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financial
The
frtmide
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, MARCH 14 1914
Bank Sc Quotation Section
Railway Earnings Section
VOL. 98
gite Tinonide.
WEEKLY.
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Published every Saturday morning by WILLIAM B. DANA CONIYANY.
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CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
.ending to-day have been $3,308,930,947, against $3,555,804,944 last week
-and $3,360,131,787 the corresponding week last year.
1914.
1913.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,485,356,020
126,860,304
.140,000,000
27,792,074
306,767,149
72,585,193
14,189,215
$1,666,860,875
130,396,229
132,244,007
34,694,154
387,868,039
70,950,502
13,912,661
-10.6
-2.7
+6.9
-19.9
+6.6
+2.3
+2.0
Seven cities, five days
-Other cities, five days
$2,173,549,955
802,404,809
$2,331,926,467
070,298,419
----6.8
+5.6
Total all cities, five days
All cities, one day
$2,775,954,764
532,976,183
$2,902,224,886
457,906,901
-4.3
+12.0
-Returns by Telegraph.
Clearings
Week ending March 14.
Total all cities for week
-1.5
$3,308,930,947 $3,360,131,787
* Partly estimated.
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
•clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
000n, March 7, for four years:
Week ending March 7.
Clearings at
Inc. or
1914.
1913.
1912.
1011.
1,920,070,148 2,050,321,801 -6.3 1,857,043,327 1,695,535,873
New York
Philadelphia
_ 183,903,805 174,609,112 +5.3 160,965,754 143,129,399
55,759,391 -6.2
46,915,402
46,563,793
52,306,908
Pittsburgh
34,103,075
43,315,192 -7.1
35,928,013
Baltimore
40,241,708
8,827,212
12,143,174 +16.1
10,530,706
Buffalo
14,104,912
7,729,535
7,845,183
7,853,588 +9.4
Washington _
8,373,333
5,806,612
5,193,048
Albany
7,443,502 -9.6
6,731,986
4,472,687
3,601,050
Rochester
5,158,234 +6.8
5,508,764
2,797,037
2,656,511
'Scranton
3;349,009 +0.6
3,369,848
2,610,952
2,335,868
Syracuse
3,579,935
3,528,029 +1.4
1,585,909
1,367,441
7.9
1,717,922
Reading
1,581,472
1,464,035
1,371,419
Wilmington
1,746,538 +9.5
1,912,556
1,549,961
1,318;732
1,434,019
2,027,674 -29.2
Wilkes-Barre_ _ 1,821,641
1,597,868
2,168,523
2,262,796 -4.2
Wheeling
'Trenton
1,724,987
1,485,167
13.9
1,521,331
1,766,843
Lancaster
1,674,974
1,046,540
1,835,149
11.1
1,453,670
York
853,317
906,778
844,501
11.0
048,977
Erie
985,771 +27.4
814,058
1,253,134
857,164
.Greensburg
675,000
650,000 +3.8
805,878
892,132
Binghamton _ _
715,000
862,800
,508,600
742,400 -3.7
Chester
581,441
652,840
701,862
17.1
623,176
Altoona
535,845
494,236 +8.4
422,216
391,002
Montclair
392,207
402.085 --2.5
Total Middle_ 2,253,260,046 2,379,361,285
. Boston
Providence
Hartford
New Haven
'Springfield
Portland
Worcester
Fall River
New Bedford_ _ _
Lowell
Holyoke
,Bangor
167,502,941
8,153,500
5,914,114
3,465,299
3,202,352
2,278,290
2,724,428
1,539,001
1,258,908
718,835
799,331
499,828
180,046,355
8,150,100
5,430,366
3,428,238
2,809,196
2,615,680
2,409,392
1,073,504
1,038,703
533,780
878,374
495,469
--5.3 2,148,730,515 1,961,859,085
-7.0
+0.04
+8.9
+1.1
+14.0
12.9
+13.1
+43.4
+21.0
+34.7
+17.8
+0.9
165,875,509
7,456,800
4,904,900
2,710,927
2,435,441
2,230,855
2,317,237
1,425,671
962,034
540,182
070,216
438,816
145,689,965
7,684,400
4,960,243
3,107,626
1,953,929
1,983,517
2,097;545
1,176,959
980,432
535,104
467,499
496,079
Tot. New Eng. 198,054,827 208,709,157 -5.1 191,868,588 171.093,295
- ,
Nd -For Canadian clearings see "Commercial and Miscellaneous News."
• Clearings now on new or correct basis.
'
1914.
Terms of Subscription-Payable in Advance
NO. 2542
Week ending March 7.
Clearings at
-
PUBLISHED
Electric Railway Section
State and City Section
1913.
8
Inc. or
Dec.
1912.
1911.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville.
Kalamazoo
Springfield, Ill_ _
Rockford
Lexington
Youngstown _ _
Fort Wayne_ _
Quincy*
Akron
Bloomington__ _ _
Springfield, 0_
South Bend
Canton
Decatur
Danville
Jackson
Mansifled
Jacksonville, Ill_
Lima
Owensboro
Lansing
Ann Arbor
Adrian
Tot. Mid.West
$
8
$
%
400,990,526 389,331,671
+8.8 321,659,643 287,688,624
28,528,750
23,236,700
28,815,300 --1.0
27,080,650
22,795.146
22,564,914 +1.9
17,883.350
16 143,399
.
25,861,4332
17,072,003
23,190,196 4-11:5
18,424,587
18,000,000
12,827,485
16,135,372 4-11.6
15,702,936
8,516,089
9,238,994 --7.8
8,460,855
9,387,254
7,106,000
6,618,600 +7.4
5,966,300
6,326,200
5,613,419
5,031,155 +11.6
4,972,686
4,796,889
5,229,747
5,144,530
d-1.7
3,550,132
4,425,985
3,392,707
2.503,528 --3.2
2,997,769
2,431,983
3,765,800
2,808,276
+4.1
2,095,889
2,143,178
1,241.898
1,220,923 '
4-1.7
1,139,068
1,228,379
694,390
939,989 --26.1
755,256
787,807
1,576,186
1,813,486 --13.1
1,840;010
1,607,740
910,235
1,212,529 --24.9
909,330
1,073,343
987,909
1,455,016 --32.2
1;498,190
1,278,692
1,825,195
2,549,239 --28.4
1,860,137
959,996
1,516,212
1,365,292
1,228,945
1,547,921 -2.1
1,724,617
1,466,594 +17.6
1,130,634
1,158,300
1,634,000
2,154,000 --24.1
1,447,000
814,600
896,544
1,658,452
2,352,423 --29.5
1,406,435
622,011
1,133,391
809,452 +40.0
636,004
438,336
704,078
657,160 +7.2
515,523
1,009,197
1,679,817 +13.3
1,903,566
1,100,330
492,310
708,157
746,939 --5.2
719,590
632,289
541,928
750.092 --27.9
006,880
345,000
513,289
553,144 -L-7.2
625,677
541,409
469,225
656,297
759,338 -- -38.2
,
453,198
548,193
819,699 --33.1
485,014
454,016
570,990
510,772 +11.8
480,878
505.149
580,758
524,921 +10.6
508,577
531,081
304,178
384,571
437,0190 +23.8
253,217
181,275
297;490 --14.9
232,767
88,615
48,242
40.739
79,577 4-11.4
552,023.798 518,520,557 +6.5 451,194,398 401,537,131
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton
San Jose
Noeth Yakima
Reno
Total Pacific
56,531,476
27,010,546
12,660,092
12,334,412
5,734,128
4,188,910
2,832,382
3,776,909
2,164,833
2,352,384
947,795
969,068
870,593
034,490
411,490
319,159
133,538,667
Kansas City__
Minneapolis _ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Davenport
Topeka
Cedar Rapids.__
Colorado Springs
Pueblo
Fargo
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen
Tot. oth.West.
58,328,287
27,243,342
23,800,000
12,831,318
9,439,092
11,126,214
12,478.159
3,468,602
3,150,833
3,195,385
3,358,092
1,773,104
4,152,537
630,836
719,507
501,724
888,928
2,183,907
1,075,012
377,832
300,000
525,643
187.215,409
--3.0
-8.2
--2.0
-10.6
--2.5
--3.4
--8.0
-11.5
+14.3
--25.0
--18.0
-15.7
-3.8
-11.9
-8.9
+3.5
--5.8
53,306,695
21.995,832
11,626.164
12,472,059
7,008,080
4,604,543
3,367,924
4,532,562
1,593,914
2,885,295
864,674
700,000
978,456
639,748
455,309
297,768
127,329,014
40,613,489
17,060,090
10,677,134
11,602,500
5,308,707
4,619,227
3,438,123
3,569,869
1,384,926
1,433,769
843.700
669,998
522,184
436,377
487,728
267,798
102,875,529
58,372,784 --0.08
25,136,314 +8.4
+0.3
23,717,111
14,000,046 --8.3
10,838,831 --12.9
11,035,240 +0.8
11,340,015 +10.2
51,319,040
20,375,791
20,742,943
12,376,674
'7,725,796
10,768,248
6,500,000
, .
3,344,267
2,984,601
2,419,772
2,349,071
1,706,739
2,387,590
639,261
701,800
948,979
738,386
1,475,129
738,137
295.749
272,526
252,642
154,825,336
53,891,154
18,583.920
18,684,104
11,882,314
7,928,172
11,396,363
1,211.211
.
58,257,762
29,425,345
12,916,087
13,808,874
5,882,278
4,334,070
2,861,414
4,265,463
1,893,216
3,138,597
1,155,050
1,150.414
904,740
720,000
451,877
308,401
141;465,588
3,564,083
3,336,327
2,964.311
3,201,956
1,839,668
3,863,288
692,869
751,548
555,05,5
733,383
2,455,502
977,967
364,609
300,000
399,75
4
183,727J-98
-2.4
---5.8
+4.2
+4.9
-3.0
+7.5
-9.8
-8.8
-11.1
+10.0
+3.0
+3.0
+31.5
+1.9
3,276248
2,176,996
1,932,456
1,881,479
1,717.879
2,110,410
713,802
639,393
719.271
601,769
1,57,5,000
042,181
98,084
264,396
372,207
152,362,508
78,132,412
71,866,663
83,761,076
St. Louts
83,810.360 -0.1
19,279,082
18,756,849 -12.0
21,514,218
19,122,959
New Orleans
13,022,371
15,636,984
14,933,869
Louisville
16,620,588 --5.8
8,200,000
10,797,172 -21.1
Houston
9,572,500
7,240,000
0,715,000 -1.5
10,397,000
Galveston
7,354,435
8,183,594
8,300,000 -1.4
7,925,295
Richmond
7,952,714 -0.3
6,387,608
7,928,842
6,074,717
Fort Worth
15,636,430
12,082,468
14,428,547 +8.4
14,684,590
Atlanta
7,159,108
Memphis
9,151,861
8,679,263 +5.4
7,731,160
4,693,448 -9.1
3,813,152
Savannah
4,263,320
5,718,263
8,011,181
8,435,890 -5.0
5,947,959
4,186,948
Nashville
3,102,699
4,127,501
4,119,776 +0.2
3,742,373
Norfolk
2,704,241
2,509,715
3,889,579
3,588,374
+8.4
Birmingham
1,907,037
2,308,230 -17.4
2,010,967
2,279,021
Augusta
2,977,751
Jacksonville
3,575,000
3,599,369
3,962,959 -9.2
2,892,025
2,742,250 +5.4
2,901,754
1,929,001
Chattanooga....
1,947,529
1,720,451
Knoxville
1,876,410
1,961,890 -4.3
1,645,592
1,519,102 +8.3
1,582,375
1,497,782
Mobile
1,946,100
2,758,403
2,422,114 +13.9
2,193,517
Little Rock
2,429,210
1,889,131 +28.6
1,813,384
2,498,963
Charleston
2,114,891
1,712,287 +33.5
2,294,876
1,687,918
Oklahoma
3,846,765
3,968,182 +4.0
3,861,768
3,122,368
Macon
395,172 +5.0
376,009
310,700
Meridian
415,000
6,013,800
4,347,339 +59.0
7,855,588
5,105,730
Austin
364,783
312,602
Vicksburg
348,706 +4.6356,309
716,089
320,760 +123.4
483,577
432,118
Jackson
1,831.441
662,526
683,143
1,107,422 +65.4
Tulsa
915,565
844,9171 +8.4
7 50,283
853,883
Muskogee
Total Southern 231,712,197 228,905,660 +1.6 211,303,651 186,360,096
3,555,804,944 3,660 261,525 -2.9,3295,151,402 2.975,787,547
Total all
Outside N. Y. 1,635,734,798 1,609,939,724 +1.6 ;428,108,075 t280,251.674
788
_
THE CHRONICLE
THE FINANCIAL SITUATION.
' It seems almost incredible, but the Legislature at
Albany is again tinkering with the inheritance tax
laws of this State. We are glad to note that representatives of our leading fiduciary institutions have
the present week been vigorously opposing the movement, though the opposition appears to have been
of little avail, as the Senate Committee on Taxation
and Retrenchment has actually reported the bill
favorably. Past experience seems to count for little.
New York's inheritance tax laws were so radically
and so hastily revised in 1910, in the last year of
Governor Hughes's administration, that it became
necessary to revise them afresh within twelve months
in order to prevent incalculable harm and loss to the
material interests of the State. By this second revision these inheritance transfer taxes were put on a
fairly rational basis, though the rates imposed remain
above those levied in most other States.
It is now proposed to make some further changes.
Absolutely nothing can be urged in favor ofsuch a step.
Yet the favorable report of the Senate Committee
shows that unless this week's action of the fiduciary
institutions is followed by similar action on the part
of citizens generally, the bill may slip through in the
closing days of the session, especially as it is
being pushed at the instance of the State Comptroller's office, and the Legislature has already voted
to adjourn on March 27.
The ostensible object is to gain additional revenue.
The chances are that the revenue would be less, as
the proposed measure, like the law of 1910, which
had to be so speedily repealed,would have the effect
of driving large amounts of capital out of the State
and to induce many persons to change their residences to other States. As usually happens with
tax laws,or laws designed to make a levy on savings
and accumulations, each change marks a broadening
of the scope and reach of the statute. Aimed in the
first instance at the possessions of the rich, they are
quickly converted into strikes at the small hoards
or accretions of the humbler classes. A heavy hand
is laid upon the small legacies with the same certainty of effect as in the case of large and shining
bequests. In the present instance, all disguise is
thrown aside,and E. S. Harris,Deputy State Comptroller, speaking in favor of the bill, is quoted as
having sac& "There are only so many Astors and
Morgans in the State and they cannot all die to
give New York sufficient revenue to run the Government."
The New York Tax Reform Association, which
has taken up the cudgels against the measure, points
out that in its treatment of small bequests and denial
of exemptions,the proposed Act is more severe than
the law of 1910, which aroused so much protest and
brought about the enactment of the present law in
1911. On small bequests to near relatives it is more
severe than the laws of any other State. The present exemption of $5,000 to adult children, adopted
children, grandchildren, brothers and sisters is repealed, as is also the exemption of $1,000 to more
distant relatives and strangers. Brothers and sisters and some other near relatives, now taxable as
direct heirs, are put in a separate class to pay considerably higher rates. Bequests to charitable institutions located in other States are made taxable.
Most important of all, the present exemption, secured in 1911, of intangible property owned by non
[VOL. xcvm.
residents of the State (such as shares of stock in
New York corporations or bonds or money kept on
deposit in this State) is repealed, thereby restoring
the former double taxation. It is rather curious that,
while the State Comptroller's office is now advocating the re-imposition of these transfer taxes on the
stocks of New York corporations, when forming part
of the estates of non-residents, in 1911 the State
Comptroller then in office felt it incumbent to point
out the dangers attending such a policy. The law
of 1910 during its short tenure had, by reason of its
high graded rates, proved so obnoxious and had led
to such an exodus of capital from the State,and had
provoked such a general determination on the part
of investors in Europe and in other States not to invest in New York corporations, that the State Comptroller was forced to take cognizance of what was going on. In his report of 1911 he said: "Instances
have lately been brought to my attention in which
foreign capital seeking investment in New York
through banking houses which, by reason of their
connections, would under normal conditions have
invested it in stocks of domestic corporations, has,
by reason of the hardship of the law, been diverted
from the natural course and invested in the stocks
of corporations domiciled in other States."
In face of this experience and this warning, it is
now proposed to invite a return of these conditions.
No extended argument ought to be necessary to
indicate the folly of the proceeding. Not only that,
but the wisdom of changing the transfer tax laws
every two or three years may well be doubted. There
ought to be some fixity and finality to such laws.
Once in a generation ought to suffice for considering
the propriety of re-casting and re-constructing these
laws.
Considering the sensational way in which the InterState Commerce Commission's criticisms of the
Chicago Milwaukee & St. Paul's accounting practices
in the past made their appearance at the close of last
week, and considering also the depreciation caused
thereby in the market value of the company's shares,
it will, no doubt, be felt that the Commission is having recourse to entirely new means for undermining
confidence in railroad management and railroad investments. To us it seems that the Commission is
entering upon its highest field of usefulness when it
seeks to enforce accurate methods of accounting—
methods which shall insure absolutely truthful statements of both property accounts and of income. It
is not charged that the Milwaukee & St. Paul is
offending in that respect at the present time, but
that four years ago it was lax in that regard and
violated the accounting rules then newly prescribed
by the Commission designed to prevent the practices
which are now so severely condemned.
As condemnation is being visited upon what was
done several years ago and is no longer being done,
it looks at first like revamping an old matter without
adequate reason—a course the more to be deplored
because it must inevitably prove damaging to railroad properties generally. Obviously,this is no time
for adding either to the burdens or the embarrassments of the railroads; and the Commerce Commission, already in disfavor among investors, must be
careful that it does not employ correctional methods
intended to insure accurate systems of accounting in
such manner as to repel instead of invite the support of the investors whom it is intended to benefit.
MAR. 14 1914.j
THE CHRONICLE
The Commission's powers in this respect can be abused
just as they have been abused in many other respects. But there can be no question that the Commission is on the right path when it seeks to abolish
loose or irregular methods of accounting.
The complete opinion in the case serves to correct
mistaken impressions. It shows that the Milwaukee
& St. Paul has not been singled out for special censure, and accordingly that no blame can attach to
the Commission on that account. It appears that
the Commission has recently entered upon a formal
general investigation for the purpose of determining
whether the carriers subject to its jurisdiction are
living up to the classifications promulgated by it,
and are otherwise complying with the accounting
rules and regulations prescribed by the Commission.
It so happens that the accounting practices of the
Milwaukee & St. Paul Ry. and of its Puget Sound
Line auxiliary were the first to come under the
Commission's observation since the inquiry has
been instituted.
Apparently there is basis for some of the allegations
made by the Commission, though they are given a
significance out of proportion to their true importance. So far as the practices complained of were
founded on facts, it will be the wish of every one that
they have been permanently eradicated. As to most
of them, however, there is this to say, namely that
palpably there was no intention to deceive. As far
as that is true, the caustic criticism of the Commission
seems unfortunate and a trifle unfair, even though
the purpose is good. Speaking with reference to
the income and accounts of the Puget Sound line,the
Commission makes the statement that "the St. Paul
Company included in its income accounts for the
year 1910 all the interest, rents and revenues
assignable to the period prior to July 1 1909, the
sum total amounting to over $4,600,000." All this
was generally known at the time and there was
absolutely no concealment about the matter. In
truth the act received adverse criticism then from
some of the newspapers. What was done was simple
enough. The company had large extra obligations
to meet in connection with the Puget Sound line, and
accordingly drew on certain sources of income which
had previously been left untouched. The same
thing is frequently done by the private individual
when his regular income or profits are for the time
being reduced. •
There are no means of testing many of the allegations of the Commission, but the statement upon
which the Commission lays most emphasis it distinctly does not prove. The opinion in this case is
by Commissioner Harlan,who in the past has been fairminded,but who now, that Mr.Lane and Mr. Prouty
are no longer on the Board, seems to feel called upon
to adopt the same severe tone and the same extravagant language for which the two gentlemen
named have become famed. Mr. Harlan takes particular exception to a remark in the report for the
fiscal year 1911,where,after noting a loss in net revenue of about $2,000,000, this explanation is made:
"The large decrease in the net operating revenue is
accounted for by the inability to obtain increased
rates and the great increase in the cost of labor."
This statement Commissioner Harlan declares was
not in accordance with the facts in the case. Had
the income for the year 1910, he says, been properly reported, the net income for the following year,
instead of showing a decrease, would have shown an
789
increase of about $2,800,000 over the net income for
the fiscal year ending June 30 1910.
This declaration is based on the allegation already
referred to, namely that the St. Paul Company included in its income accounts for the year 1910 all
the interest, rents and revenues'for the Puget Sound
line assignable to the period prior to July 1 1909, the
sum total amounting to over $4,600,000, and the
further allegation that in the same year it also
decreased its operating expense accounts by crediting
thereto more than $500,000 on account of salvage
from cars destroyed previous to the year 1907. But
the "net operating revenue" actually did decrease
over $2,000,000 (falling from $20,055,896 in 1910 to
$17,922,276 in 1911), and as income from interest,
rents, &c., is not included in such operating revenues, it obviously could not have brought about
the $2,133,620 loss in net.
Therefore it is erroneous to charge that no such
loss actually occurred, but was simply a matter of
bookkeeping. The loss was real and followed from
an augmentation of $2,262,721 in operating expenses.
In connection with this latter, of course, the allegation that in 1910 the company had decreased its
operating expense by crediting thereto $500,000
on account of salvage from cars destroyed comes up.
To that extent, certainly, the rise in expenses is
accounted for. But here again the explanation is
not found sufficient, for the greater part of the augmentation in total expenses has occurred under the
head of "transportation expenses," these having
risen from $26,347,282 to $27,965,952, and the $500,000 credit from salvage of cars destroyed could not
appear under transportation expenses at all, but
would be included under the maintenance outlays.
Commissioner Harlan is unfortunate in one other
respect. He charges that the reference in the St.
Paul Company report "to the great increase in the cost
of laboi" was at variance with the real facts. But
the figures he cites clearly do not sustain his charge
in that respect. He notes that for 1910 the St. Paul
Company reported aggregate payments under the
heading "employees and salaries" of $30,998,418
and for 1911 reported the same item as $30,942,724.
He then triumphantly declares that"so far from being
an increase in the expenditures for labor during the
fiscal year 1911, the expenditures on that account
were about $50,000 less than in the previous year,
according to the company's own reports to the Commission."
But that does not at all disprove the company's
assertion that there had been a "great increase in the
cost of labor." Some other figures which Mr. Harlan gives at the same time show that the number of
employees June 30 1911 was only 48,083, as against
56,658 on June 30 1910, so that the company had to
pay practically the same amount as in the previous
year, notwithstanding a decrease of 8,575 in the number of persons in the employ of the company. Furthermore, Mr. Harlan's tabular presentation also
shows that the average daily compensation was
$2 27 in 1911 against $2 23. This four cents a day
additional is equivalent to $14 a year, which, applied
to 50,000 employees, means $700,000 added outlay
on wage account. In other words, there would have
been a saving of that amount if the compensation of
the employees had not unfortunately increased.
All this, as already stated, relates to the past. As
to the situation at the present time, there appears
no occasion for fault finding, for we are told that
790
.
THE CHRONICLE
"the Commission now feels that the present accounting officers of the St. Paul company are fully advised of the Commission's requirements, and a more
careful observance of our rules and regulations is
promised for the future. This we confidently anticipate will be realized. Nevertheless, we feel it our
duty to make this record of what has transpired in
the past." Mr. Harlan also takes occasion to assert
that the Commission does "not mean to be understood by anything here said as intimating that the
St. Paul Company is not a valuable property and is not
achieving the results reasonably anticipated from
the extension of its line to the Pacific Coast." The
announcement is made that the Commission means
to give greater attention hereafter to the accounts
of the railroads. As stated at the outset, its chief
function of usefulness in our estimation lies in that
direction.
A striking example of the private-pension bill has
come forward into an undesired prominence. It appears that a certain Union soldier in the Civil War
was of middle age when it began, and at that date
a son of his was 22. During his lifetime the soldier
received his pension, and after him it was continued
to the widow, who also is gone. And now the lower
branch of Congress has voted a pension to this son,
at this time 73, notwithstanding he did not engage
in the service himself and has no claim on the nation
except that his father did.
Representative Dies of Texas vainly protested,
admitting that the applicant for pension may be in
needy circumstances, yet pointing out that a handing down of stipend makes "the pension system a
perpetuity." A Houston newspaper protests more
pointedly and sarcastically, saying that this old man
"no doubt has some relatives (influential in politics)
who desire to shift the task of supporting him to the
United States and his Congressman could not afford
to turn him down; at least, he thought he couldn't,
and Congress took the Congressman's word for it."
But, continues the sarcasm, most people cannot see
how a man 22 years old when the war began could
be a "helpless and dependent" child of anybody, and
why he did not volunteer himself instead of letting
his much older father do so. Further, says the
journal, the tide of pensions has become, in some sections, "almost a vested right of the people and
tradespeople who reside there, and the mere passing
of veteransiand widows must not be allowed to
interrupt."
At least—we are able to see where one necessity
for an income tax arises and to get a pleasant hint
as to the future of such an inexhaustible resource.
But is there not a need of men of immovable honesty
and courage in public life?
Cotton futures trading is to be the subject of investigation by Congress, according to reports received
this week from Washington. Hearings on the
Manahan resolution, calling for an investigation of
the grain exchanges at Chicago, Milwaukee and
Duluth, were completed last week by the Rules
Committee of the House of Representatives, and the
Chairman, Mr. Henry (Texas), is stated to have been
so impressed by the information secured as to be of
the opinion that the whole subject of future trading
in grain and cotton should be investigated. It was
arranged on Thursday of the current week to bring
up the matter as a joint resolution authorizing the
xevui
appointment of a joint committee of the House and
Senate to investigate the grain exchanges of the
Northwest and the cotton exchanges of New York
and New Orleans.
The plan of Mr. Henry, as outlined in the daily
press, is to authorize a special committee to make
the investigation and to draw its membership from
ranking members of the Ways and Means, Agriculture and other large committees of the House. As
planned, the investigation will involve all the exchanges of the country and the conditions surrounding the present system of marketing crops, of grain
and cotton particularly, through the existing method
of trading in future delivery contracts. This would,
of course, open up again the whole subject of future
delivery dealings.
Aside from this investigation, a bill has been introduced in the House by Congressman Stedman (North
Carolina) compelling all cotton exchanges to keep a
record of all sales, and requiring buyer to specify
the grade he is to receive and the seller to deliver the
grade so specified. Furthermore, Chairman Lever
of the Committee on Agriculture has put before the
House bills empowering the Secretary of Agriculture
to investigate the handling, grading and transportation of cotton and grain and to establish standards
of quality and condition.
The Transvaal gold production statement for the
month of February 1914 indicates a moderately
greater per diem yield from the mines than in January, thus denoting some improvement in the labor
situation; but, contrasted with the corresponding
period of either 1913 or 1912, a marked decline is
exhibited, and the gain over 1911 is small. The
actual average daily output, according to cable advices this week, was in February 22,366 fine ounces,
an advance of 1,342 fine ounces over the per diem
yield of January, a very gratifying gain under normal
conditions, but in February 1913 the daily average
was no less than 26,219 fine ounces, and in the
preceding year 24,271 fine ounces. These figures
are a mute testimonial to the detrimental effects of
the strikes and succeeding disorganization of the
labor force. And even more eloquently do the production figures for the two months speak. For the
period in 1914, in fact, the yield, at 1,278,014 fine
ounces, is 245,498 fine ounces, or over 16%,less than
in 1913, about 162,000 ounces smaller than in 1912
and only 16,159 fine ounces more than in 1911.
The British Premier, Mr. Asquith, on Monday
outlined in the House of Commons, in an earnest
speech which occupied fifty-five minutes in delivery,
and which all London correspondents agree was a
masterly statement, his proposed concessions to
Ulster. In brief, these concessions were that
before the Irish Home Rule Billi when finally enacted should become operative, a poll should be
taken of the parliamentary electors of each of the
Ulster counties to decide whether there should be
an exclusion of these counties from the provisions
of the bill for a period of six years from the first
meeting of the new Irish Parliament. If the majority of the voters were in favor of this plan Ulster
would automatically be excluded for the prescribed
period. Mr. Asquith prefaced his speech with the
declaration that the Government made these suggestions n:,t because it was running away from the
original bill, but merely to allow the bill to start.
MAR. 141914.]
THE CHRONICLE
with great prospects of success. While there was a
possibility of acute dissatisfaction and civil strife in
Ulster, said the Premier, yet; if the bill should be
shipwrecked or postponed, the outlook was equally
formidable. Supporters of the bill were, he asserted,
as convinced to-day as ever they had been of the
soundness of its principles and machinery. They
regarded it as a sincere and considerate attempt to
place the Irish Government on a solid foundation,
without injustice or hardship tl any class. He
informed the House that the negotiations for a
compromise last autumn had failed to result even in
an approach to an agreement, but had made all
realize more than ever the difficulties of the situation.
To meet Ulster's objections, they had tried to devise
Home Hule within Rome Rule,but that proposition
did not commend itself either to the Nationalists
or Unionists in Ireland. Under the new plan if the
Parliamentary electors, even by a bare majority,
voted for exclusion, such action would permit the
counties to continue their representation in the
Imperial Parliament and the Irish executive would
have no control over them. The nine counties of
Ulster are to be allowed each to hold a separate
referendum as to whether they will accept Home
Rule. The Premier said that the Government had
adopted the proposed plans as a price of peace.
During the six years' interim the country at large
could judge the success of the Home Rule government
and the Parliament of the United Kingdom would
then decide whether the excluded counties should
come under the Dublin Government.
To give Ulster and the Unionist opposition sufficient time to digest the proposed compromise the
continuation of the debate on the Home Rule for
Ireland Bill has been postponed. The bill, which
was on Monday called up for second reading and
debate, will, according to present plans, be again
taken up on March 30 and as an Opposition amendment is most likely to be moved, Premier Asquith,
Mr. Bonar Law and Sir Edward Carson will be able
to speak again on the subject of the Government's
change of plan. Sir Edward Carson, the Ulster
Unionist leader, presided at a meeting of Irish
Unionists, members of Parliament on Tuesday evening. These members declared themselves in full
accord with the attitude of their leader. After the
meeting Sir Edward was quoted as saying that he
will adhere to the loffer he made in the House of
Commons, that if the time limit is withdrawn he
would certainly submit the scheme to the Ulster
Union Council. In London Stock Exchange circles,
which probably afford the best test of the prospect
of final compromise, the idea prevails clearly that
the serious part of the controversy has passed and
that a satisfactory arrangement will finally be
reached. At any rate the possibility of civil war,
it is felt, has ended.
Berlin advices suggest that the sensational war
plans attributed to Russia last week in the semiofficial "Cologne Gazette" mark a revival of a press
campaign to enlarge the German army and in turn
provide for additional expenditures for armaments.
The armament manufacturers are once more credited
with being behind the movement. Already there are
reports that the campaign is achieving successful
results. A rumor emanating from Munich is printed
in the Berlin papers and is given considerable prominence. It asserts that Germany is contemplating
791
an increased military expenditure of 500,000,000
marks. This report is responsible, according to
press dispatches from Berlin, for quite a newspaper
campaign against Russia. One Berlin correspondent adds, however, that the "campaign does notseem
to be more than the annual spring-time war scare,
without which the Continental newspaper would
apparently be unable to exist." A recent contribution to the "war scare" appears in the Berlin
"Tageblatt," one of the most pacific of the Berlin.
organs. The article, which is credited to "an experienced diplomat" who has just returned from
Austria,frankly advocates that Germany and Austria
resort without unnecessary delay to "a preventive
war" in order to call a halt to "incessant Russian
arrogance" in various parts of Europe. Such a war,
the writer argues, is more necessary from Austria's
standpoint than from Germany's, because it has
become questionable how much longer AustriaHungary can stand the financial burden of maintaining an army of 600,000 men.
President Wilson on Thursday signed the bill
authorizing the expenditure of $35,000,000 for
Government-owned railroads in Alaska. After signing the measure the President made a short address
to the assembled group, which included Secretary
Lane, a number of Senators and Representatives
and members of the Seattle Chamber of Commerce.
The President said: "I want to say how sincere
my gratification is in the completion of this measure
and its successful passage. I feel that we have at
last reached out the hand of real heplfulness and
brotherhood to Alaska, which will now link it to us
by many bonds that will be valuable to both sides.
This is a consummation that I have been hoping
might arrive in my Administration, and that it
has come so soon is to me very delightful." The
subject of national railways in Alaska has been advocated for years, but it was not until early last year
that Secretary Lane gave his endorsement to the
bill providing an appropriation and obtained the
support of the President to make it an Administrative
measure.
Another Mexican "crisis" has developed this week.
Like its predecessors it has been successfully passed
without involving our country in intervention. On
Monday the newspapers of the country told under
sensational headlines how the Texas Rangers had
invaded Mexico, how they had exhumed the mutilated the body of Clemente Vergara, an American
citizen, had brought the remains over the border to
American territory and had established the fact that
the deceased had been shot thrice, that his skull had
been crushed and his hand charred. The latter was
accepted as evidence of torture. The facts as stated
in these sensational reports could very readily have
been construed by the Huerta Government, if the
reports had been accurate, as an act of war. A
thorough investigation was promptly ordered by
the President and it was soon found that the facts
had not been correctly reported. The body of Vergara,, it was true, had been brought across the
border, but by men in the employ of the relatives.
Texas troops were not concerned in the matter in any
way until they were subsequently notified where the
body was. They then took charge of it. As) to
the death of Benton, which was the sensation/of
previous weeks, there have, on the surface at least,
792
THE CHRONICLE
been no important developments. Carranza, the
head of the Constitutionalist Party, who took the
control of negotiations regarding an examination of
the body of Benton by representatives of the American and English governments out of the hands of
Villa, announced that he was on his way to Juarez.
Subsequently, however, it was discovered that he
had not started on his journey and reports were
circulated that he himself was afraid of being assassinated or executed by Gen. Villa's orders.
Indefinite reports have been circulated that a
battle has taken place between the Constitutionalists
and the Federal troops at the strategic city of Torreon. There seems reason, however, to doubt the
accuracy of this news. Our own War Department
is considering the necessity of sending additional
United States troops to the Mexican border, but will
probably wait for the Torreon battle, as a rebel
victory would probably go a long way toward relieving the tension.
The financial situation in London has shown some
improvement. This has resulted from the more
settled condition of the Ulster controversy over the
application of the Irish Home-Rule Bill. In his
longer-awaited statement to the House of Commons
on Monday,Mr.Asquith, the Premier, made a more
'generous offer of concessions to the Ulster people
than had generally been expected. He proposed to
grant a period of six years from the opening of the
first Irish Parliament before the Ulster district
should participate in, or be subject to, the new Irish
Government. While Sir Edward Carson, the head
of the Ulster Opposition, has refused these concessions, it is, nevertheless, a conceded fact that the
critical stage of the situation has passed and that the
Ulster matter in the long run will be the subject
of successful compromise. These improved conditions have not been without effect on the tone of the
English markets, although as yet no pronounced increase has developed in either speculative or investment activity. Correspondents who are usually
relied upon to take a conservative view of the situation predict, however, that another period of speculative activity is likely in April, when, from present
indications, there is likely to be a distinct renewal
of monetary ease at the British centre. Revenue
collections are coming in very favorably, but are
taking considerable sums out of the general market.
This week's increase in public deposits in the Bank
of England—which is the item that reflects the
revenue payments—was £2,502,000. The fiscal year
of the British Government ends on March 31, and
early in the new year—that is early in April—
there is apt to be a considerable release of Government funds in the ordinary and necessary Governmental disbursements.
A current feature of the London market is the
reactionary tendency shown in the movement to
distribute new capital issues. There have again
been cautionary signals for bankers indicating that
the demand for investment funds has already exceeded the current supply and that time for digestion
of securities previously issued is necessary. One of
the noteworthy failures in new issues this week was
that of the Budapest loan. The total loan authorized was £6,000,000, of which £1,000,000 was to be
issued in London at 89. The official report indicates
that the total public subscriptions amounted to only
£200,000, leaving £800,000 in the hands of the
[VOL. Junin.
underwriters. Other loans of the week include one
for £425,000 City of Vancouver 4
which was
offered at 98),. This issue,too,was left to the extent
of80% with the underwriters. There have been a number of smaller home loans which it is reported have been
taken fairly well by investors. Affairs in Brazil have
continued to cause nervousness in British circles
particularly identified with that country. There
have been quite large exports of gold from London to
Argentina, reflecting the necessity of improving the
banking reserves in that country after the recent
reaction from the unfortunate real estate speculation.
An official statement of the affairs of Fry, Miers &
Co., the Brazilian firm which failed a few weeks ago,
shows assets of only £87,000, while the liabilities are
£818,000, thus leaving a deficit of £731,000.
London has been quite a steady seller of American
securities during the week; there having been but
two days in which the purchases by the British centre
in London exceeded the sales. The fortnightly settlement in London disclosed no important commitments on either side of the account. The contango
on Americans was reported by cable at 3%, against
332% at the end of February settlement, while the
banks continued to charge 3% for Stock Exchange
loans. Mexican securities in London were under
distinct pressure on Thursday, owing to the news
that the coupon due in April will not be paid and that
the sinking fund will be suspended.
British consols closed at 753.I, which compares with
%
743 a week ago. Most of the English home rails
are selling ex-dividend. The closing price of London
& Northwestern is 1303%, which compares with 135
prior to the payment of the dividend a week ago.
The Great Western finished ex-dividend at 114,
against 1173/2. State securities as a rule are rather
easier. Bulgarian 6s still remain at 100, but Greek
monopoly 4s are two points lower at 50 and German
Imperial 3s one point lower at 77. Russian 4s show
no alteration from 883/2 and Servian unified 4s are
also without change, closing at 783/2. Chinese 4s are
again IA point lower, closing at 101. Money in
London closed last evening at 2%, which compares
with 13/2@2% a week ago.
The Paris market is still in a nervous condition and
French bankers and operators do not seem to be expecting any substantial improvement until after the
general elections, which are to be held on Apr. 26.
The only favorable symptom seems to be a more
liberal attitude on the part of the Minister of Finance
in permitting French bankers to offer exterior loans.
Cable accounts, for instance, state that 175,000,000
of the total Greek loan of 250,000,000 francs will be
offered in Paris at 9331; a large Moroccan loan is
pending at the French centre, and a large Chinese
bond offering for harbor improvements will take
place next week at 9432; the bonds will be 5 per cents.
The Senatorial committee which is considering the
income tax bill rejected on Monday the revised proposal of M. Caillaux, the Minister of Finance, in
regard to the taxation of the proposed new issue of
Rentes. Rentes are now not taxed. The Minister
of Finance had inserted a clause in the proposal
making the holders of the new Rentes declare the
amount of their income from these securities for
taxatiOn purposes. There seems to be a complete
deadlock, as far as legislation is concerned, at the
French capital. Aside from the political situation,
the French market has been adversely influenced by
MAR. 14 1914.)
THE CHRONICLE
the agitation that has recently grown up so distinctly in Russia for attacking big industrial corporations in that country. The Mexican situation, as
well as the criticisms of the accounting methods of
American railways at the hearings before the InterState Commerce Commission, have likewise been
adverse features. Money in Paris is unusually
abundant for call loans, owing to the accumulations
that have been made but not yet required for national financing. French investors are at the moment ignoring outside securities, especially those of
Latin-American countries; the most popular current
form of investment, according to the Paris cable
correspondent of the "Journal of Commerce," being
French railroad debentures, which the railroad companies themselves are selling over the counters of
their own offices. The closing call rate quotation
is 13/2%, which shows no net change for the week.
French Rentes finished at 88.05 francs, against
88.273/2 francs last week.
In Berlin the markets are without special feature.
There has been additional selling of Canadian Pacific,
but aside from this nothing of particular interest to
the American market has taken place. General
trade throughout the Fatherland remains reactionary. Steamship shares have continued to
reflect the improved shipping conditions resulting
from the settlement of the trans-Atlantic rate war.
There has also been a stimulus to these securities
contained in the annual reports of the German companies, which show that the year 1913 was a favorable one for the German lines, notwithstanding the
irritation and final break that took place in the transAtlantic business. Money in Berlin closed at3%%,
which was also current a week ago.
793
642,084. One year ago they were £37,417,499 and
in 1912 £37,980,339. The total reserve is £31,854,000, and compares with £27,917,994 one year ago
and £28,311,614 in 1912. Public deposits aggregate
£24,943,000, against £26,769,109 in 1913 and
£23,771,213 in 1912. The loans, however, make a
favorable comparison, as they show a total of only
£35,857,000, against £44,642,671 in 1913 and
£43,055,918 in 1912. Our special correspondent furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
week: Imports, nil; exports, £50,000 (to South
America), and shipments of £95,000 net to the interior of Great Britain.
The Bank of France, notwithstanding the arrival
of 10,000,000 francs in American gold, reported an
increase in its gold item of only 7,351,000 francs from
last week's statement. The Bank evidently expects
to secure gold elsewhere, as there waa not the usual
shipment of $2,000,000 from New York this week.
The silver holdings decreased 5,763,000 francs, notes
in circulation registered a contraction of 133,575,000
francs, general deposits expanded 7,450,000 francs,
discounts were reduced 23,250,000 francs, treasury
deposits decreased 20,375,000 francs and advances
declined 23,600,000 francs, comparing with last week.
The gold holdings, nevertheless, are well ahead of
recent years. They amount to 3,610,306,000 francs,
against 3,206,575,000 francs one year ago and
3,217,875,000 francs in 1912. The Bank's holdings
of silver are 637,139,000 francs, against 609,275,000
francs in 1913 and 801,650,000 francs in 1912. General deposits stand at 654,332,000 francs and compare
with 564,072,737 francs in 1913 and 614,143,970
francs in 1912. Discounts are 1,379,800,000 francs.
In 1913 at this date they were 1,674,069,463 francs
and in 1912 1,149,733,775 francs.
The only one of the European official banks to
change its official discount rate this week has been
the Austro-Hungarian Bank, which on Thursday
announced a reduction of M%, making its rate 4%.
The 43/2% rate had been maintained since Feb. 4.
Private bank rates in London have ruled distinctly
easier. They closed at 29/8% for short bills and 23.1@
2 5-16% for ninety-day bankers' acceptances. A
week ago 23/2% was the rate for short and 23 @
4
2 7-16% for long bills. The private bank rate in
Paris at the close yesterday was 23 %, which is
4
without quotable change for the week. Berlin is
331%, unchanged from last week. Vienna is 5-16%
lower at 3 1-16%, in sympathy with the reduction
with the official rate; Brussels, on the other hand,
is 4% higher at 35 % and Amsterdam is 5-16
3
4
higher at 332%. Official rates at the leading foreign
centres are: London 3%, Paris 33/2%, Berlin 4%,
Vienna 4%, Brussels 4% and Amsterdam 4%.
The Imperial Bank of Germany reports an increase
of 6,681,000 marks in gold and of 16,941,000 marks
in total cash, including gold. There was a contraction of 97,119,000 marks in note circulation and of
16,859,000 marks in Treasury bills. Deposits, however, increased 92,178,000 marks and discounts increased 21,113,000 marks, but loans were reduced
51,272,000 marks. The cash holdings in the Bank,
according, to this week's statement, aggregate 1,676,690,000 marks, and compare with 1,189,980,000
marks in 1913 and 1,218,240,000 marks in 1912.
Combining loans and discounts, we have a total of
970,529,000 marks, which is a substantial reduction
from 1,273,720,000 marks in 1913 and 1,131,860,000
marks in 1912. The outstanding circulation is
1,856,869,000 marks, against 1,813,300,000 marks
in 1913 and 1,554,300,000 marks in 1912.
The weekly return of the Bank of England on
Thursday registered a decrease of £144,699 in gold
coin and bullion holdings and an increase of £116,000
in the total reserve. The proportion of reserve to
liabilities now stands at 49.09%, against 50.11% a
week ago and 41.47% a year ago. There was a;decrease of £261,000 in note circulation and a large
increase of £2,502,000 in public deposits, the latter
representing the revenue collections incidental to the
close of the British fiscal year. A contractioqof
£955,000 in other deposits was recorded, while the
loan item (other securities) showed an increase,of
£1,439,000. The bullion holdings aggregatel£41,-
In our money market the demand for loans for
fixed maturities is without quotable improvement.
Lenders, however, are continuing firm in their ideas,
and in instances are asking fractionally higher rates.
The Stock Exchange requirements for call loans are
light, owing to the reaction in the speculative movement. The demands upon the capital market, too,
are limited, such announcements of new issues that
are made from day to day not contemplating immediate payments of subscriptions. The supply of
really high-grade commercial paper is not equal to
the demand, although the demand itself may not be
said to be urgent. There is no improvement, appar-
794
THE CHRONICLE
WoL. xcvrtt
ently, in the general business situation. The mar- I monthly report of the British Board of Trade of the
ket's prospects seem to depend more particularly on February trade movement as reported by cable
the distribution of new securities, and thus far this showed a decrease of £1,741,938 in imports, while
movement is very moderate. The Clearing-House the exports increased £1,088,357 compared with the
statement of last Saturday showed that the loans of corresponding month of 1913. For the first two
the banks and trust companies in the Association in- months of the calendar year, however, the imports
creased $27,488,000 during the week. Deposits have decreased only £4,967,160, while the exports
increased $20,194,000, thus calling for $4,912,300 have expanded £3,448,723. Of the £900,000 South
additional in the reserve requirements. With the African gold offered in the open market in London on
decrease of $4,187,000 in cash, the surplus above re- Tuesday, £150,000 was purchased for India and the
quirements declined $9,099,300, bringing the total remainder for the Continent, though the cables have
surplus down to $17,676,500, which compares with not yet reported the exact destination of the latter.
$3,374,250 a year ago and $16,376,800 in 1912. The Towards the close the market showed a good demand
cash in bank vaults decreased $4,106,000 and in trust for bills by uptown importers as well as by speculacompany vaults decreased $81,000, while the trust tive brokers and the large financial institutions which
companies' cash in banks was reduced $7,412,000. make a specialty of important dealings in sterling
There is considerable interest being shown among exchange.
Demand sterling in Paris closed at 25.21 francs,
local lenders in the predictions from London of a
probable easing in the British money market in April. which compares with 25.22 francs a week ago. In
This will in turn be an influence in the local situa- Berlin London checks finished at 20.433/2 marks,
tion: if it materializes, as it will curtail direct and in- against 20.43 marks last week. Sterling in Amsterdirect demands by London for New York funds. dam, as reported by cable last evening, closed at
The fact that the usual $2,000,000 in gold that has 12.10 guilders, against 12.06 guilders a week ago.
been going weekly to Paris was not shipped this week Berlin exchange in Paris finished at 123.40 francs,
is regarded as significant of the approaching ease in which represents no quotable change for the week.
Mexican exchange on New York closed at 290,against
the European markets.
Referring to call money rates in detail, the market 275 on Friday of last week, and Mexican exchange on
/
this week, as was the case last week, has again re- London closed at is. 5d., against is. 53 0.
mained stationary, the highest and lowest figures on
4
Compared with Friday of last week, sterling exeach day of the week having been 2% and 13 %.
The renewal rate has fluctuated somewhat, though change on Saturday was unchanged with demand
within the foregoing range, the figures on Monday still quoted at 4 8580@4 8590, cable transfers at
being 2%, on Tuesday 1%%, on Wednesday 2%, 4 8605@4 8615 and sixty days at 4 8350@4 8375.
on Thursday 134% and on Friday 1%%. For time On Monday the tone was firm and there was a slight
money closing quotations were 2%@3% (unchanged advance to 4 8585@4 8595 for demand and 4 8610
for the week) for sixty days, 33.% for ninety days @4 8620 for cable transfers; sixty days, however,
/ 4% for four ranged lower at 4 8350@4 8365. Sterling rates
(against 3@33% a week ago), 31 1@31
months (against 33%), 33/2% for five months tended upward on Tuesday, chiefly on active trad(against 33@332%) and 33'@334% for six months ing and an inquiry for cables in connection with the
/
(against 311 1@3Y2%). Commercial paper remains London fortnightly settlement; cable transfers ad4% for sixty and ninety- vanced to 4 8620@4 8630, demand to 4 8595@4 8605
without alteration at 4@41
day endorsed bills receivable and for four to six and sixty days to 4 8360@4 8375. Additional admonths' names of choice character. Other names vances were recorded on Wednesday, when demand
went as high as 4 8605@4 8615 and cable transfers
less favorably known are quoted 432@4%%.
to 4 8630@4 8640, mainly on good demand and light
Sterling exchange has ruled quite firm during the offerings of bills; sixty days remained unchanged at
week, notwithstanding the easier tendency of dis- 4 8360@4 8375. On Thursday demand advanced
counts in Lombard Street. The offerings of bills of still further to 4 8615@4 8625, cable transfers to
all descriptions have been limited, while the demand 4 8640@4 8650 and sixty days to 4 84@4 8425; small
has shown some urgency. On Tuesday there was a supplies of bills with an active inquiry for exchange
noticeable inquiry for cable transfers in connection continues to be the chief influences. On Friday the
with the London fortnightly settlement. Notwith- market ruled steady. Closing quotations were 4 84
standing the firmness in rates, there was a sudden @4 8425 for sixty days, 4 8615@4 8625 for demand
ending of the French demand for New York gold and 4 8640@4 8650 for cable transfers. Commercial
which has existed virtually since the beginning of the on banks closed at 4 82%@4 833/2, documents for
year, when foreign exchange rates were much more payment finished at 4 83@4 843/i and seven-day
strongly out of line with exports of the precious grain bills at 4 85%@4 85. Cotton for payment
%
metal than they are at present. There has been closed at 4 833/2@4 833 , grain for payment at
quite an active movement of gold from London to the 4 8334®4 84.
Argentine to relieve a strained credit situation in the
Southern republic, and reports are current of negoThr New York Clearing-House banks, in their optiations in New York for gold for the same destina- erations with interior banking institutions, have
tion on London and Paris account. These negotia- gained $8,061,000 net in cash as a result of the curtions, however, have not resulted in definite engage- rency movements for the week ending March 13.
from the interior have aggregated
ments as yet. Another peculiar feature of the week's Their receiptswhile the shipments have reached
$13,134,000,
advance in sterling rates has been the fact that it $5,073,000. Adding the Sub-Treasury operations,
has taken place in the direct face of what seemed which occasioned a loss of $5,100,000, the combined
responsible predictions of an easier money situation result of the flow of money intO and out of the New
to rule early in April at the British centre. British York banks for the week appears to have been a
trade is not active, although it is not bad. The gain of $2,961,000, as follows:
THE CHRONICLE
MAR 14 1914.j
Into
Banks.
Week ending March 13.
Out of
Banks.
Net Change in
Bank Holdings.
$13,134,000
20,904,000
Total
$5,073,000 Gain $8,061,000
26,006,000 Loss 5,102,000
$34,038,000
Banks' interior movement
Sub-Treastiry operations
$31,079,000 Gain $2,959,000
The following table indicates the amount of bullion
in the principal European banks.
_
I
March 12 1914.
Ranks of
Gold.
Silver.
£
England__ 41,642,084
Prance_ _ - 144,412,480
Germany _ 64,962,750
RUSSia
170,646,000
Aus.-Hun. b52,065,000
Spain __-- 19,742,000
Italy d___ 45,682,000
Neth lands 13,245,00
Nat.Beigd 8,464,687
Sweden _ _ 5,792,000
i3wItzgand 6,771,000
Norway
2,497,000
Total.
I
March 13 1913.
Gold.
£
41,642,084 37,417,499
25,485,680 169,898,160 128,262,840
„550
16,443,950 81,406,700
6,839,000 177,485,000 156,689;000
12,074,000 64,139,000 50,679,000
28,557,000 48,290,QQO 17,789,000
3,000,000 48,632,000 46,306,000
790,900 14,035,900 13,423,000
4,232,333 12,697,000 7,482,667
5,792,000 5,616,000
6,771,000 6,711,000
2,497,000 2,119,009
Silver.
Total.
37,417,499
24,370,920 152,633,760
14,312,000 59,498,550
7,265,000 163,934,000
10,251,000 60,910,000
29,709,000 47,528,000
4,000,000 50,306,000
804,900 14,227,900
3,741,333 11,224,000
5,616,00(1
6,711,00()
2,119,000
Tot. week 570,921,981 97,422,863673,344,844 517,641,056 94,504403012,145,709
Prey.week 574,676,590 97,211,383671,887,973 517,714,111 95,414,007613,128,118
a The total of gold In the Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks.
b The Austro-Hungarian bank statement is now issued in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent In
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
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
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain: It Is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver: but we believe the
vision we make Is a close approximation
BRITISH MINISTRY AND HOME RULE
DISPUTE.
It is more than usually difficult to say what the
adoption of Mr. Asquith's compromise proposal of
last Monday, regarding Ulster and the Home Rule
Bill, would really signify. The Premier's statement
of the concessions he was willing to grant to Ulster
had been awaited with undoubtedly keen interest.
Despite the very general feeling that civil war in
Ulster, as threatened by the Protestant leaders of
that province by way of resisting forcible inclusion
of that province in the Irish Home Rule scheme,was
difficult to imagine as an actual event, the fact remained that angry passions had been aroused in the
controversy and that the precise nature of the outcome could not be confidently predicted by any one.
The Government at Westminster was necessarily
anxious to avert even the smallest possibility of a
collision which should further deepen the exasperation of the Parliamentary Opposition at home. The
question was, how much Mr. Asquith would concede
from his original proposition.
His suggestion was in many ways a curious one.
The Home Rule Bill was to be introduced as it stands,
and was to i'nclude the whole of Ireland in its scope.
But it was to contain a proviso that, before it should
go into operation, there should be a referendum in
each of the Irish counties whereby the Parliamentary
electors of such county should decide for themselves
whether or not their county should be included at the
start in the scope of the Home Rule Bill. When the
decision of any county was adverse, that county
should remain in its existing status with regard to
the Imperial Government during the six years following the first meeting of the new Irish Parliament.
A contrary decision would, of course, bring the voting
county at once under the provisions of the Home Rule
Bill.
Mr. Asquith stated to the House of Commons
that he did not regard this proposal as a retreat by
the Government, but merely as a suggestion, designed
to start the bill with a maximum prospect of success.
He referred to the negotiations of the past twelve
months with the Opposition leaders; admitted that
they had accomplished nothing; declared that the
795
Government "has adopted the proposed plan as the
price of peace," and concluded by stating that within
the six years' period all interested parties would be
able to judge of the success of the Home Rule Government, so that, on the basis of such experience, the
British Parliament could decide whether or not to
revive the compulsory inclusion of Ulster in the Home
Rule provisions. But Mr. Asquith appears to have
frankly admitted the difficulties of his plan, and this
may well be believed. The Irish members gave a
guarded assent which they, too, stated to be the
price of peace. The leader of the Unionist Party
objected flatly to the six-year limit, and Sir Edward
Carson, who has been the recognized head of the organized opposition in Ulster, referred contemptuously to that proviso as a "sentence of death with a
stay of execution."
As for the financial markets, which sometimes judge
a matter of this sort more shrewdly than the politicians, they appear to have cheered up on the mere
prospect of a compromise, but have since fallen back
into their previous uncertainty. What would be the
actual result of so singular an experiment? Theplan
would certainly be something almost unknown in
constitutional government. Ireland, whatever its
religious or political internal difficulties, has always
been dealt with in people's minds and in British
legislation as a concrete geographical and political
whole. In London, it seems to be recognized that
the proposed referendum would result in a vote
against inclusion by the four Protestant counties of
Ulster—Antrim, Armagh, Londonderry and Down.
These counties occupy the extreme northeastern
corner of Ireland, but they are important integral
parts of the Irish constituency, and yet, under the
plan proposed, would be politically separated from
the rest of the island and joined to England,Scotland
and Wales. Theoretically, therefore, that frontier
of Ireland itself would not be the Irish Sea, but a
line irregularly drawn across the island itself.
There would undoubtedly be this result from the
application of Mr. Asquith's proposed experiment.
The Home Rule Parliament in the southerly provinces of Ireland would necessarily be on its guard
in order not to invoke impartial criticism. On the
other. hand, the Ulster counties would watch with
the utmost carefulness for mistakes and blunders
by that Parliament. If the Home Rule Parliament,
under such machinery, were to acquit itself successfully and to bring about effective and useful local
legislation, it is possible that the opposition of Ulster
itself would be removed. The London "Spectator,"
which has been among the bitterest critics of the
Government's Home Rule Bill, remarked a week or
two ago that "the only way to win the six counties of
Ulster would be by showing the North of Ireland that
the Dublin Government could hold the balance of
power with absolute fairness between the two sections of the population." But, of course, if the Dublin Parliament made no such record—and it must be
said the past experience in Irish parliaments has not
been altogether encouraging—the so-called Exclusionists would have a powerful, logical weapon in
their hands.
Looked at from another point of view, Mr. As
quith's manoeuvre would seem to be effective in
that it at least deprives the Unionist party of the
ground of continued threats of armed opposition to
Home Rule. His plan would do this, while still not
yielding the main demand of the Opposition. It
796
THE CHRONICLE
[VOL. xcviii
President Rea was goaded by other circumstances,
also, to take a firm stand against further legislative
encroachments on the rights of investors and to make
a fight for a repeal of the obnoxious Full-Crew laws.
He called attention to the fact that one-third of the
ninety thousand shareholders of the Pennsylvania
Railroad Company are citizens of the State of Pennsylvania. Simply because they are investors, they
should not be deprived of rights granted to other
citizens. It has become common for nearly all
classes of citizens to petition for legislation which
will be of particular benefit to the petitioners and to
work to obtain the laws which they wish passed.
President Rea exhorts all investors to exercise the
same right, not only in their respective States but
in Congress as well. He urges not only that they
shall work to prevent the passage of obnoxious laws,
but for the repeal of those which are burdensome and
wasteful.
Apparently the time is ripe for a national movement
among investors to organize for their own protection.
They are entitled to just as much consideration as
is any other class of citizens. They have long been
complaining of oppression, but there has been no
attempt at organization for the purpose of bringing
about a remedy. Their watchful waiting has been
construed to mean supine indifference. If there are
30,000 owners in Pennsylvania of the stock of one
large system, how many more thousands there must
be who are interested in all other stocks. The power
of the investors, if united, would be overwhelming,
and one which politicians could not afford to ignore.
It is simply because there has been no organized effort to resist encroachment that the anti-railroad
movement has reached such magnitude.
If the officers of other railroad companies will rally
to the support of President Rea, and owners of stocks
and bonds of all important corporations will join in
an effort to guide legislation in the right channels,
a great step will be taken to restore confidence.
That constant agitation against the railroads has
affected their credit adversely,is shown by the difficulty which railroads are now meeting in obtaining
funds by the customary course of bond issues. Instead of making long-time loans at a moderate rate
of interest, railroads are forced to borrow money for
short terms at high rates and to give secured shortterm notes. In addition, one important railroad
was obliged to attach unusual conditions for the protection of the money-lenders which may operate
to the disadvantage of the shareholders.
Calumny is a dangerous weapon. President Rea
has done well to enter a vigorous protest. He should
PRESIDENT REA'S CALL TO ACTION.
not be allowed to stand alone. There are millions
Seldom does a President of the Pennsylvania Rail- of persons in this country in sympathy with him and
road address the shareholders assembled at an annual who should rally to his support.
meeting. The forcible speech made by President
Samuel Rea to the stockholders on Tuesday last at
NEW YORK'S DISORDERLY ELEMENT.
the meeting in Philadelphia was thus unusual, but
The casual throng of motley who have been
it was induced by extraordinary circumstances.
The Chairman of the Iowa State Railroad Commis- besieging the city churches for the past fortnight
sion had made an aspersion before the Inter-State have clearly shown that they do not belong to the
Commerce Commission upon the Pennsylvania man- most worthy of the poor and have no right to parade
agement and its method of accounting. This spurred as among those who seek their best for employment
President Rea to make prompt and emphatic denial and can find none. It is common experience that the
and to point out that a standing offer is before the organized charity which aims to apply business
Commission from the management to explain any- principles to giving and does so by seeking instead
thing pertaining to the accounts and reports of the of waiting to be sought discovers and helps the most
Pennsylvania Railroad whenever the Commission deserving of the needy. These men who are making
trouble are doing it deliberately and avowedly. They
desires an explanation.
would dispose of the.demand for the general election,
which the Unionists have desired, first, on the ground
that the Irish question has not been passed upon by
the British electorate, second, on the expectation of
possible Liberal defeat at the polls, and, third, on
the certainty that, in any case, a new election would
defer a Home Rule law through the terms of the Veto
Bill for the House of Lords, since the Irish Bill would
have to be newly introduced into a new Parliament
and twice submitted to the hostile vote of the Lords
before becoming law.
Thus the Unionists, in adopting Mr. Asquith's
proposed compromise, would clearly sacrifice a political advantage; yet the Ministry concedes the point
on which was based the threat of armed resistance.
Acceptance of the plan would leave the question
open. What would happen after the six years'experimental interval? As to this, it is quite impossible
to forecast. The truth is that any judgment on this
complicated question is surrounded with difficulties.
It is a heritage from a long period of misgovernment
for which the responsibility begins two centuries ago,
but from the blame for which even the present
generation is by no means free. In the seventies
the question might have been settled without a Home
Rule measure, on the basis of exactly such concessions to the Irish tenantry as have already been made
and put into effect by the present Liberal Government. Such a bill if passed by the Gladstone Ministry, for instance, in that earlier period, would quite
possibly have removed the home rule demand as an
active political force, or would at any rate have
given the opponents of Home Rule the advantage of
political position. That opportunity was lost. The
long and angry struggle began. The Parnell episode
intervened, and with the dominance of that leader
came the rise of the Irish faction into the position of
a political body holding the balance of power in the
British Parliament.
It is among the possibilities that an agreement,
either on this or on some other basis of compromise,
will be reached purely through the exhaustion of the
English people with the Irish problem itself. At
some point the most conclusive argument in regard
to such a matter is apt to be the argument that the
long-standing and vexatious question be somehow
settled. Perhaps the best that can be said of the
Asquith plan is that it would at least settle it for the
time, even in the form of unsatisfactory compromise
now suggested. Otherwise, it is so strange a departure from usual precedent of government as to
leave every one doubtful as to its result.
MAR. 141914.]
THE CHRONICLE
797
adopt the language and the tactics of an unorganized
but pestilential body miscalling itself Industrial THE HISTORY OF A LARGE CENTRAL BANK.
Workers of the World, whose mottoes are such as
The retirement of Mr. Edmund G. Vaughan from
"no flag, no country, no God," and who profess to the presidency of the National Bank of Cuba gives
intend general disorder by forcing all industry to opportunity to define the position and measure the
influence of a large central bank when it has a free
halt.
These paraders from church to church carry slung- field and is intelligently managed. The bank was
shots, razors and other offensive articles, and on organized in 1901 with American capital of a million
one of them was found $700 tucked away. They dollars. At that time there was no bank of current
ask nothing; they demand everything. Their leader, deposits in Cuba. There were four rather large
formerly a waiter, and probably without a job by banks in Havana, which were chiefly occupied with
his own fault, declares there is no right but might; foreign exchange, and had practically no ordinary
that they will "force the churches to shelter and deposit accounts.
Expert men were sought for the new bank in both
feed us;" that "we are just going to take what is
ours and we will work if we can get $3 a day for an Europe and America, who were engaged with the
eight-hour day", &c. As for Governor Glynn's express understanding that the bank was aiming to
suggestion of carrying men to the farms at the cost train natives, and that that would be an important
of the State, these fellows decry it openly. They part of their work. The bank was opened in a large
will work on union conditions; "unless we get it private residence, which, however, was fitted up
we won't work, but we will demand bread; we must with the approved appliances of a modern bank.
eat, even if we do not work; the bread belongs to us, Few people in Cuba used checks. The task of the
and we will get it by hook or crook." This is a fair bank was not only to win the confidence of the
sample of the disorderly talk.
public, but also to teach them the methods and the
The problem of employment for all and poverty advantages of bank accounts. Throughout the
for none is a vast one. Theorizers (of whom Alfred country what banking business was done was
Russell Wallace, the nonogenarian English scientist exclusively with mercantile houses. The oldest and
and co-laborer with Darwin, is one) declare that wealthiest merchant in Havana was with difficulty
government must solve the problem; other theorizers persuaded to recognize the value of the new bank,
call for investigation by government commissions, and finally to open an account with a deposit of
which is the first proposition such persons offer as $2,500. It happened that his first check was in
to any earthly ill, and has as much real promise of payment of a bill or draft fraudulently presented.
efficacy as attacking a fire with a toilet atomizer. He discovered the forgery a few moments after he
Mr. Wallace has no plan with definiteness discover- had given his check, and telephoned the bank, where
able in it, but as he avowedly follows Lloyd George the forger was promptly arrested. When he was
and gives thanks for a public man who knows how notified that if the bank had paid the check with
to devise schemes for making the rich disgorge, we the fraudulent endorsement,it alone would have been
are brought again to face the communism so pleasant responsible, and he would not have lost his money, it
to all the I. W. W. tribe of non-workers: a division was a revelation to him, and so enlarged his vision
of things which now exists. When all which now that he at once made the bank his chief representaexists is parceled out, the parading idle will be tive, and has since carried a daily balance running
ready to consider what shall come next, which can from $300,000 to $500,000. When the bank applied
be only a repetition of the process. Let the thrifty for the business of the Cuban Government, he came
work, and let them support the idle in idleness.
forward as its endorser, and offered to guarantee the
Governor Glynn's suggestion meets several diffi- Government account with the bank to the extent of
culties. Farm work is seasonal, like much other his entire private fortune.
At first the bank had only ten employees, all
work. The farmer's need of labor is most keen in the
working season, but he needs efficiency, and these foreign. To-day it has five hundred, nearly all
city throngs are not efficient; they are not even natives; and every head of a department, from the
willing; they "consent" to be fed and warmed, but President down, either came as an ordinary clerk or
they do not "will" to support themselves. A large got his banking experience entirely in this bank and
part of them are probably of the vagrant class who has won his position solely on merit. To accomplish
take to the roads through the warm months and this, the bank established a system of general indrift to the great city for the winter. What shall struction. It opened branch banks all over the
be done with them is hard to say, although enforced country, of which it now has thirty. These are all
labor on the roads might be the best regimen; but managed independently by staffs trained in the
the problem is neither solved nor alleviated by letting central bank. It began at once to teach the public
them abuse free speech or by coddling them, either the value of the bank and the use of checks. To
in churches or in private houses. There is always this end, it opened a savings bank department,
a danger lest a church "mission", however lofty its and, as many depositors could not write, it adopted
aim and however good its incidental services, may a system of identification by finger-prints, which
be understood to be a place where things are given has been so successful that it has attracted large
away for asking. Asking has now become demand- attention in this country. These savings bank
ing.
accounts proved so satisfactory to depositors that as
No, the law of life is that no good comes except they grew in size and proved their convenience, the
by labor. No statutes can change this; we only make depositors began to transfer their accounts to the
matters worse when we dabble with evasions of it ordinary bank and use them in their current business.
Desiring to extend the facilities of the bank to
and with schemes for undermining the rights of
property, for unless property is protected the world women, it cast about for some woman to come into its
reverts to barbarism, in which there really is no employment. Finding a promising young Cuban
right but might.
lady available, it started her in the humblest position,
798
THE 'CHRONICLE
aiming to pass her on as rapidly as possible to be the
head of a Women's Department. But she proved so
valuable that she was promptly stopped in her course
by another department through which she was passing, and held there by its head as indispensable. The
same result followed with half a dozen others who
were sought for a similar purpose. To-day the bank
has twenty accomplished women, some of whom are
at the head of leading departments of the bank; and
the Women's Department has grown to occupy
a large place both in the aggregate of deposits and in
the amount of daily business.
Very early the bank secured the services of a leading
American firm of chartered accountants to examine
the bank from time to time. A careful system of
checking was established at the beginning, and every
employee made to feel that he was absolutely responsible and constantly supervised. A steady
weeding out of incompetents was pursued, and the
discipline of the bank,both within and in relation to
depositors, was made absolute. Depositors also were
taught that, in dealing with employees, the same
courtesy was required of them as was shown to
them; otherwise their accounts would not be taken.
A school was opened in the evening for training employees, both for increased efficiency and to make
possible their advancement. This school was conducted by the expert heads of departments, both
European and American.
The bank rapidly enlarged its scope. Its capital
was increased in 1903 to $3,000,000 and in 1904-05
to $5,000,000. This was distributed in fourteen
different countries extending from England to
Turkey, Switzerland, Mexico, South America and the
United States, with the sole purpose of seeking business for Cuba. Gradually departments were opened
for every kind of business. Deposits are received in
three different currencies, United States currency,
Spanish or French gold, or Spanish silver. Business
is done all over the world in every currency and in
every language. Collections, which form a very
large part of the business, are so systematized that
the utmost promptness is secured and transfers are
almost instantaneous. Investments are made for
customers in stocks and bonds of all countries; letters
of credit are issued; bills of exchange are negotiated.
A fine banking-house of modern type has been
erected, the first of its kind in Cuba, with safedeposit vaults of the best model. The bank is the
official depositary of the Cuban Government and of
the Army and Navy of the United States. It has
$40,000,000 of present assets, with a surplus of
$1,300,000, and since 1903 has regularly paid 8% in
dividends; the first two years it paid 6%.
The first duty of the bank, of course, was to
secure its stockholders and earn for them proper
returns upon their money, but the policy from the
beginning has been to establish it as a local institution with wide and powerful influence upon the
community. Oliver Cromwell said that he had
raised a company of men in his "Ironsides" who "made
a conscience of what they did"; which made them
"the more native," and was "a matter of no small
moment to the State." It was their business, of
course, to win battles, and they never were defeated.
This bank has steadily become "the more native,"
in the fact that not only is its stock accumulating in
Cuban hands and its employees to-day are almost
exlusively Cuban and Spanish, but also in that it
has the confidence of the public, and that the three
xcvrn.
chief men in the old Spanish bank in Havana,and
many men of importance in other banks and in
mercantile houses throughout Cuba, were trained in
this bank. The older banks have all been inspired
to become banks of deposit, with new buildings, and
have adopted modern organization and methods.
While our country is to-day ringing with praise
of General Goethals and General Gorgas for the
work they have done in Panama,it is pleasant to
note that the retiring President of this bank testifies
that one chief influence in determining both its
spirit and its methods, was General Leonard Wood,
who at that time was the commanding officer in
Cuba, and who had already introduced into the
management of Cuban affairs so intelligent and responsible a system both for current business and for
the education of employees and of the public, that
the bank felt it could do no better than to follow in
his steps. His name to-day is the most beloved and
honored in Cuba of any American, and his influence
will long be felt. The National Bank of Cuba bears
tribute to him and recognizes that its success, and
especially the place which it has come to occupy in
the life of Cuba, is in no small measure due to him.
It may be said that the staff of men who have gone
out from this single bank and who now occupy positions of trust of many kinds are, as a whole, of a
higher standard and more influential than those to
be found in any department of the Cuban Government. Of course it is to be recognized that this bank
began in what may be regarded as virgin soil and
has been entirely unhampered by local adverse legislation. It has also had the benefit of intelligent
management and of being owned by stockholders who
were entirely content that their investment should
bring them reasonable returns while it was doing
a patriotic service to a country which had great need
of it. But its history is suggestive as to what is
possible for any central bank conducted in a large
spirit if it aims to promote both public confidence
and the public benefit. It shows also what can be
accomplished by one man with a clear purpose and
wide vision who sets his heart as well as his hands
to his task. Though it may be at the price of
health, it is a work so large and beneficent that it
may well be accepted as in itself an ample reward.
To-day, when, under our new banking legislation,
central banks of one kind or another are to find
a larger sphere in our American system, the career
of this bank cannot fail to prove enlightening; for it
cannot be but that the distrust of the large banks
and hostility to them, which with us have become so
widespread, will give place to a juster appreciation
of the position which they should and must fill in
the ever-developing business of the country.
REDUCED FARM RESERVES OF CEREALS.
The official report on the reserves of cereals in
farmers' hands in the United States on March 1 1914
was issued by the Department of Agriculture on
Saturday last and showed that of all the crops
covered the stocks so held at that date were less
than at the same time last year, and very materially
so as to corn. This outcome of the Department's
investigation was not wholly unexpected as regards
corn, oats and barley, in view of the smaller crops
produced in 1913, but, with a record yield secured last
season, it was anticipated that wheat holdings would
at least equal, if not exceed, those of a year ago.
MAR. 141914.1
THE CHRONICLE
799
The immediate effect of the report in the wheat close of February, as intimat
ed above, there have
market, however, was not important, as current been a few complai
nts of winter killing-in Southern
advices on the new crop of the winter variety were Kansas, but they have
been too vague to carry any
so favorable as to largely hold in check any advance special weight at this time.
in prices, but later on scattered complaints of winterkilling in Kansas stimulated a moderate rise.
RAILROAD GROSS EARNINGS FOR FEBRUARY.
Of wheat the amount held on farms March 1 was
What hard conditions beset the railroads
is
stated at about 19.9% of the 1913 product, or evident from the
preliminary statement of gross
151,800,000 bushels, with the reserves in such States earnings that we present
further below for the month
as Ohio, Indiana, Illinois and Missouri well above of February. Every
well-informed person knows
last year, and Minnesota, the Dakotas and Kansas how difficult railroad manage
rs are finding it to
exhibiting a more or less important falling off. This control expenses in view of
increases in wages and
year's aggregate holdings are some 43/ million bushels legislative enactments like
the Full Crew laws
less than at the corresponding time in 1913 (an in- which add to the outlays of the
roads without procrease of about 5 million bushels had been looked viding compensation of any
kind. As if this were
for), but nearly 30 millions greater than in 1912. A not enough, there is now
added to their other misrelatively small total of corn in first hands is revealed fortunes a contraction in
tonnage and a decided
by the report, a situation ascribable to the consider- falling off in gross earnings. A
double cause for
able reduction in yield last year. The amount of this exists. Last season's poor
crop yields are recorn returned as on farms March 1 this year was, in sponsible for a shortened agricult
ural traffic, and the
fact, the smallest at that date for any year since reaction in general trade which
has been in evidence
1904, approximating only 866,400,000 bushels, or for some months is causing a
reduction in the mineral
35.4% of the 1913 product. This compares with traffic and in general merchan
dise.
1,289 million bushels March 1 1913, some 884
Our table to-day embraces merely the roads which
millions a year earlier and 1,165 millions in 1911.
make it a practice to furnish early estimates of their
Reserves of oats also show a rather large decline gross receipts, compris
ing mainly Western grainfrom a year ago, for which the diminution in yield carrying and Southern cotton
-carrying roads. The
furnishes explanation, but comparison with earlier showing which this body of
roads makes is anything
years is, on the whole, favorable. Last year, it will but encouraging. Altogether
our compilation covbe recalled, the carry-over March 1 was exceptionally ers 92,300 miles of line in 1913,
including four imheavy, reaching 604,216,000 bushels, or 42.6% of the portant Canadian systems, and the
total gross earn1912 yield; with that exception the stock held this ings in February 1914 were
only $60,934,916, as
year is near the largest on record, being reported as against $67,400,056 in February
1913, the decrease
419,500,000 bushels, or 37.4% of the 1913 product— thus amounting to $6,465,140,
or 9.61%. What is
a total that should assure a bountiful supply until particularly significant and particul
arly depressing
the new crop is available. This last aggregate con- is that out of 48 systems contributing
returns,all but
trasts with only 290 million bushels in 1912 and six share in the decrease. The
Canadian system
442% millions in 1911. Barley, with a smaller yield have done as poorly as the Americ
an lines and as a
in 1913, likewise shows a considerable depletion in matter of fact the Canadian Pacific
heads the lists
stock March 1 as compared with a year earlier, but of decreases with a loss in the
large sum of $2,161,000.
an important increase in available supplies contras- The Dominion is believed to
have raised much larger
ted with recent preceding years. The March 1 1914 grain crops in 1913 than
in the previous season, but
holdings aggregated 44,100,000 bushels, or 24.8% it is claimed that
the grain moved much earrt,,e the
of the 1913 crop, against 62,283,000 bushels a year present year and accordingly
there is now a greatly
ago and 24% millions in 1912.
reduced amount coming forward. In addition CanIn connection with the foregoing, the present ada is suffering an industrial
set back as pronounced
status of the winter-wheat crop is certainly not as is the United States
and possibly a little more so.
without interest. According to the Department of Doubtless conditi
ons
Agriculture the area of wheat seeded last fall was northern neighboring in this country and in our
act and react upon each other,
8.6% greater than in the preceding year, giving a thereby intensifying the reverses
.
new high-record acreage under the crop, but no
In the United States the February grain moveofficial report on condition will be available until ment in the West fell very
much below that of the
next month. In the meantime, however, reliable corresponding period last
year. This might be asadvices seem to indicate a very encouraging outlook. signed as the main cause
for the falling off in the
The Weather Bureau of the Department of Agricul- gross earnings of the Western
roads, except that in
ture, for instance, in its bulletin covering the month other sections decreases
are just as common—even
of February, states that "the winter-wheat belt was among Southern roads,
which had the advantage of
largely snow-covered during periods when cold a larger cotton moveme
nt. Evidently trade reacweather would have seriously injured the growing tion has worked to
the disadvantage of all the roads
plants." This practically official statement,further- and in addition
local adverse influences have conmore, is fitly supplemented by reports to "The tinued as special
depressing factors in a number of
Price Current—Grain Reporter," of date Feb. 26-28, cases, as for exampl
e the coal miners' strike in Southwhich are summarized as follows: "The weather con- ern Colorado and
the miners' strike in the Michigan
ditions have been extremely favorable for the growth copper-ore
regions. A heavy snowfall may have
condition of the winter-wheat plant during the past interrupted railroad
operations to some extent here
month, and there is practically no apparent damage in the East beginni
ng with Feb. 13, when there was
done as yet in any locality of the surplus winter- a fall of more than the
usual depth followed by
wheat-producing territory and the percentage growth several other storms, but there
are few Eastern roads
condition as reported is approximately perfect and in our table,and in the
West weather conditions do
100% of the Government term 'normal.'" Since the not appear to have been especial
ly severe.
800
THE CHRONICLE
We have already stated that there are only six
roads or systems out of the 48 reporting which have
managed to improve on their gross earnings of a
year ago. As it happens, four of these are Southern
roads. In only one case, however, is the increase of
large amount,namely the Yazoo & Mississippi Valley,
this reaching $121,739. The road had a greatly increased cotton traffic. The losses, on the other
hand, are not only numerous but 'they are in most
instances of large amount and come from all sections
of the country. Thus the Great Northern has fallen
$683,077 behind-, the Chesapeake & Ohio $440,767,
the Missouri Pacific $407,000, the Louisville & Nashville $368,794, the Illinois Central $327,131, the
Colorado & Southern $252,482, &c., &c. In the
following we show all changes for the separate roads
for amounts in excess of $30,000, whether increases
or decreases:
pRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Increase.
Decreases.
_ 8121,739 Buffalo Rochester & Pitts. $85,993
Yazoo & Miss. Valley_
DeCreaaes. Southern Railway
84,
518
$2,161,000 Chicago Great Western.._
Canadian Pacific
82,934
683,077 Cana lan Northern
74,
Great Northern
100
440,767 Grand Trunk Pacific
Chesapeake & Ohio
60,
549
407,000 Mobile & Ohio
Missouri Pacific
53,
797
368,794 Cinc New Oni & Tex Pac_
Louisville & Nashville_ ___
45,985
327,131 St Louis Southwestern__ _
Illinois Central
45,000
Colorado & Southern_ _ _ 252,482 Minneap & St Louis
40,861
233,987 Toledo St Louis & West.._
Wabash
39.121
219,447 Western Pacific
37,000
Grand Trunk
176,113 Georgia Southern & Fla__
31,856
Missouri Kansas & Texas_
175,200 Chicago Ind & Louisville_
31,650
Denver & Rio Grande_ _
146,000
Internat & Great North'n
145,820
Representing 27 roads in
Chicago & Alton
$6,342,151
our compilation
91,969
Minnoap St P & 8 S M
As it happens, too, the gains the previous year,
speaking of the roads collectively, were not of unusual extent. Our preliminary statement for February 1913 registered a gain of no more than $3,440,529, or 5.56%. In 1912 the gain was of larger proportions, the reason being that it was leap year, and
February, therefore, contained an extra day. Our
early statement for February 1912 showed $6,221,900
increase in gross, or 11.32%. The year before (1911)
the total registered only a slight increase,and if the
Canadian roads had been excluded the increase then
would have been of mere trifling extent. Prior to
1911, of course, the returns were quite satisfactory as
a rule, though in 1908 there was a falling off because
of the business depression which followed the panic
of 1907, and there were also losses in a few other
years arising generally out of bad weather conditions.
In the following we furnish a summary of our early
February totals for each year back to 1897:
Gross Earnings.
Mileage.
February.
Year YearPre- InGiven, ceding. cr'se.
Year
Given.
Year
Preceding.
Increase (+)
or
Decrease (-).
M ties.
91,861
95,506
92,273
94,042
98,076
94,914
96,646
82,882
82,193
83,265
93.497
84,405
81,871
82,149
88,651
87,783
88,333
92,300
Miles.
91,177
04,571
91,211
91,829
95,283
93,269
94,496
80,691
80,429
81,405
91,740
83,328
80,308
80,622
86,351
86,159
86,054
90,921
0.86
0.99
1.16
2.41
2.93
1.76
2.27
2.71
2.19
2.28
1.91
1.29
1.29
1.89
2.66
2.00
2.58
1.52
Jan. 1 to Feb . 281897.. 125 91,864
1898.. 125 95.357
1899._ 117 92,236
1900.. 102 93,769
1901.. 104 98,039
1902.. 92 94,914
1903- _ 78 96,646
1904.. 67 82,882
1905._ 60 80,087
1908.. 57 82,729
1907.. 67 93,497
1908.. 59 84,405
1909.. 53 81,871
1910.- 49 82,149
1911_ _ 51 88,651
1912.. 50 87,783
1913 _- 48 88,333
1914._ 48 92,300
91,177
94,427
91,174
91,556
95,246
93,269
94.496
80,691
78,369
80,928
91,740
83,328
80,308
80,622
86,351
86,159
86,054
90,921
0.86 67,321,230 70,779,471 -3,458,241 4.88
0.99 80,195,211 69,217,374 +10,977,837 15.86
1.16 79,001,425 76,844,948 +2,156,477 2.81
2.41 92,056,260 78,114,962 +13,941,298 1.78
2.98 106,690,137 98,151,022 +8,539,115 8.70
1.73 108,781,813 102,330,497 +6,451,316 6.30
2.27 117,867,542 105,478,219 +12,389,323 11.75
2.71 94,786,426 96,803,491 -2,017,065 2.08
2.19 92,756,575 91,098,787 +1,057,788 1.82
2.23 111,888,088 91,312.897 +20,575,191 22.53
1.91 136,240,193 133,124,581 +3,115,612 2.34
1.29 99,975,812 110,477,618 -10,501,806 9.51
1.29 101,458,518 95,122,719 +6,335,709 6.66
1.89 108,400,071 94,482,570 +13,917,501 14.73
2.66 116,017,536 113,504,641 +2,512,895 2.21
2.00 119,646,338 112,989,100 +6,677,238 5.66
2.58 134,937,855 120,187,874 +14,749,981 12.27
1.52 128,976,533 138,566,413 -9.589,880 6.93
Year. Roads
1897- - 125
1898. 126
118
1899
1900. 103
105
1901
1902.. '92
1903.. 78
1904.. 67
1905.. 61
1908.. 58
1907._ 67
1903 _ _ 59
1909.. 53
1910__ 49
1911 _ _ 51
1912.. 50
1913.- 48
1914 _. 48
33,393,769
39,207,730
37,059,016
43,739,672
50,430.204
50,301,694
55,694,648
45,889,825
43,651,281
53,838,607
65,168,022
47,582,490
49,515,764
52,393,827
56,078,284
61,178,619
65,275,208
60,934,916
34,087,463
34,335,397
37,580,536
36,447,592
46,733,346
48,404,740
48,912,743
46,032,562
44,914,730
42,850,373
63,850,213
53,289,074
45,382,258
46,357,018
55,363,388
54,956,719
61,834,679
67,400,056
--603,694 2.03
+4,872,333 14.19
--521,490 1.38
A-7,292,080 20.01
+3,696,858 7.91
+1,896,954 3.75
+6,781,905 13.87
-142,737 0.31
-1,263.458 2.81
+10,083,234 25.64
+1,317,809 2.06
-5,706,584 10.71
+4,133,506 9.02
+6,036,809 13.02
+714,896 1.57
+6,221,900 11.32
+3,440,529 5.56
--6,465,140 9.61
-We do not Include the Mexican roads in any of the years.
Note.
[VOL.
The Southern cotton movement ran well above that
of the previous year, when it was unusually small.
The shipments overland aggregated 155,324 bales in
February 1914, aga;nst 142,507 bales in February
1913, but as against 244,580 bales in February 1912.
At the Southern outports, the receipts for the month
in 1914 were 734,567 bales, which compares with only
468,381 bales in 1913, but with 1,244,629 bales in
1912, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JANUARY 1 TO FEBRUARY 28 1914, 1913 AND 1912.
Since January 1.
February.
Ports.
1914. 1
Total
1912.
1914.
1913.
1912.
289,018
72,613
170,980
20,171
9,718
70,796
24,500
10,074
1
17,918
35,072
13,707
215,015
58,394
76,257
8,159
7,832
48,452
7,650
3,468
105
9,150
25,459
10,440
349,234
92,446
222,646
44,232
50,397
241,757
65,670
47.874
761,915
181,334
440,112
50,011
16,922
198,182
56,400
19,004
824,501
218,438
470,296
102,981
108,755
503,009
101,910
74,863
49,881
75,649
4,943
46,956
92,660
37,366
520,008
172,261
192,547
19,433
21,350
117,365
25,550
10,587
105
18,451
53,893
33,826
734,567
bales_
Galveston
Texas City. are
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown, &e
Wilmington
Norfolk
Newport News, &c
1913.
468,381 1,244,629 1,900,862 1,194,378 2,671,510
111,363
148,394
7,000
The Western grain movement,as already indicated,
suffered marked contraction, and this extended to all
the different cereals. Of wheat the deliveries for the
four weeks ending February 28 were only 16,131,000
bushels in 1914, against 20,567,000 bushels in 1913;
of corn, 22,353,000 bushels, against 34,970,000; of
oats, 13,551,000, against 17,514,000, and of barley
5,469,000 bushels, against 8,671,000. Adding rye,
the aggregate receipts of the five cereals for the four
weeks the present year are found to have been only
58,218,000 bushels, against 82,682,000 bushels in
the corresponding four weeks of last year. The
details of the Western grain movement in our usual
form are set out in the following:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat,
Four week s end- Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bbis.)
ing Feb. 28Chicago
1014
945,000 3,314,000 8,401,000 6,594,000 2,015,000
1913
668,000 2,632,000 21,202,000 8,992,000 3,368,000
Milwaukee
229,000 1,276,000 1,120,000 1,320,000
1914
185,000
623,000 1,669,000 1,059,000 2,270,000
105,000
1913
St. Louis
1914
250,000 1,463,000 1,700,000 1,658,000 213,000
236,000 2,809,000 3,226,000 2,040,000 216,000
1913
Toledo
562,000
222,000
135,000
1,000
1914
579,000
73,000
333,000
1913
Detroit
352,000
286,000
47,000
26,000
1914
336,000
280,000
20,000
28,000
1913
Cleveland
666,000
453,000
23,000
50,000
1914
377,000
455,000
18,000
126,000
41,000
1913
Peoria
581,000 200,000
157,000 2,056,000
176,000
1914
814,000 277,000
178,000 2,941,000
196,000
1913
Duluth
60,000
40,000
25,000
497,000
1914
143,000 243,000
19,000
20,000 2,304,000
1913
Minneapolis
7,216,000 1,014,000 1,062,000 1,671,000
1914
691,000 1,278,000 2,279,000
8,345,000
1913
•
Kansas City
729,000
2,547,000
1,643,000
1914
700,000
1,900,000 1,735,000
1913
Omaha
873,000
1,320,000 3,754,000
1014
1,557,000 2,195,000 1,420,000
1913
Total of All
1914
1913
1,632,000 16,131,000 22,353,000 13,651,000 5,469,000
1,294,000 20,567,000 34,970,000 17,514,000 8,671.000
Rye.
(bush.)
233,000
221,000
201,000
284,000
12,000
16,000
4,000
3,000
20,000
61,000
9,000
39,000
242,000
339,000
714,000
960,000
To complete our analysis we furnish the following
six-year comparisons of the earnings of the leading
roads arranged in groups.
EARNINGS OF SOUTHWESTERN GROUP,
1914.
1913.
1912.
1911.
1910.
1909.
$
897,640
1.511.000
682,000
2,333,047
4,271,000
995,000
1,345,032
February.
$
1,150,122
1,686,200
828,000
2,509,160
4,678,000
1,040,000
1,324,285
$
1,054,538
1,613,552
831,494
2,184,488
4,413,332
1,008.160
1,371.944
8
1,001,550
1,445,736
652,969
2,229,683
3,933,805
036,079
1,159,412
$
1,293,325
1,681,881
637,198
1,921,341
4,111,208
840,735
1,185,533
$
1,168,986
1,340,473
622,826
1,859,992
3,559,885
830,447
1,090,438
Colorado & Sou_
Denver & Rio Gr
Int'l & Gt Nor._
Mo Kan & Tex_a
Missouri Pacific:
St Louis So West
Texas & Pacific__
„,
12,035,61913,215,76712,477,50811,359,33311,671,22110,473,047
Total
a Includes Texas Central In 1914, 1913, 1912, 1911 and 1910 and Wichita Falls
line from Nov. 1 1912.
THE CHRONICLE
MAR. 14 19141
EARNINGS OF SOUTHERN GROUP.
February.
Alabama Gt Sou_
Ala N 0 & T P
New Or!& N E.
Ala & Vicksburg
Vicks Shrev & P
Chesap & Ohlo_c
Cin N 0& T P__
Louisv & Nash_ b
Mobile & Ohio__
Seaboard Air Line
Southern Ry____
Yazoo & Miss Val
Total
1914.
1913.
1912.
1911.
1910.
$
418,271
$
420,799
$
385,305
$
378,378
$
329,195
$
281,813
330,667
137,902
142,975
2,437,500
902,764
4,429,025
925,029
2,141,730
5,202,051
970,675
330,479
143,852
133 478
2,878,267
948,749
4,797,819
978,826
2,161,398
5,286,575
848,936
334,589
140,141
128,979
2,666,019
781,081
4,687,043
908,593
1,970,456
5,167,035
783,864
291,423
132,763
114,889
2,387,680
720,991
4,115,839
810,560
1,741,086
4,417,369
763,383
256,719
120,134
111,205
1,874,035
595,700
3,518,846
795,415
1,564,666
4,062,233
826,631
297,472
138,310
112,404
2,409,195
759,004
4,151,881
843,088
1,965,195
4,793,156
911,320
1909.
18,038,595 18,929,178 17,953,105 16,759,403 15,825,178 14,007,397
S Includes the Louisville & Atlantic and the Frankfort & C ncinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
891
GENERAL APPRAISERS DECIDE THAT 5% REBATE
ON IMPORTS IN AMERICAN BOTTOMS
MUST BE ALLOWED.
The validity of the provision in the Tariff Law allowing a
5% discount on goods imported in American ships is upheld
in a decision of the Board of United States General Appraisers, handed down on the 6th inst. The question was
passed upon by three members of Board No. 3, the opinion
being written by Judge Byron S. Waite, Judges Henderson
M. Somerville and Eugene H. Hay concurring. The disputed clause provides:
That a discount of 5% on all duties imposed by this Act shall be allowed
on such goods, wares and merchandise as shall be imported in vessels admitted to registration under the laws of the United States. Provided,
That nothing in this sub-section shall be so construed as to abrogate or
in any manner impair or affect the provisions of any treaty concluded between the United States and any foreign nation.
The question as to the intent of the provision arose immediately after the enactment of the new Tariff Law; under
their treaties, with the United States, twenty-three nations
claimed a right to the differential in common with American
ships, and protests against the alleged discrimination were
lodged with the State Department. Efforts were made by
some of the Administration leaders to have Congress repeal the provision, but Representative Underwood, Chairman of the Ways and Means Committee, expressed himself
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
as opposed to such action and the President did not urge it.
On Oct. 8 Secretary of the Treasury McAdoo called upon
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP,
Attorney-General McReynolds for an interpretation of the
February.
1914.
1913.
1912.
1911,
1910.
1009.
clause, and pending the latter's ruling customs collectors
II
$
$
$
$
3
Buff Roch & Pitts 814,470 900,463 766,204 644,342 655,634 470,759 all over the country were notified to withhold the 5% dif914,228 1,060,048 1,168,204 1,036,996 1,013,971
Chicago & Alton_
916,386 ferential in all cases. In his opinion rendered on Nov. 8,
453,673 485,323 493,348 433,564 424,666 355,778
Chic Ind & Lou__
the Attorney-General held that the discount to American
Grand Trunk_ _
Grand Trk W. 3,544,016 3,763,463 3,259,943 3,103,166 2,965,729 2,529,471
vessels could not be given without impairing the stipulations
Det0 H & Mil
Canada Atl_ _ _
of existing treaties between the United States and various other
4,742,580 4,832,222 84,529,768 4,547,457
Illinois Cent_c __ 4,832,139 5,159,270
100,972
109,832
100,786
81,940 Powers, and that consequently the provision was inopera110,138
Tol Peo & West_
91,826
266,432 267,328 238,701
Tol St L & West_
321,715 360,836 283,437
2,061,963 2,295,950 2,031,013 2,091,079 2,176,372 1,865,112 tive. The collectors of customs were accordingly instructed
Wabash
13,034,030 14,135,491 12,854,58112,508,773 12,134,254 11,005,610 by Secretary McAdoo to make no allowance of discount on
Total
duties. Sundry importers immediately protested and
S No longer includes receipts for hire of equipment, rentals and other items.
claimed the rebate.
c Includes earnings of Indianapolis Southern beginning with July 1910.
Importers of goods in American vessels are the only ones
We now add our detailed statement comprising all of the numerous protestants whose contentions are upheld
by the decision of the Board of Appraisers, which upsets the
the roads that have thus far furnished returns for Government's ruling; the Board disallows the claims of imFebruary.
porters of merchandise brought into the United States in
GROSS EARNINGS AND MILEAGE IN FEBRUARY.
foreign ships. The findings apply only to goods imported
since the enactment of the Tariff Act last October, wareGross earnings.
Mileage.
Name of Road.
housed goods which were imported prior to that time being
Inc.(+) or
1914.
1913.
Dec. (-). 1914. 1913. denied the 5% rebate. An outline of the essential features
of the Board's decision is furnished by it as follows:
1909.
1910.
1911.
1912.
$
$
$
$
$
$
Canadian Pacific 7,365,000 9,526,000 8,931,907 6,375,576 5,992,052 4,966,208
Chic Gt West*__
987,673 1,070,607 1,001,400 957,877 956,717 757,534
190,805 213,703
195,621
Dul So Sh & AU_
247,492 237,564 '223,763
Great Northern_ 3,906,865 4,589,942 4,322,292 3,572,001 3 873,315 3,212,152
720,314 761,175 585,729 629,611 (321,093 258,632
Minn & St Louls1
250,906 223,838
Iowa Central_ f
MinnStP&SSM 1,977,444 2,069,413 1,052,287 1,469,779 1,479,203 1,302,254
15,204,788 18,254,701 16,117,378 13,195,649 13,086,989 10,916,239
Total
February,
1914.
Alabama Great Southern_
Ala N 0 & Texas Pacific
New On & Northeast_ _
Alabama & Vicksburg_
Vicks Shrev & Pacific_ _
Ann Arbor
Bellefonte Central
Buffalo Roch & Pittsb__ _
Canadian Northern
Canadian Pacific
Chespeake & Ohio
Chicago & Alton
Chicago Great Western_ _
Chicago Ind & Lou isv__ _
Cinc New Or!& Tex Pac_
Colorado & Southern_ _
Denver & Rio Grande__ _
WesternPacific
Denver & Salt Lake
Detroit & Mackinac
Duluth So Sh & At!
Georgia Southern & Fla_ _
Grand Trunk of Can...
Grand Trunk Western
Dot Gr Hay & Milw_ _
Canada Atlantic
Grand Trunk Pacific_ _ _ _
Great Northern
Illinois Central
Internat & Gt Northern_ _
Louisville &
Mineral Range
Minneapolis & St Louis_ }
Iowa Central
Minnea,p St P & 85
Missouri Kansas & Tex_a
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon
Rio Grande Southern_ _
St Louis Southwestern__ _
SeaboardAir Line
Southern Railway
Tenn Ala & Georgia
Texas & Pacific
Tol Peoria & Western__ _
Tol St Louis & Western.._
Wabash
Yazoo & Miss Valley_ _ _ -
1913.
418,271
420,799
-2,528
309
309
1. Construction of the statute: Held that the language is plain and unambiguous, and there is therefore no occasion for applying the rules of
statutory construction to interpret its meaning.
2. Abrogation of Treaties: Under sub-section 7 a discount of 5% should
be allowed on the duties imposed by the Act of 1913 on goods imported in
American vessels. The granting of such discounts to goods imported in
American vessels will not abrogate, impair or affect the provisions of treaties existing between the United States and foreign nations.
3. Favored-nation Clauses: Favored nation clauses in treaties between
the United States and foreign nations are not brought into question by the
allowance under sub-section 7of5% discount to goods imported in American
vessels, for the allowance does not grant a favor to any particular nation.
4. Commercial Treaties: The provisions of commercial treaties existing between the United States and foreign nations, by which each of the
contracting parties agrees not to levy higher duties upon importations in
vessels of the other country than if the same or like merchandise had been
imported in vessels of its own country, are not self-executing, and are not,
therefore, within the jurisdiction of the Courts, but address themselves to
3,544,016 3,763,463 --219.447 4,548 4,533 the political department of the Government.
5. Treaties; Constitutional Prerogatives: Treaties which modify rates of
-60.549 1,104 1,104 duty to be collected on imports are in contravention of the Constitutional
313,265
373,814
3,906,665 4,589,742 -683,077 7,806 7,782 prerogatives of Congress to lay and collect duties, and of the House of
4,832,139 5,159,270 -327.131 4,763 4,763 Representatives to originate bills for raising revenue; and such treaties are
682,000
828,000 -146,000 1,160 1,160
4,429,025 4,797,819 -368,794 4,923 4,919 not enforceable by the Courts without the sanction of the House of Repre-12,905
47,703
124
60,608
127 sentatives and Congress.
-40,861 1,585 1,685
720,314
761,175
6. Goods in Warehouse: Goods in warehouse at the time the Act of
-91,969 3,976 3,772 1913 became effective, and subsequently withdrawn,are not,entitled under
1,977,444 2,069,413
2,333,047 2,509,160 -176,113 3,817 3,817 sub-section 7 to the discount of 5% on the duties imposed by the Act of
4,271,000 4,678,000 -407,000 7,283 7,236 1913, even though they may have been imported in American vessels. The
-53,797 1,122 1.114 discount applies only to such goods as "shall be imported" in American
925,029
978.826
-1,728
21,654
238
238
19,926
-5,439
46,080
180
180 vessels after Oct. 3 1913.
40,641
-45,000 1,715 1,715
995,000 1,040,000
A more detailed view of the Board's findings is had in the
-19,668 3,081 3,070
2,141,730 2,161,398
-84,518 7,037 7,034 following extracts from the decision:
5,202,057 5,286,575
-3,911
94
94
5,873
9,784
Succinctly stated, then, the claim of the Government is that sub-section 7
+21,647 1,885 1,885
1,345,932 1,324,285
-18,312
91,826
248
248 is inoperative, and that no reduction of duty can be allowed upon goods ar110,138
-39,121
321,715
451
451 riving in the United States in American vessels. If this contention is sus360,836
2,061,963 2,295,950 -233,987 2.514 2,514 tained, that, as will be apparent,is the end of the case.
970,675
848,936 +121,739 1,372 1,372
It is urged with considerable earnestness by the Government that be60,934,916 67,400,056 -6,465,140 92.300 90,921 cause there are few importations in vessels of countries with whom we have
Total (48 roads)
decrease (9.61%)__ _
Net
not commercial treaties such as are here involved, and because of the consequent slight benefit to American shipping which would accrue should the
Mexican roads (not inc luded in to tal)
831,595
684,241 +147,354 1,031 1,031 law be enforced as written, therefore it was intended to postpone the enInteroceanic of Mexico
9593,000 9451,400 +141,600
395
361 forcement of the law until the existing treaties should be abrogated, abanMexican Railway
2,997,424 4,587,299 -1,589,875 6,135 6,135 doned, or expire by lapse of time; that to enforce it now would place ConNat Rys of Mexico_z
gress in the absurd position of having enacted a law for so trifling a purpose.
We cannot concur in this view. In our estimation, to place the law upon
a Includes Texas Central in both years.
the statute books intending that it should not be enforced would be much
z Now includes Mexican International in both years.
more absurd, it being conceded that there is subject matter over which it
weeks only.
fi These figures are for three
330.667
137,902
142,975
145,662
6.177
814,470
1,324,600
7,365,000
2,437,500
914,228
987,673
453,673
902,764
897,640
1,511,000
376,800
65,177
82,885
247,492
193,375
+188
330,479
196
196
-5,950
143,852
143
143
+9,497
171
133,478
171
-14,418
291
160,080
291
-273
27
6,450
27
-85,993
573
900,463
573
-74,100 4,670 4,297
1,398,700
9,526,000 -2,161,000 11,920 11,458
2,878,267 -440,767 2,345 2,324
1,060,048 -145,820 1,032 1.026
-82,934 1,496 1.496
1,070,607
-.31,650
485,323
616
616
948,749
-45,985
336
336
1,150,122 -252,482 1,867 1.809
1,686,200 -175,200 2,598 2,554
413,800
-37,000
937
937
61,498
+3,679
214
214
-4,535
87,420
411
411
+9,928
237,564
627
625
-31.856
395
395
225,231
802
THE CHRONICLE
can operate. We are bound to apply the law so far as it is applicable to the
present statute, even though it results in benefits to shipping or shippers
of other countries. We see nothing illogical or absurd in the thought that
Congress enacted the law with the intent that it should be administered so
as to most nearly accomplish its plain intent and purpose, with broadening
field of operation as treaties may be changed, abrogated or expire by lapse
of time.
The language of this paragraph seems to be plain. In our judgment there
is nothing left for construction. There seems to be no ambiguity in the
language used. It must be conceded that the meaning of the word "affect"
is practically the same as that of "impair," to-wit: to make the
treaty less beneficial to the other contracting party, or "affected" to
the detriment of such party. There being in our judgment no ambiguity in this statute, the rule for its interpretation and construction is plain.
Thus we hold that, even though this law is made operative to its
fullest extent and the reduction given of 5% upon goods imported in
American bottoms it will not have the effect of abrogating or impairing any treaty. We therefore find that the law must be so administered as to allow 5% discount from the duty on goods imported in
American vessels.
This leads us to consider the question which naturally arises over the importation of goods in other than American vessels. It is not the province
of the Court to abrogate a treaty, or even to determine whether it is in
force, unless it be self-executing.
Let us first consider the question as to whether the enforcement of this
statute compels a recognition of the right of treaty powers, under the most
favored nation clauses, to the same concession or right extended to goods
brought in in vessels subject to American registry, as provided in this
statute.
This is not a statute extending a favor to any particular country. It is
rather an offer made by the United States to importers, whether they be
from one country or another, or whether they be from a place not within
the jurisdiction of any country. The same privilege is extended to England
as to France, or Germany, or Italy; that is, to bring in goods in American
vessels and receive the 5% discount from the regular duties of the Tariff
Act. We do not think this violates the provisions of the most-favored-nation clause. And, further, we are of the opinion that if this Act could be
construed to be a preference extended to any nation with which we have
dealings, the favor is extended for a consideration; that is, a party must go
to the trouble to seek out American ships. This may involve,and probably
does, extra trouble and expense in the selection of the vessel, in the assembling of the goods, in preparation for shipment, and possibly in the extra
effort necessary to procure an American vessel.
Holding those views, we see no necessity for citing or applying in this
connection what seems to be the latest expression of the courts upon the
self-executing qualities of most
-favored-nation clauses,asfound in American
Express Company v. United States.
The revenues of the United States are raised largely from the imposition
of import duties. The law of which sub-section 7 is a part is framed according to a policy and according to the requirements of the Government.
In our opinion, it was not intended that there should rest within the treatymaking branch the power to disturb or prevent the free exercise of the
judgment of Congress as to the rate and amount of duties to be levied upon
Imports; once having been so determined,such determination cannot bo disturbed or set aside except with the consent of Congress. In other words,
while a treaty which seemed to interfere in that way with the Constitutional
prerogative of Congress might be valid and enforceable as between the two
nations, the Courts would be unable to grant relief under such treaty.
Claims arising under the provisions of a treaty, not self-executing, either
_from a citizen or a foreigner, would have to be made to those who alone are
empowered by the Constitution to consider and adjust such claims.
We conclude that sub-section 7 of paragraph J of Section IV., Tariff Act
of 1913, should be enforced according to its letter; that dutiable goods imported in vessels admitted to registration under tho laws of the United
States should be conceded a 5% discount from the duties provided for in
the other parts of the statute.
That the most-favored-nation clauses in treaties with foreign countries
are not applicable to the questions at issue here, as sub-section 7 does not
extend any special favor to any particular country, but is an offer or promise
by the United States to importers, wherever residing, for the benefit
of
American shipping, with incidental benefits to the importer; that it is not
gratuitously given in any sense of the word, but is in consideration of the
necessary trouble and expense incumbent upon the shipper who selects
American vessels; and the enforcement of the law does not abrogate or
In any manner impair or affect the provisions of any treaty.
That the more specific commercial treaties here in question are not selfexecuting, they are executory, and the question of their application is a
political one and not within the jurisdiction of the Courts. And, besides,
they cannot be recognized and enforced by the courts, for the reason that
they are opposed to the spirit and letter of the Constitution. The clauses
In question in these treaties are merely contracts, which address themselves
to the legislative power.
We,therefore, as stated above,sustain the protests where the goods
are imported in vessels subject to American registry, and overrule the protests whore the goods are imported in vessels not subject to American registry.
[VOL.
recommendation and in favor of the continuance of singlename paper as a standard, while ten signified their approval
of the substitution therefor of two-name paper. It is
understood that a further hearing of the subject will be given
by the Commercial Law Committee next week.
William A. Nash, Chairman of the Board of the Corn
Exchange Bank, is one of those who favors the continuance
of present practices and discountenances discrimination
against single-name paper. In expressing his views 114r.Nash
is quoted as saying:
"The tendency to make an interpretation of commercial paper unfavorable to the existing system will, I think,result in confusion, to say the least.
It is difficult to stop the reformers who are acting on the principle that
whatever is, is wrong. Our custom as to commercial paper has grown by
a slow process of evolution. As such the system is thoroughly understood
by the business public, and experience has proved that with the safeguards
around it it is an easily workable plan.
"Trade bills, so-called two-name paper, were formerly in common use.
They were gradually discarded when it was found that they were less
practicable than the system of promissory notes, and trade discounts,
which have come to be the universal practice in the United States. This is
our commercial paper, as distinctive as any European paper which there is
a decided leaning to adopt to the discouragement of our own. The old
system was abandoned for very good reasons. It was inadequate for our
growing business and hampered rather than helped trade relations. Why,
after these years of constructive work in business instruments, we should
be urged to go back to what we have loft, merely, it seams, in imitation
of a European system entirely unfamiliar to 11.9 IS what some bankers
cannot understand.
"The tendency to uproot the old and tried has become almost a hysteria.
When practised toward business customs it has an element of the gravest
danger, and I do not expect from the reforms suggested anything that
will help or settle business. The credit system of the country is a delicate
machinery, and is easily affected by natural causes. When an academic
disturbance is threatened by men with small banking experience, I have
grave fears for the results. We should take American methods of business
as we find them and not attempt to graft on to them foreign styles that
may be excellent Where they grew and were developed, but, if transplanted,
are sure to die and cause disappointment.
"It will not escape public attention that any ruling as to commercial
paper as is foreshadowed will not affect the negotiability of the existing
style of paper with the 22,500 State institutions which eontrol fifteen
billions of deposits. It would seem that the availability of these banks and
trust companies as discounters and purchasers must effect either a modification or an abandonment of the proposed creation of new commercial instruments. You will not find European countries adopting our banking
methods. England has still its archaic currency and stubbornly clings
to it. The use of checks in the United States is infinitely larger than in
foreign countries. Our use of paper money is at once convenient and safe.
We do not carry around coins except the smaller ones. In brief, our
American habits are as fitted to us as those of other nations, and it is
common sense, if not patriotism, not to disturb them.
"I cannot too much admire the lucid statement of Mr. James B. Forgan
on this whole matter. He, unfortunately, is an intelligent and experienced
banker and such men are at a discount in this reconstructing season."
THE HEARINGS ON THE APPLICATION OF THE
EASTERN ROADS FOR HIGHER RATES.
Opposition to the freight rate advance sought by the
Eastern roads was entered before the Inter-State Commerce
Commission on the 9th inst. by Clifford Thorne, Chairman
of the Iowa State Railroad Commission, who appeared in
behalf of the railroad commissions of eight Western States.
These Western commissions, so the New York "Times"
states, are making a combined attack against the advance
on the ground that if the Commission grants it, a similar
allowance must be made to the roads west of the Dilississippi.
In setting out the objections to the proposed increase,
Mr. Thorne declared that "we will be able to prove to you
conclusively that there is no crisis whatever in the railroad
business which will prevent a denial of this 5% advance proposed by the railroads." Mr. Thorne, while admitting that
"labor costs have gone up, that some supply costs have gone
up, and that some rates have gone down," asserted that,
On behalf of the Government, steps for a review of the "on the other hand, many supply costs have gone down and
decision have already been instituted by William L. Wemple, many rates have gone up." In endeavoring to show that
,Assistant Attorney-General of the Department of Justice, the revenues of the roads are greater now than ever before,
and attorneys of the various interests adversely affected by Mr. Thorne said:
The railroads commenced their nation-wide complaint about increasing
the opinion will also enter an appeal.
costs and decreasing revenues during the year 1910. The net revenues
in this Eastern district in the specific territory involved in this case during
each of the four years 1910, 1911, 1912 and 1913 have been greater
than
COMMERCIALTAPER UNDER FEDERAL RESERVE ACT. for any preceding year in their entire history. In no other year did reveFor the purpose of learning the views of merchants and nues,gross or net,attain the high-water mark reached in any one of these
than $190,000,000
years.
others as to the practicability of the proposal of the New than in Last year their net revenues were more than they weregreater
1910. Last year they were 100% greater
fifteen
York Clearing-House Association respecting the character years ago.
Mr. Thorne is furthermore quoted as saying that "either
of commercial paper available for re-discount under the
Federal Reserve Act, a bearing on the subject was held on the railroads have been starving their maintenance fund in
Wednesday by the Committee on Commercial Law of the prior years, or during the last four years, ever since this agiMerchants' Association of New York. About one hundred tation for higher rates has been going on they have been padand fifty representatives of mercantile, manufacturing and ding their maintenance figures. According to the figures,
banking interests were present at the hearing. In general they have been spending more for maintenance during these
the opinion at the meeting seemed to be against the Clearing- four years than during any like period in their history." In
House plan, which would give a preference to two-name analyzing some of the accounts of the Eastern roads, Mr.
paper. In a vote taken at the hearing only forty-nine of Thorne, according to the "Times," asserted thatfrom 1890 to
those:present took occasion to have their views recorded, and 1912 these railroads showed the following increases:
In trackage, 53%; in capital stock, 92%, and dividends,
The
Of these, thirty-nine voted against the Clearing-House I dividends la 1912 exceeded those of any prior year, he said. 369%.,wore
They
MAR. 141914.1
THE CHRONICLE
803
ence investors from asserting their rights, but we will no longer occupy that
position while every other interest in this country petitions for its own
special welfare, and is having the benefits of legislative protection.
"Your company is in good condition physically and financially, becaus
We also take from the "Times" the following remarks of for over sixty years it has regularly paid a reasonable dividend and devoted
Mr. Thorne respecting the operation of the Pennsylvania a portion of its annual surplus income to the betterment of the railroad, and
did not issue either capital stock or bonds for these expenditures and
Railroad:
its capital account. And only by the continued practice
The Pennsylvania system increased its total allowance for renewals and thereby conserved
of that policy, that has been commended both at home and abroad, does
depreciations of locomotives in the year 1913 over 1912 by $2,083,203, or
your management believe its prosperity can be assured."
113%. The average increase for every locomotive infthis one year was 110%.
The Commission this week gave out the following anIt increased its allowance for renewals and depreciation of freight cars 33%
per car in 1913 over 1912. Their total maintenance allowance for ways and nouncement with reference to its hearings:
their
structures and equipment in 1912 was greater than ever before in
"Hearings have been held by the Commission in connection with the 01 :
1a
history, and their maintenance in 1913 was $22,000,000 greater than in 1912, case regarding certain special services afforded by the carriers on shipments
without charge in addition to the rate. A hearing will be held on March 28
increase for one year.
a rather heavy
within at Washington, at which the Commission will receive testimony regarding
These extraordinary increases in maintenance may be technically
carriers, the storage of freight at terminals and loading and unloading carload freight.
"The hearings heretofore announced for March 12, 13 and 14 regarding
the rules of the commission, which leave broad discretion with
of the said rules. the increase in lake and rail rates are hereby postponed, and hearings with
yet they are entirely contrary to the spirit and intention
many of these items it is optional with the carrier whether the charges reference to this matter are assigned to be held on April 2, 3 and 4 at
On
Washington."
shall be made to the additions and betterment accounts,or to maintenance
In another notice as to its hearings, issued on the 5th, the
account. Is it any abuse of this discretion to improve their properties
out of operating expenses and then set up the plea of declining net revenues Commission said:
it the same charges could be made to additions and betterments out of
The hearings heretofore assigned for March 16th and 17th for
income, thereby leaving an increasing net revenue?
oral arguments concerning spotting service have been canceled in order to
of bookkeeping, these gentlemen could increase their afford all parties in interest further opportunity to present written stateBy a mere process
ments or briefs. Such statements and briefs will be accepted at any time
net corporate income far more than any decision of this commission could prior to March 24. The oral arguments will be heard by the full Commiseffect, with a continuance of present accounting methods and practices. sion on Monday and Tuesday. March 30 and 31. These arguments will be
with the letter and spirit of the ac- confined to the so-called spotting service.
And this would be entirely in harmony
Further hearings, to be announced later, will he held concerning
counting rules of the commission.
ferry car service, after which the date for oral argument on that question
Emphatic denial of these inferences of manipulation of will be fixed.
Separate hearings will also be held later relating to the Chicago
maintenance accounts was made by President Rea of the Tunnel service and to the lighterage services at New York and Chicago, the
Pennsylvania in a telegram to Chairman Clark of the Inter- dates for which shall be fixed soon."
912,000,000 greater in 1913 than in 1910, when the Eastern railroads began
the agitation for the 5% increase. And this statement alone should prove
conclusively that there is no real need for an increase in the freight rates.
The Commission on the 7th inst. called upon the Eastern
State Commerce Commission on the 10th inst., and in a statement to the company's stockholders at the annual meet- roads for information regarding "the purposes, effects,
nature and extent of special services" performed by them for
ing on the same date. In his telegram Mr. Rea said:
On behalf of the Pennsylvania Railroad Co., I desire to deny, promptly shippers. The Commission seeks to learn "the extent to
and positively the statements reported to have been made by Clifford which these services as such may be called `free' and the
Thorne, Chairman of the Iowa State Railroad Commission,that the maintenance ty!co,ints of the Pennsylvania Railroad Co. may and have been extent to which compensation is received therefor." The
manipulated with facility and that it has attempted to mislead and deceive roads are required to file their answers in the matter by
the public and your Commission as to the true tendency of their net earn- April 7.
ings and net corpo-ate income for the year 1913.
At the very first hearing of the advanced rate case on Nov. 24 last the
attention of the Commission was specifically called to a comparison of the
maintenance of way, equipment and other operating expenses as between
1913 and previous years, and the Commission was publicly advised at that
time that the Pennsylvania Railroad system would present to the Commission full and ample testimony covering every one of these points, and
Is prepared to do so as soon as the carriers are permitted to be heard.
J. P. MORGAN & CO. AND NEW YORK NEW HAVEN
& HARTFORD RR. FINANCING.
J. P. Morgan & Co. made public on Sunday last a statement setting out at much length their connection with
below Mr. Rea's statement at the stockholders' New York New Haven & Hartford RR. financing.
We give
meeting completely refuting the allegations made by Mr. The statement shows that in the twenty years from
1894 to 1914, during which the firm took part in the handling
Thorne:
"Before adjournment, I beg to call the attention of the meeting to the of securities of the company and its subordinate properties
statement given in to-day's newspapers, alleging in effect that many of the par value of $333,082,803, they realized profits of only
railroads have technically manipulated their accounts to show increased
costs of operation, including the Pennsylvania Railroad Co. We have not $350,265 (or at the average rate of $17,500 per year). From
yet seen an official confirmation of the statement, but the charge is abso- Dec. 19 1910 to Dec. 4 1913 the firm acted under contract
lutely untrue so far as it relates to the Pennsylvania Railroad Co., and as fiscal agent.. The statement in full follows:
determined that within the limits
lines as well. Your
management is
other
of reason it will hereafter allow no statement to go unchallenged that
reflects on the management, or the integrity of its officers. Your property
Is honestly, economically and efficiently operated and manitained, and in
addition to the information furnished to the Inter-State Commerce Commission and the State commission, and the report published for the
stockholders, any further details desired by the Commission will be furnished
at once on request.
"At the inception of the freight rate hearings, we promised to produce
officers who would not only explain the operating expenses, but prove their
necessity. What the commissions, the public and the shippers have so far
probably failed to appreciate is the cumulative result. of legislative enactments and regulation, both State and Federal, dealing with almost every
phase of railroad operations; increased wages, limitations affecting working
conditions, extra crew laws, and other wasteful expenditures imposed upon
the railroads without their consent. The result is higher maintenance and
operating charges and outlays of all kinds required by the use of steel cars
and heavier trains, more ties, better track structure throughout, more
modern stations and other facilities and appliances.
"Railroad costs have been very materially increased and we cannot stop
them. In addition to this safe standard of railroad, the Pennsylvania
Railroad Co. has put into its accounts a fair charge for depreciation,
renewals and obsolescence, I. e., 3% on freight cars, which means a life
of 33 1-3 years, and 4% on passenger cars and locomotives, which means
a life of twenty-five years, and who can say that these charges are unfair,
or anything but very moderate.
"The truth of the situation is that the railroads as a whole have not
been spending enough for maintenance, and they have been operating
economically and the enforced economies due to the loss of gross revenues
and the failure to permit railroads the right to charge reasonable rates for
the transportation service performed, forces them in years of depression
to reduce operating costs. But remember,this is only deferred maintenance
and not a real saving. No serious public consideration is at present being
given to the investors who have furnished the capital for all the railroads,
and thereby provided the most substantial foundations for the past and
present progress of the country; and without the prosperity of the railroads
the country cannot prosper. What is the present situation? The railroads
are prevented from charging reasonable rates; they have sustained
serious loss in revenues; they are prevented from furnishing facilities so as
to be prepared to meet the reasonable transportation needs; every occasion
Is being used to publicly discredit them; and the result is that there must
be enforced economies.
"If large numbers of railroad men and others depending on railroads for
every character of supplies and work are out of employment, and a general
loss of confidence exists, and suspicion has been engendered, no attempt
must be made to place this responsibility upon the railroad management.
They have issued warnings and made petition for fair dealing, but without
effect. The time has come when all fair-minded men and investors as a
whole, must individually and collectively insist on their State and Federal
Senators. Representatives and Government that they are a part of the
nation entitled to at least fair consideration.
"This statement is not made to predict calamity, but it is made to
prevent salamity, and because heretofore wo have used our efforts to influ-
THE NEW YORK NEW HAVEN & HARTFORD RAILROAD CO.
Office of the Chairman.
South Station, Boston,
Howard Elliott
Chairman
February 21st 1914.
Messrs. J. P. Morgan & Co., 23 Wall Street, New York City:
Gentlemen.—I have been asked questions by our directors and by others
about the transactions between your firm and this company, both before
and since tho fiscal agency contract, which was in effect from Dec. 19 1910
to Dec. 4 1913, and which was terminated by notice from your firm.
An examination of the books of the Now Haven Company will, of course,
show these transactions, but as there are a number of subordinate companies
and inter-company entries, it would be a convenience to me, and would
save some time, if I could obtain from you a complete statement of all
transactions of the New Haven road and its allied companies, involving the
placing of its securities or the purchase of securities for it, in which your
firm or its predecessors, Messrs. Drexel, Morgan & Co., have taken part
since January 1st 1894.
In addition to furnishing this information it would assist me greatly,
although I have no technical right to the information, if you would be
willing to furnish me a statement showing the profits realized by your firm
from the sale of securities purchased from the New Haven Company or
from any of its subordinate companies.
I should also be glad to have a statement from you as to whether your
firm or any of its members ever had any interest in any properties acquired
by the New Haven Company,such as the Westchester, the steam railways.
the trolley lines or the steamship companies.
I am also asked certain questions about the Millbrook Company, and I
should be glad if you would inform me about the following:
1. The total amount of advances made by your firm to Mr. Oakleigh
Thorne or to the Millbrook Company.
2. Whether your firm had any transactions with the Millbrook Company
other than for the account and by the order of The New York New Haven
& 1Iartford Railroad Company.
3. Whether there was any profit or commission to your firm, or any
member of it, in these transactions, and,if so, the extent of such profit or
commission.
4. Whether your firm, or any member of it, had any interest in any of
the securities purchased by the Milibrook Company.
If you are willing to give me the information suggested in this letter it
will assist me greatly in answering numerous inquiries that are made, and
I shall be under obligations, particularly if you can send the information in
the near future.
Yours very truly,
(Signed) HOWARD ELLIOTT. Chairman.
J. P. MORGAN & CO.,
Wall St., Corner Broad, New York.
New York, March 4 1914.
Howard Elliott, Esq., Chairman The New York New Haven & Hartford
Railroad Co., South Station, Boston, Mass.;
Dear Sir.—We are in receipt of your letter of February 21st asking for
certain information covering our relations with the Now York New Haven
804
THE CHRONICLE
[VOL. xcviii.
& Hartford RR. Co. and its allied companies. In compliance with your
This total profit of $350,265 12 (being at the average rate of $17,500 per
request. and, in the comparatively brief time available, we have had
year) is, as aforesaid, the net result of our firms of all of our transactions
thorough examination made of all our books,the results of which we present with the New Haven and its allied companies during the twenty-year
herewith In the form of various statements, embracing all our transactions period just ended. We have not received from the New Haven or from the
with the New Haven road and its subsidiaries during the past twenty years. companies affiliated with it any compensation or profit in any form. or
Our relations with the New Haven have been of the following character: on any other account, than those herewith described.
From 1894 to 1910 the New Haven generally disposed of its securities by
Answering your specific inquiry, we beg to state that none of our firms,
selling them outright, sometimes to us, sometimes to other houses. The nor any member of them, ever had any interest in any properties, such'as
securities thus purchased were afterwards sold by the purchasers for their the Westchester, the steam railways, the trolley lines or the steamship
own account, they taking the risk of profit or loss thereon. From Dec. 19 companies acquired by the New Haven Co. or any of its subsidiary com1910 until Dec. 4 1913 we acted, under contract, as the fiscal agent of the panies. This broad statement has only one exception, the details of which
companies. In the course of these twenty years, from 1894 to 1914, we are as follows:
took part in the handling of the New Haven and subsidiary company
Mr. J. P. Morgan Sr. Inherited 1,222 shares of the stock of the South
securities of the par value of $333,000,000, from which our firm realized a Bay Wharf & Terminal Co. (being somewhat less than one-tenth of the
total net profit of approximately $350,000, all of the foregoing being set whole) from his father,in 1890. Seventeen years later,in January 1907,
forth below in detail. All our calculations have included any participa- he was asked to exchange this stock for 814 shares of New Haven stock, and
tions by our Philadelphia, London or Paris houses. The transactions are complied with the request. You may be interested in reading copy heregrouped under two headings, viz.:
with of a letter under date of Jan. 27 1906 addressed to him by Mr. J.0
Schedule 1. All securities purchased by us either alone or in participation Cobb, explaining the method proposed for arriving, through outside apwith others.
praisal, at a fair price to the New Haven in the matter. From this you
will note that not only was Mr. Morgan's interest small but that the
Summary of Schedule I.
transaction was carried through without participation by him.
Total security purchases in which we participated
$131.724,000 00
Millbrook Company.
-We are glad to make specific replies to your quesAmount of our participation in such purchases
78,165,667 00 tions in regard to this company.
(1) We hand you herewith statements of accounts from our books
Losses realized by us on certain of such purchases
$738,524 56
showing that from October 1906 to September 1907 we advanced Mr. OakTotal profits accrued to us from all the remainder of such
purchases
555,164 42 leigh Thorne, and afterwards the Millbrook Co.,various sums aggregating
$11,155,000. All these advances were made by order, and for account, of
Net loss to our firm from the total of such purchases_$183,360 14 the New Haven Railroad Co. We enclose copy of an official letter to us
from the New Haven Co., dated April 2 1907, and received about that
Schedule II.
date, in which reference is made to an agreement dated Dec. 4 1900 beSection A. Transactions in which, prior to the fiscal
tween the New Haven Co. and the Millbrook Co., and to our advances on
agency contract, we acted as agent for the Company; the
account of that contract. This letter confirms our understanding that all
total of securities involved in such transactions being a
such transactions have been and are "for the account and benefit of the
par value of
$58,851,803 00 New Haven road,"and,furthermore, that "that road is and will be responsible therefor." We hand to you also a list of the securities against which
On these transactions total commissions paid by the company were
$158,561 13 advances were made,such securities having been finally turned over to the
Millbrook Co. under instructions of the New Haven Co.
Being an average commission of less than 3-10 of 1%.
(2) None of our firms, nor any member of them, had any transactions
Of this commission, the amount retained by us was.. _
$148,645 25
with the Mlllbrook Co., other than those for the account, and by the order
The balance being paid to others interested with us in the
of,the New Haven Co.,as set forth in the statements of accounts furnished
transactions.
you herewith.
Section B. All transactions underifiscalagencycontract
(3) In none of these transactions was there any profit or commission to
(entered into Dec.19 1910and terminated on Dec. 4
our firms or to any member of them. The New Haven Co. opened with us
1913) for all companies (including Boston & Maine),
showing a total of
$142,507,000 00 an account which was designated as its "Account No. 2." In this account
the company deposited from time to time (over $8,000,000 of the total prior
of securities sold for account of the companies.
to February 1907) moneys to reimburse us for our advances for its account
Upon which they paid total commissions of
$837,605 00 to the Milibrook Co. We enclose statement of that account, showing that
or approximately % of 1% for selling.
any interest paid by Mr. Thorne was credited to the New Haven Co.'s
Of this commission the amount retained by us was
$384.980 01 "Account No. 2"; and that we received no interest upon advances made.
The balance being paid to others interested with us in the
(4) The securities thus purchased by the Millbrook Co. represented the
transactions.
ownership of those enterprises which afterwards became what is known as
the New York Westchester & Boston Railroad Co. None of our firms, nor
Summary of Schedules I nd II.
any member of them, had any interest in the Millbrook Co., or in any of
Schedule I. Amount of Companies' outright sale of securities
$131,724,000 00 the securities or property purchased by the Millbrook Co., or received any
advantage from such purchases. Nor had we any interest of any kind in
Schedule II. Amount of Companies' securities handled on
any of the enterprises or properties which in any way became a part of the
commission
201,358,803 00
New York Westchester & Boston.
In all
Deposits.
-From the year 1903, when the first deposit account was
$333,082,803 00
opened with us, the companies have had with us total balances averaging
Total amount of commissions paid by Companies
$996,166 13 for the eleven years about $1.415,000 (subject to draft) on which we have
paid interest at 2%.
Being a little less than % of 1%.
We believe the foregoing covers all the points as to which you ask us.
Total amount of such commissions retained by us
$533,625 26 Should any point not be clear to you, or should you desire more detailed
Net losses realized by us in the outright purchases (See
Information on any point, we shall be very glad to give you explanation
Schedule I.)
183,360 14 or further information you desire.
Yours very truly,
Difference, representing total profit to us
$350,265 12
(Signed) J. P. MORGAN & CO.'
•
SCHEDULE NO. 1-SECURITIES PURCHASED EITHER ALONE OR WTIH OTHERS.
NEW YORK NEW HAVEN & HARTFORD RAILROAD COMPANY.
SECURITIES PURCHASED PRIOR TO FISCAL CONTRACT.
Date.
Amount
(par value)
Feb. 1894 Old Colony Steamboat Co. stock
Aug. 1904 New England Cons. Mtge. 4% bonds
Feb. 1905 New Haven 50
-Year 4% Debentures of 1905
Oct. 1905 Danbury & Norwalk 1st Refunding 4s
Api. 1906 New Haven 50
-Year 4% Debentures of 1906
Our Profit.
$224,000 Bought from N H.0 224.795 per sh.
10,000,000
107.52 & Int.
15,000,000
" 0 par & int.
350,000
@103-34
15,000,000
par dr int.
"
$40,574,000
Profit to
Our Loss. Other MorganHouses
Remarks,
(Sold back to N. H.
In Jan. 1895 @cost
plus 5% Int.
$107,785 84
3305,193 44
6,90738
630,738 72
$312,100 82 $738,524 56
N. Y.0.& W.RY.
Sept.1905 New York Ontario dt Western Gen'l Mtge. 4s
Joint With
$2,000,000 Bought from Co.093, Kuhn,Loeb&Co. 351,904 45
AS PARTICIPANTS WITH OTHERS.
Apl. 1901 New Haven 334% Debs.-withK.P.& Co_ _
Mar. 1910 Maine Central 2
-Year 434% Notes-with
L. H.& Co
Sept. 1910 Vermont Valley RR. 1st 434% Bonds
-with
L. H.& Co
Oct. 1910 Concord & Montreal Cons. 4% Bonds
-with
L. H.& Co
Oct. 1910 Newport & Richford 1st 5% Bonds
-with
L. H.& Co
Nov. 1910 Boston RR. Holding Co. Pfd. Stock-with
L. H.& Co
Our Part'n.
$5,000,000 $1,500,000 Bo't
5,000,000
1,500,000
0 10234
2,000.000 " fr. Co.
$29,754 75
0 9835
17,417 04
500,000 " fr. B.& M
102&int
9,621 80
2,081,10
500,000
250,000 " fr
4.
0 98.065
350,000
175,000 " fr
O.
0 109%
2,800,000
1,866,667 " fr. N. H
0 94
$15,150,000 $6,291,667
Total Purchases Prior to Fiscal Contract.._ $57,724,000 $48,865,667
PURCHASES OUTSIDE OF FISCAL CONTRACT.
BOSTON dr MAINE.
May 1913 Boston & Maine 1-Year 6% Notes
Bought from Co.
$17,000,000
0 9834
Joint with K. P. & Co.
May 1913 Connecticut River 1-Year 5% Notes
2,000,000
@9834
$19,000,000
AS PARTICIPANTS WITH OTHERS.
Our Part'n.
Jan. 1911 NHaven 1-Yr.43.4 %Notes-% withL.H.&Co. $10,000,000 $5,000,000 Bo't fr. Co. 0 par
Nov. 1913 N Haven 6-Mos.6% Notes-with K.P.& Co.,
L. H. & Co., and others
45,000,000 5,300,000 " fr. " @9934
Total Purchases Outside of Fiscal Contract 374,000,000 $29,300,000
Total of all Securities Purchased
3131,724,000 $78,165,667
734 72
54,049 74
$113,659 15
$477,664 42 $738,52456
$48,697 92
6,302 08
$55,000 00
$8,854 16 (Fiscal contract did
not apply as ar1,145 84
ranged in letter
of May 16 1913.
$10,000 00
$12,500 00
Sold at cost
$67,500 00
310,000 00
$545,164 42 $738,52456 $10,000 00
805
THE CHRONICLE
MAR. 14 1914
COMPANIES.
-SECURITIES PURCHASED OR SOLD FOR ACCOUNT OF THE COMPANY OR ITS AFFILIATED
SCHEDULE NO. 2
NEW YORK NEW HAVEN & HARTFORD RAILROAD COMPANY.
TRANSACTIONS PRIOR TO FISCAL CONTRACT, ON WHICH THE COMPANY PAID A COMMISSION.
Proportion Commtssiot
Recd. by
of Coma.
Retained Other Mot.
pan Houses
by us.
Amount
(par Value)
$13,122,800 Our Compensation
Date.
Apl. 1893
to
Subscriptions to Convertible 4% Debentures dated Apl. 1 1893
Commission Paid
by Co.
$50,000 00 550.000 00
Oct. 1894
May 1895 Bought for Account New Haven:
3,217 shs. Providence & Springfield RR. stock
to
10,244 " New York & New England RR. Preferred stock
Nov. 1895
"
Common
117,700 "
Meriden Waterbury & Connecticut RR.Bonds
$342,000
Co. stock
3,332 sb.s. Ridgefield & New York Ky.
Nov. 1897
Aug. 19031
stock
Sold for Account New Haven-13,886 shs. New Haven
to
Nov. 1904
•
bonds due Jan. 11905,& Coupons
Jan. 1905 Payment of New Yorle& New England 6 & 7% England Securities upon sale of
Feb. 1904 Recd. for services as Depositary of Central New
,
that road to New Haven------- --,- ------------------------------- -.--Ontario & Westn. stock __
ount New Haven-5.800 es. New YorkDebentures
Oct. 1904 Bought for
Nov. 1904 Sold for Account New Haven-5333.000 N. H. 334%
Dec. 1904
account New Haven RR ____
Purchase of Central New England stocks & bonds for
to
Jan. 1907
Apl. 1905
Purchase of One-Year 4% Notes
and
Oct. 1905
Haven:
Oct. 1907 Bought for Account New Port Chester Ky. 2nd 4% Bonds
$289,000 Harlem River &
to
10,000 New London Steamboat Co.6% Bonds
Jan. 1908
Nashua & Rochester Stock
shs.
Feb. 1910 Purchase of 16,744 Eng.Worcester-50,000 shs. New Haven stock
Nay. Co.
Feb. 1910 Sold ACCOLInt New
& Maine stock-717 PM., 15,453 Corn. & 68 Corn. sold-for
Feb. 1910 Purchase of BostonRailroad Holding Co
Account Boston
Apl. 19101 Purchase of Worcester Nashua & Rochester Railway Co. stock
June 1910f
June 1910 Purchase of Central New England Securities (additional)
321,700
1,024,400 Our Compensation
11,770,000
342,000
333,200 Our Coma.
1-16%
Our Comn.
1.388,600 j X on 2,403 shs. Joint
with K.P. & Co.
X on 11,483 shs.
X%
10,330,000 Our Comn.
25,000 00
a
208 25
I 600 75
25,000 00
r
208:25
r
300 37 ....
1,435 37
12,912 50
10,000 00
580,000 No Compensation
333,000 Our Comn.
34%
1,435 37
12,912 50
10,000 00
416 25
416 25
630,503 Our Comn.
34%
1,576 26
1,576 26
10,000,000 Our Comn.
34%
25,000 00
15,384 50
289,000 }No Compensation
10,000 J
1,674,400 Our Comn.
34%
5.000,000 Our Comn.
H%
4,186 00
25,000 00
4,18600
25,000 00
1,623,800 Our Comn.
13,200 Our Comn.
31%
X%
2,029 75
33 00
2,029 75
33 00
65,200 Our Comn.
X%
163 00
•
163 00
Total Transactions Prior to Fiscal Contract, on which the Company paid a
$58,851,803
Commission
$158,561 13 $148,645 25
TRANSACTIONS UNDER FISCAL CONTRACT, ON WHICH THE COMPANY PAID A COMMISSION1
May 1911
July 1911
Jan. 1912
Oct. 1912
Nov. 1912
Sale of Central New England 1st 4s
s
Sale of New York Westchester dc Boston 1st
Sale of New Haven 1-Year 4% Notes
Sale of New York Westchester & Boston 1st 434s
Sale of New Haven 1-Year 5% Notes
LPUT U011111.
1ft 7. *1 /5,111.10 UV
17,200,000
30,000,000
2,000,000
40,000,000
Our.Comn.
Our Comn.
Our Comn.
Our Comm
134% 258,000 00 129,000 00
34% 75,000 00 21,87500
134% 30,000 00 15,000 00
34% 100,000 00 49,324 22
5101,127,000
BOSTON & MAINE.
May 1912 Sale of One-Year 4VNotes, dated June 10th
Terminal Co. 1st is for B. & M
Oct. 1912 Sale of Portland
Jan. 1913 Sale of One-Year 5% Notes dated February 3rd
$12,000,000 Our Comn.
2,396,000 Our Comn.
10,000,000 Our Comm.
$24,3,)6,000
MAINE CENTRAL.
Feb. 1912 Sale of One-Year 4% Notes dated March 15th
Oct. 1912 Sale of Portland Terminal Co. 1st 4s for Maine Central
Oct. 1912 Sale of Portland Terminal Co. 1st 48 for P. T Co
$12,000,000 Our Comn.
1,608,000 Our Comm
496,000 Our Comn.
$14,104,000
NEW YORK ONTARIO & WESTERN.
Feb. 1913 Sale of General Mortgage 4s
Sale of Car Trust 4X % Certificates
Feb. 1913
554,151i3
*11,VZ/.UULP
$1,980,000 Our Comn.
900,000 Our Comn.
$641,905 00 8300,192 51
X% $30,000 00
lh % 35,940 00
34% 25,000 00
52.875
$9,062 50
17,970 00
8,437 50
$90,940 00 $35,470 00
34% $30,000 00
134% 24,120 00
7.44000
134%
$9,062 50
12,060 00
3,72000
561,560 00 $2484250
134% $29,700 00 $14,850 00
6,75000
13,500 00
134%
$2,880,000
$43,200 00 $21,600 00
Total Sales of Securities under Fiscal Contract
5142,507,000
$837,605 00 5382,105 01
52,875
Total of all Commission Transactions
$201,358,803
$996,166 13 8530,750 26
$2,875
THE MILLBROOK COMPANY.
The Millbrook Company deposited the following securities as collateral
to its notes:
20,000 shares (entire outstanding capital stock) of the New York Railroad & Development Co.
1,561 shares (entire outstanding capital stock) of the New York &
JOHN CANDLER COBB
Portchester Railroad Co.
6,900 shares (entire outstanding capital stock) of the City & County
60 State Street, Boston
Contract Co.
Jan. 27 1906.
-As representing your interest in the South Bay $7,127,500 underwriting of the New York Westchester & Boston Railway
My Dear Mr. Morgan.
Co.
Wharf & Terminal Co. I would report that the present status of affairs is
95,9394 shares of the New York Westchester & Boston Railway Co.
about as follows:
Receipt from the Comptroller, City of New York,for
The question of adjustment of differences with the New Haven road has
$100,000 Corporate stock of the City of New York.
had further consideration and our Board of Directors has appointed a
91 shares of the Melrose Co.,being entire outstanding capital stock.
committee consisting of Minot, Crocker and Codman, with full powers to
Demand notes of the City & County Contract Co.
adjust the matter as they may think best and to make a sale of the whole
$10,000 dated Dec. 26 1906 and
or any portion of the company's property. I have also stated to them
25,000 dated Dec. 311906.
stock of the company which I would sell at
that I control a majority of the
any price they may fix. Other stockholders to have the opportunity to On Sept. 20 1907 the Millbrook Company withdrew
20,000 shares New York Railroad & Development Co. stock.
sell at the same price. These men were chosen as being men of unquestioned
6,900 shares City & County Contract Co. stock.
and railroad matters, and I
fairness, with largo experience in real estate
would add,each of them having a far larger interest in the New Haven road 57.127,500 underwriting of the New York Westchester & Boston7Railway
Co., and
than they have in the South Bay Wharf & Terminal Co. They have re95,93934 shares New York Westchester & Boston common stock,
cently made a careful and detailed estimate of the value of the company's
property, which I figure would mean a value of about $170 a share for the substituting therefor
7(10 shares New York & Portchester Railroad Co. stock.
stock.
On Oct.O
30 1907, when the notes were paid, the remaining collateral was
Of the 12,387 shares of the company,about 7,500 shares (including yours)
are directly in my control. Henry F. Dimock owns 1,282 shares which he released,and by order of the New Haven road handed to the Millbrook Co.
says he prefers to hold but will presumably do what the rest of us do.
Oakleigh Thorne later issued the following statement:
Minot, Crocker and Codman, together hold about 1,000 shares and will
presumably neither buy nor sell at the present time. As to the balance of
In answer to the statement of Messrs. J. P. Morgan & Co.,'Thorne ,ot
the stock I have no definite knowledge beyond a general idea that 1.000 the money.' Mr. Thorne states that this statement is correct: that he
or 2,000 shares possibly might be purchased at or about par.
received from them as bankers for the New Haven road $8,250.000: that
Yours very truly.
he expended all of this sum (with the exception of a commission of 74%
JOHN C. COBB.
agreed upon to be retained therefrom by the Millbrook Co. for services) in
3. Pierpont Morgan, Esq.,
the purchase of the securities of the New York Westchester & Boston and
Wall Street, New York.
the New York & Port Chester railroads and their construction companies,
and in the engineering and actual development of the properties, and that
Jan. 3011906, Mr. J. P. M. replied:
upon the cancellation of his contract he turned over to J. P. Morgan &
"I have rec'd your letter of 27th and'place my interest in the case in Co., as bankers, all of the securities so purckJsed and the properties so
your hands. I am quite ready to sink or swim with -,•ou in the matter."
.
acquired as set forth in their statement.
All above for Mr. Joyce's information. 1„This had uetter be placed with
the papers_Mr. Joyce holds.
Chairman Elliott said at Boston on March 8 concerning the
W. K.
[Here follows an extract from the loan ledger of J. P. Morgan & Co.,
showing loans to the Millbrook Co., aggregating $11,155,000, which is
referred to in the firm's letter above printed. These loans were repaid by
the New Haven Co. on Oct. 30 1907.1
letters and statements made public by J. P. Morgan & Co.
lath NEW YORK NEW HAVEN & HARTFORD RAILROAD CO.
President's Office.
New Haven, Conn., April 2d 1907.
Messrs, J. P. Morgan & Co., 23 Wall Street, New York City:
,
p Dear Sirs.-Referring to our previous conferences, and to our agreement
dated Dec. 4 1906 with the Millbrook Co., and your advances on account
of such contract to the Millbrook Co. against securities by it pledged with
and assigned to you under its obligations, including that dated March 15
1907, we have to confirm your understanding that all such transactions have
been and are for our account and benefit and that we are and will be
responsible therefor.
Yours truly,
(Signed) 0. S. MELLEN, President.
Some time ago I began investigations of one kind and another into various
phases of the New Haven situation, so that I could be in a position to answer questions that were asked me, and so as to introduce as rapidly as
practicable any improved methodeof management, accounting and operation that seemed necessary and desirable as a result of such investigations.
For example, an expert independent accountant has been at work on the
books of the company for several months. An expert investigator has been
checking up all mechanical methods and standards. An expert in the purchase and handling of supplies has made a thorough examination and report of that part of the company's operations. A very careful examination
by technical experts was made of the important electric trolley companies
806
THE CHRONICLE
not only of the properties themselves, but of the organization and details
of management and operation. In the course of these investigations, the
question of the financing of the New Haven road in the past came up and I
asked the firm of J. P. Morgan & Co.if they would be willing to help me in
obtaining the facts. They asked me to put my request in writing, which
resulted in my letter to them and their reply.
The New Haven Company has said to Inter-State Commerce Commissioner McChord, who has charge of the investigation ordered by the Senate resolution, that it is glad to have him investigate the financial and other
conditions in the New Haven,and that it will help expedite the work in every
reasonable manner. Already,it has accumulated on its own account a large
quantity of detailed information about various transactions, which it is
placing in the hands of the investigators so as to hurry the work. The
sooner the Commission can make the investigation and report its findings,
the better it will be for all.
In reply to questions about the obtaining of funds from
others than J. P. Morgan & Co., Mr. Elliott said:
Inquiry was made of Kuhn, Loeb & Co. about the placing by that house
for the New Haven Company of the so-called French loan in 1907. Kuhn,
Loeb & Co. make the following statement:
"In February 1907 the company entered, with Kuhn, Loeb & Co.. into
a negotiation to place $28,000,000 4% bonds in France at about 91%
less 14% commission. Kuhn, Loeb & Co. contracted for the formto
less 14% commission. Kuhn, Loeb & Co. contracted for the firm purchase of these 328,000.000 and the commission paid to them was really part
of the purchase price. This was not a simple commission transaction, with
the bankers simply acting as intermediaries, but Kuhn. Loeb & Co. had to
undertake a very heavy obligation; as a matter of fact, they had to carry a
large part of these bonds during the critical period of the panic. It took
more than a year and a half to bring the transaction to a successful end,
and a part of the commission had to be re-allowed by Kuhn, Loeb & Co.
to their associates in Europe in perfecting the negotiation."
In addition to the negotiations with Morgan & Co. and Kuhn, Loeb &
Co., there appear to have been occasional and temporary borrowings from
deposit banks and others along the line of the road; and long-term securities
issued by the company or held in its treasury were sold to various banking
houses and banks, princiapily in New England. from 1898 to date, aggregating about $33,000,000; the total commissions paid on securities of this
class were $97.700.
You will understand that these transactions took place prior to my becoming associated with the management of the New Haven road, except the
short-term loans of Dec. 1 1913 and since, and that my information in regard to the earleir transactions is derived from the company's books and
from the bankers named.
INCOME TAX REGULATIONS AND DECISIONS.
On March 10 announcement was made of the extension
to June 30 1914 of the regulation waiving until March 31
1914 the requirements for filling in on certificates the numbers of bonds of corporations, &c., upon the interest from
which the normal income tax of 1% is required to be deducted
at the source. We..give the new order herewith:
EXTENSION TO JUNE 30 1914 OF WAIVER T. D. 1,901, TREASURY
REQUIREMENTS FOR THE FILLING IN ON CERTIFICATES
OF THE NUMBERS:OF THE BONDS OF CORPORATIONS,
ETC.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue,
Washington, D. C., March 10 1914.
Notice is hereby given that T. D. 1,901, issued Nov. 28 1913, waiving
until March 31 1914 the requirement that the numbers of the bonds or other
like obligations of corporations, &c., from whichlinterest coupons are
detached, or upon which registered interest is to be paid, shall be filled in
on the certificates, is hereby extended to June 30 1914.
In all other respects the certificates referred to must be filled in in accordance with the Treasury regulations before the coupons or orders for
registered interest to which they may be attached shall be paid.
W. H. OSBORN, Commissioner of Internal Revenue.
• Approved: W. G. McADOO, Secretary of the Treasury.
Treasury Decision 1,901 was printedlin:our.issue of Dec.6
1913, page 1629.
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[SIXTEENTH ARTICLE ]
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
oontain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter has particular
reference, of course, to the Federal Income Tax Law,just enacted, under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
Interest or coupon payments unless the holder of the bond is
exempt from the tax.
We began the series of articles in the "Chronicle"of Nov.22,
pages 1467-1470. The second contribution appeared Nov.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh,
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111; the
ninth, Jan. 17, pages 201-203; the tenth, Jan. 24, pages 271272, the eleventh, Jan. 31, pages 345-346; the twelfth, Feb.
14, pages 490-494; the thirteenth, Feb. 21, pages 562-563;
the fourteenth, Feb. 28, pages 652-653, and the fifteenth,
March 7, pages 726-729.
[VoL. xcvm.
A complete index to the steam railroads whose securities
have been classified will be found in our issue of Feb. 14,
page 490. In the following we furnish an index to the electric
railway and public utility securi ties which have been classified.
Ala. City Gad.& Att.Ry.,Mar.7, p.727. Louisville Lighting Co. Feb.
28, D. 653
Albany Southern RR.,Feb. 14, p. 491.
Louisville Trac. Co., Feb. 21, p. 562. .
Albla Interurban Ry., Mar. 7, p. 727.
Lowell El. Lt, Corp., Feb. 14, p. 491.
Amer. River Eleo. Co., Feb. 28, p. 653. Manch. Trac., Lt. de P. Co., Feb. 21,
Appalachian Pow. Co., Feb. 28, p. 653.
P. 562.
Apple River Pow.Co., Feb. 28, p.653.
Mankato Gas& El. Co., Feb. 28,P.
Ark.& Terr. Oil & G.Co.,Feb.28, p.653. Marquette Co.G.& E.Co.,Mar.7, 653.
Ark. Val.Ry.,L.&P Co.,Feb.28, p.053. Maryland Elec. Rye., Feb. 14, p. p 727.
Atlantic City & Sh. Co., Feb. 14, p. 491. Mass. Cons. Rys., Feb. 14, P.491.491.
Atlantic Shore Ry., Feb. 21, p. 562.
Mass. El. Cos. and subs., Mar.
7, p. 727.
Aub.& Syrac. E. RR.,Feb. 21, p. 562. Mill. & Uxb. St. Ry., Feb. 14, p. 491.
Aurora Elgin & Ch. RR.,Feb. 14, p. 491. Milwaukee Nor, Ry., Feb. 21, p. 562.1
Austin (Tex.) St. Ry., Feb. 14, p. 491.
Minneap. Gas de El. Co., Feb. 28, p.653.
Baton Rouge El. Co., Feb. 14, p. 491.
Minot Light dc Tel. Co., Feb. 28, p. 653.
Beaumont Trac. Co., Feb. 14, p. 491.
Miss. River Power Co., Feb. 14, p. 491.
Berkshire Power Co., Feb. 14, p. 491.
Miss. Vail. G.& El. Co., Feb. 28, p.653.
Biddeford & Saco RR., Feb. 14, p. 491. Mobile Elec. Co., Feb. 28, p. 653.
Binghamton Ry., Mar. 7, p. 727.
Montoursv. Pass. fly., Mar. 7, p. 727.
Blackst. Val. G.dr E.Co., Feb. 14, p.491. Muncie & Port. Tr. Co., Feb.21, p. 562.
Blue Hill St. Ry., Feb. 14, p.491.
Muskegon Tr.& Ltg. Co., Feb.21, p.562.
Boston Elev. Ry., Feb. 14, p.491.
Muskogee El.& Gas Co., Feb. 28, p.653.
Bost.& Wore. St. Ry.,Feb. 14, p.491.
Muskogee Gas Co., Feb. 28, p. 653.
Broad Rip. Tr. Co., Feb. 14,0.491.
Muskogee G.& El. Co., Feb. 28, p. 653.
Bucks Co. Inter. Ry., Feb. 21, p. 562.
Muskogee Ice & Pow.Co.,Feb.28, p.658.
But. Lock. & foci. Ry.,Feb. 21, p. 562. New Bedt. dc Onset St. Ry., Feb. 14, p.
Burlington(Vt.)Trac.Co.,Mar.7,0.727.
491.
(H. M.) Byliesby de Co. (controlled New Eng. Inv. & Secur. Co. and subproperties), Feb. 28, p. 653
sidiaries, Feb. 14, p. 401.
.
New Jer. & Pa. Tr. Co., Feb. 21, p. 562.
Cape Breton El. Co., Feb. 14, p. 491.
Carolina Pow. tic Lt. Co., Feb. 14, p.491. New Lon. G. dr El. Co., Feb. 14, p. 491.
Calais (Maine) St. Ry., Feb. 14, p. 491. Newport & Prov. Ry., Feb. 21, p. 562.
Cent. Calif. Trac, Co.,Feb. 21, p. 562.
Northampton Tr. Co., Feb. 14, p.491.
Chambersburg Greencastle dc Waynes- No. Caro. Pub. Ser. Co., Mar. 7, p. 727.
boro St. Ry., Feb. 14, p. 491.
North Cambria St. Ry. Mar. 7, p. 727.
Charleston (S. (I.) Cons. Ry. & Ltg., Nor. Texas El. Co., Feb. 14, p. 491.
Feb. 14, p. 491.
Northern Htg.& El. Co., Feb. 28, D.653.
Chic. City de Conn.Rys.,Feb. 14, p.491. Northern Tex.Tr.Co.. Feb. 14, p.491.
Chicago Elev. Rys., Feb. 14, p.491.
Nor.Id.& Mon.Pow.Co.,Feb.28,p.653,
Chicago & Int. Trao. Co.,Feb. 14, p.491. Nor. Miss. Rh'.Pow,Co., Feb. 28,p.653.
Chic.& Oak Park El. RR.,Feb. 14, p.491 Nor. Ohio Tr.& Lt. Co., Feb. 28, p. 653.
Chicago Rys., Feb. 14, p. 491.
Northw. Pa. Ry.,Feb. 21, p. 562.
Chic. & W. Towns Ry., Feb. 14, p. 491. North. States Pow, Co., Feb. 28, p. 6 3
5.
Chic. Newp. & Coy. Tr. Co., Feb. 21, Okla. Gas & Elec. Co., Feb. 28, P.653.
p. 562.
Olympia Gas Co., Feb. 28, p. 653.
Oregon Elec, fly., Feb. 14, p. 491.
Citizens Trac. Co., Feb. 21, p. 562.
Otsego & Herk. RR., Feb. 21, p. 562.
Cleve.& Erie 1137., Feb. 14, p.491.
Ottumwa Ry.& Lt. Co., Feb. 28, D. 653•
Cleveland Ry., Mar. 7, p. 727.
Colo. Springs & Int. Ry.,Feb. 14, p.491. Ottumwa Trao.de Ltg. Co.,Feb.28.1).653.
Colum. (S. C.) G. & El. Co., Feb. 14, Pacific Coast Power Co., Feb. 14, p. 491.
Pacific Gas & El. Co., Feb. 14, p. 491.
p.491.
Pacific N. W.Tr. Co., Feb. 14, P.491.
Columbus Elec. Co., Feb. 14, p. 491.
Columb. Mag.Spgs.& Nor.Ry.,Feb.14, Paducah City Ry., Inc., Feb. 14, p. 491.
Paducah St. Ry. Co., Feb. 14, p. 491.
p.491.
Coium. Mar.& Bucy. Ry.,Feb. 21, p.562 Paducah Tr. & Lt. Co., Feb. 14, p. 491.
Colum. New Alb. & Johnstown Trac. Pawtucket El. Co., Feb. 14, p. 491.
Pawt. Gas Co. of N. J., Feb. 14, p.491.
Co., Feb. 21, p. 562.
Pensacola El. Co., Feb. 14, p. 491.
Columbus Power Co., Feb. 14, p. 491.
Connecticut Power Co., Feb. 14, p. 491. People's Lt.,P.dc Ry. Co., Feb. 14, p.491
Consumers' Pow. Co., Feb. 28, p. 653. Petal. & San. Rosa (Cal.) Ry., Feb. 14,
p.491.
Dallas Elec. Co., Feb. 14, p. 491.
Dayton Coy.& Piqua Trait,. Co., Feb. 14, Philadelphia Company (incl. affiliated
and controlled cos.). Mar. 7, p. 727.
p. 491.
Philadelphia Rys.,Feb. 14, p.491.
Des Moines City fly., Feb. 14, p. 491.
Eastern Tex. Elec. Co., Feb. 14, p. 491. Pittsb. Harmony Butler de Newcastle
Ry. Mar. 7, p. 727.
East. Wise.fly.& Lt. Co., Feb. 14, p.491
'
Edison El, Ill. Co., Brockton, Feb. 14, Ponce Elec. Co.. Feb. 14, p. 491.
Pueb.Sub.Tr.& Ltg.Co.,Feb.28,p.653.
p. 491.
Elec. Light & Power Co. of Abington and Pueblo Trac.& Ltg. Co., Feb. 28, p. 653.
Puget Sound Elec. Ry., Feb. 14, p. 491.
Rockland, Feb. 14, p. 491.
Elm.Wat ,Lt.& RR.Co.,Feb.28,P.653. Puget Sound Int. Ry. & Power Co..
Feb. 14, p. 491.
El Patio Elec. Co., Feb. 14, p.491.
Empire Un. Rya., Inc., Feb. 21, p. 562. Puget Sound Power Co., Feb. 14, p. 491.
Enid Elec. & Gas Co., Feb. 28, p. 653.
Puget Sound Tr., Lt. & P. Co., Feb. 14,
Escanaba (Mich.)Tr. Co.,Feb. 14, p.49I
p.491.
Evansv. Sub. & Newb. Ry., Feb. 14, p. Putnam de Westch. Tr. Co., Feb. 21, D.
491.
562.
Everett Gas Co., Feb. 28, p. 653.
Red River Pow. Co. Feb. 28, p. 653.
Everett Ry.& El. Co., Feb. 14, p.491.
Reno Pow., Lt. dz Wat. Co., Feb. 14, p.
'
Everett Ry., Lt. & Water Co., Feb. 14,
491.
p. 491.
Republic Ry.& Lt. Co., Feb. 28, p. 653.
Rich. Lt. & RR. Co., Feb. 21, p. 562.
Everett Water Co.,Feb. 14, p.491.
Fargo& Moorhead St.Ry.,Feb.28.p.653. Roch. & Manitou RR., Feb. 21. p. 562.
Ft. Smith Lt.& Trac. Co.,Feb.28,p.653. Rock. Thom. & Cam. St. Ry., Feb. 14,
p.491.
Frankf. Ta.& Holm. Ry.,Feb.21, p.502.
Gainesv. (Ga.) Ry. & P. Co., Feb. 14. San Diego Con.G.&E Co.,Feb.28,p.653.
Sapulpa Electric Co.. Feb. 28, P. 653
p.491.
.
Galesb. de New. (III.) El. Ry., Feb. 21, Savannah Elec. Co., Feb. 14, p.491.
Savannah Power Co., Feb. 14, P. 491.
p.562.
Say. Th. & Isl. of Hope Ry., Feb. 14,
Galveston Elec. Co.,Feb.14, p.491.
p.491.
Galy.-Hous. El. Co., Feb. 14, p. 491.
Galv.-Hous. El. Ry. Co., Feb. 14. p. 491. Scioto Val. Trac. Co., Feb. 14, p. 491.
-Barre Tr. Corp., Feb. 14.
Geneva Sen. Falls dc Aub. RR., Feb. 14, Scran. & W.
p. 491.
p.491.
Grand Forks G.de El.Co.,Feb.28, p.653. Seattle Elec. Co.. Feb. 14, P. 491.
Feb. 14, P. 491.
Gultp. & Miss. Coast Tr. Co., Feb. 14, Seattle Ry.
Co.,
p.491.
Selma (Ala.) St. & Sub. Ity., Feb. 14.
p.491.
Ham. Lt. de Pow. Co., Feb. 14, p.491.
Shreve. Trite. Co.,Feb. 14, p.491.
Harrisburg Rys., Feb. 14, p. 491.
Hartf. & Sp'gfleld St. Ry.,Feb. 14, p.491 Sierra Pac. Elec. Co.., Feb. 14, p. 491.
Hanover & McSher. St. fly,, Feb. 14, 11. Sioux Falls EI.I.t.dc P.Co.,Feb.28,p.653.
491.
Sioux Falls Lt. dr P.Co., Feb. 28, p.653,
Holyoke(Mass.) St. Ry.,Feb. 14, p.491. Sou. Lt. & Tr. Co., Feb. 21, p.562.
Houghton Co. El. Lt. Co., Feb. 14, p.491 Southwest. Gen.Gas Co.,Feb.28, p.653.
Hought. Co.St. Ry. Co.,Feb. 14, P.491. Southw. Mo. RR.. Feb. 14, p. 491.
Southw.(Tex.) Tr. Co., Feb. 14, p. 491.
fought. Co. Tr. Co., Feb. 14, p. 491.
Houston Elec. Co., Feb. 14, p. 491.
Spok.& ml. Emp. RR., Feb. 14, r. 491.
Hudson Riv. & East. Tr. Co., Feb. 21, Stand. Gas & El. Co.. Feb. 28, p. 653.
p.562.
State Belt Elec. St. Ry. Mar. 7, p. 727.
Humboldt Tran. Co., Feb. 14, p. 491.
Stark Elec. RR., Mar. 1, P. 727.
IllinoLs Tr. Co. and subs., Mar.7, p. 727. Stone & Webster Cos., Feb. 14, p.491.
Ind. dz Loulsy. Tr. Ry., Mar. 7, p. 727. Suffolk Tr. Co., Feb.21. p. 502.
Indiana Rys. & Lt. Co., Feb. 14, p.491. Sydney & Glace Bay Ily., Feb. 14, p.491.
Ind. Col.& Sou. Tr. Co., Feb. 21. D.562. Syrac. dr So.Bay El. RR.,Feb.21, p.562.
Inter-State Lt.& P. Co., Feb. 28, p. 653. Tacoma Gas Lt. Co., Feb. 28, p. 653.
Interurb. Ry. (Des Moines), Feb. 14, Tacoma Gas & El. Lt. Co., Feb. 28,p.653.
Tacoma Ry.& Pow.Co.,Feb. 14, p.491.
p.491.
Inter. Ry. de Term. Co., Feb. 14, p. 491. Tampa El. Co., Feb. 14, p. 491.
Iowa Ry.& Lt. Co., Feb. 14, p.491.
Terre Haute Ind. & East. Tree. Co.,
Ironw. dr Bess. Ry. & Lt. Co., Feb. 14,
Feb. 21, p. 562.
p.491.
Third Av.Ity., N. Y.C., Feb. 14, p.491.
Jack. (Miss.) Lt. & Tr. Co., Feb. 14, Toledo Bowling Green & Sou. Tr. Co..
p. 491.
Feb. 14, go. 491.
Jacksonville El. Co., Feb. 14, p.401.
Tren.Br's,*Phila.St.Ry ,M ar.7,p.727.
Jacksonville Tr. Co., Feb. 14, P. 491.
Union Cons. Elev. Ry., Feb. 14, p. 491.
Joy. de Pitts.(Kan.) Ry.,Feb. 14, p.491. Union Elec. Co.(in Iowa), Feb. 14, p.491
Kentucky Pipe Line Co., Feb. 28, p.653. Union Lt Hi.&Pow.Co.,Feb.28,p.653.
Keokuk Elec. Co.,Feb. 14, p.491.
Union Street Ry., Feb. 21, p. 562.
Keokuk El. Ry. & Pow. Co., Feb. 14, Union Tr. Co. (Coffeyville, Kan.).
p.491.
Feb. 14, p. 491.
Keo. Gas L.& Coke Co., Feb. 14, p.401. Union Tr. Co. of Ind., Feb. 14, p.491.
Key West El. Co.,Feb. 14, p.491.
United Gas & Elec. Corp. and subsidiKingston Cons. RR., Feb. 21, p. 562.
aries, Feb. 28, p.653.
Lake Shore Elec. Ry., Mar. 7, p. 727.
United Lt. dr Rys. Co.,Feb. 14, p.491.71
Lane. Co. Ry.& Lt. Co.,Feb. 28, P.053. United Rys. & Eke. Co. of Baltimore,
Lewisburg (Pa.) Milton dr Watsontown
Mar. 7, P. 727.
Pass. Ry., Feb. 21, P. 562.
United Rye. Co.of St. L., Mar.7, p. 727.
Lincoln (Neb.) Tr. Co., Feb. 14, p. 491. Utah Lt. & Ry. Cos., Feb. 14, p. 491.
Low T9I. Con. El. Rys., Mar. 7, p. 727. Valley Railways, Mar. 7, p. 727.
,
Louisville Gas & El. Co., Feb. 28, p.653. Vicksburg Lt.& Tr. Co., Feb. 14, p. 491.
11AR. 14 1914.1
Walki11 Transit Co., Feb. 21, P.562.
Washington Baltimore & Annapolis Electric RR.,Feb. 21, P.562.
Wash. Ry.& Elec. Co., Mar.7, p. 727.
Waterloo Cedar Falls & Nor. Ry., Feb.
14, p. 491.
West Chester Kennett & Wilm. Elec.
fly., Feb. 14, p.491.
W.Chester (Pa.) St. Ry., Feb. 14, p.491
West. N. Y. AG Pa. Tr. Co., Feb. 21, p.
562.
Western Ohio RR., Feb. 14, p. 491.
Western Ry.& Lt. Co., Mar.7, p. 727.
West.States G.& El. Co.,Feb.28, p.653.
Westmoreland Co. Ry., Mar.7, p. 727.
Whatcom Co. Ry. & Lt. Co., Feb. 14,
p.491,
Wilm. New Cas. & Del. City Ry., Feb.
21, P. 562.
Willamette Valley Co., Feb. 28, p. 653.
Winona Interurb. Ry., Feb. 21, p. 562.
Woonsocket El. Mach. & Power Co..
Feb. 14, p.491.
Youngst.& Ohio Riv.RR.,Mar.7,p.727.
To the foregoing we now add 43 additional electric properties, as follows:
Atlantic Coast Electric Railway Co.
Northern Electric RV.
Augusta-Aiken R.& Electric Corp.
Omaha & Council Bluffs Street Ry.
Orange County Traction Co.
Bangor Ry. & Electric Co.
Philadelphia Co. (additional list).
Brooklyn Rapid Transit Co.
Phila. Rapid Transit Co.and subsidiaries.
Charlotte (N. C.) Electric Ry.
Chicago South Bend & Nor. Ind. Ry. Philadelphia & West Chester Trac. Co.
(controlled prop'ties). Plattsburgh Traction Co. •
(E. W.)Clark & Co.
Portland (Ore.) Ry., Light & Power Co.
Columbus Ry. & Light Co.
Commonwealth Power, Ry. & Light Co. Public Serv. Corp. of New Jersey (incl.
Cumberland County Power & Light Co. controlled and affiliated companies).
Rock Island Southern Ry. System.
Denver & Northwestern Ry.
Seattle Renton & Southern Ry.
Duluth-Superior Traction Co.
Second Avenue RR.(New York City).
East St. Louis & Suburban Co.
Shawnee-Tecumseh Traction Co.
Ft. Wayne & Nor. Ind. Traction Co.
Kansas City Clay Co. & St. Joseph Ry. Southern Michigan fly.
Southern Wisconsin RY.
Lehigh Valley Transit Co.
Tennessee Ry., Light & Power Co.
Mesaba Electric Ry.
Tidewater Power Co.
Mobile Light & Railroad Co.
United Traction Co. (Albany, N. Y.).
Monongahela Valley Traction Co.
Warren & Jamestown Street Ry. Co.
Morris County Traction Co.
Newport News & Old Point Ry. & Elec. Wilkes-Barre & IIazieton RR.
Wilmington & Philadelphia Traction Co.
New York Railways Co.
ATLANTIC COAST ELECTRIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1946 $1,000,000
General mortgage Ss
Seashore Electric Ry first mortgage 6s_ _ _ _J-J
1917
200,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s
M-N May 1 1945
$800,000
Atlantic Coast Elec Lt first mtge 5s
J
-D
Juno 1 1945
241.000
AUGUSTA-AIKEN RAILWAY & ELECTRIC CORPORATION.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage bs ($7,500,000)
_J-D
Dec. 1 1935 $3,000,000
Ga.-Car. Pow. 1st M.58 ($5,000,000)____J-J
July 1 1952
2,750,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
June 1 1940
J-D
Augusta Ry. & Elec. 1st M. bs
$947,000
BROOKLYN RAPID TRANSIT COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outaand'g.
J-J
July 1 2002*$21,447,000
First refunding nfte. 4s ($150,000.000)
J-J
Secured 5 notes $60,000,000)
July 1 1918 36,699,000
Brooklyn Ileighte fiR. 1st mtge. 5s
A-0
April 1 1941
250,000
Jamaica & Brklyn. RR. 1st mtge. 5s
J-J
Jan. 1 1930
240,000
Brooklyn Union Elev. 1st mtge. 5s
F-A
Feb. 1 1950 16,000,000
Nassau Electric 1st mtge. 5s
April 1 1944
A.-0
660,000
First consol. mtge. 4s
Jan. 1 1951 11,508,000
J-J
J-J
Jan. 1 1934
Atlantic Avenue improvement mtge
220,000
Bklyn. B. B.& W.E. 1st M.55 (ser. B)_ _A-0 Jan. 1 1917
250,000
A-0 Oct. 1 1933
General mortgage Ss
121,000
5
New York Municipal Ry. Corp. 1st mtge.
-J
Jan. 1 1986 b40,000,000
5s ($100,000,000)
J-J
Jan. 1 1955
C. Isl. & Bklyn. cons. M.($10,000,000)
1,500,000
*Not inciuding $16,953,000 owned by B. R. T. system. b Owned by
B. R. T.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
A-0 Oct. 1 1945 $7,000,000
B. R. T. 1st mtge. 5s
J-J
Bklyn. Qu. Co. & Sub. 1st mtge. 5c
July 1 1941 23,500,000
J-.1
First consol. mtge. Sc
July 1 1941
2,884,000
M-S Sept. 1 1916
Sea Beach Sty. 1st mtge. 4s
650,000
F-A
Kings Co. Elev. 1st mtge. 4s
Aug. 1 1949
7,000,000
A 0 Apr11 1 1931
Atlantic Avenue gen. mtge. 5s
2,241,000
July 1 1948
Coney Isl. & Bklyn. 1st consol. M.4s__J-J
2,000,000
.1-J
Coll, trust notes (6%)
Jan. 1 1915
500,000
J-J
Bklyn. City & New. 1st mtge. 5s
July 1 1939
2.000,000
B. R. T. Co
x Includes $2.000.000 hold by
CHARLOTTE (N. C.) ELECTRIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Char. El. Ry., Lt. & Power ref. & ext. 5s_ _A-0 Apr. 1 1936
$486,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
_J-J
Char. El. By., L.& Pow. 1st M.5s_ _ _
July 1 1929
$355,000
SOUTH BEND & NORTHERN INDIANA RAILWAY.
CHICAGO
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'a.
New First mtge. 5s ($5,000.000)J-J
Jan. 1 1937 $2,319,000
Nor. Ind. Sty. 1st consol. mtge.5s
J-J
Jan. 1 1936
614,000
J-J
Jan. 1 1930
Indiana Ry. 1st mtge. bs
1,000,000
F-A
Second mortgage bs
Aug. 1 1924
150,000
La Porte & Mich. City Trac. 1st M.5s
J-J
July 1 1930
336,000
PROPERTIES UNDER THE MANAGEMENT OF
E. W. CLARK & CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Bangor Sty. & Electric Co.
Apr. 1 1935 $2.000,000
First consol mtge. Ss ($2,000,000)
J-J
-M-S Sept. 1 1935
Bar liar. & Un. Riv. Pur. 1st & Ref. 5s
283,000
M-S Sept. 1 1931
Bangor Power 1st mtge.4% to 5%
1.160,000
Columbus(Ohio) Ry.& Light Co.
5% notes($1,000,000)
J-D
June 1 1914
600,000
F
-A
Feb. 1 1924
Col. Lt., Ilt. & Power gen. M.6s
690,000
M-N Nov. 1 1922
Columbus Elec. 1st mtge. 6s
450,000
Cumberland County Power & Light Co.
First & ref. mtge. Sc ($10,000,000)
M-S Sept. 1 1942
1,700,000
F-A
Portland Elec. Co. 1st mtge. 5s
Aug. 1 1926
1,500,000
Jan. 1 1925
Consol. El. Lt. Co. of Me. 1st M.43is J-J
500,000
F-A15 To 1918
Debenture 6s
do
do
70,000
-A-0 Apr. 1 1937
Lew. Aug. & Wat. St. fly. 1st & ref. 5s
1,583,000
M-N May 1 1915
notes
Series 13 5%
500,000
July 11951 , 1,600,000
Portland RR. 1st consol. mtge.
East St. Louis & Suburban Co.
A-0 Apr. 1 1932
Collateral trust bs ($8.000,000)
8,000,000
Alt. Gran. & St. L. Tr. 1st consol. 5s_ _ _F-A
Aug. 1 1944
2,376.000
East St. L. Lt. & Pow. 1st mtge. 5s- - - _J-D
Juno 1 1940
238,000
Power Co.
Portland (Ore.) Ry.,Light &
F-A
First & ref. mtge. As ($75,000,000)
Fob. 1 1942 16,000,000
Al-N May 1 1914 5,000,000
5% notes ($5,000,000)
M-N Nov. 1 1930
Portland Ry. 1st & ref. mtge. 59
8,523,000
J-J
Portland General Elec. 1st mtge. Sc
July 1 1935
8,000,000
Tennessee Ry., Light & Power Co.
Nashville By.& Lt.consol. mtge. 5s_ __ -J-J
July 1 1953
4,054,000
Ref.& ext. mtge.58($15,000,000)- - J-J
July 1 1958
3,310,000
Chatt. Ry.& Lt. 1st & ref. mtge. 5s-......M-N May 1 1956
2,214,000
M-N May 1 1956
Chatt.Rys. 1st consol. mtge. Ss
2,165,000
8O7
THE CHRONICLE
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
& Electric Co.
Bangor Railway
Public Works Co. 1st mtge. bs
$600,000
Apr.
A-0 My 1 1929
100,000
M-N
Bar Harbor Elec. Light 1st M.43is
1 1921
Orono Water Co. 1st mtge. 454s
J-J
60,000
July 1 1925
Columbus Ry., Power & Light Co.
Central Market first mtge.5s
425,000
J-J
Jan. 1 1922
Columbus Street Ry. 1st mtge. bs
3,000,000
July 1 1932
J-J
Crosstown first mtge. 5s
572.000
June 1 1933
J-D
Columbus Ry. 1st consol. mtge.4s
3,428,000
Oct. 1 1939
Q-J
Columbus Ed. El. 1st mtge. 58
*300,000
A-0 Apr. 1 1929
Cumberland County Power & Light Co.
Portland Ltg. & Power 1st mtge. 43is A-0 Apr. 1 1921
500,000
Lew. Bruns. & Bath. 1st mtge. 58
M-S Mar. 1 1918
845,000
Aug. Hal. & Gard. gen. mtge.48
J-J
July 1 1951
250.000
Aug. Win.& Gard. 1st mtge.4s
150.000
J-J
July 1 1952
General mtge. 5s
100,000
J-J
Jan. 1 1935
Portland RR. 1st mtge. 58
500.000
M-N Nov. 1 1915
Port. & Cape Eliz. 1st mtge. 5s
400,000
M-N Nov. 1 1915
Portland RR. 4 % notes
J-D
600,000
Dec. 1 1916
East St. L.& Sub. Co.cony. 6s (Jan.'14)_J-J
2,000,000
Jan. 1 1919
Alton Ry.& Ill. 1st mtge. 58
250,000
A-0
Oct. 1 1915
Alton Ry., Gas & El. 1st mtge. 58
A-0 Oct. 1 1939
250,000
Tennessee Ry., Lt. & Power Co.McG.& Mt. Ver. Horse RR.1st M.6s_ _J-J
65,000
July 1 1926
Second series 6s
J-J
July 1 1937
485,000
Nashy. & Edgef. 1st mtge. 6s
J-J
Jan. 1 1917
99,000
Consol. mtge. 6s
J-J
Jan. 1 1920
274,000
Nash. Street Ry. 1st M.5s
J-J
Jan. 1 1925
907,000
Chat. Ry. & Lt. 5% notes
J-J
June 1 1915
100.000
Chatt. Elec. Ry. 1st mtge.5s
J-J
Jan. 1 1919
625,000
Tenn. Power 1st M.58 ($50,000,000)._ M-N May 1 1962
7,500,000
Note.
-The bonds under the heading issued without reference to taxes
either do not contain any tax clause or such clause is so worded as to
require the company to deduct the normal Federal income tax of 1%
unless coupons are accompanied by certificates claiming exemption.
* The mortgage, we are informed, clearly relieves the company from
any obligation to pay the normal Federal Income Tax. Through an
error, however, the November (1913) interest was paid without deduction of the tax, but it is possible, in view of the precedent established,
that the company may decide not to deduct the tax in the future.
COMMONWEALTH POWER. RAILWAY & LIGHT CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Otastand'g.
M-N May 1 1918 *$8,000,000
Convertible 66 ($10,000,000)
Michigan United Rys. 1st & ref. M.5s
M-N May 1 1036
7,2013,000
Michigan Tate. Exten. 1st & ref. M.5s
J-D
Dec. 1 1923
358,000
Jacks.& Battle Creek 1st & ref. M.5s
J-J
Jan. 1 1923
1,200,000
Jacks. Consol. Trac. 1st & ref. M.5s
M-N May 1 1934
790,000
July 1 1939
Union By., Gas & Elec. coll. trust M.5s J-J
5,200.000
Collateral trust. 5% notes
A-0 Apr. 1 1916
1,500,000
Springfield Ry.& Lt. coll. trust M.5s__ J-D
June 1 1933
3,075,000
Springfield Consol. Ry. consol. mtge. 5.s J-D
June 1 1933
750,000
Rockford Beloit & Janesv. 1st mtge. 58 A-0 Oct. 1 1930
1,000,000
J-J
Peoria Light Co. coll, trust mtge. 58
July 1 1936
2,500,000
Peoria Gas & Electric 1st mtge. 5s
J-J
Jan. 1 1923
2.500,000
Public Utilities Co. 1st & ref. mtge. 5.s_ J-J
July 1 1942
*23,000
Public Utilities Co. coll. trust 6% notes_ _M-13 Mar. 1 1916
1,615,000
Jan. 1 1937
49,000
Evansv. & S. Ind. Trac. 1st cons. M.5s J-J
1.200,000
M-N May 1 1921
Evansville Electric Ry. 1st mtge. 4s
340,000
Evansville & Princeton Traction 1st M.5&A-0 Apr. 1 1923
1.240,000
June 1 1932
Evansville Gas & Elec. Light 1st mtge. 5s_J-D
Apr. 1 1933 All
3,147,000
ilg ila:p
i l
igf itigita
'
M.5s
-r8 June 1 1916
owned
Saginaw-Bay City Ry. 1st & ref. M.5s__ _M-S Mar. 1 1935
1,150,000
.
Bay City Gas first mortgage bs
375,000
J-D
June 1 1920
Pontiac Light Co. consol. mtge. 5$
209,000
Jan. 1 1927
J-J
Consumers' Power 1st & ref. M Sc
Jan. 1 1936 11,782.000
J-J
Commonwealth Power first mtge. 5s
1,222,000
J-D
Dec. 1 1924
Grand Rapids-Muskegon Power 1st M.5s_M-S Mar. 1 1931
808,000
Grand Rapids Edison first mortgage 5s
763,000
M-N May 1 1916
Cadillac Water & Light•first mtge 5s
132,000
M-8 Sept. 1 1925
Saginaw & Flint Ry. first mtge. 5.s
F-A
800,000
Aug. 1 1938
Eg. 1Z.
. aGger.
* Free of all taxes except succession, inheritance or income tax.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Michigan Traction 1st & ref. mtge. 5s_ ___J-J
Jan. 1 1921
_AA/
Rockford & Interurban Ry. 1st mtge. 5s__A-0 Oct. 1 1922 1 ..,1,000
Rockford & Freeport Electric 1st M.5s___M-N May 1 1923
.
607 000
De Kalb-Sycamore Electric 1st mtge. bs__J-D
June 1 1922
101 000
Citizens' Gas & Electric Co. 1st mtge. 5s__F-A15 Feb.15 1922
175.000
M-N Nov. 1 1924
Flint Gas Co. 1st mtge. 5s
500,000
A-0 Apr. 1 1937
Jackson Gas Co. first mtge. 5s
350,000
J-J
Jan. 1 1920
first mtge. 58
Kalamazoo Gas Co.
400,000
Feb. 1 1929
Springfield Lt., lit. & Pow. 1st mtge. 5s_ ..F-A
2750,000
M-N May 1 1916
Saginaw City Gas first mtee. 5s
857,000
F-A
Feb. 1 1920
Saginaw Valley Traction first mtge. 5s
752,000
Aug. 1 1920
Grand Rapids Hall.& Lake Mich. 1st M.5sF-A
1,475.000
M-N May 1 1920
Lowell Water & Light first mtge. 5s
10,300
IMx Company does not assume the income tax; copy of mortgage not at
hand.
DENVER & NORTHWESTERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First and coll. M.5s ($8,000,000)
M-N May 1 1932 $1,110,500
Denver City Tram. purch. money M.5s A-0 Apr. 1 1919
2,000,000
1st & ref. mtge. 5s($25,000,000)__..M-N Nov. 1 1933 10,915,000
Den. Tram.& Pow. 1st impt. mtge. 5s_ _ A-0 Apr. 1 1923
1.217,000
Den. Tram. Term. 1st M.5s
M-S To Sept. 1940 1,333,000
Den. Inter-Mtn. 1st M 5s
J-J
Jan. 1 1938
500,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Den. Consol. Tram. consol. mtge. 5s_ _.._ _A-0
Oct. 1 1933 31.167.000
DULUTH-SUPERIOR TRACTION COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Dul. Street Ry.gen. mtge. 5s
M-N May 1 1930
$812,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g'
Dul. Street Ry. 1st mtge. 5s
M-N May 1 1930 32,500.000
Note.
-It has been decided to pay the interest on both issues of bonds
without deduction of normal Federal Income Tax except where the holder
is exempt.
FORT WAYNE & NORTHERN INDIANA TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First and ref. mtge. bs ($15,000,000)____M-S Mar. 1 1931 $1,945,000
Ft. W.& W. Val. Tr. 1st consol. M. 5s_ _ M-S Mar. 1 1934
6,966,000
Car trusts, series A (5%)
F-A
47,000
Car trusts, series "B" (5%)
M-8
19.000
Ft. Wayne Trac. mtge. 4s
A-0 Oct. 1 1929
29,000
Lafayette St. Ry. 1st mtge. 534s
J-D
June 1 1923
225,000
Laf. & Log. Tr. 1st mtge. 5s
J-D
June 1 1936
849,000
Ft. W. B.& M. 1st mtge. 5s
J-J
July 1 1935
400,000
Ft. W. Power Co. mtge. 5s
M-N Nov. 1 1937
57,700
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Wabash Riv. Tr. Co. 1st mtge. 5s
F-A
1931
275,000
808
THE CHRONICLE
KANSAS CITY CLAY COUNTY & ST. JOSEPH RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge. bs ($10,000,000)M-S Sept. 1 1941 $3,000,000
LEHIGH VALLEY TRANSIT CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
First mortgage 4s & 5s ($5,000,000)
M-S Dec. 1 1935
Consol. mtge. 4s & 5s ($7,500,000)
J-D
Dec. 1 1935
Ref. and impt. mtge. 58 ($15,000,000)
J-D
June 1 1960
Collateral trust 6s
J-J
July 1 1923
Bethlehem & Nazareth St. Ry. 1st M.5s_ _M-N May 1 1929
Allentown Bridge first mtge. 58
J-J
July 1 1942
Lehigh Valley Light & Power 1st M.5s_ _ _A-0
Apr. 1 1943
Equipment trust bs, Series A
Easton Consol. Electric coll. trust 5s
M-N May 1 1949
A-0
Apr. 1 1941
Pennsylvania Motor first mtge. 6s
Easton & So. Beth. Tran. 1st mtge. 5s_ _J-J
July 1 1936
Issued without Reference to Taxes.
Int. Maturity Date.
East. Pal. & Beth. Elec. 1st mtge. 5s
J-J
Jan. 1 1919
Outstand'g.
$4,957,000
354,000
5,124.000
851,000
a150,000
218,000
504,300
80,750
1,237,000
60,000
447,000
Outstand'g.
b$200,000
a Clear of all State taxes only. b Company has assumed the normal
Federal income tax of 1% on this issue.
MESABA ELECTRIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Mesaba Ry 1st mtge. 58 ($2,500,000)____M-S Mar. 1 1932 $1,100,000
MOBILE LIGHT & RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Oonsol. mtge. 58 ($2,250,000)
M-S Sept. 1.1941 $1,416,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-D
July 1 1937
First mortgage bs
$400,000
M-N May 1 1923
Mobile Street RR. 1st mtge. 6s
270,000
[VoL. =vim
Int. Maturity Date. Outstand'g
Continental Pass. By. 1st mtge. 4s
J-J
July 1 1959
$280,000
Empire Pass. Ry. 1st mtge.34s
-J-J
200,000
Mar. 1 1930
Frankfort & Southwark Pass. Ry.Lombard & South Sts. Pass. 1st 334s
-J-D
150,000
Dec. 1 1951
West End.Pass. 1st mtge. 4s
A-0 Oct. 1 1935
132,100
Hest. Mant. & Fairmont Pass. consol.
mtge. 33.s and bs
M-N May 1 1924
1,250,000
People's Pass. By. 1st mtge. 45
J-J 15 Jan. 15 1935
219,000
Second mortgage 4s
J-J 15 July 15 1961
285,000
Consol. mtge. 45 ($1.125,000)
-M-S Mar. 1 1962
246,000
People's Traction trust certfs. 4s
F-A
Feb. 1 1943
5,643,000
City Pass. By. 1st mtge.4s
Phila.
Debenture 5s
1-13:
1/1 I.I 1927
4
Phila. & Darby R . 1st mtge.4s
i
l
SS
Phila. Traction coil. trust 4s
F
-A15 Aug. 15 1917
145,000
17th & 19th Sts. Pass. By. 1st mtge.5s_ _J-J
July 1 1919
100,000
13th & 15th Sts. Pass: By. consol. 33-s
& 58
J-J
Jan. 1 1934
500,000
Union Pass. By. 1st mtge.4s
A-0 Mar.31 1961
500,000
Second mtge. 4s
A-0
Mar.31 1960
250,000
West Phila. Pass. By. 1st mtge.33s_A-0 Apr. 1 1956
246,000
Second mortgage 5s
M-N May 1 1926
750,000
Note.
-Most of the above issues have provisions which would in all
probability exempt the holders from payment of the normal Federal Income Tax. In some few the language is doubtful and in a few minor issues
it is probable the companies would not be liable for the tax. The Philadelphia Rapid Transit Co., however, will pay interest in full upon the obligations of the company and of its subsidiary companies, without deduction of the normal Income Tax.
PHILADELPHIA & WEST'CHESTER TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
J-J
Oct. 1 1918
$400,000
Mortgage 4s
Jan. 1 1954
534,000
J-J
Phila.& Garrett. 1st mtge.58
1,340,000
Aug. 1 1955
F
-A
PLATTSBURGH TRACTION COMPANY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
First mortgage 6s
$80,000
J-J
July 1 1926
MONONGAHELA VALLEY TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
J-D
First and refunding mortgage bs
June 1 1942
Issued without Reference to Taxes.
Int. Maturity Date.
Faltmont & Clarksburg first mortgage 5s A-0 Oct. 1 1938
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Issued with Tax-Exemption Clause.
Outstand'g.
Int. Maturity Date. Outstand'g
$2,500,000 6% trust certificates ($20,200,000)
M-N Perpetual a$20,047,370
General mortgage 55 ($50,000,000)
A-0 Oct. 1 1959 39,500,000
Elizabeth & Trenton RR. 1st mtg. 5s_ _A-0 April 1 1962
990,000
Outstand'g. Public Service Electric Co.
$2,500,000
United Elec. Co. of N. J. 1st mtge. 4s_ _J-D
June 1 1949 a18 617,500
Consum. Lt., Heat & Pow. 1st mtge. 5s_J-D
June 1 1938
308,000
'
MORRIS COUNTY TRACTION COMPANY.
No. Hud. Lt., Ht. & Pow. 1st mtge. 5s_A-0
Oct. 1 1938
367,000
Middlesex Elec. Lt. & Pow. 1st M. 5s_ _J-J
Jan. 1 1955
181,000
Issued with Tax-Exemption Clause.
Weehawken Contr. Co. 1st mtge. 6s_ _ _ _F-A20 Feb.20 1928
30,000
Int. Maturity Date. Outstand'g. Public Service Gas Co.
First mortgage 5s
J-D15 June15 1935 $3,000,000
Newark Cons. Gas consol. mtge. bs
J-D
Dec. 1 1948 b6,000,000
General mtge. bs ($5.000,000)J
-D
1948
1,179,000
Newark Gas Co. 1st mtge. 6s
Q-J
April 1 1944
3,999,700
Hudson Co. Gas Co. 1st mtge. 58
M-N Nov. 1 1949 a10,500,000
NEWPORT NEWS & OLD POINT RAILWAY & ELECTRIC.
Pat. & Pass. Gas & Elec. cons. mtge. 5s_M-S Mar. 1 1949 a4,049,000
Somerset W.& Middlesex Ltg. mtge. 4s_J-D
Dec. 1 1943 a1,974,328
Issued with Tax-Exemption Clause.
Plainfield Gas & Elec. Lt. gen. mtge. 5s_A-0 April 1 1940
460,000
Int. Maturity Date. Outstand'.
Somerset Lighting Co. 1st mtge. 5s_ _ _ _ F-A
Feb. 1 1939
150,000
First mortgage 5s
M-N Nov. 1 1938
$900,000
Cent. Elec. Co. consol. mtge. 5s
J-J
July 1 1940
700,000
General mortgage 58(4,000,000)
M-S Mar. 1 1941
1,456,000
So. Jer. Gas, El.& Trac. 1st mtge. 5s_ M-S Mar. 1 1953 b12,892,000
Citizens' By.. Lt. & Power 1st M. 5s_ _ _ _M-N May 1 1940
800,000
Trenton Gas & Elec. 1st mtge. 5s
M-S Mar. 1 1949
2,000,000
New Bruns. Lt., Ht.& Pow. 1st M.4s_ _J-D15 Dec. 15 1939
b500.000
NEW YORK RAILWAYS CO.
Gas & El. Co. of Bergen Co. gen. M.5s_M-N Nov. 1 1954
b38,000
General mortgage 55 ($5,000,000)
M-N Nov. 1 1954
Issued with Tax-Exemption Clause.
2,071,000
June 1 1949
J-D
Consolidated mortgage 58
1,440,000
Int. Maturity Date. Outstand'g.
Shore Lighting Co. first mortgage 5s..__A-0 April 1 1951
400,000
First real estate and ref. mtge. 48
Jan. 1 1942.$16,295,948
J-J
Feb. 1 1939
Princ. Lt., lit. & Pow. 1st ref. mtge. 5s_F-A
169,300
Adjustment income mortgage 59
A-0 Jan. 1 1942/.30,626,977
Public Service Railway
To 1918
Car trust 6s, Ser. A (due 340,000 s.-a.)_J-J
320,000
NORTHERN ELECTRIC RAILWAY.
Car trust 5s, Series B (due $22,000 and
Issued with Tax-Exemption Clause.
$23,000 s.
-a.)
J-J
To 1920
293,000
Car trust 5s, Series C (due $25,0005.-a.).M-S To 1922
Int. Maturity Date. Outstand'g
450,000
Car trust 5s, Camden & Sub
A-0 To Apr. 1914
Dec. 1 1947 $6,652,000
First &-consol. mtge. 5s ($25,000,000)____J-D
7,000
North Jersey St. By. 1st mtge.4s
M-N May 1 1948 15,000,000
M-N May 1 1914
Secured:6% notes 42,000,000)
191,500
Jer. City Hob.& Pat. St. By. 1st M.4s_M-N Nov. 1 1949 a14,061,000
Northern blectric Co. 1st mtge. 55_
_ _ _A-0
Oct. 1 1955
3,784,000
No. IIudson Co. Ry. impt. mtge. 5s
J-D
M-N May 1 1924
Marysv.•& Colusa Br. 1st M 55
Dec. 1 1941
750,000
1,291,000
Paterson By. consol. (first) mtge. 6s_J-D
Sac.& Woodland 1st mtge. 5s
J-J
July 1 1941
June 1 1931
750.000
1,250,000
Second general mortgage 65
A-0 Oct. 1 1914
300,000
Eliz. Plain. & Cent. Jer. 1st mtge. 5s
J-D
Dec. 1 1950 a2,400,000
OMAHA & COUNCIL BLUFFS STREET RAILWAY.
Eliz. & Bar. Riv. St. By. gen. mtge. 5s_M-N May 1 1954
1,500,000
Issued with Tax-Exemption Clause.
M-N May 1 1944
East Jersey St. By. 1st mtge. 5s
500,000
Int. Maturity Date. Outstand'g.
Consol. Traction 1st mtge. 5s
J-D
June 1 1933 15,000,000
Jan. 1 1928 $7,191,000
First consol. mtge. 5s 410,000,000)
J-J
.T-J
Newark Pass. Ry. 1st mtge. 58
July 1 1930 6,000,000
Om.& C.B.Ry.& Bdge. 1st cons. M.5s_ _J-J
Jan. 1 1928
Juno 1 1937
Pass.& Newark El. Trac. 1st mtge. 58_ _J-D
1,823.000
550,000
July 1 1951 a1,000,000
Bergen Turnpike 1st mtge. 5s
J-J
Issued without Reference to Taxes.
Orange & Pass. Valley 1st mtge. 5s_ _ _ _J-D
Dec. 1 1938
833,000
Maturity Date. Outstand'g
Int.
July 1 1946
Camden & Suburban 1st mtge. 58
J-J
1,940,000
M N May 1 1914 *31,776,000
Om.St. By. 1st consol. mtge. 55......
People's Elevating Co. 1st mtge. 5s_ _ A-0 Oct. 1 1939
175,000
N.J.& Hud. Riv. Ry. & Ferry 1st M.4s_ _ M-S Mar. 1 1950
4,011,000
*The company has arranged to pay the normal Federal Inocme Tax of Hudson River Traction 1st mtge. 5s
M-S Mar. 1 1950
631,000
1% on this issue.
June 1 1960
J-D
Riverside Traction first mortgage 5s
1,368,000
ORANGE COUNTY TRACTION COMPANY.
a Free of New Jersey taxes only. b Free of State, county or municipal
taxes only.
Issued with Tax-Exemption Clause.
-The interest on all of the above issues except those noted under
Note.
Int. Maturity Date. Outstand'g. "a" and "b" will be paid without deduction of normal Federal income
First and refunding mtge.5s
J-J
July 1. 1960
$264,000 tax of 1%.
Newburgh Electric first mtge. 5s_
M-N May 1 1944
250,000
Issued without Reference to Taxes.
Walden & Orange Lake 1st M 58
J-D
June 1 1945
100,000
Newburgh & Orange Lake 1st M 5s
J-J
July 1 1944
Int. Maturity Date. Outstand'g.
75,000 Public Service Gas Co.June 1 1925
New mortgage 5s
A-0 Apr. 1 1924
Ridgewood Gas Co 1st mtge 5s
J-D
$100,000
100,000
Second mortgage 5s
A-0 April 1 1925
85,000
July 1 1925
Ed. Elec. Ill. of Paterson 1st mtge. bsJ-J
PHILADELPHIA COMPANY
585,000
DA-N. May 1 1925
Pas. Ltg. Co. consol. mtge. 5s
316,000
[Additional Lists-see Issue March 7, Page 727.1
June 1 1922
Pas. Gas. Light Co. 1st Mtge. 6s
J-D
50,000
Issued with Tax-Exemption Clause.
Citizens' Elec. first mortgage 5s
M-N Nov. 1 1915
40,000
June 1 1918
Ed. Elec. III. of New Bruns. 1st M.6s_ _J-D
Int. Maturity Date. Outstand'g.
50,000
Burlington Gas Light 1st mtge. 5s
Collateral gold notes (6%)
M-N May 1 1921
F-A To Aug. 1 1918 $2,250.000
100,000
Jan. 1 1939
Pittsb.& W.Va. Gas 1st mtge.5s
Englew. Gas & Elec. gen. mtge. 5s_ _ _ _J-J
A-0 To Oct. 1 1923 1,500,000
23,000
Jan. 1 1917
Wash.& Canonsb. 2d mtge.
58J
-D
Hack. Gas & Elec. deb. 6s, Series 1_ _ J-J
Dec. 1 1943
3,000
185,000
July 1 1935
Pittsb. Can.& Wash. 2d mtge. 58
J-D
First mortgage bs
J-J
Dec. 1 1943
89,000
10,000
July 1 1934
Cedar Ave. St. By. 1st mtge. bs
J-D
Hack. Gas Light first mortgage 5s
Dec. 1 1943
J-J
39,000
24,000
Bon Air St. By. 1st mtge. 5s
J-D
Dec. 1 1943
45,000 Public Service Ry.
July 1 1928
West Shore Elec. St. By. 1st mtge. 5s_ .._JD
North Hud. Co. By consol. mtge. 5s J-J
Dec. 1 1943
85,000
2,998,000
Feb. 1 1915
Super. Ave.& Sh. Ave. St. By. 1st M.5s_J-D
PA
Dec. 1 1943
Weehawken ext. mortgage 5s
65,000
100,000
Allenport & Ros. Elec. St. By. 1st M.5s_J-D
July 1 1922
Dec. 1 1943
Plainfield Street By. 1st mtge. bs
127,000
J-J
100,000
So. Side Pass. By. 1st mtge. 5s
A-0 Oct. 1 1953
July 1 1926
10,000
Bruns. Trac. 1st mtge. 5s
J-J
500,000
Pittsb. & Charl. 2d mtge. 5s
J-D
Jan. 1 1950
Dec. 1 1943
522,000
Middlesex & Somerset Trac. 1st M.5s J-J
1,000,000
Jan. 1 1923
Jersey City & Bergen 1st mtge. 4 Ms_ _ _ _J-J
258.000
PHILADELPHIA RAPID TRANSIT COMPANY.
Rap.Trans. St. Ry.,Newark, 1st M.5s_A-0 April 1 1921
500,000
Interest Payable without Deduction of Federal Income Tax.
Note.
-None of the above issues has a provision which would exempt the
interest from the Federal income tax and most of them have no provision
Int. Maturity Date. Outstand'g.
Collateral trust mortgage 5s
F
-A
Feb. 1 1957 $4,910,000 regarding the payment of taxes.
Sinking fund mtge. 5s ($10,000,000)
M-S Mar. 1 1962
6,000,000
Market Street Elev. 1st mtge.4s
M-N May 1 1955 10,000,000
ROCK ISLAND SOUTHERN RAILWAY SYSTEM.
Darby Mid.& Ches. 1st mtge.434s
J-J
July 1 1936
919,000
Issued with Tax-Exemption Clause.
Car trust ctfs., Series A bs
J-J
To July 1920
975,000
do
do
Series B 58
M-S To Mar. 1925 4,025,000
Int. Maturity Date. Outstand'g•
do
do
Series C 58
M-N To May 1923 1,863,000 Rock 'stand So. Ry. 1st mtge. 5s
J4Jan• 1 1947 $2,282,000
.
Doyiest.& Will. Or. 1st mtge.4s
521,000
J-D
June 1 1930
J-J
500,000 Rock Island So. RR. 1st mtge. 5s..
Jan. 1 1947
Phila.& Will.(Sr. 1st mtge.43s
J-J
July 1 1934
1,000,000
Darby & Yeadon St. By. 1st mtge.4s_ _ _J-D
Dec. 1 1934
200,000
SEATTLE RENTON & SOUTHERN RAILWAY.
Chester & Phila. By. 1st mtge. 55
J-J
July 1 1940
600,000
Issued with Tax-Exemption Clause.
Union Traction Co.trust co. ctfs. 4s
A-0 Aft. Oct.'45 29,734,750
Collateral trust mortgage 4s
J-J
July 1 1952
1,366,000,
Int. Maturity Date. Outstand'g.
Cath.& Bain. St. By. 1st mtge. 58
A-0
Apr. 1 1920
150,000 ' First mortgage 53($1 000 000)
M-N To May 1927 $825,000
THE CHRONICLE
MAR. 141914.1
SECOND AVENUE RAILROAD,NEW YORK CITY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
.F
-A
Feb. 1 1948 *$5,631,000
First consol. mtge. 5s ($7.000,000)
Issued without Reference to Taxes.
Mt. Maturity Date. Outstand'g.
Receivers'6% certificates
A-0 Oct. 1 1914 $3,140,000
*89,000
Debenture 5s of 1889
J-J
Jan. 1 1909
* In default.
SHAWNEE-TECUMSEH TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
1926
J-D
First mortgage 5s ($1,000,000)SOUTHERN MICHIGAN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
M-S Mar. 1 1931
First consol. mtge. 5s ($1,980,000)
A-0 Oct. 1 1927
So.Bend & So. Mich. 1st mtge.58
SOUTHERN WISCONSIN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
June 25 1932
J-J
Gen. mtge. 5s ($2,000,000)
M-N May 1 1931
Mad.& Interurban Trac. 1st mtge. 5s
TIDEWATER POWER COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
.J-J
Jan. 1 1949
First mortgage 5s ($2,000,000)
Issued without Reference to Taxes.
Mt. Maturity Date.
-J-J
July 1 1932
Cons. Rys., Lt.& Power 1st M 55
Outstand'g.
$300,000
Outstand'g.
400,000
750,000
Outstand'g'
$500,000
660,000
Outstand'g.
$523,000
Outstand'g.
$530,000
UNITED TRACTION CO.(ALBANY, N. Y.)
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
Consol. M. 434s ($6,500,000)
June 1 2004 $2,588,000
J-D
Albany By. general mtge. 5s
June 1 1947
496,000
J-J
July 1 1951
Hudson Val. By. 1st consol. mtge. 5s_
2,222,000
Issued without Reference to Taxes.
Mt. Maturity Date. Outsand'a.
$456,000
United Trac. debenture 4%s
M-N May 1 1919
428,000
Jan. 1 1930
Albany Ry. consol. mtge. 5$
J-J
350,000
Watery. Turnpike RR. 1st mtge.6s
M-N May 1 1919
150,000
M-N May 1 1919
Second mortgage 6s
A-0 Oct. 1 1942 2,000,000
Troy City Ry. 1st consol. mtge. 55
A-0 April 1 1921
82,000
G.LF. S. H.& F. E. 3d mtge 6s
WARREN & JAMESTOWN STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1934
$300,000
First mortgage 5s
J-J
Jan. 1 1918
Second mortgage 68
100,000
WILKES-BARRE & HAZLETON RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N15May15 1951 $1,900,000
Coll. trust M.5$ of 1901 ($2,500,000)
1,227,000
Coll. trust mtge. 5$ of 1905 ($1,500,000) A-0 Oct. 1 1945
J-D
June 1 1923
a500,000
Lehigh Traction 1st mtge. 5$
A-0
a60,000
1925
Hazel Park 5% bonds
Wilkes-Barre & Hazleton Ry. 1st M.5s-- M-N May 1 1951 b1,500,000
owned by Wilkes-Barre & Haz.RR.
a Free of State taxes only. b All
WILMINGTON & PHILADELPHIA TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outtand'g.
F
-A
Feb. 1 1963 06524.000
First coll. trust M.5s ($25,000,000)
Wil.& Ches. Trac. coll. trust 5s (1898)___ _A-0 Apr. 1 1918
2,305,000
A-0 April 1 1951
Collateral trust 5s (1912)329,000
M-N kvtay 1 1914
Chester Trac. 1st mtge. 55
250,000
J-J
Jan. 1 1943
Union Ry. 1st mtge. 58
200,000
_J-J
July 1 1943
Ches.& Media El. By. 1st M.5s
100,000
J-J
July 1 1943
Ches. Darby & Phila. 1st M 5$
J-D
June 1 1946
Edgemoor 1st M 55
Wilm.&
. 1:888
1
4
M-N May 1 1951
Wilm.City El. 1st M 5s
800,000
in the treasury of the company.
a Of which $514,000 are
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
5sM-S Sept. 1 1951 * $600,000
Wilm. City By. 1st mtge.
_J-J
July 1 1943
Del. Co.& Phila. El. By. 1st M.5s_ _
64,000
* Company has decided to pay the normal Federal Income Tax on this
issue.
LEGISLATIVE, BANKING AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 62
shares, of which 52 shares were sold at the Stock Exchange
and 10 shares at auction. No trust company stocks were
.sold.
Shares. BANKS—New York.
*52 Commerce, Nat. Bank of__
8 Market & Fulton Nat. Bk._
BANK—Brooklyn.
2 Greenpoint Nat. Bank
Low. High. Close.
179
177
179
250 250 250
150
150
Last previous sale.
Feb. 1914— 180
April 1913— 250
150
* Sold at the Stock Exchange.
The price of the London "Times" is to be reduced on
Monday next, the 16th inst., from twopence to a penny
(two cents). Official announcement of this change was
made last Tuesday by Lord Northcliffe, the publisher of the
paper, who in his statement, said:
In view of the grave importance of the present political situation, t
has been decided that on and after Monday next the "Times" newspaper
complete, including the financial section, shall be sold at a penny per copy
in Great Britain and Ireland and at threepence per copy on the Continent.
He furthermore said: "We have no intention whatever
of reducing the price to a half-penny, although the revenue
from advertisements has increased so much in a decade that
the notion would not have been impossible." It was also
added that the makc.up will not ho altered and the usual
supplements will be continued. The weekly literary supplement, however, is to be sold separately at a penny. This is
809
the second reduction in the price of the "Times"; the price
was lowered on May 5 1913 from threepence to twopence.
The nomination of Henry Clay Hall of Colorado Springs
Colo., as a member of the Inter-State Commerce Commission to succeed Charles A. Prouty, resigned, was confirmed by the Senate on the 9th inst. Mr. Hall's name was
sent to the Senate on January 31.
William P. Malburn of Denver was nominated on the
P.
11th inst. to be Assistant Secretary of the Treasury in charge
of the customs service, succeeding Charles S. Hamlin, who
becomes Assistant Secretary in charge of the fiscal bureaus
of the Department.
The Alaska Railroad bill, as perfected in conference and
approved by the two Houses of Congress, was signed by
President Wilson on Thursday, the 12th inst. The conference report was agreed to by the House of Representatives
on the 6th inst. and by the Senate on the 10th. The report
was accepted by the Senate by a vote of 42 to 29. The vote
in the House was not recorded. The bill, as it originally
passed the Senate on January 24, called for an appropriation
of 0,000,000 to be used in the construction or purchase of
the road, the money to be derived from the sale of 3% thirtyyear bonds. The House bill, passed on February 18, limited
the expenditure to $35,000,000, and required that the project
be financed out of the current funds in the Treasury, $1,000,000 being made immediately available for the purpose.
The bill, as enacted into law, carries the House provision
restricting the amount to be spent to $35,000,000, and, as
in the House bill, the money is to be supplied from the
Treasury funds, the immediate appropriation being fixed
at $1,000,000. The House bill had contained a clause
under which the Inter-State Commerce laws were made to
apply to the road. This was changed so as to make them
apply only in case the road should be leased or operated by
private companies. The new law authorizes the construction of not more than 1,000 miles of railroad to connect
Alaska's coal fields with the coast, the route to be selected
by the President, to whom other important details are left.
He is to decide whether or not railroad lines already constructed in the territory shall be purchased as part of the
system,and whether the road is to be operated by the Government itself or leased after it is built. The authority granted
in the bill also includes the power to "construct, maintain
and operate telegraph and telephone lines so far as they may
be necessary or convenient in the construction and operation
of the railroad or railroads."
That the bills in the anti-trust program of the Administration are in process of reconstruction was made evident this
week. Reports that material changes were being considered in the bills dealing with holding companies, interlocking directorates, trade relations and Sherman Law definitions have been current and there were even rumors that
a proposal to consolidate all four measures into one were
discussed. From the latest advices from Washington President Wilson appears to have indicated that the bill to
strengthen the Sherman Law by means of definitions is
likely to be abandoned. The President is said to have inmated that this measure would be replaced by a bill designed chiefly to fix individual responsibility for specific acts
to establish monopoly or to restrain trade. It is added that as
to the bill prohibiting holding companies the President has not
reached mature judgment. He is said to have declared that this
feature of the trust program would not be abandoned, though
he admitted the difficulty of finding language in which
to draw distinctions between legitimate and illegitimate concerns. The President believes that companies formed for
the purpose of controlling a group of corporations are materially different from what he terms "owning corporations,"
necessitated by the variety of laws in the States. In explanation, the President cited as an instance the fact that
if a corporation in New Jersey chose to build a factory in
Pennsylvania, it would have to be reincorporated, because
no foreign corporation could own real estate under the laws
of Pennsylvania. This duplication of companies, he points
out, might have the same directors and apparently would
constitute a holding company, and there is, of course, no
intention on the part of the Federal Government to interfere
with such processes. Terms will be found by the Congressional committees, the President thinks, to define the differences in the processes of the two kinds of companies, so
810
THE CHRONICLE
that a business which is actually administered as a unit
would not be considered a holding company in the same sense
as corporations whose stocks were held for voting purposes
and not for administrative purposes.
That President Wilson has not yet committed himself in
favor of Governmental ownership of telephones and telegraphs is made evident in a statement of Postmaster-General
Burleson, given out on the 8th inst. in connection with the
issuance of the complete report of the committee appointed
by the Postmaster to investigate the subject. The Committee's recommendations were indicated in our issue of
February 14. Its report embodies a tentative draft of a bill
for condemning, acquiring and operating the telephone and
telegraph systems. In his announcement of the 8th
Postmaster Burleson says:
"Government ownership of telegraphs and telephones can not yet be
regarded as an Administration measure. President Wilson has expressed
no opinion or intention regarding it and it is noteworthy that the suggestion is made in the matter submitted by Mr. Burleson that the tentative draft of the bill proposed be submitted to economists and authorities
on public utilities, with a view to securing valuable assistance in duly
safeguarding the interests of the Government and of the owners of the
property affected."
•
The statement also says in part:
It is said that the complete report with its appendices will be of great
'value and interest to all students of economic and political problems related
, public utilities. Appendix A is a historical resume of the agitation in the
to
United States for Government ownership of the telegraph and telephone
from Professor Morse's invention to the present time. Full treatment of
contemporaneous conditions affecting the subject by Postmasters-General
'from 1846 to 1913 are included, as well as testimony taken by the Industrial
'Commission in 1901 and opinions and arguments published by economists.
This part of the report ends with the following comment on the present
situation :
"Government ownership of the electrical means of transmitting intelligence is brought to the attention of the American people of 1913 with the
indorsement of nearly every Postmaster-General since the Civil War,
with a score of favorable reports by committees of Congress, and by the
example of practically every other nation of the civilized world. More
than seventy bills have been introduced in Congress to accomplish it.
Meanwhile the private operation of the telegraphic and telephonic facilities
has resulted in a virtual monopoly, by which the people are annually
taxed vast su.ns for which they receive no adequate returns."
Appendix B is devoted to the legislation by various States relative to telegraph and telephone service. It is declared that "many States have
established commissions for the regulation of telephones, telegraphs and
other public service companies. Some of the legislation in those States is
set forth here as evidence of the general dissatisfaction with these subjects
on the part of the people. The problem dealt with in this legislation
would be finally solved by Government ownership."
Legislation requiring physical connection between connecting and competing lines is quoted from the statutes of Arizona, California, Kentucky,
Michigan, New Mexico, New York, Ohio, Oklahoma, South Carolina,
South Dakota, Washington and Wisconsin.
Appendix 0 contains fourteen graphic charts illustrating important deductions from comparative statistics for the United States and the leading
foreign countries. It is shown that the United States has more letters
received and more telephone calls than any other country. In number of
telegrams it stands ninth. The American postage charged is nearly the
lowest and American telephone and telegraph charges are nearly the highest
in the world. In postal efficiency the United States is second only to
Belgium, but in telephone efficiency—considering the Bell companies only
—stands tenth. The Bell companies' long-distance rates for 100, 300,
500 and 700 miles are given as being much the highest charged by any
telephone system, public or private, in the world, and as vastly exceeding
the average rates in Continental Europe. Chart 14, the last of these
graphic illustrations, is an elaborate comparison of subscribers' annual
telephone rates for sixty large American cities under monopoly and competition. New York, with no competition in telephone business, is shown
with an annual rate of $288, while Chicago, with competitory conditions,
has a rate of $125.
Permission to apply for an injunction restraining Secretary
of the Treasury McAdoo from giving Cuban sugar a 20%
preferential below the new tariff rates was granted on
Thursday to the State of Louisiana by the United States
Supreme Court. The appeal by the State of Louisiana
followed the issuance of instructions on Feb. 28 by the
Treasury Department to the Collectors of customs at New
York to admit Cuban sugar, beginning March 1, at a reduction of 20% from the rates provided in the tariff Act
of October 3 1913. This notice was in accordance with an
opinion of Attorney-General McReynolds, handed down on
February 26.. The State of Louisiana, which owns sugar
plantations, sought to prevent the enforcement of the sugar
provision of the Underwood-Simmons Tariff Law. It contended that there was a conflict between the provision in
the law reaffirming the treaty entered into in 1902 between
the United States and Cuba,calling for a 20% preferential for
Cuban sugar, and that portion of the law providing for a
general reduction of 25% in the duty on sugar beginning
March 1. The State maintains that under the Cuban treaty
the United States Government obligates itself to make no
change in the sugar duties in the twenty years the treaty was
to remain operative. The Attorney-General, in continuing
the 20% preferential decided that the recognition of the
treaty does not nullify the sugar schedule of the Underwood
law. In petitioning for an injunction restraining the 20%
[VOL.
allowance the State of Louisiana claims that either the
Cuban treaty is alive and in force, or is dead; if alive, the
rates on sugar importations in force before the present month
must be continued, and if dead, Cuban sugar is not entitled
to a preferential duty.
The Post Office Appropriation Bill, said to carry the largest
appropriation which the Government has been asked to
meet in a single appropriation bill, was passed by the Senate
on Feb. 28. The amount called for under the bill is $311,492,067. All amendments to the bill designed to strip the
Postmaster-General of power to regulate parcel-post rates,
zones or weights were defeated prior to its passage; several of
these proposals were rejected on the 27th ult.; one would
have required that there be no change in existing weight,
limits, rates of postage or zones until authorized by law; this
was defeated by a vote of 33 to 24, the amendment being
declared new legislation and therefore not in order. Another
amendment which failed of adoption on the 27th would have
restrained the Postmaster-General from spending any portion
of the appropriation for carrying parcels of greater weight
than fifty pounds without the authority of Congress; this
was lost by a vote of 28 to 27; a similar amendment prohibiting the Postmaster-General from using the money in
transporting packages of over fifty pounds on star routes
unless authorized by Congress was rejected by a vote of 31
to 18. A final effort to curtail the powers of the PostmasterGeneral was made on the 28th; this amendment, which failed
by a vote of 29 to 20, provided that no part of the appropriation should be expended in carrying packages of more than
fifty pounds in weight "unless the rates therefor shall be just
fair and reasonable, shall be the cost of the service as nearly
as can be ascertained, and shall not unjustly discriminate
either between persons or communities, and the Inter-State
Commerce Commission shall specifically so find before it
approves the same." In the movement to limit the power
of the Postmaster-General with respect to fixing the parcelpost rates, weights and zones, Senator Bankhead was one
of the principals. When it became known early last month
that the Senate Committee on Post Offices and Post Roads
sought to rescind the Postmaster-General's authority,
Representative David J. Lewis, author of the parcel-post, indicated his purpose to oppose the proposed legislation. Mr.
Lewis declared that:
"The repeal of this part of the Parcel-Post Act destroys its power to
compete with the express companies and virtually means the death of the
parcel-post. It will enable the express companies, if the movement
succeeds. to capture all the profitable traffic and confine the parcel-post to
the rural routes. We have now a surplus of $10,000,000 in the operation
of the parcel-post. The repeal of this provision of the Parcel-Post Law
would convert this surplus into a heavy deficit. It would be better,in
my judgment, to repeal the whole Parcel-Post Law than to do what has
been proposed. Under the present law the Postmaster-General can make
no changes unless they are approved by the Inter-State Commerce Commission. The railroads and the express companies have the power to change
their rates when they are approved by the Inter-State Commerce Commission. By all means the Postmaster-General should have the same
power to change the rates and make improvements in the Government's
retail package transportation system when approved by the Inter-State
Commerce Commission.
The bill, having previously passed the House of Representatives, is now in conference.
The failure of Congress to properly compensate the
railroads for the additional burdens placed upon them by
reason of the demands of the parcel-post service, is again
being criticised by Ralph Peters, President of the Long
Island RR., and Chairman of the Committee on Railway*
Mail Pay. Mr. Peters says:
Congress has passed the bill providing for the expenditures of the Post
Office Department for the next fiscal year. This bill, however, fails once
more to compensate the railroads for carrying the parcels post. It is based
upon estimates of the Post Office Department that next year the parcel post
will handle 600,000,000 packages, yielding a revenue to the Post Office
of $60,000.000.
The Postmaster-General, in his annual report of Dec. 11913, stated that
in view of the prospective "prodigious growth" of the parcel post, "the railroads,of course, will become entitled to additional compensation for this extra service imposed upon them, and the department is engaged in gathering
all statistical data necessary for ascertaining a correct basis for fixing a just,
fair and adequate compensation for the service rendered."
On Feb.17 the Railroads' Committee was advised by the Post Office Department that it had made a recommendation to Congress that "on account
of the increased welett of mails" due to the parcel post, the PostmasterGeneral should be authorized to add to the compensation of the railroads not
more than one-half of 1%. This recommendation would have added only
$254,000 to the mail pay of all railroads In the United States. Congress
took no action on the recommendation, evidently considering the proposal
too trivial for consideration, and preferring to await the recommendation
of the joint Congressional committee now investigating the whole subject.
In Great Britain the railways receive 55% of the revenues from the parcel
post. Before the establishment of the parcel post the railroads in this
country received for transporting the mails at least one-fifth of the Post
Office revenue. Assuming that their service is no greater in handling the
parcel post than with other mall,this increased revenue of$60,000.000 to the
&1A,14 1914.1
THE CHRONICLE
Post Office Department should in all fairness mean increased payments to
the railroads of at least $12,000,000.
Nevertheless the Appropriation Bill passed by Congress provides no payment to the railroads beyond the provision already made that 5% might be
added to the pay of railroads on which there had not been a weighing since
Jan. 1 1913.
At a time when the Inter-State Commerce Commis.ion is insisting that
the railroads shall make a fair charge for every service rendered, it seems
in the highest degree unjust that no provision should be made adequately
to compensate the railroads for providing and operating the transportation
machinery without which the mail service would be practically impossible.
In a memorial to Congress in behalf of the preservation
of the service performed by the express companies, the
Merchants' Association of New York urges against the further extension of the parcel-post system. The Association
states that after a careful inquiry into the situation it finds
that the extension of the parcel-post service "threatens to
drive the express companies out of business. The extinction
of their service would be a serious loss to merchants, as it
performs functions which the parcel-post does not and probably cannot perform." Resolutions adopted in the matter
by the directors of the Association in part are as follows:
811
It was furthermore pointed out that the Public Service
Commission would still have power to compel the roads to
employ an additional brakeman on trains where the Commission considered one necessary, if the "full crew" law were
repealed. The Albany delegation included, besides Mr.
Smith, F. D. Underwood, President of the Erie RR.; Samuel
Rea, President of the Pennsylvania RR.; L. F. Loree,
President of the Delaware & Hudson Co.; E. B. Thomas,
President of the Lehigh Valley RR.; W. II. Truesdale, President of the Delaware, Lackawanna & Western; John B.Kerr,
President of the New York Ontario & Western; W. T.
Noonan, President of the Buffalo Rochester & Pittsburgh;
J. H. Hustis, President of the New York New Haven 8G
Hartford.
Under a decision rendered on the 3rd inst. the Court of
Appeals at Albany upheld the constitutionality of the New
York State law prohibiting a person from giving or selling
coloring matter to a purchaser of oleomargarine. The case
came before the court on an appeal by Peter II. Van Kampen
"Resolved, That in the opinion of this Board, the express service is of Bro klyn, who was charged with giving away coloring
an Indispensable agency for quick transportation, whose continuance is im- matter to an agent of the State Department of Agriculture
peratively required by the needs of commerce, that the parcels-post as at at the time of the sale of oleomargarine to the
agent. Van
present organized would be a wholly inadequate substitute, inferior in many
respects to express service; that it is lacking in many important features Kampen contended that the law was unconstitutional.
essential to a complete service, and, being unadapted to many classes Attorney-General Carmody, according to the Albany
of traffic, its substitution would leave that traffic unprovided for;
"Resolved, That if the parcels-post be so expanded as to cover the entire "Argus", "argued that the law was a reasonable and necesfield of quick transportation, it cannot in any event perform that function sary police legislation and was designed to prevent fraud.
more efficiently or economically than it is now performed by the express He contended that by means of this yellow coloring matter
companies and that in all likelihood the cost will be greater;
"Resolved, That in the opinion of this Board no social or economic the purchaser would be able to color oleomargarine so that
benefit will result from substituting the parcels-post for the express service it would look like and appear to be butter. He pointed out
beyond the limits now established, but that on the contrary serious harm that the law does not prohibit the selling,
giving away or
to the country's traffic facilities will ensue with a probable loss resulting
delivering of this coloring matter at any time except at the
from the parcels-poet's operation, to be borne by the public Treasury;
"Resolved, That the further extension of the parcels-post be opposed by precise time of the sale of the eleo. It was also pointed
this Association and that the reasons for such opposition be stated in full in out that the agricultural law prohibited
coloring oleoa proper Memorial to Congress."
margarine with any coloring matter and for that reason,
According to the Memorial, the parcels-post omits the
there being a direct prohibition of the statute against colorfollowing essentials of a complete service:
ing oleomargarine, it is reasonable and proper for the Legis1. It does not collect parcels.
2. It does not give receipts.
lature to make provision that a purchaser should not be
3. It does not provide indemnity for loss, except upon extra payment, given coloring matter at the time
oelomargarine is sold.
and only to the amount of $50.
Such an act on the part of a storekeeper, the State con4. It does not provide any indemnity for damage.
5. It does not provide controlling records, by reason of which omission tended, amounts practically to an inducement, or at least,
the volume of lose is increased.
a suggestion to the purchaser that he violate the law. The
6. It does not provide special means of security for valuable parcels.
7. It does not provide adequate protection against damage, but, on the decision of the Court of Appeals is stated to have been
contrary, promotes damage and loss by opening in transit.
unanimous, the opinion being written by Judge Hogan and
8. It does not provide for the transportation of a wide range of specia
sustains the imposition of a fine of $100 which Van Kampen
commodities.
will be compelled to pay. Judge Hogan holds that the law
A meeting of the New York State Savings Bank Associa- violated is within the police power of the State and not untion was held on Monday last at the Hotel Biltmore, this constitutional."
city, to consider the proposed revision of the banking laws
In response to urgent demands, the Executive Committee
of the State in so far as the legislation concerns savings banks.
The members in attendance were unable to reach any united of Group VIII of the New York State Bankers' Association
conclusions, and the meeting ended without any definite has published in pamphlet form the addresses delivered by
action on the questions under discussion. It is stated that the foreign bankers on the occasion of the annual dinner of
the chief controversy centred on the treatment of the surplus the Group on January 19th. This pamphlet is being sent
accounts of the institutions and the provision which stipu- by .the Executive Committee not only to all those who
lates that in determining the per centum of surplus held by attended the dinner, but to all the banks in the United States,
a savings bank, its interest-bearing stocks and bonds shall as well as to large corporations and to the principal banks
not be estimated above their par value or above their market throughout the world.
value if below par.
Opposition also developed at the hearing which opened at
Frank M. Ryan, President of the International AssociaAlbany on Tuesday on the Van Tuyl bills and the Pollock tion of Bridge and Structural Iron Workers, and the twentybill for the regulation of private bankers. It was generally three other members of that association convicted with him
agreed by those heard that with the date of the adjournment in the dynamite conspiracy cases lost their appeal to the
of the Legislature fixed for March 27 the time which re- United States Supreme Court. That tribunal on the 9th
mained was insufficient for the proper consideration of the inst. refused a writ for a review of the cases. The prison
bills, and a postponement of the enactment of new legisla- sentences imposed on the twenty-four men were upheld
tion for a year was urged.
by the United States Circuit Court of Appeals at Chicago
on January 6 last, at which time the court granted new trials
The railroad interests which last week entered a plea for to six others who had been convicted and sentenced as a
the repeal of the "Full Crew" law of New Jersey, have also result of the wrecking of the Los Angeles "Times" Building
petitioned the Governor and Legislature of New York for on October 1 1910. All of them had been convicted in the
the repeal of the "full crew" law enacted in Now York last Federal Court at Indianapolis on October 11910. The only
year. The delegation was given a hearing at Albany on resource now open to the men is a Presidential pardon, and
the 10th inst. A. H. Smith, Vice-President of the New York it is reported that petitions are already in circulation to that
Central, in urging the repeal of the law stated that its opera- end.
tion had increased the drain upon the railroads by compelling
them to pay additional wages. According to Mr. Smith
George Westinghouse, famed as an inventor and engineer,
$596,630 has been paid out in additional wages by the roads died in this city on the 12th inst. of chronic myocarditis,
since the law went into effect last September. It was de- a disease of the heart, after an illness of about fifteen months.
clared that the appointment of an extra man on a train has Ile was in his sixty-eighth year, having been born in October
proved to be a source of waste and not a measure of greater 1846; his birthplace was Central Bridge, a village near
safety, and that tile expenditure of the money now required Schenectady, N. Y. The inventive turn of mind of Mr.
for the wages of the extra man, if applied to safety appliances Westinghouse was manifest at an early age; the air brake of
and other facilities, work a permanent benefit to the public. which he was the inventor, was perfected by him when he
812
THE CHRONICLE
was about twenty-one years of age, but even before that,
when but fifteen years old, he built a rotary engine in the
machine shop of his father. In addition to the many devices
developed by him which have played an important part in
the advancement of railroad and engineering operations, Mr.
Westinghouse also had recognized ability in creating and directing manufacturing and engineering enterprises of important magnitude. The aggregate capital of his various
enterprises reaches $200,000,000, and these organizations
furnish employment,to over 50,000 people. His various
inventions won for him high honors both in the United States
and abroad.
[VOL. zovin.
of age, entered the service of the Girard National in March
1854 as a clerk. Four years later he left to take a position
in a wholesale grocery firm; ho became a member of that
firm, (now Reeves, Parvin & Co.) a short time after, and
has ever since been associated with it. Mr. Reeves was
elected a director of the Girard National in 1881; in January
1896 he became Vice-President, and his promotion to the
presidency occurred on July 18 1899. The growth of the
institution under his guidance is recorded in a minute
adopted by the directors, in which it is set out that "the
bank's capital and surplus increased from 1899 to this date
$4,857,000. Of this increase, $2,125,000 was received
from the sale of new stock. The remainder, $2,732,000,
together with $3,220,000 paid in dividends to shareholders,
shows the net earnings for the 15 years to have been $5,952,000. Deposits in 1899 were a little more than $10,000,000; now they exceed $45,000,000."
Mr. Reeves has held many other important posts. He is
now President of the Belt Line RR. Co. and was formerly
President of the Philadelphia Clearing House• Association.
Mr. Austin, who will enter upon the duties of the Girard
National next week, has been Vice-President of that institution since the merger in 1901 of the Independence National
Bank with the Girard. Mr. Austin had been at the head of
the absorbed bank. He is President of the Brooklyn
Borough Gas Co.
Henry Siegel and Frank E. Vogel, who conducted the
banking business of Henry Siegel & Co., operated in connection with the Fourteenth Street Store of this city, were indicted on the 11th inst. by the grand jury in the Court of
General Sessions. There are three indictments against them,
one charging grand larceny in having secured $25,000 from
the National Bank of Commerce on an alleged false statement
of the condition of the Siegel bank; the other two indictments
are said to charge the defendants with having received deposits after they knew the private bank to be insolvent. The
two partners were required to furnish bail to the amount of
$25,000 each.
Since the receivership proceedings against the Fourteenth
Street Store and the Simpson-Crawford Co. last January,
At the annual election of officers of the Philadelphia Stock
the funds of the depositors in the Henry Siegel & Co. bank
have been tied up. Several propositions in the interest of Exchange on March 2*William D. Grange, a member of the
depositors have been put forth; the latest one, upon which firm of De Haven & Townsend, was elected President,
action by the depositors had been awaited, provided for the succeeding Frederick T. Chandler. Horace 11. Lee was repayment of 323/2% in cash and the balance in notes if the elected Secretary and Treasurer.
two dry goods stores should be reorganized, or 30% in cash
and 70% in notes in case of non-reorganization. In view of
A dividend of 10% was paid to the depositors of the failed
the opposition of some of the depositors to this offer, and the Union National Bank of Columbus, Ohio on the 3rd inst.
anticipated legal proceedings, the offer, which was made by It is reported that the payment brings the total return to
Harry R. Kohn,representing friends of Siegel and Vogel, was s
tittrtteNvitors up to 90%. The institution suspended in
withdrawn of the 10th inst. The sale of the assets of the,/December 1911.
Fourteenth Street Store and the Simpson-Crawford Co. oiS
March 24 was ordered by Judge Hough in the U. S. District
A dividend of 50% was distributed among the depositors
Court on the 12th inst. Suit to recover on the $100,000 of the defunct Columbus Savings & Trust Co. of Columbus,
bond deposited by the United States Fidelity & Guaranty Co. Ohio, on February 23. The failure of the institution ocwith the State Comptroller on behalf of the Henry Siegel & curred on February 26 1912. Prior to the payment the
Co. bank was begun by Attorney-General Carmody on the depositors had received 173/2%. The distribution of Feb12th inst.
ruary 23 was made possible through the recent sale of the
company's building to the Depositors' Realty Co., organized
1
S. Reed Anthony of the banking firm of Tuckk, Anthony by the depositors of the defunct institution. The purchase
& Co., died at his home in Boston on the l0tlltinst. He price of the property was $633,350. Clem S. Baxter,
was in his fifty-first year. Mr. Anthony's first position formerly a State bank examiner of Ohio, who was found
was with Kidder, Peabody & Co., whose offices lie entered guilty on December 20 of having embezzled $3,140 from the
in 1881, and in whose service he continued until 1892, when funds of the Columbus Savings & Trust Co., was sentenced
with W. A. Tucker, he organized the banking house of in January to three years' imprisonment. He is at liberty
Tucker, Anthony & Co. At the time of his death he was under $5,000 bail, pending an appeal.
a member of the New York Stock Exchange, President of
The issuance of additional stock to the amount of $50,000
he Manchester (N. H.) Street Railway; Treasurer of the
Manchester Traction Light & Power Co., and of the ‘Mas- was recently decided upon by the directors of the City Trust
coma Light & Power Co.; a director of the Commonwealth & Savings Bank of Youngstown, Ohio. Last year the stockTrust Co., the Boston Consolidated Gas Co., the,Chemical holders approved plans to increase the authorized capital of
the institution from $100,000 to $200,000. It is stated that
rioducts Co., &c.
7
the amount now to be put out will bring the outstanding
A booklet portraying a series of-advertisements which-the capital up to the last-named figure.
American Trust Co. of Boston is now running in the Boston
The stockholders of the Old National Bank of Detroit are
papers has been issued by the institution. There are twelve
to meet on April 7 to act on the plan of consolidating their
advertisements in the series, the first of which appeared in
Bank of Detroit. The
the Boston "Evening Transcript" 1 of January 28; the final institution with the First National
proposed merger was referred to in our issue of Feb. 28.
one will be printed in the July 1 issue of that paper, two
a month being published in the period between the two
It is proposed to increase the capital of the Drexel State
dates mentioned. The subject matter of the advertisement Bank of Chicago from $300,000 to $350,000. The
directors
is "How to Read a Bank Report", the analysis of a bank's have recommended that the now stock be sold at par to
the
statement thus furnished treats separately of capital; surplus present shareholders. The capital was increased last
sumundivided earnings; deposits; liabilities; cash; demand loans mer from
$200,000 to $300,000, and a surplus fund of $100,time loans; investments; service; and the intangible assets as 000 was created at the same time, through the
transfer of
represented in those who serve as directors, officers and that amount from undivided profits to the new
account;
executives. We believe_that a copy of the booklet may be $50,000 more has just been added to the surplus
account from
had upon request.
undivided profits.
Francis B. Reeves retired on the 10th'inst. asw President
of the Girard National Bank of Philadelphia, his resignation being tendered on the occasion of the sixtieth anniversary
of his employment as a clerk in the institution. Mr. Reeves'
resignation as President will take effect on Tuesday next,
the 17th inst., when he will become Chairman of the Board.
Richard L. Austin, Vice-President, will succeed Mr. Reeves
in the presidency. Mr. Reeves, who is seventy-eight years
Authority to organize the A. H. Hill & Co. State Bank of
Chicago, with $200,000 capital, has been granted to Alonzo
H. Hill, Forest Hill and Charles E. Mitchell.
Permits have also been issued to organize the Hellenic
State Bank of Chicago, capital $200,000, and the Brookline
State Bank of Chicago, capital $200,000,
813
THE CHRONICLE
MAR. 14 1914.]
A special dividend of 100% has been declared on the
$100,000 capital of the National Bank of Athens, at Athens,
Ga. This distribution to the stockholders is in addition to
the annual dividend of 8%. The bank has a surplus fund
of $200,000, while its undivided profits on January 21 were
$284,730.
The fire which destroyed the quarters of the Missouri
Athletic Club of St. Louis early last Monday morning caused
the Boatmen's Bank, located in the same building, to seek
new quarters. The other banks in the Clearing House
immediately offered their assistance to the Boatmen's,
placing at the latter's disposal the services of their officers
and assistants, and any cash needed pending the rescue of
its resources from the wreck. The bank opened at the usual
time on Monday in temporary quarters at Fourth and Pine
streets. It announced that the cash and securities in its
vaults were not damaged and that it had suffered no loss.
January February
March......
April
May
June
July
August
September
October
November
December..
EXCESS OF EXPORTS OR IMPORTS.
Silver
Merchandise- -Gad-1913.
1914.
1913.
1914.
1912.
1914.
1913.
+849,331 +863,970 +558,860 -83,537+811,028 +$1,692 8+2,235
+2,834
+7,016
+44,083 +64,656
+2,353
+13,696
+31,981 +47,835
+3,164
-1,004
+53,619 +16,729
+2,235
+7,906
+60,883 +19,682
+2,367
+32,159
-2,818
+7,203
+2,317
+795
+21,929
+218
+1,507
+50,257 +13,088
-4,609
+2,758
-4,131
+47,155 +54,858
+2,335
-4,907
+139,012 +76,646
+1,334
-378
+97,323 +125,149
+1,648
+5,500
+48,900 +96,221
Total
+5691.272+5581,145
+ Exports. -Imports.
+$26.901)
3+28,094
Totals for merchandise, gold and silver for seven months:
Gold.
Exports.
Imports.
Excess
of
ExExports porm.
$
$
1913-14 1,521,835 1,067,921 453,914
1912-13 1,526,635 1,096,484 429,151
1911-12 1,307,152 912,20 394,952
1910-11 1,258,583 894,041 364,542
1909-10 1,084,687 891,19 193,493
1908-09 1,031,751 097,499 334,252
$
34,97
47,49
25,847
10,182
75,209
35,563
Silver.
Excess
Exlinof
pons. Exports ports.
Merchandise.
Seven
Months
(000s
omitted)
Excess
of
Imports. Exports
$ I
$ I
46,247f11,269
31,266i 16,229
28,813, 12,966
49,375129,193
26,083 49,126
27,2891 8.274i
$ I
33,464
44,728
37,249
35,958
32,731
30,865
$
20,054 13,410
27,338 17,390
26,144 11,105
27,528 8,430
27,564 5,167
24,747 6,118
W. H. Gass, formerly President of the Knoxville Banking
& Trust Co. of Knoxville, who was found guilty on January 18 I Excess of imports.
Similar totals for the month of January for six years make
of having accepted deposits in the institution when it was
known to be insolvent, was sentenced on February 21 to an the following exhibit:
indeterminate term of imprisonment of from two to six years.
Merchandise.
Gold.
Silver.
One
Pending an appeal the former president has been released Month.
Excess
Excess
muws
under $5,000 bail.
of
of
ExImof
ExImImEx(0008
ports. Exports ports. ports. Exports ports. ports. Exports
Omitted) ports.
•
Arrangements for the discharge of the claims against the
$
$
$
$
$
$
2,318 1,692
203,800 154,469 49,331 6,914 10,451 13,537 4,01
failed Bank of Helena, at Helena, Ark., were recently per227,033 163,063 63,970 17,237 6,210 11,027 6,436 4,201 2,235
4,358 1,670
202,446 143,58 58,860 1,915 5,141 /3,226 6,02
fected, according to E. C. Horner, formerly President of the
924 9,541 18,617 5,651 3,551 2,100
197,083 130,561 66,522
250
.
institution. In a statement concerning its affairs Mr.
144,461 133,67 10,791 6,163 2,131 4,032 4,498 4,248
877
156,713 103,577 53,136 7,865 3,421 4,444 4,542 3,665
Horner says:
Within a few days after the affairs of the bank had been placed in the
hands of a receiver, which occurred in April last, E. 0. and J. S. Horner
executed a conveyance to the receiver of the bank embracing property
belonging to them,estimated of the value of $1,500,000. During the latter
part of the summer the proposition was made by the Messrs. Horner whereby their property, known as the Interurban Railway and West Helena,
should be incorporated under the laws of Arkansas and preferred stock to
the amount of $600.000 issued by said company, which, together with
about $250,000 in cash, should be used in retiring the claims of the depositors of the bank other than the members of the Horner family. In
order to carry this proposition into effect it was necessary to secure an
advance in cash by banks in New York, St. Louis and Memphis. This
was accomplished and the proposition received the sanction of the Chancery
Court of Phillips County, Ark., and was accepted by practically all of the
depositors of the bank. Many details were necessarily involved and much
time required for the working out of the proposition. All of the depositors
holding claims of $100 and less were paid in cash and in full. The consummation of this matter will practically wind up the affairs of the Bank
of Helena, free the courts of all litigation growing out of the matter, and
secure for the depositors of the bank the payment of their claims in full.
IMPORTS AND EXPORTS FOR JANUARY.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for January, and
from it and prepous statements we have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Exports
Imports
1914.
1913.
1912.
1914.
1913.
1912.
$203,800 $227,033 $202,446 $154,469 $163.063 $143,586
January
193,997
198,844
February_
134,188
149,914
187,427
205,412
155,446
March
157,577
179,300
199,813
162,571
146,194
April
175,380
194,607
133,724
155,698
May
138,234
131,246
163,405
131,031
June
160,991
148,667
148,885
139,062
July
154,757
167,845
137,652
187,909
August
144,820
171,085
199,678
218,240
September-__
132,849
177,988
254,634
271,861
October
153,095
278,244
184,216
245,539
November....
154,095
184,588
250,316
233,488
December _
Total
January
February_
March
April
May
June
July
August
September_
October
November_
December
$2,484,310 $2,399,218
GOLD.
Exports
1914.
1913.
1912.
86,914
$17,238
$1,915
12,373
10,589
18,077
7,454
3,010
1,817
12,467
4,451
7,171
569
7,265
8,654
2,498
1,195
568
496
330
484
2,710
6,663
657
10,573
Total
$91,799
anuarY
FebruaryMarch
1914.
$4,010
April
May
June
July
August
SeptemberOctober
November_
December Total
1912.
$6,028
5,122
5,1s06
4,941
6,726
5,046
6,591
6,077
6,011
6,172
5,834
7,608
$62,777
$71,962
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of January,
and we give them below in conjunction with the figures preceding, thus completing the results for the seven months of
the fiscal year 1913-14.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Silver.
Gold.
Months.
Coin.
Bullion.
Total.
1913-14.
July
August____...._
September
October
November......
December
January
$
47,808
770
5,240
15,070
43,060
5,926
8,583
$
$
394,660
346,852
120,056
119,286
64,377
69,617
118,804
103,734
61,749
104,809
80,271
86,197
97,285
105,86S
Total 7 mos..
126,457
873,554 1,000,011
277.878 1.322.764 1.600 642
7 mos. 1912-13
Coin.
$
2,700
1,967
5,254
Bullion.
$
353,644
105,439
348,458
257,808
65,942
120,534
87.405
Total.
$
356,344
105,439
350,425
257,808
65,942
120,534
92,659
9,921 1,339,230 1.349,151
364154
305.575
660.020
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Gold.
Silver.
• Months.
Coin.
$
1,390
1913-14.
July
August
September
October
November
December
January
Bullion.
$
800
Total.
$
1,390
800
1,200
1,200
457,050
457,050
Coin.
Bullion.
$
1,233,382
1,121,640
1,279,108
556,573
150
48,05 1,036,895
744,538
47,855
27,027
$
Total.
$
1,233,382
1,121,640
1,279,108
556,723
1,084,945
792,393
27.027
1
1,390
459,050
460,440
123.082 5,972,136 6,095,218
7 mos. 1912-13
4_nis
104350
105385
7 150 8455413 8.482.563
Total 7 mos-
$1.793,038 11,818,073
1914.
$2,318
Imports
1913.
$6,210
5,357
4,381
4,014
4,561
3,387
7,859
5,804
4,627
5,391
7,041
5,073
1912.
$5,141
2,937
4,336
3,893
3,347
5,611
3,748
5,577
4,201
11,887
4,474
11,397
$63,705
1914.
$10,451
$47,425
SILVER.
Exports
1913.
$6,436
5,315
5,537
5,972
5,329
4.732
4,936
4,908
5,856
4,874
4,424
4,458
Excess of Imports.
$66,549
Imports
1913.
$4,201
2,481
3,184
2,808
3,093
2,365
2,799
3,401
3,098
2,538
3,090
2,810
1912.
$4,358
3,781
3,712
4,189
4,345
4,880
3,436
3,952
3,649
4,684
3,417
3,998
135,868
$48,401
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Tuesday, Mar. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of February. From this statement it appears that the
aggregate of the unfilled orders on Feb. 28 was 5,026,440
tons, 412,760 tons more than on Jan. 31 last and 744,332
more than on Dec. 31 1913, when the amount of orders outstanding was the smallest for over two years, or since Nov.30
1911. In the following we give the comparisons with
previous months.
Tom.
Feb. 28 1914_5,026.440
Jan. 31 1914--_4,613,680
Dec. 31 1913-__4,282,108
Nov. 30 1913_4,396.347
Oct. 31 1913_4,013,767
Sept. 30 1913_5,003,785
Aug. 31 1913_5.223,468
July 31 1913_5,399,356
June 30 1913_5,807.317
May 31 1913_6,324,322
April 30 1913_6,978,762
Mar. 31 1913_7.
468,956
Feb. 28 1913_7,656,714
Jan. 31 1913_7,827,368
Eec. 31 1912---7,932,164
Tons.
Nov. 30 1912___7,852,883
Oct. 31 1912___7,594,381
Sept. 30 1912_6,551,507
Aug. 31 1912_6,163,375
July 31 1912__5,957,079
June 30 1912_5,807,346
May 31 1912___5,750,983
April 30 1912___5,664,885
Mar. 31 1912__5,304,841
Feb. 29 1912__5,454,200
Jan. 31 1912_5,379,721
Dec. 31 1911_5.084,761
Nov. 30 1911___4,141,955
Oct. 31 1911___3,694,328
E-pt. 30 1911.....3,611,317
Tons.
Aug. 31 1911_3,695.985
July 31 1911_3,584,085
June 30 1911-3,361.058
May 31 1911___3,113,187
April 30 1911.....3,218,704
Mar. 31 1911_3,447.301
Feb. 28 1911___3,400,543
Jan. 31 1911_3,110,919
Dee. 31 1910__2,674.750
Nov. 30 1910......2,760,413
Oct. 31 1910___2,871,949
Sept. 30 1910_3,158.106
Aug. 31 1910._3,537,128
July 31 1910___3,970.931
814
THE CIIRONICLE
Prior to July 31 1910 reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
Tons.
1910...4,257,794
1910_5,402,514
1909___5,927,031
1909_4,796,833
1909_4,057.939
1909_3,542.595
1908_3,603,527
1908_3,421,977
1908_3,313.876
1908_3,765,343
1907_4,624,553
1907-.6,425,008
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
Tons.
1907...7,603,878
1907...8,043,858
1906_ 4
'8,489,718
'
1906_ 4 7,936,884
1906_ 4 6,809,589
'
1906...7,018,712
1905...7,605,086
1905...5,865,377
1905...4,829,655
1905...5,597,560
1904...4.696,203
1904_4
'3,027,436
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
1)ec. 31
Sept. 30
June 30
Dec. 31
Nov. 1
Tom
1904„.3,192,277
1904...4,136,961
1903_.3,215,123
1903_ _.3,728,742
11)03. _ 4 4,666,578
'
1903...5.410,719
.5,347,253
1902_ _ 4
'
1902_ _ 4 4,843,007
'
1902_ _ 4 4.791,993
1901.._.4,497,749
'
1901_ _ 4 2,831,692
•The figured prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept 30 1904, shown above as 3,027,436 tons, the
former basis, would, it Is stated. be 2.434.738 tons on that now employed.
ANTHRACITE COAL PRODUCTION.
-The shipments
of anthracite coal to tidewater during the month of February,
aggregating 4,121,451 tons, were the smallest, with the exception of April and May 1912, when mining was temporarily
suspended, since July 1909. Compared with February 1913,
the decrease was 1,552,718 tons. In the following we show
the shipments by the various carriers for the months of February 1914 and 1913 and for the period Jan. 1 to Feb. 28 this
year and last:
RoadPhiladelphia & Reading
Ions_
Lehigh Valley
Jersey Central
Delaware Lackawanna Js Western
Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Total
February
1914.
1913.
746,793 1,165,449
681,844 1,062,129
563,650
761,070
573,553
763,571
442,378
567,371
426,100
491,062
533,307
655,919
153,826
207,598
4,121,451
5,674,169
Jan. 1 to
1914.
1,761,919
1,492,432
1,268,141
1,192,491
1,029,271
962,218
1,239,610
351,101
Feb. 281913.
2,422,581
2,237,280
1,574,437
1,685,670
1,220,548
1,067,614
1,373,154
429,304
9,297,183
12,010.588
COPPER PRODUCTION AND CONSUMPTION,
-The
statement of the Copper Producers' Association for the month
of February, issued on Monday, shows a reduction in unsold
stooks on hand of 8,924,833 lbs. and a decrease in domestic
deliveries of 12,089,835 under the corresponding month last
year. In the following we compare the various items for
February this year and last and for the period Jan. 1 to Feb.
28. We also add figures showing the European visible supply:
February
Jan. 1 to Feb. 281914.
1913.
1914.
1913.
Stocks beginning period_ _ _lbs. 87,296,685 123,198,332 01,438,867 105,312,582
Production
122,561,007 130,948,881 254,331,281 274,428,506
Total supply
Deliveries for
Domestic consumption
Export
300,857,692 254,147,213 345,770,148 379,741,088
47,586,657 59,676,492 95,543,612 124,886,522
83,899,183 72,168,523 171,854,684 132,552,368
131,485,840 131,845,015 267,398,296 257,438,890
Stooks end of period
European visible supply-.
Beginning period
End of period
78,371,852 122,302,198 78,371,852 122,302,198
87,777,600 85,630,720 47,116,160 90,451,200
41,572,166 81,034,240 41,572,160 81,034,240
illkottetavg74goinincrcialiKnglisitnems
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Mar. 13.
Sal.
Mon.
Tues. Wed.
Thurs.
PM
Silver, per os
d 2834
26 13-16 26 13-16 26 13-1: 2611-16 2634
d Consols, 214 per oenta____ 74 9-16 7434
7434
75 1-16 7434
7534
d For account
753-16 75
7434
7434
7434
7534
French Rentea (in Paris) tr. 88.85
88.20
88.1734 88.1234 88.10
88.05
Amalgamated Copper Co
7414
76
7634
7534
7534
7534
Am. Smelt. & Refining Co 68
68
69
7034
70
69
b Anaconda Mining Co
TA
73.4
734
734
Atch. Topeka & Santa Fe
9834
9834
9834
9934
fa
94
1
Preferred
103
103/4
10334
103
103
10334
Baltimore & Ohio
90
9114
9034
9034
91
9034
84
Preferred
84
8334
84
83
83
Canadian Pacific
21234
213
214
21134
21334
21134
Chesapeake & Ohio
5(3
54
c5414
6434
5414
5334
Chicago Great Western
12
12
12
1234
12
12
Chicago Milw. de St. Paul.._ 9814
102
10034
10134
101
10134
Denver & Rio Grande
12
13
1134
1234
1234
1134
Preferred
23
23
2334
23
2334
2134
Erie
29/4
29
2834
2834
2934
2934
First preferred
45
4434
4534
4534
4534
4434
Second preferred
38
38
38
38
38
38
Great Northern, preferred 129
129/4
13034
13034
12934
13034
Illinois Central
112A
112A
112
112
Louisville & Nashville
189
139
139
139
Missouri Kansas & Texas.... 17
1734
li7%
1734
y
1734
IF731
Preferred
61
53
51
53
52
5234
Missouri Pacific
25
25
2534
26
Nat.SIR. of Mex., 2d pref_ 1134
NA
1134
1134
1
1134
N. Y. Cent. & Bud. River
9134
92
9034
9134
9234
9134
N.Y. Ont. & Western
28
28
2734
2734
2734
2734
Norfolk & Western
105
106
10434
10535
10534
10534
Preferred
8989
89
91
Northern Pacifico
Ili-11234
11534
11434
11434
11334
a Pennsylvania
57
57
5734
57
NA
5634
a Reading Company
8334
84
8394
8334
8434
8334
a First preferred
45
45
45
45
45
4534
'. a Second preferred
4534
__4646
46
Rock Island
434
4/4
5
5
434
Southern Pacific
95
9534
9694
9634
96
9634
Southern Railway
2534
2534
2534
2534
2534
2534
Preferred
8534
8534
8534
86
86
8534
Union Pacific
160
161
16134
161
16134
I6134
Preferred
8534
8534
8534
8514
8534
8534
U.S. Steel Corporation
6434
6534
65/4
6634
6634
6534
Preferred
112/4
113
113
113
11234
11234
Wabash
2
2
234
234
2
294
Preferred
7
634
734
634
734
734
Extended 4s
5734
5834
58
5734
57
5734
a
-i'A"
a Price per share. SA sterling. e Ex-dividend. d Quotations here given are
that prices.
xcvm
graninexciai and7rtisatilt:aeons4.cius
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 Bank of Smithfield, N. C.,into "The First National
Bank of Smithfield." Capital, $50,000.
The Farmers' & Merchants' Stato Bank, Tupelo, Okla., into
"The
Farmers' National Bank of Tupelo." Capital, $25,000.
CHARTERS ISSUED TO NATIONAL BANKS FEB. 26 TO
MAR. 2.
-The First National Bank of Park Falls, Wis. Capital, $25,000.
10,489
Ray J. Haggerty, Pros.; Gustav A. Fritselie, Cashier.
-The Citrus National Bank of Exeter, Cal. Capital, $25,000.
10,490
Chas. W. 'Walter, Pres.; W. R. Pigg, Cashier. Conversion of
The Citrus Bank of Exeter.
10,491,
-The First National Bank of Covington, Tenn. Capital, $60,000.
J. II. Flippin, Pres.; E. L. Worrell, Cashier.
10,492
-The First National Bank of /lobo, Ill. Capital, $25,000. J. T.
Harvey, Pros.; A. F. Turnbaugh, Cashier. (Succeeds The Farmers' Exchange Bank of Nebo.)
VOLUNTARY LIQUIDATIONS.
6,503
-The First National Bank of Bloomfield, Neb., Feb. 26 1914. Sueceeded by the Nebraska State Bank of Bloomfield, which is to
act as liquidating agent.
-The Superior National Bank, Superior, Nob., Feb. 24 1914.
5,397
Liquidating agent: J. T. Dalby, Superior, Neb. Absorbed by the
State Bank of Superior.
-The Planters' National Bank of Emporia, Va., Mar. 2 1914.
9,732
Liquidating committee: The board of directors. Consolidated
with The First National Bank of Emporia, Va.
Canadian Bank Clearings.
-The clearings for the week
ending Mar. 7 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
7.44%.
Wee..3 ending March 7.
Clearings at
•
1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Total Canada
Inc. or
Dec.
1913.
1912.
s
$
S
$
55,626,887 53,206,481
+4.5 46,733,538
44,145,826 45,655,277 -3.3 39,000,000
21,596,394 25,688,732 -15.9 25,478,253
9,264,916 12,136,866 -23.7 11,569,904
4,642,835 4,129,863 +12.4 5,449,656
2,618,213 3,194,775 -18.0 2,711,779
1,698,804 2,226,569 -24.9 1,814,601
3,183,493 3,336,960 -4.6 2,629,450
1,364,352 1,546,960 -11.8 1,356,733
1,726,093 1,991,932 -13.3 1,876,241
3,487,624 4,446,847 -21.6 4,710,866
2,703,546 3,928,051 -31.2 3,026,754
3,254,040 4,147,009 -21.5 4,462,893
1,713,731 2,282,665 -24.9 1,721,746
516,493
546,043 -14.6
466,033
699,406
544,181 -23.3
417,318
1,962,897
1,182,379 2,152,412 -45.1
573,288
608,002 -5.5
574,544
003,154 1,195,894 -24.4
993,712
907,143 -23.1
697,375
510,581
390,132
592,203 -34.1
466,026 Not include d in tot al
161.657.689 174.498.8(35
1911.
$
42,003,552
35,270,098
15,921,337
10,299,939
3,930,800
2,650,173
1,441,073
1,856369
1,508,638
1,442,011
3,326,392
2,868,085
1,976,575
1,528,487
513,736
447,197
818,067
560,486
654,047
-7.4 157.898.881 129,017,162
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in, italics.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Boston & Albany (guar.)
2
Boston Revere Beach & Lynn (guar.)
134
Canadian Pacific, corn. (qu.) (No. 71L. 234
Preferred
2
Chesapeake & Ohio (quar.)
1
Chicago Burlington de Quincy (guar.)
2
Chicago & North Western, corn. (guar.). 1A
Preferred (quar.)
2
Delaware & Hudson Co.
254
Fonda Johnstown & Gloversv., pref. (qu.)_
134
Grand Trunk, let and 2nd preference.._. 234
Third preference
234
IIocking Valley (quar.)
2
Interborough Rapid Transit (quar.)._.. 234
Kansas City Southern, pref. (quar.)... 1
Keokuk & Des AI° nes, preferred
314
Lackawanna RR. of N. J. (quar.)
1
Lake Shore & Mich. Southern (extra)
6
Guar.stk.(Mich.Sou.& Nor.Ind.)(extra) 6
Maine Central (guar.)
134
Manhattan Ry. (guar.)
1%
Minn.St. P.& S. S. M.,com.& pf.(No.22) 334
Newark & Bloomfield
3
N. Y. Central & Mud. Ricer (guar.)
134
New York & Harlem, corn. & pref
2
N. Y. Lackawanna & Western (quar.)_ _
134
Norfolk & Western, common (quar.).. 134
Masa. Bessemer & Lake Erie, common_ __ _
114
Pittsb. Ft. W.& Chic., reg. guar. (quar.) 1%
Special guaranteed (quar.)
134
Reading Company, second pref. (guar.). 1
St. Joseph South Bend & Sou., common_
1
Preferred
234
St. Louts & San Francisco.
K. C. Ft. S. & M., VI. Cr. ctfs. (quar.).. 1
Southern Pacific Co. (quar.)(No. 30)
134
Southern Railway, preferred
234
Southern Ry.-M. & 0. stock tr. ctfs.._ _
2
Union Pacific, common (special)
s3
Union Pacific, common (guar.)
234
Preferred
2
Warren
334
1Vest Jersey & Seashore
234
Street and Electric Railways.
American Railways. corn. (quay.)
75e.
Arkansas Valley By., L. & P., pref.(qu.)
iu
Asheville Power & Lt., pref. (qu.)(No. 8)_
134
Augusta-Aiken Ry. & El. Corp., pf. (qu.)_
134
Bangor fly. & Elec., Pl. (guar.)(No. 9)... 194
Brazilian Trac., Lt. & Pow., prof.
134
& Plymouth St. Ry., pf.(No.10) 3
(qu.)Brocktn
Brooklyn Rapid Transit (quar.)
194
Books Closed.
Days Inclusive.
Mar. 31 Holders of rec. Feb. 284
April 1 Holders of rec. Mar. 14a
April 1 Holders of rec. Feb. 28a
A pr11 1 Holders of rec. Feb. 28
Mar. 31 Holders of rec. Mar. 6a
Mar. 25 Holders of reo. Mar. 194
April 1 Holders of rec. Mar. 24.
April 1 Holders of reo. Mar. 2a
M sr. 20 Holders of rec. Feb. 25a
Mar. 16 Holders of rec. Mar. 1041
Mar. 31 Holders of roe. Mar. 13a
Aprli 1 Holders of rec. Mar. 20a
April 15 Holden; of rec. Mar. 314
April 1 Holders of rec. Mar. 24a
April 1 Holders of rec. Mar. Oa
Mar. 31 Holders of rec. Mar. 20a
Mar. 31 Holders of rec. Mar. 20a
April 1 Holders of rec. Mar. 16a
April I Holders of rec. Mar. 16a
April 15 Holders of rec. Mar. 19a
April I Holders of rec. Mar. 21a
April 15 Mar. 21 to
April 15
April 1 Holders of rec. Mar. 204
April 1 Holders of rec. Mar. 14a
Mar. 19 Holders of rec. Feb. 28a
April 1 Holders of rec. Mar. 14
April 7 Mar. 15 to April 7
April 1 Mar. 15 to April 1
Apr. 9 Holders of rec. Mar. 24a
Mar. 16 Mar. 11 to Mar. 18
Mar. 16 Mar. 11 to Mar. 16
Aprll 1
April 1
AprI124
April 1
April Is
April I
April I
AprI115
April 1
Mar. 18 to April 1
holders of ree. Feb. 284
Holders of rec. Mar. 28a
Holders of rec. Mar. 16a
Mar. 3 to Mar, 22
Mar. 3 to Mar. 22
Holders of rec. Mar. 2a
Holders of rec. April 6a
Holders of tee. Mar. 15
Mar. 14 Holders of tee. Feb. 28a
Mar. 16 Holders of reo. Feb. 28
April 1 Holders of rec. Mar. 23a
Mar. 31 Holders of rec. Mar. 15a
April 1 Holders of rec. Mar. 20
April 1 Holders of reo. Mar. 14
Mar. 16 Holders of tee. Mar. 7a
April 1 Holders of rec. Mar. 9
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Electric Rys. (Colcluded).
Carolina Power & Lt., pref.(qu.)(No.20). 1X April 1 Holders of rec. Mar. 23a
Mar. 16
Chicago City RY.(guar.)
2% Mar. 30 Mar. 6 to
Cincinnati Street Ry. (quar.)
155 April 1
Cleveland Ry. (guar.)
13.6 April 1 Holders of rec. Mar. 14a
Columbus Ry. Pow. & L., pref. A (No. 1) 155 April 1 Holders of rec. Mar. 16
Apr. 1 Holders of rec. Mar. 14a
Duluth-Superior Tree., corn. & pf.
'
1
Paso Elec. Co., corn. (qu.) (No.(qtr.)El 11)...
23( Mar. 16 Holders of rec. Mar. 4a
lirankford & Southwark Pass., Phila.(Tu.). $4.50 April 1 Holders of rec. Mar. 15a
Galye:sten-110(13ton El. Co.,com.(No. 10) 33.6 Mar. 16 Holders of rec. Mar. 5a
Mar. 16 Holders of rec. Mar. 14
Preferred (No. 14)
3
April 1
April 1 Mar. 20 to
Halifax Him Ry. (quar.)
2
155 April 1 Holders of rec. Mar. 14a
Illinois Traction, pie]'. (guar.)
154 April 1 Holders of rec. Mar. 21a
Lake Shore Him Ry., 1st pref. (guar.)_
Manila Elec. RR. & Ltg. Corp. (guar.). 13% April 1 Holders of rec. Mar. 18a
155 April 1 [Solders of rec. Mar. 24
N. Y. Stale Railways, cone. (guar.)
13% April 1 Holders of rec. Mar. 24
Preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 28a
Ohio Trac. & L., corn. (guar.)_
Northern
$2 April 1 Holders of rec. Mar. 10a
Philadelphia Traction
rec. Mar. 16
Holders
St. Joseph Ry., L., It. & P., pref. (guar.) 13% April 1 Mar. 3 of to
Mar. 13
April 1
Second & Third Sts. Pass., Phila. (guar.) 3
I% April 1 Holders of rec. Mar. 140
Twin City it. T.. Minneap., corn. (qu.)_ _
1 X April 1 Holders of rec. Mar. 14a
Preferred (guar.)
1
April 1 Holders of rec. Mar. 16a
United Light & itys., common (quar.)...
April 1 Holders of rec. Mar. 16a
1r
Common (payable in corn. stock)
13.6 April 1 Holders of rec. Mar. 16a
First preferred (guar.)
X April 1 [Solders of rec. Mar. lila
Second preferred (attar.)
Mar. 15a
United Tree. & Elec., Providence (guar.) 13% April 1 Mar. 11 to
13% April 10 Holders of rec. Mar. 21a
Virginia Hy. & Power, common
13% Mar. 31 [Solders of rec. Mar. 21a
Bait. & Annap. Hi. RR., pf. (Iu.)._
Wash.
April 1
$1.75 April 1 Mar. 22 to
West End Street By., Boston, common
Mar. 31
West India Mee. Co., Ltd. (guar.)(No. 25) 13% April 1 Mar. 24 to
Mar. 16
West Penn Tr. dr W. P., pf. (qtr.) (No. 8) 155 Mar. 16 Mar. 13 to
Banks.
2
April 1 Holders of rec. Mar. 21
Chatham & Phenix Nationai (guar.)
Trust Companies.
6
Mar. 31 Holders of rec. Mar. 25a
Guaranty (guar.)
2
Mar. 31 Holders of rec. Mar. 25a
Extra
April 1 Mar. 17 to
April 1
Lawyers' TWO Ins. & Tr. (llt.) (No. 02)... 2
13% April .1 Holders of roe. Mar. 31
Mutual Alliance (guar.)
Miscellaneous.
1
April 15 Holders of rec. Mar. 23a
Amer. Agile. Chem., corn.(Iu.)(No.10)-Preferred (guar.) (No. 35)
155 April 15 Holders of rec. Mar. 23a
American Bank Note, pref. (guar.)
155 April 1 [folders of rec. Mar. 16a
Amer. Beet Sugar, pref. (qu.)(No. 59). _
13% April 1 [Solders of rec. Mar. 14a
Amer. Brake Shoe & Fdy., cons. (quar.).- 134 Mar. 31 Holders of roc. Mar. 20
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 20
2
American Cc
Cc', nreferred (quar.)
134 April 1 Holders of rec. Mar. 17a
Amer. Car &
55 April 1 Holders of rec. Mar. 10a
corn. (rm.)(No.46).
Preferred(guar.) (No. 60)
13.6 April 1 Holders of rec. Mar. 10a
Mar. 20 Holders of rec. Mar. 14a
American Chicle, corn. (monthly)
1
Mar. 20 Hoklers of rec. Mar. 14a
1
Common (extra)
13% April 1 Holders of rec. Mar. 25
Amer. Coal Products, Coln. (guar.)
131 April 15 Holders of rec. April 10
Preferred (guar.)
13% April 1 Holders of rec. Mar. 14a
American Express (guar.)
April 1 Mar. 22 to April 1
Amer. Gas dc Elec., cons. WO (No. 16) 2
Amer. Iron & Steel Mfg., corn. & pref.(Iu) 151 April 1 !folders of rec. Mar. 21a
April 21
134 April 21 April 2 to
American Locomotive, pref. (qaar.)
5
April 1 Mar. 15 to
April 1
American Machine & Foundry
1
April 1, Holders of rec. Mar. 14a
American Pipe & Construction (quar.)
Mar. 20
American Pneumatic Service, 1st pref.._ $1.75 Mar. 31 Mar. 15 to
75c. Mar. 31iMar. 15 to
Mar. 20
Second preferred
Amer. Power & Lt.. Pf. (qu.)(No. 18)_
155 April l Holders of rec. Mar. 24a
American Radiator, common (quar.)
2
Mar. 31 Mar. 22 to
Mar. 31
Common (extra)
Mar. 31 Mar. 22 to
2
Mar. 31
Common (payable in common stock)... lOr
Mar. 31 Mar. 22 to
Mar. 31
Amer. Smelt. de Refg., corn.(qu.)
Mar. 4
Mar. 16 Feb. 26 to
(No.42) 1
Amer.Smelters'Securities, pref. A (guar.) 155 April 1 Mar. 21 to
Mar. 29
Mar. 29
Preferred B (guar.) (No. 36)
134 April 1 Mar. 21 to
American Snuff, common (guar.)
April 1 Holders of rec. Mar. 14a
3
Preferred (guar.)
155 April 1 Holders of rec. Mar. 14a
Mar. 19
54 mar. 31 Feb. 27 to
American Steel Foundries (quar.1
Amer. Sugar Refg., corn. & pref. (guar.). 13% Apr. 2 Holders of rec. Mar. 2a
Mar. 31
American Surety (guar.)(No.99)
23% Mar. 31 Mar. 15 to
April 20 Holders of rec. April 1
(x)
American Tobacco, common (special)
Mar. 15a
13% Apr. 1 Feb. 15 to
American Tobacco. pref. (guar.)
1
April 15 Holders of rec. April 10a
Amer. Type Founders, common (guar.). _
Preferred (guar.)
141 April 15 Holders of rec. April 10a
Associated Oil
13% April 15 Holders of rec. April la
Bell Telephone of Canada (guar.)
2
April 15 IIolders of roe. Mar. 25
Bethlehem Steel, pref. (guar.)
114t April 1 Holders of rec. Mar. 16a
Booth Fisheries. 1st pref.(guar.)
134 April 1'
/1ar 21 to
1
4
Apr. 1
Bordens' Cond. Milk, pf.(qu.)(No. 49).
13% Mar. 14 Mar. 6 to
Mar. 15
British-Amer.Tobacco,ordinary (interim) 23% Mar. 31
See note w.
Preference
25.0 Mar. 31
13% Apr. 2 Mar. 19 to
Brooklyn Union Gas (guar.) (No. 52)...
Apr. 1
Mar. 14 Holders of rec. Feb. 24
Buckeye Pipe Line (guar.)
$5
1
Mar. 31 Holders of rec. Mar. 20
Buffalo Gen. Elec. (guar.)(No. 78)
Petroleum Corp., pref. (guar.) 134 April 1 [Solders of rec. Mar. 14a
California
Mar. 21) Holders of rec. Feb. 24
$5
Calumet & Ifecla Mining (guar.)
April 1 Holders of rec. Mar. 14a
2
Cambria Iron (guar.)
155 April 4 Mar. 24 to
Canadian Cottons, Ltd., pref. (guar.)
April 3
Canadian General Elec.. common (guar.) 134 April 1 [folders of rec. Mar. 14
Preferred
33% April 1 [folders of rec. Mar. 14
Canadian Weat'll'se, Ltd. (qtr.)(No.
134 April 9 Holders of roe. Mar. 31a
(J. I.) Threshing M., Inc., pf. (Iu.) 134 April 1 Holders of rec. Mar. 16
37).Case
Central Leather, pref. (guar.)
13( April 1 Holders of rec. Mar. 10a
Central States El. Corp. p1.(qu.)(No.7) 13( April 1 Holders of rec. Mar. 10
Mar. 20 Mar. 7 to
Mar. 20
Chesebrough Mfg. Consolidated (guar.). 6
Mar. 20 Mar. 7 to
Mar. 20
4
Extra
Mar. 31 Holders of rec. Mar. 30a
2
Chicago Telephone (guar.)
Mar. 10
75e. Mar. 31 Mar. 7 to
Chino Copper (guar.)
Cincinnati Gas & Hlectric (guar.)
134 April 1
Mar. 16 Holders of rec. Feb. 28a
Cleveland & Sandusky Brew., pref. (qu.) 1
Cluett,Peabody&Co.,ino..pf.(q11.)
(No.5) 134 April 1 Holders of rec. Mar. 20a
Columbus Gas & Fuel, prof. (guar.)
134 April 1 Holders of rec. Mar. 14
Columbus Light, Ht.& Power,corn.(guar.) 134 April 1 Holders of rec. Mar. 16
Consolidated Gas (guar.)
155 Mar. 16 Holders of rec. Feb. Ha
Cons. Gas, El. Lt. de P., Bait., corn.(qu.) 13% April 1 Holders of rec. Mar. 20
Preferred
April 1 Hohlers of rec. Mar. 20
3
Consumers Power (Mich.), pref. (guar.)._
1% April 1 Holders of rec. Mar. 20a
Continental Can, Inc., prof. (quar.)......_
134 April 1 Holders of rec. Mar. 20a
Continental 011
Mar. 17 Feb 25 to
Mar. 16
3
Crescent Pipe Line (guar.)
to
$1.50 Mar. 16 Feb. 21
Mar. 17
Cuban-Amer. Sugar, Pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 16a
Diamond Match (guar.)
155 Mar. 16 holders of rec. Feb. 28a
Extra..
1
Mar. 16 [folders of rec. Feb. 28a
Mar. 31
Dominion Canners, Ltd., common (guar.) 155 April 1 Mar. 17 to
Mar. 31
Preferred (guar.)
13% April 1 Mar. 17 to
Dominion Textile, common (guar.)
155 April 1 Holders of rec. Mar. 14a
Dominion Textile, preferred (quar.).__
13% April 15 Holders of rec. Mar. 31a
Mar. 16 Mar. 6 to
Mar. 16
duPont(E.I.)deNemours Powd.,com.(qu.) 2
Preferred (guar.)
April 26
134 April 25 April 16 to
du Pont Internat. Powd., pref. (quar.)
134 Apr. 1 Holders of roe. Mar. 21a
Eastern Power & Lt. Corp. pref. (guar.) 155 Mar. 16 Holders of rec. Feb. 28a
Eastern Steel, let preferred (guar.)
'
134 Mar. 16 Holders of rec. Mar. 2
Eastman Kodak, common (guar.)
23% Apr. 1 Holders of rec. Mar. 7a
Common (extra)
755 Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
13% Apr. 1 Holders of rec. Mar. 7a
Electric Storage Battery, corn. & pf.(qu.) 1
Apr. 1 Holders of refs. Mar. 23a
Federal Mining & Smelting, pf. (qu.)_
13% Mar. 16 Holders of rec. Feb. 20a
Galena-Signal Oil, corn. (guar.)
3
Mar,31 Holders of rec. Feb. 28a
Preferred ((Mar.)--- _ ___ _
2
Mar. 31 Holders of rec. Feb 28a
General Chemical, preferred (quar.)-13% Apr. 1 Holders of rec. Mar. 19a
General Electric (guar.)
2 April 15 Holders of rec. Feb. 284
General Fireproofing, cons. (guar.)
134 April 1 Holders of rec. Mar. 20a
Preferred (guar.) (No. 28)
194 April 1 Holders of rec. Mar. 20a
30c. April 30 [folders of rec. Mar. 31a
Goldfield Consolidated Mines
Goodrich (B. F.) Co., Prof. (quar.)
134 April 1 Holders of rec. Mar. 21a
Granby Consol. Mining, Smelt. & Power
13% Mar. 16 Holders of rec. Feb 28a
Guggenheim Exploration (guar.)(No.45) 8735e. April 1 Mar. 14 to
Mar. 18
% Mar. 31 Holders of Inv. Mnr. 214
Hale & Kilburn, let dt 2d pref. (guar.)._
13
815
THE CHRONICLE
MAE. 14 1914..1
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Hart, Schaffner & Marx, Inc., pf. (qu.)_
13.4 Mar. 31 Holders of rec. Mar. 20
Helme (Geo. W.), common (quar.)
23% April 1 Holders of rec. Mar. 14a
Preferred (quar.)
134 April 1 Holders of rec. Mar. 144
Mar. 25
Hercules Powder (guar.)
155 Mar. 25 Mar. 15 to
Homestake Mining (monthly)(No. 472)- 65e. Mar. 25 Holders of rec. Mar. 204
Int. Hera', of N. J., corn. (flu.)(No. 17). 134 April 15 Holders of rec. Mar. 254
Int. }Lary. Corp., corn. (guar.) (No. 5).. 154 April 15 Holders of rec. Mar.254
April 1
International Silver, pref. (guar.)
134 April 1 Feb. 25 to
Preferred (on account of accum. diva.)
)(ls April 1 Feb. 25 to
April 1
Intern. Smoke'.Pow.& Chem.,corn. (lti)
X Apr. 1 Holders of rec. Mar. 21a
Preferred
4
May 15 Holders of rec. May 5a
Kayser (Julius) & Co., common (quar.)_ _
154 April 1 [folders of rec. Mar. 20a
First and second pref.(guar.)
13.4 May 1 Holders of reg. April 204
Kelly-Springfield Tire, pref. (quar.)__ - _
Apr. 2
155 Apr. 2 Mar. 21 to
Kresge (S. S.) Co., pref. (guar.)
144 April 1
La Belle Iron Works, corn. (quar.)
54 April 30 April 21 to
April 30
Preferred (guar.)
2
Mar. 31 Mar. 22 to
Mar. 31
Laclede Gas Light, common (guar.)
144 Mar. 16 Mar. 1 to Mar. 16
Lanston Monotype Machine (quar.)__ _ _
135 Mar. 30 Holders of rec. Mar. 20
Liggett & Meyers Tobacco, corn. (extra)_ _
4
April 1 Holders of rec. Mar. 21
Liggett de Myers Tobacco, pref. (quar.)..
154 April 1 Holders of rec. Mar. 21
Loose-Wiles Biscuit, 1st pref. (quar.)
134 April 1 Mar. 21 to
April 1
Second preferred (guar.)
May 1
134 May 1 April 16 to
Lorillard (P.), common (guar.)
23% April 1 Holders of rec. Mar. 17a
Common (extra)
5
April 1 Holders of rec. Mar. 17a
Preferred (guar.)
134 April 1 Holders of rec. Mar. 17a
Mackay Companies, corn. (qu.)(No. 35) 154 April 1 Holders of rec. Mar. lie
1
April 1 Holders of rec. Mar. lie
Preferred (guar.)(No.41)
May Department Stores, pref. (quar.)
134 April 1 Holders of rec. Mar. 204
Mergenthaler Linotype (guar.)
234 Mar. 31 Holders of rec. Mar. 7a
Extra
55 Mar. 31 Holders of rec. Mar. Ta
434 Mar. 31 Jan. 29 to
Milwaukee & Chicago Breweries
Feb. 19
Michigan Light, pref. (guar.)
155 April 1 [Solders of rec. Mar. 231
Montana Power, common (quar.)
54 April 1 Holders of rec. Mar. 16
Preferred (guar.)
134 April 1 Holders of rec. Mar. 16
14.4 April 1 Mar. 22 to
April 14
Montgomery, Ward & Co., pref. (quar.)_
1
Mar. 15 Holders of rec. Mar. 5
Montreal Cottons, Ltd., corn. (quar.)_
154 Mar. 15 Holders of rec. Mar. 5
Preferred (guar.)
1
Mar. 16 Holders of rec. Feb. 284
Muskogee Gas & Elec., pref. (quar.). _
134 April 15 Holders of rec. Mar. 28a
National Biscuit, corn.(guar.)(No.63)._
National Carbon, corn.(pay. in corn. stk.) 50 r Mar. 20 Holders of rec. Mar. 10
Nat. Enam. dr Stamping, pref. (quar.).. 134 e Mar. 31 Holders of rec. Mar. lla
X Mar, 31 Mar. 14 to
Mar. 17
National Lead, common (guar.)
154 Mar. la Feb. 21 to Feb. 24
National Lead, preferred (guar.)
National Licorice, pref.(Oar.)(No. 47).. 155 Mar. 31 Holders of rec. Mar. 24
National Sugar Refining (guar.)
154 April 2 Holders of rec. Mar. 14
3
April 1 Mar. 21 to
National Surety (guar.)
Mar. 31
760. Mar, 16 Holders of rec. Feb. 28
National Transit (guar.)
Nevada Consolidated Copper (quar.).__ 3734e. Mar. 31 Mar. 7 to
Mar. 10
New York Air Brake (quar.)
134 Mar. 20 Holders of rec. Mar. 2a
10
April 15 Holders of rec. Mar. 25
New York Transit (guar.)
151 April 1 Holders of roe. Mar. 19a
North American Co. (guar.) (No. 40)._
Nova Scotia Steel & Coal, corn. (quar.).._
Mar. 31
134 Apr. 15 Mar. 16 to
2
Apr. 15 Mar. 16 to
Mar. 31
Preferred (guar.)
$1.25 Mar.20 Feb. 25 to Mar. 9
Ohio 011 (guar.)
714. Mar. 20 Feb. 25 to Mar. 9
Extra
Otis Elevator, cons. (guar.)
134 April 15 Holders of roe. Mar. 31
155 April 15 Holders of rec. Mar. 31
Preferred (guar.)
2
April 1 Holders of rec. Mar. 20
Ottawa Light, Heal & Power (guar.)
Pabst Brewing, preferred (guar.)
Mar. 16
134 Mar. 15 Mar. 10 to
144 Mar. 14 Mar. 4 to
Mar. 15
Packard Motor Car, preferred (quar.)__ _
April 1 Holders of rec. Mar. 16
Pennsylvania Water & Pow.(qtr .)(No.1) 1
Pettibone, MullIken&Co.,1st&2dpf.(qu.) 134 April 1 Holders of rec. Mar. 20
234 Mar. 31 Holders of rec. Mar. 19a
Phelps, Dodge & Co., Inc.(guar.)
Extra
134 Mar. 31 Holders of rec. Mar. 190
39450. Mar. 14 Holders of rec. Feb. 21a
Philadelphia Electric (guar.)
Pittsburgh Plate Glass, cons. (guar.)
134 April 1 !folders of rec. Mar. 16
12
April 1 Holders of rec. Mar. 16
Preferred (annual)
MO.Term. Wareh. & Transfer (mthly.)_ 1814 c Mar. 16 Holders of rec. Mar. 9
255 April 15 Holders of rec. April la
Quaker Oats, common (guar.)
155 May 29 Holders of rec. May la
Preferred (quar.)
144 Mar. 20 Mar. 8 to
Mar. 20
Railway Steel-Spring, pref. (guar.)
37540 Mar. 31 Mar. 7 to
Ray Consolidated Copper (guar.)
Mar. 10
13% April 1 Holders of rec. Mar. 19
Remington Typewriter, 1st pref,(qu.)
Second preferred (guar.)
2
April 1 Holders of rec. Mar. 19
Republic Iron & Steel, pt. (qu.) (No. 46) 134 Apr. 1 Mch. 18 to Apr. 15
Reynolds (R. J.) Tobacco (guar.)
31
April 1 Holders of rec. Mar. 20
3
Mar. 31 Holders of rec. Mar. 16a
Royal Baking Powder, corn. (guar.)
134 Mar.31 Holders of rec. Mar. 164
Preferred (quar.)
3
Mar. 16 Holders of roe. Mar. 10
Rubber Goods Mfg., common (quar.)._
Preferred (guar.) (No. 60)
134 Mar. 16 Holders of rec. Mar. 10a
2
April
1Holders of rec. Mar. lea
Safety Car Heating & Lig.(guar.)
134 April 1 Holders of rec. Mar. 14a
Sears, Roebuck dr Co., pref. (quar.)_ _ _ _
134 April 1 Holders of rec. Mar. 18
Sloss-Sheffield Steel & Iron, pref. (guar.). _
134 April 1 Holders of rec. Mar. 18
Southern Utilities, pref. (guar.)
3
Mar. 31 Mar. 8 to Mar. 31
South Penn 011 (guar.)
2
Mar. 31 Mar. 8 to Mar. 31
Extra
April 1 Holders of rec. Mar. 14a
South Porto Rico Sugar, common (guar.) 1
2
April 1 Holders of rec. Mar. 14e
Preferred ((Mar.)
April 1 !folders of rec. Mar. 16
South West Penn. Pipe Lines (guar.)._ _ - 5
Mar, 16 Holders of roe. Feb. 28
21
Standard Gas de Electric, pref. (guar.)._
255 Mar. 16 Holders of ree. Feb. 2a
Standard 011 (California) (guar.)
4
April 1 Mar. 15 to
April 1
Standard 011 (Kentucky) (guar.)
1
April 1 Mar. 15 to
April 1
Extra
5
Mar. 16 Holders of rec. Feb. 204
Standard Oil of New Jersey (guar.)
2
Mar. 16 Holders of rec. Feb. 24a
Standard 011 of New York
3
Apr. 1 Mar. 7 to
Mar. 25
Standard Oil of Ohio (guar.)
3
Apr. 1 Mar. 7 to
Extra
Mar. 25
Subway Realty (guar.)
131 April 1 Holders of rec. Mar. 20a
Mar. 31
154 April 1 Mar. 17 to
Sulzberger & Sons Co., prof. (quar.).
Swift & Company, (guar.) (No. 110)._
134 April 1 Holders of rec. Mar. 10
April 1 IIolders of rec. Mar. 15
Taylor-Wharton Iron & Steel, common... 4
75c Mar. 20 Holders of rec. Mar. 104
Tennessee Copper (guar.)
Texas Company (guar.)
234 Mar. 31 Holders of rec. Mar. 19
April 1 Holders of refs. Mar. 204
Underwood Typewriter, common (guar.) 1
Preferred (guar.)
134 April 1 Holders of rec. Mar. 20a
2
April 1 Mar 18 to
April 7
Union Carbide (guar.)
134 April 10 Holders of rec. Mar. 31
Union Switch de Signal, corn. (guar.)
Common & pref.(payable in corn. stock)_ 33 1-3r April 20 Holders of rec. Mar. 31
134 April 10 IIolders of rec. Mar. 31
Preferred (guar.)
Union Tank Line (No. 1)
234 Mar. 25 Holders of roe. Mar. 4
United Cigar Stores, pref. (quar.) (No.6) 154 Mar. 16 Mar. 3 to Mar. 16
2
April 15 Holders of roe. Mar. 26
United Fruit (guar.) (No. 59)
3
April 1 Holders of rec. Mar. 14
United Gas & Electric Corp., let pref.
SI. April 15 Holders of rec. Mar. 31
United Gas Improvement (guar.)
50c. April 4 Holders of rec. Mar. 17
United Shoe Machinery, corn. (guar.)
3755c. April 4 Holders of rec. Mar. 17
Preferred (guar.)
154 Mar. 30 Mar. 15 to
Mar. 30
U.S. Gypsum, pref.(guar.)
1 7-16 April 1 Mar. 21 to
April 1
U. S. Printing of Ohio (guar.)
134 Mar. 30 Mar. 3 to Mar. 10
U. S. Steel Corporation, corn. (quar.)
Mar. 21 Holders of rec. Feb. 28
$1
Utah Consolidated Mining
75o. Mar, 31 Mar. 7 to
Mar. 10
Utah Copper Co. (guar.) (No. 23)
2
Mar. 31 Holders of rec. Mar. 240
Western Electric (guar.)
1
April 15 Holders of rec. Mar. 25
Western Union Teleg, (qu.) (No. 180)
3
April 1 Holders of rec. Mar. 14a
Weyman-Bruton Co., common (quar.)
Preferred (guar.)
194 April 1 Holders of rec. Mar. 140
Wino-Overland, pref. (guar.)
134 April 1 Holders of rec. Mar. 21
Woolworth (F. W.), pref. (cmar.)
154 April 1 Holders of roe. Mar. 100
755c. Mar. 31 Mar. 14 to
Mar. 19
Yukon Gold Co.(quar.)(No. 19)
a Transfer books not closed for this dividend. b Less British income tax. a Correction f Payable In stock. k On account of accumulated dividends. I Payable in
scrip. r Payable in common stock. S A distribution of Baltimore & Ohio stock to be
made, viz., $12 par value of B.& 0. preferred 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, subject to postponement on account of litigation. t Declared
5% payable in quarterly installments. r Declared 7% payable in Quarterly instaliments. in Transfers received in London on or before March 19 will be in time
to be passed for payment of dividend to transferee. z Being a distribution ratably
of 360,729 Restricted B Deferred Ordinary shares of the Imperial Tobacso Co., Lt.
(of Great Britain and Ireland).
816
THE CHRONICLE
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent.
200 Cuba RR., prof
994
10 Brooklyn Fire Brick Works..
.109
10 S. S."Pandosia" Co., Ltd
19
10 SS. "Leuctra" Co., Ltd
18
10 SS. "Tanagra" Co., Ltd
19
20 Ford. Munch Brewery
62
25 Homewood Nitr. Co., com...$105 lot
Shares.
Per cent.
8 Market & Fulton Nat. Bank_ _250
2 Greenpoint Nat. 13k. of Bklyn_150
200 Brooklyn Jockey Club
104
Bonds.
Per cent.
$1,000 Atian. City RR. Co. 5s,'19_1024
$85,000 N. Y. Real Est. Security
Co. 6s, 1927
56,500
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh.
4 Warren Nat. Bank, Peabody_ _107
2 Mercantile Nat. Bank, Salem__ 1244
11 Waltham Bieachery
145
25 Boston Manufacturing Co
85
2 Great Falls Manufacturing Co_ _ 178
3 Boston Wharf Co
122
Shares.
$ per sh.
1 Salem Athenaeum
40
30 First National Bank
432
5 Bates Manufacturing Co
2204
27 Worcester Gas Lt. Co. rights_134-14
9 Cambridge Elec. Lt. Co. rights_ 54
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.
3 Merchants' National Bank___2854
2 First National Bank
440
1 4th-Atlantic National Bank
200
5 Rockland, Mass., Trust Co_ _.145
16 Merchants' Nat. Bank (Salem).. 874
3 Union Nat. Bank (Lowell)
1904
9 Mercantile Nat. Bank (Salem)_124
4 Continental Mills
754
9 Lawrence Mfg. Co
1513(
12 Nashua Mfg. Co.,$500 ea_ _630-650
83
10 Hamilton Mfg. Co
1 Newmarket Mfg. Co
904
23 Naumkeag Steam Cotton Co_ _ _180
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
003 omitted.
Surplus.
On Dep,
Net
Loans, Specie. Legals. withC.H. Deposits.
Average. Average. Average, Banks, Average.
$
$
Brooklyn
3,659,4 23,433,0
Bankers
14,462,9 117,168,0
U.S.Mtge.&Tr. 4,350,4 35,847,0
Astor
1,152,7 20,490,0
Title Guar&T. 11,614,4 31,775,0
Guaranty
23,827,2 183,547,0
Fidelity
1,362,9 7,007,0
LawyersTI&T 5,463,4 16,574,0
Col.-Knicker
7,153,7 46,284,0
People's
1,544,5 15,915,0
New York
12,015,2 45,128,0
Franklin
1,179,3 10,855,0
Lincoln
545,9 10,541,0
Metropolitan _ 6,721,5 23,581,0
Broadway........
827,7 12,978,0
Reserve.
$
$
$
a
%
2,129,0
708,0 3,976,0 18,689,0 15.1+17.5
11,952,0
589,0 24,575,0 82,974,0 15.1+22.8
4,342,0
329,0 5.668,0 31,131,0 15.0+15.1
2,083,0
19,0 1,096,0 14,039,0 15.0+11.9
2,045,0
904,0 5,328,0 19,550,0 15.0+21.1
16,862,0 1,123,0 14,652,0 116,527,0 15.4+11.1
606,0
243,0
836,0 5,316,0 15.9+11.5
1,566,0
334,0 1,609,0 12,270,0 15.4+11.5
579,0 4,723,0 38,605,0 15.0+10.9
5,248,0
1,805,0
384,0 2,353,0 14,467,0 15.1+13.7
346,0 4,554,0 31,225,0 15.2+12.7
4,420,0
138,0 1,325,0 7,637,0 15.4+14.4
1,045,0
224,0 1,220,0 9,225,0 15.0+11.6
1,158,0
7,0 3,326,0 15,283,0 15.0+17.7
2,272,0
1,293,0
606,0 1,997,0 12,516,0 15.1+13.7
Totals, average 95,881,1 601,123,0 58,826,0 6,533,0 78,138,0 429,454,0 15.2+15.3
Shares.
$ per sh.
2 Bates Manufacturing Co
2204
39 Bigelow Carpet Co
1554-155%
1 Dwight fg. Co.,$500 par__ _ _10214
176-1763(
30 Connecticut River RR
16 Cin. Sand. & Cleve. RR., pref.,
$50 each
63%
14 Cambridge Elec. Secur. Co. rts- 5%
15 Cambridge Elec. Lt. Co. rights_ 54
3 The Proprietors of The South
Buildings in Salem
254,
Bonds.
Per cent.
$1,000 Tonawanda Ltg. & Power
1st 6$, 1927
105%
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
5 Amer. Acad. of Music
2504
1 Bank of North America
270
65 Central Trust & Savings Co_ 60
1 Chestnut Hill RR. Co
634
12 Commercial Trust Co
4054
10 Cont.-Equit. Trust Co
98
7 Farmers'& Mech. Nat. Bank 136
5 Fire Assn. of Phila._ _ _ _3304-331
16 Frank. & So'wark Pass. Ry 364
5 Girard F. & M. Insur. Co__ _245 y,,
8 Globe Telephone Co
lot 1
10 Guarantee Tr.& S. D. Co_ _ _160
1.7724 Ins.Co.ofState ofPa.101-104
56 Locust Gap Imp. Co
6
15 Logan Trust Co
1254
2 Marconi Wirleless Tel. Co
5
60 Phila. Bourse, pref
18-194
100 Yamhill de Web-Foot Cons.
Gold
$4 lot
[VOL. xcvzn.
Shares.
$ per sh.
227 Camden F. Ins. Co. rights_ 80c.
1,500 Goldfield Doub. Eagle G. M_53 lot
8 Phila. Co. for Guar. Mtgs.. _160
10 Phila, Life Ins. Co
10%
6 Phila. Trust,S. D.& Ins. Co.715
12 Philadelphia Warehouse Co_100
125 Pratt Food Co
2%
1 Ridge Ave. Pass. By
242
6 2d & 3d Sts. Pass. Ry_2424-242U
100 Snee Universal Wave Motor,
pref
$1 lot
100 Snee Unitersal Wave Motor,
common
$149lot
6 Union Transfer C4'
44 West N. Y.&
By. Co.. 104
Actual figures Mar. 7.. 601,933,0 59,650,0 6,034,0 73,389,0 428,030,0 15.3+14.6
The capital of the trust compan es is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000: Columbia-Knickerbocker,
$2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, 81,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Meta. 7.
Capital. Surplus.
Loans.
Specie.
On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits.
Averages.
$
$
$
Banks__._ 134,150,0210,910,4 1,477,740,0333,196,0 66,508,0
1,525,725,0
Trust cos.] 46,250,0 95,881,1 601,123,0 58,826,0 6,533,0 78,138,0 420,454,0
Total.... _1180,400,0306,791,52,078,863,0392,022,0 73,041,0 78,138,0 1,955,179,0
Actual.
Banks..
1,485,309,0 330,941,0 68,480,0
1,532,896,0
Trust cos_
601.933,0L.),650,0 6,034,0 73,389,0 428,030,0
Total...._
2,087,242,01390,591,0 74,514,0 73,389,0 1,960,926,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in the whole State, but the figures are compiled so as to
Shares.
$ per sh. Shares.
$ per sh. distinguish between the results for New York City
(Greater
1,000 Kimberly Cons. Mines Co. ,
7 Phila.& Gray's Fy.Pass. By. 80
$1 each
10c.
1 R. E. Title Ins. & Tr. Co_ _3004 New York) and those for the rest of the State, as per
the
1 Northwestern Nat. Bank.....3924
3 Union Passenger By
1904
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
members for the week ending Mch. 7. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
Trust Cos.
State Banks.
Trust Cos.
State Banks.
the case of the totals, actual figures at the end of the week
outside of
outside of
in
Week ended March 7,
in
are also given:
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
For definitions and rules under which the various items are
$
$
$
$
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Dec.9
10,250,000
22,900,000
10,528,000
68,400,000
banks, and V.92, p. 1607, in the case of the trust companies.
Bonds.
Per cent.
$1,000 Cambria & Clearf. RR.5e.._105
$1,000 North Springf. Wat. Co. 55. 904
Surplus as of Dec.9
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
New York__
Manhattan Co
Merchants'.. _ _
Mech. & Met..
America
City
Chemical
Merchants'Ex.
Butch.& Drov
Greenwich
American Ex_
Commerce
Pacific
Chat. ,Ic PhenPeople's
Hanover
Citizens' Cent.
Nassau
Market & Fult
Metropolitan.
Corn Exch....
Imp.& Trad
Park
East River...._
Fourth
Second
First
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N. Y.Prod.Ex
State
Security
Coal & Iron
Union Exch..
Nassau, Bklyn
Capital.
Surplus.
Loans.
Average.
Specie. Legals. Net Depos- Re
Average. Average. Us, Aver. serve.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000.0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000.0
1,000,0
2,000,0
3,500,0
1,500,0
5,000.0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200.0
200,0
1,000.0
1,000.0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1.000,0
1,000,0
1,000,0
1.000,0
1.000,0
$
4,311,0
5,090,3
2,136,4
8,724,2
6,475,8
32,388,8
7,683,3
527,7
117,1
1,119,1
4,661,8
16,417,7
995,6
1,356,3
478,0
14,840,8
2,418,3
400,0
1,932,0
1,856,5
6,644.0
7,764,8
14,419.4
55,4
5,543,2
2,823,1
22,337,1
3,451,6
779.9
1,955,2
700,7
9,819,3
2,233,3
833,7
1,021,5
1,723,7
1,278,7
496,9
2,345,2
883,5
2,555,7
2,758,6
908,6
561,7
379,0
577,4
995,5
1.133,0
$
23,130,0
39,000,0
21,584,0
60,318,0
26,398,0
203,977,0
29,481,0
6,862,0
1,878,0
9,352.0
49,345,0
143,783,0
5,078,0
20,463,0
2,136,0
79,270,0
22,783,0
10,716,0
9,137,0
11,267,0
63,625,0
28,096,0
97,207,0
1,410,0
31.551,0
13,866,0
124,249,0
40,678,0
3,292,0
8,717.0
4,027,0
105,978,0
13,544,0
3,301,0
4,757,0
14,540,0
9,198,0
3,918,0
12,676,0
3,918.0
25,801,0
25,028,0
9.229,0
18,534,0
10,929,0
6,479,0
9,408,0
7,826.0
$
4,299,0
11,039,0
4,079,0
11,910,0
4,602,0
45,786,0
4,846,0
1,392,0
352,0
2,428,0
10,921,0
26,868,0
670,0
3,549,0
455,0
25,332,0
4,938,0
2,198 0
1,660,0
2,553,0
14,343,0
4,291,0
24,331,0
291,0
6,613,0
2,965,0
26,340,0
8,701,0
772,0
1,401,0
788,0
30,851,0
3,133,0
560,0
1,280,0
2,843,0
2,564,0
265,0
2,261,0
928,0
6,448,0
6,061,0
2,430,0
5,823,0
2,559,0
937,0
1,986.0
1,554,0
15
1,380,0
1,462,0
1,564,0
2,833,0
1,873,0
5,748,0
2,110,0
260,0
64,0
190,0
1,998,0
7,499,0
611,0
1,684,0
147,0
1,744,0
609,0
971,0
943,0
265,0
5,281,0
2,022,0
2,626,0
112,0
2,508,0
133,0
2,303,0
2,401,0
68,0
700.0
213,0
3,636.0
941,0
350.0
258,0
967,0
225,0
759,0
892,0
293,0
1,968.0
755,0
371,0
416,0
1,122,0
697,0
350,0
180,0
$
21,778,0
46,100,0
22,037,0
58,433,0
26,000,0
198,671,0
26,217,0
6,797,0
1,803,0
10,431,0
50,476,0
127,449,0
4,937,0
20,984,0
2,331,0
93,650,0
21,834,0
12,018,0
9,284,0
11,116,0
75,106,0
25,676,0
103,394.0
1,720,0
33,408,0
12,550,0
117,705,0
42,649,0
3,407,0
8,959,0
3,837,0
125,099,0
15,225,0
3,621,0
5,590,0
14,765,0
9,833,0
4,174,0
12,566,0
4,827,0
30,621,0
27,584,0
10,827,0
24,258,0
13,470,0
6,526,0
9,369,0
6,613,0
%
26.0
27.1
25.6
25.2
25.0
25.9
26.5
24.2
23.0
25.0
25.5
26.9
25.9
25.0
25.7
28.9
25.4
26.3
28.0
25.3
26.1
24.5
26.0
'23.4
27.3
24.6
'24.3
26.0
24.6
23.4
26.0
27.5
26.7
25.1
27.5
25.8
28.3
24.5
25.0
25.2
27.4
24.7
25.8
25.7
27.4
25.0
25.0
26.2
Totals,average 134,150.0 210,910,4 1477,740,0 333,196,0 66.508,0 1525,725,0 26.1
Actual figures_ Mar. 7....1485,309,0 330,041,0 68,480,0 1532,896,0 26.0
I
bar,
Circulation.—On the basis of averages, circulation of national banks in the Clearing House amounted to $42,449,000, and according to actual figures was $42,506,000
Loans and investments.._
Change from last week..
39,080,200
163,600,500
14,028,915
11,341,302
317,411,400 1,056,484.000
—52,000 +8,369,700
124,952,300
+977,600
178,734,500
+184,400
Specie
Change from last week_
64,022,400
+728,200
108,987,600
+1,547,800
Legal-tender & bk. notes..
Change from last week_
20,090,300
+662,400
9,934,900
—105,600
Deposits
Change from last week_
375,625,900 1,181,005,000
—627,000
+2,709,400
133,150,100
+1,308,500
189.502,400
+743,000
Reserve on deposits
Change from last week_
1O7,219.
+3,293,SOU
128,481,200
+1,882,200
25,381,700
+508,300
26,894,000
+929,300
P. C. reserve to deposits_
Percentage last week
29.4%
28.6%
16.6%
16.5%
20.5%
20.3%
15.3%
14.8%
% Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for It by any public department. -—Trust Cos.-- —State Banks—
Of
Total
Total
Of
Reserve Required for Trust Companies
which
Reserve
Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
15%
25'7
Manhattan Borough
15%
10%
Brooklyn Borough (without branches in Nlanhat.)15%
20%
10%
10%
Other Boroughs (without branches In Manhattan)15%
15%
%
15%
20%
Brooklyn Borough, with branches in N1anhattan_15%
20%
15%
15%
Other Boroughs, with branches in Manhattan......15%
15%
5%
10%
Cities of the first and second Class
3%
10%
Cities of the third class and villages
Elsewhere In State
iKT;
-6- ;
7
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York, not in the ClearingHouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
81.7
THE CHRONICLE
MAR. 14 1914.j
-Below is a summary
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
Capital
and
Surplus,
NEW YORK CITY BANKS AND TRUST COMPANIES.
Banks.
-House State Banks andl Total of all
-House Clear.
Clear.
Members.
Members. Trust Cos. Not Banks & Trust
Week ended March 7-H. Aver. Cos. Average.
Average. in C.
ActualFigures
$
(National banks
Jan. 13 and
Capital
State banks
Dec. 9
Surplus
$
•
210,000,000
74,202,600
380,994,100
$
180,400,000
306,791,500
J
29,600,000
$
180,400,000
306,791,500
Loans and investments__ 2,087,242,0002,078,863,000
Change from last week +27,488,000 +23,899,000
532,950,800 2,611,813,800
+2,080,000 +25,985,000
1,960,926,0001,955,179,000
Deposits
Change from last wee +20,194,000 +18,714,000
a540,520,700 2,495,699,700
+838,500 +19,552,500
Specie
Change from last week
390,591,000 392,022,000
-4,874,000 -2,652,000
57,508,500
-1,287,700
449,590,500
-3,939,700
Legal tenders
Change from last week
73,041,000
74,514,000
+687,000 -3,356,000
38,695,400
+629,400
81,736,400
-2,726,600
Banks: cash in vault__ _ _
Ratio to deposits
399,421,000 399,704,000
26.19%
26.05%
12,693,500
13.84%
412,397,500
53,570,400
118,929,400
65,684,000
Trust cos.: cash in vault_
Aggete money holdings__
Change from last week
05,359,000
66,263,900 531,326,900
-658,300 -0,666,300
465,105,000 465,063,000
-4,187,000 -6,008,000
Money on deposit wit.
78,138,000
73,389,000
other hks. At trust cos..
Change from last week -7,412,000 -3,802,000
20,717,100
+1,168,500
98,855,100
-2,633,500
538,494,000 543,201,000
Total reserve
Change from last week -11,599,000 -9,810,000
86,981,000
+510,200
630,182,000
-9,299,800
Surplus CASH reserve
Banks (above 25%)
Trust cos.(above 15%)
Total
Change from last week
16,197,000
1,479,500
'
18,272,750
940,900
Total
29.97%
Specie.
Legals. Deposits.
a
Circelalion.
Clearings
$
60,735,0
60.735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
$
221,163,0
220,958.0
224,639,0
226,601,0
226,505.0
229,167,0
230,657,0
229,750,0
$
28,817,0
30,265,0
28,852,0
29,010,0
28,068.0
27,130,0
24,708,0
24,865,0
3
s
3,889,0 270,994,0
3,734,0 '268,555,0
3,669.0 269,736,0
3,632,0 271,461,0
3,818,0 269,530,0
3,535,0 270,437,0
3,608,0 266,871,0
3,611,0 268,992,0
$
9,671.0
9.719,0
9,805,0
9.842,0
9.845,0
9,801,0
9,748.0
9,889,0
$
181,512.5
164,445.3
169,792,5
180,830,2
148,717,2
151,015.3
129,379.8
167,502,9
103,684.3
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3
103,684,3
103,684,3
378,039,0
378,919,0
382,764,0
383,250,0
384,672,0
388,553,0
392,332,0
396,079,0
*440,403,0
*440,564,0
*440,820.0
*444,845,0
*449.953,0
*454.576,0
•462,726,0
*454,725,0
11,527,0
11,487.0
11,416.0
11,432,0
11.435.0
11,447,0
11,440,0
11,455,0
171,881.9
168,330.7
157,577.5
173,867.8
130,882,3
173,394,9
167.073,8
183,903,8
-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Mch. 7; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
30.60%
Total
Since January 1.
Dry-goods
General merchandise
15.257
1.694
16.94%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
$3,175,034
19,789,685
1911.
$3,363,698
14,294,520
$23,402,266 $24,053,800 $22,964,7191 $17,658,218
$42,459,638 $34,705,415 331,759,7171 $33,343,079
155,405,994 173,855,781 161,289,3071 133,730,276
$197,865,632 $208,561,196 $193,049,024 $167,073,455
Total 10 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companles in New York City"; with this item included,
deposits amounted to $620,423,000, a decrease of $1,347,500 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
$3,700,949
20,352,851
$4,695,0041
18,707,2621
I
1912.
1913.
1914.
For Week.
15.21%
15.39%
106,249,0
106,931,0
104,278,0
106,469,0
109,466.0
109,701.0
115,383,0
111,456,0
a Includes Government depos ta and the item "due to other banks?' At Boston
Government deposits amounted to $1,373,000 on March 7, against $1,590,000 on
February 28.
•"Deposits" now include the item "Exchanges for Clearing House," which were
reported on March 7 as $15,430,000.
Dry goods
General merchandise
19,213,650
17,676,500
-9,049,300 -9,776,500
% of cash reserves of trust cos- •
Cash in vault
15.34%
Cash on dep. with bks_
14.63%
Boston.
Jan. 17.
Jan. 24_
Jan. 31_
Feb. 7_
Feb. 14_
Feb. 21_
Feb. 28_
Mar. 7_
Phila.
Jan. 17_
Jan. 24_
Jan. 31_
Feb. 7_
Feb. 14_
Feb. 21_
Feb. 28_
Mar. 7.
Loans.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 7 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
1913.
191L
1912.
Total 10 weeks
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Deposits,
Specie.
Legals.
Tot Money Entire Res
Holdings. onDeposit
$
2,272,039,9
2,290,438,0
2,341,392,0
2,402,297,1
2,455,935,2
2,464,083,8
2,455,557,8
2,463,093,5
2,476,147,2
2.495.699.7
$
378,264,7
394,487,1
417,505,6
440,760,3
454,411,7
451,830,9
454,687,4
455,339,7
453,530,2
449,590,5
89,333,2
91,954,3
06,094,8
01,638,2
89,162,0
88,077,1
88,610,2
87,429,5
84,463,0
81,736,4
467,597,9
486,441,4
513,600,4
532,308,5
543,573,7
539,908,0
543,297,6
542,769,2
537,993,2
531.320,9
Loans and
Week Ended- Investments
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
3-___
10-17---:
24____
31_
7.--14____
21____
28____
7-
$
2,428,218,3
2,427.088,8
2,445,960,7
2,484,152,4
2,528.843,0
2,547,657,3
2,554,957,2
2,568,018,1
2,585,828,8
2,611,813,8
534,704,0
552,585,5
587,622,9
613,389,6
637,705,8
643,910,9
657,488,9
050,993,5
639,481,8
630,182,0
-The followReports of Clearing Non-Member Banks.
ing is the statement of condition of the clearing non-member
banks for the week ending Mch. 7, based on average daily
results:
We mil two ciphers (00) in all these figures.
Banks.
Capitat.
Surplus.
Loans,
Legal
On
Disets
Tender Deposit
and
Specie, and
Net
with
-H. Deposits.
InvestBank
C.
ments.
Notes. Banks.
$
$
$
$
New York City.
Manhattan and Bronx.
362,6 1,443,0 154,0
Washington Heights_ 100,0
112,6 1,681,0 361,0
200,0
Battery Park
500,2 6,341,0 559,0
500,0
Century
708,3 6,753,0 1,007,0
400,0
Colonial
742,7 6,355,0 025,0
300,0
Columbia
47,0
182,6 1,043,0
Fidelity
200,0
486,0 5,292,0 554,0
Mutual
200,0
New Netherland
314,5 3,330,0 400,0
200,0
108,9 1,815,0 232,0
Twenty-third Ward
200,0
Yorkville
507,4 4,377,0 567,0
100,0
Brooklyn.
First National
688,2 3,725,0 371,0
300,0
Manufacturers' Nat
943,0 5,717,0 661,0
252,0
Mechanics'
503,4 9,559,0 1,174,0
1,000,0
National City
300,0
589,1 4,661,0 494,0
North Side
200,0
191,9 2,765,0 187,0
Jersey City.
First National
400,0 1,405,3 4,061,0 269,0
Hudson County Nat.. 250,0
835,1 2,984,0 184,0
91,0
200,0
445,8 2,548,0
Third National
Hoboken.
220,0
681,4 4,656,0 280,0
First National
125,0
294,2 3,557,0 178,0
Second National
$
$
81,0
303,0
57,0
143,0
478,0
289,0
190,0 1,065,0
479,0
635,0
124,0
240,0
385,0
619,0
133,0
298,0
100,0
338,0
330,0
813,0
56,0
64,0
612,0
571,0
2,915,0
1,505,0
1,374,0
1,692,0
1,224,0
Totals Mar. 7_ 5,847,0 10,603,2 82,663,0 8,455,0 3,933,0 14,723,0 75,880,0
Totals Feb. 28- 5,847,0 10,603,2 82,681,0 8,649,0 3,982,0 14,681,0 70,472,0
5,847,0 10,603,2 82,692,0 8,628,0 4,079,0 14,924,0 76,797,0
Totals Feb. 21_
$201,057,869 $195,974,232 $167,573,933 $150,696,348
The following table shows the exports and imports of
specie at the port of New York for the week ending Mch. 7
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
750
150,000
Week.
Since ../an. 1
$1,000
65,387
342
761,393
632,010
713,519
379,396
500
739,048
600,020
301,112
15,700
$33,073
24,360
66,282
67,692
$2,151,706 $17,722,829
2,625,617 31,682,799
5,294,800 17,747,865
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan.1
$2,000,456 $16,066,949
Total 1914
Total 1913
Total 1912
8
1,152,0
1,785,0
6,309,0
6,896,0
7,158,0
974,0
5,461,0
3,421,0
1,973,0
4,898,0
30,0
648,0 3,026,0
75,0
762,0 5,126,0
587,0 2,046,0 11,556,0
104,0
862,0 4,566,0
462,0 2,869,0
199,0
254,0 2,815,0
60,0
801,0
135,0
401,0
For the week
Previously reported
821,051.057 $19,904,088 $15,626,358 315,909,629
180,006,812 176,070,144 151,947,575 134,786,719
$191,407 $2,553,027
91,344 2,978,449
816,754 3,967,683
$492,719 $5,252,003
94,818 1,000,508
$5,350
4,086
14,921
7,558
1,145,473
467,921
351,371
112,500
$168
81,880
22,445
4,006
50,522
89.696
688,650
$700,037 $7,081,379
1,271,258 10,113,428
1,037,891 9,490,170
$108,499 $1,996,680
178,986 1,950,787
209,476 2,276,348
Of the above imports for the week in 1914, $11,010 were
American gold coin and $27 American silver coin.
Smiting and Financial.
Municipal Bonds
Ask us to send you Circular No. 616 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
Albany
818
THE CHRONICLE
Vaulters' Gazette.
Wall Street, Friday Night, March 13 1914.
The Money Market and Financial Situation.
-A
steadily declining volume of business throughout the week
at the Stock Exchange reflects a state of apathy in investment circles such as is rarely seen, especially when the
amount of unemployed capital is as large as at present. An
illustration of the latter is seen this week in the fact that an
offering of $4,000,000 Third Avenue Railroad 4% bonds was
about four times over-subscribed. The absence of investment or other buying has resulted in a somewhat lower
level of security values, notwithstanding some further substantial evidences of increasing industrial activity.
Among the latter is the Steel Corporation's report of unfilled orders at the end of February, which shows them to
have increased to 412,000 tons, or about 90,000 tons more
than in January, although deliveries during February were
nearly 6,000 tons more daily than in the previous month.
The Bethlehem Steel report also makes a favorable showing.
Moreover, during the last half of February the number of
idle freight cars was diminished by 43,145. These figures
are, however, liable to be misleading unless one takes into
account the fact that a good many cars were called into use
on account of the snow blockade and the consequent inability to keep traffic in motion. Also the report of a shrinkage of 9,000,000 pounds in the stock of copper on hand is
due chiefly to reduced production and not to a larger demand from consumers.
The banking situation and money markets at home and
abroad are not materially changed, the chief item of news
being a reduction of its discount rate by the Austrian Bank
from 43/ to 4%.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collateral have ranged
from 1%§2%. Friday's rates on call were 1 Yt @2%. Commercial paper on Friday quoted 4()4%% for 60 to 90
day endorsements and prime 4 to 6 months' single names
and 43'@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of .£144,699 and the percentage of reserve
to liabilities was 49.09, against 50.11 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 7,351,000 francs
gold and a decrease of 5,763,000 francs silver.
(VoL.xcvm.
The transactions in railway and industrial bonds have, in
sympathy with the operations in other departments, been
daily growing smaller,and more than half the active list
has declined during the week.
Rock Island issues have been the conspicuous features.
The transactions in them have aggregated an enormous
amount and they close from 3 to 3% points lower than
last week.
United States Bonds.
-Sales of Government bonds at
the Board are limited to $1,000 3s, coup., at 1
$1,000 3s, reg., at 1023. For to-day's prices of all 023/i and
the different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.
-The stock market has been decidedly irregular on a day-by-day decline in
the amount of business transacted and increasing indifference on the part of those participating therein. In such a
market the tendency of prices has been generally towards
a lower level. This is especially true of the railway list
where somewhat over two-thirds of the active stoehs have
declined, Lehigh Valley showing a net loss of 3 points. The
record of industrials is, however, quite different. Of a list
of fifteen issues in this group prominent in the week's operations, only two have declined. Bethlehem Steel has been
strong on the company's report, the preferred showing a net
gain of 33/ points. Westinghouse was notably strong to-day
and closes over 3 points higher than last week. U. S. Express advanced 17 points and holds a large part of the gain.
Liggett & Myers, on the other hand, has declined 5 points.
For daily volume of business see page 828.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending March 13. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan.
Lowest.
1.
Highest.
Adams Express
144 106 Mar 10 110 Mar 11 91
Fe. 110
Mai
Am Brake Shoe & F, pfd
300 142 Mar 9 14254 Mar 9 12954 Jan 14634 Feb
Amer Coal Products_ _ .._
20 84 Mar 11 84 Mar 11 82
Jan 8455 Jan
Preferred
80 10434 Mar 11 10534 Mar 7 102
Jan 106
Jan
American Express
400 104 Mar 12 10834 Mar 11 100
Jan 11031 Jan
Batopilas blIning
Mar 7 Si
100 $1 Mar 7 Si
Jan $134 Feb
Butterick
200 2734 Mar 10 2734 Mar 12 26
Jan 29
Jan
Cent & So Am Teleg
2 108 Mar 13 108 Mar 13 103
Jan 10955 Feb
Chicago & Alton
300 034 Mar 13 10 Mar li 934 Ja 1134 Jan
Chicago & Alton, pref..
200 1434 Mar 13 15 Mar 12 1434 M
19
Jan
Colorado & Southern... 1,100 2055 Mar IC 22 Mar 7 2034 M
2834 Jan
First preferred
400 5034 Mar 11 52 Mar 11 5034 Ma 62
Jan
Comstock Tunnel
900 8c. Mar 11 10c. Mar 13 Sc. Jan 10c. Feb
Crex Carpet
10 80 Mar 7 80 Mar 7 80
Jan 80
Jan
Dui 88& Atlan, pref.__
Mar 11 11 Mar 11 954 Jan 11
100 11
Jan
NEW YORK CLEARING-HOUSE BANKS.
Gen Chemical, pref.__
25 10834 Mar 0 10031 Mar 1110734 Feb 10934 Mar
(Not Including Trust Companies.)
Green Bay & W,deb13_
1 1194 Mar 12 1134 Mar 12 1134 Ma 1434 Jan
Havana El Ry, L dr P
39 8234 Mar 9 84 Mar 7 8255 Feb 84
Mar
Heline (G W)
Mar 165
20 160 Mar 11 160 Mar 11 160
Feb
1914.
1913.
1012.
Iromestake Mining
Jan 120
34 120 Mar 7 120 Mar 7 114
Mar
Averages for
Differences
Averages for Averages for
Int A gric Corp, pref v t e
100 29 Mar 11 20 Mar 11 29
Ma 36
Jan
week ending
from
week ending week meting
K C Ft 5 & M, pref.__
Mar 13 6534 Jan 70
200 70 Mar 10 7034
Mar
March 7.
previous week.
March 8.
March 9.
Laclede Gas(St Louis)._
100 0834 Mar 10 9855 Mar 10 05
Jan 101
Feb
Moline Plow, lot ()ref
100 10454 Mar 1110434 Mar 10 10454 Mar 10454 Mar
$
$
s
II
.
N Y Air Brake
100 62 Mar 11 62 Mar 10 61
Jan
Jan 69
Capital
134,150,000
133,650,000 135,150,000 NY Chic & St L,
2d pref
100 72 Mar 12 72 Mar 12 72
Mar 72
Mar
Surplus
210,910,400
204,943,000 199,829,900
100 2634 Mar 11 2654 Mar II 2634 Mar 2634 Mar
Loans and diseounts__ _ 1,477,740,000 Inc. 18,016,000 1,358,182,000 1,428,256,000 New York Dock, pref.__
Norfolk Southern
400 30 Mar 9 35 Mar 0 30
Jan
Mar 43
Circulation
42,449,000 Doc.
46,265,000
193,000
51,468,000 Nor Ohio
100 62 Mar 10 62 Mar 10 59
Jan
Jan 62
Net deposits
1,525,725,000 Inc. 9,614,000 1,355,114,000 1,472,425,000 Ontario Trac & Lt_.
Sliver
150 234 Mar 11 254 Mar 11
Specie _
254 Jan 234 Jan
333,196,000 Deo. 4,627,000 268,717,000 310,004,000 Pacific Coast, Minin _
2d pref.__
200 80 Mar 9 82 Mar
Legal-tenders
80
Ma 8334 Jan
66,508,000 Dec. 3,190,000
75,450,000
77,398,000 Peoria & Eastern
300 6 Mar 7 634 Mar 7 8
Ma
8
Jan
200 2 Mar 10 2 Mar 10 194 Jan 275 Jan
Reserve held
399,704,000 Dec. 7,817,000 344,167,0001 387,402,000 Quicksilver Mining
Preferred
1,000 2 Mar 9 234 Mar . 2
25% of deposits
Mar 4
Jan
381,431,250 Inc. 2,403,500 333,778,500 368,106,250
Sears, Roebuck & Co, pf
250 12454 Mar 1112434 Mar 1.. 12234 Jan 12434 Mar
So Pac
300 9834 Mar 9 9955 Mar 13 0594 Jan 10354 Feb
stnroins retru.rvit
18.272 _750 np,10.220.500
5.388.500
19.295.750 United subs, 1st paid
Cigar Mfrs
300 4634 Mar 9 48 Mar 7 45
Jan 5034 Feb
Note.
-The Clearing Howe now issues a statement weekly, showing the actual
Preferred
50 100 Mar 12 100 Mar 12 100
Mar 10334 Feb
condition of the banks on Saturday morning, as well as the above averages. The United Dry Goods, pref_
140 9954 Mar 11 9934 Mar 11 9954 Jan 10034 Feb
figures, together with the returns of the separate banks and trust companies, also Virginia Iron, Coal & C. 300 5034 Mar 12 52 Mar 10 40
Jan 52
Mar
the summary issued by the State Banking Department, giving the condition of Wells, Fargo dr Co
910 90 Mar 9 94 Mar 11 8034 Feb 94
Mar
State banks and trust companies not reporting to the Clearing House, appear on West Maryland. nref_
In 60 Mar 7 60 Mar
58
Jan 60
Mar
the second page preceding.
-.
Outside Market.
Foreign Exchange.
-There was an active and firm market
-Notwithstanding the easier discounts abroad, sterling exchange rates ruled quite firm dur- generally for outside securities in the fore part of the week,
ing the week, owing chiefly to the scarcity of bills. There though later trading dwindled till interest practically centred
in the Standard Oil shares. Movements in oil shares were
were no exports of gold reported.
To-day's (Friday's) actual rates for sterling exchange were 4 84@4 8425 erratic but the majority of the stocks show gains. Ohio
for sixty days, 4 8615@4 8625 for cheques and 4 8640@4 8650 for cables. Oil was
active and sold up from 165 to 188, though it reacted
Commercial on banks 4 8234@4 8334 and documents for payment 4 83®
Cotton for payment 4 8334 ® 4 8331 and grain for payment 4 833( finally to 181. Prairie Oil & Gas from 540 reached 590,
dropped to 570 and ends the week at 580. Standard Oil
The posted rates for sterling, as quoted by a representative house, were
(Kentucky) gained 19 points to 299 and finished to-day at
not changed during the week from 4 13434 for 60 days and 4 8634 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were
295. Standard Oil of N. J. rose from 407 to 421 and closed
less 1-16®5 2034 for long and 5 1834 less 3-32®5 1834 less 1-16 for5 2034
short.
Germany bankers' marks were 9434@94 11-16 for long and 95 3-16 less to-day at 416. Standard Oil of N. Y. advanced 24 points to
1-32005 3-16 for short. Amsterdam bankers' guilders were 40 18040 20 234 and finished to-day at 232. Atlantic Refining fell from
for short.
Exchange at Paris on London, 25f. 21c.; week's range, 25f. 213(c. high 715 to 694 and closed to-day at 695. N. Y. Transit declined
and 25f. 2034c. low.
from 310 to 292 and recovered finally to 294. Pierce Oil
Exchange at Berlin on London, 20m. 4334pf.; week's range, 20m. 44%pr.
gained 10 points to 113 and reacted to 106 finally. South
high and 20m. 43pf. low.
The range for foreign exchange for the week follows:
Penn Oil appreciated some 28 points to 403 and ends the
Sterling, ActualSixty Days.
Chegues.
Cables.
week at 400. Standard Oil (California) moved up from 335
High for the week__ _4 8425
4 8625
4 8650
to 352 and reacted subsequently to 344. United Cigar
Low for the week __ _4 8350
4 8580
4 8605
Paris Bankers' Francs
Stores corn., after weakening from 904 to 89%, moved up
High for the week__ _5 2034
5 1834 less 1-16 5 1854
to 91%. Riker-Hegeman was in active demand and sold
Low for the week ___5 2134
5 1854 less 1-16 5 1854
Germany Bankers' Mar
up a point to 9. Intercontinental Rubber corn. advanced
High for the week___ 94 11-16
95 3-16
9534
from 73/i to 8 and moved back to 73. Un. Pacific "rights"
Low for the week ___ 9434
9554 less 1-32 95 3-16 less 1-32
Amsterdam Bankers' Guilders
fluctuated between 283/i and 27%, resting finally at the low
High for the week___ 40
4054 plus 1-32 40 5-16 less 3-32
figure. Weakness in Western Pacific 55 was the feature of
Low for the week ___ 40 less 3-32
40 3-16
4054 less 1-16
Domestic Exchange.
-Chicago, Sc. per $1,000 discount. Boston, par. the bond department, a loss of over 9 points to 59 being reSt. Louis, par. San Francisco, 50c.er $1,000 premium. St. Paul, 60c. corded, the close to-day being at 59%. Canadian
3
Pacific
per $1,000 premium. Montreal, 6234c. per $1,000 premium. M inneapo
- 6% notes, after an early fractional gain to 1043.,
sold down
Iis, 40c. per $1,009 premium. Cincinnati, Sc. per $1,000 premium.
to 103% but recovered to 104%. Cuban 5s weakened from
State and Railroad Bonds.
-Sales of State bonds at the 98 9-16 to 983. In mining shares Braden Copper was
Board include $231,000 New York 4325 at 1083/i to 108%, active and advanced over half a point to 83. Greene
$58,000 N. Y. Canal 4%s at 108%;$6,000 N.Y. Canal 432s, Cananea, on small trading, lost a point to 36 and closed toreg., at 1083%; $5,000 New York 4s, 1961, at 101 to 101%; day at 363/2. Nipissing weakened. from 63% to 6% and re$1,000 N. Y. Canal 4s, 1960, at 1003/2, and $17,000 Vir- covered to 6%.
ginia 6s, deferred trust receipts, at 54 to 5532.
Outside quotations will be found on page 828.
819
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Por record of sales during the week af stocks usually inactive. see Preceding page
STOCKS
-HIOHEST AND LOWEST SALE PRICES.
Saturday
March 7 I
,forid,ay
Ifarch 9
Tuesday
larch 10
Wednesday
'larch 11
Thursday
.11arch 12
Friday
March 13
Sales of
STOCKS
NEW YORK STOCK
the
Week.
EXCHANGE
Shares.
Railroads
6,000 Atchison Topeka & S F_ _
280
Do prof
1,322 Atlantic Coast Line RR_
24,100 Baltimore & Ohio
Do pref
460
14,200 Brooklyn Rapid Transit_
55,140 Canadian Pacific
Central of New Jersey.._ 84,125 Chesapeake & Ohio
2,600 Chicago Gt West tr ctfs_ _
Do pref trust ctfs
1,620
55,821 Chicago Milw & St Paul..
Do pref
950
050 Chicago & North Western
cpref
20
Cleve in
& St L
50
Do pref
1,550 Delaware & Hudson
738 Delaware Lack & West
1,700 Denver & Rio Grande
3,770
Do pref
0612 08
9812 9612
953 0612 06
4
9618 96
9614 0578 96
10014 10058 101 101 110012 101 *10014 101 .10014 10034 10012 10034
122 122
12014 12014 121 121
121 12112
12034 122 *120 122
873 888 875 887
8
8
t 8812 893
8 8812 89
8914
4
873 8312 88
8112 8112 18112 8112 8112 8112 .79
8112
8112 8012 8012 .80
9278 9358 79112 9238 9218 9234 9238 9258 9178 9218 9172 0238
20714 2087 20638 2073 20734 20834 207 208
20418 20578 2035t 20614
4
*305 325 .305 325 .305 325 .305 325 .305 325 .305 325
53
8
543
8 5178 54
5034 523
4 513 5258 513 5134 5158 5358
4
1218 11% 12
12
12
12
117 12
1114 1158 1114 1114
3014 3014
29
28
287j 29 .28
31
285s 2858 2878 29
99
4 9814 993
8 9712 983
953 983
4
8 9858 9914 9818 0858 93
137 137 .135 13912
13712 138 .137 139 .133 139
137 138
134 13414
13318 13318 13353 1333 .133 134 *13312 134
13212 133
4
1174 174 .171 180 .171 18114 *171 175 .171 180 *171 180
• _ 38
38
38 *---- 38 *____ 38 *____ 38
61
061
70
70 .61
70 .60
70 .60
.
70 .61
60
14978 151)
149 152
150 15014 14934 149% 149 14014 150 150
.
395 395
397 397
396 396 *395 397 .395 397
395 395
8
1138 113
*114 14
*1112 15
117s 1214 1012 11
12
12
2112 1934 21
*2212 26
.2212 2612 2278 2278 2111 2212 21
8 2818 2834
2814 283
4 23
2812 2838 2878 2858 287
8 2818 283
44
Do 1st preferred_--19 952 Erie
391
:
443
8 4334 4412 *44
44
4434 4378 4418 4312 4353 44
*3513 38
200
Do 2d prefereed
.36
*363 37 .364 37
38
4
37
37 .
33
36
s
12678 12718 12612 1267 12614 12718 8,710 Great Northern pref
4
12612 127
1253 1267 12618 127
Iron Ore properties
3614 3614 3614 3614 36
3658 2,500
35% 357
8 355 353
8
4 3614 32
4
4
1083 1083 1083 1083 109 10914 2,000 Illinois Central
4
4
8
4
109 1093 1083 10918 109 109
4 1434 147k
1,950 Interboro-Metrop v t ctf_
8
,4
6 1 , 645 64;4 1458 143
, 1 4 193 1
1
8 1412 1412 .41: 647
145 145
8
5914 5912 5918 60
Do pref
5,600
8
5812 5958 585 591s
25
2514 2514 2514 1,200 Kansas City Southern__ _
2514 2514 2513 2512 .
2518 2512 2478 25
61 .____ 61 .____ 61
.60
Do pref
200
60 601s *____ 61
61
7
*5
7
*5
*5
7
.5
7
Lake Erie & Western_ __ _
*5
7
*5
7
20 .1514 20
20 •15
*1514 20
Do pref
20 .15
*1514 20
.10
4
8
4
1453/1 1483 14358 1463 1435 14514 144 14518 14414 14434 14414 14614 76,950 Lehigh Valley
135 13518 *135 137
136 130
1351s 13512 13478 135
1343 1343
4
4 1,150 Louisville & Nashville
131 131 .131 133
133 .13014 133
130
.
.131 132
100 Manhattan Elevated....
14 .12
14 .12
14 .12
.12
14
;12- 14
*12
14
Minneapolis & St Louis__
40 .28
40 .28
*28
40 .28
40
*28
40 .28
Do pref
40
.181 133 .129 133
13212 13212 132 13214 .130 13212 .129 13212
320 Minn St I'& S S Marie
.14212 150 .14214 150 *14214 150 .14214 150 *14214 150 .14214 150
Do pref
174 18
1612 178 1713 173
4 173 1712 1634 1714 1678 1738 6,200 Missouri Kan & Texas
8
52
52
52
.50
51
5112 .51
53
51
5112 5012 51
Do preferred
1,500
24
25
244 25
247 2518 243 243
8
2338 24
4
4 2313 24
9,400 Missouri Pacific
33
33 .27
.28
*27
33
*27
33 .
27
33 .27
32
Nat Rys of Mcx 1st pref..
124 *1114 117
.11
8 1114 1114
1114 1114 1118 1118 11
11
500
Do 2d preferred
88
8912 881s 89 2 8914 893
,
8038 8938 9058 36,302 N Y Central & ii ii
4 8814 897
8 89
653 673
4
4 67
6812 673 703
4
8 6914 7012 6812 6914 6812 703 46,666 N Y N II & Hartford....
4
27
274 2678 207 *26
8
2612 27 .26
28
27% .26
2812 1,000 N Y Ontario & Western..
102 1024 102 1023 1027 10318 10338 1033 1023 1031 10212 10318 3,650 Norfolk & Western
4
4
8
3
*88's 8812 18812 8612 .864 881 .8013 884 8812 8812 188
88
156
Do adjustment pref.._
1094 11012 110 11012 110 4 11112 111 1113 11118 11112 11184 1121 12,380 Northern Pacific
3
4
11012 111
1104 11114 1107 11118 1107g 111
11018 11058 11018 11114 14,984 Pennsylvania
8
•
eio_ 90
90
00 .
80
88
00 .80
200 Pittsb On Chic & St L.._
90 .80
i 108 '101 108 *101 108 *101 108 *101 108 .101 108
Do preferred
15238 164% 16134 1633 16212 164
4
16214 16234 16238 164 210,200 Reading
16238 164
90 .88
90 .8812 00 .88% 90
90 .88
.88
1st preferred
90 .88
91
.89
91
.8812 91
.89
91
91
089
91 .00
2d preferred
.89
41$ 43
414 43
434 6
4
458 478
8
4
458 10,168 Rock Island Company....
438 5
252 8
212 712
75
8 8
Do preferred
74 75
63
4 74
3
67
8 714 8.249
*312 4
.312 4
*313 4
.312 4
St Louis & San Francisco
20
42
20 .12
31' 20 .2
20 .12
20 .13
4
•
12
*31k 2
1
Do 1st preferred_ _ _
0
4
7
714
.7
7
7
714
7
7
660
.714 71
Do 2d preferred
*74 74
4
8
4
2614 243 247 *24
12514 2514 2434 243 *24
2514 25
25
510 St Louis Southwestern
664
8612
6612 •
•____ 604
6612 *--__ 62
Do preferred
1913 1912 ;His 1938 1914 1914
20
,
2013 2012 1912 19 2 •19
700 Seaboard Air Line
5414 54
5318 544 533 5483 54
633 6414 8,200
4
6414 5353 54
4
Do preferred
8 924 9353 9314 9414 9334 044 934 9314 933 941 29,921 Southern Pacific Co
9214 935
4
4
_
100 1003
14
10158 10153 10058 100
58 10118 10138 1,589
Certificates (wh.
25 15 - .2478 20
4
247 25's 243 25
2434 25
2438 2514 3,925 Southern v tr ctfs stmpd
83
83
8314 8314 8358 8353 8313 833 *8312 8414 1,050
83
83
4
Do preferred do
164 1434 1434 .14
•14
15 .14
16 .14
1012 .14
1612
100 Texas & Pacific
4234 4312 4313 4414 44
• 4234 433
4
4414 4314 44
4314 4314 5,225 Third Avenue (N Y)
11
1014 .9
*9
.
9
11
*9
1014
1012 .9
1014 .9
Toledo St L & Western....
.1812 21 .
21
•19
1812 21
.1812 2014 .
18
20 .1834 20
Do preferred
4
13105 1073 10512 10512 *105 107
106 106 •1013 10712 .104 105
200 Twin City Rapid Transit
15578 1574 15512 15718 157 15778 1567 1677 15014 1567 15614 1573 104,650 Union Pacific
s
8
3
4
84 .8212 84 .
*83
82
84
*82
84 .83
84 .83
8412
Do preferred
2112 21
21
.20
*20
2112 .20
21
.19
21
21
•19
200 United Rys Investment _
45
4312 4412 4413 4512 4313 433 *43
44
4412 42
4312 1,000
Do preferred
4
2
2
2 13 .
24
218 212
2
218 218
2
2% 218
1,200 Wabash
714 714 . 4 8
*A 8
7
7
83
638 63
Do preferred
•651 8
4
600
304 3012 .30
30 .304 3012 3018 3018 *30
52
3012 3018 304
700 Western Maryland
44 44
414 44 .
4
413 *4
412
4
4
500 Wheeling & Lake Erie
*334 412
*HS
18
16
1612 115
15
1514 1614 •15
17 .15
17
Do 1st preferred...._..
580
8
1614 614 .
*6
6
8
.6
8
.6
8
*8
8
Do 2d preferred
71
48 .
48 .41
.41
41
48 .42
47 .42
4513 144
44
10 Wisconsin Central
Industrial and Miscell.
2113 2112 2112 2134 .
2112 22
2112 2112 2114 2114 2114 2112 1,600 dA laska Gold Min Par S10
1234 13
13
13
1253 1278 1212 1212 1213 1212 1218 1214 2,725 Allis Chal Mfg v t c _
48
4758 4758 48
4712 4712 4714 4713 47
4714 46
4612 1,225
Do preferred v t c 8
725 7358 7212 7312 7312 7438 7312 74% 734 7358 7314 7414 73,400 Amalgamated Copper
55 .53
*52
115412 5412 55
54
54
55
55
5413 5412
532 American Agricul Chem..
96 .
96 .04
90 .94
.94
96
95
195
96 .04
06
20Do preferred
223
2113 2112 2114 2158 2178 1258 .22
21
4 21
.2014 2212 1,700 American Beet Sugar........
70
68
68
70
167
70
67
70
112
Do preferred
293
4 2858 203
4
2918 297
4 2918 2958 283 2018 2014 2958 19,550 American Can
3
9212 9212 9278 927
8 9314 9314 .93
924 927 *9213 94
3
94
900
Do preferred
8
8
4934 6014 493 5014 75014 5012 4978 497 .497 5012 50
8
5012 1,920 American Car & Foundry
118 118 /117 117
•11712 118
117 117 .117 11912
117 117
600
Do preferred
.36
36
30 .36
36
36
3012 38
.36
36%
3612 36
300 American Cities
.
6113 64
613
62
62 .6114 621?
.
614 6312 . 8 6312 6214 6214
400
Do preferred
43
43
*4234 4414 4334 44 .4312 4412 4212 4314 4314 4314 1,000 American Cotton Oil
.95
07 .95
97 .95
9634 063 .95
97
4
97
97
98
200
Do preferred
*438 43
4
4 .43g 43 .
438
438
413 413
433 43
4
4 *438 43
4(10 American }fide & Leather
.2114 2412 *21
24
*2114 2313 .
.21
2114 24
24
*2112 2312
I)o preferred
2958 3014 2934 3012 3058 3238 3118 3214 3118 3158 3112 317 22,980 American Ice Securities....
2
10
10
1018 1018 104 1018 .
10
11
1112 .10
.10
11
300 American Linseed
128
29 •
28 .27
27
29
28
28
.2718 29 .27% 29
100
Do preferred
343
4 34
34
3414 3412 34
3414 343
4 3433 34$8 .3312 3412 1,470 American Locomotive
104
0102 104 .102
102 102 *102 104
102 102 .101 103
Do preferred
300
.71s 8
.
712 8
*7
8
.
712 8
*7
8
*713 8
American Malt Corp__ _
*4812 50 .
484 50 .
*4312 50 .
4812 50
4812 50 .48
50
Do preferred
O82
84 .
84
82
84 .82
82
*82
85
82 .83
84
100 Amer Smelters Sec pref
6614 673
8 8638 6714 6738 8838 68
683
4 6712 677 *673 6812 4,600 Amer Smelting & Refin'g
4
1013 10178 1103 103
4
10212 10212 10278 1027 *10212 103
8
103 103
Do preferred
560
10478 16478 .160 168
10412 165
165 165
164 164 .157 165
630 American Snuff
Range for PrePious
Year 1913.
Range since Jan.).
On basis of 100-share lots.
Highest.
Lowest.
II
Lowest.
Highest.
9314 Jan 3 10038Jan 23
0014 Nov 1083 Jan
8
96 J'ly 1024 Jan
972 Jan 13 10158 Feb 9
116 .Jan 3 126 Jan 23 112 J'ne 13338 Jan
873 Mch 7 9838Jan 26
8
9058 J'ne 10638 Jan
88 Jan
4Jan 6 8338Jan 29
74 J'ne
773
8712Jan 3 944 Mch 6 78334 inc 923 Ma?
4
3
2035 \lei, 13 22013 Feb 4 204 Dec 28634 Jan
310 Jan 12 310 Jan 12 275 J ne 362 Jan
503 alch 10 68 Jan 22
4
5118 J'ly
80 Jan
1114 Mee 12 1412 Jan 24
1018 J'ne
1778 Jan
2712Jan 7 33 Jan 27
23 J'ne 35 Jan
9534 !deli 7 10718 Feb 4
963 Nov 11614 Jan
4
137 Mch 7 143 Feb 6 13112 Nov 145 Jan
123 Jan 3 1367 Feb 14 1123 Dec 138 Jan
8
170 Jan 5 180 Jan 21 17118 Nov 1189 Jan
38 Feb 6 40 Jan 5
34, Aug
8
54 Jan
6112Jan 2 70 Feb 9
60 Oct
943 Jan
4
149 Mel]12 15912 Feb 4 14713 J'ne 167 Jan
388 Jan 6 405 Jan 27 350 Dec 445 Jatt
1012Feb 25 1014 Jan 31
.333 J'ne
2318 Jan
193 Itch 13 311sFeb 4
4
23 J'ne
41 Jan
2714 Jan 3 3212Jan 23
3213 Jan
2014 J ne
427
8Jan 3 4024 Jan 27
3312 J'ne 4912 Jan
35 Jan 2 4014 Jan 23
2814 J'ne 41 Jan
1254Jan 3 13434 Feb 4 11513 J'ne 13258 Jap
334Jan 3 394 Jan 19
251, J'ne 414 Jan
107 Jan 7 115 Jan 26 10234 Dee 12878 Feb
142 Feb 25 1638Jan 24
1238 J'ne
1958 Jan
5812 Mch 7 63 Jan 24
45 J'ne
6638 Jan
2438Jan 5 2738Jan 31
2138 J'ne
2838 J'ly
58 Jan 12 62 Jan 24
56 J'ne 6112 Jan
812 Feb 28
9 Jan 23
7 May
1112 Feb
18 Jan 17 211a Jan 28
18 Nov
35 Jan
14353 Mch 9 15014Jan 231 14114 J'ne 16838 Jan
13358Jan 3 14178 Jan 19 12614 J'ne 14214 Jan
128 Jan 5 133 Feb 7 1:7 J'ne 13258 Feb
i21 Jan 6 10l4 Jan 31
12 J nc
2314 Jan
3312Jan 6 352 Jan 22
30 Dec
47 Jan
12412Jan 14 137 Feb 5 1154 J'ne 14214 Jan
14212 Jan 21 145 Feb 2 131 Nov 1150 Jan
isi8 Jut
1612 alch 9 24 Jan 26
2013 Jan
62 J'ne
4912 Mch 6 00 Jan 30
6412 Apr
2114 Dec
2338 Mei)13 30 Jan 27
4358 Jan
31 Dec
30 Jan 19 34 Feb 0
69 MO
834 Dec
10 Jan 6 14 Jan 26
2713 Jan
0032 Dec 10934Jan
3Jan 31
877 Mch 6 965
8
6558 Dec 12978 Jan
6514 Itch 4 78 Jan 2
332 Jan
2
2513 J'ne
20 Jan 7 315s Jan 23
4Feb 4
13Jan 9 1053
98 J'ne 11312 Jan
995
85 Jan 7 8812 Mch 12
87 Feb
8014 Aug
109 Jan 2 11812 Feb 4 10h5 Joe 12258 Jan
10858Jan 3 11512Jan 31 101 Dec 12334 Jan
83 Jan 0 91 Feb 4
7713 Dec 104 Jan
100 J'ne 1109 Sep
18134 Ditch 9 17214Jan 22 151% Vile 1713 Dec
4
8712 Jan 8 88 Jan 3
8211 Oct
0212 Apr
84 J'ne 95 Apr
90 Mich 2 93 Jan 28
4 .110113 1058Jan 23
1158 Oct
2478 Feb
634 Mch 12 25 Jan 18
1713 Oct' 4434 Jan
312 Feb 10
23 J'ne
4
538Jan 15
1934 Jan
15 Feb 21 1712Jan 13
13 J'ne 59 Feb
7 Mc'a 10
512 J'ne
934Jan 26
29 Jan
21 Jan 6 2834 Jan 26
20 Dec
3513 Jan
57 Jan 8 051s Jan 26
75 Jan
5614 Dec
1634 Jan 2 2238 Feb 5
2034 Apr
1413 J'ne
453 Jan 2 58 Fen 4
4
38 J'ne 4933 Sep
881 Jan 3 9013 Jan 23
83 Nov 110 Jan
9453Jan 2 105's Jan 31
884 Nov 9913 Sep
227s Jan 3 2814 Feb 4
2858 Jan
194 J'ne
8113 Meh
72 J'ne
75 Jan 3 8514Feb 4
1312 Jan 5 1634 Jan 21
2258 Jan
1014 J'ne
2778 J'ne
4112Jan 29 4534Jan 13
4333 Sep
13 Jan ,
10 Jan 6 124Jan 24
718 J'13.
2934 Jan ;
1514 J'ne
19 Jan 3 23 Jan 26
10514Jan 7 10812Jan 19 10118 J'ne 109 Sep I
15312Jan 3 1643
8Jan 31 13734 J'ne 10234 Jan I
9312 Jan 1
8212Jan 6 80 Feb 4
7934 J'ne
10 J'ne
19 Jan 7 23 4Feb 8
3
3512 Jan ;
6312 Jan '
3812Jan 14 49 Feb 13
30 J'ne
138 Feb 24
6 Aug
2 J'ne
453Jan 23
53 Feb 24 13 Jan 23
4
64 J'ly
1718 Aug
2934 Feb 21 35 Jan 22
2878 Dec
46 Jan
338 Feb 24
63
8 Jan
334 Oct
8Jan 7
1514 Itch 11 21 Jan 23
13 J'ne
2818 Jan
712Jan 6 11 Jan 24
558 Dee
14 Jan
404 J'ne
431 Jan 9 48 Feb 4
5813 Apr
$2034 Jan 9
8 8Jan 6
5
4312Jan 8
7078Jan 9
4734Jan 2
91 Jan 8
20 Mch 5
68 Mch 11
285 ?deb 10
,
89 Jan 3
4418Jan 5
114 Jan 28
36 Jan 5
60 Jan 5
3713 Jan 8
9412 Jan 15
418 Jan 19
2012 Feb 25
24 Jan 3
10 Jan 8
28 Mch 11
3158Jan 2
90 Jan 6
7 Jan 13
42 Jan 3
82 Itch 12
81's Jan 3
983 Jan 3
4
100 Jan 2
$24 Feb 4 $18 Nov $2133 Oct
1414 Feb 20
733 Dec
9 Dee
40 Nov
49 Jan 26
4312 Dec
7818 Feb 4
0158 J'ne 8012 Sep
4114 Sep
57 Jan 23
57 Jan
90 Nov
9712Jan 23
99 Jan
1934 J'ne
2812Jan 22
5012Jan
7314 Jan 26
65 Oct
88 Mch
21 J'ne
3518Jan 27
4678 Jan
96 Jan 24 /8012 J'ne 12913 Jan
5312 Feb 4
3613 J'ne
5633 Jan
118 Mch
108 J'ne 117 Itch
363 Jan 26
4
4834 Jan
3314 XII'
0014 J'ne
68 Jan 26
7812 Jan
4613 Feb 0
3312 J'ne
5738 Jan
97 meh 11
9212 Sep
98 May
612 Jan
313 J'ly
514 Feb 6
2814 Feb
253 Feb 6
4
1518 J'ne
3234 Feb 20
2734 Apr
17 J'ne
115
872 J'ne
3Jan 28
1218 Nov
313
3332 Nov
20 Oct
4Jan 18
3714 Jan 31
27 J'ne
4413 Jan
94 Oct 10634 Jail
102 Feb 4
914Jan 20
514 Oct
13 Jan
4178 Oct
5018 Jan 24
8112 Jan
7913 J'ae 80 Jan
85 Jan 19
J'ne
Feb 4
5812
714
7434 Jan '
105 Jan 27
97 J'ne 107 Feb
172 Jan 31 150 J'ly 193 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America 1...
0 -I
Amer
Battery Park
Boweryll....Bronx Borol
Bronx Nat..Bryant Parkl
Butch & DrCenturY I-Chase ------
Bid
585
205
120
426
225
175
160
120
180
590
Ask
Bank.
Bid
Ask
Chat & Phen. 108
174
575 Chelsea Ex. 140
Ext.
150
215 Chemical ___ 415 425
135 Citizens' C,en 174
178
- _. City
355 385
26 - Coal & Iron_ 150
.0
101
190 Colonial I-- 450
_.
Columbian-300 325 135 - Commerce -- t177 t179
--corn Exch 1..
Eir Cosmoporn 11 313 317
85
105
East River-- 60
76
Bid
Banks
Fidel,
tyli...._ 165
Fifth Ave L.. 1500
100
Fifth
895
First
Fourth
190
Garfield ___Germ-Arner li 130
---German Ex I 375
Germanlat_ 450
Gotham ___ 100
Greenwich I_ 270
ilanover ____ 040
Ask
175
_
325
-905
195
230
140
425
475
_
_
285 .
......
Banks
Bid
Harriman...... 275
Imp & Traci_ 510
Irving
129
Liberty
'000
Lincoln
325
Manhattan 'I315
Mark & Fult_ .250
Mech & Met.. 238
Merch Exch. 185
Merchants'.... 175
Metropolist. 300
Metroporn 3 173
Ask
290
520
184
615
345
330
__
241
--
Banks
Mutual 1 ,.....
Nassau
New Nethl....
New York Co
New YorkPacific I.....
Park
People's 3......
Prod Ezell 1..
181- Publicli
310 Reserve
185
Bid
290
175
210
850
370
235
365
230
185
200
100
Bank.
Bid
Ait1 i
Seaboard--410 4311
390
20
185 Second
--225 Security -__ 100
120 ,
875 Sherman
380 State1 --------135180
200 .
250 23d Ward T._ 130
140 i
375 Union Exch. 145 160 1
,
250 Unit Stated- 500
-:....,
170
Waal)in. 275
240 Westch All].. 150
171
West i31d i. .._ 0
---- Wor vi0e e 1 .. 450 :
ye
7
0
1
Ask
.,
•Bid and asked prima: no sales on this day,
Ex-tights. 1 Less than 100 shares.
State banks. a Ex-d v. &
tSale at Stook Exchange or at auction this week. a First Installment paid. a Sold at titivate sale at thla MUG- rights. b New stock f lEti 24% Wan. tilt
s
ran na.14.
820
New York Stock Record-Concluded-Page 2
[VoL. xavm.
For riella of sales during the week of stocks usually Inactive, see second page preceding
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
lkfar.7
Monday
lIar.9
Tuesday
Mar. 10
Wednesday
Mar. 11
Thursday
liar. 12
Friday
Afar. 13
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
week
Shares
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Industrial & Misc (Con)
'*101 104 .101 104 .102 104 .102 10412 .102 10412 310213 10212
100 Amer Snuff prof(new)_
*3412 3512 34
134
85
3413 .33
35
*33
3412 3313 3312
850 Amer Steel Found (new)_
101 10214 10113 10112 99 10138 9714 007
9814 98
8 97
9913 20,400 American Sugar Refining
*111 112 .111 113
111 111
110 1107 109 109 $10934 1093
8
/
1
4
/
1
4
630 Do preferred
4
12053 121
1207 12112 12114 12114 12118 1213 12114 1211 12114 1213
8
/
4
.3
4 8,500 Amer Telephone & Teleg
24913 2503 248 25038 2473 253
4
4
250 253
250 2501 250 250
/
4
4,275 American Tobacco
110534 106 .10512 106 .10512 106
10534 1053 .10512 10612 §10534 1053
• 205 Preferred, new
4
4
.1414 1612 1514 1514 *1514 17 .14
18 .
14
1714 .14
100 American Woolen
1714
737 737 17313 7312 .74
8
8
7512 .74
77 .75
78 .75
80
136 Do preferred
15
•
12
15 .13
*1212 1612 .13
1612 §13
1312 1312 1312
190 Amer Writing Paper pref
3514 3513 3514 3538 3512 3538 3578 35
35
/ 3513 3514 3512 5,650 aAnaconda Cop Par $25
1
4
*15
21
.16 - 21
.16
20
16
1612 *1214 20
200 Assets Realization
*14
20
50
507
8 5012 5013 5013 505
8 50 5012 49
/ 5012 503 5053 2,410 Baldwin Locomotive_ _ _ _
1
4
8
•1063
3--- .10612 --_- .10612 ___ .107
1073 107 *10714
100 Do preferred
/
1
4
8
-' 405 8 4212 4012 4213 4173 4214 42
4434 4314 44
4314 443 40,600 Bethlehem Steel
4
82
82 82
813 8214 81
3
86
8358 85
85
8513 3,813 Do preferred
83
12513 12558 .125 127 .125 127 .125 1271. .125 127
*12513 128
200 Brooklyn Union Gas24
/ 2512 25
1
4
25
26
261 27
2534 2534 28
/
4
26
2714 8,100 California Petrol v t ctfs..
e____ 65
*6212 65 .63
653 ---- -- 65
4
68
36314 6512
625 Do preferred
.8212 89 .85
88
89
18478 847
8 88
88
88 .85
444 Case(A I)TIU'eshM pftrcfs
883
4
317 323
8
4 323 3318 3234 3338 33
8
3333 3212 33
3212 3314 14,050 Central Leather
*100 101
100 10013 *97
9958 *99
9913 993 997 .9878 10018 1,200 Do preferred
4
8
4018 4058 4018 4012 4034 4158 4114 42
40
411 4014 4114 11,520 dChino Copper_ __Par $5
/
4
*6612 70 .67
70 .67
.67
70
*661 70
/
4
70 .67
Ciuett,Peabody & Co,
70
Inc
: *10212 10312 .103 10312 .103 10313 10312 10313 .102 10412 .102 10412
200 Do preferred
32
32
3113 3113 32
I 3113 32
32
32
3214 3218 3314 2,400 Colorado Fuel & Iron__ 4
13314 1333 11333 1333 *133 13413 .13213 13312 *13212 1333 133 133
4
4
4
495 Consolidated Gas(N Y)_
10
8
/ 107
1
4
107 11
3 1114 12
12
1218 111 .1113 1112 111 3,400 Corn Products Refining_
/
4
/
4
*6712 69
' *67 3 69
69 69
5
6913 6914 *68
697
3 69
69
700 Do preferred
•95
0812 §9514 961 *95
/
4
9618 9512 9512 *947 9513 9478 944
3
/
1
300 Deero & Co pref
- 1812 187
8 1814 19
1313 19
1813 1914 1813 1813 1834 187
8 8,835 Distillers' Securities Corp
'•12
15 .10
15 .12
15
*12
15 •12
Federal Mining & Smeit'g
15 .12
15
42 .35
8
417 .35
' •35
4178 .35
Do preferred
417 •
417 .35
8 35
8
4178
146 14614 147 14713 14712 14818 148 14814 14712 1474 1473 14814 3 305 General Electric
.
/
1
4
• 76
7712 7612 79
78
7914 7712 7914 774 773
Motors vo tf etfs/
1
4 7612 77
/ 5,925 GeB0 prei v ttetrs
1
4
92
9212 923 93
4
93 93
923 9314 *9214 93
4
92
/ 93
1
4
2238 223
2:40 Goodrich Co (B F)
4 225 225
2 30
8
0
8 23 2314 23
2234 2312 23
2314 •
24
*86
90 .86
90 .87
90 .87
00
8912 893 .86
4
200 Do preferred
90
11 010 dGuggenh Explor Par
.
5212 533
6214 53
8 533 54
54
5533 54
4
/ 55
1
4
/ 35412 55
1
4
$25
4
163 163 *1613 1678 1634 1678 . 17
4
1753 1714 17
1712 *17
/ 2 200 dInsp'n Con (lop Par $20
1
4
10234 103
103 103
,
86p Internat Harvester of N J
103 10312 10353 104
10311 10378 104 10438
*11712--- *11712 ---- *11712 ____ 11712 1171 *11513 ____ .116
InD rnapreferred
teo t
20
0
--- 1.2 0
41011 10312 10258 103 .102 104
/4
10312 104
10312 1037 10334 104
8
harvester Corp..
411514- -- •11512 -___ •11512 ___ 11513 11512 •11414 ---- .116
m pm arin e
200 In)?o er referred
.212 3
*213 3
.212 3
.213 3
*213 3
.213 3
stk tr ctfs
1012 10
10
1012
*913 1118 *912 11
*913 11
*10
11
1.700 internap0naitpa rer
f
20
0 Do tire s k tp ctfs_
.812 9
*813 912
9
912
912 10
912 9 4 *912 10
1
38 .35
37
3518 3534 3611 8678 37
•35
37
*36
37
rsetfeaerrinedpump...._
.7
912 *613 912 *613 913
*612 913 .613 812
525 IntDeronapt
100
7
7
29 .22
29
•24
*22
29 .23
29 .23
29 .22
Do preferred
29
*80
86 •80
86 .80
86
*80
86 .80
86
85
85
100 Kayser & Co (Julius).
;*104 10812 .104 10813 *104 10813 .104 10812 106 106 .104 10812
1st preferred_
100 _
I .93 104 .9513 100
99
9913 98
08
9312 06
95 95
700 Kresge Co (S S)
*103 108 .104 106
10178 10478 .104 106 .1044 106 .104 106
/
1
100 _ Do preferred
22413 229
1 226 231
22114 22413 22414 22414 224 224 .223 226
2,900 Liggett & Myers Tobacco
117 117
115 116 .112 119 .112 120 .115 120 *11512 125
500 Do preferred
32
82 .311 34 .3158 3213 .3153 3212 3153 3153 .3012 3213
/
4
300 Loose-NV.0es Bis tr co ctfs
•102 105 .103 105 .103 105 .10312 105 .10312 105
10434 1043
p
4
1sdt
100 Do 2 proferred _ _
.90
--- .90 __-- .90 ____ .00
*93
/
1
4
*93 ---preferred
*170 fso .170 180 .170 177
176 178
178 178 *178 178 --Lorillard Co (P)
. *11212 116 .11212 116 .11211 116 *11212 116 .
11213 116 .11312 116
Do preferred
86 .8313 8612 .8434 86
*83
*8312 8612 *8112 8612 .83
/ 85
1
4
Mackay Companies _ /
' 694 695 .69
1
8
70
70 70
369
69
6834 6878 *6434 70
600
65
*6212 65 .62
' *62
65 .62
65 .
62
65
*63
May Department Stores66
preferred
t 110014 102 .100 102 .100 102 .100 102 *100 101 *100 102
.
Do preferred
1 6513 6638 65
6612 6614 6712 6713 6878 6712 6858 6712 6838 10,600 Mexican Petroleum
‘. 2212 223
4 2213 2258 2213 2278 23
23
/ 2318 2318 23 23
1
4
3,000 dMiami Copper_ --Par $5
,01.32 13412 1311 132 *131 134
/
4
133 13318 13212 13212 134 1343
4
800 National Biscuit
.121 125 .12138 125 .1213 125 .121 124'
3
123 125 .123 125
Do preferred
1.*111 12 .11
12
*1113 12
/
4
*1114 12
12
12
111 117
/
4
8 1,600 Nat Enamel'g & Stamp'g
86
*84 90
.. 86
90 .80
867 867 *80
8
8
90 .80
90
200 Do preferred
5013 *49
149
5012 *4914 5013 *49
50 .49
x49
49
5(853
100 National Lead
10678 10678,110714 10714 .107 109
10614 1081 *10614 109
10714 10714
370 Do preferred
1514 1514 1514 153
8
i;, 1513 151
31 153 1538 *1514 151 .1514 151
1,800 dNevada Cons Cop Par $5
,. 6912 70 *6913 7212 7013 7712 76
77
75 75
75
7612 5,150 North American Co(new)
d 237g 237
8 .23
.
/ 243
1
4
4 2313 2313 *2313 2412 *2314 25
*2313 25
500 Pacific Mail
'29
30
1.
29 .28
*28
294 2813 2812 28
/
1
28 .28
2912
860 Pacific 'Telep & Teleg
c 121 122 .121 12212 122 122
53
122 122 *12113 12213 122 122 •
800 PeOple's 0 L & (Chic)..
O2034 211 2114 2114 2114 22
/
4
/
4
21
8 211 2118 2034 21
217
2,500 Pittsburgh Coal
91
9212 0138 9238 911 9113 91
*9014 91
.9014 91
1
/
4
913
8 2,300 Do preferred
4214 4213 *4214 43
43
4213 43
e *42
4213 4334 43
4312 1,600 Pressed Steel Car
(110313 10382 10312 10313 10313 10312 104 104 .10313 104 .10313 104
350 Do preferred
i•11112 --_. •____ 11312 ...-- 11312
.
11112 11312 *11112 11312
Pub SVTV Corp of N J--.Eir4 113-.
12 15214 15312 153 15314
t 415212 15413 .152 154 •152 154 ..1
400 Pullman Company
29
2738 2712 2814 2814 28
\-•27
28
*27
2812 2814 2912 1,210 Railway Steel d
pring
09 .93
97
*9353 99
99 .93
, *93
*9338 09 .93
/ 99
1
4
Do preferred
2034 2113 2038 2118 2058 2113 82,050 dRa y ConsCop
i 1914 1912 1914 197
4
8 193 21
perPar $10
25
26
2538 253
8 26
3 2512 255
2612 2513 2512 25
/ 26
1
4
3,280 Republic Iron & Steel
' §90
90
893 90
90
9012 91
4
8
8 9013 0012 1,225 Do preferred
9114 907 907
' 1334 14
1334 1418 1312 1312 1414 157
3 1434 1513 1313 147
8 4,700 Rumely Co (NI)
8313 3312 33
33 •30
3314 3413 3712 35
36
33
33
2,300 Do preferred
, 185 185 •184 190 .184 190
18513 18518 1851 18518 186 18612
/
4
620 Sears, Roebuck & Co._
• 32
32
32
32
*31
34
32
32
3213 3212 3112 3112 1,050 Sloss
-Sheffield Steel & Jr.
3414 *31
*31
3412 .31
3412 .31
3414 .31
34 .31
3414
Standard Milling
' §6413 6412 $6412 6412 .63
*6413 6412 .63
66
66 .63
66
50 Do preferred
, 2313 24 .2213 25
24
24
2414 2414 2512 2614 2013 29
3,100 Studebaker Corp (The)._
., 80
80 •7813 81
8014 8014 81
81
18258 821 83
/
4
84
600 Do preferred
, 3434 35
3412 3478 3414 3414 3412 343
351 3514 33413 35
/
4
8,518 dTennessee Cep...Par $25
, 14734 14812 1474 14914 147 14712 147 14814 14814 14814 147 148 4 5,750 Texas
/
1
/
1
4
Company (The)
•80
891 *80
00 .80
90 .80
85 •
80
85 .80
85
Underwood Typewriter__
4108 111 *108 111 .108 111 .10913 112 .111 112 .108 112
Do preferred
714 714 •7
74 718
/
1
1
7
714 .714 8
7
/ 71
1
4
712
900 Union Bag & Paper
.
29
32
*29
82
*25
32 .25
31
*25
30 .25
30
Do preferred
1012 11
*10
11
1218 1218 .11
13
1134 113 .10
4
13
468 U S Cast Iron Pipe & Fdy
44 .44
, 44
45 •40
46 .42
46 •40
46 .40
46
100 Do preferred
. .68
70
70
8012 81
87
83
84
81
83
78
80
11,595 U S Express
55
5613 57
58
60
6334 6212 6312 6238 623 .60
8
62
1,940 U S Realty & Improv't.._
t 603 6114 603 61
4
4
6114 617
8 6112 6214 6134 62
6134 627 12,009 United States Rubber...
8
1015 102
102 1021 10214 10214 10214 1023 10238 10212 10213 1027
,
8
/
4
8
8 4,591
Do 1st preferred__ _ _
63 641 631 6414 64
/
4
3
/
4
6478 6414 647
8 63
/ 64
1
4
631 6438 251,540 United States Steel
/
4
'1093 1093 1093 1093 1093 1097 1093 110
4
4
4
4
4
4
8
/ 109 110
1
4
10978 109
/
1
4
2,600
Do preferred
' 523 5314 5253 5314 5338 543
4
8 5313 541 5334 5418 533 5414 13,525 dUtah Copper..
/
4
4
.Par $10
' 8014 3014 3013 8112 31
3113 3158 313
4 3114 3112 31
3118 8,100 Virginia-Carolina Chem_
'*104 106 .104 109
105 105
10434 1043 .104 106 *10414 106
4
300 Do preferred
; 6312 633
4 6313 6334 6312 637
8 633 643
4
4 633 64
6353 633 15,360 Western Union Teleg_ _ _ _
4
4
7012 71
7034 74
73
7414 73
7358 7212 7318 7234 7412 23,800 Westinghouse El & Mfg_
*11612 11912 *11614 11913 .116 11912 11613 11612 •117 11912 *117 119
100 Do 1st preferred
' 9812 9812 0712 98
*97
99
98 98
*9713 99
*9712 99
600 Woolworth (F W)
,•11613 1187 .11612 119 *11434 118 .116 118 *116 117 •116 11733
3
/
1
4
Do preferred
c4
Range for Previous
Year 1913.
Lowest.
Highest.
997 Jan 9 104 Feb 20
28 Jan 8 3712 Feb 16
97 Mch 12 1097 Jan 24
8
10978 Mch 12 11378Jan 7
117'8 Jan 2 12414 Jan 30
24218 Jan 14 253 Mch 10
10134Jan 7 10614 Feb 20
1313 Mch 4 2078Jan 28
7212 Mch 4 83 Jan 26
134 Feb 16 173
/
1
8Jan 23
335 Jan 9 3814 Feb 3
4
16 Mch 11 2974 Jan 8
3812Jan 7 5218 hich 5
10212Jan 16 1073
8Mehl2
2912Jan 5 443 Meh 11
4
68 Jan 10 86 Mch 11
121 Jan 5 130 Jan 24
18 Jan 2 30: Feb 6
52
5058Jan 2 663 Feb 4
4
82 Feb 19 9518 Jan 16
257 Jan 14 35 Feb 16
8
947 Jan 6 10114 Itch 4
3712Jan 9 44 Feb 4
6813Feb 25 70 Feb 13
103 Feb 28 10412 Feb 14
2812Jan 2 J413 Feb 5
12912 Jan 3 139'2 Jan 24
914 Jan 9 13 Jan 28
63 Jan 3 72 Jan 29
9134 Jan 2 993 Feb 3
4
17 Jan 9 20 Mch 4
/
1
4
15 Jan 24 15 Jan 28
35'8 Jan 16 43 Jan 27
140 Jan 3 15053Feb 20
374Jan 3 7914 Mch 10
/
1
77 Jan 5 95 Feb 19
195
8Jan 17 2634 Feb 4
7978Jan 2 91 Feb 3
$4438 Jan 8 5555 SIMI 12
8
$1518 Jan 10 81814 Feb 4
1007 Jan 3 11312Jan 22
8
11312Jan 3 11818 Itch 4
10073 Jan 3 11134Jan 22
1147 Jan 6 11712Feb 13
8
214 Feb 9
4Jan 27
33
813 Feb 10 1584 Jan 30
838Jan 5 107 Feb 2
3
3518 Mch 10 41 Jan 31
618Jan 9
9
/
1
4Jan 20
19 Jan 2 29 Jan 19
80 Jan 19 86 Jan 28
106 Mch 12 10612 Feb 9
81 Jan 6 105 Feb 25
99 Jan 13 105 Mch 3
21934Jan 5 231 Mch 1
1111
/
4Jan 6 11714Feb 11
3153 etch 12 38 Jan 26
103 Feb 26 §105 Feb 5
89 Jan 2 95 Jan 24
166 Jan 20 178 Meh 11
110 Jan 6 114 Feb 11
77 Jan 12 873 Feb 20
*
6518Jan 2 70 Jan 27
62 Feb 11 6014 Jan 17
100 Feb 13 10134 Feb 9
4612Jan 2 733 Feb 9
$2134 Jan 3 $2414 Jan 27
122 Jan 6 139 Feb 3
11914 Jan 13 12313Feb 4
978Jan 8 14 Feb 3
86 Mch 7 867 MO 10
8
44 Jan 3 52 Jan 26
105 Jan 13 109 Feb 18
$1458Jan 7 $1612Jan 26
65 Jan 2 7712 Meh 10
2313 MC1110 29 Jan 21
28113 Jan
31 Jan 24
1207 Jan 3 125 Jan 5
8
174 Jan 3 2312Feb 4
/
1
8612Jan 7 9313 Feb 4
4Jan 5 4512 Feb 2
263
4Jan 15 10514 Mch 5
973
107 Jan 13 11314 Feb 13
15112 Jan 6 159 Jan 28
2514Jan 7 3438 Feb 2
x9314 Mch 6 101 Feb 14
$173 Jan 9 $2112 Mch 11
4
1934 Jan 5 27 Jan 27
80 Jan 2 911 Menll
/
4
9 Jan 30 18 Jan 14
2612 Jan 30 41 Jan 13
183 Jan 3 193 Feb 2
27 Jan 3 35 Jan 26
32 Jan 7 353 Feb 2
4
65 Jan 22 66 Mch 6
20 Jan 3 3034 Feb 5
70 Jan 5 87 Feb 6
/
4
$311 Jan 9 $363 Fen 11
4
128 Jan 3 149 Meh 5
/
1
4
8412110 6 88 Jan 31
108 Jan 16 110 Jan 23
51,3 Jan 12
812 Jan 31
25 Jan 9 3212 Feb 3
1053Jan 8 5383 Jan 23
40 Jan 8 49 Feb 6
46 Jan 7 87 Itch 10
54 Jan 7 633 Mch 10
4
5734 Jan 3 627 Mch 13
3
101 Feb 10 10458 Jan 14
574 Jan 3 671 Jan 31
/
1
.
106'.i Jan 2 11231 Jan 31
$4878 Jan 10 $5614 Feb 16
28 Jan 7 331 Jan 21
/
4
9614 Jan 3 10514 Mcb
5734Jan 16 667 Feb 16
8
64 Jan 3 7412 Mch 13
1157 Jan 19 119 Feb 11
0213 Jan 3 10314 Feb 5
11234Jan 5 1187 Meh 6
8
Highest.
100 J'ne
25 J'ne
997 Dec
8
11013 J'ne
510 Dec
200 J'ne
98 J'ly
1412 Dec
74 May
1178 Nov
3078 J'ne
22 Dec
3612 Dec
10014 J'ne
25 J'ne
6214 J no
110 Oct
16 Aug
45 J'iy
9014 Dec
17 J'ne
z88 J'ne
30 J'ne
/
1
4
105 Jan
4012 Feb
118 Jan
11852 Jan
140 Jan
29434 Jan
10618 Jan
23 Sep
/
1
4
82 Sep
3284 Jan
4112 Jan
120 Jan
5312 Jan
10512 J'ne
4113 Jan
74 Aug
1377 Jan
8
6012 Feb
86 Jan
8
1035 Feb
Ms Fob
9714 Mob
475s Jan
2412 J'ne
12518 J'ne
73 J'ne
8
6112 J'ne
0582 Dec
39 J.ec
13.j i ne
4113 Feb
14238 Jan
171 Jan
/
4
7914 Jan
10018 Jan
2134 jan
18 J
JanJSa
e
33 Mch 18847404 Jan
J'ne
4680
122196513: Mayo
70 MaY
Nov
68 Jan
: Nov 150351343 JanJan
433
7 :442
990
1103 8seepp
1
D:l e
junee 2 :
1378 jeY :011 4 Jan
111
May 116
III
May
Oct •
434 J4
P
114 Sen •
3 1(: 488 3an
122 jj eet
6 o nn9
4 D
)
:
1:9 J aa n
1JJ
1572 Deo
70 Jan
77 Deo
94 Feb
10812 Oct 110 Jan
58 J'ne 83 Sep
97 J'120 102 Jan I
195 J'ne 235 Molt
10612 J'1Y 11612 Jan ,
8912 Jan ;
891 .J'nene 108 Jan
2
uit
84 JIY
95 Jan
3150 J'ne 200 Jan ,
17358 j i ; 18177
0
:
5 Jn
n
b
Jan
62 Dec
69 Apr'
66 Oct
767 Jan
8
9712 J'ne 10513 Jan
4134 Nov
7814 Fob
2038 Joe
2812 Jan
104 J'ne 13478 San
2 J ep
0
J'ne
14 Jan
17169414
21 Jan
9 4
12
43 Oct
864 Jan
5 512
100 2 n e 108 Oc$
13 J'ne
20 Jan
8112 Jan
60 J'ne
J'ne
12 NovN
8
46 Jan
104 J'ne 12934 Sep
1412 J'ne
2433 Jan
73 J'ne
95 Jan
10112 Jan*
10882' : 138 jan'
85 Dene 3 Ja
22 jj n
18 J o c
:
:
16
5
140 Sep 165 Joni
100 Jan
87 j ne
1884 J nat '
0
e
72 J'ne
14 Nov
123 .; ee
J ne
5434 D i y
3
221j n
28 Ja
/ a
4
9214 Sep
9214 Jan
Jan
2123 j n
931 Ja
45 ,
1i
31 Dec
5212 May
4013 Jan
6672 Feb
220 J : 13 399214 j en
85 Deco e
711:i JJ av
18 N n
4
93693 i JFae
Db
ai
114 j Y
1401042 J'nee v
Novi
14:314 ja
0 Jan
73 jja
1
a
40 Dec
5684 Jan
38 Dee
66 Jan
4934 Nov
77 Jan
51 Nov
6912 Apr
98 Joe 10934 Apr
4078 J'ne
6918 Jan
10213 J'ne 11034 Jan
J'ne
294 J ? 83 Jan
3
2
4811
93 J'ne, 114 Jan
5412 Dec
7514 Jan
1874 j ni 1111414 jjaann
J
8673 .1nn
7
Jan
109 J'ne 1151, Jani
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIO
NS.
Banks
Bid
Brooklyn
Coney lard 'il --270
First
inetbush
110
Oreenpoint._ t150
HIllsidell.__.•._
Homestead ¶ 80
anutaeters _ 400
echanim'll.. 125
ontauk 11._
i
_
MAU
205
Ash
Banks
Brooklyn
National City
North Side 1..
People's ____
150
290
130
___
125
Trust Co's
100
425
N Y City
140
Astor
140
Bankers' Tr_
220 B'way Trust_
Bid
Ask
273
175
145
285
200
155
360
440
150
370
450
160
Trust co
. ma
.
Ask
N Y City
Centro Trust 1015 1025
ColumbiaKnickerboe 440 450
Commercial - --- 85
300 310
Empire
Equitable Tr 430 44e
Farm L & Tr 1095 1115
205 215
Fideilty
275 300
Fulton
Guaranty Tr 560 570
Trust Co's
N Y City
Hudson
_
Law T 1 &Tr
_Lincoln Trust
Metropolitan
Mutual Aillaces
Mut'l Meat
cheater)
Bid
Ask
130
162
120
360
138
167
130
370
135
145
130
140
Trust Co', Bid
Ask
N Y City
N Y Life & Tr 970 990
NY Trust... 595 605
Title Gu & Tr 417 427
Transatlantic 200
220
Union Trust- 385 395
if S Mta St Tr 415 425
United States 1040 1060
Westchester
. 140
__--
Trust Co's
Brooklyn
Brooklyn Tr.
Citizens'....
Franklin ......
Hamilton __
Uome
Kings County
Nassau
People's.
--Queens Co .-
v
• •Bid and asked prices; no
sales on this day.
LOS1 than 100
Sioek Exekanse or AA auction this week. a Ex-otook dividend. shares. 9 Ex-rixhts. a Ex-dlv & rights. b New stook, et Quoted dollars per
1 Banta marked with a Paragraph (I) ars Slats
banks. s Ex-dividend. •
Bid
Ask 4
470
135
___
170
100
570
126
285
86
490
140
280
280
115 j
1734 i
'
295
100
N
.111
sure. t 041 it
9
"
-••
821
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
AIL 1 1909 the Exchange method of quoting bonds was changed, and prices are now ali--"and interest"--except tor Income and defaulted bonds.
t060
BONDS
13.2
Y. STOCK EXCHANGE
Week Ending March 13
Price
Friday
March 13
Week's
Range or
Last Sale
Q5
, 1
Rowe
since
Jan. 1.
II
BONDS
N. Y. STOCK EXCHANGE li
Week Ending March 13
..44.,
Price
Friday
March 13
Week's
Range or
Lass Sate
4
gi
.1
,
Range
tt3140..
I
Jan. .
High No. Low HO
Ask Low
Bid
Bid
Ask Lute
High No. Low High Chesapeake & Ohio (Con.)—
General gold 4 Ns
4
1992 M-8 9412 Sale 933
4 19 93 9 11I
943
4
1
/ 8
9813 983
4
4
3
983 99 983 Itch'14
1992 14-8 92 ____ 9313 Feb '14 ___ 9313 984
Registered
9834 9912 9853 Jan '14
98 9858
Convertible 430
8312 82 797 864
8
1930 F-A 8312 Sale 82
102 103 10214
10214 10214
10214
g
Bi Sandy 1st 4s
1944 J-D --- 8614 8518 Feb 13 ------ -_,,..
4
102 1023
1024 Sale 1024 10212
Coal River Ry 1st gu 43_1945 J -D 81 85 8412 Feb '14 ---- 8414 85
11118 11212
112 11254 11213 Mch '14
Craig Valley 1s1 g 55
1940 J -J 9'7 ...... 964 Dec '13 ----. .....
11212
11213 11314
1127 Feb '14
3
4
842 Jan'13 -- — - —
Potts Creek Br 1st 4s
1946 J -J .__
9512 J'ly '13
984
It & A Div 1st con g 4s......1989 J-J
88 ____ 8838 Mch'14 ---- U 88le
Fol." 10212
8
10134 10234 1023 Feb '14
2d consol gold 4s
1989 J-J —85 8313 Feb '14 ---- 8312 834
Greenbrier Ity 1st gu g 45_1940 M-N 843- 91 95 Oct Pi
--- .....
4
Foreign Government.
Chic & Alton RR ref g 33_1949 A-0 814 66 63
67
1 63 63
6 96 08
96
Argentine—Internal 5s of 1009_ NI-8 ; 96 Sale 90
Railway 1st lien 3 s19.30 J-J 52 Sale 52
1 52 5512
52
11 88 8912
89
8
Chinese (lluituang) lty 5s £____ J -D 883 90 89
Uhic B & Q Denver Div 45_1922 F-A 9914 100 993 Jan '14 _4
9934 093
4
Imperial Japanese Government
Illinois Div 3Ns
1949 J -J 833 Sale 833
4
3
4 32 82 86
833
4
8812 23 88 903
1925 F-A I 8812 Sale 88
3s
Sterling loan 4/
Registered
1949 J-J .83 — 5614 Aug 12 ---- __ —.
8712 10 87 8912
1925 J -J I 8624 87511 874
2d Series 43s
Illinois Div 4s
1949 J -J
47. 94 8
5
4
5
95
96
'7 93 7813 80
7914
4
1931 J -J I 783 8012 7914
Sterling loan 4s
11 99
Registered
1949 J-J ---- ---- 93 J'ne•13 -- ____ ____
-_
Republic of Cuba 5s exten debt_ M- S 110012 Sale 10018 10012
Iowa Div sink fund 58_1919 A-0 10212 _ 10158 Noy'13 ____ .....
9218 9412 Oct '13
1949 F-A
External loan 4 N s__
Sinking fund 4s
1919 A-0 9814 983- 98 Mch'14 -- 963 984
6
4
4
1086 90
88
Tokyo City loan of 1912 5s____ M-8 I 87's Jaie 874
Nebraska Extension 4s
97
7 9434 97
1927 NI-N
1 963 964
84 85
U 8 of Mexico s f g Is of
1899 Q-J i 73 8014 84'i Jan '14
Registered
1927 511-N ----- 9624 Sep '12 —.. ___. —•
68
68 68
1954 J -D 67 71 68
Gold 45 of 1904
1921 bil-S 98 ---- 9813 Feb '14 .--- 9812 cuts of 15 to t
Southwestern Div 4s
984
2 These are y rum on the b
Joint bonds. See Great North
State and City Securities. A.,
33 100 102
Genera148
195851-8 94 Sale 9314
68 91114 94
94
8 101
3
1007 Sale 1007
N Y City
-43,1s
3
60 4
7 60 68
4 10618 184 10334 10612 Chic & Eli!ref& imp 48 g_1955 J-J ___ 60 60
3
.
6' Ir1t32 lir-8 1057 Sale 1053
430 Corporate stock
1st consol gold 6s
10714 Jan '14 -— 10714 107
1934 A-0
8
973
8
9712 26 9512 973
4
1
/
4
1959 tel-N_ 9712 Sale 971s
Corporate stocic
General consol 1st 55
994 9978
8
1937 84-N 107-_- 997
3
997
3 9534 10012
9712 33 9512 973
4
1958 M-P1 9714 9712 973
4
Corporate stock
1937 M-N ---. 99 98 Feb '14 ---- 98 98
6 9534 9758
Registered
8
8
975
9714 9712
4 8 Corporate stock
Pur money 1st coal83
4
_
1942 F-A ---. 973 9734 Feb '13 — ___
7 10358 1063
8
10513 Sale 10512 106
Registered
102
2 10112 102
10134 102 102
, ---- ---- -- - •
---- ---- --- -98 99 10512 rly '13
J -J
Chic & Ind 0 Ry lst 55_1936 --3 1063
3 10378 10634
8
i
f
:N
: 105 106 1063
11i 1
4rws
Corporate stock-1:
;
: 4s
r
741 18 -70- 4
4
/
2 10113 10212 ale Great West 1st 4s____1959 M-S 733 Sale 7312
1014 10212
10112
754
assessment bonds-191 7 M-N ---- 10178 8614
4
8612 10 85 865 L;h1c Ind & LouIsv—Ref68_1947 J -J 11812 1197g 11812 Mch'14 _--- 118 1181s
2
8612
1954 M-N
3 1 Corporate stock
-j 10358 _ __ 10353 103 8
3
1947 j
1 10312 103ss
Refunding gold 5s
5 100 10118
i0114 01
10113
tate--4s
N
_
954 Apr 11 — ____
16(14 10112 10112 Feb '14
Refunding 43 Series 0_1917 J-J
4
/
971 1014
Canal Improvement 45,—..1rta
. ---86 J'ly 14 ..... ____ ____
Ind & Loulsv 1st gu 4s
1956 J-J ---- 5
4
1
/
99 10112
Canal Improvement 4s_ _1962 J -J 100 101 100 3 Mch'14
1 9014 Aug 14 __ __ ___
1
10013 10012
1 10012 10012 12hic Ind& Sou 50
5
-year 48_1956 J -J
1960 J -J 100 3
Canal Improvement 4s
__
_
3 1085
8 58 10734 1083 Ohic L 8& East 1st 4 30_1969 J-D ---- ---- 104 Dec 11
4
Canal Improvement 4 30_1964 J-J 10812 11874 1083
2 1004 f004
4
/
1001
5
8
Highway Improy't 4 Ns_ _1063 M-S 10853 Sale 10812 108 8 231 10712 1087 ()hie Mil& 8t P term'g 52_ _1914 J -J 1004 ____ 10018
9412 22 92 9634
94 9412 94
(Ietel gold 45 Series A___e1989 J-J
10313 J'ly '10
J -J
—
South Carolina 4 348 20-40_1933
4
1
/
1
/
e1989(-J 91 —. 934 Jan '14 __ 93 934
Registered
4Jan '14
843 8454
4
Virginia funded debt 2-38 1991 J -J 81 _ 843
8112
5 80 833
Gen'l gold 3Ns Ser 13_e1989 J-J 81 82 8112
4
54
6512 17 54 60
68 deferred Brown Bros Ws— ---e1989 J-J .79 ..... 86 rue'11 ___ __ _
Registered
918;
904 34 88 1934 J -J 904 Sale 8913
25-year deben 48
Railroad.
1014 578 100 1033s
1932 J-1) 10118 Sale 100
Convertible 430
A len Arbor 1st g 4s
4
h1995 Q-J 66 697 70l Feb '14
5
4
e 1989 J -J 10258 Sale 10178 10234 71 100 8 1031
Gen 4 Ns Ser C
3
955 118
Mtch Top & S Fe gen g 48_1995 A-0 9614 Sate 9614
8
Chic & L Sup Div g 58_1021 J -J 104 ___ - 1023 Sep '13 --__ ____ ____
1 0313 997643
92
941
70
Re stored
199 A-0 9313 RN 9414
s
Chic & Mo Ely Div 53_1926 J-J 106 —_- 1033 Nov '13
s
2 84 8818
87
Nov 87 Sale 867
Adjustment gold 48
A
h1995
2 1024 I34
4 104
4
1
/
Chic & P W 1st g 55
1921 J-J 103 _—_ 1033
86 Mch'13
81995 Nov
Registered
93
15 89 93 a
C M& Puget Sd 1st gu 45_1949 J-J 93 Sale 9212
7
17 8438 8812
871
hl995 M-N 8715 bale 87
Stamped
4
6
1916 J-J 100 8 ...... 1003 Nov'13 ___
Dak & Grt Sou gold 55
2 Oh 100
9614
1055 JD 951s 964 9814
env gold 48
1 los cosi
10812
8
Dubuque Div 1st s f 63_1920 J -J 1083 ---- 10813
9913 May'13
1955 JD —
Cony 4s issue of 1909
__
1924 J-J 112'..... 110 J'ne 13 —_
Far & Sou assum g 6s
47 -9415 995
961
196o JD 9512 9812 9534
Cony 48 (issueof 1910)
La Crosse & 1) 1st 5s
1919 J-J 10238 ..... 10218 Jan '14 _-- 10218 1024
8 997 102
4 102
4
3
11)17 J -D 1013 102 1013
-year gold 5s
10
4
8
Wis & Minn Div g 5s___ _1921 J -J 10324____ 1033 Mch'14 _-_- 1025 10334
4
913 9'258
51-8 94 9412 92'i Jan '14
Mast Okla Div 1st g 45_1928 J -J 901 914 90 Mch'14
Wis Vail Div 1st 6s
1
1
4
1
/ / /
1920 J-J 108 1124 1074 Sep '13 ---- 944 944
4
/
8
8014 915
Short Line 1st 4s gold_1958
10113
6 101 1014
Mil & No cons ex 430 _1934 J-D 10118 104 101
4
/
981 27 9714 9812
Oal-Ariz 1st & ref 4 30..„1962 Ail-S 98 Sale 98
4
1934 J-D 1011 ---- 1013 Itch'14 ---- 993 1014
4
/
4
1st extended 4 Ns
104 104
II Fe Pros dc Ph 1st g 55_1942 M-S 108 109 104 Jan '14
1 1021 10253
4
/
10118 10118 Dine & Nor West cons 75_1915 (,/ F 10214 Sale 10214 10214
1915 M-8 10133 _.101's Jan '14
Chic & St Louis 1st 6s
944 Mcb '14 ___ 9412 9412
1888-1026 F-A 9412 _
Extension 4s
9314 15 91
95
M-S 934 Sale 934
All Coast L 1st gold 4s___h1952
1888-1926 F-A 94 -- 95 Feo '14 _ 95 95 ,
Registered
95 Jan '13
1,1952 NI-8
Registered
8314
4
1
/
1 80 84 '
198784-N 8234 $31 83
General gold 33.
1959 J-D 87 .
50-year unified 48
p1987 Q-F -- - - 7812Jan '14 ____ 7812 781$
Dec '13
Registered
103 _ fa'
Ala Mid 1st gu gold 58_1928 M-N
9734
2 93 974
1987 NI-el 97 98 9714
General 4s
95 Aug'12
Bruns & W 1st gu gold 48_1938 J -J 00 -..106 Sep '13 ___ ____ ._.,
Sinking fund 60-1879-1929 A-0 107 haries & Say 1st gold 75_1936 J-J 12954 __ -66.
1879-1929 A-0 10534 -- 10512 Dec '13 ____ __ .....
Registered
-65 26 87 95
o1952 M-N 93 Sale
& N coll gold 4s
Sinking fund 58._1879-1929 A-0 104 10414 10412 Nov'13 —__ ____ ___.
-123,1J'ne•12
av F & %V 1st gold 6s__1934 A-0 11834
1879-1929 A-0 103 -- 102 Oct '13 .... ____ ___.
11033 May11
Registered
1934 A-0 11,8
1st gold 59
7
1921 A-0 10112 11124 103 Feb '14 ---- 10012 102 s
Debenture 58
1918 J .4 Vela --- 97 Oct '12
Oil Sp Oca & CI gu g 4s
1921 A-0 98 —__ 101 Dec '12
Registered
4
91.4 22 90 525.t
.. A 913 Sale 31so
•
flair.& Ohio prior 3345.-1t,2:
4 10214 1024
193$ J-N 1024 103 10212 1024
Slukinw fund deb 5s
Yeb '14
90 00
h1925 Cr -' (0) ,-- 8, Registered
193351-N .. — —_ 1004 Aug'13.—.
Registered
,
9 118 68 004 06
111948 A-0 "4,4 Z•4,1, VI
Gold 4s
4
- Frem Elk & Mo V 1st 6s...193s A-0 1204 -- 1203 Feb '14 ---- 120 124;
4
h1948 Q-J Inas 033 .13 Mch'14
Registered
r 17 Sale 914
:
1933-..3
02 4 259 90 943, Man 11 B & N W lst 3 Ns 1941 J -3 __. ___ 9012 Sep '09 —. __ ___
94
tO-yr cone 4 Ns
____ ---___Milw & 8 L 1st gu 330_1941 J-J
112 Jan '12
1st gold 68-11)22 J -J 41713
Ms June
8
Mil L 8 & West 1st g 6s 1921 51-S 10958 — _ 1093 Feb '14 ---- 10924109¼
90 Feb '14
894 90
' June& 81 Div 1st g 3301925 M-N
Ext & imp. $ f gold 53...1929 F-A 19813 110 10618 lien 14 ---- 106141061$
4 841, 8912
8812 8712
8712
PLE& W Va Sys ref 43_1941 81-N
4
/
Ashland Div 1st g 63_1925 M-8 11314 ____ 1131 Feb '14 _--- 11313 1134
3
903
4 36 8714 9112
gold 3 Ns_1925 J -J 998 Sale Ms
Mouthw Div 1st
11314
I 11314 113
Mien Div 1st gold 63_1924 J -J 11318 ___ 11314
4
1
/
100 Apr 13
_
cent Ohio R 1st cg 430_1930 M-S 9913
Mil Spar& N %V 1st gu 45_1047 NI-8.._ 934 934 Itch'14 ---- 01 94
CI Lor & W con 1st g 58_1933 A-0 105.2 ____ 103 N oy'13
1917 M-8 10714 ___ 10814 Feb '14--... 10814 10 /
8
Northw Union 1st 7s g
10214 J'ne•12
4
1
55_1911) F-A 10038
Vonon River 1st gu g
3
Winona & St P 1st eat 75_1916 J-D 1063 ...._ 10633 Noy'13.._
102 Nov'13
104-4
' Ohio River RR 1st g 58-1936 J -I) 159
3hicago Rock Isi & Pac 8s_1917 J-J 10414..__ 10434 Feb '14 _.... 10413 los ,
8
10412 985 Oct '13
1937 A-0
General gold 5s
4
/
8
1917 J-J 1041 106 1043 bleb'14 -- 10438 1044
Registered
11313 Feb '12
1922 A-0 10t04
Pitts()ley & Tol 1st g tis
874 66 84 8912
1988 j
-J
8812 Sale 8812
General gold 4s
9634
964
3 9654 963
4
Pitts & West 1st g 48—.1917 J -J 944
1986 J-J ___ --_- 87 Feb '14 ____ 8412 87 ,
91 J'ne'12
Registered
,
8tat Isl ity let gu g 4;48_1943 J-i:
•
784 147 72 81 1
1934 A-0 74 Salo 7314
Refunding gold 48
1927 .1-.7
Bolivia By 1st 55
78 558 6912 804
4
1932 j
698 Sale 8913
-J
20-year debenture 55
108 Feb '14
103 108
Buffalo R & l' gen g 58-1937 M-S
97 Sep 'II ___. _ _
Coll trust Series L 4s___1914 ae-N
195751-N 10113 10212 10314 Apr '13
,
Consol 4 36s
_
45
191851-N ---- ----9 4 J'ne'll
94 Jan '14
P 4s
94 94
1998 A-0 884
11.35 West 1st g 43 gu
4258 2067 394 53
2002 M-N 4014 Salo 394
Chic It I 35 Pac RIt 45
103 J'ly '08
1943 J-J 194
Cl & Mali 1st go g 58
7 also
,
39 8
2002 51-N 381 Sale 384
4
Registered
1094 Meh'14
1
11
186:2 fcU3;
och & Pitts 1st gold 68_1921 F-A 10914
53
110 Feb '14 --i0 103 110, R I Ark & Louis 1st 4 348_1934 51-8 .... _ 84 85 J'ly '13 ---------1 65
0
8
1922 J -D 1404
Consol 1st g 85
1934 A-0 1021e ---- 102 Dec '13 ----------Bur0 It & N-1st g 5s
10612
anada Sou cons gu A 58_1962 A-0 1084 Sale 106 Jan '11
8
011 1 F& N W 1st gu5s_1921 A-0 10078 1C14 1007 Feb '14 ..... 10078 1607
4
_ 10034
1982 A-0 —
Registered
___
_— ---- -- ....
1927 j-1)
M & St L lat gug 7s
3
£24 100 993 Mch'14
CarClinch&Ohloist 30-yr5s1938 J-D
Choc Okla & G gen g 513_01919 J-J _ -99I2 997 MeIP13 ---- --- —
; 108 Feb '14
108 108
Central of Ga 1st gold 5s_p1945 le-A le7.4
1952 rd-N 99 101 106 Jan '13
Cousol gold 5s
10412
102 105
Selo '04
1945 M-N
Consol gold 55
Keok & Des Moines 1st 52.1923 A-0 9258 94 924 Mch'14 ..... 9112 924*
103 .0314 Mch'13
1945 M-N
Registered
St Paul& li0Sh L lst 430'41 F-A _ 7612 7812 bleb'14 ____ 7812 80
4 85 87
87
87
hatt Div pur mon g 4s 1951 J-1) 47 Sale 1(1714
120
120 i
193 1 J -D 120 Sale 120
:Ade St P M & 0 con 68
Jan '12
& Nor Div 1st g 5s.1946 J -J It.)43:2 - - •
ac
_..
_
Cons es reduced to 330-1930 J-1) 88 91 8914 Dec '12 --------4
/
1021 Sep
Id Oa & Atl Div 58._ 1947 J -J 11,313
86 101 103 1
8 103
1930 51-S 103 Sale 1023
Debenture 5s
1093 May 11
4
3
1946 J -J 1043
, Mobile Div 1st g 55
Ch St P & Minn 1st g 6s 1918 M-N 1184.— 11613 Jan '14 ...„ 11613 11618
3 10038
8
2 9934 1003
Oen RR & 11 of Ga col g 58_1937 81-N 10014 103 1003
1930 J-.1 ligte ___ 1294* May 09
North Wisconsin lst U
11634 24 114 117
4
/
1987 J -J 1181 Sale 111348
Cent of N J gen'l gold 5s
05
6 107 1071le,
s
5
St P & 8 City 1st g 65-- _1919 A-0
11334 1133
4
4
,
-J 115 1161 11334 Jan '14
h1987 9
Registered
___
Superior Short L 1st 55;41930 84-8 -------------------- __ .....1
8
4
7 104 1045
Anx Dock & Imp gu 513_1921 J-J 10418 1043 10413 10413
jilic T II & So'east 181 bs_1900 J-D ___ 8512 Si Jan '14 ____, 85 Is 100 J'ne'13
• Leh & Ilud It gen gu g 59_1920 J -J 101 -. 105 Dec '13
Jide & West Ind gen g 62_41932(-M 1084 —
( N Y & Long Br gen g 48_ _1941 M-S 934 _ 100's Jan '13
1 831 8514
4
/ 87 I
8
.
1952 J-J . _ 847 8514
Consol 50-year 4s
8414 Mch'14
,Cent Vermont 1st Ru g 45_01920 Q-F 84
4
1
/ 10 93 98
96
Jtu II & D 24! goul 430.- 1937 J -J 969712 98
Chesapeake & Ohio—
-._ ---- --- ...
lo
1959 J -J —.--- __—
1st & refunding 48
100
10 9834 10014
; Oen funding & Impt 5s___1929 J -.I 100 10014 100
1959 J -J
---- 8614 J'ne'12 ____
1st guaranteed 4s
10618 35 105 1077g
1930 .51-N 10813 Sale 106
lat consol gold 5s
1 10012 1001a,
1941 M-N 0914 100 10012 10012
(1In I) se 1 lat fru rr 5.1
103 Jan '14 103 103
1939 114-N
Registered
U. S. Government.
U I 28 consol registered_d1030 Q-J
U 0 25 consol coupon
dl930 Q-J
U 8 35 registered
-1918 'J-P
1
U 13 3s coupon
k1918 Q -F
U 0 4s registered
1925 Q- F
U 8 43 coupon
1925 Q- F
US Pan Canal 10-30-yr 2/3 11936 Q-F
U 13 Panama Canal 3s g
1961 Q-M
TO
i
9031
•6
C
E
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
4
1024 10 0912 10312
Brooklyn Rapid Tran g 55_1945 A-0 1024 Sale 1023
9212 150 8712 9314
1st refund cony gold 4s...._2002 J -J 9158 Sale 9113
3
9912 174 91318 9958
4
/
6-year secured notes 5s_....1918 J -J 9O3 Sale 091
8
101 1013
4
Bk City 1st con 53_1918-1941 J -J 100 10212 1015 Mch'14
99 98 Apr '13
Bk Q Co & S con gu g 5s_1941
101 May'13
Bklyn Q Co & S 1st 5s___1941 J -J
- 4 -56F2 16134
Bklyn Lln El 1st g 4-58-1050 F-A 10114 10hI 10114 10138
10134 1013
1950 F-A 10114
100 1013,
4
Stamped guar 4-5s
83 84
4
Kings County El 1st g 49_1949 le-A 833 -- - 84 MO'14
8413
.
. 8412 8412
0-A
1949 1
3 8234 8412
Stamped guar 45
80 Sale 79
80
22 74 80
Nassau Elec guar gild4s_1951 J -J
09
4
1
/
3 9634 9914
Chicago Rwys 1st 5s _ _1927 F-A 09 Sale 98
95 9612 l0178J'ne '12
—
Conn Ry& L lstStref 5g 4lig '51 -J
9512 J'ne'13
1951
Stamped guar 4 30
j-I
32
4 69 V(C12
7312
lPet United lst cons g 4;0_1932 j-9'72:2 73 73
—
84 84
_ 84 Jan '14
Smith Lt & Tr 1st g 53_1936 ,.1-S
1
98 J'ne'13
rand Rapids fly 1st g 5s....1916 J -D 09
-111F3 95
1952 F-A 9113 923 014 Mch'14
Ravana Elec consol g 58
No pries Frichurlisteat Ms week. 4 Due Anril, •Due May
Street Railway
Hud dc Manhat 58 Ser A__ 1957 F-A
1957
Adjust income 55
1932 VIA
N Y & Jersey 1st 5s
Interboro-Metrop coil 4 30_1956 A-0
loterooro Rapid Transit
1968 J-J
1st & refunding 5s
Manhat Ity(NY)cons g 45_1990 A-0
1990 A-0
Stamped tax-exempt
Metropolitan Street R y—
Sway & 7th Ay 1st c g 58_1943 J-D
Col & Oth Av 1st gu g 58_1993 M-S
Lox Ay & P F 1st go g 53_1993
Met W S El (Chic) 1st g 43_1938 F-A
Miiw Elec Hy & IA cons g 581926 F-A
Refunding & eaten 430_1931 J-J
Nlinneap St 1st cons g 58_1919 J-J
4,1ontreal Tramways 151 & ref
1941 J-J
-year 5s Ser A
30
814 83 82
331 3313
____ 10012
7714 Sale 77
99 Sale 9878
9013 9138 9114
8
8
913 9112 913
99
9114
4
1
/
8134 91
33 39
82
3312
7712 107 7514 7--1
9
7;
9112
102
102 -- 102
10012__ 101 Mch'14
101
8
1003 lEsi 101
- 80 9312.11y 08
102'8 Jan '14
i011.8
91 Apr '13
102 Nov'12
98
90
e Due June, Is Due July. 1 Dee Aug. •Due Oet. p Des NW.
99 Feb '14•
77 984 984
1 8913 92
3
6 887 92Is
4
101 102
100 101
9814 lot
Hi' RU4
9714 90
Dee Dee. •Oplanene18.
t 822
New York Bond Record—Continued—Page 2
W2.'
BONDS
N. Y. STOCK EXCHANGE tt
Week Ending March 13
..,•„,
Fetes
Friday
March 13
Week's
,,,,,,.
Range orgl..
2
Last Sale
4:151
Range
since
Jan. 1.
BONDS
4
N. Y. STOCK EXCHANGE E4
Week Ending March 13
•A
On Ham & Day (Con.)—
ld
Ask Low
High No. Low High
0 Find & Ft W lst gu 4sg_1923 M-N -------- -88 Alch 11 .-_
Cin 1 & W 1st gu g 4s____1953 J-J --_- 88 86 Jan '14 ...-- 86 86
Day& Mich lstcons4 tis-1931 J -J
96 ---- ___
Ind Dec & W lst g 5s...._1935 J-J -100 - Feb'14 ____ 100- 1100
let guar gold 5s
1935 J -J __-_ --- 10712 Dec '02 ____ __ ___
Cleve Cin C & St L gen 4s 1993 J -I)--- 83 4 84 Lich '14 ____ 83 85
3
20-yr deb 4!,s
8612 Sale 8512
1931 J -J
8512
6 8512 8712
Cairo Div let gold 4s
1939 J -J
___
8512 -- 877 Dec •13 _-_ _
s
Cin W & M Div let e 4s 1991 J -J 80 8412 83 Feb '14 ____ 83 83
St L Divlst con tr g 4)1_1990 M-N 82 ____ 8412
8412
3 83 853
4
Registered
8214
8214
1990 M-N 382
3 8214 8214
1940 M-S 85 ____ 85 Mch'14 __-_ 85 85
@Ill & Cot Div letg4s
.
W W Val Div 1st g 4s__1940 J -J 8212 ____ 91 Apr '12
Cl St L& C consol 6s
1920 MN 106 ____ 105123101'14 ____ 10518 10512
1st gold 4s
k1936 Q-F 9114 0212 91 Feb '14 __ 91 91
92 90 Mch'13
Registered
k1936 Q-F 91
Cin S& C.'i con Ist g 59_1923 J -J 10212 __ 102 Oct '13
CC('& 1 consol 79
8 -- 10114 Oct '13
1914 J -D 1003
Consot sinking fund 7s 1914 J-1) - --- ---- __------ .— -—
General consol gold 68_1934 J -J 119s__,_ 120 Lich'13
Registered
1924 J -J
Ind 13 & V/ let prof 49_1940 A-0 1414 ____ ii J y
____ __ ____
____
95
0 Ind & W 1st pref 5s___01938 Q-J
7 •fifk "ii
7812
Peo & East let cot 4s
1040 A-0 77 80 7812
27 28 2512 Mch'14 __-_ 2519 30
Incorn c 4s
1990 Apr
Coi Mid and 1st g 4s
1514 2012 1012 Mch '14 56 1912 1934
1947 J -J
16
_
20 17 Feb '14 __-7 17
Trust ( o. certfs. of deposit__
17
Colorado & Sou 1st •4 4s
__1929 F-A 02 Sale 9112
9214 23 90 93
Refund & ext 4 Vjs
1935 M-N 9112 9134 0134
9134 27 9012 9312
Ft W & Den C 1st g 6s
10412 107 10678
1921 J -D
1067
8
2 105 107
Conn & Pas Itivs 1st g 4s_1043 A-0 --- - --__ _ _ _
Cuba Itit let 50-yr 5s g _1952 J -J --------100 - Ilay'16 2:::2:
--
[VOL. xcvm.
Pric,
Friday
March 13
Weer-„,,
Range
Range orv.
, since
3
Last Sale4 cZ
Jan. 1.
z
St P 84 & M (Continued)—
But
Ask Low
Ilioh No. Low High
Mont C let gu g 69
1937 J -J 12114 125 11812 Dec '13 ___
Registered
1937 J -J
_
13614
1937 J -j lo712 ____ 10634 May'06
1st guar gold 5s
Feb '14 —
1063 107
4 1937 J -J ---- .-- —
Registered
Will & 8 F 1st gold 5s_1938 J -D 10812 — 1041- .1'ne
2
-ii
Gulf& S 1 let ref& t g 59_61952 J -J
9012 9134 9114 Feb '14 ___-_ -'16 0i'114
b 1952 J -J
Registered
. _
---- -- [Jock Val let cons g 4 Jis__1999 J -J 99 101 9912 LIch'14 -- _ oicol
it Registered
1999 J -J
97 ---_ 973
4Jan '14 ___ 963 9734
8
Col & 1-1 V 1st ext g 4s
1948 A-0 8812 .__ 92 Apr '13
Col & 1'ol 1st ext 4s
1055 F -A 91 -__ 0012 Mch'14__
7 -- 2 9613
Bons Belt & Term 1st 5s...1937 J -J ....„-. --__ 10014 Dec 12
--_
I Ilinois Central 1st gold 491951 J -J
9538 .__. 95 Feb '14 _
-1T2 1
)
lii;
3 Registered
1951 J -J .-------100 Sep '11 .....
_
1st gold 3 s
1951 J -J
84 87 s418 Oct '13 ____ ___
Registered
1951 J-3 . _ -__ 8812 Feb '13 ____ ___ _:::
Extended 1st g 334e
1951 A-0 13112 —_ 9312 May 09
1951 A-O
Registered
Ist gold 3s sterling
J ly 09 __
1951 M-S ._,. - 7.-- Registered
r _
.
- .., - ---- ---- —
Coll trust gold 4s
1952 A-0 9012 Sale 9012
9012
3 90 93
Registered
1952 A-0 -..„ - ...... 9514 Sc;) '12 ____ __ __
897 1st ref 4s
8 94
8
1955 64-N 9312 933 94 Lich '14
801s 8314 82 Feb '14 _
1952 J -J
Purchased lines 334s
79 82
L N 0& Tex gold 43
1953 64-N 8912 Sale 8912
1 8912 91
891s
1953 M-N -,... 9512 9434 Jan '11 ___ ____ __
Registered
Cairo Bridge gold 4s
s
1950 J -D 887- ..._ . 9478 J'ly '12
-74 74
Litchfield Div 1st g 3s
73 --- 74 Feb 14_.'
1951. J-J
Loulsv Div & Term g 334s 11)53 J -,J
7512 84 8/ LI/LY'13 ---- ---- -Registered
1953 J -J ---------83 Aug '12 ____ ___ __
Middle Div reg 58
23 May'99
1021 F-A 10118
Omaha Div 1st g Is
1951 F-A 7118 73 7218 Feb '14__ 71 -72is
St Louis Div & term g 39_1951 J -J 7012 7312 751s •14-.11'. 2 --- ---- --1
rlorr& S'Essex ln t7
La&
" lVestes ,— -1014 M-N 10038 10118 10012 Mai'14 __-- 10012 1007
Registered
s—
1951 J -J
8
1st cons°. guar 7s—....1915 J -D 1031
Gold 384e
1 10318
10318 11 103 10314
1951 J -J 8014 ---- Tits Se ' ---- ---- -13
_
Registered
1915 J-1) -------- 103 Nov'13 _
Registered
1951 J -J -------- 10118 Oct '99
Spring Div 1st g 330
1st ref gu g 3 3
2000 J -D 84 _-__ 85'1 Feb '14 ___ 8512 8512
-es
1951 J -J
8
787 ---- '7838 Alch '14 __ '783 1813
s
s
N Y Lack & W let 6s
4
10934
1921 J-J 1093 ___ 1093
Registered
4
1 10814 1093
1951 J -J ___
4
_
____ —
Western lines 1st g 4s
Construction 5s
1923 F-A 10418 ___ 104's Feb '14 ___ 10412 10412
1951 F-A 8038 ---_. -E. Fel 91
' s '14 _-_-_-_ 90 - Term & Improve 4s
1923 M-N 9484 ____ 94 Dec .13 ___
Registered
1951 F-A ---- -- - Warren 1st ref gu g 3 3es_2000 F-A 70 ____ 10218 Feb '03 ___
_
Belle,/ & Car 1st es
1923 J -0 1061.8 __-_. 11i1- Mai'io ---- --- ---2
___ ---Del & II tal let Pa Div 711
8
Carb & Shaw lst g 4s__1932 Id-8 8712 --- 9412 J 'ly '12
1917 M-S 10814 ---_ 1083 Mch'14 __-- if)818 1/ 8
1
83-Registered
_ 149 Aug '01
.
1917 M-S -7. 7
Chic St L St al 0 g 5s
1951 J -D 1073 ---- 108
8
108
1 108 108
1916 j4) 9834 99 9834
10-yr cony deb 4s
3
987
8 34 973 9913
Registered
1951 J -D 10412 ___ 114 Feu •11
1922 J -J 1001s Sale 097
-- -- -8 10018
let lien equip g 4 JO
2 99(2 161
Gold 3 34s
1951 J -D 80 _-__ 90 Oct '09
• - -- ---- -let & ref 4s
1943 M-N 95 96 96
96 14
Registered
1951 J -D
3 9312 9634
Alb & Sus cony 33-is
1046 A-0 85 8512 85
853
8 22 8478 863
Slemph Div 1st g 4s
1951 J -D 84111 - - - - 021k Aug'12 _ _
4
Rens & Saratoga 1st 79_1021 M-N 1153 _.... 11512Feb '14
8
Itegistered
1051 J -D
115 11512
Deny & It tie 1st con g 49_1936 J-J 80 82 80
St L Sou 1st gu g 4s
82
d'is di dg J'Ii '"oci:--- ---- --.
24 80 85
1931 K-s
----Consol gold 45s
4
1936 J -J 903 Sale 90 4
3
8813 .. - 88 Fob '14 ____ 8612 88
903
4
1950 J -J
1 9012 903i Ind Ill & la 1st g 4s
Improvement gold 5s
1928 J -D --7- 9012 9212 Lich'14 _. 9212 9212 int & Great Nor 1st g 65
1919 64-N 103 105 104
104
3 104 104
1st & refunding 5s
i amestown Franklin at
1055 F-A 63 Sale 62
673
8 69 62 74
Rio Or June let gu g 5s
,./ Clearfield 1st, 4s
1939 J -D - — - ---- 109 Dec '12
1959 J -D .9112 921s 9112
0112 10 9112 9211
Rio (Ir So 1st gold 4s
1940 J -J ---- 70 6112 Apr '11
an City Sou 1st gold 39_1950 A-0
93 6978 6014
6914
2 6812 70
0uaranl eed
1940 J -J -(41
74 85 Mcli.
Registered
1950 A-0 ------.. 63 Oct '00
1939 J -j 83 8312 83
Rio Or IN est 1st g 43
Ref & impt 5s
9612 97 98
98
Apr 1950 J -J
8313 18 79 84
aa 55T2 -WI;
Mtge& col trust 48 A
., 7518 72 Mch'14 ---- 72 7214 Kansas City Term 1st 49___1960 J-J
1940 A-0 -7
923 05 95 Itch '14 _ 0318 9513
8
Utah Cent let Ku g 4s_a1017 A-0 88 ___ 97 Jan '08
9914 10318 10314 Feu :14.,._ 100 10334
ake Ede & %V 1st g 59_1937 J -J
Des Mol Un ity let g 5s
1917 M-N -------- 110 Sep '04 _ --- ---- —....
20 gold 5s
1041 J -J - — 93.4 95 Jan 14
05 95
Det & Mack let lien g 49_1995 J -D 84 —_ 84 Lich .14 ____
North Ohio 1st gu g 5s
1945 A-0 98 10018 98 kte.)'14
98 98
8218 Oct '13 ..... .
Gold 4s
Leh Vail N Y 1st gu g 434s_1940 J -J 101 .,,..._ 1013 .ict)'14 ___ 10014 1014
1995 J -D 82
8
Det lily Tun-Ter Tun 4 349_1961 M-N ---- ___9739612 Feb '14 ___ oar. ViRegistered
1940 J -J 3-7- 1°1 10 Dec '13 --- - °
Dul alissabe & Nor gen 59_1941 J -J 103 104 10312
10312
General cons 434e
4
993
8
5 10312 10312
2003 M-N 991- .sale 99
a 65 I912
Dtu & Iron Range let 59
8912
1937 A-0 103 1031 10312 10315
6 10012 10412 Lehigh Vail (Pa) cons g 49_2003 al-N 894 ---- 8912
1 8712 gala
Registered
Dec 13 ___ __ ____
1937 A-0 *100 103 10612 Mch '08 ....._
Leh V Ter lty 1st gu g 5s
1941 A-0 1103 ---- 10714
2d es
9818 --- 104 Feb 11 ____
Itegistereci
1016 J -J
1941 A-0 ---- ----11133 Dee' ---- ---- -- 11
Du So Shore& At g 59—...1937 J-J 1001s -- 9914 Dec '13 ---- -- --__ Leh Val Coal Co 1st gu g 5_i933 J -J 10312 ---- 10414
10414
2 10414 10413
VIgin Jol & East 1st g 59_1941 M-N 1045 _ _ _ 110 Aug '12
8
Registered
1933 J-J 102 ---- 105 Oct '13 ____
9112 1117 Feb '14 __ fur f117
wide let consol gold 7s
8
s
3
let int reduced to 45
1920 M-S 1113
1933 J -J
. --__ _ ..
__ ___ __-- —
, N Y & Erie let ext g 43_ 1947 M-N 05 — - 10112 J'ne'11
Leh & N Y let guar g 4s
1945 61-S 881s ---- 8 Feb '14 _.. 8818 -818
8811
10212
\,_ 2d ext gold 5s
1919 M-S 10212 _ 10212
2 10212 16212
Registered
1945 51-5
ad ext gold 434s
El C & N 1st pref 6s
1923 M-8 100 --- 100 Feb '14 51 100 100
1914 A-U Rid ---- idiia Feb' ---- ---- ---10
Gold guar 5s
4th ext gold 5s
1920 A-0 1024 1023., 10218 Feb '14 __ 102 10214
1914 A-0 100 ......- 99, Nov'13
8
8
5th ext gold 4s
1928 J-D 943 - — 100 Jan '12
Long Isla 1st cons gold 5s_h1931 Q-J 1083*_.__ 10612 Mch'14 __ 10612 10613
_
NY L E & W 1st g fd 79_1920 al-S -----109 Aug'13
1st consol gold 49
111931 Q-J
90 ---- 9614 411.1112 -----------843
4 22 828 - .
Erie let con g 4s prior.,,.,..l996 J-J
4
843 Sale 8312
4 8714
General gold 4s
9233 9211
1938 J-I) 9012 92 923s 11.1ch14 __
Registered
1996 J -.1.
Ferry gold 434s
,4 83 Jan '14 _-,7 83 83
-L-7-. 8
1922 M-S 9414 98 95
i 96 97
95
74 Sale 74
743
8 30 7114 7614
let consol gen lien g 43..„1906 J-J
Gold 4s
1932 J-1) 83 . _ 9914 Oct '06 -----1996 J -J
7312 74 77 Apr '12
, Registered
Unified gold 4s
1949 M-S 873* 83 8712Jan '14 __: se
8711
4
1951 F-A 903 Sate 9038
Penn co0 tr g 4s
9034
Debenture gold 5s
4 89 92
1934 j-D 100 — - - 101 Men '14 .... 1,)014 101
1953 A-0 7512 Sale 743
4
60-year cony 4s A
7512 33 7212 773
Guar ref gold 4s
1949 m-S
8
0014
91
4 os.) 92
7434 32 7138 76
Series 13
1053 A-0 7412 Sale 7412
do
Registered
1949 191-S --------- 95 Jun '11 _
__ .......
s __ 104 Nov'13
Buff N Y 2 Erie let 7s
/
1
4
19I6 J-D 1043
N Y 13 & M B let con g 59_1935 A-0 1033 — 10014 Jan '14 _-_: 10014 101
s
.
Chic & Erie 1st gold 5s
1982 M-N 1073a 10734 10712
10712
N Y & 11 11 1st g Sc
1 10533 fdiart
1927 al-S 101 -- 10212Jan '14 ____ 10212 10213
Clev & Mahon Va. g 5s 1938 J -J 1034 108 103 Feb '14 __ 103 103
Nor Sh [list con g gu 6s_01932 Q-J 1013 - - 104 Apr '13 _
4
1935 A-0 122 ____ 123
Long Dock consol g es
123
Louisiana & Ark 1st g 6s
7 12112 123
1927 61-S ---- 91
9112 Feb '14 ._-_-_ -9112 911s
Coal & it It let cur gu 69_1922 M-N 1011s 1071 108 Dec '12
Loulsv at Nash Gen 6s
1930 J -D 115 Sale 115
115
10 11112 115
' Dock & Imp let ext 5e,,,,,1943 J -.1 10212 ---- 102 Feb '14 ___ ioiis idiGold 5s
8
1937 m-N 1083 ---- 108 Feb '14 _ _ 10534 108
N Y & Green L gu g 5s.....1946 M-N 1011 - — 10312 Aug '12
:
Unified gold 4s
8
1940 J -J 947 Sale 943
4
9178 64 9214 9614
1937 J -J
N Y Sus & W lst ref 5s
9618 97 9912Jan '14---- iii- ii 2
Registered
1940 J -J __— ---- 9212 Nov'13 ____ ____
12d gold 434s
1937 F-A 74 ___ 10014 Dec '06 ___ ---___
Collateral trust gold 5s
1931 6,4-N 105 ---- 104 Nov'13 ,
__
General gold 5s
1940 F-A 76 82 81 Aug'13
1411 & Nash 1st g 6s
1919 J -D 1083 77-- 1083 Dec'13 _-_:- -8
8
Terminal 1st gold 5s
1943 NI-N 1061s -- -- 102 Jan '14 __-- 102 102
L()in& Lex gold 4 3-es
1.i___: jar 1014
s
1931 64-N 1014 10212 1014 Men.
Mid of N J let ext 59
1940 A-0 10214 -_-- 11112 May 12
N 0& M 1st gold 6s
1030 J-J 116 — - - 12014 Mch'13
Wilk & Ea 1st go g 5s__1942 J -D 961s 98 9814 Feb '14.... 923 9812
N 0& M 2d gold 6s
1930 J -J 111 .... 111 Fob '14 __ iii fa
4
Ev & Ind 1st con stu g 69_1926 J -J 100 108 106 May'12 __ __
Paducah& Mom div 4s
1946 F-A ------89 Feb '14
80 89
Evans & 'I' II let cons 69_1021 J -J 10434 _.104 Dec '13 ____ __-- --8
St Louis Div let gold 69_1921 rfi-S 108 110 1083 Fob '14
-- ---10838 10834
lst, general gold 5s
1942 A-0 93 9912 993 Dec '13
8
20 ifold 3s
__
198() m-S 58 68 693* Set/ 12 . ____
Mt Vernon 1st gold es_1923 A-0 ---- -- 108 Noy'll.
---All hnox &(An Div 49_1955 iifi-N 90 9012 9014
90,4
2 88 -9014
Sull Co Branch 1st g 5s
1930 A-0 --------95 J'ne 12 _::: -_---. ----_
Ati Knox & Nor 1st g 5s 1946 J -D 1081a - - - - 111 Jan '13 ____ __ _
Viorida E Coast Ist 4 tis 1959 J-1) 92 937 9212 Mch '14 __ - i - .
8
Render Beige lets f g 69_1931 6.4-S 10512 -7 — 106 Jan '14 .___ 106 106
1
)
9
;
•/- ort St U I) Co 1st g 0413_1941 J-J
-...--_,. 92 Aug '10
Kentucky Cent gold 4s
90
2 8812 901s
1987 J -J 90 9112 90
Ft W & Rio Or 1st g 4s
1928 J -J 64 72 64 Feb '14 --:- -5819 - L& N & M & al 1st g 4 As 1945 M-S 100 8 10312 100 Jan '11 __ 100 100
0
64
f'2 reat Northern—
8313 8412 8314 Mch'14 ____ 83 8,4
L& N-South M Joint 4s 1952 J -J
'J C B & Q coil trust 49
1921 J -J 963 Sale 9612
4
967 312 943 973
8
Registered
h1952 Q-J
. ---- 95 Vet)'05 ---- --__ _
4
s
Registered h
1921 Q-J
N Fla& 8 let gu g 5s
9612
9612
6 9514 963
1937 13-A 10412 106 10414 Feb '14 __ 10414 10414
8
1st & refunding 4 Us ser A 1961 J
100 1003 10012 10012
4
N & 0 1.3dge gen gu g 434* 1945 J -J
1 100 10138
9912 ---- 99'2 Jan '14 ___ 9912 9913
Registered
__ 96 J'ne'13
1961 _ _
Pens & AM let gu g 6s
1921 F-A 109 110 10932 Fob '14
1083 1093*
8
1933 J - J 9634 9914 9634 Itch '14 __9634 17
St Paul M& Man 4s
--J-8 & N Ala con gu g 5s
107
1936 F-A 106
-14
_ . 107
6 10514 107
..
let consol gold Gs
1933 J -J 12114 ____ 12114 Lich '14
_ 11934 12114 L& Jeff I3dge Co gu g 4s- 1945 M-S 136 Sale 8412
85
7 83 86
Registered
1933 J -J 117 _ _ 11712 Aug'13
alum 1414—Sou lines 4s 1936 14-N
Reduced to gold
1933 J -J 102 1_0434 1028 Mch '14 -_ 10014 1028
ex Internet 1st con g 4s
- iO
-1977 61-S :::: -ii” -ii- Mekr ------- ---- --1
Registered
_1933 J -J 99
_4%9_
'
_ Mis Jno'09
tamped guaranteed
1977 6/1-5 __ _ — 79 Nov10 ___ ___ __.
Mont ext let gold 4s:
1937 J -D 9434 9514 9538 Mch '14____ 93 9553 Jinn & St 1. lstgoki 718
1927 J-D 110 __ 12412 Oct '12 __ ____ ___.
Registered
1937 J -D 92 9412 98 J'ne '11 .._ ___
Pacific Ex t 1st gold 69-1921 A-0 100 4 107 11018 Aug'11
3
Pacific ext guar 48 £
1940 J -J
87 _ 923s Mch'll .___ __ - -tat consol god 5s
1034 6/-N 9312 95 9338 Fob '14 ____ 89 iiiii
E Minn Nor Div let g 4s 1048 A-0 92 963 97 Sep '12
4
--Is t aud refund gold 4s
65
6 61 61
1949 M-S 641s 56 55
Minn Ilninn Isar er Ita
1022 .1-1 110
1101, Ian '14 - ;Ia.fin!:
Dias 11,1 & N't 13 lat an 4121035 _1-.1
_601e 68 Feb 'H.._ 68 80
MISCELLAN LOOS BONDS—Continued on Next Page,
I
1 5
1051 . .
....
...
.
1
go
D
--
K
iL
Al
Street Railway
New Orl Ity & Lt gen 4 Ss-1935 J-J
N Y Rye let It It & ref 4s 194'2 J-J
' 30-year ad.' inc 5s
a1942 A-0
Portland Hy 1st & ref 5s___1930
Portland Ity Lt & Pow 1st
& ref conv s(Se
1942 F-A
' Portland Gen Klee let 5s-1935 J -J
St Jos Ity, L,11 & P Ist g 5s1937 64-N
St Paul City Cab cons g 53_1937 J-J
Third Ave ist ref As
1060 J -J
AdJ Inc 5s
a1960 A-0
:Third Ave cy lst g 59.-1937 J -J
'Tri-City lty & Lt let s f 55_1923 A-0
'Undergr of London 4340_1933 J- 1
' Income es
1948
Union Elev (Chic) let g 59_1945 ;C:15
• United Rya Inv 1st lien coil
trust 5s Pitts Issue
1026 M-N
• No prise FrIc1.4y: latest bid and asked
Street Railway
---- 82 8534 Feb '13
United Itys St L let g
37712 78 773
8 69 75 7918
783
8
St Louis Transit gu 5s____1924
6118 Sale 603
6112 308 5833 6312 Unitsel Rite San Fr s f 43-_1927
8
100 1013 101 Jan '13
8
Va By & Pow 1st & ref 5s--1934
J-J
A-0
A-0
J-J
69 4 70
3
71 Sale
6812
9314
70
70
71
71
683 Mch '14
8
94 Feb .
14
Gas and Electric Light
Atlanta 0 L Co. let g 53-1947 J-D 10114 .-- 10212 Dec'13
Bklyn U Gas 1st con g 5s-1945 M-N 10412 106 105
10514
Buffalo Gas 1st g 5s
64 J'ne'13
1947 A-0
Columbus Gas let g 5s____1932 J -J - 985 997 -9
s -83* Mch- - 1
Detroit City Gas g 69
1923 J-J
'
12
Det Gas Co. con let g 5s-1918 F-A
953 Sep '08
3
Oct Edison 1st coil tr 5s-1933 J-J idi- Riie 1011
8
102
Eq OLNY 1st con g 5s-1032 11-S
10612 Oct '12
Gas & Elec Berg Co c g 59...1949 J-1)
100 Feb '13
Or Rap G L Cole),g 5s__-1915 F-A ____ 101 100 Oct '09
Hudson Co Gas 1st g 511---1949 M-N 103
10112Jan '14
75
_ 71 J'ne'13
Kan City(Mo)Gas let g 59 1922 A-0 *91
92
92
this week. a Due Jan. e Due Feb. d Due April. 4 Due July, 4 Due Aug, • Due Oct.
Opt on UAL
923
4
923 10012
4
93 9234
---- 10012
9812
- -i)a
98 ---- 08 Nov
10312 Feb '13
8418 Sale 8234
8412 387 -So; 85
8312 Sale 83
8414 166 764 84)2
108/2 10912 10714 Feb '14
1061
:10714
968 Sale 967
s
3 96 98
97
943 9512 95 Melt'14
4
9412 96
85 8714 9214 Feb '14
853 9214
4
84 Oct 'OS
6 70
2 69
62
94
721$
71
6114
94141
8
—ars kir
100 102
jr!7
j'
iff 0
1
MAR. 14 1914.]
•,:s
BONDS
N. Y. STOOK EXCHANGE
t
•
Week Ending March 6
g,c.
.,
823
New York Bond Record—Continued—Page 3
Price
Friday
March 6
Week's '
1
Range or
g ,q
,
Lass Sale a4 1
,
Range
since
Jan. 1.
Minn & St Louis (Con.)—
Bid
Ask Low
Hoch No. Low High
Iowa Central 1st gold 5s..1 938 J-D 93 Sale 93
4 83 94
9312
Refunding gold 4s_1951 M-S 52 Sale 52
52
11 50 574
1,1 StP&8Sal con g 4s int gu 1938 J -J
41
944 Meh '14 --- 90 9152
1st Chic Termis f 4s
_
1941 NI-N ---- ----0714 J'ne'12
MS S& A 1st g 4s int gu_1926 J -J --------98 Nov'13 --- __
____
_ _
-_-_
Mississippi Central 1st 5s 1949 J -J 9112 ____ 9312 Melt'11 --__
.M o Kan & Tex lst geld 4s 1990 JD 90 Sale 90
904 32 8731 91-7s
6 7112 77
2d gold 4s
7112
91990 F-A 7112 Sale 7112
1st ext gold Is
1944 H-N 97 09 98 Feb '14 --- 9512 99
66
5 6513 71
1st& refund 4s
2004 NI-S 66 69 6518
83
10 8112 85
4
4
Gen sinking fund 43.'s..
1936 J -J --- 813 813
/
1
St Louis Div 1st ref g 4s 2001 A-0 __— 75 784 Apr '13
4
Dal& I,Va 1st gu g 58
1940 N1-N 100 ---_ 993 Dec '13
82
8214
1 8214 - 14
1990 F-A 8214 Sale 8214
Kan 0& Pac lst g 4s
1942 A-0 103 101 10414 Mch'14 _--. 10314 10414
MO Is. & E 1st gu g 5s
0813 9812
1942 M-N ...„.. 100 9812Feb14 _
M K & Ok 1st guar 5s
96
i 96 90
M K & 'I' of'1' 1st gu g 5s_1942 N1-S 904 97 06
Sher Sh & So 1st gu g 5s_1942 J -D 97 101 90 May'13 ____
6Texas & Okla 1st gu g 5s 1948 M-S „„:„.. 1014 9912Jan '14 ---, oi - 113
10414
3 103 105
Missouri Pac 1st cons g 6s 1920 NI-N 10114 Sale 10414
8
9712 10 945 98t,
Trust gold Is stamped_a1917 NI- S 9714 Sale 9714
/
4
a1917 N1-S 95 971 97 May'12 .......
Registered
05
1920 F-A 94 95 95
2
1st collateral gold Is
-951
1920 F-A --------------------------_
Registered
5914 18 K7i 661.2
2
40-year gold loan 4s
1945 M-S 5712 Sale i712
72
1st & ref cony 5s
36 69 7758
1959 M-S 7012 Sale 7012
3d 7s extended at 4%
/
4
1038 M-N 781 ---- 86 Jan '14 --- 86 86
Cent Br hy 1st gu g 4s
1919 F-A 91 93 89 Dec '13
Cent Br U P 1st g 4s
1048 J-D 7712 ---_ 7712 Dec '13
„
Leroy & 0 V A L 1st g 5s_1926 J -J -- _ __ 110 M•ch '05
— ----- 8812 Nov'13 ___
Pac It of Mo 1st ext g 4s 1938 F-A 90
2d extended gold 5s
1938 J -J 103 104 100 Jan '14 __-- 165" kW'
10234
8 101 105
5
St L Ir M5:S gen con g 7 s_1931 A-0 1921 Sale 102
Gen con stamp gu g• 5s_1931 A-0 ---- ----103 Feb '14 ---- 103 103
12 76 82
4
78
77 784 773
1929 J -J
Unified & ref gold 4s
-___ 804 Oct '12
1929 J -J
Registered
813:
78
7 -7
'I014
11/33 M-N -.„- 78 78
764 - i
Riv & 0 DIY 1st g 4s
1926 M-S 934 _ __ 9212 Dec .13 _
Verdi V I & W 1st g 5s
11514
6 112r2 1-1-5-31927 J -D 11514 Sale 11514
Mob ..S6 Ohio new gold 6s
4
.14 ___ 11213 1124
• 1st extension gold 6s____h1.927 Q-J 11212 115 11212 Feb
1938 M-S 82 84 82 Mch '14__,._ so 82
General gold 4s
100 ____ 1054
10614
3 105410614
1947 F-A
Montgom Div 1st g 5s
1927 J -D 93 --. 95 Dec'13 __
St Louis Div Is
91 ____ 8934Jan '14 _. 8814 8934
1931 J-J
St L & Cairo guar g 4s
107
2 10512 107
1.glashville(1i & St L 1st 531021 A-0 10614 107 107
_
— Ill Jan '13 .._
ill Jasper Branch 1st g 6s1923 J -J 11012.
Mal HW & Al 1st 6s
1917 J-J 10313...._ 10334 Jan '14 __-- HIYi-6.41 3
4
• T & P Branch 1st Os
1917 J -J 1034— 113 J'ly '04 __
_61 Feb '14 _ -ii- ifNat Itys ol tlex pr lien 4 !..,s 1957 J -J
1977 A-0 --------77 Feb '13
Guaranteed general 4s
-Nat of Mex prior lien 4 As_1926 J-J --------987 Feb '13
1951 A-0 47 63 65 Aug'13
1st consol 4s
53
48 ---- 50
50
2 -La- ---NO Mob & Chic let ref 5s_1960 J -J
NO&NEpriorliong6s__p1915 A-0 1014 104 1014 10112 1 101 10142
.New Orleatr- Term 1st 4s_1953 J -.1 -„2 --__ 7912 May 13 _
8212
e 73i- iiN Y Central & 11 It g 3 As_1997 J -J 8212-- 82
8118 8212 81
8112 21 81 84
, Registered
1097 J -J
90
13 80 913
Debenture gold 4s
1934 M-N 891 90 894
4
. _
.
Registered
1934 M-N ---- ----93 May'12
83 173 "iii" - 4
4
Lake shore coil g 3 is
a
1993 F-A 823- Sale 823
813
4
8154 Sale 813
Registered
9 783 8312
1993 F-A
4
7412
8 7314 78
Mich Cent coil gold 3%s_1998 F-A 73 75 134
Registered
1998 F-A-,- 764 74 Jan '14 ___ 74 74
8
4
Beech Creek 1st gu g 4s_1936 J-J 911- 963 0534Jan '14 ___- 954 953
4
1936 J-j 93 ____ 99 May 11
18cistend
1936 j
-j 100
Zd guar gold Is
Registered
Beech (Jr Ext 1st g 3 As_b1951 A-0 -,., ---- -,,- ,-„ ---- ___ ____
;
-D 855 -___ 88 Oct '12 ___ ___ ___
Cart & Ad 1st gu g 4s
1981 r
. _ 1,
7 ,
_,.:,„
Gotty& Oswe lstgug 5s 1942 J-1) 103
Moh & Mal 1st gilst 497: 986 mr...-As
_ 1091
lg .
9147-7_ 1013-80eu'
9
ja t :12
0
N J June lt guar
1986 F-A 80 ---- „..,..
Registered
__-- -2000 rii-N 83 -___ 6111 Dee-q2
N Y & Harlem g 3 s
— ---_
- _
'000 PA-N .,,,- „„_,- ..„_
' Registered
1st g 5s 1927 A-0 fel% 107 102 Jan '14 _--- 102 102
•N Y & Northern
'N Y& Pu 1st cons gug 4s-1993 A-0 83 92 92
' ---- -,__
— ---,Nor& Mont lstgug 5s_1916 A-0 ------------------ -1932 J -D 116 -- 116 Feb '14 -----„ 116" 116 ,Pine Creek reg guar 6s
,1; W & 0con 1st ext 5s_01922 A-0 10412 10112 1044 10412 2 10212 10412
10014
Oswe & R 2d gu g 5s____e1915 F-A 10018 10012 10014
1 9912 10014
,
'R W & 0'!' It 1st go g 5s 1918 51-N 1011 -___ 104 J'ne'10 ..
1941 J -J ---- ----90 Apr '13 _-_-_.: -----:21
'Rutland 1st con g 4%s
-- • Og & L Cham 1st gu 4s g 1948 J -3 ---- 81 80 Sop '13
Rut-Caned lot go g 4s_1049 J -J -- — - - - 92 J ne
_
St Lawr& Adir 1st g 5s_1096 J -J 10114 ....... 108 Sep '12 -----------1996 A-0 105 -___ 11912 Men'12 __-_- --- -2d gold Os
Utica & Blk lily gu g 4s_1922 J -.I 9618 —. 95 Dec'13 ____- -_--- -1997 J -D 8414 85 8414
8414
7 gi- - 2
861Lake Shore gold 3 •'is
1997 J -I) 8312 ---- 8312 Meh 14
Register&
834 85
1928 IVI-S 914 Sale 914
9134 42 8914 928
, Dehenture gold 4s
1931 SI-N 911 917 91713
92
, 25-yr gold 4s
15 8812 9214
1931 SI-N ---- ---- 93 Oct '12 ____
, Registered
--- -'Ha A& if It Istio c 5s 1938 J -J 1044
1934 J -J 10512 ---- 11112 Alch'11 :--- --- -.'' Mahon C'I RR 1st 5s
, Pitts & L Erie 2d r 5s_a1928 A-0 105 108 105 Apr '12 _-_-- ------ -Pitts Met( & Y 1st go 6s_1032 J -J 11612 ____ 1301s Jan '09 ____ .— .—_
_ 12314 Ach'12
1934 J -J 11454
2d guaranteed Gs
.
.
McKees&BV 1stg6s-1918 J -J 10114
_l Jan '12 __ _-- -il
Michigan Centra Is
- 1931 4-S 104
— -1931 Q-M 10012 ---- 119 J'ne'06 _
Registered
87 _- 98 Apr '12
1940 J -J
4s
--- --- 87 Feb '14
1940 J-J
87- - 87
Registered
J L & S 1st gold 3%s
1951 M-S -------- 90 J'ne'08 __ _— -1952 M-N 82 85 82 Nov'13 ..--- .---__
1st gold 33-5s
863
4
87
1 837
865
4
8
20-year debenture 4s_1929 A-0 8611 87
• NY Chic& St L 1st g• 4s_1037 A-0 ---- 97 97 Mch'14--__ 9434 97
1937 A-0 --------9713 Jan '13 .--- _ __ ---• Registered
.
13
86
b
Debenture 4s
8
2 84T2 87
1031 M-N as
934 9314 92l2
West Shore'lst 4s guar_2361 J -J
934 14 9112 95
2361 J-J
9034 9112 9118
6 8934 92
9112
• Registered
10012 j'ig .11
is
NY Cent Lines eq UT 4 , 1922 J-J 98 —__
N Y New Haven & Hart/—1055 J-j 7912
80 Feb '14 .... _ 75 8012
Non-cony deben 4s
1056 M-N --__ 80 80 Feb '14 -_- 76 81
Non-cony 4s
71 Sale 71
1956 J-J
714
2 6878 75
Cony ciebenture3;is
1948 J-J 112 Sale 11034
11212 125 105 11711
Cony debenture(Ss
Ir..i..4. 11 _U• I11,.... 1...1008 RA-N
A
_
9914 Nino'19
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 6
1•1i
H
•••••
Price
Friday
March 6
IFeek's
Range or
Las: Sale
‘0,
c.
Range
since
Jan. 1,
Hob No, Low High
Ilia
NY Nil & Hartford (Con.)—
Ask Low
B & N Y Air Line 1st 4s_1955 F-A
9912 J'ne'12 _--_Cent New Rug 1st gu 4s_1961 J -J 81 8314 81
Si
5 -81 83
Housatonic R cons g 5s___1937 M-N 106 ____ 110 Feb 13 .
NY W'clies&13 1st ser 1 43s'46 J -J
74 Sale 74
7514 25 -74 83
N ii & Derby cons cy 5s__1918 M-N
- 107 Aug'09 ---New England cons 5s____1945 J-J
Consoi 4s
-1J -J
- - - - 99 2
is,41•\.( i&eIv e Secu d eb_ 4_ s___ _1052 SI-N ---_ 70 8314 Feb '13
ro) 1 ne ref istrg 48
,v(
1,
,0 7
NI- S 8212 Sale 814
8212
8 814 88
Registered 35,000 only_91992 NI- S - - - - - - - 9212 Inc'12
1945
General 4s
894 Feb '12
J -I)
9612 9612
Norfolk Sou 1st & ref A 5s_1 9 F-A
9612
1961
55
-51 WI;
,Norl & Sou 1st gold Is
100 Jan '11
um 100
1041 II-N 16i14 _
Nor,& West gen gold 6s
1184
1931 '11-N 1184 Sale 1184
11712 118%
_ 123 Jan 13 ---Improvement& ext g 6s_1934 F - A 1194
New River 1st geld 6s
118 Feb '14 ---- 118 118
1932 A-0 118
& IV Fly 1st cons g 4s
044 78 94 954
1996 A-o 94 Sale 94
Registered
- 95 98 Jan '11
1996 A-0
Div'l 1st l& gen g 4s
1044 J -J 6618 91 41014
'3014
7 -8812 9134
10-25-year cony 4s
1932 J-1)
---- 101 Jan '14 -- lin 101
l0-20-year cony 4s
1023 Lich'14 -- 101 1044
4
1035s -Yale 10314 1034 44 10058 10812
Convertible 4%s
14 8812 9012
Pocalf C & C joint 4s_19338 J -D 8712 8914 80
99
2
1 9941
CC & '1' 1st guar gold 5s_1922 J-J 10212 --- 1U54 Jan '13 _4
Scio V & NE 1st gu g 4s1939 NI-N 923 04 923 Itch'14
4
'
.
-65E8 'W
9514 29 9212 96
9478 Sale 9434
Northern Pacific prior I g 4s 1997
9412
9112
7 9418 951s
Registered
1997 Q-J
684
8 6414 6812
4
General lien gold 3s
Q-F 68 Sale 673
R egistered
67 6512 Feb '14 ---- 6512 67
Q-F _
g1-2 - _ 90 Jan '14_,..._ 90 90
St P..ul-Duluth Div g 4s_aa 1996 J-D
24
_ 2277
Del Short L lst gu 5s____1916 NI-S 100 1(3118 10012 Sep '13 -St P & N P gen gol 6_1923 F-A 11118 113 1104 Jan '14____ 1107 ibis
- _ 154 Aug '11 --Registered certificatim__1923 Q-F
St Paul & D Auth 1st 5s_1931 F-A 16E3- -_ 107 Jan '12
4
2(1 5s
101 1611917 A-0 lel ---- 101 Hell 14
1st consol gold 48
87 87
J-D 8712 ---- 87 Feb '14
8112 Dec '13 -Wash Cent 1st gold 4s
94
1968 O-M
Nor Pac Term Co lst g 68 1933 j
11314
11314
3
ffil4
-J 11F2
Oregon-Wash 1st & ref 4,3_1961 J-J 92 93 9158
92
14 89 92
10()
1 99410312
PacCoast Co 1st gas_ _1946 J-D 101 103 100
ennsy,yards. 1111
1st real est g 4s
1923 M-N 96 100 97 Dec '13-Consol gold 5s
1919 NI-S 10212 104 110 Meh'12
3
Consol gold 4s
M-N 997 ---- 99 Dec '13
Convertible gold 3 •53-__01915 J -D 983 Sale 9834
4
9878 66 973 - ;
1943
91
1
Registered
9812 Feb '14
o1 91 2
9S12 9812
g 4s_ 1945 J -D
Consol gold 4s
10012 Feb '14 --- 99 10034
---M-N
Alieg Val gen guar
07 3lch'14
9612 97
M-S 9012
D It
RIG I3'ge 1st gu 4s g .346 F-A 911 98 01 Men '14
/
4
91 91
19 8
Phila Balt & W 1st g 4s
1943 M-N 97 ..-- 994 rly '13
Sod Bay & Sou 1st g 5s
192 J an3
'0
1924 J -J
Sunbury & Lewis 1st g 4s_1936 J -J 9114 -U N J 1010 & Can gen 4s_1944 M-S 93 --- 10112 May'12
Pennsylvania Co—
2 100 10114
-J 10114
Guar 1st g 43•is
1921 j
1 100 10114
.10' - 101144
12
1
Registered
J -J
Guar 3
coil trust reg _ 1927 M-S 8412 ---- 80 Jan '14 — _ 86 86
031
Guar 3As coil trust ser B_1941 F-A 8514
85 8512
8212
8512
Trust Co ctls gu g 33is_1916 NI-N 9712 984 9712 Feb '14
9712 974
Guar 3 As trust ctfs()
83 83
1942 J -D 8512 ---- 83 Jan '14
Guar 3 3is trust ctfsD
4
1044 J -D 8414 853 8412 Nov '1- -(-; 93 95
Guar 15-25-year g 4s
91354
1931 A-0 9312 944 9312
Cm Leb & Nor go 4s g
9414 034 Feb '1
4
9314 933
1942 M-N
CI & Mar 1st gu g 4 As_1935 M-N 9614 ___ 110 Jae '0.5
---8
Cl& Pgengug 43is ser A 1942 J -J 1024 — 1013 Nov'13
---Series B
1942 A-0 10212 --. 10941•15''09
t:2
b 21
let reduced to 33s,.,1942 A-0 851
99 8
91:4
6
:
Series 3 As
Ni-N
Series D 3%s
F-A 8518 ---- 8418 Dec '13
Erie& Pitts gu g 3
13_199498 J-J 85,2 —. 8072 Sep '13
110450
Series C
J -J 8512 --- 904,117 '12
Gr & lox 1st
1941
g 43is_1049 J -J 9612 --- 954 Dec '13
Pitts Y & Ash 1st cons 53_1927 M-N 104 --__ 109 .gag'10
'1'
9638 ---- 1024 J
Tol W V& 0 gu 43isA
1931 J -J
Series B 4 As
1933 j-j 984---- 1024 Noy'12
Series C 4s
M-S 9214 — _ 9512 Sep '1'
P C C & St L gu 43isA
1)42
1940 A-0 1024 10314 10124 Jan '14
Series B guar
1042 A-0 10238 10314 10212 Feb '14
100 J'nu'11 __-_
Series guar
1942 NI-N
'
4
93 963 93 Men14
Series D 4s guar
1045
Series E 3 As guar g
4
- 90 Apr '13 ---_
1949 F-A
Series I gu 4s g
'
,
1953 J -D 9212 --_. 9514 Jan '1' -.Series(3 4s guar
1957 I/1-N 924 --- 9713.1511 13
C St L& P 1st con g 5s
1932 A-0 10614 ---. 106 J'ne'13 -106 Feu '13
Peo & Pek Un 1st g 6s
1921 Q-F
2d gold 4
81- -90 89 Feb '14
89 89
54 Jan '13 ---Pere Marquette—Ref 4s-19 1 J-J
02
1955
45 40 Dec'13.—
1955 J-J
Refunding guar 4s
98 Oct '12
1921 J -D ____
C & W M 5s Osh
99 104 Veil '14 —__ 100 104
193290 A-0
19
Flint & P M g
1st consof geld 5s
8812 90
SI-N 80 85 8858 Feu '14
__ 9014 9012 Feb '14
9014 9012
Pt Huron Div 1st g 5s_1939 A-0
Sag Tus & II 1st gu g 4s1931 F-A
Philippine Fly 1st 30-yr s(48'37
-ars WI;
108 Apr '13
Pe•ts Sh & L 1st g 5s
1040 A-0 08
1937: N ev9'813$1
141
1st consoi gold 5s
:
1943 J -J 1947
061
62 -9233 lir;
eading Co gen g 4s
1997 J-J
1
-L Registered
Sale9412 Feb '14 —_ 9412 944
J-J
Jersey Cent coil g 4s
51
9312 96
1997 A-0 9414 9434 9412 Men'14
Atlan City gu 4s g
J-J
7513 -i11- -771- Fel tJo & Ur Is! 1st g 4s
2
- '1i 7_7_ -791. 782
2
2
J-J
Qt Louis& San Francisco—
General gold as
J -J 11112 ____ 110 Feb '14
no no
General gold 5s
1951 J -J 10212 -- 10211 Itch'14
93
100 1024
7
8 4_
78
St L & S F RIO cons g 48_1990 J -J 4714 __9 - 4912 Feb '14 .___ 7312 7912
4918 29 48 54
Gen 15-20-yr 5s
1927 M-N
Tr Co certfs of deposit-491
11 48 553
48 49 48
4
Southw Div 1st g 5s
1947
93 --- 93 Dec '13
Refunding g 4s
1951 J-J
754 12 71 - 51
4
75 Sale 75
'
Me b 1 1
1951 J -J
Registered
HOkts&M con g 68_1924 (11-N 1.ifcs : 178150311:
::
ll14 16 i5ofj 11134
:
6
6
46 73 774
KU Ft S& M Ity ref g 4s-1936 A-0 7 1 7
751
1936 A-0
Registered
77'2 e 2
K C & M It & B 1st gu 5s_1929 A-0 "sir 7_7_ 1034nl :112
19811
86
-1
itLS W 1st g 4s bd etfs
18
.86 Sale 86
2d g 4s inc bond ctfs__p1969 J -J
75 ---- 76 Jan '14 __ 75 75
Consol gold 4s
733
4
7 7312 77$4
J-D 73 734 734
942
Gray's Pt Ter 1st gu g 5s..1937 J -D ------ 9812Jan '14.__ 984 9812
MISCELLANEOUS BONDS—Continued on Next Page.
GaS and Electric Light
Kings Co El L & P g 5s__1937 A-0
Purchase money Gs
1997 A-0
Convertible deb (1s
1022 M-8
Ed 1111111141in 1st con g 4s_1939 J -3
St L 1st g 5s-e1919 Q-F
Lac Gas L of
1934 A-0
Eel and ext 1st g 5s
Milwaukee Gas L 1st 4s...-1927 SI-N
1948 J -D
Newark Con Gas g Is
1948 1-D
NYG EL II & P g 5s
1949 F-A
Purchase money g 4s
Ed LI III 1st cons g 5s
1095 J -J
NY&QE1L & P 1st con g 5s 1930 F-A
1921 141-N
&- Rich Gas 1st g 5s
N
&E
Pacific & El Co Cal G
1937 NI-N
• Corp untlyIng& ref 5s
Pac Pow & Lt Ist& ref 20-yr
1930 F-A
Is Internat Series
Pat& Passaic 0 & E 5s_1949 -S
90 9212 00 Feb '14
100 Jan '14
10112
Gas and Electric Light
11418
102 10312 Peo Gas & C 1st con g 6s.....1943 A-0 114 11512 11418
Refunding gold Is
1947 NI-S 1003 Sale 1004 1003
2
111 113
s
99 Sep •13
Registered
1947 M-S
103 Mch'14
86 88
Oh G-L & (Ike 1st gu g 5s_11137 J-J
Co of Ch 1st gu g 5s1936 J -D 10012 Sale 10012 10012
100 10134
Con G
93 Mch 12
Ind Nat Gas & Oil 30-yr 5s'36 111-N
9718 1004
10012 Feb '14
Mu Fuel Gas 1st gu g 5s 1947
8812 91
_- 95 Sep 13
10134 1013 Philadelphia Co cony 5s_1919 F-A
4
1
10134 105
1922 M-N 974 9712 9712 Mch'14
Cony deben g 5s
St,an Gas & El cony s f 6s_1(126 J -D 90 9111 9218 Feb '14
83 87
-D 1004 101 1004 Feb '14
106 10812 Syracuse Lighting 1st g 5s 1951 j
101 101
Syracuse L & P Is
1954 J -J s.--- 80 8512 J'ne'12
12
100 Feb '01
1949 1V1-S 1014
Trenton 0 & E 1st g 5
97 J'ne'13
Union Elec L & P 1st g 5s__1932 NI-S 10012
94 Nov'13
Ref & ext Is
1933 SI-N
924 9518
Utica El L & P 1st g 5s1950 J -J
1,.(3(54 Dee '11
1957 J -J
90 90
Utica Gas & E ref Is
104
1950 J-D 104 Sale 104
100 100
Westchester Ltg. g 5s
• No price Friday: latest bid and asked, a Due Jan. 8 Due Feb
i Due May. g Due June. k Due July. 0 Due Oct. p Due ZIOY. s Option sale.
10412 105 103l Feb '14
114 116 11212Jan '14 _
12458 122 Dec '12
4
87 8812 88
88
6
10112
10114-- 10114
/
4
1
10014 Sale 1001 10014
8834 9052 00 Mch'14
4
10312-- 1013 Jan '14
1044 1047 10412 10158
8
4
85
8
8412 85 85
10812 109 10812
10812 --99 10118 101 Feb '14
- 9212 J'iy '09
8
94 9412 9414
943
8
11 114 11414
39 9834 10058
foi1 99141012
ors 10013
5512 - 1/712
88 0213
10012 10012
2 1014 fail;
824
New York Bond Record-Concluded-Page 4
a
BONDS
Pries
K. Y. STOCK EXCHANGk. /3
'friday
•
Week Ending March 13
40. March 13
4
Week's
Range or
Lase Sale
1
co 01
Range
since
Jan. 1.
I
BONDS
•
Price
N. Y. STOCK EXCHANGE 1
Friday
.....a., March 13
Week Ending March 13
[VOL. xovni.
Week's
Range or
Last Sale
,3
CO
‘ 51
,
13,
Range
since
Jan. 1.
gm
Ask Low
High No. Low High Wabash (Concluded)1114431. Low
High No, Low High!
A Pass 1st gu g 48-_1943 J-J
31 Se 8314
8312 15 77 84
it,quit Tru ;t Co Afs
------------ -565s Jan '14 ___ - 505 5838'
8
5 J'& NP 1st sink. 5s___1919 J-J ---- ----104 Oct '09
g
Do Stamped
534 5314
5412
'7 46 5714
Seaboard Air Line g 4s____1950 A-0 85
Des & Ch Ext 1st g 58_1941 .
854 Feb '14 _-- igg 0
1-J --__ 10712 108 Nov.
- 2
13
...
, Gold 48 stamped
Des MomDiv 1st g 4s___1939 J-J
7112 ___ 80 Aug 12 .....- ---- --4
1950 A-0 85 851- 85 Mch'14 -- 834 853
4
_.
' Ristered
Om Div 1st g 3 s
1941 A-0 67 7212 71 Feb '14 __-_ -ii- 1950 A-0
fr
Tol & Ch Div 1st g 4s
Adjustment 5s
‘•
1941 VI-S 74 ---- 713 Feb '14 ____ 70
o1949 F-A 7713 Sale 7712
777 95 7434 80
8
4
713
4
, Refunding 4s
12 7414 7814 Wab Pitts Term 1st g 441_1954 J-D -___ 12 10
4
77
11)59 A-0 763 Sale 75
10
88 10 12
. .&$l-Birm 30-yr 1st g 48_81933 NI
Cent and Old Col Tr Co certs_ --_
-S 84 85 4 8512 Feb '14 _--- 84 853
9 1012 913
3
4
1012 22 912 1414
14
Columbia 'Pr Co ctfs
, Oar Cent 1st con g 48-1949 J-J
1314 Feb '14 ....... 1234 1314
86 ---- 8513
8518
2 85 854
, Fla Cent & Pen 1st g 53_1918 J -J 10038___- 10314 Jan '13 --- ____ ___
Col tr ctfs for Cent Tr ctfs -------------12 10 Feb '14 ____ 10 144
i 1st land gr eat g 5s
2d gold 4s
4
1954 J-D - 104 Nov'12
7
8
7 Dec '13 ___3
1930 J-J 1003 -la
78 114Jan '14 _.- ---- --.
: Consol gold 58
Trust Co coats
--- 10134 1017
1017 Feb '14
8
1943 J-J 1024 _
8
3
4 114
Ga & Ala R y 1st con 58_0945 .7-J 103 105 10413 Feb '14 ---- 10212 10512 Wash Terml 1st gu 33 _1945 V-1 84 ___ 8334 &Leh '14 --- 814 8378
0
,
1st 40
Ga Car & No 1st gu g 58_1929 J -J 102l__.. 102 Deo '13 --year guar 4$
1945 F-A 98 ---- 100 Sep '12 -__ __.
--West Maryland 1st g 43_1952 A-0
'Seab & Roa 1st Is
10114 Oct '13
8
- 773- 7753
4
1926 J-J 1013 -_
78
10 70- 80
West N Y & Pa 1st g 5s
Southern Pacific Co
1937 J-J 164 _ _105 Mch'14-- 10212 1054
Gen gold 4s
Gold 4s (Cent l'ac coil),.k1949 J-D 91 Sale 9118
9138 16 90 94
14
1943 A-0 ---- ii112 82 Jan '14 --75 82
90 Feb '14 ---, 90 90
Registered
Income 55
___ 34 Feb 07
d1943 Nov k1949 J-1) ..,„„
873 180 8818 92
' 20
4
-year cony 4s
4
4
Wheeling & L E 1st g 5s_1926 A-0 10113 ____ 10112 Feb '14 .... 101 102
91929 M-S 873- Sale 863
4 10218 1058 10218 10358
8
-year cony 5s
Wheel Div 1st gold 58_1928 J -J 96 __
20
. _.
9512 Nov '13 __
103-1 JD 1017 Sale 1011
927
8 25 9112 9412
Sale 9213
Cent Pac 1st ref gu g 4s 1949 P-A 1)212
Eaten & Impt gold 5s____1930 F-A 92 --. 91 Feb '14 -- oi 91
Registered
RR 1st consol 4s
1949 F-A ..... -- 9412 J'ly '12 ____ _
7912
1949 M-S 79 8018 7912
2 75 80
4
9112
Mort guar gold 3 s_k1929 . -D 911- ---- 9112
2 91 914
1
9512 - --_ 953 Nov'13
4
1922 J -J
20
-year equip 8 f 5s
4
• Through St L lat gu 48_1954 A-0 8712 ..... 8718 Ilch'14 ___ 853 8712 Winston-Salem S B 1st 48_1960 J-J 87 88 88 Feb '14 .--- 88 88
8
, 0 II & 8 A M & P 1st 58_1931 M-N 1025 -_ 10334 Feb '14-- 10313 103 4 Wis Cent 50-yr 1st gen 4,,,,1949 J-J 8612 874 87
873
3 11 8533 8918
3
• Gila V G & N 1st gu g 58_1924 MN 100 --- 10218 J'ly '12 --s
8812
Sitp&Dul div & term 1st 45 '36 NI-N 883 8913 8812
2 88 8938
1024 104 102 Sep '13 ---' Hous E & \V T 1st g 58_1933 M-N
, _1st guar 58 red
1933 MN 1024 105 102 Jan . ---, loir2 1lii- Manufacturing Ec industrial
14
109
: H & T C 1st g 58 Int gu 1937 J -J 109 Sale 109
7 109 109
3
933
gen gold 45 int guar-__ _192I A-0 937 95 9334
4
10012
2 938 954 Am AB Chem 1st c Is
4
6 9734 102
1928 A-0 100 Sale 100
8
Waco& N W dly 1st g68 1930 VI-N 10714 1097 11914 ISIch'il)
Am Cot 011 ext 4 WI ---91915 Q-F 984 9812 9818 Mch'14 -- go 99
I X&NWlstgug 5s
1941 J -J -- 103 103 filch'14 ---. loi;161Debenture 5s
1931 M-N 93 9312 934 Mch'14 ---, 89 9313
;
; Morgan's La St T 1st 78_1918 A-0 1071 ---_ 10611 Feb. ...-- 10612 10634 Am Hide Ss L 1st 8 f g 68_1919 M-S 10222,,... 103 103
14
3 101 103
. let gold Os
10 784 89 :
1020 J -J 10613 -_. 1074 10718 10 1071a 10718 Amer Ice Secur deb g 8 _1925 A-0 87 88 88
88
‘ No of Cal guar g 5s
Am Smelt Securities 8 f 6s_1928 F-A 1047 Sale 1045
1938 A-0 106 __ 112 Feb 07
1047
8 27 10313 105 ;
8
8
'Ore & Cal lit guar g 53_1927 J -J 101 104 10112 10112
1 10118 10112 Am Spirits Mfg g Gs
1 94 99 ,
96
1915 M-S 95 99 98
Am Thread 1st col tr 4s
1So Pac of Cal
-Cu g 58_1937 M-N 1044 _-__ 10118 Nov 13-1919 J-J 9234 9358 9313 Feb '14 --- 93 934
Am Tobacco 40-yr g 68_1944 A-0 12013 __ 12014 Feb '14.... 11712 12914
1 So Pac Coast 1st gu 48 g_1927 J -J 9213 ____ 9118 Sep '12
1 Nan Fran Term! lit 48....1950 A-0 87 8758 8734 Fob '14 ..- 8434 18
Registered
1944 A-0 ----___ 118 Oct '13 ---- ....
...
Gold 4s
)
Tex & N 0 con gold 58-1943 J -J --------98 Jan '14 -98 98
1951 F-A
98
98
8 97 IS I
,. So Pac RR 1st ref 4s.,__,,1955 J-J
93
923 hale 92
3
79 8933 9314
Registered
--------953k J'no'12 ____ ....
1951 P-A ..,....
_.I
Am WrItg Paper 1st s f 53_1919 J-J 71 72 72
Southern
72
10 68- 78 I
108
3
29 10214 108
Baldw Loco Works 1st 58_1940 MN 103 Sale 103
1.1 consol g Is
1994 J -J 1057 Sale 10538
103
2 102 103 1
I Registered
Beth Steel 1st ext 8 f 58_1926 J-J
1994 J -J ----- 100 Aug'13
99 Sale 984
9912 75 9313 100
, let & ref 5s guar A
7453 85 ia ii,
;
& gen 4s Ser A 1956 A-0 743 Sale 7438
1
1_evlop
1942 M-N 8712 Sale 884
877 132 8138 87 1
8
7
83
Mob & Ohio coil tr g 41938 NI-S 8213 83 83
7 8014 83 2 Cent Leather 20-year g 58_1925 A-0 99 Sale 984
9914 92 974 9938
,
1043
8
em Div 1st g 43i-58-1996 J -J 10438 Sale 10438
2 104 10438 Consol Tobacco g 4s
1951 F-A --- -- 9718Jan '13 _--- 974 974
4
8434
2 8353 843 Dorn Prod Ref 8 f g 5s
St Louis div 1st g 4s
1951 J - J 843 - 8434
4
95 Mch'14 ____ 94 964
1931 51-N 943
4
1918 J -J 10318 --- 10514 Sep '12
Ala Cen R 1st g 6s
1st 25-year a f 58
9334
1934 M-N 93 ---- 9334 Feb '14 __ 9113 9314,
1948 J -J 881 .-- 8628 Jan '14 ____ 88416'i; Cuban-Amer Sugar coil tr 621918 A-0 92 95 924 Feb '14 --,, 9213 93
M1 & Danv 1st g 45
• 2d 4s
12
1948 J-J ---- ----8214 Feb. _.
8518 48 6314 68 •
., ..._ Distil Sec Cor cony 1st g 53_1927 A-0 65 Sale 644
i
__
_
E I du Pont Powder 4 Ms_1936 J-D 874 Sale 8713
88
AS1 84 Yod 1st g guar 4s 1949 A-0 78 --36 87 89/1
8
'
1:I
Col & Greenv 1st 65
1916 J-J 1o2 ____ itil5 Feb - .....- ioiis 1614 General Baking 1s1 25-yr Gs_1936 J-D 8812 9012 90 Mo11'14 ---- 90 901
10458
1 10438 1045 Gen Electric deb g 330....1942 F-A 78 --__ 804
8018
X T Va & Ga Div g 58-1930 J -J 10434.._ 10458
4 77 804
8
8 1073
4
4 20 10514 1073
Con 1st gold 58
Debenture 5a.
1956 NI-N 1073 Sale 1075
105
11 103 10541
1952 M-S 10434...,, 105
4
Gen'l Motors 1st lien 68_1915 A-0 1004 101 10013 10034 27 9818 101.j
.
B Ten reor lien g 58
1938 M-S 10034 ......- 10518 J 117 '12
III Steel deb 43s
Ga Midland let 38
1946 A-0 ---- 6412 044 May'13
89
1940 A-0 884 89 8814
11 8313 89-1
Ga Pac Sly 1st g 68
10812
4 108 10812 Indiana Steel 1st Is
1922 J-J l083....._ 10814
1952 M-N 101 Sale 101
10114 12 985 101
3
Knox & Ohio 1st g 6E1_1925 J-J 110 --- 1104 Jan '14 _ 109 11022 Ingersoll-Rand 1st 5s___q1935 J -J 100 ___ 100 Oct '13 --__ ___
Mob & Bir prior lien g 55_1945 J -J 10018 --__ 10613 Nov 12 __ __ __ Int Paper Co 1st con g 6s 1918 F-A 10114 10318 103 Feb '14 ---- 101Mortgage gold 4s
Consol cony 8 f g Is
1045 J-J 72 ..„-- 79 Mch'13 _
1935 J-J --- 80 794
80
3 794 841
lot St Pump 1st s f Is
101
Rich & Dan con g 6s
1915 J-J 101 1024 101
2 1005 101
8
1929 M-S 64 Sale 64
84
2 80 671
Deb 58 stamped
1927 A-0 101 104 10324 Feb '14 ....... 10314 1034 Lackaw Steel 1st g 53
1923 A-0 --- 98 98 Mch'14- 9014 97
i 70 781
73 Sep '12
774
1st con Is Series A
1950 M-S 78 77 764
Rich & Meek 1st g 4s....._1948 1.4.-N 70
Mch'14 ___ jor 16 ---,00 Car & Ga 1st g 58-1919 M-N 101 10112 101
1915 M-8 974 98 98
2 5-year convertible 5s
9813
9312 984'
virgtnia Mid sec 01 8s.... 19113 M-S 10138 -.112 Oct 06 __ __ __ Liggett & Myers Tobac 7s_1944 A-0 12412 Sale 12418 12412 33 120 1241 '
1
8
Series 1) 4-Is
68
1921 VI-S 1017 - 10334 Nov'12
27 9034 101
1911 F-A 101 Sale 10014 101
Dec'13 _
12178
Series E 5s
122
1926 M-S 102l.... 102
Lorillard Co (P)78
8 11033 122
1944 A-0 122 ___
1931 4-8 10278 . 104 Mch'13 _
''. Series F 5s
68
1951 F-A 10013 101 1004 10012 22 9658 100
9514 10 91
,General 58
21
1936 M-N 1044 ____ 10118Feb '14 ___ 10212 10418 Mexican Petrol Ltd cnv 68 A_. A-0 954 Sale 954
-___ 105
105
4 10318 105
1st lien & ref Os series 0._1921 A-0 93 9718 96'a Feb '14 -. 95 9:1 ;
4
t Va & So'w'n 1st gu 58_2003 J-J 102
923
4
1st cons 10
-year 58
3 903 923 Nat Euam & Stpg 1st 5s....1929 J-D ..- 94 93 Feb '14 .... 9113 935$
1958 A-0 9214 94 9234
4
4
i W 0 & W 1st cy gu 48......1924 F-A 904 -__ 92 J'ne'13
Nat Starch 20-yr deb 58-.1930 J-J 82 84 815
Nat
3Feb '14 8138 824,
100:
..... . 10838 Feb . 4 _.. jars 100
014.: 9 14
.: 0
4 .
.
West N C 1st con g 68
1914 J -J 10 ..
9
1952 M-N 9914 Sale 99
9953 20 9634 1004'
- .14 National Tube 1st 55
li
r
rkaneInternat lst g 5s-1955 J -J
s
3 9812 gp
4
983
4
983 983 N Y Air Brake 1st cony 63_1928 M-N 98 1004 983
4
4
, er A of St L let g 40_1939 A-0 9913 --__ 10058Feb '14 ____ 10058 10058 Railway Steel Spring
1064 Feb '14 -- 1033 10628
3
1
let con gold 58__1894-1944 F-A 10613 1073
Latrobe Plant 1st s f 58_1921 J-J 98 984 98 Feb '14 ___ 97 98
4
'Gen refund J f g 48
t
1953 J-J 90 93 9013 Feb '14 .... 8614 904
4
Inter-ocean P 1st s f 58_1931 A-0 913 9134 9112
9112
6 91 9211
• St L M Bge Ter gu ;58-1930 A-0 10114 ___ 10134 Feb '14 -- 1013 10134 Repub I & S 1st & col tr 58_1934 A-0 1027 ---_ 10234 Dec '13
3
:
__
_
4
2000 J-D 101 102 1014 10118
T & Pac 1st gold 5s
Tea
a 994104
10-30
-year 55 s f
1940 A-0 9353 Sale 9313
93 101 -91- -58
9324
q2000 Mch 20 40 61 Nov'12
gold
; Inc 5s
\
Standard Milling 1st 58
1930 M-N 89 --- 8913Feb '14 ___ 8413 894
1931 J -J 90 ---- Pe13 Apr '11
Div B L let g 55
The Texas Co cony deb 68_1931 J-J 1041410434 104
105 120 10033 100
Min W & N W 1st gu 58_11)30 F-A ._-- -- 1084 Nov 04
..-- -- Union Bag & Paper 1st 58_1930 J-J ---- 85 90 Feb '13
1935 .1-.1 105 ....... 10413 Feb '14
1st g 5s
Tr
1038 1044
4
1930 J-J _- 89 9114Jan '13
Stamped
-.
1935 A-0 103 --- 101 Aug'13 _
U S Realty & I cony deb g 5s_. J -J ---- 8313 824
824
9 8214 89 $
; Western Div 1st g 68
24
3
100 . -ea- 166
1935 J-D 100 Sale 100
U S Red & Refg 1st g 6s
' eneral gold 58
1931 J -J -_- 20 20 Feb '14 .--. 20 20
Kan & M1st gu g 4s-1990 A-0 .... 8812 0513
8512
4 103 148 10134 104
1 8513 853 U S Rubber 10-yr coil tr 68_1918 J-D 103 Sale 1023
4
1927 J -J 97 983 9812
,
2d 20
U S Steel Corp_coup -41963 M-N 1027 Sale 1024 103 276 997 1034
-year Is
4
3
9812
.
1 9534
8
S f 10-60-yr 58Ireg ___d1963 M-N - --- 1024 1024
1st
2
3 100 103
974
-7.;:.7.,._
)/g :I ..
SIVI prte d g 4;....19 1
oin 41f
Pe ' 1 -_---, "air 15' Va-Car Chem 1st 15-yr 58_1923 JD 971 Sale 9613
et; 1
[
;
9138 98
West Electric let 58 Dec 1922 J -J 1013 Sale 101
,' CO-year gold 4s
4
1950 A-0 54 66 55
10133 24 10018
554 - 65 2 80
2
Coll tr iis g Ser A
Westinghouse E & M s f 5s-1931 J-J
3
4
1917 F-A 60 66 50 Feb '14 .... 60 50
933 Sale 93 4
9414 36 894 10214
944
Tor Ham & Buff let g 4s_ii19413 J -D 85 --_ 8514 Feb '14 ---- 8514 8514
10-year coil tr notes 53-1917 A-0 974 974 9
714Mell'14 ---- 941 974
4
trIater & Del let con g 68..1928 J-D 10113....... 10134 Feb '14 .. _ 10012 10134
ki 1st refund g 4s
1952 A-0 78 81
711 Jan '14 _-___ 74 70
Miscellaneous
on Pacifici t R1t & land grant g 48_1947 J -J
714 Sa
Adams Ex coil tr g 4s
9714 96 9513 98
967
4
79
7 734 8038
1948 ,V1-13 78 80 79
. Registered
1947 J -J -93
7
----- 9612
43 8912 93
9812
3
2 954 9612 Armour & Co 1st real est43-s '39 J-D 92 4 93 92 8
1o27 J -J 9053 Sale 9013
,• 20
-year cony 4e
4
907 137 90 9353 Bush Terminal 1st 48
8
1952 A-0 874 898 8712 Feb '11 .... 874 gps
92008 M-S 933 Sale 93 8
' lat & ref 48
8
91 Mch'14 __ 91 91
3
Consol 55
934 15 91 95
864 01
1955 J-J
Ore Ry & Nay on g 48_1946 J -D
9212 9213
88
Bldgs 53 guar tax ex
23 87 884
923
4 18 92 94
1960 A-0 8713 00 88
s
Ore Short Line let g 68_1922 F-A liar 111 i1014
1103
4 17 10918 11031 Chino Copper 1st cony 6s 1921 J -J ____200 150 Jan '14 ...... 150 150
1st consol • Is
1946 J -J 1075 Sale 10713 10753
8
1023
4
4 995 103
Granby Cons M S & P com 68 A'28 M-N 102 103 102
3
6 10534 108
• Guar refund 45
1929 .1 -D 915 Sale 915
8
101
70 9634 1034
3
9212 78 8914 944 inspir Cons Cop 1st conv(Is 1922 M-S 100 10012 100
Utah & Nor gold 5s
1926 J -J 10214 - - 108 May'll _
5453
Int Mercan Marine 4 •Ss--1922 A-0 53 5413 5418
4 4712 81
1933 J - J 91 id
1st extended 48
- ---- --- Int Navigation lit 8 f 58.-1929 F-A '714 Sale 703
2313
2 7153 7715
8813Jan '14 ____ 8813 ggis
,Vanda11a cons g 4s Sec A_1955 F-A __ ---- 93 Apr '13 ____ ___. .._ Morris & Co 1st 8 f4Xs_ _ _1939 J-J __
i
Consol 4s Series 13
1957 II-N -_- ---- 93 Mch'13
Mtge Bond(N Y) 4s ser 2_198(1 A-0 ____ -- --,-- ---- ---- ------....
--_ 94 Oct '12_
!Vera Cruz & P 1st R'U 43..1934 J-J
%
,
,
10-20-yr 58 series 3
- 9912 l.1111 13 --- 1932 J-J
4
I Virginian let Is Styles A
1982 M-N 993 Sale 9912
997 60 9738 1(iiii. N Y Dock 50-yr 1st g 48.-1951 F-A - -781 78 Mch'14 __ ill
:
4
.
'Wabash let gob u us
1939 .41-N 104 Sale 10334 104
Niag Falls Pow 1st Is
1932 J-J Kw; __ 100 Deo '13.... __ _ 1
24 10158 105
iv Zd gold Is
1939 F-A 9
97 97
97
Niag Lock & 0 Pow 1st 5s 1954 N1
1 94 100
-N ,--- ---- ---- ---: -,-4-..--,.,.....
Debenture Series B
1939 J -J --------90 J'ne'12
95
Ontario Power N P 1st 5.3_1943 F-A 95 Sale 95
o vi•s 1/3
' let Ben eitip $ fd g 58
..
1921 M-8 -_-- 99 98 Feb '14
90 -_-- 89 Dec'13 ..._ ._
- Ontario Transmission 58_11745
- lit lien 5 yr g term 48_1954 J-J 78 ,--- 78 Feb '14 --- -tiii- "91- Pub Serv Corp N J gen 58_1959 .,A-N 9012 Sale 9013 9034 17 884 it
_ 78 78
A-0
let ref and ext g 48
1956 J -J 654 Sale 6514
84 10712 114 '
67 .-87 5013 6114 ItayConsCopper 1st cony 681921 J -J 112 113 10918 114
Cent Trust Co ctfs
•
68 551k Feb '14 ____ 60 6151: Sierra & S F Power 1st 58-1949 F-A ____ 9312 9214 Feb '14 ____ 9214 921
4
.
Do Stamned
____•_ 55 65 Feb '14
los 1-.1 • _ _102 1034 Jan '14 ___ 1034 10314
50 sat. ev...., Wacwr Pow lat lc.
0 A &
i
38
9r,':,
r
0c
RIKA
2
9812
ris
-Concluded.
MISCELLANEOUS BONDS
Coal iSc Iron
Telegraph & Telephone
883,
Buff& Susq Iron s 1 58____1932 J-D 92
92 Feb '14
Am Telep & Tel coil tr 45_1929 J-J 884 8812 8813
92 92
72 83 8911.
Detenture 58
e1926 NI-S 80 85 80 Jan '14
94
Convertible 4s
80 80
1938 O1-13 94 Sale 94
1 94 9714'
Col & 100 gen s tg 58-.1943 F-A 0813 99 9818 Ruh'14
914 984
9634 831 944 9914
20-yr convertible 4s
1933 M-S 983 Sale 9814
4
Col Fuel gen 6s
1919 oA-N 10814 110 10714 J'ne'12
Chicago Telephone 1st 58_1923 J-D
-Col Indus 1st & coil 58 gu 1934 F-A 78 80 79
79
a 781s 82 Commercial Cable lit g 4s_2397 Q-J 8153-- 8153 Feb '14
Cons Ind Coal Me 1st 5s_ _1935 J-D .._ 78 78 Feb '14
Registered
78 79
2397
775 -- 834 Nov'11
8
Cons Coal of Md lstScral 58 1950 J -D 89 92 89
89
Cumb'd T& T 1st& gen 58_1937 J-1 973 984 98
1 81) 89
9818 18
4
Continental Coal 1st g 5s__1952 F-A 91
99's Feb '14
9913 9915 Keystone Telephone 1st 53_1935 J-J 8914 -- 9114 Sep '13
Or lily Coal&O 1st g Gs ._h11119 A-0 _--10253 Apr '00
Metropol Tel&Tel 1st s f 58_1918 M-N 10033 10012 100l3 Feb '14
•Kan & 11 C& C Ist s f g 58_1951 J -J 934
9214 Dec'13
Mich State Telep 1st 5s
1924 F-A 99 9912 99 Mch'14
s
003 loo
Pocah Con Collier 1st 81'58_1957 J -J 87 8753 8518 Feb '14
N Y & N J Telephone 5s g_1920 M-N 1014 ---- 1034 May'll
St L Rock Mt& 1' 1st 58_1955 J -J 8011 82 82 Feb '14
N Y Telep lst& gene f4 Yis 1939 NI
77 82
-N 97 Sale 97
9712 22 95 981
Tenn Coal gen 5s
1951 J -J 100
10212 Mch'14
Pac Tel & Tel 1st Is
9713103
1937 J-J 977 Sale 973
4
3
9818 21 98 9
Birm Div 1st consol 85_1917 J-J 102 103 1024 10212
8 10112 103 South Bell Tel& T 1st f 58 1941 J-3 9853 Sale 98 3
3
985
3 10 974 10
0
Tenn Div 1st g Os
a1017 A-0 102 103 1024 Mch'14
101 10212 West Union col tr cur 5s_..1938 J-J 9713 973 98
98
4
1 93 981
Cah C M Cu 1st gu 68_1922 J -D 101 ____ 103 J'ly '13
Fd and real est g 4 Wi__1950 M-N 9133 9134 9113
1181 9
s
9112
Victor Fuel 1st s f 5s
1953 J-J
SO May'13
Mut tin Tel gu ext 5s....-1941 M-N 99 103 104 J'ne'11
'Va Iron Coal&Ouke 1st g 5s 1949 M-S 9213 9314 93
Northwest Tel gu 430 g_1934 J-J
93%
6 92l 05
8714 ---- 93 Jan '13
e_No price Friday: latest bld
asked. a Due Jan. 4Duo April. s D144 May.'Due June. SDueJuly. k Duo Aug. o Due Oet.'Du MT lDu.D.e. •WI=
-6(14 -4141
1(5541-)
60
.
825
CHICAGO STOCK EXCHANGE-Stock Record.
Sales of
Size
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 7
•____
*50
.20
•70
•9212
3173
.7
•3
•15
•--__
.313
•____
Ifonthiy
,farch 9
18 •____
5212 .50
.20
27
*70
85
.9212
93
32
3178
.7
8
31, .2
1912 .15
35 .____
412 .313
25 .____
Tuesday
March 10
18 •___
5212 •50
•20
27
.70
85
.92
3113
32
*7
8
314 *3
1912 .15
35 •___
412 .312
25 •___
.Vednesday
Ifarch 11
18 •____
5212 51
.20
27
*70
85
9213 .92
3112
32
.7
8
,3
4
314
1912 .15
35 •__ _ _
412 .313
25 .____
Thursday
hatch 12
Fr iday
lfarch 13
Ireek.
7.ailroads
18 Feb 21
Chic CIty&O By ptsh corn
50 Mali 13
Do pref
31
Chicago Elev Rys com100 23 Jan 21
Du pref
100 70 Jan 21
90 Jan 10
65 Chic Rys part ctf "1"___
27 Jan 8
935 Chic Rya part ctf "2"_
61 Jan 14
50 (Isle Ryes part ctf "3"___
2 Jan 14
Chic Rya m.rt ctf "4"__ _
17 Jan 15
Kansas City lty & Lt_100
100
Do pref
412Jan 7
Streets W Stable C L_100
Do pref
100 25 Jan 26
Miscellaneous
100 20 Jan 3
100 American Can
100 8912 Jan 2
Do prof
12 American Radiator 100 401 Jan 5
100 130 Feb 13
Do prat
65
Amer Shipbuilding___100 30 Jan 9
100 76 Jan 8
Do pref
Amer Toler)& Teleg__100 118 Jan 2
Broth Fisherlas corn 100 38 Feb 26
100 75'2 Feb 26
Do 18t pref
50
......
Cal & Chic Canal & D 100
135 Chic Pneumatic Tool_100 51 Jan 2
Chicago Title dc Trust 100 212 Jan 13
2,465 Commonw'th- Edison.100 133 Jan 26
914Jan 9
Corn Prod lief Co com100
100
Do prof
100 9112Jan 2
121 Diamond Match
'
Goodrich (13.11 .) com _100 2538Feb 5
185 liart Shari & Marx pf100 10012Jan 2
597 Jan 9
100
255 llinois Brick
Internat Harvester Co100 109 Feb 4
linicicerbocker Ice pf_100
100 )233 Jan14
50 National Biscuit
100 12114 Feb 16
l)o prof
249 National Carbon__ 100 J10512 Mob 12
100 11514Jan 27
Do prof
27
Pacific Gas & El Co__100 35 Jan 9
322 People's Gas L&Coke.100 121 Jan 3
43 Pub Serv of No III corn 100 77 Jan 3
4
100 943 Jan 21
Do pref
10
13 Nieh 2
Rumely common_ _ __100
100 3434 Feb 14
Do pref
-Roebuck com 100 181 Jan 3
7 44 Sears
100 122 Jan 14
Do pref
Studebaker Corp corn.100 2712 Feb 3
100 83 Feb 3
Do pref
100 10134Jan 3
695 Swift & Co
The Quaker Oats Co_100 230 Jan 6
100 102 Jan 6
Do prof
38
100 140 Feb 9
658 Union Carbide Co
Unit Box 13d & P Co_100
100 575 Jan 3
100 U H Steel corn
230 Ward, Montg'y & Co pref 109 Jan 3
5 Jan 13
100
Western Stone
100
Woolworth. corn
*2912 30
•294 30
.2913 30
2912 2912 .2812 29
•2934 301 1
Last Sale 9234 Feb'14
•9234 9314 .9234 9314 *9213 9312 *9213 9312
440 440
445 .440 445
440 440 .440 445 *440 445 .440
130 130 .130 132 .130 132
130 130
132 132
•--__ 133
Last Sale 36 Feb'14
4013
4013 .35
4018 .35
4013 .35
•35
Last Sale 86 Mar'14
•--- 83 .____ 88 ...._ 86 ........ 86
Last Sale 12112Feb'14
012012 12112 .12013 12112 •121 12112 .121 12112
Last Sale 42 Mar'14
43
43 .42
.41
43
.39
42
*41
82
82
82
82
82
82 .80
82 .79
•78
Last Sale 50 -Dee'13
4912
4912 .46
4912 .46
4912 .46
•46
,
58 4
58
58
5312 5.311 5312 5813 5313 58
*53
58
.5734
Last Sale 212 Feb'14
.212 215 .212 215 .212 215 •213 218
13734 13712 138
4
4
13613 13612 1363 13712 1374 13712 137.3 1373 13712 Sale 12 Feb'14
Last
•1113 12
.1112 12
4
1114 .103 11
•11
Last Sale 77 Feb'13
_
9412
04
-oir, 64
WI; :5iii -o-d- ;54i- -o--- •22 -2412 94 94 2538 Feb'14
:
Last Sale
21
24 .22
24 .22
•22
1054 10514 10514 10514 10514 10514 105'4
10514
0105 10514 105 105
65
6413 6413 65
65
4
643 •6312 6434 •64
.64
644 65
Last Sale 110 Feb'14
_
Last Sale 763t Aug'12
.
777
- - -- •-_-_-_-_ -:7
i
7
77
•_--_-_-_ - - -- •-_-_-_- - - - •-_-_-_-_ 134 *132 135 .132 135 .132 135
13012 13012 •130- 134 •130
Last Sale 12114 Feb'14
125
0121 125 .121 125 *121 125 .121
____ 10313 10512 10534 107
*100
155 155 .100
.155 153
_ _ .117
___ .117
-17
116 1 .115 117 .115 117
Last42
Sale 44 Feb'14
.40
42 .117.._ __ 4334 *____ 4334 .40
12134 122 •122 12218 12112 12218 12134 12214
12113 122
.121 122
80
8013 80
8012 *79
80 .79
80
•7912 81
69
*0313 .9312 09
•9312 99
09
99
09
99
99
*03
Last Sale 13 alar'14
15 •____ 15 •____ 15 •__ 18
,____
Last Sale 35 Feb'14
_
_ 35 . _ 40
___ 35 .____ 35 •
I---185 18612
4
18412 185
18412 18412 if1:112 185
1843 185
185
Last Sale 12478 Feb'14
4
.124 1243 .124 12134 .124 12434 .124 12434
Last Sale 2812 Feb'14
25
24
.23
25
24 .23
.23
•23
.
Last Sale 86 1"eb 14
81
1
.80
81
'
81 ' 80
.80
81
•80
4
3
1073 10712 1074 10712 10513 10512 10512 10512 1053 10534 10534 106
Last Sale 241 Feb'14
241 230 .211 250 .241 250 .241 250
-10513 10513 10512 10512 10512 10512 --10614 107
10512 107
10
14912 14912 14912 1494 Holz 1- 1484 149
148 149
148 149
Last Sale 113 July'13
6312 6312
-12
8
____112 112 .112 11112 11214 11114 1123 11238 1121: 1 - -12
112 fli
Last Sale 612 l'eb'14
8
8 .--8 .---8 *---.---Last Sale 9134 May'13
.--- ---- ---- ---- ---- ---- ---- ----
Chicago Banks and Trust Companies
NAME,
.Ask.
Range for Prerious
Year (1913).
Range since Jan. 1,
Lowest.
Shares.
Last Sale 18 Feb'14
18
50
50
51
•50
51
Jan'14
Last Sale 23
27
Jan'14
Last Sale 70
85
9214 9112 9112
9212 92
3112 3111 3112 314 31 12
7
7
8
•7
8
314
Last Sale 312 Feb'14
Jan'14
Last Sale 17
1912
Last Sale 3513 Nov'13
35
Last Sale 413 Feta14
412
Last Sale 25 Feb'14
25
sJonaena Icecora
Capital Surp, A.
In !Per- Last Paid.
Stack.t Profits t In
1912. 1913. iod.
%
(OW om Wed.)
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest.
Highest.
2412 J'ne
70 Fly
88 Jai.
18 J ne
512 J'ne
2 Joe
1614 J'Iv
3512 Nov
433 Dec
25 Sep
30 Jan
91 Jan
102 J'ne
3314 Sep
9 Sep
44 Apr
37 Sep
33 Oct
912 Jan
45 Met
214 J'ne
81 J'ne
400 Oct
125 Dec
23 Nov
78 Nov
11034 Dec
4912 Dec
7312 J'ne
40 J'IF
4711 J'ne
200 Apr
312412 Dee
8 J'ne
77 Feb
90 Oct
1512 Nov
94 _ ,ch
58 Nov
100 J'ne
4812 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
4
1393 Jan
71 Jan
894 Jan
55 Jan
5512 Sep
221 Sep
155 Sep
1612 Jan
77 Feb
11014 Feb
53 Feb
10012 Deo
7613 Jan
115 Jan
138 Feb 3 105 J'ne
12312 Feb 4 116 Dee
161 Feb 19 113 J'ne
118 Jan 23 11112 Jay
4712 Feb 13
33 Nov
125 Jan 5 104 J'ne
81 Mali 4
65 J'IF
893 Dee
4
100 Fob 7
19 Aug
1734 Jan 14
4012 Aug
404 Jan 14
155 J'ne
10312 Jan 31
12473 Feb 20 117 May
1014 Nov
3034 Feb 5
66 Nov
86 Feb 4
10712 Feb 27 101 J'ne
241 Feb 21 195 J'ne
9934 .I'ne
107 Feb 28
152 Jan 5 s142 Dec
1 Jan
50 J'ne
6712 Feb 13
11234 Feb 25 10512 Feb
9 Jay
612 Jan 14
8714 al ch
130 Sep
123 Jan
137 Dec
113 Jan
63 Jan
130 Sep
85 Au(
10138 Jan
69 Feb
9733 Feb
Jan
2143
124 Feb34
34 Feb
70 Nov
1074 Mob
280 Feb
10812 Feb
218 Nov
112 Feb
6834 Jan
111 Sep
1.413 Jan
11.2 Jan
Highest.
2034 Jan 31
5512 Feb 2
25 Jan 19
70 Jan 21
9814 Jan24
35 Jan 16
812 Jan 29
4 Jan 2
17 Jan 15
2
-11- Jan
7
25 Jan 26
3
347 Jan 23
4
053 Jan27
440 Feb 16
13412 Feb 6
44 Jan 31
92 Fen 4
124 Jan 28
5014Jan 21
8413 Jan 27
6
6
- - - Feb
21212Jan
138'2 Jan
13 Jan
13
2
3
31
102 Jan
28 Feb
10512 Feb
70 Jan
111 Jan
26
4
18
30
22
Dividend Record
NAME.
Capital Stay. &
In
Stock. 1 Profits t
1912.
(00: on Wed.)
PerIn
1913. iod.
Last Paid.
Bid. Asa,
335,1 Org. J uly 5 '12. V. 95, p. 18. 125
Southwest Tr & s $200,0
-M Dec.31'13,15 167
8 Q
Standard Tr & Say 1,000,0 :448.1
J-J Jan. '14. 3 145
6
57,9
6
200,0
Stockmen's Tr dr S
8
8&3e Q NI Dce.31'13,2
Co__ 1,200,0 1,701.7
Union Trust
12
)-al Dee.31'13 3 300
136,0 8Ar2e
400,0
West Side Tr & Say
10
10
Q-J Jan. 14, 232 224
119,1
200,0
Woodlawn Tr &
1
130
170
150
3
21 ; 55,2to _ __ Dec31'13112w1 k177 182
„
American state_ w$200,0 $213,3
A. Jan .14. 8 150
6
72,0 None
100,0
Calumet National
20,6 Org. J an. 27 13. V.05, p.1585 105 108
200,0
Capital State_ __
27,1 Beg. b u.s. Oct 7'12 V. 95,p. 9441 152 156
250,0
central Mfg Dist_
9312 295
11,4 Q-J Jan. '14, 3
Coot & Corn Nat_ 21,500,0 7)112209 10
14 418
16&8Y Q-J Jan. '14, 4
Corn Exch Nat__ 3,000,0116,535,8 16
300,0
6
Q-J Jan. '14,212m 10
145,8
6
Drexel State
Q-J Jan. '14, 252 50 260
10
750,0 y394,7 10
National
Drovers'
8
63,4
Q-J Jan. '14, 2 178 185
200,0
8
Englewood State_
BONDS
-M Dee.31•13,414 25 427
17 Q
10,000,0 11123136
17
First National
B'els
Rana*
Week's
Price
InterCHICAGO STOCK
-M Dec31'135121/1 50
130,0
247,5 1252 10&3e Q
ew'd
FirstNatEngl
Since
Sold
Range or
Friday
est
EXCHANGE
1,000,0
523,3
Priv ate ha nk
Foreman Bros
January
Last Sale
period March 13
Week Ending March 13
60 265
Q-J Apr. '14, 2
8
8
Ft Dearborn Nat_ 2,000,0 7)1,010,9
28 132
200,0
N ov 25 1912
28,3 Org.
Halsted St State_
Iliga
High No. Low
Ask Low
Bid
(10
IllbernlanI3k Assn 2,000,0 21,292,5 Not pu blished -see note (11)
91 Feb '13
Am Tel ds Tel coil 48.....1929 J - J
200,0
48,0 Beg. b us Aug '12. V.115, p.273. 134 137
Hyde Park State_
93
4
893 93 ;
1939 J -D 503 Sale 93
Armour & Co 452s
100,0
n. Feb '12; V. 94, p 465. 13 122
1115,9 Orga
Irving Park Nat-8214 April'12
74
70
1928
Auto Elea 1st 51 a
50
400,0
209,8 10 10&5e J-J Jan. '14, 5
-spar State__
Ka
97
ow, May '12
27
Cal Gas & El unit Jr ref Si 1 931 M-N
los
IX Q-J Jan '14, 134 103 iii
8,7 ____
200,0
Lake View State10078 22 9914 101
,
1927 F - A 1004 Sale 100 8
70 280
Chicago City fly 15.
6 Q-al Dec.31'13, 2
64,6 ____
200,0
Lawndale State__
s
8518 21 8113 857
847
8 814
82
City & Con flys 5s_d1927 A 55 261
Chic
12 Q-M Dec.31'13,3
954 98 .
Live Stir Exch Nat 1,250,0 V665,6 10&2e
9712 Feb'14
98
1914 J -J 197
Chicago Elev fly fps
200,0
59,9 Beg. b us.Aug 26'1 2 V 03, ti 693 131 135
MecharTradState
9213 93 '
94
Feb'14
93
00 211
Chic Pneu Tool let frs_a1921 J _J 91
Q-J Dec.31'13,2
8
8
50 0612 094
Nat Ilk of Itepub_ 2,0(10,07)1,472,3
99
9834
99 Sale
F-A
Clticago Itys 5s
Q-J Jan.'14, 152 162 165
6
6
94
National City_ ___ 2,000,0 y830,6
91
9214
923
4
9234 Sale
A
1027
series ' A Chic Rys 5s
Q-J Jan. '14, 132 173 1711
6
6
250,0 7)125,7
National Produce
4
Mar'14
4
80
783 811
80
series "B" J -1) 79
Chic Rye 45
Q-J Jan. '14, 13‘ 158 162
7
7
122,7
200,0
North Ave State_
03 Sep '13
95
91
series "C" F - A
'14, 132 135 137
Chic Rys 45
Q-J Jan.
6
6
23,8
200,0
100 Jan '12
North Side St Say
F-A
Q-J Jan '14, 131 185 190
7
Chic Itys coil 6s
6
300,0 ,,i 71,5
North West State
7014 Mar'14
Chic fly Pr m M g 4s_c1927 J -J
11,5 Org. N ov. 27 '12. V.05,11. 1944 101 105
200,0
52
Ogden Ave State_
4
Chic Ity AdJ lot 43_21027 Mewl:503 5212 52
Q-J Jan '14, 4120; 260 ___
10
133,4 10
500,0
10112 16
People'sStkYdiSt
Chicago Telephone 5s___1923 J -D 10112 Sale 1004 Dec'12
23,3 Beg. b us Nov 1'11 V.03, p.1233
200,0
Becond Socurity_
964
Cicero Gas Co ref G m_1932 J - J I 9612 98
7i. Q-J Jan. '14, 2 210 256
6
176,7
400,0
1014
Becurity
4
8&2e Q-J Jan.'14, 4m 2
52Comrnonw-Edison 5s____1943 NI- S 1014 Sale 1013 Mar'14
8
200,0 2152,2
3outhChicagoSay
Q-J Jan.'14, 152 130 HE
6
Commonw Elea 53_01943 NI- S :1004 10114 101
6
31,9
200.0
tooth Side State_
10013 Feb '14 Cudahy Pack 1st M 53_1924 NI- N :10012 102
93 399
Q-J Jan. '14, 3
12
12
2
3tate Bank of Chic 1,500,0 2,802,4
10512
105
:105
(Ma Match Con deb 6s___1920
54,4 Beg. b us.Aug 181 2 V.05, p.523 134 136
200,0
3tate Bank ot Italy
99
-M Dec.31'13,4
15 Q
50Gen Mot 6% 1st L notes_1915 A -0 598 ---- 9034 Aprie12
240,5 10
250,0
3tock Yards Say_
..••
99 July'13
Int liar 3-yr 5% g notes_1915 F - A
6 al-N Nov 13, 3 178 155
6
170,5
600,0
Union Ilk of Chic_
10513 Apr11•12
Inland Steel 1st NI g 63_1928
6,1 10&3e Q-J Jan, 14, 552m 25 __
27,6
100,0
WashingtaiPkNat
Kan City Sty & Light Co
Q-J Jan.'14, 252 35 237
9
8
of III 4,500,0 2,161,1
Central Tr Co
00 Oct '12
1913 93-N
6s
407.3 10&2e 12&1e J-J Jan. '14, 6 .100 310
500,0
Dhicago City 13&T
75 Sep' 13
75
1928 J -J
Lake St El-lit Si
Q-J Jan. '14, 152 41 143
6
6
265,2
Dblcago Say 13 &T 1,000,0
7912 -26 773 -51.2
7814
7912 Sale
Metr W Side El 1st 4_1_1938 F - A
8., Q-J Jan'14, 2;2 : 11 218
8
&Tr 5,600,0 12,381,0
4 74
Chicago Title
76
75
74
1933 J -J 74 Sale
Extension g 4s
(o)
66 167
Q-J Jan.'14, 2
496,4 8&2e
DOlontal Tr & Say 1,000,0
„..
F - A 2103 10112 10473 Aprif 12
MU Ni Ry & Lt let g 53_1926
V)
(
DOnt&CotnTr&S 3,000,0 1,895,1 Not pu bilsbcd -sa e note (ID
9412 95 Anti!'12
ref & ext 4518-1931 J - J:04
do
10
10
Q-.1 Jan. '14, 232 ; 80 --.
250.0 :190,1
8(334 89
Drovers Tr Jr Say
8913 884 Feb'14
1939 J -J 988
-M Dec30'11, 4
Morris & Co 452s
.. ......
None None Q
10034 alay'12
First Trust he Say 5,000,0 z4,043,2 Beg. b usi.apr 3'11 V.92, p.929
1952 93-N
Nat Tube 1st g 5s
500,0 2112,1
, -65- -oiJan'14
FtDearbornTr&S
99
Nor Shore El lst, g 6s.....1922 A -0 994
la
130,5 _. _..- Q-J Jan. '14, 151
300,0
1 98 9812
9814
9814
Franklin Tr & Say
1940•-0 99814 Sale
let & ref g bs
Q-J Jan. '14, 252
10
343,3 10
9512 Sept '12
94
Oreenebaum Sons 1,500,0
Nor Sh Gas of Ill 1st 5s_1937 F - A 9 92
J-J Jan. '14 3)i ii5 iii
6
3
54,5
200,0
Dun,antee Tr &El
10014 July '11
North %Yost EI 1st 43_1911 NI- S
50
12 12&10e Q-J Apr '14, 3
Harris Tr & Say_ 1,500,0 2,471,7
:;j; 100 Sep '13
N W (.1 L Jr Coke Co 5s 1928 Q -M :6699:735:1,444,
9514
88,3 Beg. b un.A pr 101 1.V.92,p.1004 152 iLE
9514
-5 -55- 96
Home Bank & Tr..
300,0
Sal
1945 NI- N
Ogden Gaa 51
75 485
Ellinols Tr & Say_ 5,000,0 10,1363,0 16&4e 16&4e 3 Feb.20 14, 1
11512 3ept '12
1943
Peon' Gas I. &C lit 63_1 5 A -0
Q-J Deo 31'13, 13 181 185
7
4
-65r, fa;
116,2 7&21
200.0
KenwoodTr&Say
10014
10014
S
947
gold 55
Refunding
Q-J Dec31'13,152 178 181
6
6
113,7
300,0
Lake ViewTr&Say
_ 101 103
103 Mar'14
Chic Gas L Jr& C lit 51_1937 J -J
106 108
302,2 Beg. b us. Ma y'10
1 1)9 10113
LaSalleStTr&Say 1,000,0
10012
10012
0o
1936 I -D 11olis Sal
Connum Gas lit 5s
175 200
0 '12.
4,5 Org. D cc.
275,0
100 10012
Liberty Tr & Say_
10013 Feb'14
93,4
Mutual Fuel (las let Si 1947 NI-N :tools
0012
31,3 Org. S ept. 5 '12. V. 95, p. 593 118 119
200,0
Market Tr & Say0312 Feb'14
Pub Serv Co lit tel g 63_195)3
59,3 Beg. b us.J'ly 1'12 V. 94, O. 484 160 165
250,0
92•4
15 00
alerentileTr&Sav
02
9134
South Side Kiev 452s____1924 -J I 92 Sale
37 440
Q-J Jan. '14, 4
16
16
100 1014
Merchants' L &Tr 3,000,0 7,353,1
10013 Mar'14
- J 9100
Swift Jr Co Isle 5s
0-i Jan.'14, 152 134 136
5
___
200,0
Michigan Ave Tr_
Fri-City fly Jr Lt coil 1914
126,3 Com.b us. Ap 10,1 1.v.92,0.1004 208 211
500,0
73,89814 Apr11•12
Mid-City Tr& Say
1923 A trust lien s f 58
Q-M Dec.31'13,2 315 322
8
8
Northern Tr Co__ 1,500,0 2,931,9
75 Dec'13
45 -0
1 923•
Union Elea (Loop) 5s
J-J Jan. '14, 5 /262 267
8
8
176,7
100 May'12
Nor-West Tr & S. n250,0
U 8 Gypnum 1st g 52_1922 Ni200,0
53,2 Beg. b us.J•ne 1 11 V 02.9.1537 115 120
Old Colony Tr & S
- 11922 J - J :1.65- 162 4 994 Dec'13
Western Elea Co Is
Jan. '14, 252 280 285
8 012.42e Q-J
600,0
241,9
People's Tr & Say
8
Q-J Mch .3114, 2 200
8
288,4
300,0
.
5
Pullman Tr & Say
Note-Accrued interest mus I be added to all Chicago price
Q-J Jan.' 14. 112 154 165
3
6
50,4
200,0
3herldan Tr & Sav
business) for State Institution& I Na
13 (close of business) for national banks and Jan. 14 (open rig of
Bank, a Due Doe. 1111
• Bid and ask prices: no sales were made on this day. t Jan.
published, stock all acquired by the Continental Jr Commercial National
.
price Friday; latest price thls week. I Sept. 1 1911. ¶ Dividends not
upon Increasing capital to s300.0002
New stock. 14% of this Is extra, natockholders to vote Jan. 13 1914
Duo June. C Due Feb. d Due Jan. 1. sr Extra div. kdividend. V. 07, D. 1799. z Sales reported beginning April 18. # Dividends are Paid g•-J. vita extrel
_
the additional stock to he distributed as a 20% stock
authorised Sept. 24, 4 cash di,. of 75% belmit paidIlk
to $400,000
-F. t Dec. 31 1913. r Ex 21; accumulated dividend. w Increase In capital
payments Q.
a raid 6% reg. aid 1)4 extra on old 55441111P
an 1 ex-stock dly. u 14 assessment nal&
connection therewith. V. 97, v. 1000, 574. m Includes ex div. s Ex-dly. March 6 1014, J Ex 50% stock dividend.,
March 4 1914._ 5
,
At 4009,000 and 132 %.on new capital $1,000,000.
.
al
Chicago Bond Record
826
BOSTON STOCK EXCHANGE-Stock Record.
srocKs-Hrarresr AND LOWEST SALE PRICES.
Saturday
Mar. 7
9614
10078
18612
82
*-__
37
*247
*7
*80
Monding
Mar.()
9614 96
1007 •101
8
18612 1884
82
82
170 *160
39
35
.247
.7
15
65 .
80
Tuesday
Mar. 10
Wednesday
Mar. 11
Thursday
Mar. 12
Friday
War. 13
06 .9833
1014 *101
18612 186
82
8112
170 •____
88
3512
*247
fir *7
65 •
60
983 .96
3
064 .9534 011
41118 9618
10112 1003 10112 10018 10018 .1004 101
. 4
18612 18612 18612 187 187 *187
82
82
82
82
82
.82 13
168
170
Last Sale 170 Feb'14
383
4 3614 3914 36
3931
3814 38
.247Last Sale 255 Feb'14
•7
15
Mar'14
Last ,c Ie 7
,
65 •60
Jan'14
65
Last .S.te 60
Last Sale 612 NOV'13
39 16- ;55- 16- ;56- 41- 39
39 .39
_
'182 184 '182 164
162 162 *162 164 *162 164 .164 010578 1064 .106 10612
10612 10613 10612 •-_ 10612 _ _ _ _ 10612
*185
•185
185 185 *182
*80
84
82
80 16- -it/ 16- -80- 164 83183 - 4 80
*12012
•12012 12112 *120 123
12012 12012 12012 12012 120
.
*87
8713 8713 8712 .87
88
8712 873
873 •87
87
4
4 87
95
95
*91
95 .92
*91
95
95
05
95
95
05
1111
12
*11
12
1112 1112 *11
*11
12
12
12
12
62
62
62
8212 62
63
62
•62
62
62
62
6238
653 6712 6612 68
4
7058 6812 69
6714 7014 69
6812 7078
13104 113 *103 111 •103 111
105 105 *105
165 165 •____ 164
164 18412
165 *155 164 •
f6E•20
28 .24
25 •
24
24
25
24 •__ 24
157 157 •15634 157
15712 15712 •
1171- *15612 1563 1574 1577
4
4
8
*8314 84
*8314 84
84
*8314 84
*834
Last Sale 85 Jan'14
*120 130 •125 130
120 120
125 125
120 120 .120 130
713 713
3
7134 72
3 7113 72
72
72
72
72
724 73
•93
9312 *93 ---- 93
*94
93
944 0412
95
95
'iai-
Sales of
the
TVech
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Precious
Year 1913.
Lowest.
1e_100
f`A Atch Top & Santa 1
100
39 Do prof
93 Boston & A lba ny_ _ _100
100
133 .3oston Elevated
Boston & Lowell. _
101
102,
4,016 Boston & Ilaine
Boston & Providence_ 102
Bostor Suburban El cos_
Do pref
Boston & Wore E lee C )s.
Do pref
15
10 Chic June Ity & USY_100
10 Do pref
12 Connecticut River_ _ _ 100
188 Fitchburg prat__ _ _ _ _100
82 3a Ry &Elec steep:1_10c
Do pref
85
10e
30 Maine Central
100
15 Mass Electric Cos
100
202 1)0 pref stamped _100
5,002 N Y N
Hartford_100
1 Northern N II
100
20 Old Colony
100
15 11utland, pref
100
Union I'acific
221
100
Do pref
100
9 Vermont & Mass_ _100
207 West End St
50
53 Do pref
50
Miscellaneous
54
54
54
54
54
54
54
54
54
575 Amer Agricul Chem_ _100
543
4
9514 953
4 9514 957
3 954 953
4 95
9512 95
693 Do pref
9512
100
34 34
312 31
3
324 313
3
328 318
425 Amer Pneu Service
50
•
20
2034 *20
2034 2013 2012 20
20 •1834 193
Do pref
160
.1
50
10114 102
0914 102
9714 10014 97 2 983
,
9934 5,671 Amer Sugar Refin_100
4 98
111 11112 110 111
10934 11012 109 110
10912 11014
619 Do prof
100
121 12113 121 12133 12118
12118 12138 12138 12178 5,202 Amer Telep & Teleg_100
*1312 15
*14
17
Last Sale 15 Mar'14
American Woolen__ 100
733 •V‘i3
4
- 74
4
7453 743 7518
123754 753* 7512 77
4
Do pre
7712 78
914
100
*65
•65 ____ 65 65
65
65
65 65
64 Amoskeag Manufacturing
*99 100
100 100 *90 100
100 100 0166 •___ 102
95 I)o prer
*7
84 *7
812 •7
812 •
7
Last Sale 5
812
AU Gulf & %V I o, S L_100
Feb'14
16
16
16
16
1618 1618 •15
•15•12 16
1614 16
16
Do pref
200
100
*13
1334 •13
1312 13
13
13
13
•13
12
133
4 12
151 East Boston Land
10
263 28312 263 263
282 263
262 26212 260 262
260 26012
617 Edison Elm Illum_100
148 14613 146 14714 14712 148
14734 14814 14738 148
14712 14814 1,220 General Electric
100
101 101
101 10112 101 101 24 101 101
101 101
101 101
186 MeElwain(Wfi)lst pf 100
93523 935
3 94
94
91
94
937 9378 9322 9334 93
8
9334 1,044 N1 assach usettsGasCos100
9413 9413 94
944 94
9412 9412 95
05
95
Do pref
9522 9512
431
100
214 215
21418 215
214 214
21478 2147 *21412 215
8
214 215
lrgenthaler Lino_ 100
57
*3
318
3
3
.212 318 •212 318 *212 324 *213 312
100 exiean Tetenhono
10
34
34 • __ 84
14 O
34 *____ 34
20 Mississippi Ely Pow_100
*684 70 .6812 6912 .69
6912 *6812 6912
Last Sa!? 715--- - 7.1:1
842)
Do
3
prof
100
•24
30
*24 ____ .24
30
24
24
*24
30
24
24
50 N E Cotton Yarn
1(20
*---- 66
66
66
_
10 Do pref
100
•138 _ _ •13814 139
138 139
138 116'- 138 138
138 138
111 N E Telephone
100
153 153
15134 15212 152 153
1524 153
152 15212 15213 153
685 t'uliman Co
100
1813 1813 .
18
1812 .18
1814 •18
*18
26 Reece Button-Hole
10
10712 107% 10712 10734 z1053* 103
1054 1053 1654 11.753 10512 10534
4
.
495 Swift & Co
100
*2813 30
284 2812 29
2914 2914 30
29
30
2913 2912
414 'Forrington
25
•28
2712
2712 •- _ 2712 2712 2712
Do pre
20
25
*1323 158 *133 158 *138 158 •138 158
Last Sale 112 Union Copper L & AI 25
-- 1)4;; 1:1
;
16653 16634 16513 16658 16512 166
166 1663 166 16612 16534 166
4
678 United Fruit
100
54
5414 54
5412 6112 5412 547 55
8
5 234 55
55
55
1,917 Un Shoe Mach Corp.. 25
283 2812 2814 2812 2818 2812 2838 2812 2833
3
2812 2838 2838 1,050 Do pref
.5
6318 6418 6318 6378 6418 643
4 6414 6478 6338 6378 6312 6114 5,005 U 8 Steel Corp
100
10933 110
1093 10932 110 110
3
1095 1097 100t3 110
8
3
10934 1093
4
253 Do pref
100
5313 54
9514 9512
*312 33
4
*20
203
4
1014 10214
11113 112
121 1213
3
Range since Jan. 1.
On basis of 100-sluice lots.
Highest.
Lowest.
96 NIch 9
073 Jan 15
185 Nieh 6
8112:Weill°
155 Jan 2
35 Niel) 0
250 Jan 5
7 Meh 2
60 Jan 19
0078 .lan 26
10138 Feb 10
195 Jan 5
9112Jan 16
170 Feb 0
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
37 Jan 5
162 Mehl()
1041)Jan 5
185 Jan 10
80 Jan 10
1203 Feb 13
8
83 Jan 3
o75 Jan6
11 Feb 14
61 Feb 24
40 Jan 26
163 Jan 15
10312 Mei] 11
2,030
24
8
Jan
1203 Feb 9
4
8734Meh12
98 Feb 7
14 Jan 23
661* Jan 24
777 Jan 2
3
112 Feb 6
165 Jan 30
30 Jan 8
1853 Jan 31
63 4 a
5
9112 Oct
9514 J.117
183 Dee
82 Nov
150 Dec
35 Dee
23812 Dee
7 Sep
6712
ti Feb
3612 Dee
162 Sep
101 12 J'no
'2.00 J'IY
68 Dee
r115 Aug
822? J'Iv
91 Dee
1013 Dee
63 Dec
6534 1)ec
100 Dec
150 Dec
25 Aug
13912 J'ne
8018 J'ne
105 Dec
6714 Dee
85 J 'IV
1054 Jan 14
65 M h 7
152 Jan 10
24 Feb 27
15658Ja11 9
115 Jan 9 130 Feb 5
6812 Ja n 5 75 Jan 23
5
5
an 3
8712 Jan 8 95 IVIch 12
4714 Jan 2
91 Jan 3
213 Jan 27
17 Jan 2
97i4Mehll
109 Mch12
11718Jan 3
14 Meh 4
4
723 Meh 4
60 Jan 21
98 Feb 24
5 Feb 10
15 Jan 5
10 Jan 20
246 Jan 3
13912 Jan 3
0922 Jan 2
8912Jan 2
90 Jan 3
21114Jan 3
3 Jan 28
314 Jam 8
874 Jan 19
24 Mch 3
66 Mehl()
133 Jan 3
151 Jan 7
18 Jan 7
10413 Jan 3
27 Feb 24
2712Jan 7
1'/,Jan 10
16212 Jan 3
5334 Feb 2
28 Jan 9
5712Jan 3
1057 Jan 5
s
57 Jan 22
0723 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Itch 4
83 Jan 26
67 Feb 13
10014 Feb 11
0 Jan 23
1634 Jan 16
1412 Feb 11
265 Itch 4
15012 Feb 20
102 Jan 23
0433 Feb 17
9512 NIch 13
2163 Feb 27
4
3 Jan 28
38 Feb 3
70 Jan 30
31) Jan 19
69 Jan 21
141 Feb 2
159 Jan 27
1834 Jan 22
1073 Nleh 9
4
30 Alelill
2913 Jan 20
2 Feb 4
173 Feb 13
4Jan 8
573
29 Jan 23
6l' Jan 31
1123 Jan 28
s
41 Sep
861, Dec
21; J'ne
.
16 Not
9912 Dec
10828 Dec
11014 Dec
154 14ee
74 Msy
50 May
ti234 J'Iv
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apt.
86 J'ne
2011 3'22),
3 .1an
33 Nov
70 Dee
17 Apr
634 Apr
127 Dec
140 Dec
1112 Apr
101 J'ne
26 Sep
26 Sep
3 J'ne
4
147 J'ne
4112.rue
2638 J'ne
50 J'ne
10212 J'ne
31 Abmeek Mining
1114 13
134
4
134 •112 13
112 112 .112 2
4
450 Adventure Con
.113 2
2 Jan 22
1 May
295 295 .295 300 *295 300 295 295 *285 310 .285
310
1
4
1
13
ii 27. I2t 7 295 Feb 25 230 Nov
2133 2112 2112 2134J 213 2134 2114 2112 21
8
2138 2118 2112 2,845 Alaska Gold
2
3 Jan 3 23* Jan 22 ts834 J'no
.
113 134
05
113 112 •133 134
112 111
112 112 .133 138
190 Algurnab Alining
13 Jan 20 .15 May
4
1 Jan 21
4013 4013 40
40 *40
41
40
4034 40
260 A llouez
4014 41
41
3413 Jan 8
433 Feb 18
264 J'ne
4
723 7318 7233 7314 73228 7414 743 743
4
3
8 7314 7312 7313 74
8,213 Amalgamated Copper 102
71 Jan 9 7814 Feb 4
62 J ne
1834 19
19
10
1812 183
8
4 185 185 •1813 19
8
187 187
525 Am Zinc Lead & 8m_ 25
8
2
8
14812 n 10 213 Jan 30
*
1524 Dec
553 6
513 53
8
5 8 53
5
4
54 512
514 512
7,564 Arizona Commercial_ 5
514 53
Jan
s
328 .3
Itch 4
214 J'ne
*3
312 .3
314
3
3
*318 314
3
3
490 Bu'te-Balaklava Cop 10
44 Feb 2
84
114 J'1Y
85
3414 3412 3434 35
3434 3514 3412 3434 35
3758 Feb 14
3714 7.673 Butte&Supeop(Ltd) 10
6534 6614 6614 6512' 6614 6678 6634 67
1814 J'ne
6612 6612 6634 67
1,203 Calumet & Arizona.... 10 433112iei110 6934 Feb 4
tn
6 1 .Nal n 31
12
425 425
56i J'ne
425 425 420 425
424 424
422 422
420 420
61 Calumet & Hada
25
0 Jan 9 460 Feb 13 388 Dec
163 163
4
4 1678 167 .1634 16723
8
1634 1634 .163 1678 163 163
4
19 Feb 4
150 Centennial
4014 4012 40
10 J'ne
42
41
4138 4112 4178 4014 4034 41 4 41 4
718 Chino Copper
4313 Feb 4
.3712 38
304 .1 ne
37
3','12 3713 3734 88
38
3778 38
373 373
4
277 CopperRange Con Co 120 3 j n 980 4034 Feb 4
4
184 jaa
6 Jann
055
32 Dee
.
212 23
4 *213 233 *212 2%
258 258 .212 258 •212 23
10 Daly-West
3 Feb 6
4
20
1
2 Sep
f n
3: 5
*1112 113
4 1112 1134 114 1112 1134 1214 1134 12
210 East Butte Cop Mm,. 10 1211.1 11 6 13 Jan 26
1112 1112 1,
614 614
0
6
6
914 J'ne
53
8 538
6
612
633 612
614 614 2.204 Franklin
7 Fob 27
Jan
212 Dec
83
8312 83
83
84
85
85
8512 8434 85
85
853
4 1,232 Granby Consolidated_i 05 7314 n 8 91 Feb 4
51 J'ne
20
2
86
2
3712 3812 3612 36
37
36
37
36
8612 36
544 Greene-Cananea
36
275 (let
8
100 2934 Jan 3 4233 Fell 4
19
1914 •
18
19
19
19
1912 1912 19
315 Hancock Csolidated 25 16 Jan 8 22 Feb 4
19
19
19
on
12 Nov
2812 2812 2812 2812 •27
282
2812 281f.
2812
2812
180 II &Bey Gold
20 Jan 21
2778 tan.
10
$.45 .50
.45 .45 0.45 .50 •.45 .50
.47 .47
.46 .46
300 11 el yetis) Copper
12Jan 8
14 May
25
5
514
5
5
.5
*5
6
6
5
518 *5
612 Feb 20
620 Indiana binning_
512
2F
3 Dot
.5315 jaen 10
25 2418 J anb 26
46
46
1146
47
47
47
4712 474 *46
4712 .46
33 Island Creek Coal
4712
44)4 J'no
1 4_6_ ,2 Itch 6 495s Jan 21
*8613 87 •8613 87
8812 87
•87
8712 8714 8712 .8612 8712
Do prec
8712 Itch 5
220
79 J'ly
21
21
2012 2012 2012 2012 2014 2014 2012 2012 2012
610 isle Royale Copper
21
16 Joe
6)
n
215 11 iim 11 24 Feb 4
458 458
438 43
4
4% 43
4
4 4,438 43
433 4% *45
185 Kerr Lake
3 434
41 2 litn 15 5'/,Jan 20
2% .
25 Jan
8
*418 433 .418 438 .418 438
44 44
418 418
418 418
275 Neweenaw Copper
4% Feb 18
.83
1 Aug
8
25
5
812 83
4
813 812
83
4 83
4
83
4 83
160 Lake Copper Co
4 *814 9
1022 Jan 16
5 Nov
*434 5
*43
4 514 *43
4 514 *43
4 514Last Sale 5
La Salle Copper
Mar'14
512 Feb 14
314 .1'ne
84 84
3 4 314 •3
,
3 3 *34 812
3
3
318
8
8
125 Mason Valley Mines- 225
4 Jan 16
318 Not
8
3
3
55
3
474= 23
23
12
4 23
4
4
213 212
212 214
905 Mass Consol
373 Feb 27
13 Noe
4
612
a2
612
863 63
23
4
63
4 63
4 *613 7
513 6
53
4 53
4
735 Mayflower
9 Jan 28
5 Noe
2234 223
4 2234 2278 *2234 2312 2312 231
314 34 *2278 2314
292 Miami Copper
2014 J 'bet
225 2523 2;n 2 2418 Feb 16
55
118
118 •1
13114 Na 4
8 lcec2
h1:115232
114 •1
114 •1
118
14 14 ..14 14
800 Michigan
1)4 Feb 18
*43
1 Jan 27
25
12 Dec
4312 *42
4312 43
43
4214 4312 44
895 Mohawk
46 Jan 23
88 Nov
Jan
153 153
3
8 154 1538 1618 1518 1518 1518 154 4412 4_412 4434
1512
_ ____
245 NevadaConsolidated_ 2g 12 Jan g 1653 Feb 4
13 Jo,'
434
434 5
4% 4%
6
514
514' 64
57
8 6r8
,
6
62 13,768 New Arcadian Copper
8
65sAlch12
14
67
17
12 J'ne
3 613
*
67
2 678
63
4 67
65
4 67
8
3
63 61 ---------1752155 25 274 Jan 9
3 4
0 2 61 4 1,200 NiplasIng Minas
3
/
818 Jan 22
14
714 Nov
63 Ft b
5
28
2814 28
28
2814 2814 28
2814 273 273
4
273
719 North Butte
3034 Feb 4
*24 212 •218 214
2134 J'ne
17
8 24 •178 2
2
2
North Lake
25 Feb 4 .99 Mat
8
a
• 112 122 *158 134
1 jn g
Ds 158 *153 134 .158 134
110 Ojibwa Mining
2 Jan 23
.90Jan 14
25
84 312 034 4
12J'ne
33 38
7
85 8%
7
3
34 812 Milx.-i2-2
57 Jan 28
280 Old Co ony
4
53
3 Apr
53
524 53
524 5258 5213 5212 493 5013 48
4
49
863 Old Dominion Co
cLl 54 Feb 4
7g 481'Aci
4134Joe
*80
81
78
81
78
78
*78
80 .78
80
77
78
108 Os-cola
84 Feb 4
674 Deo
73 Jan
184 183
4 1813 183
4 184 1813 1812 183
4 1851 1838 1853 1858
746 Pond Creek Coal
8
70
15 ,l'ne
6313 6312 61
145 207 Jan 22
6312 61
61
6112 Ottz 6113 62
*62
64
134 Quincy
68 Feb 5
5214 Deo
1914 20
1024 1934 197 2014 2034 213
3
3 2023 21
2018 2028
838 itay Consol Copper
111432)0
20 6 jan 12 2138 Mehl 1
15 1734Ja
88
88
0 Jail 3
88
88
87 87 •
37
89
87
8712 87
87
130 Si Mary's Min Land_ 26 32 Jan 3 40 Feb 25
30 Nov
• 178 17
8 •
4 3
134 2
134
134 •12
13
4 13
4 *158 2
2)4 Jan 27
1 J'ne
* 4 7
61
612 612
612
612
613 612
612 612
614 614
8 5 santa e"d 6c Cop- 10
185 S h an nL
6
712 Feb 16
O23
6 Dec
2814 28
0
6 jan „
1:
Ja
28
57
28
28
28
2814 277 28 •___ 28
3
890 Shattuck-At izona
21 Feb
4
•.21 .25
10 201* Jan 6 293 Feb 4
.21 .21
.20
.20
.20 .20
200 South Utah NI & S.__ 5
.20Jan 3
.23 Feb 9
16 Aug
29
29
2812 2823 294 2912 -2914 2934 •29
.
291
2913 2912
240 Superior
214 212
82 Feb 14
21 Nov
233 238
2,!.( 21
4 4
W. 23
8
213 212
27 4 213 1,474 superior & Boston Cop 25
/
10
3934 40
1/ Jan
14
2% Jan 23
3912 3934 8934 404 4014 41
40 40
34 3913 4012
826 Tamarack
*4
4(41/, *4
414
21 J'24,3
25 22572 jjaa'in 19 43 Feb 28
2 4 Jan 03
81
4
4
418
4 4/ *4
1
418
80 Trinity
.43 .45
5i Jan 23
3 May
.43 .43
.63 .65
.70 .75 •.75 .80 ..70 .80 1,803 Tuolumne Copper
.80Jan 31 .50 Dec
41
,43 gl e h 7
21.
ic
5
41
41
41
40
4012 40 40
40 40
40
4014 1,843 U 8 Smelt Ref & Min_ 50 8858Jan 14 4322 Feb 4
483 483
3
34 J•na
4 4823 4812 48
48
48 4 48
,
48
4814 48
48
899 Do pref
2
481 Feb 6
Jan
4522 ,Fly
2
122
8
*2IA 218 •8•2;.( 218 ,
8
24
2
21
/ .2
212
205 Utah-Apex Mining
5513)43 Jan 27
0 46
258 Feb 5
*1012 11
Ds May
0
10
10
104 1018 11
11
107 10711 1073 11
8
657 Utah Consolidated
*5234 5324 5314 5314 *5313 54
5
834 Jan 6 14 Feb 13
714 Mat'
54
54
*5334 54
110 Utah Copper Co
10 4922 Jan 10 5618Feb 13
118 118
118 118
14 118
1
40 J'ne
1
1
*1
14 --i- -1-?;
485 Victoria
413 412 *424 413 *424 412
178 Feb 21 .90 J'ne
25
44 44
44 412
414 412
505 Winona
*45
478 Feb 25
4512 *45
h
112.ran 8
c
47
45
45
54 Sep
48
46
46
46
46
67 Wolverine
4
*.90 .99 $.00 .99 *1.90 .99 '.90 .05 46
25 44 Jan 8 473 Feb 20
8914 Nov
.85 .90
.85 .85
350 Wvandott
3 Jan 22
4
114 Jan 24 .40 J'ne
25
'Bid awl asked prices. e Assessment paid. 0 Ex-stook
dividend. A Es-rights. a Ex-dividend
and rigbta. a Unstamped. 2d paid. to Halt veld.
ighest.
10614 Jan
1013, Feb 215 Jan
21414 Jan
205 Jan
97 Jan
290 Jan
1612(let
t)3 Men
7.4 Meb
45 Jan
163 Feb
107 Men.
260 Jan
122 Feb.
126 Feb.
88 Sep
110 Meh
1938 Feb.
79Feb
130 Jan
130 Feb
17612 Feb
33 .Mch.
10224 Jan
904 Jan
150 Feb
8112 Feb.
100 Jan
57 Jan
6924 Jan
44 Jan
2334 Jan
1181 Jan
1274 Feb•
1401 Jan
21 Apr
834 Set)
75 Jan
100 Jan
124 Aug.
1912 Aug
15 Feb
2881 Jan
18654 Jan
104 Jan
9313 J512
9558 NI ch.
220 Sep
312 Feb
4114 Sep
7012 Dee•
84 Apr
1)1) Jan
102) Jan
165l Jan
18 Sep
108 Melt
28l Jan
2814 Jan
2 Jan
182 Jan ,
6534 Feb.
2812 Feb
60 Jan I
111 Jan
6 Jan
330 Jan
2438 Oct .
214 Jan
4214 Jan '
8038 Sep *
327 Feb.
8
512 Sep
6 Oct
45 Jan
7212Jan
555 Jan
18 Jan
47i Jan
53 Jan
4 Jan
1512 Jan
9 Jan
7814 Sep
3513 Aug
25 Jan
35 Apr
3 Jan
4
17 Jan
69 Jan
871 Jan
337 Jan
8
4
% Nov
33 Feb
8
2622 Jan
514 Jan
104 Jan
51 Jan
1514 Jan
264 Jan
2 Apr
65 Jan
1934 Jan
31 Jan
912 Mcls
341 Jan
23 Jan .
314 Jan
833 Jan
56 Jan
107 Jan
284 Jan
80 Jan
22 Jan
46 Jan
3'A Aug
134 Jan ,
31 sap
.35 Jan
404 Jan
4438 Feb
38 Jan
6 Jan
31 Jan
431 Jan •
50 Jan
27 Sep
8
1114 Jan
60 Jan
2 Jan
411 Jan
76 Jan
112 Jan
827
Boston Bond Record
MAR. 14 1914.1
• ia$
E !$4
4..ONDb
BOSTON STOCK I X BANQL V 3'
b
Week .;nding March 13
Price
Friday
March 13
Pantie
Since
Jan.1
Week's
Range or
Last Sole
BONDS
BOSTON STOCK EXCHANGE
Week Ending March 13
t
Price
Friday
March 13
Week's
Range or
bast Sale
so 01
Range
Since
Jan.1
o High,
112*). No
A sk bow
1318
Riot No. Low Hie
AM Low
g
81005
1005
8
General Motors 1st 5-yr 6s_191U A -C 1003 10118 10038Mcit'l
9934 Apr '13
8 63 9434 971s
967
4
1
4
883 120 841 i67 Gt Nor 0 13 & Q eel tr 4s_1921 J -J 963 Sale 9633
8
8812 Yaij 883
16 9433 9613
961
9613 Sale 964
1021
Registered 4s
1034 i.lch'13
97
11 95 091, :toast()); Elec 1st .; 1 gen 5.; 1 125 -A
97 Sale 9614
117 Apr '08
La Falls & Sioux C 1st 7s191 7 A -0
72 72
72 Feb '14
Nan C Clin & Spr 1st 5s._1925 A -C ;;-; -66 - 92 Feb 13
100 104
10312 Jan '14
11 1085 iff
111
ill Sale 111
an C Ft Scott & Mem 6s.._1928
9318 951:
9514 953 9518 Feb '14
4
3
743 7514
744 Mch'14
;
8
853 853 hI C Ft S & 11 ity re i 4s qu _1 936 A -C
85s Jan '14
85 85
83 Feb '14
-gg - -_ -_
1934 '.a[tan C M & 13 gen 4s
8414 Aug'13
4 76 79
79
79 Sale 78
1934
947 Jan '14
Assented income 5s
8
947 9471
9634 963
96 100 0634Jan 14
10014 Dec '13
-- t(an C & M By & Br 1st 58_11129
-- 115 ,l'oe
67
6712 20 6312 68 Marq Bough & Ont 1st Gs_1925 A-0
4
2 95) 9614
9614
9613
9614
J
1929
Mass Gas 4 ;•is
---- -- 50 Msv'13
1 93 9514
9514
9514 -. 9514
i)ec 1931 J -J
Debm 4 !,is
-gick
8412 8612 8312Jan '14
97 Aug '1'
1917 J -J
I ieh Telephone 1st 5s
10014 Meli
g
5 81 855
83
J-J
Miss River Power 1st
1041, Oct 'os
- New Eng Cotton Yarn5s 1951 F -A -84 85 8012 83
2 80 83
801
59_1923
95 Feb '12
8
997 100
New Eng Teleph 5s
1915 A-0 100 .._ 100 Feb '14
idf
101 Feb '14
101
17 10018 1013
101
4
1932 A -C 101 Sale 1004
5s
80 Jan '14
79 80
1044 1011; New River (The) cony 59_1034 J -J
10414 Fob '14
684 75
75 Jan 1
6 82 857, N Y N 11 & 11 con deb 3 34s_1956 J -J
8412
841s Sale 8412
5 1113 117
8 1114
3
1113
1948 J-'1
Cony deb Os
Oct '07
977 971 ()reit Sh Line 1st g 6s
10958 1094
4
10111 Jan '14
0778 Mch'14
1922 F -A
11 105 1.111
9814 Nov 13
106
---- -- Pond Creek Coal 1st Os _ _1923 J -1) 105 Sale 105
8.8 88
88 Jan '14
564 Feb '14
9514 985 Puget S(I Elec By 1st 5s
,
1932 F -A
_
103 Jan - 11
- Repub Valley 1st s f 6s
9812 Dec '12
1919 J -J
_
7014 pee 1.
83 J'iy '13
Savannah Klee 1st cons 5s 1952 J -J
idd
100
4
6 983 10014 Seattle Elec 1st g 5s
1930 F-A 10014 -- -- 10012 Feb '14
Rid Sale 100
92 94
94 95 94 Mehl
81 84 Shannon-Ariz 1st Gs g
1919
83 83 Mch'14
V/ Apr 07
Terre Haute Elec g 5s
107 J'ne'13
1929 J -J
8
4
1918
1135 Feb 11
1003 Mch '13
---- Torrington 1st g 5s
13
971s
97 9712
974
81 80 Dec '13
- Union Pac RR & id gr g 43_1947 J -J
---1 9012 9012
-year cony 4s
20
904
91 92
1927 J -J
904
94 92 Mel)'14
10 9333 96
8
953
1 9312 9311 United Fruit gen f 4 348_1923 J -J Ws;"(16 953
9312
9312 _ _ 9312
1925 J -J 9413 943 9514 Mch'14
,
92 9514
Debenture 435s
4
1.15 Mel)'13
85
10234
1024
U S Steel Co 10-50-yr 5s Apr1963 VI-N
3 10013 103
10014 Aug'12
99 Feb'
98 99
1915 F-A
West End Street fly 43
92 J'ly '13
994 Feb '14
3
997 997e
1914 ./1 - S
Gold 4 3is
78 78
80 78 Mch '14
984 Jan '14 ____ 9858 9858
1916 M-N
Gold debenture 4s
9813 991 9812 Mch'14
s
973 995s
8
963 Noy'13
1917 F- A
Gold 4s
95 Oct 12
-iii3;
15
963
1932 J -J 96* Sale 9612
1Vestern 'relent] & Tel 5s
121
121
5 12012 121
12114
8
935 Feb '12 _..
Wisconsin Cent 1st gen 4s 1949 J -J 122 Mch'12
-- - NOTE.-13uyer pays accrued interest in addition to the purehase price for all Boston bonds. • No price Friday; latest bid and asked. Ii Flat prices.
Sid
Ara Agriaul Chem let 5.___11)28 A -0
Am Telep & Tel -0.1 tr 4s_1929 J -J
956 .1-S
'
Convertible 48
1933
20-year cony 4 ••is
Am Writ Paper 1st 31 5s g 11)19 J -J
11)1 M-N
Am Zinc L & deb 6s
e_ _1095 A-0
Ateh Top tc S e gen
Adjustment'.43___July 1995 Nov
Stamped
July 1095 i-N
-year cony 4s
50
11)::5 J -D
-year cony 5s
10
1917 J-1)
W I SE.' Lines '8_1959 J -J
Bois & Corb 1st cony s f 63.._1923 M-N
Boston Eley 3 -yr g 4s
lig)5 .V1-N
1913 J -J
Boston & LOW11 1 4s
.
194' J -J
Bost,n St Maine 4 34s
1942 F-A
Plain !s
J
Bur & Mo Riv cons as
1951 J -D
Butte El & Pow let 5s
Cedar Rap e- M.1.i' 181 7s 1010 51-N
Gent Vermt 1st g' 4s___May 192u Q-F
A-0
o /3 & Q Iowa Div 1st 53_1919 A-0
1911)
Iowa Div 1st 4s
1922 F-A
Denver Exten 45
1927 :-N
Nebraska Eaten 4s
1921 V:B & 8 W s 14s
1949 J -J
. Illinois Div 3 Yis
Chic Jct Ity & Stk Yds 5s__1915 J-J
Coll trust refunding g 4s_1114t; A-0
Oh Mllw & St P Dub I)6s__1920 J -J
Oh M & St P %Via V div 6s__1920 J -J
Oh & No Mich 1st gu 5s___1931 M-N
1021 J -D
Ohic & W Mich gen 5s
192(, J -D
Concord & Mont cons 4s
1949 A-0
Copper Range 1st 5s
Cudahy Pack (The) Istg 5 1924 SI-N
1926 A-0
Current River 1st 5s
Det Or Rap & W 1st 45„....194 A-0
Dominion Coe) 1st 51 55_1940
1927 M-S
Fitchburg 45
Fremt Elk & Mo V 1st 6s 1933 A -0
1933 A-0
Unstamped 1st er
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
-NUT PER CENTUM PRICES
SHARE PRICES
Saturday
Mar. 7
810412
11312
1612
856
*54
27
.tfonday
Mar. 9
Tuesday
Mar, 10
Wednesday
Mar. 11
Thursday
Mar. 12
106
106 106
10434 105 105
113 113 •____
11312 114 114
8
_ _ 1614 163
8 163
16
.1534- .56 _-_
59
564
6712 8____ _ 1184 11812 .118 ---- -ia_-_--_-_ ;His ____ .20 -___ *let, ....._
_ *534
4
_ *533
- •54
4
_ _ *533
8 27
s 27 .2634
67
267 -2 2614 -- 8 267 --27
--
10414 10434
11312 11312
1612 16
58 •__--
;58-
---- 3814
8
. 4978 4978 4934 497
27
Sales
of the
IVeek
Shares
106
114
1658
58
1171,
__
971
30
130
175
32
10
2634 2634
1,246
106
106
114
114
104 164
5712 58
26 ____
-- - 1174
89
89 .38
38 .38
38
4 494 4912
8 4934 493
s
497 497
Eli -iii8 V34 *5312 --4014
4012 4012
I 4034 41
4012 401
79
79
79
7914 *7812 79
t 79
1212 *12
121 .12
1212 .12
•12
2112 2112 .21
2212 2112 22
.3'22
4 81
4
8
8 817 817g 813 813
s
817 817
734 • 72 724. 72
72
74
. 73
184
19 .184 19
*1812 1914 19
314
3258 3258 *313i 32
4
. 823 33
/
8
553 5512 5514 55f, 557 6 5538 5538
4138 4158 4112 4218 42
43
42
4
4
8 263
264 2678 2678 2678 263 267
8
1814 1814 1814 1814 1814 1814 183
8
815
4 681% 81(81'3
81%81% 813 '
7
7
7
7
7
7
7
8
4
4478 4478 444 4412 443 4434 447
844
841$ 85
844 85
8412 85
4
•lai
Friday
Mar. 13
3814 3814
4938 4934
4 5338 5358
- ---5384 533
3934 4012 4038 404
40
3
783 788 •7814 79
79
1238
1212 12
1212 *12
2114 2114
21
2134 21
8114 .8012 8114 8114 8114
7238 72% 7238 7214 7318
1812 1812 1812 1812 19
3212
3158 3212 *32
32
/
551.: 5513 554I. 553 . 5558
4214
42
4212 4134 42
4
4
8 263 263
4
8 263 267
267
1812 1814 1814 1838 1918
8114 814 8118 8114 82
/
7 1 4 7%
7
7
7
4478 46
45
45
45
4
8412 8412 843 85
85
ACTIVE STOCKS
Range Since Jan. 1
(For Bonds and Inactive
Stocks see below)
highest
LA0631
MOM
Baltimore
Con Gas El L & Pow_l00 103 Feb 14 108 Jan 26 101 J'ne 120 Jan
100 109 Jan 3 114 Steil 10 101 J'ne 12034 Jan
pref
Do
1312 Jan 3 1913 Feb 2 1212 Dec
2512 Nov
100
Houston Oil tr ctfs
68 Jan
pref tr ctfs_l00 66'i Jan 7 60 Jan 19 5612 J'Iv
Do
50 115 Jan 22 120 Jan 2 10612 Dec 123 Apr
Northern Central
21 Jan
l75 Jan 8 22 Feb 5 1412 J'ne
100
Seaboard Air Line
4912 Sep
46 Jan 2 5512 Feb 9 4112 J'iy
100
pref
Do
241k Jan 7 2714 Mch 0 23 Jan
272 Apr
United fly & Electric.. 50
Philadelphia
50
American Cement_
50
37 American Railways
50
1,477 Cambria Steel
Electric Co of America 10
168 Elec Storage liattery_100
100
862 (ion Asphalt
1)o
prof
100
490
275 Keystone Telephone_ 50
191 Lake Superior Corp_ 100
50
313 Leh C & Nay tr ctfs
50
1,466 Lehigh Valley
1,082 Lehigh Valley Transit 'SO
50
pref
Do
785
50
1,878 Pennsylvania RR
930 Phliadel Co (Pittsb)._ 50
1,752 Philadelphia Electll- 25
1,645 Phila It T vot tr at's- 50
50
3,195 Reading
941 Tonopah Al ining„- 1
50
1,509 Union Traction
50
408 United Gas Impt
PHILADELPHIA
Bid Ask
PHILADELPHIA
Bid Ask
PHILADELPHIA
Pb & Read 2(1 5s 1933 A-0
Bonds
Inactive Stocks
Ex Imp M 41 1947_A-O
Prices are all "and
Liner Gas of N J
interest"
Terminal 5s g 1941 Q-F
111
8 1
7
tmeriean r.liding
100 .. - 10112 Alt & L V Elec 4;is'331r-A 8184 ___ P W & 13 col tr 4s '21__J-J
1mer Rya pref
Am Gas & Elec 5s '07 F-A 86 8634 Read Trac 1st 6s '33 _J-J
50 ii
Jambrla Iron
)entral Coal & Coke_l00 __ ___ Am itys 5s 1917-___A-0 ._ ___ Roch By & L con 53'54J-J
Spanish-Am Ir es '27J-J
100 ___. -- Atl 0 Gas 1st s f 5s '60 J-J
Preferred '
4
993
,
Jonsol Trac of N J___1()0 ____ __ Berg&EBrew 18t68'21 .1 1 ---- ____ Stati'd Gas & El 68'26 J-D
Stand SU NVIcs lst5s'28 J-J
Electric----100 --.._ _-__ 130thleh WU 6s 1993_Q-F 11612
larwood
:Iuntington & B T__ 50 _ _ ...... Oh Ok & G gen 5s 1919 J-J ____ 9812 U Trac Ind gen Is '19-J-J
50 ---- _. Con Trac of N J 1st 5s '33 10314 ___ Un Rys tr ctfs 43 '49 _J-J
Preferred
214 Del Co Rys tr ctfs 4s'49J-J _____ United Rys Inv 1st con tr
10 2112 .
:nsurance Co of N A
s f Is 1026
51-N
Inter Sin l'OW & Chem 50 ._. ___ Edison Elec 5s 1946_A-0 85
8512 Welsbach :1(54 193
0J-D
... _ _ Elec & Peoples Tr tr ctfs_
_
.Centucky Hecurities__100
s
ieystone Telep, peel_ 50 573 58 Fr Tac & 11 1st 5s '4 O_J-J ___ ____ Wil-13 G&E con 58 '55_J-J
-(eystone Watch Case 100 - . _ Gen Asphalt 53 1910_M-S 98 ..„... York Rys 1st 5s 1937_J-D
10 1812 -19 lIarw Elec 1st Gs 1942 M-8 102 10214
At Brothers
BALTIMORE
594
50 -_ __ Interstate 45 1947_,l"
Attie Schuylkill
-A---Inactive Stocks
$1inohill & Sehuyi IL.. 50 58 _-- Kentucky Tra&T 58'51F-A ____ ____
-100
at Gas Elee Lt & P 100 55 ..___ Keystone Tel 5s 1935__J-J 9012 91 Atlan Coast L (Conn)
100
Canton Co
Lake Sup Corp inc 5s'24 0
100 82
Preferred
100
forth Pennsylvania__ 5() 92 ____ Lehigh Nav 4 Ms '14_Q-J ---- ----Consolidation Coal
100
-is
Georgia Sou & Fla
Gen NI 4 4 g 1924_Q-F____
'ennsy receipts 830 paid- ---- -_-100
1st preferred
4
'ennsylvania Salt__ 50 10614 ____ Lou V 0 1st 5s g 1933...I-J 10512 1053
100
2d preferred
'ennsylvania Steel_100 __ . _ __ Leh V eat As 1st 1048_J-D 10012 101
100
-B-S Brewing
0
Consol 6s 1923____J-D 111
100 65 67
Preferred
Consol 4 3is 1923.......1-13 101 102
Bonds
'hila Co(Pitts)5% prf 50 41 42
Prices are all "and
J-D 138 13912
Annuity Os
6% cumulative pref 50 4312 4414
interest"
Gen cons 4s 2003__M-N 9114 ---__
?hila German & Norris 50
Balt City 3 Yis 1030___J-J
?hila Traction
50 -811; -82 Leh V Tran con 4s '35 J-D ___
45 1954-1955_Various
1st series A 4s 1035_M-S 871; ___
isilways General
_
834
10
51-N
5s 1916
1st series 13 5s 1935 51-S 103 -_
ronopah Belmont Dem 1
8
778 _11-N ___ 9514 Anacostla & Potom .5s A-0
United Cos of N J--__100 228 230 MarketStEl 1st 43'55/
United 'frac Pitts pref 50 __ ____ NatLII&P serB Is '19 J-J ___ ____ AU O'st cony deb 4s-M-N
New Con Gas is 1948_J-l) ...... ..- AM Coast L(Ct)ctfs 5s J-D
Virginia RY & Power_100 _...:
J-J
5-20-yr 45 1025
100
__ N Y Ph & No 1st 4s'39 J-J :.
Preferred
13 S P &(' 1st 4 3is '53 F-A
,___ 61-N
Income 48 1939
Warwick Iron & SA01- 10
1- 103
_____ Penn Steel 1st 5s 1.7_M-N ..--...: _-_-__ Bait Trac 1st 5s '29-M-N
Washington-Va ity---100 ----100 ____ ____ People's Tr tr ctfs 4s_1943 86 864
No Bait Div is 1942J-D
Preferred
.
100
P Co ist&coll tr 53 49M-S 10014 10034 Cent By cons is '32_M-N
Weisbach Co
Ext & Imp 5s 1932 M-S
Con & coil tr 54'51 111-N 0012 91
West Jersey & Sea Sh- 50 5412
Phil Elec gold tr ctfs_A-0 102 10212 Chas City By 1st 5s'2.. J-J
iVestmoreland Coal- 50 61 __
Trust ctfs 43 1949-J-J 814 8178 Chas Ry CI & El Is '91)51S
Wilkes Gas & Elec-....-100 -- 14 is!) P & E gen AI 53 g '20_A-0 __ __ 104 City & Sub 1st is 1922 J-D
51
Fork Railway
50 32 3234
Gen M 4e g 1920-A-0
- City&Sub (Was) 1st 58 '48
Preferred
321 paid.
-dividend. 1 $14 paid, # $1734 Paid.
8 Ri
n „skedi no sales on this day. Ms
Lotoes.
Range for Previous
year (1913)
4
373 Jan 5
4734 Jan 9
11 Jan 15
4612 Jan 5
86'i Jan 9
4
743 Jan 5
11 Jan 3
21 Jan 8
81 Meh 11
72 Mch 9
18I Jan 3
3012 Jan 3
5438Jan 3
39 Jan 8
2578 Jan 5
18 Jan 23
8113 hich 12
6 ?deb 8
4412 Meta 9
8234 Jan 5
Ma
Ask
2 Feb
2 Feb
3913 Feb 14 37 J'ne z4912 Feb
5134 Jan 21 41 J ne 533e Jan
1213 Jan
1114 Jan 27 1114 J'ly
5512 Feb 2 4212 J'ne 5414 Jan
4278 Feb
4212 Feb 10 33 J'ne
82 Feb 10 704 J'ne 78 May
1312 May
934 J'ne
1312 Jan 15
3113 Jan
2314 Jan 31 21 Dee
8434 Jan 22 81 J'ne 9312 Jan
1
7812 Jan 24 7033 J'ne 84 4Jan
234 Men
2058 Feb 4 1534 Jan
34 Jan 29 2912 J'ne 3712 Men
5734 Jan 31 53% Dec 61% Jan
4634 Feb 6 37 J'ne 50 Jan
2714 Feb 19 12018 J'ne 112618 Deo
2013 Jan 15 18 Nov 2813 Jan
8618 Jan 23 7533 J'ne 85% Deo
,
7714 Deo
713 Jan 14
4 J'ly
611 Jan
47 Jan 15 4134 Nov
86 Jan 28 8034 .1'ne 9112 Feb
BALIIMO:ZE
Coal 5:0 1:y 1st 5s'19A-0
Coal & I ity 1st 5s'29 F-A
Col & Gruv 1st 6s 1916 J-J
Consol Gas is 1939__J-D
A-0
(Jen 4 34s 1954
Cons(1 E & P 4 Yist '35 "..:-J
_-_ 102 Consol Coal 5s 1950 J-D
---- 9214 Fair & Cl Tr 1st is'38 A-0
---- 10234 tia & Ala 1st con is'45 J-J
--- 9234 (la Car&N 1st . s g '29 .'-J
7412 75 Georgia 1' 1st Os 1922......I-J
Ga So 5: Fla 1st 5s '45..J-J
7512 76 G-11-S Brew 3-43 '51..M-8
4
883 8914 Houston Oil div etfs__F-A
10214 ____ Knoxv Trac 1st 5s '28 A-0
Macon!:y&Lt 151 5s'53J-J
N1d Elec Ity let .58 '31 A-0
Memphis St 1st 5s '45_J-J
NIonon V Trac 5s '42 J-D
131 135 Mt Ver Cot Duck 1st 55._
,
-__ ____ 1) ptN & 0 i' 1st 53'38M-N
I
____ 95 N & A 'fermi 58 '29_51-S
.... ____ Nor&Port Tr 1st 55'36 J-D
88____ Norf By & L 5s'49__M-N
76 ___ North Cent 434s 1025 A-0
•eries A Ss 1926____J-J
114 112
series B 5s 1926--J-J
-J-J
Pitt Un Trac is 1997.
Poto Val 1st is 1941___J-J
92 ___ Say Fla & West 53'34 A-0
08 ____ Scab Air L 4s 1050___A-0
6J-J
10112 ____ Scab & Roan 5s 192
=outh Bound 1st 53-A-0
9912
1)114 95 13 El LS.;13 1st 4 •is'29M-N
100 ____ Un fly & El 1st 4s *-19 51-S
-J-D
Income 4s 1949
9312 ____
Funding is 1936__J-D
9534 97
Cony notes is 1914 J-J
10312 ___
104 • ____ Va Mid 3d ser 65 '16_111-S
4th ser 3-4-55 1921 M-8
103 ___
5th series 5s 1926__M-S
103 __ _
102 __-__ Va (State) 3s new '32_J-J
Fund debt 2-3s 1991 J-J
92 96
3_J-J
4
1023 ___ West;r 0 con Gs 191,
100 1011; Wil & Weld Us 1035-14
__ ____
9712 ___
11314 1131;
_--_ 9814
Bid
Ask
92 94
99 100
102
1053 ..-8
94 941;
89 8912
89 .
10012 jai;
105 .
10312 10414
1004 --8
1033 10414
30
---- 784
101 .....
95 98
99
95 96
921
:
38
87
-- 98
___ __
____ 8712
9612 98
101
105
105 ___
..
103
104
85 8514
10312
105 -9214 93
____ 84
___ 64
2-.
86)
100
10214 1023
4
102
1133 -....
..-- -...,
100 106 1051
828
THE CHRONICLE
xcvin.
Volume of Business at Stock Exchanges
Telegraph and Telephone 114 Ask Indust and Miscell-(Con) But Ash
e Amer Teieg & Cable.....100 55
59 American Surety
56 170 180
a Central & South Amer_100 108 10312 American Threal
5
TRANSACTIONS AT THE NEW YORK STOCK
Comm'l (In Tel (N Y)..__25 100 110
Amer Typefounders com.100 41
EXCHANGE
4212
DAILY, WEEKLY AND YEARLY.
Empire & Bay State Tel _100 60
72
Preferred
98
100 96
Franklin
100 40 50
Deb g (Is 19:19
M-N 90 103 I
e Gold & Stock Teleg- 100 115 125 Amer Writing Paper__1
ili
Stocks.
00
Railroad,
e Mackay Cos
-See Stk Ex list
Barney & Smith Car corn 100 10
Week ending
15
&U..
Sate
U. S.
e Northwestern Teleg. -50 105 113
Preferred
• March 13 1914.
75
105500(1
Shares.
Par Value.
Bonds.
Bonds.
Bonds.
Pacific & Atlantic
65
25
72 Bliss(E 3V) Co corn
84 87
e Pac Teiep & Teieg pref_100 87 89
Preferred)
115 103
Saturday
320,537 328,542,700 81,623,500
$159,000
31,000 Southern & Atlantic
25 80 95 Bond & Mtge Guar
Monday
100 285 292
335,608 29,306,150
2,650,000
157,500
Short-Term Notes
Borden's Cond Milk com.I00 114 115
Tuesday
305,275 27,311,275
2,454,500
101,500
Amal Copper Is 1915-M-) 10014 10012
Preferred
100 108
Wednesday
272,259 23,181,650
2,064,000
104,500
Amer Locomotive Ss 1915J4 994 10018 British Col Copper Co...._5 •13, 109 •
14
Thursday
195,355 17,151,650
2,225,500
87,500
bs 1916
9912 10012 Brown Shoe corn
J4
100 47
52 ,
Friday
215,377 18,885,824
2,056,000
99,500
Ss 1917
1,000
J4 991 10012
Preferred
100 93 98 !
Balto & Ohio 58 1914
J-J 10014 10012 e Butterick Co
100 27
274
TrOst1
1 844 471 S144 R70 240 S13.0711.600
3709.500
32.000 Bklyn Ilan Tr-See NY Stk Ex list. Casualty Co of America_100 100 115
Ches 6: Ohio 44s 1914..1-1) 100% 10014 Celluloid Co
131) 132
Sates as
ChicElev Rys Si 1914...J -1 97 98 City Investing Co
Week ending March 13.
28
Jan. 1 to March 13.
33
10 1
00
(
New York Stock
Erie Coll 5sOct 1 1914_A-0 10018 1003
2
Preferred
100 90 100
Exchange.
Coll be April 1 1915-A-0 99, 993 e Cleflin (II II) Co corn 100 70
1914.
4
4
1914.
1913.
72
1913.
512s Oct 1917
80
A-0 9912 993
4
e 1st preferred
85
100
Stocks
-No.shares
1,644,471
2,064.157
-Set NY StIEs list
19,109,081
e 2d preferred
85
19,260,193 Gen'l Motors Os '15
100 80
Par value
$144,379,249 $183,133,200 $1.687,650,054 $1,758,803,200 Hocking Valley 4 'f.rs'14 M-N 10038 1003* Cluett. Peabody & Co
-See Stk Ex lIst
Bank shared. par
Ill Cent 43
$5,200
1914____J-J 1001s 1003s Consol Car Ileating____100 08
$2,000
$194,900
70
-is
$27,000
Bonds.
tot & Gt Nor 58 1914_1
p tinen ta1
0-A 953 106:2 conreferre0 Can com100 34
38
4 00 2
_
Government bonds__
$2,000
$13,000
$108,500
91 '
$298,500 Inter Harvester bs '15_F-A 10014
100 88
State bonds
709.500
K C Ry & Lt Os 1912....M-S / 87 324,500
e Crucible Steel corn. __100 1614 16%
14,719,000
4,412,000
RR.and misc.bonds13,078,500 10,042,500
•Preferred
974 98
171,236,500
8
119,709,500 Minn & St L g 88
100 947 95
Mo Kan & Tex Is 1915..M-N 951z 9614 Davis-Daly Copper Co...10 •17
s 2
Total bonds
$13,790,000 $10.380.000
4
s
$186,064,000
$124,420,000 Missouri Pacific Is 1914...1-D 963 903 duPont(E1) de Nem Pow 100 132 134
sNYC Lines Eq 5s 1913-22 0 4.65 4.45
e Preferred
100 8712 88
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
43 Jan 1914-1925_1-J 4.65 4.45 Emerson-Brantinghatn._100 20
-is
28
EXCHANGES.
434s Jan 1914-1927......14 Is 4.65 4.45
Preferred
80
100 70
N Y Cent 4125 1915 ...1Y1-N 99% 10212 Em rere red & Iron corn 10 - _ 13 '
02
0f
ppi fes
rteel
00
0
Si Apr 21 1914 .....A-021 10012
2() 27 •
Boston.
Philadelphia.
St L & S F Si 1913 opt_J-1)
Weak Nunn/
e General eliemleal com.100 170 178 •
e
lC
100
68 Sept 1 1914 opt
March 13 1914.
ListeX Unlisted
10812 10912
M-S
Bond
Listed
Unlisted
Bond
Seaboard Air L Itybir16 M-S
Shares. Shares.
Sales.
Shares. Shares.
166 Goldfield Consul M
4 1%
Sales.
10 *13
South Pac Cobs J'ne 151914 10014 10012 k Hackensack
Water Co
Saturday
6,053
5,820
526,800
90
09
3,949
0091.4
3,162
iee fapreKr:2 op 1912.--J-J 8312
te g 4s 1
t
$30,500 Southern Ry be 1910_ F-A 0514 905343
ei 5
Is
Monday
10,325
8,271
M-82
68,000
5,395
5,859
preferredrb urn corn-100 30 35 i
68,500 West/deb 2 1917
ed
Tuesday
Maryland 5s 1915.J-1
10,874
5,850
48,500
3,655
8,422
30,188
100 80 90
Wednesday
13,598
8,113
66,100
4,241
2d
4,494
35,900 Westingh'se El & M 65 1915 1014 10112
100 80 90
Thursday
Railroads
11,433
7,937
85,200
4,554
Havana Tobacco Co____100
2
8,905
4
60,700 e Chic
& Alton corn
Friday
10,020
11,900
93 11
100
3
82,800
5,601
Preferred
9
15
4,881
24,500
100
Preferred
100 1312 15
lit g Si June 1 1922_ J-D / 03 67
e Chic St P M & Om„ 100 125 130 Hecker-Jones
Total
62,903
47,8971 5357,2001 27,395
35,523 $250,288
-Jewell alining
s Preferred
100 135 150
1st Os 1922
M-S 09 101
•Colo & South corn
100 21
22 Herring-Hall-Marvin __100
6 15
S let preferred
52 Hoboken Land & Improvel
100 51
e 2d preferred
let Is Nov 1930
100
48
SI-N 100
0 Dul S S & Atl com__100
4
6 Hocking Val Products_100
312 -7
7
Ali bond prices are now "and interest" except where raerLed'f'
is Preferred
812 11
let g Is 1931
100
J-J 38 43 I
•N Y Chic & St L com_100 36
39 e Ingersoll-Rand corn-100 120
Street Railways
-(Con)
Bid Ask
•1st preferred
e Preferred
Street Railways
100 92
Bid Ask United Lt & Rye com-100 81
100 92
83
e 2d preferred
100 53 85 intercontin Rub com
712
lit preferred
100
100 7712 7812 Northern Securities
,
New York City
Stubs-- 103 105 Internet Banking Co.
95 10011
2d preferred
-10
100 74
76
Pitts Bess & Lake Erie-50 .29
Bleimk St & Ful Fy stk__100 24
31 International Nickel
30 United Rya of St L100 118 119
Preferred
' lit mtge 48 1950
Preferred
60 *5612 6012
J-J 70
80
100 10612 108
Common
100
12
e Railroad Securities Co
Wy & 7th Ave stk
International Salt
100 178 188
100
e Preferred
100 373
4
ill C elk tr etts 8er A
• 2d mtge 58 1914
78
let g Si 1951
0
J-J 993 10012 Wash Ry & El Co '
4
4
A-0 53 52
100 87 88
West Pao lit is 1933__M-S 59
; Broadway Surface 1tR60 International Sliver pref_100 115 125
Preferred
100 87 88
Standard Oil Stocks
Per share
1st 6.s 1948
1st bs 1924
J-J 100 10212
J-D 109 110
45 1951
J-D 828 83
Cent Crosstown stook 100 --- 10 West Penn Tr&WatPow 100 -- 194 Anglo-American 011 new.-- .1814 1812 Internet Smelt & Refg_100 106 110
Atlantic Refining
100 690 700 Kelly Springfield Tire -.100 56
1st mtge (Is 1022____M-N 99
60
Preferred
100 --- 66
Borne-Scrymser Co
1045 300 310
Preferred
Christopher & 10th St stk100 120 Tal - Electric, Gas & Power Cos
100 135 140
Buckeye Pipe Line Co__50 *155 160
Debenture 4s 1951-A-0 /77 80
Dry Dock E 13 & Batt
3
5 30
New York City
Chesebrough Mfg Cons.100 670 680 e Lackawanna Steel ___ _100
1st gold 55 1932
J-D 9912 10112 Cent Un Gas 58 1927
•
J-J 102 104
Colonial Oil
Lanston Monotype
' Scrip be 1914
100 115 125
F-A 1 25
100 85 86
30 s Kings Co El L & P Co-100 119 121
Continental Oil
100 257 263 Lawyers' Mtge Co
50 10
Eighth Avenue stook.. 100 280 310 New Amsterdam Gas
100 195 200 .1
Crescent Pipe Line Co_50 *55 80 Lehigh Val Coal Sales_50
Scrip 68 1914
F-A / 99 10012
1st consul be 1948
.1-2 101 103
Cumberland Pipe Line 100 55 60
Manhattan Shirt
dild & Or St Fy stock-100 240 280 NY&ER Gas 1st ba '44 J-J 103 105
100 45 60,
100 300 310
42d St M & St N Ave
Preferred
100 98 1034
Consul 55 1945
J-J 9912 10112 Eureka Pipe Line Co
Galena-Signal 011 com_100 174 178 Manhattan Transit
let Cs ext at 5% to'40.M-S 100 105 N Y & Q El L & Pow Co..100 45
20
55
Preferred
Ninth Avenue stock. 100 150 170
100 137 142
Mortgage Bond Co
97
1'8102 j
Preferred
100 ' 14
100 70 80
Indiana Pipe Line Co___50 *143 147 e National Surety
Second Avenue stook-100 ---- 8 N Y & Richmond Gas
100 185 190
100 25 35
National Transit Co
25 *41
Camel Is 1948 ctfs F-A 1 23 30 North'n Un 1st 551927_M-N 9912 102
58 08
43 a New York
New York Transit Co___100 300 305 S New York Air Brake..J00
'Sixth Avenue stock
100 113 116 Standard CI L let 68'30 M-N 101 105
5 20
Dock corn.J00
Northern Pipe Line Co__100 115 120
Sou Boulov Is 1245
J-J 8912 100
•Preferred •
Other Cities.
26
100
Ohlo Oil Co
25 .180 182 N Y Mtge & Security_ 100 Hi; 105
So Fer 1st 55 1919
A-0 90 98 Am Gas & lice cons
50 •84
86
Pierce 011 Corp
.105 115 N Y Title Ins Co
Tarry WP & M Is '28__M-8 / 75 80
Preferred
50 *4712 48
85
100 75
Prairie Oil & Gas
100 575 580 N Y Transportation
28 & 29th So Is '96 ctls A-0 / 7
16 Am Lt & Tree com
100 365 368
54
"0 *5
Solar Refining
Twenty-third St stock_ 100 240 280
100 360 370 Nilea-13em-Pond corn
Preferred
_
100 107
75,
100
Union Ry let Is 1942__F-A 101 105 Amer Power & Lt com_100 68 10812 Southern Pipe Line Co 100 230 235 Ohio Copper Co
10 --*14
70
South Penn 011
Westchester 1st bs '43_J-J 90 93
100 400 405 e Ontario Sliver
Preferred
100 8112 83
212 3
100
Sou West Pa Plpe Lines_100 150 154 Otis Elevator
Yonkers St RR 58 1946-A-0 92 100 Bay State Gas
*8
8
corn
50
77
100 76
Standard 011 (California)100 343 345
Preferred
Buffalo City Gas stook 100
3
100 97 09
312 Stand Oil (Indiana)
... '
Brooklyn
Cities Service Co com
UK 550 555 e Pettibone-Mulliken Co 100
)
100 98
_ 25
98
Standard 011(Kansas) _100 520 530
[Atlan Ave RR con 5s'314-0 10112 103
B
1st preferred
Preferred
100 7512 77
100 94 03,
Stand 011 of Kentucky 100 292 295 Pittsburgh
B & W E 52 11/33--A-0 94 97 Columbia Gas & Elec-100 11
Brewing
11.
5
Stand 011 of Nebraska_100 430 440
Brooklyn City RR
Preferred
10 170 173
let 55 1927
J-J 70 73
5 *2612 274
Stand 011 of N J (old)_100 1400
e Pittsburgh Steel pref_100 9112 03
Bklyn lIgte 1st bs 1941-A-0 101 10212 Con Gas of N J 58 1938 J-J 90
0
4
2
I
100
Stand Oil of N J
100 415 418 Pope Mfg Co corn
;Coney 181 & Bkiyn
100 90 100 Consumers' L H & Pow
1013
Standard Oil subsidiaries
,... let cons g 4e 1948
Preferred
.1000
55193899
J-J 82 84
14 1
100 12
Standard 011 of N Y
100 231 233 Pratt ot Whitney prof
Con g 48 1955
J-J 78
83 Consumers Power (Minnj
99 103
10
)-13
Standard Oil of Ohio_ 100 445 455 Producers 011
Brk C & N be 1939__J-J 98 100
1st & ref Si'29 opt'14M-P4 90
100
Swan & Finch
Nassau Eleo 1st bs 1944 A-0 101 10312 Denver 0 & El 58 1949_4-N 92 91
100 220 230 Realty Assoc (13klyn)_100 30
.
94
Union Tank Line Co____100 93 95 RemingtonTypewt'r com10() 105 112 1
,N Wmsburgh & Flatbush27
Electric Bond Share prof 100 a98 100
80 1
Vacuum 011
100 223 227
i lst 44is July 1941-_-F-A 92 95 Elizabeth Gas Lt Co
1st preferred
100 98 100:
100 325
Washington 011
10 *47 52
Steinway Is' 65 1922-__J-J 99 103 Essex & Hudson Gas
2d preferred
100 04
100 131 134
Waters
-Pierce 011
100 3800
Royal Bak Powd corn_ __100 183 188
Gas & El Bergen Co_
66
100 90 93
Tobacco Stocks
Other Cities.
Preferred
100 108 109
Get West Pow
.2 8414
(See also Stock Exchange Lis°
Buff St Ity let con 55'31F-A 100 103 Hudson CountyIs 1946....t•
Safety Car Heat &
110 111
Gas...... 0 130 132
Amer Cigar corn
Com'w'Ith Pow Ity & L 100 59
100 143 148 Sears,Itoebuck&Co--SeeN Y Slit E x list
60 Indiana Lighting Co_....100 38 42
Preferred
, Preferred
100 97 100
Preferred-See Chic Stk Ex ils t.
100 80 81
4s 1958 opt
F-A 71
7212 Amer Machine & Fdy _100 80 90 Singer Mfg Co
0 Conn Ry & Ltg cone_100 63 66 Indianapolis Gas
100 320 330 ;
50 100
13rItish-AmerIcan Tobac.£1 •
s Preferred
2278 2318 Standard Coupler corn 100 25
75
100 66
55
1st g 55 1952
A-0 88 90
New stock
I Detroit United ity
•
2212 2318
Preferred
100 105 11/, 1
100
_ _- 75 Jackson Gas 58 g 1937-A-0 974 100
Conley Foil
100 270 290 Stern Bros pref
Federal Light & Trac_100 21
100
24 eLaciede GasL(StLouls)100 96 100
•Helme (Cleo W) com..100 z160 180 Texas St Pacific Coal
Preferred
100 9
100 7112 7312
e Preferred
100 95
•Preferred
100 z108 116 e Texas Pacific' Land Tr 100 9412
'@Havana Else Ity L & P 100 8212 __ Madison Gas 88 1928__A-0 100 9512
Johnson Tin Foll&Metal 100 170 190 TonopahMin(Nev)-SeePhila Stir E e Preferred
100 04
97 Narragan (Prov) El Co_ 50 *z9034 106
list
95
MacAndrews & Forbes_100 180 190 Trenton Potteries cora.._100
0 Loulsv St 55 1930
3t2 6.'
J-1 10234 10314 Newark Gas 68 Ap 'Q-J 123
Porto-Rican-Amer Tob_100 225 240
New Ori Rys & Lt cons 100
Preferred new
45 66 1
10
Newark Consul Gas
-----100 9412
•Preferred
100 .. -....
. 4
100
80 No ilud L H & P be 1938A-0 98 954 Reynolds (11 J)Tobacco_100 260 280 Trow Directory
0N Y State Rye nom_ lie/ 68
ii,
100
72 Pacific Gas & E com__100 434 451a Tobacco Products corn_ 100 100 150 United Copper
Preferred
eNor Ohio Tr A Lt corn..100
100 8312 85
Preferred
100
_ 62
2
Preferred
63
100
• United Cigar Mfrs corn 100 48
Pub Serv Cyrp of N J-See StICE a list Pat & Pas Gas & Elec_100 8812 87
48 a United Dry Goods--100
90
e Preferred
..100 100 1024
Tr Ws 8% perpetual.-- 10414 10514 St Joseph Goa 54 1937-__
iPreferred
100
J-J 88 93
United Cigar Stores oom.100 9112 9214 U 8 Casualty
No Jer St let 45 1948 M-N 80 801 Standard Gas & El (Del) 50 53
100 19114 2005
5: 1040
1100
:
812
Preferred
100 110 115 U Envelope corn
Cons Tract of N J.-100 734 741
100
_
.2412 28
• Weyman-Bruton Co....100 x210 300
1st bs 1933
Preferred
J-D 103 104 United Electricrred6
100
Prefe of N J•Preferred
100 x112 120 (Iii Express
New'k Pass Ry 55 '30.2-.1 1044
-See Stk Ex list
let g 48 1949
i
.3-D 81% 8212 Young (J S) Co
Rapid Tran St Ry___100 230
100 140 160 U S Finishing
United Gas & Ele0CorP-100 33% 85
100 10
IndustrIal8callscellaneous
let Ms 1921
Preferred
4-0 100
Preferred
100 30
100 76
78
I Adams Express
' JO Hob & Pat 4s'49 M-N 783 7912 Utah Securities Corp- 100
100 100 110
let g Si 1919
2-i 00
4
1914 2014
Col tr g 4s 1947
J-D 7012 7812
So J Gas El & Trois...100 125 130
Cola g 68 1929
8% notes Sep 15'22M&S15 844 85
71
Alliance Realty
100 88
Gu g 58 1953
92 e U 8 Indus Alcohol--100 21
ist-S 99 100 Western Power cons - ..100 21
2212 Amer Bank Note corn
_50 *41
No Bud Co Ry 551928 J-1 102 104
•Preferred
43
Preferred
100 82
100 59 60
Preferred
50 *50
Eat 58 1924
5212 U 8 Steel Corporation
M-N 98
Western States Gas & ElAmerican Book
Pat Ry con 88 1931__J-1) 110 . _ _
100 160 170
Col 5 1 bs Apr 1951 op 1911 113
lit & ref g 58 1941 op-J-D as 92
American Brass
100 140 145
2d 65 1914 opt___A-0 100
Col al bs Apr 1951 not opt 113
Ferry Companies
American Chicle com-100 207 210
, Republio Ry & Light-100 18
U S Tit Go & Indern
19 N Y & 111 Ferry stock-100 10
100
18
Preferred
' Preferred
100 101 103 4 Virginia Iron C & C
100 73
75
let 5s 1922
100
M-N 40
48
e American Express
Tennessee Ry L&P coos-1
100 x101 107 • Wells Fargo & Co
16 N Y & Bob 65 May '46.
15
100
-J-D 99 101
Am Graphophone corn 100
I Preferred
Westchester & Bronx Title
100 6912 71
Bob Fy let be 1946 M-N 100
Preferred
Toledo Tract L & P
100 68
& hitge Guar
_
100 10
15 N Y & N J Os 1948
100
.1-2 96
American Hardware_ -.100 128 130 e WeetIngh'se Air
Preferred
100 -_ 60 10th & 23d Ste Ferry
100
5
18
Amer Malting Os 1914-2-13 993 10034 Willys-Overland Brake.50
Trent P & H as 1943- 1-.13 90 100
4
lit mtge be 1919
corn
100
J-D 40 48
Amer Press Amoe'n
100 40
Preferred
45
Union Ferry stock
100
100 30
32
Am Steel Fdy 65 1935-A-0 100 104
Worthington(HR)Co p1-100
let Si 1920
M-N 98 99
Bob 48 1923
F-A 72
75
,L• •Per share. a And accrued dividend. Is Basis. k Listed
on Stock Exchange
;slibsidiarles.
/ Ea-rights. e Includes all new stook dividends and but usually inactive. I Flat price. n Nominal. 8 Sale price.
New stock. I
subscriptions. • Listed on OW* Szoltange but
be found on a nr•oellna base. 5 13a..300% steak dividend
latriKtnently dealt 1113
Inactive and Unlisted Securities
:
8,29
THE CHRONICLE
IsrAn. 14 1914.1
31nu.esttuent and 1".vailtoad intelTigenc.e.
AD GROSS EARNINGS.
RAILRO
weekly or monthly returns
The following table shows the gross earnings of every STEAM railroad from which regularor month, and the last two
the
can be obtained. 'I he first two columns of figures give the gross earnings forweeklatest week We add a supplementary
or month.
columns the earnings for the period from July 1 to and including the latest
covers some other
with
does
statement to show the fiscal year totals of those roads whose fiscal year on a not begin page. July, but
subsequent
period. The returns of the electric railways are brought together separately
LOADS.
Week or
Month.
Current Previous
Year.
Yeur.
Current
Year.
Previous
Year.
$
$
&la N O& Tex Pac2,592,696
N 0 & Nor East.. February__ 336,667 330,479 2,760,807 1,263,725
137,902 143,852 1,291,968 1,166.347
Ala & Vickburg__ February__
VIcks Shrev &Pac February.._ 142,975 133,478 1,251,246 1,529,961
40,013 1,568,348
37,885
th wk Feb
Ann Arbor
8,541,419 9,693,890 66,447,695 70,927,249
Atch Topeka & S Fe anuary
2,120,577 1,932,113
Atlanta Birm & At( January .._ 288,593 262,234 20,059,423 20,233,589
Atlantic Coast Line January __ 3,205,586 3,255,137 1,250.646 1,097.436
153,819
179,074
Chariest & W Car anuary
731,471
815,624
93,598
110,545
Lou Hem! & St L anuary
7.296,161 8.404,005 59,950,125 60,853,343
g Baltimore & Ohio.. anuary
110,540 131,409 1,020.944 1,082,246
B &0 Ch Ter RR anuary
Bangor & Aroostook January _ _ 315,647 213,091 2,097,964 1,809,533
Bessemer & L Erie_ January __ 341,734 464.316 5,629,323 5,495.180
695.230
72/,9t$4
92,465 113,142
Birmingham South.. January __
28,856,967 29,389,405
Boston & Maine_ _ _ anuary - 3.436,819 3,775,126 7,943,377 7,593,723
212,130
Roc.h & Pitts 1st wk Mar 207.279 201,277 6,425,169 1,439,089
Buff
January .._ 193,536
Buffalo & Snsq
Canadian Northern let wk Mar 319.400 324.500 16,579.800 15.476,200
Canadian Pacific.._ let wk Mar 1.902.000 2,378,000 92,469,378 95,109.798
1.184,614 1,147,210 8,781,966 8,472,583
Central of Georgia.. January __ 2,955,153 3,024,915 16,695,570 17,075,910
Central of New Jers December_
Cent New England.. anuary __ 286,421 305,241 2,237,762 2.225,649
279,260 315,383 2,435,228 2,503.732
Central Vermont... January
Ches & Ohio Lines_ 1st wk Mar 508,347 668,860 24,779,807 24,491,036
th wk Fob 234.264 257,775 10,008,033 10,581,745
Chicago &
Chic Burl & Quincy January __ 7,011,262 7,623.161 58,076,346 58,336,846
January _ 1,309.280 1.364,202 9,760,121 9,768,982
Chic & East
264,755 255.748 9,922,916 9,711,192
p Chic Great West.. 1st wk M
Chic Ind & Loulsv_ 1st wk Mar 131,919 126,264 4,793,696 4,783,859
.912,067 7,233,152 56,259.772 57.785.910
Chic Mille & St P.. anuary
Chic Mil & I. teas
Knife dr North VQest January _ 6.336,132 6.485.191 52,754.198 32,149.5
4
vehic St Paul M & 0 January -- 1.485,219 1,3.54.682 11,270,175 10.629,78
Chic Terre H & 8 E January __ 176,866 166,120 1,321,769 1.200,06
Cin Ham & Dayton January __ 704,513 759,883 6.123,111 6,339,218
137.142 1,139,113 1,252,622
Colorado Midland_ January _ 138,63
258,711 9,560,38110,701.415
b Colo & Southern.... let wk Mar
141,9
110,484
20.143
13.2
January
Cornwall
247,350
186,713
39,921
.422
Cornwall & Leban'n January .._
.179 460,323 2,651,751 2,409,274
January __
Ctiba Railroad
1,767,755 2,080,181 14,172,493 14,388,241
Delaware & Hudson anuary
Del Lack & West January _- 2,808,914 3.342,867 24,821,317 24,589,166
Deny & Rio Grande 1st wk Mar 363.300 404,100 16,652,210 17,450,233
79,600 104,500 4,331,564 4„640
Western Pacific_ let wk Mar
806.923
802,779
18,103
14,655
Denver & Salt Lake 4th wk Feb
950,901 1,049,92/
113,304 129,593
Detroit Tel & front January
804.4955,160
23,589
21,236
Detroit & Mackinac 1st wk Mar
Dul & Iron Range.... January - 114,896 110,221 4,853,801 4,647.008
56,263 2,395,518 2,213,792
65,599
Duluth So Sh & Atl 1st wk Mar
7.073,259 7.789,183
Blain Joliet & East._ January _- 778.128 1.11,445 5,173,088 4,987.998
807.008 7 7,082
Paso & Sou West January
El
4,430,432 4.9 8,732 36,974,890 37,654,701
anuary
Erie
Florida East Coast. January __ 528,065 520,149 2,569,746 2119,685
90,386
591,527
74,185
71,803
Fonda Johns& Glov January -289,110 274.315 2,048,751 1, 30,000
January
Georgia Railroad
92,677 4,976,211
93,743
Grand Trunk Pac 4th wk Feb
Grand Trunk Myst_ let wk Mar 900,706 933,622 37,14,238 37, .325
Grand Trk West_ 4t11 wk Feb 11,069 18,588 4,7 ,009 4.888.971
41.969 1,6 .789 1,678,800
. 5
Det Gr Hay & M 4th wk Feb
43,570 1,555,563 1.610.795
. Canada A lantic. 4th wk Feb
Great North System February _ 3,98465 4,589,742 53,141,717 53„951
Gulf & Ship Island.. January -- 170.177 197.524 1,244,290 1,204,035
January __ 455,130 528,885 4,737,730 4,709,779
Hocking Valley
Illinois Central-.. February 4,832.139 5,159,270 44,975,278 43,9 .519
Internal & 01 Nor.. 1st wk Mar 150,000 162,000 7.327.182 8,3 7,717
a Interoceanlo Mex let wk Mar 213,629 168,508 6,601,808 6„901
Kanawha & Mich... anuary _ _ 215,416 266,162 1,967.096 1,967.473
Kansas City Sou_ January .._ 929,329 893.765 6.373,084 6.404.485
Lehigh & New Eng.. January -- 176,193 1.38,541 1.141,117
2,721,286 3,396,614 23,957, 8
January
Lehigh Valley
. 46
151,107 152,578 .
Louisiana & Arkan_ January
8 212
-shy__ 4th wk Feb 1,110,070 1,219,619 40,999,3 6 89,94 .7
& No
a Lottisv
13.112
93.959
11,507
Macon St Birm'ham 4anuary _990 0
3
89
904.917 816,242 6,950.140 6,72 , 7
January
Maine Central
323,264
39,126
303,178
34,988
Maryland & Penna anuary
a Mexican Railways 341 wk Feb 197,900 148,100 6,316,600 5,526,24)0
273,739
16,645
579,532
12,018
Mineral Range.- let wit Mar
Minn & St Louis__I let wk Mar 187,017 184,817 6,742,429 6,924,789
Iowa Central_
MinnStl'&SSM 1st wk Mar 558,076 50,722 21,099,335 22,220,440
618,984
613,627
64,263 105,086
Mississippi Central_ January -x Mo Kan & Texas_ let wit Mar 506,140 543,993 22,931,164 23,334,983
U Missouri Pacific__ let wk Mar 1,040,000 1,069,000 42,207,007 43,723,996
Nashv ()hatt & St L January __ 1,101,252 1,139,168 7,625,294 7.769,687
a Nat Rya of Max-t- tat wk Mar 833.522 955,927 24,313,058 43,187,275
5.141
246,920
284,441
4,794
Nevada-Cal-Oregon 4th wk Feb
989191
161,697 158,196 1,134.769
New Orb Groat Nor_ January
eN Y C & Hud Itly_ January _- 7,119,051 7,719,510 59,169,221 58,166. 7
Boston & Albany January __ 1,24173 1.327.413 10,232,070 10.103.
Lake Shore & M S January __ 3,974. 96 4,879,092 32.881,961 34.116,
n Lake Erie & W January -- 43$ 05 478.779 3.492,192 3.66
397,109 2.820.616 2.607
Chic Ind & South January .._ 355,59
Michigan Central January ..- 2,544.1 2,901,385 20,850,890 20.575,7
Cley 0 C & St IA January _- 2,709,33 3,019,105 22,328,111 22.061,94
Peoria& Eastern'
96,857
893,743
928,215
Cincinnati North. January _ 106,540 1,602,254
10,768,105 11.693. 3
Pitts & Lake Eric January _- 1,1,014
N Y Chic & St L January __ 9 ,046 1.117.675 7,185,869
3
Tol & Ohio Cont January __ 37 ,780 423,708 3. 38,240 71
Tot all lines abov Januar/ - 20948878 23962887 17 113497 lf doe
215,1/
418
2i.MB
July I to Latest Date
Latest Gross Earnings.
.ruAy 1 to Latest Date.
ROADS.
Week or
Month.
Previous
Year.
Clirrent
Year.
Previous
Current
Year. I Year.
N 0 Mobile& Chic.. January _ _ 188.310 193,504 1.340,706 1.479.370
NYNH& Hartf__ January.... 4,872,78 5,423,442 40.046.07 42,087,817
N Y Ont & West_ _ _ January -- 635.301 714,093 5,524.04 5.755,059
N V Susq & West__ January
346,944 324.343 2,331,175 2,184.185
Norfolk Southern.... January _ _ 365,269 347,113 2,467.142 2,371,541
Norfolk & Western.. January _ _ 3.404,602 3.823,572 26,818,367 5,02.503
Northern Pacific__ January _- 4,452.915 5,234.317 43,498,7 44.956.055
199.545 218,329 2,295,651 2.266,749
Northwestern Pac_ January
.534 582,940 4,066,05 4,247.373
Pacific Coast Co...... December..
RR.... January _ 13589688 14691689 10973709 10720171
Pennsylvania
204,179
14.34.54.2
17.098
Halt Chas & Ati__ January
Cumberland Vali. January _- 271.489 280,201 241,43 2,037,257
04 6,996.111
January
782.777 727,522 7,6 4 .
Long Island
101,501
'
105,
8,986
Maryi'd Doi & Va. January _ _
8.866
N V Phila & Norf January __ 263,771 273.731 2.288.53. 2,143,776
Northern Central January _ 991,364 1,048,457 8,054.7.. 7,882.571
Phila 13alt &Wash January _ _ 1,567,643 1,635,441 12,405,70. 12.412.885
W Jersey & Seas)] January _ _ 338,095 359.702 4,097.1.. 4,064,121
January _ 4,140,672 5.042,347 38.853,401 40,493,049
Pennsylvania Co
Grand Rap & Ind January _ 415,620 430,842 3.418,330 3,370.394
3,282,978 3,834,372 23.355,186 27,180.073
Pitts 00 & St L_ January
January _ _ 933,095 950,103 7,027,623 6,879,103
Vandalia
,
Total Line.153001592
009
East Pitts & E. January _. 18635210 2 3492
12 7
°
, 1
West Pitts & E January -- 8,934.212 10452127'N5 8..q 79,312 066
All East & West_ January.... 27589,452 30545614 232209027 232311k61
January __ 1,261,603 1,415,192 10,037.630 10,635,041
Pere Marquette
Reading c03,866,175 4,475.012 29,4 8.7411 30,880,424
Phila & Reading.. January
2,836,047 3,680,573 18„069 26,776,879
Coal & Iron Co January
Total both cos
January -- 6,702,222 8,155,585 48, 55,834 57,657,302,
Rich Fred & Potom January _ _ 244,008 258,465 1,616.039 1,009,038
665,902
601,697
93.867
December
74.028
Rio Grande June_
455.559
469,300
12,831
.798
Rio Grande South._ 1st wk Mar
Rock Island Lines.... January _ 5,574,327 5,397,689 41,818,168 43.619,673
January __ 261.400 269.259 2.302,429 2.264,495
Rutland
979,379
991,948
St Jos & Grand 1st_ January _ 124,544 117.180
2,916,690 2.928.999 20.280,243 20,009,643
St L Iron Mt & Sou January
221,486 218.600 1.478.942 1,%8.142
P January
St L Rocky Mt &
St Louts& San Fran December_ 3,789.278 4.112,234 24.285,220 24,193,528
9.508,429
St Louis Southwest.. 1st wk Mar 238,000 248,000 9,329,913 6,020.594
San Fed L A & S L., January __ 832.680 839,844 6,168.078
532,052 16,504,333 15,981.178.
Seaboard Air Line 4th wk Feb
1076907 83,819,493 96.417,801
Southern Pacific_ _ _ January __
Southern Railway let wk Mar 1.296.08 1,449,037 49,498,135 47,533.470
th wk Fob 260,520 267,561 8,642,026 8,167,992
Mobile& Ohio
Cin N 0& Tex P_ 4th wk Feb 277,304 318,030 , 7266,828 7,001,449
Ala Great South_ th wk Feb 129,602 130.241 3.695.406 3,489.949
56.309 1.768,843 1.716.806
46,503
Georgia Sou & Fla 4th wk Feb
310,443 496.613 3.054,604 3,297,418
Spok Porta & Seattle January
89,912
61,50
2,446
1.610
Tenn Ala & Georgia 4th wk Feb
084,048
131.379 128,970 1.019,879
Tennessee Central. January
Texas & Pacific_ _ _ let wk Mar 317.721 317.061 13.424,06 13,036.742
61.896
50,117
0-49
9,140
Tidewater & West.. January
976,609
919,455
11:001
19.229
Toledo Peer & West let wk Mar
92,056 .204,906 2,956,516
81,939
Toledo St L & West let wk Mar
Union Pacific Syst_ January __ 6,410.8 6,738,238 .385.225 58,318,507
179,181 15.3,729 1,171,046 1,014.266
Virginia & So West.. January
583,594 631,496 4,147,719 3,490,626
January
Virginian
February _ 2,061,963 2,29.950 20.659,435 21,634,861
Wabash
063,354 642,042 4, .898 4,432,546
Western Maryland_ January
Wheel da Lake Erie_ January __ 524,567 675,325 LI •,524 4,943,063
28.4431 24442 221,757 185.866
Wrightsv & Tennille January -Yazoo & Miss Vail.. February _ 970,675 848,938 8,923,117 7,484,190:
1 Igi
51
Various Fiscal Years.
Current
Year.
Period.
Jan
Delaware & Hudson
N Y Central& Hudson River.... Jan 1
Jan 1
Boston & Albany
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Ohicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Cin Chic & St Louis__ _ Jan 1
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louie Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lints
Jan 1
Pennsylvania Railroad
Baltimore Oilman & Atlantic.. Jan 1
Jan 1
Cusnberland Valley
Jan 1
Long Island
Jan 1
Maryland Delaw &
N I( Philadelphia & Norfolk.. Jan 1
Jan 1
Northern Central
Jan 1
Phil& Balt & Washon
Jan 1
West Jersey & Sease
Jan 1
Pennsylvania Comport°
Grand Rapids & IndiLlaut. _ _ _ Jan 1
Jan 1
uis
Pitts Cin Chic & St
Jan
Vandalta
Total lines-East Pitts & Erie Jan 1
-West Pitts& Erie Jan 1
-All lines E& W.... Jan
Dec 1
Rio Grande Junction
ItutJand
19 1
J
sva•vsggssgsgsgssssgssggssgsssgg
Latest Gross Earninos.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Previous I
Year.
$
$
1,737.755
7,119,051
1.240,173
3,974.396
433.805
355.503
2.544, 42
2,709,
106,540
1. 19, 4
2,0180,180
7.719,510
1.27.413
4.879,092
78.779
3919
1
2,901, 5
31
3,019,1 5
31
96.857
31
1.002.254
31
1,117,675
423,708
78,7
13.689
31 20,878 23,962,887
.688 14,691,689
31
14,345
31
31
31
31
8),
RI
n9:g2i
?IiiM
11
8.866
8,986
31
273.731
268,771
31
31
901.864 1,048.457
31 1,567.643 1,635.441
359,702
31
338.095
31 4,140,672 5,042,347
:
1
3
31 3.255 892 3. :
412
4304C7
950,1
31
903,095
3 18.655,21 20.093,4
3 8,984.24 10.452.127
31 21.589,452 30,545,619
93,867
74,028
3
269,259
,
31
261,400
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease. I%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Mileage. Cur. Yr. Prey. Yr.
$
$
$
2h),415 236,619 263,496.933 232.879,970 +30.616,063 13.1.4
May
-809,712 4.15
4th week Dec (35 roads)-__ 18,716,282 19,524,994
4
2 0 4 227.2,42 259.703.0 242.330.546 +18,873,443 6.95
June
(37 roads)-- 17,913,504 19,434,434 -1,520,01 7.88
let week Jan
,26
2 .0 3 203.773 235149.764 223.11112 +12.036.238 5.38
July
2d week Jan (37 roads)....... 11,572,457 12,121.817 -549,86 4.51
August .......219392 216.799 2$9. 5,03$ 255.498 3 +4.342A)0$ LSO
-546.3.1' 4.24
3d week Jan r7 roads)........ 12,315,781 12,861,124
275,244, 11 +9,805.231 3.57
roads)....... 17.913,504 19,434.434 -1,520.930 7.88 September_242,097 239.00'1 285, .50.042 300.476,017 -1,231.011 0.48
4th week Jan 37
October ...._ -243,690 240,886 299,195.006
-920,905 7r
1st week Feb 39 roads)....... 11,942,759 12,863,664
278.54.475 -9,143.15 3.q
241.,
November.. _2- 3.
•8
2d week Feb 139 roads)._-_ 11,700,915 12,798,605 -1,097,
.218.894 266.2 .678 -12,005,7 7 4.
241. 80
Fob 36 roads)..___ 11,896,262 13.344.139 -1,4474 7 i. 3 December '
3d, week
5.
99.602' 66,918,142 70,63 ,362 -3,713,2
January
.49
4th week Feb 40 roads)._ 12,677,952 14,487.059 -1,809.
90.921 60.934.915 (17.4011.056 -6.4(15.14 9.6
February_ _ _
idt week Mar 28 roads)____ 9.452.798 10.331.470 -908.672 9.74
e Includes the New York &
a Mexican currency. b Does not include earnings of Colorado Springs It Cripple Creek District Ry.from Nov. 1 1911. does no make returns to the,
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York By. the latter of which, being a Ca adieu road,Cleveland Lorain & Wheeling'
the
& Indiana Eli. g
Inter-State Commerce Commission. IIncludes Evansville Se Terre Haute tuld Evansville
Si Pacific. s Ins,
By. In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wlaeoasin Minnesotain both year's and,
ulnaludvet the
eludes Louisville & Atlantis and the Frankfort & Cincinnati. t Includes the Mexican Internatinnal. other rec.ipts. Texas Central Louis Iron MOIL*-'
x Includes St.
the Wichita Falls Linea in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all
Ulla & Southern. * We no longer include the Mexican roads.ln any 0f 01LC
.2,01442
830
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of March. The table overs 28 roads and shows 8.71% decrease in the aggregate under the same week last year.
First Week of March.
1914.
1913.
[VOL. xcvm.
CVN 1•.t 0,5 99 `O.. V.. MN .-.00 al na ...C.3 Ca... CON .-I0 ,
.
, 4
,
00.14V.......
:
1 3.7g.
48
.
.
.. 8
je.:141
0°13:4212.
,.., o3o3..31 =1,,.. 3 , ,p,r Ca MN 00C1 8.tiikZ '4 gi00 t•- , .....OZ
: 44 ,
2
C... C.c.) .1.01
' ' I T I I 71 ."
VI Tr3
'
1
I V
;
H I
4 ....a. n el N...o fr- 0,.., co 1. ova 'to csi1 cl 1,-.0 .-• oo an an 0,C•1 r.o
cl, el co in
N 00 V)a c0 00 ON-. co0 m a ... 00 co0 .-,,, oo co a ,-+
t CO •-. CO a
.-. cr)
MI 0021/t 111 „
,. TO 11 a Ct il
,u,,., , cree, Is? 71.1 T 00 ci,,,,., ..3.cr .4. eS
.%„.,
1••,...q cr
, . 77
c., .
I1
P
I. • F.ill :9:E?.5:1 tiiii.ceird,- Cc'. gii Eig 4E1iE ilii F.Z.0n 4to
t-,.
Zi.F.
;
.. ,,,,,..., ,,,,-- w w
Increase. Decrease.
$
$
$
$
Cs
Buffalo Rochester & Pittsburgh
4,851
207,279
212,130
Canadian Northern
5,100
319,400
324,500
N t:
0,CO OC V
N lF: oos o
c
W a eV. .....C4 co ts 4t.
.
.:
..,
a CV t•-• 0,-.
.
CA C•2
Canadian Pacific
.1
1
476,000
1,902,000 2,378,000
a 00 .1,
10
Chesapeake & Ohio
100,513
568,347
668,860
Chicago Great Western
255,748
9,007
264,755
Chicago Indianapolls•& Louisv_
126,264
5,655
131,919
Colorado & Southern
43,119
215,592
258,711
6
1
..,
Denver & Rio Grande
404,100
40,800
363,300
• 5 :12,„, c4,;',,,,,, r-mt:d tzt- cit..,cV CO-a 0ts Vite C:Co ,-71-: N V ;I2
6
,
1,- CO N CI a t.
.0
ci ' ,
Western Pacific
104,500
24,900 ....cr.3 oo F. it a2 .3 '
79,600
02
f:M
-, °I'? 'tan "
Detroit & Mackinac
23,589
2,353
21,236
Duluth South Shore & Atlantic_
56,263
9,336
65,599
Grand Trunk of Canada
el 11 CI O 1I CO 0a cO CO a CI 0CO 09.9 01.-, . 4
03 El
),
1
C3 ,
.
r ,01 0
O C
, •
I
1
1
OM. 10 Cv) .,
Grand Trunk Western
933,622
900,706
32,916
i
Clc
'o' .... ..-":. cve. 0.0.°)...0. ,
t
-Is '-'
-...1,
w a
0_
Detroit Gr Haven & Milw_ _
1.)0
.10
99
ci
Canada Atlantic
International & Great Northern
150.000
162,000
12,000
' 1" 28
7
Mineral Range
12,013
16,645
4,632
Minneapolis & St Louis
187,017
t.i N cl .1. It- 0
184,817
0 co a o ,.. N a , a V...t. co
}
--I
2,200
0,
a VI N a an ..on0 05 a
. V.10 a CO
V.
Iowa Central
Minneapolis St Paul & S 0 M__
5580,76
500,722
57,354
4dSidg3Td11,1fm 434t; ”4"ici
MisSouri Kansas & Texas
506,140
543,993
37,853
Missouri Pacific
1,040:000 1,069,000
29,000
a
Rio Grande Southern
8,798
12,831
4,033
a, co.3 cv coo
St Louis Southwestern
co. soR 1.1
236,000
248,000
12,000
oo co
Southern Railway
1,296,082 1,449,037
.crco ol.3 oot, 1.1 (leo oc.3
152,955 ti2 § oi
..
Texas & Pacific
N0
317,721
317,081
640
C1 171
3
Toledo Peoria & Western
19,229
19,001
228
1 43 a
0
Toledo St Louis & Western..___
81.989
10,067
92,056
••
Total (28 roads)
Net decrease (8.74%)
9,452,798 10,361,470
Mexican Rds.(not incl. In total)Interoceanic of Mexico
213,629
National Railways of Mexico.._
833,522
84,420
el
993,092
908,672
t.• N
,1105 Cl.c, 0
.
Co COr:
C•1
a cc
168,508
955,927
N
0
92 a
co a
to
ria
CV
a o0
0)
.
C')
'
45,121
122,405
i°2COO no, ci
gig:VG2g69,3
CO .
oi FIR EF LI14V:::RE _
•c11
.
1
V,
C0.
0
C1D
V i V ”.'7.1 ticia 211 g`,...' c c'r41
7r.
For the fourth week of February our final statement I.
... woo.
.2 t -. . ;.-.; . . . I
covers 40 roads and shows 12.49% decrease in the aggregate -la
undor the same week last year.
42f• FeireogiiEEigiFaFaiRRiFIERVirIP
Fourth Week of February.
Previously reported (25 roads)..
Alabama Great Southern
Ann Arbor
Chicago & Alton
OW New On & Texas Pac
Denver & Salt Lake
Duluth South Shore & Atlantic
Georgia Southern & Florida____
Grand Trunk Pacific
Louisville & Nashville
Mineral Range.
Minneapolis St Paul & S S M
Mobile & Ohio.
Nevada-California-Oregon..
Seaboard Air Line
Tennessee Alabama & Georgia..
Total (40 roads)
Net decrease (12.49%)
.-4.z--&,-. .:•,,
-gog---r,s-----.%--cci.. -2 to
-
al
1914.
1913.
Increase. Decrease.
$
$
9,307,429 10.948,527
129,602
130,241
37,885
40,013
234,264 257,775
277,304
318,030
14,655
15,103
77,362
66,009
46,505
56,309
93,743
92,677
1,110,070 1,219,619
17,105
17,799
542,218
516,837
260,520
267,581
4,794
5.141
522,886
532.952
1,610
2,446
$
$
14,291 1,655,389
039
2,128
23,511
40,726
448
11,353
9,804
1,066
109,549
694
25,381
7,061
347
10,066
836
12,677,952 14,487.059
co
52,091 1,861,198
1,809,107
Z- 4
•
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
Bangor & Aroostook_b__Jan 315,647
213,091
94,754
27,948
July 1 to Jan 31
2,097,964 1,809.533
708,581
580,646
Bellefonte Central_b__Feb
6,177
6,450
845
2,004
Jan 1 to Feb 28
13,887
12.675
1.789
2,406
Chicago Ind & Loulsv__ _Jan 523,709
506,083
103,689
91,730
July 1 to Jan 31
4,208,104 4,172,273 1,168,639 1,262,511
Chicago & Alton_ a
Jan 1.102,222 1,238,960
s46,749
s17,697
July 1 to Jan 31
9.020,028 9,443,855 31.336,266 31,707,858
Chicago & East Ill_b____Jan 1,309,280 1.364,202
212.365
313,723
July 1 to Jan 31
9,760,121 9.768,282 1.601.925 2,490,806
Cornwall_b
Jan
13,299
20,143
5,820
11,241
July 1 to Jan 31
110,484
141,907
49,333
82,834
Delaware & Hudson_b__Jan 1,767,755 2,080.181
465.368
824,705
Delaware Lack & West_bOct 1 to Dec 31
10,724,283 10,965,107 4,455,730 4,446,956
Jan 1 tp Dec 31
21,512,402 21,246,299 8,485,717 8,510,224
July 1 to Dec 31
40,784,147 37,564.511 15,210,305 13,418,088
Duluth Sou Sh & Atl_ b_ _Jan 248,349
256,244
58,069
48,136
July 1 to Jan 31
2,082,427 1,979,965
441,361
423,605
Fairchild &Northeast_ b_Jan
3,015
2,303
460
329
July 1 to Jan 31
19,955
16,652
3,860 def7,661
Grand Trunk of Canada
Grand Trunk Ry
Jan 2,863,449 3,095,581
376,424
400,026
Grand Trunk Western_Jan 555,024
12,653
589,818
45,259
Det Gr Hay & Milw_ _Jan 190,280
185,900 def23,259 def27,252
Canada Atlantic
Jan 158,194
176,687 def12,653 def9,733
Hocking Valley_b
Jan 455,130
528,885
64,667
145,928
July 1 to Jan 31
4,737,730 4,709,779 1,597,649 1,767,518
Louisiana & Arkansas___Jan 151,107
152,578
48,512
57,507
July 1 to Jan 31
1,925,282
984,246
345,081
341,151
Mineral Range
Jan
41,402
72,780
9,752
17,482
July 1 to Jan 31
214,023
502,280 def7,131
110,503
Minneap & St Louls_a_ _Jan 810,129
827,770 h211,846 h209,789
July 1 to Jan 31
5,835,098 5,978,797 h1,549,244 h1,699,517
Nevada-Cal-Oregon b___Jan
11,023
20,533
def9,855
def682
July 1 to Jan 31
226,994
262,787
54,318
84,487
p Norfolk Southern_b___Jan 365,269
347,113
112,926
104,471
July 1 to Jan 31
2,467,142 2,371,531
736,975
807,371
Rich Fred & Potom_b_ _Jan 244,008
258,465
84,354
103,029
July 1 to Jan 31
1,616,039 1,609,038
552,542
587.042
Texas & Pacific_b
Jan 1,657,733 1.488,307
387,256
276,670
July 1 to Jan 31
11,760,436 11,395,376 3.276,474 2,639.948
Toledo St L & West_a_ _Jan 367,330
390,528
c87,611
c135,773
July 1 to Jan 31
2,802,201 2,503,224 c832,109 c727,684
Toledo Poor & West_b__Feb
91,826
110,138
1,761
17.763
July 1 to Feb 28
900,226
957,608
40.638
203.724
Le,,,N, c.,
a
N
CO
.4.
tO
V.
t.
B
a GO N a 0 v. t-0 N a N a N V. NO aVD COO C.ON 9-.N 01.0 .
epp
0a
.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
I
I
2
..0,-uoc102..<0410,4 t, 0C ul CI
,
0
"
.,
,
. V 0, C- a I-0 ,,, Ci 0
0
0,
4)
6' 2 . 28=1 11.g1 4g- W.I.;;j:8 Gi.S8 85 g1P-.1.12 °IA 4B 8q
' 53 .•
12 .
a
-1
1 t N
15g=,,c8 c‘ „c% pf.E- p li iEi gi.2,9 E. 41r cti a'.:'
sti
io .
15tare" 16
P'6
Pc co N
It
4 zi g: ts0 ?p,0 cl FA Zo„ g g• 0.11,,,:,
p,
,g
,
g3,co oo cl ul cq r- ev C,t C,.1
C. P.,
Z ._, 1
g ••-••••crad,L.0;c.c7r.t:c000,...ae."..0.6c.;c:Scklcl e 4o., Zcr; cia•%,, 4ei;,
.
...-.
,0 ,ta... ,...,,, .0a CI 41 .3
... ..-. -.
/
1
41
clot .cr .3. co ol ao a a co 03
'to
ly
,t;
N
CI
a
N
14
CI
05
i
m g i
41, !::.• 4 , 01 CO c , , 2 ce,a
,4
. sea lel. CI CI le, an ..e t 00 CA CII 02 0Of
, C C4
,60
el
,
;
It ig.gitc-stIzti;,:-.53 gic7, r-zr:128 5r- 2,9.. , ,t7,.
.
gig -.44).
Pi%.- - v.iia:./igs7i
01 - ..,...c., t...,-,. t.. ..,......,..
go g
.A
43
0
:1:}I
c21
t-i q l
t....ai ,,,,i i,si"'olacec.Soco --,......rn..otoc4c3t-:.0o4comoio:7c•coo
7 t-c -F;n: , oz
,..
.
c.3 ,.. .1,-. .3 co..cr ot CO Ol a N 't
at..
.1 o
,
,t.
N
kr)
N
a
.3.
a
co
1
1
1
1
1
1
1
,-. .
0 .z . O.O.G.o.0.0.„11
0.0.010.0.0.0I E
1.. ,^. 1.. :,-. 7, c-,,,
.
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INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Keystone Telephone_a_ _ Feb 107,781
102,887
55,939
52,512
Jan 1 to Feb 28
206,913
109,138
215,259
102,126
Southern Utilities Co_a_Dec
18,218
82,531
189,096
Apr 1 to Dec 31
704,235
Utah Power & Light_ ___Feb 152,642
80,259.
132,598
69,909
Jan 1 to Feb 28
175,565
273.173
311,042
150,110
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for miscellaneous charges and credits to income for the
month of Jan. 1914, total net earnings were $59,982, against $113,375 last
year; and for the period from July 1 to Jan. 31 were $965,578 this year,
against $651,567.
h After allowing for additional income for the month of January 1914,
total net earnings were $186,071, against $203.764 last year, and for the
period from July 1 to Jan. 31 were $1,446,161 this year, against $1,674,887.
p Includes Raleigh Charlotte & Southern.
s After allowing for miscellaneous charges to income for the month of
January 1913, total net earnings were deficit $12,202, against deficit $67,290
last year; and for the period from July 1 to Jan. 31 were $905,376 this year,
against $1,288,348.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bat. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Bangor & Aroostook_ _ _ _ Jan 113,036
109.336 xdef23,906 xdef63,274
July 1 to Jan 31
781,745
x26,261 xdef55,230
791,079
Bellefonte Central
Feb
240
610
235
1,764
Jan 1 to Feb 28
480
470
1,319
1,926
Delaware Lack & Western
Oct 1 to Dec 31
2,977,483 2,370,725 x3,039,700 x4,385,323
Jan 1 to Dec 31
5,498,011 4,873,654 x5,619,794 x7,553,106
July 1 to Dec 31
10,338,848 9,416,169 x9,699,615x10,042,071
Duluth So Sh SE Atl
Jan
115,144 xdef40,385 xdef55,165
99,048
July 1 to Jan 31
724,968 726,527 xdof264,831 xdof282,223
Hocking Valley
289,042
Jan 116,133
130,462 xdef6,187
July 1 to Jan 31
885.205
926,727 x871,096 x1,250,597
Louisiana & Arkansas.._ _Jan
19,827
26,893
28,686
30,615
July 1 to Jan 31
142,866
202,215
156,131
188,020
831
THE CHRONICLE
MA.. 14 1914.]
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
Hudson & Manhattan .a..Jan *487.055 *474,900 *268,912 *274,592
278,035
306,866
667,833
Illinois Traction
Jan 717,079
.a
35,705
37,009
100,991
Lake Shore Electric__a__..Jan 105,488
11,860
5,940
44,952
Lewis Aug & Watern..a_ _Jan
45,299
141,846
151.225
521,210
Milw Elec By & Lt..a _ ...Jan 528,655
28,078
39,117
Milw Lt. Ht & Trac..a._Jan 119,340
96.449
311.253
349,896
New York Railways..a_ _Dec 1.197,934 1,172,263
4,191.907
Jan 1 to Dec 31
14,172,965 13,863,018 4,422,773
N Y & Stamford Ry-See under New York New Haven & Hartford RR.
N Y Westchester & Boston-See under N Y New Haven & Hartford RR.
Rhode Island Co
-See under N Y New Haven & Hartford RR.
274,927
249364
United Rys of St Louis.a.Jan 1,040,289
997,195
Westchffer St RR-See under N Y New Haven & Hartford RR.
Roads.
Keystone Telephone___Feb
Jan 1 to Feb 28
Southern Utilities Co__ _Dec
Apr 1 to Dec 31
26,488
53,220
6,629
51,786
25,203
50,778
29,451
55,918
11,589
137,311
27,309
51.348
x After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name o
Road.
Jan. 1 to latest date.
Latest Gross Earnings.
Previous
Previous Current
Week or Current
Year.
Year.
Year.
Year.
Month.
773,278
8A.995
American Rys Co__ February _ 382,145 368,187
22,292
21,997
Atlantic Shore Ry_ _ _ January _ _ 21,997 22,292
140,578
145.484
cAur Elgin & Chic Ry January .... 145,484 140,578
58,793
63,687
Bangor Ry & Electric January _ _ 63.68. 58,793
13,427
15,020
15,020 13,427
Baton Rouge Elec Co January __
70.582
64.786
70,582
Belt LRyCorp(NYC) January -- 64.786 72,504
72,504
75,568
By.. January _ _ 75.568 1912.955 2.017.530 1,912,955
Berkshire Street
Brazilian Trac L & P.. January -- 2017.530
7,873
7.333
7,873
7.333
Brock & Plyna St By.. January __ 1993,648 1976.552 22,809,495 22.347,760
November
Bklyn Rap Tran Syst January __ 29,798 31.835
31,835
29,798
Cape Breton Elec Co January - 99.233 95,633
95,633
99,233
Chattanooga Ry & Lt
28,095
28,814
28,814
January
Cleve Painesv & East January __ 94.052 28,095
91,543
94,052
__
Cleve Southw & Col_ January _ 55,985 91.543
50,523
55.985
50.523
Columbus(Ga)El Co
163,306
Com'th Pow.Ry & Lt Tannery _ a281.072 163.306 a281,072
Coney Isi'd & Bklyn. November 110.488 109.772 1,552,745 1.478.510
591,459
January _ _ 591,824 591,459
591,824
Connecticut Co
298,549
318,067
Consum Pow (Mich). January _ _ 318,067 298,549
172.587
184,509
Cumb Co(Me)P & L January __ 184,509 172,587
170,815
201,071
Dallas Electric Co._ _ January _ _ 201.071 170.815
Detroit United Lines 4th wk Feb 196,812 212,498 1,734,553 1,830,357
48,477
46,839
DDEB& Bat (rec)_ January _ 46.839 48.477
93.356
102,881
Duluth-Superior Trac January _ _ 102,881 93,356
East St Louis & Sub.. December 238,628 228,509 2,664,219 2,452,451
80.922
92.713
92,713 80,922
El Paso Electric Cos.. January
Federal Light & Trac December
2,329.164 2.189,953
_153,831
166,457
42d St M & St N Ave January __ 166.457 153.831
169.615
197.276
Galv-Houston El Co_ January __ 197.276 169.615
Grand Rapids Ry Co December.. 121.731 106.978 1,294,347 1.233,588
918,932
991,872
Harrisburg Railways December_ 86,178 82.005
Havana El By.L & P
524,122
533,703
Wk Mar 8 54,841 55.140
Railway Dept
Honolulu Rapid Tran
512.387
562.978
50.425 48,420
November
& Land Co
24,379
22,137
Houghton Co Tr Co_ January -- 22,137 24,379
Hudson & Manhattan November 319.856 314,141 3,392,784 3,290.857
667,833
717,079
January _ _ 717,079 667,833
Illinois Traction..
Interboro Rap Tran_ January __ 2933.870 2903.344 2,933,870 2,903.344
49.823
62.545
Jacksonville Trac Co January __ 62.545 49.823
100,991
105,488
Lake Shore Elec Ry_ January _ 105.488 100,991
Lehigh Valley Transit December_ 140,525 130,702 1,774,821 1,541.511
44,952
45,299
Lewis Aug & Watery_ January _ _ 45,299 44,952
205,489
16,645 16.462
228,407
Long Island Electric.. November
260.390
258,613
Louisville Railway January __ 258.613 260,390
521,210
528,655
Milw El Ry & Lt Co_ January _ _ 528,655 521,210
96,449
119,340
Milw Lt, B.. & Tr Co January _ _ 119,340 96,449
68.635
Monongahela Val Tr_ January _ _
78,506
78,506 68,635
Nashville Ry & Light November 189,660 181,156 2.009,352 1,885,952
46,915
53,178
53,178 46,915
N Y City Interboro January _ _
363,180
381,427
31,718 29.657
N Y & Long Island November
154,228
164,283
12,755 11,771
N Y & North Shore December
November 106,223 104,506 1,276,604 1,226,711
N Y & Queens Co
New York Railways.. December 1197,934 1172,263 14,172,965 13,863,018
22,869
29,308
N Y Westches & Boa.. January _ _ 29,308 22,869
23,422
22,588
N Y & Stamford Ry_ January __ 22,588 23.422
180,366
Northam Easton & W December
188.879
15.210 14,520
237,465
Nor Ohio Trac & Lt.. January __ 270.960 237,465
270,960
157,047
North Texas Elec Co January .._ 173,093 157,047
173,093
25,730
Northw Pennsylv Ry January -- 25.166 25,730
25.166
136,594
Ocean Electric (L I)._ November
148,550
5,644
4,846
Paducah Tr & Lt Co.. January _ _
26,666
25,670
25,670 26,666
Pensacola Electric Co January _ _
26,317
23,701
23,701 26,317
Phila. Rap Trans Co_ January
2006,523 2002,067 2,006,523 2,002,067
Port(Ore)Ry L&P Co December.. 607,476 586,857 6,723,742 6.642,308
Portland (MO RR December.. 79,867 76.693 1,036,316
981,052
Puget Sound TrJAP December_ 790,306 725,642 8,613.600 8,313.848
244.341
Republic Ry & Light January
257,978
257,978 244,341
404,062
404,062 403,074
403,074
Rhode Island Co..... _ January
StJoseph(Mo)Ry,Lt,
Heat & Power Co_ December.. 117.830 110,874 1,252,904 1.179,839
39,368
37,501
Santiago El Lt & Tr_ January __ 37,501 39.368
67,792
72,461
Savannah Electric Co January __ 72,461 67,792
906.287
963,292
79,862 81,776
Second Avenue (rec)_ November
14,081
17,228
17,228 14.081
Southern Boulevard.. January
68,157
80,158
Tampa Electric Co January __ 80.158 68,157
326,444
344.706
January __ 344,706 326.444
Third Avenue
906,841
963,117
Toronto Street By...... February__ 461,274 434,380
Twin City Rap Tran_ 4th wk Feb 168.339 154,758 1,418,570 1,319,339
Underground Elec Ry of London
London Flee By.... Wk Feb 28 £14,420 £14,200 £131,835 £132,330
Metropolitan Dist.. Wk Feb 28 £13,519 £13,062 £119,053 £119,045
London.Gen Bus Wk Feb 28 £58,520 £54,752 £487,644 £483,443
Union Ry Co of NYC January __ 209.083 201,749
201.749
209,083
997,195
United RysofSt Louis January
1040,289 997,195 1,040,289
Virginia By & Power.. December 450,487 417.817 5,038,313 4,670,747
51,883
Wash Balto & Annap January _ _
57,690
57,690 51,883
42,573 40,805
40,805
Westchester Electric_ January _ _
42,573
17,454
17,513
17,513 17,454
Westchester St RR January _ _
Western Rys & Light November 215,819 194,766 2,309,237 2,056.538
74,361 63,158
63,158
74,361
Wisconsin Gas & Elec January
January _ _ 55,566 28.486
28.486
55,566
Yonkers Railraod
59,282
January __ 68,328 59,282
68,328
York Railway
18,142
20,266
Youngstown & Ohio_ January __ 20,266 18.142
Youngstown & South December.. 14,037 12.912
a Includes earnings from May 1 1913 only on the additional stock
acquired as of that date. c These figures are for consolidated company
* These figures represent income from all sources; incorporated in operating expenses is an item of $13,490 for depreciation reserve (none accrued
in Jan. 1913), also $6,767 for adjustment of taxes in 1913 and $3.550 the
expense of listing bonds on the New York Stock Exchange.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
1,713
Augusta-Aiken Ry & EI_Jan
24.158
943
1,231
Cleve Painesv & Eastern_Jan
10,471
10,789
102,982
Consumers Power (Mich)Jan
105,488
92,639
61.653
14,249
1,202
56.733
P & L_ ...Jan
63,576
Cumb Co(Me)
69,348
48,019
46,652
49,022
East St Louis & Sub_ _ __Dec
520,412
507,429
578,471
589.134
Jan 1 to Dec 31
258,235
249.832
*16,357
Iludson & Manhattan_ _..Jan *19,080
767
1.951
34,937
35.057
Lake Shore Electric....... _Jan
def2,616
def9,398
15,338
14,476
Lew Aug & Watertown_ _Jan
02,439
x79,542
60,421
71,349
Milw Elec By & Light_ _..Jan
z21,007
z28,381
51,585
54.838
Milw Lt, Ilt & Trac_ _ _ _Jan
z73,599
280,212 z111,390
New York Railways_ _ _ _Dec 275,361
2,897,395 2,902,616 z1,905.583 z1,709.289
Jan 1 to Dec 31
r58.013
z35,834
223,212
United Rys of St Louis_ _Jan 220,739
Roads.
* Does not include interest on bonds, which amounted to $176,714 in
Jan. 1914,leaving a balance of $73,117 available for interest on Adjustment
Income Bonds.
z After allowing for other income received.
ANNUAL REPORTS.
-An index to annual 'reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index does
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Feb. 28. The next will appear in that of March 28.
Philadelphia Baltimore & Washington RR.
(Eleventh Annual Report-Year ending Dec. 31 1913.)
Pres. Samuel Rea, Philadelphia, March 9, wrote in subst.:
-The total operating revenues show an increase of
Income Statement.
$884,298. or 4.36%, but as a result of the increase in operating expenses of
9.49%, the railway operating income decreased $653,881, or 18.34%.
Operating expenses increased $1,525,934, due to greater outlays for
maintenance of way and structures and for increases in maintenance of
equipment expenses, the latter chiefly on account of repairs to rolling stock
and increased charges for depreciation of equipment; transportation expenses increased by reason of higher charges for and increased consumption
of fuel for locomotives, the expenditure to comply with the wasteful extra
crew laws of Pennsylvania and Maryland and for higher wages.
Other income shows an increase of $163,462, due principally to larger
dividends from our holdings of Union RR. Co. of Baltimore stock, while
deductions from gross income increased $156,977, the principal item being
hire of equipment, which increased $104,502, due to the use of an increased
number of freight cars of other companies and a higher per diem rate.
The net income for the year was $1,375,783, a decrease of $647,397.
After deducting a 4% dividend ($1,005,520) and $156,982 for additions
and betterments on the Delaware RR. and $36,077 for construction on
Del. Md. & Va. RR., there remained $177,204, which was transferred to
reserve for additions and betterments.
-The property investment in road and
Investment and Return Thereon.
equipment, as shown on the general balance sheet, aggregates $53,029,569
(excluding leased lines), and the return earned thereon in 1913 was 2.49%;
but adding thereto $14,611,942 of additions and betterments charged to
surplus income between 1887 and 1907, the return on this aggregate investment of your company during the past year shows only 1.95%. No
further evidence should be necessary of the absolute necessity for obtaining an increase in freight rates, for which application has been made.
-There was an increase of 7.1% in tonnage mileage, with an
Traffic.
increase of only 1.9% in the freight-train mileage; and an increase of 7.5%
in your passenger mileage, with an increase of only 4.4% in the passengertrain mileage. There was a decrease in the average net freight revenue
per ton mile of 32.9%, and in net revenue per passenger mile of 14.8%.
resulting from increases in wages and taxes and legislative enactments.
[The gross revenue per pass. per mile decreased 1.59% to 1.923 cts. and the
gross per ton per mile decreased 334% to .827 cts.-Ed.)
-These consisted principally of the following:
Additions and Betterments.
automatic block signals and interlocking work, $329,429; Wilmington to
Pencader, extending tracks, $354,140; reconstruction of Bush River and
Gunpowder River bridges and Gwynns Valls viaduct, $876,592. The total
additions and betterments expenditures amounted to $2,579,704 (including $156,982 on Delaware RR. Co.), and was charged as follows: Capital
account, $568,396; reserve for additions and betterments, $1,854,326;
leased lines road,$156,982. Ground rents capitalized aggregated $115,087.
The automatic block signal system between Wilmington and Bay View,
Baltimore was completed, so that, with the exception of a short section,
the main line of railroad between Philadelphia and Washington is now operated under that system. The long double-track re-enforced concrete
bridges over the Bush and Gunpowder rivers and the four-track bridge at
Stemmer's Run were also completed, and placed in service. The bridges
at Gwynns Falls and Back River will doubtless be completed in 1914.
-The following table The overhead bridges at 65th and 72nd Sts., West Philadelphia, are being
Electric Railway Net Earnings.
gives the returns of ELECTRIC railway gross and net rebuilt and will be completed early in 1914.
-The Del. Md. & Va. RR. Co., Phila. & Delaware County
Sub-Cos.
earnings reported this week:
& Bait. Cont. RR. Co. failed, wholly or in part, to
RR.
- earn Co. and Phila.
-Gross Earnings---Net Earnings
their fixed charges, and the deficits were borne by your company.
Previous
Current
Previous
Current
advances,aggregating $36,077 and $44,197, respectively,
We also made the
Roads.
Year.
Year.
Year.
Year.
for additions, &c., on the two first-named. [The report of the Penna. RR.
Co. shows the deficits after "interest and other charges" for the three comAugusta-Aiken By & El_Jan
25,871
62,592
panies in question to have been in 1913 $168,287, $231 and $191,013, reBerkshire St Ry Co
-See under Now York Now Haven & Hartford R.R.
spectively, contrasting with deficit $138.762, surplus $3,741 and deficit
$88,036 in 1912. The Delaware RR.In 1913 had a surplus of $20,181 after
Connecticut Co
-See under New York New Haven & Hartford RR.
5406.262; construction and renewal expenditures of $156,982
11,414 dividends ofwere charged to income of Phil. Bali. & Wash. RR.
Clove Painesv & East..a..Jan
12,020
28,095
28,814
-Ed.)
on this road
(M
Consumers Pow ich).a.Jan 318,087
198,127
164.635
298,549
-The company sold 10,000 shares of 4% pref. stock
Securities Owned.
70,982 and 10,487 shares of common stock of the Baltimore & Ohio RR.Co., hav64,778
172,587
Cumb Co(Me)P & L..a..Jan 184.509
117,367 ing a total par value of $2,048,700, and received in payment therefor
95.674
228,509
East St Louis & Sub-a-Dec 238,628
Jan 1 to Dec 31
2,664.219 2,452,451 1,096,563 1,098,883 $1,848,700 Southern PacificlCo. stock. (See Penn. RR.; Vol.97. p.177).
832
THE CHRONICLE
During the year we acquired the capital stock of the Baltimore & Sparrow's Point RR., which extends from the Canton District, Baltimore, to
Sparrow's Point, Md., about 5 miles.
OPERATIONS AND FISCAL RESULTS.
Operations1913.
1912.
1911.
1910.
Miles operated
717
713
713
713
Passengers carried
14,072,738 • 13,734,529 13,064,651 13,442,571
Pass. carried 1 mile_ _447,296,144 416,287,578 391,150,356 384,142,970
447,296,144
Rate per pass. per male_ 1.923 cts.
1.964 cts.
1.954 cts.
1.981 cts.
Tons carried
16,730,473 15,710,172 14,812,387 15,700,559
Tons carried 1 mile_ __ _1265802,017 1181618.482 1068351,350 1121235,279
Rate per ton per mile__ _ 0.827 cts. 0.857 cts. 0.869 cts. 0.863 cts.
Earnings$
$
$
Freight
10,425,732 10,094,850 9,252,876 9,645,597
Passenger
7,703,282 7,503,350
8,554,107 8,084,766
Miscellaneous
323,334
354,971
421,926
383,516
Non-transporta'n rev
173,271
210,807
258,681
283,544
Express traffic
1,021,745
1,037,154
1,104,435
1,076,281
354,410
Transportation of mails..
355,154
353,794
403,751
Total earnings
ExpensesMaint. of way & strue
Maint. of equipment..
Traffic
Transportation
General expenses
21,164,341
3,403,931
4,049.511
421,147
9,175,189
560,658
20,280,042 18,914,244
19,021,707
2,613,471
3,096,072
314,562
7,943,855
451,267
2,955,939
3,188,281
346,112
7,704,209
418,232
3,113,615
3,530,700
349,480
8,559,320
531,387
17,610,436 16,084,502 14,419,227 14,612,773
Total expenses
(79.31)
(83.21)
Per cent of exp. to earns.
(76.23)
(76.82)
3,553,905 4,195,541
Net earnings
4,495,011 4,408,934
INCOME ACCOUNT.
1913.
1912.
1911.
Net earnings
$3,553,905 $4,195,541 $4,495,017
Taxes
641,587
629,341
577,337
Net income
$2,912,318 $3,566,200 $3,917,680
Dividends received
3957,539
$1,122,834
$956,509
Joint facilities rents,&c
387,087
388,354
385,490
Gross income
$4,420,642 34.911,062 $5,262,306
Lease of other roads
$911,682
3835,342
$862,068
Hire of equipment-balance
323,529
428,031
357,934
Joint facilities,rents
648,837
660,815
720,144
Bond interest
982,104
980,976
1,003,21:3
Other interest
88,275
10.178
26,363
Miscellaneous
51,421
11,553
11,269
Dividends (4%)
1,005,529 1,005,520
1,005,520
Reserve for additions and betterments
177,204
767,071
1,200,000
Appropriations for add'ns & bet'm'ts_
193,059
50,588
Extraordinary expenses
17,415
Balance, surplus
3200,000
$58,380
GENERAL BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Assets
Liabilities
$
Road & equip_ _9153,302,618 50,574,100 Capital stock _ _ _ _25,138,925 25,138,925
Secur. of proprieFunded debt
24,000,000 24,000,000
tary,&c.,cos.
Equip. tr. oblig'ns
82,989
110,652
Stocks, unprg'd 8,552,233 7,146,483 Mtges.and ground
Bonds, unpled'd 720,164
720,164
rents
444,277
325,124
Marketable Recurs. 1,848,701 1,899,350 Loans & bills pay_ 3,940,597
90,582
Physical property_
300,140
302,971 Traffic, &c., bal
1,035,373 1,519,780
2
Misc.sec. unpledg.
2 Vouchers & wages 941,515
930,762
1,065,989
920,404 Unmaturedint.,&c 247,861
Cash
247,678
120,372
Traffic, Ice., bats_
769,891 Taxes accrued_ _ _ _
164,755
148,018
2,294
Loans & bills rec._
2,119 Miscellaneous _ _ _ _
988,949
950,061
Agents & conduct.. 550,372
585,709 Provident funds
580,099
538,614
266,206
MIscel. accounts
395,313 Oth.def.cred.items
42,164
47,132
Material dr supp
988,484
860,795 Approp'd surplus_b5,560,435 5,226,249
Accrued int., &c
150,122
122.392 Profit and loss_ _....c6,194,826 6,283,044
Temporary adv'c's 867,894
691,334
580,099
Provid. funds_ _ _
538,614
Oth.def.deb.items
47,075
26,980
Total
69,362,765 65,556,621
Total
69,362,765 65,556,621
[VOL. xcvm.
and their property, brands, trade-marks, patents, good-will, &c., are now
included among our assets.
-This company held on Dec. 31 1913 31,687,446 scrip issued
Scrip Held.
in 1913 as dividends(representing earnings accumulated during a number of
years, mostly prior to 1913) by two companies in which this company owns
This scrip is payable in cash or convertible into stock at option of
stock.
Issuing company.
Earnings.
-The statement of earnings below includes only the dividends
received from the companies, a part only of whose stock is owned:
includes the total net profits for the year of companies all of whose but it
stock
is owned by, or held in trust for, this company.
The sales for the year of this company and\those companies all of
stock is owned by this company aggregated $69,516,932, and the netwhose
earnings therefrom, after deducting all charges and expenses for
management,
&c., were $8,755,709, being about 12%% on the sales. The net income of
the year was $14,721,638, being about 10%% on the aggregate amount of
capital stock, outstanding bonds and average surplus.
Special Distribution to Common Stockholders.
-On March 1 1913 there was
distributed to common shareholders $6,036,360 cash received from disposition of securities, as ordered by the Court(V. 96, p. 421).
RESULTS FOR FISCAL YEARS ENDING DEC. 31.
1912.
1913.
1913.
1912.
Sales (incl. cos.
whose stock is
owned)
69,516,932
Net earnings after
charges,exp.,&c. 8,755,709
Divs, from partlyowned companies 3,368,862
Int. on bonds,
loans,&c.(net)
699,175
Misc. Income*
1,897,892
Interest on bonds.. 232,104
486,702
Pref. divs____(6%)3,171,457 3,201,299
67,950,257 Corn. div_(20%)8,048,480(7M)3,018,180
10,123,885
1,626,223
Total deduc'ns_11,452,041 6,706,181
Balance, surplus__ 3,269.597 9,224,482
727,449
3,453,106
Total net Inc- _ _14,721,638 15,930,663
* Miscellaneous includes income from securities which, under decree of
Court, have been sold or are yet to be sold or distributed. profit from those
sold and income from securities of Liggett & Myers Tobacco Co.,and P. Lorillard Co., held for account of the company, pending exchange as ordered
by Court.
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Assetsg•
$
Real estate, mach.,
fixtures, dm_ _
6,078,796
Brands, tr.-mks.,
patents and goodwill, &a
54,099,430
Leaf tobacco,oper.
supp., &c
37,099,482
Stocks and bonds_19,070,765
Cash
6,451,701
Scrip
1,686,922
Bills & accts. reel° 6,220,846
Amts. due, from
cos. in which stk.
is owned
8,002,147
Securities to be
disposed of
a1,753,143
L & M.T.Co.sec's 2,566,175
Total
Preferred stock__ _52,838,600 52,937,200
5,216,244 Common stock,.,. _40,242,400 40,242,400
6% bonds
2,310,650 2,570,750
4% bonds_ b
2,063,150 2,361,150
47,259,106 Prov.for prem ,&c c 189,802
209,852
Pref div. pay.Jan. 792,579
794,167
30,657,035 Comm.allowances,
28,673,690 adv. funds, &c
3,122,014 2,758,709
6,466,147 Accrued bond int_
77,914
69,045
Accts.& bills pay_ 4,967,768 2,773,704
12,731,357 Amts.due to cos. In
which stock is
owned
29,112
113,198
8,331,209 Surplus
d37,304,287 40.071,050
2,631,481
2,943,825
143,029,407144,910,094
Total
143,920,407144,910,094
a Securities are those which the Court has ordered the company to dispose of before Jan. 1 1915. b Consists of 4% gold bonds and remaining
4% bonds of Consolidated Tobacco Co. not yet exchanged. c Provision
for premium on 6%, bonds to be retired less discount on 4% bonds to be
retired. d After deducting in 1913 36,036,360 cash from disposition of
securities ordered by the Court.
-V. 98, p. 525. 157.
(P.) Lorillard Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Treasurer Wm.B. Rhett, Mar. 10 1914, wrote:
The Luhrman & Wilbern Tobacco Co., formerly one of our subsidiaries,
has been wound up as a separate corporation, and the property, brands,
good-will, &c., are now included among the assets of this company.
RESULTS FOR FISCAL YEARS ENDING DECEMBER 31.
1912.
1912.
1913.
1913.
a After deducting reserve for accrued depreciation of equipment, $878,(after chgs.
Prof. diva. (7%)._ $791,532 $791,532
303. b Appropriated surplus in 1913 includes additions to property since Net inc.of
& exp. open).-35,377,864 $5,305,574 Com.divs.(10%)- 1,515,560 1,515,560
June 30 1907 through income, $4,948,691; car trust principal charged out
Deductin advance, $82,989. and reserve for additions and betterments, $528,755.
on 7% bds_
17,266
18,940
-V.98, p. 388, 305. Prem.interest____ 1,285,907 1,291,080 Total deduens_153,610,265 $3,617,112
c After deducting in 1913 388,218 for sundry accounts.
Bond
Balance, surplus_ -$1,767,599 $1,688,462
BALANCE SHEET DECEMBER 31.
Louisville Railway.
1912.
1913.
1913.
1912.
(Statement for the Year ending Dec. 311913.)
Assets
Liabilities$
$
Real estate, maPreferred stock._ _11,307,600 11,307,600
1913.
1912.
1911.
1910.
chinery, &e
5,036,820 4,797,629 Common stock _ _ 15,155,600 15,155,600
Passenger revenue
$3,091,371 $3,005,123 $2.905,784 $2,854,909 Leaf tobacco, man7% gold bonds_.._10,769,550 10,852,450
134,905
Other revenue
125,369
124,814
88,172
ufactured stock,
5% gold bonds__ _10,617,450 10,617,450
oper. supp., &c_
411,115
Total
$3,226,276 $3,130,492 $3,030,598 32.943,081 Stock other cos.._20,068,183 14,326,163 Accr. int. on bds__ 409,664
5,540,616 6,668,116 Prov.for comm'ns,
Operating expenses,.,._ 1,848.519
1.790,037
1,742,825
1.692,291 Tr.
-mks.& brands 19,669,557 19,460,752 advertising, &c__ 1,302,082
486,109
Cash
1,274,723 2,783,031
971,551
Net earnings
$1,377,757 $1,340,455 31,287,773 $1,250,790 Accts. & bills rec. 3,802.183 3,501,104 Accts. & bills pay_ 2,327,616
Profit and loss_ _ __ 3,502,520 1,734,920
Other income
196,815
234,885
210,000
178,256
Total
55,392,082 51,536,795
Total
55,392,082 51,536,795
Total net income___.. $1,574,572 $1,575,340 $1,497,773 $1.429,016
-V. 98, p. 766.
Deduct
-Taxes
) $852,093
$786,127 13229,000
$222,000
Interest
475,416
436.649
Swan & Finch Co.
Pref. dividends(5%)_
125,000
125,000
125,000
125.000
Corn. divs. (10%)--545,650
545.650
(Balance Sheet Dec. 31.
545,650
545,650
Deprec.. renewals.&c.
36,496
90,000
107.747
81,000
1913.
LiabilitiesAssets
1912.
1912.
1913.
1
& equIpm't
$58,089 Capital stock ____ $500,000 $500,000
Total
31.559,239 31,546,777 31,482.813 31,410,297 Plants dc materials $209,817
106,718
Mdse.
560,777
190,973
662,047 Accounts payable_
Balance,surplus
$15,333
$28,563
$14,960
$18,749 Accts. receivable_ 324.708
529,132
588,689
458,038 Surplus
Cash
40,548
101,490
CONDENSED BALA NCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
$1,135,850 $1,279,862
TOW
Total
$1,135,850 $1,279,662
Assets
Liabilities
-V.98, p. 767.
Cost of roadway &
Common stock__
electric line
11,342,128
Real est. dc bldgs. 2,116,215
Mach'y & equipl- 3,355,793
Loulav. & Interur.
4,110,408
RR.& oth. Inv
Material & supp
224,560
Cash
248,725
Bills & accts. rec
51,450
Total
5,456,500 5,456,500
11,153,156 Preferred stock _ _ 2,500,000 2,500,000
1,622,218 Bonded debt
12,000,000 10,999,000
2,997,426 Current liabilities_
238,082
123,393
Interest accrued
278,269
257,959
3,988.396 Dividends accrued 167,662
167,662
173,439 Funds for taxes,
307,745 insur. & accident 177,005
230,711
109,895 Income account
631,761
616,551
21,449,279 20,352,276
-V. 96, p. 1015.
Total
21,449,279 20,352,276
American Tobacco Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Treasurer J. M. W. Hicks, Mar. 11 1914, wrote in subst.:
Retirement of Bonds and Old Pref. Stock under Decree of U. S. Court Entered
-Up to Dec. 311013 there had been retired of the securities
Nov. 16 1911.
included in the decree of Nov. 16 1911 (see p.151 of "By. and Ind. Sec.")
all except 32.310.650 6% bonds, $2,063,150 4% bonds and $379,200 pre.
Stockholders.
-Aggregate number Feb. 14 1914 was 7,091.
Sale of Sundry Securities under Decree.
-Of certain stocks and bonds
valued on our books at $14,661,394, which we were ordered to sell (V. 93,
p. 1123), the bonds and certain of the stocks, having an aggregate book
value of $12,908,251, have been sold, leaving unsold stocks of book value
of $1,753,143. (As to disposition of shares of Imperial Tobacco Co.,
Ltd., see a subsequent page.
-Ed.
-This company owned all of the capital stock of the Blackwell's
Merged.
Durham Tobacco Co., Butler-Butler (Inc.) and the Monopol Tobacco
Works; these corporations have been wound up as separate corporations
Sloss-Sheffield Steel 86 Iron Co.
(Report for Fiscal Year ending Nov. 30 1913.)
Below are usual comparative tables. Further data will
be given another week.
EARNINGS, EXPENSES AND CHARGES.
1911.
1912.
1913.
$284,350
Profits on pig *
$453,962
$509,093
Profits on coal after de79,469
74,756
ducting for deprec'n
102,685
122,151
Profits on coke
108,507
125,612
Rents, royalties, stores &
219,630
miscellaneous, &c
233,855
242,388
14,475
Divs. on treas. stocks.&c.
13,685
14,298
Interest and exchange
Total
Deduce general expense
acct., taxes & licenses_
Net profit
Bond interest
7% dividends on pref_
Dividends on common_
$994,076
5871.329
105,610
108,074
$888,466
$210,000
469,000
$763,255
$210,000
469,000
1910.
$474,407
113,190
159,401
219,029
34,975
$733.510 $1,001,002
118,861
119,480
3881.522
3614,649
$210,000
$210,000
469,000
469,000
(3U)375,000
Balance for year,.,. _sur.$209,466 sur.$84,255 def.$64,35 def.3172,478
__
Surplus Nov. 30
33,336.414 $3;126,948 $3,042,692 $3,107,044
*After deducting for deprec. on iron ore and 25c. per ton on iron for extraordinary repairs and renewals and 35c. per ton profit on coke manufactured.
MAR. 14 1914.J
THE CHRONICLE
BALANCE SHEET NOVEMBER 30.
1912.
1913.
1912.
1913.
$
$
Liabilities$
Resources6,700,000
Property account.22,473,647 22,136,197 Preferred stock___ 6,700,000 10,000,000
400,306 Common stock__ _10,000,000
bonds_ 400,306
Stocks and
Sloss Iron & Steel
Stipp. raw and fin2,000,000 2,000,000
366,337 Co.6s
ished materials__ 711,703
74,926 Sloss Iron & Steel
74,521
Stock in co's stores
244,320 Co.434% bonds_ 2,000,000 2,000,000
Treasury securities 244,320
401,715
502,690
Accts. payable
Cash, bills and ac500,000
889,343 Bills payable
counts receivable 1,035,880
68,931
73,411
5,785 Pay-rolls
6,029
Insurance & taxes..
Profit and loss_ _ _ _ 3,336,413 3,126,948
Extraor. repair and
180,380
renewal account. 166,108
25,112,514 24,297,594
Total
25,112,514 24,297,594
Total
-V. 96, p. 1098.
Bethlehem Steel Corporation.
(Ninth Annual Report-Year ending Dec. 31 1913.)
substance:
Pres. Charles M. Schwab, April 7, wrote in
developed
833
altuohgh
are deducted from the income account for the sake of simplicity,
not so treated in the pamphlet reports.
During the year 1913 there was charged to cost of operations for ordinary
and extraordinary repairs and maintenance $3,003,312, against $2,712,716
in 1912 and $2,850,238 in 1911; but this appears in the income account
above only in so far as work was shipped.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1911.
1912.
1913.
Assets$63.401,132 $58,705,514 $54,305,936
Property account Jan. 1
2,128,846
2.198,166
9,490,563
Additions during year
2,270,732
1,068.546
Transfer to depreciation reserve_ __..
1,428,906
Transfer to prop. prey, carried in lay.
251,672
. 32,739
34,462
Special funds in hands of trustees_a
3.337,147
4,097,907
4,919,590
Raw materials and supplies
Worked material and contracts in
3,936,728
4,678,672
progress, less bills rendered on acct. 5,287,144
5,778,396
6,534,440
9,909,956
Accounts and notes receivable
30,191
232,255
365.372
Miscellaneous investments_
286,080
228,732
235,710
Cash for coupons payable
1,126,391
1,791,614
1.727,571
Cash in banks and on hand...
227,800 x3,421,461 x1,625,136
Deferred charges to operations
Total_
$95,599,300 384,418,952 375.077,255
activity which
Liabilities
-The substantial revival in business1913, and the results of the
Results.
$14,908,000 314.908,000 $14,908,000
Preferred stock..
during 1912 continued during the earlier part of
satisfactory, the earnings of your Common stock.
14,862,000 14.862,000 14,862,000
operations for that year were extremely amounting to $8,752,671, being
8,000,000 10,668,000
7,999.000
Beth. Steel Co. 1st ext. M. bonds
corporation and its subsidiary companies, its best previous year.
134,000
0% gold notes
more than 70% greater than those in 1912,
omitted).
31 (0003
Bethlehem Steel Co. purchase money
Orders Booked During Year and on Hand Dec.
7,500,000
7,500,000
7,500,000
6, gold bonds, due 1998
1909. 1910. 1911. 1912. 1913.
1905. 1906. 1907. 1908.
$
6,662,000
6% sinking fund gold notes
28,607 47,030 39,935
Booked __.A8.123 16,216 15,615 14,458 28,696 29,580 15,885 29,282 24,865 Beth. Steel. Co. 1st lien & ref. M.58.. 15,300,500 15,200,000
750,000
Fore River Shipbidg. Corp. 1st M.58
7,592 14,073 17,370
On hand_ _ _14,466 13,300 8,425
400,000
United States in 1913 was Titusville Forge Co. 1st M.58
500,000
500,000
The average number of employees in the
500,000
and wages paid in U. S., $13,366,- San Francisco Dry Docks 58
827,533
791,533
789,533
15,052, against 11,965 in 1912; salaries were also employed in the Cuban Union Iron Works Dry Dock 6s_ _ _ _..
There
450,000
360,000
399, against $10,034,265 in 1912. and 1,541 in 1913. Including these, the II. & liol. 6% debenture bonds._ _ _
in 1912
3,420.500
1,830,500
3,383,500
and Chilean mines 1,153
Notes payable
aggregated $13,993,417.
1913
2,987,730
3,723,241
6.259,314
total salaries and wages paid in the properties of Fore River Shipbuilding Accounts payable_.
-During the year
162,366
221,873
Purchased.
248,097
Titusville (Pa.) Forge Co. were purchased re- Bond interest accrued
286,080
228,732
Co., Quincy, Mass., and of
235,710
Corporation (V. 96, P. 1293, 1301, Coupons payable
4,151,257
6,680,312
spectively by Fore River Shipbuildingnew subsidiary companies of Bethle- Depreciation reserve
9,586,010
Co.,
333,223
316,843
1492, 1705) and Titusville Forge
390,069
The control of the Fore River plant gives us facilities for Reserves for re-lining furnaces, &c
365,899
hem Steel Co. Atlantic seaboard, complete battleships fully armored and Contingent, &c., reserves
687,964
2,413,050
building, on the
,500,000
7,500,0007
additions, &c
equipped. [As to the 1st M.5% guaranteed bonds of the new sub. cos., Appropriated forsurplus
7,308,667
1,017,953
b2,214,517
Profit and loss,
$756,000 and $400,000, see V. 98, p. 239, and V. 96, p. 1493.
Additions, &c.-WhIle extensions and improvements have been made at
395.599.300 $84,418,952 $75,077,255
Total
various plants, the most important are, of course, at the Bethlehem
all the
works. Additional land has been acquired adjacent to that plant and an -a Consists of funds for redemption of mortgages. b After deducting
elaborate construction program is there under way, including additional
of discount and expenses on bonds. x Includes disfurnaces, mills and shops that will add materially to the output and to the $3,180,740 adjustment Bethlehem Steel Co. bonds.
-V.98, p. 307, 239.
count on realization of
earning capacity of that company.
-Throughout the year careful consideration has been
Chilean Ore Mines.
connected with the developmen t
American Sugar Refining Co., New York.
given to the great engineering problems
of the ore mines in Chile, mentioned in the last annual report, and satisfac(Report for Fiscal Year ending Dec. 31 1913.)
tory plans for the economical mining of this ore are now in concrete shape
and the actual work will be vigorously prosecuted. The explorations
ore even
carried on during the year have shown evidences of quantities of
Sec. Joseph E. Freeman, N. Y., Mar. 11, wrote in subst.:
that must
greater than theretofore anticipated and the large expenditures
fully
-Owing to the prolonged tariff discussion at WashMarket Conditions.
be made for the proper development of these properties is therefore
ington, the year 1913 was one of uncertainty and wide fluctuations in the
warranted.
and between the refinCo.
installation of the Bethlehem Chile Iron Mines sys- sugar markets. The competition between refiners severe, and refiners'
When the equipment
ers and beet sugar producers has been exceptionally any year, with one
begins operations in 1916 It will be able to mine, transport, via railroad
averaged lower than for
the following:
tem and ship 1,000,000 tons ore annually. It will include 4 regenerative margin between raw and refinedyears. The year opened with a price for
exception, during the past 14
-lb. standard-gauge 3% grade electric railroad;
20 miles 100
a price of 3.92 cts. per
dump
-ton hopper cars; 20 50-ton sideshovels:cars; granulated sugar of 4.80 cts. per lb. and closed with declined from 3.73 to
electric locomotives; 50 70
ore- lb., a drop of about 74 of a cent per lb. While raws
electric ore-drilling equipment; 3 steam locomotives; 3 steam
price
price of refined than in
Blake and No. 2 9 gyratory crushers, 3.23, there was a far greater decline in the the year at below theirthe
crushing plant with 1 60x84-inch
average
ore dock; 24 of raws, which were selling at the end of
grizzlys and ore bins; 30,000-ton capacity steel shiploading
This decline resulted. in an unprofitable
all
steam turbo-generator oil-burning power plant complete; cost in the producing countries.
k.w. duplicate
refining and other sugar interests.
shops; general office, dock office,
to
machine, boiler, blacksmith and carpenter houses; 2 family houses; 3 club year Cuban crop of 1912-13 increased over the preceding year by 533,000
The
laborers'
2 commissaries, 2 storehouses, 150 manager's house; school house; 4 dyna- tons, while the increase for the world's production was 2.256,000 tons. For
houses; general
houses, 4 foreman's
oil storage tanks; 2 oil and paint the year 1913-14 the estimated world's production is nearly 19,000,000 tons
mite storage buildings; 8,000 tons fuel systems.
-an increase over last year of about 800,000 tons. This has also had its
houses; water, electric light and sewer
in prices throughout the world.
-Liberal expenditures have been made for upkeep in addi- influence in bringing about a decline quotations between raw and refined
Depreciation.
ns from earnings to provide for extinguishThe average market difference in
tion to equally liberal appropriatiofor depreciation.
CtS. per 100 lbs., as against 87.9 cts. for 1912, re
sugars for 1913 is 77.2
lbs. of
ment of mining investments and
-The increase of $9.490,562 in property includes: suiting in a decreased profit to this company of about 10 cts. per 100
Capital Expenditures.
or approximately $3,000,000 on our total output.
sugar,
(1) Value of property acquired during the yearadditions and im-$4,203,225
"Interest Earnings.'-These earnings have been ample to take care of
(2) Actual expenditures during the year for account, loss salvreductions of dividends in outside companies and decreased revenue by
provements properly chargeable to capital
reason of the sale of stock in such companies. Our investments, being
age on buildings, machinery, &c., sold or dismantled, 85,774,in spite of the large decrease in
5,287,337 high-grade securities, have held well
147; provided out of depreciation, $486,810; balance
market values generally.
Some of the principal items covered by the aforesaid $5,774,147 are:
-The decrease in this item is due substantially to the increase in
Cash.
1)
( Bethlehem Steel Co. (Lehigh and Saucon plants)
the item of "merchandise and supplies on hand."
Work completed during year:(a) At Lehigh plant, 2 steam turbine pumps,
-During 1911 and 1912, $4,101,558 was set aside
Improvement Reserve.
25 steel flat cars,
locomotive round and repair shop, 65 steel coke cars. now office bldg.; from profits for improvements to plants and purchases of real estate; to
added this year, and there remains unexpended
30-ton locomotive crane, 3 electric freight trucks,
with gas-driven generator this sum $406.637 has been
power house
(b) At Saucon plant, extension tobuilding, incl. 6 additional 75-ton open- of these appropriations $995,106. The actual expenditures for these imwritten off from year to year as depreciation, seas
set; extension to open-hearth
provements have been
-ton mixer. &c., 1,000,000 Cu. ft. gas holder, in- not to increase the book value of the plants. During 1912 $1,816,651 was
hearth furnaces. 1,000
soaking pits
cluding gas piping to boilers, to open-hearth furnaces, tofurnaces; gas written off, and this year an additional 8903,280 has been so treated.
rail and 28-inch structural mill reheating
-In Jan. 1913 the company offered to its
and to 28-inch
Sale of Shares in National Co.
shares of the National Sugar
subscribe
meter building, including meters.
to stockholders the right to par. Theto 50,000
stockholders availed themselves of the
Work in progress: (a) At Lehigh plant, blast furnace "A"; extensions
Co. of N. J. at
Refining
ouse blildings, including 3 3.000-k.w. gas engine driven genera- right to the extent of 26.993 shares(V.96, p. 362). From time to time the
power-h
-ton
furnaces and 1
tor sets: new plants comprising 4 40 newopen-hearth plant, including company has also sold stock in other companies and not needed real estate.
rolling mill
10-ton electric furnace and equipment; 18-inch
-The sum originally appropriated has been added to from
Pension Plan.
continuous billet mill, time to time, and there is now a fund of 8800,000; 120 former employees
reversing bloominT mill, 1
-inch
1 32
-inch
-inch bar mill and 1 8
-inch bar mill, 1 10
1 22-inch bar mill, 1 12
are receiving pensions. Payment is also made in case of sickness.
(b) At Saucon plant,
-As a result of judicious advertising of "Crystal Dombar mill; new chemical and physical laboratory. 1,500 ft. 42-inch pipe
Package Business.
18,000,000-gall, motor-driven centrifugal pump;
ino" and other brands of sugar, as well as a new brand of table syrup, the
line; now machine and roll shops.
package business is showing very satisfactory growth.
-In the suit brought by the Government, the plaintiff has
Litigation.
(2) Bethlehem Chile Iron Mines Co.
latter closed its case and we are now submitting evidence (V% 98, 13• 239,306)•
Work in progress: Equipment installation to begin operations the
tons of ore (which
New suits have been recently brought against your company by some
half of 1914 to mine and transport annually 250,000 system), including
test suit brought by
is the capacity of the aerial telphorage transporting complete; 5 miles Louisiana planters under the Sherman Act and arights of the State and
the State of New York to determine the respective
Diesel oil engine 215 k.'w. generator power plant
Our counsel believe
electric transmission lino to water supply at La Higuera; 5 miles 8-inch the owners of water fronts in the city of Brooklyn. p.
1735)•
water pipe line with 2 concrete reservoirs and 2 electric pumping stations; that result may be awaited with confidence (V. 97,
-ton side dump ore cars: 2 steam
2 miles standard-gauge railroad: 15 50
PROFIT AND LOSS ACCOUNT.
low-grade dock at Cruz Grande; tug boat and ship lighters;
locomotives;
1910.
1911.
1912.
1913.
highway road from Cruz Grande to Tofo; 100 laborers' houses (see above).
Profit from operation__ n1,015,853 $4,432,262 $8,834,201 $3,077,143
398,862
520,390
584,707
894,204
BETHLEHEM STEEL CORPORATION AND SUBSIDIARY COS.
on loans & deposits
Int.
2,273,473
3.241,106
2,422,084
bDecember31.
Int. & divs. on invest'ts 2,274,931
Consolidated Income Account for Years ending December
630,824
1.487,351
49,077
Net profit on investm'ts
1910.
1912.
1913.
51 410
Net manufacturing profit $8,530,708 $4,846,814 34,605:557 $4,396,439
$4,184,989 $7,488,131 $14,083,051 $6,380,302
Net income
62,091
157,811
83,545
Dividends and interest__
a903,280 al.816,651
131:5 2
8,661 Former approp.for imp_
108,015
040
244
55,205
Misc., including rents_ _..
1,800
56,950
83,213
Prof. on purch. for sk.fd..
Total net income_ _ _ _ $5,088,269 $9,304.782 $14,083,054 $6,380,302
36,299,965 $6,299,965 $6,299,958 $6,299,958
Dividends (7%)
807,967
Total income (see note)88.752,671 $5.114,440 34.792,713 $4,524,141 Depr. on plant & equip_ 1,127,768
2,419,483
1,937,855
$185,294
$159.437
$210,886
Int, on notes & advances.. $137,161
700,000
4,190,272
688,932
b856,731
Other deductions
Interest on bonds, &c.
450,000
450,000
450,000
B.S.Co. pur. nion.bds. 450,000
,195 S.$378,030S31.173,341D.$1,427,624
Balance, sur. or def_D.$3,196
634,697
528,779
613,708
468,196
B.S. Co. 1st ext. M__
21,425,620 21.047,590 19,874,249 21,301,873
324,120 Previous surplus
202,163
514,631
B.S.Co.6% gold notes
567.819
906,321
B.S.Co. 1st lien & ref.
$18,229,425 321,425,620 321,047,590 $19,874,249
Total surplus
20,395
0
P. K. Sh1 18. 54._ _ _
16,667
Titusville Forge 1st 58
* Includes in 1913 $128.302 additional profits from operations of former
25.000
25,000
25,000
25,000
San Fran.Dry Docks 5s
reservations after adjustment.
53,130 years and $61,412 balance of formerappropriations for improvements of
48,752
51.361
47,453
Union I.W.D.D.Co.6s.
a These are the amounts of former
21,965
29,987
11.&H.()orp.6d.deb.bds
plants expended in new construction during 1913 and 1912, and offset in
on plant and equipment.
$6.651,488 $3,110,525 $2,927,127 $2,851,891 depreciationdeductions" in 1913 include $406,637 appropriated for improveb "Other
$180,279
8256,306
$213,148
Exting. milling inv.,&c_ _ $256,516
of plants, $200,000 for pension fund reserve and 3250,094 for contin670,000 ment
790,578
675,000
1,272,270
Depreciation fund
gencies; in 1912 include $388,932 appropriated for improvement of plants,
745.400
Pref. divs.(5%)-see note 745,400
appropriated
$300,000 for pension fund reserve; in 1911 include $3,450,627 and
$300,000
$439,645 for fire insurance reserve
$4,377,302 $1.318,241 $2,038,979 $2001,612 for improvement of plants, in 1910 consist of amounts paid in settlement
r Balance,surplus
deducted above are those declared payable in I 3. % for pension fund reserve; States Government.
-The dividends
Note.
the fiscal years,and for drawbacks to United
quarterly installments beginning with April following
834
THE CHRONICLE
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
1912.
Assets$
$
Liabilities$
$
Real estskplants 49,844,112 49,884,627 Capital stock__ 90,000,000 90,000,000
Inv.bds..3, stks_ 23,415,853 23,433,185 Res's-Fire ins_ 8,000,000 8,000,000
Inv., fire ins. fd. x8,000.000 .8,000,000
Imp,of plants
995,106 1,491,749
Inv., pension fd.
798,955
588,743
Pension fund_
800,000
600,000
Mdse. & supp_ 17,713,739 10,248,941
Contingencies
526,271
1,139,546
Prepaid accts__
286,010
272,805 Accts. payable. 2,838,467 2,051,594
Loans
1.789,000 1,416,500 Divs. payable- 1,595,517
1,592,829
Acets.receivable 3,011,793 3,450,357 Profit and loss__ 18,229,425 21,425,620
Accrued income.
537,669
598,025
Cash
17,587,855 28,408,155
[VoL. xcvm
Two Months' Business-Automobiles Produced and Sold on Cash
Terms
No.Produced. Sold (Cash). Cash Receipts.
Jan. and Feb. 1914
5.703
5,720
$4,837,812 95
Jan. and Feb. 1913
2.581
3,019
3,385,948 94
Per cent of increase
121%
89%
43%
Our export business in automobiles has grown very
satisfactorily every
year, but our exports have been confined to the number
we could spare.
Our foreign sales, including Canada, last year were
Debt.
-The debt of the corporation shows an 16% of total business.
increase of $2,993,120
over 1912, of which $1,091,665 was represented by
on hand. The balance was represented by increases an increase of cash
tories arising from the unusual forwardness of our in automobile invenschedule and by large expenditures for additions and winter manufacturing
betterments. Similar
large expenditures will not be necessary for some years.
Total
122,984,786 128,301,338
Acguisition-Having acquired an additional 34% of the
Total
122,984,786 126,301,338
the Studebaker Corporation of Canada, Ltd., making our capital stock of
x See list of investments., V. 94, p. 764.
said company 94%, we have merged the assets, liabilitiestotal holdings in
and earnings of
the Canadian Co. in this report. This
Out
& Gray's "Sugar Trade Journal" of this Studebaker automobiles in Canada, wherecompany manufactures and sells
business was not
city on Jan. 8 gave the following estimate:
latter half of the year, and its profits suffered accordingly.good during the
General business conditions in Canada
CONSUMPTION OF REFINED SUGAR IN THE UNITED STATES. the last few months,and seem to have made considerable improvement in
this company expects a profitable businessin 1914.
Vehicles.
-The sales of the vehicle division showed an increase of 2.8%
-Calendar Year- -Per Cent
1913.
1912.
1913. 1912. over 1912, and the prospects are excellent. Our vehicle products consist
of farm wagons, trucks, carts, delivery wagons, passenger vehicles,
Produced byTons.
Tons.
sprinkAmerican Sugar Refining Co
1,333,008 1,324,221
36.27
38.48 lers, flushers, sweepers, dump carts, bob sleds, ambulances, ammunition
Independent refiners
1,704,595 1,586,120
46.34
46.09 wagons, army wagons, hand carts, harness and skeins.
Beet sugar factories
Capital Stock.-Pref. stock of par value of $850,000 has been duly pur625,314
516,575
17.00
15.01
Hawaiian and foreign refiners
chased
14,327
14,251
.39
.42 credit and canceled, at a cost of $823,724, which amount stands to the
of "special surplus account."
Total consumed
Debt.
-At incorporation Jan. 1 1911 our total indebtedness was $13,3.678.144 3,441,167 100.00 100.00
Average Price1913. 1912. 1911. 1910. 1909. 1908. 1907. 1906. 538,056, of which amount $8,000,000 was later funded by issuing as of
Granulated sugar__ _cts.4.278 5.041 5.345 4.972 4.765 4.957 4.649
March 1
4.515 annually 1912 $8,000,000 5% serial gold notes, payable 3400,000 semiRaw sugar
3.506 4.162 4.453 4.188 4.007 4.073 3.756 3.686
1912 to 1922. Up to Dec. 31 1913 31,200,000 of these
matured and were retired. The total funded and other debt uponnotes
that
Difference
0.772 0.879 0.892 0.784 0.758 0.884 0.893 0.829 date was: 5% serial gold notes of 1912,$6,800,000; notes payable, covering
Granulated sugar opened Jan. 2 1913 at 4.802c. and dropped gradually loans from banks, $4,550,000; accounts payable, covering accrued payrolls and miscellaneous items, $2,712,848: total, $14,062,848.
to 4.214c. on Jan. 30, then fluctuated down, but reached that figure
The total quick assets were $25,941,866, or 184.5% of the above liabiliseveral times (the last time June 26), then rose to 4.606c. on Aug. again
7-28.
the highest point in the year, and then declined, closing the year at 3.920c. ties, and in addition to these assets, the plants and property, free and clear.
Raw sugar opened the year at 3.73c. and closed at 3.23c., the highest price exclusive of good will, amounted to $11,867,961.
Plants, &c.
-Since Jan. 1 1911 our plants and
for the year being 3.76c. Aug. 28 ta Sept. 11.-V.98, p. 306, 239.
Walkerville have been expanded and improved inproperties at Detroit and
order to take
large growth of the automobile business. Minor improvement care of the
s have been
Deere & Co., Moline, Ill.
made at South Bend, where we are now making,at reduced cost,automobile
springs, castings, bodies and other parts for the Detroit plants.
(Report for Fiscal Year ending Oct. 31 1913.)
The net
capital expenditures for plant and property,including
the introduction
Pres. William Butterworth, Moline, Dec.31, wrote in sub.: value of Canadian plant, after depreciation credits, were $1,278,311. of the
We also spent for repairs and renewals and charged
Results.
-Total sales for the year were unfavorably affected by the severe
off to operating exdrought conditions which existed during the latter part of the crop-growing penses $1,097,453, compared with $717,688 in 1912. These expenses were
season. Canadian business was also curtailed during the entire year by largely for buildings, machinery, tools and patterns.
Active Subsidiary Companies.
-These companies, whose
the financial situation in that country. Those conditions resulted in re- merged
in this report, include: Studebaker Corp. of America,accounts are
ducing the year's profits below the amounts anticipated.
South Bend,
Inventories are practically all based upon the low prices of materials Ind.; Studebaker Harness Co. South Bend, Ind.; Studebaker Corp. of
Canada, Ltd.• NValkerville, One.; Studebaker Bros. Co., Northwest,
prevailing early in the past season. The increase in this item is
mainly land, Ore.; Studebaker Bros. Co.of California, San Francisco, Cal.; Portdue to taking in material on low-priced contracts and to the
Studein business as a result of the drought. Current liabilities falling off baker Bros. Co. of Utah. Salt Lake City; Studebaker-Colorado Vehicle
were also
Increased, due principally to the inventories. During the coming season Co., Denver; Studebaker Bros. Co.of Minnesota, Minneapolis; Studebaker
Bros. Co. of Texas. Dallas; Studebaker Bros. Co. of N. Y., N. Y.
both of these items will be materially reduced.
City.
Capital Stock.
-The total number of pref. stockholders Dec.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
Increase 707. We continued our policy of selling pref. stock 31 was 3,204,
to employees
on favorable terme and have also set aside 19,197 shares of common stock
1913.
1912.
1911.
Net sales
for distribution under contract to employees.
$41,464,950 $35,440,327 t Not stated.
Manufacturing, general, &c., expense 38,697,492
Capital Expenditures.
-These aggregated $2.195,905, as follows:
32,097,7671
Officers' salaries
137,432
Harvester plant and new foundry in East Moline
146,000
111,500
$1.018,251 Reserve for depreciation
230,357
Miscellaneous machinery and equipment for all factories, addi193,076
159,395
tional lumber yards for John Deere Wagon Co., additional
Net earnings on sales
$2,399,669 $3,003,484 2,420,945
warehouse for Marseilles Co., East Moline; additional buildIncome from investments, &c
35,840
ings for Deere & Mansur Co.. Moline;the Van Brunt Mfg. Co.,
y108,217
85,528
x47.615
14,1.75
Horicon, Wis.. and the Dain Mfg. Co., Ltd., of Welland. Ont.. 688,219 Other income
27,561
Branch warehouse at Regina, Sask.; additional storage warehouses
Net earnings
$2,483,134 $3,125,876 $2,534,042
for John Deere Plow Co.. Moline; and miscellaneous improveDeduct
-Interest charges
3484.948
$444,527
$483,981
ments at other branch houses
(7%)901,075 (7)930,825(53 )708,758
Expenditures on timber properties and on the plant of the Moline 429,546 Preferred dividends
Extraord. expenses charged off
131,939
284,429
396,479
Lumber Co., Malvern, Ark
93,773
83,675
Very little new construction is contemplated for the coming year.59,889 Discount and commission proportion
Reserves.
-Reserves for depreciation of property and equipment now
Total deductions
31,611,736 $1,743,456 $1,589,210
stand. at $801,444, as compared with $477,563 Dec. 31 1912. Reserves Balance,
surplus
$871,398 $1,382,420
$924,832
against current assets amount to $939.884, against $877,752 a year ago,
being equal to 4.32% of the total notes and accounts receivable. The rex Includes discount on pref. stock retired and divs. thereon prior to canserves for depreciation are intended to cover replacements and renewals, cellation.
y Includes proportion of earnings of Studebaker Corp. of Canand not maintenance and repairs, both of which are liberally provided for ada,
Ltd.. added to the surplus of that company.
out of operating expenses.
Obligations Retired.-The total liability of Deere & Co. and
CONSOLIDATED BALANCE SHEET.
for serial notes, debentures, bonds and mortgages amounted tosubsidiaries
$4,769,500
1913.
1912.
Oct. 311913, as compared with $6,098,400 Oct. 311912. During the year
1913.
1912.
Assets$
Liabilities$
the obligations retired amounted to 81,328,900. viz.: Deere & Co., serial
$
$
Preferred stock._ 12,650,000 13,095,000
notes, $1,000,000, and debentures, $50,000; subsidiary company bonds Real estate, buildings, &c
al1,867,961 10,589,651 Common stock__ _27,931,600 27,931,600
and mortgages, $278,900.
Foreign trade-mks.
5,336
5,156 Minority int. in
Properties Owned.
-The properties owned by the company consist of
factories, branch houses and hardwood timber lands in Arkansas and Louisi- Invest, in 0th. cos. 246,509 1,075,692 sub. cos. shares
54,341
28,300
16,622,229 15,730,840 Funded debt
ana. The factories, none of which is competitive, manufacture about Inventories
6,800,000
Accts.& notes rec_ 5,923,793 4,958,121 Notes payable_ _ _ 4,550,000 7,600,000
75% of the products handled by the branch houses.
1,400,0011
Def.chgs.,ins.,&c. 789,379
947,078 Dep. rec'd on sales 249,594
327,159
Cash in banks,&c. 1,957,460
865,795 Accounts payable.. 2,098,134 1,182,944
EARNINGS FOR FISCAL YEARS ENDING OCT.31.
Suspense account- b402,496 b472,270 Sundry reserves
365,120
559,625
1912-13.
1911-12.
1912-13. 1911-12.
Special surp. acct. 823,725
Total net earns.. _*$4,755,777 $5,020,199 Pref. dividends__ $2,647,995 $1,976,869 Good-will, patent
417,009
rights, &c
19,807,277 19,807,277 Surplus
e2,099,926 1,910,245
Admin., &c., exp. $432,576 $409,006
Int. on deb.(net)_ 151,618
245,515
Total deduen3_$3,299,550 $2,631,390
Total
57,822,440 54,451,881
Total
57,622,440 54,451,881
Depreciation
67,361
Balance, surplus_ _$1,456,227 $2,388,809
Total surplus _ _ _ _$5,926,924 $4,470697
a Consists
* After deducting all expenses Incident to operation and distribution, Detroit and of real estate, buildings and equipment at South Bend, Ind..
Pontiac, Mich., Walkerville, Ontario, and at the various
including those for repairs and maintenance, for depreciation of
and equipment, pensions, accident compensations, &c., and after property branches of the company, as of Jan. 1 1913, $10,942,123; additions during
making year, less realizations, including introduction of value of plant of Canadian
provision for interest on the indebtedness of all sub cos. and for reserves, Co., $1,608,668;
total, 312,450,790; less depreciation, $582,829; balance.
for cash discounts, uncolloctible accounts, &c.
as above, $406.716.
b Suspense account, Flanders replacements.
BALANCE SHEET OCT. 31.
c After deducting $406,716 transferred to special surplus account and
1912-13. 1911-12.
applied to purchase of pref. stock for cancellation, and $275,000 loss on in1912-13. 1911-12.
Assets
Liabilities
vestments Flanders Mfg. Co., liquidated by receivership.
-V. 911. p. 649.
Real estate, buildPreferred stock. _ 37,828,500 37,828,500
ings, ilte
16,035,875 13,943,956 Common stock _ A8,384,400
Gottlieb-Bauernschmidt-Straus Brewing Co., Baltimore
Timber lands, Ste_ 2,680,829 2,576,843 Bonds and notes__ 4,769,500 20,178,600
6,098,400
Trade-mks., pat'ts,
Stooks of sub. cos_ 234,600
(Official Report of Feb. 12 1914.)
234,600
and good-will .18,384,400 19,272,700 NoteS payable_ ___ 9,980,537 3,523,031
Inventories
In connection with the plan outlined on another page, we
20,816,545 15,384,873 Accounts payable_ 3,239,553 2,275,278
Insurance and int.
Reserves
a1,741,329 1,355,316 make the following condensed extracts from the report of
prepaid, &c...._ 531,017
368,335 Surplus
5,926,925 4,470,697
Cash
Pres. Albert H. Wehr to the first mortgage committee:
1,925,438 3,426,170
Notes & accts. rec.21,731,240 20,991,545
In the reorganization of the Maryland Brewing Co.the fixed charges were
materially reduced, though the gross capitalization was slightly increased.
Total
82,105,344 75,964,422
Total
82,105,344 75,964,422 The new company inherited all the troubles of the old company and at once
a Include in 1912-13 3801,444 against property and equipment
and felt the effects of severe competition. Four new and modern breweries
3939.884 against working and current assets.
had come into existence, and one plant (the Brehm) had been sold
-V.98, P• 765.
to its original owners. In 1899 the Consolidated Company's sales back
were
525,000 bbls. of beer out of a total of 650,000 bbls. of local manufacture
Studebaker Corporation, South Bend, Ind.
or 80%; in 1913, 337,000 bbls. out of a total of 1,000,000 bbls., or les;
(Third Annual Report-Year ending Dec. 31 1913.)
than 34%. The mistake was made of trying to keep up profits by lowering
the property
Pres. Frederick S. Fish, South Bend, Mar. 2, wrote in sub.: the quality of products and letting Results underrun down. Now the situation is changing,as below shown.
the old management were:
Restats.-The net profits from all sources, after payment of interest, were YearBarrelage. Earnings. YearBarrelage, Earnings.
$1,772,474. The sales amounted to $41,464,950, compared with $35,440,- 1903-04
389,999 $468,061 1908-09
362,314 3367,368.
327 in 1912,an increase of 17%,and the largest in the history of the busi- 1904-05
394,260
495,226 1909-10
366,042 426,856ness, showing the constant growth of the market for Studebaker products. 1905-06
421,110 631,398 1910-11
364,489
286,731
The directors believed that the standardization of our products and
1906-07
417,899 585,111 1911-12
366,147
267,786volume of sales ‘ere more important than large profits in 1913, and the 1907-08
412,804
533,151
are
gratified that this policy, and certain changes in the organization, are now
Two years ago a syndicate represented by the present management
bringing more profitable returns, one effect being that the winter production
of automobiles is proceeding in record volume, with the average number of purchased a controlling interest in the stock, in addition to other securities
hold by them, and, having faith in the possibilities of the company, underemployees 3.000 less than last year.
Automobiles.
-Late in the year our automobile products were confined took to reorganize it. They sought to put upon the market the very
to two models only, namely the Studebaker "Four." selling for 31,050, and best of beer, and as a result both our "Arrow"and "Gold Brau" brands
the Studebaker "Six," selling for $1,575. These cars have met with great are, we believe, second to none in their respective classes.
The necessary improvements, unification of plants and rehabilitation
popularity.and the demand for them has been,so far, up to our capacity.
have cost 3375.000.of which $130,000 was paid from proceeds of property-
MAR. 14 1914.]
manageold, and the balance was otherwise provided. When the present
The
ment took hold there had accumulated a floating debt of $350,000.
ending Feb. 28 1913 was disastrous, the cost of material being abnoryear
was increased over 10% Aug. 1 1912.
mally high, while the cost of labor
company
These factors, coupled with the loss of trade, &c., resulted in the
falling far short of earning the interest and sinking fund requirements.
in spite of the
The present fiscal year is showing vastly improved results
material
high maintenance cost, the higher labor cost, a somewhat higher year will
market than normal, largely reduced gross business, &c. This
sinking fund
produce net earnings sufficient to meet the interest and
requirements under the 1st M.,as well as the interest on floating debt and
also a small part of the sum necessary for deprec'n and similar items.
RESULTS FOR YEARS ENDING FEB. 28 (February 1914 Estimated).
1910-11
1911-12.
1912-13.
1913-14.
$360,627
$332,486
$266,997
$430,000
Total gross profits
$85,634
$67,563
$71,940
$60,000
General exp., incl. taxes..
4,317
23,000
General advertising
5,652
4,256
6.886
8,000
on idle plant....
Expenses
$269,340
$260,667
$183,854
Net earningsfrom oper_.$339,000
17,391
7,119
31,722
55,000
Other income
$286.731
$267,786
$215,576
$394,000
Total net income
364,489
366,147
345,399
337,000
Barrelage for year
79c.
73c.
62c.
Net earnings per barrel_ _ _ _ $1 14
in good condition, and has acquired a
The company now has its plants
asset, but to make adequate
reputation for its product which is a valuable should be put back into
provision for renewals and replacements, there
$100,000 per year.
those plants, out of earnings, at least from $75,000 to the valuable item
A fairly conservative valuation of the assets, eliminating
includes $800,000 of
good-will, will aggregate about $3,100,000, which non-capital liabilities
of
current assets; against these there are current and liabils. of $2,500,000.
current
of about $600,000, or a net value of assets less
the company cannot
With its present over-capitalization, however, be assisted financially,
lines, and if it is to
rely on any of the ordinary credit bondholders. The present owners of the
this must be done by the 1st M.
believe that after years of uphill
controlling stock [total issued 34,965,4001
substantial value to their holdings, but
work the management can give a
M.bonds can be expected
neither they nor the holders of the[33,233,00012d to the junior securities.
chance of benefit
to advance funds on the remote to the holders of the 1st M. 4% bonds
Foreclosure would involve loss
1st M. coupons for 5
[34,799,5001 and should be avoided. Funding the to take care of its obliyears will give the company proper credit, enable it
now
gations in due course and permit us to go after new business up a offering
reserve
and largely increase our output and at the same time set
take care of these funding coupon bonds as they mature. [See
sufficient to
plan on another page.1-V. 98, D. 526.
Taylor-Wharton Iron & Steel Co., High Bridge, N.J.,&c.
Consol. Bal. Sheet Dec. 31 1913 (Incl. Sub. Cos.)-Totals, $5,352,000.
$847,000
Properties (lass re.serves)_$3,561,338 Common stock out
17,109 Pref. stock (7% cum.)out 1,576,350
Investments (less reserves)
1,490,500
Inventories (less reserves) 892,772 First M. bonds
28,500
Real estate mortgage& _ _
Accts. and notes reedy253,724
able (less reserves)
720,085 Current liabilities, &c____
Cash
151,131 Res. plant removal, &c.. 301,037
854,889
9,564 Surplus
Deferred charges
Not profits for year $271,528; less transferred to reserve for removal of
$241,528. The book value of plant and
plant, &c., $30,000: balance,
properties Jan. 1 1913 was $3,360,412; net additions in 1913, including
Tioga Steel & Iron Co. properties, $464,782; total, $3,825,194; lass accumulated reserves for depreciation,&c.,$263,856; balance as above,$3,561,338.
The total surplus Jan. 1 1913 was $742,686; excess of surplus of Tioga Steel
& Iron Co., based upon appraisals over bonus paid for stock, $35,634:
bal.fnet income in 1913, $241,528; total, $1,019,848; less adjustments,
$164,960; bal., total surplus Jan. 11914,$854,889.-V. 97, p. 1120.
Pittsburgh Coal Co.
(14th Annual Report-Year ending Dec. 31 1913.)
Chairman M. H. Taylor„ Mar. 10, wrote in substance:
-The total tonnage produced and handled for the year, inProduction.
cluding coke, and exclusive of coal purchased and handled by the Dock
was 24.707,204 net tons, an increase of 644,822. 2.68%.
Companies,
While 1913 began with largo dock stocks and a lessened demand, due to
weather and trade conditions, an early improvement in the latter permitted
all of the mines to average fairly full operating time until the last quarter
of the year, when demand fell off, with the result that the tonnage increases
shown for the 9 mos. to Oct. 1 of 6.58% was reduced to 2.68% for the year.
Earnings.-The gross earnings from all sources were $6,421,703, an increase of $729.274, or 12.8%, and the net earnings, after all proper charges,
Including full depreciation, were $2.726,269, an increase of 5700,786, or
35%; the net earnings being in excess of 10% on the pref. stock outstanding,
after payment of an increase in taxes, personal injury,settlements and
marine losses, over 1912, of $287,000.
A better selling value is required to improve living conditions, to reduce
personal injury risk, for proper compensation when sustained, and to secure
a larger recovery of the coal. Minor labor troubles, general labor shortage
averaging 15% through the busy season, compliance with safety provisions
required by law, unusually heavy personal injury payments, and average
higher prices for supplies, in 1913 increased the production cost.
-At Dec. 31 1913 the undivided
Undivided Earnings and Working Capital.
earnings account stood at $10,526.112, an increase of $1,372,679; and the
net working capital was $8,032,361, an increase of $339,766.
Bonds-No new bond obligations have been assumed since last annual
report, and there has been retired during the year in principal of bonds and
mortgages the sum of $1,965,243, of which $1,720,243 was paid out of
working capital and $245,000 from bond sales proceeds under Pittsburgh
Coal Dock & Wharf Co. mortgage of April 11912, reserved for the purpose
(V. 96, p. 861). The principal of total bonded and mortgage debt, direct
and indirect, at end of year was $31,154,255. has been
completed and is in
Docks.-Dock No. 5,'West Superior, Wis.,
successful operation. Lime Island Dock went into operation Aug. 30 1913.
-There is no floating debt, excepting for special construction
Status.
work, the cost of which has been provided for by reserved bond sales proceeds, and usual notei issued by subsidiary companies for coal in stock.
-At the Cincinnati Mine of the Monongahela River Consol.
Explosion.
C.& C. Co., on April 23 1913, 97 faithful employees lost their lives, due to
the explosion of gas liberated in a clay vein. While that company was
found free from liability, it a.ssumed full liability, including indemnity.
Acreage.
-The 150,516 acres owned and held on the Pittsburgh vein, on
Dec. 31 1913, should, at the rate of production in 1913, have a life of about
54 years, with the other veins in reserve.
Ninety-One Mining Units in All Regions, with Their Use and Disposition.
Working all or part yr_ __ _75 82.42% Available but not working 5 5.49%
Work. part yr.(exhausted) 4 4.40°A Operated under leases___ 7 7.69%
-During the year 150
Monongahela River Consol. Coal & Coke Co. Stock.
shares of pref. and 20,118 shares of corn. stock were acquired, leaving about
3i of 1% of the stock of that company in outside ownership.
-Practical completion of this new road is expecMontour RR. Extension.
ted on July 1 1914. The cost of right of way and elimination of grade
crossings has been more than was originally estimated, but that of other
work and some materials has been less, with sufficient funds on hand to
meet further expenditures yet to be made. The road will be ready during
1915 to serve the purposes as stated in the annual report for 1912. [Montour RR. Co. issued Feb. 1 1913 32,750,000 1st M. 50-year 5% sinking
fund gold coupon bonds, guar. by Pittsburgh Coal Co. of Penn., and due
Feb. 11963. Int. payable send-annually, free of tax. Union Trust Co. of
Pittsburgh, trustee. V. 97, P. 1286; V. 98. p. 236.1
Deferred Divtdends.-The necessity for discharging debts and building
up the physical property has so far deferred any adjustment of the dividend
arrearage upon the pref. stock, amounting to 40.58 1-3% as of Dec. 31
1913. The present status of the enterprise and a belief in its ability to
Maintain earnings up to an average better than in the past under like conditions, warrant us, we believe, in taking the matter into consideration,
and a committee of the board has been named to recommend a plan; but
action by the committee is delayed on account of the continuing unsettled
business situation. [V. 97, p. 1049.1
-In the effort. to secure relatively fair rates,
Railroad Lake Freight Rate.
the company is now before the Inter-State Commerce Commission in opposition to the proposed advance of Sc. per ton in Lake cargo coal rates.
835
THE CHRONICLE
-While there has come a more general feeling of enOutlook for 1914.
couragement for the future, with some improvement in demand, production
cannot become active again until the excess of coal in stock has been used.
Both cost and selling value are involved in the renewal of the biennial wage
agreement which expires April 1, not yet arranged.
-The balance sheet, submitted herewith, is the
Enlarged Balance Sheet.
usual composite one, excepting that the Monongahela River Consol. Coal &
Coke Co. results, assets and liabilities are now included for the first time.
so that the statement now represents directly all of the assets and all of the
liabilities belonging to the co. wherever owned or owed and however held.
RESULTS FOR CALENDAR YEAR.
(Including Monongahela River Consol. Coal & Coke Co. in 1913.)
1910.
1911.
1912.
1913.
*Produc.(tons 2,000 lbs.)
Pittsburgh district coal_ -23.451,623 16.948,775 14,739,158 16,213,912
1,267,914
1,281.517
1,414,642
Hocking district coal_ __ _ 1,072,873
•
182.708
Kentucky district
Profits, after all expenses.$6,421.703 $4,427,063 $4,044,504 $4.699.863
777,285
696,181
714,306
S. fs., & dopl. coal lands_ 1,555,089
901,089
867,595
811.251
Deprec. plant and equip_ 1,284,206
Net profits
$3,582,408 $2,901,506 $2,480,728 $3,021,489
$876.024 $1,088,791 51,056.039
$856,140
Interest on bonds
1,353,590
1,353,590
1.353.590
Preferred dividend (5%).. 1,353,590
'$1,372.678
Undivided profits
Surplus brought forward.. 9,153,434
$671,892
8,481,541
$38,347
8,443,194
$611,860
7,831,333
Total surplus Dec.31410,526,112 $9,153,434 $8,481,41 88,443,193
* Production includes sundry purchases from other producers and coal
used in manufacture of coke.
EARNINGS IN 1913 AND 1912.
(Including Monongahela River ConSol. Coal & Coke Co. in Both Years.)
1912.
Deduc'ns(Con.)- 1913.
1912.
1913.
Gross receipts__ -$36,266,146 334420,720 Rester bond prem. $520,128 $483,462
876,024
6,421,703 5,692,429 Bond interest__ 856,139
Earnings
921,345 Pref. divs.(5%)-- 1,353,590 1,353,590
-Sink. fd- 1,034,961
Deduct
671,893
Depr. plants 6c eq. 1,284,206 1,386,115 Balance, surplus__ 1,372,679
CONSOLIDATED BALANCE SHEET DECEMBER 31.
.
.
.
(Pittsb CoalCo.and Sub.Cos ,incl Monongahela River Consol.Coal& Coke. Co)
1912.
1913.
1912.
1913.
Liabilities
$
$
Assetsx81,815,016 79,826,702 Preferred stock___32,000,000 32,000,000
Properties
Common stock_ _ _32,000,000 32,000,000
Treasury stock4,928,200 4,928,200 First M. bds. (see
Pref. stock
Ry.& Ind. See.)30,147,500 29,049,000
in stks.
Investm'ts
315,498
2,415,020 2,975,026 Mtges. payable___ 250,755
and bonds
745,000
Cash with trustees10,880,223 10,149,893 Ctfs. of indebt___ 600,000
260,000.
Car trust notes___ 156,000
Pension fund in108,026
125,533
86,243 Pension fund
110,206
vestments
4,053,680 2,875,255
7,132,057 5,819,625 Bills payable
Merchandise
Accts. payable... 4,061,741 5,307,861
Accounts and bills
1,021,992 1,021,992
6,798,362 7,905,937 Stock purch. sur
receivable
412,294
356,859
2,217,362 2,349,949 Insurance funds
Cash
25,00025,000
Sales contIng.fund
588,415
Bond prem. res've 971,274
Undivided earns_ _10,526,112 9,153,434
118,296,446113,841,575
Total
116,296,446113,841,575
Total
x Properties owned Dec. 31 1913, consisting of coal lands, mine plants
and equipment, railways, railway cars, docks on Great Lakes, &c., were:
Coal lands and real estate, less allowance for depletion of coal lands$61,700,387; plants and equipment, less depr., $20,114,629.-V.97,1).1289.
American Steel Foundries, Chicago.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. R.P. Lamont, Chicago, Feb. 21, wrote in substance:
-The appropriation from profits during the year
"Appropriated Profits."
for bond redemption and debenture retirement of $456,358, together with
the profits on debentures purchased and retired of $97,370, are carried to.
the balance sheet as "appropriated profit."
-The gross sates for the year were $17,425,941 [against $14,319.Results.
572 in 19121. At no time during the year did all of the plants operate at
full capacity. The volume of orders on hand Jan. 1 1913 was large, but
new business steadily declined and by Dec. 31 the plants were operating at
less than 50% of the total capacity. Repairs and maintenance absorbed'
$1,315.859. All inventories were valued at cost or market prices, whichever was the lower.
-There was charged to capital account during the year.
Additions, &c.
for new construction and additions, $234,996, and to the depreciation reserve, $292,265, for minor additions, improvements and replacements.
-From the sinking fund $88,700 of the 1st M. 6%
Sinking Fund, &c.
bonds were retired, leaving balance sufficient to make the total provided,
for to Dec. 31 1913 31,735,000 out of a total issue of $3.900,000. Of the
original issue of $3,436,800 4% debentures, $344,000 were retired.
-By far the larger portion of your business comes directly orOutlook.
indirectly from the railroads, and their purchases are much below normal
both for new equipment and for repairs. Unless the railroads get some
year
relief in the near future in the matter of increased freight rates, theYour
1914 will not be a good one for businesses depending upon them.is very
plants and organization were never in better condition, but there
little business in sight at the present time.
INCOME ACCOUNT.
Year end. 17 Mos.end. Yearlend.
Year end.
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11.r.Thly 31 '10.
$17,425,941 $14,319,572 $14,300,5621$17,173,741
Gross sales
taw
Earn, from oper. plants
141
(after deducting mfg.,
selling, admin.& head
$697,610 $1,819,984
district office expense) $2,031,272 $1,543,839
355,693'
332,636
322.507
318,926
Depreciation
Net after deprec'n___ $1,712,346 $1,221,332
44,927
55.894
Other income
$364,974 $1,484,291
56,088
59,493
$424,467 31,540,379
$1,768,240 $1,266,259
Total
$232,300.
$329,092
$232,531
$234,000
Interest on bonds
137,472
194,752
137,472
131,089
Interest on debentures_
107,054
157,067
115,254
118,790
Sink.fd. 10-30-yr. bonds
33,332'
2,587
3,246
4,460
Int. on borrowed money
Debenture retirement.... x246,309
(23)429,600
(2%)343,680(li%)85.920(3X)644,400
Dividends
$939,758
8574,423 $1,327.898
Total deductions........ $1,078,328
sur.$689,912sur .3691,836def.8903,4315t...3600,620Balance
debenture retirement, $343,680, less deduction 597,371for
Reserve for
profit on debentures purchased and retired.
BALANCE SHEET (INCLUDING SUBSIDIARY COS.) DEC. 31.
1912.
1913
1912.
1913.
Liabilities
A ssetsCapital stock _ _ _ _17,184,000 17,184,000
Real estate, plant,
equipment, &c.20,032,009 19,843,759 Mortgage bonds... 2,325,300 2,414,000
3,092,800 3,438,800
4% debentures _
Addition to prop.
863,157
188,250 Accounts payable_ 756,737
during period__ 234,996
203,110
146,920
298,630 Pay-rolls
Other real estate.. _ 298,630
388,852 Accrued interest on
286,745
Securities
115,780.
bonds and debit.. 110,047
39,804
161,153
fund
Sinking
112,016,903 .453,888
1,034,624 2,108,472 Reserves
Inventories
Profit and loss beAccts. A/ bills rec.
fore dlv. payable
(leas reserves)._ 3,122,672 3,100,743
553,2381,243,149
Mar. 31
229,438
1,070,937
Cash
Insur. premiums,
25,795
34,090
Acc., unpaid....
26,875,856 26,223,77.3
Total
26,875,856 26,223,773
Total
a Reserves include in 1912-13 bond sinking fund, $1,472,826, and deProelation, renewal and other reserves, $544.076.-V. 98. p. 455.
836
THE CHRONICLE
American Radiator Co., Chicago.
(Report for Fiscal Year ending Jan. 311914.)
Pres. Clarence M. Woolley, Mar. 4, wrote in substance:
Results.
-The sales and profit results were gratifying. The net profits of
the parent co.were $2,081,267(against $1,696,193 in 1912-13) and,including
the foreign companies, were $2,965,515 [contrasting with $2,702,148.
The surplus of the parent company as of Jan. 31 1914 was $6,704,190; of
the foreign companies, $5,900,785; total, $12,604,976.
The high interest rates which prevailed during the greater part of the
year brought about a substantial decrease in the construction of large
buildings, but special efforts effected a generous increase in the number
of orders for the installation of our products in all classes of small buildings
throughout the cities and villages and in agricultural districts.
Plants.
-During the year manufacturing plants were constructed at
Bayonne, N. J., and at Birmingham, Ala. The plants at Kansas City,
Mo.,at Buffalo, N. Y., and at Bremen, Ind., were largely increased, while
.distributing warehouses were constructed at St. Louis and Providence.
Total Surplus, &c.
-The aggregate surpluses ($12,604,976)of the parent
and foreign companies added to the capital stock ($10,441,500) of the
•company now issued, make the sum of $23,046,476, which amount fairly
•represents the value of the actual physical assets employed in the business.
The net profits should be calculated not upon the capitalization of the
company but upon the actual assets utilized in its operation.
Stock Dividend.
-At the last meeting of the board there were declared the
usual cash dividends and an extra dividend of 10% on the common stock,
.payable in common stock on March 31 1914.(V. 98, 13. 454.)
Employees.
-For many years the employees have been encouraged and
assisted to participate in the ownership of the company and on .Dec. 31
1913 they had become the actual owners of nearly 20% of the capital stock.
In further recognition of their loyalty the board has established a pension
fund to meet the requirement due to disability, old age or sickness.
Foreign Companies.
-The companies in Germany, France, England,
Italy, Belgium, Austria and Canada, have continued to do a prosperous
business, but the sales and profits in England and Germany were unfavorably affected by the trade depression caused by the Balkan war. In the
other countries larger sales and .greater profits were realized during the last
fiscal year. The total net profits of the foreign companies for the fiscal
year which ended Jan. 31 1914 were $884,248.
No dividends have been declared by any of the foreign companies, their
profits having been utilized for the continued extension of the business
abroad. For this reason their income is not included in the balance sheet.
[VOL.
xcvni.
Pure Oil Co., Philadelphia.
(Report for Fiscal Year ending Dec. 31 1913.)
1913.
1912.
1911.
Net earnings Pure Oil Co
$1,275,481 $1,189,466
$733,307
do proportion other cos_ _ _
do
911,155
489,136
*573,145
Total net earnings
$2,186,636 $1,678,602 $1,306,452
*From accumulated surpluses of properties disposed of.
-V.93, P. 1389.
BAL. SHEET DEC. 31 (Totals $11,344,712 and $10,733,066,
respect'u.)
Assets1913.
1912.
Liabilities1913.
1912.
Invest's(lessdepr.)$6,750,595 $6,609,303 Common stock-_$4,535,245 $4,531,745
Working funds... 1,063,452 1,143,107 Preferred stock _ _ _ 481,700
638,700
Bills receivable.._ 642,965
443,140 Accounts payable_ 419,439
51,406
Res.forred.pf.stk. 483,407
Surplus
5,908,328 5,511,215
Accts. rec. mdse.
and cash
2,404,293 2,537,516
The assets of controlled cos. over their liabilities were $836,640 in 1913,
against $277,781 in 1912.-V. 98, p. 693. 391.
Railway Steel-Spring Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. F. F. Fitzpatrick, March 5, wrote in substance:
Results.
-The net earnings amounted to 31,472,093, after allowing $250,000 for depreciation (contrasting with $359,986 in 1912), and after charging
$213,120 to oper. expenses for repairs and renewals. After making allowance for interest payments and for the regular dividend of 7% on the pref.
stock, there has been carried to surplus of $176,659 (against $778,978
in 1912).
On May 20 1913 a dividend of 2% was paid on the common stock,
amounting to $270,000 out of surplus for year 1912. (V. 96,p.866,1560.)
Sinking Fund.
-The sinking fund for the Latrobe plant 5% bonds canceled during the year $136,000 bonds, making the amount so retired to
date $1,099,000. The first sinking fund payment of the Inter-Ocean plant
bonds will be made on or before April 15 1914.
New Plant.
-During the past year there has been erected on our property.
at Chicago Heights, Ill., a modern and well-equipped plant for the manufacture of springs. It is expected this plant will, because of its favorable
location, fully justify the expenditure.
-Early in the year 1913 our business was of most favorable
Outlook.
proportions, nearly all of the plants being operated to their full capacity.
RESULTS FOR YEARS ENDING JAN. 31 IN UNITED STATES ONLY. About mid-year a marked curtailment of buying by the railroads was evident, and since then your company has suffered in general with other manu1913-14.
1912-13.
1911-12.
1910-11. facturers who rely upon this class of work for the larger portion of their
Trading profits
2,081,267 $1,696,193 $1,312,052 $1,197,517 business. Our success depends to a great extent on the railroads.
7% div. on pref. stock
210,000
$210,000
$210,000
$210,000
EARNINGS, EXPENSES, CHARGES, &c.
xCash common div
.(10)717,090 (10)651,900 (10)615,000 (10)569,000
1913.
1912.
1911.
1910.
Gross earnings
Balance,surplus_ _ _
$1,154,177
$834,293
$7i688,185 $9,041,079 $6,160,496 $10,035,435
$487,052
$418,517
x There were also paid extra dividends of 10% each in common stock Mfg., on., maint., &c__ $5,966,092 $6,599,940 $4,793,481 $7,734,535
250,000
359,986
350,000
150,000
in March 1912 and 1913 ($615,000 and $676,500 respectively), and a Charged Off for deprec__
similar dividend of like amount, calling for $744,150, has been declared
Net earnings
$1,472,093 $2,081,153 31,217,015 31,950,900
payable March 311914.
Int. on Latrobe bonds
$175,433
$182,175
$188,964
$195,823
Int. on Inter-Ocean bds.
175,000
175,000
43,264
BALANCE SHEET JANUARY 31.
Dividends on pref. (75')
945,000
945,000
945,000
945,000
Divs. on common (2%)..
270,000
1914.
1913.
1914.
1913.
Assets$5
$
Liabilities
*Plants, pat'ts, &e11,400,224 9,953,884 Stock, preferred__ 3,000,000 3,000,000
Balance,surplus_.
$508,978
$ 39,787
$176,660
$810,077
Cash
2,793,122 2,563,678 Stock,common__ _ 7,441,500 6,765,000
BALANCE SHEET DEC. 31.
Notes receivable
312,023
332,551 Accounts and bills
1912.
1913.
1913.
1912.
Accts. receivable_ 1,778,426 2,002,273
payable
1,135,045
573,473
Liabilities
Assets$
$
Supplies
1,996,940 1,712,600 Balance
.
86,704,190 6,226,513 Plants
33,320,525 33,373,197 Preferred stock ._ _13,500,000 13,500,000
1,926,839 Common stock._ _13,500,000 13,500,000
Merchandise
Total
18,280,735 16,564,986
Total
18,280,735 16,564,986 Stocks, bonds,&c. 1,592,801
703,690 Latrobe bonds ___ 3,401,000 3,537,000
685,779
Accts. receivable_ 1,411,181 1,986,099 Inter-Ocean bonds 3,500,000 3,500,000
aBefore deducting 10% stock div. ($744,150), payable March 311914.
Other Items
41,252 Accounts payable.. 185,590
47,621
349,709
*After deducting $300,000 yearly for depreciation.
-V.98, p. 764.
Cash
1,813,846 1,225,213 Reserved for divldends,taxes,&e. 259,960
251,038
4,525,203 4,618,543
Surplus
Corn Products Refining Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Total
38,871,753 39,256,290
-V.98, p.767.
Total
38,871,753 39,256,290
INCOME ACCOUNT YEAR ENDING DEC. 31.
Associated Merchants Co. (of N. J.), New York.
Year end. 10 Mos.end. -Years end. Feb. 28
- (Report for Half
-Year ending Feb. 1 1914; Results for Year.)
Dec. 31 '13. Dec. 31 '12.
1912.
1911.
Profits from operation__ $3.579,667 $2,692,915 $3,326,170 $3,300,859
President John Claflin says in substance:
Int. on deposits & loans..
15,225
11,428
38,918
32,643
in New York within the last five years are
The changes
&c., on sec. owned
69,080
114,362
16,681
45,071 unprecedented in trade locations any other
in this city or in
city. As soon as tho retail suRents real est. not used
threatened, we acquired
premacy of
In operation_
5,537
_
7,158
8.467
10,850 now has no 230 St. was tho city. There James a location in 34th St., which
superior in
McCreery & Co. have been
Total income
$3,665,712 $2,829,660 $3,390,236 $3,389,423 conspicuously successful, and this year the 34th St. store will probably have
greater than those
Interest on bonds
$353,248
$308,307
356,013
$373,707 sales 1912 and almost of the 23d St. and 34th St. stores combined in the
year
equal to
Taxes
127,808
119,124
149,026
141,864 store on Nov. 21 reduced some those of 1913. The closing of the 23(1 St.
expenses and temporarily increased others.
Insurance
150,033
126,810
158,820
159,237 We
34th St.
Div. on pref. stk.(5%).. 1,500,000 *1,250,000
1,500,000
1,500,000 34thexpect greater net profits from the but this store than the 23d St. and
St. stores together have produced,
increased gain will probably
Depreciation
444,251
359,028
415,156
421,538 be more than
offset for a while by the loss to be made in sub-letting the 23d
Repairs & replacern'ts_ _
305,517
201,556
200,569
190,465 St. store.
Discount on bonds sold..
60.000
The sum of $70),000 has been taken from our general cash account for
Total deductions_ _ _ _ $2,880,857 $2.364,825 $2,839,584 $2,786,812 the purpse of increasing the capital stock of J. N. Adam & Co. of Buffalo
$400,000 has been similarly taken for Stewart
Surplus x
3784,855
3464,835
$550,652
$602,611 and business of these stores has nearly doubled in the& Co. of Baltimore.
last five years and is
The
* At 5% rate for 10 months, or 4.166%. x From the surpluses as above still making excellent progress.
In view of the great difficulties that have been overcome,we feel justified
for the year ending Dec. 31 1913, the 10 months ending Dec. 31 1912 and
the years ending Feb. 28 in the three earlier years, there was deducted in hoping that the near future will witness a gradual improvement in our
4621,186, $204.880. $317.626 and $303.517, respectively, used for payment total earnings.
of bond sinking fund requirements, leaving $163,669 for the year ending
RESULTS FOR HALF
-YEAR ENDING FEB. 1.
Dec. 31 1913, against $259,955 for the 10 months ending Dec. 31 1912,
1912.
1911.
1913.
1914.
$233.026 and $299,094 for the years ending Feb. 28 1912 and 1911, respec- Net
earnings
$721,073
$722,383
$714,019
$819 2 0
173 5405
:26
tively.
Divs. on let pref.(3%). $134,827
3136,521
$135,390
$138,9
179.368
•CORN PRODUCTS REFINING CO.
179,375
179,767
-GENERAL BAL, SHEET DEC. 31. Divs.on 2d pref.(33.%)
1913.
1912.
$405,184
1913.
For common
1912.
$399,425
$407,618
$495,516
Assets
Liabilities$
Common divs. (4% %)$
340,785
342,488
342,808
337,815
Plants & secure..a89,799,803 90,105,083 Pref. stk. outst'g_29,826,867 29,826,867
'Furniture, &e____ ' 45,664
64,379 Corn. stk. outst'g_49.777,333 49,777,333
$157,701
Remainder
$64,399
365,130
$56,617
Cash
395,134
557,158 let M.5% gold bds. 5,628,000 5,749,000
RESULTS FOR ENTIRE YEAR ENDING FEB. 1.
Bond, &c., interlet M. Os (Granite
1911-12.
1912-13.
est acerued
Year61,184
1913-14.
64,424
1910-11.
City plant).
300,000
Notes & acc'ts me_ 2,241,497 1,776,934 25-yr.5% deb. bds.1,347,000 1,461,000 Net earnings
$1,256,612 $1,255,778 $1.316.544 $1,469,991
Due from attn. cos. 838,198 1,588,602 N. Y. Glue. 1st (is 1,272,320 1,363,200 Div. on 1st pref.(6%_.. 3269,721
$273.520
$271,243
$278,006
358,621
Merchandise
358,743
3,540,942 2,943,716 Vouchers payable_ 615,334 1,067,922 Div. on 2d pref.(7%)
359,534
358,375
681,010
Prepaid expenses_ 164,213
684,297
685,481
174,465 Acc'ts payable_ _ _
673,029
130,934
238,020 Div.on common(9%)
Incur. prems. (unAccr'd int. on bds..
82,563
88,839
expired propor.)
Total dividends
69,743
80,032 Div. payable
$1. 314 736 31,314,283 $1,313,151 $1.309,410
375,000
375,000
•Nat'l Starch Co__ 890,893
sur$3,393 sur$160,581
Balance
def$58,124 def$58,505
839,575 Outstanding stock
Cash adv. on unof merged cos
593,848
615,149
BALANCE SHEET FEBRUARY 1.
finished contr.27,566
307,514 Demand loans_
175,000
1912
Assets
1913
1914
1911.
Reserves
b550,277
384,047
Surplus
c7,865,361 7,080,505 Cash for importations in $1,217;325 $1,275,447 $1,333,951 $1,330,558
Cash
transit
48.700
43,830
Total
48,700
98,064,837 98,501,882
Total
98,064,837 98,501,882 45,001 shares
5,000,000
II.B.C.Co. 5,000,000
5,000,000
5,000,000
8,100,000
8,100,000
8,100,000
a Includes $3,384,834 miscellaneous securities for the 12 months (incl. Certain primary securs_ y8,100,000
5,000,000
Y5.000.000
5,000,000
5,000,000
$1,890,500 pledged under the mtge. securing the Corn Prod. Ref. Co. Junior securities
1st M. 5% gold bonds) for both periods. 13 Reserves for 1913 include
$19,317,325 $19,424,147 $19,477,781 819,479,258
$30,000 for bad debts, $97,815 for general, State and corporate taxes, . Total assets
$115,000 for legal expenses, &c. and 3307,462 for accounts in course of
Liabilities
adjustment. c The surplus as above for 1913, $7,865,361, includes $3,- First preferred stock__ _ $4,492,000 $4,512,700 $4,534,500 $4,577,200
306,772 proportion represented by investments in plants and stocks of Second preferred stock_ _ 5,136,200
5,125,200
5,120,200
5,124,800
merged companies; $1,537,334 proportion represented by investments in Common stock
7,612,100
7,621,800
7,552,600
7,590,700
miscellaneous securities; $2.253,350 proportion used for payment of bond Importations in transit_
48,700
48,700
43,830
sinking fund requirements, and $767,905 proportion reserved for working Extra dividend account_ --- - 614,130
4 0,857
0
459,019
517,523
capital.
Surplus
1,666,428
1,666,428
1,666,428
1,666,428
Note.
-The company,in addition to its own bonded debt, also guarantees
the principal and interest of the $5,168,000 Nat. Starch Co. 5% debenture
Total liabilities
$19,317,325 $19,424,147 $19,477,781 $19,479,258
bonds of 1930, which were issued in exchange for Nat. Starch Co. debenture
y The item $8,100,000 includes all of the primary securities of J. Mclst M.of 1921 and Nat. Starch Mfg. Co. 1st M.6% bonds.
-V.97, p. 1901. Creery & Co., N. Y.; Stewart & Co., Balt.; J. N. Adam & Co., Buffalo,
.
.
TIIE CIIRONICLE
MAR. 14 19144
837
From these surpluses the amounts following have been written off: For
and $2,400,000 debenture bonds of O'Neill-Adams Co., N. Y., aggregating
and fixtures, 331,402,
$8,100,000, par value. The foregoing, in connection with the item of adjustment of plant and investments or furniture and 1910, respective
'junior securities" carried above at 35,000,000 but representing a par value $16,707, $17,964 and $45,201 in 1913, 1912, 1911 and in 1911 $1,000,®0.
the Assolcated Merchants Co. entire ownership of also, in 1912, 3500,000 for trade-marks and patents
of $5,500,000, gives
McCreery & Co., Stewart & Co. and J. N. Adam & Co. and four-fifths of
BALANCE SHEET DEC. 31.
debenture bonds, two-thirds of income bonds and four-fifths of capital stock
1912.
1913.
1912.
1913.
-Adams Co. and four-fifths of common stock of C. G. Gunther's
of O'Neill
Assets$
$
-V. 98, p. 692.
Sons.
685,362
Pl'ts, patents, &a_ 6,668,567 6,722,343 Common stock.. _ _ 685,362
6,028,588 6,028,588
Stock on hand_ _ __ 4,069,828 4,166,351 Pref.stock
United Dry Goods Companies.
Other investments 1,511,217 1,371,844 First mtge. bonds.. 3,281,000 3,342,000
969
2,969 Debenture bonds_ 1,867,000 1,867,000
let
(Results for Half
-Year; also Fiscal Year ending Jan. 15 1914.) Sk.M.bds.in treas. 55,871
fd. 1st M.bds56,489 A.cc'ts & notes pay. 1,405,859 1,501,593
120,572
120,572
790,419 Dividends
828,737
Pres. John Claflin. in the report for the half-year, said: Cash & notes rec. 3,281,205 3,449,962 Surplus
3,028,003 3,015,262
Acc'ts
The new store at 38th St. and Fifth Ave. which Lord & Taylor will
have planned it and
occupy on Feb. 24 reflects great credit on those who
Total
16,416,384 16,560,377
16,416,384 16,560,377
Total
those who have constructed it. It has many now features which will
Prof. stock issued, 36,607.500; n treasury, $578,912; outstanding,
facilitate the operation of the business and will at the same time increase 86,028,588. Common stock issued, $9,944,700; in treasury, $9,259,338;
that the location
the comfort of its customers. It is increasingly evident
outstanding, 3685.362.-V. 98. P. 765.
was well chosen.
-YEAR ENDING JAN. 15.
RESULTS FOR HALF
1911.
1912.
1913.
1914.
Net inccimo
31,102,314 $1,080,871 $1,073,399 $1,161,463
$371,000
$375,212
$377.982
Deduct-Pref. div.(3 A %) $379,447
GENERAL INVESTMENT NEWS.
511,812
577,100
577.100
Common divs. (4%).
577,100
$882,812
$952,312
$955,082
Total deduction& _
$956,547
RAILROADS, INCLUDING ELECTRIC ROADS.
$278,651
$125,789' $121,087
Surplus
3145,767
RESULTS FOR ENTIRE YEARS ENDING JAN. 15.
-Sale April 23.
Alabama Terminal RR.
1912.
1914.1911.
1913.
The property of this subsidiary of the Atlanta Birmingham & Atlantic
Net income
$2,060,501 $2,083,781 $2,088,258 $2,114,547
$737,768 RR.(see below) is advertised to be sold under foreclosure at Birmingham,
3748,331
$754,883
Deduct-Pref. divs.(7%) $758,494
958,336 Ala., on April 23. Of the debt evidenced by receivers' certificates the
1,154,200
1.154,200
Common divs. (8%)- 1,154,200
Court has apportioned as against the Alabama Terminal RR. Co. the sum
Total deductions_ _ $1,912,694 $1,909,083 $1,902,531 $1,696,104 of $1,078,606, with interest thereon at 5% per annum from July 1 1913, such
$418,443
$185,727
$174,698
$147,807
Surplus
portion to be paid out of the proceeds arising from this sale.
88
-V. p. 1196.
BALANCE SHEET YEARS ENDING JAN. 15.
-See item under "Banking,
Alaska Government Roads.
1911.
1912.
1914.1913.
AssetsFinancial and Legislative News" on a previous page.
-V.98,
98,131 shares cap. stk.
Assoc. Merch Co- $9,813,100 $9,813,100 $9,813,100 $9,813,100 p. 761, 385.
assets of
Net tangible
-The report
-Report.
American Cities Co., New York.
Hahne & Co., Powers
Mercan. Co., Wm.
for the calendar year year 1913 shows:
engerer Co.and Stewling
ena
(1) Income Account of Constituent Companies for Year9 . Dec. 31.
art Dry Gds. Co., ex1912.
1912.
1913.
12,441,951 10,518,762 10,592,967 10,545,036
clusive of cash
$
Un. Dry Goods
Cash of
Gross income..14,680,302 13,878,961 Interest, &c__ 3,347,799 3,168,333
Cos., Hahne & Co.,
Net(aft. taxes) 5,562,316 5,699,882 Bal. for diva.: 2,214,517 2,531,549
Powers Moreau. Co.,
Wm.Hengerer Co.and
Pref. Dios. Balance,
Bond
Net (after
Total
(2) Holding Co.
Stewart Dry Gds. Co. 1,284,460
2,447,054
2,716,349
3,034,951
(8%). Surplus.
Interest.
Taxes).
(Cal. Year)- Receipts.
Securities of Lord & Tay$1,850,310 $1,792,686 $500,000 $1,233,210 $59,478
1913
cash available
lor and
93,285
1.233,210
500,000
1,826,495
1,881,589
1912.
for further investment 3.264,400
3,264,400
3,264,400
3,264.400
An authoritative statement dated Feb. 27 says in substance: "On
Total
$26,803,920 $26,631,213 $26,386,816 $26,069.590 Dec. 1 1913 the management was taken over by the United Gas & Electric
Corporation, which purchased practically all of the $16,000,000 of common
Liabilities
have
Preferred stock
$10,842,000 $10,817,100 $10,747,400 $10,615,900 stock. Large economies have been put into effect and certain policies show
14,427,500 14,427,500 been changed which it is believed will regain the loss made in 1913 and gross
stock
Common
14,427,500 14,427,500
1,026,190 for the next year a substantial increase over 1912. The increase in
1,211,916
Surplus
1,386,613
1,534,420
earnings was satisfactory; the properties have never been in a better
Total
$26,803,920 $26,631,213 $26,386,816 $26,069.590 financial or physical condition, having no floating debt and arrangements
During the season 13 shares of preferred stock were issued to employees having been made for a large expenditure this year on extensions and imat par and paid for by them.
-V. 98. D. 767.
-V. 97, p. 1424.
Provements. which should bring in ample returns.
-Sale April 22.
Liggett & Myers Tobacco Co., St. Louis.
Atlanta Birmingham 86 Atlantic RR.
(Report for Year end. Dec. 31 1913-Circular of Mar.9 1914). The foreclosure sale is advertised for April 22 at Ben Hill,
Fulton County, Ga.
Pres. C. C. Dula, March 9, wrote in substance:
subject as to part thereof to (a) 34,000,000
will be
Treasurer's statement covering our second year of business shows satisfactory results. That the net earnings aro not quite so large as in 1912 is
due principally to the increased cost of leaf tobacco and greater activity in
competitive conditions. All kinds of leaf tobacco used have materially
advanced in price, and a considerable increase in the volume of our business
has necessitated heavy purchases of leaf at this high cost.
The company began business Dec. 1 1911, and notwithstanding a conservative policy as to dividends upon the common stock, it still finds its
cash resources inadequate for the needs of the business. The amount of
net earnings withheld from dividends upon the common stock during the
two years exceeds $7,600,000; but even with this sum it has been necessary
-buying season. The directo borrow considerable amounts during the leaf
tors feel that it would be unjust to the common stockholders to push to an
extreme the policy of accumulating these additional resourcesfrom earnings,
and they have, therefore, decided to recommend the issue of 37,376,100
additional 7% cumulative pref. stock at such times and in such amounts
as the directors may determine.
The present outstanding stock consists of $15,383,800 prof. and $21,496,400 common stock. The proposed increase of pref. stock will allow
of the offering of the new stock for subscription in cash at par in the proportion of one share of new pref. stock for each five shares of stock, whether
pref. or corpmon, now hold by the shareholders. It is not expected, how-buying season, which will
ever, to issue the now stock until the next leaf
be late in the present year.
In view of the continued need of cash working capital, the directors do
not feel it best that the extra dividend for the year upon the common stock
should be in excess of that paid last year. Accordingly they have this day
declared an extra dividend of 4% upon the outstanding common stock,
payable April 1 1914 to stockholders of record on March 211914.
RESULTS FOR FISCAL YEAR ENDING DEC.31.
1913.
1912.
1913.
1912.
Netprof.(dIrectbus.)7,860,985 8,575,192 Interest on bonds__ -1,820,236 1,829,360
Divs, from sub. cos. 447,681 452,500 Pref. divs.(7%)_ _ -1,076,866 1,076,866
Corn. dlys_(16%)3,439,424(10)2,149,640
Total profits
8,308,666 9,027,692
Tot. deduction.s.-6,365,226 5,085,011
*DIM bet. pur. price
29,145 Balance, surplus.... _ -1,943,440 3,942,681
& par, 7% bonds.. 28,700
*Difference between purchase price and par of 7% gold bonds (par value
$121,500 in 1913 and $120,850 in '12) purchased and canceled during year.
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
Asset$
Preferre stock...15,383,800 15,383,800
Real estate, maCommon stock... _21,496,400 21,496,400
chinery,fixtures,
7% bonds
15,265,700 15,386,950
patents, good15,059,600 15,059,600
41,226,677 41,196,071 5% bonds
will, &c
Accr.Int.pay.Apr. 267,150
269,272
Leaf tobacco, manAccr.Int.pay.Feb. 313,742
313,742
ufactured stock,
27,649,441 20,011,638 Pt.dlv. pay.Jan.2 269,217
do
821,079
.
Stock other cos_ .4,238,195 4,238,195 Accts. & bills pay_ 4,844,284
.6,138,129 6,284,107 Res. for adv., &c_ 3,352,761 2,778,147
Cash
7,746,491 5,803,051
Bills Ac sects. ree'le 4,746,703 5,582,028 Profit and los.s__
83,999,145 77,312,040
Total
-V.96, p. 793.
Total
83,999,145 77,312,040
International Silver Co.
(Statement for Fiscal Year ending Dec. 311913.)
The company reports as follows for the years ended Dec.31:
EARNINGS. CHARGES, ETC.
1912.
1911.
1910.
1913.
$1,203,650 $1,326,245 31,595,844 $1,788,480
Earnings for year
$273,173
$301,610
$295,726
$308,290
depreciation
Current
313,912
317,020
315,864
308,644
Interest on bonds
Divs. on pref. stock_ _.(9%)542,574 (10)602.860(8%)482,288(8%)482.288
Total deductions....__ 31.159,508 31,218,382 31,071,325 31,095,034
3524,519
3107,863
$693.446
$44.142,
-.
Balance,
sold
The property
Atlantic & Birmingham Rv. 1st M.5.s of 1904,due Jan. 11934;(8) 3366,900
5% equipment trusts of 1906;(c) $602,000 equipment trusts of 1907.
Of the debt evidenced by receivers' certificates, the Court has apportioned as against the company the sum of 33809,121, with interest thereon
at 5% from July 1 1913 and such portion will be paid out of the proceeds
arising from this sale. See also Alabama Terminal RR.above and Georgia
Terminal Co. beIow.-V. 98, p. 688.
-Sale Authorized.
Binghamton (N. Y.) Railway.
See Scranton & Binghamton RR. below.-V. 98, p. 522.
-The committee
-Status.
Buffalo & Susquehanna RR.
of holders of 1st Ref.4s,in circular of Mar.6,says in substance:
Since the transfer to the new company (the Buffalo & Susquehanna RR.
Corporation, on Dec. 31 19131, the accounts with the mortgage trustee,
which held considerable sinking fund money, and all other odds and ends,
have at length been settled. The committee confidently expects to distribute the new engraved bonds (drawing interest from .an. 1 1919) and
the voting trust certificates soon after April 1 next, temporary securities
having been omitted to avoid expense. We now hold all but $94,000 of the
$9,370,000 old bonds.
The negotiations for a traffic agreement with a connecting railroad, referred to in said letter dated Nov. 14 1913, were successfully concluded,and
the agreement has been executed. The committee has purchased, on terms
deemed favorable, such of the equipment formerly belonging to the Buffalo
& Susquehanna By. Co. as was considered desirable. The new company
reports net income of $33.006 for Jan. 1914, after all usual deductions, in-V.98, p. 385.
cluding accrued interest and other fixed charges.
Buffalo S6 Susquehanna RR. Corp.-Contract-Earn'gs.
-V.98, p. 72.
See Buffalo & Susquehanna RR. above.
Butte Anaconda & Pacific Ry.-Offering of Guaranteed
-The Guaranty Trust Co. of N. Y. (the mortgage
Bonds.
trustee) and Kidder, Peabody & Co., Boston, are offering
3
-year sinking fund
at 99% and int. $3,000,000 1st M.5% 30
gold bonds, dated Feb. 1 1914 and due Feb. 1 1944, but redeemable at 105 and int. on or after Feb. 1 1915. Par
$1,000 e*&r*. Int. F.& A. Auth.,$5,000,000; outstanding,
$3,000,000. Guaranteed as to principal and interest by endorsement by the Anaconda Copper Mining Co., whose earnings for the year 1912 were over $15,000,000.
The purpose of the present issue of $3,000,000 is as follows: 31,000,000
to refund at par $1,000,000 old let M.5% bonds, canceled simultaneously
with execution of this mortgage; $1,200,000 to reimburse company for cost
of electrifying its lines and equipping them with electrical motive power:
3800,000 to reimburse it for extensions and for working capital.
Digest of Letter from Pres. John D. Ryan. March 10 1914.
A 136-mile road, of which 60 miles are main line, of very substantial
construction, extending from Butte to Anaconda, and west to Southern
Cross, with spurs and branches. Of this mileage 77 miles are operated
entirely by electricity. The road carries a heavy ore tonnage between the
mines of the Anaconda Copper Mining Co. and the smelter, and to connections with the through lines, as well as a considerable passenger and varied
freight traffic. The electrical equipment, recently installed at a cost
exceeding $1,200,000, will, it is estimated, result in a saving in operating
expenses of 15%. Total revenue tons carried in 1913. 5,842,944; ditto
1 mile, 146,908,600; average train load, 1,423 tons.
These bonds are a first mtge. on all property (except steam locomotives)
now owned or hereafter acquired by the use of these bonds. The balance
authorized may be issued only for the reas3nable cash cost of additions,
improvements, electrical or rolling equipment. The movable equipment
-unit electric locomotives. 12 cars in use in passenger
now covered (17 half
service, 861 freight cars and 39 misc. cars) has an aggregate value of over
$1,500.000, or 50% of the bonds now issued, and the company covenanta
to maintain said equipment and to replace any worn out or destroyed.
The sinking fund, it is estimated, will at maturity have retired about 60%
on basis of present issue. Followed by 32,500.000 capital stock over a
majority of which is owned by the Anaconda Copper Mining Co.; dividends.
aggregating $1,057,500 have been paid.
838
[voir.-1
THE CHRONICLE
Earnings Averaged fGr Past Five Years
-Calendar Year 1913.
Av. 5 irs.
1913. I
Av.
Gross revenue.$1,235,300 $1,422,317 Int. charges, &c__ o Y's. 1913.
$96,500 $127,123
Net (aft.taxes) 269,200
353.667 Balance, surplus_3172,700 $226,544
It is estimated gross income should, under electrical
operation for the
year 1914, be over 2M times interest requirements.
Anaconda Copper Mining Co., which guarantees these bonds, is
the
largest single producer of copper in the world;
outstanding capital stock, $108,312,000, hasit has no funded debt and its
a present market value of
over $150,000,000.-V. 97, p. 1114.
Chesapeake & Ohio Ry.-Syndicate Over-Subscribed.
The subscriptions to the underwriting of the $33,000,00
0
5-year 5% secured gold notes were closed on Friday
week, the same having been largely over-subscribed of last
, a large
part having been taken abroad.
A condition of the underwriting agreement is
that the notes shall not be
offered before June 1 next by any of the
syndicate participants at less than
97.-V. 98. P. 762, 452.
Canadian Northern Ry.-Guaranty Sought-Official
Chicago & Alton RR.
Statement.
-A formal application for a guaranty of bonds was
-Authorized.
----The Missouri P. S.
Commission on March 9 authorized the company
submitted to Premier Borden at Ottawa on Mar. 6.
to issue
$999,000 additional gen. M.6% bonds for
Substance of Cable Dispatch Sent by Pres. Mackenzie to London.
improvements,
"Of the total securities guaranteed by the Dominion and Provincial and to retire $125,000 equipment notes
maturing shortly.
governments, amounting to $188,000,000, we have only made use of 3131,Of
0100,000 on construction to the present date and of this latter amount
$27,000,000 remains on deposit with the Dominion and provincial governments for completion of the lines under construction.
"As far as any present negotiations with the Dominion Governments are
concerned, we are simply representing to the Government that, in view of
of the exceedingly high standard to which the main line from Montreal
to Port Arthur and through the mountain section in British Columbia has
been built and the correspondingly high cost of the same, that some additional aid might reasonably be given in view of similar aid to the other
transcontinental roads at different times.
"In reference to main line, all outstanding securities amount to
$30,000 per mile, the total being under $90.000.000 for over 3,000less than
railway. The main line is built to the highest standard'of modern miles of
railway
construction, with low grades and light curvature, heavy roadbed,
80-1b.
steel rails and the heaviest standard steel bridges with concrete
substructures. It will be readily seen that this is an exceedingly small amount
of
securities upon railway of this standard construction through
a country
which includes the northern section of Ontario and British
Columbia. V. 98, p. 761, 688.
Canadian Northern Western Ry.-Guaranty.-The
£1,320,000 4% (Alberta) guaranteed 1st M. debenture
stock, repayable Feb. 16 1942, recently offered by Lazard
Bros. & Co., is endorsed substantially as follows:
By powers conferred
by Legislature of Province of Alberta,
order of Lieut.-Gov.-in-Council, and pursuant to provisions Canada, and
of a
trust, dated June 22 1912 and April 8 1913, made between Can. N. deed of
W. Ry.
Co., National Trust Co., Ltd. British Empire Trust Co., Ltd., trustees,
and His Majesty the King, acting on behalf of the Province of Alberta,
the
said Province does hereby guarantee payment according to their tenor of
the principal and interest of the debenture stock and(or) bonds
(herein
called guaranteed securities) of Can. N. W. Ry. Co. issued or to be
under deed of trust, payable on Feb. 16 1942, and bearing interest issued
at rate
of 4 % per annum.
The amount of said guaranteed securities included in this
guarantee is $7,870,500,or its equivalent,.£1,617,226 Os.6lid.,first general
100 miles of railway at $20,000 per mile; 20 miles of railway atrepresenting
$15,000 per
mile, and 428.5 miles of railway at $13,000 per mile.
From time to time as the company may become entitled to issue further
guaranteed securities under said deed of trust.all general guaranties taken
together shall represent the total securities guaranteed. 'Signed at Edmonton, Alberta, April 18 1913. Arthur L. Sifton, l'rovincial Treasurer.
See also V. 98, p. 610.
Carolina Power & Light Co., Raleigh, &c., N. C.
Descriptive Booklet.
-The Electric Bond & Share Co. recently
issued a 43-page booklet with numerous illustrations, regarding the properties and finances of this company and its subsidiaries. Pres. Charles E. Johnson Jan. 31 wrote in subst.:
The Carolina Power & Light
the bonds,about $13,500,000 were previously
being, it is understood, held by Kuhn, Loeb & Co. outstanding, one-half
the Union Pacific RR. The new bonds have, it is and the other half by
said, been disposed of
in the same manner.
-V.98, p. 452, 231.
Chicago Milwaukee & St. Paul Ry.-Official Statement.
-In answer to the statement made public on Friday last
by the Inter-State Commerce Commission, in which
are made by the Commission of certain irregularities charges
several
years ago in the company's accounting methods, President
Earling says:
In respect to the $100,000,000 over-valuation: This
to the amount of the capital stock of the Puget Soundhas reference solely
Co.
stock was $3,000,000. When the construction of the railway The original
was
completion and the time had arrived for financing the property, it nearing
was determined to create a mortgage covering the entire property of the company,
in order to provide for funding its then indebtedness and for the necessary
capital to complete the construction and equipment of the main line
branches, and to provide for future extensions. It was estimated and
that
this would require approximately $200,000,000. Accordingly, a
was made by the company for an aggregate principal amount of mortgage
3200,000,000. In order to have a mortgage for this amount, it was necessary, under
the laws of Washington, the State under which
Co. was
Incorporated, to have an issue of capital stock ofthe Puget Sound the laws
$100,000,000, as
of that State provided that bonds issued by railway companies should
at
no time exceed double the amount of capital stock.
Accordingly, the capital stock of that company was
000,000, the original capitalization, to $100,000,000. increased from $3,Certificates representing this amount of stock were issued and delivered to
St. Paul RR. Co., Jan. 2 1909. This company has everthe Ch. Milw. &
since held
certificates in its possession. It has never offered for sale, nor parted these
with,
a single share of this stock, and never will.
This stock was carried on the books of the St. Paul company until Jan.
1
1913, when it purchased the railway and property of the Puget Sound Co.,
and since then it has been treated by the St. Paul Co. and carried on its
books as a munimont of title.
It was carried on the books of the Puget Sound Co. at $100,000,000, in
order to make it valid stock under the constitution and laws of the State of
Washington. While this was not in strict compliance with the accounting
rules of the Inter-State Commerce Commission, it was necessary under the
constitution and laws of Washington, in order to make it valid stock, and
it was necessary that this stock be valid in order to give validity to the bonds.
About a year ago the Commission called attention to the accounts of the
Puget Sound Co. in connection with its construction and early operation.
After several conferences with a member of the Commission, it was agreed
that the accounts which had been questioned should be revised. Practically all the accounts have been revised in conformity with the requiremonts of the Commission.
These differences in accounting during the transition of the Puget Sound
lines from a construction to an operating condition covered three years or
more. Construction and operating work was carried on simultaneously,
necessarily leading to accounting discrepancies in auditing reports of large
numbers of new men who were not familiar with the classification of accounts as prescribed by the Commission.
The allusion in the dispatch to the sale of Puget Sound bonds has reference to the sale of $25,000,000 of the 1st M. bonds of the company in the
spring of 1911. Nothing in connection with the revision of these accounts
can have any effect upon the assets of either company or the value of
Puget Sound bonds or the security behind them.
At no time has there been any intention or disposition on the part of the
company to make other than accurate statements of its operating or financial condition for the purpose of promoting the sale of its securities, or for
any other purpose, and whatever may have occurred in the revision of these
accounts can have no effect upon the value of the company's securities.
Co., in addition to the properties owned and
operated by it, controls the entire common stock, except directors' shares,
of the Yadkin River Power Co. and the Asheville Power & Light Co. The
three companies furnish electric light and power service in 20 communities
(notably henderson, Oxford, Raleigh, Goldsboro, Sanford, Fayetteville,
%Vadesboro, Rockingham, Lumberton and, as a detached property,
Ashoville.-Ed.], gas service in 3 communities [Raleigh, Durham and Asheville],
and electric railway service in 2 communities [Raleigh and Asheville].
Total population served about 134,000.
The companies have steadily extended their operations
additional business, and are now more active in obtaining newand taken on
business than
ever before. The aggregate present electric connected load, eliminating
inter-company supply of power, is 36.390 h.
whereas two years ago
aggregate connected load was 12,504 h. p. A considerable amountthe
p.,
of
power already contracted for will be connected within the next few months,
and the sales of power should increase rapidly, as the territory served is
Some comments on the report of the Commission will be
prosperous and steadily growing in both an industrial and agricultural way.
found in the "Financial Situation" in to-day's issue.
Annual Business (calendar years)1913.
-V.
1912.
1911.
Number of street railway passengers.. 7,268,150
6,327,891
6,121,651 98, p. 689, 452.
Kilowatt hour feeder output (including inter-company power)
Chicago Rock Island & Pacific Ry.-Sub-Committee.-76,668,656 44,345,017 15,607,615
Gas output (cubic feet)
86,181.900 79.403,400 69,566,300 The protective committee for holders of 4% collateral trust
Consol. Statement of Earns, of the 3 Cos. (Inter-Co. Charges Eliminated).
bonds of the C. R. I. & P. RR. has appointed a sub-commitGross (increase,27%)- -31,121,849 I Interest on bonds
Net(aft. taxes)(inc.,44%) 548,270 Sundry in & discount..... 3322.453 tee to select a man to make an examination of the road inde49,515
pendently of that made by Chairman Schumacher.
Balance, surplus for year
$176,302
Similar
On Dec.31 1913 the system had 8,587 electric and 4,149 gas customers, although steps may be taken by the stockholders' protective committee,
it is thought likely that the latter will await the report of the
total 12.736. against 7,707 Dec. 311911, and had in operation 376 miles of
high-voltage and 251 miles of ordinary electric service lines: total, 627 miles, bondholders' committee. Compare V. 98, p. 762, 689.
against 229 Dec. 31 1911; 32.7 miles of street railway and 70 nines of gas
Chicago St. Paul Minneapolis & Omaha Ry.-Bonds
mains.
-V.95, p. 110.
Central Electric Ry. Co., Kansas City, Mo.-Deposits.
-The committee named below requests deposits of the $2,000;000 1st M.5s, due May 11914, with the N. Y. Trust Co.,
N. Y., depositary, or its agent, the Old Colony Tr. Co.,
Boston, on or before April 15. Circular of March 10 says:
On June 3 1911 receivers were
appointed for the Metropolitan Street
Co. of Kansas City (controlled by Kansas City Ity. & Light Co.) and Ry.
Central Electric By. Co. (owned and controlled by the Metropolitan the
$t.
Ry. Co.). Since the appointment of the receivers, the earnings of the propertle.5 have continued to be in excess of the fixed charges and interest has
been paid on the bonds of Central Electric Ry. as such interest matured.
A substantial amount of surplus earnings also, it is stated, has been
on the properties. Almost the entire debt of the Metropolitan expended
company
and of the Kansas City Ry. & Light Co. has become due, and there Is, of
course, no possibility that any one of the companies will be able to pay the
principal of its debts in the near future unless a complete refinancing can be
effected, while the nature of any refinancing will necessarily depend largely
upon the outcome of the franchise negotiations which are still pending.
As there seems to be no reason to expect that the payment of the May 1
1914 coupons direct to the holders cannot be arranged, the depositors are
requested to detach these coupons and collect them in the usual manner.
The committee will collect the interest accruing after May 1 1914 if and as
paid, and pay the same over to the depositors. The individual depositor
will be allowed 45 days in which to withdraw on payment of his share of
committee's expenses, liabilities, &c., in case any plan presented is not
approved by him. Conunittee. John B. Dennis, James J. Storrow,
Paul M. Warburg and W. K. Whigham, with C. M. Travis as
24 Broad St., N. Y. Messrs. Dennis, Storrow and Warburg are Secretary,
also
bers of the committees representing the first lien bonds and gold notes memof the
Kansas City Ry. & Lt. Co., and Mr. Storrow is a member of the committee
representing the 5% consols of the Metropolitan conmany.-V. 69, p. 26.
Charleston & Western Carolina Ry.-New Mortgage.
'The company has filed a mortgage to the Safe Deposit &
Trust Co. Baltimore, as trustee, to secure an issue of
$10,000,000 50
-year gold bonds dated Feb. 12 1914, of which
$5,700,000 are reserved to retire the old bonds and the remaining $4,300,000 are available for extensions and improvements.
-V. 73, p. 1207.
Sold.
-The company has sold to Kuhn, Loeb & Co. $1,700,000 of its 5% debenture bonds, being part of an authorized
issue of $15,000,000, due March 11930, and of which there
is outstanding,including the amount just sold $9,200,000.V. 98, p. 386.
Chicago & Western Indiana RR.
-Listed.
-The New
York Stock Exchange has listed $4,914,000 Consolidated M.
50-year 47' bonds due 1952, making total $43,948,000.
The proceeds were used as follows: Track elevation, $351.361; additional
equipment, $690,895; enlargement of passenger terminal, $252,731; discounts, commissions,
$904,433: repayment to proprietary lessee companies of the par value of Gen. M. bonds canceled in years 1912 and 1913
&c..
and on Mar. 1 1914 by sinking fund, $988,000; construction and real estate
accounts, $1,583,007; miscellaneous, $143,574. Compare V. 98. p. 235.
Earnings.
-For the calendar year:
Calendar
Total
YearRevenue.
1913
$3.120,523
1912 _
2,686,111
-V. 98, p. 522. 452.
Total
Deductions.
$2,737,046
2.450,364
Dividends
(6%).
$300,000
300,000
Balance
Sur. or Def.
sur.$83,476
def. 64,253
Cincinnati Dayton & Toledo Traction Co.
-Stock.
-
A certificate was filed in Ohio March 6 reducing the capital stock from
$5,250,000 to $2.250,000, consisting of $259,000 pref. and $2,000,000 corn.
See page 42 of "Electric Railway Section. -V. 96, p. 1839.
Easton (Pa.) Consolidated Electric Co.
-Earnings.
-
Calendar Gross Earn. Net Inc. Net Inc. Tot. E. Bd. Int. Dm. Balance,
Year.
E. Tran. E.Tr.Co. Ed.Ill.Co. Con.El. Tax.,&c. (4%). Surplus.
1913
3468,508 $126,437 $23,012 $149,450 $71.076 $30,000 $48,373
1912
427,536
94,336 24,783 119.119 75,739 30,000 13,380
-V.97, P. 53.
Cin. Newport & Coy. Lt. & Trac. Co.
-Decision.
-
The Franklin Circuit Court at Frankfort, Ky., on Feb. 26 denied the
application of the South Covington & Cincinnati Street Ry. to enjoin the
collection of a franchise tax on the full valuation placed on the franchise
for 1912. The State Board of Valuation and Assessment increased its
franchise assessment in 1912 from $710,373 to $4,195,850. The company
paid on a valuation of $801,908 and left 13,393.942 to be litigated.
-V.94.
p. 350.
it. 14 19144
THE CHRONICLE
Cities Service Co., N. Y.—Payment on Purchase —
See St. Joseph Ry., Lt., Heat & Power Co. below.—V.98, p. 386,30 .
,
3
839
The road extends from Falco. Ala., to Galliver, Fla., 25H miles.
Ilyer Jr. is l'res., It. A. flyer, Sec., and W. K. Byer Sr., Treas.
W.K.
Full-Crew Law.—Repeal of New York Law Asked.—
Cleveland & Pittsburgh RR.—Authorized.—The Ohio
See "Banking, Legislative. and Financial" items on a previous page.
Utilities Commission has granted permission to issue $1,Galveston Harrisburg & San Antonio Ry.—Favorable
•614,305 additional capital stock to reimburse the PennsylDecision.—The State Court of Civil Appeals has confirmed
vania RR. for improvements in 1913.—V. 97, p. 1425.
the validity of the original terminal property at El Paso,
Columbus (0.) Ry., Power & Light Co.—lst Dividend.—
An initial dividend of 1M % has been declared on the pref. stock, series A, Tex., estimated, it is reported, at about $2,000,000.
,payable April 1 to holders of record Mar. 15.—V.98, p.452. 235.
Dallas (Tex.) Electric Co.—Favorable Decision.—
The Texas State Suipreme Court at Austin on March 4 declined to grant
he city's application for a writ of error to review the decision of the Civil
'Court of Appeals of the Fifth District on June 14 last, which affirmed that
.of Judge Foree in the Fourteenth District Court, who granted an injunction
'restraining the enforcement of the initiative ordinance passed at th,e special
election on April 2 last, providing for the sale of 7 tickets for 2:5 cents and
for only 3
-cent fares where passengers have to stand. Compare V. 96, p•
1772; V. 95, p. 1472.—V. 96, P. 1772.
The property, it is stated, was sued for by several El Paso citizens as
heirs or agents of original donors of the land to the railroad, the deed, it is
alleged, stating that it would remain the property of the road as long as
used for terminal porposes.—V. 96. p. 1772.
Galveston Houston & Henderson RR.—Bonds Offered.
—J.& W.Seligman & Co. and White, Weld & Co. are placing
at 983i and int., to yield about 5.15%, $1,997,000 1st M.
gold 5s of 1913, due April 1 1933, but callable as a whole on
any int. date at 105 and int.; par $1,000 c*&r*; int. A. & 0.
Des Moines & Central Iowa Electric Co.—Offering of in N. Y. Part of a present issue of $2,000,000 applicable
Bonds Guaranteed by Illinois Traction.—Bodell & Co., Provi- to refund the old 1st M.bonds that matured April 1 1913.
tlence, &c. .are offering at par and int. the entire present A circular shows:
issue of $1,150,000 6% sinking fund (first lien collateral)
'
Total aunt., $5,000,000, but $3,000,000 thereof reserved for future addicold Bonds, Series A, dated Sept. 1 1913 and due Sept. 1 tions and betterments under restrictions, viz.: (a) not over $1,000,000
thereof for new equipment to extent of $900
for
1937, but subject to call at 105 and int. Par $500 and $1,- (7) for other purposes, not over $1,000,000par anyeach $1,000 spent and
in
cal. year in amounts
43000 Interest M.& S. at First Nat. Bank, N. Y., or the equal at par to cost of same. Applicatien will be made to list the bonds
1.
the N. Y. Stock Exchange.
Central 'Trust Co., of Ill., Chicago, trustee. Guaranteed, onVice-Pres. J. H. Hill reports in substance: A first lien on entire property,
principal, interest and sinking fund, by endorsement, by including about 50 miles of railroad connecting Houston and Galveston,
Tex., and terminals on Galveston Island, covering about 200 acres and
Illinois Traction Co. A circular shows:
Controls the Iowa subsidiary properties of the Illinois Traction Co.,
which include the electric-light and power companies serving Des Moines,
Ctikaloosa, Colfax, New Valley Junction, New Sharon, l'rairie City and
,
Montezuma, and the street railway in Oskaloosa. Pop'n over 125,000.
Outstanding Capitalization.
Sinking fund gold bonds, auth. $10,000,000; outstanding (6s)_ _$1,150,000
Capital stock (all owned or controlled by Ill. Trac. Co.)
1,000,000
Subsidiary bonds not pledged (or guar. by Iii. Trac. Co.)—
Des Moines Elec. Co. 1st M 58, 1938, auth., $5,000,000_ _ _ _$1,904,000
M.
Oskaloosa Trac. & Lt. Co.
M. 5s, 1923 (closed)
245.000
Sink Fund Bonds.—Additional bonds can be issued for 80% of the cost of
Improvements and extensions to the subsidiary companies, including 80%
of the excess cost of the Des Moines Electric Co. improvements over the
amount which may be funded by its 5% bonds, hut only when the combined annual net earnings of tho sub. cos. are twice the total interest charges,
including the interest on bonds proposed to be issued, and subsidiary bonds
not pledged and rentals and other charges of prior or equal lien. All future
'bond issues of subsidiary companies, excepting only the 1st M. ,5% bond
issue of the Dos Moines Electric Co. (V. 88, p. 378), must be deposited as
security for this issue. No bands can be issued against securities of future
-subsidiary companies unless at least 75% of the indebtedness and 75% of
stocks of such companies aro pledged.
Annual sinking fund of 1 y % of bonds out begins Sept. 1914, and should
2
'retire 30% of present issue by maturity. The two subsidiary bond issues
(shown above) also have liberal sinking funds which, it is estimated, will
'retire about 37% of the $2,149,000 thereof outstanding.
Collateral for This Issue Valued at Over Twice Amount of Issue.
Des Moines Electric 00.-3226,000 General M.6% bonds, due 1937 (total
out); $500,000 participating pref. stock (entire issue); $1,124,500 common stock (entire issue except directors' qualifying shares).
'Oskaloosa Traction & Light Co.
-617,000 Gen. and Ref. M. 6% bonds,
due 1937 (total out): $299,200 cont. stone (all except directors' shares).
All the bonds and all the stock (except directors' qualifying shares) of Colfax Electric Lt. Co., Montezuma Electric Lt., Power & Heating Co.,
& Bitxtm Ill. It'. (1)., No' Valley Junction Water & IA. Co.
Through this collateral the bonds offered are a lien subject only to the
1st M. issues on all the property of the Des Moines Electric Co. and the
'Oskaloosa Traction & Light Co.,and a first lien on the property of the Oskaloosa & Buxton Electric tty., and the electric-lighting and power cos.serving
Colfax, Montezuma, Now Valley June., Prairie City and New Sharon.
Franchises.—The two principal franchises of the Des Moines Electric
Co. are not limited as to time by their terms (under present law no fran•chises can now be given for over 25 years), and all the important franchises
of the other sub. cos. will either outlive these bonds or are nearly co-exten.
'Combined Earnings of Subsidiary Companies for Year ending Oct. 31 1913.
Gross earnings
$692,806 I Subsidiary bond interest__ _$105,000
Net, after taxes
350,3831 Int. on present issue
69,000
-Surplus, being 2; times the interest charge on present issue
,
6
176,383
Territory.—Des Moines, Ia., has nearly doubled in population each dec.ade, its present population being over 100,000. It is the jobbing and financial centre of one of the richest agricultural districts in the U. S. Appraised
.real and personal property valuation in 1913,3120,638,121; bank clearings
for year 1913, $265,745,000. Served by 19 radiating lines of steam and
interurban railway. Over 1,500,000 people live within 80 miles of the city.
Oskaloosa has a population of about 12,000 and is located in Iowa's best
-agricultural and coal mining district. The other smaller cities and town
• 'served are principally in the territory between Des Moines and Oskaloosa,
.and it is the intention to connect them up by high-tension transmission
lines with Des Moines and Oskaloosa stations.
Guarantor.—The Illinois Traction Co. owns and operates 5 gas companies, 12 street railway systems, serves 33 cities and towns with electric
light and power, and has over 450 miles of high-speed interurban road, with
gram earnings of over $7,800,000, serving a population of more than 2,000,000. (See earnings below and map, &c., in "Electric Ry. Section.")
containing about 59 miles of track, located adjacent to the limited shore
front accessible to deep-sea vessels. Value of property, as stated by Texas
RR. Commission Dec. 31 1912, $2,958,576; above outstanding bonds
represent less than 68% of this official valuation. Mo.K.& T.and Int. &
Great Northern systems, operating an aggregate of 4.927 miles, are dependent on the road for entrance to and terminals in Galveston, their main
deep-sea port. Since 1883 there has been no increase in the funded,debt,
and on this debt interest has always been paid,even during the recent receivership of the Int. & Great Northern RR. Annual exports from Galveston are greater in value than those of any other seaport in U. S. except
New York and New Orleans. This company is one of the three railroads
entering the city over its own tracks.—V.98, p. 304.
Georgia Coast & Piedmont RR.—Extension.—The
Brunswick extension was put in operation on March 2.
While this line is but 15 miles long, extending from Darien to Brunswick,
there are now in this extension four bridges across the delta of the Altamaha
River, including draw-bridges which are stated to be the most expensive
in the State of Georgia.—V. 94, p. 1763.
Georgia Terminal Co.—Foreclosure Sale Apr. 22.—
The property of this subsidiary of the Atlanta Birmingham & Atlantic
RR. (see above) is advertised for sale at Atlanta on Apr. 22. Of the debt
evidenced by receivers' certificates, the Court has apportioned as against
tho Georgia Terminal Co. the sum of $112,273, with interest at 5% from
July 11913, and such portion will be paid out of the proceeds arising from
this sale.—V. 88, p. 1196.
Hudson & Manhattan RR.—Application.—The company has applied to the P. S. Commission for authority to
issue $154,000 additional first lien and refunding M. bonds.
A hearing will be held on March 17.—V. 98, p. 690, 610.
Illinois Traction Co.—Guaranteed Bonds.—
See Des Moines & Central Iowa Electric Co. above,
Results for Calendar Years, Combined Properties.—
Gross.
Ne.t.
Year—
Int.Sub.Cos. Deprec. Pf.Dirs. Bat.,Sur.
$7,948,097 33,334,761 $2,072,539 3431,722 3406.372 $424,128
1913
7,415,647 3,062,433 1,975.969 379,268 344,547 362.649
1912
'
—V.''' p. 1504.
'
Interstate Railways Co., Phila.—Refund.—
The company has decided to refund $42,000 ($6 per bond) to cover the
expenses met by the bondholders who deposited their bonds with Edward
B. Smith & Co. as managers, under the reorganization plan that was proposed five years ago but not adopted.—V.96, p. 1157.
Kansas City Ry. & Light Co.—Deposits, &c.—
See Central Electric By. of Kansas City above.—V.98, p. 698, 236.
Louisville & Nashville RR.—Earnings.—For half-year:
Other
Total
Gross
Net (aft.
Divs.
6 Mos. to
Balance,
(2%)
Dec. 31. Earnings. Taxes,&c.) Income. Deduc's.
Surplus.
$
$
$
1913 ____ 31,590,409 7,677.714 1,467,777 4,208,282 2,520,000 2,417,209
1912 ____ 29,926,315 7,631,651 1,512,588 3,843,462 2,100,000 3.200.776
—V.98, p 155.
National Railways of Mexico.—Notes for Funded Interest Ready for Delivery March 16.—The company announces
that the 3
-year 6% secured gold notes due January 1
1917, issuable in payment of coupons due Jan. 1 1914, per
plan in V. 98, p. 74, 453, will be delivered on and after
El Paso (Tex.) Electric Co.—New Stock.—The share- Mar. 16 by the depositaries with whom the coupons were
holders voted on March 9 to authorize an additional $1,000,- deposited.
to
New
con,
000 common stock, the present issue to be $375,000. See ferPres. E. N. Brown is saidthe have left Mexico City forApr. 1York to$50,with bankers regarding
payment of interest due
on the
V. 98, p. 610.
747,600 General M. 48.—V. 98, p. 763. 453.
Erie RR.—Two Note Issues Authorized.—The P.S. ComNew York New Haven & Hartford RR.—J. P. Morgan
mission on Thursday authorized the company to issue the
Company's Statement as to Financing.—
See article in editorial columns on a previous pago.—V.98, p. 611,453.
'following two note issues:
Oskaloosa Traction & Light Co.—Control.—
-year 5%% collateral gold notes, dated April 1
(1) The $13,500,000 3
,
See Des Moines & Central Iowa Electric Co. above.—V.96, p. 1773.
1914 and payable April 11917, which were recently sold (V. 98,p. 689, 763),
-are to be secured mostly by collateral now deposited under the issue maturPacific Gas & Electric Co., San Francisco.—New Col5ing April 8 and some additional collateral. The collateral includes:,
(a) Bonds: $14,839,000 Erie RR. Co. 1st consol. M. gen. lien 4s; $985,000 lateral Notes Offered.—N. W. Halsey & Co. and Harris,
Erie RR. gen. M. convertible 50-year gold 4s, Ser. B; $600,000 Elmira
Corning & Waverly Ry. 1st M. 5s, and $95,000 Mutual Terminal Co. of Forbes & Co. offered recently at 993 and int., and sold
Buffalo 4% notes, payable July 1st 1924; and (b) stocks: $6,306,000 N.Y. $5,000,000 5% gold notes dated March 25 1914 and due
.Susq. & Western RR. pref. stock; $163,100 Lehigh & Hudson River Ry.;
-3145,700 Temple Iron Co.; $750,000 New Jersey & New York RR. Co. March 25 1915, but red. at any time at 1003/i and int. Par
pref., and $1,000,000 New Jersey & New York RR. common.
$1,000, c*. Int. M. & S. 25. Trustee, F. N. B. Close,
(2) $4,550,000 2A-year 5 % collateral gold notes, to be dated Oct. 1
1914 and payable April 11917. Said notes to be secured by sante collateral V.-Pres. Bankers Tr. Co., N. Y. Subject to approval by
-as is now deposited as security for the 34.550,000 notes due Oct. 1 next, the Cal. RR. Commission.
which are to be paid off, toginher with such additional assets as company
Digest of Circular Giving Official Data Dated Mar. 12 1914.
may have available and desire to pledge.—V. 98, p. 763, 689.
These $5,000,000 5% notes due 1915 are secured by the deposit of $3,Fitchburg RR.—Bonds Authorized.—The Mass. P. S. 572,000 General and Refunding M.5% bonds and $5,000,000 General Lien
bonds cover the
.Commission on Mar. 13 authorized the company to issue 6% bonds, "series A."& The General Liendivisional bonds; entire property
Ref. M. and the
subject to the General
and during the
-$1,872,000 20-yr. 5% bonds dated Jan. 1 1914.
life of the notes no additional General Lien bonds can be issued. The
The proceeds of $1,372,000 are to be used to repay the Boston & Maine $2,000,000 escrow notes may be issued only under restrictions for additional
deposit of additional Gen. & Ref. M. bonds, as proupon
RR.for additions and impts. made to the property and the remaining $500,- property,
&c.'
.000 to retire a like amount of bonds maturing May 11914. The bonds were vided by the trust agreement. Until the Gen. & Ref. M. bonds deposited
-authorized by the stockholders on Sept. 24 last (V. 97, p.. 950).—V. 98, aggregate 35,000,000, the company cannot dispose of additional bonds of
that issue. [The bonds to be pledged are not included in table below].
p. 235, 155.
Operates in 30 counties of California having an area of 37.452 sq. miles.
Florida Alabama & Gulf RR.—Receivership.—W. N. with a population (1910) of 1,324,476. and including the fertile Sacramento
valleys
Francisco, Oakland, SacraRoberts of Pensacola, Fla., it is reported, has been appointed and San Joaquinand 167 and the cities of San Frirtchise rights, either unother communities.
mento, San Jose
receiver in a suit brought by the trustee for the bondholders. limited in time or extend,with minor exceptions, beyond maturity of bonds.
840
THE CHRONICLE
Outstanding Capitalization [Upon Payment March 25 1914 of the $5,000,000
6% Notes due June 25 1914].
Stock ($10,000,000 is 6% pref.).
$42,109,300
5% gold, notes due 1915 (auth. $7,000,000)
5,000,000
General and Refunding 5s (auth. $150,000,000)
24,986,000
Divisional bonds, closed (in addition to $2,344,200 alive in
sinking funds).
50,499,800
Earnings for Cal. Year 1913, as Certified by Chartered Accountants, with
Present Interest Charges.
Gross revenues.
$16,202,337 Int. on $5,000,000 5%
Net, after taxes
$250,000
6,871,131
notes, due 1915
Deduct
-Interest on bonds 3,892,920
[VoL. xcvm.
on application of former Governor J. Y. Sanders of Louisiana, as counsel for the Lorimer & Gallagher Construction
Co., appointed former U. S. Senator William E. Lorimer,
Wilber E. Crane of Chicago and John A. Hamilton of
Marissa, Ill., receivers.
The company has been unable to float its proposed bond issue, largely.
it is stated, because of the repeal of the franchise over the free bridge at
St. Louis. It is hoped to obtain the necessary money to complete the road
-V.97, p. 1205.
and place it in operation.
-Bonds Awarded.
Third Avenue RR.
-The bids for the
Balance (sinking fund requirement for bonds, $800,000)$2,728,211 $4,000,000 First Refunding 4% bonds, made direct
to the
Gross revenues here include $261,733 reserve for amounts charged in
public, were opened on March 10. Bids were received from
1913 in excess of city ordinance. Actual bond int. 1913,$3,783,197.
Customers Dec. 31 (Gas, 208,269; Elec., 132,355; Water, 8,511; Steam, 282). 51 bidders, aggregating $18,872,000. The awards were made
Dec.1907. Dec.1908. Dec.1909. Dec.1910. Dec.1911. Dec.1912. Dec. 1913. at an average price of 83.0437, as follows:
183,271
199,909 218,252 244.325 287,106 321,092 349.417
Lazard Freres, $1,506,000, at 82.815; Clark, Dodge Sz Co. and J. & W.
Total present electricity generati .g capacity, 232,680 h.p., of which
123,080 h.p. is hydro-eiec'ric. Has under way a new hydro-electric de- Seligman & Co. jointly, $1,000.000 at 83; Bernard Baruch, $1,000,000 at
Haas. $450,000 at 82.83; G. Ehret, 344,000 at 83.
circuit steel tower trans- 83.53; Seasongoo 1
velopment on Yuba and
rivers, with double
mission lines; total cost to I .a 31 1)13, $6,944,000, from which no return
President Whitridge is quoted: "We got a better price than we could
had been realized to Dec. 31 1j13, but which should substantially increase have obtained front underwriters. Four-fifths of the bids were for amounts
the revenues in 1914 and suusequeiit years. The ultimate capacity of this less than $50,000. but there were few genuine bids for just one or two
development will be 190,000 Is. p. The gas department has 2,374 miles of bonds. Most of such bids were put in by people who thought they would
mains.
-V.98, p.690.
be smart if they got a bond under 80 that they knew they could sell right
-Mortgage Approved.
-The stock away for 83."
Pennsylvania RR.
Listed.
-The N. Y. Stock Exchange has authorized to be
holders at the annual meeting on March 10 unanimously
approved the proposed new blanket mortgage recommended listed $4,187,000 additional First Refunding mtge. 50-year
by the directors which is limited to the amount of the out- 4% bonds on notice of sale, making the total $19,977,000.
The proceeds will be used in part payment for the following securities,
standing stock at any time outstanding. Compare V. 98,
which will be deposited under the First Ref. M.: $734,000 Belt Line By.
p. 388.-V. 98, p. 750, 763, 681, 694.
Corp. stock and $1,750,000 1st M.30-year 5% gold bonds (the entire auth.
-New Officers.
Pere Marquette RR.
-William A.Garrett Issue), and $4,221,000 New York City Interborough Ry. stock out of
sinking fund gold bonds,
of Chicago, Vice-Pres. of the Chicago & Great Western RR., $5.000,000 outstanding, and $1,702,000 1st M.4% which are held in the
being all of the bonds outstanding except 387,000,
has been chosen Chairman of the Board. It is rumored that sinking fund provided for in the mortgage securing that issue.
for
he may be chosen President. The new board (11 of the 15 V.For earnings306.6 mos. ending Dec. 311913, &c., see V. 98, p. 238.98, P. 691,
reside along the line of the road) consists of:
UnionPacific RR.
-New Suit.
-The Equitable Life
W. L. Clements, Jas. B. Peters, Geo. H. Russell, Wm. Roach Hart
B. F. Davis, A. E. Sleeper, S. L. Merriam, F. Prince, W. A. Garrett, Assurance Society on Mar. 6 brought suit in the Supreme
E. W.R. Thomas, F. W.Stevens, W. H. Porter and receivers F. W. Blair, Court against the company to restrain it from distributing
Dudley E. Waters and F. W. Felton.
-V.98, p. 763.
about $75,000,000 Baltimore & Ohio stook and an extra
Presidio & Ferries RR., San Fran.
-Sale to City.
cash dividend of $3 per share to holders of the common stock.
Francisco" in State and City" Department.
See "San
-V. 97, p. 1734. The Equitable Society, it is stated, is the holder
of $1,618,000
Rapid Transit in New York City.
-Contracts.
-preferred and also of about 814,000,000 bonds.
Contracts for the construction of Section 4 of the Seventh Avenue(Manhattan) subway from 16th St. In Seventh Ave., as extended to Commerce
St. were awarded by the P. S. Commission yesterday to the U. S. Realty
&'
Improvement Co. the lowest bidder, at $1,837.726. With this award,
the entire Seventh Ave. subway from Vesey St. to Times Square has been
'
contracted for. The U. S. Realty & Impt. Co. will also have Section 5,
from 16th St. to 30th St., an assignment of that contract by the Canavan
Bros. Co., to whom it had been awarded, having been recently approve
by the Commission.
A public hearing will be held at the office of the P. S. Commission on
March 17 upon the proposed terms and conditions of a contract for the
installation of tracks, &c., in the Fourth Avenue (Brooklyn) subway from
the Manhattan Bridge through Flatbush Ave. Extension, Fulton St.,
Ashland Place and Fourth Ave., Brooklyn, to 86th St.
-V.98, p. 763, 611.
The action is in the nature of a test suit as to the rights of the preferred
stockholders in the proposed distribution.
Another suit, by several small holders of the preferred stock was recently
Court and is now pending (V. 99,D. 157).
brought in the
It is alleged that the B. & 0. stock to be distrlbutedT to the common
stockholders as a dividend constitutes a capital asset of the company and
forms "part of the corpus of its properties, whereas the directors stated
that it was declared out of accumulated surplus. It is also alleged that
"the part of defendant's surplus representing profits of defendant's business,
as distinguished from such accretions of capital and other capital assets ,is
less by many millions of dollars than the amount of the proposed dividend.
If a distribution is to be made from what the plaintiff states are capital assets, the claim is made that the preferred shareholders are entitled to a pro
rata share.
St. Joseph Railway, Light, Heat & Power Co.
-A suit was begun
-PaySuit to Enjoin Corporation Income Tax.
ment.
-E. W. Clark & Co. of Phila., announce:
on behalf of Frank R. Burshaber yesterday in the U. S. DisCities Service Co. has made payment of $15 a share on common stock of trict Court in this city to prevent the company from paying
St. Joseph Ry., Lt. Ht. & Power Co., due Mar. 1, together with interest
on unpaid amount Of purchase price. We are now ready to distribute this the corporation tax due under the income tax imposed under
payment pro rata to holders of deposit certificates. A deduction of $1 the Act passed by Congress last year.
a share is made to reimburse us for our services in connection with sale of
Warrants.
-The company has sent to all common stockthe property to Henry L. Doherty & Co. The distribution, therefore,
-V. 98,
including interest to Mar. 1, will amount to $15 75 a share.
-V.97, p. 366. holders a warrant representing the extra dividend.
St. Louis Iron Mtn..8z Southern Ry.-New Director.
- p. 525, 454.
Wm. H. Lee, Pres. of the Merchants-Laclede Bank of St.
-Bonds Sold.
-The
Union Terminal Co., Dallas, Tex.
Louis, has been elected a director to succeed 0. L. Garrison, company has sold $2,000,000 bonds to William Salomon &
who resigned.
-V. 98, p. 764, 454.
Co.
-V. 97, p. 1505.
St. Louis & San Francisco RR.
-Favorable Decision.
-Earnings of System.
Union Traction Co. of Indiana.
The U. S. Supreme Court on Feb. 25, according to the Calendar
Other
Bend
Net (after
Gross
Dim- Balance,
Taxes). Income. Int., &c. dends. Surplus.
Earninqs.
Year"St. Louis Globe-Democrat," affirmed the decision of the
$2.466,832 $881,751 $51,798 $858,858 $50,000 $24,694
1913
lower Court, holding that the Secretary of State of Oklahoma 1912
8,108
765,711
884,195
37.500
2,308,619
89.093
could not revoke or cancel the license or right of the company
Dividends,$50,000 as above in 1913, consist of5% on the Union Traction
Co. of Indiana (consolidated company) 1st pref. stock; in 1912 ($37,500)
to do business in that State, because it had removed a case includes the dividend on Union Traction Co. of Indiana (old co.) pref. stock
-V.97,0. 446.
brought against it by the State authorities from the State and that paid Oct. 1 on the 1st prof. stock of the c.msol. co.
to the Federal courts.
United Railroads of San Francisco.----Payment Bonds.•
Texas Lines.
Receiver's Certificates on
-Judge Burns in the -Regarding the extension of $600,000 Ferries & Cliff House
U. S. District Court on March 6 authorized receiver Frank 6% bonds due Mar. 1 to Dec. 31 next, the following is given:
Texas lines to issue $375,000 certificates to
Andrews of the
Of the bonds, $50,000 have been purchased by the United Railroads and
pay debts and make improvements.
arrangements made for extending the remaining $600,000 to Dec. 311914.
The $250,000 Park St Ocean 6% bonds which matured Jan. 1 were paid
off out of earnings. No public offering will be made of the extended bonds,
as present holders will be given an opportunity to join with the bankers in
carrying the bonds for the extended period. The property covered by the
the
it
extended bonds formerly carried $1,700,000 of first mortgages,
security back of the bonds is unquestioned. The 00,0 Powell St.
San Diego & Arizona Ry.-Authorized.-The Calif. RR. 6% bonds were canceled May 1 1912 and the $350,000 Park & Cliff house
paid
14
Ry. 6% bonds on
Commission on Feb. 10 authorized the company to issue earnings for 1914. Jan.fast 1914. The extended bonds will be be out of
as practicable additional issues will
As
$10,000,000 bonds and $3,000,000 stock to complete the line for out of surplus earnings. In this policy President Lilienthalprovided
appears
strong financial institutions which
to have secured the co-operation
from San Diego into the Imperial Valley, about 140 miles. have not hitherto been identifiedof twothe property. The new policy will
with
"Los Angeles Times" says:
result in a better standing of the bonds with investors, and should also assist
Of the road, 15 miles have been constructed, connecting San Diegoand in a settlement of the street railway question on a basis fair to both parties.
Tia Juana, on the Mexican border, with a total constructed line in Mexico -V.98, p. 691, 238.
of 40 miles. The cost of constructing the Mexico properties alone, the
Commission says, will be $2,45S,519.
Washington Baltimore & Annapolis Elec. Ry.The Commission further says:"The stock stands in the name of J. B. and
The managing comolitteo of the voting trust of the company, composed
A. B. Spreckles, but the Spreckles interests claim that the Southern Pacific of George T. Bishop, George R. Sheldon ani Frank H. Ginn. which expired
agreed to take over the road, while the Southern Pacific states that the by limitation on April 1, have requested the stockholders to extend the
Spreckles interests agreed to reimburse thorn for the advances. It appears agreement to April 11916, stating that such ektension will be foil the best
that $5,000,000 has already been expended in construction. Of this, $2,- of their interests.- V. 98. p• 45' •
1
000,000 was advanced by the Southern Pacific Co. and $3,000,000 by the
Spreckles interests. It was proposed to issue $15,000.000 of bonds to com-The company has
White Pass Yukon Ry.-Notes Sold.
plete the railway,but the Commission held that the issue of only $10,000,000
in bonds should be allowed, and that the balance should be financed from sold £70,000 6% secured notes at 96.
drawings at par until by November 1918 the
They are redeemable by
stock.' A trust deed has been authorized, providing for the $15.000,000
bonds, of which $5,000,000 is to remain in the treasury for future purposes. whole is re-paid. The proceeds will be used to purchase control of the
North Navigation Co. Compare V. 97, p. 1899.
Compare V. 94. p. 560.
Of the amount $125,000 will be spent on the Beaumont Sour Lake &
Western and Orange & Northwestern lines and $250,000 on the St. Louis
Brownsville & Mexico lines. A deal, it is stated, is pending for the sale of
the certificates on a 7% basis, or 1% better than was received for the
previous ISSII0 of $125,000.-V. 98, p. 691, 611.
Scranton & Binghamton (Electric) RR.
-Purchase.
Wisconsin Central Ry.-Application.-The company
The P. S. Commission on Feb. 26 authorized the purchase has applied to the Wisconsin RR. Commission for authority
by this company of a majority of the $978,995 capital stock to issue $783,000 refunding bonds.
of the Binghamton Ry. Co.(at 60) under agreement of Jan.8.
To reimburse it for betterments during 1913, amounting to $337,000;
The Scranton & Binghamton RR. Co. is projected to extend from
Scranton, Pa., and Binghamton, N. Y., 62 miles, and is operating 21 miles
from Scranton to Nicholson, with 18 miles additional under construction.
Over 90% in interest of the stock of the Binghamton Ry. Co. has, it is
understood, been deposited with the First Nat. Bank of Binghamton
for purpose of this sale. (Compare V. 92, p. 189, 1244.)-V. 98, p. 525.
refunding 1st M. bonds purchased in 1913, $54,000; equipment obligations
paid in 1912, $2)3,000; additional equipment not yet funded. $189.0 .
00
V. 95, p. 969.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Mfg. Co., N. Y.-81 -Mos. Statement.
Southern Traction Co. (I11.).-Receivership.
4
-Judge
Wright in the Federal Court at Danville, Ill., on March 6, Chairman J. H. McClement, March 6, wrote in substance:
MAR. 14 19144
THE CHRONICLE
from corn
A surplus of $755.125 resulted from profits of the companies
Allismencement of business April 16 1913 to Dec.311913. apportioned: To
$39,116. As
Chalmers Mfg. Co.. $716,008; Bullock Electric Mfg. Co.,there has been
of Nov.4 1913(V.97. p. 1432, 1428),
indicated in the report
general
a decided falling off of business since Aug. 1 in sympathy with the
slackening of business throughout the country. The result Is reflected
of profits each month since Oct. 1, and as yet there is
in a large reduetion
no perceptible improvement. Unfilled orders on hand Dec.31, $3,350,000.
of
The board on Thursday carefully considered the quesUon of payment
of presa portion of the surplus as dividends on the pref.stock,but,in viewadopt a
to
ent conditions and the uncertainty of the future, concluded and business
conservative policy and defer action until such time as profits declared and
prospects will justify the expectation that dividends can be
maintained at a specified rate.
1913.
Consolidated Balance Sheet, Incl. Bullock Electric Mfg. Co.,as of Dec. 31
$32,043,306 Preferred stock_ _.._ _..$16.500,000
Capital assets
26,0 ,
Common stock_
406,135
Voting trust atfs__.._
4,972,468 Bullock stock (only $600 1,170,600
Receivables
common)
4,889,171
Inventories
899,335
Payables & pay-rolls
Marketable securities_ _.. 2,102,088 Taxes accrued
143,166
1,274,424
Cash
241,491
22,125 Reserves
Other accounts__
--755,125
Surplus
$45,709,717
Total
deducting proper reserves, amounted
The net current assets Dec.31,after
working capital, $12,$13,128,196; current liabilities, $1,042,501; net plant, machinery and
to
assets include: Real estate
085,695. The capital
.-V.98,P•525.
$915,303
'
good-will. $31,128,002,and property not required,
841
Feb. 1 1914, fully described in last week's "Ohroni ele"in
connection with letter of Pres. Bull. See V. 98, p. 765.
Central Coal & Coke Co., Kansas City, Mo.-Bonds.-V.98. p. 526.
See Delta Land & Timber Co. below.
-New Stock.
(The) Cleveland (0.) Worsted Mills Co.
-Dividend Reduced.
Express Co.
American
from investment
A semi-annual dividend of 1%% has been declaredof record Mar. 14.
holders
income on the 180,000 shares, payable Apr. 1 to made out of earnings from
2 last a semi-annual payment of 2% was rate, as against the 12%
On Jan.
operations. This indicates a 7% annual dividend
paid quarterly), in
annual rate (6% each from investments and earnings,
company owns $5,132,400
effect from Oct. 1906 to Oct. 1913, incl. The which distributions have
RR. stock, on
New York New Hay. & Hartf.
shares of Wells, Fargo & Co.
been suspended. In July 1913 the 45,000 been receiving 10% annually)
had
stock owned (on which the company
Compare V.97. p. 1665, 1428, 178.
were distributed as a 25% dividend.
Gas Co. (of N. J.), Phila.-Stock-Earns.--
The shareholders will vote March 25 on increasing the capital stock
from $3,000,000 (all out) to $10,000,000, all of one class. Circular of
Feb. 20 says in substance:
"Recent tariff legislation has brought about a change in business conditions in connection with our industry. It will become necessary for the
company to enlarge the volume of business, thereby requiring additional
manufacturing facilities. To prepare for these conditions, we must increase
our capital stock. The board of directors recommends:
"(1) $750,000 capital stock be offered pro rata to record stockholders of
March 25 1914 at par ($100 a share), the proceeds to be usedln extending
buildings and machinery. This stock is to be issued Jan. 1 1915 and paid
for in three equal installments on July 1 1914, Oct. 1 1914 and Jan. 1 1915.
"(2) It is desired to use $750,000 stock for payment Jan. 1 1915 of a stock
dividend of 25% to record stockholders of Mar. 25 1914. [Press reports
say that it is understood that this distribution is likely to be followed by
adopting a 7% dividend basis, as against 8% for past 5 years.-Ed.1
"(3) From the remaining $5,500,000 of stock available for future issue,
it is desired to use $250,000for sale at par in discretion of board to employees."
[Spinners, weavers and dyers of textile fabrics, owning and operating
1,200 looms and 55,000 spindles, including Cleveland Worsted Mills Co..
Cleveland; Annevar Dyeing & Finishing Works and Redfern Worsted Mills.
Ravenna,0.; Odsonia Worsted Mills, Jamestown, N. Y.; Rowland Worsted
Mills, Philadelphia; Langford Worsted Mills, Providence; also, it is understood. Lake Hodgson Water Works Co. Directors:0. M.Stafford (Pres.),
Kaufman Hays (V.-Pres.), George H. Hodgson. Martin A. Marks (Sec.Treas.), C. G. Bentley, F. H. Hechler, J. W. Bolton and 0. B. Greene.
See also V. 90, p. 1427; V. 98, p. 692.
-Stock, Control, &c.
Des Moines (Iowa) Electric Co.
See Des Moines & Central Iowa Electric Co. under "Railroads" above.
V. 89. p. 228.
Consolidated Gas, Electric Light & Power Co., Balto.
The Md. P. S. Commission has been asked to sanction the issuing of
$1,196,800 additional 5% debenture stock, account of construction.
V. 98, p. 455, 239.
American
N. J., March 7 prolonging the comA certificate was filed at Trenton,
auth. capital stock from
-New Southern Pine Loon
Delta Land & Timber Co.
any's existence indefinitely and increasing the requirements, no present
to $15,000,000, to provide for52.,0 future
7
Guaranteed by Central Coal & Coke Co. of Kansas City.
contemplated. See V. 98, P..
uc+ being
- Clark L. Poole & Co. of Chicago are offering by adv. on
American Gas Co.
Affiliated Companies
Operating Bond Balance, Int.,&c. Divs. Balance, another page, at prices to net about 6%, the small unsold
Gross
Calendar
.
Year- Income. Expenses. Interest. Sur. Am.0.Co (7%). Surplus.
portion of $1,950,000 First & Refunding Mortgage serial sink$
$
$3
1913 ------3,659.263 1,789,407 901,071 968,785 314,268 311,596 342,921 ing fund gold 6% bonds, unconditionally guaranteed, prin1912 ........-3,237,486 1,536,175 834,640 866,671 291,781 307,737 267,152
by the Central Coal &
.
Gross income as above includes $248,287 income from other sources in cipal and interest, by endorsement
1913, against $199,609 in 1912.
Coke Co. of Kansas City, Mo., the well-known lumber and
From the surplus as above ($342,921 in 1913. against $267,152 in 1912). coal company, whose business was established in 1871.
there was credited to depreciation account $149,006 in 1913. against $124.252 in 1912, leaving $193,915 in 1913, against $142,900. There was also See V. 97, p. 48. The bankers further say, in substance:
credited in 1913 an extra dividend of $65,016 from Western United Gas &
These bonds mature serially each six months from Jan. 1 1915 to July
Elec. Co., making a total of $258,929, of which $155,016 was credited to the 1924 and their principal and interest are payable at Merchants' Loan & Tr
American Gas Co. depreciation reserve and $103,914 transferred to gen- Co., Chicago. and Michigan Trust Co., Grand Rapids, joint trustees, and
-V.98. p. 525.
eral surplus.
at Drexel & Co., Philadelphia. Normal income tax, 1%. paid by the co.
of which
Security, 140,438 acres of
American Mfg. Co.(Bagging, &c.), N. Y. and Boston. approximately 131,000 acres Southern yellow pine timber lands,
are owned in fee located in Louisiana and
The stockholders recently authorized the issue of $4,000,000 5% cum. Texas, and two complete lumber-manufacturing plants, conservatively
payable as a 50% stock dividend
pref. stock, of which $3,000.000 will be
valued at about 24 times the amount of bonds. A sinking fund paid in
April 15 to stockholders of record Apr. 1.-V. 94, p. 633.
advance of cutting any timber will operate to pay off the entire bond issue
-See "Annual Reports." when about 60% of the timber has been cut.
American Tobacco Co., N. Y.
of Central Coal & Coke Co.(Guarantor of Bonds)for Years 1903 to 1913
Distribution of Entire Holdings in Imperial Tobacco Co., Earns.from net earns.,conversion of timber and royalty on coal $10,063,139
Recta
Ltd.
-The company announces that it will, on or about
Of which it has returned to its stockholders in dividends_ _ _ _ $4,213,125
Put backinto the property in added now property and reApril 20 distribute ratably among its common stockholders
r
tirement of funded debts
as of record April 1 1914 360,729 Restricted B Deferred OrCo. has paid dividends at rate of 5% per anThe Central Coal &
dinary shares of the par value of .C1 each of the Imperial num on its $1,875,000 Coke stock from 1898 to date; also dividends on its
pref.
Tobacco Co. (of Great Britain and Ireland), Ltd., these $5,125.000 common stock at 4% from Jan. 1 1901 to April 1 1902 and
to date.
being all of the shares of said company belonging to the Amer-. 69' from 1902issue marks our 62d loan to large lumber interests of the
The above
icon Tobacco Co. and equaling about 9-10 of a E1 share for United States. Timber land bonds bearing our recommendation have
behind them a flawless record. Out of a total of $70,000,000 of timber
each $100 common share of Am. Tob. Co.
land bonds sold our clients during the past 10 years, $21,000,000 have maThese shares can be issued only to stockholders of record April 1 1914, tured and been paid or called in prior to maturity at a premium. No inand the rights to the shares cannot be transferred or assigned. The dis- vestor has ever suffered loss or delay in the prompt payment of principal
tribution will amount to 360729-401824ths of a share for each share of Am. or interest on any of these bonds.
Tob. Co. common stock, and will be in the form of a non-negotiable trams-The fran-Deposit of Bonds.
fer deed for whole shares and warrants for fractions of shares, said warrants
Denver Union Water Co.
in proper amounts redeemable for whole shares if presented to Guaranty chise granted to the company by the City of Denver has exTrust Co.on or before Aug. 20 1914.
Under Articles of Association of the Imperial Tobacco Co.. a registered pired and at an election held May 17 1910 the city declined
holder of its Restrioted 13 Deferred Ordinary shares, or B Deferred Ordigive the company a new franchise. At an election on Feb.
nary shares, desiring to transfer these otherwise than to certain near rela- to
tives by birth or marriage, must offer them through the Imperial Tobacco 17 1914 the City declined to enter into a contract of purchase
to the holders of 13 Deferred Ordinary shares (but not to the holders of of the company's properties on the terms then proposed.
Co.
Restricted B Deferred Ordinary shares) at a pries) fixed from year to year
by the shareholders in general meeting. The present price fixed at tho general In view of these facts, it is believed that the company will
meeting held Feb. 1914 is £2 5s. per share, with interest at 5% per ann. default in the payment of the $8,000,000 1st M.5% bonds
from the last div. payment to the day ofsale(V.98, p.692).-V.98. p.525.
The committee named
L
when they mature on July 1 next.
-First M.Bonds Called. below therefore urges the deposit of the bonds on or before
American Tube & Stamping Co.
Apr. 15 with the N. Y. Trust Co., 26 Broad St., N. Y., as
as
Water Works & Guarantee Co., Pitts.-Sale. depositary, or the International Trust Co. of Denver,
American
The U. S. District Court at Pittsburgh has, it is stated, authorized the its agent, under protective agreement. (See adv.).
Ten ($10,000)5% 1st M.30-yr. gold bonds dated Oct. 1 1902 for payment
-V.96, p. 792.
on Apr. 1 at 105 and int. at Equitable Tr. Co., N. Y.
receivers to sell the assets of the corporation for a nominal sum, preparatory, it is understood, to reorganization -V.98, p. 525, 389.
-The reCalifornia Petroleum Corporation.-Report.
port, which will be cited more fully another week, shows for
the company and all its subsidiaries on a gross production
for the year of 5,463,600 barrels as follows:
Committee: Otto T. Bannard, Pres. N. Y. Trust Co., N. Y. City;
John C. Mitchell, Pres. Denver Nat. Bank, Denver; M. D. Thatcher,
Pres. First Nat. Bank, Pueblo; George H. Taylor, Banker, Chicago;
J. A. Hayes (Chairman), Pres. First Nat. Bank, Colorado Springs; Charles
E. Haydock, 26 Broad St., N. Y., and James Benton Grant. Boston Bldg.,
Denver, as Secretaries, and K. R. Babbitt, 25 Broad St.. N. Y., and William V. Hodges, Denver, as Counsel. See V. 98, p. 613.
-Earnings.
Dominion Canners, Ltd.
Results for Calendar Year 1913, Including Subsidiary Companies.
Balance,
Common
Preferred
Net
Gross earnings
$2,885,188 Deduct: Other de rec..&c. $88,954 Calendar
Surplus.
Div. (5%).
Di,,. (7%)
Profits.
YearNet earnings
$2,176,430 Divs. on stock, 1013:
$99.609
. $128,916
$152,000
$38ó,525
13
865.936 1913
Preferred
Deduct: Complet'g wells.. 383,838
222,584
128,916
151,909
371,925 1912503,409
Common
011 exhaustion at Sc.
The net earnings as above are stated after deducting bond interest
273,180
per barrel
amounting to $85,890 in 1913;amount not stated in 1912.-V.97, p. 524.
$192,597
Balance
Adding to above the bal. Jan. 1 1913, &c., $176,552, makes a total of
-Decision Affirmed.
Eastman Kodak Co.
$369,148, from which deduct special reserve at rate of 5c. per bbl. on gross
The U. S. Circuit Court of Appeals March 10 affirmed the decision of
production (5,463,600 bbLs.) for the year, $273,180, producing a revenue Judge Hazel in the U. S. District Court in August last holding that the
surplus, as per balance sheet, of $95,968.-V. 98, p. 75.
company has infringed the Hannibal Goodwin film patent. An order for
to the U. S. Supreme Court will be argued on
-Bonds-Notes-Voting Tr. a stay pending an appeal V. 97, p. 524.
Canadian Coal & Coke Co.
A circular issued by Pres. II. A. Lovett, K. C., at Montreal on March 9 Monday next. Compare
says in substance: The acquisition of the constituent properties involves
The opinion, written by Judge Coxe, WaS given at length in the "New
raising the funds necessary to pay debts, provide for the completion of the York Commercial" of March 12. The Court says that a motion is pending
development and equipment of the properties and working capital. The in the lower Court for an order extending the time during which the comcompany for the purpose of its permanent financing has authorized the issue plainant may recover profits and damages to the date of the Goodwin
of 33,000.000 bonds, and for temporary financing has authorized $1,500,000 patent. [The bill was filed Dec. 15 1902. The patent was granted Sept. 13
of short-term securities for which the bonds are pledged as collateral.
1898, the application therefor having been made May 2 1887.1 The moTo secure a substantial agreement in the voting of the shares and a uni- tion of which the District Court will have full jurisdiction was, it is stated,
formity of management over a period of years, a committee consisting of postponed by stipulation until after the decision of the Court of Appeals.
representatives of the bankers, Hon. Nathaniel Curry and Gordon W. Mc- V. 97. p. 1288.
Dowell, K. C., has been formed to vote the stock, and a stock deposit
-New Officer.Electric Properties Corporation.
agreement has been lodged with the Royal Trust Co. (A majority interest
A. L. Kramer has been elected President to succeed J. F. Wallace.
Is said to have assented to this plan.1-V. 97, p. 1825.
Directors elected for 3 years: Paul D. Cravath, Ernest B. Flippen.
(J. I.) Case Threshing Machine Co., Racine, Wis.- Alvin W. Krech, J. R. McGinley, Albert H. Wiggin and J. H. Grossman
N. Y., and First (the last one being new). John Seeger is Sec. and Treas.-V. 98, p. 526.
Bonds Offered.-Potter, Choate & Prentice,
Empire District Electric Co.-Notes.-Swartwout & ApTrust & Savings Bank, Chicago, are offering at par and int.,
by adv. on another page, the unsold portion (less than $4,- penzellar recently offered at par and int. $350,000 of an
000,000) of the $12,000,000 1st M.6% serial gold bonds dated authorized $500,000 collateral trust one-year 6% gold notes.
842
THE CHRONICLE
[VOL.
xcvuz.
Dated Feb. 16 1914; due Feb. 16 1915, but callable
on
at101 and int. Interest(c)semi-ann. Secured by 3600,000 30 days' notice
Liggett & Myers Tobacco Co., St. Louia.
of
5%
-Annual Rebonds, 1949. Guaranty Trust Co. of N. Y., trustee. If co's 1st M.
the remaining port-15% New Pref. Stock.
$150,000 notes are issued, additional bonds will be
-See "Annual Reports" above.
pledged at 60% of par.
The authorized amount of 1st M,5% sinking fund bonds
Extra Dividend.
-An extra dividend of 4% has been
is $6,000.000, of
which there are outstanding $3,141,000, with
de$275,000 reserved to retire clared on the $21,496,400 common
prior liens." (See V. 94, p. 1319.)
stock, payable April 1
to holders of record March 21, being the same
Gross.
Net.
Rand Int.
Bal., Sur.
amount as in,
1912-13
$971,080
$456,395
$229,977
$226,418 April 1913. Regular payments of 3% guar. were
1911-12
816,442
made from,
426,434
223,574
202,860 Dec. 1912 to March 1914,
"In Sept. 1910 the company comnleted its new
inclusive.
-V. 96, p. 788, 793.
central station plant at Riverton, Kan., together 24,000 h.p. steam turbine
(P.) Lorillard Tobacco Co.
with over 75 miles of new
-See "Annual Reports."
33,000-volt transmission lines. Since that time a
4,000
H. H. Harris has been elected a director
turbine has been installed in connection with the steam h.p. low-pressure
plant of the Spring who also resigned as Vice-Pros. The latter to succeed H. D. Kingsbury,.
River Power Co. and an agreement has been made
position has not yet been filled.
with the Ozark Power -V.98. p. 766.
& Water Co. for all surplus power of that company.
In addition to
lighting in the various cities the company supplies an extensive power the
Montreal Cotton Co.
mar-Earnings.
ket,including zinc and lead mines,smelters, quarries,
A flq.
Other
Bond Int. &
interurban railways and general industrial power." four mills,street and Calendar
Balance,
Year-V.96, P. 1492.
Profits,
Income. Bad Debts. Dividenas
Paid,
Surplus.
1913
$383,177
$12,136
$47,054
$330,000
Erie & Western Transportation Co.
$18,259
,
-Elevator Burned. 1912
382,933
11,654
44,586
240,000
The Connecting Terminal, a 1,000,000-bushel
110,001
The Montreal
Blackwell Canal on the island off the foot of Main elevator located on the Montreal Cotton Cottons, Ltd., in 1914 received from its holdings or
St., owned by the
pany, was destroyed by fire on Mar. 9. The loss was placed at com- $240,000 in 1912, Co. stock dividends amounting to $330,000, against
from which it paid yearly 7% on its own
about
$400,000 by an officer of the company.
-V.81, p• 724.
amounting to $210,000, and a disbursement of 4% (8120,000 pref. shares,
) on its common stock in 1913, against 1% ($30,000) in 1912.--V. 97,
(B. F.) Goodrich Co.
p. 116.
-Anti-Trust Suit.
The Automobile Co-operative Association of America, a New
Mount Whitney Power & Electric Co.
-Descriptive
cern, on Mar. 9 filed in the U. S. District Court at Cleveland York con-Louis Sloss & Co., San Francisco, have just issued
cover three-fold damages ($150,000) for alleged violation of a suit to re- Booklet.
the anti-trust the descriptive booklet, beautifu
law against the II. F. Goodrich (Jo. of Akron, the B. F.
lly illustrated, referred to
New York, the Firestone Tire & Rubber Co. of Akron, the Goodrich Co., in V. 98,
p. 391, 614.
ber Co. of Akron, the Republic Rubber Co. of Youngstown Diamond Ruband the United
States Tire Co. of New York, and their officers and
National Fire Proofing Co.
-Earnings.agents. •
Among other allegations it is stated that the rubber
Net, after Depre- Pref.Divs. Balance,
companies acted in
Total,
conjunction with an association of retail dekters in New
Calendar Year- Bond Int. elation.
.(4%). Surplus.
Surplus.
ment to fix prices and not sell to complainant automobil York in an agree- 1913
e tires and supplies.
$511,563 $100,000 $316,020 $95,543 31,277,059
,
The association was organized June 20 1908 and purchased
451,428
automobile 1912
316,020
100.000
35,408
1,181,515.
tires and accessories direct from the manufacturers
until prevented from -V. 96, p. 1633.
doing so,and re-sold them in America and Europe.
Business wassuspended
Nov. 30 1911. Members of the association it
Northern States Power Co.
-Combined Earnings.
$150,000, of which $75,000 was the capitaliza is stated, suffered a loss of Consolidated Statement Year ending
Dec. 31 1913 (including Subsidiary Cos.).
$75,000 the estimated net profits that would tion of the association and Calendar
Gross
Net (after
have been earned.
Other Bond,(k.c. Pref.Div. Balance.
-V. 98,
p. 684, 389.
Year
Earnings). Taxes). Income. Intere..t.
(7%). Surplus.
1913
$3,887,408 $1,956,934 $58,176 $1,262,175 $572,138 $180,796
Goodyear Tire & Rubber Co., Akron, 0.
2,821,402 1.374,743 17,820
-Approved.
861.432 423,163 107,968
- 1912 bond interest in 1913 includes $625
The stockholders by the unanimous vote of about 88% of
The
dividends on stock of the Minnethe outstanding apolis General Electric Co. not
common and pref. stock on March 5
pledged.
-V.97, p. 1902.
the new
(V. 98, p. 389). Shareholders of recordapproved March financial plan
at 12 m.
3 are entitled to
Northwestern Electric Co., Portland, Ore.
subscribe for the $4,000,000 new stock GS pref.) at par
-Stock.
during the 11 days
The shareholders will vote April 8 on Increasing the
ending March 14,the common sharehold
s'sareholders for 50% new common anders for 30% new common,tee pref. stock to $12,000,000, $2,000,000 to be 6% pref. stock. authorized capital
pref. combined (1-5 common, 4-5 Fleishhacker, M. Fleishhac
Trustees, Herbert
pref.). Subscriptions must be paid on or before
ker and R. E. %V allace.-V. 97,
p• 448.
Gross sales in Nov. and Dec. 1913 and Jan. March 28.
Old Dominion Co. of Maine.
1914
-Dividend
25% larger than those in the corresponding months were, it is stated,
a year before.
A quarterly dividend of $1 a share (4%) has been Reduced.
V. 98, p. 389.
declared, payable.
April 7 to holders of record March 18 comparing with $1 25
(5%)quarterly
from Oct. 1912 to Jan. 1914, $1 (4%i in July 1912, 75 cents (3%)
Gottlieb-Bauernschmidt-Straus Brewing Co., Balti- 1912 and 50 cents and.50 cents extra In Jan.
in April
1912, and with 50 cents (withmore.
-Statement by President.
out any extra) in July and Oct. 1911. The payments in 1911
-See "Annual Reports."
aggregated
25 per share.
-V.98, p. 766, 391.
$2
New Plan.
-The committee of 1st M.
bondholders urges
Otis Elevator Co., New York.
acceptance of the modified plan dated Feb. 12 (adopte
-On 5% Basis.
d at
A
1Si% has been
the bondholders' meeting March 4), and for this purpose mon quarterly dividend of15 to holders of declared on the $6,375,300 comstock, payable April
record Mar. 31, comparing with.
the presentation of the ($4,799,500) 1st M.4s for
1% quarterly from April 1911 to Jan. 1914 inclusive.
ing with assent of holder to the funding of interest stampStock
thereon 1902-06. Previous Dividend Record of Common April (Per Cent).
1907-10.
1911 to Jan. 1914.
to and including Sept. 1 1919 in exchange for 6% funding 2 yearly.
3 yearly (A.&0.).
4 yearly (1 quer.).
bonds. The new plan affords greater protection than
-v. 96. P. 1093
.
the
first plan to assenting holders. The committee says in
Ottawa Lt., Ht. & Pow. Co., Ltd.
-Combined Earnings.
subst.:
The company will issue in payment of the
1914 and for the coupons maturing to Sept. interest coupon due March 1
incl.,
respectively mature, a 6%, coupon Funding11919,due as and when they
Bond
callable on any int. period at par and int. [par $1,000, March 1 1934, but
int. M.& SI. The company will further agree that no $500 and $100 (c*);
shall be paid any junior security holder so long as any ofpart of the earnings
the Funding Bonds
are outstanding; also to pay annually to the depositar
y at least $20,000
from Sept. 1 1920 to Sept. 1 1926, and thereafter at
least $25,000 per ann.
as a cumulative sinking fund for the purchase or call
of Funding Bonds,
all bonds so retired to be kept alive and the increment
added to the sinking fund. The coupons exchanged will be held alive
by the
the funding bonds are paid, thus retaining the lien thereof on depositary until
the property.
The company will continue to pay to the Merchants
as trustee for the 1st M.bonds, 325,000 annually as a 'Trust& Deposit Co.,
sinking fund therefor.
and will pay in cash at maturity the interest coupons on
now or hereafter held in said fund, all bonds so purchased all 1st M. bonds
being immediately
released from the terms of the funding agreement. Under
this plan a fair
estimate of the 1st M. bonds to the credit of the sinking
fund at the end of
the six years' funding period is nearly $2,000,000. This
places behind the
bonds then outstanding a greatly increased value. [Total
1st M.4s issued
$5,625,000; in sinking fund, $825,500; outstandi
ng, $4,799,500. The
March 1 1914 coupon remains unpaid.]
We believe the management to be conscientious and
efficient and have
confidence in its ability to work out the plan herein
recommended and at
the expiration thereof to resume payments of interest on
Should the plan be adopted, the common stock held 1st M. bonds.
by the present management will be deposited under a voting trust
common stockholders will be urged to becomeagreement to which all other
parties. Of the three voting trustees (who will elect the board of directors),
one will be named by
the 1st M. bondholders, one by the majority of the
stockholders parties
thereto, and the two so named the third. The agreement
will be continued
by renewal if necessary for the length of the funding
period. [Committee:
John M. Nelson, John F. Symington, John C.
Legg Jr., Eben Sutton,
Philip L. Poe.I-V. 98, p. 526.
Gulf Oil Corporation.
-Report for Cal. Year 1913.
-
Dividends rec. from sub. cos., $12,308.371; less decrease
in combined surplus of sub. cos., $3,626,896; net,
38.681,475; other
earnings, $591,732; total earnings
$9,273,207
Less expenses and interest on debt for 1913
659,472
Balance, surplus, for 1913
$8,613,735
Balance Sheet Dec. 31 1913 (Totals,
$17,750,9
Investments, stocks and
Capital stock out 23). $33 800 600
bonds
$24,800,390 Bonds out
247,000
Bills receivable
2,284,432 Bills payable. &c
31,379
Cash & accts. receivable_ 15,466,491 Surplus
8,472,334
-V. 96, p. 1705.
(S. S.) Kresge Co.(5 & 10-Cent Stores).
-6% Corn. Div.
A dividend of 6%, it is announced, will be
common stock for the year 1914, payable in twodeclared on the $5,000,000
installments of 3% each on
July 1 1914 and Jan. 11915. The initial distributi
two installments of 2% each on Oct. 1 1913 and Jan.on of 4% was paid in
1 1914.
1914
-Feb.
-1913.
Increase. 1914-2 Mos.-1913. . Increase.
$950,910
$788,267
3162.643131,895,993
$1,533,090 $362,903
New Officers, &c.
-C. B. Van Dusen, formerly
Treas., has been elected Vice-Pres. to succeed E. S.Sec. &
Knox,
who resigned. Carl B. Tuttle was chosen a director and
also
Sec. & Treas. in place of Mr. Van Duson.-V.98, p. 686,613.
Lackawanna Steel Co.
-New Directors.
George NV. Burleigh
and Ogden L. Mills have been
succeed Moses Taylor Pyne and Ogden Mills, who elected directors to
resigned.
-V• 98. P.
768. 758.
Calendar
Gross
Dividends
Bond,&c.,
Net
YearEarnings. Earnings. Interest.
P.Co.
1913
$834,662 $384,521 $86,754 (10%)$222,278
•
779,973
1912
377,759
79,717
(8%)158,752
-V. 97, p. 1826.
Balance,
Surplus.
$75,489.
139,290.
Parker Cotton Mills Co., Greenville, S. C.
-Guaranteed
Notes Offered.
-Curtis & Sanger, N. Y., Boston and Chicago,
are placing, at par and int. $200,000 of $2,000,000 3, 4 and
5
-year 6% coupon notes of the operating cos. dated July 1
'
1912,guar., p. & i. (V. 96, p. 291).
Pres.
Lewis AV. Parker reports in substance
practically the entire stock of the Victor : A holding company, owning
Monaghan Mills (100,000 spindles) and Mfg. Co. (142,000 spindles),
Hampton Cotton Mills Co.
(275.000 spindles), operating 16 plants with a total of 517,000
spindles
As of Dec. 31 1913 the combined balance sheets
showed a surplus of quick assets above floating of these companies
debt (exclusive or
issue) of about $300,000. Total net debt of the
on this date amounted to about $1,700,000, as against three operating cosa minimum replace.
ment value of,say, $20 a spindle, or $10,340.000. Combined
for year ending June 31 1913 (as audited), $557,000, or about net earnings
4)4
Interest on these $2,000,000 notes. Combined net earnings times the
months ending Dec. 31 1913 were about $200,000, or nearly 3SS for the 6
6 months' interest on the notes. Business, then unusually poor, times the
has since.
shown decided Improvement.
-V. 96, p. 291.
People's Gas Light & Coke Co. of Chicago.
-Listed.
The New York Stock Exchange has listed $2,154,000 additional Refunding M. 5% bonds, which were issued for improvements, making the total amount listed $20,554,000.
-V.98, p. 519, 76.
Pierce Oil Corporation.
-Fines.
The Waters-Pierce Oil Co., which is controlled, was on Mar. 12 fined
$14,000 in the II. S. District Court at Shreveport, La., on being found
guilty on 14 counts of an indictment charging violation of the Elkins law.
The company was alleged to have made rate concessions on shipments
oil in 1904, 1905 and 1906 from Bixby, Ill., to points south of Alexandrior
La. An appeal will be taken to the U. S. Circuit Court of Appeals. a,
-
Pittsburgh-Buffalo Co., Pittsburgh.
-Reorganization
Creditors of the company have appointed a committee of five to prepare
a reorganization plan.
-V.97, p. 1738.
Prairie Oil & Gas Co.
-Decision.
-
The "Oil, Paint & Drug Reporter" states that the Oklahoma Corporati
Commission has rendered an opinion to the effect that the State license on
tax
of $1 for every $1,000 actively employed by foreign corporations in the
State is not discriminatory. The case had been on the docket since
Oct. 18
1910. The company alleged discrimination on the ground that domestic
corporations were only required to pay a license tax of 50
$1,000 employed in their business. The Commission held cents on each
that
does not discriminate for the reason that any domestic company the law
may be
taxed in other States on the same basis as that on which foreign corporations
are taxed in Oklahoma. The question now to be determined is how much
capital the company employs in its Oklahoma business.
-V.97, p. 1119.
Richmond (Ind.) Light, Heat & Power Co.
-Authorized.
The Indiana P. S. Commission has authorized the company to issue
$850,000 1st M.bonds,to be sold at not less than 00. The proceeds are to
be used to retire the $200,000 1st M.refunding 5% bonds which matured
on Jan. 1 1914 and the $500,000 3
-year 6% debenture notes due Mar. 1.
and to pay for extensions and improvements.
-V.93, p. 1793.
Rochester (N. Y.) Telephone Co.
-Funding Coupons.
This independent telephone company, in order to provide a fund of $200.000 for capital requirements, has asked its bondholders to fund two years'
interest on their 5% bonds. Stock is $489,400; funded debt, $1,251,300.
& Co. Boston, report: For Jan. 1914 the gross
receipts For cal. year 1913 gross revenue was $465,693; net, $166,700; bond int..
were $21,086; net earnings, $11,889; increase about
21%, and over 23i $53.580 deprec. reserve, $54,452; bal.,sur.,$58,668;
:
times the bond Interest.
-V. 91, p. 875.
an increase of $4,236-V. 93.
290.
Lansing (Mich.) Gas Co.
-Earnings.
-Baker, Ayling
p.
MAR 14 1914.1
TIIE CHRONICLE
(M.) Rumely Co.
-It was announced on March 13:
843
United States Envelope Co.
-New Director.
Action on the proposed extension of the $10,000,000 notes for 3 years
Waldo E. Buck has been elected a director to succeed F. H. Danielsfrom March 1 1915 has been postponed to March 16. About 88% of the -V.98, p. 686. 615.
notes has been deposited. At least" 90% is required to make the plan
operative. AS the payment of the March interest on the notes was conUnited States Express Co.
-Dissolution.
-The directors
tingent on the deposit of a sufficient number of the same, the payment has
been temporarily deferred, as it may be under the terms of the indenture. yesterday voted to liquidate the business and distribute the
Compare V. 98, p. 767, 614.
assets among the stockholders.
The committee states: "The committee has postponed definite action
It was reported before the meeting that the plan would be
as to extending the notes until Mar. 16. Meanwhile the committee urges
further deposits of the notes. The expiration of the 10
-day period since referred.to a committee,those suggested as probable members
the March 1 interest date merely permits action by the trustee, if requested
by the necessary amount of' the notes [10%-Ed.i, and does not, of itself, being Charles A. Peabody, Haley V. Fiske, Moreau Delano,
work any immediate maturity of the notes. The situation, therefore, William A. Read and W. Murray Crane.
remains under the control of the committee."
-y.98, p. 767, 614.
Unofficial estimates place the probable return to the stock-
Siegel Stores Corporation.
-Sale, &c.
Judge Hough in the U. S. District Court in N. Y. on Mar. 12 authorized
the receivers to close the Simpson-Crawford and Fourteenth Street stores
on March 14, and, after having taken an inventory, to sell the stock and
fixtures, sealed bids to be received by Judge Holt until March 24.
The entire stock of merchandise of the Henry Siegel Co. store in Boston
has been sold by the trustees, subject to the referee's approval, to the
William Filene Sons' Co. on bid of 51% of the net cost of the goods.
As to Siegel banks matters, see "Banking, Financial," Sm., on previous
page.
-V.98, p. 614, 160.
-Option.
-Shawinigan Water & Power Co.
Stockholders of record April 1 are offered the right to subscribe at 120 for
$1,375,000 new stock. This will make $12,375.000 stock outstanding.
V. 98, p. 687, 614.
Standard Oil of Kansas.
-Balance Sheet Dec. 31.1913.
1912.
1913.
1912.
Assets'
Real est. & plant1,102,092
Personal prop'y_
1,198
Merchandise ___ 749,612
Cash
61,345
Due from banks.
Stocks,bonds,&c. 398,594
Bills receivable _1,424,400
Accts. receivable 134.096
-V. 97. P. 1360
.
591,940
1,194
843,795
100
91,300
Liabilities
Capital stock__ _2,000,000 1,000,000
Bills payable__ 250,000
Accts. payable__ 250,233 233,442
Undiv'd profits_1,371,105 1,088,479
holders at from $90 to $100 per share.
-V.98, p. 767.
United States Light & Heating Co., N. Y.
-Bonds.
The shareholders will vote April 9 on issuing $1,500,000 1st M. 15-3T.
bonds to provide for $610,000 short-term notes due next July and to increase
working capital. The N. Y. office will be moved to the Niagara Falls plant
on May 1, and this, it is estimated, will save about $130,000 a year. A
sales office and distributing station will be continued in this city. Recent
business, it is stated, has been normal, shipments averaging over $200,000
a month.
-V. 97, p. 1754.
Warren Bros. Co., Boston.-lst Pref. Stock, &c.
The stockholders voted Feb. 26 to amend the by-laws so
as to confer a right to vote on the holders of first pref. stock;
also, it is understood, to increase the number of directors
from 11 to 15 (5 thereof to be a quorum), and the number of
Vice-Presidents from 4 to 7.-V. 98, p. 697.
Western Union Teleg. Co.
-On 4% Basis-New Director.
A quarterly dividend has been declared on the $99,786,759 stock, payable
April 15 to holders of record March 25, comparing with Y, of 1% from
Jan. 1908 to Jan. 1914,inclusive, thus increasing the rate from 3% to 4%
Total
793,592
_3,871,338 2,321,921 yearly.
Previous Dividend Record Since 1893 (Per Cent).
1908.
1909 to 1913.
Standard Screw Co. (of N. J.), Chicago and N. Y.
1914.
- 1893 to 1897.
3% (incl. stock) divs.
5 yearly.
3 yearly.
Jan., 51
Record Holders March 2 of Old (now Class A) Pref. Stock May
The resignations from the board of J. P. Morgan and Henry Walters
Subscribe
-for 50%, or $1,000,000, New Class B7% Pref. Stock were announced on Wednesday. Edwin G. Merrill, Pres. of the Union Tr.
at Par on or Before April 1, and, Having Paid for Same in Full, Co. of N. Y. was elected a director to succeed William H. Moore, who.
V. 98, p. 615, 392.
May on or Before July 1 Exchange Their 6% Class A for 7% resigned. Compare March 6 announced a profit-sharing plan for its emThe company on
Class B.-Treas. Solon C. Kelley March 2 says in substance: ployees, $1,250,000 stock to be sold to its men, of which $250,000 at 60
The amendment of the certificate of incorporation having become and $1,000,000 at 63. Employees have the right to purchase the stock to
effective Feb. 19 1914, the $2,000,000 6% cum. pref. stock outstanding on the extent of half their annual salaries in even shares. Payments are to
the date became legally "class A" pref. stock, and the holders of record be 25% at once and thereafter monthly over 24 months. No stock is to
March 2 1914 of this 6% class A stock are entitled to subscribe on or before be delivered until March 1 1915, oven if fully paid for, in order to prevent
April 1 1914 at N. Y. Trust Co., 26 Broad St., N.Y.,for class B 7% ef. the stock from being used in a speculative manner. The closing price on the
stock at par value 100 per share) to an amount not exceeding 50% of stock exchange was 633/2.-V. 98, p. 615, 392.
their respective holding of class A. Subscription may be paid in full on
-President Dead.Westinghouse Electric & Mfg. Co.
or before April 1 1914, or in installments, 254 on or before(with subscripPres. George Westinghouse died on March 12.-V. 98, p. 242, 77.
tion) April 11914; 25% May 1; 25% June 1, and 25% July 11914,shares
paid for in full to be issued April 1 or July 1 as case may be, with right to
(F. W.) Woolworth Co., New York.
-Total Sales.
dividends from date of issue.
Any holder of record on Mar. 2 1914 of shares of class A, upon subscrip1914.
-Feb.
-1913.
Increase.
1914.-2 Mo.-1913.
Increase.
tion and payment in full for shares of class B as aforesaid will be entitled 34,243,371
33.953,499
37,689,085
10.14%
7.33% 1$8,447.610
to convert shares of class A owned by him into class B,share for share, at -V. 98, p. 457.
the N. Y. Trust Co. on or before July 1 1914; provided that the number of
eiares of class A so converted shall not exceed twice the number of shares
of class B so subscribed and paid for. All dividends accrued on class A
The Financial Review for 1914, issued by the publishers
shares converted, whether declared or nnt, will be naid on date of conversion and dividends on class B issued in excha•we v ill accrue from said date. of the "Commercial and Financial Chronicle," will be ready
All remittances shonid be made in N. Y.funds or should include exchange. March 20. It is an invaluable book (346 page's) for refer-V. 98, p. 693, 457.
-New Officers.
Swan & Finch Co.
Henry Fletcher has been elected V. es. amid Sec. and J. T. Lee, formerly
-Pt
Sec., has been made Treas. The new men succeed the late Arthur Lewis
as Vice-Pres. and Treas., respectively.
-V. 98, p. 767.
ence throughout the year.
Some of the contents are as follows:
Recrospect of 1913, giving a comprehensive review of the business of that
year, with statistics in each department,financial and commercial.
Bank Clearings in 1913, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange in each of the
past 20 years.
Securities listed on the New York Stock Exchange in 1913, with statistics for a series of years.
Call money rates daily in 1913.
The proceeds were used to acquire an equal amount of Syracuse LightMoney rates by weeks for past three years on all classes of loans.
ing Extension and Improvement 6% 10-year gold bonds of 1919, $1,470,000
Weekly statements in 1913 for Banks and Trust Companies.
of which have been deposited under the deed of trust dated Apr. 10 1907.
Crop statistics (Or a series of years.
Iron and Coal-Production for a series of years.
Earnings.
-For calendar year: (1) Syracuse Lighting Co.:
Gold and Silver-Production for a series of years and Monthly Range
Calendar
Gross
Net
Int. on Pl. bins. Corn. Divs. Balance, of Price of Silver in London from 1837 to 1913, inclusive.
Year- Earnings. Earnings. Bds.,&c. (6%).
Exports and imports for a series of years.
(6%).
Surplus.
1913
Comparative prices of Merchandise for a series of year's.
$1,913,346 $664,628 $382,134 $60,000 $180,000 $42,495
1912
Foreign Exchange-Daily Prices in New York in 1913.
1,782,614
60,000
180,000
651,739
367,866
43,873
Great Britain-Review of commercial and financial affairs, with com(2) Syracuse Light & Power Co.
parative statistics.
1913
$371.292 $368,868 $310,102
358,766
Bank of England Weekly Statements in 1913, and the changes in the
1912
356,122
298,234
354,457
56,223
Bank rate for a series of years: also money rates in Continental cities.
-v. 92, p 1183.
-Monthly Range since 1860 and Debt Statement for
Government Bonds
Texas Company, New York and Houston.
-Quarterly each year since 1793.
State Bonds
-Record of prices Since 1860.
Dividend Increased from 13 % to 2%.
4
-Range of Prices monthly on New York
Foreign Government Securities
The directors on March 9 declared a quarterly cash dividend of 2% on
for five years.
the capital stOck, payable March 31 to holders of record March 19, com- Stock ExchangeMiscellaneous Bonds and Stocks
--Monthly Range of Prices
Railroad and
paring as follows (June 30 1910 a 50% stock div. was naid. inerepsing the for five years in New York and for one year in Boston, Philadelphia and
stock from $18,000,000 to $27,000,001-since increased to $30,000,000):
Baltimore.
Railroad and Industrial Dividends, 190 1-1913.
Previous Cash Dividend Record Since 1903-04for Fiscal Years (Per Cent).
,
Description of Railroad and Industrial Securities, Record of Earnings,
'04-06 '06-'07 '07-'08 '08-'09 '09-'10 '10-'11 '11-12 '12-'13 Ocl.'13Dec.'13 Dividends,
Railroad Construction, Total Mileage, Capitalization, Passenger
12 y'ly
15
6 1 %(qu.) 1Y,
12 12&5 ex. 12
10
5
3
and Freight and other statistics for a series of years.
Syracuse (N. Y.) Light & Power Co.
-Listed.
-The
N. Y. Stock Exchange has listed $973,000 additional 5%
collateral trust sinking fund bonds due 1954, making the total
amount listed $6,479,500.
Listed.
-The N. Y. Stock Exchange has listed $1,000,000
The price of the Review, bound in cloth, is $2 25. Parties
6% convertible debenture bonds, due 1931, and has authon
orized the listing of $2,900,000 additional bonds on notice desiring ten or more copies can have their names stamped B.
the covers, in gilt, at reduced prices. Publishers, William
of sale, making the total amount to be listed $17,900,000.
Dana Co., 138 Front Street, New York. Copies may also
These $3,900,000 bonds are part of $5,000,000 treasury bonds, of which
$600,000 were issued prior to Aug. 13 1913 to take up $600,000 serial notes; be had from Geo. M. Shepherd, 513 Monadnock Block,
$300,000 to take up $300,000 serial notes maturing Jan. 1 1914, and the Chicago; Edwards & Smith, 1 Drapers Gardens, London.
a part of
other $3,000,000 are
$5,000,000, face amount, issued prior to
Aug. 13 1913 to reimburse this company for betterment and other expenditures, viz.:(a) plant additions and improvements of the value of $1,907,680;
(b) purchases of supplies and crude oil, $3,470,593.
-Messrs. C. E. Denison & Co., Boston and Cleveland,
are offering City of Duluth 43/2% bonds, due Jan. 1 1944,
$12,217,198 Sinking fund & deprec'n_
$905,763 at a price to net 4.25%. These bonds have recently been
3,883,973[Divs. paid(3%%)
1,050,000 approved as a legal investment for savings banks in MassaBalance,surplus(making total surplus Dec. 31,$9,428,210)
_ $1,928,210 chusetts, Connecticut and Rhode Island, making them legal
• The company is also entitled, under contract of June 231913, to surplus
_England savings banks.
earnings of Industrial Securities Co. (of Maine) as a result of its ownership for all New
of stock and bonds of Producers Oil Co. of Texas (V. 97, p. 527) and other
-Arthur Gardner, formerly of the bond department of
securities; but these earnings will not be booked for the current fiscal year
until near its close, June 30 1914.-V. 98, p. 767.
the Equitable Trust Co. of New York, is now associated
Union Switch & Signal Co.
-Increase-Stock Dividend. with Kennett, Cowan & Co. as manager of their New York
The stockholders on, March 10 ratified the proposed increase in the stock office, 55 Wall Street.
from $5,000,000 to $10,000,000, the new stock to be common stock. A
dividend of 33 1-3% was declared, payable in common stock on April 20
-Edward J. Boleky, for 16 years with Moore*, Leonard &
to holders of both common and pref. stock of record March 31 Compare
Lewis, has resigned to accept a position with the Pittsburgh
V. 97, p. 1903.-V. 98, P. 615.
United States Steel Corporation Unfilled Orders office of Meikleham & Dinsmore, 25 Broad St., N. Y.
-See "Trade and Traffic Movements" on a preJan. 31.
-Low, Dixon & Co. have issued a circular regarding the
-V.98, p. 767, 528.
vious page.
securities of the Kings County.Electric Light & Power Co.
Earnings.
-For 6 months ending Dec. 31 1913.
-
Gross earnings
Net, after taxes
844
THE CHRONICLE
Win Tommertial Times.
COMMERCIAL EPITOME.
Friday Night, March 13 1914.
The fact that the season is somewhat late and that legislation still hangs over some important interests and begets
a certain conservatism are factors inimical to any pronounced
improvement in business. Trade at the East and South
has been somewhat sluggish. The monetary strain in France,
the political and financial troubles in Brazil, the Mexican
situation and the sluggishness of the stock market on this
side of the water are also factors worthy of notice. On the
other hand, money continues easy. The number of idle
freight cars has noticeably decreased,labor is more generally
employed and the building trades are rather more active.
The unfilled tonnage of pig iron and steel showed an unexpectedly large increase last month and surplus stocks of
copper are steadily decreasing. Wool prices continue to rise
at home and abroad. Activity is noted in the silk trades.
The outlook for the winter-wheat crop is favorable. New
England's big footwear industries are still active.
LARD on the spot has been rather quiet, with prime Western 10.900., refined for the Continent 11.250., South America 11.85o. and Brazil in kegs 12.85c., latterly showing more
steadiness. Lard futures at one time were rather weak under
selling by prominent interests at Chicago. Offerings, especially early in the week, were quite free, but latterly there has
been less disposition to sell, and covering of shorts, with firm
hog and corn markets, has combined to impart a firmer tone.
DAILY CLOSING PRICES
Sat.
May delivery.... _ _ _cts_10.87%
July delivery_
11.07A
OF LARD FUTURES IN CHICAGO.
Mon.
Fri.
Tues.
Wed. Thurs.
10.723i 10.80
10.77
10.75
10.87
10.92Si 10.90
10.97A 10.99
11.05
COFFEE on the spot has been quiet and more or less
depressed. No. 7 Rio 8%c.; fair to good Cucuta 12%0
13%c. Coffee futures have broken, owing to the revolutionary troubles in Brazil, the financial stringency there,
large receipts and heavy selling, part of it compulsory.
Consumers are still buying only from hand to mouth. The
crop movement of Rio and Santos this season amounts to
12,142,000 bags, against 10,177,000 bags in the same time
last year and 10,901,000 bags two years ago. European
markets have also declined. To-day prices fell sharply on
heavy liquidation. Foreign markets fell.
Closing prices were as follows:
March
April
May
June
8.168.18
8.18 8.20
2
8. 4@8. 5
2
8.32@8.34
July
8.398.40
August
8.47 8.49
September ....8.53888.56
October
'8.6208.64
November ..8.66@8.68
December.. ..8.71()8.72
January ...8.75(8.77
February ..8.81c8.83
[VOL. =vim
COTTON.
Friday Night, March 13 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
127,636 bales, against 151,090 bales last week and 140,831
bales the previous week, making the total receipts since
Sept. 1 1913 8,937,122 bales, against 8,424,695 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 512,427 bales.
Man. Tues.
Sat.
Wed. Thurs. Fri.
Total.
Galveston...._ .. _ _
6,849 6.125 14.093 6.138 6,408 6,238 45,851
Texas City_ _.._ _
422
520
456
879
____
1,623 3,900
Port Arthur_ _ __
____
1,238
- --424. ------1,062
Aran. Pass, &c__
„
3,249 3,249
New Orleans_ _ _ 4,650 5.187 8,444 9,912 3,911 4,722 36,806
Mobile
220 1,554
180
235 1.122 1,718 5,029
Pensacola
------____
---____
Jack.sonville,&c..
Savannah
.
3
1
2,:'
2,45.
T.iiki
Brunswick -----------------------------1,000 1,000
_ _------- ---,_
Charleston ..
315
331
285
119
207
177 1,434
Wilmington .._ _ _
345
263
104
243
329
.279 1,563
Nprfolk.
24C)
8'73 2,50'7
883
912
979 6,394
N port'
News, &c
_--------------- 3,59'7 3,597
Now York205
205
-_______
Boston
___17_130_
.
....,..9
.
....2_
222
Baltimore
5 1,e1:1 1,614
_
Philadelphia_ _ _
15-.116
Totals this wk. 15,757 18.377 28,546 22,217 15,376 27,363 127.636
The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
s
1t43
March
1913-14.
1912-13.
I
This Since Sep This rime Sep
Week. 11913. Week. 11912.
Stock.
1914.
Galveston45,851 2,923,755 39,810.475,170 331,443
Texas City
3.900 459.536 2,978 649,317
20,000
40,087
Port Arthur-,_ _ _
1,662
108,153
Aran. Pass., &c
3.249 118.825 16,2041 114,531
3,636
Now Orleans_ _ _
36,806 1.530,000 22.926 1,182.862 208,461
Mobile
5,029 364,721
939 176,932
31,223
137,613
Pensacola
350 106,622
28,135
Jacksonville, &c..
14.166
725
Savannah
15,110 1,608,671 12,885 1,115,255
68,038
Brunswick
155 216.075
1,000 285,000
9,000
Charleston-__ _ _
1,434 403,107 1,152 279,963
19,951
Georgetown
110
5
Wilmington
1,563 378,174 1,674 317,881' 16,337
Norfolk
6,394 470,597 5,590 458,533
40,842
N'port News,&c_ 3,597
87,194 2.438
92,556
New York
13.035' 109,947
4,711
50
205
Boston
40,213
367
12,850
222
8,565
Baltimore
60.935
794
82,742
4,835
1,614
Philadelphia
2,380,
1,404
75
3,352
1913.
246,134
21,898
351
103,825
17,904
1,710
88.495
1,512
26,769
23,318
61,693
114,092
10,659
9,235
PORK on the spot has been quiet; mess $23 50(4$24; clear
2,164
$20 25©$22 50;family $24 50@$27. Beef quiet; mess $18@
Totals
127,636 8,937.122 158,397 8,424.695 876,385 729.859
$19; packet $19@$20; family $20(4$22; extra India mess
$28©$30. Cut meats have been firm; pickled hams, 10©20
In order that comparison may be made with other years,
lbs., 13(4143eo. Butter easier; creamery, extras, 27 ©28c.
Cheese quiet; State, whole milk, fall and summer, colored, we give below the totals at leading ports for six seasons:
specials, 18.(@19c. Eggs easier; fresh gathered extras,
Receipts at
- 1914. I 1913.
1909.
1912.
1910.
1911.
31 IA ©32c.
OILS.
-Linseed quiet but firm; City, raw, American seed, Galveston __ _ 45,851; 39,815 41.590 20,730 21,620 33,140
8,811; 19,182
4.594
53©54c.; boiled 54©55o.; Calcutta 70c. Cocoanut easy; TexasCity,&c
6,62516,181
6,818
Cochin 103'(411e.; Ceylon 10W4103ic. Castor oil quiet; New Orleans._ 36,806 22,926 46.474 14.4061 22,613 22,827
Mobile
939
5,029;
5.666
1.2001
4,608
4,124
No. 1, 83/2(48Mo. Corn firmer at 6.45(46.500. Palm Savannah _ _ 15,110i 12,885 32,542
5,8631
6,795
13,762
Brunswick.._ _
16,372
155
1,000
4091
1,110
5,795
quiet; Lagos 73 ©7%c. Lard firm; prime 93(495c. Cod CharlestonAc
5,240
3731
1,157
1,434
925
1,565
domestic 38e.
quiet;
10,510
Wilmington
1,674
1.563
2,1471
3,044
2,056
11,756
Norfolk
2.6821
5.590
6.394
7,118
4,893
-Refined firm; barrels 8.75 ©9.75c.; N'port N.,&c.
PETROLEUM.
1.507
2,438
148
3,597
397
bulk 5.25(46.25e.; cases 11.25(412.25c. Crude firm; Penn- Allothers_ _ _ _
7,804
4,16.
1,407
1.636
2,041
1,290
sylvania dark $2 50; second sand $2 50; Cabell $2 07; Corn- Total this wk.
58,244
77,041
127.636 108,397 184,055
95,195
ing $2; North Lima $1 49. Naphtha firm; 73(4,76-degrees,
in 100-gallon drums, 243/20. Spirits of turpentine 48© Since Sept. 1.. R.037_199 A.424 4105 10233300 7.743,60016,209.167 8.412.653
48Y
2c. Common to good strained rosin $4 25.
The exports for the week ending this evening reach a total
SUGAR.
-Raw quiet and easier; centrifugal, 96-degrees
test, 2.95c.; muscovado, 89-degrees test, 2.51c.; molasses, of 114,267 bales, of which 41,493 were to Great Britain
-degrees test, 2.300. The visible supply in the world is 15,470 to France and 57,304 to the rest of the Continent.
89
4,290,000 tons, against 4,050,000 tons a year ago. Refined Below are the exports for the week and since Sept. 1 1913.
quiet and easier; granulated 3.90c.
TOBACCO has been steady, with supplies small of the
Week ending March 13 1914. Prom Sept. 1 1913 to March 13 1914.
Exported to
Exported tobetter grades of leaf.. Most of the Wisconsin and ConnectiExports
cut crops have been disposed of. Sales are small of Ohio
ContiGreat
fromGreat
ContiBritain.Prance, sent etc Total. Britain. France. netu.&c. Total.
and Pennsylvania. Prices are so firm that to some extent
this fact alone has tended to restrict transactions. Besides, Galveston__ _ _ _ 10,15'7 8,74 18,891 905,691 273,471 1,083,591 2,262,753
326,673 26,8:: 80,796 434,357
everybody has been waiting to see how the Amsterdam in- Texas City1,540
25,309 26,849
--------9,224
scriptions beginning to-day will turn out. Many American Port Arthur -------------- 9,224 --25,720
8,168 33,888
Ar.Pass,acc.
buyers are present. Prices at the sale to-day were high, NewOrleans 32,891 3,331 6,iii5 42,471 80,455 165,184 422,244 1,276,883
Mobile- --- 3,810
__-_- 3,810 104,033 67,178 113,354 284,565
even higher than expected. About 1,600 bales were sold, Pensacola__ ____ ____
48,927 44,844 43,842 137,613
mostly to manufacturers. Packers are holding aloof. for Savannah__ ____ ____ 2(c,11 20,742 186,707 218,944 645,731 1,051,382
73,809
245,609
further offerings at the inscriptions, hoping for lower quota- Brunswick _ ____ ---- ____ __:: 112,786 22,954 148,846 293,250
5,030 175,434
Charleston_
tions. Americans took a large percentage of the offerings Wilmington -_-_-_: -_-_-_- -_-_-_-_
_
73,024 98,544 171,897 343,365
420 35,033
Norfolk -- _
420
72,148 107,181
to-day.
New York_
COPPER has been quiet; Lake 143.@14c. and electro- Boston _- 1,530 ____ 2,811 4,341 118,348 17,201 157,465 293,014
905
102 1,007 57,201
____
7,338 64,537
lytic 14%(414.15c., the tone being weaker. London prices Baltimore_ 1,93'7 1,988 1,000 4,925 39,612 9,10. 74,953 123,671
____
___
37,466
8,181
have also shown an easier tendency. Tin here on the spot Philadel'a._ --- _-__ ____ __-_ 29,28
Detroit _ ___
313
313
38c., being rather steadier of late with a better demand; San Fran_ - ____ --__ 8,
008 8,008
168,496 168,496
428
428
74,923 74,923
London and Singapore markets have also been stronger. PtTownsend
Lead on the spot 40.; spelter 5.27Mc. Pig iron has been
Total _ _ _ 41,493 15,470 57,304 114,267 ,828,157 949,344 3,482,714 7,260,215
rather less active and inclined to be somewhat weaker; Tot. '12-'13 23.682 2.185 65.069 90.9363,001,114 915.98 3.031.910 6,949,013
No. 2 Eastern $14(4$14 25, No. 2 Southern $10 50(4310 75,
Note.
-New York exports
1 nclude
Birmingham. Trade in finished steel is not up to expec- Brazilian and 27 bales Westsince Sept. Liverpool.9,262 bales Peruvian 75 bales
Indian to
tations. Sales, in fact, are smaller. There has been a
also
gradual decrease in business during the last two months. In addition to above exports, our telegrams to-night
Just at the moment the outlook does not promise much im- give us the following amounts of cotton on shipboard, not
mediate increase in business. Railroads are ordering rails, • cleared, at the ports named. We add similar figures for
however, rather more freely.
New York.
845
THE CHRONICLE
MAR. 14 19141
On Shipboard, Not Cleared for
Great
I Ger- Other
March 13 at- Britain. France.I many. Foreign
New Orleans_ _ 8,191
_ I 20,998 8,327
Galveston _ _ 31.526 23,659 46,534 29,214
Savannah _ _ _ _
4,000
2,800
Charleston.._ _ _
4,666
Mobile
1,835 2;184 8,890 47,100
Norfolk
2,000
6,535
New York_ __ _
1,000
"is5o
700 1e400
Other ports_ _ _
5,200
7,000
400
Total 1914_ _ 49,752 30,243 94,657 46,141
Total 1913.... 48,172 6,484 52,084 30,840
Total 1912_ _ 77,761 19,422 48,316 52,713
Coastwise.
Total.
148 37,664
4,982 135,915
6,800
___ 4,000
- 156 19,165
13,790 22,325
Leaving
Stock.
170,797
195,528
61,238
15,951
14,058
18,517
106,557
53,850
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'rlay, Thursd'y, Friday,
March 7. March 9. March 10 March 11 March 12 March 13
Week.
March
Range ____ 12.07-.19 12.06-.27 12.25-.37 12.32-.41 12.30-.44 12.45-.59 12.06-.59
Closing__ 12.11-.12 12.25-.26 12.36-.37 12.36-.37 12.40-.41 12.58-.59- April
Range __ 11.75 -11.74 -11.80 -- -12.05 -- - 11.74-.05
Closing_.._ 11.70-.75 11.85-.90 12.05-.08 12.05-.08 12.10-.15 12.19-.24--___ 12,600
May
Range __ 11.56-.65 11.53-.71 11.67-.79 11.74-.83 11.74-.94 11.93-.02 11.53-.02
19,076 239,869 636,496
Closing____ 11.58-.59 11.70-.71 11.78-.79 11.77-.78 11.90-.91 11.99-.00- 24.645 162,225 567,634 June
,
19,393 227,605 870,179
11.59
Range ___
11.88 -11.59-.88
Closing____ 11.54-.56 11.64-.66 11.71-.75 11.71-.73 11.80-.82 11.85-.87--Speculation in cotton for future delivery has,been more July
Range ____ 11.52-.59 11.48-.62 11.59-.70 11.64-.73 11.65-.73 11.78-.85 11.48-.85
active at better prices. The rise was due partly to the
Closing____ 11.54-.56 11.62-.63 11.69-.70 11.69-.70 11.77-.78 11.83-.84- strength of March, which has gone to a premium of 60 points August ____ 11.45-.48 11.39-.55 11.49-.57 11.52-.61 11.64-.66 11.64-.72 11.39-.72
Range
ClosIng___ 11.47-.48 11.54-.55 11.58-.59 11.57-.59 11.64-.66 11.70-.71--over May, partly to the liquidation of short contracts in September
Range ____ 11.30 -11.27 -11.40 -11.43 ----11.45 -11.27-.413
other months, especially May, and partly to considerable
Closing____ 11.30-.32 11.34-.36 11.43-.45 11.40-.41 11.44-.46 11.47-.49--buying by Liverpool and other interests of May and July in October
Range ____ 11.23-.28 11.19-.30 11.27-.39 11.31-.40 11.31-.41 11.38-.45 11.19-.45
undoing straddles between New York and Liverpool. The
Closing__ 11.25-.26 11.29-.30 11.38-.39 11.35-.36 11.39-.40 11.42-.43- original straddles were made at much narrower differences December
Range ____ 11.27-.30 11.26-.34 11.32-.49 11.38-.49 11.39-.48 11.46-.52 11.26-.52
-around 100 points-and the transactions have, therefore,
Closing____ 11.29-.30 11.34-.35 11.48-.49 11.42-.43 11.47-.48 11.50-.51--turned out to be very pvofitable, the difference having January ___ ---11.22-.26 11.29-.32 11.36-.38 11.33-.36 11.42-.45 11.22-.45
Range
ringin.
11 25- 25 11 29- 21 11 43-45 11_311-.35 11.42-.43 11.43-45- widened to about 138 points. Similar transactions in recent
years have also been very remunerative. They have been
made on the idea that the New York contract would show
greater depression than that of Liverpool. The Mexican
crisis at one time during the week gave rise to more or less
talk, even if it was not exactly a factor in the market. Some
reason, however, that if there should be a clash between the
two countries the effect would be, for one thing, to cause a
reduction in the acreage of Texas, if not elsewhere, in the
cotton belt. Another influence in the market has been the
small stock here. It has not increased as was expected. A good
deal of low-grade cotton has arrived and been declared below
contract grade. Reports are current of a good demand for
the better grades at the South. It is believed by many that
the consumption continues large, whatever the fluctuations
in the spinner's takings from week to week. To-morrow,
too, the Census Bureau will issue its figures on the consumption during February. Bulls expect them to show a continuance of a large consumption. British exports of yarns
and cloths have exhibited a noticeable increase. Of yarns
the exports during February were some 18,000,000 pounds,
as against 16,761,100 pounds in February last year. Furthermore, the exports of cloths reached the liberal aggregate
of
February,
against
in
583,000,000
yards
563,606,000 yards in the same month last year. Trade
interests have bought more or less in this market. Late reports indicate that planting ,in Texas may be somewhat delayed from an excess of moisture in the soil; also, that while
in many parts of the State there will be no trouble about gettine good seed, in some other sections it may not be quite
so easy. The exports of cotton from the United States thus
far this season make no bad showing. It is noticed, too,
that on declines the market runs into buying orders. New
low records early in the week as to prices on this movement
were followed by buying by big interests on so large a scale
as to cause an upturn. The Continent has been buying newcrop months in Liverpool steadily. May has gone to 17
points over July, against 8 points earlier in the week. Yet
the fact is beyond question that speculation as a whole lags.
The outside public refuses to take hold of the bull side.
The receipts continue liberal. The spot sales at Liverpool
have fallen off. Frequently of late they have been only
six or eight thousand bales a day. Manchester official advices insist that trade there just now is not good. The
financial strain in France continues. The political and financial troubles in Brazil are not forgotten. East Indian and
Egyptian cotton is,relatively cheaper than American. The
Russian crop is stated at 1,007,000 bales of 500 pounds each,
as against 919,900 bales in 1912-13. Of late, owing to reports from Texas to the effect that there is a good season in
the ground and that field work is up to the normal stage,
new-crop months here have been noticeably sluggish. But
December has shown less depression, as the new rules go
into effect in December, i. e., Government standards and
revisions every month.To-day prices advanced on a renewal of short covering in May, which has been on a very
big scale within 48 hours by spot interests, Liverpool people,
Wall Street and room traders. March again showed much
strength. May to some looked as though there was a further short interest to be liquidated. Spot cotton closed at
13.200. for middling uplands, showing a rise for the week of
20 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 13Stock at Liverpool
Stock at London
Stock at Manchester
1914.
1913.
1912.
1911.
bales.1,209,000 1,375,000 1,166,000 1,168,000
5,000
5,000
2,000
6,000
84,000 102.000
97,000 116,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,298,000 1,482,000 1,265,000 1,390,000
9,000
11,000
7,000
4,000
529,000 528.000 536,000 279,000
392,000 422,000 336,000 323,000
2,000
2,000
4,000
2,000
36,000
32,000
22,000
24,000
41,000
34,000
38,000
46,000
35,000
31,000
5,000
4,000
1,040,000 1,064,000. 948,000
682,000
2,338,000 2,546,000 2,313,000 2,072,000
Total European stocks
India cotton afloat for Europe_ _ _ 183,000
93,000
82,000 151,000
Amer. cotton afloat for Europe
575,438 254,927 962,260 400,457
Egypt,Brazil,&c.,afit.for Europe_ 68,000
49,000 • 64,000
43,000
Stock in Alexandria. Egypt
319,000 260,000 256,000 226,000
Stock in Bombay, India
961,000 840,000 637,000 511,000
Stock in U.S. ports
876,365 729,859 1,097,784 592,679
Stock in U. S. interior towns_ _ _ _ 723,988 658,890 537,288 524,674
U. S. exports to-day
18,400
7,500
42,517
14,627
Total visible supply
6,063,191 5,439,176 5,891,849 4,535,437
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales.. 967,000 1,214,000 1,055.000 1,150,000
Manchester stock
48,000
73,000
67,000
80,000
Continental stock
978,000 1,028,000 922,000 647,000
American afloat for Europe
575,438 254,927 962,260 400,457
876,365 729,859 1,097,784 592,679
U.S. port stocks
723,988 658,890 537.288 524,674
U. S. interior stocks
18,400
7,500
U.S. exports to-day
42,517
14,627
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock'
India afloat for Europe •
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,187,191 3.966,176 4,683,849 3,419,437
242,000 161.000 111,000 118,000
5,000
5,000
2,000
6,000
36,000
29,000
30,000
26,000
62,000
36,000
26,000
35,000
93,000
183,000
82,000 151,000
49,000
68,000
64,000
43,000
319,000 260,000 256,000 226,000
961,000 840,000 637,000 511,000
1,876,000 1,473,000 1,208,000 1,116,000
4,187,191 3,966,176 4,683,849 3,419,437
Total visible supply
6,063,191 5,439,176 5,891,849 4,535.437
Middling Upland, Liverpool
7.02d.
6.85d.
7.75d.
6.18d.
Middling Upland, New -York_ _ _ _ 13.20c.
12.50c: 10.75c.
14.65e.
Egypt, Good Brown, Liverpool
9.406. 10.406. 9 11-16d.
104d.
Peruvian, Rough Good,Liverpool 9.006. 10.006.
9.10d. 11.25d.
Broach, Fine, Liverpool
6 3-16d.
63%d.
5%d. 7 7-16d.
64d.
Tinnevelly, Good, Liverpool_
63%d. 5 11-161. 7 5-16d.
Continental imports for past week have been 134,000 bales.
The above figures for 1914 show a decrease from last week
of 43,949 bales, a gain of 624,015 bales over 1913, an excess
of 171,342 bales over 1912 and a gain of 1,527,754 bales
over 1911.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton on
Saturday, Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
12%
123%
Galveston
12%
12%
124
NEW YORK QUOTATION FOR 32 YEARS.
12%
12%
New Orleans__ _ 123%
12%
12%
12%
12%
12%
Mobile
12.q
12%
12%
The quotation for middling upland at New York on Savannah
12%
12%
123%
12%
12% i2312%
123%
12%
March 13 for each of the past 32 years have been as follows: Charleston
123%
Norfolk
i'§i"
12%
123%
12%
13
124
11.10 1898_c
13.20 1906.c
1914..c
6.12 1890_c
11.44 Baltimore
13
• 13
13
13
13
13
8.00 1897
12.50 1005
1913
7.25 1889
10.19 Philadelphia
13.25
13.25
13.35
13.35
13.45
13.45
16.65 1896
10.70 1904
7.69 1888
1912
10.19 Augusta
13%
133%
13%
13%
13%
9.90 1895
14.65 1903
6.00 1887
1911
9.88 Memphis
13
13
13
13
13
13
9.12 1894
15.10 1902
1910
7.50 1886
9.12 St. Louis
12%
12%
123%
12%
12%
12% .
8.75 1893
9.85 1901
1909
9.06 1885
11.19 Houston
12 7-10 12 7-16 12 9-16 12 9-16 12 9,46 1211-10
11.20 1900
9.69 1892
1884
1908
6.88
10.88 I Little Rock..
124 .
12%
124
1214
12%
12%
11.20 1899..
6.38 1891
1907
9.00 188/
10.19
March 7 to March 13Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
13.00 13.00 13.10 13.10 13.20 13.20
Week ending
March 13.
131i
846
THE CHRONICLE
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.
Movement to March 13 1914.
Towns.
Receipts.
Week. Season.
Ship- Stocks
ments. Mch.
Week. 13.
Movement to March 14 1913.
Receipts.
Week. Season.
Ship- Stocks
ments. Mch.
Week. 14.
Ala., Eufaula__
180 21,548
20,732
208 6,437
5s
314 1,966
Montgomery _ 1,108 147,610 2,502 21,832
875 148,030 1,247 28,359
Selma
522 119,132 1,780 12,306
762 6,629
363 114,908
Ark., Helena
272 63,890 2,119 13,226
236 40,340
799 10,617
Little Rock
2,835 172,390 5,730 53,105 1,346 171,939
734 32,858
Ga., Albany__ _
13 23,845_ _ _ 1,751
10 27,408
210 2,700
Athens
570 107,906 1,700 20,052 1,325 100,489 3,7 7 19,184
2
Atlanta
1,789 211,608 2,211 12,176 1,016 150,222 1,714 16,052
Augusta
2,881 342,663 4,980 69,904 3,212 314,353 3,878 75,156
Columbus _
825 76,122 1,450 16,023
304 72,450 1,275 25,755
Macon
482 1,080
51 44,232
340 35,562
123 11,936
Rome
375 53,939
425 5,639
383 47,743
550 8,657
La.,Shreveport 2,491 180,560 4,792 35,263
171 136,460 1,770 9,468
Miss.,Columb,
353 35,382 1,043 3,075
272 25,345
187 3,191
Greenville __
443 84,081 1,956 16,582
200 47,027
631 9,000
Greenwood-- _
492 136,936 2,061 24,484
600 106,537 1,600 17,000
Meridian
147 29,671
235 7,441
491 50,936
900 15,684
Natchez
75 19,503 1,275 4,300
28 17,892
254 1,833
Vicksburg__ _ _
220 32,739 .. _ _ _ 8,078
197 28,453
504 4,113
Yazoo City_
___
39,837
___ 9,546
_ __
22,345
438 4,981
Mo.,St. Louis.. 15,418 4 3,194 14,742 33,983 9,389 470,354 9,303 39,001
4
N.C.,Raleigh.
49
12,674
221
228
30:
8,747
275
345
0., Cincinnati. 5,969 175,499 8,195 22,274 3,472 185,021 4,052 26,054
Okla., Hugo_
37,536
700_ _ _ _
50
30,194
44
52
S.C., Greenw'd
194
13,106
179 1,215_ _ _
18,800
200, 2,900
Tenn.,Memphi 15,768 980,631 26,602 150,0681 15,29 730,670 15,532 145,631
1
Nashville _..
76
10,123
479
248
96
6,832
21
423
Tex., Brenham
_.112 17,084
120 1,563
40 16,907
____ 1,440
Clarksville_ _
48,511
___ _
200 3,000___
43,907
180
570
Dallas
55: 93,121 1,598 4,923 2,5 0 122,690 3,000 5,000
0
Honey Grove_
150 1,700
50 32,502
200 43,550
___ 1,060
31,8272,523,408 37,211 160,077 23,9732,909,484 28,101 132,663
Houston
Paris
250 106,103
550 5,000 1,500 142,125 1,700 4,000
Total. 33 towns 85,9106,440,640 125,331 723,988 68,171 6,404.889 83.709658.890
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.
-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
• March 13ShippedViaSt. Louis
Via CairoVia Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, 3.:c
-1913-14Since
Week.
Sept. 1.
14,742 415,409
3,287 159,440
150
5,533
3,424
93,821
3,030
93,221
1,825 124,462
6,186 329,861
Total gross overland
32,644 1,221,747
Deduct Shipments
Overland to N. Y., Boston,&c_ _ .. 2,041
101,707
Between interior towns
7,593 107,720
Inalnd,&c.,from South
6,250
81,841
Total to be deducted
15,884
-1912-13Since
Week.
Sept. 1.
0,303 444,200
3,638 209,262
348
17,352
1,529 . 66,117
2,168 119,150
1,269 109,315
3,427 282,142
21,682 1,247,538
1,286
2,492
1,312
116,569
88,747
67,735
291,268
5,090
273,051
Leaving total net overland*
16,760 930,479
* Including movement by rail to Canada.
16,592
974,487
The foregoing shows the week's net overland movement
has been 16,760 bales, against 16,592 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 44,008 bales.
-1913 14
1912-13
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to March 13_ _..127,636 8,937,122 108.397 8,424,695
__ 16,760
Net overlancl to March 13_
930,479
16,592
974,487
_-_Soutner consumption to March 13 60,000 1,670,000
66,000 1,560,000
Total marketed
204,396 11,537,601 180,989 10,959,182
Interior stocks in excess
*39,421609,474 *15,538
561,854
Came into sight during week_ _ _164,975
165,451
Total En sight March 13
12,147,075
11,521,036
North'n spin.'s takings to Mch. 13 33,012 1,911,374
47,151 2,038,451
* Decrease during week.
Movement into sight in previous years:
Week-March
1912
1911-March
1910
-March
-March
1909
16
17
18
19
Bales.
249,973
101,132
110,749
143,415
Since Sept. 11911-12
-March 16
1910
-11-March 17
1909 -March 18
-10
1908 -March 19
-09
Bales.
13,225,834
10,412,542
8,852,068
11,474,539
xcvm.
VOL
WEATHER REPORTS BY TELEGRAPH.
-Our telegraphic advices from the South this evening denote that rain.
has fallen in most districts during the week, but with moderate or light precipitation as a whole. From Texas it is
reported that the preparation of land for cotton is progressing
rapidly.
Galveston, Tex.
-Soil preparation is making rapid progress.
Heavy frost occurred on the 12th. Rain has fallen on two
days during the week, the precipitation reaching one inch
and fifty-seven hundredths. The thermometer has averaged
55, the highest being 66 and the lowest 44.
Abilene, Tex.
-It has been dry all the week. The thermometer has averaged 39, the highest being 54 and the
lowest 24.
Dallas, 'ex.
-There has been no rain during the. week.
The thermometer has ranged from 28 to 58, averaging 43.
Palestine, Tex.
-It has rained on one day of the week, the
precipitation being one inch and sixty-four hundredths.
Average thermometer 45, highest 58, lowest 32.
-We have had rain on one day during
San Antonio, Tex.
the week, the precipitation being four hundredths of an inch.
The thermometer has averaged 46, the highest being 58 and
the • lowest 34.
-There has been rain on one day durin7 the
Taylor, Tex.
week, the precipitation reaching eighty-six hundredths of an
inch. The thermometer has averaged 46, the highest being
58 and the lowest 34.
New Orleans, La.
-It has rained on one day during the
week, to the extent of four hundredths of an inch. The
thermometer has averaged 54.
Vicksburg, Miss.
-Rain has fallen on one day during the
week, the precipitation reaching thirty hundredths of an
inch. The thermometer has averaged 49, the highest being
71 and the lowest 34.
Memphis, Tenii.-We have had rain on one day during the
week to the extent of ninety hundredths of an inch. The
thermometer has ranged from 29 to 70, averaging 43.
Mobile, Ala.
-It has rained on one day of the week, the
reaching twenty-one hundredths of an inch.
The thermometer has averaged 52, ranging from 37 to 68.
Selma, Ala.
-We have had rain on one day of the week,
to the extent of one inch and fifty hundredths. The thermometer has averaged 45, ranging from 29 to 75.
-There has been no rain during the week.
Madison, Fla.
The thermometer has averaged 54, the highest being 71
and the lowest 35.
Savannah, Ga.-We have had rain on one day during the
week to the extent of seventeen huhdredths of an inch. The
thermometer has averaged 51, ranging from 34 to 74.
Charleston, S. C.
-We have had rain on two days during
the week, the precipitation being fifty-nine hundredths of an
inch. The thermometer has averaged 50, the highest being
67 and the lowest 32.
Charlotte, N. C.
-We have had rain during the week to the
extent of eighty-two hundredths of an inch. The thermometer has averaged 48, ranging from 27 to 68.
MARKET AND SALES AT NEW YORK.
•
Spot Market
Closed.
Saturday._ _ Quiet
Monday _ _ Quiet
Tuesday _
Quiet 10 pts adv__ __
Wednesday.. Quiet
Thursday _ _ Steady 10 pts adv _ _
Friday_ _ _
Steady
•
Futures
Market
Closed.
SALES.
Spot. Contecti Total.
Steady
Firm _ _ _
_
Firm
Steady
Steady
Very steady ___
800
110
1,600
500
1,710
50()
110
Totai
800
2,900
3,010
WORLD'S SUPPLY AND TAKINGS OFCOTTON.
Cotton Takings.
Week and Season.
1913-14.
Week.
I
Season. I
1912-13.
Week.
Season.
6,107,140
Visible supply March 6
5,491,952
2,055,351
Visible supply Sept. 1
2,135,485
American in sight to March 13_ - 164,975 12,147,075 165,451 11,521,036
12.._
NEW ORLEANS CONTRACT MARKET.
-The highest, Bombay receipts to March 12_ _ 144,000 2,125,000 94,000 1,589,000
Other India ship'ts to Mch.
199,000
3,000
19,000
126,000
lowest and closing quotations for leading contracts in the New Alexandria receipts to Mch. 11.. 14,000 957,000
7,000
967,000
208,000
5,000
12,000
Orleans cotton market for the past week have been as follows: Othersupply to Mch. 11*
207,000
Total supply
6,461,115 17,691,426 5,766,403 16,545,521
Saturday, Monday, Tuesday, 1Vededay, Thursd'y, Friday,
'
Deduct
Mch. 7. Mch. 9. Mch. 10. Mch. 11. Mch. 12.Mch. 13. Visible supply Mch. 13
6,063,191 6,063,191 5,439,176 5,439,176
March
Total takings to Mch. 13 a
397,924 11,628,235 327,227 11,106,345
12.34-.45 12.27.47 12.43-.49 12.45-.52 12.49-.63 12.59-.66
Range
Of which American
265.924 9,002,235 265,227 8,920,345
Closing
12.34 -12.47.48 12.46 .48 12.48 .50 12.60 .61 12.61 .63
132,000 2,626,000
Of which other
62,000 2,186,000
May
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Rm.
Range
12.18 .26 12.15 .35 12.29 .37 12.28 .40 12.31 .50 12.46 .54
a This total embraces the estimated consumption by Southern mills,
Closing
12.21 .22 12.33 .34 12.35 .36 12.36 .37 12.47 .4812.52-.53
1,670,000 bales in 1913-14, and 1,560,000 bales in 1912 -takings not
-13
June
Range
12.43 - -- being available and the aggregate amounts taken by Northern and
Closing
12.21 .23 12.33 .35 12.35 .37 12.36 .38 12.47 .4912.52-54 foreign spinners, 9,958.235 bales in 1913-14 and 9,546,345 bales in 1912-13,
of which 7,332,235 bales and 7,360,345 bales American.
July
Range
12.15.25 12.11 .32 12.26 .35 12.25 .37 12.28 .43 12.40 .47
ALEXANDRIA RECEIPTS_A_ND_SHIP_M_ENTS.
.
Closing
12.18 .19 12.30 .31 12.32 .34 12.32 .33 12.41 .42 12.46 .47
August
Alexandria, Egypt,
1912-13.
Range
1913-14.
11.75
11.74 .77
1911-12.
March 11.
Closing
11.76 .79 11.88 .C1 11.90 .93 11.88 .91 11.95 .97 11.97 .99
October
Range
11.37 .41 11.33 .48 11.43 .52 11.44 .54 11.47 .55 11.50 .58 Receipts (cantars)This week
Closing
1-0,000
95,000
11.37 .38 11.46 .47 11.51 .52 11.49 .50 11.53 .54 11.55 .56
115,000
Since Sept 1
November
7,179,077 I
7,252,038
6,806,555
Range
11.49 .50Closing
11.37 .39 11.46 .4R 11.51 .53 11.49 .51 11.53 .55 11.55.57
This Since I This Since
This Since
December
Ecports (bales)
Week. Sept. 1. 1Veek. Sept. 1.. Week. Sept. 1.
Range
11.37 -- 11.33 .48 11.44-.53 11.46-.50 11.49-.50 11.55
Closing
11.36-.37 11.46-.47 11.51-.52 11.49-.50 11.53-.54 11.55-.56
To Liverpool
4,000 165,461 2,250 170,522 2,000 157,528
January
To Manchester
8,250 170,119
172,039 5,500 184,870
Range
To Continent and India_ 15,000 298,150 7,500 282,605 11,000 263,299
Closing
11.38-.39 11.47-.48 11.52-.53 11.50-.51111.54-.55 11.56-.57
To America
3,500 46,043 1,500 100,231 2,000 70,331
Tone
Spot
Finn
Quiet
Steady Steady I Steady I Firm
Total exports
30,750 679.773 11.250 725,397 20,500 674.028
czt--,dv at.
ijv
Steady Otnarilr Qt.-,-I',
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
1
847
THE CHRONICLE
MAR. 14 19144
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for the three years have been as follows:
Spot.
Market,
12:15
P.M.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Dull.
Fair
business
doing.
Fair
business
doing.
Fair
business
doing.
Quiet.
Moderate
demand.
Mid.Upl'ds
March 12.
Receipts at
Since
Since
Week. Sept. 1. Week. Sept. 1.
-144,000 2,125,000 94,000 1,589,000 74,000 1,561,000
Week.
Bombay
Since
Sept. 1.
Great
Great Conti- Japan
Britain. neni. &China Total. Britain.
Bombay
1913-14_
1912-13._
1911-12_
Calcutta
-14_
1913
1912-13.1911-12_
Madras
1913-14.
1912-13_
1911-12._
All othe
1913-14__
1912-13...
1911-12._
Total all
1913-14._
1912-13....
1911-12_
2,00
3,000
2,000
1,000
1,000
2,000
11,000
8,000
7,000
16,000
6,000
2,000
29,000
17,000
11,000
21,000
13,000
5,000
1,000
27,000
17,000
7,800
800
6,000 143,000
16,000 92,000
63,000
15,000
18,000 119,000
8,000 68,000
44,000
4,000
16,000
3,000
oo 4,000
--
41,000 683,000 636,000 1380,000
29,000 271,000 440,000 740,000
12,000 194,000 481,800 687,800
1,000 43,000 46,000 90,000
____ 12,000 3,000 15,000
1,000 4,000 49,500 54,500
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. The demand for
India is improving. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
•
834 lbs. Shirt- Corn
lags, common Mid.
Upra
to finest.
32s Cop
Twist.
d.
.Jan.
13 94
30 934
Feb.
1
8 9
13
20 9'3(
27 9%
Mar
6 9%
13 934
1913.
1914.
d. e. d.
10% 6 1
0 109j 61
0 10% 6 1
0 10% 8 1
011 2
44112
011 2
011 2
0 10%0 031011 1
,
,6 0 011 0
0 10y
83( tbs. Shirt- Corn
logs, common Mid.
to finest.
Uprs
d. e. d.
e. d. d. d.
0 10% 6 1%011 3
0 1034 6 1 011 2
3( 0
32s Cop
Twist.
e. d. d.
7.21 10
7.09 10
0 10% 6 3 011 8
0 10% 6 3 011 8
6.69
6.84
8.96 10
7.04 103
7.09 10
7.08,10
0
0
00
0
3 @,11 6
4 @116
334011 6
334011 6
6.99
8.91
8.77
8.89
8.99 934 0 1034 8 334011 6
7.02 934 0 1034 6 3 011 8
8.81
8.81
1
10% 6
11 8
10% 8
10% 0
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 114,267 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bates.
412
-March 11-Baltic,412
-To Liverpool
NEW YORK
918
-Canning,918
-March 7
To Manchester
200
-Francisco, 200
-March 7
Hull
To
348
To Bremen-March 11-Scharnhorst, 348
-Etonian,
-March 5-Gothiand, 100.._ _March 6
To Antwerp
300
200
-Calabria,
-Cincinnati, 379__ _March 7
-March 5
To Genoa
1,463
1,084
100
-Pannonia, 100
-March 9
To Naples
600
-Oceania, 600
-March 6
To Venice
10,151
-March 10-Cragside, 10,151
GALVESTON-To Havre
50
To Christiania-March 5-Cayo Manzanillo, 50
1,790
To Gothenburg-March 5-Cayo Manzanillo, 1,790
3,200
-Martin Saenz, 3200,
To Barcelona-March 12
3,700
-Now Zealand Transport, 3,700
To Japan-March 12
9,224
PORT ARTHUR-To Bremen-March 6-Jovington, 9,224
-Civilian, 14,591......
-To Liverpool-March 9
ORLEANS
NEW
32,891
March 13-Victorlan, 18,300
3,331
-March 12-Georgie, 3,331
To Havre
1,234
To Rotterdatn-March 7-Maartensdyk, 1,234
-Ben Vrackie, 1,232__ _March 12
-March 11
To Antwerp
3,032
Lord Ormonde, 1,800
950
To Oothenburg-March 11-Cayo Manzanillo, 950
100
-Angel de Perez, 100
To Barcelona-March 12
933
-March 11-Monviso, 933
To Genoa
-Asian, 3,704; Eddystone, 106, 3.810
-March 7
MOBILE-To Liverpool
SAVANNAH-To 13remen-March 6-Rustington, 3,595 _- 9,837
March 11-Normannia, 6,242
-Elbe, 3,284;Orissa, 6,496_ __March
To Hamburg-March 7
• 9,828
12-Normannia,50
-March 11-Themisto,50
To Antwerp
To Rotterdam-March 6-Rustington, 925_- _March 111,025
ThemIsto, 100
420
-Sachem,420
-To Liverpool
-March 7
NORFOLK
BOSTON-To Liverpool-March 4-Andania, 195... _March 7
905
-Cymric, 100
Canadian, 610.._ _March 10
102
To Yarmouth-March 1-Prince George, 102
-March 6-Rowanmore, 1037..._.. 1,937
-To Liverpool
BALTIMORE
1,988
-Lancastrian, 1,988
-March 6
To Havre
1,000
-Main, 1,000
To Bremen-March 5
-Mongolia, 764_ - _
-To Japan-March 5
SAN FRANCISCO
8,008
March 12-Indrasamha, 7,244
428
PORT TOWNSEND-To Japan-March 10-Shidzuoka Maru,428
Total
114,267
-By cable from Liverpool we have the
LIVERPOOL.
following statement of the week's sales, stocks, &c., at that
port:
Feb. 20. Feb. 27. Afar. 6. Mar. 13.
47,000
51,000
50,000
51,000
Sales of the week
3,000
4,000
4,000
2,000
Of which speculators took--..-- 1,000
1.000
1,000
Of which exporters took
36,000
41,000
37,000
41,000
Sales. American3,000
3,000
18,000
15,000
Actual export65,000
109,000
87,000
95,000
Forwarded
1,181,000 1,149,000 1,196,000 1,209,000
Total stock-927,000 908,000 956.000 . 967,000
Of which American
80,000
141,000
69,000
117,000
Total imperts of the week
68,000
106,000
57,000
94,000
Of which American
303,000
-291,000 333,000 333,000
Amount afloat
247,000
281,000 274,000
242.000
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
6.93
6.97
6.97
6.96
7.02
4,000
300
8,000
500
10,000.
1,000
8,000
800
7,000
700
6,000
300
Futures. { Quiet at
2%05
Market
pts. dec.
opened
Steady at Steady at
2%03% 5®7 pts.
pts. dec. advance.
Steady at Quiet,unch. Steady.
to 1 pt. 4%0536
1%02
pts. adv.
decline.
pts. adv.
Quiet at
304%
pts. adv.
Firm.
Quiet at Steady, 34
1%02 pt. dec. to 5%0734
pts. adv. 34 pt. adv. pts. adv.
Total.
5,000
4,000
2,000
1,0001
-7-15,000
3,000
Japan
Continent. &China.
13,000 1161,000
16,000 532,00
14,000 182,000 418,000 614,000
4,000 138,000 464,000 608,000
26.000 45,000 71,000
9,000 3,000 12,000
3,000 45,000 49,000
6.96
Sales
Spec..faxp
Market, { Steady at Steady at
304 pts.
4
3%(4)4
pts. dec.
decline.
P. M.
Since September 1.
For the Week.
Exports
from-
1911-12.
1912-13.
-14.
1913
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Thus:6 58 means 6 58-100d.
•
Saturday, I Monday, Tuesday. IWed'sday. Thursday. Friday.
The prices are given in pence and 100t/is.
Mch 7
to
Mch 13. 1234 1234 1234 4 1234 4 1234 4 1234, 4 • 1231 4
0
p.m Pam pan• pan• P•in• P.m.P•m• 1 .m• p.m. p.m P.m:P.m.
d. I d
d.
d.
d.
d.
d.
d.
d.
d.
d.
.
_d.
--*-- 6 5834 55 55 5834 58 61 60 60 6034 6534 68
March_
Mch.-Apr. ____ 6 5834 5434 5434 5834 48 61 60 60 6034 6534 68
-May - _ -- 6 53 49 49 53 5234 56 5434 5434 55 60 16254
Apr.
3{ay-June ---- 6 5234 4834 4834 5234 52 5534 54 54 5434 5934 62
June-July -- _ 6 47% 44 43% 47% 47% 50% 49% 4934 4934 55 157
6 4334 40 3934 4334 4334 4634 4534 4534 4554 51 153
July-Aug_
-Sept. ____ 6 3334 30 30 34 3434 3734 3654 3634 3634 4134 4354
Aug.
-Oct. ____ 6 23 1934 19 23 2334 26 2534 25 2534 29 3134
Sept.
1734 17 1734 21 23
-Nov. ____ 6 1554 12 1134 15 1534 18
Oct.
1334 1234 12 123.4 16 18
-Dec. -___ 6 1034 07 0634 1034 11
Nov.
1034 11
143,4 1634
Dec.-Jan. _ _-- 6 0934 06 0534 09 0934 12 11
1434 1634
11
-Feb. ____ 6 0934 06 0534 09 0954 12 11
Jan.
1354 1234 12 1234 16 18
..._6 11 0754 07 1054 11
Feb.-Mch.
A 12 09 0814 12 1214 15 14 13 1314 17. 19
Moll -Anr
1054
BREADSTUFF'S.
Friday Night, March 13 1914.
Flour has continued quiet and according to some reports
some of the mills are rather more inclined to shade prices in
order to facilitate business. However this may be, it is
certain that trade is quiet and that the tone is more or less
unsettled. Last week St. Louis did a fair business. Chicago reports little new business and that directions on old
orders are unsatisfactory. At Kansas City there has been
at best only a fair business, with prices generally steady.
Taking the market as a whole, the condition of business is
not satisfactory. Buyers here stick to the policy of purchasing only from hand to mouth, awaiting further developments.
The total production last week at Duluth, Minneapolis and
Milwaukee was 357,170 bbls., against 382,080 in the previous week and 373,986 last year.
Wheat advanced early in the week on an oversold condition of the market and a rather bullish construction which
was placed on the statement of farm reserves. Later in the
week, however, the tone became somewhat easier. The reserves remaining in farmers' hands on March 1 were stated
by the Department of Agriculture at 151,809,000 bushels,
or 19.9%, against 156,483,000, or 21.4%, last year, and
122,025,000, or 19.6%, in 1912. With the exception of
1912 the reserves just now are the smallest since 1909, when
they were 143,692,000 vushels, or 21% of the crop. Foreign
houses have bought futures to some extent. Winnipeg has
reported some business for export. Primary receipts have
at times fallen considerably below those of last year. Dry
weather is complained of in Australia, where plowing for the
:
new crop is suspended Offerings there are smaller. In
India high prices prevail in spite of the improved crop outlook in the Punjab. In France considerable re-sowing is
necessary, owing to winter-killing, and supplies are light.
In parts of Russia there has been damage to the crop and
arrivals are light. In Roumania the movement to the ports
is small. In Hungary the reserves are very small and Roumania and Germany are steady buyers there. The world's
shipments, though larger than in the previous week, were
smaller than in the same week last year, i. e., 12,336,000
bushels, against 10,888,000 in the previous week and 13,776,000 in the same week last year. On the other hand,
there has been no very aggressive speculation for a rise.
Foreign markets have shown no great sensitiveness to
this
in
reserves
decreased
of
the • reports
United
the
in
outlook
crop
The
country.
States is still regarded as in the main favorable
and July at times has been pressed for sale for this reason..
ice
The weather in Argentine has been good. The. is clearing on the Danube and several boats are awaiting loading.
No further difficulty is expected, as the season is now far
advanced. Crop prospects are decidedly better in the
Punjab of India. No large business has been done for
export. Yet the tone, within a day or two, has again become steadier on the covering of shorts, although there has
been no pronounced strength. The suspension of a Chicago
house has certainly not helped matters, although it states
its assets at $420,000, with liabilities of $180,000. It was
a case, it seems, of voluntary bankruptcy and the assets
are said to include considerable real estate. It is worthy
of note that the world's stock of wheat last week decreased
2,872,000 bushels, as against an actual increase during the
same week last year of 3,500,000 bushels. The world's
stock is, therefore, stated at 193,072,000 bushels, against
206,985,000 a year ago and 194,610,000 at this time in 1912.
To-day, prices were steady, though American crop news was
848
THE CHRONICLE
(Vol- xcvm.
still favorable. Bulls were trying to work up a European
war scare.
Flour,
Receipts at
bbls.
New York
121,000
29,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Boston
Portland, Me
14,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Philadelphia
30,000
No. 2 red in elevator.
cts..10334 104
104
104
104
104
28,000
May delivery in elevator..
10134 10134 1014 10134 10134 10134 Baltimore
_ _ 59,000
New Orleans
July delivery in elevator..
9654 9634 97
0734 Newport News__ _
9734 97
5,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Norfolk
1,000
Sat. Man. Tues. Wed. Thurs. Fri.
Galveston
May delivery in elevator
cts. 92% 93
8,000
9334 9334 9334 9334 Mobile
July delivery in elevator..
7,000
8734 8754 8834 884 8834 8834 Montreal
Halifax
1,000
Indian corn has been rather firmer, with a better sh4ping St. John
37,000
Wheat,
bush.
91,000
53,000
331,000
382,000
286,000
145,000
8,000
43,000
43,000
Corn,
bush.
16,000
2,000
29,000
39,000
134,000
2,000
2,000
12,000
1,000
Oats, Barley,
bush.
bush.
198,000 366,000
6,000
2,000
42,000
123,000
1,000
42,000
2,000
29,000
48,000
Rye,
bush.
3,000
20,000
13,000
458,000
demand at the West and stronger cash markets. The indiTotal week
1,840,000
2.37,000
446,000 428,000
cations have pointed to a small crop movement, at least for Since Jan. 11914._ 340,000 20,953,000 7,003,000 7,343,000 2422,000 23,000
1914A,004,000
569,000
a time. The statement of farm reserves had no great in- Week 1913
)
412,000 2,522,000 3,258,000
870,000 972,000 58,000
Since Jan. 1 191&484,000 29,141,000 28,510.0J0 11,057,000 6,996,000 647,000
fluence, although it showed a sharp decrease compared with
Receipts do
recent years. The fact is that it is the smallest total since on*through billsar)nclude grain passing through New Orleans for foreign ports
of lading.
1904. But as the figures were about as expected, they fell
The
comparatively flat or, at any rate, had no pronounced effect. ending exports from the several seaboard ports for the week
March 7 are shown in the annexed statement:
The total on March 1 in farmers' hands was 866,392,000
Wheat,
Corn, Flour,
Oats,
Rye, Barley, Peas,
bushels, against 1,289,655,000 in 1913, 884,069,000 in 1912
Exports frombush,
bush.
bbls.
bush,
bush.
bush, bush.
New York
681,244
and 1,165,378,000 in 1911. In the year 1904, at the same Portland, Me_ - _.. 331,000 24,389 100,511 86,578
19,928
14,000
42,000 .-date, it was only 839,053,000 bushels. But most of the time Boston
403,694
10,749
24,800
during the last ten years the farm reserves at this time have Philadelphia .._ _ 265,421
31,000
Baltimore
398,132
23,114 16,023
8,571
approximated or exceeded one billion bushels. At one time New Orleans
488,000
22,000 25,000
500
Newport News
prices were weaker on short selling, and the slowness of ship8,000
2,000 5,382
149,000
ping trade,but the increased cash business of late and the fear Galveston
Mobile
12,000 8,000
of a smaller crop movement have been the dominant factors. St. John
458,000
37,000
1,000
The first car of Argentine corn reached Chicago last Monday. Halifax Va
Norfolk,
714
To-day prices were higher, with light receipts and rumors of
Total week_ -3,182,491
83,503 243,179 118,076 8,171 $1,928
some business for export, even if it was not large.
Week 1913
2,218,463 2,386,664 311,118 329,154 14,050 972,674 3,604
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
The destination of these exports for the week and since
Sat. Mon. Tues. Wed. Thurs. Fri.
July 1 1913 is as below:
No. 2 mixed..
..cts.. 7334 7334 7434 7434 7434 74
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta.. 6634 6634 6634 674 6634 6734
66
6534 6634 6634 6634 6734
654 6534 6534 6534 6534 66
May delivery in elevator
July delivery in elevator
Sept. delivery in elevator
Flour------ -Wheat-Since
Since
Since
Week
July 1
Week
July 1
July 1
Week
Exportsfor week and Mar. 7.
1913. Mar. 7.
1913. Mar.7.
1913.
since July 1 to-Ills.
bush.
bbls.
bush.
bush.
bush.
United Kingdom__ _117,809 3,943,002 1,798,103 70,040,000
491,713
Continent
35,394 1,984,289 1,303,870 69,608,119
673,442
37,295
Sou. & Cent. Amer_ 48,033 840,575
78,118 1,079,83S
3,150
345,686
West Indies
35,984 1,197,343
85,767
43,155 1,244,679
Brit. Nor. Am.Cols.
425
73,186
6,017
Other Countries__ .._ 5,554 169,484
2,400
258,053
30,205
Total
3,182,491 141069,777
243,179 8,187,879
$3,503 2,791,742
Total 1912-13
311,118 7,881,296 2,218,483 118045,240 2,385,614 28,425,118
Oats have not shown much steadiness. In fact, last Monday they declined sharply, owing to relatively big farm reserves by comparison with most years. The total on Mar. 1,
it turns out, was 419,476,000 bushels, against 604,216,000
in 1913, 289,988,000 in 1912, 421,535,000 in 1911 and 363,159,000 in 1910. The total for 1914 was larger than exThe world's shipments of wheat and corn for the week
pected, as well as larger than in most recent years. In
1908 it was as low as 267,476,000 bushels on Mar. 1. Com- ending March 7 1914 and since July 1 1913 and 1912 are shown
mission houses sold freely on these figures. The cash demand in the following:
has been light. At Chicago some of the elevator companies
Wheat.
•orn.
have offered oats for shipment at cost to make room for corn,
Exports.
1913-14.
1013-14.
1912-13.
the buyer to guarantee to take the oats out at once. But of
1012-13.
late oats have advanced somewhat, partly in sympathy with
Week
Week
Since
Since
Since
Since
other grain. In two days about 750,000 bushels were sold
March 7. July 1.
July 1. March 7. July 1.
July 1.
at Chicago out of store to go East, in order to make room for
Bushels. Bushels. I Bushels.
Bushels. Bushels.
Bushels.
corn. To-day prices advanced slightly in sympathy with North Amer. 3,808,000 204,346,000 179,502,000 73,000 1,444,060 25,089,000
Russia
2,408,000 110,742,000 78,401,000
68,000 10,471,666 7,025,000
the rise in corn.
Danube_ _ - _ 712,0001 40,690,000 42,903,000 765,000 20,077,400
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts..46-4634 46-46% 4534-46 4534-46 4534-46 4534-46
No. 2 white
Standards...4634-47 4634-47 46-4634 46-464 46-4634 46-4634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Fri.
May delivery in elevator..____ eta,. 40
3954 394 394 3954 394
July delivery in elevator.
3934 3934 3994 395f, 3934 3934
Argentina.-- 2,736,000 27,418,000 69,118,000
Australia_ _ _ 2,432,000 40,888,000 25,736,000
India
204,000 25,832,000 43,736,000
0th.countr's 136,000 8,018,000 5,950,000
Total _--- 12336000 455,912,000 445,436,000 1,280,000 162,1173,010 210,499,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
The following are closing quotations:
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
ijeceipts as-
Flour. 1 Wheat.
Corn. I
Oats.
I Barley.
Rye.
bbls.196:bs. bush. 60 lbs. bush. 56 lbs.'bush. 32 lbsjbush.481bs. bu.56 lbs.
Chicago_ - -235,000
564,000 2,600,000 2,280,000! 433,000
79,000
Milwaukee__
38,000
71,000
496,000'
492,0001 357,000
82,000
Duluth
97,000
10,000;
61,0001
20,000
Minneapolis.
2,723,000
280,000,
270,000' 452,000
59,000
Toledo
102,000
205,0001
27,000
1,000
Detroit
7,000
37,000
111,000,
61,000,
Cleveland
13,000
4,000
180,00W
115,0001
2,000
St. Louis
68,000
413,000
419,000:
820,000
29,000
Peoria
48,000
23,000
385,000;
250,000,
91,000
7,000
Kansas City.
280,000 1,021,000;
559,000,
Omaha
218,000
758,0001
236,000:
405,000
335,000
276,692
4,532,000
4,741,000
2,342,295
6,465,0001 4,971,0001 1,384,000
5,393,000' 3,739,000 1,781,000
3,947,2391 2,780,6581 874,913
228,000
214,000
114,289
Since Aug. 1
I
I
1913-14_ __ 13,430,000 230,491,000 158,592,000 154,264,000 68,666,000 19690000
1912-13___ 11,531,520 282,879,966 160,290,228 169,337,688 76,701,330 13496642
1911-12_ 7.702.905 191.078.880 135.037.173, 99.627.982 54.119.353 6.750.052
Total receipts of flour and grain at the seaboard ports for
the week ended March 7 1914 follow:
(rang.
1Vheat.
FLOUR.
Winter. low grades___ _$3 20 $3 40 Spring clears
$4 054334 30
Winter patents
4 9088 5 10 Kansas straights,sacks_ i 25, 4 40
0
Winter straights
4 25( 4 40 Kansas clears. sacks
3 75@ 4 Ill
Winter clears
3 804 4 15 City patents
5 95
8 35
Spring patents
4 750 5 0) Rye flour
3 204 3 ?,()
Spring straights
4 400 4 65 Graham flour
3 8088 4 50
GRAIN.
Wheat, per bushel
-f. o. b.
Corn, per bushel
cts
N. Spring. No. 1
No. 2 mixed
$1 0334
7434
N. Spring, No. 2
102
No. 2 yellow
7334887454
Red winter, No. 2
No. 3 yellow
10534
7134
Hard winter, No.2,arrive 1 0234
Argentina in bags
72
Oats, per bushel, newcts.
Rye. per bushel
Standards
4534 046
New York
.67886834
No. 2, white
Western
46884634
674
No. 3, white
45@4534 Barley-Maiting
658880
Tot. wk.'14.
Same wk.'13
Same wk.'12
10,591,000
374,000 130,6E1,000 187,794,000
United
Kingdom. Continent.
Mar. 7 1914__
Feb. 28 1914._
Mar. 8 1913_
Mar. 9 1912._
Total.
Bushels. Bushels. Bushels.
27,856,000 18,336,000 46,192,000
27,008,000 18,000,000 45,008,000
23,740,000 31,088,000 54,828,000
27,176,000 11,800,000 38,978,000
United
Kingdom. Continent.
Bushels.
2,423,000
2,627,000
5,823,000
3,485,000
Total.
Bushels. Bushels.
4,803,000 7,228,000
5,661,000 8,288,000
9,343,0110 15,666,000
7,242,090 10,727,000
The visible supply of grain, comprising the stocks 111
granary at principal points of accumulation at lake and
seaboard ports March 7 1914 was as follows:
In ThousandsNew York
afloat
"
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
"
afloat
Chicago
"
afloat
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Bendel
bush, bush, bush. bush. bush. bush. bush. bush.
62
is
597
211
598
155
923
371
165
4
14 1,100
6
23
45
11
203
_
747
39
184
158
- ilia
309
172
6
137
202 -.
360 _ __
131
123
323
1,183 -iii
48
Igg -68i "ioi ---i -259
2,667
19 1,264
348 ___
354
411 2,723
1,149 1,124
356
IT
365 - - .
140 -_-_-.....
345
80 --11
420
5,989 --- 0,707 io;Oiii -iii -iii
377
472 ___998 ---- --- 224 ____
- iii
496
245
313
12,136 --- 32S
351 1,432
713
1,434 ---275 "ioi
191;819552 -- _ _ -Hi 2,i5i _-__ "iii 1,111
---_
483 1,203 2 25!
;2-6i
..
30
ST
6,729 --__ 1,721
..... _
848
120 ___
288 1,176 --ii
138 ___
652
90
747 ____ 1,935 1,127
14
64
Total Mar. 7 1914..56,379 4,277 19,126 21,577 6,414
Total Feb. 28 1914..57,021 4,555 18,374 21,489 6,074
Total Mar. 8 1913...63,231 2,905 20,055 12,835
484
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush, bush, bush, bush. bush.
Montreal
281 ____
15
384
Ft.William&Pt.Arthur.10,565
3,594
"
afloat
4,083 -_2,514
Other Canadian
5,891 .._ _ 3,590
Total Mar. 7 1914_ _20,820
Total Feb. 28 1914_ _22,056
Total Mar. 8 1913_25,135
__
15 10,082
18 14,863
21 9,369
____
1,746 4,826
1,822 4,973
1,168 2,516
888
984
266
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
21
456 ..--
St
456
354
51
___
____
__
MAR. 14 1914.1
In ThousandsAmerican
Canadian
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush. bush. bush.
888
56,379 4,277 19,126 21,577 6,414 1,746 4,826
20,820
21
456
15 10,082 ____
Total Mar. 7 1914 77,199 4,277 19,141 31,659 6,414 1,767 5,282
Total Feb. 28 1914 79,077 4,555 18,392 36,352 6,074 1,843 5,327
Total Mar. 8 191388,366 2,905 20,076 22,204
464 1,168 2,567
888
984
266
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL STOCKS.
-The Agricultural Department's report
on cereal stocks, &c., was issued on March 7 as follows:
The Crop Reporting Board of the Bureau of Statistics (Agricultural Forecasts) estimates, from reports of correspondents and agents, that the
amount of wheat on farms March 1 1914 was about 151,809,000 bushels, or
19.9% of the 1913 crop, against 156,483,000 bushels, or 21.4% of the 1912
crop on farms March 1 1913, and 122,025,000 bushels, orj9.6% of the 1911
crop on farms March 1 1912. About 63.9% of the cpsr_will be shipped
'
out of the counties where grown,against 61.6% of the 192 2 Mop and 56.1%
of the 1911 crop so shipped.
The amount of corn on farms March 1 1914 was about 866,392,000 bushels, or 35.4% of the 1913 crop, against 1,289,655,000 bushels, or 41.3% of
the 1912 crop on farms March 1 1913, and 884,069,000 bushels, or 34.9%
of the 1911 crop on farms March 1 1912. About 17.2% of the crop will be
shipped out of the counties where grown, against 21.8% of the 1912 crop,
and 20.6% of the 1911 crop so shipped. The proportion of the 1913 crop
which is merchantable is about 80.1%, against 85% of the 1912 crop and
80.1% of the 1911 crop.
The amount of oats on farms March 1 1914 was about 419,476,000 bushels, or 37.4% of the 1913 crop, against 604,216,000 bushels, or 42.6% of the
1912 crop on farms March 1 1913, and 289.988,000 bushels, or 31.4% of the
1911 crop on farms March 1 1912. About 26.5% of the crop will be shipped
out of the counties where grown, against 30.9% of the 1912 crop and 28.8%
of the 1911 crop so shipped.
The amount of barley on farms March 1 1914 was about 44,126,000
bushels, or 24.8% of the 1913 crop, against 62,283,000 bushels, or 27.8%
of the 1912 crop on farms March 1 1913, and 24,760,000 bushels, or 15.59'
of the 1911 crop on farms March 1 1912. About 48.4% will be shipped
out of the counties where grown, against 53.7% of the 1912 crop and 57.2%
of the 1911 arop so shipped.
STOCKS OF GRAIN ON FARMS AND PRICES MARCH 1 BY
IMPORTANT STATES.
Wheat
Corn
Millions of
Millions of
9'of
rig
Bushels.
Price, 1913
Price,
Bushels.
States. *op.
Cis. crop.
.
Cts.
5-yr.
5-yr.
1914. 1914. 1913. Aver. 1914. 1914. 1914. 1913. Aver. 1914.
Pennsylvan1a.30
6.6 6.0 7.6 95 38
21.7
24.0
20.6 71
Ohio
28
9.8 1.7 7.9 92 37
54.1
60.1 63
76.7
Indiana
20
8.0 1.3 7.0 91 37
72.0 61
65.3
87.7
Illinois
17
7.1 1.1 5.9 87 36 101.6 191.8 157.8 60
Michigan
26
18.0
3.3 1.5 4.0 92 32
21.0
18.9 66
Wisconsin _.._36
24.7
20.4
17.1 59
1.3 1.2 1.1 83 37
Minnesota
29
33.6
32.8
23.6 50
19.7 22.8 16.9 83 35
Iowa
26
4.3 4.1 3.3 79 37 125.2 194.4 147.0 56
Missouri___ _17
28.4
97.6
81.1 72
6.7 3.8 5.1 87 22
No.Dakota_ _19
2.2
1.8
1.157
15.0 30.2 19.7 80 20
So. Dakota_ _27
20.9
27.5
18.7 54
9.2 13.1 9.8 78 31
Nebraska..__ _22
27.4
73.0
75.3 60
13.7 13.8 11.8 74 24
Kansas
6
1.4
62.7
53.9 71
12
10.4 16.6 12.9 79
Kentucky __ _13
25.4
45.9
1.3 0.8 1.5 97 34
37.0 79
Tennessee __ _16
28.9
40.6
35.5 82
1.3 1.3 1.5 103 42
Texas
49.0
52.1
39.8 87
10
1.4 1.3 0.9 90 30
31.6
Oklahoma
9.4
8
1.4 2.6 2.3 80 18
24.9 75
0.2
0.2
Washington_ _12
6.4 7.5 5.9 77 15
0.1 71
Oregon
1.7 2.7 2.2 80 13
0.1
0.1
0.1 77
11
United Statea.19.9 151.8 156.5 149.0 83.1 35.4 866.4 1,289.7 1,072.9 69.1
THE DRY GOODS TRADE.
New York, Friday Night, March 13 1914.
Conditions in the dry goods trade have been quiet during
the past week with prices for staple lines holding steady and
a moderate amount of new business coming to hand. Severe
freight congestion which followed the recent storm has
delayed shipments, but conditions are reported to be improving and the movement of goods is becoming less difficult.
There is some complaint that retailers are holding back on.
spring and summer requirements, but this is due to a backward winter, and while jobbers are being requested to delay
delivery of spring goods, there has been no cancellation of
orders. On the other hand, jobbers are not ready to accept
deliveries from mills and are asking to have them held over
a while. For this reason the obstructions to traffic have not
been so severely felt as they would have been if conditions
were the reverse. On some lines of merchandise,particularly
staple cottons,such as are not subject to the control of seasons, prompt deliveries are being urged; many of which are
overdue. The recent cold weather has brought out a better
spot demand for winter goods, and retailers who were overstocked and afraid of a heavy carry-over have been able to
reduce their holdings. Commissi9n men and selling agents
still complain of the difficulty in getting buyers interested in
business running beyond the spring and summer months,
but state that the non-accumulation of mill stocks is causing
some improvement, and buyers who are afraid of not securing deliveries as wanted are placing a fair amount of forward contracts subject to modification should future conditions warrant. Jobbers report that retail buying so far for
spring and summer account is far below normal and look for
an active attendance of out-of-town retailers in the market
.
in the near future. Easy credits and fair collections, together
with a generally optimistic feeling among retailers, are causing
the jobbing trade to look forward to a prosperous summer.
A dull and heavy cotton market with a downward tendency
in yarn prices is doing much to promote the conservatism of
buyers, and should these markets take on greater activity
and strength, considerable improvement would follow in the
finished goods market. High prices continue to restrain
business in cotton goods for export, although many inquiries
are received close to market prices Stocks at leading ports
:
appear to be.
ample for the time being, and business is expecremain quiet until there is a change in the price
ted to
situation in our market or an increase in consumption at
importing centres.
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending March 7 were 6,788
packages, valued at $641,094, their destination being to the
points spesified in the table below:
849
THE CHRONICLE
New York to MarchrGreat Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1914inc,
Week. Jan.
339
31
101
726
20,459
21
3,518
350
2 151
,
648
2,614
1,066
12,580
5
142
569
4,851
773
10,492
3,224
14,760
_
6,788
72,641
-191
Since
9
.5.
Week. Jna21
25
8 59
1, 5728-142334
5
15i2389
° 35 1
8 13
l, 5
935
9
8.9 2
612
98
3,464
13,439
2,649
68,140
6,823
The value of these New York exports since Jan. 1 has been
$5,306,552 in 1914, against $5,283,036 in 1913.
Staple cotton goods are quiet and steady. There are reports of some concessions in price on business consisting of
small lots, but where contracts of any size are involved
manufacturers are insisting upon full market values. Print
cloths and gray goods are holding up despite the easier
tendency in yarns and cotton, manufacturers knowing stocks
to be light and converters in need of supplies not being
disposed to make reductions. The poor shipping conditions •
are keeping back deliveries from mills and converters are
complaining about the delay in getting their goods. Leading
factors have examined conditions throughout the country
closely, and state that stocks of staple all-year-round cottons
are at very low levels. As mills have confined production
to actual business, there is no accumulation, and when this
situation becomes fully understood, a rush to cover requirements is looked for. Much attention is attracted to the
wash goods end of the market by the large assortment which
jobbers have gathered. Retailers have done little or nothing
in .
preparation for their spring and summer wash goods requirements, and jobbers, realizing this, have prepared an
extensive showing. Gray goods, 38-inch standard, are quoted at 531@5%c.
WOOLEN GOODS.
-While keen competition is reported
in all grades of dress fabrics for fall, domestic manufacturers
have succeeded in securing a fair amount of business. Bookings of serges for fall have been very heavy and competition
between both domestic and foreign manufacturers has been
so severe that the prices secured on most of the business will
mean poor profit to manufacturers. In fact, mill owners
are seriously concerned over the steady upward tendency in
wool and worsted yarns, which will make some of the business
which they have booked a complete loss. On the other
hand, clothiers and cutters-up, fearing a general marking
up of prices, are getting their business in early. In men's
wear advances over opening levels have already been made
on both woolens and worsteds for fall and as a result business
has been checked to a considerable degree.
-Linen jobbers eontinue to
FOREIGN DRY GOODS.
move out goods in steady volume and report a steady demand
for spring and summer dress goods. The market has received somewhat of a shock from the change of appraisal on
cotton table damasks. These goods have heretofore been
appraised under Paragraph 268,Schedule 1,of the new tariff,
which states that cotton table damask is dutiable at 25%
ad valorem, but appraisers have now ruled tham taxable
under Paragraph 258 of the same schedule, as table covers
of part cotton construction, dutiable at 30% ad valorem.
As importers are heavily contracted ahead on these at prices
based upon the 25% duty, they are confronted with severe
losses and are also compelled to discontinue further bookings
until the matter is definitely settled. Burlaps have been
without special feature, with prices about steady. Lightweights are quoted at 4.750. and heavyweights nominally
at 5.85c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending March 7 1914 and since
Jan. 1 1914, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week sad Sizes Jan. 1.
Week Ending
March 7 1914.
Mow Jss. 1 1914.
Value.
Pkgs.
Value.
Pkgs.
Manufactures of$
$
1,939
547,730
19,430
5,920,045
Wool
Cotton
4,670 1,263,492
43,146 12,108,558
Silk
7,668,066
2,189 1,110,013
15.733
Flax
1,582
407,729
17,310
4,347,465
36,660
Miscellaneous
5,127
431,735
4,179.166
Total 1914
15,507 3,760,699 132,329 34,223,300
Total 1913
13.992 3,089,122 120.319 28.371,194
Warehouse Withdrawals Thrown Upon the Market.
Manuafctures of
401
130,616
16,363 4.301,652
Wool
202,395
9,301
2,577.916
Cotton
720
1,381,311
Silk
279
124,807
3,201
5,744
1,340,631
597
142,144
Flax
26,792
1,601,072
Miscellaneous
1,933
134,616
Total withdrawals
Entered for consumption
734,578 61,401 11,202,582
3,930
15,507 3,760,699 132,329 34,223,300
Total marketed 1914
19,437 4,495,277 193.730 45,425,882
Total marketed 1913
16,416 3,589,651 164,465 34,737,088
Imports EnteredZfor Warehouse During Same Period.
Manufactures of
513
157,006
7,045
2,104.864
Wool
7,940
2,185,426
986
261,102
Cotton
2,819
142,836
1.237,379
Silk
322
708
175,562
5.754
1.330,896
Flax
2,924
197,799
19.861
1,377.773
Miscellaneous
Total
Entered for consumption
Total imports 1914
Total imports 1913
934,305
5,453
15,507 3,760,699
43,419 8,236,338
132,329 34,223,300
20,960 4,695,004 175,748 42,459,638
25,084 3,700,949 184,899 34,705,415
850
STATE
THE CHRONICLE
AtIta
xcvm.
The offer
better one
previously made
CITY DEPAITIVEIVT. this sense was ain accord than anyin advance, butand in
marked a distinct step
was,
nevertheless, not
with the
News Items.
Clarke County (P. 0. Vancouver), Wash.
-Bonds Declared Valid.
-The validity of the $500,000 Columbia River
bridge-construction bonds voted Aug. 12 (V. 97, p. 543) is
upheld in an opinion handed down March 5 by Judge Back
of the Clarke County Superior Court.
Emmett Irrigation District, Idaho.
-Pacts Concerning
Default in Payment of Interest.
-In this department two weeks
ago we printed a letter dealing with the financial difficulties
of this district, written by Fremont Wood, the attorney for
the District, which the Secretary of the District, H. Haylor,
informed us was "in answer to inquiries in regard to Emmett
Irrigation bonds." The letter was addressed to Chas. S.
Kidder & Co. of Chicago and we so stated. That firm now
advises us, however, that it has never had any interest in
these securities, and that its inquiry was prompted solely
out of a desire to secure information for a client.
Oregon.
-Blue Sky Law Attacked.
-The constitutionality
of Chapter 341 of the Laws of 1913 "to protect purchasers of
stocks and bonds and prevent fraud in the sale thereof,"
known as the "Blue Sky" law, is attacked in a suit recently
instituted. Three corporations which have been refused a
permit to sell stock in this State-the United Placer Mining
Co. of Idaho, the International Cocoanut Plantation Co. of
Washington, and the Great Western Mining & Milling Co. of
Oregon-and William E. Davidson, a Portland stock broker,
are the plaintiffs in the suit.
Philadelphia, Pa.
-Litigation.
-The Supreme Court on
March 11 granted the petition filed by ex-Judge Theodore
F. Jenkins, representing Frederick T. McGuire, a taxpayer,
which asked the higher tribunal to take original jurisdiction
and hear a contemplated suit to be brought to test the
legality of the bond issues to be made by the city under the
$8,600,000 loan, voted upon favorably at the November
election, 1913, and the proposed $12,900,000 loan to be submitted at the special election March 31.
The taxpayer contends that the loans unlawfully increase
the borrowing capacity of the city.
San Francisco, Cal.
-Price for Union Street Car Line
Agreed Upon.
-The price to be paid by the city for the
Presidio & Ferries RR. has been fixed at $312,332 67 by City
Engineer O'Shaughnessy and Thos. H. Mullins, engineer of
the road. The company received $50,000 of the amount
when the agreement to purchase was made, leaving $262,332 67 due, with an additional allowance of $3,483 13 for
interest at 5% for 97 days from Dec. 101913, when the road
was taken over for operation by the city. V. 97, p. 1761.
South Carolina.
-Legislature Adjourns.
-The Legislature of this State ended its 1914 session on March 6.
Sioux Falls School District (P. 0. Sioux Falls), So.
Dak.-Suit to Enjoin Bond Issue.
-Proceedings were started
March 7 by E. M. Sanders, President of the Taxpayers'
League, to enjoin the sale of the $175,000 school-building and
$7,000 athletic-grounds 5% 20-year bonds which were to
be offered March 10 (V. 98, p. 709). The hearing on the
petition for the injunction has been set for March 16 before
Judge Jones in the Circuit Court.
-Debt Settlement Controversy.
Virginia-West Virginia.
-The controversy between Virginia and West Virginia
regarding the payment of West Virginia's portion of the debt
of the old State of Virginia is now approaching its final stage,
thanks to the unremitting efforts of Brown Bros. & Co.,
who have been active since 1898 in behalf of the holders of
the 15 millions or more of West Virginia "deferred certificates". Obstructive tactics are still being pursued on behalf
. of West Virginia, but these can not avail much longer, as the
U. S. Supreme Court some time ago set April 13 as the date
for the final disposition of the case.
As stated on previous occasions, the Supreme Court in
May 1911 fixed West Virginia's share of the debt as $7,182,507, but left the final determination of the case, including
the question of interest, to be decided at a conference of the
parties interested. (V. 92, p. 674). Representatives of
both States seemed unable to reach an agreement as to the
amount of interest, and on Sept. 30 last Virginia filed a
motion for a final and immediate adjudication. In opposing
the motion, it was explained by West Virginia that a subcommittee of its Debt Commission was at that time engaged
in investigating the subject with a purpose of preparing a
proposition to be submitted to the Virginia Debt Commission
to finally settle the whole matter and that a period of six
months' time was necessary to enable the committee to complete its labors. The motion was decided in November, and
the case was assigned for final hearing on April 13 1914.
(V. 97, p. 1444), the Court taking particular pains to state
that to grant all the time asked by West Virginia would
possibly carry the case over to the next term and, therefore,
be, in all probability,an extension of time of more than a year.
Since then, however, the two parties have not advanced
any nearer to an agreement.
On March 4 an offer was made on behalf of the State of
West Virginia to pay Virginia $2,327,195 28 in full settlement
of all claims, including interest. Quite naturally, the
Virginia Debt Commission declined to consider the proposition or to engage in any discussion of it.
[VOL.
requirement of the order
of the Supreme Court. The question of the principal of the
debt has been definitely determined and the amount of
$7,182,507 46 was arrived at by the Court after taking into
consideration such items as West Virginia now seeks to
count as an offset to represent her proportion of certain
assets claimed to have been in the possession of Virginia on
Jan. 1 1861. The only point remaining is the matter of
interest and this the Supreme Court will itself now have to
fix when the case comes up on April 13.
Bond Koposals and Negotiations this week
have been as follows:
ABERDEEN Chehalis County Wash.
-BOND SALE.
-Carstens &
Earles of Seattle have purchased, it is stated,$68,000 Holly St.-impt. bonds.
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND OFFERING.
-Proposals will be received until 3 p. m. Mar. 18, it is stated, by W. J. Archbold, Co. Treas., for $58,560 4 % road-impt. bonds. Due each six months
for 10 years.
ADAMS COUNTY (P. 0. West Union), Ohio.
-BOND OFFERING.
Proposals will be received until 1 p. m. April 4 by Wesley McKenzie,
County Auditor, for $85,500 57 20
-year bonds. Denom. (60) $1,000,
0
(51) $500. Date April 1 1914. Int. A.& 0. at County Treasurer's office.
Certified check on a bank other than the one making the bid, for 5% of
bonds bid for, payable to County Treasurer, required. Bonds to be delivered and paid for within 5 days from date of sale.
AGERDA SCHOOL DISTRICT, Tulare County, Calif.
-BOND
OFFERING.
-Proposals will be received until April 6, reports state, by
the Board of Supervisors (P. 0. Visalia) for $4,000 school bonds.
ALBION, Orleans County, N Y.
-BOND SALE.
-On Mar. 9 tho
$32,000 1-8-yr. (ser.) additional State highway boncLs (V.98, p. 778) were
awarded to A. B. Leach & Co. of N. Y. as 434s for 832,047 (100.146) and
int. The Union Trust Co. of Rochester was next highest bidder.
BONDS PROPOSED.
-Reports state that a meeting of the citizens will
be held Mar. 16 to discuss the proposition to issue $165,000 water-workspurchase bonds.
AMELIA, Clermont County, Ohlo.-BOND OFFERINO.-Proposals
will be received until 12 m. Mar. 21 by W. A. Williams, VII. Clerk, for
$1,000 6% electric-light bonds. Denom. $200. Date Jan. 1 1914. Int.
ann. Due $200 yearly after 1 year. Cert. check for 5% of bonds bid
for, payable to Vil. Treas., required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
ASHLEY, Delaware County, Ohio.
-BOND SALE.
-On Mar. 5 the
$11,630 81 5% 5
-year (aver.) West High St. Impt. (assess.) bonds
98,
p. 539) were awarded,it is stated, to Otis & Co. of Cleveland for $11,642 81
(V.
-equal to 100.103.
ASSUMPTION PARISH (P. 0. Napoleonville), La.
-CERTIFICATE
SALE.
-The Tioga Gravel Co. has purchased the $80.000 5%1-10-year
(ser.) gravel-road-construction certificates of indebtedness (V. 97, p. 251).
Interest annual.
ATKINSON, Holt County, Neb.-BOND OFFERING.
-Proposals.
will be received by D. L. Jouvenat, VII. Clerk, for $14,000 5% seweragesystem-constr. bonds. Auth., vote of 155 to 34 at the election held Feb. 28.
office of State Trea,s, Due
Denom. $1,000. Int. ann. on Mar. 4 at
Mar, 4 1934, subject to call after Mar. 4 1919. Cert. check for $1,000,
payable to VII. Treas. required. Total bonded debt (incl. this issue),
$19,000. Assess. val. '
1913, equalized, $157,659.
AUGUSTA Ga.-BOND ELECTION PROPOSED.
-An ordinance was
passed on March 2, it is stated, providing for an election to submit to the
voters the question of issuing $750,000 levee bonds.
BARNESVILLE SCHOOL DISTRICT (P. 0. Barnesville), Clay
County, Minn.
-BOND ELECTION PROPOSED..-Aecordine• to reports, an election will be held in the near future to submit to a vote the
proposition to issue building bonds.
BELL COUNTY (P. 0. Belton), Texas.
-BONDS VOTED.
-The
question of issuing the $105,000 Precinct No. 2 (not No. 7 as previously
reported) road bonds (V. 98, p. 627) carried, reports state, at the election
held March 7 by a vote of 478 to 102.
BELLE VALLEY, Noble County, Ohio.
-BOND OFFERING.-Preposals will be received until 12 m. March 28 (time extended from March 2)
by Harry Rowland, Village Clerk,for$2,500 5% 10-year Main St. improvement (vIlage's portion) bonds (V. 98, p. 465). Denom. $250. Date
Jan. 23 1914. Interest annual. Certified check for 25% of bonds bid for,
payable to Village Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
BELMONT COUNTY (P. 0. St. Clairsville) Ohio.-BOAD OFFERING.
-Proposals will be received until 12 in. April 7 by Emerson Campbell,
Co. Aud., for $450.000 5% main market road No. 4 improvement (assess..
bonds. Denom. $500. Date April 7 1914.
A. & 0. at Co. Treas)
office. Due $45.000 April 7 1915, $23,000 each six months from Oct. 7
1915 to Oct. 7 1923 incl. and $14,000 April 7 1924. Cert. check for 5% of
bonds bid for, payable to Co. And., required. Purchaser to pay accrued
interest.
BELOIT SCHOOL DISTRICT(P.O. Beloit), Mitchell County, Kan.
-BONDS VOTED.
-At a recent election the proposition to issue $25,000
bldg. bonds carried, it is stated.
BIG SANDY SCHOOL DISTRICT (P. 0. Big Sandy), Benton
-According to reports, this district
County, Tenn.
-BONDS VOTED.
on Mar.4 voted in favor of the proposition to issue high-school-bldg. bonds.
BLAINE COUNTY (P. 0. Halley), Idaho.
-BOND OFFERING.
Bids will be opened at 1 p. m. Apr. 15 by W.L. Adamson, Chairman Board
of County Comm'rs, for $19,500 refunding bonds, at not exceeding 6%
int. Due $1,950 yearly, beginning in 10 years. Cert. check for 5% of
bid required.
-BOND OFFERBLUE EARTH COUNTY (P. 0. Mankato), Minn.
ING.
-Proposals will be received until 2 p. in. Mar. 18 by C. L. Kennedy,
County Auditor, for $81,000 ditch and $20,000 road 5% bonds. Denom.
$1,000. Date "about Apr. 1 1914.
Int. J. & D. Due from Dec. 1
1914 to Dec. 11923. incl. No deposit required. Bonded debt (not incl.
this issue), $115,000. Floating debt, $50,000. ASSCSS. val. 1913, $15,678.145.
BONESTEEL SCHOOL DISTRICT (P. 0. Bonestee1), Gregory
County, So. Dak.-BOND OFFERING.
-Proposals will be received until
8 p. m. Mar. 25 for the 316,500 5% 5 -year (opt.) bldg. bonds auth. by
-15
a vote of 186 to 85 at the election held Feb. 17.
BOONVILLE SCHOOL DISTRICT (P. 0. Boonville), Cooper
County, Mo.-BONDS VOTED.
-According to local newspaper reports,
the proposition to issue $65,000 high-school-constr. bonds carried at the
election held Mar. 2 by a vote of 597 to 219.
BRIDGEPORT VILLAGE SCHOOL DISTRICT (P. 0. Bridgeport),
Belmont County, Ohio.
-On Mar. 2 the $60,000 5%
-BOND SALE.
21-year (aver.) coup. building bonds(V. 98, p. 320) were awarded to Stacy
& Braun of Toledo for $63,554-equal to 105.923. Other bids were:
Hayden, Miller & Co., Cleve.$63, 52 Seasongood & Mayer, Chile.,_862,222
Well, Roth & Co., Cincin_ __ 63,045 Prov. . B.& Tr. o., Cinc__ 61,836
E. H. Rollins & Son, Chicago 62,730 Otis &
Cleveland
61,215
Hoehler, Cummings & PrudCo.'
61,125
Atlas Nat. Bank, Cincin
den, Toledo
61,002
62,718 Spitzer, Rorick & Co., Tol
Tillotson & Wolcott Co., Clev.62,523 New First Nat. Bk., Col
*60,600
*And printing bonds.
BROCKTON, Mass.
-It is reported that a loan
-TEMPORARY LOAN.
of $150,000 maturing Oct. 24 1914 was recently negotiated with the First
Nat. Bank of Boston at 3.25% discount.
BROOKHAVEN (TOWN) UNION FREE SCHOOL DISTRICT
NO. 6(P. 0. Brookhaven), Suffolk County, N. Y.
-On
-BOND SALE.
Mar.7 the $50,000 434% school bonds (V. 98. p. 705) were awarded to the
Home Say. Bank of Albany at 101.646 and int. Other bids were:
MAR. 14 1914.1
THE CHRONICLE
851
CHARLOTTE UNION SCHOOL DISTRICT (P. 0. Charlotte).
J. H. Watkins, New York.._350,635 Harris, Forbes & Co., N.Y.._$50,356 MiL12.--BOND ILLECTION.-An election will be hela Mar. 18, it is stated,
A. B. Leach & Co., N. Y____ 50,535 Lee, Higginson & Co., N.Y..50,275 to submit to a vote the question of issuing $35,000 high-school-impt. bonds
Y
Son & Co., N. Y__ __ 50,138
50,440 Farson,
Adams & Co. N.
-At the April 7 election a vote-BOND ELECTION.
CHICAGO, Ill.
Spitzer, Roria & Co., N. Y. 50,385
- will be taken on propositions to issue the following bonds: $1,000,000 fireBRUNSWICK TOWNSHIP(P.0 Medina), Medina County, Ohio.
$470,000
-On Mar.4 $36,000 road bonds were awarded,reports state, department,pay city health department, $2,500,000 police department.
BOND SALE.
judgments and $350,000 for bathing beaches.
$380,000 to
to the Tillotson & Wolcott Co. of Cleveland at 103.50.
CHILLICOTHE SCHOOL DSTRICT (P. 0. Chillicothe), Living-Pro-BOND OFFERING.
BUCYRUS, Crawford County, Ohio.
-On Mar. 10 the $35,000 5% bldg.
Aud., for ston County, Mo.-BOND SALE.
posals will be received until 12 m. Apr. 4 by Otto Feiring, City
& Sons of St. Louis
bonds (V. 98,
$11,500 5% coup. sewage-disposal-plant site-purchase and constr. bonds. for $35,970 p. 779) were awarded to A. G. Edwards
-equal to 102.771.
Denom. $500. Date Jan. 1 1914. Int. M. & S. at office of City Treas.
12 the two issues of
incl., $1,000
-On March
-BOND SALE.
CINCINNATI, Ohio.
Due $500 each six months from Mar. 1 1915 to Sept. 1 1920
Mar. 1 and Sept. 1 1921, $1,500 Mar. 1 1922 and $2,000 Sept. 1 1922. 434% bonds (V. 98, p. 540) were awarded jointly to the Fifth-Third Nat.
Cert. check for $1,000, payable to John McGuire, City Treas., required. Bank, Cinc., and Kissel, Kinnicutt & Co., N. Y., as follows:
award. $450,000 20-40-year (opt.) University of Cincinnati building and equipBonds to be delivered and paid for within 10 days from time of
ment bonds at 104.29.
Purchaser to pay accrued interest.
135,000 40-year water-works bonds at 106.31.
CAIRO SCHOOL DISTRICT (P. 0. Cairo), Randolph County,
-This city is
-BOND OFFERING.
CLANTON, Chilton County. Ala.
-On Feb. 28 the proposition to issul, $5,000 bldg.
Mo.-BONDS VOTED.
-year water-works bonds (V. 98, p. 407)
offering for sale the $25,000 5% 30
bonds carried, it is stated, by a vote of 60 to 29.
PARISH (P. 0. Lake Charles), La.-Aer'URITY OF authorized by a vote of 130 to 14 at the election held March 1.
CALCASIE17
-The $900,000 5% road and bridge bonds described in V. 98, p.
BONDS.
CLAY TOWNSHIP SCHOOL DISTRICT (P. 0. New Boston),
779, mature on Feb. 1 as follows:
-BOND OFFERING.
-Proposals will be received
Scioto County, Ohio.
$10,000_ 19151$25,000_ 192730,000_ 19251$40,000- 19301$50,000- 1935 until 12 m. April 1 by H. R. Allen, Clerk of Board of Education, for
55,000- 1936
20,000_ 1916 25,000_ 1921 35,000_ 1926 40,000- 1931
$4,000 5% coupon school-improvement bonds. Denom. $500. Date
20,000_ 1917 25,000_ 1922 35,000_ 1927 45,000_ 1932 55,000- 1937 April 1 1914. Int. A. & 0. at office of County Treasurer. Due $500
25,000- 19181 30.000_ 19231 35,000_ 19281 45,000- 19331 55,000_ 1938 yearly on April 1 from 1917 to 1924, inclusive. Certified check for 2%
25,000- 19191 30,000- 19241 40,000_ 19291 50,000- 1934i 55,000- 1939 of bonds bid for, payable to above Clerk, required. Bids must be uncon-Reports ditional.
-BONDS PROPOSED.
CALDWELL, Noble County, Ohio.
state that this place is contemplating the issuance of $6,000 6% ice-plant
CLEARWATER COUNTY RURAL HIGH SCHOOL DISTRICT
bonds.
-Proposals will be received until
-BOND OFFERING.
NO. 1, Idaho.
-An issue of $3,000,000 4% high- 10 a. m. to-day (Mar. 14) by Mrs. Floy Hamilton, Clerk Board of Trustees,
-BOND OFFERING.
CALIFORNIA.
-year coup. tax-free bldg. bonds. Denom.
(P.0. Weippe),for $3,0006% 20
way bonds will be offered for sale, It is reported, on March 30.
-On $1,000. Date Apr. 1 1914. Int. A. & O. Cert. check for 10% of bid,
-BOND SALE.
CAMDEN COUNTY (P. 0. Camden) N. J.
No bonded or floating debt. Assess.
7
March 9 the $65,000 45 0o 30-year coupon or reg. road-constr. bonds(V.98, payable to above Clerk, required.
val 1913, $598.000.
P. 779) were awarded to'Rhoacles & Co. of N. Y. at 103.789.
-BOND OFFERING.
0. Batavia), Ohio.
CLERMONT COUNTY (P.
Other bids were:
Hallgarten & Co., N. Y.$67,022 93A. B. Leach & Co., N. Y_$66,637 35 Further details are at hand relative to the offering on March 19 of the
.
Merchants' Union Tr. Co_ 66,775 1510 II. Venner & Co., N.Y_ 66,475 51 $50,000 5% inter-county highway bonds (V.• 98, p. 779). Proposals for
H.L.Crawford&Co.,N.Y. 66,644 50 Harris,Forbes& Co.,N.Y. 66,248 65 these bonds will be received until 12 m. on that day by W. H. Aikin,
Date March 1 1914. Int. M. & S.
-Proposals will be received until County Auditor. Denom. $500.
-BOND OFFERING.
CANTON, Ohio.
Due $5,000 yearly on March 1 from 1915 to 1924, inclusive. Certified
12 in. April 6 by Emmet C. Brumbaugh, City Auditor, for the following check for 2% of bonds bid for, required. Bonds to be delivered and paid
5A % bonds:
for within 10 days from time of award. Purchser to furnish at his own
$6,850 storm water sewer drainage coupon bonds. Denom. (6) $1,000, expense the necessary blank bonds. Official circular states there is no
(1) $850. Date March 1 1914. Due March 1 1924.or litigation pending or threatening the corporate existence
4,500 storm water sewer construction coupon bonds. Denom.(4) $1,000, controversy
or the boundaries of this county or the title of its present officials to their
(1) $500. Date March 1 1914. Due March 1 1924.
respective offices, or the validity of these bonds or any iutstanding bonds,
19,900 Mahoning road N. E. improvement bonds. Denom. (19) $1,000, that there has never been any default in either principal or interest and
(1) $900. Date March 1 1913. Due $3,000 yearly from 2 to 7 that no previous issues of bonds has ever been contested.
years, inclusive, and $1,900 in 8 years.
-Further details are at
-BOND OFFERING.
CLEVELAND, Ohio.
22,300 Oxford Ave. N. W. improvement bonds. Denom. (21) $1,000,
13 of the $1.300,000 water-works and
(1) $1,300. Date March 1 1913. Due $4,000 in 2 years, $3,000 hand relative to the offering on Aprilor reg. bonds (V.
98, p. 705). Pro$800,000 electric-light 434% coup.
yearly from 3 to 7 years, inclusive, and $3,300 in 8 years.
5,900 Maryland Ave. S. W. improvement bonds. Denom. (5) $1.000, posals for these bonds will be received until 12 m. on that day by Thos.
M.& S.
(1)$900. Date Sept. 11913. Due $1,000 yearly from 2 to 7 years, Coughlin, Director of Finance. Denom. $1,000. Int. cashier's at Americheck on
can Exchange Nat. Bank, N. Y. City. Certified or
inclusive, and $900 8 years after date.
7,400 Fawcett Ave. N. W. improvement bonds. Denom. (6) $1,000, a bank other than the one making the bid, for 5% of bonds bid for, pay(1) $1,400. Date Sept. 1 1913. Due $1,000 yearly from 2 to 7 able to City Treasurer, required. Bids must be made on forms furnished
by the above Director of Finance. Due March 1 1949.
years, inclusive, and $1,400 8 years after date.
8,900 street-improvement bonds. Denom. (8) $1,000. (1) $900. Date
-BOND OFFERING.
CLINTON, Sampson County, No. Caro.
March 11914. Due $2,000 in 2 and 3 years, $1,000 from 4 to 7 H. A. James, Town Clerk, vrill offer for sale at the court-house door at
years, inclusive, and $900 8 years after date.
sewerage bonds. Int. semi(19) $1,000, 12 m. April 6 $30,000 5% water-works and
19,900 Maple Ave. N. E. improvement bonds. Denom.
annual. Due Jan. 1 1944.
(1) $900. Date March 1 1914. Due $3,000 yearly from 2 to 7
-BOND
CODORA SCHOOL DISTRICT, Glenn County, Calif.
years, inclusive, and $1,900 8 years after date.
(1) SALE.
-On March 2 the $12,0006% site-purchase, bldg. and equip. bonds
4,900 Frazer Ave. N. W. improvement bonds. Denom. (4).$l,000,and
(V. 98 p. 706 were awarded to Geo. H.!Craft, Red Bluff, at 106.70 and
$900. Date Sept. 11913. Due $2,000 in 2 years. $1,000 in 3
int. other bids were:
4 years and $900 5 years after dato.
Wm.R. Staats Co., San Fran$12,251
(1)
5,100 Yale Ave. N. W. improvement bonds. Denom. (4) $1,000,in 3 Parson, Son & Co., Chicago_$12,587 G. G. Blymyer & Co., San F._ 12,201
Torrance, Marshall & Co.,
$1,100. Date Sept. 1 1913. Due $2,000 in 2 years, $1,000
12,491 Spitzer, Rorick & Co.,Toledo 12.007
San Francisco
in 5 years after date.
and 4 years and $1,100
11,400 18th St. N. W. improvement bonds. Denom. (10) $1,000, (1) N. W.Halsey & Co., San Fr_ 12.376
Denom. $1,000. Date Mar. 1 1914. Int. M.& S. Due $1,000 yearly
$1,400. Date Sept. 11913. Due $3,000 yearly from 2 to 4 years,
from 3 to 14 years 'inclusive.
inclusive, and $2,400 in 5 years.
-Pro-BOND OFFERING.
-improvement bonds. Denom. (6) $1,000, (1) $500. Date
COLDWATER, Mercer County, Ohio.
6,500 street
March 11914. Duo $1,000 yearly from 2 to 7 years, inclusive, and posals will be received until 12 m. Mar. 18 by John H. Bowers, VII. Clerk,
$500 in 8 years after date.
for $3,600 534% coup. taxable sewer-constr. bonds. Denom. $1,200.
12,000 Wells Ave. N. W. & S. W. improvement bonds. Denom. $1,000. Date Mar. 1 1914. Int. ann. on Mar. 1 at office of Vii. Treas. Due
Date March 11914. Due $3,000 yearly from 2 to 5 years, inclusive. $1,200 on Mar. 1 1915, 1916 and 1917. Cert. check for $200, payable to
4,200 street-improvement (city's portion) coupon bonds. Denom. (3) J. R. Desch, Vii. Treas., required. Bonds to be delivered and paid for
$1.000,(1)31,200. Date March 1 1914. Due in 8 years after date. within 10 days from time of award. Purchaser to pay accrued interest.
3,900 6th St. S. W. sanitary sewer-construction bonds. Denom. (3)
-BOND OFFERING.
COLUMBIA COUNTY (P. 0. St. Helens)., Ore.
$1,000, (1) 3900. Date March 1 1914. Due $1,000 yearly from -Proposals will be received until 2 p. m. Apr. 1 by H. E. La Bare, County
2 to 4 years, inclusive, and $900 in 5 years after date.
$360,000 59' coup. road bonds voted Feb. 2 (V. 98, p. 628)•
3,300 5th St. S. E. sanitary sewer-construction bonds. Denom. (2) Clerk, for the multiples thereof up to $1,000. Int. semi-ann. at office of
Denom. $50 or
$1,000, (1) $1,300. Date March 11914. Due $1,000 in 3 and 4
County Treas. or at fiscal agency of State of Ore.in N. Y.C. Due $60,000
years and $1,300 in 5 years after date.
and $100,000 in 10, 15 and 20 years. Cert. check for 5% of
N. E. sanitary sewer-construction bonds. Denom. (3) in 5 yearsfor, payable to "Columbia County," required. Bonds to be de3,800 16th St.
bonds bid
$1,000, (1) $800. Date March 1 1914. Due $1,000 yearly-from livered and paid for within 30 days from time of aawrd. No bonded debt.
2 to 4 years, inclusive, and $800 in 5 years after date.
Denom. Assess. val. 1913, $18,067,830. Total cash val., $24,086,677.
2,100 Frazer Ave. N. W. sanitary sewer-construction bonds. in 4 years
-Proposals
COLUMBUS, Muscogee County, Ga.-BOND OFFERING.
(1)$1,000.(1)$1,100. Date March 1 1914. Due $1,000
will be received until 12 m. Apr. 25 by Jno. C.Cook, Mayor,for the $60,000
and $1,100 in 5 years.
Ave. improvement (city's portion) bond. Date March 1 434% gold coup. tax-free hospital bonds validated by the Superior Court on
400 Monroe
July 30 1913 (V. 97. p. 543). Denom. $1,000. Date Jan. 11914. Int.
1913. Due in 10 years.
check
35,800 Allen Ave. improvement bonds. Denom. (35) $1,000, (1) $800. J. & J. Due $2,000 yearly on Jan. 1 from 1915 to 1944 incl. Cert.iota of
Due $6,000 in 2 years, $5,000 yearly from 3 for 5% of ponds bid for required. Purchasers must take bonds in
Date March 11913.
$30,000 or multiples thereof in order that each purchaser will receive a proto 7 years, inclusive, and $4,800 in 8 years after date.
Interest semi-annual. Certified check on a Canton bank for 5% of bonds portionare share of bonds maturing each year. Official circular states that
bid for, payable to City Treasurer, required. Bonds to be delivered and this city has never defaulted in the payment of principal and interest on
paid for within 10 days from time of award. Purchaser to pay accrued its bonded debt. Interest at City Treasurer's office.
bonds,
interest. Purchaser to print at own expense the necessary blank city.
CONCORD TOWNSHIP SCHOOL DISTRICT (P. 0. Urbana),
-Proposals will be reon special bond borders and coupon sheets to bo furnished by the
-BOND OFFERING.
Champaign County, Ohio.
ceived until! p. m. April 1 by P. W.Toomire, Clerk Bd.of Ed.,for $25,000
CAPE GIRARDEAU SCHOOL DISTRICT (P. 0. Cape Girardeau), 59 bldg. and equip. bonds. Authority vote of 101 to 72 at an election held
-On Mar. 2 the $125,000
Cape Girardeau County, Mo.-BOND SALE.
Date Apr. 11914. Int. A. & 0. Duo $1,000
Denom.
5% 10-20-yr. (opt.) bldg. and impt. bonds (V. 98, p. 705) were awarded to Feb. 17.mos. from $500.1 1915 to Apr. 1 1927 incl. Cert. check (or cash)
Apr.
-equal to 104.029. each six
1.ittle & nays Invest. Co. of St. Louis for 3130,037
for $100, payable to Clerk of Bd., required. Bonds to be delivered and
Denom. $1,000. Date Mar. 2 1914. Int. M.& S.
paid for within 20 days from time of award. Bids must be unconditional.
-We are advised
CARLISLE, Nicholas County, Ky.-BOND SALE.
-BOND OFFERING.
CONTINENTAL, Putnam County, Ohio.
that the $30,000 5% 5-20-year (opt.) water bonds have been awarded to Proposals will be received until 12 m. Mar. 24 by S. N. Allen, Vii. Clerk,
the Carlisle Deposit Bank, Carlisle, at par and int. These bonds were for $7,000 67 refunding bonds. Denom. $500. Date Apr. 1 1914. Int.
0
offered for sale on Mar. 2, but the bids received on that day were rejected.
A. & 0. at Continental Bank, Continental. Due $500 yearly on Apr. 1.
-BOND OFFERING. from 1918 to 1931 incl. Cert. check for $500, payable to VII. Treas., reCARROLL COUNTY (P. 0. Carrollton), Ohio.
days from time of
-Further details are at hand relative to the offering on Mar. 14 of the $15,- quired. Bonds to be delivered and paid for within 10 $13,500. Assess.
000 5% coup, taxable road-impt.(assess.) bonds(V.98, p. 779). Proposals award. Parch. to pay accrued int. Floatnig debt,
m. on that day by V. G. Stoody, val. 1913, $372,006.
for these bonds will be received until 12
County Auditor. Denom. $750. Date Apr. 1 1914. Int. M. & S. at
-BOND ELECTION.
COOK COUNTY (P. 0. Chicago), Ill.
office of County Treas. Due $750 each six months from Sept. 1 1914 to A proposition to issue $4,000,000 hospital-completionland branch hcspitals
Mar. 1 1924 incl. Cert. check for 5% of bonds bid for, payable to County construction bonds will, reports state, be voted upon at the ekctian to be
Treas., required. Bonds to be delivered and paid for within 10 days from held April 7.
time of award. Purchaser to pay accrued int. No bonded or floating
-BOND ELECTION
COOKE COUNTY (P. 0. Gainesville), Tex.
debt. Assessed valuation $16,095.000.
-Reports state that the election which was to have been
RESCINDED.
-BONDS RE
-Reports held Feb. 7 to vote on the proposition to issue $700,000 road bonds(V. 98.
-AWARDED.
CELINA Mercer County Ohio.
state that the Sinking Fund Trustees re-awarded at private sale on March 6 p. 251) was called off because petitions were filed by citizens recalling
the $10,000 5% 10-year coupon water-works and electric-light bonds (V. 98. the same.
p. 175) to the First Nat. and the Commercial Banks of Celina. These
-BONDS OFFERED BY BANKCORVALLIS, Benton County,1 Ore.
bonds were awarded on Jan.6 to the Provident Say. Bank & Tr. Co. of Ctn. ERS.
-The Lumbermen's Trust Co. of Portland is offering to investors
but subsequently refused by them because of some question of legality.
30 Dist. No. 13, 38.834 92 Dist. No. 15, $4,105 33 Dist. No. 16
-Additional information is at hand relative to $8:520
BOND OFFERING.
(dated Dec. 1 1913,) and $3,277 34 Dist. No. 18
the offering on March 17 of the $80,000 5% sewer bonds (V. 98, p. 779) and $1,956 36 Dist. No. 17
(opt.) impt. bonds. Denom.$500.
Proposals for these bonds will be received until 12 m. on that day by (dated Jan. 11914) 6% 1-10-year
-BONDS6DEFEATED.
CORYELL COUNTY (P.O. Gatesville), Tex.
B. II. Gilberg, Village Clerk. Denom. $1,000. Date March 1 1914.
Due $4,000 yearly from 1920 to 1939 incl. A cash deposit of -An election held in Gatesville Precinct on Feb. 14 resulted in the defeat,
Int. ann.
and paid for within 10 days from it is stated, of the proposition to issue $75,000 road bonds.
$1,000 required. Bonds to be delivered
time of award. Purchaser to pay accrued int.
-An elec-BOND ELECTION.
COXSACKIE Greene County N. Y.
-An elec- tion will be hold March 17, reports state, to submit to a vote the question
-BOND ELECTION.
CENTRALIA, Lewis County, Wash.
vote the proposition to issue $118,892 f issuing $8,000 State road-impt. bonds.
tion will be hold April 1 to submit to a
-On
-BOND SALE.
20-year funding bonds at not exceeding 5A % interest.
CRAWFORD COUNTY (P. 0. English), Ind.
-year (ay.) B. F. Macfarland et al. road
-At an March 2 the $16,840 454% 6
-BONDS VOTED.
CHAMPAIGN, Champaign County, Ill.
Crawford Co. Stateit
a proposition to issue $10,000 library bonds(V. 98, p. 628) were awarded,to is stated, to the
election recently held in this city
-equal
105.878.
Bank of English for $17,830
bonds was favorably voted: it is stated.
852
THE CHRONICLE
[Vora. xcvm.
DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. 0. Daven- porary loan of $60,000 in
anticipation of taxes, dated Mar. 17 1914 and due
port), Iowa.
-BONDS VnTED.-The questions of issuing $25,000
Nov. 2. Nov. 16 and Nov. 30 1914.
and $5,000 site-purchase bonds carried at the election recently held bldg. $20,000
by a
GARY, Lake County, Ind.
vote of 1,148 to 605 and 926 to 778 respectively.
-WARRANT SALE.
-The $50,000 6%
warrants, duo June 1 1914, offered Feb. 7 (V. 98, p. 466), have been
DEERFIELD SCHOOL DISTRICT (P. 0. Deerfield), Franklin time
awarded to J. Hyouche for $50,175 90
-equal to 100.351.
County, Mass.
-BOND SALE.
-An Issue of $28,000 4% school-house
bonds has been awarded, reports state, to Lee, Higginson & Co. of Boston
GARZA COUNTY (P. 0. Post), Tex.
-BONDS VOTED.
-By a
at 102.38 and int. Date Feb. 1 1914. Due $2,000 yearly.
of 112 to 59, the question ofissuing $50,000 road-constr. bonds carried,vote
it is
reported. at the election recently held.
DEFIANCE, Defiance County, Ohio.
-BONDS REFUSED.
-It is
reported that the $8,000 5% 8 -year (aver.)refunding bonds awarded on
GASTONIA, Gaston County, No. Caro.
-14
-BOND SALE.
-On Mar. 10
Feb. 24 to Seasongood & Mayer of Cincinnati at 102.012 and int. (V. 98, the $55,000 coup. street-improvement, $20,000 coup.
water-works, sewer
p. 780) have been refused by them because of certain irregularities.
and electric-light-system-ext. bonds and $25,000 school
-improvement 5%
bonds (V. 98, p. 780)
DEFIANCE COUNTY (P. 0. Defiance, Ohio.
-Other bids 30-yearCincinnati at 101.50. were awarded, it is stated, to Weil, Roth &
-BIDS.
for the $46,000 5% 6-year (ay.) coup. road bonds awarded on March 2 Co. of
to Well, Roth & Co. of Cincinnati for $46,898 (101.952) and int. (V. 98,
GLENN COUNTY HIGH SCHOOL DISTRICT (P. 0.
Willows)
Calif.
-BOND SALE.
P. 780), were:
-On March 13 the $50,000 6% 3 -year
-20
-purchase, building and equipment bonds (V. 98, p. 466)(ser.)
Amount Bid For. Prem. school-site
were
Spitzer, Rorick & Co., Toledo
$46,000 00
$530 00 awarded, it is toted, to N. W. Halsey & Co., of San Francisco at 108.052.
Seasongood & Mayer, Cincinnati
31,000 00
527 00
GRAFT
SCHOOL DISTRICT (P. 0. Grafton), 'Taylor County,
Provident Savings Bank & Trust Co., Cincinnati
437 10 W. Va.31,000 00
ELECTION.
-An election will be held Mar. 17 to vote on
Otis & Co., Cleveland
31,000 00
340 00 the proposition to issue $95,000 school-site
-purchase, bldg. and equip. bds.
Breed, Elliott & Harrison, Cincinnati
31,000 00
238 70
GRAHAM, Alamanche County, No. Caro.
Sidney Spitzer & Co., Toledo, also submitted a bid.
-BIDS REJECTED.
-All
bids received for the $50,000 5% 50-yr. coup. taxable street-impt. bonds
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. Mar. 20 by G.G. Williamson,Co. offered on Mar. 2 (V. 98, p. 466) were rejected. The bids that were received were all at par and int., with allowance for attorneys' fees of $800 to
Treas. for $13,220
% Jas. Holcraft et al. highway-impt. bonds. Denom.'
$661. Date Dec. 15 1913. Int. M.& N. Due $661 each six months $2,500. The Secretary advises us that the bonds cannot be sold for less
than par and int. and an allowance of not more than $500 for legal exfrom May 15 1915 to Nov. 15 1924 incl.
penses. The town will furnish transcript.
DELTA Fulton County Ohio.
-BOND OFFERING.
-Proposals will
GRAND RAPIDS, Kent County, Mich.
-BONDS REFUSED.
-The
be received until 12 m. April 6 by A. B. Thompson, Vii. Clerk, for $35,000
5% Main St.-Impt. bonds. Auth. Sec. 3914 Gen. Code. Denom. $500. Harris Trust & Say. Bank of Chicago has refused to acept the two issues
of
04-yr. (ay.) coup. tax free bonds, aggregating $180,000, awarded
Date March 1 1914. Int. M.& S. Due $3,500 yearly on March 1 from It 4%7
on Feb. 16 (V. 98, p. 629). The bank's objections, reports state, are
1915 to 1924 incl. Cert. check for 5% of bonds laid for, payable to Vii.
Treas.. required. Bonds to be delivered and paid for within 10 days from that the charter provisions, which require that the city shall keep under
a certain bond limit, have been violated; that the advertisement for bond
time of award. Purchaser to pay accrued interest.
sale and the action of the Sinking Fund Commissioners were not made in
DENVER, Colo.
-BIDS.
-The other bids received for the $260,000 5% good faith, and therefore, are not legal.
15
-year coup. Colfax-Lorimer Viaduct bonds awarded on March 5 to the
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
International Trust Co. of Denver for $277,005 (106.54) and int. (V. Mich.
-BOND OFFERING.
-Proposals will be received until 12 m.Mar.13
98, p 780), were:
by Herbert N. Morrill, Secy. Board of Education, for
J. N
& Co., Denver $274,638 Blod et & Co., Boston
$270,920 coupon tax-free site-purchase and construction bonds. $106,500 43- %
Denom. (106)
Causey,Foster & Co., DenNew York Life Ins. Co
270,738 $1,000,(1) $500. Date Sept. 1 1913. Int.
M.& S. at office of Treasurer
ver
273,203 Wm.E.Sweet & Co., Deny. 268,710
E.H.Rollins & Sons Deny_ 272,792 Central Say. Bank, Denver_ 266,810 of Board or Education, in N. Y. exchange. Due $48,500 Sept. 1 1928
and $58,000 Sept. 1 1929. An unconditional certified check for 3% of
Estabrook & Co., Boston_ _ _ 272,454 Boettcher, Porter •Sc Co.,
bonds bid for, payable to President of Board of Education, required. All
Seasongood & Mayer, Cinc_ 271,824
Denver
264,654
All bids included accrued interest. Using newspaper reports, it was bids must be unconditional. Bonds to be delivered and paid for at office
stated in last week's "Chronicle" that the price paid was $277,000 (106.538). of City Treasurer. These bonds were offered without success on March 2
(V. 98, p. 780).
WATER BONDS.
-Concerning the reports that the Public Utilities
GREENE COUNTY (P. 0. Snow Hill), No. Care.
Commission was offering for sale $500,000 of the,38,000,000 4%% 30-year
-BONDS NOT
-No sale was made of the six issues of 5% road-improvement bonds.
municipal water bonds (V.98, p. 466), we are advised that the Commission SOLD.
has not yet invited sealed bids, but simply correspondence regarding the aggregating $100,000; offered on March 2 (V. 98, p. 321).
BOND SALE.
-On March 2 the $10,000 6% 15
-year Hookerton Road
bonds. A pamphlet has been issued setting out the details of the bonds and
the history of the city's water controversy up to date. and definite steps Dist. construction bonds (V. 98, p. 321), were awarded to the Bank of
Hookerton at 105. Other bids were:
toward advertising for sealed bids will be taken later.
Security S. B.& Tr. Co.,Tol.$10,20010tis & Co., Cleveland _
$10,050
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
GREENVILLE Darke County
-BOND SALE.
-The following
Moines), Iowa.
-BONDS VOTED.
-We are advised that the question of bids were received for the $5.000 5% Ohio. (serial) water-works'
-year
1-5
-test and
issuing the $15,000 building and $4,000 site-purchase bonds (V. 98, P. 780) supply bonds
offered on March 9(V.98, p. 706):
carried at the election held March 9. The vote was 8,013 to 7,362,
R. L.Dollings Co.,Hamilton*$5,0301New First National Bank,
DETROIT, Mich.
-BOND ELECTION PROPOSED.
-An ordinance Tillotson & Wolcott Co..Clev. 5,0021 Columbus
$5,000
was to have been introduced in council on Mar. 10 calling for an election
* Reports state that this bid was successful.
to vote on the question of issuing $1,000,000 workhouse-constr. bonds.
GREENWICH, Conn.
-BOND OFFERING.-Troposals will be reDICKENSON COUNTY (P. 0. Clintwood), Va.-BOND OFFERING. ceived until 12 m. April 1 by the Town Bonding Committee at the office
-Proposals will be received by W. W. Pressley for $32,000 5% Kenady of the Town Selectman for $100,000 highway-impt. and $50.000 school
Magisterial District bonds. Denom.(16) $1,000,(32) $500. Date Jan. 1 refunding 4%% gold coupon (with privilege of registration) bonds.
1914. Int. J. & J. at office of County Treasurer. Due yearly on Jan. 1 nom. $1,000. Date May 1 1914. Int. M.& N. at U. S. Mortgage & DeTr.
as follows: $500 from 1916 to 1925 incl., $1,000 from 1926 tol 932inc1., Co., which company will also certify as to the genuineness of the bonds.
$1,500 1933, $1,500 from 1934 to 1940 incl. and $2,000 from 1941 to Highway bonds due:$35,000 May 1 1915 and 1916 and $30,000 May 1 191'7,
1944 inclusive.
school refunding $5,000 yrly. May 1 1915 to 1924 incl. Legality approved
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Dover), Cuya- by Dillon, Thompson & Clay, N. Y. Certified check for 1% of bonds bid
hra County, Ohio.
-BONDS VOTED.
-The question of issuing $16,000 for, payable to Town Treas., required. Bids to be made on blank forms
5% bonds to construct a building at Dover carried, it is reported, at an furnished by town. Purchaser to pay any accrued interest.
election held March 4.
GREER Greenville County So. Car.
-BOND SALE.
-A. B. Leach
DUPREE INDEPENDENT SCHOOL DISTRICT (P. 0. Dupree), & Co. of New York have purchased at private sale the $15,000 electric-light.
Ziebach County, So. Dak.-BOND OFFERING.
-40
-Proposals will be re-• $17,000 sewerage and $5,000 water-works 5% 20 -year (opt.) bonds
ceived until 2 p. m. Mar. 25 by L. W. Henderson, Clerli Bd. of Ed., for offered but not sold on Dec. 1 (V. 97, p. 144(1). Denom $1,000. Date
$8,500 20-yr. school bonds. Denom.$100. Cert. check for $200. payable Jan. 11914. Int. J. & J.
to H. R. Breeden, Treasurer, required.
HALLS, Lauderdale County, Tenn.
-BOND OFFERING.
-Proposals
EAST CASCADE SCHOOL DISTRICT (P. 0. Cascade), Dubuque will be received until March 28 by Wm. H. H. Hall, City Recorder, for
-BONDS VOTED.
County, Iowa.
-The proposition to issue $3,000 $25.000 water and light bonds recently voted. Due "not longer than
Phew Mansion purchase bonds carried, it is reported, at the election held 25 years."
Mar. 2 by a vote of 199 to 8.
HAMILTON, Butler County, Ohio.
-BOND SALE.
-On March 12
EDGEWORTH (P. 0. Sewickley), Allegheny County, Pa.
-BOND the $50,000 5% 1-10-yr. (ser.) coupon flood-emergency bonds (V. 98.
EALE.-On Feb. 23 an issue of $15,000 4% municipal-building bonds P. 781) were awarded, it is stated, to Blodget & Co. of Boston at 102.342.
was awarded to Holmes, Wardrop & Co. o Pittsburgh. Denom.
HARTFORD (Southwest School District) Conn.
-BONDS
Date Mar. 1 1914. Int. M.& S. Due serially from 1919 to 1933. $500. -The voters on March 9 authorized the issuance of 875.000 5_34%VOTED.
30
annrustae3epositC0 Rarfora May 1 1914. sat. M.-year
coupon cpol bonds. Denom.$1,00. Date
.
ELKO COUNTY (P. 0. Elko), Nev.-BONDS NOT SOLD.
& N.
-No sale
was made of the $12,000 6% school bonds offered on Mar. 2.
HAZLEWOOD (P. 0. Waynesville), Haywood Clounty, No. Caro.ELMIRA, Chemung County, N. Y.
-BOND OFFERING.
-Further
-Proposals will be received until Merck 25 (time exdetails are at hand relative to the offering on March 16 of the $65,000 43 % BOND OFFERING.
tax-free pavement bonds. Proposals for these bonds will be received tended from March 3) by W. H. Cole, Chairman Finance Committee, for
until 8 p. m,on that day by L. C. Andrews, City Clerk. Denom. $1,000. $15,000 water-works and electric-light bonds.
Date April 11914. Int. A.& 0. at City Chamberlain's office. Due $10,HIGHLAND PARK Wayne County Mich.
-BONDS VOTED.-Tite
000 1916, $8,000 1917, $4,000 1918. $8,000 1919,$7,000 1920. $4,000 1921. question of re-votingg the $450,000 4%% 20
-year water-works-constr. bonds
$3,000 1922, $6,000 1923, $6,000 1924, $7,000 1925 and $2,000 in 1927. awarded to the Highland Park State Bank on Feb. 16 but later refused by
Certified check for 2% of bid, payable to "City of Elmira." required. 1 them (V. 98. p. 781) carried, reports state, by a vote of 2,177 to 705 at the
EL MONTE, Los Angeles County, Calif.
-BOND OFFbRINT.=-c- election held March 9.
oording to reports proposals willbe received until 7:30 p. m. April 3 by the
HILLSBOROUGH COUNTY (P. 0. Tanapa), Fla.-ISOND SALE.
City Clerk for $28,250 6% bonds.
On Mar. 3 Cutter, May & Co. of Chicago were awarded tke following 8%
coupon building and equipment bonds:
EUREKA, Greenwood County, Kans.-BOND SALE.
-The State of $40,000 Special Tax School District
$41,753 (104.382) and
No.6 bonds for
Kansas purchased at par during February $43.286 90 5%% ipaving bonds.
,
int. Denom. $1,000. Due $2,000 yearly on Jan. 1 from 1916 to
Date Feb. 1 1914. Due Feb. 1 1924, subject to call at any interest period
1935 incl. Bonded debt, this issue. .Assessed valuation, $891,435;
after 1915.
actual, $3,500,000.
FLORENCE, Douglas County, Neb.-BOND OFFERING.
-Proposals
5,000 Special Tax School District No. 9 bonds at par and int. Denom.
will be received until 8:30 p. m. March 16 by John Bondesson, City
$500. Due $500 yearly on Jan. 1 from 1916 to 1925 incl. Bonded
for $25,000 5% coup. or reg. funding bonds. Denom. $500. Clerk,
debt this
Date
Assess.
March 2 1914. Int. M.& S. at office of State Treasurer. Due March 1 13,000 Special Taxissue. Districtval. $168,340, actual $600,000. Denom.
School
No.13 bonds at 103.653 and int.
1934. Certified check for $500, payable to "City of Florence," required.
$1,000. Due serially from 1 to 20 years.
Bonded debt (incl. this issue), $30,000; floating debt, $60,500. Assessed
Date Jan. 11914. Int. J. & J. at the County Treasurer's office. Purvaluation 1913, $480,731.
chaser to furnish blank bonds.
FREMONT COUNTY (P. 0. Sidney), Iowa.
-BOND SALE.
-On
HOLGATE. Henry County, Ohio.
-On March 10 the
-BOND SALE.
March 2 the $35,000 6% drainage bonds (V. 98, p. 706) were awarded to
Chelsey Parsons Co., Des Moines,for $35,650
-equal to 101.857. Denom. three issues of 5%% coup. street-impt. bonds, aggregating $11,546 46
$500.bate Jan. 1 1914. Int. J. & J. Due $3,500 yearly Jan. 2 from (V. 98, p. 629) were awarded to Tillotson & Wolcott Co. of Cleveland for
$11,871 25 (102.812) and int. Other bids were:
1915 to 1924 inclusive.
Spitzer, Rorick & Co., Tol.$11,706 461Sidney Spitzer & Co., Tol.$11,675 96
FRESNO CITY SCHOOL DISTRICT (P. 0. Fresno), Fresno Well Roth & Co.. Cin____ 11.699 461Security S.B.&Tr.Co.,Tol
11,598 46
County, Calif.
-BOND SALE.
-On Mar. 3 the $200.000 5% 15%-yr.
HOLYOKE, Mass.
-A loan of $150,000, dated
-TEMPORARY LOAN.
(aver.) gold building and equipment bonds (V. 98,
407) were awarded
to the Harris Trust & Say. Bank of Chicago at 102.18 and int.-a basis of March 13 1914 and maturing Nov.6 1914. has been negotiated, it is stated
p.
with Blake Bros. & Co. of Boston at 3.38% discount.
about 4.79%•
The other bids, according to reports, were:
HUBBARD TOWNSHIP (P. 0. Hubbard), Trumbull County, Ohio.
Harris Tr.& Say.Bk.,Chic_102.1801Torrance, Marshall & Co.,
-BOND OFFERING.
-Further details are at hand relative to the offering
E.H.Rollins & Sons,San Fr _102.171
San Francisco
101.905 on March 16 of the $50,000 5% road bonds (V. 98, P. 707). Proposals
N.W.Halsey &Co..San Fran.102.113 Wm.R.Staats Co., San Fran_101.316 for these bonds will be received until 12 m. on that day by L. J.
Agae,
FULDA SCHOOL DISTRICT (P.O. Fulda), Murray County, Minr. Twp. Clerk. Denom. $500. Date April 1 1914. Int. A. & 0. at Hub-BOND SALE.
-On Mar. 7 $16,000 5% bonds were awarded to the St. bard Banking Co., Hubbard. Due $1,000 each six months from Oct. 1
Paul Fire & Marine Ins. Co. at par. There were several conditional bids 1915 to Oct. 1 1920 incl. and $1,500 each six months from April 1 1921 to
ranging from 96 to 98. Denom. $1,000. Date Mar. 15 1914. Int. Oct. 1 1933 incl. Certified check for $500, payable to Township Treasurer,
required. Bonded debt, this issue..' Assess. val. 1913. 84,750.000.
M.& S. Due Mar. 15 1929.sub. to call on demand.
INDIAN FALLS SCHOOL DISTRICT, Plumas County, Cal.
• GALVESTON, Tex.
-BOND AWARD DEFERRED.
-We are advised
that all bids received for the five issues of 5% bonds, aggregating $875,000, BOND SALE.
-During the Month of February the $3,000 6% 10-yr. siteoffered on March 10 (V. 98, p. 466), were returned, the city reserving the purchase and bldg. bonds offered in November (V. 97, p. 1446) were purchased by the State Board of Control at par and int. Date Mar. 15 1913.
right to sell the bonds at private sale.
JACKSON COUNTY (P. 0. Marianna), Fla.
GARDEN COUNTY (P.O. Oshkosh)'Neb.-BONDS DEFEATED,-BOND OFFERING.
According to local newspaper reports, the proposition to issue $40,000 Proposals will be received until 12 m. Mar. 17 by the Road Commissioners,
-house-construction bonds failed to carry at the election hem. r'eb. 24. W. J. Singletary, Chairman, for $100,000 5% coup, road bonds. Denom.
court
• GARDNER, Mass.
-LOAN OFFERING.=Proposals will be rece ved $1,000. Date Oct. 11911. Int. ann. on Oct. 1 at Co. Treas. Due Oct. 1
1951.
until 12 m. Mar. 20 by John D. Edgell, Town Treas., for a tax-free tern- These Cert. check for $2,500, payable to above Chairman, required.
bonds are the unsold portion of an issue of $300,000.
.
MAR. 14 1914.]
THE CHRONICLE
-John E.
-BOND SALE.
KING COUNTY (P. 0. Seattle), Wash.
Price dr Co. of Seattle have purchased, according to reports. $100,000 7%
5-10-yr. (opt.) tax-free Commercial Waterway Dist. No. 1 bonds. These
bonds are part of an issue of $500,000, of which $300,000 have already been
disposed of. (V. 98. p. 408.)
PRICE PAID FOR PONDS.
-The price paid for the $500,000 5% 20-Yr•
road bonds awarded jointly to Geo. H.Tilden & Co. of Seattle and Chapman
Mills & Co. of Chicago on Mar. 3(V. 98, p. 781) was 104.36 and int., and
not 104.32, as first reported.
LANCASTER, Lancaster County, So. Caro.
-BOND OFFERING.
Proposals will be received until 6 p. m. April 1 by John Crawford, Town
Clerk and Treasurer,for $45,000 sewerage,$12,000 water-works and $13,000
street-improvement 5% 20-40-year (opt.) coup. bonds. Denom. to suit
purchaser. Date July 1 1913. Int. J. & J. at place to suit purchaser.
Certified check for $1,000, payable to above Clerk and Treasurer, required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
LANSING, Ingham County, Mich.
-AMOUNT OF BleS VOTEDt
-We are advised that the amount of Prospect Street sewer ends voted a
the election held Feb. 5(V. 98, p. 630) was $25,000.
-On
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-BOND SALE.
Mar.5 the $110,000 5% 20-yr. turnpike and highway bonds (V. 98, p• 541)
were awarded, it is stated, to Stacy & Braun of Toledo at 107.34 and int.
LEBANON SCHOOL DISTRICT (P. 0. Lebanon), Boone County,
Ind.
-BOND OFFERING.
-Proposals will be received until 2 p. m. Mar.28,
reports state, by F. E. Hutchinson, Sec. Bd. of Trustees, for $25,000 4%%
building bonds.
LEESBURG TOWNSHIP SCHOOL DISTRICT (P. 0. Magnetic
-BOND SALE.
-On
Springs, R. F. D. No. 1), Union County, Ohio.
March 2 an issue of $2,500 5%% heating-plant-install, bonds was awarded
to the Commercial Savings Bank of Marysville at 100.50 and int. Denom.
$500. Int. M. & S. Due serially Mar. 2 from 1914 to 1919.
-The $2,240,000
-DELIVERY OF BONDS.
LOS ANGELES, Cal.
4%% harbor-impt. bonds awarded on Feb. 26 to E. II. Rollins & Sons of
San Francisco for $2,248,736 (100.39) and int.(V. 98, p. 781) are to be delivered as follows: $350,000 immediately, $280,000 on the first day of
every third month thereafter until and including Sept. 1 1915, and $210,000
on Dec. 1 1915, with the privilege to the purchaser of anticipating any or
all deliveries. The bonds are dated May 1 1913 and are in the denom. of
$1,000 each. Int. M. & N. Due $64,000 yrly. May 1 from 1918 to
1952 incl.
-By unanimous vote the City Council on
POWER BOND ELECTION.
March 4 adopted a resolution declaring the public necessity for voting
$6,500,000 power bonds, $1,250,000 for the completion of power project
works now under construction and $5,250,000 for the "construction or
acquisition" of a distributing system. An ordinance will follow fixing the
date of the bond election, which it is expected, will be early in May.
LOUISVILLE, Ky.-BOND OFFERING.
-Proposals will be received
until 3 p. m. Mar. 18 by the Bd. of Ed., Sam D. Jones, Business Director,
for the $1,000,000 4%% 40-yr. gold school-impt. bonds (V. 98, P. 781)•
Denom. $100, $500 and $1,000. Bonds will be ready for delivery about
April 1. Bids must be made on blank forms furnished by above Business
Director
LOVELADY TOWNSHIP, Caldwell County, No. Caro.
-BOND OFFERING.
-Proposals will be received until Mar. 23 by John M. Crisp,
Clerk Bd. of Cornmrs. (P. 0. Lenoir), for $25,000 5% 40-yr. road bonds.
Auth. vote of 212 to 114 at an election held Dec. 2 1913. Denom. opt. with
purchaser. Date Jan. 11914. Int. J. & J. at the Co. Treas. office. The
township has no bonded debt or otherwise. Assess. val. of property (twp.),
$715,758; real val. (est.), $2,000,000. Those bonds were advertised to be
sold on Mar. 9 (V. 98,
707), but owing to a delay in getting the record
concerning the issue printed, the time was extended to the above date.
p'
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
-Proposals will be received until 10 a. m. April 3 by Chas. J. Sanzenbacher,
County Auditor, for $15,000 5% Children's Homo improvement bonds.
Denom. $1,000. Date April 16 1914. Int. A.& 0. at County Treasurer's
office. Duo $2,000 yearly from 1 to 5 years incl. and $1,000 yearly from
6 to 10 years incl. A deposit in cash or certified check on a bank in Toledo
for $500 required. Conditional bids will not be considered. Bonds to be
delivered and paid for April 16. Official advertisement states that there
has never been any default in the payment of principal or interest.
LUDINGTON, Mason County, Mich.
-NO BONDS PURCHASED.We are advised that the reports stating that Bolger, Messer & Willaman
of Chicago have purchased an issue of $50,000 bonds are erroneous.
LYONS, Wayne County, N. Y.
-VOTE.
-We are advised that th
vote cast at the election held Mar. 3 which resulted in favor of the question
of issuing the $25,000 water-plant-purchase bonds was 204 to 63 (V. 98,
p. 781).
MANSFIELD CITY SCHOOL DISTRICT (P. 0. Mansfield) Rich
land County Ohio.
-BOND OFFERING.
-Proposals will be received
until 12 m. April 1 by John 11. Bristor, Clerk Bd. of Ed., for $120,000 5%
school-impt. bonds, series "T". Denom. $1,000. Date "day of sale".
Int. M.& S. Due $2,000 each six months from March 10 1015 to Sept. 10
1945 incl. Cert. check on a Mansfield bank for 10% of bonds bid for,
ma ole to ribreiTgriarequirri oocod dMoo lielivered and paidfor on or
rb A
Bon os
be
be
and upon blank form t
be furnished 133 the Clerkm the Board of Education.
a or
.
,
SCHOOL DISTRICT NO. 31, Ariz.
MARICOPA COUNTY
-BOND
SALE.
-On Mar. 2 the $5,000 6% 20-year gold school bonds (V. 98, p•
707) were awarded to Causey, Foster & Co. of Denver at 101.10 and int.
Other bids were:
Mesa City Bank, Mesa
$5,025 James N. Wright & Co., Den_$5,010
MARION TOWNSHIP (P. 0. Fort Wayne), Allen County, Ind.BOND ELECTION.
-An election will be hold Mar. 16, it is reported, to
submit to the voters the question of issuing road construction bonds.
MARLBOROUGH, Middlesex County, Mass.
-TEMPORARY LOAN.
-On Mar. 10 a loan of $30,000 duo Oct. 23 1914 was negotiated with Curtis
& Sanger of Boston at 3.28% discount.
MASSACHUSETTS.
-The last of the $6,325,000
-BONDS ALL SOLD.
47 bonds which the State Treasurer has been selling over the counter since
Feb. 13 were disposed of on March 12 (V. 98, p. 782).
MERCER COUNTY (P. 0. Princeton) W. Va.-BOND SALE.
-On
Mar. 9 the $500,000 5% 10-30-yr. (opt.) road bonds (V. 98, p. 631) were
awarded, it is stated, to the Provident Say. Bank & Trust Co. of Cincinnati
for $506,253-equal to 101.2506.
MERRYVILLE, Beauregard Parish, La.
-BONDS VOTED.
-By an
overwhelming majority, this place recently voted, it is stated,$15,000 bonds
in aid of the Orange & Northwestern RR.
-BONDS VOTED.
MILAM COUNTY (P. 0. Cameron), Tex.
-The
question of issuing the $100,000 Road Dist. No. 6 road bonds (V. 98, p.
409) carried, it is reported, at the election held Feb. 21 by a vote of 475 to
129.
-CERTIFICATE OFFERING.
MINNEAPOLIS, Minn.
-Proposals w il
be received until 2 p. m. Mar. 26 by the Committee on Ways and Means o
the City Council for $87.477 special certificates of indebtedness at not ex
ceeding 5% int. These certificates consist of six separate issues as follows:
$17,943, $602, $5,478, $36,265, $11,525 and $15.664. Date April 1 1914.
Int. ann. or semi-ann. Due one-twentieth yrly. on April 1 from 1915 to
1934 incl. Cert. check for 2% of certificates bid for, payable to C. A.
Bloomquist, City Treas., required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
MONTESANO Chehalis County, Wash.
-BOND SALE.
-On Mar. 3
$14,000 8% local-impt. bonds were awarded to John E. Price & Co. of
Seattle at 100.65. Other bids were:
Earles, Seattle_ _*100.69 I Smith & Paschall, Seattle___100.542
Carstens &
Wm.D.Perkins&Co.,Seattle. 100.60 NMoornthteesaronoBdS.tap.
1
00
Mtg. Co__ al00
*Reserved the right to examine property. a Less $370 for 7% bonds.
MORGANFIELD, Union County, Ky.-BOND SALE PENDING.
The following bids were received for the $9,218 6% 5-10-yr. (opt.) Court
St. impt. (assess.) bonds offered on Mar. 3(V. 98, p. 708):
Seasongood & Mayer,Cincinnati..102 I Bedford & Nugent, Evans.,Ind_ _Par
853
The bid of Seasongood & Mayer was conditioned upon the legality of the
bonds, which they will investigate.
-Proposals
MOULTRIE, Colquitt County, Ga.-BOND OFFERING.
will be received until 12 m. Mar. 21 by Geo. R. Kline, Mayor, for the $20.000 schools, $4,000 sewer-ext. and $35,000 (not $36,000, as first reported)
paving 5% gold coup. or reg. tax-free bonds authorized by a vote of 370
to 10 at the election held Jan. 7 (V. 98, p. 323). Denom. $1,000. Date
April 1 1914. Int. A. & 0. at Nat. Bank of Commerce, N Y. Due in
1944. Cert. check for $500, payable to J. II. Scarboro, City Clerk. required. Official advertisement states that this city has never defaulted
a day in the payment of its interest on bonds, and that there has been no
contest in regard to this issue of bonds.
MOUNT 17ORRIS, Livingston County, N. Y.
-On
-BOND SALE.
March 12 the $50.000 water-works bonds (V. 98, p. 708) were awarded to
Farson, Son & Co. of Now York as 4.40s at 100.227 and int.-a basis of
about 4.38% basis. Due $2,000 yearly April 1 from 1917 to 1941, incl.
NASHVILLE, Tenn.
-BOND SALE.
-On March 10 the $695,000 5%
7 1-5-year (ay.) street
-improvement bonds (V. 98, p. 631) were awarded
to Estabrook & Co. of Boston at 100.243 and int.
Other bids were:
Premtum.
Premtum.
Baker, Watts & Co.,Balt. $16,548 35 Blodget & Co., Boston__ _311,398 00
Robinson, Humphrey,
Middendorf, Williams &
Wardlaw Co., Atlanta.;
Co., Baltimore
10.758 60
Fifth-Third Nat. Bank,
M
Mayer, Deppe & Walter,
Cincinnati
n.• Prey. S. B. &Tr. 9,592 50
Bond & Goodwin, N. Y.;
Co.
Ci• .; Bolger,Mos,Cin
Wm.R.ComptonCo.,St.L. 15,081 50
ser&Willaman, Chic_ _
•
John H. Watkins, N.Y.
N. W. Halsey & Co., Chi_ 8,910 00
Parkinson & Burr, N. Y__ 14,608 00 Sea.songood & Mayer,Cin.1 8.801 00
E. 11. Rollins & Sons, Chi. 14,456 00 Kean,Taylor&Co ,N.Y__
A. B. Leach & Co., Chi__ 14,330 00 Harris Trust & Say. Bank,
Devitt, Tremble&Co.,Chi. 12,700 00
Chicago
6,414 85
Stacy & Braun, Tol.,Field.f 12,440 50 First Savings Bank & Tr.
Longstroth&Richards,Cinl
Co., Nashville
1,000 00
Ladenburg. Thalmann &
Co., Now York
11,715 07
NAVARRO COUNTY(P.O. Corsicana), Texas.
-BONDS NOT SOLD.
-Up to Feb. 28 no sale had been made of the $400,000 5% 20 -year
-40
(opt.) Road Dist. No. 1 bonds offered on Feb. 2(V. 98. p. 253)•
NELSON Nuckoils County,' Neb.-BOND OFFERING.
-Ptoposals
will be received until 12 m. April 6 by I. J Wehrman. Mayor, for the
89,0005-20-yr. (opt.) water, $11,000 10-20-yr. (opt.) water-ext. and $8,000
5-20-yr. (opt.) lighting 5%% coup. bonds voted on Feb. 10(V. 98. p.631).
Denom. $1,000. Date day of issue (except $9.000 issue). Int. ann. at
State Treas. office. Cert. check for $500 required.
NEWARK, N. J.
-BOND SALE.
-On March 10 $1,000,000 temporary
loan bonds were awarded, reports state, $300,000 to L. Von Hoffman &
Co., N. Y., at 3%% int. and $25 premium, and $700,000 to Bond & Goodwin of N. Y. at 3%% interest and $77.70 premium.
NEW BEDFORD, Mass.--CERTIFICATE ...,ALE.
-On Mar. 11 $117.100 4% reg. tax-free bond certificates were awarded to Curtis & Sanger of
Boston at 101.58 and int. Other bidders were:
N. W. Harris &Co., Inc.,
I Blodget & Co., Boston
101.35
Boston
101.434 Estabrook & Co., Boston_
10104
Denom. $1,000 or multiples thereof. Date Mar. 1 1914. Int.M.& S.
Due $8,100 Mar. 1 1915, $8,000 yrly. on Mar. 1 from 1916 to 1926 incl.
and $7,000 yrly. on Mar. 1 from 1927 to 1929 inel.
NEWCASTLE SCHOOL DISTRICT (P. 0. Newcastle), Placer
County, Calif.
-BOND ELECTION PROPOSED.
-According to reports,
the School Trustees on Feb. 24 were asked to call an election to submit to
the voters the question of issuing $18.000 building bonds.
NEW MADRID COUNTY (P. 0. New Madrid), Mo.-BOND SALE.
On Mar.2 the $40,000 court-house and $10,000 jail 5% coup. tax-free bonds
(V. 97, p. 1923) were awarded to Wm. R. Compton Co. of St. Louis at
103.67.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
-On
Mar. 4 the $11,100 4%% Geo. M. Herriman et al. highway-impt. bonds
(V. 98, p. 708) were awarded to the Fletcher American Nat. Bank,Indianapolis, for $11,215 (101.036) and int. Other bids were.
E. F. Parr & Co., Chicago $11,211 00IMiller & Co., Indianan_ _311.145 00
J. F. Wild & Co.,Indianan 11,198 75IGavin L.Payne,&Co.,Ind 11,112 00
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk), Madison County,
Neb.-BOND OFFERING.
-Proposals will be received until 7:30 p. m.
April 15, it is stated, by M. E. Crosier, Secretary of Board of Education,
for the $47,000 6% 5 -year (opt.) school bonds voted Jan. 8 (V. 98. 13.
-20
253). Interest semi-annual. Certified check for $500 required.
NORTH CAROLINA.
-BONDS ALL SOLD.
-It is reported that all
of the $1,142.500 4% 40-year -permanent
-Improvement bonds have been
disposed of. The last $300,000 was awarded on Mar. 2 to C. C. McDonald of Raleigh. This makes a total of $522,500 sold since our last report
(V. 97, p. 1527).
NORTH LIMA SCHOOL DISTRICT (P. 0. North Lima), Mahoning
-BOND SALE.
County Ohio.
-On Mar. 10 the $26,000 5% 13
•
(ay.) coup. school bonds (V. 98, p. 631) were awarded to Tillotson & Wolcott Co. of Cleveland at 103.25 and int. Other bids were:
Sidney Spitzer & Co-Tol_$26,616 50 Spitzer, Rorick & Co.,Tol.$26,152 50
Well, Roth & Co., Cin___ 26.337 0010tis & Co., Cleveland____ 26,067 50
NORWOOD, Hamilton County, Ohio.
-BOND SALE.
-On March 9
the $8,823 73 5% 1-10-year (ser.) sanitary-sewer (assess.) bonds (V. 98.
p. 708) were awarded to the Fifth-Third Nat. Bank of Cincinnati for
$9.029 33 (102.33) and interest. Other bids were:
Premium.Premium.
Seasongood & Mayer, Cinc_ _$138 00 First Nat. Bank, Norwood_ _$78 99
112 24
Prov. S. B.& Tr. Co.. Cin
-BOND SALE.
OLYPHANT, Lackawanna County, Pa.
-The $50,000 5% coup. tax-free funding bonds offered on Mar. 3(V. 98, p. 708) were
awarded on Mar. 5 to Newburger, Henderson & Loeb of Philadelphia at
108.158 and int. Other bids were:
A. B. Leach & Co., N.Y......,.$52.085 0. II. Venner & Co., N. Y__$51,666
N. W. Halsey & Co., Phila
52,015 Jam
James T. Brennan, WilkesEdw. V. Kane & Co., Phila.. 51,885
Barre
51,125
All bidders agreed to pay accrued interest in addition to their bid.
ONEIDA, Madison County, N. Y.
-BOND SALE.-Th-s city recently
sold $3,984 34 4 % sewer bonds to local parties.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE.
-On March 10
the $5,040 4 % gravel-road bonds (V. 98, p. 782) were awarded to the
Fletcher-Amer. Nat. Bank of Indianapolis at $5,061, equal to 100.416.
Denom. $252. Date March 3 1914. Int. M. & N. Duo $252 each six
months from May 15 1915 to Nov. 15 1924 inclusive.
ORENCO, Washington County, Ore.
-DESCRIPTION OF BONDS.
We are advised that the $11,000 gold coup. bonds water (V. 97, p. 1765)
bear interest at the rate of 8%, payable J. & J. in Orenco. Due $1,000
yearly aftre 5 years.
ORION SCHOOL DISTRICT (P. 0. Orion), Henry County, Ills.
-By a vote of 97 to 3, the proposition to issue bldg. bonds
BONDS VOTED.
carried, it is stated, at a recent election.
OTTUMWA, Wapello County, Iowa.
-On March 9
-BOND SALE.
the $100,000 5% electric-light bonds (V. 98, p. 543) were awarded to
McCoy & Co. of Chicago at 102.41. Other bidders were:
II. T. Holtz& Co.,Chicago_$101,716 'Lechler, Cummings& PrudBolger, Messer & Willaden, Toledo
$101,127
man, Chicago
101,405 H.C.Speer & Sons Co.,Chi. 100,950
Denom. $500. Date June 1 1914. Int. J. & D. Due $10,090 yrly.
beginning June 1916.
PAINESVILLE Lake County, unio.-BOZVD OFFERING.-Proposais will be received until 12 m. April 6 by Prank L. Kelly, City Clerk,
for $30000 5% 40-yr. coup. water-purification-works bonds. Denom,
3500.bate April 1 1914, Int. A. & 0. at office of City Treas. Cert.
check on a bank other than the one making the bid,for 5% of bonds bid for.
payable to City Treas., required. Bonds to be delivered and paid for
within 10 days from time of award.Purchaser fq nay aerrom
.
..
PAINESVILLE SCHOOL DISTRICT (P.I10.111Painesville).1111Lake
County, Ohio.
-BOND OFFERING.
-Proposals will be -eceived until 12
m. Mar. 26 by Frank L. Kerr. Clerk of Bd. of Ed., for $3,000 5% school
bonds. Auth. Sees. 7627-7629, incl., Gen. Code. Dencm. $500. Date
day of sale. Int. A. & 0. at Cleveland Trust Co., Painesville. Due $500
yearly on Apr. 1 from 1915 to 1930 incl. Cert. check for b% of bonds bid
854
THE CHRONICLE
or, payable to Bd. of Ed.,required. A like amount of bonds was awarded
to the First Nat. Batik of Cleveland on Oct. 20; see V.97,P. 1231.
PASSAGRILLE, Pinellas County, Fla.
-Pro-BOND OFFERING.
posals will be received until 10 a. m. Mar. 20 by James Henry, Town Clerk,
for the $3,000 water-works, $2,500 electric-light, 31.000 street-crossings,
$3,500 sea-wall and $1,000 street and alley-Impt. 6% 30-yr. tax-free bonds.
(V. 98, p. 409.) Denom. $1,000. Date Jan. 24 1914. Int. J. & J. in
N. Y. Cert. check for $200, payable to J. C. Blocker, Town Treas., required. Official circular states that there is no litigation pending or threatened, and that there has never been any default in the payment of interest
or principal. Total bonded debt (incl. this issue), $16,000. Assess. val.
1913, $128,425. Real val. (est.), $225,000.
PENN YAW, Yates County,N.Y.
-An election
-BOND ELECTION.
will be held Mar. 24, reports state, to vote on the question of issuing $24,000
(or as much thereof as is necessary) Elm St. paving bonds.
PERRY, Shiawassee County, Mich.
-BOND OFFERING.
-Proposals
will be received until Mar. 16 by the VII. Clerk for $16,000 4%% waterworks bonds.
PERU TOWNSHIP (P. 0. Monroeville), Huron County, Ohio.
BOND SALE.
-On Mar. 7 the $30,000 5% 16-yr. (aver.) coup. road bonds
(V. 98, p. 708) were awarded to Davies-Bertram Co., Cincinnati, for
$30.707 (102.356) and int. Other bids were:
Seasongood & Mayer, Cin_ --$30,576 Tillotson St Wolcott Co.,Clev$30,396
New First Nat. Bk., Colum_ 30,551 Spitzer, Rorick & Co., ol__ 30,167
Sidney Spitzer & Co., Toledo 30,457 Otis & Co., Cleveland
'
30,153
Hayden, Miller & Co., Clev_ 30,402
PETERSBURG, Dinwiddie County, Va.-BOND SALE.
-Reports
state that Baker, Watts & Co. of Baltimore have been awarded $200,000
of an issue of $300,000 4%7 40
0 -year public-impt. bonds. It is further reported that the remainder of the issue was taken by the Sinking Fund.
PHOENIXVILLE, Chester County, Pa.
--BOND OFFERING.- This
borough. 0. H. Kelley, Clerk, will offer for sale to local investors after
April 1 about $75,000 4% reg. tax-free water-refunding bonds. Denom.
$100, $200, $500 and $1,000. Date April 11914. Int. A. & 0. at office
of Poro. Treas. Due in 15, 20, 25 and 30 Yrs.
PIKE COUNTY (P. 0. Petersburg), Ind.
-BOND OFFERING.
Proposals will be received until 2 p. m. March 28 by John D.Gray, County
Auditor,for $14,027 655% Patoka River Ditch South Fork bonds. Denom.
(9) $1,400, (1) $1,427 65. Date Dec. 5 1913. Int. J. & D. Due $1.400
yearly on Nov. 10 from 1914 to 1922 incl. and $1,427 65 Nov. 10 1923.
PITTSFIELD, Mass.
-TEMPORARY LOAN.
-Dispatches state that
•on Mar. 13 this city awarded a temporary loan of $100,000, dated Mar. 16,
to First Nat. Bank of Boston at 3.24% discount.
PLAINWELL SCHOOL DISTRICT (P. 0. Plainwell), Allegan
County, Mich.
-BONDS DEFEATED.
-The question of issuing the $35,000 school bonds failed to carry at the election held Feb. 27.
PORT CHESTER, Westchester County, N. Y.
-BOND SALE.
On Mar. 10 the $24,000 5% 2%-year (aver.) tax-relief bonds (V. 98, p.
783) were awarded to Farson, Son & Co. of N. Y. at 101.377 and int.
Other bids were:
Yonkers Say. Bk. Yonk _$24,280 80 A. B. Leach & Co., N.Y _ 324,157
Curtis & Sanger, N. Y__ 24,274 32 Lee, IIigginson & Co., N. Y.. 24,156
'
John J. Hart, Albany_ _ _ 24,240 90 Adams & Co., N. Y
24,152
PORTERSVILLE, Tulare County, Calif.
-BONDS VOTED.
-The
question of issuing the $15,000 auxiliary pumping-plant construction bonds
(V. 98, p. 632) carried, reports state, at the election held Feb. 24 by a vote
of 500 to 41.
PORTLAND, Ore.
-BOND OFFERING-Proposals will be received
until Mar. 17, reports state, by C. A. Biglow, Conunr. of Finance. for
$112,925 6% 10-yr. city bonds. Cert. check for 5% required.
PORT OF SEATTLE, Wash.
-BOND SALE.
-On March 5 the Dexter..
Horton Nat. Bank, Seattle, A. B. Leach & Co., E. H. Rollins & Sons and
N. W. Halsey & Co. of Chicago were jointly awarded, it is stated, the following bonds: $440,000 5% East Waterway and $150,000 5% 264year
(ay.) bonds, dated Sept. 1 1913, at 101.81 and int. and $358,000 Smith
Cove and $200,000 Central Water Front 4%% 25-year (ay.) bonds at
'
94.91 and interest.
POSTVILLE SCHOOL DISTRICT (P. 0. Postville), Allamakee
-This district recently voted in favor of
County, Ia.-BONDS VOTED.
Issuing $12,000 building bonds, it is stated.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND SALE.
-On
Mar.6 the $12,700 4%% 103 -year (aver.) Taylor and Metz highway-impt.
%
bonds (V. 98, p. 708) were awarded to J. F. Wild & Co. of Indianapolis
for $12,801 25 (100.797) and int. Other bids were:
E. F. Parr & Co.. hicago
$12,782 55 and int.
Breed, Elliott & darrison, Indianapolis
12,751 00 and int.
Fletcher-American National Bank, Indianapolis
12,746 00 and int.
Gavin L. Payne & Co., IndianaPolls
12,713 00 and int.
PUNTA GORDA, De Soto County, Fla.
-BOND OFFERING.
-Proposals will be received, it is stated, until 11 a. m. April 18 by E. W.Smith,
Chairman Board of Trustees, for $60,000 30-yr. refunding bonds. Cert.
check for 1% required.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-A temporary loan of 3100,000 has been negotiated, it is stated, with Estabrook &
Co. of Boston at 3.38% discount. The loan is dated Mar. 6 and matures
Nov. 19 1914.
LOAN OFFERING.
-According to local newspaper dispatches, proposals
will be received until 12 m. Mar. 17 by the City Treas. for a loan of $100,000
issued in anticipation of taxes.
READING, Mass.
-TEMPORARY LOAN.
-On March 12 Bond &
Goodwin of Boston were awarded, It is stated, a temporary loan of $75,000.
maturing $30,000 Oct. 7. $25,000 Nov. 10 and $20,000 Dec. 10 at 3.70%
discount.
RED LODGE, Carbon County, Mont.
-BOND OFFERING.
-Walter
Alderson, City Clerk, will offer for sale at public auction at 8 p. m. April 14
$30,000 57 10-20-yr. (opt.) coup. water-works-system-impt. bonds.
Denom. $1,000. Date May 1 1914. Int. M. & N. at Merchants' Nat.
Bank, N. Y. C. No deposit required. Official circular states that there
Is no litigation affecting this issue, and that no previous issue of bonds has
bets contested. Bonded debt (incl. this issue), $85,000; floatng debt
(approx.), $36,000. Assess. val. (equalized) 1912, $1,600,000; true val.
(est.), $3,500,000.
RICHMOND, Va.-BOND SALE.
-On March 10 the $1,500,000 4%
34-year coup. or reg. publlc-impt. bonds (V. 98, p. 632) were awarded to
E. H. Rollins & Sons of Boston at 92.1499 and int..
Other bids for the entire amount offered were:
Estabrook & Co., Boston_ ___91.934 Thos. Branch & Co., Richm_ _91.423
Old Domin. Tr. Co., Richm_ _91.689 Scott & Stringfellow, Richm_ _91.391
A. B. Leach & Co., Boston_ _ _91.513
Bidders for smaller lots were: Baker, Watts & Co., Baltimore; New York
Life Insurance Co.; Seasongood & Mayer, Cincinnati; the Life Insurance
Co. of Virginia. Interest J. & J.
ROANE COUNTY (P. 0. Kingston), Tenn.
-C. W.
-BOND SALE.
McNear & Co. of Chicago have been awarded, it is stated, $25,000 school
and $110,000 5% road bonds for $25,375 (101.50) and $110.250 (100.227).
respectively. These offers included accrued interest and blank bonds.
ROCHESTER, N. Y.
-NOTE SALE.
-On Mar. 9 the $380,000 revenue
notes, due three months from Mar. 12 1914 (V. 98, p. 783), were awarded
as follows:
{$50,000, interest 3.20%, premium $5.00
Luther Robbins, Rochester
50,000, interest 3.25%, premium 5.00
50,000, interest 3.35%. premium 10.00
Bond & Goodwin, New York_ _ _ _230,000, interest 3.50%, premium 9.38
Other bidders were:
Interest.
Premium.
A. G. Moore, Rochester, entire issue
3.60
R. W. Pressprich, New York, entire issue
$20 00
3.625
H. Lee Anstey, New York, entire issue
12 00
3.625
Union Trust Co., New York, entire issue
3.625
Goldman, Sachs & Co., New York, entire issue
3.75
10 00
Security Trust Co., Rochester, entire issue
3.75
8 00
L. von Hoffman ,St Co., New York, entire issue
3.75
6 00
George R. Granby & Son, Naples. N. Y., for $15,000_ A.475
On March 12 the $200,000 8
-months' water-works-impt. notes (V. 98
p. 783) were awarded to Ford, Knox & Wolcott, Rochester, interest 3.74%.
Other bidders were:
[VOL. xcvnz.
444...0 5
- ntire Issue1208;
Int. Premium.
Goldman, Sachs & Co., New York
4.00%
$
Harris, Forbes & Co., New York
.0
4.05%
13 5
2 3
S. B. Williams, Rochester
Parkinson & Burr, New York
7-18
7
Equitable Trust Co., New York
21 00
Bond & Goodwin, New York
44..112255
16 50
H. Lee Anstey, New York
12 00
Bonbright & Hibbard, Rochester
4.125 o
T. J. Swanton, Rochester
4.25
25
- -66
Luther Robbins, Rochester
13 00
4.25%
NOTE OFFERING.
-Sealed bids will be received at the office of the
Comptroller until 2 p. m. March 19 for $100,000 sewage-disposal notes.
Notes will be payable at Union Trust Co. of New York, will be drawn with
interest,and will be deliverable at Union Trust Co. of New York on Mar. 25.
Bidder to state rate of interest and to state to whom (not bearer) notes
shall be made payable and denominations desired.
ROCKSPIFS SCHOOL DISTRICT (P. 0. Rocksprings), Edwards Coun
-This district is offering for
Texas.
-BOND OFFERING.
sale an issue of $15,000 5% 10 -year (opt.) school bonds. Denom. $500.
-40
Date Apr. 10 1914. Int. ann. on Apr. 10. A.P. Allison is County Judge.
ROGERS INDEPENDENT SCHOOL DISTRICT (P. 0. Rogers),
Bell County, Tex.
-BOND SALE.
-The $30,000 5% 20-40-year (opt.)
bldg. bonds offered in January (V. 98, p. 87) have been awarded to Spitzer,
Rorick & Co. of Toledo at par and int.
ROOKS COUNTY SCHOOL DISTRICT NO.31, Kan.
-BOND SALE.
-During the month of February $800 5% bldg. bonds wore purchased by
the State of Kansas at par. Date Jan. 24 1914. Due Jan. 1 1922, subject to call at any int. period after 1915.
ROWLAND HIGH SCHOOL DISTRICT (P. 0. Rowland), Robeson
County, No. Caro.
-The Hanchett Bond Co. a Chicago
-BOND SALE.
has been awarded $20,000 2 -year (ser.) coup. school bonds at par and
-30
int. for 5s. Denom.$500. Date Mar. 1 1914. Int. M.& S.in New York.
Bids were asked for until Feb. 25 for from $15,000to $25,000 6% 30-year
bonds (V. 98. p. 543).
RUSHVILLE, Rush County, Ind.
-BONDS REFUSED.
-Reports
state that J. F. Wild & Co. of Indianapolis have refused to accept the $20,0004%% 10-year refunding bonds awarded them on Feb. 14(V.98,P.632)•
ST. JOHNS, Multnomah County, Ore.
-Pro-BOND OFFERING.
posals will be received until 6 p. in. Mar. 17 by B. A. Rice, City Recorder.
for $2,031 51 (dated Jan. 10 1914) and $4,250 89 (dated Jan. 311914) 6%
coup. impt. bonds. Denom. $500 or less. Int. J. & J. Duo in 10 yrs.,
subject to call any int.-paying date after 1 year. Cert. check for 2% of bid,
payable to City of St. Johns, required. Bonds to be delivered and paid for
within 15 days from time of award.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph) Buchanan
-On Mar. 2 the $140.000 4 % refunding
County Mo.-BOND SALE.
bonds V. 98, p. 468) were awarded to Smith, Moore & Co. of St. Louis for
ar
$141,6 4 (101.21) and int. Other bids were:
Wm.R.Compton Co., St.L.$141,540 First Tr. Co., St. Joseph__$140,707
Mercantile Tr. Co., St. L-- 141,372 Harris Tr.&S.Bk., Chicago_ 140,287
N. Y. Life Ins. Co., N. Y__ 141,279 E. H. Rollins & Sons, Chi__ 140,252
Estabrook & Co., Chicago_ 140,210
Yard, Otis & Taylor, Breed,l
Elliott & Harrison and 140,966 First Nat. Bk., St. Joseph_ 140,143
German-Am. Nat. Bk.,St.L. 140,000
Chapman, Mills & Co.,J
Francis Bro. & Co., St. L-- 137.900
Chicago
A. B. Leach & Co., Chicago 140,740
All bids included accrued bat. Denom. $1,000. Date Mar. 16 1914.
Int. M. & S. Due $35,000 in 5, 10, 15 and 20 yrs. from date.
-The Sinking Fund of this city and
-BOND SALE.
ST. PAUL, Minn.
Anna Doherty have purchased, it is stated, $347 18 and $553 88 Class "A"
sewer bonds, respectively.
It is further reported that an issue of $3,992 37 Class "B" sewer bonds
has been purchased by O'Neill & Preston, contractors.
-BOND SALE.
SAGINAW, Saginaw County, Mich.
-The $10,000
4% 3-yr. (ay.) Western Taxing Dist. water-refunding bonds authorized
on Feb. 24 (V. 98, p. 783) have been awarded to the city for sinking funds
at par.
BOND ELECTION.
-On April 27 the voters will have submitted to them
It is stated, the proposition to issue the $700,000 water-plant-constr. bonds
(V.98,P. 783).
-Proposals will be received until
SALEM, Ore.
-BOND OFFERING.
5 p. m. Mar. 23 by R. A. Cro.ssman, City Treas., for $30,000 5% 1-10.yr
(ser.) gold refunding bonds. Denom. $1,000. Date April 1 1914. IntA. & 0. at fiscal agency of State of Ore. in N. Y. C. Cert. check for 2%
of bonds, payable to Mayor, required. Delivery will be made at any
responsible bank or trust company in N. Y. Boston, Chicago or Portland.
SALT LAKE CITY, Utah.
-BOND SALE.
-On March 9 the $775,000
-year refunding bonds (V. 98, p. 709) were awarded, it is stated,
4%% 20
to Emery, Peck & Rockwood, Chicago, and Blodget & Co. and Merrill,
Oldham St Co. of Boston at 100.395.
SALT LAKE COUNTY (P. 0. Salt Lake City), Utah.
-BOND
ELECTION POSTPONED.
-The County Clerk advises us, under date of
Feb. 24, that the election which was to have been held Feb. 25 to vote on
question of issuing the $1,000,000 road bonds (V. 98, p. 325) has been
the
postponed indefinitely.
SAN BERNARDINO COUNTY (P. 0. San Bernardino), Cal.
-It is reported that petitions are being
BOND ELECTION PROPOSED.
circulated calling for another election to vote on the question of issuing
the $1,750,000 road bonds that were defeated at the election held Feb. 17
(V. 98. p. 709).
SAN RAFAEL, Mann County, Calif.
-According to
-BOND SALE.
reports $175,000 5% 1-40
-year (ser.) municipal-improvement bonds have
been awarded to E. H. Rollins & Sons and Wm. R. Staats Co. of San Francisco, jointly, at 101.375. Denom. $100, $250, $375 and $1,000. Date,
Dec. 11913.
SANTA CRUZ HIGH SCHOOL DISTRICT (P. 0. Santa be heldCruz,
w in
-An election
Santa Cruz County, Cal.
-BOND ELECTION.
on March 17 to vote on the question of issuing $170,000 6% semi-annual
gold high-school buildings and site-purchase bonds. Denom. $1,000.
Due $5,000 yearly from 1919 to 1952 incl. A two-thirds majority necessary
to carry bonds.
SANTA CRUZ SCHOOL DISTRICT (P. 0. Santa Cruz) Santa
-An election will 'be held
Cruz County, Cal.
-BOND ELECTION.
March 17 to vote on the question of issuing $80.000 5% semi-annual gold
bldg. and site-purchase bonds. Denom. $1,000. Due $2,000 yearly from
BE
1915 to 1954 incl. A two-thirds majority necessary to carry bonds.
-BONDS TO
OFFERED
SAUSALITO, Mann County, Calif.
SHORTLY.
-According to reports, the trustees have ordered $100,000
grading and paving bonds sold.
SAYBROOK TOWNSHIP SCHOOL DISTRICT, Ashtabula County,
-BOND OFFERING.
-Proposals will be received until 9 a. in. Mar.
Ohio.
20 by C. W. SimmoneLs, Twp. Clerk, (P. 0. Geneva R. D.), for $10,000
-year ser. school bonds. Denom. $1,000. Int. semi-ann.
5% 1-10
-BOND SALE.
SCARSDALE, Westchester County N. Y.
-On
Mar. 10 the $170,000 21%-yr. (ay.) reg. sewer bonds (V. 98, j). 783) were
4.40s for $170,515 (100.302). Other
awarded to Adams & Co. of N. Y
bids were:
Price Bid.
Int. Rate.
100.021
Adams & Co., New York
4.375s
100.038
W. N. Color & Co., New York
4.40s
100.27
Isaac W. Sherrill, Poughkeepsie
4.45s
100.18
Lee, Higginson & Co., New York
4.45s
Spitzer, Rorick & Co., New York
100.17
4.458
101
Blodget & Co., New York
4 s
Fisk & Robinson, New York
100.781
4 s
Harris, Forbes & Co., New York
4%s
100.432
Wm. R. Compton & Co., New York
100.274
44.4t:
Rhodes & Co., New York
100.007
-An
SCOTT COUNTY (P. 0. Gate City), Va.-BOND ELECTION.
election will be held April 21, it is stated, to submit to a vote the proposition to issue $41,000 Floyd Magisterial District road bonds.
-An
SCURRY COUNTY (P. 0. Snyder), Tex.
-BOND ELECTION.
election will be held April 11, reports state, to submit to a vote the question of issuing $50,000 road bonds.
MAR. 14 1914.]
THE CHRONICLE
SEATTLE, Wash.
-BONDS DEFEATED.
-The voters on March 3
defeated a proposition to issue $1,830,000 general bonds for the construction of seven bridges; over the Lake Washington canal and the Duwamish
waterway. For, 15,317; against, 21,188.
SHAMOKIN SCHOOL DISTRICT (P. 0. Shamokin), Northumberland County, Pa.
-BOND OFFERING.
-Proposals will be received until
12 m. Mar.23 by John Harris, Sec. of School Board,for the $150,000 43i%
5-30-yr. reg. school bonds (V. 98, p. 783)•
The official notices of this bond offering will be found among the advertisements elsewhere in this Department.
SHERMAN, Grayson County, Tex.
-An elec-BOND ELECTION.
tion will be held March 14 to vote on the question of issuing the following
5% bonds: $25,000 street-impt., $20,000 sewer, $40,000 water, $5,000
lights and $10,000 park. Denom. $500 except water bonds, which are
for $1,000.
SILVERTON, Marion County, Ore.
-BONDS OFFERED BY BANK
ERS. The Lumberman's Trust Co. of Portland is offering tq investors
$9,000 6% 1-10
-year (opt.) street-impt. bonds. Denom. 101.110. Date
Jan. 1 1914.
SONOMA SCHOOL DISTRICT (P. 0. Sonoma), Sonoma County,
Calif.
-BOND ELECTION.
-An election will be held Mar. 21, reports
state, to vote on the question of issuing $31,000 53
5% school bonds. De,
nom. $1,000.
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
TEMPORARY LOAN.
-A loan of $80,500 has been negotiated with A. B.
Leach & Co. of N. Y. at 4% interest.
SPOKANE SCHOOL DISTRICT NO. 135, Wash.
-BOND SALE.
An issue of $4,400 535% 1-20-yr. (opt.) bldg. bonds dated Feb. 2 1914 14 118
,
purchased by the State of Washington during February at par.
SPRINGFIELD SCHOOL DISTRICT (P. 0. Springfield), Sangamon County, 111.
-Reports state that
-BOND ELECTION PROPOSED.
a petition has been circulated asking for an election to vote on the question
of issuing school bonds.
SPRINGFIELD TOWNSHIP (P. 0. Ft. Wayne), Allen County,
-According to reports, the question of issuing
Ind.
-BONDS VOTED.
road-constr. bonds carried at the election held Mar. 2 by a vote of 212 to 29.
STARK COUNTY (P. 0. Canton), Ohio.
-BOND OFFERING.Proposals will be received until 10 a. m. March 30 by C. L. Stoner, Clerk of
Board of County Commissioners, for $18,000 5% bridge bonds. Denom.
$500. Date April 10 1914. Int. semi-ann. at County Treasury. Due
$3,500 yearly on April 10 from 1915 to 1918 incl. and $4,000 April 10 1919.
Certified check on a Stark County bank for $500,
Board of
Commissioners, required. Bonds to be delivered and payable to
paid for on
Purchaser to pay accrued interest. Bids must be unconditional.April 10.
STARKE COUNTY (P. 0. Knox), Ind.
-BOND OFFERING.
-Proposals will be received on or after Mar. 25 by Frank Joseph, Co. Treas., for
$5,000 435% G. 11. Weninger gravel-road bonds. Int. M. & N.
STEUBENVILLE SCHOOL DISTRICT (P. 0. Steubenville), Jefferson County, Ohio.
-BONDS VOTED.-Tho questions of issuing the
$35,000 Pleasant Heights bldg., $35,000 Grant bldg.. $75,000 Wells High
School addition, $35,000 Washington bldg. and $20.000 equip. bonds
(V. 98, p. 632) carried, reports state, at the election hold Feb. 28 by a vote
of 799 to 272.
SUGARCREEK AND SHANESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Sugarcreek), Tuscarawas County, Ohio.
-BONDS TO
BE RE-ADVERTISED.-Nowspaper reports state that the temporary injunction which prevented the sale of the $23,000 535% bonds offered
Dec. 11 (V. 97, p. 1924) has been dismissed and the bonds will now be readvertised.
SUMTER COUNTY (P. 0. Sumter), So. Caro.
-BOND SALE.
-On
Mar. 3 the $10.000 4%% 20-yr. road-impt. bonds (V. 98, P. 255) were
awarded to the Provident Say. Bank & Trust Co. of Cincin. at par. Denom.
$1,000. Date April 11914. Int. ann. on April 1.
SUPERIOR, Nuckolls County, Neb.-BOND OFFERING.
-M. L.
Piera, City Treas., is offering for sale the $22,000 5% 10 -year (opt.)
-20
coup. tax-free water-works ext. bonds authorized by a vote of 259 to 156
at the election hold Jan. 17(V. 98, p. 325). Denom.$1.000. Date Jan. 1
1914. Int. ann. in Jan. at State Treasury. Bonded debt (incl. this issue),
360,500. No floating debt. Assess. val., $512,312.
-BOND SALE.
SWARTHMORE, Delaware County, Pa.
-On Mar. 5
the $8.000 fire-dept.-impt. and $25,000 street-impt. 434% tax-free sinking
fund loan bonds (V. 98, p. 544) were awarded to Newburger, Henderson &
Loeb of Phila. for $34,259 (103.815) and int. Other bids were:
Merch. Un. Tr. Co., Phila.*104.07
Thos. A. Biddle & Co
N. W. Halsey & Co.. Phila_103.793 Mellon Nat. Bank, Pitts_ _ _ _1°2.'509
2
10 56
A.B.Leach & Co.,Phila_ _ _103.69 I Harper & Turner
102.161
Harris, Forbes & Co.. N.Y_103.681 Parrish & Co
102.05
Frazier & Co. 1325,000_ - _ - 103.65181 Robt. Glendinning & Co.,Ph 101.83
1 8,000 ___ _103.1298 Bioren & Co., Philadelphia_ _101.747
Montgomery, Clothier &
Wurts, Dulles & Co., Phila.. _101.43
Tyler, Philadelphia
103.629 J Henry & West, Philadelphia_ 101.067
Carstairs & Brown
103.23
A.C.Bedford & Co.,Carlisle 101.009
Reilly, Brock & Co
103.119
Heyi & Co.. Philadelphia 102.67
* Accrued interest not stated in bid.
SYRACUSE, N. Y.
-TEMPORARY LOAN.
-On March 10 the $150,000
temporary loan in anticipation of taxes, dated Mar. 12 and due Nov.5 1914,
was awarded to Bond & Goodwin, N. Y., it is stated, at 43 % int. and
,
1
$51 50 premium. Other bids were:
Int. Rate. Premium.
H.Lee Anstey,New York
43i
$1200
Parkinson & Burr, New York
43i
7 75
Trust & Deposit Co.,Syracuse
4% 0
Geo. II. Burr & Co., New York
4.65%
10 00
National Bank of Syracuse (for $50.000)
4.75%
Commercial Bank, Syracuse (for $25,000)
5%
Denomination. (2) $50,000, (2) $25,000.
TACOMA, Wash.
-During the month of February this
-BOND SALE.
city issued $3,639 90 Local Impt. Dist. No. 5011 water-main and $6,206 85
Local Impt. Dist. No.885 sidewalk 6% bonds. Date Feb. 16 1914. Due
Feb. 16 1919, subject to call part yearly.
TEMPE GRAMMAR SCHOOL DISTRICT (P. 0. Tempe), Maricopa
County, Ariz.
-BOND ELECTION.
-An election will be held Mar. 21,
reports state, to vote on the proposition to issue $50.000 school bonds.
-BONDS REGISTERED.-The following bonds were registered
TEXAS.
by the State Comptroller during the week ending Feb. 21:
Purpose of Issue.
Amount. Place of Issue.
Rate.
Due.
Option.
Ind. Sch. Dist.
$12,000_ _Port Arthur
5%
10 years. None.
Sewer
7,000_ _City Wharton
534 ;,. 40 years. 10 years.
Water-Works
2,000_ _City Wharton
40 years. 10 years.
534
Street-Improve't 534% 40 years. 10 years.
6,009....City Wharton
2,000_ _Limestone County C. S. D. No. 29 5%
20 years. 10 years.
1,000_ _Limestone County C. S. D. No. 102 5%
20 years. 10 years.
20,000...Holland
5%
Ind. Sch. Dist.
40 years. 20 years.
30.000_ _Smith County
40 years. 10 years.
Road Dist. No. 4 5
4.000_ _Ellis County
5
200 each year.
C. S. D. No. 9
1,500_ _Comanche County C. S. D. No. 43 5%
20 years. 5 years.
1.600_ _Vandyke
5%
20 years. 5 years.
Ind. Sch. Dist.
The following bonds were registered by the State Comptroller during the
week ending Feb. 28:
Place.
Amount.
Rate.
Due.
Purpose.
Option.
$16,000_ _Greenville
5% 40 years. $500 each
Market Square
year aft. 5 yes.
.Aransas Pass
Water-Works40 yrs. 20 years.
22000..
ea
8.000.._Aransas Pass
gR, 40 years. 20 years.
Electric-Light
Water-Works
75,000_ _Longview
5 /0 40 years. 20 years.
_Longview
Street-Improvement 5% 40 years. 20 yearS.
1,996_
Sewer-Extension
1.996_ _Longview
5% 40 years. 20 years.
14,000- _Victoria Co.C.8.D.No.9 School
5% 40 years. 15 years•
S. D. School
1,500__Ector Ind.
20 years.
5
5 years.
Water-Works
18,000_ _Rusk
40 years. 20 years.
5
4,500_ _Theney Ind. S. D.School
,
5 years.
5' ' 40 years.
1,500_ _Comanche Co. C.S. D. No. 18 School. 5% 20 years.
5 years.
5,000...Angleton Ind. S. D. School
5% 40 years.
5 years.
1,000--Houston Co. C.S. D.No.20 School
None.
5% 20 years.
None.
990_ _Wise Co. C.S. D.No.35 School
5
(0 15 years.
Water-Works
8,000_..Huntsville
5% 40 years. 10 years.
855
The following bonds were registered by the State Comptroller during the
week ending March 7:
Amount.
Purpose-.
Option.
Place.
Due.
$8,000 Malakoff Independent School District
$500 yearly
800 Shelby County Common Sch. Dist. No. 39 ..40 "
10 years
50.000 Caldwell County Road Dist. No. 1
10 "
40 "
5 ..
1,200 Jones County Common Sch. Dist. No. 17_ _ _ _20 "
1,000 Jones County Common Sch. Dist. No. 48_ _ _ _20 "
5 64
5 "
1,500 Jones County Common Sch. Dist. No. 64 _ 20 "
1,000 Leon County Common Sch. Dist. No. 4
20 "
5
2,000 Uvalde County Common Sch. Dist. No. 4.._
None
"
1,200 Leon County Common Sch. Dist. No.4
5 years
20 "
2,700 Nevada Independent Sch. Dist
5 "
20 "
2,500 Lingelville Independent Sch. Dist
6 "
5 "
1,500 Hunt County Common Sch. Dist. No. 65_ - $100 yearly
1,000 Grayson County Common Sch. Dist. No.7020 years
5 "
3,000 Kaufman County Common Sch. Dist. No. 101_20 "
5 "
3,000 Carson County Common Sch. Dist. No. 6_ _ _ _20 "
None
1,000 Carson County Common Sch. Dist. No. 11--20 "
40,000 Memphis Independent Sch. Dist
10 years
40 "
1,500 Rockland Independent Sch. Dist
5 "
10 "
800 Leon County Common Sch. Dist. No. 39_ _ --20 "
5 "
1,200 Erath County Common Sch. Dist. No. 6...._ _20 "
10 "
20,000 Runge Waterworks and Electric Light
40 "
10 "
1,200 Wood County Common Sch. Dist. No. 18..
20 "
10 "
2,000 De Leon City Hall
40 "
10 "
2,000 Haskell County Common Sch. Dist. No. 15_ _20 "
None
1.200 Haskell County Common Sch. Dist. No. 4620 "
5,000 Limestone County Common Sch. Dist. No. 5_20 "
10 years
2,000 Burleson County Common Sch. Dist. No. 25.._$100 yearly
500 Garrison Independent Sch. Dist
40 years
'
1 year
3,500 Yantis Independent Sch. Dist
20 "
10 years
1,000 Nacogdoches County Com. Sch. Dist. No. 27..20 "
5 "
1,400 Hall County Common Sch. Dist. No. 15
40 "
10 "
800 Water Valley Independent Sch. Dist
40 "
5 "
4,300 Tarrant County Common Sch. Dist. No. 28..40 "
9 "
0
9,000 Groveton Independent Sch. Dist
40 "
10 "
All bonds bear interest at the rate of 5% except $2,000 De Leon issue.
which bears 6% interest.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BOND OFFERING.
-Proposals will be received until 2 p. m. Apr. 24 by Geo. W.Baxter,
County And., for $68,000 434% Main St. bridge bonds. Denom. $1.000.
Date Jan. 2 1914. Int. J. & J. at County Treas. office. Due $3.000
each six months from June 15 1918 to Jan. 15 1924 incl. and $4,000 each six
months thereafter. Cert. check for 3% of bonds required. These bonds
were sold on Feb. 28 (V. 98. p. 783), but after the award had been made it
was discovered that a mistake had been made in the publication calling for
bids.
TODD COUNTY (P. 0. Elkton), Ky.-BOND ELECTION RESCINDED.
-Reports state that the election which was called for April 11
to vote on the question of issuing the $190,000 road bonds (V. 98. p. 410)
has been rescinded.
TOLEDO, Ohio.
-BOND OFFERING.
-Proposals will be received until
7:30 p. m. Apr. 15 by Amos McDonnall, City Aud., for $98,000 434%
20-year coup. grade-separation (city's portion) bonds. Denom. $1,000.
Date Sept. 11913. Int. M.& S. at U. S. Mtge.& Tr. Co., N.Y.0. Cert.
check on a Toledo national bank for 5% of bonds bid for, payable to City
And., required. Purchaser to pay accrued interest.
TULSA COUNTY (P. 0. Tulsa), Okla.
-BOND ELECTION.
-Reports state that an election will be held in this county Mar. 17 to vote on
the issuance of $50.000 bonds for the taking over by the county of the
grounds and buildings of the International Dry Farming Congress.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Tulsa County, Okla.
BOND ELECTION.
-This district on Mar. 17 will vote, it is stated, on a
proposition to issue $500,000 bonds.
TURLOCK, Stanislaus County, Calif.
-BOND ELECTION PROPOSED.
-Local newspaper reports state that an election will be held in the
near future to submit to a vote the question of issuing $15,000 fire-dept,
impt. bonds.
TURNER, Marion County, Ore.
-BONDS VOTED.
-Local newspaper
dispatches state that the question of issuing water-system bonds carried
at the election recently held.
TWO RIVERS, Manitowoc County, Wisc.-BONDS PROPOSED.
According to local newspaper reports, this city is contemplating the issuance
of 840,000 municipal water-works bonds.
UNION SCHOOL DISTRICT, San Joaquin County, Calif.
-BIDS
REJECTED.
-T-The following bids received for the $17,500 6% 73(-yr.(ay.)
bldg. bonds offered on Mar. 3(V.98, p.469) were rejected:
State Board of Control, Sacramento
$17,800 00 and int.
Torrance, Marshall & Co., Los Angeles
17,785 00 and int.
Perrin, Drake & Riley, Los Angeles
17,517 50 and int.
URBANA, Champaign County, Ills.
-The ques-BONDS VOTED.
tion of issuing the $10,000 5% Carnegie library construction bonds (V. 98,
p. 633) carried, reports state, at the election held Feb. 28 by a vote of 689
to 124.
URBANA, Champaign County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Apr. 6 by H. M. Crow, City And., for
-paving (city's portion) bonds. Denom. $500. Date
316,500 6% street
Apr. 11914. Int. A.& 0. Due $1.500 Apr. 1 1917 and $5,000 on Apr. 1
1918, 1919 and 1920. Cert. check for 5% of bonds bid for, payable to
City Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued int.
-On Mar. 2 the two issues of 5% taxable bonds (V. 98.
BOND SALE.
El. 709) were awarded, it is stated, to Hayden, Miller & Co. of Cleveland,
asfollows:
-year water-works bonds at 105.40.
$6.500 17
-year (aver.) sewage-disposal works bonds at 105.80.
48.000 18
-BOND SALE.
VAN BUREN, Crawford County, Ark.
-On Feb. 25
$9,000 6% 14-year sewer-constr. bonds were awarded, It is stated, to a St.
Louis firm at 98 1-9. The purchaser also agreed to pay all legal expenses.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE.
-On
Mar. 9 the $53,000 435% 1034-year (aver.) Joseph Mulliken et al. roadimpt. bonds(V.98, p. 783) were awarded to J. F. Wild & Co.of Indianapo-equal to 101.084.
lis for $53,575
-BOND SALE.
WACO, McLennan County, Tex.
-On Mar. 3 the
S150.000 school, $65,000 street-paving, 360,000 park, $50,000 bridge,
$15,000 storm-sower and $10.000 sanitary-sewer 5 30-yr. bonds (V. 98,
p. 709) were awarded at 104.67 and int.-a basis o about 4.707%, as follows: School bonds to Spitzer, Rorick At• Co., Toledo, and the remaining
issues to the City Sinking Fund. There were three bids for the entire
issue. Breed, Elliott & Harrison, E. H. Rollins & Sons and the Provident
Say. Bank & Trust Co. jointly offered 102.63 and int. for the entire issue,
this bid being third. There were four bids for the school bonds only.
WAKEMAN TOWNSHIP (P. 0. Wakeman), Huron County, Ohio.
-On March 7 the $12,000 57 11%-year (aver.) coup.
BOND SALE.
0
Wakeman Dist. road-improvement bonds (V. 98, p. 709) were awarded to
Seasongood & Mayer of Cincinnati for $12,225 80(101.881) and interest.
WALLINGFORD, New Haven County, Conn.
-BOND OFFERING.
-Proposals will be received until 7:30 p. m. April 7 by Wm. Denizli. Boro.
-pavement bonds Denom.
Clerk, for $25,000 435% 15-30-yr. (opt.) street
$1,000. Date May 1 1914. Int. M. & N. at First Nat. Bank, Wallingford. Cert. check for $500, payable to Boro. of Wallingford, required.
Legality guaranteed.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-On Mar. 9 a loan of
-TEMPORARY LOAN.
WALTHAM, Mass.
$200,000. maturing Nov. 20 and issued in anticipation of taxes (V. 98. p.
784), was negotiated, reports state, with Estabrook & Co. of Boston at
3.33% discount.
WARREN COUNTY (P. 0. Vicksburg), Va.-BIDS REJECTED.The Board of County Supervisors rejected all bids received for an issue of
$160,000 road-impt. bonds offered on March 3, reports state. Bids will
be again opened at the next meeting of the board in April.
-On Mar.3 a loan of $40,000 for current expenses
TEMPORARY LOAN.
for 1914 was awarded, it is stated, to the First Nat. Bank of Vicksburg at
3% interest.
856
[VOL. xcvm.
THE CHRONICLE
WARSAW, Wyoming County, N. Y.
-BOND SALE.
-On Mar. 4 Harris, Forbes & Co., N. Y., and J. S. Rippel, Newark
101.31
$22,000 Main St. paving bonds were awarded, it is stated, to the Trust Co. Blodget & Co., New York
101.18
of Wyoming County, Warsaw,for $22,153 (100.695) as 4 s. All monthly M. M.Freeman & Co., Phila.. and H. L.
Crawford & Co., N. Y_ _101.178
balances remaining on deposit to draw 3% interest.
Kissel, Kinnicutt & Co,. New York
100.965
Bank,
100.91
WASCO COUNTY SCHOOL DISTRICT NO. 12 (P. 0. The DaIles) First National& Co., West Orange
New York
100.827
Ore.
-BOND SALE.
-On Mar. 4 the $100.000 5% 10-20-yr. (opt.) high- C. H. Venner
This item was inadvertently
school-bldg. bonds (V. 93, p. 411) were awarded to Wells & Dickey Co. of the head of West Orange, N. Y. reported in last week's "Chronicle" under
Minneapolis at 101.651 and int. Other bids were:
WHITESBORO Oneida County N. Y.
Portland Tr.& S. Bk., Port.3101,577 Well, Roth & Co., Cincinn_$100,526
-BOND SALE.
-On Mar. 9
-year (aver.) Dennison Ave. paving (assess.) bonds (V. 98,
E.H. Rollins & Sons, Deny_ 101,310 Smith, Moore & Co., St. L. 100.390 the $1,113 45 3
p. 784) were awarded to Katherine L. Eberley at par for 5s. There were
Continental & Comm.Trust
Kissel, Kinnicutt & Co.,
no other bidders.
& Say. Bank, Chicago__ _ 101,070
100.380
Chicago
Farson, Son & Co., Chicago 101,033 A. B. Leach & Co., Chicago 100,278
WHITESBURG SCHOOL DISTRICT (P. 0. Whitesburg) Letcher
11.0. Speer & Sons Co., Chi. 101,016 Union Say. & Tr. Co., Seat. 100,225 County Ky.-BNODS VOTED.
-This district on Feb. 25 voted In favor
Wm.E.Sweet & Co., Deny. 100.901 McCoy & Co., Chicago_ _
100.131 of the question of issuing $12,000 high-school-completion bonds, it is stated.
Hoehler, Cummings & PrudLumbermen's Trust Co.,
WICHITA COUNTY (P. 0. Wichita Falls) Tex.
-BOND ELECTION.
den, Toledo
100,101 -An election will be held Mar. 21 reports state, to vote
100.807
Portland
on the question
Morris Bros., Portland_ ___ 100,801 C. II. Coffin, Chicago
al00,101
Ferris & Ifardgrove, Spok__ 100,715 Carstens & Earles, Seattle_ 100,012 of issuing $25.000 5% 40-year hospital-construction bonds.
Chapman, Mills&Co., Chi.. 100,570 Hartman & Thompson,
WICHITATALLS Wichita County Tex.
-BOND ELECTION.
N. W. Halsey & Co., Chi__ 100,530
*100,000 According to reports, the question of issuing $25,000 5% 40-year hospitalPortland
construction bonds will be submitted to a vote on March 21.
a Less $600. * Less $575.
WILMINGTON, Dela.-BOND OFFERING.
-Proposals will be reWASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND OFFERING. ceived until 12 m. Mar. 26 by James F. Price, City Trans., for the following
-Proposals will be received until 1:30 p. m. Mar. 18 by R. W. Purlee, 414%
sinking fund bonds:
Co. Treas., for $22,240
% Horace Trueblood at at. highway-impt.
bonds. Denom. $556. Date Feb. 2 1914. Int. M. & N. Duo'each $55,000 refunding bonds. Due $42,850 April 1 1936 and $12,150 Oct. 1 '36
six months for 10 years.
50,000 water-meters-installation bonds. Dw, Oct. 1 1936.
WASHINGTON COUNTY (P. 0. Jonesboro), Tenn.
-BOND ELEC- 150,000 street and sewer-impt. bonds. Due $61.500 Oct. 1 1936 and
-We are advised that the election which was to have
TION RESCINDED.
$88 500 April 11937.
been held Feb. 25 to vote on the question of issuing the $415,000 road
Denom. $50 or multiples thereof. Date April 1 1914. Int. A.. Sz 0.
bonds (V. 98, p. 411) has been rescinded. We are further advised that a
Cert. check for 2% of bonds bid for, payable to "Mayor and Council,"
new election may be called at some future date.
required. Bonds to be delivered and paid for on or before 12 m. April 15.
WATERLOO SCHOOL DISTRICT (P. 0. Waterloo), Blackhawk
The official notice of this bond offering will be found among the advertiseCounty, Iowa.
-BOND SALE.
-Elston, Clifford & Co. of Chicago were ments
elsewhere in this Department.
awarded on Feb. 20 $45,000 43 % 10
-year school bonds. Denom. $1,000.
Date Mar. 11914. Int. M.& S.
WINTHROP Mass.
-A loan of $25,000, ma-TEMPORARY LOAN.
turing Oct. 15 1914 has been negotiated with R. L. Day & Co. of Boston
WAUCHULA, De Soto County, Fla.
-BONDS VOTED.
-Street impt.
bonds amounting to $3,000 have, according to reports, been voted by this at 3.37% discount, It is stated.
WORCESTER Mass.
city.
-The $250,000 notes
-TEMPORARY LOAN.
dated Mar. 9 and due Oct. 16 (V. 98, p. 784) were awarded, it Is stated, to
WAUCOMA, Fayette County, Iowa.
-BONDS VOTED.-Tho ques- Kingsley & Adams of Worcester at 3.17% discount. Other bidders were:
tion of issuing the $12,000 electric-light-plant-installation bonds (V. 98' R. L. Day & Co
3.29% lCurtis& Sanger (for $100,000)3.27%
p.633) carried,it is stated, at the election held Mar.2 by a vote of 179 to 20
Blake Bros. & Co___ _3.29% plus 33 Redmond & Co
4.125%
Estabrook & Co
3.35%
WAVERLY SCHOOL DISTRICT (P. 0. Waverly), Pike County,
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BONDS NOT
-BONDS DEFEATED.
Ohio.
-The question of issuing the $55,000 high-All bids received for the $90,000 bridge bonds offered on
schoo -building bonds (V. 98, p. 709) failed to carry at the election held AWARDED.
March 5 (V. 98, p. 710) were returned unopened. No new date set for
March 3 by a vote of 113 "for' to 182 "against."
sale of bonds.
WAYNE SCHOOL DISTRICT (P. 0. Cable), Champaign County,
-BONDS VOTED.
WYOMING Starke County Ill.
-13y a majority
-BOND ELECTION.
Ohio.
-The proposition to issue $25,000 school bonds
of 217 votes, this city on Feb. 26 authorized the issuance of bonds for the
will, reports state, be submitted to a vote on Mar. 24.
purchase of a site for a new Carnegie library, it is stated.
A
WEST ORANGE, Essex County, N. J.
-BOND SALE.
-On March 3
the $100,000 4
28-year coupon funding bonds (V. 98, p. 709)were
awarded to H. M. Grant & Co. of N. Y. at 101.678 and int. Other bids:
-LOAN VOTED.
-j loan of
WYOMISSING, Berks County Pa.
$20,000 for street-impt. purposes has been approved, it is stated, by a vote
of 136 to 14.
NEW LOANS.
NEW LOANS.
PROPOSALS
$87,477.00
School District of Philadelphia
CITY OF MINNEAPOLIS
4 % Serial Gold Certificates
/
1
4
FREE OF ALL TAX, INCLUDING THE FEDERAL INCOME TAX.
Offer of $3,000,000 Loan, School District of Philadelphia
Sealed Proposals to be received 12 o'clock noon, Wednesday, April 1„ 1914,
297 City Hall.
$150,000 Maturing Annually, beginning July 1, 1924, to July 1, 1943.
The certificates will be registered in form.
The denominations will be $500,$1,000 and $5,000.
$50,000 of each denomination will mature each year from July 1. 1924, to July 1, 1943.
Interest payable January 1 and July 1 of each year.
Sealed Proposals will be received by William Dick, Secretary, in the office of The Board of Public Education, Room 297, City Hall, Philadelphia, until 12 o'clock M.on WEDNESDAY, APRIL 1,
1914,for three million 13,000,000) dollars school loan on conditions as follows:
Three million ($3,000,000) dollars school loan for the purpose of raising the necessary funds for
procuring sites and erecting buildings and additions for elementary and high schools in the School District of Philadelphia, authorized by resolution of The Board of Public Education, School District of
Philadelphia, approved November 11, 1913.
Certificates of loan will be issued in denominations of $500, $1,000 and $5.000 in registered form,
and will be made payable in gold coin of the present standard of weight and fineness.
The said sum of three million ($3,000,000) dollars will bear interest at the rate of 43 per centum
per annum, payable semi-annually on the first days of January and July, in said gold coin, the first
payment of interest to be made on the first day of July, 1914,said loan and interest thereon to be payable free from all taxes.
All taxable real estate in the City of Philadelphia is subject to taxation for school purposes. The
resolution authorizing this loan provided that an annual tax of one-fifteenth (1-15) of a mill upon each
dollar of the assessed valuation of the property in the School District be levied, for the payment of
principal and interest and taxes on such obligations, in each and every year until the loan is paid in full'
Proposals must be submitted upon blanks to be obtained from the undersigned.
No bid will be considered unless accompanied by a certified check drawn to the order of the School
District of Philadelphia for five per contum of the amount of the subscription.
Checks or certificates accompanying bids not accepted will be returned to the bidders within
forty-eight hours after the opening of the bids. Deposits of successful bidders will be applied in partial
payment of the amount of the loan awarded them. No allowance for interest will be made on advance
payments.
Settlement in full for the loan awarded must be made with the Secretary on or before Wednesday,
April 8. 1914, at 3 o'clock P. M., and include payment of accrued interest from January 1, 1914, to
day of settlement.
Bids at less than par will not be considered.
The Board of Public Education reserves the right to reject any or all proposals, or to award any
portion of the loan for which bids shall be received, as it may deem best for the interest of the School
District of Philadelphia.
Being municipal bonds, certificates of the School District of Philadelphia constitute legal investments for trust funds and estates.
' Bids may be made for "all or none" or for any portion of the issue.
The legality of this issue was approved by John G. Johnson, Esq., and a copy of his letter
attesting that fact may be had on application.
THE BOARD OF PUBLIC EDUCATION,
WILLIAM DICK, Secretary.
Special Certificates of Indebtedness
Notice is hereby given that the Committee on
Ways and Means of the City Council of the City
of Minneapolis, Minnesota, will on THURSDAY.
MARCH 26, 1914, at 2 o'clock p. m. at the office
of the undersigned, receive bids for the whole
or any part of $87,477 Special Certificates of
Indebtedness.
The Special Certificates of Indebtedness being
offered on that date consist of six separate issues,
as follows: One issue amounting to $17,943, one
of $602, one of $5,478, one of $36,265, one of
$11.525 and one of $15,664.
All to be dated April 1, 1914, and each issue
to become due and payable one-twentieth on
April 1, 1915, and one-twentieth each and every
year thereafter, to and including April 1, 1934.
No bids will be entertained for any of these
Certificates for a sum loss than the par value of
same and accrued interest to date of delivery,
and the rate of interest must be bid by the purchaser and must not be in excess of Five (5%)
Per Cent per annum, payable annually or semiannually.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) Per Cent of
the par value of the Certificates bid for, made to
C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN,
City Comptroller.
Minneapolis, Minnesota.
•••••••
AMERICAN MFG; CO'
MANILA.,SISAL AND JUTE
CORDAGE
Sales Office:
Noble & West Sts., Brooklyn, N. Y.
NORFOLK, VA.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Bolger,Mosser&WIllaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds,
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MOTTU & CO.
sassbustua 2692.
NOW TORII
60 Broadway
PARIS.114 rue de Rivell
NORFOLK. VA.
INVESTMENTS
857
THE CHRONICLE
MAR.14 1914.1
-BOND ELECTION
•YAVAPAI COUNTY (P. O. Prescott), Ariz.
-The county officials have decided not to appeal from the
CALLED OFF.
Judge Smith in the Superior Courtgranting an injunction restraindecision of
ing the holding of an election to vote on the question of issuing $250,000
bonds for the building of a new court-house.(V. 98, p. 255.)
-Proposals
-BOND OFFERING.
Y8ADON, Delaware County, Pa.
will be received until 12 m. Mar. 27 by Fred. J. Petry, Chief Burgess, for
30-yr. coup. or reg. tax-free street-impt. bonds, series of
$40,000 434%
1914. Denom. $500. Date April 1 1914. Int. A. & 0. at Girard Trust
Co., Phila. Cert, check for 5% of bonds bid for, payable to Wm.J. Davis,
Boro. Treas., required.
The °Meat notice of this bond offering will be found among the advetrisements elsewhere in this Department.
-Proposals will be received
-BOND OFFERING.
YONKERS, N. Y.
until 12 m. March 18 by Jos. Miller. City Comptroller, for the following
4%% registered bonds:
$40,000 refunding water bonds. Date April 1 1914. Due in 20 annual
installments beginning April 1 1915.
50,000 fire bureau equipment bonds. Date March 1 1914. Duo in 20
annual installments beginning March 1 191572,000 school bonds. Date March 1 1914. Due in l6 annual installments beginning March 1 1915.
40,000 city-hall bonds. Date March 1 1914. Due in 20 annual Installments beginning March 1 1915.
-banding bonds. Date March 1 1914. Due in 20 annual
20,000 public
Installments beginning March 1 1915.
assessment bonds. Date March 1 1914. Due in 10 annual in170,000
stallments beginning March 1 1915.
•
Int. A.& 0. at office of City Comptroller in N.Y. exchange. Certified
check for 2% of bonds bid for, payable to City Comptroller, required.
Bonds will be ready for delivery March 24 1914, except water refunding
bonds, which will be ready April 1 1914. The legality of these bonds will
be approved by Hawkins,.Delafield & Longfellow of N.Y.City; a duplicate
original of their opinion will be furnished successful bidder.
Canada. its Provinces and Municipalities.
-Proposals will be
BAIE D'URFE, Que.-DEBENTURE OFFERING.
received until Mar. 20 by Arthur H. Burton (P. 0. 1036 Dorchester St.
West, Montreal), for $2,500 5% 40-yr. municipal debentures. Denom.
$100. Int. semi-ann. An accepted check on an incorporated bank of
Canada for 10% of debentures bid for required. No debenture debt.
Valuation roll, $1,216,000.
-The voters have auBRANTFORD, Ont.-DEBENTURES VOTED.
thorized a loan of $37,500 for the installation of an ornamental street-lighting system.
BRANTFORD TOWNSHIP (P. 0. Brantford), Ont.-DEBENTURE
-Proposals will be received until 12 m. March 23 by A. E.
OFFERING.
Watts for $7,102 8% local improvement debentures. Date Feb. 2 1914.
annual. Due in 20 annual installments of principal and interest.
Int.
-The sale of $2,243,-DEBENTURE SALE.
CALGARY, Alberta.
-year local improvement debentures to the Dominion Securi177 24 5% 20
ties Corp., Ltd., of Toronto at 95.50 and interest was consummated
March 6, according to newspaper reports.
-The question of raising $10,000
CANORA, Sask.-LOAN ELECTION.
to complete extensions to the electric-light and power plant will be voted
upon, it is stated.
-Wood, Gundy & Co. of
CORNWALL, Ont.-DEBENTURE SALE.
Toronto are reported as the purchasers of $4,0005% debentures.
DOMINION OF CANADA.
-SALES OF SCHOOL DISTRICT DEBEN-The following coupon school-building debentures, aggregating
TURES.
$13,200, issued by various districts in the Provinces of Alberta and Saskatchewan, were purchased during the month of February by the Alberta
School Supply Co. of Edmonton:
Price.Int.Rate.
Date.
Name o DistrictAmt.
8
Everdell S. D. No. 2982, Alta
$900 Feb. 1 1914 95c.
Par
8
McOwan S. D. No. 2939, Bask
1,200
8
Mackenzie S. D. No.3107, Bask
1,300 Feb.25 1914 '
95c
7
Progress S. D. No. 2952, Bask
1,500
8
Par
Tribune S. D.No.3140, Bask
2,500 Feb. .1 1914
Willow Range S. D. No. 2880, Alta
8
95c.
800
8
Waterhole S. D. No. 3055, Alta
800
8
White Swan S. D. No. 3049, Sask...,.... 2,000 Feb.25 1914 Par
8%
Warwick S. D. No. 3080, Bask
2,200 Feb.25 1914 Par
EDMONTON, Alta.
-Reports state that $2,-DEBENTURE SALE.
-year unsold 1913 debentures have been disposed of through
136,000 5% 40
the Lloyds and Imperial banks at 94.11 and accrued int.
-A block of $5,000 6% 20-inELMIRA, Ont.-DEBENTURE SALE.
stallment debentures was recently awarded, it is stated, to A. E. Ames &
Co. of Toronto.
GOOSE LAKE CONSOLIDATED SCHOOL DISTRICT, Man.
-installment
DEBENTURE SALE.-Thls district has sold $8,500 6% 20
debentures to Geo. A. Stimson & Co. of Toronto.
-Gee. A. Stimson
GRAYENHURST, Ont.-DEBENTURE SALE.
-year debentures (V. 98.
& Co. of Toronto have purchased $8,000 5%% 30
13. 398).
GREENFIELD PARK, Chambly County, Que.-DEBENTURE
OFFERINO.-Proposals will be reeeived by Harry Jones, Sec.-Treas.. for
$12,000 6% coupon 30-year school equipment and building debentures.
Denom. $500. Interest semi-annual. A similar issue of debentures was
offered on Feb. 18 (V. 98, P. 545)•
KEOMA RURAL MUNICIPALITY NO. 249 (P. 0. Keoma), Alta.
-The $20,000 6% 20 annual installment debentures
DEBENTURE SALE.
offered on Feb. 28 (V. 98, p. 545) have been awarded to Nay & James
of Regina at 98.575 and interest. Other bids were:
0. H. Burgess & Co., Tor___$19,711 Geo. A. Stimson & Co., Tor..$19,200
W.L. McKinnon & Co.,Tor_ 19,660 W.A. Mackenzie & Co.,Ter_ 19,042
H. O'Hara & Co., Toronto__ 19,600 Canada Bond Corp., Toronto 19,027
Wood, Gundy & Co., Tor___ 19.250 Royal Canadian Agencies Ce.
Winnipeg
Goldman & Co., Toronto_ _- 19,218
18,837
Murray, Mather & Co., Tor_ 18,300
LINDSAY, Ont.-LOAN ELECTION.
-On Mar.24 a vote will be taken
on a $7,500 cash bonus to the Horn Bros. Woolen Co., Ltd.
MERRITT, B. C.
-DEBENTURE OFFERING.-Preposals will be
received until 8 p. m. March 16 by Harry Priest, City Treasurer, for
-year and $10,000 9
-year 6% debentures. Int. semi-annual.
$70,000 29
-DEBENTURE SALE.
MINNEDOSA, Man.
-On March 4 the $8,000
6% 20 annual installment local improvement debentures (V. 98, P. 412)
were awarded to A. E. Ames & Co. of Toronto for $7,760(97) and interest.
Other bids were:
NEW LOANS.
NEW LOANS.
NEW LOANS.
$40,000
$25,000
$975,000
BOROUGH OF YEADON Borough of Wallingford,Conn. CITY OF MINNEAPOLIS
Delaware County, Pa.
STREET PAVEMENT BONDS
4% Loan, Series of 1914
The Borough of Wallingford hereby gives notice
that it proposes to issue and sell 25 street pavement bonds, dated May 1 1914, of the denomination of one thousand ($1,000) dollars each, bearing interest at the rate of 4% per cent per annum,
payable semi-annually on the first days of November and May in each year, prtncipal payable
thirty years after date, or at any time within said
thirty years, after fifteen years from date, at the
option of the borough, on any interest payment
day, at par and accrued interest, at the First
National Bank, Wallingford, Conn.
All bids must be sealed and envelope marked
on outside, "Bid on Street Pavement Bonds."
Each bid shall carry with it as an evidence of
good faith a certified check payable to the Borough of Wallingford on a bank of reputed good
standing for $500. Full amount of accepted
bid to be deposited with the First National Bank
of Wallingford on or before May 1 1914.
The borough reserves the right to reject any
or all bids. Legality guaranteed. Bids must be
received by the Borough Clerk not later than
7:30 P. m., TUESDAY APRIL 7 1914.
BOROUGH OF WALLINGFORD,
CHARLES LOUCKS. Warden.
WILLIAM BERTINI, Clerk.
With the approval of Councils of the Borough
of Yeadon, Delaware County, Pennsylvania,
I invite sealed proposals, until 12 o'clock noon,
MARCH 27, 1914, to be opened at the regular
meeting of Councils at 8 o'clock p. m.of the same
day, in the Borough Building at Yeadon, Delaware County, for the whole or any part of this
issue.
These bonds are to be dated April 1, 1914,
bearing interest at the rate of 434 per centum
per annum, payable semi-annually on the first
days of October and April of each year, at the
Girard Trust Company, Philadelphia; the bonds
maturing April 1, 1944.
This issue will be in the form of eighty (80)
bonds of $500 each, coupon, with privilege of
registration; free of Pennsylvania taxes.
Certified checks for 5% of amount of bid,
payable to order of Wm. J. Davis, Treasurer,
must accompany all bids.
The Chief Burgess reserves the right to reject
any or all bids.
Further information may be obtained from
Thos. H. Dann, Secretary, Yeadon, Delaware
County, Pa.
FREDERICK J. PETRY,
Chief Burgess,
Yeadon, Delaware County, Pa.
BLODGET & CO.
B 0 NW S
00 STATE STREET. BOSTON
30 PINE STREET.NMI YORK
STATE, CITY & RAILROAD BONDt
BONDS.
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned,
MONDAY,MARCH 23,1914, at 2 o'clock_p. m.,
for the whole or any part of$75,00000 Park Bonds;
for the whole or any part of $200,000 00 Grade
School Bonds; for the whole or any part of $300.000 00 High School Bonds; for the whole or any
part of $50,000 00 Bassett's Creek Bonds; for
the whole or any part of $100,000 00 Permanent
Improvement Fund Bonds; for the whole or any
part of $50,000 00 Enlarging Sewer Bonds; for
the whole or any part of $50.000 00 Main Sewer
Bonds; for the whole or any part of $75,000 00
River Terminal Bonds, and for the whole or any
part of $75,000 00 Hospital Bonds.
The above bonds to be dated April 1, 1914, and
become due and payable at a time not less than
five years nor more than thirty years from date
thereof, as desired by the p
thereof, and
will bear interest at the rate of Four (4%) Per
cent per annum, payable seml-annually, and no
bid will be entertained for a sum lase than 95
per cent of the par value of said bonds and accrued
interest upon same to date of delivery, and each
proposal or subscription must designate very
clearly the date on which it is desired that said
bonds shall be made payable.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) per cent of the
par value of the bonds bid for, made to C. A.
Bloomquist. City Treasurer, must accompany
each bid.
Circular containing full particulars will be
BONDS
mailed upon application.
DAN 0. BROWN.
Sealed bids will be received until 6 P. M.,
City Coinptroller.
APRIL 1ST, 1914, for the purchase of $45,000
Minneapolis. Minnesota.
-Improvement
Water-Works
Sewerage, 212,000
and $13,000 Street-Improvement 20 -year
-40
(optional) coupon bonds of the Town of Lancaster, S. C., to be dated July 1st, 1913, and bear
Interest at 5 per cent per annum, payable semiannually January 1st and July 1st. Denominations of bonds and place of payment of interest
to suit purchaser. Certified check $1,000, payable to undersigned, must accompany bid.
Right reserved to reject any and all bids.
JOHN CRAWFORD,
KLAMATH COUNTY,OREGON
Clerk and Treasurer.
Lancaster, S. 0., March 7th, 1914.
$70,000
TOWN OF LAN CASTER,S.C.,
6%
$570,000
F. WM. KRAFT
LAWYER.
Specializing in Examination
of
Municipal and Corporation Bond@
HORSEFLY IRRIGATION DISTRICT
6% BONDS
1037-9 FIRST NATIONAL BANK BLDG.,
CHICAGO, ILL.
BUFFALO
LEVICK & CO.
BONDS
of the
Foreign Exchange Brokers
tntmrnational Railway System
56 Pine Street, New York
"EVERYTHING IN FOREIGN EXCHANGg'
news Rollcited end Corr.!gonnd".eice
and other
Local Securities
TELLER 81, EVERS
214 Ellicott Square,
Buffalo. N. I
Sealed proposals will be received by the Board
of Directors of the Horsefly Irrigation District
of Klamath County, Oregon, until 2 o'clock p. m.
TUESDAY, APRIL 14, 1914, for the purchase
of $345,000 six per ct..at 11-20
-year bonds and
-year bonds. Bids
$225,000 six per cent 21-30
may be made for all or part of the issue. Each
bid must be accompanied by certified check for
one per cent of the amount bid. No bid entertained for less than ninety per cent of the par
value. The Board reserves the right to reject
any or all bids. For full information address,
FRANCIS J. BOWNE, Secretary,
Bonanza, Oregon.
858
THE CHRONICLE
Canada Bond Corp., Toronto..$7,727 Nay & James,
Regina
$7,411
Royal Canadian Agencies Co.,
Geo. A. Stimson & Co., Tor
Winnipeg
7,685 Brent,Noxon & Co.,Toronto.. 7,400
R.0. Matthews & Co., Tor
7,610 Ontario Securities Co., Tor_ __ 7,253
Murray, Mather & Co., Tor
7,608 Terry, Briggs & Slayton, To 7,252
C. H. Burgess & Co., Toronto 7,582
ledo,
7,205
All bidders agreed to pay accrued interestOhio
Wood, Gundy & Co. of Toronto asked for in addition to their bids.
an option at 94 and W. L.
McKinnon & Co. of Regina asked for an option
at 96.
MONTREAL CATHOLIC SCHOOL DISTRIC
Que.-DEBENTURE OFFERING.-Proposals will T (P. 0. Montreal),
be received until 6 A• m•
March 30 by Ulric Lafontaine, Sec.-Treas.,
-year
school debentures. Denom. $1,000. Cert.for $500,000 43 % 40
check for 1% required.
Int. semi-annual at Montreal, New York,
London. Purchaser to pay
accrued interest.
MONTREAL WEST, Que.-BIDS REJECTED.-All
the $275,000 road and $30,000 fire-station-equipment bids received for
5% debentures
offered on March 3 (V. 98, p. 711) were rejected.
NEEPAWA, Man.
-DEBENTURE SALE.
-On Mar. 6 the $18,000 6%
-year electric-light debentures (V. 98,
30
471) were awarded to A. E.
Ames & Co. of Toronto at 99.85 and int. p•
Other bids were:
Wood, Gundy & Co., Toronto_99.12 C. H. Burgess & Co., Toronto_9
5.42
Canada Bond Corp., Toronto_98.00 Spitzer, Rorick & Co., Tot.,
0_95.37
MacNeill & Young, Tor
97.30 Bankers' Bond
W.L. McKinnon & Co., Tor_ _97.06 Terry, Briggs & Co., Toronto_ 95.28
Slayton, Tol.,095.00
Royal Canadian Agencies Co.,
Goldman & Co., Toronto
94.5
Winnipeg
96.93 Campbell. Thompson & Co.,
Brent, Noxon & Co., Toronto_ _95.93
Toronto
94.48
Ont. Secur. Corp., Ltd., Tor_ -90.00
011TREMONT, Que.-BIDS REJECTED.
-The following bids received
for the $500,000 4%7 42
-year local improvement debentures offered on
March 4 (V. 98, p. 41/) were rejected:
Canada Bond Co., Toronto_ $461,6471Dominion Securities Corp.,
Ontario Sec. Co., Ltd., Tor_ 457,000
Ltd., Toronto
$451,250
Wood, Gundy & Co., Tor_ _ 453,050 Brent, Noxon &
447,711
Hanson Bros., Montreal__ 452.835f Royal Sec.Corp. Co., Tor
,Ltd.,Mont 437,100
C.MeredithCo.,Ltd.,Mont.. 452,550 J.M.Robi
nson&Sons,Mont_ 432,500
N. B. Stark & Co
Canadian Investment Co__ 425,055
452,0501
DEBENTURE OFFERING.
-New tenders will be received until May
14
for the above debentures.
POINTE-AUX-TREMBLES, Que.-DEBENTU
RE SALE.
-N. B.
Stark & Co. of Montreal received the award of
-year
sewer-system and street-paving bonds offered in the $300,000 6% 40
February (V.98, p.546).
PORT COQUITLAM, B. C.
-DEBENTURE SALE.
& Co. of Toronto have bought, according to newspaper -C. H. Burgess
reports, $60,0005%
debentures at 82.
RICHMOND HILL, Ont.-DEBENTURE SALE.
-On March 1 the
626,000 30
-year school and $4,000 20-year electric-light 53. %
debentures
[VOL. xcvm.
(V. 98, p635) were awarded to the Ontario Securities
Co. of Toronto at
par. A like issue of light debentures was reported
sold in Feb.(V.98470.711)•
ST. PIERRE, Que.-DEBENTURE SALE.
has sold $132,000 5%% 40-year debentures. -This place, it is reported,
SACKVILLE, N. B.
-DEBEN
-This place, it is stated
has sold $8,000 5% debentures. TURE SALE.
TIMMINS, Ont.-LOAN ELECTION.
stated, on a $10,000 loan for public school -A vote will be taken, it is
purposes.
TOFIELD, Alberta.
-DEBENTURE
-The Canada Bond Corporation of Toronto has bought $34,285 SALE.
6% debentures, according to reports.
VANCOUVER, B. C.
-LOAN.
-It is reported that the underwrit
were compelled to take 80% of the .C425,000
ers
4%% bonds recently offered
in London at 98.50.
WALKERVILLE, Ont.-DEBENTURE
SALE.
-Reports state that
$119,000 hydro-electric, local-imptovement and school
debentures have been
awarded to the Ontario Securities Co., Ltd., of Toronto.
WALLACE(RURAL MUNICIPALITY), Man.
-DEBENTURE SALE.
-The foll4ing bids were received for the $25,000 30
annual
highway
$40,000 40 annual installment good-road 4%%installment
debentures
offered on 'ob. 27 (V. 98, p. 471):
Brouse, Mitchell & Co., Toronto
*93.71 $60,911 50
C H. Burgess & Co., Toronto
92.48
60,112 00
Oldfield, Kirby & Gardner, Winnipeg
92.26
59,969 00
H. O'Hara & Co., Toronto
91.69
59,600 00
Goldman & Co. Regina
91.18
59,268 00
Dominion Securities Corporation, Toronto
90.77
59,000 50
W. L. McKinnon & Co., Regina
($40,000_ _89.15
35,660 00
25,000_90.75
22,687 50
A. E. Ames & Co., Toronto
90.16
58,600 00
W. A. McKenzie & Co., Toronto
90.14
58,591 00
Murray, Mather & Co., Toronto
89.26
58,019 00
Nay & James, Regina
88.02
57.217 00
Geo. A. Stimson & Co., Toronto
87.99
57,195 00
Brent, Noxon & Co., Toronto
87.93
57,153 00
Canada Bond Corporation, Toronto
87.86
57,107 00
Terry, Briggs & Slayton, Toledo, Ohio
1325,000_ _80.50
20,125 00
40,000-.80.25
32,100 00
* Successful bid.
WARNER CONSOLIDATED SCHOOL DISTRICT, Alta.
TURE SALE.
-An issue of $35,000 67 30-year debentures has,-DEBEN0
it is stated.
been awarded to W.L. McKinnon & Co. of Toronto.
WEYBURN, Sask.-DEBENTURE SALE.
place has accepted the offer of Wood, Gundy &-Reports state that this
Co. of Toronto for a block
of $240,500 53 % debentures at 95%. subject to ratificati
on of the sale by
the local Government Board. A. large number of
offers were received,
ranging from 90 to the figure stated.
grust Tompanies.
1
NEW LOANS.
CHARTERED 1853.
United States Trust Company of New York City of $255,000 , Del.,
Wilmington
45-47 WALL STREET
Capital,
Surplus and Undivided Profits
SINKING FUND 432% BONDS
/
- $2,000,000 00
- $14,103,810 00
Sealed bids will be received until 12 o'clock
noon, THURSDAY. MARCH 26. 1914. for Two
Hundred Fifty-five Thousand Dollars
(3255,00(3)
of Wilmington, Delaware, Sinking Fund Four
This Company acts as Executor, Administrator, Guardia
Per Cent Bonds.
n, Trustee, Court and One-Halfwill date from April 1, A. D.
Said bonds
Depositary and in other recognized trust capacities.
1914,
and will be issued in denominations of $50 or
It allows interest at current rates on deposits.
multiples thereof, and bear interest at the rate
of four and one-half per centum per annum,
It holds, manages and invests money, securities and other
property, real or payable semi-annually on October 1 and April 1,
personal, for estates, corporations and individuals.
and will mature as hereinafter mentioned.
$55,000 of this issue is to provide funds for
the refunding of $55,000 of bonds which were
EDWARD W. SHELDON, President,
'issued under provisions of Acts of General AssemWirri- M M. KINGSLEY, Vice-President
A
WILFRED J. WORCESTER, Secretary bly of the State of Delaware, approved March
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. Secy. 1903, and March 29, 1907, to provide funds 31,
for
the use of Board of Water Commissioners, and
TRUSTEES
which will mature May 1, A.D.1914,and
June 1.
A. e1914
JOHN A. STEWART. Chairman of the Board
above amount of
WILLIAM ROCKEFELLER
LYMAN J. GAGE
WILLIAM STEWART TOD
issued under authority of$55,000 is now being
ALEXANDER E. ORR
ordinance of City
PAYNE WHITNEY
OGDEN MILLS
Council passed February an A. D.
WILLIAM D. SLOANE
5,
EDWARD W.SHELDON
1914, and
approved February 16, A. D. 1914,
EGERTON L. WINTHROP
FRANK LYMAN
CFIAUNCEY KEEP
and will
CORNELIUS N. BLISS JR.
as follows:
mat
ss it
JAMES STILLMAN
GEORGE L. RIVES
HENRY W. de FOREST
7350 o April 1, A.D. 1936.
ri1
JOHN J. PHELPS
ARTHUR CURTISS JAMES
ROBERT I. GAMMELL
1150 on October 1, A. D. 1936.
LEWIS CASS LED YARD
WILLIAM M KINGSLEY
WILLIAM VINCENT ASTOR
350,000 of this issue is to provide funds for
the Board of Water Commissioners for
chase and installation of water meters forthe purthe
of Wilmington. Issued under authority ofcity
an
ordinance of City Council passed
1914, approved February 16, February 5,
A. D.
A. D. 1914,
and maturing $50,000 on October 1, A. D. 1936.
$150,000 of this issue is to provide funds for
use of the Board of Directors of the Street and
Sewer Department for curbing,guttering, grading,
widening, paving and improving streets and
avenues and the building of sewers and conduits
the citu der a
in Ieaued ynof W
tlmio gto of an Act of the General
uth nrit yn.
Assembly of the State of Delaware, approved
March 4, A. D. 1007, and under authority of an
ordinance of City Council passed February
19,
A. D. 1914, and approved March 5, A. D. 1914,
$600 on oe
and maturing asfotellboewrs:1,
A. D. 1936.
$88,500 on April 1, A. D. 1937.
All proposals must be accompanied by a certified
check, payable to the order of "The Mayor and
Council of Wilmington" for two per centum of
the amount of bonds bid for, the same to be for'
feited if the bidder fails to accept and pay for
bonds
s succe ied. bidder or bidde will be required
e awsrl ful
s
bidders
oTndh
o settle for the bonds awarded, with accrued
interest from April 1, A. D. 1914, at or before
12 o'clock noon, April 15, A. D. 1914.
The right to reject any and all bids is reserved.
Address all bids in sealed envelopes to James F.
Price, City Treasurer, Wilmington, Delaware,
Acts as
marked "Proposals for Sinking Fund tour and
Executor,
One-Half Per Cent Loan."
The Union Trust Company of New York offers a special
service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
The Union Trust Company will care for the trust propert
in making investments and in selling securities, collect they, assist
income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts.
A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are Solicited.
UNION TRUST CO. OF NEW YORK, 80 Broadway
Capital and Surplus
$8,300,000
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
-- Interest allowed
on deposits.
I Girard
Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
E. B. Morris, President,
$150,000
Shamokin Sch.Dist.Bonds of Shamokin,Pa.
Sealed bids will be received by John Harris,
Secretary, until MARCH 23RD, twelve o'clock
noon, for $150,000 4%% 5 -year registered
-30
school bonds.
For further information write
JOHN HARRIS,secretary.
Shamokin, Pa.
@FedFRASER