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fittandUl
The.
irterrai
VOL. 98
JUNE 6 1914
brottidek
NO. 2554 I
Published every Saturday morning by WILLIAM 13. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all. Office of the Company.
CLEARINGS-FOR MA.Y, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 30
May.
Clearings at1914.
1913.
Five Months.
Inc. or
I Dec.
Week ending May 30.
Inc.or
Dec.
1914.
1913.
1914.
I
1913.
Ilfiic°r
, I
1912.
1911.
$
$
$
i
7,238,531,558 7,962,508,722 -9.1 40,246,014,799 41,037,411,108 -1.9 1.325,393,007 1,526,996,266
New York
1,604.324,535 1.721,899,845
651,553,717
Philadelphia
731,312,538 -10.9 3,449,888,228 3,554,464,109 -3.0 132,507,778 139,469,664 -13.2
-5.0 132,611,792 174,728,437
Pittsburgh
228,645,356
255,308,385 -10.4 1,121.346,117 1,259,550,076 -10.9
43,856,546
49,387,105 -11.2
42,992,116
47,736,091
151,029,750
Baltimore
156,267,309 -3.4
768,956,699
849,219,544 -9.5
28,152,823: 27,951,593 +0.8
30,164,601
30,620,036
47,816,471
Buffalo
51,992,964 -8.0
243,979,763
249,979,535 -2.4
10,087,263
11,420,542 -11.7
7,864,668
8,584,995
33,487,649
Washington
37,615,415 -11.0
163,440,670
169,341,158 -3.5
6,460,9911
8,074,263 -20.0
7,690,474
7,933,531
25,800,820
Albany
134,743,735
27,728,176 -7.0
135,839,655 -9.0
4,641,610
4,949,158 -6.2
4,980,713
5,222,995
21,346,576
Rochester
21,914,249 -2.6
107,326,863
108,580,090 -1.2
4,244,319,
4,670,764
-11.6
5,700,500
,
14,614,314
Scranton
12,819,676 +14.2
72,842,482
64,966,640 +12.1
3,017,909
2,780,382 +8.5
2,300,000
2,558,265
14,007,968
Syracuse
12,942,953 +8.2
65,235,498
63,221,308 +3.2
2,427,437
2,271,584 +6.9
1,896,113
2,491,446
Reading
8,451,916
8,586,542 -1.6
40,547,435
40,540,562 +0.02
1,514,266
1,662,175
1,526.119 -0.8
1,642,836
Wilmington
8,034,240
7,521,509 +6.8
41,765,448
37,548,629 +11.2
1,476,206:
+7.2
1,446,536
1,406,055
1.377,559
Wilkes-Barre
6,534,630
6,652,368 -4.5
32,486,074
33,910,920
4.2
1,378,818
1,321,193 +4.4
1,120,214
1,075,417
Wheeling
8,853,736
9,442,994 -8.2
46,638,646
48,372,654 -3.6
1,539,321
1,840,203 -16.4
1,790,197j
1,524,732
Trenton
7,369,501
9,591,796 -23.2
38,773,039
41,644,773 -6.9
1,252,835
1,560,228 -19.7
1,274,1371
1,511,480
Harrisburg
6.479,846
6,789,975 -4.6
32,962,171
33,462,608 -1.5
Lancaster
6,449,192
6,741,043 -4.3
38,100,983
40,397,521
5.7
1,152,982
1,306,321 -11.8,
1,331,9491
942,276
York
4,110,850
4,012,675
+2.4
20,265,380
20,667,020 -1.9
764,859
735,232 +4.0
921,695
822,720
Erie
4,499,463
4,983,605
22,790,883
+5.3
21,646,764
854,240
939,386 -9.1
8
40
4
788
38
210
3:510
70
88
0
0
Binghamton
2,767,000
3,014,600 -8.2
15,042,200
+1.0
14,897,000
-4.1
560,400
584,500
Greensburg
3,088,762
2,723,942 +13.4
15,297,340
13,617,546 1-12.3
650,089
520,452,
698,679
653,701 -0.6
Chester
3,165,970
3,035,599 +4.3
14,567,715
14,870,616 -2.0
547,824 +1.1
554,064
520,130
477,914
Franklin
1,181,491
1,247,549 -5.3
6,964,085
6,308,161 +10.4
Altoona
2,463,659
2,444,076 +0.8
12,041,931
11,898,006 +1.2
475,272
449,619 +5.7
391,7351
379,466
Frederick
1,356,479
1,202,473 +12.8
6,839,129
-3.2
7,065,101
Beaver County,Pa.-2,234,004
2,404,184
11,739,728
11,488,937 +2.2
Norristown
1,887,080
2,052,088 -8.0
10,050,756
10,062,910 -0.1
Montclair
1,987,057 -11.3
9,159,991
_ ____ 1,763,144
8,827,834
_
+3.8
348,362 _
360,184 -3.3
Total Middle
8,507,371,142 0,354,844,462 -9.1 46,789,808,688 47T0-0-0,-700,785 =
-2.
---3
- f,572,311,397 1,790,173:310) -12.7 1781a71110,698 27018,328:n0
Boston
655,207,119
659,891,101 -0.7 3,436,179,214 3,588,296,471 -4.2
114,566,491 110,791,126
+3.4 129,127,154 147,950,735
Providence
33,391,500
34,352,900 -2.8
173,236,300
178,066,100 -2.7
5,801,300
5,919.300 -2.06,754,100
Hartford
22,324,565
20,537,724 +8.7
114,664,944
4,062,283
108,258,825 +5.9
3,7
4,347,609
7 1;3191
3,674,526 +10.6
New Haven
13.141,219 +9.4
14,372,480
69,202,537
66,776,920 +3.6
2,593,826,
2,814,859
2,455,209 +5.6!
2,865,008
Springfield
12,384,062 -3.0
12,015,986
62,110,662
2,279,083
2,067,719
60,213,759 +3.2
2,236,889
2,442,663 -6.7!
Portland
8,497,789
9,273;417 -8.4
42,150,498
43,661,443
1,320,512
1,711,255
1,646,706 -19.81
1,528,939
Worcester
11,335,874 +1.1
11,464,955
57,666,572
2,037,416
57,898,282 -0.4
2,728,488
2,062,583
+6.8'
1,907,326
Fall River
4,337,628 t31.5
5,704,816
28,022,805
25,169,789 +11.3
1,291,578
782,029 +6.51
739,177
839,293
New Bedford
4,253,809
4,765,658
12.0
24,681,179
22,366,506 +10.3
1,005,000
767,731 +31.0
784,343
691,163
Lowell
2,284,130
3,458,889
51.4
16,224,469
11,387,168 +42.5
577,785
380,537 +51.8
448,704
444,603
3,266,734
Holyoke
2,972,201
+9.9
15,581,359
14,629,756 +6.5
665,621
627,547 +6.1
564,336
633,339
Bangor
1,859,122
• 2,139,872 -13.1
9.088,172
10,377,915 -12.4
334,231
376,264 -11.2
425,334
382,556
4,427,_200
4,339,600 +2.0
Waterbury
21,688,300
20,790,700 +4.3
-780,756,813
Total New England 781,243,1327 -0-.6 -4-,170,497,002 47207,893,634
136,536,1261-121,769,964 --+3.6 151,908.386 170,811.019
1,332,688,101 1,334,337,837 -0.1 6,901,949,871 6,700,191,534 13.0 242,818,1701 250,157,923 -2.9 241,114,239 249,818,246
Chicago
Cincinnati
104,757,200
106,555,700 -1.7
572,541,200
557,140.500
2.8
19,252,600: 20,282,700 -6.1
21,588,750
22,005,800
Cleveland
96,552,252
103,730A05 -6.9
531,339,245
520,274,710
2.1
20,424,560' 18,141,946 +12.6
16,196,115
14,377,213
Detroit
107,828,415
111,854,937 -3.6
584,420,990
525,500,750 +11.2
19,471,466
17,454,252
15,674,593
19,050,074
Milwalkee
65,114,176
62,784,756
351,897,200
+3.7
318,955,164
+10.3
11,038,521
-1.2
12,197,729
12,350,103
11,151,366
Indianapolis
33,808,531
35,900,682 -8.1
165,329,286
177,810,598
-7.0
6,423,490
6,954,101
6,214,552
6,610,500
+3.4
Columbus
26,610,800
27,842,600 -4.4
146,879,200
135,859,600 +8.1
5,025,900
4,785,500
5,550,800 -9.5
5.077,300
Toledo
24,723,877
20,830,320 +18.7
127,861,782
110,046,605 +16.2
5,051,658
3,355,321
3,474,233
4,354,607 +16.0
Peoria
14,366,498
13,119,164
77,921,394
76,705,218
+9.5
1.13
2,458,981
-6.4
2,623,411
2,803,587
2,958,688
Grand Rapids
13,748,371
72,013,539
14,674,090 -6.3
70,661,070
1.9
2,538.119
2,251,705
2,604,351
2,718,346 -7.4
Evansville
5,301,453
5,627,919 -5.8
27,348,574
25,369,627
882,780
999,010
798,783
970,090 -9.1
Dayton
9,369,912
54,716,414
9,659,703 -3.0
44,806,787 +22.1
2,043,036
14.8
1,719,509
1,761,055
2,397,455
Kalamazoo
2,399,475
3,629,410 -33.9
17,269,629 -24.1
13,018,006
580,532
523,816
751,755 -30.3
527,901
Springfield, Ill
4,275,461
4,655,517
24,952,627
24,708,137 +1.0,
+1.5
982,197
913,147
720,632
848,260
+7.6
Fort Wayne
5,449,063
5,763,309 -5.8
26,437,866 +2.4'
27,059,258
1,115,734
967,049
1,032,128 +8.0
976,442
Youngstown
5,627,253
6,620,365 -15.0
34,411,513 -4.8
32,753,227
1,247,415
1,223,287 +2.0
830,688
1,100,574
Rockford
3,825,866
4,621,086 -17.2
21,977,324 -5.0
20,882,979
825,240
1,047,192 -21.2
714,854
719,887
Akron
7,581,000
8,067,000 -6.0
1,676,000
36,982.000
41,283,000 -10.4
1,792,000
-6.5
1,600,000
940,000
Lexington
2,584,592
3,186,637 -18.9
17,747,071
24,134,851 -26.5
429,525
531,327 -19.2
597,543
749,497
South Bend
2,746,507
2,695,547 +1.9
13,133,418
456,337
13,104,203 10.2
600,613 -24.0
458,333
489,722
Quincy
3,226,430
3,224,484
+0.1
19,713,854
6.1
595,167
564,287 +5.5
18,575,502
650,995
653,837
Canton
6,383,239
7,247,014 -11.9
33,834,356
3.2
1,183,564
1,258,367 -6.0
32,784,303
1,082,528,
1,218,079
Bloomington
2,657,202
2,989,246 -11.1
15,426,141
658,351 -7.7
16,857,284 -8.6
607,876
483,730
674,552
Springfield, Ohio
3,059,564
2,875,529 +6.4
16,679,670
552,122 +10.8
14,771,735 +13.5
444,482
611,669
589,888
Jackson
2,191,191
2,457,529 -10.8
10,928,576
482,181 -6.5
12,011,821
450,000
450,000
375,000
Decatur
1,889,269
2,216,896 -14.8
10,377,190
437,744 -0.6
11,304,800 -82
372,708
450,519
435,000
Mansfield
2,047,660
1,970,387 +3.9
11,118,196
+6.0
9,809,958 +13.3
436,975
349,507
420,482
463,048
Danville
1,865,000
1,940,583 -3.9
10,963,064
316,435
10,333,152 i-6.1
378,228
308,355 +3.8
320.000
Jacksonville, Ill
1,126,202
1,565,617 -28.0
6,716,978
7,712,498 -12.9
169,450
269,537
238,666 -30.6
105,973
Lima
2,088,663
2,098,535 -0.5
10,443,123
9,994,305 +4.5
351,791
292,339
394,852 +6.2
419,365
Owensboro
1,566,571
1,737,992 -9.8
9,614,977
305,144
372,970
10,660,307 -9.9
-20.1
316,492
252.786
Lansing
2,086,401
2,135,289 -2.3
10,410,356
10,304,684 +1.1
315,690
350,000
376,251 +6.3
399,737
2,051,043
Flint
1,945,819 +5.4
9,750,991
9,339,723 +4.4
Gary
1,473,105
1,739,734 -15.3
7,100,639
-1.9
7,274,784
Ann Arbor
954,793
959,295 -0.5
5,116,632
4,476,678 +14.3
172,965
200,000
-8.5
174,913
160,000
Lorain
437,794
487,423 -10.2
2,716,577
2,435,333 +11.5
Adrian
290,618
296,426 -2.0
1,449,948
1,182,685 +22.6
19,861
22,581
+9.8
51,279
56,314
New Albany
630,193
681,153 -7.5
3,120,430
3,120,899 -0.01
Paducah
4,102,032
4,135,965 -0.818,650,000
18,606,627 +0.2
Total Middle West- 1,009,935,823 1,-029,862,400 ----1-:0 '1G015,058,979 -97678,211,044 +3:5 -351,707,290 359
.1547T109 -2.2 342.718,344 348,998,998
Details of Pacific and Other Western on page 1741.
Total Pacific
498,534,364
545,707,798 -8.6 2,594,439,757 2,743,342,223 -5.4
90,859,082
94,264,739 -3.6
07,338,834
96.577,729
Total other Western
617,338,657
635,618,916 -2.9 3,224,744,506 3,253,998,352 -0.9
116,913,961 114,717,627 +1.8 110,112,821 112,234,655
St.Louis
317,795,346
341,848,995 -7.0 1,716,307,574 1,735,446,161 -1.1
62,914,317
65,192,592
-3.5
70,797,982
69,728.786
New Orleans
78,226,829
73,947,986
+5.8
414,634,890
16,014,022 +0.02
14,509,310
401,126,663 +3.1
16,017,579
15,508,557
Louisville
53,206,366
55,294,500 -3.8
312,021,738
306,751,347 +1.7
10,759,219
10,486,123 +2.6
11,048,302
11,764,997
Houston
34,054,952
39,137,386 -13.0
194,919,046
202,154,311 -3.6
6,819,027
6,580,798 +3.6
Galveston
36,953,000
39,712,000 -6.9
202,244,500
207,111,000 -2.3
7,186,000
6,459,000
6,630,500
8,126,500 -11.6
Richmond
32,794,013
33,466,578 -2.0
173,430,156
173,923,697 -0.3
6.054,797 +4.1
6,854,009
6,150,000
6,300,000
Atlanta
59,191,838
50,305,115 +17.7
331,493,588
9,707,440
7,856,749
285,711,558 +16.0
9,258,984 +27.4
11,794,817
Memphis
28,251,574
28,834,489 -2.0
173,071,895
5,214,574
3,806,219
170,186,798 +2.2
4,868,636 -5.2
4,613,898
Fort Worth
30,620,988
34,451,769 -11.1
163,899,000
3,721,874
174,902,509 -6.3
5,952,504 -8.8
5,634,462
5,429,208
Nashville
26,697,803
28,849,591 -7.5
153,178,734
4,791,428 -2:7
4,294,576
155,925,570 -1.8
3,026,350
4,682A77
Savannah
16,838,196
96,992,508
3,988,202
16,468,653 +2.2
3,540,319 +9.9
3,327,483
96,187,598 +0.8
3,892,890
Norfolk
17,029,467
16,943,610 +0.4
89,077,447
85,347,548 +4.4
3,583,842
2,730,401
2,645,923
+4.0
3,725,265
Birmingham
12,999,055
14,736,390 -11.8
74,778,979
3,043,644 -14.3
74,323,127 +0.6
2,619,638
2,607,652
1,803,688
Jacksonville
15,181,548
16.144,866 -6.0
73,202,999
2,113,811
3,131,998 +1.0
2,750,000
78,262,003 -6.5
3,164,705
Chattanooga
10,065,783
10,171,112 -1.0
2,221,940
51,565,009
1,574,504
1,689,500
+6.5
2,366,826
55,264,853
-6.7
Knoxville
7,703,948
6,817,551 +13.0
30,803,685
1,260,375
1,266,181 +11.8
1,628,666
34,990,558 +13.8
1,425.149
Augusta
7,033,442
7,504,144 -6.3
44,522,862
1,144,745
1,617,917 -5.3
1,643,142
44,725,611 -0.5
1,532,857
Little Rock
9,491,288
8,802,565 +7.8
53,194,852
1,629,719
1,424,948
1,844,994
1,624,685 +13.5
46,901,151 +13.4
Charleston
7,622,636
6,654,930 +14.6
45,510,242
1,391,815 +21.7
1,416,732
1,404,631
38,818,348 +17.3
1,605,393
Mobile
5,697,5346,484,259 -12.1
29,770,890
1,100,000 +12.7
1,300,000
1,365,147
31,109,952 -4.3
1,239,364
Oklahoma
9,309,452
7,147,514 +30.2
43,850,423
1,336,394
1,376,860 +50.1
36,890,455 +18.9
2,066,800
979,9831
Macon
13.024,072
12,372,626 +5.3
82,006,359
2,700,000
2,225,000
2,405,000 -13.0
72,415,509 +11.9
2.091,687
Beaumont
3,033,838
2,758,000 +10.0
15,578,205
+9.2
14,268,672
Austin
12,232,253
9,155,199 +33.6
80,081,053
1,086,145
3,000.000
1,576.637 +68.2
64,152,391 +24.8
2,652,789
Columbia
3,812,948
4,
s
in:84
94 ......1
.
21.922,686
23,041,428 -49
2,123,921
Wilmington, N.C10,836,133
-32..3
16,009,113
Columbus, Ga
1,768,123
1,936,209 -8.7
10,390,395
10,396,797 -0.06
Vicksburg
1,007,978
967,721
183,979
+4.2
6,887,290
181,662
168,270 +6.5
6,391,706 +7.8
179,159
1,527,103
Jackson
1,643,497 -7.1
266,918
233,244 +17.8
9,424,987
278,393
9,281,735 +1.5
274,746
1,478,285
Meridian
1,550,100 -4.6
280,000
8,109,956
300,000
350,000 -7.1
8,042,303 +0.8
325,000
6,586,838
Tulsa
515,628
4,611,000 +42.8
35,446,347
924,110 +59.9
437,850
21,609,052 +64.0
1,472,702
3,558,266
Muskogee
604,055
3,208,063 +10.9
19,357,909
587,759
635,852 +32.6
17,250,227 +12.2
844,367
El Paso
6,500,000
7,094,688 -8 4
1
34,157,201
32,908,119 +3.8
Total Southern_ .._.-873,418,683
896,205,046 -=-2.5 -4,812,579.038 -4,732,917,870 ---4:1.7 -169,843-081 167,446,698 -----4-1:41 163,714,377i 15-4,254,328
Total all
13,187,356,482 14,143,482,249 -6.8 71 507,127,970 72,526,083,908 -1.4 2,438,139,943.2,657,8
7 -8.112,717,103,458 2,999,592,457
Outside New York_ 5,948,824,924 8100T573:527 -3.8 --8-1,26-F,113j71 31.486,652,300 97511 -=1 A i 1,4-12,778,923,1,148;682,612
-0:811--0.7 1,112,746,9361f18
ilirClearings by Telegraph and Canadian Clearings •n peg* 1743
t7.8
1718
THE CHRONICLE
THE FINANCIAL SITUATION.
The history of the world affords no more pitiable
exhibition of political cowardice than that displayed
in the House of Representatives at Washington the
present week in the vote on the labor amendments to
the Anti-Trust bills. At Monday's session of the
House not a single vote was recorded in opposition to
the amendment as agreed upon between organized
labor and the Administration, providing in effect
that no labor or farmers' organizations shall be held
to be a combination or conspiracy in restraint of
trade under the Sherman Anti-Trust Law; 207 votes
were recorded in favor of the amendment and not a
single vote against it, though one member was registered as present and not voting.
We call this an exhibition of cowardice, not alone
because the amendment itself is highly objectionable, but because its precise scope is admittedly in
doubt. The purport of the amendment is plain
enough, but the debate in the House showed that
grave doubts are entertained as to how the amendment (supposing it ratified by the Senate) will be interpreted by the courts. Many members who are in
favor of granting the widest possible exemption from
the operation of the Anti-Trust Law to labor unions
and farmers' organizations expressed fears lest the
amendment might, after all, fail to accomplish the
objects sought. Yet even these Congressmen would
not vote against the amendment. Why? Because
it had the endorsement of the American Federation
of Labor; and Congressmen were afraid that a vote
in opposition would be construed as an unfriendly
act to labor and visited by punishment at the polls.
None of the 207 members would run any chances on
that.
The risk of political condemnation was greater than
usual because, according to the newspaper reports,
a dozen representatives of the American Federation
of Labor, including Frank Morrison, the Secretary,
sat in the gallery of the House watching the proceedings. They were there to see that every Congresman did his duty by the labor unions. Woe to
the unfortunate individual who might have the
temerity to disregard the edict of the labor leaders!
These representatives of the Federation of Labor
conducted themselves with entire propriety. There
was no visible attempt on their part to influence the
result of the vote. Nevertheless Congressmen were
completely terrorized. The mere presence of the
labor leaders was sufficient. It was not necessary
for them to employ any occult powers. The situation was much like that which exists when there is a
murder trial of one of the band of Mafia assassins
and a witness is on the stand to testify against the
culprit. The witness notices the presence in the
court room of the Mafia agents and becomes panicstricken. He is in abject fear of what will happen
to him when the Mafia decides to wreak vengeance
upon him.
It deserves to be noted that on Tuesday one member of Congress who was not present when the vote
was taken on Monday had the courage to stand up
and bid defiance to the labor leaders. It was J.
Hampton Moore, Republican Congressman from
Pennsylvania. Mr. Moore pointed to the labor
leaders in the gallery and said he would scorn to take
his orders from the representatives of a, class. He
would never vote to exempt Samuel Gompers or
Frank Morrison or any of the others "up there" in
[VOL. xcviii.
the gallery from the operation of the criminal laws
of the country and make a special class of them.
He added: "And if it be a crime, in the presence of
the labor representatives who have been in the
galleries dictating legislation for the last ten days,
to make this declaration in favor of the rights of
the workingmen of this country regardless of union
or non-union, then I stand convicted before them.
But before the people and before my conscience I
am grateful for the opportunity to say that I would
not vote for special legislation exempting crime, nor
for the amendment offered by the gentleman from
Kansas who is playing politics and who has been
playing to the galleries from one end of this debate
to the other." All honor to this one Congressman
who had the moral stamina to stand up all by himself when every other Congressman yielded abjectly
to the demands of the labor leaders and stood in
mortal dread of incurring their displeasure. Not so
very long ago President Wilson declaimed against
lobbying as a most pernicious influence, and Congress
as a result entered upon an extensive investigation
of the charges. But what more pernicious and more
offensive "lobbying" could there be than that being
indulged in by the labor unions, who carry their
threats right up to the President himself.
The labor exemption provision becomes all the
more disturbing because of the further concession
to labor made the next day, when the House adopted,
without a record vote, the Webb amendment, legalizing "peaceable" strikes,boycotts and picketing.
Thus labor is given an absolutely free hand. As
changed, Section 18 of the Clayton Bill provides
that no restraining order by any court "shall prohibit any person or persons from terminating any
employment or from ceasing to perform any work or
labor, or from recommending;advising or persuading
others by peaceable means so to do, or for the purpose of peacefully obtaining information or for
peacefully persuading any person to work or to refrain from working; or from ceasing to patronize or
to employ any party to such dispute or from recommending, advising or persuading others by peaceful
means so to do; or from paying or giving to or withholding from any person engaged in such dispute
any benefits or moneys or things of value; or from
peaceably assembling at any place in a lawful manner and for lawful purposes or from doing any act
or:thing which lawfully might be done by any party
thereto." As if this were not enough, the Webb
amendment added the following: "Nor shall any
acts specified in this paragraph be construed or held
to be unlawful."
Thus, the labor unions gain absolutely everything
they have been contending for. Picketing, strikes,
the primary and the secondary boycott, and all the
other practices to which the unions have recourse
in order to enforce their demands are expressly taken
out of the pale of condemned things. Those who
are looking for the cause of the prostration of the
country's industries might give a thought to the
influence, in repressing enterprise, of legislation of
this character, and of radical Governmental policies
generally. If, as the President contends, the depression in trade is merely psychological, then it is
very much to be feared that early relief is not in
prospect. "Psychological" is a state of mind and
it is certain that the present state of mind will persist so long as Congress continues to enact legisla-
JUNE 6 1914.]
THE CHRONICLE
1719
tive measures calculated to arouse the deepest may not, in the end, be forced to yield in
part.
apprehension on the part of business men.
Labor itself is all-powerful, and with the legislators
standing behind it, the railroads are helpless. It
The most unfortunate feature is that labor is all will take time to bring things to a focus,
and meanthe time adding to its demands, and is proceeding while there will be an additional element
of uncerin a perfectly reckless and senseless way in the en- tainty in a situation already full of
uncertainties.
deavor to wring further concessions for itself from the
With the railroads beset with difficulties on every
employer. What, for instance, could be more ill- side, it is not surprising that a very painful
impression
advised at the present juncture than to put forth should be produced abroad. For
instance, cablea demand for increased wages? If the labor unions grams from Berlin this week have reported
Arthur
were rightly led, their leaders would. recognize the von Gwinner, managing director
of the Deutsche
folly of adding new burdens when it is difficult for Bank, as having said in a lengthy address before
the
the business world to carry the existing burdens. American Luncheon Club that "the present
plight
Particularly is this true in the case of the great of the American railways is becoming
a menace to
railroad-carrying industry. Most persons take it the general financial position of the world.
They
for granted that the Inter-State Commerce Com- have reached a state of distress approaching
calamity
mission will grant permission to the Eastern roads and a remedy must be brought about."
This, of
to make the full 5% increase in freight rates for course, is the literal truth. We make additional
which they have petitioned, not because the Com- reference to Mr. von Gwinner's remarks further
mission is favorably inclined towards the proposi- below.
tion, but because the logic of the situation and the
strength of the railroads' case demand that a
Influences of various kinds served to hold down
broad policy should be pursued in that respect. But the volume of bank clearings in May 1914 to suCh
the Western railroads' are no better off than the an extent that in the aggregate for the whole counEastern roads and will also have to request permis- try the comparison with the corresponding period
sion to put into effect somewhat higher rates. Yet of the previous year is the least favorable since
at this moment a big body of the employees of these November last. The fact of the matter is that
roads is demanding increased compensation and general mercantile business lacks snap and in manushorter hours. On the very day that the newspapers facturing lines anything like activity seems to be
reported the adoption by the House of Representa- lacking. This is to be explained, in part, by the
tives by an absolutely unanimous vote of the labor changes wrought by the new tariff law, but more to
exemption provision to the Clayton anti-trust bills, the continued Governmental activity along lines
the news dispatches from Chicago also reported the that mean an amount of needless official regulation
possibility of a complete tie-up of the Western roads and supervision appalling to contemplate. Then,
as a result of a struggle with their employees.
again, the extreme dulness in speculation and dearth
It appears that negotiations between the Western of large financial operations continue to be adverse
railroads and their locomotive engineers and firemen factors at New York and other, leading centres.
for higher wage schedules were broken off on Monday.
Including New York, the total of clearings for
It is, therefore, feared that a strike may occur. The May 1914 for the 160 cities is $13,187,356,482,
customary farce is being enacted of taking a referen- against $14,143,482,249 in 1913, or a loss of 6.8%,
dum vote of the employees for the purpose of deter- this following a decline of 4.3% in the latter year,
mining whether the wage demands shall be backed as compared with 1912. As intimated above, other
up by an actual cessation of work. The result, of leading cities besides New York share to a noticeable
course, is a foregone conclusion. The engineers and degree in the loss recorded, among them Philadelphia,
firemen will vote with practical unanimity in favor of Pittsburgh, Buffalo, Washington, Cleveland, Kansas
a strike for the purpose of strengthening the hands City, Omaha, Denver, St. Louis, Houston and all
of their leaders. Otherwise, of course, these leaders important points on the Pacific Slope. In fact, in
might as well give up in advance.
all 106 of the 160 cities our compilation embraces
To the employees the demands now made may seem show totals smaller than a year ago. The loss at
trifling. To the railroads they mean an increase of New York for the month stands at 9.1%, and out$33,000,000 a year in expenditures. The negotia- side of this city it is 3.8%. For the five months
tions have been in progress for many months. The the diminution in the total for the whole country
original requests were presented in October 1913, and is 1.4%, as contrasted with last year; compared
would, if granted, add $27,000,000 to the annual ex- with 1912 it reaches 1.3%, but there is an increase
penditures of the roads. Since then, however, other of 8.1% over 1911. At New York the decline from
concessions have been asked, and now the increase 1913 is 1.9%, and outside of this city it is 0.7%.
will aggregate $33,000,000 a year. No less than 98 The Middle West and the South are the only loealiroads are involved, comprising 140,000 miles of line, ties making collectively a better exhibit than a year
or practically all roads in the United States west of ago, but there are some very satisfactory percentages
Lake Michigan and the Illinois Central RR., in- of gain in every section, the most notable being
cluding this road, and all lines in Canada west of Scranton, Lowell, Toledo, Dayton, Ogden, Fargo,
Fort William except the Grand Trunk Pacific. The Sioux Falls, Austin and Tulsa.
number of engineers and firemen involved is said
Operations on the New York Stock Exchange were
to be about 55,000. Two committees—one the of very meagre proportions in May, the aggregate
Conference Committee of Managers representing the dealings having been the smallest of any month
railways, and the other representing the engineers since August 1900, and less than in the correspondand firemen—have been parleying in Chicago since ing period of any year since 1897. The May 1914
February. The managers call the demands unreas- transactions totaled only 4,757,405 shares, against
onable, and that, surely, is a mild characterization. 5,463,561 shares a year ago and 13,662,747 shares
It is by no means certain, however, that the roads in 1912. For the five months, moreover, they were
1720
THE CHRONICLE
[VOL. xcviii.
too wet for cultivation and large areas in northern
Texas remain unplanted."
There is no reason to doubt that the situation as
described is true within certain limits, but that the
outlook is as poor as the condition percentage of
74.3 would lead one to infer is open to question,
bearing in mind the tendency, not necessarily intentional, to exaggerate the unfavorable features.
It is certainly not too late for the fall of needed rains,
succeeded by normal conditions thereafter to decidedly change the aspect of things where lack of
rain has been complained of. As regards the situation in the Southwest, it is to be remarked that in
Texas the April and May precipitation in 1908 was
well above the normal, and complained of as excessive at times; yet a very good crop was secured.
In 1900 also there was apparently too much moisture in April-May, but the crop outturn was excellent. In 1907, too, there was a spring rainfall
above the normal but the short crop of that year
(1907-08) was due to August drought and the
ravages of boll-weevils, while the somewhat indifferent return in 1905-06 is to be ascribed to dry weather
in August-September and not to excessive rain in
April-May. These cases are cited merely for the
reader's information and not as argument. The
inference we wish to convey is that lack of moisture,
or excess of it, in May, while adverse influences,
The Government cotton condition report (the first are not necessarily irretrievably injurious.
With reference to the prospects in the Atlantic
of the season) issued on Monday, and covering the
where the plant is suffering from drought,
less
States,
been
having
25,
May
situation of the staple on
Fairfax Harrison, of the Southern Railway
President
iman
was
expected,
generally
favorable than
has the following to say:
Company,
both
staple,
the
for
markets
the
in
factor
portant
Wet weather during the early part of the season
here and abroad, stimulating a quite material
advance in values, which subsequent realizing, how- results in the plant developing a spreading supersystem which is incapable of drawing a
ever,largely wiped out. The report made the average ficial rootamount of moisture
from the deeper soil
sufficient
at
lowest
the
25
condition in the whole belt on May
dry periods later in the season, and, most of
during
even date since 1907, and only slightly higher than the roots being just below the surface, they are
in 1903. Those two years being the only ones since liable to be seriously injured in the cultivation of the
1870 when, as officially reported, condition was crop. On the other hand, a dry May means the
lower May 25 than in 1914. Specifically the De- development of a good tap root and a deep root
partment announced the condition on the date men- system, which will insure better growth in the event
unfavorable conditions later in the season. The
tioned as 74.3% of a normal, that figure contrasting of
breaking of the land and better preparation
deep
with 79.1 a year ago, 78.9 in 1912 and a ten-year of the seed bed now more generally practiced in
average of 80.4. In 1907 the condition was given accordance with the advice of the Southern Railway
at 70.5 and in 1903 at 74.1.
Department of Farm Improvement Work are most
The greatest deterioration, as compared with last favorable. Deep breaking not only enables the soil
year, is indicated in those localities where excess to retain more moisture, but makes possible the
of the deep root system. The lack of
of moisture has been complained of. In other development
has facilitated the cultivation of the
rains
excessive
words, condition in Texas is stated as not only
reports.from the territory along Southern
and
crop
very much lower than either of the three preceding Railway lines indicate that it is unusually free from
years, but poorer than in 1907, and the same is in grass and weeds.
Reports from the territory into which the cotton
great measure true of Oklahoma. Elsewhere in the
cotton belt this year thus far lack of moisture has boll-weevil has spread last year indicate this insect
been largely the subject of complaint and especially will probably be found in fields in all that territory
but the farmers know more about combatin the Atlantic region, but the same was true of this this year,
weevil and will generally make a determined
the
ing
latter section a year ago,even more so, and condition fight against it. With reasonably favorable weather
on the whole, is now better than in 1913. The Gulf conditions for the remainder of the season, therefore,
States—Alabama, Mississippi and Louisiana—are a good yield of cotton may be expected in the States
at this time better situated apparently as regards east of the Mississippi River.
the cotton outlook than in either 1913 or 1912. In
The French Cabinet, under the Premiership of
connection with this monthly report, we note that
the weekly weather bulletin for June 1 states that Gaston Doumergue, on Tuesday confirmed recent
"in the eastern portion of the belt one of the severest active predictions by resigning in a body. President
spring droughts ever known is greatly retarding the Poincaire at once requested Rene Viviana, the regrowth of early planted cotton and delaying the tiring Minister of Public Instruction, to form a new
germination of late-planted, and in the western part Ministry. M. Viviana will undoubtedly accept.
of the belt, including the greater part of Texas and Itlis understood that he will retain his present portportions of Oklahoma, excessive rains have prevented folio of Public Instruction and has already secured
any improvement in cotton and the soil continues the acceptance of Louis J. Malby for the Interior,
but 34,066,903 shares, against 36,669,124 shares and
62,166,819 shares, respectively, last year and two
years ago. In 1910 the sales for the period were
more than 81 million shares and away back in 1901
they exceeded 156 million shares. Bond transactions in May were somewhat greater than those of
1913 and for the period from January 1 to May 31
reached 3193/2 million dollars par value, against
241 millions in 1913 and 360 millions in 1912. The
1909 bond dealings for the five-month period, however, were 589 million dollars. Dulness in the
Boston stock market is also to be noted, the five
months' dealings aggregating only 2,587,708 shares,
or but little more than in 1913, and comparing with
5,500,815 shares two years ago.
Canadian clearing houses continue, as a rule,
to report totals less than a year ago and in a number
of instances strikingly so. In fact, for May 1914,
Ottawa and Brantford are the only cities showing
gains, as contrasted with 1913, the decline for the 21
cities being 10.5%. Losses are especially large at
Saskatoon, Victoria, Vancouver, New Westminster
and Moose Jaw. For the period since January 1 the
aggregate is well below the high record of last year
—9.5%—in fact with the cities already mentioned,
and Calgary and Regina as well, most conspicuous in
the magnitude of the declines reported.
JUNE 6 1914.]
THE CHRONICLE
1721
Joseph J. B. E. Noulens for Finance and Adolphe purpose of carrying out the work
of counteracting
Messi fly for War. Either Leon Bourguois or Jean misleading information and prejudiced
comment.
Dupuy will, it is reported, take the foreign portfolio. The conference was held under
the Presidency of
Press dispatches state that M. Viviana's program Baron d'Estournelles de Constant
for France and
will adhere rigidly to the three years' military service Conrad Haussman, radical member
of the Reichsterms, but an attempt will be made to conciliate tag, for Germany.
the Opposition by the introduction of a comprehensive system of preparatory military instruction, so
The conditions in Albania, while thus far not rethat recruits prior to taking service will have been sulting in serious bloodshed,
are becoming more and
trained up to a certain point with the object of more involved.
A special dispatch to the London
diminishing the length of service when a modifi- "Daily Telegraph" published
on Thursday from
cation of the international situation justifies such a Durazzo, declares that the situation
is again critical
step. The change in Ministry will necessarily and that the insurrectionary movement
is spreading.
upset again the fiscal program. M. Viviana is Several towns about Durazzo have
.been captured by
understood to favor the early issue of a large loan, the rebels. The forces and
parties of the authorities
preferably at 3M%, but carrying no guaranty of in and outside of Durazzo
are crumbling. The
indefinite exemption from the income tax. He will commission of control is
at loggerheads with the
seek to reach a compromise, too, with the Senate on Cabinet. The Cabinet is not in
complete harmony
the proportional representation question.
with the King. The peaceful population is divided
Premier Doumergue's personal friends declare that into Austrophile, Turcophile, Italophile
and Nationthe Cabinet resigned because of the approaching alist sections, and the insurgents themselves
are at
trial of Mme. Caillaux for the murder of Gaston sixes and sevens regarding their
attitude towards
Calmette, editor of "Le Figaro." The decision Turkey. The result of these dissensions
is chaos.
to resign was reached at a meeting of the Cabinet The whole Albanian people, whose
vital interest is
Council on Monday. The Premier in a formal order, tranquillity and good governmen
t, now are
speech said that the Ministry had completed its split up into rebels and Nationalist politicians,
and
task of representing the policies of the majority of intriguers who spend days doing nothing
useful but
the members of the last Chamber of Deputies. planning how to destroy the little achieved
by others.
These policies had been ratified by the country at The King of Albania, according to Berlin dispatches
,
the recent elections and in his opinion the Govern- is being bitterly berated in Germany for what his exment should now pass to other hands. It is under- comrades in the Kaiser's army consider his cowardly
stood, however, that the chief factor in bringing conduct. Military men in Germany say that the
about the resignation was the uncertainty whether King made his first colossal blunder in allowing
the Government would be able to control a majority Essad• Pasha to escape instead of having him
courtin the Chamber of Deputies as important changes martialed and shot.
had been brought about in the composition of the
numerous groups at the recent general elections.
On the surface at least little progress has been
Differences are also said to have arisen among the made in Mexican mediation during
the week. On
members of the Cabinet concerning the financial Tuesday the Mexican delegates at Niagara
Falls
measures to be introduced in Parliament. The announced that Gen. Huerta was "prepared
to withChamber of Deputies formally met on Tuesday, but draw from the Government on condition that
at the
is not expected to begin regular business until June 15, time of his withdrawal Mexico shall be politically
as it will probably take until that date for the creden- pacified and the Government succeeding his shall be
tials of the deputies to be officially passed. M. Vivi- such as to count on the acquiescence of the governed
ana is said to be one of the most popular men in and the support of public opinion." The Mexican
public life in France, having many warm friends and delegates further declared that "it has been and is
admirers in all political groups, including even the President Huerta's wish to place on record
that
Monarchists. He is a Socialist, but is a man of neither mistaken pride nor
personal interest will
great breadth of view. The Docmergue Ministry prevent his withdrawal once the above-named cononly came into existence last December when the ditions are satisfied." Meanwhile the work of the
Barthou government resigned after having been de- mediators seems to have raeched a
point of deadlock
feated on the proposal to make the new national loan on the question of Constitutionalist representat
ion.
exempt from income tax.
The American delegates have been urging the mediators to admit Gen. Carranza's delegates without conEfforts are under way which may or may not prove dition, notwithstanding that Carranza has
refused
effective for encouraging more cordial relations to stop fighting during the negotiation
s. Aside
between France and Germany. About one-third from the Carranza incident the
conferees at Niagara
of the members of the French and German Parlia- Falls are waiting to hear from Washington and
Mexico
ments, we are told by cable, met at Basle, Switzer- City as to the views of the respective
governments
land, last Saturday with that object in view. A on the tentative pacification plan
which was subdeclaration was issued "recognizing the great and mitted last week.
difficult task of bringing about a definite ard certain
While the mediators have not furnished for publipeace between two peoples which during their glori- cation a copy of their reply to a request by Gen.
Carous and sorrowful histories have so often come into ranza for participation in the conference, press
disconflict. Yet," the declaration continues, "the patches claim authority for the report
that the
inter-parliamentary conference undertakes to assist South American diplomats state that they
are
in the immense effort of education toward reciprocal willing to accept representation of the Constitugood-will necessary in this task which is not beyond tionalists on certain conditions. These conditions
the genius of the two peoples." Permanent com- include a complete suspension of hostilities during
the
mittees for each country will be appointed for the progress of the negotiations. In this the
mediators
1722
THE CHRONICLE
[VOL. xcviii.
a crisis has apparently finally been reached in conditions that were threatening at the date of recent
mail advices.
The St. Petersburg correspondent of the Frankfurter "Zeitung" in the issue of that journal that is
just to hand, gives details of a conference of leading
financial interests at St. Petersburg to consider the
demoralized situation. The Russian Minister of
Finance himself was not in attendance, although
he called the conference; but other important
officials were present, including M. Davidow, the
former Director of the Credit Office; M. Nikiforow,
the present Director of the Credit Office and his
assistant M. Von Samen and also M. Schipow,
Manager of the Russian State Bank, as well as representatives of all the large Russian banks. The
correspondent states that the difficult situation of
the French money market and the nationalistic
tendency of the Russian financial policy were
seriously discussed, especially the danger of "nationalizing the Russian credit" by exclusion of the Jews.
This latter feature was very emphatically opposed
by M. Nikiforow. M. Davidow proposed to appropriate 200,000,000 roubles from the State Treasury
for interventions to support the financial situation.
The conferees finally agreed that for the present
100,000,000 roubles would be sufficient and that
this sum should be taken from the funds of the State
Bank. The representatives of the banks who
attended the conference pointed out that neither
industry nor commerce had caused the Stock Exchange difficulties. The apprehension of a change
in financial policy had been solely responsible. The
representatives of the Government assured the
bankers that every possible means would be utilized
in order to reassure the public. A leading Vienna
paper, the "Neue Freie Presse", which also is just
at hand, states that "the immediate cause of the
recent demoralization in St. Petersburg was the
policy of the present government in the direction of
excluding the Jews from the management of jointstock companies. The larger proportion of the
Russian Jews is already debarred from taking an
active part in financial life because they live within
Advices cabled from London and the Continental their respective territories and cannot do anything
financial centres this week have referred particularly outside of their home district. But this restriction
to a Russian crisis as a source of unsettlement in the is not entirely complete, for many wealthy Jews
respective European markets. The London "Times" living in the two capitals, the merchants of the first
on Thursday gave prominence to a dispatch from its guild especially, are granted the right to attend the
St. Petersburg correspondent stating that business Stock Exchange and to take part in the existing
on the Russian Bourse was at a standstill, owing to stock companies. Against these interests the present
the suspension of foreign investments. The "crisis", Ministry has instituted a special proceeding designed
the correspondent added, was due chiefly to the to restrict their activities. It is this proceeding,
reactionary and repressive policy of the Russian apparently, that has been instrumental in causing
Minister of the Interior—a policy that has been the present crisis.
The recent developments on these lines, quoting
responsible for an enormous increase in the number
the
discouragement of foreign a usually conservative London correspondent, opens
of strikes and for
capital as a result of "absurd and vexatious restric- up a serious situation in Russia, since Jewish capital
tions placed on joint-stock companies respecting emanating from London, Paris and Berlin has reJews." The correspondent adds that £25,000,000 cently been so particularly active in Russian proof foreign capital which has been subscribed for the gress. A sudden withdrawal of this capital, the
development of Russian industries is being withheld correspondent adds, will undoubtedly present probpending further orders and the statutes of more than lems that the Russian Government is not financially
300 new companies have been pigeonholed. While able to handle. Yesterday the Minister of Finance
the Minister of the Interior is seeking to devise informed the Budget Committee of the Duma that
means to eliminate the Jews from Russian industries, Russia within the next five years must spend $3,the Czar, realizing the impossibility of maintaining 760,000,000 for the army and navy. The budget
the paradoxical situation, has empowered the for the current year for the army and navy amounts
Premier gradually to eliminate the obstacles to the to nearly $500,000,000. Excluding the cost of
Jews. The foregoing news by cable indicates that strategic railways, the Empire has spent $2,580,000,-
have yielded to the American delegates to the extent
of withdrawing from their original stand that Carranza, having rejected their invitation, would under
no condition be admitted. Carranza's reply is now
awaited. On the first of June Gen. Carranza formally assumed the office of Provisional President of
Mexico and began the selection of his Cabinet to
forestall action by the Mediation Conference in
selecting a temporary government after the elimination of Huerta. Carranza has decided to establish
his Provisional Government at Saltillo.
The Ward Line steamship Antilla, which is reported to be carrying a cargo of war material for the
rebels at Tampico, sailed on Tuesday. The vessel
carries the Cuban flag. Meanwhile the Huertan
Government has declared a blockade of Tampico
to prevent the Antilla from entering that port.
When Tampico was captured by the rebels, orders
were sent from Washington through Admiral Badger
at Vera Cruz to Admiral Mayo at Tampico not to
allow the three Federal gunboats that escaped frorp
Tampico to interfere with commerce to and from that
port. That order still stands. On Thursday a
dispatch was sent to Admiral Badger informing him
of Huerta's declaration of a blockade at Tampico
against the Antilla and directing him to watch and
report any movement of the Mexican gunboats. It
is evident that an interesting situation is developing.
Any attempt on the part of the American warships
to prevent the Federal gunboats from interfering
with the Antilla would, it may be argued, be an act
of aggression against Gen. Huerta's forces in violation of the current armistice. A dispatch from Paris
quotes the "Intransigeant" newspaper of that city
as publishing a statement of the losses of French investors as a result of the Mexican revolution. The
figures were compiled by the "League for the Defense of French Interests in Mexico" and show that
French investors have lost $224,578,934 since 1910.
This sum represents 45% of the French capital invested in that country. On the shares listed on the
Paris Bourse the French loss is stated at $176,996,664.
JUNE 6 1914.]
THE CHRONICLE
1723
000 in the last six years, and lately proposed enor- the company has fully £2,000,000 of this stock unismous increases in order to meet the German growth sued, it is considered improbable that the entire
of armaments.
amount will be absorbed at this offering. Great
Western Ry. finished last evening at 113%
1 against
The London markets for securities this week have 1143/ and Great Eastern at 48 against 49. Japanlacked vigor, although they have not been sensa- ese 4s are % point higher at 78 and Bulgarian 6s
tionally weak. The Russian situation, to which 1 point higher at 103. Russian 4s remain without
reference has just been made, has been one feature change at 873/2 for the week and Servian Unified 4s
of restraint and some selling on Paris account has also without change at 783/2, and German Imperial
added to the unsettlement. Liquidation of oil and 3s at 76. Mexican Government 5s are 1 point higher
tin shares has been one of the factors, though con- at 86, following a similar advance last week, and
siderable strength in Brazilian securities, reflecting Mexican Railway ordinary shares have declined to
2 against 3434 a week ago. Money in London
improved financial prospects in the Southern Re- 313/
public, has exerted an influence of a constructive closed at 2@234% for day-to-day commitments,
character. It is suggested by London correspond- against 23/2@2%1 a week ago.
ents that Brazilian securities are being artificially
The Paris market has been considerably disturbed
supported for the purpose of insuring a favorable
by
the resignation of the Doumergue Ministry.
reception for a new Brazilian national loan which
is soon to be offered. Business on the London Stock French bankers are once more in the air regarding the
Exchange was resumed on Tuesday after the financial policy that is to be pursued, although latWhitsuntide holidays. The feature was the liquida- est advices suggest that there will be slight change in
tion of Russian securities, following the calling of that respect. It is now expected that the Moroccan
loans by the Russian banks. Nevertheless, British 4% loan, which has been arranged for issuance, will
-underwriters have been somewhat freer in their be offered between June 10 and 15 at 99, but what
applications for new capital. The new issues will take place in regard to the French national loan
announced during the week include a £1,035,000 is of course an uncertain question. The crisis in
4% Gold Coast loan under British Government Russia, as we have already noted, has likewise been
sanction at 983'. A £5,000,000 Russian railway a depressing factor on the Paris market, and Russian
04% loan guaranteed by the Russian Government industrials have been under particular pressure.
is being offered at 93; also a City of Moscow £3,- The French market has received indefinite reports of
672,000 432% issue is being underwritten. The City important failures in St. Petersburg. French Rentes
of Regina is arranging to offer a loan of about £700,- closed last evening at 85.50 francs, which compares
000. A £5,000,000 Canadian Government 4% bond with 85.873/2 francs a week ago. Money in Paris
issue was yesterday:underwritten. It will be offered finished at 3%, against 2% on Friday of last week.
at 98. This renewal of activity in new issues is sig- A continued feature is the attacks upon French banks,
nificant, owing to the recent suspension of this to which we have referred in recent issues of the
movement. The total applications on the London "Chronicle." Large deposits have been withdrawn
market for capital in May amounted to only £22,- and the movement, which first started with wealthy
000,000, which compares with £54,000,000 in May depositors, is said to be extending to the middle
classes. Foreign banks are charged with fomenting
1913.
the situation by issuing unsettling circulars, one point
in them being that if the income tax is instituted,
As to the Ulster situation, it is hardly probable
the books of the French banks will be utilized by the
that there will be anyjimportant developments be- Government
to check up on the declaration of infore the close of the:month, when the House of Lords come and
to enforce new taxes. The circulars also
takes up the Home Rule Bill. There is reason to be- claim that the French
banks have floated questionalieve, too, that the delay will have the effect of
ble securities in recent years and that the banks' reallowing calmer judgment to prevail. London cabled
sources are tied up by the necessity of supporting
advices intimate that a secret understanding has*
these securities.
been reached between the Government and the Unionists whereby a settlement satisfactory to Ulster will
The Berlin market for securities has not been acbe proposed. This will, it is reported, include an tive. The month of May closed with a particularly
original exclusion of the Ulster counties for the period easy settlement. Business in Germany seems to
of six years, as proposed byiMr. Asquith in March. be improving, a significant feature being a rise in
At the end of six years, should the Ulstermen by steel products for export. It is reported that the
formal vote again desire to keep out, then an addi- Deutsche Bank is arranging with Turkey to float
tional six years' exclusion will be permitted. The an issue of 120,000,000 marks Bagdad Railway bonds.
Home Rule Bill will notlbe presented to Royal as- It is also reported by cable that the Berlin banks
sent until definite actionifor or against it has been are negotiating the Bulgarian loan of 400,000,000
taken by the House of Lords.
marks, half of which is to be issued in the near fuBritish Consols closed, as reported by cable last ture. Money in Berlin closed at 2@2%, against
evening, at 73%, against 74 15-16 on Friday of 3/1 00t33 % (for the settlement) a week ago. In
2
dislast week. Other standard investments show cor- cussing American business conditions in a speech
at
responding losses. London & Northwestern, the the American Luncheon Club in Berlin on WednesBritish premier railwayIsecurity, closed at 12734, day, Arthur von Gwinner, Managing Director of the
against 12934 a week ago. There is specific reason Deutsche Bank, declared that the present plight of
for this weakness, however, as the company has the American railways is becoming a menace to the
invited stockholders to tender for 4% preference general financial position of the world. They (the
stock at a minimum price of 98%. The actual railroads), the speaker said, have reached a state of
amount of the:stock:offered is not mentioned, but as distress approaching calamity, and a remedy must
1724
THE CHRONICLE
be brought about. American roads, he continued,
"pay fully twice the wages paid in Prussia, and yet
they are allowed to charge only half the Continental
rates, whereas their hauling capacity is restricted by
the same natural limitations as in Europe. The roads
cannot raise new capital unless they are allowed to
earn a fair return upon the investments. The Prussian roads charge fully twice the rates of the best
Eastern American roads and the English roads
charge three-fold."
[VOL. xcvm.
817,200,000 francs. The circulation totals 6,130,980,000 francs, against 5,655,591,230 francs one
year ago and 5,251,478,665 francs in 1912. General
deposits are 657,555,000 francs, against 672,571,641
francs in 1913 and 577,347,490 francs in 1912. The
discounts are well ahead of recent years; they are
1,732,779,000 francs. In 1913 the corresponding
total was 1,574,873,840 francs and in 1912 1,106,855,039 francs.
The weekly return of the Imperial Bank of Germany which was published on Wednesday made a
remarkably weak showing, due presumably to the
settlement at the close of the month. The gold on
hand registered a decrease of 40,132,000 marks, while
total cash, including gold, showed a contraction of
94,086,000 marks. There was an increase of 174,496,000 marks in note circulation, of 17,798,000
marks in treasury bills and of 10,396,000 marks in
loans and 84,089,000 marks in discounts. Deposits
showed a reduction of 155,827,000 marks. The
Bank's cash now stands at 1,602,545,000 marks,
against 1,318,120,000 marks in 1913 and 1,250,780,000 marks in 1912. Combining loans and discounts, 1 e have a total of 943,452,000 marks,
against 1,260,020,000 marks in 1913 and 1,160,440,000 marks in 1912. Note circulation aggre.
Notwithstanding that the Bank of England for the gates 2,013,868,000 marks. In 1913 this total was
last three weeks has been receiving the greater part 1,912,660,000 marks and in 1912 1,626,680,000
of the new Cape gold at the weekly offering, Thread- marks.
needle Street reports an increase in its gold coin and
bullion holdings of only £44,958 for the week. The
Notwithstanding an additional engagement of
total reserve showed a decrease in fact of £16,000
gold for Paris this week,the local money
$2,000,000
and the proportion of reserve to liabilities is now
maturities is,if anything,easier than
fixed
for
market
last
week
42.24%
and 52.27% a
42.46%, against
demand for funds by finance,
The
ago.
week
a
increase
an
of
was
There
£61,000
note
ago.
in
year
circulation, of £1,117,000 in ordinary deposits, while trade and industry appear equally backward. The
public deposits decreased £1,467,000 and loans were only application of importance for new capital anpaid off net to the extent of £328,000 by Lombard nounced during the eek is the $30,000,000 bond
Street. The Bank's bullion holdings are now £35,- offering of the Chicago Milwaukee & St. Paul Ry.
992,318 and compare with £37,600,597 in 1913 and These bonds, which are offered on a 4.66% basis, are
£40,685,454 in 1912. The reserve stands at £25,- reported to have been very well received. Announce447,000, which compares with £27,411,092 in 1913 ment was definitely made on Monday that the plan
and £30,051,064 in the year preceding. The circu- for the extension of Missouri Pacific notes had been
lation item is £28,994,000 and compares with £28,- definitely placed in operation. Thus the transac639,505 in 1913 and £29,084,390 in 1912. The loans tion merely amounts to a transfer of money from one
(other securities) aggregate £41,133,000, against pocket to another. The same may be said of the
£29,986,899 one year ago and £35,632,328 in 1912. Boston & Maine notes, the final figures showing that
Our special correspondent furnishes the following de- more than $25,000,000 out of $27,000,000 of these
tails by cable of the gold movement into and out of notes had been deposited for extension.
Referring to call money rates in detail, the range
the Bank for the Bank week: Imports, £1,176,000
the week has again been 13/2@2%. On Monduring
Brazil,
£115,000 from ]gypt
(of which £90,000 from
7 and 1/
31%,
highest and lowest figures were 1%
the
day
open
the
in
market);
exports,
bought
and £971,000
the
figure
renewal
higher
basis;
nil, and shipments of £1,131,000 net to the interior respectively, with the
on Tuesday some business was transacted at 13/2%,
of Great Britain.
while the highest was 1% and the ruling rate 19%;
Wednesday and Thursday 1% continued the reon
The Bank of France continues to increase its gold
holdings, which for the last two weeks have been at newal basis while the extreme rates were 19 and 2%.
3 %,lowest 13/2% and renewrecord proportions. This week an addition of 52,- Friday's highest was 14
money closing quotations
time
415,000 francs is reported. The silver stock de- als were 1%%. For
23/2% last week),234%
(against
sixty
for
2%
days
are
creased 5,827,000 francs. There was an increase
(against
23/2% for four
2%),
days
ninety
for
of 319,112,000 francs in note circulation, of 136,720,for
29%
five months
29@3%),
(against
months
5,862,000
francs
in
of
and
the
000 francs in discounts
Bank's advances. General deposits were reduced (against 3%) and 3% for six months (against 3®
81,397,000 francs and treasury deposits are 50,862,- 3%%). Commercial paper remains at 3%@4%
000 francs lower. The Bank's gold holdings aggre- for sixty and ninety-day endorsed bills receivable
gate 3,783,053,000 francs, one year ago the total was and for four to six months' single names of choice
3,311,700,000francs and in 1912 3,242,075,000francs. character. Names less favorably known still reThe silver stock aggregates 626,825,000 francs. In quire 43'®4%%.
1913 the total was 619,350,000 francs and in 191 2
Official European bank rates remain without
change for the week. The Bank of Bengal on Thursday
lowered its rate 1% to 4% and the Bank of Bombay
on the same day announced a similar reduction.
Private bank rates in London closed at 2 13-16®
2%% for sixty-day bills and 2 11-16@2%% for
ninety-day acceptances. A week ago the corresponding
figures were 2 15-16% and 2 13-16%, respectively.
In Paris 2%% continues the private bank rate and
lower at 2%%. Vienna is
3
Berlin is 4%
without alteration from 3%, Brussels from 334%
and Amsterdam from 2 15-16%. The official Bank
rates at the leading foreign centres are: London, 3%;
Paris, 33/2%; Berlin, 4%; Vienna, 4%; Brussels, 4%,
and Amsterdam, 332%.
JuNE 6 1914.]
THE CHRONICLE
1725
The sterling exchange market has shown very at 4 851
/
1@4 863/2 and seven-day grain bills at 4 87%
little life during the week. The engagements of gold 4 87%. Cotton for payment closed at 4 853/
2@
have been confined to an order of $2,000,000 coin 4 85%; grain for payment at 4 8614@4 863/2.
by Lazard Freres, presumably for the Bank of
France, and $2,000,000 coin engaged by the National
The New York Clearing-House banks, in their
City Bank, also for Paris. These amounts make the operations with interior banking institutions
, have
current outward movement which began early in gained $10,381,000 net in cash as a result
of the curMay, $20,500,000 and $36,500,000 from the first rency movements for the week ending June 5.
Their
of the year. Nevertheless foreign exchange rates are receipts from the interior have aggregated $15,523,conceded to be at the gold-coin-export basis, and itis 000, while the shipments have reached $5,142,000.
surprising that additional engagements have not been Adding the Sub-Treasury operations and the gold
exannounced, especially in view of the poor showing ports, which together occasioned a loss of $9,647,this week by the Bank of England,which reported 000, the combined result of the flow of money into
an increase in its bullion holdings of only £44,958, and out of the New York banks for the week appears
notwithstanding its large purchases of South African to have been a gain of $734,000,as
follows:
gold during the last three weeks. The increased
Week cooing June 5.
Into
Out of
Net Change in
political strain in Paris also suggests a continuance
Banks.
Banks.
Bank Holdings.
of the gold movement to that centre, although it Banks' interior movement
515,523,000
$5,142,000 Gain 210,381,000
should not be forgotten that the possible delay in the Sub-Tress. oper. and gold exports__ _ 17,016,000 26,603,000 Loss 9,647,000
Total
632.539.000 631.805.000 Gain
6734.000
French national loan may correspondingly delay the
The following table indicates the amount of bullion
necessity for importations of the precious metal by
the French banks. Money rates are so low here that in the principal European banks.
June 4 1914.
there is no encouragement to draw finance bills Banks of
June 5 1913.
Gold.
Silver.
Total.
Gold.
against future shipments of American farm products.
Silver.
Total.
£
£
£
£
£
Commercial bills are in light supply, though there England__ 35,992,318
£
35,992,318 37,600,597
37,600,597
_ - 151,322,040 25,072,720 176.394,760 132,468,000 24,773,640157,24
•are expectations that grain bills will begin to be France_
1,640
Germany. 65,661,600 16,500,000 82,161,600 51,095,050 14,810,550 65,905,600
Russian. _ 178,293,000 7,430,000 185,633,000 159,962,000 7,715,000167.677,000
offered with more freedom from now on.
Aui.-Hunb 52,326,000 12,270,000 64,596,000 50,344,000 10,804,000 61,148,000
____ 20,871,000 29,144,000 50,015,000 18,154,000 30,280,000 48,434,000
The Continental exchanges have ruled rather Spain
Italy_d
45,776,000 3,100,000 48,876,000 46,638,000 3,900,000 50,538,000
Neth'iands 13,509,000
694,800 14,203,800 13,717,000
781,500 14,498,500
irregular. Sterling checks at Paris as reported by Nat-Belied
8,870,667 4,435,333 13,306,000 7,756,667 3,373,333 11,630,000
SwItz'land 6,848,000
6,848,000 6,889,000
6,889,000
cable last evening closed without net change for the Sweden __ 5,783,000
5,783,000 5,703,000
5,703,000
2,645,000 2,263,00
2,263,000
week at 25.18 francs. In Berlin the London check Norway.- 2,645,000
Tot. week 587,407,625 98,640,853 336,454,478 532,590,314 93,938,023629,528,337
rate finished at 20.50 marks, against 20.49 marks Prey.week 587,580,000 99,262,600636,842,600532,854,647 96,758,190629,812,837
a The total of gold In the Bank of Russia ncludes the balance held abroad—
a week ago. Sterling exchange in Amsterdam fin- hat
is, the amount held for Russian account In other Continental banks.
b The Austro-Ilungarian bank statement is now Issued in Kronen and Beller
ished at 12.133/
2guilders, against 12.303/
2 guilders on instead
of Gulden and Kreutzer. The reduction of the former currency to 8terlin2
was by considering the Gulden to have the value of 80 cents. As
Friday of last week. Berlin exchange on Paris Pounds
Kronen has really no greater value than 20 cetns, our cable correspondent the
n
London, in order to reduce Kronen to Pounds. has altered the blsle of conversion
closed at 122.80 francs, against 122.823/ francs a by
dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given In our table of coin and bullion In
week ago. Mexican exchange on New York closed the Banks of Italy and Belgium Is made from the best estimates we are able to
It Is not claimed to be accurate, as the banks make no distinction in the
at 285 (unchanged for the week) and on London obtain;
v eekly returns, merely reporting the total gold and sliver; but we believe the
vision we make is a close approximatila
is. 534d. (against is. 5d.). New York exchange on
Mexico closed at 35, against 36 a week ago.
THE "MILITANT SUFFRAGETTE" PROBLEM.
Compared with Friday of last week, sterling exThe events of the present week have brought the
change on Monday (Saturday was a holiday) opened question sometimes described as the
"Feminist
weak with quotations at 4 8825 and 4 8865 for de- Problem," and sometimes as the problem of the
mand and cables, respectively, but later the market "militant suffragettes," to a stage where the British
rallied and closed very firm, although the volume Government, in behalf of civilized society, will be
of trading was light; the closing range was 4 8845@ compelled to adopt a new attitude regarding it.
4 8855 for demand, 4 8885@4 8895 for cable trans- To a campaign of deliberate and widespread arson
fers and 4 8575@4 86 for sixty days. On Tuesday the English public has now been so long subjected
sterling ruled steady the greater part of the day; that news of the burning of a country residence, a
before the close, however, short covering caused a club house or a historical church has become commonslight rise; and the final results were an advance of place. The inflicting of public and personal annoy10 points over Monday's closing range,to 4 8855@ ance, sometimes violent in character, on public men
4 8865 for demand, 4 8895@4 8905 for cable trans- for whom these women have conceived dislike,
is
fers and 4 86@4 8625 for sixty days; transactions all but taken as a matter of course. At musical and
continued on a limited scale. A weaker tone became theatrical performances the screaming of abusive
evident at the opening on Wednesday, but subse- epithets against some one in the audience—t
he
quently there was a rally with the close practically King or any one else—always with a
professed
unchanged; demand declined 5 points to 4 8850@ view to the "votes for women" propaganda
—has
4 8860, while cable transfers were still quoted at been endured with stolid patience. So have the
4 8895@4 8905 and sixty days at 4 86@4 8625. On bedlamite demonstrations by the same women
in
Thursday the easier tendency in time money rates the courts, where they have fully utilized their
here, together with a disappointing Bank of England opportunity to insult and defy the judges, to interstatement, induced firmness in sterling quotations; rupt the hearing by continuous uproar, or to throw
cable transfers moved up to 4 89@4 8910, demand missiles, bags of flour, and so on, up to the bent of
to 4 8855@4 8865 and sixty days to 4 8610@4 8635. an insane imagination. Street fights around the
On Friday the market ruled strong. Closing royal palace and public buildings, in which the
quotations were 4 8610@4 8635 for sixty days, women have bitten, clawed and struggled with • the
418875@4 8885 for demand and 4 8920@4 8930 police,until they have fairly torn their own clothes
for cable transfers. Commercial on banks closed from off their backs, have of late become only passat 4 84%@4 859', documents for payment finished n g incidents.
1726
THE CIIRONICLE
[VOL. xcviii.
It may be because of the supine attitude of the necessary even to pry open the jaws of the prisoners,
public authorities of England toward this situation as the British authorities foolishly did at the beginthat the scope of the outrages has been so rapidly ning of the militant campaign. The average prison
extending; or it may be because, in the nature of the doctor knows how to deal with &mnnstrations of
case, a mania of this sort is bound to rise to a climax the sort, when practiced by recalcitrant prisoners.
of constantly increasing fury; but at all events, the Brutality never is or should be practiced, but it
English public is now being confronted with wilder needs only a moment's reflection to show how utdemonstrations than a little while ago would have terly absurd and impossible would be the resultant
been deemed conceivable, and which call for peremp- situation if the authorities were habitually to set
tory and decisive action. In particular, deface- loose a prisoner who threatened them with the "hunment of priceless paintings in the public galleries ger strike."
Only two possible arguments can be adduced for
has become the avowed and deliberate purpose of
the "militant" campaigners. This week, in per- pursuing that policy with the "militant suffragettes"
fectly natural sequence, one of these women, when an —one, that some of them are women of delicacy and
attendant in the picture gallery interfered with her good breeding, and therefore should be treated
other prisoners; the other, that their
attack upon the paintings, used her hatchet on the differently from
•
But no one has ever urged
"political."
are
crimes
having
after
declaring,
her,
restrained
man who
severely injured him, that "we have been too lady- rough treatment in the prisons; the women are there
like in the past." The visit of women to certain for offenses which they deliberately elected to comnewspaper offices,to attack editors who had criticized mit, and the Government's business merely is to see,
the militant campaign, occurred almost simul- first that the law is properly vindicated, and second,
taneously with that other demonstration. The only that the women, sane or insane, are not allowed to
As for the theory of
further climax which now seems to be possible (as commit suicide by starvation.
be remarked that if
only
need
it
it certainly would be logical) is a deliberate campaign "political crimes",
be
to
thus relaxed for
consistently
punishthent is
of murder.
the
on
simple plea that
offences,
atrocious
What is there that is new to say of this amazing the most
n with existing
dissatisfactio
by
inspired
were
they
demonstration—to which, we believe, the history
of all kinds of
path
the
then
institutions,
political
The
no
parallel?
of the civilized world provides
smoothed.
beautifully
Certainly,
be
will
criminals
Governthe
British
that
is
obvious
conclusion
most
ment's policy in dealing with the perpetrators of the political prisoners in the revolutionary uprisings
are fond of comparing
these outrages has broken down in a manner as com- of 1848, to whom the militants
nor
claimed
received any such
neither
themselves,
plete as it is ridiculous. Confronted with the sobecause
is
women crimithese
It
privileges.
special
and
the
convicts,
women
called "hunger strike" of
have
and
demanded
Britain
have been
Great
of
nals
of
feeding—
form
forcible
any
to
resort
afraid to
presumably because of the objection which outside allowed such wholly unwarranted immunities, in
sympathizers of the militants have made to it—the matters of prison discipline, that the present situaHome Office allows the women to fast, keeps them tion has arisen.
The other question, what the Feminist movement,
in prison only until they have weakened themselves by
a whole, really signifies, is a very much larger
as
society
on
that deliberate process, then sets them loose
It is a part, and, in its excesses, a very
problem.
is
release
their
that
pretense
feeble
a
again, with
general unsettlement of social and
to continue only during good behavior. The result serious part,of the
has prevailed during the past
which
ideas
has, of course, been instantaneous resumption of the political
the world. It is more serious
throughout
very outrages for which the women were originally few years
its
ideas and propaganda strike
because
others,
than
convicted and imprisoned. Thus the situation which
social
system.
Mr. W.L. George,
the
of
roots
the
of
band
a
at
that
now actually exists in England is
of
some
a "Feminist" by
note,
writer
English
a
in
work
an
at
be
to
is
known
criminals
dangerous
therefore,
without
and,
prejudice against
deliberate and concerted conspiracy against persons profession,
in
declared
a
ideas,
recent
"Atlantic"
and property,which may presently be directed against "Feminist"
the
"generally,
are
in oppoFeminists
that
life—all this with full assurance, on the Govern- article
the
of
world's
most
" "Perinstitutions.
to
sition
ment's part, that they will not be seriously punished
"I
am
added,
that
inclined
to
he
believe
sonally,"
of
history
whole
The
do.
may
they
for whatever
crime—indeed, the history of organized society— the ultimate aim of Feminists with regard to marwould guarantee the rapid spread and constantly riage is the practical suppression of marriage and the
increased violence of a law-breaking campaign under institution of free alliance."
As for the political side—the demand for full
such conditions.
rights for women—Mr. George and other
voting
the
what
Two questions which arise are, first,
experts have frankly declared that possesFeminist
what
second,
do,
and,
to
Government
ought
British
is the meaning of the so-called "Feminist movement" sion of the suffrage, while the immediate ground of
itself, out of which these extraordinary conditions agitation, is itself neither the primary nor the final
have arisen? To the first question there is an ob- object of the movement. To quote this writer
vious answer. Militant suffragettes are not the again; while the desired economic changes "will be
first criminals, or even the first dangerous maniacs, brought about by revolutionary methods, by sex
who have endeavored to defy the authorities through strikes, and sex war", the Feminists also "intend to
resorting to the "hunger strike." It has been use the vote to make women vote as women, not as
practiced repeatedly by inmates of insane asy- citizens; that is to say, they propose to sell the
lums; frequently by inmates of jail, as in the very female vote en bloc to the party that bids highest
recent case of the convicted I. W. W. rioters. Never for it in the economic field". This, let it be obheretofore, so far as we are aware, has it proved an served, is the statement of a friend of the movement.
obstacle to the course of justice or to the proper Such ideas have been carried even further by other
completionrof a prison sentence. It has not been advocates of the so-called Feminist school; they have
JUNE 6 1914.]
THE CHRONICLE
1727
been recognized by one impartial English scientific vene by injunction in case of strikes and also legalwriter as one of the three sources of the present izes the boycott. No injunction is to be granted,
world-wide social unrest. These three he considers unless to prevent irreparable injury to property or
racial, class and sex antagonism; he believes the last property rights "for which injury there is no adeto be by far the most dangerous, since it is "prac- quate remedy in law, and such property or property
tically family war."
rights must be described with particularity in the
Such are the extraordinary conceptions that are application." Further, no restraining order shall
finding voice in the movement which, on the side of prevent ceasing to work or "advising or persuading
public violence, has had the result in England which others by peaceful means" to cease, or "ceasing to
we have briefly described. That these views are patronize or to employ any party to such dispute
held, even by the majority of women who believe or from recommending, advising, or persuading
in female suffrage,we do not for a moment imagine. others by peaceful means so to do." Also, "at the
They are largely the result of that kind of men- request of the labor leaders and with the consent of
tal hallucination which so often follows brood- the President" (if we can trust the Washington dising on real or imagined injuries. They are, per- patches) this was tacked on: "none of the acts
haps, at bottom no more extraordinary than the specified in the foregoing shall be construed to be
views of extremists of the present day in the field illegal."
of political innovation. Even the arguments for
To ponder the meaning of such undisguised exdispensing with the marriage relation became familiar emptions is needless, nor can there be any
query
in this country during the so-called "Women's because of the "by peaceful means". To convey
to
Rights Campaign" of the fifties. It was rejected a "scab" or other recusant that if he attempts
to
publicly and indignantly by the body of female work his head will be broken does not go
beyond
suffragists of that day, as doubtless it is rejected peaceful means; likewise, there is no violence
in
tacitly by the majority of women suffragists of to- the suggesting influence of the boycott in we-don'tday. Nevertheless, the character of the agitation patronize-and-you-had-better-not. All this is wholly
calls for very careful consideration, not merely of peaceful.
the question, how the dangerous criminals or maniacs
It is useless to deny that the courts have shown
of the "militant" school are to be dealt with by the of late some indications of concession to terrorizing.
authorities, but of the other question, just how far Judges are human and cannot justly be held to
England would be either wise or prudent to concede standards higher than human; further, we must repolitical demands which have been made the pretext member that it is neither in the province nor the
for the kind of demonstrations England has lately power of courts to become a bulwark for the people
witnessed, and the ultimate purpose of which has against the people. It is not theirs to say to the
been thus frankly set forth by sympathizing writers. people : "this thing is foolish and unrighteous, and
shall not be;" the utmost they can do is to say: "this
TRUST LEGISLATION AND LABOR
thing you now enact or demand is inconsistent with
EXEMPTION.
the higher law you previously enacted, and that
The struggle through many weeks between the earlier law must prevail until you change it." Theredemand of organized labor for a specific exemption fore, although one branch of a legislature does
wild
from all responsibility under anti-trust laws and the things, in the expectation that the other branch
consciousness of Congressmen that such exemption will stop them, we cannot look to
the courts to hold
recognizes and, therefore, creates a privileged class, back legislatures or people in a rush for
folly. To
and is repugnant to every conception of justice and query what the Supreme Court will do with this
democracy, has ended, as respects the House of latest descent, if it comes to judicial interpretation
Representatives, in surrender by unanimous vote, and scrutiny, would be premature now.
with one member in his seat and avoiding the vote.
Suffice it that this surrender will exhibit Mr.
A paragraph in the Clayton Bill declared that nothing Gompers, to the unions and the non-members *horn
in such laws shall be construed "to forbid the exist- the unions seek to compel, as the power behind the
ence and operation of" labor and certain other Government. What he has publicly demanded
and
organizations, instituted for self-help and having taken his defying stand upon, he publicly
gets. The
neither capital stock nor any intention of profit, peaceful boycott, which led to his long and
virtually
or to restrain their individual members "from carry- successful struggle with the courts he
now has.
ing out the legitimate objects of such associations." expressly legalized; he can now strut as controller
and
So far this reads like surplusage, since nobody has judge, although not having taken any oath of
offiee
objected or desired to object to the existence of such and not wearing robes; he seems not to need
either.
organizations; and carrying out legitimate objects,
In a House of 435 members, this unanimous vote
by legitimate means, is of course, involved in the of less than one-half of the whole
and less than
right to exist.
three-fourths of the Democratic 290, suggests a perThen came the amendment, to push the favor a missible wonder as to the
comparative cowardice of
step farther and expose its character; that such those who voted under the Gompers
gaze and those
organizations or their members shall not "be held or who slipped out and
hid. What the Senate will do
construed illegal combinations or conspiracies in with the collar remains
to be seen. The case in
restraint of trade under the anti-trust law." Even a nutshell is this: a new
House is to be chosen in
here it might be said that existence (and operations November, and now the people
also vote directly for
not by illegitimate means) are not in restraint of Senators; organized labor,
solid, active, and blustertrade nor objected to anywhere; but the Gompers ing (with threatened if
not certain aid from the
band, who had deliberately planned the struggle and fanner-vote) offers peaceful
persuasion by intimating
sat watching from the galleries, brought forward the that whoever dares refuse the
demanded exemption
rest of their program in a long section which in dis- shall not return to Washington.
And every Continct terms deprives the courts of the power to inter- gressman wants to return.
1728
THE CHRONICLE
VoL xcv
.1
three orfour other executives had acquired an interest,
the directors were so satisfied with the experiment
A SUCCESSFUL AND SUGGESTIVE
that they determined to carry out the same principle
EXPERIMENT
in another way.
• From an economic point of view of all the elements with all their men, though
between individual
contract
of
form
a
They
devised
the
is
that enter into manufacturing, the human one
offered to all who
be
company, to
most important, and the one which, in the past, has workmen and the
By this conyear.
one
for
been least considered. So far as it has been con- had been in its employ
firm, and
the
of
profits
the
shares
sidered, attention has been directed, almost exclusive- tract the employee
profit is
The
occur.
losses
should
also
the
losses,
ly, to its physical qualities. The psychological
business
actual
the
of
basis
the
be
to
on
ascertained
feature, by which term we would indicate all that
deducting
After
inventory.
of
a
form
and
standard
merely
goes to make up the man apart from his
is paid to the capital actually invested,
physical life and his technical fitness, has been 6%, which
of profit remaining is divided between
generally ignored. Yet, this is the centre of a man's the balance
and the individual workmen in such
company
energy. Upon it depends the amount of his physical the
as
the actual capital invested in the
s
proportion
and productive force, however it may be measured,
to
the total wages of the men entering
bears
business
its persistency and its economic value.
each receiving a share in proporcontract,
the
into
address
men
The spirit with which a group of
year. Onethemselves to their toil, the personal interest they tion to the amount of his wages for the
for
company
the
is
by
withheld
wages
take in it, their desire to do it in the best way and tenth of the
loss
the
though
loss,
against
guaranty
a
as
to discover methods by which their labor may be the year
men is in no case to exceed their
made more productive, and by which the quality chargeable to the
At the end of the year, when
reserve.
cent
per
ten
of the product can be improved—all this turns upon
ten per cent, with their
entire
the
loss
no
is
there
the
of
thoughts which lie at the back of the mind
each workman. If a
to
paid
individual man. Crudely, it is expressed in his share of the profit, is
at any time,
withdraws
or
,
"self-interest". This thought not only governs his workman is discharged
per
in which
ten
cent;
his
reserve
the
in
leave
action and determines the driving power of his will, he may
for
profits
that
year,
the
of
share
his
secures
it
case
but it also has an infectious quality, creating an
it
cash.
in
withdraw
may
he
or
ends;
year
the
when
atmosphere which passes from him to others, and,
any employee rewhether they are conscious of it or not, increases or The absolute right to discharge
The employer
employer.
the
of
diminishes the economic value of his fellow-workmen. mains in the hands
a
man temporretire
to
not
however,
Intelligent manufacturers are now turning their binds himself,
as far as
but,
work,
of
slackness
of
because
attention to this and are casting about for a better arily
all,
among
rata
pro
work,
the
up
divide
to
possible,
understanding of the conditions which govern it, and
the
of
accuracy
The
all.
of
hours
the
reducing
by
for methods by which its fundamental force may be
any
of
close
the
made profitably effective. For it may not only be accounting may be investigated at
by the emengaged
accountant
certified
by
a
year,
be
may
it
ness,
productive
a passive obstacle to
figures.
company's
the
doubt
they
directly antagonistic,as unfortunately has proved to ployees, in case
to thirty
1901,
in
at
first
offered
was
contract
This
be the case under modern conditions, which have
It was
it.
whom
of
accepted
all
employees,
old
been largely created by the trade unions, the latter
individuhave
then,
men
Since
none.
upon
urged
being in so many instances openly hostile to the
ally applied for permission to take it, and about 125
interests of the employer.
of stockholding
Every attempt to deal with the present situation are now included. The number
has
heads
also been int
departmen
and
executives
by dealing with the psychological factors referred to
dents, there
two
superinten
with
Beginning
creased.
is a positive contribution to the economic situation;
their paidand
rs,
stockholde
these
of
seven
now
are
has
proved successful,
and, to the extent to which it
of
the capital
one-half
represents
up ownership to-day
is of prime value, and worthy of careful attention.
has
been paid
which
of
most
Such an instance has come to our knowledge, of stock of the company,
now
capital
stands at
The
which we are glad to give a brief account. As the for by the dividends.
earned,
above
the
all
dollars,
illion
half-a-m
story of the steps by which a small business has nearly
in
beaddition,
paid,
has
It
.
investment
orivinal
become large, it is unimportant. Happily, the
over
in
managers,
$225,000
the
of
salaries
the
sides
country is full of such. But in the account of a
from 1893 to 1913,
years
21
the
in
dividends
cash
pr.
anise
line
with
steady development in a definite
has grown to nearly two
of a future based on a method now well established, inclusive. The business
Believing it will proannually.
millions of dollars
lies its value.
to keep the stock
enterprise
the
of
success
the
In a Connecticut town, not far from New York, mote
actual
the
executives, the
of
hands
the
in
always
in 1892, a man who began as a builder and had
their
stock
at its book
surrender
to
agree
holders
building
and
in
lumber
developed a small business
from
the
withdrawal
employment of
material, which faced strong competition, cast about value in case of
in
occurred
three
has
instances.
This
to see how he might improve its productiveness. the company,
chief
the
results
are
as
follows:
contract,
the
Under
Calling to him a couple of his heads of departments
the
discovered
of
a comvalue
have
The
men
he offered them an interest in the business, telling
of
their
in
their
put
10%
wages,
of
saving
pulsory
of
them that he did so for the sole purpose increasing
at
the
of
In
end
the
cash
year.
much
so
as
hands
in
of
and
the
the
success
work
their interest in their
have averaged a dividend of
they
this
to
addition
t
heads
up.
departmen
woke
two
These
factory.
wages, which sum is included
A new spirit began to spread in the shop. After 6 to 7% on their year's
at the end of the year. The
them
paid
check
one successful year a stock company was formed in in the
been standard, and such
have
,
meanwhile
wages,
1893. These men were permitted to pay for their
The
effect of receiving a
elsewhere.
paid
are
as
with
The
company
started
shares by the earnings.
at
the end of the year
$175
to
$100
from
of
check
and
employed
about
100
capital
less than $50,000
g
to the men. Instimulatin
men. At the end of seven or eight years, and after has been immensely
JUNE 6 1914.]
THE CHRONICLE
1729
_
quiry has shown that of this money over 60% goes increased. To accomplish this they tried to put
into savings bank accounts or permanent invest- themselves into the position of the working man.
ments, so that the men have learned to save and are and they find that as their men use their brains and
rapidly becoming property owners, securing their put their hearts into the work, the summons to the
own homes.
employees to do the same is constant, and the resultThe chief result, however, is the markPd change in ant hearty co-operation is a steady uplift in their
the quality and amount ot service which the in- effort to secure the best results, and to make their
dividual men are rendering. This has proved of own lives count in the best possible way.
the first importance in determining the success of
In notable instances it is the largest corporations
the business, and has contributed in no small in the country, like the United States Steel Corporadegree to its steady prosperity. In addition to this, tion and the International Harvester Company,
the temper of the men is entirely different from what which have been the first to adopt and carry out
it was before these methods were adopted. The some principles of co-operation, but the hope of
superintendents of the different departments stand finding an ultimate solution for our present economic,
in a new relation to the workmen. They give fewer and especially labor, troubles, lies rather in the
commands and take more pains to offer explanations. individual effort of a multitude of small employers.
Authority is absolutely maintained; but the men These men are closer to their work-people. They
begin quickly to feel the importance of good work and understand them better, and are apt to learn their
effective work as bearing upon their own interest. difficulties and to get at their problems first-hand.
When new men are employed, often after a few weeks Practical experiments made under such circumthey come to the superintendent to express dis- stances involve far less risk, are less cumbersome to
satisfaction, saying, "The men don't like us, and we handle, and therefore can be more easily amended
are going to leave." Then the superintendent says, and eventually brought into the line of permanent
"You, perhaps, do not know that our men are all usefulness. Everylinstance of such experiment is a
interested in the results of our business and they valuable contribution to the industrial world. For
evidently think you are not earning your wages. that reason we have given place to this one.
If you will go back and work as you should do and
While by itself an individual instance seems untake the same interest that they take, at the end important, it is important not so much for the parof the first year you also may have a contract giving ticular method that may have been tried and apyou a share in the profits." With this explanation, proved, but because of the encouragement given to a
few men leave.
multitude of small employers to try some method
At the outset, there were no union men in the of their own, with the assurance that the sum total
factory, though no opposition 'was offered to the of such experiments will open the widest path for all.
men becoming such, and in time all did unite with Co-operation of this kind retains unimparied the
the union. Then there came a day when the union advantages of individualism, while yielding to the
began to issue orders, and eventually drew the workers the benefits wildly promised and recklessly
factory into a general strike throughout the city. struggled for by the Socialists. It tends to foster a
This lasted for sixteen weeks, involving practically common kindly ielation which will leave no man,
the whole town. Finally, all the wood-working whether employer or employee, content unless the
employers of the town made a contract with the men and the community about him are prospering
unions which ended the strike. But before the with his prosperity. In this sense, some form
of
year had passed, the unions broke the contract. co-operation that is sound and genuinely
economic,
Thereupon the employers declared for the open shop, and broadly human, is the only solvent of our econoopening one shop at a time and importing outside mic troubles and the final refuge against militant
labor. In this particular shop 75% of their original Socialism and legislative folly.
force promptly returned, and withdrew from the
union. Within one year from its opening the reBOOK NOTICES.
maining 25% applied also to be received. It was
A
HANDBOOK
OF
STOCK
EXCHANGE LAWS AFFECTING MEMthe only shop to which any such percentage of the
BERS, THEIR CUSTOMERS, BROKERS, AND INVESTORS, by
original men returned. Since that time the shop
Samuel P. Goldman, of the New York Bar. Octavo,
has gone on its quiet way. The men are free to join
pp. 290; price, $1 50. Garden City, New York, 1914;
Doubleday, Page & Co.
any organizations they please, but their interest in
Erroneous notions, fostered by reckless headlines and mistheir own shop is so strong, and is proving so satisfactory, as well as profitable, that there is a constant statements in newspapers which do not care to take the trouble
to be just and correct, unhappily are quite general through the
pressure to find work in it, and also to be permitted rural
districts of the country concerning "Wall
to join in the contract. The men are never asked Some of these notions are nearly as wide of the truthStreet."
as the
to take the contract; they apply for the privilege.
other notion that human life becomes unsafe on the streets
When it is recognized that this is not a philan- of New York after the sun goes down. The Stock Exchange
thropic or charitable enterprise, but was introduced is included in these misconceptions, according to which the
down-town financial district is a region of speculators who
by hard-headed business men who were intelligent recognize no laws and fatten
upon honest industry. To
enough to understand that no man does his best suggest that any measure of public policy is favored by this
unless he is continually interested in his work and section of New York is to appeal to hostility which stops
finds that his interest grows and proves satisfying neither to reason nor to inquire. This feeling is always
in proportion as he puts his whole thought and heart expecting, always exaggerates, and largely feeds upon,alleged
"revelations" concerning "high finance," assuming always
into it, it is not difficult to see that it is moving along that any large transaction is a dishonest
one.
the lines of a sound economic as well as of a sound
To dispel or lessen the ignorance which is the cause of these
psychological principle. The employers not only misapprehensions is the purpose of this volume. It aims to
discover that their anxiety over their business is do three things: to define the rights and privileges of invesspeculators; to explain the duties and responsibilireduced, and its profits made uniform and steady, tors and
ties of brokers; to establish the usefulness of the Stock Exbut that their sense of satisfaction in their work is change. It is indorsed by the Library Committee
of the
1730
THE CHRONICLE
Exchange. Everybody ought to know that the primary
purpose and utility of the Exchange are in establishing a
market for dealing in securities and thereby keeping definite
market prices for them. The extent of the popular misunderstanding is reflected in the first sentence of the preface:
"The present agitation for the compulsory incorporation of
the Stock Exchange and the enactment of numerous laws
having as their object the regulation of the business of stock
brokerage as it is now conducted on the Stock Exchange in
the city of New York has caused many inquiries to be made
of the author of this book for some general statement of the
law which could be used as a guide by stock brokers in the
pursuit of their occupation."
Then, contrary to the popular misconception, there are
laws and responsibilities. The Exchange has a constitution
of thirty-eight articles, which,for its members,have the force
of laws. This constitution and the rules accompanying it
safeguard the interests of customers and the public to the
smallest detail, and the intent is "so to regulate the conduct
of the members among themselves as to hold them up to the
very highest standards of honesty and fair dealing." These
rules are rigidly enforced. Transactions involving thousands are effected without any written memorandum whatever, a wave of the hand or a nod of the head alone passing;
the bargain thus "bound" is adhered to, by losers as well as
by winners. Infractions of rules are very few. All charges
are impartially investigated. There is a Governing Committee which does what its title imports, and does it rigidly.
There are also twelve standing committees, a very important
one of these having charge of the placing of securities upon
the Exchange "list." Investigation and publicity concerning
the condition of securities are a part of the work of this
committee; furthermore, there are strict statutes against any
false statements.
The bitterest denouncer of the Exchange may insist, if he
will, that all this is not honesty but merely policy; but to
argue with him would be wasting time. If Wall Street is
without principle and deals honestly only for policy's sake,
because it has to do so or go without customers, the like
might be sweepingly said of agriculture or of any other human
occupation. It should suffice to know that the dealing is by
rule and responsibility; analysis of motives can be dismissed.
The chapters of Mr. Goldman's book consider the Exchange and its constitution, a summary of laws and decisions, the by-laws and rules, the broker and his customer,
and the laws of the State relating to stock brokers. A table
of cases cited and a copious index are given. The book is a
specialty and ought to meet a real want.
THE CAUSE OF BUSINESS DEPRESSION AS DISCLOSED BY AN
ANALYSIS OF THE BASIC PRINCIPLES OF ECONOMICS, by
Hugo Bilgram in collaboration with Louis Edward Levy.
Octavo, pp. 532, price $2. J. B. Lippincott Company, Philadelphia.
The most obvious defect of this book is its ambitious discursiveness, for the authors set out to cover in 532 pages the
entire field of political enonomy, over which they range
with serene self-confidence. There are four "parts," namely:
fundamental concepts; distribution of wealth; restraints on
industry; conclusions. These are spread out into a "synopsis," which is subdivided into: Introduction; production and
consumption; the social compact; value; credit; money; the
process of apportionment; labor and wages; land and rent;
capital goods and capital returns; money and money interest; chance profits and losses; monopoly; the monopoly
theory of interest; business stagnation; currency reform;
effects of currency reform; old problems in a new light.
These 18 chapters are then subdivided into 372 paragraphs,
to which arc appended an inadequate index and some pages
of diagrams.
The treatment is dogmatic to the highest degree of assurance, several of the best-known writers on political economy being brought up one after another, that their gross
mistakes may be pointed out and themselves dismissed as
useless. For an example of the manner, the authors remark that, among other erroneous matters of treatment,
"money is said to be a measure or standard of value, a value
denominator," but they add (as disposing of it all) "this is
in conflict with what we have already said on the matter."
The title of the book is "The Cause of Business Depression," thus clearly implying and announcing that business
depression springs from only a single one. Each author
supplies a preface. Mr. Bilgram has been "led to conclusions which in many particulars conflict with the currently
[VoL.
accepted economic teachings, but which furnish a full and
complete explanation of those disturbances and show them
to be the symptoms of a curable economic disorder." Mr.
Levy tells us that "the existing economic tension * * *
is caused by some distortion in the economic system";
further, that the rancorous discords which turn everything
into strife "are engendered by defects of our monetary
system which give to capital undue advantage over labor,"
and for reaching "the cause" of prevailing discord "nothing
neuetde
b
ad.,limple readjustment of our monetary system is
Here we begin to get a notion of the proposed cure: the
evil is insufficiency of money, and the cure is inflation,
with perhaps a general readjustment of the good things of
life on a fairer basis of equality. We quote some sentences,
nearly all emphasized by italics: .
"The general over-supply of things and services offered
for exchange can be accounted for only by an equal undersupply of the medium of exchange.
"The arbitrary control of the volume of currency, accordingly, is not only the cause of the predatory power of
wealth but also the cause of industrial stagnation.
"While a number of contributory causes have been at
work to raise the cost of living, the principal cause is no
doubt to be found in the vast improvements made in the
metallurgy of gold. * * * The present currency system, which we have found to be the seat of the social cancer. * * * The so-called trusts are accordingly the
natural and inevitable outcome of the money monopoly.
"In the course of this investigation we have been brought
to the conclusion that the recurring economic paroxysms
known as financial crises, which are followed by periods of
industrial depression, are the inevitable outcome of the
arbitrary limitation of the volume of the currency. We
have found that every symptom of the disorder, every successive feature of the industrial disturbance, is clearly and
unmistakably traceable to that one prime cause."
The one cause,"the" cause, all through. There is an incidental mention of confidence, but although the book was
published as lately as this past April, the authors do not
seem to have considered whether the incessant meddling
with business by politicians in office and the incessant
menaces they hold over it may be at least a second cause
of the depression they set out to diagnose and prescribe for.
PRACTICAL INVESTING, by Franklin Escher,Editor of Investment Magazine. Pages 177; price $1 50. New York,
1914. The Bankers' Publishing Co., 253 Broadway,
New York City.
The author begins his treatise on "practical investing" by
a chapter setting forth "what every investor ought to know,"
without making quite clear whether he means that every
person who thinks of investing must be presumed to know
such obvious things or that he ought to begin by seeing to
it that he does know them. As the most fundamental of
them all, the very first sentence tells us that in choosing an
investment (as in choosing anything else) "the primary
condition is suitability." If the proposing investor is well
on in years and dependent on his interest income, or, if he
is acting as trustee, absolute safety of principal is the pri..
mary consideration. If he is in some profitable business
and can meet a loss without serious detriment, he can afford
to take some chances. As for taking counsel, that is well,
provided he knows enough to seek the counsel that fits his
own case; if he goes at random to see some investment banker,
without a clear idea of what he requires, he will probably
buy what the banker has and wants to sell.
An encouragement to this preliminary study is the fact
that whereas, twenty years ago, the needed information for
determining comparative security values "was simply not
to be had," to-day the inquirer has abundance. A hundred
different sources supply the fullest possible information,
"not only as to the affairs of individual properties, but as to
all the great tendencies in finance and trade."
In the chapter on "the cardinal virtues of the ideal investment" we find these summed up and emphasized by italic letters, thus: "The ideal investment would be perfectly safe,
perfectly marketable, would yield a high rate of income,
would be free from large fluctuation in price, and yet would
have a good chance of appreciating in value." This is truly
ideal, for the five attributes can never be combined in one
investment form. It is quite possible, as stated directly
following, to pay for an excess of safety and very possible
to pay an excess for marketability; doubtless, for price stability also. But as to the chance for price appreciation we
JUNE 6 19141
THE CHRONICLE
turn back to the remarks in the introductory chapter on
"investing for profit." Conservative persons (says the
author) who understand the principles of scientific investment aim to increase their principal as well as obtain a full
rate of income and are, in this, "about ten times as successful as those who use their money for speculation instead of
for investment." But what else is this, within rational
limits, than speculation instead of strict investment?
In this Mr. Escher does not seem to us quite clear and
helpful, but in far the greater portion of the book he is both.
His analysis and classification of bonds, from the real first
mortgage down to short-term notes; the chapter on "stocks
as they are"; the chapters on judging the values of stocks
and bonds, on the comparative characteristics of bonds and
of real estate mortgages—these, and still others, contain
much which is both informing and suggestive. The book
may be taken as a useful one, at least in both urging and guiding thought, and it seems to meet a genuine want.
MR. LED YARD DENIES MR. MELLEN'S ALLEGATIONS AGAINST J. P. MORGAN.
Lewis Cass Ledyard, a former director of the New York
New Haven & Hartford RR., as a voluntary witness before
the Inter-State Commerce Commission on Thursday, refuted the statement of Charles S. Mellen, former President
of the road, that he (Mellen) had submitted to an indictment
in 1912 in the Grand Trunk case in order to shield the late
J.P. Morgan. Mr.Ledyard's testimony sought to show that
Mr. Morgan was in no way responsible for the Grand Trunk
negotiations which resulted in criminal proceedings under
the Anti-Trust Law against Mr. Mellen. In defending Mr.
Morgan, Mr. Ledyard said: "I want to say in the most unqualified terms that Mr. Mellen did not offer himself as a
vicarious sacrifice for Mr. Morgan." The "New York
Sun," which quotes Mr. Ledyard's testimony at considerable
length, states that Mr. Ledyard testified that he went to
Europe some time after the "Titanic" disaster in May 1912,
and came back on a short business trip in September. The
"Sun" quotes him as saying in his statement to the Commission:
In the few days that I was in New York I saw Mr.Morgan. I very rarely
had a talk about Now Haven matters with Mr. Morgan outside of the board.
He did not seem to take much interest in talking about them outside of the
board, but this time he begged me to stay over for the next Now Haven
meeting.
He said:"Mr. Mellen has got something that he is going to lay before the
board about the Grand Trunk." I asked him what and he replied:"I do
not know."
"What is the nature of his proposition?" I asked. Mr. Morgan replied:
"I do not know what it is. lie has been having some negotiations with the
Grand Trunk people." I said to him: "I don't think, Commodore, that I
can.wait. Now let me urge upon you that if that thing comes before the
New Haven board that you insist on getting the independent advice of
outside counsel who knows that situation and whose advice will carry
weight."
"Who would you suggest?" Mr. Morgan asked. I said "Richard Olney.
He knows all these subjects. Let me beg of you that before the New Haven
has committed itself or anything is done, get Mr. Olney's advice in the
matter." My impression is that one of his partners, Mr. Davison, was
present at the time.
I went back to Europe, and I returned from there in December (1912)
to find conflagration all around the New Haven road, Mr. Mellen in process of being indicted by the grand jury, the Rhode Island papers creating
a great agitation in respect to the suspension of the Grand Trunk extension
into New England and general agitation throughout New England.
I saw Mr. Mellen and I asked him what had been going on. He told me
his story. I am bound to say that he told it pretty much as he told it
here. He said that after the death of President Hayes of the Grand Trunk
he had taken the matter up with Smithers, that is, as to a traffic agreement.
He told me that at no time from the first to the last had he ever discussed
with them the taking over by the New Haven of the New London & Northern RR., and that he never had a word with Mr. Chamberlain or Mr.
Smithers (Grand Trunk officials) in relation to the cessation of extension
work on the New England road, but he said to me that he did not know
what the result was going to be in the attempts to indict him.
He said: "You cannot imagine the things that are doing here. The
newspapers are full of headlines, the agitation is great about the grand jury,
this, that and the other thing. They have subpoenaed my office boy
and they have oven subpoenaed my colored porter."
He felt very much disturbed and alarmed. He said also that Mr. Morgan had come in one day by chance when he was talking with Mr. Smithers,
and Mr. Chamberlain, and that Mr. Morgan in his bluff, hearty way, had
said: "What are you fellows talking about?" And that Mr. Morgan had
said that "You will never have peace until we get the New London &
Northern."
Mr. Mellen said they all laughed, and he said,"We will go on and take
up what we were talking about." I asked Mr. Mellen if Mr. Morgan had
anything else to do with it. He said no, and that that was the only thing
he knew about it. He said he and Mr. Chamberlain and Mr. Smithers
went on and talked and the New London & Northern was not involved in
any way.
Mellen said to me: "I do not believe that any grand jury would indict
me if! went in and told my story like a man." I did not think he had committed any violation of the Sherman law or any law. I told him that if he
had no talk about arresting construction work and the Grand Trunk was
going to keep the New London & Northern, I did not think any grandjury:
would indict.
Mr. Mellen said: "I think I would like to waive immunity and tell the
story. I want a chance to be heard, and I do not think I will be indicted
if lam."
1731
Mr. Robbins (the New Haven counsel) came in about thet time. Mr.
Mellen said,"I think I will dictate a letter to the District Attorney now.'
He did. The stenographer brought it back, and some changes were made.'
He sent it off that day.
I want to say in most unqualified terms that Mr. Mellen did not offer
himself as a vicarious sacrifice for Mr.Morgan. It was not the letter of a
man taking responsibility. Ir was the letter of a man claiming innocence,
stating that he was the man what had done certain things, and that he desired to go before the grandjury and tell what these things were and what
the negotiations had been.
THE TRADE AND TRUST PROPOSALS IN CONGRESS.
Consideration of the Clayton Omnibus Anti-Trust Bill was
completed on the 2d inst. in the House, sitting as a committee
of the whole, the bill as it now awaits the final vote of the
House carrying the amendment to the labor provision which
was agreed upon last week by the Judiciary Committee.
This amendment is added to section 7 which provides "that
nothing contained in the anti-trust laws shall be construed
to forbid the existence and operation of fraternal, labor,
consumers', agricultural or horticultural organizations, orders
or associations, instituted for the purposes of mutual help,
and not having capital stock or conducted for profit, or to
forbid or restrain individual members of such organizations,
orders or associations from carrying out the legitimate
objects thereof"; the new matter stipulating that—
Nor shall such organizations, orders or associations, or the members
thereof, be held or construed to be illegal combinations or conspiracies in
restraint of trade under the anti-trust law.
The House adopted the amended provision on the 1st inst.
by a unanimous vote-207 ayes and no noes. Although the
provision was passed without a dissenting vote, there was
considerable debate as to what effect the legislation would
have. Representative Murdock, the Progressive leader, in
criticising the amendment, said:
"From the very start of my career I have stood for all amendments which
went to the exemption of organized laborfrom the provisions of the Sherman
anti-trust law. I am in favor of giving to labor an exemption from the
hindrances to progress that the courts have put upon it. Now, when
we first passed the Sherman anti-trust law, labor believed it was exempted.
and it went to the courts and the courts, after long litigation, told organized labor that under the terms of the Sherman anti-trust law It was not
exempt. That is, the courts sent organized labor back to Congress. Some
of the friends of labor say that the amendment does exempt organized labor
from the provisions of the Sherman anti-trust law, but its enemies say
that it does not exempt organized labor. Who knows? No man on
the floor of this House. Who will determine? The courts. Now the
tragedy of this transaction is this: That after labor went to the courts
and after the courts had sent it back to Congress, Congress sends labor
back to the courts again. Eight or ten or twelve years hence the courts
will decide what the amendment which we are about to adopt means.
President Wilson sought to make clear on the 1st inst. that
the new legislation is not intended to exempt labor organizations from the operation of the Sherman law. According
to the New York "Commercial," he "explained that all that
Section 7 of the Clayton bill means in its amended form is
that labor organizations as such are not illegal bodies. By
reason of the decisions of the Supreme Court, he pointed
out that labor orders had taken the position that under the
court interpretations of the Sherman law labor unions exist
merely by the sufferance of the Department of Justice.
Carefully drawn as part of the anti-injunction provisions of
the trust legislation, he declares this section merely specifies
what acts labor can do under the limitations of the law, but
gives labor no additional rights. If labor unions under the
proposed Clayton law transgress the law, they will be liable
to prosecution."
A clause to legalize conferences and agreements among
railroads as are now subject to the control of the Inter-State
Commerce Commission is also carried in the bill as it now
stands. The section confirms and protects, it is stated, the
jurisdiction of the Commission over such agreements, and
confirms existing laws against joint agreements to maintain
rates.
The amendment to the section (18) forbidding the issuing
of injunctions to prohibit peaceful assemblages, picketing
and boycotting, which was agreed upon by members
of the Judiciary Committee last week, was adopted by the
House on the 2d inst. This amendment provides that—
"Nor shall any of the acts specified in this paragraph be construed or
held unlawful."
Section 18, as amended, now reads as follows:
That no restraining order or injunction shall be granted by any
court of the United States, or a judge or the judges thereof, in any
case between an employer and employees, or between employers and employees, or between employees, or between persons employed and persons
seeking employment, involving, or growing out of, a dispute concerning
terms or conditions of employment, unless necessary to prevent irreparable
injury to property, or to a property right, of the party making the application, for which injury there is no adequate remedy at law, and such property or property right must be described with particularity in the application: which must be in writing and sworn to by the applicant or by his agent
or attorney.
And no such restraining order shall prohibit any person or persons from
terminating any employment, or from ceasing to perform any work or
1732
THE CHRONICLE
[VoL. xcviii.
abor, or from recommending, advising, or persuading others by peaceful vision by providing Federal incorporation. He explained the difficulties in
means so to do; for the purpose of peacefully obtaining information, or waiting for a long time before the Commission for permission to sell securifor peacefully persuading any person to work or to restrain from working; ties, and said that this might result in a lower price or the good market
or from ceasing to patronize or to employ any party to such dispute, or passing.
from recommending, advising or persuading others by peaceful means so
A. H. Harris, General Counsel for the New York Central,
to do; or from paying or giving to, or withholding from, any person engaged
In such dispute, any benefits or moneys or things of value; or from peace- also had something to say in objection to the bill. Incidenably assembling at any place in a lawful manner, and for lawful purposes; tally, he pointed out that the question of an increase in
or from doing any act or thing which lawfully might be done by any party
freight rates has been under consideration by the Inter-State
thereto.
Nor shall any acts specified in this paragraph be construed or held Commerce Commission for a year, and observed that "if
unlawful.
there were any such delay over an application for the issue
of securities by a railroad, it might be disastrous." In lieu
Section 12 of the bill, which seeks to make guilt personal of the pending legislation, Mr. Harris favored the Federal in(the full text of the bill was published in our issue of May 9) corporation of railroads, which, he argued, would simplify
has been re-written and strengthened; as changed it reads corporate management of the roads and unify control.
as follows:
Edward P. Ripley, President of the Atchison Topeka &
"Whenever a corporation shall violate any of the provisions of the antiSanta Fe RR., stated that the proposed law in .regard to
trust laws, such violations shall be deemed to be also that of the individual
directors, officers or agents of such corporation who shall have authonized, the issuance of new securities would put a complete stop to
ordered or done any of the acts constituting, in whole or in part, such the construction of new branch lines and roads. He advoviolation,and shall be deemed a misdemeanor; and upon conviction therefor
"Times" says, the widest possible publicity for
of any such director, officer or agent, he shall be punished by a fine not cated, the
exceeding $5,000 or by imprisonment not exceeding one year, or by both,in all security issues, but in answer to a direct question expressed
the discretion of the court."
himself as opposed to holding directors' meetings in public.
With the conclusion of its deliberations on the Clayton Such a proposal, he argued, would be a grave mistake; "supbill, the second of the measures it has disposed of, debate pose," he said, "we wanted to discuss the purchase of a
was begun (on the 2d) on the third and last of the House branch line or of a coal mine or of Some pending labor
anti-trust bills—that providing for the Federal control of trouble—do you think we would want that discussion public?
railroad stock and bond issues.
Why,such a course would make business secrets impossible."
According to the Philadelphia "Ledger," the most comIn expectation of the passage by the House of the Rayburn plete and detailed control by the Inter-State Commerce
bill regulating railroad security issues, the Senate Committee Commission over the issuance of securities by common caron Inter-State Commerce began hearings on the bill on the riers was advocated before the Senate Committee on Inter2d inst. Dangers in the bill were pointed out at Wednes- State Commerce on the 2d inst. by Judson C. Clements and
day's hearings by Judge Robert S. Lovett, Chairman of the Henry Clay Hall of the Inter-State Commerce Commission.
Executive Committee of the Union Pacific RR., who,in as- In pointing out that the bill proposes to give the Commission
sailing its features, declared that if it were enacted it might "access" to the bodks, records and memoranda of any
result in bankrupting a great many systems. In setting out carrier or any of its agents, officers, attorneys, or of any
his convictions on this point he said:
corporation with which the carrier had business dealings,
"The Union Pacific road now has about $30,000,000 in undivided surplus the "Ledger" says:
that we might wish to usefor additions and betterments withoutissuing bonds.
That fund must be replaced, but we could not under this proposed law issue
bonds to replace that fund, because the Commission could not approve the
application. If this bill were to be enacted a great many systems might
become bankrupt and go into the hands of receivers because they could
not finance themselves."
In citing other dangers which he could see in the bill,
Judge Lovett took exception to the provision preventing a
director of one railroad from serving on the board of another.
Some of his strictures are reported in the New York "Times"
as follows:
"Take the case of the Union Pacific. We own every share of the stock
of the Oregon Short Line, by which we get to Portland from Salt Lake City.
Under this bill we could not have the same traffic officers, the same President—the head of the system could not unify his management. It would
prevent the standardizing of equipment, of maintenance, and operation.
It would mean the turning of the wheels of progress backward and destroying the continuity of management.
"The Union Pacific is not peculiar in this respect. Should this bill pass
and be enforced, the New York Central would terminate at Buffalo, the
Pennsylvania would be cut in two at Pittsburgh and the Baltimore & Ohio
would terminate at Parkersburg, W.Va. The Southern Pacific, a continuous ocean-and-rail line from New York to San Francisco, and through to
Portland, Ore., would be divided into seven or eight parts."
"If your directors were compelled to get off the boards of these subsidiary
companies, would it not compel you to use dummy directors"? asked
Senator Brandegee.
"That would be the natural consequence," said Judge Lovett. "But
what I want to call attention to is what would be the evident intention
of the law, which would be to divorce the properties and break up the
continuity of management.
"I called the attention yesterday of Inter-State Commerce Commissioners
Clements and Hall to this situation, and they said they might obviate the
difficulty by permitting us to continue with the same officers and directors.
That might work out all right in our case, but I submit that it is practically
asking Congress to pass a law to condemn a condition and then relying on a
pardoning power to excuse what would otherwise be a violation of the law.
There never has been, to my knowledge, any objection to the control of a
continuous line of railroad by one management. That has always been
regarded as a big benefit to the country.
"Many of the companies that own links in the big chains have issued
bonds and other securities the value of which would be seriously affected by
such a splitting up of the railroads."
"Another clause of the bill to which I particularly object is that which
prevents the issuance of new securities by a railroad company except where
they are, in the language of the bill, 'necessary in the public interest to the
proper performance of its service for the public.' Such a provision would
absolutely prohibit the purchase, for instance, of a branch line. Such a
purchase could not be considered 'necessary in the public interest to the
proper performance of its service for the public.'
"This provision would also prevent us from making improvements out
of cash on hand and later re-couping the treasury by the sale of bonds, so
as to restore the amount of cash on hand for the purpose for which it was
being saved. This is a universal practice of all railroads—to make improvements out of cash on hand and sell the bonds when the market is right."
"Couldn't you arrange in advance for the Commission's permission"?
asked Senator Saulsbury.
"We would have to state in detail, according to this bill, just what we
proposed to do with the money," said Judge Lovett. "We might change
our minds about what we wanted to do."
Judge Lovett pointed out that the bill would usurp many State functions
and deny to the railroads the right to exercise privileges given to them by
the States, while at the same time it would not take away the State super-
Commissioner Hall particularly defended the provision. Senators Brandegee, Lippitt and Saulsbury indicated that they believed it too drastic.
"It looks to me," said Senator Brandegee, "like giving the Commission
power to go on fishing expeditions."
Senator Lippitt criticised the Commission's further proposal that records
be kept until the Commission gives authority for their destruction. He
said that under such construction a department store which sold railroad
caps for its trainmen would be required to keep a record of the transaction
until authorized by the Commission to destroy them.
Commissioner Hall agreed that this construction was correct, and argued
it might be a good thing for the Commission to have such power.
Commissioner Clements is quoted in the New York "Sun"
as saying:
"I dread the day when Government ownership may come and I hope it
will not come. I believe, however,that the public is honest and fair-minded
enough to concede that they (the roads) are entitled to reasonable profits
and will be willing to pay the rates that will yield the profits without
forcing the Government to take them over.
"What the public demands and has a right to have is knowledge that
roads assume an indebtedness for the purpose of bettering the service, not
exploiting the road for purely financial purposes."
George F. Brownell, Vice-President of the Erie RR. and
Edward S. Jouett, General Counsel of the Louisville & Nashville, were two other railroad interests which pointed out
harmful results which the enactment of the bill would produce. In his criticism of it Mr. Brownell said :
I see no escape from the conclusion that this Act would make the InterState Commerce Commission the general managers and board of directors
of all the railroads in the United States. And it would do this without
giving the members of the commission any of the responsibility such officials now have. It would rob the directors of power, increase their
responsibility and create an interlocking directorate of Government officials with powers more vast than any one has over dreamed of.
I am not opposed to the propel'supervision of security issues. Reasonable
regulation of that character is rather desirable than otherwise. If Congress
were considering a law to that effect, which would exclude regulation by the
several States, so that it would be the only supervision which the new security issues would have to undergo, and would so frame the legislation that it
would not hamper the carriers in obtaining funds that they might need for
legitimate improvements, we would not be here objecting to It.
In Mr. Jouett's opinion the unlimited powers which the
bill confers on the Inter-State Commerce Commission would
make it unconstitutional if enacted into law. In expressing
this view, Mr. Jouett said:
Not even in the palmiest days of Venice,nor in Russia, was ever such unrestricted authority given as it is proposed to give the Commission and its
agents in this bill. Under its provisions it would be possible for an agent
of the Commission to enter the office of the President of a railroad, examine
whatever papers he might find there, without stating what it was he sought,
make an ex parte report upon what he found, and blast the good name and
fame of the railroad. He might be corrupt and might use the information
he obtained through the examination of the papers to the detriment of the
road, or in aid of a competing line.
The results of the referendum on the Inter-State Trade
Commission bill conducted by the Chamber of Commerce
of the United States were made public on the 2nd inst. The
creation of a commission is approved by a vote of 522 to 124.
JUNE 6 1914.1
THE CHRONICLE
The votes were filed by 245 commercial organizations in 35
States, constituent members of the national chamber; each
organization was allowed from one to ten votes,in accordance
with the number of its members. The series of recommendations which the Chamber submitted for an expression of
views were outlined in our issue of April 18. The first of
these, which resulted in the above vote, was:
1. That there be create.l an Inter-State Trade Commission of at least five
members, appointed by the President and confirmed by the Senate, not
more than a mere majority of whom shall be of the same political party.
On the other recommendations the results were as follows:
2. That jurisdiction of the Commission in conducting investigation
extend to all corporations engaged in Inter-State or foreign commerce,
except such as are amenable to the Inter-State Commerce Commission.
(It has not been judicially determined whther or not banks are engaged in
inter-State commerce, but it is not understood to be the purpose of the
bill creating an Inter-State Trade Commission to include banks among the
corporations placed within the jurisdiction of the Commission.)
Approved by a vote of 531 to 89.
3. The Trade Commission should not now be given authority to advise
applicants concerning the legality of proposed contracts, combinations, &c.,
under the Sherman Act.
Rejected by a vote of 308 to 303.
4. That the annual reports of corporations, if required, should at the
outset be confined to those of the larger corporations (say, to those having
capital resources of $5,000,000 or more, or to those having an annual income
of $2,500,000), and to such other classes of corporations as the Commission
may officially determine.
Approved by a vote of 512 to 91.
5. That in the annual reports made to the Commission, corporations
ought not to be required to disclose trade processes, shop costs, classification
of sales and profits among particular articles, names of customers, or other
like private information.
Approved by a vote of 542 to 75.
6. That the publication of facts obtained by the Commission be confined
to such as are to the public interest.
Approved 573 to 47.
7. That Congress should direct the Commission to investigate and report
to Congress at the earliest) practicable date on the advisability of amending
the Sherman Act to allow a greater degree of co-operation in the conduct,
and for the protection, of the foreign trade.
Approved 547 to 58.
In a petition addressed to the House Judiciary Committee,
under date of May 22, the Philadelphia Clearing-House
Association protests against the proposed legislation prohibiting interlocking bank directorates, which provision, if
enacted, it says, "will do more to tear down and lower the
tone of bank management in this country than anything
which has occurred in all the years gone by." The petition,
signed by a committee consisting of Joseph Moore Jr., President; John C. Boyd, Secretary; L. L. Rue,J. R. McAllister,
E. F. Shanbacker, Charles S. Calwell, S. S. Sharp, Effingham B. Morris, W.T. Elliott and Joseph Wayne Jr., says in
part:
The motive prompting the introduction of the interlocking directorate
feature into this new statute, as we understand it, seems to be the hoped-for
correction of certain abuses which it is alleged have crept into banking and
more particularly into the extension of credit, and which it is further urged
have curtailed competition.
In seeking to correct what has been claimed as an evil existing in one
part of the country, a vital injury in the sum total may be done to the
great mass of our banking institutions and to the community-at-large by
the enactment of this law, and beyond that we believe irreparable harm
will result to the Regional Bank System as a whole. This system should
not be weighted down with unwise laws, but should be left to work out its
problem untrammeled. By its merits it should attract the widest and
strongest support—should draw to it through the advantages it offers
every factor which makes for the larger success.
Here in Philadelphia through a long term of years we cannot recall an instance in which interlocking directorates have prevented fair and reasonable
competition or curtailed in any way the credit of any individual entitled
to credit.
The Act, as proposed, will affect many of our strongest boards of directors
here in Philadelphia, in many instances it will practically destroy them.
Many of these men are allied with vigorous trust companies and other Important interests; these connections are not in competition in the proper
sense of the word, but on the contrary are most helpful in promoting the
general welfare.of the banking community. A compulsory choice in these
Instances between a trust company and a bank will result in favor of the
trust company, and thus weaken the management of many of the member
banks of the Regional System.
Can Congress afford to force this new legislation upon the country
and lower the vigor and tone of the Regional System at the start? This
System has yet to be "tried out," and its success is not by any means
beyond peradventure.
The national banks have with surprising unanimity entered this System,
but neither you nor we should permit that fact to deceive us. Already
there exists a feeling that later we may be disillusioned. Is it wise for
Congress to add now any element which may increase the doubt and
unrest which are in the thoughts of hundreds of bank managements not now
able to measure the results of the Federal Reserve Act, and which managements have assented with the purpose of trying out the plan in all fairness
to it and to themselves?
Bankers in considerable numbers in various smaller towns are quietly
expressing themselves in this way. They can make no forecast at this
time of the advantages or disadvantages which will or will not accrue to
their locality. They have elected to enter the System, knowing they can
later go over to the State System if they prefer.
The State systems are growing with rapid strides in many sections of the
country, outstripping the national banks in number and prestige, while it is
worthy of note that our State banks and trust companies are not overstrenuous in their efforts to adopt the regional plan. Does it not, therefore.
behoove Congress and all real friends of the Regional System to move in
1733
a manner calculated to attract to that system strong banks and the strong,
trained men of the country, rather than to repel, and by legislating drive
these men out of the managements in which they are needed? Does it
not seem the part of business acumen that in the first days of this new
Federal System a confidence should be generated that would weld together
a great mass of strong banks and strong men rather than that timidity and
alarm should disintegrate it in whole or in part?
The ranks of well-equipped bank directors will never be over-crowded;
these men are born of experience—they are not over-night products.
We respectfully submit that it is unwise to harass the country with too
many new experiments, phases and standards at one time. Let this new
banking system, which has so much of merit in it, not be weakened by trying
out too many theoretical problems; if this occur, in the end the unexpected
may happen, and we may see the whole system thrown into financial d s
cord.
THE FEDERAL RESERVE.DISTRICTS.
Differences which have arisen in the ranks of bankers of
Group III of the New York Federal District has resulted in
the naming of two sets of candidates for the Class A and B
directors in this Group. The nominating Committee last
week named as the candidate for Class A of Group III
Franklin D. Locke, Vice-President of the Manufacturers' &
Traders' National Bank of Buffalo. The nomination of
the Class B director was deferred until this week. .As noted
last week, the Class A directors (bankers) of the three groups
chosen by the nominating committees are all officers of
institutions which belong in Group I, comprising banks
having aggregate capital and surplus of $190,000 or more.
Group HI is made up of banks having a capital and surplus
of less than $70,000; some dissensions in this group marked
the meeting at which its nominating committee was chosen
on May 23; the insurgent movement made itself felt at the
meeting held in Albany on Wednesday of this week for the
purpose of choosing the Class B candidate, with the adoption,
by a vote of 18 to 4, of the following resolution offered by
B. G. Higley of the Hudson Falls National Bank.
Resolved, that this meeting recommend that a member for Class A and
Class B directors of Group HI, regional reserve bank of New York, be a
man representative of Group HI and an officer of a Group III bank, or
associated with the interests of Group III banks in a financial and business
way.
The two tickets for Group III named as a result of the
split in this group are:
Group III—Regulars—Class A—Franklin D. Locke, Vice-President of
the Manufacturers' & Traders' National Bank of Buffalo.
Class B—William H. Vary of Watertown, Master of the State Grange.
Group III—Insurgents—Class A—D. D. Woodard, President of the
Granville National Bank of Granville.
Class B—Leslie R. Palmer of Croton-on-the-Hudson.
Some dissatisfaction also appears to exist among the
bankers of Group II as to the candidates named on that
ticket; a letter circulated among members of this Group
calling for a meeting at Utica yesterday (Friday) says:
As only a very small minority of the banks of Group No. II of the Second
Reserve District were represented in New York at a conference held May 22,
and at that time it was not generally understood that the directors of the
Federal reserve bank for this district were to be selected, two from each
group, we do not think even the nominating committee appointed at this
conference understood that this was the intent of the new currency law;
otherwise candidates from this group would have been selected.
•
Comptroller of the Currency John Skelton Williams issued
on Tuesday a statement which calls attention to the fact
that nominations for the directors of Class A and B must be
carried out strictly in accordance with the Federal Reserve
Act. The statement is as follows:
The Reserve Bank Organization Committee to-day announced that the
nominations and elections of directors of Classes "A"and"B"for the twelve
Federal reserve banks, which begin this week, must be carried out strictly
in accordance with the provisions of the Federal Reserve Act, and that if
this is not done, defective ballots and ballots cast improperly will be thrown
out. The Committee also stated that the electors selected by each member
bank have, under the provisions of the law, the right of secret ballot; that
all ballots, upon being executed by the electors must be mailed promptly
in sealed enveloped to the Organization Committee at Washington and will
not, after being signed by the elector, be subject to the scrutiny or inspection
of any one but the Organization Committee or the Federal Reserve Board.
Each member bank, large or small, has the right to cast its vote free
from the advice, direction or restraint of any other bank or association of
banks. This right of free ballot is inherent with every member bank and
will be fully protected by the Committee.
Secretary of the Treasury McAdoo, with his return to
Washington on the 4th, gave out the following on the progress
in the organization of the Federal reserve banks:
"I am gratified to find on my return that the organization of the Federal
reserve banks has proceeded rapidly and satisfactorily and that progress is
ahead of the schedule originally mapped out. The election of directors
of the reserve banks should be completed about July 1, and the banks should
be organized and ready to begin business about Aug. 1, as originally
planned.
"The fact that the Federal Reserve Board has not yet been completed
has not delayed the organization of the Federal reserve banks in the slightest
degree. I have had a preliminary talk with the President about the Board,
but any information relating to this matter will have to come from the
President.
"It isa, great injustice to the banks to represent them as having protested
against furnishing the information recently called for by Comptroller
Williams. Not a single protest has been received, but on the contrary,
1734
[VOL. xcviii.
THE CHRONICLE
Group 3—Class A.—C. E. Burnham, President Norfolk National Bank.
so far as the Department knows, the banks are co-operating willingly and
effectively, because they realize that the desired information will be of Norfolk, Neb.
Class B.—L. A. Wilson, El Reno.
great value in determining the scope and effectiveness of the operations
of the Federal reserve banks.
the
of
"I am,in fact,highly pleased with the co-operation which the banks
The California Bankers' Association at its annual meeting
country have given to the Committee in the initial work of installing
this important system. There is a general recognition of the value of the in Oakland on May 28 approved the directors nominated for
Federal Reserve Act and of the great advantages that will come to the
general business of the country and the banks from the operations of the the San Francisco Federal Reserve Bank (District No. 12);
new Federal Reserve System.
the candidates are:
"It is also pleasing to note that the annual scare of tight or insufficient
Group 1—Class A.—C. K. McIntosh, Vice-President of the Bank of
money to move the crops has not appeared this year. There will be no California, San Francisco.
move
the
required
to
providing
difficulty about
all the money that may be
Class B.—A. B. C. Dohrmann, of San Francisco.
crops this fall, no matter how big or record-breaking they may be."
Group 2—Class A.—James K. Lynch; Vice-President of the First
National Bank of San Francisco.
Class B.—J. A. McGregor, President Union Iron Works, San Francisco.
The national banks in New York received on ThursGroup 3—Class A.—Alden Anderson, President Capital National Bank,
Sacramento.
day from the Federal Bank Organization Committee the
Class B.—Elmer C. Cox, of Madera, Cal.
blank forms on which they are to indicate their choice of
.candidates to be voted on as directors of the Federal Reserve
Bank of New York. There are three certificates in all—a
yellow one for Class A directors, green for Class B and white
for the name of the elector of each bank. Each bank is to
vote only for the candidate of its group.
James B. Forgan, President of the First National Bank
of Chicago announced on May 29 his withdrawal as candidate
for Class A director of Group I of the Chicago Federal
reserve bank (District No. 7). Mr. Forgan and George
M. Reynolds, President of the Continental & Commercial
National Bank of Chicago, were both candidates for the
office. In announcing his withdrawal as candidate of this
group, Mr. Forgan accepts the proposal that he become a
candidate for Group II; the following is his statement in the
matter:
At the meeting of the Chicago banks members of the Federal reserve
bank held about ten days ago both Mr. Reynolds and I were unanimously
endorsed for a Class A directorship of the Federal reserve bank, and a committee was appointed to devise some way to have us both elected. Besides this action by the Chicago banks a large number of banks outside of
Chicago have strongly urged that, being in Chicago, where the Federal
reserve bank will be located, both Mr. Reynolds and I should be on the
board of directors.
As the banks of the district are divided into three groups and each group
elects one Class A director, this could not be accomplished unless Mr
Reynolds and I slmiuld become candidates for different groups and this we
have net until now agrreed to do. The committee proposed yesterday that
I should change my candidacy from Group I to Group II and at the same
time with the support of the Chicago banks become a candidate for membership for this district of the Federal Advisory Council.. This is a very important position in connection with the administration of the new banking
system, and feeling the awkwardness of the situation I was willing to break
the deadlock and accepted the committee's proposal. I am now,therefore,
a candidate for Class A director of Group II and have the support of the
Chicago banks for membership of the Federal Advisory Council, there
being nothing in the law to prevent my filling both positions.
INCOME TAX RULES AND REGULATIONS.
•
A number of new rulings respecting the income tax were
announced this week by Internal Revenue Commissioner
W. H. Osborn. The first of these extends to October 31
1914 the regulation waiving the requirements for the filling
in on certificates of the numbers of the bonds of corporations,
&c. The original regulation (T. D. 1,901) waiving until
March 31 1914 the Treasury requirements on this point was
published in our issue of December 6; the extension of the
waiver to June 30 1914 was noted in our issue of March 14
1914. The latest extension is contained in the following
decision :
(T. D. 1,985).
EXTENSION TO OCT. 31 1914 OF WAIVER OF REGULATIONS
PROVIDING FOR THE FILLING IN ON CERTIFICATES
USED IN CONNECTION WITH THE INCOME TAX
OF THE NUMBERS OF BONDS OF CORPORATIONS, &C.
TREASURY DEPARTMENT.
Office Commissioner of Internal Revenue.
Washington, D. C. May 28 1914.,
Notice is hereby given that Treasury Decision 1,955, issued March 10
1914, waiving until June 30 1914, the requirement that the numbers of
bonds or other like obligations of corporations, &c., from which interest
coupons are detached or upon which registered interest is to be paid, shall
be filled in on the certificates to be used in connection with the income tax.
is hereby extended to October 311914.
W. H. OSBORN, Commissioner.
Approved:
C. S. HAMLIN, Acting Secretary.
A ruling of May 29 indicates the conditions under which
collecting agents and banks may substitute their certificates
(Forms 1,058 and 1,059) for owners' certificates accompanying coupons deposited for collection; the regulation in this
In Cleveland on the 4th inst. the following were nominated case is as follows :
(T. D. 1,986.)
as directors of the Cleveland Federal Reserve Bank (District
EXECUTION OF INCOME TAX SUBSTITUTE CERTIFICATES
No. 4):
1,058 AND 1,059 BY BANKS OR COLLECTING AGENTS.
Group 1—Class A.—Thomas H. Wilson, Vice-President of the First
TREASURY DEPARTMENT.
National of Cleveland; Charles A. Paine, President of the National City
Office Commissioner of Internal Revenue.
of Cleveland: Robert W. Wardrop, President of the People's National of
Washington, D. C., May 29 1914.
Pittsburgh: and William S. Rowe, President of the First National of
To Collectors of Internal Revenue:
Cincinnati.
You are advised that as a convenience to banks and collecting agents
Class B.—Harry Coulby, President of the Pittsburgh Steamship Co.,
substitute their certificates, Forms 1,058 and 1,059, for the
Cleveland; Henry M. Marlick, President of the Standard Oil Cloth Co. who desire to
accompanying the coupons deposited for collection, it is
Youngstown; and Thomas A. Combs, building contractor and former owner's certificate
hereby provided that the name of the bank or collecting agent may be
Mayor of Lexington, Ky.
printed or stamped, and that a facsimile of the signature of the person
Group 2—Class A.—W.A. Graham, Sidney, 0.
the substitute certificate for the bank or collecting agent
Class B.—E. L. McClain, of Greenfield. O.; and C. H. Bagley, of authorized to sign
may also be printed or stamped on the certificate.
Corey,Pa.
Provided, that in all cases the banks shall first file with the Commissioner
Group 3—Class A.—Stacey B. Rankin, private banker, of South Charlesof Internal Revenue a certificate of its authorization in substantially the
ton, 0., and Secretary of the Ohio Bankers' Association.
form following:
Class B.—A. B. Patrick, of Salyersville, Ky.
The Georgia Bankers' Association has unanimously endorsed L. P. Hillyer, Vice-President of the American National Bank of Macon, Ga., as Class A director for the
Federal Reserve Bank of Atlanta (District No. 6). Mr.
Hillyer is Georgia's only candidate. His opponents are
W. H. Hassinger, a director of the First National Bank of
Birmingham, Ala., and W. R. Cole, a director of the Fourth
and First National Bank of Nashville, Tenn.
E. W. Lane, President of the Atlantic National Bank of
Jacksonville, Fla., and F. W. Foote, Vice-President of the
National Bank of Commerce of Hattiesburg, Miss., were
Mr. Hillyer's opponents up to a short time ago, when they
withdrew and qualified in the race for Group II instead
of Group 1.
City.
Date.
The Commissioner Internal Revenue,
Washington, D. c.
The undersigned hereby authorizes the use of the facsimile signature
shown below upon all substitute income tax certificates issued in its name
until this authorization is revoked by written notice to you.
Name of bank or collecting
agency.
By
Signature of person
authorized to sign.
Facsimile signature of person
authorized to sign.
Official position.
W. II. OSBORN, Commissioner.
Approved:
C. S. HA.MLIN, Acting Secretary.
The third among this week's regulations relates to,
-Forms
For the Kansas Federal • Reserve Bank (District No. 1,015 and 1,019 (revised) for the use of fiduciary agents and
upon
on
the 2d are:
10) the nominations decided
shows how they may be adapted in cases where fiduciaries
Group 1—Class A.—Gordon Jones, President of the United States
report for more than one estate or trust. A similar regulaNational Bank of Denver.
tion was issued by the Treasury Department on March119
Class B.—M. L. McClure, Kansas City.
Vice-President
Exchange National and the latest edict is made to apply to the forms
Group 2—Class A.—W. J. Bailey,
1,015:and
Atchison.
Bank of
1,019, as revised under date of May 2; it is as follows :
Class B —Thomas C. Byrne, Omaha.
JUNE 6 1914.]
THE CHRONICLE
(T. D. 1,987.)
FORMS 1,015 AND 1,019 (REVISED) MAY BE ADAPTED SO
THAT
• BUT ONE CERTIFICATE WILL BE REQUIRED TO BE
FILED WITH COUPONS FROM THE SAME ISSUE
OF BONDS, THE PROPERTY OF DIFFERENT
ESTATES OR TRUSTS.
TREASURY DEPARTMENT,
Office Commissioner of Internal Revenue.
Washington, D. C., May 29 1914.
To Collectors of Internal Revenue:
Under Income Tax Regulations 33, Articles 39 and 70, fiduciaries
are required to file certificates on Forms 1,015 or 1,019 (now 1,015 and
1,019,
revised) according to the nature of the claim to be made by the ficduiary
for
each issue of bonds and for each trust.
It is therefore provided that where fiduciaries have the custody and
control of more than one estate or trust, and said estates or trusts have
as
assets bonds of corporations, &c., of the same issue, said fiduciaries
may
adapt certificates Form 1,015 or 1,019, revised, by changing the words
"estate or trust" in lines 1, 2 and 3, of said forms to the plural and writing
on blank lino provided for the (name of the estate or trust) the words:
"As noted on the back hereof." In such cases the notation on the
back
of the certificate should show for each estate or trust:
(a) The name of the estate or trust.
(b) The amount of the bonds.
(c) The amount of the interest.
In all other respects the certificates should be filled out as indicated thereon.
W. H. OSBORN, Commissioner.
Approved:
C. S. HAMLIN, Acting Secretary.
1735
ACCEPTANCE OF CERTIFIED CHECKS IN PAYMENT OF INCOME
TAX.
Your letter of the 28th ultimo has been received, in which you quote a
letter of the 27th idem, addressed to you by the President of the First
National Bank of Abingdon, calling attention to the fact that you are
receiving from taxpayers in payment of income tax certified checks from
various points in your district. The bank requests you to require the
Income tax to be paid in New York, Washington, Baltimore or Philadelphia
funds which can be used in New York at par for the reason that they are
required to remit every day in New York funds.
You call attention to the instructions on Form 647, notice of assessment
of special excise and income tax, which,you state, instruct taxpayers that
they may remit by certified check and that most of them are doing so.
You ask what steps shall be taken by you in case the bank declines to accept
certified checks for deposit.
In reply to your request as to what action should be taken in case the
bank declines to accept certified checks, your careful attention is invited
to the regulations published as Department circular No. 11,dated March
27 1913, copy inclosed. You will note that you are required to accept in
payment of all internal revenue taxes certified checks drawn in your favor
on national and State banks and trust companies located in the city of
Abingdon, and in addition such "out of town" certified checks as you can
cash without cost to the Government. In the event that the depositary
will not accept for deposit "out-of-town" certified checks, you
are not
required by law or regulations to accept such checks in payment of internal
revenue taxes.
The law does not specifically authorize the acceptance
of any form of
exchange in payment of internal revenue taxes other
than currency and
such certified checks as are specifically described
in Department circular
No. 11, reference to which is made above.
If, however, the Collector
elects to accept drafts or other mediums of exchange
not specifically authorized by law he does so at his own risk, but it may
be said that, if the depositary bank will accept such forms of exchange indorsed
by the Collector
without recourse and issue therefor regular certificates
of deposit, the
monetary responsibility would appear to be shifted from the
Collector to
the depositary, inasmuch as the Collector would be entitled to credit in
his accounts by reason of the issuance of such certificates of deposit."
The Treasury Department in another decision gives
bankers in the United States the right to execute certificates
of ownership for non-resident alien owners of domestic
bonds; heretofore these certificates had been available for
use by bankers in foreign countries only. We print the
Under a resolution passed by the U. S. Senate on the 4th
regulation herewith:
inst., the Secretary of the Treasury is directed to remit the
(T. D. 1,988.)
penalties imposed under the income tax law for failure to
CERTIFICATE OF OWNERSHIP OF BONDS—NON-RESIDE
NT make the proper return by March 1, where such failure is
• ALIEN—(FORM 1,060), PROVIDED TO BE EXECUTED
BY
not due to a wilful purpose to refrain from making the same,
FOREIGN BANKS OR BANKERS, MAY BE USED BY
and where the returns have been completed by June 1.
DOMESTIC BANKS OR BANKERS.
The resolution was introduced by Senator Hoke Smith on
TREASURY DEPARTMENT,
the 1st inst. In part it reads:
Office Commissioner of Internal Revenue.
Washington, D. C., June 2 1914.
To Collectors of Internal Revenue:
The provisions of T. D. 1,977 permitting responsible banks or bankers of
foreign countries to execute certificates of ownership Form 1,060 for nonresident alien owners of bonds of domestic corporations, are hereby extended to and for the use of responsible banks or bankers in the
United
States for and in behalf of non-resident alien owners of bonds
of United
States corporations.
W. H. OSBORN, Commissioner.
Approved:
0. S. HAMLIN, Acting Secretary.
Be it resolved, That the penalties provided by the Act approved Oct. 3
1913 for failure to properly return income tax provided in the Act be,
and the same are, hereby remitted for the present year where said return
was completed by June 1 of the present year, where failure to make said
return was not due to a purpose wilfully to refrain from making the same,
and penalties which have been paid are remitted and directed to be returned.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 50
slaves, of which 35 shares were sold at the Stock Exchange
and 15 shares at auction. No trust company stocks were
The Commissioner of Internal Revenue in the following sold. Extensive tables reporting bid and asked quotations,
decision seeks to make clear the losses which are deductible deposits, surplus, &c., of banks and trust companies in all
important cities in the United States are published monthly
from gross income:
in the "Bank and Quotation Section", the June issue of
(T. D. 1,989.)
which accompanies to-day's "Chronicle." Bid and asked
DESIGNATION OF LOSSES WHICH ARE
DEDUCTIBLE FROM
quotations for all New York City bank and trust company
GROSS INCOME WITHIN A TAXABLE
YEAR.
stocks are also published weekly in another department of
TREASURY DEPARTMENT.
Office Commissioner of Internal Revenue,
the paper, and will be found to-day on pages 1747 and 1748.
Washington,
D. C., June 2 1914.
To Collectors of Internal Revenue:
Several letters have been received in which inquiry has been
made as to
whether losses resulting from the sale of real estate by individuals
are properly deductible from gross income in the returns of annual net income
of
individuals for the income tax.
Under Paragraph B of the Income Tax Law it is provided that
among the
deductions to be allowed shall be:
"Losses actually sustained during the year incurred in trade or
arising
from fires, storms, or shipwreck, and not compensated for by
insurance or
otherwise."
Losses arising from fires, storms, or shipwreck, and not compensated
for
by insurance or otherwise are easily ascertained and there would not
appear to be any chance of any erroneous construction as to these.
Losses
actually sustained during the year incurred in trade are limited by
the language of the Act itself.
"In trade" is synonymous with "business."
"Business" has been defined as: "That which occupies and
engages
the time, attention and labor of any one for the purpose of
livelihood,
profit, or improvement; that which is his personal concern
or interest; em
ployment or regular occupation; but it is not necessary that
it should be his
sole occupation or employment."
The doing of a single act incidentally orrof necessity
not pertaining to the
particular business of the person doing the same will
not be considered en_
gaging in or carrying on the business. It is, therefore,
held that no losses
are deductible in a return save, and only, those losses permitted
and provided for by the statute, viz.: Those actually sustained
during the year—
which are—"incurred in trade."
Or which arise from—"fires, storms, or shipwreck, and not
compensated
for by insurance or otherwise."
W. H. OSBORN, Commissioner,
Approved
C. S. HAMLIN, Acting Secretary.
Shares. BANKS—New York.
Low. High.
*35 Commerce Nat. Bank of 170
170
10 Metropolitan Bank
180
180
5 Nassau Bank. Nat.t
125
125
Close.
Last previous sale.
170 May 1914— 169
180 Mar. 1909— 190
125 June 1912— 202
* Sold at the Stock Exchange. tIn liquidation.
A New York Stock Exchange membership was posted for
transfer this week the consideration being $42,000. The last
preceding transaction was at $45,000.
The steamship disaster in the St. Lawrence River on
May 29, when, in a dense fog, the Canadian Pacific steamer
"Empress of Ireland" and the collier "Storstad" collided,
resulting in the sinking of the former, cost the lives of 1,024
persons. The steamer, according to statistics made public
by the Canadian Pacific Railway Steamship Co. on the
2d inst., carried passengers and crew to the number of 1,476,
of which but 452 were saved. The officers and crew numbered 413, while there were 1,063 passengers on board, of
which 89 were traveling first class, 256 second class and 718
third class; of the passengers but 219 were rescued (36 first
cabin, 47 second cabin and 136 third class); the other 233
of the 452 saved consisting of officers and crew. That so
great a number of the latter were saved is accounted for by
the fact that a larger detail than is customary was on duty
because of the unfavorable weather conditions; furthermore,
A ruling on the acceptance of certified checks in payment the accident occurred about
2:12 Friday morning, when nearof taxes has, we learn from the "Journal of Commerce",been ly all the passengers had
retired for the night; many, apparsubmitted to the Internal Revenue Collector at Abingdon, ently, were trapped
in their berths and staterooms, and the
Va., as follows:
rapidity with which the steamer went to the bottom (it
1736
THE CHRONICLE
sank in less than fifteen minutes after the collision) left little
time for rescue work. Confusion as to the meaning of the
signals exchanged between the two vessels seems to have
been responsible for the disaster. The charge by Captain
Henry G. Kendall of the "Empress of Ireland" that Captain
Andersen of the "Storstad" (which carried 10,500 tons of
coal) had backed away immediately after striking the liner,
thus allowing the water to rush in rapidly instead of standing by
and capping the hole his vessel had made,is denied by Captain
Andersen, who claims that the headway of the "Empress"
swung the "Storstad" around in such a way as to twist the
latter's bow out of the hold and to bend the bow itself over
to port. The "Empress" was bound from Montreal to
Liverpool. Among the more prominent of its passengers
who went down with it were Sir Henry Irving's son, Laurence
Irving, and the latter's wife, Mabel Hackney; Sir Henry
Seaton Karr, the English barrister; and about 150 delegates
of the Salvation Army who were to attend a conference in
London, perished with the ship.
At the invitation of the Canadian Government, the British
Board of Trade on the 2d inst. appointed Lord Mersey of
Toxteth a member of the Court of Inquiry into the St. Lawrence disaster. Lord Mersey was President of the British
Commission which investigated the "Titanic" tragedy.
That disaster, in April 1912, claimed the lives of over 1,600
persons out of a total number on board (including passengers
and crew) of 2,340.
Supplementing his remarks made last week to the delegation representing Middle Western manufacturers on the present business depression, President Wilson this week, in his
talk with newspaper men, expressed it as his belief that
there is no actual depression in the general business of the
country, any which exists radiating from the railroad offices.
The roads, forced to curtail expenditures for extensions, he
explained, had caused a curtailment of activity, for example,
in the steel industry, the revenues of which are largely derived
from the railroads. This in turn, he added, had affected
the credits of the country, lenders of money preferring to
move cautiously in their investments. He pointed out, however, that the recently published statements of Judge Gary
of the United States Steel Corporation, showed the prospects
of the steel industry as promising. The President insisted
that the ordinary business of the country, aside from the
steel industry, was good and in a healthy condition. All
ordinary business, he said, was "going forward." With a
resumption of confidence on the part of the railroads, this
forward movement would take on the character of a "boom"
in his opinion. The entire world, he argued, is passing
through a period of depression, and he declared that statistics
show the United States to be suffering in a lesser degree than
any other country.
The President denied that the new tariff law was in any
way responsible for present conditions, declaring, on the
contrary, that he had been advised by Secretary of Commerce
Redfield that the exports of the country have been increasing
more rapidly than the imports. In explaining his declaration to the delegation of manufacturers last week that the
business slump was merely "psychological," he told the
delegation, he said, that if they would "think prosperity is
coming, it will come." Pessimism, and pessimism alone, he
thought, now stands in the way of renewed prosperity.
[VoL. xcviii.
"It is true, is it not, as one looks over the country, that all the conditions
upon which sound business should rest exist in full force and vigor. Few
will contend that merchants are overstocked. Rather is the reverse true.
None is so rash as to say over-speculation exists. Nay, on the contrary,
the brokers complain of lack of commissions. Money is not so scarce that
banks refuse legitimate borrowings. The reverse is true. We have sent
large sums abroad of late without cramping our financial resources. It
comes to me from more than one quarter of the country that men who are
pessimistic in speech are prosperous in pocket. Things are not tied up
tight when New York registers more automobiles than over before and
when the great industry is pushed to the full.* * * *
"If you and I get away from the crowded centres of our Middle and
Eastern States, where mental mourning exists for conditions that can
never return—since the day of mastery is over and commerce must henceforth be a servant—if, I say, we get away from these centres into which
the light is breaking but which has not yet fully illuminated, we shall find
a different atmosphere.
"It is a small and pitiful thing that men should expect to reap political
profit out of magnifying evils. However, the too-willing howls of the apostles of evil are so obvious as well as so previous as to be on the whole more
humorous than harmful. They make the judicious grieve, but they bring
no anxiety to the thoughtful."
Mr. Redfield, like President Wilson, contends that the
present business depression is world-wido.
Secretary of State William Jennings Bryan will again take
the lecture platform this summer, having, it is understood,
renewed his contract with the Pennsylvania Chautauqua
Association for a series of lectures. it is stated that, beginning July 4 in North Carolina, he will make three speeches
a day during the season.
The national banks,beginning this week,have been called
upon by Comptroller of the Currency John Skelton Williams
for a daily report during June of the origin by States of every
piece of commercial paper,drafts,checks,&c.,passing through
their hands. In a letter requesting the information the
Comptroller says:
You are requested to mail to this office daily, without unnecessary delay,
for each day in the tnonth of June,1914 statementsgiving the information
and data called for on the following blank form. Thisform should befilled
in and duly sworn to according to the certificate printed at the bottom of
the form. The data is desired primarily for the benefit of the twelve
Federal reserve banks, now in process of organization in their respective
districts.
To compile and furnish the information will throw some additional work
on your clerical force, but it is not believed that this work will be heavy or
burdensome on those banks where the most approved system of accounting
and the most modern methods are now in operation.
Awaiting a prompt and complete compliance with this request, etc..
There are two blanks on which the banks are requested
to report, one ot which asks for the following information:
No. of Items. Amount.
Checks on own bank received for deposit over the
--counter ----------Checks on other local banks received for deposit
-----------------counter
over the
Checks and drafts on outside banks received over
the counter for deposit
Items of foreign exchange (outside U. S.) received
from local depositors for sale, or collection, or
credit -------------Checks on local banks received over counter in payment of maturing notes and drafts, and checks not
collected through Clearing House
Checks on outside banks received over counter in
Payment of maturing notes, and checks and drafts
not collected through Clearing House
Received locally over the counter for deposit—
specie, including gold and silver certificates
National bank notes
United States notes and Treasury notes
Received over counter in payment of maturing notes,
or in payment of drafts and checks not collected
Clearing House—
through (
including gold and silver certificates)_ _
• National bank notes
United States and Treasury notes
Received in payment of Clearing House balances—
Specie (Including gold and silver certificates)_ _ _ _
National bank notes
United States and Treasury notes
certificates
I
ertheng house
Clearing
of the bankers in Baltimore,
instance of
At
In an address before the Raleigh Chamber of Commerce
on Thursday, William C. Redfield, Secretary of the Department of Commerce, echoed the views of President Wilson
that any depression which may exist is "psychological" rather
than physical, and he coined a new phrase for the characterization of conditions existing in the East in describing Clearing House representatives of Boston, New York,
them as "mental mourning." We quote from his remarks Philadelphia, Washington, Richmond, Atlanta and Pittsthe following:
burgh were asked to meet in Washington on Tuesday to
"If we would place the business atmosphere of the country on a sort
a modification of the Comptroller's requirements.
secure
of commercial weather map such as is used by the weather service, we
the bankers decided to meet the Compshould find a curious condition. In the extreme Southeast and Southwest Apparently most of
would be areas where the business barometer is high. All through the troller's wishes despite the extra burdens placed upon them
great central part of the country, where the bulk of our wheat is grown,
in collating the data, since but five bankers, three from
would be another area of fair weather and high pressure. Over the great
cotton areas of the South would be no depression, not even unsettled Baltimore and two from Washington, joined in the conferconditions, but normal, looking for great agricultural favors expected to ence. These delegates, after conferring with Comptroller
come. High barometer also prevails where automobiles are made, in and
Williams,withdrew their opposition to the order. Waldo
about the Lake area. Over the Northeastern States would be found a
section of low barometer and marked depression. If the state of mind Newcomber, President of the National Exchange Bank of
of the different parts of our country could be shaded in colors, the great Baltimore and President of the Baltimore Clearing-House
body of the West would be white, while an area of dull gray would represent
Association, one of those at the conference, stated that
our Northeastern States.
"It is true that a psychological depression is none the less a depression there had been no intention of registering a complaint against
because it is psychological. We may, therefore, fairly look into other the Comptroller, but that they had merely sought to ascerconditions to see whether the mental state, that exists has justification in
tain if there were not some other means of securing the infersolid fact.
JUNE 6 1914.]
THE CHRONICLE
1737
mation without placing such a burden upon the banks. pounded by the Private tankers' Association, Mr. Carmody
Mr. Newcombet is quoted as saying:
lays down the following principles of law:
Comptroller Williams told us that he wanted to get accurate information
of the aggregate daily business done by each banker. He believes he can
get a better lino on the work the new Federal Reserve Board would have
to do through this means than from any figures we could give film. We
have acquiesced In the plan and will make no further objection.
A resolution introduced by Senator Norris on May 28
calling upon the Attorney-General to inform the Senate
whether the New York Central & Hudson River RR. and
allied lines are in a combination in violation of the Sherman
Anti-Trust taw was referred on the 1st inst., by a vote
of 33 to 20, to the Senate Inter-State Commerce Committee.
The following is the text of the resolution:
Whereas, The New York Central & Hudson River Railroad Co.,through its
ownership of the stock of the Lake Shore & Michigan Southern Railway
Co., forms a continuous line of railway from Chicago, through Buffalo, to
New York City; and
Whereas, Said New York Central & Hudson River Railroad Co, controls
by lease the West Shore Railroad Co. and the said Lake Shore & Michigan
Southern Railway Co. owns the stock of the New York Chicago & St. Louis
Railroad Co. (Nickel Plate), which, together with the said West Shore
Railroad Co., constitutes a railroad running parallel to the Lake Shore &
Michigan Southern Railway Co. and the New York Central & Hudson
River Railroad Co. from Chicago, through Buffalo, to New York City; and
Whereas, The New York Central & Hudson River Railroad Co. owns the
stock of the Michigan Central Railway CO.,a line of railway extending from
Chicago to Buffalo; and
Whereas, Said New York Central & Hudson River Railroad Co. owns the
stock in the Western Transit Co. and the Rutland Transit Co. constituting
a water navigation line engaged in Inter-State commerce between Buffalo
and Chicago and intermediate points; and
Whereas, This ownership results in a combination under one control of
four competing lines of transportation between Chicano and Buffalo and
two competing lines between Buffalo and New York City; and
Whereas, The said Lake Shore & Michigan Southern Railway Co., in
addition to the ownership of the said New York Chicago & St. Louis
Railroad Co., owns all of the stock of the Toledo & Ohio Central Railway
Co., of the Chicago Indiana & Southern Railroad Co., and of theJamestown Franklin & Clearfield Railroad Co., and also owns more than 50%
of the stock of the Pittsburgh & Lake Erie Railroad; and)
Whereas, The said Now York Central & Hudson River Railroad Co.
controls the Western Maryland Railway Co., which, together with the
said Pittsburgh & Lake Erie Railroad Co.. constitutes another competing
line between territory covered by the Lake Shore & Michigan Southern
Railway Co. and the New York Chicago & St. Louis Railroad Co. with the
Atlantic seaboard; and
Whereas, The said New York Central & Hudson River Railroad Co. is
now taking the necessary steps to more completely consolidate all of the
aforesaid railroads, together with others, under one ownership and control; Therefore, bo it
Resolved, That the Attorney-General be, and he hereby is, directed
to inform the Senate whether the various combinations of railroads above
set forth, are in violation of the Sherman Anti-Trust Law or any other
statute of the United States, and whether the Department of Justice has in
contemplation any action for the dissolution of said combination.
The use of any terms or advertising displays which indicate that the
business of a private banker is being carried on brings such banker within
the provisions of the new law.
Balances on deposit may not be averaged through a period of time to
show an average in excess of the sums prescribed by the law as a minimum
in order to exclude the application of the law.
If interest is paid on any balance less than the sum specified in the
statute, applicable to a city of the class in question, the provisions of the
law are effective.
There is a transmission of money within the meaning of the law where a
private banker sells his own draft on a foreign banking house where he his
a deposit.
In part his opinion says:
"The use of terms indicating the business of a bank was formerly controlled by Section 27 of the General Business Law, now repealed (effective
Nov. 11914) and Section 302 of the Penal taw, prohibiting the use of a
term indicating a bank or an office sign or printed matter by persons not
subject to the supervision of the Superintendent of Banks.
"The subject is now regulated by Section 141 of the new Banking Law,
limiting the use of a term indicative of a bank on office signs, stationery,
&c., to national banks, Federal reserve banks, individual bankers and
corporations authorized to do basiness as a bank, and Section 150 of the
same Act relative to private bankers, making the article apply to all private
bankers who use 'bank,' banker,"banking,'or any derivative or compound
of the word 'bank' on an office sign or any words in an exterior sign indicating the person is a private banker.
"The word 'bank,' under the opinions of this Department,formerly could
not be used by a private banker. Evidently 'bank' may now be used by
private bankers under Section 150 of the new law. Section 141 of the
new law re-enacts former Section 112 of the Banking Law in prohibiting
the use of terms indicative of a bank on an office sign by persons not
subject tb the supervision of the Superintendent. Section 302 of the
Penal Law, applying only to persons not sub:ect to the supervision of the
Superintendent of Banks, is no longer applicable to private bankers, who
under the provisions of the late legislation are brought within such supervision.
"The general result is that a private banker who formerly could not use
the word 'bank' may now do so as well as national banks, Federal reserve
banks, individual bankers and corporations authorized to transact business
by the Superintendent of Banks.
"So far as the use of the related terms and the practices referred to in
the inquiries are concerned, I quite agree with your answers. If the acts
amount to a representation that the business of a banker is being transacted,
the law becomes applicable. Section 150 certainly is broad enough in its
scope to be subject to such construction. It brings a private banker under
the law who advertises in certain ways or transacts certain kinds of business. All the practices outlined in the inquiries are within the scope of the
statute.
"There is nothing in the statute which permits the averaging of balances.
If interest is paid on any balance of less than the amount limited by the
statutes its provisions become applicable. If a daily balance smaller than
the limited amount is averaged with others, and a result larger than the
minimum is obtained,interest is still in fact paid upon the smaller balance
within the meaning of the law."
The New York State Bankers' Association meets in
In a statement with regard to the resolution, Senator annual convention next week at Eastern Point, New LonNorris was quoted on May 28 as saying:
don, Conn. The Association will hold a two days' session—
"To my mind it is perfectly apparent that this combination, in all its
on Thursday and Friday, the 11th and 12th. The mornings
branches, is in violation of tho Sherman Anti-Trust Law. The Supreme
Court has recently held that a combination between the Central Pacific of both days will be devoted to business, entertainments have
and the Southern Pacific was in violation of law,and a decree was entered in been arranged for the afternoons and evenings—the evening
the Supreme Court dissolving this combination, although, as a matter
the 11th being set apart for the banquet. Speakers of
of fact, the railroads, for a large portion of the distance, are more than of
a thousand miles apart. In addition to the roads set out in the resolution, national repute have accepted invitations to attend the sesthere are several other railroads owned by the New York Central, but I sions and the banquet, to address the delegates and guests.
have only attempted to call attention to the most flagrant violations
those who have consented to speak are Frank A.
of the law. Right now the New York Central is engaged in the operation Among
of bringing about a more complete consolidation of these roads and others Vanderlip, President of the National City Bank of New
than has existed in the past, and it seems to me that the time is ripe for York; Howard Elliott, Chairman of the board of the New
action to be taken, not only to break up the combination that already
York New Haven & Hartford
Job Hedges of New York;
exists, but to prevent further steps in the way of throttling competition."
U. S. Senator from Massachusetts John W. Weeks; Pierre
Jay, Vice-President of the Bank of the Manhattan Co.,
By a vote of 8 to 7 the Senate Foreign Relations Committee New York; Eugene Lamb Richards, New York State Superdecided on the 3rd inst. to favorably report a resolution intendent of Banking, and Arthur Reynolds, President of
offered on May 26 by Senator Sutherland directing President the Des Moines National Bank of Des Moines, Iowa, and
Wilson to open negotiations with Great Britain for the President of the American Bankers' Association. J. Herarbitration of the Panama Canal tolls question, The reso- bert Case, Vice-President of the Farmers' Loan & Trust Co.
lution in part says :
of New York and of the Franklin Trust Co. of Brooklyn,
Resolved, That the President be and he hereby is required to open diple.
static negotiations with the Government of Great Britain with a view to is Chairman of the Committee on Arrangements.
rat.;
conclusion of a special agreement between the United States and Great
Britain for the appointment of an impartial international tribunal of
arbitration and for the submission to and the determination by such tribunal of such dispute.
Williard P. Voorhees, Associate Justice of the New Jersey
Supreme Court, died on the 1st inst. in his sixty-third year.
Mr. Sutherland had the following to say this week respect- Mr. Voorhees was appointed to the Supreme Court by
ing the resolution, according to the "Sun":
Governor Fort in 1908 for the full term of seven years. It is
"The resolution does not complicate the situation with respect to the restated that his is one of the few instances on record where a
peal bill. On the contrary, it ought to clear the way. They arc separate
measures, although having a relation to the same subject matter. If this practicing lawyer was elevated to the highest judicial station
matter is not settled we will have it coming up in one form or another in without previous experience as presiding judge of some lower
the future. I believe a majority of the people are unwilling to concede
court, and entirely disassociated from political life. Justice
that we are not permitted under the treaty to regulate our coastwise shipping in the way we deem proper. There is certain to be a renewal of the Voorhees was a trustee of the New Brunswick (N. J.) Trust
demand for exemption of American ships from tolls. The majority of the Company.
people are in favor of the exemption if I mistake not.
An interpretation of certain of the provisions of the recently
enacted banking law of New York State bearing on private
bankers has been furnished to State Superintendent of Banks
Eugene Lamb Richards by Attorney-General Carmody. In
this opinion, rendered in answer to a series of questions pro-
The following are the officers of the new Orange
Clearing-House Association, which began operations on
the 1st inst.: President, Charles H. Clark, Cashier
of the People's Bank of East Orange; Vice-President, Henry
L. Holmes, Cashier of the Orange National Bank of Orange;
Secretary, Treasurer and Manager, Charles Hasler, Assistant
1738
THE CHRONICLE
[VOL. xcviii.
Cashier of the Orange National Bank; Assistant Secretary,
A stay of execution for thirty days was granted. Francis
Ward L. Bonnell, teller of the Trust Company of Orange.
M. Lowry, Secretary of the company, another of the defendants, is to be sentenced later; he is • at present ill
The newly-organized Clearing-House Association of Long in a hospital in California. The Government charged all the
Beach, Cal., began operations on May 18. The first day's defendants with entering into a conspiracy to violate the
clearings amounted to $115,438, while the total for the week internal revenue laws by selling white oleomargarine to reending May 23 was $584,269. The members of the Associa- tailers and teaching them to color it illicitly and selling it
tion are the National Bank of Long Beach, the First National at retail without paying the Federal tax of 10 cents a pound.
Bank, the Long Beach Savings Bank & Trust Co., the Exchange National Bank, the Farmers' & Merchants' Bank,
Alexander E. Orr, best known,
the Marine Commercial & Savings Bank and the City Na- played by him in transit developmentperhaps, for the part
as President of the old
tional Bank. The officers are: President, P. E. Hatch, Rapid Transit Commission, died
at his
President of the National Bank of Long Beach; Vice-Presi- the 3rd inst. in his eighty-third year. Brooklyn home on
Mr. Orr's activities
dent, William H. Wallace, Vice-President of the Exchange
were not, however, by any means confined to the transit
National Bank;Manager,R.D.Judkins, Vice-President and operations. He was prominent in
many walks of life; he had
Cashier of the First National Bank, and Treasurer, C. J. been a member of the Canal
Commission appointed by
Walker, President of the Farmers' & Merchants' Bank.
Governor Tilden; he was also for a time President of the New
A revised system for trading on "account" was approved York Life Insurance Co.; he had likewise been President of
by the Governing Committee of the Chicago Stock Exchange the New York Charither of Commerce; President of the New
on May 20. The "account" system, which was abandoned York Produce Exchange; and at the time of his death was
by the Exchange in 1896 at the time of the failure of the Moore Vice-President of the Mechanics' & Metals' National Bank
Bros., enables trading to be conducted so that settlements are of New York, a trustee of the United States Trust Co., a
made monthly instead of daily. The cash system took the director of the Associated Merchants Co.; the Fidelity &
place of the "account" system eighteen years ago; it is stated Casualty Co.; Harper & Bros.; a trustee of the Produce
that in returning to the monthly settlement system,the mem- Exchange Safe Deposit & Storage Co.; a director of the
bers of the Stock Exchange are actuated by the belief that Brooklyn Academy of Music; the Brooklyn Institute of Arts
the fault did not lie with the old system itself but in the and Sciences, &c., &c. Mr. Orr was born in Ireland of
lack of sufficient margins, which made over-expansion easy. Scotch ancestry. He located in the United States in 1851.
Resolutions eulogizing his memory were adopted by the
The Chicago "Tribune" says:
Under the new plan a stock selling at over $200 will require a margin of Chamber of Commerce on Thursday.
$35 per share. This amount of margin on a stock selling at the price
named is In accordance with the recommendation of the bankers who were
consulted, and is an amount about equal to that which the banks themselves require in making loans. The Stock Exchange members think,
therefore, that they would be conducting the new system on a safe basis,
since it will be in accordance with the bast banking practice.
The margins which will be required will vary according to the selling price
of the stocks, as shown in the following table:
Margin
Margin
Price oj Stock—
Required.
Price of Stock—
Required.
Under $50
$7 $140 to $170
$25
$50 to $80
10 $170 to $200
30
$80 to $110
15 $200 to $230
35
$110 to $140
20 Above $230
40
It will be noted that a broker carrying more than 1,000 shares in the
"account" must add $5 per share margin. This is to guard against too
great expansion, one of the causes of the collapse of the exchange in 1896.
A resolution recommending an amendment to the State
banking laws of Kansas so as to empower the State banks to
join the Federal Reserve system was adopted by the Kansas
Bankers' Association at its annual convention at Wichita
.on the 23d ult. The resolution also urged that further
changes be made in the law to the end that the reserve requirements be made to agree with the Federal law. The
Association also placed itself on record as opposed to the bill
-which would raise the limit of the amount of deposits which
inay be placed in postal savings banks.
A resolution declaring the country to be "sorely in need
of legislative rest," and asserting that new national legislation will tend to stagnate business conditions, was adopted
by the Tennessee Bankers' Association at its annual convention in Chattanooga on May 28, the resolution in conclusion
urging the immediate adjournment of Congress if possible.
One of the addresses at the meeting—Prof. Conway's on
"Probable Changes in the Assets of Member Banks under
the Reserve Act," was given at length in these columns last
week. P. D. Houston of Nashville has been elected President of the Association for the ensuing year. Mr. Houston
is Vice-President of the First Savings Bank & Trust Co. and
Vice-President of the Fourth and First National Bank of
Nashville.
John F. Jelke, who, with eight others, was indicted in
1911 for alleged conspiracy to defraud the Government by
evading the tax on oleomargarine, was sentenced on May 4
to two years in the Federal prison at Leavenworth, Kan.,
and to pay a fine of $10,000. He was convicted by a jury
in the Federal District Court at Chicago on March 18 last;
a motion for a new trial was denied on April 28 by Federal
Judge Geiger, who pronounced the sentences on May 4.
The following, who were convicted with Jelke, were fined
$2,500 each:
William M. Steele, General Manager of the Jelke company.
Hugh D. Cameron, Milwaukee, representative.
Harry E. Hitchens, salesman.
William L. Lillard, former salesman.
D. B. Tullis, former salesman.
Bred Rapp, former salesman of George P. Braun Co., absorbed by the
Jelke company.
William P. Jackson, former manager of the Braun company.
Several important changes in the executive staff of the
National City Bank of New York were made at a meeting
of the directors on Tuesday, with the election as Vice-Presidents of Arthur Kavanagh, heretofore Cashier, and James H.
Perkins of Albany. With these two additions to the list
of Vice-Presidents, the National City now has ten such officers. Mr. Kavanagh's advancement to his new post comes
after forty-two years of continuous service with the institution; he entered its employ in 1872 at thirteen years of age,
and has served it for a longer period than any other officer
or employee. Mr. Kavanagh was made Chief Clerk in
1878; in 1899 he was appointed Asistant Cashier,and since
1906 had been Cashier. Mr. Perkins in affiliating himself
with the National City will retire as President of the National Commercial Bank of Albany; he has been connected
with that institution since 1908, when he was made a VicePresident; his election to the presidency occurred in 1912;
previous to his entrance into the Albany institution Mr.
Perkins had been a Vice-President of the American Trust Co.
of Boston. He is expected to take up his duties in New York
in about a month. The new Cashier in the National City
Bank elected to succeed Mr. Kavanagh is G. E. Gregory,
who advances from an Assistant Cashiership. J. M. Carter,
previously Chief Clerk, has been made an Assistant Cashier.
Harris C. Fahnestock, formerly Vice-President of the
First National Bank of this city,andprominent as a railroad
factor, died on the 4th inst: in his eightieth year. Mr.
Fahnestock was born in Harrisburg, Pa.; at the age of sixteen he began his business career as paying teller in the
Harrisburg National Bank; in 1801 becoming a partner
in the banking :irm of Jay Cooke & Co., he located in Washington, where he became Treasurer of the Washington &
Georgetown RR. In 1866 Mr. Fahnestock came to New
York to take charge of the local business of Jay Cooke &
Co., and was a member of the firm until its suspension in
1873; Mr. FahnestOck was at that.time interested in the
construction of the Northern Pacific RR. Following the
suspension of the firm he arranged to take charge of the
bond department of the First National Bank, with the
understanding that he was later to become an officer. He
was elected Vice-President and director in 1877 and in that
year acquired control of the bank from the Thompson
interests. He had been a director of the Delaware Lackawanna & Western RR., the IN estern Union Telegraph Co.,
the Central RR. of Now Jersey and other organizations.
The Union Trust Co. of this city has declared a quarterly
dividend of 4% and an extra dividend of 1%, payable July 1
to holders of record June 24. The company makes the
statement that the extra dividend of 1% per share was declared in order to make the annual rate on the enlarged capital
of *3,000,000 approximately equal to one-third of the annual
JUNE 6 1914.1
THE CHRONICLE
rate paid on the forner capital of $1,000,000. In point of
fact, however, the distribution is a little larger, as the dividends paid for the year ending June 30 on the enlarged
capital amount to $510,000, while the distribution on the
former capital of $1,000,000 was for many years $500,000
a year.
1739
business session will be held on Wednesday, at the adjournment of which a luncheon will be served at the Hotel Griswold, the headquarters of the Association during the convention.
Arthur P. Day, since 1905 Secretary of the Connecticut
Trust & Safe Deposit Co. of Hartford, has been elected ViceThe plans to increase the capital of the State Bank of this President and Trust Officer of the institution. J. Lincoln
city from $1,000,000 to $1,500,000 were approved by the Fenn, heretofore Assistant Secretary, succeeds Mr. Day as
stockholders on the 2d inst. The new stock will be issued Secretary. The latter has been with the company since 1898.
early next montWand will be offered at $150 per $100 share.
A dividend of $200 per share in liquidation has been deOn May 28 the directors of the Fifth Avenue Bank of New clared to the stockholders of the National Bank of Commerce
York promoted Theodore Hetzler from the Cashiership to of Boston, whose business was merged into the Merchants'
the position of Vice-President; Ernest Foley, Auditor, was National on May 2. The dividend was made payable in
appointed Assistant Cashier.
cash on May 29. The merger proceedings were formally
ratified on May 28. The arrangements provided for the
The Gotham National Bank of this city has moved from payment by the Merchants' of $30 a share for the good-will of
990 Eighth Ave. to its new building at 1819-1821 Broadway the Commerce,and it was guaranteed by the Merchants' that
at Columbus Circle. The new offices are light and spacious the stock of the Commerce would be liquidated at at least
and are attractively fitted out with modern equipment. $232 per share. A proposal to enlarge the board of the
Safe deposit vaults are a feature of the new quarters. The Merchants'from twenty-one to twenty-nine members will be
bank was established in 1910. It has a capital of $200,000 acted upon by its stockholders on June 18.
and deposits of over $2,000,000. H. H. Bizallion is President.
A bill authorizing the Boston Safe Deposit & Trust Co.
of Boston to increase its capital from $1,000,000 to $3,000,A number of new directors were elected on Thursday to 000 was recently signed by Governor Walsh.
the board of the Industrial Finance Corporation (which has
offices at 25 Broad Street) to fill vacancies due to the withWith the recent payment of a dividend of 10% in liquidadrawal of some of those who originally constituted the tion to the stockholders of the Eliot National Bank of Boa,
directorate. At this week's meeting Clark Williams, former- ton, the amount thus far returned to them since the merger
ly State Superintendent of Banks, was elected President of of the institution with the National Shawmut Bank in October
the organization, and Arthur J. Morris, the originator of the 1912 reaches 100%. It is expected that the Eliot will finally
"Morris plan" for industrial banks, was elected Vice- liquidate for about $200 per share. It had a capital of
President and General Counsel. The new members of the $1,000,000.
board are Henry R. Towne of the Yale & Towne Manufacturing Co.; John Markle, anthracite coal operator of Jeddo,
Louis Harvey, who was an Assistant Cashier of the Eliot
Pa.; Arthur Turnbull of Post & Flagg, New York; Edwin 0. National Bank of Boston at the time of its merger in 1912
Holter of Holter, Ingalls & Guthrie, New York; Louis R. with the National Shawmut, has been appointed Assistant
Cheney and Richard J. Goodman, both of Hartford; William Cashier of the People's National Bank of Roxbury.
H. Workman Jr., of Los Angeles; Gordon Jones of Denver,
and General Julian S. Carr of Durham, N. C. The following
The exceptions filed by Stephen R. Dow,head of the failed
are the directors who have resigned. Dr. Elgin R. L. rokerage firm of S. R. Dow & Co. of Boston, to his convicGould; Joseph S. Auerbach, Vincent Astor, Andrew Car-. tion on charges of the conversion of funds of the Algomah
negie, Oscar S. Straus, Julius Rosenwald, Nicholas Murray Mining Co., the Franklin Mining Co. and the Indiana
Butler, W. S. Sloane, Theodore P. Shonts, L. S. Fuller and Mining Co., were overruled on May 21 by the full bench
Edwin S. Marston. Dr. Gould, who had been made Chair- of the Supreme Court at Boston. Dow was found guilty
man of the board at the time the organization of the corpora- on Feb. 26 1913 on 24 of the 92 counts and was sentenced on
tion was perfected in February, is said to have enlisted the May 19 1913 to a term of from eight to twelve years in the
support of the others in the belief that the enterprise was State Prison. His firm assigned in September 1912.
purely philanthropic, his withdrawal taking place when it
was shown to be a business venture, the others severing their
In addition to the several resignations noted last week in
connection with it following Dr. Gould's action: The the directorate of the National Shawmut Bank of Boston
corporation, which was referred to in our issues of February because of the provision in the Federal Reserve Act affecting
21 and March 7, is designed to combat the loan-shark evil.
directors of national banks, two other members have withdrawn from the board of that institution—Frank B. Bemis, a
A jury in the Court of Oyer and Terminer,at Newark, on member of the firm of Estabrook & Co., and F. S. Moseley
May 29 returned a verdict of guilty in the:case of William C. of F. S. Moseley & Co.
Armstrong, and not guilty as to William J. Thompson and
A.Randolph Jennings,all of whom had been indicted last JanIn response to a petition filed by creditors of the firm
uary,following the investigation into the affairs ofthe Roseville of Gay & Sturgis of Boston, which assigned April 21, Frederic
Trust Co. of Newark. Armstrong, who is a contractor and B. Greenhalge and Lewis G. Farmer were named as coreal estate operator, was a depositor in the institution; the receivers of the firm on May 29 by Judge Morton in the Unitwo acquitted were tellers in the trust company. The three ted States District Court at Boston. At a previous hearing
were tried on an indictment alleging conspiracy to defraud on May 26 Judge Morton had declined to appoint a receiver,
the company out of about $35,000 through the over-drawing disapproving the attempt to supplant the assignee, Frederic
of Armstrong's account. Raymond E. Smith, Secretary B. Greenhalge. The petition was renewed, with the result
and Treasurer of the institution, who is also under indict- that Mr. Greenhalge is appointed co-receiver with Mr.
ment as a result of the closing of the company in August Farmer. A statement on behalf of the firm, made public
of last year, on May 25 retracted the plea of not guilty by Mr. Greenhalge on May 14, showing its apparent status
which he had entered and substituted one of non vult. The on the date of its assignment April 21, gave the total assets
assets of the Roseville Trust Co. were taken over by a new as $1,315,854 and the total liabilities as $1,867,613; the
organization, the Mutual Bank, which began business on secured liabilities were given as $616,507.
Feb. 24.
The payment in full of the claims due the creditors of the
Eastern Point, New London, the meeting-place next banking house of Cramp, Mitchell & Co. of Philadelphia
week of the New York Bankers' Association, will also be the on May 2 was begun on May 28 at the offices of the Pennsylscene the coming week of the annual convention of the vania Company for Insurances on Lives. C. S. W.Packard,
Connecticut Bankers' Association. The Connecticut bankers President of the latter, is receiver of the firm, which suswill open their convention with a banquet on Tuesday evening, pended on May 4. It is stated that in the settlement
the 9th, at which President 0. II. Brothwell of Bridgeport arranged the creditors were asked to assign their claims to
will deliver the address of welcome; William E. Knox, friends of Mr. Cramp, who provided the funds for the payComptroller of the Bowery Savings Bank of New York, ment of the claimants, and who will reimburse themselves
will address the bankers, and T. A. Daly of Philadelphia as far as possible through the liquidation of the assets.
will speak on "The Poetry of Business and Vice Versa." A
1740
THE CHRONICLE
[VOL.
xcvm.
Thornton Rollins, President of the Maryland National
Bank of Baltimore, which was taken over by the National
Bank ofiCommerce on May 27, has been elected a director
of the last-named institution. G. Harry Barnes, Cashier
of the Maryland National, has been made Cashier of the
National Bank of Commerce, Thomas Hildt, heretofore
Cashier of the latter, having been elected Vice-President
to fill the vacancy created by the death of Douglas M.
Wylie. Harry M. Owings, discount clerk of the National
Bank oftCommerce, has become an Assistant Cashier of the
institution. The stockholders of the Maryland National
will hold a special meeting on June 30 to formally ratify the
merger andito:itake action toward placing their bank in voluntary liquidation. In the meantime they have been asked
to sign the agreement for the sale of their holdings at the price
agreed on-$28 for each share of $20. The bank had a capital of $500,000.1 the purchaserprice thus being $700,000;
$50,000 willibeIdivided among the stockholders with the
signing of the agreement;_ one-half,.the balance will be paid
June 15 andithelremainder on July 1.
After serving the American National Bank of Louisville
as President for fifteen years, Logan C. Murray resigned
that post on May 27. His resignation was accepted by the
directors only on condition that he would officiate as Chairman of the board, and in that capacity continue to give
active attention to the affairs of the bank. With Mr. Murray's installation as Chairman of the board, Earl S. Gwin
was elected to succeed him in the presidency. This will
result in relieving Mr. Murray, in accordance with his desires, of much of the executive duties. Mr. Murray was
one of the early Presidents of the American Bankers' Association, and at the time he held that office in 1886 he was
President of the United States National Bank of New York.
Mr. Gwin, his successor in the presidency of the American
National Bank of Louisville, comes from New Albany, Ind.,
where he was President of the Second National Bank. He
entered that institution as a messenger boy in 1890, and rose
to the head of the institution by successive stages. He has
also been President of the Indiana Bankers' Association, and
is a member for Indiana of the executive council of the
American Bankers' Association.
H. E. Jewett, heretofore Vice-President of the Second
Three members of the board of the Equitable Mortgage National Bank of New Albany, has
been made President,
& Trustrgo. of Baltimore-recently taken over by the Mun- succeeding Mr. Gwin.
sey Trust Co.--have been elected to the board of the latter.
They are Joseph Castelberg, Dr. Melville H. Carter and
0. E. Weller.
IMPORTS AND EXPORTS FOR APRIL.
The Bureau of Statistics at Washington has issued the
While the details have not as yet been agreed upon, the statement of the country's foreign trade for April, and
directors of the Michigan Savings Bank of Detroit and the from it and previous statements we have prepared the
Wayne County & Home Savings Bank are said to have ap- following interesting summaries:
proved the suggestion for a consolidation of the two. It is
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
stated that final action looking toward the union is not likely
MERCHANDISE.
to be taken before the fall, but in the meantime the stockImports
Exports
1014.
1912.
1913.
1913.
1914.
1912.
holders:ofithe Michigan Savings Bank are expected to arrange
January
204.067 $227,033 $202.446 3164,743 8163.063 $143,58
198,844
148,045
for an increase in the capital of their bank, raising it from February
193,997
149,914
173.920
134,188
205,412
182,781
187,427
155,446
187,499
March
157,577
$400,000 to $500,000, its surplus at the same time being April
179,300
172,641
199.913
146,194
162,309
162,571
175.380
194,607
133,724
May
...
155,698
increased from $150,000 to $500,000. The Wayne County June
138,234
163,405
131,248
131,031
148,885
160,991
139,062
148,667
& Home Savings Bank has a capital of $2,000,000 and a sur- July
167,845
187,909
137,652
August
154,757
199,678
plus of $2,000,000. It is intended to retain the name of September
218,240
171,085
144,820
254,634
271,861
132,949
177,988
that institution as the title for the consolidated bank. As October
278,244
245,539
November
148,236
153,095
250,316
233,196
184,026
154,095
no present director of the Michigan Savings Bank who is a December
32,484,018 $2,399,218
director in any other bank wiill be admitted as a member
Total
$1,792,596 81,818.078
COLD.
of the board of the continuing institution, it is reported that
Exports
imports
1912.
but eight of the eighteen directors of the Michigan Savings
1914.
1913.
1014.
1913.
1912.
$1,915
$17,238
$10,442
$6,914
$6,210
35,141
Bank will be eligible as members of the board of the Wayne January
10,580
12,373
3,209
9,079
February.-5,357
2,937
7,454
18,077
7.844
2,632
March
4,381
4,336
County & Home Savings Bank. The latter's deposits on April
1,817
3,010
3,462
447
4,014
3,893
4,451
12,467
4,561
March 4 were $26,876,990; the Michigan Savings Bank on May
3,347
7,171
509
3,387
5,611
the same date had deposits of $6,054,653. The Wayne June
7.265
8,654
7,859
July
3,148
2,498
1,195
5,804
August
5,577
County & Home Savings Bank was created a year ago September__
568
496
4,627
4,201
330
484
5,391
through the merger of the Wayne County Savings Bank and October
11,887
2,710
6.003
November__
7,041
4,474
657
10,573
the Home Savings Bank.
December ..__
5,073
11,397
01,709
Total
T. A. Fitz Simmons, who helped organize the Michigan
Avenue Trust Co. in 1910, has been appointed Cashier of the
Colonial Trust & Savings Bank, and will assume his new
duties immediately. Mr.Fitz Simmons has been in the banking business in Chicago for the past eighteen years, and the
rapid growth of the Michigan Avenue Trust Co. is largely
due to his efforts as its Cashier. W. C. Spurgin, 6030 Dorchester Avenue, Chicago, assumes the position vacated by
Mr.Fitz Simmons as Cashier of the Michigan Avenue Trust
Co. Mr. Spurgin has been an Assistant Cashier of the
Michigan Avenue Trust Co., coming to that institution from
Panora, Iowa, where he filled the cashiership of the Guthrie
County National Bank of Panora. He is a nephew of
George M. Reynolds.
John W. Kiser, President of the Phoenix Horseshoe Co.,
has been elected a director of the First National Bank of
Chicago, to succeed the late Samuel W. Allerton.
Henry C. Stevens has been elected to succeed Frank T.
Joyner as Cashier of the Standard Trust & Savings Bank
of Chicago.
1914.
$4.010
3,592
3,882
4,543
January
February...._
March
Aprll
May
June
July
August
September_
October
November_
December _
847,425
SILVER.
Exports
1013.
1913.
$6,436
5,315
5,537
5,972
5,329
4,732
4,936
4,908
6,856
4,874
4,423
4,458
1912.
$6,028
5,122
5,800
4,941
8,726
5,048
6,501
6,077
6,011
6,172
5,834
7,608
$62,776
$71.962
Total
386,549
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
1912
$4,358
3,781
3,712
4.189
4,345
4,880
8,436
3,952
3,649
4,634
8,417
1 ,998
$35,867
$48.40
EXCESS OF EXPORTS OR IMPORTS.
Merchandise-Gold
1912.
1913.
1914.
1913.
1914.
anuary -- +$49,324 +$03,070 +358,860 -$3,528+311,028
+44,083
+64,056
+5.870 +7,016
b ebruary - +25,875
March__
+4,718 +31,081 +47,836 -5,212 +13,696
April
-10,272 +53,619 +16,729 -3,015 -1,004
+60,883 +19,682
May
+7,906
+7,203
+32,159
one
-2,818
+21,929
+218
July
+795
August...+50,257 +13,088
-4,609
+47,155 +54,858
tember
-4,131
+76,046
+138,012
tober _
-4,907
+97,303 +125,149
November
-378
+49,170 +96,221
December_
+5.500
+5691,422+3581,145
Total_
+ Exports. - Imports.
1+28,094
""r
1914.1913.
+$1,692 $+2,235
+1,678 +2,834
+1,314 +2,353
+2,329 +3,164
+2,236
+2,367
+2,317
+1.507
+2,758
+2,336
+1.334
+1,648
+326,909
Totals for merchandise, gold and silver for ten months:
Merchandise.
Kelsey S. Chase has resigned as State Superintendent
of Banks in Minnesota, to take the presidency of the
new People's Bank of St. Paul. The'capital has been
fixed at $300,000 and a surplus of $75,000. Mr. Chase
has been succeeded as State Superintendent by Albert
H. Turritin, of the Benton County State Bank, Sauk Rapids, Minn.
1914.
32,318
1,914
2.567
2,214
$63,705
Ten
Months.
(000s
omitted)
Erports.
Doris.
Excess
Exof
Exports Ports.
$
$
$
$
1913-14 2,045,590 1,571,219474,371 47,136
1912-13 2,107,872 1,548,039559,833 64,726
1911-12 1,890,708 1,306,536 524,172 45,706
1910-1111,754,461 1,274.605478,855 12,618
1,318,2331167,780 116,240
1909-10,1,486,013 1,071,105
351,074; 72.014'
1908-09,1,422,269
1
Exceii
imports.
or
I
Gold.
Silver.
Excess
Excess
Imof
Ex- I Imof
ports. Exports ports. ports. Exports
3131313
60,752 13,616 45,481 26,749
61,246; 3,480' 61,553 35,810
39,979, 5,7271 53,119 37,826
63,823,f51,207, 53,018 38,875
35,621 80,625 46,168 38,554
39,373 32,641 45,749 35,758
I
I
18,732
25,743
15,293
15.043
8 014
9.09,
JUNE 6 1914.]
THE CHRONICLE
1741
Similar totals for the four months since January 1 for six
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
years make the following exhibit:
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
Merchandise.
Gold.
on account of the length of the other tables is crowded out
Months
EXCESS
EXCESS
Excess
once a month. The figZres are received by telegraph from
ExIntof
(000$
ExItnof
ExImof
ports. Exponsi ports. ports. Exports ports. ports. Exports
omitted) ports.
other leading cities.
fr1914- _
1913-1912-1911___
1910___
1909._
$
727,855
808,270
786,002
692,061
545,788
547,231
I
$
$
653,210 69,645:
614,617 193,6531
597,923 188,0791
511,125 181,836,
560,71 14,922,
477,272 69,959;
1
$
19,072
50,69
21,775
3,360
47,20
44,316
$
$
24,957 /5,885
19,961 30,737
16,307 5,46
23,991 120,631
11,669 35,531
15,505 28,811
$
16,02
23,261
21,89
23,611
18,336
19,426
3
$
9,013 7,013
12,673 10,588
16,040 5,857
14,898 8,713
15,238 3,098
14,675 4,751
Excess of imports.
Pacific and Other Western Clearings brought forward
from first page.
Clearings-Returns by Telegraph.
Week ending June 6.
1914.
1913.
Per
Cent.
New York
Roston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,923,606,236
154,052,493
157,174,170
33,705,339
290,251,271
72,014,371
14,591,262
31,827,648,606
132,804,716
175,735,772
33,013,661
- 277,920,435
72,057,518
14,905,147
+5.3
+16.0
-10.6
+2.1
+4.4
-0.06
-2.1
Seven cities, 5 days
Other cities, 5 days
$2,645,395,192
554,986,213
32,534,085,905
565,274,318
+4.4
-1.8
Total all cities, 5 days
All cities, 1 day
$3,200,381,405
538,921,018
33,099,360,223
567,315,830
+3.3
-5.0
33,739,302,423
$3,666,676,053
Total all cities for week
Afay.
1914.
1913.
Int.or
Dec.
1914.
Inc. or
Dec.
1913.
$
3
San FrancLico_ , 95,452,876214,839,4O1
Los Angeles__ _ 98,757,5021108,089,053
Seattle
50,680,0351 55,177,626
portland
47,663,5681 51,467,13
Salt Lake City. 23,564,705 25,403,804
Spokane
16,451,269 17,936,800
Tacoma
8,775,281 11,236,983
Oakland
14,563,71 15,773,344
San Diego__
8,762,515 12,088,688
Sacramento_ _ 7,579,846 8,518,763
Pasadena
3,981,409 4,344,395
Fresno
3,783,004 4,615,414
San Jose
2,611,495. 2,537,962
Stockton
3,348,363 3,479,910
North Yakima. 1,807,305 1,662,847
Ogden
2,751,696 2,525,273
Boise
2,896,235 3,212,912
Reno
1,137,365 1,201,472
Santa Rosa__ _
960,2191
827,518
s
$
9;
---7.6 1,031,005,873 1,097,007,261
---9.2 510,587,545 537,485,095
---8.1 259,698,072 261,889,679
251.718,391 257,607,852
---7.
--7.2 125,136,573 130,059,500
87,444,398
---8.3
38,481,319
-22.2 46,221,660
57,969,238
---7.6
73,900,001
81,996,057
-27.5 47,183,153 61,708,213
---11.0 40,606,680
42,216,664
-8.4
20,693,073
22,845,227
-18,1
22,499,864
19,681,036
1-2:9
13,160,477
13,852,804
-3.8
17,966,967
18,803,734
+8.7
8,288,985
8,335,068
4-9.0
14,979,453
13,446,311
---9.8
16,252,059
15,359,286
---5.3
5,531,989
5,769,896
11-16.1
5,240,165
5,1 15.727
---6.0
---5.0
---0.3
-2.3
-3.8
---1.2
-20.3
---9.9
-23.5
-3.8
---9.4
--12.5
---5.0
-4.4
-0-6
4-11.4
-5.3
---4.1
4-2.4
Total Pada 08,634,31- 545,707,798
-SA 2,894,439,757 2,743,342,223
---5.4
Kansas City_ _
Minneapolis _
Omaha
St. Paul
Denver
St. Joseph_ _ _
Des Moines
Duluth
Sioux City-.
Wichita
Limo'n
DavenportTopeka
Cedar RapidsFargo
Sioux Falls
Waterloo
Colorado 61PgsPueblo
Helena
Fremont
Aberdeen
Billhags
Hastings
Joplha
Grand Forks
Lawrence
Iowa City_ __ _
%
10,665,61 226,907,884 -6.7 1,l19,393,3891,158,197,887 -3.4
96,958,227 92,380,984 4-5.0 486,514,4561 486,906,755 -0 1
06,546,766 72,665,065 ---8.4 308,187.1001 308,859,898 --0.1
46,333,429 39,042,105 1-18.7 233,137,509 208,475,324 1- 11.8
37,518,385 40,969,602 ---8.4 180,297,107 199,315,500 ---9.5
28,502,28 33,138,087 -14.1 162090,347 172,975,974 -6.2
23,636,146 22,386,846 11-5.6 124,810,974 115,193,989 4-8.3
15,027,906 15,787,900 ---4.8 68,002,055
74,618,747 --8.9
13,656,071 15,034,528 --9.2
76,009,874
71,314,303 4-6.5
12,954,79 14,780,816 ---12.4
68,555,379
72,672,036 --5.7
9,045,777 8,134,191' 4-11.2
44,268,989
39,549,601 1- 11.9
6,707,4 1 7,141,526 ---6.1
38,692,164
40,455,119 ---4.4
6,502,230 6,766,255 -3.9
34,099,895
36,137,950 ---5.6
7,776,13. 6,285,485 1-23.7
42,578,0937,047,
4- 14.9
4,363,931 1,960,329 4-122.6
15,771,25:
10,031,557 4-57.2
3,782,333 2,953,115 4-28.1
20,065,472
15,490,148 1-29.5
6,325,516 7, 8 ,567 --10.7
33,028,458
34,677,588 -4.8
2,322,121 2,761,807 -15.9
12,574,413
-6.0
13,383,86
2,486,318 2,706,
8.1
14,378,366 -1.9
13,679,983
4,554,206 ---0.6
4,255,54
21,857,932 --3.4
21,1144452
1,467,1:: 1,294,667 4-13.4
6,922,541 1-13.0
7,825,076
2,227,56-. 1,652,702 1-34.8
9,365,339 +5.6
9,887,647
1,619,8 . 1,621,905 ---0.2
7,947,277 1-6,1
8,432,616
710,236
868,111 --18.2
4,482,088 --16.1
3,762,712
2,711,290 3,283,205 -17,4J
15.1
13,889,105
16,356,502
1,383,00
1,408,100 -1.81
7,246,200 4-0.5
7,235,000
852,003 1,045,840 -18.41
4,582,083
4,890,332 ---+0.3
1,000,001 1,000,000 4-0.0
6,008,901
5,517,688+8.0
Tot.Oth.We 617.333.657635 ft1SI otn
1914.
San Francisco- _
Los Angeles..
Seattle
Portland
Salt 1,.ake City_ _
Spokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Fresno
San Jose
Stockton
North Yakima
Reno
Long Beach
--9 a1 99A 7A4 nnn n 's
's
1913.
Inc. or
Dec.
$07
3
.0
35,404,099
36,879,596 -4.0
17,611,192
19,928,360 -7.4
10,080,368
10,030,904 4-0.5
9,932,901
9,063,333 1-9.6
4,500,000
4,708,016 ---4.4
3,031,952
3,237,720 --41.4
1,452,279
1,095,421 -27.2
2,400,000
2,394,183 1-0.2
1,732,771
1,909,458 --9.3
1,502,016
1,730,946 --13.2
719,199
753,559 -4.6
801,226
1,012,523 --20.8
446,921
379,973 4-17.6
719,158
606,010 4-13.6
300,000
304,177 ---1.4
225,000
230,000 -2.2
538,732 Not included In total
1911.
S
$
41,948,662
19,060,049
8,719,560
7,707,706
5,044,489
3,146,256
2,522,899
3,011,456
1,880,327
1,121,238
690,431
800,000
477,159
597,016
386,586
225,000
40,137,251
16,474,252
9,905,422
9,398,355
5,421,096
3,627,194
2,446,194
3,097,497
1,941,164
1,137,432
685,926
555,500
490,000
606,717
433,729
220,000
00,859,082
94,264,739
--3.6
97,338,834
96,577,729
39,424,956
16,257,657
14,000,000
8,645,263
7,0000000
6,808,200
4,797,505
3,153,103
2,553,336
3,115,937
1.657,339
1,104,284
1,352,863
1,396,951
998,786
1,380,380
470,001
510,533
748,649
366,926
459,956
310,091
141,195
40,416,030 ---2.5
14.863,392 -3.6
13,494,733 1-3.7
7,122,983 4-21.4
7,037,396 -0.5
7,392,897 -7.9
3,723,334 4-34.2
3,223,922 -2.2
2,679,492 -4.7
3,287,465 ---5.2
1,330,778 4-24.6
1.186,663 ---1.9
4-1.0
1,338,871
1,197,187 4-16.6
270,314 4-269,8
1,432,945 ---3.7
520,000 -9.6
450,341 4-13.3
788,966 --5.1
254,064 4-44.4
250,304 1-83.8
284,534 4-9.0
170,516 --17.2
42,555,837
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
058,150
1,124,227
231,270
1,184,280
580,000
451,809
625,070
262,921
257,088
231,007
185,677
39,341,082
15,080,833
13,276,623
8,337,067
7,240,925
6,190,312
3,321,145
2,186,456
2,556,023
2,333,250
1,601,082
1,096,278
1,450,287
1,304,799
578,384
886,146
600,000
600,596
722,673
422,482
368,655
92,989
192,692
110.112.821
112.234.655
4-1.8
Par Value
or Quantity.
Actual
Value,
Five Months 1913.
Aver. Par Value
Price. or Quantity.
Actual
Value.
Aver.
Price.
34,066,903
Stock'Sh's.
36,669,124
1Val_ $2,977,063,689$2,825.377,820 94.9 33,291,815,55 33,208,063,97- 97.5
292,159,50
281,223,048 96.3 228,899,00
RR. bond.
222,363,704 97.1
394,024 101.71
387,500
Gov't bds_
392,000
406,449 103.8
27,660,967 102.5
26,998,500
State bow
11,508,000
10,552,74 91.7
501,88 203.71
245,90
.
77,60
Bank stka_
156,00 201.0
3,135,157,745 95.1 53,532,490,150 3,441,542,87
Total_ _ _ _ 33,297,755,08
97.4
The volume of transactions
share properties on the
New York Stock Exchange each month since Jan. 1 in 1914
and 1913 is indicated initthelifollowing:
1914.
1913.
Mm.
Nlimba
of
Shares.
Values.
A anal.
Par.
Number
of
Shares.
Values.
Par.
Actual.
$
Jan 10,088.896 881,625,495 847,963,20 8,748,973 809,787,85
790,879,464
Feb. 6,220,059 556,109,360 515,947,918 6,763,632 617,315,100 600,464,308
Mar_ 5,855,260 518,393,024 483,147,619 7,229,732 639,404,
620,004,816
1st oar 22,164,214 1,958,132,879 1,847,056,74522,742.337 2,066,507,450 2,021,348,588
April 7,145,284 623,482,570 593,476,978 8,463,226 738.652,1
716,498,976
Slay. 4,757,405 398,348,240 374,842,097 5,463,561 486,456,000 470,216,409
The following/compilation coversithe:clearingsIby:months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings. Total All.
Clearings Outside New Yorlt.
Month.
1914.
1913.
1914.
1193.
1st qr. 43.395,009,462 44,068,429,069 --1.5 18,936,043.542 18,048,857,658 -0.6
1912.
Total Pacific__
116,913.9611 114.717.627
Five Months 1914.
DescripMtn.
$
8
Jan__ _ 16,226,119,613 16,262,840,268 -0.2 6,854,299,220 6,924,099,062 -1.0
Feb _ _ 12,888,108,921 13,639,567,259 -5.5 5,650.553,438 5,844,961,954 -3.3
Mar.. 14.280,780.928 14,166,021,542 +0.8 6.431.190,884 6,279.796.632 +2.4
Kansas City_ _
Minneapolis _ _ _ _
Omaha
St. Paul
1)enver
St. Joseph
Des Moines
•
Duluth
Sioux City
Wichita
Lincoln
1)avenport
Topeka
Cedar Rapids__
Fargo
Waterloo
Colorado Springs
Pueblo
Helena
Fremont
Aberdeen
Billings
Hastings
Tot.Oth.West.
+2.0
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the five months of 1914 and 1913 are given below:
one 9K9 ._n o
TVeek ending Alay 30.
Clearings at
I
Five Months.
Clearings ilk--
April. 14,924,762.034 14,314,152,590 +4.3 6,376,244,705 6,258,821.615 +1.9
May - 13,187,356,482 14,143,482,249 -6.8 5,948,824,924 6,180,973,527 -3.8
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:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to May 31
1911.
1914. 1913. 1912. 1911. 1914.
1912.
1913.
omitted).
$
$
New York
7,239 7,963 8,780 7,959 40,246 41,037 42,175 38,376
Chicago
1,330 1,334 1,322 1,195 6,902 6,700 6,340 5,723
3,588
647
3,477
3,436
3,903
Boston
716
660
655
Philadelphia
3,339
647 3,450 3,554
3,158
671
731
652
313
1,601
1,716
1,662
1,735
350
342
St. Louis
318
1,121
1,114
1,260
215
235
229
255
1,061
Pittsburgh
1,031
1,072
1,097
199
198
215
962
208
San Francisco
Cincinnati
673
104
557
586
107
543
126
105
Baltimore
143
156
716
158
769
151
784
849
207
227
1,070
1,119
225
1,087
211
1,158
Kansas City
104
80
520
Cleveland
402
531
92
97
445
415
90
402
74
420
77
450
78
New Orleans
410
77
487
92
487
80
97
393
Minneapolis
312
54
307
55
Louisville
67
53
297
325
108
99
112
584
84
525
Detroit
381
441
59
65
55
63
352
319
289
Milwaukee
298
100
511
471
109
83
537
99
380
Los Angeles
33
173
36
33
178
34
173
183
Providence
73
67
66
73
315
368
349
369
Omaha
43
244
48
250
52
205
48
229
Buffalo
41
233
48
208
39
215
43
228
St. Paul
34
35
37
Indianapolis
180
165
40
181
178
40
36
41
180
38
199
Denver
180
191
34
173
35
174
33
33
184
Richmond
163
28
27
170
29
174
29
170
Memphis
149
46
260
49
51
262
55
217
235
Seattle
19
115
22
22
108
21
93
105
Hartford
25
127
125
30
130
25
24
165
Salt Lake City_ _ _ _
(000,000s
Total
Other cities
12,112 13,038 13,810 12,557 65,785 66,858 67,122 61,270
928 5,742 5,668
1,075 1,105 1,012
5,136
4,893
13,187 14,143 14,822 13,525 71,507 72,526 72,258 68,163
Total all
Outside New York_ 5,948 6,180 6,042 5,586 31,261 31,489 30,083 27,787
[VOL. xcviii.
THE CHRONICLE
1742
Canadian Bank Clearings.-The clearings of the CanaantiMiscellancons
dian banks for the month of May 1914 shows a decrease from
months
the same month of 1913 of 10.5%, and for the five
Breadstuffs Figures brought from page 1785.-The
the loss reaches 9.5%.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
Five Months.
May.
Clearings atlake and river ports for the week ending last Saturday and
er
Inc.
Inc. or
Dee.
1913.
since August 1 for each of the last three years have been:
1914.
1914.
1913.
Dec.
$
%
s
Canada$
a
%
Balls
Comnxercial
-5.5 1,107,883,334 1,153,025,162
-4.5 878,670,812 906,049,439
-13.4 512,964,530 601,375,152
-30.0 192,112,350 259,436,237
84,131,753
82,207,202
+2.7
54,941,110
77,122,752
-32.4
79,040,922 100,064,330
-13.5
63,363,518
-13.0
72,620,146
-20.1
71,902,637
86,946,214
62,688,376
-5.1
64,389,029
-9.2
31,330,465
34,381,404
-5.1
40,959,878
41,067,567
-3.8
36,083,441
38,931 A40
-21.9
38,612,735
54,501,262
-47.3
26,344,756
42,243,054
-29.3
18,862,417
26,035,835
-24.1
9,101,056
11,266,812
+18.8
13,440,587
13,448,591
-25.1
10,086,553
12,271,481
-15.3
17,650,175
15,822,859
-38.8
8,546,216
12,625,884
-41.2
8,924,779
3,276,733
-3.9
-3.0
-14.7
-25.9
+2.3
-28.8
-21.0
-12.8
-17.5
--2.6
-8.9
-0.3
-7.3
-29.2
-37.6
-27.6
-19.1
-0.06
-17.8
-10.4
-32.3
Total Can. 713.841.889 797,259.210 -10.5.3.356.890.304 3.707.659.248
.Medicine Hat not Inc tided in total; comparison incomp ete.
-9.5
Montreal _.._ 234,782,296 248,446,065
Toronto ____ 180,771,5331189,212,866
Winnipeg__ 120,647,216 139,394,050
Vancouver__ 38,089,799 54,445,095
Ottawa
17,162,740 16,706,525
Victoria
11,185,071 16,555,539
18,618,352 21,514,258
Calgary
Hamilton
13,727,441 15,779,334
14,725,000 18,418,176
Edmonton
12,995,173 13,687,581
Quebec
6,345,546 6,987,323
St. John_
8,421,594 8,874,305
Halifax
7,675,575 7,974,727
London _ _ _ _
7,472,062 9,568,096
Regina
4,921,951 0,342,785
Saskatoon
Moose Jaw.. 3,723,007 5,277,837
1,817,603 2,394,847
Lethbridge
3,340,000 2,811,995
Brantford
1,934,798 2,583,483
Brandon
Fort William 3,688,632 4,354,285
New Westm. 1,791,500 2,929,138
Medicinellat 1,926,341 3,276,633
Chicago _ _ _ _
Milwaukee _
Duluth
Minneapolis
Toledo
Detroit
Cleveland _ _
St. Louis
Peoria
Kansas City
Omaha
Corn.
Wheat.
Flour.
Receipts at-
Oats.
Barley.
Rye.
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.86 lbs.
297,000
107,000 1,420,000 1,025,000 1,707,000
24,000
177,000
357,000
193,000
60,000
57,000
22,000
27,000
36,000
302,000
20,000
225.000
185,000
06,000
76,000
822,000
11,000
1,000
2,000
41,000
21,000
72,000
9,000
10,000
7,000
1,000
71,000
21,000
12,000
17,000
13;000
418,000
563,000
46,000
164,000
1,000
38,000
287,000
429,000
34,000
9,000
68,000
204,000
684,000
167,000
273,000 1,177,000
263,000
283,000
203,385
Tot. wk. '14
Same wk.'13
Same wk.'12
3,302,000
2,712,000
1,881,677
4,222,000
3,174,000
2,253,509
145,000
108,000
41,940
764,000
808,000
301,575
3,410,000
4,417,000
2,023,457
Since Aug. 1
1913-14_ _ 17,702,000 267,574,000 192,881,000 194,285,000 80,446,000 21587000
1912-13_ 15,517,520 236,878,966 193,435,228 211,128,688 92,117,330 16052642
1911-12_ 10.936.714 126.588.115 168.421.320 132.007 065 fin 405 103 7_763.128
Total receipts of flour and grain at the seaboard ports for
The clearings for the week ending May 30 make a satis- the week ended May 30 1914 follow:
Wheat,
Flour,
Corn,
Oats, Barley,
Rye,
factory comparison with the same week of 1913, the decrease
bush,
NO.
bush,
Receipts atbush.
bush.
bush.
699,000
170,000
256,000
in the aggregate having been 12.7%.
New York
376,000
2,000
1,000
50,000
Week ending May 30.
Clearings al-
Total Canada
1913.
Inc. or
Dec.
$
46,566,397
34,093,399
21,826,918
8,198,519
3,259,891
2,131,245
4,768,434
2,727,000
3,110,950
2,882,418
1,227,729
1,652,903
1,418,264
1,401,287
919,970
664,275
385,282
525,591
365,164
721,268
320,721
456,284
8
45,151,658
41,597,047
26,232,170
11,167,402
3,134,898
4,552,458
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
%
+3.1
-18.0
-16.8
-26.6
+4.0
53.5
-17.9
-20.6
-13.0
+5.6
-0.4
+8.5
-9.0
-26.3
-45.6
-335
-13.9
-10.7
-19.8
-15.2
-51.5
-24.2
"
,
10
00C3 0
0000
=W=0000W.0WWCY.fa,000-4.-0
00.
bz0Wr.00.0-10WW.00,
0004,1.0.400000..-400000005
1912.
.171W-051,1171W-C1.1.105
1.0,0,(0-
CanadaMontreal
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
1914.
1911.
$
48,881,334
34,980,000
21,158,481
10,746,664
3,979,245
2,441,511
4,028,338
2,170,590
2,177,873
2,724,910
1,508,631
1,802,602
1,277,130
1,258,257
1,112,377
837,171
508,390
1,421,341
518,775
139.610.909 159.895.215 -12.7 167.642.213 143.533.600
Boston
Philadelphia
Baltimore
New Orleans.
Newport News...
Galveston
Mobile
Montreal
20,000
29,000
26,000
57,000
3,000
364,000
306,000
140,000
27,000
57,000
98,000
54,000
109,000
108,000
35,000
122,000
1,000
16,000
43,000 2,570,000
6,000
12,000
22,000
962,000 268,000
Total week 1914_ 364,000
_
Since Jan. 1 19149,030,000
300,000
Week 1913
Since Jan 1 1913_9,206,000
57,000
113,000
4,252,000
478,000 1,701,000 270,000 246,000
55,091,000 10,726,000 9,354,000 5633,000 1587 000
334,000 1,373,000 277,000 65000
5,913,000
'
68,584,000 39,675,000 20,289,000 11316000 1551,000
'Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending May 30 are shown in the annexed statement:
Corn,
u
Flour,
bbls.
93,146
7,721
20,000
1,800
3,071
44,000 24,000
3,000
Wheat,
bush.
Exports from631,934
New York
228,733
Boston
99,000
Philadelphia
621,730
Baltimore
New Orleans_ _ _ _ 547,000
Newport News_ _
Galveston
1,000
Mobile
1,869,000
Montreal
36,521
12,000
Oats,
bush,
98,462
36,339
10,000
109,958
4,000
Rye, Barley,
bush.
bush.
74,955
19,956
353,000
105,000
Peas,
bush.
969
100
16,000
21,000
94,321 187,938
78,530 193,344
Total week____3,998,397
5,619,360
Week 1913
ektX,ontatjToinn
1,000
17,000
1,000 113,000
611,759
199,911
768,224 77,591 101,134
1,069
4,485
The destination of these exports for the week and since
July 1 1913 is as below
English Financial Markets-Per Cable.
-Wheat.-------..
The daily closing quotations for securities, &c., at London,
Since
Since
Since
Week
July 1
July 1
Week
Week
July 1
as reported by cable, have been as follows the past week:
1913. May 30.
1913.
May 30.
1913,
Exports for week and May 30.
London,
Week ending June 5.
Sat.
Silver, per oz
d 26
d Consols, 234 per cents__
d For account
d French Rentes (in Paris) fr. 85.55
Amalgamated Copper Co__ _
Am. Smelt. & Refining Co..
S Anaconda Mining Co
Atch. Topeka & Santa Fe...
Preferred
Baltimore & Ohio
Preferred
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Milw.& St. PauL _ _
Denver & Rio Grande
Preferred
Erie
First preferred
Second preferred
Great'Northern, preferred..
Illinois Central
Louisville 8c Nashville
Missouri Kansas & Texas.....
Preferred
Missouri Pacific
Nat. RR. of Mex., 2d pref_ _
N. Y. Cent. & Bud. River.._
N. Y. Ont. & Western
Norfolk & Western
Preferred
Northern Pacific
a Pennsylvania
a Reading Company
a First preferred
a Second preferred
Rock Island
Southern Pacific
Southern Railway
Preferred
Union Pacific
Preferred
U. S. Steel Corporation
Preferred
Wabash
Preferred
Extended 4s
Mon.
0
Tues.
Wed.
25 13-16 2531
c74 3-16 74
c7434
74 3-16
85.85
85.95
73%
72%
65
63%
634
99
98%
102%
102%
93
92%
83
83
19934
198%
53
5234
1331
13
101%
101%
12
12
21
21
29%
29
44%
44%
3736
38
127%
126%
114
113%
139%
139%
17%
1734
40%
41
19
19
12%
12
93%,
92%
2636
2631
106
106
9234
113%
11257
56%
8436
83%
-:-3-.
94%
2534
8134
15831
8534
613j
11231
1
334
5334
-5--
Thurs.
Fri.
25 15-16 2534
73 13-16 7334
74
73 13-16
85.75
85.50
73%
63%
64%
6%
634
100%
100%
103
103
92%
93
83
83
109
198;6
53
53%
14
1334
101%
10134
1231
1231
21%
21
29%
29%
44%
44%
38
37%
127
127%
113%
114
140
13934
17%
17%
40
41
19%
1934
1234
1231
92%
26%
106
91%
11234
56%
84
93
26%
10634
92%
113
57
84%
-Iv;
-5-34
94
25
8134
15731
8534
6131
112
9431
2534
8134
15834
8531
6234
112
9534
2531
8131
15834
85%
6234
112
334
5331
331
54
33(
54
1
1
Total
Total 1912-13
bush.
300
59,730
33,685
606
187,938 10815,054 3,998,397 171582,546
193,344 10540,646 5,619,360 154875,054
bush.
637,551
764,136
507,179
1,756,187
9,344
40,102
94,321 3,714,589
78,530 39,177,019
The world's shipments of wheat and corn for the week
ending May 30 1914 and since July 1 1913 and 1912 are shown
in the following:
Wheat.
Week
May30.
II
Corn.
1912-13. 1
1913-14.
Exports.
Since
July 1.
Since
July 1,
1913-14.
Week
May30,
Since
July 1.
1912-13.
Since
July 1.
Bushels. I Bushels. Bushels.
Bushels. I Bushels.
Bushels.
North Amer. 4,568,000 249,638,000 234,950,000
1,870,000 36,918,000
3,024,000 152,690,000 99,227,000 884,000 14,256,000 10,497,000
Russia
2,272,000 57,714,000 52,231,000 1,632,000 32,439,000 14,860,000
Danube _
Argentina _ _ 560,000 40,854,000 122,508,000 1,082,000 150,597,000 196,552,000
Australia _ 1,232,000 61,258,000 42,684,000
763,000, 27,547,000 54,588,000
India
53,000, 7,211,000 6,982,000'
Oth.countr's
Total
13072000 596,912,000 613,260,000 3,598,000 199,162,000 258,827,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
1
a Price per share. is £ sterling. c Ex-dividend. d Quotations here given are
flat prices.
bbls.
bush.
bush.
bbls.
since July 1 toUnited Kingdom__ 72,801 4,951,229 1,092,760 84,391,721
55,427 2,694,441 1,984,945 85,614,026
Continent
19,692 1,208,965
So. and Cent. Amer. 18,846 1,194,450
1,000
38,597 1,604,464
95,737
West Indies
93,316
Brit. No. Am. Cols_ 1,400
867 277,154
272,097
Other countries__ _
May 30 1914_ _
May 23 1914_
May 31 1913._
May 25 1912_ _
Corn.
Total.
Bushels.
Bushels.
Bushels.
21,328,000 20,512,000 41,840,000
20,312,000 24,744,000 45,056,000
25,848,000 32,090,000 57,944,000
31,296,000 28,784,000 60,080,000
United
Kingdom. Continent.
Total.
Bushels.
Bushels.'
Bushels.
3,766,000 7,863,000 11,629,000
3,391,000 8,143,000 11,5349,00
9,172,000 13,617,000 22,78,0000
7,225,000 12,767,000 010,992,00
.IuNE 6 1914.]
THE CHRONICLE
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).
Alabama Great Southern, ordinary
2% June 25 Holders of rec. June in
Preferred
3
Aug. 27 Holders of rec. July 18a
Albany & Susquehanna
434 July 1 June 16 to June 30
Atchison Topeka & Santa Fe, preferred_
234 Aug. 1 Holders of rec. June 30a
Atlantic Coast Line Co. (quar.)
$1.50 June 10 May 30 to June 10
Atlantic Coast Line RR., common
3% July 10 June 20 to July 10
Boston & Albany (quar.)
234 June 30 Holders of rec. May 29a
Boston & Lowell
4
July 2 May 24 to May 30
Boston Revere Beach & Lynn (quar.)
134 July 1 Holders of rec. June 15a
Canadian Pacific, com.(quar.) (No. 72)_
234 June 30 Holders of rec. May 30a
Chesapeake & Ohio (quar.)
1
Juno 30 Holders of rec. June 5a
Chicago & North Western Ry.,com.(qu.) 14 July 1 Holders of rec. June la
2
Preferred (guar.)
July 1 Holders of rec. June in
Cine. N.0.& Texas Pacific,common_ _ _ _
3
June 12 Holders of rec. June in
Common (extra)
234 June 12 Holders of rec. June in
Delaware & Hudson Co.(quar.)
23,
1 June 20 Holders of roe. May 28a
Detroit & Mackinac, corn. & pre/
234 July 1 June 13 to July 1
Erie & Pittsburgh (quar.)
13j June 10 Holders of rec. May 29a
Greene Railroad
3
June 19 Holders of rec. June 15a
Hocking Valley (guar.)
2
Juno 30 Holders of roe. June 5a
Illinois Central, Leased Lines
2
July 1 Juno 2 to July 4
Interborough Rapid Transit
234 July 1 Holders of rec. June 20a
Lackawanna RR. of New Jersey (quar.)
1
July 1 Holders of rec. June 9a
Louisville & Nashville
334 Aug. 10 July 18 to
Aug. 10
Mahoninp Coal RR., common
June 15 Holders of rec. June la
$20
Manhattan Railway (guar.)
1% July 1 Holders of rec. June 15a
Mobile & Birmingham, preferred
2
July 1 June 2 to June 30
Morris & Essex
334 July 1 Holders of rec. June 10a
New York & Harlem, corn, and pref
$2.50 July 1 Holders of rec. June • 15a
N. Y. Lackawanna & Western (quar.)
14 July 1 Holders of rec. Junell5a
Norfolk & Western, common (quar.)
134 June 19 Holders of rec. May 29a
Reading Company,first prof.(quer.)_ _
June 11 Holders of rec. May 264
1
Rensselaer & Saratoga
4
July 1 June 16 to June 30
Southern Pacific Co.(quar.) (No. 31).__
134 July 1 Holders of rec. June in
Union Pacific, common (special)
53
July is Mar. 3 to
Mar. 22
Union Pacific, common (quar.)
2
July 1 Holders of rec. June in
Valley Railroad (New York)
234 July 1 Holders of rec. June 22a
Street and Electric Railways.
American Railways, common (quar.)_ _ 75e. June 15 Holders of rec. May 29a
Arkansas Val, Ry., Lt. & Pow., pf. (qu.) 1% June 15 Holders of rec. May 29
Brazilian Trac., Lt. & Power, pref. (guar.)
114 July 1 Holders of rec. June 15
Brooklyn Rapid Transit (quar.)
134 July 1 Holders of rec. June 9a
Columbus (Ga.) Electric Co., pref.(No. 16) 3
July 1 holders of rec. June 16a
Continental Passenger !Pi., Philadelphia_ _ _
$3 June 30 Holders of rec. May 29a
Duluth-Superior Trac., corn, and pref.(gu.) 1
July 1 Holders of rec. June 20a
El Paso Electric Co., tom.(qu.)(No. 12) 24 June 15 Holders of rec. June in
El Paso Electric Co., pref. (No. 24)
3
July 13 Holders of rec. July la
Frankford & Southw. Pass. Ry.(quar.)... $4.50 July 1 Holders of rec. June in
Indianapolis Street Ry
3
July 1 Juno 21 to July 111
Louisville Traction, common (quar.)_
1
July 1 Juno 11 to
June 15
Manila Elec. RR. & Lig.Corp. (guar.)._
1% July 1 Holders of rec. June 18
Massachusetts Electric Cos., preferred_ $2
July 1 Holders of rec. June On
New Orleans Railway de Light,common_ _ _ _
50e. June 30 June 21 to June 30
Preferred
14 Juno 30 June 21 to June 30
New York State Railways, corn. (quar.).__
134 July 1 Holders of rec. June 17a
Preferred (guar.)
P4 July 1 Holders of rec. Juno 17a
Norfolk Railway & Light
3
June 10 Holders of rec. May 31a
Northern Ohio Trac. & Lt., corn. (qu.)_
14 June 15 Holders of rec. May 30a
Philadelphia Co., corn. (guar.)(No. 131).. 14 Aug. 1 Holders of rec. July in
Five per cent non-cumulative preferred_ _
234 Sept. 1 Holders of rec. Aug. 10a
Second & Third Sts. Pass., Phila. (quar.) $3
July 1 Holders of rec. June le
Twin City Rap. Tran.,Minneap.,com.(qu.) 134 July 1 Holders of rec. June 15a
Preferred (guar.)
1% July 1 Holders of rec. June 15a
Union Traction, Philadelphia
$1.50 July 1 Holders of rec. June On
United Trac. & Elec., Providence (quar.)_ _
14, July 1 June 10 to June 14
Virginia Railway & Power, preferred_ _
3
July 10 Holders of rec. June 13a
Banks.
New York, Bank of, N.B.A.(No. 261).. 8
July 1 June 24 to June 30
Trust Companies.
Guaranty (quar.)
June 30 Holders of rec. June 23a
6
Extra
Juno 30 Holders of rec. June 23a
2
New York Life Ins. de Trust
June 10 June 3 to June 10
20
Union (guar.)
4
July 1 Holders of rec. June 24
Extra
1
July 1 Holders of rec. June 24
Miscellaneous.
Amer. Bank Note, pref. (guar.)
134 July 1 Holders of rec. June 15a
American Beet Sugar, pref. (qu.)(No.
134 July 1 Holders of rec. June 170
Can, pref. (guar.)
60).Amer
134 July 1 Holders of rec. June 17a
34 July 1 Holders of rec. June ha
Amer. Car & Fdy cont. (quar.)(No.47).14 July 1 Holders of rec. June ha
Preferred (guar.) (No. 61)
Amer. Cigar, pref. (guar.)
134 July 1 Holders of ree. Juno 15
1
American Chicle, common (monthly)_
June 20 Holders of rec. Junell5a
American Pipe & Construction (quar.)_ _
1
July 1 Holders of rec. June 15a
American Radiator, common (quar.)_ _ _ _
234 June 30 June 23 to June 30
Am.Smelt.& Ref., tom.(qu.)(No.43)
1
Juno 15 May 28 to June 5
Amer. Smelters' Securs., pref. A (quar.)
134 July 1 June 20 to June 28
Preferred B (guar.) (No. 37)
14 July 1 June 20 to
June 28
Amer. Snuff, common (guar.)
3
July 1 Holders of rec. June 13a
Preferred (guar.)
13.4 July 1 Holders of rec. Junell3a
American Steel Foundries (quar.)
34 Juno 30 Holders of roe. June 13a
Amer. Sugar Rein.. corn. & pref. (quar.) 14 July 2 Holders of rec. June in
Amer. Tobacco, pref. (guar.)
114 July 1 Holders of rec. June 15a
Ansco Co., common (quar.)
234 July 1 June 20 to June 30
Atlas Powder (quar.)
134 June 10 May 30 to June 10
Baldwin Locomotive Works, common_
July 1 Holders of rec. June 13a
1
Preferred
334 July 1 Holders of rec. June 13a
Bethlehem Steel Corp., pref. (guar.)
14 July 1 Holders of rec. June 16
Booth Fisheries, first preferred (quar.)
14 July 1 Juno 21 to July 1!
Borden's Cond. Milk, pref. ((M.)(No.50) 134 Juno 15 Juno 6 to June 15
British-Am. Tobacco, ordinary (interim)
64 June 30 See note (u).
Brooklyn Union Gas (guar.)
134 July 1 Juno 14 to June 30
Extra
1
July 1 June 14 to June 30
Buckeye Pipe Line ((mar.)
4 June 20 Holders of rec. June 3
Buffalo General Elec. (guar.) (No.
1
Juno
California Petroleum Corp., pref.(quar.)_ _
14 July 1
Calumet & Ilecla Mining (guar.)
$5
Juno 20 Holders of rec. May 22
Central Leather, preferred (guar.)
14 July 1 Holders of rec. June 10a
Central States El. Corp., pref.(qu.)(N0.8)14 July 1 Holders of rec. Juno 10
Chesebrough Mfg. Consolidated (quar.)_
6
June 19 June 6 to June 19
Extra
4
Juno 19 Juno 6 to June 19
Chicago Telephone (guar.)
2
June 30
June 30
Childs Company, common (quar.)
234 June 10 Juno 3 to June 10
Preferred (guar.)
1% Juno 10 Juno 3 to June 10
Chino Copper Co. (guar.)
75e. June 30 Juno 6 to June 9
Cities Service. corn. & pref. (monthly)
34 July 1 Holders of rec. June 15a
Cleveland& Sandusky Brew., pref. (qu.) 1
June 15 Holders of rec. May 30a
Melt,Peabo
Co., pref. (qu.)(No.6).
134 July 1 Holders of rec. June 20
Colorado Power, pref. (quar.)
14 June 15 Holders of rec. May 31
Columbus Gas & Fuel, preferred (quar.)_
14 July 1 Holders of rec. June 15
Connecticut River Power,common
134 July 1 June 24 to June 30
Consolidated Gas (quar.)
134 June 15 Ifolders of rec. May 13a
Cons. Gas,El. Lt.& P., Balt., corn.(qu.) 134 July 1 Holders of rec. June 20
Continental Can, Inc., pref. (guar.)
14 July 1 Holders of rec. June 20a
Continental 011 (guar.)
3
June 16 May 28
to June 16
Crescent Pipe Line (quar.)
$1.25 June 15 May 21 to
June 15
Crex Carpet
3
Juno 15 Holders of rec. May 29a
Cuba Company, common
1334 July 1 Holders of rec. June in
Cuban-American Sugar, pref.(quer.)_ _
14 July 1 Holders of rec. June 16a
Diamond Match (quar.)
134 Juno 15 Holders of rec. May 30a
Dominion Textile, common (quar.)
134 July 2 Holders of roe. June 15a
(guar.)
Preferred
134 July 15 Holders of rec. June 30a
du Pont Internat. Powder, pref. (quar.). 114 July 1 Holders of roe. June 20a
du Pont (E.I.) de Nero. Pow., corn. (qu.) 2
June 15 Juno 6 to
June 15
Preferred (quar.)
14 July 25 July 16 to July 26
Name of Company.
1743
When
Per
Cent. Payable.
Books Closed.
Days Inclusire.
Miscellaneous (Continued).
Eastern Power & Light, pref.(guar.)
134 June 15 Holders of rec. May 29a
Eastern Steel, first preferred (quar.)_ _ _ _
134 June 15 Holders of rec. June 1
Eastman Kodak,common (quar.)
234 July 1 Holders of rec. May 29a
Common (extra)
July 1 Holders of rec. May 29a
5
Preferred (quar.)
134 July 1 Holders of rec. May 29
Electric Properties Corp., pref. (qur.)
134 June 10 Holders of rec. June in
Equitable Ilium. Gas Light, Phila., pref_
June 15 Holders of rec. June 6
3
Federal Mining & Smelt., pref. (quar.)
134 June 15 Holders of rec. May 22a
Galena-Signal Oil,common (quar.)
3
June 30 Holders of rec. May 29a
Preferred (quar.)
2
June 30 Holders of rec. May 200
General Chemical, preferred (quar.)
134 July 1 Holders of rec. June 17a
General Chemical of Cal., 1st pref. (qu.)_ _ _
14 July 1 Holders of rec. June 20
General Electric ((Blur.)
2
July 15 Holders of rec. June in
Goodrich (B. F.), preferred (quar.)
134 July 1 Holders of rec. June 19a
Granby Cons. Min., Sm. & Pow. (quar.) 134 June 15 Holders of rec. May 29a
Guggenheim Exploration (guar.)(No.46)-- 8734 e. July 1 June 13 to June 17
Hart, Schaffner & Marx, pref. (guar.)___ _
14 June 30 Holders of rec. June 20a
Helme (Geo. W.), common (guar.)
234 July 1 Holders of rec. June 13a
Preferred (guar.)
134 July 1 Holders of rec. June 13a
Hercules Powder, common (guar.)
134 June 25 June 16 to June 25
Homestake Mining (monthly)(No.475)-65e. June 25 Holders of rec. June 20
Ingersoll-Rand, preferred
3
July 1 Holders of rec. June 15
Int. Harvest. of N.J.,com.(qu.)(No. 18)- 14 July 15 Holders of rec. June 25a
Int. Harvester Corp., corn.(qu.)(No. 7)... 14 July 15 Holders of rec. June 25a
Internal. Smokel.Pow.& Ch.,corn.(qu.)
X July 1 Holders of rec. June 20a
Kresge (S. S.) Co., common
July 1 Holders of rec. June' 16a
3
Preferred (quar.)
134 July 1 Holders of rec. June 16a
La Belle Iron Works, preferred (quar.)_ _
2
June 30 June 21
to June 30
Laclede Gas Light, corn. (quar.)
13j June 15 June 2 to June 15
Preferred
234 June 15 June 2 to
June 15
Lanston Monotype Machine (guar.)
134 June 30 Holders of rec. June 20
Lehigh & Wilkes-Barre Coal
$3.25 June 23 Holders of rec. June 16a
Liggett & Myers Tobacco, pref.(quar.)_ _
134 July 1 Holders of rec. June 15a
Loose-Wiles Biscuit, 1st pref.(qu.)(No.9)_
14 July 1 June 16 to July 1
Second Preferred (guar.) (No. 9)
1% Aug. 1 July 16 to
Aug. 2
Lorillard (P.) Co., common (guar.)
234 July 1 Holders of rec. June 15
Preferred (guar.)
134 July 1 Holders of rec. June 15
Mackay Cos., common (quar.) (No. 36). 134 July 1 Holders of rec. June 10a
Preferred (quar.) (No. 42)
1
July 1 Holders of rec. June 10a
Morgenthaler Linotype (quar.)
234 June 30 Holders of rec. June On
Extra
34 June 30 Holders of rec. June 8a
Montana Power,common (quar.)
34 July 1 Holders of rec. June 160
Preferred (quar.)
13( July 1 Holders of rec. June 16a
Montgomery Ward & Co., pref. (quar.)_ _ _
1% July 1 June 21 to
June 30
Montreal Cottons, Ltd.,common (quar.) 1
June 15 June 6 to
June 14
Preferred (quar.)
14 June 15 June 6 to
June 14
National Biscuit, corn.(quar.)(No.64).. 134 July 15 Holders of rec. June 27a
National Lead, common (quar.)
X June 30 June 13 to
June 17
National Lead, preferred (quar.)
May 26
134 June 15 May 23 to
National Sugar Refining (quar.)
134 July 2 Holders of rec. June 8
National Transit (quar.)
75e. June 15 Holders of rec. May 29
Nevada Consolidated Copper Co.(quar.) 3735c. June 30 June 6 to June 9
New York Air Brake (quar.)(No. 46)..... 134 June 23 Holders of rec. June 3a
NewYork Transit (quar.)
8
July 15 Holders of rec. June 24
Niagara Falls Power (guar.)
2
July 15 Holders of rec. June 30
North American Co. (quar.) (No. 41)--1g July 1 Holders of rec. June 15a
Northern Ontario Lt.& Pow., Ltd., pref. 3
July 15 Holders of rec. June 300
Northern Pipe Line
July 1 Holders of rec. June 10
5
Ohio 011 (quar.)
$1.25 June 20 May 27 to
June 8
Extra
75e. June 20 May 27 to June 8
Pabst Brewing, preferred (quar.)
134 June 15 Holders of rec. June 80
Packard Motor Car,pref.(quar.)(No.19) 14 June 15 June 5 to
June 15
Pennsylvania Water & Pow.(qu.)(No. 2)..
July 1 Holders of rec. June 19
1
Philadelphia Electric (quar.)
39340. June 15 Holders of rec. May 22a
Pressed Steel Car, corn. (quar.) (No. 21)
% June 10 May 21 to June 9
Quaker Oats,common (quar.)
234 July 15 Holders of rec. July la
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug. 1
Railway Steel-Spring, preferred (quar.)_ _
134 June 20 June 7 to June 21
Ray Consolidated Copper Co. (quar.)_ _ _ 3734e. June 30 June 6 to June 9
Realty Associates (No. 23)
3
July 15 Holders of rec. July 6
Republic Iron & Steel, pi.(qu.)(No.47)134 July 1 Holders of rec. June 160
Reynolds (R. J.) Tobacco (guar.)
July 1 Holders of rec. June!20
3o
Ritz-Carlton Hotel, preferred
334 July 1
Rubber Goods Mfg., corn. (guar.)
1
June 15 Holders of rec. June`10a
Preferred (guar.) (No. 61)
134 June 15 Holders of rec. June 100
Sears, Roebuck & Co., preferred (quar.). 134 July 1 Holders of rec. June 15a
Solar Refining
5
June 20 May 26 to
June 22
South Penn 011 (quar.)
June 30 June 13 to June 30
3
Extra
June 30 June 13 to
2
June 30
South Porto Rico Sugar, cam. (qu.)
July 1 Holders of rec. June 13a
1
Preferred (guar.)
July 1 Holders of rec. June 13a
2
Southwest Penn. Pipe Lines (quar.)
5
July 1 Holders of rec. June 15a
Standard Gas & Electric, pref. (quar.)_ _
2g June 15 Holders of rec. Mayd3la
Standard Milling, common (No. 3)
3
June 20 June 11 to June 21
Standard Oil (California) (quar.)
234 June 15 Holders of rec. May 20a
Standard Oil (Kansas) (guar.)
3
June 15 May 29 to June 15
Standard 011 (Kentucky) (guar.)
4
July 1 June 16 to July 1
Extra
1
July 1 June 16 to July 1
Standard 011 (Nebraska)
10
June 20 Holders of rec. May 20a
5
Standard 011 of N. J. (quar.)
June 15 Holders of rec. May 20a
Standard 011 of N. Y.(quar.)
June 15 Holders of rec. June la
2
Standard 011 (Ohio) (quar.)
3
July 1 June 6 to June 24
Extra
3
July 1 June 6 to
June 24
Subway Realty (guar.)
134 July 1 Holders of rec. June 20a
Sulzberger & Sons Co., pref. (guar.)
14 July 1 Holders of rec. June 15
Swift & Co. (guar.)(No. 111)
1% July 1 Holders of rec. June 10a
Tennessee Copper (guar.)
75c. June 20 Holders of rec. June 10
Texas Company (guar.)
234 June 30 Holders of me. June 16a
Underwood Typewriter, common (quar.) 1
July 1 Holders of rec. June 200
Preferred (quar.)
134 July 1 Holders of rec. June 20a
Union Carbide (guar.)
July 1 June 21 to
2
June 30
Union Switch
Signal, com.&pref. (qu.). $1.50 July 10 Holders of rec. June 30
Un. Clear Stores of Am., pf. (qu.)(No.7) 134 June 15 June 2 to June 15
U. S. Gypsum, pref. (quar.)
134 June 30 June 16 to June 30
U. S. Printing of Ohio (quar.)
1 5-16 July 1 June 21 to July
U.S. Steel Corp., corn. (quer.)(No. 42).. 14 June 29 June 2 to June 10
Utah Copper Co. (quar.)"(No. 24)
764. June 30 June 6 to June 9
Utilities Improvement, corn.(monthly)..
X July 1 Holders of rec. June 15a
Preferred (monthly)
34 July 1 Holders of rec. June I5a
1Vestern Electric Co. (guar.)
2
June 30 Holders of rec. June 23a
Westinghouse Air Brake (guar.)
$2 July 15 Holders of rec. June 30
Weyman-Bruton Co., common (guar.)
3
July 1 Holders of rec. June 13a
Preferred (guar.)
13.4 July 1 Holders of ree. June 13a
Woolworth (F. W.), preferred (quar.)..
134 July 1 Holders of rec. June 10a
Yukon Gold Co.(guar.) (No. 20)
714e. June 30 June 13 to June 17
O Transfer books not closed for this dividend. 5 Less British Income tax. a Correction. e Payable in stock. f Payable In common stock. g Payable in seriph On account of accumulated dividends. s A distribution of Ballo. & Ohio stock to
be made, viz., 312 par value of B.& 0. pref. and $22 50 par value B.& 0. common
for each share of Union Pacific common stock held, payment of said extra dividends,
both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation.
I Declared 7% to holders of record June 1, payable 314% July 1 and 334% Nov. 1
u Transfers received in London on or before June 17 will be in time to be passed
for payment of dividend to transferee.
v Payable in 6% interest-beering note
or scrip.
-"Some Legal Aspects of Regulations of Public
Service Corporations," an address by Charles F. Mathewson
of the law firm of Krauthoff, Harmon & Mathewson, has
been reprinted in a booklet. This was one of a course of lectures recently delivered before the "Public Utility Section"
of the Finance Forum, at the West Side Young Men's Christian Association, 318 West 57th St., this city. The association will be pleased to furnish a copy of this and any other
lecture on public utility subjects heard in the course this
winter.
[VoL. xcviii.
THE CHRONICLE
1744
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Citizens' State Bank, Mecticine Lodge, Kan., into "The First National Bank of Medicine Lodge.' Capital, $25,000.
The Tennessee Bank & Trust Co.of Nashville, Tenn.,into "The Tennessee National Bank of Nashville.' Capital, $300,000.
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,CCO: Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,C00,060;
Lawyers'Title Insurance & Trust,$4,000,000: Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000: Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
CHARTERS ISSUED TO NATIONAL BANKS.
May 20 to May 26.
10,546—The First National Bank of Marion, N. Y. Capital, $25,000.
C. N. Jagger, Pres.; R. S. Bush, Cashier.
10,547—The National Bank of Commerce of Wichita Falls, Tex. Capital,
$100,000. Chas. W Reid., Pres.; J. L. Jackson, Cashier.
10,548—The First National Bank of Ringling, Okla. Capital, $50,000.
J. J. Cloughley, Pres.; A. A. Morris, Cashier. (To succeed The
Bank of Cornish, Cornish, Okla.)
10,549—The First National Bank of Bynum, Tex. Capital, $25,000
G. L. White, Pres.; L. C. McCommas, Cashier. (Succeeds The
Bank of Bynum, Bynum, Tex.)
VOLUNTARY LIQUIDATIONS.
7,520—The First National Bank of Oxford, Neb., May 19 1914. Liqui
dating agent, W. G. Springer, Oxford, Neb. Succeeded by the
Security State Bank of Oxford.
1,054—The First National Bank of Hopkinton, Hope Valley, R. I.,
Liquidating committee, Charles Perry, Westerly,
May 25 1914
R. I.; Henry C. Nichols, Hope Valley, and Ralph C. Watrous.
Absorbed by the Washington Trust Co. of Westerly, R. I.
8,738—The National Bank of the Republic of Kansas City, Mo., May 16
1914. Consolidated with The National Reserve Bank of Kansas
City, Mo., which is to act as liquidating agent.
691—The Mercantile National Bank of Salem, Mass., May 21 1914.
Liquidating committee, Wm. L. Hyde, Leland H. Cole and
Benjamin F. Mason, Salem, Mass. Absorbed by The Naumkeag
Trust Co. of Salem.
10,284—The Union National Bank of Jamestown, Cal., May 21 1914.
Absorbed by The Jamestown National Bank, Jamestown, Cal.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital. Surplus.
$
New York...... 2,000,0
Manhattan Co 2,050,0
2,000,0
Merchants'___
Mech.&Metals 6,000,0
1,500,0
America
25,000,0
City
3,000,0
Chemical
Merchants'Ex. 1,000,0
300,0
Butch.&Drov.
500,0
_
GreenwichAmerican Ex - 5,000,0
25,000,0
Commerce
500,0
Pacific
Chat. & Phen- 2,250,0
200,0
People's
3,000,0
Hanover
Citizens' Cent. 2,550,0
Market& Fult. 1,000,0
2,000,0
Metropolitan _
CornExchange 3,500,0
Irap.&Traders 1,500,0
Auction Sales.—Among other securities, the following, Park
5,000,0
250,0
East laver
not usually dealt in at the Stock Exchange, were recently sold Second
1,000,0
at auction in New York, Boston and Philadelphia:
10,000,0
First
4,000,0
Irving
By Messrs. Adrian H. Muller & Sons, New York:
250,0
Bowery
Per cent. N.Y.County_
Shares.
Per cent. Shares.
500,0
60 Yale & Towne Mfg. Co__ _ .12534 German-Amer.
100 Metropol. Casualty Ins.
750,0
180
11,125 Dividend-L. V. Cons. Gold
Co., N. Y
5,000,0
Chase
Min.Co.,Ltd., Nev.,$1 each 1
334 West. Devel. Co., pref_ _ _335 lot
100,0
Fifth Avenue5 Nat. Nassau Bank
125
1,000 Crucible Steel Co. of Am.,
200,0
German Exchcommon
Per Cent. Germania__..
1634 Bonds.
200,0
$24,000 Amer.Steel Foundries deb.
2,381 Henry R. Worthington, pref. 48
1,000,0
Lincoln
4s
30 Broadway Bidg.Co.,com_3340 lot
7434 Garfield
1,000,0
10 Metropolitan Bank
180
$970 Atlan. Mut. Inn. Co. 1914
250,0
Fifth
118 Am.Oriental Co.. pref__ _$65 lot
scrip
10434 Metropolis
1,000.0
30 Am. Oriental Co., com_ _ _39 lot $10,000 Nashville, Tenn., funding
West Side....200,0
4s, 1919
10 17th Street Realty Co_ _ _ _335 lot
9734 Seaboard
1,000,0
$15,000 Little Miami RR. 1st 49,
20 Blake & Knowles St'm Pump
1,000,0
Liberty
1962, M.& N
94
Wks.,pref.,34814 each_321 per sh.
N.Y.Prod.Ex. 1,000,0
1,000 Simplex Box Co., Ltd., £1
$50,000 Isabella-Connells. Coke Co.
1,000,0
State
each
$25 lot
coll. Os '15, ser. "D" $10,000 lot Security
1,000,0
20 Efficiency Metal Products
$3,500 Dry Dock E.B.& Batt. RR.
1,000,0
Coal 4. Iron
Co
$2 per sh.
55, 1914, tr. rcts., ass't pd. 2134 Union Exch.... 1,000,0
204 Central Fdy. Co., common.. 3
NassauXklyn. 1,000,0
By Messrs. Francis Henshaw & Co., Boston:
Shares.
5 Cordis Mills
$ per sh. I Shares.
140 I 50 Ludlow Mfg. Co., rights
$ per sh
534
By Messrs. R. L. Day & Co., Boston:
Shares.
6 Nat. Shawmut Bank
7 Everett Mills
4 Great Falls Mfg. Co
$ per sh. Shares.
$ per sh.
205
5 Pacific Mills
107
11334 4 Nashua Mfg. Co., $500 each _650
168
10 Saco Lowell Shops, corn
115
3
4,325,4
4,914,6
2,190,0
8.854,2
6.323,2
33,141,8
7,715,5
751,5
114,5
1,133,8
4,759,8
16,939,5
1,007,2
1,404,0
464,3
15,003,1
2,444.5
1,062,4
1,868,9
6,868,2
7,851,7
14.490,9
57,8
2,846,0
23,374,8
3,528,0
790,3
1,922,2
689,7
10,153,3
2,241,9
822,5
1,040,9
1,766,8
1,290,0
500,6
2,229,0
915,4
2,616,1
2,828,0
955,0
425,6
348,5
578,5
1,001,0
1,171,5
Loans.
Average.
Specie. Legato. Net Depos- ReAverage. Average. Its, Aver. serve.
$
24,048,0
39,450,0
21,639,0
88,211,0
25,983,0
201,901,0
30,040,0
8,498,0
1,923,0
10,130,0
50,660,0
142,058,0
5,195,0
22,795,0
1,802,0
85,812,0
23,408,0
9,300,0
10,761,0
66,314,0
27,956,0
94,553,0
1,590,0
13,767,0
120,732,0
46,780,0
3,215,0
8,910,0
4.255,0
105,949,0
13,200,0
3,249,0
4,756,0
14,890,0
9,544,0
3,840,0
13,360,0
3,929,0
27,151,0
27,511,0
9,991,0
18,412,0
11,272,0
6,858,0
10,560,0
8,171,0
$
5,179,0
8,725,0
3,819,0
17,187,0
4,227,0
69,737,0
4,339,0
1,877,0
486,0
2,691,0
10,951,0
29,977,0
890,0
4.603,0
460,0
22,482,0
5.369,0
1,001,0
2,433,0
17,259,0
4,061,0
22,707,0
422,0
3,086,0
35,300,0
10,768,0
787,0
1,552,0
820,0
33,259,0
2,756,0
564,0
1,161,0
2,953,0
2,352,0
806,0
2,257,0
824,0
6,466,0
7,258,0
2,518,0
5,975,0
2,071,0
740,0
2,498,0
1,622,0
$
989,1
1,867,
1,658,
6,231,
2,094,1
5,014,0
2,344,0
273,
66,1
210,
2,287,0
7,409,1
821,1
1,652,
148,
1,611,1
610,1
1,022,1,
422,t
2,743,1
2,329,0
2,533,0
113,
123,0
2,774,0
2,528,0
68,1
776,1
211,1
0,513,
1,008,1
389,1
253,1
868,4
266,
239,1
1,279,0
409,
1,825,1
626,0
365,1
314,1
1,508,0
1,044,1
350,0
208,0
3
23,053,0
44,660,0
21,841,0
93,377,0
25,293,0
220,127,0
26,447,0
8,303,0
2,093,0
11,475,0
52,188,0
129,017.0
5,231,0
24,381,0
2,151,0
97,131,0
22,932,0
9,774,0
10,574,0
78,069,0
25,500,0
98,948,0
1,959,0
12,504,0
122,591.0
50,870,0
3,473,0
9,350,0
4,108,0
130,118,0
14,696,0
3,791,0
5,469.0
15,150,0
9,973,0
4,221,0
13,680,0
4,854,0
31,889,0
31,084,0
11,410,0
24,155,0
13,660.0
6,983,0
11,001,0
7,186,0
%
26.7
23.7
25.0
25.0
25.0
33.9
25.2
25.9
26.3
25.2
25.3
29.0
32.7
25.6
28.2
24.8
26.0
29.9
27.0
25.6
25.4
25.5
27.3
25.6
31.0
26.1
24.6
25.0
25.2
30.5
25.6
25.1
25.8
25.2
26.2
24.7
25.8
25.4
26.0
25.3
25.3
26.0
28.2
25.5
25.8
25.4
Totals,average 128,550,0 208,628,4 1484,335,0 370,181,0 68,480,0 1576,740,0 27.8
—
1482,764,0 370,878,0 67,104,0 1575,243,0 27.8
Actual figures May 29Circa:a/Jan.—On the basis of averages,circulation of national banks in the Clearing
House amounted to $41,290,000 and according to actual figures was 141,365,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES,
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh. Shares.
$ per sh.
Shares.
10 Phila. Wareh'se Co
35 Miliville(N. J.) Elec. Lt. Co.._ _ 50
10034
25 Delaware Ins.(new).$10 each_ 25
115
10 Quaker City Nat. Bank
27
25 Home life Ins. Co.,1510 each
1034
50 Independence Fire Ins
50 Harrisburg Nat. Bank_ _ _ _6034-6034 10 People's Nat. F.Ins.,$25 each 18
1 Chestnut Hill. RR.,$50 each... 60
7 Fire Assoc. of Phila., $50 each
340-340%
1 2d & 3d Sts. PAWL Ily
24134
2
2 Phila. City Pass. fly
250 Ches. & Del. Canal
153
115
14 Southwestern Nat. Bank
Bonds.
1 Farmers' 4. Meehan. Nat. EL 135
Per Cent.
118
$18,000 K. C. Mex. & Orient RR.
5 Tenth Nat. Bank
1st 4s, 1951, tr. rots
15 Franklin Trust Co.,$50 each.. 54
23-2434
879
$1,000 Spring. Cons. Wat. Co. 5s,
1 Girard Trust Co
1958
5 People's Trust Co.,$50 each...... 46
75
85
2 Real Estate Tr. Co. pref
$500 No. Spring. Wat. Co. 5s,
2 Phila. Wareh'se & C.S. Co_ _ _ _ 91
90%
1928
By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per oh. Shares.
Shares.
$ per sh.
1 Phila. Nat. Bank
430
25 German-Amer. Title & Trust,
102
2 Phila, City Pass. fly., $50 each.. _15334
$50 each
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending 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:
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
Week
Capital. Surplus.
ending
May 29.
Specie.
On Dep.
Legal Icith C.H.
Net
Tenders. Banks. Deposits.
$
$
$
$
3
$
Averages.
3
Banks_ __ _ 128,550,0 208.628,4 1,484,335,0370,181,0 68,480,l
1,576,740,0
Trust cos.. 46,250,0 97,557,0 632,813,0 67,647,0 6,674, 90,211, 471,633,0
Total__ _ 174,800,0300,185,4 2,117,148,0437,828,0 75,154, 96,211, 2,048,373,0
Actual.
1,482,764,0370,878,0 67,104,0
1,575,243,0
Banks..
631,121,0 68,489,0 6,888,1 96,660
470,427,0
Trustees..
2.113,885,0439,367,0 73,002.0 96.600. 2.045 a7n n
frntal
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
STATE BANKS AND TRUST COMPANIES.
•
Week ended May 29.
Capital as of March 2—..
$
$
$
%
898,0 3,462,0 19,897,0 15.0+14.8
426,0 27,597,0 102,853,0 15.0+21.1
820,0 7,279,0 30,185,0 15.0+18.9
91,0 2,631,0 15,196,0 13.6+14.4
353,0 3,466,0 22,156,0 15.0+13.4
966,0 27,351,0 125,713,0 17.9+17.8
43,0
834,0 5,926,0 15.3+10.7
699,0 1.830,0 12,532,0 15.0+12.7
460,0 4,613.0 39,609,0 15.0+10.4
421,0 2,263,0 15,603.0 15.0+12.4
242,0 6,682,0 31,140,0 14.8+17.6
156,0 1,842,0 8,050,0 15.1+17.8
214,0 1,039,0 9,502,0 15.1+ 9.8
208,0 2,979,0 20,042,0 14.5+12.8
677,0 2,343,0 13,229,0 15.3+15.0
Surplus as of March 2_ _
Totals, average 97,557,0 632,813,0 67,647,0 6,674,0 96,211,0 471,633,0 15.7+16.9
P. C. reserve to deposits..
Percentage last week
$
$
$
Brooklyn
3,741,5 25,432,0 2,095,0
Bankers
14,801,0 127,255,0 15,043,0
U.S.Mtg.&Tr. 4,412,0 39,425,0 3,713,0
Astor
1,349,9 21,247,0 1,984,0
Title Gu.& Tr. 11,736,1 34,528,0 2,958,0
Guaranty
24,266,5 185,940,0 21,629,0
865,0
Fidelity
1,352,4 7,576,0
LawyersTI&T 5,544,3 16,243,0 1,190,0
Col.-Knicker
7,351,6 49,044,0 5,511,0
1,572,6 16,550,0 1,923,0
People's
New York
12,020,0 47,437,0 4,391,0
Franklin
1,228,4 10,124,0 1,063,0
Lincoln
547,5 10,684,0 1,225,0
Metropolitan - 6,794,3 27,829,0 2,703,0
838,9 13,499,0 1,354,0
Broadway.._
Loans.
Loans and investments_ _
Change from last week.
Trust Cos.
State Banks
State Banks
Trust cos.
in
in
outside of
outside of
Greater N. Y. Greater N. YGreater N. Y. Grimier N. Y.
67,900,000
39,457,000
164,517,300
14,063,889
13,006,407
324,747,100 1,123,794,500
+1,557,600 +1,174,800
130,357,200
+492,800
185,954,000
+631,000
137,380,900
--991,200
194,843,700
—465,400
24,082,400
--627,300
25,801,600
—944,300
Gold
Change from last week -
54,543,100
--586,600
103,264,500
+547,500
Currency and bank notes_
Change from last week..
27,439,900
+862,400
22,992,300
+1,624,500
Deposits
Change from last week..
416,774,400 1,318,578,600
--6,928,900 +7,478,900
Reserve on deposits
Change from last week..
109,329,400
+1,011,400
30.6%
30.5%
302,892,700
+6,975,200
30.6%
30.0%
10,588,000
19.2%
19.7%
Actual figures May 29 631,121,0 68,489,0 6,883,0 96,660,0 470,427,0 16.0+17.0
$
10,750,000
23,137,400
+ Increase over last week. — Decrease from last week.
15.2%
15.7%
JUNE 6 1914.]
THE CHRONICLE
1745
The Banking Department also undertakes to present
Reports of Clearing Non-Member Banks.-Thefollowseparate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in Greater New York, not in the Clearing banks for the week ending May 29, based on average daily
House. These figures are shown in the table below, as are results:
We omit two ciphers in all these figures.
also the results (both actual and average) for the ClearingHouse banks and trust companies. In addition we have
Loans,
Load
On
Disc'ts
Tender Deposit
combined each corresponding item in the two statements,
Banks.
CapiSurand
Specie. and
with
Net
tal.
plus. InvestBank C.-H. Deposits.
thus affording an aggregate for the whole of the banks and
ments.
Notes. Banks.
trust companies in Greater New York.
New York City.
$
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended May 29-
Clear.-House Clear -house State Banks and1 Total of al!
Members.
Members. Trust Cos. Not Banks & Trust
Actual Figures
Average. in C.-H. Aver. Average.
5
iNational
Capital
March
State
March
Surplus
banks
4 andl
banks
2._)
7
$
$
$
1 4,800,000
174,800,000
306,185,400
306,185,400
73,378,300 379,563,700
Loans and investments__ 2,113,885,000 2,117,148,000
Change from last week -3,791,000 -8,679,000
571,242,6002,688,390,600
+1,061,000 -7,618,000
28,837,400 203,637,400
Deposits
2,045,670,000 2,048,373,000 a584,409,6002,632,782,600
Change from last week -10,003,000 -10,237,000 -1,870,700 -12,107,700
Specie
Change from last week
439,307,000
-1,379,000
437,823,000
-302,000
b54,470,700 492,298,700
+102,400
-199,600
Legal-tenders
Change from last week
73,992,000
-2,985,000
75,154,000
-2,142,000
c9,880,600 85,034,600
+33,500 -2,108,500
Banks: Cash in vault...
Ratio to deposits
437,982,000
27.80%
438,661,000
27.82%
12,208,600 450,869,600
12.60%
75,377,000
74,321,000
Trust cos.: Cash in vault
Aggr'te money holdings_
Change from last week
Money on deposit with
other banks & trust cos
Change from last week
Total reserve
Change from last week
Surplus CASH reserveBanks (above 25%).
157;_
Trust Cos.(above
)
Total
Change from last week
513,359,000 512,982,000
-4,364,000 -2,444,000
96,660,000
-905,000
610,019,000
-5,269,000
44,171,250
4,812,950
609,193,000
-23,000
126,473,700
48,984,200
-1,971,650
Totals May 29.... 5,847,0 10,665,4 84,828,0 8,325,0 4,053,0 18,381,0 78,578,0
Totals May 23_ _ _ _ 5,847,0 10,665,4 84,306,0 8,403,0 4,241,0 20,583,0 78,346,0
Mtnla May IR
A 547 0 10 ARA 4 54 SRI 0 5 1175 II 4 ARO ll IR 755 0 77_0:15_0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending May 30; also,
totals since the beginning of the first week in January:
115,925,500 212,136,500
+6,295,800 +8,716,800
180,276,800 789,469,800
+6,431,700 +6,403,700
44,476,000
3,576,050
FOREIGN IMPORTS AT NEW YORK.
For Week.
1914.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
48,052,050
+391,550
Total 22 weeks
% of cash reserves of tru at cos.Cash in vault
16.02%
Cash on dep. with bks.
17.04%
Total
96,211,000
+2,421,000
52,142,700
64,351,300 577,333,300
+135,900 -2,308,100
$
$
$
$
$
3
Manhattan and Bronx.
Washington Heights_ 100,0
369,8 1,662,0 100,0
85,0
303,0 1,318,0
Battery Park Nat.__ 200,0
118,5 1,757,0 384,0
240,0 2.008.0
54,0
Century
500,0
501,9 6,533,0 700,0 395,0
943,0 6,712,0
Colonial
400,0
712,9 7,275,0 641,0 769,0 1,099,0 7,522,0
Columbia
300,9
697,0 6,030,0 688,0 521,0 1,000,0 7,243,0
Fidelity
200,0
189,8 1,080,0 101,0
35,0
85,0 1,053,0
Mutual
200,0
491,4 5,530,0 583,0 225,0
801,0 5,652,0
New Netherland
200,0
329,8 3,370,0 314,0 138,0
297,0 3,545,0
Twenty-third Ward_ 200,0
108,9 1,801,0 225,0
290,0 1,944,0
94,0
Yorkville
100,0
525,5 4,790,0 584,0 207,0
621,0 5,181,0
Brooklyn.
First National
300,0
686,4 3,798,0 356,0
42,0
601,0 3.110,0
Manufacturers' Nat
252,0
966,3 5,724,0 657,0
74,0
721,0 5,105,0
Mechanics'
1,000,0
527,5 9,576,0 1,124,0 562,0 2,549,0 11,383,0
National City
300,0
590,2 4,757,0 542,0 105,0
798,0 4,679,0
North Side
200,0
190,3 2,875,0 232,0 162,0
325,0 2,980,0
Jersey City.
First National
400,0 1,404,8 4,091,0 292,0 293,0 5,278.0 3,042,0
Hudson County Nat_ 250,0
832,4 3,184,0 240,0
39,0
708,0 1,503,0
Third National
200,0
445,2 2,395,0 105,0 141,0
595,0 1,475,0
Hoboken.
First National
220,0
684,7 4,808,0 262,0
61,0
594,0 1,677,0
Second National
125,0
292,1 3,792,0 195,0
533,0 1,445,0
46,0
33.06%
15.75%
16.94%
11.61%
21.71%
32.69%
33.32%
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries and from other banks and trust companies in New York City and exchanges";
with this item included, deposits amounted to $695,215,000, an increase of 34,135,500 over last week. In the case of the Clearing-House members, the deposits are
"legal net deposits," both for the average and the actual figures. b Gold. c Currency and bank notes.
1913.
$2,823,329
16,833,517
I
31,702,675
13,233,847
1912.
I
$1,910,208
16,338,660
1911.
51,932,106
11,250,233
$19,656,846 $14,936,522 $18,248,868 $13,182,339
$81,614,775 865,018,4641 $62,200,8911 261,721,680
367,387,016 362,020,060. 373,382,913 310,989,685
$449,001,791 $427,038,524 $435,583,804 $372,711,365
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 30 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported
1913.
1912.
1911.
$16,417,478 $13,276,969 $12,367,087 $12,505,598
399,668,944 401,162,917 353,632,646 318,995,327
The averages of the New York City Clearing-House banks
Total 22 weeks
$416,086,422 $414,439,886 $365,999,733 $331,500,925
and trust companies, combined with those for the State banks
_
The followng table shows the exports and imports of
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the week ending May 30
and since Jan. 1 1914, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1913 and 1912:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK,
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
Mar.
April
April
Ap
April
May
May
May
May
May
$
28..-- 2,615,558.6
2,647,521.8
11-- 2,601,309,9
18 . _- 2,667,243.5
25.- 2,698,408,3
2,694,809,4
2,685,671,8
16.... 2,708,109,8
23____ 2,696,008,6
2,688,390,6
29.
Deposits.
$
2,525,197,4
2,564,167,2
2,579,788,5
2.591.161,3
2,626,157,2
2,625,328,0
2,619,688,2
2,649,525,0
2,644,890,3
2,332,782,6
Specie.
410,028,5
462,991,8
467,091,2
170.768,1
475,387,4
485,471,7
486,377,9
488,457,8
492,498,3
492,298,7
Legals.
83,884.2
80,807,1
78,148,1
81,753,0
83,791,4
81,580,0
82,242,7
86,367,3
87,143,1
85,034,6
543,912,7
543,798,9
545,239,3
552,521,1
559,178,8
567,051,7
568,820,6
574,825,1
579,641,4
577,333,3
653.053,3
653.803,5
659,391,3
681,403.0
669,238,6
683,732,8
694,193,3
778,420,2
783,061,1
789,469,8
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two ciphers (00) in all these figures.
Banks.
Capital
and
Surplus.
Loans.
Specie.
I,egals. Deposits.
a
Boston.
$
3
April 11. 60,735,0 231,434,0 26,324,0 3,939,0
April 13. 60,735,0 234,196,0 27,363,0 4,154,0
April 25. 60,735,0 234,936,0 28,602,0 4,185,0
May 2_ 60,735.0 232,709,0 29,358,0 4,239,0
May0- 60,735,0 229,808,0 30,465,0 4,122,0
May 16_ 60,735,0 235,264,0 32,818,0 4,044,0
May 23_ 60,735.0 236,990,0 34,576,0 3,751,0
May 29- 60,735,0 233,392,0 33,767,0 4,102,0
April
A pill
Apr))
May
May
May
May
May
1118
25.
2.
916.
23
20.
103.684,3
103,684,3
103,684,3
103,684.3
103,684.3
103,684,3
103.884,3
103,684,3
404,526.0
402,189,0
403,539,0
403,073,0
402,724,0
402,403,0
400.891,0
401,816,0
105.904.0
111,713,0
111,062,0
107,208,0
108,851,0
110,315,0
109,816,0
106,883,0
Circulation.
Clearings.
279.0.52,0
295,600,0
291,214,0
285,032,0
284,919,0
306,166,0
294.916,0
294,863,0
10,093,0
10,124,0
10,070,0
10,090,0
10,088,0
10,067,0
10.037,0
9,561,0
153,991,1
174,783,5
154,898,4
167,135,2
142,441,2
181,391,9
153,801,0
114,566,5
*465,330,0
*468,615,0
*461,691,0
*4(10,542,0
*460,581,0
*164,364,0
*462,223,0
*462,703,0
11,421,0
11.453,0
11,503.0
11,514,0
11,594,0
11,592,0
11,533,0
11,560,0
155.434,7
177,845,5
150,400,3
160,182,2
151,374,6
147,764,4
154,628,2
132,507,8
a include! Government dopes is and the item "due to other banks." At Boston
Government deposits amounted to $1,628,000 on May 29, against $1,646,000 on
May 23.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on May 30 as $17,188,000.
Exports.
TotMoney Entire Re3
Holdings onDepostt
Imports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week,
$2,000,000 $2,000,000
7,010,690 29,109,669
1,018,913
10,760
814,933
1,105,120
100,000
428,112
133,900
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan. 1
35,843
20,708
73,016
43,386
Since Jan. 1
$17,258
90,633
952
915,681
755,608
1,572,808
775,470
$9,121,450 $34,00,647
100 59,767,290
600 21,555,787
$142,953 $4,128,410
286,141 7,388,438
295,752 8,905,578
$916,470 $13,649,326
113,242 2,198,422
$9,305
7,774
17,917
21,394
2,425,536
1,241,418
864,618
1,131
185
192.876
91,146
1,124,900
385
$1,031,028 317,257,055
883,125 22,130,016
1,046,464 22,014,893
$1,472
214,705
190,815
15,954
$422,946 $4,387,960
132,342 4,089,289
90,2821 4,795,908
Of the above imports for the week in 1914, 87,465 were
American gold coin and $650 American silver coin.
and fthandal.
Municipal Bonds
Ask us to send 3. cm Circular No. 615 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
Albany
43 EXCHANGE PLACE-NEW YORK
Boston
Chicago
Vaulters' i azette.
Wall Street, Friday Night, June 5 1914.
r The Money Market and Financial Situation.-Senti-
ment rather than developments or facts has been the pre.
vailing influence in Wall Street this week and this sentiment
does not possess the quality that stimulates confidence and
hopefulness, or encourages enterprise. It has been shaped
largely by distrust or anxiety as to the impending decision
of the Inter-State Commerce Commission in the railway rate
case and by renewed assurance from the highest official
source that there is no occasion whatever for any business
depression. The latter recalls the old and well-known story
of the man in jail who was assured by his attorney that for
the alleged offence he could not be put in jail. That a
paralysis of business actually exists such as has not, we believe, been experienced since the depression following the
panic of 1893, every business man knows too well and the
official indifference or blindness to that fact and its causes
is in itself depressing.
The Government crop report relating to cotton was not
as favorable as had been hoped for but there is ample time
for improvement in the particular mentioned and prospects
for the winter-wheat crop, which will soon be ready to
harvest, are still of the very best. On the other hand, the
report of pig iron production for the month of May showed
a large falling off from the March and April output and indicated that furnaces in active operation on June 1 have a
capacity of about 6,500 tons per day less than on May 1thus showing that a large part of the gain noted earlier in
the year has been lost.
Local financial conditions are illustrated by a conclusion
of negotiations for the St. Paul Railway's new $30,000,000
bond issue and by the fact that this market is unaffected
by continued gold exports. The weekly statement of the
Bank of France shows a substantial addition to its gold
holdings resulting from the exports mentioned, but the Bank
of England is still far below its normal gold reserve, suggesting that the movement eastward from here may be continued.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 M62%. Friday's rates on call were 1 %etil %.
/4 @4% for sixty to
Comme-cial paper on Friday quoted 33
ninety-day endorsements and prime four to six months'
% for good single names.
single names and 43' @4%%
The Bank of England weekly statement on Thursday
showed an increase of £44,958 and the percentage of reserve
to liabilities was 42.46, against 42.24 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 52,415,000 francs
gold and a decrease of 5,827,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
May 29.
Differences
from
previous week.
1913.
Averages for
week ending
May 31.
1912.
.4 verages for
week ending
June 1.
s
$
$
5
128,550,000
133,650,000 131,150,000
Capital
208,628,400
206,866,000 195,115,700
Surplus
Loans and discounts__ 1,484,335,000 Dec. 9,269,000 1,318,807.000 1,371,537,000
41,290,000 Dec. 414,000
46,901,000
47,159,000
Circulation
1,576,740,000 Dec. 13.000,000 1,323,187,000 1,421,068,000
Net deposits
370,181,000 Dec. 2,447,000 280,008,000 305,206,000
Specie
78,118,000
77,500,000
68,430,000 Dec. 1,859,000
Legal-tenders
Reserve held
25% of deposits
[VOL. xcviir.
THE CHRONICLE
1746
438,661,000 Dee. 4,306,000
394,185,000 Dee. 3,250,000
358,126,000
330,796,750
382,766,000
355,207,000
State and Railroad Bonds.-Sales of State bonds at the
Board include $102,000 New York 43/2s at 109% to 1103,
%, $26,000 New York
$1,030 New York 4s, 1962, at 1013
Canal 43-'2s at 110 to 1104,$5,000 New York Canal 4s, 1962,
and
at 101%, $10,000 Virginia funded debt, 1991, at 83
$219,000 Virginia 6s deferred trust receipts at 64 to 67.
conand
railway
exhibits
industrial
for
bonds
The market
siderable vigor and transactions in high-grade issues are limited by the supply. There has, however, been no sharp bidding up of prices, and several low-grade bonds have declined.
Conspicuous among the latter are West. Maryland 4s, which
have lost nearly 3 points within the week, and Rock Islands,
down 13i to 1
Ove- against this movement am Missouri Pacifies, with an
advance of 1 to 2 noints,and other issues fractionally higher.
United States Bonds.-Sales of Government bonds at
the Board are limited to $6,000 48 coup. at 111%, $4,000
Panama 3s coup. at 101 ki and $20,000 2s reg. at 96%.
For to-day's prices of all the different issues and for yearly range
see third page following.
Railroad and Miscellaneous Stocks.--The stock market has been slightly more active than last week, but far less
active than the corresponding week last year, or the average
for the season. The public continues to hold aloof, and in
this week's professional operations fluctuations have, in most
cases, been narrow. The general tendency of prices has,
however, been towards a lower level, and of a list of 25 relatively active issues, 17 have declined.
On only one occasion this year have the transactions been
so small as to-day, and the market was unusually narrow and
featureless.
Among the special features of the week, Lehigh Valley is
4 points. New Haven is
conspicuous for a decline of 31
down 2 points, Reading 19 and New York Central 1, while
which has advanced as
stock
railroad
Atchison is the only
much as a point.
Montana Power, however, shows an upward move of 39
points, Texas Co. 23/2, General Motors 23', Consolidated
Gas 13/2 and Beet Sugar fractionally more than a point.
For daily volume of business see page 1756.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 5.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
200 98 June 6 99 June
Adams Express
158 8934 June 5 8934 June
Am Brake Shoe & Fdy-100 138 June 1 138 June
Preferred
520 8534 June 2 8634 June
American Coal Products
150 108 June 4 108 June
American Express
100 7 June 5 7 June
Brunswick Terminal_ _ _ _
150 4134 June 2 4134 June
Colo & South, 1st pref._
34 June 1 34 June
200
Second preferred
30 11334 June 1 11334 Juno
Detroit Edison
110 3134 June 4 3134 June
Federal M & 5, pref....
40 109 June 4 109 June
General Chemical, pref.
400 125 Juno 1 126 June
Hocking Valley
8 116 June 3 116 June
Mining
Homestake
100 32 Juno 1 32 Juno
Lackawanna Steel
13 110 June 1 110 June
N Y Lackawanna & \Yes
100 2734 June 3 2734 June
Norfolk Southern
25 94 June 5 94 June
Pabst Brewing, pref....
100 85 June 1 85 June
Pittsburgh Steel, pref._
1 June 5 134 June
1,250
Quicksilver Mining
800 134 June 3 134 June
Preferred
15012434 June 512434 June
Sears,Roebuck & Co., pf
200 4634 June 3 4634 June
United Cigar Mfrs
400 100 June 2 10034 June
Preferred
856 9734 June 1 9734 June
United Dry Goods, pref.
1,690 97 June 2 102 Juno
Wells, Fargo & Co
100 3434 June 4 3434 June
tlfoatarn lUnryland nrat
Range since Jan. 1.
Lowest.
Highest.
3 91
5 80
1 12934
2 82
4 100
6 634
2 3834
1 33
111234
4 3134
4 10734
1 125
3 113
1 32
1 110
3 26
5 94
1 82
4 1
2 134
5 12234
5 45
2 100
4 9434
5 8034
Feb 110
Apr 9734
Jan 14634
Jan 8634
Jan 11034
Apr 834
May 62
May 35
May 11334
Apr 43
Feb 109
Jan 127
Apr 12234
Apr 40
June 115%
Mar 43
June 10434
Apr 93
June 234
June 4
Jan 12434
Jan 5034
June 10334
Mar 10034
Feb 102
4 3434 June RR
Mar
Feb
Feb
Mar
Jan
Feb
Jan
Mar
June
Jan
Apr
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Jan
Jan
June
Feb
Feb
Feb
June
Inn
Outside Market.-quiet conditions prevailed in "curb"
trading. Kelly-Springfield Tire com.was conspicuous for
an advance from 53 to 65, the pref. gaining 5 points to 145.
Maxwell Motors stocks were weak, the common moving
down from 143% to 13% but recovering finally to 14. The
1st pref. lost over two points to 43 and the 2d pref. over 13/2
Foreign Exchange.-The market ruled firm during the points to 173/2, the latter recovering subsequently to 18.
week and closed strong. Two additional engagements of Willys-Overland corn., after an early advance from 79 to
gold coin, each of $2,000,000, were arranged for export to 81%, dropped to 75. Tobacco issues were neglected.
Paris.
United Cigar Stores corn. sold up from 8734 to 883/2 and down
To-day's (Friday's) actual rates for sterling exchange were 4 86100 to 873
4. United Profit Sharing was off from 5% to 53/2 and
4 8635 for sixty days, 4 887504 8885 for cheques and 4 892004 8930 for
9%. National Cloak & Suit
cables. Commercial on banks 4 84%04 85% and documents for payment Riker-Hegeman from 93/2 to
4 85364 8634. Cotton for payment 4 853404 8534 and grain for pay- com. lost a point fo 54. The pref. eased off from 973/2 to
ment 4 863404 8634.
5
Standard Oil stocks were quiet,
%.
The posted rates for sterling, as quoted by a representative house, were 97% and advanced to 97
not changed during the week from 4 863 for 60 days and 4 89 for sight.
with price fluctuations comparatively small. Atlantic ReParis
for
rates
bankers'
actual
To-day's (Friday's)
francs were 5 1734
fining declined from 620 to 614, rose to 622 and sold back to
5 1734 plus 1-32 for long and 5 15 less 1-3205 15 for short. Germany
bankers marks were 95 less 1-32095 for long and 9534095 7-16 less 1-32 614. Continental Oil weakened from 237 to 229. Pierce
guilders
were
40 5-16040 5-16 plus 1-32 Oil sold up two points to 82 and down to 78, closing to-day
for short. Amsterdam bankers'
for short.
Exchange at Paris on London, 25f. 18c.; week's range, 25f. 1834c. high at 80. Prairie Oil & Gas rose from 471 to 475, declined to
and 25f. 1734c. low.
463 and recovered finally to 466. South Penn Oil dropped
Exchange at Berlin on London, 20m. 50pf.; week's range, 20m. 5034pf.
from 302 to 293 and ends the week at 295. Standard Oil
high and 20m.49%pf. low.
The range for foreign exchange for the week follows;;
(Cal.) was active and moved up from 334 to 341,sank to 322,
CheguesStay Days.
CablesSterling, Actualthe final figure to-day 'being 328. Standard Oil (Ind.) was
4 8885
High for the week__ A 8635
4 8930
4 8825
Low for the week __ _4 8575
4 8865
erratic, and from 495 sold as high as 505 and as low as 490,
Paris Bankers' Francswith the close to-day at 501. Standard Oil of N. J. early in
5 1434 less 1-32
High for the week__ _5 1734 plus 1-32 5 15 less 1-64
Low for the week __ _5 1734 less 3-32 5 15% less 1-32 5 15 less 3-64
the week was down three points to 407, but sold up to 414
Germany Bankers Marks
and finished to-day at 412. Standard Oil of N. Y. lost ten
High for the week_ _ _ 95
9534 less 1-32
9534 plus 1-32
95 5-16
points to 213 and recovered to 2173/2. Mining shares were
Low for the week ___ 94 15-16
9534
Amsterdam Bankers' Guildersdull. Braden Copper fluctuated between 73% and 8 and
High for the week__ _40 1-16 plus 1-16 40 5-16 plus 1-16 403' less 1-16
closed to-day at 7%. Greene Cananea improved from 323%
40 5-16 less 1-16
Low for the week ___40 1-16
403 less %
Domestic Exchange.-Chicago, 15c. per $1,000 premium. Boston, to 333/2 and ends the week at 333. Kerr Lake weakened
par. St. Louis, 5c. per $1.000 premium bid and 10c. premium asked. from 4% to 4 3-16, the final figure to-day being 434.
San Francisco, 30c. per $1,000 premium. Montreal, par. Minneapolis,
Outside quotations will be found on page 1756.
130c. per $1,000 premium. Cincinnati, 20e. per $1,000 premium.
Surolus reserve
44.476.000IDee. 1,056,000
27.329.250
27.499.000
Note.-The Clearing House now Issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
page preceding.
1747
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
l'or record of sales during the week of stocks usually inactive, see preceding nage
STOCKS-111011E87' AND LOWEST SALE PRICES.
Eafurday
May 30
;fonday
June 1
Tuesday
June 2
Wednesday
June 3
Thursday
June 4
Friday
June 5
0714 9712 9634 9732 9712 9812 08
9858 0814 08%
10033 10038 10032 10038 10032 10034 101 101 *10018 101
*12112 12312 12212 12212 f122 122
12134 12134 *12112 12212
905 011$ 90
91
91
0028 8972 0034 9012 91
.
8078 8112 *8073 8112 .
8078 8112 •8078 8112
8072 8112 .
03
0314 9234 0318 9234 93
03
9314 9312 9334
10434 19534 19318 19514 19314 19418 19372 195
19334 10414
.300 325 .300 325 .300 325 .300 320 *300 325
5134 6134 6212 15138 5138
5134 5178 5114 51; 51
.13
14
13
1334 14
13
14
13
14
13
3312 3312 3334 3334 3378 33; 3414 36
3513 3512
9934 10018 9812 9938 98; 9912 9912 9934 9912 9913
.135 138 .135 138
135 13512 1136 136
x1.3078 13078 129; 13034
130 130
131 131
*175 185 .175 185
•175 185 1175 175
40 .30
*30
35 .30
35
*11:73833181138 133381,5508:4 .30
35
.5114 5413 *51
51
51
5212
6212
.50
148 14878 .14734 150
149; 1.4938 .148 14912
•14751 160
399 399
398 398 '3398 400
39912 400 .396 405
1212 .11
.11
•1138 13,2 •1138 1214
14
•1912 21
•20
.1912 22
.20
22
12078 2078
21
28; 2918 28
2834 29
28; 2818 2868 2853 2878 .
4314 4314 4314 4314
4234 423.1 4312 43,2 .43
44
3712 423614 3714 .3638 3714 .3612 3712 .3613 3712
.
36
12418 12458 12412 12412
123 12468 12334 12418 123% 124
32
3114 3112 31
32
.31
3118
31
33
31
11134 11134 .11012 112
11134 11134 11212 11212 *11212 113
*143g 1434
1414 1438 1412 1412 1468 1434
1434 1518
26
13214 6253 6178 62
8
214
2 0
26
23
748 6234 6314 6333 6378
2658 2714 *2618 27
2678 2678
26; 27
6151 6013 6034 •80
.60
6034 *6012 6112
8034 .60
*61, 9
•51s 9
.513 9
4,54 0
*5
9
•15
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19 .
13834 139
136 13834 *1
134 13512 13434 13818
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414 138
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•136 138 .136 138
*136 138 .136 138
13114 13114 .131 132
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113
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*1314 1312 i131s 1318
1312
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.28
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128
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318
33
31 13
28
315
1114 *28
125 12512 1234 125
12413 1241s .124 12512
123 123
•135 145 •135 145 .135 143 .130 145 *138 143
•1612 1712 .17
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18
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38
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42 .38
40 .39
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1814 1933 1834 1968
1832 1834
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1812 10
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35 .27
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1234 *1112 1212
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9134 914 9112
9118 9238 901 9114 *9
1
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9
10
2
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8
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8458 6558 6412 65
6534 87
133% 66
25
2712 *2512 2712
*2514 2712 .25
2712 .
2712 *25
104 MI
10312 10312 .10333 10358 .10312 10412 *10314 10334
191
91
*8912 91
*8912 01
*9018 9014 .8912 01
10912 111
11014 11012
111 111
10912 11014 10934 110
10
1% 18
11
114 1111$ 11138 111 11114
11112 11112 11114 111; 18
8178
81%
.
8012 89
90
89 'Si
.
81
95 100 .95 100
•95 100
.95 100 .95 100 .
163; 16434 16414 16518 164; 165
16474 1654 1631* 165
.8814
.
8812
8918
8918 891s 8913
8912 .88
.88
8912
.86
.89
89
.88
89
.88
8912
8912 .88
89
278
278
234
3
278
3
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334
458
41g
413 458
334 4
418 414
3; 834
*212
*212 334
312 312
3
3
*3334
1412 *10
1412 .10
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144
612 16
.5
534 634 *5
612
6
.
5
64
22
2278 2112 2134 21
*2012 2412 •2012 2412
21
•____ 60 *____ 61
60
60 .____ GI
1934 1934 19
19
20
1878 20
2014 •1912 204
*5114 55
6458 5414 5414 5414 5412 15412 5412
54
29234 9312 917k 9278 91; 0268 0212 93% 9284 934
10178 10178
247 2473 2415 2434
.
2458 25
;24r2 2514
.
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8012 .7912 8012 -8%
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4212 .4112 4212 4134 42
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15351 15518 15368 15434 15412 15512 15468 1554
x155 156
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395
38
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78
78
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1814 1812
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84
8312 *82
84 .82
.82
84 .82
84
6314 821g 63
6214 6214 63
62
623;4 6234
1011 1011, 10112 10112 10112, •101; 102 110114 1014
168 .162 166 .162 168 •162 166
165 166
Sales CV
the
:Feet
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. 1,
On basis of 100-share lots.
Lowest.
Railroads
6,600 Atchison Topeka & S F._
Do pref
1,125
375 Atlantic Coast Line RR_
6,800 13altimore & Ohio
Do pre!'
10,710 Brooklyn Rapid Transit_
18,850 Canadian Pacific
Central of New Jersey__ _
8,290 Chesapeake & Ohio
2,100 Chicago Gt West tr ctfs_ _
Do pref trust ctfs
1,700
6,615 Chicago Milw & St Paul_
Do pref
790
900 Chicago & North Western
Do pref
10
Cleve Cin Chic & St L_ _
Do pref
100
900 Delaware & Hudson
1,150 Delaware Lack & West
Denver & Rio Grande___
Do prof
20
5,600 Erie
Do 1st preferred
745
Do 2d preferred
2,700 Great Northern pref
Iron Ore properties
1,100
450 Illinois Central
3,300 Interboro-Metrop v t ctf_
Do prof
6,610
000 Kansas City Southern
Do pref
300
Lake Erie & Western_ __ _
Do pref
42,200 Lehigh Valley
Louisville & Nashville__
107 Manhattan Elevated____
20 Minneapolis & St Louis_ _
Do pre('
16
776 Minn St I'& S S Marie_ _
Do pref
200 Missouri Han & Texas
76
Do preferred
40,120 Missouri Pacific
Nat Rys of Mex 1st pref_
Do 2d preferred
7,364 N Y Central & H
37,970 N Y N II & Hartford_-_
N Y Ontario 8r Western_
200 Norfolk & Western
Do adjustment pref
64
8,785 Northern Pacific
5,840 Pennsylvania
300 Pittsb Gin Chic & St L
Do preferred
93,700 Reading
1st preferred
100
2d preferred
1,675 Rock Island Company
3,160
Do preferred
200 St Louis & San Francisco
Do 1st preferred___ _
Do 2d preferred
1.
1,000 St Louis Southwestern
Do preferred
1,340 Seaboard Air Line
Do preferred
050
24,760 Southern Pacific Co
Certificates (wh. iss.)_
100
1,000 Southern v tr ctfs stmpd _
Do preferred do
111
1,200 Texas & Pacific
1,100 Third Avenue (N Y)
Toledo St L & Western_ _
Do preferred
585 Twin City Rapid Transit
55,150 Union Pacific
Do preferred
225
100 United Rys Investment _
Do preferred
2,150
300 Wabash
Do preferred
2,700 Western Maryland
600 Wheeling & Lake Erie_ _ _
610
Do 1st preferred....
Do 2d preferred
250
Wisconsin Central
Industrial and Miscall.
3,300 dAlaska Gold MIn Par $10
Allis Chal Mfg v t
Do preferred v t c
500
34,300 Amalgamated Copper___
700 American Agricul Chem_
Do preferred
30
7,300 American Beet Sugar_
136
Do preferred
16,120 American Can
1,600
Do preferred
1.260 American Car & Foundry
Do preferred
100
American Cities
768
Do preferred
725 American Cotton Oil_ _ _
Do preferred
100
American I iide & Leather
300
Do preferred
3,825 American Ice Securities_ _
400 American Linseed
Do preferred
100
1.250 American Locomotive
Do preferred
100
American Malt Corp_ __
Do preferred
Amer Smelters Sec prof B
3,244 Amer Smelting & Refin'g
Do preferred
225
20 American Snuff
9134 Apr 25
9712 Jan 13
116 Jan 3
8714 Apr 24
7734 Jan 6
8712 Jan 3
18612 Apr 27
310 Jan 12
4834 May 9
11 Apr 21
2712Jan 7
9418 Apr 25
13412 May 2
128 Jan 3
170 Jan 5
25 Apr 13
51 J'ne 4
14512 Apr 22
388 Jan 6
1012 Feb 25
19 Apr 28
2534 Apr 25
4018 Apr 25
35 Jan 2
119 Apr 25
2914 Apr 27
107 Jan 7
1314 Apr 25
6814 Apr 25
23 Apr 25
67 Apr 25
612 Feb 28
17 Apr 3
13214 Apr 21
13114 Apr 25
128 Jan 5
12 Apr 18
30 Apr 14
11734 Apr 27
140 Apr 11
1414 Apr 22
35 Apr 25
1514 Apr 30
30 Jan 10
9 Apr 25
86;Apr 16
6312 J'ne 2
2473 Apr 25
9928Jan 9
85 Jan 7
10612 Apr 25
10814 Apr 25
70 51ch25
9534 Apr 1
215812 Apr 27
8712Jan 8
87 Apr 28
212 Apr 30
;
3
82 J.
84A p
n
ale
y 5
87
highest.
1005s Jan 23
10128 Feb 9
126 Jan 23
1)838Jan 26
8358 Jan 29
9414 Mat 6
22012 Feb 4
310 Jan 12
68 Jan 22
1412 Jan 24
364 May18
1074 Feb 4
143 Feb 6
136/8 Feb 14
180 Jan 24
40 Jan 5
70 Feb 9
15912 Feb 4
405 Jan 27
1914 Jan 31
31I8Feb 4
3212 Jan 23
4934 Jan 27
4014 Jan 23
13434 Feb 4
3914 Jan 19
115 Jan 26
1632Jan 24
6378 J'no 5
2738Jan 31
62 Jan 24
9 Jan 23
2112 Jan 28
15614 Jan 23
1417a Jan 19
133 Feb 7
1614 Jan 31
3512 Jan 22
137 Feb 5
145 Feb 2
24 Jan 26
60 Jan 30
30 Jan 27
34 Feb 6
14 Jan 26
9668Jan 31
78 Jan 2
3158Jan 23
1O55 Feb 4
90 Apr 29
11812 Feb 4
11512 Jan 31
91 Feb 4
101 alch25
17214 Jan 22
8918 J'ne 5
93 Jan 28
1668Jan 23
73,2s J
JJ a
aafla
n 16
2
15
35
5
934 Jan 26
34 Apr 30
20 Mch34
2634Jan 26
67 Jan 8 65l Jan 26
1634 Jan 2
F
F
,e
eb 4
5
4534 Jan 2 5
28
238
8614 Apr 25 9912 Jan 23
945 Jan 2 10518 Jan 31
2212 Apr 25 284 Feb 4
75 Jan 3 8514 Feb 4
131,Jan 5 1734 Apr 1
384
- Apr 25 4534 Jan 13
9 Apr 20 1214Jan 24
1214 May 9 23 Jan 26
103 Apr 23 108I2Jan 19
08;Apr 25 16438Jan 31
82 Apr 24 86 Feb 4
14 J'ne 2 234 Feb 6
37 J'ne 6 4914 Alch24
28 Apr 30
453 Jan 23
3 Apr 30 13 Jan 23
1814J'ne 5 33 Jan 22
3;Feb 24
638 Jan 7
13 Apr 24 21 Jan 23
5 May18 11 Jan 24
39 Apr 25 48 Feb 4
22034Jan 9
868 Jan 6
41 MaY14
684 Apr 25
4734Jan 2
91 Jan 8
19;Apr 25
66 MaY 4
2278 Apr 20
8714 Apr 24
4418 Jan 5
114 Jan 28
32 May 6
60 Jan 5
3712J5n 8
93;J'ne 5
4 Apr 16
1878 Apr 25
24 Jan 3
9; Apr 24
2618 May25
28 Apr 24
20 Jan 6
6 alay20
42 Jan 3
7932 Apr 28
57 Apr 25
9712 Apr 25
157 Apr 25
Range for Previous
Year 1913.
Lowest.
9014 Nov 10638 Jan
96 J'ly 10214 Jan
112 J'ne 13332 Jan
9068 J'ne 106; Jan
774 J'ne
88 Jan
9234 May
28334 J'ne
201 Dec 26634 Jan
275 J'ne 362 Jan
5112 Jay
80 Jan
2012 J'ne
17; Jan
23 J'ne
35 Jan
9634 Nov 11614 Jan
13112 Nov 145 Jan
412.1 Dee 133 Jan
11118 Nov I189 Jan
3472 Aug
52 Jan
60 Oct
944 Jan
14712 J'ne 167 .lan
380 Dec 445 Jan
2312 Jan
-338 J'ne
41 Jan
23 J'ne
2014 J'ne
3212 Jan
3312 J'ne
4912 Jan
41 Jan
2814 J'ile
11512 J'ne 13238 Jan
2512 J'ne
4114 Jan
10234 Dec 12878 Feb
1238 J'ne
1968 Jan
65;
J'nc
45
Jan
21; J'ne
28; J'ly
56 J'ne
6112 Jan
7 May
1112 Feb
16 Nov
35 Jan
1414 J'ne 16838 Jan
12614 J'ne 14214 Jan
17 J'no 132; Feb
12 J'ne
234 Jan
30 Dec
47 Jan
11514 J'ne 14214 Jan
131 Nov 1150 Jan
184 J'ne
2918 Jan
6412 Apr
52 J'ne
2114 Dee
43; Jan
31 Dec
59 aleh
834 Dec
2712 Jan
9038 Dec 10934 Jan
6528 Dec 12972 Jan
2512 J'ne
3378 Jan
98 J'ne 11312 Jan
8014 Aug
87 Feb
10134 J'ne 12268 Jan
106 Dec 12334 Jan
774 Dec 104 Jan
100 J'ne §109 Sep
15133 J'ne 17134 Dee
8212 Oct
9212 Apr
84 Jul 95 Apr
1168 Oct
2473 Feb
1712 Oct
4434 Jan
234 J'ne
1934 Jan
13 J'ne
69 Feb
612 J'ne
29 Jan
20 Dec
3512 Jan
75 Jan
5014 Dee
14122038
204 Apr
49; Sep
33 J'ne
83 Nov 110 Jan
884 Nov
9912 Sett
1912 J'ne
2868 Jan
8112 ,Mols
72 J'ne
22; Jan
1014 J'ne
2778 J'ne
4338 Sep
74 217
13 Jan
1514 J'ne
294 Jan
10112 J'ne 109 Sep
13754 Joe 16234 Jan
9312 Jan
7934 J'no
16 Jut
3512 Jan
634 Jan
33 J'ne
2 J'no
6 Aug
612 J'ly
1718 Aug
2878 Dec
48 Jan
3; Oct
8 Jan
13 J'ne
2812 Jan
568 Deo
14 Jan
4012 J'ne
5812 Apr
$2878 May18 $18 Nov 32-132 Oet
1414 Feb 20
7;Dec
9 Dec
40 Nov
4312 Dec
49 Jan 26
784 Feb 4
61% J'ne
804 Sep
6912 alch19
4114 Sop
57 Jan
9713 Jan 23
90 Nov
99 Jan
604 Jan
194 J'ne
2812 Jan 22
731 Jan 26
65 Oct
86 Men
351 Jan 27
21 J'ne
4672 Jan
96 Jan 24 /804 J'ne 1294 Jan
364 J'ne
5312 Feb 4
56; Jan
118 Mch 9 108 Joe 117 Mon
3634Jan 26
3314 J'ly
4834 Jan
68 Jan 26
2;014 Joe
7812 Jan
4612Feb 0
3313 J'ne
57; Jan
9738 840i130
9212 Sep
98 May
312 J'ly
64 Jan
514 Feb 6
2634 Feb 6
154 J'ne
284 Feb
8234Feb 20
17 J'ne
2754 Apr
1162Jan 28
972 J'ne
1212 Nov
3134Jan 16
20 Oct
3328 Nov
3714Jan 31
27 J'ne
444 Jan
10212 alch25
94 Oct 10884 Jan
64 Oct
914 Jan 26
13 Jan
504Jan 24
4172 Oct
6112 Jan
85 Jan 19
7912 J'ao
86 Jan
7112Feb 4
534 J'ne
7434 Jan
105
97 J'ne 107 Fib
27
162
31 150 J'ly 193 Jan
BANKS AND TRUST COMPANIES-31tOKFIR3' QUOT
peaks
New York
America I_
Amor Each_
Battery Park
Bowers/I__
Bronx Ilorol
Bronx Nat__
Bryant ParkI
Butch Ac Dr_
Century I-Chase
hid
Ask
Bank1314
Chat & Plion. 173
570 Chelsea Exi_ 135
560
214 Chemical ___ 415
207
120 135 Citizens' Can 174
_
City
425
335
- Coal & Iron_ 145
225 2-60
190 Colonial I.__ 450
173
...__ Columbia I- 30t
150
125 Commerce
t170
1-ii- ____ Corn Exch I_ 314
580 600 Cotanoporn 11 85
East River
____
Ask
177
145
425
178
315
155
__
325-172
319
105
60
Bunks
Hid
FidelayI____ 165
Fifth Ave If.._ 4600
111th
300
880
First
199
Fourth
Garfield ....._ 195
Germ-Amer I 130
German Ex I 390
Germanlal_ 465
190
Gotham
Greenwicn I_ 275
650
tianover
Ask
175
_
3'15-895
201
210
140
410
500
iio 660
hia
Banks
Harriman ___ 275
Imp & Traci- r0
75
Irving
600
Liberty
325
Lincoln
Manhattan I 312
Mark & Fult. 240
Mech dc Met_ 248
Mach Exch. 170
Nierchanta'... 168
Metropolis I.. 300
Metropol'n I t180
.4sk,
285
515
180
620
335
320
250
230
1-7-7 310
----
Banks
Bid
Mutual If --. 300
Nassau
125
t
New kethl_. 210
New York Co 725
Nr
ifiY
ooVf:_. 70
1
p
55
367
Park
People's I_ 230
Prod Exch I.. 162
Publ:eV_ __. 200
50
itOSCXVC
Banks
Ask
---- seaboard__
Second
225 Security I.._
850 Sherman __
380 Statei
265 234 Ward I372
Union Exch.
250 Unit StatesiiWash Wu _
167
Viesteh A _
223
60 I,yVor
os,
ltv134l;
.:
BUS
NO
2.)
As*
433
425
---: 105
135
i71)- 180
130
140
140
143
500
275
160
175
4_6_0
.. 475
550
*Bid and asked pr °ea; no sales on this day. I Es-rights. I Less than 100 shares. %State banks. a Ex-div. & righta. 0 New stock
/ Ex 24% accum. dIT4
Viola at Stook Exchange or at awajou this week. 4 Quoted dollar,
'per share. e Hrit hastaihnent paid, is Sold at private sale at this price. s
:Fan 94144_.
Por-ri-ear3 or Intel during
f3VC ot
ti,,
STOCKS-H1GHEST AND LOWEST SALE PRICES.
Tuesday
June 2
ifonday
June 1
SatufdaY
Way 30
avoL. xcv lir.
New York Stock Record-Concluded-Page 2
1748
,Vednesday
June 3
Thursday
June 4
Friday
June 5
st-sft; iissllv 1-vv/tiv5.
3:31 1 OAT) 138'3:3111g
Range since Jan. 1.
On basis of luu-share
STOCKS
Saes of
NEW YORK STOOK
the
EXCHANGE.
'Vick
Shares
*104 108 *104 108 *104 108 *104 108 1104 108
32
3112 3214 132
32
.
314 3112 130
32 .30
107 10734 .107 109 1107 10712
z108 10814 108 108
.110 11312 112 112 .111 113
11314 11314 111358 11358
12214 12214 12212 12252 12234 12334 12358 12334 12338 12338
227 227
22712 229
1225 230
22612 2264 *224 229
110712 109 110712 109
108 108 410778 10772 *10711 100
18
115
17
18
.15
1144 1712 115
1712 115
.7512 7612 17578 7612 7578 76 .7513 7612 *7512 7614
*1113 14
*1134 13
.1134 13
11112 1312 11134 1212
32
3218 3112 3134 3113 3112 3112 3134 3113 3158
•1512 20
*1512 20
1514 1513 *144 20-4614 •46
4614 4614 •45
47
47 .48
.107 110 .109 110 .109 110 .108 110
43
4113 4118 4112 424 4314 43
4112 4113 41
86 .84
.84
86 .84
86
854 8514 85
95
*126 128 .125 128 *126 12712 *120 12711 .126 128
20
*2012 2112 2012 2012 2012 2034 2012 2058 20
5812 5812 15712 5834 5712 5712 5814 5834 1574 5914
18478 90 .8478 90 .8478 90
.
8478 87
3472 34
3414 3438 3478 3434 3478
3478 3514 34
*101 10158 .10114 10158 1014 1014 10138 10112 10138 1014
4118 4113 4118 414 414 415* 4073 407a
4112 415
63 .60
6712
168
68 .66
68
68 .86
.60
10212 10212 .10114 103 .10114 103 .10114 103
*10114 103
274 2712 27
27
27
2658 27
274 .27
2712
128 128
12858 129
128 128
12913 12912
12814 129
878 9
834 834
858 834
9
914
9
9
86 .84
.64
6534 .64
68
165
67
65 .64
9434 *94
9458 9458 •94
944 9418 9412 *94
9434
114
15
15
15
114
1478 1473 1434 1434
14
114434 14734 14712 14712 147 14734 148 148 *14712 14812
95
9214 9614 9334 9334 94
96
95/
1
4 9372 941
/
4
94
.93
9312 94
*0312 94
934 9312 93
93
25
2412 25
25
/
4 254
1244 2412 2458 2458 241
188
89
89
90
891.1 .88
188
891. 188
8912
5312 5312 53
5314 5278 53
5318 .5213 53
53
*1634 1712 *1678 1718 17
17
17
17
117
17
108
.
10
18
734
612
4 1.
8_1_
0_ 4 *1
10
107 10712
15
612 1_0_6_1! .1
18
1.0
_ *1
16
/
1
4
8%.
0_11
10
1,200 California Petrol v t ars_
600 Do preferred
Case(JI)ThreshMpftrefs
ntralpr
Lee
fa
err
theed
r
7,9
500 CeD
2,830 dChino Copper___ Par $5
10 Cluett,Peabody & Co,Inc
100 Do preferred
800 Colorado Fuel & Iron_ _ _
1,915 Consolidated Gas (N Y).
2,250 Corn Products Refining_
50 Do preferred
300 Deere Ss Co pref
490 Distillers' Securities Corp
1,200 General Electric
2,000 Gen Motors vol if ctfs
1,825 Do pref v t ctfs
1,020 Goodrich Co (B
100 Do preferred
900 dGuggenh Explor Par $25
710 dInsp'n Con Cop Par $20
000 Internal Harvester of NJ
Do preferred
Internet Harvester Corp..
1103 106 .103 108 .103 106 .104 106
Do preferred
11124
1113
11124 ____ *1124
-----Int Mer Marine stk tr ctfs
3
318 .2
3/
3/
318 .2
1
4 .2
1
4 12
12
1032
*812 1012 *812 1012 11012 1012 *918 1012 10
10Do pref stk tr ctfs__ _
600International Paper
914 1812 9
0
9
1834 912
812 834 *8
3434 3434 *3312 3412
preferred
85
3412 341 *33
35
35
300
Internal Steam Pump..-*5
*5
*5
7
7
7
7
7
*5
*5
*____ 19
19 •____ 19 1____ 19 1._ _ 10
Do preferred
1924 924 *904 93
193
93
190
92
92
94
165 Keyser & Co (Julius)
1110 11112 1111 111 1110 115 4'110 ____ 1110
50_ Do 181 preferred
esoge p
*98
Cre
90
198
ofe
(S
99
rred
S)
198
99
•98
200 h ru
99
98
9814
*102 104 11024 ____ 110212
110212 __ .10213
216 216 1214 220 1214 220 .214 218
1214 220
100 Liggett & Myers Tobacco
•117 11814 11814 11814 118 118 1118 118
117 117
350 Do preferred
Loose-Wiles Bls tr co ctfs
130
34
34
130
130
34 .30
33
34 .30
10412 10412 110212 10212 110234 10514 *10234 10514 .103 1054
125 Do 1st preferred--9112
9112
95 .90
95 .90
•90
95
*90
100 Do 2d preferred
95
*17212 175 .1724 175 117212 175 117212 175 11724 175
Lorillard'Co (P)
•114 ____ 114 11414 114 114
114 114
114 114
600 Do preferred
82
85
82
85
*81
181
85
181
181
100 Mackay Companies _
85
*6812 6912 *6812 6912 6812 6813 6812 684 .6812 6912
200 Do preferred
6012 158
*58
6014 8038 .58
8012 15878 6012
200 May Department Stores_
61
198 100 .98 100
100 100 •98 1004 .98 1004
100 Do preferred
6314 6312 6312 1,400 Mexican Petroleum
63
624 6312 •6158 634 624 83
22
22
22
22
22
22
2178 22
2233 2238 1,300 dMiami Copper__ _Par $5
5273 16,200 Montana Power
49
4914 4972 50
50
511
/
4 5112 5218 .52
10318 10318 10378 10378 1034 10388
103 10314 .10234 104
730 Do preferred
o
Ennapalrm
s
ap10
B
e
starap.g
100 N:
*128 13212 .13012 13212 13214 13214 .13078 133 •131 133
12518 1254 •12514 ____ *12512 -___ .12514
•123
*1014 11
*1014 11
*1014 11
104 1012 *1012 11
°
0°
0
Do preferred
176
88
*78
176
86
86
86 1___ 88
178
4714 4714 4714 *48
onalLead
100 National
4714 .40
4714 •46
•46
4834
Do preferred
1106 10712 11064 10712 110612 10712 *10812 1071 110612 10712
14/
1
4 1434 1458 1434 1458 147s 1434 14/
1
4 21414 1432 1,900 dN evada Cons Cop Par 35
*75
7713 *75
77
North American Co(new)
*74
172
76
77
173
7612
24 .2234 2414 12212 24
Pacific Mail
2412 .23
123
12234 2312
27
12612 2734 *27
2714 27
*28
28 •27
100 Pacific Telep & Teleg-,28
12012
1204
12078 121 1121 121 1121 122
121 121
750 People's0L & C (Chic).
21
2012 .19
11812 2012 19
200 Pittsburgh Coal
119
20
119
21
1
4 88 .8612 89
*8712 8912 87/
88
8834 8878 884 1,000 Do preferred
44 .43
4312 43
44
4313 44
44
4313 4312
500 Pressed Steel Car
*10214 103 .102 103 1102 103 1102 103 1102 103
60 Do preferred
111212 ____ *1124
Pub Serv Corp of N J--*11212 ____ 11124 ____ 111212
166 168 1155 168
.155 156 1155 156
15518 1554 ---500 Pullman Company
30
30
128
128
128
30
2914 2914 128
100 Railway Steel Spring
30
98
100
98 '
98 .90
•90
300
98
Do preferred
190 98
214 2112 2112 214 2112 s21
2114 21
21
214 4,576 dItay ConsCopperPar$10
23
23
2812 23
23
1,460 Republic Iron & Steel...
223* 2312 12312 2312 •22
88
8712 *88
*8512 87
87
87
600Do preferred
87
*88
87
11312 1313 1213 124 12
12
*11
13
*11
13
81() Rumely Co(m)
83
80
324 3212 *30
80
129
*29
83
83
300 Do preferred
Sears, Roebuck & Co....
*184 187 1184 187 1182 185 •184 187 .18412 187
128
30
28
128
28
80
•26
126
100Sloss-Sheffield Steel & It.
80
30
40
0384 40
3912 3912 .39
*39
40
140
110 Standard Milling
40
66
Do preferred
164
164
66
*65
66
184
67
68 .66
3312 *3314 34
*3312 3412 33
700 Studebaker Corp (The)
8312 8312 .33118 34
*5812 90
8834 8834 8812 8812 *8812 89
200 Do preferred
*8712 89
.3453 3472 8438 3458 3412 8434 3478 3478 3458 3478 1,610 dTennessee Cop__Par $25
148 148
14534 146
14514 147
14012 14612 14612 14711 4,500 Texas Comp's/1y (The)..
*75
*75
83
83
•75
UnderwoodTypewriter..
*754 83
83
83 .75
•1074 11412 *10712 11412 *10713 11412 *10712 11412 *10713 11412
Do preferred
*5
512
5
54 *5
514
514 514
533 5h
700 Union Bag & P8,per
2114 2114 2114 2112 120
2212
2212 120
2212 •20
300 Do preferred
.9
19
1014 19
12
1014 .9
S Cast Iron Pipe & Fdy
11
1014 10
3712 374 137
39 .37
38
137
38
*37
100 Do preferred
8812
7734 78
*7513 7812 *7512 78
*7514 80
•76
300 U S Express
79
8012
*5813 61
60 60
•58
60 .58
100 U S Realty & Improv't60 .58
5884 5914 5813 5858 5838 5812 .5812 5914 5812 5858 2,010 United States Rubber_102 102 .102 10212 1026 10258
10212 10212 102 102
800 Do 1st preferred.....
6134 5973 6073 60 6034 6053 6134 6113 015 113.020 United States Steel
161
10912 10934 10933 10012 10912 10912 10958 10058 10953 10958 1,911
Do preferred
5534 5612 5578 5634 5638 5718 r5538 56
5653 57
11,200 dUtah Copper_Par $10
*2834 2912 2834 2834 2858 29
2913 30
30
313* 4,100 Virginia-Carolina Chew.
*9914 102 *100 10114 *9914 10134 *100 10134 10034 1024
800Do preferred
6178 62
6134 6134 8173 62
6134 62
82
62
1,700 Western Union Teller....
76/
1
4 7714 7614 7634 76
77
76/
1
4 78
76/
1
4 7712 9,780 Westinghouse El & Mfg_
*123 128 *123 128 *123 128 *124 128 *124 128
Do 1st preferred___ .90
98
99
99
*96
98
964 9613 .96
400 Woolworth (F W)
99
*11613 1174 •11634 11718 117 117 •1164 117
200 Do preferred
117 117
1
Highest.
Lowest.
99/
1
4Jan 9
28 Jan 6
07 Meh 12
10778 Mch 31
11718Jan 2
215 Apr 25
10134 Jan 7
134 Nich 4
7212 Mch 4
10 Apr 22
3082 May 8
1412 Apr 23
284 Jan 7
10212 Jan 16
2912Jan 5
68 Jan 10
121 Jan 5
18 Jan 2
5052Jan 2
8012 Apr 23
25/
1
4Jan 14
9478Jan 6
37 Apr 25
684 Feb 25
10114 Apr 22
24 Apr 27
12714 May21
734 Men25
60 Mch25
9134Jan 2
1334 Apr 20
140 Jan 3
3738Jan 3
77 Jan 5
10318Jan 17
7978Jan 2
34438Jan 8
2154 Jan 10
10034 Apr 25
1134Jan 3
10078Jan 3
1144 May15
2 May 14
734 May13
758 Apr 21
3312 Apr 20
8i,Jan 9
16 May20
80 Jan 19
106 Mch 12
81 Jan 6
99 Jan 13
214 May 6
11138Jan 6
29/
1
4 Apr 24
101 Apr 22
89 Jan 2
166 Jan 20
110 Jan 6
76 Apr 25
6518 Jan 2
57 Mch31
9778 Apr 21
4882 Jan 2
$21 May 7
46 Apr 25
101 Apr 27
122 Jan 6
11914 Jan 13
978Jan 8
88 Moll 7
44 Jan 3
105 Jan 13
$134 May 2
66 Jan 2
224 Apr 25
254 Apr 27
11834 Apr 25
17/
1
4Jan 3
84 Apr 25
2634Jan 5
9734Jan 15
107 Jan 13
15112 Jan 6
25 Apr 25
z9314 Mull 6
21744Jan 9
5
1934Jan -2
Jan
Apr 24
86
04 A
2034 Apr 24
180 Apr 24
15534 May27
3712 Feb 16
100* Jan 24
11372Jan 7
12414 Jan 30
256 Mch 23
103 Mar•27
2013 Jan 28
83 Jan 26
1732Jan 23
3814 Feb 3
2978Jan 8
5218 Mch 5
109 May25
4434 Mch 11
86 lich 11
130 Jan 24
3058 Feb 6
68 Meh20
951k Jan 16
36/
1
4 Meh23
10112J'ne 4
44 Feb 4
70 Feb 13
10412 Fen 14
3412 Feb 5
13012Jan 24
13 Jan 28
72 Jan 29
9934 Feb 3
2012 Mch 4
15058 Feb 20
09 May27
95 Feb 19
2878 Apr 17
91 Feb 3
$574 Apr 2
$1812 Mch24
11312 Jan 22
118/
1
4 Meh 4
11134 Jan 22
11712Feb 13
334 Jan 27
154 Jan 30
1078 Feb 2
41 Jan 31
978Jan 20
29 Jan 19
92 J'ne 5
10834 May18
105 Feb 25
105 Mch 3
231 Mch 1
1181425ay29
38 Jan 26
105 Meh16
95 Jan 24
100 Apr 7
1154 Meh14
8732Feb 20
70 Jan 27
6914 Jan 17
10134 Feb 9
7312 Feb 9
$2414 Jan 27
52/
1
4 J'ne 5
10378 J'ne 4
12
39Frie
jeb 3
2
51
14 Feb 3
8078 ?deb 10
52 Jan 26
109 Feb 18
$1812Jan 26
7914 Mob 14
20 Jan 21
31 Jan 24
125 Jan 5
2312 Feb 4
9312 Feb 4
4512 Feb 2
10514 Mch 5
114 Apr 7
159 Jan 28
3438 Feb 2
Feb
3
10112
22 l
Aetr 14
$
0
27
114I
ntlr
i
100 J'ne
25 J'ne
9978 Dec
11018 J'ne
110 Dec
200 J'ne
90 J'ly
1412 Dec
74 May
1178 Nov
30/
1
4 J'ne
22 Dec
3612 Dec
10014 J'ne
25 hie
6214 J'ne
120 Oct
16 Aug
45 J'ly
9014 Dec
17 J'ne
288 J'ne
3038 J'ne
11652 Jan
140 Jan
29434 Jan
1061
/
4 Jan
2312 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
5382 Jan
10512 J'ne
4112 Jan
74 Aug
13778 Jan
5612 Feb
86 Jai,
10352 Feb
3012 Feb
0714 Nleh
4758 Jail
2412 J'ne
12518 J'ne
7/
1
4 Joe
614 J'ne
9112 Dec
934 J'ne
.12934 J'ne
25 May
70 May
1518 Nov
7334 Nov
4034 J.17
13/
1
4 Deo
96 hie
111 May
954 Joe
111 May
278 J'ne
1212 J'ne
612 Out
3218 Oct
412 Dec
1578 Deo
77 Dee
10612Oct
58 J'ne
07 J.1111
195 hie
10612 J:1Y
21 Joe
89 Aug
84 J.1Y
r150 J.Ile
103 J'ne
75/
1
4 Ply
62 Dee
65 Oct
9712 J.110
4134 Nov
20/
1
4 J'ne
4112 Feb
14238 Jan
17/
1
4 Jan
7914 Jan
/
4 Jan
1001
2134 Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
53/
1
4 Jan
2038 Jan
11112 :en
Us Oct
11014 Sep
11434 Sep
458 Jan
194 Jan
1258 Jan
4812.au
1812 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
238 Mob
11613 Jan
3978 J
105 Jan
95 Jan
200 Jas..
117 Feb
87 Jan
69 Apr
7678 Jan
10512 Jan
7814 Feb
2612 Jan
Jan
29
4
7
6
3225
1 Ai 2
20 Jan 3
5
Aapnr 25
3
704 J
$
18
28
0
j
Aapnr 16
3
108 Jan 16
6 J'ne 2
2088 May 11
914 May 2
3712 J'ne 1
46 Jan 7
64 Jan 7
634 Apr 25
0928 Apr 24
se Apr 25
10614Jan 2
$4878 Jan 10
404 May25
66 Mch 6
304 Nich31
32
6,4 F
59
M:
11'1
15
1
104 J'ne
116 J'ne
9 J'ne
7414 Oct
43 Oct
100 J'ne
13 J'ne
60 J'ne
16 J'ne
22 Nov
104 J'ne
1412 J'ue
73 J'1:16
1812 J'ne
8812 J'ne
105 Deo
149 Sep
2214 J'ne
9014 J'ne
16 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
15434 J'ne
23 J'ly
31 Deo
6212 May
1534 Deo
6412 Nov
£2634 J'ne
89 J'ne
78 J'ne
104 J'ly
4 Nov
1812 Nov
914 J'ne
40 Dec
38 Dec
4934 Nov
61 Nov
98 Inc
4978 J'ne
10212 J'ne
3958 J'ne
.22 J'ly
93 J'n4,
54/
1
4 Dec
1
2 J'ne
53/
1071
/
4 J'ne
8112 Vile
100 J'ne
130 Sep
124/
1
4 Jan
1914 Jan
9214 Jan
8614 Jan
108 Oet.
20 Jan
811. Jan
3112 Jan
46 Jan
12934 Sap.
241
/
4 Jan
95 Jan
36 Jan
1011
/
4 Jan
118 Jan.
165 Jan
38 Jan
100 Jan
22 Jan
2832 Jan
9214 Sep.
9214 an
9934 J au
13'2 Jan
4512 JIll
4082 Jan
8878 Feb
36 Feb
9384 Jan
3912 Jan
13212 Dec
Mt Jan
113 Jan
734 Jan
4134 Jan
1834 Jan
86/
1
4 Jan
68 Jan
77 Jan
8912 Apr
10934 Apr
691
/
4 Jan
11034 Jan
6058 Jan
4318 Jan
114 Jan
Ws Jan
7914 Jan
1191
/
4 Jan
112 Jan
1154 Jan
Lowest.
Industrial &Nike (Con)
Amer Snuff pre!'(new)___
250 Amer Steel Found (new)1,200 American Sugar Refining
Do preferred
210
3,210 Amer Telephone & Teleg
825 American Tobacco
167 Preferred, new
American 1Voolen
W
prrietfiezeic ,a
200 A
i
Amer
Paper pref
4,900 aAnaconda Cop Par $25
300 Assets Realization
100 Baldwin Locomotive
Do preferred
3,S00 Bethlehem Steel
780 BrD
00
oklypnreu
fen
rr
ied
n Gas_
Range for Precious
Year 1913.
18 Jan 14
41 Jan 13
19
33
5 F
Ja
e5
13 22
6
14
88
0% Jan 36
1
113 Apr 15
882 Jan 31
3212 Feb 3
1313 Jan 23
40 Feb 6
87 Moh 10
6334111c1110
63 Nich 14
10453Jan 14
6714 Jan 31
11234 Jan 31
May
M
m eeh
210
20
8
Feb 16
M01116
aaan
iniy31
17053
0 31103576
283
6781
74 May 19
:
78 Aprj i a
51
5
c:
192
9218 Jan 3 10314 Feb 5
11234 Jan 5 11872 Meh
highest.
106 Jan
404 Feb
its Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
hanks
Brooklyn
Coney IsI'd
ilatbu..,h _
GreenpoInt_
Hill Add
Homestead T
Manufact're.
Mechanical
)dontauk
Nassau
Bid
Eci"
110
150
80
400
150
205
Ask
150
270
130
160
125
100
425
170
140
220
Banks
Brooklyn
National Olty
North Sldel.
People's --
Bid
Ask
273
175
145
285
200
155
Trust Co's
N Y City
Astor
hankers' Tr
B'way Trust
355
412
149
385
420
153
Trust Co's
NY Otre
Central Trust
ColumbiaHalokerbee
Commercial Empire
Equitable Tr
Farm L & Tr
Fidelity
Fulton
Guaranty Tr
Bid
Ask
1010 1020
430 440
85
79
300 310
415 425
1095 1115
210 220
275 300
550 557
Trust Co's
NY City
Hudson ____
Law T I & Tr
Lincoln Trust
Bid
Ask
130
152
113
3130
135
157
370
Mutual Alliance
132
:stun (Westhester)_ _ 130
135
Metropolitan
141
Ask
Trust Cot Bid
N Y C117
N Y Life & Tr 975 1000
N Y Trust-. 595 605
Title Gu & Tr 403 408
Transatlantic 200 220
Union Trust_ 370 380
US Atte & Tr 410 420
United States 1055 1075
Westchester - 125 135
Trust Co's
Brooklyn
13rooklyn Tr.
Citizens'
Franklin __
Hamilton __
Home
Mugs County
Nassau
People's __
Queens Co
But
.1s
470
133
240
270
102
570
125
275
85
480
140
255
280
112
1-31284
95
*Bid and asked prices; no &Alm on thli day. 1 Lees than 100 shares. :Ex-rights. a Es-dlv. & rights. b New stook. 84 Quoted doallra per share. Sale at Stott.
agellange or at auction Ws week. a Ex-stook dividend.
Banks marked with a naraigraph (1) are Stat banks. s Ex-divide/Lt.
1749
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method 01 quoting bonds was changed. and nrices are now all-"and intarest"-erceol tar income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 5
U. S. Government.
U S 2s consol registered_d1930 Q-J
U 8 28 censel coupon
d11130 Q-J
U 13 35 registered
k1918 Q-F
U S 35 coupon
k1918 Q-F
U 8 4s registered
1925 -F
U 8 48 coupon
1925 -F
US Pan Canal 10-30-yr 2814936 -F
U S Panama Canal 35 g_1961 Q-M
Price
Friday
June 5
IVeek's
Range or
Lass Sate
c%
Ran e
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 5
Price
Friday
June 5
Week':
Range or
Last Sale
Range
since
Jan. 1.
tliet
Ask L./3
11101.
0634 0712 9678
9673
07 98 897 May'14
10144 102 10214 alcii'14
10114 102 10112 May'14
10912 11043 1094 May'14
110 11112 11114
11114
97 _ _ _ 9512 J'IY'13
100 102 10112 1011
Low High Chesapeake Sc Ohio (Con.)Mel
AA Lou:
Nigh No, Low High
20 9634 9834 (3eneral gold 43.s
1992 M-S 93 94 0258
17 0212 Mg
93
Registered
9634 99
1992 44I-S
U312 9313
932 Fob '14
Convertible 43.s
10214 10214
1930 F-A 7913 Sale 7913
79 861s
7912
Big Sandy 1st 4s
101 10278
1944 J-1) 83 8644 8518 Feb '13
Coal
10018 11212
River By 1st gu 45_1945 J-D 83 8412 8412 Feb '14
4r458
-86 11114 11314
Craig Valley 1st g Os
1040 J -J 98 101 9612 Dec '13
Potts Creek Br 1st 4s
8414 Jan'13
1946 J -J
It & A Div 1st con g 4s.._ _1989 J-J
i5(1/4 10212
88 SllSs
8834 --- 8814 Mch'14
2d consol gold 4s
82 ____ 82 Apr '14
1989 J -J
82 851s
Foreign Government.
Greenbrier By lst gu j.,• 4s_1940 M-N 8514 00 90 Apr '14
90 90
Argentine-Internal Os of WOO_ 14-S 0512 9634 9634
9634 13 95 98
Chic & Alton RR ref g 33_11349 A-0 -___ 6012 GO May'14
GO 67
Chinese (tiukuang) By 58 L.-- J -I) 1 89 Sale 89
8018 11 ag8912
Railway let lien 33/s_.,,,1950 J -J 45 4578 45 *May'14
4414 5512
imperial Japanese Government
Chic BA Q Denver Div 4s_1922 F-A 014 100 9933 May'14
9914 0034
1925 F-A 1 8813 89 8
89
Sterling loan 4 3s
20
813
86
.
Illinois Div 330
9034
1949 J -J 854 8534 8512
8 82 8573
8512
1925 J -J 1 8738 8838 883s May'14
Id Series 43s
8513 8912
Registered
1949 J -J 8238 _ _ 8614 Aug 12
1931 J J 1 787s 7913 79 May'14
Sterling loan 45
Illinois 'Dly 48
7534 80
1949 J -J 9518 9512 9518
93 96
9512
100
Republic of Cuba 5sexten debt_ M-S 1100 10034 9978
09 10012
Registered
1949 J-J
93 J'ne'13
1949 F-A t 9478 93 May'14
External loan 410_
Iowa Div sink fund 541_1919 A-0 161-1-103 9312
103 May'14
8
Rigs kir
8634 41 8413 90
Tokyo(My Joan of 1912 5s_....- M-S / 865s Sale 864
Sinking fund 48
1919
9858
A-0
96% 9813
9914 9814 May'14
1 804
7914 Apr '14
U S of Mexico s f g 58 of_1899
Nebraska Extension 4s
77 85
1927 1101-N 9712 Sale 9712
21 9434 98
98
1954 -D
Gold 48 of 1904
67 May'14
67 68
Registered
1927 NI-N 9518 ___. 1.1658 Sep '12
These 4747e7-- --;rice: on the b asts o/ 15 to £
Southwestern Div 4s
1921 11-S 905s 100 9938
994
9514 9813
State and City Securities.
Joint bonds. See Great North
1960 M-8 10114 Sale 10158
N Y Clty-4 34s
10134 149 100 102
Omer& 4s
1058 M-S 9314 Sale 9314
9412
914
031:
4;ts Corporate stock __1963 M-S 10718 Sale 107
10714 22 10334 10712 Chic dc E 111 ref & imp 4s g_1955 3-J 3913 40 3918
40
3 394 68
4
1959 M-N 9913 Sale 99
Corporate stock
9018 61 0512 9018
1st consol gold 6s
1934 A-4:1 112 _ 112 May'14
10714
11212
1958 M-N 994 Sale 0834
4% Corporate stock
9918 28 1)512 0918
General consol 1st 55
1937 61-N
-- 018 99 Apr '14
9534 11104
4.Corporate stock
1957 M-N 90 9914 9834
994
Registered
9534 9918
1937 Vl-N --.. 961; 98 Feb '14
98 98
New 44s
s
Pur money let coal 6s
1957 M-N 107 Sale 107
1074 18 10358 1074
1942 F-A ---- 9714 9734 Feb '13
Now 4 3 s
1917 M-N 10112 Sale 10112 10112
2 10112 102
Registered
434% Corporate stock_1057 M-N 10713 Sale 107
Chic& Ind C Ity lst 531936
10714 14 10378 10712
_
-J--J- -5E" 100 55
964 99
% assessment bonds_1917 M-N 10111 10134 10158
10158
1 10112 10212 Chic Great West 1st 4s__,,_1959 11,1-S 7338 Sale 7313
73% 72 70 754
1954 M-N 8712 8778 8738
8754
3% Corporate 8tock
3 85 8734 Chic lnd & Louisy-lief 60_1947 J -J 11713 120 11734
11734
11734 11813
10112 Apr '14 - 100 10112
1961 NI-S 10134 _
N Y State-48
Refunding gold 55
1947 J -J 1034
10358 Mch'14
10312 1035e
Canal Improvement 48_1961 J-J ,10113
10112 Apr '14
Refunding 48 Series C
1917 J-J 81 _
974.10112
9553 Apr 11
10134
Canal improvement 4s_ _ _1962 J -3 10158
10134
Ind & Louisy 1st gu 48._1956 J-J 99 102
5E 88 J'ly 1.2
Canal Improvement 4s
11.160 J -J 10123 102 10112 May'14
10012 10112 Chic Ind & 8ou 50-year 48_1956 J -J ___ 8812 9014 Aug 12
Canal Improvement 4)s1964 41-J 11013 Sale 110
11014 36 10724 11014 ()Inc L 8& E'ast 1st 430_1969 J-1)
104 Dec '11
_
Highway Improy't 30 1963 M-S 110 Sale 10934
11014 92 10713 11014 Chic Mil & St P term'g 58_1914 J -J 16618 ;ale 10014
10018
10611
10312.1'1y '10
South Carolina 41020-40_ _1933 J-J
Gen'i gold 4s Series A me1989 J -J
9514 9514
964 11 02 964
Virginia funded debt 2-3s 1901 J -J 8312 ---- 8434 Jan '14
Registered
eltilit) Q-J
5E 13212 Mch'14
9212 934
-51.3.4 843-4
es deferred Brown Bros ctfs--_
65 Sale 6134
Gen'l gold 310 Set B
67 219 64 67
elil89 J -J 81 8244 8214 May'14
80 83
,
4
81 86 J'ne'll
el989 4-4 _
Registered
_
Railroad.
Gen 4 hs Ser 0
e 198U J -J ,103 Sale 103
10338 59 155,13 10334
A an Arbor 1st g 48
64 68 64
/41005 Q-J
25-year deben 4s
3 83 74
65
02
1934 J -J 9113 92 9173
75 88 93
nteli Top & 8 Fe gang 45_1995 A-0 9558 Sale 9512
Convertible 4s
9578 130 93 9618
1932 J4) 102 Sale 10138 10212 200 100 1033s
Re 'stored
199. A-0 9414 9511 05 Apr 114
Chic & L Sup Div g 53_1921 J -J
9212 9514
1024 Sep '13
Adjustment gold 48
Chic & Mo My Div 58_1926 J -J 1.37
h1995 Nov 87 8712 87
87
10534 May'14
84 8818
10534 1-014
Registered
86
Meh'13
h1095 Nov
Chic & P W 1st g 6s
10414
4 10212 10412
1921 J -J lulls 1544 10414
Stamped
h1995 M-N 87 8712 87 May'14
8438 8812 0 M & Puget Sd 1st gu 48_1949 J -J
tglia 9334 9313
9312
6 82 2.378.
cony gold 4s
Dak & Grt Sou gold 55_1918 J-J 1004
9812 24 03 100
1255 J -D 98 00 97
10034 Nov '13
onv 4s issue of 1909___ _1955 J -D
9913 May'13
Dubuque Div lat s f 6s
1920 J -J 108% -- 10834•May'14
108 INA
99 207 -55" 995"8
Olany 4s (issue of 1910)_1990 J -I) 9834 Sale 97
Far & Sou assum g 6s
1924 J-J 11234 ___. 110 J'ne 13
La Crosse & 1) 1st 5s
10-year gold Os
1917 .1-D 10114 10214 100% May'14
9978 10214
10218 Jan '14
19114 J-J 103 i02r2 16118
9512
May'14
Wis
& Minn Div g 5s
91114 9512
_ 10438 elay 14
1921 J - J 111414
10238 10438
East(Ala Div 1st g 48_1928 NI- S 9313 415
92
Wis Vail Div 1st 6s
5 5614 02
Short Line 1st 48 gold_ _1958 J -J 9114 92 9112
1920 J-J 10834 11254 1091411101'14
10914 Iowa
99 0812 Apr '14
Mil& No 1st ext. 410
Cal-Ariz 1st & ref 4 0_1962 N1-8
1934 J-.1) 10114 10234 10134 Mch '14
9714 9812
0934 10134
100 Mch'14 - 104 109
Cons extended 410
le Fe Pres & Ph 1st g 58_1942 M-'S 1031
1934 JD 10114 103 10134 May'14
101 loth
10112 Mav'14
Chic & St Louis 1st 6s-1915
10118 10112 Chic & Nor West cons 78_1915 1.4 F 1024 -- 10218 May'14
10213 10258
4s_h1952
9334
04
M-8
04
Sale
9
Extension
gold
4s
1st
1886-1926
91
9513
F-A
941311Jc/1'14
L
Coast
961;
95
AO
9412 0411
95 Jan '13
M-S
Registered
Registered
1886-1926 F-A 9473 -- 9458 Apr '14
9458 95
2J
.92 93 93 May'14
1'1
19
°59
General,gold 30
- 824
60-year unified 48
03 93
1987 M-r4 8213 8312
834 43 80 84
10518 _
10434 Apr '14
jila Mid 1st gu gold 5s___1928
Registered
10314 10434
p1987 Q-kr *8112-- 7812Jan '14
784
784
4s_1938
511
934
2
gold
gu
J-3
G eneral 4s
934 Apr '14
' Brun8 & W 1st
934 11378
1987 DA-N 9512 Sale 954
0512 17 93 9734.
l& Say 1st gold 741_1036 J-J 133
Mues
;
_
Sinking fund 6s____1879-1929 A-0 10814.. 10812 May'14
103 10812
o1952 NI-N 0078 Sale -fio-3-4
& N coil gold 4s
91
Registered
1870-1929 A-0 10734 -- 10512 Dee '13
87 95
av F & W 1st gold 6s___1934 A-0 1204 _ _ 121 May'14
Sinking fund 5s
121 121
1879-1929 A-0 1044 --- 10418 May'14
lars 1041
1st gold 55
11038 May'll
1934 A-0 10638
Registered
1879-1929 A-0 10333- 102 Oct '13
Sil Sp Oca & Ugug4s,.19i1 J -J U84
Debenture 5s
98 May'14
96 98
1921 A-0 10184
10134 May'14
10012
Ohio
-j
1925
prier
J
310
nail &
Registered
9214 23 90 9234
924 Sale 02
1921 A-0
_ 101 Dec '1'2
I
h1925 Q-J
Registered
Sinking fund deb 58
90% May'14
9118
89% 00%
1933 M-N
10334 10334
10234
ioirg fdiai
0048 A-0 94 Sale 04
, Gold 4s
Registered
9418 85 9078 06
1933 M-N 102 -.10134 Apr '14
10134 loth
Registered
h1948
Frem Elk & Mo V 1st 68 1933 A-0 12218
92 May'14 _- 90% 94
122 May'14
120 122 1933
t0-yr cony 4%s
Man G 13 & N W 1st 330 1941 J -.I
511-3 Yaij 9138
91% 210 90 0434
9013 Sep '09
_ -Milw & S 1. 1st gu 330_1941 J-J
loos
"Pitts June 1st gold 6s._ 1922
_ 112 Jan '12
80 -Mil L /3 & West 1st g 6s 1921 M-8 11013 -- i51
P June& M Div 1st /3 3301925 M-N 8812
8812
1 -;;i2 00
8812
4
10934
Ext & imp. s f gold 58_11129 F-A 107
'PLR& W Va Sys ref 48_1941 M-N 87 8712 8714 May'14
8413 5912
100Is Men'14
10618 1064
Ashland
Div
68_1925
01
let
M-8
110tIthw Div 1st gold 330_1925 J -J 91 Sale 01
g
114
11318 Feb '14
8714 9112
1134 1134
Mich Div 1st gold 68_1024 J -J 11334 _
100 Apr 13
()ant Ohio It 1st c g 40_1930 M-S 97
11314 Ben'14
11314 11314
10512 May'14
Mil Spar& N W lst gu 48_1947
Cl Lor & W con 1st g 53_1933 A-0 1054
9253 Salo 9212
10512 10S1-2
9223
91 94
102.4 Jan 2
Northw Union 1st 75 g
Monon River lstgu g 55...1919 F-A 100
1917 itg 107at.-- 10738 May'14
111713 10814
1936 J-1) 1054
St L Peo& N W 1st gu 58_19 .8 J-J 10578 sale 10573
Ohio River RR lst g 5s
1116
- 102 Nov'13
111518 10618
1937 A-0 1023%
111438 May'14
General gold 5s
Winona* St 1' 1st ext 7s_1916 J-G 10638 ____ 10638 Nov'13
1543s lairs
Pitts Cloy & Tol let g 03_1922 A-0 10638 -- 1134 Feu '12
Chicago Rock 181 & Pac 65_1917 J -J 104 -.- 10414 May'14
104 111E1017 J -J
9634 Mch'14
Pitts & West 1st g 4s
1917 J -J 10312 1041
Registered
9034 9634
9634
;1044 Mel''14
10138 10433
Stab Isi By 1st gu g 4;0_1943 J-1)
1988 J-J
- _ General gold 4s
874 35 84 8914
- 91 J'ue'12
87 Sale 87
1927 J -J
Bolivia By 1st 58
Registered
1988 J-J
86 85 Apr '14
8412 87
Buffalo H & P gets g 5s..-1937 61.-S 109 ._. 109 Apr '14
7512 28 72 81
Refunding gold 4s
108 10914
18134 A-0 751
;Sale 75
10212 Meh'14
1957 M-N 10314
Oonsol 430
10213 1021; 20-year debenture 5s
1932 J-J
7134 270 6612 8013
70 Sale 6934
1998 A-0 92
- 94 Jan '14
Coll
All & West 1st g 4s gu
94 04
trust Series P 4s
9434 J'ne'11
1918 NI-N
112 Apr '14
Clear & Mah 1st gu g 58_1943 J-J 111
Chic R I & Pac lilt 4s
111 112
334 321 1.
2002 51-N -32- Wale 3112
9
74 53
110
922
1 F-A 10913 _
110
Noah & Pitts 1st gold 68_19
Registered
10913 110
334 Apr '14
2002 31-N
3373 5158
J -0 111
111 Apr '14
It I Ark Sc Louis 1st 4;0-1934 61-S
Consol 1st g 6s
11033 111
81 J'iy '15
Bur 0 R. Sc N-lst g 5s
flanada Sou cons gu A 55_1962 A-0 100 16E4 10658
10634
1033t 10678
1934 A-0 100 _ _ _ _ 10234 Apr '14
-15174 102-34
1962 A-0
Registered
10678 Apr "14 .._ 10678 10678
0 It I F& N W is) gu5s_1921 A-0 10114 ---- 10078 May'1 i
100;8 103
CarClinch&Ohlolst 30-yr5s1938 J-D -5574 -5614 9914
5 WI 100
9914
61 & St L 1st gug 7s___ _11127 J -D ____
-5s__p1945
1P-A 1074 - - 108 Feb '14
Central of Ga 1st gold
Choc Okla & (1 gen g 5s_o11119 J -J ---- 9712 itir8
108 108
1045 M-N lot 15E 10412 May'14
Consol gold Os
Consol gold 5s
102 105
1952 M-N
99 99 N1c1F 14
-55 "ticS
Registered
1945
10614 Men'13
Keok & Des Moines 1st 58.1923 A-0
91,2 4)253 Mch'14
9112 9253
Chatt Div pur mon g 4s 1951 J-D 8712 90 87 Mch'14
St Paul& K C 811 L lst 410'41 F-A
"85" '87"
7812 lien '14
7634
7812 80
10714 Jan '12
Mac & Nor Div let g 58_1946 J -3 10314
Chic St P M & 0 con 68
1030 .1z.si iigr, 12034 120
12014
118 1201
1947 J -J 10313
Mid Oa & Atl Div 58
10412 Apr '14
10413 10412 Cons Os reduced to 330_1930 J-1.) 89 --- 8914 Dec '12
- • 1946 J -J 10413
10934 May 11
Mobile Div 1st g 331
Debenture 5s
1930 M-S 102 1023-4 1112
102
101 103
- 10014 May'14
Ch 51 1'& Minn 1st g 6s 1918 M
Con RR & 11 of(Ia col g 52_1937 54-N 100 10078
119.311 10038
11812 -- 1161z Jan '14
110131161s
1987 J -J 11735 Sale 11738
Cent of N J gen'l gold 5s
1171
2 114 118
Wisconsin 1st 60
1930 J -;
12958 May 09
-:.North
11812
1/1987 (2-3 11634 117 117 May'14
Registered
st P & S City 1st g 65
1919 A-0 10714
11334 117
10738 10733
ioi- 10814
Am Dock & imp gu 58_1921 -J 10414 1054 10434 Apr '14
Superior Short L 1st 5sgg1930 Pa-S
104 10434
_
102 103 100 J'ne'13
Leh & Bud R gen gu g 58_1920 J
Cele T 11 Sc So•east 1st &s..1960 J -D
_ 89 85 Jan '14
"r"35" ii"
_ 10013 Jan '13
Chic & West Ind gen g 6s_ _q1932 Q-M
& Long 13r gen g 48_1941 M-S 9518
N
10573 Apr '14
10578 1064
Cent Vermont 1st gu g 4a....81920 Q-F 80 ---_ 80 May'14
Consol 50-year 4s
80 E61
1952 J -J 8313 85 8334 May'14
8313 87
Chesapeake & OhioJai. ii & D 2d gold 4/5EL-1937 J -.1 90
90 Meh'14
93 98
(len funding & leapt 58-1929 J-J
9912 100 100 May'14
1st & ref unding 45
9834 10014
1959 J -J
1st consol gold 5s
10678
1939 64-N 107
107
1st guaranteed Is
11 105 1074
195 J -J
J'ne'12
5614
Registered
107
1939 M-N
103 Jan '14
Gin D& l 1st gu g 68
103 103
1941 al-N
100131‘Ich'14
16572 fairs
MISCELLANEOUS BONDS-Continued on Next Page.
1014 ____
-
Street Railway
Brooklyn Rapid Tran g 55_1945 A-C
1st refund cony gold 48.-2002 J -J
6-year secured notes Is__.1918 J-J
Bk City let con 5s__1916-1941 J -J
• Bic Q Co Sc S con gu g 58_1941 M-N
Bkiyn Q Co Sc S 1st 58_1941 J -J
Bklyn Un El 1st g 4-5s.....1950 F-A
Stamped guar 4-53
1950 F-A
Kings County El 1st g 43_1949 F-A
1940 F-A
Stamped guar 4s
Nassau'Eke guar gild 48_1951 J-J
1927 F-A
Chicago Itwys 1st Ls
0'51 J-J
Conn By Sc L lstScref 5g 43,
1951 J -.T
Stamped guar 43.0
Det United 1st cons g 4%0.1932 J-J
Ft Smith Lt Sc Tr let g 54-1931 NI-S
Grand Rapids BY 1st g 511 1916 J
1952 F-A
Havana Rice consol g 5s
oNo min Friday; latest this weak.
Street Railway
10314
10353
4 9012 10334 Bud Sc Alanliat Is Ser A..1057 F-A 8213 Sale 8213
17 8134 9114
83
Adjust income 5s
9112
9233 578 8712 9314
1957
31 3114 3112 May'14
30 39
0934
N Y Sc Jersey 1st 5.3____1932
9978 120 9618 100
984 --__
10013
10012
3 10012 1017 Interboro-Meti op colt 4 hs_19be A-U 7713 Sale 7714
77)4 135 76 79's
98 Apr'14__ 98 98
interlioro Rapid Transit101 MaY'13
1st Sc refunding Os
1953
92 Sale 9878
91 984 9914
99
102 Sale 102
10214
4 -9912 1-„-t 92 93 92123tay'14
0214 Nl auhat By(N Y)cons g 45-1990 k
8918 9213
10178 May'14.,..100 102
1011 Stamped tax-exempt
1990 11-c 924 93 9278
927
9 8873 9278
8312 __ 8334
8358
Metropolitan Street lty1 83 84
___ 841- 8412
844
6 8234 8412
livray & 7th Av 1st cc 5s_1943
152 --- 10212 1021;
0143
1 102
00
8 10
4 791 79 May'14 _
78374 80
Col Sc 0th AY 1st gu g 58_11193 741-S
10012 May'14
9812 984 98%
Lox Ay Sc P 1st gi g 5s.11193 '41-S
9034 0914
1185 101
9858
101 Apr '14
04
10178 J'ne 12
-- Met W 8 El (Chic) 1st g 48-1938 F-A
_
80 Mch'14
80 80
03 93 9512 J'ne'13
ilw Eleelty Sc Lt cons g 581926 F-A 102 ._
10218 May'14
102 1024
72
7078 Sale 7038
11 -Oil WI; Refunding Sc exten 4 10.._1931 J -J
93 Ul Apr '13
-. 84 Jan '14 ....... 84 84
Minneap St 1st cons g 58_1019 J-J
102 N ov'1'
0934
9913 ... 9914 May'14 ____ 99 9014 Montreal Tramways 1st & ref
_
92 Apr '14 ____ 0113 95
30-year 58 Her A
1941 J -J 98 9853 984 May'14
9714 99
, e%
.e Due May g Due June. h Due July k Due Aug. o Due Oct. p Due Nov. a Due Dec. s Option sale.
10338 Sale
9214 Sale
9934 Sale
10011_.._
98
BONDS
N. Y. STOCK EXCHANGE
Week Ending Juno 5
[VOL. XCV II.
New York Bond Record—Continued—Page 2
1750
t,
Prise
Friday
June 5
Week's
Range or
Last gale
Range
since
Jan. 1.
g
ss
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 5
g
slt)3
Price
Friday
June 5
Week' 3
Ranee or
Las; Sale
g
45
ange
since
Jan. 1.
iffit
High No. Low II tab
Low
High No. Low high St 1' M & NI (Gontinucc1)—
Ask Low
Bid
Cin Ham & Day (Con.)—
1037 J -J 12413_ _
3 12114 125
Mont C 1st gu g Gs
125
12.154
Find & Ft W 1st gu 4s g 1023 M-11 ___ 80 88 Itch 11
_ 13614 May'08
1937 -1-J 115
_
Registered
86 80
Oin I & W 1st. gu g 4s__1953 J -J _ _ 74 86 Jan '14
-J
J
7
1113
_
_
_
_
10913
let guar gold 5s
4 107
/
10634 Feb '14 __-- 1061
Day& Mich lstcons4 358_1931 J -J
1 937 J -J
---_
Registered
-—
97 100
_ — 9834 97 Mch'14
Ind Deck W 1st g 5s____1935 J -J
1938 J
10415 J'ne'i3
Will & S F 1st gold 5s
10712 Dec '02
1935 J -J
let guar gold 5s
9112
- 9112
89 9112
Uulf& S I 1st ref& tg,is_b1952 J -J
89 92
7712 12 7612 85
Cleve Cin C .Sc St L gen 4s_1993 J -D 7613 Sale 7612
J -J
Registered
82 8712
82 8434 82 Apr 14
1931 J -J
20-yr deb 4 Ms
93-38 100" 9934 i(iOh
r jock Val 1st eons g 4 35s__119
97 101
)9 J -J
1 84/
4
1
84/
4 86
1
8434 - _ 8434
1939 J -J
Cairo Div 1st gold 4s
J -J
9734 Jan '14
LI Registered
1/838 1/734
83 83
Gin W & M Div lst g 48_1991 J -J _ _ 82 83 Feb '14
1948 A-0 8814 ____ 92 Apr '13
Col& il V 1st extg 4s
82 8531
St L Divlst coil tr g 42_1900 M-N ____ 82 82 Apr '14
1955 -A 8834 92 9013 Mch'14
-90r2 1961;
Col & Tol 1st est 4s
8214 8211
8334 8214 Mch'14
19110 I'd-N
Registered
53_1937
-J
10014
J
Dec '12
Bons Belt & Term let
85 85
4 85 Mch'14
1
85/
Spr & Col Div lstg4s
1040 M-S
01338
-5172 97
fumble Central 1st gold 4s_1951 J -J
1)1 Apr '12
W W Val Div lstg 4s
1940 J -J
100 Sep9'
1951 J -J
171
68
10518 10554 1- Registered
1920 .sl-N 10E371 1064 10534 Apr '14
C) I St L & C cousol 6s
85
87
85
May'14
-J
J
84 85
gold
335s
1st
91 92
lit gold 4s
k11:36 Q-F 9912 9212 92 May'14
82 ____ 884 Feu '13
J -J
19 5 1
_
Registered
00 92 90 Itch '13
k1936
Registered
1951 A-0 8112 ____ 9312 May'09
Extended 1st g 33-e
103 10314
Cin 8 & Ci con 1st g 56-1923 J -J 102 ___ 103 May'14
82
1951
A-0
Registered
-— - 10034 Mch'14
10033 1003s
(300 & I consol 7s
1914 J-1)
"gd JAy '09
1951 81-8
let gold 38 sterling
_
Consiol sinking fund 7s-1914 J-D
1951 M-S
Registered
118 119s
General consol gold 63_1934 J -J •___ 120
1952 A-0 91 -Jr - -65-9-612
55" 93
Coll trust gold 4s
11812
1434 J -J
Registered
A-0
9514 Sep '12
Registered
Ind B & W let pref 4s
1940 A-0 80 _ _ 94 J'iy 'Os
0234 Sale 92,
M-N
8
9234 14 9972 94
1st
4s
ref
0 Ind & W let pref 5s___d193s
_
80121993525
82
1952
J
'14
Feb
79 82
'uN
L
I
rco
hues 33.s
Texgold
sed
hasc
is
72 84:1940 A-0 7213 i414, 72 May'14
Peo & East 1st col 4a
)13 88 May'14
M-N 88 91
20 23 23 Apr '14
23 30
1990 Apr
'neon:104s
-- 9512 84 May'14
84 84
1412 May'14
1412 1(3
Registered
4
/
1412 191
Col Mid and lst g 4s
194'7 J -J
6112
90
J-D
Apr
'14
90 01)
Cairo Bridge gold 45
17 Fob '14
17
17
Trust Co. certfs. of deposit__ - — ---_ 19
074
74 Feb '14
71
74
Litchfield Div 1st g 3s-1999955513031 J -J
0014
3 80 93
1929 FA 9014 Sale 90
Colorado& Sou 1st g 4s
4 84 81 May'13
1
75/
sia
nuelg
Lo
vd& Term g 3;-,i a 1953 J -J
erie
vD
1 8813 9312
8812
-- 8812 8812
1035 al-N
Refund 3c ext 4 355
-J
3
2
18
J
y:
ag
itt
A
1,
2
1,
0
1 - Sale 10534 10534
1 105 107
F$ W & Den() lat g 65_1921 J -D 0534
F-A iail;
Middle Div reg 53
Conn & Pas RIvs 1st g 43_1943 A-0
724 Feb '14
F-A
71 -7"2";
Omaha Div 1st g 3s
loci" M
Cuba RR 1st 50-yr Sc g _1952 J -J
73 77
ec514.;
112
8t Louis Div & term g 3s- 11119999552531 J -J
el Leek & Western—
J -J
e
85ch'14
R
10014
gistered
?A-N
1914
1007,
10014
&
Essex lst7s
s-• Morris
811s ....- 771
J -J
13
Gold 3 Yis
10278 10314
1915 J -D 10234 10319 103 May'14
185 cons°,guar 7s
1014 Oct '09
J -J
103 Nov'13
Registered
1915 J -D
Registered
79 a
J -J
781
4
/
Mch'14
_
_
88
71438 74:
Spring
'14
Div
Feb
35s
3
g
let
15511
8512
8513
-D
8512
2000
1st ref gu g 3 35s
_J -J
Registered
10814 110
1921 J-J 1094
N Y Lack & W 1s1 15s
- 110 May'14
511 10-A -9178 -93 91 Feb '14
195
110 91
Western
liendes 1st g 4s
itegister
4
1
10413 Feb '14
10412 10412
1923 1r-A 104/
Construction Sc
F-A
4 IR:11'14
/
1923 318-N 9514 ____ 941
9434 9434
Term 3c Improve 4s
J -D
Ma-y-'16
_
Belley & Car let 63
—
10214 Feb '03
Warren lit ref gu g F3$5._2000 b'-A 85
8712
0412 J ly '12
11999325321
1
hricb S
Ca
1,,
&t, 8
N lo
11scavv
4s
4 Alciel4
/
stgg5s
i5T372 10S2
Del & Hud 1st Pa Div 75.-1917 M-S 1083s — - 1081
J -D 108_ 103 Mch'14
1951
103 10-1
'01
Aug
149
191785-S Registered
10012
Ili
114
Feb
J-1)
'11
1951
0918
8 973 ow,
Registered
99 9914 99
10-yr cony dub 48
1916 J
4 _ _ _ 913 Oct '09._
/
J -D 8U1
Gold 335s
10012
5 9912 101
1922 J -J 10012 101 101118
lit lien equip g 431s
J -D
137
Registered
9313 97
1943 M-N U64 974 97
1st & ref 4s
,____ -9215
841
J
1
511
1155
13
1
Mie
mgp
te
islitelli?eidy let g 40...8412 87
1946 A-0 8611 87 87 May'14
Alb & Sus cone 3 35s
J -D
115 11512
Rens & Saratoga let 7s
11121 M-N 1154 - - 11513 Fob '14
90 9512 98 J'11.6
M-S
May'14
St
I.
Sou
gu
1st
4s
g
80
-7914 85
Deny Sc It (Jr lst con g 45_1936 J-J
4 8812 MeJa'14
1
J -J 83 88/
87 May'14
864 8s13
87 0034 Ind Ill & Ia 1st g 4s
1939 J-J 8838 1)1
Consol gold 43s
10012 103
103 101
1 3905N
11 SA-N 100 9212 9112 Mch'1•1
83 May'11
83 9212 Int & Great Nor let g 85—:
Improvement gold 58-1928 J-D 8314
Me11'14
J-D
1959
931,3
9112
James
61
18
43
1,1,
51)
51)
Sale
Frank&
Clear
1955 F-A
6734 74
lit & refunding Is
4
1
4Sale 69/
/
6938
6812 70
egiitsy,"
uC
kgan
109 Dee '12
Socud.Ist gold 3s 1950 A-0 691
Rio Gr June lst gu g 5s-11339 J -D
63 Oct '00
A-0
77 6112 Apr '11
, Rio Or So lit gold 41____1940 J -J
0514 13 -5138 98i951s 90 954
2
300 J-J
Ref & irupt 5s
1 95
Apr 9
- 74 85 Slch'08
1940 J -J
Guaranteed
9214 93 1)214
1 9214 poi.
0214
8034 23 79 8412 Kansas City Term 1st 4s.. —1960 J-J 101
1939 J-J --- 81 804
Rio Or West 1st g 4s
103 1011
4 Apr
/
100 103/
4
1
70 7214 f ake Erie & W lst g Is_ 1937 J -J _-.. 9834 9134May'14
1949 A-0 ....-- 63 70 May'14
Mtge& col trust 4s A
1941 J -J
943.4 gs
-4-a 2d gold Is
90 Apr '14 ____ 90 OU
Utah Cent let gu g 4s_a1917 A-0
1394 93 W13'1
08 08
North Ohio let gu g 59-1911
110 Sep '01
5 A-0
1917M-N
Des Mot Un Ity let g 5s
4 10113 May'14
/
4 1011
/
J -J 1001
10014 10112
84 1E- Leh Vali N Y let gu li435s_1940
Det & Mack let long 44-1095 J-D 85 88 84 May'14
100 Dec'13
1940 J-J
82
82
Registered
82 82
1995 J -D g2 _
Gold 4s
91
9034 May'14
772 -06714
6ira
95 May'14
Lehigh Vail (Pa) cons g 43-2003
._
9313 97
pet Riv Tun-Ter Tun 4355_1981 138-N
991 -15 91) 99/
2003 1311-N 994 Nkl; 9932
60
4
1
g
May'l
10412
10412
General
1044
cons
4
As
-J
1031.4
J
105
53_1941
gen
Nor
Sc
Missabe
lOul
nu 11112 111 May'l
A-0
11003
11134
10314
10314
102
1st
Ity
1033
od
er
u
V
'
t
I
egb
gu
Lt
i
e
3
Li
4
10012 104
• flu! Sc Iron Range let 2s......1937 A-0
11118 Deo '11
A-0
_ 10612 Mch '08
1937 A-0
!, Registered
104 105 10414MciP14
1
1943
10414 1044
0d Co lst gu g 55_11)3
Viatie%3.oal
elieg
Lj
1918 J-J .162 . 104 Feb '11
• 20 8s
1112 .— 105 Oct '13
1033
'13
Dec
10014
994
1937 J-J
'DU So Shore& At g 5s
1033 J -J
104
10412 Apr '14
1st int reduced to 4s
16113 1041-2
Jol & East 1st g 5s 1941
'SU
5suar g 45-1945 SA-5
r,
1111s 112
1920 M-S 1114 _ _ 112 Apr '14
LOris 1st consol gold 7s
1945 M-S
etheg
Ll
95 98 98 Apr '11
aisN
edist g
terl
98 98
N TA Erie let ext g 45._1947
A-0
1.611-2Fe6'
- -10
10212/v1c-11i
El 0 & N 1st prof 6s
10213 10212
1019 M-S 102
2d ext gold Is
A-0
994 Nov'13
Gold guar
100 Mch'14
100 100
1923 VI-8 991s
3d ext gold 43.s
10013 Lich'14
1 Q-J
1144
93
19
10613 loot,
.10214 May'14
102 102/
4 Long Isid let cons gold 6s_h11
1
1920 A-0 10214 1022
4th ext gold Is
9214
984 ileh'12
/.1931
4 May'14
1
1st consol gold ls
_
93/
4 0358
1
1928 J -D 94_ 93/
• 6th ext gold 4s
8012
9114
911s May'14
-j
V-D
021,
4
1
/
110
"Op,
;ale
4s
gold
1
General
11053
4
1
/
110
75_1920
11053
M-S
11058
• N Y LE& W 1st g fd
2 M-8 11613 9512 054 May'14
25
193
05 07
8114 Sale 8414
Ferry gold 43,5s
8412 11 821
1908 J-J
4 8714
/
Erie lst con g 43 prior
83
J-D
4
/
991
Oct
'06
Gold 4s
1996 J-J --- 834 83 Jan '14
83 83
Registered
2 M-8 8614 88 S01 May'14
39
194
-3;6731s
- Sale 723*
Unified gold 4s
734 87 7114 7614
lit consol gen lien g 4s-1996 J -J
101 Lice'14
J-D 100 10014 101
Debenture gold 54
- 77, Apr '12
1996 J -J
Registered
7 9114 May'14
811'e 66;
4
9
3
4
9
1
4 894
1
8912
89 93
Guar ref gold As
2 89- 92
1951 F-A 8913 89/
Penn coil tr g 4s
95 Jan '11
1949 fel-8
72
73
7234
724
Registered
20
A-0
1953
71
A
4
/
4s
771
60-year cony
1511;
10014
10014 10014
NY B& MB lstcong 5s_1935 A-0 101 -- 10212 Jan '14
4 721, 7113, 714 71 7014 70
/
1053 A-0 711
Series 13
do
Jan
M-S
'14
1927
10313
10212 1021,
N Y & It 11 1st g 59
10414 Apr '14
10414 1041,
Buff N Y & Erie 1st 73_1016 J -D
104
102 May'i•
102 102
10634
Nor Sh B lit con g gu 5s_01932 Q-J
10634 May'14
1051
1982
4 108
/
Chic & Erie let gold 53
0112 9112Feb '14
9113 911,
Louisiana & Ark 1st g 65
1927 51-S
103 103
Clay & Mahon Val g 5a 1938 J-J 10304 10912103 Fob '14
114
115
11408
May'14
J-D
1930
11112 115
12213 May'14
Louisv & Nash Gen tis
12112 123
Long Dock consol g Cs... _11)35 A-0 1224
4 May'14
1
109/
al-N 10913
1937
'12
10534
110
108
10114
Dee
Gold
5s
106
NI-N
6s...1922
gu
cur
Coal & RR let
4
1
Oa
1940 J -J 957s Sale 05/
54 9214 9614
Unified gold 4s
10214 Apr '14
l017 1021
Deck & Imp 1st ext 5s-1943 J-J 103
95 05
05
1940 J-J
10 93/
4 95
1
4 _ 10313 Aug '12
1
100/
Registered
1946
Y & Green L gu g 52
10514 Apr '11
105 10514
Collateral trust gold 24.--1931 M-N
1937 J-J 93 titi 97 Apr '14
612 "99i12
6.
NY husk W lst ref 5s
1083s May'14
1919 J -D
4 108/
/
1081
4
1
13 II & Nash 1st g 68
00 :--10014 Dee'
1937 F-A 71)
2d gold 4 3•55
103 Apr '14
1931 Li-N
1004 102
L()in & Lox gold 435s
744 75 Apr '14
1940 F-A
—71 75
General gold 55
_
12014 Moh'13
1030
J-J
6s
M
&
15i10
N
gold
1st
103
2
'14
Jan
102
102
gold
102
5s......_13143
Terminal 1st
11)30 J-J 109 --- 111 Feb '14
4
1
111 111
N 0&
1114 Ilay'12
2d gold (38
1940 A-0 103/
Mid of N J 1st ext 5s
s 923 98's
943
80 89
Paducah dc Alem div 4s...-1046 F-A 10714 lin'. 89 Feb '14
1942 J-D 9414 Sale 9414
Wilk & Ea 1st gu g 5s
M-8
4 Feb '14
/
1081
65_1921
May'12
gold
*98
let
Div
10834 108/
Louis
St
4
1
106
J-J
_
Ey & Ind 1st con gu g 62—.1928
6412
608
fa-8
1980
Sep
'12
2d gold 38
104 Doc 13
lst cons 68_1921 J -J
Evans& T
2
551
sale
9012
0012
:1
AU Knox & ()in Div 48—.1955 141-N 10814
984 992, Dec'1:
"a
1942 A-0
lit general gold 15s
111 Jan '13
Atl Knox & Npr 1st g 53_1945 J-D 10312
108 Nov'11
Mt Vernon 1st gold 63_1023 A-0
100 Jan '14
Header Ildge lst s f EC 6s._1931 M-S
106 106
95 J'ne'12
1030 A-0
hull Co Branch 1st g 5s
41
89/
8934 May'14
Kentucky Cent gold 44_1987 J -J 10114
8312 9014
91 94
'1.alorida II Coast let 43s..,.1959 J-D 90 915g 93 May'11
_ _ 101 May'14
541045 M-S
,
43
lstg
M&
92 Aug'10
100 101
M
J. ort St U D Co lat g 4352-1941 J-J
14 &
'
L
115
SA
44_1952
84
joint
May'14
L & N-South 21
1928 J-J 64 -sii" 62 Apr '2
83 85
683 13.3
Ft W & Rio (Jr lit g 44
h1052
95 Feb '05
Registered
C'meat Northern—
1937 b -A
105 May'14
N Fla & 8 lst gu g 50
166974 Sale 9714
9714 90 9454 98
‘1
B & Q coil trust 42—.1921 .74
1
904
99/
4 14 0912 Igo
1
07
N Sc (.) Ildge gen gu g 4352 1945 J-J 99st Sale 99/
7 9514 971
4
/
1021 9-4
Registered Ii
109 110 110 May'14
1921
loola 1004 10012
6 100 10133 Pens & At 1st gu g 6s
4 110
1
108/
1st& refunding 4 he aer A 15181 J
1930 F-A 105%107 Mch'14
8& N Ala con gu g 53
1961......
10514 107
98 J'ne'13
Registered
-03 10413 1011
.171" 974 May'14
-6
Gen cons gu 50-yr 5s....1963 A-0 1044 0-1
"or
1933 I-7
6 1044105
(it Paul M Zs Man 4s
1045 04-8
8313 Mch'14
_ 12114 Lich '14
119114 12114 L& Jeff Ildge Co gu g 4s
1933 J-J 121.4
83 85
lit consol gold Sc
_ 1174 Aug'13
awls ItIt-8ou twee 43.1936
1933 J-J 1174
Registered
76
ez Internet let con it 49 1977 M-S
103
10014 10314
Reduced to gold 430_1933 J -J loa 10312 103
79 Nov'l
Li tamped guaranteed___.1977 M-S
10254 J'ne'0
Registered_ ......1933 J-J
--1927 J-D
12412 Oct .12
- -4 96/
93 .liEs-s A.inn & 8t 1st gold 7s
4 Apr '1
1
---Mont eat let gold 4e_......1937 J-D -6r4 9413
1921 A-0 nuts 15i 1104 Aug ll
9411 Apr '1
raeificExt let gold 6s
1937 J-D 93
9412 9412
Registered
88 90 914 May'14
1934
871g
lat consol gosd 5s
1940 J -J
0 Molf11
92.
89 1i(2
Pacific ext guar 4e t
4 5311 .153
/
521
1949
943 95
la tand refund gold 4s
i 95 Marl
1 50 61
63
E Minn Nor Div 1st g 41; 11)48 A-0 95 i60
4
1
11G1 11013 Dee M& let D 1st gu 4s 1936 J-J
1922 J-J 110/
2 60 69
11011Jan 1
60
Minn Union let g 6s
D
iagi; _
1.4
no
_
Al SCELLANEOUS BONDS—Continued on Next Page.
Street Railway
81/
4 84 81 May'14
1
New Orl Ity & Lt gen 4345_1935 J -J
7812 Sale 7612
7684 28
Y Rye lst It E & ref 42 1942 J -J
al942 A-0 5434 Sale 541s
554 137
30-year ad) Inc 5s
N Y State ltys let cons 4 35s_'62 151-N 887s 80 8912 May.14
Portland IV 1st It ref 5s-1930 51-N 10014 ____ 101 Jan '13
Portland ity Lt It Pow let
1042 F-A 91 941, 92 Mch'14
& ref cony 5 f 5s
Portland Gen Elec let 58_1935 J -J ---- 1014
SI Jos Ity L. ii & P 1st g 5s1937 5,1-11 09 100 -titi"
St Paul City Cab cons g 5s_1937 J -J 10113 ____ 10313 Feb '13 _
1960 J -J
8312 Sale 8314
8312 12
Third Ave 1st rdl 48
a1960 A-0 794 Sale 79
7934 42
Adj Inc Is
Third Ave It y let g 58-1937 J -J 10768 10812 10812 May'14
0714
Tr1-City Ry dc Lt let s f 55-1923 A-0 97 0712 9714
94 95 04
1
91
Undergr of London 43-5s__11/33 J- I
86 87 87 Apr '14 ____
1948
Income 64
84 Oat '08 ___
Union Elev (Chic) let g 5s-1945
71 J'ne '13
United Rye by 5s Pitts Its 11120 i41-N
4
1
80/
75
52
87
Street Railway
81
United Rya St L 1st it 43E...1034 J-J --- 7012 69 May'14
091,
81 Louis Transit go 59----1924 A-0 6013 Sale (3912
7019
0312 United Rug San Fr 3 f 44_1027 A-0 -- 55 544
541/1
921,
00
Va 114 .5,3 Pow let & ref 5s-1934 J-J --- 924 9214
(has and Electric Light
92 10012 Atlanta
L Co. let g 5s___1047 J -D
Bklyu U Gas let con g 5s_1945 tfl-N
1947 A-0
Buffalo Gas 1st g 5s
J -J
Columbus Gas 1st g
1023 J -J
-11U/ 86
88
g
Gas
Detroit City
4 8412 1)et Gas Co.con let 5s__ _13318 F-A
1
75/
1064 10012 1)et Edison 1st coil Cr 5s
1933 J-J
Eq 01. N Y 1st con g 5s
90 98
1932 Il-S
94 03
Gas& Eiec Berg Co c g 50-1949
, J-1)
24.14 921, (Jr RapG L Co let g 59
1915 F-A
Hudson Co Gas 1st g 53-11149
Kan City(M o) Gan Ist g Is 1922 A-0
41No price Friday; lateat bid and a.sked this week. a Due Jan. 4 Due lob. 4 Duo April. 5 Duo July. 3 Du0 Aug.
10112 May'14
10514
10514
114 J'no'13
-6834
4 Sep '08
/
051
10212 May'14
1( 612 Out '12
100 Feb '13
100 Oct '00
104 May'14
93 Lich 14
DO 008. I 094199 WA.
89
69
7 62
1 9213
724
7114
614
944
JUNE 6 1914.]
New York Bond Record-Continued-Page 3
1751
P
VI
BONDS
N. Y. STOOK EXCHANGB It
Week Ending June 5
... a.
Prtee
Friday
June 6
Week's
2
Range es'gl
Lau Sale NO
Range
sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 5
i
t3I
v
..a,
Phu
Metal
June 5
Week's ;
Rangs of
g ,1
nIcZ
Bale
1415
Range
since
Jan. 1.
Minn & St Louis(Con.)Bia
Ask Low
High No. Low High N Y N H & Hartford (Con.)Iiia
Ask Low
High No. Low High
Iowa Central let gold 53_1938 J-D ____ 90 00 May'14 ---- 88 94
B & N Y Air Line 1st 48_1955 F-A 86 -- _ _ 9912 J'ne'12
--Refunding gold 48
1951 M-S 48 Sale 48
48
1 47 5712
Cent New Eng let gu 48_1961 J -J -_- 8112 81 Mch'14 .-__ 81 83
M StP&SSM eon g 4eint gu 1938 J -J 0412 Sale 0418
0412
1 go 9518
Housatonic It cons g 5s___1937 M-N 10734 ____ 10658 Apr '14 -. 10434 10638
lat Chic Termls f4s
1941 2&N --- ---- 9714 J'ne'12 --- --- --NY W'ches&B 1st ser 1 4 As'46 J -J
138 Sale 6778
9 674 83
6834
M 8 S & A let g 48 Int gu_1926 J -J 3.--- 9612 96 Noy'13-. _
_
N H & Derby cons cy 58_1918 111-N ___ ____ 107 Aug '09 -- ----Mississippi Central let 5s 1049 J -J 9138 ---_ 9114 May'14 __
51r4 I112
New England cons 5s____1945 J-J --- ---- --,---_
--- --Mo Kan & Tex 1st gold 48_1990 JD 884 Sale 88
8818 /
- 8634 9178
-8
Consol 4s
1945 J -J
---- 9912 Mal-'12 ---- ---- -.g1990 P-A 71 Sale 71
3d gold 48
71
2 6918 77
Providence Secur deb 4:.;_1957 NI-N 55 -___ GO May'14 ___ 55 -60
1944 51-N 90 94 0012 May'14 _-- 9012 99
let ext gold 15s
N Y O& W ref lst g 4s_ _01992 M-S 843 Sa
8334
8434 18 8178 88
1st& refund 4.
2004 M-S 60 6554 6412 Aday.14 ___ 641, 71
Registered 55,000 only
-„o1392 M-S ---- -- -- 921 2_ J'ne'12 ---- Gen sinking fund 4 As
7514 --- 75 May'14 _-_ 7212 85
1936 J-J
General4s
1955 J-D .---- li12 8112Mch'14 --- 812 -811.;
St Louis Div let ref g 4s 2001 A-0 --- 75 7814 Apr '13 ___ ____ __ _ Norfolk Sou
94
1st& ref A 5s.._1061 F-A 94 Sale 9212
6 92 9718
Dal& Wa let gu g lis
1940 M-N ----------0914 Dec '13.,..
" Norf& Sou 1st gold 5s
1041 NI-N 10114 ___ 101 May'14 __-- 100 1014
Kan 0& Pee let g4e
1990 F-A ----------8212 Apr '14 _--- 8214 8212 Norf& West
1931 M-N 12018 _-_ 119% May'14 ---- 11712 1194
gen gold 6s
Mo K & E list gu g 511
1942 A-0 -- 101 104 Apr '14 --- 10314 10414
Improvement& ext g 6s_1034 F-A 12114 ---_ 123 Jan 13 --- ____
-M K& Ok lst guar 5s_ _1042 M-N -- 98 9812Feb '14 ---- 9812 9812
New River 1st gold Gs
1932 A-0 11934 ____ 118 Feb '14 -- 118 1-1-8
M IC& T of'1' let gu g 55_1942 M-S 921 95 9214 May'14 ____ 924 9618
N & W Ry 1st cons g 43_1990 A-0 951 Sale 9478
0512 13 94 95
tl_her Sh & So let gu g 5s-1942 J-D ---- ------953 Ilay'13
_ _
_
1996 A-0 ---- ---- 94 May'14 ...„ 94 94
Registered
Texas& Okla let gu g 5s 1943 M-S ---- 9778 9912Jan '14 _ _
6i wi,
Divl ist I& gen g 4s
1944 J -J 9058 Sale 0038
9058 12 8812 9184
Missouri Pac let cons g 8s 1920 NI-N 103 1031210314 10334 i. 10212 105
10-25-year cony 4s
1932 J-1) 10312 ____ 10218 Apr '14 ---- 101 1034
, Trust gold Os stamped__a1917 M-8 95 -__ 95
9514 34 9458 9818
l0-2O-Year cony 4s
1932 M-S 10312_ 10312 etch '14 --- 101 10434
, Registered
a1917 M-41 --- 9714 97 May'12 ___ .
.
Convertible 4 As
10412 160 10058 10512
1938 111-S 104 1041-4 104
1920 F-A 01 92 91
let collateral gold 5s
01
4 66- 'El,
Pocah 0 & C joint 43_1941 J -D 87741 89 88 May'14 ---, Registered
1920 P-A ---- ----- -- - -- .--_ ___
_
C C& T 1st guar gold 53_1922 J -3 103 ____ 10534 Jan '13--8714 901i
5312 120 534 162
40-year old loan As
1945 M-8 5618 Sale 8012
set° v & N E 1st gu g 48_1039 NI-N 9214 94 93
93
I, 6538 WI;
ant & re cony 5s
1959 M-S 6934 Sale 084
6978 50 6214 7758 Northern Pacificprior
9538 66 9212 98
I g 4s 1997 Q-.1 9514 Sale 9518
, 341 7s extended at 4% _ __ _1938 1-N 75 ....... 86 Jan '14 __ 88 88
Registered
9418 Sale 9412
1997 Q-J
9412
2
94 954
91 8878 May'14 __ 8878 9238
Cent Br Ey let gu g 4s
1019 F-A -General lien gold 3s
a2047 Q-F 67 Sale 67
674 14 6414 684
CentI3r UP lst g 48
1941 J_D ----------7712 Dee '13Registered
a2047 (.1-11' 65 ____ 66
66
1 6514 67
_
Leroy'& C 'V A L let g 53_1926 J-J ----------110 &loco ___ _
St P..ul-Dulutli Div g 48_1996
J-D 8912.- 90 Jan '14 _--- 90 90
Pac it of Mo let ext g 48_1938 F-A 8918 911 9018 May'14 ____ 66 -66-1,
Dul Short L 1st gu 58____1916 M-s 100 ____ 10012 Sep '13
-- ___- ---.
2d extended gold 5s
1938 J -J 98 104 100 Jan'14 ---, 100 100
St P & N P gen goki 611_1923 F-A 11214 113 11218 May'14 ---- 1107
8 11211
8$L Jr M&8 gen con g 5:3_1931 A-0 101 12 10112 10112
b 10058 105
Registered certificates_1923 Q-F .11112 ____ 11538 Aug '11
lien con stamp gu g 5
----------103
l031 A-0
Feb '14 ---- 103 103
St Paul & D .luth 1st 5s_1931 10-A 10558 ____ 107 Jan '12 ____ ___ _ .
'Unified & ref gold 48___ _1929 J-J
7714 Sale 77
2d 58
7714 47 75 82
A-0
1917
102
10114
10114 May'14 __ 101 1-01-14
Registered
.Oct '12 ___
1929 J -J --------2
-807
let consol gold 9s
1068 J-D 8812 --- 87 Feb '14 _-- 87 87
Itiv & G Div let g 4s___,.1033 til-N 73 Sale 73
73
5 73 81114
Wash Cent let gold 4s
1948 Q-M 824 ____ 81 Dec '13 -- _Verdi V i& W 1st g 58_ _1926 NI-8 --- - - - 9212 Dec'13.
_ Nor Pac Term Co 1st g 63_1933 J -.1 110 114 11312 May'14
-113 iiiti
Mob & Ohio new gold Gs__ _1927 J -D 110 1163-4116 May'14 ....„ ii5r, ifti Oregon-Wash 1st &
9012 Sale 9012
9012 ii 89 92
J-J
lit extension gold (Ss_ _ _h1927 Q-J 1124 ____ 11212 Apr '14 ____ 1124 11212 pacific Coast Co ref 48_1961
_1446 J-D --_- --- 10134 May'14 ____ 9914 1034
58.
1st
g
General gold 4s
80
1938 M-S 80 Sale 80
1 80
1- ennsylvanla RRMontgom Div let g 5s._ _ _1947 F-A 10314 ---- 10614 Mch'14 ____ 10512 82
1923 NI-N --------08 Apr '14 ---- 08 98
10814
let reel est g 4s
St Louie Div be
1927 J -D 93 ---- 95 Dec'13 _
Consol gold
5s
1919 111-S 10214 110 102 May'14 --__ 102 102
St L & ()afro guar g 4s__ _1931 J -3 91 -- 9114 May'14 „.... 8814 9114
Consol gold 48
1943 VI-N 99 -- 9914 May'14 ___ 994 99i,
KI a:811,
411e Ch & St L let 581028 A-0 10758 ____ 1002
10762
6 10512 108
Convertible gold 3 A3_01915 J -D 99 Sale 99
9914 110 9738 9914
1 3 Jasper Branch let g 631923 J-J 108 --- 111 Jan '13 ___
Registered
o1915 J-D ---- ----9884 May'14 --- 9812 98;
MoM M W& Al 1st 68_1917 J-J 103 ,.- 10334Jan '14___101
1948 M-N 101 Sale 10078
io5i4 ids; Consol gold 4s
7 99 102
T & P Branch lit ea
103
_ 13 J'ly '04..__ _
1917 .1 -J
Alleg Val gen guar g 48_1942 M-S ..„.„.„ 97 97 May'14 -- 9612 97
Nat Rys of Meg pr lien 4 As 1957 J -J ---- -------61 Feb '14 _ eir
D It R R & B'g43 1st gu 4s g '36 P-A 9155....... 91 Mch'14 ___ 91 91
IfGuaranteed general 4s
1977 A-0 -----------77 Feb '13 __ ___
Phil& Balt& W 1st g 4s
1943 M-N 98 ---- MI PlY'
13
--Nat of Max prior ilen 4 A 8_1920 J -J -----------9878 Feb '13 .... _ - --: Sod Bay & Sou
.......
2924 J-J ...„, ___ 102 Jan '03.
1st g 58
.... ....
lst consol 48
1951 A-0 ---- ---- so Apr '14-. 85" 16
Sunbury & Lewis 1st g 48_1936 J-J
92rii ---- ------- ---- ----. .--•
N 0 Mob & Chic lit ref 5s_1960 J-J
46 47 4712 May'14 __ 4712 58
U N J RR &
N 0& N E prior lien g Gs__p1915 A-0 1004 194 0112 Mch'14 _.. 101 10112 Pennsylvania Can gen 4s_1944 M-S 98 .-- 10112 May'12--- ---- -...
CoNew Orley.= Term let 48_1953 J -J 4'--,- 794 7912 11,169.13 ---Guar let g 4 As
_
1921 J-J 1004 10112 101 May'14 -- 100 10111
N y Central &
H it ”,
03_1997 .9-J
8212 8778 83
83
14 81i2 -gli
Registered
1921 J -J 10078 ___ 10114 Mch'14 --- 100 10114
5 8034 84
8284
Eoglatered
1997 J-J 824 Sale 8218
Guar 3hs coil trust rug _1937 M-S 8452 ____ 844 Apr '14 ..--- 8412 86
8934 73 86 9212
Debenture gold 4s
1934 M-N 8934 Sale 8912
Guar 3 As coil trust sec B_1941 F-A 85 ..-- 8514 May'14 ___ 85 851,
_ - --1934 M-N -----------93 May'12
Registered
Trust
Co ctfs gu g 3).55_1916 M-N 91._ 98341May'14 --- 9712 980i
,
7834
Lake Shore coil g 3As_-1998 F-A 7812 Sale 7818
9 ii34 -84
1942 .1-D ---- ----85 May'14 --__ 83 85t,
cx
Liar 3hs trust etra0
7612
1 7612 834
1998 F-A 7612 Sale 7612
Registered
Guar 3 As trust etfsD
1944 JD 13513 -_- 8434 Apr '14 ____ 8454 843,
Mich Cent coil gold 3 As_10911 F-A 764 80 78 May'14 ___ 734 78
Guar 15-25-year g 48
2 934
1931 A-0 9412 95194
10 93 05
75
_9 Sale 75
1998 F-A 7
Registered
1 72 75
Cin Leb & Nor gu 4s g
1942 M-N 9314 94 9312 Apr '14 -. 93 9354
Beech Creek let gu g 4s_1936 J-J
93,14 ---- 9514 Apr '14 __ 954 .953,
CI & Mar let gu g 4 As_1935 M-N 9818.... 110 Jan '05 _ _ ._
Registered
1936 J-J
92 ---- 99 MaY'll -- __ - _
CI& P gen gu g 4 As ser A 1942 J-J 1034 ____ 10138 Nov'13
1 gd guar gold lis
1936 J-J 100 -------Series B
1942 A-0 103 --- 10934 J'ly '09 ____ ___ ....
Registered
;
Int reduced to 3343_1942 A-0 8518 ___ - 9114 Feb '12 _ ___ __
Beech Cr Ext let g 3A/4_51951 A-0 ---- ---___- ---Series C 3As
111-N 854 ---- 904 Oct '12
1948
Cart& Ad let Ku g 4s
1981 J-D 854 --- 88 - Oct '12 ____ ___-_ -_--Series D 3Am
1950 F-A 8512-- 844 Dec '13
Gouy & Oswe 1st gu g 5s 1942 J-D 104
--Erie & Pitts gu g 3As B 1940 J-J 8518 ....._ 81314 May'14 ---- 8014
-8011
Moh & Mal let gu g 48_1991 N1-S 9512_.. ig Apr'
14 ---Series 0
1040 J -J 8512 ____ 9018 J'ly '12 ____ ____ .....
N J June It guar let 48_1988 F-A ----------92 May'14 ___ 92 92
Gr it & I ex let gu g 4;444_1941 J-J 9718 --- 9534 Deo '13 ____ ___ .....
Registered
1986 F-A --.... ----. __ __
l'itts Y & Ash let cons 53_1927 MN 10488 __ 109 May'10
N Y & Harlem g 3As
2000 M-N 84 ---- 8712 Deo '12 __ __ _ --- _
Tol W V & 0gu 43s A
1931 J-J 9812 ____ 9812 May'14 _-- 9812 "bs.,
Registered
2000 M-N .
Series B 43e
1933 J-J
9812 __ 1024 Nov'12 ...... ___ ......
N Y & Northern 1st g 5s 1927 A-0 102 106 102 Jan '14 -- 102 102
Series 0 48
3 _ _ _ 954 Sep '13-- ...- 1942 M-S 92,
N Y & Pu lst cons gug 48_1993 A-0 8318 914 92 Oot '13 ___ _
P 0(3& St L gu 4 As A
10278 May'14- 10058 103
1940 A-0
11
Nor& Mont 1st gu g 58_1916 A-li ,---- -- __-- ___- ---_Series 11 guar
1042 A-0 ---__ ---_-_ 10212Feb '14 ____ 10014 10211
Pine Creek reg guar 68
1032 J-D 116 --- 1i'Feb '14 ---- 116- 1-1-6 Series0 guar
1942 M-N
106 J'ne '11
It W & 0 con let ext 5s__h1922 A-0 10414 ---- 10458 May'14 ____ 1024 10458
Series D 4s guar
1945 M-N 93 ____ 94
94
10 93 14
Owe Sc, It 2d gu g 5s
e1915 P-A 98'4-- 1004 Mch'14 ___ 994 1004
Series E 3As guar g
1949 F-A 9012 -__ 904 Apr '14 ---- 9014 9014
R W & 0,1' it let gu g 5s...1918 M-N 10112 ---- 104 J'ne'10
_
Series F gu 4s g
1953 .9 -D 9212 __ 9514 Jan '13 ____ ____ ___
Rutland let con g 4 As_ _1941 J-J ---- -,,... 90 Apr '13 ____ ___- ---Series G 4s guar
1957.11-N 9214 -- 971k Jan 13
Og & L Cham lit gu 4s-g 1948 J-J --- 7578 80 Sop '13 ___ ___- ---- ()St L & P 1st con g 5s
1932 A-0 106 ____ 10012 May'14 ___ 10612 1064
ltut-Canad let gu g 4i_1949 J-J --,- ---- 92 J no'09 ____ ___- --2 Pao& Pek Un 1st g Gs
1921 Q-F __
10114 May'14 __ 10114 10114
fig Lawr & Adir 1st g 5s
1998 J-J 100 --108 Sep '12 _.__ _2d gold 4 As
81921 111-N __-- 89 89 Feb '14 __ 89 89
2d gold 6s
1996 A-0 105 ---- 11918 Meh'12 _-- --.7_ Pere Marquette-Ref 48_1955 J-J ..--- 27 25 May'14 ---- 25 25
Utica & 131k lily gu g 4s 1922 J-J 9634 ..... 95 Dec'13 __ _ - -Refunding guar 48
1955 J-J ____ 20 40 Dec'13
Lake Shore gold 3As
1997 J-D '8734 Salo 8754
8734
Ch & W Al 5s
8 lir -87111921 J -D --------73 May'14_. 73 .....•
73
Registered
1997 J-D 86 8512 May'14
834 8512
Flint & PM g 58
1920 A-0 --.. 98 9314 May'14 ___ 92 104
Debenture gold 4s
1928 M-S 9358 Sale 934
9358 67 8914 9334
let consol gold 58
1939 M-N 60 ___ 734 Apr '14 _ 7312 90
25-yr gold 48
1931 M-N 92 Sale 92
0234 156 8818 9278
Pt Huron Div let g 58_1939 A-0 ___ _ 75 Apr '14 ____ 75 9011
Registered
1931 M-N ---- -- 914
9178
1 9078 9178
Sag Tus & It let gu g 4s 1931 P-A ---- ---- -,,Ka A& 0 R 1st gu c 5s_1938 .j...1 106 -_------- .
_
__ ___
Philippine By let 30-yr s f 48'37 J-J ____ 65 65 61a-y'14 ---___ 6418 151:
Mahon 0'1 1111 let 5s
-J
1934 J
10734 ---- 10
.714 Apr '14 __
Sh& L E let g 58
1940 A-0 108 --__ 1084 May'14 ____ 10812 10811
Pitts& L Erie 2d g 52___a1928 A-0 10514-- 105 Apr '14 __-_ 107i4 117-14 Pits
let
105
consol
gold
105
bs
Noy'll
1943 J -J 106 __ 11314
Pitts AUK & Y 1st gu 68_1932 J-J 11634 ---. 13018Jan '09 .
_ _ --Reading
Co gong
-_1
997
48
J-J 9514 Sale 95
9514 43 45214 IA
2d guaranteed Gs
1934 J-J 11434 12314 Mcit'12
Registered
94 ____ 9438
944
2 9438 9411
1997 J-J
McKees& B V let g 63_1918 J-J 1015s ---_ __
_
Jersey
Cent
coll
g
48
1951 A-0 944 95 95 May'14 ____ 934 96
Michigan Centra, 5s
1931 M-8 10434 ---- il1 - Jan '12 - _ __ __--_
- ---Atlan City gu 4s g
1951 J-J 914-- --R egistered
--------- _.,..
1931 Q-M 10334- 10312 May'14 "
10312 10312 Q t Jo &(Jr Isl 1st g 4s
1947 J-J ___ 7512 7512 Ma-y'14 _-- 7612 '178
45
104' J -J 871s ---- 98 Apr '12
....7 t Louis& San FranciscoItegistered
194' J-J '
- - 87 Feb '14
87-87 General gold 8s
1931 J-J 1114 __ 112 Mch'14- I1G 112
J L & 8 1st gold 3 As_1951 M-S ----------90 J'ne'08 _ -General gold 58
-_1931 J-J 103 ___ 103
103
2 100 103
1st gold She
1952 M-N 84 ---- 8318 Mch'14 ___ ..834 834
St L & S F RR.cons g 48_1996 J-J
7718 77; 774 May'14 ___ 734 80
20-year debenture 4s_..1929 A-0 83 88 8558 May'14. _ 8378 87
Gen 15-20-yr 5s
1927 NI-N 47 485a (18
48
NY Chic& StL lstg 4s 1937 A-0
1 45 56
9
9434
9454 - b 9412 97
Tr Co certts of deposit-- -48
48
0 48 65;
Registered
1937 A-0 ---- ------971k Jan '13 __
Sonthw Div let g 5s
1947 A-0 --------93 Dec '13 _ Debenture 4s
1931 M-N aa 85 May'14
- -844 -87 Refunding 4a
1951 J-J ii34 le 7334
7518 ai ii -fili
West Shore 1st 46 guar-2361 J-J 9234 9874 9254
9278 11 914 95
Registered
1951 J-J ,„
Registered
8035 Meh.11 --gg :gm? .
2361 J-J
Sala 91
-7r.''
KO Ft li 3; M con g 62_1928 M-N 11019118
2 8984 92
8"Iii 11038
111
N Y Cent Lines eq tr 45s 1922 J-J 914
ge tows aike
222a ----0012 J'ly '11 __ ___- -K 0 Ft8& M By ref g 4s-1936 A-0
ae 75
75
N Y New Haven & Hutt6 73 711I
egia
R
tired
1936
1
3
A-0
---7
7
J'ly '12 _ .._
---- Non-cony deben 48
1955 J-J -.. 77 76 May'14 _ 75 8012
K 0& M It is B lst gu 58_1929 A-0 90 ___ 95 Mehl -- 95 15_.
Non-cony 4s
1956 M-N ---- 70 715 May'14:::: 78 81
it L 8 W lst g 44 bd ctfs......1989 M-N 84 851-2 85 May'I
°env debenture3 As
88 84 88
1956 J-J
70 Sale 8952
713
6
88
75
2d
g
Aetna
bond
ettfs____p1989
J-J
75 -__ 75 Mch'14 ____ 75 75
Cony debenture6s
1943 J-J 109 Bale 10834 1094 49 105 11712 ()ousel gold 4s
1932 J -D 6918 701, Harlem R-Pt Chen let 4._1984
2 70
701
13 70 7734
M-N
_
994 Noy.42
Gray's Pt Ter lst nu a 63_10.27 .1-13
DRI.Jaus '14 ____ 981. 9811
MISCELLANEOUS BONDS-Continued on Next Page.
Gal and Electric Light
Gas and Electric Light
Kings co Eli,& P g 5s__1937 A-0 10414 10412
10412 Apr '14
102 10412 Peo Gas& C 1st con g 6s___1043 A-0 11434 11512 11518 Apr '14
Purchase money Gs
1997 A-0 1144 11514 114 May'14
111 11412
Refunding gold 5s
1947 LI-S 10078 102 101
Convertible deb Gs
101
2 19
18
414 1
10
16
114
s
1925 Ni-S 114114 _
11312 Apr '14
113 11312
Registered
1947:11-S
Ed El III Blin 1st con g 4s-1939 J -3
99 Sep '13
834 89 88 May'14
80 80
Ch (J-L & Cke hit gu g 53-1337 J -J 10234 Yd
Lac Gas L of St L 1st g 5s_e1019 Q-P 10114
.10234
10234
1 1004
10138
102
110"14
100
Con G Co of Cii lst,gu g 5s1936 J -V .10052 10112 10112 May'14
10154
Ref and ext 1st g Os
0914 10113
1034 A-0 10018 10012 10033 May'14
9718 10114
hid Nat Gas & Oil 30-yr 58'36 31-11
Milwaukee(ins L 1st 48_1927
86 93 Mch'12
914 Sale 9112
9112
2 8812 9112
Mu Fuel Gas 1st gu g 58_1947
Newark Con Gas g 5s
2_ - 10012 May'14
166
7
991*10034
1048 J -D 103 _ _ _ 101 11 Jan '11
10134 10134 i'diladelphia Co cony 5s
1919 P-A
NYGELH&Pg5s
95 Sep '13
1948 -D 10412 105 10438
10412
6 10134 105
Cony deben g 5s
1922
004 0711 9718 May'14
Purchase money g 4s
'al 98
1949 F-A 8614 8612 811
8612 14 83 87
-tan Gas &. El cony s I 63_11126 J -D _
91 8958 Apr '14
Ed El 111 1st cons g 53
1995 J -J 107 10912 109 Apr '14
106 109
Syiacuse Lighting 1st g 5s_1951 J-D 99 -- _ 100 Mch'14
NY&QE1L & P let con g 581930 F-A 10058 10114 101 Feb '14
100
88 10
92
0412
101
101
:3yracuse
L
&
1'
5s
1954
-J
J
'12
N Y & Rich One 1st g 58_1921 NI-N
854 J'ne
_
9212 J'ly
1'renton G & E 1st g
102
10112 10112
Pacific Ci tz LI Co Cal G
Union Elec L & I' 1st g 5s-1932 11-S 100
100 May'14
Corp unifying & ref 5s
3 10
60
172 1
10
6
-0
111i
1937 31-N 9278 Sale 9212
s
3 9238 0518
9278
Bel & ext Se
1033 14-N
_ 9853 94 Nov'13
Pack rity &
1st& ref 20-yr
Utica El L & P 1st g 58
1950 J-J 101
58 Internet Series
- 101 Mch'14
iiir
1930 /ILA
fir
May'14
8934
9018
8934 9018 Utica Gas & E ref 5s
Doe .11
1057
-J
10014
J
97
l'at & Passaic(3 Ze B 5s_ ___1949
100
100 Jan '14
100 100
estchegter Ltc 13 55
1950 J-D 1024 ___10434 10434
1004 --"L 1025.
No price Friday; latest bld and asked. a Duo Jan. 6 Due Feb.
e Due May. g Due June, 4 Due July. o Due Oat, p Due Nov. s Option
sale.
-- --
g
aa- ii-
ar
[VOL. XCVIII.
New York Bond Record—Concluded—Page 4
1752
BONDSEXCHANGE
N. Y.Week
ST0018.
Ending
June 6
tiv
It
....e.
Price
FT9d31/
June 5
Week's
Range et
Lass Sale
,1
gl
ga
Range
since
Jan. 1.
Price
Friday
June 5
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 5
Week's
flange or
Lan Sale
Range
t
.a
st71C8
./an. 1.
/11d
Ask Low
High No. Low IIJoh
Rid
Ask Low
High No. Low High Wabash (Concluded)—
51153 Jan '14
Equit TruJt Co ti's
5658 56%
81
2 77 84
3
1 81
S A 14 A Pass 1st gu g 4s-__1043 J-J
4912 Sale 4912
Do Stamped
4978 23 48 5714
___ 104 Oct '09 ....
S R'& NP 1st sink 1r; 5s__1919 J-J ---- ---103 Nov'13
Seaboard Air Line g 4s____1050 A-0 ....- 85 8514 Feb '14
"8358 "a; Det & Oh Ext let g 58-11/41
Des Moth Div 1st g 4s___1039 J-J
80 Aug'12
Geld 4s stamped
134 85 85 May'14 ___ 831.1 86
1950 A-0 8,
Om Div 1st g 33s
1041 A-0 65 69 65 Apr '14
(35 72
litered
1950 A-0
1941 M-S 7318 78
7318 May'14
312
% 8
7
,
7614 37 74
014
70 80
Tol & Ch Div 1st g 4s
Adjustment 58
o1949 F-A 76% Sale 757
Wab Pitts Term 1st g 4a1054 J-D
838 _ _ 713 May'14
7% 12
10
74
Refunding 4s
1U59 A-0 738 7414 74
Cent and Old Col Tr Co cons912 Sale 7
10 355 7 1414
84 8534
Atl-Birm 30-yr let g 4s_e1933 M-S 84 8512 8514 Apr '14
912 Sale
Columbia Tr Co ctfs
8518 Mch'14
85 8518
Car Cent let con g 4s.........1949 J-J 8478
912 30 614 1314
9 10
Col tr ctfs for Cent Tr ctfs
734
7,
4
Fla Cent & Pen bat g 5s 1918 .1 -J 10018 1021-4 10314 Jan '13
5 614 1412
12
12 Sale
12
lg
1954
20 gold 4s
let land gr ext g 55
12 17
1930 J-J 101 10314 104 Nov'12 _
3
84
34 Sale
Trust Co certfs
12 114
10178 Feb '14
25
10134 10178
Consolgold 5s
1943 J -3 1037s
82% 84 8334 Apr '14 ---- 8114 84
Oa & Ala IV 1st con 06_0945 J-J 1031/ 10412 1041/ Feb '14 ....... 102%10512 Wash Terml 1st gu 3 As_...1945
1st 40-year guar 45
1945 F-A 94_ 100 Sep '12
Ga Car & No lst gu g 53_1929 J-J 101 ___ 10318 May'14 ___ 103% 10318
6773 -iia 65 80
West Maryland 1st g 4s...._1052 A-0 65 -Wade 65
1926 J-J 10138 ____ 10114 Oct '13
Seab & Roa 1st 5s
10418
West N V 12. Pa let g 58_1937 J-3 -___ 1041 1041s
2 10212 10511
Southern Pacific Co—
1943 A-0 78 70, 7712
7712
1 75 82
0012 19 90 94
Gen gold 4s
Gold 4s (Cent Pac coll)_k1949 J-D 90 91 9018
34
Feb
Nov
'07
'14
d11143
Feb
90
___
.87
Income
5s
90
-D
00
J
k1941
Registered
100 08538 227
Wheeling ..q2 L E 1st g 5.9-1925 A-0 9973 02 100 Apr '14
20-year cony 4s
g1929 85-8 8514 Sale 851k
9512
_
_
9512 Nov'13
10114 441 9
Wheel DIY let gold 53_1928 -J
89
43
410
93%
20-year cony 5s
1931 J-D 101 Sale 101
. 91 Feb '14
Exten & Imp/ gold 53__1930 F-A 93 6/
9414 57 9112 9412
-51 91
Cent Pac 1st ref gu g 4s....1941 F-A 938 9414 94
75
75
1949
May'14
RR 1st consol 4s
75 80
1941 F-A 90 ____ 9412 Ply '12
.Registereu
.66 _
90 Apr '14 ___ 00 90
9112
20
-year equip s f 5s__1922 J-J
' Mort guar gold 3 s__k1929 J -D 9112 ____ 9112
91 9112
; 88 Feb '14 ---_ 88 88
Through St L 1st gu 4s_1954 A-0 8618 ___ 86 Apr '14
8534 8712 Winston-Salem S B 1st 4s-1950 J -J 85 871
8812
Sale
8812
42_1949
____
J
-J
103 Apr '14
89% 14 853 8014
Ci a & S A M & P 13t 58_1931 94-N 10238
103 10334 Wis Cent 50-yr 1st gen
Gila V G & N let gu g 5s_1924 114-N 101 __ 10234 Apr '14 _. 101 10234
Sup&Dul div & term let 45 '36 141-N 88 8814 8834 Apr '14 _—. 86 8938
; bus E & W T let g 524_1933 al-N 1022 104 102 Sep '13
1933 M-N 10212 10312 101 Apr '14
Manufacturing 62 industrial
, 18t guar Us red
ioi- 103
109 May'14_
'P0 lat g 58 int gu_1937 J -J 109
109 109
10034 Sale 100
101
16
3 3
96
734 10
91$
9
2
i Gen gold 45 int guar_
1921 A-0 94 951-2 94 May'14
9334 9512 Am Ag Chem 1st c 5s
99 99% 119
928
1915
99
Am Cot 011 ext 43s __p1
1 Waco& N W div lst g13s
- 193. M-N 105 10814 108 Mch'14
108 108
9412 93 9434
9434
Debenture 5s
2 89 0434
'&& NW lst gu g 5s
1941 J-J___..10413103 Mcif14 _
10112 103
1 102 103 102 May'14 .___ 101 1031j
(
°1
V13
_ 11
AIorgan's La & T 1st 7s_ _1918 A-0 10712 10814 10714 1119y'14
10612 10734 Am Hide & L lets f g 6s_ _11141
1925 A-0 88 8812 8812 May'14 —_ 7314 89
107% Mch'14
let gold 6s
1920 J-J 1061
10718 10718 Amer Ice Secur deb g 8
104
8
Sp
mir
eil ts
t SN
effugrig
ties
,„s f 6s_1926 F-A 104 Sale 10334
19 103 105
' No of Cal guar g 5s
193* A-(;) 109 __ 112 Feb '07
---- 97 94 Apr '14 ---- 94 99
, Ore & Cal 1st guar g 5s 1927 J -J 10138104 10112Mch'14
10111 10134 Am
93 -93% May'14 — 93 0312
Am Thread 1st col tr 48_111198 14.1::SJ
So Pac of Cal—Gu g 59_1937 M-N 105% ___ 10112 Nov 13 ___
122
Sale
1944 A-0
12112 122
Aincieg
Tis
ot
ber
Su Pac Coast 1st gu 45 g..1937 J-J .92 95 9112 Sep '12
11 11712 122
aced
co 40-yr g 63
12134 May'14 -- 12134
A
A:0
1F
94
54
1,
_ 8434 88
San Fran Term! 1st 4s,.1950 A-0 83 85 8434 May'14
12138
98 YaiJ 97%
98
Gold 4s
12 97 98
; Tex & N 0 con gold 512_1943 J-J 98 99 96 Apr '14 __96 06
053
J'ne'12
9278 81 8938 9334
9234 Sale 9238
Registered
So Pac Rii 1st ref 4s
1955 J-J
6514
67
Am Writg Paper let f 5-oi- 'Yr
19 10214 106
8 195
Southern— 1st cons g 5s 1994 J -J 10473 Sale 10412 1047
9191 F
J --1 6514 Sale 1.04
B
Ba
____ 102 104%
lestid
Aug'13
„t w
szLoco
st
Works 1st 5s_1940 MN 10334 -- 0918 May'14
,
1994 J-J ------100
Registered
091
9914 9912
1926 J-J
10
7378 91 73 -76'4
100
Develop & gen 4s Ser A 1956 A-0 7334 Sale 733
8834 30 0312
1042 t11_1:N 86% 8638 8614
81
May'14
813 881/1
e
r
&
ef
8134
1
5
e
stg
80
ex
uatrgA
r 53Mob dc Ohio coil tr g 43_1938 M-S
8014 8312
9914
90?
Sale
4
993
96 9713 997k
925 As-1 v
1996 J-J 10412 __ 10412 Mch'14
Mem Div 1st g 4 -5s
104 10412 Cent Leather 20-year g 5
_— -- 9712 Apr '14
8512
857
8.538
2 8338 85% Consol Tobacco g 4s
1951 J - J
St Louis div lst g 43
1918 J-j 104 ____ 10514 Sep '12 .._.
93
811M
FIA 9418 ---- 95 May'14
Corn Prod Ref f g 5s_ 19
Ala Can 11 1st g 6s
94% 9434 9412
9412 50
1st 25-year s 1 Os
Ala Gt Sou 1st cons A 524_1943 J-D 100 ____ 9934 May'14 _. -1
.954 i6695 02 Apr '14
Cuban-Amer Sugar coil tr 68 11
1948 J -J 88 ____ 88 Apr '14 _. 8818 88
1 111;
;
61 1\1-) 92 Sale 58
AU & Deny let g 4s
5812 39 58 68
5814
Distil
__
--------824
'12
Sec Cor cony lat g 58-1027 A-0
1 Feb
2d 4s
1948 J-J
86
19 8
9699
98
732
E 1 du Pont Powder 4 As_1036 JD 86 Sale 8533
5
111%
1
2 19006
8
08736
9:
:
:4523
4
.--- .......
Atl & Yad 1st g guar 4s_1949 A-0 76 — - , -90 May'14
2
. 19
00
3 19
00
6:4
8
1016 J-J 102 ---__ 15158 Feb '14
Col & Greenv 1st Os
1.51.E3 101s General Baking 1st 25-yr 68_1030 4-D ---- 8812 7058 May'14 —.
77 8034
Op
enebEelnefutr
106
riec5u
193 i -1-.1 105% ____ 106
sob g 35.2s. 1942 F-A 7834-2 10438 106
E T Va & Ga Div g 5a
1017
8
10534
105
10434
Con let gold 52
1956 M-N 108 10812 107% May'14
10514 108
A:
*0
18 10118 10114 101% 10114 36
G
ulen
s
5 11/1
'
tleM
912
el o
dteobrs414t
,
lion 68— 195
Z Ten reor lien g 5s
1938 M-S 103 -___ 10518 J'ly '12
8778 4
42 8
98,8
312 10
040 A-O 8718 Sale 87
89
4
64% May'13
Ga Midland 1st 3s
1946 A-0 101%
Sale 10112 1UF,4
10834
109
Indiana Steel 1st 5s
2 108- 109
' Oa Pac by 1st g es
1922 J-J
100 Oct '13
100 11T
Knox & Ohio 1st g 6s
1925 J-J 108,
4 -_-_ 11018 May'14
109 11012 Ingersoll-Rand 1st 5s_ — - 19
1504 103
c lLao
1051 Nov 12
pre
roC
uovs
lsitg5
con g 68-1918 FA 10112 102 10134 Mar'14
Mob & Bir prior lien g 541_1045 J -,j 10018
_--- -- Into
.1 ___ 80 dO May'14
.11 S
3
,
5w
92
1,
79 Lich'12
72
Mortgage gold 4s
1945 J - J
5618 Sale 5613
57
14
10114
2 100%10114 It St Pump 1st s f Os
' Rich & Dan con g 624-1915 J-J 101 10138 10114
91 9112 0114 May'14
0
670
684
8 6
9
87
74%
Deb 58 stamped
1927 A-0 100 104 10314 Feb '14
10314 10314 Lackaw Steel 1st g 5s
7112 71
71
1 70 78%
1st con Os Series A
' Rich & Meek lst g 4a
194' M-N 70 ____ 73 Sep '12,,.,_
--9713 9734 97
07%
93
990
1
25
4 9312 98%
5-year convertible 5s
1
119
10078
2 10072 102
So Car & Ga let g 58....„19114 M-N 101 10138 10078
12618
6 120 126%
Liggett & Myers Tobac 78_1944 A-0 12618 Sale 120
' Virginia Mid ear CD 6s
1916 M-S 10158 __ 112 Oct '06
10158
1951 V-A 10138 Salo 10114
10334 N ov'12
6 9634 102
1921 M-S 1018
. Series D 4-5s
-12434 126 12.113
12512
102 Dec'13
L8
os
rillard Co (P)7s
5 11938 121311
1926 Pd-S 10278
''. Series E 5s
10078 Sale 10014 100% ..3_3_ 0
104 Itch'13
5s
07
14
03
638 10
1931 011-S 1038
. Series F 55
11 9818 97 05 Apr '14 —_ 91 97
1
l
1936 M-N 10414 ___ 10412 May'14 ..... 102i2 10412 Mexican Petrol Ltd cnv 6A,.'21
General 5s
1st lien & ref 6s series0 1921 A-0 93% 95 93 May'14
105
Va & So'w'n 1st gu 5s 2003 J-J 105 107 104 Apr '14 _
-"j 9034 9234 Nat Enam & Stpg 1st 56-.1929 J-D 90 9413 93 May'14
0218
1954 A-0 9218 94 9218
1st cons 50-year 5s
_ 85 May'14
1930 J-J 84
Nat
__ 92 J'ne'13
u0
8„
tar
aich
m2b0
0-y1r
2td5
,
o13 53
W 0 & W 1st cY gu 4s_1924 F-A 90
100 Sale 99%
100 225 96
8911%3'4
2 189
1914 J-J 10038 ___ 10014 May'14
04
24
West N 0 1st con g 60
100l 10012
983
4
Sale
03,
4
9834
5
2
Vnl
1
9
9834
N
Y
Feb
Air Brake 1st cony 6s-1
14
8 97 99%
Spokane Internet 1st g 5s1955 J-J 96 100
0834 0834
,
100 10038 Railway Steel Spring—
Mor A of St L 1st g 4;is 1930 A-0 9012 10014 10012 May'14
97 98 0734 Apr '14 -- 97 9814
May'14
y 4 ______: 10334 10618
.• 1st con gold 5s___1894-1944 '-A --- 107 10512 m
Latrobe Plant 1st a f 5s 1921 J-J
9218
Inter-ocean P 1st s f 5s 1931 A-0 91% 9218 9213
1953 J-J _-__ 881 8814
Gen refund s f g 48
8514 9012
_ 103 Apr '14
Repub I & ii 1st & col tr 58_1934 A-0 10478
19
01278 19
0314
St L M Bge Ter gu g 5s 1930 A-0 102 103 102 May'14
10134 102
Sale
9312
9312
9312 .
_ 274:
.
13
1 8
;
10
-30
-year
04
1 9
Sale
100
100
5s
s
f
50
412
100
2000
J-D
1st
gold
511
Tex & Pee
9918 104
MN 8334 Sale 8834
8834
Standard Milling 1st 5s
q2000 Mch 20 40 51 Nuy•12
2d gold Inc 5s
10234
1033
4
10314 Sale
_3381
.1;11191
55..193l
The Texas Co cony deb 6s
10038 100
1931 J -J --- 95 95 May'14
La Div B L 1st g Os
-OK 95
_ 8512 00 Feb '13
19 0
Bag & Paper 1st
W Min W & N W 1st gu 58..1930 F-A ____ 10612 Nov 04 _.
89 0114 Jan '13
10514 Apr '14 __-. 10334 1-61714
Stamped
1035 J-J 10514 _
To!& 00 lst g Os
83
39
4 --.4
J -83 Salo 83
134
Western Div let g 5s
1935 A-0 -- 105 101 Aug'13
_- U /3 Realty& 1 cony cle*b g 561-82
20 18 May'14
16
10112 Apr '14
18 20
U
S
lied
&
1935 J-D
Refg
General gold Os
1st g 68
98 101%
1831
"
103
U S Rubber 10-yr coll tr 68_1918 JD 102% Sale 102%
- 87 Mch'14
4 i8-38
1990 A-0 871Kan & 111 1st gu g 4s
85% 87
103 Sale 10234 10318 247
d1963 M'
661 0
0a
9834 V 9534 9834 U S Steel Corp—/coup
1
10
-0i3
461
2d 20-year Os
1927 J-J 9858 Sale 9813
102%
5 100 10314
S 1 10-60-yr 5slreg —_d1963 11-N 10234 Salo 10258
Vol P & W 1st gold 48- _1917 J-J ---.. 89 75 MaY'14
75 80
97
Va-Car Chem 1st 15-yr Os-1923 J-D 9612 9714 0613
8 9133 98
Tol St L & Wpr len g 33is-1925 J-J 81 85 82 Feb '`14 :: 8112 82
10134 21 10018 10214
West Electric let Os Dec 1922 J-J 10158 Sale 101%
50
-year gold 4s
1950 A-0 5434 Sale 54
5434 H 52 60
9512 90 95%
9534 18 891: 9534
Westinghouse E & M ef 58_1031 J-J
Coll tr 4s g_Ser A
1917 F-A ___ 45 49 kich '14
49 50
99 May'14 ---- 9634 99
10-year coil tr notes 5s 1917 A-0 99%
cir Ilam & Buff lat g 4s_h1946 J-D 85 8712 85 May'14
85 85%
later & Del 1st con g 5E1_1928 J-D 10112_ _ 10112 Apr '14
10012 10134
1952 A-0 7478 : 71 Apr '14 _-_- 74 76
1st refund g 48
1948
7812 7712 7512 May'14
Adams Ex coil Sr g 4s
Union Pacific7312 8034
'39 J-D 9234 9278 9234
0278 23 89% 93%
Armour & Co 1st real est4
1st RR & land grant g 46_1047 J -J 9713 Sale 9678
9712 111 9512 98
1952 A-0 86 8678 88 Apr '14
Bush Terminal 1st 4s
8713 88
96 May'14
1047 J -J
•
Registered
J-J
1955
87
89
ii
913,1
91 Apr '14
20-year cony 4s
Consol 5s
1927 J -J 91381174 9138
91 91
98
0% 983
3%
1960 A-0 86% 87 85 May'14
g2001 1-14 0412 95 95
Ridge 5s guar tax ex
1st & ref 4s
05
85 88%
91 05
Ore Ry & Nay ion g 48_1946 J-D 03 931 93
Chino Copper 1st cony 6s_1921 J -J 160 180 166 Apr '14
9314 1( 9134 94
150 166
M-N
10312
10212
A'28
103 May'14
Ore Short Line 1st g 6s__1922 F-A 110% __
11012 May'14 _. 10918 11034 Granby Cons MS&P com 6s
9958 10511
10018 54 0634 10311
1st consol s; 58
1946 J-J 1071. -- 107
Inspir Cons Cop let conv6s 1922 M-S 6912 10012 0934
10713
1 10534 108
1922 A-C 53 Sale 53
5318 36 47% 61
1929 J-0 9218 9212 92
Guar refund 4$
92
I 8914 0414 Int Mercan Marine 4 •613
F-A
5s-1920
I'214
72%
72%
Sale
Utah & Nor gold 5$......_1926 J -4 103.. .108 May'll ___,
15 7138 7712
lot Navigation 1st s f
—1013 J-J
93 9318 03
0318 27 93 9412
1st extended 4s
1933 J-J 01% VS ----- -- Montana Power 1st 55 A
MO J -J
8812 Jan '14
r,48 Ser A-1955 F-A ___
8812 88%
iTandalla cons o
Morris & Co 15t s f4 MS
93 Apr '13 _.
A-0
____
83
,,.,1966
83 Apr '14
1057 M-N 92l____9214 May'14
83 83
V Consol 4s Series 13
9214 9214 Mtge Bond (N Y)45 ser 2
1932 J-J 100 Sale 100
100
Vera Cruz & P 1st gu 4 As-1934 J-J _. 97 94 Oct '12
16 100 100
10-20-yr Os series 3
9013 41 978 lOOlj N Y Dock 50-yr 1st g 43-1951 V -A 7713 7918 781s May'14
Virginian 1st Is Series A —1962 Pd-N 99 Sale 9812
77 7813
J
-J
1932
10112
10118 Mch'14
1.1139 M-N 103 10334 10312 10334 2• 10138 105
Niag Falls l'ow let 54
Wabash let gold 5s
10118 10111
92 May'1•1
1939 F-A DO 97 97 May'14
V v 2d gold Os
N lag Lock & 0 Pow 1st 62-1054 M-N 92
92 03
04 100
F-A
58_1943
95%
Sale
95
9318
1939
1st
J-4
Debenture Series B
Ontario Power N
90 J'ne'12
9158 1/513
lit Ilan equip s fd g 5s
1921 M-8
_ 99 98 Feb '14 _— -fir W- Ontario Transmission 5_,._1U45 M-N - - 0134 02 May'll
92 02%
114$ Hen 50-yr g term 4.1-1964 J-J L_
Pub Sery Corp N J gen 58-1059 A-0 80% Sale .8934
90
16 8812 01
__ 75 Apr '14
J
-J
112
6s11/21
Sale
cony
ls0 ref and ext g 4s
1956 J-J 524 Sale 02%
1141
5234
6 10712 11714
112
1 5
5
111,
4 ItayConsCopper 1st
1 5
7
68
4
7
,
0
81
9312 9213 Feb '14
Cant Trust Co cgs
Sierra & S le Power 1st 5.9_1949 F-A
9214 0214
SO% May'14
Do Stamped
10312 Jan '14
50 116 Anr '14.___. 50 MI 1Vash Water Pow 1st 5s-1939 J -J
10312 10311
1-15
B&
10312
i
MISCELLANEOUS BONDS—Concluded.
Coal 62 Iron
Telegraph 62 Telephone
Duff & Susq Iron 6 f 58__1932 J-D 92 ____ 92 Feb '14
92 92
Ara Telep & Tel coil tr 45_1929 J-J 8978 Sale 8914
89% 34 85 89%
1936 M-S 95 100 96
Debenture 5s
Convertible 9s
1 9334 974
96
.1826154-S 80 85 80 Mch'14
80 80
Doll,'& I Co gene f g 56-1143 -A 9014
1933
20-yr convertible 4 As
92 May'14
9032 Sale 9834
100 692 9412100
9112 99
Col Fuel gen (is_
1911 -N 105
Cent Dist Tel let 30-yr 58-1043 J -D 9913 Sale 9914
10714 J'ne'12
9914 9978
9912
Col Indus 1st & coil 5s gu....1944 V.
7312 75 74
82 ___ 8512 May'14
4 -5- 82 Commercial Cable 1st g 41-2397 (4-J
74 --.
81% 85%
2397 Q-J 77% 82 79 Apr '14
Oons Ind Coal Me 1st 53_192
Registered
77% 79
73 '79
C---- 7714 73 Mch'14
Cons Coal of Md lst&ref 5$ 191
89 9112 9012 May'14
89 1,012 Cumb'd T & T 1st & gen 58-1937 J-J ---- 97% 9714 May'14
9612 98'4
Continental Coal let g 5s__1902 F-A 89 ____ 99's Feb '14
8914 8914
99% 9913 Keystone Telephone let 54-1935 J- J 8913 92 8914 Mch'14
Or lily Coal& 0 1st g 6s_h11111
MetropolTel&el
---- 9812 16138 Apr '06
T lit f58-19111 M-N 10034 101% 10015 May'14
10088 10084
_ 93 Mch'14
1924 F-A 9838 10014 9884 May'l
Kan & 11 0& 0 lst a f g 58-11151 -J
-C1 8912
go% 100
-ea- 'id% Mich State Telep 1st 53
Pocali Con Collier 1st a f 5s-1987 J -J
8612 8734 87%
10314 MaY'll
87% --I 84 4814 N Y& NJ Telephone 58 g_1920 M-N
St L Rock Mt& P 1st 5s-1955 J-J
78 80 77 Apr '14
N Y Telep 1st& gen s f 4 Ms 1919 M-N -55$ Sale 971/
97%
95 081*
77 82
1937 J-J 97% Sale 9714
Tenn Coal gen 5s
1951 J-J 10212
10313 May'14
971
9718 10312 Pac Tel & Tel lst Us
301 90 994
1131rm Div 1st consol 6s
191 J-J 101% 102 10134 May'l
South BellTel& '1' lets f 5s 1941 J-J
98
10112 101
9734 98 98
171 97% 100
Tenn Div 1st g Gs
95%
019471A-0 101% Sale 10184
10134
95 90 9514
41 93 981s
101 10212 West Union col tr cur 58-1931 J-J
Cali C 81 CO let gu g 63-1922 J-D 101
-11( 921/ Sale 9112
921
I'd and real eat g 43.s_,.__108
10114 Mch'14
10114 10114
101 86% 9312
1953 JVictor 'ual 1st s f 58
1941 41-E -- 100 104 J'ne'll
—. 84 73 Apr '1
"ut
't lin Tel gu ext 5s
73 73
•Iron 'eal&Ooke 1st a 58 194519,1-80C 98113 gi May'14
..9 calmest Tel gu 43.''5 g_19.19 j-j 8714
13 Jan '13
90 95
.2:— --"
•
°No o;'• ' 14Y; 14kkookti1d aodA4104. u.Dge Jan,(
1.11us
Duellay. 01)313111311, A Duo July. k Due Aug. oDue vot, v Aye Nov.(Due Dee.8 0018.18 sale
1
CHICAGO STOCK EXCHANGE -Stock Record.
STOCKS-HIGHEST AND LOWEST SALK PRICES.
lITT.MORTAL DAY--------------------------------------
Saturday
lea,/ 30
.1fonday
June 1
Tuesday
June 2
1Vednesday
June 3
Thursday
June 4
Friday
June 5
Sales of
the
Week.
Shares.
STOCKS
CHICAGO STOCK
EXCHANGE
12 •__
40 .381-2
21 *_
61 *____
96
96
3412 3413
612 *Ws
214 *214
22 •____
39 •____
414 *3
*16
25
Lowest.
12 ._ __ 12
Last Sale 12 May'14
40
*5812 40
*1 39
3773 38
25 *___ 25 ------ 25 *____ 25
75 •.....75 *__ -------85
96
*9534 96
90
96
96
96
3434
3453 3434
3434 3534 3514 3531
612 *014 612 .614 612
612 612
212 *214
Last Sale 24 May'14
212
22 .____ 22
Last Salt 21 May'14
39
39
39 •___. 39
39
414
*3
Last Sale 412
414
*___-Feb'14
25
.18
25
Last Sale 25 Feb'14
Chicago Banks and Trust Companies
NAM =.
Dividend Record
Capital Stay. &
Etoel.t Profits t In
PerIn
1912. 1913, fog,
(004 orn ittod.)
Last Paid,
1314. Ask.
Range for Prert,us
Year (1)413).
Range sines Jan. 1.
P.nilronds
Chic City&C liy pt sh com
12 Mar 22
Do prof
200
3778 J'ne 1
6 Chica-,o1CleY Itys com100 21 J'ne 1
7
Do pref_ _ __ _ _ ___100 61 J'ne 1
320 Chic Rya part etf "1"
00 Jan 10
2,716 Chic Rye part ctf "2"
27 Jan a
Bye part elf "3"
Chic
25
6 May 7
Chic Eye pert eV "4"
2 Jar, 1.4
Kansas City Sly & Lt_100
17 Sao. 15
Do pref
25
100 35 Apr a
Strains NV Stable C L_100
414 jail e
Do pref
100 25 Jan 2t;
35iscella11100Us
.27
28 .27
*2614 27
28
Apr'14
Last Sale 25
American Can
100
25 Apy v51
9112 *90
.90
Last Sale 923, me2.14
01112 *8934 91
Do prof
10C 8914 J 9,12 1
400 400 *400
MOO
_ .400
•400
44 American Radiator_100 399 Apr le.
_
_ _
132 1-32 .____ in-- -----13-132 132
30
- -----132Do ore
lee 128 ',..4ciIi41
35
35
381/ .33
•33
38
.33
38
38
.33
10 Amur ShipimillIng
12u
Mi Jan 91
*76
Last Sale 76 May'14
81
*78
81
81
.78
Do pref
1'5
n% ,tan ',.
.122 12212 .122 12212 .122 123
Last Sale 12112 Feb'14
Amer Teton 4 Teleg log 1(3 Jan 3
3712 •35
3712, *35
*35
Last Sale 35 May'14
3712
Booth Itaheries cone 100 35 Apr 28
*73
*73
75
74
75
75
74
15
75
Do but prof
100 73 Apr 27
5013 .45
.45
Last Sale 50 -Dec'13
5013 .45
5018
Cal & Chic Canal & I) 100
•5334 5414 *5334 5414 *5334 5414 .5334 5414 5414 5414
50 Chic Pneumatic T001_100 49 Apr 25
*218 212 .210 212 *20912 211 *20912 211
10 Chicago Title Ss Trust 100 20912 J'ne 5
20912 20912
•135 137 *135 136
136 138 .136 137 *1313 137
342 Commonw'th-1Cdison.100 133 Jan 28
*9
912 *9
912 *9
Last Sale 12 Feb'14
Corn Prod Ref Co conal 00
914 Tan 9
912
*6413 6412 .644 6412 .644 6412
Last Sale 77 Feb'13
Do pref
100
9513 9614 9614 9612 90
80 Diamond Match
06
96
*95
*95
98
100 911 Jan 2
*25
26
26
.25
*2312 254
Goodrich (13.F.) eoca_100 2314 Mch 30
Last Sale 2314 Mar'14
.10412 105 *10413 105 *10412 105
Hart Shaft k Marx pf100 10012Jan 2
Lila Sale 10434May'14
*62
62
62
6213 61
5973 Jan 9
6412
64
225 Ilinois prick
64
100
Intermit Harvaster Co100 10412 May 11
Last Sale 10412May'14
1Cnickerbockge• lea pf_ 100
•_-_
77 *
Last Sale 7634 Attg'12
77 •
77
*130- 133 *130 133 *130 133
National Iliecult
Last Sale 128 Apr'14
100 1-23-14 Jan II
----------------Last Sale 125 May'14
*123 125
Do prof
100 12114 Feb 16
111 111
111 112
112 112 .111 112
180 National Carbon
112 112
100 /105 Apr 29
Last Sale 11912NIay14
Do pref
119 .___ 119 .____ 11912
100 11514 Jan 27
. 4034 41
41
100 Pacific Gas k XI Co_100 35 Jan 9
4034 •,____ 4034 •__.
•____ 4034 •
121 121
12134 12134 121 12114 12112 12112 121 121
130 People's Gee LicCoko.100 119 Apr 25
78
7614 76
79
•76
79
.76
60 Pub Boxy ot No Ill cona 100 76 mem
.75
76
76
97
*95
98
.96
96
96
96 .95
Do prof
15
*95
100 94 May20
Last Sale12 Mar'14
13
.11
14
•12
ituately corantora
14
•12
100
12 Mch 23
3312 .3114 3314
Last Sale 30 Mar'14
3312 *32
.32
Da pre
100 30 Mch 23
185 185
184 184
184 185
___
335 Sears-Roebuck com_100 178 Apr 25
.184 180
*12312
12434
*124
12434
*12312
12434
i7
2:1i3 1-2412
12412 12412
100
Do pre!
100 122 Jan 14
34
.32
35 .33
34
Last Sale 2812 Feb'14
.34
3.odebaker Corp con:1.100
2712 Feb 3
90 .88
89 .88
89
.89
Last Sale 86 Feb'14
Do pref
100 83 Feb 3
10673
107
107
10673
10834 10634 107 107
____ ____
291 Swift it Co
100 10434Jan 2
.230 235
230 235 .225 235 .225 235
230 230
01 Toe Quaker Oats Co_100 230 Jan 6
106 106 .108 107 *106 107 *106 107 *106 107
43
Do prof
100 102 Jan 8
156 155
155 155
154 15412 *15212 154 .15212 151
205 Union Carbide Co_10.0 140 Feb 9
--- ---- ---- -_-- ____ __
Last Sale Ps July'13
Unit Box Ild & l' Co_100
Last Sale 6314 May'14'
U 14 Steel corn
100 57 Apr 20
*112 11212 113 113
113 113
48 ward. Niontg'y ,62 (70 pref 109 Jan 3
113 113
11314 11314
.213 4
.212 4
.1 2/2 4
Last Sale 3)) May'14
Western Atone
100
314 May 1
May'13
Last Sale 913.
Woolworth.com
1(50
•_
*55T2
21
61
98
3414
'6,4
.213
.____
'----*__
*3
*16
17.3
5
Capual Surp. ce
Mock. , Profits t
la
(008 cm (Red.)
1912.
Southwest Tr & 8 $200.0
$32,7
Staadard Trig Say 1,000,0
432,3
:Stockmen's Ti & S
200,0
5.3,1
Union Trust Co__ 1,200,0 1,687,6
WestSide Tr& Say
400,0
140,2
Woodlawn Tr &
200,0
121,0
Lowest.
I Wiest,
241/ J'ne
70 JPly
88 Jan
18 J'ne
Eli Pile
2 4'Lie
1814 j'iy
3512 Nov
414 Dec
25 Sep
30 Jan
91 Jan
102 J'ne
3314 Sep
9 SC!)
458 Apr
37 Sep
38 Oct
912 Jan
45 Mch
,11473 Jan 25
2112J'ne
:04 Jan 27 o 81 J'ne
443 2'el) 15 400 Oct
1,41.1 iNtb ^. 125 Dee
19 iln 3!
28 Nov
9;)
,1 4
78 Nov
.54 Jan 28 11034 Dec
4912 Dec
5014 Jan 21 i
9i1 Jan 27
7311 J'ne
40 J'ly
Id Feb 13
4712 J'ae
218 Mch17 200 Apr
140 Mehl() 012412 Dec
13 Jan 31
8 J'ne
77 Feb
1E- Jan 20
90 Oct
g8 Feb 4
1512 Nov
106 Mch 17
94 1 Eck
70 Jan 30
58 Nov
111 Jan 22 100 J'ne
_
433 .'z'eb 3 105 J'ne
123t Feb 4 116 Dec
'481 Feb 19 113 J'ne
120 Mehl7 11112 J'IY
4712 Feb 13
33 Nov
125 Jan 5 104 J'ne
81 Meh 4
65 J'IY
100 Feb 7
8934 Dec
174 Jan 14
19 Aug
104 Jan 14
4012 Aug
1C113 Jan 31 155 J'ne
1244 Feb 20 117 May
8014 Feb 5
1314 Nov
86 Feb 4
66 Nov
10712Feb 27 101 J'ne
250 Nich21 195 J'ne
107 Fob 28
9934 J'ne
15812 Mch24 3142 Dec
1 Jan
6712 Feb 1:.
50 J'ne
114 NIchll
1054 Feb
612 Jan 14
9 J'ly
8714 Itch
445 Jan
1294 Jan
500 Feb
135 May
55 Jan
10312 Jan
13214 Jan
71 Jan
8978 Jan
55 Jan
5511 Sep
221 Sep
155 Sep
1(312 Jan
77 Feb
11014 Feb
53 Feb
10012 Dec
7612 Jan
115 Jan
Highest.
2034Jan 31
5512 Feb 2
25 Jan 19
70 Jan 21
0814 Jan 24
34 .J'ne 4
15-.1 )nr, 29
,
1. :Cal 2
2: May 8
oil may 7
412Jan 7
23 Jan 28
_ 155 ge.6
.
123 Jan
137 Dec
118 Jan
83 Jan
130 Sep
85 Aug
10153 Jan
69 Feb
9733 Fob
21484 Jan
12434 Feb
34 Feb
70 Nov
1077s Melt
280 Feb
10812 Feb
218 Nov
14 Feu
6834 Jan
111 Sep
1412 Jan
112 Jan
Dividend Record
11
1913.
1
Org. July 5
__ _ 1
6
is
13
8 p 8.1(3e
&Us
12
10
10
Period.
Las: Paid.
Bid. Ask.
V. 95, p. 18. 122 128
Mch.3114,112 164 166
Jan. '14 3 145 150
Meh.3114,2
Meb.31'14,3 1350 375
Apr. 14, 21i 230
Q-M
J-J
$100,0 $127,0
N101.31'14111 186 188
234 5t4w
Q 71
100,0
73,4 None
a
An Jan '14, 8 225 250
Q-M
200,0
21,8 Org. J an. 27 '13. V.98, p. 1535 108 110
Q-J
31,5 Nog, no.Out 7'12 V. 14,p. 944 156 158
252,0
21,500,0 11,220,9 10
11X Q-J Apr.'14, 8 282 283
3,000,0 6,535,8 18
Apr.
'14,
4 404 407
natal/ Q-J
m300,0
151,8
8
a
Apr. '14, 14 4220 225
750,0
394,7 10
10
Q-J Apr. '14, '24 250 260
200,0
59,1
8
8
Apr.
'14, 2 174 170
Q-1
10,000,0 12,318,8 17
17 Q-M NIch31'14, 414 417 419
BONDS
150,0
248,1 124 10,1,3e Q-M NIch.31'14 212 352 355
CHIOA00 d-rocK
InterPrice
8%/4
W eek*3
Range
525,5
1,000,0
Prly ate Ba nk
EXCHANGE
est
?twat
Range or
Sola
Since
2,000,0 1,010,9
8
Wea Znding June 5
Q-J Apr. '14, 2 555 255
period
June 5
Las, Sale
January 1,
529,8 Org. N oy 25 1912
200,0
123 126
2,000,0 1,254,7 Not pu bilehed -se 3 note (11)
(11)
Sat
sk
0. Low
High
High
55,0 Beg. b 113 Aug '12. V. 95, p. 273. 13.3 138
200,0
Am Tel & Tel colt 44____1929 91 Feb '13
15,9 Orga n. Feb '12; V. 94, p 405. 120 123
100,0
Armour .t Co 43,5
193s -I) I 92 Sale
92%8
)93
927
s
93
10
221,7
10,e5s
400,0
J-J Jan. '14, 5 256
Auto Elee let Al 415
1928
t 73
77
8214 April'12
8,5
200,0
14 (.1-1 Apr'14 14 108 111
Cal Gas & El unit & ref Si 1937 6I-N I.__ _ 97
9613 May '12
67,6
200,0
ft
Q-M 7tch.31'14, 2 272 275
Chioago City Sty 54
1927 - A 010013 Sale 100
1004
23
665,6 10.1(24
1,250.0
12 Q-M Mch.31'14,3 245 248
Chic City & Con Rye 53_41927 A -0 7914 81
80 May'14
-8
50
5r4 1-6
85
1-73
60,2 Beg. U wi.Aug 28'1 2 V 95, p 693 130 135
200,0
Chicago Elea, Ity 55
1911 I -J
9912 Salt
9913
9912 52 9578 9912
8
1,172,3
8
Mch.3114,
2
199
202
Q-J
Chic Pneu Tool 13t .53....a11)21 9112 9513 Apr '14
9
t
;2
112 94
514
6
830,6
2,000,0
Q-J Apr.'14, 14 162 168
Chime* Rya 58
F-A
9858
11)27
Sale
9812
21
98
,
8
12.5,7
/250,0
6
Q-J Apr. '14, 14 4172 176
a
Chia Itys Sc
series 'A.. A -0 92,
8 Sale
925s
9278 23
112,0
7
200,0
Q-J July '14, 134 161 166
Chic nys 4s
series "It" J 79 Sale
7834
7938 74 1'63
;
1 8
J5
99:::
15
20,2
6
200,0
6
Q-J Apr. '14, 14 134 136
Chic Rye 45
"C"
series
F
'35
91
A
9514 Apr '14
79,6
300,0
6
7
Q-J Apr '14, 134 173 177
Chia Rye colt 65
F
1913
A
100 Jan '12
200,0
'3,7 Ora. N oy. 27 '12. V.95, 9. 1944 100 105
Chia By Pr m 93 g 4s_c1927 J - J
70
Apr'14
65
69
141,3 10
500,0
10
Q-J Apr. '14, 215 275 _
Chic By Ad1 Inc 4s__c1927 Nlayl ; 41
4712 47
47
15
-4
8,
-5: -0
57
541
27,0 Beg. b WI Noy I'll V.93, p. 1235
6114-4
200,0
Chicago Telephone 58_1923 J -I) :101 Sale 1004
3 9954 10112
101
400,0
181,7
6
Q-J Apr. '14, 2 247 250
Cicero WA Co ref
m_193'2
J
J
1.___
N(ch'14
_
971
1
9712
285,8 .154,0
8
8.3,24 (.1-2 Apr. '14, 2 222 225
Commonw-Edlson 5s
1943
.
1
S
Sale
:102
1017
13
3
102
1005s 102
31,0
6
200,0
6
Q-J Apr. '14, 134 134 138
Commonw Elea be__b1013 NI- S :10034 1013s 101
Moy'14
10058 10114
1,500,0 2,888,3 12
12
Q-J Apr. '14, 3 393 396
Cudahy Peek lit M 5s
11.121 Ni-N 10058 Sale 10053
1)1353
9014 10053
50,3 Beg. b u.s.Aug 19'1 2 V.95, p.523 129 130
200,0
Dia Match Con deb ea„..1920
Apr'14
10512
101 10511
15 Q-6.1 INIch.31'14, 4 350
258,9
10
250,0
Gen Mot 6% lot L notes_1915 A -4)
---- 9934 April 12
6
184,4
500,0
M-N May'14, 3
178
lot liar 3-yr 5% g notes_1915 F - A ---.
10071 NI.ty'14
id64
10e43e Q-1 Apr. 14, 24 2
30,6
6
100,0
13
75
'1
Inland Steel lit NI g 83_1928
1054 A 01112
8
9
4,500,0 2,103,5
Q-1 Apr. '14, 23.1 '225 223
Kan City Sty & Light Co
422,9 10&28 12,3,14 J-J Jan. '11, 6 295 305
500,0
55
1913 .31-N
90 Oct '12
6
275,8
1,000,0
Q-J Apr.'14, 114 142 141
Lake St El-lst 55
1928 J - J
70
75 Sop' 13
8
81.4 Q-J Apr. '14, 214 207 212
5,600.0 12,886,0
Melt W Side ICI 1st 45_1938 F - A :____ 8234 8234
23 7753 14:83
503,4 8&23
e
J uiy '14
(0)
1,000,0
(1,)1 2
160 143
Extension g 4s
1933 J - J
7014 May'14
79
74
8012
3,000,0 1,879,1 Not pu bushed -ea note
Mil El ity & it let g 55_1926 - A
(11)
10473 Ap,it'12
10
Q-1 Apr. '14, 211 285
192,0 10
250,0
do
ref & ext 445_1931 J - J
05 Aprt'12
5,000,0 4,110,7 None None Q-M Dec30'11, 4
Morris dc Co 44e
1939 J -J O 87's Sale
8753
8738
117,3 Beg. b ua.Apr 3'h1 V.92, p.929
500,0
Nat Take 181 g 5j
1952 SI-N
10034 May'12
Q-J 6,1ch 31'14,114 163 166
300,0
132,7
Nor Shore RI hut g 5s
1922 A -0:93 101
09
Jan'14
"10
"
Q-J
10
1,500,0
Apr. '14, 24
326,9
do
let & ref R 5s_....1940 A -0 00(3
0712 May'14
93
a
1-1 Jan. '14 34 i5i 136
200,0
62,5
6
Nor Stt has of 111 let 54_1937 F - A I 994 ---- 9512 Sept '12
1,500,0 2,658,8
12 12.410 Q-J Apr '14, 3 - -N W 0 L & Coke Co 53._192S (3-Ni : 99
9912 9912 May'14
300,0
10'1
us.Apr
84,2 Beg. b
1.V.92,p.1004 150 158
Ogden Galls
1345 71-N
98
95
0514 May'14
5,000,0 10,599,4 19&4e 16&4e
Apr. '14, 4 47e 480
Peop Gas L & C lit 65_1943 A -0
11512 ;apt '12
200.0
109,1 7&2e
7
Q-1 Apr '14, 134 190 195
Refunding gold 53
1947 61- tI011s Tti.J 10073
23
10114
300,0
111,4
6
6
Apr '14, 14 180 185
Chic Gas 0 & C 1s1 55..1937 J -J 9____ 103
103
7 101 10333
10333
1,000,0
343,6 Beg. b um. Ma 7'10
08 102
Consum Gas let 55
1936 -D t 994
10034 Ntch 14 _
99 10112
275,0
7,9 Org. D cc. 6 '12.
165 163
Mutest Fuel Gas 18t 5s 1917 .51-N 110012 ____ 10018 Feb '14
100 10012
200,0
31,0 Org. Li opt. 5 '12. V. 96, p. 593 112 116
Pub Seri, Co let rot g 55_1956
91 Sale
9034
5 9014 9334
91
250,0
58,0 Beg. b us.rly 1'12 V. 94, p. 484 150 103
South Side Etc,
"
434a,_1924
7 90
O 9334 Sale 9334
94
95
3,000,0 7,426,1
16
16
Q-J Apr.'14, 4 423 426
Swift & Co 1st g Is
1914
:100 1001s 1004 Mar'14
100 10112
200,0
73,0
Q-J July '14, 114 135 138
5
1st s f g 5s
do
1944
98,
3 Sale
9352
11 98
9714
9058
500,0
142,7
us, AP 10 '1 1.V.92,p.1004 205 209
Lt
colt
&
Ry
Tri-City
1,500,0 2,901,0
8 Q-M Mch.31'14,2 320 325
8
trust lien s f as
1913
Aprli'12
9814
300,0
136,0
8
J-J Jan.'14, 5 273 276
8
Union Elea (Loop) 5s
1945
L.-- 8334
8334 May'14
io Ts- 83)4
200,0
58,3 Beg. b us.J'ne 111 V.92, 9. 1537 110 115
U 43 Oypsurn lot g
_ _1922
99 -- 100 May '12
500,0
248,2
8 912&2e Q-1 Apr. '14, 24 280 285
Western Elec Ce Si
1922
9102
'13
Dec
9934
284,2
300,0
8
8
Q-J Mch .31'14,2 200
200,0
47,5
3
Q-1 Mch 31'14,212 154 157
Note-Accrued interest mus
added to all Chicago price
*Bid and ask pr ces: no sales were nado on this day. (Starch 4 (close of business for national banks and April 4 (opening of business)
for State institutions. 1 No
price Friday; latest price this week. 'Sept. 1 1911. ¶ Dividends not published: stock all acquired by the Continental de Commercial
S Due June. c Due Jan. 1. c Extra dly. k Now stock. 14% of this is extra. z Sales reported beginning April 18. q Divs. are National Bank. a Due Dec. 31,
paid Q.-J., with extra payments
Q.-F. t Dec. 31 1913. o Cc-'24% accumulated dividend. to Increase in capital to $100,000 authorized
Sept. 24, a cash div. of 75% being paid In connection therewith. V. 97, p. 1000, 574. 8 Ex-div. and ex-stock div. u 3.4 assessment paid. o Paid 6% reg. and 14 extra on old capital
stock of $600,000 and 14% on new
capital $1,000,000. j Ex-50% stock MY. m Capital to be increased to 3350,000. V. 98, p. 812. .1 Capita'
to be increased to $300,000; a 20% cash dividend to
Do declared In connection therewith. V. 93. p. 1132. 5 Aurll 21 1914.
Amok:ma 8tate _
Calumat National
Capital State _ _ _
Central Mfg Dirt_
Cont & Corn Nat_
Corn Eget Nat__
Drexel Stab,
Drover( National
Englewood StateFirst National__
PirstNatEaglew'd
Imams Bros__ _
Pt Dearborn Nat_
Halotad St State_
Hibernian Bk Assn
ilydo Park State_
Irving Park Nat-Kama: State_ Lake View Sista_
Lawndalo State_
Live iStk Exob Nat
Meek &Trad State
Nat Bk of Repub.
National City_ _ atloaal Produce
North Ave State
NorthBide St Say
North West State
Ogden Ave State_
People'eStk Ydatit
Seeond Security_ _
Security
South Chicago Say
South Side State_
State Bank of Chic
State Bank o Italy
Stook Yards Say_
Union Ilk of Chia_
Washingt'nPkNat
Central Tr Co 01 III
Chicago City Baer
Chicago Say B &'1'
Chicago Title &Tr
Colonial Tr & Say
Cont&ComTr&S
1)royers Ti & Say
Mint Trust & Say
Pt DearbornTr&S
Franklin Tr & Say
Oreertebsum Sons
Guwantee Tr &
Kant/ Tr & Bar_ _
Nome Bank & Tr_
Illinois Tr ,k Say_
Kanwcod Tr& Say
LakeViewTr&Sav
Lallans EitTr&E3av
Liberty Tr & SayMarket Ti & Sur_
Mors'atilo'Fr&Sav
Merchant.'L&T
Michigan Ave Tr_
Mid-City Ti& Sc!
Northern Ti Co
Nar-Wost Ti & S..
Old Colony Ti & S
People's Tr & Say
Pullman
& Sat'
Sheridan Ti & flay
Chicago Build Record
BOSTON STOCK EXCHANGE-Stock Record.
1754
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday I
May 30
Monday
June 1
Tuesday
June 2
Wednesday
June 3
Thursday
June 4
Friday
June 5
*9718 9712 *9834 97
9878 9712 •9818 9812 .9814 9812
*10018 10012 •10014 10034 10018 10014.
10034 10114 *10034 10112
178 178
178 178
17713 17712 17712 17712 178 178
81
81
81
82
82
.81
81
8112 82
81
*158
156 153 *158 ____ .158 ---156 156
3434 34
3434
3338 3453 3234 36
3312 3414 34
Last Sale 225 May'14
.225 230 .225 240 *225 240
Last Sale 7 April'14
12
*7
12
.7
12
.7
May'14
Last Sale 55
56 •____ 55
55
Last Sale 613 Nov'13
;5a- V- '38 38 ;5a- 7g- Last Sale 38 May'14
Last Sale 160 Mar'14
161 • _
181
.__ 161
*105
105 10512 .105 10512 .105 10512 10513 10512
Last Sale 170 May'14
.172
.172
80
80
80
8014 8014 801, 80
;361-4 804 80
Last Sale 12012May'14
120
.
.120
.120
*8612 88
*8612 88
*8612 88
8634 8634 .884 88
97
97 .96
*96
97
97 .98
97
98
97 .
1214 .1112 1214
*12
12
12 •12
12
1214 12
6014 .6018 ____ .5834 ____
60
60 .60
60
6334 6512 8434 6512 0412 8514
6573 674 6358 68
105 __ .105
105 105 .
.105
.105
_ .147 ____ 150 150
141 145 .146
145 145
Last Sale 20 May'14
.20
.20 _
Last Sale 15534May'14
4
155 15514 .15312
.
*208 .15413 1141
__1537
Last Sale 8418 May'14
*3334 8412 .8312 8412 .8378 8412
Last Sale 125 May'14
130
.125 130 .120 130
6638 67
6512 6832 6512 66
67
87
67
67
Last Sal, 90 May'14
90 .35
90 .85
90
.85
Sales of
the
Week
Shares
Lowest.
IZailrce-ds
Atch Top & Santa Fe_100 0514 May 1i
100 9738Jan 15
Do pref
100 217712 May29
Boston dr Albany
100 77 May 8
Boston Elevated
101 155 Jan 2
Boston & Lowell
Boston & Maine
100 3034 May29
Boston & Providence_10C 225 May 1
7 bleb 2
Boston Suburban El Cos_
Do pref
5312 May 1
Boston & Wore Llec Os_
36 May 6
Dopref
Chic Junc My & USY _100 160 Mch23
10312 May19
20 Do pref
Connecticut River__100 176 May 4
37 Fitchburg pref..__100 80 Jan 10
Ga My & Elea strand _100 1204 May14
101 83 Jan 3
30 Do pref
100 9078 Jail 5
15 Maine Central
9 Apr 22
20 Mass Electric Cos_100
47 Do pref stamped _100 56 Apr 30
8,520 N Y N 11 & Hartford_100 6358 J'ne 2
100 100 May 6
4 Northern N 11
100 145 Joe
26 Old Colony
19 May 8
100
Rutland, pref
Union Pacific
100 1494 Apr 25
Do pref
100 82 Apr 17
100 115 Jan 9
Vermont & Mass
50 6512 J'ne 4
85 West End St
Do pref
50 85 Apr 30
19
30
51
158
42
1,772
Alliseellanoous
352 Amer Agricul Chem_100
55
5412 54
54
54
437 Do pref100
9612
98
9534 9558 96
50
34 318
816 Amer Pneu Service
234 34
318
50
Do pref
21
790
1934 2012 2112 21
10713 10734 1,298 Amer Sugar Refin_ _ _100
10734 10712 108
100
97 Do _ pre
11312 11312
11212 11312 114
12334 12314 1231i 12314 12312 3,100 Amer Telep & Teleg_100
American Woolen_ __ _100
rust Sale 15 Mar'14
_
100
295 Do pref
76
76
76
76 V61-4 76
7632 76
76I. -ws.
62
46 Amoskeag Manufacturing
6112 *60
65 .60
*60
60
6112 594 60 .
Do pref
65
100 100
100 100 .100 ___ .____ 100
100 100
22 A tl Gulf & W I :- 8 L_100
8
.6
8
618 618 .6
612 7
.8
8
Do pref
100
14
107
14
15
1412 .14
1412 1414 1414 14
.14
10
5 East Boston Land
1112
12 .11
1118 1118 •11
•11
12 .11
12
Edison
Elea
Illum_100
251
131
251
251
251
251
251
252 252
252 252
100
230 General Electric
14734 148
2147 14784 147 14712 14714 14784 148 148
10 McElwain(WII)lst pf 100
.9978 10012 *100 10012 *100 10013 100 10012 *100 10012
84
519 MassachusettsGasCosl00
84
84
84
8334 84
84
8334 84
84
100
838 Do pref
9012 9012 9012
9032 90
90
90
90
9012 90
1`.1crgenthaler Lino_ _ _ 100
Last Sale 216 May'14
.217 21712 .217 218 .217 218
Mexican
Telephone
10
150
.
234
234
3
*212
4
23
*234 3
234
*284 3
Mississippi Ely Pow_100
Last Sale 2012 May'14
2518
.20 ____ .20 _ _ _ _ .20
Do
pref
100
6112
Last Sale 60 May'14
61 .60
.60
6112 .60
100
22
20 N E Cotton Yarn
20 •20
22 .20
20
21
21
.20
.20
Do prof
100
45
Last Sale 67 Mar'14
45 *___ 45
100
190 N E Telephone
136 13612 138 138
138 136
138 138 .138 138
100
71 Pullman Co
155 155. 15512 15512 155 155
155 155
155 155
60 Reece Button-Hole_ 10
.14
1812 1812 1812 1812 1812 1812 1312 .1838
100
107 1074
156 Swift & Co
107 107
10634 107
10812 107
10858 107
26
31
100 Torrington
.30
31
31 .30
.30
3012 3034 31
.30
25
136 Do pref
2812 2812 .284 30
2812 2812 2813 2812 *2734 29
Union Copper L & M 25
Last Sale 138 May'14
*114 132 •114 132 •114 14
100
3,957 United Fruit
14912 150
149 14978 14914 15112 15134 15214 150 152
5914 0134 5934 604 16,482 Un Shoe Mach Corp_ 25
87% 5734 5713 5734 5712 59
25
634 Do pref
*29
2914 291.4 2914 2914 2914 2914 2912 2914 2912
100
6012 6078 6134 8133 6112 5,367 U S Steel Corp
6078 6112 597 6034 60
100
187 Do pref
10933 1091 *10913 10032 10914 1093s 10912 1097, 10934 10934
54
9534
314
*____
10714
112
12238
54
5334
9514
96
33
*3
2012 1934
10312 107
112
112
12234 12212
5334 64
98
9512
34
31.1
1934 1934
107
108
11212 11212
12234 12212
•
Range for Previous
Year 1913.
Range since Jan. 1.
On basis 01 100-share lots.
STOCK
BOSTON sTOCli
EXCHANGE
4714 Jan 2
gi Jan 3
212Jan 27
17 Jan 2
9714 Mchll
108 Mch30
11718Jan 3
14 Mch 4
7234 Mch 4
594 J'ne 2
98 Feb 24
Feb 19
1313 May27
10 Jan 20
244 Apr 29
1394Jan 3
9834 Apr 30
8214 May20
90 Jan 3
21114 Jan 3
214 May13
20 May20
80 May29
20 Apr 9
66 Mch10
133 Jan 3
151 Jan 7
10 Jan 7
10412Jan 3
27 Feb 24
27 Mch24
Apr 15
148 MaY27
5334 1101) 2
23 Jan 9
5618 Apr 25
10578 Jan 6
Highest.
Lowest.
highest.
907 Jan 26
10132 Feb 10
195 Jan 5
911 Jan 10
179 Feb 9
55 Jan 12
255 Jan 27
713 Fob 13
80 Jan 19
9112 Oct
9534 J'1Y
183 Dec
82 Nov
150 Dec
35 Dec
23812 Dec
7 Sep
5712 J'ne
5 Feb
3613 Dec
162 Sep
10113 J'ne
200 J'iy
08 Dec
rim Aug
8212 J'11,
91 Dec
1012 Dec
63 Dec
6534 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
804 J'ne
105 Dec
6714 Dec
85 J'iy
10614 Jan
40158 Feb
215 Jan
11414 Jan
205 Jan
p7 Jan
290 Jan
1612 Oct
(35 Men
714 Mch
45 Jan
166 Feb
107 Mch
280 Jan
122 Feb
120 Feb
88 Sep
110 Mch
1938 Feb
79 Feb
130 Jan
130 Feb
17612 Feb
36 Alch
10214 Jan
9013 Jan
150 Feb
8112 Feb
100 Jan
41 Sep
8012 Dec
212 J'ne
16 Nov
994 Dec
10818 Dec
11014 Dec
1514 Dee
74 May
69 May
9234 J'ly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
05 may
87 Apr
86 J'ne
209 J'ne
3 Jan
30 Nov
70 Dee
17 Apr
6378 Apr
127 Deo
149 Dee
1412 Apr
101 J'ne
20 Sep
26 Sep
34 J'ne
147 Joe
4112 J'ne
2638 J'ne
60 J'ne
10212 J'ne
57 Jan
99)4 Jan
412 Jan
2354 Jan
11812 Jan
11714 Feb
14012 Jan
21 Apr
8378 Sep
75 Jan
100 Jan
124, Aug
1912 Aug
15 Feb
28812 Jan
18034 Jan
104 Jan
9312 Jan
9558 alch
220 Sep
312 Feb
4114 Sep
70), Deo
50 Apr
0112 Jan
160 Jan
1654 Jan
18 Sep
108 Mch
2812 Jan
2814 Jan
'2 Jan
182 Jan
5534 Feb
2812 Feb
69 Jan
40 Jan 26
183 Jan 15
10612 Meh 11
200 Jan 24
93 Jan 28
124 May 1
884 Apr 6
99 Meh 28
14 Jan 23
6612 Jan 24
7778Jan 2
112 Feb 6
185 Jan 30
30 Jan 8
16334 Jan 31
85 Jan 5
130 Feb 6
75 Jan 23
96 Mch 12
5914 Mchle
9713Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Meh 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 16
1412 Feb 11
265 Meh 4
15012 Feb 20
102 Jan 23
9438 Feb 17
90 Mch 16
216s4 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1914 Me1131
10734 Men 9
31 May21
2012 Jan 20
2 Feb 4
173 Feb 13
6134 J'ne 4
2912 J'ire 4
6714 Jan 31
11283 Jan 26
Alining
I May
2 Jan 22
1 Apr 14
100 Adventure Con
25
114
1'
114 '
114
*14
*1
114 .1
4
.
114
114
230 Nov
281 Ainnenk
275 275
275 275
275 275
•270 275 .270 275
21
2g142 kr,,
e
J'ne
3
084
,
Alaska
80834
Gold
10
2758
2758
3
4
275
271
274
2734
2712
2758 274
2734
25 .95 May A
134 Jan 20 .15 May
Algomah Mining
..95 1
Last Sale .99 May'14
4..95 1
•.95 1
2912 J'ne
04013 41
110 Allouez
41 .40
41
41
41
•40
*4012 41
02 JilO
liZli,
3 ja
41
38
0 6
05
53 7
8
Pnr 1
43111:448.
2
b1
eib
c
Fa
1
;
3
,
7112 714 7112 7114 7178 7114 7114 8,008 Amalgamated Copper 12
7214 7238 71
1514 Dee
130 Am Zinc Lead & 8m_ 25 lb
1612 1812 *164 1634 .164 1634 1612 1612 1612 1612
44 Mee 4
214 J'ne
4 J an 10 68
412
980 Arizona Commercial.. b
412 4%
434 434 *413 434
438 412 *4
418 Fob 2
114 J'iy
2 Apr 22
258 3
.
65 Butte-Bala klava Cop 10
234 234 .258 3
254 234
*212 234
3
May18
4
403
3112Jan
J'Ila
Butte&
1814
Sup
Cop(Ltd) 10
4018 4,759
3912 3934 3913 3934 3912 3978 3934 4058 40
5612 J'ne
10 61 Apr 25 7018 Meh26
1,327 Calumet & Arizona
6513 6534 28414 65
6818 6413 65
664 6658 65
Feb
1:1
,ci)
,
i
)
41(
9
Jan
Dec
410
388
Hecla
25
415
415
415
.410
18
415
•410
415
410
420
415
10 J'ne
A l 25
9
25 pi4 Jail
30 Centennial
*1612 1712 1712 1712 .1612 17
•1612 17
3014 J'ne
43'2 Feb 4
385 Chino Copper
5
ifs 114 4114 4112 4114 414 4113 4112 24013 4018
Dec
Feb
Apr
32
e
p
l
p
ay
o
D
C
s
i
e
l
'25
v
4
r
l
4
403
at
34
nge
100
Con
Co
257
3612
36%
37
3812
4
3614 *3614 363
364 37
36
2 Sep
3 Feb 0
134 May19
20
56
.134 178 •134 178
134 134 •134 178
•134 2
914 J'ne
978 Apr 25 13 Jan 26
710 East Butte Cop Min., 10
1012 104
1012 1034 1053 1034 1058 1032 *1012 11
212 Deo
25
80 Franklin
412 412 *412 434
452 452
434 434 .412 434
51 J'ne
178
n t 9.
au
7rea
8112 8118 814 8114 8114 8134 8218 1,741 Granby Consolidated_100
81
8113 82
27%(let
Feb
3278 33
3258 324 3212 3212 1,187 Greene-Cananea
33
3234 8314 33
111142
12 Nov
5 2
00
10 Hancock Consolida3ed12
16
*15
16
18 .15
•1534 1612 1513 1512 •15
alch24
2778 Jan
Hadley Gold
10 2812 Feb 10 3012Jan 8
80294
Last Sale 30 May'14
2912
14 May
.27 Apr 27
Helvetia Copper
25
Last Sale .30 May'14
•.25 .45 *-;ai .45 '8.25 .45
3 Oct
25
412 412
.4
60 Indiana Mining
434 *4
458
4
4
458
*4
J'ne
41
(
2
4414
r
b
p
e
j
;
.1
1
L
2
Atil
4g
27 Island Creek Coal_ 1
4814 474 4712 .48 _ _ _ _ .48
48
49
•48
J'1Y
Do pref
28
86 .864 8712 874 -3714
86
81
81
87
.86
16 J'ne
Isle
5
Copper
Royale
20
2012
230
20
21
2034
2012 2012
2012
2012 21
Jan
1
0
2
2
'
n
ecil
l
a
i
l
j
f
i
,
:
1
,
'1
2i
5
25
8
2
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p
4
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73:
tt
3
1
1
25
Kerr
Lake
418 45,,e,
820
,4 .44 414
(
!
5414 4
414 414
4if4
1 Aug
Feb 18
25
.33,4 4
314 314 *313 4
.312 4
5 Keweenaw Copper
5 Nov
6 Jan 16
4 12
5 1
ary24
Mp
4A
2:8
5
25
.613 673
613 612 '614 613
612 512 .8
612
170 Lake Copper Co
14
314 J'ne
Feb
54
2
J1111
418
La
Salle Copper
30
414 414 *414 434 *414 458 *414 434
*414 434
318 Nov
.213 258
10 Mason Valley Mines- 255
233 232 •214 213 •238 3
*214 212
134 Nov
2 N
5 e512j
Y27
ch
la
Al
4 MaanY2138
5
518
25
518
518
518 *5
5
5
5
345 Mass Consol
5
5 Nov
28
Jan
9
1
8
1
y
a
1
A
141
138
4
2
25
135 Mayflower
4,(8 41;f8
44 412
1, 4
(
,
41
412 413
*412 434
J'ne
2014
5
.2124 2214 .2112 22
10 Miami Copper
22 .2178 223 .22
22
2238
12 Dec
6
8
b 14
ob
1:4 Feb:,c
6:
1
14
8 2
May26
2m
610
Michigan
25 1.3
Last Sale .75 May'14
•.60 .80 0.60 .80 *.60 .80
Nov
38
22
Apr
89
25
120 Mohawk
44
44
45
45
*4413 45
44
4352 4334 44
13 XII,.
130 Nevada Consolidated_ 5
*1414 1412
15
*144 1434 1434 1478 1434 1434 18
2
13
8 1.‘112
83"
12 J'no
1578 JAn
4 46
10
ienh3
5 x5
6
518 818
614 612
633
*633 ma
538 578
830 New Arcadian Copper 25
518 Jan 22
714 Nov
295 Nipissing Mines
4 614
/
61/4 618 .61
613 612 *6
64', 614
Feb 4
2134 J'ne
15 2324 Apr 24 3034
2514 2558 2558 2558 2558 2538
780 North Butte
2512 26
26
28
238 Feb 4 .99 May
95 Apr 25
North
25
Lake
10
134
*112
2
112
112
.112
1%,
•112 134 .112
i
I 23
1..J, n
.Janac
x
2
12 J'ne
2 24
2(ti
hy3
car
,1442 Ad
6;3
Glibway Mining
25 4.
112
..99
Last Sale 1
May'14
•.99
112 ..90 114
3 Apr
412 412 .412 453 .
412 434
55 Old Colony
414 414
412 412
4134 J'ne
d
1
),
0
(
lgt
,e
aminion
o
48
Co
.474
4712
35
4713
48
2355
4734
.48
4784
4812 48
4
b 228
34843_(8)78 JanFFeee i3b
5
i))rr 24
Apr
I
0714 Dec
25 715950143.
77 .78
77
6
v78
77
76 •76
75
77
•76
15 J'ne
1814 1814 1814 1814
1734 18
570 Pond Creek Coal
H
1814 1814 1734 18
5214 Dec
5014
5614
88
86
4
5634
*563
57
58
59
*57
1514 J'ne
1784 Jan 10 2212 Apr 6
16
tcuainUonsol Copper 10 31
31 9
2114
2114 214 2114 .21
2112 2112 211 2118 .21
Feb
40
24
25
Apr
30 Nov
65 St
ary's Min Land_ 25
354 3534 .3513 3614 .3512 3814 3513 8512 .35
3512
iidan 7
214Jan 27
1 J'ne
134
112 112 .134 2
134
145 Santa Fe Gold & Cop_ 10
•134 178
.134 2
.512 5
5 Deo
55 Shannon
54 54 .512 534 .513 534 *512 6
21 Feb
15 §oha
:
u lluftati toId:5
2434 2434 2412 2412 *244 25 .244 26
:
*2413 25
. 10
.
.
:
)
5
4
1
253
:
18
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ae
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6
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en
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r
34 .15 Aug
11
26
.15
.14 .14
.13 .13
t
200
.10 .10 •.11 .16
21 Nov
25
146 Superior
28
2914 284 2812 3814 2814 2812 2813 28
•29
Apr
8
13
l 12
:
8;:a
5 27
i: 28
,P
43 JA
:
.1
2
2
1;f4 Jan
21,f
2
218
2
1,850 Superior &Boston Cop 10
2
2
218
2
31 J'ne
25 28u2 Jan 269
36
36
36
86 .3512 36
36
80 Tamarack
38
38
38
3 May
*313 4
312 312 *314 334
25
310 Trinity
314 312 *314 4
.50 Dec
.40 .45
.40 .40
.40 .40 1,150 Tuolumne Copper
1
..150 .55 ..50 .55
34 J'ne
3418 34
34
34
3434 34
1,220 U 8 Smelt Ref & Min_ 50 254 Apr 23 4312Feb 4
34
3434 3434 84
4613 J•17
4614 4814 4614 4612 4612
881 Do pref
4513 4513 46
4634 48
11, May
350 Utah-Apex Mining134 134 *134 178 *134 173 *134 178
.134 17
478 Feb 2
3
18
714 May
160 Utah Consolidated- 5
834 Jan 8 14
•1012 1034 1012 1012 1013 1013 *1013 1034 •1012 1034
10
May
10
4912Jan
5814
15
67
5612
56
*5513 55
57
170 Utc, Copper Co
40 J'ne
*5012 5634 5534 5632
1 Mch 2 e2W,May 4 .90 J'ne
25
212 212 *214 258 .233 212
130 Victoria
314 214 0232 233
312 *3
*3
14 Sep
3
3
3
250 Winona
8
$
8
312
pr 24 4734Feb 20
Aan
212j
41
4012 404 4012 41
*4012 41
8914 Nov
4034 4084 *40
25 38
'
27 Wolverine
.30J'ne 2
25
5 W yandott
•.40 .70
.30 .30 ..40 .75 4..50 .75 •.50 .75
114Jan 24 .40 J'ne
. Aed Klee}, e mecum:tent paid. 3 Ex-stook dividend, 3 Exlights. a Ex-dividend sad rights,_a Unstamped. •24 paid, se liall mask_
'1, 392.i iadily t
ti:M '2'8
Pg,r) 2
2
5g 471.
18-Irr E 4f5:Peg 2
111 Jan
8 Jan
330 Jan
2438 Oct
214 Jan
4214 Jan
8038 Sep
324 Feb
512 Sep
(I Oct
45 Jan
7212 Jan
555 Jan
18 Jan
4713 Jan
53 Jan
4 Jan
1518 Jan
9 Jan
784 Sep
3512 Aug
25 Jan
35 Apr
34 Jan
17 Jan
51) Jan
874 Jan
8378 Jan
Nov
338 Feb
2(312 Jan
54 Jan
1012 Jan
513 Jan
1614 Jan
2612 Jan
2 Apr
65 Jan
1934 Jan
212 Jan
912 Moh
3413 Jan
234 Jan
314 Jan
838Jan
88 Jan
107 Jan
2814 Jan
80 Jan
22 Jan
48 Jan
3;.12 Aug
134 San
31 Sep
.85 Jan
404 Jan 1
e438 Feb
38 Jan
6 Jan
34Jan
4312 Jan
50 Jan
8610
1114 Jan
60 Jan
2 Jan '
412Jan ,
78 Jan
112 Jan
JUNE 6 1914.)
Boston Bond Record
la a
ROSTON STOCK EXCHANGE z
b
Week Ending June 5
re_
—
Am Agrioul Chem 1st 55.-1928 A-0
Am Telep & Tel ^oll tr 4s__1929 J-J
Convertible 4s
1936 1111-S
20-veer cony 4;.is
1933 -_ ..
Am Writ Paper 1st s f 5s g 1919 J---J
1015 M-N
Am Zinc L & S deb 6s
Atch Top & S Fe gen g . 8_1995 A-0
Adjustment (,,' 48----J111y 1905 Nov
Stamped
July 1005 M-N
50-year cony 4s
1955 J-D
10-year cony 5s
1917 J-D
AU Elul & W I Sf3 Lines 5s_1959 J-J
Bos & Corb 1st cony 8 f 6s 1923 5.1-N
Boston Elev 3 -yr g 4s
1935 M-N
Boston & Lowel 4s
1016 J-J
Boston & Maine 434s
1944 J-J
Plain 4s,
1942 F-A
Bur & Mo Riv cons Os
1918 J-J
Butte El & Pow 1st Ifs
1951 J-D
Cedar Rap & Mo Ely lit 7s 1916 M-N
Cent Vermt 1st g 4a___May 1920 Q-F
1919 A-0
0 B & Q Iowa Div 1st bs
Iowa Div 1st 4s
1919 A-0
1922 F-A
Denver Eaten 4s
1927 M-N
Nebraska Eaten 4s
B&SWsf 4s
1921 M-8
1949 J-J
Illinois Div 354s
Chic Jct By & St Yds 5. 1915J -J
Coll trust refunding g 42_1940 A-0
1920
J-J
Ch Milw & St P Dub D 6s
Ch M & St P WI. V div 68_1920 J -J
1931 M-N
Ch & No Mich lit gu 5s
1921 J -D
Chic & W Mich gen bs
Concord & Mont cons 4s-1920 J-D
1949 A-0
Copper Range 1st Os
Cudahy Pack (The) 1stg 8 - 1924 M-N
1926 A-0
Current River lit 55
1946 A-0
Deli Or Rap & W 1st 4s
Dominion Coal 1st 8 f 58_1940 M-N
1927 M-S
Fitchburg 4s
Fremt Elk & Mo V 1st 6s_1933 A-0
Unstamped 1st Os
1033 A-0
Price
Friday
June 5
Week's
Range or
Last Sale
A
gn
re653
Range
Since
Jan. 1
1755
.
BONDSt•-e
BOSTON STOCK EXCHANGE t
a at
Week Ending June 5
.... a.
Ark Low
Bia
High No, Low High
9934 101 General Motors 1st 5-yr 6s_1915 A-0
100 10078 101 May'l __
8934 Sale 801s
8034 21 8478 897, Gt Nor C B & Q coil tr 4s_1921 J -J
Registered 4s
1921 Q-J
10338 Mch'13
9958 Sale 9018
09i 22 05 9978 Houston Elec 1st s f gen 5s_1925 F-A
-__
8938 Mch'14 __ 6938 72 la Fails & Sioux 01st 7s_,.1917 A-0
Kan 0 Olin & Spr 1st 5s
100 Mch'14 ____ 100 104
1925 A-0
4 9318 9578 Kan CI Ft Scott & Mem 68_1928 M-N
9512 96 953is
9530
K 0 Ft S & M By ref 45 qu_1936 A-0
8612 88 37 Mch'14 ____ 8538 8'7
Kan CM & B gen 4s
8612 88 8414 Aug'13
1934 M-S
Assented income 5s
9478 9478
9478Jan '14
1934 M-S
____ ____ Kan C & M By & Br 1st 58_1929 A-0
10014 Dec '13
Marq
Hough
138
&
8312
Ont
9
6438
---65
1st 6s 1925 A-0
50 May'l ___ __ __ Mass Gas 4345
---1929 J -J
8313 831.
Debsn 4545
.. 8518 8312Jan '14
Dec 1931 J-J
19014 Mch'0 ___ _ _ ____ Mich Telephone 1st 5s
1917 J -J
Mies River Power 1st 5s
104120et '08
---1951 J-J
95 Feb '12 ____ --------New Eng Cotton Yarn 5s 1929 F-A
—
101
10034 Mch'14 __ 10034 10112 New Eng Teleph bs
1915 A-0
55
1932 A-0
10414Feb '14 ____ 10414 10414 New River (The) cony 58_1934 J-J
-- 82 80 May'l ___ 80 857, N Y N H & H con deb 3;0_1956 J-J
1103 Oct '07
__ ____
_
Cony deb 6s
1948 J-J
981,
1 9779813 ale 9812
8 981,, Oreg Sh Line 1st g Os
1922 F-A
99 Mch'I __ 99 09 Pond Creek Coal let 68 _1923 J-D
9014
__ 0514 0658 Puget Sd Elec By 1st 5s
9658Feb '1
1932 F-A
0812 Dec '12
___ ____ Repub Valley 1st s f 68
9914
1919 J -J
.-- ___. 8334 Mch.l. ____ 833-4 8334 Savannah Elec 1st eons 5s 1952 J-J
10118
3 9834 10113 Seattle Elec 1st g 5s
10118 Sale 10118
1930 F-A
2 8012 May'14
1
0
Shannon-Ariz 1st 68 g
1919 M-N
____ --------Terre
107 J'ne'13 ---_____
Haute Elec g 5s
1929 J-J
11358Feb '11
Torrington 1st g 5s
1918 M-S
45 57 65 Apr '14 ____ 65 65 Union Pac RR & Id gr g 48_1947 J-J
72 92
20-year cony 48
0 '5 73 May'14
1927 J -J
_
9312 bleb'14 __ 9312 931
: United Fruit gen s f 4;0_1923 J-J
98 Mch'13
Debenture 454s
1925 J-J
_ 10014 Aug'12 —_ ---- ---. U S Steel Co 10-60-yr 5s Apr1963 M-N
West End Street By 4s
92 J'ly '13
1915 F-A
581.
2 5813 78
Gold 434s
56 60 5813
1914 51-S
Gold debenture 45
99 100 9914 May'14 ____ 9738 9958
1916 M-N
05 Oct '12
Gold 4s
1917 F-A
Western Teleph & Tel 5s
121 MclfII__ 12012121
1932 J-J
122 Mch'12
Wisconsin Cent 1st gen 48 1949 J-J
Week's
Range or
Last Sale
Price
Friday
June 5
Q
., Z.
65(,
Range
Since
Jon. 1
Low
High No Low High
10058 Mch'14 ___ 10058 100
9718 May'14 __ 0434 975s
97 May'14 ____ 9458 974
__ ____ _— ___ __--------- 117 Apr '08 ___ ___.-____ 90 92 Feb 13
109 112 11078 Apr '14 __ 15858112
7458 Mch'14 __ 7458 75,4
-------- 85 May'14 ___. 85 86
__-- 78 75 Apr '14 __ 75 80
1 94 May'14 __ 94 9634
-------__ 115 .I'ne'08
9612 __ 97 May'14 ___ 9514 9714
____ 95 95 May'14 __-_ 93 9534
987/1 Mch'14 ---- 98% 9878
8112
1 81 8534
-------- 8112
77 May'14 _-_ 75 83
''
---- ----100 Feb '14 ___ 9978 100
10D10114 1. 10018 10134
4 Sale 100513
___ ____ 75 Mch'14 ____ 75 80
_ ______ _ 7078Mch'14.._ 6878 75
___ ____ 11138Meh'14 ____ 11138 117
1005s Jan '14 .._ 10958 10958
6 100 107%
102
102 Sale 102
_
__ 88 Jan '1 ____ 88 88
---------7014--- -03 Jan '11 _ _ __ _—
Dec '1(
10114
5 idc; 10114
10114 Sale 10114
9413 95 95 May'14 ___ 92 95
____ ____ 97 Apr '07
____ ____ 100 Mch'14 ___. 100 100
9712Mch'14 __ 9712 9712
-------__ 9012 Mch'14 ____ 9012 9013
9718
3 9358 97,a
9612 Sale 9612
9412 95 95
95
:, 92 9514
------ 10258 May'14 ____ 10078 103
9914 Apr '14
08 9914
_
_ 9978 Feb '14 __ 9978 9978
9878 Apr '14 ___ 9858 987s
---- ---------0630
Nov'13
--3 9814
9834
0 9334 9938
-------_ 9358 Feb '12 __
Ask
am
101 1(314
97 9714
96,4 ____
NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds. * No price Friday: latest bid and asked.
Fiat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NUT PER CENTUM PRICES
MEMORIAL
.......
Saturday
May 30
Monday
June 1
10712 108
__
*114
*1313 -1-15
*54
56
12412 12412
_
*19
*54 --_-_
28 -2814
;117- -1/3-4
4814 4814
Hit -Els
37
3712
7814 7814
*1114 1134
19
19
791,2 7912
69% 6978
*1814 1858
*3013 31
5558 557s
*39
40
2534 2534
1614 1634
8212 8212
6% 634
46
46
8334 8378
Tuesday
June 2
Wednesday
June 3
Thursday
June 4
Friday
June 5
10712 10712 *10678 10712 *10634 10712 10634 107
*114 118 *114 .-__ *114 ___ *114
___ *13
___
*1312 ____ .13
133
___--- -„- ---- *,,,, -66 ..,.,..:: 55
*124 ____ *124 ---- izo( 1261 '( 1271
.19 -__ *1913 .._ *20 ----- ---- *5414 --- *5414
oti4
2734 2734 28
28 -2814 2778 -28
28
ACTIVE STOCKS
Sales
of the
Wee* (For Bonds and Inactive
Stocks see below)
Shares
Range Since Jan. 1
Lowest
Highest
Range for Previous
Year (1913)
Lmest
flighty
Baltimore
63 Con Gas El L & Pow_100 103 Feb 14 10834 May21 101 J'ne 120 Jan
pref
Do
100 109 Jan 3 11413 May28 101 J'ne 12034 Jan
Houston 011 tr ctfs
100
12 Apr 25 1912 Feb 2 1212 Dec
2512 Nov
53 Apr 28 60 Jan 19 5612 J'IV
Do
pref tr ctfs_100
68 Jan
Northern Central
50 115 Jan 22 12714 erne 5 10613 Dec 123 Apr
Seaboard Air Line
100
1734 Jan 6 22 Feb b 1413 J'ne
21 Jan
Do
100
pref
46 Jan 2 5512 Feb 9 4113 J'ly
4912 Sep
2413 Jan 7 2558 May25 23 Jan
889 United Ry & Electric_ 50
2758 Apr
Philadelphia
— -__ -_-- -American Cement_
50
-37
3712 *37
3734 37
37
37
37
81 American Railways
60 37 Apr 16
48
48
*4712 48
48
48
48
48
331 Cambria Steel
50 s457s Apr 30
*11
1112
Electric Co of America 10
11 Jan 15
5184 ----18a 7114 Kik *;52 *52 as
576 Elec Storage'Battery_100
4612 Jan 5
*137
87511 *37
3712 37
400 Gen Asphalt
3714 *87
3612 Jan 9
100
3712
78
7812 78
425
Do
pref
78
*7734 7814 *7734 7814
7434 Jan 5
100
•11
1113 *1112 12
Keystone Telephone_ 50
*11
1114 *1012 11
978 Apr 28
19
19
*1834 19
*1834 19
*1834 19
70 Lake Superior Corp__100
1813 Apr 28
7812 79
Leh
C
&
*7834 80
Nay tr ctfs__ 50 37713 Apr 30
66
8012
7958 7934 *79
6914 8914 6734 67% 6712 677s 6712 6734
228 Lehigh Valley
50 664 Apr 22
*18
1814 *1712 18
200 Lehigh Valley Transit 50
18
18
*1734 18
1634 Apr 27
*3014 3078 *3012 31
Do
50
prof
*3014 3034 *3014 3034
3014 Apr 24
55%6 5572 5512 5558 58%, 5534 5512 559(6 1,338 Pennsylvania RR
50
5414 Apr 25
4018 3878 89
39
50
345 Philadel Co (Pittsb)
3838 Apr 27
3812 39
3812 3834
2512 2512 2512 2530 2530 253
2518 May 6
772 Philadelphia Elect_ 25
2534 2534
1578 1618 16
16
50
13 Apr 27
1578 1578 1534 16
1,250 Phila R 'I' pot tr ctfs
8214 81% 8218 82%82* 6 *82%82% 1,834 Reading
82
50 279% Apr 27
634 8%
Vs 6%
1
6 Mch 8
678 8 6
834 678 2,680 Tonopah Mining
45
45
4478 4478 4434 4434 *45
50 42 Mch 27
4512
182 UniOn Traction
8312 8334 8312 8334 8334 8334 8312 8334
50 82 Apr 25
557 United Gas Impt
2 Feb
3912 Feb 14 37 J'ne
5134 Jan 21 41 J•ne
1114 Jan 27 1114 J'ly
5512 Feb 2 4212 J'ne
4212 Feb 10 33 J'ne
82 Feb 10 7058 J'ne
934 J'ne
1312 Jan 15
2314 Jan 31 21 Dec
8434 Jan 22 81 J'ne
7818 Jan 24 7030 J'ne
2058 Feb 4 1534 Jan
34 Jan 29 2912 J'ne
5734 Jan 31 4531X4 Dec
4634 Feb 6 37 J'ne
2714 Feb 19 12012 J'ne
2018 Jan 15 18 Nov
8618 Jan 23 7553 J'ne
713 Jan 14
4 J'ly
47 Jan 15 4134 Nov
30 Jan 28 8014 J'ne
2 Feb
34912 Feb
5358 Jan
1218 Jan
5414 Jan
4278 Feb
78 May
1312 May
3112 Jan
9312 Jan
84% Jan
2378 ftich
3712Meh
61% Jan
50 Jan
¶2618 Dec
2812 Jan
85% Dec
74 Deo
5112 Jan
9112 Feb
r
PHILADELPHIA
BM
Ask
PHILADELPHIA
Bid Ask
BALTIMORE
PHILADELPHIA
ma Ask
ma Ask
—
Bonds
Ph tis Read 2d 58 1933 A-0
_ Coal & 0 fly 1st 5s'19A-0 91 94
Prices are all "and
Ex Imp M 48 1947_A-0
Coal & I By 1st 58'20 F-A __ _ _ _
--1
interest"
Terminal Si g 1941 Q -' -------_
_ 001 & Girny let 6s 1916 J-J --- 10214
1011-2 10212 Alt & L V Elec 4348'33F-A --- _-- P W & B col tr 48 '21__J-J nsol Gas be 1939__J-D 1053-4 ---43
Am Gas & Elec 5s'07_F-A 8553 86 Read Trac lit Os '33_ J-J ----------Gen
_ __
4;.is 1954
A-0 9414
—__ __ Am Rys Ss 1917
41-0 __ 98 Roch By & Leon As '154J-J Cons0 IC & P 4;is '35 J-J 8912 8934
Atl 0 Gas 1st s f bs '60 J-J ____ ___ Spanish-Am Ir 68 '27__J
10012 10114 Oonsol Coal be 1950 J-D ____ _
'7312 ___ Berg&El3rew lat(58.21 J-3
Stan'd Gas & El 68'26 J-D --_ 88 Fair & Cl Ti'lit 58'38 A-0 ___ 101
_—_ ____ Bettileh s'ti Os 1998_Q-F 1161; ----- Stand St1 Wks letbs'28 J-J ---_ --_, Ga & Ala 1st con 58'45 J-3 104 10112
---- ---- Ch Ok &0 gen 58 1919 J-J --_ U Trac Ind gen 5s '19_J-J
Oa Oar&N lit 5s g '29 .1-J 10234
---- -__ Con Trac of N J 1st 53 '33 10212...:__ Un Rys tr ctfs 49 '49 _J-J 74 75 Georgia P 1st 6s 1922__J-J 10734 ---1
3- Del Co Rys tr ctfs 4s'49J-J
United Rys Inv lat coll tr
Ga So & Fla lit As '45-J-I 10412 105
---__ ---- Edison Bloc bs 1946 A-0 ___
_
11-N ___
8 f 58 1926
71 0--B-S Brew 3-48 '51-M-8 80 3030
__ Elec & Peoples Tr tr ctfs_ 82 - -821- Welsbach s f 5s 1930__J-D 873-4 8812 Houston 011 div ctfe_F-A ____
'73
Fr Tac & H 1st 58 '40_J-J _ _ _ _
1' 1
W11-B G&E con Si '55..J-J 102 ____ Knoxy Trac lit bs'28 A-0
_ __
_ ----Gen Asphalt 58 1916_M-S 03 9814 York Rys 1st 5s 1937_J-D ___ 93 MaconRy&Lt lit 58'53J-J -__ 97
---_ ____ Harw Elec 1st Gs 1942 M-S 10212 10258
Md Elec By 1st 5s '31 A-0 981-2 ---..
--_- _-__ Interstate 43 1043...._F-A 58 88,
BALTIMORE
Memphis St 1st bs '45_J-J 94 96
__ Kentucky Tra&T 59'51F-A --------_
_
Inactive Stocks
Monon V Trac 5s '42 J-D ____ 9312
60 68 Keystone Tel 5s 1935__J-J 9112 92n Coast L(Conn)-101 —_ 128 Mt Ver Cot Duck 1st 5s__ 31
32
Sup
Corp
Lake
inc 58'24 0
80 85
101 ___ 151 NptN &0 P lit 58'38M-N 98 ---70 lOanton Co
9212 __ Lehigh Nay 454s '24..Q-F 10234 __ _ Consolidation Coal
101 93 __ N & A Terml bs '29 M-S __
Cons 4;is interim &fa w i 093a --:. Georgia Sou & Fla
___ _
101
Nor&Port Tr Ist 58'36 J-D -__
8714
104 - idi Leh V C 1st 5s g 1933_J-J 104 105
100 871- _..... Norf Ry & L As'49__M-N 973let preferred
4 98
__ _ _ _ __ Leh V ext 4s 1st 1948_J-D
_ _ ...
100 78 - — North Cent 454s 1925 A-0 101 ..._
2c1 preferred
Consol 6s 1923_ _J-D__ 112 G-B-S Brewing
1,____
133 65
100
Series A Si 1926---J-J 106 __ ...
Consol 434s 1923
36 38
J-D 10112 __
Bonds
Series B Si 1926_..-J-J 106 ____
Annuity 6s
4214 4234
J-D 131312 1371
Prices are all "and
Pitt Un Trac bs 1997__J-J ____ ___
___ _
Gen cons 48 2003_-M-N
interest"
1
Poto Val 1st 58 1941___J-J
81 -8B2 Leh V Tran con 4s'35 J-D ---____
J-J 92
----Belt City 354s 1930
__ Say Fla & West Si'34 A-0 105- _- —
834 ___
lst series A 48 1935..M-S
48 1954-1955—Vario
981 :::: Seab Air L 4s 1950
A-0
'7% 7%
1st series 13 5s1935 M-S 1031Si 1916
M-N 1011.____ Saab & Roan Si 1926—J-J 105 -4 __
_
____ MarketStEl 1st 49'55M-N ____ 9i18 Anacostia & Potom 5s A-0 ____ 100 South Bound 1st bs A-0 105 __—
-.._ __ NatLII&P serB 5s '19 J-J ___
_ Atl O'st cony deb 4s-M-N 93 _ _ U El L&P 1st 4348'29M-N 93
---_ New Con Gas 58 1948_J-D 104- -_:__ Atl Coast L(Ct)etts 5s J-D 9913 151 Un By & El 1st 48'
,
..-9 M-S 8358 8334
N Y Ph & No 1st 4s'39 J-J
5-20-yr 48 1925
J-J 9112 __
_
Income 4s 1949
J-D 6234 63
B S P & C 1st 454*'53 F-A 9734 98
Income 48 1939 ___M-N
Funding 58 1936 J-D 88% ----------Penn Steel 1st 5s'17_M-N -------Bait Trac 1st 58 '29_M-N 104 __
___
Cony notes 55 1914 J-J
____ ____ People's Tr tr ctfs 426_1943 84 ____
No Belt Div 55 1942J-D 10412 ____ Va Mid 3d set 68 '16.M-8 100 -___--- P 010 lst&coll tr 5s'49M-S ____ 99 Cent By cons 5s '32_M-N 104 _--4th set 3-4-118 1921 M-S 102 _.
50 501-2
Con & coll tr 5s'51 M-N 84 8412
Ext & Imp 5s 1932 M-S 104 ___
5th series b.1926_M-8 104 _—
60 62 Phil Eiec gold tr ctfs_A-0 10214 10212 °has City By 1st 58'2. J-3 -_ -- 1031; Va (State) Si new '32_J-J 85
- - - _ .....
Trust ctfs 48 1949—J-J 81
8114 Chas By G & El 58'99MS 9313 __ _
Fund debt 2-3s 1991 J-J 82
iih. 9 P & E gen M 58 g '20_A-0 103 ___ City & Sub lst 58 1922 J-D ____
- West 31 o con Gs 1914.J4100 .......
32 33
Gen M 4s g 1920
A-0 98 ____ Oity&Sub (Was) 1st 51;'48 101 _ __ Wil & Weld be 1335-44 100 .......
*IL.: and asked; so sales on this day. s Ex-dividend. 1 415 paid. I $17)4 paid.
2234 Paid.
Inactive Stocks
Amer Gas of N J
10
American Milling
100
Amer Rya pref
50
clambria Iron
Central Coal & Coke 100
100
Preferred
100
Congo! Trac of N J
100
Harwood Electric
50
Huntington & B T„
50
Preferred
10
Insurance Co of N A
Inter Sm Pow & Chem 50
Kentucky Securitles_100
Keystone Telep, pref.. 50
Keystone Watch Case 100
10
Lit Brothers
Little Schuylkill
50
Minehill & Schuyl H._ 50
Nat Gas Bloc Lt & P-100
Preferred
100
rorth Pennsylvania
50
Foamy receipts 330 paid_
Pennsylvania Salt
50
Pennsylvania Steel
100
Preferred
100
Philo Co (l'itts) b% prf 50
0% cumulative pref. 50
Phila German & Norris 50
Phil& Traction
50
Railways General.„
10
Tonopah Belmont Dev 1
J
of
N
100
United Cos
United Trac Pitts prof 51
Virginia By & Power-100
100
Preferred
Warwick Iron & Steel_ 10
Wash'ton-VaRy(new)100
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh- 50
Westmoreland Coal
50
Wilkes Elas 64 Elec- —100
5'
\ tir
Railway
50
P rerreci
•
THE CHRONICLE
1756
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
Stocks.
Week ending
June 5 1914.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sales at
New York Stock
Exchange.
U
U. S.
Bonds.
State
Bonds.
$9,423,350
17,591,650
13,730,550
16,394,750
8,206,350
HOLIDAY
51,6011,500
1,531,000
2,350,000
1,833,500
1,905,500
0126,000,
235,500'
200,0001
89,0001
120,0001
56,000
24,000
736,808 085,348,650
39,226,500
8776,5001
830,000
104,046
197,310
158,213
185,355
91,884
Total
Railroad,
(tc.,
Bonds.
Par Value.
Shares.
Week ending June 5.
1914.
1913.
Jan. 1 to June 5.
1013.
1914.
39,430,152
34,803,711
2,701,028
738,808
Stocks-No.shares___
$85,346,650 $252.130,650 $3,043,110,789 $3,543,796,200
Par value
$77,600
$253,400
$3,500
Bank shares, par
Bonds.
$117,500
$449,500
$57,500
$30,000
Government bonds
12,451,000
27,775,000
945,000
770,500
Statebonds
9,938,000
301,385,000
238,837,000
9,226,500
RR. and misc. bonds_
Total bonds
$10,033,000 $10,940,500
$329,577,500
0251,737,500
DAILY TRANSACTIONS AT THE BOSTON AND PRILADE LPHIA
EXCHANGES.
Boston.
Week ending
June 5 1914.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares.
Bond
Sales.
10,255
16,521
18,900
22,958
12,015
518,100
10,900
25,700
22,000
33,500
Philadelphia.
Listed
Shares.
HOLIDA
2,359
4,228
2,510
2,973
2,336
Unlisted'
Shares.
3,083
4,172
2,569
2,288
2,620
Bond
Sales.
022,650
82,200
31,300
91,700
52,200
14,412
14,7321 $280,050
78,847 $110,200
Total
140-Bost:On "Unlisted Department" discontinued Mast 10
070
-,
Inactive and Unlisted Securities
[VOL. xcv m
Telegraph and felephone 8.0 Ark ludust and Nliscell-(Con) Bta Ask,
Am Steel Fdy 6s 1035-4-0 100
e Amer 'Inlet & Cable___100 574 61
75
Deb 4s 1923
71
F-A
Central & South Amer_100 108 10712
American Surety
50 1(17 175
Comml Un Tel (N Y)___25 95 105
70
American Thread pref___5 *4
5
Empire & Bay State Tel-100 80
50
Amer Typefounders corn.100 37
40
100 40
Franklin
P
urce5feg
rre.
8d 1,33
138
100 94
96
.100 110 123
e 00Id & Stock
95
99
at-N
Teleg_Marconi Wireless
Tel ofAm 5 *338
Amer Writing Paper...0_100
1
e Northwestern Tele"
50 103 115
Barney & Smith Car corn 100
15
95 65
Pacific Sc Atlantic
Preferred
45
100
e Pac Telep Sc Teleg 0110_104; 83 -11614
95
Bliss(E W)Co com
50 87
00
Southern Sc Atlantic
25 85
Preferred)
60 113 125
Short Term P5OteS
100 287 292
Amal Copper 5s 1915_14- 10018 10078 Bond Sc Mtge Guar
10
00
0 113 114
Amet Locomotives,1915 J-J 100 10012 Borden's Cond Milk com.1
10513 10012
Preferred
Is 1916
J-J 100 10038
.
70 701
Is 1917
J01
9978 10014 Braden Copper Mines jog
ao
42
Am Tel & T Sub Cos Is '10_ 100
de coin
e Brp
e orwenSheo
00
100 86
Balto & Ohio Si 1914J-J 100 112:
Preferred
:
2912
100
2.14
Bklyn Rap Tr-See N Y Stk Es list. e Butterick Co
100 95 105
Ches & Ohio Is 1919_ J-D 9518 0534 Casualty Co of America-1
1291: 131
ChteElev Rys Si 1914_ _J-J 9903 9918 Celluloid Co
27
100 22
Erie Coll 55Oet 1 19141A-0 10038 10018 City Investing Co
00
100 85
Coll 5a April 1 1915 A-0 9978 100
Preferred
73
A-0 991 9934 e Claflin (H B) Co com-1
100 70
512a Oct 1917
78
82
Har Riv & Pt Ch 53'15 M-10 9818 9878
e 1st preferred
84
Hocking Valley 58'14_M-N 10018 10078
100 79
e 20 preferred
III Cent 430s 1914_ __J-J 100 104114 Cluett, Peabody & Co-See StkE0 list
71)
Int & Gt Nor Is 19141-F-A 89
93 Consol Car Heating---100 68
10
Inter Harvester Is '15-F-A 10012 10034 Continental Can corn___100 36
90
Minn & 8t. I. g 6s 1910 F-A 03 95
100 87
Preferred
93 e Crucible Steel corn
Mo Kan & Tex 5s 1915-14-N 90
100 1614 1012
9334
6 Preferred
Missouri Pacific Os 1915 .J-D 9312 9412
100
.00
New Eng Nay 63 1917 _hl-N 0918 9938 Davis-Daly Copper Co___10
3.1
eNYC Lines Eq Is 1914-22 5 4.65 4.55 duPont(EI) de Nom Pow 100 123 127
e Preferred
440 Jan 1915-1925-J-J 5 4.65 4.55
- 85
100
20
4308 Jan 1915-1927-J-J 5 4.65 4.55 Emerson-83rantingham 100 21
M-N 10018 10038
Preferred
77
73
N Y Cent 4128 1915
10038 10034 Empire Steel & Iron cons 100
13
59 Sept 15 1914
°
10018 10078
Preferred
25
Is Nov 5 1914
100 15
6
4.8
0878 e Federal Min & Smelt _100
15
NYNH&H Os '15 -M-N 98
Seaboard Air Lily 53'18 MS 9934
100 *3114 35
eeP
ne
038 e G
rerfaelrC
rehdemical c0m-100 160 ITO
South Pao Co5s J'ne 15 1914 100,180
e Preferred
Southern Ry Is 1910_ F-A 9918 9934
100 109 11012
*00 112
-M-S2 9918 9934 Goldfield Consol NI
5s Mch 2 1917
96 k Hackensack Water Co-10
West Maryland Is 1915_14 00
1st
g 4s 1052 op 1912_14 83 -Westingh'se El & M 68 1915 10124 102
Hale & Kilburn e. re-10
25
30
Railroads
912
Preferrod
100 75
8
100
80
Cehte&
PreferredAn,
ito corn
Havana Tobacco Co--100
25
100 13
2
4
Preferred
g.
5
35
0
100
9
12
Om--100 127 14
June 1 1922_1-D / 62
(16
* CelliP°reSfet
100 135
Preferred
100 2212 2312 IIoboken Land Sc Improve't
41 Colo & South corn
1st 55 Nov 1930
42
81-N 100
30
3
10
00 4
1st preferred
40 Hocking Val Producte_100
212 312
e 2d preferred
3712 41
J-J
4
e ID
Cu
rirS
ere
Srr
&
edAtl com_ _ -100
e Iliseglef0o
158
11-112018n1 d com__100 130 135
11
e Preferred
100 92 _40
6
e N Y Chia (It St L com--1
10
00 38
100
1)2 100 Intercontin Rub com
e 1st preferred
100 60
7,4 734
75 Internet Banking Co
100 05 105
e 20 preferred
International Nickel....100
0 117 11712
Northern Securities. Stubs_ 102 106
Preferred
33
105 100
Pitts Bess & Lake Eric_50 *30
60 International Salt
100
5
8
Preferred
1st g ba 1951
A-0 49
51
Railroad Securities Co-50 '1.0e
t
3
1
3
tion4
iv
a
8
1
Int
i
e
srn:
Silver
106
pref_100
78
110
ill C elk tr ctf0 0er A
.1-10 1111
50
West Pao 1st 58 11/33-01-0 54
Per ehar Kelly Springfield 'flee __100 63
65
Standard Oil Stocks
Preferred
100 142 145
1712
*17
Anglo-American 011 now_
Debenture 4s 1951
A-0 75
80
155 610 615
Atlantic Refining
100 3013 36
100 290 300 6 Lackawanna Steel
Borne-Sorymser Co
Laustsm Monotype
100 83
8412
Buckeye Pipe Line Co_5(0.140 143
Lawyers' Mtge co
100 188 193
Cl"gebrouglt
Colonial ui Mfg Cons-100 660 675
Lehigh Val Coal Sales__50 165 17,)
100 100 110
Manhattan
tgteann
ShirtTo r nLoot
100 40
60
100 225 230
ConUnental Oil
Protected
53
138 103
1
Crescent Pipe Line Co- _50 *48
Manhattan
60
*18
20
Cumberland Pipe Line. 100 55
Bond
10
97 102
Eureka Pipe Line Co-100 258 263
Nat Cloak Suit com_100 51
55
QaPiernefa'aerredignal 011 cons-100 175 180
Preferred
.13<
141
1 148
100 0712 9718
135
e
National Surety
100 175 185
NInadtliaonnaalPwipreanaiLinte
40 e New York Air Brake 100 63
338
25
26 '
68
Co
5 20
New York Transit Co.--100 277 382 oNew York Dolt com_100
eyl•N
ri
eftegrore:
0
26
Noiro
nP
colpe Line Co_100 116 140
Security..,too 143 150
7
70
418
25 .
Ohio Oil
83. N Y Title Ins Co
100 45
rierCO Oil Corp
65
•
00
Y
N
Transportation
20
100 465 470
512
Prairie(Al& Gas
310
Nilea-Bern-Pond cosn_100 58
Solar Refining
63
Ciro
eiovp
hi
.
1notlia
)
,1 ?
1.512
8(5
8
) 0
30
29
0 2
1
00 2
.
8ou
utherpneim
Co 10
Plpo
ou
Llne Co1
'
14
S
er
iI vCe
100
212 3
tor corn
19
40
100 75
00
0 2
Sou West Pa Pipe Lines-1
10
77
tt,bon
30
23
0 e Preferred
30
25 5
10
00
0 4
95
altorf_it10
s
Sta
tan
ndao
97
rdilO
ulln(C
dian
Mulliken Co 100 20
25
lb
sturg
prtiefuerrerw
34
85
eding
100
Standard Oil(Kansas) 100 435 4
1)9
tta
50 006.0
Stand 011 of Kentucky _100 275 375 Pie
Preferred
50
Stand Oil of Nebraska__100 365
27
e Pittsburgh Steel pref_100 8
1100
8
Stand
.5
of N 3 (old)100
02
.- Pope Mfg Co corn
100 400 010
10U
Oil
1
Preferred
*1000
100
2
Standard 011 subsitliarlea
6
Pratt & Whitney pref
100 98,2 102
Standard 011 of N Y____100 214 210
Producers
425
011
415
109 130
8twaanarlaardyi4n
)icl,iot Ohio200 Realty Assoc (13klyn)_100 110 115
89
Remington Fypewt0 coin100 21
80
8
1U°
00 18
.a
l un0
i1 Line Co-_1
2313
1st
205
230
preferred
100
UnionVacuum
10
96
98
2d preferred
52
10 017
1
Washingrou 011
87
88
Royal Bak k'owd oom___10 177 180
Waters-Pierce 011
Preferred
100 105 100
Tobacco Stocks
Car Beat & Lt__100 104
(See also Stock Exchange:
1,1
1
30110 130 .lately
3ears,itoebuck&Co--SeeN Y Stk E 105
100 132
Amer Cigar cow
thit
100
5
Preferred
98
100
-See Chic Stk Ex 115 L.
Preferred
00 Singer N.tf0 co
100 331) 333
Amer Machine & Fdy.._ IOU 84
3214 ittuniart1 Coupler (00,13_100 2/1
British-American Tobac..2.1 *22
33
l'referred
*2218 0235
100 106 111
New stock
Stewart.- W:loos Speedo'r 100 4712 4813
100
Conley Foil
165
Preferred
_100 98
9913
117
& Sons pre._ _100 93 04
e itela
s.Pe
relrTeel
° W) eon"-1"
10Q 21510
6 175 0ffizberger
l'exas a Pacific Coal___100 9712 100
10
5
4)0 12
Johnson 0111 Foll&Metai 10
MacA ndrews A Forbes--100 190 200 e 103a1 Pactflu Lan0 Tr_ 1110 98 105
fonopah Ni In(Nev)-SeePhila Ilk E x list
Porto-Rican-A user Tob _ 100 230 240
Reynolds (It J)Tobacco_IUU 265 275 Trenton Potterles coin. 100
4
6
Preferred new
Tobacco 0roducts com_100 1043 150
100 45
55
United copper
100 8312 85
Preferred
110.)
18
38
48
Prefereed
• United Cigur NIfrs coin 100 40
100
6
2
e United Dry uoods____100 83
.100 98 101
e Preferred
85
e
Preferred
oont.100
8712
8714
United Cigar Stores
100 9012 10078
U b Casualty
1041 110 115
Preferred
100 191) .210
II 8 Envelope corn
100 225 250
Weyrnan-Bruton Co
100 138
118
Preferred
IOU 110
e kreferred
100
4
U S Finishing
100 125 140
Young (0 0)Co
3
100
7
Industrtatrx..liscellaneous
Preferrel
100 25
29
1st
102
g
IOU 08
Is 1919
e Adams 0xpreaa
94
90
74
7512
Con g 5a 1929
Col tr e 4s 1947
J-D
J-1 09
72
92 e U S Indus Alcohol.,,.100 15
100 88
Alliance Beatty
34)
e Preferred
30
Amer
vr ;
e
s rnk
ed Note corn_ -50 *33
100
84
50 *5013 51,4 U 8 Steel Corporation100 160 175
Col 315s Apr 1051 OP 1911 112 114
American Book
134 137
Americanrreier100
Cols!55 Apr 1951 not opt 112 114.
American Bras8
U STit Gu & Indem__10
Chicle com..-100 190 195
45
30
99 e Virginia Iron C Sc C_100 41
100 97
51
100 107 110 e Wells Fargo & Co
American Express
100 101 102
Am Gra:000)11one com__100 _- 28
Westchester & Bronx Title
65
& Mtgc Guar
100
Preferred
100 155 175
100 115- 120 e Wostintth'ee Air Brakc..50 *129 130
American ilardware
tote 7412 75
Amer 0Ialting Os 1914....J-0 9934 10012 Willys-Overland cons
30
100 25
Amer Press A ssoc'n
100 93
1/5
Preferred
Worthington(11R)Co of_100 •--- s48
All bond price, are now "and Interest" except whose marked • "
Bid AM
Street Railways-(Qon.)
B01 AM United Rye 01 2$ I.
Street Railways
10
10/8
100
Common
C preferred
100 3614 37
New York City
90
26 Wash By & El CO
100 87
Block St & Fist Fy stk. _100 20
73
66
Preferred
100 8312 84
J-J
lit mtge 48 1950
1-0 8214 83
48 1951
100 170 185
It'y & 7th Ave stk
West Penn Tr&WatPow 100 --__ 15
J-1 10014
2d mtge Si 1914
s45
100
Preferred
Broadway Surface HAJ-J 10134 10234
W 5111924
10 Electric. Gas & Power Co.
Cent Crosstown stock_100
New York Cliy
1st mtge 6s 1022__M-N iao" 103
Christopher & 10th St atk100 120 135 Cent Un Gas 58 1927_ ___J-J 102 10312
•Kinga Co El L & P Co-100 122 123
Dry Dock E 13 44 BattJ-D 98 100 New Amsterdam Gas1st gold Is 1032
J-J 1011 10214
lit consol Si 1948
F-A f_..4S2114
Scrip Is 1014
Eighth Avenue stook_100 280 310 N Y&ER Gas 1st 58'44 J-J 10212 104
.1-J 04)122
10
Consol be 1945
F-A / 99 10012
Scrip Os 1914
100 240 280 N Y 4E1 L & Pow Co..100
--42d & (Sr St Fy stock
Preferred
100
42d St 01 0. St N Ave
45
1st 103 ext at.5% to'40_61-S 100 105 N Y & Richmond Gas..J00 35
100 155 170 North'n Un 1st Is 1927_M-N 10034 102
Ninth. Avenue stock
8 Standard 0 L 1st Is '3014-N 102 105
100
Second Avenue stock
Other Cities.
24
Consol Is 1048 ctfs F-A 1 20
50 081
$4
eSixtb Avenue stock _ _100 113 121 Am Gas & Nice cons
Preferred
50 018
47
J-J 81112 100
klou BOUICV bs 1943
98 Am Lt at Trao tom
100 335 338
A-0 90
So Fez* 181 58 1919
Preferred
80
100 103 110
Tarry WP & 01 Is '28_14-02 r 75
f
5
15
Amer Power dr Lt com__100 60
83
28 & 29th Sts he '00 cos A-0
Preferred
100 82
84
Twenty-third St stock_ _100 .240 275
50
*38
13
Union By let Is 1942 F-A 102i2 104 Bay State Gas
02 Buffalo City Gas stock 100
Westchester 1st 5s '43_.1-.1 89
Yonkers St RR 55 1946_A-0 92 100 Cities Service Co cow _100 8512 8612
Preferred
100 71
Broolap,
73
Columbia Gas & Mee__ _100 1003 Atlan Ave nit con 68'31A-0 101
1st Is 1927
J-J 68
07 tOO
69
B B 4 W E Is
97 100
10 173 175 Con (.108 of N J Is 1936 J-J
Brooklyn (Av. RR
Bklyn ligts 1st Is 1941_A-0 10013 102 Consumers' L H & PowIs 1938
.1-10 98 ___
100 00 100
Coney 141 & B141301
84 Consumers Power (Minn)3.3 82
lit cons g 4s 1948
80
84
let & tells'29 opt'140I-N 8734 89
J-J
Con g 4s 1955
91
93
J-1 9013 1000 Denver (I & El Is 1949_14-N
Brk C 04 N 5s 1939
Nassau Elec 1st Is 1944 A-0 102 104 Electric Bond Share prof 100 99 100
Elizabeth Gas Lt Co-_ VA 325
rnsburgn & IrlatbushN
92
95 Essex & Hudson Gas____100 132 131
F-A
1st 4;Ss July 1941
92
J-1 100 102 Gas & El Bergen Co.. .100 89
Steinway ls is 1920
Get West Pow Is 1946_14 7934 8034
Hudson County (las__100 129 132
Other Cities.
41
Bull St By 1st con 5s'31F-A 101 10312 Indiana Lighting Co__11a) 38
61
4s 1958 opt
F-A
70
72
Com'w'itis Pow By & L 100 59
100 80
82 Indianapolis Gas
50 110
Preferred
64
1st
g be 1052
A-0 8934 01
e Conn By & Ltg eons..100 61
100 63 66 Jackson Gas As g 1937_ 11-1) 9712 100
e Preferred
68 e Laclede GasL(St Louls)100 96
Detroit United Ry..._100 67
98
e Preferred
100 2112 23
100 94
Federal Light & Trac
100 6813 701 Madison Gas Os 1926_ A-0 102 107
Preferred
79 Narragan (Prov) let Co_ 50 *xti-- 85
eHavana Elec By L & P 100 - 95 Newark Gas 43a Apr '44.Q0.1 122 124
100 e Preferred
J-J 10234 10314 Newark Consol Gas
100 95
9613
C Louise St 58 1930
No Bud L It de P Is 1938A-0 98
New Orl Rys & Lt coin _100
65 Pacific Gas & E corn____100 3912 4012
10
s Preferred
65
Preferred
100 80
82
eN Y State Rys cow _ _100
06 Pat A Pas Gas & Elec
92
I000 89
eNor Ohio Tr & Lt cout_100 56
J-J 80
88
Pub Serv Corp 01 N J-See Stk E Liss St Joseph (las Is 1937
T: ctts. 6% perpetual.,..._ 10414 10514 Standard Gas & El (Del) 50 *512 7
Preferred
64) *2213 25
No Jer St 1st 48 194114-01
7812 791
United
74
Electrlo of NJC ns Tract
N J_ _100 73
1st g 4s 1949
.1-D 8012 8134
J-D 103 103'
lit bs 1933
Nevek Pass Sty Is '30_J-J 104 105 United Gas & Elea Corp-100 2912 33
151
preferred
100 67
69
Rapid Trutt St ity
100 230
20 0referred
100 3012 34
1st 58 1021
A-0 101
78 Utah Securities Corp._ 100 16
77
J U Bob & Pat 4s'49 101-N
1714
130
6% notes Sep 15'22NI&S/5 83 84
So J Gas El Sc Trac
100 125
100 18
19
r0-0 9812 99i2 Western Power con)
Ou g Is 1933
Preferred
100 68
No Bud Co Ity Is 1928 .1-1 101 103
69
Western States Gar, & El1)3
Ext 5s 1924
hl-N
__
1st & ref g Is 1941 op-J-0 81
Pat By on Os 193I-1-0 110
8312
20 (is 1914 opt_ _A-0 100
Ferry Companies
21
20
Republic Ry & Light___100
75 N Y&ER Ferry stock-_100 10
100 74
Preferred
18
lit 5a 1922
14
NI-N 40
46
Tennessee By 1.&P com..100 13
68 N Y & Bob be May '48__J-D 9912
100 66
Preferred
Bob Fy 1st Is 1946....01-N 102
.0oledo Tract L & P.-..100 10
15
40 NY&N15111945
J-J 96
100 41
Preferred
r -at P & B St 1943___J-1, 04 - - 10th & 23d Ste Forry__100 13
20
1st tntge Is 1919
72
J -D 35
United Lt & Rys corn-100 70
45
1st "referred
100 7412 76 Union Ferry stock
100 30
32
lit Is 1920
2.
1001 07
69
'erred
81-04 96 100
•
1. a And accrasd divi land. 6 Ba.sls. k Listed on Stock Exchlnge but usuu iy Inactive. / Flat price. n Nominal, s Sae price. k New Rock. u Ex.
8I
z Et-dly. y
z Includes all new stock dividends and subscriptions. e Listed on Stock Exchange but Infrequently dealt in: record of sale4
,
,;al on a pracading page. 11 Ex-300% stock dividend.
11
JuITE 6 1914.1
THE CHRONICLE
1757
Anuestment and Aaitroad lateltigruce.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from
regular weekly or monthly returns
ertn be obtained. The first two columns of figures give the gross earnings for thewhich
week or month, and the last two
columns the earnings for the period from July 1 to and including the latest weeklatest
or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin
periosl. The returns of. the electric railways are brought together separately on a subsequent with July, but covers some other
page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross licrnings.
ROADS.
IVeek or
Month.
Current
Year.
July 1 to Latest Dale
Previous
Year.
Current
Previous
Year.
Year.
Ala NO & Tex Pac62.000
N 0 & Nor East_ 1st wk May
3,483,705 3,318,129 N 0Mobile & Chic.. April
171,850 224,566 1,830,701 2,112,299
SUN 1,506,856 1,615,701 NYN H& Hartf_ April
28.000
Ala & Vicksburg_ 1st svk May
5,518,832 5,683,489 55,338,184 58,153,690
26,000
25,000 1,592,088 1,493,059 N Y Ont & West__ April
Vicks Shrev &nee ist wk May
707,308 713,434 7,444,193 7,823,332
41.934
Ann Arbor
3d wk May
,32 , 2,052,833 2,035.873 N Y Susq & West April
331,451 357,941 3.285,951 3,169.114
.,279,412 9,408,981 92,958,615 53.907,424 Norfolk Southern__
Atch Topeka & S F.. April
March
360,811 399,355 3,151.182 3,112,372
230,619 269,298 2,928,483 2,763,349 Norfolk & Western_ April
Atlanta Birm & AU Anvil
3,561,536 3,152,492 36,995,483 36,095,463
Atlantic Coast Mae April
3,257,613 3,236.584 30,925.9,
14 30,589,746 Northern Pacific.. April
5,142,647 5,698,244 57,811.014 60,885.499
Chariest & W Car April
185,733 159.902 1,810,244 1,625.819 Northwestern Pac_ April
280,380 271,804 3,053,080 3,028,684
Lou Mend & St L April
111496
94,091 1,133,933 1,024,177 Pacific Coast Co,. Apru
6,009,732 6,590,807
0 Baltimore & Ohio_ April
!.
7,763,103 7,567.179 82,024,925 83,578,249 Pennsylvania kR_ April
14170
52 14830280
'
150801969 150667040
B &0 Ch Ter ktR April
106,765 145,899 1.347.863 1,480,963
halt Ches & Ati_ April
25.671
Bangor & Aroost aok April
23,482
295,892
262,672
407,116 337,720 3,182.378 2,679.4i-3
Cumberland
Vali.
April
293,955 308,008 2,900,254 2,928,427
Bessemer & L Erie_ April
440,757 595,068 6,677,199 6,950,563
Long Island
April
958,944 864,561 10,114.302 9.344,889
Birmingham South.. April
88,246 122,401
990,082 1,043;265
Mary I'd Del & Va kpril
10.977
Boston & Maine_ April
9.480
128,840
139.253
3,873,601 3,873,797 39,470,04 40,491,208
N Y Phila & Norf April
313,610 322,842 3,112,155 3,031,362
Buff Roch & Pittsb_ 9th wk May 288,232 353,430 10,025.030 10.113,999
Northern Centra April
1,059,713 1,106,325 11,022.931 11,052.626
Lefralo & Susq---- April
75,304
1,876,123 2,071,908
Phila. Balt &Wash April
1,695,10'3
Oanadian Northern 4th wl. viay 441,702 211,833
1.761,907 17.073,875 17,469,172
758,400 21 015,300 20,810,300
W Jersey & Seas5 April
Canadian PECIfic__ 9tu. micAiay 2,982,000 3,18,000
489,907 411,324 5,274,480 5.275,199
11497478 12746623R Pennsylvania Co.. _ April
4,220,244 4,869,30 51,103,263 54.189.742
Central of Georgia_ April
1,047,599 1,0 2,679 12,305,151 11,955,280
Grand Rap & Ind April
43,473
Central of Now Jer_ March
423,447 4,670,9254,620.801
2,434.739 2,3 1.666 23,609.037 24,314,029
Pitts C 0 St St L_ April
3.054.297 3,041,566 35.640,841 36,876,825
Cent Now England_ April
3,33,304 326,204 3,147,' 4 3,100,101
Vandal's
April
740,6781
Central Vermont__ April
853,214
9,576.628 9,391.023
327,542 352,076 3,343,031 3.486,021 Total LinesCheri & Ohio Lines_ 4th wk May 1,036,747 1,003,220
East Pitts & E.. April
19948046 20758664 211654263 213089803
Chicago & Alton_ 3d wk May 235.442 270,284 33,513,688 32,024,781
12,852,760 13,574,693
West Pitts & E April
9.654.568 9.391.636 103020140 107623757
chic Burl & Quincy April
6,594,676
All East & West.. April
78.718,825 79,583,138
23602615 30150302 314680406 320113562
f Chic & East II1___ April_.._ 923.078 7,081,599
18,351,264 13,571,006 Pere Marquette.._.. March
1,362.7551,395,394 12,553,756 13.305.64.3
p Chic Great West.. 3d wkMay 284,623 1.203,922
306,543 12,824.732 12.478,295 Reading CoChic Ind & Louisv_ 4thwkMay 188,471201
,901 6,368,955 6,423.305
Phila & Reading_ April
4,082,908 4,235,118 49,730,979 43,154,941
Chic Milw & St P..1 April
7.106,116
7,166,908
Coal
77,140,414
79,114,108
& Iron Co_ April
4.311,737 4.160,226 27,786,511 35,195,374
CbleMil& rueS1
Total both cos...._- April
8,394.645 8,395.344 68,5/7,490 78,350,315
treble & North West April
6,377,070 6,432,814 72,259.406 72,086,403 Rich Fred & Potom April
277,609 296,140 2,391.33, 2,427.976
Whic St P M & Om April
1,365,300
1,270,515
Rio
15,425,463 14.501,761
Grande June__ March.. 72,521
69.638
795,881
Chic Terre H & S E April
878,600
96,578 160,855 1,838.776 1,833,721 Rio Grande South__ 3d wk May
13,990
11.539
Cin Ham & Dayton April
587.062
588.079
796,175
8,336,721
Rock
8,500,964
533.798
Island
Lines
April
4.938.559 5,208,590 57,112,171 59,618,809
Colorado Midland_ April
120,963
99,697
Rutland
1,489,905 1,580,264
April
290,023 283,692 3.088,623 8,056,226
S Colorado & South 4th wkMay 288.694 423,956 12,198,654
St Jos & Grand Isl.. April
13 2
72
32:
,7
241
8
Cornwall
117.405 120.872 1.31241 1,308,977
April
1.4,384
20,406
St L Iron Mt & Sou March
153,976
2.773,887 2,872,581 25.55 .528 26,173,967
Cornwall St Leban'n April
28.396
35,034
St L Rocky Mt & P April
260,677
201,202
190,711 2,06 .628 1.884,388
tuba Railroad _
April
544.872 450,650 4.270,486 3,785,813 St Louis & San Fran March
3,669.655 3.677,787 34,921.249 35,136,631
elaware & Hudson April
2,028,350 1,896,081 19,227.459 20,137.997 St Louis Southwest_ 4th wk
274,000 327.000 11.889,536 12,337,639
' el Lack & West.,... April
3,330.031 3,282.011 32,941,535 33,556.538 San Ped LA& SL April May 968,720
830,874 8,743,299 8,436,598
env & Rio Grande 4thwIrMay 576,600
21,374,441 22,548,441 Seaboard Air Line__ 3d wk May 477.053 471.761 22,776,171
, Western Pacific.... 4th wkMay 153,500 620.606
21,998.239
167,200 5,577,436 5,062,934 Southern Pacific__ April
10960575
115992328 119346030
Denver & Salt Lake 3d wk May
27,200
20,065 1,047,573 1,012,059 Southern Railway... 3d wk May 1,213.094 11059395
1.230,011 62.651.786
etrolt Tol & Iront March
144,194 111.901 1,155.147 1.282,256
Mobile &Ohio_ _ 3e1 wk May 210,615 258,375 11,519,657 61,611.671
Detroit & Mackinac 4th wkMay
29,039
34.249 1,113,370 1,140,076
CinNO&TexP.. 3d wk May 208,451 214.293 9.687,559 10,917,591
9,251.806
ul & Iron Range__ April
132.006 254.800 5,231,401 5,114,361
Ala Great South.. 331 wk May
94,034
91,446 4,823.887 4,600,590
Duluth So Sh & AO 3d,wk May
57,293
65,154 3.051,384 2,931,441
Georgia Sou &Fla
wk May
40,977
45,195 2.326.508 2,310,909
iglu Joliet & East,April
848.157 1,092,415 9.692,104 10,993,077 Spok Portl & Seattle 3(1
April
Paso La Sou West April1
796.008 722,411 7304.494 7.220,260 Tenn Ala & Georgia 3c1 wk May 384.674 408.460 4,107.239 4,433,743
1,990
2,718
82,440
122,829
April
Erie
4,861,631 4,723,769 50.808,238 51,879,756 Tennessee Central April
East Coast_ AprilodaApril
557,566 483,320 4.456,982 4,293,491 Texas & Pacific__ 4th wkMay 138,p2 141.915 1.426.608 1,399,510
457,549
458,
17,395,844
7
onda Johns & Glov
16,875,270
78,374
79,014
608,762
816,199 Tidewater &•Weet April
7,. 49
8,900
71,666
Georgia Railroad__ April
87,108
258,422
2.859.710 2.633.160 Toledo Peon & West 3d wk May
23,195 1.154,093 1,216,541
21,277
'Grand Trk Pac___ 3d wk May 104,956 256,228
102,518 6,212,986
Toledo St L & West 3e1 wk May
91,068 102,658 4.094.6'..1 3.863,395
Grand Trunk Syst_ 4th wkMay 1,422,763 1,680,003
Pacific Syst_ April
6,918,512 7,000,573 77.986.615 78,804,216
Grand Trk Wrest_ 3d wk May 132,193 144,145 6,382,236 5,547,710 Union
Vinginia St So West_ April
162,319 160.392 1,627.826 1.495,474
Det(Jr H & Milw 3d wk May
47,760
45,166 2,235,667 2,188,028 Virginian
April
540,871 539,968 5,592,436 5,167,989
Canada Atlantic.. 3d irk May
48,139
45,579 2,070,492 2,145,887 Wa
A prit
2,248,263
2,483,489 25,368.519 26.558,117
Great North System April
5,167,715 6,082,302 63.462,436 64,848,951 Western Maryland April
684,775 634.733 6,887,207 6.282,194
Gulf & Ship Island.. April
156,067 172,289 1.702,151 1.740,141 Wheel & Lake Erie_ April
407,922 379.728 6.636,672 6,325,104
rocking Valley_ _ .._ April
394,994 652,829 6,102,192
Wrightsv & Ten aille April
24,143
23,703
Illinois Central___ April
315.4331
273.' ,2
1,825.331
Yazoo & Miss Vali_ Apri
55,870,031
851.123 815,217 10.837.832 9,339.015
Intcrnat & Ort-Nor 4flo wi.May 283,000 4.560,001
270,000 9,304,900 10,606,834
0 Interoceank Mee_ 3d wk May pit2
18gMN 8,589,404 7.952,600
Current
Precious
H
& Mich._ April
Iarwh
2,701,230 2,674.698
Various Fiscal Years.
Period.
Year.
Kansas City South_ April
Year•
935.187 848.768 9.126,800 8.950.965
Lehigh & New Eng.. April
235,916 170,195 1,720,540 1,469.447
April
Lehigh Valley
3,375,089 3 530.767 32,045,513 35,504,675 Delaware &
Hudson
Jan
to
April
30 6,822.717 7.1321,937
Louisiana & Arkan_ March
181.269 166,437 1,314,4n 1,286,1(44 N Y Central & Hudson Itiver_r_ Jan
to April 30 28.294.959 30,639,762
a Leuisv & Nashv__ 3d a k May 1,033,200 1,119,825 53,701,802
53,172.715
1,3oaton & Albany
Jan
to April 30 4,984.682 5,234,196
Macon & Blein'ham April
137.478
135.976
Lake
Shore
&
Michigan
South
April
30
Jan
to
16.0415413 19,106.022
April
Maine Central
911;267
4 91,9
1,M 9,726,207 9.449.430
Lake Erie & Western_n
Jan
to Apr1130 1,155,873 1,854,258
Maryland & Penna.. April
49.504
44,024
22,254
444,830
Chicago
Indiana
&
April
S.
Jan
uthern_
30
to
1,397.266 1.460.6a1
May
Railways
wk
Mexican
2d
a
142.000 175,000 8,342.000
67,409
Michigan Central
Jan
to April 30 10,515,901 11,704.495
Mineral Range__ 3d wk May
15,143
61,t, e
14,762
411,979
Cleee Cin Chic & St Louis..... .lan
to April 30 10.772.691 11.215,885
Minn & St Louts...1 4thwk May 182,975 184,773 8,826.492 8.936,980
Cincinnati Northern
Jan
419.122
to April 30
864.504
Iowa Central-4
Pittsburgh & Lake Erie
Jan
to April 30 5.214.479 6,328.349
Minn St P & S SM.. 3d wk May 478,350 516,716 26,404,937 28,600,630
New York Chicago & St Louts Jan
April
3.7
30
,964
4,044.093
to
Mississippi Central_ Apr79,903
il,
863,125
870,754
Toledo & Ohio Central
Tan
to April 30 1,556.077 1.48,712
u Mo Kan & Te3,19_ 4th wkelay 694,20: 792,038 29,182,06(1
'',1`,994,670
z
Total all lines
mwsouri Pacific_ 4th wkMay
Jan
to April 30 84,766,644 93, 6,926
1,12.000i',711.Q00 55,122,996 57.429,710
Railroad
to April 30 54,654.566 58.0 9,555
Jan
Nashv Chatt & St L A.pril
1.0 2179, 1.095.721 10,791.490 11.111,544 Pennsylvania
Baltimore enesap & Atlantic_ Jan
to Apri180
78,712
a Nat Itys of Mex_t atis w1.51aY 6 4, r,111,069,123 32,486,312 54,274,064
72.837
Cumberland Valley
Jan
to Apr1130 1,090.310 1,171,371
Nevada-Cal-Oregon 32 wk Apr
323,217
Long
364,126
Island
Jan
April
to
30
3,282,860
New Onl Great Nor_ April
3.076.301
1.574,7‘;
1,463,311
Maryland Delaw & Virginia.... .lan
to April 30
33.917
eN Y C & rued C Iv. April
36,207
80,345,120 81,087,030
N Y Philadelphia & Norfolk_ Jan
to Apr1130 1,094.392 1,161,317
Boston & Albany April
1,351,614 1,381,050 13,976..c79 14,012.642
Northern Central
to April 30 3.960.039 4,218,513
Jan
Lake Shore & MS April
4.128.61% 1.893.684 44.940.178 48,403,i18
Plilla Bait & Washington_
Jan
to Apri130 6,235,812 6,6:11,728
n Lake Erie & W_ April
440.63, 466.076 4,81A ,260 .040, 26
West Jersey' & Seashore
Jan
to April 30 1,515.411 1.570,781
Chic Ind & South April
306.492 326,366 3.662.308 .676. 78 Pennsylvania
Company
Jan
to April 30 16.390.535 18.739,040
2,838.557 :1,149,564 28,822,648 20,378.352
Michigan Contra' April
Grand Rapids & Indiana
Jan
to April :30 1.670,216 1.691.250
Clay 0 C & St 1,1 April
2.622.118 2.423.022 30,391,464 31.158.728
Pitts ('In Chic & St Louis„- Jan
to April 30 L..n61,653 13,531,124
Peoria& Eastern(
Vandalia
Jan
to April 30 3.492,099 3,462.022
Cincinnati North. April
104,835 .76.815 1,240.796 1,166.394
Total lines-East Pitts & Erie Jan
to April 30 75,221,685 80,181,701
Pitts & Lake Erie April
1.311,468 1,04,911 14,914.566 16,420.039
-West Pitts Sr Erie Jan
to April 30 3.839,145 38,163,818
N Y Chic & St L.. April
892,963 958,680 9.980,786 10,543,058
-All lines S & W
Jan
Tol & Ohio Cent_ April
to April 30 11 :060830 118345521
324.476 391.554 4,833,546 4,512.674 Rio Grande Junction
Dec
to Mar 31
Tot all lines above April
263,211
306,565
21659934 23731 991 237931258 245400 129 Rutland
Jan
to April 30 1,047,594 1,060,991
5N44R1(71
74
14a..t;mull
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Currant
Year.
Previous
Year.
increase or
Decrease.
Curren:
Previous
Increase or
*Monthly Summaries.
Year.
Year.
Decrease.
3
Mileage.
Cur.
Yr.
Prev.
Yr.
A
26 week Mar (40 roads)._ 12,913,752 13.598.993
-615,241
4.51
July
206.084 203.773 235,849,769 223.813.526 +12.036.2:35
8d week Mar (39 roads)____ 12,973,662 13,624.563
-650,901 4.78
Augur.t
219,492 216,709 259.835.029 255.493.023 4-4.842.006 5.38
4th week Mar (39 roads)____ 17,940,162 18.161,259
1.50
-221,087 1.20
September_.242,097 239.056 285.050,042 275.244.811 4-9.805.231
let week Apr (38 roads)......_ 12,582,293 12,611,21,
-29,061 0.23
October _ _....24:L690 240.886 299.195.006 390.476.017 -1.2S1,011 4.57
2d week Apr (39 roads)____ 12.536.856 12,990,105
1.48
-453,249
Novembee_2
3.49
43.745
241.451
269,220,382
roads)._
278.364,475
3d week Apr 37
3.35
11,181,328 12,217.181
December 243,322 241.180 254.218.891 266.224.678
8.48
4th week Ajar 39 roads)__ 16,392,804 18,1510,271 -1,035,860
-12,005.787
4.51
-2,107,467 11.34
January __ 243.7:32 241,469 233,073.834 249.958.641 -16.884.807 6.75
1st week May 36 roads)....._ 12,003,703 13,2:7,580 -1.2:33,877
9.32
February......244.925 242.928 209,23:3,015 23:1,053,143 -23,823.138
26 week May (35 roads)......_ 11.090,239 12,391.052 -1,300,513
10.22
March ..
245.200 243.184 250.174.257 249.514.091
3d week,May (35 roads)_...... 11.286,099 12,495,251 -1,200.15.3 10.47
+60366
9.6
April
93,167 91,892 67.995.553 72.446.440 -4,450.887 0.27
6.28
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple
Creek District Ity. from Nov.
e Includes the New York &
Maa.
ss the St. Lawrence & Adirondack and the Ottawa &
York Ity., the latter of which, being a Canadian11911.
road, does not make returns to the
ter state Commerce Commission. f Includes Evansville & New
Terre
Haute
and
Evansville
& Indiana RR. g Includes the Cleveland Lorain & Wheeling
7. I., •,oth years. n Includes the Northern Ohio RR. n includes earnings of Mason City
& Fort Dodge and Wisconsin Minnesota & Pacific. s In'
de, misvIllo 4 Atlantic and the Frankfort & Cincinnati. t includes the
Mexican International. is Includes the Texas Central in both
e 15
ta Fails Lines in 1912, beginning Nov. 1. a Includes not only operating
years and
revenues,
but also all ()thee receipts. z Includes St. Louis Iron
lain & -Jut' eru. t_.__Wo no longer include the Mexican roads in
Mona..
any of our totals.
*Weekly Summaries.
tin
THE CHRONICLE
1758
Latest Gross Earnings by Weeks.-For the third week
of May our final statement covers 35 roads and shows 9.69%
decrease in the aggregate under the same week last year.
Third week of May.
I
1914.
1913.
I Increase. Decrease.
$
Previously reported (30 roads)_ 10,715,558 11,863,285
44,327
41,934
Ann Arbor
270,284
235,442
Chicago & Alton
306.43
284,623
Chicago Great Western
8,094
6,552
Nevada-California-Oregon
2,718
1,990
Tennessee Alabama & Georgia..
40,415 1,188,142
2,393
34,842
21,920
1,542
728
11,286,099 12,495,251
40,415 1,249,567
1,209,153
I
Total (35 roads)
Net decrease (9.69%)
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
Roads.
[VOL. xcvm.
-GrossEarnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
Pennsylvania RR (Con.)def5,057
def5,285
9,480
10,977
Maryland Del& Va _ a _Apr
Jan 1 to Apr 30
36,207 def25,955 def17.177
33,917
60,431
57,125
332,842
N Y Phila & Norf_aApr 313,610
187,356
96,556
Jan 1 to Apr 30
1,093,392 1,161,317
62,079
103,254
Northern Central_a__Apr 1,059,713 1,106,325
70,525
Jan 1 to Apr 30
3,960,039 4,218,513 def59,099
203,709
337,920
Phila Balto & Wash_a_Apr 1,695,102 1,761,097
730,229
556,099
6,691,728
Jan 1 to Apr 30
6.235,812
101,763 def31,393
411,324
West Jersey & Seash a Apr 489,907
Jan 1 to Apr 30
1,515,411 1,570,781 def133,216 def104,468
392,594
524,962
4,869,305
Pennsylvania Company a Apr 4,220,244
Jan 1 to Apr 30
16,390,535 18,739,041 1,721.033 1,735,778
19,723
50,929
423,447
Grand Rap & Ind_a__Apr 443,473
95,924
103,119
Jan 1 to Apr 30
1,670,216 1,681,250
def217,051
350,945
Pitts Cin Ch & St L_a_Apr 3,054,297 3,041,566
Jan 1 to Apr 30
12,568,653 13,531,124 1.721,949 1,158,268
19,922
def 399
853,214
Apr 740,678
Vandalia-a
360,081
374,650
Jan 1 to Apr 30
3,452,099 3,462,022
Total EPitts&Erie_a_Apr19,948,046 20,758,664 4,239,422 3,545,948
Jan 1 to Apr 30
75,221,684 80,181,701 9,280,026 11,735,155
241,292
948,464
TotalWPitts&Erie_a_Apr 8,654,568 9,391,636
Jan 1 to Apr 30
34,839,145 38,163,818 '3,966,701 3,406,625
3,787,240
Apr28,602,615 30,150,302 5,187,887
Total all lines
Jan 1 to Apr 30
110,060,830118,345,521 13,246,728 15,141.781
132,098
110,773
296,140
Richm Freds & Pot_b__Apr 277,609
941.117
2,391,336 2,427,976
846,795
July 1 to Apr 30
893,621 1,114,440
Rock Island Lines_b__Apr 4,938,559 5,208,590
57,112,171 59,618 809 14,610,468 15,396,360
July 1 to Apr 30
38,891
Apr 290,023
71,226
283,692
Rutland _b
140,073
1,047,594 1,060,991
152,127
Jan 1 to Apr 30
165,346
898,830
966,776
33,615
St Louis Southwest_a___Apr
11,015,596 11.306,639 2,215,943 3,271,958
July 1 to Apr 30
612,333
674,387
Seaboard Air Line_a____Apr 2,235,923 2,145,832
21,303,799 20,510,456 5,876,107 5,624,962
July 1 to Apr 30
Southern Railway872,880
192,191
219,075
Apr 1,080,294
Mobile & Ohio_b
10,810,121 10,121,981 2,443,532 2,694,468
July 1 to Apr 30
730,248
892,170
161,623
241,736
Cin New On & T P_b_Apr
9,076,316 8,630,503 2,720,239 2,890,530
July 1 to Apr 30
412,660
58,192
70,870
Ala Great Southern_b Apr. 424,064 4,333,652 1,060,301
1.218,743
4,547,457
July 1 to Apr 30
230,897
135,741
Apr 1,365,443 1,333,785
Texas & Pacific_b
16,007.316 15,509,339 4,028,505 3,196,040
July 1 to Apr 30
539,968
211,644
224,173
Apr 540,871
Virginian a
5,592,436 5,167,989 2,397,665 2,173,978
July 1 to Apr 30
38,226
634,733
168,844
Western Maryland_b___Apr 684,775 6,282,194
540,428 1,495,975
6,887,207
July 1 to Apr 30
4,537
23,706
931
24,143
Tennille_b__Apr
Wrightsv &
116,547
273,272
59,907
315,951
July 1 to Apr 30
Gross Earnings- -NetEearningPrevious
Current
Previous
Current
Year.
Year. '
Year.
Year.
$
$
$
$
810,294
986,309
3,236,584
3,267,613
_Apr
Atlantic Coast Linea_
30,925,944 30,589,746 7,954,703 8,897,478
Jan 1 to Apr 30
713,217
798,815
Apr 3,873,601 3,873,797
Boston & Maine_b
39,470,034 40,491,208 7,457,501 8,455,277
July 1 to Apr 30
197,087
793,195 def36,491
Buffalo Roch & Pitts_b_Apr 562,476
9,130,300 8,915,409 2,397,354 2,634,111
July 1 to Apr 30
def33,702
53,380
Buff& Susq RR Corp_b_Apr
46,281
Jan 1 to Apr 30
498,667
345,619
916,923
Chesapeake & Ohlo_b___Apr 3,128,607 2,367,376
July 1 to Apr 30
30,534,030 29,080,224 9,286,904 8,671,039
edef6,332
e42,777
&
1,132,198
Apr 1,017,463
Chicago
Alton_a
July 1 to Apr 30
12,128,700 12,860,544 81,307,035 e1,686,699
Chic Burl & Quincy_b__Apr 6,594,676 7,081,599 1,051,111 1,332,028
July 1 to Apr 30
78,718,825 7Q,583,138 27,236,219 28,412,320
274,923
57,234
Chic & East Illinois_b__Apr 923,078 1,203,922
July 1 to Apr 30
13,351,264 13,571,006 2,177,872 3,326,327
Chic Milw & St Paul_b_ _Apr 7,106,116 7,166,906 2,121,252 1,794,900
77,140,414 79,114,108 25,759,088 26,733,920
July 1 to Apr 30
615,267
747,542
Delaware & Hudson_b__Apr 2,028,350 1,896,081
6,820,717 7,829,937 1,734,711 2,849,715
Jan 1 to Apr 30
1,128,722
Delaw Lack & West_b__Apr 3,330,031 3,282,011 1,164,988
32,941,535 33,556,538 11,814,563 12,789,334
July 1 to Apr 30
357,041
365,770
Deny & Rio Grande_a__Apr 1,650,851 1,813,407
July 1 to Apr 30
19,625,041 20,667.141 5,140,621 5,709,330
135,167
54,743
Western Pacific_ b___Apr 438,622
516,986
912,475 1,396,186
July 1 to Apr 305,140,736 5,136,834
61,428
58,544
285,109
Duluth So Sh & Atl_ b_ _Apr 267,458
558,689
619,564
July 1 to Apr 30
2,867,768 2,761,239
247,749
INDUSTRIAL COMPANIES.
372,590
722,411
El Paso & Southwest_ b_Apr 796,008
July 1 to Apr 30
7,464,494 7,220,260 2,801,688 2,994,953
-Net Earnings.
-Gross Earnings.Previous
Current
Previous
Current
988,141 1,906,889
•Great Northern_ b
Apr 5,167,715 6,082,302
Year.
Year.
Year.
Year.
July 1 to Apr 30
63,462,436 64,848,951 25,540,404 27,931,446
Companies.
$
$
$
$
215,634
652,829
110,880
Apr 394,904
Hocking Valley_b
•
July 1 to Apr 30
6,102,192 6,338,692 1,916,224 2,227,564 Abington & Rockland Elec
2,002
0
7
9
13
4
7
8
1,273
0
1
0
:5
4
8
0
15
:45
4
Apr
358,917
854,512
138,664
Light & Power_a
1/Interoceanic of Mexico_Apr 808,766
7,952
9,477
July 1 to Apr 30
Jan 1 to Apr 30
8,274,582 7,461,105 2,716,237 2,660,410
bsWest
fu&
86,242 Ats
ls
(
170,195
Gu
ines
108,836
Lic
lasnt
Lehigh & New Eng_b___Apr 235,916
es 1,572,677 1,772,823
diar
335,956
191,077
tsN
698,996
728,941
July 1 to Apr 30
1,720,540 1,469,447
831,547
4,656,609 4,955,193
560,145
970,157
Louisville & Nashv_b__ _Apr 4,648,749 4,859,132 1,010,571
102,825
a_Apr
40.296
102,845
36,134
G&_
E
Mar
jatnonl o
Blackstone
July 1 to Apr 30
50,652,946 49,726,295 13,071,405 13,065.776 Blacks
447.073
180,003
440,602
164,219
Jan 1 to Apr 30
239,371
250,399
914,441
Apr 914,564
Maine Central_b
45,356
16,494
Apr
31,948
20,514
9,726,207 9,449,430 2,613,204 2,751,561 Canton Elec
July 1 to Apr 30
177,801
69,420
134,609
o)
84,748
30
roporkto
(EA
anEi1ooto
Jo
18,222 Ediso
17,833
Apr
70,629
56,216
Mineral Range_b
36,825
12,120
35,079
a Apr
136,087
34,196
706,811
368,037
July 1 to Apr 30
161,396
153,210
1 3,8310
5
56,274
Jan 1 to Apr 30
705,325 h106,563 h163,701
Minneap & St Louis_ a_ _Apr 723,689
7
78
16
0:3
19
4.577
8,132,530 8,234,702 h2,007,394 /12,261,414 Fall River Gas Works_a_Apr 16
July 1 to Apr 30
37
6
0
7
0
13
9
,8
2
,
4
5
5
2
7
2
17
9
28,619
50,013
30
Apr
Jan 1 to
674,839
322,908
Minn St P & S S M_aApr 1,344,647 1,864,107
Apr
a
Lt
Elec
Co
July 1 to Apr 30
16,015,400 18,231,283 4,795,216 7,289.219 Houghton
1ag,17
18?:?28
51,873
52,907
287,220
233,083
Chicago Division_a__ _Apr 840,918
933,384
37,670
36,436
13,791
otACporrp3fa_ _Apr
July 1 to Apr 30
l EllectL
lan
j
8,971,359 9,112,116 2,508,936 2,815,744 Lowe
9
57
157,698
57
:6
154,405
4,54
7
10
6
26
9
136
Jan 1 to Apr 30
33,831
31,110
80,514
79,903
Mississippi Central_ b___Apr
23,224
19.535
7,974
359,077 Marion Lt & Heating___Apr
July 1 to Apr 30
343,594
870,754
863,125
41,289
36,856
Apr
23,171
20,384
Missouri Kan & Tex_b__Apr 2,231,164 2,324,615 c624,543 c386,643 Rockford Elec
175,983
160,949
96,090
87,656
July. 1 to Apr 30
Jan 1 to Apr 30
27,014,312 27,585,043 c7,478,442 c8,539,082
92,935
75,138
Apr
53,973
Apr 4,453,320 4,756,576 k980,052 k1,114.422 Scranton Elec
Missouri Pacific_ a
410,928
317,271
253,762
July 1 to Apr 30
50,482,590 52,324,996k12,093,728k12,375,635
0
25174:42297
33,840
32.723
245,782 SierrjaaPnaclifticoEAleper_a3-0- _Apr 22540,865126
226,098
Nashv Chatt & St L_bApr 1,062,579 1,095,721
132,020
132,469
Jan 1 to Apr 30
10,791,490 11,111,544 2,214,665 2,481,877
July 1 to Apr 30
29,416
Apr
25,547
12,472
15,787
232,955 1,245,942 Wheeling Elec
g National Rys of Mex__Apr 2702,157 4,056,760
30,387,662 50,655,397 1,952,616 20,022,697
July 1 to Apr 30
earnings here given are after deducting taxes.
Net
a
earninhere given are before deducting taxes.
N Y Cent & Hud Riv_b_Apr 7,338,163 7,990,439 1,711,263 1,922,907
28,294,959 30,639,762 5,336,870 6,973,321
Jan 1 to Apr 30
After allowing for outside operations and taxes, operating income for
bNet
c
361,985
366,711 April 1914 was $508,364. against $284,945; and from July 1 to April 30
Boston & Albany_ b_ _Apr 1,351,614 1,381.050
isacgealilnasnteo$u7s,4c1h
2a,469.
847,189 1,188,997
Jan 1 to Apr 30
4,984,682 5,234,196
ing for miscellaneous charges to income for the month of
allowing
a
l;6'112
Lake Sh & Mich Sob Apr 4,128,612 4,893,684 1,047,921 1,487.811 wase After
total net earnings were def.3447, against def.349,447 last year.
Jan 1 to Apr 30
16,041,613 19,166,022 3,543,514 5,820,081 April 1914, period
from July to April 30 were $690,218 this year, against
the
80,668 and for
66,865
Lake Erie & West_b__Apr 440,631
466,076
251,211
Jan 1 to Apr 30
317,388 $1,099,525.
1,755,873 1,854,258
are in Mexican currency.
g These results Louis
Iron Mt. & Southern. After allowing for other
32,331
11,221
Chic Ind & South_b__Apr 306,492
326,366
k Includes St.
$1,184,254 in April 1914, against $1,337,510 and
165,297
Jan 1 to Apr 30
275,255 income total income waswas
1,397,286 1,466 651
$14,047,637 in 1914, against $14,267,990.
30
April
to
1
July
from
765,162 1,009,759
Michigan Central_ b_ _Apr 2,838,557 3,149,564
h After allowing for additional income, operating income for April 1914
San 1 to Apr 30
10,515,901 11,704,495 1,993,334 3.006,318
from July 1 to April 30 was $1,806,158
$66,706, against $163,886, and
was
102,312 def470,985 in 1914, against $2,245,487 last year.
Clev Cin Ch & St L_b_Apr 2,622,118 2,423,022
273,555 1,140,379
Jan 1 to Apr 30
10,772,691 11,215,886
5,191 def41,952
76,645
Cincinnati North'n_b_Apr 104,835
Interest Charges and Surplus.
364,504 def41,170 def57.177
Jan 1 to Apr 30
419,122
-Int., Rentals, &c.- -Bat. of Net Earns.419,355
775,494
Pitts & Lake Erie_b__Apr 1,311,468 1,674,911
Current
Previous
Previous
Current
Jan 1 to Apr 30
5,265,476 6,328,349 1,725,128 2,907,005
Year.
Year.
Year.
Year.
Roads.
83,367
172,174
958,680
N Y Chic & St L_b___Apr 892,968
$
$
750,121
329,860
Jan 1 to Apr 30
3,762,964 4,044.093
_Apr
x119,461
Pitts.._
195,555
180,583zdef140,401
&
Roch
Buffalo
79,559
12,521
391,554
Toledo & Ohio Cent_b Apr 324,476
1,848,531 1,800,849 x1,258,707 x1,689,512
July 1 to Apr 30
264,721
167,694
1,556,077 1,568,712
Jan 1 to Apr 30
_ _Apr
30,238
zdef38,366
Apr 21,659,934 23,731,991 4,587,163 5,414,477 Buff & Susq RR Corp_
Total all lines_ b
30
121,333
x38,290
Jan 1 to Apr
84 766,644 93,586 928 14,592,482 22 586,408
Jan 1 to Apr 30
Apr
Ohio
x141,302xdef378,920
883,514
741,805
&
743,249 Chesapeake
Norfolk & Western_b___Apr 3,561,536 3,152,492 1,232,262
7,632,030 7,210,625 z2,600,633 x2,259,052
July 1 to Apr 30
36,995,483 36,095,463 11,951,170 12,695,199
July 1 to Apr 30
-Apr 545,232
538,034 xdef95,225 zdef77,940
Apr 5,142,647 5,698,244 1,853,998 1,635,939 Denver & Rio Grande_
Northern Pacific_b
30
Apr
5,692,806 5,583,992 x883,809 z1,475,193
to
1
July
24
097,709
57,811,018
22,476,667
60,885,499
July 1 to Apr 30
Atl_ _ _Apr
96,964
108,764 xdef36,106 zdef46,397
Apr 508,597
36,024
63,777 Duluth So Sh &Apr
608,954
Pacific Coast
30
1,023,758 1,050,575zdef382,252xdef468,340
July 1 to
761,323 1,006.318
6,009,732 6,590,807
fs, July 1 to Apr 30
Apr
x4,123 x137,247
Valley
129,935
118,905
Hocking
3,358,067
3,010,384
Pennsylvania Railroad_a Apr14,170,552 14,830 280
1,238,878 1,316,900 2877,603 x1,533,798
July 1 to Apr 30
54,654,566 58,089,555 8,665,300 10,429,496
Jan 1 to Apr 30
x3,564
Apr
x4,995
14,783
Range
12,982
Mineral
1,454
2,461
23,482
25,671
Balto Ches & Atl_a_ _Apr
x6,089
133,129 zdef87,015
123,963
July 1 to Apr 30
78,712
def6.706 def2,613
72,837
Jan 1 to Apr 30
x367,426
x896,727
Apr
Western
454,210
532,102
&
116,510
104,695 Norfolk
308,608
Cumberland Valley_ a_Apr 293,955
x9,382,865
5,019,624 4.572,209 x8,309,627
July 1 to Apr 30
314,021
343,203
1,090,310 1,171,371
Jan 1 to Apr 30
x51,034
233,814xdef138,401
121,775 St Louis Southwestern_ _Apr 256,905
177,809
864,561
Apr 958,944
Long Island_a
2,294,779 z545,563 x1,800,270
30
Apr
to
2,502,838
1
July
108,595
204,190
3,076,302
3,282,860
Jan 1 to Apr 30
Roads.
231:8T2
JUNE 6 1914.]
THE CHRONICLE
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Abington & Rockland Elec
Light & Power
Apr
417
309
856
1,693
Jan 1 to Apr 30
1,769
1,278
7,707
6,674
Atl Gulf& West Indies SS LinesSubsidiary companies_Mar 145.161
144,864
45,916
191,092
Jan 1 to Mar 31
440,290
431,158. 119,855
400,389
Blackstone Val Gas & El.Apr
17,644
16,323
18,490
23,973
Jan 1 to Apr 30
70,452
65,206
93,767
114,797
Canton Electric
Apr
5,372
4,771
15,142
11,723
Jan 1 to Apr 30
22,592
18,891
62,156
50,529
Edison Elec (Brockton)_Apr
2,442
2,205
9,678
10,510
Jan 1 to Apr 30
10,358
9,046
45,916
50,784
Fall River Gas Works_ _ _Apr
739
610
3,967
9,438
Jan 1 to Apr 30
3,783
3,111
24,836
46,902
Houghton Co Elec Lt..__Apr
3,443
3,509
5,421
5,859
Jan 1 to Apr 30
16,150
16.359
37,920
36,548
Lowell Elec Light Corp_ _Apr
234
255
13,557
13.884
Jan 1 to Apr 30
927
1,020
58,599
59.526
Marion Light & Heating_Apr
3,140
2,860
4,537
5,114
Rockford Electric
Apr
7,870
7,712
15,301
12,672
Jan 1 to Apr 30
32,632
31,060
63,458
56,596
Scranton Electric
Apr
20,159
17,749
33,814
28,801
Jan 1 to Apr 30
78,063
59,460
175,699
142,615
Sierra Pacific Electric__ _Apr
7,145
5,81325,578
28,027
Jan 1 to Apr 30
28,567
23,274
103,902
108,746
Wheeling Electric
Apr
6,216
3,956
9,571
8,516
x After allowing for other income received.
000
000, ON 440 84)10(00
M.
,13
IVA COO ✓000.
4
C, 04 OM
01 0, 01 ts 0)) 800) '0'440.
C)
.
0
.
.VC
: CV° .°
CV°
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-Month of February- -July 1 to Feb. 281914.
1913.
1913-14. 1912-13.
Globe Express Co.$
$
$
$
Gross receipts from operation
39,367
46,182
474,185
590,187
Express privileges-Dr
19,251
22,443
234,853
292,874
Total operating revenues_
20,115
23,739
239,331
297,312
Total operating expenses_ _ _ _
27,880
29,286
243,502
255,290
Net operating revenue_ __ _ -7,765
-5,546
-4,171
42,021
One-twelfth of annual taxes_
1,000
950
9,200
6,800
Operating income
-8,765
-6,496 -13,371
35,221
-Month of February- -July to Feb. 281914.
1913.
1914.
1913.
Great Northern Express Co.
$
Gross receipts from operation 179,493
1,146
/
8
2,211,332 2,307,776
Express privileges-Dr
119,536
119,330 1,365,236 1,390,459
Total operating revenues_
59,956
68,815
896.096
917,317
Total operating expenses....
83,356
78,363
724,918
697,521
Net operating revenue_ _ _ _ -23.399
-9,548
171.177
219,795
One-twelfth of annual taxes_
3,529
3,606
32,135
34,350
Operating income
-26.928 -13,054
139,042
185.445
-Month of February- -July
to Feb. 281914.
1913.
1913-14.
1912-13.
United States Express Co$
$
$
$
Gross receipts from operation 1,232,315 1,411,224 13.638,531
14,765,084
Express privileges-Dr
593,912
716,264 6,600,704 7,108,732
Total operating revenues__ 630,402
694,959 7.037,827 7,656,352
Total operating expenses__ __ 804,865
877,073 7.056.371 7,568.481
Net operating revenue_ _ -166,463 -182,113 -18,544
87,871
One-twelfth of annual taxes_
9,845
7,044
85,838
88.856
Operating income
-176,308 -189,157 -104,382
-985
-R3,,g7,3
8080
CO
-Month of February- -July 1 to Feb. 281913.
1913.
1913-14. 1912-13.
3
70,946
73,231
835.346
906.925
39,359
40,919
457,868
481,631
17
-
0410
,e.
--Month of March- -July 1 to March 311914.
1913.
1914.
1913.
Canadian Northern Exp.$
$
$
$
Gross receipts from operation
75,079
65,810
729,187
693,169
Express privileges-Dr
28,453
25,512
280,904
269,959
Total operating revenues_
46,625
40,297
448,282
423,210
Total operating expenses_ _ _ _
32,750
30,467
298,816
269.329
Net operating revenue_ _ _ _
13,875
9,830
149,465
153,880
One-twelfth of annual taxes_
2,346
631
7,156
4,421
Operating income
11,528
9,198
142,309
149.459
a.„;
TA
. 10
-Month of February- -July 1 to Feb. 281914.
1913-14.
1913.
1912-13.
American Express Co$
$
$
$
Gross receipts from operation 2 787,410 3,065,927 30.265,272 32.113.336
Express privileges-Dr
1,396,176 1,565.410 14,888,587 51,402,298
Total operating revenues_ 1,391,233 1,500,517 15,376,684 16,711,038
Total operating expenses..._ 1.798,664 1,853,081 15.610.025 15,695,950
Net operating rev enue_ _ _ _ -407,431 -352,564 -233,340 1,015,087
One-twelfth of annual taxes_
32,736
28,318
246,072
251,750
Operating income
-440.167 -380,882 -479,412
763,337
-Month of February- -July
to Feb. 281914.
1913.
1913-14.
1912-13.
Wells, Fargo ee. Co.$
$
$
$
Gross receipts from operation 2,022,220 2,292,517
21,399.331
23,785,208
Express privileges-Dr
1.013,153 1,115,337 10,567,753 11,449,239
Total operating revenues_ 1,009,066 1,177,179 10,831,577 12,335,968
Total operating expegses____ 1,116,223 1,236,552 9,853,176 10,849,093
eto•t
.41garevueariutea_x_eic -1(
3
)7
5.1016
978.400 1,486.875
One-twelfth
N
0
263,000
240,000
Operating income
-142,157 -89,373
715,400 1,246,875
".
i
O '
Z ill
-409
CO
es
CO 04
.4.
Western Express Co.
Gross receipts from operation
Express privileges-Dr
zs
i•
csfEii
Total operating revenues_ _
Total operating expenses_ _ _ _
31,587
43,630
32,312
43,512
377.478
400.256
425.294
377,516
aszi
,-7co
Net operating revenue__.. -12,043
One-twelfth of annual taxes_
1,021
Operating income
-13,064
-11,200
865
-22,777
6,372
47,778
7,416
-12,065
-29,150
40,361
coo 04)) 003 10.0 Oh 141
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1759
ELECTRIC RAILWAY AND TRACTION
a
Name of
Road.
Latest Gross Earnings.
Week or 1Current 1 Previous
Month.
Year. I Year.
COMPANIES.
Jan. 1 to latest date.
Current
Previous
Year. I Year,
$
I
$
American Rys Co... April
433,073 374,986 1.660,347 1,548,061
Atlantic Shore Ry_ _ _ April
25.154' 23.638
89.181
91,691
cAur Elgin & Chic Ry April
149,756 146,266
570.882
551,729
Bangor By & Electric April
56.594 57,448
240,126
228,756
Baton
Rouge Elec Co April
.
13.589 12,240
56,584
49,814
CO
Belt LRyCorp(NYC) January
64.786 70.582
8044
64.786
70.582
Berkshire Street Ry_ April
70,566 73,997
281,115
06.0
284,920
Brazilian Trac. L & P April
1906.887 1933.317 7,789.811 7.645,284
00.
Brock & Plym St Ry_ April
8,338
8,354
28,337
31,085
10
I ▪ ..
.0 a c' CO
Bklyn Rap Tran Syst December 2092.454 2005,538 24.901.949
24,353,298
Cape Breton Elec Co. April
26,505
27,917
108,138
113,992
.4
4
$ ,9: .c53: i
hs
: .4
N
'6,• • AsatiAeal
Chattanooga
Ry
&
March
Lt
87,550
93,157
275.447
277.668
410 *40 *t0
•t<7
Cleve Painesv & East April
40
31,896 29.683
.e0
115.833
110,306
st..:,. oi...
Cleve Southw & Col_ April
99,627 94,941
373,925
354,933
c2̀6'. ccra 'a t
Columbus(Ga)El Co April
ed .4 4"C ''' V).4
55,234
47,131
218,194
190,723
841
Comw'thPow,Ry&Lt April ..
a243,426 106.730 al.023.410
M 2 k .F1 42 in 3
510.301
▪
Coney IsI'd & Bklyn. December
" "
116,016 111.529 1.668.761 1.590,039
4
..I)- 44 -.V.-.
9.1
Connecticut Co
April
Z":,
618,574 662,638 2,344,148 2,413,982
Consum Pow (Mich). March_
4.g
273.965 260,445
885,710
824.834
Cumb Co(Me)P & L March.... 182,628 171.116
Zig 144 >4
535,199
501.027
Dallas Electric Co_ _ _ April
179,086 166.008
z
"
751,511
674,874
Detroit
United
Lines 3d wk May 228.985 244,503 4.437,927 4,680,403
z
D D ED & Bat (rec)- January _ 46.839 48.477
46.839
48.477
EXPRESS COMPANIES.
Duluth-Superior Trac April
109,421 101,042
413,956
379,704
-Month of February- -July 1 to Feb 28- East St Louis & Sub_ March
227.929 216.077
664,284
630,351
El Paso Electric Co_ _ April
1914.
1913.
1913-14.
81,419 69.199
1912-13.
352,265
301,805
Adams Express Co42d St M & St N Ave January
166.457 153.831
166,457
153.831
Gross receipts from operation 2,054,914 2,274,620 22.910,852 23,754,847 Galv-Hous Elec Co.. April
196,149
185,507
764,012
702,862
Express privileges-Dr
1,009.042 1,155,286 11,936,936 12,306,229 Grand Rapids Ry Co April
101,454 100.665
404,341
405,201
Harrisburg Railways. April
78.003 74,140
309,252
295.088
Total operating revenues_ 1,045,872 1,119,333 10,973,915 11,448,617 Havana El Ry,L & P
Total operating expenses_ _ _ 1,286,449 1,280,402 11.290,918
Railway Dept_ _ _ _ Wk May31 52,042 54,671 1,173,537 1,179,322
11,101.980 Honolulu
Rapid 'Fran
-Net operating revenue__ _ -240,577 -161,068 -317,002
& Land Co
January
51.658 52,399
51,658
346,637 Houghton
52.399
One-twelfth of annual taxes_
17,690
15.696
24,345 25,700
134,434
132,182 bItudson Co Tr Co_ April
91.467
97.8
& Manhat_ April
484.776 467,693 1,911,468 1,864,8
Operating income
A mil
-2581268 -176.765 -451,436
701.615 612.005 2.731.668 2.532.377
214,454 Illinois Trnerion
Q
l"
i• • ,,,- .- .......,. -
ktg
[VOL.
THE CHRONICLE
17C0
Latest Cross Earnings.
Name of
Road.
Jan. 1 to latest date.
Interest
xcvin.
Charges and Surplus.
-Int, nenals, ac.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
4,242
17,042
9,303
17,658
__Apr
Aug-Aiken fly &
67,358
36,360
70,633
38,831
Jan 1 to AprEl_30
17,609
32,735
12.400
33.345
Aurora Elgin & Chicago_Apr
23,988
322,061
343,043
255,911
July 1 to Apr 30
2,741
2.083
2,110
2,224
Apr
Baton Rouge Elec
11,031
7.966
9,197
8,451
Jan 1 to Apr 30
def190
1,081
1131
def1,288
Brockton & Plymouth_ _Apr
def1,662
4'407
def6.480
4,285
Jan 1 to Apr 30
5,977
6.0$2
3,384
Cape Breton Elec
Apr
6,427
15,121
23.345
24,059
Jan 1 to Apr 30
25,705
2,575
10,007
11,005
Cleve Painesy & East_ _ _Apr
4,274
41,727
Jan 1 to Apr 30
43,789
6,136
6,875
31238
Cleve Southwest & Col....Apr
32,190
6,289
der825
124,214
Jan 1 to Apr 30
128,143
7,356
7,748
13,097
(Ga)
Columbus
24,826
Elec.......Apr
31,664
24,582
Jan 1 to Apr 30
51,567
99,759
42,187
44,856
Dallas Elec Co
24.638
Apr
27,334
169,304
176,986
Jan 1 to Apr 30
98,542
107,632
Detroit United
Apr 179,533
179,882 x166,969 z196,771
30
Lines_Jan 1 to Apr
721,055
717,294 x482o,359 x646,808
8,213
11,941
Apr
Eastern Texas Elec
40,917
Jan 1 to Apr 30
32,949
26,389
Apr
28,957
El Paso Elec
4,522
2,717
129,457
17,820
139,284
Jan 1 to Apr 30
12,331
41,179
Apr
35,669
50.721
Galveston-Houston
34,755
136,986
150.047
Jan 1 to Apr 30
163.820
139,020
5,471
Apr
5,659
3,328
5,464
IIoughton Co Trac
12.127
22,498
22,600
9,184
Jan 1 to Apr 30
227,700
a38,287
256,544
Hudson & Manhattan....Apr a30,290
a124,333 a131,527
932,302
Jan 1 to Apr 30
999,286
Apr
12,734
8,613
11,118
9.663
Jacksonville Trac
51,363
43,932
30,714
Jan 1 to Apr 30
41,104
Apr
2,554
2,589
1,511
977
Key West Elec
10,064
10,267
7,084
5,336
Jan 1 to Apr 30
2,185
Apr
2,178
4,801
4,516
Keokuk Elec
31,379
25,604
67,951
65,232
May 1 to Apr 30
35,062 deft.262
35,287
Apr
def4,527
Lake Shore Elec
139,892 def9.089 def13,988
140,906
Jan 1 to Apr 30
277,683
t74,725 z106,400
New York Railways_ _ _ _Apr 276,499
2,767,820 2,790,592 z810,446 z989,716
July 1 to Apr 30
24,550
29,354
44.196
48,792
Northern Texas Elm_ __Apr
98,989
104,812
172,993
179.111
Jan 1 to Apr 30
7,339
7,666
def402
Apr
def7,726
Light_
&
Trac
Paducah
29,325
3,847
30,673
def2,565
Jan 1 to Apr 30
6,430
683
def575
7,170
Apr
Pensacola Elec
25,468
4.273
28,844
5,369
Jan 1 to Apr 30
22,552
205
22,875
137
Apr
Savannah Elec
80,259
def686
91,517
1,502
Jan 1 to Apr 30
4,551
30,214
4,454
Apr
22,524
Tamioa Elec
19,001
125,.390
19,104
102.312
Jan 1 to Apr 30
a Includes earnings on the additional stock acquired May 1 1913. b Repa Does not include interest on bonds, after deducting which net available
resents income from all sources. c These figures are for consolidated co. for Interest on Adlustment Income Bonds was $79,826 in April 1914,
against $65,341 In 1913.
x After allowing for other income received.
Previous
Current
Year.
Year.
_...._.
S
$
S
$
3020,203 2850,845 11,852,337 11,312,355
Interboro Rap Tran_ April
214,962
246,501
62,836 56,364
Jacksonville Trac Co. April
6,981
43,7ti
10,539 11,307
Key West Electric...... April
3 0.166
410,16
109,200 102,229
Lake Shore Mee By.. April
4i8,5 9
8
513,861
Lehigh Valley Transit April
137,274 124,493
184,170
183,346
Lewis Aug & Watery April
49,773 49,274
220.900
245.152
16.745 15,411
Long Island Electric_ December
Louisville Railway.._ April
_ 266.078 258.919 1,023,023 1.022,232
Milw El fly & Lt Co_ March
508.469 515,540 1,538,391 1.502,258
.- __
201.710
341.276
M II w Lt FI t & Tr Co_ Mareh __. 111.427 102,799
277,446
301429
-$0,616
Monongahela Val Tr.. April-80,616 71,065
357,3:31
,975
36
171,332
173,144
-.
St
Light February
Nashville fly
46.915
.178
N Y City Interboro__ January _
53.178 46.915
391.999
412.1357
31.230 28.819
N Y & Long Island_ December 44.713
13,113 12,185
N Y & North Shore__ April _____
N Y & Queens Co__ December- 108.787 104,607 1,385.391 1.331,318
1148,888 1232,761 4,309,Q1 4,646.382
New York Railways.. April
120,42w98,841
34,340 28,452
N Y Westch & Boston April
94,421
90,925
25,903 25,323
N Y & Stamford fly.. April
53,386
54,475
13,908
15,043
Northampton Trac__ April
925,727
287,718 238,546 1.080,883
Nor Ohio Tree & Lt_ April
651.409
678,436
171,41 164,683
North Texas Elec Lt_. April
73,555
74,681
24.084
25.90
North"? Pennsylv fly March
142.020
154.109
5,426
5,55
Ocean Electric (L T), December
89,401
101,092
13,701
23,941
Paducah Tr & Lt Co_ April
91.746
91,362
22,323 21,156
Pensacola Electric Co April
2042,320 1998,245 7,777,370 7.784,912
Phila Rap Transit Co April
533,973 546,231 2,202,212 2,174,796
Port(Ore)Ry L&PCo April
284.72
288,386
77,306 74,793
Portland (Me) RR __ April
713,650 701,941 2,159,149 2,059,315
Puget Sound Tr,L &P March
927,647
996,859
253,728 229,717
Republic By & Light April
Rhode Island Co........ April
415,948 412,240 1,570,746 1,584,725
StJoseph(Mo)Ry,Lt,
404.583
426,264
102,629 97,718
Heat & Power Co_ April
149,104
150,274
Santiago El Lt & Tr_ April
38.661 34,972
263,577
278,879
Savannah Electric Co April
70,841 66,378
989.209
Second Avenue (rec)_ December
79.336 82.922 1.042,628
14.081
17,228
Southern Boulevard.. January
17.228 14.081
256,371
318,916
Tampa Electric Co__ April
79,258 60.180
326.444
344.706
Third Avenue
January
344.706 326.444
Toronto Street By.... April
501,435 476,640
Twin City Rap Tran_ 3d wk.-May 187.408 163,994 3,451,475 3,218.644
Underground Klee fly of London 1301,205 £300,685
London Elec fly.... Wk May 23 £13,270 £13,
Metropolitan Dia_ Wk May 23 £13,039 £12,892 £275,915 E275,615
',Condon Gen Bus_ Wk May 23 £74,154 E69,216 £1,245,828 £1,214,618
209.083
201.749
209.083 201.749
Union fly Co of NYC January
10(34,557 1047,488 3.022.737 2,969,051
United live of St L_March
420,582 398,302 1,664,973 1,583,552
Virginia By & Power April ..
190.926
168.607
57.840 90.360
Wash Balto & Annan March -___
40.805
42,573 40.805
42.573
Westchester Electric.. January
68,742
68,054
19,383 18,635
Westchester St RR April
794,364
Western Rys & Light April
840,395
202.995 187,285
184,791
209,743
Wisconsin Gas & Elec March
66.895 59.482
28.486
55.586
Yonkers Railroad..... January _
55,566 28,486
236.481
April
York Railways
257,990
62,481 58,390
.73,520
Xoungstown lc 9hio_ Ap_ril
79 A67
i2,215
12,88
I ,........ ,.....1.
Week or
Month.
- IL,
Current Previous
Year.
Year.
,
III,. ....el..,
2:8741
.•• /11.•A,
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
ANNUAL REPORTS.
Net Earnings
Annual Reports.-An index to annual reports of steam
Current
Previous
railroads, street railways and miscellaneous companies which
Year.
Year.
$
have been published during the preceding month will be
21,284 given on the last Saturday.of each month. This index does
26,961
103,718
109,464
not include reports in the issue of the "Chronicle" in which
50,344
45,746
index will be found in the issue
646,049 it is published. The latest
598,954
in that of June 30.
4,824 of May 30. The next will appear
4,334
18,997
17,648
941
der 207
Pacific Gas & Electric Co., San Francisco, Cal.
2.745
def2,195
(Report for the Fiscal Year ending Dec. 311913.)
12,059
9,811
47,404
40,826
remarks of President Frank G. Dunn regarding the
The
14.580
13,182
fiscal year will be found at length on
49,335
46,001 operations of the late
39,065
37,374 subsequent pages; also the income account and balance
134,433
123,889 sheet, &c. The report is believed to be the most complete
32,574
20,453
annual statement ever put out by a public
83,231 and exhaustive
124,341
corporation and contains many facts of striking inter66,823 utility
72,190
267.846 est, particularly with respect to the hydro-electric develop284,618
357,440 ment in California.
326,692
1,104,465 1,286,269
The pamphlet contains numerous maps and diagrams,
20,154
including maps of hydro-electric and transmission systems,
73,866
system, charts showing departmental or29.106 gas-distributing
33,479
141,788 ganization, electric light and power load distribution, new
157.104
75,934 Lake Spaulding dam and South Yuba Canyon, Nevada
86,390
276.006
313,867
County, Cal.; Dunn power house (exterior and interior),
10,935
8,987
earnings for ten years, also of populations
34,727 increases of gross
31,682
265,987 and earnings by percentages, &g.
287,834
1,123,620 1,063,829
Below we give usual comparative tables for several years:
239,635
238.982
INCOME ACCOUNT FOR CALENDAR YEAR.
1,065.974 1,021.001
1912.
1913.
1911.
1910.
Gross Revenue19,731
22,597
$8,230,782 $7,672,570 $7,823.963 $7,899,224
74.646 Electricity
92,467
6,547,595
5,805,865
5,735,219
5,202,284
Gas
4,101
3,531
572,913
547,187
533,520
509,152
railway
17,351 Street
15,400
*851,047
*719,029
511,967
433,936
Miscellaneous
6.979
6,701
93.645
Total gross revenue.._$16,202,337 $14,744,651 $14,604,609 $14,044,596
96.611
_ $1,042,994 $1,085,959 61,398,404 $1,243,859
30.535 Deduct-Maintenance..
34.025
6.722,633 6,298,966
6,294,602
Operating expenses.... 7,612,050
125.903
131,817
676,163
622,969
382,880
516,702
Taxes
361,500
319,598
$6,871,130 $6,313,090 $6,390,537 $6,123,255
3,257,096 3,438,268
Net earnings____ _
73,342 Int. on notes & fl't'g d't- $11$,848
73,550
a$11,752)3,464,326 $3,254,133 $3,006,256
278.100 Int. on bonds outst'd'g_ 3,675,374
277,795
107,823
I'd. bonds
def 387 Int. on sink. prem.&exp.
7,264
246,041
47,220
75.672
92,865J127,871
26,760 Bond. disc.,
34,520
$2,723,044 $2,616,276 $3,060,732 83,069,779
5,828
7,853
Net inc. before dep
600,000
30,837 Pref. dividend (6%)
600.000
33,117
600,000
600,000
23,080
22,689 Common dividends_(1 X%)398,848 (5)1,520,435
79,573
93,079
$495,841 $2,460,732 82,469,779
Bal.,surp.(see below) $1,724,196
27,075 s
34,668
121,313 •
144.494
* Miscellaneous ross revenue in 1913 includes $333,331 profit on merchandise sales and undry other income, against $271,126 in 1912.
earnings here given are after deducting taxes.
a Includes in 1912 interest on floating debt only.
taxes.
deducting
before
are
given
here
earnings
Note.-Surpluses as above are shown before deducting depreciation and
1`• Tat
sinking fund payments.
ClIncludes income from all sources.
-Gross Earnings
Previous
Curren
Year.
Year.
$
60,680
56,858
Aug-Aiken Rh 84 El_a_ _Apr
240,015
246,113
Jan 1 to Apr 30
149,756
146,266
Aurora Elgin & Chic_ a_ _Apr
1,669,962 1,602,216
July 1 to Apr 30
12,240
13,589
Baton Rouge Electric_ a_Apr
Jan 1 to Apr 30
56,584
49.814
8,338
8,354
Brockton & Plymouth_ a Apr
Jan 1 to Apr 30
28,337
31,085
Breton
26,505
27,917
Electric_a_Apr
Cape
113,992
Jan 1 to Apr 30
108,138
29,683
31,896
Cleve Painesv & East_a_Apr
115.833
110,306
Jan to Apr 30
99,627
94,941
Cleve Southw & Col_ b_ _Apr
354,933
Jan 1 to Apr 30
373,925
55,234
47,131
Columbus (Ga) Elect_ a..Apr
190,723
218,194
Jan 1 to Apr 30
Dallas Electric Co_ a_ _ _Apr 179,086
166,008
751,511
674,874
Jan 1 to Apr 30
Detroit United Lines_ b_Apr 1,009,588 1,044.453
3,765,080 3,958,042
Jan 1 to Apr 30
52,519
Eastern Texas Elect _ a_ _Apr
Jan 1 to Apr 30
208,763
69.199
El Paso Elect_a
Apr
81.419
301,805
Jan 1 to Apr 30
352,265
Galveston-Houston El_ a Apr 196,149
185,507
702.862
Jan 1 to Apr 30
764.012
25.720
24,345
Houghton Co Tract_ a_ _Apr
97,828
Jan 1 to Apr 30
91,467
467,693
cHudson & Manhattan_aApr 484.776
Jan 1 to Apr 30
1,911,468 1,864,833
Apr 701.615
612,005
Illinois Traction a
2.731.668 2,532,377
Jan 1 to Apr 30
56.364
62,836
Jacksonville Tract_ a _ _ _..Apr
246.51,1
214,962
Jan 1 to Apr 30
10,539
Apr
11,307
Key West Electric
43,786
46,981
Jan 1 to Apr 30
19,410
19,170
Apr
Keokuk Electric
248.448
236.855
May 1 to Apr 30
102,229
Lake Shore Elec Ry_ a_ _Apr 109,200
410.161
386,166
Jan 1 to Apr 30
New York Railways_ a_ _Apr 1.148,888 1,232,761
11,485,016 11,683,730
July 1 to April 30
164,683
Northern Texas Elect_ a_Apr 171,411
678.436
651.409
Jan 1 to Apr 30
23,941
13,711
Paducah Tract & Lt_ a_ _Apr
101,092
89,401
Jan 1 to Apr 30
22.323
21,156
Pensacola Electric_ a_ _ _ _Apr
91,362
91,746
Jan 1 to Apr 30
70,841
66,378
Savannah Electric_a___..Apr
263,577
278,879
Jan 1 to Apr 30
79.258
60,180
Apr
Tampa Electric_ a
256,371
318,916
.Tan 1 to Apr 30
Roads.
r' Net
JUNE 6 1914.]
THE CHRONICLE
16 I.
BALANCE SHEET DEC. 31.
(For further particulars of 1913 balance sheet see a subsequent page.)
1913.
1912.
1913.
19s12.
AssetsLiabilities8
Plants, prop.,&c..124,404,106 116677,072 Common stock__ _32,109,300 31,998,750
Construct. fund__ 737,284 1,657,753
do
held by
Stocks sub. cos__ _34,181,502 34,177,282
subsid'y cos_ ...31,696,867 31,696,867
Sinking funds__ _ 2,401,135 2,219,756 Preferred stock_ _ _10,000,000 10,000,000
Prep'd taxes, &c_..
41,035
93,636 P. G.& E. bds_ _ _24,986,000 24,986,000
Disc% corn. stock_ 1,371,347 1,351,522 Subsid. cos.' bds_50,499.800 50,912,800
Material & suppl's 1,271,896 1,723,042 Gen.& ref.5% bds.
Acc'ts & bills rec... 1,771,243 1,418,588
P.O.& E. Co_ 3,572,000
OakI'd land purch. 163,368
155,693 Gen. lien 6% Ms_ 5,000,000
Cash
605,662 1,094,007 do in sk. funds_ 2,344,200 2,056,200
Sundry invest'ts
24,220 Notes (6%) due
28,319
Cash for refunds
June 24 1914_ _ _ 5,000,000
to consumers.._ _
76,573
76,619 Sec. not yet Issued
Disc., prem.,&c 4,300,550 4,272,336
for construe. exp.2,723,312
Bills payable
Gen.,SE ref. bonds_ 3,572,000
2,699,186
647,924
Gen. lien bonds__ 4,610,370
Acc'ts payable_ __ 944,242 1,392,686
Consum. deposits_ 320,255
Secur's not ree'd
309,274
Accr'd Interest__ 1,343,751 1,183,504
for constr.exp__ 2,723,312
130,872 Deprec. reserve__ 2,433,493 2,789,447
Corn. st Ic. subset'.
0th. res've fds___ 348,249
130,725
Due subsid. cos__ 2,666,844 2,666,844
Unpaid divs., etc.
63,129
398,877
Drafts outst'd'g__ 437,640
690,234
Miscellaneous_ _ _
100,928
200,586
Surplus
2,971,566 3,010,680
182,260,762 165072,398
Total
Total
182,260,762 165072.398
-V. 98, p. 1609, 1538.
on the common shares. Unsatisfactory conditions in the steel industry,
coupled with the lower prices for our output of copper,resulted in the earnings being slightly less than the previous year. All indications point to a
satisfactory business for the coming year.
On Jan. 2 a stock subscription department was organized, extending to
the employees an opportunity to acquire common stock of the company
on a monthly installment basis, similar to plans in force for several years
with a number of the larger companies. Approximately 92% of the stock
allotted was taken.
The company is continuing its policy of plant improvement and development upon every possible opportunity. During the past year many improvements in the smelter and at the mines have been inaugurated, the
result of which will be seen in the next few years'operations as expressed in
increased efficiency and capacity. At Copper Cliff the construction of the
general office building and hospital has been completed, a municipal hall
has been provided, a comprehensive scheme of fire protection is being installed, and many new houses for employees have been constructed, both
at the smelter and the various mines. Adequate water supplies for the communities of Copper Cliff and at No. 3 mine are under construction.
During the year a sum of $1.455,696 was expended for additional property, construction and equipment, from which there has been deducted
salvage recoveries of $64,405. During the same period there has been provided our of earnings the sum of $1,324,310 for the following funds: Regular allowance for depreciation of plants, $636,915. and exhaustion
of
minerals, $687,395. The sum of $369,920 has been appropriated out of
surplus for development and diamond drilling to March 31 1914.
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1913-14.
1912-13.
1911-12.
191()-11.
Earnings of constituent
cos. (mfg. and selling
expenses deducted)-- $6,452,758 $6,802,886 $5,019,703 $5.207,521
Other income
114,029
126,221
69,263
49,417
Total income
86.566,787 $6.929,107 $5,088,966 $5,256,938
Winnipeg Electric Railway Co.
General expenses
437,812
542,308
222,553
228,064
(Report for Fiscal Year ending Dec. 31 1913.) •
Net income
$6.128.975 $6,386,799 $4,866,413 $.5,028,874
Deduct
Pres. Sir Wm. Mackenzie on Feb. 11 1914 reported:
Depreciation of plants... $636,915
3553,449
$497,520
$454,320
Results.-The gross earnings were $4,078.694. as compared with $3,- Mineral exhaustion_ _ _ _
687,395
498,471
139.782
151,604
765,384 in 1912. After providing for the percentage on earnings accrued Foreign cos. not included
12.000
the
interest
and
city
on
to
bonds, the directors declared dividends amount- Sinking fund reserve
89,458
201,500
192.000
ing to $1,070,043, leaving a surplus of $185,462, which increased the profit Interest on bonds
225,115
445,650
455.350
and loss account surplus to $2,276,698. From this amount $1,000,000 Pref. dividends(6%)
534.756
534755
534,749
534.748
has been transferred to reserve account and $375,000 to suspense account Common dividends_ _ -- 3.803,150
3,491.049
2.143.412
*808778
and a balance of 8901.698 was carried forward.
Per cent
(10%)
(13%)
(1814%)
Additions,
*(7%)
accordance with the plan adopted at the last annual
meeting, the following improvements and additions have been made
Total deductions...,. 35.674,216 $5.392.298 $3.962,614 $2.596.800
(a) 18.147 miles of new track laid (8.06 miles with 80-1b. rails with con- Balance,surplus
5454.759
3994,501
8903,799 $2,432.074
crete foundation and asphalt pavement; 9.341 miles of surface track with
gravel ballast), which includes a line to the new Agricultural College, in
*Also
extra dividend on the common stock, calling for $2.218,081.
St. Vital. (b) 40 large double-truck closed motor cars, 45 ft. long con- paid July25%
accumulated
15 1910 out of
surplus.
structed in our Winnipeg shops. (c) 2,123 additional poles and 395,070 lbs.
GENERAL BALANCE SHEET MARCH 31.
of wire erected, in addition to which we put down 386,312
duct feet of
underground ducts and installed therein 114.440 ft. of underground
1914.
1913.
1914.
1913.
cable
leading from the Mill St. sub-station along Portage Ave. in the central
AssetsLiabilities-8
$
part of the city to replace overhead wire. (d) 85,780 ft. of gas mains were Property acct_ _ .a44,552,025 44,485,044 Common stock__ _38,031,500 38,031,500
laid as extensions along with 1,263 new gas services to private residences Investments
137,838
65,430 Preferred stock_ _ _ 8,912,600 8,912,600
and other buildings, using therefor 70,292 ft. of gas service pipe; installed Advances to conAccounts payable
3,239 additional gas meters. (e) Two-story sub-station erected at Trans-- stituent cos_ _ _ _
1,688
3,999
and pay-roils. _
642,984
752,874
cona; addition to Mill St. sub-station, 40 by 60 ft., with 6.000 k.ws. in Inventories at cost 4,289,021 3,364,969 Accrued taxes__ _
92,758
102,652
transform6rs and switching apparatus; four-story fireproof building on Accts. receivable_ 1,615,404 1,485,941 Pref. env., due May 133,689
133,689
Aasiniboine Ave. for storage, repair and testing shop, garage, &c.; brick Deferred charges
Com.div.,due June 950,788 1,140,945
to operations._ _
39,235
storage battery house, 41 by 194 ft., with 6,000 ampere hour storage
255,033 Divs. unclaimed__
5,662
5,009
battery; sub-station at Canada Cement Works, South Winnipeg, with Bills receivable__ _
10,050
Accident and in18,022
4,200 kw. transformers; 22,000-volt transmission line from said works to Interest receivable
28,273
surance funds__
164,979
139,603
Sundry
advances_
34,272
new Agricultural College in Fort Garry, 6.1 mites, and 1,500 k.w. trans9,355 Miscellaneous_
425
formers at the now college; now ten-story fire-proof office building, com- Cash
3,243,672 4,442,664 Profit & loss surp_b5,006,247 4,921,409
pleted and occupied, the company occupying the basement and the first
Total
two floors, the balance being rented.
53,941,207 54,140,707
Total
53,941,207 54,140,707
Large Contracts During 1913.-These include: Contract for iighting and
power at new Agricultural College farm and college buildings;
a After deducting amount written off for replacements, mineral exCanada,
Cement Co. for electric power for new manufacturing plant at with
West Winni- haustion and depreciation, $1,324.310.
peg, which has a capacity of 4 000 barrels of
b After deducting $369,921 appropriated to write off deferred charges
per day: with Canadian Pacific Ry. Co. for electric lighting and cement
electric power for their new for development and diamond drilling at Mar. 31 1914.-V. 96, p. 1776.
shops and roundhouses at North Tran scone.
Franchises.-During 1913 we were granted franchises and made
American Coal Products Co., New York.
contracts for new railway lines in the municipalities
of St. Vital and Fort
Garry, which are adjacent to Winnipeg, and for electric
(Report for Fiscal Year ending Dec. 31 1913.)
lighting
and
power
privileges in the municipality of St. Vital, and in addition have made
contracts for street lighting in the municipalities
Pres. Wm. H. Childs says in substance:
of Assiniboia and St.Vitalo.
The sales of the companies for the year show an increase
STATISTICAL STATEMENT FOR YEARS 1909-13.
$2,870,485
and the net normal profit an increase of $554,872 over 1912. of
This increase
1913.
in sales and earnings is partially due to the sale of advertised specialties,
1912.
1911.
1910.
1909.
to
Passengers car'd-55,563,757 51.106,017 40,281,245
the promotion of which we have given special attention during several years.
26,382,773
31,369,421
Transfers
15,039,016 11,858,213 10,012,048 8,003,038 8.925,849 After deducting the dividend on the pref. stock there remains $1.706,650,
equal to 16.04% on the common stock. From this amount has been deRESULTS FOR CALENDAR YEARS.
ducted reserves of $470,371.
1913.
1912.
CONSOLIDATED INCOME ACCOUNT (Including Subsidiary Companies).
1911.
1910.
Gross earnings
$4,078.695 $3,765,384 $3,829,750 $3,284,342
Operating expenses__
1913.
1912.
2,252,607
1911.
2,004,148
1,900,968
1,654.834
$
$
$
Gross sales (see note)
Net earnings
20,488,042 19.751,905 17,645,837
$1,826,088 $1,761,236 $1,928,782 $1,629,508 Cost
of goods sold
Deduct17,014,388 16,800,154 14.400,887
Fixed charges
3570.583
8566,773
8818.208
1694,739
Net from sales
Dividends
3,473,654
(12%)1,070,043 (12)720,000(11A)690,000(10 600,000
2,951,751
3,244.950
Other income
885,556
623,168
538,620
Total deductions_ ..- _ $1,640,626 $1,286,773 $1,50,208
$1,294,739
Balance,surplus
Total income
3,574,919
$185,462
$474,463
3,783,570
$420,574
$334,769 Admin., general & miscell. expenses_ 4,359,210
2,167,225
2,021,318
2,254,458
BALANCE SHEET DEC. 31.
Net income
2,191,985
1913.
1,553,601
1912,
1,529,112
1913.
1912.
Bond
and
other
interest
A sscts254,612
171,100
Liabilities$
272,561
$
$
Buildings, plant &
175.000
167,708
Capital stock ____ 9,000,000 8,308,775 Preferred dividend (7%)
equipment
20,271,495 18,217,689 Bonds
744,751
737,751
734,553
5,000,000 5,000,000 Common dividend (7%)
Stores
*564,704
314,000
58,911
244,603 Deb.stock,4%%_ 3,404,603 2,434,603 Extraordinary charges
162,017
Extmord. cred. not applic. to period.. Cr52,679
Accts. receivable_ 333,650
218,746 Accounts & wages 529,753
447,763 Prop. app. to min. interests
Cash
14,069
16,149
13,807 Dividend Jan. 2_ _ 270,000
43,961
32,204
180,000 Employees' bonus paid from profits..
Conductors' work87,493
Int. due & accrued
34,147
204,475
ing fund
12,393
10,643 Miscellaneous__
133,829
120,732
Total deductions
Subsidiary cos__
1,787,950
832,019
633,270 Suspense
1.179,431
1,201,335
399,516
297,981 Balance, surplus
404,035
374,170
Reserve
327,777
1,000,000
Bank of Montreal_ 1,106,160
198,193
*Extraordinary charges in 1913 ($564,704) include balance of discount
Surplus
*901,698 2,091,236 on gold notes written off, $94,333,
and reserves and miscall., $470,371.
Note.-The actual increase in total sales amounted to $2870,486. The
Total
21,779,706 19,343,758 Total
21,779,706 19,343,758
increase ($736,137) shown above is due to the inclusion in 1912 and
The company also has a contingent liability on guaranty of principal and smaller
elimination
in 1913 of the sales of a subsidiary company, the controlling
interest of $500,000 Suburban Rapid Transit Co. bonds
and $400,000 interest in which was disposed of by order of the U. S. District Court.
Winnipeg Selkirk & Lake Winnipeg fly. bonds.
CONSOLIDATED BALANCE SIIEETS (Including Subsidiray Companies).
* After transferring $1,000,000 to reserve account
1913.
1912,
1913.
and $375,000 to
1912.
suspense account.
Assets$
$
Plants & equip't_10,153,521 10,545,736 Common stock. i0,639,300 10,539,300
WINNIPEG SELKIRK & LAKE 1VINNIPEG RY.
Furniture & fixt's_ 135,487
130,263 Preferred stock- _ _ 3,500,000 2,500,000
Cal. YearGross.
& goodAm. Coal P. Co.
Net.
Bond Int. Taxes, .tc.
Balance. Contracts
1913
$129,317
will
3,403,831 3,367,769
serial gold notes 2,000,000
$63,374
$20,000
$32,077
sur.$11.297 Cash
1912
106,181
& cash items 1,099,047
390,924 Bonds of sub. cos_ 2,685,000 2,823,000
53,533
20,000
24.033
sur.
9,500
1911
Current investm'ts 573,855
89,186
384,056
Notes
43,294
payable_ __ 237,000 1,119,010
20,000
14,565
sur.
8,729 Notes & accts. rec. 5,042,448 4,563,402
1910
75.725
Accounts payable_ 2,406,116 1,973,583
40,083
20,000
12,644
sur. 7,439 Inventories
2,741,510 2,628,163 Accrued pref. divs. 222,646
36,458
SUBURBAN RAPID TRANSIT CO.
Invest. in oth. cos. 405,889
122,195 Minority Interests 124,118
588,817
1913
Prepaid,&e.,chgs.
$65,956
90,505
68,087 Reserves
$33.165
$25,000
901,016
367,538
$1,968
def.$23
.802
1912
59,060
Surplus
1,641
1,930,927 2,252,889
25,000
1,607
def. 24,967
1911
57,995
11.834
25,000
2.542
def. 15.708
1910
Total
56,016
23,646,123 22,200,595
Total
21,909
23,646,123 22,200,595
25,000
1,209
def. 4,300 -V.
-V.98,p. 692.
98. I). 914.
International:Nickel Co., New York.
(12th Annual Report-Year ending March 31 1914.)
Pres. Ambrose Monell June 2 reported as follows:
In addition to the quarterly dividends of 1% each on the prof.
stock,
four quarterly dividends of 214% each, making%
a total of 10%. were paid
American Hardware Corporation, New Britain, Conn.
(Results for Fiscal Year ending Jan. 1 1914.)
The report, signed by the new President, Henry C. M.
Thomson, and by Andrew J. Sloper, Sec., and Charles F.
Smith, Chairman, under date of Feb. 19, says in substance:
1762
THE CHRONICLE
[VOL. xcviii.
The results for the year 1913 show earnings, before depreciation, of possible losses. Tho aggregate reserve accounts as of Dec. 31 1913 were
$1.046,670. Accurate methods of accounting of costs and of inventories, $2,017,026, viz.: General, $750,000; depreciation (general, $770,402; Caliand the elimination of all doubtful assets, whether in accounts or in mer- fornia, $392 316), $1,162.718; insurance, $81,659; U. S. Govt. excise tax,
chandise, made it necessary, in order that the ample reserves of the cor- $16,422; sundries, $6.227.
Net Working Capital -This was increased during the year from $5,637.poration be undiminished, that we should write out of the surplus account
$828,108. By this method a foundation has been established by which the 308 to $6,712,059, contrasting with $1,864,727 on Dec. 31 1908.
future operations of the corporation can be clearly understood and judged. During the past six years about $850,000 has been expended for buildings
and equipment for match factories, in addition to about $750,000 for
RESULTS FOR CALENDAR YEARS.
repairs and renewals. Our manufacturing plants are in excellent physical
condition and equipped with the latest approved appliances.
1909.
1912.
1913.
1910.
1911.
"Safe Home" Matches -The company has recently placed on the market
Net earnings_ _31,046,670 $1,248,135 $1,071,815 $1,245,437 $1,089,166
a number of new and attractive brands of matches anti is directing its most
BALANCE SHEET JAN. 1.
aggressive efforts toward the introduction of the "safe home:" These
matches are non-poisonous, the sticks are made of strong carefully selected
1913.
1914.
1914.
1913.
white pine, chemically treated to prevent an afterglow; they will not
LiabilitiesAssetsspontaneously ignite in storage and do not emit fumes or objectionable
496,418
342,808 Cap. stock (less in
Cash
Bills & acc'ts rec.. 2,598,193 3,083,618 treas. 52,580,000) 9,920,000 9,920,000 odors, and moreover are obnoxious to rodents. Every box bears the label
607,536 of the Underwriters' Laboratories, Inc., which oPerate under the direction
Bills & acc'ts pay_ 816,088
Real est., mach.,
173,600 of the National Board of Fire Underwriters, indicating that the match has
5,523,621 5,266,728 Divs. pay. Jan. 2_ 173,600
tools, &c
1,686,956 2,515,064 complied with rigid specifications and regulations A large and profitable
Materials & mdse_ 3,930,412 4,523,046 Surplus
trade should be established in this brand.
[The usual 4-year comparison was in 'Chronicle" of March 21, p. 910.1
12,596,644 13,216,200
Total
Total
12,596,644 13,216,200
EARNINGS, ct:c., FOR CALENDAR YEARS 1913 AND 1912.
ANNUAL DIVIDEND RECORD (PER CENT).
1913.
1912.
1912.
1913.
1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913.
7%
6%
6%
7%
635% 7%
5%
5%
4%
150,000
150,000
reserve_
deprec'n
of
13
,
To
payments
5%
each
Earnings,
all
2,505,192
were
sources.2,187,831
regular
quarterly
made
and
1913
In 1912 and
To general reserve__ 250,000 250,00(9
also quarterly from July 1 1912 to Jan. 1 1914 34 of 1% extra. At the Repairs, renewals &
1,128,338 1,125,234
412,015 385,089 Dividends paid
depreciation
March meeting of the board the regular quarterly dividend of 134% was
249,477 594,868
Carried to surplus
declared, payable in April, and consideration of the extra dividend was
Net earnings
1,775,816 2,120,103
deferred until it should be learned, after the completion of the year, whether
the earnings warranted the payment of the extra 1%. Dividends are paid
Dec.
31 1913, $864 428, against $614,951 Dec 31 1912
Total surplus
Q.-J. Par of shares 3100.-V. 97, p. 174.
(after deducting in 1912 $500,000 for patents, rights, trade-marks, &c..
written off).-V. 98. p. 910.
New England (Bell) Telephone & Telegraph Co.
(31st Annual Report-Year ending Dec. 31 1913.)
Pres. Philip L. Spalding May 4 1914 wrote in substance:
Elk Horn Fuel Co., Incorporated.
(Description of Property-Balance Sheet Dec. 31 -1913.)
An official statement says in substance:
No new financing was done, as the remainder of the proceeds of stocks
and bonds issued during 1912 supplied funds for the necessary extensions.
-Incorporated in W.
Organization-Property.
Feb. 3 1913, and its
The new building and switchboard at Lowell were completed and put into assets consist principally of coal lands; in additionVa.
to these it owns $4,371,service. Work was in progress on the nine-story addition to our building 500 par value of stock of the Consolidation Coal Co.
The Elkhorn Fuel
buildings
and
new
switchBoston,
and
on
the
at Milk and Oliver streets,
is not and does not contemplate being a coal-operating co. Its coal land
boards for new central offices in Back Bay and Roxbury. At Lynn the Co.
holdings are all located in the eastern part of Kentucky,except some 15,000
building was enlarged and additional switchboard installed, and similar acres in Randolph and Upshur counties of W. Va.
work was in progress in Worcester. The underground system of conduit
These lands can be more or less arbitrarily designated as follows (n;
and cables was extended from Salem to Gloucester, thus providing for ample acres): Mineral fuel. 4,500; Beaver Creek, 124,883; Licking River,
47,481
and improved facilities for handling the traffic between Boston and the Johns Creek, 21,658; Knott County, 6,613; Kentucky' River, 45,800;
rich
North Shore.
Mountain (W. Va.). 14,600; total 265,535; Beaver lands under option,
There are now about 4,500 stockholders, an increase for 1913 of about 50,000; total owned and under option, 315,535.
200.
The Mineral Fuel lands are located within what is considered as the best
OPERATIONS AND FISCAL RESULTS.
development of the Elkhorn seam of coal and which is now operated by
1912.
1913.
1911.
1910.
On Dec. 31.
1909.
1908.
the Elk Horn Mining Corporation. The Beaver Creek lands include the
Miles of exch. wire_1,101,359 1,010,115 870,293 734,204 443,578 432,959 larger part of what is known as the Elkhorn coking coal region. It has
502,042 461,425 421,002 382,022 337,021 304,986 been fully prospected and in part developed and operated by the Elk Horn
Total stations
Mining Corporation. These lands contain several seams of coal, principal
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC 31.
among which is the Elkhorn seam, which has shown such superior qualities
and uniformity in the Consolidation Coal Co. property which adjoins these
(Including Sou. Mass. Tel. Co. and N. E. T. & T. Co. of Mass.]
lands to the south.
1911.
1913.
1912.
1910.
Licking River lands are located principally in Magoffin County, Ky.,
$17,672,945 $16,324,305 $14,705,448 $13,956,022 onThe
Gross earnings
the headquarters of Licking River, and we believe to a large extent conOperating expenses_ _ _ _ $7,293,751 $6,320,173 $5,926,244 $5,310,267 tain non-coking coal applicable as steam and domestic coals. The Johns
Current maintenance_ _ _ 2,086,688
2,379,6381
Creek lands are located in Pike County, Ky., principally on the waters of
3,151,4513 4,787,986
3,521,423
Depreciation
4,460,164 Johns Creek; these coals are non-coking in character, but of excellent qual1,004,347
849,895
985,921
794,997 ity, and should be readily sold as domestic and steam coal in the West.
Taxes
The Knott County lands practically adjoin the Beaver Creek lands on the
$13,887,783 $12,855,609 $11,564,126 $10,565,428 south and contain the Elkhorn seam of coal of equal quality to that of the
Total
$3,785,162 $3,468,696 $3,141,322 $3,390,594 Beaver Creek lands. The Kentucky River lands are scattered over a wide
.Net earnings
$919,e75
3345,581
$139,145
$129,111 area on the waters of Kentucky River. They are well within the coalDeduct-Interest
(7)3,015,978 (7)2,810,859(634)2644535 (6)2350.686 bearing area, but have not been sufficiently prospected for an estimate of
Dividends
quantity or quality of coal; none of them carries the Elkhorn seam ofcoal
Total deductions_ _ _ - $3,632,653 $3,156,440 $2,783,680 $2,479,797 In known workable thickness, but several seams higher in the series show
$152,510
$312,256
surplus
$357,642
Balance,
$910,797 promise of good coal areas.
Virginia contain two coal seams of the
The Rich Mountain lands in West
BALANCE SHEET DEC. 31.
have been fairly prospected and operated
so-called New River series that
thin,
but contain an excellent quality of
are
seams
The
[Including Se. Mass. Tel. Co.and N.E. T.& T. Co.of Mass.]
to some extent.
for smithing purposes,
coal, particularly adapted under
1912.
1913.
1913.
1912.
option, are a western extension of the
lands,
Creek
Beaver
The
Liabllities$
Assetsowned, and limits the Elkhorn coking coal region on
5,826,799 5,254,730 Cap. stock issued_43,085,400 43,085,400 Beaver Creek lands
Real estate
contain workable coal seams, but it is
and west. These lands part
12,427,500 12,506,000 the norththat
Telephone plant_ _56,977,690 52,625,495 Bonded debt
of the field are not of a coking type.
the northern
of
those
probable
Bills payable
Furniture, tools &
1,000,000
does not expire until April 30 1918, and if
Our option on the 50,000 acres
1,323,468 2,690,002 Accounts payable_ 569,814
supplies
727,992 advantage
it
will be purchased free of all taxes and
the option
of
taken
is
Accr.
493,521
913,156
liab.,not due 211,073
190,792
Cash and deposits.
that might be incurred in the meantime. This company
42,274
40,777 other expenses
Bills & accts. rec..- 2,695,975 6,404,720 Unearned revenue.
owns about 30% of the capital stock of the Beaver Creek ConStocks and bonds_ 4,458,302 4,464,936 Employ. benef. Id. 1,000,000 1,000,000 at presentCoal
Co.
solidated
40,114
41,407 Replacem't res'ves11,315,723 10,816,991
Prepaid expenses_
to the Elk Horn Mining CorLeases.-The Elk Horn Fuel Co. has leased
Surplus
*3,164,085 3,026,494
24,500 acres of land, 20,000 acres of
poration (see another page-Ed.)
Beaver Creek lands and 4,500 acres on Boone Fork of
the
are
in
which
71,815,869 72,394,446
Total
Total
71,815,869 72,394,446
Kentucky River. The latter company is rapidly equipping itself to a
* After deducting sundry items from surplus aggregating $14,919.- capacity of 3,000,000 tons of coal per year, 2,000,000 tons of which are
& Ohio By. and 1,000,000 tons to the LouisV. 98, p. 1464.
tributary to the Chesapeake
lease, with others which the Elk Horn Fuel
ville & Nashville RR. Thisyears
over 3,000,000 tons of coal to be mined
in a few
Co. has, will cause
Diamond Match Co., Chicago and New York.
giving the company a revenue of over $300,000
yearly from its property,
for
leases
applications
have been received, but conditions
Many
annually.
(Statement Made at Annual Meeting May 6 1914.)
not warranted the closing of additioanl
leases.
and railroad facilities have
Co. has, together with its fee lands and
Pres. Edw. R. Stettinius, Chicago, May 6, wrote in subst.:
Lumber.-The Elk Horn Fuel
a large area of timber lands, and now has operating seven
Results.-The calendar year 1913 may properly be regarded as one of mineral rights,
daily
capacity of 150,000 feet.
having a total
the most eventful in the history of the company, and in view of the many saw-mills
probabilities are strong that both oil and gas will be
Gas and 011.-Theabout
difficulties encountered, the results should be considered as most satisfac80% of the oil and gas rights is owned by the co.
lands;
tory. Economies were effected, but these were offset by the higher cost found in these
of raw materials, heavier taxation, and legislation affecting the hours and CONDENSED GENERAL BALANCE SHEET DEC. 31 1913 (TOTAL
EACH SIDE, $31,278,560)•
conditions of labor, and regulating the manufacture, packing, storage
and transportation of matches. While we fully maintained our position
LiabilitiesAssetsin the trade and increased, our sales selling prices were materially lower
_523,482,104 Capital stock, common_319,000,000
lands_
coal
Real est. &
and offset the profit that would otherwise have been derived.
7,298,390 Capital stock, preferred_ 7,000,000
co's_ __
Non-Poisonous Matches.-The law placing a prohibitive tax on white *Stocks of other
35,312 1st M.notes(V.96,p.1427) 3,970,000
co 5phosphorous matches was generally accepted, effective on July 1 1913, and Advances to subsid.
20,083 Unpaid vouchers
items_ _ _ _
80,896
the use of white phosphorus in all of our factories was therefore discon- Deferred debit
81,814 Pay-rolls
12,294
tinued and none has been used since that time. The introduction of the Cash
335,081
Accrued interest on notes
loans
33,083
Demand
new match involved not only a substantial increase in the cost of produc18,500
Accounts
payable
&c
2,506
tion but also the solution of many difficult technical problems. It had Supplies,
Surplus
7,186
1,179,780
formerly been considered impossible to use substitutes for white phos- Miscellaneous
phorus with constantly satisfactory results under the varying atmospheric
Consolidation
shares
Coal
Co.,
12,000
43,715
shares Mineral
*Include
and climatic conditions obtaining in this country. This, however, has been
shares Beaver Creek Consoi. Coal Co., 1,800 shares Tennis
successfully accomplished and we produced throughout the year non- Fuel Co., 7,879
shares York Coal & Coke Co.
poisonous matches that were not only entirely satisfactory to the trade, Coal Co. 500p. 1427; V. 98,13. 1610.
[See V.,96,
but are greatly superior to the old-fashioned parlor match.
Lumber.-The net profits of the California lumber operation, after deCopper Range Consolidated Co., Boston.
ducting $100,745 for depreciation and for the value of timber removed, were
$35,788,compared with $157,853for 1912. The reduction in earnings is due
Annual Report-Year ending Dec. 31 1913.)
(12th
and
partly
cut
to
continued high logging costs and to
partly to a smaller
low selling prices, particularly of the poorer grades of lumber. The propPres. William A. Paine, Boston, April 20, wrote in subst.:
erty, may prove of great value in the future as a supply of suitable lumber
Results.-Operating companies for 1913 produced 24,852,026 lbs. of
for matches, and we are therefore seeking to reduce the annual cut.
Balance Sheet.-A net increase of $212,140 is shown in the account copper and sold the same at an average of 14.89 cts. per pound, 13,672,485
and 11,179,511 lbs. to the foreign trade. The total
"Plants, real estate and pine lands" as a result of the construction of addi- lbs. to the domestic from
the Baltic, Tr -mountain and one-half Champion
tional buildings the installation of new machinery and equipment and other production of copper
lbs., a decrease from 1912 of 10,200,069 lbs., as
similar expenditures. "Foreign and domestic investments" decreased in 1913 was 18,'767,359
lbs.;
5,637,837
Baltic,
Trimountain,1,989,775 lbs.; Champion,onethe
repayment
to
to
your
part
company
of
owing
in
follows:
advances
to
$558,557.
lbs.; total, 10,200,069 lbs. From July 23 until the end of
allied companies and in part to the sale of 20,000 shares of common stock half, 2,572,457
of our mines was greatly reduced and for the same
the year the production were
of Bryant & May, Ltd.
During the year $168,800 6% convertible debentures were purchased period sales of coppermonthssmall, especially in August, September and
copper was selling at 1534c. to 16%c. per lb.
for cancellation and $15,200 were converted into stock, leaving outstanding October, during which
The production costs per pound were: Baltic, 11.91c.; Trimountain,
Dec. 31 1913 $1,328,000. These debentures were issued Dec. 15 1910,
one-half,
Champion,
10.71c.; Copper Range Consolidated Co.
Dec.
15
1915
and
an
retired
equal
amount
each
year there- 12.62c.;
one-sixth to be
(average of all), 11.71c. As heretofore, all expenditures of every nature
after. The company has anticipated this by canceling $581,400.
Depreciation.-The sum of $150,000 was reserved from earnings and are charged to cost of copper. Extraordinary expense, mostly in conneccredited to "depreciation reserve account," tovprovide for depreciation of tion with the re-grinding installation, amounted to $230,836, or on this
match factories, in addition to which $104,390 was included in current year's production, a cost of .929c. per pound of copper. State and county
erating expenses for depreciation of our other plants. A further reserva- taxes in Michigan constituted a charge of .85c. per pound. Costs were
n of $250,000 was made and credited to "general reserve account" for further increased by strike expenses and the accident compensation law.
JUNE
61914.1
THE CHRONICLE
1763
The decrease in the output and profits of the mines was casued by a
The Copper Range Consolidated Co. has outstanding $39,371,400 capstrike involving the underground employees which was started July 23 ital stock and holds in its treasury the
99,659 shares Baltic Minby the Western Federation of Miners, and carried on under their direction ing Co. stock; 99,699 shares Copper following:
Range Co. stock; 99,345 sharesTriand leadership. Up to that time results had shown improvement over the mountain Co. stock; 93,690 shares Atlantic
Mining
Co.stock; 16.392 shares
previous year. Some changes in underground practice, mentioned in last Copper Range RR. Co. stock; 791 shares Copper Range
Consolidated Co.
year's report, had been working out favorably.
stock held for outstanding shares of Baltic Mining Co. and Copper Range
Interruptions to operation have prevented us from getting accurate Co.-V. 98, p. 1463.
figures to show the success of the fine-grinding process. However, results
have demonstrated the advantage of the new equipment and have proved
Standard Screw Co., New York.
that the investment will show a large profit. About $290,000 has already
been spent in this equipment and an additional 823,000 will be required.
(14th Annual Report-Year ending March 31 1914.)
The average yield of copper per ton of rock for all the mines was: 25.24
lbs. in 1913; 21.07 lbs. in 1912; 20.87 lbs. in 1911; 23.32 lbs. in 1910; 21.73
President W.B. Pearson May 13 1914 wrote in substance:
lbs. in 1909. The average yield for 1913 is very satisfactory. During the
Despite the numerous adverse conditions that have existed during the
last half of the year, when operations were greatly affected by labor troubles,
the yield was kept abnormally high. For the first six months under nor- year just closed, the volume of the company's business, while slightly less
than last year, is fairly satisfactory, and the profit realized thereon sufficient
mal conditions the average yield was 24.83 lbs. of refined copper per ton.
Development Work -This included 19,489 feet of drifting and cross- to show a net income of $408,221 available for dividends.
On Feb. 18 1914, pursuant to a large affirmative vote of all the stockcutting, as compared with 29,925 ft in 1912 and 29,778 ft. in 1911; shaft
sinking 854 ft., against a total of 1,156 ft. in 1912; raising 5,321 ft., an holders. the preferred capital stock was increased from $2,000,000 to $3.increase of 39 ft. Although restricted by labor conditions, this year's 000,000 and the common capital stock increased from $2,500,000 to $3.500,development work has proved up ground of good character. The mines 000. The authorized additional $1,000,000 pref. stock has been subscribed
are in good condition and now that the effects of the strike are largely for or sold for cash, the proceeds enabling the company to increase its working capital to an amount commensurate with its volume of business. (V.
behind us, satisfactory results may be expected.
Labor Conditions.-For some years past the Western Federation of 98, p. 457. 693, 843.)
Miners has been seeking a foothold among our mine employees. On
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
July 14 1913 a written demand for recognition of this organization was made
by a small minority of our men. No other specific demands or grievances
1913-14.
1912-13.
1911-12.
1910-11.
were set forth. Recognition was refused and on July 23 the Western Fed- Net income
$460,464
$373,657
$162,463
$375,928
eration called the strike, inaugurating it with their usual violence and Bond interest
$21,750
$24,750
$27,750
830,000
Intimidation. The mines were closed, many men left the district, and Int. on borrowed money
30,493
21,305
9.460
1.324
others,under the reign of terror then prevailing, joined this organization.
Balance
After the arrival of the State troops, operations were resumed, but were
$408,221
$327,603
$125,253
8344,604
greatily hampered by strike conditions. Improvement came slowly but Pref. dividend (6%)- - $120,000
$120,000
$120,000
$120,000
persistently. The strike is now over. At present the total number of Common dividend__(4X %)112,500 (3)75,000 (4)100.000 (6)150,000
men at work at our mines is 2,379, against 2,716 just prior to the strike.
Balance
sur.$175,721sur .8132,603 def.$94.747 stir .874,604
Copper Range RR.-In common with the mines, the earnings of the
railroad were much affected by the strike. Through and local-freight was
BALANCE SHEET MARCH 31.
no exception. Under the conditions, passenger earnings were good.
1914.
1913.
During the year the passenger rate was reduced from 3 cts. a mile to 2 cts.
1914.
1913.
AssetsAn extension 3.2 miles long going south from Painesdale to the main line
Liabilities$
$
was completed in November. The cost of this cut-off was 862,844 and an Plant St equipment_ _5,268,042 5,147,417 Preferred stock
2,000,000 2,000,000
*M
at'is
,
O‘c_
supp.,
A,015,552
expended
filling
in
bridges
958,673
between Mill Mine
Common stock
additional $23,511 was
2,500,000
2,500,000
Deben. bonds,5%_ _ 420,000 480,000
Junction and Paine,sdale. This cut-off will result in an important saving Accounts and notes
receivable
468,301 604,065 Notes payable
in the cost of handling trarfic. With the labor disturbances over, railroad
716,000 693,000
Prepaid interest, dee_ 23,445
24,231 Accounts payable_ _ _ 162,413 265,323
operations are getting back to normal.
Cash
134,373 139,516 Surplus
1,111,300 935,579
CONSOLIDATED STATEMENT OF THE OPERATING COMPANIES
FOR CALENDAR YEARS.
*Total
6,909,713 6,873,902 Total
6,909,713 6,873,902
1913.
1912.
1911.
1910.
* At cost and partly estimated.-V.98,13• 1541.843.
Rock stamped (tons).._
984,287
1,784,402
1,779,072
1,820,769
Aver.yield ref'dcop.(lbs.)
25.24
21.07
20.87
23.32
Copper produced (lbs.)_ 24,852,026 37,584,647. 37,130,292 42,468,754
Oro Electric Corporation.
Avge. price rec'd per lb_ 0.4.89 cts.
16.16 cts.
12.54 cts.
12.74 cts.
(Report for Fiscal Year ending Dec. 31 1913.)
Rec'd from copper sales_ $3,700,844 86,071,095 $4,655,127 $5,407,629
Interest
6,247
13,107
520
6,217
INCOME ACCOUNT.
Total
$3,707,091 $6,084,202 $4.655,647 $5,413,846
Yr.
. end. 14Mo.end
Yr.end 14Mo.end
Mining exp.,incl. smelt.,
Dec.31'13 Dec.31'12
Dec.31'13 Dce.31.12
fr't, marketing,&c _ $2,652,580 $3,661,837 $3,447,100 $3,490,742
Gross earnings
$221,894 $197,034 Total income
Taxes,HoughtonCo.,Mich. 201,232
$398,472 $398,684
164,158
163,373
179,210 Operating expenses-- 107,561 98,975 Bond interest
*42,767 37,500
Total expenses
$2,853,812 $3,825,995 $3,610,4'fd $3,669,952
Dividends
87,500 227,500
Not profit
$853,279 $2,258,207 81,045,174 $1,743,894
Net earnings
$114,333 $98,059
Copper Range RR.surp. def 17.047
103,775
Earn, from sub. cos 284,139 300,625 Balance. surplus__3268,205 $133,684
53,532
75,168
Atl. Min. Co. surplus
40,385
Total income
$398,472 $398,684
Total net income.._-- $836,232 $2,402,368 $1,098,706 $1,819,062
DeductInterest
*
charged
construction in 1893 wa4$58,768.
to
Net bal. of gen. exp.,&c.
$93,315
$83,992
$66,851
$48,602
One-half net mining prof.
CONSOLIDATED BALANCE SHEET.
Champion Cop Co ,
which belongs to St.
1913.
1912.
1913.
1912.
Mary's Min. Land Co.
Assets252,384
625,810
227,294
$
469,602 Property
invest'ts.16,753,279 15,106.729 Capital stock ____ 9,750,000 9,750,000
Total deductions_ _ _ - $345,699
$709,802
$294,145
$518,204
Unamortized
bond
Bonded
debt
2,163,000
Balance, surplus
833,000
$490,533 81,692,566
$804,561
$1,300,858
discount
149,194
Notes payable_
174,487
Total dividends paid to Dec 31 1913, 813,986,747.
Cash
16,728
51,518 Accounts payable_ 114,235
46,526
COPPER PRODUCTION, RECEIPTS, NET PROFITS AND DIVIDENDS Accounts receiv'le. 118,470
78,890 Interest accrued
.35,544
27,375
Materials & supp_ 114,737
61,651 Reserves
OF INDIVIDUAL MINES.
3,971,675 3,966,709
Miscellaneous
4,247
_
4,331 Accrued surplus,._ 947,714
Copper Produced679,509
1913
1912
1911
1910
Baltic
7,736,124 13.373,961 15,370,449 17,549,762
Total
17,156,655 15,303,119
Total
17,156,655 15,303,119
Champion
12,080,594 17,225,508 15,639,426 19,224,124 -V.
C8, p. 1541, 1396.
Trimountain
4,990,938 6,980,713 6,120,417
5,694,868
ReceiptsBaltic
$1,152,027 $2,165,351 $1,927,036 82,235,273
Central & South American Telegraph Co.
Champion
1,802,531
2,785,411
1,962,730
2,450,366
Trimountain
(Report for Fiscal Year ending Dec. 31 1913.)
746,530
1,132,719
768,595
728,206
Net ProfitsRESULTS FOR CALENDAR YEARS.
Baltic
8230,211
$697,394
$530,215
$767,939
Champion (one-half)__ _
252,384
625,810
227,294
1913.
469,603
1912.
1911.
1910.
Trimountain
Receipts from all sources $1,555.936 $1,616,224 41,646,931
. 113,363
308,472
60,371
32,250
31,755.166
Dividends PaidDeduct
Taltic
°per.
expenses
$200,000
&
taxes..
$700,000
8596,259
$500,000 $1,000,000
$575,035
3586.2291 $676,720
Champion (one-half)
450,000
550,000
44,340
250,000
450,000 Maint. rep. steamer__ _ _
84,467
55,044f
Trimountain
200,000
71,861
300,000
1150,000
18,570
500,000 Cable repairs
42,184
17,605
Government
Mexican
3,660
1,296
RECEIPTS AND DISBURSEMENTS COPPER RANGE CONSOLIDATED
3.096
Charter rep.steam.Relay
13,473
COMPANY FOR CALENDAR YEARS.
Miscellaneous
1,175
2,804
Receipts1913
Dividends
574,260
(6%)
1912
574,260
1911
574,260
1910
574,260
Bal. brought forward_ _ 8455,499
$315,552
8462,924
$557,380
Baltic Mining Co
202,073
Surplus for the year__ $264,382
$413,892
3374,445
$480 ,681
Baltic Mining Co. divs_
199,318
697,613
498,295
996,590
BALANCE SHEET DECEMBER 31.
Trim'tn Mg. Co. divs_ _
198,710
298,065
149,018
Trim'tn M.Co.deposit_
28,772
1913.
1912.
1913.
1912.
Copper Range Co. divs_
598,194
AssetsLiabilities-448,646
II
$
299,097
$
$
449,770
Cop Range Co.deposit..
Plant
100,112
9,614,379 9,521,154 Capital stock ____ 9,571,000 9,571,000
Cop. Range RR.deposit
Construction
acct..
60,411
2,621,164 2,184,948 January dividend_ 143,565
41,247
143,565
40,457
Atlantic Mining Co..- _ Spare cable
47,200
102,589
152,963 Sundry creditors__
27,342
28,264
5,000
Cop. Range Elec. plant..
Cash
5,363
177,543
325,955 Fire insur. fund...
12,791
9,269
Baltic Min.Co.notesrec.
Investment secur's 328,670
46,040
421,833 Surplus revenue
108,520
6,019
Mich. Smelt. Co. depos_
Sundry debtors,dtc 196,545
167,054
Dec. 31
3,057
3,286,192 3,021,811
United Metals Sell. Co_
200,000
300,000
Notes payable
Total
13,040,890 12,773,908 Total __
43,846
425,000
13,040,890 12,773,908
200,000
Accounts receivable_ _- -V. 98, p. 1002.
18,183
Miscellaneous
2,616
3,652
2,202
3,883
Total
Mexican Telegraph Co.
$1,707,886 $2,295,272 $1,858,525 $2,656,641
Disbursements(Report for Fiscal Year ending Dec. 31 1913.)
Notes payable
$925,000
$62,030
Accounts receivable_ _ _
57,886
2,397
1913.
1912.
1911.
General exploration_ _ _ _
1910.
$43,172
$40,529 Receipts all sources..___ $1,204.303 $1,026,252
Baltic Mining Co
8946.907
$939,109
212,071
DeductTrimountain Mining Co.
20,435
156,875 Oper. exp. and taxes_ _ _ 8219,572
3181,096
Trim'tn Min. Co. deposit
$176,531
$165,622
34,820
Mexican Govt. particiCopper Range Co
153,721
50,852
pation in earnings_ _ _ _
1,225
63,527
45,638
45,500
Cop. Range Elec.const'n
37,772
4,199
repairs
20,367
Cable
30,798
19,496
Copper Range RR. Co_
14,834
92,472
101,054 Divs. (10% per annum)
358,940
358.940
Michigan Smelting Co_ _
358,940
358,940
39,955
73,395 Loss sale C.S. Mexican
45.293
Taxes (New Jersey)_ _ _ _
7,775
7,771
7,726
Miscellaneous
7.834
34.478
13,519
15,677
Interest
36,439
39,085
10,292
Other expenses,&c
49,101
37,136
49,193
Add to sum. for year.. 3451,695
43,027
8407,563
3350,259
Dividends
$361,941
1,082,697
788,429
1,357,104
Previous
1,537,340
surplus..
3,342,939
2,935.376
2.585,117 2.223,176
Cash on hand Dec. 31._
130,945
455,499
315,552
462,924
Total
$3.794,634 33.342.939 82,935.376 82,585,117
Total
$1,707,886 $2,295,272 $1,858,525 $2,656,641
BALANCE SHEET DEC. 31.
CURRENT ASSETS AND LIABILITIES DEC. 31 1913 (INCLUDING
1913.
1912.
SUBSIDIARY MINING COMPANIES).
1913.
1912.
AssetsLiabilities-$
Assets ($2,784,976)Liabilities (81,950,587)Plant
3,510,163
3,567,100
Capital stock
3,589,400 3,589,400
Cash at Boston
$257,202 Notes payable
Cash
214,470
297,102
$1,200,000
Sundry
creditors_
_
_
_
53,320
51,819
Cash and supplies at mines.. 697.969 United Metals Selling Co.. 400,000 Investment secure_3,451,322 2,924,128 Dividend
89,735
89,735
Copper on hand
584,880 Indebtedness at mines_ __
130,845 Sundry debtors, Atc.. 103,950 116,983 Fire insurance fund..
3,139
2,110
Cop. Range RR. 1st M.bds. 870,000 Houghton County taxes__
201.233 Current traffic accts. 250,323 170,690 Surp.rev,end of year 3,794,634 3,342,939
Accounts receivable
34,925 Accounts payable
18,501
Michigan Smelt. Co. stock- 340,000
Total
7,530,228 7,076,003 Total
7,530,228 7,076,003
Net excess of assets after deducting 3 Champion ($273,518)
$560,879 -V.98, p. 1003.
Pond Creek Coal Co., Boston.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Thomas B. Davis, N. Y.,in April last wrote in subst.:
Development and Output.-Seven mines have been operated continuously
throughout the year and have produced up to Dec. 31 566,965 tons, which
largely exceeds the estimates. Actual work has been in progress about 20
months, and all of the mines did not begin to ship coal until 1913.
While the mines are not developed to their full capacity they are able to
produce a much larger tonnage of coal than they did last year and the production will be increased as markets are found for the coal. We have completed. 52 4-room houses, 41 5-room houses, 13 6-room houses, one 7-room
house, 259 8-room houses, one 10-room house, one 12-room house, three
stores bower plant, power, light and telephone lines, 5 miles of railway sidings, 0 sub-stations, 7 fans and fan houses, warehouses, machine shop, 6
mine repair shops. Equipment purchased: 33 mining machines, seven 15ton and 16 6-ton electric locomotives,816 steel mine cars, minepumps,&c.
Transportation.-During the current year the Norfolk & W'estern Ry.
Co. completed the construction of its Williamson & Pond Creek branch, at
an estimated cost of $1,200,000 (built to handle very large tonnages of coal),
including the bridge across Tug River and yards near Williamson.
Coal.-Our coal was tested out with very satisfactory results by some of
the largest users of coal in this country, and has been found not only highly,
desirable for by-product coking purposes, but also for producing illuminating gas and for steam and domestic purposes. In ordWary times a coal of
this character is always in good demand.
Coal produced by company in 1913 (tons of 2,000 lbs.): Jan. (Incl. shipments during Nov. and Dec. 1912), 72.923; Feb., 29,120; March, 26,652;
April, 27,127; May, 40,327; June, 44,048; July, 45,635; Aug., 47,519;
Sept., 48,274; Oct., 56,882; Nov.. 63,079; Dec.,65,379; total, 568,965.
Financial.-In accordance with the plan referred to in last year's report,
the issuance of $3,000,000 of6% bonds secured by mortgage and convertible into stock at $25 per share and the increase in the authorized capital
stock to 350,000 shares, was approved. Bonds to the amount of $2,000,000 were issued and the money was paid into the treasury June 3 1913.
The company, now has the financial ability to develop its properties to a
capacity of 10,000 tons per day. The actual date when this tonnage will
be realized, is, of course,some distance off, as development to such a capacity requires time (V. 96, P. 866, 1085, 1233).
Capful Account.-Following the usual practice during development, all
profits and losses from coal, stores, rents of tenements, &c., have been carried to capital account; but from Jan. 1 1914 we are on an operating basis.
Progress has been made in the acquiring of additional surface and mineral
rights, and in perfecting all titles, which are now in good shape.
BALANCE SHEET DEC. 31.
1913.
1912.
1912.
1913.
2 008 000 2,000,000
1,04508 1,001182 Stock
Real estate
Constr'n, &c__ _2,050,303 632,518 Share prem.acc't 250,000 250,000
1,018,484 784,619 1st M.cony.bds.2,000,000
Cash
39,517 Acc'ts payable
115,064 252,047
Acc'ts receivable 99.532
77,337 Accrued pay-roll 18.580
13,442
Inventories, &c_ 241,914
Draftsin transit,&c 17,917
18,036
Funds & reserves 10,180
2,648
4,411,741 2,536,173
Total
-V.96, p. 1776.
[VOL. xcviii.
THE CHRONICLE
I 764
Total
4,411,741 2,536,173
Island Creek Coal Co., Boston.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Thomas B. Davis, N. Y. City, in April 1914 wrote
in substance:
value of which is $4,481,675, and 12,299 shares common issued for cash, par
value $12,299; total, $1,493,974.
y Current liabilities include bonds called for payment, unredeemed
$3,150; accounts payable, $83,429; accrued pay-rolls, $24,700; drafts in
transit, $12,419; accrued taxes, $26,575.-V. 98, P• 1159.
The Montreal Cotton Co.
(Report for Year ending Dec. 31 1913.)
Pres. S. H. Ewing on Feb. 25 said in substance:
Owing to further Provincial legislation, the hours of labor from Jan. 1
1913 were reduced from 58 to 55 weekly. Considering this, and the advanced cost of living, we advanced the scale of wages to meet the loss to
our work people from these causes. We have also been confronted with
high value of raw material and a general increase in the cost of all supplies.
The sales have fallen from those of 1912, due to toe monetary stringency
everywhere, causing a generai curtailment of trade all over the Dominion,
which is the only outlet for our fabrics. Nevertheless we consider the results shown very creditable.
The dividends on pref. shares (7%) per annum and on the common
shares (4%) per annum have been paid. After full provision for depreciation, bond interest, bad debts and insurance (including that of a policy
of $400,000 to secure dividends in the event of fire) a surplus balance has
been carried forward.
RESULTS FOR CALENDAR YEARS.
1912.
1913.
1913.
1912.
$
Deduct (Con.)72,5.58
3,017,704 3,229,666 Salaries and general.. 79,508
Cloth sales
Cloth in process.....1,100,895 805,361 Depreciation
115,000 115,000
4,118,599 4,035,027
• Total
Total deductions_2,930,062 2,627.209
Cloth stock, begin383,177 382,933
805,360 1,024,885 Manufac'g profits
ning of year
Farm rents, dre
11,054
12,136
3,313,239 3,010,142
Total
395,313 394,587
DeductBond int.& bad debts 47,054
44,580
Raw cotton, wages.
2,443,905 2,123,315 Dividends
supplies, Jrc
330,000 240,000
Taxes, Int., insur.,
Ba
316.336
lance, surplus
repairs and fuel._ 291,649
18,259 110,013
BALANCE SHEET DEC. 31.
1912.
1913,
1913.
1912.
LtaMilltes$
Assets$
3,000,000 3,000,000
Mill,land, power,&c.4,134,624 4,186,004 Capital stock
879,832 897,638
Employee3' cottages. 211,465 179,350 Bonds
6,576 Open account
Cash
4,129
325,981 356,776
5S3,370 206,094
Book debts, tte
1,006,622 905,745 Bills payable
2,187,899 1,922,564 Indirect liabilities__ _ 140,343 117,989
Inventories
306,622 303,590
Bills refl. (discount) 140,313 117,938 Sales guaranty
10,512
9,048 Insurance reserve...._ 303,458 303,458
Miscellaneous
Surplus
2,159,988 2,141,729
Total
1,699,594 7,327,275
-V. 98, p. 842.
Total
7,699,594 7,327,274
Canadian Cottons, Ltd., Montreal.
(Report for Fiscal Year ending March 31 1914.)
Pres. David Morrice, May 22, said in substance:
Because of the desire of the trade generally to reduce stocks during a
period of financial stringency, the sales for the year showed considerable
shrinkage, while there has been some increase in the manufactured stock.
Results.-The mines during 1913 produced 1,916,100 tons, which is a This stock, however, is absolutely staple, and has been figured at most
decrease of 123,787 tons from 1912, the first decrease since mining opera- conservative values, and it will all be needed as soon as business confitions began in your properties. The net profits also show a decrease of dence is restored, as the supplies of jobbers have been much depleted.
$47,460, due principally to the extraordinary causes below mentioned,whim
The cotton crop gathered in 1913 was above the average in quantity,
not only reduced the output but also to some extent disorganized our op- but contained a much larger percentage than usual of inferior stock, and
erating forces, involving a high expense.
good spinnable cotton has ruled hign in price throughout the year. SpinIn January 1913 a bridge on the Chesa. Sz Ohio Ry.,in process of erection ners have thus been in the unfortunate position of being compelled to buy
across the Guyandotte River, near Huntington, W. Va., collapsed, and their raw material at a high figure, and to sell their manufactured product at
as all west-bound coal originating east of Huntington has to pass over this a small margin of profit, due to poor trade conditions and keen competition.
river, freight movements to the west on the Ches. & Ohio Ry. were very
The amount carried to profit and loss account after paying 0% in pref.
largely suspended for two or three weeks.
dividends was $163,252, making the total surplus $969,225. As usual, all
In April, owing to, almost unprecedented floods, operations were again items of ordinary repairs and betterments have been charged to operating
completely suspended on west-bound traffic for the best part of one month. expenses and this year amounted to $101,258.
The railroads affected by the floods were unable for several months thereAs intimated last year, a large expenditure has been made for new maafter to handle satisfactorily the same volume of traffic as previous to the chinery, as will appear in the increase of property account. About onefloods. You: transportation properties on the Ohio River were not dam- third of this was for the Mount Royal mill, which is leased to the Dominion
floods
nor
was any of the floating equipment Textile Co., and an added income will be available from this source. The
aged to any extent by the
lost. Railroad transportation conditions, moreover, were poorer than usual. remaining two-thirds was for the Gibson and Ontario mills and installaDuring the entire year there was an ample market for coat, and your com- tion of a new beam dyeing plant at Cornwall.
disposed
of
a
larger
tonnage than it did if railroad transpany could have
While business for the next few months may continue quiet, we consider
portation facilities had permitted. The new dock at Duluth was placed the outlook favorable for the continued propsperity of the company.
on an operal-Ang basis and handled a fair tonnage of coal in a very satisfacat
Holden
was destroyed by fire, and
RESULTS FOR YEAR ENDING MARCH 31.
tory manner. In June the saw-mill
there were, therefore, no earnings from that source during the last six mos.
1913.
1914.
1914.
1913.
The saw-mill, having been re-built, was put in operation in Jan. 1914.
$3,500,476 $4,407,164 Rents rec'd, &c__ _ 191,839
167,008
Sales
The increase of $13,139 in the administrative and general expenses is the Inventory Apr.'14 1,288,661
766,998
result of additional burdens imposed by the new income tax Act.
Total net Inc... $602,943 $648,511
Bond
interest_
_
_
The charge against mom-ling; for depreciation has been increased over
55,174,162
$210,000 $207,500
54,789,137
Total
that of last year, notwithstanding that a smaller tonnage was produced, Inven'y prey. Apr. 766,998 1,247,337 Res. for had debts
10,000
20,000
and it is the belief that depreciation charges are upon a liberal basis.
3,611,035 3,415,322 Pref. divs. (6%).,_ 219,690
215,797
Dividends.-Pref. dividends at rate of $6 per share per year and ordinary Op. exp., depr.,&c
dividends on common stock at rate of $2 per share per year, as well as an
Balance,surplus $163,283 $205,214
Net profits ____ $411,104 $481,503
extra dividend on the common stock of $3 per share, were paid during 1913.
BALANCE SHEET MARCH 31.
The extra dividend was intended as a distribution of part of the surplus
1914,
19;4.
which nad been accumulated in earlier years. The total of the surplus
1913.
$
.Dec. 31 1913 was $848,796, a reduction of $200,025 from last year.
$
.4sects$
PrLe fielrbrieldtlisetsoTk...... 3,661,500 3,661,500
New Stock.-To preserve our working capital, 6,333 shares of common Mills, prop., pits.,
,7
.16 Common stock__ 4
4193
2:9
3718
5:0
stock were issued and offered to common stockholders are $50 per share
0500 0
2:0
7010
5:0
500 0
water power,&c.10,703,304 10,12°
F
n
a
u
n
d
k
11,412
ea
d
dd
1
ve
ees.„
a
b
nt
10,530
Net Current Assets.-These increased $54,759, to $1,445,897.
Cash
Additions to Property Account.-Such additions in 1913 include the com- Open accts. & bills
,611,106
937,372
473021:974001
82
3
pletion of the dock at Duluth,the addition of boilers and automatic stokers
7;009
113,002
633
148,407
cash basis 9
Open
Biilsria
ay
accounts..
nts___ 320,721
933,092
to the power plant at Holden; two fan houses, a sub-station, two 15-ton Cloth
343,235
350,209 Bond int. accrued t 107,423
and six 6-ton electric locomotives, 200 steel mine cars, &c.
106,172
Process and yarns.. 360,497
550,190 Div. pay'le Apr.4(
Legislation.-In W. Va. a workmen's compensation Act took effect Raw cotton
470,192
156,391 Reserve for bad
Oct. 11913, and a state workman's compensation fund was established, to Supplies
152,686
debts
45,500
76,556
48,850
which it seemed proper that the company should become a contributor. Insur. unearned
40,000
796,300 Surplus
969,226
Outlook.-Conditions for a favorable year's business appear encouraging.
803,973
.liab
coe.: 733,000
in
ioatgst.
h
CONSOLIDATED EARNINGS STATEMENT YEARS ENDING DEC. 31. Stocks4l
463,800
advances,Sce.__ 433,800
1912.
1913.
1912.
1913.
$800,448 $811,048 Add-Int. on bank
Total
Net earnings
14,483,034 13,758,159
15401.4,483,034 13,758,159
Total
deposits,.ke
$5,663 $18,694 -V.
Rester extinguishment
98, p.
and depreciation.._ 106,047 95,357
Total net profits__ _$629,672 $677,132
Dominion Textile Co., Ltd., Montreal.
$694,401 $715,691 Preferred dividends_ _$298,754 $298,659
Net profits
70,392 37,253 Common dividend_., 530,943 401,280
Admin. & gen. exp
Fiscal Year ending March 31
Balance, deficit__ __3200,025 522,807
$624,009 $658,438
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID'S).
1912.
1913.
1913.
1912.
LiabilitiesAssets5
Property account__ _5,094,241 3,001,858 Stock (not par-see
below)
3,150
3,150
x4,493,974 4,487,016
Bond redemp. fund_
731,787 802,156 Cap. stk. of U. S. C.
Cash
15,950
Accounts receivable_ 426,504 446,218 & 011 Co. not held 15,325
Def. parts on prop_ 100,125 112,640
Coal in transit and in
299,421 164,793 Current liabilities__ y150,274 185,730
storage
Materials & supplies 210,000 235,231 Div. paid Jan. 1_ _ _ _ 74,691
74,680
Prem. on shares of
Unexp. insur., precommon stock__ 602,651 292,334
22,383
paid taxes, &c.._ _ _ 32,771
Depree., &c., funds_ 510,385 455,062
Undiv. surp. of sub.
cos. applicable to
stocks not owned.
1,653
3,557
Surplus
848,796 1,048,820
Total
6,797,874 6,675,789
Total
6,797,874 6,675,789
x Includes 49,796 7-18 shares pref. and 99,592 14-18 shares common stock
issued in exchange for 179,267 shares of stock of U. S. Coal & Oil Co.. par
(Report for
1914.)
Pres. C. B. Gordon on May 27 said in substance:
Results.-The net profits for the year after paying current interest on
loans, all mill charges, and writing off $294,362 for repairs and improvements to the mills, amounts to $1,196,990. To these profits we have to
on 29,354 shares of the Dominion
add $73,385, being a dividend of 2M
Cotton Mills Co., Ltd., in all $1,270 375. Out of this amount has been
paid interest on bonds, 7% on pref. stock, 6%_ on common stock and rental
of Dominion Cotton Mills Co., and of Mt. Royal Spinning Co., leaving,
after allowing for all bad and doubtful debts, a surplus for the year of $49,421 This brings the amount at credit of profit and loss account on Mar. 31
1914 to $829,380, to which we have to. add $74,250 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 credit of profit and loss
account $903,630, against $853,344 last year.
This in our opinion is very satisfactory, considering the high price for
raw cotton and the general depression in business which has affected our
trade during the latter half of our year.
Sales for the year amount to $8,899,719. compared with $9,824,101 last
year. The company has in operation 10,074 looms, 463,528 spindles, and
employs over 7,000 hands.
Mills.-The new cotton mill erected at Magog, referred to in our last
annual report, has been fully equipped with up-to-date machinery, and is
JUNE 6 1914.1
THE CHRONICLE
now supplying the print works with gray cloth. The extension to St.
Anne's mill has also been completed and fitted with new machinery. An
agreement has been entered into which brings these two plants under the
terms of the original lease.
All the mills are in excellent condition and capable of increasing their
output considerably as soon as trade warrants it.
INCOME ACCOUNT YEARS ENDING MARCH 31.
1913-14
1912-13
1911-12
1910-11
Net prof. aft. repairs,&c. $1,196,990 $1,230,706 $1,137,553
$989,711
Div.2%% D.C.M.Co.
73,385
68,540
68,460
68,440
Div. 3%% Mer. C. Co_
51,884
51,884
51.880
Total income
$1.270,375 $1,351,130 $1,257,897 $1,110,031
DeductIt on Dom.Tex. bds
$192,139
$189.286
$187,882
$188,155
Int.on Montmor'cy bds..
27,000
27,000
27,000
27,000
Rent.&int.-Dom.O.M.
361,423
359,110
345,175
332,889
do do Merch. Cot_
42,325
58,099
57,911
Mt. Royal rent account189,750
165,000
153,430
74 002
Div. on pref. stock(7%)
131,396
134,654
130.485
130,137
Div. on corn. stock_ _ _ _(6%)300,000(5%)275,000 (5)250,000 (5)250.000
Amt.writ.off bad debts_
15,989
12,290
5,329
13,104
$1,220,955 $1.201,407 $1,157,673 $1,072,925
Total deductions_ _
$49,420
Balance,surplus
$149,723
$100,224
$37,106
BALANCE SHEET MARCH 31.
1914.
1913.
1914.
1913.
AssetsLiabilitiesLand, bldgs., stks.
Common stock_ _ _ 5,000,000 5,000,000
of D.&M.G.Cos.
Preferred stock _ __ 1,924,700 1,911,000
and good-will _10,724,857 10,564,381 Bonds, four series
Stocks, bonds and
(V.80, p. 2317). 3,251,500 3,237,800
notes of oth.cos.
Montmorency bds. 450,000
450,000
less amount duo
Loans
*3,118,515 2,490,209
leased compan's
43,493
Amt.due leased co.
Raw cotton
718,314
753,252
less stock & bds.
Stock mfg. and in
of other cos_
186,508
.process
1,744,050
901,490 Open accounts_- 296,489
294,938
Cash
26,304
24,177 Deposits
353,289
114,782
Open accounts... 1,710,394 2,053,853 wages
41,500
38,850
Supplies, ke
354,892
22,750
295,082 Interest on bonds_
22,750
Insurance
75,000
44,500
43,000 Corn. div. April 1.75,000
33,632
Prof. div. April 15.
33,442
Profit and loss._ _ 829,379
779,959
Total
15,396,804 14,635.238
Total
15,396,804 14,635,238
Loans include commercial $2,602,852, and special. $515;663.
Note.-There are indirect liabilities consisting of bills receivable under
discount amounting to $1,274,000.-V. 98, p. 1696.
Adirondack Electric Power Corporation.
(Report for Fiscal Year ending Dec. 31 1913.)
•
1 765
Boston & Maine RR.-Over 90% of $27,000,000 Notes
Due June 2 Assent-No Notes Paid.-The directors on June 1
issued the following statement:
The holders of over 90% of the $27,000,000 notes falling due to-morrow
have agreed to the extension. It is believed that many holders who have
not yet accepted either of the alternative offers by the company will accept
one or the other within the next few days.
No arrangement with bankers or others has been made to provide money
for the payment of the comparatively small amount of notes which has
not assented (10‘%), the company relying on the fact that very many of
these notes will be extended when the holders fully understand the company's position. [None of the notes, accordingly, was paid on June 2,
holders requesting payment being handed a copy of the proposition made
on May 15.-Ed.] Fee V. 98, P. 1535, 1691.
Discount at 6% per annum on extended Boston & Maine notes will be
paid upon presentation of the old notes for exchange at the Old Colony
Trust Co., Boston, or at the office of J. P. Morgan & Co., N. Y.
City.
By the proposition of May 15, the holders of the $27,000,000 6 notes due June 2 were offered the option of either
extending their respective holdings in full at 6% till March 2
1915, or of thus extending 60% and receive in exchange for
the remaining 40% at par 5-year 5% notes of Maine Railways
due April 1 1919 (V. 98, p. 912, 1245). Pres. McDonald
on May 29 announced:
An arrangement between the Boston & Maine RR. and the Maine Railways Cos. is under consideration by which $5,000,000 of the
latter's M12,202,0001 notes held by the Boston & Maine shall be convertible six months
after the date thereof by any holder, except the Boston & Maine, into stock
of the Maine Central RR. Co. at par, the conversion clause to be stamped
on the notes. [The Maine Central stock in question is part of the 64%
interest. or $15,960,000, recently turned over to Maine Railways by Boston
& Maine. See V. 98, p. 1244.1
This seems to be advantageous rather than disadvantageous to the other
note holders. But if for any reason any note holder is unwilling to go on
with the exchange under plan 2, he will be at liberty to withdraw or to
change to plan 1, referred to in circular of the company dated May 15 1914.
Referring to circular dated May 15 1914, holders of Boston & Maine
notes due June 2 may exchange them,on the date according to plan
plan 2, as explained in said circular, either at the Old Colony Trust 1 or
Co..
Boston, or at the offices of J. P. Morgan & Co., New York City.
Legislation.-Gov. Walsh of Massachusetts on June 1 sent
to the Legislature a special message requesting the enactment
of enabling legislation permitting the New Haven road to sell
its controlling interest in the B .& M.held through the Boston
Railroad Holding Co. The Governor also suggests that the
Legislature "give assistance to any honest plan for reorganization of the B.& M. which may be presented for consideration by the consolidation of component parts now held
together under various forms of lease."
1913.
1912.
1913.
1912.
Gross earnings-$1,210,267 $1,060,501 Net earnings
$316,894 $393,418
Operating expenses 832,121
619,157 Int.chgs.&ine.deduc_ 254,833 255,336
Taxes and uncolIt is recommended that provision be made in the enabling legislation or
lectible bills___
01,252
47,026
Balance, surplus_
562,051 $138,082 by separate Act for the submission to the qualified voters at the next State
election, upon a petition therefor signed by not less than 50,000 quallied
BALANCE SHEET DEC. 31.
voter on or before Sept. 15 next, of the question whether or not the Commonwealth shall acquire the stock of the Boston & Maine now owned by the
1913.
1912.
1913.
1912.
holding company.-V. 98. p. 1691, 1535.
AssetsLtabtlUies-$
Property
17,145,174 17,043,863 Common stock.... 9,500,000 9,500,000
Brazilian Traction, Light & Power Co., Ltd.-Earns.
Materials & supp_
91,309
70,965 Preferred stook__ 2,500,000 2,500,000
Advance payments 101,156
20,761 Bonds
eco.s3
.
M
5,000,000 5,000,000 18D
Exp.,Int. Pre/.Divs. Coin. Dies.
Balance,
Bills receivable..
294,410
265,545 Bills payable
86,190
In
Tcoom
tale.
Disc.,c*c (434 %). (7_% %).
117,859
Surplus.
Suspense
57,091
37,540 Bills not due
233,205
$11,522,837 $324,343 $450,000 $7,735,496 $3,012998
153,507 1813
Funds in escrow_
4,804
4,709 Suspense
T
13
he total income as above ($11,522,837) includes revenue from securities
155,233
126,709
Cash
113,925
201,412 Reserve & surplus.. 333,241
266,720 owned and under contracts with subsidiary companies, $11,266,138, and
interest on advances to subsidiary companies, 3256,698. Dividends on the
Total
17,907,869 17,644,795
Total
17,807,809 17,644,795 6%* pref. shares include Nos. 1, 2 and 3, and on the corn., Nos. 1 to 5,
-V.98, P. 1394.
inclusive, of 154% each.-V. 97. p. 363.
Cleveland & Sandusky Brewing Co.
(Report for Fiscal Year ending Dec. 31 1913.)
RESULTS FOR CALENDAR YEARS.
1913.
1912.
1913.
535,208 501,896
Expensess
General charges
158,823
EarningsBad debts and deprec'n_179,049
Earns. from breweries.1,200,280 729,027 Ext. depr., saloon Mt._ 50,000
Income from co's prop. 64,695 59,111 Bond interest
380,264
Interest account
33,875 30,166 Sinking fund
50,000
Pref. divs. (3%)
75,060
1,298,850 818,904
Total earnings
Balance, surplus
405,654
1912.
Barrels sold
BALANCE SHEET DEC. 31.
1912.
1913.
Assets3
Plants, fixtures,
Preferred stock__ _
good-will,&c.. _ _11,114,022 11,355,447 Common stock__ _
First mtge. bonds_
Saloon and other
901,733 Underlying rntges_
908,964
properties
Bills & accts. pay_
Sinking fund, first
1,463,915 1,310,371 Conting. Habit's
. mortgage
370,671 Bond int. payable.
Merchandise stock 354,503
22,609 Sink, fund reserve.
20,466
Sundry assets_ _
398,340
51,128 'Working capital__
Cash
Loans & accounts
Profit & loss acct_
1,511,659 1,326,896
receivable
Total
15,784,874 15,341,855
Total
1913.
2,502,000
2,386,500
5,044,000
472,000
86,520
152,400
183,400
1,433,914
2,136,628
457,512
s
157,475
176,409
383,162
50,000
51,858
1012.
3
2,502,000
2,386,500
6,003,000
510,000
276,701
164,798
1,310,370
2,136,628
51,858
15,784,874 15,341,855
* Notes of customers, secured by mortgage, which have been sold by the
company, and on which it is liable only as endorser.-V.98, p. 526.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways.-Bonds Called.-All of the outstanding Johnstown 5% coll, trust gold bonds dated Jan. 1
1910 have been called for payment at 102% and int. on July 1
at Real Est. Title Ins. & Tr. Co., Phila.-V.98, p.1607, 609.
BiAtianta
& Charlotte Air Line Ry.-Authorized.stockholders on June 2 authorized
the new mortgage for $20,000,000.
the
The Georgia RR. Commission will on June 10 hear the application to approve the same. Compare V. 98, p. 1458, 1391.
The directors have formally approved the supplemental agreement with
the Southern Ry., in accordance with the plan. Over 75% of the stock
as requested by the stockholders committee.
has thus far been
-V. 98, p. 1458, 1391.
Big Four Electric Ry., California.-Stock Authorized.The Cal. RR. Comm. on May 20 authorized the issuance of
$392,058 additional stock (par $1), making a total of 8500,000.
The proceeds are to be used towards the completion of the line connecting Tulare, Cal., with Visalia to the north and Woodville, Poplar anti PortervIlle to the south and east, a total of about 41 miles, of whieh 7 miles
had at last accounts been graded. It' the amount is not sufficient for the
purpose, an authorization of bonds will be asked for. J. R. Hitch
• Is
President; W.A.Zimmerman 1st V.-Pre 3.. and C.I,. Russell Jr.,Sec.& Treas.
Buffalo & Susquehanna RR. Corporation.-BondsStatuts.-Thie new company has outstanding 86,959,000
1st M. 4% 50-year gold bonds of 1913, due Dec. 30 1963,
the interest on which is payable Jan. 1 and July 1 at N.Y.
office of Edw. B. Smith & Co.,27 Pine St. Total authorized
issue, $10,000,000. The firm in a circular says in substance:
Security.-A first mortgage at less than $30,000 per mile on road owned
and by pledge of mortgages totaling in excess of $3,000.000 on coal properties of demonstrated earning capacity which haVe been operated for many
years. Also as of Jan. 1 company owned roiling stock and equipment
valued at over 82,100.000, after deducting all equipment obligations, and
In addition to other securities pledged and valuable franchises and contracts
has a reserve fund in cash or readily marketable securities of $500,000. The
bcnds are followed by $4,000.000 4% cum. pref. stock (cum. after 1914)
and $3,000,000 common stock outstanding.
Minimum sinking fund, $50,000 per annum Jan. 1 1915 to Jan. 11949,
to retire bonds. Reserved bonds may only be issued under conservative
restrictions. Coupon bonds $1,000 and $500, with privilege of registration
as to principal: $100 bonds in registered form only. An equal amount of
$500 or $100 bonds may be interchanged for $1,000 bonds; but $1,000
bonds may not be interchangeable to smaller denominations. Equitable
Trust Co. of N. Y., trustee.
Road.-Operates about 250 miles of railroad beginning at Sagamore
(about 50 miles northeast of Pittsburgh) and connects with Erie RR. at
Addison, N. Y., with N. Y. Central at Ansonia, Pa., and with Pennsylvania system at Keating Summit, Pa., and Driftwood, Pa.
The bulk of the traffic is coal and coke and forest products, a large part
of which moves out via Addison and Ansonia, but something like 1,000.000
tons a year goes to Buffalo and through Buffalo to Canadian points. This
Buffalo traffic heretofore has been delivered to the Buffalo & Susquehanna
By. at Wellsville, but under the new traffic agreement with the Pennsylvania RR. Co. it will produce more net return. A large part of the coal is
supplied to other railroad companies,and the large coke traffic to the Rogers
Brown Iron Co. at Buffalo is constant and assured under contracts.
Earnings.-During the fiscal year ended June 30 1913 the net income
was $464,746, after deducting $154.912 (net) paid for rent of other companies' equipment. This equipment has since been acquired. If it had
been owned during the fiscal year named, the net income would have been
increased $75,000,after taking into account the increased cost of repairs
and increased depreciation charges. If also the agreement with the
Pennsylvania RR. Co. which went into effect on April 1 1914 bad been in
force,there would have been a further increase offrom $75,000 to $100,000.
Net Income Year 1912-13 Plus Benefit of Additional Equipment and New
Traffic Agreement.
Net income applicable to interest and dividends would have
been in excess of
Annual interest charges on 1st mtge. bonds out standing_ _$278,360$600,000
En rr,rt on equipment obligations in 1914 (only $24,025
1915. $13,725 in 1916 and $4,500 in 1917)
34,325 312,685
Baran
r charges
$287,315
The ea
for the three months ending March 31 1914 indicate
that the for golas statement may be regarded as a reasonable forecast
for the present yea.After the operation a the property for about 334 years under the receiver-,
ship of Harry I. Miller, demonstrating what the property could do, a reorganization was effected on such favorable terms that over 99% of the
security holders interested concurred. It was also arranged to retain
Mr. Miller as Chairman of the Board and his assistant, E. B. Darlow, as
President: so that the same successful management is continued in charge:
During the receivership about 50 miles of track was relaid with 85-1b. rails,
largo renewals of cross-ties were made and the rolling stock was restored
to good condition. The now corporation started operations Dec. 31 1913
with a cash surplus Mover 3500,000, in addition to a full stock of materials
Directors (end Officers).-Chairman II. I. Miller; Pres., Si. R. Darlow.
.-Pres.. Edward B. Smith: Philip G. Bartlett, Radcliffe Chest-on, Jr..-.
1766
THE CHRONICLE
Herbert H. Dean, Jacob S. Farlee, Percy C. Madeira, W. Hinckle Smith.
Julius F. Workum, Charlton Yarnall and Atbert L. Smith.
Listing.—Application will be made to list the bonds and stocks on the
New York and .Philadelpnia stock exchanges.—V. 98, p. 837, 72.
[VoL. xcviii.
Control.—Management.—Controlled by the Northern Central Co. (see
below), Ohich also controls gas and electric properties along the west
branch of the Susquehanna River in Lycoming, Tinton, Snyder and Northumberland counties,serving an aggregate population estimated at 150,000.
Management under supervision of H. D. Walbridge & Co.
Chesapeake & Ohio Ry.—Equipment Trusts.—Kuhn,
Columbia (Pa.) Power, Light & Rys.—
Loeb & Co. are offering at par and int. $1,700,000 equipment
See Columbia & Montour Electric Co. above.—V. 94, p. 1056.
certificates, Series "N," maturing in equal semitrust 4
Columbus Railway, Power & Light Co.—Pref. Stock and
annual installments from Dec. 15 1914 to June 15 1924
Bonds.—The shareholders will vote June 29 on authorizing:
inclusive. Interest J. & D.15.
Certificates (c*) of Commercial Trust Co., Phila., representing 85% of
the cost of the following equipment: 1,000 5734-ton flat-bottom steel coal
cars; 1,000 5734-ton hopper-bottom steel coal cars; 6 Mikado type locomotives.—V. 98, P. 1692, 1536.
Chicago Milwaukee & St. Paul Ry.—Bonds Offered.—
Kuhn, Loeb & Co. and the National City Bank offered on
June 3, at 963/ and int., yielding 4.66%, $30,000,000 43/2%
Gen. and Ref. M. gold bonds, Series A, due Jan. 1 2014.
Int. A. & 0. Denom. $1,000 c*&r*. Compare map on
page 36 of "Railway and Industrial Section." See adv.
(1) 4% prior preference (p. & d.) stock (ranking ahead of all
other stock), to be used solely for the purpose of retiring in
whole or in part, with the consent of the holders thereof, the
$3,145,000 First Consol. Mtge. 40-year 4% gold bonds a the
Columbus By. Co., dated Oct. 2 1899 and due Oct. 1 1939 $3,145,000
(2) Series A pref. stock for the purpose of retiring in whole or in
part, with the consent of the holders thereof, the $450,000
1st M.6% bonds of the Columbus Electric Co., dated Nov. 1
1897 and due Nov. 1 1922.
450,000
In order to provide for the issue of such new issues of stock,
the meeting will also take action on an increase of the total
authorized capital stock from $11,550,000, consistingof,
common, $6,340,000 6%, "A" pref., $1,143,500, and 5%
"B" pref., $4,066,500, to $15,145,000.
(3) First and Reftmding sinking fund mtge. 5% gold bonds, to
be issued from time to time upon consent of the P. U. Commission of Ohio, when necessary for acquisitions, extensions or
improvements,or for the 'discharge or refunding of obligations.
Total issue not to exceed--------------------------------25,000,000
Digest of Statement by Sec. P. V. Burington, Columbus, May 28.
The board has approved the joolicy of the retirement of the bonds by the
issue of pref. stock as eminently conservative. The First and Refunding
Sinking Fund Mortgage will provide for present and future requirements in
the way,of extensions, additions and equipment, but none of these bonds
will be issued at this time except to retire present outstanding bonds and
floating debt and to provide the money required during the coming year for
betterments and improvements under suitable restrictions in the mortgage
and with consent of the Public Utilities Commission of Ohio.
The reorganization of this property and the combining, under the ownership and control of the company of the street railway and electric light and
power properties of the city of Columbus, has been most successfully carried
out. The plans herein outlined should be promptly approved in order to
secure the best results for patrons and stockholders. [The property Is
managed by E. W.Clark & Co. of Philadelphia.1—V. 98, p. 1316. 839.
Digest of Letter from Pres. A. J. Balling, New York, June 3 1914.
Total Property Covered (Prior Liens only $19,676 p. m.).—Secured by
direct lien on all the railroad properties of the company, including about
9,322 miles directly owned, 102 miles jointly owned, valuable terminal
properties in Chicago Milwaukee, Seattle, Tacoma. Spokane and other
cities, and upon the entire equipment of the company,subject to $184,421,000 prior liens for the retirement of which,at or before maturity,General and
Refunding Mtge. bonds are reserved. The prior liens may not be extended
and no further issues may be made under them, with the exception of the
General Mtge.,under which bonds may be issued for refunding purposes only
so that eventually the General & Ref. Mtge. bonds will be first mortgage.
The prior lien bonds outstanding are at the rate of only $19,676 per mile
of road, while the total outstanding funded debt in the hands of the public,
including the present issue of $30,000,000, is at the rate of $36,960 per
mile, in addition to which the mortgage covers the valuable terminals and
the entire equipment of the company.
Location of System.—The lines traverse Illinois, Wisconsin, Minnesota,
Iowa, Missouri, North Dakota, South Dakota, Montana, Idaho and Washington, serving such cities as Chicago, Milwaukee, St. Paul, Minneapolis,
Des Moines, Sioux City, Council Bluffs (opposite Omaha), Kansas City,
Butte, Seattle, Tacoma and Spokane, and forming a through line between
Connecticut River RR.—Notes Paid.—The $2,000,000
Chicago and the Pacific Coast. (See map in ."Railway & Industrial" Sec.)
Capital Stock—Equity—Earnings.—The company has outstanding $116,- one-year 5% notes due June 1 were paid at maturity, and it
common
stock, having a present
274,900 pref. stock and $116,348,200
market value of approximately $271,000,000. Dividends have been paid is supposed will be replaced by a new issue.—V. 98, p. 235.
uninterruptedly for 21 years, the present rates being 7% on the pref.stock
Cuba RR.—Dividend Increased.—A dividend of 6% has
and 5% on the common.
Earnings for year ended June 30 1913,applicable to int. charges.$31,523,542 been declared on the $10,000,000 common stock, all of which
Total fixed charges for year ended June 30 1913, including inpayable 3% each on May 1 and
terest, rentals, &c., only
13,382,797 is owned by the Cuba Co.,
fiscal year ending
Puget Sound 1st M. Bonds, Mostly Pledged as Part Security.—These Nov. 1 1914 out of the earnings of the
$30,000,000 bonds are part of $154,489,500 General & Ref. Mortgage bonds June 30. This compares with 4% disbursed on May 1 1913
issued to this company in exchange for a like amount of the 1st M. bonds of from earnings of fiscal year 1912-13, the initial distribution.
Chicago Milwaukee & Puget Sound Ry. Co., which latter bonds,$154,489,Stock Increase.—The stockholders on May 28'authorized
500 out of a total issue of$181,664,500 outstanding are held by the corporate
trustee as additional security for the General & Ref. Mtge. bonds, thus an increase in the common stock from $10,000,000 to $20,making the latter, to that extent, a first mortgage indirectly on approximately 2,026 miles of railroads and other properties covered by the first 000,000. The new stock, it is stated, has been placed in the
mortgage of the Chicago Milwaukee & Puget Sound Ry. Co.
treasury for future requirements.—V. 97, p. 663.
Total Bonds Issued.—The balance of said $154,489,500 General & Refunding Mtge. bonds, together with $16,424,000 other bonds of the same issue,
Des Moines & Fort Dodge RR.—Sale Approved.—The
issued on account of additions, improvements and betterments, making a
total of $140,913,500, is held in the treasury. Under the terms of the stockholders have approved the proposition to sell the road
bonds
to
retire
a
there
are
reserved
$184,421,000
mortgage
like amount of
the Minneapolis & St. Louis RR. The stockholders of
prior lien bonds, and $132.007,200 bonds to retire outstanding debentures to
and convertible bonds,which are equally secured by the General & Ref. the latter were to vote on the matter yesterday.—V. 98,
bonds
issued
and
to
be
issued
thereunder.
Further bonds
Mtge. with the
p. 1693, 304.
niay be issued from time to time for improvements, betterments, construction or purchase of additional railroads, terminals, rolling stock, and for
Detroit Toledo & Ironton Ry.—Motor Car Service.—
the
restrictions
provided in the mortgage.
other corporate purposes under
placed in service between Lima, SpringAuthorized Total Issue.—This is limited to an amount which, together The company has
with all outstanding prior debts, after deducting therefrom the bonds re- field, Washington C. H. Greenfield and Bainbridge two
Indenture
to
retire
prior
debts at maturity, shall never at
served under the
motor cars for passenger traffic, operated with
any time exceed three times the then outstanding capital stock, with the Edison-Beach
additional proviso that, when the aggregate amount of the bonds issued and the new Edison electric storage batteries.
the bonds reserved for refunding purposes shall equal three times the
The new cars will, it is stated, make 50 to 60 miles an hour, and will
capital stock outstanding on Nov. 1 1913, additional bonds may only be avoid
the complaints regarding inadequate service that were made before
issued at par to the extent of 75% of the cost of the work done or property the reorganization.—V.
98, p. 1316, 911.
acquired. The bonds are issuable in series bearing interest at not exceeding
6% per annum.
& Southern RR.—Mortgages.—
Moines
Fort Dodge Des
Further Facts.—A legal investment for savings banks in N. Y., Mass.,
Conn. and elsewhere. Application will be made to list the bonds on the This company and subsidiaries recently filed open mortgages
N. Y. Stock Exchange.—V. 98, p. 1692, 1315.
to Old Colony Trust Co. of Boston, trustee, to secure 1st M.
Colorado Midland Ry.—Proposed Receivers' Certs.—The 25-year gold bonds dated Dec. 1 1913, as follows:
Pres. Auth.
receiver contemplates the making of an application for per$4,500,000
Dodge Des Moines & Sou. RR. 1st M. 5% bonds
mission to issue $400,000 certificates, about three-quarters Ft.
100,000
Ft. Dodge Street By. 1st M.6% bonds
500,000
Central Iowa Light & Power Co. 1st M.6% bonds
of the proceeds to be spent for now rails.—V. 96, p. 652.
Interest J. Sr I). at office of trustee. Principal, due Dec. 1 1938, but
and
int.
Of
par
the
at
bonds of the Central
(The) Colorado Wyoming & Eastern Ry.—New Com- redeemable on any interest date
Iowa Light & Power Co. $100,000 are reserved to retire $100,000 income
pany.—The company, which was incorporated in Wyoming demand
notes which remain out. All three companies were incorporated in
$2,000,000
pref. and $2,300,000 common Maine late in 1913.—V• 97. p• 1583.
on June 2 with
authorized stock, took over on June 4 the property of the
Grand Trunk Pacific Ry.—Proposed Dominion Guaranty
Laramie Hahn's Peak & Pacific Ry. per plan V. 98, p. 453.
for $16,000,000 New 4% Bonds Due Jan. 1 1962.--Premier
Officers and directors:
on June 1 introduced in the House of Commons at
Officers—President, J. M. Herbert, formerly Vice-Pres. Colorado & Borden
Ottawa a bill providing for the guaranty on certain conditions
Southern; Secretary, D. W. Houston; Treasurer, Chas. F. Ellis.
Directors.—J. M. Herbert, Lewis B. Franklin, of the Guaranty. Trust of not exceeding $16,000,000 4% bonds on account of the
Co.; Henry Sanderson, of Chas. D. Barney & Co.; Mr. Highlander, of
be required to complete the line.
Percy Highlander Coal Co., Pa.; 0. H. Hutchinson, of Parkinson & Burr; $20,00:),000 claimed to
Trowbridge Callaway, of Callaway, Fish & Co.,and C. M.Owen of New Portions of the bill read in substance:
York. Office, Laramie, Wyoming.
Columbia & Montour (Pa.) Electric Co.—Bonds, &c.—
E. R. Barnard, Drexel Bldg., Phila., in Feb. last offered,
at a price to yield 5y,%,free of normal Federal income and
Pennsylvania State taxes, 1st M.30-yr. 5s. Issue originally placed by Devitt, Tremble & Co. A circular showed:
Dated Feb. 11913; due 1943;subject to call at 105 and int. Girard Trust
Co., Phila., trustee. Par $100, $500 and $1,000 (c*). Interest F. & A.
in N. Y. Capitalization of company:
Stock (1st pref., $50,000; 2nd pref., $304,900; corn., $900,000)$1,254,900
First Mtge bonds—Auth. 31,000,000—outstanding (additional
amounts carefully limited)
538,000
Second mortgage bonds—Authorized and outstanding
569,300
The 1st mtge. bonds are a first lien on company's property, and franchises, now owned or hereafter acquired, excepting the capital stock of the
Columbia & Montour Electric Railway Co., 90% of which is owned, but is
reserved from the lien of this mortgage; also except for $24,800 underlying
bonds, to retire which $25,000 of the $538,000 1st 5s are in escrow.
Property.—Incorporated in Pa. and owns and operates: gas, electriclighting and power properties along north branch of Ssuqttehanna River,
in Columbia, Montour and Luzerne counties, Penna.; electric properties
'at Berwick West Berwick, Nescopeck, Bloomsburg and Danvile; gasmanufacturing and distributing plants at Bloomsburg and Danville; steam
and hydraulic electric generating stations; also about 30 miles of hightension transmission lines connecting the several electric systems. The
franchises are construed as perpetual under laws of Penna.[Succeeded to
properties of former Columbia Power Lt. & Itys. V. 89, p. 410; V. 92, p.
1498: V. 94, p. 982, 1056.1 Population of territory served and tributary
thereto estimated at about 50,000.
PlkIsfet Earnings.—From the properties covered by first mortgage for the 12
months ended Oct.31 1913 were more than three times the 1st M interest.
Upon the company establishing to the satisfaction of the Governor-inCouncil that the moneys available therefor and the resources of the comto complete the Western
pany are insufficient to enable the company
Division from Winnipeg to the Pacific Ocean, and that any moneys necesproceeds
of
these guaranteed securi
the
above
and
saryfor that purpose over
,on behalf of the Dominion of
ties will be [otherwise] provided, His Majesty
Canada, may,for the purpose of aiding the company to provide the balance
section from the Wolf River
required for the completion of the Mountain
to the Pacific Ocean,guarantee payment of the principal and interest of an
issue of bonds to be made by the company,for a principal amount sufficient
in the opinion of the Governor-in-Council to provide for the expenditures
set out in said proviso not exceeding $16 000 000, such bonds to be payable
on Jan. 1 1962, and to bear interest at 4% per annum, payable half yearly.
The said bonds shall be secured by a deed or deeds of trust granting fixed
and floating mortgages or charges upon the present znd future undertakings
and properties of the company of every kind, subject only to (a) the securities heretofore or hereafter issued under existing trust deeds or mortgages.
(b) Such priority in favor of other mortgages and charges hereafter created
be the company, as the Governor-in-Council may expressly appreve.
No part of said moneys, however, shall be used other than (a) for expenditure approved by the Governor-in-Council for 75% of the cost of
construction work as defined in the trust deed of June 10 1905, in respect
of the Mountain section, inclusive of all interest until completion of the
Mountain section on bonds heretofore or hereafter issued in respect of same
under the deeds of trust dated June 10 1905 and March 15 1905, and
interest upon advances made in respect of the Mountain section under the
Grand Trunk Pacific Loan Act 1913, and (b) for interest upon these
guaranteed securities [the proposed $16,000,000 4% bonds] until the expiration of three years from the date of completion of the Western division
as hereinafter fixed.
Subject to the provisions of this Act, any moneys paid by His Majesty
under any guaranty given hereunder shall be held to be paid in discharge
of the liability of His Majesty, and not in discharge of the liability of the
company, and the moneys so paid shall be held to be still secured by the
UNE 6
1914.]
THE CHRONICLE
guaranteed securities and the new trust deed, and His Majesty shall be
subrogated in and to all the rights of the holders of the guaranteed securities,
the interest or the principal of which has been paid by His Majesty, and His
Majesty shall, with respect to the moneys so paid, be in all respects in the
position of a security holder with respect to whose securities default shall
have been made in payment to the extent of the moneys paid by his Majesty.
Notwithstanding anything contained in the said trust deed of June 10
1905, the date for completion of the Western division shall be Dec. 31
1915.—V. 98, p. 1244, 522.
Greenville & Knoxville Ry.—Sale.—The road was sold
at auction on June 1 at Greenville, S. C., for $35,000 to
W. T. Thompson and associates, of Atlanta, Ga.—V. 97,
p. 1203.
Hudson & Manhattan RR.—Listed in London.—The
London Stock Exchange has listed:
$36,562,000 5% First Lien & Refunding Mtge. bonds, Series A, and
$33,102,000 5% Adjustment incomebonds. See map, &c., pages 67 and
68 of Ry.and Ind." Section.—V.98, p. 1156, 1071.
Idaho Southern RR.—Sale of Collateral.—Default having been made in the payment of the interest on the $450,000
6% notes, the Commonwealth Trust Co. trustee, will offer
for sale at public auction on June 29,through J. M. Askin
& Co., the $563,000 1st M.5% gold bonds dated May 1 1909,
securing the same.—V. 98, p. 235.
Interoceanic Ry. of Mexico.--Deferred Certificates for
Interest.—Secretary N. Strzelecki, in a circular to the holders
of the 4% and 43'% second debenture stocks, says in subst.:
Since the occupation of the port of Vera Cruz by the U. S. Government
In April last, our receipts have declined to a figure which will barely meet
the costs of working, the present excnange value of the Mexican dollar
being only 169d., as compared with an average value in recent years of
about 24%d. During the year ended June 30 1914 some 150 miles of line
were closed to traffic for practically the whole 12 months; since that date
further sections have had to be closed, making a total of 250 miles, or 24%
of the system, unoperated.
Under these circumstances, and having regard to the uncertain outlook,
the directors are constrained to suspend cash payment of the interest now
due upon our 4%% 2nd debenture stock and will ask the holders of the 4%
and the 4%% 2nd debenture stocks of the leased lines, the Mexican Eastern
and Mexican Southern Rys., to accept deferred warrants or certificates of
ndebtedness for two half-yearly payments in each case. Negotiations
have also been entered into with regard to our liability towards the Vera
Cruz Terminal Co.—"!; 97, p. 1895.
Kansas City Mexico & Orient Ry.—Sale July 6.—The
property is advertised to be sold at auction in Wichita, Kan.,
on July 6 under order of foreclosure and sale made by the
U. S. District Court for the District of Kansas, First Div.,
on Feb. 2. Upset price for parcel, embracing all property
covered by the 1st M. of 1901, $6,000,000; for parcel B, inclusing all other property, $100,000.
Notice to Holders of Undeposited 1st M. 4% Bonds.—The
date of sale having been fixed for July 6 1914, all holders of
bonds not yet deposited are invited to deposit the same forthwith with Columbia-Knickerbocker Trust Co., depositary,
60 Broadway, N. Y. City, under the terms of the deposit
agreement of the reorganization committee, Lord Monson,
Chairman, and Samuel Untermyer, counsel. No bonds will
be received that are not deposited before the sale. Total
deposited bonds at this date, $19,545,000.
Information may be had of the depositary as to the conditions on which
bonds that were issued as collateral to loans will be received. See also
V. 98, p. 1244, 1392.
I
1767
Maryland Electric Railways.—Bonds Sold.—Alexander
Brown & Sons announced on Wednesday that the syndicate
which took the $489,000 5% bonds recently issued has been
closed and the bonds have all been sold.—V.98,p. 1694, 1608.
Missouri Pacific Ry.—Extension Agreement Declared
Definitive and Time to Deposit Extended—Speyer & Co. and
Gould Estate Offer to Purchase and Extend Notes Not Deposited.
—The company on June 1 declared effective the agreement to
extend for one year at 6% interest (with additional collateral)
the issue of $24,942,000 3-year 5% Secured Gold Notes due
June 11914. The time for making further deposits of the
notes with the Union Trust Co. of N. Y. was also extended to
and including June 5 1914. Holders of deposit receipts were
notified to present the same to the depositary for payment
of the installment of interest due June 1 on said notes.
Speyer & Co. and the Jay Gould Estate, it was further announced, had agreed to purchase any notes not deposited
under the extension agreement and thereupon to deposit the
same for extension. Noteholders not desiring to avail of
the benefit of the extension agreement and the additional interest and security therein provided were therefore notified
to present their notes to Speyer & Co., 24-26 Pine St.
Description of Extended Notes.—The $24,942,000 One-Year
Extended 6% Secured Gold Notes will mature June 1 1915,
but are redeemable, all or any part, at any time, at 101and
int., on 60 days' previous notice. Coupon notes of $1,000
each. Principal and interest (J. & D.) payable in N. Y.
Face Value of Collateral Deposited with Union Trust Co.. New York, Trustee,
to Secure Extended Notes.
St.L. Iron. Mtn.& Sou. 1st & Ref. 6% bds., ser. A, non-conv_$25.000,000
do
capitldo
stock
1.070,000
Missouri Pacific 1st & Ref.6% bonds of 1959
1,972,000
Denver & Rio Grande RR. preferred stock
9,800,000
do
do
do
common stock
15,000,000
Texas & Pacific Ry.5% notes due June 1 1915
828,380
Concordia Coal Co. 1st M.5% bonds due Oct. 1 1945
490,000
Baring Cross Bridge Co. 7% stock
150,000
Pueblo Stock Yards Co. stock
125,000
Western Coal & Mining Co. stock
1,000,000
The $25,000.000 St. Louis Iron Mountain & Southern Ry. bonds here
Included are part of the present issue of $28,584,500 First and Refunding
M.6% 40-year gold bonds, Series A, a direct first lien on 228.99 miles of
road, a second lien on 1,527.32 miles and a third lien on all the remaining
road, 1,429.49 miles, owned in fee by the Iron Mountain, a total of 3,185.80
miles, and also covering, subject to any prior liens, certain other assets
and securities (Including $23,703,000 Texas & Pacific Ry. Co. 2d M. 5%,
income bonds) and any property hereafter acquired with the proceeds of
the First and Ref. bonds. The present $28.584,500 bonds provided for
cancellation of all the Iron Mtn's. $11.300,000 Impt. Mtge. 5% bonds of
1909 and its $8,500,000 3-year 67 note to the Mo.Pac. Ry.Co., the financing of new acquisitions, extensions, additions, betterments, equipment,
&c. and payments on account of $1,420,000 serial equipment trusts.
The St. Louis•Iron Mountain & Southern Ry. Co. has always proved of
great strategic importance to the Missouri Pacific system, receiving from
and delivering to that system a large amount of traffic which contributes
largely to the income of the Missouri Pacific.
Annual Surplus of St. L.Iron Mtn.& Sou. Years ending June 30(000 omitted)
after Providing for Fixed Charges.
1905-06 1906-07 1907-08 1908-09 1909-10 1910-11 1911-12 1912-13 Av.8yrs
$4.129 $5.074 $2,358 $1,802 $3,147
$818 $2,122 $2,968 $2,802
The average annual surplus of the Iron Mtn. for thwpast 8 years, after
meeting fixed charges, was therefore $2,802,692.—V. 98. p. 1694. 1608.
Montreal Central Terminal Co.—Bonds Offered.—There
is being offered in London at 90 £1,000,000 first mtge. 5%
Lake Huron & Northern Ontario Ry.—Prospectus.— bonds due June 1 1964.
George P. McCallum, President of the co., has been quoted
The proceeds, after payment of expenses of the issue and outstanding
as disclaiming any knowledge of the Boston parties offering liabilities of $1,000,000, are to be used for the construction of a tunnel,
the bonds of the company, and as saying that they state- st4tions and rail lines.—V. 95, p. 111.
Nashville Railway & Light Co.—New Directors.—
ments made by them in the prospectus are entirely unwarJudge J. M. Anderson and F. C. Walcott have been elected directors to
ranted, untrue and unauthorized.
succeed the late James C. Bradford and Percy Warner, who also resigned
Ho further repudiates all knowledge of the circular letter accompanying
the offering of bonds, and states that the company has not yet issued bonds
or securities of any kind.
A letter was read recently to the Ontario Legislature from the solicitor
of the company, in which he stated that no such prospectus as that alluded
to had been issued by the company. The Minister promised to look into
the matter further, and assure himself that no company, particularly one.
having any connection with the Government, was making improperrepresentations.—V. 98, p. 999.
as Chairman. Gen. Mgr. F. W. Hoover, has also been elected a director.
—V. 98, p. 1538.
New York Central & Hudson River RR.—Settlement.-The State Comptroller has paid to the company $1,741,350
in settlement of the claims in the Fox Ridge, Sterling Creek
and Clyde barge-canal crossing cases.
This was one of many claims, based on contracts between
the State and
Lake Shore & Michigan Southern Ry.—Mortgage,.— the railroads which were made when the barge-canal surveys
were completed. The Attorney-General attacked the validity of the contracts.
The Ohio P. S. Commission has granted the company au- The
Court of Appeals allowed the full amount, no reduction being made.—
thority to execute a mortgage to secure the two debenture V. 98, p. 1695. 1393.
issues of $50,000,000 each, made in 1903 and 1906. ComNew York Railways Co.—Application.—The company
pare V. 98, p. 1244.—V. 98, p. 1694, 1537.
has applied to the P. S. Commission for permission to purLaramie Hahns Peak & Pacific Ry.—Successor.—
chase the $420,400 of the $600,000 capital stock of the 23d
See Colorado Wyoming & Eastern Ry. above.—V. 98, p. 1608, 912.
Street Ry. Co., at $350 per share (par $100), on which it has
Madison (Ind.) Light & Railway Co.—Bonds.—James an option, and to issue $1,472,000 First Real Estate and
R. Magoffin, New York are offering, at a price to yield Refunding 4% gold bonds to pay for the same; also to purover 6%,1st M.6% gold bonds due 1942. Interest payable chase any additional shares obtainable at same price. A
J. & J. Auth., $150,000; out, $90,000. Par, $1,000. public hearing will be held on June 15.—V.98, p. 1538, 1072.
Normal income tax paid. Penn. State tax refunded. PittsNew York Westchester & Connecticut Traction Co.
burgh (Pa.) Trust Co., trustee. A circular shows:
—Reduction.—The company has asked the P. S. Commission
Madison, including suburbs, has 8,000 population. Franchises liberal,
with 42 years yet to run. Additional bonds issuable at par for not over to approve the reduction of its capital stock from $600,000
90% of the cash cost of permanent improvements and additions or exten- to $200,000.
sions. A first and only Hen on 4 miles of street railway and the only electric light and power plant in the territory served. Company does all of
Pere Marquette RR.—Receivers'Certificates.—The "New
the municipal lighting in Madison (principally 135 arc lights) and in town
of North Madison, one mile distant. Is also arranging to supply electric York Sun" says that Judge Tuttle on June 4 adjourned to
current in Hanover, the seat of Hanover College, three miles distant. July 7 for final settlement the application to issue $12,000,Property in operation for about 20 years, but re-built and modernized dur.
ing 1912. In calendar year 1913 the business increased 707 over 1912, 000 receiver's certificates. Judge Tuttle said:
and, due to new business and economies, the earnings for 1914 should continue to show substantial increases. For 1913 gross earnings were $49,154;
net earnings, $13,679; taxes and insurance, $1,081; interest charges, $4,960;
balance, surplus, $7.638. For the 4 months ending April gross earnings in
1914 were $15,918, increase $120; net, $4.706, increase $960: int. and taxes.
$395; bond interest, $1,800, in $120; bal., surplus, $2,512, Inc. $809.—
I will probably order the issuance of $4,000,000 certificates, one-third
the amount asked for by the receivers. Whether I place them before or
after the divisional mortgages is immaterial, for I am convinced that the
sale of the road will pay all the debts and very much more. The one thing
of which I am firmly convinced is that the sale must soon be made and this
receivership be of short duration. The receiver's certificates, if issued,
must mature at an early date. Matters must be wound up and the road
put back in the hands of real owners, who can go ahead and operate it.
I want it to be sold under the consolidated mortgages.
Mahoning Coal RR.—Extra Dividend.—An extra dividend of $20 per share(40%)has been declared on the $1,500,Paul H. King, Grand Rapids, was r,on Wednesday ap000 common stock, payable June 15 to holders of record
June 1, comparing with $25 (50%) in May 1913, but being pointed Chairman of the board of receivers to succeed Samuel
M. Felton (who is President of the Chicago Great Western
the same amount as in March 1911 and Feb.1910.
RR.) on account of the pressure of other duties.—V. 98,
Dividend Record on Common Stock (Per Cent).
'91. '02. '93. 94. '95-'06. '07-'09. '10. '11. '12. '13. 1914.
p.
1609, 1460.
Regular__ 4% 8y, 8 8 10 y'ly 12 y'ly 16 20 20 20 Feb., 10
Extra
Petaluma & Santa Rosa (Electric) Ry.—Successor.—
------------ 50 50 -50
40
—v.96,
See San Francisco Northern Ry. below.—V. 98. P. 1394.
1768
[VOL. xcviii.
THE CHRONICLE
Sioux City (Ia.) Service Co.—Bonds—Earnings.—The
Philadelphia Co. of Pittsburgh.—New7 Director.—
George S. Davison has been elected a director to succeed First National Bank of Milwaukee is offering at 97 and int.
"First & Ref. Mtg." sinking fund 5% gold bonds,dated 1910
Patrick Calhoun, who resigned.—V. 98, P. 1612, 1602.
and due Jan. 1 1928. Amount outstanding, $1,378,000.
Reading Co.—New Director.—Isaac Heister, son-in-law Official Statement of Earnings 12 Months ended Feb. 28 1914 (Total Present
of the later George F. Baer, has been elected to succeed him
Interest Charge /106,400).
$764,374 Int. paid and accrued
Gross earnings
$99,337
as a director.—V. 98, p. 1609, 1461.
$258,173 Balance, surplus
Net
$158,836
Approved.—
Ry.—Sale
Grande
Rio
Comparative Statement of Gross Earnings Years ended May 31.
See St. Louis & San Francisco RR. below.—V. 95, p. 1474.
1906-07.
1907-08.
1908-09.
1909-10.
1910-11.
1911-12.
1912-13.
$437,567 $474,231 $524,220 $581,278 $651,750 $706,179
St. John & Quebec Ry.—Government to Build Bridges.— $378,167
Compare "Electric By. Section" and V. 90, p. 1555; V. 96, p. 1158.
As the aid granted to the company in 1912 for building three
Carolina Light, Power & Rys., Spartanburg,
railway bridges in Province of New Brunswick was insuffi- S.South
B. Leach & Co. are offering at 90 and
cient, the Canadian House of Commons on May 22 voted int.C.—Bonds.—A.
1st M.5% sinking fund gold bonds of 1912 due May 1
that the Dominion Government should build the said bridges 1937;
part of the first issue of $3,000,000.
as Government property and enter into an agreement with
combined population of Spartanburg County and Cherokee County
the Province of New Brunswick and the company, providing: in"The
both of which the company operates without competition and for which
That for 15 years after the completion of the said bridges no charge shall the city of Spartanburg is the natural trading centre, in 1910 was 112.890..
be made in respect of the cost of the construction of the bridges, but there- showing an increase of over 30% for the decade. South Carolina ranks
after the Canadian Govt. should be entitled to the gross earnings of the second only to Massachusetts in the manufacture of cotton goods and there.
bridges, being such proportion of the gross earnings of the railway and are more spindles in operation in Spartanburg County than in any other
bridges as the cost of the bridges bear to the combined cost of railway and county in the South. South Carolina mills added about four times as
bridges. [Press reports from St. John, N. B.,say that the road is expected many spindles to its cotton-manufacturing capacity in 1912 than were.
to be completed this year from Grand Falls to St. John, over 200 miles. added by the mills of all Now England. The use of electric power by South
The section from Fredericton to Gagetown was completed some weeks ago. Carolina's cotton mills is constantly increasing."
—V. 98, p. 1001.
1911.
Increase.
1912.
Oper. Results (Dec.1913 est.) 1913.
$288,306
8375,31 6
$341,567
8.79%
Gross earnings
St. Joseph & Grand Island Ry.—Further Details.— Net
8.72%
(after taxes)__.. 232,317
216,157
$166.319
earnings
Later advices show that the opinion of Judge Munger renFrom net earnings, as above, in 1913 were paid interest on funded debt,
dered on May 27 contains the following statement:
$150,000, and dividends on pref. stock, $30,000, leaving surplus for
a decree enjoining the Union Pa- year of $52,317.
We think the plaintiffs are entitled tocompany
while owned and held by
In 1913 about 25 miles of distribution line were added to this distribution
cific RR. from voting its stock in the
the Union Pacific RR. and enjoining the St. Joseph & Grand Island By. system to take care of new business and the auxiliary steam plant in Spartanfrom using its funds, moneys or earnings for the benefit or purpose of the burg (capacity 4.500 h. p. continuous) was considerably enlarged and now
Union Pacific RR. or otherwise than for the proper management, mainte- has three times the capacity it formerly had.
nance and equipment of the line of the St. Joseph & Grand Island By.
Interest payable free from Federal income tax. Stock out: common,
Such decree should further provide that unless the management of the St. $2.500,000; pref. 6% cum. $500,000. See also V. 96, p. 136.
Joseph & Grand Island Ry. Co. shall be surrendered within 60 days to a
Southern Pacific Co.—Suit.—The Government on
board of directors chosen by the stockholders other than the Union Pacific
RR., that a receiver shall then be appointed. Compare V.98, p. 1605.
March 25 brought suit in the U. S. District Court to recover
St. Louis & San Francisco RR.—Sales Approved.— $133,500 in fines because of the refusal of the company to
Judge Sanborn in the U.S. District Court on June 1 approved submit its records, correspondence and files for the inspection
(1) The sale by the receivers of the Rio Grande RR. Brownsville to of examiners of the Inter-State Commerce Commission.
Point Isabel, Tex., 26 miles; (2) the sale of the Brownsville'Electric Ry., to
The law provides for a* fine of $500 for each refusal to submit records
a syndicate of Brownsville business men, and (3) the purchase of 33,000
There are three counts in the
and for each day of the alleged offense.was
tons of steel rails to replace worn-out track.
made by an examiner of the
a demand
The purchase of the 2 roads by Mayor Albert A. Browne and others will, complaint. On July 17 1913 traffic
manager for his file mown as "F-620It is stated, standardize the Rio Grande RR. and place it in operation by Commission upon the freight
date a demand was made on the
same
the
On
refused.
was
it
by
car
the
system
and
street
operate
and
98.
332,
electricity.—V.
April 1 1915
written by Chief Counsel Herrin to
auditor, and an attorney, for a letter
p. 1695, 1538.
both. On July 24 1913 the Commission
the auditor, and was refused by
the company to permit its examiners to inspect
St. Louis Iron Mtn. & Southern Ry.—Bonds Pledged.— entered an order requiring
all accounts, records, memoranda and files kept by the company, and this
See Missouri Pacific RR. above.—V.98, p. 840. 764.
ignored.
is that the Commission has never
San Francisco Northern (Electric) Ry.—New Company. was
The ground of the refusal, it is said,
examination of all the records
authorized to make a general, wholesale
—The company was incorp. in Calif. May 13 with $2,500,000 beencorrespondence
the offices of the company, especially between the
in
and
auth. stock, consisting of $2,000,000 com. and $500,000 pref. officers. The company contends that the Contmission has power to inspect
by the carriers which were required to be
(par of shares, $100), as a reorganization of the Petaluma & only files relating to memoranda
tate Commerce Act. The Commission
kept by them under the Inter-S
office of the company for many months
Santa Rosa Ry. Compare V. 98, p. 1394.
the
in
examiners
18
had
recently
all records relating to memoranda
examine
to
San
Pt.
from
Quentin, Mann and they were permitted
The road will be 42 miles long, extending
County to Santa Rosa, giving Richmond and the rest of the east shore which carriers are required to keep.
to bo in harmony with that taken
said
is
company
bay
of
north
Allen
region.
L.
with
the
rail
the
and
Kittle
of
ferry
by
position
connection
The
States. [Proceedings to compel the Louisville
of Ross, Archibald Borland of Oakland, Frank A. Brush of Santa Rosa, by all railroads in the United
access to its files were referred to last
William L. P. Jackson of San Francisco and John C—Iiittle of Ross are & Nashville to give the Commission
Legislative and Financial News" (p. 971).
incorporators and directors.
week in our items on "Banking,
lower Federal court on March 25 denied a mandamus.—Ed. —V.98,
San Francisco-Oakland Terminal Rys.—New Name.— The
p. 1539. 1394.
On the ground that the present name is too cumbersome,the
company has applied to the California courts to have its
title changed to California Railways Co.
Application to Issue $10,000,000 First & Ref. M. Bonds.—
The Cal. RR. Commission will on June 25 hear the company's application for authority to issue $10,000,000 of the
new First & Ref. M.5% 30-year bonds. In its application
the management said in substance:
The increase in population in this territory between the Census of 1900
and that of 1910 was 104.5%, and the g,owth since 1910 has been equally
remarkable. Within this territory and across the bay is contained a total
population of 750,000 tributary to and served by the railway and ferry
system of your applicant.
This growth has required the expenditure of large sums of money to care
for the proper service of the public and for delayed expenditures $2,225,000
Is urgently required. Large sums are required for paving under franchise
obligations, for feeder lines, for new cars and the purchase of 20 new interurban cars. A further $1,854,750 is required as rapidly as the money can
be obtained, but not so urgently as in the case first mentioned. Since the
last appraisal $1,053,274, chargeable to capital, has been expended.
The applicant has authorized its First & Ref. 30-year 5% gold mortgage
for $35,000,000 bonds (redeemable), bearing interest at 5%, payable semiannually. Of said issue. $16,685.000 is set aside for the purpose of retiring
and paying interest charges on an equal amount of underlying bonds, and
the remainder are reserved for paying the existing secured and unsecured
obligations and for various extensions and betterments.
As security for a loan from N. W.Halsey & Co.,amounting to $2.500,000.
past due since June 12 1912, the company has pledged $1,413,000 bonds of
the Oakland Traction Co. and $1.413,000 bonds of San Francisco Oakland
& San Jose Consolidated By. Also to secure a loan of $1,100,000, payable
to the Angio-California Trust Co.,as trustee, it has pledged $5,000,000 1st
M.bonds and all the capital stock of Oakland Terminal Co. We are threatened with the loss of all of these hypothecated securities, valued at over
$9,000,000, unless said $3,600.000 is forthwith paid.
[Of the $10,000,000, $2,100,000, it is said, is to be expended as soon as
possible on improvements, leaving, when obligations are paid, the sum
of $3,300,000 for future work.)
[The company, it is stated, has 'procured unlerwriting contracts for the
sale of about $5.125000 of the $10,000,900 bonds by responsible banking
institutions at 80%J—V. 58, p. 1695, 1246.
Seaboard Air Line Ry.—Offering of5% Equipment Trusts.
—The Harris houses are placing $1,440,000 5% equipment
trust certificates dated July 1 1914 and due $72,000 semiannually from Jan. 1 1915 to July 1 1924, both inclusive.
Int. J. & D. in N. Y. and Phila. A circular shows:
Issued by Girard Trust Co.of Phila.,trustee,and to be guaranteed, prin.
and int., by Seaboard Air Line By. Secured by 45 steel passenger equipment
cars, 25 locomotives and 325 steel underframe ventilated box cars. Total
cost. $1,600,000, of which the railway will pay down $160,000, giving a
cash equity of over 11%. The equipment will be leased to the railway
company for rental payments equivalent to the maturing principal and
Title wil
interest of the certificates, taxes and the expenses of the trust. '
remain in the trustee until the last maturity is paid. The company's fixed
bonded debt per mile for year 1912-13 is $26,063, and for the present fiscal,
year the line has been one of the few railroads in the country to report increases in both gross and net earnings. For the year ended June 30 1913
the total net income was $6,642,412, with fixed interest charges of $3,656,558, leaving a balance, surplus, of $2.985854. In addition the company
is paying 5% interest on $25,000,000 adjustment income bohds and 45'
14t1
dividends on $23,800,000 pref stock.
[(These certificates are offered on a basis to yield 4.60% for the 1918 to
1924 maturities and from 334% to 4.55% for those due from 1915 to 1917.
Denomination c9—V. 98. P. 1695.
Terminal RR. Assn. of St. Louis.—Decree.—The company some time since filed in the U. S. Supreme Court a
motion asking for a modification of the decree entered on
March 2 by the lower Court in the suit brought by the
Government (V. 98, p. 764)•
injunction against performing any other service than
it is stated that the
terminal facilities is a hardship and interferes with the
that of furnishing
It is therefore requested that the first
proper management of the business.
out.
article of the decree be strickenassociation
"is an unlawful combination,
the
that
states
The article
terminal companies
it, are
when it, and the various bridge and companies, but thatcomposing
the combination .
operated as railroad transportation
of terminal facilities upon
unification
lawful
a
as
continue
may oust and
and charges as and for railroad transporabandoning all operating methods
the transaction of terminal business, such as
tation and confinim, itself to for
of traffic between railroads.'
interchange
facilities
supplying operating
to 165 industries located on its lines,
The Association has sent letters
followed literally, car movementsfrom
be
to
is
decree
the
if
that
announcing
the terminal lines must be discontinued, and
one industry to another on
attorney for the Government in the suit,
urges an appeal to E. C. Crow,
modification so that service will not be ima
to
agree
to
him
requesting
the decree a literal construction
by
that
paired. The letter states enjoined giving
from performing switching services for
the Association would betracks,
which
would
involve purely local moveits
on
Industries located
front one point on its tracks to another point
ments, such as hauling a carwas
received from one and delivered to another
on Its tracks, where such car
cars are at present switched which are not conindustry. A great manyperformed
for railroad companies, and it is stated
nected with the services language in the
final decree be modified,services
therefore that unless the
be unlawful and have to be diswould
performed
now
of this character
continued.
E. C. Crow, special attorney for the Government, also decided to appeal to the U. S. Supremo Court from the decree
District Court.
recently entered by the U. S.
will boa
contention that the lower Court
The chief ground for the appealform it did.
Under the mandate of the
the
erred in entering a decree in claimed,
were only two courses open to
there
is
it
decision,
Supreme Court
a decree in accordance with an agreement
tho lower Court,either to enter
and the Terminal Association—or
between the partios—the Government
Association. There has been no
to order the dissolution Of the Terminal
a decree, but the lower Court entered a
agreement between the parties on
Government
is not effective. Several
the
of
()Pinion
the
in
which
decree
main one that the Terminal Association is
other points will be raised, the
violating the mandato of the Court every day in its charges within the 100mile zone. Compare V. 98, p. 764, 1394.
Toronto Terminals Ry.—Bonds.—This subsidiary of
the Grand Trunk By. has obtained an Act amending Section
14 of Chapter 170, Statutes of 1906, as amended by Statutes
of 1913, by striking out the words "$10,000,000" in the second line thereof and substitutino• "$12,000 000." This refers to the bonding power. See bV. 95, p. 1474.
Twenty-Third Street Ry., New York.—Sale of Stock.—
See New York Railways below.—V. 98, p. 1695.
Twin City Rapid Transit Co.—Option to Subscribe.—
Preferred and common stockholders of record June 15 are
offered the right to subscribe on or before July 15 for $1,900,000 new common stock, pro rata, at par to the extent of
one-twelfth of their present holdings, payable 20% at the time
-TNE
6:1914.1
THE CHRONICLE
of subscription and remainder in installments of 20% each
at intervals of 60 days beginning July 15, or optionally in
full at any time. interest and dividends will be adjusted at
the time of pre-payment.-V. 98, p. 604, 388.
United Railways & Electric Co.-Authorized.-The
stockholders on June 1 authorized the issuance of the $1,000,000 5% convertible notes which were recently offered
and five or six times over-subscribed; also the sale of the
Maryland Elec. Rys. bonds in the treasury-see that co.
The stockholders took all the notes they were entitled to, leaving only
about $100,000 to be divided among non-stockholding subscribers for
several millions. The bankers, Alex Brown & Sons, endeavored to award
all of the subscriptions up to $300. All over $10,000 were thrown gut
entirely, while those who asked for less than $10,000 and over $1,000 got
from one-tenth to one-twentieth of the amount requested.
Favorable Decision.-Judge Duffy in Circuit Court No. 2
on June 1 suspended the operation of the order of the Public
Service Commission ordering an extension from Overlea on
the Belair Road to Jerusalem, about iO3- miles.
The Court held that the demands of the Commission are unreasonable.
The improvements, it was estimated, would cost $189,832. The discretion
of a public service commission cannot, it is stated, override the discretion of
the officers of the corporation in the management of its affairs, or the
provisions of the statute in which securities are permitted to be issued.
The suit grew out of the case that was brought before the Commission by
some of the residents of the Baltimore and Jerusalem turnpike beyond the
terminus of the Belair Road cars, who demanded that the railways be compelled to give them car service beyond the present terminus. In order that
the Commissioners' orders in the premises may be reasonable, it must, it is
further stated, appear that the new service is needed by the community
served by the company as a whole.-V.98, p. 1695. 1610.
Washington (D. C.) Railway & Electric Co.-Bonds
Offered.-Hambleton & Co. of Baltimore are offering at
83IA and int., yielding about 5%,$1,000,000 consolidated M.
4% gold bonds due Dec. 1 1951.
The bankers say that the net earnings, after paying taxes, are equal to
over twice the interest on the bonded debt, including the present issue.
Duritng the past 5 years the company disbursed or set aside for maintenance
and depreciation over $3,500,000.-V. 98, p. 1241, 1074.
1769
on March 3 1913 against the company and others for alleged violation of
the Sherman Anti-TrustLaw (v.96, p.717), under which the defendants are
adjudged to have formed an illegal combination, which is ordered to be
dissolved, and certain practices pursued by them are forbidden.
The decree states that the defendants, the American Thread Co., the
Thread Agency and English Sewing Cotton Co., Ltd., and their agents
(certain individual defendants named) as a group, on the one hand,and the
defendants, the Spool Cotton Co., J. & P. Coats, Ltd., the Clark Thread
Co., the Clark Mile-End Spool Cotton Co., George A. Clark & Bro., J. and
P. Coats (Rhode Island), Inc., James Chadwick & Bro., Ltd., and Jonas
Brook & Bros., Ltd., and their agents (other individual defendants) as a,
group,on the other hand,have entered into a combination to restrain interState and foreign trade and commerce.
The American Thread Co., the Thread Agency and English Sewing
Cotton Co. are restrained from acquiring or holding after Jan. 1 1915
any interest in the stock or other securities of the Spool Cotton Co., J. & P•
Coats, Ltd., the Clark Thread Co., the Clark Mile-End Spool Cotton Co.,
George A. Clark & Bros., J. & P. Coats, Inc., James Chadwick & Bros.
and Jonas Brook & Bros., and so long as one or more of the defendants in
the one group shall have the same controlling stockholders or any of the
same officers or directors as one or more of the defendants in the other
group, both groups are enjoined from engaging in inter-State trade within
the jurisdiction of the United States. The latter group is also restrained
from acquiring any interest in the former group. J. & P. Coats, Ltd.,is
also required before Jan. 1 1915 to dispose of any interest it now holds in
the American Thread Co. and English Sewing Cotton Co. to persons not its
stockholders or officers, and in the meantime it shall not directly or indirectly exercise any voting power it may now have.
The defendant corporations are also jointly enjoined from entering into
any agreement in the United States or confirming any lists of jobbers or
dealers in the United States with whom trade in sewing thread shall not be
carried on from entering into any agreement fixing trade discounts, terms
of credit, &c., from purchasing and acquiring plants or brands of a competitor, entering into any combination to fix prices, attempting to restrain
purchasers of thread from selling said thread below a certain fixed price: or
from giving a bonus, rebate or other inducements dependent upon the
aggregate of future purchases to be made by such dealers, or from cooperating with any dealers in the United States to combine or pool their
orders or purchases of thread, or for offering for sale thread of any kind
below the cost of production, with the intent thereby to obtain a monopoly,
and all other practices tending to monopolize the business.-V.97. p. 296.
Auto-Sales Gum & Chocolate Co.-New Directors.-
Franklin Lee Canning, Prest. of the Sterling Gum Co., and George F.
Hurd have been elected directors to succeed E. II. Cook and George F.
Loft.-V. 98, p. 1318, 1002.
British-American Tobacco Co., Ltd.-Pref. Shs. Offered.
Wheeling (W. Va.) Terminal Ry.-Bonds Guaranteed by
Penn. RR.-William Salomon & *Co. some time ago offered
at 934, yielding 4.40%, the unsold portion of their block
of $1,363,000 1st M. gold 4s of 1900, due Aug. 1 1940.
Guaranteed, principal and interest by endorsement, by the
Pennsylvania Company. Authorized, $2,000,000; retired
by 1% sinking fund, $34,000; outstanding, $1,566,000.
Par, $1,000 (c*). Company pays the normal income tax.
A circular showed:
The International Financial Society, Ltd., acting on behalf of the contractors,offered in London to receive subscriptions up to Mar.12for the purchase of 1,400,000 cum. preference shares of £1 each at £1 Os. 9d. per share.
payable Is. per share on application, 4s. 9d. on allotment (including 9d.
premium).7s.6d.on May 1 and 7s.6d.on June 15 1914. The first dividend
on the new shares, amounting to 4.837d. per share, will be paid on Sept. 30
1914. after which date the shares will rank in all respects pad passu with
those now quoted. Payment in full may be made on allotment, in which
case the first dividend will be 6.476d. per share, payable on Sept. 30 1914.
This will make the amount of pref. shares outstanding £4.500,000 (the full
authorized amount). Ordinary shares authorized, £10.000,000; outstanding, £6,254,320.-V. 98, p. 692, 1610.
A first mortgage on the entire property, which provides terminal and
transfer facilities in and near Wheeling and Martin's Ferry, with bridge
across Ohio River, for both freight and passenger business. Road connects
with the following systems: Pennsylvania Company, Wheeling & Lake
Erie, Pitts. Cinc. Ch. & St. Louis and Baltimore & Ohio. Total mileage
covered by mortgage, 26.43 miles of main line and sidings.
1912.
Earnings for Calendar Years1911.
1913.
Total income
$118,655 $125,148
$97,204
Interest on bonds
62,645
62,640
62,645
Vice-Pres. & Gen. Man. E. E. Slick has been elected a director to succeed
Edward T. Stotesbury, who resigned.-V.98, p. 1610, 1462.
Surplus
$56,015
$62,503
$34,559
Surplus earnings aggregating $470,000 have in the past 133:6 years been
applied to betterments or otherwise improving the company's position.
The road, it is stated, is handling over 50,000 loads in yards alone annually.
Among the industrial concerns on the lines are: National Tube Co., Wheelng Steel & iron Co., Wheeling Can Co., Wheeling Mold & Foundry Co.,
Wheeling Corrugating Co., Whitaker-Glessner Co.-V. 98, p. 612.
•
Cambria Steel Co.-New Director.Canada Iron Corporation.-Reorganization Plan.The 1st M. bondholders will consider informally in London on June 9,
and formally in Montreal on July 2, a plan for forming a new company to
issue: (1) £200,000 (or $1,000,000) 6% "A" debenture stock, of which
$700,000 would be subscribed for in cash at 95%; and (2) £800,000 6%
"B" debenture stock, the present bondholders to accept 100% of "B" debenturelstockand 10%1in common:stock in:exch.ange.-V. 97,P. 1118,889.
Canadian Converters Co., Ltd.-Earnings.Bond
Dep. Res. for Divs.Pd. Balance,
Net
April 30
Profits. Interest. Res ye. Bad Debts. (4 7 ). Surplus.
Year$121,455 $25,365 $7,500 $15,000 $69,340 $4,250
1913-14
69,340 18,380
26.265 11,500
5,000
1912-13
130,485
-V. 97, p. 518.
Central owa Light & Power Co.-Bond Issue.INDUSTRIAL, GAS AND MISCELLANEOUS.
(Th) Aeolian Co., New York.-New Pref. Stock.-This
company has authorized the issue of 81,000,000 additional
7% cum. pref. stock and is offering the same for subscription.
to its pref. stockholders and to the pref. and corn. stockholders of the Aeolian, Weber Piano & Pianola, Co., which latter
company owns in its entirety (V. 77, p. 512) the coin. stock
of The Aeolian Co. and guarantees its pref. stock dividends.
The new stock issue has been underwritten by C. E. Mitchell
& Co. of New York.
The Aeolian Co., it is stated, presents a strong financial statement with
net quick assets alone as of May 1 1914 of approximately four times the
pref. stock now outstanding in the amount of $1,500,000, and net earnings
for the past year equivalent to over 6M times pref. stock dividends.
See Fort Dodge Des Moines :& Southern RR. above.-V. 97, p. 1586.
Chicago Wilmington & Vermillion Coal Co., Chicago.
President T. A. Lemmon was on May 27 appointed receiver of the company preparatory to a reorganization made necessary, it is stated, by
heavy outlays for the development of property in Franklin County, Ill.,
where about 6.000 acres of land were acquired in 1911. The company was
organized in 1867 as the Chicago & Wilmington Coal Co., and besides its
Franklin County holdings has interests, it is said, in La Salle, Sangamon,
Livingston, Grundy, Will and Macoupin counties. At last accounts there
were outstanding about $1,000,000 capital stock and $600,000 of an authorized $700,000 1st M. 6s, due Nov. 1 1931; trustee, Old Colony Trust Co.,
Boston. In 1912 produced 1,063,522 tons of coal and reported gross sales
of $1,442,873 and net income, for dividends and depreciation. $79,466.
Citizens' Gas & Electric Co., Waterloo and Cedar
Falls, Iowa.-Bonds,
William P. Bonbright & Co., Inc., recently placed at par and int. a block
of Consol. M.6% gold bonds of 1911, due Feb. 1 1931, but callable, all or
part, on any int. day at 101 and int. Guaranteed p. & I. by endorsement
See (The) Aeolian Co. above.-V.91, p.1573.
by American Gas Co., which in 1911 purchased the entire ($400,000) outstanding stock (see V. 92, p. 1567). Total auth. bond issue, $4,000,000.
American Gas & Electric Co.-Stock Increased.viz.: Outstanding, $1,220,000; reserved to retire underlying 5% sinking
The stockholders on June 3 authorized $500,000 additional common fund bonds, due 1926, incl.,313,000 in treas.,$1,149,000; reserved for exstock. Compare V.98,P. 1610, 1539,
tensions and improvements, $1,631,000. A circular shows:
Earnings for Calendar Year 1913 and Year Ending March 311911.
American Naval Stores Co., Savannah.-Acquitted.Gross
Net
-Interest on- Balance, Reserve
A jury in the U.S. District Court at Savannah, Ga. on June 1, rendered
YearEarnings. aft. Taxes. Old Ss. Conso1.6s. Surplus.for Depr.
a verdict of not guilty on the re-trial of four former officers and directors 1913
$459,206 $191,305 $56,800 $65,131 $69,374 $19,727
who were charged with conspiracy to restrain trade in violation of the
71.344
(7)
364,965
172,186
58,842
42,000
Sherman Law. The conviction on the former trial in May 1909 was set
increase in net earnings for 1914 over 1913, $35,000.
Estimated
-i
aside by the U. S. Supreme Court on June 9 1913 because of improper in- 19th
0w
ns
and
operates
a
gas
plant
(daily
mfg.
capacity
2,500,000
cu.
ft.)
the
presiding
structions to the jury by
judge. Compare V. 96, p. 1703;
and a modern, up-to-date electrical station developing 6,000 h. p. in the
V. 89, p. 44.-V. 97, p. 52.
City of Waterloo, and does the entire gas ,electric lighting and power bustness in the cities of Waterloo and Cedar Falls, Iowa,serving a population of
American Shipbuilding Co.-Decree Affirmed.The u. S. Circuit Court of Appeals at Cincinnati on June 2 affirmed the about 39.000, by means of 123 miles of gas mains and 145 miles of electrical
decision of Judge William L. Day in Nov. 1912, under which the company wires. Gas sold, 47,000,000 cu. ft. in 1905, at Si 35, against 232,906.000
is required to take back the steamer Abraham Stearn, J. Q. Riddle ands cu. ft. in 1913 at $1 to 60c. Electric light load (16 c.-p.),lamps of 50 watts,
Sheldon Parks, which were built for the Commonwealth Steamship Co., 12,584 in 1905 at 7c. to 15c., against 97,618 in 1913 at 5c. to lie, per k.w.h.
and pay to the latter approximately $1,295,000. The only change made in net.-V.!94, p. 70; V.92. p. 1567.
the decree is that the Commonwealth Co. is required to pay the annual
depreciation while the company was operating them, and also the interest
Commonwealth Steamship Co.-Favorable]Decision.on the net earnings which accumulated from year to year covering a period
See American Shipbuilding Co. above.
of 6 years. Interest charges on the judgment, it is stated, about balance
the depreciation and earnings percentages. Compare V. 94, p. 1765;
Dryden Timber & Power Co., Ltd.-Status.-Liquidator
V. 95, p. 1543; V. 96, p. 489.
and receiver D. L. Mather in a recent circular said in subst.:
Earnings in April exceeded, it is stated, $100,000, practically all of the
On Aug. 20 an application for a winding up order was made on behalf of
docks being well booked ahead with repair work. The May and June earn- Chapman & Walker, Ltd., of Toronto, large creditors. The company adings will, it is said, bring those for the fiscal year up to the dividend require- mitted its insolvency and the order was granted. On Sept. 15 an informal
ments for the pref. stock and leave a small surplus. Up to March 31 meeting of the creditors was held at Toronto, Mr. Mather, who recently
earnings were 338,000 short of the pref. dividend.
became President with a view to effecting a reorganization, being present.
The dividend on the pref. stock will be omitted for the remainder of the The position of the company was laid before the meeting, as follows:
fiscal year so that the next payment (now semi-annual) will be made as of
Owing to various delays in construction of the pulp mill, and to underJan. 1. Current floating debt does not, it is stated, exceed $1,000,000, estimation of parts of the cost, the company exhausted its available capital
against which the company holds $3,000,000 securities, market value, and and incurred further considerable obligations before the mill was finished.
more than 3500,000 cash.
Arrangements were made with certain bondholders and shareholders to make
Edward Smith has been elected Vice-President to succeed the late Rus- temporary advances for the purpose of carrying on operations between
sell C. Wetinore.-V. 98, p. 1696, 1158.
April, when the mill was finished, and August. Owing to the failure of certain parts of the machinery, the mill was unable during these months to
American Thread Co., New York.-Agreed Decree.work up to more than half of its proper capacity, and consequently made no
A decree was entered by consent on Juno 2 in the U. S. District Court at . profits. Except for a lion held by the bank on logs and lumber, and some
Trenton, N. J., by Judge Relistab in the suit brought by the Government small claims on parts of the machinery, the whole of the assets are pledged
Aeolian, Weber Piano & Pianola Co., New York.-
1770
[VoL. xcviii.
THE CHRONICLE
for the bonds; and at forced sale the unsecured creditors would likely get
nothing. Mr. Mather expressed the belief that if a fresh sum could be
obtained sufficient to make the necessary replacements and additions to
the machinery, the mill could be brought, in the course of a year,and perhaps sooner, to a profit-earning position.
On Sept. 16 Mr. Mather was nominated as permanent liquidator, and
subsequently, on application of the trustee of the bonds, also as receiver.
A meeting of the'bondholders was held in London on Sept. 9.representing
a clear majority of the bonds, at which the issue of prior lien notes, as
authorized by the Court, for the purpose of carrying on the business, was
agreed to, and a bondholders' committee was appointed to consult with the
liquidator regarding a sale or reorganization of the business.
The present expenses of the plant have been reduced as much as possible.
The mill is being run so as to work off the stocks of pulp on hand. Negotiations are on foot with regard to the future disposal of the company's product.
As soon as this is settled, an endeavor will be made to get the bondholders
to provide the funds required for additional machinery, &c. If this is
successful, a reorganization scheme will be proposed as soon as it is seen by
experiekco on what revenue the company can reasonably calculate. [On
Dec. 20 it was announced that the plant would close down for two months
for extensive alterations and installation of additional machinery. An
issua of some $150,000 prior lien notes has been authorized to provide for
this outlay and to release lien of $50.000.1
Economic Gas Co. Los Angeles.-Favorable Decision.The U. S. Supreme Court on April 6, in a suit over the right of the
company to excavate in the streets of Los Angeles for extensions of its
mains, hold, according to press dispatches, that light and water companies
In California may extend their plants without obtaining a franchise from the
city concerned. The city, however, has power to regulate the gas rates.
Justice Hughes, who wrote the opinion, says that the California constitution of 1879, in order to prevent city councils by corrupt methods from
granting a light or water monopoly to one company, provided that any
corporation could use city streets for light or water purposes without
condition. Although a constitutional amendment was adopted in 1911
requiring all corporations furnishing light or water to cities to procure city
franchises, it is held that they could not limit rights acquired by old corporations, and that one of those rights was to extend a plant. The object,
it was stated in the company's argument, of adopting the amendment was
to pave the way for municipal water and light works by denying a private
company the right to extend its mains.
[In February last the Cal. RR. Commission approved a plan for reducing
the bonded debt, previously $930,000, of. which $365,000 had been held to
be illegaby issued, to $303,000, consisting of 1st M. gold 5s of
1910, due Dec. 31 1940, interest J. & J. at Mere. Trust Co. of San Fr.,
the trustee, total auth. $1,500,000. A large portion of the bonds was
turned into pref. stock. The authorized share capital now consists of
$850,000 common and $650,000 6% cum. pref. (p. sc d.) stock, par $100.
Pres., L. P. Lowe; Sec., C. W. Coulisk; Treas., D.0. Druffel. San Francisco office, 626 Pacific Bldg.-V. 97, p. 240.
Elk Horn Fuel Co., New York.-Official Data.See "Annual Reports" on a preceding page.
J. Harmanus Fisher & Co.,Baltimore, having examined the properties,
are recommending tho shares as having excellent possibilities. See also
V. 96, p. 1427; V. 97, p. 731.-V. 98, p. 1610.
Frisbie-Stanchfield Knitting Co., Utica, N. Y.-New
Stock and Bonds--Proposed Acquisitions.--The authorized
capital stock was increased on June 3 from $2,500,000 ($1,500,000 common and $1,000,000 7% pref., V. 90, p. 1104) to
$4,000,000. The shareholders will vote June 18 on authorizing the company:
(1) To classify the $1,500,000 new stock so that $1,200,000 thereof shall
be common stock and $300,000 7% cum. pref. stock entitled to the same
preference as the existing pref. stock, except that it will be entitled to
dividends from date of issue only.
(2) To make an issue of $900,000 20-year sinking fund 6% gold bonds,
denominations of $1,000 and $500 and $100 (c*), dated July 1 1914, and
due July 1 1934 (int. payable J. & J.), but subject to retirement, at option
of company or through the sinking fund, all or any part, at not exceeding
105%, on any int. day, on prior notice. Secured by mortgage to Bankers
Trust Co. of N. Y., as trustee, as a first lien upon all the real estate, water
power, plants, machinery and equipment now owned or hereafter acquired
or controlled, except the property of Ontario Knitting Co., and also a lien
upon certain of the other property, assets, &c.
Digest of Statement by Directors Dated June 3 1914.
Prior to and since the dividend upon the pref. stock was passed last
October, we have been working upon a plan to re-adjust the finances and
provide needed capital. We believe that the profitable character of the
business has been demonstrated and present the following plan with a view
to conserving the earning power and hastening the resumption of pref. divs.
(a) Authorize $900,000 20-year sinking fund 6% bonds, of which $775,000
to be issued, and sold at once.if possible, to reduce the debt, and if present
plans can be putinto effect:to purchase the Regal Mill and the merchandise
therein now belonging to the Oneida Regal Co., and the property of the
Ontario Knitting Co., and for working capital; and the balance of $125,000
bonds to remain in the treasury.
(b) Classify the recently authorized $1,500,000 stock into $300,000 pref.
stock and $1,200,000 common; part of the new pref. and $490,000 of the
new common stock, and part of the proceeds of the bonds to be used in the
purchase of the aforesaid properties, and the patents and good-will connected therewith. The balance of the corn. stock will remain in the treasury.
(c) Deposit a majority of the corn. stock in a 5-year voting trust, the
voting trustees to be selected by three of the Utica banks and trust companies and Spencer Trask & Co.
The Regal Mill is situated at Syracuse, N. Y. and produces women's
underwear, similar in style and manufacture to t:he children's underwear
made in our Kendall Mill. The Ontario Knitting Co., in addition to its
other property, owns an important water power at Oswego, which should
prove of substantial value in reducing the operating cost of our yarn mill at
that place. Negotiations for the purchase of these properties are now pond-.
ing. The plan, in our opinion, should afford a substantial saving in manufacturing costs and interest charges.
[Directors: Albert M. Fox, Walter N. Kernan, Edward I. Goodrich,
Willard J. Frisbio (President), William J. McQuade, Charles A. 13yington
(Sec.), George A. Frisbie, William II. Stansfield and Thomas A. Clarke.]
Digest of Statement Submitted by Chartered Accountants May 19'14.
The annexed statement is prepared as of Dec. 31 1913, after giving effect
to certain necessary adjustments made in accordance with the present
financial plan, and also assuming that the company will acquire the Regal
Mill and merchandise therein from the Oneida Regal Co. and the property
of the Ontario Knitting Co., as proposed. The fixed assets are taken at
book value for Friable & Stansfield Knitting Co.; at $142,500 for Regal
Mill and at $250,000 for Ontario Knitting Co. The inventories
include the merchandise in Regal Mill at an assumed value of $60,000.
The patents and good-will are included on a basis of $1,500.000, being the
amount of the common stock. We also assume that' $919,900 in cash and
securities will be provided under the plan to liquidate outstanding obligations and provide for the Regal Mill and merchandise, and the property of
the Ontario Knitting Co.
Profits of Frisbie & Stansfield and Oneida Regal Co. (Regal Mill).
After allowance forextraordinary charges and after deducting interest
on floating debt at a fixed charge of $30,000 per annum.]
1910.
1911.
1912.
1913.
Average.
$180,572
$174,139
$149,246
$119,801
$155,940
Less: Bond interest, 6%------------------------------------ 46,500
Liabilities.-Bills and accounts payable (Friable & Stansfield
Knitting Co., $604,234; Ontario Knitting Co., $264,967),
869,201; Less-to be liquidated out of securities, proceeds of
bonds and other funds, $717,400
151,801
General reserve
180,354
Bonds (see statement below)
775,000
Stock (pref. $1,300,000, common, $1,500,000)
2,800,000
In case the Regal Mill or the Ontario Knitting property is not acquired.
the bonded debt and pref. stock will be reduced accordingly, and liabilities
increased 375,000, presumed te be provided to liquidate indebtedness. In
case the total bonds cannot be sold at once, the bonded debt will be reduced
and the floating debt increased accordingly. See also V. 90, p. 1104.
General Pipg Line Co. of California.-Extension.The syndicate managers, Drexel & Co., Tucker, Anthony & Co., James
B. Colgate & Co. and C. D. Barney & Co. have extended for 60 days from
June 1 the time within which the Western Ocean Syndicate, Ltd. is required to cause bonds to be guaranteed and stamped and ready for redelivery to depositors. Bondholders are requested to deposit their receipts
with the Columbia-Knickerbocker Trust Co. on or before July 1. It is
announced that it has been found impracticable for the Western Ocean
Syndicate to effect its plan sufficiently to permit the bankers before April 1
to give formal approval as called for by the agreement.-V.98,p. 1075,916.
Goodyear Tire & Rubber Co., Akron, 0.-Subscrip'ns.
Holdersof common stock were offered tho right to subscribe for the small
amount of pref. and common stock not subscribed for in connection with
the new financing plan (V. 98, p. 389), amounting to 734 and a fraction
shares of new pref. and 183 and a fraction shares of new common.
V. 98, p. 842, 389.
Hilton-Dodge Lumber Co.--Rcorganization
A committee consisting of C. F. Adams 2d., D. G. Wing, H. G. Levick
and C. L. Poole, requests deposits of the $5,482,000 tat M. bonds with the
Old Colony Trust Co., Boston, or First Trust & Savings Bank of Chicago,
with a view to reorganization. It is proposed to form a Massachusetts
corporation with $6,000,000 6% pref. and $6,000,000 corn. stock, the
present 1st M. bondholders to receive $1,000 pref. and $800 corn, stock for
each $1,000 bond; $750,000 new corn. to go to holders of $500,000 2d M.
bonds (held by the Sales Co.) and $268,700 com. to be distributed to
holders of first pref. shares, leaving in reserve $518,000 pref. and $595,700
corn. It is proposed to place the new shares in a voting trust. Lee,
IIigginson & Co. and Clark L. Poole & Co. have issued a circular pointing
out the need for reorganization. See V. 94, p. 985; V. 96, p. 1232.
Houston Oil Co. of Texas.-Bonds Called.One-hundred New Series Timber Certificates, issued under the Kirby
Lumber Co. contract, dated Aug. 11911, for payment at par and interest
on Aug. 1 at Maryland Trust Co.Baltimore, trustee, or the Chase Nat.
Bank, New York.-V. 97, ir • 1896%
Inter-City Power Co.-Bonds, Contract, &c.See Manhattan Transit Co. below.-V.98, p. 158.
Kelly-Springfield Tire Co., N. Y.-Favorable Decision.-
Hon. Walter C. Noyes, former U. S. Judge, as referee in the action
brought by Albert M. Polack to restrain the adoption of the plan
of reorganization, on June 1 handed down his decision holding that the
plan (V. 98. p. 1319) conforms in all respects to the law, and that the
company has the right to issue pref. stock to retire the debenture bonds,
and to issue second pref. stock for accumulated dividends, and make the
second pref. stock convertible into common stock.
S. M.Stroock, of counsel for the company, says in substance: "The plan
will now be carried out in accordance with the vote of the stockholders on
May 4. Almost all of the bondholders have deposited their bonds with the
Bankers Trust Co., which has been appointed depositary for the purposes
of retiring the bonds and issuing 6% cum. pref. stock in their place. All
bondholders who have not deposited their bonds are requested to do so
without delay in order that all may equally benefit by the plan. It is to be
noted that judgment was directed dismissing the complaint on the merits,
and under the stipulation entered into between the parties, the judgment
directed by Judge Noyes becomes final without appeal.
An amended certificate of incorporation increasing the capital stock
from $5,149,500 to $10,299,000 in accordance with the plan,was filed in
the office of the Secretary of State of New Jersey on Juno 3.-V.98, p. 1463.
Long Acre Electric Light & Power Co., N. Y.-
See Manhattan Transit Co. below.-V. 98, p. 766, 159.
Manhattan Transit Co., N. Y.-Circular.-
The stockholders' protective committee in circular of June 1 says:
As a result of our efforts to obtain information as to the transaction by
which the entire stock of the Long Acre Electric Light & Power Co. was
taken out of the treasury of your company, the defendants have submitted
a copy of the agreement entered into on Aug. 16 1912, pursuant to which
all a the Long Acre stock has been transferred to trustees to secure an issue
of bonds of the Inter-City Power Co. of Dela. A copy of this agreement
is herewith enclosed.
Briefly summarized, this agreement provided that a power company
to be organized by Mr. Fisk should make an issue of' $10,000,000 stock
[to be held in 5-year voting trust with Messrs. Headley and Fisk and one
other as voting trustees], $10,000,000 1st M. bonds and $3,500,000 income
bonds; that all the stock of the Long Acre Company should be transferred
to trustees as security for the 310,000,000 1st M. bonds, and, further, that
$5,000,000 of said 1st M. bonds should be set aside as security for the said
issue of $3,500,000 of income bonds; and that there should be immediately
Issued, on the basis of the Long Acre stock, $10,000,000 of the stock of the
Power Company and 33,500,000 of the income bonds. Under the terms
of the agreement, the title of the Long Acre stock is not immediately vested
in the Power Comuany, but the Power Company is given an exclusive op,r60
icoomoo
f
tion to acquire said Long Acre stockattkle3p
0
32
o5
Your company will receive out of the
4reTv'stock and bonds
only $1,500,000 of non-cumulaitve income bonds, while an additional
$850,000 of the income bonds is to be used to clear up debts of the Lorg
exchanged
for
3500,000 Long Acre bonds.
Acre, $500,000 thereof to be
Mr. Sheehan is to receive $2.000,000 stock and 31,000,000 income bonds
of the Power Company, and Mr. Fisk is to receive $8,000,000 of stock and
$150,000 of income bonds.
As an incident to this transaction, a perpetual contract has been entered
into by the Inter-City Power Company with the American & British Mfg.
Co. (controlled by International Power Co., in which Mr. Headley, President of your company, has a dominating interest), whereby all the construction work for the Long Acre franchise is to be performed by the American
& British Mfg. Co. at a net profit above all expenses amounting to 15%.
A stockholders' action has been brought by your committee against all
the participants in this arrangement, and the committee, through its Chairman, Edward L. Hearn, has called a special meeting. of the stockholders for
June 18 at room 1604, No. 30 East 42d St., N. Y. City, to consider the
matter. Committee, Edward L. Hearn, Chairman; Edward M. Tierney,
Fred. A. Reed, S. S. Rosenstamm and Franklin Leonard Jr., with Stroock
& Stroock as Counsel and David Herman, 30 Broad St., N. Y. City, as
Secretary.)-See V.98, p. 308, 240.
Massachusetts Gas Companies, Boston.-Earnings of
Controlled Companies.-Not earnings of the subsidiary companies for April and the ten months ending April 30:
Boston Consolidated Gas __New England Gas & Coke__ New England Coal & Coke_ _
Newton St Watertown Gas L.
East Boston Gas
Citizens' Co. of Quincy
Federal Coal & Coke
Boston Towboat
April- 10 Mos.end. Apr.303119601474:6.12642
1913,
$112,047 $1,077,252 $119
1
2153,.73
76,974
659,763
688,459
40,835
35,504
176,229
250,983
5,522
3,462
41,452
66,975
4,092
2,256
55,380
72,306
1,066
911
18,088
18,939
4,429
3,104
59,033
17,195
3,172
2,935
27,296
46,239
Net per annum (subject to such depreciation charge as may be
determined)
$109,440
In case the Regal Mill be not acquired the earnings will be reduced by an
annual average sum of $44,890, and the fixed charge on the bonds by about
$12,000, thus leaving the average net per annum (subject to depreciation
charge), $76,650.
Balance Sheet Based on Figures of Dec. 31 1913 After Adjust.(Tot. $3,907,156)
$230,902 $237,193 $2,114,494 $2,386,269
Total
Assets.-Cash, $8,945; inventories. $471,936; accounts receivIncrease in Gas Output.
able, $132,629; unexpired insurance, $1,524• advance 1914
Boston Consolidated Gas Co.
3.25%
2.96%
3.417
5.19
cotton, $15,000; retail capital, $20,000; special merchandise,
East Boston Gas
9.54
12.33%
13.25
9,55%
50% of cost, $8,861; balance
658,895 Citizens' Co. of Quincy
14.29%
24.93%
19.16V
23.00
Fixed assets (incl. Regal Mill and property of Ont. Knitting Co.) 1,748,261 Newton
& Watertown
8.77%
10.90%
9.63%
12.01 •
Patents and good-will
1,500,000 -V.98, p. 1320, 308.
THE CHRONICLE
JUNE 6 1914.]
1771
promotions of which were the American Telegraphone Co. Telepost
Mexican National Packing Co.-Control by Mex. Govt.- Chiefthe
Oxford Linen Mills Co.. the National Dictograph Co., the Boston
The London agent announced on or about April 15 that the Mexican (Jo.,
Securities
Co., Eastern Underwear Mfg. Co., the Bartica Co., a rubber
acquired
the
control
of
Govt. had
the company by the purchase of 51% of
in Guiana; the Union Savings Bank & Trust Co. of Sunnyside.
the common stock and the unconditional guaranty of the principal of both plantation
the Texas Loan & Guarantee Co., the O'Brien Electric Co., Easter
the First and Special Mtge.Gold Bonds issued under prospectus dated Jan.9 Wash.;
Co. the Oxford Linen Mattress Co., the Washington SecuriLinen
brook
1913, and the 2d Mtge. Bonds, and also of the interest which falls due on
Co., the International Lumber Co. and the Metropolitan Telephone
July 1 1914 until the bonds mature. This guaranty will be endorsed ties
by the agent of the Mexican Govt. upon each of the Definitive Bonds of & Telegraph Co.-V.98, p. 241.
the two series.-V.96, D. 289.
Michigan Sugar Co.-Dividends.-The regular quarterly dividend of I%% has been declared on the $3,703,400 6% cum. pref. stock, payable June 15 to holders of record June 1.
From Feb. 1910 to Feb. 1913 quarterly payments of 1U % each were made
on the $7,471,000 common stock; 1% quarterly was disbursed in August
and Nov. 1909 and a stock dividend of 353-2% was paid in Nov. 1910.
In May 1913 dividends were suspended on the common stock, but payments have been made in full on the pref. stock.-V.96, p. 1367.
Milwaukee & Chicago Breweries Co., Ltd.-Bds. Called.
Two hundred and fifty-six 20-year 6% 1st M. sink. I'd. debentures of
the United States Brewing Co., secured by mortgage dated Aug. 1 1908,
for payment at 105 and int. on July 1 at Bankers Trust Co., N. Y.-V.98.
p. 455.
Phelpt, Dodge & Co.-Copper Production.-The production of copper by the Copper Queen, Detroit and Moctezuma mines, owned by Phelps, Dodge & Co., for the five
months ending May 31 1914 was 59,805,471 lbs., as compared with 57,093,992 lbs. in 1913, as follows:
Pounds.
1914.
1913.
Pounds.
1914.
1913.
January
12,715,084 11,510,711 April
11,368,292 11,689,357
----10.905.527 10.519,051 May
12,837.220 11,857,535
March
11,979,348 11,517,338
Total (pounds) for five months
59,805,471 57,093,992
Custom ores lousiness added a further amount for the five months of
2,880.876 lbs. in 1914, against 4,454.817 lbs. in 1913.-V. 98. p. 1464. 1075.
Pierce, Butler & Pierce Mfg. Co., Syracuse
Syracuse, N. Y.Mineral Point (Wis.) Public Service Co.-Bonds.-The Plan.-The various protective committees have
a
John E. De Wolf Co., Milwaukee, recently offered at par plan, dated May 11, for the reorganization of the company
and int. $125,000 First Mortgage and Refunding (now first jointly with the reorganization of the Kellogg-Mackay Co.
mortgage) 6% gold bonds. A circular shows:
Summary of Pan.-The plan provides that the business of the Pierce
Dated Jan. 11914, due Jan. 11934. Int. payable J. & J. at First Savings & Trust Co., Milwaukee, trustee. Free of normal income tax. Red.
on 30 days' notice on any interest date at 105 and int. Par $100, $500 and
$1,000. A first mortgage on all property now owned or hereafter acquired.
Digest of Letter from Pres. Frank C. Ludden, April 1 1914.
Organized in Aug. 1911 in Wis., succeeding to business of Mineral Point
Electric Lt.Co.(V.89,p.998), which dates back to 1892. Operates a centralsteam power plant of about 2,000 h. p. at Mineral Point, Wis.(with steam
heating mains in business centre), and furnishes current in said city and to
Linden for light and power and street lighting; also for operation of Mineral
Point Water Works. Operates a high-tension (13,200 volt) transmission
line extending via Linden to Mifflin, 25 miles, and derives a large part of its
revenue from the sale of power to smelters and ore-refining plants and to
numerous largo zinc mines; also has just purchased and will connect with
the transmission line the Dodgeville Electric Light Co. Holds indeterminate permits from the State in the City of Mineral Point, Town of Mineral
Point, Village of Linden, Town of Linden, Town of Mifflin, Village of
Rewey,Town of Clifton,Village of Montfort,Town of Eden,Village of Cobb,
Town of Highland, Village of Highland and the Town of Willow Springs,
including an exceptionally fine farming, stock-raising and dairying country,
with an important zinc-mining district.
Capital Stock.-$33,600 common and $16,400 7% pref. The common
stock as well as the pref. is now paying 7% per annum.
Bonds.-Total auth., $1,000,000, subject to restrictions of trust deed.
The Wis. RR. Commission has authorized the issuance of $200,000 (including $125,000 now offered) to complete the payment for property recently
acquired and to provide for additions to the power plant add extensions of
the transmission system now in progress. The final $580,000 bonds are
issuable only to the extent at par of 80% of cost of future additions, improvements, acquisitions, &c., in excess of any mortgage indebtedness
thereon at time of acquisition), but only when the annual net earnings are
uy, times the total interest charges. Sinking fund (beginning in 1915)
10% of the net earnings either to retire the bonds or for additions
arninos.-For the year ending Jan. 311914. gross,$51,695; net,$19,013;
and for six months ending Jan. 31 1914, gross, $30,313,and net $13,084,
against an interest charge on $125,000 of bonds of $7,500 for year and
$3,750 for 6 months. The net earnings for 1914 should reach $30,000,
or 4 times interest charges, without considering any increase due to the new
1,250 lc. w. turbine just placed in service.
Minneapolis General Electric Co.-Oversubscribed.The $2,000,000 3-year 6% coupon gold notes offered by
William P. Bonbright & Co. and H.M. Byllesby & Co., at
99 and int., has been oversubscribed. A circular shows:
Dated June 1 1914 and due Juno 1 1917, but redeemable on 60 days
notice at 101 and int. on or before Juno 1 1916. and at 1003,5 and int.
thereafter. Interest payable J. & D. at N. Y. or Chicago. Denoms.
$1,000, $500 and $100. Part of an auth. issue of 83,000,000. The company covenants that the remaining $1,000,000 notes will not be issued
until after Dec. 1 1915, and that it will not create any new mortgage upon
its properties without equally securing thereby this issue of $3,000,000 of
notes. The proceeds will provide funds for the many additions to plants
and distributing equipment necessary to supply adequately the steady demands for increased service in all departments through the year 1914 and
practically all of the year 1915.
CapitalizationAuthorized. Outstand'g.
Stock ($1,000.000 is preferred)
$4,375,000 $4,375,000
1st M.30-yet r 5% band.s ($223,090 retired by s. f.)_ 8,0110,000
7,777,000
Three-year 6% coupon notes
3,000,000
2,000,000
The entire capital stock (except $7,000 pref. stock not yet acquired,
and directors' qualifying shares) is owned by North. States Power Co.
Earnings for Twelve Months ended April 30.
1913.
1914.
1912.
$1,952,791 $1,785,309 $1,599,770
Gross earnings
$915,653
R1,157,297 $1,037,126
Not earnings, after taxes
int. on 5% bonds due 1934 amounted in year 1913-14 to $392,239, and
annual interest on these $2,000,000 6% notes calls for $120,000, leaving, on
the basis of earnings for the year ended April 30 1914 a surplus of $645,057.
-V. 98, p. 527.
National Light & Power Co., St. Louis.-Sub. Co. Bds.
See Public Service Co. of Western Kentucky below.
The National Light & Power Co. was incorporated in New Jersey in
October 1911 with capital stock of $500,000 ($250,000 said to be 7% cum.
pref.), and with Judson H. Boughton as President and W. C. Morehead
as Secretary and Treasurer. as a holding and engineering company for gas,
electric, street railway and hydro-electric properties. Both Messrs.
Boughton and Morehead were identified with the National Light & Impt.
Co., which in 1911 was in process of dissolution.
New River Co.-Earnings Year ending March 31.1913-14. 1912-13. 1911-12. 1910-11.
New River Co. proportion of
profits and losses of operating comPanies___Profit_$16,254 L.$112.675 L.$132,697 L.$46,286
New River FuelCo.,prof.for yr.
L. 8,001
27,730
31,970
Now River Co., losses for year_103,676
91,238
90,822
64,572
New River Co., net loss
211,914
57,421
195,789
78,888
-V. 98, p. 614.
New York & Richmond Gas Co.-Earnings.-
Total
Calendar
Earnings.
Year1913
$355,981
336,659
1912
-V. 96, p. 422.
Expenses,
Taxes,&c.
$231,421
174,106
Net
Earnings.
$124,540
162,553
Bond
Int. &c.
$77,731
76,597
Balance.
Surplus.
346,809
85,956
Oxford Linen Mills, Inc., North Brookfield Mass.-
Seven officers and directors Of the Sterling Debenture Co., who were
convicted in the Federal Court in this city, were sentenced on April 7 by
Judge Anderson for fraudulent use of the mails in selling the stock of the
company. George H. Milbrook, President of the Sterling DebentureCo.,
was sentenced to 7 years' imprisonment; F. Shumaker 1 year and Harry
H. Plat, Assistant Secretary, 6 years; Benjamin C. Mudge, inventor of
the process used, 4 years; Elwyn A. Barron, publicity agent, 3 years;
William A. Stone, patent attorney, 3 years; William S. Edwards .formerly
Assistant Treasurer, 3 years. Clarence M. Smith, a broker, on Thursday
pleaded guilty to an indictment charging him with selling $40,000 worth of
worthless bonds of the Oxford Co. before Judge hand in the Federal Court,
District Attorney Marshall stated during the trial that the public had been
defrauded of upwards of $10,000,000 by the Sterling Debenture Co., the
Company and that of the Kellogg-Mackay Company shall be continued
as separate corporations, but that the $400,000 common stock of the
continuing Kellogg Company shall be vested in the continuing Pierce
Company. The present indebtedness ($1,155.000) of the Kellogg Company
to the Pierce Company will be eliminated. The other indebtedness ($400,000) of both companies will be paid indiscriminately from the assets of
both ($300,000 from Kellogg Co., $100,000 from Pierce), and $1,400,000
additional capital will be raised through the following new securities:
Kellogg Co.7% pref.. stock, to be taken at par by creditors in part
settlement of their claim
Pierce Co. $500,000 1st M.6% 20-year sinking fund bonds, to ho
subscribed for at par, with 70% bonus of new Pierce,first prof. 500,000
Pierce Co. new common ($800,000), to be sold to new management for
400,000
Capitalization of New Kellogg Company.
Prof. (p. & d.) stock 7% cum. No voting power unless two dividends are in default. Subject to call at 105 and divs. prior
to 1920 and at 110 and divs. thereafter, but must be redeemed
at par on quarterly div. date nearest to July 1 1934. After
50% of net income to be applied to purmeeting pref.
divs.'105 and divs. of any pref. shares tendered
chase at not over
within 3 months. No mtge. without consent of 2-3 interest.$500,000
Common stock, auth. issue, $750,000; present issue to be owned
$400.000
by new Pierce Company
Against this total capitalization of $900.000, the net assets of new Kellogg
Company will aggregate $927.000. viz.. quick assets, $1,282,000, and real
estate and other miscellaneous assets, $125,000; total, $1,407,000, lçss
$300,000 thereof to be used to liquidate indebtedness; balance, $1,107.000:
present contingent liabilities to remain outstanding,$200,000; net,3907.000
plus $20,000 from Pierce Co.. $927.000.
Capitalization, &c., of New Pierce Company.
First Mortgage 6% 20-year bonds, secured upon the real estate,
plant and equipment. Sinking fund after 5 yrs. Callable, all
or any part. at 105 and int. on any interest date after notice3500,000
First Pref.(p.& d.) 7% stock, cum.after April 1915. Non-voting
unless 2 divs. are in default. Red. all or any part on any quar.
div. date at 105 and divs. Upon consent of 60% of outstand• log pref. will be exchanged,$ for $,into pref. stock of new issue
of $1,250,000. Present closed issue
700,000
To holders of $1.356.700 present pref. stock Pierce,
Butler & Pierce Mfg. Co.(25%)
$339,175
To purchasers of new 6% bonds(70%)
350,000
To pref. stockholders' protective committee, for use
in its discretion
10,825
Second Pref. (p. & d.), non-cum. stock, entitled to divs. at rate
equal to twice the rate paid in any year on common stock. but
not exceeding in any year 6%. Issuable in exchange for present
$250,800 Kellogg Co. pref. stock held by public, (about 60%) 150,000
Common Stock auth., $1,500,000; present issue to be sold to
capable new management for $400,000
800,000
Current Indebtedness
400,000
Company,
Pierce
as
against
the
aforesaid
capitalization
and
The new
current indebtedness, together aggregating $2,550,000, will have total
assets of about $2.746.000. viz.: Plant, $1,000.000; quick assets, $1,271,000:
miscell. real estate, $75,000; common stock of new Kellogg Co., $400.000.
This last item named cannot be pledged or sold until 30% of the bond issue
has been retired. No dividends will be paid on any of the stock of th
new Syracuse Co. until April 11915.
Present preferred stockholders of Pierce, Butler & Pierce participating
in the plan will receive in new pref. stock 25% of their present holdings,
and may subscribe for the new 1st M.6% bonds at par (with a 70% bonus
In new first pref. stock) at Spencer Trask & Co., the depositaries. 43 Exchange Place, N. Y. City, on or before June 20, to the extent of .36854% of
the par value of present holdings or subject to allotment for an even 37%,
with the option of subscribing for additional amounts (subject to pro rata
acceptance of such subscriptions)incase bonds reserved for any stockholders are not taken.
The present outstanding capital stock of the Kellogg Company consists
of $425,800 pref. and $400,000 common, of which a few shares of the common owned by C. V. Kellogg and all the remaining common and $175.000
of the pref. owned by the Pierce Co. will be canceled; the holders of the remaining $250.800 pref. will receive in exchange therefor the $150,000 2nd
pref. stock of the new Pierce Co., thus receiving about three-fifths of one
share of such new pref. stock for one share of their holdings of the old stock.
Pierce, Butler & Pierce pref. stockholders who have already deposited
their stock should, in case they approve the plan, send their certificates
of deposit to the depositaries to be stamped; or, on or before Juno 17, they
may withdraw their stock upon payment of 2% of the par value of their
holdings toward the expenses of the committee. Any of said pref. stockholders who have not already depostied , if desiring to participate, must
deposit their shares on or before June 27 and pay an assessment of 34, of 1%
of the par value of the deposited stock in addition to the 2% specified in
the pref. stockholders' protective agreement.
Management.-The common stock of the Pierce Co. will be placed In a
5-year voting trust, the voting trustees to consist of Theodore Ahrens, Pres.
Standard Sanitary Mfg. Co.; Richard Garlick, Treas. Youngstown Sheet
& Tube Co.; M. J. Alexander, Treas. Pittsburgh Valve & Fittings Co.;
Acosta Nichols. of Spencer Trask & Co.; and a nominee of Campbell,
Heath & Co. The seven directors will be Theodore Ahrens, Richard Garlick, M. J. Alexander, Acosta Nichols, C. V. Kellogg, J. T. Duryea and
a Syracuse business man to be nominated by the creditors' committee.
Additional Working Capital.-The following securities will be available
for raising additional working capital, if required: Kellogg Co., common,
$350,000; Pierce Company, common, $700,000.
Earnings.-The new management estimates that net earnings of the
combined companies, under normal conditions, and when organization is
perfected, should reach over $250,000 per annum.
Plan-When to Be Operative.-The plan is not to become operative until
it has been agreed to by such numbers of the creditors and stockholders as
the reorganization committee may deem expedient and in no event until
$500,000 from the sale of the 1st M. bonds and $400.000 from the sale of
the common stock of the new Syracuse Co. have been received.
11011
Reorganization Committee.-Richard L. Austin, Chairman, 116 South
3rd St., Philadelphia; Herman Waldeck, William D. Campbell, Theodore
Ahrens, Charles II. Sanford and Acosta Nichols.
Extracts from Statement by Pref. Stockholders' Protective Comm. June 1 1914.
The difficulties were brought about entirely, in the opinion of this committee, by unauthorized acts on the part of the former President, Mr.
W. K. Pierce, who not only made an overdraft in his own account, of approximately $150.000 and interest, but also purcha.sed the Kellogg-Mackay
Co. and advanced thereto the funds of the Pierce Company, all without
authorization by the board of directors. An enormous extension of the
1772
THE CHRONICLE
[VOL. xcviii.
bills payable of the Pierce Company was incurred in order to take care of
Sears, Roebuck & Co.—Sales.these transactions, with the result that the company became over-extended,
1914—May-1913.
Increase. I
1914-5 Mos.-1913.
Increase.
Its outstanding bills payable amounting to over $1,700,000. The $1,500.$91,952I$41,808,912 $39,359,333 $2,449,579
$7,552,310
$7,460,358
000 common stock was very largely held by Mr.Pierce, his family and close —V.
98, p. 1465, 1076.
business associates, and will be entirely wiped out in the reorganization.
The plan is, In our opinion, the best that can be secured. The alternative
Sheridan (Wyo.) Coal Co.—Bonds Called.—
Is a sale in bankruptcy, where the creditors will take over the assets and the
Twnety-four ($24,000) 1st M. 6% gold bonds dated June 11 1903 for
preferred stock will be valueless.—V.91, p. 1028, 1098; V.98, p. 309.
payment at par & int. on July 1 at Union Tr. Co., Chicago.—V.96, p. 1428.
Pierce Oil Corporation.—Increase of Stock to $30,000,000,
all Common—$10,000,000 New Convertible Debentures—Existing Collateral Notes and Old Debentures (Pledged) and All
Pref. Stock to Be Canceled.—The directors, "having found
that the capital stock of the corporation is insufficient for its
purposes," have called a meeting of the stockholders to be
held in Richmond, Va., on June 25, 1914, for the following:
Standard Chemical, Iron & Lumber Co., Ltd.—
L. M. Wood of Messrs. J. & L. M. Wood has been chosen President to
succeed Lieut.-Col. A. G.Peucheu.—V.98, p. 1160.
Standard Oil Co. of California.—Favorable
Judge Dooling in the U. S. District Court at Los Angeles on June 1 held
invalid withdrawal orders by which former President Taft in 1909 exempted
from entry Government lands in California, which, according to newspaper
accounts, are variously estimated at from $250,000,000 to $1.000,000,000.
It was planned to provide a great source of fuel for the American navy by
exempting the oil land from entry by private locators. The decision gives to
A. To amend the certificate of incorporation in the following particulars—
(1) To increase the auth. capital stock from $21,000,000 to $30,000,000. the company and the Midwest Oil Co., the principal defendants, undisputed
(2) To provide that said $30,000,000 capital stock shall be common possession. Many similar pending actions are said to be affected.
Judge Dooling says: '"rhe effect of these withdrawal orders is to susstock, and that there shall be no authorized preferred stock.
(3) To change the par value of the shares of the stock when so increased pend the mineral laws of the United States. The Executive power cannot
permanently affect such legislation. I am not content to seek for authority
from $100 to $25 per share.
(4) That the $30,000,000 authorized capital stock shall be applicable as for these withdrawals in the dicta of decisions or in some shadowy twilight
zone lying between the powers expressly granted to Congress and the powers
follows:
expressly granted to the President.
(a) Issued in exchange for $10,500,000 common capital stock
"The promulgation of the withdrawal orders in question I believe to be
now outstanding
$10,500,000
one ramification of a growing tendency to concentrate in the Executive
(b) Reserved under the conversion privilege contained in the
more power than can be traced to any specific Constitutional or legislative
proposed $10,000,000 of 10-year 6% convertible gold deprovision. I therefore will deny the application for an order restraining
bentures of 1924 (see below) (any part not so required to
be reserved for other corporate purposes)
10,000,000 the defendants from further use of the land."
W. S. Miller, formerly Treasurer, and F. H.'Tillman have been elected
(c) Reserved toward the purchase of new properties, or shares
in any corporation or association useful to the corporation
6,400,000 Vice-Presidents. R. J. Hanna becomes Treasurer in place of Mr. Miller
and H. M. Storey has been chosen Secretary to succeed Wm.Edwards.
(d) Disposed of for such purposes and at such times and prices
as the board may determine
3,100,000 —V.98, p. 1514, 731.
(5) Provisions not applicable to the capitalization and purposes above
Union Bag & Paper Co.—Official Statentent.—In a cirstated to be stricken out or altered.
6. To amend paragraph 2 of Article VIII, with respect to powers of cular announcing that the adjourned meeting of shareholdexecutive committee.
ers set for June 16 will be postponed, Pres. John S. Riegel
B. To rotefor or against propositions asfollows—
on June 1 wrote in substance:
(1) To create a series of $10,000,000 Ten-Year 6% Convertible Gold
The object of this meeting was to receive the report
a committee,
Debentures, repayable at maturity at 105% of par, and convertible at par consisting of John S. Riegel, August Heckscher and Guy of
M. Walker, apat option of holder at any time until maturity or earlier redemption into pointed at the annual meeting Apr. 14, under a resolution
providing:
common capital stock at par.
"That, whereas, the management of the company has stated the need of
(2) That immediately on the satisfaction of the indenture securing the funds for the improvement of properties; and, that, whereas,
the credit of
issue of $8,000,000 one-year 6% gold notes, due July 1 1914, the indenture the company is influenced by the great disparity between
the selling price
securing such notes and the indenture of the corporation dated July 1 1913 of its preferred and common stocks and the par value thereof:"
that, theresecuring $10,000,000 of 10-year 6% Convertible Gold Debentures now fore, "a committee of three be appointed by the President,
of which the
pledged as collateral for said gold notes, be canceled, and the $10,274,000 President shall be a member, to consider constructive plans for
develpref. stock now authorized and reserved for conversion purposes under the opment of the company." The committee is progressing in its the
work, but
agreement securing said issue of Convertible Gold Debentures of July 1 has not been able to complete its report, and for this reason we are
obliged
1913 be retired and canceled.
date,
at
the
call
future
of
the
some
adjourn the meeting to
President.
(Early in the year the corporation completed a new refinery at Sand to For
the fiscal year to date the volume of business done by the company
Springs, a suburb of Tulsa, Olds., to take off all of the burning oils, gaso- has
been affected by the general adverse conditions, and has not been up
lines and naphthas from 7,000 barrels of crude oil per day, and a certain to
to
say,
pleased
have
are
however,
we
been better than
normal. Prices,
amount of black oil from the residue, and selling all the rest for fuel oil.
the corresponding period last year, so that in a general way it may be
The property is now embraces 129,000 acres of oil lands, or oil for
that the company is showing considerably better margins over its inrights, five refineries and 1,122 main distributing stations, pipe lines in the said
corresponding
period
a year ago. See
requirements than for the
Mid-Continent, Texas-Louisiana and Mexican fields, 798 tank cars, tank terest
V. 98, p. 1248, 995.
wagons and steamships.—Ed.) See V. 98, p. 1248,842; V. 97, p. 302.
Co.,
Electric
Cincinnati.—Application.—
&
Gas
Union
Plymouth Rubber Co., Canton, Mass.—Pref. Stock.—
The company has applied to the Ohio P. U. Commission for authority to
Ernest E. Smith, 78 Devonshire St., Boston, recently offered at par issue and sell $375,000 5% pref. stock, the proceeds to be issued to take up
$200,000 7% cumulative pref. (p.& d.) stock, the remainder of the $500,000 the outstanding pref. dlv. scrip certificates duo July 1 1914, which were
authorized. Callable for sinking fund at 120 when drawn by lot. Divi- issued in 1913 so as to permit the use of the earnings for improvements and
dends Q.-M. Corn.stk.auth,$1,000,000; issued,$88 ,4 000. Mr.Smith says: betterments. Practically all of the pref. stock and all the scrip dividend
Established in 1894 by present management. Manufactures raincoat certificates are owned by Columbia Gas & Electric Co., which exchanged
cloth, rubber sheetings, cloth shoe linings, rubber heels and soles, rubber Its debenture bonds therefor late in 1913.—V. 97, p. 242.
rollers used on machinery, &c., and, beginning in 1913. a very profitable
imitation of leather. Owns many patents, and its rubber compositions
United Fruit Co., Boston.—Experimental Sugar Refinare secret. Plant includes three brick buildings (total floor area 138,600
A. W. Preston says:
ft.), with 12 acres on N. Y. N. H. & H. RR., also on Canton River water ing.—President
Undue Importance appears to have been given to the proposed arrangepower (210 h. p.) and flowage rights to 700 acres in Canton and Sharon. ment
Sugar Refining Co. This purchase does not definitely
Revere
the
with
Report of chartered accountants Sept. 30 1913 shows:(1) Quick assets equal
119 to anything more than an experiment in the refining of sugar,
twice accounts payable; (2) Accounts receivable arbitrarily reduced by commit
dropped practically at any time should it prove unprofitable,
which
can
be
$140,000 taken from net earnings; (3) net earnings last year (remaining with a very moderate, if any, expense. A refinery has been leased at a
after above) over five times the dividends on the outstanding pref. stock:
rental, capable of refining about one-half of the total production
(4) net quick assets, $185 per share on pref. stock. Both gross and net nominal
of the United Fruit Co. and the Nine Bay Co., which tease can be termiearnings have increased for each of the last 14 years, including 1907 and '08. nated
one year, if the company should decide not to continue the exafter
No issue of mortgage bonds, notes or debentures can be placed on the
view of the altered conditions regarding both the production
property without consent of 75% of the pref. stock. No dividends can be periment. In
sugar, brought about by tariff changes, the Fruit Co. has
and
refining
paid on the common stock unless the assets amount to $1,700,000 and unless considered of
to be in a position to deal independently with the
expedient
it
net quick assets after such payment will be twice the pref. stock out.
whole question of its sugar production and marketing, if such course should
Sinking fund to retire and cancel pref. stock. 51 of net earnings.
shareholders of Revere Refinery on May 29 ratified
[The
be
desirable.
Directors: Pres.. Abraham Sydeman; V.-Pres., James Meade: Sec.,
See V. 98. p. 1611.1—V. 98, p. 1619.
W. H. Sydeman; Treas., J. Everett Stone; J. M. Sydeman and George E. the proposed lease, &c.
Brock (Pres. Home Says. Bank, Boston). See also V. 96, p. 866.
United Paper Board Co.—Earnings.—
The net profits for the first 11 mos-of operation of the company ending
Public Service Co. of Western Kentucky.—Bonds.— April
26 were, it is reported, $206,070, against $104,283 for the predecessor
Co., for the corresponding period of the
The Little & Hays Investment .Co., St. Louis, is placing at company, the United Box eBoard
es
ge
e osfali0.7pg
r arrum
etee
mes
o.n .stvlieer,!62i17(4,23
previous
year. This isatilhegrra
par and int. $125,000 1st M.6% gold bonds dated May 1 pref. stock.
Although t
1914 and due May 1 1919.
smaller than the corresponding period a year previous, net earnings were
larger, due to economies effected in production. The increase in
Interest payable M.& N. in St. Louis. Callable as a whole at 101 and $72,806
net profits was due to a large saving in administration expenses and interest
int. on any int. date on 30 days' notice. Par $500 and $1.000 c*. Total charges.—V.
97, p. 1903.
auth. and outstanding. $125,000. Mississippi Valley Trust Co., trustee.
Company voluntarily ASSWIles, so far as may be lawful, the payment of
States Smelting, Refining & Mining Co.,
United
without
deduction on account of the Federal income tax.
interest
Boston.—Notes Sold.—Lee, Higginson & Co. have sold at
Digest of Statement by Judson H. Boughton, Pres. National Light
983 and in 84,000,000 5% 4-year gold notes, dated June 1
& Power Co., St. Louis, April 21 1914.
Organization.—The Public Service Co. of W. Ky. is being Incorporated 1914 and due June 1 1918. A circular reports:
to take over the properties of the Fulton (Ky.) Elec. Lt. & Pow. Co. and
Callable as a whole or in part at 101 and int, on any interest date prior to
tne Hickman (KY.) Elec., Ice & Water Co. purchased, respectively, April 1 1917, and on and after April 1 1917 at 1003 and int. on 30 days'
Dec. 15 1912 and March 1 1913, and since then
're-constructed on modern notice. Coupon notes of $500 and $1,000 each, not registerable. Interlines by National Light & Power Co. Has 20-year franchises granted In est J. & D. In Boston.
1913 without burdensome restrictions. Property without allowance for Outstanding Capitalization (after Refunding with This Issue $4:0
000:0
000
francnises has replacement value of $193,800 and,including contemplated
3-Year 5% Notes Due Aug. 1 1914).
additions with proceeds of a portion of these bonds, $250,000, present 5% 4-year notes (authorized $6,000,000). this issue
$
market value estimated at3235,000,and with aforesaid additions,$300,000. Capital stock ($24,313,725 is preferred 7% cumulative)
41,867,512
The Fulton power plant and distribution system furnishes electric light and
Company has no mortgage debt and there is no mortgage debt on the
power service without competition to Fulton, Ky., South Fulton, Tenn., properties of any of the controlled subsidiary corporations aside from the
of
the
Utah
Co.,
notes
and their unincorporated suburos. The Hickman combination electric, ice $10,000,000 collateral trust
guaranteed by the Smeltand water plant furnishes electric, ice and water service without competi- ing Co. and secured by stock and bonds of various coal companies and by
tion to Hickman, Ky., West Hickman and other suburbs. Rates revised stock and notes of the Utah Railway Co.
the
by
company
and development of business is now in progress.
without equally securing
No mortgage may be made
these notes. These $4,000,000 notes will refund the $4,000,000 3-year 57
•
Outstanding Capitalization.
notes due Aug.1 1914 without increasing the company's present funded debt.
Capital stock, full paid, all owned by Nat. Lt. & Power Co
$140,000
The present market value of the pref. and common stock is more than
1st M.5-year 6% bonds (this issue) a direct first lien on entire prop) 125,000
times the amount of these notes. Present rate of
The proceeds of this issue will be used to liquidate indebtedness Incurred $34,000,000, or 8M
78
i55
n o8
m
8.
e iwnifilc
7% on pref., 6% on common. Ne,t
9h13
isbin
efore t
phaeye
during the past year in the rehabilitation and extension: to provide for fur- dividend,
so2n003.40,(900010e0teOrensotteseewas
g4
m
1
8
ent
a
m
o
f
es
i
ntt
e
t
res
e
t
ther extensions, and to provide suitable working capital.
u,000"0 notes or more than
including
Earnings for Last Three Years and Estimate for Present Year.
interest
interest,
on Utah Co. notes. Net cur43,6 times$800,000
rent assets Dec. 31 1913, $10,507,118.—V. 98, p. 1311.
1911.
1912.
1913.
1914.
Gross
$57,105 $57,998 $69.393 $72.000
Steel
States
United
Corporation.—Decision.—The
Net
17,610
16,449
34.000
28,296
The Hickman property was owned for only 10 of the 12 months of 1913, decree entered on May 28 in the U. S. Dist. Court in the inand the earnings for the remaining two months are pro-rated.
Carnegie Steel Co. against the Cambria
Territory Served.—Unusually fertile districts, with a number of manufac fringement suit of the
Wring and other industries. Fulton contains three banks with combined Iron Co., filed in 1896 (V. 98, p. 1160), orders the latter to
assets of about $1.000,000; Hickman,two banks,combined assets $600,000. pay $568,306 with interest from May 1 1912 and costs.
The decree sets aside the master's report and substitutes the conclusions
Republic Iron & Steel Co.—Remaining Bonds of 1904 and
findings of the Court filed on April 1 last. All exceptions to the reto be Called—Option to Holders.—
port filed by either party which are inconsistent with the findings are overThe company having determined to call for payment at 105 and int. on ruled.
Oct. 1 all of the $962.000 1st M. and Collateral Trust Sinking Fund gold
Bonds Called.bonds dated Oct. 1 1904, still outstanding, offers until the close of business
100 bonds of the H. C. Frick Co. for payment at 105 and int. on July 1
June 30 1914, to the holders of said bonds, opportunity to receive therefor at Fidelity Title & Trust Co., Pittsburgh., Pa.—V. 98, P. 1699, 1396.
105 and int.. upon presentation, with all unmatured coupons, at the
Bankers Trust Co.. 16 Wall St.. N. Y. (See adv.)—V. 98, p. 530,518.
For other Investment News see page 1779.
JUNE 6 1914.
THE CHRONICLE
Atli/arts
1773
and Documents.
PUBLISHED A. ADVERlistMENTS.
PACIFIC GAS AND ELECTRIC COMPANY
EIGHTH ANN UAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31 1913.
San Francisco, May 20 1914.
in this Department during the past six years may be seen
To the Stockholders,
from the following tables:
submits
herewith
a statement of
Your Board of Directors
GROSS REVENUE FROM ELECTRIC SALES-CLASSIFIED.
the operations of the Pacific Gas & Electric Company during
ClassificationYear 1913.
Increase.
Year 1912.
supplemented
such
by
general
information Commercial
the year 1913,
and Residential Business
as will, it is believed, give to the stockholders an intelligent
33,642,836 95 $3,457,064 85 $185,772210
State, County and Municipal
and comprehensive idea of'their property.
Business
662,566 21
680,339 19 -17,77498
ORGANIZATION.
The Company was incorporated under the laws of the
State of California on October 10 1905. All of its properties,
with one exception, are continuate and all are owned in
absolute fee. It does approximately 36% of the gas and
electric business of the entire State and ranks as one of the
four or five largest corporations of its kind in the United
States.
The total business of the year and relative importance of
each branch is shown in the following table:
Year 1913.
Gross Earnings from sales of Electricity
$8,230,782 or 51
Gross earnings from sales of Gas
6,547,595 or 40
Gross Earnings of Sacramento Street Railway System
572,913 or 4 0
Miscellaneous Income and Gross Earnings from sales
of Water for irrigation and domestic purposes__
851,047 or 5%
Totals
$16,202,337 or 100%
Sales of PowerAgricultural Industry
419,092 83
195,883 72 223,209 11
Mining Industry
557,461 76
576,785 22 -19,323 46
Transportation Industry
696,324 41
627,763 14 68,561 27
Manufacturing Industry
1,476,104 59 1,436,643 66
39,460 93
Other Electric Light and Power
Corporations
343,429 94
305,162 64
38,267 30
Commercial and Miscellaneous 431,337 41
391,566 83 39,770 58
Temporary Lighting and Power
1,627 81
1.361 25
266 56
Totals
$8,230,781 91 $7,672,570 50 $558.211 41
Year1907
1908
1909
1910
1911
1912
1913
GROWTH OF ELECTRIC DEPARTMENT.
Gross Electric
Number of Consumers
Revenue.
at Close o Each Year.
$6,316,629
55, 04
7,059,088
63,073
7,678,665
71,643
7,899,224
84,329
7,823,903
102,198
7,672,570
116.666
8,230,782
132.355
Gain in Six Years
$1,914,153
76,651 or 138%
Average Gain per Annum
$319,025
12,775 or 23%
At the close of the year there were 2,948 stockholders
of record, the average ownership being a little less than 143
ELECTRICITY ON THE FARM.
shares. Including bondholders,the total number of invesThe development of the vast agricultural areas of the
tors in the Company's securities is estimated to be more than State
is being effectively aided by the use of electric power
17,000,. the average holding of bonds being about $5,600.
for irrigation, reclamation, the operation of farm machinery,
&c. The Company's gross earnings from this source have,
STATEMENT OF CONSUMERS.
within a few years, risen from practically nothing to $419,092
Gas. 'Electric. Water. Steam.
December 31stTotal.
122,304
55,704
1907
5,263
183,271 in 1913, an increase within the year of $223,209, or 114%,
131.235
63,073 5,601
1908
199,909 as shown in the above table. The possibilities of future
140,670 71,643 5,939
1909
218,252 growth, subject, of course, to seasonable fluctuations,
may
153,566 84,329 6,430
1910
244,325
1911
177,510 102,198 7,398
287,106 be inferred by contrasting the acreage at present wholly or
1912
196,133 116,666
321,092 partially sezved by the Company, estimated at 300,000 acres,
8,071
222
1913
208,269 132,355 8,511
349.417
282
with the total arable acreage contiguous to its lines,estimated
Gain in 6 Years
85,965 76,651
282
3,248
166,146 as 7,000,000 acres. More general utilization of electricity
Average gain per year
14,328
12,775
541 . 47
27,691 for household purposes, especially for cooking, is steadily
being brought nearer to realization by improvements in
Average gross revenue per
Consumer in 1913
$31 42 $62 19 $45 34 $467 23 $45 40 devices and appliances, and promises to become an important field for the sale of electric energy in the smaller
towns and rural districts, where gas is not available for
BUSINESS FIELD.
The Company operates in thirty counties of Central Cali- such purposes.
fornia containing within their boundaries the most thickly
ELECTRIC GENERATING STATISTICS.
populated section of the State, centering about San FranHydroSteam
All
System
Peak
Electric
antraic
.
E
pllec
Generating
Load Demand
cisco and San Francisco Bay, the fertile Sacramento, Santa
Plants.
Plants.
Factor
on
Clara, Sonoma and Napa Valleys, and a large portion of the
for
System
Installation
Installation
Installation Year
in
San Joaquin Valley, and containing also the oldest and YearNo. in H.P. No. in II.P. No. in H.P. (PerCt.) H.P.
richest quartz and gravel mines and gold-dredging fields 1906
9 75,200 6 42,315 15 117,515 ____
63,672
10 85,600 7 52,437 17 138,037 ____ 83.908
of the State. These counties have an area of approximately 1907
11
92,973 7 52,437 18 145,410 ____
89,733
37,000 square miles,and at the 1910 Census had a popula- 1199008
11 92,973 5 60,266 16 153,239 __ 134,012
9
92,973 4 44,266 15 137,239 ____ 128,269
11
1910
tion of 1,325,000, or about 55% of that of the entire State.
1911
11 92,973 4 58,266 15 151,239 57.4 141,469
1912
1913
Number of Cities and Towns
Served by Company.
Service FurnishedElectricity
Gas
Water (Domestic)
Railway
Directly. Indirectly. Total.
152
214
62
49
2
51
14
28
14
Total
Poi3ulation.
1,221,123
1,124,893
58,905
75,602
1
1
___
Among the cities served are eight of the eleven largest in
the State. A fair index of the current rate of increase in the
population of Central California is afforded by recent Government statistics crediting San Francisco with a growth of
31,590 within the last three and one- half years and. Oakland
with a growth of 36,803 during the same period. The
growth of the State's population has been as follows :
1900 Census
1,485.053
1910 Census
2 377 549-gain in 10 years 892,496, or 609'
1914 Government Estimate_2,757,859-gain in 3M years 380.310.
or 16%
The future growth of the State, and particularly that
portion in which this Company operates, will be greatly
stimulated by the opening of the Panama Canal and by the
International Exposition to be held in San Francisco in 1915.
Climatically, California may be compared with Italy,
and it has been estimated that, with its area of 158,000 square
miles and population of about 2,750,000, it is capable of
comfortably supporting as large a population as that oldworld State with its area of 110,000 square miles and population of 32,500,000. This strikingly indicates the possibilities of the future development of California with its
genial climate and wonderfully varied and extensive natural
resources.
ELECTRIC DEPARTMENT
The diversified character and relative importance of the
sources of the Company's electrical revenue and the growth
Year1906
1907
1908
1909
1910
1911
1912
1913
9 90,227
10 123,740
4 94,100 13 184,327
4 110,188 14 233,928
58.6 145,000
59.0 160.819
ELECTRIC DISTRIBUTION STATISTICS.
Miles
of High
Number Number
Miles of
Total
Tension Number Overhead Miles of Street of Street Connected
Transof
Distri- of Under- Lamps Lamps
Load on
mission Subbution ground
Arcs. IncanSystem
Lines. stations. Lines. Conduit,
descents. in H.P.
3,716
2,494
4,272
5,337
5.021
7,244
5,506
12,878
5,759
8,725
1,319
105 2,233 65.81
6,119
10.191
308,041
1,371
139 2,815 67.0
6,052
12,122 369,675
1,531
6,721
146
3,484
74.9
21,321
425.783
UNIFICATION OF ELECTRIC SYSTEM.
At December 31 1913 the capacity of the Company's
hydro-electric generating stations was 123,740 horse-power,
supplemented by steam plants with a capacity of 110,188
horse-power, or a total of 233,928 horse-power; the total
length of its transmission and distribution lines was 5,090
miles, reaching 152 cities, towns and smaller communities,
and it was supplying 132,355 consumers, having a connected
load of 425,783 horse-power. Since the organization of the
Company its entire electric system has been welded into
what is virtually a single operating unit, all of the various
plants being so interconnected and controlled that it is
possible, in case of accident or variation in load, to switch
very quickly from one to another of the various power-houses
and transmission lines. This insures continuity of service
throughout the entire field of operations and is an important element of strength, particularly in view of the
necessity of uninterrupted service to the many important
industries dependentlupon the Company forlpower. in3j
1774
HIGH LOAD FACTOR.
Electric power is at this time being supplied to no less than
115 types of industries in the fields of agriculture, mining,
manufacturing and transportation. Eleven electric railway
systems, operating 594 miles of road, derive their power from
the Company's plants. The connected load on the entire
system increased by 56,108 horse-power in 1913, and the
already high load factor rose from 58.6% to 59.0%.
The costs attendant upon the operation of hydro-electric
plants are practically all fixed. In a lesser degree this is
also true of steam plants. It is, therefore, extremely desirable that such plants be worked as nearly as possible to their
full capacity, and the upbuilding of an 'off peak" or power
load is somewhat analogous to that of a railway striving to
reduce its empty car mileage, or of a bank seeking the maximum employment for its loanable funds. The significance
of the Company's load factor of 59% may be inferred from
the fact that the load factors of the electric companies operating in the largest cities in the country, namely New York,
Chicago, Philadelphia, Brooklyn and Boston, ranged from
33% to 40% in 1913. The Company's favorable position
in this respect is, attributable to the large power load it has
steadily built up practically from the time of the first utilization of the State's water power resources for the production
of electric energy.
CONTRACT WITH PANAMA-PACIFIC INTERNATIONAL
EXPOSITION CO.
On February 28 1913 the Company received the exclusive
contract for the electric power reguired in the construction
of the Panama-Pacific International Exposition in San
Francisco, and for all electricity and gas required for heat,
light and power during the ten months in 1915 that it will
be open to the public. This obligation to supply, on demand,
as much as 20,000 horse-power of electric energy strikingly
exemplifies the magnitude of the Company's operations and
the elasticity of its resources.
NEW HYDRO-ELECTRIC DEVELOPMENTS.
For a number of years prior to the close of 1913 the Company was handicapped by its inability to supply from its
own plants the ever increasing demand of its markets for
hydro-electric energy and was compelled to meet the deficiency by extensive purchases of power from other companies and by the more costly method of steam generation.
With the intention of rendering itself independent of these
outside sources of supply, to provide for the future growth
of its business and to enable it to obtain electric energy for
its trade at a minimium cost, the Company undertook the
development, to an ultimate capacity of 190,000 horse-power,
of its valuable water powers on the South Yuba and Bear
rivers. The work was begun on July 30 1912 and at December 31 1913 approximately $7,000,000 had been expended
on the hydraulic work, generating plants and steel tower
transmission lino to the load centre of the Company's system
at Cordelia and from Cordelia around the north arm of San
Francisco Bay to a point approximately opposite the City
of San Francisco, with the ultimate object of crossing the
southern arm of the bay and increasing the present supply
of hydro-electric energy in that important market by this
addition to the present transmission facilities into San
Francisco. The Drum Power-house, the first of six, was
completed on November 25 1913, with an initial installation
of '33,333 horse-power, and since the first of the year has
been steadily delivering current into the system. The large
investment in this project, which has heretofore been unromunerative, should, in our opinion, add approximately
$400,000 to the net revenues of the Company in 1914,
simply through reduced operating expenses and irrespective
of any new business that may be taken on.
Definitive plans contemplate additions to this development from time to time to an ultimate capacity of 190,000
horse-power. This will be accomplished by doubling the
present capacity.of the Drum station and by the construction of five additional power-houses, all of which will use
the water storage of the main 'reservoir at Lake Spaulding
and the ditches, tunnels and pipe lines already provided for
its conveyance. In other words, the new units may be
installed without a corresponding increase in the investment
for dams, ditches and other hydraulic work, so that the
average investment per horse-power, as the work progresses,
will rapidly decrease. This may be concretely illustrated
by the statement that, whereas the present expenditure of
about $7,000,000 has resulted in the addition of 33,333 horsepower, subsequent expenditures of substantially no greater
amount will yield an additional 157,000 horse-power. The
next section of the work to be undertaken will double the
power now available but will add. only 22% to the present
investment. This is perhaps typical of most hydro-electric
installations of this size and character. It is believed, however, that the eventual cost of the South Yuba and Bear
River developments will be such as to rank them as the most
economical of their type and magnitude in the United States.
An incidental feature of this project will be the utilization
of the water after it has passed through six power-houses
and has performed the function of generating electric energy
six different times, for the irrigation of about 45,000 acres
of land. The Company has owned and operated an extenssive irrigation system for a number of years, and has the
organization and experience to make this a profitable feature
of the new development.
[VOL. xcviii.
THE CHRONICLE
Following are some of the principal facts concerning this
project :
Area of Watershed
120 square miles
Present Height of Spaulding Dam
225 feet
Ultimate Height of Spaulding Dam
305 feet
Present Capacity of Spaulding Dam
43,500 acre feet
Ultimate Capacity of Spaulding Dam
97,000 acre feet
Concrete in present Lake Spaulding Dam
153,806 cubic yards
Number of power-houses using same water _____
6
Difference in Elevation between Lake Spaulding
and last power-house
4,585 feet
Combined Effective Head of Water at all Powerhouses
4,216 feet or 0.8 mile
Present Capacity in Operation
33,333 horse-power
Ultimate Capacity on 70% Load Factor
156,250 horse-power
Ultimate Capacity with additional installation for
Peak Loads
190,750 horse-power
Length of New Steel Tower Transmission Line,
Drum to Cordelia
110 miles
Distance Drum Power-house to Berkeley via new
and existing lines
133 miles
STEAM ELECTRIC STATIONS.
Unexceptional service requires that hydro-electric installations be supplemented by steam electric stations. While
such plants are primarily for protection of service in the
large centres of population, they also serve as governors of
the hydro-electric system, receiving from and delivering
energy to that system so as to produce the most economical
results for the entire system. That the company has not
neglected these necessary adjuncts to a steady, uninterrupted
and dependable service is evidenced by its modern steam
generating stations in its largest centres of distribution,
namely: San Francisco, Oakland, Sacramento and San Jose.
These stations now have a capacity of 110,188 horse power.
During the winter of 1910 the Company installed its first
steam turbine. At the present time less than four years
after the first installation was made, 85% of this capacity
is in turbines of the most modern type. California crude
oil is used for boiler fuel, and one of the marked benefits
of this progressive policy has been a large reduction in this
item of expense. The following statement of the results,
obtained at the Company's largest steam plant, located in
the City of San Francisco, furnishes a concrete example of
the benefit derived from modernizing these plants:
Year1907
1908
1909
1910
1911
1912
1913
K. W.
Hours
Generated.
72,958,780
89,646,895
67.748,939
72,029.947
83,047,540
78,198,070
115,244,960
Fuel
Oil
Used
Barrels,
546,539
644,861
445,154
454,594
412,990
376,398
529,378
Average Yearly
Efficiency
K. W. Hours
Mitirra.
139.01
152.19
158.50
201.08
207.76
217.68
If the efficiency of this plant in the year 1913 had been
no greater than it was in the year 1907, the fuel bill for 1913
would have been $225,000 greater. In this respect the plant
was 63% more efficient in 1913 than it was in 1907.
The steam stations at San Francisco and Oakland are
located on the shores of San Francisco Bay and the station
at Sacramento is located on the bank of the Sacramento
River. Abundant water for condensing purposes and cheap
water transportation for fuel and other supplies is thus
assured.
All of the Company's steam and hydro-electric stations are
connected to its general distribution system and operated
in synchronism.
San Francisco
Sacramento
CAPACITY OF STEAM STATIONS.
72,388 H. P.I0akland
6.700 II. P.I San Jose
28,150 II. P.
2,950 H. P.
GAS DEPARTMENT.
The climate of California., both in the coast cities and in
the interior valleys, coupled with the generally high retail
prices for coal and wood:,is peculiarly adapted to the development of a large gas business, especially for cooking and heating. Gas is also being used in the Company's territory in
an increasing degree for industrial purposes. Among these
may be mentioned the manufacture . of cans, varnishes,
barrels, etc., the operation of linotype and laundry machines,
the roasting of coffee and the manufacture of jewelry and
smelting of precious metals. One consumer of this class
alone uses more than 20,000,000 cubic feet of gas per
annum.
The Company manufactures its gas exclusively from crude
oil under a process developed by its own staff. The chief
characteristics of this process are the ease and economy with
which the oil is handled as compared with coal, coke, etc.,
the almost entire absence of residuals and waste materials,
the flexible capacity of the works and, consequent upon
these, the comparative economy in labor employed at the
works. California. has produced crude oil in large quantities for more than a quarter of a century. The production
has risen steadily from 678,572 barrels in 1887 to about
95,000,000 barrels in 1913,,and it now leads the United States
in this respect. The maximum production has undoubtedly
not yet been reached and the supply within the State, in
close proximity to the Company's field of operations, is
apparently inexhaustible. The Company's supply is assured to it, upon very favorable terms, under a long-term
contract, with one of the largest producers in the State.
The Company operates seventeen gas plants and with its
system of high and low-pressure mains, aggregating 2,374
miles in length, supplies 51 communities.
JUNE 6 1914.]
THE CHRONICLE
GROWTH OF GAS DEPARTM ENT.
Gross
Number of
Revenue
Cubic
Consumers at
from
Feet
.
Close of
Year endingGas.
Sold.
Each Year.
December 31 1907_ __ _$4,086,372 4,304,000,000
122,304
December 31 1908__ 4,494,945 4,777,000,000
131.235
December 31 1909_ - _ _ 4,860.034 4,998,000,000
140,670
December 31 1910......5,202,284 5,287,000,000
153,566
December 31 191L___ 5,735,219 5,751,000,000
177,510
December 31 1912---- 5,805,865 6,691,000,000
196,133
December 31 1913__ 6,547,595 7,430,000,000
208,269
Gain in Six Years_ _$2,461,223 3.126,000,000 or 72%
85,965 or 70%
Average Gain per Ann. $410,204
Year1906
1907
1908
1909
1910
1911
1912
1913
521.000,000 or 12%
14,328 or 12%
GAS DEPARTMENT STATISTICS.
Number
Total Daily
Miles
Number of Number
of
Capacity of
of
Gas
Gas
Gas
Generators
Gas
Services
Street
Plants.
Cubic Feet.
Mains.
Laid.
Lamps.
14
16,440,000
1,147.26
• 3,607
14
27,640,000
1,269.62
4,491
14
33,980,000
1,329.53
121,882
4,922
34,280,000
14
1,447.03
138,455
4,956
14
34,680,000
1,634.21
153,519
5,499
16
34,680,000
1,917.71
171,934
8,342
17
44,710,000
2,201.00
168,486
8.442
17
44,710,000
2,374.18
182,914
8.924
STREET RAILWAY DEPARTMENT.
The street railway system serving the City of Sacramento
is owned by this Company and operated with electric power
supplied from its plants. Sacramento is the capital of California, the fourth city of the State in point of population and
the financial and commercial centre of the Sacrament()
Valley. It is an important division point for two transcontinental railways, the terminus of several extensive interurban systems,and will undoubtedly continue the rapid
growth which it has had in the past. Large expenditures
have been made in recent years for extensions, improvements
and betterments, and the entire plant, including ample
car barns 'and repair shops of substantial construction, is
to-day in excellent physical condition.
Miles of
Total
Street
PassenRailway Cars
gers
Year. Track.Owned. Carried.
1906
27.6 34 7,164,659
1907
28.9 44 8,655,918
1908
28.9 45 8,476,369
1909
34.1 51
9,466,704
1910
35.9 52 10,691,475
1911
38.9 62 11,464,696
1912
40.0 62 11,926,098
1913
42.0 60 12,508,744
Increase in
7 years_ _14.4 26
% Increase 52% 76%
5.344,085
75%
Car
Mileage.
1,591,324
1,803,742
1,731,311
1,895,766
2,136,494
2,279,098
2,301,342
2,469,745
Car
Hours.
204,148
234,829
227,868
242,194
269,865
293,107
276,438
301,930
878.421
97.782
55%
Passengers
per
Gross
Revenue.
19,629 $355,916
23,715 431,800
23,223 414,326
25,936 452,396
29,292 509,152
31,410 533.520
32,674
547,187
34,270 572,913
14,641 $216,997
48%
75%
61%
WATER DEPARTMENT.
Of tho 28 cities and towns served with water by this Com-•
pany, four are supplied from wells by pumping plants and
the remainder with water which has passed through the Company's hydro-electric plants and reaches the points of consumption by gravity canals. The most important of the
cities supplied is Stockton, a thriving community of 35,000
people. The peak demand in this city in 1913 was 11,500,000 gallons and the average daily consumption during the
year was 4,000,000 gallons. The mains of the Company
cover practically the entire city and are of sufficient size
to meet the needs of all consumers and to give ample fire
protection. Electrically operated pumps are being successfully used in the Stockton system.
Year1906
1907
1908
1909
1910
1911
1912
1913
Increase in 7 years
Number of
Pumping
Stations.
3
3
3
3
3
3
3
4
1
Gallons of
Watvr
Pumped.
946,785,062
942,515,817
1,059,933,425
1.057,552,130
1,166,756,024
1.201,358,695
1,326,628,526
1,510,417,976
563,632,914 or 60%
Miles of
Distribution
Mains.
39.11
41.39
43.87
46.54
51.08
55.79
62.77
69.92
30.81 or 78%
EMPLOYEES AND WAGES.
1913.
1912.
Average number of Company's Employees in all
Departments
6,778
6,110
Total Salaries and Wages Paid
$6,955.817 $6,157,528
Average annual Compensation per Employee
$1,026
$1,008
The following information obtained from the Bureau of
the Census with respect to the average compensation of
employees in Central Electric Light and Power stations and
in the Gas industry in the entire United States and in Califfo!nia is of interest in this connection:
State of
Entire
Wags Highet
United States. California in Calif. by
Commercial Electric Stations (1912).
$779
$1,018
:30%
Gas Industry (1909
657
879
34%
On the morning of May 7 1913 1,625 of the employees of
this Company loft its service. This marked the beginning
of its first and only serious conflict with organized labor.
During all the years of its existence it has been the policy
of your management to deal fairly and justly with its employees and it has virtually set the mark for the highest
standard of wages prevailing in the State of California
among public utilities of a like character. Not only have
wages been steadily increased from year to year, but hours
of labor have been shortened and other conditions of employment liberalized, and we are of opinion that there is not at
this time, and that there has not been at any time since the
Company was organized, a similar large body of workers
1775
in the employ of any public utility corporation anywhere in
the United States enjoying more favorable conditions as to
wages and hours of labor. If any general motive for the
strike may be assigned it is, perhaps, that this spirit of fair
dealing was mistaken for a disinclination on the part of your
management to assert its reasonable right to conduct .its
own affairs and to reserve to itself that freedom-which
must gowith responsibility-of determining when the
asserted rights of organized labor trespass upon the rights
of the owners of the property or, in a still greater degree,
upon the rights of its consumers, upon whom, in the last
analysis, must fall the burden of all labor costs if the industry is to survive. If any such motive existed the Company's vigorous handling of the strike and its ultimate victory
cannot but have resulted in effacing any such mistaken belief.
UNITED STATES SUPREME COURT DECISION
REGARDING FRANCHISES IN MUNICIPALITIES.
By its unanimous decision of April 6th 1914 in the case of
Russell vs. Sebastian,in the argument of which Counsel for
this Company participated, the Supreme Court of the
United States established the fact, beyond any further
question, that the franchises secured under the authority
of the State constitution prior to its amendment on October
10 1911 under which this Company is supplying gas and
electric light and water in the large number of municipalities
served by it, are vested property rights of perpetual duration
and include the right of making all necessary extensions
within such municipalities upon the terms of the original
grant. By a general law of the State, no franchise of any
description may now br granted except upon condition that
the purchaser pay at least 2% of the gross annual receipts
derived from its exercise. In the case of cities governed by
freeholders' charters, the conditions upon which franchises
are granted are in general more onerous than those prescribed by this general law of the State. The importance
of this decision will, therefore, be more fully appreciated
when it is considered that the above-mentioned franchises
of this Company are not only without time limit but are also
not subject to any specific rental, charge or burden of any
kind.
UNITED STATES SUPREME COURT DECISION
REGARDING WATER RIGHTS.
The Supreme Court of the United States, in a decision.
rendered by it on April 27 1914 in the case of the San Joaquin & King's River Canal & Irrigation Company vs. the
County of Stanislaus et al, held that water rights are property the value of which must be considered in the fixing
of rates by public authorities. This was a reversal of the
decision of the lower Federal Court. In view of the fact
that your Company, in addition to 100,000 h. p. of unclevolop9d. water rights, has an installed capacity of 123,740
h. p. in its hydro-electric plants, and has other water-powers
under development at this time which will bring this installed capacity up to 281,157 h. p., the importance of this
decision as affecting your interests is obvious,and confirms
the opinion we have heretofore held that this Company's
water rights, which are among the most important in the
State, and aggregate over 381,000 h. p., have a very large
pecuniary value.
REGULATION.
• During the past year the Company has continued its
policy of maintaining cordial relations with its consumers
and with the public and its representatives. Rates which it
deemed confiscatory were established in Sacramento and
San Francisco by local boards and their validity is now being
contested in the Federal Court.
The Company has also endeavored, throughout this,
the first full year of the supervision of the Railroad Commission over the utilities of this State, to co-operate heartily
with the Commission in the solution of problems affecting
the Company which have come before it. In expressing
its hearty accord with the principles of regulation embodied
in the California Act, your management is but aligning itself
with the most enlightened opinion of utility managers
throughout the United States. In the belief that the Company's interests and those of the communities which it serves
are not divergent and that all interests would be fairly and
intelligently dealt with, neither time, effort nor expense
has been spared in the preparation and presentation of full
and unreserved information in all cases and applications
involving the Company's affairs which have come before
the Commission.
It has been the general experience of utilities operating
in States where regulation is sane and intelligent that their
securities have gained in the confidence of investors and
that capital has been more readily attracted to their enterprises. We are confident that this will also be the experience of California utilities.
WORKMAN'S COMPENSATION ACT.
The Legislature of 1913 enacted a "Workman's Compensation Act", effectiye January 1 1914, along lines which have
become familiar through similar enactments in other States.
While our experience under this law has been limited, we
recognize the justness of its underlying purposes and are
also of opinion that the means and methods it provides for
the settlement of claims for the injury and disability of em-
ployees will not, in view of the Company's liberal policy
in the past, prove unduly burdensome to the Company in the
future, and will be more satisfactory to its employees. The
Claims Department of the Company, some months before
the Act became effective, inaugurated a "Safety First"
campaign—the chief features of which, consisting of systematic inspection, the education of employees, the installation
of safety devices and the elimination of avoidably hazardous
construction, will be permanently retained. In connection
with this campaign the Company employed a prominent
Eastern firm, specializing in matters of this kind, thoroughly
to inspect its properties with respect to the hazards involved
in its operation, and received from it a most satisfactory
report.
ACQUISITION OF OTHER PROPERTIES.
In the report for 1912 reference was made to an agreement
for the purchase of the properties of the Livermore Water
& Power Company. On April 15 1913 the State Railroad
Commission authorized this purchase and on May 1 1913
your Company assumed possession and began operating the
properties. These consist of a water supply and distribution
system and an electric distribution system occupying the
main part of the settled portions of the Livermore Valley,
having a population of approximately 7,000, including the
towns of Livermore and Pleasanton, about forty miles from
San Francisco. The physical properties were appraised by
independent engineers to have a reproduction value of
$289,444 and a present value of $238,142. The purchase
price was as follows:
First Mortgage 6% bonds assumed
$100,000
Cash
51,000
1,1051i Shares Pacific Gas & Electric Co. Common Stock ;,t 80
88,440
Total
$239,440
Acting under authority of the Railroad Commission given
June 18 1913, your Company acquired from Mr.D.C. Gillen,
at a cost of $12,000, the electric distribution system serving
the town of Colfax, having a population of about 500.
Both of these companies had been purchasing electric
current at wholesale from your Company and retailing it in.
the territories served by them. In acquiring these 'properties, and those of similar character heretofore reported, your
management has acted upon the conviction that, with its
larger resources of capital and organization, your Company
could develop the business within these districts more rapidly
and give more satisfactory service to consumers. With
three or four minor exceptions, the properties of similar independent distributing systems heretofore operating within the
business field of your Company have now become an integral part of its system, and those still remaining have longterm contracts with it for the supply of electricity at wholesale.
PLANT ADDITIONS.
The expenditures for net plant additions (cost less value
of property replaced) amounted to $9,091,192 during 1913.
Following are the most important individual items:
Completion of first 33,333 H. P. unit of South Yuba,
Developments, including 110 miles of steel tower transmission line from Drum Power-house to Cordelia.
Steel Tower Transmission Line, Cordelia to San Rafael,
34.4 miles.
Addition of 15,000 K. W.turbo-generator at Station "A,"
San Francisco.
Completion of new four-story re-enforced concrete office
building at Sacramento.
Installation of two additional 6,000,000 gallon pumps for
the Stockton Water Plant.
New 150,000 cubic foot gas holders in Richmond and
Marysville.
New Sub-station and Equipment at Woodland.
Improved Water Supply for Steam Turbine Station, Oakland, including re-enforced concrete tunnel through sea-wall
and foundation for three pumps.
Five Additional Motor Generators of 1,000 K. W.capacity
each to care for increased street railway load in San Francisco, Oakland and San Jose.
Expenditures for net plant additions (cost, less value of
any property replaced) during the past eight years have been
as follows:
1906
1907
1908
1909
1910
1911
1912
1913
$3,860,244
3,688,475
2,099,996
1,746,706
3,404,298
6,802,158
7,821,712
9,091,192
Total
$38,514,781
CAPITAL STOCK.
Capital stock outstanding in the hands of the public at
December 31 1913 compared as follows with December 31
1912:
Preferred-6% Cumulative
Common Stock
Total
Dec. 31 1913.
$10,000,000
32.109,300
Dec. 311912.
$10,000,000
31,998,750
$110,550
$42,109,300
$41,998,750
$110,550
Increase.
The increase of $110,550 in the amount of common stock
outstanding represents stock issued as a part of the purchase
price of the properties of the Livermore Water & Power
Company.
FUNDED DEBT.
Bonds outstanding in the hands of the public December 31
1913 compare as follows with December 31 1912:
[VOL. xcvm.
THE CHRONICLE
1776
Dec. 31 1913.
General and Refunding 5s
$24,986,000
Underlying Divisional Bonds____ 50,499,800
Total
$75,485,800
Dec. 31 1912.
Changes.
$24,986,000
50,912,800Dec.$413,000
$75,898,800Dec.$413,000
On May 15 1913 the State Railroad Commission authorized
the issuance and sale of $5,000,000 par value of ten-year 6%
convertible debentures (subsequently changed to General
Lien 6% Bonds) and the application of the proceeds to the
reimbursement of the Company's treasury for income expended prior to January 1 1913, on capital construction in
the sum of $3,750,000 and to new construction after January 1 1913 in the sum of $1,250,000.
On June 20 1913 the Commission also authorized the issuance and sale of $5,000,000 of General and Refunding Mortgage 5% Bonds and the application of the proceeds for additions, betterments and improvements.
Owing to the unsatisfactory conditions in the money markets of the United States during the year 1913, which were
co-existent with similarly stringent conditions in foreign financial centres, your Company, in common with the majority
of other large corporations seeking funds in 1913, was unable
to obtain prices which were satisfactory to it for either of
the above long-term obligations, and therefore adopted the
expedient of an issue of one-year 6% gold notes, pledging
as security therefor $3,572,000 of its General and Refunding
Bonds and the entire issue of $5,000,000 General Lien 6%
Bonds. Of the authorized issue of $7,000,000 of these notes,
$5,000,000 par value were sold to a syndicate of bankers
represented by Messrs. Harris, Forbes & Company and
Messrs. N. W. Halsey & Company of New York.
UNCAPITALIZED CONSTRUCTION AND CURRENT
FINANCIAL CONDITION.
At December 31 1913 there was due the Company's
treasury for advances to construction account the sum of
$10,905,682 74. Of this amount the Railroad Commission
has already authorized the capitalization of $10,000,000,
represented by unsold bonds described under "Funded
Debt." The issuance of securities against the remainder,
representing the cost of additions, betterments and improvements made within recent months, will undoubtedly be also
authorized by the Commission upon formal application by
the Company. Additional construction expenditures to
April 30 1914 bring this total up to $11,586,661 78. Your
Directors will submit to the stockholders at an early date a
plan for the permanent capitalization of this accumulated
equity, involving the probable cancellation of the abovementioned $10,000,000 bonds already authorized and the
substitution therefor of some other form of security. The
consummation of this plan will place the Company in a
position to discharge its entire floating indebtedness, including the outstanding One-Year Gold Notes, will provide an
adequate cash working capital, and create for the Company
the strong cash position indicated approximately by the
following showing of "Current Assets" and "Current Liabilities" on the December 31st Balance Sheet.
-Current Assets
Current Liabilities (including
---------------------$14,747,171 00
Gold Notes)
10,808,204 00
Net Working Capital-------------------------------- $3,938,967 00
SINKING FUNDS.
During the year there were purchased and deposited in
the various sinking funds of the Company, and kept alive
therein, bonds of the par value of
$288,000
in addition, bonds of the par value of
226,000
funds
sinking
and
canceled
by
for
were purchased
mortgages,
making
a
the
total
under
the trustees
of_$514,000
par value of bonds retired through sinking fund operations
sinking
funds
held
The
at
the
year.
close of the
during the
year $29,454 18 of uninvested cash. The following table
sinking
funds
at
of
the
condition
close
of
shows the
1912 and
1913:
Dec. 31 1913. Dec. 311912.
Par value of Bonds held in Sinking Funds_ ---$2,344,200 00 $2,056,200 00
Bonds canceled under Sinking Fund provisions 4,268,490 00 4,042,490 00
29,454 00
Uninvested Cash at close of Year
60,300 00
Total
$6,642,144 00 $6,158,090 00
MAINTENANCE.
The Company's properties have been maintained at a
high standard of efficiency throughout the year. In the
eight years since organization, $8,931,444 have been expended for maintenance, an average of $1,116,430 per
annum, in addition to which the cost of replacements, i. e.,
realized depreciation, has been met from earnings.
The major portion of the Company's extensive wire system
of transmission and distribution lines is located in a region
which is practically free from frost, snow, sleet and electrical
storms. The advantages of these climatic conditions are
obvious when considered in connection with the property
damages and interruptions of service frequently experienced
by similar utilities operating in other sections of the country.
For a number of years concrete has been used almost exclusively in the construction of dams, power-houses, substations and other structures. This has eliminated much of
the fire hazard and has also tended to diminish upkeep costs.
EARNINGS AND EXPENSES.
•
Messrs. Price, Waterhouse & Company have made the
usual examination of the accounts of the Company and their
certificate, balance sheet of December 31 1913, and income
accounts for the year 1913 are reproduced in another section
of this report.
JUNE 6 1914.]
THE CHRONICLE
Following is a condensed comparative statement of earnings and expenses for the years 1912 and 1913:
1777
SURPLUS AND RESERVES.
After the payment of 6% dividends on the Company's
Increase.
1913.
1912.
preferred stock, amounting to $600,000, and 134% on the
Gross Eanings
$15,869,005 99 $14,473,525 57 $1,395,480 42
common stock, amounting to $398,848, the entire balance
DeductMaintenance, Operating Exof the year's surplus,after establishing a reserve of $261,733
penses, Taxes and Reserves
in connection with rate suits now pending in the Federal
for Uncoliectible Accounts,
etc
899.645 40 Court, was transferred to depreciation reserve. Against
9,331,206 57 8,431,561 17
Net Earnings from Oper'n_ $6,537.799 42 $6,041,964 40 $495,835 02 this reserve was charged $518,568 for current depreciation
Addand an extraordinary charge of $1,299,848 was also made
Profit on Merchandise Sales
and Miscellaneous Income..
271,126 39
62,204 99 to cover the elimination from property schedules of all
333,331 38
obsolete, abandoned and unused plant, including the value
Total Net Income
$6,871,130 80 $6,313,090 79 $558,040 01 of the Auburn and Nevada Power Houses and
other propDeducterty superseded and rendered inoperative by the new South
Interest on Funded and Float3,568,943
53
ing Debt
00
3,902,045
333,101 47 Yuba hydro-electric developments. The result of this write$2,969,085 80 $2,744,147 26 $224,938 54 off was to clear these schedules of everything except propBalance
The following paragraph, quoted from last year's report, erties in actual operation, real estate and other assets of
will give a better perspective of the results for the year 1913: undoubted value. The balance remaining to the credit of
"The gross earnings during 1912, compared with 1911, depreciation reserve at the close of the year was $2,433,493.
increased $140,042. This increase was effected notwith- In view of the present cleared-up condition of the Company's
standing rate reductions which benefited about 90% of the property schedules, this balance, with normal annual charges,
Company's customers to the extent of more than one million should amply provide for losses occasioned by wasting assets.
At December 31 1913, after charging off all ascertained
dollars. . . . Net revenue decreased $77,446 and interest charges increased $314,810. The Company made a net losses, the balance to credit of Insurance and Casualty Reserve
was $52,353 13 and to the credit of Reserve for Bad
gain of 33,886 consumers during the year. This is an increase of almost 12%, and, based upon the average gross and Doubtful Debts was $34,162 12.
return per consumer during 1912, represents a permanently
STABILITY OF REVENUES.
increased gross earnings capacity of somewhere between
The public regulation of utility rates, which is engaging
$1,200,000 and $1,400,000 per annum. The new business
developed during the year was not only sufficient to offset the attention of many State governments in an increasing
the general rate reductions already referred to, but enabled degree, is not a novelty in the State of California. For
the Company to close the year with an actual increase of thirty-five years its municipalities have possessed and have
gross revenue. Serving the wants of 33,886 new consumers exercised this power. While it is a reassuring fact that your
was necessarily attended by added expense, so that the re- Company during its entire history has successfully carried
covery in net earnings did not take place as quickly as the on its business under these conditions and is not, therefore,
recovery in gross earnings, and the year closed with a com- confronted with wholly new and untried public policies in
paratively small decrease in net revenue. The results since this respect, the question whether its revenues are being
the close of the year indicate that the corner has also been derived from reasonable rates or whether its margin of profit
turned with respect to net earnings, and that during 1913 the is such that its earning power may be seriously impaired by
new business taken on, and that which is being added con- enforced reductions in its tariffs, is one of importance to
stantly, will not only result in a large increase in gross its stockholders.
The average rate realized from all gas sold by this Company
receipts but will also yield sufficient additional net revenue
to compensate the Company for the large amount of new in 1912 and 1913 was 88 cents per 1,000 cubic feet. With
the exception of one small community of about 1,000 people,
money invested in plant additions during the year."
It will be noted that the gain in 1913 of $1,395,480 in gross where, owing to special conditions, a rate of 9 cents per kilooperating revenue coincides quite closely with the forecast watt hour prevails, the Company has no basic or top electric
made in 1912, and that the prediction with respect to net rate that is higher, than 8c. per kilowatt hour for residence
revenues has also been borne out by an increase of $558,040. lighting nor higher than 7c. per kilowatt hour for commercial
lighting. In some of the larger cities lighting rates are still
GROSS EARNINGS.
The increase in gross operating revenues was well distri- lower and in all cases schedules are graduated to progressive
buted geographically, and, as shown in the following table, reductions for increased usage. Power rates are determined
every branch of the Company's business had a substantial by the conditions of each case, and are naturally very much
lower than these lighting rates. The Company's present
growth:
Increase in Gross Revenues-Electric Department
$558,211 tariffs are the result of the policy which it has consistently
" -Gas Department
741,730 purdued for a number of years of giving its consumers the
-Railway Department
25,725 benefit of lower prices whenever conditions warranted
it,
-All Other Departments
69,814
and the most satisfactory and reassuring feature of its earnTotal
$1,395,480 ings is that they are based upon such reasonable rates.
Total Increase, including Miscellaneous Income
$1,457,685
the past two years the Company has also equipped
The net gain of 28,325 consumers during the year 1913 Within
with, and now has at its command, such exact and deshould result in a commensurate increase in gross operating itself
tailed knowledge of the cost of its operations and of the value
revenues during the year 1914.
of its property at the service of each of the communities
EXPENSES.
served by it as to justify the firm belief of your management
Maintenance, operating expenses, taxes, etc. (including the
the earning power of the Company cannot be justly imentire extraordinary outlay occasioned by the strike of that
paired by any revision of its schedules, but that, on the conemployees, elsewhere referred to) increased $899,645. Aside trary,
very large additional investments made within
from these strike expenses and the normal increase due to the recent the
years, from which no adequate return has yet been
much larger volume of business in 1913, operating expenses realized,
entitle it to and will bring to it a large increase in
were also materially increased by shortage of water for the
operation of the Company's hydro-electric plants due to a present earnings.
The Company's gross operating revenue in 1913 was $15,State-wide and abnormally dry season. As the new Lake
Spaulding reservoir and new Drum power-house could not be 869,006. This revenue was derived from 349,417 consumers,
or at the average annual rate of $45 40 per consumer. It is
placed in operation until the close of the year, the only relief obvious
that the Company's earning power rests upon a broad
from this situation was the operation of the Company's steam foundation
stations at a considerably greater expense. The successful custom of and is not dependent for its stability upon the
any single industry or group of consumers. There
inauguration of service from the new Drum power-house and has also been
gradual decline within recent years in the
the abundant rain and snow-fall of the past winter assure average annualagross
operating conditions during 1914 which will admit of a large of the comparativelyreturn per consumer. This is indicative
more rapid increase and growing prereduction in operating cost and the discontinuance of power ponderance on the Company's
books of the smaller users of
purchases from outside source3 of about $200,000.
its products. While the Company's larger unit business is
NET EARNINGS.
showing
satisfactory increases, as brought out in the
Net Income, including Miscellaneous Income, increased statementvery
on a previous page, and will continue to
$558,040, notwithstanding the special causes which brought contribute its
quota to the future growth of revenues, the
about the large increase in Operating Expenses. The in.influence of the smaller unit business, which is
fluence of voluntary rate reductions, which affected the year stabilizing
materially
not
affected by adverse business conditions and
1912 by more than $1,000,000, was to some extent still felt may be depended
upon for steady growth and increasing
in the earlier months of the year 1913. Beginning in May, returns
under
any
and all conditions, is a factor of undoubted
and continuing for a number of months, labor conditions, importance.
as already stated, were also an unsettling influence, and it
The wide geographical distribution of the Company's
was only in the latter part of the year that normal conditions business, its diversified
character and the constant growth
prevailed. The significance of these conditions will be ap- in every department
(see following table), are also important
preciated from the statement that in the first nine months of factors in any analysis
of the conditions making for stability
the year gross revenues increased $937,711, with an increase of revenues:
in net of only $140,332; whereas in the last three months
REVENUES PAST SEVEN YEARS.
of the year the gross revenues increased $519,974 and net DERIVATION OF GROSS
Sources of Gross Revenue.
revenues $417,708. This gives an extremely hopeful aspect YearElectricity.
Gas.
Railway. All Other.
Total.
to the coming year and it is the confident expectation of 1907
$6,316,629 $4,086,372 $431,800 $507,339 $11,342,140
1908
7,059.088 4,494.945 414,326 688,946
12,657,305
your management that the operation of the new Drum 1909
7,678.665 4.860,034 452,396
500,193
13,491,288
Power House, freedom from labor troubles and the new 1910
7,899,224
5,202,284 509,152
433,936
14,044,596
7,823,903
5,735,219 533,520
511,967
14,604,609
business on the books at the beginning of the year will enable 1911
1912
7,672,570
5,805,865
547,187 719,029
14,744,651
it to increase its net revenues in 1914 by a still greater amount 1913
8,230,782 6,547.595
572,913 851,047
16,202.337
than in 1913.
Gain 6 years_ _$1,914,153 $2,461,223 $141,113
d#
#6
16
$343.708
$4,860,197
Percentage of Total Gross Revenue From:
Gas.
Railway. All Other.
Electricity.
.04
.04
.36
.56
.05
.36
.03
.66
.03
.04
.36
.57
.04
.03
.37
.56
.54
.03
.04
.39
.05
.04
.39
.52
.04
.05
.40
.51
1907
1908
1909
1910
1911
1912
1913
[VOL.xcviii.
THE CHRONICLE
1778
Total.
100
100
100
100
100
100
100
EQUITIES CREATED FROM EARNINGS, ETC.,
SINCE ORGANIZATION.
As shown in the following table, the net earnings of the
Company, after bond interest, have aggregated $21,781,471
in the eight years since its organization. Of this amount
but 21% ($4,622,103) was paid out in cash dividends and
the remaining 79% ($17,159,368) was reinvested in the prop-
erty, applied in the reduction of funded debt, or expended
for other corporate purposes:
Year.
1906 _ _
1907 -1908 __
1909_
1910 _ _
1911
1912__
1913__
Mainten'ce
lOperating
Gross
Taxes.
Revenue. Expenses
eo Reserves.'
$
8,947,162
11,342,140
12,657.305
13,491,288
14,044,596
14,604,609
14,744,651,
16,202,3371
$
4,139,233
5,978,967;
6,517,930
7,211,517,
7,538,4611
7,697,370
7,808,592
8,655,0441
283,886
247,262
274,789
320,059
382,880
516,702
622,969
676,163
Net
Earnings. Interest.
4,524,043
5,115,911
5,864,586
5,959,712
6,123,255
6,390,537
6,313,090
6,871,130
Balance.
$
2,784,908
2,854,264
3,021,722
2,988,522
3,006,256
3,254,133
3,568,943
3,902,045,
1,739,135
2,261,647
2,842,864
2,971,190
3,116,999
3,136.404
2,744,147
2,969,085
Totals 106,034,088 55,547,114 3,324,710 47,162,264 25,380,793 21,781,471
BALANCE SHEET DECEMBER 31 1913.
ASSETS.
Capital Assets:
Rights and Goodwill and Real Estate, Plants and Properties
Funds To Be Used for Construction Expenditures:
General Lien Bonds (hypothecated)
Cash
$124,404,105 67
$389.629 48
347,654 35
737,283 83
*34,181,561 77
Stocks of Subsidiary Companies
Trustees of Sinking Funds:
$2,061,200 00
Bonds of Subsidiary Companies held alive at par
265,412 75
Investments in Bonds of Subsidiary Companies ($283,000 00 par value)
33,217 03
Interest Accrued
41,305 44-- 2,401.135 22
Funds)
Cash (including Redemption
Deferred Charges:
$1,371,347 02
Discount on Common Stock
Discount and Expenses on General and Refunding Bonds, General Lien Bonds, and Gold Notes Sold and Premiums 4,300,549 93
on General Mortgage and Collateral Trust Bonds and Debentures Redeemed
41,034 54- 5,712,931 49
Prepaid Interest and Taxes and Undistributed Charges in Suspense
Current Assets and Treasury Securities:
60
$1,271,895
Materials and Supplies on Hand and in Transit
$207,210 04
)3111s Receivable
15
1,564,033
Accounts Receivable
606,661 45
Cash
163,368 17
Oakland Land Purchase (exchange)
3,813,168 41
Treasury Securities:
00
$3,572,000
(hypothecated)
Bonds
General and Refunding
4,610,370 52
General Lien Bonds (hypothecated)
28,319 86
Sundry Investments
8,210.690 38
31 1913, as per contra__ 2,723,312 22-14,747,171 01
Securities Not Yet Received to Reimburse Construction Expenditures made prior to December
76,572 97
Cash in Banks to Cover Refunds to Consumers on account of Gas Rate Cases, San Francisco, as per contra
$182,260,761 96
Assets of the Subsidiary Compan'Note.-The Stocks of Subsidiary Companies owned are carried at a figure which represents the proportion of the
es to which the Pacific Gas & Electric Company will be entitled on dissolution of these Companies.
The Assets referred to consist of:
$31,696,866 66
Pacific Gas Sr Electric Company Common Stock at par
2,666,843 80
Notes and Accounts due Subsidiary Companies by the Pacific Gas & Electric Comapny
$34,363,710 46
Sheet.
All the Liabilities of these Companies have been assumed by the Pacific Gas & Electric Company and are included in the Balance
LIABILITIES.
Capital Stock:
Common:In hands of Public
Owned by Subsidiary Companies
Preferred
$32,109,300 00
*31,696,866 66
$63,806,166 66
10,000,000 00
Bonded Debt:
Pacific Gas & Electric Company General and Refunding 5% Bonds
Bonds of Subsidiary Companies
$73,806,166 66
$24,986,000 00
50,499,800 00
$75,485,800 00
Total
3,572,000 00
Pacific Gas & Electric Company General and Refunding 5% Bonds (hypothecated)
5,000,000 00
Pacific Gas & Electric Company General Lien 6% Bonds (hypothecated)
2,344,200 00-86,402,000 00
Bonds of Subsidiary Companies held by Trustees of Sinking Funds
2,723,312 22
Securities Not Yet Issued to reimburse Construction Expenditures made prior to December 31 1913, as per contra
24,355 00
Bonds Called but not redeemed
80
*2,666,843
Companies
to
Subsidiary
Due
Current Liabilities:
$5,000,000 00
Gold Notes(6%) due June 24 1914
2,699,185 88
Bills Payable
944,242 53
Accounts Payable and Unaudited Bills
437,640 25
Drafts Outstanding
320,255 58
Deposits
Meter and Line
63,129 36
Unpaid Coupons and Dividends
1,343,750 70-10,808.204 30
Interest Accrued but not Due
Deposits,
on
and
Bank
Interest
1910-11
and
1909-10
Years
1908-09,
Rates,
Gas
of
account
on
Francisco
Refunds to Consumers of San
76,572 97
as per contra
Reserves:
84
$5,783,471
Depreciation
Deduct-Extraordinary Replacements and Loss on Property Sold or Abandoned:
$1,531,562 79
At January 1 1913
1,818,416 40
Charged during year
3,349,979 19
$2,433,492 65
52,353 13
34,162 12
261,733 55-- 2,781,741 46
Insurance and Casualty Funds
Reserve for Bad and Doubtful Debts
Reserve for amounts charged during 1913 to Consumers in excess of Rates allowed by City Ordinances
Surplus:
Balance at January 1 1913
Deduct-Miscellaneous Adjustments and Accretions (net)
$3,011,679 84
40,114 28
$2,971,565 56
$2,723,044 30
Balance from Income Account attached
261,733 55
Less-Reserve for amounts charged to Consumers in 1913 in excess of rates allowed by City Ordinances
$2,461,310 75
$600,000 00
Deduct-Dividends: On Preferred Stock
398,848 22
On Common Stock
998,848 22
Transfer to Depreciation Reserve
Contingent Liability:
Notes Receivable Discounted
$1,462,462 53
1,462,462 53
2,971,565 56
$104,472 18
$182,260,761 96
Note.-Sinking Fund Installments amounting to $299,691 25 had matured at December 31 1913, but were not paid pending legal decision as to
interpretation of provisions in Trust Deed.
We have audited the books of the Pacific Gas & Electric Company for the year ending December 31 1913,and certify
that in our opinion the above Balance Sheet is properly drawn up so as to show the true financial position of the Company'
at December 311913.
HOUSE & CO.
Auditors.
San Francisco, Cal., February 27 1914.
JUNE 6 1914.]
THE CHRONICLE
INCOME ACCOUNT-YEAR ENDING DEC. 31 1913.
Gross Earnings
*$15,869,005 99
DeductMaintenance
$1,042,99
00
4
Operating, Distribution and Administration
Expenses
8,288,212 57
9,331,206 57
$6,537,799 42
eous Income 333,331 38
Add-Profits on Merchandise Sales and Miscellan
$6,871,130 80
DeductInterest on Gold Notes and Floating Debt
$118,847 56
Interest on Bonds Outstanding
3,675,374 12
Interest on Bonds in Sinking Funds
107,823 32
Proportion for year 1913 of Discount
and Expenses on Pacific Gas & Electric Company
General and Refunding Bonds, General Lien
Bonds and Gold Notes sold and Premiums
on Pacific Gas & Electric Company General
Mortgage and Collateral Trust Bonds and
Debentures Redeemed
246,041 50
4,148,086 50
Net Income for year before providing for Depreciati
on..__ $2,723,044 30
*Includes $261,733 55 in litigation for which
a reserve has been created
from the Surplus Account.
1779
Walpole Tire & Rubber Co.-Re-Sale July 8.-
Judge Dodge in the U. 8. District Court on June I ordered the re-sale
of the property on July 8, no upset price being named In the new
order.
Compare V. 98, p. 1543, 1172.
Wheeling (W. Va.) Electric Co.-Bonds.-Wm. A.
Read & Co. some time ago offered at 95 and int., to yield
about 5.35%, a small block of 1st M.5s of 1911, due May 1
1941. Auth., $12,000,000; outstanding, $1,429,000.
A first mortgage upon all property now owned or hereafter
acquired (see
V. 92, p. 1441). It is estimated that there
a population of 150,000
within 5 miles or centre of Wheeling, affording is
an unusual opportunity for
growth in the company's business. No competiti
on in commercial light
and power service.
Results for Calendar Years1913.
1912.
1913 Inc. 1911.
Gross earnings
$312,116 $257,639 2134% 5212.686
Net earnings, after taxes
$150,915 $117,409 28%% $112,806
Interest on $1,429,000 bonds now out calls for
$71,450. American Gas&
Electric Co., closely identified with General Electric
Co. interests, owns
entire common stock.-V.95, p. 685.
On May 29, at the celebration of the fiftieth anniversary
of the founding of the School of Mines of Columbia University, the Trustees conferred upon Mr. Gano Dunn, President of the J. G. White Engineering Corporation, the
honorary degree of Master of Science, in recognition of acWe have audited the books of the Pacific Gas & Electric complishments and distinction in science and electrical
engineering. Mr. Dunn is President of the United EngineerCompany for the year ending Decemb 31 1913,
and we ing Society and has been President of the America
certify that in our opinion the aboveerIncome
n InstiAccount
is tute of Electrical Engineers and the New York Electric
a fair and correct statement of the operations of the Comal
Society. He is a member of the British Institution of Elecpany for the year, before providing for Depreciation.
trical Engineers, the International Electrotechnical ComPRICE, WATERHOUSE & CO.
mission, American Society of Mechanical
rs,and other
Auditors.
scientific and engineering bodies, and Enginee
San Francisco, Cal., February 27 1914.
United States
Delegate to and Vice-President of thewas
last International
The Board acknowledges the efficient co-operation of Electrotechnical Congress, which was held in Turin, Italy,
in
1912.
officers and employees in the work of the year, and desires
--H. M. Byllesby & Co., Chicago, call attentio
especially to express its sincere appreciation of the loyalty
n to the
and devotion to the Company's interests displayed by them scope of service offered by their department of examina
tions
and reports, especially with reference to the making of
under the trying conditions alluded to elsewhere.
praisals. Out of more than 2,000 commissions performapFor the Board of Directors.
ed
during the last 12 years of successful experience, they have
FRANK G. DRUM, President.
made reports on properties valued as follows: Commonwealth-Edison, Chicago, $70,000,000; Chicago Telephone
Co. $52,000,000; American CitLes Co. (Birmingham, MemUtica (N. Y.) Gas & Electric Co.-Bonds, &c.-A. B. phis, Knoxville, Little Rock and Houston), $45,000,000;
California-Nevada, $7,000,000; Chicago & Milwaukee Elec.
Leach & Co. and Kean, Taylor & Co. some months
ago RR.,$11,000,000; Atlas Portland Cement
Co., $30,000,000,
offered at 98 and int. $500,000 "Refunding and Extension &e.,
&c.
M." 5% gold bonds of 1907, due July 1 1957. Auth.,
-The 26th annual general meeting of the sharehol
$5,000,000; outstanding, $3,000,000 (V. 86, p. 726).
in
the Investment Trust Corporation, Ltd., was held inders
LonData from V.-Pres. William E. Lewis. Utica, Jan. 2 1914.
don on May 21. The company still continues to make
the
Organized in 1902 in N. Y. State. A consolidation
Utica Elec. Light United States and American railroad bonds there its prin& Power Co., Equitable Gas & Elec. Co. of Uticaof
and the Herkimer cipal field of investm
County Light & Power Co. All of the franchises are unlimites
ent,
and
the
Chairma
n,
Mr.
Robert
as to time
except Dolgeville, which expires in 1927; no burdenso
Fleming, spoke at considerable length regarding the financial
Since organization about $1,700,000 of surplus earningsme restrictions.
has been .put straits of certain of the leading properti
into the property.
es, commenting on
The bonds are exempt from all municipal, county
and State taxes in their small capitalization as compared with English railroads
N. Y. Payment of interest may be subject to
deduction
s
which
and
are
expressi
comng the belief that eventually the American
pelled by law to be made therefrom for Federal income
tax, but it is the
policy of the company to pay said tax.
The bonds are a general lien upon public authorities will accord the railways fair, even liberal,
all property owned by the company and a first lien upon
all
of
treatme
the
stock
nt.
of
the Glens Falls (N. Y.) Gas & Electric Co. and the Consolida
ted Lt. &
Power Co. (Whitehall, N. Y.) and 51% of the outstandi
-Price, Waterhouse & Co., New York, have issued their
ng stock of the
United Gas, Elec. Lt. & Fuel Co.(Sandy Hill and Fort Edward,
N.
Y.),
annual "Railroad Statistics", showing in comparative tabular
which are pledged hereunder. Proceeds of these $500,000 bonds
will re- form
imburse the company for extensions and permanen
the operating figures of fifty-three of the principal railt improvements completed and under construction. Annual sinking fund,
beginning July 1 roads in the United States for the
1927, 1% of the par value of Ref. & Ext. M. bonds
four years ending June 30
outstanding.
1913.
The results are reduced to a mileage and per
Cal. Yrs. (Dec.est.) 1913.
unit
1912.
1911.
1910.
1909.
basis,
that
so
inferences may be drawn as to the relative denGross earnings
$1,205,100 $1,152,826 $1,053,239 $971,699 $866,338
Net (after taxes)
$553,112 $587,560 $523,914 $486,435
sity of traffic and operating efficiency of each property from
$428,646
Other income
30,000
28,194
30,915
24,815
24,628 year to year, and also m comparison with other
properties.
Total income
$589,112 $615,754 $554,829 $511,250
-R. M. Grant & Co. have recently wrchased $225,000
$453,274.
Interest charges_
$257,000 $251,219 $243,276 $232,788
$224,072 Wake County, N. C., 90urt-hous
Dividends
190,000
160,000
e, jail and county-home
160,000 140,000
90,000
Dividend rate
(93,5%)
(8%)
(8%)
(7%) (43,i %) construction bonds (Raleigh, county seat, capital of the State
of North Carolina). These 30-year bonds are secured
Bal.,surplus
$142,112 $204,535 $151,553 $138,462
an
4139,202
annual sinking fund of $7,500 and have been approveby
For the last 5 years the average yearly balance available for
d by
interest
was
over double the present annual charges, including the $500,000 bonds Just Messrs. Storey, Thorndike, Palmer & Dodge
Boston.
of
issued. The decrease in net earnings in the past year is
accounted for by
an increase in the price of oil used in making gas, amountin
-Prentice Strong, the board member of the firm of L. Von
and by an increase in the amount set aside for amortization or g to $40,000, Hoffman &
Co., 37 Wall St., this city, which dissolved
depreciation,
amounting to $22,000. A liberal charge for depreciation
was included in partnership May 31st,
operating expenses in each one of the above years, and in addition
is now located at the office of Clement
surplus
income amounting to $727,000 has been put back into the
& Whitney, 55 Wall St., this city. Mr. Strong will make a
property.
CapitalizationAuthorized. Outstand'g. specialty of executing orders
Utica Gas & Elec. Co. Ref.& Ext. 5s, 1957
for the purchase and sale of
$5,000,000 $3,000,000
Utica Elec. Lt. & Power 1st 5s, 1950 (closed)
1,000,000
896,000 bonds on the New York Stock Exchange.
Equitable Gas & Elec. Co. 1st 55, 1942 (closed)...._ 1,000,000
1,000,000
-Howe, Norris & Co., investment securities, 52 BroadHerkimer Co.Lt.& Pow.Co. 1st 55, 1930(closed).- 400,000
390,000
Capital stock
2,000,000
2,000,000 way, this city, are offering a first mortgage 5% bond of a
The sinking fund for Utica El. Lt.& Power Co. bonds will
retire that issue public utility company at $720 per $1,000 bond, yielding
at maturity; $104,000 already retired to date. Of the
$2,000,000 unissued a yearly income at present market price of over 7%.
Ref. & Ext. bonds, $390,000 are reserved to retire Herkimer
A cirCo. Lt. & P.
Co. bonds, and the remainder can be issued only for 75%
of cost of exten- cular will be mailed upon application to Howe, Norris & Co.
sions and permanent improvements when the annual
net
earnings
equal
-Frederick T. Ackermann and William Chauncey Coles,
9% of the principal of all outstanding bonds, including
be issued. There are no obligations of other companiesthose proposed to of Ackermann & Coles,at 61 Broadwa
guaranteed.
y,New York,announce
Properties (all modern): Gas.-3 manufacturing
plants
of
4,200,000 cu. the admission to partnership in their firm of William
ft. daily capacity; 8 gas holders of 2,417,000 cu. ft.
T.WisElectric.- ner 2d (membe
4 hydro-electric (sites and water rights owned in fee)capacity.
r of the New York Stock Exchange)and Albert
and 3 steam electric
generating plants of 22,300 h. p. (12,330 k. w.)
capacity;
8 sub-stations P. Rasquin. The firm name remains unchanged.
of 11,000 k. w. capacity. Distributing Systems.-Gas.
-24.3 miles of 6-in.
and 8-in, transmission pipe lino from Utica to Little Falls,
-An interesting booklet detailing the marvelous growth
also supplying
Frankfort, Ilion, Mohawk and Herkimer; to New
IIartford
and other
villages, 6 miles: general, 152 miles; total, 182.3
public utilities in the United States and their relative inmiles. Electric.-76 miles of
transmission, 170 miles distribution;
total, 738 miles of wire. Undevel- vestment position has been issued for gratuitous distribution
oped Hydro-Electric Sites.-Developable capacity,
12,000
no other undeveloped sites within economical operating k. w. There are by Williams, Dunbar & Coleman, 60 Wall St., New York.
Territory.-Does all the gas business in Utica, Little distance.
-Edward B. Smith & Co., 27 Pine St., this city, announce
Falls, Whitesboro,
Yorkville, New York Mills, New IIartford,
Deerfield, Herkimer, Mohawk, that the coupons
Ilion and Frankfort; all the electric business
of the Buffalo & Susquehanna RR.Corporain Utica, Dolgoville, Little
Falls, Whitesboro, Yorkville, Now York Mills,
New Hartford, Deerfield, tion 1st mtge. 4% 50-year gold bonds will be paid at
Barneveld, Washington Mills, Willowvale, and Chadwick
their
; and all the com- New York office Jan. 1 and
mercial lighting in Oriskany. Also furnishes electric current
July 1.
to the Rome
(N. Y.) Gas & El. Lt. Co., the Municipal Commisio
n
of
-James
C.
Bishop
Frankfort
, the
retired this week from the firm of
village of Mohawk and four customers in Ilion. Populatio
n of territory Redmond & Co.,
served: Utica, 84,000 in 1913, 74,000 in 1910. 56,000
33 Pine St., this city, and Frederick R.
district (est.), 130,000 in 1913, 116,000 in 1910, 88,000 in in 1900. Entire Sears Jr. was admitte
d
1900.
as a partner.
The electric rates are reasonable, as evidenced by the scarcity of
private plants.
Gas rates, $1 to 51 20 per 1,000 cu. ft., according
-N.
W.
Halsey
to
&
Co.
quantity
are offering to investors a widely
and
purpose.
-V. 97, p. 1754.
diversified list of municipal bonds covering in all 17 States.
xcviii.
THE CHRONICLE
1780
The Trimutercial Times.
COMMERCIAL EPITOME.
Friday Night, June 5 1914.
Though conservatism is still noticeable business is beginning to improve here and there. Retail and jobbing
trade is larger. The cotton goods business is especially
brisk at firmer prices. Wool is active and strong. The
woolen manufacturing business is also excellent. The outlook for the grain crops continues excellent. Harvesting in
Texas and Oklahoma will begin next week. At the same
time trade in finished steel is dull. The building trades
are stagnant. Yet taken as a whole the underlying sentiment in business is perhaps a little more cheerful.
COTTON.
Friday Night, June 5 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
54,822 bales, against 61,037 bales last week and 61,024
bales the previous week, making the total receipts since
Sept. 1 1913 9,987,480 bales, against 9,315,526 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 671,954 bales.
Total.
Sat.
Mon. 1 Tues. Wed. Thurs. Fri.
Galveston
1,568 2,129 6,844 1,736 2,261 3,597 18,135
Texas City
&c_ _ __________________________________________
Port Arthur_
Aran. Pass,
1,9-56
555 1-,e,i,i I,og§ 1554 -2-.1:ei 11,16A
New Orleans_
956 5,060
231
1,402
Mobile
124 1.187 1,160
STOCKS OF MEROHANDISE IN NEW YORK.
P
_________________________
June 1 1914. May 1 1914. June 1 1913. Jacksonville.
34
34
1,592,602
1,302,169
bags_1,277,819
Coffee, Brazil
11,224
1,430
2,977
1,768
1,061
1,768
2,220
Savannah
37,046
28,702
30,641
bags_
Coffee, Java
Brunswick
241,226
207,252
bags_ 208,169
Coffee, other
281
450
50
46
286
40
80,402, Charleston
41,197
54,251
bags_
,
Sugar
1,800 Georgetown
11,175
No
20,700
Hides
66
12
149
62
9
115,261
67,790 Wilmington
bales_ 118,537
Cotton
729
276
296
322 1,112 3,035
300
19,521 NorfolkNews,
3,637
3,847
bales_
Manila hump*
468
Wport
68
&c4
441
354
*1,963
bales
Sisal hemp__
54
54
54,200 New York
54,800
52,200
barrels and sacks
Flour
33
I
141
470
30
215
51
Boston
•
390
251
139
Baltimore
*At Southern ports
272
234
103 1,245
636
and in fair demand; prime Western Philadelphia
LARD has been firmer
10.2504 refined for the Continent 10.45c.; South America, rotals this week_ 11,707 5,176 12.824 8,987 6.062 10.066 54.822
10.950.; and Brazil in kegs, 11.950. Lard futures have adThe following shows the week s total receipts, the total
vanced, partly in sympathy with the rise in hogs and partly
to
owing to stronger grain markets. Also the monthly stock since Sept. 1 1913 and the stocks -night, compared with
report showed rather small supplies of cut meats. Western last year:
receipts of hogs have been running far behind those of last
1912-13.
1913-14.
Stock.
year. To-day prices declined on selling at Chicago by stock
Receipts to
This Since Sep This Since Sep
June 5.
yards interests.
1914.
1 1913. Week. 1 1912.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Mon. Tues. Wed. Thurs.
Sat.
9.97
10.07
9.97M 10.10
9.823
cts_ 9.70
July delivery
10.25
10.25
10.15
9.873 9.97M 10.15
September delivery_ _
Week.
18,1353,241,722 10,119 3.751,205
Galveston
466,377 1,023 665,510
Texas City
46.238 1,450 138,641
Port Arthur
425 123,523
119,993
Aransas Pass,&c_
12,087 1,385,028
1,815,916
New Orleans..___ 14,108
5,060 425,567 1,569 220,228
Mobile
251 124,659
156,285
Pensacola
14,654
_ _
29,063
34
Jacksonville, &c_
11,224 1,782,079 7,002 1,248,096
Savannah
232,784
215
291,500
Brunswick
345 303,862
450 421,346
Charleston
110
Georgetown
668 340,396
398,395
149
Wilmington
3,035 543,961 3,388 517.098
Norfolk
468 128,777 2,463 110,237
N'port News,&c..
374
14,527
6,389
54
New York
392
44,699
18,361
470
Boston
754
72,674
92,350
390
Baltimore
759
7,595
3,161
1,245
Philadelphia
54.822 9,987,480 43,284 9,315,526
Totals
129,660
3,621
1913.
78,649
4,161
1,450
PORK has been easier; mess $22@$22 50; clear $19 50(4)
105,766
66,650
12,467
11,697
$21; family $23@$25. Beef continues steady; mess $18©
$19; packet $19@$20; family $20@$22; extra India mess
145
501
34.496
41,912
$28@ 30. Cut meats steady with only a moderate demand;
1,983
6
8c.; pickled bellies,
pickled hams, 10 to 20 lbs., 13@133/
2,792
13,346
to 12 lbs., 143/2@,1538c. Butter, creamery extras, 27@,
13,401
9,356
specials,
273/2c. Cheese, State whole milk, fresh colored
20,647
29,351
141 @143/20. E s, fresh athered extras, 23@124c. ii
122,107
57,997
sas eon irmer, with a better demand. No. 7
•
10,390 ' 8,865
4,226
4,766
Rio 9%@9Mc., fair to good Cucuta 12%@,13 Wic. Coffee
3,923
1,771
futures have been stronger on covering of shorts coincident
463,281 332.355
with a sharp rise in European markets. Brazilian quotations
have also been stronger. The decrease in the world's stocks
In order that comparison may.be made with other years,
during May was 532,747 bags and supplies on June 1 were
at leading ports for six seasons:
11,577,604 bags, against 12,110,351 last month and 10,583,- we give below the totals
092 in 1913. To-day prices declined on light business.
1911.
1912.
1910.
1913.
1909.
Foreign markets were lower. Closing prices were as follows: Receipts at- 1914.
June'
July
August
8.968.97 September _ _9.2409.25 December_ _ _9.489.50
9.51 9.53
9.3309.34 January
9.05®9.06 October
9.14@9.15 November _9.4109.42 February ___9.53@9.55
SUGAR quiet and lower. European cables have been discouraging of late. Cuban planters, it is said, are carrying
large supplies, but are not disposed to sell much until higher
prices are obtained. The visible supply of the world is
3,790,000 tons, against 3,730,000 last year. Centrifugal,
96-degrees test, 3.32c.; molasses, 89-degrees test, 2.67c.
Refined quiet but steady. Granulated 4.200.
OILS.-Linseed quiet and Unchanged. Seed prices at
Duluth of late declined rather sharply. But aside from
this the situation here has been featureless. City raw,
American seed, 54(4)550.; boiled 55@56c., Calcutta 70c.
Cocoanut continues steady; Cochin 10%@,11c., Ceylon
9%@1Cc. Olive fairly active at 85c. Castor unchanged
at.83 (1)8Me. Palm steady at 7%@,7Hie. for Lagos. Cod,
domestic, 38c. Corn, lower at 6.25@6.30c.
PETROLEUM quiet and lower; barrels, 8.50(0.50c.,
bulk 5@6c., cases 11@12c. Crude lower; Pennsylvania
dark $1 80, second sand $1 80, Tiona $1 80, Mercer black
$1 35, Cabell $1.40, New Castle $I 35, Corning $1, Wooster
$1 46, North Lima $1 19, South Lima $1 14, Indiana $1 14,
Princeton $1 15, Somerset, 32-degrees and above, $1 05;
Ragland 65c.; Illinois, above 30 degrees, $1 15; Kansas and
Oklahoma 75c. Spirits of turpentine 47c. Common to
good strained rosin $4.
TOBACCO has been quiet, packers complaining of bad
business. Manufacturers are buying very sparingly. The
smallness of the consumption of cigars and current high
prices greatly restrict business, as might naturally be expected. New Sumatra is in only moderate demand, old leaf
still competing with it. Cuban.leaf is steady enough, but
the sales are small.
COPPER has been dull and more or less depressed. Lake
1438c.; electrolytic 14c. London more active at lower
prices. Tin in better demand here, with spot quotations
30.65c., showing a decline for the week. Lead on the spot
3.90c.; spelter 5.10c. Iron and steel trade is still disappointing. Still, pipe works have closed contracts for 75,000 to
100,000 tons of foundry and forge iron, mainly with Southern
furnaces. The output of pig iron in May was only 2,092,686
tons, as against 2,269,955 tons in April. No. 2 Eastern
$13 75@$14; No. 2 Southern Birmingham $10 50.
3,781
4,640
5,431
154
4,596
200
544
15
1,670
9.584
136
5,164
2,910
261
153
1,074
17,996
3,284
16A05
1,664
6,689
760
110
525
4.216
968
1,880
24,504
18,271
2,910
26,832
53,497
7.552
4,356
2,902
891
4,481
450
149
3,035
468
2,193
10,119
2,898
12,087
1,569
7,002
215
345
668
3,388
2,463
2,530
54,822
43,284
Galveston ___
TexasCity,&c
New Orleans_
Mobile
Savannah __ _
Brunswick_ _ _
Charleston,&c
Wilmington__
Norfolk
N'port N., &c
All-others
18,135
Total this wk.
14,108
5,060
11,224
69
119
3,166
1,848
Slim, Sent.. 1 (1 C1327.4Rn 9.315,526 113395258,3i3.850 7,037,672 9.607.227
The exports for the week ending this evening reach atotal
of 91,875 bales, of which 45,160 were to Great Britain,
4,206 to France and 42,509 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Week ending June 5 1914.
Exported toExports
from-
ContiGreat
Britain. France. nent &c
3,355
Galveston _ _ 11,009
Texas Clty
Port Arthur
Ar.Pass4c.
17,200
New Orl'n. 13,049
Mobile ____ 3,901
Pensacola
Savannah__ 12,099 4,109 19,355
Brunswick.
Charlezton _
Wilm'ton
Norfolk_ _ 1,292
N'p't New.
07 2,399
308
New York_
Boston ____ 3,502
Baltimore
Phliadel'ia
Detroit
20
San Fran_
Pt. T'send_
Total_ _ _ _ 45,160 4,206 42,509
From Sept. 1 1913 to June 5 1914.
Exported to-
Great
ContiTotal. Britain. France. cent. &c. Total.
14,364 1,018,793
349,059
2,006
30,184
30,249 860,542
3,901 137,029
51,024
35,563 212,554
87,570
118,943
73,024
1,292 44,484
2,804 127,699
3,502 79,107
63,238
38,794
313
203
311,672 1,361,991 2,692,456
26,888 80,896 456,843
30,838 32,842
8,171 38,355
180t39: 576,856 1,617,796
73,997 146,279 357,305
48,820 56,441 156,285
230,640 750,10 1,202,294
22,954 155,479 266,012
5,030 181,434 305,407
102,434 177,855 353,313
84,664 129,148
569
569
18,474 198,132 344,305
10,63: 80,835
12,292 94,574 1(11,104
12,593 51,387
313
177,004 177,904
75,998 75,098
01,875 3,284,462 1,043,599 4,181,410 8,509,471
49 29.157 60,7883,470,179 064,472 3,737,7728,172,423
_
since Sept. 1 include 10,257 bales Peruvian, 75 bales
exports
York
Note.-New
26
Liverpool,
and
Havre
to
bales West Indian to
Brazilian, 27 bales West Indian
358 bales West Indian to Hamburg.
Tot. '12-'13 40,582
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.
JUNE 6 1914.]
June 5 atNew Orleans__
Galveston ____
Savannah
Charleston
Mobile
Norfolk
New York_ __ _
Other ports___
THE CHRONICLE
On Shipboard, Not Cleared forGreat
GerOther CoastBritain. France. many. Foreign wise.
515
858 2,730 9,815 1,408
7,576
11,168 18,078 1,991
5,000
700
6,549
1,766
26
600
13,878
500
700 1,100
2,300
1,200
Total.
15,326
38,813
5,700
1781
• FUTURES.-The highest, lowest and closing pricesjat
New York for the past week have been as follows:
Learihg
Stock.
90,440
90,847
28,796
2,792
4,126
6,169
119,807
31.846
Saturday, Monday, Tuesday, Wed*day, Thursd'y, Friday,
May 30. June 1. June 2. June 3. June 4. June 5.
Week.
June-
Range
Closing
8,341
July
14,478
Range
2,300
Closing..
3,500
AugustRange
Total 1914__ 18,040
858 17,564 33.993 18,003 88,458
Closing
Total 1913__ 15,591 1,939 24,046, 16,554 20,624 79,754 374,823
252,601
Total 1912_ _ 13.956
981 11,5891 24,799 18,263 69.588 345.306 SeptemberRange
ClosIng
Speculation in cotton for future delivery has been more October
Range
active, and, early in the week, at much higher prices. This
Closing
was owing to the fact that the Government stated the condi- NovemberRange
tion at 74.3, against 79.1 on June 1 last year and a ten-year
Closing
average of 80.4. This included a condition of only 65% in December
Range
Texas, against 84 last year, 86 in 1912,88 in 1911 and a tenClosing
year average of 81%. A sudden rise of 40 to 45 points in January
prices occurred on the day of the report, June 1, or last MonRange
Closing
day, on unusually large transactions, much of which were in March
the nature of buying for long account. The poor condition
Range
Closing
was ascribed to prolonged rains west of the Mississippi, particularly in Texas and Oklahoma. In the Eastern section of April
Range
the belt protracted dry weather is said, moreover, to have
Closing
done no little harm, though the plant in that section looked May
Range
much better than in the Western cotton country. LiverClosing__
13.22 ---- -- 13.22 13.37-.42 13.20-.25 13.12-.17 13.18-.23 13.18-.21--13.20-.42 13.20-.36 13.11-.24 13.05-.23 13.19-.28 13.05-.42
13.34-.36 13.20-.21 13.12-.13 13.18-.20 13.20-.21--13.03-.30 13.08-.25 13.02-.13 12.95-.12 13.07-.15 12.95-.30
13.23-.24 13.08-.10 13.02-.04 13.03-.04 13.09-.10--12.82-.15 12.99-.05 12.87 ----12.86-.88 12.82-.15
13.14-.16 12.94-.97 12.84-.87 12.77-.79 12.85-.86--HOLT- 12.70-.06 12.84-.03 12.72-.86 12.61-.71 12.68-.79 12.61-.06
DAY. 13.01-.02 12.84-.85 12.72-.73 12.66-.67 12.73-.74
12.53 -12.57 - 12.53-.57
21.84-.87 12.64-.67 12.54-.57 12.47-.51 12.56-.59-12.76-.10 12.85-.04 12.74-.89 12.63-.73 12.69-.81 12.63-.10
13.04-.05 12.86-.87 12.74-.75 12.67-.68 12.74-.75--12.58-.91 12.70-.88 12.59-.73 12.49-.57 12.55-.57 12.49-.91
12.87-.89 12.70-.71 12.59-.60 12.53-.54 12.61-.62
12.60-.93 12.72-.90 12.63-.76 12.53-.62 12.59-.70 12.53-.93
12.88-.90 12.72-.73 12.63-.64 12.57-.58 12.65-.66
12.80-.05 12.96-.04 12.81-.92 12.70-.76 12.85 - 12.70-.05
13.07-.09 12.90-.93 12.75-.80 12.70-.72 12.80-.81
---12.89-.05 12.76-.92 12.71-.75 12.74-.85 12.7t,05
---12.89-.91 12.76-.77 12.70-.71 12.82-.84
pool, the South, Wall Street, the West,were all good buyers.
The Liverpool market was closed last Monday, but for all
THE VISIBLE SUPPLY OF COTTON to-night, as made
that it sent buying orders. The report was taken by many up by cable
and telegraph, is as follows. Foreign stocks,
as indicating that either the yield this season may turn out as well as the afloat, are this week's
returns, and consequently
to be much below the requirements or else that the weather all foreign figures are brought down
to Thursday evening.
for the rest of the season will have to be in the main quite But to make the total the
complete figures for to-night
favorable to prevent such an occurrence. It is not consid- (Friday), we add the item of exports
from the United States,
ered advisable to make crop estimates on the basis of a June including in it the exports of Friday
only.
report, seeing that a report at that date is very apt to be deJune 51914.
1913.
1912.
1911.
ceptive. Certainly it has happened in the past that a rela- Stock at Liverpool__ .__ ._ _bales. 1.010.000 1,068,000
1,208.000 795,000
Stock at London
5,000
5,000
tively high percentage of condition on June 1 has been fol- Stock
4,000
7.000
at Manchester
83,000
73,000 127,000
76,000
lowed by a disappointing crop, while, on the other hand,
Total Great Britain
1.098.000 1.146.000 1,339,000 878,000
a comparatively low condition on June 1 has sometimes Stock
at Hamburg
19.000
10,000
7,000
12,000
been followed by quite a good crop.
All that Stock at Bremen
460,000 410,000 533,000 139.000
the most radical bull ventures to say on the sub- Stock at Havre
328,000 253,000 289,000 208,000
Marseilles
Stock
at
4,000
3,000
3,000
2,000
iect of the probable size of the crop is that, Stock at Barcelona
30.000
16,000
18.000
20,000
judging from appearances, deceptive or otherwise, it looks Stock at Genoa
35.000
20,000
43.000
17,000
Stock
at Trieste
51,000
23,000
14,000
8,000
like a yield of possibly something under 14,000,000 bales.
At the same time many have a notion that the world's conTotal Continental stocks
927.000 735,000 907,000 406,000
sumption next season will be approximately 15,000,000 bales,
Total European stocks
2.025,000 1.881,000 2,246,000 1,284,000
or just about what they expected it to be this season. It is India cotton afloat for
Europe_- 326,000 145,000 130,000 190.000
Amer. cotton afloat for Europe.... 266,109 240,496 178,846
also pointed out that new uses for cotton have been found Egypt,Brazil,&c
169.215
.,aflt.for Europe.. 39.000
27,000
37,000
36.000
in recent years, and this of itself would largely explain the Stock in Alexandria.
Egypt
185,000 149,000 119,000 118.000
fact that the Census Bureau's monthly figures on the con- Stock in Bombay, India
974,000 948,000 639,000 600.000
Stock
U.S.
in
ports
463.281
332,355
414,894 273,931
sumption have often taken pretty much everybody by sur- Stock in U. S. interior towns
268,512 295,510 188,316 169,018
prise. Cotton fabrics are used nowadays very largely in U. S. exports to-day
15,009
6,603
1.854
4,292
the khaki uniform trade, in the flour, tobacco, automobile
Total visible supply
4,561,911 4,024,964 3,954,910 2.844,456
and various other branches of industry, including harvester
Of the above, totals of American and other descriptions are as follows:
Americancompanies, and also be steam railroads, trolley lines and
Liverpool
bales.. 799,000 883,000 1.087,000 664,000
telegraph, telephone and electric-light companies. So that Manchesterstock
stock
54,000
53,000 104,000
61.000
It is recognized that the cotton planter is not so dependent Continental stock
826,000 700,000 873,000 359,000
afloat for Europe
266,109 240.496 178,846 169,215
on the old-fashioned trade as formerly. Print cloths have American
U.S. port stocks
463,281 332,355 414,894 273,931
been in better demand of late. Latterly there has been some U.S.interior stocks
268,512 295,510 188,316 169.018
15.009
6.603
reaction in cotton, owing to signs of better weather on both U.S.exports to-day
1,854
4.292
sides of the Mississippi River, a fact which has led to conTotal American
2,691,911 20510,964 2,847,910 1,700,456
East Indian, Brazil, &c.siderable liquidation, and a setback of 40 points or more. Liverpool
stock
211.000 185.000 121,000 131,000
The Government report, too, made it plain that things were London stock
5,000
5,000
4,000
7,000
Manchester stock
29,000
in much better shape east of the Mississippi than they were Continental
20,000
23,000
15,000
stock
101,000
35.000
34,000
47,000
west of the river. Conditions in Alabama, Mississippi, India afloat for Europe
326,000 145.000 130,000 190.000
39,000
27,000
and Louisiana were better than last year and also better than Egypt, Brazil, &c., afloat
37,000
36.000
Stock in Alexandria. Egypt
185,000 149,000 119,000 118,000
the 10-year average. Georgia was up to the 10-year average. Stock
in Bombay, India •
974,000 918,000 639,000 600.000
Within a day or two the Eastern belt has been getting beneTotal East India, &c
1,870,000 1,514,000 1,107,000 1,144,000
ficial rains. In Texas, too, the weather is better. The rise
Total American
2,691,911 2,510,964 2,847,910 1,700,456
has been largely. on speculative buying, partly by the outTotal visible supply
4,561,911 4,024,964 3,954,910 2,844
'
456
side public. Spinners and cotton merchants have not as a Middling
Liverpool
6.67d.
6.45d.
7.74d.
8.31d.
rule purchased at all freely on the advance. In fact, many Middling Upland,
Upland, New York__
12.10c.
13.65c.
11.65c.
15.90c.
Egypt, Good Brown, Liverpool
1094d.
10.00d. 10.30d.
1154d.
of them have ignored it. To-day prices advanced on bad Peruvian.
Rough Good,Liverpool 8.856.
9.256.
9.50(1. 11.25(1.
private crop reports from Texas and Oklahoma and renewed Broach, Fine,
Liverpool
7%cl.
6%d.
6 5-16d. 6 5-16d.
buying by big interests. The weather was more favorable. Tinnevelly, Good, Liverpool...
654d. 6 5-16d. 6 1-16d.
794d.
Spot cotton closed at 13.65c. for middling uplands,showing
Continental imports for past week have been 137,000 bales.
a decline for the week of 10 points.
The above figures for 1914 show a decrease from last week
The official quotation for middling upland cotton in the of 125,189 bales, a gain of 536,947 bales over 1913, an excess
New York market each day for the past week has been:
of 607,001 bales over 1912 and a [gain of 1,717,455,Lbales
May 29 to June 5Sat. Mon. Tues. Wed. Thurs. Fir. over 1911.
Middling upland
II. 13.75
13.75
13.65
13.65
13.65
NEW YORK QUOTATIONS FOR 32 YEARS.
1914-c
1913
1912
1911
1910
1909
1908
1907
13.65
11.90
11.45
15.90
14.90
11.50
11.40
12.90
1906_c
1905
1904
1903
1902
1901
1900
1899
11.25
8.40
11.75
11.50
9.25
8.25
8.88
6.25
1898-c
1897
1896
1895
1894
1893
1892
1891
6.50
7.69
7.75
7.25
7.38
7.81
7.81
8.75
1890.c
1889
1888
1887
1886
1885
1884
1883
12.3i
11.19
10.00
11.44
9.25
10.75
11.56
10.62
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday.._ _
Monday _ - _
Tuesday _
Wed kesday _
Thursday _Friday ____
Futures
Market
Closed.
HOLI DAY.
uiet
Steady
Wet
Barely steady
uiet 10 pts. dec_ _ _ Barely steady
uelt
Steady
uiet
Steady
Total_
SALES.
Spot. Contect Total.
2,000
2,000
2,000
PP QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
June 5.
Galqeston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thurscry. Friday.
14
13
1394
133
13
14
14
132
1394
13941354
1394
1394
1334
1394
13%
133
14. 0
14.00
1434
14
1494
13
1394
1334
1394
13
• 1394
13 13-16 1394
1394
13t6
1314
1394
1334
____
___
134
133,4
____
14
1334
1394
137
15T5-16
1334
1394
13.90
1434
1334
1394
____
__-_
1334
1394
13.90
1434
1394
1394
1394
1334
13
131
13. 0
14
13
13
137 1
1334 7
1394
1394
1782
THE CHRONICLE
[VOL. xcviii.
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening indicate that
the weather has been more favorable during the week.
There have been beneficial showers in a number of districts
east of the Mississippi, but more rain is claimed to be needed.
In the Southwest there has been less rain and with better
weather the plant is reported to be improving. There are
Movement to June 6 1913.
Movement to June 5 1914.
complaints from Texas, however, of grasshopper and bug
Ship- Stocks
Receipts.
Receipts.
Ship- Stocks
Towns.
meats. June
meats. June
damage.
6.
Week. Season. Wect.
5.
Week. Season. Week.
Galveston, Tex.-With more favorable weather during the
88 2,184 last few days the plant has improved. In many sections
8 21,071
690
12
7 22,411
Ala.,Eufaula__
12,214
3,135
432 155,448
361 155,833 1,003 2,954
Montgomery.
311 2,632 fields are entirely overrun with weeds and in some places
135 117,694
850
251 125,673
437
Selma
178 have been abandoned. Complaints of grasshopper and bug
41,536
92: 5,075
65,589
204
Ark., Helena
430 180,637 1,493 22,456
312 187,948 3,955 28,500
Little Rock.._
has appeared
979 damage are being received. The boll-weevil
42
23,980
161 1,044
27,401
____
Ga.. Albany__ _
960 5,822 in South Texas. It has rained on one day during the week,
60 106,952
801 8,542
225 116,896
Athens
4,238
506 160,070 1,467
1,448 229,696 2,040 7,295
Atlanta
and eighty-two hundredths.
504 332,807 4,385 29,718 the rainfall reaching two inches
1,259 369,839 1,554 23,411
Augusta
475 13,621 Average thermometer 81, highest 85 and lowest 76.
90 74,806
711 5,435
125 80,978
Columbus....
430 9,163
36,771
18
87
32
44,449
Macon
Abilene, Tex.-We have had rain on four days of the week,
51,215 1,053 5,946
299
306 4,200
75 57,456
Rome
3,612 the precipitation reaching eighty-nine hundredths of an inch.
1 140,678
337 192,00' 2,051 11,869
La.,Shreveport
899
1,383
27,518
189
38,197
40
Miss.,Columb's
66. May rainfall 6.37 inches.
4
12
49,301
178 Minimum temperature
411
928 2,570
85,674
Greenville ___
108,937 1,000 5,000
785 9,200
Brenham, Tex.-It has rained on two days during the week,
150 142,021
Greenwood...
201
57,114 1,304 5,554 the precipitation being fifty hundredths of an inch. Ther278 3.465
33,961
228
Meridian ____
855
101 2,100
18,045
19,67
Natchez
1,279 mometer has averaged 78, ranging from 68 to 88. May
29,242
176
881 1,334
52 34,172
Vicksburg ___
35 2,943 rainfall 8.02 inches.
22,424
481 2,140
40,656
____
Yazoo City__
Mo.,St. Louis_ 8,813 547,055 10,091 23,717 2,997 546,112 3,760 25,464
Cuero, Tex.:-----We have had rain on three days during the
217
101
10,644
54
111
12
14,507
71
N.C.,Raleigh.
0., Cincinnati. 2,1'73 237,163 2,357 18,652 1,567 217,773 3,247 24,023 week, the rainfall reaching one inch and ninety-two hun30,200
____
____
37,136
____
Okla.,Hugo_ _ _
68 to 90,
2,914 dredths. The thermometer has ranged from
19,354
217
____
13,49.
13.C.,Greenw'd.
Tenn.,Memphia 5,325 1,104,863 12,775 38,437 2,662 799,777 10,636 45,186 averaging 79. May rainfall 10.36 inches.
455
320
7,709
10
404
____
10,984
Nashville
Dallas, Tex.-Rain has fallen on one day of the week, the
761
85
17,370
16
574
2'
17,725
14
Tex., Brenham
25
125 rainfall being one inch and twenty hundredths. Lowest
43,835
50
101
49,701
____
Clarksville__ 3,200
500
200
131,490
1,238
17
152 100,181
Dallas
64. May rainfall 7.02 inches.
____
____
75
775 thermometer
45,137
33,202
____
Honey GroveHenrietta, Tex.-We have had rain on one day of the week,
8,5902,718,050 13,322 64,452 4,791 3,270,626 9,317 61,535
Houston
151,138
30' 1,000
100
114,944
900 the precipitation reaching eighty hundredths of an inch.
Paris
has averaged 77, the highest being 88 and
Total. 33 towns. 30.6237.069.533 56.903268.512 15.221 7.047.411 44.35 208510 The thermometer
lowest 66. May rainfall 3.42 inches.
OVERLAND MOVEMENT FOR THE WEEK AND theHuntsville, Tex.-There has been rain on one day during
SINCE SEPT. 1.-We give below a statement showing the the week, the rainfall being fourteen hundredths of an inch.
overland movement for the week and since Sept. 1, as made The thermometer has averaged 79, ranging from 68 to 90.
up from telegraphic reports Friday night. The results for the May rainfall 6.72 inches.
week and since Sept. 1 in the last two years are as follows:
.Kerrville, Tex.-It has rained on two days during the
-1913-14--- -1912-13- week, the rainfall reaching one inch and twelve hundredths.
Since
Since
June 5.
Week. Sept. 1. The thermometer has ranged from 56 to 86, averaging 71.
Week. Sept. 1.
Shipped524,585
3.760
10.090 529,526
Via St. Louis
6,910 396,206
h1,175 h294.053 May rainfall 8.26 inches.
Via Cairo
20,829
_
47
6,972
Lampasas, Tex.-Rain has fallen on two days during the
Via Rock Island
84,130 week, the rainfall reaching twenty-four hundredths of an
2.H5
1,094 117,225
Via LouisivIle
125,512
542
692
118,408
Cincinnati
Via
3,498 138,959 inch. Average thermometer 71, highest 80, lowest 62.
587 140,101
Via Virginia points
4,167 383,380 May rainfall 8.74 inches.
876 350,206
Via other routes, &c
Longview, Tex.-There .has been rain on one day during
15,357 1,571,448
20,296 1,658,644
Total gross overland
Deduct Shipmentsthe
week, the precipitation being one inch and eighteen
120,261
139,495
2,279
&c._
2,159
Y.,
Boston,
Overland to N.
250 123.794 hundredths. The thermometer has averaged 81, the highest
160,228
5,068
Between interior towns
2,075
94,798 being 94 and the lowest 68. Month's rainfall 6.06 inches.
6,357 137,445
Inland, &c., from South
Luling, Tex.-There has been rain on four days during the
4,604 358,087
13,584 417,934
Total to be deducted
the rainfall reaching one inch and forty-two hunweek,
10,753
1,240,710
1,213,361
6,712
Leaving total net overland*
dredths. The thermometer has averaged 80,ranging from
70 to 90. May rainfall 8.66 inches.
* Including movement by rail to Canada. h Revised.
Nacogdoches, Tex.-We have had rain on one day during
The foregoing shows the week's net overland movement
this year has been 6,712 bales, against 10,753 bales for the the week, the rainfall reaching sixty hundredths of an inch.
week last year, and that for the season to date the aggregate The thermometer has ranged from 62 to 90, averaging 76.
net overland exhibits an increase over last year of 27,349 May rainfall 5.36 inches.
bales.
Palestine, Tex.-We have had rain on one day the past
-1913-14
1912-13----- week, the rainfall being fourteen hundredths of an inch.
Spinners
Since
Since
and
Sight
In
Week.
Sept. 1.
Sept. 1. Average thermometer 76, highest 88, lowest 64. May rainWeek.
Takings.
54,822 9,987,480 43,284 9,315,526 fall 5.04 inches.
Receipts at ports to June 5
6,712
1,240,710
1,213,361
10,753
Net overland to June 5
Paris, Tex.-There has been rain on two days during the
Southern consumption to June 5_ 62,000 2,398,000 59,000 2,264,000
precipitation being thrity-eight hundredths of an
week,
123,534
13,626,190 113,037 12,792,887 inch. the
Total marketed
The thermometer has averaged 76, the highest being
*26,280 153,998 *29,134
198,474
Interior stocks in excess
and the lowest 60. May rain,fall 6.10 inches.
83,903 12,091,361 92San
Came into sight during week._. 97,254
Antonio, Tex.-There has been rain on two days during
13,780,188
r Total in sight June 5
26,209 2,375,879 the week, the rainfall reaching twenty-one hundredths of an
North'n spinns' takings to June 5_ 26,889 2,493,885
inch. The thermometer has averaged 78, ranging from 65 to
* Decrease during week.
88. May rainfall 5.76 inches.
Movement into sight in previous years:
Taylor, Tex.-It has rained on three days of the week, the
Bales. Since Sept. 1Bales.
Week75,091 1911-12-June 8
14,925,028
rainfall reaching ninety hundredths of an inch. Minimum
8
1912-June 9
52,844 1910-11-June 9
11,349,236 thermometer 66. May rainfall 6.83 inches.
1911-June 10
56,461 1909-10-June 10
9,985,406
-June
1910-June
during the
Weatherford, Tex.-Rain has fallen on two dayshundredths.
1908-09--June 11
13,004.134
11
1909
forty
and
inch
one
reaching
rainfall
the
week,
NEW ORLEANS CONTRACT MARKET.
Average thermometer 77, highest 88, lowest 66. May rainSaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday. fall 7.58 inches.
days of the
May 30. June 1. June 2. June 3. June 4. June 5.
Ardmore, Okla.-We have had rain on three
hundredths of an
week, the precipitation reaching forty-nine
JuneRange
inch. The thermometer has averaged 77, the highest being
13.49-51 13.57-.58 90
Closing
---13.63-.64 13.52-.53
and the lowest 66.
Julyduring the
13.59-.67
13.37-.52 13.53-.60
13.42-.48 13.50-.80 13.50-.51
Range
Holdenville, Okla.-It has rained on one day of
13.50 -13.56 57 week,
13.44-.45 13.62-.63
Closing
an inch.
sixty hundredths
being
precipitation
the
August
13.37-.53
13.38-.47
13.20-.34
has averaged 75, ranging from 63 to 87.
13.23-.25 13.52-.57
thermometer
The
13.33-.35113.42-.43
13.24-.25 13.49-.50 13.32-.34
Rona%
Marlow, Okla.-We have. had.rain on three days during
September- 1 12.96-.97 the week, the rainfall reaching ninety-two hundredths of an
13.20 - 13.00
flange
12. -86-.8812.91-.93 inch. Thermometer has ranged from 64 to 90, averaging 77.
12.84-.86 13.14-.16 12.98-.00
.
October1
HOLI- 12.60-.70 12.69-.75
Eldorado, Ark.-It has rained on one day during the week,
12.62-.66 12.70-.00 12.77-.96
Range
12.64-.65 12.93-.94 12.77-.78 DAY. 12.65-.66,12.71-.72 the rainfall reaching thirteen hundredths of an inch. AverClosing
December12.60-.681 12.69-.76
thermometer 82, highest 95 and lowest 69.
12.63-.65 12.69-.00 12.77-.95
Range
12.65-.66,12.71-.72 ageFort Smith, Ark.-There has been rain on one day during
12.64-.65 12.92-.93 12.77-.78
Closing
January12..
61- 701 12.71-.76 the week, the precipitation being four hundredths of an inch.
12.62-.66 12.70-.00 12.7$-.97
12.66-.67112.72-.73 The thermometer has averaged 80, the highest being 92and
12.64-.65 12.93-.94 12.78-.79
Rangesg
March---12.82-.09 12.91-.07
12.73-.81112.82-.86 the lowest 68.
Range
12.74-.75 13.02-.04 12.88-.89
12.77-.78,12.83-.85
Closing
Little Rock, Ark.-There has been no rain during the week.
Nal
MaoI
The thermometer has averaged 82, ranging from 72 to 93.
Range,
12.88-.90
12.77..7912.83-.85
Alexandria, La.-We have had rain on one day during the
Toneweek, the rainfall reaching twenty hundredths of an inch.
Quiet. 1 Firm
Steady. Steady. Steady.
Spot
Steady. Steady.Stead y Sto:arty
Stead v
tintInns
The thermometer has ranged from 67 to 97, averaging 82.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail 'below.
JITNE 6 1914.]
THE CHRONICLE
1783
0 00000 00
New Orleans, La.-We have had rain on two days the past
AGRICULTURAL DEPARTMENT REPORT ON COTweek, the rainfall being fifty-eight hundredths of an inch. TON CONDITION.-The Agricultural Department at
Average thermometer 84, highest 96, lowest 72.
Washington issued on June 1 its report on cotton condition
Shreveport, La.-There has been rain on one day during the as follows:
week, the rainfall being thirty-two hundredths of an inch
The Crop Reporting Board of the Bureau of Statistics(Crop Estimates)
U. S. Department of Agriculture, estimates, from the reports of tin' co'
The thermometer has averaged 81, ranging from 68 to 94.
spondents and agents of the Bureau, that the condition of the cotton crop
Columbus, Miss.-It has rained on two days of the week, on May 25 was 74.3% of a normal,as
with 79.1 on May 25 1913.
the rainfall reaching fifty hundredths of an inch. The ther- 78.9 on May 25 1912,87.8 on May 25 compared
1911 and 80.4 the average of the past
10 years on May 25. Comparisons of conditions by States follow:
mometer has ranged from 65 to 100, averaging 82.
May 25
Greenwood, Miss.-Dry all the week. Average thermo10-Year
Statesmeter 82, highest 98, lowest 66.
1914.
1913.
1912.
1911. Average.
Virginia
83
83
89
93
86
Vicksburg, Miss.-There has been rain on one day during North
Carolina
76
76
87
83
83
the week,the rainfall reaching one inch and seven hundredths. South Carolina
72
68
83
80
79
Georgia
80
69
74
92
80
The thermometer has averaged 83, ranging from 69 to 96.
Florida
82
83
75
95
84
Livingston, Ala.-It has rained on one day during the week, Alabama
8574
91
80
Mississippi
87
'
4t
72
86
the rainfall reaching one hundredth of an inch. The ther- Louisiana
79
82
81
69
91
78
mometer has ranged from 64 to 98, averaging 81.
Texas
65
86
84
88
81
Arkansas
79
Mobile, Ala.-Scattered copious showers in the interior Tennessee
85
87
73
80
80
87
74
83
82
have done much good, but a general rain is needed. It has Missouri
86
90
74
86
83
Oklahoma
been dry all the week. Average thermometer 81,highest 95, California
68
87
78
87
84
100
96
96
95
-lowest 68.
Montgomery, Ala.-lt has rained on four days during the
United States
74.3
79.1
78.9
87.8
80.4
week, the precipitation being fifty-seven hundredths of an
ALEXANDRIA RECEIPTS AND SHIPMENTS.
inch. Thermometer has averaged 82,ranging from 66 to 98.
Selma, Ala.-We have had rain on two days during the
Alexandria, Egypt,
1913-14.
1912-13.
1911-12.
week, the rainfall reaching fifty hundredths of an inch. The
June 3
thermometer has, ranged from 68 to 99, averaging 83.
Receipts
(cantars)Madison, Fla.-It has rained on one day during the week,
This week
4,000
6,500
7,000
the rainfall reaching twenty-eight hundredths of an inch.
Since Sept. 1
7.571.123
7,443,581
7,235,123
Average thermometer 82, highest 99 and lowest 70.
..
This Since
This Since
Tallahassee, Fla.-There has been rain on two days during
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
the week, the rainfall being two inches and forty-seven hun- Exports (bales)To Liverpool
4.250 195,348
dredths. The thermometer has averaged 81, ranging from
____ 188,968 2,250 189,488
To Manchester
204,534
___ 196,397 --- 216.379
65 to 97.
To Continent and India_ 6.250 390,233 8,756 366,512 10,750
346.740
3.000 75.893
Albany, Ga.-It has rained on two days during the week, To America
____ 116,421 1,000 104.288
the rainfall reaching one inch and twelve hundredths. The
Total exports
13,500 866,008 8,750 868.298 14.000 856.895
thermometer has ranged from 68 to 99, averaging 84.
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Augusta, Ga.-We have had rain on one day the past week,
the rainfall being one hundredth of an inch. Average therMANCHESTER MARKET.-Our report received by
mometer 84, highest 99, lowest 68.
cable
from Manchester states that the market conSavannah, Ga.-There has been rain on three days during tinues to-night
for both yarns and shirtings. Merchants are
the week, the rainfall reaching eighty-four hundredths of an buyingfirm
very sparingly. We give the prices for to-day below
inch. The thermometer has averaged 79, ranging from 65 and leave
those for previous weeks of this and last year
to 94.
Charleston, S. C.-We have had rain on three days during for comparison.
the week, the rainfall reaching one inch and forty-nine hun1914.
1913.
dredths. The thermometer has ranged from 71 to 94, averag874 lbs. Shirt- Corn
ing 83.
83-i lbs. Shirt- Corn
328 Cop
lags, common Mid.
328 Cop
ing*, common Mid.
Greenville, S. C.-Rain has fallen on one day during the
Twist.
to finest.
Upra
Twist.
to finest.
Uprs
week, the rainfall reaching seventy-four hundredths of an
d.
d. d.
e. d. d. d.
d. s. d.
inch. Average thermometer 81, highest 95, lowest 66.
s. d. d.
Apr.
Spartanburg, S. C.-There has been rain on one day during 17 9% 0 10% 6 1%011 a 7.30 10;•fi
6 2%011 5
6.91
24 9% 0 10% 6 2 @i12% 7.36 10
11 8 2 0114% 6.77
the week, the rainfall reaching seven hundredths of an inch. May
The thermometer has averaged 83, ranging from 66 to 101.
1 9% 0 10% 6 2 011 2% 7.26 9%
10% 82
6.72
8 9% 0 10% 6 2 011 2% 7.32 10
Charlotte, N. C.-There has been rain on one day during 15
10% 62
6.68
10
0 11 6 2%011 3
7.47 10
10% 82
6.79
the week, the rainfall being three hundredths of an inch. 22
10%
11% 6 3 011 4
7.59 10
10% 62
8.72
29 10%
11% 6 3%011 4% 7.70 10
Average thermometer 80, highest 91,lowest 68.
10% 82
8.61
June
Goldsboro, N. C.-The week's rainfall has been one inch
5 101A 0 11% 6 4 011 5
7.74 10
10% 62 011 4% 6.87
and one hundredth, on two days. The thermometer has
averaged 74, the highest being 91 and the lowest 57.
SHIPPING NEWS.-As shown on a previous page, the
Weldon, N. C.-There has been rain on three days dur- exports of cotton from
United States the past week have
ing the week, to the extent of seventy-four hundredths of an reached 91,875 bales.theThe
in detail, as made
inch. The thermometer has ranged from 53 to 88,averaging up from mail and telegraphic shipments
returns, are as follows:
70.
Total bales.
-To Liverpool-June 2-Carmania, 67_ _Tune 3
Dyersburg, Tenn.-There has been no rain during the week. NEW YORK
Baltic 219 upland, 22 Peruvian
308
The thermometer has ranged from 65 to 94, averaging 80.
To Havre-June 2-Kentucky, 97
97
To Bremen-May 29-Prinz Friedrich Wilhelm, 414
Memphis, Tenn.-We have had rain on one day of the week,
414
Antwerp-May 29-Vaderland, 100
To
100
the precipitation being five hundredths of an inch. AverTo St. Petersburg-June 2-Russia, 100
100
To Genoa-June 2-Moltke, 200
age thermometer 81, highest 92, lowest 70.
200
To Naples-June 2-Moltke, 1,285
1,285
Milan, Tenn.-We have had rain on two days during the
To Venice-June 2-Argentina, 300
300
week, the precipitation being nine hundredths of an Inch. GALVESTON-To Liverpool-June 4-Aidan, 11,009
11.009
Barcelona-May 30-Balmes, 3,355
The thermometer has averaged 79, the highest being 93 and NEWToORLEANS
3,355
-To Liverpool-June 1-Dramatist, 9,049
9,049
the lowest 64.
To Manchester-June 4-Nicosian, 4,000
4,000
To Bremen-June 2-Breslau,6,869
6,869
To Hamburg-June 2-Secundus, 3,371
OUR COTTON ACREAGE REPORT.-Our cotton acre3,371
To Barcelona-June 2-Dora, 2,063
2,063
age report will probably be ready about June 25. Parties
To Genoa-June 2-Mongibello, 1,545
1,545
To Venice-June 1-Virginia, 498__ _June 2-Dora, 2,031_ __ _ 2,529
desiring the circular in quantities with their business cards
To Trieste-June 1-Virginia. 286_ __June 2-Dora, 290
576
Fiume-June
To
2
-Dora, 247
printed thereon should send in their orders as soon as possible MOBILE-To Liverpool
247
-May 30-Cuthbert,3,901
SAVANNAH-To Liverpool-May 30-Glenroy,4,099_ _ _June 2- 3,901
to ensure early delivery.
Asian. 3,924
8,023
To Manchester-June 2-Kyleness, 4,076
WORLD'S SUPPLY AND TAKINGS OF COTTON.
4,076
To Havre-May 30-Zafra,
Cotton Takings.
Week and Season.
1913-14.
1912-13.
Week.
Season.
Week.
Season.
Visible supply May 29
4,687,100
4,205,202
Visible supply Sept. 9
2,055,351
American in sight to June 5
97,254 13,780,188
83,903 12,991,361
Bombay receipts to June 4_ _ b70,000 3,401.000
51,000 2,465,000
Other India ship'ts to June 4
42,000
510.000
33,000
376,000
Alexandria receipts to June 3
1,000 1,010,000
1,000
992,500
Other supply to June 3*
8,000
307.000
6,000 • 284,000
Total supply
4.905,354 21,063,539 4,380,105 19,243,346
DeductVisible supply June 5
4,561,911 4,561,911 4,024,964 4,024,964
Total takings to June 5_a
343,443 16,501,628 355.141 15,218,382
Of which American
195.443 12,130,628 253.141 11,845,882
Of which other
148,000 4,371,000 102.000 3,372.500
4,019
To Bremen-May 30-Anglo-Brazilian, 3,955__ _Juno 2-North 4,019
Point, 7,595
11,550
To Hamburg-June 2-Auldmuir, 4.169
To Antwerp-May 30-Anglo-Brazilian, 3,087......June 2- 4,169
Noya, 549
3,636
NORFOLK-To London-June 2-Rapidan, 1,292
1,292
BOSTON-To Liverpool-June 1-Cymric, 3,502
SAN FRANCISCO-To Japan-May 30-Hong Kong Martz. 200.. _ 3,502
200
Total
91,875
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
* Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
Forwarded
a This total embraces all the total estimated consumption by Southern mills, Total stock
2,398,000 bales in 1913-14 and 2,264,000 bales in 1912-13-takings not
Of which American
being available-and the aggregate amounts taken by Northern and foreign Total imports of the week
spinners, 14.103,628 bales in 1913-14 and 12,954,382 bales in 1912-13, of
Of which American
which 9.732,628 bales and 9,581,882 bales American.
Amount afloat
b Estimated.
Of which American
May 15. May 22. May 29. June 5.
63,000
52,000
27,000
25,000
3,000
7,000
1,400
600
1,000
1,000
700
300
52,000
37,000
20,000
15,000
3,000
15,000
9,000
5,000
83.000
89,000
55,000
60,000
1.097,000 1,069,000 1,027,000 1,010,000
861.000 826,000 812,000 799,000
50,000
75,000
46,000
47,000
63,000
38,000
28,000
34.000
149,000 138,000 127,000 142,000
90,000
89.000
96.000
94.000
1784
THE CHRONICLE
[VOL. xcviii.
rains fell in the
The tone of the Liverpool market for spots and futures homa and Texas next week. Beneficial
But seeding is delayed
each day of the past week and the daily closing prices of American Northwest and Canada.
in Argentina by wet weather. Export sales to-day of 500,000
spot cotton have been as follows:
bushels.
FUTURES IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
Sat. Mon. Tues. Wed. Thurs. Fri.
9534 9634 953 95%
9531
cts_11134
in
elevator
2
Fair
No. red
Fair
Market, 1
Dull.
May delivery in elevator
business
business
12:15
97 9654 9634
96
9554
0554
in
elevator
July
delivery
doing.
doing.
P. M.
_ 9334 9334 9334 94 9334 9334
September delivery in
IN CHICAGO.
7.74
7.73
0F WHEAT FUTURES
7.86
elevator..-DAILY CLOSING PRICES
MId.Upl'ds
Sat. Mon. Tues. Wed. Thurs. Fri.
HOLI- May delivery in elevator
-4,000
8,000
8,000
cts_ 99
HOLTHOLISales
A'N; 8654 8434
DAY
300
86X 6634 87
500
500
DAY.
DAY.
July delivery in elevator
Spec..Szexp
86
853.1
8534
8554
8534
853
September delivery in elevator..
Steady at Steady at Steady at
Futures.
active. The Eastern
and
strong
been
has
corn
pts.
251
Indian
434@6
©16
et11
1
Mark
decline.
pts. adv. Ws. dec.
opened
cash demand at Chicago has been sharp. Speculation has
are
at
at
broadened. Country offerings have been small and
Steady
Steady
at
Quiet
Market, I
12151334 5158 pts. 205 pts.
in the near future. The eastern
smaller
still
be
to
4
expected
pts. adv. decline. decline.
P. M. I
demand at Chicago has been one of the most stimulating
t
The prices of futures at Liverpool for each day are given factors. Also, it looks as though the Argentine movemenIt
below. Prices are on the basis of upland, good ordinary would be delayed. This was an important factor.
might bring about a very interesting situation, as pretty
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus: 7 47 means 7 47-100d.
much everybody has been figuring on a big Argentine moveand the cutting down of American prices as a result
ment
May 30 Saturday. Monday, Tuesday. Wed'day. Thursday. Friday. of this competition from South America. Chicago operato
1234 4 1234 4 1234 4 1234 4 tors are quite bullish on the situation, though the American
June 5 1234 1234 1234 4
p.m pan. p.m Pam p.m P.m. p.m p.m p.m p.m Pam p.m crop reports are, in the main, very favorable. But Liverd. d. d. d. d. d. d. d. d. d. d. d. pool has been firm following the strength of the market on
this side of the water and also the firmness at BuenosAyres,
7 4734 44 3534 36 3631 34
ne
May-Ju
116%
7 30 27 18 19 19
ied by unfavorable weather reports from Argentina.
accompan
June -July
7 2934 2634 18 19 19 1631
July-Aug_
at Liverpool have been decreasing, and prices
Local
stocks
,04
06
07
06
1434
17
7
kug.-Sept.
99 96 8734 90 8631 85 HOLI- there would have advanced further but for large offerings
3ept.-Oct. HOLT- HOLI- 6
DAY
893i 86 78 81 7734 76
Dct.-Nov. DAY. DYY. 6
from the Danube. A cargo of Argentine corn for June ship6834
6 8234 79 71 7334 70 67
Nov.-Dec.
ment was sold,cost freight and insurance,New York basis at
6834
6 81 7734 6934 72 68
Dec.-Jan_
6634
6 8034 77 69 7134 6834 67
68 cents. To-day, prices opened firm, but became easier
Ian.-Feb.
72
6954
7734
6 81
Feb.-Mch.
later. Argentina is offering more freely again at our sea68
6 82 7834 7034 73 69.34
gch.-Apr.
6934 6734
6 82 7834 7034 73 69
board markets. The Eastern demand fell off somewhat
tkpr.-Alay.
.6734
7234
70
6 82 7834
k114-June
at Chicago. Crop reports were generally favorable. Southern Illinois, however, needs rain.
2 MIXED CORN IN NEW YORK.
DAILY CLOSING PRICES OF NO.
BREADSTUFFS.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts 8134 8154 8231 8254 8154 8194
No. 2 mixed
Friday Night, June 5 1914.
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OFSat.
Mon. Tues. Wed. Thurs. Fri.
Flour has been in only moderate demand at the best, and
-74
cts
be
marketed
in
will
elevator
wheat
delivery
May
the nearness of the time when winter
13534 6934
6734 (IPA 6931" rfOx 67
July delivery.in elevator
67
6534 6654 6734 6734
makes most buyers adhere more tenaciously than ever to the September delivery in elevator
Under
demand.
nts
requireme
policy of buying only as their
with other grain and also by reason of
advanced
have
Oats
such circumstances prices have shown little or no change dry weather in Illinois and some unfavorable crop reports
and have often seemed more nominal than otherwise. It is from that State. The acreage is said to be a little over 1%
likely to be a more or less listless market for some little time smaller than that of last year, and a private crop report at
to come or until the whole situation clarifies. The total
Chicago put the condition at 85.5, as against 87 last year,
output last week at Minneapolis, Duluth and Milwaukee pointing, it was contended, to a crop of 1,165,000,000 bush.
was 361,170 barrels against 333,605 in the previous week Another, however, put the condition as high as 91.7, that in
and 299,030 last year.
the Northwestern States offsetting a low condition in IlliWheat has been stronger, partly owing to reports of dam- nois. But in any case the tone has been firm with no little
age in Russia, France, Hungary and Italy as well as other speculation. The cash demand,on the other hand, has been
countries. Also there has been quite a good cash demand only of fair volume. Some of the time, indeed, it has been
from big milling interests and exporters. Baltimore ex- small,and, despite the complaints of dry weather in Southern
porters have taken a good deal of the new crop in various Illinois, there has been considerable liquidation on the uppositions. On a single day charters were made at Chicago turn. It is recognized that it is too early in the season to
for 500,000 bushels to load at once for Buffalo. Canada be at all dogmatic as to the size of the crop. To-day prices
has been complaining of dry weather, whereas dry weather eased a little on light trading. General and beneficial rains
in this country west of the Missouri River would be bene- caused selling. Country offerings, however, were light.
YORK.
OF OATS IN NEWThurs.
ficial. Some reports of black rust have been received from
DAILY CLOSING PRICES
Fri.
Wed.
Tues.
Mon.
Sat.
Northern Texas. The sales for export during the week have
4654-47
4634-47
4634-47
4634-47
4634-47
cts_4631-47
a
Standards
On
47-4734
47-4734
included 240,000 bushels of hard winter for Portugal.
47-4734
47-4734
47-4734
47-4734
No. 2 white
IN CHICAGO.
OATS FUTURES Wed.
single day the export transactions were stated at 1,000,000
DAILY CLOSING PRICES OFSat.
Thurs. Fri.
Mon. Tues.
bushels, including 500,000 bushels at Duluth. Yet crop May delivery in elevator
cts
39
-from
especially
,
favorable
Wi 16 4094 6654 541
news taken as a whole has been
3934
elevator
in
delivery
July
3834 385's 38 3754
3854 38
Kansas, and one crop statistician has put the total yield at September delivery in elevator
GRAIN.
916,000,000 bushels. The condition of spring wheat is
cts.
Corn,per bushel—
said to be the best for many years past. During May the Wheat,per bushel—f.o.b.
2 mixed..
$1 03% No. 2
N.Spring,No.1
8154
winter wheat condition dropped, according to some reports,
yellow
No.
102
N.Spring,No.2
81
95% No. 3 yellow.
only a little over 1%. The Kansas crop is variously estiRed winter. No. 2 arrive 10534
74080
bags..
in
Argentina
of
and
that
bushels
2,
No.
00
winter,
Hard
mated at 140,000,000 to 180,000,0
bushel—
per
Rye,
cts.
per bushel, new—
7234074
Oklahoma at 40,000,000 bushels or more. But apart from Oats,
4634047 New York..
Standards
4704734 Western. ting
No. 2, white..
other things the market was found to be oversold, and this
60070
Barley—Mal
4604634
No. 3. white..
with the firmness of corn had much to do with a rally which
FLOUR
the
on
mammoth
recently
sold
had
y
$4 2004;4 35
followed. Everybod
40 Spring clears
low grades.___ _$3 20 $3
sacks.. 4 3051 4 60
American crop. Then again the decrease in the world's Winter,
4 90 5 10 Kansas straights,
Winter patents
3 90 4 20
sacks
clears.
Kansas
to
8,208,000
75
50
4
amounted
4
It
straights..
week.
last
Winter
large
supply was
5 95 6 35
4 20 4 40 City patents
clears.
Winter
of
last
year
week
same
the
3 300 3 90
in
decrease
a
against
bushels,
4 65 500 Rye flourflour..
Spring patents
3 800 4 50
4 35 4 55 Graham
only 2,579,000 bushels. The result is that the world's Spring straights
page 1742.
stock of wheat is now stated at only 130,733,000 bushels,
For other tables usually given here, see
IN FOR WEEK ENDING JUNE
against 157,109,000 last year and 166,002,000 in 1912.
BULLET
R
WEATHE
Reports from France say that the outlook is unsatisfactory 1.—The general summary of the weather bulletin issued by
and that native offerings of wheat are small. Both the Department of Agriculture for the week ending June 1
official and unofficial reports state that the prospects for is as follows:
n States and portions of the Ohio
wheat in Hungary are poor. In Southwestern Russia supin the Southeaster
Continued droughtexcessive
rainfall over much of Texas and Oklahoma,
with further
plies are light, and that is also the case at the Baltic ports. Valley,
of the past week.
weather
the
of
features
marked
the
other
were
the
conditions continIn Southern Italy wheat is not looking well. On
winter-wheat-growing States
In the principal corn and
and
westward of the Mississippi
wheat in the States to
hand, not only is the outlook in this country generally favor- ued favorable for portion
of the States
most
Over
eastward.
to
belt
the
of
Copious
northern
the
over
reported
is
and
rain
able, but it is also good in the United Kingdom.
for
suffering
is
crop
the
however,
the Ohio Valley,
be of
is reported from
e damage from Hessian fly
rains have fallen in parts of Russia which are likely to deas heading low. Considerabl
and Kansas.
extent in Iowa, Missouri
and injury to a less
good progress
beneficial. In most parts of Italy the conditions are . Illinois,
making
is
crop
corn
the
belt
the
of
In the western portion
over all northplanting is nearing completion
scribed as favorable. In India the prospects are promising over the southern portion, and excellent
central and
the
Over
condition:
believed,
in
soil
the
is
with
it
,
ern
districts,
be
increased
is
The acreage in Australia will
dry weather
to eastward of the Mississippi
belt
the
of
portions
southern
,
Argentina
in
reported
germinating
been
has
planted corn is not districts .to Oats,
about 5%. Fine weather
greatly retarding growth andinlate
westmost
over
the
condition
ess,
good
Neverthel
continued
g.
pasturage
progressin
and
is
hay
but
where planting of wheat
to the eastward,
and over the northern section
in ward of the Mississippi
short
are nearly everywhere
tone in American markets, and also in Europe, has been
to the southward they
in the Ohio Valley andand
still
being
is
Valley
Ohio
very
the
in
shown
times
setting
tobacco
at
have
rain,
Paris
prices
for
stronger.
suffering
and
the main
delayed.
all portions, and
pronounced strength. To-day prices were rather easier. further
weather was favorable in nearly
In the spring-wheat beltmade
was
It
.
favorable
were
t
rapid growth under the influence of warm
Southwes
the
from
reports
Weather
vegetation of every, kind
clear and hot there. Harvesting will be general in Okla- weather and sufficient moisture.
JUNE 6 1914.]
THE CHRONICLE
In the eastern portions of the cotton belt one of the severest
spring
droughts ever known is greatly retarding the growth of early-planted
cotton
and delaying the germination of late-planted. In the
central portions of
the belt showers afforded relief from the drought in some
localities and the
early cotton crop is reported in good
but generally late and growing slowly. In the western part of condition,
the belt, including the greater part of
Texas and portions of Oklahoma, excessive rains
have prevented any improvement in cotton and the soil continued too
for cultivation and
large areas in Northern Texas remain unplanted.wet
the eastern belt
the fields are clear, but in the western portions theyOver
are
badly in need of
cultivation and many have been abandoned.
Over the Atlantic Coast States from Virginia northward the
weather was
generally favorable, although rain Is needed in some of the southern
portions.
Over the mountain districts of the West the weather was favorable
and
crops and grass made satisfactory prowth.
In the Plateau region the weather was favorable for all irrigated
crops,
but the ranges and dry fanning districts generally need rain
.
Over the Pacific Coast States favorable conditions were maintained.
Harvesting is progressing in California and fruits are ripening.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 30 1914 was as follows:
1785
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 30 were 10,358
packages, valued at $575,965, their destination being to the
points specified in the table below:
1914----Since
Jan. 1.
1,762
1,434
2,823
37,715
3,126
9,277
946
5,958
213
4.508
817
23,351
277
255
9,832
1,526
26,164
460
30,811
New York to May 30Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Week.
192
Total_
10,358
151,089
-----1913
-14
572
7
170
867
1,999
Since
Jan. 1
630
427
28.852
7.143
14,121
12,629
17,452
1,320
7.058
23,647
29,513
3,769
142,792
Week.
121
___
- 19
The value of these New York exports since Jan. 1 has been
810,936,162 in 1914, against $11,515,484 in 1913.
UNITED STATES GRAIN STOCKS.
Business in staple cotton goods is more active. Prices
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat, Corn. Oats. Oats. Rye. Barley. Barley. show a strong upward
tendency and advances of an eighth
In Thousands-.
bush, bush, bush, bush, bush, bush, bush. bush.
to a quarter cent have been made on well-known tickets.
New York
658
634
20
494
1004
3
32
Boston
The advance in cotton and yarn values together with the
8
219
7
9
9 --ii
3
Philadelphia
69
346
curtailment on the part of manufacturers is beginning to
Baltimore111
171
7
'
5
'V
1
7
12
-iai
2
_
New Orleans
impress buyers with the necessity of covering their future
240 ___
120
91
Galveston
403103
requirements. Commission houses and selling agents are
Buffalo
1,349 -I-3iL
364
1
,I
3
81
_
-Loa
--Ei• calling the attention of buyers to a comparison with previous
Toledo
912 _ _ _
38
116 ---loa--2
Detroit
88 ___
240
37 ____
22
__- seasons, which shows that present prices for finished goods
Chicago
6,077 ___ 1,827 3,405 ____
97 -55
are much lower than they were on previous occasions, when
" afloat
408 __222
Milwaukee
7457 -iii --- --i5 -iio ---- raw material was much lower than at present. Wash goods
Duluth
4,825 -iiii ____
119 1,8.15
28
140 --il sales are improving and jobbers hope
Minneapolis
to make up for much
13,081 ____
2
570 ____
101
588 _ _ _ _ of
St. Louis
the business lost through the poor weather during the
106
92 ___
121 ____
15
23 ---Kansas City
699 ___
320
178 ____
77
spring. Gray goods are decidedly firm with buyers placing
Peoria
10 ___
53
428 ____
1
more orders and paying advances ranging from 1-16 to He.
Indianapolis
135 ____
199
61
Omaha
107 ____
316
583 ____ --71(5 -all -for
wide goods. Print cloths are also selling better, and
_
On Lakes
360
225
..-_
79 ___ buyers who have been holding
On canal and river
out against the prices asked
71 ---- ---150
by mills are now meeting advances. Gray goods, 38-inch
Total May 30 1914__29,775 2,295 4,409 8,144 1,896
595
1,762
115
standard,
are quoted at 53c.
Total May 23 1914...31,663 1,867 4,086 8,240 1,968
589 1,932
186
Total May 31 1913...37,940 5,923 2,549 8,126 1,268
WOOLEN GOODS.-Business in dress goods for fall is
503 1,259
226
CANADIAN GRAIN STOCKS.
less active with the exception of a fair demand for serges
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Parley. Barley. and broadcloths. Sales of the latter are the heaviest in
In Thousdandsbush. bush. bush, bush. bush. bush, bush. bush. several seasons, due to their adaptability to the new
cape
Montreal
4,639 _ _
1,057
--30
886 _--- and loose cloak styles. In other lines agents and jobbers are
Ft.William&Pt.Arthur 5,169 __
_ 4,125
-__
_
Other Canadian
disappointed with the reports received from various sections
4,003 _--4,814
-of the country, and state that buyers are very conservative
Total May 30 1914_13,811 -__
__ 9,986
30
886
in
placing fall business. Sales, with the exception of broadTotal May 23 1914__14,815 ____
__ 10,720
77
877
Total May 311913._13,634 ____
6 10,281
28
640
cloths and serges, are to date far below normal with buyers
SUMMARY.
displaying little concern regarding the future. One reason
Bonded
Bonded
Bonded
TVheat.TVheat. Corn. Oats. Oats, Ryr. Barley. Barley. is that buyers figure on getting all the goods they want later
In Thousandsbush, bush. bush, bush, bush. bush, bush. bush. if needed, while
another is that sales of imported fabrics
American
29,775 2,295 4,409 8,144 1,896
595 1,762
115 have replaced
Canadian
13,811
domestic lines. In men's wear business for
____
9,988 ____
30
888
fall account is quiet, the higher tendency of prices restricting
Total May 30 1914_43,586 2,295 4,409 18,130 1.896
625 2,648
115 the placing of orders. Much
Total May 23 1914__46,478 1,867 4.086 18,960 1,968
attention is being given to the
666 2,809
186
Total May 31 1913_51,574 5,923 2.555 18,406 1,268
531 1,899
226 coming spring season, and selling agents report that opening
prices for spring of 1915 will be much higher than they were
THE DRY GOODS TRADE.
this year. •
FOREIGN DRY GOODS.-Jobbers are doing a very satisNew York, Friday Night, June 5 1914.
A more cheerful feeling developed in dry goods circles factory business in dress linens as a result of the warm
during the past week, and both jobbers and commission men weather. Salesmen on the road are meeting with success
are confidently, looking forward to a period of more active in all sections of the country, and are sending in very enbuying. Inquiries for price particulars and specifications couraging reports concerning the condition of trade among
against previous orders have been better, while most houses retailers. Advices from abroad indicating advances to be
report larger sales than for several weeks past. Buyers are named in prices in the near future, as well as the falling off in
imports and fears of a scarcity of desirable goods later in
realizing that supplies are not plentiful, and that prices
are about as low as can be expected in view of the high cost the season, are stimulating a better demand. Household
of raw material. Consequently they are overruling the goods are moving steadily although in smaller volume, as is
conservatism of their merchandise managers and are placing to be expected at this season of the year. The market for
more advance orders. The sale of the H. B. Claflin Co. has burlaps is featureless with prices holding about steady.
been the feature of the market during the past week, and Light-weights are quoted at 4.55c. and heavy-weights
fully met expectations. Sales were heaviest in the medium nominally at 5.65c.
and low-priced goods, although a fair business was trans- Importations & Warehouse Withdrawals of Dry Goods.
acted in the better grades. The sale served to reveal the
The importations and warehouse withdrawals of dry goods
fact that retailers in and about New York are not so well at this port for the week ending May 30 1914 and since
stocked with staple and novelty lines as had been generally Jan. 1 1914, and for the corresponding periods of last year,
supposed, and also that the materials they are most in need were as follows:
of are in poorest supply. Manufacturers continue conserva- Imports Entered for Consumption for the Week and Since Jan. 1.
tive in accepting business in staple lines at current prices
M
:
IV a
yk3E
0n19r
(1 4.
Since Jan. 1 1914.
for future delivery, and are talking of marking values up if
Pkgs.
Value.
Pkgs.
Value.
of
the recent rise in cotton and yarns is maintained. This is Manufactures
Wool
1,715
411,726
38,952 10,943,550
causing buyers concern, and as a result they are enlarging
Cotton
2,418
575,613
82,733 22,058,613
Silk
843
upon their earlier bookings. Jobbers report a more active
843,828
33,403 16.119,517
8
Fillax
966
235,151
35.292
8,345,174
demand both through the mail and over the counter, and are
Miscellaneous
3,367
110,915
78,553
6,843,767
calling upon manufacturers for the prompt delivery of goods
Total
1914
9,309 2,179,233 268,933 64,310,621
which they have had held back pending an improvementin marTotal 1913
4,490 1,090.622 220,603 50,686.640
ket conditions. Selling agents handling staple lines of cotWarehouse Withdrawals Thrown Upon the Market.
ton goods are warning buyers that there will, without ques- Manufactures ofWool
80,054
327
22,298
5,883,244
tion, be a shortage of goods later in the season, as mill
Cotton
502
137,987
17,597
4,661,375
Silk
erators are discontinuing looms rather than produce goodsop213
87.682
5,976
2,654,530
for
Flax
363
88,919
11,007
2,631,492
which they have no orders or accept future business at presMiscellaneous
2,414
103,652
56,438
3.166,593
ent prices. The hesitancy of the managing heads of large
Total withdrawals
3,819
498,294
113,316
18,997,234
retail establishments is believed to be the secret of the de- Entered for consumption
9,309 2,179,233 268,933 64,310,621
pression, as they will not allow their buyers to go ahead and
Total
marketed
1914
13,128
2,677,527
382,249 83,307,855
stock various departments, owing to the general business
Total marketed 1913
7,191 1,488,769 313,314 62,888.130
uncertainty. This is particularly true in manufacturing
Imports Entered for Warehouse During Same Period.
Manufactures
of
districts in and about New York. In other sections of the
Wool
715
178,923
14,507
4,231,303
country the excellent agricultural outlook is promoting
Cotton
618
176,042
17,336
4,799,937
Silk
optimism, and just now the bulk of the business is coming
287
125,495
6,070
2,688,263
Flax
421
119.332
12,683
3,005,455
forward from these sections of the country. Export marMiscellaneous
293
44,304
37,095
2,579.196
kets are practically at a standstill. Reports received from
Total
2,334
644,096
87,691 17,304,154
abroad are not such as to give any encouragement of buying Entered
for consumption
9,309 2,179,233 268,933 64,310.621
for export in the near future, although orders from China
Total imports 1914
11,643 2,823,329 356.624 81,614,775
may come forward when least expected.
Total imports 1913
7,042
1,702,675
335,758
65,018.464
[VOL. /cern'.
THE CHRONICLE
1786
STATE MO CITY 33:tf'/VATIVrtNT,
Pt Thranicle,
Elizabeth City, Nor, Caro.—Market Bonds Upheld.—The
State Supreme Court, in an opinion by Justice Brown,affirms the ruling of Trial Judge Ferguson, upholding the validity of the $40,000 market-house bonds(V.98,p. 1473). The
syllabus of Justice Brown's opinion is as follows:
1. The original Act authorizing the bond issue without vote of people was
Amended Act passed in
A further amendment was
enacted in
out ayes and noes not recorded on amend
enacted by Legislature of
Terms of Subscription—Payable in Advance
Plaintiff contended that market house is not a nec
ment enacted in
00
$10
For One Year.
essary expense. Held, that the General Assembly has the power to au6 00
For Six Months
thorize a municipal corporation to create a debt and issue bonds for neces13 00
European Subscription (including postage)
expenses without a vote of the people, and the debt created for a marsary
7 50
European Subscription six months (including postage)
is a necessary expense.
22 148. ket house
not imposing an additional burden on the
Annual Subscription in London (including postage)
Held, that the Act of
118.
21
postage)
taxpayers of Elizabeth City, it was not therefore necessary
Six Months Subscription in London (including
and
citizens
$11 50
Canadian Subscription (including postage)
for the ayes and noes to be entered on the journals at the time of amendN. C.
ment. Gregg v. Commissioners,
Subscription includes following Supplements—
4. "The third objection of the plaintiff is met by the fact that the Act
'RAILWAY AND INDUSTRIAL(3 times yearly) of 1913 repeals the section of the Act of
requiring the market house
BANK AND QUOTATION(monthly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
to be built on the property of the city, but if this was not so, it would not
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
affect the validity of the bonds.' Remedy of plaintiff would be to compel
the defendant to use the proceeds of the lands as required by the statute."
Terms of Advertising—Per Inch Space
4. Held that improper use of proceeds of bonds does not render bonds
20
$4
"However, reasonable expenses incurred in issuing the bonds
lines)
invalid.
agate
(14
space
Transient matter per inch
22 00 are incident to the purposes of the Act, and would not be a misappropria(8 times)
/Two Months
29 00 tion of the funds."
(13 times)
Months
Three
Standing Business Cards Six Months
50 00
(26 times)
Held, that, the bonds being authorized by the General Assembly, it
87 00 was not necessary for the vote of the members of the Board of Aldermen
Twelve Months(52 times)
to
be
unanimous.
.
Tel.Harrison4012
CHIcAcio OFFICE—GOO.M.Shepherd,513 Monadnock Block;
LONDON OFFICE—Edwards & Smith,1 Drapers' Gardens, E. C.
Louisiana.—Bill Authorizing folders of "Baby Bonds" to
WILLIAM B. DANA. COMPANY,Publishers,
Sue State.—Next Tuesday night (June 9) the Joint Judiciary
New York.
P.O. Box 958. Front, Pine and Depeyster Sts..
Committee of the Senate will give a hearing on a bill intro-
1907.
PUBLISHED WEEKLY.
1909.
1913. 1913,
1913
2.
162
484.
1907
5.
MUNICIPAL BOND SALES IN MAY.
Our records show that there were sold during the month
of May $30,990,548 long-term municipal bonds. Temporary
loans amounted to $26,122,487, including the $9,401,000
43/2% 1-year temporary loan bonds of the State of Tennessee.
These latter replaced the $9,401,000 4% 40-year bonds which
were advertised during the month but failed to find takers.
New York City's output of revenue bonds and bills and corporate stock notes always constitutes a large part of the
total of temporary loans. Last month $9,421,487 of such
loans were issued. In Canada the debenture bonds sold by
provinces and municipalities reached a total of $14,350,120.
A block of $200,000 Porto Rican bonds was also among the
month's disposals. In the following we furnish a comparison
of all the various forms of obligations put out in May of the
last five years:
1911.
1910.
1912.
1913.
. 1914.
$
$
$
$
$
Permanent loans (U. S.)_30,990,548a83,234,579a98,852.0(34 33,765,245 18,767,754
36,211,785
12,591,697
23,099,003
35,267,494
_28,122,487
(U.S.)
5Temporary loans
Canadian loans (perm't).14,350,120 10,407,898 2,614,982 10,287,092 28,856,569
Bonds of U.S.Possen'ns- 200,000
71,663,155 128909,971 124566,049 56,644,034 83,836,108
Total
*Including temporary securities issued by New York City,$9,421,487 in May 1914
and 533,117,519 in 1913. 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 1914
were 374 and 523, respectively. This contrasts with 389
and 497 for April 1914 and with 362 and 461 for May 1913.
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:
1914
1913
1912
1911
1910
1909
1908
1907
1908
1905
1904
1903
For the
Month of
Five Mos.
May.
$30,990,548 $295,190,337 1902
83,234,579 179,493,040 1901
98,852,064 196,803,488 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
93,957,403 1895
15,722,336
80,651,623 1894
14,895,937
92,705,300 1893
16,569,066
55,110,016 113,443,246 1892
62,649,815
14,846,227
For the
Month of
May.
Five Mos.
$20,956,404 $59,211,223
47,751,962
14,562,340
58,273,539
9,623,264
33,996,634
7,897,642
34,373,622
7,036,926
56,890,312
8,258,927
30,384,656
10,712,538
41,084,172
11,587,766
50,067,615
14,349,410
30,774,180
4,093,969
36,844,291
7,856,860
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bonds in detail. It will be given later.
News Items.
duced June 2 by Senator A. Kent Amacker of East Carroll
for the purpose of bringing to an issue the dispute over the
old "baby bonds" of the State. According to the New
Orleans "Times-Democrat" of June 3, the measure provides
as follows:
known as "baby
Holders of all of that portion of the bonds of Louisiana
for the relief of delinbonds," issued under the provisions of tho ordinance
which was valid
of
Constitution
quent tax-payers, made part of the
Louisiana, and especially
and properly issued by the officials of the State ofor
fraudulently issued by
excluding all that part of such bonds wrongfully right to sue the State in
the then Treasurer of the State, shall have the Rouge to establish the
the District Court for the Parish of East Baton and judgment shall be
validity and amount of the principal of their bonds,
of all such
rendered against the State for the amount of the principal
per annum interest
bonds as are found to be genuine and valid, with 3%limitation,
however,
the
with
maturity,
of
their
date
the
from Jan.
be obligated,
in any such judgment or udgments that the State shall notany
provision
unless the Legislature shall hereafter so determine, to makethe sum found
for the payment of the judgment or judgments in excess of
to be due on the accounting provided for in the bill.
and
Any such suit or suits must be instituted on or before Jan.
not includedin
all claims against the State on any and all "baby bonds," abandoned
and
shall be deemed
suits instituted on or before Jan.
filing
voluntarily remitted. All the bonds sued on prior to the date of the
Auditor
of each suit must be delivered with a descriptive schedule to the by the
of the State, and a duplicate of such schedule certified correct
in
Auditor must be filed with the petition in each case. The judgment
each case must describe the bonds declared genuine and valid and those
with
declared invalid. A certified copy of such judgment must be filed
the Auditor, and he shall thereupon publicly destroy all bonds declared
invalid, and make process verbal of such destruction and file the same with
the Board of Liquidation of the State Debt.
The bill provides that suits may be brought in the names of the respective
owners, or the owners may combine and transfer their claims to a trustee,
who may sue in his own name as trustee for all such owners as put their
bonds in his hands.
The holders of all such judgments against the State, or as many of them
as may elect to join together, may bring a joint suit against the State and
obtain from the State an accounting of all funds and property which in law
or in equity ought to have been applied by the State to the paxment of the
principal and interest of the valid and genuine "baby bonds.
On such accounting judgment shall be rendered against the State for the
shall be the limit
amount found due, and the amount of this judgment
of the obligation of the State to make provision for the payment of the
and valid "baby
judgments rendered against the State on such genuine
in
its discretion, may
bonds ; provided, however, that the Legislature,
the amount of such
provide for the payment of the difference between
of genuine and valid "baby
Judgment and the aggregate of the judgments
and valid "baby bonds"
bonds." All holders of judgments on genuine
notice of such suit brought by
who shall refuse, after three months' written
suit
of the amount of such judgments, to join in thefrom
the holders of
for an accounting and to contribute to its expense, shall be debarred
any benefits or advantages arising out of any judgment on such accounting
suit.
the plaintiff or plainWhen any such suit for an accounting is brought,
experts to examine the nooks
tiffs therein shall have the right to appoint
the information
obtain
to
officials,
her
of
and records of the State, or of any
necessary to establish the claim set up.
1870,
11886,
1 1915
1 1915
60%
New York State.—Former Governor Sulzer Loses in Court
upheld the acof Appeals.—The Court of Appeals on June 2William
Sulzer
tion of the Impeachment Court in removingof the Court
of
from the office of Governor. The opinion
Appeals follows:
for the Trial ofImpeach-
Court
The relator, ignoring the judgment of the on Oct.
the record of
ments, by which he was removed from office
Impeachments,including the
of
Trial
the
the proceedings of which Court for
of the petition of relator in his
judgment of said Court,was made a part
peremptory writ of
application, seeks through the agency of the pay to him salary asmandamus
such Govto compel the State Comptroller to audit and
ernor since the time ofsuch removal.
of the Appellate Division,
In disposing of this appeal from the order
of the Supreme Court denying his
affirming the order of the Special Term
only two points, inasmuch as
application, we deem it necessary to consider
the prosecution of the remedy
to
objections
they constitute conclusive
invoked by appellant.
to try the title to an
The first is that the proceeding is really designed
the law of the State of New
ffice now held by another person, and under
the incumbent of the office is
York a proceeding by mandamus to which
remedy for this purpose.
not a party is not a proper or available
has accepted and exercised the
Secondly, it appears that the appellant
-wit, the office of a member of Assembly,
duties of an incompatible office, to
and to which he qualified
to which office he was elected in, November
since which time he has continued to act as such. The acon Jan.
the Assembly under the laws of the
ceptance of said office of Member of
State of New York would vacate the office of Governor, if it be assumed that
appellant then held it.
The order of the Appellate Division should be affirmed, with costs.
16 1913,
Birmingham, Ala.—Auditorium Bonds Sustained in
Chancery Court.—Chancellor A. H. Benners on May 19 held
valid the $200,000 municipal auditorium construction bonds
voted Oct. 27 1913 and described in V. 98, p. 1474. The
case will be taken to the Supreme Court for final decision.
Bonner County, Idaho.—Bonds to Pay Off County War1913
rants Declared Void.—On May 26 Judge C. P. McCarthy,
7 1914,
of
place
in
Justice
Stewart,
Bench
Supreme
sitting on the
held that Section 99 of Chapter 58 of the Session Laws of
1913 abrogates the power of county commissioners to issue
bonds for the redemption of county warrants. Chief JusRaleigh, No. Caro.—Improvement Bonds Declared Valid.
tice Ailshie and Justice Sullivan concurred.
Brown of the State Supreme Court holds in ere—Justice
This matter, according to the "Idaho Statesman," came before the Su- cent opinion that certain improvement bonds issued by the
of
the
0.
case
L.
in
Peavey
against
appeal
preme Court in the form of an
paving and building a fire house,
George McCombs and others. The action was instituted in Bonner County City of Raleigh for sewerage,.
to enjoin the county officers from signing, issuing and delivering certain are valid. This affirms the judgment of the Trial Judge.
outstanding
warrant indebtedness.
and redeem
bonds of that county to pay
Judge John M.Flynn of that district granted the injunction and appeal was
taken from this judgment.
the Bonner County
In the records of the case it is shown that in April
To raise this sum they levied a
Commissioners appropriated
As
a
there
but
consequence,
produced
tax.
which
three-mill
warrants drawn on the expense fund amountwere outstanding in July
01. There were others bringing the total up to $100,000.
ing to
The Commissioners undertook to issue,bonds to.take up these warrants.
$43,759
1913
1912
$76,967.
$30,913 38.
is-to
Justice Brown states,it is said, that the fact that part of the money
paving,
be used for sewerage, part for a firehouse and the balance for street
bonds.
the
invalidate
expenses,
does
not
munclipal
are
necessary
which
all of
was not
Again, it was contended that fifteen days notice of registration
the trial judge
given. He states that, it appearing from the findings of "News
Oband
the
was
in
registration
published
and
election
of
that notice
citizen was denied
server" and the "Raleigh Times" for thirty days; that no
the privilege of registering, &c., this does not invalidate the bonds.
JUNE 6 1914.]
THE CHRONICLE
Lastly, it was contended that the notice of election was
by the
City Clerk instead of the three City Commissioners. The signed
notice recited
that it was published by authority of the Board of Commissioners
,
under
and
Instructions from them. He states that this does not invalidate the bonds
and that the Court is of opinion that the bonds are a valid obligation of the
City of Raleigh.
1787
A block of $3,500 43i% 53 -year (aver.) sidewalk bonds was also offered
on June:2, but,as previously stated, this will be purchased by the Comptroller for the fund for relief of disabled firemen.
ALBANY (P. 0. Oakland), Alameda County, Calif.-BOND ELECTION PROPOSED.-Newspaper reports state that an election will be held
in
the near future to vote on the question of issuing $20,000 fire-house and
St. Paul, Minn.-Suit Attacking Commission Charter apparatus
bonds.
Dismissed.-The Ramsey County District Court on May 30
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND SALE.-On
the
two issues of 43 % 5%-yr. (aver.) road bonds (V. 98, p. 1629)
denied the application for an injunction to prevent the new May 28
were awarded, it is stated, as follows:
city officers from thking their places June 1 under the com- $13,840
Conners' road bonds to J. F. Wild & Co. of Indianapolis for $13,mission charter. Presiding Judge Brill, who announced the
943 90 (100.757)-a basis of about 4.347%•
Harkenrider road bonds to Fletcher American Nat. Bank of Indecision, prefaced his statement by saying the judges had 16,000 dianapolis
for $16,121 75 (100.76)-a basis of about 4.347%•
not had time to give the case the consideration which it
ANACONDA,Deerlodge County, Mont.-BOND ELECTION.-Newsmerited, in view of the importance of the questions raised, paper dispatches state that an election will be held July 30 to submit to a
the question of issuing $200,000 4%% storm-sewer-system-completion
but that they believed that they were as well qualified just vote
bonds.
then as they would be in the short time left to consider the
ANGLETON DRAINAGE DISTRICT, Brazoria County, Tex.BOND ELECTION.-An election will be held June 13, it is stated, to vote
case before they would have to make the decision Monday.
on the question of issuing $60,000 bonds.
ARKPORT, Steuben County, N. Y.-BOND SALE.-On May
the
$18,000 16-year (aver.) coup. munici al water bonds (V. 98. p.23
1550)
were awarded to John J. Hart of Albany at 100.163 for 4.40s-a basis
of
Bolivia (Republic of).-Bonds Drawn for Payment.-The about 4.385%•
ASBURY PARK, Monmouth County, N. J.-BOND ELECTION.
following coupon bonds of the £500,000 external 6% loan
election will be held June 9 to vote on the question of issuing $50,000
were drawn Jan. 2 at the office of J. P. Morgan & Co., New An
water bonds.
York, for payment July 1 1914 at that office or at the office
AUBURN SCHOOL DISTRICT, Placer County,"Cal.-BOND
ELECTION.-On June 10 a vote will be taken, it is stated, on the question
of Morgan, Grenfell & Co. in London, England:
Nos. 101, 102, 110, 232, 237, 437, 557, 736, 737, 738, 854, 901, 1052, of issuing $47,000 bonds.
AUGUSTA, Ga.-BONDS VOTED.-The proposition to issue the $750,1067, 1084, 1145, 1158, 1192, 1205, 1310, 1522, 1676, 1697.
1793, 1902, 000
% 30-year coupon flood-protection bonds (V. 98, p. 1630) carried
2000, 2094, 2137, 2199, 2200, 2302. 2486.
at the election held June 1 by a vote of 2,514 to 67.
Ludlow, Kenton County, Ky.-Bond Call.-Pa3rment
BAKER, Baker County, Ore.-BONDS VOTED.-According to newsthe proposition to issue $50,000 water bonds carried at a
will be made on June 15 at the City Treasurer's office of aper reports,
election.
bonds numbered 1 to 14, inclusive, for $500 each, being part ecent
BARNESVILLE, Belmont County, Ohio.-BOND SALE.-On May
of an issue of $25,000.
11 the $1,891 39 5% 5S1-year (aver.) Warren Ave. paving (assess.) bonds
(V. 98,
1259) were awarded to the National Bank of Barnesville for
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis,in $1,892 39p.(100.012)-a
basis of about 4.889%.
their quotation pamphlet dated May 16, include the followBASTROP COUNTY (P. 0. Bastrop), Tex.-BOND ELECTION.
The
election
to
vote
on
the
question of issuing the $50,000 road and bridge
ing list of municipal bonds which have been called for re- bonds in Justice Precinct No.
1 (V. 98, p. 1707) will be held June 30, it is
demption:
stated.
Bloomfield, Stoddard County, street-improvement 5% bonds, dated
BATH, Steuben. County, N. Y.-NO ACTION YET TAKEN.
-We
Aug. 1 1907, denomination $500, Nos. 3 and 4, have been called and will are advised that no action has yet been taken looking towards
the issuance
be paid May 15 1914.
of the $50,000 municipal-light-plant bonds voted Mar. 3(V. 98,
P•
779)•
Farmington, St. Francis County, electric light and power 5% bonds,
BAXTER SCHOOL DISTRICT (P. 0. Baxter), Jasner Countyt
datei May 1 1908, Nos. 8, 9, 10, 11. for $500 each, have been called and Iowa.
-BOND OFFERING.-Proposals will be received until June 25, i
will be paid 'ay 1 1914.
is
stated,
by L.E.Fowler, Clerk Bd. of Ed.,for $20,000 5% school bonds.
Mount Vernon, Lawrence County, electric light system 5%% bonds,
BAY MINETTE, Baldwin County, Ala.-BONDS PROPOSED.
Nos.5 and 6,for $500 each, dated Dec. 1 1898, have been called and will be
According to newspaper reports this town is contemplating the issuancepaid June 1 1914.
of
Pettis County School District No. 24 6% bond No. 2, for $200, dated water and light-systems bonds.
April 22 1912, has been called and will be paid May 1 1914.
BEAUFORT SCHOOL DISTRICT (P. 0. Beaufort), No. Caro.Plattsburgh School District 4% bonds, dated May 15 1899,
28, BOND OFFERING.-Reports state that bids will be received until 12 m.
29.30,31,32,for $500 each,have been c,alled and will be paid MayNos.
16 1914. June 25 by Thos. Duncan, Chairman Bd. of School Trustees, for $15,000
30-year school bonds. Int. annual. Cert. check for 10% required.
Spokane, Wash.-Bond Call.-The following special im- 5%BERRIEN
COUNTY (P. 0. St. Joseph), Mich.-BOND SALE.-On
provement bonds are called for payment at the City Treas- May 22 $100,000
of the 3200,0004% 15-yr. coup. tax-free road-impt. bonds
(V. 98,ID. 1630) were awarded, it is stated, to the Farmers' & Merchants'
urer's office:
Bank of Benton IIarbor at par and int.
TO BE PAID MAY 1:
BETHEL TOWNSHIP SCHOOL DISTRICT (P. 0. New Carlisle),
Bonds Called
Bonds Called
Clark County, Ohio.-BOND SALE.-The $7,000 5% 3%-year (aver.)
Name of District- up to and Ina. Name of District- up to and Dui school
bonds (V. 98. p. 406) have been awarded to Weil,
& Co., of
. Grade.
Sewer.
Cincinnati at 100.681 and Int.-a basis of about 4.788%. Roth
Denom. $500.
Dean Ave. No. 705.. _..
27
6
Date April 11914. Int. A.& O. Due $1,000 each six months
from April 1
PvaCrilig AZAi. 238_ _
43
11th Ave. No. 322____
10
1916 to April 1 1919 inclusive.
15th Ave. No. 540_..__
7
BEVERLY, Essex County, Mass.-TEMPORARY LOAN.-On June 4
27th Ave. No. 826_ _ _ ..
7
the loan of $100,000 dated June 8 and maturing Dec. 15 (V. 98, p. 1707)
TO BE PAID MAY 15:
was negotiated with Curtis & Sanger of Boston at 3.18% discount, it is
Dist. Bonds Called
stated.
Dist. Bonds Cale
NameNo. Up to & Incl.
NameNo. Up to & all
BIRMINGHAM, Ala.-BONDS AUTHORIZED.-Ordinances were
Grade.
Walk.
approved on May 20 providing for the issuance of the following 5%%
Ash Street
6
523
Cedar Street
gold coupon or registered bonds:
1
12
Cedar Street
399
9
Sewer.
$114,000 public improvement bonds. Date May 1 1914. Due May 1
Fairview Avenue_568
16
Third Ward
1924, subject to call after May 11916.
4
31
Freya Street
12
907
Gardner Avenue_ ..707
55,000 public improvement bonds. Date June 1 1914. Due June 1
8
Lacy Sreet
21
509
McClellan Street_594
1924, subject to call after June 1 1916.
6
Sherwood Street.._824
8
Denom. $500. Int. J. & D. at Hanover Nat. Bank, New York City.
20th Avenue
22
277
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND SALE.
TO BE PAID JUNE 15.
-On June 1 $5,200 43 % 5U-Yr.(aver.) Stalismith gravel road bonds were
Dist. Bonds Called
Dist. Bonds Called awarded, it is stated, to the First Nat. Bank of Hartford for 35,250-equal
NameNo. Up to & Incl.
NameNo. Up to (.?:. Incl. to 100.961.
GradeGrade (Concl.)BLANCO COUNTY (P. 0. Johnson City), Tex.-BOND OFFERING.
Columbus Street_806
29th Avenue
9
-This county is offering for sale the $20,000 5% 20-40-year (opt.) Blanco
548
14
Crown Avenue._1003
4
33rd Avenue
Commissioners'Precinct road bonds authorized by a vote of 118 to 52 at
661
5
Divisio , Street_ __567
12
31st Avenue
the election held May 21 (V. 98, p. 1551)•
932
5
Denver Street_ __..723
7
23rd Avenue
955
2
BLOOM TOWNSHIP (P. 0. Bloomville), Seneca County, Ohio.5th Avenue
137
York Avenue_ _ _ _374
16
19
BOND SALE.-On June 1 the $8,000 57, 23 5-6-yr. (aver.) coup.
let Avenue
pike56
287
Pavingimpt. bonds offered on May 30 (V. 98, p. 1630) were awarded, it is stated,
14th Avenue
6
Alley
335
203
8
to the Bloomville Exchange Bank for $8,100 67 (101.258) and int.
"F" Street
6
998
SewerGordon Avenue..1000
BOARDMAN TOWNSHIP (P. 0. Poland), Mahoning County
2
Alley
415
13
Ohio.-BONDS DEFEATED.-By a vote of 72 "for" to 117 "against'.,
Gardner Avenue..1005
3
Alley
564
33
this township defeated the proposition providing for the issuance of $15,000
Lamonte Street.._351
13
Browne Street...._ _566
5
in school bonds at the election held May 19(V.98, p. 1551),it is stated.
Lamonte Street_ _791
5
18th Avenue
627
4
Madison Street _ _227
12
Indiana Avenue....606
12
BOONE COUNTY (P. 0. Boone), Iowa.-BOND OFFERING.-ProMontgomery Ave_420
16
Main Avenue_-_851
10
posals will be received until 1 p.in. July 6 by G.
Perry Street
H. Getty, County Auditor,
922
5
Nora Avenue..__..943
3
for
not exceeding $200,000 4%% court-house-construction bonds. Denom.
Rich Avenue
14
892
Walk$1,000. Int. A. & 0. at office of County Treasurer. Due $10,000 yearly
12th Avenue
47
34
Division Street.. _ _820
5
from 5 to 25 years, inclusive. Certified check for $2,000 required. Bonds
22nd Avenue
372
26
8th Avenue
3
10
are to be issued $50,000 Oct. 1 1914, April 5 and Oct. 4 1915 and April 7
Madison Avenue..363
10
1916, or bidder may submit a bid for whole issue to be issued Oct. 1 1914.
BOSTON, Mass.-BOND SALE.-During the month of April this
city
sold $44,000
municipal-building bonds to tbe Trust Funds at par.
this week Date April 1 4%
1914. Due $4,000 yearly April 1 from 1915 to 1925 incl.
TEMPORARY LOAN.-Newspaper dispatches dated June 5 state that
have been as follows:
City Treasurer Slattery has borrowed $1,000,000 at 3.05% in anticipation
ABILENE SCHOOL DISTRICT (P. 0. Abilene), Dickinson County, of taxes. The loan matures in November.
Kan.-DESCRIPTION OF BONDS.-We are advised that the
BOYERTOWN, Berks County, Pa.-NO ACTION YET TAKEN.
$14,000
building bonds voted May 9 (V. 98, p. 1629) are in the denom.
of $1,000 No action has yet been taken looking toward the issuance of the streetand bear interest at the rate of 5%. Date July 15 1914. Int. J.
&
paving
bonds of between $15,000 and $20,000 mentioned in V. 98, p. 1474.
J.
in
Abilene. Due $2,000 yearly from 1927 to 1933, inclusive. These
BREWSTER, Stark County, Ohio.-BOND SALE.-On June 1 the
are exempt from State taxes. Bonded debt. $35,000. Assessed bonds
value $5,000
% 5%-year (aver.) taxable coup. street-impt. bonds (V. 98, P.
1914, $6,000,000.
1551) were awarded to the Ohio Nat. Bank of Columbus at 102.55 and
int.
ADAMS SCHOOL TOWNSHIP (P. 0. Adams), Decatur County, Other bids were:
Ind.-BOND OFFERING.-Proposals will be received until 1 p. m. June Security Savings Bank & Trust Co., Toledo
$5,071
00
Toothman,
Trustee,
Arthur
20 by
for $7,988 43- % coup.sch.-house bonds. Hayden, Miller & Co., Cleveland
5,051 00
Denom. (14) $530,(1) $568. Date June 16 1914. Interest
Hoehler, Cummings & Prudden, Toledo
5,043 50
at St. Paul Bank, St. Paul. Due $530 yearly on July 16 semi-annually
Sidney
Spitzer
&
Co.,
Toledo
from 1915 to
5,021 00
1928, inclusive, and $568 July 16 1929.
Spitzer, Rorick & Co., Toledo
*5,002 10
* And blank bonds.
ALBANY, N. Y,-BOND SALE.-On June 2 the following nine issues
BONDS VOTED.-The questions of issuing $21,000 water-works and
of 4Si% bonds, aggregating $836,000 (V. 98, p. 1550), were awarded
$16,000 sanitary sewer-system-construction bonds carried, it is stated,
jointl to N. •W. Halsey & Co. and Colgate, Parker & Co.
at
of N. Y. at the election held May
101.214:
20 by a vote of 66 to 1 and 67to none,respectively.
$200,000 40-year sewer.
BRITTON, Marshall County, So. Dak.-BOND OFFERING.-Pro$50,000 10J-.year ay. Beaver Park
198,000 5%-year ay. street impt.
posals will be received until 8 p. m. Juno 15
completion.
Geo. G. Baker, City Aud.,
100,000 10A -year ay. school con- 36,000 10%-yr. ay. high sch. equip. for $30,000 5% 20-year sewer bonds. Int.by
ann. Cert. check
5% of
struction.
32,000 10%-yr. ay. river-front imp. bid required. Purchaser to furnish the necessary blank bonds. for
A similar
150,000 8-year. ay. resurfacing.
40,000 10%-year ay. add'i school issue of bonds was offered on May 25 (V. 98. P. 1551)•
30,000 8-year ay. Broadway impt.
construction.
BROCKPORT, Monroe County, N. Y.-NOTE OFFERING.-ProSome of the other bidders were:
Estabrook & Co., N. Y.I Curtis & Sanger, N. Y. Kean, Taylor & Co., posals will be received until 8 p. m. June 8 by F. E. Reynolds, Vii. Clerk,
for the $12,000 water-works-system-completion notes at not exceeding 5%
Kountze Bros., N. Y. Biodget & Co., N. Y.
New York.
int. (V. 98, p. 465). Denom. $2,000. Date about June 10 1914. Int.
Bond Calls and Redemptions.
Bond Proposals and Negotiations
I
I
I
1788
THE CHRONICLE
[VOL. xcv III.
by the above officials or the Columbia-Knickerbocker Trust Co.,
ann. on Aug. 1 at First Nat. Bank, Brockport. Due $2,000 yearly on furnished
These bonds have been validated by the Circuit Court of Dade
Aug. 1 from 1914 to 1919 incl. Cert. check on a bank other than the one N.Y.City.
they will be certified as to genuineness by the above trust
making the bid, for $250, payable to 'Vii. of Brockport",required. Bonded County and
their legality approved by Caldwell, Masslich & Reed of
and
company
val.
Assess.
debt
Floating
$7,900.
issue)
$341,000.
this
debt (incl.
N.Y.City, whose opinion will be furnished to the purchaser without charge.
1913 $2,418,431.
Bonds to be delivered and paid for at 11 a. m.July 1 in Miami or by above
BUHL, St. Louis County, Minn.-BONDS VOTED.-The question trust company in N.Y.,unless a subsequent date shall be mutually agreed
of issuing $125,000 funding bonds carried, It is stated, at a recent election upon. Purchaser to pay accrued interest. R. E. Hall is Sec. of above
by a vote of 122 to 19.
board.
BUNCETON SCHOOL DISTRICT (P. 0. Bunceton), Cooper
CLEVELAND, Ohio.-TEMPORARY LOAN.-On June 1 the Bank of
County, Mo.-BOND OFFERING.-Proposals will be received until 12 Commerce
paid the city a premium of $2.507 for a three-months' 5%% loan
(opt.)
m. June 8 by E. E. Amick, Dist. Treas., for $4,000 5% 3-15-year
$400,000 to cover the general deficiency and tide the city over until
school bonds. Denom. (8) $250 (4) $500. Int. J. & J. Purchaser to of
is received in August.
the
tax
money
val.
$348,700;
Assessed
furnish own bond forms. No indebtedness.
BOND SALE.-The following bids were received for the three issues of
actual value, $850,000.
or registered bonds, aggregating $1,500,000. and $400,000
%
coupon
4%
Cal.
BURLINGAME SCHOOL DISTRICT, San Mateo County,
on 5J% certificates offered on June 1 (V. 98, p. 1630):
DESCRIPTION OF BONDS.-The $26,000 5% building bonds awardedand
$200,000 $100,000 $1,200,000 $400,000
(100.538)
for
$26,140
May 18 to Byrne & McDonnell of San Francisco
Water
Certif. of
Intercept- Grade
int. (V. 98,p.1707) are in the denom. of $1,000 and interest, payable on
ingSetver Crossing. 35 years. Indebtedness
Jan. 1 and July 1. Due serially from 1 to 26 years, inclusive.
3 Months.
years. 21 years.
20
BUTTE, Silverbow County, Mont.-BOND ELECTION.-Reports Hayden, Miller & Co.,Cleve
state that an election will be held July 30 to submit to the voters the ques- Rhoades & Co., New York__ *3208,43241104,346*31,269,792
tion of issuing $200.000 4%% 20-year sewer-construction bonds.
Merrill, Oldham & Co., Bos..
CALDWELL, Noble County Ohio.-NO BONDS PROPOSED.-We Kountze Bros., New York_
are advised that the reports stating that this village is contemplating the Harris, Forbes & Co.. N. Y. 207,802 104,052 1,264,224
Estabrook & Co., N.Y.-Bos.
issuance of $6,000 6% ice-plant bonds, are erroneous.
Curtis & Sanger, Boston_ __ _
CAMBRIDGE, Guernsey County, Ohio.-BOND SALE.-We are Perry,
Coffin & Burr, Boston
207,000 103,625 1,259,520
taxable
coupon
%
Informed by the City Auditor that the $43,115 60 4%
Parkinson & Burr, Boston..__
street-improvement bonds offered without success on Jan. 5(V. 98, p. 251) Otis & Co., Cleveland
Trustees.
Fund
Sinking
the
by
purchased
have been
*3402,507 00
Bank of Commerce, Cleveland
- The
402,487 00
CAMDEN COUNTY (P. 0. Camden), N. J.-BOND OFFERING.
Bond & Goodwin, New York
402,377 52
Proposals will be received until 11 a. m. June 10 by the Finance Committee The Equitable Trust Co., New York
402,005 60
of the Board of Freeholders, Geo. H.Gomersall, Chairman,for the following The Guardian Savings & Trust Co., Cleveland
401,750 00
bonds:
reg.
or
&
coup.
Co.,
Trust
Savings
Cleveland
%
43
The Citizens'
401,510 00
$52,500 tuberculosis-hospital bonds. Denom. $1,000 and $500. Due The Cleveland Trust Co.. Cleveland
401,500 00
June 1 1939.
Savings & Trust Co., Cleveland
Superior
The
400,755 00
13,000 Moerestown Turnpike bonds. Denom.$1,000. Due June 1 1934. 'rho Brighton German Bank Co., Cincinnati
400,000 00
Date June 1 1914. Int. J. & D. at the U. S. Mtge. & Tr. Co., N. Y. The Lakewood State Bank, Lakewood, Ohio
150,375 00
City. Certified check on a national bank for 5% of bonds bid for, payable The Central National Bank, Cleveland (for 3150.000)
100,250 00
to County Collector, required. Bonds to bo delivered and paid for on or The Union National Bank, Cleveland (for $100,000)
on
made
be
before July 8. Purchaser to pay accrued interest. Bids to
Banking & Trust Co. Cleve. (for $100,000).._ 100,000 00
Shore
Lake
The
50,125 00
blanks furnished by the Board. Bonded debt, $1,210,900. Assessed The Broadway Savings & Trust Co 1st 150,000
2d 50,000
50,062 50
valuation 1913, $86,215,058. Second-class railroad property, $2,567,863.
50,000 00
Total as equalized, $88,596,335.
The United Banking & Savings Co., leveland (for $50,000)-(for
Cleveland
Co.,
20,025 00
Trust
32.200
-The
&
SALE.
$20,000)
-BOND
Bank
The Hough
CANAL FULTON, Stark County, Ohio.
5% 6-year (aver.) Canal St. sanitary-sewer-construction (assess.) bonds
Bank
Exchange
The
to
bids.
sold
been
have
Successful
*
941)
18
p.
(V.
98,
April
on
offered
of Canal Fulton.
COLUMBUS CITY SCHOOL DISTRICT (P.O. Columbus), Ohio.4%% 20-40-year (opt.) coup. school
CANTON, Stark County, Ohio.-BOND OFFERING.-Proposals BOND SALE.-On June 1 the $35,000
(V. 98, p. 1630) were awarded to Seawill be received until 12 m.June 29 by Emmet0.Brembaugh,City Auditor, property purchase and impt. bonds
50 (102.292)-a basis of about
for
135,802
Cincinnati
of
Mayer
songood &
for the following 5%% bonds:
$11,700 coupon storm-water sewers-construction bonds. Denom. (11) 4.328%. Other bids were:Co.. Columbus
$35,472 50
Savings
&
Trust
1
Due
1924.
March
$700.
Citizens'
(1)
$1,000,
35,115 50
4,200 Hoover Place improvement bonds. Denom. (3) $1,000, (1) Pemberton Berman, New York
35.094 50
Provident Savings Bank & Trust Co., Cincinnati
$1,200. Due $1,000 in 2, 3 and 4 years and $1,200 in 6 years.
(3)
Denom.
Ave.
(1)
bonds.
$1,000.
improvement
3,700 Columbus
Ohio.-BOND OFFERCOVENTRY TOWNSHIP, Summit County,
$700. Due $1,000 in 2, 3 and 4 years and $700 in 5 years.
by S. P. Marsh,
-Proposals will be received until 11 a. m. June 27
44,600 coupon street-improvement (city's portion) bonds. Denom. (43) ING.
Barberton R. F. D. No. 34), for the following 4%%
0.
(P.
Cleric
Twp.
years.
in
Due
6
$1,000. (1) $1,600.
bonds:
road
coupon
Date March 1 1914. Int. M.& S. Certified check on a Canton bank
Manchester road bonds. Due $500 yearly on Oct. 1 from 1915 to
for 5% of bonds bid for, payable to City Treasurer, required. Bonds to be $2,500 1919
inclusive.
delivered and paid for within 10 days from time of award. Purchaser to
Oak road bonds. Due $500 yearly on Oct. 1 from 1915 to
Loyal
2,500
pay accrued interest. A certified copy of the abstract showing the legality
1919 inclusive.
of the issue will be furnished successful bidder. Purchaser shall print at
St. ext. bonds. Due $500 yearly on Oct. 1 from 1915 to
Arlington
4,000
and
coupon
own expense the necessary blank bonds on special bond borders
1922 inclusive.
Save. Bank,
sheets to be furnished by the city.
Denom. $500. Date June 27 1914. Int. A. & 0. at Dime
other than the one making the bid, for 10%
CARNEGIE SCHOOL DISTRICT (P. 0. Carnegie), Allegheny Akron. Cert. check on a bank
delivered
be
to
Bonds
required.
Treas.,
Twp.
to
payable
Trust
for,
bid
Colonial
-The
bonds
of
BANKERS.
County, Pa.-BONDS OFFERED BY
to pay accrued
Co. of Pittsburgh is offering to investors an issue of $100,000 43 % serial and paid for within 10 days from time of award. Purchaser
school bonds. Date June 1914. Bonded debt $175,500. Assess .val. interest.
1913 $6,929,760. Real val. (est.) $12,000,000. These bonds are exempt
CRANBERRY CREEK DRAINAGE DISTRICT (P. 0. Grand
from State tax.
Rapids), Wis.-BONDS NOT SOLD.-No sale was made of the $76,262 50
Int.
CEDAR SCHOOL DISTRICT(P.O. Cedar), Smith County, Kans.- 6% drainage bonds offered on May 20. Denom. $500 and $1,000.
BONDS VOTED.-At a recent election this district voted in favor of the M.& S. Due serially Sept. 1 from 1919 to 1931. inclusive.
stated.
is
it
bonds,
Issuance of $6,500 school-house
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.-BOND SALE.-On
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.--BOND OFFERING. May 29 the $12,000 5% 13-year Pike Road District No. 1 refunding bonds
-0. E. Eby, Co. Aud., will offer for sale at public auction at 11 a. m. (V. 98, p. 1475) were awarded to the Ohio National Bank of Columbus
June 22 an issue of $13,000 5% coup. St. Paris and Rosewood road-impt. at 104.38i and interest. Other bids were:
$12,156
bonds. Denom. $1,625. Date June 22 1914. Int. semi-ann. at office Seasongood & Mayer, Cm......$12.413 Otis & Co., Cleveland
of Co. Treas. Due $1,625 each six months from June 22 1915 to Dec. 22 Well, Roth & Co., Cincin___ 12,366 Bucyrus Nat. Bank,Bucyrus. 12,145
1918 incl.. Cert. check for 10% of bonds awarded to said bidder, payable Tillotson & Wolcott Co.,Clev 12,349 Farmers' & Citizens' Bank &
12,119
Savings Co., Bucyrus
to Co. Treas., required. Bonds to be delivered and paid for within 10 Field, Richards & Co.. Cin__ 12,349
days from time of award. Bidders to satisfy themselves as to the legality Sycamore State Bk., Sycam_ 12,288 First Nat. Bank, Bucyrus_ _ _ 12,114
12,038
Bank,
Cleveland....
Nat.
First
12,234
Cin__
of these bonds at their own expense.
Co.,
Tr.
&
B.
S.
Pros'.
CHARLOTTE, Monroe County, N. Y.-NO ACTION YET TAKEN.
OFFERING.-ProCRISFIELD, Somerset County, Md.-BOND
City
Clerk,
Geo.
Holton,
-We are advised by the Village Clerk that no definite action has yet been posals
by
will be received until 8 p. m. June 10
taken looking towards the issuance of the following bonds at not exceeding for
20-year tax-free bonds. Denom.$500. Date July 1 1914.
5% interest, voted March 17 (V. 98, p. 1181): $12,000 village-hall and Int.310,0005%
Taxable
basis,
$1,750,000.
Crisfield.
Crisfield,
J. & J. at Bank of
lock-up,$3,000 water-mains-extension,$10,300 sewer-construction,$35.000
Beach Avenue paving (assessment) and Beach Avenue sewer-improvement
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.-BOND OFFERING.
Clerk
bonds at not exceeding $9,500. Due beginning 1915.
-Proposals will be received until 10 a. m. June 13 by E. G. Krause,
the following 5% coupon Clague
CHELTENHAM SCHOOL DISTRICT (P. 0. Elkins Park), Mont- Board of County Commissioners, for
1 bonds:
gomery County, Pa.-BOND OFFERING.-Proposals will be received road-improvement No.
bonds. Denom. (1) $370, (23) 1500. Due
until 3 p. m. June 10 by J. Howard Ervien,Pres. of School District, for $11,870 assessment portion 31.000 on April 1 1916, 1917, 1918 and 1919.
$370 April 1 1915,
$35,000 43.1% gold coupon or registered tax-free school bonds. Denom.
April 1 from 1920 to 1924, inclusive.
on
yearly
$1,500
and
Jenkin&
Int.
J.
Co.,
at
1914.
Trust
J.
Jenkintown
1
July
$1,000. Date
Due
50,762 county's portion bonds. Denom. (1) $762, (50) $1,000.1 1916
town. Due $10,000 in 10 and 20 years and $15,000 in 30 years. Bonded
$2,762 April 1 1915 and $3,000 each six months from April
debt (not including this issue), $210,000; no floating debt. Assessed
inclusive.
1923,
to
Oct.
1.
value 1914 $11,470,580.
Date June 15 1914. Int. A. & 0. at office of County Treasurer. An
CHEROKEE SCHOOL DISTRICT, Glenn County, Cal.-BOND unconditional certified check on a bank other than the one making the
ELECTION.-An election will be held June 6, reports state, to vote on bid, for 1% of bonds bid for, payable to County Treasurer, required.
the question of issuing $5,000 bonds.
Bonds to be delivered and paid for within 10 days from time of award.
CHURDAN SCHOOL DISTRICT (P. 0. Churdan), Greene County, Purchaser to pay accrued interest. Separate bids must be made for each
Iowa.-BOND OFFERING.-Proposals will be received until Juno 15 by issue.
(aver.) coupon
M. M. Reading, Prost. Bd. of Ed., for $30,000 5% 9-year school bonds,
BOND SALE.-On June 3 the 3650,000 5% 163i-year
awarded to C. E.
It is stated. Cert. check for 2% required.
Brooklyn-Brighton bridge bonds (V. 98, p. 1552) were
of
about 4.491%.
basis
(106.82)-a
held
be
Denison & Co.of Cleveland for $694,333
CINCINNATI, Ohio.-BOND ELECTION.-An election will
July 14 to vote on the questions of issuing $241,250 fire-department,$50,000
-BOND ELECTION.-Reports state
Fla.
County,
Pasco
CITY,
DADE
$67,800
Eastern
Ave.
$300,000
-improvement,
ment,
police-station-improve
an election will be held Juno 23 to vote on the questions of issuing
House of Refuge-construction, $250,000 street-improvement, and $796,500 that
$20,000 water-works and $6,500 sewer-main and septic-tank bonds.
street-improvement bonds.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND SALE.-On
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals
gravel-road bonds (V. 98, p. 1631)
will be received until 10:30 a. m. June 11 by Peter Dierdorff et al highway May 27 the $1,000 434% 1-10-yr. (ser.)
N.
&
M.
were'awarded, it is stated, to the Washington Nat. Bank of Washington
Improvement bonds. Denom. $335. Date May 18 1914. Int.
at 100.10 and int.
Due $670 each six months from May 15 1915 to Nov. 15 1924, inclusive.
CLEARFIELD, Clearfield County, Pa.-BONDS PROPOSED.
DELHI UNION FREE SCHOOL DISTRICT NO. 16 (P. 0. Delhi),
According to reports this borough is contemplating the issuance of about Delaware County, N. Y.-BONDS TO BE OFFERED.-This district will
$39,000 municipal-Improvement bonds.
offer for sale $50,000 reg. tax-free bldg. bonds at not exceeding 5% int.
Date Sept. 15 1914. Int. M. & S. in Delhi.
CLEAR LAKE, Duel County, So. Dak.-BOND SALE.-The $10,000 Denom. 3500 and 31,000. debt
(not thcl. this issue), $144,000; no floating
5% city-hall bonds mentioned in V. 98,p. 407 were purchased by the State Due part yearly. Bonded
W. W. Honeywell is Clerk of Bd. of Ed.
of South Dakota on May 1 at par. Denom. $500. Date May 1 1914. debt. Assess. val. 1913, $107,390.
10
5,
in
and
call
15
years.
to
Int. J. dr J. Due May 1 1934,subject
DENTON COUNTY (P. 0. Denton), Tex.-BOND ELECTION.-An
CLEARSPRING TOWNSHIP SCHOOL CORPORATION (P. 0. election will be held July 18, it is stated, to vote on the question of issuing
Topeka), La Grange County, Ind.-BOND OFFERING.-Proposals the $300,000 road bonds defeated on April 25 (V. 98, p. 1552).
will be received until 2 p. m. June 20 by Elias W. Olinghouse, Trustee, for
Broome County, N. Y.-BOND OFFERING.- Proposals
$15,500 43,6% school-building bonds. Denom. (15) $1,000, (1) $500. upDEPOSIT,
m.June 18 by C.D.Mallory, Vii. Clerk, for $12,Date July 1 1914. Int. J. & J. Due $500 July 20 1915 and $1,000 each willibe received until 4 p.at
not exceeding 5% int. Denom. $500. Due
0001Street-impt. bonds
six months from Jan. 20 1916 to Jan. 20 1923, inclusive.
1915 to 1926 incl., subject to call any interestJuly
1
on
yearly
from
$1.000
COCKRELL HILL INDEPENDENT SCHOOL DISTRICT, Harris paying date.
County, Tex.-BONDS PROPOSED.-Reports state that the Board of
issuing
DES MOINES, Iowa.-BONDS DEFEATED.-The question of
Trustees have ordered the issuance of $8,000 building bonds.
to carry.
the 32,380,000 water-works-purchase bonds(V.98, p. 1631) failed
5,
SCHOOL
NO.
DISTRICT
TAX
SPECIAL
COCOANUT GROVE
it is stated, at the election held June 1.
Dade County, Fla.-BOND OFFERING.-Proposals will be received
.
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BOND SALE.-Hoehler
until 12 m. June 12 by the Supt. and Secy. of the Board of Public Instructhe $200,000 6%
bonds.
Date
school
1
April
coupon
°
Cummings & Prudden of Toledo wore awarded on April 8
tion (P.0. Miami)for the $15,000 67
road
bonds
offereoi
District
1914. Int. A. & 0. at Chase Nat. Bank, N. Y. Due $1,000 yearly on coupon Punta Gorda Special Road and Bridge
and Interest...Due
April 1 from 1918 to 1932, inclusive. Certified check on an incorporated on that day (V. 98. P. 1013) for $200,575 (100.287)
bank for 2% of bonds bid for, required..t.Bids must be made on blank forms April 1 1944, subject to call $6,500 yearly beginning April 1 1915.
JUNE 61914.]
THE CHRONICLE
1789
DeWITT SCHOOL DISTRICT (P. 0. DeWitt) Clinton County, Int. M.& N. Due one-twentieth each six months from May 15 1915 to
Iowa.-BONDS VOTED.-The question of issuing bldg. impt. bonds at Nov. 15 1924 incl.
not exceeding $10,000 carried, it is reported, by a vote of 311 to 124 at a
FRAMINGHAM, Mass.-BOND SALE.-Reports state that City
recent election.
Treasurer Haynes has awarded $36,000 4% sewer bonds to E. M. FarnsDEXTER, Chaves County, N. Mex.-BOND OFFERING.-Proposals worth & Co. of Boston at 103.29.
will be received until July 1 by F. L. Mehlhop, Town Clerk, for $12,000
FREMONT, Sandusky County, Ohio.-BOND SALE.-On June 2
6% 10-20-year (opt.) coup. water-supply system constr. bonds. Denom. the two issues of 5% bonds (V. 98, p. 1553) were awarded as follows:
$14,000
00 6%-year (aver.) Pine St. impt. (assess. and city's portion)
$500. Date May 1 1914. Int. M. & N. at Kountze Bros., N. Y. An
bonds to the Ohio Nat. Bank of Columbus for $14,275 50
unconditional cert. check for 10% of bonds required. Bids must be un(101.967)-a basis of about 4.655%.
642 04 5 4-5-year (aver.) Austin St. sewer-construction bonds to the
conditional.
Fremont Savings Bank for $649 (101.084)-a basis of about
The official notice of this bond offering will be found among the advertise4.79%.
ments elsewhere in this Department.
Other bids were:
For $14,000 Issue.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 101, Wash.
Hoehler, Cummings &
BOND SALE.-On May 23 the $2,000 1-20-yr. (opt.) bldg. bonds were Fremont Say. Bk., Frem_$14,255 00
Prudden, Toledo
$14,151 25
awarded to State of Washington at par for 53,6s. The Spokane & Eastern Field,Richards& Co.,Cin. 14,240 80 First Nat. Bank. Cleve
14,112 60
Trust Co. of Spokane and Wm. D. Perkins & Co. of Seattle each bid for Seasongood & Mayer,Cin. 14,226 00
6% bonds. Ferris & Hardgrove of Spokane bid for 6% bonds less $60 Otis & Co., Cleveland.____ 14.175 00
For $642 04 Issue.
Tillotson
&
Wolcott
June.
Co.,
discount. Denom. $250. Int. ann. in
Croglaan Bank & Savings
Cleveland
14,163 80
Co., Fremont
Par
DOVER, Morris County, N. J.-NO ACTION YET TAKEN.-The
TREMONT COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Boulder),
Town Clerk advises us under date of May 30 that no definite action has yet
been taken looking towards the issuance of the $260,000 sewer bonds Wyo.-BOND SALE.-On May 20 $1,500 6% bldg. bonds were awarded
to the Wyoming Treasury Dept., Cheyenne. at 102.16. The Wyoming
(V. 98, p. 407).
Tr. & Say. Bank of Cheyenne and James N. Wright & Co. of Denver
DOVER CITY SCHOOL DISTRICT (P. 0. Canal Dover), Tus- each
bid par.
carawas County, Ohio.-BIDS.----The other bids received for the two
GIRARD Ga.-BOND ELECTION.-ProposItions to issue the followissues of 5% coup. bldg. bonds, aggregating $145,000, awarded on May 28
to Well, Roth & Co. of Cin. for $150,306 (103.659) and int.(V. 98. p. 1708) ing bonds will be submitted to a vote on July 6: 88,000 school bldg.,$3.500
culvert constr., $3,500 dam constr., $3,000 city hall and barracks and
were:
$2.000 cemetery.
Premium.
Pmium
Otis & Co., Cleveland
$3,700 00I First Nat.Bank,Cleve_ _ _ _$1,700 00
GLOVERSVILLE, Fulton County, N.Y.-BOND SALE.-On June 1
Tillotson & Wolcott Co.,C1. 3,649 50
the $29,800
% 631-yr. (aver.) reg. tax-free funding bonds (V. 98. p.
All bids provided for the payment of accrued interest.
1476) were awarded to 0. L. Everest of Gloversville at 101.279 and int.,
Date May 28 1914. Int. A. & 0. It was inadvertently reported in a basis of about 4.263%.
last week's
that the price paid for these bonds was 103.728,
Douglas Fenwick & Co.,N.Y.101.278'Adams & Co., New York_ _ _ _100.251
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. New Dover), Curtis & Sanger, New York_101.01 Farson, Son & Co., N.Y_ _ _ _100.179
Union County, 01110.-BOND OFFERING.-Proposals will be received John J. Hart, Albany
100.72
until 1 p. m. June 12 by W. H. Gamble, Clerk of Board of Ed.. for $2,800
GRAYSON COUNTY ROAD DISTRICT NO. 3, Tex.-BOND ELEC5% coupon building bonds. Denom. (1) $300. (5) $500. Date Juno 12 TION
PROPOSED.
-Reports
state that a petition has been presented to
1914. Int. M. & N. at Commercial Savings Bank, Marysville. Due the Commissioners'Court
asking for an election to vote on the question of
$300 June 12 1916 and $500 each six months from Dec. 12 1916 to Dec.
12
$80.000
road
bonds.
issuing
1918 incl. Certified check or cash on an Ohio bank for $50, payable to
GREENE COUNTY (P. 0. Xenia), Ohio.-BOND OFFERING.-Proabove Clerk, required. Bids must be unconditional. The Board
Ed. posals will be
will furnish purchaser a certified transcript of the proceedings of saidof
until 11 a. m. June 18, it is stated, by Geo. W.
board Kendall, Clerkreceived
Board of County Comm'rs, for $30,000 5% 1-6-year (ser.)
with reference to the issuance of said bonds. Purchaser to pay accrued
int.
highway bonds. Cert. check for $600 required.
A similar issue of bonds was offered on May 21 (V.93, p. 1552)•
GREENPORT, Suffolk County, N. Y.-BONDS DEFEATED.-The
DRESDEN, Muskingum County, Ohio.-BOND SALE.-On Juno 2
proposition to issue the
paving bonds (V. 98, p. 1260) failed to
the $30,000 5% 6-yr. (aver.) Main St. impt. (assess.) bonds(V. 98, p.
1552) carry at the election held$25,000
April 21 by a vote of 9 "for" to 147 "against."
were awarded, it is stated, to the Ohio Nat. Bank of Columbus at 101.312.
GREEN
TOWNSHIP
SCHOOL
DISTRICT, Clark County, Ohio.DUNKIRK SCHOOL DISTRICT (P. 0. Dunkirk), Chautauqua
County, N. Y.-BOND ELECTION.-The election to vote on the ques- BOND SALE.-On June 2 the $4,800 5% coup. funding bonds (V. 98. p.
tion of issuing the $50,000 building bonds (V. 98, p. 1708) will be held 1631) were awarded, it is stated, to the Farmers' Nat. Bank of Springfield
at par. Due $300 June 2 1915 and $500 each six months from Dec. 2 1915
June 15 and not July 1 as previously stated.
to Dec. 2 1919 incl.
EAST ORANGE, Essex County, N. J.-BOND SALE.-The City
GUERNSEY, Platte County, Wyo.-BOND OFFERING.-Proposals
Treas. advises us under date of June 1 that the $56,000 43i% 20-yr. coup.
or reg. Main St. paving and fire-apparatus-purchase general bonds, series will be received until 8 p. m. June 10 by Fred. Burton, Town Clerk, for
No. 5 (V. 98, p. 1475), have been sold. Denom. $1,000. Date July 1 35,000 6% 10-30-year (opt.) electric-plant bonds. Denom. $500. Date
July 1 1914. Int. J.& J. at lountze Bros., N. Y. Certified check or cash
1914. Int. J. & J. at tho City Treas.
for $250 required. Purchaser to furnish any legal opinion which he desires
EAST ROCHESTER, Monroe County, N. Y.-BONDS NOT YET as to the validity of said bonds and to have
bonds printed at own expense.
ISSUED.-The Village Treasurer advises us that the $35,000 1-10-year
GUTHRIE CENTRE SCHOOL DISTRICT (P. 0. Guthrie Centre),
(serial) tax-free street-paving bonds mentioned in V. 98, p. 407 have not
Guthrie County, Iowa.-DESCRIPTION OF Boiws.-The $35,000 5%
yet been issued.
high-school-building bonds awarded on May 12 to 'tke United States Trutt
EDEN TOWNSHIP SCHOOL CORPORATION (P. 0. Topeka), Co. of Omaha (V. 98. p. 1708) are in the
denom. of $500 and dated June 1
La Grange County, Ind.-BOND OFFERING.-Proposals will be re- 1914. Int. J. & D.
Due June 1 1924.
ceived until 1 p. m. June 20 by Leroy W. Meroney, Trustee, for
HANCOCK, Washington County, Md.-BONDS NOT YET ISSUED.
5% school-bldg. bonds. Denom. $1,000. Date July 1 1914. Int.$14,000
Due $1.000 each six months from July 20 1915 to Jan. 20 1922 incl.J. & J. -We are advised that the $30,000 water-works-system bonds voted during
EGG HARBOR CITY, Atlantic County, N. J.-BONDS NOT SOLD. April(V. 98, p. 1336) have not yet been issued, owing to pending litigation.
HANOVER ,York County, Pa.-BONDS NOT YET ISSUED.-The
-No sale has yet been made of the $33,000 5% 20-yr. street-impt.
bonds Boro.
which this city is offering at private sale (V. 98, p. 1552)•
Secy. advises us that the $30,000 sewer, $25,000 street and$6,000
engine-house
bonds voted Nov. 5 1913 (V.98, p. 408) have not yet been
ELKHORN, Walworth County, Wis.-BOND SALE.-On June 2 the issued.
$12,000 5% 6-year (aver.) sewerage bonds were awarded to the Second
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.
Ward Say. Bank of Milwaukee for $12,260 25 (102.168) and int.-a basis
Proposals will be received until 12 m. June 22 by Ulrich J. Pfeiffer, Co.
of about 4.584%. Other bids were:
Chas.IT .Coffin , hicago_*$12,261 00 Hanchett Bond Co., Chic_ _312,137 Aud., for $13,000 5% road-impt. (assess.) bonds. Denom. $1,000. Date
First Nat. Bk., Elkhorn_ 12,200 00 H.C.Speer & Sons Co.,Chic. 12,135 June 22 1914. Int. J. & D. at office of Co. Treas. Due $2,000 yrly. on
June 22 from 1916 to 1921 incl. and $1,000 Juno 22 1922. Cert. check
McCoy & Co.. Chicago__ 12,190 00 Chas. Kidder & Co., Chicago. 12,127
for 5% of bonds bid for, payable to Co. Aud., required. Purchaser to
Parson, Son & Co., Chic_ 12,170 00 Bolger, Mosser & Willaman,
Spitzer, Rorick & Co.,Tol. 12,157 25
Chicago
12,126 pay accrued interest.
. Kissel,Kin'cutt & Co„Chic. 12,156 00 N. W. Halsey & Co.. Chic
HARDWICK, Caledonia County, Vt.-BONDS NOT YET SOLD.
12,072
Al'ton, Green & King Chic. 12,150 72 A. B. Leach & Co., Chicago_ 12,048 The Village Treasurer advises US that up to June 1 no sale had yet been
E.H.Rollins & Sons,Chic. 12,141 24 Delavan Cem'y Assn.,Del'n_a 2.000 made of the $56,000 4% 5-20-year (opt.) coupon tax-exemption electric*This was the only bid that did not provide for payment of accrued int. light bonds offered by this village in November (V. 98, p. 1183.)
a For 1925 and 1926 maturities.
HARRIS COUNTY SCHOOL- DISTRICT NO. 25, Tex.-BONDS
Denom. $500. Date Aug. 1 1914. Int. F. & A. Due $1,000 yearly VOTED.-According to local newspaper
reports, the question of issuing
Feb. 1 from 1915 to 1926 incl.
$20,000 building bonds carried at the election held May 26.
ELYRIA TOWNSHIP SCHOOL DISTRICT (P.O. Elyria), Lorain
HARRISON SCHOOL TOWNSHIP (P. 0. Logansport), Cass CounCounty, Ohio.-BOND OFFERING.-Proposals will be received until
-BOND SALE.-On May 27 the $19,000 4% 534-yr. (aver.)
9 a. m. July 1 1914 by the Bd. of Ed., John Langton, Clerk, for $5,000 ty, Ind.
bonds (V. 98, p. 1476) were awarded, it is stated, to J. F. Wild &
5% coup. bonds. Auth. Secs. 7625, 7626 and 7627, Gen. Code. Denom. school
Indianapolis at par and int.
$500. Date July 1 1914. Int. J.& J. Due $500 July 1 1915,$1,000 July1 Co. of
HARRISON TOWNSHIP SCHOOL DISTRICT (P. 0. Granville
1916, 1917, 1918 and 1919 and $500 July 1 1920.
Ohio.-BOND SALE.-On June 1 the
ETNA SCHOOL TOWNSHIP (P. 0. Etna Green), Kosciusko R. R. No. 1), Licking County,
5% 5 1-6-yr. (aver.) Outville District No. 7 school bldg. bonds
$10,000
County, Ind.-BONDS AWARDED IN PART.-On June 1 the $13,100
(V. 98, p ..1709) were awarded, it is stated, to the Ohio Nat. B' ankjof
of the $14,000 4% school-impt. bonds (V. 98, P. 1631) were awarded,
re- Columbus at 100.2625.
ports state, to local investors at par.
.
HARTFORD NORTHWEST SCHOOL DISTRICT (P. 0. Hartford),
EVERGLADES DRAINAGE DISTRICT Fla.-BOND OFFERING.The Board of Commissioners, J. Stuart Lewis, Secy. (P. 0. Tallahassee), Conn.-BOND ELECTION.-An election will be held June 9 to vote on
the question of issuing funding bonds at not exceeding $150,000.
are contemplating offering about $1,000,000 drainage
'bonds.
HAVERFORD TOWNSHIP SCHOOL DISTRICT (P.10. 6035 LansEXETER, Tulare County, Calif.-BOND OFFERING.-It is stated downe
Ave., Phila.), Delaware County, Pa.-BOND SALE.-On
that bids will be received until Juno 17 by C. R. McEvers, City Clerk,
for June 2 the $14,000
% coup. bonds, due May 1 1944, were awarded to
$45,000 5A % 1-40-year (ser.) sewer bonds. Int. semi-ann. Cert. check Townsend Whelen & Co.
of Phila. at 102.677 and int. Other bids were:
for 5% required.
Merchants Un.Tr. Co.,Phil_102.27 Edward V.Kane & Co,Phil_100.43
FARMINGTON, Franklin County, Me.-BOND SALE.-The $40,- Perry B. Strassburger, Phila_102.211 Harris, Forbes & Co., N.Y...100.308
000 4% 30-yr. water-system-ext. bonds (V. 98, p. 1406) have been sold to Chandler & Co., Phi's
101.25 Merlon Title & Trust Co.,
local investors at par. Denom.(33) $1,000, (7) $100. Date May 1 1914. Riley, Brock & Co.,Phila __ _101.09
Ardmore
100.10
Int. M.& N.
Newburger, Henderson &
Girard Trust Co., Phila
100.00
Loeb, Phila
100.582
FEDERALSBURG, Caroline County,- Md.-NO ACTION YET
All bids provided for payment of accrued interest.
TAICEN.-We are advised that no action has yet been taken looking toHENDRICKS COUNTY (P. 0. Danville), Ind.-BOND OFFERING.
wards the issuance of the street-improvement bonds voted May 11
(V. 98, -Proposals will be received until 10 a. m. June 10
p. 1552.)
by Geo. Macomber,
Treas., for $3,600 43.5% David Taylor et al. highway-impt. bonds.
Co.
FERGUS FALLS, Ottertail County, Minn.-BOND
Denom. $180. Date June 1 1914. Int. M. & N. Due $180 each six
PROPOSED.-Reports state that an election will be held in theELECTION
to vote on the question of issuing $40,000 street-impt. bonds. near future months from May 15 1915 to Nov. 15 1924 incl.
HIGHLAND PARK, Wayne County, Mich.-BIDS REJECTED.M.-FIFE SCHOOL DISTRICT (P. 0.
Fife), Crook County, Ore.- The following bids received for the $116,400 20-year sewer bonds offered
BONDS VOTED.-Reports state that:the proposition toissue
$10,000school on June 1 (V. 98, p. 1709) were rejected:
bonds carried at a recent election.
Continental & Commercial Trust & Savings Bank, Chicago-Par for 4348,
w .4411kV.1.6121fral
3
less $1,800 for expenses; $117,296 28 for 4%s.
FORKEDEER DRAINAGE DISTRICT NO. 1, Chester County,
Mathew Finn, Detroit-Par for 434s, less allowance of $2,500.
Tenn.-BOND OFFERING.-Proposals will be received
until 12 m.
HOLYOKE, Mass.-BONDS AUTHORIZED.-The Board of AlderJune 17 by Jno. F. O'Neal, Secy.-Treas. (P. 0. Henderson),
$55,000 men on June 2 passed orders, it is stated, authorizing
6% drainage bonds. Denom. to suit purchaser. Date July 1 for
the issuance of $82,000
Int.
annually on July 1 at place to suit purchaser. Due on July 11914.
as follows: municipal-impt., $69,000 highway and $20,000 sidewalk bonds.
$4,500_ 1917 $2,000_
2,5001
1921 32,500_ 19251$3,500... 1929'$4.500. 1933
HOMESTEAD SCHOOL DISTRICT (P.O. Homstead), Allegheny
1,500__ 1918
__ 1922 3,000__ 1926 3,500.... 1930
County, Pa.-BOND SALE.-The Colonial Trust Co. of Pittsburgh was
2,000__ 1919 2,500__ 1923 3,000__ 1927 4,000__ 1931 4,500-- 1934 awarded on April 1 the $35.000 434% 2534-year
(average) building and
2,000_ - 1920 2,500__ 1924 3,000__ 19281 4,000_ 1932
equipment bonds (V. 98, p. 1014) at 103.30 and interest-ft basis of about
Bonded debt, this issue. Assessed value 1913,$51,000; real value,$170,- 4.299. Denom. $1,000. Date April 1 1914. Int. A. & 0. Due $10,000
000. Official circular states that there is nol tigation pending or threatened
1934 and 1939 and $15,000 1934.
affecting this issue of bonds, the titles of the officers or the boundaries of the
HOWARD COUNTY (P. 0. Kokomo) Ind.-BOND OFFERING.district...4.This issue will be approved by Wood & Oakley of Chicago-4,M
Proposals will be received until 10 a. m. June 10 (and from day to day
thereafter until sold) by Larry Ryan, Co. Treas., for the following 434%
PRFORT DODGE, wet...".",::-E CicutiLy, Iowa.-BOND ELECTION.
On June 30 this city will submit to the voters a proposition to issue $100,000 gravel-road bonds:
$3,060 D. G. Campbell road No. 5,257 bonds. Denom. $153.
city-hall-bldg. bonds, it is stated.
DA014
2,700 H. K. Johnson road No. 5,258 bonds. Denom. $135.
FOUNTAIN COUNTY (P. 0. Covington), Ind.-BOND OFFERING.
8,680 Clyde Addington road No. 5,349 bonds. Denom. $434.
-Proposals will be received until 10:30 a. m. June 8 by Lee Philpott, Co.
3,280 David Hicks road No. 5,406 bonds. Denom. $164.
Treas., for $9,700 4%% David Livengood et al. highway-impt. bonds. 30,000 T. C. Malaby road No. 5,511 bonds. Denom. $1,500.
1790
[Vol, xcviii.
THE CHRONICLE
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND OFFERING.-ProHUBBARD, Trumbull County, Ohio.-BOND OFFERING.-Prowill be received until 10:30 a. m. June 26 by Chas. J. Sanzenbacher,
posals will be received until 12 m. June 29 by Geo. W. Burwig, Village posals
County Aud. for the following 5% bonds:
Clerk,for the following 6% West Liberty and No. Main St. impt. bonds:
Main sanitary sewer 'districts bonds. Denom. (1) $693 32.
32 d
$79,693
Due
$200.
$3,600 00 village's portion bonds. Denom. (6) $500, (3)
(79) $1,000. Due $7,693 32 in 1 yr. and $8,000 yrly. from 2
$1,200 on Oct. 1 1922, 1923 and 1924.
to 10 yrs. incl. Deposit of $1,000 required.
15,711 74 assess. portion bonds. Denom. (2) $105 74, (31) $500. Due
12.120 73 road-impt. bonds. Denom. (1) $120 73, (12) $1,000. Due
$6,105 87 Oct. 1 1916 and 1917 and $3,500 Oct. 11918.
$2,120 73 in 1 yr., $2,000 in 2 yrs. and $1,000 yriy. from 3 to
Date Oct. 1 1913. Int. A. & 0. Certified check for $200, payable to
10 yrs. Incl. Deposit of $500 required.
Village Treasurer, required. Purchaser to pay accrued interest. Bids
Date July 7 1914. Int. semi-ann. at office of County Treas. Cert.
must be unconditional.
cash), on a Toledo bank for above amounts, required. Bonds
(or
check
HUNTINGTON INDEPENDENT SCHOOL DISTRICT (P. 0. Hunt- to be delivered on July 7. Bids must be unconditional. A complete tranington), W. Va.-BIDS.-The following bids were received on May 28 script of all proceedings relative to the issue of said bonds is on file in the
for the $200,000 5% 17 1-3-year (aver.) coup. school bonds awarded on County Auditor's office.
that day to Tillotson & Wolcott Co. of Cincinnati at 103.055:
0. Danvers),
McLEAN COUNTY SCHOOL DISTRICT NO. 128 (P.
Well. Roth & Co., Cin_ _$205,666 66 Fifth-Third Nat. Bk.,Cin$204,317 77
ear (aver.) cot p.
-BOND SALE.-On June 1 the $12,700 5%, 4%-y
Sidney, Spitzer & Co.,To1.205,211 60 Prov. S. B.& T. Co.,Cin. 203,543 00 Ill.
awarded to Cutter, May & Co
were
1710)
98,
(V.
bonds
school
taxable
00
Spencer Trask & Co.,N.Y.203,120
Amer. Bic. & Tr. Co.,
of Chicago for $12,777 (100.606) and int.-a basis of about 4.849%. Other
205,060 00 E'. H. Rollins & Sons, New
Huntington
*203,100 00 bids were:
York
Seasongood & Mayer,Cin.205,040 00
$12,700
$12,7661McCoy & Co., Chicago
Men & Co., Chicago
Nelson Cook & Co., Balt.*204,866 00 Bolger, Messer & Willa12,700
St. Louis
203,020 00 John Nuveen & Co., Chicago 12,7001Whitaker & Co.,
man, Chicago
A.B.Leach & Co.. N. Y. 204,740 00
-Proposals
_
_
Cleveland_
00
202,600
Co.,
OFFERING.
&
Otis
-BOND
Harris, Forbes & Co.,
Morris County, N. J.
MADISON,
Willits, Boro. Clerk,
*204,382 00
Now York
will be received until 8 p. m. June 8 by Samuel G.funding
bends (V. 98,
* Bids received too late for consideration.
for the $55,000 4)
,i% 10-30-year (opt.) reg. tax-free J. & D.
in Madison.
INGRAM SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny p. 1260). Denom.3°1,000. Date June 15 1914. Int.
Madison," reof
"Boro.
to
payable
for,
bid
bonds
bonds
2
of
May
voted
$115,000
5%
building
-The
for
SALE.
check
Cert.
-BOND
Pa.
Couny,
but
practicable,
as
award
the
after
soon
as
(V. 98, p. 1553) have been sold to Holmes, Wardrop & Co. of Pittsburgh. quired. Bonds to be delivered
not later tnan June 30. Bonded debt (incl. this issue),$289,000; floating
JACKSON SPECIAL SCHOOL DISTRICT (P.-0. Jackson), North- debt, $70,921. Assess. val. 1913, $4,252,792.
ampton County, No. Caro.-BOND SALE.-We are advised that the
MADISON COUNTY (P. 0. Edwardsville), Ill.-BOND SALE.-On
$5,000 6% 8-17-year (ser.) coup. school bonds offered on April 6 (V. 98,
June 1 the $237,500 43.i% 11-year (aver.) coup. court-house bonds (V.98,
P. 943) have been disposed of.
H. Krome of Edwardsville for $238,600
1710) were awarded to
p.
JEFFERSON SCHOOL CITY (P. 0. Coal City), Owen County, Ind
There were four other bids.
W.
4.447%.
-BOND SALE.-On Juno 2 the $10.000 43,1% school bonds(V.98, p. 1553) (100.463)-a basis of about
at
100.79.
Spencer
is
of
Bank
were awarded, it stated, to the Spencer Nat.
COUNTY (P. 0. London), Ohio.-BOND OFFERING.
MADISON
Duo $400 each six months from July 1 1915 to July 1 1927 incl.
Proposals will bo received until 12 m. July 6 by the Bd. of Co. Commrs.,
bonds:
5%
the
road-impt.
following
for
coupon
Aud.,
Co.
JUANITA, Blair County Pa.-BOND SALE.-On June 3 the $50,000 II. M.Chaney, and Marysville road bonds. Duo $500 on March 1 and
5% 15-30-year (opt.) municipal-improvement and funding bonds (V. 98, $10,000 Londonon
Sept. 1 from March 1 1915 to March 1 1921 incl. and
i1,000
p. 1709) were awarded to Reilly, Brock & Co. of Phila. at 104.33 and
500 on Sept. 1 1921.
int.-a basis of about 4.60%0. Other bids were:
Fayette Co. road-impt. bonds. Due $1,000 on
and
Madison
15,000
00
Bank.
Nat.
Pitts_$51,650
Mellon
N. W.Halsey & Co., Phil_$52,165 00
Mar. 1 and $500 on Sept. 1 from Mar. 1 1915 to Sept. 1 1924 incl.
Warner & Fitzharris, N.Y. 51,445 00
Martin & Co. and Harper
Denom. $500. Date July 101914. Int. M.& S. at office of Co. Treas.
& Turner,Phila.,jointly 52,080 50 Lyon, Finger & Co., Pitts_ 51,173 50
A cash deposit with the Co. Treas. for $1,500 required.
Holmes, Wardropo & Co.,
Newburger, Henderson &
50,058 00
Pittsburgh
Loeb, Philadelphia_ _ _ _ 51,895 00
MADISON SCHOOL DISTRICT (P. 0. Madison), Madison County,
to
Denom. $500. Date July 1 1914. Interest J. & J.
Neb.-BOND OFFERING.-Additional information is at hand relative
5% 10-20-year (opt.) school bonds
offering on June 15 of the $40,000 bonds
the
Wright
N.
-James
-BOND
Idaho.
SALE.
County,
KAMIAH, Lewis
will be received until 9 a. m.
these
for
Proposals
1710).
p.
98,
(V.
& Co. of Denver purchased on Feb. 11 $13,500 6% water bonds. Denom. on that day by S. C. Blackman, Sec. of Bd. of Ed. Denom. $500. Date
$500. Int. J. & J. at Kountze Bros., N. Y. Due Jan. 1 1934, subject to May 1 1914. Int. ann. at office of State Treas. Cert. check for $1,000
call Jan. 1 1924. Total debt, this issue. Assess. val., $267,168. The required. Total bonded debt (incl. this issue), $42,000; no floating debt.
purchasers are now offering these bonds to investors.
Assess. val. (real and personal), $509,236; actual (est.), $3,000,000. OfKEENE, Cheshire County, N. H.-BOND SALE.-On May 22 the ficial circular states that there is not now nor has there been any litigation
$24,000 4% 6-year (aver.) highway'impt. bonds were awarded to Baker, whatever affecting this issue of 1 onds and that there has never been any
Ayling & Co. of Boston at 100.557-a basis of about 3.895%. Denom. default in the payment ef any obligation.
-On Juno 2 the
$1,000. Date Mar. 1 1914. Int. M. & S. Due $3,000 yearly Sept. 1
MALDEN, Middlesex County, Mass.-BOND SALE.
from 1916 to 1923 incl.
1710) were awarded to
3124.000 4% serial improvement bonds (V. 98, p.
KING COUNTY SCHOOL DISTRICT NO. 3, Wash.-BOND SALE. Adams & Co. of Boston at 102.523. Denom. $1,000. Date April 1 1914.
-On May 26 the $15,000 10-20-year (opt.) coup. bldg. and equip. bonds Interest A. & 0.
(V. 98, p. 1554) were awarded to the State of Washington at par and blank
Delaware
MANCHESTER SCHOOL DISTRICT (P. 0. Manchester),
bonds for 5s. Other bids were:
state that the proposiPrice Offered. Int.Rat6. County, Iowa.-BONDS DEFEATED.-Reports
held May 29
election
the
at
carry
to
failed
bonds
bldg.
5
$6,500
00
$15,131
tion to issue
Kissel, Kinnicuttf For semi-annual interest
5
15,060 00
by a vote of 39 "for" to 139 "against."
& Co., ChicagolFor annual interest
5 0
15,038 40
OFFERING.-ProAllerton, Green & King, Chicago
MAPLE LAKE, Wright County, Minn.-BOND E.
5 7
15,421 00
P. Scanlon, VII.
R. M. Grant & Co., Chicago
posals will be received until 2 p. m. to-day (June 6) by
15,230 00
53
sewage disposal
and
Central Savings Bank & Trust Co., Denver
sewer-ext.
$1,000
‘M o Clerk, for $3,500 refunding and Int. J. & J. Due in 15 yrs., subject to
15,155 00
John E. Price & Co., Seattle
$500.
Denom.
bonds.
6%
tank
6%
53,
15,087 00
Hanchett Bond Co., Chicago
call any interest day after 5 years.
514
15,061 50
Geo. H.Tilden & Co., Seattle (bonds furnished)
Marion), Marion
5% o
15.048 00
N. W. Halsey & Co., Chicago
MARION CITY SCHOOL DISTRICT (P. 0.
will be received until
KNOX COUNTY SCHOOL DISTRICT NO. 117, Neb.-BOND OF- County, Ohio.-BOND OFFERING.-Proposals
Ed., for $85,000
of
Bd.
Clerk
Hutchinson,
L.
Jeanette
m.
June
p.
12
by
R.
19
6
Crook,
by
12 m. June
FERING.-Proposals will be received until
19 1914. Int. M. & S.
Director of Sch. Dist. (P. 0. Winnetoon) for $5,000 6% 5-20-year (opt.) 5% school bonds. Denom. $1,000. Date June
1 as follows: $3,000 in 1921,
coup. taxable bldg. bonds. Denom. $500. Date June 11914. Int. ann. at office of Treas. of Bd.of Ed. Due on Sept.
1927 and $5,000 in 1925, 1926
on June 1 at office of County Treas. Cort. check for $100, payable to 1924 and 1928, $2,000 in 1922, 1923 and check
on a local bank for 3% of
above Director, required. Bonded debt, this issue; no floating debt. and yearly from 1929 to 1940 incl. Cert.required.
Purchaser to pay acClerk,
to
above
payable
for,
bid
bonds
Assess. val. 1913, $79,605.
$250,000 voted Apr. 7
of
issue
an
of
are
part
bonds
crued int. These
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND SALE.-On (V.
1260).
p.
98,
u_p
o
_ce
oread
.
e
e
aggro
(aver.)
bonds,
s-year
5
of
4_3k%,
May 29 the two issues
County,
MARION TOWNSHIP SCHOOL DISTRICT, Franklin
(
6% sub-district No. 4
Wtlyk 1
777)reanvtr
)
Ohio.-BOND SALE.-On Juno 1 the $20,000awarded,
0V0 lira.
1Virlo •V$49
Prtgrgn$'
to
is
it
stated,
were
1477)
p.
98,
(V.
bonds
equip.
and
constr.
1914.
Due $10,000 on Mar. 1 and Sept. 1 1915.
LAKE SCHOOL TOWNSHIP (P. 0. Lake Village), Newton County, Field, Richards & Co. at 100.87.
-ProOFFERING.
-BOND
Ind.
Shoals),
0.
(P.
MARTIN COUNTY
Ind.-BOND SALE.-On May 30 the $7,6705% 9-year (aver.) Dist. No.2
27 by Lorenzo D. Haga. County
building bonds (V. 98, p. 1632) were awarded to the Fletcher-American posals will be received until 12 m. June
bridge bonds. Denom. $250. Date
Nat. Bank of Indianapolis for $7,910 (103.129) and int.-a basis of about Aud., for $5,000 43,6% coup. tax-free
of County Treas. Duo $1,000
office
at
N.
June 15 1914. Int. M. &
4.573%. Breed, Elliott & Harrison also submitted a bid.
and 1921. Cert. check for 3% of
11019 and $2,000 on Nov. 1 1920required.
Bonded debt (not incl.
LAMPASAS COUNTY (P. 0. Lampasas), Tex.-BOND ELECTION, Nov.
Commissioners,
of
Dd.
to
payable
bid,
-An election will be held June 27, reports state, to vote on the question of this issue), $49,000; no floating debt. Assess. val. 1913, $4,565,000.
issuing $10,000 bridge-constr. bonds.
(P. 0. Massillon), Stark
MASSILLON CITY SCHOOL DISTRICT
1 the $17,500 5% 10X-year
LANCASTER, Lancaster County, No. Car.-BOND SALE.
County, Ohio.-BOND SALE.-On June
and equipment bonds
completion
Spitzer, Rorick & Co. of Toledo were awarded on April 1 the $45,000 sewer- (aver.)
School
High
coup. Washington
age, $12,000 water-works and $13,000 street-improvement 5% 20-40-year (V. 98, p. 1.477) were awarded to Field. Richards & Co., of Cincinnati at
11913.
Other bids were:
(opt.) coupon bonds offered on that day. The bonds are dated
103.81 and int.-a basis of about 4.52%.
Well, Roth & Co., Cinc_ _$17,907 75
LATTA, Dillon County, So. Caro.-BOND OFFERING.-Proposals First Nat. Bk., Massillon_$18,030 00 First Nat. Bank, Cleve__ 17,832 80
will be received until June 10 by the Commissioners of Public Works, Hoehler, Cummings &
& Co., Cleveland_ _ _ _ 17,802 00
Otis
50
17,986
Toledo
water-works
Prudden,
and
for
light,
the
365,000
sewerage
T. W. Berry, Chairman,
50
00 Hayden,Miller&Co.,Clev. 17,798 01
bonds at not exceeding 6% int., voted Feb. 24 (V. 98, p. 781). Due 1944. Tillotson&WolcottCo.,CL 17,976 00
Stacy & Braun, Toledo__ _ 17,756
Seasongood & Mayer,CM. 17,922
Provident Savings Bank &
LATTA SCHOOL DISTRICT (P. 0. Latta), Dillon County, So. Rudolph Kleybolte & Co.,
Trust Co., Cincinnati__ 17,739 75
Caro.-BOND SALE.-Reports state that the $16,000 (not $15,000 as
17.918 25
Cincinnati
first reported) school-building bonds voted May 5 (V. 98, p. 1554) have Spitzer, Rorick & Co.,ToL 17,908 001
-The election to
been sold to the Bank of Latta and the Farmers'& Merchants'Bank of Latta.
MAUMEE, Ohio.-BOND EI,ECTION POSTPONED.
(not $60,000 as first reported)
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BOND SALE.-On vote on the question of issuing the $56,000
from June 26
postponed
been
has
1710)
p.
98,
(V.
% 5%-year (aver.) Shawswick Twp. road-impt. water-works-system bonds
June 1 the $22,100
bonds(V. 98, p. 1709), were awarded to the Citizens' Nat. Bank of Bedford to July 20, it is stated.
-BOND
OFFERING.
Ohio.
bids
of
Other
basis
about
Medina),
int.-a
4.346%.
for $22,271 55 (100.776) and
MEDINA COUNTY (P. 0.
1 p. m. June 13 by
were:
Newspaper reports state that bids will be received until
Miller & Co., Indianapolis $22,250 001E. F.Parr & Co., Chicago $22,199 45 C. P. Vickerman, Sec. Bd. of Road Comm'rs, for $30,000 5% 14-year
J. F. Wild & Co., Inforpls_ 22,247 50 Citizens Tr. Co., Bedford 22,150 00 (aver.) road bonds. Int. semi-ann. Cert. check for 2% required
22,244 00
Breed, Elliott & Harrison, Indianapolis
LOAN.-On
MELROSE, Middlesex County, Mass.-TEMPORARY
loan dated June 2 and due
LEE COUNTY, Miss.-BOND SALE.-On June 1 $200,000 5% road June 1 this city awarded the $50,000 temporary
bonds weee awarded, it is stated, to the People's Bank & Trust Co. of Nov. 10 1914 (V. 98, p. 1710) to Blake Bros. & Co. of Boston, it is stated,
Tupelo.
at 3.16% discount.
VOTED.-Reports state that at
MIAMI, Dade County, Fla.-BONDS
LEWISBURG, Marshall County, Tenn.-BOND OFFERING.-Prothis city voted in favor of the issuance of the
posals will be received until 1 p. m.June 20 by J. H.Loyd, Mayor,for $20,- an election held recently
323.
p.
98,
V.
in
mentioned
bonds
water-works
street
bonds.
taxable
Denom. $500.
000 6% 15-30-year (opt.) coup.
Date July 1 1914. Int. J. & J. at First & Fourth Nat. Bank, Nashville.
MIAMI SPECIAL TAX SCHOOL DISTRICT NO. 2, Dade County,
Certified check for $150, payable to Mayor, required. Bonded debt (not Fla.-BOND OFFERING.-Proposals will be received until 12 m. June 12
including this issue) $58,000. No floating debt. Assessed valuation (not Juno 2 as first reported) by the Supt. and R. E. Hall, Sec. of the Board
the $150,000 6% 20-year school
of Public Instruction (P. 0. Miami) for Date
1913 (approximate), $1,000,000.
Apr. 1 1914. Int. A. & 0.
bonds voted Mar. 9 (V. 98, p. 1710).
LEWISTOWN SCHOOL DISTRICT (P. 0. Lewistown), Fergus at
Cert. check on an incorp. bank for 2% of bonds
Bank,N.Y.
Chase
newspaper
that
reports
-Local
state
County, Mont.-BONDS VOTED.
be made on blank forms furnished by the above
must
Bids
required.
for
bid
the question of issuing $6,500 school-construction bonds carried at a recent officials or the Columbia-Knickerbocker Trust Co., N. Y. City. These
election.
Court of Dade Co. and they will
bonds have been validated by the Circuit
above trust company and their legality
LISBON, Columbiana County, Ohio.-BOND OFFERING.-Pro- be certified as to genuineness by the
of
Reed
N. Y. City, whose opinion will
&
Masslich
posals will be received until 12 m. June 27 by H. E. Marsden, VII. Clerk, approved by Caldwell,
charge. Bonds to be delivered and
for $2.000 of an issue of $4,000 5%, refunding bonds. Denom. $1,000. be furnished to the purchaser withcut
or
at
above trust company, N. Y.
Miami
in
1
July
m.
a.
11
Due
July
Treas.
1
at
for
VII.
of
1925.
paid
office
at
ann.
Date July 1 1914. Int.
Purchaser to
Cert. check on a bank other than the bidder's own bank.for 10% of bonds unless a subsequent date shall be mutually agreed upon.
pay accrued interest.
bid for, required. Purchaser to pay accrued interest.
SALE.
-The $14,-BOND
Ohio.
Holmes County,
LOGAN MAGISTERIAL DISTRICT (P. 0. Logan), Logan County, Fw MILLERSBURG,
(aver.) coupon South Washington St.-improvement bonds offered
W. Va.-BOND OFFERING.-Proposals will be received until 1 p. m. 0006-year
sold
to Combeen
have
1554)
p.
98,
(V.
11
May
on
40
as
success
June 13 by Chas. Avis, Secretary, Board of Education, for $75,000 5% without
of Millersburg at par and int. for 5s.
coup. taxable school-improvement bonds. Denom. $1.000. Date July 1 mercial & Say. Bank
May 28
-On
SALE.
-BOND
Ore.
County,
Clackamas
MILWAUKIE,
1914. Int. ann. on July 1 at Logan. Due in 1948, subject to call after
10 years. No deposit renuirod. No bonded or floating debt. Assessed the 520.000 55 20-year water bonds (V. 98, p. 1633) were awarded, it is
Portland
of
Co.
Trust
Lumbermen's
the
to
stated,
valuation 1913, $11,549,785.
p.
rtilltebboPndspa'74:=
THE CHRONICLE
JUNE 6 1914.]
MISSISSIPPI CITY RURAL SCHOOL DISTRICT, Harrison County, Miss.-BOND OFFERING.-Proposals will be received until July 6,
it is stated, by John H. Murphy, Cleric Bd. of Sups. (P. 0. Gulfport), for
$15.000 5% 10-19-yr. (ser.) school bonds. Int. ann. Cert. check for $200
required. A similar issue of bonds was offered on June 1.(V. 98, p. 1633.)
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND
SALE.-On Juno 1 the $6,800 434% 53-Yr. (aver.) George C. Harper
gravel-road bonds (V. 98 p. 1633) were awarded to the Fletcher American
Nat. Bank of Indianapolis, it is stated, for $6,848 55-equal to 100.713.
MORGAN COUNTY (P. 0. Martinsville), Ind.-BOND OFFERING.
-Proposals will be received until 12 m. June 12 by W. W. Rosenbalm,
County Treasurer, for $3.300 43 % road-impt. bonds, it isstated. Due
part each six months for 10 years.
MT. KISCO, Westchester County, N. Y.-BOND SALE.-On June 1
the two issues of 44,5% 14%-year (aver.) reg. road bonds, aggregating
.
_$17,850 (V. 98, p, 1633), were awarded to Lee, ITigginson & Co. of N. Y. for
18,161 55 (101.745)-a basis of about 4.325%. Other bids were:
$18,051 11
Antis & Sanger, New York
18,035 64
Isaac W. Sherrill Co., Poughkeepsie
18,031 06
Walter H. C ook
17.942 92
Adams & Co., New Ycrk
17.891 05
Farson, Son & Co.. New York
MT. RAINIER, Prince Georges County, Md.-BOND OFFERING.
Proposals will be received until 7:30 p. m. June 30 by Fred. E. Weber,
Mayor, for the $100,000 sower and water and $25,000 electric-light-plant
6% 3-53-year (ser.) coupon bonds. Authorized by the Common Council
on April 21 (V. 98, p. 1408). Bids aro also requested at a lower rate of
interest than 6%. Int. payable semi-ann. Cert. check for 1% of bid
required.
MI7SKEGON SCHOOL DISTRICT (P. 0. Muskegon), Muskegon
County, Mich.-BOND OFFERING.-Proposals will be received until
12 m. Juno 8 by Frank If. Smth, Sec. Bd. of Ed.,for $90,000 school bonds.
Alternative bids are requested on a basis of 4%% and 5% int. Denom.
$500. Date July 11914. Int. J. & J. Due $5,000 yearly on July 1 from
1918 to 1927 Incl. and $40,000 July 11929. Cert. check for 2% of amount
of bid required. Total bonded debt (incl. this issue), $312,000; floating
debt, $25,250. Assess. val. 1913, $11,949,450.
MYERSTOWN SCHOOL DISTRICT (P. 0. Myerstown), Lebanon
County, Pa.-BONDS TO BE.SOLD LOCALLY.-We are advised that
the $25.000 school bonds voted during May (V. 98, p. 1633) will be taken
by local investors.
NELSON COUNTY (P. 0. Lakota), No. Dalc.-BOND SALE.-On
May 26 $9,215 drainage bonds were awarded to Wells & Dickey Co. of
Minneapolis at par for Os. John Sandberg & Co. of Denver bid for 7% bds.
NEWBURGH HEIGHTS, Cuyahoga County, Ohio.-BOND SALE.
-On June 1 the $6,787 80 5% 5%-year (aver.) Harvard Ave.sewer (assess.)
bonds (V. 98, p. 1477) were awarded to Tillotson & Wolcott Co. of Cleveland for $6,830 56 (100.615) and int.-a basis of about 4%%. Other
bids were:
Chagrin Falls Bank, Chagrin Falls
$6,812 80
First National Bank, Cleveland
6,794 60
NEW CASTLE SCHOOL DISTRICT (P. 0. New Castle), Lawrence
County, Pa.-BOND OFFERING.-Proposals will be received until 12 m.
July 3 by IT. M.Marquis, See. Bd. of Directors, for $60,000 43j% 10-30-yr.
(opt.) coup. tax-free grounds and bldg. impt. bonds. Denom. $1,000.
Date July 11914. Int. J. & J. Cert. check for $600, payable to Treas.
of Dist., required.
NEW MEXIC0.-73ONDS NOT SOLD.-No satisfactory bids were received on Juno 1 for the $500,000 4% gold highway bonds offered on that
day (V.98, p. 1477) and the sale has been postponed until June 13.
NEW ROCKAWAY SCHOOL DISTRICT (P. 0. Rockaway), Morris
County, N. J.-BOND SALE.-The $30,000 bldg. bonds voted during
January (V.98, p. 409) were sold on Mar. 29.
NEW YORK CITY.-BOND SALE.-An issue of $200,000 3% bonds
for various municipal purposes and maturing in 1923 was purchased, by
the Sinking Fund of this city at par during May.
The following short-term securities, aggregating $9,421,487 59, and
consisting of revenue bonds, bills and corporate stock notes. were issued
during May:
Revenue Bonds 1914-Maturity.
Interest.
Amount.
Special
3% May 4 1915
$24,825 00
do
Jan. 18 1915
3
301,000 00
Total revenue bonds (special)
Revenue Bills 1914Current expenses
*3%%
do
do
*3%%
"0
do
*3%%
do
do
4.3U%
do
do
*3%%
do
do
*3%%
Total revenue bills (current expenses)
Corporato Stock NotesVarious municipal puroses
3%
*3(%
do
do
do
Water
*2%%
do
4.3.3.4%
do
*3%%
Rapid transit
4%
*35491
do
de
*3%9
do
do
$325,825 00
Nov. 30 1914
Nov. 27 1914
Nov. 24 1914
Nov. 18 1914
Nov. 21 1914
Sept. 30 1914
x$478,026 75
z239,091 12
x478,337 72
z719,425 00
z479,616 67
x193,078 62
42,587,575 88
JOn or after'
iDec. 31 1914f $1,500,000 00
Dec. 22 1914 z1,191,923 29
Nov. 6 1914
493,659 25
Nov. 27 1914
191,413 19
Nov. 30 1914
a569,872 37
fOn or before'
500,000 00
1Doc. 31 1914f
Nov. 17 1914
a209,211 73
Nov. 30 1914 a1,852,006 88
Total corporate stock notes
$6,508,066 71
*Rate of discount; figures in "Amount" column represent proceeds of
loan after deducting discount. z Payable in .£ sterling. a Payable in
francs.
NORRIS SCHOOL DISTRICT, Kern County, Calif.-BOND
OFFERING.-Reports state that bids will he received until 10 a. m. to-day
(Juno 6) by the Clerk of the Board of County Supervisors (P. 0.
Bakersfield) for $8,000 6% school bonds. Denotn. $1,000.
NORRISTOWN, Montgomery County, Pa.-BOND ELECTION.
The election to vote on the question of issuing the $100,000 sewage-disposal
plant bonds (V. 98, p. 631) will be held Nov. 2.
NORRISTOWN SCHOOL DISTRICT (P. 0. Norristown), Montgomery County, Pa.-BOND SALE.-On Juno 1 the $100,000 4Y4 %
29-year coup. bldg. bonds (V. 98, p. 1711) were awarded to Townsend
Wholen & Co. of Phila. at 103.277 and int.-a basis of about 4.06%.
Other bids were:
Perry B. Strassburger, Phila..103.103 Harper & Turner, Phila
102.161
Riley, Brock & Co., Phila_ _ _102.473 Graham & Co., Phila
101.231
Penn Trust Co.. Norristown_102.272 Harris, Forbes & Co., N. Y_ _101.192
Henry & West, Phila
102.233 Merch. Union Tr. Co., Phila_101.028
Norristown Trust Co
102.1975 Carstair & Brown, Phila_ _ _ _101.00
We are informed that the award to Townsend Wholon & Co. was protested against by the other bidders for the reason that that firm's bid was
not received until considerably after 8 p. m.June 1, the hour set for opening
proposals. It is rumored that a committee of bankers headed by Perry B.
Strassburger, the second highest bidder, will be formed to contest the
validity of the award.
NORTH TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1
(P. 0. North Tonawanda), Niagara County, N. Y.-BOND OFFERING.
-Proposals will be received until 3 p. m. Jtme 12 by Luther L. Crippen,
Dist. Clerk, for $57,000 44i% coup. school bldg. bonds. Denom. $1,000.
Date July 1 1914. Int. J. & J. at Chase Nat. Bank, N. Y. City. Due
$3,000 yearly on Jan. 1 from 1932 to 1950 Incl. Certified check or N. Y.
draft for $2,000, payable to Fred. Robertson, Pres. Board of Education,
required. Bonds to be delivered and paid for within 30 days from time of
sale. Bonded debt $119,000. Assessed valuation $8,248,000.
NORTH WILDWOOD (P. 0. Anglesea), Cape May County, N. J.BONDS AWARDED IN PART.-We are advised by the Bore Clerk under
date of Juno 2 that of the $65,500 Sc' 5-20-year (opt.) reg. tax-free refunding bonds offered without success on April 7 (V. 98, p. 1105), about $35,000
has been disposed of at private sale to date. Denom. $1,000. Date
March 11914. Int. M.& S. at the Marine Nat. Bank, Wildwood.
OAKDALE, Allegheny County, Pa.-BOND SALE.-The $45.000
5% water-works and sewerage bonds offered on May 18 (V. 98. p. 1555)
have been awarded to the First Nat. Bank of Oakdale at par and int.
1791
OAKVIEW COMMON GRADED SCHOOL DISTRICT, Ky.-BOND
OFFERING.-Proposals will be received by J. S. Head Jr., Cashier Citizens' Bank & Trust Co., Ashland, for $8,000 6% 5-20-year school bonds.
Denom. $500.
OGDENSBURG, St. Lawrence County, N. Y.-BOND SALE.-On
May 29 the $6,000 4% 12 1-3-yr. (aver.) coup. or reg. refunding bonds
(V. 98, p. 1338) were awarded to the Ogdensburg Bank at par.
OGLESBY, La Salle County, Ill.-BOND ELECTION.-Reports state
that an election will be held Juno 16 to submit to a vote the question of issuing $8,000 water-works bonds.
OIL CITY, Venango County, Pa.-BOND SALE.-On June 1 the
$40,000 43% tax-free permanent-impt. bonds (V. 98, p. 1711) were
awarded to the Colonial Trust Co. of Pittsburgh, through the Citizens'
Banking Co. of Oil City, at 103.97 and int. Other bids were:
Mellon Nat. Bk., Pittsb_ _$41,110 00 1 Warner & Fitzharris, N.Y.$40.888 00
Harris,Forbes&Co.,N.Y. 41,032 40 Holmes, Wardrope & Co.,
Oil City Tr.Co., Oil City.. 41,020 00
Pittsburgh
40,817 00
Lyon,Singer & Co..Pitts.. 40,948 00 Gordon & Co., Pittsburgh 40,677 00
OREGON TOWNSHIP SCHOOL DISTRICT (P. 0. Toledo), Lucas
County, Ohlo.-BOND OFFERING.-Proposals will be received until
2 p. m. June 25 by Chas. L. Wynn, Clerk Board of Education, for $2,500
5%% coup. school-impt. bonds. Denom. $500. Date July 6 1914.
Int. J. & Jr. at office of above Clerk. Due $500 yearly from 1 to 5 Years
incl. Certified check (or cash) on a Toledo bank for $20()required. Bonds
to be delivered and paid for on July 6. Bids must be unconditional.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT (P. 0. Oskaloosa), Mahaska County, Iowa.-BONDS VOTED.-The question of
issuing building bonds at not exceeding $10,000 carried, reports state, by a
vote of 478 to 382 at the election held May 25.
PACIFIC JUNCTION SCHOOL DISTRICT (P. 0. Pacific Junction), Mills County, Iowa.-BONDS VOTED.-According to local newspaper reports, the question of issuing $16.000 bldg. bonds carried at the
election held May 21.
PALMERTON SCHOOL DISTRICT (P. 0. Palmerton), Carbon
County,Pa.-BOND SALE.-The $60,000 5% school bonds voted May 19
(V. 98, p. 1016) have been awarded to local investors at par. Due June 1
1934. subject to call after June 1 1919.
PASCO, Franklin County, Wash.-BOND ELECTION.-An election
will be held June 30 to vote on the proposition to issue 20-year
funding
bonds at not exceeding 5%% int.. payable semi-ann. Date Aug. 4
1914.
PELHAM, Mitchell County, Ga.-BONDS OFFERED BY BANKERS.
-J. H. Hilsman & Co. of Atlanta are offering to investors the $16,000
school-bldg., $4.000 paving. $5,000 Jail and fire-dept., $4,000 water and
light system ext. and $1,000 sewerage-system-ext. 5% 30-year bonds voted
Apr. 15_(V. 98,p. 1016). Denom.$1,000. Date June 1 1914. Int. J.& J.
in N. Y. These are coup. bonds subject to registration. Total debt
(incl. these Issues). $115,000. Assess. val. 1914, $1,900,10E10; actual value.
$4,000,000.
PELHAM MANOR (Westchester County, N. Y.-NO ACTION YET
TAKEN.-The Village Clerk advises us that no action has yet been taken
looking towards the offering of the $20,000 paving bonds voted Mar. 17
(V. 98, p. 1185).
PENFIELD TOWNSHIP ROAD DISTRICT (P. 0. Wellington),
Lorain County, Ohio.-BOND SALE.-On June 1 the $18,000 5% 9%-yr.
(aver.) coup. road bonds (V. 98,
1478) were awarded to Tillotson &
Wolcott Co. of Cleveland at 100.2'7
p' and int.-a basis of about 4.964%.
Other bids were:
Otis & Co.. Cleveland
$18,027 First Nat. Bank, Clevel_ 418,009 60
Seasongood & Mayer, Cin
18,0111
PENN TAN, Yates County, N. Y.-BOND OFFERI NG.-ProposaLs
will be received until 8 p. m. June 8 by II. M. Putnam, VII. Clerk, for the
$14,000 (nct $15,000 as first reported) reg. Seneca and Water Sts. paving
bonds voted May 19 (V. 98._p. 1634). Denom. $500. Int. (rate not to
exceed 5%)ann. on Oct. 1. Due $2,000 yearly on Oct. 1 from 1915 to 1921
incl. Cert. check for $1,000, payable to Ezra J. Titus, VII. Treas., required. Bonds will be ready for delivery on June 15.
PERRY TOWNSHIP (P. 0. Columbus), Franklin County, Ohio.
-B01VD ELECTION.-An election will be held Juno 23,it is stated, to vote
on the question of issuing $34,000 building bonds.
PHENIX CITY (P. 0. Columbus), Muscogee County, Ga.-BONDS
VOTED.-This city on May 25 voted 180 to 9 in favor of the question of issuing the $15,000 water-works system ext. bonds.
PIKE COUNTY (P. 0. Petersburg), Ind.-BOND SALE.-On June 2
the $30,000 43,i% gravel-road bonds (V. 98,p. 1634) were awarded to the
Fletcher-American /cat. Bank of Indianapolis at 101.22 and int.
Other bids were:
Breed,Elliott& Harrison,Ind.$30,3601J. F. Wild & Co., Indpls_ _ _ 430,315
Miller & Co., Indianapolis_ 30,3251E. F. Parr & Co., Chicago.., 30,252
All bids provided for payment of accrued interest.
PIONEER, Williams County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. June 23 by W.'W. Coulon, Village Clerk, for
$13,000 5% coup. State, Bauble° and First streets Improvement bonds
voted March 31. Denom. $500. Date May 11914. Int. M.& N. Due
31,000 yearly on May 1 from 1916 to 1928 incl. Certified check for 24%
of bonds bid for, payable to Village Treasurer, required. Bonds to be delivered and paid for within 10 days from time of award. Purchsaer to furnish at own expense the necessary printed or lithographed bonds with
coupons attached.
PLAIN TOWNSHIP SCHOOL DISTRICT (P. 0. New Albany),
Franklin County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. June 29 by G. L. Sumption Clerk Bd. of Ed., for $5,000 5%
Sub-Dist. No. 5 school-bldg. and equip. bonds. Denom. $500. Date
July 1 1914. Int. J. & J. at Central Nat. Bank, Columbus. Due $500
each six months from July 1 1915 to Jan. 1 1920 incl. Cert. check on a
Franklin Co. nat. bank or trust company for 2% of bonds bid upon, payable
to Board of Education, required. Bonds will be ready for delivery July 14.
A complete transcript of all proceedings had in the issuance and sale of these
bonds will be furnished successful bidder at time of award, and a reasonable
length of time will be allowed successful bidder for examination of same.
PLYMOUTH TOWNSHIP SCHOOL DISTRICT (P.O. Norristown),
Montgomery County, Pa.-BOND SALE.-On June 1 the $a2,000
4)% 5-25-year tax-free building bonds (V. 98. p. 1711) were awarded to
Carstairs & Brown of Phila. for $32,199 (100.621) and int. Other bids:
Perry B. Strassburger, Philadelphia
100.49
Townsend Whelen & Co.. Philadelphia
100.327
PORT CLINTON, Ottawa County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. June 22 by Wm. H. Williamsen,
VII. Clerk,for $8,0405%% coup. refunding bonds. Denom.(1)040, (15)
$500. Date May 1 1914. Int. M. & N. at the Vii. Treas. Office. Due
$1,040 May 1 1016 and $1,000 yrly. May 1 from 1917 to 1023, incl. Cert.
check on a Port Clinton bank for $300, payable to VII. Treas. required.
Bonds to be delivered and paid for within 10 days from time
'of award.
Purchaser to pay accrued interest.
NO ACTION YET TAKEN.-The City Clerk advises us that no action
has yet been taken looking towards the issuance of the $30,000 5% coupon
electric-light-plant bonds (V. 98, p. 87). Denom. $1,000. Date Feb. 15
1914. Int. F. & A. in Port Clinton
PORTER TOWNSHIP SCHOOL DISTRICT (P. 0. Sciotoville),
Scioto County, Ohio.-BOND SALE.-On May 27 $3,500 5% coup.
taxable school-impt. bonds were awarded, it is stated, to the First Nat.
Bank of Portsmouth at 100.91-a basis of about 4.748%. Denom. $500.
Date May 10 1914. Int. M.& N. at the First Nat. Bank of Portsmouth.
Due $500 yriy. from 1915 to 1921 incl. Bonded debt, including this issue,
$21,000. Assessed val., $1,788,720.
PORTSMOUTH, Scioto County, Ohio.-BOND SALE.-On June 2
the $50,000 5% 9-13-year (serial) water-works-ext.b ends (V. 98, 1). 1478)
were awarded to Breed,Elliott & Harrison of Cincinnati at 105.05-a basis
of about 4.417%. Other bids were
A.B. Leach & Co., Chic_ _$52.513 00 Ohio Nat. Bank Columb..$51,786 90
New York Life Ins. Co_ _ _ 52,378 00 E.11RollIns & Sons.Chic. 51,775 00
Stacy & Braun. Toledo__ 52.204 60 Davies-Bertram Co., Cin. 51,666 00
Seasongood & Mayer, Cin 52,144 00 First Nat., Cent. Nat. and
Portsmouth Banking Co__ 51,890 00
Sec.S.B.& Tr.Co.,Ports. 51,620 00
Well, Roth & Co., Cin_ _ _ 61,807 50 Rud. Kleybolte & Co.,Cin. 51,333 00
Field, Richards & Co., Cin 51,805 00 Prov.S.B.& Tr.Co..Cin__ 51.305 00
1792
THE CHRONICLE
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND SALE.-On
June 1 the $20,000 436% 536-yr. (aver.) coup. James M.Greathouse roadimpt. bonds (V. 98, p. 1634) were awarded to the People's Bank & Trust
Co. of Indianapolis at 101.45 and int.-a basis of about 4.20%. Other
bids were:
Breed,Elliott&Harrison,Ind..320,252I E.F.Parr & Co., Chic_ _ _$20,168
Miller & Co., Indianapolis__ 20,230 Mt.Vernon N t.Bk,Mt.V. 20,166
J. F. Wild & Co.,Indianap__ 20,219 1st Nat.Bk,New Harmony 20,103 80
PRESTON, Franklin County, Idaho.-BOND SALE.-On Mar. 24
$10,000 5% funding bonds were pruchased by James N. Wright & Co.,
Denver. Denom. $1,000. Int. A & 0. at Kountze Bros., N. Y. Due
April 1 1934, subject to call April 1 1924. Net debt $45,000. Assess.
val., $1,031,578. These bonds are now being offered to investors by the
purchasers.
PRINCE GEORGES COUNTY (P. 0. Upper Marlboro), Md.-BOND
SALE.-On June 2 the $40,000 5% 30-year coup. sch. bldg. bonds (V. 98,
p. 1711) were awarded,it is stated, to Townsend Scott & Sons of Baltimore.
PROVIDENCE, R. I.-NO LOAN AUTHORIZED.-The City Treas.
advises us that the reports stating that the City Council recently authorized
a loan of $500,000 for permanent paving (V. 98, p. 1339) are erroneous.
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND OFFERING.
Further details are at hand relative to the offering on June 20 of the $7,800
436% Henry Busch et al. highway-impt. bonds (V'. 98, p. 1711). Proposals
for these bonds will be received until 3 p. m. on that day by J. J. Lowry,
Co. Treas. Denom. $390. Date May 7 1914. Int. M. & N. Due
$390 each six months from May 15 1915 to Nov. 15 1924 incl.
BOND SALE.-We are advised by the County Treasurer that on
May 29 the $7,800 4%'X, 6-yr.(aver.) coup. M.M.Mathias etal. highwayimpt. bonds (V. 98, p. 1634) were awarded to J. F. Wild & Co., Indianapolis, for $7,856 50 (100.724) and int.-a basis of about 4.362%.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND SALE.-On
May 30 the $3,600 436% 5M,-year (ay.) gravel-road bonds (V. 98, p. 1634)
were awarded, it is stated, to the First National Bank of Greencastle at
101-a basis of about 4.30%.
QUINT SCHOOL DISTRICT, Glenn County, Cal.-BOND SALE.
On May 26 the $3,500 6% school-bldg. bonds were awarded to S. W. Murdock of Red Bluff for $3,553 25-equal to 101.524. Other bidders were:
S. F.$3,528 75 I Torrance, Marshall & Co.,5.F_$3,517
G. G. Blymyer &
Date June 1 1914. Int. J. & D. Due $500 yrly. from
Denom. $500. Co.'
6 to 12 yrs. These bonds were offered without success on May 5 (V. 98.
p. 1555)•
•
RADNOR TOWNSHIP SCHOOL DISTRICT (P.0.258 North 3d St.,
Philadelphia), Delaware County, Pa.-BOND SALE.-On June 2 the
$60,000 43.4% 20-year (aver.) coup. school bonds (V. 98. p. 1711) were
awarded to Chandler & Co. of Philadelphia at 102.63 and int.-a basis of
about 4.05%. Other bids were:
Harper & Turner and Martin
TownsendWhelen&Co.,Phil.102.01
102.521 Harris, Forbes & Co., N.Y....101.819
& Co., jointly, Phila.
Montgomery, Clothier & TyWurts, Dulles & Co., Phila_101.532
ler, Philadelphia
102.3719 Carstairs & Brown, Phila_ __101.333
Merch. Union Tr. Co. and
Rufus Waples & Co., Phila_ _101.041
Newburger, Henderson &
Reilly, Brock & Co., Phila_ _100.779
Loeb,jointly, Philadelphia 102.19 Edward V.Kane& Co.,Phila_100.43
Henry & West, Philadelphia..102.05
All bids provided for payment of accrued interest.
RANKIN SCHOOL DISTRICT (P. 0. Rankin), Allegheny County,
Pa.-BOND SALE.-On May 26 the $27,000 4%% 4-14-yr. (ser.) tax-free
school bonds (V. 98, p. 1634) were awarded to the Mellon Nat. Bank of
Pittsburgh for $27,289 70 (101.073)-a basis of about 4.355%. Other
bids were:
Gordon & Co.,
_ _$27,194 40!Warner & Fitzharris
$27,101 15
Pittsb_Holmes,Wardrope&Co.,Pitt27,177
50 I Lyon, Singer&Co., Pitts_ 27,042 39
Denom. $1,000. Date June 1 1914. Int. J. & D.
RAVENNA, Buffalo County, Neb.-BONDS VOTED.-Local newspaper
l
oant the tia
esytisa of issuing sewer-system-constr. bonds
rer•oaq' 't Lseaetl:
carried
RAVENNA CITY SCHOOL DISTRICT (P. 0. Ravenna), Portage
County, Ohio.-BOND SALE.-On May 29 the $7,500 5% 10-yr. (aver.)
school bonds (V. 98, p. 1634) were awarded to Seasongood & Mayer of
Cincinnati for $7,680 50 (102.406) and int. Other bids were:
Weil, Roth & Co., Cin__ ..$7,666 50 First Nat. Bank, Cleve___37,612 80
Tillotson&WolcottCo., Cie. 7,665 75 Otis & Co., Cleveland
7,595 00
Field, Richards & Co., Cln. 7,652 25 Prov.S.Bk.&Tr.Co., Cin
7,588 50
Stacy & Braun, Toledo_ _ _ _. 7,631 85 Ravenna Nat. Bk., Raven_ 7,500 00
READING, Berks County,Pa.-BONDS TO BE OFFERED OVER THE
COUNTER.-We are advised that the $175,000 street-paving bonds(V. 98,
p. 1339) will be offered for sale over the counter.
RINCONADA SCHOOL DISTRICT, Santa Barbara County, Cal.
BOND SALE.-On May 25 $2,000 6% 436-year (aver.) bldg. bonds were
awarded to Geo. S. Edwards at 100.75. Denom. $400. Date May 5
1914. Int. ann. in May. Due $400 yearly from 1915 to 1922 incl.
RIO VISTA JOINT UNION HIGH SCHOOL DISTRICT (P. 0.
Rio Vista), Solano County, Cal.-BONDS VOTED.-The question of
issuing $60,000 5% bldg. bonds carried at the election held May 16 by a vote
of 366 to 51.
roe
RIPLEY COUNTY(P.O. Versailles), Ind.-BOND SAL17-Minre
in 1
the two issues of 43' % 5 2-3-yr. (aver.) road bonds (V. 98, p. 1712) were
awarded as follows:
$7,600 Henry Vogt et al. road, Adams Twp. bonds to the Sunman Bank,
Sunman, for $7,662 25 (100.819)-a basis of about 4.344%.
14.240 Henry Underwood et al. road, Brown Twp., bonds to Frank
Thompson for $14,332 (100.646)-a basis of about 4,%%.
Other bids were:
Batesville Bank, Batesville, (for $7,600 issue), $7,655.
Versailles Bank, Versailles (for $14,240 issue), $14,331.
ST. FRANCOIS COUNTY SCHOOL DISTRICT NO. 27, Mo.BOND SALE.-Francis Bros. & Co. of St. Louis have purchased $20,000
536% school bonds. Date March 2 1914. Due $1,000 yearly on March 2
from 1915 to 1934 incl. Total debt, this issue. Assessed valuation,
$447,000; actual value. $1,000,000.
ST. PETERSBURG, Pinellas County, Fla.-BOND OFFERING.
Proposals will be received until 10 a. m. June 25 by W. F. Divine, City
Clerk, for the $148,000 6% gold gas-plant bonds voted during April(V.98,
P• 1186). Denom. $1,000. Date July 1 1914. Int. J. & J. at office of
City Treas. or in N. Y. City. Due $25,000 in 5, 10, 15 and 20 years and
$24,000 In 25 and 30 years. Cert. check for 5% of bid, required. No
bids will be considered for less than $5,000.
SAN ANGELO, Tom Green County, Tex.-BOND SALE.-On
May 25 the $80,000 5% 10-40-yr. (opt.) high-school bonds (V. 98,p. 1409)
were awarded to R. M. Grant & Co. of Chicago for $80,410 (100.512) and
int. Other bids were:
A. J. Hood & Co., Detroit, $40,100.
J. R. Sutherlin, par less $500 for expenses.
J. E. Sutherlin & Co., Kansas City, Mo., par less $800 for Axe ircs. (13
Well, Roth & Co., Cincinnati, par less $860 for expenses.
Spitzer. Rorick & flo., Toledo. Dar less S1.750 for expenses.
Pv SANFORD, Orange County, Fla.-BOND SALE.-On May 29Tthe
$50.000 23-year (aver.) coup. refunding bonds(V.98, p. 1479) were awarded
to Hoehler, Cummings & Prudden of Toledo at 103.135 and int. for 536s.
Other bids were:
$49,057 for 5s
50,661 for 536s
A. J. Hood & Co., Detroit
51,601 for 6s
$48,050 for 55
50,057 for 536s
Sidney Spitzer & Co., Toledo
51,557 for 6s
$50,751 for 536s
C. H. Coffin & Co., Chicago
Security Savings Bank & Trust Co., Toledo
351,940 for 6s
51,850 for 6s
Ulen & Co., Chicago
John Nuveen & Co., Chicago
51,785 for 6s
Bolger, Mosser & WIllaman, Chicago
61.300 for 6s
Well. Roth & Co., Cincinnati
51,262 50 for 6s
Spitzer. Rorick & Co., Toledo
50,832 25 for 6s
Stacy & Braun, Toledo
50,285 for 6s .!.•
First National Bank, Cleveland
50,
se, 1,,. .46
All bids provided for payment of accrued interest.
SANDUSKY TOWNSHIP, Crawford County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m.June 18 by G.F. Wagner,
[Vora. xcviii.
Twp. Clerk (P. 0. Bucyrus, R. F. D. No. 3), for $11,000 5% coup. roadimpt. bonds. Denom.$500. Date June 1 1914. Int. J. & D.at Bucyrus
City Bank, Bucyrus. Due $500 yrly. on June 1 from 1916 to 1937 incl.
cert. check for 200, payable to Twp. Treas., required. Bonds to be deCe.
livered and pal for within 10 days from time of award. Purchaser to
pay accrued interest. Bonded debt (incl. this issue), $38,000. Assess.
val. 1914, $1,120,090.
SAN GABRIEL, Los Angeles County, Calif.-BOND OFFERING.
Proposals will be received until 5 p. m. June 12 by the Board of Trustees,
Trail. Stouffer, City Clerk, for $12,500 536% bridge-constr. bonds voted
Mar. 19. Denom. $500. Date Apr. 1 1914. Int. A. & 0. at office of
City of San Gabriel. Due $500 yearly on Apr. 1 from 1915 to 1939 incl.
Cert. check or cashiers' check for 5% of bonds, payable to Board of Trustees, required. Purchaser to pay accrued interest. The proceedings up
to the sale of said bonds have been examined by O'Melveny, Stevens &
Milliken, and their opinion as to the validity of the bonds will be furnished
successful bidder. No bonded debt. Assess. val., $1,074,580.
SAN PATRICIO COUNTY (P. 0. Sinton), Tex.-BONDS VOTED.
Reports state that the quesiton of issuing $50,000 Road Dist. No. 1 road
bonds carried at the election held May 23 by a vote of 227 to 2.
SANTA ROSA SCHOOL DISTRICT (P. 0. Santa Rosa), Sonoma
County, Calif.-BONDS DEFEATED.-Reports state that the question
of issuing the $65,000 school bonds (V. 98, p. 1479) failed to carry at the
election held May 23.
SAVANNAH, Ga.-BOND SALE.-City Council on May 27ipassed a
resolution authorizing the sale of the $600,000 436% drainage bonds as reissued on a serial basis to the Security Trust Co. of Spartanburg at 100.7995.
On Jan. 20 the bonds were awarded as straight 30-year bonds at prices
ranging from 101.50 to 101.574 (V. 98, p. 325). The Security Trust Co.
have agreed that they will tender to all of the former successful purchasers.
the bonds formerly allotted to them, on the same basis that each formerly
bid, giving them a pro rata amount of the serial maturities, and if the allotment cannot be prorated through each maturity, that an average maturity
will be tendered each party.
SCHOHARIE COUNTY (P. 0. Schoharie), N. Y.-BOND SALE.
On June 2 the $30,000 436% 936-year (aver.) coup. bonds (V. 98, p. 1634)
were awarded to W.N.Coler & Co.of New York at 102.33 and int.-a basis
of about 4.20%. Other bids were:
Remick, Hodges & Co., N.Y.101.79 1 Harris,Forbes & Co.,N.Y. 101.182
Isaac W.Sherrill Co.,Pough.101.77 Adams & Co., New York..__101.1667
101.146
Lee, Higginson & Co., N. Y_101.69 John J. Hart, Albany
Douglas Fenwick & Co.. N.Y101.65 Jas. R. Magoffin, N.Y.._ _ _101
'Security Trust Co., Roch_ _100.85
SEATTLE, Wash.-BOND SALE -The recent sale of $300,000 436%
water tunnel bonds reported in last week's "Chronicle," (page 1712) shows
a great improvement in the city's credit since the adoption, about a year
ago, of a new fiscal policy of restricting future bond issues as much as
possible and making a rapid reduction in the old debt by issuing refunding
lotonds maturing serially in from 1 to 5 years. At that time, the city's
borrowing was done on pracctically a 5% basis. The recent sale shows that
Seattle's credit now compares favorably with that of other large cities on
the Pacific Coast, such as San Francisco, Los Angeles and Oakland, all of
which have recently sold bonds on a 4.50% to 4.60% basis.
SEBREE, Webster County Ky.-BOND OFFERING.-Reports state
that bids will be received until June 15 by 0. H. Ramsay, Mayor,for $13.000 5% 20-yr. water-works bonds.
SENECA COUNTY (P. 0. Waterloo), N. Y.-BOND OFFERING.
Smith,
Proposals will be received until 2 p. m.June 15,10 is stated, by F. G.
County Treas., for the $102,000 43 % coup. county bldg. 'bonds recently
semi-ann.
Due
Int.
$1,000.
Denom.
1634).
authorized (V. 98, p.
$6,000 yearly on June 1 from 1916 to 1932 incl.
learn
-We
VOTED.
SHERIDAN, Sheridan County, Wyo.-BONDS
that the question of issuing $50,000 5% sanitary-sewer-system-ext.bonds
carried at the election held May 26 by a vote of 591 to 104. Denom.
$500. Duo in 20 years.
SOUTH BEND, Pacific County, Wash.-BOND SALE.-The $9,800
8% Local Impt. Dist. No. 105 bonds offered on May 17 have been taken
by the Nema Improvement Co. of South Bend in payment for work.
STANWOOD, Cedar County Iowa.-BOND SALE.-Reports state
'voted Mar.30(V. 98. p. 946) have been
that the $9,000 water-works bonds
sold.
STEVENSVILLE SCHOOL DISTRICT NO. 6 (P. 0. Stevensville),
Ravalli County, Mont.-BOND ELECTION.-An election will be hold
June 12,reports state, to vote on the question of issuing $5,000 bldg. bonds.
STURGIS, Oktibbeha County, Miss.-BONDS PROPOSED.-Reports state that this town will issue $5,000 6% 20-yr. school-bldg. bonds.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.-BOND SALE.-On
June 1 the $50,000 436% 1036-year (average) registered county-buildingimprovement bonds (V. 9g p. 1635) were awarded to Estabrook & Co. of
-a basis of about 4.208%. Other bids
New York at 102.465 and interest,
i
were:
Curtis & Sanger, N Y
102.43 [John R. Magoffin, N. Y
Remick, Hodges & Co., N.Y.102.313 I Lee, Higginson & Co., N. Y.._ 101.96
Harry B. Howell, Riverhead_102.31 'Adams & Co., New York
101.75
Harris, Forbes & Co., N.Y_ _102.182[Geo.E.Farrington
SULLIVAN COUNTY (P. 0. Sullivan), Ind.-BOND SALE.-On
June 2 the two Issues of 4%% 54-year (aver.) gravel-road bonds (V. 98,
p. 1712) were awarded as follows to the People's State Bank of Sullivan:
$7,748 Curry Twp. bonds ler $7,803 25-equal to 100.71.
4,175 Hamilton Twp. bonds for $4,205 25-equal to 100.724.
Other bids were:
.
$11,990 00
J. F. Wild & Co., Indianapolis,for both issues
11,968 50
Miller & Co.,Indianapolis,for both issues
4,197 00
Breed, Elliott & Harrison, Indianapolis,for $4,175 issue
Par and interest.
H. V. Stark, for $4,175 issue
Date Apr. 15 1914. Int. M.& N.
SALE.-Francis
County,
Mo.-BOND
SPRINGS,
Saline
SWEET
Bros. & Co. of St. Louis have purchased. $10,000 5% coup. electric-lightextension bonds. Denom. $500. Date Jan. 1 1914. Int. J. & J. at
Mississippi Valley Trust Co., St. Louis. Due $2,500 every five years on
Jan. 1, from 1919 to 1934 incl., subject to call after 5 years. Total debt
(including this issue), $16,000. Assessed valuation $554,109; real value
of real and personal property, 51,500.000.
TALBOT COUNTY (P. 0. Easton), Md.-BOND SALE.-On June 2
the two issues of 5% coup. tax-free bonds (V. 98, p. 1635) were awarded to
Townsend Scott & Son of Baltimore as follows:
4.4
(a
0v4r
..) bridge-construction bonds at 107.41-a basis of
18-oyuetar
$35,000 a
12,000 6%-year (aver.) high-school-annex bonds at 103.43-a basis of
about 4.39%.
$35,000
$12,000
Other bids were:
Issue.
Issue.
107.266
103.09
Baker, Watts & Co., Baltimore
10
067:2
20
1
103.03
Flambleton & Co., Baltimore
102.97
Riggs & McLane, Baltimore
102.04
105.375
Strothers, Brogden & Co. Baltimore
Baltimore
101.05
100.55
'
Howard R. Taylor & Co.,
101.12
Hopkins Place Savings Bank, Baltimore
TOLEDO, Lucas County, Ohio.-BOND OFFERING.-Proposals
will be received until 7:30 p. m. July 1, it is stated, by A. McDonald City
And., for $250,000 436% 18-22-yr. (ser.) water bonds. Int. semi-ann.
Cert. check for 5% required.
BOND SALE.-We learn that on May 27 the $20,000 4% 4-year
water-works bonds (V. 98. p. 1557) were awarded to the National Bank
of Commerce, Toledo, at par and interest.
TORRINGTON, Litchfield County, Conn.-BOND OFFERING.
Proposals will be received until 3 p. m. June 25 by Goo. E. Cook, Francis
N. Hopkins or Elijah L. Curtiss, Town Selectmen, for $250,000 434%
25-yr. coup. or reg. funding and school bonds. Denom. $1,000. Date
July 1 1914. Int. J. & J. at office of Town Treas. Cert. check for 3%
of bonds bid for required. Total Indebtedness of town Sept. 12 1913,
$128,089; of borough Mar. 1 1914, $267,631. Grand list of town, $15,434,798.
The official notice of this bond offering will be found arnohg the advertisements elsewhere in this Department.
JUNE 6 1914.]
THE CHRONICLE
1793
TEES PINOS UNION SCHOOL DISTRICT (P. 0. Tres Pinos),
(including this issue), $600,852. Valuation of taxable property
San Benito County, Cal.-BONDS VOTED.-The
1913.
question of issuing
17,670,203. The legality of this issue has been approved by Tillinghas
$6,500 school bonds carried, reports state, at the election
t&
recently held.
ollins of Providence.
TRI-COUNTY DRAINAGE DISTRICT, Crittenden Cross
WAUSEON, Fulton County, Ohio.-BOND OFFERING.-Proposals
and
St. Francis Counties, Ark.-BOND SALE.-Reports state that
Compton & Co. of St. Louis recently purchased an issue of $400,000Wm.R. will be received until 12 m. June 23 by Carl F. Orth, Village Cleric, for
drain- $10,727 83 5% Brunell St. impt. (assess.) bonds. Denom. (1) $727 83,
age bonds.
(1) 31,000. (18) $500. Date June 1 1914. Int. A. & 0. at Village TreasTROY, N. Y.-BOND SALE.-On June 3 the $100,000 5% certificate
s urer s office. Due $727 83 April 1 1915, $500 each six months from
due Oct. 17 1914(V.98, p. 1713) were awarded to the Equitable Trust Co.of
Oct. 1 1915 to April 1 1924 incl. and $1,000 Oct. 1 1924. Certified check
New York at 100.685 and int.. Other bids were:
for $35(), payable to Village Treasurer, required.
Bonds to be delivered
Salomon Bros. & Hutzler, New York
$100,635 00 and paid for within 10 days from time of award. Purchaser to pay acManufacturers' National Bank, Troy
crued
interest.
100,608 39
TROY TOWNSHIP SCHOOL DISTRICT (P. 0. Troy),
WAYNE SCHOOL TOWNSHIP (P. 0. Mt. Etna), Huntingt
County, Ohio.-BONDS AUTHORIZED.-Reports state that the Miami
on
Board County, Ind.-BOND OFFERING.-Proposal
will be received until
of Education recently authorized the issuance of $12,500 school bonds.
9 a. m. June 15 by Arthur Rhamey, TownshipsTrustee,
VALLEY JUNCTION, Polk County, Iowa.-PURCHASER OF school bonds. Denom.$500. Date June 1 1914. Due for $15,500 4%
last bond not over
15 years. Certified check for $1,000 plus premium, if
BONDS.-The purchaser of the $39,000 5% water-works-extension
any, payable to
recently sold at 102 (V. 98, p. 1713) was the First Trust & Savings bonds
Bank Township Trustee, required. A similar issue of bonds was offered on
of Chicago. Denom. $500. Date May 1 1914. Int. M. & N. Due May 22 (V. 98, p. 1412).
$2,000 yearly beginning May 1 1919.
WELLS COUNTY (P. 0. Bluffton), Ind.-BOND
OFFERING.
VANDERBURG COUNTY (P. 0. Evansville), Ind.-BOND OFFER- Proposals will be received until
2 p. m. June 10 (and continuing until sold)
ING.-Carl Lauenstein, County Treasurer, will offer for sale at public by James A. McBride, County
for $7,600 B. F. Kain road
auction at 10 a. m. June 25, $5,200 4 % tax-free Rose Ave. road bonds (denom. $380),$6,240 Otto RatliffTreasurer,
(denom.$312), $4,080 Art Costello
in Pigeon Twp. Denom.$260. Int. M.& N. Due $260 each six months road (denom. $204), $1,280 John road
Singer road (denom. $64), and $4,080
from May 15 1915 to Nov. 15 1924.
Dick Poffenberger road.(denom. $204)
4 % highway-improvement bonds.
VANPORT TOWNSHIP SCHOOL DISTRICT (P. 0. Vanport), Date May 15 1914. Int. M.& N. Due one bond of each issue
each six
Beaver County, Pa.-BOND OFFERING.-Reports state that bids will months from May 15 1915 to Nov. 15 1924, inclusive. Certified
check
be received until 7 p. m. June 15 by H. E. McLaughlin, Sec. of School Di- for $200 required. Bonds to be delivered and paid for within
10 days
after sale.
rectors, for $17,000 5% school bonds. Cert. check for 2% required.
VERNON TOWNSHIP (P.O. Kinsman R.F. D.), Trumbull County,
WESTFIELD, Union County, N. J.-BOND OFFERING.
-Proposals
Ohio.-BOND SALE.-On June 1 the $40,000 5% 7H-year (aver.)
road will be received until 6 p. m. June 24 by Charles Clark, Town Clerk, for
bonds (V. 98, p. 1557) were awarded to Tillotson & Wolcott
of Cleve- $17,000 special East Broad St.,
land at 100.53 and int.-a basis of about 4.915%. Bids wereCo.
$52,000
general
impt. refunding, $41,000
also received sewer,
from Seasongood & Mayer of Cincinnati and Hoehler, Cummings
sidewalk and road and $17,000 sewage-disposal plant 4%%
& Prudbonds.
den of Toledo.
Date June 30 1914. Int. semi-annual.
WALLINGTON SCHOOL DISTRICT
The official notice of this bond offering will be found among the
0. Passaic), Bergen
advertiseCounty, N. J.-BOND SALE.-The $40,000(P.
193-Yr. (aver.) school
ments elsewhcre in this Department.
bonds offered on April 28 (V. 98, p. 1341 have 57
'
been awarded to M. M.
WEST WARWICK, R. 1.-BONDS
Freeman & Co. of Phila. at 102.693-a basis of about
ZED.-Town Council
4.786%•
on June 1 in the Town Hail at Riverpoint AUTHORI
voted to issue $300,000 43i% 30WAMAC SCHOOL DISTRICT (P. 0. Centralia),
County, year bonds to raise revenue with which to pay the proportion
Ills.-BONDS VOTED.-Reports state that this districtMarion
on May 23 voted debt of the old town of Warwick apportioned to the new al part of the
town of West
44ito 1 in favor of the issuance of $2,500 school bonds.
Warwick by the Division Commission. The issue is
so divided that $200,WARREN, Trumbull County, Ohio.-BOND SALE.-On June 2 the 000shall be in the denomination of$1,000 and the remaining $100.000in the
ion of $500 each. The Union Trust Co. Is made
$64,500 5% street bonds were awarded to Breed, Elliott & Harrison of denominat
the trustee
of the bonds.
Cincinnati for $65,064 85-equal to 100.875. Other bids were:
Spitzer, Rorick & Co., Tol$64,934 25 Otis & Co., Cleveland_ _ _ _$64,795 00
WILDWOOD, Cape May County,
J.-BOND SALE.-The City
Well, Roth & Co.,()in.__ 64,893 45 1 Seasongood & Mayer,Cin. 64,780 00 Treasurer advises us that the $7 500 20N.
-year fire-apparatus and $22,000
Tillotson & WolcottCo„Cle.64,835 25J First Nat. Bank, Cleve_ 64,685 60 30-year funding 5% bonds offered on March
26 (V. 98. 13. 947) have been
Prov.Sav.Bk.& Tr.Co., Cin 64,814 15
sold.
WARWICK (P. 0. Apponang), Kent County R. I.-BOND OFFERWILMINGTON, Dela.-BOND SALE.-On June 5
the $200,000 434%
/NO.-Proposals will be received until 4 p. m. June 17 by Howard V. 1934-year clver.) coup. or registered
building commission bonds, class
Allen, Town Treasurer, for $350,000 4 % 30-year gold coupon sinking "F" to "0, inci, dated
1 1913 (V. 98, p. 1713), were awarded
fund bonds to take up portion of indebtedness of old town of Warwick. Remick, Hodges & Co. of Sept.
to
New York at 104.193-a basis of about 4.184%.
Denom. $1.000. Date July 1 1914. Int. J. & J. Bonds will be ready for
WILMINGTON, Clinton County, Ohio.-BOND
delivery on and after June 28. Payments must be made in cash or certified
OFFERIN
G.
-Proposals
will be received until 12 m. June 30 by Frank
check, payable to Town Treasurer, on or before June 27. Bonded debt
Babb, Village Clerk,
for the $12,000 5% street-paving refunding
bonds voted April 18 (V. 98,
NEW LOANS.
NEW LOANS.
NEW LOANS
$127,000
$12,000
The Town of Plentywood,
TOWN OF DEXTER,
Sheridan, County, Montana
TOWN OF WESTFIELD, N.J.
CORPORATE BONDS
Chaves County, New Mexico, $2,000 Fire
Apparatus (6%) Bonds
Notice is hereby given that the Council of the
Town of Westfield, in the County of Union, New
10,000 Sewer
(6%) Bonds
WATER BONDS
Jersey, will receive bids for bonds authorized
26,000 Water-Works
under General Ordinances Nos. 170, 171, 172 and
(6%) Bonds
PUBLIC NOTICE IS HEREBY GIVEN
173, said ordinances authorizing the issuance of
bonds to the amount of $127,000 00, to be that the Board of Trustees of the Town of Dex- State of
Montana
ter, in the County of Chaves, and State of New
divided as follows:
County of Sheridans
Ordinance No. 170, Special East Broad Street Mexico, intends to issue, negotiate and sell
the Town of Plentywood) s:
negotiable coupon bonds of said town in the
bonds to the amount of $17,000 00;
to the authority
Ordinance No. 171, General Improvement Re- amount of Twelve Thousand Dollars ($12,000.00), ofPursuant
Ordinance No. 31
the Town of Plentywood, of
for the purpose of securing funds for the construcfunding bonds to the amount of $52,000 00;
of Sheridan County,
Montana, passed and approved
Ordinance No. 172, Sewer, Sidewalk and Road tion of a system for supplying water for the said 1914,
May 26, A. D.
authorizin
g
and
town
of
directing
Dexter.
bonds to the amount of $41,000 00;
and sale of certain bonds of saidthe advertisement
Said bonds will bear date May 1, 1914, will
Ordinance No. 173, Sewage-Disposal-Plant
town,
namely:
be
Fire-apparatus bonds aggregating
payable and redeemable, at the option
bonds to the amount of $17,000 00.
the principal
of said
of Two thousand dollars
Copies of the ordinances under which said bonds town, ten (10) years after date, and absolutely sum
($2,000):
Sewer
bonds
are to be issued may be had on application to the due and payable twenty (20) years after date, Ten thousand aggregating the principal sum of
dollars ($10,000); and
and bearing interest at the rate of six
Town Clerk.
per centum
Water-works bonds aggregatin
g the principal
The bonds will be dated June 30, 1914, and (6%) per annum, payable semi-annually, and con- sum
of Twenty thousand dollars ($20,000).
will bear interest at the rate of 43 per cent per sisting of twenty-four (24) bonds in the denomiEach issue of bonds aforesaid shall be
nation of five hundred dollars ($500.00)
annum, payable semi-annually.
numbered
each,
consecutiv
ely
from
1
said
upwards, of the denominabonds, principal and interest, being
Bids for these bonds must be in the hands of
payable tion of $1,000 each, dated January
1, A. D. 1914.
the Town Clerk not later than WEDNESDAY. at the banking house of Kountze Brothers
in the due January 1, A. D. 1934, redeemabl
City
of
New
York,
JUNE 24TH, 1914, AT 6 O'CLOCK P. M. The
U. S. A.
pleasure of said town after January e at the
The Board of Trustees of
Council reserves the right to reject any or all bids.
1, 1929;
said
of Dexter, bear interest from their date
New Mexico, invites bidders for town
until paid at the rate
Westfield, New Jersey, June 3rd, 1914.
said bonds, and of six (6) per centum
bids
all
shall
per annum, payable semi-anbe
sent to the clerk of said town, at nually on
CHARLES CLARK, Town Clerk.
the
first clays
Dexter, New Mexico, on or before the First
January and July,
June 6 1913.
Day respectively, in each year,of
of July, A. D. 1914. The
both principal thereof
Board reserves and interest threeon
the right to reject any and allsaid
payable at the National Bank
bids offered.
of
Commerce
, in the city and State of New
No conditional bids for said bonds will be conYork,
U.S. A.
sidered, and bidders must satisfy
BOND CALL.
board of
PUBLIC NOTICE IS HEREBY
trustees of their ability to take upsaid
GIVEN
and
pay
for
each
series
of bonds aforesaid will, at the that
said bonds within ten days after the date of
office
sale, of the undersigned Mayor
before their bids will be considered.
in.said town, on MON
NOTICE OF BOND CALL
All bids are to be accompanied by an uncondi- DAY, to-wit: the 29TH DAY OF JUNE, A.
D.
1914,
at
the hour of 10 o-clock A. M., at
tional certified check for
per cent of said bond auction, be sold
public
to the bidder offering the highest
Issue, which check is to ten
be forfeited in case said price therefor.
bidders refuse to comply with the terms
of this adAt said public auction only the bids
vertisement.
of such
The bonds will be sold for cash to the highest those who have deposited with the undersigneof
d
Mayor a certified check, payable to his
and best bidder, in no case for
order, for
less
than
par
and
an
equal to the par value of the bonds
interest to date of delivery, by the Town for,amount
bid
6% SCHOOL DISTRICT BONDS accrued
will be considered. The checks
Treasurer, under the general supervisio
of all unsucn of the cessful bidders will be returned
forthwith, whereas
Notice is hereby given that Special School Board of Trustees of said town.
the check of the successful bidder,
THE BOARD OF TRUSTEES OF
or bidders,
District of Russellville, Arkansas, has called for
shall be held by the town and forfeited
THE
TOWN
OF DEXTER, NEW MEXICO. the purchaser
payment the following described bonds aggreit should
fail totake up and pay forto
(signed by) M. H. ELFORD, Mayor.
gating $22,000, namely. bonds Nos. 1 to 22, insaid bonds
when presented to him.
clusive, of $1,000 each, dated July 1, 1907, which Attest:
Each
series
of
bonds
aforesaid
(Signed)
F.L.MEHLHOP,Town Clerk.
will be available
said bonds are subject to call at any interestfor delivery at the time of their
paying period by giving thirty days' notice, and,
the day, date and hour aforesaid,sale, namely,
with the extogether with the interest accrued thereon,will be
ception that the water-works
and sewer bonds
paid at the office of the Bank of Russellville,
will be delivered to the purchaser,
or
Arkansas, on the FIRST DAY OF JULY, 1914.
one day subsequent to the delivery purchasers,
of the fire
Holders thereof are hereby required to present
READY JULY 15.
apparatus bonds.
said bonds for payment at the time and place
BY ORDER of the Council of
the
herein specified, and no interest will be paid on
town of
Plentywood, of Sheridan County.
said bonds after the date named.
Montana;
made this 26th day of May, A. D.
1914.
Bonds will be redeemed also at the office of
[Seal]
GEO.E.BOLSTER,Mayor.
Messrs. Speer & Dow, Investment Bankers of
Attest:
192 Pages
Fort Smith, Arkansas, or at the First National
C. M.OLUFSON,Clerk.
Bank of said city, if the holders desire.
Income-Prices-Dividends
By order of the Board of Directors of Special
School District of Russellville, Pope County,
Arkansas.
for a series of years
L. B. McOLURE,
President.
to Jan. 1
Attest :
Bankers and Brokers
J. A. CLIFTON,
COMMF.RCIAL & FINANCIAL CHRONICLE.
Secretary.
NO.
Weal.]
74
BROAD
WAY, NEW YORK
138 Frot St.. New York
$22,000
RUSSELLVILLE, ARKANAS,
HAND BOOK OF SECURITIES
W. H. Goadby & Co.
[VOL. xcvm.
THE CHRONICLE
1794
of
BRIDGEBURG, Ont.-DEBENTURES VOTED.-The question
election
issuing $7,000 6% 10-yr. good-roads debentures carried at the
held May 18 by a vote of 130 to 7.
says
CANADA (Dominion of).-NEW LOAN.-A cable from London
of
that bankers there are underwriting a Dominion Government 4% loan
£5,000,000 at 98.
CEDARVALE SCHOOL SECTION NO. 26, Ont.-DEBENTURES
is
PROPOSED.-According to local newspaper reports, this school section
contemplating the issuance of $80,000 debentures.
held
be
will
election
DELISLE, Sask.-DEBENTURE ELECTION.-An
June 10, reports state, to vote on the issuance of $1,800 sidewalk and
street, $2,000 town-hall-building-completion and $3,000 skating and
curling-rink-construction debentures.
MONCTON, N. B.-DEBENTURE OFFERING.-Proposals will be
received until June 30 by J. S. Magee, City Treas., for $120,000 5% 40-yr.
debentures.
PINCHER CREEK, Alta.-DEBENTURE ELECTION.-The election
to vote on the question of issuing the $4,000 electric-light-plant debentures
(V. 98, p. 1266) will be held June 12, reports state. bids will be received
DEBENTURE OFFERING.-Reports state that
until June 8 by G. D. Plunkett, Sec.-Treas., for $3,300 land debentures.
-The Coun
PORT ARTHUR, Ont.-DEBENTURES AUTHORIZED.
cil passed a by-law on May 4,it is stated, authorizing the issuance of $43,000
debentures.
school-improvement
Ward
North
cf issuing
REDCLIFFE, Alta.-DEBENTURES VOTED.-The question
ear light 69
$75,000 20-year water-system-extension and $15,000 15-y
of 134 to 5
annual debentures carried at the election held May 18 by a vote
in last
and 127 to 10 respectively. Using newspaper reports, we stated
week's Chronicle (page 1715) that these debentures would be submitted
to a vote on June 1.
DEBENTURES AUTHORIZED.-13y-laws providing for the issuance
of $22,000 15-year and $12,000 3-year sidewalk 6% debentures have also
been passed.
ST. AGNES ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT
-ProposNO. 22 (P. 0. Moose Jaw), Sask.-DEBENTURE OFFERING.
-Treasals will be received until 5 p. m. June 17 by E. J. Baker, Secretary
urer, for $7,000 40 annual installment school-improvement debentures.
Bids are requested at 5% and 6% interest.
that
ST. BONIFACE, Man.-DEBENTURES VOTED.-Reports state
$200,000
at a recent election this place voted in favor of the issuance of
school debentures.
BY BANKERS.
VANCOUVER, B. C.-DEBENTURES OFFERED
investors an issue of $264,000
Brown Bros. & Co. of N. Y. are offering to $1,000.
Date Feb. 1 1914.
% 10-yr. coup. debentures. Denom. America in
N.Y
Y.C. DebenInt. F.& A.at agency of Bank of British No. Total debt (incl. this issue
tures may be registered as to principal only. val. 1913, $212,985,179; for
and impt. debentures) $33,498,536. Assess.
1914, not yet confirmed, $226,845,193.
of issuing
VERNON, B. C.-DEBENTURES VOTED.-The questions
debentures carried,
$10,000 street-impt. and $5,000 water-works-extension
reports state, at the election held May 11.
state that this
WATERLOO, Ont.-DEBENTURE SALE.-Reports 10-Installment.
% 20-installment. $10,000 534 70
city has sold $26,000
670 115$20.010
llment,
20-insta
6%
nt, $4,100
BEAUHARNOIS, Que.-DEBENTURE OFFERING.-Proposals will $9,104 6% 30-installme
6% 5-installment debentures to Wood, Gundy &
be received until June 15, it is stated, by L.0. Tasse, Secretary-Treasurer, stallment and $1,062
Co. of Toronto.
for 375,000 5% 20- year debentures.
p. 1342). Denom. $500. Date June 1 1914. Int. J. & D. Due $500
each six months from June 1 1915 to Dec. 1 1926 incl. Certified check
for 5% of bonds bid for, payable to Village Treasurer, required. Purchaser
to pay accrued interest. Bids must be unconditional. The legality of
these bonds has been approved by Peck Shaffer & Peck of Cincinnati. a
certificate of whose opinion will be furnished without charge.
WINCHESTER, Litchfield County, Conn.-BONDS TO BE OFFERED THIS FALL.-We are advised by the Town Treasurer that the
$100,000 bonds mentioned in V. 98, p. 1412 will be issued about Aug. 1.
WINFIELD TOWNSHIP (P. 0. Le Roy), Lake County, Ind.
BONDS NOT SOLD.-We are advised that the sale of the $15,000 434%
8 1-3-yr.(aver.) road-impt. bonds which was to have taken place on May 29
(V. 98, p. 1635) was prevented by a decision of the Court.
WOODBURY, Gloucester County, N. J.-BOND SALE.-Reports
state that Henry & West of Phila. have been awarded the $20,000 434%
25-year So. Broad St. impt. bonds offered by this city (V.98, p. 1636)•
WOODBURY COUNTY (P. 0. Sioux City), Iowa.-BONDS VOTED.
-The question of issuing the $500,000 court-house bonds (V. 98. p. 1714)
carried at the election held June 1.
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BOND ELECTION.
-The election to vote on the question of issuing the Parkersburg District
bridge bonds (V. 98, p. 1636) wjli be held June 11, it is stated.
WORCESTER COUNTY (P. 0. Snow Hill), Md.-BOND OFFERING.
rs,
-Proposals will be received until 12 m. June 16 by the Co. Commissione
bonds.
J. Ed. White, Clerk, for $25,000 5% reg. coupon tax-free bridge
erchanics'
at
Merchants-M
J.
&
J.
Int.
1914.
1
July
Denom. $500. Date
Nat. Bank, Baltimore, or First Nat. Bank, Snow Hill. Due $1,000 yearly
on July 1 from 1940 to 1964 incl. Bonded debt $90,000. Taxable Lbasis
$9,800,000.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-BOND
0 5 1-3-year (average) road bonds
SALE.-On May 28 the $14,000 57
-equal
(V• 98.p • 1636) were awarded to Otis & Co.of Cleveland for $14,235
to 101.678-a basis of about 434%. Denom.(20) $500. (10) $400. Date
April 1 1914. Int. A.& 0. Other bidders were:
$14,193 25
Spitzer, Rorick & Co., Toledo
14,165 00
Citizens' Savings Bank, Upper Sandusky
14.162 65
Seasongood & Mayer, Cincinnati
14,162 50
First National Bank, Upper Sandusky
00
14,150
Sycamore
Bank,
State
Sycamore
14,149 80
Tillotson & Wolcott Co., Cleveland
Commercial National Bank, Upper Sandusky
WYOMING SCHOOL DISTRICT (P. 0. Wyoming), Jones County,
Iowa.-BONDS VOTED.-The question of issuing the $30,000 building
bonds (V. 98. p. 1559) carried, reports state, by a vote of 241 to 129 at
the election held May 23.
WYOMISSING SCHOOL DISTRICT (P. 0. Wyomissing), Berks
County, Pa.-BOND SALE.-We are advised that the $12,000 site-and
recreation-grounds bonds recently authorized have been disposed of.,keti
Canada. its Provinces and Municipalities.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$38,000
$250,000
$186,000
THE VILLAGE OF SOUTH ORANGE
Town of Torrington, Conn.,
2% 25-Year School Bonds
43/
Sealed proposals will be received by the Selectmen of the Town of Torrington, Conn., at their
office in the City Hall, up to 3 o'clock P. M. on
THURSDAY, JUNE 25TH, 1914, for the whole
or any part of Two Hundred and Fifty Thousand
Dollars ($250,000) Coupon Bonds of the denomination of $1,000, each of which will bear interest
at the rate of four and one-half per cent (434%)
per annum, payable semt-annually on the first
days of January and July in each year at the office
of the Treasurer in Torrington, Conn.
The issue of these bonds was authorized by an
Act of the Legislature, approved June 2nd, 1913,
and by a vote of the Town at a legally warned
meeting held on April 8th, 1914.
These bonds may be registered at the option of
the holder, said bonds to be dated July 1st, 1914,
and payable in twenty-five years.
These bonds are issued to raise money to pay
the cost of building and equipping new school
houses in Torrington, Conn., and to reduce the
floating indebtedness of the Town.
The total indebtedness of the Town of Torrington, as shown by the last report of the Selectmen.
Sept. 12, 1913, was $128,089.00. The total indebtedness of the Borough of Torrington, which
is in the town of Torrington, was on March 1st,
1914, $267,631.00. The last grand list of the
Town of Torrington was $15,434,798.00.
The sum of Six Thousand Dollars ($6,000)
per annum must be set aside by the Town as a
sinking fund to retire these bonds at maturity.
Each proposal must be accompanied by a certified check for three per cent of the par value of
the bonds bid for.
The Selectmen reserve the right to reject any
or all bids.
Dated Torrington, Conn., June 2nd, 1914.
GEO. E. COOK,
FRANCIS N. HOPKINS,}Selectmen.
ELIJAH L. CURTISS,
Parish ofEast Baton Rouge,Louisiana
5% ROAD BONDS
Essex County; New Jersey
Playground & Fire-Equipment Bonds
MUNICIPAL BONDS
Sealed proposals will be received by the Committee on Finance of the Board of Trustees of the
8
Village of South Orange, New Jersey. untilfor
o'clock P. M., MONDAY, JUNE 16, 1914,
the purchase of bonds for The Village of South
Orange, as follows:
Separate bids for each issue.
% 30-year Playground Bonds.
$28,000
10,000 4% 10-year Serial Fire-Equipment
Bonds.
Both interest and principal payable at the
United States Mortgage & Trust Company,
to be
55 Cedar Street, New York City. Bonds
in the denomination of $1,000 each. Said bonds
and
of
supervision
the
under
wil be engraved
certified to as to genuineness by the United States
The
Mortgage & Trust Company of New York.
by Messrs.
legal proceedings are being examined
Counsellors-at-law,
Caldwell, Masslich & Reed,
opinion
their
and
City,
York
New
Broadway,
111
and also filed
will be furnished to the purchaser
with legal papers with the United States Mortgage
& Trust Company.
by a certiEach proposal must be accompanied
or trust company,
fied check on a national bank
of the Village
Treasurer
Fenner
Frank
payable to
Jersey for two per cent
of South Orange, New J
bonds bid for. Delivery
of the par value of the
on July 1. 1914, at
made
be
will
of the bonds
office of the United
eleven o'clock A. M., at theCompany,
55 Cedar
States Mortgage & Trust
a subsequent date
unless
City,
Street, New York
shall be mutually agreed upon.
on applicaFurther information can be obtained
of the Village of
tion to Frank Fenner, Treasurer
South Orange. Village Hall. South Orange New
Jersey.
reject any or all bids.
The right is reserved to
LAWRENCE A. NORTON,
EDWIN S. ALLEN,
EDWARD A. MARKS,
Committee on Finance.
The Village of South Orange.
Dated May 29, 1914.
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
Barnes ak. Lofland
Sealed bids will be received by the President
of the Police Jury, Baton Rouge, Louisiana, up
to JUNE 25TH, 1914. for $186,000 00 five per
cent twenty-seven (27) _years Good Road Serial
Bonds, Series "B," of Road District No. Two,
of the Parish of East Baton Rouge, issued by
Parish of East Baton Rouge, in behalf of Road
District No. 2, upon unanimous vote of the
legally qualified property tax-payers, under provisions of Article 281. Constitution of Louisiana
of 1898, and amendments thereto. Issued solely
for construction, improvement and maintenance
of Gravel Roads in said Road District under
supervision of Louisiana State Highway Department.
Denomination of bonds, $1,000 00, maturing
serially from Feb. 1st, 1915. to Feb. 1st, 1941.
Interest payable semi-annually February and
August 1st.
Principal and interest payable at the office of
the Parish Treasurer, Baton Rouge, La., or at
National City Bank, New York City, N. Y.
Full faith and credit of Parish and District
pledged to payment.
Tax levied to meet payments due in 1915.
Purchaser or purchasers of bonds may designate the depository of funds, provided ample
security be given for their safe-keeping.
Certified check for $5,000 00 required with each
bid, as evidence of good faith.
For further information address Joseph Gebelin,
President Police Jury, or F. A. Woods. Secretary,
Baton Rouge, Louisiana.
Bolger, Mosser& W11 larnan
F. W M. KRAFT
LAWYER.
Specializing in Examination
of
Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING,
111 WEST MONROE STREET
29 South La Salle St.,
CHICAGO
CHICAGO, ILL.
147 So. 4th St., Philadelphia, Pa.
Stocks and Bonds
BLODGET & CO.
MUNICIPAL AND RAILROAD
BONDS
AT
BONDS
LIST ON APPLICATION.
AUCTION
GO STATE STREET, BOSTON
20 PINE STREET, NEW YORK
SEASONGOOD & MAYER
STATE, CITY & RAILROADJIONDS
CINCINNATI
Ingalls Building
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourse
@FedFRASER