 4s, 1929.
1956.
1936.
Boston & New York Air Line RR.
General 45, 1944.
New Eng. RR.cons. 40, 1945.
Sunbury Hazleton ez Wilkes-Barre Ry.
lot 4s. 1955.
General 4s, 1948.
Consolidated 5s, 1945.
'1st 5s, 1028.
General 334s, 1951.
N. Y. de. New England RR., Boston
West Chester RR.'lot 5s, 1919.
Cleveland & Pittsburgh RR.—
Term., 1., lot 4s, 1939.
W. Penn. RR. cons. 4s, 1928.
General 4 As, 1942.
Pittsburgh Virginia & Charleston By.
CHICAGO ROCK ISLAND & PACIFIC SYSTEM.
General 334s, 1942.
'1st as, 1943.
General 334s, 1948.
South West Pennsylvania RR. 1st
C. R. I. & P. RR. mtge. 6s, 1917. IC. R. I. & P. By. gen. 4s, 1988.
General 3 As, 1950.
7s, 1917.
Allegheny Val. By. gen. 48. 1942.
New York State.—Appellate Division Upholds $6,000,000
Junction RR.• gen. 3348, 1930.
Del. Riv. RR.& Br. Co. •lst 45, 1936. Cambria & Clearfield RR. 1st 5s. Loan.—On May 28 the Appellate Division, Third Depart1941.
Erie & Pitts. RR. gen. 3 As, 1940.
ment, affirmed the order of Supreme Court Justice A. V. S.
UNION PACIFIC SYSTEM (NEW).
refusing to grant an injunction preventing State
Cochrane,
1st
By.
Pac.
lien&ref.
4s,
1Union
2008
1947.
Union Pacific By. 1st Mtg.4s,
Comptroller Travis from negotiating a $6,000,000 six-months
MISCELLANEOUS.
loan with the Guaranty Trust Co. of New York.—V. 100,p.
Bridgeton & Saco River RR. cons. 1767.
New London Northern RR.—
4s, 1928.
First 45, 1940.
Narragansett Pier RR., a, 1st 4s
Boston Term. Co., i, 1st 3 As, 1947.
Ohio.—Legislature Adjourns.—The Eighty-First GPneral
1916.
Boston Revere Beach & Lynn RR., a,
Portland Terminal Co. lot 4s, 1961. Assembly adjourned sine die last Saturday night(May 29).
1st 434s, 1927.
• Secured on less than 100 miles of railroad.
a Dividends paid for insufficient number of years.
b Bonds do not cover 75% of the railroad owned in fee at the date of the
mtge. by the railroad corporation on the railroad of which the mtge. Is a lien.
c Not guaranteed by endorsement.
d Railroad covered by one of the issues pledged as collateral is not operated by Illinois Central RR.
e Amount paid in dividends less than one-third of amount paid in interest.
I Legalized by special Act of General Court.
STREET RAILWAY BONDS.
DAY STATE STREET RAILWAY COMPANY.
Boston Milton & Brockton Street Lynn do Boston RR.Co. 1st 5s, 1924.
Mystic Vail. St. By.Co. 1st 5s, 1919,
By. Co. 1st 5s, 1919.
Boston & Northern Street By. Co. New Bedford Middleboro & Brockton St. By.Co. 1st 5s, 1920.
ref. 1st 4s, 1954.
Braintree & Weymouth Street By. Norfolk Central Street By. Co. 1st
5s, 1918.
Co. 1st 5s, 1917.
Bridgewater Whitman & Rockland Old Colony Street By. Co. ref. 1st
4s, 1954.
St. By. Co. 1st 5s, 1917.
Brockton Bridgewater & Taunton St. People's Street Ry. Co. 1st 5s, 1928.
Providence & Taunton Street Ry.
By.Co. 1st 5s, 1917.
Co. 1st 5s, 1918.
Brockton St. Ry.Co. 1st 5s,1924.
Brockton & East Bridgewater Street Rockland & Abington Street By.Co.
1st 6s, 1915.
By.Co. 1st 5s, 1918.
Dighton Somerset & Swansea Street South Shore & Boston Street By. Co.
1st 5s, 1919.
By. Co. 1st 5s, 1915.
Grorgetown Rowley & Ipswich St. Taunton Street By. Co. debenture
5s, 1914.
By. Co. 1st 5s, 1920.
Gloucester Essex & Beverly Street Taunton & Brockton Street By. Co.
1st 5s, 1917.
By. Co. 1st 5s, 1916.
Haverhill Georgetown & Danvers St. Wakefield & Stoneham Street By.
Co. 1st 5s, 1915.
Ry. Co. 1st 5s, 1919.
Lowell Lawrence & Haverhill Street West Roxbury & Roslindale Street
Ry. Co. 1st 5s, 1923.
By. Co. 1st 58. 1916.
BOSTON & REVERE ELECTRIC STREET RAILWAY CO.
Boston & Revere Electric Street By.
Co. ref. 1st 5s, 1928.
Omaha, Neb.—Voters Favor Merger of Omaha, South
Omaha and Dundee.—The election held June 1 resulted in
favor of annexing South Omaha and Dundee to the city of
Omaha. The total vote of 11,458 "for" to 1,574 'against,"
was divided as follows: In Omaha, 9,769 "for" to 514
"against"; in South Omaha, 1,610 "for" to 759 "against"
in Dundee, 79 "for" to 301 "against."
Portland, Ore.—To Vote on Annexation of Linnton and
St. John.—At the general municipal election in this city on
Monday (June 7), a vote will be taken on the questions of
annexing the Town of Linnton and the City of St. John.
Texas.—Legislature Adjourns.—The Texas Legislature
completed its 1914 session shortly after midnight Friday
(May 28).
West Virginia.—Legislature Adjourns.—The second special session of the West Virginia Legislature this year adjourned May 25.
Weymouth, Mass.—Correction.--We have received the
following letter from Mr. Charles B. Cushing, the Town
Accountant, correcting certain figures which had been furnished for our "State and City Section" issued last Saturday:
May 28 1915.
Wm. B. Dana Co., New York City:
Gentlemen.-1 find that in the recent statement sent you I had the total
sinking funds,$329,277; water sinking fund (incl.),$313.015; both of which
were incorrect, and should have been as follows: Total sinking funds,
$113.556; water sinking fund (incl.), $97,295. The first figures were
taken from the total of transactions of water sinking fund for the year by
Respectfully,
error.
C. B. CUSHING, Town Accountant.
1944
THE CHRONICLE
[vol.. no.
Vermont.-Legislature Amends Law Placing Limitations
Spokane, Wash.-Bond Call.-The following specialupon the Bonding Power of Municipalities.-Section 3556 of improvement bonds have been called for payment at the
the Public Statutes, which limits the borrowing capacity City Treasurer's office:
of a municipal corporation to an amount not exceeding 5
[TO BE PAID JUNE 1.1
times its grand list, with an additional limit in a similar
Bonds called
Bonds called
up to and
up to and
amount if authorized by a two-thirds vote, was amended at
NameDist. No. includg.
NameDist. No. includg.
the recent session of the Legislature so as to provide that no
PavingGrademunicipal corporation shall create a debt to an amount ex- Alley
677
22 7th Ave
156
15
St
1
34 7th Ave
434
18
ceeding 10% of its grand list unless the same is approved at Browne
Division St
762
611
59 Sinto Ave
58
a meeting attended by at least 25% of the legal voters. It Indiana Ave
749
72 2nd Ave
708
39
St
709
3
41
77 3rd Ward
is proper to state that to evolve the 'grand list" in Vermont, Lincoln
Main Ave
976
6 34th Ave
513
36
the authorities first prepare a schedule of • all the property, 2nd Ave
6
36 10th Ave
818
11
and 5th Ward__
3
89 Wabash Ave
796
19
real and personal, of each individual, with valuations entered 2nd
7th Ave
1057
3 Walton Ave
798
16
at their real value in money, deducting debts owing; after
GradeWalkAddision St
1061
2 Boone Ave
997
3
this is done, the "grand list" is made up by taking 1% of that Couer
d'Alene St__- 601
5 11th Ave
1002
3
amount, according to Section 494, Chapter 30, of the Re- Columbus St
602
5 14th Ave
1029
2
953
4 Jackson Ave
3
1066
vised States of 1906, which is as follows: "All real and per- Denver St
11th Ave
429
9 17th Ave
609
9
sonal estate shall, except as otherwise provided, be set in the Empire
Ave
934
7 27th Ave
559
11
1062
2 26th Ave
list at 1% of its value in money on the first day of April of Euclid Ave
562
ci
Euclid Ave
Main
Water
960
5
the year of its appraisal." We give Section 3556 in full be- 14th Ave
10 Stevens St
770
W99
2
low, italicizing the part which has been added:
9 Whitehouse St._ _ __W101
Fairview Ave
789
3
5 Broad Ave
920
W102
Sec. 3556. No municipal corporation shall create an indebtedness, unless 4th Ave
2
3 Crown Ave
994
to refund outstanding bonds or orders, to an amount exceeding five times 4th Ave
W104
2
2
1032
Sewerits grand list last taken; provided, that it may, by a two-thirds vote by 14th Ave
Alley
Hartson
41
Ave
623
ballot of the voters present and voting at a meeting called for that pur181
14
582
14 Alley
pose, increase such indebtedness an additional amount not exceeding five Kiernan Ave
577
7
7 5th Ward
583
times such grand list. And no municipal corporation shall create an indebted- Morton Ave
9
43
8 Grant St
803
ness to an amount exceeding 10% of its grand list last taken, unless there is 9th Ave
821
9
present and voting at a meeting called for that purpose at least 25% of the legal
[TO BE PAID JUNE 15.]
voters of such municipal corporation, as determined by the check list, and,in the
Bonds called
Bonds called
absence thereof, by the moderator. Bonds or obligations given or created in
Dist. up to and
Dist. up to and
excess of the limit authorized by this section and contrary to its provisions
NameNameNo. including.
No. including.
shall be void.
Grade (Concluded)GradeThe Legislature also made a change in Section 3557 of the Columbus St
548
806
18
12 29th Ave
Crown
Ave
574
Ave
22d
1003
5
5
Public Statutes. In this case obligations created by munici- Division St
661
6
567
14 33d Ave
pal corporations for current expenses are added to the class Denver St
932
8
723
9 31st Ave
Ave
955
4
137
18 23d Ave
of securities which may be deducted in determining the 5th
1st Ave
287
21
374
64 York Ave
amount of municipal indebtedness permitted by Section 3556. 15th
Ave
379
Walk14
Gardner Ave
1005
6
820
5 Division St
Section 3557 now reads as follows, the new words being placed Glass
Ave
1060
2
Sewerin italics as in the preceding section:
Lamont St
351
14
415
15 Alley
Sec. 3557. In determining the amount of municipal Indebtedness per- Lamont St
791
34
564
6 Alley
mitted by the preceding section, obligations created for current expenses, Madison St
227
14 Brown St
6
566
for a water supply, sewers or electric lights, and temporary loans created
15
18 Indiana Ave
in Montgomery Ave_ _ _ 420
606
anticipation of the collection of taxes and necessary for meeting current Rich Ave
892
21 Mallon Ave
5
383
expenses, shall not be taken into account; provided, that no such tem- 12th Ave
47
37 Main Ave
12
851
porary loan shall be extended beyond the fiscal year for which it is made 22d Ave
372
28
and shall not exceed in amount 90% of the amount of taxes levied for such
Westmoreland County (P. 0. Greensburg), Pa.-Bond
year; nor shall the provisions of this and the preceding section apply when
the charter of a municipal corporation limits its indebtedness.
Call.-Payment will be made at the County Treasurer's
Bond Calls and Redemptions.
office on July 1 of bonds numbered 251 to 500 incl., each
for $1,000,issued July 1 1905,for con.strueting a court house.
Bolivia (Republic of).-Bonds Drawn for Payment.-The
following coupon bonds of the £500,000 external 6% loan
Bond Proposals and Negotiations this week
were drawn Jan. 4 at the office of J. P. Morgan & Co., New have been as follows:
York, for payment July 1 1915 at that office or at the office
ALEXANDER COUNTY (P. 0. Cairo), Ill.-BOND ELECTION.
of Morgan, Grenfell & Co. in London, England:
The voters of this county will have submitted to them on June 7 the quesNos. 142, 184, 186, 222. 564, 565. 607, 610, 631, 638, 652, 792, 814,
833, 878, 924. 925, 928, 953, 1046, 1231, 1301, 1393, 1502, 1678, 2040,
2041, 2042, 2133, 2135, 2136, 2138, 2202.
Idaho, State of.-Bond Call.-Notice is given that John
W. Eagleson State Treas., will pay on or after July 1 the
following 4% 10-20-year (opt.) bonds dated July 1 1905:
University of Idaho
State Improvement
Soldier's Homo Impt
Inter-Mountain Road
Academy of Idaho Impt_
$40,000
21,000
14,000
50,000
45,500
State Penitentiary Impt_ _ J50,000
Albion Normal School-Impt_ 30,000
State Reform School
20,000
Capitol Bldg. Nos. 1-60_ _ _ - 60,000
Ludlow, Ky.-Bond Call.-This city will, on June 15,
redeem school-building bonds Nos. 15 to 30, incl., for $500
each, at the office of the City Treasurer.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis
furnish the following list of municipal bonds which have been
called for redemption:
Cape Girardeau Township, Cape Girardeau County, 4%% railroad refunding bonds, dated April 2 1900, for $1,000 each. Nos. 63, 65. 66, 76,
77 have been called and will be paid April 2 1915.
Columbia, Boone County, 43 % water and light bonds, dated April 1
1904, for $1,000 each. Nos. 76 to 85. inclusive, have been called and will
be paid April 1 1915.
Morgan County 5% buildIng-rallroad bonds,for $500 each, dated May 1
1901. Nos. 368 to 392, inclusive, have been called and will be paid May 1
1915.
Wilisville School District, 20-50-6, Montgomery County, 4% bonds,
dated Sept. 11903,for $500. No.6 has been called and will be paid April 6
1915.
Cass County, Mo., Austin Township 4%% bonds, dated February 1 1900,
Nos. 2 to 5 inclusive, for $1,000 each, have been called and will be
paid
May 4 1915.
Cass County, Mo., Pleasant Hill Township 4%% bonds, Nos. 7 to 11
inclusive, dated August 1 1905, for $1,000 each, have been called and will
be paid May 4 1915.
City of Grant City, Mo., Guttering and Curbing 5% bonds, Nos. 1 to 6,
inclusive, for $250 each, dated April 1 1910, have been called and will
be
paid upon presentation at the City Treasurer's Office, Grant City, Mo.
City of Farmington, Mo., Water-works Bond No. 19, for $1,000, dated
June 2 1902, has been called for payment Juno 2 1915.
City of Farmington, Mo., electric light bonds Nos. 12 and 13, for $500
each, have been called for payment May 1 1915.
Pettis County, Mo., refunding bonds Nos. 257, 262, for $1,000 each,
dated April 11898, have been called and will be paid April 12 1915.
Polk County, Mo.,4% court-house bonds, Nos. 66 to 73 inclusive, dated
October 2 1905, have been called and will be paid on presentation.
Rich Hill, Mo., school district 5% refunding bond No. 4,for $500, dated
May 1 1909, has been called and will be paid May 11915.
School District of Harrisonville, Cass Co., Mo.,5% school bonds, Nos. 1
to 5 inclusive, for $500 each, dated April 15 1914, have been called and
will be paid April 15 1915.
School District of Memphis, Mo., 5% building bonds, Nos. 7 and 8, for
$500 each, dated May 1 1905, have been called and will be paid May 1 1915.
School District No. 24-44-21, Pettis Co., Mo.,6% building bond No. 3,
for $200, dated April 22 1912, has been called and will, be paid May 1 1915.
School District of Plattsburg, Mo., 4% school bonds, Nos. 33 to 37, inclusive, for $500 each, dated May 15 1899, have been called and
will' be
paid May 16 1915.
School District of Poplar Bluff, Butler Co., Mo., 5% school bonds,
Nos. 21, 25, 29, 33, 36, 37, 38, 39 and 40, for $500 each, dated July 1 1898,
have been called and will be paid on presentation.
School District No.4-28-10 E. of Stoddard Co.,Mo.,8% building
No. 1 for $400(no date given) has been called and will be paid May 22 bond
1915
School District of Webster Groves, St. Louis Co., Mo., 43 % building
bonds, Nos. 1 to 16 inclusive, and 19 and 28, for $500 each, dated July 1
1905, have been called and will be paid July 11915.
School District No. 90-29-12, of Texas Co., Mo.,6% School Bond No. 1,
for $500, dated May 16 1905, has been called and will be paid May 16 1915.
tion of issuing $55,000 5% 20-year refunding bonds.
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
will be received until June 25 by Chas. 0. Silver, City Aud., for $10,850
5% 25-yr. (city's portion) bonds. Denom. (21) $500, (1) $350. Date
July 1 1915. Prin. and semi-ann. int. J. & J. at office of Sinking Fund
Trustees. Cert. check on a national or State bank for 3% of bonds bid for,
payable to City Treas., required. Successful bidder to furnish at own
expense the necessary blank bonds. Bids must be made on forms furnished
by the City Aud. The city reserves the right to issue a smaller amount
than herein advertised, based on the contractor's bid.
ALPHA SCHOOL DISTRICT, Madera County, Cal.-BOND ELECTION PROPOSED.-This district, according to reports, proposes to hold an
election shortly to vote on the issuance of $10,000 school bonds.
ANDERSON-COTTONWOOD IRRIGATION DISTRICT (P. 0.
Anderson), Shasta County, Cal.-BOND ELECTION.-Reports state
that on Juno 18 there will be an election to vote on the question of issuing
$480,000 irrigation-system bonds.-V. 100, p. 1186.
ANDERSON COUNTY (P. 0. Clinton), Tenn.-BOND SALE.-The
Harris Trust & Say. Bank of Chicago was awarded on April 20 $57,000
bridge and $50,000 road 5% 19-30-year (ser.) bonds at par. Denom.
$1,000. Date May 11915. Int. M. & N. The sale of these bonds, together with an issue of $50,000 school bonds, was reported in V. 100, p.
1768, but the item was inadvertently reported under the head of Anderson
County Ohio.
ASHLAND CITY SCHOOL DISTRICT (P. 0. Ashland), Ashland
County, Ohio.-BOND SALE.-On June 2 the $15,000 5% 10k-year
(average) coupon school bonds were awarded to the Provident Say. Bank &
Trust Co.of Cincinnati at 101.17 and int.-a basis of about 4.84%.-V.100.
p. 1768. The other bids were:
Seasongood & Mayer,Cin.$15,161 00)Davies-Bertram Co.. Cin_$15,111 00
Sidney Spitzer & Co.,Tol_ 15,138 00 Well, Roth & Co., Chi_ _ _ 15,081 00
Brighton-Ger.B.Co., Cin _ 15,126 00 Rttd.Kleybolte & Co.,Cin. 15,058 88
First Nat. Bank, Ashland 15,120 00 German-Amor. Bk.,Cin__ 15,005 00
Field, Richards & Co.,Cin 15,115 501
ATHOL, Worcester County, Mass.-BOND OFFERING.-Bids will
be received until 4 p. m. June 7 by Lucien Lord, Town Treasurer, for
$55,000 4% gold coupon school-impt. bonds. Denom. 50 for $1,000 and
10 for $500. Date April 1 1915. Int. A. & 0. at Commonwealth Trust
Co., Boston. Due $5,500 yearly on Oct. 1 from 1915 to 1924, inclusive.
No deposit required.
ATKINSON, Henry County, Ill.-BOND ELECTION PROPOSED.
This village is contemplating calling an election to submit to the voters
the question of issuing water-works-erection bonds, it is stated.
ATTICA, Seneca County, Ohio.-BOND ELECTION.-An election
will beheld July 12, it is stated, to vote on the issuance of $10,000 waterworks-plant bonds.
ATTICA SCHOOL DISTRICT (P. 0. Attica), Marion County,
Iowa.-BONDS VOTED.-The question of issuing $25,000 school-building
bonds carried, it is stated, by a vote of 105 to 65 at an election held recently.
AUBURN, Placer County, Cal.-BOND ELECTION PROPOSED.
The City Trustees, it is stated, have decided to submit to the voters a
proposition to issue bonds for sewer improvements and for the purchase of
an auto fire truck.
AUBURN TOWNSHIP (P. 0. Tiro), Crawford County, Ohio.
BOND OFFERING.-Bids will be received until 12 m. June 25 by Wm. W.
Davis, Township Clerk, for $4,000 5% 1-5-year (serial) road-improvement
bonds. Auth. Secs. 6976 to 7018, inclusive, Gen. Code. Denom. $500.
Date June 1 1915. Prin. and semi-annual int. (J. & D.) payable at
Farmers & Citizens Bank, Tiro. Due $1,000 on Juno 1 1916, 1917 and
1919. and $500 June 1 1918 and 1920. Certified check for $200, payable
to above Clerk, required. Purchaser to pay accrued interest and to furnish
at own expense the necessary blank bonds, subject to the approval of the
Trustees.
AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio.-BOND SALE.
Newspaper reports stato that the First Nat. Bank of Wapakoneta has been
awarded an issue of $2,000 hospital bonds at 101.255.
AUGLAIZE TOWNSHIP SCHOOL DISTRICT (P. 0. Lima), Allen
County, Ohio.-BONDS VOTED.-At the election hold May 24 the propo-
JUNE 5 1915.1
THE CHRONICLE
sition to issue the $20,000 bldg. bonds carried, it is stated, by a vote of
183 to 174.
AURORA SCHOOL DISTRICT (P. 0. Aurora), Beaufort County,
No. Car.-BOND ELECTION PROPOSED.-According to reports this
district proposes to hold an election to vote on the question of issuing $7,500
high-school and grade-school-building bonds.
AUSTIN, Tex.-BOND ELECTION.-An election will be held June 9
to vote on the question of Issuing $425,000 street and bridge-improvement,
$50,000 sanitary sewer, $250,000 school-building and $25,000 fire and police
alarm-system bonds.
BALLINGER SCHOOL DISTRICT (P. 0. Ballinger), Runnels
County, Tex.-BONDS VOTED.-By a vote of 139 to 10 the question
of issuing the school-building bonds carried at the election held May 20.V. 100, p. 1689.
BARNARDSVILLE SCHOOL DISTRICT (P. 0. Barnardsville),
Buncombe County, No. Caro.-BONDS VOTED.-At the election held
May 18 the proposition to issue the $6,000 bldg. bonds carried, it is reported
-V.100, p. 1689.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND OFFERING.-Wm. II. Scott, Co. Aud., will consider bids until 2 p.
July 15 for $100,000 4% 1 10-yr. (serial) county hospital bonds.
BEAUMONT, Jefferson County, Tex.-BONDS VOTED.-The
election held May 25 resulted in favor of the questions of issuing the following 5% 20-40-year (opt.) bonds.-V. 100, p. 1768:
For. Against.
Purpose.
Amount.
64
231
$100,000.. _wharf and dock
53
238
85,000_ _street-improvement and repair
51
240
30,000_ _sewer-extension
72
220
5,000.. _incinerating -plant
BEGGS, Okmulgee County, Okla.-BONDS DEFEATED.-The
questions a issuing $35,000 water and $8,000 sewer bonds failed to carry
at an election held May 20.
BENTON HARBOR, Berrien County, Mich.-BOND ELECTION.The City Council has decided to submit to the voters on June 7 a proposition to ISSUE) $28,000 viaduct bonds, according to reports.
BERESFORD, Union County, So. Dak.-BOND ELECTION PROPOSED.-This town proposes to hold an election to vote on the questions
of Issuing water-works-ext. and funding bonds, it is stated.
BERLIN TOWNSHIP (P. 0. Berlin Center), Mahoning County,
Ohio.-BOND SALE.-On June 1 the $25,000 5% 8-year (aver.) coupon
road bonds were awarded to the Alliance Bank Co. of Alliance at par and
int.-V. 100, p. 1768. Other bids were:
Hoehler,Cummings & Prudden,Toledo,$25,012 50,less $187 for atty's fees.
Sidney Spitzer & Co., Toledo. $25,000, less $200 attorney's fees.
BETHLEHEM TOWNSHIP (P. 0. Navarre), Stark County, Ohio.roadBOND SALE.-On June 1 the $6,000 5% 3%-year (average) coupon
improvement bonds were awarded to the Navarre Deposit Bank Co. of
Navarre for $6,001 (100.016) and int.-V. 100, p. 1613. Other bidders
were:
Hoehler, Cummings & Prudden, Tol...$6,006, less $87 50 for expenses.
6,000, less $100 for expenses.
Sidney Spitzer & Co., Toledo
BINGHAMTON, Broome County, N. Y.-BOND OFFERING.-Proposals will be received until 11 a. m. June 23 by D. W. Foster, City Clerk,
for the following 4%% bonds:
$233,700 Ward school-impt. coupon bonds. Denom. (1) $700, (233)
$1,000. Date Oct. 11914. Due $7,000 yearly on Oct. 1 from
1916 to 1948, inclusive, and $3,700 Oct. 1 1949.
10,000 fire department impt. bonds (unsold portion of an issue of
$60,000). Denom. $1,000. Date June 1 1914. Due June 1
1925.
28,000 Robinson St. grade-crossing coupon bonds. Denom. 20 for
$1,000, 14 for $500 and 10 for $100. Date March 1 1915. Due
$2,000 yearly on March 1 from 1922 to 1935.
Interest semi-annual. Bonds are registerable at the option of holder.
Certified check on an incorporated bank or trust company for 2% of bonds
bid for, payable to H. M. Gitchell, City Treasurer, required. Purchaser
to pay accrued interest. On the first two issues of bonds the U.'S. Mtge. &
Trust Co. will certify as to the genuineness of the signatures of the city
officials and the seal impressed thereon, and their validity will be approved
by Hawkins, Delafield & Longfellow of New York City, whose opinion will
be furnished to the purchaser.
The official notice of this bond offering will appear next week among the
advertisements elsewhere in this Department.
BLAIRSVILLE SCHOOL DISTRICT (P. 0. Blairsville), Indiana
County, Pa.-BOND SALE.-C. M. Barr & Co. of Pittsburgh were
awarded on May 1 $60,000 4%% tax-free school bonds. Denom. $1,000.
Date April 15 1915. Int. payable A. & 0. at Blairsville Nat. Bank,
Blairsville or Mellon Nat. Bank, Pittsburgh. Due on April 15 as follows:
$8,000, 1920 and 1925; $10,000, 1930, 1934 and 1937 and $14,000 in 1942.
These bonds may be registered as to principal. Bonded debt, this issue,
No floating debt. Assess. val. 1914 $951,298. Real val. est., $2,850.000.
BLANCO COUNTY (P. 0. Johnson City), Tex.-BOND ELECTION.
-It is stated that an election will be held June 19 to vote on the issuance
of $20,000 court-house-construction bonds.
BOISE CITY, Ada County, Ida.-BONDS AUTHORIZED.-The
City Council on May 18 authorized the issuance of the following coupon
bonds:
$105,354 65 refunding bonds at not exceeding 5% int. Denom. (105)
$1,000, (1) $354 65. Date July 1 1915. Due July 1 1935,
subject to call after 10 years.
22,948 30 6% local light Impt. Dist. No. 1 impt. bonds. Denom.: 40
915.
for $50'0, 10 for $200 and 10 for $94 83. Date March 1 1.
Due $2,294 83 yearly on March 1 from 1916 to 1925, inclusive.
Principal and semi-annual interest payable at office of City Treasurer or
at Chase National Bank in New York City.
BOONE COUNTY (P. 0. Lebanon), Ind.-BOND OFFERING.
Bids will be received until 2 po. m. Juno 9 by J. T. Frank Laughner, Co.
Treas., for $1,370 4 % H. E. Hill et al. highway-impt. bonds in Eagle
& N. Due $68 50
Two. Denom. 868 50. Date May 7 1915. Int. M.incl.
each six months from May 15 1916 to Nov. 15 1925
Brooksville),
Ky.-BOND
ELECTION.
BRACKEN COUNTY (P. 0.
-The preposition to issue $40,000 road bonds will be submitted to a vote,
15.
it is stated, on June
BRANDON CONSOLIDATED SCHOOL DISTRICT (P. 0. Brandon), Buchanan County, Iowa.-BOND OFFERING.-This district will
sell at private sale an issue of $20,000 school-building bonds. W. R.
Lockhart is Secretary Board of Education.
BREVARD COUNTY (P. 0. Titusville), Fla.-ELECTION.--An
election will be held June 15 to determine whether or not the Third Commrs.
District will vote to create a Special Road and Bridge District and issue
$150.000 bonds to build and maintain roads.
BRIDGEPORT, Fairfield County, Conn.-BOND SALE.-Merrill,
Oldham & Co. of Boston have purchased at 102.349 the $145,000 (unsold
portion of an issue of $175,000) 4%% almshouse bonds.-V. 100, p. 324.
Denom. $1,000. Date Jan. 10 1915. Int. J. & J.
BOND ELECTION.-The election to vote on the questions of issuing the
$200,000 incinerator, maturing $2,000 yearly; $220,000 Grand St. bridge,
maturing $2,200 yearly. and $130,000 bridge, maturing $5,000 yearly,
4%% bonds will be held Juno 19.-V. 100, p. 1108.
BRIGHTON SCHOOL DISTRICT (P. 0. Brighton), Washington
County, Iowa.-BONDS VOTED.-The question of issuing $25,000 highschool-building bonds carried, it is stated, at a recent election.
BRISTOL COUNTY (P. 0. Fall River), Mass.-BOND SALE.-On
Juno 1 the $40,000 4% 103-yr. (aver.) refunding bonds were awarded to
R. L. Day & Co. of Boston at 100.189-a basis of about 3.98%.-V. 100,
p. 1690. Other bidders wore:
100.16 IN. W. Harris & Co., Boston_100.07
Blodgett & Co., Boston
Estabrook & Co., Boston_ _ _100.09 Blake Bros. & Co., Boston_ _100.02
Merrill, Oldham & Co., Bos_100.079
BROOKS COUNTY (P. 0. Quitman), Ga.-BOND ELECTION
RESCINDED.-The election which was to have been held May 29 to vote
on the proposition to issue the $400,000 highway and bridge bonds was
called off.-V. 100, p. 1768.
BROWN COUNTY (P. 0. Nashville), Ind.-BOND SALE.-On
May 22 the $8,800 4%% 54-year (aver.) highway-improvement bonds
were awarded to the Fletcher-Amer. Nat. Bank of Indianapolis for $8,801 25
1945
(100.152) and int.-V. 100, P• 1690. J. F. Wild & Co. of Indianapolis
bid par and interest.
BRUNSWICK AND TOPSHAM WATER DISTRICT (P. 0. Brunswick), Me.-BONDS NOT YET SOLD.-No sale has yet been made of the
$20,000 4% bonds offered without success on June 30 1914-V. 99, p. 1847.
Denom. $1,000. Date July 1 1914. Int. J. & J. Due in 1942.
BUFFALO, N. Y.-BOND SALE.-During the month of May the City
Comptroller pourchased at par for the various Sinking Funds an issue of
$2,143 73 4% bonds issued for work ordered by the Department of Public
Works. Date May 15 1915. Due May 15 1916.
BURLEY SCHOOL DISTRICT (P. 0. Burley), Cassia County,
Idaho.-BOND SALE.-On April 30 the $59,500 10-20-yr. (opt.) bldg.
and equip. bonds were awarded to E. H. Rollins & Sons of Denver for
$60,285 (101.319) as 5s.-V. 100. p. 1451. Denom.(59) $1,000,(1) $500.
Date April 11015.
CALHOUN COUNTY (P. 0. Port Lavaca), Texas.-BONDS NOT
SOLD.-No sale was made of the $60,000 Road District No. 1 bonds
offered on May 25.-V. 100. p. 1374.
CALLOWAY COUNTY (P. 0. Murray), Ky.-BONDS DEFEATED.
-The proposition to issue the $200.000 road-impt. bonds failed to carry
at the election held May 29.-V. 100, p. 1279. The vote was 450 "for"
and 1,980 "against.'
CAMBRIDGE, Guernsey County, Ohio.-BIDS.-Tho other bids
received for the $250,000 5% 243j-yr. (aver.) coup. water-works-impt.
bonds awarded to Spitzer, Rorick & Co. of Toledo at 101.686 on May 25
(V. 100. p. 1851) were as follows:
$254,000 00
Field, Richards & Co., Cincinnati
253,827 50
Tillotson & Wolcott Co. and Otis & Co., Cleveland, jointly
251.775 00
Sidney Spitzer & Co., Toledo
CANTON, Stark County, Ohio.-BOND SALE.-Local newspaper
nine issues
purchased
has
Commission
Industrial
State
reports state that the
of bonds aggregating $85,100.
Ohio.Canton),
CANTON CITY SCHOOL DISTRICT (P. 0.
BOND SALE.-On June 3 the $147,000 40-year coupon building and equipfor
Cincinnati
of
Mayer
&
Seasongood
to
awarded
were
bonds
ment
$153,364 50 (104.329) for 5s, a basis of about 4.715%.-V. 100, p. 1769.
J.
N.
House),
Court
May
Cape
0.
CAPE MAY COUNTY (P.
BONDS AUTHORIZED.-Reports state that the Board of County Freeholders have authorized the issuance of 832,000 bridge-construction bonds.
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND SALE.-On
4-year (average) Wm. Mahoney at all road
% 5,
May 25 the $8,500
bonds were awarded to J.F. Wild & Co.of Indianapolis for $8,506 (100.07)
and interest.-V. 100, p. 1769.
CASS COUNTY (P. 0. Logansport), Ind.-BOND SALE.-On May
17 the $7.000 4%% highway-impt.-bonds (V. 100, p. 1690) were awarded
to A. P. Flynn & Co. of Logansport for 37,003-equal to 100.042. Other
bidders were:
$7,002 50
J. F. Wild & Co., Indianapolis
7,000 00
Fletcher-American National Bank, Indianapolis
Denom. $350. Date May 1 1915. Int. M.& N.
CEDARVILLE TOWNSHIP RURAL SCHOOL DISTRICT, Greene
County Ohio.-BOND. OFFERING.-Proposals will be received until
2 p. in. June 15 by Andrew Jackson, Clerk Board of Education, for $75,000
5% school bonds. Auth., Secs. 7625-7627, inclusive, Gen. Code. Denom.
$500. Interest semi-annual. Due each six months as follows: $1,000
April 1, $1,500 Oct. 1 from April 1 1917 to Oct. 1 1926, inclusive; $1,500
from April 1 1927 to Oct. 1 1936, inclusive; and $2,000 from April 1 1937
to Oct. 11941. inclusive. Certified check for 5% of bonds bid for, payable
to above Clerk, required. Bonds to be delivered and paid for within ten
days from time of award. Bids must be unconditional. Bonds will be
printed by the Board of Education.
CENTER SCHOOL TOWNSHIP (P. 0. Liberty), Union County,
Ind.-BOND OFFERING.-Bids will be received until 2 p. m. June 22 by
Edmond Z. Gainey, Township Trustee, for $5,000 4k % school bonds.
Denom. $500. Date June 22 1915. Int. J. & D. Due $500 each six
months from June 15 1916 to Dec. 15 1920, inclusive. Certified check on a
Union County bank for 3% of bonds bid for, payable to Township Trustee,
required.
CENTRAL SCHOOL DISTRICT, San Bernardino County, Cal.
BONDS NOT SOLD.-No bids were received for the $20,0005% bldg. bonds
offered on May 25.-V. 100, p. 1690.
CHAMBERS CREEK DRAINAGE DISTRICT (P. 0. Corinth),
Alcorn County, Miss.-BOND SALE.-On June 1 the $12,000 6% 1-20year (ser.) coupon drainage bonds were awarded to J.0. Liddon and W.F.
Elgin at 90.25.-V. 100, P. 1852. W. J. Lamb bid 90. Int. payable
May and November.
CHAMPAIGN COUNTY(P.O. Urbana), Ohio.-SALE.-A bid of par,
submitted by the National Bank of Urbana, was the only offer received on
June 1 for the $2,904 5 % 14-year (average) Lincoln Joint County Ditch
No. 404 bonds offered on that day.-V. 100, p. 1769. This offer, it is
stated, was accepted.
CHAMPAIGN SCHOOL DISTRICT (P. 0. Champaign), Champaign
County, Ill.-BONDS VOTED.-The question of issuing 830,000 school
bonds carried, it is stated, at the election held May 25 by a vote of 297 to
117.
CHAPEL HILL GRADED SCHOOL DISTRICT (P. 0. Chapel Hill),
Orange County, No. Caro.-BOND OFFERING.-Sealed bids will be
received until 12 in. June 30 by N. W. Walker, Sec. Bd. of Trustees, for
the $35.000 30-yr. bldg. bonds voted May 18.-V. 100, p. 1852. Bids
are invited at 5, 5% and 6% mt. Denom. $1,000. Date July 1 1915.
Int. J. & J. at Chapel Hill. Purchaser to furnish blank bonds. The district has no indebtedness. Assess. val. 1914, 31,009.765.
CHARLEROI SCHOOL DISTRICT (P. 0. Charleroi), Washington
County Pa.-BOND OFFERING.-Proposals will be received until
p.
8 m.June 9 by T. M.Faddis, Sec. School Board,for $_25,000 4%% coup.
tax-free bldg. and equip. bonds. Denom. $1,000. DP ate July 1 1915.
Prin. and semi-ann. int. (J. & J.) payable at office of Dist. Treas. Due
$8,000 July 1 1943 and 1944 and $9,000 July 1 1945. Cert. check for 2%
of bonds bid for required.
CHATTOOGA COUNTY (P. 0. Summerville), Ga.-BOND ELECTION PROPOSED.-Newspaper dispatches state that petitions are being
circulated asking that an election be held to vote on the issuance of $150,000
road-improvement bonds.
CHEHALIS COUNTY SCHOOL DISTRICT NO. 109, Wash.BOND SALE.-On May 22 the State of Washington purchased an issue of
$4,000 1-5-yr. (opt.) bldg. bonds at par for 5%s. Denom. $500. Date
May 22 1915.
CHESTER SCHOOL DISTRICT (P. 0. Chester), Delaware County,
Pa.-BOND SALE.-On June 1 the $75,000 4%% refunding bonds were
awarded, reports state, to Newburger, Henderson & Loeb of Philadelphia.
-V. 100, p. 1852.
CHICAGO, Ill.-BIDS REJECTED.-The following were the only bids
received on June 1 for the $748,000 4% gold bridge bonds offered on that
day, and they were both rejected.-V. 100, p. 1852:
N. W. Halsey & Co. and A. B. Leach & Co. of Chicago jointly 96.8068
Harris Tr.& Say. Bank and the First Tr.& Say. Bk., Chicago,jtly_96.062
CINCINNATI, Ohio.-BONDS AUTHORIZED.-The City Council
passed an ordinance on May 18 providing for the issuance of $97,600 43 %
road-improvement assessment bonds. Date June 1 1915. Interest semiannual. Due in ten annual installments.
CLAIBORNE COUNTY (P. 0. Tazewell), Tenn.-BOND OFFERING.-Further details are at hand relative to the offering on June 8 of the
1852. Proposals
$372,000 30-yr. coupon road-bldg. bonds.-V. 100,
p.,by J. II. S. Morfor these bonds will be received until 11 a. m.on that dip)
rison, County Judge. Denom. $500 or $1,000 at option of purchaser.
Date June 1 1915. Int. rate not to exceed 57 J. & D. at New York.
Cert. check for $10,000, payable to R. L. Sharp, Co. Court Clerk, required.
Bonded debt, $70,000. Floating debt. $12,000. Sinking fund, $8,613.
Assess. val. 1915, $2,376,975. Total tax rate (per $1,000), $22.
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND OFFERING.
John R. Scott, Co. Treas., will receive bids until 10 a. m.June 7 for $18,600
4%% 5%-year (aver.) Bailee L. Burtt et al highway-improvement bonds
in Jeffersonville Twp. Denom. $930. Date May 3 1915. Int. M.& N.
Due $930 each six months from May 15 1916 to Nov. 15 1925 incl.
1946
THE CHRONICLE
[VOL. um.
CLAY COUNTY (P. 0. Brazil), Ind.-BOND SALE.-On May 22 the
CUTLER SCHOOL
Tulare County, Calif.-BOND
$12,600 436% highway-impt. bonds were awarded, it is stated, to the OFFERING.-Additional DISTRICT,
are at hand relative to the offering on
Brazil Trust Co. of Brazil for $12,611 25-equal to 100.08. Due $630 June 9 of the $8,000 6% details
9%-yr. (aver.) gold site-purchase, building and
each six months from May 15 1916 to Nov. 15 1925, incl.-V. 100, P. 1690. equipment bends.-V. 100,
p. 1769. Proposals for these bonds will be
CLAY• SCHOOL DISTRICT, Ritchie County, W. Va.-BOND received until 11 a. m. on that day by Geo. R. Prestidge, ex-officio Clerk
OFFERING.-Bids will be received until 12 m. June 19 by J. A. Wooddell, Board of Supervisors (P. 0. Visalia). Auth. Art. 21, Chap. 3, Title 3,
Secretary (P. 0. Pennsboro), for $30,000 4% 10-34-year (opt.) school Part 3 of the Political Code. Denom. $500. Int. annually at the Co.
bonds. Date June 1 1914. All questions connected with the election Treas. office. Due $500 yearly May 6 from 1917 to 1932, incl. Bonds
authorizing said bonds issue have been passed on by the Circuit and must be accepted and taken up in 5 days after notice that same aro ready
Supreme Court of Appeals of West Virginia. The district has no bonded for delivery. Cert. check for 10% of the amount of the bid, made payable
debt. Assessable property in District, $5,200,000.
to the Chairman Bd. of Supers., required. No bonded. debt. Assess.
CLEARCREEK TOWNSHIP (P. 0. Savannah), Ashland County, val., $174,365.
Ohio.-BOND SALE POSTPONED.-We are advised that the sale of the
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFER$45,000 5% coupon road-improvement bonds which was to have taken INGS.-Proposals will be received until 11 a. m. June 16 by E. G. Krause,
place on June 1 has been postponed indefinitely.-V. 100, P. 1613.
Clerk of Board of County Commissioners, for the following 5% coupon
CLEVELAND, Bradley County, Tenn.-BOND OFFERING.-Fur- Cleveland-East Liverpool road-improvement bonds:
ther details are at hand relative to the offering on June 16 of the $75,000 $9,450 assess. portion bonds. Denom. (1) $450, (18) $500. Due $450
Oct. 1 1916, $1,000 yearly on Oct. 1 from 1917 to 1924 incl. and
sewer-system and $15,000 city-hall-construction and fire-department$1,000 April 1 1925.
equipment 5% 2536-yr. (aver.) coupon bonds.-V. 100, p. 1852. Proposals for these bonds will be received until 2 p. m. on that day by Elmo Bart- 54,538 county's portion bonds. Denom. (1) $1,538, (53) $1,000. Due
$1,538 Oct. 1 1916, $3,000 Oct. 1 1917 and 1918, $4,000 Oct. 1
lett, City Recorder. Auth. Special Act of Gen. Assembly State Legislature.
1919 and 1920, $5,000 Oct. 1 1921, $6,000 Oct. 1 1922 and $7,000
Denom. $500. Date "date of sale". Int. annually at the Seaboard Nat.
each six months from Oct. 1 1923 to Apr. 1 1925 incl.
'Bank, New York. Due $5,000 10-years, $10,000 15 years, $15,000 20
Date June 15 1915. Prin. and semi-ann. interest April 1 and Oct. 1,
years and $20,000 25, 30 and 35 years from date of issue. Cert. chock payable
at office of Co. Trans. An unconditional cert. chock on a bank
for $500, payable to the "City of Cleveland", required. Bonded debt, other
than the one making the bid, for 1% of bonds bid for, payable to
exclusive of these issues, $80,000. Floating debt, $11,000. Sinking fund County
Treas., required. Bonds to be delivered and paid for within 10
$5.000. Assess. val. 1914, $1,800,000. State and county tax rate (per days
from time of award. Purchaser to pay accrued interest. Separate
$1,000). $1650.
bids must be made for each issue.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.-BOND OFBOND SALE.-On June 2 the $200,000 57 12%-year (average) coupon
FERING.-Proposals will be received until 12 m. June 21 by H. H. Can- bridge
bonds were awarded, reports state, to C.E. Denison & Co. of Clevefield, VII. Clerk (P. 0. No. 309 Beckman Bldg., Cleveland), for the folland, Field, Richards & Co.and Seasongood & Mayer of Cincinnati,jointly,
lowing 5% coupon bonds:
at
103.433-a
basis of about 4.65%.-V. 100, p. 1769.
$4,500 water-works-improvement bonds. Denom. $500. Due $500
DAWSON, Terrell County, Ga.-BOND ELECTION.-On June 15
Oct. 1 1916 and $500 yearly on Oct. 1 from 1918 to 1925 incl.
7,000 sewer-construction bonds. Denom. $1,000. Due $1,000 Oct. 1 a proposition to issue $20.000 water-main-ext. and fire-dept.-equip. bonds
will be voted upon, according to reports.
1916 and $1,000 yearly on Oct. 1 from 1920 to 1925 incl.
14,000 highway-improvement bonds. Denom. $1,000. Due $1,000
DAWSON COUNTY SCHOOL DISTRICT NO. 103 (P. 0. Horse
yearly on Oct. 1 from 1916 to 1922 incl., $1,000 Oct. I 1923 and 1924 Creek), Mont.
-BOND OFFERING.-Proposals will be received until
and $1,500 Oct. 1 1925.
6 p. m. June 20 by G. R. Taylor, Clerk Board of Trustees, for $2,000 3-5Auth. Secs. 3939 to 3947 incl. Gen. Code. Date April 1 1915. Int. year (opt.) coupon school bonds at not exceeding 6%
interest.
A.& 0. at office of Vii. Treas. Cert. check on a bank other than the one
DEERFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
making the.bid for 10% of bonds bid for, payable to Vii. Treas., required.
Bonds to be delivered and paid for within 10 days from time of award Clarksburg), Ross County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m. June 25 by Hallard Pearce, Clerk Bd. of Ed., for
Purchaser to pay accrued interest.
5% heating-system-installation bonds. Auth. Sec. 7629 Gen. Code.
CLINTON COUNTY (P. 0. Wilmington), Ohio.-BONDS NOT $3,000
Denom.
$500. Date June 25 1915. Prin. and semi-ann. int., payable at
SOLD.-NEW OFFERING.-No bids were received on June 1 for the $300,- Clarksburg
Commercial Bank, Clarksburg. Due $500 yearly on March 1.
000 43 % 185i-year (aver.) site-purchase and court-house and jail erection
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND SALE.
bonds offered on that day-V. 100, p. 1613. New bids at 5% int. will be
On
June
1 the $74,600 5% 54-year (average) coupon road bonds were
received until July 1.
awarded
to
the
Ohio
Columbus
National
Bank
for
$75,110
of
(100.683)
COCKS COUNTY (P. 0. Newport), Tenn.-BOND OFFERING.
int.-a basis of about 4.85%.-V. 100, p. 176g. Other bidders were:
Proposals will be received up till 1 p. m. June 22 by the Pike Commission, and
Co., Cincinnati
$75,100 00
Everett Greer, Secretary, for $200,000 5% 30-year road bonds. Denom. Davies-Bertram
Breed, Elliott & Harrison, Cincinnati
75,099 82
$1,000. Date July 1 1915. Principal and semi-annual interest (J. & J.) Hoehler, Cummings & Prudden,
Toledo
75,071 00
payable at the Chase National Bank New York. Certified check on a Sidney Spitzer & Co.,
Toledo
74,846 18
reputable bank for $5,000, payable to'
the Pike Commission, required.
Tillotson & Wolcott Co., Cleveland
74,831 26
CONCORD, Dixon County, N. H.-BOND SALE.-On June 2 the Fifth-Third National Bank, Cincinnati
74,734 30
$86,000 4% 10%-year (aver.) coup. bridge bonds were awarded to E. H.
DE
RITTER, Beauregard Parish, La.-BIDS REJECTED.-All bids
Rollins & Sons of Boston at 101.27, it is stated.-V. 100, p. 1852.
received for the $24,000 5% water-works-system-construction bonds offered
CONCORD SCHOOL TOWNSHIP (P.O. Elkhart), Elkhart County, on May 29 were rejected-V.
100, p. 1769. The bonds will now be sold
Ind.-BOND OFFERING.-Bids will be received until 2:30 p. m. June 5 at private sale
to some bank or banks. Denom. $500. Date May 11014.
by W. L. Chamberlain, Twp. Trustee, for $5,500 5% coup. school bonds. Principal and annual
interest payable at the First Nat. Bank of De Bidder
Denom.$100. Date June 5 1915. Int. J.& D. Due $500 yrly. on June 5 or the Hibernia Bank
&
Trust
Co. of New Orleans. Due on May 1 as
from 1916 to 1926 incl.
follows: $500 1916 and 1917; $1,000 1918 and 1919; $500 1020: $1,000
COOK COUNTY (P. 0. Chicago), Ill.-BOND ELECTION.-On yearly from 1921 to 1925 incl.; $1,500 1926; 31,000 1927; $1,500
June 7 an election will be held in this county,it is stated, to vote on the i1,000 1929; $1.500 1930, 1931 and 1932; $2,000 1933; $1.500 1934 and1928;
$2,following bond issues: $2,500,000 for new jail and criminal court building, 500 1935.
$1.000,000 for completion of new hospital, and $200,000 for completion of
DE RITTER FIRST SEWAGE DISTRICT (P. 0. De Ritter), Beaucounty building.
regard Parish, La.-BIDS REJECTED.-All bids received for the $41,000
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P. 0. 5% sewage-system-construction and extension bonds offered on May 29
Corpus Christi), Nueces County, Texas.-BONDS VOTED.-The ques- were rejected.-V. 100, p. 1769. Denom. 500. Date May 1 1915.
tion of issuing $10,000 school-improvement bonds received a favorable vote, Principal and annual int. payable at the First Nat. Bank of De Ridder, or
the Hibernia Bank & Trust Co. of New Orleans. Due on May 1 as follows:
it is stated, at an election held May 22.
$1,000, 1916; $1,500, 1917; $1,000, 1918; $1.500, 1919, 1920 and 1921:
CORTLAND, Cortland County, N. Y.-BOND OFFERING.-Bids $2,000. 1922;
81,500, 1923: $2.000, 1924, 1925, 1926, 1927, and 1928;
will be received until 8 p. m. June 10 by Ralph H. Ames, City Chamber- 32,500, 1929 and
1930; $3,000, 1932; $2,500, 1933; $3.000, 1934 and
lain, for the following 43,6% bonds.
$3,500, 1935.
$19,500 00 central fire-station-site, Series "A" bonds. Due June 30 1935.
DES MOINES, Iowa.-BOND OFFERING.-Floyd F. Miles, City
32,500 00 central fire-station bonds, series "A". Due June 30 1935.
Treasurer, will sell at public auction at 2 p. m. Juno 11 $313,000
1,51880 Reynolds Ave.slagging bonds, Series"A". Due June 30 1935.
12 3-5-year (average) refunding bonds. Denom. $1,000. Date July 1
Due June 30 1935.
2,823 13 Railway Ave.slagging bonds,Series
1915. Prin. and int. J. & J.) payable at City Treasurer's office. Due
3,267 48 Charles St. slagging bonds, Series "A".
"A"*Due June 30 1935.
on
July 1 as follows: $6,000 in 1916. $7,000 in 1917, $8.000 1918, 39,000
sewer-ext.
(approx.)
No.
Series
7
bonds,
16,000 00
"A". Due June 30 1935.
712 39 Railway Ave. slagging local assess. bonds, Series "B'. Due 1919, $11,000 1920 and 1921, 812.000 1922 and 1923, $14,000 1924 and
1925, $18,000 1926 and 1927. $20,000 1928, 1929 and 1930, $22,000 1931
in 9 annual installments beginning July 1 1916.
187 22 Reynolds Ave. slagging local assess. bonds, Series "B". Due and 1932, and $23,000 in 1933, 1934 and 1935. Certified check for $5,000
required. Bonds to be received and paid for within ten days after sale.
in 9 annual installments beginning July 1 1916.
393 49 Charles St. slagging local assess. bonds, Series "B". Due in Bonded debt June 2 1915: General, $1,058,000; special, $626,490: total,
$1,714,490.
Cash value of sinking fund, $65,813. Assessed value real
9 annual installments beginning July 1 1916.
estate and personal property, $119,358,302. Taxable value as returned by
Date July 1 1915. Interest semi-annt.al.
assessor.
$28.599,000.
Present population (est.), 105,000.
COSHOCTON, Coshocton County, Ohio.-BOND SALE.-The
DEWEY SCHOOL TOWNSHIP (P. 0. La Crosse), Laporte County,
following bids were received on May 29 for the two issues of 5% coupon
special-improvement bonds, aggregating $17,500 offered on that day. Ind.-BOND OFFERING.-Blds will be received until June 25 between
-1r. 100, p. 1614:
12 m. and 1 p. m.(and from day to day thereafter until sold), by Geo. M.
Shults, Township Trustee, for $30,000 5% coupon school-house bonds.
$12,000
$5,500
Denom. $500. Date June 25 1915. Interest semi-annual. pue not
East Main St. Third St.
exceeding 15 years. Certified check for 5% of bid required.
Paving.
Paving.
Coshocton Nat. Bank, Coshocton
*$12,131 70 *$5,548 40
DE WITT COUNTY (P. 0. Cuero), Tex.-BOND ELECTION.-It is
Commercial Nat. Bank, Coshocton
12,032 50
5,518 75 stated that an election will be held in Road District No. 4 on June 24 to
Provident Say. Bank & Trust Co., Cincincinnati
12,032 40
5,505 00 vote on the issuance of $57,000 road bonds.
Ohio National Bank,Columbus
-$17,655 25
DIXON, Webster County, Ky.-BOND ELECTION.-An election
Brighton-German Bank, Cincinnati
17,552 75
will be held June 8, it is stated, to vote on the question_ofissuing $5,000
Otis & Company, Cleveland
17,545 00
school bonds.
Sidney Spitzer & Co.,Toledo
17,500 00 & int.
DOBSON TOWNSHIP (P. 0. Dobson), Scurry County, No. Caro.* Those bids are reported as being successful.
COTTONWOOD FALLS SCHOOL DISTRICT (P. 0. Cottonwood BOND ELECTION.-A vote will be taken on June 8, it is stated, on the
Falls), Chase County, Kan.-BONDS VOTED.-The question of issuing proposition to issue 840,000 road-improvement bonds.
$12,000 building bonds carried, it is stated, at an election held recently.
DOUGLAS COUNTY (P. 0. Superior), Wis.-BOND SALE.-On
May 28 the $75,000 5% 5%-year (aver.) gold coupon non-taxable road
COWLITZ COUNTY DIKING DISTRICT NO. 1, Wash.-BOND bonds were awarded
to the American Exchange Bank of Superior at 101.50
OFFERING.-Proposals will be received until 2 p. m. June 10 by the Board and int., a basis of about
.-V. 100, p. 1768. Other bids were:
at the office of B. L. Hubbell, Ely Bldg., Kelso, for Harper Shields Agency 4.686%
of Diking
$75,755 First National Bank
Commrs.'
10-yeardike-system-completion bonds. Denom.$500. Cert. U.S. National Bank
$25,000 7%
Bank of Commerce
75,377
$7755,21800
check for 5% of the amount bid required. This issue is subject to an issue Geo. G. Newton Co
75,225
of $60,000 of said bonds heretofore made.
Above are all local bidders.
Denom. $500. Date June 1 1915. Principal and semi-annual int.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.-BOND SALE.-On
May 31 the $28,000 5% 5-year (average) coupon bridge bonds were awarded (J. & D.), payable at the Co. Treas. office. Due $7,500 yearly June 1
to the Ohio National Bank of Columbus for $28,251 25 (100.897) and int., from 1916 to 1925 incl.
a basis of about 4.809'.-V. 100.p. 1690. Other bidders were:
DUBLIN, Laurens County, Ga.-BOND
-An election
Davies-Bertram Co.,Clic.$28,198 uO Otis & Co., Cleveland.. _ _ _$28,100 00 will be held June 8 to vote on tho question ofELECTION.
issuing $50,000 municipal
Hoehler, Cummings &
Tillotson & Wolcott Co..
improvement bonds, according to reports.
Co., Cleveland
Prudden, Toledo
28,159 75
28,058 80
J. C.Mayer & Co.,Cinc__ 28,145 60 First Nat. Bank,Bucyrus. 28,050 00
DUNSMUIR, Siskiyou County, Calif.-BOND OFFERING Bucyrus City Bk.,Bucyrus 28,126 00 Breed, Elliott & Harrison,
Proposals will be received until 8 p. m. June 11 by Elmer E. Allen, Town
Rud. Kleybolte Co., Cinc. 28,118 88
Cincinnati
28,042 00 Clerk, for $23,250 6% 10-year (aver.) street-impt. bonds. Deno
@FedFRASER