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The.
13llimerct31
Bank & Quotation Section
Railway Earninfr,s Section
VOL. 98
- 4
final0
litomde
INCLUDIN G
Railway Sc Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
NO. 2543
SATURDAY, MARCH 21 1914
. Xite (amide.
PUBLISHED WEEKLY.
Week ending March 14.
Clearings at1914.
1913.
Inc.or
Dec.
1.r
1912.
1911. MI
$
$
%
$
$
Terms of Subscription-Payable in Advance
- 358,384,421 331,095,711 +8.2 292,245,748 272,321,595
Chicago
*10 00
25,131,350
25,469,750
26,625,250 +1.3
for One Year
26,974,550
Cincinnati
6 00
18,609,450
18,692,394
22,898.221 +1.7
23,286,951
for Six Months
Cleveland
13 00
18,171,010
20,123,604
24,875,033 +7.9
26,847,698
European Subscription (including postage)
Detroit
7 50
13,803,291
14,725,460
14,735,811 +10.7
16.316,025
European Subscription six months (including postage)
Milwaukee
£21 14s.
8,674,711
8,254,183
8,366.414 -8.9
7,622,615
Annual Subscription in London (including postage)
£1 lls. Indianapolis
postage)
6,953,100
5,957,900
0,377,800 +21.6
7,754,600
.
Columbus
Six Months Subscription in London (including
$11 50
5,628,120
5,109,519
6,154,012 -0.4
6,129,470
Toledo
Canadian Subscription (including postage)
2,981,960
3,872,925
3,915,253 +9.5
4,285,230
Peoria
Subscription includes following Supplements2,675,291
2,918,686
3,258,151 -1.1
3,221.870
Grand Rapids-.
yearly)
times
(3
2,015,141
AND INDUSTRIAL
2,201,436
+6.4
2,136,084
2,282,193
•
Dayton
BANK AND QUOTATION(monthly) I RAILWAY RAILWAY(3 times yearly)
1,220,857
1,134,207
-2.7
ELECTRIC
1,262,247
1,228,618
(monthly)
EARNINGS
Evansville
RAILWAY
N (yearly)
801,184
705,401
802,905 -23.3
615,484
Kalamazoo
STATE AND CITY(semi-annually) BANKERS'CONVENTIO
1,290,332
1,372,912
1,322,694 -0.3
1,319,086
BL .
Springfield,
931,926
987,159
Terms of Advertising-Per Inch Space
1,289,914 -7.3
1,195,988
Fort Wayne_ .
1,232,629
1,513,232
24 20 Lexington
1,347,839 -36.1
858,045
Transient matter per inch space(14 agate lines)
949,193
1,289,456
22 00 Rockford
1,304,769 +4.9
1,368,490
(8 times)
BIonths
.
.
rfwo
881,300
1,419,000
29 00 Akron
1,969,000 -28.1
1,416,000
•
Three Months (13 times)
747,863
794,754
959,862 -5.2
50 00 Bloomington_
910,152
Standing Business Cards / 191X months
(26 times)
704,011
844,594
1,199,569 +14.3
1,370,348
87 00 Quincy
Twelve Months(52 times)
1,104,475
1,683,802
1,756,301 -3.6
1,693,729
.
Youngstown
ison4012.
Bla
,k;Tel.Harr
Monadnock
513
M.
Shepherd,
o.
Orrien-Ge
1,108,294
CsiCAG0
1,278,642
1,563,976 -1.1
1,546,482
Canton
589,506
556,989
706,267 +14.6
LONDON Orricz-Edwards 16 Smith,1 Drapers' Gardens, E. O.
809,291
Springfield,0
563.034
570,036
577,673 +5.5
609,301
South Bend
WILLIAM B. DANA COMPANY, Publishers!,
394,228
403,895
510,295 -2.9
495,165
Mansfield
New York.
372,762
562,003
608,241 +16.4
P.0. Box 958. Front, Pine and Depeyster Ste.,
708,157
.
Decatur
481,584
532,764
488,108 -2.7
475,000
•
Danville
420,000
493,510
481,639 -8.3
441,891
•
Published every Saturday morning by WILLIAM B. DANA COMVANY„, Jackson
333,813
358,313
389,002 +11.3
433,078
facob Seibert Jr., President and Treas.; George S. Dana and Arnold 0, Dana, Jacksonville, Ill .
346,187
432,465
+6.1
427,161
452,978
•
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lima
423,174
533,037
527,370 -5.6
497,718
•
Lansing
442,920
473,689
-51.4
613,449
518,662
•
Owensboro
169,182
178,196
CLEARING-HOUSE RETURNS.
209,219 +21.5
254,239
An Arbor
56.496
28,836
p The following table, made up by telegraph, &c., indicates that the total bank Adrian
46,893 +88.8
87,613
to-day
ending
week
the
for
States
United
clearings of all the clearing houses of the
392,569.369
417,716,491
+6.7
470,874,249
502,411,138
the
st
848
Tot.Mid.We
have been $3,192,989,381, against $3,275,296,592 last week and $3,108,789,
week last year.
47,823,877
corresponding week last year. Partial holiday (Good Friday) in
50,463,243
52,251,455 -9.0
47,547,783
San Francisco___
18,553,837
23,343,741
25,021,214 -4.9
26,250,631
Los Angeles
Per
12,311,103
14,253,542
13,839,590 +9.6
15,168,275
Seattle
Clearings-Returns by Telegraph.
Cent.
13,594,057
1913.
15,754,694
15,143,106 -22.7
1914.
11,706,038
Portland
Week ending March 21.
5,361,377
7,390,269
+2.1
5,808,133
5,930,932
City
Lake
Salt
4,751,427
-7.2 Spokane
4,320,634
4,108,293 +2.3
$1,458,029,801 $1,571,111,424
4,203,031
New York
4,256,086
+0.7 Tacoma
130,358,887
3,773,569
131,208,040
3,587,168 -20.5
2,853,773
Boston
3,299,770
107,546,845 +17.0 Oakland
3,651,313
125,249,269
4,251,076 -14.3
3,614,751
Philadelphia
1,494,247
1,536,585
25,073,463 +14.9 Sacramento
2,130,740 -4.7
28,822,738
2.030,395
Baltimore
1,705,854
+8.7 San Diego
3,029,265
-21.5
263,114,660
3,407,216
235,963,925
2,676,013
Chicago
426,835
562,036
-4.0 San Jose
70,431,554
-13.9
727,419
67,639,395
626,080
St. Louis
618,04
708,948
+6.2 Stockton
15,035,647
965,158 -8.5
15,968,785
883,219
New Orleans
745,31
928,846
-0.3
1,033,853
1,031,151
Fresno
923,13
869,510
-3.2
480
-7.0
52,182,672,
953
1,182,507
32,112,971,
4.095,817
Seven cities, 5 days
Pasadena
476,213
470,022
+4.5 North Yakima
545,374,687
424,058 -2.1
569,742,686
415,000
Other cities, 5 days
242.065
222,842
244,408 -14.0
210,264
-1.7 Reno
$2,682,714,639 $2,728,047,167
Total all cities, 5 days
128,243,153 134,089,394 -5.9 131,279,059 116,583.367
Total Pacific
380,742,681 +34.0
510,274,742
All cities, 1 day
47,347,038
50,797.756
55,829,083 -2.4
54,517,622
-49 7 Kansas City____
el ion OCIO 121 es inc 7520 ass
18,828,534
Total all cities for wpm,
20,419,540
23,336,085 +6.4
24,838,239
Minneapolis ____
16,486.930
15,664.911
18,875,078 +3.6
19,562,699
* Partly estimated.
Omaha
10,679,727
10,632,513
+17.3
9,388,966
11,017,140
next
given
Paul
Si.
be
will
above
the
by
covered
The full details for the week
8,369,026
8,850,358
8,819,567 -6.7
8,231,099
the Denver
Saturday. We cannot furnish them to-day,clearings being made up by day
8,873,843
9,370,585
10,159,011 -3.3
9,827,052
St. Joseph
clearing houses at noon on Saturday, and hence in the above the last
4.400,000
5.061.574
+21.9
5,972,711
7,277,810
night.
Moines
Friday
press
Des
to
we
go
as
of tho week has to be in all cases estimated,
. .
We present below detailed figures for the week ending with Saturday Sioux City
3,013,220
3,164,311 +6.0
3,354,144
Wichita
noon, March 14, for four years:
2,524,502
3,207,264 -11.9
2,827,708
Duluth
1,879,797
+10.2
1,608,073
2,040,633
2,248,148
Lincoln
1;407,889
1,398,573
1,675,000 +15.2
Week ending March 14.
1,929,277
Davenport
1,560,969
1,455,893
-0.6
1,925,879
1,914,726
at
Topeka
Clearings
1,403,521
1,515,403
2,115,841 +10.8
Inc. or
2,344,630
Cedar Rapids.._
869,289
1,020,212
1911.
1912.
710,263 -7.5
Dec.
657,829
1913.
1914.
Fargo
641,743
730,577
-6.3
718,507
673,055
Springs
Colorado
608,788
649,662
+3.8
$
677,190
$
703,265
$
%
Pueblo
$
317,390
337,008
396,937 +28.5
509,373
1,793,764,584 1,887,299,267 -5.0 1,895,358,342 1,736,712,603 Fremont
New York
1,605,764
1,441,447
10.2
159,635,566
163,547,109
2,190,821
-8.9
1,967,259
159,120,955
Waterloo
145,027,806
Philadelphia
1,031453
790,248
48,107,606
47,315,225
1,053,743 -16.0
885,079
52,855,321 -4.7
Helena
50,394,834
Pittsburgh
101,686
230,454
31,406,364 Billings
34,435,028
337,828 +9.1
368,447
41,143,146 -18.0
33,725,420
Baltimore
176,418
148,912
9,108,319 Hastings
9,252,847
178,650 +9.2
195,000
10,822,612 +4.4
11,298,535
Buffalo
346,041
6,729,981
333,577
7,422,298
322,859 +67.3
540,092
7,949,417 -0.5
7,913,069
Aberdeen
Washington
5,216,540
4,629,702
5,862,280 -4.0
5,630,054
Albany
Tot.0th. West. 160,917,414 157,197,350 +2.4 137,785,344 138,430,339
4,006,306
4,080,048
4,753,993 -8.9
4,333,499
Rochester
2,512,524
2,716,818
2,733,687 +12.4
3,073,345
74,403,445
77,148,381
+2.8
Scranton
81,671,421
83,969,275
2,302,229 St. Louts
2,262,894
2,732,495 +3.8
18,134,049
2,836,147
20,109,109
16,481,685 +8.8
Syracuse
17,933,869
1,412,695 New Orleans_
1,651,554
1,987,116 -11.3
1,703,082
14,247,505
14,355,091
14,728,762 -1.7
Reading
14,475,464
Louisville
1,450,403
1,625,402
1,783,628 +20.3
2,120,595
-17.7
10,933,937
Wilmington
9,000,000
1,570,190 Houston
1,373,121
1,394,046 +1.4
1,413,919
6,856,500
9,300,000
10,193,500 -5.4
Wilkes-Barre
9,645,500
Galveston
1,842,307
2,907,366
-3.9
2,387,981
7,356,428
2,293,651
8,137,984
8,600,000 -2.8
Wheeling
8,360,139
1,051,994 Richmond
1,544,977
1.539.554 -4.3
5,479,876
1,473,015
5,638,738
-6.3
8,447,522
Lancaster
7,916,633
1,778,122
1,380,303 Fort Worth
2,108,948 -16.3
1,765,333
12,285,802
14,103,244
Frenton
14,764,425 +8.6
16,028,954
Atlanta
985,172
883,353
-4.1
928,429
7,212,942
7,615,103
890,058
York
8,366,899 +8.3
9,065,645
853,672 Memphis
881,032
1,037,395 -2.6
3,973,358
5,588,035
Erie
1,010,033
4,243,485 -3.4
4,100,054
644,700 Savannah
625,500
702,500 +6.4
3,958,915
5,342,790
747,400
Binghamton
7,880,573 -5.3
7,466,771
Nashville
550.885
422,487
643,642 +15.0
2,820,580
3,303,885
:ireensburg
739,306
3,799,726 +5.8
4,019,799
482,863 Norfolk
493,443
656,571 -2.4
2,457,213
2,838,721
4.1toona
641,963
-42.7
3,403,569
1,950,535
567,486 Birmingham _ _ _
485,181
619,969 +14.7
2,175,717
1,741.191
:Mester
710,355
2,169,322 +6.2
2,304,016
Augusta
411,640 +2.0
1,761,255
Slontclair
2,048,022
419,849
+21.4
1,688,785
2,049,520
Knoxville
3,208,812
3,534,411
-8.8
4,109,308
3,749,348
Jacksonville _
1,925,925
2,338,491
Total Middle_ 2,073,985,852 2,191,454,572 -5.4 2,185,793,758 2,018,429,889 Chattanooga.._
3,052,503 -9.6
2,759,307
1,903,854
2,661,145
2,398,098 +9.9
2,835,324
Rock
1,566,564
.1432,940
154,824,932 156,354,139 -1.0 174,891,199 166,353,351 Little
Boston
1,244,671 +1.5
1,283,930
Mobile
8,270,820
8,255,800
-9.3
1,532,577
8,563,000
1,966.247
7.770,200
Providence
1,711.742 +37.4
2,352,218
Charleston
4,533,164
4,689,161
2,223,282
4,873,409 +7.0
1,612,594
5,213,749
+37.0
Elartford
1,600,651
2,191,594
2,540,628 Oklahoma
3,335,128
3,101,926
2,962,288 +0.9
2,990,507
4,100,000
3,521,987 +3.4
3,642,212
New Haven
Macon
2,196,771
2,701,631
2,706,434
2,750,470 -5.1
2,610,597
4,281,657
3,176,129 +159.6
Springfield
8,244,589
1,908,986
1,717.679 Austin
289,947
360,979
1,999.090
1,760,607 +13.6
306,349 +0.8
Portland
308,944
2,620,187 Vicksburg
2,405,151
540,000
2,813,301 -0.02
2,812,595
441,678
437,321 +37.3
Worcester
600,834
Jackson
1,037,802
1,115,195
700,809
1,363,092
847,790
1,277,523 +6.7
+93.3
938,262
Fall River
1,813,041
1,257,364 Tulsa
960,785
738,978
1,194,623
1,004,791 +18.9
833,575
775,273 +17.6
!few Bedford911,418
532,561 Muskogee
589,756
299,492
623,171
597,589 +4.4
254,503
---2.0
400,000
loiroke
392,000
Meridian
564,353
638,515
749.120
612,957 +22.3
.,c)well
229,150,931 221,045,903 +3.7 201,239,214 183,862,183
378,307
427,940
Southern
Total
436,428
+1.6
429,368
Sanger
3,275,296,59213,358,498,794 -2.5 3,275,681,113 3,041,878,734
Total all
1620020,17
1
Tot. New Hsi_ 182.588.104 183.999.442 -0A 201A47.247
N. Y. 1,481,532,00811,472,200,527 +0.7 1,380,302,771 1,305.166,18
Outside
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
860
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the March
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR., and
others.
1VoL. xcvm.
ish, in advance of evidence, by a disturbing process of
searching for evidence; to go about "smelling for
rats," and to violate personal rights and privacy in
doing so.
Is the country ready to set up such a body as this
bill proposes? If so, can any sane person imagine
that trade or industry will be stimulated to more activity and aided to more success by it? Will not
timidity of capital, depression of business and complaints of the unemployed be increased by it? Can
general prosperity co-exist with an espionage which
belongs only to ancient despotisms?
Mr. B. F. Yoakum, Chairman of the St. Louis &
San Francisco RR., has suggested to the head of the
Inter-State and Foreign Commerce Committee of the
House at Washington, in response to a request for
THE FINANCIAL SITUATION.
his views, that a sort of partnership with the railroads
The bill to create an Inter-State Trade Commis- be entered into
by the Government, and he says that
sion of three made its appearance this week, the new he advoca
ted co-operation between Government and
body to replace the Bureau of Corporations and the railroa
ds fourteen years ago. Closer co-operation,
Commissioner and Deputy Commissioner of Corpor
a- he thinks, would lead to cheaper money for the railtions. We print the bill in full on a subsequent roads
for their necessary purposes,and would,therepage. If a corporation is in commerce and is not fore,
enable a more economical operation.
already subject to Acts regulative of commerce; and
That the price of money is a factor in transportaif, by itself or in conjunction with others so far
tion cost as truly as the price of coal, is a simple fact;
affiliated with it as to "constitute substantially a that reduct
a
ion of 13/2% annually in the interest on
business unit," it has a capital of at least five millions, 11,000
millions of funded debt would be an annual
it becomes subject to this Commission. Or if, while saving
of 165 millions,practically,in the cost of transhaving a less capital, it belongs to any class of cor- portati
on, is a matter of simple arithmetic; but how
porations which the Commission may "designate" any closer
control of transportation by Government
(sic), then it comes under control. As the Commis- is
to lower interest rates for railroads is not clear.
• sion "may from time to time make rules and regula- The
rate exacted by the private investor, always a
tions and classifications of corporations for carrying selfish
and calculating person (though he may deout the provisions of this Act," it seems clear that all claim against
railroads and demand interventions
corporations which are bad and dangerous by having against them),
depends upon his view of the compara• five millions of capital are to be supervised and the tive
safety and profitableness of the loan. At presCommission can change this line of demarcation beent railway credit is depressed in very considerable
tween bad and good at any time.
part because the hand of Government lies so heavily
The Commission may require of every corporation upon
railroads, and the disposition of Government,
information and records without limit; it may also suppos
edly representing the people, is so severe
require such special reports as it desires; and it may toward
s them; the natural deduction is that to relax
prescribe the system of annual reports. Neglect to the Govern
mental grasp, rather than to increase it,
furnish any information demanded is punishable at would
help their credit.
$100 per day. A heavy penalty is provided for
Mr. Yoakum's estimate that development of the
making public any information obtained without countr
y in the next thirty years, on the basis of the
permission from the Commission, but that body may past,
will require 193,000 miles of new road, costing
make public "reports made after investigation." On some
12,000 millions at $60,000 a mile, and that the
direction by the President, the Attorney-General, or hopedfor saving of 13/2% on the interest rate would
either branch of Congress, the Commission "shall" in- mean
a saving of 180 millions in operating costs,revestigate to aid in ascertaining whether or not the emphas
izes the seriousness of the situation but does
corporation investigated is violating the Acts relating not argue
in favor of his suggested remedy. Posto restraint of trade.
sibly "a quasi-co-partnership, without risk or cost to
A fisherman who is at the water for profit,or the Govern
ment, might be established through a
possibly for amusement only, might throw back Federa
l license or charter, involving a profit-sharing
a little fish which he hooked while aiming for either plan for
such inter-State railroads as prefer to operate
whales or tarpons. But this corporation-fishing is under
a Federal charter." But how could this "tend
to be done with a drag. It undeniably violates the to increas invest
e
ments in railroad properties and conmost ancient and fundamental rule of civilized juris- tinue
to encourage that strong individual initiative
prudence,that innocence is alwaysto be presumed and force"
which has built up the country? As for prothe entire burden of establishing the contrary rests viding
in advance for distributing plaits to the
upon:the accuser. It seems to be counter to the rule various
communities served, for highway purposes,
that:no:person shall be required to testify against him- what
better outlook can there be for profits at all,
self. It seems inconsistent with the Fourth Amend- unless throug accept
ance of lower interest by invesh
ment,',which declares immunity of person and prop- tors,
and how can they be induced to make any conerty in respect to search and seizure, except with dis- cession
unless the country is to formally guarantee
tinctlqualifications as stated. It points to estab- railwa
y loans and take care of losses as well as
lishing a permanent Inquisition, with liability to un- profits
? Suppose this result would surely follow,
limited abuse, and the idea itself is an abuse. It how much
would this plan be short of the operation
_proposes to suspect, with or without cause; to pun- and owners
hip towards•which the country is unmis
MAR.. 21 1914.i
THE CHRONICLE
861
takably drifting? Why not unshackle the railroads 825,875 in 1913, or a decrease of 16.6%, and there is
instead of guaranteeing that oppression shall not a loss of nearly. 8% contrasted with 1912. The
result for Greater New York is considerably under
quite crush them?
that for the month of last year,reaching $8,257,113,
The final cotton-ginning report for the season of against $15,176,394, with all boroughs except
1913-14, issued yesterday, gives official confirmation Brooklyn sharing in the decrease and Manhattan
to views frequently expressed that the yield from showing a total of only 29 million dollars, against
last spring's planting (including linters) would not over 9 millions. Outside of this city the estimated
fall very much below 143
% million bales, and thus expenditures under the permits issued aggregate
proves the estimate of the Department of Agriculture, $42,478,892, against $45,650,481 and about 42%
made public last December, to have been quite a millions in 1912. As arranged by us in groups, the
little under the mark. As now issued the Census cities of the Middle section (exclusive of New York)
Bureau's report does not include linters, but as they collectively exhibit an increase in outlay, as comwere given in a separate statement put out on Thurs- pared with a year ago and the same is true of the
day the aggregate year's growth is easily arrived at. West and Far West, but New England, the South
It turns out to have been 14,594,000 running bales, and the Pacific Slope show quite large decreases.
Among the individual cities most conspicuous for
a production second only to that of 1911-12, below
which it falls about 1M million bales. Specifically, diminution in activity, as contrasted with last year,
the Bureau announces the yield as 13,964,981 bales may be mentioned Boston, with a total of $2,643,762,
cotton, which includes an estimate of 29,267 bales against $5,432,958; St. Louis, $908,083 and $1,to cover the amountexpected to be ginned from Mar.1 995,252; Seattle, $553,395 and $1,468,560; Birming(the date to which the report is brought down) to ham, $216,455 and $1,367,333; and Dayton, $46,270
the end of the season; and the aggregate of linters and $1,946,760. On the other hand, many heavy
obtained is stated at 629,019 bales, of which 55,638 gains are to be seen in the compilation. For instance,
bales is an approximation of the amount to be secured Detroit contracts call for the outlay of $3,020,850,
after the date of the report. The Department of against only $1,567,790 a year ago.; Pittsburgh:
,
Agriculture's December estimate was 13,677,000 $2,010,568, against $769,161; San Francisco, $2,bales of 500 lbs. gross each (excluding linters), or 272,913 and $1,298,450, and Kansas City, $1,0531287,981 bales less than the Bureau's total as given 950 and $488,000.
above; but the average weight of the bales marketed,
For the two months of 1014 the aggregate estimated
according to this latest report, is 505.8 lbs., making expenditure at the 150 cities reaches $100,951,172,
the 13,964,981 bales equivalent to 14,127,356 bales against $116,450,157 in 1913 and $103,439,298in
of 500 lbs. each. Consequently the Bureau's aggre- 1912, Greater New York's portion of the total being
gate really exceeds that of the Department by almost 179. millions, 263/ millions and 253 millions reM a million bales. Comparing the 1913-14 ginning spectively. Outside of New York this year's aggrewith that of 1912-13, it is seen that practically all gate is 833 millions, which contrasts with 90 milStates except Texas and Oklahoma (where drought lions last year and 783' millions in 1912.
cut the crop short) and North Carolina show inCanadian building operations for February make
creases, with the gain notably large in Georgia. much the same kind of an exhibit as for January—
There is no reason to doubt that with a yield of a: diminution in activity, as compared with the
143
% million bales there will be more than enough previous year—with the situation least favorable in
cotton to meet all consumptive requirements. In the Western Provinces. The total estimated outlay
fact, with the East Indian crop larger than a year at 17 cities located in Manitoba, Alberta, Saskatago, a pretty fair addition at the close of August chewan and British Columbia is only $1,634,409,
to the surplus stock as it stood Sept. 1 last seems against $3,051,044 for the month in 1913, with such
assured.
municipalities as Edmonton, Regina, Saskatoon,
Vancouver and Victoria most largely responsible for
Building construction operations in the United the decline. In the East the comparison for 23
States during February 1914, while conspicuously cities is between $2,523,587 and $3,032,697, the drop
active in some localities, were comparatively dull in being traceable to declining operations at Montreal
others and in the aggregate of lesser magnitude than and Toronto, although at some other points less is
for the same month of either 1913 or 1912,a situation being done than a year ago. For the two months of
due primarily to the slackening in general business, 1914 the aggregate expenditure arranged for in the
but partially ascribable to weather conditions. The West is barely 3 million dollars and in the East
4%
latest statement is one of decided contrasts, a lack millions, or a total of only $7,769,866 for the 40
of snap, amounting almost to cessation of operations, cities, as against $12,129,281 in 1913 and $10,719,610
being noticeable at some important points and in 1912.
practically abnormal activity at others. Greater
New York furnishes a conspicuous example of a
The official immigration bulletin for the opening
let-up in activity. Following the large operations of month of the new calendar year (January
1914) in1912,much less was done in 1913 and thus far in 1914 dicates that the total of incoming aliens
was only
a further shrinkage is noticeable, with the situation a little smaller than for the corresponding
period
least favorable in Manhattan and Bronx boroughs. 01 1913 and greater than in either 1912 or
1911. At
On the other hand, a number of cities in the West the same time, however, the efflux of steerage
and South arranged in February for the'expenditure passengers (largely to the mother countries of
of from double to over 20 times the amount which Southern Europe) was so much heavier than usual,
the permits issued in the month of 1913 called for.
induced primarily by lack of employment here, that
Our February compilation includes returns from instead of a gain in foreign-born population, as a
150 cities and indicates a prospective outlay for result of these opposing movements there:was a rather
construction work of $50,736,305, against $60,- large net outflow. It is true that in January
1913
862
THE CHRONICLE
there was also a net loss, but this was small,and in
recent preceding years there were more or less important gains. Specifically, the number of aliens who
passed inspection at the various ports of the country
in January this year was 53,150 (made up of 44,708
immigrants and 8,442, non-immigrants), but the
aggregate of departures, quite equally divided between emigrant and non-emigrant aliens, was no less
than 69,218. In 1913 the arrivals were 55,235 and
the outflow was 57,035, but in 1912 there was a net
addition of 15,614 and in 1911 of 12,829. For the
seven months of the fiscal year 1913-14 (July 1 to
January 31), however, the arrivals were in excess
of the similar period of any earlier year, and, moreover, notwithstanding a more than normal outflow,
the net gain in foreign-born population established
a new high record. In other words, an inflow of
883,894 was offset to the extent of 384,082 by departures, leaving a net influx of 499,812, which
compares with 311,426 for the seven months of
1912-13 and with 467,451 in 1906-07.
Germane to this subject of immigration, it is
to be noted that efforts are still making in the
National Legislature to change and presumably
improve the laws and regulations under which
aliens are admitted into the country. The literacy
test, and apparently with reason, is the stumbling
block in the pending bill (the Burnett) and espec;ally
as President Wilson is stated to have recently made
it clear that he stands firmly against that feature.
But despite the President's opposition, and the
consequent possibility of a veto, the literacy test
remains in the Burnett Immigration Bill as reported
by the Immigration Committee to the Senate.
It is to be hoped that the literacy feature of the bill
will be modified before it is put upon final passage,
as in its present shape it will bar out many who
at this juncture would constitute a very desirable
class of immigrants—those who would go to the
farms, where help is greatly needed in extending
our crop-producing area.
Gaston Calmette, editor of the "Figaro" of Paris
and one of the best known journalists in France,was
shot on Monday afternoon by Mme. Henriette
Caillaux, wife of Joseph Caillaux, the Minister of
Finance. M. Calmette died about midnight. He
had been conducting a vigorous political campaign
against the Minister of Finance, denouncing the
latter as corrupt, and the motive of the murderess
apparently was a dramatic attempt to aid her husband. The newspapers since the occurrence have
published many conflicting reports. Some have
attempted to show that Mme. Caillaux, instead of
acting for her husband, was endeavoring to avenge
attacks upon herself contained in letters published
in the "Figaro." These, however, are matters of
mere personal detail. The important point is that
the Minister of Finance immediately resigned from
the Cabinet and was followed by Ernest Monis,
Minister of Marine. Both resignations were ac'cepted and the Cabinet was reorganized, Rene
Renoult, formerly Minister of the Interior, taking
the Finance portfolio, while Louis J. Malvy, Minister
of Commerce, succeeded M. Renoult as the Minister
of the Interior, the position thus made vacant being
filled by Raoul Peret, Under-Secretary of the Interior. It was after the reorganization that the
Minister of Marine, Ernest Monis, resigned. M.
Monis was succeeded by Senator Gauthier as Min
[VoL. scum
ister of Marine. Dispatches from Paris state that
M. Monis withdrew from the Cabinet reluctantly
and only after several of his colleagues had intimated
that he must resign or they would do so. His resignation was a natural result of the political excitement
caused by the developments just outlined. It followed statements made in the Chamber of Deputies
that while he had been Premier he had exerted
powerful influence on the Public Prosecutor, Victor
Fabre, to postpone the trial of Henri Rochette, who
was alleged to have swindled the public out of sums
estimated to aggregate $20,000,000 by fraudulent
company promotions. Rochette disappeared while
out on bail. We refer more at length in a subsequent column to the probabilities connected with this
week's developments in Paris. As the French
national elections are to be held on April 26, it seems
improbable that any political crisis will be faced
before that date.
Instead of calming down, the excitement in England over the position of the Ulster counties under
the Home Rule Bill has finally reached what apparently is a serious crisis. The Ulster leaders have
rejected the proposed concessions of Premier Asquith
for a delay of six years before Ulster shall be included
in the operation of the proposed new law. Bonar
Law, the Unionist leader, formally rejected the offer
of exclusion of the counties in a speech in Parliament
on Thursday. As an alternative he suggested that
the question be permitted to go to a referendum, and
if the country decided in favor of the Government's
proposals, he had, he said, Lord Lansdowne's assurance that the House of Lords would offer no impediment to carrying out the will of the people. Premier
Asquith declared the proposition impracticable.
The Government, he said, stood by their new suggestion. If these were rejected, the Government
was quite content with the bill as it stood. Mr. Law
concluded his speech with the followng significant words: "What about the army? If it is only
a question of disorder, the army will and ought to
obey. But if it is a question of civil war,the soldiers
are citizens like the rest of the people. The army
will be divided, and that force will be destroyed
on which we depend for our national safety." Sir
Edward Carson, the Ulster leader, dramatically left
the House of Commons and started for Belfast,
where he was received with great enthusiasm and
revolver salutes. His object, it is reported, is to
use his personal influence to prevent an outbreak
of the Ulstermen pending further possible negotiations. Reports have been circulated, but have been
denied, that warrants have been drawn up for the
arrest of Sir Edward Carson and other Ulster leaders.
It is evident that the crisis is close at hand in a situation that has been smouldering for months.
So far as affairs in Mexico are concerned, outside
action of all kinds seems to be awaiting the result
of the conflict between the Federal and the Constitutionalist troops at Torreon. Conflicting reports
are current as to recent military developments in the
vicinity of that city. Some press accounts declare
that Villa's troops have suffered a severe defeat.
The only definite statement appears to be the following characteristic dispatch from Villa received on
Thursday by a number of his friends at the
Juarez race track: "Play all of your money on me
win at Torreon and that by March 31st." The
MAR. 21 1914.1
THE CHRONICLE
863
curitiesseem to have been well maintained. Bulgarian
6s closed 1 point higher at 101, while Greek Monopoly 4s have regained the 2 points lost last week; they
closed at 52. German Imperial 3s remain unchanged at 77, while Chinese 4s are M point higher
2. Russian 4s are without alteration from
at 1013/
2, and Servian Unified 4s remain without change,
883/
closing at 783/2. Money in London closed last evening at 21
1@23/
/
2%, which compares with 2% a week
ago. The Bank of England on Thursday fulfilled
expectations by declaring a half-yearly dividend at
the rate of 10% per annum. This follows a period
of 9% dividends for a full decade.
The most severe reaction in the demands upon
the new-capital market in London is in foreign investments. It has not been so distinct in smaller classes
of home industrial offerings. The results of recent
offerings as reported by cable fully explained this
situation. The Vancouver City loan, for instance,
proves to have been even more unsuccessful than was
reported at the close of last week, the underwriters
having been compelled to take 86% of the full
amount. Revised figures of the £1,000,000 part of
the Budapesth 43/2% loan which was offered in
London has not reported any substantial degree London at 89 state it was only subscribed to the
of activity or improvement in its security markets. extent of 12% by the public. As a significant conThe revenue collections have produced some slight trast to these failures it may be mentioned that an
pressure in the money situation, but this has not issue of £300,000 by Harrods Stores on account of
been reflected in the bill market and it is undoubtedly the increased requirements of its Buenos Ayres rea temporary matter. Usually well-informed cor- quirements was subscribed threefold. The week's
respondents appear quite certain that April will new offerings include an issue of £5,000,000 Argenwitness the beginning of a protracted period of tine Government treasury bills, which were sold on
monetary ease at the British centre. The London the basis of 5% plus M% commission. This is the
stock markets have been upset to some extent by first part.of an offering of a £10,000,000 loan that
the political and financial developments in Paris the Argentine Government has arranged with the
resulting from the assassination of Gaston Calmette Barings. The proceeds of this sale have already
editor of the "Figaro", by Mme. Caillaux, wife of been represented by quite active shipments of gold
the French Minister of Finance. The home political from London to the Argentine, and intimations have
situation, too, has resulted in increased strain, owing been current that arrangements are in process of
to the tense conditions that have been reached in negotiation for a considerable shipment of the prethe protest of the Ulster counties against being cious metal from New York to Buenos Ayres on Lonincluded in the operation of the Irish Home Rule don account. Definite confirmation of these negoBill. While there is undoubtedly great excitement tiations is not yet available. At this date last year
in the United Kingdom over this intense controversy, active shipments of gold from New York to Buenos
it is difficult at this distance to really appreciate that Ayres on European account were in progress. A
the situation contains a threat of civil war. In- Tasmanian loan is being offered in London this
deed, the fact (as noted by one correspondent) that week, but recent poor showings of similar colonial
Ulster securities have gradually appreciated in value issues have provided a rather unfavorable reception
since the year began seems to suggest the presence for it. The new offering consists of £1,500,000 in
of a substantial degree of hysteria in the excitement 4 per cents at 99. It is reported that a Queensland
that unquestionably exists. There has been an issue and also a £3,000,000 332% Sudan loan are
almost complete suspension in the applications by pending.
the large British issuing houses for new capital,
The financial markets in Paris have responded
which is explained by the temporary pressure on the
money market that we have already referred to. to a remarkably limited extent to the unsettled
Brazilian and Mexican securities have ruled rather political situation which we describe more in detail
firmer. Russian stocks, too, are showing some in a preceding column. The Minister of Finance,
firmness, which is, however, clearly traceable to M.Caillaux, whose wife assassinated the editor of the
manipulation, and it is predicted that there will be "Figaro", at once resigned from the Cabinet and was
a highly speculative interest promoted in these securi- succeeded by Rene Renoult, who previously was
ties before they are finally deserted by their sponsors. Minister of the Interior. The slight influence of the
British Consols, which closed at 753' a week ago, retirement from the portfolio of Finance by M.
had declined to 74 9-16 on Thursday, but closed Caillaux is not difficult to understand. The Finance
last evening at an improvement to 74 13-16,owing to Minister may be regarded as the creator, not the
reports of additional concessions by the Government creature, of the entire Cabinet. He had been the
in the Ulster controversy, which, however, proved to leader of the financial revolt from the Barthou
be without foundation. London & Northwestern RR., Ministry. But, while throwing over the elaborate
which closed a week ago at 130k,closed yesterday at plans of his predecessor, M.Caillaux has been entirely
12934. The Great Western finished last evening at unable himself to carry through his substitute pro44which compares with 114a week ago. State se: posals. Instead of issuing a new National loan, he
1123
message was sent from Yermo station near Escalon.
The rebel leader used the railroad telegraph, and his
message was the first that had been received in three
days giving any real information about his plans or
his movements south of Chihuahua. There seems,
nevertheless, a better feeling at Washington regarding
Mexican prospects. Early in the week it was reported from Mexico City that Huerta, forced by the
increasing seriousness of the situation in Mexico
from the financial standpoint, was ready to resume
the negotiations with John Lind, President Wilson's
personal representative, which were broken off in
August. Press dispatches stated that the Minister
of Foreign Affairs, Jose Lopez Portillo y Rojas,had
been directed to reopen unofficial diplomatic exchanges with Mr. Lind and had immediately proceeded to Vera Cruz and had a two-hours' conference with the latter. No report has yet been
made regarding the death of Benton, the British
subject, though rumors are current that the British
subject was stabbed to death in Villa's office and
that the alleged court-martial and its supposed
records were entirely fraudulent.
864
THE CHRONICLE
proposed to obtain much needed revenues by separate taxes, one, for instance, on wealth, another on
income. Both of these methods with their inquisitorial features, are repugnant to French ideas
of fiscal privacy, and were promptly shelved by the
French Senate. M.Caillaux's final public proposal
was for a moderate issue of rentes, to be subject to
tax. This is being firmly opposed in the Senate.
It was, it will be recalled, on its refusal to tax the
proposed new issues of rentes that the Barthou
Ministry fell. Of course it is not impossible that as
the Doumergue Ministry has been reorganized that
the new Minister of Finance will attempt to carry
out M. Caillaux's proposals as Government measures. This would account for a more pronounced
influence on the financial situation not having
accompanied M. Caillaux's retirement. But, undoubtedly greater importance should, we believe,
be attached to the fact that the general elections in
France are so close at hand that very little serious
attention is being paid to what the reorganized
Ministry may or may not attempt to carry out.
An additional explanation of the failure of the
assassination to more generally affect the French
markets is contained in the severe storm which
interfered with wire communication. On Tuesday,
for instance, the telegraph offices in Paris announced
that the wires between that centre and Berlin,
Amsterdam and Brussels were down. Much of the
Stock Exchange business between Paris and London
was conducted by way of New York. With the
complete postponement of new financial issues in
Paris even of a minor character during this week's
excitement, money has not unnaturally accumulated
and quotations for call accommodation are more or
less nominal at 2%, which represents an advance
of 23/2% for the week. French rentes finished at
86.823/ francs, which compares with 88.05 francs
last week. This large decline is rather suggestiv3 f
the real strain lying underneath the superficlal
calmness.
Advices cabled from Berlin declare that that centre
has been surfeited with new securities and that a
period of rest is necessary for the accumulation of
new investment capital. The tendency at the
German market is to take a rather pessimistic view
of the outlook. The renewal of loose war-talk over
German-Russo relations has been one sourc-, though
this seems to be fading, as it well deserves to do.
The North Atlantic steamship situation has again
become rather unsettling, though without open
rupture. The fact that an increased dividend by
the North German Lloyd failed to stimulate steamship shares produced disappointment. An easier
money situation is predicted in well informed
German banking circles, to begin early in April.
Money in Berlin closed at 2%@2%%, which
compares with 3%% a week ago.
In Amsterdam there has been considerable activity
in the distribution of new capital issues. Dutch
investors participated quite freely in the recent
Russian Railway loan, the Chilian loan and the
Hungarian loan, besides a large number of issues by
Dutch municipalities and railway and industrial
concerns.
[VOL. XCVIII.
in its official basis. Private bank rates in London
have again ruled easier, notwithstanding the evidence of some temporary pressure in money. They
closed 23(% for short bills, against 2:N% last week,
and 2 1-16®23'% for long bills, against 2/
1 1@
2 5-16% a week ago. The private bank rate in Paris
is still maintained by the banking combination without change from 2%,although there is slight difficulty of obtaining a fractional concession where particularly attractive bills are offered. Berlin closed
Y8% lower at 34%.
1
Vienna is Y
i% higher at
3 3-16%, Brussels remains at 3%% and Amsterdam
is /% lower at 33/8%. Official rates at the leading
foreign centres are: London, 3%; Paris, 332%; Berlin, 4%; Vienna, 4%; Brussels, 4%, and Amsterdam, 4%.
In this week's return, the Bank of England reports a loss of £472,056 in gold coin and bullion holdings and of £669,000 in the total reserve. The proportion of reserve to liabilities shows a sharp reduction to 45.92%, against 49.09% last week, and compares with 40.46% a year ago. The feature of the
statement is the further increase in public deposits of
£2,505,000, representing, as has been the case for
several weeks, the deposits of public revenues that
are now being actively collected. Other deposits
increased £525,000. The Bank also reported the
large increase in loans of £3,703,000. It now holds
in bullion £41,170,028. This compares with £36,862,105 in 1913 and £38,337,559 in 1912. The reserve aggregates £31,185,000. One year ago the total was £26,828,000 and in 1912 £28,736,859. Outstanding circulation is £28,434,000, which does not
differ materially from the figures of the last two years.
Public deposits are £27,448,000. In 1913 the total
was £25,627,000 and in 1912 £24,997,010. The increase in loans brings the aggregate up to £43,818,000. One year ago the figures were £44,822,000 and
in 1912 £41,899,367. 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, £445,000 (of which £400,000
to Argentina, £40,000 to Java and £5,000 to Gibraltar), and shipments of £27,000 net to the interior of
Great Britain.
The Bank of France this week records an expansion
of 11,164,000 francs in its gold item and a decrease
of 3,158,000 francs in silver. Note circulation decreased 10,025,000 francs, treasury deposits were
reduced 19,400,000 francs and advances show a
contraction of 6,125,000 francs. General deposits
increased 36,000,000 francs and bills discounted are
larger by 16,200,000 francs. The bank's gold item
now stands at 3,614,114,000 francs. One year ago
it was 3,215,947,000 francs and in 1912 3,245,750,000
francs. The silver stock of 639,742,000 francs compares with 612,188,000 francs one year ago and 801,350,000 francs in the year preceding. Circulation
is still well ahead of earlier years, amounting to
5,803,309,000 francs, against 5,642,759,465 francs
in 1913 and 5,238,618,645 francs in 1912. Discounts
aggregate 1,396,000,000 francs, against 1,628,570,960
francs in 1913 and 1,137,476,337 francs in 1912.
The Imperial Bank of Germany reports an increase
None of the European banks has changed its offi- of 18,369,000 marks for the week in gold and of
cial rate of discount this week. The Bank of Ben- 33,490,000 marks in total cash, including gold. There
gal on Thursday announced a reduction of1%,to6%, _was a decrease in circulation of 61,799,000 marks and
MAR. 211914.]
THE CHRONICLE
of 19,850,000 marks in treasury bills.WDeposits
indicated an expansion of 61,162,000 marks. Loans
axe 4,001,000 marks lower and discounts 16,786,000
marks smaller. The cash holdings of the bank at
1,710,180,000 marks are almost 500,000,000 marks
greater than one year ago, when they stood at 1,217,920,000 marks. At this date in 1912 they were
1,237,240,000 marks. A correspondingly favorable
showing is made when we combine loans and discounts, the aggregate of these items being only
949,734,000 marks, which compares with 1,295,440,000 marks in 1913 and 1,144,220,000 marks in
1912. Circulation aggregates 1,795,082,000 marks,
against 1,774,660,000 marks one year ago and
1,528,000,000 marks in 1912.
In the absence of improved demand from any
important source, the local money market has developed additional ease. Quotations indicate fractional
concessions by lenders at the close. Banks evidently
are not competing by means of attractive rates in
their efforts to place call money. New York exchange in Montreal is at the gold point, closing last
evening at 783/2e. per $1,000 premium. In a moderate way a steady movement of the precious metal
from the Canadian centre to New York is under way.
A better demand for commercial paper has developed and banks and other large buyers have fractionally modified their discount rates. It is not
unlikely that with the approach of the April settlements and the accumulations of funds that are necessary for the dividend and coupon requirements of
that month, there may be some temporary advance
in money rates during the closing days of March,
but there is no reason to believe that any such movement will prove more than temporary. However,
borrowers seem to have oversupplied themselves, if
anything, with funds and will not be in a position
where their demands will be urgent during the
next fortnight. When that period has expired there
seems encouragement to expect a season of worldwide ease. Correspondents in London and Berlin
suggest such prospects for their own centres, and
there is equal reason to expect similar results at home.
Conditions in this respect are worldwide; they are
the results of the more moderate movement of trade
and industry which is curtailing the demands of
merchants and manufacturers, exporters and importers for banking accommodation. New York
banks have this week been returning moderate
amounts of Government funds to Washington on
behalf of Southern and Western correspondents.
These are part of the so-called crop funds with which
Secretary McAdoo last autumn supplied the agricultural sections to prevent money strain at that
time. There is reason to believe that the Treasury
Department will again aid the agricultural sections
late in the summer and early autumn should necessity arise. Last Saturday's Clearing-House statement indicated a decrease of $7,317,000 in the combined loan item of the banks and trust companies
in the association. Deposits increased $5,942,000,
which called for an addition of $1,304,200 to the
reserve requirements. Thus, while there was an
increase of $6,644,000 recorded in the cash holdings
for the week, the surplus above requirements increased only $5,339,800 and now aggregates $23,016,300, which compares with $9,237,450 one year ago
and $16,985,900 in 1912 at this date. The banks
alone reported an increase of $5,320,000 in cash in
865
vaults and the trust companies an increase of
$1,324,000.
Referring to call money in detail, rates, as we have
already noted, have apparently not been subject
to competition. The high figure each day has been
2%, while the lowest on Monday and Tuesday was
7
14%
and on the remaining days of the week 1%%.
Renewals were at 2% throughout the week until
Friday, when a reduction to 1%% took place. For
time money, closing quotations were 23/2@3% for
60 days (against 2%@3% a week ago), 2%@3% for
90 days (against 33%), 3@33% for four months
(against 33@3%), 3%@332% for five months
(against 33'%) and 33@33'% for six months
(against 33@3%%). Loans have been negotiated
at 4% for periods extending into the new year. The
amounts, however, have been moderate in this respect. Commercial paper has sold at 33@4% for
60 and 90 days endorsed bills receivable and for four
to six months names of choice character. These
are the closing figures,and other names lessfavorably
known finished at 43@432%. Strictly high-grade
paper was sold at 332% for short maturities.
Sterling exchange rates have advanced sharply,
though there have been no arrangements actually
completed for the exportation of gold. The movement to Paris has evidently ended for the season
as London, in view of the easier money situation
that is expected to develop at that centre in April,
will be able to supply the precious metal, if it is
needed, to greater advantage than New York. There
still are indefinite reports of negotiations for a movement of gold to the Argentine Republic from New
York on London account, which would, of course,
be equivalent to the direct shipments to the English
market. Of the £620,000 South African bar gold
that was offered in the London market on,Tuesday,
£150,000 was obtained for India; Russia secured the
remainder. Towards the close of the week the
market developed some irregularity as a result of
some selling against early-week speculative purchases.
The supply of bills of all descriptions was moderate
and the entire market may be said to be largely in a
state of balance, awaiting for one thing the clearing
of the Ulster situation in England and also of the
disturbed political conditions in Paris.
Demand sterling in Paris closed at 25.20 francs,
which compares with 25.21 francs a week ago. Ber1 marks, which is
lin London checks closed at 20.434
pfg. for the week. Sterling in Aman advance of
sterdam, as reported by cable last evening, closed at
12.09% guilders, against 12.10 guilders on Friday of
last week. Berlin exchange in Paris finished at
123.30 francs, against 123.40 francs a week ago.
Mexican exchange on New York closed at 295,
against 290 a week ago and Mexican exchange on
London closed at is. 43/2d., against is. 5d.
Compared with Friday of last week, sterling exchange on Saturday was firmer for demand and cable
transfers, which advanced to 4 8625@4 8635 and
4 8650@4 8660, respectively; sixty days remained
unchanged at 4 84@4 8425. On Monday rates
ranged within narrow limits, closing firm after a
slightly easier tendency during the earlier transactions; demand was still quoted at 4 8625@4 8635
and cable transfers at 4 8650@4 8660, though sixty
days advanced to 4 8425@4 8450. An advance of
15 points took place on Tuesdayiwhen demand
touched the highest point reached in the current
866
THE CHRONICLE
upward movement—namely 4 8640@4 8650; cable
transfers moved up to 4 8665@4 8675 and sixty days
to 4 8450@4 8475; the chief influence for the rise
was the active buying by large financial interests.
On Wednesday a further advance was recorded;
demand went up to 4 8660@4 8670 and cable transfers to 4 8685@4 8695; sixty days, however, ruled
without change at 4 8450@4 8475. A weaker tone
prevailed on Thursday, due for the most part to
easier English discounts; demand declined 10 points
to 4 8650@4 8660 and cable transfers to 4 8675@
4 8685, although sixty day bills held steady at
4 8450@4 8475. On Friday the market ruled dull
but firm. Closing quotations were 4 8460®4 8475
for sixty days, 4 8655@4 8665 for demand and
4 8680@4 8690 for cable transfers. Commercial
on banks closed at 4 83%@4 84, documents for payment finished at 4 837A@4 841
4 and seven-day grain
bills at 4 86@4 863/
8. Cotton for payment closed at
4 83%@4 84, grain for payment at 4 8431@4 843/
2.
VoL. rev=
week, is something which belongs to the singular
social and political conditions which traditionally
surround the French capital. It cannot, indeed, be
described as a wholly new sort of episode, even in
its more sensational aspects. The Dreyfus affair
was equally made up of an endless complication of
army intrigue, race hostility and religious prejudice,
accompanied by perjury, forgery and attempted
assassination, and leading, as the present episode
may have done, to an important parliamentary
crisis.
The essential fact of last Monday's affair was that
Gaston Calmette, editor of the "Figaro," a Paris
newspaper of reactionary proclivities, had been
engaged for a long period in a series of the bitterest
personal attacks on Joseph Caillaux, ex-Premier
of France and now Minister of Finance. Those
attacks had taken the shape of accusations, more or
less supported by documentary evidence, of political
trickery and shiftiness on the part of Caillaux. They
had culminated last week in the publication of the
The New York Clearing-House banks, in their fac-simile of a letter—written by Caillaux in 1901,
operations with interior banking institutions, have and apparently addressed to the
woman who is now
gained $8,689,000 net in cash as a result of the cur- his wife, but who had not then been divorced
from
rency movements for the week ending Mar. 20. her previous husband—stating over the Minister's
Their receipts from the interior have aggregated signature that he had killed the movement
for an
$12,474,000, while the shipments have reached $3,- income tax in the French Parliament while
pre785,000. Adding the Sub-Treasury operations, which tending to uphold it.
occasioned a loss of $6,291,000, the combined result
It was supposed that other private letters were
of the flow of money into and out of the New York awaiting publication in this disagreeable personal
banks for the week appears to have been a gain of campaign. At precisely this juncture Mme. Caillaux,
$2,398000, as follows:
wife of the Minister of Finance, called on Monday
evening
at the office of the "Figaro," sent in her
Week ending March 20.
Into
Net Change its
Out of
Banks.
Banks.
Bank Holdings.
card to the editor, and on being introduced into his
Banks' interior movement
$3,785,000 Gain $8,689,000
$12,474,000
Sub-Treasury operations
26,635,000 Loss 6,291,000 room shot him to death with a pistol which she
20,344.000
Total
$32,818,000 $30,420,000 Gain $2,398,000 was carrying in her muff. The immediate consequences were of that confused and chaotic sort which
The following table indicates the amount of bullion
are familiar in French politics. The so-called Royalin the principal European banks.
ist Party, whose attitude is rather that of uncomproMarch 19 1914.
March 20 1913.
mising opposition to any and every Republican
Banks of
Gold.
Silver.
Total.
Gold.
Total.
Cabinet than a serious devotion to a forlorn political
£
hope, has at once asserted itself in what the French
England_ _ 41.170,028
41,170,02 36,862,10
38,862,105
France _ _ 144,859,000 25,359,400 170,218,400 128,637.480 24.487,560 153,125,040
describes as "street demonstrations."
press
Germany - 65,881,200 16,600.000 82,481,200 48,455,400 14,390,300 60,845,700
Russia __ _ 170.536,000 7,098,000 177,634.000 158,669,000 7,265.000 163,934,000
Chamber of Deputies angry discussion over
In
the
Aus.-Hun. 52,06.5,000 12,074.000 64.139,000 50,566,000 9,920,000 60,486,000
Spain __ _ _ 19,806,000 28,612,000 48,418,000 17,826,000 29,887,000 47,713,000
Italy
45.715,000 3,050.000 48,765.000 46,406,000 4,049,000 50,455,000 all phases of the incident has been carried on ever
Neth'iand. 13,329.000
780,200 14,109,200 13,423,000
807,300 14,230,300
Nat. Belg. 8,509,333 4,254,667 12,764,000 7.674,667 3,837,333 11,512,000 since the murder of Monday. The dispatches have
Sweden _ _ 5,792,000
5,792,000 5.616,000
5,616,000
Switeland 6,774,000
6,774,000 6,815,000
6,815,000 told us of one deputy writing to congratulate Mme,
Norway _ _ 2,497,0(10
2,497,000 2,119,000
2,119,000
Caillaux on her action, while others were bringing
Tot. week 576,933,561 97,828,267674,781,828519,069,652 94,643,493613,713,145
Prey.week 575,921,981 97,422,863673,344,844517,641,556 94,504,153612,145,709 up fresh evidence to support the charges made by
the murdered editor. On some of these accusations
a formal committee of inquiry has already been named
THE CAILLAUX EPISODE AT PARIS.
by the Chamber. Meantime Caillaux has resigned
The extraordinary incidents at Paris last Monday, his position in the Cabinet, and a general shifting
involving successively a politico-journalistic quarrel, of Cabinet positions has followed. Whether the
the assassination of a prominent Opposition editor downfall of the Cabinet itself is to follow immeby the wife of a Cabinet Minister, and the subse- diately will be the next question. The precedent
quent shaking of the position of the French Cabinet, of French politics would indicate that this may be
form an episode such as could not easily have happened the result—which would leave open the question
anywhere but at Paris. Other governments have what the larger political outcome is to be.
had, on occasion, to confront such incidents as those • So far as concerns M. Caillaux himself, his political
of Charles Parnell and Sir Charles Dilke in England, career, which in many respects has been important,
in which public exposure of social laxity and impru- is evidently ended. An able, but not over-scrupudence put an end to a given parliamentary leader- lous politician, it is quite possible that he had enship. We are familiar enough in the United States deavored to deal with both parties in the recent
with the effect which disclosures of "graft" have urgent questions of control of the Bourse by the
had on the political situation. But such a mixture Government, of the French loan and of the proof matrimonial intrigue, underground manoeuvres posed income tax. Yet he was apparently the only
in politics of the baser sort, deliberate murder, man of distinct and positive purposes in the present
threatened overturn of government, and the weaken- Doumergue Ministry; which was, in fact, a rather
ing of the whole Cabinet position as has occurred this unusually feeble stop-gap, made up of compromises
MA.R 21 1914.1
THE CHRONICLE
between mutually conflicting factions in the manner
familiar to French Parliamentary politics.
The position of this Ministry has been, in all
respects, unenviable. It has held office during a
period of severe financial reaction in the French
markets—a condition which, as our own experience
teaches, invariably weakens the authority of a given
ministry. At the same time it has been confronted
with the demand for matching Germany's enormous
war appropriations, and the resultant larger outlay
on the part of the French Government; and the plans
drawn up for this purpose have come on a treasury
already heavily depleted through the mounting expenditure of the past few years. With the huge
expenses of Morocco behind, and the new military
plans ahead, a French Government loan of large
proportions has all along been inevitable; yet the
controversy over the fiscal arrangements surrounding
this loan has been of so bitter a sort as to upset one
Cabinet and render the present Cabinet unwilling
to meet the exigency with firmness and resolution.
As a secondary consequence, the holding up of the
larger part of the new French loan has kept tied up
the substantial amounts of banking capital which
were to have been devoted to subscriptions, and at
the same time the Government has shown a disposition to obstruct or forbid the issue of numerous
other important private loans which were overhanging the market until the Government borrowing
should have been completed. But since these other
loans were designed for the purpose of funding large
floating debts which outside governments or corporations were carrying with the Paris bankers, the
congestion of the money market was doubly emphasized by it.
The financial situation in Paris has, in fact,
seemed to be in a condition of outright deadlock.
The question, what effect the change in Ministry,
under the peculiar existing circumstances, would
have on these financial problems, is a matter of
great interest. Apparently the tangle into which
the political and financial situation had got itself
could hardly be made worse; any change, therefore,
might be for the better. There is also this much
of possible reassurance in the peculiar situation of
this week—that the very fact of so sensational a
political crisis may result, from the necessity of the
case, in a really strong man being called to the helm
of government. This, it will be remembered, was
what happened when Waldeck-Rousseau took the
Premiership during the Dreyfus crisis, and brought
order out of chaos.
There were more reasons, then, for such an outcome than the simple wish to keep a given ministry
in power, and they are reasons which may easily
apply to the present situation. The French people
and the French politicians had begun to understand,
in the Dreyfus episode, that unless that matter were
finally put at rest, a period of political and legislative
chaos would ensue such as wduld play distinctly into
the hands of governments unfriendly to France
and anxious to gain advantage over her period of
weakness. It cannot, perhaps, be said that the present situation has as yet reached that stage; yet it is
equally inconceivable that intelligent French opinion
—and on questions of higher politics, public opinion
is at bottom very shrewd in France—should not recognize the necessity for firmness and unity in its
ministerial affairs if it wishes to maintain its place in
867
the diplomacy of the hour. If, as has been commonly said, the French people, large and small, have
been hoarding their money through misgivings ova
the possible relations of France with other Continental powers, it would certainly be a reasonable
deduction that the people should demand that an
end be put to the recent period of financial and political vacillation. It is not improbable that this may
happen as a direct result of this week's tragedy
and of the chapter of political intrigue and doubledealing which it may bring to public light.
GERMANY'S ECONOMIC PROGRESS.
There come to our table from time to time various
local accounts of the financial and economic conditions of other lands. Though they are local in
origin and obviously colored by that fact, we are
glad to call attention to them and occasionally to
review them, as we have recently done with such
reports coming from Turkey, Russia, Germany,
Great Britain, and, somewhat earlier, France.
These reviews are sometimes adversely criticized in
other countries on the ground that such reports
are one-sided, or incomplete. Nevertheless, they
have a value,so far as they are statements of fact, in
disclosing actual conditions as interpreted locally,
even though we may not accept them as adequate
authority for comparison with other countries.
Conditions are often widely different and methods
of estimating and accounting are rarely the same.
Having said this, we would call attention to a
pamphlet just put forth by the Germanic Society
of America. It bears the total,"Germany's Economic
Progress and National Wealth, 1888-1913." It is
written by Dr. Karl Helfferich, director of the
Deutsche Bank of Berlin, on the occasion of the
close of the first twenty-five years of the present
Emperor's reign. It may be accepted as having a
quasi-official character; it is exceptionally comprehensive and compact and contains a mass of valuable
material. It is worthy of attention by all who
would know Germany's real economic condition
to-day, and this in its relations to the general welfare
of the German people.
We have only space to note two or three of the
most significant facts to which it calls attention.
The first is that, while the birth-rate is diminishing
in Germany, as it is in other civilized countries, falling from a yearly average of 40.7 per thousand in
the decade 1871-80 to 33.9 in 1901-10, the deathrate also has in Germany so rapidly decreased,from
28.8 per thousand in 1871-80 to 19.7 in 1901-10,
that there is a steadily growing excess of births over
deaths of from 11.9 to 14.3 in the yearly average
per thousand of population for the same period—a
fact doubly surprising in a population so greatly
enlarged. It stands to-day at 66,000,000. It is
also notable, in connection with the fact that Germany is rapidly becoming a distinctly industrial
nation, and industrial life is apt to exert a retarding
influence on the birth-rate. The reduction in the
death-rate means a corresponding lengthening average
duration of life, a lengthening, in so marked a degree,
possible only in consequence of a thoroughgoing
improvement in the standard of life of the great
masses of the population. The considerable reduction of mortality may be accepted as evidence
of the joint result of better feeding, less wasting of
strength through excessive work, and more favor-
868
THE CHRONICLE
able sanitary conditions. Germany's population
to-day, which is a third greater than it was twentyfive years ago, is also far stronger than it was only
a few decades since.
Emigration has also fallen off from 1,342,000
in 1881-90; to 220,000 in 1901-10. In 1912 there
were only 18,500 emmigrants and for the past ten
years there has been an actual excess of immigration into Germany. Labor may be regarded,
therefore, as steadily increasing along permanent
fines—an important fact with relation to their developing industries.
There is also a great increase in opportunity for
employment, notably with increased technical productiveness. In 1882 34.4% of the population
was employed in agriculture, industry, trade and
transportation and in 1907 39.7%. While the
steady shifting of the population into the cities,
which is found elsewhere, is true in Germany (34.5%
of the whole population was found in cities of more
than 20,000 inhabitants in 1910, as compared with
18.4% in 1885), the great advance in scientific industry, especially in the development of electrical
power and of the gas furnace and gas engine, and
also in the great advance made in chemistry as
applied to manufacture, connected with the tremendous development of the iron and steel industry,
and great improvements in methods of agriculture,
have provided means of life for the growing population in an ever more abundant proportion.
But even more important than this is the development of economic organization throughout Germany.
It is not only not hindered by the Government, it is
recognized and encouraged, if not actually promoted.
The most important table in the book is the following
NUMBER OF CONCERNS AND THEIR EMPLOYEES.
1882.
Concerns.
Small Concerns1 to 5 employees
2,882,768
Medium Concerns6 to 50 employees __
112.715
Large Concerns51 and more employees
9.974
Of which with over 1.000
employees
127
Total:
3,005,457
1907.
Employees. Concerns. Employees.
4,335,822
3,124,198
5,353,576
1,391.720
267,410
3,644,415
1,613,247
32,007
5,350,025
213,160
506
954,645
7,340,789
3,423,615 14,348,016
Here we have testimony upon the two points today most under discussion, directly as to the relation
of large to small organizations, and indirectly as to
drawing unused capital from its retirement and setting
it at work. It appears from this that of all persons
engaged in gainful employment in 1882, 59% was
employed in small concerns; 18.5% in medium, and
22.5% in large concerns. In 1907, on the other
hand, only 37.3% fell to the small concerns, 37%
to the large and 25.7% to the medium. From 1882
to 1907 the number of persons engaged in small
Undertakings increased not quite one-fourth, while
the number in the great concerns increased more
than three-fold, and those in the very largest concerns four and a-half fold. This development of
large concerns, in which the million and a-half
employees in 1882 became nearly five and a-half
million in 1907, coincides with the fact that the five
and three-quarters millions employed in the small
and medium concerns in 1882 became Rine millions
in 1907, showing that the large concerns, with all
their vast business and corresponding contribution
to the prosperity of the country, did not interfere
with, or still less, prevent considerable development
of all forms of small businesses. Both movements
[VoL. xcvpi.
seem to have been so widely extended as not to be
limited to any one class of industry.
Quite as important as the industrial side of this
relation of the large to the small business is the
advance in setting unused capital at work. In a
previous article we have recently called attention
to the agrarian banks which Germany has so largely
introduced, in which the basis of credit is the personal standing of the individual borrower rather
than any security which he could offer; and of
co-operative societies for both trade and credit, in
which Germany admittedly holds the foremost
rank. At present the number of these commercial
societies exceeds 30,000 and their membership
amounts to more than 5,000,000. The aggregate
deposits of the German credit banks has risen in
twenty years from 1,300,000,000 marks to 9,360,000,000 marks; and the deposits of the co-operative
societies from 600,000,000 to 3,000,000,000 marks
in the same period. The drawing out of unused capital
has increased the development and expansion and
consolidation of business undertakings in a rational
way, for the purpose of earning the largest possible
profits. To set at work the increasing resources of
capital coming from innumerable small owners has
necessitated a great development ofstock companies
and credit systems. Consequently, we find that the
2,143 joint-stock companies in Germany in the year
1886-7, with an aggregate capital of 4,750,000,000
marks, have become in 1911-12, 4,712 companies,
with 14,880,000,000 marks. Companies with capital of
over 10,000,000 marks, of which there were only 74
in 1886-7, numbered 229 before the close of 1909.
In contrast to the American trusts, which generally
have absorbed private enterprises, the German
combinations allow the private enterprises attached
to them to remain independont, and restrict themselves to enforcing certain controlling principles in
regard to production, prices and competition. They
aim at removing, as far as possible, conflicts and
losses which must necessarily result from disordered
antagonisms, and seek to unite all.interests intelligently to secure the maximum of an economic success. Great problems are necessarily still unsettled
in Germany, as elsewhere, for the whole world is
feeling the same pressure for economic development.
But it is apparent that Germany is dealing with these
problems in a far more intelligent and more liberal
manner than many other lands. The claim seems
to be justified that in no other country do leaders
of large enterprises recognize more fully their social
obligations and responsibility. And in no other
did the State earlier or more energetically recognize
the social question in its entire scope as among its
duties.
A careful study of German methods and of the
underlying principles which in Germany are already
accepted cannot fail to be of service to all who are
concerned, either with the development of individual
American industries, or with the policy of the
Government with reference to the economic life of
the country. The book contains, in successive
chapters, much valuable information in regard to
traffic, production, consumption and the development of income and national wealth. The fundamental elements which have determined its treatment of them are few and simple, such as, "The
power that creates and increases the wealth of a
people is labor," extending the term to include the
intellectual labor of the scholar no less than the
MAR. 211914.1
THE CHRONICLE
physical strngth of the wage-earner. "The result
of labor is the production of goods." "The productivity of labor is intensified by perfecting technical
equipment and organization." "The final purpose
of economic labor is consumption. The surplus
of goods above necessary expense of production
constitutes the income of the people, and the surplus
of the income of the people over their consumption constitutes the increment for public wellbeing."
"The ideal economic development is that a growing
population be able to increase the net efficiency of
its labor, and thereby its income to such a degree
that a higher standard of life—that is, a more plentiful satisfaction of material and intellectual wants,
and an enhancement of the •public wealth—be
attained." These statements may be accepted as
axiomatic, though they are often forgotten.
THE ANNUAL REPORT OF THE
STEEL CORPORATION.
The annual report of the United States Steel Corporation for the calendar year 1913 is a satisfactory
document, though it reveals nothing new in that
respect, since the company makes regular quarterly
statements of its income and profits, thus keeping
security-holders and the public fully informed as to
the course of current earnings. It is no fault of the
management that the gratifying results revealed are
indicative entirely of the past and afford no guide to
the probabilities for the future. As has been frequently pointed out in these columns a broad and
far-sighted policy has from the first been pursued in
the administration of the property. Efficiency is
being promoted in every direction. Through very
liberal appropriations out of earnings for renewals,
replacement and depreciation, all the plants have
been brought to the very highest standards, everything of an obsolete nature having been discarded
and many new plants added so as at once to increase
product and to enable this product to be turned out
at the lowest basis of cost. Persistent adherence to
this policy has placed the Steel Corporation in a
position where it is able to excel competitors and to
yield profits even under ordinarily disadvantageous
circumstances.
So far, therefore, as the conditions within the control of the management are concerned, the future of
the property may be regarded as assured. The
serious factors, however, are the conditions at present
operative which are wholly beyond the control of
those charged with the care of the property. Nothing is to be gained by closing one's eyes to the fact
that these latter conditions are for the time being
disturbing and disquieting. How they will eventuate
must remain a matter of speculation,for they arise,
not out of economic causes, but in large measure out
of political circumstances. The profits of the Steel
Corporation are dependent alike on the volume of
business and the course of prices. Candor compels
the statement that the outlook in neither particular is
very encouraging at the moment. In January and
the early part of February the present year the steel
trade seemed to be experiencing a decided revival,
but the last two or three weeks demand has again
died away, prices are once more sagging and sentiment is in marked degree less hopeful. The great railroad carrying industry, which constitutes the largest
single consumer of iron and steel in the country, is in
the dumps, while general trade is passing through a
869
period of reaction induced in part by the paralysis.
of the railroad industry and in further part by repressive Governmental and legislative policies.
But even if the Steel Corporation could count upon
an undiminished volume of business, there would yet
remain the question of price. In this latter respect,
too, the outlook at short range is the reverse of
cheering. In a period of trade depression it is idle
to look for remunerative prices, and the steel trade
has an additional drawback to contend against, as
compared with the recent past, in the circumstance
that under the new Tariff Law duties on steel products have been very materially reduced. If general
trade abroad were as active as it was two years
ago, the lowering of duties might be of little consequence,but,unfortunately, both Germany and Great •
Britain are now experiencing trade reaction the same
as is the United States, and thus there is the danger
that the lowering of the tariff wall may result in
these countries dumping their surplus production
here.
In this young and flourishing country, however,
experience teaches that industrial growth can never
long be held under restraint. Hence, if Congress
and the Government should show a more conciliatory attitude towards business interests, correction of the existing dislocation in industrial affairs
might speedily follow. In the meantime, as far as the
Steel Corporation is concerned, comfort is to be
derived from the knowledge that the company is well
fortified against a period of adversity. In other
words, it is well prepared to cope with any unfavorable situation and at the same time is in condition to
take advantage of any favorable developments.
The report shows that 1913 was, on the whole, a
good year. The striking feature is that earnings and
profits were greatly in excess of those of the previous
year, while yet the volume of business was no larger.
The reason is that prices were o14 a higher plane.
This last indicates the importance of prices in controlling profits. In reviewing the report for 1912, we
pointed out that in output and volume of business
that year had never been surpassed in the company's
history, and yet that the net return had registered
very little improvement over 1911, which latter had
ranked as a very poor year in the company's annals.
Combined gross sales and earnings in 1912 had
equaled $745,505,515, against only $615,148,839 in
1911, but the profits derived had gained only
$5,583,240. The explanation of the small net result
was that the company had done a tremendous
business, but the greater part of it was at exceedingly
low prices, which developed in 1911 and which continued during the early part of 1912. Chairman
Gary then reported that the average price received
for the entire tonnage shipped in 1912 had been
$3 30 per ton less in the case of the domestic business
than the similar average received in 1911 and $1 10
less per ton in the case of the export business.
The report now at hand for 1913 has a different
story to tell, and the price situation is again the explanation. Earnings or profits (before the deduction of charges for interest on the securities outstanding of the subsidiary companies as well as the Steel
Corporation itself) increased $29,240,215, or almost
25%. Except for what has already been said, it
might be supposed that this gain in profit reflected
a decided further expansion in the volume of business,
and the same conclusion might appear justified in
view of the fact that the total of gross sales and earn-
870
THE CHRONICLE
[VOL. xcvin.
ings further increased from $745,505,515 to $796,- on the results for 1912. Out of the $30,582,183 sur894,299. But the volume of business, while really plus for 1913 there was appropriated $15,000,000
large, did not differ greatly from that of 1912 and on account of expenditures made on authorized
in certain classes of tonnage actually was reduced. appropriations for additional property and construcThe report tells us, what of course is well established tion and the discharge of capital obligations. No
by trade records, that during the last half of the such appropriations, of course, was possible out of
year there was a material diminution in the amount the small surplus of the year 1912, but in some preof new orders received. A large tonnage of business, vious years even larger amounts were set aside for
however, had been carried forward from 1912, and construction, additions, &c.
this, together with heavy bookings in the first quarAs already stated, too much must not be prediter of 1913, enabled the mills to operate to very cated on these favorable results for 1913, encouraging
nearly their full capacity until September. In the though they are, since the conditions that made them
last quarter a severe curtailment of operations possible have entirely changed. The change, as
ensued. In the total result, therefore, the produc- we have seen, was already in evidence long before
tion for the year of steel products for sale fell slightly the year closed. The quarterly return for the Debelow the output in 1912.
cember quarter made this decidedly apparent. In
The report furnishes comparisons of the produc- that quarter profits progressively declined with each
tion of the different leading items, according to which successive month. Thus,for October 1913 the earnIt appears that some items registered increases and ings before the deduction of interest were $12,257,800.
others small decreases. In the export shipments In November there was a drop to $8,219,769, while
there was a very decided decrease, the total of the in December these earnings were no more than $5,shipments for 1913 having been only 1,813,072 tons 079,154, being the smallest monthly total for a period
as against 2,280,796 tons in 1912. Commenting of nearly ten years. The maximum monthly
upon this falling off in the export shipments,Chair- earnings in 1913 were $15,386,192 in May, and the
man Gary says it followed in part from a slackening descent from that amount to $5,079,154 in Decemin demand, due principally to the money stringency ber shows how radical was the transformation for
in foreign markets during 1913, and in part to the the worse. If the low basis of earnings in December
inability of the mills to furnish,when required,suffi- were continued for a full period of twelve months,
cient material for export in the first six months of the the earnings would not much more than suffice to
year because of the demands of domestic consumers. meet interest charges and the customary sinking
Then, also, the export shipments to Mexico were fund and depreciation allowances. That, however,
curtailed because of the chaotic condition of affairs is presenting an extreme view of the situation. These
in that country.
low earnings for December were the result both of
Thus higher prices alone account for the improved low prices and an extremely small volume of business.
results in 1913, and by parity of reasoning the lower Over a period of twelve months, the volume of busiprices which now prevail mean greatly diminished ness at least ought to be larger than the low rate reearnings and profits during 1914, even though the corded in December, whatever may be the prospects
volume of business should prove equal to that re- as to prices.
corded in 1913, which is decidedly unlikely. Mr.
Judging of the future, the ability of the Steel CorGary states that, as compared with the very low poration to absorb extra expense outlays by econovalues of 1912, the average price received in 1913 mies of operation and management should not be
for the entire tonnage of rolled and other finished ignored. Advances in wages made in the opening
products Ishipped was on domestic business $2 40 months of 1913 added a million dollars a month to
higher per ton than the similar average price received the expense account, and yet the whole of this seems
in 1912, and that in the case of the export business to have been counterbalanced by savings in other di$4 16 more per ton was realized. Better prices also rections. We have already indicated that the volume
were received for cement and pig iron. Of course of business was practically the same in 1913 as it had
the situation in this respect has now again been en- been in 1912 (though there were larger or smaller
tirely altered. The report states that contempo- changes in many of the separate items), and the grand
raneously with the large falling off in the mid-summer total of gross receipts, on account of the better prices
of 1913 of new business offering, there was a weaken- realized, increased from $745,505,515 in 1912 to
ing in prices on the majority of the classes of products. $796,894,299. Yet operating expenses exclusive of
This decline in prices, it is added, steadily continued taxes (which latter were much higher in 1913 than
until the early part of 1914, when there was a mod- in 1912) were actually decreased. For 1913 the agerate upward reaction. More recently, however, gregate of "manufacturing and producing cost and
as already noted above, prices have once more begun operating expenses, including ordinary maintenance
to sag.
and repairs and provisional charges by the subsidiary
Under the increase in prices and in profits the companies for depreciation" is given as $636,206,Steel Corporation's income statement for 1913 ranks 365; for 1912 the corresponding total was $634,089,among the very best ever made. After allowances 325. Thus, there has been an increase of only
for sinking funds, depreciation and extraordinary $2,000,000, even on the face of the figures. But
replacements funds aggregating $31,860,653, a bal- cognizance must be taken of the fact that in 1913 the
ance remained on the operations of the twelve months charge for maintenance and repairs was $52,000,000
in amount of $81,216,985, which compares with while for 1913 it was only $45,000,000. If,therefore,
only $54,240,049 in the preceding calendar year. the maintenance and repair charges are deducted,
The call for dividends at the rate of 7% on the pre- we have an actual decrease in the remainder of the
ferred stock and 5% on the common shares was expenditures of about $5,000,000 in face of the higher
$50,634,802, leaving surplus net income, therefore, wages paid.
on the results of 1913 of $30,582,183. This comOn this question of the advance in wages, we quote
pares with surplus net income of only $3,605,247 the following interesting paragraph from the report:
MAR. 21 1914.1
THE CHRONICLE
The average number of employees in the service
of the corporation and its subsidiary companies during the entire year 1913 was 228,906, as compared
with 221,025 in 1912, an increase of 3.57%. The
aggregate amount of the pay-rolls for 1913, for all
employees, was $207,206,176, in comparison with
$189,351,602 for the preceding year, an increase of
9.43%. The totals, both in respect of number of
employees and aggregate pay-roll, were the largest
in the corporation's history. The relative percentages of increase, viz., 3.57% in number of employees and 9.43% in total pay-roll, reflect the general advance in wages and salaries made to the larger
proportion of the employees on Feb. 1 1913, to which
reference was made in last year's annual report.
This advance affected about 75% of the employees,
the 25% not affected being the higher paid wage
-earners and salaried employees. The increase was
2% in the case of employees receiving less
about 123/
than $2 per day, and graduating downwards from
this percentage in respect to those receiving higher
rates per day. The average increase in the entire
pay-roll (including both employees whose rates of
pay were and were not affected) arising from this
advance in wages and salaries was 6%, and the
increased amount paid employees during 1913 because of this advance was approximately $12,000,000.
The finances of the corporation are in splendid
shape. The new capital expenditures for the twelve
months aggregated $41,999,098 net. In face of that
fact there was a net decrease of $16,170,499 in the
bonded, debenture and mortgage debt of the Steel
Corporation and its subsidiary companies. The
balance sheet shows that on Dec. 31 1913 the aggregate of cash on hand and on deposit with banks,
bankers and trust companies was $66,951,010, which
was substantially the same as at the close of 1912,
when the amount was $67,153,564. Including this
cash, the aggregate of current assets Dec. 31 1913
stood at $303,757,733, whereas the aggregate of
current liabilities at the same date was no more than
$58,577,060.
GOVERNMENT FAILINGS AND GOVERNMENT
CONTROL OF ELECTRICAL COMMUNICATION.
Appearance of a report upon "government ownership of electrical means of communication," made to
the Postmaster-General by a special committee
designated by him, has been taken as indicating a
renewed attempt to bring about that undesirable
object. It is not unfair to say that his committee
found what it was desired to find, for Mr. Burleson
is avowedly in favor of extending Governmental
operations and this particular extension is not now
brought forward for the first time, although more
favored by the trend of current events and talk than
ever before.
Pleas can be made for it; pleas not without some
plausibility can be made for almost anything.
Figures can be manipulated in its favor, and halftruths can be arrayed; deductions can be drawn
which have a superficial appearance of correctness,
by comparing things not alike and leaving out
entirely some important qualifying and explanatory
considerations. This can always be done; by
covering only a selected part of a case, projecting
the strongest light possible upon some things and
carefully leaving others in deep shadow, any skilled
advocate can frame a "brief" which seems conclusive so long as left as its author fixed it.
Waiving, for the present at least, any examination
of what the complete and incontestable figures of
871
experience with Government ownership elsewhere
may suggest, we Americans already have a long and
instructive experience. More than ever before,
Government is prating of efficiency and actually
talks of undertaking to enforce and teach it as to
private business, whereas it is itself superlatively
inefficient and wasteful.
If there is any Governmental business, from the
largest to the smallest, in which there is such a
well-directed application of suitable means to suitable ends as fairly approximates to the handling
of any successful and enduring private business,
the advocates of more centralization should bring
it forth to the light. It is not in Congress; not in
pensions; not in public engraving and printing;
not in any Department; not even in the postal service,
for the pretended economy (and even the surplus receipts)are attained there by such imperfect and incorrect bookkeeping as would make a respectable public
accountant blush if he were detected in practicing it.
Political jobbery, clumsiness, inefficiency, waste
of money and effort—these characterize Governmental operations from stem to stern and year to
year; they are cumulative and proceed unrelieved,
despite some occasional talk of economy and an
accounting system.
The plain truth is that an utterly wrong conception of government has gradually possessed men's
minds, leading to— and continually growing upon—
the perversion of it from its proper sphere. Government is not wiser than the citizen; it is a little below
rather than above, or equal to, the average intelligence of the people. It is not rich; it has not a
dollar which it did not forcibly take from producers.
It is not an entity of itself; it lives upon and is
supported by the private industry which it talks
about correcting and improving. Without initiative
of its own, it hinders and destroys that in the individual; the touch of its hand is palsying everywhere.
We have a Government machine,because it performs
a few indispensable functions: for example, mailscarrying, which private capital would not undertake upon a uniform rate, and a few exercises of
power which can be had only by concentration yet
are necessary.
This is fundamental, and could almost be classed
with the axioms. Yet because one class after
another has sought and obtained the loan of consolidated power for serving its own selfish ends the
perversions have gone on and on, until the habit is
formed and there seems no end of the perversions.
Legislatures are pothering over "a minimum
wage;" bills for "uniform prices" are in the Congressional hopper; and a bill to set up a Federal
commission to regulate "movies" has just appeared
in the Senate. These perversions obey the natural
law of degeneracy; the more of_them, the stronger
the pressure to go farther and the weaker the inclination to return to a normal state.
THE AMERICAN TELEPHONE & TELEGRAPH
REPORT.
The observations in the preceding article possess
special pertinence in view of the appearance the present week of the annual report of the American Telephone & Telegraph Co. for the calendar year 1913.
This report deals at length with the subject of Government ownership and operation in its bearing upon
the telephone business. In all-embracing fashion
872
THE CHRONICLE
[VOL. xcvin.
President Theodore N. Vail completely demolishes ed upon to keep the entire
capitalization on a profitthe idea that Government ownership could ever in able basis such as the
American Telephone & Telethe remotest degree approach private ownership in graph Co. has been doing?
Is it not certain that
point of cost,or service, or efficiency,or in ability to the system would be worked
at a loss?
cater to the growing needs of the people.
President Vail cautions the shareholders
against
The overwhelming nature of the task should deter,if parting with their holdings. He
tells them to "rest
nothing else. The problem would be a:gigantic one. One quietly and not be scared or
frightened into sacrifices
isforcibly impressed with thatfact when contemplat- of their securities." He says—and
the facts bear
ing the statistics in the report with the vast figures him out—that "whether Government
purchase be
they record, furnishing proof positive of the im- ultimately decided upon or not, the property
is well
possibility of the task for the Government, entirely worth more than the market price of
its securities."
independent of Mr. Vail's accurate course of reason- He points out that for the $344,616
,300 capital stock
ing, which leads irresistibly to the same conclusion. outstanding at the end of 1913,
$369,136,414 had
There were at the end of 1913 no less than 16,- been paid into the treasury of the
company, the $24,111,011 miles of wire in the Bell telephone system in 520,114 in excess of par value
representing premiumsthe United States, an increase of 1,500,198 miles received on new issues of stock.
He declares that
as compared with the end of 1912, and during the the book value of the property is less
than the actual
last few years the increase has been at this rate of value and shows that, while the
American Teleone and one-half million miles per annum. How phone & Telegraph Co.
is paying 8% on its stock, the
would the Government grapple with the problem of present distribution of
profits by the company
providing for this increase, or would it be indifferent and associated compani
es averages only 6.05% on
and neglect to grapple with it at all? It is obviously the par value of the
outstanding securities and less.
impossible to give Government officials unrestrained than 5% on the book value.
latitude in matters under their care; and, owing to
For the late year gross earnings of the Bell telethe red tape which is inseparable from the Govern- phone system aggregated $215,572
,822, which is
ment service, the officials would find their hands an increase from $165,612,881 in
1910. The rise
tied, rendering it out of the question to make prompt in net earnings during the three years
was much
response to the imperative requirements for an ex- slower, having been from $50,994,408 to
$58,689,523.
tension of the service.
The latter was sufficient to meet interest requireThe number of stations on Dec. 31 1913 was 8,133,- ments and to pay $30,301,705 in dividend
s and still
017, and this was an increase of 676,943 for the year. leave $11,735,194 surplus on the year's
operations.
Not only that, but in the three years from Dec. 31 Operations are being conducted ,however,
on a nar1910 to Dec. 31 1913 the number of separate stations rowing margin of profits, as is evident from
the fact
increased from 5,882,719 to 8,133,017, which is an that in 1910 the surplus above dividends
was $14,addition of 2,250,298 for the three years, or at the rate 276,758.
of over 700,000 new stations a year. The same question
For the American Telephone & Telegraph Co.
comes up here. How would the Government provide itself—that is, counting only the dividends
actually
for the extension of the service in that respect? The received on the stock holdings of the
subsidiary
action of Congress would have to be awaited before companies and omitting the moneys earned
but not
any step could be taken. Bear in mind also that the distributed—the surplus above
dividend requireexchange connections for 1913 were 26,431,024 daily, ments in 1913 was $5,466,053.
Of this, $2,500,000,
and that this compares with 21,681,471 connections was carried to reserves and
$2,966,053 to surplus.
daily in 1910, so that these daily connections have There is a little table in the report
showing these
increased about 5,000,000 per day in the last three items for the last fourteen years, and we
have had
years alone.
the curiosity to make footings of the same. We
The financing of the capital needs for the new find that $28,268,477 was added to reserves
and
extensions would present almost insuperable diffi- $26,307,299 to surplus, making $54,575,776
together.
culties if the telephone service were in the hands of
Is there not something farcical about the suggestion
the Government. It is a common thing to hear the of Government ownership when private
management
Bell telephone systems denounced, but that system shows such excellent results and recognizes
its oblihad,to raise the money in 1913 for $54,871,856 spent gation to the public not only by rendering
satisfacfor new plant additions. In 1912 the amount was tory and cheap service but by contenting itself
even larger, being $75,626,900, and for the last with moderate dividends and turning back into
the
fourteen years the new capital outlays for plant addi- property such prodigious amounts for its
improvetions have aggregated the huge sum of $646,915,000. ment and development? President Vail's
assurIt is at the same time estimated thatin 1914 new con- ances to the stockholders obviously do not rest
on
struction will call for a further expenditure of $56,- shadowy grounds.
000,000, making the outlays for the last fifteen years
over $700,000,000. How would the Government go
about it so as to raise this money promptly and ex- RAILROAD GROSS AND NET EARNINGS
FOR
peditiously? Or would the system have to remain
JANUARY.
at a standstill while Congress was deliberating or
Our January 'compilation of the gross earnings
some Government commission was cogitating whether of United States railroads is of the
same character
it was advisable to take any further steps in advance? as the exhibits for the months
immediately preceding
- At the end of 1900 the outstanding obligations of —that is, extremely unfavorable.
On account of
the companies in the Bell telephone system were only the depression in trade and last
season's diminished
$194,728,100; at the end of 1913 the aggregate was grain yield in the West,gross earnings
fall below those
no less than $796,587,065. Supposing the Govern- of the corresponding period in
1913, while it has been
ment supplied the money for such tremendous addi- found possible to reduce
expenses only in minor
tionsito capital from year to year, could it be depend- degree (in some cases not at all);
the consequence is
THE CHRONICLE
MAR. 21 1914.1
873
in gross or in net, or in both, but the overwhelming
proportion of roads reports losses in gross and net
alike, the shrinkage in the latter in some cases
exceeding the loss in gross, not merely in ratio but
in absolute amount. The Pennsylvania Railroad,
including all lines which make returns to the InterState Commerce Commission, both East and "::st,
has suffered a decrease of $2,870,947 in gross and of
$1,419,410 in net. The New York Central has lost
$687,699 in gross and $761,804 in net. This is for
the Central proper. Including the valious auxiliary
and controlled roads, the whole going to form the
New York Central system, the result is a loss of $3,(+)or Dec.(-). 071,698 in gross and
of $3,600,822 in net. The
%
1913.
Jannorg (481 roads)1914.
241,469
+2,263 0.93 Baltimore & Ohio has
Mlles of road
243,732
lost
$1,107,844 in gross and
8249,9.58,641
-416,884,807
6.75
cross earning.
5233,073,834
184,757,200
-4,433,235
2.40 $460,915 in net and
_Operating expenses
180,323,965
the Erie $484,141 in gross and
$65,201,441 -$12,451,572 19.10
852,749,869
Net earnings
$711,820 in net. Both the principal New England
Obviously a shrinkage in net earnings at the rate systems again fall behind-the New Haven $576,384
of close to 20%,if long continued, would spell national in gross and $401,923 in net and the Boston & Maine
disaster. The importance of this shrinkage, how- $338,307 in gross and $151,043 in net.
ever, is in a measure minimized by the fact that cornA number of the Western roads seem to have
parison is with a month in 1913 which had shown succeeded in putting a curb on expenses, but that
very large gains in both gross and net. This holds condition is by no means general even in the West.
out the hope that at least the ratio of decrease in The Chicago & North Western with $225,034 desubsequent months will be smaller, but this qualify- crease in gross, has added $22,425 to net; the Mit,ing remark is itself subject to qualification, owing to waukee & St. Paul, with $371,085 loss in gross, has
the fact that the large gains of January 1913 were increased its net by $164,461; the Union Pacific,
themselves in part merely a recovery of exceptionally in face of $327,712 loss in gross, has enlarged its net
heavy losses in January 1912,when the winter weather by $15,580, and the Rock Island is distinguished for
experienced was the worst encountered in a genera- an increase in both gross and net-$176,638 in the
tion. Stated in brief, our tabulations in January former and $513,852 in the latter. On the other
1913 registered $38,128,677 gain in gross and $18,- hand, the Burlington & Quincy reports $611,899
781,777 gain in net. On the other hand, in January decrease in gross and $451,580 decrease in net; the
1912 our compilations recorded a decrease of $2,440,- Northern Pacific $781,402 decrease in gross and
307 in gross and of $7,019,714 in net. The showing $342,856 in net and the Southern Pacific $284,609
was unfavorable, too, in January of the year pre- decrease in gross and $150,437 in net. The Great
ceding, namely 1911, inasmuch as, though there was Northern, with $346,952 decrease in gross, has
then a gain in the gross, it was very small, reaching $105,484 decrease in net.
only $4,248,770, while in the net earnings there was
In the South, also, the returns are unfavoi able,
an actual loss of $3,483,309. Furthermore, in 1910 except that the two Harriman roads, in part because
a gain of $27,776,971 in gross yielded an addition of a larger.cotton movement, are able to show subof only $6,918,577 to net. Below we furnish a stantial improvement in both gross and net. The
summary of the January comparisons for each year Louisville & Nashville falls $237,706 behind in gross
back to 1896. For 1911, for 1910 and for 1909 we .and $238,640 in net and the Southern Ry., while
use the totals of the Inter-State Commerce Com- having added $86,901 to gross, suffered a decrease
mission, but kr preceding years we give the results of $46,725 in net. The Atlantic Coast Line has
just as registered by our own tables each year-a $49,551 decrease in gross and $183,956 decrease in
portion of the railroad mileage of the country being net. In the following we show all changes for the
always unrepresented in the totals owing to the re- separate roads for amounts in excess of $100,000,
fusal at that time of some of the roads to give out whether increases or decreases, both in the gross
monthly figures for publication.
and in the net:
that the loss in gross revenues counts to nearly its
full extent as a loss in net, thus leaving the companies in a very unhappy plight, the more so as, owing
;to the new capital outlays of the twelve months, they
are obliged to earn a return on a larger total of
capitalization. Our statement, covering 481 roads
operating 243,732 miles of line (or not far from the
.total railroad mileage of the country), shows $16,_884,807 decrease in gross, or 6.75%, and $12,451,572
decrease in net, or 19.10%. Weather conditions
were not a disturbing element in either year, the
winter having been mild in January of both years,
which accentuates the significance of the falling off.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Year
Preceding.
Increase or
Decrease,
Year
Given.
Year j Increase or
Preceding. Decrease.
January
3
$
;
5
1896._ 53,316,855 48,726,930 +4,589,875 15,494,163 13,189,595 +2,304,568
1897._ 51,065,589 54,615,619 -3,550,030 14,277,924 15,394,495 -1,116,571
52,705,271
60,345,290
+7,640,019
1898_
17,833,662 14,601,313 +3,232,349
1899.. _ 63,149,988 58,753,141 +4,396,847 18,744,045 17,447,030 +1,296,415
1000...... 78,264,483 66,312,140 +11,952,343 26,384,125 20,489,9251 +5,894,200
81,878,382
+8,635,994 30,135,751 25.911,7011 +4,224,050
1001..,, 60,514,376
1902._ 99,888,443 91,517,103 +8,371,34a 32,9 . ,.
30,441,463: +2,551,913
1903.. 100,840,997 92,230,740 +8,610,257'30,021,883 29,745,4771
+276,406
1904_
101,839,230 106,687,145 -4,847,015 24,043,886 32,139,525: -8,095,639
1005... 103,641,710 96,912,364 +6,729,346 26,583,361 23,538,4141 +3.044,947
1906.
128,566,968 106,741,980 +21,824,988 38,673,26926,g98,772.+11,676,497
1907_ _ _ 133,840,696 123,664,663 +10,176,033 36,287,044137,096,9181 -809,874
1008...135,127,093 155,152,717 -20,02.5,624 29,659,241141,155,587__11,498,348
1909.._ 182,970,018 173,352,799 +9,617,219 50,295,374 41,036,6121 +9,258,762
1910.._ 211,041,034 183,264,063 +27,776,971 57,409,657 50,491,080; +6,918,577
1911.... 215,057,017 210,808,247 +4,248,770 53,890,659 57,373,9681 -3,483,309
1912.... 210,701,771 213,145,078 -2,440,307 45,940,706,52,960,4201 -7,019,714
1913... 246,603,737 208,535,060 +38,128,677 64,277,164 45,495,3871+18,781,777
1914... 233.073,834 249,958,641 -16,884,807 52,749,869 65,201,441 -12,451,572
.....
NOM-Ill 1896 the number of roads included In the month of January was 135: In
1897, 127; In 1898, 130: In 1899, 115: in 1900, 114; In 1901, 130; In 1902, 109; In
1903, 105; In 1904, 103: In 1905, 94: in 1906, 100; in 1907, 97. In 1908 the returns
were based on 157,629 miles of road; In 1909, 231,970; In 1910, 239,808; In 1211,
242,479; in 1912, 237,888; in 1913, 235,607; In 1914, 243,732.
The comparisons for the separate roads duplicate
those of the general totals. A very few lines, by
reason of special causes, are able to report increases
PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Yazoo & Mississippi Vail
Chesapeake & Ohio
Rock Island
Texas & Pacific
Missouri Kansas & Texas
Chicago St Paul M & 0._
Illinois Central
Bangor & Aroostook__ _ _
Increases.
$255,760 Norfolk & Western
182,549
176,638
169,426
158,284
144,468
114,353
102,556
Representing 8 roads
In our compilation__ $1,304,034
Decreases.
Pennsylvania
a$2,555,070
Atch Topeka & Santa Fe 1,156.776
Baltimore & Ohio
1,107.844
Lake Shore & Mich Sou..
904,696
Northern Pacific
781.402
N Y Central & Hud Riv_
b687,699
Lehigh Valley
675,328
Philadelphia Sc Reading..
673,304
Chicago I3url& Quincy__
611,899
576,384
N Y New Haven & Hartf
Delaware Lack & West__
533,952
484,141
Erie
Pittsburgh & Lake Erie_
483,240
Chicago Milw & St Paul_
Michigan Central
Great Northern
Boston & Maine
Mhm St Paul & S S M
Union Pacific
Elgin Joliet & Eastern
Delaware & Hudson_ _._
Cleve Chi Chic & St L
Southern Pacific
Missouri Pacific
Louisville & Nashville
Chicago & North West__
Spokane Portl & Seattle_
Denver & Rio Grande__ _
Wabash
Central of New Jersey__
Pere Marquette
N Y Chicago & St Louis_
Chicago & Alton
Colorado & Southern__ _
Bessemer & Lake Erie__ _
Decreases.
$418,970
371,085
357,243
346,952
338,307
334,400
327,712
313,317
312,426
309,767
284,609
250,878
237.706
225,034
186,170
182.323
170,461
159,581
153,589
149,630
136.747
136,266
122,582
Rerpesenting 36 roads
in our compilation_ _$17,057,490
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RIt. reporting $1,102,001 decrease, the Pennsylvania
Company 6901.676 loss and the P.C.C.& St. L.$551,394 lass. Including
874
THE CHRONICLE
all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $2,870,947.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary. and controlled roads, like the
Michigan Central the Lake Shore. the 'Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
a loss of $3,071,698.
PRINCIPAL CHANGES IN NET EARNINGS IN JANUARY.
Increases.
Decreases.
$393,282
$513,852 Lehigh Valley
359,337
234,518 Delaware & Hudson_
342,856
192,702 Northern Pacific
164,461 Central of New Jersey....
308.935
249,846
161,152 Elgin Joliet & Eastern
238,640
122,234 Louisville & Nashville_..
110,585 Pere Marquette
226,098
N Y Chicago & St Louis_
219,938
Representing 7 roads In
Bessemer & Lake Erie
192,960
our compilation...._ _ $1,499,504 Minn St Paul & S S M.._
187,366
Decreases. Atlantic Coast Line
183,956
Pennsylvania
a$1.049.009 Spokane Portl & Seattle..
171,940
Lake Shore & Mich Cent
958.253 Atch Topeka & Santa Fe
166,098
N Y Central & Hud Riv_
b761.804 Boston & Maine
151.043
Erie
711.820 Southern Pacific
150,437
Philadelphia & Reading..
587,864 Wabash
134,534
Cleve Cin Chic & St L.._
568,769 Union (Pennsylvania)._ _
111,475
Delaware Lack & West__
470,559 Western Pacific
111.505
Pittsburgh & Lake Erie..
468,755 Cin Ham & Dayton_......
110,240
Baltimore & Ohio
460.915 Great Northern
105,484
Chicago Burl & Quincy....
451,580 Chicago & East Illinois....
101,358
Norfolk & Western
441,708
Michigan Central
407,559
Representing 34 roads
N Y New Haven & Hard
401.923
in our compilation....$11.955,846
a This is the result for the Pennsylvania RR. together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $791,742 decrease, the Pennsylvania Company
$222,368 loss and the P. C. C. & St. L. $34,899 loss. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $1,419,410.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
a loss of $3,600,822.
Rock Island
Yazoo & Mississippi Vail
Illinois Central
Chicago Milw & St Paul._
Chic St Paul Minn & Om
Missouri Kansas & Texas
Texas & Pacific
The best indication of all of the unfavorable
nature of the returns all over the country is shown
when the roads are arranged in groups or geographical
divisions. It then appears that every division records a contraction in the gross, and all but one
(that embracing the roads in the Southwest) a contraction also in the net. Our summary by groups
is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1913.
Inc.(-I-) or Dec.(-)
$
11,203,218
-771,078 6.°
88
61,930,545 -6,295,310 10.17
35,376,699 -4,634,830 13.10
34,605,370
-190,064 0.52
52,844,131 -3,064,279 5.80
40,171,867
-960,627 2.39
13,826,811
-968,919 7.01
Section or Group.
1914.
JanuaryGroup 1 (17 roads), New England_ 10,432,140
Group 2(83 roads), East & Middle_ 55,635,235
Group 3(66 roads), Middle West.._ 30,742,169
Groups 4 & 6 (91 roads), Southern_ 34,415,306
Groups6 & 7(79 roads), Northwest 49,779,852
Groups 8 & 9(97 roads), Southwest 39,211,240
Group 10(48 roads), Pacific Coast.. 12,857,892
Total (481 roads)
233,073,834 249,958,641 -16,884,807 6.75
-Mileage--Net Earnings
1914. 1913.
1914.
1913. Inc.(+)orDec.(-).
$
$
$
%
Group No. 1
7,657 7,680 1,460,414 1,963,033
-502,619 25.60
Group No. 2
26,610 26,368 10,834,798 16,459,741 -5,624,943 34.71
Group No. 3
25,962 25,870 3,930,118 7,990,131 -4,060,013 50.81
Groups Nos.4 & 5__ 41,057 40,879 8,994,758 9,863,128
-868,370 8.80
Groups Noe. 6 & 7....... 67,692 67,217 14,169,823 14,997,360
-827,837 5.52
Groups Nos.8 & 9....._ 86,848 55,886 9,775,320 9,658,519
+116,801 1.21
Group No. 10
17,906 17,569 3,584,638 4,269,529
-684,891 16.04
Total
243,732 241,469 52,749,869 65,201,441 -12,451,572 19.10
NOTE.-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia,
Group III. Includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Gropus VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State
through Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
HOLDING THE RAILROADS TO IMPOSSIBLE
CONDITIONS IN THE MAIL SERVICE.
Once more President Ralph Peters of the Long
Island Railroad brings forward his plea for simple
justice to the roads in the matter of pay for carrying the mails, based mainly upon the fact that since
the last determinative weighing the parcels-post has
come in and has added enormously to the burden to
be moved. It was said on the floor of the Senate,
a few weeks ago, that mattrasses, ore in 50-1b.
packages, baby carriages, and similar varieties of
merchandise, have been carried as mail matter. The
newspapers have told us from time to time of bricks
in considerable quantities, of coffins, and even of
living children, despatched as mailable:parcels.
[VoL. xcvm.
Senator Brady of Idaho said that some star-route
contractors had found it impossible to struggle
with the size of their loads and had abandoned
their work, leaving their sureties to themselves.
Senator Gallinger of New Hampshire said that not
only were these men in trouble, but that city carriers are protesting that they must have vehicles
supplied to r,them or abandon their jobs; sooner or
later, he declared, vehicles for gathering up and
delivering these parcels of stuff must be provided.
Senator Bristow of Kansas declared that the limit of
weight should never have gone past twenty pounds
and the first zone should not have been abolished;
all this, he said, is in] the interest of mail-order
concerns, which are permitted to use the mails at
a rate so low that the Government is working below
cost and small local merchants are being driven out
of business.
If this last statement is considerably correct we
shall surely hear from the oppressed local trader
ere long. The person who sends or receives these
parcels felicitates himself over the cheapness of
carriage, but the question remains, at whose expense
is this apparent advantage ? A large express company is on the point of abandoning the field, and
some organizations have been stirring to save those
companies which seem to them in danger. However this may be, and whatever may be the final
working of this new scheme for attaining an alleged
public good, it is certain that the railroads are not
experiencing aught but injury from it. In what
other business on earth is it conceivable that a contract for service could be made and insisted upon,
to run for several years,at a fixed rate of compensation but with the amount of service to be demanded
left entirely without limit ? Do men buy any merchandise for future delivery on the basis of a limited
price but an unlimited quantity? Is there even
any personal service contracted for over a considerable future time at a fixed price but without any
definite stipulation as to amount of service to be
rendered ?
Here we are, with the railroads waiting for an
increase in their freight • schedules upon a state
of facts which has been placed beyond question;
yet one man comes forward to offer his own unsupported assertion that the carriers are really
prosperous, with net earnings larger than ever before,
and that they have simulated distress by improperly
handling their accounts. He "knows" this is so,
because (he says) it cannot possibly be otherwise.
Suppose it were so and could not possibly be otherwise, the question whether an injustice and a wrong
is not done the roads in the matter of mails-carrying
would remain, and delay upon it would be a public
shame.
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[SEVENTEENTH ARTICLE.)
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
contain 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 soupon payments unless tho holder of the bond is
exempt from the tax.
THE CHRONICLE
MAR. 21 1914.]
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; the fifteenth,
March 7, pages 726-729, and the sixteenth, March 14, pages
806-809.
It is proper to state that we are greatly indebted to the
well-known firm of F. J. Lisman & Co., who have collected
excerpts from the mortgages of companies the bonds of
which have been listed on the New York Stock Exchange,
and also from various other mortgages, and who have kindly
placed the data at our disposal in a number of cases in which
we would otherwise have lacked the necessary information.
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 a full index to the
electric railway and public utility securities which have been
classified.
Ala. City Gad.& Att.Ry., Mar.7, p.727. Gaineav. (Ga.) Ry. & P. Co., Feb. 14,
p.491.
Albany Southern RR., Feb. 14, p. 491.
Gaiesb. & Kew. (Ill.) El. Ry., Feb. 21,
Albin Interurban Ry., Mar. 7, p. 727.
Amer. River Elec. Co., Feb. 28, p. 653.
Galveston
n Elec. Co., Feb. 14, p.491.
Appalachian Pow. Co., Feb. 28, p. 653. Ga
Apple River Pow. Co., Feb. 28, p. 653.
Galv.-Hous. El. Co., Feb. 14, p. 491.
Ark.& Terr. Oil& G.Co., Feb. 28, p.653. Galv.-Hous. El. Ry. Co., Feb. 14. p. 491.
Ark. Val. Ry.,L.& P Co.,Feb.28,P.653. Geneva Sen. Falls & Aub. RR., Feb. 14,
Atlantic City & Sh. Co., Feb. 14, P. 491.
p.491.
Allan. Coast El. Ry., Mar. 14, p. 807.
Grand Forks G.& El. Co.,Feb.28, p.653.
Atlantic Shore Ry., Feb. 21, p. 562.
Gulfp. dr Miss. Coast Tr. Co., Feb. 14,
Aub. & Syrac. E. RR., Feb. 21, P. 562.
P. 491.
Aug.-Aiken Ry. dr El. Corp., Mar. 14, Ham. Lt. & Pow. Co., Feb. 14, P. 491.
p. 807.
Harrisburg Rys., Feb. 14, P. 491.
Aurora Elgin & Ch. RR.,Feb. 14, p. 491. Ilartf. & Sp'gfield St. Ry., Feb. 14, p.491
Austin (Tex.) St. Ry., Feb. 14, P. 491.
Hanover & McSher. St. Ry., Feb. 14, p.
Bangor R.& El. Co., Mar. 14, p. 807.
491.
Baton Rouge El. Co., Feb. 14, P. 491.
Holyoke (Mass.) St. Ity,Feb. 14, p.491.
Beaumont Trac. Co., Feb. 14, p. 491.
Houghton Co. El. Lt. Co., Feb. 14, p.491
Berkshire Power Co., Feb. 14, P. 491.
Ilought. Co. St. Ry. Co., Feb. 14, p. 491.
Biddeford & Saco RR., Feb. 14, p. 491. Bought. Co. Tr. Co., Feb. 14, P. 491.
Binghamton Ity., Mar. 7, p. 727.
Houston Elec. Co., Feb. 14, P. 491.
Blackst. Val. G.dr E. Co., Feb. 14, p.491. Hudson Riv. & East. Tr. Co., Feb. 21,
p. 562.
Blue 11111 St. Ity., Feb. 14, p. 491.
Humboldt Tran. Co., Feb. 14, p. 491.
Boston Elev. Ity., Feb. 14, p.491.
Illinois Tr. Co. and subs., Mar. 7, p. 727.
Bost. dr Wore. St. Ry., Feb. 14, p.491.
Ind. & Louisv. Tr. Ry., Mar. 7, p. 727.
Broad Rip. Tr. Co., Feb. 14, P. 491.
Bklyn. Rap. Tran. Co., Mar. 14, P. 807. Indiana Rys. dr Lt. Co., Feb. 14, p. 491.
Ind. Col.& Sou. Tr. Co., Feb. 21. D. 562.
Bucks Co. Inter. Ity., Feb. 21, P. 562.
But. Lock. & Ron. Ry., Feb. 21, p. 562. Inter-State I.t. & P. Co., Feb. 28, p. 653.
Burlington (Vt.)Trac.Co.,Mar.7,p.727. Interurb. Ry. (Des Moines), Feb. 14,
p. 491.
(II. M.) Byllesby & Co. (controlled
Inter. Ry. & Term. Co., Feb. 14, P. 491.
properties), Feb. 28, P. 653.
Iowa Ry.& Lt. Co., Feb. 14, p. 491.
Cape Breton El. Co., Feb. 14, p. 491.
Carolina Pow.& Lt. Co., Feb. 14, 9.491. Ironw. & Bess. Ry. & Lt. Co., Feb. 14,
p.491.
Calais (Maine) St. Ry., Feb. 14, p. 491.
Jack. (Miss.) Lt. & Tr. Co., Feb. 14,
Cent. Calif. Trac. Co., Feb. 21, P. 562.
chainhersburg Greencastle dr Waynesp.491.
boro St. Ry., Feb. 14, p. 491.
Jacksonville El. Co., Feb. 14, p.491.
Charleston (S. C.) Cons. Ity. & Ltg., Jacksonville Tr. Co., Feb. 14, p. 491.
Feb. 14, p. 491.
Jop.& Pitts.(Kan.) Ry.,Feb. 14, P. 491.
Charlotte (N.C.) El. Ry., Mar. 14, p.807 Kansas City Clay Co. & St. Jo. Ry.,
Chic, City & Conn. Rys., Feb. 14, p.491.
Mar. 14, p. 808.
Chicago Elev. Itys., Feb. 14, P. 491.
Kentucky Pipe Line Co., Feb. 28, p. 653.
Chicago & Int. Trac. Co., Feb. 14, p. 491. Keokuk Elec. Co., Feb. 14, p.491.
Chic.& Oak Park El. RR.,Feb. 14, p.491 Keokuk El. Ry. dr Pow. Co., Feb. 14,
Chicago Rya., Feb. 14, p. 491.
p. 491.
Chi. So. Bd. & N. Ind. Ry., Mar. 14, Keo. Gas L.& Coke Co., Feb. 14, p. 491.
p. 807.
Key West El. Co., Feb. 14, p. 491.
Chic. dr W. Towns Ry., Feb. 14, P. 491. Kingston Cons. RR., Feb. 21, p. 562.
Ohm. Newp. dr Coy. Tr. Co., Feb. 21, Lake Shore Elec. Ry., Mar. 7, p. 727.
Lane. Co. Ry.& Lt. Co.. Feb. 28, P.653.
p. 562.
Lehigh Valley Transit Co., Mar. 14,p.808
Citizens' Trac. Co., Feb. 21, p. 562.
(E. W.) Clark & Co. (controlled proper- Lewisburg (Pa.) Milton & Watsontown
Pass. Ry., Feb. 21, p. 562.
ties), Mar. 14, p. 807.
Lincoln (Neb.) Tr. Co.. Feb. 14, p. 491.
Cleve.& Erie Ity., Feb. 14, P.491.
Long Isl. Con. El. Rys., Mar. 7, p. 727.
Cleveland Ry., Mar. 7, p. 727.
Colo. Springs & Int. Ry., Feb. 14, p. 491. Louisville Gas & El. Co., Feb. 28, p.653.
Colum. (S. C.) G. & El. Co., Feb. 14, Louisville Lighting Co., Feb. 28, p. 653.
Louisville Trac. Co., Feb. 21, p. 562.
p.491.
Lowell El. Lt. Corp., Feb. 14, p. 491.
Columbus Elec. Co., Feb. 14, p. 491.
Columb. Mag.Spgs.& Nor. Ry.,Feb. 14, Manch. Trac., Lt. dr P. Co., Feb. 21,
p. 562.
p.491.
Colum. Mar.dr Buoy. Ry.,Feb. 21, p.562 Mankato Gas & El. Co., Feb. 28, p.653.
Colum. New Alb. & Johnstown Tree. Marquette Co.G.& E.Co.,Mar.7, p 727.
Maryland Elec. Rys., Feb. 14, p. 491.
Co., Feb. 21, p. 562.
Mass. Cons. Rya., Feb. 14, p. 491.
Columbus Power Co., Feb. 14, p. 491.
Colum. Ity.& Light Co., Mar. 14, p. 807. Mass. El. Cos. and subs., Mar. 7, p. 727.
Commonwealth Pow., Ry. & Lt. Co., Mesaba Elec. Ry., Mar. 14, P. 808.
Milt. & Uxb. St. Ity., Feb. 14, p. 491.
Mar. 14, p. 807.
Connecticut Power Co., Feb. 14, p. 491. Milwaukee Nor, Ry., Feb. 21, p. 562.
Consumers' I'ow. Co., Feb. 28, p. 653. Minneap. Gas & El. Co., Feb. 28, P. 653.
Cumb. Co. Pow. & Lt. Co., Mar. 14, Minot Light & Tel. Co., Feb. 28, P. 653.
Miss. River Power Co., Feb. 14, P. 491.
P. 807.
Miss. Vail. G.& El. Co., Feb. 28, p.653.
Dallas Elec. Co., Feb. 14, p. 491.
Dayton Coy.& Piqua Trac. Co., Feb. 14, Mobile Elec. Co.. Feb. 28, p. 653.
Mobile Lt. & RR. Co., Mar. 14, p. 808.
p.491.
Denver & Northw. Ry., Mar. 14, p. 807. Monon. Val. Trac. Co., Mar. 14, P. 808.
Des Moines City Ry., Feb. 14, P. 491.
Montoursv. Pam. Ry., Mar. 7, p. 727.
Duluth—Sup. Tree. Co., Mar. 14, P. 807. Morris Co. Trac. Co., Mar. 14, p. 808.
Eastern Tex. Elec. Co., Feb. 14, p. 491. Muncie & Port. Tr. Co., Feb 21, p.562.
East. Wisc. Ity. & Lt. Co., Feb. 14, p.491 Muskegon Tr.& Ltg. Co., Feb. 21, p.562
East St. L. e.c Sub. Co., Mar. 14, P. 807. Muskogee El.& Gas Co., Feb. 28, p.053.
Edison El. Ill. Co., Brockton, Feb. 14, Muskogee Gas Co., Feb. 28, p. 653.
Muskogee G. dr El. Co., Feb. 28, p. 653.
p.491.
Elec. Light dr Power Co. of Abington and Muskogee Ice & Pow. Co.,Feb. 28, p.653.
Rockland, Feb. 14, P. 491.
New 13edf. & Onset St. Ry., Feb. 14, p.
491.
Elm.Wat.,Lt.& RR.Co.,Feb.28,P.653.
New Eng. Inv. & Scour. Co. and sub111 Paso Elec. Co., Feb. 14, p. 491.
sidiaries, Feb. 14, p. 491.
Empire Un. Rys., Inc., Feb. 21, p. 562.
New Jer. dr Pa. Tr. Co., Feb. 21, p. 562
Enid Elec. & Gas Co., Feb. 28, p. 653.
Escanaba (Mich.)'fr. Co.,Feb. 14, p.491 New Lon. G.& El. Co., Feb. 14, p. 491
Evansv. Sub. dr Newb. Ry., Feb. 14, p. Newport News & Old Point Ry. & Elec.,
Mar. 14, p. 808.
491.
Newport & Prov. Ry., Feb. 21, p.562.
Everett Gas Co., Feb. 28, p. 653.
New York Rya. Co., Mar. 14, p. 808.
Everett Ry. dr El. Co., Feb. 14, p. 491.
Everett Ry., Lt. & Water Co., Feb. 14, Northampton Tr. Co., Feb. 14, p. 491.
No. Caro. Pub. Ser. Co., Mar. 7, p. 727.
p. 491.
North Cambria St. Ry., Mar. 7, p. 727.
Everett Water Co., Feb. 14, p. 491.
Fargo& Moorhead St.Ry.,Feb.28,P.653. Nor. Texas El. Co., Feb. 14, p. 491.
Ft.Smith Lt.& Trac. Co., Feb. 28,p.653. Northern Elec. Ry., Mar. 14, p. 808.
Ft. Wayne & N.Ind. Tree. Co., Mar. 14, Northern Iltg.& El. Co., Feb. 28, P. 653.
Northern Tex.Tr. Co., Feb. 14, p.491.
P. 807.
Frankf.Ta.dr Holm.Ry.,Feb. 21, p.562. Nor.Id.& Mon.Pow.Co.,Feb.28,p.653.
lls;
875
Nor. Miss. Riv.Pow. Co.,Feb. 28,1).653 Shreve.Trac. Co.,Feb. 14, p.491.
Nor. Ohio Tr.& Lt. Co., Feb. 28, p. 653 Sierra Pac. Elec. Co., Feb. 14, p. 491.
Northw. Pa. Ry., Feb. 21, p. 562.
Sioux Falls ELLt.& P.Co.,Feb.28,p.688.
North. States Pow. Co., Feb. 28, p. 653. Sioux Falls Lt.& P. Co., Feb. 28, P.663.
Okla. Gas & Elec. Co., Feb. 28, p. 653.
Sou. Lt. & Tr. Co., Feb. 21, p. 582.
Olympia Gas Co., Feb. 28, p. 653.
Southern Mich. Ry., Mar. 14, p. 808.
Omaha & Council Bluffs St. Ry., Mar. 14 Southern Wis. Ry., Mar. 14, p. 808.
P. 808.
Southwest. Gen. Gas Co.,Feb.28, p.653.
Orange Co.Trac. Co., Mar. 14, D. 808.
Southw. Mo. RR., Feb. 14, p. 491.
Oregon Elec. Ry., Feb. 14, p. 491.
Southw.(Tex.) Tr. Co., Feb. 14, p. 491.
Otsego & Herk. RR., Feb. 21, p. 562.
Spok. & Inl. Emp. RR., Feb. 14, p. 491.
Ottumwa Ry.& Lt. Co., Feb. 28, p. 653. Stand. Gas & El. Co., Feb. 28, P. 653.
Ottumwa Trac. Ltg. Co.,Feb.28,p.653. State Belt Elec. St. Ry., Mar. 7, p. 727
Pacific Coast Power Co., Feb. 14, p. 491 Stark Elec. RR., Mar. 7, p. 727.
Pacific Gas dr El. Co., Feb. 14, p. 491.
Stone & Webster Cos., Feb. 14, p.491.
Pacific N. W.Tr. Co., Feb. 14, p.491.
Suffolk Tr. Co., Feb. 21, p. 562.
Paducah City Ry., Inc., Feb. 14, p.491.Sydney & Glace Bay Ry.,Feb. 14, p.49
Paducah St. Ry. Co., Feb. 14, p. 491.
Syrac.& So. Bay El. RR.,Feb. 21, p.56
Paducah Tr. & Lt. Co., Feb. 14, p. 491. Tacoma Gas Lt. Co., Feb. 28, P. 653.
Pawtucket El. Co., Feb. 14, p. 491.
Tacoma Gas & El. Lt. Co.,Feb.28,1).65
Pawt. Gas Co. of N. J., Feb. 14, p. 491. Tacoma Ry.& Pow. Co.,Feb. 14, p.49
Pensacola El. Co., Feb. 14, p. 491.
Tampa El. Co., Feb. 14, p.491.
People's Lt.,P.& Ry.Co.,Feb. 14, p491 Tenn. Ry., Lt. & Pow. Co., Mar. 1
Petal. & San. Rosa (Cal.) Ry., Feb. 14,
p. 808.
p. 491.
Terre Haute Ind. & East. Trac. CO
Philadelphia Company (incl. affiliated
Feb. 21, p. 562.
and controlled cos.), Mar. 7, p. 727.
Third Av. Ry., N.Y.C.,Feb. 14, p.49
Philadelphia Co. (additional list), Mar. Tidewater Power Co., Mar. 14, p. 808.
14, p. 808.
Toledo Bowling Green & Sou. Tr. Co.
Philadelphia Rya.,Feb. 14, p.491.
Feb. 14, P. 491.
Phila. Rap. Tran. Co. & subsidiaries, Tren.Bris.&Phila.St.Ry.,Mar.7,p.72
Mar. 14, p. 808.
Union Cons. Elev. Ry., Feb. 14, p. 49
Pittsb. Harmony Butler & Newcastle Union Elec. Co.(In Iowa), Feb. 14, p.4
Ry., Mar. 7, p. 727.
Union Lt.,Ht.&Pow.Co.,Feb.28,P.6 a
Phila. & West Ches. Tr. Co., Mar. 14, Union Street Ry., Feb. 21, p. 662.
P. 808.
Union Tr. Co. (Coffeyville, Kan.
Plattsburgh Trac. Co., Mar. 14, p.808.
Feb. 14, p. 491.
Ponce Elec. Co.. Feb. 14. p. 491.
Union Tr. Co. of Ind.. Feb. 14, p.491.
Portland (Ore.) Ry., Lt. & Pow. Co., United Gas & Elec. Corp. and *rubel
Mar. 14, p. 808.
erica, Feb. 28, p.653.
Public Serv. Corp. of N. J. (Incl. contr. United Lt.& Rys. Co., Feb. 14, p.491. 1
& affil. cos.), Mar. 14, p. 808.
United Rys. & Elec. Co. of Baltimor
Pueb.Sub.Tr.& Ltg.Co.,Feb.28,p.653.
Mar. 7, p. 727.
Pueblo Tree.& Ltg. Co., Feb. 28, p.653. United Rys. Co. of St. L., Mar.7, p.72
Puget Sound Elec. Ry., Feb. 14, p. 491. United Trac. Co. (Albany. N. II'
Puget Sound Int. Ry. & Power Co.,
Mar. 14, p. 808.
Feb. 14, p.491.
Utah Lt. & Ry. Cos., Feb. 14, p. 401.
Puget Sound Power Co., Feb. 14, p. 491. Valley Railways, Mar. 7, p. 727.
Puget Sound Tr., Lt. dr P. Co., Feb. 14, Vicksburg Lt.& Tr. Co., Feb. 14, p. 491.
p. 491.
Walkill Transit Co.. Feb. 21, p. 562.
Putnam & Westch. Tr. Co., Feb. 21, p. Warren & Jamestown St. Ry. Co..
Mar. 14, p. 808.
562.
Red River Pow. Co., Feb. 28, p. 653.
Washington Baltimore & Annapolis EleeReno Pow., Lt. & Wat. Co., Feb. 14, p
tric RR.,Feb. 21, p. 562.
491.
Wash. Ry.& Elec. Co., Mar. 7, p.727.
Republic Ry. & Lt. Co., Feb. 28, p. 653. Waterloo Cedar Falls & Nor. Ry., Feb.
Rich. Lt. & RR. Co., Feb. 21, p. 562.
14, p. 491.
Roch. & Manitou RR., Feb. 21, p. 562 West Chester Kennett & Wilm. Flee.
Rock Isl. Sou. Ry. Sys., Mar. 14, p. 808.
Ry., Feb. 14, p. 491.
Rock. Thom. dr Cam. St. Ry., Feb. 14, W.Chester (Pa.) St. Ry.,Feb. 14, p.491
p.491.
West. N. Y. & Pa. Tr. Co., Feb. 21. b.
SanDiegoCon.G.&E.Co.,Feb.28,p.653
562.
Sapulpa Electric Co., Feb. 28, p. 653.
Western Ohio RR., Feb. 14, p. 491.
Savannah Elec. Co., Feb. 14, p.491.
Western Ry.& Lt. Co., Mar. 7, p. 727.
Savannah Power Co., Feb. 14, p. 491.
West. States G.& El. Co.,Feb.28, p.653.
Say. Th. & Isl. of Hope Ry., Feb. 14, Westmoreland Co. Ry., Mar.7, p. 727.
p.491.
Whatcom Co. Ry. & Lt. Co., Feb. 14,
Scioto Val. Trac. Co., Feb. 14, p. 491.
p. 491.
Scran. & W.-Barre Tr. Corp., Feb. 14. Wilkes-Barre & Hazleton RR., Mar. 14,
p.491.
p.808.
Seattle Elec. Co., Feb. 14, p. 491.
Willamette Valley Co., Feb. 28, p.653.
Seattle Ry, Co., Feb. 14, p. 491.
Wilm. New Cas. & Del. City Ry., Feb.
Seattle lien. & So. Ry., Mar. 14, p. 808.
21, P. 562.
Second Ave. RR.(N. Y. City), Mar. 14, Wilmington & Phila. Trac. Co., Mar. 14,
p.808.
p.808.
Selma (Ala.) St. & Sub. Ry., Feb. 14, Winona Interurb. Ry.,Feb. 21, p.562.
p.491.Woonsocket El. Mach. & Power Co..
Shawnee-Tecuniseh Trac. Co., Mar. 14,
Feb. 14, P. 491.
p. 808.
Youngst.& Ohio Riv.RR.,Max.7,p.727.
The present week we begin with the industrial companies
and classify the bonds of the following 100 companies:
Adams Express Co.
Alabama Co.
Amalgamated Copper Co.
American Agricultural Chemical Co.
American Beet Sugar Co.
American Brake Shoe & Foundry Co.
American Can Co.
American Cotton Oil Co.
American Light & Traction Co.
American Locomotive Co.
American Pneumatic Service Co.
American Power & Light Co.
American Sewer Pipe Co.
American Shipbuilding Co.
American Smelters Securities Co.
American Thread Co.
American Tobacco Co.
American Writing Paper Co.
Armour & Co.
Atlantic Gulf & West Indies S. S. Lines.
Atlas Powder Co.
Autosaies Gum & Chocolate Co.
Baldwin Locomotive Works.
Booth Fisheries Co.
Brooklyn Union Gas Co.
Buffalo City Gas Co.
Buffalo General Electric Co.
California Petroleum Co.
Cambria Steel Co.
Central Leather Co.
Chicago Pneumatic Tool Co.
Chicago Stock Yards Co.
Columbia Gas & Electric Co.
Columbus Gas & Fuel Co.
Commonwealth Edison Co.
Computing-Tabulating-Recording Co.
Consolidated Gas Co. of New York.
Consolidated Gas, El. Lt. & Power Co.,
Baltimore.
Consolidation Coal Co.
Corn Products Refining Co.
Crucible Steel Co. of America.
Denver Union Water Co.
Diamond Match Co.
Distillers' Securities Corp.
(E. I.) du Pont de Nemours Powder Co.
Duluth Edison Electric Co.
Elk Horn Fuel Co.
General Asphalt Co.
General Electric Co.
General Motors Co.
Great Western Power Co.
Hercules Powder Co.
Hocking Valley Products Co.
Hydraulic Power Co. of Niagara Falls.
Ingersoll-Rand Co.
International Agricultural Corporation.
International Harvester Co. of New Jer.
International Paper Co.
International Silver Co.
Jones dr Laughlin Steel Co.
Kansas City (Mo.) Gas Co.
Kansas Gas & Electric Co.
Kings County Electric Light & Power Co.
La Belle Iron Works Co.
Manufacturers' Light & Heat Co., Pitts,
Massachusetts Gas Companies.
Mexican Petroleum Co.
Montana Power Co.
Morris & Co.
National Fire Proofing Co.
New York Air-Brake Co.
New York Dock Co.
New York & Richmond Gas Co.
Niagara Falls Power Co.
Niagara Lockport & Ontario Power Co.
Niles-Bement-Pond Co.
Ontario Power Co. of Niagara Falls.
Otis Elevator Co.
Pacific Coast Co.
Railway Steel Springs Co.
South Porto Rico Sugar Co.
Southern California Edison Co.
Standard Milling Co.
Studebaker Corp.
Sulzberger AC Sons Co.
Syracuse Light & Power Co.
Union Bag & Paper Co.
Union Electric Light & Power Co. of
St. Louis.
United States Cast Iron Pipe & Fdy. Co.
United States Envelope Co.
United States Reduction & Ref. Co.
United States Rubber Co.
United States Smelting, Refining:dr:Mining Co.
Utica Gas & Electric Co.
Virginia-Carolina Chemicafeo.
Virginia Iron, Coal & Coke.Co.
Welsbach Co.
Western Electric Co.
Westinghouse Electric & Mfg. Co.
Westinghouse Machine Co.
ADAMS EXPRESS CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand
Collateral trust mortgage 4s
M-S
Mar. 1 1948 $12,000,0
Collateral trust distribution mortgage 4s_ _J-D
June 1 1947 24.000.0
ALABAMA COMPANY.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstanitf.
General mortgage 68
J-J
May 1 1933 $1.000,00.
876
THE CHRONICLE
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Consol. collateral mortgage 5s
M-N May 1 1933 $1,641,000
Ala. Cons. Coal & Iron 1st mtge. ext. 6s_..M-N May 1 1918
367,000
AMALGAMATED COPPER CO.
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Two-year 5% notes
M-S15 Mar. 15 1915$12,500,000
AMERICAN AGRICULTURAL CHEMICAL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage cony. 5s
Oct. 1 1928 $10,071,000
A-0
Convertible debenture bs
..F-A Feb. 1 1924
*7,000,000
* Free:from taxes except Federal Income Tax. Co. does not pay tax.
AMERICAN BEET SUGAR CO.
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g
Las Animas Sugar Co.6% s. f. bonds.._ __A-0 Oct. 1 1932
$857,000
AMERICAN BRAKE SHOE & FOUNDRY CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'a•
First mortgage 5s
M-8 Mar. 1 1952
$729.000
AMERICAN CAN CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Debenture 5s ($15.000.000)F-A
Fob. 1 1928 $14,000,000
AMERICAN COTTON OIL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
Debentnre 4)4% bonds
Q-F
Nov. 1 1915 $5,000,000
Debenture 58 ($15,000,000)
M-N May 1 1931
5.000,000
AMERICAN LIGHT & TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
• Binghamton Gas 1st mtge. 5s
A-0 April 1 1938
$750,000
General mortgage 54($2,500,000)
A-0 Oct. 1 1954
135,000
Consol. Gas of N. J. 1st & ref. mtge.6s
J-J
Jan. 1 1961
400.000
Detroit City Gas prior lien 58
J-J
Jan. 1 1923
5,620,000
General mortgage 5s ($10,000,000)
J-J
To July 1923 1,810,000
Consol. mtge. 5s (*4,000,000)
F-A
Feb. 1 1918 *3,750,000
Det.& Suburb. Gas 1st mtge. 58
J-D
Dec. 1 1928
930,000
Madison Gas & Elec. 1st ref. mtge. 6s__ A-0 Oct. 1 1940
327,000
Milwaukee Gas Lt. 1st mtge. 4s
M-N May 1 1927
7,932,000
Muskegon Trac. & Ltg. 1st mtge. 5s
M-S Mar. 1 1931
600,000
St. Croix Power 1st mtge. 55
A-0 Oct. 1 1929
750,000
Southern Lt. & Trac. coll. tr. 5s
M-S Sept. 1 1949
1,968,000
San Antonio Gas & El. 1st mtge. 5s_ _ M-S Sept. 1 1949
984,000
San Antonio Trac. 1st. mtge. 58
M-S Sept. 1 1949
984,000
*This issue has a clause exempting principal and interest from any income
tax.whichlthe UnitediStates may levy.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
• Consol.'Gas of N.J. 1st cons. mtge. 5s__J-J
Jan. 1 1936 $1,000,000
Long Branch Ltg. 1st mtge. 6s
J-J15 Jan.15 1924
15,000
Grand Rapids Gas Lt. 1st mtge. 5s
F-A
Feb. 1 1915
1,350,000
Madison Gas & Elec. 1st mtge. Os
A-0 April 1 1926
400,000
St. Joseph Gas 1st mtge. 58
J-J
July 1 1937
1,000,000
J-J
• St. Paul Gas Lt. 1st mtge. 6s
July 1 1915
650,000
Consol. extension mtge. 6s
J-J
July 1 1918
600,000
General mortgage 5s
M-8 Mar. 1 1944
3.750,000
AMERICAN LOCOMOTIVE CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
57 notes of 1909 ($5,000,000)..
A-0 Oct. 1 1914 $2,000,000
5% notes of 1912(due $1,600,000 yrly.).. J-J
July '15-'17
4,800,000
Rogers Loco. Wks. 1st M.Isk. fd. $s
M-N14 May14 1921
230,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Richmond Loco.& Mach.Wks.cons. M.6sA-0 April 1 1929 *$550,000
*The American Locomotive Co. on Dec. 30 1913 advised us that it is the
present intention of the Am. Loco. Co. to pay the interest on this issue and
also on the other three issues without deduction of normal Federal income
tax when certificatesiof ownership accompany coupons.
AMERICAN PNEUMATIC SERVICE CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g,z
Coll, trust mtge. 58 45,000,000).
A-0 Oct. 1 1928
$600,50u
Lamson Con.Store Service 5% bonds__ _ _F-A
Feb. 1 1922
31 I. MO
AMERICAN POWER & LIGHT COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
Convertible 6% notes
F-A
Aug. 1 1921 $2,200,000
Collateral 6% notes
J-J13 July13 1914
3,000,000
AMERICAN SEWER PIPE CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mtge. 6s (*2,500.000)
M-S Mar: 1 1920 *$1,251.000
* The company has decided to pay the Federal Income Tax on its interest coupons for the year 1914.
AMERICAN SHIPBUILDING CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Buffalo Dry Dock purch. money mtge___(?)
(?)
$300,000
West. Dry Dock & Shipb. 1st mtge.6s_ _ _ _J-J
Jan.'16-26
750,000
AMERICAN SMELTERS' SECURITIES CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Debenture6% bonds
Feb. 1 1926 $15,000,000
F-A
First:mortgage 4s
AMERICAN THREAD CO.
Issued with Tax-Exemption Clausc.
Int. Maturity Date. Outstand'g.
J-J
July 1 1919 $6,000,000
AMERICAN TOBACCO CO.(OLD COMPANY).
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
ebenture 6% bonds
A-0 Oct. 1 1944 *32,310,650
°bee ture 4% bonds
F-A
Aug. 1 19511
Consol.'l'ob. coll. tr. mtge. 4s
F-A
Aug. 1 1951J *2,063,150
*These amounts not deposited for exchange Dec. 31 1913.
[VOL. xevin
AMERICAN WRITING PAPER CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($17.000,000)
J-J
July 1 1919 $13,299.000
ATLANTIC GULF & WEST INDIES STEAMSHIP LINES.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Collateral trust mortgage 53
F-A
Jan. 1 1959 $12,562,000
Brunswick SS. Co. 1st mtge. serial bs__ J-J
To July '29-31 1,014,000
Clyde SS. Co. first mortgage 58
F-A
Feb. 1 1931
3,927,000
Clyde SS. Terminal first mortgage 5s_ _ A-0 Oct. 1 1934
595,000
Mallory SS. Co.first mortgage 58
J-J
Jan. 1 1932
2,918,000
N. Y.& Cuba Mail SS. Co. 1st mtge. 5s_ _J-J
1 1932
7,087,000
N. Y.& Porto Rico 88. Co. 1st mtge. 5s_ _M-N Jan.
May 1 1932
1,739,000
U. S.& Porto Rico Navigation Co.first 5s_M-S Mar. 1 192.1
150.000
ARMOUR & CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Real estate 1st mtge. 43s ($50,000,000)__J-D
June 1 1939 $30,000,000
ATLAS POWDER CO.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
10-year 6% income bonds.
F-A
Feb. 1 1923 $3,000,000
AUTOSALES GUM & CHOCOLATE CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 6s
J-J
May 10 1931 $3,600,000
BALDWIN LOCOMOTIVE WORKS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'a.
First mtge. 58($15,000,000)
M-N May 1 1940 a$10,000.000
Standard Steel Works 1st mtge. 55.
J-J
Jan. 1 1928 b3,800,000
a Free of U.S. and State of Pennsylvania taxes. b Free of Pennsylvania
taxes only.
BOOTH FISHERIES CO.
la
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Sinking fund debenture 68 ($5,000,000)__ _A-0
April 1 1926 $3,523,000
Midland Cold Stor. 5s,due $12,500 yearly_ _J-D
June '14-'25
150,000
Merchants'Cold Stor. 58,duo 825.000 yrly.A-0
April '14-'16
75.000
BROOKLYN UNION GAS CO.
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
First consol. mtge. 58 ($15,000.000)
M-N July 1 1945 $14,698,000
Citizens' Gas consolidated mortgage 5s_ _ _F-A
Feb. 1 1940
264,000
Union Gas Light consolidated mtge. 5s__ _J-J
Jan. 1 1920
38,000
•
First mortgage 5s
BUFFALO CITY GAS CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
A-0 Oct. 1 1947 35.805,000
BUFFALO GENERAL ELECTRIC CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
First mortgage 58
Feb. 1 1939 $2,375,000
•
F-A
First & ref. mtge. 5s (*10.000,000)
April 1 1939
1,113,000
J-J
CALIFORNIA PETROLEUM CO.
Issued with Tax-Exemption Clause.
American Oilfields Co. first mtge. (is
F-A
Feb. 1 1930 $1.320,100
American Petroleum Co. first mtge. 6s__ _J-D
956,100
Juno 1 1920
CAMBRIA STEEL C0.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Mfrs. Water Co. 1st mtge. Se..
J-D
Juno 1 1939 33,852,000
CENTRAL LEATHER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First lien 5% bonds($45,000,000)
A-0 April 1 1925 335,750,150
CHICAGO PNEUMATIC TOOL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58
Doc.31 1921 $1,667,000
J-J
CHICAGO STOCK YARDS CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Collateral trust 58
A-0 Oct. 1 1961 $6,194,600
COLUMBIA GAS & ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Jan. 1 1927 $13,964,500
J-J
First mortgage 58(325,000,000)
Jan. 1 1927
J-J
Debenture 5s ($2,850,000)
2,464.300
Issued without Reference to Taxes.
Maturity
Date. Outstand'g.
Int.
July 1 1933 $4,345.000
J-J
Chic. Gas Transp. let mtge. bs
COMMONWEALTH EDISON CO.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g
Commonwealth Edison first mtge. 5s____M-S June 1 1943 $24,000,000
Commonwealth Electric first mtge. 5s- __M-S Juno 1 1943
8,000,000
CONSOLIDATED GAS CO. OF NEW YORK.
Issued with Tax-Exemption Clause.
Int. Maturity Date, Outstand'g.
Controlled CompaniesJan, 1 1948 $10,635,000
New Amsterdam Gas let mtge. 5s..
J-J
Central Union Gas 1st mtge. 58
J-J
July 1 1927
3.500,000
Northern Union Gas 1st mtge. 55
M-N Nov. 1 1927
1,250,000
Westchester Ltg. Co. let mtge. 55..
J-D
Dec. 1 1950
8,418,000
J-D
Coll. trust 5% bonds
Dec. 1 1920
580,000
N. Y. Suburban Gas 1st mtge. 5s
M-S Mar. 1 1949
322,000
N. Y.& Westches. Ltg. gen. mtge. 48_ __
July 1 2004 10,000,000
J-J
Debenture 5s
July 1 1954
2,500.000
United El. Lt.& Pow. 1st mtge. bs..
J-J
4,838,000
July 1 1924
Edison El. Ill. of N. Y. consol. mtge. 5..1-J4
July 1 1995
2,188,000
N. Y. Gas El. Lt., H.& P. coll. tr. 5sJ-D
Dec. 1 1948 15,000.000
Purchase money mortgage 4s
F-A
Feb. 1 1949 20,929,884
Nor. Westches. Ltg. 1st consol. mtge. 5s..J-D
June 1 1955
618,000
Peekskill Ltg & RR. 1st mtge. 5s..
A-0
Oct. 1 1930
646,000
Sing Sing Elec. Ltg. gen. mtge. 55
FA
Feb. 1 1916
25,000
N. Y. & Queens Gas let mtge. 5s
'
Aug. 1 1024
F-A
815,000
N.Y.& Q.El. Lt. & Pow.1st mtge.
2.350,000
Aug. 1 1930
MAR. 21 1914.)
877
THE CHRONICLE
HERCULES POWDER CO.
Issued without Reference to Taxes.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g.
Debenture 5.s extended_
M-N May 1 1918 $1,236,000
F-A
6% income bonds
Feb.1 1923 $6,500,000
Controlled Companies—
3,500,000
Equitable Gas Lt. 1st mtge. 55
M-S Mar. 1 1932
3,500,000
HOOKING VALLEY PRODUCTS CO.
J-J
N. Y. & East River Gas 1st mtge. 5s..
Jan. 1 1944
1,500,000
First consol. mtge. 5s
J-J
Jan. 1 1945
Issued with Tax-Exemption Clause.
1,195,000
Standard Gas Lt. 1st mtge. bs
M-N May 1 1930
Int. Maturity Date. Outstand'g.
335,000
White Plains Ltg. 1st mtge. 58
J-D
June 1 1938
J-J
Jan.] 1 1961 $1,682,300
250,000 First mortgage 58 ($2,000,000)
Hudson River Gas & Elec. 1st mtge. 5s
M-N May 1 1929
CONSOLIDATION COAL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$291,000
First mortgage 4s
J-J
Jan. 1 1922
Ref. mtge.4s ($7,500,000)
M-N May 1 1934 4,903,000
Dec. 1 1950 16,624,000
J-D
First & ref. mtge. 5s ($40,000,000)
Feb. 1 1923 6,500,000
Collateral trust mortgage 6s
F-A
HYDRAULIC POWER CO. OF NIAGARA FALLS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First and refunding mtge. 55 ($3,500,000)..J-J
July 1 1950 $2,850,000
Convertible second mortgage 6s
2,500,000
A-0 Oct. 1 1950
Niag. Falls Hyd.Pow.8c Mfg. 1st M.4s M-N May 1 1920
650,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g,
July 1 1931 $5,105,000
J-J
Fairmont Coal 1st mtge. 55
INGERSOLL-RAND CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 55 (33.000,000)
J-J
Dec. 31 1935 $2,000,000
COLUMBUS (0.) GAS & FUEL CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'y
July 1 1932 $1,425,000
J-J
Columbus Gas 1st mtge. 5s
COMPUTING-TABULATING-RECORDING CO.
Issued without Reference to Taxes.
•
Int. Maturity Date. Outstand'y.
July 1 1941 $7,000,000
J-J
Sinking fund 6% bonds
CONSOLIDATED GAS,ELECTRIC LIGHT & POWER CO. OF BALT.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$3,406,550
Consol. M.deb. 5% stock ($60,000,000)__M-N Perpetual
J-J
Feb.14 1935
9,245,000
Gen. mtge. 434s ($15,000,000)
4,428,000
United Electric 1st consol. mtge. 4%s__..M-N May 1 1929
A-0
April 1 1954
5,788,000
Consol. Gas gen. mtge. 4 Ms
Dam Elec. 1st mtge. 58 ($7,500,000)
J-D
June 1 1947
3,721,000
F-A
Roland Pk. Elec. & Water 1st M.5s
Feb. 1 1937
300,000
J-J
Mt. Wash. El. Lt. & Pow. 1st M. 6s
July 1 1915
(?)
• Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Consol. Gas 1st consol. mtge. 5s
J-J
July 1 1939 $3,400,000
CORN PRODUCTS REFINING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mtge. 5s ($10,000,000)
M-N May 1 1934 $5,628,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Debenture 5s (due $114,000 yearly)
M-N Nov. 1 1931 $1,347,000
Nat. Starch Co. debenture bs
5,168,000
J-J
July 1 1930
U. S. Sugar Ref. 1st mtge. 6s
509,000
J-D
Dec. 1 1921
N. Y. Glucose 1st mtge. 6.s
M-S Sept. 1 1926
1,272.320
CRUCIBLE STEEL CO. OF AMERICA.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstandry.
M-S Mar.'16-'45 $7,500,000
Pitts. Cruc. Steel 1st M. 5s guar
July 1 1936
J-J
900,000
Crucible Coal 1st M. 5s guar
Dec.'15-25
Crucible Fuel 1st & ref. M. 6s not guar_ _J-D
1,500,000
July 1 1929
Norwalk Steel 1st M. 44s int. guar
J-J
1,000,000
DENVER UNION WATER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
First mtge. 58($8,000,000)
July 1. 1914 $8,000,000
July 1 1923
2,896,000
South Platte Canal & Res. 1st M.55. guar_J-J
DIAMOND MATCH CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Debenture (is ($2,000,000)
J-D15 Dec.'15-'20 $1,512,000
DISTILLERS' SECURITIES CORPORATION.
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Coll, trust mtge. bs ($16,000,000)
A-0 Oct. 1 1927 $14,002,711
Am. Spirits Mfg. 1st mtge. 6s
M-S Sept. 1 1915
1,472,000
DULUTH EDISON ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Mar. 1 1931 $1.353,000
First mortgage bs(32.000,000)_
NEMOURS
POWDER CO.
DU
PONT
DE
E. I.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
Juno 1 1936 $15,196,000
4% bonds ($16,000,000)
J-J
July 1 1922
First mortgage & collateral trust 5s
1,578,000
June 1 1940
du Pont Building Corp. first mtge. 5s__ J-D
1,400,000
ELK HORN FUEL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
1st M. 5% convertible notes
M-N May 1 1918 34,000,000
Mineral Fuel Co. 1st M. s. f. 5s
($1.200,000 authorized)
M-N May 1 1943
400,000
GENERAL ASPHALT CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'el.
M-S Mar. 1 1916
General Asphalt deb 5s
1,116,500
A-0
April 1 1916
Barber Asphalt Pay. deb. Os
862,000
GENERAL ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
F-A
Debenture 33,6s of 1902
Aug. 1 1942 $2,047,000
M-S Sept. 1 1952 10,000,000
Debenture 5s of 1912 ($60,000,000)
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-D
Debenture 5s of 1907
June 1 1917
$88,500
GENERAL MOTORS CO.
Tax-Exemption
Issued with
Clause.
Int. Maturity Date, Outstand'g.
A-0
First lien 6% notes ($20,000,000)
Oct. 1 1915 $9,899,000
GREAT WESTERN POWER CO.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g
J-J
First mortgage 5s($25.000,000)
July 1 1946 $19,645,000
Cal. Elec. Gen. Co. 1st mtge. 6s_
Sept. 1 1948
1,141.000
City Elec. Co. San Fran. 1st M.5sJ-J
July 1 1937
2,010.000
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
_ _ _ (?) July 18 1915 $1,250,000
Western Power 2-year 6% notes_ _ _
INTERNATIONAL AGRICULTURAL CORPORATION.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'y.
First mtge. coll. tr. 58 ($30,000.000)
M-N May 1 1932 $13.055,500
INTERNATIONAL HARVESTER CO. OF NEW JERSEY.
Issued with Tax-Exemption Clause.
list. Maturity Date. Outstand'g.
Three-year 5% notes
F-A
Feb. 1 1915 $15,000.000
INTERNATIONAL PAPER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First consol. mtge. 6s ($10 000 000)
F-A
Feb. 1 1918 58.460,000
Consol. mtge. 5s ($10,000,000)
J-J
Jan. 1 1935
4,767,000
American Realty Co. 1st mtge. 5s
J-J
July 1 1941
229,000
Sheet Harbor mortgage
A-0 Apr. 1 1915
20,000
Miramichi Lumber Co. (Richards M.)
J-J
Jan. 1 1915
64,000
St. Maurice Lumber Co.(Pentecost M.) M-S Sept. 1 1927
175,000
Olcott Falls Co. 1st mtge. 5s
M-S Mar. 1 1919
389,000
Ontario Paper Co. 1st mtge. Os
F-A
Feb. 1 1918
150,000
M-S Sept. 1 1919
l'iercefield Paper 1st mtge. 5s
376,000
Rumford Falls Sulphite 1st mtge.6s
J-J
July 1 1918
350,000
Umbagog Paper 1st mtge. 58
M-S Sept. 1 1918
75,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Hud. Rh'. Pulp & Paper 1st mtge. 6s____J-J
Jan. 1 1918 $1,500,000
Piscataquis Falls P.& P. 1st mtge. 4s_ _F-A
Aug. 1 1918
47,000
Miramichi Lumber Co.(Hutchinson M.)_Nov.1 *Nov. 1 1914
33,900'
*Mortgage contains no provisions as to tax-exemption. Covers foreign
property and interest is payable in a foreign country.
INTERNATIONAL SILVER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge. 6s ($4,500,000)
J-D
Dec. 1 1948 33,281.000
Debenture 6s (32,000.000)
J-J
Jan. 1 1933
1,867,000
JONES & LAUGHLIN STEEL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge. 58 ($30,000,000)
M-N May 1 1939 $24,044,000
KANSAS CITY (MO.) GAS CO.
Issued payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
First mortgage 58
A-0
April 1 1922 $4,978,000
KANSAS GAS & ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Mar. 1 1922 $3,089,000
First mortgage 5s ($6,000,000)
KINGS COUNTY ELECTRIC LIGHT & POWER CO.
Interest Payable without Deduction of Federal Income Tax.
Inc. Maturity Date. Outstand'g.
Second mortgage purchase money Os
A-0 Oct. 1 1997 $5,176,000
M-S Mar. 1 1922
Cony. deb. 6s, issue of 1910
1,056,100
Cony. deb. 6s, issue of 1913
M-S Mar. 1 1925
2,500,000
Edison El. Ill. of Bklyn. 1st mtge. 4s
J-J
Jan. 1 1939
4,275,000
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g
First mortgage 55
A-0 Oct. 1 1937 $2,500,000
-
LA BELLE IRON WORKS.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 6s ($2,500,000)
J-D
Dec. 1 1923 $1,864,500
MANUFACTURERS' LIGHT & HEAT CO. OF PITTSBURGH.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 6s
J-J
Jan. 1 1915
$2,066
Mortgage 6s, due serially
A-0 To Oct. 1920 2,037,000
MASSACHUSETTS GAS CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Sinking fund 434s of 1909
J-J
Jan. 1 1929 35,518,000
Debenture 43ls of 1911
J-D
Dec. 1 1931
4,000,000
MEXICAN PETROLEUM CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Ozttstandg'.
First lien & ref. cony. mtge. 6s
A-0 Oct. 1 1921 35,406,000
MONTANA POWER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
First & ref. mtge. 5s ($75,000,000)
July 1 1943a$10,000,000
Butte Elec. & Power 1st mtge. 58
J-D
June '14-'51
4,237,000
Montana Power Trans. 1st mtge. 58
F-A
Aug. 1 1933
575,000
River
Madison
Power 1st mtge. 55
F-A
Feb. 1 1935
2,396,000
Butte-Mad. & Billings it mtge. 6s
J-D• June 1 1934 *1,120,000
Missouri River Power 1st mtge. 6s
J-D
Nov. 1 1920
*533,000
Mo. River El. & Pow. 9-yr. 6% notes
M-N Jan. 1 1921
*236,000
Great Falls Power 1st mtge. 53
M-N' May 1 1940
4,895,000
*To be retired by July 1 1914. a Free of all taxes except Federal inc. tax.,
MORRIS & CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 4;is (325,000,000)
J-J
July 1 1939 $11,700,000
•
878
THE CHRONICLE
[VOL.'mum
NATIONAL FIRE-PROOFING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First M.& coll. tr. 58(due $125,000 yearly)M-S To Sept. 1932 $2,375,000
UNITED STATES CAST IRON PIPE & FOUNDRY CO.
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. OutstandA
American Pipe & Foundry first mtge. 6s__J-J
July 1 1928
$888,0
Dimmock Pipe first mortgage 6s
J-J
Jan. 1 1917
179,0
NEW YORK AIR BRAKE CO.
UNITED STATES ENVELOPE CO.
Issued with Tax-Exemption Clause.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'o.
First mortgage 6s
M-N May 1 1928 $3,000,000
Int. Maturity Date. Outstand"c.
First mortgage Ea 32.500,000
_J-D
Dec. 1 '14- 34 $1,800.000
NEW YORK DOCK CO.
UNITED STATES REDUCTION & REFINING CO.
Issued with Tax-Exemption Clause.
Issued with Tax-Exemption Clause.
Tht. Maturity Date. Outstand'g
First mortgage 4s (813,000,000)
Aug. 1 1951 $12,550,000
F-A
Int. Maturity Date. Outstand'a.
First mortgage 6s
J-J
July 1 1931 $1.510.000
NEW YORK & RICHMOND GAS CO.
UNITED STATES RUBBER CO.
Issued with Tax-Exemption Clause.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'o.
First mortgage 5s
M-N May 1 1921 $1,500,000
Int. Maturity Date. Outstall
Coll, trust mtge. 6s (320,000.000)
J-D
Dec. 1 1918 $17.500.0
NIAGARA FALLS POWER CO.
Genetal Rubber debenture 4 As, guar
J-J
July 1 1915
9,000,0
Issued with Tax-Exemption Clause.
UNITED STATES SMELTING, REFINING & MINING CO.
Int. Maturity Date. Outstand'g.
Vint mortgage 5s
Issued with Tax-Exemption Clause.
Var. Jan. 1 1932 $10.000.000
Ref. and gen. mtge. Os ($20,000,000)
8,226,000
A-0 Jan. 1 1932
Int. Maturity Date. Outstand'g.
5% gold notes
F-A
Aug. 1 1914 $4.000,009
NIAGARA LOCKPORT & ONTARIO POWER CO.
Utah Co. coll. tr. 6s notes. guaranteed.._ _ _A-0
Apr. 1 1917 10,000,000
Issued with Tax-Exemption Clause.
UTICA GAS & ELECTRIC CO.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1954 $4,692.000
First mortgage 5s ($5.000,000)
Issued with Tax-Exemption Clause.
One-year 6% collateral notes
A-0 Oct. 1 1914
765,000
Int. Maturity Date. Outstand'
Salmon River Power first mtge. 5s, guar_ _ F-A
Aug. 1 1952
2,435,000 Ref. & ext. mtge. 58 (35,000,000)
J-J
July
1957 $2.500.0
Niagara & Erie Power first mtge. 55, guar_J-J
Jan. 1 1941
642,000 Equitable Gas & El. of Utica 1st M. 5s A-0 April 11 1912
1,000,00
Utica El. Lt. & Power 1st mtge. 5s
Jan. 1 1950
J-J
910.00
NILES-BEMENT-POND CO.
Herkimer Lt. & Power 1st mtge. 5s
July 1 1930
J-J
390,00
Issued with Tax-Exemption Clause.
VIRGINIA-CAROLINA CHEMICAL CO.
Int. Maturity Date. Outstand'o.
Ridgway Machine Tool Co. 1st mtge. 58_ _F-A
Feb. 1 1934 *$126,000
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Dale. Outstand'o,
• Free of Pennsylvania taxes only. Company will assume the Federal
First mtge.and coll. trust 5s ($15.000,000) J-D
Dec. 1 1923 $13,500,000
Income tax on these bonds for the current year.
ONTARIO POWER CO. OF NIAGARA FALLS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($12,000.000)
F-A
Feb. 1 1943 $10,181.000
Debenture 5s (53.000,000)
M-N May 1 1945
1.902.000
Two-year 6% notes
J-J
July 1 1915
2,000.000
Ontario Transmission first mtge. 6s, guar_J-J
July 1 1921
2,965,000
OTIS ELEVATOR CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Convertible debenture 5s
A-0 April 1 1920 $3,500.000
PACIFIC COAST CO.
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
First mortgage 5s
J-D
June 1 1946 85.000.000
Note.—The mortgage does not contain the usual tax covenant, but there
is a clause which refers to the Federal income tax.
VIRGINIA IRON, COAL & COKE CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand4.
Carter Coal & Iron Co.gold 5s
A-0 Oct. 1 1938 *$398,000
Issued without Reference toMt
Taxes
Maturity Date. (413
ta5n.d.pi
Va. I., C.& C. mtge. bs
M-S Mar. 1 1949
* Free of United States and State of Virginia taxes.
WELSBACH COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'i.
Coll, trust mtge. 5s (87.000.000)
JD
Juno 1 1930 *$6,656,000
*Free only of New Jersey State taxes or any county or municipality
thereof. Federal income tax not paid by company.
WESTERN ELECTRIC CO.
Issued with Tax-Exemption Clause
Int. Maturity Date. Outstand'g.
First mortgage 5s
Dec.31 1922 $15,000.000
J-J
WESTINGHOUSE ELECTRIC & MANUFACTURING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'i.
SOUTH PORTO RICO SUGAR CO.
Cony. debenture 5s (825,000.000)
J-J
Jan. 1 1931 $21.044.00
Two-year 6% collateral notes
F-A
Aug. 1 1915
3.250.0d
Issued with Tax-Exemption Clause.
A-0 Oct. 1 1917
2.720.0
Int. Maturity Date. Outstand'g. Ten-year 5% collateral notes
Var. July 31 '14-'10
1% bonds
Issued without Reference to Taxes.
$506.000
Int. Maturity Date. Outstand4.
SOUTHERN CALIFORNIA EDISON CO.
Collateral 6% notes extended 9 months
June 27 1914 $1,250.009
Interest Payable without Deduction of Federal Income Tax.
Walker Co.first mortgage 68
J-J
Jan. 2 1916
850,000
Int. Maturity Date. Outstanad'
WESTINGHOUSE MACHINE CO.
Edison Elec. of Los Angeles 1st M.bs_____M-S Sept. 1 1929
8390.000
Issued with Tax-Exemption Clause.
First and ref. mtge. 58
M-S Sept. 1 1922
3.304.000
6% bonds
(7 )
Int. Maturity Date. Outstand'o.
48.000
(?)
United El.. Gas & Pow. 1st mtge. 55
J-D
Dec. 1 1920
J-J
139.000 Debenture 5s (81.500.000)
Jan. 1 1920
$560,011
Debenture 6s
A-0 Apr. 1 1916
Q-U' Nov. 1 1940
332.000 First and refunding mortgage 6s
6,029,00
General mtge. 58 (330.000.000)
J-J
Nov. 1 1939 12,225.000 Westinghouse Foundry 1st M. 5s, guar
M-N May '14-'20
650.00
Southern California Power 6s
15.000
Issued without Reference to Taxes.
Pomona & Out.Light & Fuel 58
7,000
Int. Maturity Date. Outstand'o.
STANDARD MILLING CO.
J-D
First mortgage 6s
June 1 1914
$35,009
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58 (86.250.000)
M-N Nov. 1 1930 $2,826,000 THE LATEST TRADE AND TRUST PROPOSALS IN
New mortgage 58 ($12.000,000)
J-J
July 1 1940NoneJan.'14
CONGRESS.
Hecker-Jones-Jewell first mtge. 6s
M-S Sept. 1 1922
1,448,000
Debenture 6s
J4
July 1 1916
660,000
The newly drafted bill providing for the creation of an
Northw. Consol. Milling first mtge. 6s
M-N Nov. 1 1930
446,000
RAILWAY STEEL SPRING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Latrobe Plant lab mtge. 55
J-J
Jan. 1 1921 $3.401.000
Inter-Ocean Plant 1st mtge. 58
A-0 Oct. 1 1931
3,500,000
(THE) STUDEBAKER CORPORATION.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Serial 5% notes (due $400.000 semi-ann.)_M-S To Mar. 1 '22 *86,400,000
*Free of all taxes except succession, inheritance and income taxes.
SULZBERGER & SONS CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Gold debenture 6s
M-S June 1 1916 84,700.000
Behwarzschild & Sulzberger deb.6s
J-D
Juno 1 1916
4,600,000
SYRACUSE LIGHT & POWER CO.
Interest Payable without Deduction of Federal Income Tax.
Int, Maturity Date. Outstand'g.
Collateral trust mortgage 5s
J-J
July 1 1954 $6,479,500
Syracuse Gas first mortgage 58
J-J
Jan. 1 1946
2,500.000
Syracuse Lighting 1st mortgage 58
June 1 1951
J-D
2,5-0,000
UNION BAG & PAPER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 55 ($5,000.000)
July 1 1930 $3,653,000
J-J
Interest Payable without Deduction of Federal Income Tax.
Allen Bros. first mortgage 6s
M-N To 1924
$110,000
Second mortgage 6s
To 1923
F-A
100,000
UNION ELECTRIC LIGHT & POWER
Interest Payable without Deduction of
Int.
Mist mortgage 58 (310.000.000)
M-S
Refunding and ext. mtge. 58(850.000.000) M-N
Mo. Ellie. Light & Power 1st mtge. Os__ Q-F
Mo. Edison first conSol. mtge. 58
F-A
CO. OF ST. LOUIS.
Federal Income Tax.
Maturity Date. Outstand'g,
Sept. 1 1932 86,202.000
May 1 1933
7,071,000
May 1 1921
600.000
Feb. 1 1927
3,198.000
Inter-State Trade Commission made its appearance this
week. The bill was drawn by a sub-committee of the House
Inter-State and Foreign Commerce Committee named by
Chairman William C. Adamson on Feb. 16, and is said to
embody the views of President Wilson on the subject.
J. Harry Covington of Maryland (Democrat) was Chairman
of the sub-committee, the other members of which were
Senators Sims, Rayburn and Montague (Democrats), and
Senators Stevens (of Minnesota), Talcott, Esch and Know..
land, Republicans. The bill as framed by them, which represents the unanimous views of the sub-committee, was ordered
favorably reported to the House by both the Republican and
Democratic members of the Inter-State and Foreign Commerce Committee on Monday last, Mar. 16. The original
proposition for the creation of an Inter-State Trade Commission (printed in our issue of Jan. 24) was introduced by
Chairman Clayton of the House Judiciary Committee on
Jan. 22, along with the other bills intended to carry out
President Wilson's recommendations with respect to trust
reforms. The Clayton Inter-State Trade bill, after its introduction, was referred to the Committee on Inter-State and
Foreign Commerce; the Commission it proposed to create
was to consist of five members, not more than three of whom
would be members of the same political party. The Coving-
MAR. 211914.1
THE CHRONICLE
ton bill now submitted provides that the Commission shall
be composed of three Commissioners, and not more than two
of them shall be members of the same political following.
Under the earlier bill it was provided that the Bureau of
Corporations shall be transferred to and become a part of
the Commission. The enactment of the newest measure
would likewise serve to terminate the existence of the Bureau
of Corporations, all the powers, authority and duties of
that bureau being vested in the Commission as proposed by
the Covington bill. The Clayton bill required all corporations engaged in commerce among the several States or with
foreign nations, excepting common carriers, to furnish the
Commission with statements of their organization, business,
financial condition, management, relations to other companies, &a. The bill introduced this week calls for such
statements and reports from corporations with a capital of
not less than $5,000,000, or having a less capital and belonging to a class of corporations which the Commission may
designate. With regard to this provision, Representative
Covington is quoted as saying: "This power of classifies,
tion will relieve the mass of smaller business concerns engaged in inter-State commerce from the necessity of making
such reports, while it reserves to the Commission that discretion which it ought to have to provide for rational publicity
In aid of disclosing bad practices in inter-State commerce
without regard to the size of the corporation engaged
In those practices."
Chairman Covington also had the following to say regarding the bill prepared by his committee:
The Commission will also be authorized by the direction ofthe President,
the Attorney-General or either House of Congress to investigate and report
the facts relative to any alleged violation of anti-trust Acts, and It may include in its report recommendations for readjustment of business so that
the corporation investigated may operate lawfully. One of the most
effective powers conferred upon the commission is that authorizing the
courts to refer to it any matter concerning the relief to be granted, or any
proposed decree itself, for the purpose of such investigation as will give
to the court the completest economic information to assist it. This power,
of course, does not authorize the Commission to gather evidence.
Another power conferred is the authority to conduct investigations to
determine whether or not any decree of dissolution entered against a corporation for violation of the anti-trust laws is being carried out. This is
a most Important power, and It is proper to be exercised by such an independent body as the Commission.
The whole theory of the creation of the Commission has, in fact, been to
make it an efficient and useful independent body. In most of the matters
of publicity it has entire control of the facts gathered. Publicity is left to
the discretion of the Commission, and the bill contains ample authority
for the Commission to prevent the disclosure of these necessary trade secrets.
which are of no value to the public in promoting lawful competitive business,
but which, when disclosed, simply afford opportunity for injurious use by
competitors.
Having regard for the singular success which the Inter-State Commerce
Commission had had upon the relation of the railroads to the public, independently of the power it has exercised to regulate rates and practices.
it would seem that the country may rightfully feel that the Inter-State
Trade Commission will conduct investigations and determine facts for the
guidance of the President and Congress and in aid of the work of our courts
that will be of inestimable advantage to the business and the future of the
country.
That the bill has practically the unanimous support of
the full Committee on Inter-State and Foreign Commerce
is indicated in the following remarks of Representative
Covington:
The Bureau of Corporations,created about 10 years ago, provided rather
extensive powers to Investigate the organization and management of business corporations and to obtain such Information as would enable the President to make recommendations to Congress for new legislation. While
these powers were very broad, they failed to provide for the regular gathering of certain important classes of information and failed to convey necessary powers to assist in effectuating the definite policy announced by the
President of an Inter-State Trade Commission. The bill now presented to
the House comes from a unanimous sub-committee of Democratic and
Republican members and is approved by practically the whole committee
on inter-State and foreign commerce of the House.
It first transfers to the Commission all the powers and duties of the
Bureau of Corporations and the Commissioner of Corporations. But a
mere enlargement of the Bureau of Corporations would not alone be a
sufficient justification for the creation of a commission to take its place.
The great value to the American people of the Inter-State Commerce Commission has been largely because of its independent powers. The trade
commission bill has therefore at the outset removed from the control of the
President investigations conducted and information acquired under the
authority heretofore exercised by the Bureau of Corporations. Such information is to be obtained within constitutional limitations and made
public at the discretion of the Commission.
The full text of the Covington bill as presented in the
House this week is as follows:
Be it enacted by the Senate and House of Representatives of the United Slates
of America in Congress assembled. That a Commission is hereby created and
established, to be known as the Inter-State Trade Commission (hereinafter
referred to as the Commission), which shall be composed of three commissioners, who shall be appointed by the President, by and with the advice
and consent of the Senate. Not more than two of the commissioners
shall be members of the same political party. The first commissioners
appointed shall continue in office for terms of two, four and six years,
respectively, from the date of the taking effect of this Act, the term of each
to be designated by the President; but their successors shall be appointed
for terms of six years, except that any person chosen to fill a vacancy
shall be appointed only for the unexpired term of the commissioner whom
he shall succeed. The Commission shall choose a Chairman from its
own membership. No commissioner shall engage in any other business,
879
vocation or employment. Any commissioner may be removed by the
President for inefficiency, neglect of duty or malfeasance in office. A
vacancy in the Commission shall not impair the right of the remaining commissioners to exercise all the powers of the Commission. The Commission
shall have an official seal, which shall be judicially noticed.
Sec. 2. That each commissioner shall receive a salary of $10,000 a year,
payable in the same manner as the salaries of the judges of the courts
of the United States. The Commission shall appoint a secretary, who
shall receive a salary of $5,000 a year, payable in like manner, and it
shall have authority to employ and fix the compensation of such other
officials, clerks and employees as it may find necessary for the proper
performance of its duties and as may be from time to time appropriated for
by Congress.
Until otherwise provided by law. the Commission may rent suitable
offices for its use.
All of the expenses of the Commission,including all necessary expenses for
transportation incurred by the commissioners or by their employees under
their orders, in making any investigation, or upon official business in any
other places than in the City of Washington, shall be allowed and paid on
the presentation of itemized vouchers therefor approved by the Commission.
Witnesses summoned before the Commission shall be paid the same fees
and mileage that are paid witnesses in the courts of the United States.
The auditor for the State and other departments shall receive and
examine all accounts of expenditures of the Commission.
Sec. 3. That upon the organization of the Commission and election of its
Chairman all the existing powers, authority and duties of the Bureau
of Corporations and of the Commissioner of Corporations conferred upon
them by the Act entitled "An Act to establish the Department of Commerce and Labor," approved Feb. 14 1903, and all amendments thereto,
and also those conferred upon them by resolutions of the United States
Senate passed on March 1 1913, on May 27 1913 and on June 18 1913,
shall be vested in the Commission.
All clerks and employees of the said Bureau shall be transferred to and
become clerks and employees of the Commission at their present grades
and salaries. All records, papers and property of the said Bureau shall
become records, papers and property of the Commission, and all unexpended funds and appropriations for the use and maintenance of the said
Bureau shall become funds and appropriations available to be expended
by the Commission in the exercise of the powers, authority and duties
conferred on it by this Act.
That the Bureau of Corporations and the offices of Commissioner of
Corporations and Deputy Commissioner of Corporations are, upon the
organization of the Commission and the election of its Chairman,abolished,
and their powers, authority and duties shall be exercised by the Commission free from the direction or control of the Secretary of Commerce.
The information obtained by the Commission in the exercise of the
powers, authority and duties conferred upon it by this section may be
made public, in the discretion of the Commission.
Sec. 4. That the principal office of the Commission shall be in the City
of Washington, where its general sessions shall be held; but whenever the
interest of the public may be promoted, or delay or expense prevented, the
Commission may hold special sessions in any part of the United States.
The Commission may,by one or more of its members, or by such officers
as it may designate, prosecute any inquiry necessary to its duties in any
part of the United States.
Sec. 5. That, with the exception of the secretary and a clerk to each
commissioner, all employees of the Commission shall be a part of the
classified civil service, and shall enter the service under such rules and
regulations as may be prescribed by the Commission and by the Civil
Service Commission.
Sec. 6. That the words defined in this section shall have the following
meaning when found in this Act, to wit:
"Commerce" means such commerce as Congress has the power to regulate
under the Constitution.
"Corporation" means a body incorporated under law, and also joint stock
associations and all other associations having shares of capital or capital
stock or organized to carry on business with a view to profit.
"Capital" means the stocks and bonds issued and the surplus owned by
a corporation.
"Anti-trust Acts" means the Act entitled "An Act to protect tradeand
commerce against unlawful restraints and monopolies," approved July 2
1890; also the sections 73 to 77, inclusive, of an Act entitled "An Act to
reduce taxb,tion, to provide revenue for the Government and for other
purposes," approved Aug. 27 1894; and also the Act entitled "An Act to
amend Sections 73 and 76 of the Act of Aug. 27 1894, entitled 'an Act
to reduce taxation, to provide revenue for the Government and for other
purposes,'" approved Feb. 12 1913.
"Acts to regulate commerce" means the Act entitled "An Act to regulate
commerce," approved Feb. 14 1887, and all amendments thereto.
"Documentary evidence" means all documents, papers and correspondence in existence at and after the passage of this Act.
Sec. 7. That the several departments and bureaus of the Government
when directed by the President shall furnish the Commission, upon its request, all records, papers and information in their possession relating to
any corporation subject to any of the provisions of this Act; and shall detail
from time to time such officials and employees to the Commission as he
may direct.
Sec. 8. That the Commission may from time to time make rules and
regulations and classifications of corporations for the purpose of carrying
out the provisions of this Act.
The Commission may from time to time employ such special attorneys and
experts as it may find necessary for the conduct of its work or for proper
representation of the public interest in investigations made by it; and the
expenses of such employment shall be paid out of the appropriation for the
Commission.
Any member of the Commission may administer oaths and affirmations
and sign subpoenas.
The Commission may also order testimony to be taken by deposition in
any proceeding or investigation pending under this Act. Such depositions
may be taken before any official authorized to.take depositions by the Acts
to regulate commerce.
Upon the application of the Attorney-General of the United States, at
the request of the Commission, the district courts of the United States
shall have jurisdiction to issue writs of mandamus commanding any person
or corporation to comply with the provisions of this Act or any order of the
Commission made In pursuance thereof.
Sec. 9. That every corporation engaged in commerce,excepting corporations subject to the Acts to regulate commerce, which by itself or with one
or more other corporations owned, operated, controlled or organized in
conjunction with it so as to constitute substantially a business unit, has a
capital of not less than $5,000,000. or having a less capital, belongs to a class
of corporations which the Commission may designate, shall furnish to the
Commission annually such information, statements and records of its
organization, bondholders and stockholders and financial icondition. and
880
THE CHRONICLE
[VOL. XCVIII.
also such information, statements and records of its relation to other
cor- by Chairman Clayton
porations, and its business and practices while engaged in commerce,
of the Judiciary Committee of the
asthe
Commission shall require, and to enable it the better to carry
out the pur- House. This bill is intended to prohibit holding companies.
poses of this Act, the Commission may prescribe as near
as may be a Its text is as follows:
uniform system of annual reports.
To prohibit unlawful restraint of trade or monopolies
The said annual reports shall contain all the required informatio
In inter-State
n and or foreign commerce by corporations through the
statistics for the period of twelve months ending with
device of incorporate
the fiscal year of each stockholding.
corporation's report, and they shall be made out under
oath or otherwise,
Be it. enacted by the Senate and House of Representatives
in the discretion of the Commission and filed with the Commission
of the United
at its States of America in Congress assembled:
office in Washington within three months after the close of the year for
Section 1. That it shall be unlawful for one corporatio
n engaged in interwhich the report Is made, unless additional time be granted in any case by
State or foreign commerce to acquire, directly or
indirectly, the whole or
the Commission. The Commission may also require such special reports
any part of the stock or other share capital of another
as it may deem advisable.
gaged also in inter-State or foreign commerce, where thecorporation enIf any corporation subject to this section of this Act shall fail to make
effect of such
acquisition
is to eliminate or lessen competition between the
and file said annual reports within the time above specified or within
corporation
the whose stock is so acquired and the corporation
making the acquisition,
time extended by the Commission for making and filing the same, or
shall or to create a monopoly of any line of trade in
any section or community.
fall to make and file any special report within the time fixed by the,
order
Section 2. That it shall be unlawful for one corporation to acquire,
of the Commission, such corporation shall forfeit to the United
diStates the rectly or indirectly, the whole or any
part of the stock or other share capisum of $100 for each and every day it shall continuo in default in
making tal of two or more corporations engaged
in inter-State or foreign comor filing said annual or special reports. Said forfeitures
shall be re- merce, where the effect of such
acquisition or the use of such stock by
cbvered in the manner provided for the recovery or
forfeitures under the the voting or granting of
proxies, or otherwise, is to eliminate or lessen
provisions of the Act to regulate commerce.
competition between such corporations, or any of them, whose stock
Sec. 10. That upon the direction of the President, the Attorney-Gene
or
ral, other share capital is,so acquired,
or either House of Congress, the Commission shall investigat
or to create a monopoly of any line of
e and report trade in any section or community.
the facts relating to any alleged violations of the anti-trust
Acts by any
Section 3. That this Act shall not apply to corporatio
corporation. The report of the Commission may include recommendations
ns purcha.sing such
for readjustment of business in order that the corporation investigated may stock solely for investment, and not using the same by voting or otherwise
to bring about or in attempting to bring about
thereafter maintain its organization, management and conduct. of business
the lessening of
in accordance with law. Reports made after investigation under this sec- competition.
Section
4.
That
every
violation
this
of
Act
shall
tion may be made public in the discretion of the Commission.
constitute a misdemeanor
For the purpose of prosecuting any investigation or proceeding authorized punishable by a fine not exceeding $5,000 or imprisonment not exceedingby this section the Commission, or its duly authorized agent or agents, one year, or both such fine and imprisonment in the discretion of the Court;
and any individual who,as officer or director of a corporation, or otherwise,
shall at all reasonable times have access to, for the purpose of examinati
on, orders, takes action or participate
and the right to copy any documentary evidence of any corporatio
s in carrying out any transaction herein
n being forbidden shall be held
investigated or proceeded against.
and deemed guilty of a misdemeanor under this
section.
Sec. 11. That when in the course of any investigation made
under this
Section 5. That-nothing contained in this Act shall prevent corporatio
Act the Commission shall obtain information concerning any
a
n
unfair compe- engaged in inter-State or foreign
tition or practice in commerce not necessarily constituting
commerce from causing the formation of
a violation subsidiary corporations for the
actual carrying on of their immediate lawful
of law by the corporation investigated,!t shall make report thereon
to the business or the natural and legitimate
President, to aid him in making recommendations to Congress
branches thereof, or from owning and
for legisla- holding all, or a part, of the stock
of such subsidiary corporations, when the
tion in relation to the regulation of commerce, and the informatio
n so ob- effect of such formation not
to eliminate or lessen a pre-existing competiis
tained and the report thereof shall be made public only upon
the direction tion.
of the President.
Section 6. That nothing contained in this Act shall be
Sec. 12. That in any suit in equity brought by or under
held to affect or
the direction impair any right heretofore legally
acquired: Provided, that nothing in
of the Attorney-General, as provided in the Anti-trust Acts,
the Court may this section shall make legal stockholdi
ng relations between corporations
refer to the Commission any question relating to the relief
to be granted when and under such circumstances that
such relations constitute violaor any proposed decree therein, whereupon the Commissio
n shall in
tions of the Act approved July 2 1890 entitled:"An Act
vestigate the matters referred to it and shall make a full report
of its inves- commerce against unlawful restraint and monopolies to protect trade and
."
tigation to the court.
Indications of a disposition to consolidate into one bill
Sec. 13. That wherever a final decree has been entered against
any defendant corporation in any suit brought by the United States to prevent
and the four measures dealing with holding companies, interrestrain any violation of the anti-trust Acts, the Commissio shall
n
have
power, and it shall be its duty, upon its own initiative or upon the applica- locking directorates, trade relations and Sherman law defition of the Attorney-General, to make investigation of the manner
in which nitions were again in evidence this week. This plan is unthe decree haS been or is being carried out. It shall transmit to the
At- derstood to be favored by President Wilson and it is stated
torney-General a report embodying its findings as a result of any such
that it is urged with a view to expediting the legislation.
investigation.
Sec. 14. That any person who shall wilfully make any false entry
or
statement in any report required to be made under this Act shall be deemed
Resolutions urging Congress to postpone final action on
guilty of a misdemeanor, and upon conviction shall be subject to a
fine
of not more than $5,000, or imprisonment for not more than three
years, or the pending trust legislation until the next session were
both fine and imprisonment.
adopted by the directors of the Merchants' Association of
Sec. 15. That any person who shall make public any information
obtained New York at a
meeting on Monday. In these resolutions
by the Commission without its authority shall be deemed guilty of a
misdemeanor, and, upon conviction thereof, shall be punished by a fine
not the Association states that:
exceeding $5,000 or by imprisonment not exceeding one year, or by fine
We are opposed to the Inter-State Trade Commission bill in its present
and imprisonment, in the discretion of the court.
form because it fails to fulfill President Wilson's promise
of "something
Sec. 16. That for the purpose of this Act the Commission shall
more
than a menace of legal process," and because the definite guidance
have and
and
exercise the same powers conferred upon the Inter-State Commerce
informatio
n
which
can
be
supplied
by
an
Comadministrative body is impossible
mission in the Acts to regulate commerce to subpoena and
compel the under the provisions of the present bill.
attendance and teathrony of witnesses and the production of
While we are in sympathy with the purpose of the
documentary
Interlocking Direcevidence, and to administer oaths. All the requirements,
obligations, lia- torates bill to prohibit relationships that are detrimental to the public welbilities and immunities imposed or conferred by said Acts to
fare,
we
are
opposed
to
present
its
the
in
bill
form
regulate
because it prohibits many
commerce, and by the Act in relation to testimony before the Inter-Stat
e innocent and beneficial relationships which are consistent with fair dealing
Commerce Commission, approved Feb. 11 1893, and the Act defining
im- and essential to efficient management.
munity, approved June 13 1906, shall apply to witnesses, testimony
We believe that a comprehensive basis for enduring legislation
and
can be
documentary evidence before the Commission.
obtained only by affording ample time and opportunity to all
persons who
Sec. 17. That the Commission shall on or before the first day
of Decem- would be affected in every part of every State of the Union, to understand
ber in each year make a report, which shall be transmitted to
Congress. what is proposed and what are the great issues involved, and by suggestions
This report shall contain such facts and statistics collected by the
Commis- and recommendations to aid Congress in framing legislation which shall
sion, the publication of which shall not violate the provisions
of this Act, promote the vast industrial and commercial interests of the country and
as may be considered of value in the determination of questions
connected at the same time safeguard the rights and interests of all citizens, and that,
with the conduct of commerce by corporations, excepting
corporations we deprecate haste in the enactment of legislation of such importance, besubject to the Acts to regulate commerce, together with such
recommenda- fore the judgment of the country has been fully consulted and has come.
tions as to additional legislation as the Commission may
deem necessary. in President Wilson's words, "to a clear and all but universal agreement,"
The Commission may also from time to time publlish such additional
reports or at least has substantially approved the legislation proposed; and that,in
or bulletins of facts and statistics relating to corporations
engaged in com- view of the impressive disapproval which has been generally expressed in
merce as may be deemed useful and do not violate the provisions
of this Act. tho hearings thus far had upon these bills before several committees of
Sec. 18. That nothing contained in this Act shall be construed
to prevent Congress, and in resolutions adopted by numerous commercial organizaor interfere with the Attorney-General in enforcing the provisions
of the tions representing many localities and business interests, and in the press
Anti-Trust Acts or the Acts to regulate commerce.
throughout the country regardless of political affiliations, we believe
a
On the 6th inst. a sub-committee of the U. S. Senate was wiser course will consist in postponing final action until the next session of
Congress, and in utilizing the interval to ascertain the sense of the country
appointed by Chairman Newlands of the Inter-State Com- concerning
the proposed legislation
cannot fail to have a most promerce Committee to consider and report on a bill for the found and far-reaching influence on, which
the conduct of the industry and commerce
ofthe nation,and,therefore,on the welfare of the:people of the entire
creation of an Inter-State Trade Commission. This subcountry.
committee consists of Senators Newlands, Pomerene, Robinson, Saulsbury, Cummins, Brandegee and Townsend. The
bill now being drafted by this sub-committee, it is said, will
empower the Commission to institute investigations on its
own initiative as to whether corporations operate in violation of the Sherman Anti-Trust Law. Senator Robinson,
a member of the sub-committee, is quoted as saying:
The New York Board of Trade and Transportation also
asks, in a resolution adopted on the 11th inst., that action
on the anti-trust bills be deferred until the next session of
Congress, and that in the meantime hearings be given on the
bills in the principal cities of the country. The following is
the resolution which came from the Executive Committee
and was submitted by its Chairman, Edward F. Cole:
Whereas,
A Trade Commission which could undertake no investigation, except
by
direction of the President, Attorney-General or either House
of Congress,
as the House bill proposes, will be of little value. If the proposed
It is intimated in the news press that the Administra
Commistion tentasion is to have no more authority than that,
have one? The Bureau tive bills which are known collectively as the "Five
of Corporations as now constituted is capablewhy
Brothers" are being
of carrying on such investi- re-drafted to meet the views
gations very well.
of the President, and that they will,,thenlbe
hurriedly enacted; therefore
Another bill, supplementing those already before Congress,
Resolved, That in our opinion the bill to create an Inter-StatelTrade
Commissio
n contemplates an extraordinary, unprecedented and unwardealing with trust problems, was made public) on Tuesday
ranted invasion of the sphere of business affairs heretofore deemed to
be of
31AR. 21 1914.1
THE CHRONICLE
private concern alone, and not to be pried into for the satisfaction of the
mischievous, the curious or the larcenous, or for the benefit of the infrugiferous or of the banditti of trade and manufactures. An Inter-State
Trade Commission,in our opinion,is unnecessary and would serve no proper
and legitimate public purpose. In its particulars the bill is extremely
vicious. It could be resorted to at any time by one corporation affected,
upon its request, against any other corporation, its competitor, and the
Commission by such "request" compelled "with all the powers of investigation heretofore bestowed on the Commission, for the purpose of ascertaining whether there has been in the conduct of said corporation a violation of law." Such "request," without an iota of evidence of wrong-doing,
would set in motion the machinery of the Government to pry into the
most private and sacred possessions: the fruit of industry, of initiative, of
brain and of years of untiring study and application—at the behest of those
who prey upon the productive, but never themselves produce. "The information gained," says Section 4. "shall be public records,and the Commission shall,from time to time, make public such information in such form
and to such extent as it may deem necessary."
Resolved, That while heartily commending the effort to relieve business
from all uncertainties of law and to reduce the area of debatable ground,
we rely upon the pledge of President Wilson, given in his first message on
this subject to Congress, that no legislation on this many-sided subject
shall be enacted hastily or without careful and discriminating discussion.
Be it further
Resolved, That if the President and Congress shall have due regard for
the welfare of the country, no such legislation will be enacted at this session
or based upon tne hasty consideration and very imperfect evidence thus far
had, and we earnestly recommend that when the bills have been re-drafted,
they be printed In sufficient number to permit the bu...iness interests of the
country to procure copies and to study them in their new form, and that
hearings on them be given at the principal cities of the country before the
next session of Congress and that other action be deferred until the next
session.
Opposition to the pending anti-trust legislation is also
voiced in a report adopted on Monday by the Philadelphia
Board of Trade. The report was submitted by the Committee on Legislation through its Chairman, Malcolm
Lloyd Jr. The Board in adopting the report asserted, according to the Philadelphia "Ledger," that the bills are based
on "unsound economic theory and, if enacted, must result
in great injury to the country as a whole and affect more or
less every member of the community." The "Ledger" also
says:
It was pointed out that the proposed amendments would bring about a
"restraint of trade" which would be harmful wherever applied, and would
ruin many persons. For instance, said the report, a widow inheriting a
business from her husband could not sell it to some one else in the same line
of business, and in no other way could she obtain its full value. Nor could
a man who desired to retire get the value of his plant or stock except by
selling to a competitor. Even a huckster who was taken ill and could not
market his produce would be prohibited from making arrangements with
another huckster to care for his trade.
The Board of Trade approved sane and reasonable legislation looking to
the protection of business from the cut-throat and exterminating methods
of old-time monopolists, but found the Sherman Act gave ample protection.
It was pointed out that occasions arose when a merging of two concerns
meant the salvation of one of them, if not both, and that such a merger
virtually would prevent two failures. Such a merger would, under the proposed law, be made unlawful. The report adds:
"The principle underlying the legislation now proposed is that of the unrestricted competition enforced by law, all acts or agreements which in any
degree or in any way limit an existing state of competition to be criminal,
no matter how reasonable the agreement, how necessary to the preservation of one or both of the competitors or how advantageous to the public.
"If it were passible to enforce such a principle, it would mean that the
commercial warfare represented by 'competition' must be fought without
quarter, a condition involving great economic waste and contrary to the
spirit of an advancing civilization. If two individuals or corporations competing for a certain trade within a certain district must under no circumstances pool their interests, consolidate to meet competition, take over the
business of a less successful competitor, or have any understanding as to
prices, no matter how fair the price of the commodity may be to the consuming public, the result Is sooner or later inevitable that the smaller and
less efficiently managed business unit must succumb and must succumb
without even an opportunity for saving by sate or combination what value
there may have been in the assets or good-will."
The Board of Trade suggests instead of the proposed amendments:
"That a feasible constructive method to relieve the cause of the present
condition of uncertainty and dissatisfaction might be found in the enactment of a law authorizing the submission to the Federal Court or to a commission, of any proposed merger, consolidation or other act or agreement
between competitors affecting prices or trade relations. If, after public
notice by advertisement or otherwise, such proposed act or agreement
should be found not to be inimical to the public welfare or to constitute an
unreasonable restraint of trade, the sanction of the Court or commission
should then be given to such proposed merger or agreement affecting trade
relations,either temporarily or finally,as the circumstances might require."
The Sherman Law, says the report, effects a reasonable compromise,
and does not enforce the unsound doctrine of enforced competition to the
point of extermination.
881
1913; it is charged that, as the law was not passed until the
latter date, it is retroactive in that it taxes incomes from
March 1 1913, thus taxing moneys which were no longer
income but capital. It is also contended that the law is
discriminatory in that it exempts a number of organizations,
including labor, agricultural or horticultural associations,
mutual savings banks, fraternities, benefit societies, building and loan associations, &c., thus failing to impose an
equality of burden. It is furthermore asserted that out of
a total population of 90,000,000, only about 499,000 are
subject to the provisions of the law. The exemptions, it
is contended, are unreasonable and arbitrary and involve
a discrimination and classification founded upon wealth.
The complaint also takes up the case of corporations like
the Union Pacific, which has undertaken to keep its bondholders free of tax. According to the "Times," it "points
out that some of these bondholders are doubtless entitled
to an exemption, provided they fill in the requisite forms.
But the company has no means of ascertaining if such men
are entitled to an exemption ana if they have complied with
the law; so they are forced to pay the Government a tax on
account of individuals who are not by law required to pay it.
This, it is urged, sets up a discrimination between those
corporations which issue tax-free securities and those which
do not, and, moreover, both classes are subjected to great
expense in connection with the enforcement of the Income
Tax law. It is asserted on information and belief that it
will cost the Union Pacific between $5,000 and $10,000 a year
to act as a collector for the Government, and that this is
one more instance in which the Fifth Amendment of the Constitution is violated."
Fault is also found, the "Times" points out, with the fact
that the man with an income of more than $20,000 cannot
deduct the $3,000 or $4,000 exemption, and this, it is said,
amounts to class legislation. It is also stated that the decisions of the Treasury Department with regard to the
assumption by a debtor of the obligation of paying the tax
for his creditor may lead to double taxation.
The other action, which seeks to test the provisions of the
Income Tax Law, originates in Detroit, having been brought
on behalf of John F. Dodge and Horace E. Dodge of that
city, manufacturers of automobile parts and automobiles.
The bill under which they attack the law was filed in the Supreme Court of the District of Columbia on the 16th inst.
It is contended that the law unduly discriminates in favor of
corporations and against individuals and partnerships, and,
according to the attorney for the complainants, F. A. Baler,
is attacked on the following grounds:
First, in laying a surtax of from 1 to 6 per centum on the net income of
individuals, including partnership gains and profits, exceeding $20,000, and
in not levying a like surtax on the net incomes of corporations exceeding
$20,000.
Second, in levying an additional surtax on the Income of an individual
in excess of $20,000, who holds stock in a corporation of which he would be
entitled to share the gains and profits, if divided or distributed, or,whether
divided or distributed or not, of all corporations, joint companies or associations, however created, or organized, formed or fraudulently availed of,
for the purpose of preventing the imposition of such tax through the medium
of permitting such gains and profits to accumulate instead of being divided
or distributed; and thereby subjecting individual stockholders to a tax on
corporate gains and profits which they have not received and may never
receive.
And third, in permitting corporations and not individuals and partnerships to withhold from income taxation such portion of their gains and profits and net income as may be reasonably necessary for the needs and purposes of the business in which they are engaged.
TAXABLE MEMBERS OF PARTNERSHIPS REQUIRED TO ACCOUNT FOR THEIR PARTNERSHIP INTEREST IN
INDIVIDUAL RETURNS.
In a notice issued under date of the 14th inst. by the
Treasury Department, bearing on partnerships, it is pointed
out that, while the income of partnerships is not subject to
the income tax, taxable members of partnerships will be required to account in their individual returns for their respective shares or interest in the partnership profits, whether
INCOME TAX REGULATIONS AND DECISIONS.
Two actions to test the constitutionality of the income tax the same are divided or distributed or not. The following is
law have just been instituted. One of these, filed in the the announcement in the matter:
Referring to the following provisions in^paragraph __ of the Income Tax
United States District Court of this city on the 13th inst.
Law: "That any persons carrying on business in partnership shall be liable
by Frank R. Brushaber of Brooklyn, the owner of 500 for income tax
only in their individual capacity and the share of the profits
shares of common stock of the Union Pacific RR., seeks of a partnership in which any taxable partner would be entitled if the same
were
divided,
whether
divided or otherwise, shall be returned for taxation
to restrain that company from paying the taxes or making and the tax paid
under the provisions of this section; and any such firm,
returns required by the law. He asks the Court to declare when requested by the Commissioner
of Internal Revenue or any district
as null and void the provisions governing these requirements collector, shall forward to him a correct statement of such profits and the
names
of
the
individuals
who
would
be
entitled to the same if distributed,'
in so far as they relate to corporations, joint-stock companies it is held:
or associations and insurance companies. The Court is
That the Income of partnerships per se is not subject to the income tax.
asked to enjoin the Union Pacific RR. from paying the tax, The provisions of the law "relating to the deductions and payment of the
tax
at the source of income" do not apply to the income of partnerships
especially during the period from March 1 1913 to Oct. 1 as such.
882
THE CHRONICLE
Taxable members of partnerships will be required to account in their
Individual returns for their respective shares or interest in the partnership
profits, whether the same are divided and distributed or not.
Partnerships owning "bonds and mortgages or deeds of trust and other
similar obligations of corporations, joint-stock companies or associations
and insurance companies," shall file certificate of ownership in Form 1001,
evidencing the fact of partnership ownership when presenting for collection
or payment coupons or interest orders for interest upon said obligations,
and when such certificates are filed, the tax on such interest payments to
partnerships shall not be withheld.
The last sentence in Article 14, Page 35, and Article 47 of income tax
regulations, No. 33, providing for claim by partnerships for deduction for
legitimate expense incurred in conducting the business of a partner ship
are hereby superseded and repealed.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 77
shares and were all made at the Stock Exchange. No trust
company stocks were sold.
Shares. BANK—New York.
77 Commerce, Nat. Bank of
Low. High. Close. Last pre iotts sale.
x176
Mar. 1914— 179
177 x176
z Ex-dividend.
Two New York Stock Exchange memberships were posted
for transfer this week, the consideration in each case being
$50,000. The last previous transaction was at $55,000.
Political excitement regarding the speech made by Walter
H. Page, the American Ambassador to Great Britain, at
the annual dinner of the Associated Chambers of Commerce,
in London, last week, on the Monroe Doctrine and the Panama Canal, has pretty nearly died out, though the view still
is that Mr. Page, considering his position, displayed both a
lack of judgment and a lack of good taste in injecting into his
remarks references to public matters of international import
with which it is the function of the President alone to deal.
The newspaper accounts of the remarks resulted in the
adoption by the United States Senate on the 12th inst. of
a resolution calling upon the Secretary of State to furnish
the Senate with a copy of the speech. The resolution, offered
by Senator Chamberlain, was as follows:
Whereas, There was published in the morning papers what purported to
be a London cable to the "New York American," giving an account of the
annual dinner of the Associated Chambers of Commerce, in London, in
which Hon. Walter Hines Page,the American Ambassador to Great Britain,
is reported to have said:"The Monroe Doctrine simply meant this: That the
United States would prefer that no European Governments should gain more
land in the New World"; and
Whereas. It is further stated that amid laughter Mr. Page declared that
he would not say that the United States had constructed the Panama Canal
for Great Britain, but that it had added greatly to the pleasure of building
that great work to know that the British would profit most by its use;
therefore, be it
Resolved, That the Secretary of State be requested to procure and furnish
to the Senate without delay a copy of the speech made by the American Ambassador,and particularly that part thereof giving his definition of the Monroe Doctrine,and that portion thereof in which he is alleged to have stated
amid great laughter that the British would profit most by the use of the
Panama Canal, and that he call upon the American Ambassador to furnish
forthwith for the use of the Senate the evidence upon which that portion of
his speech was based, wherein he is alleged to have said that it added greatly
to the pleasure of the people of the United States in the building of the
Panama Canal to know that the British would profit most by its use.
Following the adoption of the above resolution, the newspapers had verbatim copies of the speech cabled to them,
which they published in last Saturday morning's editions,
the criticized passages being given as follows:
I will not say that we have constructed the Panama Canal for you
[laughter]. for I am speaking with great frankness and not with what is
sometimes called diplomatic indirection [laughter], but I will say most truly
that it adds greatly to the pleasure of building that great work that it is you
who will most profit by it. [Laughter.]
I can say a similar thing about the recent lowering of our tariff. We did
not lower it in order to please you [laughter]. It was for purposes that we
considered economically for ourselves (cheers]. Nevertheless, It added to
the pleasure of doing that to reflect that thereby we should receive more
trade from you [cheers].
Concerning the recent message of President Wilson, I can say somewhat
more. I take it upon myself and on my own responsibility to say more.
He told you that not merely to please you, but to express the true sentiment and the self-respect of the American nation and of every true American (cheers].
His was the voice of the people. Nevertheless, it adds to the pleasure
of hearing that voice to know that it does please you.
May I put in another parenthesis, also on my account, and correct the
Impression that part of your press seems to have about the attitude of the
United States Government concerning the investment of your colossal
earnings in the States of Central America that have volcanic tendencies?
[Laughter]
I sometimes read that the United States is entering upon a policy to discourage foreign investments. That is untrue. I think that some events
are happening there which discourage them somewhat, but I hope they
will not be charged to the United States. There is a policy forming in the
minds of our Government and our people which is not new, and that would
discourage such investments or such concessions as would carry with them
control of the Government of any of those States, and only that [Hear,
hear] only that, if you please, for so far as the United States is concerned,
you know how heartily we have welcomed your investments there and still
welcome them, and always will.
You may be sure that it is not the business of the United States to put
any let or hindrance on any investment of yours anywhere in the world,
and it will most heartily welcome your investments in any part of America,
provided only you do not make them so that you may take the country with
[laughter].
[VOL. xcvm.
The Monroe Doctrine, you know,meant only this—that the United States
would prefer that no European Government should gain more land in the
New World. In those days the only way a foreign Government could gain
land was literally to go and take land. Now, we have more refined methods of exploitation and there are other ways of taking it.
That is the only protest that the United States has over whispered, and
It has only whispered.
Would you do us the kindness clearly to understand that and possibly
to correct the mis-impression that has got abroad?
The view generally taken here with regard to the utterances of Mr. Page is admirably set out in an editorial appearing in the New York "World" of the 14th inst., which
we print below:
Mr. Page explains that his London speech has been misunderstood in
this country owing to the excessive condensation of his remarks.
This is probably true, but Mr. Page misses the point. Any speech may
be excessively condensed in newspaper reports; but that particular speech
should never have been delivered at all. Even if the Ambassador had said
the right thing, he would have been saying it at the wrong time.
An Ambassador should scrupulously refrain from doing anything that
might embarrasss his Government abroad; but heshould be equally careful
to refrain from doing anything that might embarrass his Government at
home. With the best motives in the world, Mr. Page has caused his Government a great deal of embarrassment at home. He has made the President's task much more difficult than it was, and he has given comfort to
all the jingoes and demagogues and lobbyists who are in full cry at the President's heels.
If further definitions of the Monroe Doctrine are needed in view of the
delicate condition of affairs in Mexico, Mr. Page may safely trust Woodrow
Wilson to say whatever ought to be said. If the Administrations' attitude toward the canal tolls issue needs further clarification, Mr. Page may
safely trust the President's good judgment. Nor is it necessary to translate the Administration's policies into jovial speech for the edification of the
British brother. Any Englishman who is intelligent enough to read the
newspapers knows what the President has said and what he is doing.
That is enough.
The American Ambassador to Great Britain is subjected to unusual
temptations. He is courted and flattered and "jollied" by all classes. HO
Is always the spoiled child of the diplomatic corps. His eloquence is invariably applauded and his feeblest joke can inspire cheers. No other
diplomatist in the world is encouraged so persistently to talk about everything everywhere. It takes a strong man to resist.
Silence is golden everywhere; but in the diplomatic service it is often
diamonds and precious stones. The lesson that Mr. Page has learned from
his unfortunate experience is a less.on that other Americans representing
this Government abroad should take seriously to heart. Reticence never
requires an official explanation. The United States Senate never passes
resolutions asking the State Department why an Ambassador failed to make
an after-dinner speech.
Senator Robert L. Owen, Chairman of the Senate Committee on Banking and Currency, who introduced the bill for
incorporation of stock exchanges, was a visitor at the New
York Stock Exchange on Monday. The hearings on the
Owen bill were concluded by the Senate Committee on the
10th inst. Speaking of the pending legislation at the conclusion of his visit, Mr. Owen said:
All the members of the Committee on Banking and Currency have been
anxious to obtain information on the mechanism of exchanges. It is the
purpose of none of us to enact destructive legislation, but, if possible, to
perfect a measure under which the legitimate functions of the New York
Stock Exchange and other exchanges may be preserved and made even more
useful. For myself,I have not agreed with those members of the Committee like Nelson, Bristow and Reed, who have looked upon the Stock Exchange as a gigantic gambling place. I recognize its usefulness as a great
market place and its service in bringing foreign capital into the country
and distributing capital into enterprises throughout the country.
The pertinent questions now are whether the exchanges can be managed
to better advantage if incorporated, and if under the supervision of the
Postal Department. We have heard much testimony regarding the exchange and its methods in the sessions of the Pujo Committee, and in our
hearings of late we have desired most of all to obtain from the Stock Exchange people their arguments in favor of the present organization and
methods of the institution, and after hearing them, we requested Mr. Untermyer to present his argument favoring incorporation. Now we are awaiting a brief which President Mabon of the New York Stock Exchange is
preparing against the idea of incorporation. The Committee will then go
over all the opinions submitted to it and proceed to re-draft the bill. It is
unlikely that we will report the bill before three or four weeks.
On the following day, Tuesday, Senator Owen paid a visit
to the Boston Stock Exchange. A substitute bill for the
Owen measure has been prepared by a special committee of
the Boston Chamber of Commerce. The Owen measure
provides that the Postmaster-General shall be the judge as
to whether a stock exchange shall be deprived of the use of
the mails in cases where fraudulent transactions in securities
appear; the substitute vests this authority in the proposed
Inter-State Trade Commission, with a right of appeal to the
Federal courts. Under the Owen bill, also, stock exchanges
must be incorporated under State laws. The substitute does
not require incorporation. Before a security may be listed
or dealt with on any exchange, a statement of the condition
of its corporation for the preceding three years only is demanded by the new draft, while the Owen bill requires a
complete history of the corporation from its beginning.
Corporations whose securities are not listed with any stock
exchange must file with the Inter-State Trade Commission
the same information that they would have to file with the
exchanges if they were applicants for listing, according to
the substitute bill. The latter also prohibits members of
exchanges manipulating securities and prices by fictitious
deals, "matched orders" and "wash sales." It forbids the
MAR. 21 1914.1
THE CHRONICLE
selling or lending of a customer's securities without his consent in writing. Carrying an account on margin for an employee of a bank, trust company or insurance company and
selling on behalf of a director or trustee of any corporation
securities of that corporation which he did not own at the
time of the sale are also prohibited.
883
President of Albert Frank & Co. and a director of the
Federal Trust Company of Boston.
A favorable report on a bill increasing the deposit limit in
postal savings banks was filed with the Senate by the Committee on Post-Offices and Post Roads on the 9th inst.
Under a bill already passed by the House of Representaitves,
had
has
post
In an interview discussing the part the parcel
the maximum which any one person may deposit is raised
in inducing the dissolution of the United States Express Co., from $500, the present limit, to $1,000; the Senate bill makes
Frank H. Platt, a director, and son of the late Thomas C. the limit $2,000.
Platt, who controlled its affairs, designates the parcel post
system as "a subsidy of the mail-order and department-store
Under a law recently enacted, postal money orders are
people, paid for by the United States out of the additional made payable at any post-office, instead of being restricted
interview
The
tax."
income
revenue coming from the
for payment at the office on which the order is drawn, as
with Mr. Platt was had with a reporter of the New York formerly.
"Times," and his observations appear in the issue of that paUnder an amendment to the parcel-post regulations,
per of the 15th inst. After stating that the agitation began
announced on the 15th inst., butter, eggs, fruits, vegetables,
with John Wanamaker, Mr. Platt says: •
The agitation began with him and developed among the other mail-order poultry and other articles in parcels weighing from 20 to 50
houses and department-store owners about the time of the abolition of re- pounds may be shipped, in the first and second zones; in
bates by the express companies. There was never much of a real demand
for the parcel post outside of that stirred up by them. Being great adver- boxes and crates similar to those handled by express comtisers, they had the press, and that is the whole story. The parcel post is panies. Previously crates and boxes of farm products had
principally a subsidy of the mail-order and department-store people, and to be securely packed in such form as to be carried in mail
is paid for by the United States out of the additional revenue coming from
bags.
the income tax.
It is a subsidy because every parcel is being carried by the Government at
an operative loss. They have a go-as-you-please method of accounting in
the Post Office Department which enables them to say what they please.
They discontinued the distinctive parcel post stamps so no one could know
what the revenue from the business was. On the expense side, they omit
the cost of buildings and plant and many other costs. The present true
deficiency undoubtedly runs into the millions, and after the Government
begins honestly to pay the railroads for carrying the parcels in the mail,
the annual deficit may be conservatively estimated at more than $30,000,000. Whatever the deficiency may be, it will be the Government's contribution to the carriage of goods, principally for the benefit of a few prosperous business houses.
In the first year of operation, one mail-order house turned over to the
parcel post more than 1,000,000 shipments that would otherwise have gone
by express. The transportation loss on those parcels was something more
than the amount that the mail-order house saved, which was fine for the
mail-order house, but tough on those other prosperous "Incomers" out of
whom the revenue had to be raised to neet the deficiency.
That about illustrates what the parcel post has put the express companies
up against. On a railroad train, the express is one car and the mail in another. The express company is paying the railroad 50% of its revenue
from its shipments. The Government is forcing the railroad to carry its
shipments for practically nothing. Yet even with that arbitrary advantage,
the Government is making a loss which, Congress cheerfully pays because it
is afraid of the newspapers.
I see that Mr. Prouty is out with another interview, in which he says that
the dissolution of the United States Express Co. is partly due to the reduction of rates, and that "fast freight will be the express of the future."
Mr. Prouty was the Chairman of that semi-judicial body which rendered the
decision reducing express rates about 20%. Semi-judicial does not always
mean half judicial. As Mr. Prouty has retired from the Commission, it is
a little late to remind him that its extraordinary powers of rate reduction
were not given to the Commission so that it might destroy any kind of
business; and if he joined in the express rate decision thinking that it would
effect a destruction of the express business,then that decision is explained
at last.
Information from the State banks relative to loans and
discounts made to banks, individuals and others in the
different States of the Union has recently been asked for
by Comptroller of the Currency John Skelton Williams. The
information is desired for the use of the Reserve Bank Organization Committee. The Comptroller's letter also embodies a request for data regarding the aggregate balances
carried with each local bank by outside banks and trust
companies.
The immigration bill, retaining the literacy test, was
favorably reported to the Senate on the 19th inst. It was
passed by the House of Representatives on Feb. 4.
James S. Harlan of the Inter-State Commerce Commission was elected Chairman of that body on the 17th inst.,
succeeding Edgar E. Clark. Mr. Harlan's election to the
Chairmanship is in accordance with a policy inaugurated in
1911, when it was decided to make the term of office of Chairman one year, the Commissioners being chosen to the post in
the order of their seniority.
William Phillips, whose nomination as Third Assistant
Secretary of State was confirmed by the Senate on the
13th inst., took the oath of office on the 17th inst.
Charles B. Strecker of Boston was nominated on the 17th
inst. by President Wilson to be Assistant Treasurer of the
United States at Boston in place of Charles H. Doty, whose
term of office has expired. Mr. Strecker is President and
General Manager of the Commercial-Financial Press Association and of the Commercial-Financial Printing Co., Vice
In an address on "The Control of the International Flow
of Gold," delivered at the sixth annual conference of the
Western Economic Society in Chicago on the 13th inst.,
George E. Roberts, Director of the Mint,lauded the new Federal Reserve system, saying in part:
It has been said that the new currency system will release large amounts
of gold for exportation, but there is nothing in the plan that will require
this or even give it early probability. It is true that the system can be
operated with less gold than is required for our very costly gold certificate
currency.
The truth is that we are approaching extravagance, not to say wastefulness, in our gold reserve, although up to this time our policy has been
Justified by the large volume of currency that is not specifically redeemable
in gold.
The new system will be a living agency, with powers of initiative and selfhelp. But, on the other hand, it must be remembered that one of the
fundamental principles of the new system is that it shall have large powers
in reserve. We have a great stock of gold, but at present it is all impounded
for outstanding currency. The new system will make it possible to issue
additional currency without increasing the reserves. This provides the
elasticity we are wanting, but if we proceed to reduce our gold holdings or
increase our currency issues permanently, we will simply exhaust the elasticity of the system and be no better off than before.
This new element of elasticity in our system will prevent the United
States from being in the future the unmanageable and disturbing factor
that it has been in the past. This country's interests have become so
great, its activities so far-reaching, its sales and purchases and borrowings
and payments so important, that any disturbance here is felt everywhere.
An Ainerican panic throws workmen out of employment in every manufacturing centre abroad. And so, while providing for our own security, we
have the added satisfaction of knowing that we will no longer be a menace
to the industrial well-being of the world.
Discussing the suggestion for the adoption of two-name
commercial paper at the final session of the conference of
the Western Economic Society on the 14th inst., 0. M. W.
Sprague, Professor of Banking and Finance at Harvard University, stated that"any attempt to restore the use of doublename paper would involve not only revolutionary changes in
existing banking arrangements, but would also tend toward
the concentration of credits in the large cities." "The universal use of double-name paper," he said,"would almost certainly prove to be an especially grievous matter for farmers
and other small producers. Improvement of present practice in the granting of commercial credit rather than revolutionary changes," he added,"is all that is required under the
terms of the law. Nothing more is needed to provide the
reserve banks with paper which will meet every test of safety
and which will be of general advantage to the community."
The investigation by the Federal Grand Jury into the
affairs of the Allied Printing Trades Council, which was
begun Feb. 3 with a view to determining whether that labor
organization had been guilty of violating the Sherman AntiTrust Law, seems to have ended in a substantial victory for
the Council. In a letter to United States Attorney H.Snowden Marshall by G. Carroll Todd, Assistant to the AttorneyGeneral, Mr. Todd holds that the refusal of members of the
Council to work upon books or magazines when any part is
printed or illustrated in shops employing non-union men
does not seem to be in violation of the Sherman law; as to
the sending of circulars to publishing houses and other customers of non-union shops characterizing the latter as
"unfair," and attempting to deter such publishing houses
from having printing or engraving done in the non-union
hops, Mr. Todd considers these threats as having the
character of political action rather than of a secondary commercial boycott, and concludes that they do not constitute •
884
THE CHRONICLE
a direct restraint of trade. He says, however, that should
the Council go further and approach booksellers with threats
not to buy from them if they carry in stock books of publishers employing non-union printers, such practices would
constitute a secondary boycott, and he instances what is
apparently a case of this nature with respect to the Electrotypers' Union. The full facts as presented by Mr. Todd
to Mr. Marshall are as follows:
DEPARTMENT OF JUSTICE.
Washington, D. C., March 13 1914.
H. Snowden Marshall, Esq., United States Attorney, New York, N. Y.
Sir:—I have considered the facts in the matter of the complaint against
tho Allied Printing Trades Council as stated in your letters and by Assistant District Attorney Harper on the occasion of his recent visit.
As the facts are understood by me, the case as thus far developed has
two main features.
First. Members of the Allied Printing Trades Council concertedly refuse
to do work upon a book or magazine which in any part has been or is being
printed or illustrated in a shop or shops employing non-union workmen.
For example, if a book has been printed in a non-union printing shop and
photo-engraving is essential to its completion photo-engravers who are
members of the Allied Printing Trades Council would refuse absolutely to
do the work. If brought to a shop in which they are employed they would
strike rather than do it.
This would not seem to be in violation of the Federal Anti-Trust Act.
Second. The Allied Council sends circulars to publishing houses and other
customers of the non-union shops,characterizing the latter as "unfair,"
and attempts to doter such publishing houses from having printing or engraving done in the non-union shops by threatening to appeal, and to have
members of the American Federation of Labor, with which they are allied,
appeal to State boards of education throughout the country not to buy
books from publishing houses employing non-union printing shops. Furthermore, such appeals to the boards of education are in fact made.
It would seem that threats of this kind have rather the character of political action than of a secondary commercial boycott, and, accordingly, are
distinguishable from the acts declared unlawful in Loewe vs. Lawlor,
208 U. S., 274.
I conclude, therefore, that on this branch of the case also the course
of action of those trades unions, as now understood, does not constitute
direct restraint of inter-State commerce within the principle of any case
decided by the Supremo Court.
Of course, should the Allied Printing Trades Council go further than is
hero indicated and,say, approach book sellers with threats not to buy books
from them if they carry in stock the books of publishers who employ nonunion printers, we would then have a case of a secondary boycott within
the principle of Loewe vs. Lawlor, supra. Your letter of the 24th ult.
and its enclosure discloses what is apparently an instance of a secondary
boycott of this nature by the Electrotypors' Union. There is nothing te
show whether this is an isolated instance or whether it is a general practice
on the part of trades unions embraced by the Allied Printing Trades Council. In either event it should be stopped. The Department would be
glad to have your view as to whot;her a bill in equity should be filed to that
end, or whether notice to the parties would be sufficient.
Very respectfully, for the Attorney-General,
G. CARROLL TODD,
Assistant to the Attorney-General.
The particular in which the Council offended against the
law in the view of Mr. Todd is said to concern an article
published in the December issue of the magazine of the Allied
Printing Trades Council, in which its members were asked
to refrain from buying the medicines manufactured by the
Humphreys' Homeopathic Medical Co. of this city because
its printing was done by a non-union house, Endor & Knopf.
It is alleged that as a result of the item letters from unions
in different parts of the country were sent to the medical
company warning it that if it persisted in patronizing a
non-union shop thousands of union members would boycott
its medicines. The attorneys for the Council are now said
to have advised the unions to cease their activities in that
direction. The investigation into the Allied Printing Trades
Council was begun on Feb. 3. Reference was made to it in
our issue of Feb. 14.
xcvm.
investment companies, safe deposit companies and personal loan associations. The savings and loan associations occupy the field in many of the
villages of the State which is given over to the savings banks in the larger
communities. The savings and loan associations, according to their last
reports, have aggregate resources of nearly $65,000,000.
The total banking capital, including surplus and undivided profits o f
all banking institutions in this country, approximates $4,448,000,000.
This figure includes the aggregate capital, surplus and undivided profits
of savings banks in many States where such banks are operated as stock
corporations.
The aggregate capital, surplus and undivided profits of trust companies
and State banks in this State approximate $339,000,000, which is more
than 71,6% of the total for the country, but to these figures there should
rightfully be added the surplus of the savings banks of this State, which
aggregates $116,000,000,making the total for New York State $455,000,000,
or over 10% of the country's total.
The resources of all banks in the United States aggregate $26,300,000,000
and the resources of the State banks and trust companies $2,230,000,000,
or about 8'4% of the whiole, but again, by adding the figures of the savings
banks ($1,926,000,000), the total is largely increased to $1,156,000,000.
or 15.8%. the percentage for Now York State.
Savings deposits In all the banks of the United States are estimated
at $6,972,000,000. The aggregate deposits in Now York State savings
banks are $1,741,000,000, so it appears that the savings banks of this
State have about 25% of the entire savings deposits of the country. The
estimated savings deposits in savings banks in the United States, including
mutual savings banks and those operated as stock corporations, aggregate
$4,743,000,000, and on this basis of comparison the aggregate deposits in
the savings banks of this State are 36 4%
of the total for the country.
4
Reports of the savings banks to the Superintendent of Banks showing
their condition on January 1st 1914 indicate that the continued growth in
aggregate resources which has been in progress for some years is still
uninterrupted. The aggregate resources of the savings banks on that
date were $1,926,334,331,which is a new high record for these institutions.
The increase in resources during the year was $61,550,578. The amount
due depositors at the close of 1913 was $1,741,697,466. This was an inincrease of $52,244,297.
Aggregate surplus of the savings banks, figured on the cost of their
securities as determined by amortization on December 31 1913 was
$183,945,047, and shows an increase for the year of $12,279,093. Aggregate surplus on market value decreased during the year by $1,615,981.
During the last six months of 1913 there was an increase in market value
surplus of $10,391,138. This is accounted for by the very considerable
increase in the market price of bonds held by them.
The status of so-called real estate companies operating
in this State for the transaction of the business of selling
debenture bonds, installment shares and like securities, is
also reviewed in the report of Superintendent Van Tuyl.
On this point he says:
Among the subjects to which the Banking Department has in recent
years given the most serious consideration is the problem of protecting the
nvestors of this State from the operations of domestic corporations organized under the Business Corporations Law, and assuming the right under
their charters of exercising to a greater or less extent the powers of mortgage
loan or investment corporations organized under the banking law and
subject to the supervision of the Superintendent of Banks.
In an opinion recently rendered the Attorney-General of the State has
held that a mortgage loan or investment company organized under any
law of this State prior to the enactment of Chapter 452 of the Laws of 1896
is under the supervision of the Superintendent of Banks, and that any
domestic corporation organized since that time under any law of this
State other than the banking law or the insurance law, and attempting to
exercise the powers of a mortgage loan or investment company, should be
referred to him for action.
It would,therefore,seem necessary, if the State is to be rid of unauthorized
investment companies and the investing public safeguarded against their
operations, that the Superintendent of Banks should be given power to
investigate violations of the law by such unauthorized corporations, and
that an appropriation should be made to enable him to conduct the necessary investigations.
The establishment of a land bank in New York State,
urged by Governor Glynn, is also advocated by Superintendent Van Tuyl. In the report of the Van Tuyl Banking
Commission, covering the revision of the State banking laws,
machinery is provided for the organization of such a bank
somewhat along the lines of a clearing house for savings and
loan associations. Discussing the revision of the banking
law and agricultural credits in his reports on savings and loan
The banking power of the financial institutions in New associations, the State Superintendent says:
York State under the supervision of the State Banking DeIn the general revision of the banking law no material changes have been
partment is discussed at length in the annual report of made in the article relating to savings and loan associations in so far as the
Superintendent George C. Van Tuyl Jr., submitted to the local associations themselves are concerned. Through many years of trial
adversity the savings and loan system of this State has boon perfected
Legislature on the 13th inst. According to Mr. Van Tuyl and
until in many respects, from a theoretical point of view, It is as nearly
"the banking power of the United States, including capital, ideal as the labors of its founders can make it. That it is eminently pracby the experience of many
surplus, undivided profits, deposits, exclusive of bank tical and practicable has been demonstrated than
a quarter of a century
associations extending over a period of more
and
deposits
national bank notes issued as circulation, as and in exceptional cases for a much longer time.
Although this system has never been in this State largely utilized by
computed by the Comptroller of the Currency, aggregates
the operations of such associations have been practically con$23,181,000,000. The banking power of New York State farmers,and
fined to cities and villages, upon comparison with foreign co-operative
banks and trust companies aggregates $2,035,000,000 and the systems it would appear to be better adapted to the making of long-term
savings banks of the State contribute an additional $1,926,- loans upon farm lands under the conditions prevailing in this country than
of the foreign systems, and the representatives of the New York State
000,000, making New York State's percentage 17% of the any
League of Savings and Loan Associations have been foremost in impresstotal for all banks in the United States. The banking power ing these views not only upon the representatives of the local associations
but upon the Representatives
of our State bank and trust companies alone is 83
4% of the of the United States in convention assembled,
of the National Government. All that has seemed to be needed in order
total for the United States." In his report Superintendent to
extend the advantages of the system to all the people of the State,InVan Tuyl also says:
cluding farmers, has been a central institution through which the necessary
Aggregate resources of New York State banks, trust companies and
savings banks are equal to nearly 64% of the combined resources of these
institutions and of the national banks of this State. It thus appears that
the aggregate figures for the New York State institutions represent almost
twice the aggregate resources of the New York State national banks. In
addition to the aggregate resources of the banks, trust companies and
savings banks, there are other institutions under the supervision of the
Superintendent of Banks with combined resources of nearly $95,000,000.
A list of those includes savings and loan associations, mortgage loan and
funds for making loans of this character could be obtained at a low rate
of interest by combining the resources and credit of local associations.
Provision is made in the proposed revision of the banking law for the
organization of such a central institution, to be known as the "Land Bank
of the State of New York." By the proposed revision all the associations
of the State are made eligible for membership in such a central institution,
and it is provided that an authorization certificate shall not be issued to 1
unless at least ten associations having combined resources of at least five
million dollars participate in its organization.
MAR. 21 1914.1
THE CHRONICLE
Mr. Van Tuyl points out that "notwithstanding the
general reactionary tendencies, the year 1913 was upon the
whole the most satisfactory which savings and loan associations of the State of New York have ever experienced.
For the first time in sixteen years there has been an increase
in the number of associations of this character and their
aggregate resources increased considerably over 85,000,000."
The total assets of the savings and loan associations of the
State at the close of 1913 amounted to $64,249,990, the
increase therein represented being $5,209,479.
Immediate action toward the enactment of legislation for
the regulation of private bankers is urged in a special message
sent to the New York Legislature by Governor Glynn on
the 16th inst. Without mentioning by name the suspension of the private banking firm of Henry Siegel & Co.,
Governor Glynn, in asking the Legislature to promptly
remedy the defects of the existing laws, points out the need
therefore as shown by the recent failure. Ile says :
of the largo
Every new development in tho investigation of the affairs
ago, brings to
private bank in New York City which failed several months
taken to protect delight a new reason why immediate action should be
the depositors of
positors in private banks from the disaster which befell
that the present law in
that bank. It must be clear to every one now
that while
depositors,
to
protection
relation to private banks gives no real
as an inducethese banks use the fact that they are licensed by the State
ment for making deposits with them, the State has no effective means, under the present statute, to preserve the integrity of deposits.
The State occupies the unenviable position of being no more than the
purveyor of bad news, the present law merely permitting the State to determine when a private banker is about to become insolvent. To permit such a
situation to continue for an unnecessary day would be a mistake. No personal regard for some of the private bankers or any insincere argument for
delay should prevent the immediate enactment of legislation which will
afford depositors in private banks the same protection which is given to
depositors in savings banks. The State cannot afford to lend itself to the
continued recognition of a business system attended with grave danger
to thousands of its citizens.
--4.-A bill imposing a tax of 1% on the capital, surplus and undivided profits of banks and trust companies, and permitting
no deductions, was passed by the New Jersey Senate on
March 10. In the House on the 18th inst. the bill was referred back to the Taxation Committee and a substitute bill
was reported. The latter does not change the rate of the
tax, but is said to alter the form of the measure in some minor
•details, the purpose in re-committing being to give it the
stamp of an Assembly bill, so as to prevent any question arising as to its constitutionality, by reason of its legislative origin. It is stated that under the Assembly bill the provision
governing the collection of the tax has been made to accord
with the present system of collection from the holders of the
stock. The Senate, or Pierce bill, provided for the collection of the tax from the banks. A conference between Gov.
Fielder, at whose instance the bill was drawn, and the banking interests of the State, who are seeking a modification of
the provisions of the proposed legislation, was held on the
17th inst., but proved fruitless.
---.--Because of the passage by the Kentucky Legislature of
the Glenn-Greene bill and its approval by the Governor on
March 7, practically all the leading fire insurance companies
doing business in Kentucky have notified their agents to
stop writing. This is on the ground that Kentucky business
has not been profitable under former conditions, and that the
drastic provisions of the bill make it impossible for the companies to do business hereafter with either profit or safety.
Tho bill is said to greatly increase the cost of fire underwriting, and gives the State Insurance Board the right to fix the
price of insurance protection. The conditions that have
now arisen in Kentucky are similar to those which developed in Missouri a year ago. Although the Kentucky law
does not go into effect until June 15, up to the 16th inst.
88 companies had given notice of their withdrawal from the
Kentucky Actuarial Bureau, an organization composed of
and maintained by the insurance companies in the State.
Under the Glenn-Greene bill the State Insurance. Board is
authorized to make a .flat percentage decrease in rates on
any class of business, at any time, and in such amounts
as it may decide. The law also authorizes the board to
increase its staff of employees at the expense of the insurance
companies, to require the companies to turn over to it their
tariffs, inspection reports and any other information regarding rates, and gives it other enlarged powers which, it is
claimed, will increase the cost of doing business and diminish
the returns. It is charged that this measure was imposed
upon the insurance companies in spite of the fact that they
have been losing money on their Kentucky business, and
notwithstanding their statement that if it was passed they
would be compelled to suspend. It carries severe penalties,
\
885
and rather than run the risk of these, furnish insurance at a
loss and surrender the principle of business freedom, the companies have decided to stop business until it is made possible
for them to resume with safety.
A delegation of Louisville bankers, merchants and manufacturers appeared before Gov. McCreary on the 16th inst.
to urge that he devise some means for remedying the situation created by the suspension of the insurance companies.
The Governor made it clear that ho would not call a special
session of the Legislature, having already polled both the
Senate and the House, and learned that not a single member
was disposed to change his vote. Ruby Laffoon, Chairman
of the State Rating Board, was present at the conference,
and in recommending that the delegation apply to the insurance companies themselves for the relief asked for, stated
that every provision in the Glenn-Greene law was agreed
to by the companies except the one giving the board the right
to raise or lower the rate on a percentage basis. Chairman
Laffoon is credited in the Louisville "Courier-Journal" with
having stated that the only extension of powers conveyed
under the bill was to enable the board to improve the condition of risks so as to reduce the fire waste and benefit the
companies and the insured. He also stated that if a delegation be sent to confer with the board, he believed a way
out of the situation could be found.
The Chase National Bank, which has been located in the
Clearing-House Bldg. on Cedar Street ever since the erection of that structure, nineteen years ago,has decided to locate on Broadway. It has taken a twenty-year lease of the
entire ground floor and basement of the new Adams Bldg.,
at 61 Broadway, at the northwest corner of Broadway and
Exchange Alley. The bank will move into its new quarters
about six months hence
The National Bank of Commerce in New York is distributing to its officers and clerical employees certificates
which give evidence of their being beneficiaries under the
plan of pension, life insurance and disability insurance
adopted by the bank after careful study and analysis of
different forms of pension and life insurance plans adopted
by financial institutions, railroads, manufacturers and other
employers, both in this country and in Europe. This plan
contemplates no contribution whatever on the part of officers
or clerks; the entire expense being borne by the bank.
As to pension, the plan provides that all officers and
clerical employees may, with the consent of the board of
directors, upon attaining the age of sixty years, retire from
service or may be required to retire, and shall retire, upon
attaining the age of sixty-five years, unless formally requested
by the board of directors to remain longer in the service.
Upon such retirement officers and clerical employees become
eligible to an annual pension at the rate of 2% of aggregate
salary received while in the continuous service of the bank,
but the maximum annual amount to be paid shall in no case
exceed the sum of $5,000.
Life insurance is provided for all officers and clerical employees in the service of the bank at the time of the adoption
of the plan, without physical examination, and all officers
and clerical employees who may thereafter be employed and
are found to be physically eligible for such insurance. The
insurance in each case to be the amount of one year's salary
at the time of the insured's death, but not to exceed the sum
of $5,000 in the case of any one person.
The disability insurance is one of the most attractive features of the plan; provision being made for all such present
and future officers and clerical employees of the bank as
may be found physically eligible. The amount of disability
insurance in the case of each officer and clerical employee is
to be payable monthly at the rate, during the first year
of total disability, of 80% of the annual salary received by
the insured at the time of disability and thereafter to be at
the rate of 60% of such annual salary for life and so long as
the total disability shall continue, payments for such disability to commence after the first month,the bank itself to
pay the full salary of the insured during the first month
of disability.
Attention is called to the excellent statement of March 4
of the National Bank of Commerce of this city, J. S. Alexander President. The deposits were $163,731,343, the
largest of any New York national bank but one; its capital,
$25,000,000; surplus, $10,000,000, and undivided profits,
$6,939,541, aggregate $41,939,541; and in this respect the
886
THE CHRONICLE
[VOL. xcvut.
bank ranks second largest in the country, while its resources
reach $216,110,980. Mr. Alexander's executive associates
include: Herbert P. Howell and R. G. Hutchins Jr., VicePresidents; Stephenson E. Ward, Cashier, and Oliver I.
Pilat, Faris R. Russell, A. J. Oxenham, Wm. M. St. John,
Louis A. Keidel and John E. Rovensky, Assistant Cashiers.
9th inst. Mr. Gummere had recently been in ill-health
and had been staying in New York preparatory to taking
a trip abroad. He was in his fifty-eighth year. Mr.
Gummere controlled the Trenton Theatre Building Co.,
which operates the Taylor Opera House and the Trenton
Theatre; he was Vice-President of the Real Estate Title
Co. of Trenton, a director of the Mercer Trust Co., the Acme
William Lummis, a former President of the New York Rubber Co., the Hamilton Rubber Co. and other organizaStock Exchange, died on the 15th inst. in his seventy-third tions.
year. Mr. Lummis became a member of the Exchange in
William D. Morgan has tendered his resignation as Cashier
1864, and for twelve years served as a Governor; in 1884
he was elected Vice-President and later succeeded to the of the Aetna National Bank of Hartford, Conn., in order
presidency. He founded the firm of Lummis & Day and to give his entire attention to an organization lately formed
was formerly identified with a number of banking institutions by him--the Morgan Bankers' Service, which has offices in
and railroads. He was a member of the Chamber of Com- the Woolworth Building, New York. Mr. Morgan has been
merce and a former Commissioner of the Board of Education. connected with the Aetna National since 1891. He will leave
the institution about April 1. He is said to have given considerable study to the new income tax law, and one of the
The proposal to reduce the capital of the Fourth National
features of his company will be the handling of coupons; it
Bank of this city from $5,000,000 to $3,000,000 was ratified
will also offer to banks a chart service furnishing the names
by the stockholders on the 19th inst. The details of the plan
of fiscal agents for the payment of coupons.
were published in our issue of Feb. 21. The reduction will
be effected by the surrender by the stockholders of 40% of
William L. Koester has been elected Cashier of the Germantheir holdings at $200 a share, the surplus being thereby American Bank of Buffalo, succeeding the late Edward
brought down to the same amount as the capital. The A. Weppner. Frederick A. Heron has become Assistant
change will go into effect on April 1.
Cashier.
The March 2 figures of the Farmers' Loan & Trust Co.,
Edwin S. Marston, President, which are given elsewhere in
the "Chronicle" to-day, possess peculiar interest at this time,
when American banking institutions are contemplating the
foreign privileges to be allowed under our new Federal Reserve system. The Farmers' Loan & Trust Co. has offices
in New York, London,Paris and Berlin, and is we believe the
only American bank with regularly established branches in
so many foreign banking capitals. The company enjoys
the distinction, unique in this country, of being the largest
trust company whose business has been built up entirely by
individual growth and not through successive consolidations
with other companies. Its deposits for March 2 were $119,389,531; capital, $1,000,000; undivided profits, $6,559,480;
bonds and stocks, $33,479,599; real estate, $3,647,832;
bonds and mortgages, $5,802,930; loans, $31,694,811; cash
on hand and in bank, $32,023,190, and aggregate resources
were $128,162,421. At a directors' meeting Thursday
Anton A. Raven was elected a member of the board.
The Harriman National Bank at Fifth Avenue and Fortyfourth Street yesterday entered upon its fourth year of business as a national banking association, with deposits in
excess of $17,500,000. This shows noteworthy growth
since it began business under a national charter on March 20
1911. No more interesting index to the change that has
come to the territory between Thirty-fourth Street and
Fifty-ninth Street, turning it from a district of fashionable
dwellings to a busy wholesale and retail mercantile centre,
than the growth of the banks in the neighborhood, can readily be found. In this increase of deposits, marking the substantiality of the local business community, the Harriman
National Bank leads in point of percentage of growth, the
rise from approximately $4,000,000 to $17,500,000 representing an increase of 337%. This institution maintains
unique hours of business, being open from 8 a. m. to 8 p. m.
John A. Noble, Cashier of the institution, is back from
his trip abroad, taken for the purpose of studying the situation with respect to the opening of branches in Europe,
as authorized under the new Federal system.
Action on an agreement for the merger of the Federal Safe
Deposit Co. of this city into the Corn Exchange Safe Deposit
Co. will be taken by the stockholders of the two organizations
on March 25. The proposition to increase the capital of the
Corn Exchange Safe Deposit Co. from $200,000 to $300,000
will also be voted upon at the same time.
General William Ames, President of the Blaokstone
Canal National Bank of Providence, and one of the most
prominent men in the business and political life of Rhode
Island, died on the 8th inst. after a short illness. He was in
his seventy-second year. He was formerly Collector of the
United States Internal Revenue for the First Rhode Island
District, and had also served in the Providence Common
Council and the State Legislature. In addition, General
Ames had been a member of the State House Building
Committee which selected the site and assisted in the erection
of the Capitol Building. He was President of the Fletcher
Manufacturing Co., Vice-President of the International
Braid Co., a director and member of the finance committee
of the Providence Washington Insurance Co., a director
of the Manufacturers' Mutual Insurance Co. of Rhode
Island, &c.
In line with the announcement of last week, Richard L.
Austin was elected President of the Girard National Bank of
Philadelphia, succeeding Francis B. Reeves, retired. Mr.
Reeves was made Chairman of the Board.
The organization is under way of the Waynesboro Trust
Co. a Waynesboro, Pa. Of the authorized capital of
$200,000, stock to the amount of $125,000 is to be issued at
once; subscriptions are being received at par, $50 a share.
The proposed institution is to engage in a general banking
and trust business. The city has at present no trust company, its banking facilities consisting of three banks—two
national and one State.
Douglas M. Wylie, Vice-President of the National Bank
of Commerce of Baltimore, and formerly President of the
Baltimore Chamber of Commerce, died on the 9th inst.
Since the death of his father he had been senior member of
the grain and flour firm of Wylie, Son & Co. He was in
his fiftieth year.
John G. Orchard, for forty years identified with Chicago
banking institutions, died on March 15 at White Springs,
Fla. Mr. Orchard for nearly twenty years was Cashier
of The Merchants' Loan & Trust Co. Bank, holding that
position until last June, when he retired on account of impaired health. He was born in Scotland in 1845 and began
his banking career in his native country. After serving both
the Royal Bank of Scotland, in Edinburgh, and the Bank
of British North America, in London, he joined the Canadian
Bank of Commerce in 1874 and went to Chicago to open a
branch of that institution. In 1883 he became connected
with The Merchants' Loan & Trust Co. Bank, whore he
put his principal efforts in the work of developing the foreign
business of the bank. In 1895 he was appointed its Cashier.
The Franklin Trust Co. of Brooklyn, Arthur King Wood,
President, reached the highest deposit mark in its history
on March 2. The company's growth on that date brought
deposits up to $12,578,089. Its capital is $1,000,000, surJohn H. McCluney, President of the State National Bank
plus $1,000,000 and undivided profits $228,369. Aggregate of St. Louis, died on the 3d inst. He was seventy-three
resources are over $14,887,604. The board of trustees is years of age and had been identified with the State National
Bank and its predecessor, the State Savings Association, for
one of the strongest and most representative in Brooklyn.
fifty-seven years. He entered the latter as a messenger; his
• Barker Gummere, President of the Trenton Trust & Safe election to the presidency of the State National occurred in
1907.
Deposit Co. of Trenton, N. J., died in New York on the
M.21 1914.)
887
THE CHRONICLE
Henry T. Scott, heretofore President of the Mercantile akaminercial andMiscellantonsgms
National Bank of San Francisco, was elected Chairman
of the Board on the 11th inst. John D. McKee, formerly
STOCK OF MONEY IN THE COUNTRY.-The folVice-President and Cashier, was elected President; Frank lowing table shows the general stock of money in the country
G. Drum was elected Vice-President, and 0. Ellinghouse, as well as the holdings by the Treasury and the amount in
circulation on the dates given.
Assistant Cashier, was elected Cashier.
Stock of Money Mar.2 1914. -Money in Circulation
Changes in the staff of the Mercantile Trust Co. of San
March 2
March 2
/n United
Held in
Francisco also ocurred on the 11th inst., when Mr. Scott,
1913.
1914.
Stales.
Treasury.*
$
$
$
$
previously Vice-President, was elected President; Mr. Drum Gold coin and bullion
1,920,268,748 167,662,188 611,907,591 610,357,741
Gold certificates_b
46,212,275 1,094,486,694 994,117,839
was elected a Vice-President; Mr. McKee, Vice-President Standard
silver dollars_ _ _ _ 565,754,263 19,686,703
72,567,843
72,194,560
12,497,052 461,375,948 460,922,694
and Cashier, resigned as Cashier but remains as Vice-Presi- Silver certificates.b
Subsidiary silver
179,530,024 19,293,038 160,236,986 153,335,238
Cashier.
elected
dent; and Mr. Ellinghouse was
2,732,157
Treasury notes of 1890
2,512,235
2,519,000
6,765
The Royal Bank of Canada (head office, Montreal),
following its policy of extending its branches throughout the
British West Indies, has purchased the British Guiana Bank,
which has been in existence since 1836. The acquired bank
had a capital of $926,520, surplus of $239,463, and total
assets of $3,680,396, with branches at Georgetown, Demarara
and New Amsterdam, Berbice. The last statement of the
Royal Bank of Canada showed total assets of over $180,000,000, with branches in every important city in Canada,
Cuba, Porto Rico, Dominican Republic, Bahamas, Barbados, Grenada, Jamaica, Trinidad, British Honduras and
British Guiana. The Bank also has agencies in New York
and London, Eng.
The report of the Standard Bank of Canada (head office,
Toronto) at the close of its thirty-ninth year, Jan. 31 1914,
reveals substantial growth in all branches. The net profits,
after making provision for bad and doubtful debts, rebate
of interest on unmatured bills under discount, exchange,cost
of management, &c., amounted to $555,096, being at the rate
of 21.16% per annum on the average paid-up capital for the
year, or 9.47% on the capital, reserve and undivided profits.
The present year's net profits compare with $462,080 the
previous year. With the balance brought forward from last
year, the premium on new stock, and the net profits of the
past twelve months, the bank had available for distribution
$1,089,972, out of which it paid $341,790 in four quarterly
dividends at the rate of 13%; $15,000 was contributed to the
Officers' Pension Fund; $630,965 was transferred to the
Reserve Fund ($430,965 of this representing premium on new
stock); $50,000 was written off bank premises, leaving
$52,217 to be carried forward to the new profit and loss
account. The new statement shows a paid-up capital of
$2,860,240; a Reserve Fund of $3,760,240; deposits (interest
bearing and non-interest-bearing) of $35,018,592, and total
assets of $45,661,015. W.F. Cowan is President of the bank
and George P. Scholfield is General Manager.
illitanetattgComm ercial3Zuglisligteurs
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,
Tues. Wed.
Mon.
Sat.
Thurs.
Fri.
Week ending Mar. 20.
d 26 13-16 26 13-16 26 13-16 2634
2634
2634
Sliver, per os
7534
74 13-16
7534
7534
7494
d Consols, 2% per cents..._ 7534
/5%
7534
75 3-16 7434
7534
7434
d For account
87.67%
87.45
88.10
fr.
86.80
86.92%
Paris)
(in
86.823
d French neat's
7634
7634
7734
7634
7734
Amalgamated Copper Co_. 7634
7034
7034
70
71
7034
Am. Smelt. & Refining Co- 70
734
7%
7%
7%
734
794
b Anaconda Mining Co
mg
oog
oo g
oo g
99%
Atch. Topeka & Santa Fe- 99
103
103
103
103
103
103
Preferred
92
91
91%
9034
9094
9234
Baltimore & Ohio
83
83
83
83
83
8334
Preferred
213
21034
215%
21134
21134
21234
Canadian Pacific
5434
5434
5434
5431
5434
5434
Chesapeake & Ohio
12
1234
12
12
12
12%
Chicago Great Western
ioim 101% 101%
1013i
101%
Chicago Mliw..fc St. Paul---101 H
12
1234
11%
12
1234
Denver & Rio Grande
1234
21%
23
2194
23
2114
Preferred
2334
29%
29
2934
29)4
29%
29%
Erie
45%
48
45%
45%
46
46
First preferred
38
38)4
38
37%
38
3734
Second preferred
131
13034
130%
13094
13034
Great Northern, preferred 130%
112
112
112
112
112%
112%
Illinois Central
139%
14034
141
139
141%
14034
Louisville & Nashville
17
1734
1734
1734
1694
Missouri Kansas & Texas.- 1734
52
51)1
4634
4594
4434
Preferred
4734
25
2534
25
Missouri Pacific
6
,
riY.
151
18
11%
tIrl
2
11%
1194
Nat. RR. of Mex., 28 pref
9294
N. Y. Cent. de lIud. River.- 9234
9334
9334
0334
9294
2734
2734
2734
2794
N. Y. Ont.& Western
2794
2734
105%
106
105%
106
106
Norfolk & Western
106
91
91
Preferred
115
Northern Pacific
i13
Ili-iiisi,i 11534
i194
57
5634
5634
5634
a Pennsylvania
5694
5634
84%
843(
a Reading Company
848434
45%
44
5
4514
848
45%
a First preferred
4534
4534
a Second preferred
4646
9r
:::Li
.
-iii
-i-g-iii
Rock Island
4%
96%
96%
Southern Pacific
96%
97%
9
26
2534
2594
Southern Railway
2594
2534
2594
86
8631
8(1
Preferred
86
8634
8634
1
16231
162%
162%
Pacific
172
6234
16134
Union
85%
85%
8634
85%
Preferred
8634
86%
6574
66
6534
66
6534
6534
U.S. Steel Corporation
113
113
113
113
113
113
Preferred
2
2
2
2
2
234
Wabash
(I%
7
7
7
7
7
Preferred
57
5834
5734
56%
5634
5634
Extended 4s
a Price per share. b i sterling. c Ex-dividend. a QuotaVoos here given are
flat prime.
United States notes
National bank notes
7,471,326
346,681,016
753,168,831 45,318,126
338,951,385
711,360,900
339,209,690
707,850,705
Total
3,767,921,882 318,147,473 3,449,774,409 3,344,345,795
Population of continental United States March 2 1914 estimated at 08,463,000;
circulation per capita, $35 04.
x This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in National Bank Depositaries to the credit
of the Treasurer of the United States, amounting to $66,728,384 66.
b For redemption of outstanding certificates an exact equivalent in amount of
the appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.
GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we_
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February and
the eight months of the years 1914 and 1913.
Feb. 1914.
Current ReceiptsCustoms
17,609,603 70
Internal revenue21,328,817 64
Ordinary
778,762 88
Corporation tax_ _ _ _
3,916,673 11
Miscellaneous
Feb. 1913. 8 Mos. 1913-14 8 Mos. 1912-13
$
•
27,605,115 83 199,614,527 33 222,887,540 57
22,417,852 37 209,855,503 38 207,650,113 08
3,204,405 72
519,234 28 4,095,376 28
4,261,216 99 35,715,617 49 36,388,052 34
Total
43,633,857 33 54,803,419 47 449,281,024 48 470,130,111 71
Pay Warrants Drawn8,864,238 56 8,739,121 78
831,280 01
Legislative establishm't 1,151,182,97
413,679 04
462,940 38
49,945 55
57,273 50
Executive Office
3,750,844 58
3,315,842 13
470,189 61
State Department.... 434,737 48
Treasury DepartmentExcl. public bldgs.._ 3,068,787 50 3,542,752 72 29,171,597 90 30,114,357 67
9,435,108 61 12,328,841 43
1,618,322 53 1,356,057 64
Public buildings_ _
War Department9,213,589 33 8,188,570 00 86,030,143 73 85,193,913 56
M'Mary
1,483,840 35
1,529,167 55
180,227 05
175,889 88
Civilian
Rivers and harbors... 3,050,301 82 1,988,350 57 36,143,789 07 27,994,403 92
7,318,686 00 7,208,043 41
803,497 85
764,842 83
Department of Justice_
Post Office Departm't-1,320,018 45
1,493,487 71
151,530 54
76,082 22
Excl. Postal service_
454,682 55
686 34
Postal deficiencies
Navy Department-9,013,371 38 10,692,936 62 92,518,598 61 89,060,203 87
Naval
542,285 35
568,488 30
77,207 87
70,488 16
Civilian
Interior DepartmentExcl. Pensions and
1,253,960 78 1,236,322 25 16,398,759 00 16,738,052 31
Indians
15,544,953 85 16,969,553 37 115,220,137 94 112,210,159 51
Pensions
1,387,186 43 1,472,331 43 13,705,207 09 13,220,536 83
Indians
Department of Agricul. 1,037,587 84 1,573,589 50 16,148,882 10 14.749,75722
748,836 741 1,299,250 26 f7,761,762 78 110,096,135 03
Department of Comm_
12,562,254 10 J
316,922 183
Department of Labor_
Independent offices and
1,832,478 34
191,790 53 2,002,288 66
265,406 87
Commissions
902.850 53 9,091,026 30 9,284,535 02
816,233 92
District of Columbia
89
16,121.963
45
16,693,015
94
1,316,663
Int. on the public debt_ 1,936,836 16
Total pity warrants
52,602,794 37 53,294,897 84 476,262,639 05 463,031,323 15
drawn (net)
Public DebtBonds, notes and cer84,091 00
21,414 00
1,285 00
2,210 00
tificates retired
Panama CanalPay warrants issued... 2,682,227 34 3,093,006 38 26,149,075 13 27,500,401 83
Total public debt &
Pan. Canal disb'ts 2,681,437 34 3,094,291 38 26,170,489 13 27,584,492 63
Grand total disburs'ts_55,528,577 21 56,625,531 73 502,529,355 42 491,252,426 08
Net excess all disburs'ts11,894,719 88
1,822,112 26 51.001,63094
19,192,474 37
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.
Imports.
Month.
1913-14.
s
$
79,578,905 85,764,897
ruly
tugust.... 78,844,083 86,569,092
leptember 95,367,231 84,440,226
71,691,438 109,821,079
)ctober
govember 79,923,991 85.700,284
tecember 103,447,909 94,190,034
ranuary_. 82,330,513 92,638,634
_ 85,328,96 8 ,49 ,0 i
•'ebruary.
Total
Exports.
I
1912-13.
Customs Receipts,
at New York.
1913-14.
1912-13.
1913-14.
$
$
$
68,009,103
77,577,210
74,475,934
84,194,135
71,626,106
82,061,629
72,872,302
64,934,639
66,670,27(
72,500,822
73,336,565
76,908,55
82,931,311
78,460,992
83,086,101
74,536,674
i8,50l,70F
19,864,10
18,365,38
20,270,021
14,751,254
14,863,05
16,643,01
13,023,011
1912-13.
$
18,180,492
18,322,738
17,936.175
19,983,599
16,430,392
16,406,794
18,769,817
18,158,304
676,513,03 725,614,332595,751,053 608,431,29 136,281,61 144,188,309
Imports and exports of gold and silver for the 8 months:
Gold Movement at New York.
onth.
Imports.
1913-14.
July
August_ ....
September
October..
November
December
January.February.
1912-13.
$
2,627,049 1,838,482
2,376,892
2,645,03
1,481,485
2,249,301
8,799,437
3,117,77
4,404,017 1,491,578
2,786,709 6,748,644
1,301,532 2,831,377
659,423 1,215,237
Exports.
1913-14.
1912-13.
$
8,510,514 4,858,18
38,80
47,500
404,852
35,350
186,996
85,100
192,63
477,500
347,97
290,746
6,788,486 17,154,217
8,982,204 12,242,96
Total __ 19,790,863 28,783,132 25,217,400 35,428,61
Silver-New York.
Imports.
Exports.
1913-14.
1912-13.
1,482,18
1,743,73
1,134,43
1.029,73
1,883,91
1,311,47
1,145,93
779,43
3,037,219
3,733,182
4,464,910
4,235,476
3,198,800
3,514,872
3,468,643
3,137,258
10,510,84
28,790,360
888
THE CHRONICLE
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statementfor February 1913
will be found in our issue of March 29 1913, page 921.
[VoL. xevin.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive,
Railroads (Steam) Concluded.
Reading Company, second pref. (guar.). 1
Apr. 9
of rec. Mar. 240
St. L. Rocky 111
P Co Pf (.114.)(NO.7)- 134 Mar. 31 Holders
Mar. 22 to
Mar.30
St. Louis Sc San Francisco—
K. C. Ft. S. Sc M., pt. tr. crtfs- (quar.) 1
April
1 Mar. 18 to April 1
Southern Pacific Co. (guar.)(No. 30)_
1% April 1 Holders of rec. Feb. 284
Southern Railway, preferred
Bonds and Legal Tenders
234 April 24 Holders of rec. Mar. 280
Circulation Afloat Under—
Southern Ry.-M. Sc 0. stock tr. ctfs....._ 2
on Deposit for
April 1 Holders of rec. Mar. 16a,
Toronto Hamilton & Buffalo (guar.)
1913-14.
April 1 Holders of ree. Mar. 27a
Pacific,
Union
common (special)
Legal
s3
July Is Mar. 3 to Mar. 22
Legal
Union Pacific, common (guar.)
Bonds.
234 April 1 Mar. 3 to Mar.
Tenders.
Bonds.
Tenders.
Total.
22
Preferred
2
April 1 Holders of rec. Mar. 2a
United N..1. RR. et Canal Cos., gu.(qu.).. 234 April 10
Mar. 21 to Mar. 28
$
Feb. 28 1914
741,445,500 16,658,993 736,509,838 16,658,093 753,168,831 Warren
334 April 15 Holders of rec. April 6a
Jan. 31 1914
741,645,500 17,828,533 736,194,233 17,828,533 754,022,766 West Jersey Sc Seashore
234 April 1 Holders of rec. Mar.d14a
Street and Electric Railways.
Dec. 31 1913
743,066,500 17,209,316 740,633,645 17,209,316 757,842,961
Nov. 29 1913
743,590.500 17,481,908 739,677,565 17,481,906 757,159,471 Asheville Power Sc Lt., pref. (qu.)(No.8) 134 April 1 Holders of rec. Mar. 23a
Augusta-A
Oct. 31 1913
iken
Ry.
Sc El. Corp., pf. (qu.) 134 Mar. 31 Holders of rec. Mar. 15a
743,513,900 18,835,933 740,063,776 18,835,933 758,899,709
Sept. 30 1913
741,846,850 20,563,626 738,467,068 20,563,626 759,030,694 Bangor Ry. & Elec., pf. (guar.) (No. 9).. 13( April 1 Holders of rec. Mar.20
Aug. 30 1913
742,081,800 21,690,081 740,029,948 21,690,081 761,720,029 Brazilian Tray., Lt. Sc Pow., pref. (qu.).. 134 April 1 Holders of rec. Mar. 14
Brooklyn
July 31 1913
Rapid Transit (guar.)
741,631,750 20,790,783 738,502,408 20,790,783 759,203,191
1.34 April 1 Holders of rec. Mar. 9
June 30 1913
740,529,250 22,092,856 737,065 050 22,092,856 759,157,906 California Ry. & Power, prior pref. (qu.) _
April 1 Holders of rec. Mar. 21a
May 31 1913
737,427,800 21,539,251 733,754.815 21,539,251 755,294,080 Capital Traction, Wash.,D.C.(guar.)_ _
13.4 April 1 Mar. 15 to Mar. 31
April 30 1913
734,448,080 22,032,083 731,044,591 22,032,083 753,076,674 Carolina Power Sc Lt., pf. (qu.)(No. 20) 13 April 1 Holders of rec. Mar. 23a
Mar. 31 1913
732,688,750 22,659,331 729,400,001 22,659,331 752.059.332 Chicago City Hy.(guar.)
234 Mar. 30 Mar. 8 to Mar. 16
Cinc. & Ham. Traction, corn. (guar.)
1
April 1 Mar. 21 to Mar. 31
Preferred (guar.)
The following shows the amount of each class of bonds Cincinnati
134 April 1 Mar. 21 to Mar. 31
Street Ry. (guar.)
134 April 1 Mar. 17 to Mar. 31
held against national bank circulation and to secure public Cleveland Ry.
(guar.)
134 April 1 Holders of rec. Mar. 14a
Columbia Ry.,Gas & Elec., pref. (guar.)._
moneys in national bank depositaries on Feb. 28.
134 April 1 Mar. 29 to April 1
Colum. Newark & Zones:. El. Ry.,
(qu.) 134 April 1 Mar. 26 to Mar. 31
Columbus Ry., P. dr L., pf. A (No. 1).134 April 1 Holders of rec. Mar. 16
Duluth-Superior Trac., corn. Sc pf. (qu.)Apr. 1 Holders of rec. Mar. 14a
U. S. Bonds Held Feb. 28 to Secure—
Frankford Sc Southw. Pass., Phila. (qtr.) $4.50 April 1 Holders of rec. Mar. 15a
Bond,' on Deposit
Germantown Pass. Ily. (guar.)
February 28 1914.
Bank
$ 1 .3134 April 7 Mar. 18 to April 6
PublicDeposits
Total
Halifax Elec. Tramway (guar.)
April 1 Mar. 20 to April 1
Circulation.
2
in Banks.
Held.
Houghton County Trac., corn.(No. 10)_
234 April 1 Holders of rec. Mar. 21a
Preferred (No. 12)
April
3
1 Holders of rec. Mar. 21a
$
$
$
Illinois Traction,
2%,U. S. Panama of 1936
(guar.)
52,939,560
April 1 Holders of rec. Mar. 14a
1,316,500
54,256,000 Kentucky Securitiespref.
4%,U.S. Loan of 1925
Corp., pref. (guar.)._
Holders of rec. Mar. 31
34,681,20
April
134
15
0
3,845,700
38,526,90
0
3%,U. S. Loan of 1908-1918
Lake Shore Elec. Ry., 1st pref. (guar.).21,314,100
134 April 1 Holders of rec. Mar. 21a
4,728,800
26,042,900 Louisville Traction,
2%,U.S. Consols of 1930
corn. (pear.)
1
603,604,500
April 1 Holders of rec. Mar. 25
13,020,850 617,525,350
2%, U.S. Panama of 1938
Preferred
28,906,140
23.4 April 1 Holders of rec. Mar.
599,000
29,505,140 Manila Elec. RR. Ltg.
3.65%, District of Columbia
Sc
Corp. (guar.). 134 April 1 Holders of rec. Mar. 25
933,000
933,000 Mohawk Valley Co.(guar.)
18a
Various, State, City, Railroad, &a
134 April 1 Holders of rec. Mar. 230
37,398,565
37.398,565 New Orleans Ry. & Light, cons.(par.).
4%, Manila Railroad
_
34 Mar. 31 Mar. 21 to Mar. 31
10,000
10,000
Various, Territory of Hawaii
Preferred (guar.)
Mar.
13.4
2,087,000
31
Mar. 21 to Mar. 31
2,087,000 N. Y. State Railways,
4%,Philippine Loans
corn. (guar.)
134 April 1 Holders of rec. Mar. 24a
5,883,000
5,883,000
4%,Porto Rico Loans
Preferred (guar.)
13.4 April 1 Holders of rec. Mar. 24a
2,145,000
2,145,000 Northern Ohio
3%, U. S. Panama of 1961
Tract.
de
(guar.).
Lt.,
pref.
134
April
1
15,922,900
Holders of rec. Mar. 15a•
15,922,900 Philadelphia Co., corn.
4%,Philippine Railway
(guar.)(No. 130)—
134 May 1 Holders of rec. April 1
918,000
018,000
6% cumulative preferred (No. 3)
3 May 1 Holders of rec. April 1
Philadelph
Total
Traction
ia
$2
April
1
Holders of rec. Mar. 10a
741,445,500
89,708,315 831,153,815 Porto Rico Rys.,
Ltd., corn.(guar.)
April 1 Holders of rec. Mar. 20
1
Preferred (guar.)
134 April 1 Holders of rec. Mar. 20
Public Service Corp. of N. J.(guar.)
The following shows the amount of national bank notes Republic
134 Mar. 31 Holders of rec. Mar. 27a
Ry. feLt., pref. (qu.)(No. 11)134 April 15 Holders of rec. Mar. 31
afloat and the amount of legal-tender deposits Feb. 1 and Ridge Ave.
Pass. Ry., Phila. (guar.)
April 1 Mar. 16 to April 1
March 1, and their increase or decrease during the month St. Joseph Ry., L., H.Sc P., pref.(guar.) $3
14 AprIl 1 Holders of rec. Mar. 16
Second Sc Third Sts. Pass., Phila. (guar.) 3
April 1 Mar. 3 to Mar. 13
of February.
Sierra Pacific Elec. Co., pref. (gu.)( No. 19) 134 May 1 Holders of rec.
April 15a•
Twin City R.T., Minneap., corn.(qu.)._
National Bank Notes—Total Afloat—
14 April 1 Holders of rec. Mar. 14a
Amount afloat Feb. 1 1914
Preferred (quar.)
134 April 1 Holders of rec. Mar. 14a
3754,022,7
68
United Light Sc Rya., common (guar.)._
Net amount retired during February
April
1
Holders
1
of
rec.
Mar. 16a
853,935
Common (payable in corn. stock)
April 1 Holders of rec. Mar. 16a
1r
Amount of bank notes afloat March 1 1914
First preferred (guar.)
134 April 1 Holders of rec. Mar. 16a
$753,168,831
Legal-Tender Notes—
Second preferred ((mar.)
ft April 1 Holders of rec. Mar. 16a
Amount on deposit to redeem national bank notes Jan. 1 1914
United Trac. Sc Elec., Providence (guar.) 14 April 1 Mar. 11 to Mar. 15
$17,828,533 Virginia
Net amount of bank notes retired in February
Ry. Sc Power, common
134 April 10 Holders of rec. Mar. 21a
1,169,540 Wash. Bait.
Sc Annap. El. RR., pf. (qtr.) 134 Mar. 31 Holders of rec. Mar. 210
Washington Water Power, Spokane (guar.) 2
Amount on deposit to redeem national bank notes March 1 1914.— $16,658,9
April 1 Holders of rec. Mar. 14
93 West End Street Ry.,
Boston, common_ _ $1.75 April 1 Mar. 22 to April 1
West India Elec. Co., Ltd.(qu.)(No. 25) 134 April 1 Mar. 24 to Mar.
31
Winnipeg
Electric
Ry. (guar.)
3
National Banks.—The following information regarding
April 1 Holders of rec. Mar. 20a
Banks.
national banks is from the office of the Comptroller of the Chatham Sc Phenix National (guar.)._
2
April 1 Mar. 22 to
Mar. 31
Commerce, National Bank of(guar.)
2
April 1 Mar. 21 to April 1
Currency, Treasury Department:
Gotham National (guar.)
2
April
April 1
Hanover National (guar.)
4
Aprill 1 Holders of rec. Mar. 21
APPLICATIONS TO CONVERT APPR OVED.
Irving National (guar.)
2
April
Liberty National (guar.)
April 1 Holders of rec. Mar. 31a
The Bank of Hudson, Wis., into "The National Bank of
Manufactur
ers
Hudson."
Nat.,
Blclyn.
5
(guar.)
April 1 Mar. 21 to Mar. 31
Capital, $50,000.
Metropolitan (guar.)
2
April 1 Mar. 21 to Mar. 31
VOLUNTARY LIQUIDATION.
Seaboard National (guar.)
3
April 1 Holders of rec. Mar. 240
3,221—The State National Bank of Fort Worth, Tex.,
Trust Companies.
Mar. 3 1914.
Absorbed by the Fort Worth National Bank. Liquidati
Brooklyn (guar.)
5
April 1 Holders of rec. Mar. 200
ng
agent,
Noah Harding, Fort Worth, Tex.
Central (guar.)
10
April 1 Mar. 24 to Mar. 31a.
5,792—The First National Bank, of Hartford, Ky., Mar.
5
Mar. 31 Holders of rec. Mar. 23a
5 1914. Sue- Columbia-Knickerbocker (guar.)
ceeded by the Citizens Bank of Hartford. Liquidati
Commercial of New Jersey (guar.)
April
4
a31
1
March 31
ng
agent,
Empire (guar.)
J. 0. Riley, Hartford, Ky.
Holders of rec. Mar.
234
Guaranty (guar.)
Mar. 31 Holders of rec. Mar. 21
254
Extra
Mar. 31 Holders of rec. Mar.25a
Lawyers' Title Ins. Sc Tr. (qu.)(No. 62) 2
April 1 Mar. 17 to April 1
DIVIDENDS.
Mechanics of N. J. (guar.) (No. 59)
April 1 Mar. 28 to April 1
5
Extra
April 1 Mar. 28 to April 1
5
The following shows all the dividends announced for the Metropolit
an (guar.)(No.69)
Mar. 31 Mar. 21 to Mar. 31
Mutual Alliance (guar.)
134 April 1 Holders of rec. Mar. 31
future by large or important corporations.
Mutual of 1Vestchester Co. (guar.)
April 1 Holders of rec. Mar. 31
134 Mar.
New York (guar.)
31 Mar. 22 to Mar. 31
8
Dividends announced this week are printed in italics.
Title Guarantee & Trust (guar.)
Mar. 31 Holders of rec. Mar. 23
5
Union Trust (guar.)
April 1 Mar. 25 to Mar. 31
4
Miscellaneous.
Per
When
Books Closed.
Aeolian, Weber Piano & Pianola, pf (qu.)Name of Company.
134 Mar. 31 Holders of rec. Mar. 25
Cent. Payable.
Days Inclusive.
Amer. Agric. Chem., corn. (qu.)(No. 10)
April 15 Holders of rec. Mar. 23a,
Preferred (guar.) (No. 35)
Railroads (Steam).
134 April 15 Holders of rec. Mar. 23a
Beech Creek (guar.)
American Bank Note, pref. (guar.)
April
1 Holders of rec. Mar. 164
134
1
April
1
Holders of rec. Mar. 23a
Boston & Albany (guar.)
134 April 1 Holders of rec. Mar.
2
Mar. 31 Holders of rec. Feb. 284 Amer. Beet sugar, pref. (qu.)(No. 59)—
Boston Revere Beach & Lynn (guar.).—
Amer. Brake Shoe Sc Fdy., corn. (quar.). 134 Mar. 31 Holders of rec. Mar. 14a
/
April
200
1
Holders
of
rec.
Mar. 14a
Preferred
Canadian Pacific, com. (qu.) (No.
Mar. 31 Holders of rec. Mar. 20a
2
71)-- 234 April I Holders of reo. Feb. 28a American (guar.)
Preferred
Can, preferred (guar.)
134 April 1 Holders of rec. Mar. 17a
April 1 Holders of rec. Feb 28
2
Amer.
Central RR. of N. J.(guar.)
Car Sc Fdry., corn.(au.)(No.46)34 April 1 Holders of rec. Mar. 10a
May 1 Holders of rec. April I7a
2
Preferred (guar.) (No. 60)
Chesapeake & Ohio (guar.)
1% April 1 Holders of rec. Mar. 10a
1
Mar. 31 Holders of rec Mar. 6a American
Chicago Burlington .Sx Quincy (guar.)... 2
Chicle, corn. (monthly)
Mar.20 Holders of rec. Mar. 14a•
1
Mar. 25 Holders of rec. Mar. 19a
Common (extra)
Chicago & North Western, corn. (guar.). I% April
Mar. 20 Holders of rec. Mar. 14a
1
1 Holders of rec. Mar. 2n American
Preferred (guar.)
Cigar,
pref.
April 1 Holders of rec. Mar. 16a
(guar.)
134
April 1 Holders of rec. Mar. 2a
2
Fitchburg, preferred (guar.)
Amer. Coal Products, corn. (guar.)
134 April 1 Mar. 26 to Mar. 31
134 April 1 Mar. 1 to Mar. 9
Grand Trunk, 1st and 2nd preference_ _
Preferred (guar.)
April 15 April 11 to April 14
14
234
American Express (guar.)
Third preference
134 April 1 Holders of rec. Mar. 140
234
Hocking Valley (quay.)
mer. Gas Sc Elea , corn. (qu.)(No 16)
April 1 Mar. 22 to April
Mar. 31 Holders of rec. Mar. 13a 'Amer.
2
Iron Sc Steel Mtg., corn. Sc pf.(qu.) 134 April 1 Holders of rec. Mar. 1
Interborough Rapid Transit (quar.)_ _
April
1
Holders
of rec. Mar. 20a American Locomotiv
21a
234
April
Chicago (guar.)
21 April 2 to April 21
e,
pref.
(guar.)
134
134 April 6 Mar. 22 to April 6
Kansas City Southern. pref. (quar.)_ _
Machine Sc Foundry
April 1 Mar. 15 to
April 15 Holders of rec. Mar. 31a American
1
American Manufacturing (guar.) (No. 68) 1% April 1 Holders of rec. April 1
Keokuk Sc Des Moines, preferred
April
Holders
1
Mar.
of rec. Mar. 24n
334
Extra
Lackawanna RR. of N. J. (guar.)
April 1 Holders of rec. Mar. 16a
2
April 1 Holders of rec. Mar. 9a
1
18aLake Shore Sc Mich. Southern (ex tra) _
Pipe Sc Construction (quar.)
April 1 Holders of rec. Mar. 14a•
1
Mar. 31 Holders of rec. Mar. 20n American
6
American Pneumatic Service, 1st pref... $1.75 Mar.31 Mar. 15 to
Guar. stk. (M. S. dr No. Ind.)
Mar.
6
Holders
31
Mar. 20
of rec. Mar. 20a
Second
Lehigh Valley, common ,t pref.(guar(extra)
preferred
Mar.
31
Mar.
750.
15 to Mar. 20
.)__ _ $1.25 April 11 Holders of rec. Mar. 28a
Amer. Power Sc Lt.. pf. (qu.) (No. 18)
Maine Central (guar.)
134 April 1 Holders of rec. Mar. 24a134 April 1 Holders of rec. Mar. 16e Amer. Public Utilities,
Manhattan Ry. (guar.)
corn. (guar.)
31 April 1 Mar. 17 to Mar. 31
134 April 1 Holders of rec. Mar. 16a
Preferred
Minn.St. P. Sc S. S. M.,com.& pf.
(guar.)
April
•
1
Mar. 17 to Mar. 31
134
334 April 15 Holders of rec. Mar. 19n American Radiator, common
Minn. St. P. & S. S. M.,leased line(No.22)
Mar. 31 Mar. 22 to Mar. 31
(guar.)._
afs__ _
April 1 Holders of rec. Mar. 20a
2
Common (extra)
Newark Sc Bloomfield
Mar. 31 Mar. 22 to Mar. 31
2
April 1 Holders of rec. Mar. 21a
3
N. Y. Central Sc Hudson River
Common
(payable
in
Mar.
31
common
stock)._ 10,
Mar. 22 to Mar. 31
(quar.)-134 April 15 Mar. 21 to
April 15
Amer. Seeding Machine,common (par.)._
New York Sc Harlem, corn. Sc pref
April 15 Holders of rec. Mar. 31a1
2
April 1 Holders of rec. Mar. 204
Preferred (guar.)
N. Y. Lackawanna Sc Western (guar.)134 April 15 Holders of rec. Mar. 310
134 April 1 Holders of rec. Mar. 14a Amer.
Northern RR. of New Hampshire (quar.)_ _Smelters'
Securities,
pref. A (guar.) 134 April 1 Mar. 21 to Mar. 29
134 April 2 Holders of rec. Mar. On
Preferred B (guar.) (No. 38)
Philadelphia ,t Trenton (guar.)
134 April 1 Mar. 21 to Mar. 29
234 April 10 April 1 to April 10
Pittsb. Bessemer Sc Lake Erie, common_ _
American Snuff, common (quar.)
April 1 Holders of rec. Mar. 14a
3
134 April 1 Holders of rec. Mar. 14
Pittsb. Ft. W.Sc Chic., reg. guar.
Preferred
(quar.)
134 April 1 Holders of reo. Mar. 14cp
134 April 7 Mar. 15 to April 7
(quar.)
American Steel Foundries (quar.)
Special guaranteed (guar.)
April 1 Mar. 15 to April 1
34 Mar. 31 Feb. 27 to Mar- 19
134
Reading Company,common (quar.)
134 Apr. 2 Holders of rec. Mar. 24,
May 14 Holders of rec. April 27a Amer. Sugar RM.,corn. & pref. (quar.)_
2
American Surety (guar.) (No. 99)
234 Mar. 31 Mar. 15 to Mar. 31
Name of Company.
889
THE CHRONICLE
MAIL 211914.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
National Licorice, pref. (quar.) (No. 47) 134 Mar.31 Holders of rec. Mar.24
April 15 Mar.21 to Mar. 31
2
Amer. Telep. de Teleg. (guar.)
14 April 2 Holders of rec. Mar. 14
National Sugar Refining (quar.)
American Tobacco, common (sepcial)“ _ (z) April 20 Holders of roe. April 1
April I Mar. 21 to Mar.31
3
134 Apr. I Feb. 15 to Mar. 15a National Surety (quar.)
American Tobacco, pref. (quar.)
10a
_
Nevada Consolidated Copper (guar.)._ 374c. Mar.31 Mar. 7 to Mar.10
April 15 Holden; of rec. April
1
Amer. Type Founders, common (quar.)_
154 April 1 Holders of rec. Mar. 28
1% April 15 Holders of rec. April 10a New England Power, pref. (guar.)
Preferred (quar.)
154 Mar. 31 Holders of rec. Mar. 184
New England Telep. ,E Teleg. (guar.)
1% April 15 Mar. 27 to April 7
Amer.1Voolen, pref.(guar.)(No.60)
April 1 Holders of rec. Mar. 25
3
13. April 15 Holders of rec. April la N. Y Mtge. & Security (guar.)
Associated Oil
April 15 Holders of rec. Mar.25
10
New York Transit (quar.)
April 15 Holders of rec. Mar. 25
2
Bell Telephone of Canada (quar.)
16a
Mar.
20 Mar. 31 to April 17
April
Mines
(guar.)
Co.
Nipissing
rec.
5
of
Holders
130 April 1
Bethlehem Steel, pref. (quar.)
North American Co. (quar.)(No. 40)_.._
134 April 1 Holders of rec. Mar. 19a
1( April 1 Mar. 24 to Mar. 31
Bliss(E. W.) Co.,common
Nova Scotia Steel & Coal, corn.(quar.)
April 1 Mar.24 to Mar. 31
134 Apr. 15 Mar. 16 to Mar.31
2
Preferred (guar.)
Apr. 15 Mar. 16 to Mar. 31
2
Preferred (quar.)
1% April 1 Mar. 21 to Apr. 1
Booth Fisheries, 1st pref.(quar.)
Ogilvie Flour Mills, Ltd., corn. (guar.)_ _ _ 2
April 1 Holders of rec. Mar. 19
See note to.
British-Amer.Tobacco,ordinary (interim) 25 Mar. 31
Otis
Elevator,
corn.
(quar.)
15 Holders of rec. Mar.31
April
131
31
Mar.
230
Preference
Preferred (guar.)
134 April 15 Holders of rec. Mar. 31
134 Apr. 2 Mar. 19 to Apr. 1
Brooklyn Union Gas (guar.) (No. 52)April 1 Holders of rec. Mar.20a
1( April 1 Holders of roe. Mar. 20a Ottawa Lt., Ht.& Pow.(quar.)(No. 31) 2
Brunswick-Mae-Co:lender, pref. (guar.)__
Pennsylvania Lighting, Pref. (guar.)
134 April 15 Holders of rec. Mar.31
Mar.31 Holders of rec. Mar. 20
1
Buffalo Gen. Elec. (guar.)(No. 78)
April 1 Holders of rec. Mar. 16
Holders of rec. Mar. 20a Pennsylvania Water & Pow.(qu.)(No.1) 1
California Electric Generating, pref. (guar.) 134 April I Holders
of rec. Mar. 14a Pettibone, Mulliken&Co.,1st&2dpf.(qu.) 14 April 1 Holders of rec.Mar.d 17a
1
April
1%
(quar.)
pref.
Corp.,
Petroleum
California
14a
Mar.
Phelps,
rec.
24
Dodge
of
CO.,
dr
Mar.
Holders
Inc.
31 Holders of rec. Mar. 19a
(quar.)
I
April
2
Cambria Iron (quar.)
Extra
134 Mar. 31 Holders of rec. Mar.19a
April 4 Mar. 24 to April 3
1
Canadian Cottons, Ltd., pref. (quar.)__ _
Mar. 14
Pittsburgh
Plate
rec.
of
Holders
1 Mar. 17 to April 1
Glass,
April
(quar.)
corn.
1
April
134
(quar.)
13(
common
Elec.,
Canadian General
Preferred (annual)
12
April I Mar. 17 to April 1
34 April 1 Holders of rec. Mar. 14
Preferred
April 15 Holders of rec. Mar. 3a
2
1% April 1 Holders of rec. Mar. 31a Procter & Gamble, pref. (guar.)
Canadian Locomotive, pref. (guar.)
of rec. Mar. 31a Quaker Oats, common (quar.)
24 April 15 Holders of rec. April la
Canadian West'h'se. Ltd.(qu.)(No. 37)- 1% April 9 Holders
Holders of rec. Mar. 16a
Preferred (quar.)
134 May 29 Holders of rec. May la
Case (J. I.) Threshing M., Inc., pf. (qu.) 14 April 1 Mar.
11 to Mar. 31
Ray Consolidated Copper (quar.)
3734c. Mar. 31 Mar. 7 to Mar.10
14 Mar. 31
Celluloid Company (guar.)
to
15
1
April
April
Remington
15
1st
Typewriter,
April I Holders of rec. Mar. 19
pref.
April
(guar.)
14
14
.)
(guar
Central Coal de Coke, com.
Second preferred (quar.)
2
April 1 Holders of rec. Mar. 19
13.4 April 15 April 1 to April 15
Preferred (guar.)
1j April 1 Holders of rec. Mar. 10a Republic Iron & Steel, pf. (qu.)(No.46) 134 Apr. 1 Mob. 18 to Apr. 15
Central Leather, pref. (quar.)
rec.
of
Holders
10
Mar.
1
April
Reynolds
(R.
1 Holders of rec. Mar.20
J.)
(quar.)
April
31
Tobacco
1(
Central States El. Corp., pf.(qu.)(No.7)
April 1 Holders of rec. Mar. 17a Royal Baking Powder,corn.(quar.)
3
Mar. 31 Holders of rec. Mar. 150
Chic. Jct. Rys. de Un. Stk.Yds.,com.(gu.). 2
1 Holders of rec. Mar. 17a
April
14
Preferred
Mar.
Holders of rec. Mar. 150
31
134
(quar.)
(guar.)
Preferred
Mar. 31 Holders of rec. Mar. 30a Safety Car Heating & Ltg. (quar.)
2
April 1 Holders of rec. Mar. 150
2
Chicago Telephone (quar.)
Sears, Roebuck & Co., pref. (quar.)....
75e. Mar. 31 Mar. 7 to Mar. 10
13.4 April 1 Holders of rec. Mar. 14a
Chino Copper (quar.)
134 April 1 Mar. 15 to Mar. 21
Shawinigan Water & Power (guar.)
131 April 20 Holders of rec. April 7
Cincinnati Gas & Electric (quay.)
34 May 1 Holders of rec. April 15a Sloss-Sheffield Steel & Iron, pref. (quar.) 131 April 1 Holders of rec. Mar.18
Cities Service, com, and pref. (monthly)_
34 April 1 Holders of rec. Mar. 15a Southern Utilities, pref. (quar.)
131 April 1 Holders of rec. Mar. 18
Cities Service, common and pref. (monthly) 1( April 1 Holders of rec. Mar.20a South Penn 011
3
Mar. 31 Mar. 8 to Mar.31
(quar.)
Cluett,Peabody&Co.,Tn0.,ef.(rIu.)(No.5)
2
Extra
14 April 1 Holders of rec. Mar. 14
Mar. 31 Mar. 8 to Mar. 31
Columbus Gas & Fuel, pref. (quar.)
April 1 Holders of rec. Mar. 14a
Columbus Lt., Ht.dr Power,corn.(quar.) IN April 1 Holders of rec. Mar. 16a South Porto Rico Sugar, common (quar.) 1
April 1 Holders of rec. Mar.14a
2
Preferred (guar.)
Columbus Light, Heat & Pow., pref.(guar.) 13 April 1 Holders of roe. Mar. 16a
April 1 Holders of rec. Mar. 150
South West Penn. Pipe Lines (quar.)
5
Cons. Gas, El. Lt. de P., Balt., corn.(qu.) i3. April 1 Holders of rec. Mar. 20
April 1 Holders of rec. Mar. 20
3
Standard Milling, pref.(No.22)
24 April 15 April 5 to April 15
Preferred
134 April 1 Holders of rec. Mar. 20a Standard 011 (Indiana)(quar.)
4
May 15 Holders of rec. April 24a
Consumers Power (Mich.) pref. (quar.)_
14 April 1 Holders of rec. Mar. 20a Standard 011 (Kentucky) (quar.)
4
April I Mar. 15 to April 1
Continental Can, Inc., pref. (guar.).
14 Mar. 31 Holders of rec. Mar. 21
1
April 1 Mar. 15 to April 1
Extra
Crucible Steel, pref. (guar.)(No.42)
3
14 Apr. 1 Holders of rec. Mar. 1M Standard Oil of Ohio (riar.)
Apr. 1 Mar. 7 to Mar. 25
Cuban-Amer. Sugar, pref. (quar.)
14 April 15 Holders of rec. April la
8 Apr. 1 Mar. 7 to Mar.25
Extra
Detroit Edison (guar.)
14 April 1 Holders of rec. Mar. 20a
Subway Realty (quar.)
Dominion Canners, Ltd.,common (guar.) 14 April 1 Mar. 154 to Mar. 31
14 April 1 Mar. 154 to Mar. 31
134 April 1 Mar. 17 to Mar. 31
Sulzberger dr Sons Co., pref. (quar.)._
Preferred (quar.)
April 1 Holders of rec. Mar. 10
Dominion Iron & Steel, Ltd., pfd.(No.26). 34 April 1 Holders of rec. Mar. 16a Swift & Company, (quar.) (No. 110)_
April 1 Holders of rec. Mar. 15
4
14 April 1 Holders of rec. Mar. 14a Taylor-Wharton Iron dr Steel, common
Dominion Textile, common (quay.)
234 Mar. 31 Holders of rec. Mar. 19a
Dominion Textile, preferred (guar.)._ _ _
14 April 15 Holders of rec. Mar. 31a Texas Company (guar.)
Tobacco Products Corp., pref. (guar.)
April 26
134 April 1 Holders of rec. Mar. 23
duPont(E.I.)deNemoursPowd.,pf.(quar.) 14 April 25 April 16 to
April 1 Holders of rec. Mar. 20m
134 Apr. 1 Holders of rec. Mar. 210 Underwood Typewriter, common (quar.) 1
du Pont Internat. Powd., pref. (quar.)._
Preferred (quar.)
134 April 1 Holders of rec. Mar. 20a
April I Mar. 20 to Mar. 22
2
Easternitfoht ,t Fuel (guar.)
April 1 Mar. 18 to April 7
2
234 Apr. 1 Holders of rec. Mar. 7a Union Carbide (quar.)
Eastman Kodak, common (quar.)
4$134 April 10 Holders of rec. Mar.El
74 Apr. 1 Holders of rec. Mar. 7a Union Switch dr Signal, corn. (quar.)
Common (extra)
Corn. dr pref. (payable in corn. stock)_ 33 1-3r April 20 Holders of rec. Mar.31
131 Apr. 1 Holders of rec. Mar. 7a
Preferred (quar.)
d$14 April 10 Holders of rec. Mar.31
Preferred (guar.)
April 1 Holders of rec. Mar. 30a
2
Electrical Securities Corp., corn. (guar.)_
134 May 1 Holders of rec. April 25a Union Tank Line (No. 1)
234 Mar. 25 Holders of rec. Mar. 4
Preferred (guar.)
2
April 15 Holders of rec. Mar.26
Apr. 1 Holders of rec. Mar. 23s United Fruit (quar.) (No. 59)
Electric Storage Battery, corn. & Pf.(qu.) 1
28n
Feb.
rec.
of
April 1 Holders of rec. Mar. 14
Holders
31
Mar.
Electric
dr
pref
Gas
3
let
United
Corp.,
3
(quar.)
corn.
Oil,
Galena-Signal
$1 April 15 Holders of rec. Mar. 31a
Mar. 31 Holders of rec. Feb 28a United Gas Improvement (quar.)
2
Preferred (Misr.)
April 1 Holders of rec. Mar.21a United Shoe Machinery, corn. (quar.)_ _ 50c. April4 Holders of rec. Mar. 17
General Baking, Preferred (guar.) (No. 9). 1
374c. April 4 Holders of rec. Mar. 17
Preferred (guar.)
General Chemical, preferred (quar.)--- 134 Apr. 1 Holders of rec. Mar. 19a
April 15 Holders of rec. April 4a
14 April 1 Holders of rec. Mar. 21
U. S. Cast I. Pipe & Fdy., Pf.(gu.)(No.47) 1
General Chem. of California, 1st pref.(gu.)_
2 April 15 Holders of rec. Feb. 28a U.S. Gypsum, pref.(quar.)
14 Mar. 30 Mar. 15 to Mar.30
General Electric (quar.)
rec.
1
20a
of
April
Mar.
April 15 Holders of rec. April 80
Holders
30)._
pf..
(No.
Alcohol,
(gu.)
13j
Indus.
S.
U.
131
(quar.)
General Fireproofing. corn.
1 7-16 April I Mar.21 to April 1
13( April 1 Holders of rec. Mar. 20a U. S. Printing of Ohio (quar.)
Preferred ((mar.) (No. 23)
14 April I Mar. 21 to April 1
U.S. Steel Corporation, corn. (quar.)
14 Mar 30 Mar. 8 to Mar. 10
General Gas & Electric, pref. (guar.)
30c April 30 Holders of rec. Mar. 31a United Utilities, pref. (gu.) (No. 13)
IN April 1 Mar. 22 to April 1
Goldfield Consolidated Mines
134 April 1 Holders of rec. Mar. 210 Utah Consolidated Mining
Mar. 21 Holders of rec. Feb. 28
$1
Goodrich (B. F.) Co., pref. (quar.)---75c. Mar. 31 Mar. 7 to Mar.10
134 April 1 Mar. 21 to Mar. 31
Utah Copper Co. (guar.) (No. 23)
Goodyear Tire & Rubber, pref. (guar.).
134
(guar.).
1
April
31 Holders of rec. Mar.24a
preferred
Mar.
24a
of
2
Mar.
Holders
rec.
Manufacturing,
Western
Electric
(guar.)
Gorham
134 April 1 Mar. 17 to April 1
April 15 Holders of rec. Mar. 25
1
Western Union Teleg. (qu.)(No. 180).__
Great Lakes Towing, pref. (guar.)
April 15 Holders of rec. Mar.31
$2
Westinghouse Air Brake (guar.)
Guggenheim Exploration (quar.)(No.45) 8734c April I Mar. 14 to Mar. 18
April 1
34 April 1 Mar. 18 to
134 dprli 1 Holders of rec. Mar.210 Westmoreland Coal
Hale dv Kilburn, 1st & 2d pref. (quar.)_ _ _
April 1 Holders of rec. Mar. 144
14 Mar. 31 [folders of rec. Mar. 20a Weyman-Bruton Co., common (quar.)
3
Hart, Schaffner dc Marx, Inc., pf. (qu.)_
24 April 1 Holders of rec. Mar. 140
14 April 1 Holders of rec. Mar. 144
Preferred (quar.)
Helme (Geo. W.), common (guar.)
14 April 1 Holders of rec. Mar.21a
Preferred (guar.)
134 April 1 Holders of rec. Mar. 14a Willys-Overland, pref. (quar.)
Hercules Powder (guar.)
134 Mar.25 Mar. 15 to Mar.25
154 April 1 Holders of rec. Mar. 10a
SS oolworth (F. W.), pref. (guar.)
Homestake Mining (monthly)(No. 472). 650. Mar. 25 Holders of rec. Mar. 20a Yale & Towne Mfg.(guar.)
13-4 April 1 Mar. 25 to Mar.31
April 1 Mar. 21 to Mar. 31
1
74c. Mar. 31 Mar. 14 to Mar. 19
Indiana Lighting
Yukon Gold Co.(quar.)(No. 19)
May 15 [holders of rec. April 24
Indiana Pipe Line (guar.)
$4
Int. Hare, of N. J., corn. (qu.)(No. 17). 134 April 15 Holders of rec. Mar. 25a
a Transfer books not closed for this dividend. b Less British income tax. d Cor14 April 15 Holders of rec. Mar. 25a rection 1 Payable In stock. h On account of accumulated dividends. (Payable In
Int. Marv. Corp., corn. (quar.)(No. 5)_
24 June 1 May 15 to June 1
internationalNickel,common (guar.)
scrip r Payable In common stock. a A distribution of Baltimore & Ohio stock to be
134 May 1 April 14 to May 1
Preferred (guar.)
made, viz., 312 par value of B.& 0. preferred and $29.50 par value B. & 0 common
14 April 1 Feb. 25 to April 1
International Silver, pref. (quar.)
for each share of Union Pacific common stock held. payment of said extra dividends.
346 April 1 Feb. 25 to April 1
Preferred (on account of accum. diva.)
both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation.
34 Apr. 1 Holders of rec. Mar.21a t Declared 5% payable in quarterly Installments. r Declared 7cZ payable in quarterly
Intern. Smokel.Pow.& Chem..corn.(qu)
4
May 15 Holders of rec. May 50 installments. wTransfers received in London on or before March 19 will be In time
Preferred
50e. May 1 Holders of rec. April 23
Island Creek Coal, corn. (guar.)
to he named for payment Of dividend to transferee. z Being a distribution ratably
$1.50 April 1 Holders of rec. Mar. 23
Preferred
of 360.729 Restricted B Deferred Ordinary shame of the Imperial Tobacco Co., Lt.
134 April I Holders of rec. Mar. 25a (of Great Britain and Treland).
Kansas Gas & Elec., pf.(gu.)(No. 16)_ _
Kaufmann Dept. Stores, pfd.(gu.)(No. 5). 14 April 1 Holders of rec. Mar. 20
Kayser (Julius) dr Co.,common (quar.)_. 134 April 1 'holders of rec. Mar. 20a
134 May 1 Holders of rec. April 20a
First and second pref. (quay.)
Canadian Bank Clearings.-The clearings for the week
134 Apr. 2 Mar. 21 to
Apr. 2
Kelly-Springfield Tire, pref. (quar.)
cities, in comparison with the
Kolb Bakery, preferred (gitar.) (No. 9)-- 14 April 1 Holders of rec. Mar. 21a ending March 14 at Canadian
134 April 1 Holders of rec. Mar. 21a same week of 1913,shows a decrease in the aggregate of 7.1%.
Kresge (S. S.) Co., pref. (quar.)
April
to
30
21
April
April
34
30
La Belle Iron Works, corn.(quar.)
Mar.31 Mar. 22 to Mar. 31
2
Preferred (quar.)
Lanston Monotype Machine (quar.)_ _ -- 14 Mar.30 Holders of rec. Mar. 20
Week ending March 14.
24 April 20 April 1 to April 17
La Rose Consol. Mines (guar.)
Clearings atApril 1 Holders of rec. Mar. 23
2
Laurentide Co., Ltd.(guar.)
Inc. or
April 1 Holders of rec. Mar. 23
3
Lawyers' Mortgage (gust.) (No. 50)
1912.
1911.
Dec.
1913.
1914.
April 1 Holders of rec. Mar. 21a
Liggett & Myers Tobacco, corn. (extra)_ _ 4
134 April 1 Holders of rec. Mar. 21a
Liggett & Myers Tobacco, pref.(quar.)_ _
$
s
$
7
.,r
'
Canada$
134 April 1 Mar. 21 to April 1
Loose-Wiles Biscuit, 1st pref. (quar.)_ _ _
50,783,230 51,143,243 -0.7 45,420,418 41,789,519
Montreal
IN May 1 April 16 to May 1
Second preferred (guar.)
-3.5 36,918,664 31,948,441
38,778,924
40,180,586
Toronto
24 April 1 Holders of rec. Mar. 17a Winnipeg
Lorillard (P.), common (guar.)
21,046,503 24,851,766 -15.3 23,855,366 16,304,646
April 1 Holders of rec. Mar. 17a Vancouver
5
Common (extra)
9,776,821 10,998,843 -11.1 11,871,411 9,724,194
154 April 1 Holders of rec. Mar. 170 Ottawa
Preferred (quar.)
3,428,115 3,254,163 +5.5 4,627,292 4,094,706
2
May 1 Holders of rec. April 15a
Lowell Elec. Light Corp.(guar.)(No. 72)
2,800,377 2,749,506 +1.9 2,194,305 2,129,927
24 April 15 Holders of rec. Mar. 31a Quebec
MacAndrews & Forbes, common (guar J._
1,845,288 1,618,265 +14.0 1,476,084 1,410,116
Halifax
15
April
134
Holders of rec. Mar. 31a Hamilton
Preferred (guar.)
2,953,044 3,278,195 -9.9 2,818,956 1,886,784
Mackay Companies, corn. (qu.)(No. 35) 134 April 1 Holders of rec. Mar. lb
1,572,897 1,331,171 +18.1 1,491,247 1,314,550
1
April 1 Holders of rec. Mar. 110 St. John
Preferred (quar.)(No. 41)
1,584,612 2,127,292 -25.5 1,512,104 1,399,359
London
1
April 1 Holders of rec. Mar. 23
Manhattan Shirt, preferred (guar.)
4,406,623 -24.7 3,958,149 3,184,134
3,318,391
Calgary
134 Mar. 31 Holders of rec, Mar. 31
Manning, Maxwell & Moore, Inc. (gu.)..
2,582,130 3,851,072 -32.9 3,166,218 2,739,549
Victoria
Massachusetts Lighting Cos.,old cons.(gu.) $1.75 April 15 Holders of rec. Mar. 25
3,884.769 -7.4 4,206,283 1,917,602
3,597,161
Edmonton
25c April 15 Holders of rec. Mar. 25
New common (guar.)
1,736,485 2,461,048 -29.5 2,290,095 1,164,668
Regina
$1.50 April 15 Holders of rec. Mar. 25
New preferred (guar.)
422.105
509,621
549,211 -4.2
526,104
Brandon
1
April
Department
(quar.)
20a
_
Mar.
rec.
of
Holders
134
Stores, pref.
May
511,193
490,294 -4.3
469,356
530.667
Lethbridge
Mergenthaler Linotype (guar.)
234 Mar. 31 Holders of reo. Mar. 7a Saskatoon
831,865
1,341,117 1,973,982 -32.0 1,950,168
'Extra
34 Mar. 31 Holders of rec. Mar. 7o Brantford
506,864
508,454
572,871 -25.5
426,994
Light,
230
134
rec.
1
pref.
of
Michigan
April
Mar.
(quar.)
Holders
699,839
880,362 1,086,007 -19.0 1,009,394
Moose Jaw
Michigan State Telep., cont. de pf. (gu.)_ _
134 Mar. 31 Mar. 22 to April 14
412,809
669,353 +3.4
692,651
Fort William
Milwaukee & Chicago Breweries
434 Mar. 31 Jan. 29 to Feb. 19
-26.4
Westminster,
New
(guar.)
Power,
common
34 April 1 Holders of rec. Mar. 16
Montana
359,203 Not incl. in total
Medicine Hat
Preferred (quar.)
134 April 1 Holders of rec. Mar. 16
Montgomery, Ward dr Co., pref. (guar.)_
134 April 1 Mar. 22 to April 1
lfill MR 547 162 057 32n -7.1 isn 295 422 12:1 ROOMS
Total Canada
(guar.)
134 April 1 Holders of rec. Mar.24
Mortgage-Bond Co.
April 2 Holders of rec. Mar. 26
1
Municipal Service, common (No.1)
National Biscuit, corn.(guar.)(No.63)- 134 April 15 Holders of rec. Mar 28a
Auction Sales.-Among other securities, the following,
(guar.)
14 April 15 Holders of rec. April 4
National Carbon, common
Nat, Enam. & Stamping, pref. (quar.).... 134v Mar.31 Holders of rec. Mar. 110 not usually dealt in at the Stock Exchange, were recently sold
(quar.)
31
17
common
14
Mar.
Mar.
Mar.
to
34
Lead,
National
at auction in New York, Boston and Philadelphia:
134
890
THE CHRONICLE
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent. Shares.
Per cent.
500 Small Hopes Cons. Mining
5 Minnesink Realty Co
1$100
Co., $5 each
$.500 Minnesink Realty Co.55_
j lot
100 Golden Star Mines,$5 each.
MonmouthCo
.Agr.FairAssn.$25 lot
4
100 Atlantic & Pacific RR.,corn.
200 Knox Hat Mfg. Co.,corn_ _ _ 32
100 Highland Chief Cons. Mining
$50 each
50 U.S. Equitable Gas Co
$510
20 Knickerb. Lt.& Heat,corn, lot
10 KnIckerb. Lt. & Heat, pref.
26 Spok.& ml.Emp.RR., pref.
13 Spok.& ml. Emp.RR.,com
$100 High. Chief Cons. Min. 105_
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.
7 National Union Bank
215
7 Pepperell Mfg. Co
290%
6 Great Falls Mfg.Co
178
5 Con.& Mont. RR.,class 4,ex-d_108%
40 R.S. Brine Transp. Co.,corn__ 15
83 Cambridge El.Sec. Co.rights..5%-554
27 Cambridge Elec. Lt. Co. rights- 5%
Bonds.
Per cent.
$3,000 N. Y. & N. E. Term. RR.
45, 1939
100%
$5,000 Kansas City Belt Ry. 1st 68,
1916
101%4019
$80 Central Vermont Ry.stk. scrip
By Messrs. Francis Henshaw & Co., Boston:
Shares.
3 per sh. Shares.
$ per sh.
5 Mercantile Nat. Bank, Salem_127%
9 Salem Gas Light Co
245
4 Warren Nat. Bank, Peabody_107
25 Manchester Trac., L.& P. Co_140%
4 Bates Mfg. Co
Cambridge
11
2213
El. Lt. Co. rights
514
3 Franklin Co., Lewiston
201% 284 Credit Reporting Co.of N.E.,
3 Nashua Mfg. Co., $500 each_ _655
$10 each
$250
18 Pepperell Mfg. Co
$1,600
Credit Rep. Co. of N. E.
290%
lot
20 York Mfg. Co
1st 6s, 1934
86-8614
By Messrs. Barnes & Lofland, Philadelphia:
[V oL. xcvni.
DETAILED RETURNS OF TRUST COMPANI
ES.
Net
Surplus. Loans. Specie. Legals. On Dep.
withC.H.
Reserve.
Average. Average, Average. Banks. Deposits.
Average.
$
3 $
$
$
$
%
Brooklyn
3,741,5 23,626,0 2,117,0
705,0 3,880,0 19,022,0 14.8+16.9
Bankers
14,801,0 117,711,0 12,269,0
200,0 23,085,0 82,781,0 15.0+21.8
U.S.Mtge.&Tr. 4,412,0 35,706,0 4,234,0
338,0
5,754,0
30,454,0
15.0+15.5
Astor
1,349,9 20,855,0 2,173,0
21,0 2,377,0 14,733,0 15.0+13.6
Title Guar.&T. 11,736,1 31,759,0 1,987,0
991,0 6,230,0 19,443,0 15.3+23.8
Guaranty
24,266,5 181,357,0 16,725,0 1,112,0 13,808,0
116,215,0 15.3+10.6
Fidelity
1,352,4 7,155,0
584,0
242,0
798,0 5,435,0 15.1+11.1
LawyersTI&T 5,544,3 16,414,0 1,542,0
333,0 2,005,0 12,084,0 15.5+14.2
Col.-Knicker_ 7,351,6 46,209,0 5,179,0
580,0 4,280,0 38,466,0 15.0+10.0
Peoples
1,572,6 15,901,0 1,802,0
389,0 2,420,0 14,532,0 15.0+14.0
New York_ _ _ _ 12,020,0 45,600,0 4,366,0
345,0 4,366,0 31,588,0 15.0+12.1
Franklin
1,228,4 11,070,0 1,055,0
137,0 1,188,0 7,706,0 15.4+13.0
Lincoln
547,5 10,561,0 1,190,0
245,0 1,046,0 9,444,0 15.2+10.0
Metropolitan _ 6,794,3 24,252,0 2,339,0
38,0 2,851,0 15,910,0 15.0+15.1
Broadway....
838,9 13,050,0 1,267,0
609,0 2,102,0 12,469,0 15.0+14.4
Trust Co..
00s omitted.
Totals, average 97,557,0 601,226,0 58,829,0 6,285,0 76,190,0 430,282,0 15.1+15.0
Actual figures Mar. 14 596,494,0 60,809,0 6,199,0 84,187,0 429,843,0
15.5+16.3
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000: Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity,
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker,$1,000,000;
$2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000: Lincoln,
000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000 $1,.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Shares.
per sh. Shares.
$ per sh.
360 Buckley, Woodhull & Burns,
5 American Dredging Co
100
Inc., $50 each
$2 lot
1 Bank of North America
280
Week
10 South Brooklyn Saw Mill Co_ _$2 lot
On Dep.
9 Amer.Pipe & Construction Co.45-46
ending
Capital. Surplus.
Legal with C.11
2 Mere. Library Co. of Phila._ _33 lot
Specie
Loans.
Net
1 Camden Atlantic & Ventnor
Mch. 14.
Tenders.
20 Girard Nat. Bank
Banks. Deposits.
351-35134
Land Co
. 300
7 Girard Trust Co
892
6 Phila. Bourse, pref., $25 each__ 1934 Averages.
$
44 Nor. Liberties Gas Co.,$25 ea_ 40
4 Phila. Bourse, corn., $50 each. 334 Banks_
134,150,0 214,583,0 1,481,400,0335,305,0 67,741,0
1 Library Co. of Philadelphia_ _ _ 13
1,532,892,0
5 Phila.& Gray's Ferry Pass.Ry. 82
Trust cos_ 46,250,1 97,557,0 601,226,0J 58,829,0 6,285,0 76,190,0 430,282,0
21 Farm.& Mech. Nat.Bank.135M-136 Bonds.
Per
cent.
3 Nat. Bank of Nor. Liberties_ _243% $4,000 Doylestown & Willow
Grove
Total... 180,400,0 312,140,02,082,626,1394,134,0 74,026,0 76,190,0 1,963,174,0
8 Philadelphia Nat. Bank
425
Ry,1st 45, 1930
77
Actual.
10 Guarantee Trust & S. D. Co_ _160
$1,000 Penn. Coal & Coke Co. 1st
Banks_
240 Philadelphia Life Insur. Co_ _ _ 1034
1,483,431,0337,885,0 66,856,0
1,537,025,0
55, Series A. 14)32
90
Trust cos_
596,494,0 60,809,0 6,199,0 84,187,0 429,843,0
6 Northern Trust Co
500
$1,000 Scranton Electric 58
10134
5 Phila. Trust, S. D.& Ins. Co_ _715
$5,000 Clear.& Jeff. Ry. 1st 6s,'27 11434
Total..
2,079,925,0398,694,0 73,055,0 84,187,01,966,868,0
54 Camden Fire Ins. Awn. rights_ 25c. $2,000 Atlantic City RR.1st
5s,'19 10234
5 Ridge Avenue Passenger Ry_ _.24234 $2,000 Roxborough Chestnut
Hill
18 13th & 15th Sta. Pass. Ry_24534-2413
& Norr. Ry. 1st 5s, 1926
9534
9 John B. Stetson Co., corn
365
$100 Perkiomen RR. 1st 55
The State Banking Department also furnishes weekly
10134
By Messrs. Samuel T. Freeman & Co., Philadelphia:
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks following:
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V. 86, p. 316.
members for the week ending Mch.14. The figures for
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. the
In
the case of the totals, actual figures at the end of the week
Trust Cos.
State Banks.
State Banks.
Trust Cos.
are also given:
in
Week ended March 14.
in
outside of
outside of
Greater N. V. Greater N. V. Greater N. V. Greater N.
For definitions and rules under which the various items are
F.
made up, see "Chronicle," V. 85, p. 836, in the case of the
$
$
$
$
banks, and V.92, p. 1607, in the case of the trust companies. Capital as of March 2.... 23,137,400 67,900,000 *10,528,000 *10,250,000
Shares.
$ perch.
500 Majestic Apartment House_ _325 lot
4 Eighth National Bank
450
11 Hamilton Trust Co
96
Bonds.
Per cent.
$9,000 Cent. Dist. Telep. 1st 5s,
1943
9934400
Bonds.
Per cent.
$1,000 McKeesport City 334s, 1917 9734
$500 Phila. City 3145, 1932
94
$500 Phila. City 334s, 1916
98%
$2,700 Pittsburgh City 4s, 1915... 99
$35,000 Majestic Apartment House
2d 5s, 1929
$200 lot
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) In all cases.
Banks.
00s omitted.
New York_ _ _ _
Manhattan Co
Merchants'_ _
Mech. ft Met_
America
City
Chemical
Merchants' Ex
Butch.& Drov
Greenwich _- American Ex_
Commerce
Pacific
Chat.& Phen_
People'
Hanover
Citizen t' Cent.
Nassau
Market & Fult
Metropolitan.
Corn Exchange
Imp.& Trad_ _
Park
East River_ _ _
Fourth
Second
Firat
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania _ _ _
Lincoln
Garfield
Fifth
Metropolis
West Side....
Seaboard
Liberty
N.Y.Prod. Ex
State
Security
Coal & iron..
Union Exch..
Naasau, Bkiyn
Capital. Surplus.
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
$
4,325,4
4,914,6
2,190,0
8,854,2
6,323,2
33,141,8
7,715,5
518,6
114,5
1,133,8
4,759,8
16,939,5
1,007,2
1,404,0
464,3
15,003,1
2,444,5
411,5
1,962,4
1,868,9
6,808,2
7,851,7
14,490,9
57,8
5,776,0
2,846,0
23,374,8
3,528,0
790,3
1,922,2
689,7
10,153,3
2,241,9
822,5
1,040,9
1,766,8
1,296,0
500,6
2,229,0
915,4
2,616,1
2,828,0
955,0
425,6
348,5
578,5
1,001,0
1,171,5
Surplus as of March 2----
Loans. I Specie. Legal:. Net Depos- ReAverage. Average. Average. its, Aver. serve.
22,650,0
40,100,0
22,024,0
59,429,0
26,136,0
201,344,0
29,445,0
6,822,0
1,849,0
9,566,0
46,821,0
146,204,0
5,159,0
20,569,0
2,154,0
80,878,0
23,275,0
10,796,0
9,072,0
11,267,0
64,850,0
28,149,0
96,875,0
1,375,0
31,923,0
13,998,0
124,757,0
41,093,0
3,295,0
8,660,0
4,031,0
106,775,0
13,563,0
3,299,0
4,851,0
14,813,0
9,296,0
3,937,0
12,950,0
3,906,0
26,031,0
24,249,0
9,376,0
18,569,0
11,203,0
6,611,0
9,392,0
8,013,0
g
$
4,628,0
910,0
13,244,0 1,559,0
4,446,0 1,332,0
12,170,0 2,888,0
4,533,0 1,914,0
50,618,0 7,300,0
4,441,0 1,972,0
1,379,0
253,0
336,0
60,0
2,493,0
205,0
10,257,0 1,714,0
26,214,0 5,998,0
560,0
666,0
3,732,0 1,614,0
445,0
151,0
24,457,0 2,086,0
5,137,0
611,0
2,266,0
784,0
1,626,0
966,0
2,650,0
270,0
15,019,0 4,392,0
4,635,0 2,203,0
23,389,0 2,603,0
318,0
114,0
6,377,0 2,385,0
3,123,0
128,0
28,196,0 4,566,0
8,792,0 2,386,0
785,0
66,0
1,482,0
741,0
740,0
230,0
27,003,0 3,435,0
2,922,0
981,0
562,0
379,0
1,245,0
257,0
2,934,0
758,0
2,193,0
266,0
295,0
791,0
2,242,0 1,009,0
968,0
306,0
6,527,0 1,802,0
5,126,0 1,591,0
2,335,0
395,0
5,639,0
404,0
2,155,0 1,134,0
1,217,0
614,0
1,918,0
350,0
1,536,0
202,0
21,167,0 26.1
49,500,0 29.9
22,600,0 25.5
57,873,0 26.0
25,703,0 25.0
202,408,0 28.6
25,659,0 25.0
6,740,0 24.2
1,754,0 22.5
10,698,0 25.2
46,996,0 25.4
127,609,0 25.2
4,886,0 25.0
21,260,0 25.1
2,349,0 25.3
94,719,0 28.0
22,600,0 25.4
12,038,0 25.3
9,197,0 28.1
11,204,0 26.0
76,407,0 25.4
26,233,0 26.6
102,025,0 25.4
1,731,0 25.0
33,357,0 26.2
12,808,0 25.3
122,313,0 26.7
43,090,0 25.9
3,422,0 24.8
9,021,0 24.6
3,828,0 25.3
121,900,0 25.0
15,290,0 25.5
3,745,0 25.1
5,635,0 26.6
14,888,0 24.7
9,599,0 25.6
4,256,0 25.5
12,927,0 25.1
4,958,0 25.6
30,743,0 27.0
26,716,0 25.1
10,661,0 25.6
24,085,0 25.0
13,333,0 24.6
6,823,0 26.8
9,307,0 24.3
6,831,0 25.4
Totals,average 134,150,0 214,583,0 1481,400,0 335,305,0 67,741,0
1532,892,0 26.2
Actual figures Mar. 14_
1483,431,0 337,885,0 66,856,0 1537,025,0 26.3
Circulation.—On the basis of averages, circulation of national banks
in the Clearing House amounted to $42,311,0006 and according to actual figures
was $42,470,000.
39,457,000
164,517,300
*14,028,915
*11,341,302
Loans and investments__
Change from last week-
320,922,400 1,052,564,600
+3,511,000 —3,919,400
125,598,600
+646,300
179 342,400
-1607900
Specie
Change from last week_
66,717,000
+2,694,600
108,547,800
—439,800
Legal-tender & bk. notes_
Change from last week_
19,193,000
—897,300
9,588,400
—346,500
Deposits
Change from last week_
381,630,200 1,180,758,40
—246,600
+6,004,300
134,362,500
+1,212,400
190.568,200
+1,06580
Reserve on deposits
Change from last week_
109,008,600
+1,878,900
127,832,200
—649,000
26,055,500
+683,800
27,717,500
+823,500
P. C. reserve to deposits_
Percentage last week
29.4%
29.4%
16.8%
16.6%
20.9%
20.5%
15.7%
15.3%
+ Increase over last week. — Decrease from last week. *As of Dec.9 1913.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts
from reserve agents. Trust companies in New York State are required by lawdue
to
keep a reserve proportionate to their deposits, the ratio varying according
cation as shown below. The percentage of reserve required is computed to loaggregate of deposits, exclusive of moneys held in trust and not payable on the
thirty days, and also exclusive of time deposits not payable within thirty within
days,
represented by certificates, and also exclusive of deposits secured by
obligations of the State or City of New York, and exclusive of an amountbonds or
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 loca-.
tion, 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
obligations of the State or City of New York owned by the company or heldbonds or
In
trust
for it by any public department. --Trust Cos.-- —State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. in Cash.
Manhattan Borough
5 o
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches in Man a an)15%
10%
15%
754%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan_..15%
15%
16%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere in State
15%
-13%,
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-
891
THE CHRONICLE
MAR. 21 19144
Boston and Philadelphia Banks.-Below is a summary
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:
trust companies in the Greater New York.
We omit two ciphers (00) in all these figures
NEW YORK CITY BANKS AND TRUST COMPANIES.
Capital
and
Surplus.
Banks.
Clear.-liouse Clear.-House State Banks and Total of all
Trust Cos. Not Banks & Trust
Members.
Week enact March 14- Members.
in C.-II. Aver. Cos. Average.
Average.
ActualFigures
$
iNational
March
Capital
State
March
Surplus
banks
4 and
banks
2_ _ __ f
$
$
$
180,400,000
180,400,000
28,837,400
209,237,400
312,140,000
312,140,000
73,378,300
385,518,300
Loans and investments__ 2,079,925,0002,082,626,000
Change from last week -7,317,000 +3,763,000
529,539,400 2,612,165,400
+351,600
-3,411,400
1,966,868,0001,963,174,000
Deposits
Change from last week +5,942,000 +7,905,000
a536,927,300 2,500,101,300
-3,593,400 +4,401,600
Specie
Change from last week
398,694,000
+8,103,000
394,134,000
+2,112,000
57,925,100
+356,600
452,059,100
+2,468,600
Legal-tenders
Change from last week
73,055,000
-1,459,000
74,026,000
+985,000
08,161,200
-534,200
82,187,200
+450,800
Banks: cash In vault_ __ _
Ratio to deposits
404,741,000 403,046,000
26.29%
26.33%
13,036,400
13.97%
416,082,400
65,114,000
53,049,900
118,163,900
471,749,000 468,160,000
+6,644,000 +3,097,000
66,086,300
-177,600
534,246,300
+2,919,400
Money on deposit wit
76,190,000
84,187,000
other like. & trust cos_ _
Change from last wee +10,798,000 -1,048,000
21,392,400
+675,300
97,582,400
-1,272,700
87,478,700
+497,700
631,828,700
+1,646,700
rrust cos.; cash In vault_
Aggr'te money holdings
Change from last wee
67,008,000
555,936,000
Total reserve
Change from last wee' +17,442,000
surplus CASH reserveBanks (above 25%)
Trust cos.(above 15%)
20,484,750
2,531,550
Total
Change from last wee •
23,016,300
+5,339,800
514,350,000
+1,149,000
Specie.
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
$
220,958,0
224,639,0
226,601,0
226,505,0
229,167,0
230,657,0
229,750,0
227,148,0
30,265,0
28,852,0
29,010,0
28,068,0
27,130,0
24,708,0
24,865,0
26,195,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
378,919,0
382,764,0
383,250,0
384,672,0
388,553,0
392,332,0
396.079,0
398,872,0
15.13%
15.04%
15.28%
1.76%
31.95%
30.17%
17.04%
164,445,3
169,792,5
180,830,2
146,717,2
151,015,3
129,379,8
167,502,9
154,824,9
11,487,0
11,416,0
11,432,0
11,435,0
11,447,0
11,440,0
11,455,0
11,471,0
168,330,7
157,577,5
173,867,8
130,882,3
173,394,9
167,073,8
183,903,8
145,027,8
*440,564,0
*440,820,0
*444,845,0
*449,953,0
*454,576,0
*462,726,0
*454,725,0
*452,331,0
FOREIGN IMPORTS AT NEW YORK.
1913.
1914.
I
52,830,133
16,095,124
$4,297,5261
19,064,9041
Total
Since January 1.
1)ry goods
General merchandise
I
1912.
53,010,974
13,744,741
1911.
$3,185,036
18,129,665
$23,362,430: $18,925,257 $16,755,715 $21,314,701
$46,757,164 $37,535,548 $34,770,691 $36,528,115
174,470,898 189,950,905 175,034,048 151,860,041
5221,228,062.3227,486,453 $209,804,739 $188,388,156
Total 11 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 companies in New York City"; with this Rem included,
deposits amounted to $626,124,200, an increase of $5,701,200 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
106,931,0
104,278,0
106,469,0
109,466,0
109,701,0
115,383,0
111,456,0
107,614,0
$
$
268,555,0 9,719,0
269,736,0 9,805.0
271,461.0 9,842,0
269,530,0 9,845.0
270.437,0 9,801,0
266,871,0 9,748,0
268,992,0 9,889,0
268,597,0 10,099,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Mch. 14; also
totals since the beginning of the first week in January:
DrY goods
General merchandise
20,394,700
+1,181,050
3,734,0
3,669,0
3,632,0
3,818,0
3,535,0
3,608,0
3.611,0
3,807,0
Clearings
a Inclut es Government depos to and the item "due to other banks." At Boston
Government deposits amounted to $1,549,000 on March 14, against $1,373,000
on March 7.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on March 14 as $12,717.000.
For Week.
19,823,000
571,700
% of cash reserves of trust cos15.58%
Cash In vault
16.37%
Cash on dep, with bks_
Total
Boston.
Jan. 24_
Jan, 31_
Feb. 7_
Feb. 14_
Feb. 21_
Feb. 28_
Mar. 7_
Mar. 14_
Phila.
Jan. 24_
Jan. 31_
Feb. 7_
Feb. 14_
Feb. 21_
Feb. 28_
Mar, 7_
Mar, 14_
Circelation.
Legais. Deposits.
a
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. 14 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
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:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
10
Jan
17.___
Jan
Jan. 24....
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
2.427,088.8
2,445,0(30,7
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
2,612,165,4
Deposits.
Specie.
Legals.
TotMoney Entire Res
Holdings. onDeposit
2,296,438,0
2,341,392,0
2,402,297,1
2,455,935,2
2,464,083,3
2,456,557,8
2,463,093,5
2,476,147,2
2,495,699,7
2,500,101,3
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
452,059,1
91,954.3
96,094,8
91,638,2
89,162,0
88,077,1
88,610,2
87,429.5
84,463,0
81,736,4
82,187,2
486,441,4
513,600,4
532,398,5
543,573,7
539,908,0
543,297,6
542,769.2
537,993,2
531,326,9
534,246,3
552,585,5
587,622,9
613,389,6
637,705,6
643,910,9
657,488,9
650,993,5
639,481,8
630,182,0
631,828,7
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Mch.14, based on average daily
results:
We omit two ciphers (00) in all these figures.
Banks.
Capigal,
Surplus.
Legal
On
Loans,
7'ender Deposit
Disets
with
Specie, and
and
Net
IncestBank
C.-II. Deposits.
menu.
Notes. Banks,
$
$
$
$
New York City.
Wanhattan and Bronx.
369,8 1,449,0 156,0
(Vashington Heights_ 100,0
118,5 1,757,0 335,0
lattery Park Nat... 200,0
501,9 6,441,0 593,0
500,0
-,'entury
712,9 6,693,0 1,095,0
400,0
:3olonial
697,0 6,340,0 639,0
300,0
Jolumbla
189,8 1,075,0
44,0
200,0
ridellty
491,4 5,199,0 569,0
200,0
Autual
329,8 3,345,0 402,0
200,0
gew Netherland
108,9 1,837,0 240,0
200,0
Cwenty-third Ward
525,5 4,346,0 565,0
eorkville
100,0
Brooklyn.
686,4 3,732,0 393,0
300,0
int National
966,3 5,728,0 746,0
252,0
danufacturers' Nat
527,5 9,821,0 1,253,0
dechardes'
1,000,0
590,2 4,614,0 548,0
gational City
300,0
190,3 2,803,0 187,0
200,0
forth Side
Jersey City.
400,0 1,404,8 4,079,0 283,0
Pirst National
832,4 2,978,0 179,0
Iudson County Nat_ 250,0
200,0
445,2 2,542,0 102,0
Chird National
Iloboken.
220,0
684,7 4,723,0 289,0
l'irst National
125,0
292,1 3,553,0 203,0
lecond National
$
$
74,0
349,0
63,0
105,0
487,0 . 277,0
202,0 1,272,0
510,0
721,0
128,0
248,0
386,0
674,0
336,0
134,0
113,0
321,0
981,0
320,0
3
1,102,0
1,823,0
6,451,0
6,875,0
7,278,0
1,007,0
5,385,0
3,432,()
2,014,0
4,851,0
673,0 3,046,0
31,0
87,0
755,0 5,235,0
629,0 2,086,0 11,800,0
708,0 4,592,0
124,0
227,0
313,0 2,925,0
287,0 3,110,0
828,0
66,0
133,0
455,0
65,0
64,0
518,0
554,0
2,966,0
1,449,0
1,419,0
1,776,0
1,258,0
Totals Mar. 14- 5,847,0 10,665,4 83,055,0 8,826,0 4,130,0 15,284,0 76,684,0
5,847,0 10,603,0 82,663,0 8,455,0 3,933,0 14,723,0 75,880,0
Totals Mar. 7
Totals Feb. 23_-._ 5,817,0 10,603,2 82,681,0 8,649,0 3,982,0 14,681,0 76,472,0
1911.
1912.
1913.
1914.
For the week
PreviouslY reported
520,945,607 $19,047,185 $16,082,166 $17,804,245
201,057,869 195,074,232 167,573,933 150,696,348
Total 11 weeks
$222,003,476 $215,021,417 $183,656,099 $168,500,593
The following table shows the exports and imports of
specie at the port of New York for the week ending Mch. 14
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
I
Gold.
1Veek.
Week.
Since Jan.1
$12,100
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$13,100
65,367
342
761,413
642,667
849,619
461,067
$16,066,949
$300,100
10,000
48,800
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
20
10,657
136,100
81,671
739,048
900,120
311,112
64,500
$358,900 $18,081,729
7,833,455 39,516,254
47,500 17,795,366
Total 1914
Total 1913
Total 1912
Total 1914
Total 1913
Total 1912
Since Jan. 1
$240,548 $2,793,575
631,601 3,610,050
786,225 4,753,908
3568,793 $5,820,801
1,109,2981
108,790
$2,100
52,7081
89,696
819,6501
140
183,047
55,401
40,900
2,186
131,000
$7,450
4,086
14,921
7,698
1,328,520
523,322
392,271
$810,774 157,892,1531 $281,588 $2,278,268
157,577 2,108,364
1,145,687 11,259,115
108,945 2,385,293
1,393,216 10,883,386
Of the above imports for the week in 1914, $23,163 were
American gold coin and $1,107 American silver coin.
Vaulting and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chlcaso
Boston
Albany
THE CHRONICLE
Wall Street, Friday Night, March 20 1914.
The Money Market and Financial Situation.-Business at the Stock Exchange this week has been so nearly at a
stand-still until to-day, both in the matter of volume and
values, that any accurate review of the market must necessarily be rather uninteresting. On at least two days the transactions in stocks have averaged only about 150,000 shares
and on other days were but a trifle larger. Fluctuations
were so narrow in almost every case as to have practically no
significance.
There is, however, nothing new in the general situation.
Current events, especially those of a dominant character,
have been steadily and persistently forcing the business of
the country into its present state, as every one knows who
has acquainted himself with the record from week to week.
A little more activity during the latter part of January encouraged the hope that the long-talked-of new year improvement in business had really materialized, but the depressing
Influences of last year have continued in force and the improvement mentioned was decidedly ephemeral.
An illustration of the situation is seen in this week's reports
from the iron and steel districts, further confirmed to-day,
which show a decreasing demand, owing largely to the absence of orders for railway equipment of all descriptions.
It seems, therefore, safe to predict that when the railroads
are allowed to conduct their business so as to realize an adequate income therefrom, the iron and steel business first, and
a little later on every other business in the country, will be
benefitted. In the mean time (the phrase is apt), money is
accumulating at the principal centres, because not needed in
the ordinary channels of trade, and rates here have had a declining tendency this week.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1%@2%. Friday's rates on call were 1%@2%. Commercial paper on Friday quoted 3% % for 60 to 90-day
endorsements and prime 4 to 6 months' single names and
434,@,432% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of .£472,056 and the percentage of reserve
to liabilities was 45.92, against 49.09 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 11,164,000 francs
gold and a decrease of 3,158,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
March 14.
Differences
from
Previous week.
1913.
Averages for
week ending
March 15.
1912.
Averages for
week ending
March 16.
$
$
8
$
Capital
134,150,000
133.650,000 135,150,000
Surplus
214,583,000
204,973,300 199,329,900
Loans and discounts__ 1,481,400,000 Inc. 3,660,000 1,347,196,000 1,427,392,000
Circulation
42,311,000 Dec.
138,000
46,232,000
51,064,000
Net deposits
1,532,802,000 Inc. 7,167,000 1,340,194,000 1,464,936,000
Specie
335,305,000 Inc. 2,109,000 265,511,000 301,765,000
Legal-tenders
67,741,000 Inc. 1,233,000
75,629,000
78,221,000
Reserve held
25% of deposits
403,046,000 Inc. 3,342,000
383,223,000 Inc. 1,791,750
Surplus reserve
341,140,000
335,048,500
379,986,000
366,234,000
19.823,000 Inc. 1.550,250
6.091.500
13.752.000
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary !waled by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
The market for railway and industrial bonds has been somewhat more active, owing to enormous aggregate transactions
in a few issues. Among the latter, Rock Island 4s are most
conspicuous. They declined from 403/i to 37, but recovered
about half the loss. New Haven deb. 6s also declined over
3 points. On the other hand, American Tel. & Tel. cony.
4%s moved up 2 points and several other issues are fractionally higher.
United States Bonds.-Sales of Government bonds at
the Board are limited to $15,000 2s reg. at 98%. For today's prices of all the different issues and for yearly range see
third page following.
Railroad and Miscellaneous Stocks.-The stock market has been notably dull and featureless throughout the
week. It is quite unusual at this season to have so little.interest manifested in market quotations and te.ndencies.
There was,indeed, no visible change in tone or sentiment until to-day, but instead the same dull, monotonous routine
of operations from day to day, carried on chiefly by professional traders. To-day's market was somewhat firmer from
the start, and a considerable list of active stocks closes an
average of 1 point higher than last night. This development is due in some measure, and perhaps largely, to closing
contracts by the bear element, but from whatever cause, it
apparently does not come from enlarged outside interest or
investment buying.
There have been, of course, exceptional features, but they
are few and easily understood. Among these is M. K. & T.
preferred, which declined 8% points on its being dropped from
the list of dividend-paying stocks. Canadian Pacific has
recovered a little of its recent decline, and New Haven lost
a part of its more recent advance.
Some industrials have inclined to erratic movement.
American Express dropped 5 points and Umted States Express 9.
For daily volume of business see page.902.
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 20. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1,
Lowest.
Adams Express
255 101
Mar 18 1043% Mar 16 91
Am Brake Shoe & F
100 923% Mar 17 923% Mar 17 90
Preferred
800 140 Mar 17 1423% Mar 17 1293%
American Coal Product:
250 843% Mar 18 853% Mar,19 82
Preferred
390 1033% Mar 19 1053% Mar 19 102
American Express
% Mar 19 106 Mar 16 100
275 1003
Cent & So Am Teleg
10 108 Mar 16 108 Mar 16 103
Chicago & Alton •
200 93% Mar 16 93% Mar 16 93%
Preferred
100 133% Mar 18 133% Mar 18 133%
Chic St P M & Omaha
1501283% Mar 17 1283% Mar 17 128
Colorado & Southern
1,500 20 Mar IP 22 Mar If 20
First preferred
1,370 46 Mar 19 52 Mar 14 46
Second preferred
260 30 Mar 16 35 Mar 20 30
Comstock Tunnel
1,600 8c. Mar 14 10c. Mar 14 Sc.
Crex Carpet
15 70 Mar 20 70 Mar 20 70
General Chemical
47 1703% Mar 20 1703% Mar 20 17034
General Chemical, pref_
25 1093% Mar 17 10934 Mar 17 1073%
Green Bay & W,deb B.
4 113% Mar 17 113% Mar 19 113%
Havana Mee Ry,L it P_
25 823% Mar 19 823% Mar 19 823%
Homestake Mining
112 1203% Mar 14 1223% Mar 2() 114
Laclede Gas(St Louis)_
100 98 Mar 20 98 Mar 20 95
Mexican Petroleum, pre
100 76 Mar 18 76 Mar 18 76
N Y Chic & St L
500 36 Mar 20 373% Mar le 36
Pettibone-Mul., 1st pre
5 95 Mar 17 95 Mar 17 95
Pittsburgh Steel, prof......
100 92 Mar 16 92 Mar 16 88
Quicksilver Mining
550 13% Mar 16 13% Mar 16
13%
St L & S F-C & E Illstk Ws, tr rect.,
10 10 Mar 17 10 Mar 17 10
So Pacific subs 1st paid..
100 9934 Mar 14 993% Mar 14 953%
Texas Pacific Land Trus
100 99 Mar 17 99 Mar 17 99
United Cigar Mfrs
100 473% Mar 19 473% Mar If 45
10 100 Mar 17 100 Mar 17 993%
United Dry Goods, pref_
50 84 Mar 19 8.1 Mar If 81
U S Indus Alcohol pref
Virginia Iron Coal & C
100 503% Mar 19 5034 Mar 19 40
Wells. Fargo & Co
540 921,6 Mar 17 9334 Mar 16 803%
Fe,
Jan
Jan
Jan
Jan
Jan
Jai
Ma
Ma
Jan
Ma
Ma
Ma
Jan
Ma
Ma
Feb
Ma
Fe,
Jan
Ja
Ma
Ma
Ma
Ja
Ja
Fe,
Jan
Jan
Jan
Jan
Jan
is
Fe
Highest.
gggaataa gapitaa.nnttgEe&nEgEEEaggpagi
=has' Gazette.
P
I-
[VOL. xonn.
CO,W001.0.
OC.C.MONW.OWC01-.W05.W.r0.,000.
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4..N.000W0 ..
20000001WW00.,00.0
1 =-40
X= X
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XX
892
Outside Market.-Industrial securities .were generally
Foreign Exchange.--Sterling exchange ruled firm though
quiet throughout the week. There were no definite arrange- firm in the trading in the outside market this week, though
ments for exports of gold, although negotiations are said to the volume of business was only moderate. Movements in
Standard Oil shares were irregular, but the majority of the
be in progress for a shipment to the Argentine.
To-day's (Friday's) actual rates for sterling exchange were 4 84600 issues are higher at the close. Atlantic Refining at 685 at
4 8475 for sixty days, 4 865504 8665 for cheques and 4 868004 8690 for the close to-day shows a loss of 10 points. Buckeye Pipe
cables. Commercial on banks 4 83% ®4 84 and documents for payment
4 833404 8434. Cotton for payment 4 83%04 84 and grain for payment Line advanced over 8 points to 1583/i and reacted to-day to
4 84%04 84M.
155. Continental Oil rose from 257 to 273 and closed to-day
The posted rates for sterling, as quoted by a representative house, were
advanced Mc. on Wednesday to 4 85 for sixty days and 4 87 for sight, and at 270. Ohio Oil improved from 180 to 184, fell to 177 and
ruled at those figures the remainder of the week.
moved upward again, reaching 193. The close to-day was
To-day's (Friday's) actual rates for Paris bankers' francs were 5 200
5 20 plus 1-32 for long and 5 1734 less 5-6405 1734 less 3-64 for short. at 188. Prairie Oil & Gas gained over 20 points to 600 and
Germany bankers' marks were 943% 094 13-16 for long and 9534 less 1-320 reacted finally to 586. Southern Pipe Line moved up from
95% for short. Amsterdam bankers' guilders were 40 22040 24 for short.
Exchange at Paris on London. 25 fr. 20c.; week's range, 25 fr. 2034c. 234 to 247. South Penn Oil advanced 25 points to 425,
high and 25 fr. 1934c. low.
dropped to 398 and sold back to 400. Standard Oil (CaliExchange at Berlin on London, 20 m. 4334 pf.; week's range, 20 m. fornia)
at one time was up 22 points to 366, but reacted and
44 pf. high and 20 m. 43 pf. low.
finished to-day at 349. Standard Oil (Indiana) lost almost
Tim range for foreign exchange for the week follows:
Sterling Actual-Sixty Days.
Cables.
Chegues,
30 points to 525, recovering finally to 541. Vacuum Oil
High for the week___ 4 8475
4 8670
4 8695
was conspicuous for a rise of 34 points to 258, the close to-day
Low for the week_...4 84
4 8625
4 8650
Paris Bankers' lerane,sbeing at 254. United Cigar Stores corn. sold up from 91%
High for the week_ _ _ 5 20
5 1734 less 1-32 5 1634 less 3-32
Low for the week__ _ 5 2034
5 1834 less 1-32 5 1734 less 3-32 to 94 and ends the week at 939'. Tobacco Products pref.
Germany Bankers' Marksimproved from 843 to 85%. Riker-Hegeman advanced a
High for the week__
94 13-16
95 5-16
953%
3
point to 10, a new high record, the close to-day being at 9%.
Low for the week__
94 11-16
95 3-16
9534
Amsterdam Bankers' GuildersMaxwell Motors stocks continue active, the COM advancing
High for the week__ _
40 plus 1-16
40 25
40 28
from 7 to 93 and reacting to 8%. The first pref. was up
Low for the week__
40 less 1-16
40 19
40 22
Domestic Exchange.-Chicago. par. Boston. par. St. Louis, par. from 31g to 36, but sold down finally to 32. The second
San Francisco, 45c. per $1,000 premium. St. Paul, 50c. per $1,000 pref. gained over 2 points to 13%, but closed to-day at 12.
premium. Montreal, 7834c. per $1,000 premium. Minneapolis, 40c. per
Bonds continue dull. Western Pacific .5s recovered some of
$1,000 premium. Cincinnati, Sc. per $1,000 premium.
the recent loss, advancing
593% to 603/2. Cuban 5s
State and Railroad Bonds.-Sales of State bonds at the sold up from 98% to 98%from
and down to 983
%. In mining
Board include $471,000 New York 43's at 108% to 108%, stocks Braden moved down from
8% to 8 and back to,8%,
$37,000 N. Y. Canal 4%s at 108% to 1083/s, $3,000 N. Y. Greene-Cananea gained half a point
to 37. Nipissing_sank
Canal 4s, 1962, at 100% to 1013/8, and $2,000 Virginia 6s from 6% to
63 and ends the week at 6%.
deferrei trust receipts at 543.
Outside quotations will be found on page 902.
893
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Preceding page
For record of sales during the week of stocks usually inactive. see
.s•
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Week.
Friday
March 20 Shares.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 14
Wanda,
March 16
Tuesday
March 17
Wednesday
March 18
Thursday
March 19
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Highest.
Lowest.
Railroads
Jan
lyv I
No
6 j
0014
9
9313 Jan 3 10038Jan 23
Atchison Topeka & S F.. _
10214 Jan
9714 9714 0714 9734 3,233
97
97
07
97
9834 07
9713 97
Jan 13 j(153* Feb 9
9713Ja
Do pref
5
00
74
4
Jan
10014 10014
8
1333
J'ne
10038 10033 10058 10058 §101 101
112
•10014 10034 .10038 101
23
Jan
Atlantic Coast Line RR.. 116 Jan 3 126
10612 Jan
12112 12112 12112 12112 .12112 123
12134 12134 12112 12158 .121 122
8733 Itch 7 9838Jan 26
11,710 Baltimore & Ohio
348 Jan
e
3
n
1
11
8838 8918 883s 8854 8812 8913 891s 8934 8914 8934 8084 9158
2
n
n
c
j,
J
j
9
8
.
4
s
1
:4
7
3
0
7
8
a
x9
m
J
14
8333
94
3
6
n
a
J
Do
pref
2
4
1
3
7
7
8
410
8112
9214 Mal
8112 *80
*80
8112 8034 8034 18112 8112 *8012 8112 *8013
8,320 Brooklyn Rapid Transit..
0234 92
9234 9214 923*
92
921s 9178 92
92
20358 Mch 13 22012 bob 4 204 Dec 2e614 Jan
92 3 35,800 Canadian Pacific
1 208314
92;
J'ne 362 Jan
275
20512 20612 20434 20512 20513 2083, 20613 20714 2063* 2071e 206
12
Jan
310
12
New
of
Jan
Central
310
Jersey
*0 Jan
305 325 .305 325 .305 325
5118 J'ly
•305 325 .305 325 .305 325 .
5034 Bich 10 68 Jan 22
5338 5438 25,900 Chesapeake & Ohio
174 Jan
1013 J'ne
5312 5212 5312 5258 533s
5234 541s 5213 5314 53
1412 Jari 24
1114 Bleu 12
1212 1,250 Chicago G.t West tr ctfs_ _
12
.1133 12
35 Jan
J'ne
23
1158 1158 1113 1178 *1138 12
27
Jan
1133 1138
33
7
trust
2712Jan
Do
ctfs
pref
825
3012 2912 297s 2958 31
,4 Jan
11;
Nov
29 .29
9634
3012 20
4
Feb
.28
3012 •27
15,377 Chicago Milw & St Paul.. 9534 Itch 7 10713
9834 9834 0812 100
9834 9912 9812 9914 987s 9914 9813 99
Do pref
137 Bich 7 143 Feb 6 13112 Nov *14* Jan
260
.135 139
Jan
-13s
Dee
4123
137 137 .137 13812 13718 13714 .135 139
14
Feb
8
*138 139
1307
3
&
Jan
North
Western
Chicago
128
430
134 134
5
30
4i3 17
ai
13
i
134 134 .13334 13413 13414 13414 34 135 ..
Do pref
170 Jan 5 180 Jan 24 17113 Nov 1189 Jan
100
7
80
7 .172 13
80
4 :173 13
77
5i Jan
3478 Aug
.171 180 .172 180 .171 180 .1174 13
38 Feb 6 40 Jan 5
Cleve Cin Chic & St L_ _
WI Jan
38 *__ 38 *____ 38
60 Oct
6112Jan 2 70 Feb 9
Do pref
*0212 70
*8212 70
70
70 .61
70 •61
.81
148 Bich 14 15912Feb 4 14712 J'ne 167 Jan
1,400 Delaware & Hudson..
149 150
148 14853 14912 14912 14912 1491/ .14812 150
148 149
Jan 27 380 Dec 445 Jan
405
6
&
Jan
388
Lack
West_
Delaware
115
400
*395
400
307 397 .395
234 Jan
-338 Inc.
.395 397 .395 397 1397 397
1012 Feb 25 1914 Jan 31
300 Denver & Rio Grande.... _
1114 *1112 14
$1112 15 .11
41 Jan
12
1112 1112 12
12
• 12
23 J'ne
1934 Bich 13 3113Feb 4
Do pref
800
*2012 24
24
*21
24
3212 Jan
23 .21
23
2014 .1 ne
21
21
2034 21
3 3212Jan 23
Jan
Erie
27)4
24,200
30
29
2834
287
8
2834 2918
4012 Jan
Joe
2834 29
2818 2858 2858 29
27
Jan
3312
4934
Jan
3
4278
preferred...._..
1st
Do
4434 4434 4612 2,550
Jan
41
'nc
J
2814
4438 4412 4414 4414 4412 4434 *4434 4514 .44
Jan
23
2
4014
35 Jan
Do 2d preferred
800
3713 3758
38
*38
3613 $3614 38
*3513 38
4 Feb 4 11513 J'ne 1325s Jan
363, 3658 36
1271s 1273s 12714 12812 8,035 Great Northern pref___ _ 12514 Jan 3 1343
J'ne
4114 Jan
391
2512
10
Jan
12713 12718 12678 12714 12678 12712 127 12714
3
_
3314Jan
properties__
Ore
Iron
4,050
37
3734 3613 3634 36
3612 3614 3858 3834 3714 3834 10913
*36
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
1,000 Illinois Central
110 110
.109 110
10912
102/ Jan
10914 110
O10834 10014 10914 110
1234 .1'ne
142 Feb 25 165 Jan 24
1453 1458 1434 1478 2,410 Interboro-Metrop v t ctf_
143* 1434
1434 15
863s .Tan
1478 15
45 J'ne
1434 1434
5812 Mch 7 63 Jan 24
pref
Do
60 .59
6012 5912 6014 2,400
5912
60
5034
31k
6012
J'ly
Joe
2838
597s
80
Jan
2733
80
213s
2438 Jan 5
2514 2538 2512 2512 1,000 Kansas City Southern..
2514 2514
2514 2514
25
8112 Jan
56 J'ne
251s 2512 25
58 Jan 12 62 Jan 24
Do pref
200
5913 5912 *5914 61
81
.59
61
60 .59
60
Feb
May
1112
7
23
* _. 81
Jan
9
28
613
Feb
_
_
_
&
Western_
Lake Erie
7
7
*5
7
*5
.5
7
*5
7
.5
7
*5
35 Jan
18 Nov
18 Jan 17 2112 Jan 28
Do prof
*1514 20
*1513 20
1514 20
*1514 20 .1514 20 .
*1514 20
J'ne 16838 Jan
14114
14Jan
23
158
Mch
8
9
1435
Lehigh
Valley
14514
5,700
14614 14513 14734
14553 14714 14512 14838 146 14712 14434 14712
J'ne 14214 Jan
700 Louisville & Nashville__ _ 13358Jan 3 1417g Jan 19 12614
13713 13712
13718 13712 .130 13812 138 138 *136 138
13612 137
13248 Feb
200 Manhattan Elevated__ _ _ 128 Jan 5 133 Feb 7 127 J'ne
1301s 13018 .130 133
*131 133 2131 131 *12913 131 *129 132
2:414 Jan
Joe
12
1814
31
Jan
6
1212Jan
_
Louis..
St
&
Minneapolis
150
*1213 15
.1212 15
*1212 15
.1212 15
1212 1213 .1214 14
47 Jan
Dec
30
22
3512Jan
3312Jan 6
Do pref
43
40
40
*28
40 .28
40 .28
*28
40 .28
*28
137 Feb 5 11514 J'ne 14214 Jan
14
12412Jan
S
S
&
P
Marie
Minn
St
740
132
130
.129
12714
2125
120
1130
132
12512
.130
132
*130
14212Jan 21 145 Feb 2 131 Nov *150 Jan
Do pref
*140 148 .140 150 .14214 150 •14214 150 .13834 150 .13834 139
2918 Jan
1818 J'ne
18 Mch 16 24 Jan 26
17
1713 18
1712 1714 • 1734 5,800 Missouri Ran & Texas.._
1634 1713 17
*1634 1714 16
G412 AMC
52 J'ne
4214 Mch 17 60 Jan 30
preferred
Do
8,900
4558
50
4214
48
46
44
4534
4512
4512
4512
501t
50
4358 Jan
2114 Dee
.
27
Jan
30
13
Bich
2333
Pacific
Missouri
2434 2412 25
2333 2458 2373 2413 2413 2478 10,200
241s 2434 24
Mch
Dec
59
31
6
Feb
34
19
Nat Rys of Mex 1st pref.. 30 Jan
35 .28
32
27
35 .29
33 .28
33 .
*29
33
*28
2712 Jan
834 Dec
10 Jan 6 14 Jan 26
Do 2d preferred
166
11
111
.1034 11
*1034 1112 .1034 1112 .1034 11
11
11
9033 Dec 10914 Jan
31
Jan
96
6
Mch
8
877
R
H
&
Central
Y
N
9012 9058 9112 9034 9114 91
901s 9058 90
9114 z8938 90153 15,947
6558 Dec 12978 Jan
2
7038 43,490 NYNHar Hartford_...... 6514 Bich 4 78 Jan
6734 6958 6633 6812 6714 7018 6858 8958 6834 693s 69
3374 Jan
2518 J'ne
26 Jan 7 313* Jan 23
500 N Y Ontario & Western_
2712 28
*2812 2812 3612 2613 2712 2713 27
27 .2613 28
J'ne 11312 Jan
98
4
4Feb
1053
9
8Jan
995
Western
&
Norfolk
1033* 10312 10318 10312 .103 10312 10333 10338 103 10314 10313 10334 1,820
Feb
Aug
87
12
8014
Mch
8812
7
85 Jan
Do adjustment pref_ _
90
90 .88
.88
95
90 .88
.88
*88
00 .88
90
109 Jan 2 11812 Feb 4 10134 J'ne 12258 Jan
112 11238 11134 11212 112 11213 11214 11213 11212 11213 1123, 11338 10,733 Northern Pacific
Jan
Dec
12334
103
31
11512Jan
3
8Jan
1083
Pennsylvania
11014 11114 11078 1111s 11053 11138 11034 11078 11034 11114 111/4 11212 12,980
7718 Dec 101 Jan
200 Pittsb Cin Chic & St L.... 8112Mch14 91 Feb 4
90
90 .82
8712 .82
8111 82 .82
8712 .82
88 .82
100 J'ne 1109 Sep
Do preferred
*101 108 *101 108 .101 108 *101 108 .101 108 .101 108
J'ne 17134 Dec
15138
17214
Jan
22
9
Mch
4
1613
18353 16414 16313 18414 16334 1658 1637s 1651.3 164 16458 18433 18638 126,050 Reading
9213 Apr
8212 Oct
8712Jan 8 89 Mch19
1st preferred
00
200
89
•88
8853 883* 89
_
*8813 90
95 Apt
84 J'ne
28
Jan
93
2
Mcli
90
preferred
2d
91
.8812
8812 92
58
:8
1 9
51
901 .
*8812 91
Oct
2418 Feb
1138
23
Jan
1638
Niel'
19
s
31
1 01
4:
434 9,980 Rock Island Company
378 438 "51
413 414
*4I
414 412
5
414 414
4434 Jan
1712 Oct
834 612
5$4 Mch 19 25 Jan 16
63/ vs
Do preferred
612 13,280
6
87s 7
634 713
7
7
1934 Jan
234 Joe
15
538Jan
Mehl9
212
Francisco
San
&
Louis
St
*2
3
728
*3
312
313
1312
212
3
314 342
*312 4
J'ne
Feb
59
13
13
13
1712Jan
Mch19
preferred
Do 1st
13
13
100
*10
20
17
*13
20
•12
20
4.13
20
*13
29 Jan!
54 J'ne
934 Jan 26
6 Mee 19
2d
preferred
Do
634
67
6
900
8
6
612
712
*7
714
*7
712
*7
354 4441
20 Dec
2634 Jan 28
6
21
Jan
Southwestern......
Louis
St
2614
2514
*2413
25
25
25
800
2614
2814 .24
2514 .24
25
75 Jan
5614 Dec
57 Jan 8 65's Jan 26
Do preferred
6212 .____ 6212 _ 6212 _ _ _ 8212
8212 _ 6212 *--2034 Apr.
1412 J'ne
1634Jan 2 2238 Feb 5
2014 2013 2012 20
2014 2014 2034 3,880 Seaboard Air Line
191s 1912 1914 1934 1912
4938 Sep
J'ne
38
4
Fen
58
2
4534Jan
preferred
Do
*5414
55
54
55
5414
5412
2,900
551s
5412
5414
5432 5438 54
Jan
Nov
110
83
23
3
9912Jan
8818Jan
9433 9414 9434 9433 9518 0413 9478 9414 951s 21,948 Southern Pacific Co
0412 94
94
9912 Sep
8814 Nov
9438Jan 2 10518Jan 31
Certificates•wh. iss.)_
10158 102 110154 10134
342
10158 10158
2858 Jan
1918 J'ne
Feb 4
2814
3
Jan
8
227
tr
2612
v
stmpd_
ctfs
Southern
2538
2514
2553
8,840
2514
2512
IE1q
Wig
-iBis
2534
25
8112 Mob
72 J'ne
75 Jan 3 8514Feb 4
Do preferred do
1.100
84
*8312 84
8378 84
84
841s *8312 8414 8312 84
84
2253 Jan
1014 Joe
1312Jan 5 1634Jan 21
520 Texas & Pacific
15
11514 1514 1533 1512 1578 1578 *1513 1614
1812 115
*14
4338 Sep
277s J'ne
4112 Jan 29 4534Jan 13
1,300 Third Avenue (N Y)_.
4334 4334 *43
4344 4313 4372 44
44
4312 4334 4334 44
J'ly
13 Jan
718
1214
24
Jan
6
Jan
10
&
Toledo St L
Western
1013 .
101.
1012 .9
9
1012 *9
1012 .9
1012 *9
*9
2934 Jan
1514 J'ne
19 Jan 3 23 Jan 26
Do preferred
20 •18
20
20 .
2014 .18
20
4.18
18
1812 20 .18
.
109
Seta
10514
J'ne
10118
19
7
Jan
10812Jan
Transit
City
Rapid
Twin
400
10813
108
108
106
*105
•105
10013 *105 10612
*10414 10612 1057s
15312Jan 3 16432 Jan 31 13784 J'ne 16234 Jan
15712 15814 157 1584 157 15812 1573* 15838 15734 15814 1577s 15958 55,483 Union Pacific
9312 Jan .
7934 Jne
8212Jan 6 86 Feb 4
Do preferred
84
720
84
83
8234 84
83
84
8313 8312 84
3512 Jan
16 J'ne
United Rys Investment.. 19 Jan 7 2334Feb 8
20
20
;i8- -20
•18
20 .19
20 .18
20 .17
19
.
Jan
30 J'ne
3812Jan 14 49 Feb 13
Do preferred
42
2,300
4213 4213 43
4313 4312 44
4312 4114 4114 41
1341
(6 Aug
138 Feb 24
2 J'ne
438Jan 23
212
1,100 Wabash
218
2
2
.178
2
2
*2
2
2
213
*2
534 Feb 24 13 Jan 23
J'ly
618
Aug
1713
preferred
Do
500
7
614 714
614 612 *638
.614 714 .
614 812
.614 7
40 Jan
2878 Dec
2934 Feb 21 35 Jan 22
31
350 Western Maryland
3012 13012 301s 3013 3012 301s 801s *30
3012 .30
•30
334 Oct
838 Jan 7
8 Jan
333 Feb 24
4
4
4
4
400 Wheeling & Lake Erie......
4
4
412 *313 413 *334 412
*4
281s Jan
13 J'ne
154 Mch 11 21 Jan 23
Do 1st preferred....
17
*16
18
4.15
18
*18
18
*18
18
.18
18
10
.
11 Jan
Ms Dec
618 Mch17 11 Jan 24
gia *8
fps
8
*6
Do 2d preferred
7
8
7
812 613
340
s8
8
437 Jan 9 48 Feb 4
404 inc
5513 Apt
4412 4413 4413
4412 *43
200 Wisconsin Central
4413 .4213 4413 *43
44 .43
44
Industrial and Miscell.
2332 2338 2334 10,100 dAlaska Gold Min Par $10 $2034Jan 9 $24 Feb 4 $18 Nov $21 l8 Oct
22
22
2213 2234 23
2112 2158 .2113 22
9 Dco
Ps Dec
1213 1212 *1214 13
*1214 13
8* Jan 6 1414 Feb 20
600 Allis Chal Mfg v t c
13
13
1212 1212 131s
*12
4312 Deo
40 Nov
4313 Jan 8 49 Jan 26
Do preferred v t c
47
47
§47
47
47
541
47
4
473
4
473
.46141 48
*4513 48
61)12 Sep
6153 J'ne
7078Jan 9 7818 Feb 4
Amalgamated Copper...._
751s 7534 We 7512
741s 7412 7334 7412 7418 75
57 Jan
4114 Sep
5 American Agricul Chem_
57
4734Jan 2 591271ch10
5912 7
8
55
81%3 74,010
76
5
5412 5512 5838 5518 5812 5612 57
.354
99 Jan
90 Nov
Do preferred
91 Jan 8 0712 Jan 23
9612 9618 9612 9838 9838
320
9612 *95
95 .95
195
96
*95
5012 Jan
1934 J'no
20 Mch 5 2812Jan 22
2212 2314 2234 23
1,900 American Beet Sugar
.2113 2212 2234 23
22
22
21
21
6(6 Mcli
65 Oct
68 Mch 11 7314Jan 28
Do preferred
70
65
*68
72
100
*6313 72 .
75
6813 6812 •85
70
J'ne
4073 Jan
21
27
3518Jan
10
2858
Can
3014
Bich
30
American
17,814
3012
3013
3133
30
2938 293* 2933 293* 2058 3034
89 Jan 3 96 Jan 24 18014 J'ne 12912 Jan
Do preferred
93
1,520
92
9315 9313 9373 941t 29214 9214 19212 921s 9212 9212 .
3812 J'ne
5638 Jan
4,410 American Car & Foundry 4418 Jan 5 5312 Feb 4
5034 8118 5034 5034 5078 513* 5072 5114 5112 5134
114 Jan 28 118 bich 9 108 J'no 117 Mcb
Do preferred
13' 15162
18
800
*117 11812 .117 1181 *117 11812 .117 11934 117 117 115
3314 J'ly
4834 Jan
38 Jan 5 3684 Jan 28
3813 .36
American Cities
364 .38
3613
3813 .36
361 *36
8018 .38
*38
6014 J'ne
80 Jan 5 88 Jan 26
7812 Jan,
64
•6314 88
Do preferred
*62
64
650
86
63
6214 6212 63
82
62
3713 Jan 8 4612 Feb 9
3312 J'ne
5733 Jan!
4434 46
4413 45
45
4578 3,500 American Cotton OIL
4514
4312 4312 4312 4313 44
Sep
9212
11
98 Ma,
9412 Jan 15 97 Mch
09
95
Do preferred
.9534 99 .
99
97
*9618 99
.05
*9534 98 .95
1143 24
312 J'ly
54 Jan
514 Feb 8
3344
41 Jan 19
438 43* *414 413 .2
300 American Hide & Leather
413 412
*414 434 .414 4'34
1518 J'ne
2013 Feb 25 2514 Feb 6
2814 Feb,
Do preferred
•2114 2334 *2114 2334 •2112 2312 *2112 2334 *2114 2334
17 J'ne
2734 Ape.
24 Jan 8 3284 Feb 20
3134 3112 8178 3134 3178 8,600 American Ice Securities
3112 3112 3114 3134 31
3158 32
124 Nov
878 J'ne
10 Jan 8 1138Jan 28
1112 10(2 1114 .1013 1112 *1084 1113 118* 1138 1,000 American Linseed
*1013 1112 .10
3332 NOV
3012 3013 *29
28 Mch 11 3134Jan 16 • 20 Oct
32
2858 30 .29
Do preferred
29
32
700
*27
29
*28
8512 3538 3538 3478 3538 3,750 American Locomotive...... 3138 Jan 2 3714 Jan 31
3558 85
27 J'ne
4412 JatO,
3412 3472 3413 3412 35
94 Oct 10634 Jan!
102 102 .1017a 103 *102 103 1103 103
98 Jan 6 102 Feb 4
115
Do preferred
*10178 104 .102 104
914 Jan 28
8
514 Oct
13 Jan
8
300 American Malt Corp--._
7 Jan.13
*713 8
784 734 •712 9
*712 8
*74 8
6112 Jall
51
*49
42 Jan 3 801k Jan 24
4934 50
4178 Oct
.4813 50
Do preferred
400
*4813 51
.4812 50 .4813 BO
87
*83
86 Jan
7912 J'ne
87 •81
8334 8334 .83
140 Amer Smelters Sec pref 13 82 Mch 12 85 Jan 19
84
85
85 .83
*83
584 J'ne
7434 Jan
18,820 Amer Smelting & Refin'g 631s Jan 3 7112Feb 4
6834 6938 8014 8934 6912 71
6854 6914 8813 8878 6853 69
97 J'ne 107 Feb
9834 Jan3 105 Jan 27
Do preferred
103 10318 •10214 10314 §10234 10234 10234 10314
725
*102 103 1102 102
162 182
180 Jan 2 172 Jan 31 150 J'ly 193 Jan.
400 American Snuff
16412 16413 184 164
*157 165 .160 185 .160 165
C3,2
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
kianks
New Yort
America 'I.__
Amer Exch._
Battery 1 aid.
Boaery11_-_
Bronx Beret
Bronx Nat.._
Bryant Parisi
Butch & Dr..
Century 'I --Chase
Bid
570
20.3
120
425
225
175
150
120
185
ao
Bank.
Bid
Ask
174
Chat & Phen. 168
150
530 Chelsea Ext. 140
215 Chemical __ 415 425
178
135 Citizen? Con 174
350
355
- City
161
2-6-0 - Coal & Iron- 156
190 Colonial 1._ 450
Columbia 1 - - 30" i'i ii. Commerce _ 8178 f177
318
195 Corn Ezell 1_ 314
105
810 Cosmoporn 11 85
75
East River- 60
A sk
Bel
Banks
Fidel.tyl___ 185
Fifth Ave 1._ 4500
300
Fifth
895
First
190
Fourth
.
Garfield ___
Germ-Amer 'V 1-3-0 German Ex 1 375
Gcrmanial- 450
(lot ham .... 190
Greenwich 1- 270
Hanover........ 840
Ask
175
Banks
HarrimanImp 43 Treeiii- Irving
900 Liberty
195
Lincoln
230 Manhattan 1
140
Mark & Fult_
425
Mech de Met..
475
Merch Exch..
Blerchants'...
iii. Metropolis 1865 Metropol'n 1
Bid
275
505
179
600
325
315
240
236
165
175
300
173
Ask
290
515
184
815
345
330
250
241
_
185 310
185
Banks
Mutual 1 Nassau
New Neth1„
New York Co
New YorkPacific I__
Park
People's IProd Exch 1Pubi)d
Reserve
Bid
290
175
210
850
370
225
385
230
162
200
100
Ask
Bid
410
Sea
bgar
fii- S
CCo
d d-''. 390
225 Security 1.- 10(1
875 Sherman -....
340 State 1
1-8-0250 23d Ward I
130
Union Exch. 146
375
250
Unit Stc.test. 600
188
Wash 1i'ta I _ 275
_,._.. Weatch Avi_ 180
106 1yVor
est
Sio
ritu
el: 450
d!
.......
*Bid and asked prices; no sales on this day. S Ex-rights. § Less than 100 shares 11 State banks. a Ex-div. a. rights. 0 New stook f
tsa• as Stook Exchsnie or at auotion this week. •First installment paid. a Sold at prieate sale at this pain. fix-div. I"all paid.
Banks
34%
-
Ask
435
425)
il,
1 '
2 I
140 s
150
....
fil
474'
800.
swum. 41,
894
New York Stock Record-Concluded-Page 2
[VoL. =mu.
For record of 'allies during the week of stocks usually inactive, see xenon :I page
Preceding
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 14
onday
March 16
Tuesday
March 17
Wednesday
March 18
Thursday
March 19
Friday
March 20
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Week
Shares.
Range since Jan. 1.
Os basis of 100-share lots.
Range for Previous
Year 1913.
Lowest.
Highest.
Lowest.
Highest.
Industrial & Misc (Con)
*100 104 .10212 10312 .10212 10313 .10218 104 .10218 104
Amer
Snuff
prof
(new)__
Jan
0978
_
10314 10314
9 104 Feb 20 100 J'nei 105 Jan
3313 34
134
34
28 Jan 6 3712 Feb 16
3312 3312 .33
675 Amer Steel Found (now)_
34 .3312 3414 3334 34
25 J'ne
404 Feb
9938 100
9978 100
10014 10112 10112 10112 10138 10138 10112 10258 4,100 American Sti-car Refining 07 Wu 12 10973 Jan24
9978 Dec 113 Jan
11018 111
11012 11012 .109 111 f110 110 .110 113 .110 113
Do preferred
10073 Mob 12 11378 Jan 7 11013 Inc
330
11658 Jan
12218 12318 12258 123
123 12318 123 12318 12318 12313 12133 122Is 11,840 Amer Telephone & Teleg 11718 Jan 2 124I Jan30 Ito Dec 140
Jan
249 24914 24878 249
24934 24934 24914 24934 250 25478 25312 2543.1 3,975 American Tobacco
242's Jail14 25478 Itch 19 200 J'ac 29434 Jan
•10534 10613 10534 1057 10513 10534 106 106
11)134 Jan 7 10614 Feb 20
10512 10513 105 10534 1,100 Preferred , new
96 J'ly • 106,8 Jan
•14
1714 *14
200
American NVoolen
1811 16
1312 Itch 4 2073 Jan28
1614 .14
1714 .14
1712 .14
1714
i412 Dec
2312 Sep
.75
7814 78
Do preferred
78
78
7213 Mch 4 83 Jan 26
79
7834 7834 7834 7834 *7834 7834 1,110
74 May 82 Sep
.
13
15
*13
Amer Writing Paper pref 1338 Feb 16 1738Jan 23
1613 .13
1613 .13
1512 .13
16 .13
16
1178 Nov1 3214 Jan
3512 3558 3512 3534 3512 3578 3534 3578 3534 3534 3558 3638 7,100 aAnaconda Cop Par $25 3333 Jan 9 3814 Feb 3
3078 J
4112 Jan
an
•11314 20 .1612 20
20
20
300 Assets Realization
20
17
20
17 .1212 20
16 Itch 11 2978Jan 8
22 Dec 120 Jan
51
5114 .5038 5114 5078 5134 51
po preferredmo
5112 5034 5114 51
2,801) Baldwin
51
1co
3812 Jan 7 5213 Itch 5
ti ye_ _ _ _
3612 Dec
4312 Jan
*108
*108 ____ *108 ____ 1108 108 §108 108 .108 -10212Jan 16 10738 Itch 12 '00,4 J'ne 10512 J'ne
60
4334 -4413 4334 44
4413 4452 4334 4418 4312 4334 4334 4412 8,120 Bethlehem Steel
2912 Jan 5 4434 Meh 11
25 Joe
4112 Jan
86
86
78458 8434 85
8518 84
8412 .8438 8514 8514 8514 1,2
10
50
eu
0
68 Jan 10 86 Itch 11
feo
6214 J'ue 74 Aug
rr
io
eo
d
41125 127 .125 127
1261,1 12614 .125 127 .12412 12712 .124 127
ocook I yPI
BrD
121 Jan 5 130 Jan 24 120 Oct 13778 Jan
26
2618 26
26
27
2714 2712 2814 28
C forniaPetrol G
2834 2838 2834 10,800Cali
16 Aug
vatscIfs: 18 Jan 2 3058 Feb 6
5612 Feb
.
6213 641
65 65
65
6538 6534 67
6614 6778 6734 68
5058Jan 2 68 Mch20
7,050 DO preferred
45 J'ly
86 Jan
•85
89 .8314 8712 8314 8314 .8314 8712 .81
87 .81
Case(JI)ThreshMpftrcfs 82 Feb 19 95's Jan 16
87
100
0014
Dec 10358 Feb
3332 3313 3314 3314 33
3473 3414 3473 3434 3514 35
ntoralpr
Cen
2573
Jan
4Mch20
14
41
353
L
e
e
f
A00
a
err
th
ed
353
er
17
J'ne
4
3018
Feb
9913 9912 9934 9978 100 100
9978 9973 9913 9934 9912 9934 2,400
9473 Jan 6 10114 Itch 4 z88 J'ne 9714 Itch
• 4114 41
4078 4118 4114 4178 4178 4214 4134 42
10,600 dChino Copper_ Par 25 3712 Jan 9 44 Feb 4
42
3033
J'ne
423
Jan
4
4758
•67
70
*6612 70
*6613 70
*6612 70
*6612 70 *6613 70
Cluett,Peabody & Co,Inc 6812 Feb 25 70 Feb 13
15103 1041 10438 10412 .102 10413 .103 10412 .103 10412 .10034 113
103 Feb 28 10412 Feb 14
200 Do preferred
3812 321
32
32
3234 3312 33
3318 3212 3212 3314 3334 2,600 Colorado Fuel & Iron_
2812Jan 2 34121'eb 5
2412 J'ne
4113 Feb
1314 134 *133 134 *133 134
1,600 Consolidated Gas (N
134 134 *133 13412 134
Y)- 12912 Jan 3 13912Jan 24 12518 J'ne 14238 Jan
1178 1178 1158 1178 1134 1178 1134 1178 1134 1134 1152 135
t%) l'Ir;
914 Jan 9 13 Jan 28
738 J'ne
174 Jan
s
edRefining_
1178 2,500 Cop
*6753 70 .6758 6968 .6752 6973 .6752 6978 .68
6978 6913 6958
preferred
6112 J'ne 1 7984 Jan
63 Jan 3 72 Jan 29
9513 9513 9558 08
20
20
0 Deere & Co prof
9618 9618 .9578 9614 .9534 9614 *0534 Nut
9112 Dec 10018 Jan
9134 Jan 2 0934 Feb 3
•1812 1918 1834 1834 1834 1834 1878 1873 *1812 10141
1,
200
Distillers' Securities Corp 17 Jan 9 2012 Itch 4
933 rite' 2134 Jan
834 1914
•12
15 •____ 16 *____ 15 *____ 15 *____ 15 *____
Federal Mining & Smelt'g 134135018 Jan 2
15
4
14
8 Jan
o
11 Dec
14
36 15 Jan 28
*35
4178 .35
4178 .35
4178 .35
4178 4.35
Do preferred
4178 .36
4178
Jan
3738 Jan 3 14
33
,
038 Janb 2
7 1329334 JoeMch
14712 149
147 14834 147 14714 14718 14778 .147 148
2,100
General Electric
14734 14778
140 Jan
Jan
77
7714 75
7672 7512 7534 •7334 7512 7414 75
7538 4,700 Gen Motors vot tr ctfs
75
Ik1echh 1
75
0 May 40 Aug
,
0
2
0234 9234 9212 9234 9258 9234 9213 9234 9212 9213 §923
4 9234 1,060 Do pref v t ctfs
77 Jan 5 07954
May 8134 Set)
2334 2334 23
23
2314 2314 2313 2312 .2213 2313 23
2358 1,140 Goodrich Co (B
1958Jan 17 2634 Feb 4
Nov 68 Jan
1518
.
86
90 .87
90
89Y3 8912 .88
90 .8813 90 .85
797 Jan 2 91 Feb 3
8834
100 Do preferred
7334 Nov 10514 Jan
5412 5512 5434 5518 5434 55
6,910 dGuggenh Explor Par $25 $4438 J an 8 55614
55
5518 5478 55
55
5614
20
4034 J'IY
5338 Jan
17
17
1678 17
17
17
17
1713 1714 1714 1714 1714 1,700 dInsp'n Con Cop Par $20 $1518 Jan 10 51814 Itch
Feb 4
1378 Dec
2038 Jan
10438 10438 10334 10412 10458 106 *104 105
2,100 Internat liarvester of N J 10078 Jan 3 11312 Jan
105 105
10434 105
22
96 J'ne 11112 Sep
•11712
.11738 ____ .11712 ____ .110 ____ .11713 ____ .11732
Do preferred
11312Jan
3
11818 'Itch 4 in Shy 116 Oct
•103 10411 10414 10414 104 105
104 104 *10313 105
2,100
10412 105
ternat Harvester Corp_ 10073 Jan 3 11134 Jan 22
9512 J'ne
•116
Set)
*116 ____ *116 ____ 41116 ---- 41116 -_-- *116
Do preferred
11478Jan b 11712 Feb 13 in May 11014
*212 -23-4 *212 3
11434 Set)
212 212 .233 3
200 Bat Mer Marine stk tr ctfs
.232 3
.238 3
334 Jan 27
214 Feb 9
278 J'ne
45
8
Jan
•10
958 934 10
11
10
*1032 11
.1014 11
.934 11
812 Feb 10 15'4.Jan 30
300 Do pret stk tr ctfs_ 1212 J'ne
194 Jan
.9
10
.9
10
812 9
912 012 *812 912
838Jan 5 1078 Feb 2
9
912 1,200 International Paper
612 Oct
1258 Jan
•35
38 .35
37 .35
37 .35
37
3614 3614 3613 304
3518 Mch 10 41 Jan 31
500 Do preferred
3218 Oct
Jan
4812
*613 9
*612 9
7
7
100
*612 8
*612 814 *612 8
Internat Steam Pump618 Jan 9
978Jan 20
412 Dec
18'1 Jan
1522
29
*22
29
2314 2314 .23
29 .22
29 .22
Do preferred
19 Jan 2 29 Jan 19
29
200
1578
Dec
70 Jan
87
91
.8712 92 .8712 92
*87
91
300
8734 8734 .86
Kayser
80
Jan 19 91 Mch14
88
Sc Co (Julius).
77 Dec
94 Feb
*104 10812 110712 10712 *104 10812 *104 10812 *106 10812 *106
106 Mch 12 10612 Feb 9 10612 Oct 110 Jan
10812
40 Do 1st preferred
*94
95
*9312 9778 *93 100
*95
97
*95
9714 *93 100
Kresge Co (S 8)
81 Jan 6 105 Feb 25
58 J'nei 83 Sep
•10418 106 *1044 106 1105 105 *105 110 *105 106 710314
130,
Do preferred
99 Jan 13 231
105Al
ch 3
Nle
1 1,
10314
973 J'neJne 2
10
38
2 Janh
225 225
22534 22534 .220 226
22512 227
227 22812 .220 225
1,200 Liggett & Myers Tobacco 21034Jan 6
*11512 125 .117 118
11712 11713 118 118 .117 118 .110 117
200 Do preferred
11133Jan 6 118 Mch18 10612 JIY 11612 Jan
03078 3213 .3012 33
3213 3212 3232 33 .3214 35 .3214 35
Loose-Wiles Ills tr co ctfs 3158 Itch 12 38 Jan 26
300
21 J'ne
3978 j.,22
•104 105
105 105 *104 106 *104 105 *104 105 *101 105
po 2
100 D
1s
dt pp
89 Aug 105 Jan
re
rf
ee
red_ _ _ 103 Feb 26 105 Mch16
frerred
*93
*93 __
*93 ____ *93 ---- *9314 ___. *94
89 Jan 2 95 Jan 24
84 J'll, 95 Jan
, 176 176
176 176 z169 169 *167 177
170 17112 169 170
Lorillard
700
166 Jan 20 178 Itch 11 z150 J'ne 200 Ja,.
Co (1')
1154 1164 *11212 11512 *112 11312 *11112 11312 11312 11312 *11
200 Do preferred
110 Jan 6 11514 Mch14 103 J'no 111 Feb
*844 8512 *8334 86
85
*83
*8334 85
8334 8334 84 -84
200 Mackay Companies
77 Jan 12 373 Fob 20
7553 J'IY
87 Jan
*6434 70 .6434 70 .6434 70
1,6813 6812 .6434 70 .6434 70
Do
6518 Jan 2 70 Jan 27
50
62 Dec
preferred
69 Apr
65
6518 63 63 .62
64
63
63
6412 6412 *63
6412
500 May Department Stores_ 62 Feb 11 6914 Jan 17
t.0100 102
Oct
65
7678 Jan
10118 10118 .100 102 .100 102 .100 102 .99 101
100 Do preferred
100 Feb 13 10134 Feb 0
9712 J'ne 10512 Jan
./t
(
233 6812 68
OS
6812 6832 6812 69
6813 6913 69
70
9,250 Mexican Petroleum
4612Jan 2 7312 Feb 9
4134 Nov
7814 Feb
231. .2212 2314 2338 2338 2338 2358 2338 2418 2353 2412 4,880 dMiami
2038 J'ne
2612 Jan
; 13434 13532 136 13714 137 13712 13614 13614 13614 13614 .135 13712 1,650 NationalCopper_ _Par $5 g2134 Jan 3 g2414 Jan 27
122 Jan 6 139 Feb 3 104 J'ne 130 Sep
Biscuit
'124 124
12212 123 *12212 123
12212 1221 *122 12212 11122 12212
560 Do preferred
11914Jan 13 12312Feb 4 116 J'ne 12478Jan
I •1112 12
1158 1158 1112 1112 .1114 12
12
12
12
1238 1,000 NaD
to
Enp
ef
ee'
arm
lrg
973 Jan 8 14 Feb 3
re&
d Stamp'g
9 Joe
1914 Jan
; *80
90 .80 90
*80
88 .80
88 .80
88
*80 88
86 Mch 7 867s Itch 10
7414 Oct
9214 Jan
(.48
4934 .4834 4934 .4814 4934 .4913 4934 §49
49
4934 4954
145 National Lead
44 Jan 3 52 Jan 26
5614 Jan
43 Oct
*107 108 .107 108
10738 10814 .10612 109 §10714 10714 §10814 10814
400 Do preferred
105 Jan 13 109 Fob 18 100 rite 108 Oil
1512 1512 1512 1512 1512 1534 1534 1534 1553 1558 1534 1578 3,350
dNovada Cons Cop
20 Jan
$5 31458Jan 7 $1612Jan 26
13 J'ne
; 7612 7014 78
7834 7712 7712 .76
7712 27434 75
7413 7412 4,085 North American CoPar
66 Jan 2 7914 Itch 14
(new)
2414 2414 2478 2478 .24
60 J'ne
8112 Jan
25 .24
25 .24
25
25
25
625 Pacific Mail
2312 Mch 10 29 Jan 21
*28
2814 2812 *28
2912 128
16 roe 1112 Jan
28
2912 .2814 2914 2812 2812
340
Pacific
2612
Tele')
&
Toleg_
Jan
0 31 Jan 24
122 122 .12214 123
22 Nov 46 Jan
12212 12212 123 12412 .12413 12434 .124 12434 1,550 People's
U L & C (Chic). 12078Jan 3 125 Jan 5 104 J'ne 12934 Sap
•2034 2112 21
21
.2013 2112 .21
2112 .2078 2112 2114 2111
700 Pittsburgh Coal
1773 Jan 3 2312 Feb 4
3412 J'ne
•9014 92 .9014 92 .9014 92
92
2438 Jan
92 .9112 9218 9213 0212
700 Do preferred
8612Jan 7 9312 Feb 4
f 4334 4334 4314 4358 4314 4312 4314 4312 4312 4312 4313 4458
73 J'ne 95 Jan
2,070
Pressed Steel Car
2634 Jan 5 4512 Feb 2
:4.10312 104 .10312 104 §104 104
1812
Vile 36 Jan
103 10312 .103 104
104 104
261 Do preferred
9733 Jan 15 1054 Arch 5
8812 J'ne 10118 Jan
•11118 11312 .11112 11312 .11112 11312 .11212 11312 113 113 .11212
100 Pub Serv Corp of N J.-- 107 Jan 13 11314 Feb 13 105 Dco
11312
, 15152 153 *152 153
152 152
152 15214 15218 15212 15234 15234 1,040 Pullman
118 Jan
15112 Jan 6 159 Jan 28 149 Sep 165
Company
Jan
2912 3134 3078 3134 31
3112 3012 31
3012 3012 3012 31
5,300
Railway Steel Spring_ _ -- 2514 Jan 7 3438 Feb 2
2214 J'ne
O96
99
1004
99
*94
90
35 Jan
4195
99
*9512 99 .9452 99
Do
preferred
79314
Itch 6 101 Fob 14
0014 J'ne 100 Jan
21
2114 2034 21
21
2112 2113 2134 2138 2134 2114 2134 20,450 dRay Cons
CopperPar$10 41734Jan 9 82134:deb 18
15 J'ne
2614 2614 2514 2512 2512 2614 2512 26
28 Jan
2514 2512 2613 2612 2,250 Republic Iron & Steel1934 Jan 6 27 Jan 27
17 J'ne
9034 91
0014 91
2838 Jan
28814 8812 89
8912 .88
8912 8038 8932 1,610 Do preferred
80 Jan 2 9114 Itch 11
72 J'ne 9214 Sep
1312 1458 1412 1434 1412 1512 1358 1412 1358 14
14
14
4,200 Rumely Co (M)
9Jan 30 18 Jan 14
14 Nov
36
36
3613 3614 37
9214 Jan
38
34
3714 3334 3338 34
34
2,850 Do preferred
2612Jan 30 41 Jan 13
33 Dee
15186 190 *188 189
9934 Jan
18614 18614 18812 18812 *186 18812 18812 18912
600 Sears, Roebuck & Co_ _ _ _ 183 Jan 3 193 Feb 2 15434 J'ne 215
4922 j
3212 131
Ja,...81
31
.
31
*30
32
31
31
3018 3018 .30
32
350 Sloss-Sheffield Steel & Ir_
27 Jan 3 35 Jan 26
23 .111/
*31
3414 *31
3414 *3112 3414 *314 3414 *3112 3414 *32
Standard Milling
344
Dec
32 Jan 7
4012 Jan
*63
65
*63
65
1644 6414 1.63
65
6412 6412 .64
66
150
Do
preferred
6412 Mch19 6
2
532112 M
Atecbh 6
5'4 F
36
2834 2934 2834 30
6678 Feb
2914 3012 2934 2934 2834 29
2912 3,650 Studebaker Corp (The)._
28
20 Jan 3 3034 Feb 5
1534 Deo
9
36
314 .1
86
*82
i n
8214 83
84
8434 *8212 85
*8212 8512 185
1,068 Do preferred
85
6412 Nov
70 Jan 5 87 Feb 6
3478 3478 3412 3412 3478 35
35
3513 35
35
35
3512
6,300
dTennesseo
Cop_ _Par $25 S317 Jan 0 $3634 Feo 11 72634 J'ne
3912 Jan
14813 1483. *14812 149
14834 149
14912 14912 214612 14634 146 147
2,800 Texas Company (The)
89 J'no 13212 Dec
128 Jan 3 14978 Mch 5
*80
85 .80
85 .8212 85 .80
86 .80
85 284
84
100 Underwood Typewriter
z84 Itch 20 88 Jan 31
78 J'ne
•111 1123.1 .111 11234 .111 11234 .11132 11234 .11114 1123
9912 Jan
4 x111 111
100 Do preferred
108 Jan 16 zll1 Mch20 104 J'IY 113 Jan
7
714
7
7
673 714
7
738
712 758
712 8
2,450 Union Bag & Paper
512 Nov
3
1
o
24
l
F
3
a
o/
1
19
2
3
J
n
8
21
25318
*25
30
4125
30
26
26
26
734 Jan
28
*2612 30
*2712 30
400
Do
preferred
Jan
*10
13
4184 Jan
*11
13
4111
12
1152 1153 *10
12
*1112 12
100 U S Cast Iron Pipe & Fdy 105 Jan 8 1312 Jan 23
914 J'ne
*40
46
*40
1634
46 .40
46
*43
Jan
46
*40
46 .43
49
Do preferred
40 Dec
40 Jan 8 49 Feb 6
8012 82
80
82
5654 Jan
78
7814 78
78
7212 77
69
7214 3,620 U 8 Express
0
43,834
ci11 10
83734 A
mIc
4
56
4 Jan 7 6
5978 60
6
76
604 6012 .59
7 JJEL
62
61
61
62
.60
6238
63
1,000
S
U
Realty
& Improv'tNov
6253 63
62
6273 6114 62
6113 6214 6114 6113 611a 6214 9,150 United
tch 14
States Rubber._ 57I
Jan
61 Nov 694 Apr
*10234 103
10278 103
103 103 §10278 10278 .10278 10378
8 10372
853 Do 1st preferred..
4
1 8 J'ne 10934 Apr
Febb 10
1014 l'e
3 104's Jan 14
6414 6152 6313 6418 6353 6452 6358 6412 6373 6414 1037
637
3
65
169,500
United
States Steel
10978 110
110 110
4972 J'ne
572 Jan 3 6714 Jan 31
6918 Jan
10934 110
10978 110
110 110
110 1101s 3,600 Do preferred
Jan 31
1 12
34
8 Ach2
0212
14
2 jI
27
J'ne 1140
106's Jan 2 13
5414 5412 5352 5414 5414 5458 5134 55
3334
5434 55
an
18 j
nn
j
Jaa
5434 556
0,440 dUtah Copper___Par $10 $4878 Jan 10 $5614 Feb 16
3058 J'ne 6058 Jan
*3013 3112 31
3212 3212 3313 3278 33
33
3458 34114 3478 11,000 VIrglnla-Ca
rolina Chem_
928814 j
Jan
105 105
10512 10512 *104 106 *105 106
106 106
10712
3
7 10712 Mch 20
400Do preferred
91 J'ne. 114 Jan
6313 6358 6312 6338 6313 6353 6313 6353 6338 6312 6338 10712
6312 12,300 Western Union Teleg__ - 6724 Jan 16 6678 Feb 16
5413 Dec
7418 76
7612 7878 7714 7878 7612 771
75:4
8 J.
7614 7834 77
7838 29,657 Westinghouse El & Mfg_ 64 Jan 3 7872 Itch 16
1511634 119 *117 119
5358 J'ne
79
119 119 51117 1223 .118 123 *118 125
100 Do 1st preferred....
1.
F
'e
3
18
e
14
1
a
b
9
0
19
*98
o
n
j
J
10
13
1
87
7
1
1172
8
8
8 JJ:nnoe
5
99
19
12
9313 984 99
99
19312 9812 .98 100
99
99
675 Woolworth (1
'
1 W)
*11513 11752 .115 11752 .116 11752 *116 11758 *116 11712 117
112 Jan
117
100 Do preforred
11234 Jan 6 11873 Itch 6 109 J'ne us', Jan
\
BANKS AND TRUST COMPANIES-BANKERS' QUOTAT
IONS.
Banks
Brooklyn
Coney lard 11
First
Flatbush _
Oreenpotnt
BWaldell
Homestead
ildanufaorrs
Mechanical_
Montauk 1..N•aIsau
,
Bid
Ast
if -
150
200
130
110
150
80
400
125
2b- -
fiE"
100
425
140
140
220
Banks
Bid
Brooklyn
National City 273
North Side - 175
People's
145
Ask
285
200
155
Trust Co's
N Y City
Astor
360
Bankers' Tr_ 440
Li'way Trust. 150
370
450
160
Trust Co's Bid
Ask
N Y City
Central Trust 1016 1025
ColumbiaKnIckerboc 440 450
Com Mercial
85
Empire
300 310
Equitable Tr 420 435
Farm L & Tr 101)0 1110
Fidelity
205 215
Fulton
275 300
Guaranty Tr. 665 675
Trust Co's
N Y City
Hudson __
Law T 1 & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (WestLhester)-
Bid
Ask
130
160
120
360
135
161
130
130
143
180
148
Ask
Trust Co'r Bid
N Y City
NY Life & Tr 970 900
N Y Trust__ 600 610
Title Gil & Tr 417 427
Transatlantic 200 220
Union Trust. 385 395
U S Atte & Tr 415 425
United States 1040 1060
Westchester - 140
Trust Co's
Brooklyn
Brooklyn Tr.
Citizens' _.
Franklin
Hamilton -dome
Kings County
Nassau
People's _Queens Co .-
/414
Ask
470
135
235
270
100
670
125
285
490
140
250
220
11$
85
I
i
;
fir I
295
100
lnd asked prices; no sales on this day. 1 Loss than
100 shares. 8 Er-rights. a Ex-dbr
8:re.1 vvre or at auction this week. s Ex-stock
& ri3hts. 6 Nay stock. d Quoted dollar, per share. t Salo
dividend. ¶ Banks marked with a paragraph_
at
(ID are State banks. a Ex-dividend.
-
895
Yearly
Friday, Weekly and
New York Stock Exchange—Bond Record,
bonds.
are now all—"and inieresl"—esceol to,income and dcfautted
Jets. 1 1909 the Hschange method al quottno bonds teas changed. and prices
V'8
BONDS
N. Y. STOCK EXCHANGE t'e
4.
8
.
Week Ending March 20
Prise
Friday
March 20
Week's
Ratty* or
Last Salt
.8
0
4:101
Ratve
since
Jan. 1.
BONDS
11
N. Y. STOCK EXCHANGE 8 8
8.18.
Week Ending March 20
Price
Friday
March 20
Week's
Rang. or
Lass Sale
0 1 Range
Kit since
4 . Jan. 1.
MO No. Low High
Ask.Loto
Bid
Low High Chesapeake & Ohio (Con.)—
0412 22 9314 984
1992 M-S 9412 Sale 9414
General gold 484s
9812 984
____ 9313 Feb '14 ...-- 9312 9313
92
M-8
1992
Registered
9858
98
29 7.133 864
834
8212
Sale
8358
F-A
1930
484a
Convertible
1024 10214
1944 J -D .--. 8614 8518 Feb 13 —___ ___
Big Sandy 1st 49
102 1023:
8413 Feb '14 -- _ - 844 -85
85
83
-1)
J
1945
4s
gu
By
1st
River
Coal
11118 11212
1940 J -J 08 -- 9612 Dec '13 —
Craig Valley 1st g 5s
11212 11314
1946 J -J . __ -_-- 8434 Jan '13 --- _ ___
Potts Creek Br 1st 4s
3 88 -8839
88,4
ii38 --- 8814
J-J
49_1981)
g
A
con
&
Div
1st
R
101- 1-021-2
1989 J -J _.-- 85 8312Feb '14 -._.I 8312 851:
2d consol gold 4s
Greenbrier Ry 1st gu g 48_1940 M-N 85 9012 95 oct '18 --67
Foreign Government.
Chic & Alton Bit re 3s 1949 A-0 61 63 63 Mch'14 ii 63
3 9512 98
951
Sale 054
50 554
50 '
Argeotlue—Internal 5s of 1909_ M-S I 9512
Railway 1st lien 384s___1950 J -J 50 Sale 50
89
21 88 8912
8834
9934 Jan '14 __. 9934 9934
Ohinase (Hukuang) Ity 159 E_-__ J -D 1 8814 90
Chic B & Q Denver iv 49_1922 F-A 9914 100
844 28 132 85
Imperial Japanese Government
1949 J -J 841 Sale 8312
Illinois Div 384s
8812 11 88 9034
_
_
1925 FA 1 88 Sale 88
Sterling loan 4 As
1949 J-J ---- ----8614 Aug'12 —
Registered
7 87 5912
8712
1925 J -J I 8613 87 8714
9434 18 93 10
Zd Series 43s
;Sale 9458
J 943
J
1949
Div
49
Illinois
80
—
7813
Mch'l
8012
7914
7814
-J
1
1931 J
Sterling loan 48
---13
'
93
J'11e
----1----J
..„.,
J
---1949
Registered
Sale 10014 1004
9 99 10012
3 -___ 10153 Nov'13 .......i
Republic of Cuba 59exten debt_ M-8 110014 9412 1)412 Oct
1919 A-0 1021Iowa Div sink fund 59
_
..
'13
1949 F-A I-External loan 4 As_
1919 A-0 98 9858 98 Mch'14 ...._I 964 984
Sinking fund 49
90
Sale 87
6 it)
87'4
1 9434 97
9634
9634
Tokyo City loan of 1-9-1-2-5s_.— M-S 187
9634....
M-N
4s......1927
85
Nebraska Extension
__
1899(j-J I 80 __ 8414 Jan '14 ___ 84
U 8 of Mexico a 1 g 5s of
1927 M-N 95 --- 9658 Sep '12 —
Registered
68 Mch'14 91 68 68
1954 J -D '68
Gold 4s of 1904
98 ---- tnils Feb '14 ----I 9812 9813
81-S
1921
49
Div
Southwestern
basis
§510
t
the
of
are
rime
on
it
:These
North
Great
See
Joint bonds.
9412 sol 914 944
State and City Securities,
1958 M-S 9334 Sale 934
General 4s
22 100 102
101
1980 M-S 101 Sale 10078
68 6012Mch'14 ..._ 60 68
N Y City-4 As
& E ill ref & imp 43 g_1955 J-J ____ __
1110714 109
109
1963 M-S 1064 Sale 10558 10618 84 10334 10612 Chic consol
109
43891 Corporate steck
A-0 10913
1934
6s
gold
1st
9758 51 954 9759
100
1059 M-N 9759 Sale 9732
4
Corporate stock
1937 NI-N 100 Sale 9913
6l 9534 10013
General consol 1st 5s
4 9512 9734
9713
1958 81-N 9738 9712 9738
4% Corporate stock
1937 M-N ___. 99 98 Feb '14 ----i 98 98
Registered
8
8
97
975
973
4
3
8
953
975
1957 M-N 974
1942 F-A ____ 9734 9734 Feb '13 -4'1i, Corporate stock
Pur money lst coal 5s
22 10353 10653
108
11157 M-N 1057s 10618 10578
ew 4 As
Registered
1 1014 102
-1917 M-N 10134 Sale 10134 10134
---- -75-- ido - ilf151,-2 .11Y-.la ---- -JNew 484.
Chic& hid 0 By 1st, 5s___1936 --71
10634
12
10614
1034
10512
Sale
10614
20 70 -7-54
74
i
Corporate stock_ 1957 M-N 10112 10134 10112 Mch'14 ____ 1011: 10212 Chic Great West 1st 49____18159 M-S 74 Sale 734
484%
118
___
'14
11812
Mch
8
11812
1181:1197
-J
J
6s_1947
4 % assessment bonds_1917 M-N 8634 Sale 8014
9 85 8634 Chic Ind St Loulsv—Itel
8634
1954 M-N
1947 J -J 104 ____ 10358 Mch'14 ___ 10312 10353
3 % Corporate stock
1014
Refunding gold 59
1961 M-8 10078 10138 1014 Meh'14 ---- 100
1917 J -J 81 --__ 1)558 Apr 11 _ _ ____ __
State-49
N
Refunding 4s Series C
....— 10112 10112 Feb '14 --- 974 10112
__
. ---- 85 J'ly 12 .....
J-J
Canal Improvement 49_1981 J-J 101. 10138 111053
48_1956
&
Ind
Louisv 1st gu
3 99 10112
10118
1 1381 9014 Aug 12 ___ __
Canal improvement 43_1982 J-J
101 _-__ 10012 Melf14 .--- 10012 10012 L'hic Ind& Sou 50-year 4s 1956 J -J ---_-_—_
-104
'11
Dec
___
.
J-D
Canal Improvement 4(3_1960 J -J
1969
484s
S
L
&
()hie
East
1st
37
10878
4
10734 1084
Sale 1083
'14 __-_ 10012 10014
Canal Improvement 4 30_1964 J-J 10833
108% 491 10712 10878 011ie Mil& St P terml g 5s.._1914 J -J 10018 ....... 1004 Mch9412
10858
16 92 9654
9314 94 94
Highway improv't 4 As_ _1963 M-S 10878 Sale 10312 Ply '10
Clen'l gold 4s Series A_ __e1989 J -.I
10 9212 9314
9212
South Carolina 4 A920-40_1933 J-J ..---9212
92
..--Q-J
e1089
Registered
- 8434 Jan '14 ---„ 8434 - 43-4
80 8334
8112
--Virginia funded debt 2-3s 1991 J-J 81 -Nich'14
1
-J
J
e11/89
Gen'l gold 384s Ser 13
2 54 00
5512
5412
_
__
J'ne'll
84 deferred Brown Bros:Ws__ ---- 54 543
e1989 J -J ---- --- -8_
Registered
93 88 -6.153
91
1934 J -J 91 Sale 8934
25-year deben 49
10338
100
4
154
Railroad.
10114
1003
Sale
101
J-D
1932
Convertible 484s
70 74
h1995 Q-J 65 674 7012 Fob '14 --- 03
A nn Arbor 1st g 48
e 1989 J -J 10238 Sale 10212 10234 56 1004 10358
go
Gen 484s Ser C
9558 04
__
8xtch Top & S Fe gen g 49_1995 A-0 951g Sale 054
Chic & 1.4 Sup Div g 158..._1921 J -J 104 ....— 1024 Sep '13 ____ __
19 A-0 93 95 9414 Mch'14 ---- 9212 95
Registered
J -J 106 ---_ 1034 Nov '13
59___1926
Chic & Alo Rh,Div
8658 23 84 884
h1995 Nov 8612 87 8612
Adjustment gold 49
1921 J -J 1034 ---- 1034 10334 15 10212 1-04g
&
W
1st
to
P
Chic
_
Mch'13
86
---Nov
h1995
2 89 97
97
Registered
9234 93 07
C M & Puget Sd 1st gu 48_1949 J-J
8712 53 8438 8812
h1995 M-N 8653 Sale 8633
Stamped
1916 J-J 101)58 .. ..... 10034 Nov '13 ____ _ _ .
Dak & Grt Sou gold 5s
97
9618
10 94 100
1955 J -D 9
Cony gold 4s
1920 J -J 10353.... 10812 Mee'14 _ 11.1; 108-4
6s
f
s
1st
Div
Dubuque
9913
---Liay'13
---1955 J-D
____
Cony 49 issue of 1909
u
1924 J -J 11218 _— 110 J'ne 13 _
Far & Sou ass m g 69
9012 12 -9418 -605-4
10218 1024
Cony 4s (issueof 1910)_1960 J-D 9634 9734 964
La Crosse & D 1st 5s__1919 J -J 10233.... 10218 Jan '14 ....
38 994 102
1917 J-D 102 Sale 10134 102
10-year gold 54
1034 bleb'14 ___ 10258 10334
-J
J
1921
10353...-.
5s
g
Wis
&
9412
Div
Minn
4
913
6
9412
Bast Okla Div 1st g 4s_ 1928 M-8 9434 —_ 94
1920 J-J 10838 11234 10738 set) '13 __ 0412 944
Wiz Vail Div 1st es
0052 19 8614 9158
1958 J -J 904 Sale 9014
Short Line 1st 4s gold_
1934 J-D 10034 102 1014 Mch '14 __ 101 1014
Mil & No cons ex 4 As
2 9714 9812
98
Cal-Ariz 1st & ref 4 A s_ 1962 M-S 9734 98 98
J-D 10118 ____ 10134 Itch '14 ____ 9934 10134
1934
1st
extended
484s
104
109
1
100
10214 10 10214 1024
10214
S Fe Pres & Ph 1st g 5s_1942 M-S 105 ---- 109 Jan
'14 —
10113 10118 Ohm & Nor West cons 7s_ _1915 9 F 10218 1024
1915 M-8 10138 --- 1014
Chic & St Louis 1st 6s
1886-1926 b -A 9412 _ , 9412 Itch '14 ____ 9412 9413
43
Extension
95
93
91
49
9314
Sale
9314
M-S
05 Feb '14 ____ 95 95
---AM Coast L 1st gold 4s_ _81952
94
F-A
1886-1926
Registered
-'13
95
Jan
__
___
h1952 81-s
8312 18 80 84
1987 M-N 8258 Sale 825s
Registered
__
General gold 384.
__
1959 J-D 87 —
50-year unified 9s
p1987 Q-10_ __- 7812 Jan '14 ____ 784 7813
Registered
2 10314 10314
1038
4 ___ N314
0714 977
; 9714 Mch'14 __ 93 9734
M-N
1987
Ala Alid 1st gu gold 58_1928 III-N 1033
4s
General
'12.....
Aug
95
94
90
1_
-Bruns & IV 1st gu gold 49_1938 J-J 1204
Sinking fund 698._1879-1929 A-0 1061:..--- 106 Set) '13 ---- ---79_1936 J-J
E
1879-1929 A-0 10513 — - 10512 Dec '13 ____ __
i iii"
95
Registered
Charles & Say 1st gold o1952 81-N 93 Sale 9234
1 111412 1044
10412
____ 10413
104
L & N colt gold 48
1879-1929
A-0
59
fund
Sinking
......
120
1234
,i'ne•12
4
1183
A-0
-_ 102 Oct '13 _
Say F'& W 1st gold 69____1934 A-0
1879-1929 A-0 103
Registered
105 11212 11058 May'll —
1934
9
1921 A-0 102 10212 103 Fob '14___ 10013 1027 1st gold 5s
Debenture 5s
1918 J-J 9538 ---- 97 Oct '12 .....
101 Deo '12 __
..--fill Sp Oca & G gu g 4s
98
1921
A-0
ijo
5
Registere8
014
914
1925 J -J 9118 Sale
103
10214
7
103
8
1027
103
10213
1933
M-N
nalt & Ohio prior 3 As
deb
59
Sinking fund
8078 9412 90 Feb '1 ---, 90 90
h1925 Q-J
1933 08-N ___ 102 1004 Aug'13 ---- ---- - 48 Registered
RegLstered
94
30 9078 96
81948 A-0 94 Sale 9334
;
, Gold 4s
From Elk & Mo V 1st 69_1933 A-0 1203; -- _ 12034 Feb '14 --- 120 12-03
9134 92 93 Alch '14 ---,. 904 04
h1948 Q-J
_ -- -Registered
;
1941 J-J ._ , __ 012 Sep '09
As
3
&
0
NV
13
N
1st
Man
9214 215 9038 9434
9214 Sale 914
1933
,20-yr cony 484s
----- --- ----8.-Milw & 8 L 1st gu 3319_1941 J-J
—
...
'12
112
Jan
_
_
10512
J
J
1922
, Pitts June 1st gold
Mil L 8 & West 1st g 69_1921 M-8 109's..-- 10933 Feb '14 .._ 10933 1-0-93s
8034 90 - — 90 Feb '14 ---, ___-g 33151925 84-N
P June & M Div 1st6s_Ext Li: imp. s 1 gold 5s 1929 F-A 10613 110 1064 lice'14 ____ 1064 10618
7 844 8012
88
1134
87 Sale 87
'P L E & NV Va Sys ref 4s_1041 M-N 874Ashland Div 1st g 69_1925 M-8 11314 ___ 1134 Feb '14 ...... 11318
9112
3
3
8
90
8714,
9013
Sale
8
905
-J
J
'Southw Div 1st gold 3 As_1925
Div 1st gold 63_1924 J-J 11318 ___ 11314 51h14 ____ 11314 1134
Mich
____
_
91 94
Cent Ohio it, 1st c g 4 As_ _1930 M-S 0912.... 100 Apr 13 ---____
'14
Mch
2
933
9332
0314
im-8
4s_1947
gu
W
N
1st
Spar&
Mil
... ____
10 WS 1085
Cl Lor & W con 1st g 5s 1933 A-0 10512 ---- 103 Nov'13 ---- 8
108
1917 M-8 10714 108 108
Northw Union 1st 7s g
Monon River 1st gu g 5s_11119 F-A 1003s._ — 10214 J'ne'12 _--- _....
Winona & Si, P 1st ext 79_1916 J -D 10633 ____ 10038 Nov'13 __ __....
2 10412 1-05
Ohio River RR 1st g 5s_ 1936 J-1) 10434 ---- 102 Nov'13 ...-- __.. -- Jhicago Rock is!& Pac 03_1917 J-J 10411 Sale 10412 10412
1937 A-0 1014 10412 9858 Oct '13
General gold 5s
1917 J-J 10414 106 10433 Mch'14 ___ 10438 1044
Registered
.—-Pitts Clov & Tol lst g 6s_1922 A-0 1054 _. 11313 Feb '12
8712 97 84 894
J-J 874 Sale 8658
1988
45
gold
General
4
1917 J -J 9634 --__ 9034 Mch'l ---- oa34 lid3Pitts & West 1st g 4s
1988 J-J 84 80 87 Feb '14 ___ 8412 87
Registered
...-- __ _ _
7418 65 72 81
Stet 1s1 By 1st gu g 4 As_1943 J-D --.. ---- 91 J'ne'12
1934 A-0 74 Sale 734
Refunding gold 48
---- ---- ---- -------1 891
711 2
Bolivia By 1st 55___ __ __ 1927 J -J -- ---1932 J-J '0 Sale 6814
Is
20-year
debenture
---„
108
108
4 ---- 108 Feb '14
_ ____
1937 M-S 1073'11. .........._
Sep
------07
m-N
-1914
Buffalo 14 & P gen g 55
4s
Coll trust Series L
10213
10212
1 10212 10211
Sale
10212
M-N
1957
_
.
_
'11
J'ne
9434
_
_ _
Consol 4 As
1918 m-N
P 4s
8834.... 94 Jan '14 ...-- 94 04
4038 Iiii 57 ii
All & West 1st g 4s gu___ _1998 A-0 104 -___ 103 J'ly '08
2002 81-N 2-9 Sale 37
4s
it
1414
&
I
Pac
Chic
1943 J-J
61
38
38
40
Cl & Mali 1st gu g 5s
s____
M-N
2002
Registered
10914 ..... 10912 Mch'14 ......- 10912 10912
—_
__
Roch & Pitts 1st gold 6s_ _1921 F-A 11012 --- 11083 Fob '14 — 11058 11038
R I Ark & Louis 1st 484s_1934 hi-S _ __ 84 85 J'iy '13 ---------1922 J-D
---—
'13
Deo
Consol 1st g Os
102
—
18233
A-0
5s_._1934
0
10814
g
R
Bur
&
N—lst
1064
10611
1
10334 0634
Sou Cons gu A 5s_1962 A-0 1001 ----1003
0141 F& N %V lst gu5s_1921 A-0 10078 104, 10()% Feb '14 —_ 10078 Nes
4Jan '11
---- --1962 A-0 ---Registered
__
J-D
7s
--g
AI
8
-------1927
---&
gu
997
L
St
1st
07
1
9078
8
997
100
9912
CarClinch&Ohiolst 30-yr5s1038 J-D 1073.___ 108 Feb 14 —.. 108 108
—9912 904 Ma-5813 ---- ---- -Choc Okla & (11 geu g 59_01919 J-J ___Dentral of Ga 1st gold 5s....p1945 F-A 10312 Sale 10312 104
11)52 1.8-N 99 101 106 Jan '13 ___---- --.
Congo! gold 5s
U 102 105
1945 M-N
Consol gold 5s
5s.1923 A-0 9258 94 9258 Mch'14 ...._ 914 19253
&
1st
Des
Moines
Keok
-.
10614
Mch'13
103
1945 81-N —
Registered
St Paul & 18 0 Ski L 1st 484s'41 F-A ____ 78 7812 /deb'14 ___ 7813 80
90 87 Mch'14 ---. 85 87
Chatt Div pur mon g 4s.._1951 J-D 844
Jhic St P M & 0 con 69_1930 J.44 119 1194 120 Mch'14____ 118 120
8 _ ..... 10714Jan '12 __
Mac & Nor Div 1st g 59_18146 J -J 1033
Cons Os reduced to 384s....1930 J-D 85 91 8914 Dec '12 ____ ___. —...
—.
10213
'13
____
Sep
1034
1947 J-J
Mid Oa & Atl Div 5s
1930 p8-8 102 10258 10212 10234 32 101 103
Debenture 59
10934 May 11
1946 J-J 1044
Mobile Div lat g 5s
Oh St 1'& Minn 1st g 63_1918 84-N 11818 ---_ 11612 Jan '14__ 11012 1164
100¼ Mch'14 _-, 9934 1004
Den 1814 & B of Oa col g 58_1937 M-N 10014 103 11612
J-J 1184 _ _ 1294 May 09 ____ ___. ___
_
1st 691930
Wisconsin
North
17
11634
117
Sale
114
11612
Dent of N J gen'l gold 58_1987 J -J
3 107 108
1919 A-0 108
ttie 1074 108
St, P & 8 City 1st g Os
h11187 Q-J 115 11614 1134 Jan '14 _.— 11334 11334
Registered
- - - - ---- ---- --- —.
Superior Short L 1st 5s g81930 8I-8
10412 12 104 10458
4 10412
Am Dock & 1101) gu 518—.1921 J-J 10411 1043
-_-_-_:. -8512 85 Jan '14 __ 85 -85
-D
J
1st
5s_1960
So'east
St
II
T
Nile
100
J'ne
'18
_
101
-J
J
.
__
Leh & Dud It gen gu g 59_1920
-- Jhic& West Ind gen g 69_41932 Q-83 1064 __. 105 Deo '13
1001 Jan '13
N Y & Long Br gen g 49_1941 81-S 94 ____
1952 J-J _ _. 8432 8514 Mcn'14 —_ 834 87
1 -82 16-1; Consol 50-year 4s
8412
Dent Vermont 1st gu g 4s e1920 Q-F --- 80 844
93 97 90 Mch'14._._ 93 98
J
-J
4
88.1
813__11/37
D
gold
ik
ii
_An
Dheeapeake & Ohio—
1939 J -J
1st it refunding 4s
— 9834 10014
Mch'l
... 888
.8.8„
Gen funding & impt 5s--_1929 J-J 100 10014 100
4 J'n-e'li
.
it11
1989 J -J
1st guaranteed 4s
12 108 10774
1061
111311 M-N 10614 Sale 10614
iuuis inu1;
1st consol gold 5s
1041 AA-N " " top usn.Alch'i4
& 1 1s5 au a 62
D
Din
Ina
103
'1
Jan
103
_
_
1044
M-N
1939
1444ffintor4.1
MISCELLANEOUS BONDS—Continued on Next Page.
High No.
Ask Luw
818
U. S. Government.
9859 15
U II 2s consol registered 81930 Q-J 9813 09 9853
US 24 consol coupon
d1930 Q-J 9812 99 9858Jan '14
k1918 Q-F 102 103 1024 Mch'14
U 8 33 registered
10212 Mch'14
1918 Q-F 102
U 8 39 coupon
U 54s registered ---------1925 Q-F 112 11234 11212 Meh '14 .--.
14 ___
11278 Fob--_
1925 Q-F 11212 _
U 8 4s coupon
954 J'ly '13
US Pan Canal 10-30-yr Zs k1936 Q-F 9812 __
U 8 Panama Canal 3s g_1961 Q-M 10134 1023; 10238Feb '14.—
Canada
Street RallwaY
Brooklyn Rapid Tran g 53_1945 A-0
lit refund conv gold 44_ _2002 J-J
6-year secured notes 58...._1918 J-J
Ilk City 1st con 58_1918-1941 J-J
Bk Q Co & S con go g 59__1941 M-N
Bklyn Q Co & 8 1st 59_1941 J-J
Bkiyn Un El 1st g 4-519_1950 F-A
1950 F-A
Stamped guar 4-8s
Kings County El 1st g 49_1049 F-A
1949 F-A
Stamped guar 42
Nassau iClec guar g sld 49_1951 J-J
1927 F-A
Chicago Rwys 1st 15Coon Ry & L lst&ref 5g 4388'54 J-J
1951 J-J
Stamped guar 484s
Det United 1st cons g 4 As_1932 J-J
Ft Smith Lt & Tr 1st g 59_1938 M-S
Grand Rapids Ry lst g 598.-1918 J-D
Havana Klee consol g 59_11152 F-A
10318
g 994 10313
10234 10313 1024
911z Sale 914
9183 59 874 9314
991 143 964 90513
9981 Sale 9933
101 10134
100 1024 1014 Mch '11
-- 99 98 Apr '13
_ 101 May'13
183-4
1011
00 1;01
1994
161.-14 Rift& 10114
51014 Mch'14
101
83 84
834 ---_ 84 Mch'14
824 8413
841
8412 Sale 844
914
80
74 0
9634
80
77 7934 7912
9858 99 99 Mch'14
95 964 10178 J'ue'12
95 —. 9513 rne'18
7 -a73
724 Sale 724
_ 84 84
*84 Is —.- 84 Jan '1
99 -- 98 J'ne'l
3 915 05
923
; 9234
9112 921
viq
Street Railway
Bud & Manhat 58 Ser A-- 1957 F-A
1957
Adjust income 59
1932 V-1;
N Y & Jersey 1st 58
Interboro-Metrop coll 4 As_1956 A-0
Interboro Rapid Transit1966 J -J
1st & refunding 59
Manhat By(NY)cons g 42_1990 A-0
1990 A-0
Stamped tax-exempt
Metropolitan Street Ry—
Bway & 7th Av 1st C g 58-1943 J-D
C)ol & 9th Av 1st gu g 58_1993 II-S
Lex Av & P F 1st gu g 59_1993 81-S
Met W 5141(Chic) 1st g 49_1938 F-A
8111w Eit:c Ry k Li, cons g 5919211 F-A
Refunding & exten 484s....1931 J-J
Minneap St litt cons g 59_1919 J-J
Montreal Tramways lit & ref
1941 J-J
30-year 5s Ser A
834 Sale 8134
33 Sale 33
99 10012
4
767
77 Sale -7
8334
33
23 8134 914
9 33 89
-His
89 753g 79i
99 Sale 984
9018 Sale 9083
9113 92 9138
99
913s
911
102
101 _.102
13058.... 101 Mch'1
1003s 15I 101 Mch'14
80 9313 VI/
1024 1021
11 4
91 Apr '13
192 Nov'12
98
99
63 984 9914
12 8918 92
6 8878 9212
5 101 102
100 101
9858 101
1 Ha' 10253
--.8
99 Feb '1 ....... 9714 99
k Due Aug. •Dec Oat, I DOB NW. g Due Dee. it Option gab..
• No odes Friday; latest UAL week. 4 Due April. C Due May. e Due Jun:. it Due July.
4
89'6
New York Bond Record—Continued—Page 2
BONDSt,. c3
4,,
Y. STOCK
N. Week
EXCHANGE '''
?Ii)
Ending
March 20
... a.
Price
Friday
March 20
Week's
Range or
Last Sale
'",.
g -..
co ,2,
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE 14
Week Ending March 20
ii72',
Priv
S'riaay
March 20
[VOL. xcvni.
Weer.
Range or
Last &ire
:ii 5:
Range
since
An. 1.
On Han)& Day (Con.)—
s ow
High No Low High St P M & M (Conlinued)—
Dia
AE Lou
Nigh No. Low High
0 Find & VI, %V 1st gu 4s g_1923 8I-N ------.
- ---88 Mch'll .—
Mont0 let gu g Os
_ _
1937 J -J 12114 125 11812 Dec '13 -! Cin 1 & W 1st gu g 43___-1053 J -3 --_ 90 86 Jan '14 — 86 /0Registered
1937 J -J ......
__ 1384 m ay,06
. Day& Mich Istcons4;0_1931 J -J
9612 — __
1st guar gold 58
___
1937 J -J 1071; -___ _ 10634 Feb '14 --: 100
3 107
Ind Dec & W 1st g 5s____1935 J-J
100 Feb '14 ___. 100 1-00
Registered
1937 J -J _— — —
1st guar gold 5s
1935 J -J ---—_ --- 10712 Dec '02
Will & 8 F 1st gold 5s
1938 J-1) 10812._
_ ___
1641-2 .1'n-e'
- -15
Cleve Cin 0& St L gen 4s 1903 J-D 1314 8312 8314
Gulf& Si 1st ref& t g5s_b1952 J -J
8334
2 83 -85
9018 913-4 9114 Feb '14 -- -8920-yr deb 43s
-9-I-14
1931 J -J
8412 8634 8512 ttch'148512 8712
Registered
b1952 J -J
- -- - - --- - - • ---- --Cairo Div 1st gold 4s
1939 J -J
8512 — _ 8778 Dee '13 -ocilleVfiltlst cons g 4 30._11
___
,
)
)9
- ..1 1N14 101 1(
914 3.
il?,
14 j 10014
5 97 10
iiñ'
-1Il
Cin W& M Div 1st g 4s-1991 J -J 80 -___ 83 Feb '14 __-_ 83 -83
4
,
1
.
1
.
1
:
:
:
:
_
965
8
073
4
i St L Divlst coil tr g 4s
Col Scils‘Srlst extg 4s___1948 A-0 88 :::: 92 Apr
1990 M-N 83---_ 8412Mch'14 -- 83 8534
' Registered
COI & Tol 1st ex t 4s
1990 M-N
8214 Mch'14 -- 8214 8214
1955 P-A 87 — 9012 Mch'14 --__
@.131' & Col Div lstg4s
1940 NI-S 8238 85 85 Mch'14 ---- 85 85
Term 1st 5s
_
_
1937 J - J --------10014 Dec 12
, W W Val Div Ist g 4s
1940 J -J SDI__ 91 Apr '12 --- __
__ Illinois Central 1st gold 4s_1951 J-J
9514 _. 95 Feb '14 --- 941-2 1E
01 St L& C consol 6s
1920 M-N 10534 —_. 10512 Mch'14 __-- 10518 10512 I Registered
1951
J-J
—....
___.
'11
Sep
BA
—
__.
---let gold 4s
k1936 Q-le 9138 9212 91 Feb '14 __. 91 91
1st gold 3%s
1951 J -J
84 87 841s Oct '13 -- __ __
Registered
k1936 Q-F 91 92 90 Mch '13
Registered
1951 J-J ____ ---- 8812 Feb '13 —_ __ ___
Cin 8 & Ci con 1st g 58___1923 J-J 10212 ____ 103
103
1 103 1113
Extended 1st g 330
8112 —_ 9312 Nlay'09 -1951
A-0
0 C C & 1 consol 7s
3 10038 10038
1914 J -D 1001s _-- 10038 10038
ltegistered
1951 A-O
Consol sinking fund 7s 1914 J-1) ---- --- - - -_,
1st gold Is sterling
,•.,...- ---- ---,
1951 tu-s
__ id ni 'oil ............
General consol gold 6s 1934 J-J 11712 ---- 1193s 1193s
3 11933 11918
Registered
1951 M-S . - - - - - - --- - Registered
1934 J-J
Coll trust gold 48
1052 A-0 9.614 Aaie 66
661 i es5 "ii.
Ind B & W 1st pref 4s
1940 A-0 g4-14 ____ iii J'ii 'ilil -_-_
Registered
1952 A-0 ---- ---- 9514 Sep '12 --, _ _
0 Ind & W 1st pref 5s___d1938 Q-J
95 -,,- ------- -1st ref 4s
. ..-_-_
1955
81-N
94
9338
93
12 8978 -94
Peo & East 1st cor 4s
1940 A-0 77 80 7812 Mch '14 --- 78t2 -84
Purchased lines 31s
1952 J -J ---801s 8314 82 Feb '14 --- 79 82
Income 4s
28 32 28
1990 Apr
28
2 2513 30
L N 0& 'rex gold 48
1953 M-N 89 9012 8912 Mch'14.... 8912 91
1947 .1 -Ji
Col Mid and 1st g 45
15 1512 15
1514 12 Is 1934
Registered
1953 M-N — 9512 9434 Jan '11 ....-- __ _
Trust Co. certfs. of deposit___ , 16
20 17 Feb '14 ---, 17 17
Cairo Bridge gold 4.8
1950 J -D 887
;____ 9478 J'iy '12 .--- .. - --Colorado & Sou 1st g 4s
92 Sale 92
1929 F-A
__9214 88 90 93
Litchfield Div 1st g 38_1951 J-J
7212.-- 74 Feb '1 --- ii 74
Refund & ext 4 %s
1935 MN 91 Sale 91
9138 27 9013 9312
Louis)/ Div & Term g 301953 J -J 7534 84 81 May'13 ---- ___ _
Ft W & Den C 1st g 6s_1921 J -D 10512 10034 10678 Mch'14 --- 105
Registered
1953 J -J ---- ---- 83 Aug'12 _-__ ____ ___
Conn & Pas Rive 1st g 4s_1043 A-0 --_- _____ 107 _
Middle Div reg 58
1921 F-A 10113 ____ 123 Nlay'90
Cuba _ER 1st 50-yr 55 g
1952 J -J --------100 - Ma-y-'10 -- ____ __
Omaha Div 1st g Is
1951 F-A 7138.... 7212 Feb '14 —_ 71 -fits
TN el Lack & Western—
St Louis Div & term g 3s_1951 J -.1 7034 7312 7512 hIch'12 ---_
Ii Morris & Essex lst78-1914 M-N 1003$ Sale 100313
10038
2 10038 10078
Registered
1st consoi guar 78
1915 J-D 103____ 10318 Mch'14 .... 103 10314
Gold 330
1951 J -J if ---- i712 se 'i5 ---- ---- ---Registered
1915 J-D ----103 Nov'13 --Registered
1951 J -J ___—__ 10118 Oct '99 -- ___
__
1st ref gu g 33s
2000 J -D
8512 Feb '14 .--- 8512 8512
Spring Div 1st g 330__1951 J-J '79 ---- 7838 Mch'14 ---- 71158 -7-83s
N Y Lack & W 1st 68
1921 J -J 1093
4 11014 10934 Mch'14 -- 10814 10934
84-__Registered
1951 J -J ______ ___ Feb___ ____ ____ ___
Construction 5s
1923 F-A 10418 ---- 10412 Feb '14 ---- 10412 10412
Western lines 1st g 4s
1951
F-A
8938 ---- 91 b '14 ---- 90 -91
Term & Improve 4s
1923 51-N 9434 ---- 94 Dec '13 _—_ ____ __
Registered
1951 F-A ------ _--.__— -Warren 1st ref gu g 330_2000 F-A 70 ___ 10218 Feb '03..-Belley & Car 1st 68
1923 J-D 10618 __ Oil; Mali.
___ ___
Del & Bud 1st Pa Div 7s
1917 M-S 10814 - _.10838 Mch'14 ---- loiTs 16
- 83
.
; Carb & Shaw 1st g 48
1932 M-S 8713-- 94133'1y '12
Registered
1917 VI-S
_ 149 Aug '01 --Chic St L & N 0 g 58
1951
J-D
10738...,..
108
Mch
'14
.--108
1-08
10-yr cony deb 4s
93134 99 987a
9878 26 9732 Nis
1916 J -D -,,Registered
1951 J -D 104% ---114 Feb '11 _._ ____ __
lat lien equip g 4%s
1922 J -J 1001s Sale 10013 10018
Gold 3%s
2 9912 101
1951 J -D 80 ---- 90 Oct '09 ___. ____ __
1st & ref 4s
9412
9512
95
9512
1943 M-N
21 9312 9634
Registered
1951 J-D _ _ _ _ ---- ___
- ---- ---• Alb & Sus cony 33s
1946 A-0 85 Sale 85
8512 27 8478 8634
Memph Div 1st g 4s___ 1051 J -D 8412 ..-- 921-2 Au-g'
- -lii -_-_-__ _ ___
'Rens & Saratoga 1st 7s-1921 NI-N 1155.... 11512Feb '14 —„, 115
Registered
-1951 J -D ---- -,, --,- -11512
Deny & R Or 1st con g 48-1936 J-J 80 8112 7913
St L Sou 1st gu g 4s
90's AI 7913 85
1931 M-S 8918 961-2 98 J'iy '08 ---- ..--_-_-- ------; Consol gold 434s
1936 J-J 85 92 9034 Mch'14 -.-- 9012
li nd
t &III
8812., _ 88 Fob '14 -- 8612 -88
Improvement gold 5s__1928 JD ---- 89 9212 Mch'14 ---, 9212 9034
G&
retat 1N
8o
t rg1s
ist g 63_ _ _ 195
10
9 11,1
j9212
-N
j 103 10312 104 Mcli'14 __-. 104 104
1st & refunding 5s
1955 10-A 65 Sal 63
1 atnestown Franklin h.
65
41 62 74
• Rio Gr June 1st gu g 53_1939 J -D -------- 109J Clearfield 1st 4s
Dec '12 ___
1959 J-D ..—
9112Mch'14.—, 9112 9218
Rio Or So 1st gold 4s
1940 J -J -- 70 6113 Apr '11 ___ __ -- ------ Wan City Sou 1st gold 3s 1950 A-0
63- g9
-78 693
6938
9 6812 70
Guaranteed
-LI
, Registered
1940 J-J ..,
74 85 Mch'08
1950 A-0 ---- ----63 Oct 00 ___ __
Rio Or West lst g 4s
1939 J -J 83 8312 83
Ref & impt 5s
8338
7 79 84
0712 22 9i1-9634 Sale 9634
Apr 1950 J -J
3 118.
1;
Mtge & col trust 4s A
I949 A-0 -,,.. Ms 72 Mch'14 ---- 72 7214 Kansas City Term 15t48_...1900 J-J
93 94 95 Mch'14 __-_ 93% 9512
Utah Cent let gu g 4s_a1917 A-0 88 -___ 97 Jan '08 .... _ ___ r ake Erie & W 1st g 5.3_1937 J-J 10318 Sale 10278
10314
5 100 10334
Des Moi Un By let g 5s
1917 M-N -,.„- --- 110 Sep '04....
_ A-s 2d gold 5s
1941 J -J — — 99)
4 95 Jan 14 -- 93 95
Dot& Mack let lien g 48_1995 J-D 84 ---- 84 Mch'14 -North Ohio 1st gu g 53__ 1945 A-0
98
10018 08
1 98 98
Gold 4s
1995 J-D
821s Oct '13 -- _
_ Leh Vail N Y 1st gu g 4%s:1940 J -J 1011
;---- 10138 Mch '14 _-- 10014 10112
Pet Ely Tun-Ter Tun 4;0_1961 M-N ,,,82---9734 9t32 Feb '14 ____ Isis -s
Registered
1940 J -J --------100 Dec '13 — ___ -_
Dui Missabe & Nor gen 58_1941 J-J 103 104 10314
10314
2 10314 10312 Lehigh Vail (Pa) cons g 48_2003 MN 891 92 8912 Mch'14 _-- 8713 8912
Dui & Iron Range 1st 58....1937 A-0 10313 Sale 10313 10312 10 10012 10412
General cons 434g
9913 40 09 9912
2003 MN 9938 9912 9914
Registered
1937 A-0 *100 103 10612 Mch's. ----;____ __ Leh V Ter Ry 1st gu g 5s
11034 13 1105a 11034
1941 A:0 111 -- 11038
1 2d 68
104 Feb '11 __
1916 J-J
981s
Registered
1941 A 0 --------11118 Dec '11 -Du So Shore& At g 53-1937 J-J 10018 -- v914 Dec '13 ._-- ---- -- Leh Val Coal Co 1st gu g 53_11+33 J-J 10312 ---. 10414 Mch'14 -- 1041410-412
1 igin Joi & East 1st g 53_1941 M-N 1045s___. 110 Aug'12 ____ __ _
Registerexi
1933 J-J 102 ...... 105 Oct '13 ---' rie 1st coma gold 75
1920 M-S 11138 ___ 11178 Fob '14 -- 11113 1-117
1933
; let int reduced to 4s
N Y & Erie 1st ext g 4s
1947 M-N 95 ....... 10112 J'ne'11 --- ---1945 M-S gill' ---- e.8-18 Feb '14 ---- 884 Ws
- Leh & N Y lit guar g 4
2d ext gold 5s
1919 M-S 10212 - - 10212Mch'14 ---- 10212 1-6.2-12
Registered
1945 M-S ---- ---- ------ ---,-,
. 3d ext gold 43.s
1923 M-S 100 ..... 100 Feb '14 ---, 100 100
El C & N let pref 8s
1914 A-0 100 -- 10112 Feb '10 --- _.. ___
• 4th ext gold Se
4 1021a Feb '14 82 102 10212
1920 A-0 10212 1023Gold guar 5s
1914 A-0 100 ---- 9978 Nov'13 ---.._..,..
r 5th ext gold 4s
1928 J -D 0438.... 100 Jan '12 __ __ ___ Long Islci 1st cons gold 5s_h1931 Q-J 10034.... 10612 Mch'14 _-- 10612 10612
_
1 N Y I. E & W 1st g fd 718_1920 M-S ------109 Aug'13 ___ _
1st consol gold 48
111931 Q-J
90 --- 9614 Sich'12 __ ____ ___.
- Erie 1st con g 4s prior
1996 J-J 86 8514 8414
8512 11 1314 1114
General gold 4s
1938 J-D 9012 917; 9232 Mch'14.-- 9238 9212
! Registered
1996 J-J -,,- 8512 83 Jan '14 --- 83 83
Ferry gold 430
1922 M-S 9414 98 95 Mch'14__-- 95 97
1st consol gen lien g 48_1996 J-J
74 Sale 74
743
1 761
Gold 4s
1932 J-D 83 .. _ — 9914 Oct '06 -- ---- -,...
1 Registered
1996 J-J •-,„ 7438 77 Apr '12...........
Unified gold 4s
1949 M-S 8612 88 8712Jan '14 ..-- 80 -8712
Penn cod tr g 4s
4 —_ 9034
1951 F-A 0039078
3 89 92
Debenture gold 58
1934 J-D 100 --- 101 Men'14 __-- 10014 101
50-year cony 4s A
1953 A-0 7434 Sale 745s
7512 44 7212 7738
Guar ref gold 45
1949 M-S 9118 92 9034
9034
4 89 92
do
Series B
1953 A-0 7438 Sale 74
7438 64 7138 76
Registered
1949 M-8 -------95 Jan '11 __-_ __ _
Buff N Y & Erie 1st 7s—..1916 J-D 10438 ---- 104 Nov'13
NY 13& NI 13 1st con g 53_1935 A-0 1033*-... 10014 Jan '14 -- 10014 101
.
Chic & Erie 1st gold 58
1
4 ____ 10738 10734 16 10533107-3-4
1982 51-N 107/
N Y & It B 1st g 5s
1927 M-S 101 .. — 10212 Jan '14 _-_ 10212 10212
Cley & Mahon Va, g 5s....1938 J-J 10312 108 103 Feb '14 ---- 103 103
Nor Sh B let con g gu 53_01932 Q-J 10134 -. _ - 104 Apr '13
!Long Dock consol g 6s-1935 A-0 122 ____ 123 Mch'14 -- 12112 123
Louisiana & Ark 1st g 5s_1927 M-S __ 9012 9112 Feb '14 -0112 9112
Coal & itlt 1st cur gu 68_1922(A-N 1011s 10712 100 Dec '12 ...—
Louisv & Nash Gen 6s
115
1930 J-D 1131; 115 115
10 11112 115
' Dock & Imp 1st ext 5s
1943 J -J 10'214 10312 102 Feb '14 ___ iöris NiGold 5s
1937 M-N 109 ---- 108 Feb '14 ...... 108 108
N Y & Green L gu g 5s 1946 IVI-N
10112
_ 10313 Aug'12
Unified gold 4s
1940 .1 -.1 9434 Sale 9434
9478 37 9214 9614
N Y Sus& IV lst ref 55-1937 J -J 9613 Sale 9613
0612
1 -9F)T2 ifit,
Registered
1940 J-J 9334 Sale 9334
9334 10 9334 9334
- 2d gold 43s
1937 F-A 74 _.10014 Dec '06 ___ ___ __—
Collateral trust gold 53_1931 M-N 10518 ____ 105
103
15 10i5 105
• General gold 5s
1040 F-A 75 80 81 Aug'13
E 11 & Nash 1st g 8s
1919 J -D 10838 ....-- 10838 Dec'13 ____ __ _ _
Terminal 1st gold 5s
1943 M-N 1061s --__ 102 Jan '14_--- 102 102
L Cin & Lox gold 430_1931 M-N 10118 --- 10114 1101'14 ---- 10018 104Mid of N J 1st ext Is
1940 A-0 1024 11113 May'12
N 0& 81 let gold 6s
1930 J-J 110 ....-- 12014 hitch'13
Wilk & Ea let gu g 5s
1942 J -ll 97 98 9012
N 0& NI 2d gold 6s
97
4 9234 9813
1930 ,j-J 111 ....-- 111 Feb '14 ____ 111 fit
Ey & Ind 1st con gu g 6s
1926 J-J 100 10212 106 May'12 .._ _
Paducah& 'Mem div 4s
1946 F-A ---_ --- 89 Feb '14 ---- 89 89
'Evans & T /1 1st cons 68_1921 J -J 105 _._.104 Dec'13 ___ — -St Louis Div 1st gold 63_1921 M-8 108 109 10838 Feb '14 ..-- 10838 1083.
t, 1st general gold 5s
1942 A-0 93 99 9932 Deo '13
2d gold 3s
134386933 Sep 12 ..... _______
1980 m-8 __
' Mt Vernon 1st gold 6s_1923 A-0 --------108 Noy'll
Atl Knox & Cin Div 4s
9014 2088 9034
1955 m-N 953-4 Sale 9012
.' Suit Co Branch 1st g 5s
1930 A-0 ...„.
95 J'ne'12
Atl Knox & Nor 1st g 53_1946 J -D 108 -- 111 Jan '13 --. __ ____
Vlorida E Coast 1st 4%3_11159 J-D 92 __9374 9213 Mch'14__ 91 -94
Slender Ildge lets f g gs 1031 NI-S
- 106 Jan '14 ..-- 100 106
A ort St U D Co 1st g 4%s _1941 J-J
..,,... -- 92 Aug'10
Kentucky Cent gold 43_1987 J -J 10513--90
2 8812 901s
8934 9112 90
Ft W Fe Rio Grist g 4s____1028 J -J 54 65 64 Feb '14 —_ ig; -diL & N & NI & M let g 4;01945 M-S 10033 10312 100 Jan '11 -- 100 100
flreat Northern—
L & N-South NI joint 48 1952 J -J 84 841: 8314 Mch'14 -- 83 84
'J 0 13 & Q coil trust 4s-1921 J -J 97s Sale 0632
98 1243 9434 98
Registered
51052 Q-J ...... __ 95 Feb '05 -- ___ ___
' Registered h
1921 Q-J
97 9612
978
N Fla& 8 1st gu g 5s
63 9514 973s
1937 F-A 10412 106 10414 Feb '14 --- 10414 10411
• let & refunding 4 3is ser A 1961 J -J 100 10013 10018 10018
4 100 10138
N& U Ildge gen gu g 4;0 1945 J -J 9912 ---- 100
1001 91)12100
Registered
1961 - _
....
.._ 96 J'ne'13 ____ _
Pens& ALI 1st gu g 68
1921
F -A 109 110 10938 Feb'14 ---- 1065a 10951
, et Paul N1 & Man 4s
1933 J---.1 -9434 7._ 9034 M ch'14 __ 9034 1714
8 & N Ala con gu g 58_1936 F-A 11612 . — 107 Mch'14 --- 10514 107
let consol gold Os
1933 J -J 12114._._ 12114 Mch'14 --- 11934 12114 L& Jeff lidge Co gu g 4s
1945 M-S 8412 8472 8412
8434
8 83 85
Registered
1933 J -J 117 ____ 11712 Aug.
‘,1 anus. t333---bou lines 48_1936
'
-.•-,1 . --- ---- ---.
Reduced to gold 4%8_1933 J -J 102 10214 10238 hitch'14 - — 1(04 gill `Ai- ex luternat let con g 43 1977 M-N ___. ---- -75 77 Men.L'..” .... ...4
2,1-S
Registered_ _.....1933 J -J 99
10834 J'ne'09 .--- --- —.
stamped guaranteed-1977 M-S --------70 Nov.1.1 _
•
Mont ext let gold 4s
1937 J-1) 95 9512 9434
9434
5 -93 -955) Ainn & St L 1st gold 78_1927 J -D 11313 -- 12412 Oct 12 ---- ---- ---Registered
1937 J -I) 9254 9412 98 J,00.11 ___ __. __
Pacific Ex t 1st gold 68
1921 A-0 10034 107 1lUl1 Aug '11 _..._ ____ ____
Pacific ext guar 43 Z.. _1040 J -J 87
Mch'll
9238
1st consol god 55
14 89 95I1
941
1934 81-N 93 ___ 9312
IC Minn Nor Div lst g-48 1948 A-0 9214 963; 97 Sep '1 -lstand refund gold 4s
.
58
4 51 61
1949 M-S 6412 14 58
1.11nr. IlnInn1at
A.
1(179 1.._1 1111
111114.Takn '1
Ileaa Ilt .1, ti't 11 1st on .1.4
1101. 1101
1t1%, 1- I
set. as Feb '14 ---- 68 69
MISCELLANEOUS BONDS—Continued on Next Page,
it...Belt&
Street Railway
New Orl Ity & Lt gen 4 30_1935 J-J
NY Itys 1st R
& ref 48 1942 J-J
30-year ad Inc 5s
a1942 A-0
NY State Rye let cons 4)0.'62 M-N
• Portland By 1st & ref 58-1930 N1-N
'Portland Ry Lt & Pow 1st
;
& ref cony s f 5s
1942 F-A
f Portland Gen Elec let 5s-1935 J -J
8I Jos Ity L. 11 & P 1st g 5211937 N1-N
, et Paul City Cab cons g 5s-1937 J-J
;Third Ave let ref 48
1960 J -J
•' Adj Inc 5s
a1960 A-0
Third Ave y let g 5e._.._1937 J -J
Tr -City fly & Lt 1st s f 58-1923 A-0
Undergr of London 43.s_1933 J' Income 68
1948
Union Eley (Chic) 1st g 5s_1945 K-15
United Rya Inv 58 Pitts 1ss1926 M-N
*No price Friday: latest bid and asked
0
i- 2 -,,-6,-,
Street Railway
...... 82 8534Feb '13
United Rye St L let g 4s___1934 J-J 69 72 70 Mch'14
70 7312
-7738 78 7731
St Louis Transit gu 5s__1924 A-0 71 Sale 71
7778 10
71
2 69 71
6112 Sale 61
6112 298 8833 8312 United lilts San Fr a f 4s__1927 A-0 5512 5714 58
58
3 52 611
89 8913 8834
90
Va
90 431 87
Ry & Pow let & ref 5s__1934 J -J
9314 94 Feb '14
94 941s
100 10138 101 Jan '13
-Gas and Electric Light
---- 92 9234 Mott'14
9234 10012 Atlanta G L Co. let g 5s-__1947 J-D 10114
'13
- 10212 Dec
9838 09
— Bklyn U Gas let con g 5s....1945 M-N 106 1077s
10514 81
105
ftir
*98 ___ 98 Nov'00
Buffalo Gas let g Is
54 J'ne'13
1947 A-0
10312 Feb '13
Columbus Gas 1st g 58
1932 J -J
-WA Sale 84
8412 109 -So; 85
Detroit City Gas g Is
935k 998 9838 Mcb'14
1923 J-J
981s 100
8338 Sale 8338
84
47 7614 8412 Det Gas Co.con let g 513
9638 Sep '0
-1g18 F-A
100 10934 10714 Fob '14
10012 10714 1)ct Edison let coil tr 5s___1933
102
J-J
10218
2 100 fari
98 Sale 97
Eq 0 L N Y 1st con g
98
3 96 98
10612 Oat '12
M9413 9512 9434
9434
Gas & Elea Berg Co c g 53-1949 J-D Rif' 7:: 100 Feb '13
1 9413 943
84 8712 85
85
3 85 9214 Ur Rap G L Co 1st g 58—_1915 F-A
_
foi
100 Oct '09
84 Oct '08
iludson Co Gas lst g 5s__1949 M-N 103
10114 10V.
10318 10318
74 ---- 71 J'ne'13
Kan City(Mo)Gas let g 5s1922 A-0
91 92
99 Mch'14
Ibis weak. a Due Jan. o Due Feb. 4 Due April. 6 Due July, 6 Due Aug. •Duo Oct.
s WSJ* Ilk&
-ir
FE.MAR. 21 19144
897
New York Bond Record—Continued—Page 3
Ms.
•
t•ci
BONDS
133
1111'. Y. STOCK EXCHANGE
Week Ending March 20
,
Price
Friday
March 20
Range
since
Jan. 1.
Week's
Range or
Loss Sale
E._ V
BONDS
N. Y. STOCK EXCHANGE .t.?
Week Ending March 20
.-.; a.
Price
Friday
March 20
Week's
Range or
Lasi Sabi
Range
since
Jan. 1.
Al -
ma
Ask Lotc
II iok No. Lose High
High No. Low High N Y N II & Hartford (Con.)—
BO
Ask Low
Minn & St Louis (Con.)—
9912 J'ne '1'
LI & N Y Air Line 1st 4s_1055 F-A ____ _
5 88 04
93
Iowa Central 1st gold 53_1038 J -D 9212 Sale 0212
81 83
821y 81 Alch'14
81
Cent New Eng 1st gu 48_1961 J -J
50 571?
52 Aich'14
51
52
_1051 .41-S
Refunding gold 4s
Housatonic it cons a 5s_.1937 NI-N 106 ___ 110 Feb '1%
90 945s
9412
9412 95 9412
StPASSIII con g 4s int gu 1038 J -J
30 73 83
74
NY W'ches& B 1st ser I 41,5s'46 J - J
9714 J'ne'12
3
1341 11-N
73
• 1st Chic Term is f 4s
N H & Derby cons cy 53_1918 %j..7 -- -- ----- 107 Aug'0
—
96 Noy'13
MS S& A lstg 4s intgu_1026 J -J
New England cons 5s____1945 J -J -- -- - - _. ___
____
03'2 :deb 11
9112
Mississipp I Centre I 1st 5s 1949 J -J
Consoi 4s
1045 J-.1 -. _ - ,__ . 9912 Atch'1'
20
-917-2
90
Mo Kan& Tex Istgold 49_199 J-1) 00 Sale 8934
Providence Secur deb 4c_1057.4-N ---- 58 8314 Feb '1'
707s 15 70 77
01990 F-A
70 Sale 70
2d gold 48
N Y O& W ref lstg 4s____011/92 21-S133 Sale 83
83
817k 88
1 9512 99
06
99 96
96
1st ext gold Is
1944 :,1-N
9212 J'ne '1'
Registered 55,000 only_01111.12 21-S _ _ __
2 6518 71
66
66 68 66
1st & refund 4s
"004 3.1-5
General 4s
87 8979 Feb '1'
----I)
J
1955
85
Mch'14
8112
4
813
79
____
-J
.1
1936
Gen sinking fund 4 %s
971k
94
Norfolk Sou 1st& ref A 5s 1961 F-A ___
06 9612 Mehl
7814 Apr '13
St Louis Div 1st ref g 49_2001 A-0
100 100
Norf& Sou 1st gold Is
1941 :4-N 10214 ____ 100 Jan '1
194021-N 63.12 _ _ -- 9934 Dec '13
; Dal& Wa 1st gu g 5s
Non & West gen gold Gs,._ 1931 MI-N 11814 11939 119
11712 119
119
8214
Alch'14
8214
F-A
1900
i Han & Pac 1st g 4s
Improvement & ext g 6s_ _1034 F -A 12012 12134 123 Jan 1
103,4 loti,
1942 A-0 103 id i- 10414 Meh '14
' Mo K & E 1st gu g 5s
New River 1st gold Gs_1932 A-0 11814 ---- 118 Feb'
118 fir
9812 9812
1
_ 100 981 Feb '14
_
142
M K & Ok 1st guar 5s
N& IV ity lstconsg 45_1996 A -C 94 Sale 94
7 06
2
94 9512
91;
9414
9618
0612
96
97
NI-S
59_1942
M K & T of T 1st gu g
93
'11
Jan
94
--May'13
A-0
1906
Registered
911
104
97
Sher Sit & So 1st go g Is_1942 J -D
10 -88'2 -9184
91
Div'i 1st I& gen g 4s
1944 J -.2 9119 9112 0034
97 -dd.1;
_ 103 '3913 Jan '11
Texas& Okla 1st gu g 5s 1043 11-5 id4
10-25-year cony 4s
101 101
- 1932 J-1) 102 ___ 101 Jan '1
10414
103 105
.12 10434 10414
Missouri Pae 1st cons g Gs 1920 NI-N
I0-20-year cony 4s
,g - ____ 10234 Melt'1
101 10434
1032 !.1-s
97,4 17 9439 9818
9634
9634
Trust gold Is stampod_a1917 21-S _ - Sale 97
6' 10058 10512
10'
May12
Convertible 4 30
_1938 21-S 103'8 Sale 10312
9714
a 1917 21.-S
' Registered
9012 89
89
Pocalt C & C joint 4s:_1941 .1 -D 89
8812 001,
04
04
91
05
F-A
11120
35
1st collateral gold
C C & T 1st guar gold 5s 1922 j-j 102_____ 10514Jan '1'
1020 F-A
Registered
03
Scio V & N E 1st gli g 4s_ _1939 tl-N
55;8 03
57'.i
dig .-66!-2
93 Sale 93
1945 01- S -571s Sale 567
40-year gold loan 4s
9514 104 9212 96
9514 Sale 9434
7012 29 68 773s Northern Pacific prisir ig 4s 1097 Q-J
1959 NI-S 7012 Sale 68
1st & ref cony 5s
Alcit'l
9412
—__
94
9419
Q-j
9519
'14
Jan
1997
Registered
86
8(1
86
____
7814
3d 7s extended at 4%__1938 M-N
9 6414 6812
68
1 91
General lien gold 38
(1204 7 Q-F 63 Sale 6734
91
91
91
Cent Br Sty 1st gu g 4s1019 F-A
6512 67
a2047 Q-F ---- 67 6512 Feb '1
Dec '11
7712
Registered
75
-D
J
1948
Cent IIr U P 1st g 4s
St P...ul-Duluth Div g 49_1996 j-D 8912 ____ 90 Jan '14
00 90
110 Aleit '05
Leroy & 0 V A L 1st g 58_1026 J -J
Doi short L 18t g, 5,_„_.1,16 H-S IOU 10112 10012 Sep '13
00
90_ 90
8 -56" -66
Pee it of Alo 1st ex t g 49_1938 F-A 103
11119 113 11079 Jan '14
P
F-A
St
10.)
'14
N
1107s
&
Jan
1U23
P
gen
"
id,
I
gol
6s
100
too
-J
J
2d extended gold 58-1038
1021.
102 Sale 102
Registered certificates__11123 Q-F ---- --__ 11539 Aug '11
101 105
St L In Al&S gen con g 59_1931 A-0
St Paul & 1) _Nth 1st 5s_1031 F-A 10539 ---- 107 Jan '1'
_ 103 Feb
103 103
Gen con stamp gu g 5s 1931 A-0 76 781s 77
101 101
2d 58
1517 A-0 101 ---_ 101 Mch 14
78
3
82
-J
76
1929
Unified & ref gold 4s
87 87
8079 Oct '12
1068 j-D 8712 ... — 87 Feb '14
1st Consol gold 4s
1929 J -J
Registered
Wash Cent 1st gold 4s__1948 Q-M _ -- -. — 8112 Dee '13
75
75
75 77
8134
1933
75
Riv & (I Div 1st g 4s
113 115 11314 Alch'l .
-j
1-1-3-1;
j
1033
9319
Nor
'13
Dec
Pac
9212
Term
Co
M-S
Gs
g
1st
1026
Verdi V 1 & W 1st 35s
92
91 0212 90e
89 92
11514 1.i .13 11514 Alch '14
115F2 11E3-4 Oregon-Wash 1st & ref 4s_1061 J -J
Mob & Ohio new gold 69_1927 J -D
1011
9914 10312
11212 11212 pacific Coast Co 1st g 5s_ _1046 j-D 101 10212 101
1st extension gold Gs____/i1927 Q-J 11212 115 11212Feb '14
A- ennsy, yenta RR1938,11-S 82 84 82 Melt'14
80 82
. General gold 4s
1923 M-N 96 -___ 07 Deo '13
1st real est g 4s
10614 Alch'14
1947 F-A 10(S
10519 10614
Montgorn Div lstg 5s
Consol gold Is
1919 N1-S 10212 104 110 Aich'1'.
1927 J -0 93 --__ 115 Dec 13
St Louis Div 5s
'14
Jan
Consol
8934
gold
1043 M-N 99 ---- 99 Dee '13 -143
-j
4s
J
8814 8934
t I. & Calro guar g 4s_ _ _ _ 1931
•
1
-9773.2 ."99;
99
Convertible gold 33,0_01915 J -D 9334 Sale 9834
107 107 Meit'14
10512 107
& St L 1st 59 1928 A-0
988 11.1 9812 9839
19U1
III Jan '13
106
Registered
01915 J -D .-------- -9839
2
4
/
114
11 Jasper Branch 1st g 681923 J -J 1
1
10114
10114
0114
99
Sate
'14
Jan
114
Consol
111
1l)3'1
gold
4s
-J
101.34 1-033-4
1948 M-N
1017 J
AlcAl H W& Al 1st Gs
9612 97
Aliog Val gen guar g 4s
113 J'Iy '01
1032
1942 m-5 9612 ---- 97 Mch'14
03112
1017 J -J 1
T & P Branch 1st Gs
91
91
I) RE R& 13'ge 1st gu 48 g '36 F-A 9114 ____ 91 Itleh '14
..61 Feb '14
Cl
Nat Rya of Alex pr lien 4 358 1957 J -J
13
.Ply
9919
____
97
Philo,
'13
Erb
Bait&
A4-N
77
W
1043
1st
4s
g
1077 A-0
Guaranteed general 4s
Sod Bay & Sou 1st g 59_1924 J -J -,-- ____ 102 Jan '03
--0679 Feb '13
_
Nat of Mex prior lien 43-9_1926 J-J
___---Sunbury & Lewis 1st g 49_1936 J -J
9114 ---- ----- 54 55 Aug'13
1051 A-0 47
lit consul 43
___.
U NJ 1( 11 & Can gen 4s 1944 m-s 03 — _ 1011-2 Stay'12
_ 5114
43
5114
-:so- 68
J
N 0 Mob & Chic 1st ref 5s_1010
lin 19112 Pennsylvania Co—
NO& NE prior lien g Gs_p1015 A-0 10132 104 101(2 NIch'14
10112 12 100 10112
10112
--__
10114
J-.1
1021
1st
Guar
43s
g
May'13
7912
-J
J
41953
Term
1st
New Orleant:
100 10114
1921 J -J -___ 10119 10114 Aleh.'14
8212 29 -T35- 8-1
Registered
82 8214 82
N Y Central & H It g 3 359_1907 J -J
86
86
Guar 33s coil trust reg_11137 21-S 8412 ____ 86 Jan '14
16 81 84
81
,
81 Sale 81
1097 J -J
Registered
Alch'14
85 8512
8512
8614
8512
F-A
13_1041
,
3
3
Guar
59
23
coil
ser
trust
8919
4
893
893
9
9134
Sale
86
1934 M-N
Debenture gold 4s
'14
Feb
97'z
---9712
9713
9712
111-N
1916
Co
Trust
ctfs gu g 3%s
93 May'12
;
1934 IVI-N
Registered
83 83
1942 JD 8512-- b3 Jan '11
Guar 3 As trust ctfs0
8279 172 --7T3- 84
Sale 82
1903 F-A
Lake Shore coil g 335s
'13
Nov
8412
851;
8412
-D
0
,
3
3
J
Guar
11/44
81
D
etfs
81
trust
-8
.(.4
1
1
g
Sale
7834 8318
1'
1093 F-A
Registered
9412
7 -93- 'VT'
12 7314 78
1931 A-0 9412 Sale 1/334
Guar 15-25-year g 4s
74
73 75 74
' Mich Cent coil gold 310_1998 F-A
9314 9334
Cin Leb & Nor gu 4s g _ _1942 N1-N ____ 41414 9334 Feb '14
72
74
- 7312 72
72
I
1098 F-A -9414
Registered
___ 110 Jac '05
9514
9614
'14
Mar
&
til-N
CI
Jan
1st
59_1935
g
gu
,
3
4
9534
9514
• Beech Creek 1st gu g 4s1036 J Nov'13
5
1013
-1027s
------.
'11
CI& P gen gu g 430 ser A 1042 J -J
93 ____ 99 May
1930 J -J
Registered
Series II
1042 A-0 10212 __ — 10934 J'ly '00
1936 J -J 100 _
2d guar gold 55
Int reduced to 3%3_11142 A-0 8519 --__ 1/114 Feb '12
1936 J -J
Registered
!.
8512 ---_ 001s Oct '13
Series
,
3
3
C
0
1948 M-N
_
Beech Cr Ext 1st g 3H091951 A-0
Series D 3 Yis
1950 F-A 8519 ---_ 8415 Dec '13
88 Oct '12
Cart & Ad 1st gu g 4s__1981 J -0 8553
.-__ 8679 Sep '13
Erie&
8512
Pitts
gu
-J
J
g
1040
__
B
103
3365
J-D
}Gouv & Oswe 1st gu g 53_1942
9
8512 --- 9019 J'iy '12
Series 0
1940 J -J
Mob & Alai 1st gu g 49_1991 M-S 00 ig - -8-3-9 Jar-1-'15
Gr 1t& lox 1st gu g 4 30_1041 J - j 1/619 ---- 9534 Dee '13
'02
____
0114
Oct
105
F-A
1986
4s
1st
N J June lt guar
Pitts Y & Ash 1st cons 53_1927 m-N 104 ____ 109 May'10
1986 F-A 89 _ _ _ _
!, Registered
1031 J -J
96s —_ 10212 J'ne '12
Tol W V& 0 gu 4 3,58 A
2000 MN 83 ____
1N Y & Harlem g 3 As
10239 Nov '12
1933 J -j 9039
Series 13 430
2000
MN
Registered
9214 ____ 9512 Sep '13
-Ai-s
1942
4s
C
Series
.
1
102
'14
8
017Jan
106
102 102
!N Y & Northern lst g 59_11/27 A-0
10059 10134
P 0 C & St L gu 4 30 A_1040 A-0 10279 10319 10134Jan '14
‘N Y& Pu 1st cons gil g 48-1903 A-0 8334 92 1)2 Oct '13
10014 10212
11142 A-0 10278 10314 10212Feb '14
Series B guar
'Nor& Mont lstgu g 59_1916 A-0
1942 Al-N -___ ___ 100 J'ne'l 1
Series C guar
FoUvii
1932 J -D
\Pius Creek reg guar Gs
4 93 Ale.11'14
93 93
1945 M-N 93 063Series 1) 4s guar
101
10414 11
tit W& 0 con 1st ext 5s_h1922 A-0
8934 _--- 90 Apr '13
1949 F-A
ii
ot6
Series E 330 guar g
11
0
2
:
e1 10014 Mch'14
;
Oswe& It 2d gu g 5s__e1015 F-A r
'13
Jan
9514
___
9212
-D
J
1953
I?
Series
g
48
gu
'10
'uo
J
104
1st gu g 5s 1018 M-N
It W & 0 T
0214 ---- 9713 Jan 13
1957 M-N
Series04s guar
_ 90 Apr '13
1041 J -J
Rutland 1st con g 4%s
0 St L & P 1st con g 59_1932 A-0 10614 ..-- 100 J'ne'13
Og & L Cham 1st gu 4s g 1048 J -J ---- 81 80 Sep '13
100 Feb '13
-------Q-F
1921
&
Peo
Un
Pek
'09
no
02 J
lst g Os
r, Rut-Canad 1s1 gu g 4s 1940 j-J
SO
80
2d gold 430
91921 21-N 89 90 89 Fob '14
103 Sep '12
1996 J -J
St Lawr& Adir lstg 5s
J
Pere
---4s___11,155
54 Jan .13
Alen'12
-J
-.-Marquette--Ref
11912
105
1096 A-0
2d gold Os
Dee
40
'13
45
____
J-.1
1955
'13
Dec
Refunding
guar
48
95
1/612 _—
:Utica & 13Ik Ely gu g 48_1922 J -J
1921 j-D --------93 Oct '12
Ch & W M 5s
8 84 8612
85
4 8412
1997 J-1) 854 851
st Lake Shore gold 3 As
98
98
-di- 1-647
Flint & P Al g Os
1920 A-0
9, 2 s
-0
8312 85
110-2 8312110'14
-a1
1997 J-10 7
\ Registered
80
80
uo
80
40
1st
11112
4
913
consul
5s
gcld
11439 M-A, 79 85
8914 0278
1928 2I-S
.` Debenture gold 45
904 ow,
Pt Huron Div 1st g 5s_1939 A-0 _— 90 9012 Feb '14
011s
0134 30 8812 9214
1931 M-N
25-yr gold 9s
Sag
Tus
H
&
93
'12
g
Oct
gu
1st
4s_1931
F-A
-„.----,,-.,
M-N
-I.:1931
Registered
-dirs I519518
4
Philippine Ity 1st 30-yr s f 4s '37 3 -,2 63 6512 6.519
Ra A& (bit 1st gu e 58_1938 J -J
lill Ale-h-'111
Pits SO & L E 1st g 5s
1040 A-0 108 __ 108 Apr '13
105
i1i
1934 J -J 16
Mahon (.1'1 RR 1st 5s
..11314 Nny'll
__
10612
-.1
consoi
.1
1st
gold
Is
105
1943
105
Apr
'12
A-0
,:1028
5s
2d
Erie
, Pitt5 & L
951k23
9514 35
1)eadink; Co gen g 4s
_ 130?) Jan '09
0514 Sale 95
1997 J -J
Pitts Mei( & Y 1st go Gs_1932 J -J 11612
9413 Feb '14
94l 041,
0412
95's___
IL Registered
_ 12314 Alch'12
1907 J -J
1034 J -J 1145s
2d guaranteed Gs
00
9312
9114
;
947
0414
9414
4s
g
Jersey
coil
Cent
_
_
A-0
_
10113
1951
68_1918
-J
J
McKees& 13 V 1st g
Allan City gu 4s 1'
111 Jan '12
1951 J -J - - - - - 104
1931
: Michigan Centra. 5s
.12 7712 7712 Feb-'-11
75
7612 78
1947 j-j
119 J'ne'06
'1 Jo & (Jr Isl 1st g 4s
1931 Q-m 10012
Registered
98
San
Louis&
Francisco—
Apr
I
___
'12
87
-J
J
1940
4fit
112
1 ilu 112
112
1111____
-J
J
1931
87 Feb '14
General gold Os
1040 j-J
87 87
Registered
10212
5 100 10213
1931 J -J 10212 ____ 10212
General gold Is
00 J'ne'08
J LA 81st gold 3%9_1951 NI-S
7714 7814 7913 Feb '14 --- 7312 7912
It L & SF RR cons g 4.9_1906 J -J
8319 85 8319
8319
1952 111-N
-8378 -83.1;
• lit gold 39-s
6 48 54
4812
48
1927 M-N
48 49
8634 Alch'14
Gen 15-20-yr Is
20-year debenture 49_1929 A-0 8579 87
8378 87
6 48 5584
4314
_ 4734 ____ 43
Tr Co certfs of deposit____
NY Chic& St L lstg 49_1937 A-0 ---- 96 07 Aleh'14
0434 07
A-0 93 --__ 93 Dec '13
1047 _-Southw Div 1st g 5s
1937 A-0
9712Jan '13
Registered
_
7814
751s Cl 71
1951 J -J
7514 Salo 7434
Refunding g4s
85
-i 8412 87
85
Debenture 4s
1931 fill-N 85 86
1051 J -J --------804 Aleh'll
Registered
0314 Sale 9319
9332
0112 95
West Shore 1st 4s guar_2361 J -J
112
112
10912
33
11114
9112
9012
____
69_1928
g
con
Al
9
1113
,.1-..
&
3
Et
2361
0
K
J
-J
0112
6
02
Registered
9011
8934
7614 54 73 7712
K 0 let b& Al lty re/ g 49_1936 A-0 7614 '7(312 7534
Y Cent Lines en tr 4 35s 1922 j-j 08 -__ 10012 J'ly '11
1036 A-U ______ 7712J'iy '12
Registered
NY New Haven &
-rYi 05
05
95
____
00
A-0
gu
lst.
II
&
It
53_1029
J
Al
1055
&
-J
0
K
7814
78
Feb
80
'14
8012
75
Non-cony deben 4s
8614 18 8438 88
11/89 21-14 8534 8612 86
it L S IV 1st); 43 bd etts
1956
70
SO Feb '14
81
70
Non-cony 4s
10 75
75
75
75
75
2ti g 4s inc bond ctfs____pliib9 J -J
1955 J -J
5 (3879 75
71
6934 Sale 6934
Cony debenture3
7314 13 73 7734
Sale 73
1932 J -I) '
()ousel gold 4s
1085s Sale 10839
112
71 103 11711
, Cony debentured:3
1
Oray's l't Ter 1st gu g 5s_1947 J -I) ---- ---- 9821Jan '14 ____ 9812 9812
j- N
4M
004
9914 Nog'12
Harlem It-Pt Ch es 1st 49_1
-ai-
.---
----
_-_-
_-_-
M SCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & 1' g 5s____1037 A-0
Purchase
money Gs
1997 A-0
•
Convertible deb 6s
1922 M-8
,.Rd 151 III Bkn 1st con g 4s_1939 J -J
'Lac Gas L of St L 1st g 5s_e1019
I• Ref and ext 1st 5s
1934 A-0
iMilwaukee Gas I;1st 49_1927 N1-N
Newark Con Gas g 58
1048 J -D
L'Il & Pg 5s
1948 J -D
,N Y
1949 F-A
1, Purchase money g 4s
I- Ed El III 1st cons g 53—.1995 j
!NY&QEI & P 1st con g 58 1930 F-A
N Y & Rich Gas 181 5s__1921 M-N
1Pacific GA E I Co Cal0& E
I Omit unifying& ref58—.1037 NI-N
'Pac Pow & It 1st& ref 20-yr
1930 17-A
; 5a Internet Series
fat& Passaic 0 & E 5s____1940 M-S
10412 ____ 10312 Feb '14
114 11519 11212Jan '14
_ 12438 122 Dec '12
87 90 80
89
10112 Sale 10112
10153
10019 10032 10014 Mcit'14
8914 9059 0058
005s
10334 --__ 10134 Jan '14
10412
10412 Sale 10133
849,
8112 Sale 8413
102 109 10812 Meh'14
09 10119 101 Feb '14
9212.1'1y '00
91
9412 9413
0414
00 0212 90 Feb '14
10112 ___ 100 Jan '14
No price Friday: latest bld and asked. a Due Jan. 6 Due Feb
1
12
14
12
11
Gas and Electric Light
102 10312 Poo Gas& C lit con g, Gs___10431A-.0
gold Is
1947
Refunding
Ill 113
1047 NI-S
Registered
& Cke 1st gu g 59_1037 J -J
Ch
89
86
Con G Coot Ch 1st gu g 531036 J -D
100 10134
Ind Nat Gas & Oil 30-yr Is '36 21-N
9719 10012
Mu Fuel Gas 1st gu g 53_1947 M-N
8812 01
10134 10134 Philadelphia Co cony 5s__11/19 F-A
1922 II-N
Cony deben g 5s
10134 105
Stan Gas & El cony if 6__1926 J -D
83 87
10(3 10812 Syracuse Lighting 1st g 5s_1051 J
1954 J -J
Syracuse L & P 5s
101 101
1949
Trenton 0 & E 1st g 54
Union Elec L & P 1st g 59_1932 11-S
1933 M-N
Ref & ext Is
9239 051s
Utica El L & P 1st g 5s____1950 J -J
1957 J -J
Utica Gas & E ref Is
00 00
1950 J -D
IVestchegter L'og g Is
100 100
11414
114 1181, 11414
16032
10038 10013 10038
99 Sep '13
10114
103
idi
10014 101 10012 Meh '14
93 Meh '12
10012 Feb '14
05 Sep '13
____ 104
9714
9714 9712 0714
0112
9219 0112
91
_ 11013 Feb '14
10079
8512 J'ne'12
100 Feb '01
Hit;
10012
97 J'ne'13
04, Noy'13
IOC :LT
10O' Dec
07
101
104 Sale 104
i Due May. it Due June. h Due July. 0 Due Oct. p Due Nov. a Option sale.
1 114 11414
2 0834 10061
3 10079 164
994 10012
-5572 kW,
1
1
98l 9T1
88 9211
10012 10012
fOi4
898
New York Bond Recora—Concluded—Page 4
il
BONDS
Price
X. Y. STOCK EXCHANGE It
Friday
Week Ending Mare's 20
..., a. March 20
Week's
Range or
Lori Sale
1
4
0
Range
SOW
Jan. 1.
4
BONDS
t3
Price
Week's
Range
N. Y. STOCK EXCHANGE, N ii,
Friday
Range org-.!
since
Weak Ending March 20
-.a: March 20
Last Sale
al .;2'
Jan. I.
Wabash (Concluded)—
lis4
Ask Low
High Aro. Low High
Eqult Tru.st Co Itt's
5658Ja11 '14 ____ 5658 6053
Do Stamped
52 5312 NIch'14 ---- 46 5714
Det ,Sc Ch Ext 1st g 5s-11)41 J-J .-- - 10612 106
Des Molts Div 1st g 4s_-_1939 J-J •7f12 _ _ 80 Nov13
A„ 12 __-- ---- --Om Div 1st g 33,5s
1941 A-0 67 il 71 Feb '14 _— 71 /2Tol & Ch Div 1st g 4s
1941 ,V1-S
4,
7134 Feb '14 ...-- 70
Wab Pitts Term 1st g 4s-1954 J-D ---- ---- 10 NIch'14 __-. 10 7134
12
Cent and Old Col Tr Co carts_
9 11
10 Mch'l _ 9t2 14(4
Columbia Tr Co ctfs
- .. 1112 913
912
4 912 1314
Col tr ctfs for Cent Tr ctfs
912
-_- _, __-- 12
017
5 912 1413
21) gold 4s
iii&i J -b ---78
78 Dec '13 __---Trust Cc certfs
7--13
78 134 Jan '14 ..... ---34 14
Wash Terml 1st gu 35_1945 --F-A 84 __ 8334 Melt'14 ---- 814 837
1st 40-year guar 4s
1945 F-A 98 ---_ 100 Sep '12 ____
West Maryland 1st g 4s
1952 A-0 7514 7712 7514
7514
1 -E514 80
West N Y & Pa 1st g 5s
1937 J -J 104
104
104
10212 10513
Oen gold 4s
1943 A-0 ---- 811- 82 Jan '14 ---- 75 82
Income 5s
Feb 07 — ___
a 1943 Nov -------- 31_
--Wheeling & L E 1st g 5
11)26 A-O 10012 ____ 10112 Feb '14 __-- 101- 1-02
Wheel Div 1st gold 5s__ -1928 J -J 96 --- 9512 Nov '13
Exten & Impt gold
_1930 F-A 92 ___ 91 Feb '14 ____ c-41 "sif
lilt 1st consol 4s 58_-1949 M-5 7834 7914 79
79
1
80
20-year equip a f 5s
9513____ 9534 Nov '1 ---------_
1922 J -J
Winston-Salem S B 1st 4s_11260 J -J 87 88 38 Feb '14 ...,- 88 -88
Wis Cent 50-yr 1st gen 4s_ 1949 J -J 8712 Sale 8614
871
20 8558
Sup&Dul div & term 1st is '36 61-N 8833 8913 8812 Mch'14 --- 86 8918
8933
Manufacturing & Industrial
4
Bid
Ask LOU,
His No.I Low High
II A& A Pass lat gU g 4s-__1943 J -J
1 82
8314 12 77 84
S J'& NP lataink 2 g 58_1919 J -J -------_ — 104 Oct '09
Seaboard Air Line g 4s____1950 A-0 8478 ___ 8514 Feb '14 ____
8353 -8512
Gold As stamped
1050 A-0 8312 235 85
85
'7 8312 8534
Registered
1930 A-0
Adlustment 55
o1949 F-A 7712 Sale 77
7773 661 7434 80
Refunding As
1959 A-0 76 Sale 76
7634 141 7414 7814
Ati-Birm 30-yr 1st g 4s_e1933 M-S 84 8512 8513 Feb '14 --_ 84
8534
Car Cent 1st con g 4s
8512 ____ 85'* Mch'14 _. 85 8518
1949 J- J
Fla Cent & Pen 1st g 5s 1918 J -J 10038 ___ 1034 Jan '13
1st land gr ext g 5s
1930 J -J 10034 -_. 104 Nov'12
Conso i gold 58
1943 J -J 10238_- 10178 Feb '14 ____ 10134 1-01-7-3
Ga & Ala ity 1st con 58_2)1945 .1 -J 10312 ...... 10412 Feb '14
Ga Car & No 1st gu g 5,.....1929 .11-J 10214 „.... 102 Dee '13 ---- 10212 10512
Saab & Ron. 1st 5s
1926 J -J 10133 ___ 10114 Oct '13
southern Pacific Co—
Gold 48 (Cent Pee coll)...k1949 J -D 9114 Sale 91
9114 53 90 94
Registered
k1949 J -D -7
,
90 Feb '14 ---- 90 90
20-year cony 48
g1929 MS 871-4 Sale 8713
8733 69 8613 92
20-year cony 58
193 i J -D 10133 Sale 1011$ 10138 1642 10118 10353
Cent ('ac 1st ref gu g 4s-1049 F-A 9212 Sale 9214
9258 66 9112 91,2
Itegisteren
1949 F-A --- ____ 9413.1'1y '12
_
Mort guar gold 3 3.5s_k1029 ./ -I) 91 ---- 911161ch'14 .....
Through St L 1st gu 4s_1954 A-0 .88 —. 8712 Mch'14 _— 91 0112
8534
8712
0 11 & S A M .".z P 1st 5s_1931 M-N 10253 __ 10324 Feb '14 ____ 10318 1033,
Ulla V 0& N 1st gu g 5s_1924 M-N 100 ___ 10218J'iy '12
(foils E & W 'I' 1st g 58_1933 MN 1021$ 104 102 Sep '13
_ -1st guar 58 red
1933 M-N 103 Sale 103
103
5 16112 1-6i11 St T 0 1st g 6s int gu_11237 .1 -J 10878 10912 109 Mch'14 ___ 109
109
Gen gold 4s lot guar
1921 A-0 9334 95 94
94
2 9334 9512 Am Ag Chem 1st c 5s
10012 23 9734 102
1928 A-0 100 Sale 100
Waco& N W div 1st g 622 1930 ,VI-N 108 Sale 108
108
Ain Cot Oil eat 4$4s ____g1915 (1-F 9813 Sale 1.18 18
1 103 108
9818
', go 99
A& NW 1st gu g 5s
103 103 Mch'14__. 10112 103
1941 J -J
Debenture 55
11131 VI-N 93 9312 93
93
A 89 9312
hlorgan's La & T 1st 712_1918 A-0 10712 ____ Mils Feb '14 ...-- 10612
10634 Am nide & L 1st s
103
16.101 103
1919 NI'S 10212 - _ - 103
18t gold Gs
1920 J -J 10612 .--- 10718 Mch'14 ____ 10718 10713 Amer ice Secur debf g Gs
g 6 _1925 A-0 87 88 88 Mch'14 __-- I 7814 89
No of Cal guar g as
1938 A-0 106 ---- 112 Feb '07
--- Ain Smelt Securities s f 68_1926 F-A 10434 105 10478
105
11 10313 105
Ore & Cal 1st guar -; 5s 1927 J -J 101 102 10112Mch'14 __ 1611-2 fop,
Am Spirits Mfg g Gs
1915 M-S 95 100 96 Mch'14 ....-- 94 99
So Pac of Cal—Cu g 5s_ _1937 M-N 10413 ... 10111 Nov 13
Am Titres(' 1st col tr 48_1919
0234 9358 9312 Feb '14 .....- 93 9313
-J
J
Si., l'ac Coast 1st gu 45 g_11257 J -J 9212 9314 9113 Sep '12
Am Tobacco 40-yr g Gs
1044 A-0.1201 ____ 121214 Fels '14 ___ 11712 1204
San Fran Tenni 1st 4s 195 A-0 ---- 8758 8734 Feb'14 ____ 8434 1;3;Registered
1944 A-0 ---- ----1113 Oct '13 ____ -------Tex & N 0 con gold 5s 1943 J -J -------- 911 Jan '14 ..Uold 4s
- 96 06
1951 F-A *
98 Mch'14 --- 97 98
So ['ac RR 1st ref 48
9214 Sale 92
11/55 J -J
9214 85 8938 9314
Registered
9524 J'ne '12 _______
1951
---------__
Southern__
Am Writg Paper 1st s f 3s_1919 F-A
J -J 69 70 6978
1st consol g Is
71
23 68 -1994 .1-J 1053 Sale 1.0513
78
106
Baldw Loco Works 1st 5s 1940 M-N 10313____
25 10214 106
103 Mch'14 „ 102 103
Registered
1904 J -J ---- ---- 100 Aug 13
Beth Steel 1st ext s I Is_ _11)26 J-J
9914
Sale
9912
99
Develop & gen 48 Ser A 1956 A-0 745$ ale 7414
.43 9312 100
7458 - 761 73 7611
1st & ref Is guar A
1042 NI-N 8713 Sale 8738
Mob & Ohio colt tr g 4s.._1938 M-S 8212 83 83 Mch'14 ___ 8011
8712 50 8138 8778
8312 Cent Leather 20-year g 5s_1925 A-0 9914 Sale 419
Men, Div 1st g 4 35-5s
991
99 9738 99t2
1996 J -J 10438 —.10412
10412
Consol Tobacco g 4s
4
10117
101
1951
F-A
-----12713Jan
1951
St Louis div 1st g 45
J -J 8434 ---- 8134 Mch'14 __ 8358 842:i Corn Prod
'
13 ---- 9718 9718
Ref s f g 5s
4 --- 95 Mch'14 ___I 94 964
1931 NI-N 943Ala Cen It 1st g Os
1918 J -J 103's ---- 10514 Sep '12
1st 25-years(Is
4 1)334 Fob '14 __-- 9113 9334
1934 M-N 93 933At! & Deny 1st g 4s
1948 J - J 8813 ---- 8613 Jan '14
8618 861.3 kill ban-Amer Sugar colt tr 6221918 A-0 92 95 9213 Feb '14
21) 48
_., 9213 93
1948 J -J ---- --- 8214 Feb '12 ____ _
D istii Sec Cor cony Ist g 5s_1927 A-0 6514 Sale 65
6514
7 634 68
..
All & Yad 1st g guar 4s 1949 A-0 76 --__
E 1 du Pont Powder 430_1936
JD 88 Sale 8718
88
Col & Greenv 1st 6s
26 87 894
1016 J -J 10134 _ iOi5i Feb '11 ____ iolis nifli General Baking
1st
25-yr
68_1936
8812
JD
9012
90
B T Va & Ga Div g 5s
Mch'14
— -, 90 0014
1930 J -J 10434 10534 10458 NIclf14 __ 10438 10453 Gen Biectric deb g
33,58_11242 F-A 8018 Sale 8018
Con 1st gold 5s
80's
4 77 8034
1956 M-N 10733 10758 10733 10738
3110514
Debenture 58
1952 51-S 10412 10514 10312
E Ten reor lien g 5s
10512 37 103 10513
1938 NI-S 111034 - - 10518 J'iy '12 __ ---- 10754
-- -_ Cieu'l Motors 1st lieu 63
1915 A-0 10078 Sale 1111.124
Ga Midland 1st 38
10117
14 9812 101
6712 0,112 May'13
11146 A-0
Ill Steel deb 43,5s
1940 A-0 8814 88,2 8812
831,
1 8313 89
Ga Vac BY 1st g 68
1922 J -J 10833 -_-_ 10814 Mch'14
108 10812 Indiana Steel 1st
1952 M-N 10138 Sale 10114
Knox & Ohio 1st g 68
101
42 9853 10153
1925 J -J 110 ____ 11012 Jail '14 ___l 109 11017 ingersoll-ltand 1st58
Is_ „g11235 J -J 100 --_.
Mob & Bir prior lien g 5s_1945 J -J 10018 —_ 10512.
Oct '13-,
.ov 12 __I
tilt Paper Co 1st con g 6s 1918 F-A 10113 Sale 100
10112 10112
1 ioi- faMortgage gold 4s
72 ---_ 79 Alch'13
1945 J-J
(2eusei cony s f g Is
7813 Sale 7813
1935 J -J
Rich & Dan con g Gs
79
10 7812 8412
1915 J-J 101 1021$ 101 Mch'14 ,,I
hit St Pump 1st s f Is
_ 10053 101
1929 5I-S 0312 05 63
.Deb 5s staraped
63
4 60 6712
1927 A-0 101 104 10314 Feb '14
10314 103(4 Lackaw Steel 1st g Is
1923
A-0
9514 95'2 95'4
9538 11 9014 97
Rich & Meek 1st g 4s__1948 M-N 70 7.,..,.- 73 Sep '12
.
1st con 5s Series A
1950 M'S ---- 75 7514
So Gar & Ga 1st g 5s
1919 ss-N 101 102 101 hich'14
76
9 70 7812
jai 1.-cji5-year convertible 5s__ _1915 M-S 98 Sale
98
98
53 9312 9813
Virginia Mid ser 40 6s__19113M-S 10112 ___ 112 Oct 06
Liggett & Myers Tobac 7Sale
124
124
125
8
_1944
A-0
19 120 125
Series D 4-3s
1921 M-S 10173 ---- 10334 Nov'12
Is
1951 F-A 10112 Sale 10034 10134 42 9634 10134
Series E 5s
1926 M-S 10253 ---- 102 1)ec'13
Lorillard Co (P)7s
1231
1944 A-0 122 12213 12314
12 11933 1234
Series F 5s
1031 M-S 103 _ 104 Mch'13 _
5s
1951 F-A 10012 Salo 10013 101
69 9632 101
General 53
1936 M-N 1041$ - — 1041s Feb '14 _-- 10212 fai, Mexican Petrol Ltd coy Os A_'21 A-0 95 9712 951 Mch'14 —__
91 9514
Va & So'w'n 1st gu 5s 2003 J-J 104 --- 105 Mch'14 ___
1st lien & ref es series 0 1921 A-0 95 9712 9012 Feb '14 ____ gs gots
10312 105
1st cons 30-year 5s
1958 A-0 9214 9312 9234NIch'14 ___ 9034
94 94
94
10 9112 94
9234 Nat Enam & Stpg 1st 5s_1929 J-Do_
W 0 & W 1st cy gu 4s
1924 F-A 901$ ---- 92 .1'ne'13
Nat
Starch 20-yr deb 5s
girs 84 8153Feb '1
1930 J -J
-, 8138 8213
West N 0 1st con g 68_1914 J -..I 10014 ____ 10014 Mch'14
iaors folii; National Tube 1st 5s
1952 61-N 9914 Sale 9914
9914
6 91334 1001s
Spokane Internet 1st g 5s_1955 J -.I 90 ---- 9834 Feb '14 _-___
N Y Air Brake 1st cony 6s_1928 64-N 97 99
1 984 9974
99
99
Firer A of St L 1st g 430_1939 A-0 9913 --__ 10053Feb '14 ___ 9834 9834 Railway
Steel Spring—
-I- 1st con gold 5s__-1894-1944 F-A 112613 10738 10618 Feb '14 ---- 10058 10058
10334 1061,
Latrobe Plant 1st s f 5s 1921 J-J
9814 Sale 93
Gen refund s f g 48
9814
9 97 9814
1933 J-J --_91 90'2 Feb '14.._ 8514 001:
Inter
-ocean
P
1st s f 53_1931 A-0 92 9213 9113
32 91
St L M 13ge Ter gu ;5s 1950 A-0 1011-4 --- 10134 Feb '14
921s
10134 10134 Repub 1 & S 1st & col tr 58_11234 A-0 10273-.77- 10234 Dec9238
Tex L't Pac 1st gold Is
'13 __
__
2000 J-1) 10114 102 1011s
10118
10-30-year 5s s f
i 9912 104
11240 A-0 9334 04 1.1333
2d gold inc Is
9378 12 91 -9312
_-g,
000 Mch 20 40 51 Nov 12
Standard
Milling
1st
5s
103 51-N 8933 --La Div B L 1st g 55
8912
1 8412 8913
1951 J -J
90 ---- 991221pr '11
The Texas Co cony deb 68_11131 J -J 105 Sale 8912
W Min W & N W 1st Iti 5s_1930 F-A — - - ---- 10612 Nov 04
105 128 10038 106
Union Bag & Paper 1st 5s_1030 J -J ____ 86 10412
90
Vol & 0 C 1st g Is
Feb
'13 ___
1935 J -J 105 106 10412 Feb '14 :: jai,foil;
Stamped
1930 J -J ___ 89 9114 Jan '13 ... _
--Western Div 1st g 5s
1935 A-0 105 ____ 101 Aug'13
U S Realty& I cony
g 5s_'24 J -J 82 84 8213
8312 22
General gold 5s
1935 J -D 11/014 10112 100 Mch'14 __-_- -55" foli- 13 S Red & Refg 1st deb
89
20
___
6s-1931
20
-J
g
J
Feb
'14
Kan & M 1st gu g 4s
-_- go 20
1990 A-0 86 8613 8514
8578
U
S
4
Rubber
Sale
8512
10-yr
10278
coil tr 68_1918 J -D 103
8572
10314 94 10134 104
2d 20-year Is
1.927 J -J 97 --- 9812
9812
4 9534 9812 U a Steel Corp—)coup —d1963 M-N 1027s Sale 10238
1027a 236 9973 10312
Vol P & W 1st gold 4s
1917 J -J --- 89 85 Dec '12 _
S f 10-50-yr 5sIreg ___d1963 M-N ---- ---- 10212 103
Tol St L & W pr lien g 33,5s..1925 J -J ______ 82 Feb '14
6 100 103
:: -i1T2 -82- Va-Car Chem 1st 15-yr 5s-1923 J -D 97 Sale 97
97
50-year gold ,Is
10 9133 98
1950 A-0 52 Sale 52
54
West Electric 1st 5s Dec 1922 J -J 10113 Sale 10114
12 62 60
10112 30 10018 102
Coll tr 48 g Ser A
1917 F-A 49 66 50 Feb '14 __ 50 60
14
Westinghouse E & 51 s f 5s_1931 J-J 96 Sale 9418
9514 110 8912 9514
Tx'Ilam & Buff 1st g 4s__/11940 J -D 85
-_ 8514 Feb '14
10-year coil tr notes 5s_1917 A-0 97 ---- 97'451c0'14 ---7 8514 8514
I-lister & Del 1st con g 5s_1928 J -D BR -9634 9714
Sale 101
101 --3
U 1st refund g 45
.,
1952 A-0 76 81 76 Jan '14 ___ 100381013
74 76
fdiscellaneous
Union Pacific—
let RR & land grant 2' 4s_1947 J -J 9714 9712 9714
9758 33 9512
Adams Ex colt tr g 4s
1948 di-S 7613 80 78
78
10 7311 8034
Registered
1047 J -J --- ---- 0613Mch'14 ___ 9512 98
9613 Armour & Co 1st real est43,5s'39 J-D 9234 Sale 9234
20-year cony 4s
9273 91 8912 93
1927 .1-J 9078 Sale 9051
9078 128 90 9333 Bush Terminal 1st 4s
1952 A-0 8712 90 88
88
1 8712 88
1st & ref 4s
g2008 NI-S 9314 Sale 9314
9312
Conant 58
9 91 95
1955 J -J
8618 83 01 Mch'14 ---- 91 91
Ore By 1.7 Nay :on g 4s_1946 J -D 92 sale 0134
92
131dge Is guar tax ex
20 9134 94
11260 A-0 88 90 83 Mch'14 ---- 87 8813
Ore Short Line 1st g 6s_1922 F-A 11013 11038 11014
11014
Chino
Copper
3
10913
1st
180
cony
11031
150 Jan '14 ----f 150 160
68_1921 J-J1st consol •, 5s
1946 J -J 10753 108 10753 10734 16 10534 108
Granby Cons NI S & P com Os A'28 NI-N 104 sale 102
108
Guar refund 4s
531 9958 1031s
1929 J -D 92 Sale 9138
9213 24 8914 9414 Inspir Cons Cop 1st conves 1922 M'S 100 Sale 100
100
321 9634 103t2
Utah & Nor gold 3s
1926 J -J 10214 . - 103 May'll _
Int
Macau
6V2
64
Marine
541
63
438s_.._1922 A-0
ij 4712 61
1st extended 4s
1933 J -J 91 17i _--__
._ - ---- -- lot Navigation Isle f 53-1929 F-A
_— 7413 7153 Itch '14 ...... 7133 77I
Vandalla cons ",' 4s Ser A_I955 F-A ____ ---- 93 Apr
'13 :: :::: 7'2.
_ Morris & Co 1st s f 43,523
V Consol 4s Series B
112.19 J-J --------8812 Jan '14 __ 8822 881i
1957h1-N
---- 93 Mch'13
Mtge
Bond
(N
Y)
4s
ser 2_11266 A-0 ......- ---- ---- ---- ---- -----Vera Cruz & P 1st gu 4 3,5s_11234 J-J
---- 94 Oct '12
10-20-yr 58 series 3
1932 J.-,3 ____ --- 9912 hiny'13 ____ --- ....
_.
Virginian 1st Is Series A
1962 M-N _-0934 Sale 9953
0934 —20 -iiii's 1661; N Y Dock 50-yr 1st g 4s.. 1951 F-A
ii; 778
abasu 1st gOIU J5
- _- 7934 78 Mch'14 _
1939 al-N 104 Sale 10313 104
N
lag
Falls
44
Pow
10133
105
1st
Is
1932 J -J 161 ---- 10113
101,,
2d gold 5s
10111
i
10112
1939 F-A
97
9513
0012
Niag Lock & 0 Pow 1st 5s 1954 M-N ---- --,-,- 93
7 94 100
Debenture Series 11
_ Feb'14 --93 93
1039 J -J --- -----90 J'ne 12 _
Ontario Power N F 1st 5s_1943 F-A 95 911'4 90
95
1st lien equips fd g 5s
il 9151 95
1921 M-S ___ 09 98 Feb '14 _ ..:
- -9-i- ontario Transmission 51_1945 ,v1-is 90 ---- 89 Dec'13
let lien 50-yr g term 4s 1954 J-J
76 -- 78 Feb '14 .._- __ 78 78
Pub Sery Corp N J gems 58-1059 A-0 89 9073 8934
003
1st ref and ext g 48
161 8813 "of
1956 J-J 66 Sale 65
5638 23 5013 6111 ItayConsCopper 1st cony 651921 .1-J
113 Salo 11113 113
Cent Trust Co ctfs
801 10712 114
5512Feb '14 _
5o 551; Sierra & S F Power 1st 5s...1949 F931 9214 Feb '14 ___ 9214• 9314
Do Stainned
____ ____ „.... 63 Feb '14 __
%vs.',
%Vat... Pow ism isg
an
am,
luan J -.1--------- 10313Jan '14 -__j 10312 1031,
8214
IN
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron 3 1 5s____1932 J-D
92 ___ 92 Feb '14
92 92
Debenture Is
a1926
S 80 85 80 Jan '14
80 80
Ool & I Co gen s f g 5s-_1943 F-A 97
99
9812 99
2 9112 90
Col Fuel gen 65
1919 11,1-N 10614
10714 J'ne'12 ---Col Indus 1st & colt Is git_1934 F-A 7912 110
80 79 MO'14 ---- -7833 82
ons Ind Coal Me 1st 5s
1935 J-D
76 76 Feb '14
76 79
ons Coal of Md lstScref Is 1050 J -D ..-89 92 89
89
10 89 89
ontinental Coal 1st g 58_1952 F-A 91
991 Feb '14
9913 991
Or lily Coal& C 1st g 68_211519 A-0
Apr '06
San & H C & C 1st s f g 5s_1951 J -J 91 — _ 1024
9313
9318
931
93's
Pocah Con Collier lst s f 5s-1957 J -J 87
8712
8753
7 84 8762
St L Rock Mt& I' 1st 5s_1955 J -J 8012 88
821 8014
8014
1 77 82
Tenn Coal gen 58
1951 J -J 100 1031 10313 1034
2
974 10318
13irm Div 1st consol 6s-1917 J -J 10112
Sale 10113 10112
2 10113 103
Tenn DIY 1st g 68
a1917 A-0 10114
10212 Mch'14
101 10212
Cali 0 M Co lat gu g 0s-_1922 J-D 101 103 103 J'ly
'13
Victor Fuel 1st s f 59
1933 J-J -- 78 $O May'13
Is Iron C/oal&Colce lab g 5s 1949 M-S 9212 931
93
93
9 -oir2 513
*No prise Friday; latest bid and asked. a Due Jan. 41Due
April. 4 Due May. I Due
Telegraph & Telephone
Am Telep & Tel coil tr 48-1929 J-J 8812 8853 881s
8852 145 85 1197a
Convertible 4s
1936 M-S 94 97 94 Molf14
94 9714
20-yr convertible 4 358_1933 M-S 9834 Sale 9634
987 1667 9412 not4
Chicago Telephone let 52_1923 J-D
Commercial Cable 1st g 4s_2397(4-,j 8153-- ii's Feb '14
8Ii 815s
Registered
2397
7753 ---- 8312 Nov'11
Cumb'd T St T 1st& gen 53_1937 T-J
9818 14
j 98 Salo 93
Keystone Telephone 1st 55_1935 J-J
8914 -- 9114 Sep '13
hIetropol Tei&Tel let s f 58-1918 M-N 10012 101 10012 10012
i554 114
hitch State Telep 1st 5s
1924 F-A 9811 991
‘ 99 Mch'14
963s 100,
N Y & NJ Telephone 5s g_11220 M-N 10112 -- 10314 May'll
N Y Teiep 1st& gen s f 4;53 1939 Ni-N 97 Sale 9673
9718
['ac Tel & To 1st 3s
1937 J-J 97s4 Sale 9715
9778
96 00/
1
4
South Bell Tel& T lsts f 5s 1941 J -J
981s Sale 9814
071s 100
9812
West Union col tr cur 58-_1938 J -J
97 9812 Or's
93
9
Mt
led and real eat g 4 22-1950 hl-N 9132 93 9132
git
8672 9211
Mut Un Tel go axis 58-1941 M-N 99 101 104 J'ne
Northwest Tel gu 4 35s g_1934
87
-.... 93 Jan 'I
June. 3 Due July. 3 Due Aug. o Due 004. Del XeY q
Dupes. I Option atil.1)47
899
CHICAGO STOCK EXCHANGE—Stock Record.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Tuesday
Monday
March 16,, March 17
Saturday
March 14
•20
070
•9112
3112
•634
*3
•15
*313
13
50
27
85
92
31L
7
34
191
35
414
25
18 0 _ __
____
50
27
.20
.20
*70
85
*70
92
*91
9112
3118 3078
38
.634 7
.634
314 .3
*3
191 *15
.15
35 ._
*312 414
25 •__
Wednesday
March 18
17
18
50 .48
20
27 .
*70
85
911z 9112
3034
31
634
7
43
314
1912
35
*313
414
25
Thursday
March 19
Feiday
March 20
Sales of
the
'reek.
Shares.
_ 18 •___ 18
17 •
4912 4912
50
Jan'14
Last Sale 23
27
Jan'14
Last Sale 70
85
9112 .91
9112
3014 -2914
3034 30
634 *612 7 31;
I'eb'14
Last Sale
314
Jan'14
Last Sale 17
15
Last Sale 3512 Nov'13
35
Last Sale 412 Feb'14
414
Last Sale 25 Feb'14
25
30
3012 .2934 3014 30
3012 *30
Last Sale 9234 Feb'14
93
.92
93
440 440 *435 445
440
130 *___ 132
130
401
*35
40
4018 *35
*35
36
84
84
84
86
Last Sale 12113 Feb'14
12312 .123 12312
Last Sale 42 Mch'14
44
42
44 .
8112 8112 8112
8112 *80
Last Sale 50 Dec'13
4912
4912 .46
5814
5812 58
5812 .58
218 .215 218 *21212 215
13978 13973 13934 13934
140 140
140
Last Sale 12 Feb'14
41112 12
12
Last Sale 77 Feb'13
954 96
95
95
1
95195
93l
6512 -911
942 -942 95 Last Sale 2538 Feb'14
25
*23
24
*22
24
.22
24
22
.
• 10534 10534
1063
4
*106
107
108
.
106
10512
10512
10512
1051
*105
6412 .63
6412
*63
*6412 65
*6412 65
*6412 65
65
65
Last Salc 110 Feb'14
Last Sale 7034 Aug'12
17-'1
137 .135 137
13414 13414 •135 140 .135 140 *135 140 •135
Last Sale 12114 1'eb'14
•121 125 *120 125 .120 125 *120 125
107
108
107
10612
10612
10612
10612
10612
10612 1061
1-1-7- 117
117 117 *115 117
117 120
1117 120 *117 120
40
4012 40
*40
41
*4373 45
43 ____ .434 45
.
1
12418 12418
1241
123
12234
4
1223
12414
123
1244
123
1223
12214
8012 79
7912 7912
*79
80
79
8012 80
80 .79
80
9912 9034 9934
99
*9812 99
*9812 99
09
99
.9812 99
Last Sale 13 Mar'14
18
18 *_-_ 18
•____ 18
Last Sale 35 Feb'14
40
40
•___ 40 *_ 40 *
1874 18914
188 189
18714 189
18814 18914 18858 190
012214 12434 12212 12212 *12214 12434.12214 12412 ..IHT4 124 .12214 12412
Last Sale 2812 Feb'14
31
30 .30
.29
30
31 .
28
.28
Last Sale 86 Feb'14
85
85 .83
*83
85 .83
82
•80
106 10614 106 10618 10618 10612 10612 10612
10578 106
1057s 106
245 245
241 241 *211 250 .241 250 .243 245
4
10512 10512 10538 10518 106i4 1-66110534 10534 *10512 10612 10512 106
153 15414 1534 15338
14734 14912 14912 15312 15318 155
*149 150
Last Sale 118 July'13
6484
6434
(1413 6412 633 6334
11234 11234 11314 11314
1-1-5 - 114 114
11278 112-78
Last Sale 6128
8
.__
Last Sale 9134 Nlay'13
2012 •30
291 .29
*29
931 .934 941 .92
*93
•435 440 .435 440 *435
128 128 •.____ 130
401 *-554018 •35
$ 5
86
•____ 86
•121I2 122 4E2iiij 123 .123
•42
44
.12
44
42
.
8112 .80
*SO
82
*81
491 .46
491 .46
.46
5812
581
5812 .58
.58
218
•213 218 .213 218
140
13814 1381 13814 140
•1112
•11I2 12
•1112 12
Dividend Record
Capital Surp.
Per- Last Paid. I
in
Stock.t Profits t in
% Bid. Ask.
1912. 1913. tad.
(Ns on) Wed.)
Range for Previous
Year 41.9131,
Range since Jan. 1.
Lowest,
Railroads
17 Mch18
1 Chic City&C Ity ptsh corn
4912 Mch 19
100 Do pref
Chicago Elev Itys C0111100 23 Jan 21
Do pref
100 70 Jan 21
90 Jan 10
22 Chic Itys part ctt "1"___
27 Jan 8
826 Chic Rya part ctf "2"___
613 Jan 14
25 Chic Rys part ctf "3"__ _
Chic Rya part ctf "4"__ _
2 Jan 14
Kansas ('ity By & Lt_100
17 Jan 15
Do pref
100
Streets W Stable C L_100
412Jan 7
Do 1.ref
100 25 Jan 26
Miscellaneous
100 29 Jan 3
10 American Can
100 8912Jan 2
Do pref
34 American Radlator_100 401 Jan 5
100 128 Alch14
5
Do pref
26 Amer Shipbuilding_ 100 30 Jan 9
100 76 Jan 8
10
Do prof
Amer Telep & Teleg__100 118 Jan 2
11-0th Fisheries corn 100 38 Feb 26
100 752 Feb 26
10
Do 1st pref
Cal & Chic Canal & D 100
90 Chic Pneumatic Tool_100 51 Jan 2
5 Chicago Title & Trust 100 212 Jan 13
632 Commonw'th- Edison.100 133 Jan 26
914 Jan 9
Corn l'rod Ref Co corn100
100
Do pref
100 91I2Jan 2
477 Diamond Match
Goodrich (B.F.) cons _100 2538 Feb 5
285 Bart Shaff& Marx pf100 10012Jan 2
100
22 llinois Brick
598 Jan 9
Internat Harvester Co100 109 Feb 4
Knickerbocker Ice pf_100
100 12334 Jan 14
3 National Biscuit
100 12114 Feb 16
Do pref
100 110512 Itch 12
970 National Carbon
100 11514 Jan 27
Do prof
231
25 Pacific Gas & El Co 100 35 Jan 9
1,575 People's Gas L&Coke.100 121 Jan 3
45 Pub Serv of N o III corn 100 77 Jan 3
100 9434Jan 21
Do pref
249
13 Mch 2
Rumely common _ _ __100
100 3434 Feb 14
Do prof
905 Sears-Roebuck com_100 181 Jan 3
100 122 Jan 14
Do pref
10
Studebaker Corp com.100 2712 Feb 3
100 83 Feb 3
Do pref
100 10434 Jan 3
1,017 Swift & Co
23 The Quaker Oats Co_100 230 Jan 6
100 102 Jan 6
Do pre('
95
100 140 Feb 9
2,558 Union Carbide Co
Unit Box 13d & P Co_100
100 5755 Jan
300 U H Steel corn
170 Ward, Montg'y & Co pref 109 Jan 3
5 Jan 13
100
Western Stone
100
Woolworth. corn
Chicago Banks and Trust Companies
NAME.
STOCKS
CHICAGO STOCK
EXCHANGE
I,owest. I IIighest
Highest,
2034 Jan
551 Feb
25 Jan
70 Jan
9814 Jan
35 Jan
812 Jan
4 Jan
17 Jan
31
2
19
21
24
16
29
2
15
412Jan 7
25 Jan 26
2412 J'ne
'ly
70
88 Jar,
18 inc
512 inc
2 .1 ne
1614 J'Iv
3512 Nov
438 Dec
25 Sep
31) Jan
91 Jan
102 J'ne
3314 Sep
9 Sep
44 Apr
37 Sep
33 Oct
94 Jan
45 NI ch
347 Jan 23
2112 J'ne
9554 Jan 27 r 81 J'ne
440 Feb 16 400 Oct
13412 Feb 6 125 Dec
44 Jan 31
28 Nov
92 Fen 4
78 Nov
124 Jan 28 11034 Dec
4912 Dec
5014 Jan 21
7312 J'ne
8412 Jan 27
40 J'IY
4712 J'ne
-6-0-- f•Jai-i5
218 Alch17 200 Apr
140 Mch16 n12412 Dec
8 J'ne
13 Jan 31
77 Feb
90 Oct j
102 Jan 26
1512 Nov
26 Feb 4
94 „ch
106 Alch17
58 Nov
70 Jan 30
111 Jan 22 100 J'ne
4612 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
13984 Jan
71 Jan
897, Jan
55 Jan
5512 Sep
221 Sep
155 Sep
164 Jan
77 Fib
11014 Feb
53 Feb
10012 Dec
7612 Jan
115 Jan
138 Feb 3 105 J'ne
1231k Feb 4 116 Dec
181 Feb 19 113 J'ne
120 Mch17 11112 .J•ly
33 Nov
4712 Feb 13
125 Jan 5 104 J'ne
65 J'ly
81 Mch 4
8934 Dec
100 Feb 7
19 Aug
1734 Jan 14
4012 Aug
403.1 Jan 14
155 J'ne
19312 Jan 31
12478 Feb 20 117 May
1614 Nov
3034 Feb 5
66 Nov
86 Feb 4
10712 Feb 27 101 inc
245 Mch19 195 J'ne
9934 J'ne
107 Feb 28
155 Mch18 8142 Dec
1 Jan
6713 Feb 13 50 .I'ne
114 Mch17 10512 Feb
9 J•Iy
613 Jan 14
874 Niel)
130 Sep
123 Jan
137 Dec
118 Jan
63 Jan
130 Sep
85 Aug
1014 Jan
69 Feb
974 Feb
21434 Jan
12434 Feb
34 Feb
70 Nov
10778 Mel]
280 Feb
10812 Feb
'218 Nov
112 Feb
6834 Jan
111 Sep
1412Jan
112 Jan
Dividend Record
NAME.
Capital Stop.
Stock. 1 Profits t In
1912.
(00s em Wed.)
PerIn
1913. iod.
Last Paid.
% Bid. Ask.
V. 95, p. H. 125
335,1 Org. J uly 5
Southwest Tr & S $200,0
6 (3-It Dec.31•13,134 166
Standard Tr & Say 1,000,0 2448,1
6
J-J Jan. '14. 3 145
57,9
200,0
Stockmen's Tr & S
8
8&3e Q NI Dec.31'13,2
Union Trust Co__ 1,200,0 1,701,7
12 (?-7,1 1)ec.31'13 3 300
136,0 8&2e
400,0
WestSideTr & Say
Q-J Jan, 14, 234 224
10
10
119,1
200,0
Woodlawn Tr & S
130
169
150
2;!. 53,4w ____ Dec31'13 112to 3177 182
American State_ w$200,0 $213,3
An Jan '14, 8 150
6
72,0 None
100,0
Calumet National
223
20,6 Org. J an. 27 '13. V.95, p.1585 104 108
200,0
Capital State____
V. 95, p. 944 157 162
712
us.
b
Oct
Beg.
27,1
250,0
Central Mfg Dist_
22921229312
11 1 2 Q-J Jan. '14. 3
Cont. & Corn Nat_ 21,500,0 p112200 10
16&8y Q-J Jan. '14, 4 411 415
Corn Each Nat__ 3,000,0 y6,535,8 16
Q-J Jan. '14,21251 220
6
6
145,8
m300,0
Drexel State
Q-J Jan. '14, •2;4 250 260
10
750,0 y394,7 10
Drovers' National
Q-J Jan. '14, 2 175 180
8
8
63,4
200,0
State_
Englewood
BONDS
Q
-M Dec.31'13,414 426 428
17
17
6
y12318
First National_ 10,000,0
lids
Range
InterPrice
Week's
CHICAGO STOCK
247,5 123.4 10&3e Q-M Dec31'13512» 350
150,0
FirstNatEnglow'd
Sold
Since
Range or
Friday
est
EXCHANGE
523,3 Priv ate 13a nk
Foreman Bros.__ 1,000,0
January 1.
Last Sale
period March 20
20
March
Ending
Week
4
2
2i38
Q-J
Apr.
*14,
260
8
71,010,9
2,000,0
Ft Dearborn Nat_
128 132
28,3 Org. N ov 25 1912
200,0
Halsted St State_
High
High A'o. Low
Ask Loto
Bid
Hibernian Ilk Assn 2,000,0 21,292,5 Not pu Wished — se o note (V)
91 Feb '13
Am Tel & Tel coil 42____1920 J - J
48.9 Beg. b us Aug '12. V. 95, p.273. 134 137
200,0
Hyde Park State_
93
9278
9278
-8934
;
9278
Sale
-D
J
1939
4341
Co
465.
94,
118
123
dr
p
V.
Armour
y15,9 Orga n. Feb '12:
100,0
Irving Park Nat
8214 Aprtl'12
74
370
1928
Auto Elea let 7,1 (3,
209,8 10 10&5e J-J Jan. '14, 5 250 ___
400,0
Kaspar State
9618 May '12
97
134 108 111
53 1937 M-N
ref
'14,
Q-J
Jan
&
1.2
13.2
unit
&
Cal
Gaa
8,7
200,0
Lake View State_
10078 10 -9914 1671927 F - A :10014 10078 1004
6 Q-11 Dec.31'13, 2 265 272
Chicago City Sty Ss
61,6
200,0
Lawndaie State
16 8113 857$
844
8478 8434
82
12 Q-M De,c.31 '13,3 255 261
Chia City & Con Itys 5241927 A Live Stk Each Nat 1,250,0 y665,6
9.578 98
9712 Feb'14
98
97
J
J
1914
131
135
593
p
V
2
52
ea,
Rev
Ry
281
b
us.Aus
Chicago
59,0
200,0
Mech&TradState
10
9212 94
94
94
95
:
9312
3-3
209
212
5s__a1921
chic
Pneu Tool 1st
8 (1-3 Dec.3113,2
8
Nat 13k of ltopub_ 2,000,0 y1,472,3
26 9612 9912
99
984
99 Sale
1927 V - A
6
Q-.1 Jan.'14, 04 164 167
13
Chicago Rye 52
y830,6
2,000,0
City
National
1 91 94
9238
series 'A" A -0 3-- 9234 9238
Chlo Rya 52
6
Q-J Jan. '14, 142 188 201
250,0 y125,7
NaUonal Produce
7.31,
784 8132
7914
Chic Itya 42
series "11" J -I) 7914 Sale
14-..1 Apr.'14, la( 160 163
7
7
122,7
20(1,0
North Ave State_
93 Sep '13
96
Chic Itys 42
series "C" V - A 394
'14, 134 135 137
Jan.
6
(1-.1
6
23,8
200,0
Bay
St
Side
North
Jan '12
100
A
F
1913
ooll
6s
Rye
185
190
Chia
7
Q-J
4
14,
Apr
13
o
71,5
300,0
North West State
4
67 "i617014 Mar'14
Chle By Pr m It g 48_e1937 J - J ---- 71
11,5 Org. N ov. 27 '12. V.95. P. 1944 104 105
200,0
Ogden Ave State_
16 45
5414
5112
4 260
,
51
Chic Ity Ad.1 Inc 42___e1227 Mayl 5112 Sale
10
C.1-3 Jan '14, 412
10
133,4
500,0
People's Stk YdaSt
3 994 10112
10118
101
101
-D
:1004
J
52_1023
Telephone
Chicago
p.
V.98,
1235
bu.sNov
i'11
23,3
Beg.
200,0
Second Security
9714
9712 11 9714 9712
9714 Sale
Cicero Gas Co ret G m 1932 J - J
7y Q-J Jan. '14, 2 250 286
6
400,0
176,7
Security
8 101 102
10178
1014 Sale 10124
34Comnionw-Ellaon
Jan.'14, 4m
8
200,0 1152,2
8&2e
South Chicago Say
1004 10114
Mar'14
8 :10078 10114 101
Ni5s_b1943
1.1e:
130
135
Commonw
132
6
Q-J
Jan.'14,
6
31,9
200,0
South Side State_
9914 10012
'14
Feb
10012
102
N
:10012
•
1924
5a
It
let
Pact
Cudahy
Q-2 Jan. '14, 3 397 400
12
State Bank of Chic 1,500,0 2,802,4 12
1 104 10512
10512
:105 Sale 105
1920
Coa deb 62
2 V.95, p.623 132 135
Dia
Match
b
54,4
Beg.
19'1
wi.Aug
200,0
Italy
I
o
State Bank
994 April'12
99
A -(3 398
1st
notes..1215
1.
6%
Mot
_
-M
Q
Gen
350
15
Dec.31•13,4
10
249,5
250,0
Stook Yards Say..
99 July '13
g notes_1915 - A
Int liar 3-yr
6 M-N Nov 13. 2 178 181
170.5
500,0
Union 13k of Chic_
1054 April'12
Inland Steel lit NI g 8e 1928
27,6
100,0
63.4 10&3e Q-J Jan. 14, 51,4m 225
waahingt'nPkNat
Co
LIght
&
23.4
By
City
U
'234
8
Jan.'14,
Kan
236
2,181,1
4,500,0
Central Tr Coot III
90 Oct '12
N
1913
Sa
407,3 10&2e 12&le J-J Jan. '14, 6 300 310
500,0
Chicago City MILT
75 sop' 13
70
1928 J - J L.
6
Lake St El—let Ss
265,2
6
Q-.1 Jan. '14, 134 141 143
Chicago Say B &T 1,000,0
83(2 140 77Es 13-12
7012
A
F
Sale
43_1938
let
El
234
Ride
Jan
W
'14,
Q-.1
21212
215
8
8
12,886,9
Metz
Chicago Title &Tr 5,600,0
29 74
79
79
7612
79 Sale
193i J - J
Q-J Apr. '14. 2 164 166
(o)
Extension g 4.2
406,4 8&2e
Colonial Tr & Say 1,000,0
1047,
Apri3•12
Lt let g 5a...1926 F - A 1103 10412
&
Sty
hill
Et
au
—so
c
bushed
Not
note
(ID
21,395,1
(II)
3,000,0
S
Cont&ComTr&
9412 95 A orli• 12
94
ref & ezt 4442_1931 I - J
do
10
10
QJ Jan. '14, 23.4 285
250,0 2100,1
Drovers Tr & Say
-8654 89
8912 884 Feb'14
1939 J - J t 88
Morris & Co 434s
Q-11 Dec30•11, 4
First Trust & Say 5,000,0 24,013,2 None None 311
1952 51-N ---- --- 1004 al ay'12
Si
let
Tube
it
Nat
b
.Apr
V.92,13.929
us
Beg.
2112,1
500,0
Ft Dearborn Tr &S
99
'14
"55
Jan
99
-0
A
994
I
El
Shore
53-1922
g
189
lit
'14,
Nor
8
15.
Jan.
(4-.11
134
130,5
300,0
Franklin Tr & Say
98
9812
1940 A -0 9812
-- 9814 Mar'14
let & ref g 5s
do
10
Q-J Jan. '14, 23,1
343,3 "ioOreenebaum Sons 1,50(1,0
94
:Sept '12
951
- A:93
is_11.137
111
01
lst
Gas
Sh
Nor
140
135
6
J-J
6
Jan.
'14
54,5
334
200,0
QUA'&wee Tr & S
10014 July '11
1911 MNorth West P:1 1st 42
1,500,0 2,471,7 12 12&10e (3-J Apr '14, 3 450 _
!Harris Tr & Say
-- 100 Sep '13
N W 0 L & Coke Co 51_1928 Q -M *99
88,3 Beg, b us.A pr 10'1 1.V.92,p.1004 152 155
300,0
Home Bank & Tr_
1 93
96
9514
9514
M -N I 9512 -96
1945
Ss
Gas
Ogden
485
g
475
14,1
1eat4e
18&4a
Feb.20
10,663,0
&
Tr
Illinois
Say.. 5,000,0
11512 3ept '12
Poop Gas L & C lit 81_1943 A 7
Q-3 Deo 3113, 154 184 186
118,2 7&22
/Linwood Tr & Say
2000,
18
"95r. ligs;
10034
10012
Male
11572
1
1M1947
Refunding gold 52
6
Q-J Dec 31.13,134 178 181
113,7
6
Laks VIewTr&Sity
300,0
10
10314
101
10314
Chic Gas L. & C 1st 52_1937 J - J :103 10314 103
105 108
302,2 Seg. b us. Its y'lO
LaSalle StTr&Say 1,000,0
99 10112
10012 Mar'14
_ _1936 -D :1004
CO11811111 Gas lit
175 200
4,5 Org.!) ec. 6 '12.
Liberty Tr Allay.
276,0
100 1004
_ 10012 Feb'14
:10012
Mutual Fuel Gite 1.1 51 1947
31,3 Org. 8 apt. 5 '12. V. 93, p. 593 116 119
Market Tr & Say_
200,0
0312 Feb'14
9012 93•4
_
5e_1956
ret
Igt
Co
it
Feb
Bery
185
484
160
p.
112
us.ily
V.94,
b
Beg.
y
59,3
MercendleTr&Sa
250,0
41 90
95
95
92
95 Sale
1924
South Side Kiev 434s
Q-J Jan. '14, 4 437 440
16
16
Merchants' I,& Tr 3,000,0 7,353,1
100 10112
1004 Mar'14
:100
1914
Swift & Co lit x Ss
200,0
Q-3 Apr.' 14, 11( 135 137
5
73,8
Michigan Ave Tr..
cob
LI
&
Ry
211
TM-City
,1
208
V.92,4).1004
10
Ap
us.
1;1:b
Sav
&
Tr
0
C
126,3
500,0
Mid-City
9814 April'12
1922
trumt lhin e I 52
8 Q-M I)ec.31'13,2 320 322
8
1,500,0 2,931,9
Northern Tr Co
75 Doc•13
1945
Union Klee (Loop) 5s
8
J -J Jan. '14, 5 3265 268
8
176,7
Nor-West Tr & 8.. 0250,0
100 May'12
1922
os
g
let
Gypsum
8
U
115
120
V
11
92,
p.1537
1
b
us.J•ae
Beg.
El
200,
dr
Tr
53,2
Old Colony
Dec'13
994
10214
3100
1922
as
Co
Elec
Waistera
8 812&2e Q-3 Jan. '14. 314 280 285
50(3,0
241,9
People's Tr & May
8
Q-2 Mch .31'14, 2 200 __
300,0
8
288,4
Pullman Tr & Say
added to all Chicago price s.
Dam
Interest
Nolo—Accrued
158
154
14,112
Jan.'
Q-J
3
200,0
6
50,4
Sheridan Tr & Sav
Ni
national banks and Jan. 14 (open ag of buslnesie) for State institutions. 2
*Bld and ask prices; no sales were made on thla day. t Jan. 13 (close of business) for all acquired by the Coutloontal & Commercial National Bank. a Due Dec. 3.1
price Friday; latest Price BIN week. I Sept. 1 1911. le Dividends not published; stook
to vote Jan. 13 1914 upon Increasing capital to $300.
natockholders
extra.
is
this
of
4%
1
stock.
New
k
dlr.
Extra
•
1.
Jan.
Due
d
Feb.
Due
S Duo June. e
Sales reported beginning April 18. 2 Dividend, are paid Q.-J. with el
the additional stock to be distributed as a 20% stook dividend. V. 97, p. 1799. 2 capital
1111
to $400,000 authorised Sept. 24, a cub dly. of 75% being paid IL
In
payments Q.-F. 1 Dec. 31 1913, 5 Ex 24% accumulated dividend. is Increase et-steel
die. ti 14 asseasrnent paid. •Paid 6% reg. sad 1(4 extra on old *stela;I
and
Ex-div.
2
dl•.
ex
Inoludes
rn
574.
1000,
p.
V.97,
therewith.
connection
V. 98. p. 2
2350.000.
to
ins.
be
to
=Capital
dly.
stook
50%
Ex
j
1014.
6
March
X
1914.
.a_e_pak of 6600.000 had 134% on Sew capital $1,000,000. y March 4
Chicago Bond Record
900
BOSTON STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 14
onday
March 18
Tuesday
March 17
Wednesday
March 18
*9634 9713 *9634 97
9713 974 *97
9718
•10012 101 *10012 101 *10014 101 *10033 101
*187 -.... *187
187 187
18634 18634
8212 8212 82 i2-1-2 82
82
82
82
*180 170
160 160
160 160
160 160
364 3834 364 37
39
4014 41
45
*247 ____ •247
___ *247_
*7
15
*7
15 *247*7
15
*7 4
101
*80
65
*80 65
*60
65
*60
65
Thursday
March 19
Friday
March 20
59713 97% *97% 0773
Last Sale 10018Mar'14
190 191
191 192
8212 8212 8212
82
160 160 *160 __-42
4212 44
43
247 247
Mar'14
Last Sale 7
Last Sale 60 Jan'14
Sale 612 Nov'13
;55- 41 '33 40 .55- -46- -55- -51- .38Last 40
.37
38
'162 161 *162 164 '160 162 .160 182
Last Sale 162 Mar'14
*---- 10612 *---. 10612 *___ 105
105
Last Sale 10112Mar'14
*180
*176
*179
Last Sale 185 Mar'14
•80
83
80
80 ;i5- 85
*80
83
83
82
83
83
*120
.121 122
122 122 *121 122 *121 122
122 122
•87
8734 *87
8734 87
87 .87
*87 ____
8734 .
8634
*9312 95
x9312 9312 9313 9312 9312 9313 94
95
95
98
•1113 12
11
1112 *1112 12
12
12
12
•11
11
11
*62
6212 62
62
62
62
62
62
6134 62
6112 615s
674 6912 68% 6814 674 70
8812 6934 6834 69% 6913 70%
•100 110 *100 110 *100 110 *104 110
Last Sale 105 Mar'14
*--_ 165 *___- 165 * _ 164
161 164 *161
-- *161
•__- 25 *____ 25 *
_ 25
25
Last Sale 24 Mar'14
*15734 158'*1574 15712 .iEi 1584 •
158 *15778 15813 15913 15913
*8333 8334 *8312 8412 •83% 8412 84
84
8212 8212 *84
8413
*120 130 *120 130 *120 130
Last Sale 120 Mar'14
7314 7314 73
73
74
*73
-ii- 73
7312 7312 7312 7312
0---- 94
9413 9412 *_.... 9412 94
9412 *___ 94
9334 9334
Sales of
the
Week
Shares
STOCKBOSTON STOCK
EXCHANGL
IZ.7.ilro. (Is
5 Atch Top & Santa Le1OO
Do prof
100
100
182 Boston & Albany
100
170 Boston Elevated
100
256 Boston & Lowell
100
2,873 Boston & Maine
3 Boston & Providence_10C
Boston Suburban El Cos_
Dopref
Boston & Wore i.lee 0
Do prof
10
Chic June lty & USY _100
Do prat
Connecticut Itiver___100
114 Vitchburg pref__
100
64 (la Hy & Elec stmpd_100
3 Do pref
100
124 Maine Central
100
178 Mass Electric Cos_100
130 1)o pref stamped _100
5,030 N Y N 11& Hartford_100
Northern N II
100
25 Old Colony
100
Rutland, pref
100
10 Union Pacific
100
3 Do prof
100
Vermont & Mass
100
166 West End St
Sc
85
Do prof
50
discellaneous
5812 57
5812 5914 5814 5812 1,857 Amer Agricul Chem_
9618 9612 9613 97
Do prof
9634 9634 1,172
100
*3
312 *3
314 *3
75 Amer Pneu Service
50
314
*19
1914
1914 1914 1812 19
76 Do pref
50
101% 102
10034 10134 1011, 10214 2,008 Amer Sugar Refin_1130
111 11112 110 111
11012 111
924 1)0 prof
100
123 12314 12313 12312 312112 122
11,173 Amer Telep & Teleg_100
American Woolen
Last Sale 15 Mar'14
100
7734 W- 7712 78
7914
7873
7812 79
78
7814
716 Do prof
100
65 65
_ 85
6414 6414 *---- 65 *____ 65
40 Amoskeag Manufacturing
*---- 100
ion loo
99
99 .
98
99
99
*98
15 Do prof
*7
812 *7
812
*7
812
Feb'14
Last Sale 5
Atl Gulf & WIsS L_100
1512 1512 •1512 16
*1513 16
*1513 18
•1513 16
*1512 16
25 Do s pref
100
13
13 •1234 1312 •1213 1313 *1234 13
13
13
1234 124
195 East Boston Land
10
280 26012 259 260
25914 260
25912 25912 25812 25914 259 260
448 Edison Elec Illum
100
14713 14812 147 14814 14714 14713 1474 14773 147 14712 147 14714
452 General Electric
100
101 101 *1004 101
10013 101
101 101
101 10114 101 101
263 McElwain(WH)lst pf 100
9312 9334 9334 9334 9353 9353 93
9334 934 93% 93
93
1,357 MassachusettsGasCosl00
9512 9534 9513 96
95
9533 9413 9412 9412 9512 95
95
413 Do prof
100
*21452 215
21413 21412 21414 215
21434 21434 215 215
21412 21434
85 Morgenthaler Lino_100
*212 314 *213 314 .213 314 *213 34
Last Sale 3
Mar'14
Mexican Telephone
10
*30
34
*30
34 .30
34
*30
34
Last Sale 34 Mar'14
Mississippi Riv Pow_100
69
*6812 69
6912 *8813 89
884 8833 6812 6812
Do
158
prof
100
*24
30
*24
30
*24
25
Last Sale 24 Mar'14
N E Cotton Yarn
100
__
_ *67
-ii- W35 Do pref
100
*6712138 138
155 139 139 136
---12 313734 13734 13734 138
1-i6187 N E Telephone
100
j 1524 153
15213 15232 152 15214 15112 152
152 15234 152 15212
698 Pullman Co
100
1 018
_ •18
1814 •18
•18
_
1814 1814 •18
10 Reece Button-Hole_ 10
lova 106 10534 10614 10534 106 10534 foo
106
10614 10612
486 Swift & Co
100
2912 2912 *2914 30 *29 30 30 30 108
2953 2958 2952 2952
48 Torrington
25
*26
30 *_274 *_--- 2712 ---Do pref
Last Sale 2712 Mar'14
25
*132 158 ;iis 15,
114 114 •133 --1-5-3 •138 153
114
114
150 Union Copper L & M 25
168 168
166 166
16513 168
188 166
165 166
16453 18512
670 United Fruit
100
54
54
5412 55
35334 54
54
5412 5414 5412 5413 5414
955 Un Shoe Mach Corp_ 25
2814 2812 2814 2832 2833 2812 28
2813 28
28
2812 28
894 Do pref
25
5412 8412 6353 8413 8334 6412 6334 8433 64
6413 8413 65
3,910 U S Steel Corp
100
10972 10972 10934 110
10952 110
110 11014 10934 110
10934 110
410 Do pref
100
55
55
55
5812
954 9533 9513 96
*313 312
3
314
•1834 1912 1834 1834
9912 100
190
1034 10 10
%
110 11012
12173 123
12212 123
5514 5634
96
9612
3
3
•1834 1914
100 10134
11014 11134
12273 12314
.
16 -_-_
78
79
Range since Jan. 1.
On basis of 100-share lots.
Range for Precious
Year 1913.
Lowest,
Highest.
Lowest,
96 Mch 9
9733Jan 15
185 Men 6
8112 Mehl°
155 Jan 2
35 Mch 1)
247 Mch19
7 Mch 2
60 Jan 19
-----37 Jan 5
182 Mcb10
10434 Jan
185 Jan 10
80 Jan 10
12038 Feb 13
83 Jan 3
9078Jan 5
11 Feb 14
81 Feb 24
654 Meh 4
105 Jan 17
152 Jan 10
24 Feb 27
15658Jan 9
8212 Mch19
115 Jan 9
6812Jan 3
8712Jan 8
994Jan 26
10132 Feb 10
195 Jan 5
9112Jan 16
179 Feb 9
55 Jan 12
255 Jan 27
713 Feb 13
60 Jan 19
9112 Oct
953, J'Iy
183 Dee
82 Nov
150 Dec
35 Dec
23813 Dec
7 Sep
5712 J'ne
5 Feb
4714 Jan 2
91 Jan 3
212Jan 27
17 Jan 2
9714 Mchll
109 Mch12
11713Jan 3
14 Mch 4
7234 Mch 4
60 Jan 21
98 Feb 24
5 Feb 19
15 Jan 5
10 Jan 20
248 Jan 3
13912Jan 3
9912Jan 2
8912Jan 2
90 Jan 3
21114 Jan 3
3 Jan 28
3112Jan
6712 Jan 19
24 Mch 3
66 Mch10
133 Jan 3
151 Jan 7
18 Jan 7
10412Jan 3
27 Feb 24
2712Jan 7
19
1,‘Jan
1
18212Jan 3
5334 Fob 2
28 Jan 9
5712Jan 3
105%Jan 5
40 Jan 26
163 Jan 15
10612 Mch 11
200 Jan 24
93 Jan 28
122 Mch17
8734Mch12
93 Feb 7
14 Jan 23
6612 Jan 24
7773 Jan2
112 Feb 8
165 Jan 30
30 Jan 8
16334 Jun 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mc111.2
5914 Mch19
9713 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29.
124 Jan 24
15 Mch 4
83 Jan 26
07 Feb 13
10014 Feb 11
9 Jan 23
1634Jan 16
342 Feb 11
265 Mch 4
15013 Feb 20
102 Jan 23
943 Feb 17
96 Mch 16
21634 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1834 Jan 22
10734 Mch 9
30 Mc.h11
2912Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
0714Jan 31
11238 Jan 26
Thgliest.
10614 Jan
10132 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
1612 Oct
65 Mcb
714 Mch
45 Jan
3612 Dee
162 Sep 168 Feb
10112 J'ne 107 Mcb
200 J'ly 260 Jan
118 Dec
122 Feb
r115 Aug 129 Feb
83 Sep
8212 J'IY
91 Dec 110 Mch
1013 Dee
103s Feb
63 Dec
79 Feb
6534 Dec 130 Jan
10.) DIe 130 Feb
159 Dec 17612 Feb
25 Aug
31 Mch
1:1912 .1'ne 16214 Jan
.0p3 1 ne
a012 Jan
105 Dec 150 Feb
1714 Dec
3112 Feb
35 J'IY 100 Jan
41 Sep
8912 Dec
212 J'ne
16 Nov
(3913 Dee
1084 Dec
11014 Dec
1514 1)ec
74 May
59 May
923, J'ly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
30 Nov
70 Dec
17 Apr
:173 Apr
117 Deo
119 Dee
1112 Apr
101 J'ne
26 Sep
26 Sep
34 J'ne
147 J'ne
4112 J'ne
26% J'ne
50 J'ne
102% J'ne
57 Jan
0914 Jan
4I2 Jan
2384 Jan
11812 Jan
11714 Feb
14012 Jan
21 Apr
83% Set)
75 Jan
100 Jan
1213 AMC
1912 AMC
15 Feb
28812 Jan
18634 Jan
101 Jan
9312Jan
9553 Mcb
220 Sep
312 Feb
4114 Sep
7012 Deo
50 Apr
9113 Jan
160 Jan I
16513 Jan I
18 Sep
108 Mch
2813 Jan
2814 Jan
2 Jan
182 Jan
6534 Feb
2812 Feb
69 Jan
111 Jan
Mining
*1/2 2
112 112 *112 2
*113 134 *112 178
112 112
112Jan 2
2 Jan 22
120 Adventure Con
1 May
6 Jan
25
295 295 *290 ____ *290
*290 300 200 200 *285 205
11 Ahnleek
25 270 Jan 7 295 Feb 25 230 Nov 330 Jan
2112 2133 2113 2134 2134 ii- 22
2312
2333
2273 23
2333 9,625 Alaska Gold
2012Jan 3 237s Jan 22 ,g834 J'ne
2433 Oct
10
• *132 153 *114 112
133 1% *114 113
114 14 *114 112
125 Algornah Mining
25
1 Jan 21
134 Jan 20 .15 May
214 Jan
+4013 41
*4014 41 .4013 41
41
41
4112 4112
41
41
201 Allouez
40
2% Jan
25 3412Jan 8 4334Feb 18
ne 8
2912 J:b
74
7412 74
74
744 75
7512 7514 7612 2,043 Amalgamated Copper 100 71 Jan 9 784 Feb 4
75
7512 75
62
, 19
19
*1834 1014 19
1914 *1834 194 •1834 1913 1812 1834
545 Am Zinc Lead & Sm.. 25 1812Jan 2 2133Jan 30
3273 Feb
1514 Dec
.••' 512 534
54 534
54 512
54 514
54 533
57X4 58 5,980 Arizona Commercial_ 5
10
Jan
4
W4 Mch 4
214 J'ne
513 Sep
)*234 3
3
3
3
314 *3
314
3
34
145 Btete-Balaklava Cop 10
34 313
3 NIchll
413 Feb 2
' 3573 3612 36
3612 3614 3612 36
3834 3613 3613 3614 3634 7,258 Butte& Sup Cop(Ltd) 10 3112Jan 3 6
39
7,
53
41,
18
1.:e
114 j
eb 14
.1:1
4 48
5 Jan
67
6714 6873 6714 67
68
6734 6814 63 6814 63
6812 2,211 Calumet & Arizona_ 10 6212Jan 10
5612 J'ne
7212 Jan
*420 425 418 420 418 420 418 420 420 420 415 419
75 Calumet & Ilecia
25 410 Jan 9 460 Feb 13 388 Dec 555 Jan
+1613 1634 *1612 1634 164 1612 1634 1634 1612 1612 1634 1634
90 Centennial
25 14 Jan 9 19 Feb 4
3
12
0 D
J'e
nee
6138
n
41
4112 *4034 411g 4133 4134 4173 4214 4134 42
4212
42
640 Chino Copper
6 38 Jan 9 4312Feb 4
3014 J'ne
4712Jan
38
3712 38
38
385* 3853 3813 3812 3734 3814 38
3853
458 CopperRange Con Co 100 38 Jan 8 4034 Feb 4
Jan
212 212 *24 25,
*24 234
213
212 . •213
270 Daly-West
3
3 Feb 6
213 212
10234J
'2 Sep
ja
5
ab
n 8
4
Jan
1134 1134 1134 117
1134 1134 *1112 12
685 East Butte Cop Min.. 2
1133 1173 1112 115
13 Jan 26
94 J'ne
18
0
'4
1513 Jan
614 812
8
Vs
613 634
612 Os
613 612
613 613 5,351 Franklin
25
213 Dec
7 Feb 27
212 Jan 8
9 Jan
85
8512 88
88
8912 9034 89
8734 90
897
8812 90
8,257 Granby Consolidated_100 7312Jan 9 91 Feb 4
Sep
38
36
3512 3634 3613 3634 3634 3873 37
3773 38
38
442 G reene-Cananea
8
27
133 j
O.cute
100 2934Jan 3 4233Feb 4
3785'142
g
*19
1913 19
19
*19
20
*194 20
1012 1912 19
19
105 Hancock Consolidated 25 16 Jan 8 22 Feb 4
12 Nov 23 Jan '
•____ 2812
2812
2812
2812 *27
29
320
29
200 Hadley Gold
2773 Jan
10 2812 Feb 18 29 Jan 21
35 Apt
11.45 .50
.43 .43
.40 .40
.40 .40
.40 .40 '
0.35 .50
700 Helvetia Copper
.35Jan 20
14 i,
25
12Ja1i 8
L11?' 1734 ilt
an
n
5
5
*413 5
5
5
473 5
5
190 Indiana Mining
5
412 412
*48
47
*46
47
47
47
MG
47
47
444
47
*46
3 J'ne 59 Jan
14 Island Creek Coal
47
b
2
46 Itch 1g 411511.Vacn
*8713 88
8712 88
*87
8734 *8813 8712 8712 88
Do
87
prof
*
3
2
13
Jan 4
el, VD:
8
4
25
48
412j
1 8
4$
*8712 8814
7
13 J:laYe
1F,11
afi
l
..ia
21
21
21
21
*21
2112 214 2112 2112 2112 21
21
300 Isle Royale Co
Copper....
458 44
453 45,
*433 434
675 Kerr Lake
4i34 Nov
255 Jan
452 42
433 44
453 434
412Jan 5 514Jan 20
5
413 413 *4
414
4
4
4
51
434,
NovAu
18
Feb
Keweenaw
373 4
4%
690
Copper_
2633312
214
Jan 10
1373 873
25
1
834 834 *814 834
814 812 *814 834 *8
110 Lake Copper Co
834 ---Jan
25
;
1 Jan 16
7 Jan 3 10,
4
314
*434 5
434 434
J'ne
106 La Salle Copper
.453
433 434
45, 452 *434 5
514 Jan I
5
413Jan 2
25
5
3
3
*273 34
3
3
333 333 *314 3% *314 312
Nov
313
10I
16
Jan
140 Mason Valley MinesJan
1\.1ch12
4
3
214 214
213 214
2
214
212 213
373 Feb 27
213 24
214 212 2,770 Mass Consol
134 Nov
54 Jan .
25
2 Meh 7
6
6
513 513
533 55,
6
6
8
6
*553 6
512Mch12
600 Mayflower
9 Jan 23
25
*2234 2314 *2213 2314 *2234 2314 2334 2334 23% 2353 24
N
De
20
81.3
oev
45 Miami Copper
2
16
2413
8
2% j
1 Joe
J
Aapnr i
5 2134 Jan 5 241* Feb 16
1
113
1
1
1
1
.99 1
.99 .09
.99 .99 1,380 Michigan
114 Feb 18
25
.90 Mch18
447 447 .4453 4473 *4414 45
45
4414 4414 *44
38 Nov 65 Jan :
45
155 Mohawk
45
25 42 Jan 8 46 Jan 23
*1533 15. .1533 1552 1513 1512 *1553 1573 153* 1534 1553 1533
13 J'ne
153 NevadaConsolidated_
1934 Jan i
8 164 Feb 4
512 558 613 67, 5.025 New Arcadian Copper 255 1434Jan
12 J'ne
53* 534
54 673
513 534
173 Jan 14
2's Jan ;
VA 613
68
8
614
714 Nov
6s
4 612
814 64
61/4 813 3,011 NipIssIng Mines
12
lenh2
912 Mel%
Na
8
854.1
6 Mch19
5
2734 28
2713 28
28
2853 2814 29
2814 2814 2814 2834 2,030 North Butte
2134 J'ne
344Jan 1
•113 2
*1 12 2
*112 2
*112 2
*113 2
112 112
234 Jan
225 North Lake
27
1;42=28
: ,99 Mac
*Ps 134 *133 134 *133 134
134 134
113 112 *03 2
12 J'ne
225 Ojibwa,
/ Minityv
.90Jan 14
314 Jan
25
2 Jan 23
312 334
313 34
312 3%
312 313
JAp
312 313
bre
312 312
917 Old Cdony
56
832 Jan 1
25
34 alch 6 57
et 23
,(4 p
4813 4334 49
34932 495* *49
4934 4934 50
4912 4913 4912
4
13
14
0
43
308 Old Dominion Co
7
25 48 Alch13 54
*78
80
73
78
78
78
78
78
77
78
77
77
Dec 107 Jan '
52 the-cola
25 73 Jan 14 84 Feb 4
1852 184 184 1818 1833 1833 18
1814 1712 18
1772 184
15 Foe 2814 Jan
695 Pond Creek Coal
2
b 25
en
Fa
10 1773Mch19 6
872 J
20
*132
64
*62
64 •62
.63
_
85
81
82
62
83
5214 Dec
134 Quincy
80 Jan
25 80 Jan 3
21
21
21
21
21 -21-1-2 2113 214 2153 21% 2133 21% 1,922 hay Consol Copper.... 10 1734 Jan 10 21% Mch20
1514 J •tic
22 Jan
*37
*37
3713 *364 3714 *37
374 87
37
*37
374
48 Jan
30 Nov
10 St Mary's Min Land_ 25 32 Jan 3 4
2.113442 Feb 25
20
*vs
•153 2
*153 2
14 134
134 134
835 Santa Fe Gold & Cop_ 10
134 134
112Jan 7
XII.
1
)
31
/4 Aug
813 (Ps
64 61
612 613
614 814
814 814
814 614
535 4hannon
'T
Jan
re
Ili, Jan
e1i 216:
28
28
.91 Feb'"eAugi
28
28
28
28
28
28
*2734 28
274 28
545 Shattuck-Ailzona___
+.17 .20 ..13 .20
.18 .20
.20 .20
ii
.18 .18
.16 .16
500 south Utah M & S.._ 5
.16 Mch20
.23 Feb 9
2914 2912 2914 2914 29
29
294 297
29
29
2914 2953
800 Superior
2
1154 JNeobv
25 2578 Jan 3 32 Feb 14
4
,0
43
4
3 Jan
b
•232 253
213 253 •213 212 024 213
212 21
223 238
370 Superior & Boston Cop 10
218Jan 10
4034 41.13 3913 40
3913 393
3934 40
3034 3934 397g 401
025 'Camaracic
3 .6
21
0 JD
enb 28
25 28'2 Jan 9 4
Fa
'e
nc
2%
3 j
e
33
312 Jan
n
3% 4
37
4
4
373 4
4
4
378 37
38
545 Trinity
512Jan 23
3 May
25
373 Mch14
6
Jan
34
N
*34 .82
34
34
.70 .82
.80 .85
.83 .85
065 Tuolu nine Copper...... 1
.43 Mch 7
40
4014 4014 4014 4012 4012 4012 41
41
Fleenhig
41
41
41
a
836 U S Smelt Ref & Min_ 50 383 Jan 14 4
34
113 J
t;n
aey 42
'
3815
3N
3:Jan
43
48
48
48
43
43
48
43
48
48
4814 43
1,067
Do pref
6
Feb
Jan
1512
50
484
9
481s
Ply
Jan ;
50
*2
212
2
2
*2
218
2
2
2
2
14 134 1,510 Utah-Apex Mining
5
134 Jan 27
253 Feb 6
1033 1053 1033 1073 1013 1012 104 101
1034 1034 1034 1078
575 Utah Consolidated-, 5
13
Jan
Feb
714
May
834
1114
Jan
6
547
5413 5412 547
554 5512
54
51
*5414 543
54
54
0
20
47
6U
viteat.e
)eC
inopper Co
10 4913 Jan 10 5
40 J'ne
16
69 Jan
41s
11,4 1 1
1
1
*I
1 X,
1;
(
1,4
,4 114
1 1 ;(4
ig
L3Ich: 17
7: Fe
el?
,31 .90 J'ne
2 Jab,
*414 41
414 414
414 414
4
414 414
.
1j44 1 1.'i
4
810 Winona
34 Sep
413 hid
41
48
46
46
47
47
47
4712 4734
474 47
47
150 Wolverine
76 Jan'
3914 Nov
..71
.90 •.75 .90 •.75 .90 •.75 .90
Lnee Sale .85 Mar'14
Wvandott
21 4434jan A 47
4 .40 J'n•
111.45
b 20
141a
en
13
"
-ill, I ti I asked payee. •Mamma;paid. 0 Ex-stalk dlYislond. 12 EZ-Cliitit3., a Ex-dividoad
and right.% a Llastamped.. •2(.1 palc1. to MAU pa10.
ri
12
ls AI.,
, :.
an Feb
Vs
901
Boston Bond Re-66M
,Ifirt. 21 19144
firm_
is,-t.„.
BONDS
,
POSTON STOCK EXCHANGE1
-.a,
20
Week Ending Marc%
Price
Friday
March 20
Week's
Range or
Last Sale
,n
g %,
sii
BONDS
BOSTON STOCK EXCHANGE
Week Ending March 20
Range
Since
Jan. 1
Price
Friday
March 20
-,
Week's
Ranoe Or
Last Sale
n
g3
Range
B.11,C8
Jan.1
Mph No ', or /74
Ask Low
lita
10038 100
Iligh No. Low ills)
Ask Low
1314
-0 10058 101 10038 Mch'14 ____ 9434 07
_- -- General Motors 1st 5-yr 6s_1915 A
__
•
'1
Apr
9934
_
_
9778 69
A-0
s
963
5s___1028
1st
Sale
971s
Chem
-J
in Agricul
Git Nor C B & Q cob tr 4s__1921 J
i
-897
-847s
66
9438 90
2
881,
961s
881-2 Sale 8814
0634 -___ 9618
1921 O-J
km Telep & Tel soil tr 4s_1929 J -J
Registered 4s
__1033s Mc13'13 _
1936. M-S
Convertible 4s
95 991, flouston Elec 1st s (gels 5s_1925
47
9834
____
8
075
Sale
983
,
4
1033
Ss
,
-0
1917 A
20:-_year cony 4
La Falls .56 Sioux C 151 7s
72
72
____
'14
13
Feb
Pe
72
A
F
1-1
19
J -J
Nan (3 Clin & 8pr 1st 5s_1925 A-0
Am Writ Paper 1st s f Is g_1010 _-104
1)18'S 111
111 Mch'14
101:, M-N -------- 10312Jan '14 ____ 100
Ran 0 Ft Scott & Mem Gs 1928 st-N lit
Am Zinc L & 8 deb Gs
4 0518 Feb '14 ___ 931s 951:
7438 Mch'14 ____ 7438 7514
itch Top & fi t e gen ii c....1095 A-0 9514 053 8538Jan '14 ____ 853s 8531 K C Ft S & Al lty rer 4s gu_1936 A-0
85 85
___
*14
Feb
85
85 86
S
1934
Ran C /%1 & B gen 4s
Adjustment*: 4s____July 1995 Nov ____ ____ 8414 Aug '13.
__ _ _
79
1 76
79
79
79 80
1934 Vi- S
July 1995 M-N
Assented income 5s
Stamped
,
_ 947s 047_
'14
9634 9634
___
9478.1an
14
Jan
904
9612
90
-D
J
1955
Kan 0 & 1%1 Ity & Br 1st 5s_1929 A-0
50-year cony 4s
.____
'13
014
Dec
'08
--------10
J'ne
115
1917 J -D
Mare Hough & Ont 1st Gs_1925 A-0
10-year cony 5s
9 6312 68
4 -661i
6714
05-19612
67' Sale67
9612 Sale 9614
1929 J -J
1 s
Mass Gas 4 A
Atl Oul & W 1 SD Lines 50_1959 J -J
4 93 9514
----60 May'13 ____ _____ __,.„.
9514
Dec 1931 J -J -- -- 9514 9514
Deb3n 4 1-is
Boa & Corb 1st cony at 8s_1023 M-83 ---- 8612 8312Jan '14 ____ 8312 831:
97 Aug*13
84
1917 J -J
1935 M-N
Boston Elev 3 -yr g 4s
_ -.._ -- _. Mich Telephone 1st 5s
s 81 -853i
10014 Itch '0. -84
84 Sale 8312
1916 J -.I
1951 J -J
Boston .56 Lowe'l 40
'es ___ ___ ____ Miss River Power 1st 5s
5 7912 83
80
7912
1941 J-J __ ____ 1041nOot
. New Eng Cotton Yarn 5s_1920 F -A
Bost:m & Maine 4 s
'12
"Feb
9978100
!15
100 Feb '14
-_-_-_-_
ladA-0
1915
1942 F-A
5s
Eng
New
Teleph
101':
10034
Plain .1s
i
10034 low,
25 1031810134
101
191 J -J Pm
103' A -0 10012 101 10012
to
Bur & Mo Ely cons Cs
-- - -----75 80
1
75
75
1041, New River (The) cony 5s1934 .1-J --__---1951 J -D
Butte El & Pow 1st 53
3 687.1 75
. 10414Feb '14_.... 10414 857, N Y N II & II con deb 3 yis_1956 J -J
707s
7078
1 82
Cedar Rap & Me E 1st 7s 1916 M-N _ly 8312 -g1-14 84
84
8 117
1113
Mch'14
8
1113
Q-F
1948
J
1920
_
6s
___
Cony deb
(lent Vermt 1st ir 4s___Sfay
1103 Oct '07 ____ _
10958 109%
moNiJan '14
1922 F -A
- 974 (3reg Sh Line 1st g Gs
0 B & Q Iowa Div 1st 53_1919 A-0 --------9770,Meh'14 ____ 9'77s
105 1'1712
105 Mch'14
-1)
J
_1923
1919 A-0
es
___
1st
Coal
Creek
Pond
____
Iowa Div 1st 4s
Nov '13
88 Jan '14 ____ 83 88
1932 F -A
1922 F-A 9734 --- 9814
14 0_6, Puget Sd Klee Ity 1st 54
Denver Eaten 49
____ 9658Feb '14
103 Jan '11
1927 A-is;
1919 J -J
itepub Valley 1st s f 6s
Nebraska Exton 4s
______ _ 0_5_ _
981Dec'12
2
-J
J
1021M -S
1952
5s
1st
cons
Elec
Savannah
833.
4
1&SWsf4s
833
5
8334
4
100 idcri
1'
e '14
eb
De
2F
7114
10
2
1949 J-J. _ __ 833
1930 F-A 160-1Illinois Div 3;6s
9978 14 9834 10014 Seattle Elec 1st g 5s
92 94
10014 9978
44
1,3
11
ch19
me
413:442 M
9)32:
94 95 111:
1919
4 Shannon-Ariz 1st es g
l
Chic Jet By & Stk Yds 5s_1915 J -J 100
82 83 Mch'14 ___
81
97 Apr 07
1029 J -J
_ . Terre Haute Elec g 5s
Coll trust refunding g 4s_1946 A-0 --------107 J'ne*13
--------J
J
1918
.I-S
6s_1920
5s
g
1st
Oh 5111w & Ht l' Dub 1)
'11 ____ _-__ -___ Torrington
971$ 9713
J -J -_-- -___ 111318Feb '13 ___ _
_ Union Pac RR & Id gr g 4s_1947 J -J
_ _
Ch M & St P IVIs V cliv 6s 1020 311-N
9012 901s
--_- 81 80 Dec
l"114
ch
Alc
0711 l‘
1031
1927 J -J
20-year cony 4s
3 iii 511
Ch & No Mich let go 5s
83
Sale 88
9338 98
8
88
4
-D
953
8
953
J
96
8
1921
953
-J
J
1923
;is
4
Chic & W Mich gen 5s
'14 .._ __ 9312 931: United Fruit gen a 1
93125.1eh
_
_
__
92 9514
9312
1
-1)
J
9412 9511
1925 J -J
Debenture 45-4s
Concord & Mont cons 4s-11120
4 95 05 Mch '13 ____ _--- -4 IJ078 103
1940 A-0
102(110234 99,999993668:538:82 JFIFN,:ceontbbv09....271:111,24:442ii
Copper Range 1st 5s
-- ------10014 Aug '12 __ __ -.__. U S Steel Co 10-60-yr 5s Apr1963
93 99
NI-N
1924
.
5
lstg
-A
F
1915
---West End Street fly 4s
Cudahy Pack (The)
92 J'ly '13
9978 9911
1026 A-0
1914 '31-S
Gold 4 As
Current River 1st 6s43____1046 A-0 71 77 78 Mch'14 ___ 78 78
1.1358 98'$
let
%V
51-N
1916
&
4s
Rap
debenture
Or
---Gold
Det
Mch'14 _
11 0923
97,
9812
100
09
fli-N
5s___1940
t
s
1st
1917 F-A
Dominion (7oal
Gold 4s
4 -dirs
933
Oct 1,
95
M-S
33
1927
1932 J -J -6i Sale
Fitchburg 45
Western Teleph & Tel 5s
A-0 12114 ____ 121 Mch'14 ___ 12012121
Fremt Elk & Mo V 1st (33_1033 A-0 ___
Wisconsin Cent 1st gen 4s _1949 J -J
_
___ ____
Meh'12
122
1933
Ca
1st
Unstamned
Flat prices.
I asked.
price for all Boron bonds. • No price Friday: iateit bid an
NOTE.-13tiyer pays accrued interest In addition to the puruhasa
, Yearly
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly
SHARE PRICPS-NUT PL'R CEN7'Ullf PRICES
Saturday
March 14
Monday
March 16
10612 10612 106
*11212 ---_ .11212
•163s
.16
5712 -57-12 .57
118
4
161
IVednesday
March 18
108 103
114 114
1633 1612
5812
*5'7
__ ____
*1984 ____ *20 ____
__ *5414
*5412
2612 -2-638 2611 1012
106
100
114
114
1614
17
5812, 57
118
118
1913 ____ •1012 ____
_
1051__ .54
21333
1121334 2-7
Tuesday
March 17
100
114
1612
57
11812
..isii; ;58;58- 'W. -5r-i1i4 iii,4 -88r4
4911
4912 50
*494
50
8544 -i373
•4014 4012
7813 78'2
123s 1238
2112
•21
8112 8112
73 73,
19
19
•3213 3212
5533 5538
4234
•42
12634 2678
1O1
19
81% 82
6% 7:(4.
4578 4578
85
85
*4913 493
Ask
Friday
March 20
508
08
545
61
109
105 10534
100 100
113 113 .11014 111
1618 1618
1614 1614
6712 5712
___ ____
____ -___ .11734 ___
.20 ____ .2012 -21
__ .5412
.51
2612 1612 2634 267s
814
.
-5814 ISII -58TO 3
4978 .4912 4934 4034 4978
38371
5438
5412 54
54
-5334 54
40
4012 4012 4014 4012 40
5
7914
784 7834 78 s 7858 *7834 1212
1212 *12
1214 1214 .12
21
21
21
2112 21
*21
8112 8134 813s 8138 8114 813s
7318 7338 7338 7238 7312
73
187s 1878
*1812 1918 .1812 19
33
*3112 3212 *3112 3212 32
5538 5558 5544 5558 5538 5512
42
42
42
42
42
42
2634 2678 2634 2634 2634 2631
1838
1838
19
8
183
1914
19
482 c*,.(4
/
8238 827
82
, 82
817s
6% 6%
7
7
6% 7
4434 4434
45
453s 4568 45
8518 8518 8512 851s 8514
85
PHILADELPHIA
7'hursdas
March 10
ACTIVE STOCXS
Sales
of the
(For Bonds and Inactive
,Veek
Stocks see below)
Shares.
54
54
.3934 40
7834 79
1212
.12
2112
*21
.8114 8134
7238 73
.1812 1878
3134 3134
5538 55%
42
42
2658 2634
1814 1814
.82 82 if6
7
7
4412 4412
8518
85
1,120
5414 5412
4012
40
80
.79
1212
.12
2113 2112
8112
.81
72%73%
*1812 19
3134 32
5558 5618
42
42
2638 2634
1814 1814
82%,8318
7
7
4412 441z
8478 85
PHILADELPHIA
1,028
640
227
80
330
252
1,915
165
238
2,333
5413
3,384
3,028
4,000
1,289
025
1,279
Bid
Ask
PHILADELPHIA
711
Highest
I owes,
Baltimore
Con Gas El L & l'ow_100 103 Feb
100 109 Jan
pref
Do
13t Jan
100
Houston Oil tr ctfs
561$ Jan
pref tr ctfs_100
Do
50 115 Jan
Northern Central
1734 Jan
100
Seaboard Air Line
46 Jan
100
pref
Do
241 Jan
United fly & Electric_ 50
P Is iladel ph la
50
American Cement
50
American Railways
50
Cambria Steel
Electric Co of America 10
Elec.Storage Battery_100
100
Gen Asphalt
100
Do
pref
Keystone Telephone_ 50
Lake Superior Corp 100
50
Leh C & Nay tr ctfs
50
Lehigh Valley
Lehigh Valley Transit 50
50
pref
Do
50
Pennsylvania RR
50
Philadel (30 (Pittsb)
Philadelphia Electli_ 25
50
Pinta R '1' vot tr ctfs
50
Reading
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
Lis
----
Range Since Jan, 1
I,Jtoest
14 103 Jan 26 101 J'ne
3 114 Me1110 101 J'ne
3 1912 Feb 2 1212 Deo
7 00 Jan 19 56)2 J'iv
22 120 Jan 2 10312 Dec
6 22 Feb 5 1412 J'ne
2 5512 Feb 9 4112 J'IY
7 2714 bleb 6 23 Jan
3734 Jan 5
4734 Jan 9
11 Jan 15
461z Jan 5
361 Jan 9
7434 Jan 5
11 Jan 3
21 Jan 8
81 bleb 11
72 Mai 9
1813 Jan 3
3012 Jan 3
5138Jan 3
39 Jan
2578 Jan 5
18 Jan 23
8118 Mch 12
0 Itch
4412 Men 9
8234 Jan 5
Bid
Range for Previous
Year (1913)
Ask
!
120 Jan '
12034 Jan .
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2784 AP/
2 Feb
2 Feb
3912 Feb 14 37 J'ne x4912 Feb
5338Jan
5134Jan 21 41 Joe
1218 Jan
1114 Jan 27 1114 J'ly
5414 Jan
5512 Feb 2 4212 J'ne
4278 Feb
4212 Feb 10 33 J'ne
73 .Mayi
82 Feb 10 703s J'ne
1312 May
934 J'ne
131$ Jan 15
3112 Jan
2314 Jan 31 21 1)ec
931$ Jan
8434 Jan 22 81 Joe
1
1
7818 Jan 24 7038 J'ne 84,4Jan
237s Niels,
2038 Feb 4 1534 Jan
3712%ich
34 Jan 29 2912 Joe
5734 Jan 31 53.,,f, Dec 61% Jan
50 Jan
4634 Feb (3 37 J'ne
2714 Feb 19 12012.Pne 112618 Dco
2813 Jan :
2018 Jan 15 18 Nov
8618 Jan 23 7538 J'ne 85% Doe
77
4 Deo
4 Jig
7I Jan 14
611$ Jan
47 Jan 15 4134 Nov
9112 Feb
88 Jan 28 8034 .1'ne
BA LTIMO-Z E
_ Coal & .14 1st 5s '10A-0
Ph & Read 24 55 1933 A-0
Bonds
Coal & 1 lty 1st 5s'20
Inrictive Stocks
97,2
lIz
Prices are all "and
Col & Orny 1st Gs 1916 J-J
11314
F
O
Amer Gas of NJ
;
Q
A
1
g
47
4s
s
4
1%
)-\
1
i1
1
11141
1
1
n
i
7
interest"
Gonsol Gas Is 1939__J-D
American Ai Wing
9814
8134 .__ P \V & 13 col tr 4s '21__J-J
10 1011 102 Alt & L V Rice 43is'33F-A 861
Gen 43.0 1954
Amer Itys pref
861 Ilead Trac 1st Gs '33__J-J
4
0-A
'07_1
Is
Mee
&
Am
Gas
42
50
(4 E & P 4 s '35
Cons
Cambria Iron
'54J-J
By
Is
&
Leon
Koch
____
A-0
Am ltys 5s 1017_____
Coal to 1950 J-D
Consol
102
Central Coal & Coke 100
Spanish-Am It 6s '27__J-J
Atl C Gas 1st s f 55 '60 J-J
10
9214 Pair & (31 Tr 1st Is'38 A-0
Preferred
Stan'd Gas & El 6s'26 J-D
4
-993
J-J
lstes'21
w
13erg&Ellre
10
ia & Ala 1st :son 53'45 J-J
10218
idi
Consol 'Vrac of N J
lst5s*28
SU
Was
Stand
Bothleh S't1 Gs 1998_Q-F ifo.12
10
(3ar&N 1st s g '29 .'-J
9234
Harwood Electric
Ch Ok & G gen Is 1919 J-J ____ 9814 U Trac Ind gen 55 '19_J-J
7412 Georgia P 1st 8s 1922__J-J
Huntington & 1.3 T
Un Rya tr ctfs 4s '49 _J-J
Gon Trac of N J 1st 5s '33
51
So & Fla 1st 5s '45_J-J
Ga
Preferred
tr
coll
1st
Inv
itys
United
Del Co Itys tr ctfs 4s*49.1-J
1
Insurance Co of N A
'AI-N 7534 78 G-B-S 13row 3-4s '51_M-S
s f 5s 1025
i8dison Elec to 1946__A-0 ____ ---Inter Sin Pow & (3hein 5
4 8014 ilouston Oil div ctfs F-A
5s 1930__J-D 38,
f
Welsbach
84
8314
tr
ctfs_
Tr
&
Peoples
Elec
/ Trae 1st Is '23 A-0
Knox,
*Kentucky Securities_10
%V_ il-13 (3&E con 5s '55_J-J 10214
Fr Tac & II 1st 5s '40_J-J _ _
Keystone Telep, prof_ 5
93'8 Macon::y&Lt 1st 54'53J-J
York Ilys 1st Is 1937_J-D
Gen Asphalt 5s 1916_111-43 93
Keystone Watch Case 10
Aid Elec lty 1st 5s '31 A-0
10214
51-8
Is
1942
1st
Elec
tIarw
13
1
Memphis St 1st to '45_J-.8
Lit Brothers
BALTIMORE
Interstate 48 1114s___F-A 591,3 591
57
5
Monon V Trac 5s '42 J-1)
Little Schuylkill
Inactive Stocks
58
Kentucky Tra&T 58'51P-A
5
Vet Cot Duck let 5s__
MI11011111 & Schuyl II
134
(Conn)_10
L
Coast
Aden
9113
5..;
Tel
13)35__J-J
Si
Keystone
NptN & 0 0' 1st 55'38M-N
Nat Gas Elee Lt & l' 10
100
Co
Canton
72
82
Lake Sup Corp Inc 5s'24 0
10
A Terml Is '29_ M-S
&
N
Preferred
05
100
Consolidation Coal
Lehigh Nay 4s '14_Q-J
92
5
Nor.5sPort Tr 1st 5s'36 J-1).
North Pennsylvania
100
Georgia Sou & Fla
Gen M 43.s g 1924_Q-1'
Hy & L 5s
Norf
8713
Pennsy receipts $30 paid_
100
preferred
1083-8 Lola V 0 1st to g 1933_J-J 10512 1053-4 1st preferred
5
North Cent 4).4s 1025 A-0
; Pennsylvania Salt
100 70
2d
Leh V ext 4s 1st 1948_J-1) 10013101
10
:series A 5s 1926___J-J
1
'Pennsylvania Steel
112
s
g
d
n
i
n
w
lo
e
i
13r
00
U-B-S
11
11
J-I)
67
Consol 6s 1923_
10
J-J
Series B 55 1026
Preferred
301 4014
Consol 4;is 1923___J-1) 101 102
Pitt Un Trac 58 1907__J-J
Phil Co (l'itts) 5% Pr) 5
er alI. "and
Prices are
1-1) 137 133
Annuity es
433 441
Poto Val 1st 5s 11141___J-J
I 6% cumulative pref 5(
_--9014
Gen cons 4s 2003__M-N
,Plilla German & Norris 5
J-J 92 93 Say Fla & %Vest 5s'34 A-0
Balt City 3 As 1930
811 82 Leh V Tran con 45 '35 J-I)
A-0
5
Piffle 'fraction
Seal) Air L 4s 1950
48 1954-1955__Yarious 9814
1st series A 4s 1935_M-8 8712 _ __
8
1
'Railways General
Scab & Roan Is 1926__J-J
1011
51-N
8
,
:
3
5
0
19
_
_10_3_
1st series 13 Is 11135 M-8
5s_A-0
1st
, Tonopah Belmont Dey 1 7
Bound
-tenth
991
Is
A-0
&
6
Potom
An5ascolsgtlia
228 230 MarketStEl 1st 4s'5511-N
U El L&P 1st 41is'20M-N
, United Cos of N J_1
Atl C'st cony deb 48_51-N 9312
NatLII&P ser11 to '19 J-J
.United Trac Pitts pref 5 --Un Ity & El 1st 4s '.'.0 M-S
Ati Coast L(Ct)ctfs Is J-D 100
New Con Gas Is 19.18_J-D
J-D
BY & Power_10 ---_
Income 4s 1940
9312
93
4s
1925
5-20-yr
N Y Ph & No 1st 48'39 J-J
Preferred
Funding Is 1936 J-D
'53 F-A 9512 9812
&(' 1st 4
P
14
11
M-N
1939._
4s
Income
1034
111
iWarwick Iron & Sleet.,19
Cony notes Is 1914 J-J
10414
'29_M-N
1st
5s
Trac
Bait
Penn Steel 1st 55'17_M-N
,Washington-Va Ity.__10
Va Mid 3d ser Gs '16_ M-S
No Bait Div to 1942J-D 1041
80
People's Tr tr ctfs 4s_1943
Preferred
10
1021 M-S
4th set
103
P Co lst&coll tr 5s'4951-8 10014 ____ Cent Ity cons 5s '32_ M-N
10
; NV elsbach Co
5th series to 1926_7.1-S
103
M-S
1932
Is
Imp
&
Est
___
01
()on & colt tr 55'51 M-N
5314
'32..J-J
new
3s
, West Jersey & Sea Sh_ 5
(State)
la
102
J-J
5s'2..
1st
By
Elec gold tr ctfs_A-0 102 10214 Chas City
5
!Westmoreland Coal
Fund debt 2-3s 1991 J-J
9412
'90M
1
Trus1 etts 4s 1949__J-J 8214 8214 Chas Ity G & El 58
;Wilkes Gas & Elee
West 2 r a con Is 1914_J-J
103
J-D
1922
5s
1st
Sub
&
City
104
id P & E gen M to g 'ZO_A-0
:York Railway
1di- Wil & Weld 5s 1035.__J-J
(3ity&Sub (Was) 1st bs '48
A-0
Gen M 4s g 1920
5(
3112 3212
Preferred
paid.
¶221s
paid.
1
paid.
511
$173.4
• Did and asked; 80 Jaled on ta--1 day. sEx-dIvIdend.
I
Highest
Did
Ask
92 94
09
102
10514
_94
4
1--__ 8914
8914
10034 idi"
10312
103 idii
107
10312
27
7912
i1:1111931
95
96
36
37
92
94
8634 871s
9634
100
105
105
idi
19
4411 93
4
02
8684
030733
1000
1:
.---
64
---.
_-_-
____
1:
102
85
82
100
106
I
••••
•
•
•
•
902
THE CHRONICLE
-Volume of riusiness at Stock Exchanges
Telegraph and Telephone
[VOL. warn;
B,d Ask Indust and
Miscell-(C(M) Bid
Ask
e Amer Teieg Sc Cable.. J00 55
59 American
50 170 (80
e Central & South Amer-100 10712 10812 American Surety
TRANSACTIONS AT THE NEW YORK
Thread pref___5 .3
4
Un Tel (N Y)_..25 100 110
STOCK EXCHANGE
Amer Typefounders com.100 41
4212,
DAILY, WEEKLY AND YEARLY.
Empire Sc Bay State Tel_100 60
72
Preferred
08
Franklin
100 40
50
Deb
100
e Gold Sc Stock Teleg_.100 115 125 'Amer g 6s 1939
Stocks.
Writing Paper___ M
Railroad,
14
1-0
00
N
_1
1
9112
e Mackay Cos-See Stk Ex III 113 Bap
Wu* endlno
rn
reefyer&
reS
0mith Car con, 10)) 10
dtc.,
15
State
U. S.
e Northwestern Teleg___50
March 20 1914.
Shares.
Pat Value.
Bonds.
Bonds.
100
Bonds.
76
Pacific Sc Atlantic
25 65
72
Bliss(E W)Co corn
-50
e Pao Teter)& Teleg pref_100 88 91
Saturday
128,945 $11,434,800 $1,407,500
Preferred)
$29,000
125
Southern & Atlantic
25 8C
Monday
95 Bond & Mtge Guar
180,683 14,640,950
2,329,000
292
129,000
Short-Term Notes
Tuesday
253,817 22,130,700
i,8
42 114
2,123,500
325,000
Amal Copper 53 1915__M-3 10014 10012 Borden's Cenci Milk corn.1
Wednesday
Preferred
211,818 18,805,800
121,8
8
2,610,500
107
165,000 $15,000 Amer Locomotive Is 1015 J-J 9978 10012 British
Thursday
Col
143,832 12,390,750
Co___10.0
5
2,774,500
lle
77,500
Is 1916
10,000
J-J 100 10034 Brown ShoeCopper
Friday
321,594 27,321,300
corn
2,520,500
52
111,000
5s 1917
J-J 100 10012
Preferred
1°
0
°
0
9
4
7
2
12
96
Bodo & Ohio 55 1914_ _J-J 10014 10012 6 Butterlek
Total
Co
1,223,289 3108.724.300 813.785,500
27
271#
8836,500 $25,000 liklyn Rap Tr-See N Y Stk Ex list. Casualty
(
0
) 100 115
0
Ches Sc Ohio 4 Sis 1914 J-D 10018 10014 Celluloid Co of America-1°
110000 128 130
Co
Sates at
Week ending March 20.
ChicElev Itys 5s 1914_J -J 9734 98 City
Jan. 1 to March 20.
Investing
28
Co
33
New York Stock
Erie Coil osOct 1 1914_A-0 10018 10012
Preferred
100 90 100
Exchange.
Coll Is April 1 1915_A-0 993s 9934 e Claflinp
1914.
1913.
1914.
1913.
(rfl
efeBrr
)eC
72
do com_100 70
5128 Oct 1917
9912
A-0
993
4
e
1st
85
100 80
Stocks-No.shares__ _
1,223,2891
1,167,091
$20,332,370
$20,427,284 Gen'i Motors 6s'15-See NY StkEx list
e Id
85
100 80
Par value
$106,724,300 $104,626,450 $1,794,174,354 $1,863,429,650 Hocking Valley 4 ‘,e'14 M-14 10038 10058 Cluett,preferred
Peabody Sc Co-See tkEx list
Bank shares, par
$7,700
$100
$202,600
$27,100 Iii Cent 4s 1914____J-J 10018 10(138 Consol Car Heating__ 100 68
70
Bonds.
let Sc Gt Nor Is 1914_F-A 9534 9612 Continent
al Can corn
36
Government bonds
100 34
$25,000
$1,500
$133,500
$300,000 Inter Harvester Is '15_F-A 10038 10038
Preferred
93
State bonds
256,500
15,555,500
4,668,500 K C Ry Sc Lt 6s 1912_M-S / 87 ____ e Crucible Steel com
1634
RR,and misc. bonds
10
°
0
°
13,765,500
,81
6,372,000
z
2
6
9i112
2
Minn
185,002,000
Sc
81
1.
g 6s 1916 F-A 9
126,081,500
98
e Preferred
6 93
100
Mo Han Sc Tex Is 1915_M-N
9514 9614 Davis-Daly Copper Co___10
8158 17#
Total bond.
814,627,000 86,630,000
$200,691,000
$131,050,000 Missouri Pacific Is 1914_J-D 9612 98 duPont(EI)(le Nem Pow 100
132 134
eN YC Lines Eq Is 1913-22 b 4.60 4.40
e Preferred
DAILY TRANSACTIONS AT Tub; BOSTON AND
100 8712 88
PHILADELPHIA
43.s Jan 1914-1925___J-J b 4.60 4.40 Emerson-Branti
EXCIIANGES.
ngham_100 24
30
43is Jan 1914-1927___J-J b 4.60 4.40
Preferred
78
100 74
N Y Cent 412s 1915
M-N 9978 10018 Empire Steel Sc Iron corn 100 -,7,-: - 13
Boston
55 Apr 21 1914 ____A-021 .
1
.
Philadelphia.
0
.
01!.
.
1002!
Preferred
27
100
,-,
Week ending
St L Sc S F Is 1913 opt_J-D
e General Chemical oom-100 170 178
March 20 1914.
Listed Untitled
65 Sept 1 1914 opt
Bond
Listed
M-S
Unlisted
e Preferred
107 108
Bond
100
Shares. Shares.
Seaboard Air L Ity5s'16 M-S "slit; 166"
Sales.
Shares.
Shares.
Sales.
10 .134 17s
South Pae Co 58 J'ne 15 1914 10014 10012 kGoldfield Consol M
Hackensack Water CoSaturday
8,873
Southern Ry Is 1916 F-A
6,174
$16,200
3,854
9914 99)8
2,392
1st
$33,300
8312 86
g
4s
1912__J1952
op
J
Monday.
Is
11,587
5,858
38,000
M-S2 99
4,758
3,410
9914 Hale Sc Kilburn com___100 30
40,700 WestMch 2 1917
36
Tuesday
11,733
Maryland Is 1915-1-.1 95
8,038
84,800
6,001
9812
4,149
49,800 Westingle
1st preferred
SO
90
Wednesday
100
16,466
se
El Sc M Os 1915 10114 10112
7,221
64,200
4,540
2,490
46,500
2d preferred
80
90
Thursday
10,748
Railroads
8,347
87,500
2,906
4,338
Havana Tobacco Co.- 10
25,300 e Chic
2
4
00
Friday
0
Sc Alton corn
14,216
10,519
912 10
44,400
100
4,530
7,719
48,500
Preferred
15
e Preferred
100 1212 15
1st g Is June 1 19222
67
_ 12°
)
1 / 63
Total
e Chic St P
73,623
48,155 3315,100
& Om
128
100
26,589
130
24,498
Hecker
3244,100
-Jones
-Jewell Milling
5
e Preferred
100 135 150
1st 6s 1922
99 101
e Colo Sc South corn
100 20
22 Herring-Hall-Marvin
6
15
M-8
100
e 1st preferred
100 48
4814 Hoboken Land Sc Improve'
t
42d preferred
100 33
40
1st Is Nov 1930
100
e
Dul
8 S & All corn....100
4
6
llocking Val Producta_:
All bond prices are now "and interest" except whe:e marred'
312
i'N
11-0O
f"
e Preferred
8
100
11
1st g 55 1961
43
J-J 38
e N Y Chic Sc St L corn..100 36
38 6 Ingersoll-Rand com
Street Railways-(Cen ) Bid Ask
100 120
e 1st preferred
Street Railways
92
Bid Ask United Lt & Rys corn__100 x78
100
C
Preferred
92
81
100
e 2d preferred
53
88
100
Intercont
lst preferred
in
Rub corn__ _100
100 x7512 7612 Northern
7
8
New York City
Securities Stubs__ 103 105
Internet Banking Co
Id preferred
95 100
100 x73
10
75
Pitts Bess & Lake Erie_„50 .29
Bleeek St & Ful Ey stk 100 20
31
International Niekel
25 United Rya of St L100 11814 119
Preferred
let mtge 4s 1950
.1-J
*5612
80
70
50
6012
Common
salt
100 1078 12
100 10612 108
• Railroad Securities CoB'y & 7th Ave stk
100 178 188
International
s Preferred
100 38
3
100
4
383s
111 C stk tr etre Ser A
2d mtge 513 1914
78
J-J 9934 10012 Wash Ry & El Co
1st g be 1951
100 87
A-0 50
89
52
West Pac 1st 55 1933._M-S 60
Broadway Surface Bil61
Internati
onal
Preferred
Silver pref.100 115 125
100 8634 88
Standar
let Is 1924
d
oil
Per
share
Stocks
J-J 100 10212
1st 6. 1918
4s 1951
J-D
J-13 109 110
823s 83
Anglo-American
Cent Croastown stook 100
.18
1812 Internet Smelt Sc Refg_100 10
10 West Penn Tr&WatPow 100
110
197s Atlantic Refining011 new
• 1st mtge 65 1922_ _M-N 99
100 680 690 Kelly Springfield Tire ..A00 5712 62
Preferred
6412 Borne-Serymser
Christopher ee 10th St st1c100 120 135 Electric, Gas Power 100
300
Co
310
IGO
Preferred
135 143
&
100
Cos
Buckeye
Dry Dock E B & BattPipe Line Co___50 .156 160
Debenture 4s 1951_A-0 / 77
New York City
80
Chesebrough Mfg Cons_100 670 680 e Lackawanna Steel
let gold 5s 1932
J-1:1 9912 1011, Cent Un Gas Is 1927
100 35
39
J-J 10212 104
Colonial 011
Scrip 5s 1914
100 119 118
Lanston Monotype
F-A /30
35 e Kings Co El L & P Co_100 119 121
100 28312 85
Continent
al Oil
Eighth Avenue stook_100 280 310 New Amsterdam Gas
Lawyers' M tge Co
100 270 275
100 195 200
Crescent Pipe Line Co_50 *55
Scrip 6a 1914
60
Lehigh
F-A / 99 10012
Val
150
1st comet 63 1948
Coal
170
Sales___
J-J
50
Cumberland Pipe Line..100 55
fad & Or St ley stock.._ _100 240 280 N Y&ER Gas lat 15(3'44 J-J 10112 103
60
Manhattan Shirt
40 60
10
103 105
Eureka
'52d St M & St N Ave
Preferred
Consol 63 1945
J-J 9912 10112 Galena Pipe Line Co_100 295 305
100 98 103
-Signal 011 com_100 178 181
let Sc ext at5% to'40_M-S 100 105 N Y & Q El L & Pow Co_100 45
Manhatt
an
11#
Transit
20 .1
55
Preferred
Ninth Avenue stock.... 100 155 170
100 138 142
Mortgage
Preferred
100 70
100 97 102
80
Indiana Pipe Line Co__50 .143 146 e National Bond Co
Second Avenue stock-_100
3 N Y & Richmond Gas
Surety
100 25
100 185 190
35
National Transit Co
Consol 55 1948 etfs F-A( 23
25 O43
45 e New York Air Brake_100 58
30 North'n Un 1st Is 1927_M-N 100 102
65
New York Transit Co___100 295 305 e New
(Sixth Avenue stock__..100 113
Standard G L 1st Is'30 M-N 101 105
5
20
York Dock corn._10
Northern Pipe Line Co_100 125 127
Sou Boulev Is 1045
J-J 8912 11)0
Other Cities.
e Preferred
26
100
Ohio 011 Co
'Bo Fer let 5s 1919
•188
25
A-0 90
188
98 Am Gas Sc Else com
N Y Mtge Sc Security...100 160 165
50 .85
87
Pierce
011
Corp
•Tarry WP & M Is '28 M-8 /75 80
.102 108
Preferred
N Y Title Ins Co
50 *4712 4812 Prairie 011 Sc Gas
75
85
100
18 & 29th Sts 55 '96 ctle A-0 / 7
100 580 585
16 Am Lt & Tree corn
N Y Transportation
100 363 367
'20 *412 5
Solar Refining
'.Twenty-third St stock.._100 240 280
100 370 380
Preferred
Niles
100
Southern Pipe Line Co..100 245 248 Ohio -Beni-Pond com___100 -71; 75
Union Ry let 55 1942 F-A 101 105 Amer Power & Lt com_100 107 109
Copper Co
1#
64
6514
10
South Penn 011
; Westchester 1st 55 '43_J-J 90
100 400 405 e Ontario Silver
93
Preferred
100 82
3
83
Sou West Pa Pipe Lines_10
Yonkers St RR 58 1946_A-0 92 100 Bay State Gas
50
.38
is Standard Oil (California)1000 150 155 Otis Elevator corn
E0
77
ei2
350 352
Buffalo City Gas stock_100
Preferred
3
99 )
312 Stand Oil (Indiana
1
Brooklyn
Cities Service Co corn.... 100 9512 97
)
100 538 542 e Pettibone-Mulliken Co
25
8,.
_.
Standard
(Kansas) 100 515 525
Atian Ave RR con 55'31A-0 10112 103
Preferred
6 1st preferred
100 7434 7534 Stand Oil011
100
99
100814
of
Kentuck
B B Sc NV E 58 1933.......A-0 04
y..100 288 293 Pittsburgh Brewing
97 Columbia Gas Sc Elec_100 115s 1154
50 *103s 1084
Stand Oil of Nebraska...100 430 450
'Brooklyn City RR
1st Si 1927
10 169 173
Preferred
J-.)
50 *
263#
72
Stand Oil of N J (old)._100 1500e Pittsburg
,Bklyn Hgta 1st 55 1941-A-0 101 10212 Con Use of N J 53 1936 J4 70
h Steel pref__100 01
99
92
_
Stand
Oil
of
N
J
100 418 71i(i - Pope Mfg Co corn
'Colley lel& Bklyn
100 90 100 Consumers' L H & Pow3 1
Standard Oil subsidiaries
, let cons g 48 1948
.1100
84
58 1938
J-J 82
Preferred
J-D 99
14
Standard 011 of N Y....100 232 233 Pratt
Con g 4s 1965
J-J
83 Consumers Power (Minn)
78
Sc Whitney pref !
1034
1
:
:
1
3
12
7
1
Standard
Oil
of
Ohio_ 100 440 450 Producers Oil
Brk C N 53 1931)
let & ref 55'29 opt'14M-N
J-J 98 100
100 130
91
Swan & Finch
100 220 225 Realty Assoo (Bklyn)
Nassau Eleo let Is 1944 A-0 101 10312 Denver G & El 5s 1949_M-N 90
100 105 112
92
94
Union Tank Line Co___ _100 93
'N Wmeburgh & Flatbush98 RemingtonTypewt'r com100 23
Electric Bond Share pref 100 69812 100
27
Vacuum
011
100 253 256
let 4;is July 1941-F-A 92
1st preferred
95 Elisabeth Gas Lt
084
325
Washington Oil
Steinway Is. 6s 1922.-J-J 99 103 Essex Sc Hudson Gaa
10
*45
50
Id
preferred
100 90 92
100 132 134
Waters
-Pierce
011
100
Royal
---_
3800
13ak
Gam Sc El Bergen Co... 100 89
Powd com_101) 183 188
92
Tobacco Stocks
Preferred
Other Cities.
Gr't West Pow Is 1946.......1
109
(See also Stock Exchange List)
Safety Car Heat Sc Lt
, Buff St Ry let con 53'81F-A 100 103 Hudson County Gas__Ir 0 8414
)0 1°8 1081,
14
130 132
Amer
Cigar
corn
Sears,It
'Co,m'w'Ith Pow Ry & L.100 59
100
148
143
oebuck&C
; x list
60 Indiana Lighting Co.....l00 38
o--SeeN Y Stk 013
42
Preferred
100 97 100
' Preferred
e Preferred-See Chia Stk Ex
4s 1968 opt
81
100 80
t.
F-A
71
72
Amer Machine Lk Fdy...100 78
88 Singer Mfg Co
,0 Conn Ry & Ltg com_100 63 66 Indianapolis Gas
5_ 330
2
..2
00 3_102
0
60 100 _
British-American Tobac_el :
i 4 Preferred
423
3)8 Standard Coupler com_1
3
231
let g 63 1052
1
75
100 66
aa
2
A-0
88
90
New
stock
.Detroit United Ry..
Preferred
100 ____ 74 Jackson Gas Is g 1937 A-0 9712 100
111
Conley Foil
100
!Federal Light & Trac_100 21
Stern Bros prof-- -10°0°
23 e Laclede GasL(St Louls)100 96 100
e
Heinle
(Geo
W)
com._10
219005
0
i Preferred
as
Tex
Pacific
Sc
Coal...100 stk041N2
e Preferred
95 166"
100 71
73
9512
100 95
e Preferred
100 2
148
0°
012
t ellavans Elea Ry L & P 100 80
115 C Texas Pad fie
nd Tr_10
La 102ls
8312 Madison Gas Os 1926_A-0 100 108
Johnson Tin Foll&Metal 100 150 10
,.4 Preferred
80
5 TonopahMin(Nev)-SeePhila
x list
100 94
97 Narragan (Prov) El Co_ 6 .90
93
MacAndrews Sc Forbes 100
Trenton
IP Louisv St 5s 1930
Potteries
corn._100
312
J-1 10234 103. Newark Gas Os Apr '44..Q-J 122 124
Porto-Ri
can-Amer
Tob_100 225 240
Preferred new
100 46
' New On Rye & Lt com_100
Newark Como'Gas
66
100 94
97
Reynolds(R J)Tobacco-100 248
i s Preferred
851122 Trow Directory
034 248
80
665
10
00 ---,..
8
100 60 3
--a14 No Bud L H Sc P 56 1938A-0 95
Tobacco Products cora _100 100 150
United Copper
;IN Y State Rya com
se
100 68
72 Pacific Gas Sc K com--__100 4112 4212
Preferred
.
100
UnitedPreferreDdry
r eNor Ohio Tr & Lt com-100 58
Preferred
62
100
86
e United Cigar Mfrs corn 100
e
'Pub Serv Cyrp of N J-See Stk E x list Pat & Paa Gas & Elee___100 85
Goods---1
100 ..54 90
89
92
e Preferred
100 100 103
e Preferred
1 Tr ctfs 6% perpetual-- 10414 10514 St Joseph Gas 54 1937-J98 100
J 88
93
United Cigar Stores com.100 9312 9372 u S Casualty
' No Jer St let 4s 1948 al-N 78
10
0
00
1195
0 1033
012 200
79 Standard Gas Sc El (Del) 50 .8
812
Preferred
100 113 115
12 S Envelope corn
' Cons Tract of N J ......_100 73
Preferred
741
140
60 *2512 26
•
WeymanBruton
Co....
100
Preferred
15
3 3
2
11
let Is 1933
20
0
10
J-D 103 104 United Electric of NJ105
•
Preferred
100
IJ 13 Express-See Stk Ex 118
New'k Pass Ry 5s '30_J-J 104 ____
00
t
let g 45 1049
.1-D 82
Young (J 13) Co
83
100 140 160 U S Finishing
Rapid Tran St Ry
United Gas & Elea Corp-100 34
100 230
10
13
Industrial8cMiscellaneous
35
Preferred
181 5a 1921
Preferred
1
J0
4
A-0 100
0 9
30 35
_ 100 72
e Adams Express
73
100 98 105
J C Hob & Pat 4s'49 M-N
78
79 Utah Securities Corp_
100 1815 1912
96
Col In g es 1947
J-D
So J Gas El & Trae_100 123 128
notes
6%
Sep 15'22M&S15 843 851s Alliance
J-J 71
75
4
Realty
7612 9
100 I as
78
21' e UC1soS
gba
1911A9912
tngln
d6u1
c9
011ol--I
Gu g 5a 1953
al-13 99 100 Western Power com
W
O 22
1
-100 19
33
2012 Amer Bank Note com
_50 .41
e Preferred
43
, No Bud Co Ry 681928 J-.11 102 104
Preferred
lOOj 82
100 65
so
60
Preferred
50
Steel
S
12
5212
.50
Corporati
Ext 5s 1924
on
Western States Gas Sc ElM-N 98
American
Book
100
180 170
Pat Ry con 68 1931.,_J-D 110 - 1st Sc ref g 55 1941 op_J-D
ColsiSsAprlOSlop101Il 113
American Brass
92
100 140 145
2d Os 1914 opt
CoisfbsAprl9slnotoptl 113
A-0 100 -Ferry Companies
American Chicle coin... 100 210 215
Republic Ry Sc Light--_100 1712 181 N y&ER Ferry stock-100 10
UST1tGU&Indem....1001
75
Preferred
18
100
Virginia
101 103 e
Iron C Sc C
Preferred
100 73
M-N 40
100 -49- 66
let Se 1922
78
•
American
46
Express
100 100 108
084 e Wells Fargo Sc
Tennessee Ry L&P com-100 16
1612 N Y & Hob 54 May'46--J-D 98
100 00
92
Am Graphophone com-100 3114 ____ Westchester Sc Co
Preferred
Bronx Title
100 6912 71
Bob Fy let Sc 1946- IVI-N 100
Preferred
100 6812
, Toledo Treat L Sc P.,
Sc Mtge Guar
100 13
16 NY&NJ 581946
J-J 96
American Hardware_ -100 128 130 e Westingh'se
' Preferred
Air Brake1
100 __-- 60 10th Sc 23d Ste Ferry-J0° 13
111 2 180
0.
-51
20
Amer Malting 135 1914-J-D 9934
' Trent 1' Sc li 5s 1943....-J-D 93
Willye-Ov
erland corn....1001 65
1st mtge Se 1919
J-D 40
48
Amer Press Assoe'n
100
Preferred
1
91
90
Union Ferry stock
100 30
82
Am Steel Fdy 65 1935-A-0 14
05
0 10
Worthington(RR)Congton(HR)Co 9ij001 66
44
5
ea
1st 65 1920
M-PI 97 99
Deb 45 1923
F-A 72
75
'Pet share. a And accrued dividend. b Bags. k Listed on Stock
Exchange
but
usually
inactive.
/ Flat price.
subsidiaries. I Ex-div. s Ex-rIghta. r Iaoludee all new stook dividends
Nominal. a Sale
and eubsoriptione. • Lisle 1 on Steak Exchange but lufreqUenprice. I New stook. U B)•
A•az.wilt be 10u0.4 ea a arimedlas vase. A 144400% stoek dividend
tly dealt 1a reootg ol IAN I
inactive and Unlisted Securities
ss
k,
903-
THE CHRONICLE
Mix. 21 1914.1
ailroad intelligence.
Illnustment and
RAILROAD
•
GROSS
EARNINGS.
returns
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly
the last two
be obtained. The first two columns of figures give the gross earnings for the latest week or month, and
'can
I columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
other
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some
period. The returns of the electric railways are brought together separately on a subsequent page.
ROADS.
July 1 to Latest Date.
Latest Gross Earninas.
Previcys
Current
Prenous
Current
Week or
Year.
Year.
Year.
Year.
Month.
Ala N 0& Tex I'ac2,760,807 2,592,696
N 0 3c Nor East_ February__ 330%667 330,479
143,852 1,291,968 1,263,725
Ala & Vickburg__ February__ 137,902 133,478
1,253.246 1,166,347
142,975
VicksShrov & Pac February__
42,956 1,610,923 1,572,917
42,575
1st wk Mar
Ann Arbor
70,927,249
66,447,695
9,698,890
8,541,419
_
January
Fe
S
&
Topeka
Atch
2.120,577 1,932,113
Atlanta Birm & Atl January ,._ 288,593 262,234 20,659,423
Atlantic Coast Line January __ 3,205,586 3,255,137 1,250,646 20,233.559
1,097,436
Charlest & W Car January __ 179,074 153,819
731,471
815,624
93,598
Lou fiend & St L January __ 110,545
60,853.343
g Baltimore & Ohio.. January __ 7,296,161 8,404,005 59,950,125
1.020,944 1,082,246
B & 0 Ch Ter RR January __ 110,540 131,409 2,097,964
1,809.533
Bangor & Aroostook January __ 315,647 213,091
5,495,180
Bessemer & L Erie_ January __ 341,734 464.316 5,629,323
727,964
695,230
92,455 113,142
Birmingham South_ January __
January __ 3,436,819 3,775.126 28,856,967 29,389,405
Boston & Maine
8,179,825 7,810,856
Buff Roch & Pitts 2d wk Mar 236,448 212,130
201,277 6,425,169 1,439,089
Buffalo & Susq_ _ _ January __ 198,536 354,000
16,910,300 15,830,200
Canadian Northern 2d wk Mar 330,500
Canadian Pacific 2d wk Mar 2,168.000 2,541,000 94,637,378 97,650.798
1,147.210
8,781,966 8,472,583
__
1,184,674
January
Georgia
of
Central
Central of New Jar.. January __ 2,376,089 2,491,608 19,071,660 19,567,519
Cent New England_ January __ 286,428 305,241 2,237,762 2,225,649
Central Vermont January -_ 279,260 315,388 2,435,228 2,503,732
Ches & Ohio Lines_ 2d wk Mar 681,861 728,036 25,461,668 25,219,072
1st wk Mar 244,120 254,1.74 10,252,163 10,835.919
Chicago & Alton._
7,011,262 7.623,161 58,075,346 58,336,846
Chic Burl & Quincy January
January __ 1,309.280 1.364,202 9,760,121 9.768,282
f Chic & East III
p Chic Great West_ 2d wk Mar 302,312 279,277 10,225,228 9,990,469
Chic Ind & Louisv_ 2d wk Mar 135,934 133,728 4,929,630 4,917,587
Chic Milw & St P..! January -- 6,912,067 7,283,152 56,259,772 57,785,910
Chic Mil& Pun3J
,vChic & North West January __ 6,336,132 6,485,191 52,754,198 52,149,506
'vOhic StPant M &0 January __ 1,480,219 1,354,682 11,270,175 10,629,784
Chic Terre II & S E January __ 176.866 166,120 1,321,769 1,200,063
704,513 759,883 6,123,111 6,339,218
ICin Ham & Dayton January
Colorado Midland.. January __ 138.630 137,142 1,139,113 1,252,622
b Colo & Southern 2d wk Mar 228,555 285,859 9,788,936 10,987.274
141,907
110,484
20,143
13,299
Cornwall
January .._
247.350
186,713
39,921
19,422
Cornwall & Leban'n January _
I Cuba Railroad
January __ 478,179 460,323 2,651,754 2,409,274
'Delaware & Hudson January .._ 1,767,755 2,080,181 14,172,496 14,388,241
2,808,914 3,342,867 24,321,317 24,589,166
,Del Lack & West January
'Deny & Rio Grande 2d wk Mar 397,000 393,900 17,049,210 17,844,133
89,800 115,400 4,421,364 4,357,040
1 Western Pacific 2d wk Mar
814,338
814,315
7,415
11,536
!Denver & Salt Lake lst wk Mar
950,901 1,049,925
129,598
113,304
__
January
Iront
&
;Detroit T.ol
831,001
853.161
27,201
26;506
!Detroit & Mackinac 2d wk Mar 114,896
110,221 4,853,801 4,647.008
Dui & Iron Range January -_
2,273,792
65,599
56,263
2.395,518
Mar
wk
1st
Atl
&
Sh
i Duluth So
7.073,259 7,739,183
1Elgin Joliet & East.. January __ 778,128 1,091,445
807.008 767,082 5,173,088 4,987,998
!El Paso & Sou West January _
37,654,701
4,430,432
4,908,732
_
36,974,890
January
'Erie
2,419,685
!Florida East Coast_ January. _ 528,065 520,149 2,569,746
591,527
590,336
74,185
71,803
;Fonda Johns & Glov January -2,048,751
1,830,000
274,315
__
January
289,110
Railroad.._
'Georgia
92,677 4,976,211
93,743
Grand Trunk Pac 4th wk Feb
38,488,248
Grand Trunk Syst_ 2d wk Mar 1,016,088 1,007,923 38,647,326
4th wk Feb 125,059 138,588 4,758,009 4.853.971
8c
ng TraWest_
144 EreaiI
41.969 1,699,789 1,673,800
43,385
Hay M 4th wk Feb
43.570 1,555,563 1,610,795
42,188
' Canada Atlantic_ 4th wk Feb
'Great North System February 3,906,665 4,589,742 53,141,717 53,290,951
'Gulf & Ship Island_ January __ 170.177 197,524 1,244,290 1,204,935
, Hocking Valley_...... January __ 455,130 528,885 4,737,730 4,709,779
Illinois Central.... February_ 4,832.139 5.159,270 44,975,278 43,953,519
1Internat & Gt Nor.. 2d wit Mar 145,000 178,000 7,472,182 8,515,717
Interoceanic Mex.. 2d wit Mar 206,958 177,774 6,811,706 6,185,675
/Kanawha & Mich January _ 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 __ 176,193 138,541 1,141,117 1,050,030
2,721,286 3,396,614 23,957,908 25,939.293
January
:Lehigh Valley
984,246
'Louisiana & Arkan_ January __ 151,107 152,578 1,025,282
1st wk Mar 1,147,485 1,217,035 42,146,791 41,159,347
s Louisv & Nashv
106,434
111,242
12,403
12,475
_
February
Macon & Birm'harn
904,947 816,252 6,950.140 6,729,070
January
! Maine Central
39,128
323,264
303,178
34,988
__
January
Penna..
&
Maryland
i
Feb 181,400 205,000 6,498,000 5,731,200
'a Mexican Railways 4th wk Mar
16,645
273,739
12,013
579,532
1st wk
'Mineral Range_
Minn St St Louis....1 2d wk Feb 206,922 198,825 6,940,877 7,123,614
J
Central__
Iowa
Minn StP&SSM_ 2d wk Mar 586,889 558,327 21,686,724 22,778,767
618,984
613,627
84,263 105,086
Mississippi Central.. January _
547,037 556.753 23,478,201 23,891,741
x Mo Nan & Texas.. 2d wk Mar
44,799,862
u Missouri Pacific 2d wk Mar 1,071,000 1,075,000 43,278,126
7,625,294 7,769,687
Nashv Chatt & St L January __ 1.101,252 1,139,165 25,131,361
44,182,639
a Nat Rys of Mex t_ 2d wk Mar 818,303 995,364
289,142
252,519
4,701
5,599
Nevada-Cal-Oregon 1st wk Mar
989,191
154,697 158,106 1,134.769
New On Great Nor_ January
58,166,778
59,169,221
January
7,719,510
Ely_
7,119,051
Hud
sN Y C &
1,240,173 1,327,413 10,232,070 10,105,859
Boston & Albany January
3,974,396 4,879,092 32,881,961 34,116,789
Lake Shore & M 8 January
433,505 478,779 3,492,192 3,664,848
n Lake Erie & W_ January
Chic Ind & South January _ 355,593 397,109 2,620,616 2,607,136
Michigan Central January _ 2,544,142 2,901,385 20,850,890 20.575,745
2,709,338 3.019,105 22,328,111 22,961,947
()ley 0 C & St Ll January
Peoria& Eastern!
898,748
96,857
928,215
Cincinnati North. January _ 106,540
1,119,014 1,602,254 10,768,105 11,693,936
Pitts & Lake Erie January
968.046 1.117,675 7.185,869 7,616,640
N Y Chic & St L. January
To!& Ohio Cent_ January _ 378,780 423,708 3,656,249 3.367,671
Tot all lines above January _ 20948878 23962887 174113497 175776097
I
July 1 to Latat Date
Latest Gross Earnings.
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Current
Year.
Previous
Year.
s
s
s
NO Mobile & Chic_ January __ 188,310 198,594 1,340,706 1,479,370
NYNH& Hartf__ January __ 4,872.780 5,423,442 40,046,087 42.087.817
NY Ont & West.... January .._ 635,304 714,093 5,524,046 5,755.059
N Y Susq & West__ January .._ 346,944 324,343 2,331,17 •2.184,185
Norfolk Southern__ January __, 2,467,142 2,371,531
Norfolk & Western_ January __ 3,404:6023,823,572 26,818.367 25,962,508
Northern Pacific__ January __ 4,452,915 5,234.317 43,493.789 44,956,055
Northwestern Pac_ January __ 199,545 216,329 2,295,651 2.266.749
Pacific Coast Co.. January __ 496,622 542,639 4,563,579 4,790,012
Pennsylvania RR__ January __ 13589688 14691689 109737091 107269171
204.179
234,278
14,345
17.098
Balt Chas & Atl_ January __
Cumberland Vali: January __ 271,489 280,201 2,081,432 2.037.257
January __ 782.777 727,522 7,614,220 6.996,111
Long Island
101.501
105,32
8.866
8,986
Maryl'd Del & Va January __
N Y Phila & Nor! January __ 268,771 273,731 2,288,53 2.143.776
Northern Central January __ 991,864 1,048,457 8,054,756 7.882,571
Phila Balt &Wash January __ 1,567,643 1,635,441 12.405,70 12.412.885
W Jersey & Seash January __ 338.095 359.702 4.097.165 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 3,416,331 3,370,394
Pitts C C & St L_ January __ 3,282,978 3,834,372 26,355.166 27,180.073
January __ 903,095 950.103 7,027.623 6.879.103
Vandalla
Total Lines-East Pitts & E. January __ 18655210 20093492 155087788 153001592
West Pitts & E January _ 8,934,242 10452127 77,121.237 79.312,066
All East & West_ January __ 27589,452 30545619 232209027 232313661
Pere Marquette_ _ _ January __ 1,261,603 1,415,192 10,087,630 10.665,041
Reading Co-Phila & Reading_ January __ 3,866.175 4,475,012 29.418,764 30,880,424
26.776,879
Coal & Iron Co.._ January __ 2,836,047 3,680,573 18,937.069 57.657,302
Total both cos_ _ _ January __ 6,702,222 8,155.585 48,355.834
Rich Fred & Potom January __ 244,008 258,465 1,616,039 1.609,038
665,902
601,697
93,867
74,028
Rio Grande June__ _ December.
455,559
469 I
12,831
8.798
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
991,918
979,379
St Jos & Grand 1st_ January -_ 124,544 117.180
St L Iron Mt & Sou January _ 2,916,690 2,928,999 20,280,243 20,609,643
St L Rocky Mt & P January __ 221,486 218,600 1.478.942 1.288,142
St Louis & San Fran December- 3,789,278 4,112,234 24,205.220 24,193,528
2d wk Mar 256,000 254,000 9,576.913 9.762,429
St Louis Southw
Ran Ped L A & S L. January __ 832,680 839,844 6.168,076 6,020,594
Seaboard Air Line 1st wk Mar 570,073 595,424 17,164.406 16.576,602
Southern Pacific.... January __ 10399322 10769697 83,819.493 86,417,801
Southern Railway 2d wk Mar 1,314,473 1.358,449 49.812.603 48.891.919
Mobile & Ohio.... 1st wk Mar 226,921 238,731 8,869,849 8.406,723
Cin N 0& Tex P_ 1st wk Mar 201,694 204,417 7.468.522 7.265,466
92,536 8,785,92 3.582,485
90,516
Ala Great South_ 1st wk Mar
55,358 1,815,51 1.772,164
46,674
Georgia Sou & Fla 1st wk Mar
Spok Portl & Seattle January __ 310.443 496,613 3,054.504 3.297.418
92.691
62,79.
2,779
1,231
Mar
wk
1st
Georgia
&
Ala
Tenn
984,O48
Tennessee Central. January __ 131,379 128,970 1.019,87
Texas & Pacific..... 2d wk Mar 336.464 329,131 13,760,55 13.365,873
61,890
50,11
9,849
9,140
Tidewater & West_ January __
' 976,609
919.4.
19,229
19,001
Toledo Peon & West 1st wk Mar
98,446 3.292,59. 3.054.96a
87,690
Toledo St L & West 2d wk Mar
Union Pacific Syst_ January __ 6,410,438 6.738,238 58,385,225 58.318,507
Virginia dc So West_ January __ 179,161 153,729 1,171,046 1.044,266,
January __ 583,594 631,496 4,147,719 3.490.6261
Virginian
February _ 2,061.963 2,295,950 20,659.43 21.634.861
Wabash
Western Maryland.. January __ 663,354 642,042 4,973,898 4.432,548
Wheel & Lake Erie_ February _ 501.673 538,281 5,511,19 5.481,344
185,866
221,757
24,542
28,401
Wrightsv & Tennille January _
Yazoo & Miss Vail_ February .. 970,675 848,936 8,923,117 7.484,190
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
Jan 1
N Y Central & Hudson River_e_ Jan
1
Boston & Albany.
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Jan 1
Cleve Cln Chic & St Louis
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap 8,c Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Jan 1
Northern Central
Phila Bait & Washington.- Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana.... Jan 1
Jan 1
Pitts Cin Chic & St Louis
Jan 1
Vandalia
Total lines-East Pitts & Erie Jan 1
-West Pitts & Erie Jan 1
-Ail lines E & W... Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
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
Year.
S
$
31 1,767,755 2.080,180
31 7.119,051 7.719.510
31 1.240,17 1.327,413
4,879,092
31 3,974,3
478.779
433.80
31
397,109
31
355,59 •
31 2,544,14 2.901,385
31 2,709,33 3,019,105.
96,857
106,541
31
31 1,119,014 1,602,254
31
968,046 1.117,675
423.708
378,78
31
31 20,948,878 23.962,887
3113.589,688 14,691,689
14.345
17,098
31
280,201
271.481
31
727,522
782,77
31
8.866
8,986
31
273.731
268.771
31
991,86 1.048.457
31
31 1.567.643 1,635,441
359.702
31
338,09r
31 4,140.672 5.042,347
430.842
31
415.620
31 3,282.97: 3,834.372
950.103
903.095
31
31 18,6,55.210 20.093,492
31 8,934,242 10,452,127
31 27,589.452 30.545,619
74.028
31
261.400, 269:259
31
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
*Weekly Summaries.
Current
• Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Curren:
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
8
Mileage. Cur. Yr. Prey. Yr.
$
$
$
239,445 236,619 263,496.033 232.879,970 +30,8113,063 13.14
May
lit week Jan (37 roads)____ 17,912,504 19,434,434 -1,520,930 7.88
230,074 227,242 259,703.994 242,830.546 +18,873,448 6.95
June
-549,380 4.51
2d week Jan (37 roads).- 11,572,457 12,121,817
206,084 203,773 235,849.764 223.813.526 +12.038,238 5.33
July
-545,343 4.24
8d week Jan i37 roadl____ 12,315,781 12,861,124
219.492 216.709 259.835,029 255.493.023 +4.342.006 1.60
August
4th week Jan 37 roads ---- 17,913,504 19,434,434 -1,520.930 7.88
September 242,097 239,050 285.050.042 275.244.811 +9.805.231 3.67
-920,905 7.16
lit week Feb 39 roads _._ 11,942.759 12,863,664
243,690 240,886 299,195,006 300,476,017 -1.281.011 0.1
October
8.58
2d week Feb (39 roads)____ 11.700,915 12,798,605 -1,097,690 10.85
November 243.745 241,452 269,220,882 278.364,475 -9.143.593 3.3
8d week Feb 136 roads._.... 11,896.262 13.344.130 -1,447.877
December -243,322 241,180 254,218.891 266.224,678 -12.005.787 4.5
4th week Feb 40 roads)_._ 12.677.952 14.487.059 -1,809,107 12.49
243.732 241.469 233.073,834 249.958.641 -H1,884.807 6.76
January
let week Mar 39 roads ___ 12.041,222 13,077.596 -1,036,374 7.92
February..... 92.300 90.921 60.934.916 67.400.056 -6.465.140 9.61
od week Mar 24 roads _ __ 10.164.479 10.686.385 -520.906 4.87
District Ry.from Nov. 1 1911. e Includes the New York &
Creek
& Cripple
a Mexican currency. b Does not include earnings of Colorado Spring's
to the
Ry., the latter of which, being a Canadian road, does not make returns
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York
Indiana RR. g Includes the Cleveland Lorain & Wheeling
&
Evansville
and
Haute
Terre
&
Evansville
a In
Inter-State Commerce Commission. jIncludes
Pacific.
&
Minnesota
Wisconsin
and
Dodge
Fort
&
City
earnings of Mason
By. in both years. n Includes the Northern Ohio RR. p Includes
Central in both years and
t Includes the Mexican International. u Includes the Texas
eludes Louisville & Atlantic and the Frankfort & Cincinnati. not
MounIron
Louis
St.
Includes
x
receipts.
other
all
also
but
revenues,
operating
only
the Wichita, Falls Lines in 1912. beginning Nov. 1. v Includes in any of.eurieMtle.
& Southern. !.We ne longer inclitde.t139 gaican.roads
4
90
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of March. The table covers 24 roads and shows 4.87% decrease in the aggregate under the same week last year.
Second week of March.
1914.
1913.
Increase. Decrease.
$
$
Buffalo Rochester & Pittsburgh
236,448
212,130
Canadian Northern
330.500
354,000
Canadian Pacific
2,168,000 2.541,000
Chesapeake & Ohio
681,861 • 728,036
Chicago Great Western
302,312
279,2771
Chicago Ind & Louisville
135,934
133,728
Colorado & Southern
228,555
285.859,
Denver & Rio Grande
397,000
393,900
Western Pacific
89,800
115,400
Detroit & Mackinac
26,506
27,201,
Grand Trunk of Canada
1
Grand Trunk Western
1.016,088 1007,923,
Detroit Gr Hav & Milwau_
Canada Atlantic
International & Great Northern
145,000
178,000
Minneapolis & St Louis
206,922
198,825
Iowa Central
1
Minneapolis St Paul & S S
586,889
558,327
Missouri Kansas & Texas
547.037
556.753
Missouri Pacific
1,071,000 1,075,000
St Louis Southwestern
256,000
254,000
Southern Railway
1,314,473 1,358,449
Texas & Pacific
336,464
329,131
Toledo St Louis & Western_ _
87,690
98,446
Total (24 roads)
10,164,479 10,685,385
Net decrease (4.877
°)
Mexican roads (not incl. in total )
Interoceanic of Mexico
-206,958
177,7741
National Railways of Mexico
818,303
995,364
$
24,318
23,500
373,000
46,175
23,035
2,206
57,304
3,100
25,600
695
8,165
33,000
8,097
28,562
9,716
4,000
2,000
43,976
7.333
10,756
106,816
627,722
520,906
29,184
177,061
For the first week of March our final statement covers 39
roads and shows 7.92% decrease in the aggregate under the
_same week last year.
[VOL. xcvm.
EXPRESS COMPANIES.
November-1913.
1912.
Canadian Express Co.
Gross receipts from operation 261,547
296.107
Express privileges-Dr
123,873
128,139
Total operating revenues... 137,673
167,967
Total operating expenses__ __
143,257
135,479
Net operating revenue.._ _ _ -5,584
32,488
One-twelfth of annual taxes_
2.850
2.750
Operating income
-8,434
29,738
-November-1913.
1912.
Western Express go.
$
$
Gross receipts from operation 107.853
119,070
Express privileges-Dr
61,107
63,689
Total operating revenues..
46,746
55,381
Total operating expense
50.417
48,382
Net operating revenue_ _ _ _ -3.671
6.999
One-twelfth of annual taxes..
789
762
Operating income
-4.460
6.236
-Month ofDecember1913.
1912.
Northern Express Co.Gross receipts from operation 253,284
301,862
Express privileges-Dr
136,385
162,014
Total operating revenues.. _
116,898
139,848
Total operating expenses.._ _ _
93,385
99,305
Net operating revenue_ _ _ _
23,512
40,542
One-twelfth of annual taxes_
4,500
4,500
Operating income
19,012
36,042
-July 1 to Nov. 311913.
1912.
4.44
1,541,584 1.500,900
705,498
696,808
838,086
733,992
804,091
668,729
104,093
14,150
135,361
13,750
89,943
121.611
-July 1 to Nov. 311913.
1912.
$
$
565,979
613,618
308,867
320,247
257,111
293,371
257,263
235.236
-151
58,134
3,922
4,050
-4,074
54,083
-July 1 to Dec. 311913.
1912.
1,737,692
925,436
812,255
573,687
238,568
27,000
211,568
1,828,528
981,148
847,379
580,216
267,163
27,000
240,163
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co__ February _ 382,145
368,187
811,995
773,278
Atlantic Shore Ry_ _ _ January __
21,997 22,292
21,997
22,292
cAur Elgin & Chic Ry January __ 145,484 140,578
145,484
140,578
$
Bangor ity & Electric January __
$
$
$
63.68. 58.793
Previously reported (28 roads)_ 9,452,798
63,687
58,793
10,361,470
84,420 993,092 Baton Rouge Elec Co January __
15,020 13,427
Alabama Great Southern
15,020
13,427
90,516
92,536
2,020 Belt LRyCorp(NYC) January _
64,786
Ann Arbor
70.582
64,786
70,582
42.575
42,956
Berkshire
Street
Ry_
January
381
__
75,568 72,504
Chicago & Alton
75,568
72,504
244,120
254,174
10,054 Brazilian Trac L & P.. January -- 2017.530 1912,955 2,017,530 1,912,955
Cincin New On & Texas Pacific
201,694
204,417
2,723 Brock & Plym St Ry_ January __
7.333
7.873
Denver & Salt Lake
7.333
7,873
11,536
7,415
Bklyn Rap Tran Syst November 1993,648 1976.552 22,809,495
4,121
Georgia Southern & Florida_ _ _ _
22,347,760
46.674
55,358
8.684 Cape Breton Elec Co January __
29,798
31,835
Louisville & Nashville
29.798
31,835
1,147,485 1,217,635
Chattanoog
a
Ry
&
Lt
January
70,150
99,233 95.633
Mobile & Ohio
99,233
95,633
226,921
238.731
11,810 Cleve Painesv & East January __
28,814 28,095
Nevada-California-Oregn
28,814
28,095
5,599
Cleve Southw & Col_ January __ 94.052 91.543
4.701
898
Seaboard Air Line
94,052
91,543
570,073
595,424
Columbus
(Ga)
El
Co
January
25.351
__
55,985 50,523
Tennessee Alabama & Georgia_
55,985
50,523
1,231
2,779
1,548 Com't h Pow,RN & Lt January _ _ a28I.072 153.306 a281.07
163,306
Coney IsI'd & Bklyn_ November 110.488 109.772 1,552.745
Total (39 roads)
1,478,510
12,041,222
13,077,596
Connecticut
89,439
1,125,813
Co
January
_
_
591,824 591,459
Net decrease (7.92%)
591.824
591,459
1,036,374 Consum Pow (Mich).. January __ 318,067 298,549
318,06
298,549
Cumb Co(Me)P & L January__ 184,509 172.587
184.509
172,587
Dallas Electric Co
January __ 201.071 170.815
201,071
170,815
Detroit United Lines 1st wk Mat 197,095 209.771 1,931,649 2,040,128
Net Earnings Monthly to Latest Dates.-In our "Rail- DDEB&
Bat(rec)_ January __
46.839 48.477
46,83',
48.477
way Earnings" Section or Supplement, which accompanies Duluth-Superior Trac January __ 102.881 93,356 102,881
93.356
East St Louis & Sub.. December 238,628 228,509 2,664,219 2,452,451
to-day's issue of the "Chronicle", we give the January figures
El
Paso
Electric
Cos_
January
92.713
__
80,922
92.713
of Federal Light & Trac December
80,922
2.329.164 2.189,953
earnings of all steam railroads which make it a practice to issue 42d
St M & St N Ave January -_ 166.457 153,831
166,457
153,831
Galv-Houst
El
Co..
on
January
197.276
__
169,615
197,27;
monthly returns or are required to do so by the Inter-State Grand Rapids Ry Co January __ 102,585
169,615
104,563
102,58
104,563
Commerce Commission. The reader is referred to that Supple- Harrisburg Railways. February _ 72,400 69,188
Havana El Ry,L & P
Railway Dept _ _ _ _ Wk Mar 15 63,232 53,670
ment for full details regarding the January results for all the
577.792
586,93
Honolulu Rapid Tran
separate companies.
& I.and Co
November
50.425 48.420
562,97
512,387
Houghton Co Tr Co.. January __
22.137 24.379
22,137
24,379
In the following we give all statements that have come in• Hudson
& Manhattan January __ b487,055 v474,900 b487,05
b474,900
Illinois Traction
January __ 717,079 667,833
the present week covering a later or a different period from Interboro
717,079
667,833
Ran Tran_ February.. 2768,498 2600,261 5,702.36*
, 5,503,605
Trac Co January __
62.545 49.823
that to which the issue of the "Railway Earnings" Section Jacksonville
62.54
49.823
Lake Shore Elec Ry-January __ 105,488 100,991
105.48"
100,991
is devoted. We also add the returns of the industrial com- Lehigh Valley Transit January __ 127,591 125.209 127,591 125,209
Lewis Aug & Watery_ January __
45,299 44,952
45,29!
44.952
Long Island Electric_ November
panies received this week.
16.645 15.462
228.40
205,489
Louisville Railway January - 258.613 260.390
-Gross Earnings--Net Earnings
258.61.
260.390
- Milw El Ry & Lt Co_ January __ 528.655 521,210
528,65Current
521,210
Previous
Current
Previous
Milw Lt, 11.& Tr Co January __ 119,340 96,449
Roads.
119.34
96,449
Year.
Year.
Year.
Monongahela Val Tr_ January .._
Year.
78.505 6c1•635
78.50
68.635
Nashville Ry & Light December
197,893
189,038 2,207.245 2,074,990
Brazil Railway,
Dec £269,533 £254,662 £100,400 £108,382 N Y City interboro January __
53,178 46.915
53,178
46,915
Jan 1 to Dec 31
.C2,861,133 £2,611,538 £1,051,000 £1,114,759 N Y & Long Island.... November
31,718 29.657
381,427
363,180
Wheeling & Lake Erie_ b_Feb 501,673
N Y & North Shore December
12.755 11.771
164.283
538.281
154,228
140,973
111,431
Queens Co
July 1 to Feb 28
November 106.223 104.506 1,276,604 1.226.711
5,511,197 5,481,344 1,725,396 1,803,438 N Y &
New York Railways.. January __ 1165,858 1160,813 1.165,858 1,160,813
INDUSTRIAL COMPANIES.
N Y Westches & Bos_ January __
29,308 22,869
29,30,
22,869
Y & Stamford Ry_ January __
-Gross Earnings--Net Earnings
22,588 23,422
22,588
23,422
- N
i%;oil ham Easton A: W December
Current
15.210 14.520
183,366
Previous
185.87.
Current
Previous
Companies.
Nor
Ohio
Trac
& Lt.. January __ 270,960 237,465
Year.
270,96
Year.
237,465
Year.
Year.
North Texas Elec Co January __ 173.093 157,047
173,093
157,047
Northw Pennsylv Ry January __
25.166 25.730
Cities Service Co
25,161,
Feb 391,259
25.730
150,509
382,228
144.953 Ocean Electric (L 1).. November
5.644
4.846
Jan 1 to Feb 28
148.55
136.594
806,018
320,498
793,401
309,223 Paducah Tr & Lt Co_ January __
25,670 26,666
25,67
26,666
Cleve Elect Ill
a_ __Feb 412,904
Pensacola
Electric
354,837
Co
January
23,701
26,317
__
211.046
23,701
181,574
26,317
Jan 1 to Feb
Co_28
822,373
716,813
420,956
367,785 Philo, Rap Trans Co_ February _ 1779,009 1775,158 3.785,53 3,777,225
Dayton Power & Light_ _Feb
Port(Oro)ItyL& PCo January __ 582,610 553,598
582,610
84,055
70,517
553,598
37,688
35,540 Portland (Me) RR_
76,693
December_
79,867
Detroit Edison- a
1,036.316
981.052
Feb
553,335
467,417
245,720
216,933 Puget Sound Tr,I.&P January _ - 754,035 701,640
754,035
Jan 1 to Feb 28
701,640
1,156,661
967.990
527.189
455.664 Republic Ry & Light February: 234$71 228,413
492,949
472,753
Northern States Power
Rhode Island Co_
January __ 404,062 403,074
404,06'
403.074
(Subsidiary Cos)_ a_ __Feb 386,699
oseph(Mo)Ry.I.t.
367,877
209.089
189,846 80
Heat & Power Co_ December_ 117.830 110.874 1,252,004 1.179,831
Pacific Light & Pow_ a_ _ Dec 238,530
238,884
113,746
106,797 Santiago El Lt & Tr.. February _
Jan 1 to Dec 31
36,184 37,051
73,68
2,852,060 2,546,891 1.273,988 1,099,648
76,411
Savannah Electric Co January __
72,461 67.792
72,461
67,792
Second Avenue (rec)_ November
a Net earnings here given are after deducting taxes.
79.862 81.776
963.292
906.287
Southern Boulevard_ January __
a Net earnings here given are before deducting taxes.
17.228 14,081
17.228
14,081
Tampa Electric Co January __
80,158 68,157
80.158
68,157
Third Avenue
January __ 344.706 326,444
344,706
Interest Charges and Surplus.
326.444
Toronto Street Ry
February__ 461,274 434,380
963,117
906,841
Twin City Rap Trail_ 1st wk Mar 168,788 156,070 1,587,358
INDUSTRIAL COMPANIES.
1,475,411
Underground Klee Ry of London -Int., Rentals, &c.- -Bat. of Net Earns.
London Elec Ry Wk Mar 7 £14,650 £14,160 £146,485 £146,490
Current
Previous
Current
Previous
Metopolitan Dist_ Wk Mar 7 £13,054 £12,892 £132,107 £131,937
Companies.
Year.
Year.
Year.
Year.
London Can Bus.. _ Wk Mar 7 £56,733 .C56,106 £544,377 £539,541
Union Ry Co of NYC January -- 209,083 201.749
209,083
Cities Service Co
201.741
Feb
29,167
353,061
144.953 United RysofSt LOWS January __ 1040.289 997.195 1,040,289
997,191
Jan 1 to Feb 28
58,333
9,994
735,067
299,220 Virginia Ry & Power January __ 441,823 410,302
410,302
441,823
Wash
Cleveland Elect Ill
Balto
February _
53,076 48.683
Feb a37,243
a37,013
173,803
100,561
110,766
144,560 Westchester & Annap January
Jan 1 to Feb 28
42,573 40,805
__
a72,847
a73,367
348,109
40.801
42,573 .
294,417 Westchester Electric..
St RR . _ January __
17,513 17.454
Dayton Power & Light. Feb
17,454
17,513
25.160
12,528
22,659
12,881 Western Rys & Light January __ 229,741 211,301
211,301
229,741
Detroit Edison
Feb
Wisconsin Gas & Elec January.... 74,361 63.158
69,999
175,721
64,008
152,925
63.151
74,361
Jan 1 to Feb 28
Yonkers
135,029
Rallroad..._
127,491
January
392,160
328,173
-- 55,566 28,486
55,566
28.481
York Railway
Pacific Light & Power.. Doc
January
68,328 59.282
73,232
59,282
68.328
38,465
40,514
68,331 Youngstown & Ohio.. January____
Jan 1 to Dec 31
I 20,266 18,142
18,142
512,786
20,266
480,512
761,202
619,137 Youngstown & South December
_I 14.037 12.912
.
a Includes preferred stock dividend and amortization of bond discount.
a Includes earnings on the additional stock acquired May 11913. b Repre2 After allowing for other income received.
sents income from all sources. c These figures are for consolidated co.
First Week of March.
1914.
1913.
Increase. Decrease.
Mn.21 1914.1
905
THE CHRONICLE
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
3
3
S
S
164,635
177,354
298,549
Consumers'Pow(Mich)* Jan 318,067
44,632
37,442
104,563
Grand Rapids Ry a_ ___Jan 102,585
9,065
8,656
Feb
72,400
Harrisburg Rye
69,188
Interborough R T a_ __..Feb 2,768,498 2,600,261 1,554,621 1,383,375
July 1 to Feb 28
21,701,821 21,240,774 11,789,765 11,097,020
55,182
58,158
125,209
Lehigh Valley Transit b Jan 127,591
334,459
320,830
Jan 1,165,858 1,160,813
Now York Rys_a
8,341,012 8,228,159 2,489,076 2,445.420
July 1 to Jan 31
:11 682,118 670,617
0
aig_ _ _Feb1j,:ogig 11:
,
er
ia1RtaopFT
Philagiliy
34 6,590,092 6,283,903
283,389
305,324
553,598
Portland(Ore)RyL&P a Jan 582,610
263,726
319,400
701,640
Puget Sd Tr Lt & Pow a Jan 754,035
Republic Railway & Light90,087
95,486
228,413
Feb 234,971
(Sub Cos)-a
185,861
201,186
472,753
492,949
Jan 1 to Feb 28
Cos)
United Lt ScRys(Sub
6,099,722 5,377,342 2,387,972 2,221,614
Feb 1 to Jan 31
197,249
229,016
410.302
Virginia Ry & Power bJan 441,823
15,872
17,361
48,683
53,076
Wash 13alto & Annap b_Feb
34,926
39,174
100,565
110,766
Jan 1 to Feb 28
88.811
100,725
210,730
Western Rye & Light_ __Dec 232,447
845,431
956,148
2,541,684 2,267,260
Jan 1 to Dec 31
72,171
88,468
211,301
229,741
January
taxes.
a Net earnings hero given are after deducting
taxes.
deducting
before
are
given
b Net earnings hero
Roads.
Net earnings
Taxes
INCOME ACCOUNT.
1911.
1912.
1913.
$1,181,871 $1,491,390 $1,411,775
350,788
296,625
318,965
$862,906 $1,194,765 $1,060,987
$176,203
$154,777
$104,360
100,644
99,429
92,802
Gross income
$1,060,068 $1,448,971 $1,337,234
$50,845
$43,521
Hire of equipment balance
$43,099
12,954
9,108
Lease of ferries
14.996
169.303
180.736
Joint facility, &c.,rents
197,098
3,347
3.367
8,166
Miscellaneous tax accruals
265,175
255,473
Bond interest
251,827
6,240
6,240
Dividends-Guaranteed stock (6%)
6,240
59,091
Other interest
62,646
65,248
46
Miscellaneous
482,080
482,080
Common dividends(5%)
482,080
26,707
Additions and betterments
66,537
78,792
Appropriated to sinking,&c.,funds_ _
81,231
Operating income
Add-Lease of road
Joint facilities, rents, &c
Total deductions
$1,149,985 $1,148,670 $1.115,619
Balance, surplus or deficit
def.$89,917 sur.$300,300 sur.$221,615
GENERAL BALANCE SHEET DEC. 31.
1912.
1912.
1913.
1913.
AssetsLiaMittiesRoad & equipm't a20,090,218 19,741,796 Stock (see "Ry. &
Ind." Section). 9,747,305 9,747,305
Stk. of prop., &c.,
cos., unpledged_ 164,665
7,857,000 7,942,000
164,685 Funded debt
16,100
12,075
1,120
Marketable secure.
Equip. trusts......
46,300
46,300
Misc. Investments 193,640
192,898 Real est. mtges_ _ _
600,468
Cash
595,174 Traffic, &c., bale_ 528,118
238,933
264,383
Agents & cond'rs_ 163,046
143,210 Vouchers & wages 247,388
131,448
Materials & suppils 274,004
181,694 Miscellaneous...... 139,638
176,779
2,364
292,616 Acer.int.,divs.,&c. 173,553
Traffic, &c.,
321,850
315,472
Miscellaneous_ - _ - 166,306. 196,948 Accrued taxes.. _
229,721
248,507
Providend fund
Temporary adv's
1,036
604
to prop.,&c.,cos. 299,265
299,265 Def. credit items..
Interest Charges and Surplus.
Appropria'd surp_b1,731,613 1,650,382
- Cash & securities
-lot., Rentals, &c.- -flat, of Net Earns.
229,721
922,507
819,640
_
_
_
248,507
loans
Profit
loss_
and
prov.
in
Previous
Previous
Current
Current
12,272
25,145
Oth.def.deb Items
Year.
Year.
Year.
Year.
Roads.
$
8
$
21,867,213 22,050,269
Total
Total
22,050,259
21,867,213
102,982
105,488
61,653
71,865
Consumers' Pow(Mich)Jan
29.896
23,827
14,736
Jan
13,615
a After deducting reserve for accrued depreciation of road. $315.287.
Grand Rapids Ry
to property since
905,350 z698,459 x508,546 and of equipment, $184,961. b Includes additions
Interborough Rap Tran_Feb 899,144
in sinking and redemp7,479,940 7,349,017 z4,723,799 x4,018,494 June 30 1907 through income, $1,199,007; invested
July 1 to Feb 28
and car trust principal charged out in advance.
tion
$520,531,
funds,
x10,622 312,075.-V. 98, p. 691.
x3,424
55,806
45,216
Lehigh Valley Transit.._ _Jan
r89,058
x73,924
278,991
New York Railways_ _ _ _Jan 277,286
July 1 to Jan 31
1,937,314 1,954,457 2778,089 z750,324
Chicago City Railway Company.
Philadelphia Rap Tran_Feb 802,232
767,505 d*ef120,113 def96,888
for Fiscal Year ending Jan. 31 1914.)
(Report
186,476
July 1 to Feb 28
189,017
6,401,075 6,097,427
130,368
132,042
Portland(Ore)Ry L & P_Jan 173,282
153,021
Pres. L. A. Busby, Chicago, March 16, wrote in substance:
117,712
166.783
Puget Sd Tr Lt & Pow.._Jan 152,617
146,014
The property has produced a net income of $1,928,076, from which four
quarterly dividends were paid, aggregating a total of 10%, and leaving
Republic Railway & Lightof surplus for the year. Sufficient reserves having been set aside
$128,076
44,211
50,724
45,876
(Sub Cos)
Feb
44,762
94,170 under the provisions of the 1907 ordinance to provide for maintenance and
113,335
91,692
Jan 1 to Feb 28
87,851
renewals,it was decided to distribute from earnings an extra dividend of
United Lt & Rys (Sub Cos)
oll, upon the capital stock. Total surplus account Jan. 31 1914.
1,219,232 1,123,711 1,168,740 1,097,903
Feb 1 to Jan 31
x78,948
124,857 x100,198
During the year the company built 14.24 miles of single track; total
Virginia Ry & Power___Jan 135,410
22,654 xdef4,147 zdef6,157 mileage of single track now owned, 306.31 miles. of the city of
23,825
Wash Bait & Annapolls..Feb
Chicago
Unified operation of the surface street railways
46,578 zdef4,534 zdef10,551
48,216
Jan 1 to Feb 28
became effective Feb. 1 1914, pursuant to the Unification Ordinance and
x47,990 operating
44,839
x50,210
55,449
Western Ry & Light_ __ _Dec
agreement approved by the stockholders Dec. 22 1913 (V. 98,
x336,602
x366,904
536,399
620,561
to
31
1
Dec
Jan
.
97, D. 1897, 1503)
x34,505
50,270
z24,188 p. 303; V.
60,077
January
INCOME ACCOUNT YEAR ENDING JANUARY 31.
x After allowing for other income received.
1911.
1912.
1913.
1914:
$
$
Passenger receipts. incl.
Southern Street Ry__ 11,289,037 10.838.714 10,321.770 9,762.275.
ANNUAL REPORTS.
343.169.
389,707
405,267
446,406
Other receipts
a
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index does
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will bo found in the issue
of Feb. 28. The next will appear in that of March 28.
West Jersey & Seashore RR.
(Eighteenth Annual Report-Year ending Dec. 31 1913.)
• Pres. Samuel Rea March 13 wrote in substance:
Results.-The total rail operating revenues increased only $10,531.
Passenger revenue increased $102,152, but the merchandise freight revenue
alone decreased $102,246, while coal and coke traffic increased $13,535.
The total rail operating expenses increased $319,149, or 6.57%. Of this
increase, maintenance of way and structures required $115,115 more than
in 1912, while maintenance of equipment expenses increased $54,942 and
transportation expenses exceeded those of 1912 by $111,359, principally
because of increased wages, largely resulting from awards under Federal
legislation, the extra full-crew law, increased consumption of fuel duo to
the greater use of steel cars, and the extension of the block-signal system.
Other income decreased $57,043, due principally to heavier replacement
and depreciation charges for equipment of the Atlantic City & Longport
Electric Line, which Is leased to the Atlantic City & Shore RR.Co.
The net income was $473,394 a decrease of $414,485;against which was
charged the appropriations to sinking and other reserve funds, amounting
to $81,231, and the balance of $392,163 was transferred to the credit of
profit and loss account. The company paid a 5% dividend, aggregating
$482,080, which was charged against the last-named account.
Expenditures for Road and Egutpment.-These aggregated $464,138, viz.•.
Charged to capital account, $163,838; charged to reserve for additions and
betterments appropriated out of income of previous years, $300,300.
The City of Camden is insisting that the elimination a grade crossings
by the elevation of your tracks on the Atlantic City and Cape May divisions
through the city be resumed. This work was undertaken several years ago,
pursuant to agreement with the city, but was deferred owing to the decreased profits of your company and the difficulty of obtaining new capital.
Lease.-The lease of your property and franchises to the Pennsylvania
RR. Co. for a period of 999 years, upon the basis of a guaranteed rental of
6% on the common stock, was duly authorized by both companies, but the
P. U. Commission of New Jersey declined to approve tho lease. The Supreme Court has declined to set aside the action of the Commission, and
consideration is now being given as to the advisability of carrying the case
to the Court of Errors and Appeals(V.98, p.691).
OPERATIONS AND FISCAL RESULTS.
1913.
1912.
1910.
1911.
353
356
356
Miles operated
356
passenger earnings
$4,199,901 $4,097,749 $4,019,180 $3,808,779
Freight
1,798,906
1,814,635
1,838,598
1,903,346
Miscellaneous
373,988
391.251
389,889
394,161
Total
$6.405.787 $6.395,256 $6,247,667 $5,981,673
$928,209
$960,315 $1,045,667
Maint. of way & struc $1,043,324
731,514
927,015
969,239
Maint. of equipment.._ _ 1,024,181
171,205
179,696
199,579
152,225
Traffic
Transportation
2,746,119 2,634,760 2,629,203 2,452,436
121,403
124,334
157,733
167.092
General
$5,180,295 $4,861,146 $4,793,092 $4,530,716
Total
1,450,957
1,454,575
1,534,110
Net operating revenue.. _ 1,225,492
65,975
42,800
42,720
43,621
Outside oper.-net def_
Net earnings
$1,181,871 $1,491,390 $1,411,775 31.384,982
10.711,477 10,105,444
11.735,443
Total receipts
Oper. exp.,taxes,renewals and int. on capital
invest't and Southern
9.931,721
St. Ry. net earnings
11,243,981
*9,485,823
9,057,223
8,596,509'
Net earnings
1.803,722
City's proportion, 55%.
as per ordinance
992,047
1,758,158
1,654,254
1,5O8.935
966,987
909,840
829,914
679,021
Company's proportion,
45%.as per ordinance
811.675
Int. on capital, as certified by Board of Su2,305,151
pervising Engineers_
791,171
744,414
2,217,266
2,088,089
1,994,939-
3,116,826
220,799
3,008,437
260,172
2,832,503
295,259
2,673,960439,180
Income from oper'n__
Other income
Net Income
Interest on bands
Dividends(10%)
3,337,625 3.268,609 3,127.762 3,113.140
1,286,102
1,127,708
1,181.722
1,409,549
w1,800,000 x1,800,000 y1,800,000 z1.800,000
185.439
146,040
182,507
128,076
Balance,surplus
*Includes contingent reserve fund of $60,000 to apply on account of
Increase in wages and barnmen from Aug. 1 1912 to Feb. 1 1913.
w Also extra dividend of 3.% paid Dec. 1913.
x Also extra dividend off paid Dec. 30 1912.
y Also extra dividend of 1J41° paid Dec. 1911.
z Also extra dlvs. of 4% an 2%,paid Mar.and Dec. 1910, respectively.
BALANCE SHEET JANUARY 31.
1913.
1914.
1914.
1913.
$
LialrttinesAssets1st M.5% gold bds28,950,000 27,200,000'
Pur. price of prop.
in terms of ord..47,480,140 45,467,704 Accts. payable,&c. 1,346,754 1,019,617
44,832 Burp, assets, repre93,059
Accounts reedy__
sented by equity
Real estate dr treas.
19,974
of $18,000,000
14,962
securities_
699,222 capital stock_ _18,040,335 .18,012,115
Cash on hand_ _ _ - 748,928
Total
48,337,089 46,231,732
-V.98,p. 386.
Total
48,337,089 46,231,732
Union Traction Co. of Indiana.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Arthur W. Brady says in substance:
Results -The net income [after fixed charges] was $74,694, being a decrease of $51,898. This loss is chiefly accounted for by the disastrous flood
of March and April 1913. which very seriously interfered with the operation
of the property, particularly the interurban lines, and added greatly to the
expenses of the year, and to the effect of the street railway strike at Indianapolis early in November and the teamsters' strike at Indianapolis in
early December. The losses in earnings and increases in expenses due tothese causes, and reflected in the income account for 1913. are conservatively estimated as exceeding $100,000.
Maintenance.-The operating expenses include 3291,493 expended upon
maintenance of way and structures, and $165,064 expended upon maintenance of equipment, which, together with $20,700 charged as the 1913
portion of the flood expense, make an aggregate sum expended on maintenance of $477,258, equaling 19.32% of the gross earnings for the period.
This is equivalent to about $1,256 per mile of railroad operated, excluding
trackage rights at Indianapolis, Logansport and Wabash.
Additions, &c.-The amount charged for additions and betterments.
during the year is $344.912, apportioned as follows: Road. bridges. build-
906
THE CHRONICLE
[VOL. xcvm.
Ings, &c., $155,912; car equipment, $183,811; general and miscellaneous,
Duluth-Superior Traction Co. (of Connecticut).
$5,189; ,total,$344,912. In addition $37,209 was advanced to the Traction
Light & Power Co. for light and power equipment, (see below.)
There
(Report for Fiscal Year ending Dec. 31 1913.)
was also expended $41,879 on account of sinking funds, thereby reducing
the bonded debt of the company and its underlying companies.
Pres. C. G. Goodrich, Jan. 28 1914, wrote in substance:
Steel Cars.-Included in the foregoing additions and betterments is
Results.-Total revenue was $1,283,914, contrasting
$159,342 for 10 all-steel interurban combination passenger, smoking and
with $1,083,259
baggage cars, 61 ft. 1 in. in length, completely equipped; also 6 pay-within in 1912, and the net income available for fixed charges and
against $321,956 in 1912. After deducting fixed dividends was
type double-truck city passenger cars of semi-steel construction,
32 ft. 2 in. $395,113,
charges($179,in length. These cars were acquired under a car trust agreement dated 526, against $158,294 in 1912), the pref. dividend ($60.000)
and the diviSept. 11913. under which $127,()00 out of a total of $159,342 is payable in dend on the common stock (being $148,750, or 4(%, against
$175,000.
or 5%, in 1912), there remained net income to
semi-annual rental installments of $6,000 and $7,000
each, running from against
surplus
account $6,836,
a deficit of $71,338 in 1912[duo to strike; see V.
1914 to 1923. The all-steel cars are.the first in interurban service in Indiana.
96. p. 12241.
Additions.--New cars, extensions. etc,, aggregated $63,067.
Block Signals.-Additional automatic block signals covering 32.41 miles
Depreciation.-There was expended for renewals and
of our lines were installed during the year at a cost, included in the addicharged against
tions and betterments above stated, of $48,193. The 50 miles of interurban depreciation reserve, $33,075. The appropriation to depreciation
reserve
lines from Anderson to Indianapolis, Noblesville to Tinton, and Marion to for the year was $74,100. Also the sum of $18,900 was
$21,000 gen. M.5s to meet sinking fund requirements. expended to retire
Gas City, are therefore completely equipped with modern block signals.
Dividends.
-With
the
regular pref. dividends (4% iper ann.). a dividend
Flood of 1913.-The total charges on the books on account of expenditures
during 1013 to restore and better conditions due to the flood are $88,001, of 14%, covering the first quarter of the year, and dividends of 1%
quarof which $70,918 is chargeable against maintenance and $17,083 is included terly, covering the remainder of the year, were also paid on the common.
Litigation.
-An appeal from an order of the Wisconsin RR. Commission,
in the additions and betterments above stated. The company's directors
have ordered that the total amount of flood damage chargeable to main- requiring the sale of six tickets for 25 cts.in the City of Superior is pending.
In the litigation growing out of an attack upon our Duiath franchise,
tenance be charged against operating expenses in four annual installments,
of which the charge of $20,700 above referred to is the first. In restoring final arguments were submitted in the District Court of St. Louis County,
the property, the endeavor has been to improve conditions so as to prevent Minn.,during the present month. Our attorneys expect afavorable decision.
a recurrence of like injury from like cause. At Peru, in place of the two
INCOME ACCOUNT FOR CALENDAR YEARS.
through-plate girders, a 150-foot steel through truss-span was erected.
New Entrance into Indianapolis.-Part of the entrance into Indianapolis
1913.
1912.
1911.
1910.
of the Anderson line was destroyed by the flood and the city
Revenue
pass. carried__ 25,335,604 21,132,003 22,186,930 21,624,039
objected to the
rebuilding of this line in its old location because of interference with
Transfers redeemed_ _ _ 4,294,066
3,716,619
3,787,791
4,036,815
the
boulevard and park system. After considerable negotiation, a contract
Revenues$$
was entered into with the city for a new route over Martindale Ave.and Transportation revenue 1,260,061
1,060,937
1,110,246
1,082,815
other streets to Massachusetts Ave., with the right to a second
23,853
22,322
25,054
route Other revenue_
8,767
extending directly west from Millersville Pike to a point near
the
State
Total revenue_ _.._ _ _ _ 1,283,914
Fairground. This latter route is to be completed within 18
1,083,259
1,135,300
and
1,091,582
cannot be used for Fort Benjamin Harrison cars or expressmonths
Expensescars. The Way
Martindale Ave. route involves the building of almost a mile of new track.
and structures_ __ _
38,205
52,628
46,634
49,994
Traction Light & Power Co.-This company continued to extend its opera- Equipment
49,868
51,067
65,577
52,872
tions and took over our contract for furnishing current at Pendleton,
Traffic
799
618
655
786
Middletown and Summitville, so that now all light and power business is Conducting transporta'n
389.907
414,886
463,266
366,185
handled by the one company. At the close of 1913 the Traction Light & General and miscell_ _
119.727
126,610
166,038
134,238
Power Co. was furnishing light and power directly in Atlanta, Bunker
Hill,
Carmel, Daleville, Fortville, Kennard, LaFontaine, Lawrence, Hunter's,
Total expenses
608,135
748,164
630,187
604,075
McCordville, Oakiandon, Parker, Selma, Sharpsvide, Walton, Yorktown
Net earnings
535,750
527,165
453,072
487,507
and Shirley, while in Pendleton, Middletown and Summitville the
Interest
and taxes_ _ _ _..
246,063
208,161
219,295
190,779
current Pref.
is sold to the municipality or local company. The company's operations
dividends(4%)-60,000 .
60,000
60,000
60,000
are profitable, and should be extended.
Common dividends_ _(4(%)148,750 (5)175,000 (5)175,000(4%)157,500
During the year the Traction Light & Power Co. authorized an issue of Deprec'n appropriation..
74,101
70,114
58,288
54,579
$100,000 of 6% 15-year 1st M. bonds. All of the $68,000 outstanding
bonds and $49,500 of the capital stock were issued to the Union Traction Co.
Balance, sur. or def
sur.6,836 def. 71,338 sur.25,715 sur.24,649
of Indiana in payment of advances made. These securities are
held in the
BALANCE SHEET DEC. 31.
treasury of Union Traction Co. of Indiana.
Muncie-New Castle Line.-The extension of the Indianapolis New Castle,
1,913.
1912.
1013.
1912.
& Eastern Traction Co. from New Castle to Muncie was opened for operaAssets-$
Liabilities$
tion Aug. 31. The line is an excellent example of-modern interurban con- Roadway,equip.,&c_9,062,223 8,989,156
Common stock
3,500,000
3,500,000
struction, with curves few and easy, gradients slight, no railroad crossings Res've fund (invest.) 273,493 273,493 Preferred stock
1,500,000 1,500,000
at grade outside of the corporate limits of Muncie, and all bridges
on hand
105,885
33,373 First M.5% bonds_ _2,500,000 2,500,000
but Cash
one oare of concrete. The earnings of the line to Dec. 31 were satisfactory.
Accounts receivable_
8,921
13,571 Gen. mtge. bonds... 812,000 833,000
The cost of this line, $681,210, was derived from the sale of $400,000 of Material & supplies_ 93,778 110,097
Bills payable
261,500 171,500
that company's bonds and from other sources. A readjustment of Interest prepaid__ _ _
1,553
871 Approved vouchers. 08,824
71,659
relations between the two companies is under consideration.
Acc'ts to be adjusted
783
Accrued int. & taxes 82,300
77,130
Employees.-The relations with our employees during the year have been Prepaid insurance__
1,943
1,585 Renewal, &c., funds 380,326 339,979
satisfactory, notwithstanding three attempts made by outside agitators to Accrued interest_ _ __
2,413
2,412 Miscellaneous
12,564
4,216
call strikes. The company, however, suffered considerably from the conSurplus
433,478 427,075
ditions prevailing at the time of the street railway strike at Indianapolis
in
November and the teamsters' strike in December.
Total
9,550,902 9,421,559
Total ---------9,550,092 9,424,559
the street
railway strike it was deemed unwise to operate cars intoDuring
Indianapolis. In --V.98. p. 522.
spite of the losses by flood we made a substantial advance
in
wages.
Finances.-Because of the serious losses caused by the extraordinary conUnderground Electric Railways of London, Ltd.
ditions of the year and the capital expenditure.s required,
the company was
compelled in December to borrow $150,000. This obligation
must be pro(Report for Year ending Dec. 31 1913.)
vided for during the present year. We shall also have to make
additions
and betterments in a substantial amount during 1914 and in subsequent
Chairman Sir Edgar Speyer, Feb. 19, wrote in substance:
years. In 1915 the Marion City Ry. Co. bonds ($333,000) will mature,
and in 1919 the ($4.573,000) Union Traction Co. of Indiana bonds will fall
Results.-The profits are sufficient, under terms of trust deeds, to pay for
due. It would appear timely to consider the authorization of a General
the year 1913 the full interest, 6% per annum on the first cum. income
and Refunding Mortgage which will provide for taking up the Union Trac- debenture stock,and
also, plus income tax, on the6% income bonds of 1948.
tion Co. of Indiana and Indianapolis Northern Traction Co. and other
"Income from Investments," &c.-This item for year 1913 includes:
underlying bonds, and also provide for additional bonds to be used, under
London
By. Co., £114,055; Metrop. District By. Co., £37,573; City
proper restrictions, for additions, betterments and other corporate pur- & SouthElec.
London By. Co., £1,715; London Gen. Omnibus Co., Ltd..
poses, approved by the Public Service Commission. I therefore recom- £207,086; London &
Suburban Trac. Co., Ltd., £7,156; Metropolitan By.
ment that the directors give these matters careful attention, and report Co., £306; Associated
Equipment Co., Ltd., £170,000 (Walthamstow
a plan of financing at an adjourned meeting.
works and Metropolitan Steam Omnibus Co.); rents,
interest. &c., £58,605:
income tax deducted and recoverable, £33,321; total,
GROSS AND NET EARNINGS FOR FOUR YEARS.
Metropolitan District Rg. Co.-The works in progress£629,817.
at Charing Cross
will
shortly
completed,
be
providing
1913.
1912.
convenient
1911.
means of interchange of
1910.
Gross earnings.
$2,466,832 $2.308,649 $2,295,798 $2,364,628 traffic at this point with the lines of the London Electric By. 0o.
Operating expenses.. _
London Electric Ry. Co.-The extension fron Edgware Road to Paddington
1,482,717
1,335,841
1.253,593
1,239,314 was
opened in Dec. 1913 and the traffic is developing satisfactorily. The
Net earnings.
$984,115
$972,808 $1,042,205 $1,125,314 construction of the Queen's Park extension is well advanced, and the
Charing Cross extension is fast approaching completion.
Central London Ry. Co.-The offer made to the ordinary stockholders of
INCOME ACCOUNT FOR YEAR ENDING DECEMBER 31.
this company was accepted by over 85% in interest. The dividend
declared
by
the company on its undivided ordinary and deferred ordinary
1913,
1912.
1913.
1912.
being at a less rate than 4% per annum, your company became liablestocks
$
under
$
Passenger earn'gs._2,080,109 1,944,481 Net operating rev__ 984,115
its
for £26,830 98. 5d. Work has been commenced on
972,808 sionguaranty
extenFreight
from Wood Lane, to connect with the Ealing & Shepherd's the
196,862 187,337 Taxes
102,360
Bush Ry.
88,613 of the
Express, milk, &c_ _ _ 132,897 114,270
Great Western By.Co.,and automatic signaling has been installed.
•Other than transporCity & South London Ry.-The past year shows a falling off in the receipts
Net (after taxes).... 881,755 884,195
tation
an increase in the working expenses. In order to remove handicaps,
62,561 Other income
56,964
51,797
8,108 and
powers have been obtained for enlarging the tunnels and acquiring
rolling
Total oper. rev_ .2,466,832 2,308,649
Gross income _ 933,552 892,303 stock. These works and the through connection at Huston with the London
Way and structures_ 291,493 269,941 Bd.Int., disc. & rent. 858,858 765,711 Electric Ry. should, when completed, beneficially affect the earnings.
Equipment
The offer made to the ordinary stockholders by your company was accepted
165,064 184,404
Conducting trannen 674,323 598,531
over 99% in interest.
Net income
74,694 126,592 byLondon
Miscellaneous
351,837 282,965 *Dividends paid_ _ __ 50,000
Omnibus Co., Ltd.-This company's business continues
37,500 to expand.General
The fleet of motor omnibuses was increased and several now
Total oper. exp. A,482,717 1,335,841
were constructed.
Balance,surplus_ - 24,694
89,092 garages
Associated Eguipment Co., Ltd.-This company has been appointed the
* Dividends,$50,000 as above in 1913, consist of 5% on
manufacturer for the Daimler Co., Ltd., of certain classes of commerUnion Trac- sole
tion Co. of Indiana (consolidated company) first pref.the
cial motor chassis, and it will also continue to manufacture chassis and
stock;
in
1912
($37,500) includes the dividend on Union Trac. Co. of Indiana (old co.) spare parts for the London General Omnibus Co., Ltd.
pref. stock and that paid Oct. 1 on the first pref. stock of the consol.
New Central Omnibus Co., Ltd.-In October last we entered into an
agreement
Note.-No dividends have been paid on 2d pref. stock. Divs, onco.
the purchase of the assets of this company for (a) £194.000
this 6% incomefor
stock are cumulative from and after Jan. 10 1913.
bonds of 1948 and (b) 48,500 "A" ordinary shares of Is. each.
(c) a sum in cash providing for all prior charges and for a dividend at 6%
p. a. on the share capital of £96,689 for the 9 mos. ended June 30 1913.
BALANCE SHEET DECEMBER 31.
London & Suburban Traction Co., Ltd.-The exchange of the shares for1913,
1912.
merly held by your company in the London United Tramways, Ltd., for
1913.
1912.
A sset S
Liabilities$
shares in this company was duly carried out on terms set out last year
$
$
Road &equipment 23,134,218 22,608,682 Common stock_ ... 5,000,000
5,000,000 (V. 96, p. 801). The results of the latter company for its first year may
Securities owned__ 2630,500
450,000 First pref. stock__ 1,000,000 1.000,000 be considered as satisfactory.
Cash on hand__ _1 71,443 f 19,566 Second pref. stock 3,000,000
Parliamentary Bills.-The London Electric Ry. Co. is seeking authority
3,000,000
Accts. receivable_j
1 39,465 Funded debt
13,412,500 13,238,500 with reference to the construction of subways, escalators, &c.; also power
Materials Je sapp. 168,795
155,110 Collateral notes_ _ 150,000
to raise additimal share and loan capital for purposes of Act; and to issue
150,000
Sinking fund
255,856
219,071 Obligations acct.
(with sanction of a general meeting of the company) additional capital
Suspended expense
I.N.C.&E.Tr.Co.b 400,000
235,000 authorized by former Acts, with preferential dividend not exceeding 5%.
due to flood
50,218
Audited vouchers_ 205,611
The Central London Ry. Co. in its bill asks permission to enlarge
118,274
the
Miscellaneous _ __
79,761
40,890 Bills payable
270,016
34,686 running tunnels in High Holborn, to enter into agreements with other comBond int.,tax.,&c. 141,427
125,806 panies with reference to the construction of subways, escalators, offices and
Miscellaneous _ __ _
75,733
74,752 buildings; also power to ac, uire additional lands and raise additional capital.
Profit and loss_ _
Stocks, Shares and Other-Property.-This item of £13,593,696 consists of
645,504
555,766
stocks and shares in associated companies, as well as lands and buildings
"Total
21,390,791 23,532,784
Total
24,390,791 23,532,784
Stocks, Shares, etc., Owned, Total Par Value £17,184,109.
PledgedFree Assels--a Securities owned in 1913 include $209,000 I. N. C. & E. Trac. Co.,
Ord. Stock. Pref.Stk. Ord.Stk. Pref.Stk. Deb.
lease and securities; $43,000 Broad Ripple Natatorium Co. lease and
London El. Ry. Co__ £7,900,020 £450,466 £1,062,830 £165,747
ties; $75,000 United Traction Coal Co. capital stock; $68,000 6% securi£220,956
bonds
Metrop.
Dist. By. Co. 1,781,500 1.560,000(num is 1st pref.)
and $49,500 Traction Lt. & Pow. Co. stock; $168,000 treasury bonds
London United Tram.
15,000
(U. T. Co. of Ind.), and miscellaneous, $18,000.
London
&
Subur.
Trac
420,734 • 76,885
b Obligations account Indianapolis New Castle & Eastern Traction Co.
323,590
75,101
London Gen. Omnib_ 1.150,480
lease and securities include in 1913 $200,000 account Indianapolis
City & So. London Ry 1,460,360
Castle & Eastern Trac. Co. lease and securities (incl. $350,000 each of New
that
Union
Construe,
Co_
•company's cont. and pref. stocks) and $290,000 account Muncie-New
440
Metropolitan By.Co_
Castle construction.-V. 98, p. 810.
20.000
Assoc. Equipment Co
500.000
907
THE CHRONICLE
MAR. 21 1914.]
GENERAL BALANCE SHEET OF UNITED STATES STEEL CORPORATION AND ITS SUBSIDIARY COMPANIES DEC. 31.
1911.
1912.
1913.
$
Assets$
$
Properties owned & operated by
the several companies
REVENUE ACCOUNT, YEAR ENDING DEC. 31 1913.
1,465,498,632 1,448,175,255 1.460,303,983
9.208,582
7.149,673
7.455.381
Year
Half-Years ending Dec. 31- Def. charges to operations
Cash held by trustees on acct. of
1910.
1912.
1911.
1913.
bond sink. funds (in 1912,
£101,304
£110,631
£279,220
Income from invest'ts, &c_ .C629,817
$66,756,000 par value of red.
44,715
45,918
Net, power house
bonds held by trustees not
974,651
971.321
treated as an asset)
1,365.998
£146,019
£156,549
receipts
Total
£279,220
£629,817
£4,580 Investments outside real estate
£3,281
£3,889
General expenses
£8,974
2,383,885
and other property owned__ 3,729,456
3,407,183
870
870
Commission, dics't & exp_
113,898 Investments for depreciation
97,764
Int. on bonds & debentures 160,869
79,526
8,523,603
and exting. funds (at cost)
14,130,620
15,614,792
Guar. Central London Ry. 26,830
167,634,791 152,412,254 153,483,589
c26,166 Inventories
b52,333
a195,485
Interest on income bonds_ _ a390,970
48,325.473
receivable
Accounts
68,574,839
58,024,386
243
619
Rents, &c
6,100,874
Bills receivable
6,895,569
7,866,696
786,759
903,195
1,039,574
£145,757 Agents' balances
£154,867
£278,900
£587,643
Total expenditures
2,047,100
and
bonds
Sundry
stocks
1,836,420
2,241,276
£262
£1,682
£320
£42,174
Balance, surplus
Cash
43,499,128
67,153,564
66,951,010
3,650,907
3,486.604
3,567,943
At rate of Contingent fund and miscell
a At rate of 6% per annum. b At rate of 2% per annum. c
1% per annum.
Total assets
1,800,586,323 1,775,500,109 1,739,288,534
BALANCE SHEET DECEMBER 31.
Liabilities1911.
1912.
1913.
stock
Assets- •
508,302.500 508,302,500 508.302,500
£1,489,084 Common
Preferred stock
Power-house, &c.,(V. 92, p. 1637)__
360,281,100 360,281,100 360,281,100
10,988,685
£13,502,622
Bonds held by public
Stocks shares and other property.._ _ £13,593,696
627.097.377 643,129,932 620,501,377
104,865
Preliminary and other expenses
552,923
Mortgages of subsidiary cos.._ _
407,249
269,305
818,700 Purch.
-171,666
474,000
money oblig. of sub.cos.
Corn. & disc. on 5% prior lien bonds_
600,000
410.000
9,596,504
18,800
Mortgages_
Current accounts & pay-rolls
22.938,621
31,578,306
27,508,292
285,544
41,744
Interest and dividends receivable_ _ _
14.296
48,586 Bills payable
--Corn., disc., &c., on 1st pow.-h. deb:
deposits, &c
911,580
902,810
988.481
242,834 Employees'
378,079
321,292
due
taxes
6,712,858
not
Sundry debtors, debit bal. and stores_
6,767,095
Accrued
8,900,502
174,773 Accrued int.& unpres'd coupons
8,372.556
8,489,660
Power-house depreciation fund
8,521,085
30,774
6,304,919
6,304.919
6,304,919
Preferred stock dividend
Notes due
3,091 Common
6,353,781
dividend
stock
6,353,781
6,353,781
Pow.-h.spec. maint. Id. held by trus_
95,416 Contingent and miscell. funds_
220,015
165,787
11,437,336
11,570.424
13,456,423
Cash at bankers and on hand
25,106 Approp. for add'ns & construe_ 55,000,000
40,000,000
40,000,000
Debit revenue account
10,189,341
13,118,083
11,680,249
Insurance funds
£14,859,119 £14,605,490 £13,991,140 Pension
Total
1,500,000
2,500,000
2,000,000
fund
LiabilitiesSteel
S.
U.
of
surplus
Undivided
£5,000.000 £5,000,000 £4,888,522
Share capital issued
151.798,429 136,716,245 133,691.195
Corp. and subsidiary cos_
57,524
__ ------ Stock
57,524
"A" ordinary shares
596,703
589,542
591,542
subsid. cos. not owned....
1,806,000
1,730,000 2,818,700
40% bonds of 1933
6,136,050 6,136,050 4,928,050
6 income bonds
1.800,586,323 1,775.500,109 1,739,288,534
Total liabilities
1,273,000
1,273,000
6.cumulative debenture stock
For details of balance sheet, see a subsequent page.-V.98, p. 843, 767.
1,000,000
Power-house debentures
128,724
264,548
172,246
Sundry creditors, credit balance, &c_
43,152
Interest payable on 4M % bonds__
American (Bell) Telephone & Telegraph Co.
38,190
38,190
Interest payable on debenture stock_
(Report for Fiscal Year ending Dec. 31 1913.)
49,280
195,485
195,485
Interest payable on income bonds__ _
174,773
Depr. reserve Chelsea power-house.
The report of the company, containing extended excerpts
3,091
Power-house special maintenance fund
2,096
45,170
Credit revenue account
from the remarks of President Theodore N. Vail, and the
Passengers Carrried and Pass. Receipts (incl. Omnibuses last 2 years).
1913.
1912.
1911.
1908. 1909. 1910.
1907.
(000 omitted)
Pass. No_ - ---107.585 146,993 161,979 169,443 182,616 674,087 830,137
£823 £1,089 £1,182 £1,237 £1,326 £4,050 £4,983
Pass. receipts_
income account and balance sheet, and many tables giving
valuable information, will be found on subsequent pages of
to-day's "Chronicle." Below are the comparative income
United States Steel Corporation.
accounts of the parent company for four years and compara(Report for Fiscal Year ending Dec. 31 1913.)
tive balance sheets. In the report on a following page will
Chairman
Gary,
H.
Elbert
The annual report, signed by
be found the income account and comparative balance sheets
pages
on
subsequent
length
at
of the Board, will be found
of the entire Bell System in the United States.
•
many
with
important
together
Of to-day's "Chronicle,"
INCOME ACCOUNT OF AMERICAN TELEPHONE & TELEGRAPH
tables of operations, balance sheet, &c.
COMPANY FOR CALENDAR YEARS,
£14,859,119 £14,605,490 £13,991,140
Total
GENERAL ACCOUNT OF THE CORPORATION AND ITS
SUBSIDIARY COMPANIES.
1912.
1911.
1913.
1910.
Gross sales and earnings.796,894,299 745,505,515 615,148.840 703.961,424
Mfg. cost & oper. exp__a610,383,512a609,420,250a488.134,474a529,215788
selling & gen.
exp., excl. gen. exp. of
transportation cos_ __ 19,587,315 17,760,567 16,554,153 17,155,807
9,161,437
9,622,347
13.225.882 9,840,371
Taxes
Comm'l discounts and
interest & miscell_ _ _ _ 3,855,874 3,941,298 3,378,134 3,545,811
647,052,583 640,962,486 517,689,108 559,078,843
Total expenses
149.841,716 104,543.029 97,459,732 144,882,581
Balance
Misc. net manufactur1,931,328
364,151
517,626
2,780,284
ing,&c.,gains
797,020
593,500
564,281
b196,401
Rentals received
150,555,743 107,887,594 98,417,383 147,610,929
Total net income_
Proportion of net profits
of properties owned
whose gross rev., &c..
369,297
338,232
451,801
296,802
are not cinluded
Int. & divs. on invest's
2,435,642
2,786,589
2,549,986
3,341,812
and on deposits, &c
154,194,358 110,889,381 101,222,322 150,735,750
Total income
Sub. Company Int. Chows,&c.Int. on bonds and mtges.
7,921,247
7,124,073
9,660,037 9,623,805
subsidiary cos
Int. on purch. money
oblig's & special depos139,381
127,924
116,448
325,235
its or loans of sub. cos.
7,263,454
Tot. underl'g Int. chgs. 9,985,272 9,751,729 8,037,695
144,209,086 101,137,652 93,184,627 143,472,296
Balance
Prof. earn, by sub. cots c Dr7.027,741 Cr7,037,021Ct 11,120,839 Dr2,417,542
Net earnings
137,181,345 108,174,673 104,305,466 141,054,754
1910.
1911.
1912.
1913.
$26.122,573 $24,247,430 $20,844,399 $19,205,494
Dividends
Int. and other revenue
13,564,952 12,523,084 10,462.787 10,838,443
from associated cos
Telephone traffic (net)_ 5,548,089 5,472,813 4,979,232 4,893,513
420.878
683,812
474,666
674.378
Real estate, &c
Total
$45,909,992 $42,717,993 $36,970,230 $35,358,328
5,333,246 4,810,349 3,668,984 3.425,114
Expenses
Net earnings
Interest
$40,576,746 $37,907,644 $33,301,246 $31,933,214
5,844,699 5,567,980 5,077,321
7.656,656
Balance _
Dividends
$32,920,090 $32,062,945 $27,733,266 $26,855,893
27,454.037 26,015,588 22,169,450 20,776,822
35.466,053
Surplus
BALANCE SHEET OF AMERICAN
1912.
1913.
$
3
AssetsStks. assoc. cos_454,307,264 447,017,318
581,000
581,000
lids. assoc. cos_
Advancestoasso76,096,615 60,623,823
elated cos
14,279,678 13,286,162
Telephones __
507,359
507,431
_
Real estate
Long-distance telephone plant 49,269,173 48,635,006
Cash and deposits
22,199,228 21,800,651
Accounts receiv4,404,689 3,570,945
able
Special demand
34,311,230 10,730,825
notes
86,047,358 35,563,816 $6,079,071
TELEPH. & TELEG. CO. DEC. 31.
1912.
1913.
LtabiltitesCapital stock _344,616,300 334,805,700
675
Cap.stk. install.
Coll. tr. 4s, 1929 78,000,000 78,000,000
Cony. 4s, 1936_ 4,591,000 17,002,000
Cony.4 Ms. 1933 67,000,000
5,000
5.000
Notesuncall'd for
West. T. & T.
10,000,000 10,000,000
5s, 1932
Notes to assoc.,
19,300,000 28,682,900
&c., cos
Notes of assoc.
cos. discounted 15,000.000 20,300,000
Due NV.U.T.Co. .4,000,000 6,000,000
Divs.pay..Jan.15 6,892.326 6,696,114
Int.& taxesaccr. 3,091,571 2,488,886
Accounts payable 932,297 1,066,260
1,649
Unearn'd rev.res.
Employ. ben. fd. 2,035,653 2,000,000
Deprec. reserve 36,836,188 40,193,109
63,655,973 59,519,796
Surplus
a The expenditures for ordinary repairs and maintenance were 141,000,655,956,308 606,762,089
Total
655,956,308 606,762,089
Total
000 (approximate) in 1910, 338,000,000 (approximate) in 1911 and $45,$52,000,000 (approximate) in 1913.
New York Telephone
for
Co.
000,000 (approximate) in 1912, and
Union
Western
Telegraph
to
Indebtedness
*
b Rentals received from tenants In coal-mining districts in previous years Co. stock, payable 1914 to 1915.-V. 98, p. 612. 525.
Included in this item are reported in 1913 as a credit to cost of product.
are
companies
subsidiary
and
sales made
services
c Profits earned by
California Petroleum Co., New York.
rendered account of materials on hand in purchasing companies' inventories.
yet been realized in cash from the standpoint
The profits in 1913 have not
Steel
(Report for Fiscal Year ending Dec. 31 1913.)
Corp. and sub. cos. (neither had
JJ. S.
of a combined statement of the
making of the report); in 1912 and 1911
the 1910 profits at the time of thecash.
The report of •Pres. E. L. Doheny is given at length on
the amounts had been realized in
other pages, together with the balance sheet and the cerINCOME ACCOUNT OF UNITED STATES STEEL CORPORATION. tificate of Price, Waterhouse & Co. These well-known
1912.
1913.
1911.
1910.
have examined the book13 of the
137,181,345 108,174,673 104,305,466 141,054,754
Total net earnings
Deduct Charges, &c.Deprec. and existing and
• extraor. rep!. funds
23,972.376 22,734,366 18,229,060 22,110,555
(reg. provision)
Addl property & con15.000,000
struction, &c
15.000,000
10,000,000
Constr. at Gary,Ind.,pl't
Reserve to cover ad1,000,000
vanced royalties
787.698
ea
83,123
asdhr
17,698
fnf
)
Cr81,780
o
?nhtaerrga(
21,532,691
Corp. bonds
Sk. fd. U. S. Steel Corp. 6,721,396
1,950,198
s. Id. subsidiary cos
Prof. dividend (7%).._ - 25,219.677
Common dividend (5%) 25.415,125
Total deductions._ _ _121,599.161
Undivided prof. for yr. 15.582,184
22,817,471 23,106,923 23,366,761
5,881,089
6,430,379 6,140,927
2,176,041
1,934,710
1,610,039
25,219,677 25,219,677 25,219,677
25.415,125 25,415,125 25,415,125
chartered accountants
California Petroleum Corporation and its subsidiary companies and certify that the balance sheet is correctly prepared therefrom. The gross earnings for the year 1913 were
$2,885,188 and the net earnings $2,176,430. During the
year 26 new producing wells were brought in at a total cost
of $383,838, all of which was charged to profit and loss.
Sales (barrels) and Revenue Therefrom in Calendar Years 1913 and 1912.
1912
1913
Sales (bbls.). Revenue. Sales (bbls.). Revenue.
4,863,118 $2,298,822 5.082,886 $2,472,569
Crude petroleum
17,915
35,925
456,924
344,867
Tops
5,207.985 32,755.746 5,100,801 $2,508,494
Total
The total gross production for the year 1913 was 5,463,600 bbls. as compared with 5,700.015 bbls. for the year 1912. There have been produced
104.569,426 99,639,971 130.282.371 from the properties to Dec. 31 1913 about 23,096,000 bbls. gross oil.
4.665,495 10.772,383 -V. 98, p. 841.
3,605,247
908
THE CHRONICLE
National Fireproofing Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. W.D.Henry,Pittsburgh,Feb.26,wrote in substance:
Dividend Record.-In June 1914 your company will have completed the
25th year of its corporate existence. Dividends have been paid from 1891
to date except for 9 months in 1906,6 months in 1908 and the year
Results.-The earnings were $511,562, an increase of $60,134.1909.
After
deducting dividends, $316,020, and the usual amount, $100,000, for
depreciation, the surplus was $1,277,059.
During the year $306.206 was spent in fully maintaining the plants and
equipment and this amount was charged against the cost of operation.
Bonds.-Of the 20-year 1st M.serial bonds,there were retired $125,000.
Net Current Assets.-Current assets Dec. 31 exceeded current liabilities
by $3,449,983.
Improvements, &c.-These to an aggregate of $132,019 were charged to
cost of property and equipment.
Oil Property.-The company owns at Haydenville, Hocking Co., Ohio,
a tract of 3,000 acres, in the vicinity of extensive oil and gas developments.
Our test well found oil at a depth of over 3,000 ft. and is now producing
about 10 bbis. per day. A further appropriation was authorized to cover
the cost of four additional wells; No. 2 proved dry and No.3 did not justify
pumping, so both were abandoned and the cost charged off. We are now
waiting before commencing work on wells Nos. 4 and 5 in order to profit
by the experience of our neighbors in their efforts to locate the oil or gas.
General Business.-The volume of business transacted during the year
was fairly satisfactory. Our educational advertising campaign has
fully
demonstrated its value by the steady increase from year to year in the num.ber of orders booked, applying particularly to residences and other
ings of the smaller bype, and especially to silos, which are coming intobuildvery
general use throughout the agricultural districts of the U. S. and Canada.
National Fire Proofing Co. of Canada, Ltd.-This company's
sheet
Dec. 31 1913 showed total assets of $699,588(good-will, rights,balance
option, &c.,
$225,000; land, buildings and equipment, $337,572, &c. , offset
by capital
stock (issued). $300.000; 1st M. bonds, $300,000; mtge. payable.
accounts payable, $34,344; bond kit. accrued, $9,000; dividend$16,000;
$3,000; surplus (earnings for year 1913, $40,245; less div. No. 1, No. 1,
$3,000).
$37,245.
RESULTS FOR CALENDAR YEAR.U
1913.
1912.
1911.
1910.
Net earns., all sources__
$511.563
$451,428
$436,071
$531,370
Pref. dividends (4%)---- $316,020
$316,020
$316,020
$316,020
Depreciation
100.000
100,000
100,000
100.000
Balance, stir. for year
$95,543
$35,408
$20,051
$115.350
BALANCE SHEET DEC. 31.
Assets1913.
1912.
1911.
1910.
Cost of prop.& oquip$12,563,876 $13,231,856 $13,102,603 $12,962,369
Stocks and bonds owned
203,910
340,346
301.006
238,232
Notes & acc'ts receivable 1,929,666
2,525,559
1,392,466
1,411,255
Inv.& adv.In oth. cos
560,750
Cash
332,122
328,283
444,220
580,311
Inventories
920,464
861,943
848,371
898.952
Total assets_ __ _.._ _ _- 16,510,788 17,287,988 16,088,666
16,091,114
LiabilitiesPreferred stock
7,900,500
7,900,500
7,900,500
7,900,500
Common stock
4,461,300
4,461,300
4,461,300
4,461,300
Mortgages
2,375.000
2,500,000
1,260,000
1,510.000
Pref. dividend accrued..
79,005
79,005
79,005
79,005
Bond interest accrued
39,583
41,667
15,625
18,750
Acc'ts pay.(¬es in'll)
378,340
424,000
396.096
265.475
Reserve for deprecia'n
700,000
600,000
500,000
Surplus
1,277,059
1,181,516
1,376,140
1,356,089
Total liabilities
16,510,788 17,287,988 16,088,666 16,091,119
-V. 98. p. 842.
[VOL. xcviIr.
a
power will be supplied on reasonable terms, furnishing
electricity required in the future for large power users in the territorythe
of the Narragansett company, and also a large amount of secondary electricity
to the company itself, and its steam plant in turn will be available as a reserve
plant
for your system.
Outlook.-The year 1914 should see completed the initial developments
which your directors have planned. With their
the system of
the New England Power Co. will be one of the completion,
largest hydro-electric systems in the country,serving a territory which produces
approximately
25%
of the value of all articles manufactured in the United States;
also a territory in which the price of coal is higher than in any
extensive manufacturing region in this country. The demand forother
has been constantly in excess of the supply, and your company haspower
only constructed
plants of the highest character, but, by the acquisitionnot
of additional water
rights, has made possible expansion as the growth of the power
market may
warrant. (See also V. 98, p. 308.)
The Pacific (Bell) Telephone & Telegraph Co.)
(Report for Fiscal Year ending Dec. 31 1913.)
Chairman Henry T.Scott, San Fr., Mar.4,wrote in subst.:
Compared with 1912 there was an increase of gross revenue of $1,348,749.
an increase of expenses of $1,176,258, an increase of net revenue of
$172,491,
a decrease of interest charges of $256,326. Number of stations added to
the system, 52,807, viz., 38,253 company stations and 14,554 service,
private line and connecting stations, making the total stations Dec. 31
1913 647,993. Total miles of wire, 1,806,169; increase, 81,367.
The net additions during the year amounted to 34,364,179, including:
Real estate acquired at Alhambra. Berkeley, Oakland, Santa Monica
and Visalia. Cal., and buildings completed at Seattle, Wash., and Tacoma.
Wash.,Portland, Ore., and San Diego, Cal. Buildings were begun and are
now under construction at Portland, San Francisco and Los Angeles.
Work Is In progress on the new San Francisco-New York circuit, which
involves a new polo lino across Nevada, connecting with the Mountain
States Telephone & Telegraph Co. at the Utah-Nevada line. This circuit
is to be ready for service Jan. 1 1915, at which time the long distance service between San Francisco and New York will be available to the public.
The toll and two-number facilities between San Francisco and Oakland
have been increased 50%, this increase including the placing of four miles
of large 154-pair armored submarine cable in San Francisco Bay.
During the year the two bond issues of the Sunset Telephone & Telegraph Co.(3750,000 1st Os and 32,250.000 consol. 5s) were retired and replaced by $3,000,000 bonds of the Pacific Telephone & Telegraph Co.
reserved for this purpose (V. 98. p. 309).
OPERATIONS AND FISCAL RESULTS.
[Includes in 1912 Sunset T.& T.Co.an
.
d1n
1812
1.
913 also Bell Tel. Co. of Nov.
*1913.
Number of stations__ _ _
647,993
595,186
150
913
14
9416
1;626
9:622
Exchange service
310,972 768 310,051,963
Toll service
$19,593,536 $18,244,786
3,715,329
3.973:650
Miscellaneous
1-.123,694
899,820
Total
$19,593,536 $18,244,786 316.070.112 $14,667.112
General..
$212,850
3236,372
Commercial
, 5.107
1,637.311
Traffic
58.427.081 $7,261,525
2,7
87
14:3
4 05
78
2
2,8
50
48:0
13
08
3
Rentals
Insurance
21,347
Miscell. maintenance_ _'
879,281
818
, 5.976,589
Repairs
2,738,612 t 1,8
61
03
5:8
70
48
2 2,7
01
35
8.3
23
80
2
Station remov.& chgs_
Depreciation
3,322,500
3.217,200
2,604,500
Taxes
755,944
660,719
453,972
416.586
Total
315.159,614 313,983,355 $12,607,838 311.791,699
Net earnings
4.261.431
4,433.922
3,462,274
2,875,413
Interest
2,433.659
2,177,333
2,186,147
1,676,208
Prof. dividends(6%)
1,920,000
1,715,250
1,090,500
1,080.000
(R. J.) Reynolds Tobacco Co.
Balance,surplus
$112,522
3185.627
$336,589
3119,205
(Report for Fiscal Year ending Dec. 31 1913.)
CONSOLIDATED BALANCE SHEET DEC. 31 1913.
1913.
1912.
1913.
1012.
(Incl. Sunset T. & T. Co. and Bell. Tolep. Co. of Nevada.]
1913.
1912.
1913.
1912.
Net earns, aft. chgs.,
Dividends__(12%)1,200,000
AssetsLiabilities$
$
$
5
exp.,dep'n,taxes,&c.2,862,567 2,899,957 Balance, surplus_ _1,662,567 (10)876,250
2,023,707 Plant
73,748,467 69,453,169 Preferred stock_ _ _32,000,000 32,000,000
BALANCE SHEET DECEMBER 31.
Real estate
6,017,728 5,943,787 Common stock_ _ _18,000,000 18,000,000
Supplies, &c
1,708,447 2,574,675 Bonded debt
1913.
41,664,000 42,080,000
1912.
1913.
1912.
Sinking fund
Assets258,605 1,558,749Accrued liabilities 761,082
Liabilities874,486
Real est., bidgs.,
2,290,660 2,273,539 Unearned revenue
Capital stock _ _ _ _ 10,000,000 10,000,000 Bond discount
7,440
Bills & acc'ts rem.. 3,094,718 10,270,776 Replace't res'ves_ 9,586,999 8,501,677
machinery, &c__ 3,215,467 2,615,607 Bills payable
2,976,994
23,360
Prepaid expenses- 119,332
Leaftob.,mfg.stk
117,401 Employees' ben.fd. 500,000
Current sects. pay. 358,084
500,000
420,386
Stocks and bonds_ 2,194,717 1,238,341 Bills payable
and oper. supp_ _13,758,680 9,188,479 Doubtful accounts
10,616
8,990 Intangible
amets_14,155,923 14,100,000 Acc'ts pay. & adv. 2,005,294 5,000,181
Cash
1,365,673 1,201,070 Prov. for allow1,070,920
Cash and deposits 1,235,758
Accts.& bills rec'le 2,600,170 3,242,032 ances, dep'n, &c. 893,783
598,394 Surplus
353,872
133,267
862,655
Miscellaneous.. __ _
Stock In other cos_ 258,991
46,892
39,150
265,581 Scrip. div. Oct _ _ 300,000
Patents, good-will,
Div. pay. Jan. 2_ 300,000
500,000
Total
trade-marks, &c_ 1,147,636 1,147,195 Surplus
104,871,247 108167,980
Total
104,8(1,247 108167,080
7,507,140 5,844,573 -V.
98, p. 391, 309.
Total
22,346,617 17,659,964
Total
22,346,617 17,659,964
-V.98. p. 767.
New England Power Co., Boston.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. George S. Smith,Boston,Feb. 19, wrote in substance:
Leased Plants.-In March 1913 the New England Power
of Maine
leased the water-power plants ofthe New England Power Co.(aCo.
Mass.corporation) on the Deerfield River, and by contract, lease and guaranty
acquired
the operating control of the hydro-electric plant, steam auxiliary plants
and
transmission lines constituting the Connecticut River Power Co.
system.
The year 1913 also saw the completion of much of the construction
work
started in 1911. Three plants near Shelburne Falls were placed in
operation early in the year, but they were necessarily operated at a disadvantage,
for the reason that the Somerset reservoir, the 110,000-volt
transmission
line from Shelburne Falls to Millbury (part of the so-called Providence
line)
and the transmission line to the Berkshires were yet to be finished.
Earnings.-The New England Power Co. has during the year met all of
its fixed charges, and shows a substantial surplus. With
Sonorset
reservoir and the transmission lines now available, the earningsthe
for 1914 will
be materially better than for 1913, and with the completion of development
No. 5,in the autumn of 1914, the earnings of the company may be
expected
to make a further marked incresso.
During the year 1913 the gross income of this company and its
allied
companies was $778,000, as against $514,000 for the year 1912;
net
earnings
$427,000, as against $324,000 for 1912, and the balance, after paying
interest and sinking fund, was $167,000,as compared with $150,000 for bond
1912.
It should also be noted that there was a surplus above guaranteed
dividends,
note interest and other charges, despite the fact that the Somerset
reservoir
was not completed, that the season was the dryest recorded in New
England
in 20 years. and that many parts of the transmission system were
not completed until late in November.
Customers.-The scope of our business can best be shown by a list of our
principal customers (shown in V. 98, p. 308). These customers
public service companies, electric-light companies, trolley roads,include
mill, paper mills, woolen mills, machine shops, car builders, wire cotton
-drawing
establishments, and many other forms of industry. The stability
our
earnings is assured by the diversity of the business so represented and of
large proportion of electricity furnished to public service companies, aby the
class
of business showing a marked increase from year to year.
Construction, &c.-During the year the company has secured water
rights formerly owned by Ramage Paper Co. on the Deerfield River.
mediately above our No. 5 development, increasing the head to 240 Imwith a relatively small increase in construction cost. When this plantft.,
is
completed, the developments on the Deerfield River will furnish approximately 55,000 h. p. For the coming year no new construction work is
planned, except a gradual extension of transmission lines in the territory
now served and the completion of No. 5 development as a generating station. The power house is now used as a transformer station
for the electric current delivered for propulsion of trains through the Hoosac Tunnel.
Important Contract.-During the past year a contract has been made
with the Narragansett Electric Lighting Co. of Providence, the
second
largest electric lighting company in New England. Under the contract;
:NA
North American Company, New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. James Campbell, March 18, wrote in substance:
Income.-The total income was $2,369,742, contrasting with $2,344,470
In 1912, and the balance carried to undivided profits account after paying
5% in dividends ($1,489,665) was $597,897, against 3641.562 in 1912.
Additions, Reserves, &c.-During the year the subsidiary companies
expended $10,525 891, which was charged to capital account, and provided
out of earnings and reserves for depreciation aggregating $3,401 ,02e, and
In addition thereto expended $3,116,082 on maintenance. Such care for
the preservation of your equities is worthy of attention.
Liabilitie..-Our loans and advances consist of money loaned to corporations upon their notes, with ample collateral security, together with
advances to subsidiary companies. The liabilities of the company consist
of its notes given for loans made to meet requirements of its subsidiary cos.
Subsidiary Companies.-(A) Sub. Cos. of Wisconsin Edison Co. Inc.(1) Milwaukee Elearic Ry.
Light Co.-Operating revenues increased
5.9% and net income increased 2.2%. Operating revenues of Railway Department increased 2.12%; light and power and steam heating increased
13.65%. Additions cost $2,377,113. (Sea report V. 98. 1:.• 518.)
In 1912 the Wis. RR. Commission filed an order extending the limits
within which a single fare may be charged, and requiring the company to
sell 13 tickets for 50 cts. (V. 97, p. 206)• The State Supreme Court sustained the Commission's decision, and an appeal has since been made to
the U. S. Supreme Court, the injunction secured by the company remaining
In effect. The company has created a reserve from revenues to provide
for the redemption of the coupons issued by it under the order of the
Commission should these decisions be sustained.
(2) Milwaukee Light, lien & Traction Co.-The operating revenues increased 16.6% and net income amounted to $661,367, an increase of 22.7%.
Additions cost $613,962, including extension of transmission lines to
Kenosha and to Jefferson, Lake Mills, Fort Atkinson and Johnson Creek;
paving; construction of eight "40" series pay-within cars, &c.
(3) Wisconsin Gas & Electric Co.-Operating revenues were $755,411.
an increase of 10.7%, and net income increased 4.6%. Additions
cost
$285,165, including new car station at Ashland Ave., Kenosha, with storage tracks and yards; additional track In Kenosha; 3 semi-steol cars, and
change to pay-as-you-enter type of nine old cars, &c.
(4) Watertown (Wis.) Gas (V: Electric Co.-Operating revenues increased
3.95% and net Inc. was $10.735, deer. 41.1%. Addi tions cost $15,568.
(5) Burlington Elec. Light c% Power Co.-Operating revenues amounted to
$22,616, increase 5.8%; net income decreased 64.1%. Additions, $1,569.
(B) Union Electric Light & Power Co. of St. Louis.
4
The operating revenues were $3,186,904, an Increase of 1.31%; gross
income decreased 10.6% and net income decreased 22.2%. The
operating
revenues reflect the effect of the reductions in rates charged for electric
service made in the latter part of 1912. The energy sold during a1913
amounted to 200,266,517 k.w.h.,an increase of 11.5%,largely attributable
to the reduction in rates, combined with an aggressive new business policy.
Under the contract with the Electric Co. a Missouri for the purchase of
hydro-electric power developed at the plant of the Mississippi River Power
Co. at Keokuk, Iowa, delivery of such power to the Union A. L. & P. Co.
was begun on July 1 1913, necessitating a reduction in the output of the
an increase in the cost of steam-gens earn plants. This has resulted in of
the purchased power, is largely reerated energy which, with the cost
expenses referred to.
in
operating
increase
the
for
sponsible
for
additions, notably: Conduit and
The company expended Si,0a6,090
alterations
cable for transmission and distribution of hydro-electric energy;
sub-stations.
and
stations
power
to
and additions
Power Co.).
(C) Electric Co. of Missouri (Successor of Suburban Elec. Light ds
Co. by change of
This company (successor of Suburban Elec. Lt. & Pow.
of the American Lt.
name) acquired the properties, business and franchises
(Mo.)
Washington
of
Co.
Electric
Tibbe
(Mo.).
Union
of
Co.
Power
&
indebtedness
and Pacific (Mo.) Electric Co., the entire capital stock and
of the Mississippi
of the National Subway Co. of Missouri and the property
under its
River Power Distributing Co., also the rights of the last-named
purchase annually of
contract with the Mississippi River Power Co. for the transmitted
by highis
60,000 h.p. of hydro-electric energy. This power
Power Co. plant at
tension transmission line from the Mississippi River
lectric
of-E
-station
sub
the
Keokuk, Ia,(V.97,n.302,1667), and deliveredlat
and from this point distributed
Co. of Missouri on the outskirts of the city,Light
United
and
Co.
Power
&
Electric
to the sub-stations of the Union
system of the Electric
Railways Co. of St. Louis, and over the distribution
96, p. 1024)•
Co. of Missouri in St. Louis County (V.
not acquired until
were
Pacific
and
As the plants at Union, Washington power under the contract with the
March 1913, and as delivery of water
1 1913. the earnings
July
until
begun
not
was
Co.
Power
Mississippi River
year are not comparable with those
of the Electric Co. of Mo. for the entire
1912.
Electric Light & Power Co., for
of its predecessor co., the Suburban
of construction of Page
completion
(0
chiefly
8616,713,
Additions cost
energy;
lectric
hydro-e
of
distribution
Ave. substation and equipment for
d distribution systems; (3) in(2) extensions to overhead and undergroun
Groves. Mo., &c.
stallation of street-lighting system in Webster
(D) The St. Louis County Gas Go.
of 9.6%; operating exincrease
an
$215,837.
Operating revenues were
largely on account of increased
penses, taxes and reserves increased 18.2%,
and net Income decreased
7.7%,
increased
charges
interest
gas
oil;
of
prices
4.6%. Additions cost $107,499.of St. Louis (see Report, V. 98,
683)•
Il) United Railways Company
, an increase of 3.7%; gross income
Operating revenues were $12,702,645
net Income decreased
and
1.3%,
decreased
charges
decreased 7.2%; interest $1,750,000 underlying bonds matured, of which
21.7%. On July 1 1913 81,000,000 were extended for 10 years at 5%•
$750.000 were paid and See V. 08, Ps• 683.
Additions cost $697,066.
DEC. 31.
BALANCE SHEETS OF SUBSIDIARY COMPANIES AS OF
Wells
St. Louis Elec. Co.
MiLELRy.
Power Co.
Mo.
of
& Lt. Co. United Rys. of St. L. Co. Gas Co.
1913.
1913.
1913.
1912.
1913.
1913.
$
$
$
8
$
Assets-$
Prop., plant, &c_35,545,480101,768,304101,130,634 1,200,217 3,693,966 494.699
2,982,175 2,802,000
&Imre. in treas
17,650
7,745
4,873
667,649
301,145
148,001
Cash
20,000
755 282,959
234,987 f
251,444
11,2591
Notes&bills recelv
15,118
199,303
24,926
1
2,204,4955
receivable
Accts.
7,029
56,220 134,268
460,219
705,290
Mat'is dr supplies 625,431
1,616
9,046
1,122
25,331
31,614
7,732
Prepaid accounts
139,163
exp.
&
disc.
Bond
Res'vesk.fd.,&c. 1,050,000
2,560
107,215
Miscellaneous _ _ _
39,699,667106,039,972105,320,821 1,429,836 4,327,287 556.112
Total
LiabilitiesCanttat stock__ _14,350,000 41,900,300 41,900,300 500,000 2,000,000 200,000
Funded debt__ A8,533,000 58,526,000 59,210,000 700,000 1,750,000 225,000
142,193 5100,000 167,682 1 5,621
Bills payable... 445,0001 578,354
1 12,917 226,691 5
Accounts payable 304,9421
410,935
Vouch.Sr pay-rolls
43
3,155
5,464
4,578
4,927
25.151
Surety,&.c.,depos.
Int.,taxes,&c.,accr.. 404,512 1,119,649
45,000
Divs. accrued...
3,993,219 1,584,526
Reserves
247,092
Miscellaneous _ _ _
1,351,751 2,326,216
Surplus
(F) West Kentucky Coal Co.
826,967 tons, an increase of 22.4%.
The eight operating mines produced
0. and gross income
an increase of 17.17
The gros.s sales were 81,309,546,
production during Jan. 1914 was
total
The
83.5%.
increase
was $221,505,
largest
94,189 tons, being at rate a over 1,130,000 tons per year, or the
In the company's history.
in
Southern
fuel
as
of
oil
the
use
of
large
in
measure,
nce,
discontinua
The
territory forecasts a substantial increase In the use of coal.
(G) The Detroit Edison Co. (see Repot t, V. 98, P. 688)•
INCOME ACCOUNT FOR CALENDAR YEARS.
1912.
$537,327
1,517,953
289,189
1913.
2476,695
1,814,424
78,623
Receipts-
Interest
Dividends
Other profits
1910.
1911.
$659,994
1,392,448
53,551
DeductSalaries, legal expenses, &c
Taxes
Interest
Dividends(5%)
$76,217
11,654
107,674
1,489,665
$77,514
26,160
166,968
1,489,665
$712,902
1,357,304
34,797
$80,547
5,657
107,477
1,439,665
$87,361
13,234
142,923
1,489,665
$1,760,307 $1,685,210 $1,733,183 $1,683,346
Total
$421,657
$372,810
$659,260
$609,435
Balance, surplus
57,937
5,609
17,697
11,538
Accounts,written off,and reserves
$363,720
$367,201
$641,563
$597,897
Surplus
$5,035,471 $4,393,909 $4,026,708
Total undivided profits Dec. 31_ $5,633,368
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
Liabilities$
$
Assets29,793.300
_
_
_
_29,793,300
stock_
Capital
25,177,712
26,170,809
Stocks
7,260,579 5,089,905 Notes payable_ _ _ _ 3,070,471
Bonds
372,416
Dividends accrued 372,416
Loans & advances_ 5,196,284 3,574,618 Divs.
7,367
8,531
unclaimed_
Office and miscel305,203
1
1 Funds subsid. cos_ 1,478,381
laneous property
32,269
21,334
payable_
Accounts
779,864
345,066
Accts. receivable_
1,405,062
923,926 Undivided profits.. 5,633,368 5,035,471
Cash
40,377,801 35,546,026
Total
40,377,801 35,546,026
Total
RESULTS OF SUBSIDIARY COMPANIES FOR YEARS END. DEC. 31.
West Ky. Coal Co.
United Rys. of Si. L.
* Wisc. Edison Co.
1912.
1913.
1912.
1913.
1912.
1913.
5
$
$
$
$
$
Operating revenue 8,348,268 7.733,151 12,702,645 12,251,09111,309,516 1,118,418
64,9175
84,350
48,198
Non-oper. revenue 60,068
Gross revenue_ -8,408,336 7,781,349 12,786,995
Oper. exp., taxes,
reserves, &c____5,740,373 5,283,569 9,227,291
Net income____2,661,963 2,497,779 3,550,704
Interest accrued_ _1,226,611 1,507,575 2,660,674
899,030
Surplus income_1,435,352 090,204
Pref, stock div__ _ 270,000 275,500
12,310,008 1,309,546 1,118,418
8,480,724 1,063,088
911,716
246,458
325,689
206,702
299,492
3,835,285
2,696,197
1,139,088 D.79,231 D.92,791
899,030 1.139,088aD.79,231 aD.92,701
Balance, Burp_ _1,165,352 714,704
see below.
'Total earnings of subsidiaries; for earnings of separate oper. cos.
Kentucky Coal Co., after adding $24,054 loss to
a The total deficit of the West
In
1912, after
in
and
was
1913
&c.,
$104,183;
storms,
of
barges and coal on account
adding $86,014 loss to river fleet written off, $178,805.
St. Louis Elec. Co.
Un. Elec. L.&P.Co. -Detroit Ed. Co.- Co.Gas Co. of Mo.
1913.
1912.
1913.
1912.
1913.
1913.
$
$
$
$
$
$
Operating revenue..3,665,421 3,636,15715,546,587 4,385,615 f 215,337 884,977
27,665f
1 10,359
31,631
17,361
Non-operating rev__
-Gross revenue... _3,682,782 3,663,822 5,546,587 4,385,615 226,196 916,608
Op. exp.. tax. & res_2,145,241 1,943,647 3,222,226 2,527,180 141,396 666,645
1,537,541 1,720,175 2,324,361 1,858,435
Not income
Interest accrued...._ 840,576 842,928 695.702 712,926
84,800
41,304
240,963
56,759
Surplus income__ 696,965 877,247 1,628,659 1,145,509
(6)593,100(6)593,100(7)774,642(7)524,349
Dividends
43,406
193,204
43,496 193,204
Balance, surplus_ 103,865 284,147 854,017 621,160
Wells Power Co. gross revenues, $147,057; surplus after interest, $22,473.
Earnings for 1913 of Subsidiaries of Wisconsin Edison Co.
MiLELRy. Mil.L.,H. Wis. Gas Wet. Gas BurLELL. No.Mil.L.
& Lt. Co. & Tr. Co. & E. Co. & El. Co. &Pow.Co. &Poto.Co
Operating revenues.6,016,916 1,443,251
Operating expenses_3,182,407 710,982
76,896
Maint. and depree'n 633,359
Taxes
390,668 101.028
753,411
470,550
44,987
32,251
08,353
54,616
10,926
5,599
22,616
18,277
2,707
434
Net oper. rev....1,810,432
45,178
Non-oper. revenue__
554,345
721,700
205,623
5.534
27,212
6.144
1,198
1,308
Gross income-___1,855,660 1,276,045
Interest charges-- 733,323 614,677
211,157
33,358
2,506
106,841
22,621
134
1,122,337 661,368
Net income
Preferred dividends_ 270,000
-Balance,surplus- 852,337 601,308
104,316
12,000
10,735
2,372
92,316
10.735
2.372
13,722
8,766
1,372
549
1,137,698
1.057,608
1,457,508
8,750
36,458
766,1
52,404
20,000'
3,701
6,376
62,976
23,925
17,150
10,000
83,661
14,637 •
39,699,667106,039,972105,320,821 1,429,836 4,327,287 556,112
Total
-Un. El. Lt. & P. Co.- -Detroit Edison Co.- -West Ky. Coal Co.1912.
1913.
1912.
1913.
1912.
1913.
$
$
$
$
$
$
AssetsProp.,plant,&c.27,387,947 26,705,891 28,281,397 24,065,531 4,345,787 4,065.038
33,900
347,665
382,869
138,277
Secur. in treas__
14,617
14,539
370,037
527,167
.137,250
19,271
Cash
696,913 261,334 217,559
497,7231 1,000,512
1,673
Notes & bills rem.
486,6065
Accts.receivable 1,401,578
298,050 1,420,523 1,189,179 138,546 112.407
Mat. & supplies 404,786
Def. chgs., bond
12,271
2,886
461,565
470,435
800,748
819,854
exp_
disc, and
14,201
50,204
74,657
6,908
Prepaid sects_
3,728
4,989
Sinking fund_
78,130
11,884
30,500
Miscellaneous
y1,991,841 1,851,716
Deficit
$2,369,742 $2,344,470 $2,105,993 52,105,003
Total
909
THE CHRONICLE
MAR. 21 1914.1
30.210,794 29,330,021 32,201.086 26 367,328 6,774,123 6,277,336
r scia,-14 11.111$
‘t
•
Liabilities8,749,800 500,000 500,000
Capital stock _ 9,885,000 9,885,000 13,415,400 13
1.849,000
1,794,000
,590,200
13,716,900
16,398,000
17,071.000
Funded debt
398
2,082,767 1,989,176
Notes&billspay. 100,000
3,713,793
4,225,038
933,125
923,431
393,277
402,484
payable_
Accts.
44,676
64,788
34,989
Surety, &c.,dep.
50,097
50,000
308,270
293,579
315,052
Int.,tax.,&c.,acc. 518,665
76,367
91,217
Divs. accr., &c_
164,048
205,085
653,052
866,595
1,105,236 1,286,412
Reserves
599,029
975,912 x837,626
1,002,202
Surplus
Total
30,210,794 29,330,021 32,201,086 26,867,328 6,774,123 6,277,336
approx After adding $5,755 premium on capital stock and deducting $510,000
priated for depreciation, $50,000 appropriated for insurance and employers' liability reserve and $55,420 for adjustments. y After charging to profit and loss
for adjustments.
$47,282 for appropriation for depreciation and crediting $11,341
Balance Sheets of Subsidiaries of Wisconsin Edison Co., Dec. 31 1913.
Total
AssetsProperty, plant, &e
Investments
Cash
Notes & Bills receivable
Accounts receivable
Materials and supplies
Prepaid accounts
Reserve sink. fund, &c_ _
Miscellaneous
Mil. Lt.,Ht. Wis. Gas Warn Gas Burl.ELLt. N.MILLt
& El. Co. & El. Co.& Potr.Co. &Poto.Co
& Trac. Co.
$10,443,633 $3,294,623 $682,931 $68,362 $31,915
14,151,797
2,921
2,660
3,296
10,038
79
971
1,740
23,618
74,709
667
1,188
25,054
151,058
720
149
50,000
19
249,861
6,480
$24,652,059 $3,781,088 $734,899 $73,200 $37,243
Total
Liabilities$1,200,000 $200,000 $50,000 $25,000
$10,000,000
Capital stock
170,000
2,000,000
11,189,000
Funded debt
8,000
1,500
141,000 231,562
125,000
Notes& Bills payable
1.000
31,209
38,982
2,180,180
Accounts payable
100
8,213
333
Deposits
630
956
8
89,969
102,267
Int., taxes, &c., accrued___
1,500
56,000
Divs,accrued or unpaid_
9,031
43,047
121,886
465,876
Rdserves
1,824
42
2,487
2,710
Miscellaneous
971
10,837
55,305
122,328
589,736
Surplus
$24,652,059 $3,781,088 $734,899 $73,200 $37,243
Total
-V.97, p. 296.
Chicago Telephone Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Bernard E. Sunny, Chicago, Feb. 3 wrote in subst.:
The growth in telephones for the year 1913, 48,275, was the largest in
was 430,812;
any year in our history, and the total number Dec. 31 1913 Chicago
consix years ago there were 202,681 telephones. The increase in
tinues to be largely for the low-priced service.
in
1912
increased
was
account
plant
the
subscribers,
To care for the new
ly $6,000,000 will be
$4,283,664 and in 1913 $5,869,589. Approximate
to depreciation
required for the purpose in 1914. Replacements charged
in 1913. While the
$1,558.070
and
1912
in
reserve amounted to $1,014,145
to outside plant,
replacement has been in the past largely with reference
the city, including the
we are in a condition now where several exchanges in
abandoned, the salvage
land, buildings and switchboards, &c.. must be
provided. The
value of which will be small, and new and larger exchange
charge to replacement on account of growth must necessarily be a heavy
one each year for some time to come.
and classes of
The negotiations with the city with reference to rates
finally concluded
service, which were carried on for about four years. were
that time fixed by
in June 1913, and rates and classes of service wereofattime
has not elapsed
ordinance for a 5-year period. A sufficient length
since the new rates and classes of service have been in force to determine
the effect on the revenue.
GROWTH OF PLANT.
1912. 1911. 1910. 1909. 1908. 1907.
1913.
No.owned st'ns. 4:30.812 382.537 334.463 300,618 262,359 231.180 202.681
Total miles wire..1139,471 899,530 812,804 668,733 626,438 550.445 471,168
"
EARNINGS. EXPENSES, ctc.
1010.
1911.
1912.
1913.
$16,274.602 511,5:38,399 $12,678,390 $11.331.153
Gross earnings
9,076.080
10,151,3291
11,212.691
12,668.631
_
*Operating expenses..
761.296
264,5215
969,414
3,035 Interest
204
12.636.554 12.531,412 12,262.540 $2,255,073
Net earnings
$1,000
3,239 sinking fund
2.160.000
2,160.000
2,160.000
2,160.000
514 i Dividends paid (8%)
i
$95,073
$102.540
$374.412
$175,554
plus
Sur
2,725 I
*Includes current maintenance and depreciation amounting to $5.189.921
2.725 in 1913 and $4,719,145 in 1912.
910
THE CHRONICLE
X011111.
BALANCE SHEET DEC. 31.
RESULTS FOR YEARS ENDING JUNE
1913.
30.
1912.
1913.
1912.
Assets-Years end. Dec. 31- 6 Mos. end. J'ne
$
Liabilities-30 Year
$
Real estate
1913.
5,396,736 4,901,925 Capital stock_ _27,000,000 27,000,000 Shipments
1912.
Dec.31191
1. 1910-11.
Telephone plant_ _42,133,333 36,522,784 1st M.58 gold
$12,165,328 $12,238,367 $4,407,257
bds.19,004,000 19,000,000 Net profits for year_ _ _ _x$1,629,1
$10,379,279
Furniture, tools &
48
$1,177,981
Other bonds assum
$383,874 $1,424,108
14,000
14,000 Interest on bonds
supplies
$115,686
1,356,887 1,597,864 Real estate mtges_
$122,715
$64,104
$131,955
3,500
4,000 Cash dividend
Cash and deposits 393,697
*991.540
*991,530 (5)495,765 (10)991,515
933,663 Accounts payable.. 1,923,066
991,880
Bills and accounts
Accr.liab., not due 871,001
781,231
Total
$1,107,226
receivable
8,487,960 11,230,892 Prem.on lstM.bds
$1,114,245
$559,869 $1,123,470
59,470
65,500 Balance
..sur.$521,922 sur.$63,736
Stocks and bonds_
9,952
11,253 Employees' benefit
def.$175,995 sur.$300,638
Appreciation of ore lands
Sinking fund asmts
10,000,000
3,000
2,000 fund
400,000
400,000
Replacements, &c.,
Balance,surplus_ _.._ _
$521,922 $10,063,736 def.$175,995
reserve
7,842,865 6,748,712 Surp. beginning of year.. 2,973,548
8
2,825,213 3,001,208 sun$300,63
Surplus
662,763
195,058
2,950,570
Total
$3,495,470
Total
$12,888,94
9
57,781,565 55,200,381
$2,825,213
Total
57,781,565 55,200,381 Stock dividend (100%).
$3,251,208
-V. 98, p. 526.
9,915,400
Special depreciation_ _ _ _
250,000
250,000
Diamond Match Co.
Tot. surp. end. of yr.. $3,245,470 $2,973,549 $2,825,213
$3,001,208
(Report for Fiscal Year ending Dec. 31 1913.)
* Dividends in 1912 were at the rate of 10% yearly on the
outstanding
capital stock until Oct. 15 1912, when
the stock was readjusted; since then
Below we give comparative income accounts and balance the rate has been 8%
on the pref. and 2%
the common.
x After deducting $297.299 for provisionon
sheets for four years (further data will be given another week): extinguish
for exhaustion of minerals and
ment of lease values for the year ending Dec. 31 1913, against
$71,522 for the year ending Dec. 31 1912, $21,340
INCOME ACCOUNT.
for the 6 mos. ending
Dec. 31 1911 and $36,405 for year 1910-11.
1913.
1912.
1911.
1910.
Net profits after deductBALANCE SHEET DEC. 31.
ing reserve for doubtful accounts, &c
$2,187,831 $2,505,192 $2,406,444 $2,221,668
1913.
1912.
1913.
1912.
Depreciation, repairs &
Assetsreplacements
412,015
385,089
382,431
371,186 Property acct__a21,827,456 21,676,284 Preferred stock_ _ _ 9,015,400 0,915,400
Investments
106,597
146,934 Common stock_ _ 9,915,400 9,915,400
Balance of profits_ _ _ _ $1,775,816 $2,120,103 $2,024,013
3,500
11,500 Bonded debt
$1,850,482 Sink, fund deposit
1,777,000 1,968,000
Approp. for gen. res've $250,000
$250,000
$150,000} $150,000 Deferred charges
Wages, taxes and
Deprecia'n reserve
150,000
to
operation
150,000
15,924
20,346
royalties
accrued
299,647
290,048
Dividends
(7%)1,126,338 (7)1,125,235 (6)960,000 (6)960,000 Inventories
3,087,182 3,223,905 Accounts payable_ 334,467
341,217
Accounts and bills
Accrued int., &c
15,138
60,067
Surplus
$249,478
receivable
$594,868
$914,013
1,306,095 1,511,770 Dividends unpaid_
$740,482
50,386
52,081
Previous surplus
614,951
520,082
698,460
606,069
865,587 Cash
965,460 Depr.,&c.,funds_b2,392,406 2,041,538
Total surplus
3,245,470 2,973,549
Total
$864,429 $1,114,951 $1,520,082 $1,606,069
Patents, rights, tradeTotal
27,945,214 27,556,200 Total
27,945,214 27,556,200
marks,&c., written off
500,000
1,000,000
1,000.000
a Includes real estate, buildings, machinery, &c., also mining,
Surplus Dec 31
gas and
$864,429
$614,951
$520,082
$606,069 oil properties 1913. b Reserve funds include: For depreciation,$1,481,547
;
exhaustion of minerals, $677,466; for re-lining furnaces,
BALANCE SHEET DEC. 31.
extraordinary repairs and contingencies, $233,393.-V. 96, p. 1625.
Assets1913.
1912.
1911.
1910.
Plants& 0th. invest'ts $5,573,973 $5,914,666 $5,618,396
Pine lands & stumpage.. 4,186,022 4,191,745 4,229,420 $5,530,183
Nova Scotia Steel & Coal Co., Ltd.
4,331,327
Pat'ts, trade-marks, &c. 2,500,000 2,500,000 3,000,000
4,000,000
Def. charges to oper_ _ _ _
(Report for Fiscal Year ending Dec. 31 1913.)
153,540
139,796
114,433
Matches
552,540 . 695,040
985,001
867,179
Lumber and logs
2,896,268
2,676,879
Pres. Robt E. Harris says in substance:
2,913,760 2,528,653
Misc. mdse. & supplies.. 1,255,968
1,154,198
970,748
987,020
The profits for the year were $1,255,954, as compared with
Notes receivable
348,945
593,120
317,757
195,457
$1,000,610
for 1912.
Acc'ts rec. less reserve_ _ 2,054,806
at the rate of 8% on the pref. and 6% on the
1,321,028
1,617,546
2,869,171 stock have Dividends
common
Cash for coupons
been paid quarterly.
11,631
10,794
12,481
Thesum $32,659 has been applied to the sinking fund for
Cash
1,658,190
1,261,739
1,453,145
735,464 $70,185 hasofbeen
bonds,
added to the reserve funds, and $107,682retiring
expended
Total
$21,210,081 $20,472,749 $21,258,050 $22,158,887 improvements and betterments has been written off. The aggregatefor
of
these sums Is $210,527. and is considerably in excess of the
Liabilitiesamount
deemed
Capital stock
$16,090,600 $16,075,400 $16,000,000 $16,000,000 necessary to provide for depreciation.
During
10-yr. 6% cony. debs
the
year
debenture
$2.000,000 of
stock was sold and the
1,328,000
1,512,000 2,000,000
404,100 applied
Notes payable
payment of the amounts expended in 1912 and 1913 onproceeds
capital
1,900,000 account.in The
Sierra purchase
charged to capital account in respect to the expen*1,077,097
1,378,556 penditure of theamount
Int. coups. not presented
past year is $1.158,462 (V.96, p.1301: V. 97, p.1289).
11,631
10,794
12,481
The Eastern Car Co.(whose entire issued common stock Is held by your
Accounts payable
725,764
540,175
340,300
735,032 company)
Int&pay-rolls(pd.Jan.).
has been continuously engaged since Sept. in the manufacture
98,936
98.421
94,315
146,545 of cars, and
Taxes accrued (est.)
its operations indicate that it will prove a valuable asset to
73,696
67,640
60,113
65,110
Reserves
our shareholders.
2,017,026
1,553,369
1,153,662
923,476
Sttrplus and profits
Work on the new Jubilee shaft at Sydney Mines has been carried on
864,428
614,951
520,082
606,069 throughout
the year, and it is expected that this colliery will be fully
Total
$21,210,081 $20,472,749 $21,258,050 $22,158,887 equipped early in the year 1915. An additional open-hearth steel furnace
has been erected at Sydney Mines. A large amount of work has been done
* Deferred payments due 1911 to 1921 to Bryant & May,Ltd., on Cali- In further developing our submarine iron ore areas at
Wabana and many
fornia purchase.-V. 97, p. 1288.
additions and improvements have been completed during the past
year.
RESULTS FOR CALENDAR YEARS.
Union Switch & Signal Co.
1913.
1912.
1911.
1910.
Profits for the year
$1,255,954 $1,000,610 $1,019,392 $1,140,504
(Report for Fiscal Year ending Dec. 31 1913.)
Balance broughtforward
452,601
508,545
500.603
336,807
1913.
1912.
1911.
1910.
Gross receipts
Total available
Not stated
$1,708,555 $1,509,155 $1.519,995 $1,477,311
$4,139,902 $6,259,093
Net income
Interest
on
1.763,995
bonds,
&c
1,146,362
$395,576
$352,311
948,220
$291,169
1,365,288 Int. on debenture
$248,000
Surp.over int. and depr. 1,618,008
stock_
1,004,731
109,560
60,000
826,172
60,000
1,231,507 Depreciation, renewals_
60,000
Divs.on common (12%) *538,934
481,681
70,186
470,926
92,196
96,124
240,000 Div.on pref.
79,371
Divs.on preferred (12%)
*60,000
stock
(8%)
60,000
82,400
82,400
60,000
82,400
59,784 Div. on common
82,400
stock_(6%)360,000(6%)360,000(6%)360,000(430270
,000
Surplus for year
Disc.,&c.,on bds.issued_
$1,019,074
$463,050
$295,246
$931,723 Improv'ts
1
218,103
& betterm'ts.
107,682
61,010
73,881f
*A dividend of 33 1-3% has been declared on both common and pref. Sinking fund and misc__
55.264
48,637
47,876
18,834
stocks, payable April 20 to holders of record Mar. 31. Compare
V. 98.
p. 843; V. 97, p. 1903.
Total
$1.180,668 $1,056,554 $1,011,450
$976,708
Surplus carried forward_ $527,887
$452,601
$508,545
$500,603
BALANCE SHEET DECEMBER 31.
1913.
1912.
BALANCE SHEET DECEMBER 31.
1913.
1912.
Assets$
Liabilities$
$
AssetsReal est.& bldgs_ _ _ _1,217,952 1,214,400 Common stock
1913.
1912.
1911.
1910.
4,490,028 4,457,535 Property and mines_
Mach., tools and fixt 875,258 834,114 Preferred stock
...$16,829,076 $15,670,614 $14,489,286 $13,490,554
500,000
500,000
Inventories
Patents
1,714,184
1,338,128
1,000,000 1,000,000 Bonds
1,776,575
1,245,682
17,000
Ledger acc'ts & bills rec_
Investments
590,543
907,485
221,740 131,990 Accounts payable__ 398,956
488,161
606,857
428,366 Cash
Cash
1,466,907 1,385,104 Bills payable
397,289
268,416
328,594
498,788
100,000
Bills & accts. receiv_1,863,534 1,427,900 Adjust. reserve
150,000
150,000
Total
Stores sr contracts_ _1,584,553 1,377,830 Surplus account_ _ _82,691.975
$19,362,228 $18,620,877 $16,815,247 $15,841,881
1,720,471
LiabilitiesIns, not matured_ _ _
955
2,035
Preferred stock
$1.030,000 $1,030,000 $1,030,000 $1,030,000
Common stock
Total
6,000,000 6,000,000 6,000,000 6,000,000
8,230,959 7,373,372 Total
8,230,959 7,373,372 Bonds
5,911,809 5,946,809 4,933,900 4,960,000
Sinking fund
*After adding $34,706 royalties and $7,135 premium on stock
26,101
88,278
53,556
and
deDebenture stock
ducting $22,966 for depreciation and patents and $66,445 for adjustment
1,000,000
1,000,000
3,000,000
1,000,000
s General reserve
prior years' accounts.-V.08, p. 843.
750,000
750,000
750,000
750,000
Bills payable
775,000
200,000
490,000
Pay-rolls & acc'ts not due
440,691
534,020
389,930
304,597
La Belle Iron Works, Wheeling, W. Va.
Fds.cred. East. Car.Co.
971,599
Coupons (January)._ --123,347
147,795
148,670
124,000
(Report for Fiscal Year ending Dec. 31 1913.)
Coupons not presented_
1,540
1,529
2,522
843
Deb. stock int. Jan. 1_ _
30,000
30,000
88,560
30,000
Pres. W. D. Crawford says in substance:
Div. on pref. Jan. 15_ _ _
20.600
20,600
20.600
20,600
Ore, Coal and Coke.-Our ore properties, operating on a basis to supply Div. on common Jan 15
90,000
90,000
90,000
75,000
1,023.332
1.029,270
the Steubenville furnaces, produced for the year 424,272 gross tons. The Reserve for depr., &c.... 1,085,694
994.624
29,153
coke properties were operated at full capacity, producing 112,447 net tons Insurance funds
72,223
62,191
51.614
Profit and loss
527,887
of coke. The Steubenville mind was operated continuously
452,601
508,545
500,603
and produced
173,508 net tons of coal.
Total
Manufacturing Plants.-These were operated to capacity during
$19,362,228 $18,620,877 $16,815,247 $15,841,881
first -V. 98, p. 614.
nine months except for interruption in the first quarter caused bythe
floods.
During the last quarter of the year operations were gradually
due
to a pronounced depression in business,the comparison being asreduced,
follows:
The Butterick Company.
Gross tonsYear 1913. Year 1912. 6 Mos. 1911
Pig iron
256,659
263.867
69,762
(Report
for
Fiscal Year ending Dec. 31 1913.)
Billets and slabs
327,864
322,603
103,209
Finished goods
401.982
418,487
148,259
Pay Roll.-Avg. number of workmen 3,980; pay-roll,
INCOME ACCOUNT.
$3,562,221.
Shipments.-Aggregate value, $12,165,328 [against $12,238,367 in 1912].
1913.
1912.
Maintenance.-$648,200 was expended, against $608,800
1911.
1909.
1910.
for
1912.
Profits
$516,598 $461,748 $695,296 $559,002 $453,657
Oil Production.-OutpW in 1913, 5,050 lab's.; present output, about
Div. on Ridgway stock_
44,120 86,814
19,700
500 bbls. per month.
Reserves.-In addition to adequate provision for all ore and coal land deNet income
$516,598 $461,748 $739,416 $645,816 $473,357
pletions, ample reserves are provided for re-lining, re-building and contin439,416 439,416 439,416 438,026 287,730
gent fund, and the general depreciation reserve has received a further Dividends paid
$250,000, bringing the total reserve for this purpose to $1,481.547
.
Balance,surplus
$77,182 $22,332 $300,000 $207,790 $185,627
MAR. 211914!
THE CHRONICLE
911
Chesapeake & Ohio Ry.-5-Year 5% Secured Gold Notes.
BALANCE SHEET DECEMBER 31.
1912.
1013.
1912.
1913.
-These notes, of which $33,000,000 were recently underwritLiabilitiesssetsten, are being offered by bankers privately at 97 less int. to
Real est. Sr Inapt& 1,826,155 1,823,576 Capital stock - _14,647,200 14,647,200
710,000 June 1 1914, yielding about 5.70%.
Machinery dr plant 1,715,360 1,655,145 Mortgages payable 710,000
300,000
300,000
We understand that the issue of these notes will increase the fixed
Pat.,good-will4c. 9,786,065 9,786,065 Bills payable
211,716 charges about $325,000. See V. 98, p. 838, 762.
205,990 Accounts payable- 184,937
311,467
Cash
600,000
133,800 Federal Co. bonds 600,000
138,800
Bonds owned
Formal Decree in Government Suit.-Judges Warrington,
127,104 Reserves and deStocks owned_ .. _ _ 127,209
913,066 Knappen and Denison,in the U.S. District Court at Colum1,089,483
preciation
Ridg.Co.stk.purch. 2,647,200 2,647,200
1,689,002 1,611,824
Accts. receivable_ 1,797,148 1,671,207 Surplus
bus, Ohio, on March 14 handed down the formal decree in
278,819
_
_
_
221,505
in
stock..
Paper
the suit brought by the Government in August 1911 and in
Mdse. manufact'd
664,900
and in process__ 649,713
which separate decisions on various points were rendered
19,220,622 18,993,806 in Dec. 1912 and Nov. 1913. Compare V. 96, p. 62, 134;
Total
19,220,622 18,993,806
Total
out97, p. 1425.
The Ridgway Co., the greater part of whose stock is owned, had
loss for V.Statement by Chairman Trumbull Explaining Main Features.
standing Dec. 31 1913 $1,000,000 stock and $500,000 bonds. The
p.612.
98,
1912.-V.
in
$22,442
of
profit
The decree appears to follow the opinions previously rendered in approvthe year 1913 was $5,526, against
ing, under the Sherman Act, the ownership by the Chesapeake & Ohio
of the Hocking Valley stock and in directing the sale of the stock to the,
Pittsburgh (Pa.) Plate Glass Company.
Sunday Creek Co. Forty days are allowed for the latter sale, with privilege
1913.)
31
Dec.
(Report for Fiscal Year ending
of extension of time on application to Court.
The so-called March agreement, pursuant to which the Kanawha &
:
Pres. John Pitcairn, Pittsburgh, Feb. 11, wrote in subst.
Michigan stock was acquired by the Chesapeake & Ohio and Lake Shore.
of our products for the first is absolutely annulled, except that the question of reciprocal use of tracks
The demand early in 1913 insured the sale
for the last half of the in Ohio (between Chauncey and Fostoria-Ed.] is reserved for further.
six months at remunerative prices. The demand
conditions, al- decree. The Lake Shore is required to make an offer to the Chesapeake
year was good, considering the disturbed general business
to make a further & Ohio for its Kanawha & Michigan stock within 40 days,the price to be
though toward the close of the period it was necessary
In spite not less than one-half the total cost of the stock held by both companies.
duties.
tarriff
in
reduction
the
to
in
meet
reduction in prices order
products are used without interest. Unless such offer is made, and is accepted by the
of this, the importations of plate glass increased. As our
months before their Chesapeake & Ohio, the interest of both companies in said stock is to be
largely in finishing building operations projected many
of a business depression sold absolutely. In that case the sale may be made to any one or more
use is required, our business is slow to feel the effect
to determine the full effect responsible railroad companies or other purchasers, but the purchasers
or a business revival. It is too early, therefore,
recent tariff revision, but it is must be produced for examination by the Court before the sale is conon our business, direct and indirect, of he
our improved and patented pro- firmed. Leave is given to apply to the Court for modifications in the decree.
to be noted that the success of certain ofand
window glass is resulting in a
plate
Counsel for the flocking Valley and Chesapeake & Ohio roads are quoted
cesses for the manufacture of both
a lower average cost, so that as saying that they will appeal from the decree so far as it directs the sale
and
qualities
higher
the
of
percentage
larger
conditions.
adverse
meet
to
usual
of the Sunday Creek Coal Co. stock and that whether they will appeal from
we are better prepared than
amounted
Kanawha & Michigan stock is likely
Our total sales for 1913 amounted to $22,770,594. Earnings to provide the part with respect to the sale of the
to depend upon whether the C. & 0. can make a satisfactory sale of its
to $2,455,297, which was sufficient•to pay our usual dividends
for a fair depreciation charge of $770,081 and to make an addition of $97,- K. & M. stock.-V. 98, p. 838, 762.
760 to our surplus account.
The disastrous floods in March last, arising at our Allegheny River facChicago Burlington & Quincy RR.-Bonds Offered.tories beyond the highest previous level against which they wero protected, Kean, Taylor & Co., N. Y., are offering privately, at 933/i
caused a severe loss and a consequent higher cost of production for several
months. Since then, in co-operation with the Pennsylvania RR. and the and int., $5,000,000 4% gen. mtge. bonds, making $63,247,town of Ford City, we have constructed an extensive flood wall and pumping system that is calculated to give to our plants and to Ford City adequate 000 of the issue outstanding.
The proceeds will be used as the mortgage provides, reimburse the treasprotection against a repetition of the water levels of the last flood, with as
made, and for various additions and bettermuch margin of safety as the physical conditions permitted. Additional ury for expenditures already
ments to the property. The bonds, it is said, have been well received and
protection was provided also for our Creighton and Tarentum plants.
sold.
-V.
98, p. 303.
been
has
good
part
a
Alleour
provide
to
continued
While our natural gas properties have
gheny River factories with a large part of their fuel requirements, factories
Chicago City Ry.-Report.-See "Annual Reports."
Nos. 1, 2 and 5 were equipped with a sufficient number of gas producers
Application.-The company has applied to the P. S. Comto provide for any possible shortage of natural gas. The sale of our Charleroi coal property, reported last year, was duly closed and the consideration
for authority to issue $3,000,000 additional 1st M.
mission
Memphis,
at
warehouse,
additional
One
received.
in money and bonds
5% bonds.-V. 98, p. 386, 155.
was added during the year.
OPERATIONS AND FISCAL RESULTS.
Chicago Railways.-Application.-The company has
1910.
1911.
1912.
1913.
Commission for permission to issue
$22,770,594 $21,328,883 $21,136,170 $22,874,934 applied to the P. U.
Total sales
$2,455,298 $2,158,880 $1,942,647 $2,540,167 $4,244,000 additional 1st M.20-year bonds.-V.98, p. 386.
Profits
18,000
18,000
18,000
_
18,000
)__
(12%
Divs. on pref.
1,284,232
1,560,578
Chicago Indianapolis & Louisville RR.-New Direc1,569,445
Divs. on common (7%)_ 1,569,455
713,835 tors.-Guy Cary and Moreau Delano have been elected direc303,265
489,558
770,082
Depreciation
379,230
Fire loss Nov. 4
tors, succeeding W. W.Finley, deceased, and Charles Steele,
$60,804
$144,870 who resigned. Mr. Cary and Adrian Iselin Jr. become mem$81,877
$97,761
Balance, surplus
BALANCE SHEET DEC. 31.
bers of the executive committee, succeeding Messrs. Finley
1910.
1911.
1912.
1913.
Assetsand Steele.-V. 98, p. 689, 235.
$19,778,956 $20,868,464 $21,117,430 $20,599,800
Investment
182,700
179,200
179,200
179,200
Treasury stock
Cities Service Co., N. Y.-New Stock.-The stockholders
2,860,344
2,746,715 3,005,736
3,053,099
Plate glass, &c
vote April 7 on increasing the authorized capital stock
will
1,814,201
1,764,874
2,119,982
2,072,153
accounts
&c.,
Materials,
1,098,857 from $50,000,000, divided into $30,000,000 pref. and $20,584,286
479,990
307,961
Cash
5,369,805
5,141,825 4,884,804
Bills & accts. receivable 6,015,874
416,200 000,000 common, to $65,000,000, divided into $40,000,000
Bal. stock subscriptions
pref. and $25,000,000 common stock. The new stock, it is
$31,407,243 $31,536,176 $31,536,330 $32,341,907 announced, is intended for future use, none of it to be issued
Total
Liabilities$22,600,000 $22,600,000 $22,600,000 $22,600,000 at present.-V.98, p. 839,386.
Common stock
150,000
150,000
150,000 .
150,000
Preferred stock
Cleveland Southw. & Col. (Electric) Ry.-Earnings.
4,276,868
3,400,487
3,312,071
3,077,761
payable
accts.
Bills &
Balance,
Interest&
Net
Other
Gross
100,000 Calendar
105,000
105,633
105,000
Insurance reserve
Surplus.
Taxes.
Earnings. Income.
Earnings.
50,650
55,649
Years.
62,033
69,017
Sinking fund-buildings
$113,918
$382,148
$217
$495.849
$1,255,236
5,164,390
5,225,194
1913
5,307,072
5,404,832
Surplus
116.690
373.112
1,175
488,627
19121,182,157
$31,407,243 $31,536,176 $31,536,330 $32,341,907 -V.98, p.452.
Total
-V. 98, p. 528.
Colorado & Southern Ry.-No Pref. Dividends.-The
directors have decided to omit the usual semi-annual payments on the ,500,000 each of4% non-cum.first and second
pref. stock, due largely to the losses incurred by the protracELECTRIC
ROADS.
INCLUDING
RAILROADS,
ted coal strike. The div. on the corn. stock was omitted in
Boston & Maine RR.-Sale of Maine Central Stock.-The December last.
the
$15,960,100
shareholders will vote March 30 on selling
President Miller is quoted: "The company's earnings have fallen off
sharply in the last year, making it advisable at this time to suspend any
Maine Central RR. [see that co. above1 as follows:
GENERAL INVESTMENT NEWS.
in the Maine Central RR. Co. distribution upon the stocks until earnings improve."
A proposed sale of the company's shares
company is to receive $3,000,000
Previous Dividend Record (Per Cent).
at $95 a share and on terms by which this
of the purchase price in DIVIDENDS. 11900. '01. '02. '03. '04 .'05. '06. '07. '08 to '11. '12. '13.
in cash on or before May 1 1914 and the balance
by
pledge
secured
Companies,"
2 3% 3A 4 2 0 4 4 4 yearly. 4 4
prof
Railways
%I
1st
"Maine
the
of
3or 5-year 5% notes
yearly. 1
4_ _
_ __
of the purchased stock, the "Maine Railways Companies" being a volun- 2d pref
Common...._ _ _
tary association of the State of Maine.-V.98, P. 609, 452.
-1419, 143-0: p.
97,
-V.
Brooklyn Rapid Transit Co.-Transfer Order.-The
Death Valley RR.-Bonds Authorized.-The California
17 adopted the formal order for
on
S.
3
March
P. Commission
Commission has authorized the company to issue £47,a universal transfer system, effective May 1, between all of RR.(par
MOO each) 10-year 5% bonds to construct 16 miles
the surface lines, including the Coney Island & Brooklyn RR. 300
road between the Ryan branch of the Tonopah & TideThe order provides 91 additional transfer points. A 5-cent faro will carry of
a passenger over all of the surface lines in one general direction as far as water RR. in Inyo County to the Biddy McCarty borax
Coney Island.-V. 98, p. 303, 72.
mine. The bonds are to be guaranteed by the Borax ConBuffalo Rochester & Pittsburgh Ry.-Bonds Author- solidated, Ltd. The company is also authoriaed to issue
ized.-The P. S. Commission has authorized the company $75,000 stock.
to issue $1,052,000 50-year consol. M. 43-is, of which
Denver & Salt Lake RR.-New• Lease.there will be outstanding, including this present authorizaSee Northwestern Terminal Ry. below.-V.98, P. 762. 610.
tion, $8,364,000. The proceeds will be used to reimburse the
Detroit River Tunnel Co.-Bonds.--The Mich. RR.
treasury for improvements.-V. 97, p. 1582.
Commission on Mar.13 approved the plan to sell $2,000,000
Canadian Pacific Ry.-Agreement-.-The Fredericton & bonds, making $18,000,000 out. See V. 98, p. 386.
Grand Lake Coal & Ry. Co. will apply to the Canadian ParDetroit Toledo & Ironton RR.-New Mortgages.-This
liament at its present session for an Act authorizing it to enter reorganized company is filing for record its $2,000,000 1st
the
of
the
for
with
any
Canadian
Pacific
into an agreement
M. and ,000,000 adjustment mtge. (See p. 52 of "Ry.&
361 of the Railway Act, etc.
purposes specified in Sec.Coal
689.
& Ry.extending from the Intercolonial Ind." Sec.)-V. 98, p. 763,
The Fredericton & Grand Lake
Florida East Coast Ry.-New President, &c.By. at Gibson, N.B., to the terminus of the Central Ry. near Minto,about
31 miles, with branch to Marysville, was completed last summer and will
be leased for 999 years.-V.97, p. 1897.
Canadian Pacific Ry.-Possible Electrification of Tunnel.
Westinghouse, Church, Kerr & Co. have been retained as engineers to
investigate the question of electrifying the new double-track 5%-ml1e
Selkirk tunnel in British Columbia.-V.98, p. 1897. 1732.
Cherryvale Oklahoma & Texas Ry.-Successor.-
See Kansas & Oklahoma Southern Ry. below.-V 97. p. 1503.
W. H. Beardsley, formerly Vice-Pres. and Treas., and who is trustee of
the H. M. Flagler Estate, has been elected President to succeed the late
R. W. Parsons. 0. C. Haines, who becomes Treasurer, succeeding Mr.
Beardsley, has also been made a director.-V.97, p. 1583.
Fort Wayne & Northwestern (Electric) Ry.-Securities.
This company, which recently paid its first dividend, 1%.has authorized
and outstanding $1,300,000 capital stock and has made an issue of 1st M.
5% gold bonds dated April 1 1913 and due April 1 1943. auth.$10,000,000.
912
THE CHRONICLE
outstanding 3375,000, par 31,003,interest semi-ann.; trustee Eq.
N.Y. Wm.C. Sheldon & Co., N. Y., aro Interested.-V.98, Tr. Co..
p. 522.
Georgia Light, Power & Rys., Macon, Ga.-Bonds.The London Stock
Exchange has listed 3981.000 additional
Lien 5%
30-year gold bonds, making the total listed $3,211,000.-V.First
95, p. 544.
Green Bay & Western RR.-New Director.
Henry R. Taylor of N. Y. has been elected a director.-V.
98, p .386.
Hocking Valley Ry.-Decision.-
See Chesapeake & Ohio By. above.-V.98, p. 453.
Honolulu Rapid Transit & Land Co.-Earnings.-
Cal.
Gross
Net
Year. Earnings Earnings
1913_4618,145 $216,902
1912_ _ 564,473 273,908
-V.97, p. 886.
Other let.,Taxes, Preferred
Common Balance,
Inc. Depr.Ac. Dividends. Dividends. Surplus.
$7,578 $116,810
(8)896,600 $41,071
5,796 115,705 (6)$20,754 (6) 51,672 91,572
Kanawha & Michigan Ry.-Decision.-
See Chesapeake & Ohio By. above.-V. 97, p. 1823.
(The) Kansas & Oklahoma Southern Ry.-New Co.The company was incorporated in Oklahoma on Feb. 24 with
$1,000,000 authorized stock by S. M.Porter of Caney, Kan.,
and associates, as successor of the Cherryvale Oklahoma &
Texas Ry.(V.97, p. 1503), which was sold on Feb. 12 last.
The sale was made by Col. W. P. Hackney of Winfield,Kan.,as
special
Master in Chancery (Mr. Hackney having also been appointed
substitute
trustee under the mortgage for the Carnegie Trust Co.
of N. Y.), the purchaser giving a deed to the new company.
The company proposes to build 2,750 miles of
but has abandoned
some of the old projects outlined. The main line lines,
will be from Kansas City
to El Paso, 900 miles. Other routes described are thus: Wichita,
to
Little Rock, Ark., 400 miles; Pawhuska, Okla., to Shreveport, Kan.
La.,'
via
Texarkana, 300 miles; Pawhuska to El Reno and Oklahoma
City,
150
miles; El Reno, Okla., to Childress, Tex., 200 miles; St. Louis to Houston
and Galveston, 800 miles.
There has been expended $320,000 in construction between
Kan.,
and Vinita, Okla., in obtaining 61 miles of right-of-way andCaney,
grading and
terminals, culverts and drains. The grade work has been substantially
completed on the first 40 miles southeast from Caney, Kan.
The new company is preparing to make a bond issue to secure an authorized issue of $2,000,000 20-year 5% gold bonds, which it is
proposed to Sell
as construction bonds or to use as collateral to obtain a preliminary loan
of
$900,000 from a New York banking house with which to complete the 61
miles above mentioned. The contract price for constructing the line is
$20.000 per mile in cash. The company, it is stated, is authorized to issue
bonds to the extent of $30.000 per mile.
Other incorporators besides Mr. Porter include: R. E. Wade and George
A. Masters of Perry Okla.; J. H. Brewster and F. D. Brewster
of Independence, Kan., and H. V. Bolinger of Caney, Nan. S. M. Porter
is President; H. V. Bolinger, Caney, Nan., Vice-Pres., and R. E. Wade,
Perry,
Okla., Treasurer.
Keokuk & Des Moines Ry.-Dividend.-A dividend of
$3 25 a share has been declared on the $1,524,600 pref. stock,
payable April 1 to stock of record Marah 24, comparing with
$3 25 a year ago.
Dividend Record on Preferred Stock (Per Cent).
1900. 1901. 1902. 1903. 1901. 1905-07. 1908. 1909. 1910 to 1912. 1013. 1914.
1
1
2
1 Yi None 1YL
1
234 YrlY.
35i 33
VV. 96. p.716.
Lake Shore & Michigan Southern Ry.-Decision.Notes.-The $12,000,000 1-year 43/2% notes due March 15
were paid on presentation.-V.97, p. 1426, 595.
Laramie Hahn's Peak & Pacific Ry.-Plan OperativeFinal Notice.--Sufficient assents and deposits from security
holders and creditors having been received, the reorganization committee has declared the plan operative and will at
once take steps to carry it into effect. The committee says:
See Chesapeake & Ohio By. above.
The second installment of the subscriptions (50%) is now due and must
be paid immediately.
The properties will shortly be sold under foreclosure, and in order that
all security holders and creditors may have a final opportunity to participate
in the plan,the committee has extended the time for the deposit of
and claims, and the payment of 75% of the cash subscription, to securities
and incl.
Mar. 28 1914, after which date no deposits will be received. No
further
notice or extension of time to assent will be given. See plan V.98,p.453,
690
Lehigh Valley RR.-Government Suit.-Special Assistant
U. S. Attorney-General Frederick R. Coudert, on Mar. 18
filed a suit in the U. S. District Court in this city against the
company and controlled companies and others, claiming
violation of the Sherman Anti-Trust Law.
The defendants include, besides the company,the Lehigh Valley
Co.,
Lehigh Valley Coal Sales Co., Coxe Bros. & Co., Inc., DelawareCoal
Susquehanna & Schuylkill RR., New York Middle Coal Field RR. & Coal
Co.,
the G. B. Markle Co., Girard Trust Co. and 14 individuals.
Some of the Allegations of the Petition.
The petition alleges, among other things, that, contrary to the Federal
statutes and to the express prohibition inserted in 1875 into
constitution of the State of Pennsylvania, the Lehigh Valley RR. has the
to
acquire anthracite lands and to extend its control over the trade continued
corporations in theory separate but in fact under its domination.through
The most
important of these, it is stated, is the Lehigh Valley Coal Co., which,
it is
said, has never been a bona fide corporation, but merely an adjunct, department or instrumentality of the railroad. The bill alleges that the railroad
annually transports about 11,000,000 gross tons of anthracite,
which
more than 82% (in 1913) was shipped for account of the Coal Co.of
or affiliated companies.
The Lehigh Valley RR.and Coal Sales companies are, It is
under
the immediate control of substantially the same group of alleged,
persons, over
80% of the shares of the Coal Sales Co. being owned by the majority
shareholders of the RR. Co. The organization of the Coal Sales
claimed to be an evasion and violation of the U.S. Supreme Court Co. is
decision
of 1911.
The RR. Co. is also charged with rebating in having paid the coal companies various sums (the largest being $4,054,274 on Mar.1
1912). and,
through advances to its affiliated coal companies, with unlawful
discrimination against other producers and shippers along the lines of the
road,
thereby securing the monopolization of the ownership, production
and sale
anthracite
of
coal. It is stated that the road "completely dominates
the
market at all points thereon not reached by any other railroad,
and
has the
power to fix, has fixed and does fix, without the, check of
competition,
the prices at which anthracite lz sold at such points.'
The contract between the Lehigh Coal Co. and the Sales Co. It is set
forth gives the Sales Co.unreasonably low rates for mined coal, fixes
for coal to be mined under the then existing scales of prices paid prices
other
producers, and makes other concessions,and is not"a bona fide transaction
between separate corporations."
The petition asks that the combination between the defendants
dis-1
solved and the attempt at further monopoly restrained; that the be
capita
stock of the corporations controlled be disposed ofso that they shall not
have
the same controlling stockholders, and that, pending such disposition, the
railroad be enjoined from voting or receiving the dividends on the stocks
owned; also, further, that the transportation for the Lehigh Valley Coal
Co. by the Lehigh Valley RR. of anthracite not necessary
declared a violation of the commodities clause and enjoined. for its use be
Statement on Behalf of the Company Made March 19 1914.
• Edgar II, Boles, General Solicitor of the company, gave the
following:
r The Government's bill attacks not only the organization
of the Lehigh
Valley Coal Sales Co., but also the ownership by the Lehigh Valley RR.
of
the_stock of the Lehigh Valley Coal Co. and some small subsidiary
compan-
[VOL
xcvni
los. So far as the organization of the
Co. is concerned, that company
is not affiliated with or controlled bySales
the railroad in any way whatever.
There may be some stockholders in common,
sands of corporations of this country and true but that is trus among thouwithout being unlawful.
The Sales Co. was organized after the decision
of the Supreme Court
in the second case against the LehighValley
RR.Co.,and all the facts have
been laid before the Department of Justice several
times and fully discussed
and the report of the Attorney-General for the
1912 sots forth fully the
details in respect of the Sales Co. and goes onyear
to say, at page 24:
The situation is, therefore, that the coal
is shipped over the Lehigh
Valley RR. is mined by the Lehigh Valleywhich
Co., all of whose stock is
owned by the RR. Co., and is sold at the Coal
Coal Sales Co., all of whose stock has beenbreakers to the Lehigh Valley
originally issued to and distributed among the stockholders of the railroad
company pro rata, but
which company has separate officers from the railroad
company and separate directors, and whose stock may be sold by the
stockholders without regard to their continued holding of stock in the railroad
The Attorney-General then goes on to say further: company."
By this arrangement both the railroad company and the
coal companies
seem to have parted in good faith with the title to the
coal before transportation begins and it is claimed, therefore, that transportati
is free from
the prohibition of the commodities clause as construed byonthe
Supreme
Court in 213 U. S. 412.
The recent case which has been begun, and the trial of which has
been.
I believe,completed,against the Lackawanna RR.and the Delaware Lackawanna & Western Coal Co.(V. 96, p. 986), involves the same questions of
law as are involved in this suit against the Lehigh Valley
Coal
and they will no doubt be heard by the Supreme Court together. Sales Co..
As to the railroad's ownership of the Lehigh Valley Coal Co. and several
small subsidiary companies, that question has been investigated
more
than a generation, and if there were any violation of law involvedforseems
that the Government should have ascertained it and made it clearItto
the
courts by this time. Several suits have been before the Supreme
and none of the Federal courts, has been able to ascertain that the Court,
action
of the Lehigh Valley RR. in acquiring and holding the Lehigh Valley
Coal
Co. stock has violated any provisions of law.
When these properties were acquired, the Commonwealth of Pennsylvania actively encouraged their acquisition by the railroad, and the
Commonwealth of Pwnnsylvania, within whose bounds all the
mining properties are located, has never raised a question by anthracite
litigation as to
the propriety of the present situation.
New Director.-Morris L. Clothier has been elected a director to succeed George F. Baer, who resigned on account
of the pressure of other duties.
Quarterly Dividends.-Quarterly dividends of
on the
common and pref. stocks•(payments having23%
been semiannual to Jan. 1914) have been declared,in pursuance of
the policy already announced, both payable April 11 to
holders of record March 28.-V. 98, p. 763, 390.
Long Island RR.-Insufficient Pay for Mail.-A statement of Pres. Peters, Chairman of the Committee on Railway Mail Pay, was published in last week's "Chronicle,"
page 810.-V. 98, p. 690, 236.
Maine Central RR.-Voluntary Association to Take Over
Boston & Maine Holdings of Maine Central-Other Financing.
-The stockholders, other than the Boston & Maine RR.Co.,
will vote Mar. 31 on issuing $3,000,000 5% 30-day notes
to acquire the equity (subject only to $12,201,995 of 'Maine
Railways Companies' 5% 5-year collateral trust notes) in.
the $15,960,100 stock of the company now owned by Boston & Maine, as follows:
(1) On authorizing the creation of a trust [to be known as "Maine Rail
ways Companies," see Boston & Maine RR.above] to take over the 159,601
shares of Maine Central RR. Co. stock now owned by the B. & M.
RR.
(2) On providing for such purchase either as follows or otherwise as the
stockholders may determine:
The capital fund or stock of the trust to be fixed at $3,000.000 and
be
purchased by the Maine Central RR. Co. and paid for by its 5% 30to
-day
promissory note or notes for $3,000,000.
The trust then to purchase of the Boston & Maine RR. the said
shares of stock at $95 per share, and a commission of ;1 of 1%,and159,601
to pay
for the same by delivering to the B.& M. RR. the said
Me. Cent. RR.5%
note or notes for $3,000,000 and its own 5% 5-year promissory
notes
for
$12,201,995, secured by the pledge of the said 159,601 shares of Me.Cent.
RR. Co. stock; the pledge to be made by deposit of the 159,601 shares
with
some trust company under proper collateral trust agreement.
(3) On providing for the payment at maturity of
above-mentioned
promissory note or notes for $3,000,000, and also onthe
providing for other
maturing indebtedness and requirements, by authorizing
the issue of promissory notes therefor [$2,000,000 5-year 4% notes will mature
(4) On discharging the company's [$25,000,000 consol. ref.] April li•to
the Union Safe Deposit & Trust Co., dated July 1 1913. nomortgage
bonds ever
having been issued thereunder, and on authorizing an agreement
Issue any new mortgage on franchises or property as long as its not to
abovementioned promissory notes, or any notes given in renewal thereof,
are
outstanding and unpaid, without including them therein on the same basis
of security as the other mortgage indebtedness.
Digest of Statement by President McDonald.
Many of the stockholders have insisted that this stock should not be
permitted to pass into control of interests not consistent with proper
development of Maine Central RR. Co. and the State of Maine. The
proposed trust will act entirely in the interest of the Maine Central RR.Co.,
thereby insuring a control which will best protect tho State.
It is hardly necessary to point out that 5% annually on the trust capital
and trust notes amounts to much less than the dividends of6%.the present
rate, on the purchased Maine Central stock, which should leave a surplus
after payment of whatever expenses are incident to the trust to be applied
to the purchase and retirement of trust notes.
Subsequent to the purchase of the stock it will become necessary for
Mateo Central to issue its 5% notes in sufficient amount to raise the
money required to pay off the $3,000,000 5% note to be given by it for
capital of the trust, and its $2,000,000 of outstanding notes maturing
April 11914,and sufficient additional to supply what funds may be required
by the management for capital expenditures upon the railroad property.
It Is assumed that the total of this note Issue should not exceed $6.000,000.
It is believed that the term for which the trustees are to hold the stock
will afford ample time to perfect and cars
es
r ianreet
tefrom
dn
dituocb
ou
ytbpela
a
tie
a
on
adov
fisstaoc
blk
e
of the company to such extent, if any, may
and for giving present stockholders an opportunity to acquire such portion
of the stock purchased of Boston & Maine as they may desire, anti for
placing the balance of such stock in hands of investors. [Of the three
trustees, it is understood, Morris McDonald will be one.]-V. 98, p• 236.
Maine Railways Companies.-Proposed Purchase.-
See Boston & Maine RR. and Maine Central RR. above.
Manistee & North Eastern RR.-Earnings.-
ceenadrCaI
ar
E
Iaire
t pof
NeT
ta(zaefstr.) ChargesInterest I
Balance
Earnings
Misc. for Year.
1913
$562,730 $107,621 $72,094 Cr.$1,358
$36,885
1912
71,894
584,699
129,694
15,654 $281
41,865
Of the surplus as above in 1913,$36,000 was used for retirement
of bonds,
Series A, the remaining $4,000 of said Series A having been previously
retired.-V.96, p. 1365.
Maryland & Pennsylvania RR.-Earnings.-
Calendar
• Year101.
1913
2.
-V.97, p. 1115.
Gross
Net (after Other
Int. on
Balance.
Earnings. Taxes
Income. Bonds,&c. ,Sur. or Def.
$531,087 $107,242
. $2,912 $131,504 def.$21,350
131,131
474,559
870
108,142 sue. 23,858
Memphis (Tenn.) Street Ry.-Injunction.-Chancellor
Francis Fentress on March 13 granted an injunction restrainng the city from enforcing an ordinance effeetive March 14.
MAR 21 1914.]
THE CHRONICLE
The ordinance provided that the company was to furnish each passenger
a minimum of 40 Cu. ft. of space, to supply a sufficient number of cars on
each line, to be run "on a proper and reasonable schedule," to carry passengers comfortably and without crowding, to require each car on each separate
line to run to the terminus designated on such car after leaving the starting
point, to have each car distinctly numbered inside and out and with conspicuous signs upon the sides and ends outside indicating both day and
night the route and destination of such cars (the signs at night to be illuminated).
The ordinance was to become effective on March 14.
The company claims that the ordinance is in certain portions impossible
of performance, and in others unreasonable, and that it is confiscatory and
would result in confusion and congestion upon the uptown streets.—V. 96,
p. 1022.
Minneapolis & St. Louis RR.—Proposed Sale of Bonds.—
The shareholders will vote March 31 on selling:
(a) $870,000 First & Ref. Mtge. 4% gold bonds and $750,000 Ref. &
Extension Mtge. 5% gold bonds of the Minneapolis & St. Louis RIts
(8) $612,000 First & Ref. Mtge. 4% gold bonds of Iowa Central Ry. Co. to
provide for obligations and indebtedness of this company.—V.08, P. 453.
Missouri Pacific Ry.—Note Payment.—Pres. Bush is
quoted:
mature
The company has arranged to meet the $25,000,000 notes which
June 1. We are now going over the Denver & Rio Grande to determine
what is needed in the way of improvements. The amount of money to
be expended this year will depend upon the money market. Plans for
building feeders for the Western Pacific are now in a formative stage. It
has not been decided whether the $25,000,000 loan of the Missouri Pacific,
maturing soon, will be put on a permanent basis, or whether it will be
met by the issuance of short-time paper.—V. 97, p. 1115.
National Railways of Mexico.—Lines Opened.—Official
advices received at the New York office of the company this
week stated that the lines of the system were opened to
Tampico, Laredo and Eagle Pass.
This is the first time in some months that all three of these gateways have
been open at one time. The main lino is now in operation all the way from
Laredo to Mexico City. In recent months sections of this lino have boon
opened, but there have boon interruptions at various points, particularly
between Saltillo and San Luis Potosi. The resumption of operations on
this line will make possible the shipment of a largo amouht of cotton that
has been bold back for some months, and should, it is stated, materially
Increase the gross earnings.—V. 98, p. 839, 763.
913
on condition that it is relieved from paving and other city charges.It
has boon suggested that the company build the Frankford elevated line
without assistance from the city, through a voluntary assessment on the
Union Traction Co., on which its shareholders would receive 6%. The
Union Traction interests are said not to view very favorably the plans
suggested, being especially opposed to the Darby elevated since questioning
its ability to prove a financial success.
The "Engineering Record," of N. Y., March 14, contains a 534-column
abstract of Commissioner Taylor's elaborate investigation and analysis of
the physical, structural,financial and economical conditions in Philadelphia,
his estimates of the cost, efficiency and revenue, and recommendation
for the immediate construction of a $57.000,000 initial system
of rapid transit lines. This system, which would probably be leased to the
Phila. Rapid Transit Co., wculd include 8.6 miles of subway and 16.9 miles
of elevated construction, with a total of 59.3 miles of tracts or 56.9 miles
of track if it proves necessary to construct an independent system.
Assum'
ing that the definite designs are commenced on July 1 1913, It is believed
that the elevated lines might begin operation on Jan. 1 1517, and the subway lines one year later, and that the general constructionsvould be completed in 1919. Compare V. 97, p. 299. 1734.
Rapid Transit in New York City.—Contracts.—
The P. S. Commission on March 12 recei ed bids for the contract for
the part of the Seventh Ave. subway from a point a little north of 42d St.
to its junction with the present subway between 43d and 44th Sts.
The Comml,:sion on March 1S invited bids for the construction or the two
subway sections to be opened on April 14 and 17, the first being Section
of Route 33, which will connect the southern end of the Broadway subway
In Trinity Place at Morris St., by way of Whitehall St., with the East
River tunnel and will be a part of the Brooklyn Rapid Transit System: and
the second, Section 1 of Routes 4 and 38, which will be under Greenwich
St. south from Vesey St., and extend under Battery Park for some distance.
which will boa part of the Seventh Ave. extension of the Interboro System.
The Commission also•approved forms of contract for two of the East
River tunnels, one being the tunnel to extend from the foot of Whitehall St.
to Montague St. Brooklyn, and to be operated by the Brooklyn Rapid
Transit Co., and'
the other tunnel to extend from Old Slip, Manhattan, to
Clark St., Brooklyn, to form part of the Interborongh Rapid Transit
System. (For status of construction on all lines, see "Engineering News"
of N. Y., March 19, pages 171-2.)—V. 98, p. 840, 763.
Rock Island Co.—Examination.—The bondholders' committee of the Ch. R. I. & Parc. RR. has selected E. W..
McKenna, V.-Pres. of Ch. Mil. & St. Paul RR., to make an
examination of the Rock Island System for the purpose of
determining what amounts of capital expenditure the system
requires. See estimate of management under Ch. R. I. &
New Jersey & Pennsylvania RR.—
has
been
made
to
the
ion
court
applica
for
an order directing receiver Pac. Ry. in V. 98, p. 762.
An
Pitney to leass the road for a period of one year to Frank W. Patterson
Committee Enlarged.—Festus J. Wade, Pres. of Mercantile
of Bound Brook, N. J., Lewis S. Du Four, Augustus C. Dusting, Joseph
J.
C.
Melton,
Four
and
the last-named of Charleston, W. Va., Nat. Bank and Mercantile Trust Co. of St. Louis, has consenL. M. Du
the lessees to raise $5,000 to put the road in safe condition to the satisfaction ted to join the stockholders' committee.—V. 98, p.
691, 524.
of the P. U. Commission so as to place the same in operation within 3 mos.
The non-operation of the roa, it is stated, works "a great detriment to
St. Louis & San Francisco RR.—April Interest.—judge
persons living along the line."—V. 97, p. 1204.
Sanborn in the U. S. District Court on March 18 authorized
New York Central & Hudson River RR.—Remaining the receiver to pay interest, etc., due April 1, $835,510,
viz.:
Equipment Notes Sold.—J. P. Morgan & Co. have sold St.L.&S.F.—Southw.Div.5s_$20,725
Current River RR. 5s
$4,150
$2,128,000 43% Boston & Albany equipment trust 4s
Central Division 4s
C.
&
Mem.
Ry.&
Br. 5s__ 75.000
2,900 K.
Northwestern Division 4s_
940 IC. C. Ft. S. & M.P.R. ref.4s.516,700
of 1912. This is the remainder of the $7,500,000 authorized
Trust 5s
27,475 St. L.& S. F.—K.C. Ft. S.&
issue,,of which $5,220,000 was sold in 1912 (V. 95, P. 1040, Pemlscott P.R. 6s
1,620
M pref. stock rental
150,000
1332). They mature part annually on Oct. 1 until 1927.
Settlement.—U. S. District Judge Sanborn, it is reported,
—V. 98, p. 690, 611.
was to pass yesterday afternoon upon an agreement filed
New York New Haven & Hartford RR.—Equipment that day under which 2 of the subsidiaries of the road revert
Trusts.—The directors have authorized an issue of $2,490,000 to the Iberia syndicate promoting them.
Press dispatches state that the debt was in the form of notes aggregating
5% equipment notes maturing serially in from 1 to 15 years. $2,573,386,
which had been given by the company to A. T. Perkins, as
The notes cover some of the new steel passenger cars and syndicate manager
for the St. Louis Union Trust Co. and certain collateral
given to guarantee the payment of certain loans. The notes represent
electric equipment.—V. 98, p. 839, 611.
payment for the New Iberia & Northern RR.,a 120-mile line in Louisiana.
New York State Railways (Controlled by N. Y. Cen- The road and the New Iberia St. Mary & Eastern revert to the syndicate.
The separation from the St. L. & San. Fr. is a stop toward the reorganitral & Hudson River RR. Co.).—Bonds.—Harris, Forbes zation
of the road.
& Co. and associated houses are offering, at 90 and int.,
The company, by the terms of the agreement, recovers 4 blocks of land
yielding over 5%, a further $5,621,000 of 50-year first cons. in 1)allas, Tex., said to be worth $500,000, pledged to the trust company
to secure a mortgage. The company also transfers to the trust co all of
mtge. gold 43% bonds. Tax-exempt in N.Y.State. See Its
claims to the contracts for the construction of two branches of the St.
full description of bonds with letter of Pres. Horace E. Louis Brownsville & Mexico By. Loomis C. Johnson, attorney for the
receivers, is quoted as saying that the settlement reduced the system's
Andrews in V. 95, p. 1208.
debt by more than $3,000,000 and averted a long
litigation.—V. 98, p.
Total auth., $50,000,000; outstanding (incl. present issue), $12,546,000; 840, 691.
swerved to retire divisional bonds, $11,486,000: remainder applicable to
St. Louis Southwestern Ry.—Equipment Trusts Sold.—
future requirements under careful restrictions (V. 95, p. 1208)•
Owns or controlS, and operates, extensive street railways and interurban The Guaranty Trust Co. of N. Y. has sold at par and interelectric lines serving a prosperous and thickly populated section of New
York State, including the cities of Rochester, Syracuse and Utica. See est an ism() of $1,700,000 5% equipment bonds dated April 1
map, &c., pages 114, 115 and 116 of "Electric Railway Section."
1914 and maturing $85,000 semi-annually to April 1 1921.
Earningsfor Cal. Year 1913, Showing Interest incl. these $5,621,000 Bonds.
Of the cost of the steel under-frame cars covered, 10% has been paid in
$7,966,328 Present bond interest___ _$1,116,730 cash.—V. 98, p. 691, 388.
Gross earnings
2,421.806 Surplus after bond interest 1,305,076
Net for bond interest_ _
San Francisco-Oakland Terminal Railways.—New
Net earnings over twice bond Interest.—V. 98, p. 301.
Northwestern Terminal By., Denver.—New Lease.— Mortgage.—The shareholders will vote April 7 on making
The directors of the Denver & Salt Lake RR. recently voted a new mortgage to secure not exceeding $35,000,000 "First
to make a lease of the terminal facilities of the Northwestern and Refunding 30-year 5% gold bonds," to provide for the
refunding or discharge of existing obligations and to provide
Terminal Ry. for a period of 50 years from Jan. 11914.
The lease will be formally approved by the stockholders within a week for extensions and improvements, present and future.
or two. The rental payable thereunder is guaranteed to be sufficient to
meet the interest on $2,025,000 1st M.20-year 5s (issued by the Northwestern Terminal Ry. in 1906) in addition to the operating cost and taxes.
The former lease to the Denver Northwestern & Pacific •Ry., the predecessor of the Denver & Salt Lake RR., under which the Northwestern
Terminal bonds were guaranteed, was disaffirmed last year by the reorganized company. Compare V. 97, p. 521.
In preparation for the Exposition crowds plans are being drawn for two
fast ferryboats, to seat 2,000 persons each, and to cost $200,000 apiece
(making a total fleet of seven), while about $1,000,000, it is said, will be
spent on mole and terminals.
This will bring the total preferred stock of the company up to $22,000,000.
The telegram states that the company's earnings arc sufficient to pay 6%
dividends on $22,000,000 of pref. stock and show in excess of 5% earned
on the common stock.—V. 98, P. 839. 690.
largely to the margin of safety behind the Tennessee Power Co.'s bonds.
The Tennessee Power Co.'s hydro-electric developments in Tennessee
have a rated capacity of approximately 47,000 h.p.; steam stations, 40,000
h.p. In addition, the company owns water power resoarces in other sec- "
tions, which may be developed as required, to an extent of about 113,000
h.p. Its transmission lines connect the Ocoee River developments with Chattanooga, Knoxville, Nashville, and Cleveland, Tenn. and at the
Georgia-Tennessee State line with Rome, Ga. Long-term contracts have
been made with public utilities corporations in these cities and current ia
being supplied to various municipalities and many large industrial plants.
Board of Directors.—As reorganized on March 3:
J. F. Carlson, Pres. of Central Nat. Bank of Oakland, and W. I. Vro-
beck, understood to represent the Smith interests; W. A. Bissell (Pres.)
Omaha & Lincoln By. & Light Co.—Mortgage.—This and
F. B. Whipple (V. Pres.) said to represent the Moore interests; J. K.
company, controlled by the Illinois Traction interests, has Moffitt, W. R. Alberger (V. Pres.) and F. W. Frost. The board has been
filed, a mortgage to the Central Trust Co. of Ill., Chicago, as increased to nine, leaving two places yet to be filled.—V. 98, p. 764, 611.
Southern Traction Co. of Illinois.—Receivers' Certifitrustee, to secure an issue of 5% 25-year bonds to an authcates.—Federal Judge Francis M. Wright at Danville, Ill.,
orized amount reported as $2,250,000.
A press report says: '"I'he proceeds of the bond issue will be devoted has authorized an issue of $500,000 receivers' certificates
largely to extending the traction company's lines from Omaha to Lincoln. (par $500 and 81,000) to provide for completing construcAlready 17 miles of this line is in operation and before the summer is over
the gap probably will be closed. In addition to the $2,225,000 bond issue, tion. See V.98, p.840.
there is a stock issue of $750,000. The McKinley system operates an interTennessee By., Light & Power Co.—Tennessee Power
urban line out of Omaha and a number of electric-light and power plants in
smaller towns of Nebr&ska."—V. 97, p. 444.
Co. Begins Current Delivery to New Aluminum Plant.—E. W.
Pacific Gas & Electric Co.—New Stock.—Byrne & Mc- Clark & Co., Phila., the managers, say in substance:
Donnell have received a telegram from San Francisco stating
The Tennessee Power Co., the principal generating subsidiary, has just
begun delivery of current from its development No. 2, on the Ocoee River,
that the directors have authorized, subject to approval of to
the initial plant of the Aluminum Co. of America at Maryville, Tenn., a
stockholders,
of
the
the issuance
$12,000,000 additional distance of 63 miles, under a contract calling for about 20,000 h.p. annually.
preferred stock, which will be offered to stockholders at 80 The Aluminum Co. of America has already spent more than $1,000,000 in
the construction of one of the most modern plants of its kind in the country.
on the basis of 6 shares to 5 of their present holdings.
The minimum annual return from this contract will be $225,000, adding
Philadelphia Transit Co.—Subway—Elevated System.—
Active negotiations have recently been in progress with the city authorities respecting the construction and operation of a more or less extensive
system of subways and elevated roads. The city, it appears, is determined
to insist on free transfers, but the company is willing to grant these only
914
THE CHRONICLE
[VOL. xcvm.
Possibilities for future increased distribution of current are considered exceptional, in view of the growing industrial prosperity of the State.
Recent Government figures show that there were in operation In Tennessee in 1902 eight water wheels, combined capacity 619 h.p .; in 1912. 32,rated
capacity 27,750 h.p.,a gain of 4,383%. The total output of hydro-electric
and steam stations in 1902 was 24,472,632 k.w.b.; in 191275,544.893 k.w.h.
ncres,se 209%. Total income of all plants in 1902 was $999,383. compared
'
with $3.820,963 in 1912, an increase of 292%. Horsepower development
of steam and water-power plants in 1902 was 19,003; in 1912. 68,994, a
gain of 263%.—V. 97. p. 1289.
committees regarding the charges made last September by
a stockholder was sent to the shareholders on Thursday.
The committees find no evidence of corrupt practices and
their suggestions are chiefly in the direction of greater
economy. They approve the abandonment of the automobile business.
Pres. W.H. Marshall in circular of March 11 says in subst.:
Terre Haute Indianapolis & Eastern Traction Co.—
We transmit herewith the report of the committee of inquiry appointed
To Omit April Dividend on Pref. Shares.—An official statement March 26 1913. also the report
of the advisory committee appointed by
your board Oct. 27 1913 (see V. 97. p. 1026, 1202,
Issued in Indianapolis on Mar. 14 says in substance:
dations of both committees will be given prompt1358). All recommen-
consideration.
During 1913 we sustained heavy losses in net earnings, due to the severe
As to the value of the investments, our report for the
year ending June 30
floods in the spring of that year, the effects of which were felt for many 1913 showed net profits of $6,185.305, while for the
six months ending Dee.
months afterwards. Business was again seriously interfered with when a 31 1913 we earned net over all charges $2,631,687, or sufficient
to pay the
strike was called for increased wages and changes in working conditions of fixed charges for the remainder of the year and the pref. dividend
motormen and conductors. The Indiana P. S. Commission, acting as an entire fiscal year. What the earnings may be for the remaining six for the
month"
arbitration board, has handed down a decision which will be binding upon It is difficult to predict. In fact the present volume of
business Is so small
our subsidiary. the Indianapolis Traction & Terminal Co.,and its employees that if there is no Improvement your company may not do more than earn
for three years. requiring increased payments to trainmen and other em- its operating expenses during the last halt' of the present fiscal year, notployees. These conditions and the large sums which public authorities withstanding that expenses have been reduced as far as practicable.
required us to expend upon extensions and improvements and for increased
The company, however, Is in a strong position; its plants are in
taxes resulted In a material reduction in the earnings applicable to dividends. condition, and its strength financially is indicated by the fact excellent
that the
The company was also obliged to expend in excess of the amount received $2,000.000 gold notes maturing Oct. 1 1913 were paid off and its quiclt
from the sale of securities during the last year over $300.000 for additions. assets March 1 1914 aggregated $21.400,000. of which $4.150,000 is in
improvements and extensions. These expenditures are in addition to materials and work in process, $8,250.000 in bills and accounts receivable
18% of the gross earnings applied to maintenance, as required by the mtge. and $9,000,000 in cash or its equivalent. The total of accounts payable
It is the purpose of the directors to pay during the year 1914 such divi- of every character was only $950,000 on March 1. of which about
dends on the pref. stock as the earnings may warrant, and it is their hope were audited vouchers in course of payment, and the remainder$250,000
current
that general business conditions will greatly improve during the year. (See accounts In process of audit. There have been purchased and are
now
1913 earnings in V. 98, r•• 525.)
held in the treasury $1,000.000 (leaving $5.800,000 outstanding) of the
company's
notes
We
not
would
due.
yet
have
preferred
to purchase a
Toledo & Ohio Central Ry.—Decision.—
larger amount but could not obtain them on favorable terms. As an
See Chesapeake & Ohio Ry. above.—V. 96. p. 940.
alternative, several millions have been invested In N. Y. City and city of
Underground Elec. Rys. Co. of London, Ltd.—Bonds, Newark warrants and bank ctfs. of deposit, all maturing in 6 mos. or less.
We are in a position to do a profitable business as soon as the railroads
The London Stock Exchange has listed a further issue of £21,400 4 %
are again in the market for equipment.
bonds of 1933 for £100 each, making total listed £1,827.400.
[The Committee of Inquiry consisted of J. W. Griggs, formerly U. S.
Report.—See "Annual Reports" above.—V. 98, p. 764.
Attorney-General; Thomas Thacher, of the law firm of Simpson, Thacher
partlett, and Albert H. Wiggin, Pres. of Chase Nat. Bank. Advisory
Union Pacific RR.—Payment Deferred.—The date of &
Committee—William R. Willcox, formerly Chairman of N. Y. P. S. Compayment of the extra dividend on the common capital stock, mission, and Dr. L. Clark Seelye, for many years President of Smith
College. See V. 97, p. 1202. 1358.
which
was declared on Jan. 8 1914, payable on April 1, has
American Manufacturing Co.— (Bagging for Baling
been postponed to July 1, subject to such further postponements as shall be deemed necessary or advisable by reason Cotton and Cordage), New York.—Extra Dividend.—
In addition to the 68th consecutive quarterly dividend of 14.i
of litigation. See adv. on a previous page. Compare V.98, stock,
the
an extra dividend of 2% has been declared, payable April I toon
holdp. 840, 525. 454, 238, 157.
ers of record Mar. 16.
An
extra
payment
2%
of
was
made
in March 1912 and 1% on Jan. 1
Union Station Co. of Chicago.—New Plan.—While it is 1910 and several other "extras" have been
paid.—V.98, p. 841.
too early for an official estimate as to the cost of the new terAmerican
Foundry
Steel
Co.—Chairman
ship Abolished.
minal, as now proposed, Frank J. Loesch, Gen. Counsel of
William V. Kelley has resigned as Chairman of the board and the office
the Penna. RR. at Chicago, recently made an informal has been abolished.—V. 98. p. 835, 455.
statement which we condense as follows:
American Water-Works & Guarantee Co., Pittsburgh,
The Union Station Co. was formed by three corporations, the Ch.
Pa.—Sale Ordered—Plan of Reorganization Approved by
& St. Paul Ry. Co. with 25% of the $50,000,000 stock, the Burlington
Representatives of 98% of Indebtedness.—Judge Charles P.
another 25% and thePittsb.
'
Ctn. Ch.& St. Louis Ry.Co. holding 50%.
The plan involves an Investment of $50.000,000 to $55,000,000. The Orr of the U. S. District Court at Pittsburgh on
Mar. 16
cost of the land and the right of way will be about $30,000,000,and between
$15,000,000 and $20,000,000 of this has been already expended by the made a decree of sale in the receivership suit which began
railroads, and is held in suspense account until It can be turned over to last July, and appointed Hilary B. Brunot as Master to sell
the Union Station Co. at cost price. Bonds will then be issued by the the company's assets April
15. Upset price $1,000,000.
Union Station Co. so that the railroads can get their money back.
The stockholders' protective committee (E. C. Converse
The viaducts will cost about $3,000,000; the Union Station building and
the concourse about $7,000,000; the treatment of Canal St. between Harri- of N. Y., Chairman, and Bankers Trust Co., depositary,
son and Taylor streets as a sort of double-decked street, $1,200,000. The
private roadways will cost at least $1.500.000: the Burlington-Pennsyl- V. 97, p. 446, 1825; V. 98, p. 389), has prepared, under date
yenta company freight house, $1.500,000: the freight house tracks about of Jan. 16 1914 substantially the following plan, which
was
$700,000 or $750,000. So that there will be involved In this project very
close to $50,000.000 to $55,000,000. It will be impossible to make this presented to the Court on March 13, having first been undernew terminal a success unless the railroads have adequate facilities to handle written. This plan has been approved by—
their freight. Roughly speaking,
$4 are earned by the handling of freight
(1) Bank creditors' committee; (2) Protective committee for the bondto every $1 which comes from passenger service. In effect these concessions wrung from the railroad companies mean levying tribute upon the holders of the four irrigation companies. located In Idaho and California;
country 2.500 miles away. [See article on Chicago Terminal Problem in (3) Californla-idaho bondholders' protective committee (Alvin W. Krech, •
Chairman); (4) by other creditors: (5) by the receivers. In all, approxi"Railway Age Gazette" of March 20.)
[The amended plan for a new union passenger station and for freight mately 98% of the indebtedness of the company was represented by the
terminals for the Pennsylvania in Chicago was submitted to the City various interests approving the reorganization plan. Over 80% of both
Council Committee on Railway Terminals on Feb. 14. The location of classes of stock was deposited with the stockholders' protective committee.
the passenger station is the same as in the plan which failed last year,the In order to make the plan workable, the stockholders will provide $4,500,000
head-house between Jackson and Adams streets and Canal and Clinton in cash, through an underwriting syndicate, which agrees to take all the
streets, the train-shed between Canal St. and the river, and the freight securities not subscribed for by the present stockholders.
terminal between Canal St. and the river south of Polk St., with approaches Digest of Plan—New Company—Amer. Water-Works & Electric Co.
extending as far south as 16th St. The railways also offered a number of
A new company will be organized in such State as the committee may
concessions demanded by the city, including street improvements, bridges determine (probably with name of "American Water-Works & Electrie
and viaducts. and agreed to co-operate in straightening the Chicago River. Co.") to acquire the assets of the present company except cash and the
shared
The aforesaid committee on March 16 introduced an ordinance In the of stock, notes and floating debt of—
City Council authorizing the construction of the proposed freight and pas- Irrigation
to Be Turned over to Their Bondholders' Protective Comm.
senger terminal on condition that the roads pay the city sums aggregating, Twin FallsCompanies
North Side Land & Water Co.(V. 97, p. 6(10; V.
It is said. $1,511,257 neti—V. 97, p. 238.
Twin Fails Salmon River Land & Water Co.(V. 97. p. 954). 96, p. 1777)•
Twin Falls Oakley Land & Water Co.(V. 97. ro• 954)•
Virginia & Southwestern Ry.—Equipment Notes.—The Sacramento
Valley Irrigation Co.(V. 97. p. 600. 527)•
company has made a mortgage to the Guaranty Trust Co.
And except also shares of stock of California-Idaho Co.(V. 97. p.
11181
such other interests as the committee may determine.
of N. Y., as trustee, to secure an issue of $467,000 Series G and
The four irrigation companies first named are to be turned over to the
5% equipment trusts, dated March 2 1914.
bondholders' protective committee (Chairman. G.L.Edwards of St. Louie
Of the notes.$23.000 mature Sept. 1 1914 and thereafter $24,000 every depositories, Safe Dep. & Trust Co. of Pittsburgh. &c., V. 97. p.
1506.
March 1 and $23.000 every Sept. 1 to Sept. 1921, inclusive, and thereafter 1117), representing the bonds of those companies: and $1.000,000
be
$23.000 semi-annually to March 1 1924, inclusive. The equipment paid to them far the release of the guaranty of the irrigation bonds will
by the
covered includes 2 Mikado locomotives,650 steel drop-bottom coal cars and American Water-Works & Guarantee Co. The money so received wIllbe
1 ten-wheel passenger locomotive. Of the purchase price ($550,346), used for the deve,opment of their properties and the equity In the properties
$83.346 has been paid In cash, the remainder being represented by the will ultimately he divided so that 51% will go to the bondholders and 49%
notes.—V. 97. p. 1353.
to the new company.
1st M. bonds of the California-Tdaho Co., which are also guaranteed
West India Elec. Co., Jamaica.—Earnings.—For year: byThe
the American Co.. are to be exchanged for an equal amount of the
Bond
Rental Jam. Divs.
Year—
Gross.
Net. Interest. Taxes. L.&P.Co.(5%). Surplus. collateral trust bonds of the new company.
Properties to Be Controlled and Operated by the New Company.
1913
$281,842 $137.101 $30,000 38,517 $12,000 wpm $46,584
The new company will take over and operate all the companies now con1912
261.080 124,649 30,000 7,692 12.000 40.000 34,957
trolled by the American Water-Works & Guaranty Co.. with the exception
Pres. James Hutchison says that the legal, accident and damage expenses
were unusually heavy, one case which went before the Judicial Committee of the four irrigation companies. These properties comprise the controlling
of Privy Council In England being especially expensive. The Court of interest in the West Penn Traction System (see map,&c.. pages 107 to 109,
Appeals in Jamaica had decided in favor of the company, but the Privy "Elec. Ry. Section"), Including the hydro-electric developments in West
Council reversed the judgment on the ground of non interference with jury Virginia; the Great Shoshone & Twin Falls Water-Power Co. [V. 97, p.
verdicts. Three cases are now pending before the Privy Council, the result 301. 120); Southern Idaho Water Power Co.(V. 96.13. 1777). about 33,000
of two of which will, It Is stated, have a very Important bearing on the acres of land in California and 35 valuable water-works properties situated
Pennsylvania and Virginia In
future of the company. The company's suit avrainst the Attorney-Ge
neral in a large number of States, from New York.
of Jamaica was taken to define the rights and responsibilities of the com- the East. to Wisconsin. Iowa and Kansas In the West, and as far south
pany under the license, and It Is hoped will terminate the misunderstandings as Alabama, Louisiana and Arkansas (see V. 95. p. 537; V. 96, p. 17691.
exteting between the Government and the company ever since the inception
Capitalisation of New Company.
of the enterprise.—V. 96. p. 948.
Collateral Trust 20-Year 5% Bonds. Total, $20.000.000. viz.:
Reserved
and
now
issuable
(a) 35.733.300 for exchange, par
West Penn Traction & Water-Power Co.—Plan.—
for par, against the 1st M. bonds of California-Idaho Co.
See American Water-Works & Guarantee Co. above.—V. 98, p. 683.
(the bonds so acquired to be deposited as additional security for these new bonds); (b) not exceeding $516,700 to
pay indebtedness of subsidiaries. Total issuable not over... $6,250,000
INDUSTRIAL, GAS AND MISCELLANEOUS,
To be used as collateral to indebtedness of subsidiary companies
to bank creditors, not over--- -------- ------- _ 3,700,000
Aluminum Co. of America.—New Plan.—
.
Remainder, with any balance of foregoing amounts, reserved
See Tenn Ry., Light & Power Co. under "R Rs" above.—V. 96, p. 489.
to
be
issued
in accordance with specific provisions and careAmerican Coal Products Co.—Earnings.—
ful restrictions, to reimburse the company for the cash cost
Gross
Total
Expenses Bond Pf.Dirs.Ccrm.Divs. Bal.
of improvements and extensions to the properties of its
Cal.
Income.
(Net). Int.,etc.Sales (7%). (7k,
subsidiaries..$10.050,000
Burp.
'
Year.
$
$
$
$
$
$
7% Cum.First Pref. Stock (v.t. c.), with preference over the Par1913___20.488.042 4.359.210 2.114.547 920,878 175.000 744.751
ticipating Pref. and common stock to the amount of its par
1912___ 19.751.005 3.574,919 2,021.318 273,972 167,708 737,751 404.035
374.170
value and accrued divs. on distribution of assets and will be
—V. 97. p. 730.
entitled to cumulative diva. from and after the date of its
American Locomotive Co., N. Y.—Reports of Committees
Issuance, at the rate of 7% per annum, and no more. Ra—Status—Earningsfor Half-Year.—The report of the special i deemable if and when permitted by law at 110 and div. Full
E voting Dower. Total auth., $10,000,000; now 'amiable-- $5.000.008
).
THE CHRONICLE
MAR. 21 1914.]
915
to a preference
California-Idaho Company.-Plan.6% Participating Pref. Stock (v. t. c.), entitled
See American Water Works & Guarantee Co. above.-V.97. p. 14282
over common stock to amount of par and divs. on distribution of assets, and to diva, annually to amount of 6% per
annum, with right in any year that 6% is paid on common
Canada Foundries & Forgings, Ltd.-Earnings.
Bal.,
stock to share with the common stock at the same rate In
Net
Deprec., Bd.. &c.,Organ'n Miscel- Pf.Divs.
Calendar
Burp.
Exp. laneous. (7%).
any remaining divs, declared or paid for such year. ReYear. Earnings. Renew.&c. Int.
diva.
and
law
105
by
at
permitted
59.540
567.200
deemable if and when
$112.899 $21,700 $8,102 $2.406 53.951
$10.000,000 1913
67.200 25.689
____
2,382
Full voting power. Total auth. and now issuable
4,020
108,782
1912
9,500
Common Stock (v. t. c.), total auth.. $10,000.000; now issuable_ 7.000,000 -V. 95, p. 178.
Canadian Car & Foundry Co., Ltd.-Listed in London.
Participation of Deposited Pref. and Common Stock and Notes of Present Co.
The London Stock Exchange has listed a further issue of £215.840 6%
Will be Given New Stock
1st
M. bonds, making the total listed £832.580. See V.98. p• 302.69.
Common.
Partic. Prof.
First Pref.
For each $100 SharePref. stock (or French cerCanadian General Electric Co.-Earnings.tif.). $10.000.000Pref. Dir. Balance,
Common
Caendar
Operating Deprec. &
(a) on subscription and
Surplus.
(7%).
Dividend.
YearInterest.
Profits.
payment of $35_--$40-34,000,000 $100
5110.000 5559,676
(9%)$636.634
1913
52.029.989
$693.589
$10,000,000
(b) If not paying said
706,611
140.000
1912
549.872
615,237
2.011.720
(8%)
$35. but paying asTotal surplus Dec. 31 1913, after transferring $328.134 to reserve, was
50
sessment of $5_
total
$913.932;
reserve,
97.
1665.
p.
52.700,000.-V.
Common stock.$10,000.000(a) If subscribing and
Carpenter-O'Brien Co., Jacksonville, Fla.-Timber
0
101
$7
10- 1,000,000
paying $10.
$7,000,000
Bonas.-Wm. A. Read & Co., N. Y., and Lyon, Cary & Co.
(b) If not paying said
$10, but paying asand Cont. & Comm. Trust & Say. Bank, Chicago, are plac50
of
sessment
of the subsidi- ing, at par and int., $2,750,000 1st M.6% serial gold bonds.
cents.Th that the various banks holding paper
plan provides
Co., shall give extension
Maturing semi-annually Dec. 1 1915 to June 1 1925 ($135,000 Dec. 1 and
aries, endorsed and re-discounted by the American
extension, $140,000 June 1). but redeemable at 102% and int., in whole or in part,
such
of
consideration
in
and
years,
all
in
six
covering
of paper.
of the collateral on any int. day, on 30 days' notice. Prin. and int. (J. & D.) payable in
shall receive as collateral to the extended paper a portion
paper
for the
Chicago. Denom. $1,000, $500 and $100 (c.). Auth.. 54.250,000; outtrust bonds of the new company. The banks are, however,
new collateral trust standing (now offered), $2,750,000. Sinking fund payable before timber
of the irrigation companies, which they hold, to receive
in is cut, $4 50 per 1,000 for cypress and $3 for pine, or 50% in excess of the
bonds in payment Instead of as collateral. Various provisions are made
average amount of bond issue. Dated Feb. 1 1914.
the plan for each of the other classes of creditors.
have the option of
A first lien (a) on about 183.000 acres of land owned in fee in Taylor,
Subscriptions and Assessments.-Stockholders 1will
on March 1914 (or such later date Lafayette, Madison and Jefferson counties, Fla., including, as estimated,
paying of their subscriptions in fullinstallments
intervals of two mos.: 850,000,000 ft. of long leaf yellow pine timber, all round (not turpentined)
at
four
In
or
fix),
may
committee
the
as
payment, 30%; (2) 25%; (3) 25%: and about 425,000.000 ft. of cypress timber. (b) On plant, and town prop(1) on date above fixed for initial
will be credited on all payments, and erty, now being constructed at tidewater on St. Johns River just outside of
(4) 20'4. Interest at 6% per annum
dividends upon the first pref. Jacksonville, Fla., with capacity of about 60.000.000 ft. per ann.at acost,
accrued
with
charged
be
will
stockholders
and dividends will be adjusted as of incl. equipment, of about $1,000,000. The cypress timber has been sold,
interest
stock denvered to them and Assessments
will be payable on the same date
to this mortgage, to the Burton-Swartz Cypress Co. of Florida at
the date of final payment.account of subscriptions. Stockholders who so subjectand
under conditions which it is estimated will be sufficient to pay
as the initial payment onsubscription rights as to a portion or all of the prices
elect may exercise their paying the assessment as to the shares in respect off the entire bond issue, both prin. and int. Property valued at over
$7,000,000, against which only 53.000,000 of bonds may be issued. The
stock held by them upon
remaining 51,250,000 bonds can be issued with consent of Lyon, Gary At
of which subscription rights are not exercised.
Earnings.-Sanderson & Porter estimate that the net income of the new Co. only as first lien on additional timber at not over $3 per 1,000 ft. for
company, after payment of all its expenses and fixed charges, will be more cypress and $2 for pine. Stock auth.. $10,000.000; outstanding, $3,379,than adequate to pay the full dividends on its first pref. stock. It is an- 000, with $750.000 additional subscribed for at par.
Officers: Pres., Samuel J. Carpenter, Jacksonville; V.-Pres., Wm.
ticipated that, with new and efficient management, there will be a constant
O'Brien, St. Paul, Minn.; Sec., R. H. Paul, Watertown, Fla.; Treas.,
and substantial growth In earnings from year to year.
New Cash -The sum of 54.500,000 to be paid In by the stockholders as C. F. Stephenson, Chicago.
underwritten will be applied to payment for the securities acquired In
•
44-v
-1
reorganization, to reorganization and receivership expenses, including the
Chino Copper Co.-Bonds Called.cash commission to be paid to the underwriting syndicate and for working
All of the outstanding 1st M. convertible gold bonds dated July 1 1911
capital of the new company.
have been called for payment at 110 and int. on July 1 at Bankers' Trust
Voting Trust.-All of the new stock (except such number of shares, If Co.. N. Y. Bolders of the b.mds may convert the same Into stock up to
any. as may be used to qualify directors) will, for 5 years, be vested In five and including July I.-V. 98, p. 526.
voting trustees to be chosen by the reorganization committee. Par $ 00.
Chesapeake & Potomac (Bell) Telephone Co. of Va.Officers.-It Is understood that strong representative banking, financial,
A recent circular offering $1,000,000 Series A 5w, 1st. M. bonds (making
engineering and manufacturing interests will be among the directors of
the new company. Announcement of the personnel of the officers and 52.007,000 outstanding, see V. 98, p. 765). says In substance: "Forms a
part of the Bell system and furnishes telephone service In all the principal
directors will be made in the near future.
Stockholders' Protective Committee.-Consists of E. C. Converse, Pres. cities and throughout a largo part of the rural sections of Virginia. On
of Bankers Trust Co., N. Y.; A. H. Wiggin, Pres. of Chase Nat. Bank of Dec. 31 1913 operated directly 46,283 stations, and through arrangements
N. Y.; Charles F. Brooker, Pres. of American Brass Co.; Charles R. with connecting companies that operated 39,127 stations affords intercommunication between 85,411 stations within the State.
Scott, representing English stockholders; Theodore Revilion. representing
The proceeds of these bonds will he used for additions. extensions, &e.
French stockholders. and H.J. deLanoy Meijer, representing Dutch stockIt is estimated that the net earnings will show an increa.e, as the proceeds
holders. This committee, acting in conjunction with their counsel,
new property, considerably In excess of increased interest.
Sullivan & Cromwell, who were represented by H. H. Pierce, prepared the are invested in the consisting
of lands and buildings located in Richmond,
Owns property
plan.-V.98. p. 841.
Norfolk. Lynchburg, Newport News and Portsmouth. Also owns and
37 exchanges, 1.158 miles of exchange pole lines, 1.219 miles
Arkansas Natural Gas Co., Pittsb., Pa.-Earnings, &c. operates
exchange wire
Bal., Sur. pole lines, 56 miles of subway, 231 miles of duet, 48.48 I miles
Net, after Taxes. Interest,etc.
Gross.
Cal. Yeartoll wire aerial, 70,329 miles exchange wire underground
$197,950 aerial. 10.335 mileswire
$339,590
$537.540
$856.013
1913.
underground.
toll
miles
249
and
28,500
345.704
374,205
675.287
1912.
Results for Calendar Year 1913.
I "Interest, &c.," includes bond and other interest, field development
work charged off, &c. Balance sheet Dec. 31 1913: Investment, $11.- Earnings-Exchange service. $1,256,864: toll service revenue,
51.506.752
5219,562; miscellaneous, 530,326; total
600,172; cash. $43.606; total assets, $11,643,778. Offsets: Capital stock,
56,500,000; bonds outstanding, $4.054,000; bills and accounts payable (less Expenses,lcc.-Oper. exp., maintenance ($259,104, excl. depr.),
taxes (5113,360). rents ($20,026); depreciation, $312,393; total 1.248,799
accts. receivable), $1,087,486; total surplus Dec. 311913, after deducting
$224,463 for depreciation, 52,292.-V. 96, p. 1023.
$257,953
Balance applicable to bond Interest
Assets Realization Co.-Earnings.(Totals.
Sheet
Dec.
1913
Balance
31
58,195.815)•
Balance,
Int. & Dividends
Gross
Calendar
54.105.100
55,822.811 Capital stock
Surplus. Telephone plant
Paid.
Taxes.
Income. Expenses.
Yearsecurities_ _
2.500,000
431.070 Bonds-Present
$2,143,272 $280,324 -$940051---- $922.897 Investment
1913
payable 631,279
Pisue_181,212 Bills and accounts
665,839 Bills and accounts receiv257,655 $300,138 $724,327
1,947,959
1912.
45.775
75,468 Employees' benefit fund__
Cash and deposits
-V. 98, p. 157.
672.416
1.493.000 Replacement reserve
Bonds in treasury
100,840 Misc, reserve items
125.005
Material and supplies_ ___
(E. W.) Bliss Co., Brooklyn.-Common Divs. Resumed.- Prepayments,
88.384 Surplus unappropriated__
116.239
&c
A dividend of 1X % has been declared on the $1,250,000 common stock,
in Virginia in 1912 as successor of Southern Bell Tel. & Tel. Co.
payable along with the regular quarterly dividend of 2% on the $1.250.000 offIncorp.
it
stock,
is
is
Ches.
&
by
capital
understood,
the
owned
The
Virginia.
This
23.
record
Mar.
of
holders
to
1
April
cumulative preferred stock on
been Potomac Tel. Co. of Bait., which In turn Is controlled by the Bell Telep.
Is the first distribution since July 1 1911, when payments, which hadof
the N. Y. Telephone Co.-V. 98. p. 765.1
and
Penn.
of
Co.
the
account
mainly
on
discontinued
were
1899,
April
since
quarterly
%
strike. Prior distributions had been 2%. The business, it is stated,has been
Cincinnati & Suburban Telephone Co.-New Stock.showing steady improvement. Recent additions have been made to the The company has applied to the Ohio P. U. Commission for permission
property and a new building is now being erected on Jay St.-V.97, p. 52.
,
to issue 5637.150 stock on account of Improvements.-V.98. p. 692. 157.
Borax Consolidated, Ltd.-Guaranteed Bonds.-
See Death Valley lilt. under "Railroads" above.-V. 97, p. 1901.
British Columbia Copper Co.-Plan Operative.-
The plan for forming the Canada Copper Corp. was declared operative
Further
on March 16, 323,305 of the 591,700 shares having been deposited.
deposits will be received till and including April 20. Soo plan V.98, p. 526.
DiviCustom Ore
Balance,
Operating
Calendar ProceedsMetal
dends.
Purch.,etc.
Surplus.
Year- Shipments,&c. Expenses.
$368,500
$23,141
$1,424.298
$88,756
$1.904,695
1913
495,087
248.473
1,570.205
177,513
2,491,278
1912
Total surplus Dec. 311913,$523,140, after deducting 5465,737 for depreciation of mines and plants written off. During the year 1913 there was
produced 8,296,902 lbs. of fine copper, 26,640.63 oz, of gold and 137,051.72
oz. of silver, against 11,146,811 lbs.. 25,862.68 oz. and 142,025 oz., respectively, In 1912.-V. 98, p. 526.
Brooklyn Borough Gas Co.-Reduction in Capital.The company has agreed to the suggestion of the P. S. Commission to
reduce Its fixed capital by the excess over structural value. Commissioner Maltbie says:
"As of Jan. 1 1914 the company is to reduce its fixed capital (or property
investment) account from 51.773,180 to $1,344,752, the appraised value as
found by the Commission's engineers, after the deduction of depreciation.
Of the reduction ($428,428), the company is to charge off to surplus immediately $178,428. The remaining $250.000 will be carried as a suspense
account on Its balance sheet under the title of'franchise and other intangible
assets in process of amortization.' Each year it will reserve from earnings
over and above the reservation for depreciation 5 cents for each 1,000 cubic
feet of gas sold, and the amount thus reserved will be invested in the necessary extensions and additions to plant and distribution system, so that In
8 or 10 years there will be physical property substituted for tile intangible
assets and there will have been established a parity between the structural
value and the nominal capitalization."
Earnings for Calendar Year,Gross
Calendar
Earninga.
I Year$309,093
1913.
1912...._------ 267,421
-V. 98. P. 239'
Net
Earnings.
$156,442
140.991
Cleveland Electric Illuminating Co.-3-Cent Ordinance.
The City Council on March 16 passed the ordinance introduced several
weeks before by Councilman Gahn to reduce the rates for residence purposes to 3 cents. If no referendum petition is filed, the ordinance will
become effective in 40 days. An appeal to the P. U. Commission will, if
taken, result in an appraisal of the property.-V.98, p. 455. 389.
Computing-Tabulating-Recording Co.-New Director.
George I. Wilber, Pres. of the Wilber Nat. Bank of Oneonta, N. Y., has
been elected a director to succeed 11.1'. Walden.-V.98. P• 765.
Consolidation Coal Co.-Earnings.Results for Cal. Years (Production, 1913, net tons. 11.157.989: 10.347,100'12)
Net (after -All Companies- Dividends Balance,
Gross
Calendar
Surplus.
(6%).
Year- Earnings, Tares Ac.) Bond Int. Sk. Pds.
1913_ _515.443.246 53.826.703 51,085,893 5281.081 51.500.000 5959.729
974.083 269.450 1.358.865 1.144.492
1912.... 14.520.417 3.746.890
-V. 96. P• 1705.
Corn Products Refining Co., N. Y.-Status.-
In its efforts to conform to the wishes of the U. S. Dept. of Justice, the
company has recently disposed of (a) its interest In the firm of Penick al
Ford of New Orleans, dealers in and refiners of molasses;(b) has sold its preserving plant In Granite City to the Best-Clymers Co., and is willing to sell
the National Novelty Co., a competitor of the National Candy Co. F. T.
Bedford, who recently resigned as Treasurer of the Corn Products Refining
Co., has become Interested in the Penick & Ford firm.
The company's grinding output, which a few weeks ago was 100.000
bushels of corn a day, was recently reduced to 80.000 bushels, and careful
attention is being paid to the sugar market, since low prices for sugar tend
to increase its use in preference to glucose.-V.98. p. 836.
Electric Co. of Missouri.-Acquisitions, &c.See annual report of North American Co. above.-V.96, p. 1024.'"-
Electric Storage Battery Co., Phila.-Earnings.Other
Income.
59,617
5,563
Fixed
Charges.
$115.679
107,568
Balance,
Surplus.
$50,380
3a,9b6
Balance,
Divs. Paid
Other
Net
Gross (Less
Calendar
Income. During Year. Surplus.
Year- Mfg..&c.,Ezp.)Earnings.
51.558,123 51.035.918 5172.837 (4%)5e49,964 5558.791
1913101,444 (4%) 649,984
475.310
1,023,836
1,536,190
-V. 98, p. 526.
916
THE CHRONICLE
Fairmont (W. Va.). Gas Co.-Control-Pref. Stock.J. Harrnanus Fisher & Son, Baltimore, offered last week
7% cum. pref. shares (par $50) at $45 8, yielding 7.63%.
The property recently passed under control of J. H. Wheelwright (Pres.
of Consolidation Coal Co.) and associates,
the Fidelity Trust Co. of Baltimore, as the head of a syndicate, in conjunction
several firms,
placing at par($50), with a bonus of 20% in common with
stock, $560,000 of a,
new issue of $1,600.000 7% cum. pref. stock;
outstanding, $750,000. Redeemable at $52 50 and interest. Dividends Q.-F.
Data from President J. 1-1. Wheelwright, Baltimore, Jan. 26 1914.
Capitalization.-Capital stock, $3,000,000,
in $50 shares, viz.: $1,000,000
7% cum. pref. and $2,000,000 common (all out). Of the prof., $1,000,000
has been issued but $250,000 of this is reserved in the treasury for corporate
purposes. No funded debt and no floating debt outside of current oper.
expenses, which are largely exceeded by its current assets. No gas depletion is anticipated, but should any occur, gas can be made from
coal in by-product ovens, the coke tar ammonia yielding a profitFairmont
without
any value being placed on the gas.
Business.-Controls about 14.000 acres of gas territory in Marion County,
W. Va.. and supplies with natural gas the cities of
Fairmont and Monongah,
and a ntunber of large manufacturing industries and
mining communities,
through its own mains, &c. Total population served
about 35,000, of
which 18,000 within one mile from Fairmont. Franchises
run till 1952 in
Fairmont and Monongah; perpetual in Marion County.
as a going concern is nearly three times the amount of Value of property
pref. stock out.
Annual Net Earninas.-For 11 years ended
$115,837; for year 1913. $178,407; estimate for Aug. 31 1913 averaged
1914, $200,000, or nearly
four times the present preferred dividend requirements
.
Pref. Stock.-Red., all or part, on any div. date
share) and divs., on 30 days' notice. Has same votingat 135% ($52 50 per
privilege as common
stock. Consent of 60% of pref. stock is required
for: (1) Creatios of lion
upon any property now owned; (2) Increase of floating
debt in excess of
$250,000, except notes issued for additional property;
Salo of property
as an entirety; (4) Increase in authorized pref. stock or (3)
creation of any prior
stock. Sinking fund, 10% of net earnings, or not less
$20,000 per
annum, at least one-half to retire the pref. stock and thethan
invested in property or securities as approved by board. remainder to be
Directors: J. H.Wheelwright (Pros.), George C. Jenkins, John
S. Gibbs
Jr., Joseph P. Kennedy, John M. Dennis and
Bruce, all of Baltimore, anti five others representing FairmontHoward
interests.
[Until
recently
known as Fairmont Gas & Light Co., with S. L. Watson as
President.)
Galena Signal Oil Co.-Balance Sheet Dec. 31.-.
1913.
1912.
AssetsPlants, cont's
& trade-mks 9.456,592 9,111,583
Inventory__ _ 1,762,119 1,342,873
Notes & accts.
• receivable__ 5,348,637 4,906,313
Cash......
544.154 1,292,468
1913.
1912.
Liabilities$
Prof. stock...._ 2,000,000 2,000,000
Com.stock.._ _12,000,000 8,000,000
Accts. payable 2,185,486 1,771,228
Surplus__ _ _ _
926.015 4,882,009
Total....____17,111,501 16,653,237
-V.98, P• 455.
Total....----17,111,501 16,653,237
woL. xcvm
During the year 1913 no fewer than
individual letters were sent
out to students, with no other purpose805.079
to encourage and inspire them,
in their work. Besides these, 205,813than
special letters were mailed to students dealing with particular difficulties
encountereed In their studies.
The preparation of the text-books written
by the schools for the use or
students has cost more than $2,000,000.
These texts are prepared solely
for the work of instruction by
ce, and their
is attested
by the fact that they are beingcorresponden
used for class-room workvalue
or for reference
purposes in 167 universities, colleges,
institutes of technology and other
well-known institutions of learning. The
U.
S.
Navy
Department is using
15,000 text-books in the new naval shipboard
schools, and
is about
one-fifth of what will be required when
these schools are in fullthis
operation.
In Scranton the International Corresponde
nce
Schools transact their
business in buildings valued at $1,159,280, while
copyrights and plates:
are estimated as worth $1,864,404 after a liberal their
annual allowance has been
made for depreciation. Up to the present the Internationa
l Correspondence.
Schools have spent $1,703,965 in agency establishmen
t. More than one
million dollars of capital now in the treasury of the company
will bo used
to develop still further the faciiities for offering education
to the people.
The $8,500000 capitalization of the International Text-book
Co. (V. 98.
p. 153), which operates the International Correspondence
modest when the cost of creating the institution, carrying Schools, is really
and widening the facilities for education, are considered.on the business,
Since their foundation the schools have done a gross business amounting
.
to 885,753,140 and have distributed cash dividends amounting
to $7,025.372 and stock dividends of $1,875,000.
International Milling Co. of Minnesota.-Stock Divs.-
A dividend of 7% has been declared on the
pref. stock for
theyear ending Feb. 28 1914 and a dividend of$1,000,000
28% in cash and 40% hi
stock on the common stock -V.97, p. 1666.
International Text-Book Co.-Operations.-
See International Correspondence Schools.-V.98, p. 153.
Laconia (N. H.) Car Co.-Dividend Omitted.-
The company has decided to omit the regular quarterly dividend
the
$1,000,000 7% cum. pref. stock which would be payable April 1. onPayments have been made since April 1912.
Pres. Hawley says: "The passing of the dividend was due to the Now
England railroad situation, which has resulted in no large orders coming to.
our company from the Boston & Maine or the other railroads for some
months. No considerable new business is at present in sight. Wo are,
however, doing a good deal of repair work, and our malleable plant is also.
in operation. All told, we have about 1,000 men at work. We shall
at
once take up the question of how much to reduce
this force in the near
fu ture."-V. 98, P. 70.
Lehigh Valley Coal Co.-Government Suit.-
See Lehigh Valley RR. under "Railroads" above.-V. 97, p. 360.
Lehigh Valley Coal Sales Co.-Government Suit.-
General Petroleum Co. (Cal.).-Readjustment.-
See General Pipe Line Co. of Calif. below.-V.98, p. 455.
General Pipe Line Co. of California.-Readjustment.-Tucker, Anthony & Co. and Jas. B. Colgate & Co., as agents
for subscribers to syndicate agreement dated Feb. 1 1912
(expiring as extended July 1 1914), in circular of Mar.9say:
The British company referred to in earlier communications
(compare
V.97, p. 1665; V. 98, p. 75, 240) has been organized
the Western Ocean
Syndicate, Ltd., and its representatives have for two as
months been examining into the affairs of the associated companies and have
found that, while
the physical condition is satisfactory, the financial condition
of the General
Petroleum Co. is most unsatisfactory. They have therefore
concluded
that a readjustment of the entire situation will be
necessary,
and as a part
of such readjustment have made a proposition to the bankers for
the acquisition of all the General Pipe Lino securities.
The readjustment agreement provides that on or before July 1 1916
our
depositing subscribers shall receive par and Int. for their
($4,500.00) bonds,
surrendering to the syndicate their Class A stock free
of cost, equivalent to
$900 or cost for their 'bonds and $40 a share for their Class A stock,the bankers surrendering without cost their Class A stock received as commission.
By this plan, each subscriber will receive approximatel
6M % interest per
annum on his investment and a profit of over 11%. y
[Total Class A 8%
guar. pref. stock issued. $2,000,000, Jan. 1914 dividend
deferred. The
Gen. Petrol. Co. is understood to own the $5,500,000 Class B
stock. As to
the original syndicate, see V. 94, p. 1568.1
While the syndicate has two years in which to take up
pay for the
bonds at par and int., depositing subscribers will hold in and
the meantime a
6% bond secured by a first mortgage on the property of
General
Pipe Line Co. of California and guaranteed as to principal, the
interest and
sinking fund by an additional guarantor satisfactory to the bankers:
and,
furthermore, the Class A stock will remain in escrow,
so that depositing
security holders may be restored to their present position in case the Western Ocean Syndicate, Ltd., failed to live up to its agreements. An opportunity is also offered to subscribers to participate in the subscription to
shares of the Western Ocean Syndicate, Ltd.,at par.
An investigation I nto the affairs of the General Petroleum Co. by representatives of the English Syndicate, which had made large advances
to the
Petroleum Co.,revealed the fact that it had recently entered into contracts
which are likely to entail large operating losses for the
It therefore seems wise to accept the present proposition. next three years.
Subscribers whose securities are not in the hands of the
Tr.
Co., the depositary, on or before Mar. 25 1914, will not beCol.-Knick.
entitled to the
benefit of the agreement.-V. 98, P• 158.
Great Shoshone & Twin Falls Water Pow, Co.-Plan.
See American Water Works & Guarantee Co. above.-V.97, p. 301.
Halle Bros. Co. (Department Store), Clevelan
d.Itayden, Miller & Co., Cleveland, recently offered
101 and div.
$750,000 7% cum.(limited voting) first pref. stock sold toat
double the floor
area of store, now 180,000 sq. ft. (65 departments). Divs. Q.
-J. 30.
Red. In whole at 110 and div., or in part for retirement fund
105 and
div. Par $100. Issued capital stock: let pref., $750,000;at2d
pref.,
$700,000; cornmon,$1,000,000. Auth.,31,000,000 each
class. Business,
established in 1891, always profitable. Sales for year ending
31 1906.
$803,892; year 1913-14, 33.260,972. Average annual profitJan.
for last two
years over $157,500. Net assets, about $1,500,000. Pres., S.
P. Halle,
and V.-Pres., S. H. Hallo.
Indianapolis (Ind.) Water Co.-Application.--
The company has applied to the P. S. Commission for permission to issue
about $476,000 bonds for improvements made last year and
to be made this
year and $2,571,000 for refunding.-V.97, p. 1429.
Indian Territory Illuminating Oil & Gas Co.-Decision.
See Lehigh Valley RR. under "Railroads" above.-V. 97, p. 1429.
Kardo Co.-New Holding Company for Patents.-
The Kardo Co. was incorporated in Ohio on Feb.
with 31,000,00t.
auth. stock by the Packard Motor Co. of Detroit, the 26
Peerless Motor Car
Co. of Cleveland anti the American Ball-Bearing Co. of
Cleveland,
have ceded to it their independent patent rights on front and rear which
axles,
eight in number, and claimed to be basic on automobile
axles and to cover
almost every axle in use in motor vehicles.
The officers are: Pres., Alvan MacAttley, of the Packard
V.-Pres.,
Theodore W. French, of the Peerless Co., and Sec.& Treas.,Co.;
Fred C. Dorn.
The directors include F. S. Terry, one of the general managers
National Electric Light Co., a subsidiary of the General Electricof the
Co.;
Walter C. Baker, of the Ball-Bearing Co., and Milton Tibbetts.
A statement issued by the company says in substance: "The Packard
Motor Car Co., the Peerless Motor Car Co. and the American Ball-Bearing
Co. have, since the earliest days of the industry, independently and at
largo expense, developed axles that they believe are best suited to their
respective trades. The patents on these axles pertain to component parts
and are so closely co-related and interlaced that the axles of either cannot
be built without infringing the patents of the other.
"This three-cornered patent situation has been a vexatious question for
some time, each company claiming that the others and the trade generally
infringe its axle patents, and litigation has been frequently threatened.
The situation became so acute that a way was sought to relieve it.
"Careful study made it evident that the industry, including the three
companies whose patents were directly involved, and automobile users
generally, were interested in the final outcome and would be benefited by
the removal of the menace and the avoidance of expensive and wasteful
litigation. It seemed, therefore, that the license
under them might be
enjoyed upon reasonable and equitable terms by all manufacturers and
users.
"The patents are now owned by the Kardo Co. Some licenses under
them have been granted and the company is negotiating others at the
present time. Of course the usual royalty reservations will be made, and
manufacturers will receive licenses that will insure them the right to make
and sell without charges of infringement. It is confidently expected that
no litigation will be necessary to accomplish this constructive work."
Liggett & Myers Tobacco Co.-Stock Increase.-
The stockholders will vote on April 15 on increasing the capital stock
from $36,880,200 to $44,256,300, by adding $7,376.100 pref. stock (par
$100). Compare annual report in V. 98, p. 837, 842.
Loose-Wiles Biscuit Co.-New Director.-
G. W. Hopkins as a director succeeds S. Day.-V.98, p. 693.
Marconi Wireless Teleg. Co. of Amer.-Favorable Decis'n
Judge Veer in the U. S. District Court in Brooklyn on Mar. 18 in the
9,1m N issuedsati
suit brought by the company again6s0tthe
Aug.onalEle.1S
6Ign
18a918into
g Co.
o Pittsburgh held valid patent No.
Sir
f
Oliver Lodge, and No. 763,772, issued June 18 1904 to William
Marconi,
both owned by the Marconi Co. The Court holds that to Marconi and
credit
practical
of
radio-telegraphy. All wireSir Oliver Lodge belong the
less companies are stated to have infringed these patents. The original
patent, No. 11,913, issued to Mr. Marconi on July 13 1897 (before improvesignaling
possible), while held to be valid like
ments made long-distance
the two later patents, is not found to have been infringed upon. The
Marconi interests claim that the decision gives them a virtual monopoly
courts
of England and France have held
of wireless telegraphy, as the
counterparts of the patents valid. The opinion covers, 115 pages.
Counsel for the National company is quoted: "rho decision gives the
Fessenden company a sweeping victory ris to the fundamental patent, which
the Marconi alleged to be sufficiently broad to establish a comprehensive
monopoly of wireless telegraphy. Judge Veeder held this patent to be valid,
but much narrower than claimed. The National company will, it is said,
appeal from the decision."-V. 97, P. 1508.
Massillon (0.) Rolling Mills Co.-New Stock.-
The stockholders will vote March 30 on increasing the capital
from $700,000 common and $300,000 pref. to $1,750.000 commonstock
and
31.750,000 pref., present stockholders to have the privilegoofsubscribing.
May Department Stores Co.-Earnings.The Supreme Court of Oklahoma on Mar. 10. In a test case against
Other Depre., Int.. Pf.Divs. Common
company, sustained the valuation of the State Board of Equalization the
Net
Balance,
for Jan.31 Profits.
Income. &c. Tax.,&c. (7%). Dividends.
1911 on oil and gas leases, which,it Is held, may be collected from the lessee.
Sin;r1us.
YearThe Court also sustained the ownership of the State in the beds and mineral
$
212,030
228,633
deposits of navigable streams within the State. The opinion was written '13-'142,281,510 37,721
577,500 (5%)750,000 551,068
by Justice Loufbourrow. Under the law, the money collected
'12- 13 2,544,153 34,770 218,227 175,563 439,035 (4%)712,500 1,033,598
the State -V.
from royalties on gas and oil taken from the beds of rivers goes by
97, p. 241.
the
to
State
school land department and the credit of the permanent school fund of the
Moline Plow Co.-Listed in London.State. This has been estimated locally to amount to about $1,000 daily for
The London Stock Exchange has lobed the $7,500,000 7% first pref.
the entire State.
stock.-V. 98, p.'69.
International Correspondence Schools, Scranton,
Pa.-Official Statement.-In the advertising department of
to-day's 'Chronicle" will be found a long statement by Pres.
T. J. Foster regarding the operations of the company. In
the course of this he says:
Circular of March 4 offered stockholders of record March 20 the right
to subscribe at par on or before that date for $2,474,500 of treasury stock
to the extent of one-twelfth of one share for every share held by them,
respectively. Subscriptions are payable on or before April 15 1.914.V. 98, p. 766.
There are now 275 courses of studies and during the
22 years
1,651,765 students have been enrolled in the United States past
and Canada,
and enrollments are now being made at the rate of 100,000
a year.
An initial dividend of 1% has been declared on the common stock, payable Apr. 2 to stock of record Mar. 26.-V. 98, p. 766.
Mountain States (Bell) Tel. & Tel.Co., Denver.-
Municipal Service Co., Phila.-First Common Div.-
MAR. 21 19144
917
THE CHRONICLE
National Electric Signaling Co. of Pittsb.-Decision.
See Marconi Wireless Telegraph Co. of America above.-V.98, p. 693.
New England Power Co.-See "Annual Reports."
Offering of 65 Cum. Pref. Stock.-Baker, Ayling & Co.,
Boston, are offering by adv. on another page at 97M and div.,
yielding 6.15%, $250,000 6% cum. pref. stock. of this new
and rapidly developing hydro-electric enterprise. Divi-dends Q.-J. The bankers say:
Calendar Year Earnings (In 1913,railway,$77,833; light and power, S17,039)
1912.
1913.
1912. I
1913.
$124.872 $98,751,I Bond interest_ ___ $16,503 $15,000
Gross
annum.$2,23
$29,481 $21,239
39,239 I Net surplus
45.984
Net
es
net earnings, $60,000, with div. rate al
In 1914 estimated
Div. No. 3 ($8,408 76) was paid in Jan. 1914.
Directors.-C. A. Flaherty, Pres., Boston; M. L. Flaherty, V.-Pres.,
New Glasgow, N. S.•, E. M. McDonald, K.C., M.P., Pictou, N. S.; A.
Perry Martin, Newton, Mass.; Gardner Perry and W. B. Rogers, Boston
hydroThe New England Power Co. and allied companies own valuable
200 miles
electric stations on the Deerfield and Connecticut rivers and,with
de-electric
hydro
of steel-tower transmission lines, constitute the largest
The principal
velopment in the United States east of Niagara Falls.
BerkRy.
Street
d
Consolidate
purchasers of power include the Worcester
By., BOston &
shire St. By., Uxbridge & Milford St. By., Springfield St.
the Hoosac TunMaine RR. (for operation of its electric engines through Millbury,
Keene,
Fitchburg,
nel), the electric lightcompanies of Worcester,
es, also many
'Brattleboro, Winchendon, Uxbridge and other municipaliti
-thus assurEngland
New
central
in
es
manufactori
large and established
• ing a steady and increasing income.
about 50,000 h. p., an
The system has developed and in operation
be ready for operation during.
additional plant of30,000 h. p. is expected to
already satisfactory
earnings,
this year, greatly increasing the present
energy have been received.
Applications for the purchase of this additional V.
p,308, 693.
98,
compare
and
See aforesaid annual report above
Dividend Omitted.-
Nipissing Mines Co.-Extra
dividend of 5% on the
The directors have declared a regular quarterly
of record Mar. 30, but have
-$6.000,000 stock, payable April 20 to holders
at the rate of 2'4% quaromitted the extra payment which has been paid
was paid in June 1910.
terly since Oct. 1909. An extra interim div. of 5%
Dividend Record (Per Cent).
to 1913 Jan., 14 Apr., '14
1906 1907 1908 1909 1910 1911
5
5
20 yearly
20
14
12
12
Regular ____ 6
None
yearly
10
234
15
2 None 8A
2
Extra
the
off during the past few months as a result ofthe
Net earnings have fallenproduced.
and it is deemed advisable to omit
ore
lower average grade of
241.
98,
p.
-V.
improve.
conditions
until
t
. payment ofthe extra disbursemen
Noiseless Typewriter Co., Middletown, Conn.-Sale.-
at receiver's sa.o in Middletown on
The property is advertised to be soldbonds
with interest from Oct. 1 1912
April 7,subject to the lien of $200,000&c.,
under order of U. S. Dist. Court
<Bankers Trust Co., trustee), taxes,
241.
p.
98,
entered Mar.9.-V.
North American Co.-Report.-See "Annual Reports."
New Officers.-James Campbell, Pres't, has been elected
Chairman of the board, a new position. James D. Mortimer, Vice-Pres., becomes President.
Railway Steel Spring Co., N. Y.-Dividends.-
Former director Charles Miller, Chairman of Galena Signal Oil Co., has
published a statement declaring that the common shareholders are entitled
to better treatment, their dividend in 1913 being only 2%, although the
treasury is exceptionally strong. See V. 98, p. 838.
Reed-Prentice Co., Worcester, Mass.-
The company has reduced its common stock from $1,250,000 to $750,000
by the cancellation of 5,000 (not 2,500) shares of $100 each, in order (a) to
avoid unduly high taxes, (b) the annual charging off against earnings of
depreciation on somewhat swollen assets, and (c) to mark off a rather large
item of good-will, thus enabling the company to make a more conservative
statement. Manufactures lathes and drilling machines.-V.94, p. 1702.
Remington Typewriter Co.-Earnings.--Com.Div.
Bal.,
Surp.
$
1,751,987 -537,893- 280,000 400,000 100,000 434,094
1Y9e1a3r644.639
19.765.475 181,134 259,702 280,000 400.000
HenryHenry H. Benedict, William R. Morse, S. H. Maynard and Lorenzo
12
Benedict have been elected directors to succeed the late Timothy L. Woodruff, W. IT. Porter (of J. P Morgan & Co.), Edwin Packard and A. B.
Fletcher, respectively.-V.97, p. 1738.
Calendar
Interest Door.of let Pref. 2d Pref.
Net
Earnings. (Net). Plant. Div.(7). Div.(8). (1%).
(M.) Rumely Co.-Note Extension-Bonus, &c.-
60%,
Sufficient of the holders of the 510.009,000 6% notes (about March
t is understood) have consented to an extension for 3 years from
consents.
11915, and the plan has been declared operative. Additional
are
it is hoped, will be secured. The noteholders who agree to the extension
of 5%
under the modification announced late last week to receive a bonusdeposit
not
do
who
in the new notes and 10% in common stock. Those
maturity.
their notes for extension will be paid off at the original date of$4,000,000
The company has also received the first installment of the
for this year's
promised by ban'•:ers (conditional upon the note extension)
to time as
seasonal requirements. The bankers will pay over from time
of $4,000,000.
funds are required to care for its business up to the maximum
s for the current year.
which it is estimated will suffice to meet requirementformation
or a stockPlans, it is understood, are under way for the
funds
holders' protective committee to devise a way of raising additional
requireto afford the company an additional "margin of safety" for future
suggested.
being
53.000,000
to
ments,from $2,000.000
Shiblev.
The interest due March 1 is being paid. L.DeBruyn and F.W.
767.
representing noteholders. have been elected directors.-V. 98, p. 843,
Sacramento Valley Irrigation Co.-Plan.-
George R. Sheldon, formerly Treasurer, has been made Vice-President
and Treasurer, succeeding James D. Mortimer as Vice-Pres.
James P. Fogarty, Edwin Gruhl and William T. Graham have been
elected directors during the year to succeed Festus J. Wade, Adolphus
Busch and Chas. It. IIuttig.-V. 97, p. 296.
See American Water Works & Guaranty Co. above.-V.97, p. 1119.
Southern Illinois Light & Power Co., Hillsboro,
Bonds.-Bowman, Cost & Co., St. Louis, are offering at par
1st M.6s of 1913, $550,000 now issued.
Co., Ltd.-Earnings. and int. $100,000
Northern Ontario Light & Power
Interest payable without deduction for the normal income tax. Stock
Balance,
Preferred
Net (after Interest
Gross
Calendar
Reserve. Surplus.
Taxes). Charges,&c. Divs.
Year- Revenue.
1913.
5872,510 5658.408 $272,263 $142,758 $50,000 $193,387
67,347
117,948
187,977
373,272
1912
521.605
-V. 97, p. 1738.
auth. and issued, pref., $300,000: common,$700,000. Combined earnings
for cal. year 1913: Gross,$221,346; net after taxes,$80,490; int. on $500,000
1119
Cs outstanding 1913. 830,000; bal., surplus, $50,491. See V. 97, p.
Utilities Co., Jacksonville, & N.Y.-Earns.
Southern
Bal.,
Net(after Bond,&c., Pt. Div.
Gross
Period
Earnings. Taxes). Interest. (511%). S•trn.
Covered$59,873
$77,438
$48,192
$185,503
-$704,235
'1331
Dec.
end.
$
9 mos.
LiabilitiesAssetsbeing
stock 15,000,000 15,000,000
First M. 5% bonds outstanding, 51,023.000, $77,000 additional
Pipe line prop.12,455.067 13,573,170 Capital
1,362,559 held lw company to retire underlying securities; one-year 6% notes, $260,Produc'g prop.15,409,958 13,948.574 Accts. payable 948,491 49,225,412
onefor
as
security
trustee
63,479,053
000; $750,000 additional first M. bonds held by
967,541 Surplus
Non-prod.prop 1,424,132
stock, $2,537,600.
year note issue; pref. stock, $1,475.000: common
Mater.& mdse12,666,517 15,206,789
company
the
"As
substance:
in
wrote
16,
79,427,544 65.587,971
Total
Treas. .T. D. White, March
Cash, bonds &
9 months of actual operacompleted its first fiscal year on Dec. 31 covering
bills receiv_37,471,870 21,891,897 -V. 98, p. 614.
it seems unnecestion, and as its earning ability has now been established,Accordingly
, these
year.
Calendar
monthly.
for
s
Otis Elevator Co.-Earning
sary to continue making earnings statements
one will
Re- Balance,
Common
will in the future be published auarterly and the next
statements
,Calendar Net (after Depre- Pfd.Div.
97,p.732.
Surplus.
311914.-V.
serve.
Mar.
ending
Dividends.
months
12
the
also
and
nt. Rec.). elation. (6%)•
cover the 3 months
Year.31,157,395 $321,247 $390,000 (5%)$318,765 575.000 $52,383
I.
1913.........
Standard Oil Co. of Calif.-Increase Approved.
1.282,195 152,868 389.808 (4%) 255,012 246,000 238,507
1912
stock from
The stockholders on Mar. 16 authorized an increase in the457,
-V.98, p 842.
614.
391,
p.
160,
98,
V.
Compare
0.
$50,000.000 to $100.000,00
Pacific Gas & Elec. Co. (of Ariz.), Phoenix.-Agreem't.
Sunday Creek Co.-Decision.- " above.-V.89. p. 48.
The agreement reached on Jan. 30 last between the Arizona Commission
that the new
See Chesapeake & Ohio By. under "Railroads
and the company was correctly given in V. 98, p. 614, except
of 12 cents. For
base rate for electricity for lighting is 10 cents instead
Tamarack Mining Co.-Earnings.installafor
small
hour
8
per
cents
is
kilowatt
rate
base
the
power
electric
Balance,
New
Net
Mine
tions, with varying reduced rates for additional amounts down to 234 cts. Calendar
Earnings. Constr. Sur. or Def.
Expenses.
Receipts.
ear3
101Y
6
73
32
dur
s
eftif,6
, perk. w. h.-V.98, p. 614.
$691,940 def.$48.373
$643,567
1,028,613 sur.271,626
1,300,239
def.193,199
Packard Motor Car Co. of Detroit.-Patent-Holding Co.- 1912
$4,239
def.188,960
1,146,876
957,916
1911
See Kardo Co. above.-V.97, p. 1295.
1.544,615 def.109.580 62,667 def.172,247
1,435,035
1910
for real estate purchased less
There was also deducted in 1913 $2,000house,
Elected.Penmans, Ltd.-New Officers
&c., $450, making a net
old boiler and engineVice-Pres., has been elected President to succeed amount received for
$49.923.
of
O. B. Gordon,formerly
year
the
for
in
assets
decrease
the
same
since
held
having
after
office
which 3.852,040 lbs.
(of
1913
in
David Morrice, who retires from that
lbs.
4.168.743
copper
produced,
Fine
1906. R. B. Morrice was made Vicelbs. in 1912.7.494,077 lbs. In 1911 and
the organization of the company inWilliam
McMaster has been elected a sold during 1913 , against 7,908.745
received. 15.42c. in 1913, against
Pres., succeeding Mr. Gordon.
price
average
in
1910;
lbs.
11,063,606
director to succeed E. B. Greenshields.-V.98,P. 767.
16.44c. in 1912, 12.77c. In 1911 and 12.94c. in 1910.-V. 96,13• 793.
Dec. 31.Ohio Oil Co., Findlay, 0.-Balance Sheet1913.
1912.
1912.
1913.
People's Water Co., Oakland, Cal.-Proposition.-
Trow Directory Printing & Bookbinding Co.-Sale.-
Drum, P. E. Bowles
R. L. Polk & Co., rooprted to be the largest publishers of city directories
The Refunding Committee, consisting of John S.
to the noteholders and in the United States, have purchased from this company its N. Y. City
and W. W. Garthwaite, has issued a statement
underlying 5% bonds due directories and will hereafter publish the same under the name of Trow's
bondholders proposing (a) that tho $5,600,000
1 1916, but subject to call; Directory or Directories. The new interests propose to take the present
Jan. 1 1915 shall be extended at 6% to Jan.
Directory
Trow's Business Directory, the Co-partnership & Corporation
(b) that the noteholders exercise forebearanco as to presenting theirnotes.
a classified
•
Trow's General Directory, and combine the three, withinches
-so that a permanent re-financing may be arranged.
wide.
3
to
214
Jan. 1 and
about
of
volume
handy
one
into
directory,
• The committee reports: "Underlying bonds outstanding (duefloating
business
1915), $5,600,000; Gen. Mtge. bonds outstanding, $6,446,000;
printed on special thin and flexible paper.-V.96, p. 965.
debt, $3,635,466; total, $15,681,460. The total auth. bond issue is
-Plan.
Co.
Twin Falls North Side Land & Water
520,000,000; of this $5,600,000 are reserved for the above-mentioned
See American Water Works & Guarantee Co. above.-V.97, p. 1120.
underlying bonds,$6,446,000 are in the hands of the public, and the greater
portion of the remaining $7,954,000 are held by the noteholders as security
Twin Falls-Oakley Land & Water Co.-Plan.for the floating debt.
See American Water Works & Guarantee Co. above.-V.97, p. 1120.
1913.
1911.
1912.
1910.
Earns.(Cal.Yr) 1909.
81,689,526 $1,650,045
Gross earnings_ _51,422,586 $1,466,784 $1,593,317
Twin Falls Salmon River Land & Water Co.-Plan.
991,710 1,022,800
894,822
1120.
671,905
Net after op. exp 826,858
See American Water Works & Guarantee Co. above.-V.97, p.
821,327
Interest and fixed charges
.
Union Electric Light & Power Co., St. Louis.Union Switch & Signal Co.-See "Annual Reports."
New President.-H. G-. Prout, formerly Vice-Pres. and
Gen. Man., has been elected President to succeed George
98, p.843.
Ltd.-Bonds.- Westinghouse, deceased.-V.
Pictou County(Nova Scotia) Elec. Co.,
York.-Earnings.New
Co.,
Mfrs.
price
a
Cigar
at
is
United
&c.,
offering
Montreal,
Ltd.,
Co..
Eastern
The
Securities
$201,473
Balance, not ____ This net income of $201,473 is after deducting ----- -------------- -------- depreand
ciation. "As the company owns 47,000 acres of land adjoining a largo
in the
growing community, the committee believes that "the appreciation[Earnvalue of these lands is considerably more than said depreciation."
ings for years 1909 to 1912 inserted by Ed.1-V. 98, p. 693.
to yield over 6% First Mtge. 5% sinking fund gold bonds, dated May 6
'1913 and due May 6 1943. Int. M.& N. at Eastern Trust Co. (trustee),
Halifax, and Bank of Nova Scotia, Boston. Par $500 and $1,000 (e*).
Auth.,$500,000; issued,$420,000. Stock,auth $500,000; issue1.$420,000.
Incorp. in 1902 as Egerton Tramway Co., and in 1909 purchased New
name the electric railway
13/lasgow Elec. Co., Ltd., combining under present
in and connecand power plant. Now operates about 10 miles of tramway
and has contracts for
'Westville,
and
ting Trenton, Now Glasgow, Stellarton
and also provides
street lighting in Trenton, New Glasgow and Westville,
also in Stellarton,
power for house lighting in all the towns referred to and
Boiler rated capacity 1,137
and is considering lighting line to Hopewell.railway
circuit and a new 125
11.1a., and hasnew 300 k.us'. generator on the
new 450 h. p. engine. ,
ir.Ittv. generator on the lighting circuit and alsotoa 20,000.
Electric light I
Population served directly estimated at 18,000
and power consumers In 109.about 450: in 1914, over 1,100. Passengers
in
1,637,351.
1913.
carried in 1909, 852,345;
See annual report of North American Co. above.-V.98, p. 457.
Int. on Pf.Divs. Corn.Divs.Balance,
Other
Net
Gross
Cal.
Surplus.
Year. Earnings. Earnings. Income. Loans, &c. (7%). (4%).
99.160 5459,210
1913_ _112,858,736 51,443,775 5409,854$345,259 $350,000$6
406,847
618,120
350,000
159,588
211,013
1912_ _ 2,705.824 1.323,542
&c. Including the
Miscellaneous profits as above include rents received,
of dividends
payment
after
Inc.,
Co.,
&
Gunst
A.
M.
the
of
earnings
net
6,p.950.
on its preferred stock outstanding and in the hands of the public.-V.9
s.United States Brewing Co.-Earning
Divid'd,s
Re-
Balance,
Total
Other
Mfq.
t. 30
Paid. Sur. or De.
Deduc. serves.
Inc.
Profits.
Year$1,242,482 835,002 $695,195 $200,000 $330,000 sur.$52,289
1913
150,000 def. 12,236
742,222 29,961 634,419
1912
which
The Milwaukee & Chicago Breweries, Ltd., the English company,
balance for the
owns the stock of the United States Brewing Co., reports a
87,
p.681.
.
year of 033,923.-V
918
THE CHRONICLE
[VOL. xcvm.
geports antli Dacantetxts.
PUBLISHED A3 ADVERTISEMENTS.
UNITED STATES STEEL CORPORATION
TWELFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEM
BER 31 1913.
Office of United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey,
To the Stockholders:
March 17 1914.
The Board of Directors submits herewith a combined report of the operations and affairs
of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended Decembe
r 31st 1913, together with a statement of
the condition of the finances and property at the close of that year.
INCOME ACCOUNT FOR THE YEAR 1913
The total earnings of all properties after deducting all expenses
nance (approximately 852,000,000), employees' compensat incident to operations, including those for ordinary repairs and mainteion under special merit plan, and allowance for Federal income tax payable in 1914, but exclusive of charge for interest
on outstanding bonds, mortgages and purchase money obligations of
companies, amounted to
the subsidiary
Lees,Interest on outstanding bonds, mortgages and purchase
8147,166,616 81
money obligations of the subsidiary companies
9,985,271 98
Balance of Earnings in the year 1913
Leas. Charges and Allowances for Depreciation, viz.:
$137,181,344 83
Sinking Funds on Bonds of Subsidiary Companies
*$1,850,477 80
Depreciation and Extraordinary Replacement Funds
23,972,376 13
Sinking Funds on Bonds of U. S. Steel Corporati
on
*6,037,798 99
31,860,652 92
Net Income in the year 1913
Deduct:
3105,320,691 91
Interest on U. S. Steel Corporation Bonds outstanding, viz.:
Fifty-Year 5 per cent Gold Bonds
Ten-Sixty-Year 5 per cent Gold Bonds
$13,183,657 48
9,349,033 50
Premium paid on Bonds redeemed by Sinking Funds, viz.:
822,532,690 98
On U. S. Steel Corporation Bonds redeemed
On Subsidiary Companies Bonds redeemed
$683,597 50
99,720 26
783,317 76
23,316,008 74
Balance
Deduct: Net Balance of sundry charges and credits,including
$82,004,683 17
adjustments in inventories and of various accounts
787,697 56
Balance
Dividends for the year 1913 on U. S. Steel Corporation Stocks,
$81,216,985 62
viz.:
Preferred, 7 per cent
Common, 5 per cent
825,219,677 00
25,416,125 00
50,634,802 00
Surplus Net Income in the year 1913
Less, Appropriated from Surplus Not Income on account of
$30,582,183 62
expenditur
es
authorized
appropriat
made
on
ions
for
additional
and construction and the discharge of capital obligations
property
15,000,000 00
Balance carried forward to Undivided Surplus
815.582,183 62
*These allowances for Depreciation applied to Bond Sinking
Funds, together with the Premium paid on bonds redeemed, as shown in the
statement, constitute the total contributions from Income
above
for the year to Bond Sinking Funds, viz.:
Account U. S. Steel Corporation Bonds
$6,721,306 49
Account Subsidiary Companies Bonds
1,950,198 06
$8,671,594 55.
-
UNDIVIDED SURPLUS OF U. S. STEEL CORPO
RATION AND SUBSIDIARY COMPANIES.
(Since April 1 1901.)
Surplus or Working Capital provided in organization
Balance of Surplus accumulated by all companies from April
1
1901
to December 311912. exclusive of subsidiary companies' inter-com- $25,000,000 00
Balance of Surplus accumulated by all companies from April
panies' inter-company profits in inventories, per Annual 1 1901 to December 31 1912, exclusive of subsidiary comReport for year.1912
Less, Appropriated from the foregoing balance during
$111,716,245 27
the year 1913 for permanent Pension Fund
600,000 00
Balance of Surplus Net Income for the year 1913 carried to
$111,216,245 27
Undivided Surplus, as above
15,682,183 62
126,798,428 89
Total Undivided Surplus December 311913, exclusive
of
Profits
earned by subsidiary companies on inter-company sales
of products on hand in Inventories (see note below)
Note.—Surplus of Subsidiary Companies (amounting to
$151,798,428 89
$22,574,319 55),and representing Profits accrued on sales of materials
subsidiary companies which are on hand in latter's
and products to other
Inventories, is deducted from the amount
of Inventories included under Current Assets in Consolidated General Balance Sheet.
COMPARATIVE INCOME ACCOUNT FOR THE FISCAL YEARS
ENDED DECEMBER 31 1913 AND 1912.
1913.
Earnings—Exclusive of charges for interest on Bonds and
of Subsidiary Companies_ _ $147,166,616 61
Lees, Interest on outstanding Bonds and Mortgages Mortgages
of the Subsidiary Companies
9,985,271 98
Balance of Earnings
$137,181,344 83
Less, Charges and Allowances for Depreciation, viz.:
Sinking Funds on Bonds of Subsidiary Companies.
1.850.477 80
Depreciation and Extraordinary Replaceme
nt Funds
23,972,376 13
Sinking Funds on U. S. Steel Corporatio
n Bonds
6,037,798 99
Net Income in the year
Deduct—
$105,320,691 91
Interest on U. S. Steel Corporation Bonds outstandin
22,532,690 98
Premium paid on Bonds redeemed by Sinking Funds,g
viz.:
On U. S. Steel Corporation Bonds
683,597 50
On Subsidiary Companies' Bonds .
.
99,720 26
Balance.
Deduct:—Net Balance of sundry charges and credits,
$82.004,683 17
including
adjustmen
ts in inventories and
of various accounts
787.697 55
Balance.
Dividends on U. S. Steel Corporation Stocks, viz.:
$81,216,985 62
Preferred,7 per cent
r
25,219.677 00
Common,5 per cent
25.415,125 00
rl
Surplus Net Income in the year
Appropriated from Surplus Net Income on account of
expenditures made on authorized appro- $30,582,183 62
priations for additional property and construction and
the discharge of capital obligations__
15,000,000 00
Balance of Surplus for the year
$15,582,183 62
1912.
+) yr
(—).
Increase(
Decrease
$117,926,402 02
9,751,728 90
+829.240,214 79
+233,543 08
$108,174,673 12
+829,006.671 71
1,821,481 68
22,734,365 82
5.775,902 37
+28,996 12
+1,238,010 31
+261,896 62
$77,842,923 25
+127,477,768 66
22,817,470 75
—284,779 77
654,476 88
113,228 69
+29.120 62
—13.508 43
$54,257,746 93
+827,746,936 24
17,697 56
+769,999 99
$54,240,049 37
+826,976,936 25
.
25,219,677 00
25.415,125 00
$3,605,247 37
+826,976,936 25
$3,605,247 37
+811.976.93625
+15.000,000 00
MAINTENANCE, RENEWALS AND EXTRAORDIN
ARY REPLACEMENTS,
The expenditures made by all companies during the year 1913
for maintenance and renewals, including the re-lining
of blast furnaces, and for extraordinary replacements, in
comparison with expenditures for the same
preceding year, were as follows :i 4:;R
1.--'fi''Wr.'4v*-14'r-PliitiokliwrittV*AR4wArAMikkitiMagi,MiliA purposes during the
'arimai4i*,1,14
,-.5r—•
•
-,
, 19tf*"."imcvvratiIwylp„:1wrirrr7,3?”--0rpm t.20.tiptemitakt
myg-i. 1913. ''',0,T,Egrowl 1912.''''r'";fiv rincrease.— - Per Cent*I
Ordinary Maintenance and Repairs..
Extraordinary Replaceme
$52.551,630 18
$43,853,1
Pt.
nts
Total.
7.391.340 20
37 13
4,895,299 83
$59,942,970 38
$48,748,436 96
$8,698,493 05
19.8
2,496,040 37 i., 61.0
811,194,533 42
23.0
919
THE CHRONICLE
MAR. 21 1914.1
operating expenses and to depreciation and
The entire amount of the foregoing expenditures was charged to current
replacement funds reserved from earnings.
during the year for above purposes on the respective
The following table shows the amount of the expenditures made
:
groups of operating properties
EXPENDITURES DURING THE YEAR 1913.
Ordinary Maintenance and Repairs, including Extraordinary
Replacements.*
Blast Furnace
Re-linings.
EXPENDED ON
Manufacturing Properties—
Total, except Blast Furnace Re-lining and Renewals.
Blast Furnace Re-lining and Renewals..
Coal and Coke Properties..a..
Iron Oro Properties..
Transportation Properties—
Railroads
Steamships and Docks
Miscellaneous Properties
Total expended in 1913.
Total expended in 1912.
Increase.
Total.
Total
Expenditures
in 1912.
Increase in
1913.
$32.384,811 56
2,292.249 54
4,252.749 83
918,801 84
$4,693,700 07
654,522 57
102,944 50
$37,078,511 63
2,292,249 54
4,907.272 40
1,021.746 34
$30,580,060 09
1,038,843 00
4,348,209 43
958,072 79
$6,498.451 54
1,253.406 54
559,062 97
63,673 55
11,693,259 73
585,110 01
424,647 67
1,464,090 37
462,392 01
13,690 68
13,157.350 10
1,047,502 02
438,338 35
10,088.764 12
1,381,591 31
352,896 22
3,068.585 98
Dec.334,089 29
85.442 13
$52,551,630 18
43,853,137 13
$7,391,340 20
4,895,299 83
$59,942,97038-$48.748,436 96 ..
$8,698,493 05
$2,496,040 37
311,194,533 42
$11,194,533 42
p-ovided from earnings to cover requirements of the character included herein.
of mine
* These expenditures were paid from funds
expenditures account of the Coal and Coke properties include outlays for maintenance and renewal
a The ordinary maintenance and repair
timbering and underground mine tracks.
EMENT FUNDS.
BOND SINKING, DEPRECIATION AND EXTRAORDINARY REPLAC
charges to current operatthrough
and
earnings
from
311913,
ending
year
December
the
during
made
The allownaces
the payments and exalso
sources;
other
from
funds
by
the
received
income
the
funds,
these
of
account
ing expenses, for
to credit of the funds
balances
the
with
together
year,
the
during
made
charges
thereto
the
and
therefrom
penditures made
table:
the
in
subjoined
shown
are
1913
31
at December
CREDITS TO FUNDS.
FUNDS.
Balances
Dec. 31
1912.
Set Aside during 1913from Other Income
and
Income and
Credits
by Charges to
including
Current
Salvage.
Expenses.
Accrued Sinking Funds on U. S. Steel Corporation Bonds_ _ $3,231,280 41 86,721,396 49
534,969 03 1.950,10806
Accrued Sinking Funds on Bonds of Subsidiary Companies_
$3,766,249 44 $8,671,59455
Total of foregoing
74,382,412 75 23,972,376 13
Depreciation and Extraordinary Replacement Funds
6,815,794 99 2,117,574 16
Blast Furnace Re-lining and Renewal Funds_
18 834,761,544 84
$84,964,457
Grand Total
Total.
Balances to
Credit of
Paymentsfrom
and ChargesFunds
Dec. 31
I
to Funds
1913.
in 1913. I
$9,952,676 90 /14;6,644,196 49 $3,308,480 41
600,495 98
2,486,112 09 a1,885,616 11
$945 00 $12,438,788 99 $8,529,812 60 33,908,976 39
807,71103 99.162,499 91 b12,830,00370 86,323,496 21
8,933,369 15 c2,292,249 54 6,641,119 61
$945 00
$808,656 03 $120,534,658 05 323,661,065 84 $96,873,592 21
a Payments made to Trustees of Sinking Funds.
b This total covers expenditures and charges made, viz.:
y replacements
Expenditures made in 1913 for extraordinar
Account) for payments made from these funds for:
Amounts charged off (and credited Property
and construction
Expenditures for additional property
Bonds, Mortgages and Purchase Obligations retired
to cover value of property abandoned
Write-off to credit of Property Account of sundry depreciation
c Expenditures made during 1913 for re-linings and renewals
$7,391,340 20
$4,557,097 11
479,311 91
5,036,409 02
411,254 48
$12,839,003 70
at furnaces.
1913.
SUMMARY OF DEPRECIATION PROVIDED FROM GROSS INCOME FOR THE YEAR
the year to cover deterioration arising
The aggregate amount of charges to and allowances from gross earnings during
ce, was as follows:
from wear and tear of improvements, exhaustion of minerals and for obsolescen
to current operating expenses and deducted
charged
Outlays for repairs and renewals (other than blast furnace re-linings and renewals)
before stating Earnings
operating expenses and deducted before stating Earnings
Allowances for blast furnace re-linings and renewals charged to current
replacement funds
Allowances made from Earnings and Income for bond sinking and for depreciation and
$50,259,380 64
2,117,574 10
31,860,652 92
$84,237,607 72
75,425,853 65
Total for year 1913
Total for preceding year
$8,811,754 07
Increase
TRUSTEES OF BOND SINKING FUNDS.
of the Bond Sinking Funds of the United States Steel Corporation and Sub-.
account
for
ns
transactio
Trustees'
The
of the funds on December 31 1913, are shown in the following table:
condition
the
and
year,
the
for
Companies
sidiary
Cash
Resources
in Hands of
Trustees
Dec. 31
1912.
FUNDS.
U. S. Stool Corporation Bonds
Subsidiary Companies' Bonds
Total
Fixed
Annual
Installments
Received.
Additional
Installments
based on Interest Rate on
Bonds in Fund
and Other
Receipts.
BONDS REDEEMED
AND OTHER PAYMENTS.
Total.
Pretrilling Paid
on Bonds
Redeemed.
Net
Par Value
of Bonds.
$3,299 53 $4,050,000 00 $2,594,196 49 $6,647,496 02 $5,576,000 00
872,645.76 3,846,086 05 2,766,000 00
968,021 48 2,005.418 81
25 $10,493,582 07 38,342,000 00
$3,466,842
$971,321 01 $6,055,418 81
$683,597 60
101,987 03
Cash
Resources
in Hands of
Trustees
Dec. 31
1913.
$387,898 52
978,099 02
$785,584 53 $1,365,997 54
$992,448 46, which was not paid from funds provided by charges
Note.—The fixed annual installments received by tho Trustees include a deposit of
made to Income Account.
REDEEMED BONDS HELD BY TRUSTEES OF SINKING FUNDS.
Total Redeemed Bonds at par, hold by the Trustees on Dec.31 1912
Redeemed in 1913 as above
Less, Canceled by the Trustees during the year and returned to the Companies
Leaving Redeemed Bonds held by the Trustees of Sinking Funds Dec. 311013
U. S. Steel
Corp'n Bonds.
Subsidiary
Cos.' Bonds.
350,020,000
5,576,000
$16,736,000
2,766,000
$66,756.000
8,342,000
$55,596,000
$19,502,000
491,000
$75,098,000
491,000
$55,596,000
$19,011,000
374,607,000
Total.
r..-
Trustees is currently paid into the
An amount equal to the annual interest on the above redeemed bonds held by the
.
sinking funds in addition to the fixed installments provided by tile respective mortgages
CAPITAL STOCK.
United States Steel Corporation on December 31 1913 was the same
the
of
stock
capital
g
outstandin
The amount of
viz.:
year,
fiscal
preceding
as at the close of the
0 00
Common Stock
Preferred:Stock
$508,302,50
360,281,100 00
920
THE CHRONICLE
[VOL.
xcvni
BONDED,DEBENTURE AND MORTGAGE
DEBT.
mortgage debt of the United States
The total bonded, debenture and
Steel Corporation and Subsidiary
ary 1 1913 was
Companies outstanding on JanuIssues were made during the year as
follows, viz.:
In lieu of other bonds surrendered
$643,537,180 85
for exchane:
U. S. Steel Corporation 50-Year
5% Bonds (issued in exchange for The Carnegie Compan
Bonds retired)--y Collateral Trust
--------------Pittsburgh Bessemer-&-L-aVe-----OO.-6onsofiaatiec
--i-P-irsti-fforliaie
$37.000 00
(issued in lieu of P.
RR.Co. First Mortgage and Consoli
A.&.K.
dated First Mortgage Bonds retired)
6,000 00
Subsidiary Companies' Bonds issued and sold for account
of construction expenditures:
Bessemer & Lake Erie RR. Co. Albion Equipment Trust
43,000 00
Bonds
Subsidiary Companies' Bonds sold to Trustee
of
s
Sinking
Funds:
350,000 00
Tennessee Coal, Iron & RR. Co. General Mortgage Bonds
Youghgahela Water Co. First Mortgage Bonds
$70,000 00
25,000 00
Real Estate Mortgage assumed in connection with
acquirement of coal property
95,000 00
2,367 58
Sends and Mortgages retired or acquired during
the
year,
via.:
$644,02
7,548 23
The Carnegie Company Collateral Trust Bonds
Lorain Steel Co.-The Johnson CompanyFirst
$37,000 00
Mortgage Bonds
Clairton Steel Co. issues, viz.
110,000 00
Five per cent Mortgage Bonds
St. Clair Furnace Co. First Mortgage
500,000 00
Bonds
St. Clair Steel Co. First Mortgage Bonds
100,000 00
Illinois Steel Co. Debentures
1913
100,000 00 '
H. 0. Frick Coke Co. issues,viof
z.:
6,878,500 00
First Mortgage Bonds----_____________________________________________________________
Continental- Coko Co. Purchase ________
102,000 00
Mortgage ______
Bessemer & Lake Erie RR. Co. Issues,
viz.:
37,000 00
Locomotive Equipment Trust Bonds
National Equipment Trust Bonds
150,000 00
Pittsburgh Shenango & Lake Erie RR. Co. First
40,000 00
Mortgage and Consolidated First Mortgag
Pittsburgh Bessemer & Lake Erie RR. Co.
e Bonds
6,000 00
issues, viz.:
Shenango Equipment Trust Bonds
Greenville Equipment Trust Bonds
$73,000 00
100,000 00
Less, Proportion account of minority interest
$173,000 00
in stock of P. B. & L. E. RR. Co
82,730 33
Illinois Steel Co. Debenture Scrip
90,269 67
Sundry Real Estate Mortgages of various
companies
17,285 18
140,311 91
Bonds redeemed by Trustees of Sinking
Funds, viz.:
$8.308,366 76
U. S. Steel Corporation 50-Year 5% Bonds
• U. S. Steel Corporation 10-60-Year
$4.337.000 00
5% Bonds
Sundry Bonds of Subsidiary Compani
1,239.000 00
es
.
2.766,000 00
8,342,000 00
Potter Ore Co. First Mortgage Bonds retired
by that company (T. C. I. & RR. Co.'s proporti
$16,650,366 76
on)
10,500 00
16,660,866 76
Bonded, Debenture and Mortgage Debt
December 31 1913
$627,366,681 47
Net Decrease during the year ending
December 31 1913
$16.170,499 18
A detailed schedule of the variou issues of bonds
outstanding on December 31 1913, also of bonds held
of Sinking Funds, will be found on pages36
by Trustees
bonded, debenture and mortgage debt: of pamphlet report. The following is a summary by general classes of the total
U. S. Steel Corporation 50-Year Five Per
Cent Bonds
U. S. Steel Corporation 10-60-Year Five Per
Cent Bonds
Total U. S. Steel Corporation Bonds
,Subsidiary Companies' Bonds-Guaranteed by
Subsidiary Companies' Bonds-Not GuaranteedU.S. Steel Corporation
by U. S. Steel Corporation
Debenture Scrip, Illinois Steel Company
Total Subsidiary Companies' Bonds and Debentu
res
Total Bonded and Debenture Debt
Sundry Real Estate Mortgages
a
Total, Including
Bonds in
Sinking Funds.
$303,994,000 00
200,000.000 00
8503,994,000 00
$117,260,000 00
80,436,402 50
13,974 18
Less Redeemed and
Held by Trustees of
Sinking Funds.
•
Balance
Outstanding.
$42,168,000 00
13,428,000 00
$261,826,000 00
186,572,000 00
$55,596,000 00
$12,225,000 00
6,786,000 00
$448,398,000 00
$105,035,000 00
*73,650,402 50
13,974 18
$197,710,376 68
$19,011,000 00
$178,699,376 68
$701,704,376 68
269,304 79
$74,607,000 00
$627,097,376 68
269,304 79
Grand Total Bonded, Debenture and Mortgage
Debt
$701,973,681 47
$74.607,000 00
$627,366,681 47
* Includes only the proportion of bonds of P.
B.
&
L.
E.
RR.
Co.
subsidiary company of U. S. Steel Corporation.
outstanding account of the majority interest in stock of
that company owned by
From April 1 1901 to December 31 1913 the amoun
t of bonds and mortgages paid and retired by all
follows:
companies was as
Bonds and Mortgages paid and retired exclusive of
bonds retired with sinking
Bonds purchased and retired with bond
sinking funds provided from earnings funds provided from earnings
Total
$33,136,390 01
77,021,784 15
------------------$110,158,174 16
During the same period there were issued, sold
and assumed by subsidiary companies bonds and mortgages
'funds for new property and construction work
to provide
and for refunding maturing bonds, as follows :
For Pittsburgh-Monongahela coal purchas
e
By Union Steel Co. to provide funds for part
$17,673,000 00
payment of cost of completing construction
Sharon under way when U. S. Steel Corpora
work at Donora and South
tion acquired that company's stock
By sundry subsidiary companies
9,168,727 79
79,915,75249
Total
Bonds have also been issued by subsidiary
es for funding unsecur indebtedness and
$106,757,480 28
There were also issued and sold during thecompani
for working capital to the amount
period named (1901-1913) U. ed
985,795 00
S. Steel Corporation 10-60-year 5% bonds as follows: of.
For account construction and capital expendit
ures
Fot account purchase of stock of Tenness
$20,000,000 00
ee Coal, Iron & Railroad Co
30,000,000 00
50,000,000 00
TREASURY BONDS SUBJECT TO SALE.
There were on hand at the close of the year in
the Treasury, available for sale, bonds and debentures of
companies of the par value of $9,388,000,as
subsidiary
listed in table on page 37 of pamphlet. The foregoing
subsidiary companies to provide funds for constru
bonds were issued by
fromithe subsidiary companies issuing the same byction and for refunding maturing bonds. The bonds have been purchased
companies, and are not, therefore, included in thethe U. S. Steel Corporation or are held in the treasuries of the subsidiary
schedule of outstanding bonds, nor in the assets of the organi
shown by the General Balance Sheet.
zation as
Xi There may also be issued at any time, to cover capital
expenditures made,Union Steel Co.First Mortgage and
lateral Trust Bonds to the amount of $362,000.
ColPURCHASE MONEY OBLIGATONS, BILLS
PAYABLE AND SPECIAL DEPOSITS OR LOANS.
During the year 1913 subsidiary companies issued their
part payment for the acquirement of the fee interestPurchase Money Notes (guaranteed by the United States Steel Corporation) in
The ore properties of which the fees thereto were to certain iron ore properties, in the amount of ____________
_________ $9,386,504 24
acquired, as above stated, were previous
mining contracts; and the amounts paid for the fees were
ly held by subsidiary companies under
based on the royalties which would have
royalties being in part commuted to their present
become payable thereunder, these
Of the Purchase Money Notes issued as above, day value and in part settled for at their par value in non-interest
-bearing notes.
31,240,403 68 aro 4 per cent Interest-bearing
ments, 1914 to 1921, inclusive; and $8,146,100 56
notes, payable in equal annual installnon-interest-bearing notes, maturing $120.18
1915 to 1949, inclusive, and $95,487 81 annually,are
3 01 in 1914. $215,670 18 annually.
from 1950 to 1954, inclusiv
There was a net increase during
e.
the year in Special Deposits or Loansof
85,670 98
And payments were made during the year in the
discharge of.unsecured liabilities of
$9,472,
175 22
Purchase Obligations
the above character. viz.:
____________________
Bills Payable
___________________ $200,00
0 00
14,295 75
214,295 7$
Net increase during the year in above-named
110bl/hiss
$9,257,879 47
MAR. 21 1914.]
921
THE CHRONICLE
outstanding att
The outstanding liabilities of the above classes at December 31 1913, in comparison with amounts
close of the preceding year, were as follows:
Outstanding
Outstanding
988.481 35
Dec. 311912.
$410,000 00
14,295 75
902,810 37
Increase.
$9,186,504 24
Dec.14,295 75.
85,670 98
$10.584,985 59
$1.327,106 12
$9,257,879 47'
Dec. 31 1913.
$9,596,504 24
Purchase Money Obligations
Bills Payable
Special Deposits or Loans
Total
Since April 1 1901 there has been paid off an amount of liabilities of the above character of $49,658,587 24. During
of
the same period Purchase Obligations to the amount of $14,800,032 44 were issued in connection with the acquirement
of $11,179,588 3&
additional fixed property and other investments. Of the total amount paid off as aforesaid, the sum the
balance, $38,represents moneys originally borrowed by subsidiary companies,or received, and used as working capital;
for the
478,998 88, represents specific obligations originally Incurred in the acquirement of property, or for moneys used
purchase of property or the discharge of capital liabilities.
INVENTORIES.
MATERIALS AND SUPPLIES AND SEMI-FINISHED AND FINISHED PRODUCTS, INOF MANUFACTURING AND OPERATING
CLUDING NET ADVANCES ON CONTRACT WORK, ETC.
The net book valuation of the inventories of the above-named classes of assets for all of the subsidiary companies
year, am
equaled at December 31 1913 the sum of $167,634,791, in comparison with $152,412,254 at close of the preceding
increase of $15,222,537.
and finished
The increases in inventories during the year were principally in iron ores, pig iron,fuel, semi-finished steelin
on hand arose eluefly from the sharp curtailment the operaproducts for sale. The increases in these classes of materials
place during the last quarter of the year, the effect of which was to add
tions of the manufacturing properties which took
in stock at the close of the year as compared with the stock at December 31
substantially to the quantities of such materials
hand, a considerable part of the increase arises from the extension by the sub1912. In the case of finished products onstocks
at warehouses.
sidiary companies of the policy of carrying
Inventory valuations are on the basis of the actual purchase or production cost of the materials to the respective
subsidiary companies holding the same, unless such cost was above the market value on December 31 1913, in which case
in
the market price was used. The valuations, however, on the basis indicated, include, in respect of such commodities
accrued
stock at the close of the year as had been purchased by one subsidiary company from another, an amount of profits
thereon to the subsidiaries selling the same or furnishing service in connection therewith. These profits are not carried into
the currently reported earnings of the entire organization until converted into cash or a cash asset to it, being meanwhile
segregated and carried ip a specific surplus account which is practically a guaranty fund for these profits so locked up in
inventories, pending their realization in-cash. The amount of the profits of subsidiary companies thus locked up is deducted'
subsidiary comin the Consolidated Balance Sheet from the total book valuation at which inventories are carried by thesimilarly
shown.
panies in current assets. Accordingly,in the subjoined table the amount of the profits as explained are
This plan results in there being carried in the combined assets for all of the companies the inventories of those materials and
T
products on hand which have been transferred and sold from one subsidiary company to another, at net values which are
substantially the production cost to the respective subsidiary companies furnishing the same. The net valuation thun
obtained and shown for the total inventories of all materials and products is largely below the market value of the same.
PRODUCTION.
The production of the subsidiary companies for the year 1913,compared with the year 1912 was as follows:
PRODUCTS.
Iron Ore Mined—
In the Lake Superior Ore Region:
Marquette Range
Menominee Range
Gogebic Range
Vermilion Range
Missabe Range.
In the Southern Ore Region:
Tennessee Coal, Iron & RR. Co.'s Mines
Total.
Coke Manufactured—
In Bee-Hive Ovens
In By-Product Ovens
Total
Coal Mined, not including that used in making Coke.....
Limestone Quarried
Blast Furnace Production—
Pig Iron..
Spiegel.
fferro-Manganese and Silicon.
Total
Steel Ingot Production—
Bessemer Ingots
Open-Hearth Ingots.
Total
Rolled and Other Finished Steel Products for Sale—
Steel Rails (Heavy and Light Tee and Girder)
Blooms, Billets, Slabs, Sheet and Tin Plate Bars
Plates
Heavy Structural Shapes.
Merchant Steel, Bars, Hoops, Bands, Skelp, Etc
Tubing and Pipe
Wire Rods.
Wire and Products of Wire
Sheets (Black and Galvanized) and Tin Plate.
Finished Structural Work
Angle Splice Bars and All Other Rail Joints
Spikes, Bolts, Nuts and Rivets
Axles
Steel Car Wheels
Sundry Steel and Iron Products
Total
Spelter.
Sulphate of Iron
Universal Portland Cement_
1912.
1913.
Tons.
Tons.
551,575,
583.266
995,401
980,346
1,497.950
1,871,700
1,301.663
1,301,163
21,634,206 20,001,953
2,367,770
2,t79,907
28.738,451
26,428,449'
11,062,138
5,601,342
11,554,840
5,164,547
16.663.480
16,719,387
6,705.381
6,338,509
5,905,153
6,124,541
13,879,706 13,990,329
53,829
65,236
142,006
135,788
14,080.730
14,186,164
6,131,809
10,524,552
6,643,147
10,258,076
16,656,361
16.901,223
1,927,745
842,175
1,108,147
998,624
2,024,192
1,186,740
174,478
1,432,182
1,280,537
652.363
256,676
86,465
159.075
93,375
152,064
1,857,407
12,374,838
12,506,619
1,1o3,75,2-%
1,076,308
898,537
1,910,512'
1,111,138
196,720
1.629.717
1,508,607
599.301
192,488
83,426.
142.367
65,931
130,408.
31,318:
30,424
35,215
33.829
Barrels.
Barrels.
11,197,000 10,114,500-
CAPITAL EXPENDITURES.
The expenditures made and charges incurred during the year 1913 by all companies, and chargeable to capital account,
for the acquisition of additional property and for additions and extensions to the plants and properties, less credits for property sold and the net credit from ore mines' stripping and development operations, equaled the net sum of $41,999,098 33.
These expenditures and charges classified by property groups are as follows:
Gary, Indiana, Properties, including the Indiana Steel Plant, the City of Gary, Bridge and Structural Plant of American Bridge Co., $2,960,124 Sa
Sheet Plant of American Sheet & Tin Plate Co. and terminal railroad work adjacent to foregoing properties
5,912,027 44 ,
Minnesota Steel Plant, Duluth, Minnesota, and railroad connecting same with all trunk lines
Other Properties, exclusive of Tennessee Coal, Iron & RR. Co., viz.:
$10,327,622 22
Manufacturing Properties
1,364,433 97
Coal and Coke Properties
14,084,301 73
Iron Ore Properties
7,144,501 15
Transportation Properties
145,035 39
Miscellaneous Properties
33,065,894 44.
922
THE CHRONICLE
[VoL. xcvm.
Brought forward
Tennessee Coal. Iron & RR. Co.'s properties, viz.:
Manufacturing Plants
Ore, Coal and Limestone Properties
Birmingham Southern Railroad
Additional Real Estate._
S33.065,894 46
*448.182 74
532.817 12
47,845 69
245,595 29
1,274,440 84
Total expenditures during the year for stripping and developme
$43,212,487 66
nt work at mines and for additional logging and structural
erection equipment.
Lees. Credit for expenditures of this character absorbed
$2,160.251 50
during 1913 in operating expenses
3.373,640 83
Net Credit in the year 1913
1,213,389 33
Total net expenditure in the year 1913 on property account_ -----------------------------------------------------Vie total amount expended since April 1 1901
$41,999,098 33
date of organization of United States Steel Corporation) to January 1 1914,
expenditures by T.0. I. & RR. Co.from (the
including
November I 1907 only,for additional property and construction, and for net unabsorbe
outlays for stripping and development work
d
at mines, etc., equaled
3466,244,725 60
Reference is made to statement below showing the sources from which were .provided the
funds for payment of the
foregoing total of capital expenditures made since April 1 1901; also for the
payments made since same date in the discharge
of capital liabilities (bonds, mortgages and purchase obligations), together with
the disposition made in the accounts of the
charges and payments named.
SUMMARY OF EXPENDITURES FOR ADDITIONAL PROPERTY AND CONST
RUCTION AND FOR PAYMENT
OF CAPITAL OBLIGATIONS.
From April 1 1901 to December 31 1913.
The following is a summary of the payments which have been made
by all companies since April 1 1901 (the date of
organization of U. S. Steel Corporation) for the above named
purposes, viz.:
For Additional Property
and Construction, including unabsorbed net
expenditur for stripping and development work, etc., at mines_ _$466,244,
For Bonds and Mortgagesdischarged, exclusive
725 60
bonds redeemed with Sinking es
Fund moneys provided from earnings__ $33,136,390 01
For Bonds redeemed with Bond Sinking Funds of
provided from earnings
For Purchase Money Obligations paid off, originally
77,021,784 15
issued for acquirement of property
38,478,998 88
Less, Amount of securities included in this total
$148,637,173 04
of payments which were originally issued after April 1 1901 in
cing property and construction expenditures
finanmade subsequent to that date
7,652,422 15
140,984,750 89
Total net payments on capital
Of the foregoing total expendituraccount
$607,229,476 49
es and payments there have been financed by the issue and sale of
following amounts, viz.:
securities the
By U. S. Steel Corporation 10-60-Year 5% Bonds
By Bonds and Mortgages of various
$20,000,000 00
subsidiary
companies
By Purchase Money Obligations issued
106,757,480 28
14.800.032 44
Less, Amount of the foregoing securities which have been retired
*141,557,512 72
to December 31 1913
7,652,422 15
133,905,090 57
Balance of expenditures and payments
$473,324,385 92
This balance of capital expenditures
been paid with funds derived from the following sources, to wit:
Bonds paid from bond sinking funds set has
aside from earnings
Expenditures paid from bond sinking depreciati
$77,021,784 15
and replacement funds, and from surplus net income, and formally written
by authority of the Board of Directors, theonProperty
off thereto
Investment Account being correspondingly reduced, viz.:
Paid from Sinking,
Paid
Depreciation and
Expended for—
from Surplus
Replacement Funds. Net Income.
Additional Property and Construction
$37,028,389 83 $147,847,237 12
Payment of Capital Obligations
15,027,818 12
15,847.186 43
$52,056,207 95 $163,694.423 55
215,750,631 50
Total of payments made from Funds and Surplus Net Income
and charged off thereto (carried forward)
Amount brought forward, being the total of
$292,772,415 65
payments of capital expenditures made
from Funds and Surplus Net Income and charged
off thereto
And the funds for the payment of the balance of the outlays made
for capital expenditures since April 1 1901 have been advanced$292,772,415 65
from the following sources, to wit:
From Surplus appropriated (since January 1 1908) to cover payment of
capital expenditures made
From unapplied balances at December 31 1913 to credit of Accrued
Bond Sinking, Depreciation and Replacement Funds, and from 55,000,000 00
Undivided Surplus at same date of U. S. Steel Corporation and Subsidiary
Companies
125,551,970 27
Total
$473,324,385 92
EMPLOYEES AND PAY ROLLS.
The average number of employees in the service of all companies during
the year 1913, in comparison with the year 1912,
was as follows:
Employees of—
Manufacturing Properties
Coal and Coke Properties
Iron Ore Properties
Transportation Properties
Miscellaneous Properties
Total
Total salaries and wages paid
Average Salary or Wage per Employee per Day—
All employees, exclusive of General Administrative and Selling
force
Total employees. including General Administrative and
Selling force
1913.
Number.
165,277
24,996
13,789
21,951
2,893
1912.
Number.
161,774
24,394
12,597
19,438
2,822
228.906
$207,206,176
221,025
$189,351,602
$2 85
$2 92
$2 68
$2 75
EMPLOYEES'STOCK SUBSCRIPTIONS.
In continuance of the plan observed in previous years, beginning with
es of the United States Steel
Corporation and the Subsidiary Companies were, in January 1914, offered 1903, the employe
the privilege of subscribing for Preferred and
Common Stock of the Corporation.
The subscription price was fixed at $105 per
for the Preferred and $57 per share for the Common Stock. The
annual allowances for five years for special compensashare
tion or bonus to be paid subscribers who retain their stock were fixed
at $5 per share for the Preferred and $3 50 per share
for
Common Stock. The conditions attached to the offer and
subscription, aside from the features of subscription price the
the amount of special compensation or bonus to be paid,
were substantially the same as those under which stock hasand
been
offered to employees in each of the previous ton years.
Subscriptions were received from 46,498 employees for
an aggregate of 42,926 shares of Preferred and 47,680 shares
of Common Stook.
VOLUME OF BUSINESS.
The volume of business done by all companies during the year,
as represented by their combined gross sales and
earnings, equaled the sum of $796,894,299 23, as compare
with a total of $745,505,515 48 in the preceding year.
This amount represents the aggregate gross value ofdthe
commercial transactions conducted by the several subsidiary
companies, and includes sales made between the subsidiary compani
es and the gross receipts of the transportation companies for services rendered both to subsidiary companies and
to the public.
The earnings for the year resulting from the above gross
business
represent the combined profits accruing to the
several corporate interests on the respective sales and services
rendered, each of which is in itself a complete commercial
transaction.
The following is a statement of the gross sales and earnings classifie
d by operating groups. Gross sales of products
are included on basis of f, o. b. mill values.
Gross Sales by Manufacturing, Iron Ore and Coal and Coke
Companies:
To customers outside of U. S. Steel organizati
on
Inter-company sales (sales between subisdiary
companies)
Grow;Earnings and Receipts of Transportation and Miscellaneous
Companies:*
Transportation Companies
Miscellaneous Companies
Total
* Includes earnings and receipts both for inter-subsidiary company
1913.
$518,999,605
211,910,441
1912 .
$494,637,808
189,257,318
Increase.
$24,361,797
22,653,123
$730,910,046
$683,895,126
$47,014,920
57,726,430
8,257,823
53,665,603
7,944,786
4,060,827
313,037
$796,894,299
$745,505,515
$51,388,784
business and of business with interests outside of the U.S. Steel organization.
MAR 21 1914.)
923
THE CHRONICLE
GENERAL.
large. During the.last
The volume of business conducted by the subsidiary companies during the year 1913 waslarge
tonnage of business
half of the year there was a material dimunition in the amount of new orders rece ved; but the
operate to very
carried forward from 1912, together with heavy bookings in the first quarter of 1913, enabled the mills to
s a total
tions.
nearly their full capacity until September. In the last quarter there was a severe curtailment of oper
production in 1913
result the production for the year of steel products for sale fell slightly below the output in 1912. The
products for
In comparison with preceding year of basic raw and semi-finished materials, and of rolled and other finished
sale to customers outside of the organization, was as follows:
ProductionIron Ore Mined
Coke Manufactured
Coal Mined (exclusive of that used in making coke)
Limestone Quarried
Pig Iron, Ferro and Spiegel
Steel Ingots (Bessemer and 0. H.)
Rolled and Other Finished Steel Products for Sale
Cement
1913.
Tons.
28,738,451
16,663,480
6,705,381
6,338,509
14,080,730
16,656,361
12,374,838
Bbls.
11,197,000
1912.
Tons.
26,428,449
16,719,387
5,905,153
6,124,541
14,186,164
16,901,223
12,506,619
Bbls.
10,114,500
-Increase or DecreaseCent.
T .
t4
P . 8.7
Inc.er
2,310,002
Dec. .33
55,907
Inc. 13.55
800,228
Inc. 3.49
213,968
Dec. .74
105,434
Dec. 1.45
244,862
Dec. 1.05
3ils,.781
1b
13
Inc.
82,500
.82
products shows a falling off of but 1.05 per cent, it will be
While the aggregate tonnage of production of rolled steel
:was an increase in the output of all materials except blooms,
observed by reference to detailed production table that there
as
billets and sheet bars for sale, wire products and sheets and tin plate. The decreases in these classes of products were
follows:
Per Cent Decrease.
Tons.
261,577
Blooms, Billets and Sheet Bars for Sale---------------------------------------------------------------------219,777
------------------Wire Products-----------------------------------------------------------------------Sheets and Tin Plate---------------------------------------------------------------------------------------228,070
23.7
12.0
15.1
709,424
16.0
The output for the year of rolled and other finished products for sale was about 88 per cent of the total annual pro93 per cent of full plant capacity.
ductive capacity of the plants. The cement production was about
The shipments of all classes of products to customers outside of the organization during 1913, in comparison with
shipments during 1912, were as follows:
-Inc. or Dec.DomesticRolled Steel and Other Finished Products
Pig Iron, Ingots, Spiegel, Ferro and Scrap
Iron Ore, Coal and Coke
Sundry Materials and By-Products
1913.
Tons.
10,412,430
451,980
1,617,169
88,844
1912.
Tons.
10,299,890
501,327
1,825,265
70,453
Tons.
112,540
49,347
208,096
18,391
Total tons all kinds of materials, except Cement
Cement (Bbls.)
12,570,423
10,382,883
12,696,935
10,047,573
126,512
335,310
Per Cent.
Inc. 1.1
Dec. 9.8
Dec. 11.4
Inc. 26.1
Dec. 1.0
Inc. 3.3
1,756,328
56,104
640
2,233,570
46,503
723
477.242
9,601
83
Dec.21.4
Inc. 20.6
Dec. 11.5
1,813,072
Total tons all kinds of materials
Aggregate tonnage of Rolled Steel and Other Finished Products shipped to both Domestic and
12,168,758
Export Trade
2,280,796
4-67,724
Dec. 20.5
12,533,460
364.702
Dec. 2.9
ExportRolled Steel and Other Finished Products
Pig Iron, Ingots and Scrap
Sundry Materials and By-Products
Notwithstanding the total tonnage of shipments was substantially the same in 1913 as in the preceding year, the
total earnings (exclusive of charges for interest on subsidiary companies' securities outstanding) increased $29,240,215, or
24.8 per cent. This increase is attributable principally to higher ave age prices having been received in 1913. In 1912 the
prices received for the great bulk of the output were, however, on a very low level. In 1913 the average price received for
the entire tonnage of rolled and other finished products shipped was, in respect of the domestic business, $2 40 higher per
16 more per ton. Better prioes also
ton than the similar average price received in 1912; and for the export business
were received for cement and pig iron.
The reduction in export shipments in 1913 from 1912 arose in part from a slackening in the demand, due principally
to the money stringency in foreign markets during 1913 and in part to the inability of the mills to furnish, when required,
sufficient material for export in the first six months of the year because of the demands of domestic consumers. The export
shipments to Mexico were also curtailed owing to the unsettled condition of affairs in that country.
110 The order books of the subsidiary companies at the close of business December 31 1913 showed unfilled orders amountsix
ing to 4,282,108 tons. A considerable part of this tonnage covered contract requirements extending through the first
months of 1914 and, therefore,only in part were the orders included in the total available for immediate rolling and shipment.
Contemporaneously with the sharp falling off in the mid-summer of 1913 of new business offering, there was a weakening in prices on the majority of the classes of products. This decline in prices steadily continued until the early part of 1914,
when there was a moderate reaction.
The total charges for the year for Taxes levied against the Corporation and its subsidiary companies, including the
ederal Income Tax for 1913, was $13,225,882, an increase of $3,385,511 over the preceding year. The greater part of this
Increase was in the State and local taxes levied against the iron ore and t ansportation properties. The Federal Income Tax
was also materially larger than the corporation excise tax charged in previous year, owing to the fact that the net income
subject to tax was considerably greater in 1913 and because the scope of the new income tax is broader than was that of the
excise tax.
The inventories of raw materials, manufacturing supplies and semi-finished and finished produots on hand at the
close of the year show a net increase in value of $15,222,537, compared with December 31 1912. This increase is attributof
able in part to the larger stocks on hand arising from the curtailment of operations which took place in the last quarter
the year and to the broadening of the policy of carrying stocks of finished products at both domestio and foreign warehouses.
The expenditures made during the year for repairs, maintenanoe and general up-keep of the properties, in oomparison
with the outlays for similar purposes in 1912, were as_follows:
Ordinary repairs and maintenance
Extraordinary replacements and general rehabilitation
Total
1913.
$52,551,630
7,391,340
1912.
$43,853,137
4.895,300
$59,942,970
$48,748,437
Per Cent'
Increase.
19.8
$8.698,493
51.9
2,496,040
23.0
$11.194,533
The foregoing disbursements in 1913 exceeded the amount of outlays made for similar purposes in any previous year.
The plants and properties of the several subsidiary companies are in excellent physical condition.
The aggregate amount of charges to and allowances from gross earnings for the year to cover deterioration arising
from wear and tear of improvements, obsolescence and exhaustion of minerals, was $84,237,608, compared with $75,425,854
for.the preceding year. Included in these respective totals are the above-mentioned expenditures for ordinary repairs and
maintenance.
. The expenditures made and charges incurred during the year by the Corporation and the subsidiary companies for
additional property, new plants, extensions and construction, less credits for property sold and for stripping and development work at mines, aggregated the net sum of $41,999,098 33, viz.:
For the Gary, Indiana, properties
For the new Minnesota Steel Plant at Duluth, Minn.,and the railroad connecting the same with trunk lines
For Tennessee Coal, Iron & Railroad Company extensions
For acquirement of the fee title to various iron ore properties previously held under royalty contracts
For all other properties and extensions, including net credit account of mine-stripping and development operations
$2,960,124 92
5,912.027 44
1,274,440 84
11,670,181 87
20.182,323 26
les
$41,999,098 33
The charge, as above, for requirement of the fee title of iron ore properties previously held by the subsidiary companies under royalty contracts was based in part on commuting to their present-day value certain of the royalties which
would have become payable under the contracts; and in part on the par value of certain of the royalties, issuing, however,
In settlement forithe amount thereof non-interest-bearing purchase money obligations or notes payable in installments
during the period for which the contracts had yet to run. Of the total charged as above, $2,283,677 63 only has been paid
924
THE CHRONICLE
IVoL. zovin.
n cash, and the balance. $9,386,504 24, is covered by purchase money notes of
the Oliver Iron Mining Company,guaranteed
by the United States Steel Corporation. Of these notes, $1,240,403 68 bear
4 per cent interest per annum and $8,146,100 56 are non-interest-bearing notes. The notes are payable in annual installmen
ts of various sums (see page 15 of pamphlet) from 1915 to 1954, inclusive.
Construction work on the new steel plant at Duluth, Minnseota, and the connecting
railroad to serve the same, proceeded during the year, additional expenditures having been made at a cost of $5,912,02
7. It is expected this plant will be
completed for operation in the spring of 1915. The plant will comprise 2 blast furnaces,
open hearth furnaces, one 40-inch
blooming mill, one combination 28-inch and 18-inch rail and shape mill, one combinati10
on 16-inch, 12-inch and 8-inch merchant mill, and a by-product coke plant of 90 ovens, together with the necessary compleme
nt of auxiliary departments, such
as power plants, pumping stations, machine and other shops. There has been laid out adjacent
to the plant a subdivision
on which work has been commenced in the building of houses for use by employees. The
total expenditures made tti the
close of 1913 for acquirement of the land for site of steel plant and subdivision, for construct
ion of plant,development of
subdivision and building of the railroad, was $13,445,648, all of which has to date been advanced
from the current assets
of the Corporation. There is under consideration a suggestion to reimburse the treasury for a substantia
l part of this outlay, and additional outlays yet to be made in connection with the work, through an issue and sale
of bonds secured on the
property.
Work was commenced during the year on the construct
additional cement plant located adjacent to the
new steel plant at Duluth, Minnesota. This cement plant will ion of anannual
capacity of 1,400,000 barrels. It is being
have an
constructed by the Universal Portland Cement Company
, a subsidiary company. The plant will utilize in the manufacture
of cement blast furnace slag from the steel plant. It will probably be completed for operation
in 1915.
The unfinished new rod mill and wire plant of the
Steel 86 Wire Company, located at Fairfield, a suburb
of Birmingham, Alabama, was completed during the yearAmerican
and went into operation in February 1914. The plant has a
capacity of 400 tons per day of finished wire products of various kinds.
Large outlays were made in the construction at the Edgar
14 furnace open-hearth plant and for the re-location,rebuilding and Thomson Works of Carnegie Steel Company of a new
enlargement of the blooming mill and the No.2 rail mill.
These mills will produce a greater diversity of product and will otherwise
be of advantage. A considerable part of this new
work was completed and in operation at the close of the year. At
Duquesne Works of Carnegie Steel Company a new
10-inch electrically driven bar mill was installed; and at McCutcheon Works
a new steel hoop mill was completed and placed
in operation.
At the South Works of the Illinois Steel Company 2 additional
open-hearth furnaces and a new 300 ton hot metal
mixer were installed; and at the Gary, Indiana, Works a new
36-inch reversing slabbing mill was completed and placed in
operation.
The various subsidiary railway companies during the
acquired by purchase or construction 58 additional locomotives and 3,578 cars of various kinds. They also acquiredyear
on replacement account 12 locomotives and 293 cars. There
were placed in commission on the Great Lakes during the year three
new 12,000 ton ore carrying steamers; and one additional
freight steamer was purchased for service in the export trade.
In the construction of a new steel ore dock of 384 pockets at Duluth, Minnesota,
the Duluth Missabe 86 Northern
Railway Company expended during the year $1,516,830. This dock will
be completed in 1914 and its total cost will be
about $3,000,000.
In addition to the outlays during the year for the construction of new plants and for the
additions and betterments
above specifically referred to, the several subsidiary companie
s expended in the aggregate a large amount for sundry miscellaneous additions, extensions and improvements, the more important
of which are set forth in the several statements and
tables printed in this report.
At the close of the year the amount unexpended on authorized appropriations for new plants,
construction and extraordinary replacements, including iron ore mine stripping
for 1914 was, approximately, $26,000,000. This total
is largely made up of amounts to be expended in completinprogram
g the new plants and work under construction as above described
and for mine stripping operations.
During the year a total of $16,807,366 of bonds, mortgages and purchase
money obligations of the Corporation and
the subsidiary companies was paid off. Of this total $8,342,000 were
redeemed through the sinking funds of the mortgages
securing the bonds retired.
Bonds of subsidiary companies (largely car trusts) in the anmout of $375,000
were issued and sold during the year for
account of outlays made for additions and betterments. There was also
assumed a real estate mortgage of $2,367 in connection with the acquirement of a small tract of coal.
The average number of employees in the service of the Corporati
year 1913 was 228,906, as compared with 221,025 in 1912, an increase of on and its subsidiary companies during the entire
3.57 per cent. The aggregate amount of the pay
rolls for 1913, for all employees, was $207,206,176, in comparison
$189,351,602 for the preceding year, an increase of
9.43 per cent. The totals, both in respect of number of employeeswith
and aggregate pay roll, were the largest in the Corporation's history. The relative percentages of increase, viz.:
per cent in number of employees and 9.43 per cent in total
pay roll, reflect the general advance in wages and salaries3.57
made to the larger proportion of the employees on February 1
1913, to which reference was made in last year's annual report.
This advance affected about 75 per cent of the employees,
the 25 per cent not affected being the higher paid wage earners and
salaried employees. The increase was about 123/i per
cent in the case of employees receiving less than $2 per day, and graduatin
s from this percentage in respect of
those receiving higher rates per day. The average increase in the entire g downward
pay roll (including both employees whose rates of
pay were and were not affected) arising from this advance in
wages and salaries, was 6 per cent and the increased amount
paid employees during 1913 because of this advance was approxima
$12,000,000.
During the year there was disbursed by the Trustees of the tely
United States Steel and Carnegie Pension Fund the sum
of $466,194 68. At the close of 1913 there were 2,092 on the pension
rolls.
At December 31 1913 there was set aside from accumulated surplus
of the Corporation an additional $500,000 for
permanent pension fund reserve, making a total of $2,500,000
the credit of the Fund at the close of the year. Tho total
amount (including the foregoing $2,500,000) to be supplied byto
the Corporation as principal for this Fund is ,000,000, at
the rate of $500,000 annually.
Grateful appreciation is expressed for the loyal and efficient services during
the year of the officers and employees of
the Corporation and the several subsidiary companies.
By order of the Board of Directors,
ELBERT H. GARY, Chairman.
PROPERTY INVESTMENT ACCOUNT.
DECEMBER 31 1913.
Balance of this account as of December 311912. per Annual Report______________________
Adjustments during 1013 in the foregoing balance_________________________________________________________________ $1,5'76,226,521 8/
_____________________________
Expended during 1913 for Additional Property and -ConstruCtion
427,571 95.
____________
43,212,487 66,
Less, Charged off In year 1913 to the following accounts, viz.:
$1,619.866,581 42
To Bond Sinking Funds
$384,000 00
To Depreciation and Replacement Funds
5,447,663 50
5,831,663 50
Expenditures for Stripping and Development at Mines and Investment
$1,614,034,
917 92
in Structural Erection and Logging Plants, viz.:
Balance at December 31 1912
$23,112,436 90
Expended during the year 1913
$2,160,251 50
Less, Charged off in 1913 to Operating Expenses
3,373,640 83
Net Credit in the year 1913
1,213,389 33
21,899,047 66.
Balance of Property Investment Account, December 311913, per
Consolidated General Balance Sheet
$1,635,933,965 55
APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES
.
DECEMBER 31 1913.
Amount of appropriations made from Surplus Net Income prior to
January 1 1908 applied in Payment of capital expenditures, and in the
Consolidatai General Balance Sheet formally written off to credit
of the Property Investment Account
•
Amount of appropriations made from Surplus Net Income since January
1 1908 applied in payment of same class of expenditures, but in$163,694,145.
the Consolidated General Balance Sheet carried in the account "Appropria
ted Surplus to cover Capital Expenditures"
55.000,000 0
Total
3218,694,423155
925
THE CHRONICLE
MAR. 21 1914.1
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1913.
ASSETS.
Property Account—
Properties Owned and Operated by the Several Companies—
51,635,933,965 58
Balance of this account as of December 31 1913
Less, Balances at December 31 1913 to credit of:
21
$96,873,592
Accrued Bond Sinking, Depreciation and Replacement Funds
Bond Sinking Funds with Accretions—being income appropriated for general depreciation and invested in
redeemed bonds held by Trustees of Sinking Funds, but not treatedi as assets, and in cash as below........ 73,561,741 64— 170,435,333 85
$1,465,498,631 73
Deferred Charges to Operations—
Payments for Advanced Mining Royalties, Exploration expenses and Miscellaneous charges, chargeable to future
-- --------- $14,455,381 02
---___ - ____ -operations of tho properties
- Royalties
7,000,000 00— 7,455,381 02
Less, Fund reserved from Surplus tocover Possible failure to realize Advanced Mining
Investments—
3,407,182 88
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages and Land Sales Contracts
Sinking and Reserve Fund Assets—
$1,365,997 54
Cash resources held by Trustees account of Bond Sinking Funds
(In addition Trustees hold $74,607,000 of redeemed bonds, which are not treated as an asset.)
3,486,603 89
Contingent Fund and Miscellaneous Assets- _ ---- ---------viz.:
Insurance and Depreciation Funds' Assets (Securities at cost, and- cash), ------------------$21,833,607 95
------------------------------------------------------Securities
Cash ------------------------------------------------------------------------------ 6.632,659 43
$28,466,267 38
ations of Subsidiary Comanies issued for
obligations
Less. Amount of foregoing represent
--------------------------------------------12,851.475 00-15,614,792 38— 20,467,393 81
capital expenditures made
Current Assets—
representing Profits earned by Subsidiary Companies on
Inventories, less credit for amount of inventory values
$167,634,791 41
Inter-Company sales of products on hand in Inventories December 31 1913
58,024,386 51
Accounts Receivable
7.866,695 58
Bills Receivable
1,039.574 29
Agents' Balances
61
2,241,275
Sundry Marketable Bonds and Stocks
66,951,010 42— 303.757,783 82
Cash (in hand and on deposit with Banks, Bankers and Trust Companies, subject to cheque)
$1,800,586,323 26
LIABILITIES.
Capital Stock of U. S. Steel Corporation—
Common--------------------------------------------------------------------------------------------S508,302,500 00
Preferred ------------------------------------------------------------------------------------------- 360,281,100 00
Capital Stocks of Subsidiary Companies not held by U. S. Steel Corporation (Par Value)
Bonded and Debenture Debt Outstanding—
United States Steel Corporation 50-Year 5% Bonds
United States Steel Corporation 10-60-Year 5% Bonds
Subsidiary Companies' Bonds, guaranteed by U. S. Steel Corporation
Subsidiary Companies' Bonds, not guaranteed by U. S. Steel Corporation
Debenture Scrip, Illinois Steel Co
S261,826,000 00
186,572,000 00
$448,398,000 00
105,035,000 00
73,650,402 50
13,974 18
Capital Obligations of Subsidiary Companies authorized or Created for Capital Expenditures Made (held in
the treasury subject to sale, but not included in assets or liabilities)
Total Capital and Current Liabilities
Sundry Reserve Funds—
Contingent and Miscellaneous Operating Funds
Pension Fund
Insurance Funds
Appropriated Surplus to Cover Capital Expenditures—
Invested in Property Account—Additions and Construction
Undivided Surplus of U. S. Steel Corporation and Subsidiary Companies—
.
Capital Surplus provided in organization
Balance of Surplus accumulated by all companies from April 1 1901 to December 31 1913
627,097,376 68
$9,750,000 00
Mortgages and Purchase Money Obligations of Subsidiary Companies—
Mortgages
Purchase Money Obligations
Current Liabilities—
Current Accounts Payable and Pay-Rolls
Special Deposits or Loans due employees and others
Accrued Taxes not yet due, including provision for Federal income tax, 1913
Accrued Interest and Unpresented Coupons
Preferred Stock Dividend No. 51, payable February 27 1914
Common Stock Dividend No. 41, payable March 30 1914
$868,583,60000
589,542 50
$269,304 79
9,596,504 24
9,865,809 03
$27,508,292 20
988,481 35
8.900,501 61
8,521,084 95
6,304,919 25
6,353,781 25
58,577,060 61
$1,564,713,388 32
$13,456,423 00
2,500,000 00
13,118,082 55— 29,074,505 55
55,000,000 00
$25,000,000 00
126,798,428 89
Total Surplus exclusive of Profits earned by Subsidiary Companies on Inter-Company sales of products on hand in Inven151,798,428 89
tories December 31 1913 (see note below)
$1,800,586,323 26
Note.—The Surplus of Subsidiary Companies representing Profits accrued on sales of materials and products to other subsidiary companies and
on hand in latter's Inventories is, in this balance sheet, deducted from the amount of Inventories included under Current Assets.
We have audited the above Balance Sheet, and certify that in our opinion it is properly drawn up so as to show the
true financial position of the United States Steel Corporation and Subsidiary Companies on December 31 1913.
PRICE, WATERHOUSE & CO., Auditors.
New York, March 6 1914.
UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES.
CONDENSED GENERAL PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DECEMBER 31 1913.
$796,894,299 23
GROSS RECEIPTS—Gross Sales and Earnings
Operating charges, Viz.:
Manufacturing and Producing Cost and Operating Expenses, including ordinary maintenance and repairs and pro4636,206,365 46
visional charges by the subsidiary companies for depreciation
Administrative, Selling and General Expenses, employees compensation under special merit plan and pension pay19,587.315 29
ments (not including general expenses of transportation companies
13,225.882 26
Taxes (including allowance for Federal income tax, payable in 1914
3.855.873 65
Commercial Discounts and Interest
$672,875.436 66
Less, Amount included in the above charges for provisional allowances for depreciation now deducted for purpose
25,822.853 93
of showing same in separate item of charge, as see below
Balance
Sundry Net Manufacturing and Operating Gains and Losses, including idle plant expenses, Royalties received, adjustments in inventory valuations, &c
Rentals Received
Total Net Manufacturing,Producing and Operating Income before deducting provisional charges for depreciation
OTHER INCOME.
Net Profits of properties owned, but whose operations (gross revenue, cost of product, expenses, &c.,) are not included in
this statement
Income from sundry investments and interest on deposits, &e
647,052,582 73
$149.841.716 50
$517,625 50
x196,401 37
714,026 87
$150,555,743 37
$296.802 22
3,341,812 24
3,638.614 46
6154,194,357 83
Total
Less, Net 13alance of Profits earned by subsidiary companies on sales made and service rendered account of materials on hand at
close of year in purchasing companies' inventories, and which profits have not yet been realized in cash from the standpoint
7,027,741 02
of a combined statement of the business of the U.S. Steel Corporatioa and subsidiary companies
Total Earnings in the year 1913, per Income Account
INTEREST CHARGES.
Interest on Bonds and Mortgages of the Subsidiary Companies
Interest on Purchase Money Obligations and Special Deposits or Loans of the Subsidiary Companies
6147,166,616 81
$9,660,036 77
325,235 21
9,985,271 98
$137.181,344 83
Balance of Earnings of the several companies for the year before deducting provisional charges for depreciation
Lesa;Charges and Allowances for Depreciation, viz.:
$25,822,853 93
By Subsidiary Companies
6,037,798 99
By U.S. Steel Corporation
31,860.652 92
Net Income in the year 1913
$105.320,691 91
* Includes charges for ordinary maintenance and repairs, approixmately $52,000.000.
z Rentals received from tenements in coal-mining districts in previous years included in this item are this year reported as a credit to cost of product.
926
THE CHRONICLE
[VOL. xcrvm.
AMERICAN TELEPHONE & TELEGRAPH COMPANY
ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31 1913.
The total provision for maintenance and reconstructio
11',A57..gliZ New York, March 16 1914.
n
To the Stockholders:
charged against revenue for the last ten years was
over $457,Herewith is respectfully submitted a general statement
covering the business of the Bell System as a whole, followed
DEPRECIATION.
by the report of the American Telephone & Telegraph Company, for the year 1913.
The necessity of providing fully for that depreciation
which comes from obsolescence
and will continue
BELL TELEPHONE SYSTEM IN UNITED STATES. so long as the improvement of thecontinues
equipment, apparatus and
SUBSCRIBER STATIONS.
service, and increase in possible distance of communication
TAIthe end of the year the number of stations which—con- continue.
Limited local service can be given by a plant that would
stituted our system in the United States was 8,133,017, an
Increase of 676,943, including 215,181 connecting stations. be useless in a comprehensive system made up of local ex2,717,808 of these were operated by local, co-operative and change and toll and particularly in connection with longrural independent companies or associations having sub- distance service. Although 90 per cent of the connections
license or connection contracts, so-called connecting com- are purely local, the 10 per cent that are not local are more
important and of a greater necessity than the 90 per cent
panies.
TELEPHONE TOLL STATIONS.
ISA
local and must be equally available through one station
The Bell telephone toll lines of the United States now reach equipment. For that reason the Bell plant must be main70,000 places, from many of which a telegraph message can tained at a higher standard than would be necessary if it
be sent. The extent of the system is best realized by com- were a purely local exchange service.
parison with less than 60,000 post offices, 60,000 railroad
Improvements in service and particularly in equipment and
stations and regular telegraph offices at about 25,000 places. operating methods have been continuous and so gradual that
it is hard to realize the extent of them. Those familiar with
WIRE MILEAGE.
The total mileage of wire in use for exchange and toll serv- the service five years ago and not in touch with it again
ice was 16,111,011 miles, of which 1,500,198 were added dur- until the present time would recognize and appreciate the
ing the year. Of the total mileage nearly 13,800,000 miles changes which those in daily touch do not realize and cannot
were exchange wires and over 2,300,000 toll wires. These fully appreicate. In that time the radius of conversation
figures do not include the mileage of wire operated by con- has doubled. It is easier to talk with Denver to-day than
necting companies. Of this total wire mileage 92 per cent with Chicago then, and with the completion of the line to
is copper wire. 8,817,815 miles are underground, including the Pacific Coast in 1915, commercial communication will
543,923 miles of toll wires in underground cables. The un- be dependable and practicable. The policy of investing the
derground conduits represent a cost of 5,700,000 and the depreciation reserve in revenue-earning plant has continued,
cables in the conduits $95,800,000—a total in underground and the public is getting the advantage of the use of a large
amount of plant upon which no dividends or interest charges
plant of $181,500,000.
have to be earned.
TRAFFIC.
rIncluding the traffic over the long-distance lines, but not
OPERATING RESULTS FOR THE YEAR.
including connecting companies, the daily average of toll
connections was about 806,000, and of exchange connections
The following tables show the business for the year of the
about 26,431,000, as against corresponding figures in 1912 Bell Telephone System, including the American
of 738,000 and 25,572,000; the total daily average for 1913 & Telegraph Company and its associated holding Telephone
reaching 27,237,000, or at the rate of about 8,770,300,000 ating companies in the United States, but not and operincluding
per year.
kW
connecting independent or sub-licensee companies, nor the
i
TRAFFIC OF THE UNITED STATES AND'EUROPE.-"
Western Electric Company and Western .Union Telegraph
• The following figures compare the telephone traffic with Company,except as investments in and dividends from those
the two other branches of transmission of intelligence—the companies are included respectively in assets and revenue.
mail and the telegraph—in the United States and in Europe All intercompany duplications are eliminated in making
during the year 1912:
up these tables, so that the figures represent the business of
—EUROPE-UNITED STATES—. the system as a whole in its relations to the public.
Number
Per Cent
ak,118er,
Number
Per Cent
The gross revenue in. 1913 of the Bell System—not inDuring
of Total
i
During
of Total
Type of Message—
1912.
Europe.
1912.
U.S. cluding the connected independent companies—was $215,First-Class Mall Matter_17,775.000.000 71.2
10,212,000.000 39.49' 600,000; an increase of over $16,000,000
Telegrams
over last year. Of,
388.000.000
1.5°f
113.000.000
0.4°f
Telephone Conversations 6.809.000.000 27.3% 15.600.000,000 60.2%
this, operation consumed $75,400,000; taxes, $11,300,000,
one-half
cent
per
or
one
on
and
the
outstanding capital obliTotal
24.972.000,000 100.0% 25,925,000,000 100.0%
gations; current maintenance, $32,500,000; and provision
In other words, although Europe has about three and a for
depreciation, $37,700,000.
half times the telegraph traffic of the United States and
The surplus available for.charges, &c., was $58,700,000,
nearly twice the first-class mail traffic, it has only two-fifths of which
$16,700,000 was paid in interest and over $30,300,the telephone traffic of the United States.
000 was paid in dividends.
The use of the telegraph in Europe was about 2 per cent
The total capitalization, including inter-company items
of the mails, while in the United States it was but 1 per cent, and duplications
-acquired securities of the
but excluding re
the greater efficiency and distribution of the telephone caus- companies
of the Bell System, is $1,390,242 470. Of this
ing the difference.
$620,127,086 is owned and in the treasury of the companies
PLANT ADDITIONS.
of the Bell System. The capital stock, bonds and notes
The amount added to the plant and real estate by all the payable outstanding in the hands of the public at the close of
companies, excluding connecting companies, constituting the year were $770,115,384. If to this be added the curour system in the United States during the year 1913 was rent accounts payable, $26,471,681, the total outstanding
$54,871,856, distributed as follows:
obligations of every kind were $796,587,065, as against
which there were liquid assets,, cash and current accounts
Real Estate
Equipment
16.419.143 receivable of $72,237,885, leaving $724,349,180 as the net
Exchange Lines
23.461.226 permanent capital obligations,of the whole system
Toll Lines
outstand8,803.441 ing
Construction Work in Progress and Undistributed Plant
in the bands of the public.
78,371
By Act of Congress approved March 1 1913, the Inter$54,871.856 State Commerce Commission is directed
to make a value,PLANT ADDITIONS OF PREVIOUS YEARS.
owned or used by every common carrier
The amounts added in fourteen years have been as follows: tion of all property
the
jurisdiction
under
of
the
Commission,
which includes
1900
$31.619.100 1907
352.921.400 all the principal telephone companies. This great work
1901
has
31.005.41)0 1908
26.637.200
1902
37.336.500 1909
assisting
been
are
started,
we
the
and
28.700.100
representatives of
1903
35.368.700 1910
53.582.800
pushing
it
forward.
Commission
the
As
in
stated in last
1904
33.436,700 1911
55.660.700
1905
50.780.900 1912
75,626.900 year's report, our engineers appraisals. have shown that the
1906
79.366.900 1913
54,871,900 cost of reproduction of the Bell properties,
,
esc
,onsotin
t bycs
lo
udmin
eg$6
co1s,..
t
making a total for the fourteen years of $646,915,200.
of intangibles, would exceed their
000,000. We believe that the valuation by the Inter-State
CONSTRUCTION FOR THE CURRENT YEAR.
Estimates of all the associated operating companies and Commerce Commission, when completed, will confirm our
of the American Telephone & Telegraph Company for all repeated statements that the true value of our telephone
new construction requirements in 1914 have been prepared. plants is much greater than the book value.
These telephone plants stand on the books of the comIt is estimated that about $56,000,000 will be required for
current additions to plant in 1914, of which amount some panies at $797,159,487, as of December 31 1913, an increase
$25,000,000 will be provided by the existing and current during the year of $54,871,856, or 7.4 per cent, which
compares with an increase of 8.2 per cent in gross earnings.
resources of the companies.
Other assets increased $871,421, making a total increase In
MAINTENANCE AND RECONSTRUCTION.
assets of $55,743,277. This increase of $55,743,277 is repreDuring the year $70,183,000 was applied out of revenue sented by $45,408,111 increase
in outstanding obligations
to maintenance and reconstruction purposes; of this, over for the whole system and an increase
in surplus and reserves
$13,000,000 was unexpended for those purposes.
of $10,335,166.
1,.....•
MAR. 21 1914.1
BELL TELEPHONE SYSTEM IN UNITED STATES.
COMPARISON OF EARNINGS AND EXPENSES, 1912 AND 1913.
(ALL DUPLICATIONS, INCLUDING INTEREST, DIVIDENDS
AND OTHER PAYMENTS TO AMERICAN TELEPHONE &
TELEGRAPH COMPANY BY ASSOCIATED HOLDING
AND OPERATING COMPANIES EXCLUDED.)
Increase.
1912.
1913.
Gross Earnings
$199,172,154 $215.572,822 $16.400.668
Expenses-Operation
Current Maintenance
Depreciation
Taxes
Total Expenses
Net Earnings
Deduct Interest
927
THE CHRONICLE
$65,246,677 $75,404,092 $10,157,415
680,343
32,442,979
31,762,636
2,797,189
34,942,802 37,739,991
962,888
11,296,237
10,333,349
$142,285,464 $156,883.299 $14.597,835
$56,886.690 $58.689,523 $1,802,833
2,447.259
16,652,624
14,205,365
*$644,426
841,490
Balance Net Profits
Deduct Dividends Paid
$42,681,325 $42,036,899
29,460,215 30,301.705
Surplus Earnings
$13.221,110 $11,735,194 *$1,485.916
COMBINED BALANCE SHEETS,1912 AND 1913.
(DUPLICATIONS EXCLUDED.)
AssetsDec. 311912. Dec. 31 1913. Increase.
$742,287.631 $797,159.487 $54,871.856
Telephone Plant
23.601,262 20,083,113 *3,518,149
Supplies. Tools,&c
2.648,404
37.700,623 40,349,027
Receivables
35,729.037 31.888,858 *3.840379
Cash
5,581.345
84,942,265 90,523.610
Stocks and Bonds
$924,260,818 $980,004,095 $55,743,277
Total
Liabilities$393,209,925 $395,224,531
Capital stock
294,380,353 341,147,485
Funded Debts
38,268,341
33,743.368
Bills Payable
25,320,335
26,471,681
Accounts Payable
Total Outstanding Obligations__$751,178,954 $796,587,065
8,845,000
8,919,335
Employees' Benefit Fund
164,236,864 174,497,695
Surplus and Reserves
$924,260,818
$980,004,095
Total
$2,014, 606
46,767,132
*4,524.973
1,151,346
$45,408,111
74,335
10,260,831
$55,743,277
* Decrease.
In accordance with our previous practice in making up
the combined figures for the Bell System, all inter-company
items have been eliminated, and all intangible assets have
been excluded, so that the combined surplus and reserves,
as shown on the preceding page, are considerably less than
the sum of surplus and reserves shown on the books of the
separate companies.
All of the present surplus and reserves, aggregating over
$174,000,000, is invested in tangible and productive property
the revenue from which enables the companies to maintain
their efficiency without paying capital charges on this
amount.
Your attention is called to a comparative statement of
the Bell System for the years 1907 and 1913. During that
7,000,000, of
period the gross earnings have increased
which $69,500,000 has been absorbed by increase in expenses,
leaving an increase of $17,500,000 in net earnings. The increase in interest was $6,100,000 and in dividends $12,200,000. The surplus for 1913 was $11,700,000.
During this six-year period the assets of the companies
have increased nearly $367,000,000, while the capital obligations and payables outstanding have increased less than
$245,000,000. The surplus and reserves have increased
from $61,300,000 to $174,500,000, over $113,000,000, after
setting aside ,919,335 for the Employees' Benefit Fund.
While the use of the subscriber's station as the unit of
telephone statistics is open to the objection that we are
using a standard which itself fluctuates, nevertheless it
is the best standard or unit thus far obtainable and is therefor continued.
The changes of the past year are not large, but indicate
that all the expenditures necessary to the maintenance of
the property at a high standard, such as maintenance
and depreciation and operation, are continued along normal
lines with a slight increase.
Particular attention is called to the per cent of net earnings and of dividend and interest disbursements to total
plant and other assets:
Net earnings to plant and other assets
Dividends and interest to plant and other assets
5.69%
4.92%
In other words, the property employed earned less than
6 per cent per annum and the dividends and interest paid
were less than 5 per cent upon the value of the property,
which could not be considered unreasonable.
WESTERN ELECTRIC COMPANY.
Sales of the Western Electric Company for 1913 amounted
to $77,532,860, of which $50,681,070 represents sales to the
companies of the Bell Telephone System and $26,851,790
represents sales to other customers.
The concentration of the company's manufacturing work
at its main plant at Hawthorne, near Chicago, is now nearly
completed.
Each year the economies and efficiencies due to the relation between the Western Electric Company and the companies of the Bell Telephone System become more apparent.
AVERAGE OPERATING UNITS OF ASSOCIATED OPERATING
COMPANIES, 1895 TO 1913.
(This table covers the Companies owning all the Exchanges and Toll /Ana of
the Bell Telephone System except the long-distance lines of American
Telephone & Telegraph Co.)
Average per Exchange Station. 1895. 1900. 1910. 1912. 1913.
Earnings$69 75 $44 68 $31 28 $30 93 $30 45
Exchange Service
11 35
12 60
9 47
9 21
9 03
Toll Service
Total
ExpensesOperation
Taxes
$81 10 $57 28 $40 75 $40 14 $39 48
$29 15 $21 63 $15 14 $15 17 $15 92
223
237
200
202
203
AVERAGE OPERATING UNITS OF ASSOCIATED OPERATING
COMPANIES.
(See table on page 13.)
The table in next column shows average oper. revenue
and expenses per station, operating ratios, unit plant cost,
&c., of the associated operating companies (not including
the American Telephone & Telegraph Company's longdistance lines) for the years 1895, 1900, 1910, 1912 and 1913.
BELL TELEPHONE SYSTEM IN UNITEDISTATES.
COMPARISON OF EARNINGS AND EXPENSES, 1907 AND 1913
(ALL DUPLICATIONS, INCLUDING INTEREST, DIVIDENDS
AND OTHER PAYMENTS TO AMERICAN TELEPHONE &
TELEGRAPH COMPANY BY ASSOCIATED HOLDING
AND OPERATING COMPANIES, EXCLUDED.)
1913.
1907.
Increase.
$128,579,800 $215,572,822 $86,993,022
Gross Earnings
Expenses:
45,894,900 75,404,092 29,509,192
Operation
Current Maintenance
1. 36.626,700 f32.442.9791 '33,556.270
J
Depreciation
137.739.991J
4,873,400
Taxes
11,296,237 6,422,837
$87,395,000 $156,883,299 $69,488.299
Total Expenses
$41,184,800
$58,689,523 $17.504,723
Net Earnings
10,508.500
Deduct Interest
16,652,624 6,144,124
$30.676,300 $42.036,899 $11,360,599
Balance Net Profits
18.151,700
Deduct Dividends Paid
30,301,705 12,150,005
$12,524.600 $11,735,194 *$789,406
Surplus Earnings
COMBINED BALANCE SHEETS, 1907 AND 1913.
(DUPLICATIONS EXCLUDED.)
Dec. 311907. Dec. 31 1913. Increase.
Assets$9,078.000
Contracts and Licenses
*$9.078.000
Telephone Plant
502,987,900 $797,159,487 294,171,587
Supplies, Tools,&c
17.165,200 20,083,113 2.917,913
Receivables
29,584,500 40,349,027 10.764,527
24,869,600
Cash
31,888,858
7,019,258
29,448,300 90,523.610 61,075,310
Stocks and Bonds
Total
$61-3
-,133,50T) 8980.004,0958366,870,595
•
Liabilities$291,095,400 $395,224,531$104.129,131
Capital Stock
196,113,700 341,147,485 145.033,785
Funded Debts
45,175,700 33.743,368 *11,432,332
Bills Payable
$532.384,800 $770,115.3848237.730,584
Total Capital Obligations
Accounts Payable
26.471,681
7.035,081
_ 19,436,600
__
Total --- -$551,821,400 $796,587.0658244.765.665
Employees' Benefit Fund
8,919,335 8,919,335
Surplus and Reserves
61,312,100 174,497,695 113,185,595
Total
$613,133,500 4980,004,0958366,870,595
* Decrease.
EARNINGS.
The net earnings of the American Telephone & Telegraph
Company were $40,576,746 19, an increase of $2,669,101 93
over 1912. The interest charges were $7,656,655 78 and
the dividends at the regular rate of 8 per cent per annum
were $27,454,037 15. Of the balance, $5,466,053 26, there
was carried to Reserves $2,500,000 and to Surplus $2,966,053 26.
ISSUES OF CAPITAL STOCK AND BONDS.
During the year $9,809,700 of stock was issued upon conversion of the 4 per cent bonds of 1906, and in addition $900
of new stock was issued upon payment of final installments
under the offer of June 20 1911, amking the total increase
of capital stock during 1913 $9,810,600.
At the close of business December 31 1913 $145,409,000
of the $150,000,000 of convertible bonds of 1906 had been
handed in for conversion, leaving outstanding at the end
of the year $4,591,000, a reduction in 1913 of $12,411,000.
The total outstanding capital stock and bonds of the Amerlcan Telephone & Telegraph Company at December 31 1913
were as follows:
Capital Stock
4 Per Cent Collateral Trust Bonds
4 Per Cent Covertible Bonds
5 Per Cent Western Tel. & Tel Co. Bonds
44 Per Cent Convertible Bonds 1933
Total
$344.616.300
78.000.000
4.591,000
10,000.000
67,000.000
$504,207.300
For the $344,616,300 capital stock, $369,136,414 has been
paid into the treasury of the Company; the $24,520,114 in
excess of par value represents premiums. All discounts on
the bond issues have been charged off. The outstanding
928
THE CHRONICLE
capital obligations,therefore,represent over $24,500,000 more
than their par value.
The number of shareholders, 55,983, on December 31 1913
shows an increase of 5,686 during the year. That the distribution is general appears from the following:
49,144 held less than 100 shares each;
6,475 held from 100 to 1,000 shares each;
331 held from 1,000 to 5,000 shares each;
17 held 5,000 shares or more each (omitting brokers
and holders in investment trusts, etc.).
Of the holders of less than 100 shares each,
11,595 held 5 shares or less each;
36,673 held 25 shares or less each.
The average number of shares held was 59. A majority
of the Company's shareholders are women. Less than 6 per
.cent of the stock was at December 31st in the names of
brokers.
[VOL. xcvm.
by 1906 a cable 90 miles long was successfully operated
between those two cities, but in the then state of the art
this cable could not be used beyond Philadelphia or New
York.
By 1911 our experiments, researches and improvements
in manufacture had so advanced that we were enabled to
design an underground cable, capable of giving a satisfactory conversation. between Washington and Boston.
By 1912 a section of this new cable was laid from Washington to Philadelphia, there connecting with the earlier
type of cable to New.York.
During 1913 a section of the new cable was laid between
New Haven and Providence,.connecting at New Haven to
an earlier type of cable extending to New York, and connecting at Providence to an earlier type extending to Boston.
While talking the entire distance from Boston to Washington was impossible through the old types, yet by using the
PLAN FOR EMPLOYEES' PENSIONS. DISABILITY BENEFITS underground in connection with the overhead the seaboard
AND INSURANCE.
cities from Washington to Boston could be no longer isoThe plan for benefits to employees in pensions, payments lated by storms destroying the overhead wires.
during disability on account of accidents and sickness, and
During the year 1913 we have made such further adto dependent relatives in cases of death of employees has been vances in the art of loading and balancing
in effect a year, during which period in 16,054 cases employees circuits, and have so greatly, improved the underground
intermediate
in this Company and the associated operating companies apparatus that it is now possible to talk satisfactorily
have participated in the benefits, either drectly or in cases underground wires from Boston to Washington; in by
of deaths through their relatives. The payments have through types of cable formerly suitable for short-haulpart
aggregated over a million dollars. A very large percentage tances only. These short-haul cables make up 47 per discent
of cases has consisted of minor disabilities of the lower sal- of the total cable
in the line.
Itried employees, to whom even a short cessation of wage
In 1912 talking underground for the first time between
earning is a hardship and sometimes a calamity. In con- New York and Washington represented
the longest dis-nection with the plan, much is already being done in the tance underground
achieved. By 1913 this distance
education of the employees as to prevention of sickness. • had been doubled.yetThe
Boston-Washington telephone
Statistics are being tabulated which will be carefully studied cable is several times longer than
any other in the world.
with a view to still further carrying on this work of prevenIt is difficult to estimate the far-reaching importance of
tion.
these
researches
and
it
is
too
early
to forecast the benefits
ENGINEERING.
to be derived from them. Enough has been already ascer• In former times if engineering works enduredifor centuries tained,
however, to show that they tend to greatly increase
that fact counted in their favor. In these modern times it the long-distance
traffic and to accomplish enormous savings
almost seems that the electrical engineer is judged by an in
the amounts of copper wire N!Thich would otherwise be reopposite standard. It can be said that during the develop- quired
to establish communication between remote points.
ment period of a rapidly growing art frequent changes in
An exhaustive study of the New
line during
type are to be expected. From the year 1877 to the present the last year has shown that theseYork-Denver
in transtime improvements have followed each other with remarkable • mission through underground wiresimprovements
are also applicable to
rapidity.
overhead lines. Plans are now making for the re-arrangement
During the thirty-seven years from 1877 to 1914 there of the New
York-Denver circuit; when accomplished, the
were designed and constructed and installed fifty-three telephone
transmission between New York and Denver will
improved types and styles of telephone receiver and seventy- be equal to that now given
between points about 200 miles
three types and styles of transmitter. These figures do
and will insure satisfactory talk from the Atlantic to
not include hundreds of minor improvements made in both apart
the Pacific and in due course bring all points in the United
transmitters and receivers.
within speaking distance of each other.
At the beginning of 1914 there were in the Bell System States
In every other department of telephone development the
12,000,000 telephone receivers and transmitters owned by work
of the general engineering staff has been continuous
the Bell Company. Of these practically none was made and equally
fruitful.
prior to 1902, and of all the instruments now in service
LEGAL.
the average is less than five years old.
Efficient transmitters and receivers are essential to sucThe work of the Legal Department includes not only the
cessful telephone transmission, but the problem of talking routine work incident to the business of the Company as
through long underground cables or over great distances an operating company, but also the rendition
of service
could not be solved by increasing the loudness of the trans- along legal lines to the associated
The demitter or the receiver. Failure to understand this has been partment endeavors to keep advisedcompanies.
upon
all
the cause of loss to many who have invested in companies collateral subjects which are of special interest tolegal and
the assopromoting so-called loud-speaking telephones.
ciated companies, and to disseminate this information
In the transmission of speech one mile of underground promptly and effectively. It has continued the
cable is often equal to 50 or 100 miles of open wire over- to the associated companies of periodical bulletinsissuance
head, and in underground transmission a point was soon attention to current decisions of the courts which calling
may be
reached where no speech could be got by any transmitter.
of value. It issues in book form the telephone and teleUnless this difficulty could be minimized,further growth of graph cases decided by commissions and a compilation
of
the telephone was not to be expected. The annual report the statutory law relating to telephone and telegraph comcovering the year 1880 says:
panies.
"A large amount of work has been done in the Electrical
The department further co-operates with the legal deand Experimental Department, both examining new in- partments of the associated companies in disposing of their
ventions and testing telephones and apparatus and in study- questions of a general character, so as to aid in their soluing the question of overhead and underground cables and the tion along sound lines, harmonizing with the general policy
improvement of telephones and lines both for short and long- of the system.
distance service. This work is expensive, but it is of the first
In addition to the Inter-State Commerce Commission,
importance to our company and must be continued."
there are now coinmissions exercising jurisdiction over
At that early date our engineers and scientists had rightly telephone companies in forty States. The
determined that they must give attention not only to the of these commissions embraces many questions jurisdiction.
the utapparatus at the ends of the line but to the line itself and most importance, especially in connection with of
rates, serto the intermediate apparatus.
vice and the issuance of securities. Generally, the commisBy 1881 we had laid experimental underground cables sions have welcomed the effort of the Company to aid them
for a short distance alongside of a Massachusetts railroad in determining these questions along lines which tend toward
track with small results. In 1883 several cables were laid efficiency and an extension of the service upon a fair basis.
at Boston, the longest of which was 1,500 feet. The subThe investigation by the Inter-State Commerce Commisscribers using this cable could not talk satisfactorily further sion, instituted at the suggestion of the then Attorneythan the suburbs.
General of the United States, Honorable George W. WickType after type of cable was installed only to be with- ersham, and referred to in last year's report, has been
comdrawn in a few years and replaced by something better.
menced. The Company is affording to the commission
By 1887 the introduction of the twisted pair underground every facility
for making this investigation complete and
conductor began. This meant the abandonment of the exhaustive.
entire underground plant of the Bell System and the intropending litigation is
The amount
small.
duction of the new type, without which the telephone sys- The suit broughtofby the Western Union relatively
Telegraph Comtem as we know it to-day would be an impossibility.
pany and some of its associated companies has been finally
NIMillions of dollars were spent in this construction and re- determined
adversely to the Company, and the decree
construction and experimental work. By 1902 the art had against the Company has been satisfied.
so far advanced by the use of the Pupin loading coils and
The United States has instituted
the United
other improvements, that a "loaded cable" for suburban States District Court in Portland, a suit in
charging that
service was successfully installed between New York and certain local transactions in which Oregon,
the Pacific Telephone
Newark.
Telegraph Company and the Mountain States TeleIIIBy 1905 we had a "loaded cable" twenty miles long ex- &
Company
Telegraph
phone
were most directly contending from New York in the direction of Philadelphia, and cerned,&
were in violation of the Sehrman Anti-Trust Law.
MAR.211914.1.THE
The Company has aided the Government in expediting
this case. The testimony in chief for the Government has
been completed, and the taking of testimony in behalf of
the defendants has commenced. We wish to call attention to the fact that the suit is purely local, being confined
to a few local transactions in the States of California, Washington, Oregon and Montana. It is not believed that its decision can in any event seriously affect the interests of the Company.
Early in the year, William A. Read & Co. brought an
action in Chicago involving the relations between this
Company and the Central Union Telephone Company.
It was impossible to adjust this matter upon any reasonable
basis, and it seemed that the ultimate outcome would render
a reorganization of the Central Union Telephone Company
necessary. The Company therefore consented to the appointment of receivers, and the Court has appointed capable
men who are now taking charge of the property and will
operate it, pending the suit. .
The Supreme Court of California has sustained the conin a
tention of the Company upon an important questionphysirecent holding by it that there is not power to order a
cal connection except upon provision for compensation for
the use of the property of this Company which such a connection involves.
We were advised during the year 1913 that criticism had
been directed against the Bell System .with respect to cer-*
tain matters which were national in their scope. We therefore entered into negotiations with the Attorney-General
of the United States for the purpose of adjusting such matters to meet the views and.wishes of the Federal Administration. After a series of interviews and negotiations, all
of the suggestions of the Attorney-General were accepted by
the Directors of the Apeman Telephone & Telegraph Company, and the following correspondence is here printed in
order.to show the attitude of the Administration and of the
American Telephone & Telegraph Company:
December 19, 1913.
The Attorney-General,
Washington, D. C.
Sir:
Wishing to put their affairs beyond fair criticism, and in
compliance with your suggestions formulated as a result of a
number of interviews between us during the last sixty days,
the American Telephone & Telegraph Company and the
other companies in what is known as the Bell System have
determined upon the following course of action:
First. The American Telephone & Telegraph Company
will dispose promptly of its entire holdings of stock of the
Western Union Telegraph Company in such a way that the
control and management of the latter will be entirely independent of the former and of any other company in the Bell
System.
Second. Neither the American Telephone & Telegraph
Company nor any other ocpipany in the Bell System will hereafter acquire, directly or.indirectly, through purchase of its
physical property or of its securities or otherwise,dominion
or control over any other telephone company owning, controlling oi.• operating any exchange or line which is or may be
operated in competition with any exchange or line included in
the Bell System,or which constitutes or may constitute a link
or portion of any system so operated or which may be so
operated in competition with any exchange or line included
in the Boll System.
Provided, however, that where control of the properties or
securities of any other telephone company heretofore has been
acquired and is now held by or in the interest of any company
in the Bell System and no physical union or consolidation has
been effected, or where binding obligations for the acquisiother telephone comtion of the properties or securities of
pany heretofore have been entered into by or in the interest
of any company in the Bell System and no physical union or
consolidation has been effected, the question as to the course
to be pursued in such cases will be submitted to your Department and to the Inter-State Commerce Commission for
such advice and directions, if any, as either may think proper
to give, due regard being had to public convenience and to
the rulings of the local tribunals.
Third.—Arrangements will be made promptly under which
all other telephone companies may secure for their subscribers
toll service over the lines of the companies in the Bell System
in the ways and under the conditions following:
(1) Where an independent company desires connection.
with the toll lines of the Bell System it may secure such connection by supplying standard trunk lines between its exchanges and the toll board of the nearest exchange of the Bell
operating company.
(2) When the physical connection has been made by means
of standard trunk lines, the employees of the Bell System will
make the toll line connections desired, but in order to render
efficient service it will be necessary that the entire toll circuit
involved in establishing the connection shall be operated by,
and under the control of, the employees of the Bell System.
(3) Under the conditions outlined above, any subscriber
of any independent company will be given connection with
any subscriber of any company in the Bell System, or with
any subscriber of any independent company with which the
Bell System is connected, who is served by an exchange which
is more than fifty miles distant from the exchange in which
the call originates.
929
CHRONICLE
(4) The subscribers of the independent company having
toll connections described above shall pay for such connections the regular toll charge of the Bell Company, and in
addition thereto, except as hereinafter provided, a connection charge of ten cents for each message which originates
on its lines and is carried, in whole or in part, over the lines
of the Bell System.
The charges incident to such service shall be made by the
Bell Company against the independent company whose subscriber makes the call, and such charges shall be accepted by
the independent company as legal and just claims.
(5) Under this arrangement the lines of the Bell System
shall be used for the entire distance between the two exchanges thus connected, provided the Bell System has lines
connecting the two exchanges. Where the Bell System has
no such lines, arrangements can be made for connecting the
lines of the Bell System with the lines of some independent
company in order to make up the circuit, but su h connections will not be made where the Bell System has a through
circuit between the two exchanges.
(6) Any business of the kind commonly known and described as "long lines" business offered for transmission over
the lines of the American Telephone & Telegraph Company
shall be accepted for any distance, that is on uch ,"long
lines" business calls shall be accepted where the Point of
destination is less than fifty miles from the exchange where
the call originates as well as where the point of destination
if greater than fifty miles therefrom.
(7) Any business of the kind commonly known and described as "long lines" business offered for transmission over
the lines of the American Telephone & Telegraph company
shall be accepted at the regular toll rate and no connecting
charge shall be required. But such calls shall be handled
under the same operating rules and conditions as apply to
calls over the local toll lines.
Very respectfully yours,
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
By N. C. KINGSBURY, Vice-President.
OFFICE OF THE ATTORNEY-GENERAL.
Washington, D. C., December 19 1913.
Mr. N. C. Kingsbury, Vice-President American Telephone if
Telegraph Company, 15 Dey Street, New York City.
Dear Sir:—Permit me to acknowledge, with expressions
of appreciation, your letter of December 19, outlining the
course of action which the telephone companies composing
the Bell System obligate themselves to follow in the future.
Your frank negotiations in respect of these matters compel the belief that what you propose will be carried out in
good faith; and it seems to me clear that such action on your
part will establish conditions under which there will be full
opportunity throughout the country for competition in the
transmission of intelligence by wire.
May I take this occasion to say that the Administration
earnestly desires to co-operate with and to promote all business conducted in harmony with law; and that, without
abating the insistence that the statutes must be obeyed, it
will always welcome opportunity to aid in bringing about
whatever adjustments are necessary for the re-establishment
of lawful conditions without litigation.
Very truly yours,
J. C. McREYNOLDS,Attorney-General!
THE WHITE HOUSE.
Washington, D. C., December 19 1913.
My Dear Mr. Attorney-General:
Thank you for letting me see the letter from the American
Telephone & Telegraph Company. It is very gratifying
that the company should thus volunteer to adjust its business
to the conditions of competition.
I gain the impression more and more from week to week
that the business men of the country are sincerely desirous
of conforming with the law, and it is very gratifying indeed
to have occasion, as in this instance, to deal with them in
complete frankness and to be able to show them that all that
we desire is an opportunity to co-operate with them. So long
as we are dealt with in this spirit we can help to build up the
business of the country upon sound and permanent lines.
Cordially and sincerely yours,
WOODROW WILSON.
HON. JAMES C. McREYNOLD3,
The Attorney-General.
Government Ownership and Operation.
Our opposition to Government operation and ownership
is not based on pecuniary, partisan, prejudiced or personal
reasons. It is because of our interest in the upbuilding of
a great public utility and its preservation.
We are opposed to Government ownership not on account
of our property, for we know that our property cannot be
confiscated, and cannot be taken except for its just value.
We know that if our property is ever taken by the Government it will be found to be in the very best possible condition of that of a going concern, and that any valuation that
will stand will yield much more than the present market
value of our shares.
We are opposed to Government ownership because we
know that no Government-owned telephone system in the
world is giving as cheap and efficient service as the American
public is getting from all its telephone companies. We do
930
THE CHRONICLE
not believe that our Government would be any exception
to the rule.
GOVERNMENT PURCHASE.
The public has been much interested, and the shareholders
In telephone and telegraph properties much concerned, about
a report said to have been submitted to Congress by the
Postmaster-General, advocating and recommending the acquisition by the Government of the wire systems of the
United States.
This common impression is wrong. The PostmasterGeneral has made no report or recommendation. A special
committee of post-office officials, designated by the Postmaster-General for the purpose of gathering information,
had prepared some more or less relevant material. Upon
a request from the Senate for the information that had been
collected, the Postmaster-General forwarded the findings of
this committee without comment. It is not a departmental
report; it is merely the personal conclusions of three minor
officials of the Post-Office Department.
SHAREHOLDERS SHOULD NOT BE INDUCED TO PART WITH
THEIR HOLDINGS.
[VOL. xcvm.
SELFISH EXPLOITATION.
Private initiative, invention, enterprise, risk, spurred on
by the incentive of reward, have changed the face of the
world, and the resulting. unearned increment largely constitutes the wealth .of nations; without it many of the great
scientific industrial developments would have remained
scientific curiosities, even if they had been evolved at all.
MONOPOLY.
The general tendency in this country is to the "one system"
idea of public utilities, under regulation.
For practicability of management, economy of operation
or efficiency of service there should be one combined telephone and telegraph system. This has been the Bell contention and this is the conclusion reached by the Post Office
Committee and by Congressional advocates of Government
ownership, who say in substance that the telephone and telegraph should constitute one system and that a monopoly.
GOVERNMENT OPERATION AND EFFICIENCY.
Government administration is more or less a game of
politics, and while with Government operation it may someThe proprietors of the American Telephone & Telegraph times be possible to have efficiency, it will always be imCompany should rest quietly and not be scared or frightened possible to have economy.
into sacrifices of their securities.
Whether Government purchase be ultimately decided upon COMPARISONS BETWEEN THE UNITED STATES AND EUROPEAN TELEPHONE AND TELEGRAPH SITUATION.
or not, the property is well worth more than the market price
of its securities. This is not mere assertion—it is an
The Government-owned European telephone plants, notestablished fact. Friendly and unfriendly appraisals of the withstanding the low price of foreign labor, are carried at a
various properties have been made; in no instance has the much higher cost than those of the Bell System and yet
appraised value been placed below the book value, while in every one of them uses the Bell System as a model. The
most instances it has been placed in excess.
book value of the plant of the Bell System per station is less
This excess in value will continue so long as public utilities than 60 per cent that of Belgium; less than 75 per cent that
are allowed to earn fair returns on the value of their property of Austria; about 85 per cent that of Germany, Great
or on their investments. The present distribution of profits Britain and Switzerland; and all of them Governmentby the American Telephone & Telegraph Company and owned.
associated companies,averaging 6.05% on the par of their
The policy of the Bell System is that the value of a teleoutstanding securities, or less than 5% on the book value phone service is in direct proportion to its "universality" and
ofitheir property (which, as above stated, is less than the "dependability"; that is, to the certainty of reaching
actual value) cannot be criticized as unreasonably high.
promptly by telephone the greatest number of people.
The charge is freely made that the stock of the American This policy, which has been the strength of the Bell System and
Telephone & Telegraph Company is watered. In another the cause of whatever supremacy in the telephone field it has, is
part of this report it is shown that "for the $344,616,300 'now being made the strongest argument for Government ownercapital stock, $369,136,414 has been paid into the treasury ship and operation, ignoring the fact that the Bell System has
of the Company." Mr. Lewis, the principal Congressional extended or popularized its service to an extent far beyond that
advocate of Government ownership, frankly says:
of any Government system in the world.
"Be it said for the Bell System that it is the one great corThe soundness of any policy, the "efficiency" and "suffiporation in our country that has not issued tons of counterfeit ciency" and the reasonableness of charges for the use of any
capital. Its stock and bonds to-day represent the actual con- utility, are ultimately determined by the degree of its adoptributions of its shareholders in money to a great common en- tion by the public. In the United States there are 9.7 sta..
terprise, and we will not have that unfortunate circumstance tions to each 100 population, more than double that of any
to deal with in the valuation of their properties."
other country, nearly six times that of Great Britain, over
thirteen times that of France, more than four times that of
GOVERNMENT-OPERATED TELEPHONE AND TELEGRAPH Switzerland. There are nearly 2,500,000 telephones in
SYSTEMS.
rural habitations in the United States, nearly one to every
A thorough study of all available reports"and official in- two strictly rural habitations. It is probable that more
formation on the operations of Government-owned and houses are connected by telephone in the United States than
operated telephones and telegraphs shows that while in some are reached by rural delivery. The telephone goes to the
countries the post-office proper pays a revenue, the com- house; the rural free delivery only to the nearest crossroads
bined telegraph and telephone are without exception oper- for a good proportion of the houses.
ated at a deficit.- Every telephone system in the world
That the Bell rates as a whole are reasonable and not excessive
adopts the Bell System as a standard, uses the Bell operating and are as popular as the rates of any Government-owned plants
methods and either uses the Bell apparatus or copies it; yet is also shown by the telephone exchange revenue per stathere is not one that gives an approximation to the facilities tion, which in the United States is but $30 45, against
that the Bell System gives the public, or gives as good or $32 63 for Great Britain.
as cheap service on the same basis of accounting, franchise
DEPARTMENTAL EFFICIENCY.
conditions and wages paid.
In England, where the Post-Office pays a very handsome
The success of the parcels post has been set up as a reason
net revenue, its telegraphs show a relatively much larger for the Government operation of the telephone and telegraph.
deficit, while the revenues and ordinary expenses of the tele- Why it should be is hard to understand. The two services
phone operations show a, small balance, excluding, however, have nothing in common and are in no way comparable.
depreciation and obsolescence which have not yet become
The parcels post is not in any sense a new service; it has
fully determined but which cannot be ignored.
merely increased the volume of the mails by removing some
These deficits are not the result of a definite policy to give a limitations as to size and weight of packages mailed and
cheap service to individuals at the cost of all, but are due to making some reduction in rates of postage for merchandise.
errors in management,such as under-estimates of values and It would not be a question of capacity; the experiment
cost of new construction; disregard of maintenance, depre- would be disastrous principally because the postmasters
ciation and particularly. of obsolescence; impossible theories are not fitted by experience or training for the telegraph or
of operation, and a mistaken policy founded on promises, telephone business, but also because it would be secondary
prophecies and assertions exactly the same in character as those to their grocery-dry goods-notion shop, their principal businow being used to bring about Government ownership in this ness.
counir , and upon a failure to understand and appreciate
CONCLUSIONS.
the advantages of private as distinguished from Government
organization. The fallacies urged in Parliament to induce
The American public has been educated to depend on
the Government acquisition of the British telegraph system the most efficient, most extended telephone service in the
years ago are the arguments used by the advocates of Govern- world. The relative number of the people reached is the
largest, and the average cost to each is the lowest of any
ment ownership and operation to-day.
important system in the world.
GOVERNMENT OPERATION VS. GOVERNMENT REGULATION.
Government ownership would be an unregulated monopoly.
The step from Government control and regulation to
Regulation by commissions of high standing composed of
Government ownership and operation is radical and funda- individuals of ability and integrity, and good impartial
mental; one which absolutely changes the character of judgment, is the greatest protection to the public interests
Government organization and functions. In this country as against private exactions that ever was devised; its effeethere is no organization or function of the Government that tivenenss depends upon "the standing with the public of the
in any sense approaches ownership or operation in the real, commission as a whole and the commissioners as individuals."
large way.
There are no sound reasons given or real advantages
For the Directors,
promised for Government ownership and operation which
THEODORE N. VAIL,
do not apply to or cannot be secured by Government regulation.
President.
931
THE CHRONICLE
MAR. 211914.]
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
FOR THE YEARS 1912 AND 1913.
1913.
1912.
Earnings$24,247.430 02 $26,122,572 81
Dividends
Interest and other Revenue from Associ13,564,952 47
12,523,084 45
ated Companies
5,548,089 00
5,472,812 66
Telephone Traffic (net)
674,377 34
474.665 62
Other Sources
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
BALANCE SHEET DECEMBER 31 1913.
Assets$454,307,263 79
Stocks of Associated Companies
581,000 00
Bonds of Associated Companies
Capital Advances to Associated Companies 76,096,615 35
$530,984,879 14
$14,279,677 65
Telephones
507,430 92
Real Estate
49,269,173 30
Long-Distance Telephone Plant
64,056,281 87
22,199,227 64
Cash and Deposits
34,311,230 41
Notes
Demand
Special
4,404.688 91
Current Accounts Receivable
3655,956,307 97
Total
Expenses
$42,717,992 75 $45,909,991 62
5,333,245 43
4,810,348 49
Net Earnings
Deduct Interest
$37.907,644 26 $40,576,746 19
7.656,655 78
5,844,698 86
Balance
Deduct Dividends
$32,062,945 40 $32,920,090 41
27,454,037 15
26,015,587 76
$5,466,053 26
$6,047,357 64
Balance
Carried to Reserves
Carried to Surplus
Liabilities$344,616,300 00
Capital Stock
$78,000,000 00
4 Collateral Trust Bonds, 1929
00
4,591,000
1936
Bonds,
Convertible
40
67,000,000 00
4 % Convertible Bonds, 1933
,,00
5% Western T.& T. Co. Bonds, 1932_ _
5,000 00
1907
Notes,
5% Coupon
Indebtedness to Western Union Telegraph
Co. for New York Telephone Co. Stock
4,000,000 00
Payable 1914 to 1915
00
Notes to Associated and Allied Companies_ 19,300,000
Notes of Associated Companies Discounted 15,000,000 003197,896,000 00
$6,892,326 00
Dividend Payable January 15 1914
3,091,570 99
Interest and Taxes Accrued, but not due
932,297 85
Current Accounts Payable
10,916,194 84
2,035,652
Fund
Benefit
Employees'
51
$36,836,187
Contingencies
Reserve for Depreciation and
63,655,972 63
Surplus
100,492,160 14
$2,800,000 00
3,247,357 64
$2,500,000 00
2,966,053 26
$6,047,357 64
$5.466,053 26
CHARLES G. DuBOIS, Comptroller.
Year1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
$655,956,307 97 1911
1912
1913
CHARLES G. DuBOIS, Comptroller.
ANNUAL EARNINGS AND DIVIDENDS.
Added to
Added to
Net
Dividends
Surplus.
Reserves.
Paid.
Revenue.
$470,198
3937,258
34.078,601
35,486,058
970,611
1,377.651
5,050,024
7,398,286
728,622
522,247
6,584,404
7,835,272
1,217,374
728,140
8,619,151
10,564,665
890,435
586,149
9,799,117
11,275,702
1,424,388
1,743,295
9,866,355
13,034,038
1,001,967
1,773,737
10,195,233
12,970,937
1,825,744
3,500,000
10,943,644
16,269,388
2,662,551
3,000,000
12,459,156
18.121,707
3,059,113
3,000,000
17,036,276
23,095,389
3,079,071
3,000.000
20,776,822
26,855,893
2,763,815
2,800,000
22,169,450
27.733,265
3,247,357
2,800,000
,015,588
32,062,945
2,966,053
2.500,000
27,454,037
32,920,090
CHARLES G. DuBOIS, Comptroller.
BELL TELEPHONE SYSTEM IN THE UNITED STATES.
ALL DUPLICATIONS BETWEEN COMPANIES EXCLUDED.
COMPARATIVE EARNINGS AT FIVE-YEAR INTERVALS. 1885-1913.
Year 1913.
Year 1885.
Year 1890.
Year 1895.
Year 1900.
Year 1905.
Year 1910.
Gross Earnings
Expenses
310,033,600
5,124,300
$16,212,100
9,067,600
$24,197,200
15,488,400
$46,385,600
30,632,400
$97,500,100
66,189,400
3165.612,881
114,618.473
3215,572,822
156,883,299
Net Earnings
Interest
$4,909,300
27,700
$7,144,500
278,700
$8,708,800
655,500
315.753,200
2,389.600
$31,310,700
5,836,300
$50.994,408
11,556.864
$58,689.523
16,652.624
Balance
Dividends
$4,881,600
3,107,200
36,865,800
4,101,300
$8,053,300
5,066,900
$13.363,600
7,893,500
$25,474,400
15,817,500
339.437.544
25,160.786
$42,036,899
30.301,705
Surplus Earnings
$1,774,400
$2,764,500
$2,986,400
35,470,100
39,656.900
$14,276,758
311,735,194
BELL TELEPHONE SYSTEM IN THE UNITED STATES.
ALL DUPLICATIONS BETWEEN COMPANIES EXCLUDED.
COMBINED BALANCE SHEETS AT FIVE-YEAR INTERVALS, 1885-1913.
Dec. 31 1905.
18,925,700
58,512.400
1,021,800
1,761,600
1,183,300
2,697,400
$
14,794.300
180.699.800
6,464,400
13.644,000
3.223,000
11,400,400
$
13.313,400
368,065.300
11,069,500
26.220,800
11,005,900
23,041,200
$
2,943,381
610,999,964
20,987.551
26.077.802
27,548,933
64,766,089
797.159,487
20,083,113
40,349,027
31,888,858
90,523,610
60,081,500
84,102,200
120,385,000
230,225.900
452,716,100
753,323,720
980,004,095
38,229,200
367,400
12,618,9001
43,792,800
6,473,100
1,323,000
3.301.100
57,462,700
10,074,100
2,000,000
6.138.000
130.006,900
44,137,900
7,000,000
13,583,300
238,531,100
93,079,500
35,000,000
22,407,500
344,645.430
224,791,696
42,566,943
21,721.125
395,224,531
341,147,485
33,743,368
26.471,681
41,215,500
54,890,000
75.674.800
194,728,100
389,018,100
633.725,194
18.866,000
29,212,200
44,710.200
35,497.800
63,698.000
119.598,526
796,587,065
8,919,335
174,497,695
60,081,500
84,102,200
120,385,000
230,225,900
452,716,100
753,323.720
980,004,095
Assets
-S
16,7!2,100
Contracts and Licenses
38,618,600
Telephone Plant
348,500
Supplies, Tools, &c
1,450,900
Receivables
1.792,600
Cash
1,138,800
Stocks and Bonds
Total
LiabilitiesCapital Stock
Funded Debt
Bills Payable
Accounts Payable
Total OutstandingObligationsEmployees' Benefit Fund
Surplus and Reserves
Total
Dec. 31 1910. Dec.311913.
De. 31 1900.
$
20,005,300
87.858,500
1,810,000
3,746,600
2,484,100
4,480,500
Dec. 31 1890.
Dec. 31 1885.
Dec. 31 1895.
$
BELL TELEPHONE SYSTEM IN THE UNITED STATES.
CONDENSED STATISTICS.
Dec. 311895. Dec. 31 1900. Dec. 311905. i Dec. 311910. Dec. 311912.
Miles of Exchange Pole Lines
Milos of Toll Polo Lines
25,330
52,873
30,451
101,087
120,175
162,702
67,698
145,535
143,842
171,161
10 ....4,t
Dec. 311913. Increase,'13.
151,497
171,554
7,655
393
78,203
131,538
213,233
282,877
315,003
323,051
8,048
184,515
2,028
488,872
705,269
4,203
1,252,329
2,345,742
9,373
3,424,803
5,992,303
24,636
5,625,273
7,804,528
5. 30,301
6,775,984
8,817.815
31,833
7,261,363
1,013,287
1.532
, k 485,379
Total Miles of Wire
675,415
1,961,801
5,779.918
11,642,212
14,610,813
16,111,011
' 1,500,198
Comprising Toll Wire
Comprising Exchange Wire
215,687
459,728
607,599
1,354,202
1,265,236
4,514,682
1,963.994
9,678,218
2.189,163
12,421,650
2,333,541
13.777,470
144,378
1,355,820
Total Miles of Pole Lines
Miles of Underground Wire
Miles of Submarine 'Wire
Miles of Aerial Wire
675.415
1,961,801
5,779,918
11.642,212
14,610,813
16,111.011
1,500,198
Total Exchange Circuits
Number of Central Offices
237,837
1,613
508,262
2,775
1,135,449
4,532
2,082,960
4,933
2.576,789
5,182
2,812,944
5,245
236,155
63
Number of Bell Stations
Number of Bell Connected Stations*
281,695
27,807
800,880
55,031
2,241,367
287,348
4,030.668
1.852,051
4,953,447
2,502,627
5,415,209
2,717,808
461,762
215,181
309,502
855,911
2,528,715
5,882,719
7.456,074
8,133,017
676,943
14,517
37,067
89,661
120,311
140,789
156,928
16,139
17,845
24,013
25,679
1,666
2,351,420
5,668,986
13,543,468
21,681.471
25,572,345
26,431,024
858,679
51,123
148,528
368,083
602,539
737,823
806,137
68,314
Total
Total Stations
Number of Employees
Number of Connecting Companies, Lines
and Systems
Exchange Connections Daily
ft
Toll;Counect1ons Daily
Includes
r va e Liflo Stations,
1
932
THE CHRONICLE
[VOL.
xcvm.
THE CALIFORNIA PETROLEUM CORPORATION
ANNUAL REPORT FOR THE YEAR ENDED DECEM
BER 31 1913.
To the Stockholders:
ducting operating expenses of topping plant)
was increased
The Annual Report of your Company for the year ended
Dec. 31 1913 is herewith submitted. The Balance Sheet about 11.5c. per barrel net.
and Profit and Loss Account for the year have been certified
FULLERTON LEASE.
by Messrs. Price, Waterhouse & Co., Chartered Accountants,
During the latter part of December, 1913,
and January of
whose certificates is attached hereto.
this year, the Company acquired
under lease over 300 acres
of land near the Fullerton Oil
EARNINGS.
District
, and has started deYou will note from the statement of income that the Gross velopment work thereon. These holdings are thought to
Earnings of the California Petroleum Corporation and Sub- be valuable. About 100 acres of this property was acquired
in December and the bonus paid
sidiary Companies for the year 1913 amounted
thereon, namely, $7,850,
is carried in the Balance Sheet
to
for the present as a deferred
$2,885,188 18 charge.
and that operating and general expenses were
708,757 97
NEW GUSHER.
On Jan. 3 1914 a flowing well was
leaving a net balance of
$2,176,430 21
brought in upon one of
the holdings of the Midland Oilfields
DEVELOPMENT, ADDITIONS AND BETTERMENTS.
Company, Ltd. (a
Subsidiary Company). At the end of a 30
During the year 26 new producing wells were brought in period,
days' production
this
well
had
produce
d
approximately 100,000 bbls.
at a teital cost during this period of $383,837 99, all of which of gross
oil,
and
still
is
flowing
under
a
tremendous gas pressum was charged directly against Profit and Loss.
Expenditures were made for "Additions and Betterments," sure. The oil is of a much higher gravity (24.5 Beau ) _ an
the
average
oil
produce
d
by
your
Compan
y. In
refinery
such as
, pipe lines, power plants, buildings, &c.,
r to
obtain the best results in disposing of the productio:.
aggregiffing $319,778 88, which amount, after deducti
on from
ng this property, a pipe line of about fifteen miles in length
10%10 depreciation, was taken into the Balance Sheet.
is
In addition to the above expenditures for wells actually now being built, in order to transport this oil to the topping
plant and there separate the lighter products from the crude
brought in, and for the "Additions and Betterments,"
there petroleum. Temporary arrangements for the disposal
was expended $105,047 37 upon wells now being drilled
of
or the oil from this well have been made pending
now ready for drilling, this sum representing "Improv
completion
e- of the pipe line. Since the bringing
ments in Progress," carried in the Balance Sheet as a dein
of
this
pany has commenced additional new develop well, the Comferred charge.
ment work upon
An aggregate of 08,664 24 was, therefore, applied in one this tract of land.
way or another,to the physical properties for development,
CAPITAL STOCK AND BONDS.
additions and betterments.
The following comparative statement shows
changes in
the capital stock and bonded debt of your Compan
PROPERTY ACCOUNT.
y and its
subsidia
ries
during
the
year:
The Property Account was closed as of Dec. 31 1912, excepting for adjustments. Lease No. 1 (50 acres held under California Petroleum Corporation: Dec. 31 '12. Dec. 31 '13. Inc. or Dec.
Preferred Stock, par value
one-eighth royalty) was abandoned and written off against
$12,436,514 $12,453,026 Inc.
Common Stock, par value
14,823,070 14,877,005 Inc. $16,512
this account. The leasehold property proved so deep and Capital
53,935
Stock of Subsidiary Comextremely expensive to drill, and the obligations under the
panies, at par
1,002,000
744,500 Dec. 257,500
debt of Subsidiary Com'
lease were so stringent, that the management decided to Bonded
panies
2,276,200
2,212,500 Dec. 63,700
abandon it. •
The changes in the capital stock of your Compan
EXHAUSTION OF OIL SUPPLY.
y reCharges for exhaustion of the oil deposits were made against sulted from further exchanges of subsidiary companies'
stock
for
shares
Compan
of
your
y.
Of
the
preferred stock
Profit and Loss, aggregating 10c. per barrel on the Gross
Production . of 5,463,600 barrels, amounting to $546,360. outstanding, your Company acquired $110,000 par value
during
the
year,
balance
the
so
that
in
the
hands
of the public
Half of this Vim, or at the rate of 5e. per barrel, was applied
to the reduction of the Property Account, being at a rate at the close of the year was $12,343,026. The reduction in
more than sufficient, on the basis of Mr. Ralph Arnold's funded debt of Subsidiary Companies resulted from action
appraisal of the property and estimate of the oil content, of the sinking fund for the American Petroleum Company
to amortize the preferred stock. The remaining half, or 6% Gold Bonds.
ORGANIZATION.
$273,180, was set up as a special reserve not availabl
e for • Acknowledgement is due the officers
dividends on the common stock and to be applied to writing
and employees for
down the value of property account or such other uses as their efficient and loyal co-operation during the year.
your Directors may determine.
E. L. DOHENY, President.
PRODUCTION.
Los Angeles, California, March 10 1914.
The total gross production for the year 1913 was 5,463,600
barrels, as compared with 5,700,015 barrels for the year
PRICE, WATERHOUSE & CO.
1912. There have been produced from the properties to
Dec. 31 1913 approximately 23,096,000 barrels gross oil.
54 William Street, New York, March 5 1914.
From the 26 new wells brought in at different periods durCertificate.
ing the year 1913 there have been produced 599,663 barrels
We have examined the books of the California Petrole
gross oil. Total number of wells producing Dec. 31 1913,
um
141, comparing with 120 as at Dec. 311912. Wells shut in, Corporation and its Subsidiary Companies for the year enddown and under repairs, 21, comparing with 7 as at Dec. 31 ing Dec. 31 1913, and certify that the annexed Balance Sheet
1912. Wells drilling, 10, comparing with 11 as at Dec. 31 is correctly prepared therefrom.
The Appraisal of the properties as made by Mr. Ralph
1912. No dry holes have been drilled during the year.
The production was adversely affected during the year Arnold in February 1912 of the oil lands, leases, wells, and
by the influx of water in certain parts of the property, j)ar- other properties existing at that date was based upon a valticularly in parts of Sections 30, 19 and 18 in the Coalinga uation of 10e. per barrel for the estimated oil in the ground
Field. Some progress has been made towards locating and and the value of improvements at the date of the appraisal.
There has been charged against profit and loss,
correcting these troubles.
ducted from property account, the sum of $273,180,and deSALES.
lated at the rate of Sc. per barrel on the gross. producticalcuSales of crude Petroleum, 1913_ _ _4,863,118 bbis. Revenue $2,298,82
1 67 the
Sales of .ops,
1913__.. 344,867 "
year, this being the rate per barrel specufed in theon for 456,923 94
visions
contained in the Articles of Incorporation for theproTotal
1913___5,207,985
re$2,755,745 61 demptio
Petroleum,1912___5,082,886
Sales of C
n of the preferred stock, which, however, do not
$2,472,569 34
Sales of Tops,
1912___
17,915
become
35,924
effective
Jan.
59
1
until
after
1914. Inasmuch as th•3•
k
Tot,a19,H
1912_5,100,801 "
"
$2,508,493 93 preferred stock is equal to less than 50% of the total valuation,
such
a
provisio
the
would,
on.
barrelage estimated by
n
Contact No. 1 of the American Petroleum Company,
calling for a delivery of 5,000 barrels of oil daily, at approxi- Mr. Arnold, be more than sufficient to redeem the entire
mately 61c. per barrel, has been filled and expired Dec. 31st. preferred stock.
In order to provide fully for the exhaustion.of the
Delivery from the American Petroleum property is now being
areas at the date of appraisal, a further provision of mineral
made under Contract No. 2 at 50e. per barrel.
5c. perbarrel would, however, be necessary, and a sum calculat
TOPPING PLANT.
ed
at this rate on the gross production for the year 1913
has been
One of your Subsidiary Companies, the American Oil- charged to profit and loss and set up as a
special reserve not
fields Company, has in operation upon one of its properties available for common
stock dividends.
a complete topping plant (Refinery)capable of topping 10,000
Expenditures during the year on completed wells, amountbarrels of oil daily. During the year 1913 there was handled ing to $383,837 99,
have also been written off (the expendithrough this plant approximately 2,643,800 barrels of crude tures on uncompl
eted wells being carried forward as a depetroleum, producing approximately 341,687 balrrels, or ferred charge), and
depreciation at the rate of 10% has been
12.9 per cent, of tops, which were sold at an average price written off the
expenditure on additions and betterof $1 33 per barrel, amounting to $454,828 72. The resid- ments during thetotal
year other than oil wells.
uum, or remaining oil, after the tops were taken therefrom,
While no provision has been made for exhaustion or dewas then sold at crude oil prices. By handling the oil in preciation for the ten
months to Dec..31 1912, in our opinion
this manner, the selling price of all oil so topped (after de-- the several charges referred
to constitute in the aggregate a
"
MAR. 211914.]
TIIE CHRONICLE
933
United States Express Co., N. Y.-Status-Dissolution.
proper and sufficient provision for exhaustion of oil and depreciation of physical properties for the year 1913.
-A shareholders' committee, Charles A. Peabody, ChairThe inventories of oil on hand are valued at current selling man, 2 Wall Street, N. Y. City, has issued the following:
This committee is authorized to represent a large part of the capital stock
prices and the inventories of materials and supplies were taken
the interests of the shareholders generally.
by actual count and are valued at cost or market price, in The
President informs us that the following state of facts exists: The busiwhichever was lower.
ness is now being conducted at a small but increasing loss; if continued, it
would soon produce important deficits, which could only be paid out of
We certify that, in our opinion, the Balance Sheet and the
accumulated funds. This condition results from various causes, prinProfit and Loss Account are properly drawn up so as to show cipally because: (1)
The Government, through the parcels post, has taken
important share of the business which belonged formerly exclusively to
the true financial position of the Corporation and its Sub- an
us, and is now doing business in competition with the company over the
sidiary Companies at Dec. 31 1913, and the result of the railroads with which the company has exclusive contracts. (2) The Government, through the I.-S. C. Commission, ordered into force on Feb. 1
year's operations.
1914 a system of unremunerative rates. (3)
costly burdens in methods
Other
of doing business and of accounting have been ordered by the I.-S. C. Commission and numerous State commissions. (4) The costs of transportation,
labor and supplies have increased.
CALIFORNIA PETROLEUM CORPORATION AND SUBSIDIARY
It is our opinion that the property should be promptly liquidated and
COMPANIES.
'
divided among the shareholders. The articles of association place in the
•
board
the power to dissolve the company. We have accordingly, after
STATEMENT
DEC. 31 1913.
PROFIT AND LOSS
consultation with the directors, formally requested the board to take such
$126,269 43
Balance, Jan. 1 1913
action,
and the board has unanimously resolved that it is best that the com43,912 50
Discount on 1,100 Shares Preferred Acquire& _
pany be dissolved as soon as may be and its affairs settled up. Each shareDiscount on Bonds Acquired
6,370 00
holder is requested to sign and return a printed form approving said action.
$176,551 93 [Committee: Charles A. Peabody, Chairman; W. A. Harriman, Haley
Gross Earnings for year (Total
FLske, Wm. A. Read and Moreau Delano.]-See V. 98, p. 302. 843, 767.1
earnings of all Companies)__ --$2,885,188 18
Less-Operating Expenses (ToUnited States Gypsum Co., Chicago.-Earnings.tal Operating Expenses of all
Calendar
Net
Repairs,
Bond
Preferred
Balance,
Companies)
708,757 97
YerProfits.
Depre'n,&c. Int., &c. Dividends.
Surplus.
$2,176,43021
1913
.
3240,685
'
$222,919
.....____$77S,812...3315,208
Deduct-Actual Expenditures dur1912.
167,285
77,311
675,011
226,913 ,ti 203.502
ing the year on Completed
13. 1434.
Wells
3383,837 99
Depreciation on Additions and
United States Rubber Co., New York.-New Director.
Betterments 1913
31,977 89
Samuel M. Nicholson, of Providence, R. I., President of the Nicholson
Exhaustion of Oil Deposits at
File Co., has been elected a director, to succeed E. C. Benedict,who reSc. per bbl. on Gross Prosigned. The board having been reduced from 21 to 20,the vacancy caused
duction of 5,463,600 bbls__ _
273,180 00
by the death of J. Howard Ford need not be filled.-V.98.P• 758. 77.
Miscellaneous Losses written off 22,022 74
Walpole Tire & Rubber Co., Boston.-Plan.711,018 62
At an adjourned meeting of stockholders on Mar. 10, Curtis G. Metzler,
605 Tremont Bldg., Boston, attorney for the company, was directed to lay
$1,465,411 59
Proportion of Earnings applicable to Outstandbefore the shareholders a tentative plan. Mr.Metzler in circular ofMar.11
ing-Stocks-of mbsidiary Companies in Hands
says in substance:
of Public
"This plan has received the hearty approval of the N. Y. Creditors'
34,953 25
1,430,458 34 committee, has been pronounced practicable by Receiver Judge Robert
0. Bangs, and we expect the co-operation of both of the stockholders' comBalance
$1,607,010 27 mittees. Briefly It provides:
Deduct-Preferred Dividends 1913
"1. Organize a successor company under Maas. laws with auth. capital
865,936 84
stock of $3,500,000 in $100 shares, viz.: $2,0G0,000 7% pref. stock and $1.$741,073 43 500,000 common,but issue at this time o4ly an amoudt equal to the present
Deduct-Special Reserve at rate of Sc. per bbl. on Gross
outstanding stock ($1,813,000 pref. and $1,500,000 common). Board to
Production for the year
273,180 00 consist of not less than 9 members, chosen from the creditors' and stockholders' committees, with others of financial and business standing.
"2. In accordance with the agreement made with the creditors' com$467,89343
Deduct-Common Dividends 1913
371,925 12 mittee, 40% of all approved claims to be paid in cash at organization;
balance of 60% to be paid in installments of 20% each in notes of new comRevenue Surplus, as per Balance Sheet
$95,968 31 pany, payable in 12, 18 and 24 months, with interest.
"3. Present stockholders to be given opportuaity to subscribe for 100%
CONSOLIDATED BALANCE SHEET DEC. 31 1913.
new stock, receiving for each share of old pref. stock a credit of $75 and for
each share of old common a credit of$87 50,the balance to be paid in cash on
ASSETS.
30 days' notice. The proceeds, $640,750, to be applied to reducing the liaProperty Accountbilities (about $1,100.000), leaving to be otherwise provided $459,250.
Oil Lands, Leases, Wells and other proper"Approximate balance sheet of new company if all the stockholders subties as at Dec. 31 1912, based on apscribe as above: Assets-Land, buildings and machinery (Walpole and
praisal of Mr. Ralph Arnold as of Feb. 29
Foxboro), $979.464; merchandise, $413.909: cash, $360,750; accounts re1912, after providing for Lease No. 1,
ceivable, $210,00C; stock, Walpole Rubber Co., Ltd. $250,000: stock
Section 32-12-23, since abandoned, and
Walpole Shoe Supply Co., $250,000; total, $2,464,123; le;xs notes, $660.000
other adjustments
332,370,574 55
Less-Reserve for Exhaustion during 1913,
(1-year, $220,000; 1 M -years, $220,000; 2-years, $220,000); balance, net
assets, $1,604,123. fully covering the pref. stock, while the good-will.
at Sc. per bbl. on Gross Production
273,180 00
$32,097,394 55 patents, trade-marks, &c., will cover the common stock. The receivers'
Additions and Betterments since Jan. 1 1913auditor states the net earnings to be over $25,000 per month, and estimates
the net earnings for 1914 will be $300,000 to $350,000 (not includilf the
Buildings
$18,684 34
earnings of sub-cos., which, it is said, will increase this materially).'
Tanks and Reservoirs
15,815 75
A decree has been filed in the U. S. Dist. Court, but the order for the
Power Plants
142,238 47
Refinery
sale of the assets will be continued to Mar. 31 to permit of reorganization.
43,860 73
[The protective committee, composed of Clare H. Draper, E. Ll)13e1
Tools
29,180 62
Pipe Lines
and John C. Heyer, and the stockholders' committee, consisting of A.
47,711 84
Horses. Wagons and Autos
Anthony, J. E. Osgood and M. J. Houlihan, on March 17 sent out a cir8,501 74
Equipment
cular opposing the plan as impracticable.-V. 98, p. 165.
8.920 26
Miscellaneous
4,865 13
Welsbach Co.-Earnings.-For calendar years:
Gross
DepreBond
Calendar
Sinking
Pref. Corn. Div. Balance,
$319.778 88
Year- Profits. cia'n. Interest. Fund.
Die.
(2%) Surplus.
Less-Reserve for Depreciation 10%
31,977 89
$7',000 $146,834
_$797,673
$53,863
$335,865
$11)5,360
$85.750
1913._
$287,800 99
875,772 56,588 332,804 105,360 85,750 70,000 225,270
Investments at Cost
108,070 75 1912-___
The trustees under the mortgage have purchased since the last report for
Current Assetsaccount of the sinking fund, including purchase Mar. 1 1914. $273.000
Cash in Banks
$519,95066
of the collateral trust 5% bonds, making a total purcahse of the bonds to
Accounts Receivable
274,274 85
date of $3,106,800.-v. 97, p. 449.
Oil Inventories:
Certified by Independent Oil Producers'
Western Electric Co., Chicago.-Earnings.284,043 00
Agency-778,200 bbls. at 36M c
Interest Dividends Reserve Employ. Balance,
Total
Net
Oil in StorageFund, Ben.Fd .Cal Surplus.
Income. Earnings. Paid. ( 10%).
191,478 79
524,599.59 bbls. Crude at 364c
Year.
$
45,173.60 bbls. Crude at 50c
22,586 80
1,671,695
1913_78,253,416 6,563,861 892,166 1,500,000 2,500,000
528.45 bbls. Refined at $1 35
713 39
2,000,000
285,855 1,067,410
1912_
5,710,000
1,500,000
_72,921,339
856,735
Other Inventories
306,77081
1,599,818 30 -V. 96, p. 1227.
Deferred CharyesYale & Towne Mfg. Co.-Increased Stock on 7% Basis.
Improvements in Progress
$105,047 37
A quarterly dividend of 14% has been declared on the $4,500,000 stock,
Miscellaneous
14,123 78
as increased Jan. 2 by the transfer of $1,500,000 from surplus to capital
119,171 15 stock account, payable April 1 to holders of record Mar. 24. The last
previous dividend was 13% and 1% extra, declared in DeCember last.
$34,212,255 74
to May 40 1913 the stock was $2,000,000, and 1M % quarterly was
declared, plus an extra dividend of 1%,making 10% annually. , On May 10
LIABILITIES.
1913 the stock was increased to $3,000,000 and the same rate bf dividends
was maintained.-V. 96, p. 1093.
Capital Stock (in hands of public)California Petroleum Corporation:
Shares Preferred Stock of $100 each
124,530.26
-"The Investment Outlook," a letter by Albert R. GallaAcquired
1,100.00
$12,343,026 00 tin, of the New York Stock Exchange firm of Schmidt &
Shares Common Stock of $100 each
148,770 05
14,877.005 00 Gallatin, 111 Broadway, will be sent gratis to antInvestor
(Signed) PRICE, WATERHOUSE & CO.
Capital Stock of Subsidiary Companies at par
$27,220,031 00
744,500 00
$27,964,531 00
Bonded Debt-American Oilfields Company 6% Gold Bonds, 1930
1,320,100 00
American Petroleum Company 6% Gold Bonds 1920
892,400 00
Deferred Payments on Land ContractsPayable in two installments, due Jan. 22 1914 and 1915.
respectively
[157,333 33
Current LiabilitiesAccounts Payable
$127,394 87
Accrued Interest
73,585 28
Dividends Payable
208,259 21
409,239 36
Special Reserve, not available for Common Stock Dividends,
at the rate of Sc. per bbl. on Production for the year (see
above)
273,180 00
Capital Surplus
$99,106 93
Undivided Profits, Subsidiary Companies
3,000,396 81
Revenue Surplus
95,968 31
3,195,472 05
$34,212,255 74
Note.-In addition to the Bonds outstanding as chown above, $350,000
American Oilfields Company 6% Gold Bonds were deposited to secure payment of the Land Contracts. Since Dec. 31 1913 there have been released
and returned to the Treasury Bonds of the par value of $116.000.
or institution desiring it. Schmidt & Gallatin spea-alize as
"commission brokers for individuals and institutions" and
advertises that "We have 'nothing to sell,' but are intomited
only in what will best meet the special requirements of -each
individual customer."
-Mr. H. A. Himely, P. 0. box 93, Havana,: long the
Cuban representative of the Federal Sugar Refining Co. of
N. Y., is issuing a weekly review of the Cuban sugar crop
(crop of 1913-14), the only publication giving weekly the
receipts, exports and stock of sugar in all the ports of the
Island of Cuba. Subscription price $12 50 U. S. money
per annum, postpaid.
-F. W. Morgan & Co., dealers in investment securities,
First Nat. Bank Bldg., Chicago, announce the organization
of a real estate mortgage loan department under the management of Charles N. Henderson, for more than 17 years
associated with Peabody, Houghteling & Co., Chicago.
-W. C. Orton, formerly with De Haven & Townsend,
has become associated with Gilbert Elliott & Co. of 37 Wall
St. as General Manager.
984
THE CHRONICLE
Thr Tomutercial
Tinxts.
COMMERCIAL EPITOME.
Friday Night, March 20 1914.
Trade continues inactive, though better weather has helped
business with the West. Fear of too much regulative legislation is one drawback. The uncertainty as to when, if
ever, the railroads will be allowed to make the necessary increase in rates if they are to be put on anything like a living
basis, tends to discourage anything beyond moderate trading. The lateness of the Easter season this year also militates to some extent against business. The wool trade is less
active. Some reaction in iron and steel prices is noticed.
Securities have been dull. On the other hand, cotton and
cereals have advanced. There is some uncertainty in regard
to the wage scale of coal operatives after April 1. There
may be a dispute. On the whole, it is clear enough that
while the feeling is in the main rather hopeful as to ultimate
results, there is an inclination to keep pretty close to shore
until the whole outlook clears up.
LARD on the spot has been quiet; prime Western 11.05c.;
refined.'• to the Continent 11.35c.• South America 11.850.
and Brazil in kegs 12.85c. Lard futures have developed no
very striking features, but on the whole have been firm,
especially of late, with more activity. Large Chicago packers are believed to have been buying. This has offset the
effect of lower prices for hogs coincident with larger receipts.
On a single day receipts of hogs at Western points were 109,300, against 54,800 a year ago. Of late, however, there has
been some decrease. To-day prices were firm. Packers
were again buying.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
May delivery
cts 10.82 10.773,6 10.80
10.82
10.85
10.85
July delivery
11.00
10.973.6 11.00
11.00
11.05
11.05
PORK on the spot quiet but firm; mess $23 50@$24;
blear $20@$22; family $25@$27. Beef quiet; mess $18@
$19; packet $19@$20; family $20@$22; extra India mess
$28@$30. Cut meats quiet; pickled hams, 10@20 lbs.,
13 @,137
43. Butter easier; creamery, extras, 25@,2534c.
Cheese firm; State, whole milk, held, colored, specials, 193c.
Eggs lower; fresh gathered, extras, 223/
2@23c.
COFFEE has continued quiet on the spot; No.7 Rio 8%c.;
fair to good Cucuta 123/2@13c. Coffee futures for a time
were stronger on covering of shorts, but later on renewed
liquidation caused a downward turn. Europe and Wall
Street have been selling. It is feared that Brzail has a
period of liquidation ahead. Support has been given to the
market from time to time by large interests and the European
markets have shown more steadiness. But Brazilian receipts have continued large and the crop movement thus far
of Rio and Santos amounts to 12,238,000 bags, against
10,254,000 bags during the same time last year. To-day
prices were slightly higher,reacting later. Brazilian markets
were lower. Closing prices were as follows:
March
8.228.23 July
8.448.45 October
8.7018.72
April
8.54©8.56 November _ z8.74 8.76
8.25@8.27 August
May
8.34@8.35 September _28.64 8.65 December _ _ _ 8.78 8.79
June
8.3908.41
OILS.-Linseed firmer; City,raw,American seed,54@55,3.;
boiled 55@56o.; Calcutta, raw, 70c. Cocoanut quiet;
Cochin 10'/2@11o.; Ceylon 9%@10c. Castor oil quiet;
No. 1, 83/2@8%o. Corn in moderate demand and steady at
$6 45@$6 50. Palm firmer; Lagos 7%
3 @7%c. Lard firm;
prime 93@95o. Cod steady; domestic 38c.
PETROLEUM.-Refined firm; barrels 8.75 @9.75c., bulk
5.25@6.25c. cases 11.25@12.25c. Crude firm; Pennsylvania dark, $2 50; second sand, $2 50; Cabell, $2 07,• Corning, $2; North Lima, $1 49. Naphtha firm; 73@76 degrees,
in 100-gallon drums, 243/2c. Spirits of turpentine 48/2©
493'c. Common to good strained rosin $4 25.
SUGAR.-Raw firmer; centrifugal, 96-degrees test,
3.01c.; molasses, 89-degrees test, 2.34c. The world's visible supply is 4,110,000 tons, against 3,670,000 tons a year
ago. Refined easier; granulated 3.85@3.90c.
TOBACCO has been quiet but steady. Only the ordinary
hand-to-mouth business is going on. Binder, however, is
far from plentiful and is therefore steady. Packers in the
meantime complain that the margin of profit is small. They
are therefore less disposed to buy than manufacturers. The
inscription sale at Amsterdam to-day was awaited with much
interest. High prices were realized at the sale, it was reported', with New York and Philadelphia cigar manufacturers the chief buyers.
COPPER has been stronger with a better demand. Consumers have apparently become somewhat nervous; Lake has
risen to 143c., electrolytic 143
4c.; European markets have
advanced and trading in London is more active. Tin here
on the spot was 383'c, later 380., showing some advance
with an improved demand; New York has been even stronger
than European prices. Still, both London and Singapore
quotations are higher. Lead here on the spot
spelter
5.30c. Iron and steel have been comparatively quiet.
Certainly new sales are on a very conservative scale and a
number of items are down $1 a ton, showing prices $7 to $11
a ton lower than
year ago. Pittsburgh reports, however,
are to the effect that billets and sheet bars are to be advanced
on April 1. Plate and structural tonnage $1 15 at Pittsburgh. Pig iron has been rather quiet, with No. 2 Eastern
foundry $140014 25; No. 2 Southern $10 50@$10 75
Birmingham.
40.,
a
[VOL.
COTTON.
Friday Night, March 20 1914.
If 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
118,524 bales, against 127,636 bales last week and 151,090
13ales the previous week, making the totalreceipts since
Sept. 1 1913 9,084,086 bales,'against 8,508,696 bales for the
same period of 1912-13, showing an increase since Sept.
1913 of 575,390 bales.
1
Sat.
Galveston
Texas City
Port Arthur
Aran. Pass,&c
New Orleans
Mobile
Pensacola
Jacksonville,&c_
Savannah
Brunswick
Charleston
Wilmington
Norfolk
f&e
eis ;p'
5rtoN
rirs,&c.
Boston
Baltimore
Philadelphia__
Mon.
Tues.
Wed.
4,766
5,159 14,528
1,341
748
3,120
40
2,329
---270
362
814
_.6.
8
3,914
1,112
150
____
3,02'7
---301
469
2,079
--86
4,005
---392
1,029
1,210
--86
150
4
5
__--
----
----
7,431
1,207
_._
Thurs.
5,721
____
Fri.
6,919
876
Total.
7,371 44,464
298 3,263
1,581 1,581
5,860 3,576 3,239 27,140
267
198 1,270 4,094
399
___
___
450
____
38
38
3,133 1,459 3,422 17,375
----___ 2,150 2,150
296
505
855 2,419
459
319
274 2,912
1,478
'758 1,039 7,373
:
4
-----------116
29
__-_
304
487
487
40
____
---40
--305
Total sthi week_ 12.056 17.606 30,605 17,630 14,679 25.948 118.524
The following shows the week's total receipts, the total
since Sept.
1913 and the stocks to-night, compared with
last year:
,z-01
1
1912-13.
1913-14.
Receipts to
March 20.
This Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.
Galveston
44,464 2,968,219 38,553 3,513,723
Texas City
3,263 462,799 3,515 652,832
40,087
108,153
Port Arthur
__- _ 114,382
Aransas Pass,&c.. 1,581 119,368
Now Orleans
27,140 1,557,140 16,866 1,199,728
Mobile
4,094 368,815 1,862 178,794
106,771
Pensacola
450 139,126
14,166
28,148
_ --38
Jacksonville, &c_
17,375 1,635,635 7,692 1,122,947
Savannah
2,150 287,150 1,150 217,225
Brunswick
882 285,041
2,419 405,526
Charleston
110
Georgetown
2,912 381,086 2,205 .320,086
Wilmington
Norfolk
7,378 496,826 5,359 463,892
93,156
600
91,318
N'port News,&c_ 4,124
13,185
150
5,016
305
New York
40,666
453
13,191
304
Boston
61,453
518
83,192
487
Baltimore
2,386
1,444
____ ,
40
Philadelphia
Stock.
1914.
1913,
231,325
10,080
258,481
25,418
3,636
211,217
22,419
351
102,597
16,089
364
80,504
9,000
14,081
1,710
90,946
2,762
31,259
18,299
48,929
15,675
59,132
105,938 ' 117,023
9,484
10,419
3,830
8,154
3,732
1,764
Totals
118.524 9.084.086 79.805 8.508696 802,838 741,780
Note.-18,851 bales added at Norfolk and 9,589 bales at Savannah as
orrection of receipts since Sept. 1.
nil
Order that comparison may be made with other-years,
we give below the totals at leading ports for six seasons:
Receipts at.7.4alveston ___
rexasCity,&c
gew Orleans_
VIobile
3avannah
Brunswick_ _ _
Dharleston,&c
Wilmington
gorfolk
g'port N.,&c
kit others_ __ _
1914.
44,464
4,844
27,140
4,094
17,375
2,150
2.419
2,012
7,378
4.124
1,624
1913.
38,553
3,515
16,866
1,862
7,692
1,150
882
2,205
5,359
600
1,121
1912.
46,004
15,334
23,758
2,466
25,002
17,500
5,680
13,463
11,066
1,246
13,696
1911.
22,057
327
13,532
692
5,860
317
544
1,287
2,230
76
1,808
1910.
28,205
8,396
32,011
3,039
14,093
3,231
2,918
4,853
176
2,250
1909.
40,300
5.416
18,613
2,257
11,624
3,005
2,463
2,376
5,262
204
2,504
48,770
99,172
rota' this wk. 118,524
94,029
79,805 175,215
3ince Sept. 1_ 9.084.086 8.508.696 10408515 7,793,370 6,308,330 8,506.683
The exports for the week ending this evening reach a total
of 133,710 bales, of which 24,356 were to Great Britain,
15,438 to France and 93,916 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 913.
Week ending Mar. 20 1914.
Exported toExports
from-
From Sept. 1 1913 to March 20 1914.
Exported to-
Great
Great
ContiBritain. France.nent,xtc Total. Britain.
Galveston__
____ 10,607 34,498 45,105 905,691
Texas City_ 11,965 ____
100 12,065 338,638
1,540
Port Arthur
---------------- -26,548
Ar.Pass,arc
NewOrleans 5,500 ____ 13,444 18,944 95,727
Mobile ____ 2,564
____ 9,722 12,286 106,597
450 38,577
450
____
Pensacola__
Savannah__
____ 4,680 6,736 11,416 186,707
73,809
________
____
Brunswick _
Charleston_
____
___ 6,C100 6,000 112,786
73,024
Wilmington__
Norfolk____ 2,059 ___.. 9,635 11,694 37,092
New York_
425
151 9,253 9,829 118,773
873 57,601
Boston ____
400 ____
473
Baltimore__ 1,443 ____ 3,100 4,543 41,055
29,285
____
____
______
Philadel'a__
313
Detroit
____
San Fran
____
Pt.Towns'd
-505 -505
ContiFrance. acne,&e. Total.
284,0781,118,089 2,307,852
26,888 80,890 446,422
25,309 26,849
8,168 34,716
165,856 436,503 1,298,086
67,178 123,070 296,851
45,567 54,982 139,126
223,624, 652,447 1,062,778
22,954' 148,840 245,602
5,030 181,434 299250
98,544 171,897 343,466
81,783 118,878
17,352 166,718 30283
7,809 65,410
9,106 78,053 128,214
8,181 37,466
__
313
168,490 168.496
75,428 75,423
Tot. '13-'14 24,356 15,438 93,916 133,710 2,843.763 966,1778,588,1187,398,055
3.251 35.782 57,5673,019,845 919.2403.071.508 7.010.592
Note.-New York exports since Sept. 1 nclude 9,262 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool and 0 bales West Indian to Havre.
In addition to above exports, our telegrams
give us the following amounts of cotton on shipboard,7not
cleared, at the ports named. We add similar figuresifoit
New York.
Tot. '12-'13 18.534
to-nightralso
985
THE CHRONICLE
MAE. 211914.]
On Shipboard, Not Cleared forOther CoastGerGreat
wise. Total.
Mch.20 at- Britain. France. many. Foreign
219 57.637
11,376
18,697
638
26,707
New Orleans__
1,483 26,433 5,256 132,851
6
2
Galvesto
600 3,700
1,600
---- -1,50---- ----Savannah---------Charleston
6-.155
-- -118 26,500
--go 3-,46§ 2-..eid
Mobile
---- 26,500 2a0o
Norfolk
____
1,200
000
___1,
500
New York
____ 11,000
___
___ -_ 6,000
5,000
Other ports
240,581
32,700
40,609
71,206
Total 1914_.. 75,053 21,013 63,439 28,124 23,983 183.527
61,978 6,003
Total 1913
51.236 24,726 235,859
60,549
10.969
88.379
Total 1912
Leaving
Stock.
I
closing prices at
FUTURES.-The highest, lowest and follows:
New York for the past week have been as
153,580
188.474
76,804
14,081
16,226
22,429
103.238
47,425
, Thursdy, Friday,
Saturday, Monday, Tuesday, 1Ved'day
19 March 20 Wee.t.
March 14 March 16 March 17 March 18 March
March4 12.82-.95 12.54-.95
12.58-.65 12.65-.74 12.54-.89 12.54-.696 12.68-.7
Range
1 12.93-.94--12.63-.65 12.69-.70 12.54-.55 12.65-.6 12.70-.7
Closing
April12.22-.25
12.25
12.22
Range
2 12.29-.33--Closing__ 12.27-.30 12.30-.35 12.15-.20 12.17-.20 12.17-.2
May6 12.12-.25 11.93-.26
11.97-.08 12.07-.15 11.93-.07 11.96-.09 12.08-.1
Range
0--622,257
12.07-.08 12.09-.10 11.95-.96 12.08-.09 12.08-.09 12.19-.2
Closing..
558,253 June12.02-.05
-.05
811,052
-12.02
Range
2 11.97-.00--Closing_ ___ 11.95-.97 11.93-.95 11.80-.83 11.90-.93 11.88-.9
delivery has been more July8 11.74-.95
Speculation in cotton for future
11.82-.93 11.89-.99 11.74-.86 11.77-.88 11.86-.947 11.89-.9
Range
y to
11.94-.95--the advance being due largelbeen
Closing.. __ _ 11.91-.92 11.91-.92 11.77-.78 11.87-.88 11.85-.8
active at rising prices, May.
has
ss
busine
ly,
Latter
August
3 11.75-.81 11.61,84
covering in March and the covering was concerned. It
11.70-.77 11.76-.84 11.61-.68 11.61-.720 11.71-.7
Range
8--1
11.77-.78 11.75-.77 11.61-.63 11.70-.7 11.70-.7 11.77-.7
Closing_
chiefly in May so far as
conshort
d-out
out-an
of
ng
r
coveri
Septembe
t
-11.38-.5
-11.48
11.41
9
11.38-.3
has taken the form of
-.50
---11.48
Range
4 11.47-.49--g of straddles between New York
11.48-.50 11.44-.46 11.36-.37 11.42-.44 11.42-.4
Closing_
tracts and also of the undoin
n
the
i
done
this
of
much
so
been
has
7 11.27-.41
and Liverpool. There that the differences between the two October
11.39-.44 11.37-.47 11.27-.35 11.31-.37 11.37-.41 11.40-.44--Range
11.43-.44 11.39-.40 11.30-.31 11.35-.37 11.37-.38 11.42-.4
Closing
last week or ten days
35 points, December
like
.
ing
someth
to
ed
narrow
been
4 11.35-.51
markets have
11.48-.51 11.48-.55 11.35-.43 11.38-45 11.44-.475 11.45-.5
accounting, mainly, for
Range
11.48-.49--the stress of buying in New York
Closing._ 11.51-.52 11.46-.47 11.38-.39 11.44-.45 11.44-.4
,
um of 70 January
premi
a
to
gone
has
March
this compression.
4 11.43-.46 11.31-.40
5 11.32-.34 11.40-.4
May has
while
ly,
11.43-.45 11.40-.43 11.31-.3
recent
Range
points
I
AI11
20
40
55t
11
An
agains
'M.
11
24
points over May,
1145- 47 11 41- 42 11 RRelogie.
against 8 points a short
July,
been at times 25 points over
rumor current during the week
time ago. An interesting
shorts had privately settled 50,000
THE VISIBLE SUPPLY OF COTTON to-night, as made
was that Wall Streetwell
ts at 60 points up by cable and telegraph, is as follows. Foreign stocks,
interes
spot
known
with
March
uently
bales of
rumor is true or not, it has been as well as the afloat, are this week's returns, and conseq
over May. Whether this has
rs. all foreign figures are brought down to Thursday evening.
believe
t
withou
been
not
and
ent,
persist
at least
ing But to make the total the complete figures for to-night
Meantime, the stock here in certificated shape is someth
bales, (Friday), we add the item of exports from the United States,
7
100,06
stocks
use
the
wareho
and
bales,
66,000
under
only.
including in it the exports of Friday1913.
including, however, it is understood, something like 38,000
1911.
1912.
1914.
March 2000 1,196,000 1,222,000
bales of rejections. The inspection is very strict.is Also
1,352,0
bales.1,194,000
Stock at Liverpool
7.000
3,000
4,000
5,000
tleis coming here. One explanation that Stock
very litcotton
London
at
97,000 111,000
95,000
at Stock at Manchester
108,000
there is a sufficiently ready sale for even the low grades
00
1,307,000 1,451,000 1,296,000 1,340,0
the South to make even the March premium in NewtoYork
Total Great Britain
4,000
be. Stock
.
at Hamburg ..558,000
seem less tempting than perhaps it was expected
560,000 295,000
520,000
th of cotton Stock at Bremen
383,000 403,000 335,000 325,000
The recent investigations of the tensile streng
at Havre
2,000
4,000
2,000
that some Stock
3,000
Stock at Marseilles
23,000
has seemingly brought clearly into light the fact
22,000
38.000
31,000
for
na
value
Barcelo
ic
at
Stock
intrins
r
48.000
41,000
25,000
30,000
of the low grades have much greate
'
Stock at Genoa
4,000
5,000
ted in the past. Stock
31,000
35,000
at Trieste
spinning purposes than has beens suspec
have been firm, exports
701,000.
974,000
00
1,030,0
00
1,049,0
However this may be, spot market
stocks
Total Continental
all appearance, the
make a good showing this season and, toscale.
00
2,356,000 2,481,000 2,270,000 2,041,0
Also, of late
table
Total European stocks
79,000 140,000
94,000
consumption is on a very respec
169,000
cotton afloat for Europe_
r
India
weathe
307,773
wet
cold,
of
868,078
l
a
of
renewa
fear
247,331
523,773
there has been some
Amer. cotton afloat for Europe
41,000
52,000
42,000
54,000
middle of the week snow occurred as Egypt,Brazil,&c.,aflt.for Europe_ 313,000
253,000 250,000 225,000
at the South. In the
in Alexandria. Egypt
at
ted
Stock
indica
was
545,000
wave
cold
A
Texas.
652,000
e,
Abilen
882,000
1,030,000
in Bombay, India
far south as
862,838 741,780 1,046,911 560,204
atures in the West Stock
Stock in U.S. ports
that time for Mississippi and low temper
681,001 632,338 488,692 505,636
newthe
in U. S. interior towns..
Stock
buying
been
has
1,603
South
The
belt.
n
40,807
300
Easter
24,656
of the
U. S. exports to-day
prices
s
Orlean
New
times
At
.
to
some
s
extent
month
crop
16
4,367,2
88
5,747,4
49
68
5,373,7
6,014,2
been
Total visible supply
ions are as follows:
have been conspicuously firm. Not a few who have
Of the above, totals of American and other descript
May.
t
bough
have
s
month
p
or
new-cro
the
July
Americanselling
1,104.000
bales._ 957,000 1,185,000 1,902,000 0,
to 14,000 Liverpo
ol stock
87,000
06,00
68,000
The Liverpool spot sales have ranged from 7,000
77,000
Manchester stock
South
the
at
''860,000
r
942,000
weathe
the
993,000
hand,
983,000
On
the
other
day.
a
bales
ntal stock
Contine
307,773
868,078
247,331
523,773
American afloat for Europe
during the fore part of the week was milder and fair. Some
862,838 741,780 1,046,911 560,204
is U.S.port stocks
681,001 632,338 488,692 505,636
cotton is up.in Southwestern Texas. The general belief
U.S. interior stocks
1,603
of
40,807
use
300
larger
24,656
U.S. exports to-day
that there will be an increased acreage and a
zers
fertili
16
3,226,2
88
4,544,4
49
3,867,7
68
fertilizers than last year. Even in Texas moreances, will
4,109,2
Total American
East Indian, Brazil, &c.
than ever before, judging from present appear d during Liverpo
104,000 118,0011
167,000
237,090
stock
ol
7,000
3,000
4,000
be used. The short interest has been largely reduce
5,000
London stock
24,000
31,000
27,000
31,000
Manchester stock
the last week or ten days. Speculation here has not been
41,000
32.000
37,000
66,000
at
stock
ester
ntal
Manch
Contine
79,000 140,000
94,000
general, the outside public holding aloof.
169,000
for Europe
to India afloat
41,000
52,000
42,000
54.000
one time sent rather unfavorable reports and there seems
Egypt, Brazil, &c., afloat
225,000
250,000
253,000
313,000
t
Egypt
Curren
ria,
Alexand
trade.
goods
Stock in
545,001
652,000
be no great snap to the American dry
00
882,000
1,030,0
plant an enormous Stock in Bombay, India
prices for raw cotton are a big incentive to new
1,905,000 1,506,000 1,203,000 1,141,000
high level on
Total East India,&c
acreage. To-day prices advanced to a the
4,109.268 3,867,749 4,544,488 3,226,216
Total American
Census Bureau
this movement. The crop was stated by
both ex6,014,268 5,373,749 5,747,488 4,367,216
Total visible supply
at 13,964,981 bales, against 13,488,539 last 9year,
7.73d.
6.11d.
6.91d.
7.08d.
ol
against Middling Upland,Liverpo
14.60c.
10.55c.
12.60c.
13.45c.
_
_
clusive of linters. These amounted to 629,01 bales,for
York_
New
,
Upland
g
Middlin
103d.
11-164.
the
9
.
larger
were
s
.10.45d
9.50d.
rs'
taking
ol
Spinne
Egypt, Good Brown, Liverpo
602,324 last year.
9.104. 11.254.
10.004.
was very cold. Peruvian. Rough Good,Liverpool 9.00d.
4d. 7 7-164.
5,
6,Nd.
6Xd.
week than in 1913. The weather at the South
Broach, Fine, Liverpool
Hoke
r
7 5-16d.
Senato
e.
11-164.
5
featur
the
65id.
was
May
and
6
5-164.
Tinnevelly, Good, Liverpool
Covering in March
na
Caroli
South
of
01ales.
Smith
149,00
D.
r
E.
been
Senato
and
have
s for past week
import
Smith of Georgia
ental
Contin
nge. Spot
last week
have been attacking the New York Cotton Excha
The above figures for 1914 show a decrease from an
, showing a rise
excess
9 bales over 1913,
640,51
of
gain
a
cotton closed at 1345c. for middling uplandto-d
bales,
48,923
of
ay. Protests
over
and a gain of 1,647,052 balm .01
1912
over
for the week of 25 points,. of which 20 points
bales
0
266,78
of
4
"
4,
disregarded. igil
-is, •I "Li Mi
that the inspection here is over-strict have been
The Exchange sustains the Inspection Bureau.cotton in the
'`"--"---NEW-ORLEANS-CONTR.KCT MARK.
The official quotation for middling upland has been:
week
day
the
past
for
each
t
marke
ti,
New York
Saturday, Monday, Tuesday, Wed'day, Thurscry,Frida
Thurs. Fri.
March 14 to March 20Middling uplands
Sat. Mon. Tues. Wed
13.25 13.00 13.20 13.25
Mar. 14. Mar. 16. Mar. 17. Afar. 18. Mar. 19. Mar. 20.
13.25 13.45
YEARS.
NEW YORK QUOTATION FOR 321890_c
11.44
March0 12.73-.79 12.79-.87
12.58-.68 12.70-.73 12.61-.68 12.67-.775
Range
6
12.67-.68 12.72-.73 12.59-.60 12.73-. 12.70-.72 12.85-.8
Closing
May70
2
12.60-.
12.53-.6
5
12.48-.56 12.53-.60 12.40-.50 12.41-.5
flange
8
12.55-.56 12.55-.56 12.40-.41 12.55 -12.53-44 12.67-.6
Closing ..
11.31 July0 12.48-40
12.42-.51 12.46-.54 12.32-.44 12.33-.44 12.41-.5
Range
11.06
7
12.50-.51 12.48-.49 12.32 -12.44-.45 12.41-.42 12.56-.5
10.19
Closing ....
August12.10 .
0
-L-0
.
YORK
NEW
-- 0
AT
S
ge0
SALE
Ran
AND
2
MARKET
12.1 i .02 12.02-.04 11.86-.88 11.98-.00 11.95-.97 12.10-.1
Closg ._
0SeptemberSALES.
- o -- 0-- @ _.- 0 _ _ o -_
Futures
Range
11.68-.70
Market
Spot Market
11.66-.69 11.64-.66 11.52-.54 11.61-.63 11.59-.61
Closing ..
Spot. Contect Total.
Closed.
Closed.
October6 11.52-.61
11.56-.58 11.51-.58 11.41-.47 11.43-.510 11.48-.5
11.57-.53
11.55-.56 11.53-.54 11.41-.42 11.50-.5 11.48-.49
Saturday___ Steady, 5 pts. adv-- Very steady --_
-166 1,900 2F:(565
Steady
Monday -- Steady
50 December8 11.41-.54-4i 11.41-.4
4
50
11.42-.4
5
5nSteady
5
-11
Quiet,
pts.
11.56
dee_
-Range
Tuesday,
57
1144-.55 11.52-. 11.47-.41 11.49-.50 11.48-.50 11.56-.
Closing
Wednesday- Steady, S pts. adv.._ Firm
1,100 :fob Tone
Easy
Thursday _- Steady
400
400
Steady. Steady. Firm.
Quiet.
Steady.
Steady
Firm.
adv..
20
pts.
Steady,
Spot
Steady.
Friday
Steady. Steady. Steady. Steady. Steady.
Ontions
150 3,400 3,550
Total_ -
13.45
1914 c
1913
12.60
1912_______ 10.65
1911-------14.60
1910-------15.15
1909
9.65
1908
10.65
11.00
1907
1906_c
1905
1904
1903
1902
1901
1900
1899
11.15
8.30
14.50
10.15
9.12
8.44
9.88
1898_c
1897
1896
1895
1894
1893
1892
1891
6.12
7.38
7.94
6.38
7.50
9.00
6.81
9.00
1889
1888
1887
1886
1885
1884
1883
10.12
10.00
190..0250
--
Range
Closing
936
THE CHRONICLE
[Vol, xcvm.
AT THE INTERIOR TOWNS the move
ment-that is,
WEATHER
the receipts for the week since Sept.
1, the shipments for us by teleg REPORTS BY TELEGRAPH.-Reports to
the week and the stocks to-night, and the
raph from the South this
same
items
for
evening denote that
the
corresponding period of the previous year-i
while rain has fallen at most
set
s
out
points during the week, the
in
detail below.
precipitation has been light as
a rule and consequently
crop preparations have not been
Movement to March 20 1914.
interf
Movement to March 21 1913.
Galveston, Tex.-There has been rain ered with.
Towns.
Receipts.
Ship- Stocks
week, the rainfall being thirty hundr on one day during the
Receipts.
Ship- Stocks
edths of an Inch. The
ments. Mch.
ments. Mc/z.
therm
ometer has ranged from 40 to 71,
Week. Season. Week. 20.
Week. Season. Week. 21.
averaging 56.
Abile
ne,
Tex.
-We
have had light ram on two
Ala., Eufaula_ _
119 21,713
337 1,748
days of
42 20,774
142 6,337 week, the precipitation reach
Montgomery _
561 148,171 1,218 21,175
ing thirteen hundredthsthe
551 148,581 1,634 27,276
Selma
of
923 120,055 2,081 11,148
564 115,472
888 6,305 an inch. Minimum thermometer 22, highest 50, average
Ark., Helena
320 64,366 1,610 11,936
36.
224 40,564
Dallas, Tex.-We have had light rain on one
725 10,116
Little Rock.._ 2,158 174,54' 3,408 51,855
1,239
day
173,178
durin
Ga., Albany_ _ _
g
593 33,504
7 27,394
107 2,600
23 23,868 ____ 1,774 the week, the rainfall reaching two hundredths of an
Athens
1,000 108,996 2,300 18,842 1,004
inch.
Atlanta
1,56 18,628 Minimum thermometer 26, highest 54, avera
3,437 215,045 2,683 12,930 1,113 101,493
ge
40.
151,335
Augusta
2,821 345,484 6,871 65,854 1,358 315,711 1,355 15,810
Palestine, Tex.-It has rained on two days of the
Columbus
4,585 71,929
week,
700 76,822 1,375 15,348
172 72,622
Macon
675 25,252 the precipitation reaching forty hundredths of an
59 44,291
222
917
inch.
124
35,686
Rome
144 11,916 Lowest thermometer
300 54,839
439
30, highest 56, average 43.
596 48,339
La.,Shreveport 2,447 183,007 3,772 5,500
650 8,603
San
33,938
Anton
293
io,
136,753
1,152
Tex.
8,609
MLss.,Columb,
-We
have had rain on one day of the
695 36,777
731 3,039
80 25,425
517 2,754 week, the precipitation
Greenville _
281 84,362 2,229 14,634
reaching forty-eight hundredths of
165 47,192 1,405 7,760
Greenwood..
635 137,571 3,182 21,937
an
inch.
Mini
mum
500
107,037
4,391
therm
13,109
omete
Meridian
r
highest 62, average 48.
318 29,989
328 7,431
496 51,432 1,591 14,589
Taylor, Tex.-We have had rain34,
Natchei
70 19,544
70 4,300
on two days of the week,
108 18,000
200 1,741 the rainfa
Vicksbtifg.:
199 32,938 2,036 6,241
ll
reach
51
ing
28,504
twent
y-two
109
IfazooviGity
4,055
hundredths of an inch.
66 40,602 1,301 8,311___
22,345
12 4,969 The thermometer has averaged 42, rangi
Mo.,SOLOuls_ 11,941 455.13 11,8::
34,036 4,21
ng from 30 to 54.
4
474,568 4,156 30,149
N.C.. Hilleigh.
163 12,837
150
Vicks
burg,
241
Miss.
384
-We
have
9,131
had
rain
450
on one day during the
279
8-,01 184,827 9,134 21,143 2,990
188,011 3,261 25,783 week, the rainfall reaching forty-eight
Okla., Hugo_ _ _
37,536
hundr
100
edths of an inch.
600
____
30,194
15
Greenw'd
37 The thermometer has avera
13,10;
___ 1,215
-__
ged 56, ranging from 32 to 75.
18,800
Tenn.,Memphle 15,2441,024,186 29,434
300 2600
135,878 12,702 743,372 17 468140
Memp
his,
Nashville _ _ _
Tenn.
-We
'805
119 10,242
have
had
rain and snow on one day
97
501
55
6,887
Tex.,,Brenham
• 68 '
410 of the past week, the precip
50 16,897
113 1,500
itatio
30 16,937
Clarksville_ _ _
nineteen hundredths
70 1,400 of an
48,511
300 2,700
inch. Average thermometenr being
-_ 43,907
Dallas
8
562
1,519 94,625 1,366 5,076
1:500 124,190 2,000 4,500
Honey Grove.
Mobile, Ala.-We have had rain51, highest 73, lowest 31.
32,502
200
1,500
539
on one day of the week,
Houston
255 1,344 to the exten
31,7932,555,201 39,443 152,427 30,1162 44,089
t of twenty-four hundredths
,939.600
Paris
124,688
200 106,303
of an inch. The
700 4,500 3,743 145,868 38,091
3,058 4,685 thermometer has averaged 56,
rangi
from 34 to 76.
Total, 33 town 66.2358.56,4.422129 225RR1 A1O1
Selma, Ala.-We have had rain onngone
(14.117RR4R9AR5 91.52S&42 335
the precipitation being thirty-five hundr day of the week,
The above totals show that the interior stock
edths of an inch.
s have de- Average thermometer 51, highest 73,
creased during the week 42,987 bales and are
lowest 30.
to-n
ight
Orlea
New
48,66
ns,
La.-There has been
3
bales more than at the same time last year.
The receipts at ing the week, to the extent of twelve rain on one day durall towns have been 21,262 bales more.
hundredths of an inch.
than
the
same
The
therm
week
omete
r has averaged 61.
last year.
Madison, Fla.-There has been no rain
The thermometer has ranged from 39 to 75,during the week.
OVERLAND MOVEMENT FOR THE
averaging 50.
WEEK AND
Savannah, Ga.-Dry all the week. Average
SINCE SEPT. 1.-We give below a state
thermometer
overland movement for the week and since ment showing the 56, highest 78, lowest 35.
Sept. 1, as made
Charleston, S. C.-We have had no rain during
up from telegraphic reports Friday night. The
the week.
results for the The thermometer has averaged
week and since Sept. 1 in the last two years
56, ranging from
to 72.
are as follows:
Charlotte, N. C.-Rain has fallen on one day of39the
----1913-14---week,
----1912-13---- to the extent of twelv hundredths
March 20e
of
an inch. Average
Since
ShippedSince
Week.
therm
Sept. 1.
omete
r
52,
highe
Week.
75,
lowes
st
Sept.
29.
t
Via St. Louis
1.
11,888 427,297
4,156 448,356
Via Cairo
406 159,846
3,401 212,663
NEW YORK COTTON EXCHANGE.-Government
Via Rock Island
157
5.690
796
Via Louisville
18,148 Standards Adopt
3,755
97,576
ed.-At a meeting of the Board of Managers
1,043
67,160
Via Cincinnati
3,591
96,812
1,800 120,950 held on March 17 the following resolution was
Via Virginia points
adopted:
1,046 125,508
847 110,162
Resolved, That the Government standa
Via other routes, &c
Total gross overland
DedugnhipmentsOvttitihd to N. Y.,Boston, &c
Between interior towns
Inland, &c.,from South
3,764 333,625
24,607 1.246,354
1,136 102,843
5,042 112,762
4,742
86,583
3,286
285,428
15,329 1,262,867
1,121 117,690
634
89,381
1,482
69,217
types of the following grades of
cotton-I. e., middling fair, strict goodrdmiddli
ng, good middling, strict
middling, middling, strict low middling,
middling, strict good ordinary
low
and good ordinary-shall be the basis for determ
ining the grade of all cotton for delivery upon contra
cts maturing on and after April 1 1915.
A meeting of the members has been called
for March 30
at 3:15 p. m. to consider the propo
sed amendments to the
10,920 302,188
by-la
relati
ws
ve to change of contr
3,237 276,288
adoption of the Government grades.act consequent upon the
13,687 944,166
12,092 986.579
* Including movement by rail to Canada.
CENSUS BUREAU'S REPORT ON
TON GINThe foregoing shows the week's net overland
NING.-The Division of Manufactures inCOT
the Census Bumove
ment
has been 13,687 bales, against 12,092 bales for
reau
.complete
and
issue
d
d
on
Marc
h 20 the final report on
the week last cotton-ginni
year, and that for the season to date the
ng (excluding linters) the present seaso
gate net over- follow
n as
land exhibits a decrease from a year ago aggre
s:
of 43,413 bales.
COTTON GINN
Total to be deducted
Leaving total net overland *
1913-14
In Sight and Spinners'
Since
Since
..
Takings.
Week.
Sept. 1.
Week.
Receipts at ports to Mar. 20_ ---118,5
Sept. 1.
24
0,084,
086 79,805 8,508,696
Net overland to Mar. 20
13,687
944,16
6
12,092
Southern consumption to Mar. 20 60,000
986,579
1,730,000 58,000 1,618,000
Total marketed
192,21
1
11,758,252 149,897 11,113,275
Interior stocks in excess
*42,987
566,487 *26,552
535,302
Came into sight during week_ - _149
,224123,345
Total Insight Mar. 20
12
/3
.
5
11,648,577
Nor.spinners' takings to Mar. 20- 41,469
1.952,843 31,417 2,069,868
* Decrease during week. •
.
Movement into sight in previous years:
Week1912-March
1911-Mirch
-1940.4-1Warch
1908-4114arch
23
24
25
26
Bales.
233,872
91,974
128,781
143,683
Since Sept. 11911-12-March 23
1910-11-March 24
1909-10-March 25
1908-09-March 2(3
Bales.
13,459,706
10,504,516
8,980,849
11,618,222
OrOTATIONS FOR MIDDLING COT
TON AT OTHER
MARKETS.-Below are the closing.quota
tions of middling
cotton at Southern and other principal cotto
n markets for
each day of the week.
Closing Quo ations for Middling Cotton
onSaturday, Monday. Tuesday. llred'day.
Thinsd'y. Friday.
Galveston
12%
12%
12g
12%
12%
New Orleans.._ _ 12%
12 15-16
13
12 15-16 13
13 1-16 13 3-16
Mobile
12%
12%
12%
1234
1234
Savannah ..
12%
12%
12
15-16 12 15-16 12 15-16 12 15-16
Charleston
12 15-16
12%
12%
12%
12%
Wilmington___ 12%
12%
1234
12%
12%
Norfolk
12%
13
13
13
13
13
Baltimore
13
13
13
13
13
1334
Philadelphia ..__ 13.50
13%
13.50
13.45
13.50
Augusta
13.50
13.70
13%
13%
13
Memphis...._
13%
13%
13
13
13
13 8
1334
St. Louis
13g
12%
127
12%
12%
13
Houston
13
12%
12
12%
12%
12%
Little Rock__ .._ 12%
12%
12%
12%
12%
1234
1234
Week ending
March 20.
ED IN 1913-14, 1912-13 AND 1911-12, EXPRESSED
IN
RUNNING BALES.
1913-14.
1912-13.
1911-12.
Alabama
1,482,254
1,328,297
1,695,284
Arkansas
1,036,841
770,937
008,014
Florida
66,514
58,833
94,471
Georgia
2,345,882
1,812,778
2,794,295
Louisiana
435,124
374,79
3
380,82
6
Mississippi
1,248,724
1,004,
376
1,169,066
Missouri
63,775
53,538
91,119
North Carolina
835,435
906,35
1
1,126,276
Oklahoma
841,884
1,005,109
1,016,538
South Carolina
1,414,409
1,224,245
1,692,146
Tennessee
366,546
267,43
9
430,027
Texas
3,771,271
4,645,309 4,107,152
Virginia
24,485
25,499
Allother States
31,099
31,837
11,035
16,760
United States
13,964,981 13,488,530 15,553
,073
Round bales included are 99,916 for 1913-14,
101,554 for 1911-12. Sea Island bales included 81,528 for 1912-13 and
arc 77,490 for 1913-14.
73,777 for 1912-13 and 119,293 for 1911-1
2.
The statistics in the report for 1913-14 are
subject to slight corrections
In the full report to be published about May
1.
The average gross weight of the bale is 505.8
lbs. for 1913, against 508
lbs. for 1912 and 504.5 lbs. for 1911.
Expressed in equivalent 500-lb.
bales gross the 1913 crop is 14.127,356 compar
ed with 13.'703,421 for 1912
and 15,692,701 for 1911. Cotton estima
ginner
ted
by
s as remaining to be
ginned and included in the statistics for
1913-14 amounts to 29,267 bales.
In addition to the lint cotton, 629,01
runnin
bales
9
g
linters were obtained from the crop of 1913. compared with 602,324 of
bales for 1912 and
556,276 bales for 1911.
The appended table shows the quantity of linters
obtained, figures in
running bales.
1913-14.
1912-13, 1911-12.
Alabama
53,700
38,839
40,667
Arkansas
40,617
34,084
31,836
Florida
2,621
1,415
1,955
Georgia
110,36
7
76,185
80,313
Louisiana
21,933
17,927
18,592
Mssissippi
60,955
45,228
46,718
Missouri
3,426
4,217
2,433
North Carolina
34,468
30,131
28,720
Oklahoma
38,954
39,260
52,016
South Carolina
46,321
36,989
35,517
Tennessee
34,724
28,815
22,292
Texas
174,846
243,314
190,096
All other States
6,087
4,345
6,687
United States
*629,019
602,324
556,276
* Includes 55,638 bales of linters to be obtain
ed after date of roport.
937
THE CHRONICLE
MAR. 211914.]
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1912-13.
1913-14.
Cotton Takings.
Week and Season.
Week. I Season.
Season.
Week.
5,439,176 -----6,063,191
Visible supply Mar. 13
2,135.485
2,055.351
Visible supply Sept. 1..
American in sight to Mar. 20_ - 149,224 12,324,739 123,345 11,648,577
70,000 1,659,000
Bombay receipts to Mar. 19_ -. 106,000 2,231,000
136,000
10,000
222,000
23,000
Other India shipm'ts to Mar. 19
971,000
4,0001
968,000
11,000
Alexandria receipts to Mar. 18..
216,000
9,000,
218,000
10,000
Mar.
18
to
supply
Other
6,362,415 18,019,090 5,655,521 16,776,062
Total supply
Deduct6,014,268 6,014,268 5,373,749 5,373,749
Visible supply Mar. 20
2,313
348,147 12,004,822 281,77211,39
a_
20
Total takings to Mar.
227,147 9,257,822 221,7721 9,146.313
Of which American..
60,0001 2,246,000
121,000 2,747,000
Of which other..
Smyrna, West Indies, &c.
*Embraces receipts in Europe from Brazil,
by Southern mills
a This total embraces the estimated consumption
in 1912-13-takings not
1,730,000 bales in 1913-14 and 1,618,000 balestaken
by Northern and
amounts
aggregate
the
available-and
being
9,774.313 bales in
foreign spinners, 10,274,822 bales in 1913-14 and
American.
1912-13, of which 7,527,822 bales and 7,528,313 bales
Total bales.
10,607
10,607
GALVESTON-To Havre-Mar. 18-Thistleard,..Mar.
-Gil
18
5,984..
Nicholas,
To Bremen-Mar. 13-St.
22,585
ford, 16,581
2,390
To Hamburg-Mar. 13-St. Nicholas, 2,390
1,033
1,033
,
To Rotterdam-Mar. 19-Ethelstan
8,510
To Genoa-Mar. 14-Principessa Laetitia, 8,510
11,965
TEXAS CITY-To Liverpool-Mar. 13-Nestorian, 11,966..
100
To Mexico-Mar. 17-Hero, 100
5,500
NEW ORLEANS-To Manchester-Mar. 18-Napierian. 5,509
10,527
To Bremen-Mar. 20-Frankfurt. 10,527
To Antwerp-Mar. 16-Sallust, 1,932-__Mar. 20-Statia,734 2,666
251
To Barcelona-Mar. 13-Adolfo, 251
763
MOBILE-To Liverpool-Mar. 18-Orubian, 763
1,801
To Manchester-Mar.14-Napierian, 1,801
5,622
To Bremen-Mar. 17-Dalton, 5,622
4,100
To Japan-Mar. 18-City of Naples, 4,100
300
PENSACOLA-To Antwerp-Mar. 18-Nordhvalen, 300
150
To Venice-Mar. 14-Emelia, 150
4.680
4,680
SAVANNAH-To Havre-Mar. 13-Stanhope,
236
To Rotterdam-Mar. 17-Nygaard, 236
2,375
To Barcelona-Mar. 19-Luzon, 2,375
1,925
To Genoa-Mar. 19-Luzon, 1,925
900
To Trieste-Mar,19-Luzon,900
1,000
To Venice-Mar. 19-Luzon, 1,000
300
To Fiume-Mar. 19-Luzon, 300
6,000
CHARLESTON-To Bremen-Mar. 19-Lorca, 6,000
2,059
NORFOLK-To Liverpool-Mar. 14-Crown Point, 2,059
9,635
To Bremen-Mar. 17-Cresswell, 9,635
400
BOSTON-To Liverpool-Mar. 13-Devonian, 400
125
To Hamburg-Mar. 17-Rhaetia, 125
348
To Yarmouth-Mar. 19-Prince George, 348
1,443
BALTIMORE-To Liverpool-Mar. 18-Quernmore, 1,443
3,100
To Bremen-Mar. 11- Cassel, 3,100
505
PORT TOWNSEND-To Japan-Mar. 17-Canada Maru, SOS
133,710
- Total
INDIA COTTON MOVEMENT FROM ALL PORTS.
LIVERPOOL.-By cable from Liverpool we have the
The receipts of India cotton at Bombay and the shipments following statement of the week's sales, stocks, &c., at that
from all India ports for the week and for the season from port:
Sept. 1 for the three years have been as follows:
Feb. 27. Mar. 6. Mar. 13. Mar. 20.
1913-14.
March 19.
Receipts at-
I
Since
Sept. 1.
Week.
Week.
Week.
Since
Sept. 1.
Since September 1.
For the Week.
Japan
ContiGreat Conti- Japan
Great
nest. &China.
Britain. nent. &China Total. Britain.
. -
Bombay1913-14_
1912-13
1911-12_
Calcutta1013-14_
1912-13._
1911-12._
Madras1913-14._
1912-13__
1911-12._
All others1913-14_
1912-13__
1911-12__
Total all1913-14_
1912-13._
1911-12_
Since
Sept. 1.
106,000 2,231,000 70,000 1,659,0001 88,000 1,649,000
Bombay
Exports
from-
1911-12.
1912-13.
___ 21,000
2,
19,000
... 12,000 19,000 31,000
2,000 8,000 55,000 63,000
1,000
1,000
__._
____
__
1,000
____
1,000
__ __
4 000
1,000
___
___
4,000
1,000
___ 17,000
2,000 6,000
1,000 5,000
1,000 18,000
1,000 9,000
1,000 7,000
2,000 40,000 2,000 44,000
2,000 19,000 20,000 41,000
1,000 14,000 56,000 71,000
Total.
18,000 551,000 613,0001,182,000
14,000 194,000 437,000 645,000
4,000 146,000 519,000 669,000
2,000
3,000
2,000
11,000
8,000
8,000
17,000
6,000
2,000
30,000
17,000
12,000
5,000
4,000
2,000
25,000
14,000
5,000
1,000
31,000
18,000
7.800
18,000 136,000
10,000 74,000
5,000 49,000
43,000
31,000
13.000
800
7,000 161,000
17,000 101,000
16,000 70,000
723,000 638,0001,404,000
290,000 460,000 781,000
_208.000 537.8001.404.800
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
March 18.
1913-14.
1912-13.
1911-12.
80,000
7,259,077
32,000
7,285,523
90,000
6.897,871
68,000
47,000
51,000
50,000
Sales of the week
5.000
3.000
4,000
4,000
Of which speculators took..
1,000
1:000
Of which exporters took
45,000
36.000
41.000
37,000
Sales American
17,000
3,000
3,000
15,000
Actual export.
94.000
65.000
87.000 109,000
Forwarded
1,149,000 1,196,000 1,209,000 1.194,000
Total stock..
908,000 956,000 967,0041 957.000
Of which American
96,000
80.000
69,000 141,000
Total imports of the week
62,000
68,000
57,000 106,000
Of which
255,000
303,000
333,000
American..-- 333,000
Amount afloat
281,000 274,000 247,009 209,000
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:
Mondsy.
Tuesday. Wednesday. Thursday.
Quiet,
Fair
business
doing,
Fair
business
doing,
Mid.Upl'ds
7.04
7.08
7.05
7.02
7.09
7.08
7,000
500
10,000
1,000
10,000
1,000
10,000
1,000
14,000
2,500
7,000
500
Spot.
Sales
Spec.&exp.
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Exports (bales)-
To Liverpool
1,250 166,711 1,750 172,256
170,119 6,750 178,854
To Manchester
To Continent and India.. iUM 307,400 12,500 295,127
3,250 49,293 2,250 102,431
To America
5,000 160,623
____ 184.961
8,000 271,266
4,500 74,699
13,750 693,523 23,250 748,668 17,500 691,549
Total exports
Note.-A cantar is 99 lbs Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market
continues steady for both yarns and shirtings. The demand
for both yarn and cloth is improving. We give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison.
Good
demand.
Good
demand.
Moderate
demand.
Quiet,
Steady,
Steady,
Steady,
Steady,
334@4% 35®2 pts. 10234 pts. 3(413% pts. 134(82%
advance. pts. dec.
decline,
pts. adv. advance,
Very sty., Steady, Barely sty,
Quiet,
Quiet,
Market, I Quiet,
laz 3 pts. unch. to 4©454 pts. 34(82 pts. 23405 pts. unch to %
4
pt. dec.
advance, advance.
decline,
decline. 3 tots. adv.
1'. M.
Steady,
Futures.
Market 1 1@2 pts.
opened 5 decline.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Receipts (cantars)This week.
Since Sept. 1
Friday.
Saturday.
Market, I
12:15 1
P. M.
Mch 14
to
Mch 20.
Thus, 6 67 means 6 67-100d.
Saturday, Monday, Tuesday. Wed'sday. Thursday. Friday.
12% 12% 12% 4 12% 4 12% 4 12% 4 12% 4
P.m. p.m. P.m.P.m• p.m. p.m. P.m. p.m. P.m. P.m. P.m. P.m.
d. d. d. d. d. d. d. d. d.
(I.
d.
d.
71%
March___ __ 6 67 72% 70 69% 66 66% 67% 72% 7234 72 69
69% 66 65% 66% 70 7034 6934
70
72%
67
6
____
-Apr.
Mar.
63
64
64
6254.
59%
60
6334
64
6034
Apr.-May ____ 6 61 66%
62
May-June ____ 6 6034 66 6334 63 59% 5834 60 63% 6334 6234 66 i
June-July ____ 6 55 60 58 57% 54 53 5434 5754 5754 5654 5241
50 53% 5334 5254
48%
49%
July-Aug_ _ ___ 6 51 56 53% 53
'
Aug.-Sep_ ____ 6 41 46 43% 43 39% 39 40 44 4334 42 42
2834.
6 29 32 29% 28% 25 25% 2634 2934 2934 2834 20
Sep.-Oct
21 21 20
Oct.-Nov. ____ 6 20 2334 21 20 16% 17 18
15 14%
___ 6 15 18% 15% 15 11 12 13 16 15%
Nov.-De
6 13% 17 14 1334 09% 1034 11% 14% 14 13% 13
Dec.
13% 13
-Jan------- 6 1334 17 14 13% 0434 10% 1134 1434 14
Jan.-Feb_
1134 12% 15% 15 1434 14
Feb.-Mar. ____ 6 15 1834 15 1434 1034
15v 15
16
.1.1R14
1:11
19.1Z
1114
151.4
IR
IQ1.4
SR
R
114n.r.-Anr_
BREADSTUFFS.
Friday Night, March 20 1914.
Flour has been in somewhat better demand of late, and
32s Cop ,
32s Cop
winter-wheat brands have been steadier than others. Quo-.
Twist.
Twist.
tations for spring-wheat flour, it is true, have been somewhat
s. d. d.
d. 9. d.
s. d. (1. .(1.
dad.
unsettled. Also, it should be borne in mind that, while
Jan.
there has been some improvement in trade, this is not to be
6.84
6
@ll
6
3
10%
2
©11
7.0910
30 9% CI 10% 6 1
taken as asserting that there has been any real activity;
1
Feb.
6.94
10% 6 3 011 6
6.96 10
still adhere stubbornly to the
6 9% 04 10%6 1 @II 2
6.93 far from it. Many buyers
11 6 4 011 6
7.04 10%
13 f% @ 10%6 1 011 2
6.77 policy of purchasing from hand to mouth. They are far
(83 10% 6 334 @II. 6
7.09 10
011 2
20 9% @ 10'
6.89 from being convinced that they should abandon this policy.
10% 6 3%011 6
7.08 10
27 9% 0 lOW:0 1 @II 2
Mar
6.81 Sales as a rule have been made up of small lots. The total
334(811 6
10%
6.99 9%
6 9% @ 10%16 0%@11 1
0.85 production at Minneapolis, Duluth and Milwaukee last week
10% 6 3 011 6
7.02 9%
13 6%tt 10% 6 0 @110
6
©11
6.91
3
6
11
7.08 10
20 9% @ 10% 6 0% @111
was 367,385 barrels, against 357,170 in the previous week
the
page,
a
previous
on
shown
-As
and 367,065 last year.
SHIPPING NEWS.
exports of cotton from the United States the past week have
Wheat has been stronger of late on the covering of shorts.
reached 133,710 bales. The shipments in detail, as made It is said that rain is needed in parts of the winter-wheat belt.
The world's wheat supply increased during the week only
up from mail and telegraphic returns, are as follows:
• Total bales.
in the same week last
300 454,000 bushels, against an increase
NEW YORK-To Liverpool-Mar. 12-Georgic, 300
125 year of 2,565,000 bushels. The total is now stated at 193,To Manchester-Mar. 13-Boyle, 125
To Havre-Mar. 12-Sif, 100 upland, 6 West Indian.._ _
209,500,000 a year ago. Seeding
151 525,000 bushels, against
Mar. 19-Caroline,45 Sea Island
has been delayed in the United Kingdom by rain. In France
To Bremen-Mar. 16-Kurfurst, 1,920___Mar. 18-Bremen,
4,603 the weather has been unfavorable for re-seeding of winter2,683
50
To Rotterdam-Mar. 18-Campanello, 50
500 killed areas. Also the offerings of native wheat there are
To Antwerp-Mar. 16-Manhattan, 500
1,100 small. In Germany offerings are smaller and prices are
To Barcelona-Mar. 17-Ferndene, 1,100
To Genoa-Mar.13-Berlin, 1,402._ _Mar. 19-Taormina,850 2,252 firm. In.Russia rains have delayed field work. The move398___Mar. 16-Caronia, 350_ - 748
-Mar. 13
1913.
1914.
8% lbs. Shirt- Coin:
ings, common Mid.!
to finest. •
To Naples
-Berlin,
8% lbs. Shirt- Coen
ings, conimon Mid.
Upi's
to finest.
938
THE CHRONICLE
ment to Southern Russian ports is slow. Arrivals at Roumanian ports are light. In Bulgaria the acreage is 10%
under that of last year. In Australia labor troubles are
interfering with the loading of wheat and also tend to cut
down the acreage. The firmness of corn has affected wheat
to a certain extent. Liverpool reports that the offerings
of Russian wheat are disappointingly small and that there
is a noticeable improvement in the demand for good wheat
both in Liverpool and on the Continent; so that Liverpool
prices of late have been stronger on covering of shorts and
speculative support. This was also due partly to the increased firmness of Manitoba wheat and likewise the firmness of the market at Buenos Ayres, coincident with unfavorable weather in Argentina, where rains have been
general in the northern section. Also there is an increasing scarcity of spot wheat at the big Continental centres. Minneapolis has reported a better cash
demand, with increasing premiums. Millers there have been
more disposed to buy round lots to arrive.
eports have
been more or less insistent that Kansas of late has not had
enough rain. On the other hand, the bulk of the advices is
to the effect that the American winter-wheat crop is doing
very well. Kansas itself is said to have an abundance of
sub-soil moisture. Oklahoma's acreage is said to be 20%
larger than last year's. There are very few complaints of
the crop outlook in France. In Roumania it is good, with
the weather seasonable. In Hungary it is fair. In Bulgaria
the crop wintered well, and the same is true of Italy. An
inoreased acreage is expected in Asia Minor. India's crop
prospects are improving. Harvesting there is progressing
under favorable conditions, and it looks now as though the
yield would be larger than was at one time expected. The
world's shipments of wheat last week were 13,408,000
bushels, against 12,336,000 in the previous week and 13,472,000 in the same time last year. Under the circumstanc
es
there has been no great enthusiasm on the bull side. The
drift of opinion is rather the other way. To-day prices
advanced slightly and then receded a little. Some 120,000
bushels, however, were sold for export.
[VOL. movin.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 3934 3934 3934 40
4034
delivery in elevator
3934 3934 3934
July
The following are closing quotations:
40
4034
4034 4034
FLOUR.
Winter. low grades_ ......$3 200113 40 Spring clears
20(444 40
Winter patents
4 90t 5 10 Kansas straights.sacks_44
4 25
4
Winter straights
4 45
4 65 Kansas clears, sacks__ 3 76
4 10
Winter clears
4 00 4 30 City patents
5
6
35
95@
Spring patents
4 75
5 Ou Rye flour
3 80
3 20
Spring straights
4 4083 4 65 Graham flour
3 80
4 50
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN. Spring, No. 1
$1. 03%
No. 2 mixed
77368378
N. Spring, No, 2
1 02K
No. 2 yellow
7771
Red winter, No. 2
1 06K
No. 3 yellow
7434®
Hard winter, No.2,arrive 1 03K
Argentina in bags
74
Oats, per bushel, newcts.
Rye, per bushelStandards
46@4634
New York
67% @69
No. 2. white
4634047
Western
67%
No. 3, white
4634046 Barley-Malting
65080
40
'The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
I
Wheat.
Corn.
Oats.
Barley.
Rye.
bbis.1961bs. bush.60 lbs. bush. 46 lbs. busk. 32 lbs. bush.481bs. bu.50 lbs.
Chicago_ - -_
244,000
522,000 2,224,000 2,213,000
460,000
69,000
Milwaukee__
40,000
428,000
603,000
112,000
484,000
43,000
Duluth
162,000
28,000
280,000
39,000
Minneapolis.
279,000
1,893,000
256,000
505,000
68,001
Toledo
53,000
57,000
167,000
Detroit
6,000
30,000
120,000
59,000
Cleveland 14,000
12,000
68,000
142,000
St. Louis
65,000
276,000
644,000
239,000
58,000
1,000
Peoria
38,000
36,000
351,000
199,000
46,000
1,001
Kansas City.
313,000
953,000
237,000
Omaha
170.000
847,000
350,000
Total wk.'14
407,000, 3,701,000 5,778,000 4,744,000 1,592,000 182,000
367,000' 5,394,000 5,304,000 4,180,000
Same wk.'13
405,000
245,1901 2,776,821 4,854,142 3,336,542 2,328,000
Same wk.'12
624,923 134,413
Since Aug. 1
1913-14.._ _ 13,837,000 234,192,000 162,370,000,150,008,000 70,258,000 19872000
1912-13_ __ 11,898,520 288,273,966 105,654,228 173,517,688 79,029,330 13901642
DAILY CLOSING PRICES OF WHEAT FUTURES IN
1911-12..__ 8,038,095.193,855,481 139,891.315.102,964,524 54,744,276 6,886,366
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red in elevator
cts_104
104
104
104
105
105
May delivery in elevator
10134 1013 101% 1019 102H 10234
Total rece pts of flour and grain at the seaboard ports for
July delivery in elevator
6
96% 97% 97% 97%
97%
9734 the week ended Mch 14 1914 follow:
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Wheat,
Flour.
Corn,
Oats, Barley,
Sat. Mon. Tues. Wed. Thurs. Fri.
Rye,
May delivery in elevator
bush.
Obis.
Receipts atbush.
bush.
as_ 93
9334 93
bush.
9334 93% 9334
bush.
July delivery in elevator
292,000
32,000
183,000
340,000 112,000
88
88% 8834 8834 89% 8834 New York
59,000
33,000
1,000
Boston
82,000
Indian corn has advanced on larger trading. In Missouri Portland,
1,000
118,000
8,000
Me
02,000
there has been the largest cash business of the season. Chi- Philadelphia
411,000
36,000
41,000
198,000
2,000
504,000
32,000
67,000
45,000 13,000 20,000
cago has reported a better demand also from the East. Baltimore
282,000
74,000
124,000
Orleans
48,000
The receipts at Chicago have been small and it looks as though New
40,000
4,000
Newport News
43,000
there would be no material increase in the near future. Galveston
10,000
4,000
Another factor which has encouraged the bulls was the com- Mobile
31,000
1,000
•12,000
Montreal
$3,006 32,000
plaints of heavy rains in Argentina, which gave rise to a
4,000
40,000
Halifax
NEW YORK.
fear
of a wet harvest in that country,something which is always Total week 1914__ 442,000 1,844,000 276,000 744,000 252,000
20,060
much dreaded. Many of the shorts, including big operators, Since Jan. 1 1914_4,446,000 22,797,000 7,279,000 8,087,000 2674,000 489,000
425,000 1,847,000 3,190,000
728,000 146,000 53,004
Week 1913
have covered, seeing that prices at Kansas City and Omaha SinceJan.
11913_4,709,000 30,988,000 31,706,000 11,785,000 7142,000 700,000
were even stronger than they were at Chicago. At Buenos
Receipts do not include grain passing through New Orleans for forlegn ports
Ayres, too, the shorts have been covering on the bad weather;
foreign bids were raised. The world's shipments were 1,412,- on through bills of lading.
The exports from the several seaboard ports for the week
000 bushels last week, against 1,280,000 in the previous week
and 3,657,000 in the same week last year. Of this total, ending Mch 14 are shown in the annexed statement:
Corn,
h.
Wheat.
ous.
h
Argentina shipped 493,000 bushels, against 374,000 in the
Flbobur,
is
bOats,
s
Nah.
Rue, Barlseyh:
Peus
Exports frombush,
previous week and 1,276,000 in the same week last year.
bush.
240,207
15,195 72,169
New York
6
516
02;08
19
909
07
In this country the interior receipts on a given day were Portland, Me.--- 4193:9
18 05
00
8,000
6
39
37
2,0
630
70 "71
0
Boston
46,842
675,000 bushels, with the shipments 636,000 bushels. A. Philadelphia --short time ago the receipts exceeded the shipments by a cou- Baltimore
33,121 8,087
0,0
001
63
87
4,893 40,020
277,000
33,000
0
0
24
9
:0
00
600
OrleansNew
ple of hundred thousand bushels in a single day. But on the Newport News
40,000
other hand, as there is no rose without a thorn, the high Galveston
6,000
24,000
10,000 4,000
prices in this country-20 cents above those of a year ago- Mobile
Montreal
are likely to attract increased shipments of Argentina corn St. John
52,000
24,000
4,000
40,000
to American markets. To-day trading was active at a de- Halifax
cline on "long" liquidation in an over-bought market. Total week_ _ _1,974,163 135,033 213,311 144,489 60,020 476,218 1,971
1,856,169 2,293,516 242,485 109,596 73,177 304,570
The cash demand, too, was small. Country offerings, how- Week 1913
2,219
ever were light.
destination of these exports for the week an
The
-riirace
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW
YORK. July 1 1913 is as below:
Sat. Mon. Tues. Wed.
Thurs.
Fri.
No. 2 mixed
cts_ 7534 7534 7534 76% 7734@78 7734@78
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts.. 6734 67% 68
July delivery in elevator
6734
6734
September delivery in elevator.. 66% 673'
663
6634
6834
6834
6734
69% 6934
6934 693/
6834 683'
Flour-Whea
Corn
Since
Since
Since
July
Week
Week
July 1
Week
July 1
1913. Mar. 14.
Exports/or week and Mar.14.
1913. Afar. 14.
1913,
5815.
bush.
bbls.
since July 1 to-bush.
bush.
1bush.
United Kingdom..__ 80,000 4,023,002 930,212 70,970,212
43,717
535,430
41,187 2,005,476 1,038,951 70,645,070
Continent
26,201
699,843
Sou. dr Cent. Amer_ 21,671 862,246
5,000 1,084,838
4,428
350,114
34,791 1,232,134
West Indies
85,767
38,251 1,302,930
73,680
500
Brit. Nor. Am.Cols.
6,017
Other Countries_ _ 35,162 204,646
2,436
258,053
32,641
Oats have advanced in sympathy with corn, but have
developed no features of special interest. The oats market
continues to be merely an echo of other markets. Seeding
has started in parts of Illinois and under favorable conditions
213,311 8,401,190 1,974,163 143043,940 135,033 2,926,775
Total
will soon be general. The cash demand has been far from
242,485 8,123,781 1,850,169 119901,40() 2,293,516 28,7i8,834
striking. A large acreage will be planted in Kansas. July Total 1912-13
The world's shipments of wheat and corn for the week
has sold at a premium over May as a result of the slow cash
demand. Still, there has been enough covering of shorts to ending Mch 14 1914 and since July 1 1913 and 1912 are shown
cause some advance in prices. It is worthy of note, too, that in the following:
the available stock in this country decreased last week no
Wheat.
Corn.
less than 2,558,000 bushels, in sharp contrast with an increase in the same week last year of 328,000 bushels. Yet, Exports.
1913-14.
1913-14.
1912-13.
1912-13.
as already intimated, oats are undoubtedly more or less
Since
Week
Week
Since
Since
Since
sluggish. No. 2 white is 9 cents a bushel higher here than
Mar.
Mar. 14. July 1.
14.
July 1.
July 1.
July 1.
a year ago, whereas the total visible supply of all kinds in
Bushels.
Bushels. Bushels.
Bushels. Bushels.
Bushels.
this country is 39,400,000 bushels, or 13,000,000 more than North Amer. 4,440.000
208,786,000 183,190,000
60,000 1,504,000 27,333,000
2,792,000 113,534,000 79,291,000 204,000 10,675,000 7,119,000
a year ago and 14,000,000 bushels more than at this time in Russia
Danube.. _ _ - 1,288,000 41,978,000 43,407,000 655,000 20,732,000 10,634,000
1912. To-day oats declined with corn. Cash prices, how- Argentina__.
1,776,000 29,194,000 74,974,000 493,000 131,174,000 169,070,000
Australia... 2,744,000 43,610,000 28,008,000
ever, were steady or slightly higher.
IN NEW YORK.
DAILY CLOSING PRICES OF OATS
tes
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Standards
cts_4534-46 4534-46 4534-46 46-4634 46-4634 46-46%
No. S white
46-4634 4646% 46-4634 4634-47 4634-47 46%-47
India
Oth.countr's
64,000 25,896,000 44,056,000
304,000 6,322,000 5,982,000
Total ___ 13408000 460,320,000 458,908,000 1,412,000 164,085,000 214,156,000
21 1914.j
939
THE CHRONICLE
The quantity,of wheat and corn afloat for Europe on dates
mentioned was as follows:
New York to March 14Great Britain •
Other Europe
Corn.
China
Wheat.
India
United
Arabia
United
Africa
Kingdom. Continent. Total.
Kingdom. Conttnent. Total.
West Indies
Bushels.
Bushels.
Mexico
Bushels. Bushels.
Bushels. Bushels.
5,968,000 Central America
3,936,000
0
2,032,000
47,712,00
18,640,000
Mar. 14 1514.. 29,072,000
7,226,000
Mar. 7 1914_ 27,856,000 18,336,000 46,192,000 2,423,000 4,803,000 15,606,000 South America
Mar. 15 1913_ _ 24,588,000 33,056,000 57,644,000 5,593,000 10,013,000 10,208,000 Other countries
Mar. 18 101L. 28,888,000 14,240,000 43,628,000 2,881,000 7,327,000
-1913--1914-Since
Since
Week. Jan. 1.
Week. Jan. 1.
279
22
374
35
237
72
877
151
14,466
3,477
20,459
5,072
--3,552
34
8,233
__
2,151
5,887
5os
2,614
_
9.536
13,664624
1,1584
756
64
161
19
3,981
517
5,331
480
12,338
1,000
12,718
2,226
13,872
433
15,059
290
4,319
76,960
6,517
74,657
IVAd
stocks in
The visible supply of grain, comprising the lake
The value of tlige-New York exports since Jan. fhas been
and
granary at principal peilits of accumulation at
$5,634,502 in 1914, against $5,825,373 in 1913.
apseaboard ports TVIeli 14 1913 was as follows:
The cotton goods market is fairly active and firm, the
Jobbers, howUNITED STATES GRAIN STOCKS.
Amer. Amer. Bonded proach of spring having stimulated buying.
Bonded
Amer.
Amer.
Bonded
Amer.
Rye. Barley. Barley, ever, complain that retailers' purchases for spring and sumOats.
Wheat. Wheat. Corn. Oats. bush,
bush. bush. bush.
of buyers
bush, bush. bush. bush.
In Thousand.237 mer account are below normal. The conservatism
54
3
185
811
154
403
393
15 is not due to any unwillingness to place business, but results
4
New York
1
23
6
11
663
5
Boston
their
187
153
-438
216
from the restrictions placed upon them by the heads of local
Philadelphia
174 ------65 --15
119
302
468
Baltimore
houses, owing to the recent financial unsettlement of the for
101 ::::
124
535 ____
New Orleans_
226
193
retail trade. Jobbers are experiencing a sluggish demand
:Galveston
1 -512
814 -iae -556
1,448 -Hi
Buffalo
79 1,264
spring and summer wash goods and are consequently call244411 2,091
2,387
afloat
"
14
_-576 362-ing upon manufacturers to hold back shipments until called
1,058 ___
Toledo
15 ---81 __ -_
as
343
91 ____
Detroit
They fear that much business will be lost this way, be
for.
420 ____
chicago afloat
-i8i -556
6:5ii
when the goods are needed later in the season they willand
5,947 __ _ _
302 ____ 1,106
afloat
'
unable to meet the deliveries required. Print cloths
--5i -456
312
220
205 _-_
Milwaukee
407 - ill gray goods are firm, with much business pending at prices
320
1,598
375
12,337
Duluth
printers
1,472 1-,Thii
afloat
"
unacceptable to manufacturers. Converters andial
5
78
27
--5iiii 1,0
-325 2,040
20,273 ____
orders
Minneapolis
35
37
occasionally place substant
and
493 1,220
goods
of
__ _
need
in
_
are
1,006
St. Louis
d yarn
802
unsettle
and
Lower
6,660-_-- 1,803
.
delivery
spot
for
prices
full
at
Kansas City
20
326 1,083
118 ____
ging
Peoria
85
879
prices have failed to stimulate buying, but are encoura
146 __ - _
Indianapolis
--.5-5. --65
____ 2,098 1,052
884
buyers of finished goods to look for lower levels. Gray goods,
Omaha
363 38-inch standard, are quoted 5%c. to /e.
1,543 4,326
Total mar. 14 1914_50,364 3,376 20,268 20,815 5,876 1,746 4,826
woolen and
888
Total Mar. 7'1014....58,370 4,277 19,126 21,577 6,414
WOOLEN GOODS.-Additional lines ofmarket
225
1,121 2,403
535
12,845
21,191
248
a
3,365
1913...62,
15
Mar.
on the
Total
placed
been
have
goods
dress
worsted
CANADIAN GRAIN STOCKS.
initial
Canadian Bonded the week and several of the old lines, in which a heavy
Canadian Bonded
Canadian Bonded
Rye. Barley. Barley.
advanced in price. A
Wheat. Wheat, Corn. Oats. Oats.
been
have
done,
been
has
business
bush.
bush. bush. bush, bush. bush. bush, bush.
, the upward tenIn Thousand.451
21
352 _ _
__
14
better demand is reported for fall accountin
277
Montreal
placing orders.
3,803
buyers to hasten
causing
prices
Ft.Williarn&Pt.Arthur.10,950
in
dency
2,514
- 4,083
afloat
"
worsted yarns since the opening
and
woolen
in
s
advance
The
7,101
_
___
5,808
Other Canadian
foods,
of fall lines has forced the upward revision of finished
451
21
14 13,770
____
early will, at present rawTotal Mar. 14 1914 21,118
booked
business
the
of
much
456
as
21
10,082
15
Total Mar. 7 1914 20,820 ___
49 ____ material prices, represent little or no profit to manufacturers.
_
20 9,800
Total Mar. 15 1913_24,937
SUMMARY.
far for fall has shown a preference for serges
Bonded The demand so
Bonded
Bonded
and generally for the better grades. Men'si
oths
broadcl
Barley.
Barley.
Rye.
and
Oats.
Oats.
Corn.
Wheat.
Wheat.
send in request
bush. bush, bush, bush. bush. bush, bush. bush. clothing manufacturers are now beginning to
In Thousands363
56,364 3,378 20,208 20,815 5,876 1,543 4,326
interest is being shown in
greater
and
American
lines
sample
fall
for
451
21
13,770
14
21,168 _ ___
-Canadian
offerings. Business, however, is much below normal
363 fall
5,876 1,564 4,877
Total Mar. 14 1914_ _77,482 3,376 20,282 34,585
time of year.
this
for
888
5,282
1,767
6,414
31,659
19,141
4,277
good
Total Mar. 7 1914_77,199
225
535 1,121 2,452
FOREIGN DRY GOODS.-Linens are active, with
Total Mar. 15 1913_87,185 3,365 21,211 22,645
goods. Damasks,
demand for all descriptions of household active
,and.
napkins, table cloths and crashes are all in d. request
Linen salesTHE DRY GOODS TRADE.
quite a.number of repeat orders are receive and retailers in
New York, Friday Night, March 20 1914.
men report a better demand from jobbers are doing well,
While the dry-goods trade has been rather quiet and steady both the West and South. Staple dress linens
having proved uniluring the past week, the appearance of spring weather is but low-priced ratines are not wanted,c standpo
int. Ramgoods.
ble
economi
an
seasona
of
from
sales
rs
upon
ting
effect
consume
to
stimula
e
desirabl
having a
washable fabrics,
other
enas
almost
well
as
depend
will
linens,
next
few
weeks
the,
for
n
colored
and
situatio
plain
ies,
The
grade sotirely, so far as activity is concerned, upon the willingness of are again in favor. The novelty offerings of fine advices
retailers to stock up for the spring and summer trade, in called linen crepes have met with fair success. Mail
politiwhich they have so far been. backward. Large retail and indicate an improving situation abroad, although the manujobbing establishments are optimistic and look for pronounced cal unsettlement in Ireland is still a factor. Foreign
goods and
improvement in the buying of seasonable merchandise, bas- facturers report a better demand for finished
again ruled.
ing their expectations upon the scarcity of supplies in all a firmer raw-material situation. Burlapsnehave
easier. Lightquarters, as well as the apparent uselessness of delaying longer quiet and featureless, with the underto
-weights at
in hope of lower prices. A firm raw-material situation and weights are quoted nominally at 4.75o.and heavy
the
is
turers
part
of
the
manufac
on
ion
latgitel
product
ative
conserv
there is 5.75c.
Witnuruwals of Dry Goods.
key to the price situation,and,so far as can be seen,
On Importations & Warehouse
no effort to force business on the part of first hands.
se withdrawals ofdry goods
warehou
and
ns
ortatio
The-imp
making
the other hand, retailers have not been active inobtaining at this port for the week ending Mch. 14 1914 and since
advance preparations, and when the necessity of advancing Jan. 1 1914, and for the corresponding periods of last year,
supplies presents itself, there is likely to be an
as follows:
market with some difficulty in securing the desired deliver-, were
and Since Jan. 1i
Imports Entered for Consumption for the Week
ies. In staple cotton goods, business is somewhat spotted
others
while
Since Jan. 17914.1
lines,
in
1
certain
=14 1974;
M
'I
some factors reporting activity
Value.
Pkgs.
Yalta).
Pkgs.
are neglected. The.price.situation is unchanged, although Manufactures of2
prices
at
6,480.22
turers
21,614
manufac
is
business
ve
offered
568,177
2,134
much attracti
Wool
2
4,483 1,148.764 47.629 13,257,32
Cotton
slightly under market quotations. Novelty cotton goods
17.433 8,504,779
836.713
1,700
Silk
19,520 4,812.369
464.904
are selling well for the coming spring and summer and the de2,210
Flax
4.564,659
385.493 42,731
6,071
Miscellaneous
mand for summer dress fabrics in cottons, silks and linens
1
is quite satisfactory.. In woolens and worsteds there is a,
16,598 3,396,051 148,927 37,619.35
1914
Total
11.499 2,367.317 131,818 _ 30,738,511
Total 1913
tendency to higher prices for the coming fall season, manufacthe Market
-Vathdrawals Thrown UponWarehouse
turers fearing to book further at the opening prices under
ures ofwhich they are now heavily contracted ahead. The unwil- Manufact
16.992 4.464,790
163.138
629
Wool
2.768,676
10.137
190,760
836
lingness of mills to accept business, except at better prices,
Cotton
3,466 1,500.510
119.199
cover
265
to
the
more
all
anxious
buyers
making
Silk
is of course
1,447.686
6.181
107.055
437
Flax
1,788.112
187.040 29.787
their requirements at present levels. Export business has
2.995
Miscellaneous
busirable
d
conside
having
accepte
turers
manufac
d,
unprove
11.969.774
66.563
767.192
5.162
ls
Total withdrawa
ness in 3-yard shootings for China account at prices around Entered
16.598 3.396.051 148.927 37.619.351
for consumption
7% and 7%e. per yard. More business is offered, but manu4,163.243 215,490 49.589,125
21,760
Total marketed 1914
facturers are asking 7%c. on further contracts. The pur15,889 2.894,913 180,354 37.632,001
Total marketed 1913
AL.,.....4
:
Period
chases represent deliveries running through to next fall, and
imports EnteredXrWirehouse During Same
.4
aggregate upwards of 10,000 bales. A miscellaneous busi- Manufactures of2,304.972
7.721
200.108
676
Wool
ness of small proportions is being done with Manila and South
2,492.709
9.077
307.283
1.137
Coton
1,311,679
2.984
74.300
America. Numerous inquiries are received from Red Sea
165
Silk
1.477.343
6.341
146.447
587
Flax
and India markets at prices a shade under the market, which
1,551.110
21.638
173.337
1,777
eous
Miscellan
are expected to result in business at any time.
3
9.137.81
47.761
901.475
4,342
Total
DOMESTIC COTTON GOODS.-The exports of cotton Entered
16.598 3,396,051 148.927 37.619,351
for consumption
4,319
were
14
March
ending
port
for
week
the
this
from
goods
20.940 4,297,526 196.688 46,757,164
Total imports 1914
packages, valued at $327,950, their destination being to the
_ _14,497 2,830,133 199,396 A 27.635.548
Total imports 1913___
the
in
elow:
d
tablelb
specifie
points
940
irritn'
THE CHRONICLE
[VoL. Kevin.
ATM CITY DtpAprAcENT.
12 m. April 7 by J. J. Kelly, Clerk (P.
0. Cambridge It. P. D. No. 1), for
$1,500 5A % coupon site-purchase,
Denom. $100. Date "day of sale." construction and equipment bonds.
Sept. 5 from 1915 to 1929, inclusive Int. M. & S. Due $100 yearly on
bid for, payable to Board of Educati. Certified check for 5% of bonds
on, required.
ALBANY, SHACKELFORD
COUNTY, Texas.-BOND SALE.-The
Equal Suffrage.-U. S. Senate Takes Adverse Action.- 316,000
5% 10-40-year (opt.) water
purchased by John B. Oldham, -works bonds (V. 98, p. 778) have been
On March 19 the U.S. Senate rejected a resolution providi
Dallas, who is now offering the same to
ng investors.
for the submission to the States for ratific
The above bonds are part of an issue
ation of the pro- viously
of $18,000, of which $2,000 was preawarded
to the County School Fund
posed woman suffrage amendment to the Constitution.
at par and interest.
ALEXANDRIA SCHOOL DISTRICT
There were 35 votes 'for" the resolution to 34 "against,"
NO. 1 (P. 0. Alexandria),
Rapides
Parish,
La.
-BOND
S
VOTED.-The question of issuing
but as a two-thirds majority was required, it failed of adop- $125,000 5% 26-yr. high-sch
the
od-construction bonds (A,.98, p.
It is statea, at the election held
627) carried,
tion.
March 10.
Green Bay, Wis.-Commission Government Defeated.- ALHAMBRA SCHOOL DISTRICT (P. 0. Alhambra), Los
County, Calif.-BOND ELECTION.-An election
Angeles
The question of establishing a commission form of govern
will be held Mar. 24,
reports state, to submit to the voters the question
s of issuing $150,000 highment (V. 98, p. 538) failed to carry at the election held- school and $60,000
grammar school impt. bonds.
Feb. 24. The vote was 1,386."for" to 2,327 "against."
ALLENDALE SCHOOL DISTRICT NO. 22 (P.
O. Allendal
Barnwell County, So. Caro.-BOND
Greenwood, Leflore County, Miss.-Commission
OFFERING.-Proposals will e),
be
received
April 15 by L. W. Googe, Sec. & Treas. of Board
of School
of Government Adopted.-By a vote of 250 to 49 this Form Trustees,until
for the $15,000 coup. or reg. tax-free school-inipt. bonds
auth.
by a vote of 109 to 21 at the election held Dec.31 (V.
an election held March 16 adopted the commission city, at be
98, p. 705). Bids will
received for 5% 21-year, 4
form of
30-year and 4% 40-year, all redeemable
government.
after 20 years. Date April 15 %
1914, Int. A. & 0. in Allendale. A deposit of 10% required. Principa
l and interest may
Jersey City, N. J.-Commission Government Upheld
registered. No
by bonded debt. Total assessed valuation 1913, 3465,790be
.
Court of Errors and Appeals.-It is reported in
AMELIA, Clermont County, Ohio.-BOND
the
press
that
OFFERI
NG.-Proposals
will
be,received until 12 m. April 4(time extended
the Court of Errors and Appeals of the State
from March 21) by W.A.
New Jersey Williams, Village
Clerk, for $1,000 6% electric-light
on March 16 affirmed the verdict and judgmeof
bonds
(V.
98, p. 850)•
Denom.
$200.
Date
Jan. 1 1914. Int. ann. Due $200
in the case year. Certified
yearly after 1
of Morris vs. Fagen, and, as an incident to nt
check for 5% of bonds bid for, payable
this
to 'Village Treasdecisio
n,
urer,
required
.
Bonds
to
be
delivere
d
and paid for within 10 days from
held that the commission form of govern
commonly time of award. Purchaser to pay accrued
interest.
known as the Walsh Act, was legally adoptement,
ANNE ARUNDEL COUNTY (P. 0. Annapol
d by the City of ING.
is), Md.-BOND OFFERJersey City. This suit was brought by the old City Clerk,
-Proposals will be received until 11 a. m.
March 31 by S. Ogle
Tilghman, Clerk of Co. Commrs., for $10,000
Mr. Morris, against the present City Clerk, Mr.
5% Stoney Creek bridge
bonds.
Denom.
$500.
Date
April 1 1914. Int. A. & 0. Due $1,000
the yearly from 1
old City Clerk claiming to be entitled to the officeFagen,
years incl. A deposit of 5% of bid required
as a hold- must be for alltoor10none.
. Bids
over, his contention being that the present Commis
ATTALA COUNTY (P. 0. Kosciusko), Miss.
were not legally in office and hence their appoin sioners Proposal
-BOND OFFERING.
will
s
be
received
until
tment
12 m. April 7 by J. H. Oliver, Clerk
his successor was invalid. The case was tried before of of Supervisors, for $50,000 funding
Board
and general revenue bonds. Bids
Mr. be received at 5%,5t % and 6% interest.
will
Justice Swayze and a jury, along with a quo
not later than 20
warranto pro- subject to call after 5 years. Certified checkDue
for $2,000 required. years,
ceeding brought in the name of Edmund Wilson
AUGUSTA, Ga.-BOND SALE.-On
, Attorney- 30-yr.
Mar.
17
the $250,000 0
General, against Mark M. Fagen and others, the
,5%
coup. flood-protection bonds dated Nov. 1
Commis- awarded
(V. 98, p. 779)
to the Security Trust Co. of Spartanburg1912
sioners now governing Jersey City. The Court left
at 101.075 and int. were
to
the
AURORA, Kane County, Ill.-BOND
jury certain questions of fact, and the jury rendered a
ON.-An election will
be held April
reports state, to submit toELECTI
a vote the question of issuing
of "not guilty" in each case, which meant that the verdict $30,000 Main21,
St. bridge-construction bonds.
title
of
the defendants to their offices was sustained. An appeal
AVALON, Cape May County, N. J.-BOND
to tion will be held Mar. 24, reports state, to vote ELECTION.-An electhe Court of Errors and Appeals was taken in
each case, $30,000 sewage-disposal plant constr. bonds. on the question of issuing
but the Attorney-General withdrew the appeal in
AZITSA, Los Angeles County, Cal.-BOND
the quo will
OFFERING.-Proposals
warranto case in spite of the protest of Warren Dixon,
be received until April 6 for the $20,000 light-im
pt. and $35,000 waterwho impt.
(not $50.000 as first reported) 5% 40-yr.
was counsel for the relator in that proceeding, and
Auth. vote of 262
to 118 and 273 to 88, respectively, at the election bonds.
the
Court
hold Mar.3(V.
of Errors and Appeals sustained the action of the Attorn
98,P•627)•
BATTLE CREEK, Calhoun County, Mich.-BOND
eyGeneral in making such withdrawal.
ELECTION.
An election will be hold April 6 to vote on the question
s
of
issuing $65.000
This last decision of the highest court of New Jersey seems paving, $15.000 bridge, $30,000 sewer, $20,000 park, $20,000
city-Jail
and
$50,000
city-hall-comp
bonds.
letion
Due in 1936.
to put the legality of the present city government of
Jersey
BEAUMONT, Jefferson County, Tex.-BOND SALE
City beyond any doubt.
.-On Mar. 17
tho $500,000 5% 20-40-year (opt.) gold coupon water
-works bonds (V. 98,
p. 627) were awarded to Wm. R. Compton Co. of St. Louis
La Fayette, La Fayette Parish, La.-Commi
at 100.685
and int.
ssion
Government Adopted.-The question of establishing a
Other bids were:
com- Mayer,
mission form of government carried, reports state,
Deppe & Walter, Cincinnati
at the Bolger, Messer & Willaman, Chicago
election held Feb. 11 by a vote of 324 to 278.
1100.65 & int.
Commerce Trust Co., Kansas City, Mo
Parson, Son & Co., Chicago
Lawrence, Kan.-Water-Works-Purchase Bonds
98 & int.
BONDS REGISTERED.-The above bonds wore registere
-The question of issuing the $197,500 bonds for the Defeated. Comptrol
d by the State
ler on March 12.
purcha
se
of the Lawrence Water Co.'s plant (V. 98, p. 405) failed
BELLEVTJE, Richland
to
Ohio.-BOND SALE.-On Mar. 5
carry at the election held March 10.
the four issues of 5% bonds,County,
aggregating $11,124 30 (V. 98. p. 705), were
awarded, it is stated, as follows:
Luling, Caldwell County, Tex.-Commission
$6,117 60 (2 issues) street-impt. (assess. and city's
portion) bonds to Wilment Approved.-At the election held Feb. 10 the GovernHamilton of Fremont
question 3,597 50 son
5'4-year (aver.) Centro St.for $6,147 60 (100.49).
of establishing a commission form of govern
bonds to the Wright Banking Co., Bellevue, for 33.608(assess.)
ment
carried
,
50
)•
it is stated.
1,409 20 534-year (aver.) Friedley Ave.(100.305
.
impt. (assess.) bonds to G. W.
Friedley, Bellevue, for $1,416 20
(100.496).
Marion, Crittenden County, Ky.-Bonds Declare
d InBELMONT, Middlesex County, Mass.-BIDS.
valid.-The Kentucky Court of Appeals on March 4
bids for the
4%% 14-yr. (aver.) coup. tax-free water-ex-Other
declared $17,000
t. bonds awarded on
invalid the $25,000 bond issue for the construction
Mar.6 to R.L.Day & Co. of B
10
106.159l
o7
ston atH1.
0c
7.5s19ia
p ne
ncrline
t.o
(V.98. p.779) were:
of
a Illodget & Co.,
Boston
municipal water plant and $20,000 issue for the
105
Merrill, Oldharn & Co., Bos_104
construction Adams & Co., Boston
.559
of a sewer-system.
Estabrook & Co.. Boston_ _ - _105.60 Blake Bros. & Co.,
Boston_ -104.50
BELOIT
SCHOO
UNION
DISTRI
L
CT NO. 1 (P. 0. Beloit), Rock
New York State.-Lower Branch of Legislature
County, Wis.-BOND SALE.-Tho 332,000 5% school bonds
against Special Referendum in April on Constitutional Votes on
Feb. 21 (V. 98. p. 539) have been awarded to Kissel!, Kinnicut offered
t & Co.,
Con- Chicago
, for $33,143-equal to 103.571.
vention.-By a vote of 98 to 42 the Assembly on
March
18
BERNAL
ILLO COUNTY SCHOOL DISTRICT NO. 14, New Mex.passed a bill to repeal the law enacted last Decemb
OFFERING.-Proposals will be received until 2 p. m.
April 6 by
viding for a referendum at a special election on er pro- BOND
M. Mandell, County Treasurer (P. 0. Old Albuquerque),
for $4,000 6%
April 7 10-20-year
(opt.) school bonds voted Feb. 28. Denom.
to determine whether a convention should
2500.
Date
called for next April 1 1914. Int. A. & 0. at County Treasurer's office.
spring to revise the State Constitution.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.-BOND
SALE.
-The
$10,000 (unsold portion of an issue of $100,000) 4% 15-year
The validity of the Act providing for the electio
t.
n has bonds(V.98, p. 175) were awarded on Feb.
19 to citizens of Nilesroad-imp
been questioned on the ground
at par and
interest.
News Items.
be
that it does
permit the
completion of the registration of voters at not
ten days
before the date set for the election, as requireleast
d by Section 4
of Article 2 of the Constitution. The law stipula
tes that the
registration shall take place from 8 o'clock in
morning to
10 o'clock in the evening on the second Saturdthe
previous to
April 7, the time of the special election. Theay
contention is
that where an election begins at sunrise on the first
Tuesday
in April and closes at sunset on that day,
the registration
for which is completed on the second Saturd
such registration is not completed at least ten ay previous,
days before
such election.
Nowata, Nowata County, Okla.-Election On
sion Form of Government.-An election will be held Commisto vote on a new city charter providing for a March 21
commission
form of government.
Virginia.-Legislature Adjourns.-The 1914 session
of the
Virginia General Assembly came to an end at
midnight
March 14.
Bond Proposals and Negotiations this week
have been as follows:
ADAMS TOWNSHIP SPECIAL SCHOOL
DISTRICT NO. 1, Guernsey County, Ohio.-BOND OFFERING.-Propos
als will be received until
BEVERLY, Essex County, Mass.-LOAN. OFFERI
NG.-Proposals
will be received until 5 p. in. March 23 by the City
Treasurer. it is stated,
for a temporary loan of $200,000. Maturity Nov.
16 i614.
BIGWELLS SCHOOL DISTRICT(P.O. Bigwells
), Dimmitt Count/
Texas.-BONDS NOT SOLD.-No sale has been
10-40-yr. (opt.) school bonds recently voted. made of the $20,000 5 o
Moore is President of the Board of Education. Denom. $1,000. W. L.
BILLINGS, Yellowstone County, Mont.
BOND ELECTION.
We are advised that the reports stating that -NO
an election would be held in
to vote on tho question
issuing $35,000 city-hall bonds
are errtohiseolis.ty
n
BINGHAMTON, N. Y.-BONDS DEFEAT
ED.-The question of issuing $25,000 raving bonds was dpfeated at the election
held Mar.6 by a vote
TOWNSHIPagainst.
2L
ofB
000
6"fm
or;rg
323
LD
to
(P. 0. North Bloomfield),
Trumbull
County, Ohio.-BOND OFFERING.-Propos
als will be received until
12 m. April 6 by A. 0. Huntley, Twp. Clerk,
for $30,000 5% 54-year
(aver.) road bonds. Cert. check for $300 required
.
BLUE CREEK TOWNSHIP (P. 0.
Adams County, Ind.
BOND SALE.-Tho $6,300 4 % 6-yr.Berne),
(ay.)
school
-bldg. bonds offered
on Feb. 21 (V. 08, p. 465) have boon awarded
of Old Adams Co. I3ank, Decatur, for $6,404 to E. X. Ehinger, Cashier
(101.65)•
BOSSIER PARISH (P. 0. Benton), La.-BOND
OFFERING.-Proposals will be received until April 1 by J.
C.
Logan,
Pres. Police Jury, for
the $175,000 5% coup. tax-free Road Dist. No. 1 bonds
(V. 98. p. 320)•
Denom. $1,000. Date Sept. 11913. Int. M.& S. at
Seaboard Nat. Bk.,
N. Y. C. Due from 1 to 40 yrs. Bonded debt
this
Assess: val.
issue.
1912, $2,370,000.
• '•
2 BO itft9',
v4i0FISPOSOBBOI
""
BREWSTER VILLAGE SCHOOL DISTRI
Brewster),
CT
(P.
0.
Stark County, Ohio.-BOND OFFERING.-Propos
until 12 m. March 24 by Frank A. Reinhart, Clerk, als will be received
for
313.000
59' 4-29year (ser.) taxable coup. building-improvement
bonds. Auth. election
or
MAIL 211914.1
THE CHRONICLE
941
general
BOND SALE.-On March 20 the $300;000 4V2% 40-yearOhlsago,
Int. M. & S. at
holdf,Feb. 23. Denom. $500. Date March 24 1914. 5%
to A. B. Leach & Co.,
of bonds bid hospital bonds(V.98, p.627) were awarded
105.90.
of
bid
joint
Merchants' Nat. Bank, Massillon. Certified check for
their
at
Cincinnati
of
Richards
&
and
Field,
Longstreth
required. Bonds to be
and Kissel, Kinnietatt & Co..
for, payable to Treasurer of Board of Education,of
award. Purchaser to The Fifth-Third Nat. Bank, Cincinnati,
delivered and paid for within 10 days from time
Mayer, Cincinnati. and
&
Seasongood
and
bid
105.88,
jointly
Chicago,
bonds.
blank
pay accrued interest. Successful bidder to furnish his own
$18,520. Kean, Taylor & Co., Chicago, jointly bid 105.88.
Bonded debt (not incl. this issue). $16,800. Floating debt
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.
Assessed valuation 1913, $832,000.
- BOND OFFERING.-Proposals will be received until 4 p. m. April 13(time
SALE.
BROOKFIELD TOWNSHIP, Noble County, Ohio.-BOND
of
Board
Education.
Clerk
Grautman,
Wm.
by
23)
from
March
were
extended
road bonds
On March 16 the $100,000 5% 1031A-year (aver.) Buck 101.69.
1% 20-year coupon school-site purchase-and-improvement
Denom. for $100,000 43,
Interest
awarded to the New First Nat. Bank of Columbus at
bonds (V. 98, p. 779). Denom. $1,000. Date "day of sale.
$500. Date April 11914. Int. A.& 0.
semi-annually at the American Exchange Nat. Bank, N. Y. Certified
ELECTION.- check for 5% of bonds bid for, payable to the Board of Education,required.
BROWNSVILLE, Haywood County, Tenn.-BOND
vote the proposition to issue
An election will be held Mar. 24 to submit to aDenom.
CLAIBORNE COUNTY (P. 0. Port Gibson), Miss.-BOND OFFER •
$500. Int. M.& N. ING.-Proposa
ls will be received until 2 p. m. April 6 by B. H. Morehead.
$12,0006% coup. water-works-impt. bonds. years;
to call at option
subject
30
in
Due
Brownsville.
Bank,
Clerk, for $10.000 5% 20-year bridge bonds. Denom. *1.000.
Chancery
at First Nat.
Interest annually at Hanover Nat. Bank, N. Y. City. County will furnish
of town.
I to
Medina), Medina County, Ohio. lithographed bonds free. These bonds were reported sold on Ian.
BRUNSWICK TOWNSHIP (P. 0.
& Wolcott Co. of Cleveland has refused Chas. S. Kidder & Co. of Chicago (V. 98, p. 251).
-BONDS REFUSED.-Tillotsonawarded
M.
851)
4
1:.•
(V.
98,
March
SALP.-Oeo.
on
them
-BOND
Minn.
County,
CLARA
CITY,
Chippewa
bonds
to accept the $36,000 road
the same.
Bechtel & Co. of Davenport were awarded on Feb. 27 25,000 6% electricbecause their attorney would not approve
& J. Due 1500
J.
Int.
1914.
2
Mar.
light
Date
$500.
bonds.
Denom.
-ProOFFERING.
So. Dak.-BOND
yrly. July 1 from 1915 to 1924 incl. Bonded debt, incl. this issue.$20,400.
BRYANT, Hamlin County,
m. April 6, reports state, by L. H. Fordo, Floating debt, $2,300.
Assess. val. 1912, 3195.170.
posals will be received until 7 p.
semi-ann. 15-year (aver.) water bonds.
City Auditor, for $16,000 5%
CLAY SCHOOL DISTRICT (P. 0. Shinnston), Harrison County,
-BOND SALE.-On Mar. 13 W. Va.-BOND SALE.-The $15,000 5% 10-20-yr. coup. taxable highBUCYRUS, Crawford County, Ohio.
bonds
(ay.) general street-impt. (city's portion)
school-bldg. bonds offered on Feb. 28 (V. 98, p. 628) have been awarded
the $21,500 5% 64-yr.
Farson, Son & Co. of Chicago for $21,960 to the Farmers' Bank of Shinnston at par and int.
V. 98, p. 627) were awarded to were:
The above bonds are part of an issue of $50,000, of which $35,000 was
02.139) and int. Other bids
ottCo.,Cle.321,756 71 previously awarded on Dec. 2 1912 to the Farmers' Bank of Shinnoton at
oy. S.B.&Tr.Co.,Cin_ _$21,900 65 Tillotson&Wolc
Elliott & Haulpar. See V. 97, p. 1229.
Well, Roth & Co., Cin___ 21,876 25 Breed,
90
21,737
Cincinnati
Hayden, Miller & Co.,Cie 21,865 00 son,Sr
CLAYTON SCHOOL DISTRICT (P. 0. Clayton), St. Louis County,
Toledo_ _ _ 21,732 30
Davies-Bertram Co., Cin_ 21,845 00 Stacy Braun,
DEFEATED.-The question of issuing $75,000 bldg. bonds
& Mayer,Cin. 21,684 00 Mo.-BONDSit
was
C.E. Denison & Co., Cie_ 21,840 60 Seasongood
defeated, is stated, at the election held Mar. 12 by a vote of 130"for"
S.B.&Tr.Co.,Tol. 21,668 00
Sidney Spitzer & Co., Tol. 21,775 00 Security
to 99 "against." A two-thirds majority was necessary to authorize.
50
21,572
Tol.
Rorick&Co.,
Spitzer,
00
Bucyrus City Bk., Bucyrus 21,771
21,550 00
CLERMONT COUNTY (P. 0. Batavia), Ohio.-BOND SALE-On
First Nat.13k., I3ueyrus
$50,000 5% inter-county highway bonds (V. 98, p. 851) were
OFFERING.-Proposals will be received Mar. 19 the
BUFFALO, N. Y.-BOND Cochrane,
it is stated, to Field, Longstreth & Richards of Cin. at 102.06.
awarded,
20-yr.
City Compt.,for $125,000
F.
until 12 m. Mar.25 by John
-refunding,
HEIGHTS (P. 0. Cleveland), Cuyahoga County,
CLEVELAND
water
25-yr.
ng,
$275,000
water-refund
25-yr.
hospital, $62,000
-crossing and $100,000 20-yr. refuse-destruction- Ohio.-BOND SALE.-On March 16 the ten issues of 5% coupon bonds.
$101,815 77 20-yr. gradebonds.
& 0.at office aggregating $104,769 (V. 98, p. 540), were awarded to the Provident Say.
A.
Int.
April
Date
11914.
tax-free
reg.
%
4
plant
unconditional Bank & Trust Co. of Cincinnati for $106,131 (101.30) and int. Other
of City Compt. or at Hanover Nat. Bank, N. Y. C. An
cert. check on an incorporated bank or trust company for 2% of bonds bid bids were:
Premium.
Premium.
for, payable to City Compt., required.
$155
$935 00 Otis & Co., Cleveland
Well, Roth & Co., Cin
BURLEY, Cassia County, Idaho.-BONDS OFFERED BY BANK- Hayden, Miller & Co.,Cleve_ 901 00 First Nat. lank, Cleveland.... _ _ Par
ERS.-The German American Trust Co. of Denver is offering to investors Tillotson & Wolcott Co.,Clev 454 70
bonds.
$27.500 6% coupon District No. 1 sanitary-sewer-construction
All bidders agreed to pay accrued interest.
Denom. $500. Date Jan. 201914. lint. 3. & J. at the City Treasury, or
CLINTON COUNTY (P. 0. Frankfort), Ind.-AMOUNT OF
at Kountze Bros., N. Y. Due on or before Jan. 20 1924, being optional in BONDS PURCHASED.-We are advised that of the twelve issues of 4;.5%
numerical order by call of the City Treasurer.
(average) gravel-road bonds, aggregating $60,720, awarded on
6-year
BUTLER TOWNSHIP (P. 0. Salem R. F. D. No. 1), Columbiana Feb. 27, eleven issues, amounting to 849,440, were purchased by J. F.
County,, Ohio.-BOND OFFERING.-Proposals will bo received until Wild & Co. of Indianapolis for $49,739 (100.604) and int. We are not
road- advised as to the purchaser of the $11,280 issue.
12 m. April 3 by J. H. Cameron, Twp. Clerk, for $20,000 5% coupon
improvement bonds. Auth. Secs. 3295. 3939 and 3940, Gen. Code. DeUsing newspaper reports, we stated in V. 98, p. 780 that J. B. Wild &
office.
Treasurer's
the
at
J.
&
J.
Int.
1914.
1
Jan.
Date
all the bonds offered.
nom. $500.
check for Co. were awarded
Duo $2,000 yearly Jan. 1 from 1916 to 1925, inclusive. Certified
COCHISE COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Pearce),
1%, payable to the Twp. Treasurer, required. No debt at present. Ariz.-BOND SALE.-Wm. R. Compton Co. of St. Louis has purchased
Assessed value 1913, $205,300.
6% gold coup. building bonds offered on Feb.3(V. 98. p. 407).
- the $10,000
CANAL FULTON, Stark County, Ohio.-BOND] OFFERING.
$500. Date Feb. 3 1914. Int. F. & A. Total debt this issue.
Village Denom.
valuation, $256.400.
Proposals will be received until 12 m. April 18 by John V. Dugan,
Assessed
(assessment)
Clerk, for $2,000 5% Canal St. sanitary sewer-construction at
COHOCTON, Steuben County, N. Y.-BONDS VOTED.-At the
Exchange
bonds. Denom. $200. Date Feb. 2 1914. Int. F. & A.
election held March 17 the proposition to issue $2,000 water-works-refundBank, Canal Fulton. Due $200 yearly on Feb. 2 from 1915 to 1924, ing bonds carried, it is stated, by a vote of 44 to 9.
Inclusive. Purchaser to pay accrued interest.
COLD WATER, Mercer County, Ohio.-BOND SALE.-No bids were
VOTED.-The
CANON CITY, Fremont County, Colo.-BONDS
$3,600 54% 2-year (average) coupon taxable
Dist. No. 1 steel-viaduct- received, it is stated, for the
question of issuing tho $30.0006% Viaduct Impt.
bonds offered on March 18 (V. 98, p. 851). The bonds
sower-construction
vote
a
by
election held Mar. 14
constr. bonds (V. 98, p. 705) carried at the
sale to the I'eople's Bank of Coldwater
private
at
sold
were
subsequently
after 10 yrs., subject to call after 1924.
of 45 to 16. Due ono-fifth yrly.will
at par.
be offered for sale in about 60 days.
We are advised that these bonds
COLESBURG SCHOOL DISTRICT (P. 0. Colesburg), Delaware
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County, County,
SVOTED.-At the election recently held,the propOhlo.-BONDS VOTED.-Tho question of issuing the $500,000 5% school- osition toIowa.-BOND
issue $10,000 building bonds carried, it is stated, by a vote of
impt. bonds (V. 98, p. 627) carried at the election hold Mar. 12 by a vote 116 to 9.
1,777.
of 2,336 to
COLUMBIA, Richland County, So. Caro.-BONDS VOTED.-The
of
BOND OFFERING.-Proposals will be received by W.C. Lane, Clerk
coupon water-works and sewerage -extension
40-yr. school proposition to issue $500.000 held
Bd. of Ed., until 12 m. April 8, it is stated, for $225,000 5%stated
March 10 (V. 98. p. 780). The vote is
carried at the election
bonds
above.
bonds, being part of the $500,000 issue voted Mar. 12 as
33.
reported as 251 to
Cert. check for $1,000 required.
Ind.-BOND OFFERING.-Proposals
County,
Harrison
CORYDON,
CARLTON COUNTY (P. 0. Carlton), Minn.-BOND OFFERING.
will be received by Victor Wright, Town Treasurer, until 2 p. In.April 3
Proposals will be received until 10 a. m. April 7 by Aug. R. Norman, for
stated.
is
it
bohds,
school
%
$3,000
County Auditor, for $65,000 State rural highway bonds. Due one-tenth
COUNCIL BLUFFS SCHOOL DISTRICT (P. 0. Council Bluffs,)
yearly for 10 years. Certified check for 1% required.
e County, Iowa.-BOND ELECTION.-The voters of this
CARROLL COUNTY (P. 0. Carrollton), Ohio.-BOND SALE.-On Pottawattami
district will have submitted to them at the coming election a proposition to
March 14 the $15,000 5% 5 1-6-yr. (ay.) coup. taxable road-impt. (assess.) issue
g.-addition and impt. bonds, it is stated.
school-bld
$65,000
of
Cin.
at
Co.
&
101.55
bonds (V. 98, p. 851) were awarded to Well, Roth
CREEK COUNTY (P. 0. Sapulpa), Okla.-BOND SALB.-An issue
and int. Other bids were.
court-house and jail bonds was awarded about
Mayer,
&
00
Cln.$15,155
20-year
Seasongood
50
Co.,
%
&
Tol_315,220
Spitzer
$115,000
of
Sidney
Feb. 15 to E. D. Edwards of Oklahoma City at a small premium. Denom.
Spitzer, Rorick & Co., Tol 15,215 50 Breed, Elliott & Harri15,112 50 $1.000. The sale of these bonds Is subject to an election ta be held
Tillotson & Wolcott Co.,Cle15,180 00 son,Cincinnati
Prev. S.B.&Tr.Co.. Cin__ 15,163 50 SecurityS.13.&Tr.Co.,Tol. 15,101 00 March 24.
Stacy & Braun. Toledo___ 15,156 00 New First Nat. Bk., Col_ 15,068 00
CROCKETT COUNTY (P. 0. Ozone), Tex.-BONDS VOTED.-AcCASSVILLE SCHOOL DISTRICT (P. 0. Cassville), Berry County, cording to local newspaper reports, this county has voted in favor of the
Mo.-BONDS VOTED.-By a vote of 200 to 22,the question of issuing question of issuing $40,000 road-constr. bonds.
$13,250 6% 3-20-yr. (son) bldg. bonds (V. 98, 13. 705) carried at the elecCROOKSTON, Polk County, Minn.-BONDS VOTED.-The question held March 3.
tion of issuing 115.000 armory-construction bonds carried, it is stated, at
Black
Cedar
Falls),
(P.
0.
DISTRICT
the election held recently.
CEDAR FALLS SCHOOL
hawk County, Iowa.-BONDS VOTED.-According to reports the
CUMBERLAND COUNTY (P. 0. Portland), Maine .-BOND SALE.
gymand
school-construction
Falls
Cedar
East
$30,000
issue
to
-Reports
state that an issue of $25,000 4% 15-year tax-free bonds has been
proposition
nasium bonds carried at the election held March 9.
awarded to Hayden, Stone & Co. of Portland at 102.359. Other bids were:
the
Co.. Portland...._102.33 D. L. Wingren. Portland_ _101.77
17
Trust
March
S.
U.
-On
SALE.
-BOND
Ohio.
CELINA, Mercer County,
were awarded Fidelity Tr. Co. Portland_ _ _102.281 C. H. Gilman, Portland_ ....10l.66
$80,000 5% 15%-year (aver.) sewer bonds (V. 98, p. 851)Spitzer,
Rorick 0.11. Pease, Portland
101.816 C.E. Denison & Co., Boston.101.433
to the First National Bank of Celina at 100.125 and int.
101.319
Merrill, Oldham & Co., Bost.101.779 Adams & Co., Boston
& Co. of Toledo also submitted a bid.
N. W. Harris & Co.. Boston_101.778
-The
VOTED.
Ga.-BONDS
County,
Walker
GA,
CHICKAMAU
election
the
at
carried
question of issuing $15,000 5% 30-yr. school bonds
DALLAS COUNTY (P. 0. Dallas), Texas.-BONDS TO BR OFFERED
SHORTLY.-According to local newspaper reports, the 3125.000 5% gold
hold Mar. 7 by a vote of 61 to 1.
CHICKASAW COUNTY (P.O. Houston), Miss.-BOND OFFERING. Dallas-Oak Cliff Viaduct paving bonds voted Jan. 22 (V. 98, p. 407) will
-Proposals will be received until April 6 by II. E. Brannon, Clerk Board shortly be offered for sale.
bonds
DAYTON, Ohio.-BOND OFFERING.-Proposals will be received until
of Supervisors, for $100,000 25-year First Supervisor's District road
at not exceeding 6% interest, payable annually. Certified check for 12 m. Mar. 30 by Hugh E. Wall, City Accountant, for the following 5%
required.
bonds:
$5,000
$14,500 street-intersection (city's portion) bonds. Date Dec. 1 1913.
CINCINNATI, Ohio.-BIDS.-The following are the other bids re
12 to
Due $4,500 Dec. 1 1927 and $5,000 on Dec. 1 1928 and 1929.
ceived for the two issues of 414% bonds awarded jointly on March
11,500 Grand Ave. paving (assess.) bonds. Date Dec. 1 1913. Due
the Fifth-Third Nat. Bank, Cin., and Kissel, Kin nicutt & Co., N. Y.,
$1,500 Dec. 1 1914 and $1,000 yearly on Dec. 1 from 1915 to 1924
namely:
inclusive.
$450,000 20-40-year (opt.) University of Cincinnati building and equip8,700 Miami Chapel road-paving (assess.) bonds. Date Dec. 1 1913.
ment bonds at 104.29 and
Due $700 Dec. 1 1915 and $1,000 yearly on Dec. 1 from 1916 to
135,000 40-year water-works bonds at 106.31.
Water-Wotks
1923 inclusive.
University
Bonds.
Bonds.
7,200 street-ext. bonds. Date Nov. 1 1913. Due Nov. 11931.
Bidder$142,978 50
$468,630 00
33,500 storm-water-sewer bonds. Date Dec. 1 1913. Due $3,500 Dec. 1
Hayden, Miller & Co. Cleveland
142.830 00
19'8 and $5,000 yearly on Dec. 1 from 1929 to 1934 inclusive.
467,100 00
Field, Longstreth & Richards, Cincinnati_
Int. semi-ann. in N. Y. exchange. Cert. check for 5% of bonds, payaA.E.Leach & Co.. New York
142,176 00 ble to City Accountant, required. Bonds to be delivered in Dayton at
466,020 00
Seasongood & Mayer, Cincinnati.
City Treasurer's office on April 3. Bids must be for each issue.
Kean, Taylor & Co., New York_
142,477 65
465,925 50
DEER CREEK SCHOOL TOWNSHIP, Cass County, Ind.-BOND
R. L. Day & Co., New York
55
142.469
50
465,898
&
York
Hodges
Co..
New
Remick.
-This district will offer for sale at private sale at 10 a. m.
142,209 00 OFFERING.
465,390 00
Estabrook & Co., New York
April 2 (and from day to day thereafter until sold) at the office of Lolig.
0
& Souder, 212 Fourth St., Logansport. An issue of $23,140 57
Western German Bank
Yarlott
141,550 00 school bonds. Denom.($15) $1,000, (14) 550, (1) $440. Date April 10
_ 465,350 00
Provident Say.Bank& Trust Co. _ _
Int. J. & J. Due $1,550 yrly. on July 10 from 1915 to 1928 incl.
1914.
Well, Roth & Co
465,210 00
and $1,410 on July 10 1929.
Central Trust & Safe Dep. Co., Cincinnati
Tillotson & Wolcott Co., Cleveland
DEERFIELD SCHOOL DISTRICT (P. 0. Deerfield), Franklin
141,995 00
465,122 00
Lee, Higginson & Co.. }Boston
County, Mass.-DESCRIPTION OF BONDS.-The $28,000 4% schoolIllodget & Co.
house bonds awarded on Mar. 11 to Lee, Higginson & Co. of Boston at
00
141,850
00
464,825
1
Cleveland
Otis & Co.,
102.38 and int.(V.98, p.852) are coupon in form and in denom. of $1,000.
Curtis & Sanger, Boston
140,062 50 Date Feb. 1 1914. Int. F. & A. Due $2,000 yrly. Feb. 1 from 1915 to
461,070 00
Atlas Nat. Bank,Cincinnati
1928 incl.
00
140,144
Cincinnati
German National Bank.
L1
942
THE CHRONICLE
WoL. =vim
DENTON COUNTY (P. 0. Denton), Tex.-BOND ELECTION.
-An received until 10 a. m. April 7 by the Board of
election will be held April 25; it is stated,
Directors, Henri Lehmanto decide whether or not this secy., for 59.500 6% irrigation
county shall issue 5300,000 5% Precinct
bonds. Denom. $500. Int. semi-annual.
No. 2 road bonds.
These bonds are part of an issue of $150,000,
the sale of $139,500 of which
DETROIT, Mich.-BONDS PROPOSED.-Reports state that this
was reported in V. 98. p. 85.
city
is contemplating the issuance of $600,000 Michigan Central esplanade
FULTON COUNTY (P. 0. Wauseon),
construction bonds.
Ohio.-BOND SALE.-On
BOND ELECTION PROPOSED.-Local newspaper dispatches state that March 16 the four issues of 5% road bonds, aggregating 591.000 (V.
88,i
p. 706) were awarded to C. E. Denison & Co.
the proposition to issue $1.000000 house-of-corre
of Cleveland for 592.493 80
ction-construction and
101.641) and interest. Other bids were:
site-purchase bonds will be submitted to a vote at the
April election.
ell,Roth & Co..Cin_ _ _ _692,427 00 Sec.Sav.Bk.&
Tr.Co.,Tel.$9
1.979
710ND SALE.-The seven issues of 4% 30-year coup. or reg. tax-free Breed,Elliott
00
& Harr..Cin. 92,343 50
& Braun, Toledo__ 91.874 01
bonds, aggregating 94,411,000. offered March 16 (V. 98, p. 780) were Spitzer.Rorick & Co., Tol. 92,246 00 Stacy
Otis & Co., Cleveland ___ 91,690
00
disposed of to the People's State Bank of Detroit, which agreed
Seasongood
&
Mayer,
Cin.
92.19000 New First Nat.13k., Co_l_ _
to take the
91.395 00
same for a commission of 9139,740.
Sid. Spitzer & Co.. Toledo 92,119 60 Field,
Longstroth & Rich
DUNKIRK, Hardin County, Ohio.-BOND OFFERINO.-Proposals Hayden,Miller & Co.,Clev. 92.064 00
ards, Cin. ($76,000),_ 77.107 10
will be received until 12 m. March 23 by R. R. McElroy, Village Clerk, for
GALVESTON, Tex.-BONDS AWARDED IN
l papers
$1,895 44 6 7 2-5-year (serial) coupon refunding bonds. Denom. (2) state that of the five issues of 5% bonds offered on PART.-sca
March 10. the sale of
3500,(2) $447,72. Date March 11914. Int. M.& S. at office of Village the $200,000school and $150,000 water and sewer-ext. was effected
Mar. 12,
Treasurer. Certified check for 5% of bonds bid for, payable to Village when the Board of City Commissioners granted to Bolger, Mosses.&
Willa
Treasurer, required. Bonds to be delivered and paid for within 10 day
man of Chicago a commission of
% for disposing of the same. At the
from time of award. Purchaser to pay accrued interest.
same time the firm was granted an option on the remaining issues ($75,000
DU PAGE COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Downers fire-boat, $300,000 city-hall and auditorium and $150.000 street-paving)
for sale at the same price, the $25.000 issue for the west end fill only being
Grove), Ill.-BONDS OFFERED BY BANKERS.-The First Trust
& excluded. This latter issue will be disposed
Say. Bank of Chicago is offering to investors $35,000 57
of in the city soon, it was
bldg. bonds. stated.
Denom. $1,000. Date Feb. 2 1914. Int. ann. on Aug. 1o at
the above
The bonds are to be delivered to the bond brokers within twenty days,
bank. Due 51.000 Aug. 1 1915 aad $2,000 yearly Aug. 1 from
to stated Commissioner Kempner. Then the brokers have sixty days
1932 incl. Total bonded debt, this issue. Assess. val. $74'i ,336;1916
in
actual which to dispose of them, at the end of which
value of property, 52,242.000.
time the city will receive the
proceeds, less the commission, and at the same time the brokers will have
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East
Cleve - to exercise their option on the remainder of the bonds. If they decide to
land), Cuyahoga County, Ohio.-BOND OFFERING.-Proposals
will take them,sixty more days will be allowed in which to dispose of the second
be received until 12 m. April 4 by Chas. Ammerman, Clerk Bd. of Ed.,
lot.
for 338,000 5% Shaw High School completion and equip.
An ordinance making amendment in the bonds themselves was passed
bonds. Denom.
61,000. Date "day of sale." Int. M.& S. at Superior Says. & Tr. Co., by the Board, changing
the place of payment of principal from Galveston
Cleveland. Due Mar. 28 1934. Cert. check on a Cuyahoga bank for to New York, or
Galveston, at holder's option.
10% of bid, payable to above Clerk, required. Bonds to be delivered and
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND OFFEETNO.paid for within 10 days from time of award.
state that proposals will be received until 3 p. m.April 2 by Wm.T.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood Reports
Roberts, Co. Aud.,for $6,300 5% drainage bonds.
River County, Ore.-BOND OFFERING.-Proposals will be received
GRAND RAPIDS, Kent County, Mich.-BOND SALE CONEUMuntil April 7, reports state, by the Bd. of Directors, for $29,400 irrigation
MATED.-According to local papers,the sale of the $120.000 street and
bonds. Cert. check for 2% required. These bonds are part of
of $150,000. $71.400 of which was reported sold in V. 98. p. 780. an issue $60,000 sewer 4 % coupon tax-free bonds awarded on Feb. 16 to the
Harris Trust & Say.Bank of Chicago,at 100.875 and int., and subsequently
EAST LIVERPOOL, Columbiana County, Ohio.-BOND SALE.
- refused by them (V. 98, p. 852) has been finally consummated, the bank's
On March 12 the $5,581 75 5% 6 2-5-year (average) street-impt.
(city's objections to the issues having all been overcome.
share) bonds (V. 98, p. 628) were awarded to Spitzer,
Rorick
&
Co.
of
BOND ELECTION.-At the general election to be held in this city in
Toledo, it is stated, at par and interest and a premium of over $90.
April a proposition to issue $138,000 bridge bonds
will be submitted to the
ELIZABETHTOWN GRADED SCHOOL DISTRICT (P.
0. Eliza- voters, it is stated.
bethtown), Hardin County, Ky.-BOND ELECTION.-The
GRAND RAPIDS SCHOOL DISTRICT(P.O. Grand Rapids), Mich.
to vote on the question of issuing 325.000 building bonds (V. 98,election
p.
629) -BOND SALE.-On March 13 the $106,500 4%% 15%-year
will be held, reports state, on March 23.
(aver.)
coupon tax-free site-purchase and building bonds dated Sept. 1
1913(V• 98.
ELMIRA, Chemung County, N. Y.-BOND SALE.-On March
p. S52)
taonl
,
Corrigan
arrisrusst
16
Grand;
f
Rapids,
c ()
the $65,000 434% 6 1-3-year (aver.) tax-free pavement bonds(V.98,
(102.206) jmt. The
p.852) offered a
Bank
were awarded to Jas. R. Magoffin of N. Y. at 101.25 and int. Other
premium of 51.928.
bids
were:
GRANDVILLE, Kent County, Mich.-BONDS VOTED.-The prop"
Estabrook & Co., N. Y -101.21
Crocker & McDowell,ElmIra.100.691 osition to issue $12,000 water-works-s
ystem bonds carried by a -rote o
0.E. Denison & Co.,Cleve_101.15
Adams & Co., N Y
179 to 26, it is stated, at the election held March 9.
100.69
Equitable Trust Co., N. Y_101.089 Wm. R. Compton Co., N.Y_100.67
GRANT INDEPENDENT SCHOOL DISTRICT (P. 0. Grant),
R. M.Grant & Co., N. Y101.078 Isaac W. Sherrill, Pough'sle_100.67
Montgomery County, Iowa.-BONDS VOTED.-By a vote of 118 to 14
Hallgarten & Co., N. Y_ _ _ _101.0625 A. B. Leach & Co., N. Y.._ _100.67
the proposition to issue $19,000 building and equipment bonds
Remick, Hodges & Co.. N.Y.101.033 Lee. Higginson & Co., N. Y_100.66
carried, it is
stated, at the election held March 9.
Rhoades & Co., N.Y
100.897 Curtis & Sanger, N Y
100.656
John Watkins. N Y
GREENE COUNTY (P. 0. Xenia), Ohio.-BOND SALE.-On March
100.77
14 the $2,500 5% 3-year (ay.) poor-relief bonds (V.98,p.780)were awarded
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BOND OFFERING.
- to the Xenia National
Bank, Xenia, at par and interest.
Proposals will be received until 10 a. m. April 7 by the Co. Commrs., Jas.
Mac Gibbon, Clerk, for $18,500 4%% coupon bonds. Denom. $500.
GREENE COUNTY (P. 0. Greeneville),
-BOND RAMC.
Int. ann. on Oct. 1 . These bonds are part of an issue of $180,000, of which The $200.000 5% 30-year road bonds offered onTenn.
26 (Y. 98. p. 408)
$78,500 was issued April 1 1912 and $50,500 was issued April 1 1913. have been awarded to Curtis-Ward Co.,Chicago, atFeb.
101.05. Demons.$500.
Cert. check for 2%% of bid. required. Bonds to be delivered to purchaser Date Oct. 15 1913. Int. J. & J.
at American Nat. Bank, Pensacola.
GREENSBORO, No. Caro.-BONDS PROPOSED.-It is
that
FALL RIVER, Bristol County, Mass.-BOND OFFERING.-Propos- this city is considering the issuance of $25,000 street-impb.reported
and $25,000
als will be received until 10:30 a. m. to-day (March 21) by the City Treas- school and playgrounds bonds.
urer, it is stated, for the following 4% bonds:
GREENESVILLE COUNTY,Va.-BOND OFFERING.-Pronossis will
$155,000 improvement loan. Duo 515.500 yearly from 1915 to 1924, incl.
95,000 highway loan. Due $19,000 yearly from 1P15 to 1919, inclusive. be received until 12 m. April 22 for an issue of $40,000 countybonds. For
60,000 sewer loan. Due $2,000 yearly from 1915 to 1944, inclusive.
information apply to W.R. Cato, Agent,(P. 0. No. Emporia.)
All the above bonds are dated March 2 1914.
The official notice of this bond offering will he found among the advertiseFINDLAY, Hancock County, Ohio.-BOND SALE.-On March 5 ments elsewhere
in this Department.
the $9,800 5% 6-year (ay.) Third St. paving bonds (V. 98, p. 540) were
GREENWICH, Huron County, Ohio.-BOND OFFERING.-Proawarded to Davies, Bertram & Co., Cincinnati, for $10,001-equal to
posals will be received until 12 m. March 23 by F. H. Daniel, Clerk,
102.05. Other bids were.
for
Prov. S. B.& Tr. Co., Cin_$9,967 58 First Nat. Bk. Findlay_ _ _$9,875 00 $6,500 6% coup. taxable electric-light-impt. bonds. Denom. $500. Date
Well, Roth & Co., Cinc__ _ 9.957 00 Spitzer, Rorick & Co., Tol_ 9,867 50 Jan. 5 1914. Int. J. & J. in Greenwich. Due $500 each six months from
Seasongood & Mayer,Cinc. 9,953 00 Sidney Spitzer & Co., Tol__ 9,831 00 Jan. 2 1921 to Jan. 5 1927 incl. Certified check for $200, payable to
"Village of Greenwich," required. Bonded debt (incl.
Otis & Co., Cleveland
9,912 25 Security Savings Bank &
floating debt, $304. Assessed valuation. 61,109,910. this issue), 849,350;
First Nat. Bank, Athens__ - 9,975 00
Trust Co., Toledo
9,831 00
GROVETON INDEPENDENT SCHOOL DISTRICT (P. 0.
OFFERING.
BOND
-Proposals wi I be received until 12 m. April 6 by
Grove.
ton), Trinity County, Tex.-BOND OFFERING.-Proposals
Richard 0. Mungen. City Auditor, for the following 5% sewer bonds:
be
33,159 So. Park addition bonds. Denom. (1) $159, (6) $500. Due $159 received until 2 p. m. April 14 by the School Board, Hayne Nelms,will
for
$9,000 5% 1.0-40-year (opt.) coupon building bonds. Dimon'.Secy.,
April 1 1915 and $500 on April 11916, 1918, 1920, 1922, 1923 & 1924.
$100.
5,110 Crystal Ave.sewer bonds. Denom.(1) $110,(10) $500. Due 3110 Date Jan.3 1913. Interest payable in Austin, Groveton or New
York
No deposit required. Bonded debt (including this issue),
April 11015 and $500 yearly on April 1 from 1916 to 1925 incl.
$34,000.City.
No
Date April 11914. Int. ann. Certified check for 3% of bonds bid for, floating debt. Assessed value, $1,052,000; actual value. $2,000,000.
payable to City Treasurer, required. Bonds to be delivered and paid for
GUSTAVUS TOWNSHIP (P. 0. Farmdale), Trumbull County,
within 10 days from time of award. Purchaser to pay accrued interest.
Ohio.-BOND SALE.-On Mar. 16 the $30,000 5% coup. taxable
road
impt. bonds (V. 98, p. 706) were awarded, It is stated,
FISHER SCHOOL DISTRICT (P. 0. Fisher), Champaign
Nat. Bank of Columbus for $30,305-equal to 101.016. to the New First
111.-BONDS VOTED.-Reports state that the question of issuingCounty,
$14,000
Other bids were:
school bonds carried at the election held March 11 by a vote of 150 to
55.
Tillotson&WoicottCo.,Cievo$30,1201 Stacy & Braun, Toledo.. _ _830.638
81
FLOMATON SCHOOL DISTRICT (P. 0. Flomaton), Escambia Sidney Spitzer & Co., Toledo 30,997 ISpitzer,
Rorick & Co.,Tol. 30,025 00
County, Ala.-BOND SALE.-Reports state that this district has dis- Otis & Co., Cleveland
30,060 Seasongood & Mayer,Ctn. 30,002 00
posed of an issue of $10,000 school bonds authorized by a vote of 55 to 3
HALLS, Lauderdale County, Tenn.-BOND OFFERING.-Further
at the election held March 7.
details are at hand relative to the offering on March 28 of the $25,000 6%
FOREST, Hardin County, Ohio.-BOND OFFERINO.-Proposals 25-year coupon water
light-plant bonds (V. 98, p. 852). Proposals
will be received until 12 m. Apr. 3 by J. A. Clinger, Mayor, for the follow- for these bonds will beand
received until 2 p. m. on that day by the
ing 5% bonds:
Denom. $500 or $1,000. Date April 1 1914. Int. annually inMayor.
Halls.
$250 sewer-ext.-constr. bonds. Int. ann. Due Apr. 1 1915.
Bonded debt, 54.000. Floating debt, $3,000. As.ses. val. 1913, 5428,650.
250 sewer-ext.-constr. bond. Int. ann. Due Apr. 1 1916.
HAMILTON, Butler County, Ohio.-BIDS.-The other bids received
500 refunding bond. Int. semi-ann. Due Apr. 1 1924.
for
the
$50,000 5% 1-10-yr.(serial)coupon flood-emergency bonds
Date Apr. 1 1914. Cert. check for 5% of bonds bid for, payable to VII.
March 12 to Blodget & Co.of Boston at 1022.342(V.98, p.852)awarded
Treas., required. Bonds to be delivered and paid for within 10 days from on
were •
A.B.Leach & Co..Chicago.$51,151 00 E. H. Rollins & Sons, Chicago$50.7
time of award. Purchaser to pay accrued int.
55
Stacy & Braun, Toledo_ __ 51,090 00 Prov. Sav.B. & Tr. Co.,
Cin. 50,700
FORT MADISON SCHOOL DISTRICT (P. 0. Fort Madison), Lee C.E.Denison & Co.,Cloy 51,087 50 Security Say.Bk.&
Tr.Co.,Tol.
County, Iowa.-BONDS VOTED.-By a vote of 1,484 to 575 the voters Parson, Son & Co., Chic_ 51,080 00 Seasongood & Mayer, Ctn.__ 50,420
of district recently authorized the issuance of 535.000 school-building bonds, Spitzer, Rorick & Co., Tol. 51,068 00 R. L. Dollings Co., Hamilton 50,405
50,250
it is stated.
Sidney Spitzer & Co., Tol. 51.057 00
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND SALE.HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND SALE.On Mar. 17 the 536.500 4% White Water River flood bridge bonds On Feb. 28 the three issues of 3i% 6 year (aver.) road bonds (V.
98, P.
(V. 98, p. 466) were awarded, It is stated, to J. F. Wild & Co. of Indian- 629) were awarded as follows:4to
the Citizens'State Bank, Noblesville
apolis for $38.367-equal to 105.115.
$5,600 for 55,622 50, equal to 100.401, and $3,720 for $3,739,
equal to
100.268:
to
Mrs.
$1,800
Robert
Washington,
at 100.5.
C.
FRANKLIN COUNTY (P.O. Columbus), Ohio.-BOND OFFERING.
HARDIN, Big Horn County, Mont.-BOND SALE.-On
Proposals will be received until 10 a. m. April 2 by John Scott, Clerk of
March 10
the $30,000 6% 10-20-year (opt. gold coupon tax-free water-system
Board of County Commissioners, for the following 5% road-impt. bonds:
bonds
$9,000 Leppert Road-improvement bonds. Due $3,000 yearly on April 1 (V. 98, p. 541) were awarded to Wm.E. Sweet & Co. of Denver at par
and
interest less $590 for 'minting bonds, &c. The following
***
from 1917 to 1919 inclusive.
bidders,
offered
par
and
interest less discounts:
62,500 Watt Road improvement bonds. Due $20,000 on April 1 1917
and 1918 and 922,500 April 11919.
Discount.
Discount.
19,000 Kilgore Road improvement bonds. Due $9,000 April 1 1918 and T. R. Sutherlin & Co., Kan. Cy..$560 Spitzer, Rorick & Co.,Toledo_$1,40
0
John Nuveen & Co., Chicago..__*600 Ferris & IIardgrove, Spokane_
$10,000 April 11919.
1,470
Jas. N. Wright & Co., Denver.... 600
10,000 Hall Road impt. bonds. Due $5,000 on April 1 1918 and 1919.
1991Denom. $500. Date April 1 1914. Int. A. & O. at County Treasury.
* This bid appears to be higher than that of the purchaser's, but is so
Certified check on a national bank or trust company (or cash) for 1% of
bonds bid upon. Payable to Board of County Commissioners, required. given by the Town Clerk.
Bonds will be ready for delivery on day of sale.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND SAL -On
Proposals will be received until 10 a. m. April 8 by John Scott, Clerk Feb.2the$75,850
51 % 2-year (average) ditch-construction bonds'(V. 98.
Board of County flgmmrs.,for 56.0005% Walker road-Improvement bonds. p. 408) were awarded
Denom. $500. Date April 1 1914. Int. A. & 0. at office of County basis of about 5.23%.to Seasongood & Mayer of Cincinnati at 109.52-a
-Treasury. Due April 1 1919. Certified check (or cash) on a national
HARRISON COUNTY (P. 0. Corydon), Ind.-BOND OFFERING.
bank or trust company for 1% of lynuislbld for, payable to County Comms.
Proposals will be received until 2 p. m. March 28 by
required. lIgnds will be rewly for delivery on day of gale.
J. D. Pitman, County
Treasurer, for $6,300 Harrison Twp. and 87.560 Washington
Twp. 4%%
FRENCHMAN VALLEY IRRIGATION DISTRICT (P. 0. Cubert- road bonds.
Denom. $175 and $210, respectively. Date Merck 4 1914.
on), Hiteheoek County, Neb.-BOND OFFERING.-Proposals will be Int. semi-annual.
Due first bonds beginning May 15 1915.
LIrat s.
MAR. 21 1914.]
THE CHRONICLE
943
AmeriJONESBORO, Craighead County,Ark.-BOND SALE.-The
HAVERHILL, Essex County, Mass.-TEMPORARY LOAN.-A tem637 1-10-_year
of can Trust Co. of Jonesboro was awarded on Feb. 22 $19,500
Date
$500.
Denom.
porary loan of $140,000 has been negotiated with Blake Bros. & Co.
100.128.
to
(ser.) paving bonds for 319,525-equal
Boston at 3.32% discount. Loan matures Sept. 8 1914.
April 1 1914. Int. J. & J.
Other bids were:
County,
Lesueur
Discount.
Discount.
KASOTA SCHOOL DISTRICT (P. 0. Kasota),
Haverhill_ _3.48% Minn.-BONDS VOTED.-According to reports, this district at a recent
listabrook & Co.,Boston__ _ _3.35% Essex Nat. Bank,
bonds.
First Nat. Bank, Boston ---3.375% Loring,&Tolman & Tupper.Bos3.50% election voted in favor of the issuance of $4,000 school
Sanger,t$60.000---3.2370
RESCINDEDi
R. L. Day & Co., Boston_ _ _3.39% Curtis
KEARNEY,Buffalo County, Neb.-BOND ELECTION
A 80,000____3•45% -The
Boston
was to have been
which
City Clerk advises us that the election
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.-BOND OFFER- held Mar. 10 to vote on the question of issuing $6,000 5% 5-10-year (opt.)
8 by James Tipton, park bonds was rescinded.
ING.-Proposals will be received until 12 m. April
Chairman of County Court, for $121,700 bonds, it is stated. Cert. check
KENNEDY HEIGHTS (P. 0. Cincinnati), Hamilton County, Ohio.
required.
for $500
-BOND SALE.-The Norwood Nat. Bank of Norwood has purchased
Hemp0.
(P.
at
par and int. the $4,715 98 5 7 1-5-yr. (ser.) coup. sidewalk (assess.)
DISTRICT
SCHOOL
ENT
INDEPEND
HEMPSTEAD
-The question of bonds offered without success on Dec. 20(V.98, P. 86)•
stead), Waller County, Texas.-BONDS VOTED.
reports
carried,
706)
p.
(V.
98,
bonds
-school-bldg.
high
KENT
COUNTY (P. 0. Grand Rapids), Mich.-BONDS PROPOSED.
$20,000
issuing the
-This county proposes to issue $100,000 road-constr. bonds during May.
state, at the election held March 3.
Vance
BOND
ELECTION
PROPOSED.-Reports state that an election will be
,
County,
(P. 0. Henderson)
HENDERSON TOWNSHIPSOLD.
-Up to March 18 no sale had been held in the near future to vote on the question of issuing $5,500 Caledonia
No. Caro.-BONDS NOT YET
on
coupon
bonds.
5%
bridge-constructi
$30,000)
of
an
issue
of
portion
(unsold
made of the $10,000
KEYTESVILLE SCHOOL DISTRICT (P. 0. KeytesvIlle), •Chariton
tax-free graded school bonds (V. 98, p. 176)•
S VOTED.-At the election held Feb. 24 the propoSALE.-Thls village County, Mo.-BONDbldg.
bonds carried,it is stated, by a vote of 122 to 23.
HENNING, Ottertail County, Minn.-BOND
to Issue 315.000
sition
election
an
at
authorized
bonds
village-hall
4%
has sold an issue of $2.000
SCHOOL DISTRICT NO. 183, Wash.-BOND
COUNTY
call.
to
KING
held March 16 by a vote of 59 to 44. Due 1929, subject
OFFERING.-Proposals will be rceived until 3 p. m. April 6 by W. H.
HERNANDO COUNTY(P.O. Brooksville)Fia.-BOND OFFERING: Hanna, County Treasurer (P. 0. Seattle), for $9,000 10-20-year (opt.)
-Proposals will be received until 12 m. April '7 by the Board of County
coupon building and equipment bonds. Auth. election held March 7,
Commrs., M. H. Snow, Clerk, for the $250,000 (not $200,000, as first Denom.$500. Int. (rate not to exceed 6%)ann. at office of Co. Treas. or
reported) highways and $50,000 funding 5% 30-year bonds (V. 98, p. 541)• at fiscal agency of State of Washington in N.Y.City. Cert.check or draft
Treas., required, except with bid
Certified check for 5% required.
for 1% of bonds bid for, payable to Co.be
ready for delivery May 1. Bond.
from State of Washington.• Bonds will
HICKMAN COUNTY (P. 0. Clinton), Ky.-BOND SALE.-The
none.
Assessed valuation $182,355.1
on
offered
warrants
bonds
District
Outstanding
Drainage
debt none.
0 registered taxable Bullock
$53,750 67
R. H. and G. A.
Feb. 28 (V. 98, p. 511) were awarded on that day to eV
COUNTY SCHOOL DISTRICT NO.28, Wash.-BOND SALE.
KING
interest.
and
coup. bldg. and equip.- bonds
(opt.)
-year
par
at
-20
Memphis
of
5
McWilliams
-On Mar. 16 the $20,000
Mich.-BOND SALE.-This dated Apr. 1 1914 (V.98. p. 707) were awarded to the State of Washington
HIGHLAND PARK, Wayne County,
due at par for 5s. There were no other bidders.
bonds,
rks-construction
water-wo
%
434
village has sold $450.000
on Feb. 16 to the Highland
March 10 1934. These bonds were awarded
KING COUNTY UNION HIGH SCHOOL DISTRICT NO. 13,
refused. The bonds have since
OFFERING.-Proposals will be received until 2 p. m.
Park State Bank, but were subsequently
Ma si Wash.-BOND
$52.
p.
6 by W. H. Hanna, County Treasurer (P. 0. Seattle), for 39,500
been re-voted. See V. 98.
April
-The 2-20-year (opt.) coupon construction and equipment bonds. Authority
ISSUED.
NOT
-BONDS
Ohio.
County,
Henry
HOLGATE,
bonds,
$500. Int. (rate not to exceed 6%)annuVillage Clerk advises us that the three issues of 5;6% street-impt. were election held Mar. 7. Denom.
ally at office of County Treasurer,or at fiscal agency of State of Washingaggregating $16,500, advertised to be sold Feb. 20 (V. 98, p. 467),
amounting
issues
or draft for 1% of bonds bid for, payNew
was
not
check
correct.
bonds
Certified
of
amount
York.
the
New
as
in
ton
not issued,
with bid from State of Washto $11,546 46 were sold on March 10 to take the place of the above bonds. able to County Treasurer, required, exceptMay
1. Bonded debt, none.
DM" 44,NMI
ington. Bonds to be ready for delivery
See V. 98, p. 852.
value,
$203,347.
Assessed
51.573.
warrants,
SOMERVILLE TOWNSHIP, Medina County, Ohio.-BOND SALE'. Outstanding
No."N," Wash.
DISTRICT
SCHOOL
HIGH
UNION
-The New First National Bank of Columbus has been awarded $28,000
COUNTY
KING
bldg.
road bonds for 328,457-equal to 101,63.
-BOND SALE. On Mar. 16 the $12,000 2-20-year (opt.) coup.,to
the
awarded
were
707)
p.
(V.98,
1
April
1914
dated
bonds
OFFERING.
equip.
and
-BOND
Ore.
River
County,
Hood
HOOD RIVER,
bidders.
other
no
were
There
5s.
for
par
at
Proposals will be received until 6 p. in. April 6 by H. L. Rowe, CityRe- State of Washington
Adair
0 improvement bonds:
corder, for the following 67
KIRKSVILLE SCHOOL DISTRICT (P. 0. Kirksville),
(opt.) bldg.
$420 98 Sherman Avenue sidewalks bond.
County, Mo.-BOND SALE.-The 380,000 5% 5-20-year
bonds offered on Feb. 7 (V. 98, p. 467) have been awarded to Francis-,
1,390 54 Ninth St. sidewalk bonds. Denom. (2) $500, (1) $390 54.
84.
$493
(1)
and
int.
$500,
at
102.24
(17)
Louis,
St.
Co.,
Denom.
St.
Ninth
bonds.
impt.
84
&
Bro.
8,993
Date Dec. 22 1913. Int. J. & D. at office of City Treasurer. Due in
LAKE COUNTY (P. 0. Painesville), Ohio.-BOND OFFERING.
10 years, subject to call any interest-paying period after 1 year. Separate Proposals will be received until 12 m. April 6 by the Board of Commisissue.
bids must be made for each
Albert Davis, County Auditor, for the following 414% roadW.
sioners,
TO BE improvement bonds:
HOPAINSVILLE, Christian County, Ky.-NO BONDS
the $100,000 $68,000 South Ridee Road-impt. bonds. Due 31.500 March 1 and Sept. 1
ISSUED.- The Clerk advises us that there is no prospect for
1915. 32,000 each six months from March 1 1916 to Sept. 1 1924
bond issue proposed by this city for school-building and street improveincl., $1,500 each six months from March 1 1925 to Sept. 1 1033
ments (V. 98, p. 706).
incl. and 32.000 on March 11934.
Fifth-Third
the
that
state
SALE.
-Reports
-BOND
Tex.
HOUSTON,
Due $1,500 each six months from
50.000 Lake River Road impt. bonds. incl.
R. Compton Co. of St.
Nat. Bank and Well. Roth & Co. of Cincin., W.
and $1,000 each six months
March 1 1915 to Sept. 1 1924
of Chicago
Louis and the Continental & Commercial Trust & Say. Bank
inclusive.
1934
from March 1 1925 to Sept. 1
subject to
have been awarded $500,000 5% waterworks bonds, due 1954,
Date March 11914. Int. M.& S. at County Treasury.
3500.
Denom.
call after 1934.
County bank for 5% of bid, payable to County
- Certified check on a Lake
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND OFFERING.
Bonds to be delivered and paid for within 10 days
25 by Larry Treasurer, required.
Reports state that bids will be received until 2 p. m. March bonds.
award.
of
time
from
Due
Ryan, Co. Treasurer. for $3,800 414% road-improvement
LAKEWOOD, Cuyahoga County, Ohlo.-BOND SALE.-The folpart each six months for 10 years.
lowing bids were received for the eight issues of 5% bonds offered on
.-ProOFFERING
-BOND
Ohio.
County,
HUBBARD, Trumbull
17:
March
•
Clerk,
VII.
13urivig,
W.
posals will be received until 12 m. April 6 by Geo.
1. $36,000 00 Franklin Extension 5% Bonds.
Date April 1 Item No. 2.
19,550 00 Webb Road 6% Bonds.
for $5,000 5% coupon water-works bonds. Denom. $500.Due
yrly.
$500
Hubbard.
Co.
Banking
Hubbard
17,100 00 Brockley Avenue 6% Bonds.
3.
1914. Int. A. & 0. at
for,
bid
bonds
of
check for 5%
0 Bonds.
7,040 00 Wyandotte Avenue 57
4.
on April 1 from 1920 to 1929 incl. Cert.
paid for within
2.150 00 Riverside Avenue 5% Bonds.
payable to VII. Treas., requieed. Bonds to be delivered andinterest.
5.
Bids
9,300 00 Lakeland Avenue 5% Bonds.
10 days from time of award. Purchaser to pay accrued
6.
Ng
.
7,950 00 Carabell Avenue 5% Bonds.
must be unconditional.
7.
675 00 Maile Avenue 57 Bonds.
8.
HUBBARD TOWNSHIP (P. 0. Hubbard), Trumbull County, Ohio.
,878 06 for items 1 to 8. incl.
of $2°
road Tillotson & Wolcott Co. hid premium
-BOND SALE.-On March 16 the $50.000 5% 11 1-5-year (aver.)
14
1 to 8, incl.
2,881 00
at
Toledo
of
co. '
&
Co.
Miller
&
Spitzer
Hayden,
Sidney
to
p.
awarded
were
852)
98,
bonds (V.
80 " " 1 only.
1,491
blank
furnish
"
Co.
C. E. Denison &
101.30. The purchaser agreed to pay all attorneys fees and
2,234 10 " " 1 to 8, incl.
"
First Nat. Bank, Cleveland
bonds. Other bids were:
2,805 00 " " 1 to 8-, inel.
"
Seasongood & Mayer, Cin.
Stacy & Braun. Toledo_ _350.802 14 1 Seasongood & Mayer, Cin- _350,535
50,383 Security S. Bk.& Tr. Co., Tol.
1,435 00 " " 2 & 3 only.
Tillotson & Wol.Co.,Clev. 50.793 75 Otis & Co., Cleveland..
11,435 20 " " 1
50.228 Stacy & Braun, Toledo
Well, Roth & Co., Cin_ _ _ _ 50,640 00 Spitzer, Rorick & Co., Tol
78 " " 2 to 8. incl.
12,258
SALE.Calif.-BOND
HUNTINGTON BEACH, Orange County,
1,527 25 " " 1 only.
& Co.. Toledo "
ear (ay.) gold sewer bonds (V. 98, p, Sidney Spitzer
00 " " 1 only.
On March 2 the $35,000 5;6% 18-y
1,440
Cin.
Co.,
&
Tr.
Bk.
S.
Provident
at
100.60
Los
Angeles
of
Co.
&
Marshall
3,533 00 " " 1 to R, incl.
408) were awarded to Torrance,
Well, Roth & Co.. Cincinnati
$35,011.
bid
Chicago
of
Co.
&
Son
1 to 8, incl.
Farson.
in
and
Otis & Co., Cleveland
o.
"
,NT SCHOOL DISTRICT (P. 0.
led
o0
2.,9
45T0
Item No. 1 sold to Sidney Spitzer & Co
rNTINGTON INTAPENDF
VOTED.-An election
Toledo.
Va.-BONDS
of
W.
Braun
&
to
Stacy
County,
sold
8,
to
2
inclusive,
Cabell
Nos.
Items
),
Huntington
to issue $500,000 building
held March 7 resulted in favor of the proposition
LAPEER COUNTY (P. 0. Lapeer), Mich.-NO BOND ELECTION.
of the issue.
to
bonds. Of 2.331 votes cast, 1,721 were in favor
We are advised that no election will be held to vote on the proposition
SALE.-On Mar. 10 issue
$250,000 good-roads bonds(V.98, p. 176), as the Board of Superthe
HURTSBORO, Russell County, Ala.-BOND
of.
disposed
was
bonds
light
it.
and
against
voted
water
visors
6%
$24,000
an issue of
Mar. 16 the State Board of
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND OFFERING.
INDIANA.-TEMPORARY LOAN.-On
of $200,000 with Bond & Goodwin Proposals will be received until 10 a. m. March 23 by Jos. Johanni, County
Finance negotiated a temporary loan
stated.
it
Treasurer, for the following 4'A% bonds:
of Chicago at 314% interest until June 30, is
OF BOND ELEC- $21,200 0. A. Carlson et al. highway-impt. bonds. Denom. $530. Due
INGLEWOOD,Los Angeles County, Cal.-RESULT
the questions of issuing
one bond each six months.
TION.-At the election held Mar. 10(V.98, p.707),
defeated, rewas
bonds
3,200 L. R. Cass et al. highway-impt. bonds. Denom. $80. Duo one
-protection
fire
$2.000
and
city-hall
the $25,000
six months.
bonds.
each
park-impt.
bond
$5,000
the
ports state, while the proposition to issue
Date March 16 1914. Int. M.& N.
carried.
SCHOOL DISTRICT (P. 0. Lamed), Pawnee County,
10
March
papers
dated
LARNED
Moines
IOWA.-CERTIFICATE SALE.-Des
sion Kans.-BOND SALE.-On Mar. 1 the $40,000 5% 1-20-year (ser.) school
state that $675,000 certificates on account of Capitol-grounds-exten
in Jan.(V.98, p. 408) were awarded to the State School Fund
rewas
offered
these
of
certificates
bonds
of
sale
$400,000
The
of.
have been disposed
Commission at par and interest.
ported in V. 98. p. 541.
BURG, Dearborn County, Ind.-BOND SALE.-On
-On
LAWRENCE
,
SALE.
Ind.
-BOND
Brownston)
JACKSON COUNTY (P. 0.
to
(average) highway improvement bonds March 17 337.000 4;4 7, refunding bonds were awarded, it is stated,
March 17 the $2,560 4'4% 514-year
of Indianapolis for 339,150-equal to 105.81. Denom.
Co.
&
Seymour
Wild
of
F.
to
J.
Albert
Ahlbrandt
awarded
stated,
is
it
were,
(V. 98, p. 781)
1934.
1
April
Due
Si 3500.
for $2,573 50-equal to 100.527.
LINCOLN, Neb.-nom')OFFERING.-Pronosals will be received until
0. Gainesboro), Tenn.-BOND SALE.'JACKSON COUNTY (P.
$8,850 Paving Diet.
bonds offered on Feb. 21 (V. 98, 2 p. m. Mar. 31 by Theo. II. Berg, City Clerk. forPavin.%
The $100,000 5% 30-year road-constr.
Dist. No. 72.
at No. 243. 32,250 Paving Dist. No. 262. $750 Alley
Columbus
of
Nat.
First
Now
Bank
to:the
awarded
P. 541) have been
Paving Dist. No. 73. $830 Alley Paying Dist. No. 74, 332.850
Alley
$390
par and interest.
58,460
Paving Dist.
256,
No.
Dist.
Paving
364,570
247,
No.
County, Paving Dist.
JACKSON SPECIAL SCHOOL DISTRICT, Northampton April 6 No. 261,$7,150 Paving Dist. No. 269, 33.250 Pavine Dist. No. 271. $6,870
No. 188. e3,8!n Paving Dist.
Dist.
Paving
No. Caro.-BOND OFFERING.-Proposals will be received until
314,700
No.
253,
Dist.
Paying
by S. 3. Calvert, Clerk, Board of County Commissioners (P. 0. Jackson),
$12,420 Paving Dist. No. 257. 32,150 Paving Dist. No. 249.
bonds. Denom.$500. Int. an, No. 254,
No. 39 paving
for 85,000 9% 8-17-year (ser.) coup. school
$770 Alley Paving Dist. No. 54 and $1,480 Repavine Dist.
Ohio.
County,
Seneca
Fostoria),
0.
at not exceeding 5% int. and $48.000 funding bonds at
bonds
(P.
(assess.)
JACKSON TOWNSHIP
April 1 1914.
Date
purchaser.
road-impt.
to
suit
the
that
$35,000
Denom.
int.
are
advised
not exceeding 414%
DESCRIPTION OF BONDS.-We
on Feb. 26 Int. ann. on paving and semi-ann. on fund.at office of City or StateTreas.
bonds awarded to the New First Nat. Bank of Columbus
the
1 1915 and
at
April
yearly
beeinning
interest
issue
each
of
bear
and
of
n
$1,000
one-tenth
due
bonds
denominatio
Paving
are
in the
(V• 98. P. 781)
yrly.
funding bonds one-tenth yrly. beginning .April 1 1924, and one-tenthcheck
rate of 5%. Date Feb. 15 1914. Int. M. & S. Due seriallyifrom 1915
to call after 10 yrs. Cert.
subject
WA
being
unpaid
iiir
bonds
r
all
thereafter.
1924.
to
Official
required.
bonds
funding
bid
on
2%
of
and
paving
on
bid
of
SALE.
for 1%
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-BOND
aid the prindi al and inturnpike bonds circular states that the city has always prom ti
On March 7 the $35,000 5;4% coup. Croxton's Run free
& Co. of terest on all bonds previously issued. I
(V. 08, p. 630) were awarded, It is stated, to Sidney Spitzer
-1,.
LOCKLAND, Hamilton County, Ohio.-BOND SALES.-On Mar. 16
Toledo for $36.204 50-equal to 103.441.
Ohio Traction
LT OF the $4,723 35 5% Williams St. improvement (assess. and
JEFFERSON COUNTY (P. 0. Beaumont), Tex.-RE.SU
portion) bonds (V. 98, p. 707) were awarded, to Well, Roth & Co.
the
Co.'s
630)
p.
98,
10
(V.
March
held
At
the
election
BOND ELECTION.
at
101.016.
Cincinnati
reports
of
carried,
Dist. No. 4 drainage bonds
on the
question of issuing the 355.000
The 326.594 71 5% Wyoming Ave. improvement bonds offered
No. 5 drainage
state, while the prnposttlon to Issue the $200.000 Dist.
date (V. 98, p. 707) were awarded, to the Provident Savings Bank
bonds was defeated. A netttion Is being circulated calling for another same
at
101.373.
Cincinnati
of
Co.
Trust
&
election to vote on the defeated issue.
944
THE CHRONICLE
[VoL. xcvm.
Other bids were:
MONROE COUNTY (P. 0.
First National Bank, Norwood (both
Bloomington), Ind.-BOND OFFER$31,.651 25 ING.-Proposals will be received
Seasongood & Mayer, Cincinnati (bothissues)
until 2 p. m. Mar. 25 by 3. D. IfensleY.
issues)
31,588 09 County Treasurer, for $4,150 434%
Field, Longstreth & Richards, Cincinnat
i.($26,594 71 issue)
26,936 56 Due part each six months for 10 road-improvement bonds, it is stated.
years. A. similar issue of bonds were
LODI, Medina County, Ohio..:-BONDS
reported
issuing $15.000 sewer-system bonds carried, it isVOTED.-The question of p. 409). sold to the Meyer-Riser Bank of Indianapolis on Jan. 19 (V.
98,
stated, at the election held
March 17 by a vote of 175 to 37.
MOUNTAIN GROVE SCHOOL DISTRIC
'LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals Wright
T (P. 0. Mountain Grove),
County,
Mo.-BO
NDS VOTED.-The questionof
wiji be received until 12 m. April 14 by Geo.
issuing
Damon, City Auditor,for high-school-impt. bonds carried, reports state,
$16,000 5% coup.fire-impt. bonds. 1C730M.N.
at the election held $15,009
$1,600. Date Mar. 15 1914. by a vote of 369 to 71.
Mar. 9
Int. M. & 13. at office of Sinking Fund Trutsees.
$2,000
yearly
on
MOUNT DORA, Lake County, Fla.
Sept. 15 from 1920 to 1927 incl. Certified check on Due
-DESCRIPTION OF BONDS.-,
Lorain bank or any We are advised that the $12,000
national bank for $1,000, payable to City Treasurer arequired.
paving bonds voted in
1913
be delivered and paid for within 10 days from time ,of award. Bonds to (V. 97, p. 1765) are coupon in form and are in the denom. October
of $100 each.
Int. payable at Bank of Mt. Dora. Due $1,000 yearly
LOS ANGELES SCHOOL DISTRICT (P. 0. Los Angeles),
beginning Nov. 1
1922.
No
bonded
Calif.or floating debt.
BOND ELECTION PROPOSED.-Reports state that an
election will
MT. VERNON, N. Y.-BOND SALE.-On March
be held about April 26 to vote on the questions of issuing
$5,260,000 gram- 4%7
0 6-year tax-free assessment bonds (V. 98, pp. 782) 17 the $42,000
mar and $2,240,000 high-school 4%% bonds.
wereawardedte
Parkinson & Burr of N. Y. at 101.1 and int.
LOUISBURG TOWNSHIP (P. O. Louisbur
Other
were:
Yonkers
g),
Franklin
S. Bk., Yonkers_$42,449 40 Isaac W. Sherrill,bids
County,
No. Caro.-BONDS PROPOSED.-According to local
Pough_$42
,281 40
newspaper reports, Remick,Hodges&Co.,N.Y. 42,375 06 arris,Forbes&Co.,N.Y_this teownellip. Is contemplating theissuance of
42,244 44
$100.000'railroad-aid bonds. R. M.Grant & Co., N.Y_ 42,373 80 Lee, Higginso
n&Co.,N.Y. 42,218 40
LOUISVILLE, Ky.-BOND SALE.-On
Curtis
&
Sanger. N. Y___ 42,361 91 James R. Magoffin, N.Y_ 42,210
Mar. 18 the $1,000,000 43%
00
40-year gold coup. tax-free school-impt. bonds
(V.98 p. 853) were awarded Adams & Co., N.Y
42,340 00 Mt.Vern.Tr.Co.($5,000)_- 5,062 80
to the Fidelity & Columbia Trust Co.
Louisville, it is stated,at 105.091.
MUSKINGUM COUNTY (P. 0 Zanesvill
Int.A.& 0. at office of Commissionersof
e),
-BONDS
Ohio.
RE-:
of City Sinking Fund.
AWARDED.-The $100,000 5% 6-year
LYSANDER, Onondaga County, N. Y.-BOND
bonds sold on Feb. 9 to A. E. Aub & (aver.) coup. road-impb. (assess.)
OFFERING.-Pro- have
posals will be received until 12 m. March
been re-awarded to a local bank. Co. of Cincinnati (V. 98, p. 708)'
26,
reports
state,
by
Chas.
S.
Keeler, Town Treasurer, for $20.000 5% 10%-year (aver.)
NAGLEE SCHOOL DISTRICT, San
highway
bonds.
Interest semi-annual. Certified check for 5% required.
Joaquin County, Calif.BOND SALE.-On Mar. 3 $4,000 6% 3
building bonds were awarded to the Bank-10-year (ser.) site-purchase and •
• McKEESPORT SCHOOL DISTRICT (P. 0. McKeesport), Alleghen
of
y There were
Tracy,
Tracy, at par and int.
no other bidders. Denom. $500.
County,Pa.-BOND OFFERING.-Proposals will be received
Date Jan. 1 1914. Int.
until 8 p. m. ann. on Jan. 1.
March 30 by W.T. Norton, Secy. Board of School Directors, for
$250,000
NASHVILLE, Tenn.-PRICE PAID FOR
434% coupon building bonds. Denom. 91,000. Date May 11914. Int. graphical
BONDS.-Owing to a typo- •
error the price paid for $695.000 5% 7
M. & N. Due yearly on May 1 as follows: $5,000
1-5-year (ay.) street-impt.
1919 to 1923, incl., bonds, the sale of which was reported in last week's "Chronicl
e," as 100.243 and int., whereas it should have read 102.43
$8,000 1924 to 1928, incl., $10,000 1929 to 1933, incl.,
$12,000 1934 to
and int.
1938, incl., and $15,000 from 1939 to 1943, incl. These
NASHVILLE SCHOOL DISTRICT (P. 0. Nashville
bonds are exempt ELECTIO
), Tenn.-BOND
from the State tax. Certified check on an
N PROPOSED.-Local newspaper reports
incorporated bank or trust will be held
that an election
in July to vote on the question of issuingstate
company for $2,500, payable to James A. Fulton,
$300,000 Homo-Fogg
Dist. Treas., required.
high-school-improvement bonds.
The official notice of this bond offering will befound
among the advertisements
NELSONVILLE, Athens County, Ohio.
elsewhere in this Department.
OFFERING.-Pro- '
pose's will be received until 12 m. April 11 -BOND
by the City Auditor
for the
-21cLENNAN COUNTY (P. 0. Waco),
following
-BOND OFFERING.
- $20,000 00bonds:
'This county, according to reports, is offering Tex.
6% refunding bonds. Denom. 31.000. Date
sale the $1,075,000 Road
April 2 1914.
District No. 2 read bonds voted Feb. 14 (V.for
Due
months.
$1,000
each
six
98, p. 630)•
1,925 75 5% Franklin St. improvement bonds. Denom.
MADISON COUNTY (P. 0. Canton),
-BOND OFFERING.
$192 58. Due
Proposals will be received until April 6 by D.Miss.
$192 58 yearly on March 1 from 1015 to 1924,
C. Mccool, Chancery Clerk,
inclusive.
4,696 44 5% Madison St. improvement bonds. Denom.
for $50,000 Third Supervisors District road
bonds
$469
at
not
65. Due
exceeding
53.
%.
Interest annual or semi-annual. Certified check for
9469 65 yearly on March 1 from 1915 to 1924, inclusive.
$1,000, payable to
Interest semi-annual. Certified check for 27
Board of Supervisors, required. 0 of bonds bid for, payable .
to City Treasurer, required. Bonds to be delivered and
MADISON COUNTY (P. 0. London), Ohio.-BOND
paid for within
SALF.-On* 10 days from time of award. Purchaser to pay accrued interest.
March 16 the eight issues of 5% coup. ditch and
road-impr
ovement
bonds
NEWBURYPORT, Essex County, Mass.-TEMPORARY LOAN.
aggregating 330.750 (V. 98, p. 630).were awarded to theLondo
n
Exchange On March 19 dispatches state that this city awarded a
Bank, London, for $30,952 50 (100.1158) and int. Other
temporary loan
bids were:
of $160,000, maturing $100,000 Oct. 5 and $60,000 Oct. 27,
Madison County National Bank, London
to
the
First
$30,911
00
National
Bank
Hayden, Miller & Co., Cleveland
at 3.35% discount.
30,816 00
R. L. Dowlings & Co., Hamilton
NEW CASTLE, New Castle County, Del.-BOND SALE.
-William
Seasongood & Mayer, Cincinnati, bid for part of the bonds. 30,810 50 Lea & Sons Co. of New Castle have
been awarded $5.000 5%
bonds •
at par. Denom. $500. Date Feb. 2 1914. Int. F. & A. wharf
MAGNOLIA, Stark County, Ohio.-BOND SALE.
Duo $1,000 •
-On March 16 yearly from 1925 to
the $1,200 5%% 20)j-year (aver.) water-works-impt.
1929 incl.
and
equipmen
t
bonds (V. 98, p. 782) were awarded to Edwin Jones for
NEW
LONDON
TOWNSH
IP
(P.
London),
0.
New
Huron County.
$1,220 (101.666) Ohio.
and interest. Other bids were:
-BOND OFFERING.-Proposals will be received until 12 m.
March
Sec. Sav.Bk.& Tr.Co.,Toiedo$1,2061 Somerset Bank, Somerset
30, it is stated. by 13. V. Wineban, Two. Clerk, for $15,000 5% 811-year.
_$1,201 11 (average)
road bonds. Certified check for 5% required.
MANHATTAN, Riley County, Kan.-BONDS PROPOSED
.-Aecord
ine 'to reports, this city is contemplating the issuance of
NEW MEXICO.-BOND OFFERING.-Newspaper dispatches state that
$12,037 waterworks bonds.
0. N. Marron, State Treasurer. will receive proposals at the Capitol
in
Santa Fe until 10 a. m. April 20 for $200,000 highway bonds.
'MANTUA TOWNSHIP SCHOOL DISTRICT (P. 0.
Mantua),
Poytage County, Ohio.-BOND OFFERING.-Proposals will be
NEWPORT, Ky.-BOND OFFERING.-Proposals will be received
received
until 12 m. April 1 by A. H. Kyle, District Clerk, for $25,000
until 12 in. April 13 by Chas. D. McCrea, Commissioner of Finance, for
bonds. Denom. $500. Date April 1 1914. Int. A. & 0.5% building 350,0004% 20-year coupon refunding
bonds. Denom.$500. Date May 1
Due $500
each six months from April 1 1916 to Oct. 1 1940, inclusive.
1914. Int. M. & N. Certified check for at least
Purchaser
to
pay accrued interest.
payable to above Finance Commissioner, required. 3% of bonds bid for,
MARICOPA COUNTY SCHOOL DISTRICT NO. 10, Ariz.-BOND
NEWTON COUNTY (P. 0. Decatur), Miss.-BOND ELECTION.
SALE.-On Mar. 9 $12,000 67 20-year bldg. bonds were
to the An election will be held In the Newton District on March 24, it is reported,
Mesa City Bank, Mesa, at 102.'625. Causey, Foster & Co.awarded
to submit to a vote the question of issuing road bonds.
of
Denver
bid
$12,151. Ulen & Co. and C. H. Coffin of Chicago and Hoehler, Cumming
NILES,
Trumbull
s
County, Ohio.-BOND OFFERING.-Proposals
& Prudden of Toledo also submitted bids, but the same were disqualifi
ed. will be received until 2 p. m. Apr. 1 by Homer Thomas,
Denomination $500. Date Mar. 16 1914. Int. M. & S.
City Clerk, for
$10,000 5% water-works-ext. bonds. Denom. $500.
Date Apr. 1 1914.
MARION COUNTY SPECIAL TAX SCHOOL DISTRIC
Int.
A.
& O. Due $5,000 Apr. 1 1927 and 1928. Cert.
T NO. 1,
check for 2% of
Fla.-BOND OFFERING.-Proposals will be received until
bonds bid for, payable to City Treas., required.
2
p.
m.
April
8
Bonds to be delivered
by J. H. Brinson; Secy. Bd. of Public Instruction (P.
0. Ocala), for paid for within 10 days from time of award. Purchaser to pay accrued and
int.
375,0005% 20-year school bonds. Denom. $1,000. • Int. ann.
BONDS AUTHORIZED.-The City Council
on July 1.
Cert. or cashier's check for 2% of bid required.
Feb. 28 unanimously
passed an ordinance, it is stated, providing foron
the
issuance
of
MEAD, Saunders County, Neb.-BONDS NOT YET SOLD.
$16,500
-Up to public-park bonds.
Mar..17 no sale had been made of the $10,000 5% 1-20-year
(opt.) coup.
NOCONA, Montague County, Tex.-BONDS
water-works bonds offered without success on Jan. 5(V.
BE OFFERED THIS
SPRING.-Thls city proposes to issue about MayTO
BOND SALE.-We are also advised that the $3,000 98, p. 176)•
1 the $3,500 additional
1-20-year (opt.) water-works bonds (V. 98, p. 87).
coup. electric-light bonds, also offered without success5%
on Jan. 5 (V.98,p.
NORFOLK SCHOOL DISTRICT NO. 2 (P. 0. Norfolk),
176), have been sold to a local party.
Madison
County, Neb.-BOND OFFERING.-Additional informati
MEMPHIS SCHOOL DISTRICT P. 0. Memphis), Tenn.
on is at hand
-BOND relative to the offering on April 15 of the 347,000
OFFERING.-Proposals wil be received until 12
6% 5-20-year (opt.).
m.
Apr.
1
by
the
tax-free
Board
building
bonds
(V. 98, p. 853). Proposals for these bonds will be
of Education, A. B. Hill, Sec., for the $40000 4%7
0 20-year coup. school received until 7:30 p. m. on
bonds authorized by the Board of Education on Feb.
day by M. E. Crosier, Secy. Board of
23 (V. 98, p. 707)• Education. Denom.$1,000. that
Date March 11914. Int. M.& S. office •
De,nom. $1,000. Date Jan. 1 1914. Int. J. & J. in
Memphis
or
New
York
State
of
Treasurer
.
Certified check for $500, payable to aboveatClerk,
at option of holder. Cert. check on a Memphis bank for 5%
bid,required required. Bonded debt (not incl. this
issue), $60,000. Assessed value MENARD COUNTY COMMON SCHOOL DISTRICT NO.
18, Texas. 1913, 3896.400.
-BOND SALE.-The $1,000 5% 5-20-yr. (opt.)
bldg. bonds registered by
NORTH LOUP, Valley County, Neb.-BONDS VOTED.-By a vote
the Comptroller on Aug. 21 (V. 97, p. /57) have been purchased
•
by "Men- of 113 to 24, the proposition to issue the 6% 5-20-year (opt.) water and
ard County."
light
bonds(V. 98, p. 631) carried at the election held Mar. 9.
MERCER COUNTY (P. 0. Princeton), W. Va.-BIDS.-The
other
NORTHW
OOD INDEPENDENT SCHOOL DISTRICT
bids received for the $500.000 5% 10-30-year (opt.) road bonds
awarded Northwood), Worth County,
on Mar. 9 to the Provident Say. Bank & Trust Co. of Cincinnat
Iowa.-BONDS VOTED.-Ily a (P. 0.
i for $506.- 265 to 42 the propositio
of
253 (101.2506) and int. (V. 98, p. 853) were:
n to issue $45,000 building bonds carried,It isvote
stated,
New First National Bank, Columbus •
$519,900 (conditional) at the election recently held.
NORTON SCHOOL DISTRICT NO. 80 (P. 0. Norton),
First National Bank, Bluefield
Hurry
510,625 (conditional) County, So. Caro.-BOND SALE.-An
issue of $3,000 67
Bank of Bramwell, Bramwell
0 20-year bldg.
bonds was recently purchased by M. J. Bullock
Weil, Roth & Co., Cincinnati
of Fair Bluff. N. C., at
506,363 (conditional) par. Denom. $500. Date Feb. 19 1913.
Seasongood & Mayer, Cincinnati
Int. F. & A.
506,000
Field, Longstroth ez Richards, Cincinnati
NORWOOD, Hamilton County, Ohio.-BOND SALE.-On Mar.
505,450
16
Hayden, Miller & Co., Cleveland
the $16,248 94 5% 1-10-year (ser.) Forest Ave. street-imp
502,350
t. (assess.) bonds
A. B. Leach & Co., Chicago
(V. 98. p. 708) were awarded to Mayer, Deppe & Walter
of Cp
inrc
eini
m.ufm
or
.
Hoehler, Cummings & Prudden, Toledo ($100.000)_ 502,100
$16,630 79 (102.349) and int. Other bids were:
102,391
MESAPOTAMIA TOWNSHIP (P. 0. Mesapotamia), Trumbull
Premium.
Sidney Spitzer & Co., Cin_ _$370 05 Prov. S. B.& Tr. Co., Cin__$27
County, Ohio.-BOND SALE.-On Mar. 16 the $60.000
coup. road4 35
d Nat. Bank, Cin.. 339 61 iSeasongood & Mayer,Cincin. 265
1mpt. bonds (V. 98, p. 782) were awarded, it is stated, to5%
the New First Fifth-Thir
00
Weil, Roth & Co.. Cincin_ 289 60 First Nat.
Nat. Bank of Columbus at 101.71.
Bank, Norwood_- 249 99
MIAMI SCHOOL DISTRICT (P. 0. Miami), Dade County,
OAK HARBOR, Ottawa County, Ohio.-BOND OFFERIN
Fla.
G.-ProBONDS VOTED.-An election held March 9 resulted, it is stated, in
favor posals will be received until 12 m. April 14 by Louis L. Carstensen,
of the issuance of $150,000 school-improve
ment bonds, the vote being Clerk, for the $16,000 5% coupon electric-light bonds. Denom.Village
$500.
98 to 10.
Date April 1 1914. Int. A. & 0. Due each six months as
follows: $500
MILTON, Umatilla County, Ore.-BOND ELECTION.-An election April 1 1915 to Oct. 1 1916, incl.; $1,000 on April 1 and $500
on Oct.1
from April 1 1917 to April 1 1921, incl., and $1,000 from
will be held Mar. 26 to submit to a vote the question of issuing
Oct.
1
$18,000
1921 to
5% Oct. 1 1924, incl. Certified check for 5% of bonds
electric-light and water bonds.
bid
Village Treasurer, required. Bonds to be delivered and for, payable to
MILWAUKIE, Clackamas County, Ore.-BONDS OFFERED
10 days from time of award. Purchaser to pay accrued paid for within
BY
interest.
BANKERS.-An issue of $7,100 6% 1-10-yr. (opt.) impt. bonds is
being
OLATHE, Montrose County, Colo.-BONDS OFFERED
offered to investors by the Lumbermen's Trust
BANKCo. of Portland. Date ERS.
-The German American Trust Co. of Denver is offering BYinvestors
Jan. 28 1914. Bonded debt, incl. this issue, $25,054.
Assess.
to
val.
1913, $10,000 6% sewer-sys
$568,953; actual value (est.), $1,250,000.
tem-construction bonds. Denom. $500. Date
Nov. 11013. Int. M.& M.at the City Treas, office
MINERAL WELLS,Palo Pinto County, Tex.-BONDS REGISTE
at ICountze Bros..
RED N. Y. Due on or before Nov. 1 1925, being redeemablor
-On March 13 the State Comptroller registered the $46,000
e in numerical order
l. by call of the City Treas. Bonded debt, including this
bonds sold In Feb.(V. 98, p. 631) and $46,000 street-impt. 5%high-schoo
issue, $75,000.
20-40-year Assess. val. 1913 $473,222.
(opt.) bonds.
OLNEY TOWNSHIP HIGH SCHOOL DISTRIC (P. 0.
MOBILE, Mobile County, Ala.-NO BONDSPROPOSED.-The
T
Olney),
advises us that the reports stating that this city is contemplating Mayor Richland County, Ills.-BONDS VOTED.-According to reports
the
the issu- Er
ego
isItiocsii tg) issue $00,000 high-school-bldg. bonds carried at the
ance of $100,000 bldg. bonds are erroneous.
election
MAR. 11 1914 ]
THE CHRONICLE
OLYMPIA, Thurston County, Wash.-BONDS VOTED.-The question of issuing $90.000 water-works-purchase bonds carried. it is stated, at
the election held March 3 by a vote of 652 to 212.
OMAHA, Neb.-BONDS DEFEATED.-The propositions to issue the
$250,000 auditorium and $100,000 incinerator bonds (V. 98, I). 468) failed
to carry at the election held Mar. 10.
BONDS PROPOSED.-Local newspaper reports state that this city is
contemplating the issuance of $1,000.000 park-system-impt. bonds.
ONAWAY SCHOOL DISTRICT (P. 0. Onaway), Presque Isle
County, Mich.-BONDS VOTED.-A recent election resulted in favor of
the issuance of 136.000 high-school-building bonds. The vote is reported
as 161 to 116.
ONTARIO, San Bernardino County, Calif.-BONDS VOTED.-The
questions of issuing $15,600 fire-equip. purchase (V. 98, P. 543) and cityhall and jail-constr. bonds carried at the election held Mar. 3 by a vote of
257 to 182 and 274 to 161. respectively.
BOND SALE.-Farson. Son & Co. of Chicago have been awarded an
issue of 927.000 5% general street-impt. bonds at 100.53 and int. Due
serially Nov. 1 from 1938 to 1952, Incl.
ORLANDO, Orange CountyFla.-BOND OFFERINO.-Proposals
or
will be received until 12 m. April'6 by E. G. Duckworth, D. Lockhart
5% 30-year streetJ. T. Hendricks, Bond Trustees, for an issue of $100,000check
for
% of
paving bonds. Denom. $500. Int. semi-ann. Cert.
bonds bid for, required.
ORRVILLZ, Wayne County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Apr. 14 by A. Jenny, VII. Clerk, for $13,5005%
coup. taxable electric light and power-plant equip. bonds. Denom. $500.
Date Mar. 11914. Int. M.& S. Due $500 on Mar. 11916, 1917 and 1918
and $2.000 y'early on Mar. 1 from 1919 to 1924 incl. Cert. check for 2%
of bonds bid for, payable to VII. Treas., required. Bonds to be delivered
and paid for within 10 days from time of award.
ORTON LEVEE DISTRICT (P. 0. Ashdown), Chicot County, Ark.
-BONDS NOT YET SOLD.-We are advised under date of March 14 that
no sale has yet been made of the $40.000 6% 10-25-year levee bonds offered
on June 9 1913. (See Y. 98, p. 177.)
0SAKIS, Douglas County, Minn.-BONDS DEFEATED.-The
question of issuing the $10,000 water bonds failed to carry at the election
held March 10.
PALACIOS. Matagorda County, Tex.-NO ACTION YET TAKEN.
-The City Secretary informs us that no action has yet been taken looking
towards the issuance of the $10,000 5% 15-40-year (opt.) street-impt.
bonds voted Oct. 1 (V. 98. p. 87).
PALM BEACH COUNTY (P. 0. West Palm Beach), Fia.-BOND
OFFERING.-Proposabs will be received until 12 m. Apr. 7 by the County
Commissioners, Geo. 0. Butler, Clerk, for $45.000 5% 30-year coup, road
and bridge dist. No. 2 bonds. Denom. $500. Date Sept. 1 1912. Int
M. dc S. at Seaboard Nat. Bank. N. Y. C. Cert. check for 2% of bonds
bid for required. Official circular states that there is no controversy or
litigation pending or threatened affecting the corporate existence or the
boundaries of county or district, or the title of its present officials to their
respective offices or the validity of these bonds, and that there has never
been any default in the payment of any of the county obligations. These
bonds are the unsold portion of an issue of $60.000. See V.97, p.906.
PARIS, Bear Lake County, Idaho.-BOND SALE.-On March 7
$4,000 10-20-year (opt.) water-system-completion bonds were awarded to
Wm. E. Sweet k Co. of Denver at 100.125 for 534s. Other bids for 6%
bonds were:
Keller Bros., Denver
$4,025 001James N. Wright & Co.,
Causey, Foster & Co.,Deny, 4,022 501 Denver
$4,010
Denom. 31.000. Date April 1 1914. Int. J. &
PARK COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Livingston),
Mont-BOND SAL.B.-On March 10 the $70.000 5V0 10-20-year (opt.)
gold coupon building and equipment bonds (V. 98, p. 782) were awarded
to Wells dc Dickey Co. of Minneapolis for $71.390 (101.985) and int. Purchaser to furnish blank bonds. Other bids were:
Ferris & Hardgroye,Spokane.$71,385 Devitt,Tremble&Co.,Chic.$70.739 00
D. A. McCaw, Livingston.... 71.160 E. H.Rollins & Sons,Chic. 70,730 00
Minn.Loan & Tr. Co.,Mplis. 71,151 Fi.C.Speer & Sons Co.,Chic. 70.650 50
Harris Tr. & Say. Dlr.. Chic.. 71,060 C.H.Coffin Chicago
*70.361 00
Wm.R.Sweet & Co.. Denver 70,901 J.R.Sutherlin & Co.,Kan.C. 70.000 00
• No check received with this bid as required. All bidders agreed to
pay accrued interest and furnish blank bonds.
PARKER, Turner County, So. Dak.-BOND ELECTION.-An
election will be held March 27. reports state, to submit to the voters the
questions of issuing $20,000 electric-light and $7,000 water-mains-ext.
bonds.
PASADENA SCHOOL DISTRICT (P. 0. Pasadena), Los Angeles
County, Calif.-VOTE.-We are advised that the vote cast at the election held Feb. 27, which resulted in favor of the question of issuing the following 6% bonds (Y. 98, p. 783), was 3,646 to 936 and 3,841 to 829, respectively, and not as previously reported:
5,000 Altadena and Lamed& school bldg. bonds. Due $5.000 yearly
7011113. beginning after 4 years.
16,000 schoo -inapt. bonds. Due 65.000 yearly, beginning after 1 year.
PENNIRGTON COUNTY (P. 0. Rapid City), So. Dak.-BOND
OFFERINO.-Proposals will be received until 12 m. April 10 by J. D.
Hopkins, Co. And., for $44,000 5% coupon bridge bonds. Denom. $500.
Int. J. and J. at office of Co. Treas. Due $4,000 yearly from 1 to 3 years
incl., $4,500 yearly from 4 to 9 years incl., and $5,000 in 10 years from date.
Cert. check for 5% of bonds bid for, payable to Co. Treas., required.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Atlanta), Pickaway County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m.April 17 by J. F. Willis, Clerk Bd.of Rd.,for $25,0005% coupon
building and equipment bonds. Denom.$500. Date April 17 1914. Int.
M.& S. at office of Treas. of Twp. Sch. Dist. Due $1.000 each six months
from March 1 1916 to Sept. 1 1925 incl. and $1,500 on March I and Sept.1
1926. Cert. check for 3% of bonds bid for, payable to above Clerk, required. Bonds to be delivered and paid for within 10 days from time of
award.
PETERSBURG, Dinwiddie County, Va.-PRICE PAID FOR BONDS.
-The price paid for the 1200,000 (of an issue of $300,000) 434% 40-year
public impt. bonds awarded on Mar. 6 to Baker. Watts & Co. and Townsend Scott & eons of Baltimore (V. 98. p. 854) was 100.10. Denom. 1500
.and 61.000. Date Oct. 11912. Int. A. & 0.
The price paid for the remainder (1100.000) of the above Issue, which was
previously purchased by the Sinking Fund (V.98. p. 1854). was 101 and int.
PHELPS, Ontario County, N. Y.-BONDS VOTED.-At an election,
held in this village Mar. 17, a proposition to issue $34,000 paving bonds carried,it is stated, by a vote of 193 to 52.
PHILADELPHIA,Pa.-LOAN AUTHORIZED.-Counclls on March 19
passed an ordinance authorizing the Mayor to float any or all of the
18,600,000 city loan voted at the last November election. See V.98. p.850.
PITTSFIELD, Mass.-BIDS.-The other bids received for the 6100,000
loan maturing Nov. 6 1914, awarded to the First Nat. Bank of Boston on
Mar. 13 at 3.24% discount (V. 98. p. 854), were:
3.65%
Blake Bros. & Co.. Boston_ _ _3.49%1Curtis & Sanger,Boston
R. L. Day & Co.. Boston_ -3.55% I
PLATTE COUNTY SCHOOL DISTRICT NO. 12, Wyo.-BOND
,OFFERING.-Proposals will be received until 6 p. m. April 6 by the Board
of School Trustees, Mrs. Fred Burton. Clerk (P.0. Guernsey),for $10,000
10-20-year (opt.) coupon building and equipment bonds at not exceeding
6% interest. Denon.$500. Date April 1 1914. Int. A.& O. at Kountze
Bros., N. Y. City. Bids must be unconditional. Purchaser to accept
owas,enill
and pay for bonds on date of saleallalilletilla
PLATTSMOUTH SCHOOL DISTRICT (P. 0. Plattsmouth), Cass
County, Neb.-BOND ELECTION PROPOSED.-Reports state thatan
election will be held in the near future to vote on the question of issuing
$30,000 building bonds.
POMEROY VILLAGE SCHOOL DISTRICT (P. 0. Pomeroy), Meigs
County, Ohio.-BOND SALE.-On March 18 the 140,000 5% 103 -year
(average) coupon high-school-building bonds offered on March 2 (V.98,
325) weieaarded to Stacy & Braun, Toledo, at 102.647, reports state.
PORTAGE COUNTY (P. 0. Ravenna),`Ohio.-BOND SALE.-On
March 16 the $32,500 5% Section 2 Ravenna-Parkman road bonds (V. 98
p.708) were awarded,it is stated, to Breed, Elliott & Harrison of Cincinnati
at 101.86. Due 85.000 Oct. 1 1916 and $1,500 each six months thereafter.
945
Other bids were:
Farson. Son & Co., Chic-333.104 50 Sidney Spitzer & Oe.,Tol_932,917 09
C.E.Denison & Co..Cleve. 33.027 00 Spitzer, Rorick & Co.,Tol. 32,917 EN
Well, Roth & Co., Cin_
33,013 50 Ifayden.Mbler&Co.,Cley. 32.880 25
Davies-Bertram Co.. Cin_ 32,973 00 New First Nat. Bk., Col_ 32,84901
Prov. S. B.& Tr. Co.,Cin. 32,958 25 Tillotson & Wolcott Co..
Stacy & Braun, Toledo_ __ 32.942 73
Cleveland
$2,827 ell
Seasongood & Mayer.Cin. 32,926 50 Otis & Co.. Cleveland _ _ _ _ 32.730 06
PORTAGE TOWNSHIP (P. 0. Akron), Summit County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. April 7 by W.
T. McRoberts, Clerk of Board of Education, for $32.000 5% site-purchase
and construction bonds. Denom. $1,000. Date Apr. 1 1914. Int. A. &
0. at office of Clerk of Board of Education. Due $1,000 each six months
from April 1 1915 to Oct. 1 1930, incl. Cert. check for $500 required.
PUNTA GORDA, De Soto County, Fla.-BOND OFFBRING.-Further details are at hand relative to the offering on April 18 of the $60,009
30-year gold coupon taxable municipal-inmprovement and refunding bonds
(V. 98. p. 854). Proposals for these bonds will be received until 11 a. zn.
on that day by J. F. Corbett, Clerk Bd. of Bond Trusteed. Denom. 1500.
Date July 11914. Int. (rate to be named in bid, not to exceed 6%).1. & J.
in Punta Gorda or place to be agreed upon. Cert, check for
of bonds,
payable to Bd. of Bond Trustees, required. Bonded debt this lame. No
floating debt. Assessed val.$500.000.
QUINCY, Norfolk County, Mass.-TEMPORARY LOAN.-Oa
March 17 the loan of $100.000 maturing March 18 1915 and issued in antieipation of taxes (V. 98, p. 854) was negotiated. it Is stated, with Loring.
Tolman & Tupper of Boston at 3.84% discount.
RALEIGH TOWNSHIP (P. 0. Raleigh), Wake County, No. Caro.
-130ND.S PROPOSED.-Local newspaper reports state that the County
Commrs. have ordered the issuance of $50.000 school bonds.
RATON, Colfax County Colo.-BOND SALE.-J. R. Gordon of
Pueblo has purchased $300,000 5% 20-30-yr. (opt.) water bonds dated
July 1 1913.
RED LAKE COUNTY (P. 0. Red Lake Jails), Mina.-BOND
OFFERING.-Proposals will be received until 11 a. m. April 6 by Geo.
Dupont, Co. Aud.. for $15.500 20-year bonds at not exceeding 6% int.
Denom. to be determined at time of sale. Date June 20 1914. Certcheek
for $500 required.
REDONDO BEACH HIGH SCHOOL DISTRICT (P. 0. Redondo
Beach), Los Angeles County, Calif.-BOND BLECTION.-An election
will be held Mar. 24. It is stated, to vote on the proposition te issue $150.009
high-school-bldg. bonds.
RICEVILLE SCHOOL DISTRICT (P. 0. Rieeville), Mitchell County, Iowa.-BONDS VOTED.-Newspaper reports state that this distrait
has voted to issue $15.000 school bonds.
RICHMOND, Contra Costa County, Calif.-BOND SAL11.-03
March 8 $870,000 5%, harbor bonds were awarded. It is stated, to E. H.
Rollins & Sons of San Francisco. These bonds are the last of the 91,170,009
issue. $300.000 having been previously sold on Feb. 10 1913(V.96, p. 584.)
RIDGE SPRING SCHOOL DISTRICT (P. 0. Ridge Spring),
Saluda County, So. Caro.-NO BONDS TO BE ISSUED.-We are advised that the $12.000 bldg. bonds voted Jan. 2(V. 98. p. 254) win not be
issued.
RITTMAN VILLAGE SCHOOL DISTRICT (P. 0. Rittman), Wayne
County, Ohio.-BOND OFFERING.-Proposals will be received until
1 p. m. Mar. 26 by R. E. Faber, Clerk Board of Education, for $25.0011
534% school bonds. Denom. $500. Int. semi-ann. Due $1,500 yearly
on April 1, beginning 1915. Cert. check for $250, payable to Clerk of
Board of Education, required.
RIVERSIDE COUNTY (P. 0. Riverside), Cal.-BONDS PROPOSED.
-Reports state that a petition has been presented to the County Supervisors proposing the issuance of 350.000 road bonds in Mecca District.
ROCHESTER, N. Y.-BOND OFFERING.-Proposals will be received
until 2 p. m. Mar. 24 by Ed. S. Osborne, City Compt.. for 6500,000 sewagedisposal and $500.000 school 434'a_ 30-year reg. bonds. Denom. 15.000.
Date Apr. 1 1914, Int. A.& O.at Union Trust Co.. N. V.0. Cert. check
for 2% of each block of bonds bid for, payable to City Compt., required
These bonds will be certified as to genuineness by the Columbia-Knickerbocker Trust Co. and their legality will be examined by Caldwell, Masslich
& Reed of N. Y. C., whose favorable opinion will be furnished successful
bidder. Bonds will be ready for delivery Apr. 1 or as soon thereafter as
possible, not exceeding 10 days. Purchaser to pay accrued int.
NOTE SALE.-On March 19 the $100.000 sewage-disposal notes, dated
March 25, and to run for ten days (V. 98. p. 854), were awarded to Ford,
Enos & Wolcott, Rochester. at 3% interest. Other bidders were for
entire Issue:
Int. Premium.
Union Trust Co. of New York
19%
sloe
H. Lee Anstey, New York
4
Bond & Goodwin, New York
54.
Alliance Bank, Rochester
ROSEBORO SCHOOL DISTRICT (P. 0. Reseboro), Sampson
County, No. Caro.-PURCHASER OF BONDS.-The purchaser of the
$10,000 5% 30-year bldg. bonds recently sold at par (V.93, p. 532) was the
Hanchett Bond Co. of Chicago.
ROUNDUP,Musselshell County,Mont.-BOND SALB.-On March 9
the $60.000 6% 15-20-year (opt.) water-plant-purchase bonds (V. 91I
p. 468) were awarded to the Continental & Commercial Trust & Say. Bank
of Chicago for $62.6501104.416) and int. Other bids were:
$61,501
Wm.M.Prindle & Co.,Dul__$62.625 C. H. Coffin, Chicago
.
Percival Brooks Coffin,Chic. 62,268 New First National Bank. 61.40
Columbus
Union Tr.& Say. Bk., Book_ 62.025
Wm.E. Sweet & Co., Deny.. 61,850 John Nuveen & Co., Chicago 60.463
60.000
Hoehler.Cum'gs & Prud.,Tol. 61.507 Spitzer, Rorick & Co.. Tol
SACO, York County, Me.-BOND OFFERING.-Proposals will be
for
Treasurer.
City
Fenderson,
B.
L.
by
23
March
m.
p.
1
until
received
$50,000 4% 25-year coupon tax-free funding bonds. Denom. 61,000.
Date April 1 1914. Int. A. & 0. at Fidelity Trust Co.. Portland. These
bonds will be certified as to genuineness by the above trust company and
their legality approved by Symonds,Snow.Cook & Hutchinson of Portland,
whose opinion will be furnished purchaser. Bonds to be delivered on
April 1 at above trust company.
ST. BERNARD (P. 0. Cincinnati), Hamilton County, Ohio.
BOND SALE.-On March 16 the $13.000 5% 20-year street-improvement
(city's portion) bonds (V. 98, p. 632) were awarded to the Provident Say.
Bank & Trust Co. of Cincinnati for 113.171 50 101.319) and int., with
privilege of refunding the bonds at 4,4%. Other bids were:
Sidney Spitzer & Co..To1-$30.942 50 Atlas Nat. Bank, Cin_ _ _ 330.845 00
Breed,Elliott&Harrison,Cin30.933 40 Weil, Roth & Co., Cis_ _ _ 30.796 90
Stacy & Braun.Toledo.-- 30,886 60 Seasongood & Mayer.Cin. 30.785 00
30.865 00 First Nat. Bank,Norwood 30.651 99
A.E. Aub & Co..
Farson.Son & Co..Chic-- 30,531 79
Field, Longstreth & Rich30,853 00
ards, Cincinnati
Mayer, Deppe & Walter,
30,848 90
Cincinnati
ST. CLAIR COUNTY (P.O.Port Huron), Mieh.-BONDS AUTHORIZED.-According to local newspaper dispatches, the County Supervisors
A.44
s
•r
have voted to issue 140.000 poor-house bonds.
--BONDS TO
Ark.-st7rnANcis LEVEE DISTRICT (P. 0.11;:rion),
Board
met
Advisory
the
that
state
SHORTLY.
-Reports
OFFERED
BE
on Mar. 13 for the purpose of authorizing the advertising of the sale of the
$1.165,000 534% 50-year levee impt. bonds. These bonds are the unsold
portion of an issue of $1.500,000, of which $300,000 was sold on Dec. 22
to R. E. Lee Wilson of Wilson, Ark,. at par (V.97, p.1924), and $35,000
was sold recently to T. K. Riddick of Memphis.
ST. JOHNSVILLB, Montgomery County, N. Y.-BONDS VOTED.
The proposition to issue $15.000 reservoir construction and repair bonds
,a vote of 134 to 58 at an election held Mar. 17. ,..41/1
carried. It is stated, b,
ST. MARTIN PARISH (P. 0. St. Martinsville), La.-BONDS PROPOSED.-According to local newspaper reports, the Police Jury on Mar.2
decided to issue 120,000 road-construction bonds.
ST. PAUL, Neosho County, Kans.-BOND SALE.-The $2,000
(unsold portion of an issue of $12,000) 5% 5-20-year (opt.) coup. tax-free
electric-light-plant bonds(V.97, p. 1231) have been sold to Wm.Schneider
of St. Paul at 99.
ST. PAUL, Minn.-BOND SALE.-An issue of $76,000 sewer bonds
has, according to reports, been awarded to O'Neil is Preston. iontractors.
946
THE CHRONICLE
SALEM, Mass.-TEMPORARY LOAN.-On March 20 dispatches state
that this city awarded a temporary loan of $300,000. maturing Oct. 20
1914, to the Merchants, Nat. Bank of Salem at 3.35% discount.
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County,
Ohio.-BOND ELECTION.-An election will be held March 30, reports
state, to submit to a vote the question of issuing $125.000 high-school
construction bonds.
SALT LAKE CITY, Utah.-BIDS.-The other bids received for the
$775,000 434% 20-year refunding bonds awarded on March 9 to Emery,
Peck & Rockwood, Chicago, and Blodget & Co. and Merrill, Oldham &
Co. of Boston at 100.395 and int.(V. 98. p. 854) were:
N. W. Halsey & Co. Chicago, $777,225 and interest.
E. H. Rollins & Sons, Denver, and A. B. Leach & Co., Chicago, $776,526 arid interest.
R. M. Grant & Co., Chicago, $771.048 and interest.
Harris Trust & Savings Bank, Chicago, $766.050 and interest.
SAN FRANCISCO, Cal.-BONDS OFFERED OVER COUNTER.
Local newspapers state that the City Treasurer, John E. McDougald, will
sell over the counter at par $1,000.000 434% bonds, Including $500,000
hospital-jail bonds maturing 1917 to 1932, $50.000 polytechnic-school
bonds maturing 1928 to 1937 and $450.000 water bonds maturing 1920
to 1964.
BOND SALE.-An issue of $300,000 434% jail-hospital bonds has been
disposed of over the counter, it is stated, at par.
SANTA BARBARA, Santa Barbara County, Calif.-BONDS
VOTED.-The proposition to issue S150.000 permanent-impt. bonds carried, reports state, at the election held March 10.
SAYBRO OK, McLean County, Ills.-BONDS AUTHORIZED.
Reports state that the Village Board on March 6 authorized the issuance of
$10,000 waterworks bonds.
IMO VILLAGE SCHOOL DISTRICT (P. 0. Selo), Harrison
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. April 1 by R. R. Mortland, Clerk of Board of Education, for $30.000
$% school-house bonds. Denom. (50) $100. (50) $500. Date April 1
1914. Int. A. & 0. Due $1.500 yearly on April 1 from 1915 to 1934 incl.
Certified check on an Ohio bank for 5% of bonds bid for, payable to Treasurer of Board of Education, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
• SEBRING SCHOOL DISTRICT (P. 0. Sebring), Mahoning County,
Ohio.-BOND SALE.-On March 17 the $26,000 5% building and improvement bonds were awarded to C. E. Denison & Co. of Cleveland for $26,568 30-equal to 102.185. Date March 17 1914. Int. M. & S. Due
serially Sept. 17 from 1918 to 1934, Inclusive.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. April 8 by W. A. McDonald,
Co. Treas., for $3.260 434% coupon tax-free road4mpt. bonds. Denom.
$163. Date April 11914. Int. M.& N. at office of Co. Treas. Due one
bond each six months for 10 years. No deposit required.
SHELLMAN,Randolph County, Ga.-BOND OFFERING.-Proposals
will be received until 8 p. m. March 27 by C. P. Payne, City Clerk, for
15.000 6% coupon sanitary sewerage bonds. Denom. (10) $1,000, (10)
500. Date Dec. 1 1913. Interest annually on Dec. 1 in Sheliman. Due
500 yearly from 1920 to 1929, inclusive, and $1,000 yearly fro.m 1930 to
1939,inclusive. Certified cheek for $500, payable to 'Mayor,'required.
Bonded debt (including this issue), $36,100. Assessed value. $570,518
SHERMAN, Grayson County, Tex.-BONDS VOTED.-The question
of issuing the $25,000 street-impt., $20.000 sewer, $40,000 water, $5,000
lights and $10.000 park 5% bonds (V. 98, p. 855) carried, reports state, at
the election held Mar. 14.
SOUTH DAKOTA.-BOND OFFERING.-A. W. Ewert, State Treasurer (P. 0. Pierre) will receive bids, if is stated, until 3 p. m. March 26
for not loss than $360,000 and not more than $500.000 revenue warrants.
Certified check for $1.000 required.
SPRINGFIELD TOWNSHIP, Mahoning County, Ohio.-BOND
OFFERING.-Proposals will be received until 1 p. m. April 11 by L. W.
Scholl, Twp. Clerk (P. 0. Petersburg), for $60,000 5%road-improvement
bonds. Denom. $500. Date April 15 1914. Int. A. & 0. at Struthers
Savings & Banking Co., Struthers. Due $5,000 yearly on Oct. 1 from
1922 to 1933 incl. Certified check on a national bank for $1,000, payable
to E. C. Welsh, Twp. Treasurer. required.
STANWOOD, Cedar County, Iowa.-BOND ELECTION.-An election will be held March 30 to submit to a vote the question of issuing $9,000
water-works bonds.
STATESVILLE, Iredell County, No. Caro.-BOND OFFERING.
Proposals will be received until 8 p. m. April 3 by C. D. Moore, City
Treasurer, for $30,000 5% 30-year refunding street-improvement bonds.
Denom.$1,000. Date April 11914. Int. A.& 0. in Statesville. Officia
letter states that there is no litigation pending or threatened regarding this
Issue and that the city has never defaulted in the payment of principal or
interest on any of its obligations.
The official notice of this bond offering will befound among the advertisements
elsewhere in this Department.
STEUBENVILLE, Jefferson County, Ohlo.-BOND OFFERING.
Proposals will be received until 12 m. April 13 by Chas. R. Wells, City
Auditor, for $10.000 5% water-main-extension bonds. Date Jan. 11913.
Int. J. & J. Due $2,500 yearly on Sept. 1 from 1915 to 1918 incl. Certified check for 3% of bonds bid for, payable to City Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
STOCKTON, Rooks County Kans.-BOND SALE.-Reports state
that this place recently sold 1111.000 water-works bonds.
STRASBURG VILLAGE SCHOOL DISTRICT (P. 0. Strasburg),
Tuscara was County, Ohio.-BOND SALE.-On Mar. 17 the $40,000
534% high-school bonds dated Mar. 17 1914 (V. 98. p. 632) were awarded
to Sidney Spitzer & Co. of Toledo for $40,508 50 (101.271) and int. Other
bids were:
Otis & Co., Cleveland
$40.805 Hoehler, Cummings & PrudNew First Nat. Bank, Col... 40.612
den, Toledo
$40.508
Seasongood & Mayer.Cincin. 40.530 First Nat Bank,Cleveland._ 40.482
Spitzer, Rorick & Co.. Tot__ 40.516 Hanchett Bond Co., Chicago 40.429
The first four of the above-mentioned bids appear to be higher than that
of the purchasers. but are so given by the Clerk Board of Education.
STRONG CITY, Chase County, Kans.-BOND SALE.-It Is reported
that this city has sold an issue of $2,500 auditorium bonds.
SWEETWATER, Nolan County, Texas.-BONDS VOTED.-The
proposition to issue $320.000 534% 40-year municipal water-plant bonds
carried, it is stated, at the election held Mar. 14 by a vote of 252 to 32.
TAMAQUA SCHOOL DISTRICT (P. 0. Tamaqua), Schuylkill
County, Pa.-BOND SALE.-On March 2 the 530.000 434% 10-30-year
(opt.) coupon school bonds (V. 98. p. 632) were awarded to Harris, Forbes
& Co., N. Y., at 101.681 and interest. Other bids were:
Henry & West, Philadelphia,.100.41
Thos. A. Biddle & Co.,Phila_101.099 0. 11. Venner & Co., N. Y....100.083
Tamaqua National Bank ._ _ .101.00
Date May 15 1913. Int. M.& .
TARPON SPRINGS, Pinellas County, Fla.-BONDS TO BE OFFERED SHORTLY.-This city proposes to offer for sale shortly $80,000
city-improvement bonds.
THOMPSON (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
(P.0. Monticello), Sullivan County, N. Y.-BOND SALE.-On Mar. 18
the $48,000.04% school bonds (V. 98. P. 178) were sold to local investors
at par and int.
THORNDALE SCHOOL DISTRICT (P. 0. Thorndale), Milam
County, Tex.-BOND ELECTION PROPOSED.-According to newspaper
reports, an election will be held In the near future to submit to a vote the
question of issuing 320.000 school-bldg. or college bonds.
TIMPSON, Shelby County, Tex.-BOND ELECTION.-An election
will be held April 7, reports state, to vote on the questions of issuing
$17,000 water-works and $10,000 street-improvement bonds.
TROUP INDEPENDENT SCHOOL DISTRICT (P. 0. Troup),
Smith County, Tex.-BOND SALE.-The $19,000 5% 20-40-yr. (opt.)
bldg. and equip. bonds offered on Feb. 15(V.98, p. 326) have been awarded
to the First Nat. Bank of Troup at par and int.
TROY SCHOOL DISTRICT (P. 0. Troy), Davis County,1 Iowa.
BOND ELECTION.-An election will be held Mar. 28 to submit to a vote
the question of issuing $17,000 4% bldg. bonds.
I
Robt.Glendinning&Co.,Phil_101.63 1
[VOL. xcvin
TEXAS.-BONDS PURCHASED BY STATE BOARD OF EDUCATION.-At a meeting held March 9 the State Board of Education purchased $73,262 50 5% school-house bonds. Of this sum $24,062 50 was
applied toward the payment of issues contracted for at previous meetings,
while the balance. $50,200, was paid on new bonds which the Board has
agreed to buy. We print below a description of the school-house bonds
purchased, showing in each case the total issue and the amount of same
taken by the State on March 9:
9
n
,.
dt
County Common
Date.
School DistrictsDue.
Option. Issue. Mar.
29__Aug.
11 1913 20 years 10 years $
Anderson, No.
June 1 1913 20 years
Brazoria. No. 10
1Ny
oea
ner
1883 $1,400
Aug. 1 1913
Burleson No.25
1 year
800
Cameron No. 17
Sept. 1 1913 40 years 10 years 13,000
8,500
Collingsworth No. 2_ _Sept. 1 1913 20 years
None
2,000
400
Collin sworth No. 28_Sept. 1 1913 20 years
None
1.500
300
Corye 1 No. 74
June 9 1913 20 years 10 years
2.000
500
Aug. 10 1913 20 years 10 years
Dickens No. 15
3.000
500
10
years
20
years
Erath No. 9
Oct. 10 1913
3.000
500
None
Erath No. 52
June 10 1913 20 years
2.500
400
Erath No. 21
1,500
May 10 1913 20 years 10 years
300
Fannin No. 101
1.500
5 years
Sept. 10 1913 20 years
300
Grimes No. 2
1.500
1 year
April 10 1913 20 years
300
Grimes No. 11
April 10 1913 20 years
3.000
5 years
700
Harrison No.6
June 10 1913 40 years 20 years
2,500
8.000
Hopkins No. 32
June 9 1913 20 years 10 years
2.000
400
Hopkins No. 43
May 16 1910 20 years 10 years
300
1,900
Hopkins No. 92
June 1 1910 20 years 10 years
1.500
300
Kent No. 13
April 10 1913 40 years 10 years
5,200
1,800
Lamar No. 7
July 1 1913 20 years 10 years
600
3.000
Lamar No. 9
Sept. 1 1913 20 years 10 years
2,000
400
Lamar No. 79
Aug. 1 1913 20 years 10 years
1,500
300
Limestone No. 29
Oct. 10 1913 20 years 10 years
400
2,000
Linestone No. 94
July 10 1913 20 years 10 years
400
2.000
Limestone No. 35
July 10 1913 20 years 10 years
4,000
1,300
Milam No. 59
Aug. 15 1913 40 years
4.000
1 year
1,200
Parker No. 71
Oct. 10 1913 20 years 10 years
2.000
400
Parker No. 23
Sept,. 10 1913 20 years 10 years
1,600
5.000
April 17 1913 40 years 20 years 13.500
Tarrant No. 91
4,000
Sept. 12 1912 20 years 10 years
Wharton No. 17
1,000
5,000
Wise No. 92
June 10 1913 40 years 20 years
2,000
6.000
Independent Sch. Disls.Dec. 1 1913 40 years
Angleton
5 years $2,500 $1,000
Arlington
Oct. 1 1913 40 years 20 years
4.000
1,000
Brashear
July 1 1913 40 years 10 years
4.000
900
Calailen
June 14 1913 40 years 10 years 10.000
3,000
Copeville
None 6,562 50 1,312 50
Aug. 1 1913 40 years
5 years 10.000
July 10 1913 40 years
Hutchins
3,000
Jayton.
July 10 1913 40 years 10 years 12.000
3.000
Lakeview
16 1913 40 years 20 years
6.000
1,584i
Lott
June 1 1913 40 years 10 years 10,000
3,000
Matagorda
, _July 15 1913 40 years 20 years
8.000
2,300
3.000
1,000
Nevada
naers
ay ?
2,700
oe
2(14
_ y
800
New Braunfels
Oct. 1 1913 40 years 10 years 14.000
4,000
Pecan Gap
Aug. 1 1913 40 years 20 years 12.000
3.000
Rio Hondo
Aug. 1 1913 40 years 15 years 12,000
3,500
Robstown
July 5 1913 20 years
5 years
1,250
750
Sweeney
July 1 1913 40 years
5 years 10.000
2,500
Tell
Aug. 1 1913 20 years 10 years
500
2,500
Theney
June 10 1913 40 years
5 years
900
4,500
Dec. 1 1913 40 years 20 years 12,000
Tolar
4,000
July 1 1913 40 years 10 years 12,000
Wellington
3,000
Willow Hole
July 16 1913 20 years 10 years
2.500
500
In addition to the above, the Board of Education on March 9 purchased
$1.000 6% city of De Leon 10-40-year (opt.) city-hall bonds dated Sept. 1
1913. The total issue of $2,000 was contracted for at this meeting.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Tulsa County, Okla.BONDS VOTED.-The question of issuing $500,000 5% 20-year bldg .bonds
(V. 98, p. 855) carried at the election hold Mar. 17. These bonds will be
placed on the market in the very near future.
UTICA, N. Y.-BOND OFFERING.-Proposals will be received until
12 m. Mar. 24 by A. M.Burke, City Compt., for $15.540 64 (dated Jan. 21
1914) and $18,073 22 (dated Feb. 18 1914) 434% tax-free paving bonds.
Denom. to suit purchaser. Int. ann. at office of City Treas. or upon request of reg. holders in N. Y. exchange. Due one-sixth of each Issue yrly.
from 1915 to 1920 incl. Bonds to be delivered and paid for at office of
Columbia-Knickerbocker Tr. Co., N. Y. C., at 11 a. m. April 7 unless a
subsequent date shall be mutually, agreed upon in writing. These bonds
will be certified as to genuineness by the above trust company. Purchaser
to pay accrued interest. Bids must be made on forms furnished by the
City Comptroller.
VALLEJO, Solano County, Cal.-BOND OFFERING.-Reports state
that bids will be received until 11 a. m. March 31 by A. E. Edgcumbe,
City Clerk, for the 3100.000 1-20-year (serial) and $42,000 1-21-year
(serial) bulkhead 534% bonds voted Feb. 19 (V. 98, p. 709). Certified
check for $2.000 required.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND OFFERING.
-Proposals will be received until 10 a. m. Mar. 23 by A. J. Huxford, Co.
Treas., for $14,300 4t% Wm. Gouty et al. highway-impt. bonds. Denom.$715. Date Mar.2 1914. Int. M.& N. Due $715 each six months
from May 15 1915 to Nov. 15 1924 incl.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BONDS REFUSED.
Reports state that J. F. Wild & Co. of Indianapolis have refused to accept
the 353.000 434% 1034-year (average) road-improvement bonds awarded
refusal
The
to
accept the bonds was
them on March 9 (V. 98. p. 855).
based on a recent decision of the Supreme Court. which holds that a county
has no legal right to improve a highway In a township with brick pavement.
WABASH COUNTY (P. 0. Wabash), Ind.-BOND OFFERING.Proposals will be received until 5 p. m. Mar. 26 by N.P. Lavengood,County
Treas., for $6,800 W. W. Compton and $8,500 Klutz et al. highway-impt.
44% bonds.
WARREN COUNTY (P. 0. Bowling Green), KY.-BOND ELECTION PROPOSED.-The election to vote on the question of issuing the
$300,000 434% 30-year pike-construction bonds which was to have been
held March 25(V.98, p. 633) has, reports state, been postponed until in
May.
WARSAW, Wyoming County, N. Y.-PRICE PAID FOR BONDS.The price paid for the $22.000coup.or reg.Main St.paving bonds awarded
on Mar. 3 to the Trust Co. of Wyoming County, Warsaw (V. 98, p. me),
was 100.53 for 4345. Denom. $1.000. Int. A. & 0. Due $2.000 yrly.
Oct. 1 from 1915 to 1925 Incl. Using newspaper reports, we stated in last
week's "Chronicle" that the price paid was 100.695 for 434s.
WASHINGTON, Beaufort County, No. Caro.-BONDS VOTED.
At the election held Mar. 10, the proposition to issue $25,000 public dock
site-purchase bonds carried, reports state, by a vote of 216 to :35.
WASHINGTON, Fayette County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 14 by John N. McFadden, City
Aud., for $2.750 5% coup. street-1[mA. bonds. Denom. $275. Date
Sept. 1 1913. Int. semi-ann. Due $275 yearly on Sept. 1 from 1914 to
1923 Incl. 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 interest.
WASHINGTON COUNTY (P. 0. Salem), Ind.-BOND SALE.
On March 15 the $22,240 434% 6-year (aver.) highway-impt. bonds (V. 98,
p. 856) were awarded to the Bank of Salem, Salem,for 522,475 74 (101.059)
and int. Other bids were:
J. F. Wild & Co., In'polls__$22.4051Farmers State Bk., Salem_ ...$22,377
Flet.-Amer. Nat. Bk., Ind'ils. 22.3851G. L .Payne & Co.. Ind'polls. 22,350
WAUKEGAN SCHOOL DISTRICT (P. 0. Waukegan), Lake
County, Ill.-BOND ELECTION PROPOSED.-According to local newspaper reports, an election will be held In the near future to vote on the
question of issuing $30.000 Columbus and Lincoln schools impt. bonds.
WAYNE SCHOOL TOWNSHIP (P. 0. Mt. Etna), Huntington
County, Ind.-BOND OFFERING.-Proposals will be received until 1
p. m. Apr. 8 by Arthur Rhamy, Twp. Trustee, for $15,500 4% school
laonds. Denom. $300. Date Apr. 8 1914. Due last bond not over 15
P,ears and 6 months. Cert. check for amount of bonds and premium, if
Any, payable to Twp. Trustee, required.E1
l. m
Aprairroc.ths
"
1313 38 years
3/4
11An.21 1914.]
947
THE CHRONICLE
WELLSVILLE, Columbiana County, Ohio.-BOND OFFERING.
Proposals will be received until 12 in. April 20 by J. F. McQueen. City
Auditor, for the following bonds:
$4,538 41 5% Commerce St. impt. (assess.) bonds. Denom. (9) $450,
(1) $488 10. Date Sept. 1 1913.
3,200 10 6% Spring Hill Ave. ext. and impt. bonds. Denom. $640.
Date Jan. 1 1914. Int. payable at City Treasurer's office.
Due in 5 years.
Ave. sanitary-sewer bonds. Denom. $400. Date
Chester
6%
1.200
Aug. 15 1913. Int. payable at office of City Treasurer.
Due in 5 years.
Int. semi-ann. Certified check for 2% of bonds of each issue bid for,
payable to City Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
WENDELL, Wake County, No. Caro.-BOND SALE.-The $15.000
$% 30-yr. coupon electric-light-plant bonds (V. 98. p. 255) were awarded
to J. It. Sutherlin & Co. of Kansas City on Feb. 16 at par less $500 for legal
and selling expenses. Denom.$1,000. Date Mar. 11914. Int. J. & J.
WESTFIELD, Hampden County, Mass.-BOND SALE.-On Mar. 17
$30,000 4% coup.school-house bonds were awarded to E. M. Farnsworth
k Co. of Boston at 102.35. Other bids were:
101.515
Parkinson & Burr. Boston.... 02.26 Adams & Co.. Boston
101.45
Merrill, Oldham & Co.. Bos_102.149 Biodget St Co., Boston102.07 Curtis & Sanger. Boston_ _ _101.36
H. 0. Spitler & Co
R. L. Day & Co., Botston_ _ _101.569 Perry. Coffin & Burr, Boston 101.23
Estabrook & Co., Boston _101.54 Blake Bros. & Co., Boston. _101.03
Denom. $1,000. Data Mar. 1 1914. Int. M.& S. Due $2.000 yearly
for 15 years.
WEST HAZLETON SCHOOL DISTRICT (P. 0. West Hazleton),
Luzerene County, Pa.-BONDS VOTED.-The proposition to is-sue
$50,000 paving bonds carried at the election held Mar. 10. We are advised that they will be offered for sale some time in May.
WESTERN HEIGHTS INDEPENDENT SCHOOL DISTRICT (P. 0.
Dallas), Dallas County, Texas.-BONDS VOTED.-An election held
Mar. 14 resulted, it is stated, in a vote of 65 to 1 in favor of the question of
Issuing $16.000 bldg. bonds.
WHARTON COUNTY (P. 0. Wharton), Tex.-BONDS VOTED.The election held March 5 resulted in favor of the proposition to issue the
$100.000 514% road and bridge bonds (V. 98, p. 411).
WHITE SULPHUR SPRINGS, Greenbrier County, W. Va.BONDS NOT ISSUED.-The Mayor advises us that the $17.500 6% 10-20yr. municipal bonds advertised to be sold Feb. 28(V. 98. p. 544) could not
Ise issued because of an error.
WHITMER SCHOOL DISTRICT, Merced County, Cal.-BOND
SALE.-On Mar. 3 $6,000 6% l-12-yr. (ser.) bldg. bonds were awarded
to the Stockton Say. Bank, Stockton. for $6,031-equal to 100.518. The
Industrial Accident Commission bid par. Denom. $500. Date April 1
1914. Int. ann. April 1.
WILDWOOD, Cape May County, N. J.-BOND OFFERING.-Proposals will be received until 2 p. m. Mar. 26 by James Si. Whitesell, City
Clerk, for $7,500 20-yr. fire-apparatus and $22.000 30-yr. funding 5%
bonds. Denom. $500. Date April I 1914. Int. A. & 0. Cert. check
for 2% of bonds bid for, payable to City Treas., required. Bonds to be
delivered and paid for on or before April 16.
WILLAMINA, Yamhill County, Ore.-BONDS OFFERED BY 13.4
HRS.-An Issue of $10.000 6% improvement bonds is being offered to in
vestors by the German-American Trust Co. of Denver. Denom. $500.
Date July 1 1913. Int. J. & J. at the State of Oregon fiscal agency. N. Y.
Due July 1 1923, subject to call on any interest-paying date beginning
July 1 1914. Total bonded debt 1912,3119.497; true value (est.). $360,000.
WILLS POINT INDEPENDENT SCHOOL DISTRICT (P. 0. Wills
Point), Van Zandt County, Tex.-BONDS VOTED.--Local newspaper
reports state that this district recently voted in favor of the question of
issuing $3,000 school-building-imporvement and equipment bonds.
WINSTED, Litchfield County, Conn.-BOND ELECTION.-An
election will be held May 4 to vote on the proposition to issue $100.000
funding bonds at not exceeding 43i% int. 110tue $4,000 yearly beginning
1927.
WINTERVILLE, Pitt County, No. Caro.-BOND OFFMRINO.-Proposals will be received until 12 m. Mar. 23 by R. G. Chapman, Mayor,for
$5,000 6% 20-yr. coup. impt. bonds. Int. semi-ann. at Bank of WinterCert. check for 5%, payable to "Town of Winterrille," required.
No indebtedness. Assess. val. 1914. $170.000.
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BOND OFFERING.
-According to reports, proposals will be received until Mar. 25 for the
$120,000 5% Williams District road bonds recently voted (V. 98. p. 411)•
Denom.$100, $500 and $1.000.
BONDS VOTED.-By a vote of 435 to 73, the question of issuing
$70,000 5% paving bonds carried at the election held Mar. 10.
BOND ELECTION PROPOSED.-Reports state that an election will be
held in the near future to submit to a vote the question of issuing Hair's
District road bonds.
WORTHINGTON, Franklin County, Ohio.-BOND SALE.-The
$3,000 5% 25-yr. water-works bonds offered on Feb. 28 (V. 97. p. 470)
were awarded on that day to the New First Nat. Bank of Columbus at
par and blank bonds.
WYANDOTTE, Wayne County, Mich.-BOND ELECTION.-An
election will be held April 6, reports state, to vote on the questions of issuing
$11.000 water-works-impt. and $29,000 electric-light-plant bonds.
YONKERS, Westchester County, N. Y.-BOND SALE.-On Mar. 18
the ix issues of 414% bonds, aggregating $392,000 (Y. 98, P. 857), were
awarded to Rhoades & Co. of New York at 101.523.
YOUNGSTOWN CITY SCHOOL DISTRICT (P. 0. Youngstown),
Ohio.-BOND SALE.-On March 16 the $100,000 4 ;,‘% 15 ki-yearAav.)
coup. school bonds (V. 98. p.710) were awarded to Breed. Elliott & Harrison of Cincinnati at 101.18 and interest. Other bids were:
Seasongood & Mayer. Cin _ _$100.833 f Field, Longstreth & RichWeil, Roth & Co.. Cincin .100.6331 ards. Cincinnati
$100,573
E. H. Rollins & Sons, Chic_ 100.5941 Hayden, Mille & Co.,Clev. 100.401
Canada, Its Provinces and Municipalities.
ASSINTBOI/1 RURAL MUNICIPALITY (P. 0. St. Chsrlss), Man.
DEBENTURE SALE.-Reports state that $20.000 5% 7-install, sidewalk
debentures have been purchased by Geo. A. Stimson St Co. of Toronto.
BASSANO, Alts.-DEBENTURE SALE.-An issue of $25.000 6%
20-yr. debentures has been awarded, it is reported, to C. H. Burgess & Co.
of Toronto.
BREDENBURY, Sask.-DEBENTURE ELECTION PROPOSED.
Reports state that an election will be held in the near future to submit to
a vote the questions of issuing $5.000 town-hall and fire-equipment and
$5.000 skating-rink and drainage debentures.
NEW LOANS.
NEW LOANS.
$87,477.00
PROPOSALS
CITY OF MINNEAPOLIS
School District of Philadelphia
Special Certificates of Indebtedness
41
/
4% Serial Gold Certificates
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 I. 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 less than the par value of
same and accrued interest to date of delivery.
and the rate of Interest must be bid by the pur
chaser and must not be in excess of Frive (5%1
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.
S30,000
City of Statesville, N. C.,
5% 30-Year Refunding Street
Improvement Bonds
• bids will be received by the undersigned
at the office of the Board of Aldermen,in the City
of Statesville, North Carolina. until 8 P. M.
FRIDAY, APRIL 3RD. 1914. Bonds dated
April 1st, 1914. due April lst. 1944. Denominations $1,000 each. Interest payable semi-annually and both principal and interest payable in
Statesville, N. C. These bonds are issued to pay
off indebtedness already incurred by the said City
for necessary expenses for improving the principal streets and side-walks of said City, and by authority conferred upon the City authorities by
its amended charter of 1911.
The assessed value of property for taxes in 1913
was $3.230,000. Total indebtedness Including
this issue, $285,000. Population, Census 1910,
4,600. Present population, 7,000. The City
has never defaulted in the payment of principal
or interest of any of its obligations. No litigation pending or threatened regarding this issue.
The right is reserved to accept or reject any or all
bids.
OITY OF STATESVILLE.
V. D. MOORE, Treasurer,
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 I of each year.
Sealed Proposals will be received by William Dick. Secretary, in the of
@FedFRASER