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Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Sectiou
State and _City Sectim
SATURDAY, MARCH 28 1914
VOL. 98
Wite Thronicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2544
Week ending March 21.
Clearings at1914.
1913.
$
$
332,912,651 304,593,137
29,737,950
29,059,100
24,245,239
25,677,785
29,257,057
24,767,468
17,710,122
14,654,722
6,986,564
7,507,518
7,174,700
6,508,500
6,943,107
6,152,210
3,727,861
3,539,363
3,271,048
3,682,932
2,424,293
2,100,953
1,126,878
1,285,732
653,422
732,308
1,305,098
1,211,473
1,260,994
1,170,155
786,466
979,813
1,422,488
1,179,356
1,166,276
1,236,550
686,726
722,189
1,056,531
932,684
2,274,000
2,117,000
1.537,846
1,995,432
455,000
480,592
591,624
622,805
581,238
581,216
491,607
575,238
559,193
476,662
582,527
594,809
321,344
308,126
495,604
541,338
398,386
526,870
400,000
375,000
237,624
187,236
81,072
53,594
483,274,420 447,277,982
Inc. or
Dec.
1912.
1911.
$
%
$
+9.6 289,673,095 257,194,629
+2.3
28,462,050
23,899,450
-5.6
18,410,157
15,976,020
+18.1
20,104,764
17,417,465
+20.9
13,787,164
12,077,454
-6.9
7,091,398
7,208,518
+10.2
5,894,100
5,004,700
+12.9
6,726,128
4,661,854
+5.3
3,334,452
3,256,331
+12.6
2,878,290
2,367,174
+15.4
2,035,761
2,005,181
-12.4
1,264,103
1,088,583
-10.8
788,014
612,430
+7.8
1,419,744
1,071,539
+7.7
983,489
961,869
-19.7
1,193,358
1,022,207
+20.6
2,188,445
1,017,807
-5.3
924,812
1,002,645
.649,915
-5.0
809,115
+13.4
734,783
639,002
-16.3
1,797,000
863,400
-22.9
1,270,949
905,854
-5.3
442,338
409,162
-5.0
542,839
433,770
+10.0
471,722
476,868
-14.6
422,550
330,872
435,911
+17.4
474,658
-2.1
582,767
385,000
+4.3
272,486
342,579
-8.4
414,065
372,855
-24.3
453,005
365,384
339,461
+6.7
279,161
+26.9
187,644
187,770
+51.3
32,754
65.034
_..
+8.0 416,407,586 364,988,247
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _
Columbus
Toledo
Peoria
Grand Rapids_ _
Dayton
Evansville
Kalamazoo
Springfield, Ill_
Terms of Advertising-Per Inch Space
Fort Wayne___
Transient matter per inch s ace(14 agate Lncs)
4 20 Lexington
wo Months
(8 times)
2 00 Youngstown __ _
Three Months (13 times)
29 00 Rockford
Standing Business Cards
Six Months
(26 times)
60 00 Bloomington___
Twelve Months(62 times)
87 00 Quincy
CHICAGO OrmicE-Geo.3f.Shepherd,513 Monadnock Bic ,k;Tel.Harrison 4013. Akron
Canton
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. O.
Decatur
WILLIAM B. DANA COMPANY, Publishers,
Springfield,()South Bend
P.O. Box 958. Front, Pine and Depeyster Ste., New York.
Mansfield
Danville
Published every Saturday morning by WILLIAM B. DANA COMPANY, Jackson
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Jacksonville, Ill_
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lansing
Owensboro
Lima
CLEARING-HOUSE RETURNS.
Ann Arbor
The following table, made up by telegraph, &c., indicates that the total Adrian
Tot. Mid.Wes
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,158,039,275, against $3,261,793,498 last week
50,765,129
50,203,213 +1.1
San Francisco_
48,959,687
46,454,525
and $2,876,538,299 the corresponding week last year.
26,580,445
25,656,474
+3.6
21,292,577
Los Angeles
17,995,527
13,722,166
14,414,684
-4.9
10,721,903
Seattle
10,156,583
Clearings-Returns by Telegraph.
Per
13,352,100
15,841,739 -15.7
12,450,238
10,729,578
Portland
Week ending March 28.
1914.
Cent.
1912.
5,359,133 +8.2
8,516,838
Salt Lake City,_
5,976,754
6,137,738
4,949,469
3,849,403 +28.6
4,095,068
3,925,041
Spokane
Now York
$1,468,405,985 $1,327,786,259 +10.6 Tacoma
3,420,717
3,799,616 -10.0
4,153,354
3,626,101
Boston
-0.4 Oakland
121,854,296
121,357,935
3,457,074
4,038,388 -14.4
3,518,291
2,729,490
Philadelphia
-7.6 Sacramento
129,346,877
119,517,045
1,592,712
1,897,606
1,848,966
+2.7
1,401,825
+2.1 San Diego
28,882,610
Baltimore
29,501,310
2,185,300
2,830,568 -22.8
2,390,365
1,250,000
230,001,319 +12.1 Pasadena
Chicago
257,937,600
1,022,544
859,524
1,092,929 -6.4
871,858
St. Louis
66,333,778
55,101,009 +20.4 Fresno
926,224
1,087,849 -14.8
869,000
726,546
New Orleans
14,437,987
16,296,449 -11.4 Stockton
891,814
869,429 +2.6
681,644
587,030
530,000
North Yakima_ _
423,905
+25.2
482,133
441,335
Seven Cities, days
$2,077,401,640 $1,909,268,879
+8.8 San Jose
586,947
570,499
+2.9
572,500
437,477
Other cities, 5 days
545,276,391
480,287,064 +13.5 Reno
240,982
228,336
+5.5
219,930
233,386
130,325,271
132,115,131
-1.4 121,388,098 107,691,706
Total Pacific
Total all cities, 5 days
$2,622,768,031 $2,389,556,843
+9.9
All cities, 1 day
525,271,244
486,981,456
+7.9
52,849,924
52,307,861
+1.0
46,626,681
Kansas City--- 48,431,715
19,498,313 +16.1 . 17,714,480
22,639,160
17,213,406
Total all cities for week
$3,158,039,275 $2,876,538,299
+9.8 Minneapolis _
16,035,102 +13.8
15,556,179
18,244,019
14,387,547
Omaha
The full details for the week covered by the above will be given next St. Paul
9,621,361 +39.9
13,467,512
12,475,800
11993,o4
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
9,199,489 -5.6
9,094,358
8.688,194
7,819.1176
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph
7,627,445 -0.4
6,541,896
7,581,618
7.837,445
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
5,243,842 +13.1
4,424,975
5,929,876
4,210,915
.
nag
/Inc
9
Ogg
MCI
-1-91
C
9
790
407
9
A7.2 7A.2
We present below detailed figures for the week ending with Saturday Sioux City
noon, March 21, for four years:
3,144,543
,133,278
3,165,769
3,223,888 -1.8
Wichita
+16.9
2,566,192
2,582,471
Duluth
3,332,011
2,850,296
1,421,014
1,336,133
2,227,892
Lincoln
1,579,583 +41.0
Week ending March 21.
1,398,354
1,272,054
1,627,018
1,442,814 +12.8
Davenport
Clearings at
1,578,284
1,555,478
1,676,418 +10.6
Topeka
1,854,006
lacer
1,163,815
1,301,843
1,613,825
1,426,514
+13.1
Waterloo
Dec.
1913.
1912.
1914.
1911.
842,126
1,008,590
1,132,311 -12.3
Helena
993,908
511,933
680,061
Fargo
562,010
422,065 +21.1
$
$
$
%
$
+26.1
2,061,139
Cedar
1,271,299
1,086,041
1,634,638
Rapids1,723,582,648
+4.9 1,851,217,162 1,520,933,679
1,808,333,093
New York
570,647
637,717
531,825
705,780 -19.1
149,144,705 144,987,823 +2.9 154,190,770 133,859,191 Colorado Springs
'Philadelphia _ _ _
694,515
648,220
690,238 -6.1
575,206
50,645,247 +2.7
Pittsburgh
52,008,857
53,644,440
50,475,075 Pueblo
+59.0
267,884
Fremont
240,149
245,613
425,268
32,586,981
34,476,288
+5.8
Baltimore
31,586,050
29,256,336 Billings
258,786
87,21S
405,187
420,000
+3.7
10,967,384 -2.4
10,703,985
Buffalo
9,097,249
9,058,834
175,133 -9.4
152,650
158,716
189,179
6,969,198
7,803,276 -10.7
Washington
7,763,846
. 6,397,274 Hastings
+42.5
298,332
327,850
425,000
368.797
Aberdeen
6,479,597
6,100,000
+6.2
5,070,971
Albany
4,940,874
4,544,535
4,563,189 -0.4
Rochester
3,976,292
Tot.oth.West. 153,397,690 140,726,513 +9.0 131,695,768 130,133,602
3,166,558
2,660,291 +14.2
3,039,156
2,730,000
Scranton
2,533,854
2,702,162
2,778,477 -2.7
78,915,639
74,236,182
72,128,254
81,576,006 -3.2
2,269,146
Syracuse
2,039,415 St. Louis
1,598,912 +4.7
1,660,338
18,160,372
20,120,497
14,294,164 +18.7
16,988,734
1,625,408
Rending.
1,398,690 New Orleans...._
1,486;104 +22.3
13,992,800
13,383,259 +4.5
1,818,925
13,975,711
13,626,604
1,459,847
Wilmington
1,412,262 Louisville
1,517,882 -2.6
1,507,429
0,200,000
8,952,595 +2.8
1,361,928
Wilkes-Barre.1,295,403 Houston
2,202,270 -9.0
9,667,500 +10.9
2,003,371
10,721,000
9,526,500
6,884,500
2,011,007
Wheeling
1,588,591 Galveston
1,391,619 +10.1
8,141,412 -7.2
7,558,684
1,532,142
8,208,962
6,978,390
1,690,264
Lancaster
1,073,433 Richmond
1,603,047 +26.3
7,080,650
8,164,391 -13.3
5,901,379
5,573,250
2,034,010
1,664,065
Trenton
1,286,949 Fort Worth
7,647,247 +3.2
768,933 +16.8
7,888,310
5,879,005
7,673,869
York
897,619
918,368
830,462 Memphis
13,266,216 +18.7
949,615 +9.7
15,752,088
Erie
10,812,498
13,613,721
1,041,412
896,687
766,310 Atlanta
643,700 +5.4
4,435,646 -3.1
Binghamton _
4,300,000
5,308,878
3,731,939
550,100
467,900 Savannah
678,500
Greensburg
570,649 +12.2
6,477,574 +9.7
5,297,821
4,116,220
7,108,411
650,000
511,875
526,107 Nashville
Chester
4,013,640 +3.1
589,743 +7.3
3,042,117
3,202,360
4,137,098
641,920
632,496
476,570 Norfolk
3,181,488 -6.7
Altoona
503,779 +3.6
3,151,000
2,315,000
2,968,000
522,032
508,418
407,915 Birmingham --Montclair
1,845,701 +23.4
305,143 +34.1
2,226,590
2,293,248
2,276,112
Augusta
409,247
4,575,296 -27.0
2,719,529
3,338,464
3,495,118
Jacksonville -1,318,135 +6.3
1,360,182
1,345,300
1,401,861
Total Middle_ 2,093,795,097 2,000,337,612 +4.7 2,135,285,813 1,774,197,688 Mobile
1,516,727 +16.8
1,813,445
1,751,774
1,985,542
Knoxville
2,162,942 +18.5
1.858,364
2,563,800
1,717,583'
157,529,480 151,313,915 +4.1 173,251,095 150,793,986 Little Rock
Boston
2,716,207 -11.7
2,251,914
1,693,986
2,397,416
7,717,900
7,471,800 +3.3
Providence
7,252,100
6,413,900 Chattanooga---1,697,753 +18.7
2,074,376
2,014,314
1,552,793
4,763,807
3,923,916 +21.4
Hartford
4,393,301
3,764,435 Charleston
1,687,194 +0.05
1,579,464
1,990,641
1,688,082
3,017,789
+1.0
2,962,901
2,442,970 Oklahoma
New Haven
2,677,311
3,364,679 +16.8
2,517,331
4,113,593
3,087,425
3,928,152
Springfield
2,538,456 -0.8
2,054,405 Macon
2,668,889
1,897,525 +73.7
2,201,193
3,295,899
1,777,752
2,162,553
Portland
1,954,905 -9.1
2,041,166
1,827,256 Austin
335,609 +5.9
3,183,200
355,000
323,213
300,000
2,746,819 +15.9
Worcester
2,092,187 Meridian
2,400,874
1,053,698 -3.2
756,394
1,363,868
629,663
1,019,187
1,121,504 +21.6
1,224,476
Fall River
1,209,008 Muskogee
1,132,499
1,008,433 +74.3
592,904
1,757,630
600,885
1,063,219 +6.5
955,831
New Bedford
855,872 Tulsa
631,765
589,713 -36.8
495,983
468,000
372,384
581,214 +8.6
577,310 Jackson
Holyoke
655,887
749,146
247,162 +9.8
360,301
238,304
270,830
Lowell
515,417 +45.4
521,904
506,284 Vicksburg
402,526
445,067 -9.5
517,076
Barigor
379,896
Total Southern 216,213,957 210 217 912! +2.9 194,710 829 174,842,23Q
WWI
3,261,793,498,3,108,314,283 +4.9 3,198,039,004 2,724,770.991
Total all
Tot. Now Eng- 1R5 7R7 On 178.630 133 4.4 it 1051 550 nin 179 017 MR
Outside N. Y_ 1.453.460.405 1.353.731.635 4-5.0 1.346.821.842 1.203.837.312
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
$10 00
For One Year
6 00
for Six Months
13 00
European Subscription (including postage
7 50
European Subscription six months(including postage)
22 14a.
Annual Subscription in London (including postage)
11 its.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsBANK AND QUOTATION (monthly)I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times
un yearly)
RAILWAY EARNLNos(monthly)
STATE AND CITY (semi.annually) BANKERS'CONVENTION (yearly)
952
THE CHRONICLE
THE FINANCIAL SITUATION.
r The-time has arrived for giving careful consideration to the question whether a graver danger does
not confront the railroads than even the inability to*get an advance in rates at the hands of the
Inter-State Commerce Commission. Dividend reductions have apparently become the order of the
day, this week's action of the Pittsburgh Cincinnati
Chicago & St. Louis RIC., one of the subsidiary properties of the Pennsylvania RR., in cutting the rate
of distribution on both common and preferred shares,
being extremely suggestive in that respect. At the
same time returns of railroad earnings are becoming
steadily more discouraging, very heavy losses in
earnings—in gross and net alike—being the characteristic feature of the statements of all the larger
railioad systems.
Last season's shortened crop yield in the West
might be accepted as furnishing an explanation for
the contraction in revenues except that the losses
are common to the railroad properties all over the
country, even those outside the crop regions. It is
not needful to go into details, for any one can
examine the returns of earnings for himself, as we
give them in our Railroad Department on subsequent
pages. We will note here merely that the present
week we have had the February statements of earnings for such representative systems as the Atchison
and the Southern Pacific in the Southwest, the Chicago & North Western and the Northern Pacific in
the Northwest, the Union Pacific and the Illinois
Central in the Central sections and the Baltimore &
Ohio among the Eastern trunk lines, and they all tell
the same story of shrinking revenues, gross and net.
As the inevitable consequence, the carriers are now
cutting down train service and reducing their forces,
even such a staunch system as the Pennsylvania
Railroad being now obliged to have recourse to measures of that kind for curtailing expenses.
While the contraction in net earnings is a most
serious leature, the magnitude of the falling off that
is being recorded in the gross earnings deserves even
closer study, for that presents possibilities of misfortune fully as threatening as the rise in operating
cost. The Baltimore & Ohio return for February
shows a loss in gross earnings from transportation of
$1,026,553. This is almost 14%. We are aware
that the country is experiencing a reaction in trade,
with industrial activity on a -greatly lessened scale,
and that this in turn means a lessened traffic for the
country's transportation lines. We should doubt,
though, that the contraction in business amounts to
anywhere near 14%. The management of the Baltimore & Ohio met the decrease of $1,026,553 in gross
earnings with a reduction in expenses of $573,565,
leaving, however, still a loss of $452,988 in the net,
or considerably over 25%. Of the $573,565 decrease
in expenses $511,378 was in the maintenance outlays
which the railroads often curtail when business falls
off. In the transportation expenses the decrease,was
only $74,924, or less than 23/2%. For the eight
months of the company's fiscal year transportation
expenses have actually increased $1,784,144, notwithstanding gross earnings have fallen off $1,929,770. The maintenance outlays for these eight
months were cut in amount of $1,761,218.
It is known, of course, that wages and many other
items of expense are higher, but the fact that cost
of transportation is running so heavy at a time when
[VOL. xcvni.
railroad gross earnings are shrinking in a marked
degree raises the question whether the loss in gross
earnings may not be due more largely to other causes
than to a serious contraction in tonnage. In other
words, the question is whether the railroads are not
doing nearly as much work as before, but deriving
greatly less money from the same.
The parcels-post system, supplemented by the
action of the Inter-State Commerce Commission in
reducing express rates, has already played havoc
with the express companies—one company having
actually decided to go into liquidation because that
is more profitable than continuing in business—and
the thought which comes up is whether the parcelspost system is not destined also to play havoc with
the railroads—is not already impairing their earning
capacity. It is not generally recognized that a diminution in the revenues of the express companies
means a diminution also in the revenues of the railroads. That is the fact, however, for the express
companies have been paying the railroads 50% of
their revenue from the goods shipped. There seems
to be no proper appreciation of the circumstance
that the taking over by the Post Office Department,
through the parcels-post system, of the shipments
of small packages, means no inconsiderable loss to
the railroads. The express companies lose the business entirely, the railroads lose the 50% gross revenue which they would have received from the shipments had the express companies continued to handle
the same.
The most unfortunate feature of all—and in that
sense the railroads are worse off than the express
companies—the rail carriers are obliged to transport
these small packages all the same, only that they
are doing it now for the Government and are actually
receiving no compensation for the work, Congress
having thus far failed to make provision for paying
the railroads for the increased service rendered to the
Post Office Department by the addition of the
parcels-post system.
Mr. Frank H. Platt of the United States Express
Co., in an interview with a reporter of the New York
"Times," which we reprinted last week (page 883),
pointed out that the main beneficiaries of the parcelspost system are the mail-order houses and the department-store owners. He says that in the first
year of operation one mail-order house turned over
to the parcels post more than 1,000,000 shipments
that would otherwise have gone by express. This
gives an idea of the magnitude of the business. And
as an illustration of how the thing works out, Mr..
Platt referred to the fact that on a railroad train the
express is in 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. Mr. Platt also noted that the distinctive parcels-post stamps have been discontinued,
"so no one can know what the revenue from the
business is."
But the parcels post is as yet only in its infancy.
Its operation is being enlarged and huge extensions
of it are being planned for the future. That is the
most serious feature as far as the railroads are concerned;that is the grave and great danger confronting
the railroads which we had in mind in our opening
remarks above. We doubt whether there are many
railroad men even who have a full appreciation of
the consequences threatened to the railroads from
MAR. 281914.]
THE CHRONICLE
953
The ultimate effect we may suppose will be that
the carrying out of the plans for the development
considerable quantities of freight now shipped in
of the parcels post-system.
lots will be broken up and shipped in detached
it
carload
When the parcels-post system was started,
lots.
the railroads this will be the most expenFor
do
to
likely
not
seemed a trivial, insignificant thing,
of
It
sive
handling and transporting the freight
way
railroads.
the
to
of
harm
amount
great
any very
was supposed it would be confined entirely to the de- and at the'same time the Government will allow them
livery of small packages. We have seen how quick practically nothing for the service. Thus they stand
the department stores and the mail order houses were to lose in a double way. The whole': process of
to avail of the advantages even on that basis. But handling a large part of the freight business of the
since then numerous steps have been taken in ex- railroads seems likely to be changed, and it should
tension of the system, and now no one can tell what not escape attention that the avowed purpose of the
scheme is to do away with the middle-men and bring
the limit is to be.
At the outset 11 lbs. was the maximum weight of producer and consumer indirect connection through
parcels that could be carried. Last August this the medium of the Post Office Department. It is
maximum was raised to 20 lbs. and at the same time possible that the cost of living may actually be rea material reduction in rates was made. In Decem- duced as a result, though we doubt it. The railber the Inter-State Commerce Commission approved roads, at all events, will be the losers.
There has been much talk recently of the probathe proposal of Postmaster-General Burleson increasing the weight limit of parcels-post packages bility of Government ownership of the railroads in
the
in the first and second zones from 20 to 50 lbs. (or the not remote future. Under the extension of
Govthe
mentioned,
way
the
in
system
admitand
point),
parcels-post
starting
within 150 miles of the
ting books to parcel post, besides reducing the rates ernment will be gradually appropriating all the fain the third, fourth, fifth and sixth zones. The new cilities of the railroads without the expenditure of a
regulations went into effect (except as to books) on single penny. The railroads will be asked to render
Jan. 1 of the present year. The Postmaster-General the same transportation service as before, only in a
has expressed himself strongly in favor of raising the much more expensive way, and they will have to be
contented with what Congress and the Government
weight limit ultimately to 100 lbs.
This week there came the most important an- may dole out to them in the way of compensation.
nouncement of all, or rather double announcement, They must not grumble, even if the authorities see
first in the issuance of an order permitting the use of fit to grant them no compensation at all.
It is not a bright outlook for the railroads. Nor is
crates and boxes for butter, eggs, poultry, vegesecit a bright outlook for the country at large. It is
tables and fruit shipped by parcels post, and
of
date
under
Washington
too plain for argument that if the railroads are reondly in the news from
been
had
taken
steps
preliminary
duced to bankruptcy,all other industries will also be
that
March 22d
re"for
's
plan
Department
the
perfect
undermined and no part of the population will be able
to
day
that
ducing the cost of living" by having the parcels post to escape the ill effects.
—
carry the products of the farm directly to the door
An undoubtedly encouraging feature of the situaof the consumer. For two or three months past
reports have been coming from Washington saying tion isithe fact that a proper understanding of the
that Postmaster-General Burleson and Secretary of needslof thelrailroads is growing up in the interior
Agriculture Houston were at work on plans to sections of the country, and that the most influential
section of the press isIdoing good work in enlightening
this end.
Thus the domain of the system is being enormously public opinion in that regard and in presenting the
extended. Allowing the use of crates and boxes and case of the railroads, in the matter of the pending
opening the parcels post to shipments of butter, eggs, application of the Eastern trunk lines for a 5% inpoultry, vegetables and fruit is departing altogether crease in rates, with force and cogency. As an indifrom the original idea of taking only small parcels. cation of this we reproduce the following editorial
The proposition is no longer one of invading the business article which was printed in the St. Louis "Times"
of the express companies. It is invading the regular on March 24. It appeared under the caption
freight business of the railroads. Suppose the weight "Danger Signals."
The St. Louis "Times" has repeatedly and consistently
limit raised to 100 lbs., and it would be possible to
a fair and legitimate increase in railroad rates,
advocated
ship bags of flour by parcels post.
its unqualified and emphatic approval of
expressed
has
and
It should be understood, too, that under the ar- the demand for an increase of 5%. There is no necessity
rangement now proposed for carrying agricultural for again calling attention4tolthe fact that labor, supplies,
products direct from producer to consumer, it will materials and equipment have constantly advanced in prices,
in the wages
not be necessary for the farmer to take his produce and that there have been uniform increases
to the conalone
not
confined
were
which
men,
railroad
all
of
to the Post Office. Rural free delivery is to be ductors, engineers, firemeni andfswitchmen, but to every
availed of to avoid this. The announcement from branch of labor connected with this gigantic industry. In
Washington expressly says that "the farmer will addition, taxes, both general and special, have increased
be relieved of carrying his produce to market as the at an enormous rate, and the interest charges to railroads
rural carrier will make daily collections at the farmers' are higher than they have been at any previous time.
Railroads have been forced to resort to every manner and
own door of these retail shipments to city consumers."
method of economy in order to offset the increased costiof
The parcels-post rate is to cover the entire expense. operation, but such retrenchments and economies have not
There will be no extra expense at either end. Post- been sufficient to offset the increase, and even in the eases
masters are even to make up lists of persons having of the roads where we find an increase in gross earnings, we
net earnings. It is no
produce for sale and these lists are to be furnished are confronted withla decrease in thethere
is not an urgent
whether
question
serious
a
longer
to city and town patrons. The railroads cannot necessity:for an immediate increase in freight rates, buti
furnish any service like this. Who would not avail has advanced to that point and reached the acute stage
of it? A beginning is to be made with ten cities, that, if not granted, it will result in the greatest calamity the
country has ever known. No graver crisis could come to the
and soon the whole country will be covered
954
THE *CHRONICLE
United States, and Missouri in particular, than the bankruptcy of some of its railroads, especially the railroad referred to in the news item recently published.
It matters not what caused the receiverships of the Wabash
the 'Frisco and other smaller roads, whether it was the greed
of financial backers or mismanagement. The fact remains
that there are some roads which have been, and still are,
honestly and properly financed and operated and that they
cannot live or continue under existing conditions. If the
Inter-State Commerce Commission cannot find a way of
assisting and helping the railroads of Missouri, then the
Public Service Commission of the State of Missouri can and
should promptly devise ways and means of extending immediate relief, and protect the railroads from the impending
crisis.
Danger signals are daily being hoisted and brought to
view. Will they be observed and noticed by those in authority in time to avert a calamity?
xcvm.
Gold exports in February were fairly heavy, with
the movement largely to France. Altogether the
outflow of the precious metal was $9,078,778, which
was offset to the extent of $3,208,853 by imports,
leaving the net efflux $5,869,925, decreasing to
$5,398,635 the balance of imports for the eight
months. In the eight months of 1912-13 we
imported net $9,212,198, in 1911-12 net exports
were
$4,685,334 and in 1910-11 our gain was $44,574,161.
That the wages of farm labor in the United States is
rising much faster than that of those employed in
factories is the gist of a bulletin recently issued by the
Office of Information of the Department of Agriculture. Wages of farm labor, according to this
bulletin, tended upward during the '70s, remained
The February 1914 foreign trade statement of the almost stationary during
the '80s, declined from 1892
United States shows, as did that for January, a to 1894, and since that
time have moved steadily
contraction of something over 10% in the value of toward a higher level.
Specifically, it is stated that
the commodities exported from the country as within the past year
the advance has been about
compared with the corresponding month of 1913, 2.5%, in four
years it has been approximately 11%
but the inflow of merchandise was of full volume for and since 1902
reaches in the vicinity of 36%. Furthe period, exceeding to a nominal extent the high thermore, as compar
ed with the '80s, the current
record made a year ago. The February 1914 out- wages
are some 55% higher, and, contrasted with
flow of merchandise exports aggregated $173,808,468. 1894, rise of about
a
67% is shown. The monthly
Of this total, 77% million dollars, or practically the rate of wages varies
widely, of course, according to
same amount as in the month a yeat:ago, is accounted localit availab
le supply of labor, and cost of living;
y,
for by the leading articles for which advance state- withou
t board it ranges from $17 90 in a portion
ments are issued. Cotton exports showed a rather of
the South to as high as $51 in Utah, $54 in Monconsiderable gain, reaching 47 million dollars, against tana
and $56 50 in Nevada; and the current average
337
4 millions last year, and, notwithstanding the for the whole countr
y is $30 31, with the day rate
lower price secured, mineral oils exhibited a moderate
$1 94 at harvest time and $1 50 at other periods of the
augmentation, the exports quantitatively having year.
With board included the monthly average is
increased nearly 20%. Breadstuffs, however, with $21
38, the daily at harvest $1 57, and at other
flour, wheat and corn, and expecially the latter times
$1 16. In making comparison between wages
going out less freely, lost appreciably this year, as
on the farms and in the factories the Department has
did cotton-seed oil. The shipments of provisions made
use of the Census returns for 1890, 1900 and
also were smaller, especially of pork products. Last 1910,
and finds that, while in the manufacturing inyear the aggregate of these commodities represented dustrie
s the advance in the average rate in the ten
aIvalue of $193,996,942, or some 20 millions greater
years (1900 to 1910) was 22% and in the twenty
than:now and to just that extent are we the losers years 23%,
the increases on the farms were 37%
this year in our trade in the goods not included
in and 55%, respectively.
the advance reports—manufacturers, &c. For
With the situation as regards wages such as is
the
eight months of 1913-14 the total merchandise export here disclosed, it
s
would seem that there is every inat $1,695,615,479 fall 25 million dollars below the centive for many of
the unemployed in this and
record mark of 1912-13 but exceed all earlier years, other localities who really
want work to take up
and 1911-12 by 190 millions.
agricultural pursuits. There is now, and has been
Merchandise imports in February 1914 at $149,- for a long time, a crying need
for increasing migration
937,011 compare with $149,913,918 in 1913 and to the farms to assist in
cultivating the present pro$134,188,438 in 1912 and for the elapsed portion of ducing area and also to
bring new land into cropthe fiscal year 1913-14 reach $1,217,689,509, an bearin condition. It
g
is not to be expected, of
aggregate 28% millions smaller than for the like course that farm life, or any
,
other form of existence
period of 1912-13, but 171 millions greater than
in entailing work, appeals to the majority of individuals
1911-12. In its "Annual Review of the Foreig
n of the character of those who have recently taken
Commerce of the United States", just issued,
the part in disorderly demonstrations here in an alleged
Department of Commerce draws attention to some
of effort to obtain employment. But there are many
the striking characteristics of the import trade of the of the worthy to whom it
should appeal strongly with
country, laying particular stress upon the large wages
on the present basis.
increase in the inflow of raw materialsfor use in manufacture. In 1870 these articles made up only 12.76%
This has been a week of excitement in the United
of the total importations and in 1913 about 35%.
Kingdom of Great Britain and Ireland. But, as we
The net result of our February foreign trade is show
in our remarks on the financial situation in
an export balance of $23,871,457, which contrasts London
, in a subsequent column, the financial marrather unfavorably with the 44 millions of 1913 and kets
have shown throughout it all remarkable calmthe 64 8 millions of 1912. For the eight months, ness
and underlying strength. The political part of
however, the balance at $477,925,970 is a little the excite
ment really began on Friday of last week,
greater than for the previous year and falls only 373j when
the Government began to dispose its regular
millions below the record balance of 1907-08, the troops in Ireland so
that they might be in a position
period of depression here,with a consequentimportant to deal with
any situation that might arise. This
restriction of imports.
was the spark necessary to start the fire that had been
MAR. 28 1914.1
THE CHRONICLE
smouldering for so long, and a general concentration
of Ulster volunteers along the Ulster border began.
Reports from Dublin state that, as a result of instructions sent by the War Office to the Curraugh camp,
that officers who objected to serving in Ulster must
resign or be dismissed from the army,large numbers of
officers sent in their resignations. In view of the
partisan claims regarding the number of men, the
organization and equipment of the Ulster volunteers,
a statement by Col. Dacourt, military correspondent
of the London "Times," who has been touring Ulster,
is interesting. Col. Dacourt states that the
110,000 men enrolled in Ulster are in the flower of
their age and of excellent physique. Decentralization has been the system of organization. Each
county forms a separate unit. There are 65 battalions, of which there are 18 in Belfast. The volunteers have 400 motor cars, 200 motorcycles and a
complete system of communication by flags, lamps
and heliographs; 80,000 rifles, according to Col. Dacourt, have been distributed in the province. The
number of regular troops now in Ireland is 24,000.
Premier Asquith,through:the London "Times," after
active conferences all day on Sunday between Government representatives, made a reassuring statement. He declared that the movement of troops in
Ireland had been purely of a precautionary measure,
adding that "it must have been obvious that a policy
of disbursing small bodies of troops through Ulster
was perfectly useless from a strategic point of view.
The intention was simply to give additional protection to the arms and ammunition in the military
stores, which might become the object of raids. As
for the so-called naval movement, the Government
simply considered the use of two small cruisers to
convey a detachment of troops to Carrickfergus
without the necessity of marching them through Belfast. No further movement of troops is in contemplation. In the second place, the prevalent rumors
that warrants are outfor the arrest of the Ulster leaders
has not and never had the slightest foundation in
fact. The Government does not contemplate any
such step. The third misapprehension concerns the
recent action of officers of the army at Curragh and
elsewhere. There is a widespread impression that
the Government contemplates instituting inquisition into the intention of officers in the event oh
their being asked to take up arms against Ulster.
No such action is intended, if only for the reason that
the employment of troops against Ulster is a contingency which the Government hopes will never arise."
Supplementing this statement was one from Colonel
John Seely, Secretary of State for War, in the House
of Commons. This was particularly brief and vague,
the gist of it being that some officers had informed
Gen. Sir Arthur Paget, Commander and Chief in
Ireland, that they could not serve in certain eventualities. This was, he said, the result of a misunderstanding, and these officers had been ordered to
rejoin their regiments. The inference from Colonel
Seely's statement was that an agreement had been
made between the Government and the officers
whereby the latter would not be called upon to serve
against the Ulster men. The part played by the
King in the crisis has not been definitely disclosed.
His Majesty has been keeping in close touch with the
situation, but Premier Asquith as well as Col. Seely,
in a statement from the House of Commons, have
absolved the King from any interference in the
original controversy. Field Marshal SirlJohn French,
955
chief of the general staff, and Adjutant-General
Sir John Spencer Ewart have resigned, though thus
far their resignations have not been accepted. They
nevertheless are standing firm in their determination
to retire from the service as a result of the Asquith
Government's repudiation of the note they with Col.
Seely, the War Minister, initialed, assuring Col.
Gough, his command would not be forced to serve
in Ulster. A persistent report is that David LloydGeorge and Winston Spencer Churchill and their
adherents are angry at Premier Asquith and the
moderates for their refusal to adopt a more severe
policy towards the army officers who resigned, and
that the outcome is not unlikely to be a new Radical
Government headed by Lloyd-George. Col. Seely in
an official statement presented to the House took all
the blame for the "misunderstanding" on his own
shoulders. He frankly declared that he had made
a great mistake. His written assurance to Gen.
Gough, that the Government "must retain its right
to use all the forces of the Crown in Ireland or elsewhere to maintain order and support the civil powers
in the ordinary execution of their duty, but has
no intention whatever of taking advantage of this
right in order to crush political opposition to the
policy or the principles of the Home Rule Bill,"
was given without the knowledge of the Cabinet
and contrary to the Cabinet's policy. The War
Secretary tendered his resignation on Wednesday,
but the Prime Minister refused to accept it. The
Government at once withdrew Col. Seely's guaranties, and this renewed the acute stage of the crisis,
after there had been considerable calming down.
Relating his interview with King George, Col. Seely
said he had merely laid the facts of the army crisis
before His Majesty, and added: "Any suggestion
that the King has taken any initiative of any kind
in this matter is absolutely without foundation in
the broadest sense. His Majesty took no initiative
of any character."
In an address in the House of Commons yesterday
Mr. Asquith announced that in view of recent misconceptions, and to obviate the possibility of their
recurrence in the future, the army council had,
yesterday (Friday)—Field Marshal Sir John French
and Lieutenant-General Sir John Ewart being present—unanimously determined to issue a new army
order. The new order to the army is headed "Discipline." It has three articles, which are as follows:
"(1) No officer or soldier shall in future be questioned by his superior officers as to what attitude
he will adopt or as to his action in the event of his
being required to obey orders dependent on future or
hypothetical contingencies.
"(2) An officer or soldier is forbidden in future to
ask for assurances as to orders which he may be
required to fulfil.
"(3) It is the duty of every officer and soldier to
obey all lawful commands given them through the
proper channels, either for safeguarding public property or to support the civil power in the ordinary
execution of its duty or for the protection of the lives
and property of the inhabitants in case of a disturbance of the peace."
Developments in Mexico seem to have been postponed in all directions, awaiting the results of the
important battle at Torreon, which has been in
progress virtually all week. Accounts of this engagement are somewhat indefinite, though there seems
agreement that General Villa, after a fierce attack
on the city and highly successful preliminary engage-
956
THE CHRONICLE
[VoL. xcvxn.
ment in which the suburbs were captured, was news accounts of
underlying conditions. It is not
repulsed and compelled to retire. Dispatches of difficult to explain the
basis for the undercurrent of
yesterday's date from Constitutionalist sources strength. The Home Rule
Bill (as suggested by a
declare, however, that Villa has again succeeded in cable correspondent who is
usually conservative in
occupying Gomez Palacio, the key to Torreon, and his deductions) is a political
expedient that has been
that he intends at once to make a general assault fathered by the Liberal Party,
chiefly,as a result of
upon Torreon proper, employing his own division, the necessity of retaining the
co-operation of Irish
and those of Generals Urbina, Conteras, Herrera Nationalist Party. At heart the
Liberal Party,
and Ortega. The rebel commander boasts that he aside from these political consider
ations, is not,
will be in possession of the city on Sunday. The according to this view, really in
favor of a separate
leaders' friends declare that he had been pursuing Dublin Parliament for Ireland.
Thus, should any
his old tactics of drawing the fire of the Federals and readjustment of the political
balance take place,
exhausting their supply of ammunition. As to the the Home Rule proposal would
have small possipolitical events, it has been reported that suggestions bilities in the event of its failure to
pass at the current
have been conveyed to Washington through John session of Parliament, in accordan
ce with the terms
Lind that Senor Jose Portillo y Rojas, Foreign of the Parliamentary Act.
Minister in Huerta's Cabinet, will become President
The threatened overthrow of the Asquith
of Mexico in place of Huerta on condition that Presi- George Government because of its highly -Lloydradical
dent Wilson allows Huerta to be a candidate at the tendencies, would, undoubtedly, be
construed as a
next election. Senor Portillo, as we explained last particularly
favorable development by the large
week, has made an official call upon Mr. Lind in financial interests in
Great Britain. This potential
Vera Cruz for the purpose of reopening unofficial possibility of the current
crisis may thus be regarded
diplomatic exchanges between the two countries. as responsible for
the firm undertone that has
Advices cabled from both London and Paris also prevailed in London
Stock Exchange circles thpughcontain the suggestion of a brighter outlook for the out the acute stage of
the excitement. Pftperly
Mexican situation. Nelson O'Shaughnessy, Minister speaking, the London markets
may be said to have
Charge d'Affaires at Mexico City, returned to the become stagnant rather than
weak. Stock Exchange
Mexican capital from Vera Cruz early in the week, members have again become
greatly discouraged
after a conference with Mr. Lind. There is a per- at the absence of business.
London correspondents
sistent rumor that O'Shaughnessy's resignation has differ as to the number of firms that
are
been requested on the ground that he is out of business. Some reiterate the estimate retiring from
made at the
sympathy with President Wilson's policy.
close of last year, namely that more than four hundred members of the Exchange had notified
The Japanese Cabinet, of which Count Yamamoto Stock Exchange Committee that they will not the
apply
is the head, and which has held office since February for re-election for the current fiscal year,
which
1913, resigned on Tuesday. The official explana- began on March 25. In January, when
temporary
tion is that the resignation was due to the failure revival set in, most of these discouraged
members
of the House of Representatives and the House of determined to make another trial, with
the hope of
Peers to agree on the Budget. The House of Peers getting back into profitable business.
But the subsehad reduced the appropriations for the navy, first, quent stagnation has sapped
their courage and
because of the allegations of corruption and,secondly, accounts agree that a large number
have determined
because of the failure of the Government to accord either to take a holiday or enter into
other fields of
an equal expansion of the army. The Emperor usefulness. Under the Stock Exchange
rules these
issued a decree on Monday, suspending the session members may take a full year's holiday
and will.pot
of Parliament for three days,and as the Diet was be called upon to pay their subscriptions.
They
to adjourn on Wednesday, the Emperor's action do not forfeit their memberships,and if
business impractically amounted to proroguing Parliament. proves many will unquestionably return
during ite
Strong efforts are being made to induce the Em- year. There are about forty new
candidates for
peror to designate Count Shigenobu Okuma as head admission to the Exchange. Other
press corresof the new Japanese Cabinet. Count Okuma is a pondents do not place the number of
retirements at
popular statesman and is a leader of the Progressive as high a figure as four hundred. They
..claim that
Party. The Japanese naval scandal responsible only twenty-five resignations have as yet
been posted.
for the present crisis arose out of the arrest and prose- No definite statement on the subject
will be availcution of the Tokyo representative of a German able, however, until April 14,which is
thefinal date by
electrical firm against whom a charge of attempted which members must decide whatthey
are going to do.
blackmail was made. At his trial in Berlin witnesses
testified that a number of high Japanese naval
The London market has been supported, also, by
officials had been paid commissions by the firm in a belief that is growing at that
centre that affairs in
return for securing contracts for the installation of both Brazil and Mexico have
taken a turn for the
wireless outfits on Japanese naval vessels,.
better. British Consols, which closed at 74 13-16 a
week ago, finished last evening, as reported by cable,
While the London markets have been more or less at 7532. This certainly does not
suggest any deepunder the influence of the rapid changes in the home grounded fear in financial circles of
disaster to follow
political situation, the Stock Exchange price level the apparently loose reports of civil
war. London &
at the British centre has shown firm resistance. Northwestern Ry., which is one of
London's standard
Ulster securities, which would very naturally be home investment stocks, finished
at 129, against
among the first to be affected in the event of civil 12934 last week. The Great
Western
closed at
war becoming a real probability,have especially been 1143/2, against 1129. These
are representative
maintained. This not unnaturally suggests that a changes in the general
home investment market.
decided amount of exaggeration exists in the general State funds indicate similar
strength. Bulgarianfis
MAR 28 1914.1
THE CHRONICLE
finished at 1013', against 101 last week, and Greek
Monopoly 4s remain without quotable change from
52. The same is true of Servian Unified 4s, which
2. German Imperial 3s are 1 point
continue at 783/
week
at 78 and Chinese 4s are % point
the
for
higher
higher at 102. Money in London closed last evening at 23
4%, comparing with 234@23/2% last
week. This firmness may be accepted as temporary,
as the bill market is exceptionally easy and Lombard
Street is predicting a protracted season of cheap
money to begin in April. There seems every encouragement,should the political situation develop on satisfactory lines, to believe that this season of redundance in funds will not be without its favorable effect upon the general market for securities. For
the month ending with March 20, the aggregate value
of 387 representative securities, as reported by the
"Bankers' Magazine" of London by cable to the
"Journal of Commerce," showed a decrease of £47,612,000, or 1.4%, which compares with an increase
of £65,974,000, or 1.9%, in February. The heaviest
decline is shown by African mines, which receded
£2,748,000, or 4.6%. British and India funds registered a decline of £11,624,000, or 1.7%; foreign Government stocks of £731,000, or 0.1%; home rails of
£10,432,000, or 3.6%, and American securities of
£6,880,000, or 1.9%.
The demands on the new capital market in London continue very moderate. The Tasmanian loan,
of £1,500,000 4s, which, as we stated last week, was
offered at 99, did not even fulfill the poor predictions that were then made for it. Underwriters
were compelled to themselves assume 81% of the
issue. The City of Winnipeg is offering £1,100,000
432% bonds at 98. The loan has been underwritten,
but no definite report on the distribution of the issue
is as yet available by cable. A Belgian loan of
£6,000,000 in 3 per cents, which was offered at 80,
was subscribed three-fold. A total of £1,400,000
out of an issue of £10,000,000 of a Greek loan is to
be offered in London. Of the total, £7,000,000 will
be offered in Paris and the remainder, £1,600,000,
has been allotted to New York, Athens and Egypt.
In Paris the best that may be said is that conditions
are no worse than they were a week ago. That some
substantial expectation exists for an improved situation is indicated by the decision to offer 175,000,000
francs out of a total issue of 250,000,000 francs of a
Greek loan during the closing days of the month.
The entire Greek loan authorized and underwritten,
it is understood, is 500,000,000 francs, but one-half
the amouwts. only is to be immediately issued. We
this loan allotted to other
refer to the amounts
countries in our remarks on the London situation.
For the moment, however, both speculation and
investment buying and selling on the Paris Bourse and
the Coulisse may be regarded as being in a state of
suspended animation. The political excitement that
followed the assassination of the editor of the
Paris "Figaro" seems to have subsided and political
wire-pulling, too, has apparently been abandoned,
owing to the closeness of the nati9na1 elections, which
Die scheduled to take place on April 26th. French
bank shares are reported by cable to have been depressed by increased fears of new laws restricting
current business. The Ministry continues on the
defensive and it is not considered likely that any
important legislation will take place between now
and the date of election. Political strategy is the
957
basis of this belief. It is considered a great advantage
for a party to be in power at such a time. Thus,it
is expected that the Ministry will exercise keen discretion in order not to raise a crisis. As one correspondent puts it "the Cabinet is simply marking
time, playing, as a cartoonist happily suggests, the
role of Penelope unpicking by night her work of the
previous day. There is reason to doubt that the
1914 budget will be voted 'before Parliament dissolves,as by law it should be. If it is not the situation may be serious." Should the Doumergue
Ministry, as reorganized, be sustained at the election,
it appears more than likely that the proposals of
M. Caillaux, the former Finance Minister, will again
be pushed strongly forward. The election, however, it seems will be actively contested, the large
financial interests being arrayed against the present
Government. Call money in Paris closed at 2%,
which is without net change for the week. French
2
Rentes finished at 86.65 francs, against 86.823/
francs last week.
In Berlin the usual caution that marks business at
the end of each quarter-year has been a feature this
week. The German banks have been re-enforcing
their reserves for the expected strain and are in a
fairly good condition. The shares of the leading
steamship lines have continued weak, owing to the
failure of the conference of the North Atlantic companies to reach a definite agreement. There are,
however, no special fears that the Atlantic rate war
will be resnmed. Berlin is understood to have borrowed moderate amounts of funds from New York
banks. These are in the form of thirty-day loans at
4%, exchange guaranteed. These loans will be
promptly paid as they mature, as they are only needed
to facilitate the quarterly settlements. Money in
Berlin closed at 29'%, which compares with 2%®
TN% a week ago.
Official European bank rates remain without
change, except in the case of Amsterdam, which was
on Monday reduced M% to 332%. In Lombard
Street sixty-day bills closed at 23/8% and long bills
at 13'@1 15-16%, against 23 and 29'% for short
and long bills, respectively, a week ago. The fore1®
going are the spot rates. Those to arrive are 1Y
1 13-16% for both sixty and ninety-day acceptances.
The private bank rate at Paris remains without change
4%. Vienna
at 23
4%. Berlin is Yi% lower at27
4%,Brussels unchanged at
finished 3-16 higher at 33
4%, while Amsterdam is 3-16 lower at 2 15-16%.
35
Official rates at the leading foreign centres are: London, 3%; Paris, 33/2%; Berlin, 4%; Vienna, 4%;
Brussels, 4%, and Amsterdam, 332%.
The Bank of England in this week's return registers a decrease of £314,704 in the gold coin and bullion holdings and the reserve indicated a contraction
of £466,000. The proportion of reserve to liabilities
is now 43.76%, which compares with 45.92% last
week and 39.66% at this date a year ago. A further increase of £1,292,000 is indicated by the public
deposits in the Bank, representing revenue collections. Lombard Street borrowed £2,822,000 at the
Bank in excess of bill maturities. Ordinary deposits
increased 075,000. The bullion holdings of the
Bank are £40,855,324, a total that compares with
06,541,315 in 1913 and 08,274,828 in 1912. The
reserve is 00,719,000, against £26,739,510 in 1913
and £28,230,948 in 1912. The item of circulation
958
THE CHRONICLE
stands at £28,283,000. One year ago it was £28,251,805 and in 1912 £28,493,880. Public deposits
are fully up to the figures of a year ago, amounting
to £26,156,000, against £26,114,574 a year ago and
£25,855,935 the year preceding. Other deposits
are £41,452,000, against £41,291,235 and £39,370,589 one and two years ago, respectively. Loans are
now slightly ahead of a year ago. They aggregate
£46,640,000, against £46,033,349 in 1913 and £41,099,502 in 1912. Our special corresopndent furnishes the following details by cable of the gold movement into and out of the Bank for the Bank week:
Imports, nil; exports, £50,000, wholly to South
America,and shipments of £265,000 net to the interior of Great Britain.
[Yob. xcvm.
Commerce Commission on their application for authority to charge living rates for transporting merchandise before again appealing to investors in a
large way. The Chicago Rock Island & Pacific
Railway Co. has this week sold $7,500,000 two-year
6% collateral notes. The recent offering by Messrs.
Brown Bros. & Co. of $10,000,00043/
2% equipment
trust gold certificates of the Norfolk & Western Ry.
have all been sold, the issue having been largely
over-subscribed. There seems agreement among
bank officers at this centre that after the April settlements and the return of dividends and coupon funds
to the market that a period of easiness and inactivity
will be entered upon. This agrees with expectations
on the London and Continental markets, the same
influence being common to all, namely the curtailThe Bank of France reports an increase this week ment of speculation and the reactionary tendency
in
of 2,690,000 francs in gold and a decrease of 1,001,000 trade and industry that at the moment is
worldwide.
francs in silver. Note circulation decreased 60,- Last Saturday's statement of the Clearing
House in025,000 francs, general deposits increased 100,650,000 dicated an increase of $5,110,000 in the loan
item
francs and bills discounted were reduced 10,600,000 of the banks and trust companies in the Associatio
n.
francs. The Bank now holds13,624,154,000 francs Deposits increased $18,671,0
00, which called for an
in gold, against 3,235,221,000 francs in 1913 and addition to the reserve
requirements of $3,719,350.
3,249,500,000 francs in 1912. Its silver stock is Thus, while the cash item
showed an expansion
632,991,000 francs. One year ago the total was of $6,050,000, there was an
increase of $2,330,650
607,057,000 francs and in 1912 806,650,000 francs. only in the surplus above
requirements. That surOutstanding circulation is in excess of recent years, plus now amounts to $25,346,9
50, which compares
amounting to 5,743,172,000 francs, which compares with $13,556,200 one year ago and
$12,235,100 at this
with 5,590,648,085 francs in 1913 and 5,232,802,520 date in 1912. The banks themselves
gained $3,in 1912. Discounts aggregate 1,406,377,000 francs, 014,000 cash and the trust companies
accumulated
against 1,781,189,492 francs one year ago and 1,- $3,036,000. New York banks have again
been called
901,275,611 francs the year preceding. General upon for funds on behalf of their out-of-to
wn cordeposits are 682,517,000 francs. In 1913 they were respondents to re-pay the so-called crop funds
de733,524,919 francs and in 1912 1,269,975,746 francs. posited by Secretary McAdoo last autumn in the
banks of the agricultural sections. There has been
The Imperial Bank of Germany presented a strong a steady flow of gold from Montreal to New York,
statement, its gold indicating an increase of 4,457,000 which is likely to continue,as New York exchange in
marks and its total cash, including gold, an increase Montreal is still at the gold point, closing
last
of 36,785,000 marks. Meanwhile circulation showed evening at 783/2c. per $1,000 premium. The receipts
a contraction of 10,037,000 marks, treasury bills a of gold at New York from this source since the curdecrease of 39,862,000 marks, loans a reduction of rent movement began are $1,850,00
0.
3,037,000 marks, while discounts were 19,488,000
Referring to call money rates in detail, it may be
marks lower. Deposits, on the other hand, increased said to have been pegged at 134@2%,
these figures
36,107,000 marks. The cash holdings continue representing the lowest and highest
quotations each
500,000,000 marks in excess of the figures of a year day in the week. In the same way 178%
has been
ago, amounting to 1,714,637,000 marks, against the renewal basis every day except Wednesday
and
1,237,720,000 marks in 1913 and 1,248,400,000 Friday. On Wednesday 2% was charged on Stock
marks in 1912. Combining loans and discounts,we Exchange transactions and on Friday 13
4%. For
have a total of 927,128,000 marks only, against time money closing quotations were 214@3%for
1,311,520,000 marks one year ago and 1,138,460,000 sixty days (unchanged for the week), 234@3% for
marks in 1912. Circulation stands at 1,827,044,000 ninety days (also unchanged), 3% for four months
marks. One year ago the total was 1,780,260,000 (against
3@331%), 33i% for five months (against
marks and in 1912 1,547,180,000 marks.
3%@33'%) and W
I% for six months (against
314@3M%). Commercial paper is quoted .at 332@,
"Watchful waiting" seems to have developed as the 334% for sixty and ninety-day endorsed bills
receivapolicy in local money circles quite as definitely as in ble and for four to six months' names of choice
characMexican affairs. The Stock Exchange demands ter, and other names less favorably known finished
at
upon loanable funds continue light and the trade 4@414%.
and industrial requirements are showing no perceptible improvement. Under such conditions it is not
Sterling exchange may be said to have reflected
unnatural that rates for fixed maturities should be by its quotation changes the political
excitement in
slightly easier and that the banks and other lenders London, although business has continued
on a highly
should display a more cordial attitude towards the restricted scale so far as volume is
concerned. Sixtymarket for commercial paper. The latter feature day bills advanced sharply during
the earlier days
may be said to apply not alone to New York but to and demand bills and cable transfers
were mainvirtually all large financial centres of the country. tained. Later, with the easing of discounts
in LomAt Boston, for instance, single-name factory paper bard Street,the entire market
became irregular and
has this week sold with some freedom at 33
4%. The a noticeable degree of weakness developed. There
capital demands, too, have continued light, the rail- does not appear to have been
any important manipuroads evidently awaiting action by the Inter-Stat lation or speculation by the
large banks and trust
MAR. 28 1914.1
companies making a specialty of sterling exchange
operations. Thus far, the expected movement of
gold to the Argentine on London account has not
developed, the British centre evidently finding
it more convenient to send the precious metal direct,
though Brazil has recently been shipping gold to
Argentine for London account,and a London correspondent sends the news by cable that French bankers are advancing a moderate amount of gold to
Brazil to steady exchange while negotiations for
larger operations are proceeding. Advices from
Brazil, it may be mentioned in passing, have become
more satisfactory. Of the £1,100,000 Cape gold
offered in the London market on Tuesday, India
obtained £200,000, the remainder again going to the
Continent at the Mint price of 77s. 9d. London
has continued a seller of American securities on balance, though turning buyer on a moderate scale
during the closing days of the week. Bills of all
descriptions have been sparingly offered, mail opportunities to be available for the quarterly settlements
abroad having expired. Germany has been offering 4% for thirty-day loans in the local market
in connection with the Berlin quarterly settlement.
Demand sterling in Paris closed at 25.183/2 francs,
which compares with 25.20 francs a week ago. In
Berlin, London checks finished at 20.44 marks, which
is an advance of M pfenning•for the week. Sterling
checks in Amsterdam, as reported by cable last
evening, closed at 12.08Wi guilders, comparing with
12.09% guilders on Friday of last week. Berlin
exchange in Parisfinished at 123.173/ francs,against
123.30 francs a week ago. Mexican exchange on
New York closed at 2.95, which is without net change
for the week and Mexican exchange on London
closed at is. 4d., against is. 414d.
Compared with Friday of last week, sterling exchange on Saturday was slightly easier for demand,
which declined to 4 8650@4 8660; cable transfers
remained unchanged at 4 8680@4 8690, as also .did
sixty days at 4 8460@4 8475. On Monday trading
was dull and inactive; lower rates for local money
caused some firmness at the opening, but later there
was a weaker tone on the easing in English discounts;
the range was unchanged at 4 8650@4 8660 for demand, 4 8680@4 8690 for,cable transfers and 4 8460
@4 8475 for sixty days. Larger offerings of commercial bills induced weakness on Tuesday and demand
declined to 4 8640@4 8650 and cable transfers to
4 8675@4 8685; sixty days, however, rules firm
and advanced to 4 8475@4 8490. On Wednesday
the downward trend was still in evidence, demand
receding to 4 8635@4 8645, cable transfers to 4 8665
@4 8675 and sixty days to 4 8460@4 8475; further
lowering of discounts at London continued to be the
chief influence in depressing quotations. On Thursday sterling again ruled weak, with an additional decline of 10 points for demand, which ranged at 4 8625
@4 8635, cable transfers at 4 8655@4 8665 and
sixty days at 4 8450@4 8465. On Friday the market
was almost in neglect, with rates 5 points lower.
Closing quotations were 4 8445@4 8460 for sixty
days,4 8620@4 8630 for demand and 4 8650@4 8660
for cable transfers. Commercial on banks closed at
4 833/@4 84, documents for payment finished at
2
4 833/@4 843, and seven-day grain bills at 4 853/
4. Cotton for payment closed at 4 839@
@4 857
4 84, grain for payment at 4 83%@4 84.
959
THE CHRONICLE
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $11,021,000 net in cash as a result of the currency movements for the week ending March 27.
Their receipts from the interior have aggregated
$15,167,000, while the shipments have reached $4,146,000. Adding the Sub-Treasury operations and
the gold imports, which together occasioned a loss
of $6,685,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a gain of $4,336,000, as
follows:
1Veek ending March 27.
Banks' interior movement
Sub-Treas. oper. and gold imports
Total
Into
Banks.
Out of
Banks.
Net Change tn
Bank Holdings.
$15,167,000
20,110,000
$4,146,000 Cain $11,021,000
26,795,000 Loss 6,685,000
$35,277,000
30,941,000,Gain $4,336,000
The following table indicates the amount of bullion
in the principal European banks.
March 26 1914.
March 271913.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
England__ 40,855,324
France__ 144,066,640
Germany_ 66,104,050
Russiaa178,689,000
Aus-Hunb 52,065,000
Spain ____ 19,900,000
Italyd __ 45,715,000
Nethland. 13,330,000
Nat Belgd 8,655,333
Sweden _ 5,790,000
Switzland 6,812,000
Norway__ 2,448,000
Tot. week 58.5,330,347
Prey.week 576,933,561
£
I
£
£
40,855,324 30,541,315,
36,541,315
25,319,400 170,286,040 129,408,8801 24,282,160153,691.040
16,700,000 82,804,050 47,545,900: 14,340,400 01,886,300
7,192,000 185,881,000 15/,383,0O01 7,373,000 164,756,000
12,074,000 64,139,000 50,164,0001 10,370,00060,534,000
28,752,000 48,652,000 17,853,000, 29,842,000 47,695,000
3,050,000 48,765,000 46,366,0001 4,000,000 50,366,000
797,700 14,127,700 13,463,000
806,700 14,269,000
4,327,667 12,983,000 7,779,333 3,889,667 11,669,000
5,702,000
5,790,000 5,702,0001
6,801,000
6,812,000 6,801,000,
2,127,000
2,448,000 2,127,000'
I
98,212,767683,543,114 521,134,4281 94,903,927616,038,355
97,828,267674,761,828 519,069,6521 94,643,493613,713,145
a The total of gold In the Bank of Russia ncludes the balance held abroad—
that is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement Is now issued in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent n
London. in order to reduce Kronen to Pounds. has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given in our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain: it is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver; but we believe the
vision we make is a close approximation.
BRITISH MINISTRY AND THE ARMY.
The complicated tangle in British politics, which
had already, three or four weeks ago, reached a stage
of seeming deadlock, has been thrown by the events
of this present week into a new condition the end
of which it is quite impossible at the moment clearly
to foresee. Two weeks ago, yielding to the demands
of the Unionist Party that Protestant Ulster should
be excluded from the jurisdiction of the proposed
Irish Home Rule parliament, the Premier proposed
a referendum to the Irish constituencies, voting by
counties, whereby those counties which voted against
the Home Rule proposition were to be excluded from
the terms of the bill during the next six years. This
proposal was well understood to foreshadow a vote
to that effect by the four northeast counties of Ulster.
It would have left the period of exclusion to extend
over two general elections, necessitated by the present. statute, which limits the life of an imperial
parliament. The proposal, was, however, rejeCted
by the Unionist leaders,on the ground that it contained no assurance as to what would be the attitude
of the Government toward Ulster when the six years'
respite should have ended. Meantime the antiHome Rule volunteers continued their military drilling in Ulster, with the open declaration that they
contemplated forcible resistance to measures compelling their submission to an Irish parliament.
When the compromise proposal was thus rejected,
those Parliamentary leaders who represented Ulster,
and who were identified with the Ulster demonstration against Home Rule, promptly left London and
960
THE CHRONICLE
returned to Belfast. In view of the peculiar nature
of the situation, the War Office was convinced that
the time had now arrived when protection of the
Government's military stores in Ulster was an absolute necessity. Accordingly, the Commander-inChief in Ireland was instructed by the Government
that "in consequence of reports received by the Government that attempts may be made in various parts
of Ireland by evil-disposed persons to obtain possession of arms and ammunition from Government
stores", it was deemed advisable that measures
should at once be taken for the protection of such
military depots. It was further intimated that the
four anti-Home Rule counties of Ulster were "especially liable to attack."
When this order from the War Office was made
known to the other generals in Ireland, an extraordinary ultimatum was presented in their behalf. General Gough stated verbally that the officers of his
brigade were unanimous in insisting on more precise
information as to the nature of the duties to which
they were called. They were ready, he continued,
to serve in maintaining order and preserving propererty. But "if the dutylinvolves the initiation of
radical military operations against Ulster, the following officers would respectfully, and under protest prefer to resign." To this communication
the names of 56 officers of the brigade were appended. Last Monday a further communication
from the War Office to the commanding general in
Ireland proceeded to give such assurances, concluding
in the following words:
"The Government must retain its right to use all
the forces of the Crown in Ireland or elsewhere to
maintain order and support the civil power in the
ordinary execution of their duty, but it has no
intention whatever of taking advantage of this right
ix order to crush political opposition to the policy
or:the prinicples of the Home Rule bill."
This explanation,moreover,had followed the rather
unusual statement by the War Secretary to the generalyofficers: that while the army officers and men
"were in fact and in law justified in refusal to obey"
orders for outrageous and inexcusable purposes,
had never been any intention of
nevertheless fthere
...-...giving such orders to the troops.
The conditionvofraffairs among the Irish troops
became known in London last week; it was followed
1737the wildest sort of unfounded rumors on Sunday,
and brought about positive inquiries in the House of
Commons by the leaders of the Opposition, who then
publicly asserted that the officers in Ireland had written assurances from the Government that Ulster
should not be coerced. Great confusion and obscurity at first marked the Government's attitude in
tl
—Wmatter. Finally, lastl Wednesday, the War
Secretary declared to the House of Commons that the
closing part of the above-cited Governmental communication to the army in Ireland on Monday, referring to its own intentions in the matter, had been
inadvertently inserted, and had not been adopted by
the Cabinet council at its meeting—at which, indeed,
the War Secretary himself was not present. The
wild accusations which prevailegon Tuesday, and
which were voiced in the House, that the King had
intervened and forced the hand of the Ministry, were
repudiated both by the War Secretary/and by the
Premier. Mr. Asquith,then, on Wednesday, in a
very positive speech, thus set forth the Ministry's
position to the House:
(VOL. XOVIII.
So long as we are responsible for the government
of this country, whatever the consequences may be,
we will never assent to the claim from any body of
men in the service of the Crown, be they officers or
men, to demand in advance any assurances as to
whay they will or will not be required to do in circumstances that have not arisen. That is a new
claim,and if we were to assent,it would put the Government at the mercy of the military.
Two questions remain after this summary of
events: first, what is the real meaning of this extraordinary episode,and,second, in what position does it
leave the Ulster complications? As to the first of
these questions, it is difficult to draw conclusions
without in some measure blaming all parties to the
episode. The Ministry seems clearly to have been
called upon to provide for the defense of Government
property in Ulster; yet it can hardly be doubted that
their manner of doing so was most inept. The plan
for moving troops to protect the magazines was so
far belated that, when at length decided on, it had the
appearance of a concerted and general demonstration
in such form as to give ground to the inference, by
prejudiced parties, that forcible and immediate
coercion was intended.
This idea, it must be added, was emphasized by
what can hardly be called anything but the extraordinary action of the Admiralty. The somewhat
impulsive Mr. Winston Churcilll, head of that
branch of Government, admitted in Parliament on
Wednesday that he had ordered the battle squadron
to steam at full speed from Spanish waters to the
Irish coast. The First Lord explained this as designed to bring the fleet "in proximity to the coast
of Ireland in case of serious disturbances arising";
but this necessarily added to the prevalent impression.
As for the War Secretary's blunder in his communications to the generals, it is not possible, even in
view of the Premier's repudiation of them, to say
how far these mistakes were due to divided opinions
in the Cabinet council itself, and, therefore, how far
the War Secretary is now acting as scapegoat for the
mistakes or omissions of the Ministry itself. That
the plea of "inadvertence" was at least a highly
technical excuse has been strongly indicated by the
subsequent resignation of their commissions by
Sir John French, chief of the general staff of the
British army, and Lieutenant-General Sir John
Spencer Ewart. Both had signed in good faith the
note of assurance from the War Office to General
Gough, and both took the ground that the Premier's
repudiation of the note left them no alternative but
resignation.
Thus a very trying and complicated situation has
existed and continues to exist. In itself, a feeling
of unwillingness, in official army circles, to participate in a conceivable attack on Irish provinces which
have refused obedience to a Home Rule measure,
kas long been known to exist. But, on the other
hand, all people in the least familiar with history
must have been impressed throughout this dispute
with the fact that, while the threatened wholesale
refusal of officers in the army to obey orders, except
upon condition, was a very grave menace to military
discipline and governmental authority, the policy
of explaining and temporizing with the recusant
officers created an impossible situation. It could
hardly amount to anything else than recognizing
the general right of army officers to pass judgment
on orders of the Government. Yet a heavy respon-
MAR. 28 19141
THE CHRONICLE
sibility would certainly seem also to rest on the
Unionist leaders, who not only favored the preparations for armed revolt in Ulster, but who, in one way
or another, seem undoubtedly to have encouraged
what was not altogether remote from mutiny in
the army. As to what this policy may lead to, there
need only be mentioned, as it has-been mentioned in
the Parliamentary debates, the extent to which the
new principle might be applied when the military
was called out to suppress riots arising from labor
demonstrations. There is, in fact, scarcely any limit
to the possible application of such a rule. The assertion by Government speakers in the House that in
the last analysis the civil power would, under such
conditions, be subjected in many of its larger plans
to the veto of the army, is not easy to contest.
When one asks, what is to be the practical result
of this remarkable situation, it will be noticed that,
since Mr. Asquith has declared that the temporizing
policy in dealing with the army officers has been withdrawn, the Government now stands on its own rights
and powers in the matter. If, then, the army officers still refuse obedience, the outcome would apparently be court martial, irrespective of the fact that
they framed their refusal in the form of resignation.
This would create a new situation. It would certainly be no less obscure a situation from the fact
that these are days when ideas previously all but
inconceivable seem suddenly to gain control of the
minds of whole organizations or communities. There,
fore the Cabinet might quite possibly be confronted with the question, whether it could safely
Insist on immediately moving the troops to Ulstereven for protection of the military stores. In the
meantime, the Home Rule Bill is apparently to be
pressed. The Ministry has the power of passing it
—with what immediate result no one will confidently at this moment predict.
One probability stands out strongly in connection
with the whole affair; yet it is one of those probabilities which is itself surrounded with such uncertainty
as to render its results as difficult to foresee as everything else has been in this singular episode. If, after the passage of the Home Rule Bill, or even before
such action, the Government were to dissolve Parliament and go to the country, the general election
which would follow would be fought, not merely on
the basis of the Home Rule question, but on the attitude of the House of Lords, with the Unionist Party
awkwardly handicapped by the accusation which
would certainly be brought up against them during
the electoral campaign, of tampering with the army.
To what extent the still larger question as to the
contest between democracy and privilege would be
applied in such an electoral contest, any one can judge
for himself. Thus the outcome, even of such an appeal to the British electors, would be left in peculiar
doubt. The most that can be said at the moment is
that,at all events,a clear verdict by the British electorate, after a campaign based on approval or disapproval of the Home Rule legislation, would represent
the mandate of the British people. What further
bearing such a mandate would have, whether it
should be favorable or unfavorable, to the Government's position, would then become the foremost
political question of the day. In the meantime it
is highly interesting to observe that the London finaneial markets, so far from being disordered and shaken
by the week's events, have maintained exceptional
equanimity.
961
• THE SOUTH AFBICANURISIS.
Direct information from a reliable source comes
to us from South Africa which enables us to:form
an opinion upon the action of the Colonial Government in declaring martial law on the occasion of„the
recent strike in Johannesburg, and in deporting eight
of the leaders. The arrival of the deported men'in
England has given rise there to much excited talk
and some great meetings of protest; though the heat
of the passions created by England's own troubles
and the anxieties and bewilderment just now:absorbing attention at home, has, for the time being,
crowded this matter into the background.
Meanwhile, both the Colonial Government and
the people of South Africa are pondering over the
situation and taking counsel with themselves. The
English Governor-General, Sir Herbert Gladstone,
meanwhile has returned to England and resigned;
whether in connection with the African situation :or
not is not known. The new South African Government, headed as it is by General Botha, has had tby
no means an easy time since it was created. England's Colonial policy in its latest and most developed
form was boldly applied to thorn, and the men who
had been so fiercely arrayed against each other,
Boers and Englishmen, in the bitter and costly war,
found themselves called to adjust their differences
as best they might and take upon themselves the
responsibilities and face the difficult problem of
working out their own salvation.
It has been no easy itask; there have been many
heart-burnings and much serious political strife.
It has been especially hard for the men who, at
tremendous cost, were victors in the war, to see their
defeated foes now made their fellow citizens, and,
because of their superior numbers, actually in control
of the Government. For this reason, the progress
of the new Government in settling the affairs of the
country,and dealing with the innumerable and perplexing problems which this has involved, has been
necessarily slow. The Boer leaders, upon whom the
chief responsibility thus far has rested, might well
make mistakes, and have certainly had much to
learn. Endless complaint has gone back to England
and there has been much prognostication of evil.
The strike of the white laborers in and about
Johannesburg brought on the first serious crisis.
The vigor with which the Government dealt with it
has startled not only England, but all older countries
where labor agitators are at work. To be sure the
Briand Government in France not long ago broke
up a great railway strike by resorting to military
measures, calling the reserves to their colors; and
strikes of postal employees have been made illegal;
but this action in South Africa of a Government still
so young and unsettled, and where party strife is
so hot, and the proletariat is so numerous and so
unrestrained, is an exhibition of strength in existing
institutions where it was least looked for.
We have now that knowledge of the situation which
not only enables us to estimate the emergency which
occasioned it but to judge of its permanent significance.
There are nearly 200,000 natives, still largely untouched by civilization, employed in the mines just
outside Johannesburg and 100,000 more within the
city. They are, in the main, docile and more or less
accustomed to white domination; but they are a
brave and warlike race, and in their new intimacy
962
THE CHRONICLE
f VOL.
XCVIII
with the whites are learning much that is disturbing. without which there could be small hope of permanent
The Government has never felt entirely at ease with peace and prosperity. At the same time it guaranregard to them, and has from time to time enacted tees that stability of the State and that social order
growingly repressive legislation, which creates a which alone supply the conditions under which every
wide-spread feeling of injustice and oppression, and citizen, Boer or Englishman,can find employmentfor
is deeply resented by the more intelligent among his gifts, and exercise that leadership which is
inthem. When the native workers in Johannesburg dispensable to the whole community. It is a striking
and on the Rand saw the relatively small crowd of evidence of the truth of the old contention that law,
white workmen declare a strike and proceed to take no less than liberty, has to be fought for if it is to
control of the town,—rioting, burning and shooting be secured; and the first duty of the State and of
in the streets,—and the community paralyzed, there those who at the hour are in authority is to see that
was a sudden revelation of possibilitiesfor them. the law is respected. The liberty,as well as the wellThey had an object lesson of gravest importance .The being, of all alike depends upon that. It is uncerstrikes began in July. They continued, intermit- tainty as to this duty which is just now shaking the
tently, to the new year. When they broke out with foundations of the English Government, and is the
renewed violence in January, the Government adopt- ground for the anxiety which takes possession of us
ed drastic measures. Martial law was declared, and here at home in the presence of every prolonged
70,-000 tropps were rapidly mobilized, followed by strike.
the prompt arrest and imprisonment of the leaders
and deportation of the chief agitators. An uprising
EVIL EFFECTS OF FULL-CREW LAWS.
which would have brought about the horror of a
When labor leaders insisted that State legislatures
Sepoy mutiny or a Boxer outbreak was made at should pass full-crew laws they overlooked one great
once impossible, and any lingering doubt dispelled principle, namely that one cannot spend his penny
from the dullest mind as to what would be the and keep it too. The evident purpose of the fullseverity attending similar law-breaking. So much crew laws was to provide employment upon the
for the immediate contribution to the permanent railroads for a greater number of trainmen, but it
establishing of law and order.
never occurred to the advocates of needless and
On the economic side there are already other useless laws that compulsory employment of men
important and desirable results. Native workmen, who are not wanted would lead to the discharge
both semi-skilled and skilled, have in the past been of other men who are wanted, but who cannot be
greatly discriminated against. The labor unions retained upon the pay-roll because of a lack of funds
and even the Government has prevented their to put into the pay envelopes.
receiving anything like the white man's wages for
A railroad cannot keep its penny and spend it too
the same class of work. Much more or less skilled any more than an individual can. When a railroad's
labor is done by the natives in the mines. Since the resources are exhausted by compulsory disbursestrike the door of industrial opportunity is opening ments to useless employees, the company will find itto them. The mines are now offering them increased self without money to pay for services that are more
wages, and the mine owners are taking steps to desirable.
secure the removal of their legal disabilities. This is
A practical demonstration of this is found in condue not only to weariness of the continual trouble ditions now existing on the Pennsylvania RR. Fullwith striking white labor, but to the fact that unless crew laws compel the railroad to employ trainmen
working costs can be reduced by giving a larger that are not needed, putting an extra and useless
place to native labor, some mines will have to close. expense in one State alone upon the railroads which
The managers are done with bolstering up the white amounts to $500,000 per annum. Gross earnings
workers, who must now stand or fall according to are falling off and increased expenses are making
their worth, and they will cease to place an arbitrary great inroads upon net earnings. The only possible
limit on the native artisan, either as to the kind of course for the railroad to pursue in order to protect itwork he may do or as to the wages he shall receive. self is to reduce its working force. Fifteen thousand
Of course this action is not due to any increased employees of the Pennsylvania RR. have already
motive of philanthropy, but wholly to economic been discharged and the reduction upon the entire
considerations, and it will be a long time before the system is still in progress. Men who "toil not,
native's wage will equal that of the white man unless neither do they spin," are being paid, but at the
a very different feeling maintains than has yet been expense of older employees who have a better right
felt in South Africa.
to expect steady employment at a regular wage.
Furthermore, the natives employed in the town, Thus the burden of obnoxious laws falls not merely
who have been more neglected and undervalued than upon the investors but upon the wage-earners as well.
those working in the mines, have now some prospect
The Pennsylvania does not stand alone. A similar
of a juster appreciation and fairer treatment. The course is being adopted by the Baltimore & Ohio
race has fine native qualities which have been abund- Railroad Co. Statements of other important railantly in evidence, both in their wars with the whites roads for February show that they also have suffered
and in the results of the missionary and educational losses in both gross and net earnings and that a
work among them, inadequate as this is.
curtailment of expenses and improvements is beOn the whole, the vigorous and somewhat startling coming imperative. Conditions are becoming so bad
action of the Government which has been over- that it may be the part of wisdom to have special
whelmingly sustained by the Parliament, and appar- sessions of legislatures called in order that they may
ently by the people, has cleared the atmosphere of speedily repeal the laws which are causing the misthe whole country and gone far to establish confidence chief.
in the new order of things. It has prepared the way,
In the case of the Pittsburgh Cincinnati Chicago &
and, it is hoped, will lead to a better treatment of St. Louis, one of the Pennsylvania's Western lines,
the natives than they have ever received in the past; investors have been forced to share the hardships of
MAR. 28 1914.1
THE CHRONICLE
963
a druggist's shelf, or to bolt down a new specific
every few hours, would be deemed fit for restraint;
what shall restrain a people who seem to be growing
so possessed by the passion for alteration that they
are willing to make one unheard-of change after
another, without waiting to see how one acts in
THE PASSION FOR LEGISLATIVE TINKERING. practice before mixing it with more ?
The crusaders for female suffrage are now seeking
to get through Congress an amendment for their THE COUNTRY'S STEEL RAIL PRODUCTION.
Emphasis is given to three distinct features by the
purpose, and the unthinking fury for tearing the
Constitution in pieces is such that no proposition statistics of steel rail production for the calendar
is so absurd as to lack advocates. The Washington year 1913 just made public. These features are
correspondents, whose curiosity has led them to (1) the moderate home consumption of rails, (2).the
make a census, now tell us that no less than forty large export shipments of rails, (3) the fact that the
propositions for this destructive end are before use of rails made by the open-hearth process still
Congress. Naturally, the courts are assailed. The keeps extending and with a rapidity which suggests
judges of the Supreme Court, it is proposed, shall that in the course of a few years more the Bessemer
be elected, as the President is, and for eight years rail may become altogether extinct. These steel
only, after the scheme has got well into action; those rail statistics are now compiled by the Bureau of
of infetior Federal courts are to be elected locally; Statistics of the American Iron and Steel Institute
any inferior court may be abolished entirely, or any under the direction of William G. Gray, who for so
judge in it may be removed, by a vote in Congress. many years assisted Mr. James M. Swank, the
Congress may enact laws as to marriage and divorce; veteran statistician of the American Iron and Steel
prohibit making or selling distilled liquors; establish Association. The statistics are even more elaborate
uniform hours of labor; regulate insurance, and and comprehensive than they were when compiled
under the auspices of the Iron and Steel Association.
so on.
Orders for rails by the railroads the last halt of 1912
Others are too fantastic to be appropriate outside
of comic opera. Whenever any law of Congress is and the early part of 1913 were given with a little
pronounced invalid by any Federal court, the Secre- more freedom than before, and accordingly the make
tary of State shall pass the question of constitution- of rails in the calendar year 1913 was somewhat
ality along, through the Governors, to the several larger than during the calendar year 1912, but it
legislatures "for their approval or rejection, together was by no means on a liberal scale and not what it
with a proposed amendment to the Constitution would have been if railroad conditions had been
making such law Constitutional." The same Repre- satisfactory instead of the reverse. Stated in brief,
sentative proposes that when any legislature offers dip production of rails in 1913 reached 3,502,780
an amendment and three-fourths of the legislatures tons, which compares with 3,327,915 tons in 1912
assent to it,it shall be in the Constitution forthwith and 2,822,790 tons in 1911 but with 3,636,031 in
without any action by Congress. Another plan would 1910. Thus, there was improvement over such a
allow a proposition to be put into the party platform notoriously poor year as 1911, but as compared with
in a national campaign and then to be pushed to a years of more favorable results the element of growth
mere majority vote in Congress and be ratified by is seen to be altogether lacking.
The railroads have had hard times to contend with
a two-thirds instead of a three-fourths vote of the
for quite a long while and have for several years
States.
The paternity—or, at least, the most distin- perforce been pursuing a policy of buying from handguished advocacy—of the referendum as to judicial to-mouth. In 1911 the policy of curtailment and
decisions and the recall of the unpopular judges economy had been carried to such lengths that they
themselves is readily remembered. As for others did not buy quite enough to meet absolute necessiof these propositions, they indicate what may be ties. Hence, when the railroad outlook in 1912
concealed in the "gateway amendment," which, temporarily assumed a more cheerful aspect and
according to Senator La Follette, is necessary to re- large crops made it certain that the railroads would
store to the people the power of self-government that be called upon to haul a very large traffic, the manacorporations have in some inexplicable manner taken gers, acting under the spur of necessity, found it
from them. A still simpler, swifter and possibly incumbent to enlarge their orders and a slight furmore popular method might be to let anybody pro- ther increase in product for 1913 resulted. Now,
pose an amendment and allow it to be ratified by a however, buying has again ceased, owing to the
mail vote, with the proviso that a majority of the diminished income and impaired credit of the roads,
and the product for the current calendar year (1914)
persons voting shall suffice.
This temper of mind and habit of action has not is sure to be on a greatly reduced scale again.
As indicating that the production for 1913, even
come upon the country so suddenly as it might seem;
it is one part of the degeneracy which has been though above that for 1912 and 1911,is ofjonly moderproduced by progressively increasing the powers ate proportions, we may note that as far back as
of government and progressively piling new regula- 1907 the output of rails was 3,633,654 tons, as
tive functions upon it. The changes and strange against the 3,502,780 tons for 1913. In 1906, seven
novelities proposed, in both statutes and constitu- years before 1913, the production of rails was almost
tions, are so many and so inconsistent that nothing four million tons—in exact figures 3,977,887 tons.
except mischief can be expected from them. If any This was the year of maximum output and the`1913
of them are workable and have a potency for good, output falls 475,107 below it. The showing appears
they are so complicated with others as to neutral- the more remarkable when it is borne in mind that in
ize any beneficence they may possess. A man the interval since 1906 about 33,000 miles have been
who wanted to swallow a mixture of all the stuffs on added to the railroad system of the country. Not-.
the employees,as dividends upon both the preferred
and common stocks were reduced this week. Too
much regulation and too many obnoxious laws have
brought the railroads to a condition which works a
hardship upon investors and wage-earners alike.
964
THE CHRONICLE
withstanding this great addition to the size of the
railroad system, the 1913 make .of rails was nearly
half a million tons less than ;that of 1906, showing
severe curtailment, as would be expected under the
circumstances.
The comparison is even worse than appears by the
face of the figures, since the country's export shipments have gained materially in the meantime.
In reviewing the 1912 figures we pointed out that
the exports for that year at 446,473 tons were
the largest on record. For 1913 now we find that
the 1912 record has been further slightlyimproved
upon, the exports for 1913 having reached 460,553
tons. Back in 1906 the exports, though also large,
reached only 328,036 tons. It follows that the
comparison on the basis of the home consumption
of rails is worse than on the basis of production.
Taking into account the very small amount of rails
imported (10,408 tons) the home consumption of
rails in 1913 was 3,052,635 tons. This compares
with 2,885,222 tons in 1912 and with 2,405,330 tons
in 1911, but with 3,290,712 tons in 1910 and with no
less than 3,654,794 tons in 1906. In the following
we furnish a comparative statement for the last six
years, showing production, imports and exports and
the home consumption of rails, and also how much
of the product each year was made by each of the
leading processes-that is the Bessemer process and
the open-hearth process.
RAIL PRODUCTION AND CONSUMPTION.
1913.
1912.
1911.
1910.
1909.
1908.
1907.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Bessemer__ 817,591 1,099,926 1,138,633 1,884,442 1,767,171 1,349,153 3,380,025
Open-hearth 2,527,710 2,105,144 1,676,923 1,751,359 1,256,674 571,791 252,704
MIseellano's 157,479 122,845
7,234
230
None
71
925
Tot.prod-3,502,780 3,327,915 2,822,790 3,636,031 3,023,845 1,921,015 3,633,654
Imports...... 10,408
3,414
7,861
3,780
1,542
1,719
3,752
3,513,188 3,331,695 2,826,204 3,643,892 3,025,387 1,922,734 3,637,406
Exports..___ 460,553 446,473 420,874 353,180 299,540 196,510 338,906
Home con_.3,052,635 2,885,222 2,405,330 3,290,712 2,725,847 1,726,224 3,298,500
The decline in the production of Bessemer rails
has more than a passing interest. In the aggregate
only 817,591 tons of Bessemer rails were made in
1913, against 1,099,926 tons in 1912, 1,138,633 tons
in 1911, 1,884,442 tons in 1910, 3,380,025 tons in
1907 and 3,791,459 tons in 1906. On the other
hand, the product of open-hearth rails further increased in 1913 and reached 2,527,710 tons,or over
three times the Bessemer production. Up to within
a very few years nothing but Bessemer rails were
made. As lately as the calendar year 1902 the total
product of open-hearth rails was no more than 6,029
tons. From this to the 2,527,710 tons of openhearth rails produced in 1913 obviously represents
prodigious strides. Whether the preference for
open-hearth rails is permanent cannot as yet be
stated with any degree of definiteness. It is admitted that the open-hearth rail possesses an advantage because of the fact that open-hearth steel
contains a smaller percentage of phosphorus than
does Bessemer steel. From this it is argued that
rail breakages due to brittleness will be reduced.
COTTON-MANUFACTURING CONDITIONS IN
EUROPE.
The cotton-manufacturing industry in Europe,
according to lately published returns, did not do as
well in 1913 as in 1912, but a much better result was
attained, on the whole, than in 1911, and especially
in Great Britain. The early part of the year was quite
as satisfactory generally inj spinning and weaving
branches alike, both as regards volume of orders and
margin of profit; but during the closing months
[Vora. xcvm.
results were less favorable, without,of course,entailing actual loss, and the dwindling demand for goods
caused a resort to curtailment of output in many
important manufacturing centres. In Great Britain
the actual outcome of the year, as indicated by the
balance sheets of the various corporations, while,
as stated, not so good as in the previous twelve
months, was better than the average. This is made
clear by the fact that the profit per mill of 100 companies located in and about Oldham, was exceeded
only five times in the previous 29 years and only
in one instance (1907) to a very material extent.
Specifically, those 100 companies with a working
capital of £6,081,298 (in which ordinary loans and
mortgages are included) showed an aggregate profit
above interest charges and allowances for wear and
tear of plant of £539,880, or about 14% on the
actual share capital of £3,691,865. And as the
average dividend distribution was only about 8%,
a substantial amount was in many cases added to
credit balances in hand.
The 1913 net profit of £539,880 compares with
£559,450 in 1912, but in 1911 that item reached only
£29,812 and in 1910 and 1909 operations netted
quite large aggregate losses. It is not possible, of
course, to segregate the returns for the 100 companies
referred to into half-yearly periods and thus show
the relatively poor outcome of the last half of 1913;
but, as substantiating the statement, we have the
report of a corporation closely allied with cotton-manufacturing. We refer to the Calico Printers' Association, which for the last half of 1913 reported a
net profit of only £55,495, against no less than £192,402 in the first six months and £182,275 for the corresponding period of 1912. It is not to be inferred
that the position in cotton-manufacturing was as
unfavorable as here indicated, but the same condition (over-production) operated to cut down
profits.
On the continent of Europe the situation during
the latter part of the year was in many directions
even less favorable than in Great Britain. High
prices for the raw material militated against securing
new orders of any satisfactory size at remunerative
rates, and, with the contraction in demand,first there
came talk of and then the actual putting into effect
of short-time schedules which are yet in operation.
In fact, the Union of South German Cotton Industrials and the Alsatian manufacturers, controlling
in all 82,000 looms, are reported to have started on
Jan.ion a five-day-a-week working basis,to continue
for three months; and Belgian spinners have not
yet found reason to abandon the policy of curtailment which has been in operation for some time.
Returns for 1913 for a number of the larger German cotton-manufacturing companies are at hand
and in most cases they show a large diminution in
profits as compared with 1912. The Mechanical
Cotton Spinning & Weaving Co., Augsburg, reports
a profit for 1913 of only 506,985 marks, against
949,198 marks the previous year; the Stadtbach
Cotton Spinning Co., Augsburg, 640,134 marks
profit, against 846,036 marks; the Haunstett Spinning & Weaving Co., Augsburg, 138,548 marks,
against 170,442 marks, and the Fine Cotton Spinning Co., Augsburg, 97,507 marks, against 190,191
marks. The Eilenburg Kattun-Manufaktur (Calico
printers) had net profits of 94,000 marks, against
135,000 marks. Comparison with 1911, of course,
reveals a much better situation, as in that year very
MAR. 28 1914.]
THE CHRONICLE
restricted profits or actual losses from operating were
quite the rule.
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[EIGHTEENTH ARTICLE
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
oontain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter has particular
reference, of course, to the Federal Income Tax Law,just enacted, under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
Interest or coupon payments unless the holder of the bond is
exempt from the tax.
We began the series of articles in the "Chronicle"of Nov.22,
pages 1467-1470. The second contribution appeared Nov.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh,
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111; the
ninth, Jan. 17, pages 201-203; the tenth, Jan. 24, pages 271272, the eleventh, Jan. 31, pages 345-346; the twelfth, Feb.
14, pages 490-494; the thirteenth, Feb. 21, pages 562-563;
the fourteenth, Feb. 28, pages 652-653; the fifteenth,
March 7, pages 726-729; the sixteenth, March 14, pages
806-809, and the seventeenth, March 21, pages 874-878.
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, and a full index to the electric railway and public
utility securities which have been classified in our issue of
March 21, page 875.
Last week we classified the bonds of 100 industrial companies (see list page 875). We now add 38 additional industrial properties, as follows:
965
Int. Maturity Date. Outstand'g.
Cons. L.& Pow. 1st M.5s, Kewanee,Ill....J-D
450,000
Dec. 1 1923
Mont.& Chest. El. Ry. 1st mtge. 5s
100,000
M-S Mar. 1 1929
Winooski Val. Power 1st mtge. 5s
M-N Nov. 1 1963
800,000
Amer. Gas Co. cony. trust 6s
700,000
A-0 Oct. 1 1914
Collateral trust 5s
2,536,000
J-D
June 1 1920
AMERICAN GAS & ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
Atlantic Electric Light & Power 1st 5s._ _ _J-J
Jan. 1934
New JerseyHot Water Heat 1st 5s
54
July
1936
Atlantic City Electric 1st ref. 5s
M-S Mar. 1938
Canton Light, Heat & Power 1st 6s
M-S
1919-20
Canton Electric 1st & ref. 5s
M-N May 1937
Marion Light & Heat 1st ref. 5s
M-S Sept. 1932
Muncie Electric Light 1st 5s
J-J
July
1932
Ohio Light & Power 1st 5s
J-D
June 1941
Rockford Edison 1st 5s
J-D15 June15 1919
Rockford Electric 1st & ref. 5s
M-S Mar. 1939
Scranton Electric 1st & ref. 5s
5-5
Jul
1937
Wheeling Electric 1st 5s
M-N May 1941
American Gas & Electric coll. trust 5s._ F-A
Feb. 2007
Outstand'g.
$175,000
46,000
1,727,000
46,000
1,006,000
796.000
1,284,000
500,000
28,000
1,504,000
3,891,000
1,206.000
6,282,000
AMERICAN PIPE & CONSTRUCTION CO.(INCL. SUBSIDIARIES).
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Am.P.& C.Co.coll. trust ctfs. 5s,Ser"A"A-0
To Oct.1927 x$700,000
Coll, trust ctfs. 5s, Series "B"
F-A
To Feb.1929
y800,000
Baldwin Co. Water 1st M.4 ys
M-N May 1 1936
155,000
Collingswood Sewerage 1st
5s
M-N May 1 1936
150,000
Clayton-Glassboro Water 1st 5s
M-N May 1 1936
241,800
East Jersey Coast Water 1st M.4%8
M-N Nov. 1 1924
250.000
Norfolk Co. Water 1st 58
M-N Nov. 1 1929
500,000
General mortgage 5s
M-N Nov. 1 1941
318,000
Paris Mountain Water 1st 6s
M-N Nov. 1'1915
200,000
Consolidated mortgage 4%8
J-D
Dec. 1 1931
300,000
General 4%
M-N Nov. 1 1939
693,000
Springfield Consolidated Water 1st 5s_ __ _M-N Nov. 1 1958
3,543,100
Springfield Water 1st 6s
5-5
July 1 1922
413,000
Consolidated mortgage 5s
M-S Sept. 1 1926
2,278,000
Lansdowne Water 1st 4s
J-D
June 1 1919
12,000
Bryn Mawr Water 1st 6s
J-J
July 1 1919
185,000
Eddystone Water 1st 6s
5-3
July 1 1919
29,000
Conshohocken Gas & Water 1st 4s
J-J
July 1 1929
100,000
North Springfield Water 1st 5s
5-5
July 1 1928
2,000,000
Wayne Water-Works 1st 434s
5-5
Jan. 1 1933
150,000
Berwyn Water 1st 6s
M-S Sept. 1 1920
500,000
Oak Lane Water 1st 6s
J-J
July 1 1919
150,000
Texarkana Water 1st M.5s
M-N Nov. 1 1934
250,000
Consolidated 5s
M-N Noy. 1 1939
121,500
Wayne Sewerage 1st M
M-N Nov. 1 1959
243,000
Nanticoke Power 1st M 5s
M-N May 1 1956
50,000
Burlington Sewerage 1st 5s
F-A
Aug. 1 1921
75,000
Cense'. Water Co. of Sub. N.Y. 1st 5s_ _ _J-D
Dec. 1 1932
1,437,000
Cortland Water Co. 1st 5s
J-D
June 1 1940
300,000
LaGrange Water 1st 4 s
M-S Mar. 1 1937
89,000
LaGrange Water-Works6s
J-J
Jan. 1 1918
60,000
Neptune City Water Co. 5s
M-S Mar. 1 1916
8,000
Selma Lighting 1st 5s
J-D
June 2 1932
250,000
General 58
J-D
Dec. 1 1939
142,500
Vermont Power & Mfg. 1st 5s
M-N May 1 1928
250,000
Second 58
F-A
Feb. 1 1935
160,000
Westville & Newbold Water 1st 44s.._ _ _J-D
Dec.21 1931
865,000
Wildwood Water-Works 1st 5s
M-S Sept. 1 1938
525,000
x Secured by deposit of $100,000 Consolidated Water Co. of Suburban.
N. Y. 1st 5s, $200,000 Paris Mtn. Water Co. consol. ,Uis and $24,000
general 4 s,$50,000 Rochester & Lake Ontario Water Co. 1st 5s, $400,000
Springfield Consolidated Water 1st 6s, $14,000 La Grange Water Co. 1st
4i6s and $87,000 Norfolk County general 5s. The amounts of collateral
are included in the total outstanding issues shown above.
Y Secured by deposit of $140,000 Baldwin County Water Co. 1st 44s,
8150,000 Consolidated Water Co. of Suburban, N. Y. 1st 5s, $125,000
Norfolk County Water general 5s, $100,000 Paris Mtn. Water Co. consol.
434s, $102,00 Rochester & Lake Ontario Water Co. 1st 5s and $383,000
Springfield Consolidated Water Co. 1st 5s. The amounts of collateral
are included in the total outstanding issues shown above.
AMERICAN PIPE & CONSTRUCTION SECURITIES CO.
Lackawanna Steel Co.
Algoma Steel Corporation.
American Dist. Telegraph Co. of N. J. Laclede Gas Light Co.
Issued with Tax-Exemption Clause.
Liggett & Myers Tobacco.
American Gas Co.
Int. Maturity Date. Outstandg'.
American Gas & Electric Co.
Lorillard (P.) Co.
F-A
Aug. 1 1922 $2,804,000
Amer. Pipe & Constr'n Co. and subsid's. Pacific Lt. & Pow. Corp. of Los Angeles. Collateral trust 6s
Amer. Pipe & Construc'n Securities Co. Philadelphia Electric Co.
AMERICAN PUBLIC UTILITIES CO.
Pittsburgh Coal Co.
American Refrigerator Transit Co.
Interest Payable without Deduction of Federal Income Tax.
Republic Iron & Steel Co.
American Steel Foundries.
Int. Maturity Date. Outstand'g.
Amer.Teleph.& Teieg. Co. and subsid's. Rochester & Pittsburgh Coal & Iron Co.
Collateral trust mortgage 5s
M-8 Sept. 1 1942 *$1.054,000
Rogers-Brown Co.
American Type Founders Co.
M-N May 1 1919
Albion Gas Light first mtge. 5s
(M.) Rumely Co.
Bethlehem Steel Corporation.
*150,000
Boise Gas Light & Coke first mtge. 5s_ _ M-N Nov. 1 1941
Simpson Realty Co.
*300,000
Hush Terminal Co.
Dec. 1 1929
Elkhart Gas & Fuel 1st & ref. mtge. 55_ _ J-D
Chicago Jet. Rys. & Union Stock Yards. Sloss-Sheffield Steel & Iron Co.
*364,000
A-0
Bituminous
Coal
Apr.
1
Corporation.
Jackson
Light
&
Traction
1st
Al.Eks
1922
Spring Valley Water Co., San Francisco.
Clearfield
*835,000
M-S Sept. 1 1925
(T. II.) Symington Co.
Holland City Gas 1st mtge. 5s
*200,000
East Ohio Gas Co.
La Crosse Gas & Electric 1st & ref. Sis J-D
Dec. 1 1931 *1,100,000
Union Oil Co.
Havana Tobacco Co.
United
Fruit
Co.
International Cotton Mills.
Merchants' Heat & Light 1st & ref. M.5&A-0 Oct. 1 1922 *2,860,000
Western Union Telegraph Co.
Minnesota-Wisconsin Power 1st M.5s _ __ _A-0 Oct. 1 1931
International Salt Co.
*100,000
Red Wing Gas Light & Power 1st M.5s J-J
Jan. 1 1926
*250,000
Jefferson & Clearfield Coal & Iron Co.
Jam 1 1936 *1,470.000
Utah Gas & Coke first mtge. 5.9
J-J
Valparaiso Lighting first consol. 5s
M-S Sept. 1 1922
*75,000
ALGOMA STEEL CORPORATION
General mortgage 5s
A-0 Oct. 1 1925
*175,000
Issued with Tax-Exemption Clause.
Winona Gas Light & Coke first mtge. 5.9....J-J
July 1 1925
300,000
Int. Mzturity Date. Outstand'g.
*All of these issues contain tax-exemption clauses in one form or another
A-0
April 1 1962 $14,000,000
First and refunding mtge. 5s
AMERICAN REFRIGERATOR TRANSIT CO.
Issued with Tax-Exemption Clause.
AMERICAN DISTRICT TELEGRAPH CO. OF NEW JERSEY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstandig.
J-D
To June 1921.41,188,000
Int. Maturity Date. Outstand'g. Equipment Trust 5s Series A
Equipment
Trust
5s
Series
B
J
-D
To Dec. 1922
480,000
Prot.
1st
mtge.
4s
M-S
Fire
Sept.
1
1954
N. Y.
$100,000 Equipment Trust 5s Series C
J-D
To June 1923 2,150,000
AMERICAN GAS CO.
Issued with Tax-Exemption Clause.
t
../715 Maturity
yacn ..
11
D
gaAtf.
Bangor Gas Light 1st mtge. 5s
Burlington Gas Light 1st mtge. 5s
July 1 1917
Canton Gas Light & Coke 1st mtge. 6s__ _ _J-5
an.
Citizens' Gas & Elec.consol. mtge. OsFil, Feb.
6
First and refunding mtge.5s
-N Auoiy
. 1 1924
Kewanee Light & Power 1st mtge. Os........-4J
Kingston Gas & Elec. 1st mtge.5s
Luzerne Co. G.& El.ref. & impt. M.5s--..t4gT Oct.
ov.
Peru Gas Co. 1st mtge. 6s_
Gas 1st mtge. 5s_ _ _ A-0 Apr. 1 1931
Petersburg G
Var. Various
Phila. Sub. Gas 1st mtge. 5s_
Delaware County Gas 1st mtge. 55_ _..----M-N Nov. 1 1914
People's Gas of Pottstown 1st mtge.is_ _ _ -J-J
Jan. 1 1920
F-A
Coatsville Gas 1st mtge. 58
Feb. 1 1920
Jenkintown & Chelt. Gas ref. mtge. 5s....--A-0
Oct. 1 1933
June 1 1947
IIuntington Vail. Lt.& Pow. 1st M.58_ _ J-D
Apr. 1 1952
Sub. Gas of Phila. 1st consol. mtge. 5s_ _ _ -A-0
Feb. 1 1960
Phila. Sub. Gas & El. 1st & ref. mtge. is F-A
54
July 1 1936
Portage Amer. Gas 1st mtge.6s
J-J
July 1 1959
First Consol. mortgage 5s
Rockford Gas Lt.& Coke 1st cons. M.5s_ _M-S Mar. 1 1950
M-S Mar. 1 1959
First ref. consol. mtge. 5s_
M-S Sept. 1 1922
East St. Louis Gas 1st mtge. 55
A-0
Apr. 1 1932
Hazelton Gas Light 1st mtge. 5s_
M-S Sept. 1 1922
Belleville Gas & Elec. 1st mtge.58
M-8 Mar. 1 1959
St. Clair Co. Gas & El. 1st cons. M.5s
J-J
July 1 1917
Waukesha Amer.Gas 1st mtge.63
J-J
Jan. 1 1959
Waukesha Gas & Elec. 1st mtge.55
ii
i ital
1 istm
Oustronggd
AMERICAN STEEL FOUNDRIES.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Mortgage 53 ($3,900,000)
.A-0 Oct. 1 1935 $2,325,300
F-A
Debenture 4s ($3,436,800)
Feb. 1 1923
3,092,800
1,160.000
150,000
1,293,500 AMERICAN TELEPHONE & TELEGRAPH CO. ANDf SUBSIDI'S.
1,136,500
Interest Payable without Deduction of Federal Income Tax.
250,000
700,000 [Largely compiled from data furnished by J. W. Bowen & Co. of Boston.]
Int. Maturity Date. Outstand'g.
1,930,000
M-S Mar. 1 1936 $4,591,000
Am.Tel. & Tel. cony. deb. 45
Central Dist. Tel. (of Pittsb.) 1st M.5s..__J-D Dec. 1 1943 10,000,000
1st
J-D
mtge. 55
Dec. 1 1923 19,018,000
433,000 Chicago Tel.
200,000 Cumberland Tel. & Tel. gen. mtge. 5s_ _ _..J-J
Jan. 1 1937 15,000,000
F-A
Feb. 1 1924 9,712,500
90,000 Michigan State Tel. 1st mtge. 5s
M-N Nov. 1 1939 71,327,815
75,000 N. Y Tel. 1st mtge.430
375,000 Pacific Tel. & Tel. 1st & coll. mtge. 5s__ _ _542 Jan. 2 1937 35,000,000
Home L.D.Tel. of S. F. 1st M.53
J42 Jan. 2 1932 7,080,000
275,000
J
1,631,000 Schenectady Home Tel. 1st mtge. 6s
Jan. 1 1927
250,000
54
4,234,000 Southern Bell Tel.& Tel. 1st M 5s
Jan. 1 1941 12,774,000
A-0 April 1 1923
Utica Home Tel. 1st mtge. 53
463,100
J-5
138:888 Western Elec Co. 1st mtge. 53
Dec.31 1922 15,000,000
600.000
Interest Payable with Deduction of Federal Income Tax.
1,021,000
446,000
Int. Maturity Date. Outstand'g.
23,000 Am.Tel.& Tel. coll. trust 4s
3-5
Jan. 1 1929 $78,000,000
263,000
M-S Mar. 1 1933 67,000.000
Cony.debenture 434s
1,792,000 Bell Tel. of Canada 1st lien 58
A-0 April 1 1925 11,149,000
90,000 Cumberland Tel.& Tel. 1st mtge.58
54
Jan. 1 1918
696,000
310,000
F-A
Debenture 5s
Feb. 1 1920
239,000
LI:888
966
THE CHRONICLE
[VOL. xcvm.
Int. Maturity Date. Outstand'g.
LACLEDE GAS LIGHT CO.
Michigan Telephone Co. 1st bs
J-J
July I. 1917
285,000
Interest Payable without Deduction of Federal Income Tax.
Missouri & Kansas Tel. 1st M.5s
371,000
A-0 Oct. 1 1929
Int. Maturity Date. Outstand'g.
New England Tel.& Tel. deb. 5s
A-0 April 1 1915
436,000
Q-F
489,000 First mortgage bs
May 1 1919 $10,000,000
Debenture 5s
A-0 April 1 1916
..A-0 Apr. 1 1934 10,000,000
500,000 Ref. & ext. mtge. 55 ($20.000.000)
Debenture 5s
A-0 April 1 1919
F-A
1,000,000 5-Year 5% notes (Feb. 1 1914)Feb. 1 1919 *$2,500,000
Debenture 4s
J-J
Jan. 1 1930
Debenture 5s
A-0 Oct. 1 1932 10,000,000
*The company undertakes to pay (so far as may be lawful) any taxes it
67,500
N.Y.Tel.-Cortland H. Tel. 1st mtge. 5s_ _A-0 April 1 1921
1,552,000 may be required under any present of future law of the U. S. or any State
Metrop. Tel.& Tel. 1st mtge. 5s
M-N May 1 1918
or mtmlcipality therein.
county
1,047,000
N.Y.& N.J. Tel. gen. mtge. 5s
• M-N May 6 1920
232,000
Feb. 1 1926
N.Y.& Pa.Tel.& Tel. 1st mtge. 5s
F-A
LIGGETT & MEYERS TOBACCO CO.
496,000
General mortgage 4s
M-N Nov. 1 1929
1,000,000
June 1 1948
Southern New England Tel. gold 5s
J-D
Issued with Tax-Exemption Clause.
Jan. 1 1932 10,000,000
J-J
Western Tel. & Tel. coll. trust 5s
Int. Maturity Date. Outstand'g.
A-0 Oct. I 1944 $15,265,700
Gold 7% bonds
F-A
AMERICAN TYPE FOUNDERS.
Aug. 1 1951 15,059,600
Gold 5% bonds
Issued without Reference to Taxes.
LORILLARD (P.) CO.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
Debenture Os (due $20,000 yearly)_______M-N To May 1926 $728,700
..M-N To May 1939 1,084,600
Debenture 6s (due $30,000 yearly)
Int. Maturity Date. Outstand'g.
A-0 Oct. 1 1944 $10,852,450
Gold 7% bonds
F-A
Aug. 1 1951 10.617,450
Gold 5% bonds
BETHELHEM STEEL CORPORATION.
Issued with Tax-Exemption Clause.
LOS ANGELES.
OF
CORP.
PACIFIC
LIGHT
&
POWER
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
J-J
Beth.Steel Co. 1st ext. mtge.53
Jan. 1 1926 $8,000,000
15,800,000
First lien & ref. mtge. 5s
M-N May 1 1942
Int. Maturity Date. Outstand'g.
Purchase money M.6s (for Beth. Iron Co.)Q-F
7,500,000 Coll,trust mtge. 65 (33,000,000)
Aug. 1 1998
July 1 1915 $2,388,000
...._J-J
Fore River Shipb. 1st mtge.53,guar
750,000 Collateral trust 6% notes
.T-J
To July 1933
2,500,000
M-N May 1 1914
380.000 First & ref. mtge. 55 ($35,000,000)-__
Titusville Forge 1st mtge. 55, guar__.._ _M-S To Mar.1933
_M-S Sept. 1 1951 11,730,000
Pacific Lt.& Power Co. 1st mtge. 58
J-J
July 1 1942 7,978,000
BUSH TERMINAL CO.
PHILADELPHIA ELECTRIC CO.
Issued with Tax-Exemption Clause.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Apr. 1 1952 a$3,156,000
First mortgage 4s
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1955 a6,629,000
First consol. mtge. 5s ($10,000,000)
trust certfs. 55
A-0 After Apr. 194651,994,300
Bush Terminal Bldgs. 1st mtge. 5s, guar.._A-0 Apr. 1 1960 b6,400,000 Edison Electric
Delaware Co.Elec. 1st mtge.58
F-A
Aug. 1 1939
300,000
a Free of New York State taxes only. b Free of all taxes.
Issued without Reference to Taxes.
CHICAGO JUNCTION RAILWAYS & UNION STOCK YARDS.
Int. Mahaltu Date. Outstand'g.
J-J
Trust certificates 45
Oct. 1 1949 $15,014,142
Issued with Tax-Exemption Clause.
A-0 Apr. 1 1948 11,268,060
certificates
55
Trust
Int. Maturity Date. Outstand'g.
First real est.impt. mtge.55
..M-S Mar. 1 1928 $2,503,000
PITTSBURGH COAL CO.
Mtge. & coll, trust ref. 4s
A-0 Apr. 1 1940
4,000,000
Issued with Tax-Exemption Clause.
Collateral trust 5s
J-J
July 1 1915 10,000,000
&
Union Stock Yards Transit deb.4Ms J-J
500,000
Jan. 1 1920
Int. Maturity Date. Outstand'g,
JJ
Jan. 1 1954 $8.567,000
Pitts. Coal of Penna. 1st mtge. 5s
J-J
Jan. 1 1935
1,275,000
Shaw Coal Purchase 55
CLEARFIELD BITUMINOUS COAL CORPORATION.
-MN15May
Purchase
5s
15 1932 1,018,000
Coal
Midland
Issued with Tax-Exemption Clause.
m-S July 1 1931
5,803,500
Debenture bs
M-N
Int. Maturity Date. Outstand'g.
To May 1915
156,000
Equipment trust 4Ms
J-D
J-J
Jan. 1 1940
$717,700 Mid and Coal 1st mtge. 58
To June 1921
First mortgage 4s
137.000
275,000 Pitts.& Castle. Shannon RR. 1st M.53 ....-F-A
To Aug. 1923
Canoe Ridge purchase money mtge.3Ms A-0 Oct. 1 1951
100,000
1938
Apr.
1
A-0
guar
M-N
2,500,000
Nov. 1 1932
21-year mtge. 43s ($5.000,000),
3,352,000
Pitts. Coal Dock & Wh. 1st M.5.4%
F-A
M-S Sept. 1 1924
70,000 Montour RR. 1st mtge. 5s
Feb. 1 1963 2,750,000
Watkins mortgage bs
M-S Mar. 1 1942 2,792,000 Monongahela River Consol. Coal & Coke
Webster C.& C. 1st consol. mtge. bs
J-J
July 1 1932
J-J
Jan. 1 1917
1,111.000
Penn. C.& C. 1st mtge.5s,Ser. A
*600,000
5% certfs. of indebtedness
J-D
June 1 1944 2,272,000
Beech Creek C.& C. 1st mtge. 55
* Free of Pennsylvania State taxes only.
Issued without Reference to Taxes.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
A-0 Oct. 1 1924
Int. Maturity Date. Outstand'g.
$132,000
Chest. Crk.Land & Impt. 1st M.45
M-N May 1 1923
$62.000
Northwestern Coal Ry. 1st mtge. 5s
Feb. 1 1922
F-A
3,000
Ohio Coal Co. 1st mtge. 5s
DISTILLERS' SECURITIES CORPORATION.
coll. tr.5.4s M-N To Nov. 1 '29
146,000
M.
Wfh.
1st
&
Dk.
Coal
Pitts.
[Correction.]
Monongahela River Consol. Coal & Coke
A-0 Oct. 1 1949 6,989,000
The coupons on the collateral trust 5% bonds due April 1 will be paid
1st mtge.68
without deduction of the normal, Federal income tax of 1% on presentation at the Bankers Trust Co., N. Y. The statement to the contrary in
REPUBLIC IRON & STEEL CO.
the "Chronicle" last week (page 877) was due to a misinterpretation of
Issued with Tax-Exemption Clause.
the Information sent In writing by an official.
Int. Maturity Date. Outstand'g.
5962,000
A-0 Oct. 1 1934
EAST OHIO GAS CO.
First and collateral trust mtge. 58
A-0 Oct. 1 1940 13,305,000
mtge.
($25,000,000)
Sinking
fund
53
Issued with Tax-Exemption Clause.
293,500
Dec. 1 1931
J-D
mtge. 5s
Potter
Ore
1st
Tht. Maturity Date. Outstand'g.
J-J
July 1 1939 $18,500,000
First mtge. 5s ($25,000,000)ROCHESTER & PITTSBURGH COAL & IRON CO.
Issued with Tax-Exemption Clause.
HAVANA TOBACCO CO.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
F-A
Aug. 1 1932 31,663,000
First mortgage 4s
Int. Maturity Date. Outstand'g.
JD
Issued without Reference to Taxes.
June 1 1922 37,500,000
5% bonds ($10,000,000)
Int. Maturity Date. Outstand'g.
M-N To Nov. 1926 31,400,000
INTERNATIONAL COTTON MILLS.
Debenture bs
M-N May 1 1946
915,000
Helvetia mortgage 5s
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
IRON
CO.
ROGERS-BROWN
J-D
Juno 1 1918 $4,000,000
Five-year 6% notes ($5,000,000)Issued with Tax-Exemption Clause.
Mt. Ver.-Woodb. Cot. Duck 1st M.5s_ _ M-S Sept. 1 1949 *7,921,000
Int. Maturity Date. Outstand'g.
To Jan. 1940 $5,193,000
J4
*Interest in default.
First & ref. mtge. 5s ($8,000,000)
58J
-D
June 1 1932 2,300,000
Iron
1st
mtge.
Buff. & Susq.
M-S Jan. 1 1926
Issued without Reference to Taxes.
1,500,000
Debenture 5s
Int. Maturity Date. Outstand'g.
(M.) RUMELY COMPANY.
..F-A
Feb. 1 1926 $1,382,000
J.S.Turner 6% debentures
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
INTERNATIONAL MILLING CO.
M-S *Mar. 1 1915 *10,000,000
Convertible 6% gold notes
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
1 1918.
March
to
*
extended
Being
First mortgage 6s
$779,000
J-J
July 1 1930
SIMPSON REALTY CO.
INTERNATIONAL SALT CO.
Issued with Tax-Exemption Clause.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g. Refunding mtge. 6s (31,500.000)
Jan. 1 1932
J-J
3600,000
A-0 Oct. 1 1951 $3.829,000
Coll. trust M.53 (312,000,000)
&
CO.
STEEL
IRON
SLOSS-SHEFFIELD
to
Reference
Taxes.
Issued without
Interest Payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g.
J-J
Oct. 1 1925 $2,500,000
Retsof Mining 1st mtge.5s
Feb. 1 1920 $2,000
F-A
Sloss Iron & Steel first mtge.643.s000
A-0 Apr. 1 1918 2,000,000
JEFFERSON & CLEARFIELD COAL & IRON CO.
General mortgage 4s
-Exemption
Clause.
Tax
Issued with
SPRING VALLEY WATER CO.
Int. Maturity Date. Outstand'g.
J-J
July 1 1950 31,686,000
Indiana County 1st mtge. 5$
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Issued without Reference to Taxes.
Dec. 1 1923 $17,859,000
General(now first) mtge.4s($28,000,000)_J-D
Q-M Dec. 1 1915
Int. Maturity Date. Outstand'g. Two-year
notes
1,000.000
bond-secured
%
June 1 1926
J-D
First mortgage 5$
$724,000
June 1 1926
J-D
Second mortgage 5$
1.000,000
CO.
SYMINGTON
II.)
(T.
t. Clause.tty
Issued with Tax-Exemption
LACKAWANNA STEEL CO.
Date. Outstand'g.
Issued with Tax-Exemption Clause.
J-J
July 1 1920
$900.000
First mortgage convertible 6s
J-D
Int. Maturity Date. Outstand'g. Serial notes (dated Dec. 1 1913)
Dec. 1914-16
300,000
A-0 Apr. 1 1923 $15.000,000
First mortgage convertible 5s
M-S Mar. 1 1950 10.000,000
First consol. mtge. 58 (535,000.000)
UNION OIL CO. OF CALIFORNIA.
M-S Mar. 1 1915 9,994.000
5-year convertible debenture 58
Interest Payable without Deduction of Federal Income Tax.
Jan. 1 1927 4.900.000
J-J
Ellsworth Collieries purchase money 5s
Int. Maturity Date. Outstand'g.
MN May 1 '19-'25
Ellsworth Coal gen. mtge. 55
700,000
J-J
Jan. 2 1931 $5,597,000
Jan. 1 1915
Youghiogheny-Monongahela Coal 1st M.52J-J
100,000 First lien mortgage 55($20,000,000)
Commercial Coal 1st mtge. 5s
.. --..M-N May 1'16-18
300,000 Collateral trust 6% notes ($4,000,000) Q-F To May 1918 2,306,000
M-N Nov. 1 1921
..F-A
Feb. 1 1926 *1,775,000 Mission Transp.& ref. 1st M 5s
385,000
Lackawanna Iron & Steel 1st M.53
F-A
Feb. 1 1923 2.036.000
Union Transportation 1st M. 5s
J-J
To Jan.1916
200.000
* Free of Pennsylvania taxes only. Reported company will assume nor- Union SS. Co. first mtge. 5s
1
1921
J-J
July
mtge.
5s
1.926.000
Producers' Transp. Co.first
El al Federal Income Tax of 1%•
MAR. 28 1914.]
THE CHRONICLE
UNITED FRUIT CO.
Interest Payable without Deduction of Federal Income Tax.
Int: Maturity Date. Outstand'g.
$800,000
J-D
To June1918
Serial debenture 5s
J-J
July 1 1923 4,250,000
Sinking fund debenture 43is (1909),
J-J
Sinking fund debenture 4M s (1911)
July 1 1925 4,000,000
M-N May 1 1917 12,000.000
6% gold notes
WESTERN UNION TELEGRAPH CO.
Issued with 2'ax-Exemption Clause.
Int. Maturity Date.
Northwestern Teleg. 1st mtge. 4;is
Jan. 1 1934
J-J
Issued without Reference to Taxes.
Int. Maturity Date.
Jan. 1 1938
W.U.coll. trust 58
J-J
M-N May 1 1950
W.U.fund. & real estate
M-N May 1 1941
N.Y. Mutual Teleg. 1st mtge. 55
M-N May 1 1915
Gold & Stock Teleg. deb.4s
Outstand'g.
$1,500,000
Outstand'g.
$8,745,000
20,000,000
1,857,000
500,000
INCOME TAX REGULATIONS AND DECISIONS.
Under an Income Tax ruling issued under date of the 18th
inst., it is held that corporations are allowed by law to deduct
interest actually accrued and paid within the year on an
amount not in excess of the paid-up capital stock outstanding
at the close of the year plus one-half the interest-bearing
indebtedness then also outstanding. The Department's
announcement in the matter is as follows :
DEDUCTION ALLOWABLE TO CORPORATIONS ACCOUNT OF
INTEREST.
(T. D. 1960).
Corporations are allowed by law to deduct interest actually accrued and
paid within the year on an amount not in excess of paid-up capital stock
outstanding at the close of the year plus one-half the interest-bearing
indebtedness then also outstanding.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue
Washinglion, D. C., March 18 1914.
To Collectors of Internar Revenue—
Your attention is called to that provision of the Income Tax Law designated as the third deduction, subdivision (b) paragraph 0, reading as
follows:
"The amount of interest accrued and paid within the year on its indebtedness to an amount of such indebtedness not exceeding onohalf of the sum of its interest-bearing indebtedness and its paid-up
capital stock outstanding at the close of the year, and if no paid-up
capital stock, the amount of interest paid within the year on an
amount of its indebtedness not exceeding the amount of capital employed in the business at the close of the year."
It is held that in the case of a corporation having capital stock, this
deductible interest is interest actually accrued and paid within the year
on an amount of indebtedness not exceeding the paid-up capital stock
outstanding at the close of the year increased by the addition thereto of
one-half the interest-bearing indebtedness outstanding at the close of the
year.
The qualifying phrase "outstanding at tho close of the year" appearing
in the foregoing quotation is held to apply to both paid-up capital stock
and indebtedness,and "one-half the sum of" qualifies only the indebtedness,
which indebtedness, like the paid-up capital stock, is required by the law
to be reported, in making return of annual net income, as outstanding at
the close of the year.
If no indebtedness Is outstanding at the close of the year, the maximum
deduction allowable on account.of interest paid will be the amount of
Interest actually accrued and paid on an amount of indebtedness not exceeding at any time within the year, the entire paid-up capital stock outstanding at the close of the taxable year, that is, in such case, the paid-up
capital stock outstanding at the close of the year measures the highest
amount of indebtedness upon which deductible interest can be computed.
For the purpose of an allowable deduction, interest on the maximum
amount of indebtedness, determined in the manner above indicated, can
be computed upon such amount only for the time during which such
amount of indebtedness is not in excess of the paid-up capital stock increased by one-half the sum of the interest-bearing indebtedness outstanding at the close of the year.
•
In any event, the amount of interest, in order to constitute an allowable
deduction, must not only be within the limit of the law as herein defined,
but must have actually accrued and been paid within the year for which
the return is made.
In cases where no capital stock exists, the limitation as to deduction is
confined to interest actually paid on an amount of indebtedness not exceedng at any time during the year the capital employed in the business at
the close of the year.
Any provision in the Regulations heretofore issued inconsistent with the
foregoing is hereby revoked.
W. H. OSBORN,
Commissioner.
Approved:
W. G. McADOO,
Secretary.
A regulation affecting fiduciaries has also been given out by
the Department during the past week. This ruling indicates
how fiduciaries may adapt certificates of Form 1015 (published in our issue of December 6) or Form 1019 (given in
these columns December 13) for use where they report for
more than one estate or trust, where said estate or trusts
have as assets bonds of corporations of the same issue. We
print the regulation herewith:
FIDUCIARIES REPORTING FOR MORE THAN ONE ESTATE OR
TRUST WHERE LATTER HAVE AS ASSETS BONDS OF
CORPORATIONS OF SAME ISSUE.
"Under Income Tax Regulations No. 33, Articles 39 and 70, fiduciaries
file
certificates on Form 1015 or 1019, according to„the
are required to
nature of the claim to be made by tho fiduciary, for each issue of bonds
and for each trust.
'It is therefore provided that where fiduciaries have the custody and
control of more than one estate or trust, and said estates or trusts have as
assets bonds of corporations, &c., of the same issue, said fiduciaries may
adapt certificates of Form 1015 or Form 1019 by changing the words 'estate
967
or trust' in lines 2 and 3 of said forms to the plural, and inserting in the
blank space provided in line 3 of said forms for the description of the estate
or trust the words 'as noted on the back hereof.'
"In such cases the notation on the back of the certificate should show for
each estate or trust (a) the name of the estate or trust, (b) the amount
of the bonds, (c) the amount of the interest. In all other respects the
certificates should be filled out as indicated thereon."
The Treasury Department has also issued a notice to the
effect that withholding agents are not to pay to internal
revenue,collectorN9L3 tax Lwithheldiby thenifuntil after the
time for filing_clauns for deductions_and exemptions has expired. The ruling is made for the purpose of giving persons
claiming exemption an opportunity to file such claim before
payment is made to the Government. We give the ruling
below:
WITHHOLDING AGENTS NOT TO PAY TAX WITHHELD UNTIL
AFTER E U3IRATION OF TIME FOR FILING CLAIM.
Attention is directed to note A appearing at the bottom of Forms 1012.
1012-C, 1043 and 1044, providing that:
"Withholding agents may,if they so desire, pay at the time this is filed.
to the Collector of Internal Revenue with whom the list is filed, the amount
of tax withheld during the month for which the list is made,"
and to note A, Form 1042, providing that:
"The amount of tax withheld during the year for which the list is made
may be paid to the Collector at the time the list is filed."
In order that persons whose income tax is deducted and withheld and is
to be paid at the source may have an opportunity to file with the source
which is required to withhold and pay tax for them, certificates claiming
the benefit of deductions and exemptions provided for in paragraph B and
allowed in paragraph C of the law, withholding agents will not pay to
Collectors of Internal Revenue the tax withheld by them under the law
until after the time for filing claims for deductions and exemptions has
expired. (See regulations No. 33, Article 33, (a) and (b).
The "Times" states that the Commissioner of Internal
Revenue has also given an opinion in which he sets out that
an income tax payer who lives apart from his wife on account
of conditions not due to family differences and who has not
been divorced or otherwise separated from his wife by legal
ErLpfess, is to be regarded within the meaning of the law as
Frilig with his wife and entitled, therefore, to claim exemption
from the tax on $4,000 instead of only $3,000 of his income.
}.; THE HEARINGS ON THE APPLICATION OF THE
EASTERN ROADS FQR HIGHER RATES.
Copies of all the evidence submitted at the hearings on the
5% freight rate advance are required to be submitted to the
United States Senate under the following resolution, agreed
to by that body on the 23d inst.:
Resolved, That the Inter-State Commerce Commission be, and it hereby
is, directed to transmit to the Senate,from time to time, as taken and transcribed, a copy of all evidence introduced and all exhibits received in evidence.by said Commission at hearings in the cases Docket No. 5860, entitled "Revenues of Rail Carriers in Official Classification Territori7
and T.and S. Docket No. 333, entitled "Rate Increases in Official Classification Territory."
The purpose cf the resolution, it is understood, is to have
the record printed and made available: to[the 'public.; In
the case of the arguments presented in 1910 for an increase
in freight rates, the record was also published at the-direction of the Senate.
In the H9US0 of Representatives on the 21st inst. a resolution was introduced by Representative Levy,requesting
President Wilson "to report to the House the cause and reason why the Inter-State Commerce Commission has failed to
grant an increase in freight rates where no objections have
been filed and where the shippers have requested an increase,
on the ground that they were just and equitable." This
resolution was referred to the Committee on Inter-State
and Foreign Commerce.
An opportunity to permit the railroads to present additional testimony in support of their claims for an increase in
freight rates has been granted by the Inter-State Commerce
Commission. In an announcement in the matter which it
issued on the 24th inst. the Commission :states that it
will devote March 30 and 31 to the presentation of such
further evidence, and in case the arguments are not concluded
on the 31st. inst. the hearings of the carriers will be cmtinned on April 20, 21 and 22. The following is the statement of the Commission:
The carriers have expressed their desire to present, at an early date.
additional testimony touching their financial requirements and also to
have an opportunity to offer evidence in rebuttal of the testimony recently
introduced In opposition to the proposed increase in rates.
Having no other date available in the near future, the Commission has
thought it wise to postpone, until further notice, the argument on the
spotting question now assigned for March 30 and 31, and to devotethose
dates to the hearing of such further_ evidence. If the carriers are not able
to complete this additional testimony aktheslose'of March 31, the hearing
will be continued on April 20, 21 and_22, those being the earliest available
additional dates.
As none of the Commissioners was able to be present when the testimony
was given on this subject by the representative of the Railroad Commissions of the States of Iowa. Kansas, Nebrazka, North Dakote, South
Dakota,Arkansas.Oklahoma and_Missouri, he_has been requested to appear
968
THE CHRONICLE
again on March 30 to re-state in substance the testimony already given
by him.
The testimony on behalf of the railroad commissions of the
eight States referrd to above was presented on March 9 by
Clifford Thorne, Chairman of the Iowa State Railroad Commission. Mr. Thorne, who vigorously opposed the increase,
as we indicated in our issue of March 14, will be accorded
another hearing on Monday next, according to the above
announcement from the Commission.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 21
shares, of which 10 shares were sold at the Stock Exchange
and 11 shares at auction. The only transaction in trust
company stock was a sale at auction of 5 shares of Franklin Trust Co. of Brooklyn at 2543', representing an advance
in price of 28% points since the last previous sale, which was
made in January 1913.
Shares. BANKS—New York.
Low. High. Close.
5 Citizens' Cent. Nat. Bank__ 178% 178% 178%
*10 Commerce, Nat. Bank of__ _ _ 175
175
175
6 Importers'& Trad. Nat. Bank 505
505
505
TRUST COMPANY—Brooklyn.
5 Franklin Trust Co
254% 254% 254%
Last previous sale.
May 1913— 1843
Mar. 1914— 176
Feb. 1914— 510
Jan. 1913— 225,
4
* Sold at the Stock Exchange.
The Van Tuyl Bill, revising the banking laws of New York
State, passed the Senate and Assembly this week (the final
week of the session) under an emergency message sent to
the Legislature by Governor Glynn on the 25th inst. The
opposition to the legislation which had developed among
some of the ban%ing interests in the State brought about a
joint meeting in New York City on the 20th inst. of the
Council of Administration and the Legislative Committee
of the New York State Bankers' Association, at which it was
unanimously voted to appoint a committee of nine to go to
Albany for the purpose of urging upon the Governor and the
Legislature the passage of the bill at the current session.
The conference with the State interests was held on Tuesday,
the 24th. Some of those who were aligned against the enactment of the bill urged the postponement of action for another
year,in order to permit of due consideration of the legislation.
In addition to codifying the laws of the State, the bill provides for the supervision of private bankers by the banking
Department. With the exception of the section relating
to private bankers (which goes into effect on August 1) the
law becomes operative as soon as signed by the Governor.
The bill, as enacted, contains provisions drawn with a view
to enabling the State institutions to enter the Federal system,
and the reserve requirements of the State are changed to
substantially conform to those under the Federal Reserve
Act. Under amendments to the bill just before its passage,
the term of the State Superintendent of Banks, originally
fixed at five years, was reduced to three years, and the
salary was changed from $15,000 a year to $10,000; the
reserve depositary section was amended to meet the Brooklyn
situation, and to provide that Brooklyn institutions designated as reserve depositories by the Superintendent need
have a capital of only $750,000 until the population of that
Borough reaches 2,200,000. It is understood that the provision for building up the surplus fund of savings banks was
retained in the bill, as well as the restriction as to the payment of dividends pending the building up of a surplus of
10%. The reserve requirements for the State banks and
trust companies under the new legislation are as follows:
STATE BANKS.
Reserves against Deposits.—Every bank shall maintain total reserves
against its aggregate demand deposits, as follows:
1. Eighteen per centum of such deposits if such bank has an office in a
borough having a population of two millions or over; and at least twelve
per centum of such deposits shall be maintained as reserves on hand, except
as otherwise provided in this section.
2. Fifteen per centum of such deposits, if such bank is located in a
borough having a population of one million or over and less than two
millions, and has not an office in a borough specified in subdivision one
of this section; and at least ten per centum of such deposits shall be
maintained as reserves on hand.
3. Twelve per centum of such deposits if such bank is located elsewhere in
the State; and at least four per centum of such deposits shall be maintained
as reserves on hand.
At least one-half of the reserves on hand shall consist of gold, gold
bullion, gold coin, United States gold certificates or United States notes;
and the remainder shall consist of any form of currency, other than Federal
reserve notes, authorized by the laws of the United States.
If any bank shall have become a member of a Federal reserve bank, it
may maintain as reserves on deposit with such Federal reserve bank such
portion of its total reservoi as shall be required of members of such Federal
reserve bank; and if such bank has an office in a borough having a population of two millions or over, the remainder of its total reserves shall be
carried as reserves on hand.
If any bank shall fall to maintain its total reserves in the manner authorized by this section, It shall be liable to, and shall, pay the assessment or
assessments provided for in section thirty of this chapter.
IVoL.xcvni:
TRUST COMPANIES.
Reserves against Deposits. Every trust company shall maintain tota
reserves against aggregate demand deposits, as follows:
1. Fifteen per centum of such deposits if such trust company has an
office in a borough having a population of two millions or over; and at least
ten per centum of such deposits shall be maintained as reserves on hand.
2. Thirteen per centum of such deposits, if such trust company is located
in a borough having a population of one million
or over and less than two
millions, and has not an office in a borough specified in subdivision one of
this section; and at least eight per centum of such deposits shall be
maintained as reserves on hand.
3. Ten per centum of such deposits, if such trust company is located
elsewhere in the State. Trust companies located in cities of the first and
second class, but not falling within subdivisions one or two of this section,
shall maintain at least four per cent= of such deposits as reserves on
hand; and trust companies located in cities of the third class and in incorporated and unincorporated villages shall maintain at least three per
centum of such deposits as reserves on hand.
At least one-half of the reserves on hand shall consist of gold, gold
bullion, gold coin, United States gold certificates or United States notes;
and the remainder shall consist of any form of currency other then Federal
reserve notes authorized by the laws of the United States.
If any trust company shall have become a member of a Federal reserve
bank,it may maintain as reserves on deposit with such Federal reserve bank
such portion of its total reserves as shall be required of members of such
Federal reserve bank.
If any trust company shall fail to maintain its total reserves in the
manner authorized by this section, it shall be liable to, and shall, pay the
assessment or assessments provided for in section thirty of this chapter.
The reserve regulations of the State institutions at present
in force are as below:
PRESENT REQUIREMENTS.
—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
25%
15%
15%
155
,,..
Brooklyn Boro.(witthou branches In Manhattan)20%
10%
15%
'
"
I .
7
Other Boroughs (without branches In Manhattan)15%
10%
73,6% 15%
Brooklyn Borough, with branches In Manhattan_20%
15%
16%
20%
Other Boroughs, with branches in Manhattan_ 15%
15%
15%
15%
Cities of the first and secondclass_ _ _
10%
5%
Cities of the third class and villages
__
10%
3%
Elsewhere in State
16%
The new law also stipulates that no corporation other than
a trust company organized under the laws of this State shall
have or exercise in this State the power to receive deposits of
money, securities or other personal property from any person or corporation in trust * * * * nor have or maintain
an office in this State for the transaction of, or transact, directly or indirectly, any such or similar business, except that
a Federal reserve bank may exercise the power to act as fiscal
agent of the United States, and a trust company incorporated
in another State may be appointed and may accept appointment and may act as executor of, or trustee under, the last
will and testament of any deceased person in this State, provided trust companies of this State are permitted to act as
such executor or trustee in the State where such foreign corporation has its domicile. This limitation .confining trust
functions to trust companies organized under the laws of this
State is important, inasmuch as it makes it impossible for
national banks operating under the Federal Reserve Act to
carry on a trust business in New York. The new Act, by
Section 11, sub-division k, confers upon the Federal Reserve
Board authority to grant, by special permit to national
banks applying therefor, the right to act as trustee, executor,
administrator or registrar of stocks and bonds under such rules
and regulations as the board may prescribe. But it is
expressly provided that this power can only be exercised
"when not in contravention of State or local law."
The much discussed speech in London of Walter H. Page,
Ambassador to Great Britain, was presented to the Senate
by Secretary of State Bryan on the 25th inst., and was
referred to the Committee on Foreign Relations without
debate. The wording of the criticized passages differs somewhat from the matter cabled to the daily paper and printed
in our issue of last Saturday, and we therefore give herewith
the text of the same as read in the Senate; the portion relating
to the Panama Canal is as follows:
I will not say that we constructed the Panama Canal even for you. For I
am speaking with great frankness and not with diplomatic indirection. We
built it for reasons of our own. But I will say that it adds to the pleasure
of building that great work that you will profit by it. You will profit most
by it, for you have the greatest carrying trade. I can say a similar thing
about the recent lowering of our tariff. We did not lower it in order to
please you. It was for purposes that we considered economically sound
for ourselves.
Nevertheless, it added to the pleasure of doing that to reflect that thereby we should have more trade with you. Concerning the recent Message
of the President I take it upon myself, on my own responsibility, to say
this: He delivered that message not to please you, but to express the true
sentiment and self-respect of the American nation. As I interpret it, nis
was the voice of the people. Nevertheless, it adds to the pleasure of
hearing that voice to know that it does please you.
Mr. Page's remarks with reference to the Monroe Doctrine
are set out as below in the Senate copy of his speech:
May I put in another parenthesis, also on my own account, and correc
an impression that a part of your press seems to have about the attitude
of the United States Government concerning the investment of your collossal earnings in States of Central America that have volcanic tendencies?
I sometimes read that the United States is entering upon a policy to discourage foreign investments there. That is untrue. I think that some
MAR.28 1914.)
THE CHRONICLE
969
Two amendments to the Federal Reserve Act have been
events are happening there that have discouraged them somewhat, but I
hope that they cannot be charged to the United States.
in Congress—in the Senate by Chairman Owen
introduced
our
and
There is a policy forming in the minds of our Government
Senate
Banking and Currency Committee and in the
the
of
such
or
investments
such
new,
that
would
not
is
discourage
people which
concessions as would carry ith them the control of the government of any House by Chairman Glass of the House Banking and Curof those States and only such, for so far as the United States is concerned rency Committee. The new legislation proposes to amend
you know how heartily we have welcomed your investments in our land and
Section 13, dealing with the power of the Federal reserve
still welcome them and always will.
You may be assured that it is none of the business of the United States to banks, and Section 19, which has to do with bank reserves.
anywhere
put any let or hindrance upon any legitimate investment of yours
The amendment to Section 13 affects the following parain the world and they most heartily welcome your investments in any part
of the Americas, provided only you do not make them so that you may graphs, the new matter being indicated in italics:
That any Federal reserve bank may discount acceptances which are based
possibly take the country with them.
the on the importation or exportation of goods and which have a maturity at
The Monroe Doctrine meant this, when it was first formulated. that
more
taking
of discount of not more than three months and endorsed by at least
time
governments
European
United States would object to any
govern- one member bank. The amount of acceptances so discounted shall at no
land in the New World. In those days the only way that a foreign
more
have
we
time exceed one-half the paid-up capital stock and surplus of the bank for
ment could gain land was literally to go and take it. Now
ways to take it. That which the re-discounts are made, except by authority of the Federal Reserve
refined methods of exploitation and there are other
whispered.
Board, and under such regulations as said board may prescribe.
Is the only protest that the United States has ever
States prefer that no
The aggregate of such notes and bills bearing the signature or endorseYou will. I am sure, understand why the United
Would
ways.
subtle
new
these
in
ment of any one person, company, firm or eorporation, re-discounted for
land in the New World should be acquired
correct
to
possibly
and
that,
any
one bank,shall at no time exceed 10 per centum of the unimpaired capiunderstand
to
clearly
kindness
you do us the
tal and surplus of said bank, but this restriction shall not apply to the disthe misimpression that has gone abroad?
count of bills of exchange drawn in good faith against actually existing
values.
A decisive stand against the special rule intended to limit
Any member bank may accept drafts or bills of exchange drawn upon it
the debate on the Sims bill for the repeal of the Panama Canal and growing out of transactions involving the importation or exportation
of goods having not more than six months' sight to run, but no bank shall
clause exempting American coastwise vessels from the pay- accept
such bills to an amount equal at any time in the aggregate to more
with
the
Clark
presentaSpeaker
ment of tolls, was taken by
than one-half of its paid-up capital stock and surplus, except by authority
tion of the rule in the House by Representative Henry,Chair- of the Federal Reserve Board, under such regulations as said board may preRules Committee, on Thursday. The statement scribe.
man of the
According to the "Journal of Commerce," the above
which Speaker Clark has given out respecting his attitude
those banks which
toward the rule is assumed to reflect the opposition he will amendments are intended to accommodate
The law
acceptances.
in
foreign
dealing
of
specialty
a
make
his
bill
itself.
repeal
Indicating
the
position
toward
interpose
not exshall
acceptances
such
that
provides
written
now
as
with regard to the rule, Speaker Clark said:
I am dead against the rule on the tolls question and intend to vote against ceed one-half of the bank's paid-up capital and surplus.
it. I will not stultify myself by voting for any such rule. I led the fight It is discovered, the "Journal" says, that at times some banks,
to liberalize the rules and practices of the House. thereby imperiling my
trust companies, find it profitable to carry forpolitical future. We won that long and bitter fight, and it was the first especially
Democratic victory in eighteen years. Time and time again I declared eign acceptances in excess of this amount, and upon a carethat I would not advocate a thing when in the minority that I would not ful examination of the fact the authorities here are of the
advocate in the majority.
opinion that it is not a bad practice. Therefore it is intended
The Democrats won the House in 1910.the first time in sixteen years. I
was unanimously nominated for Speaker and duly elected by every Demo- to change this by providing that the Federal Reserve Board
cratic vote in the House with the henry good-w1.1 of every Republican, may grant permission to a bank to receive foreign :acceptances
because they believed that I was a truthful man. In order to liberalize the
of one-half of its capital and surplus.
rules and practices of the House,I voluntarily relinquished a large portion in excess
In the case of Section 19, it is proposed to amend sub-secof the powers of the Speaker, which I could have retained by making a
fight; but I honestly believed that the Speaker had too much power under tions B and C. We give below the wording of these sub-sections
the old system for the good of the House and of our institutions. Among
form; the part which we have put in
other things. I declared that I was in favor of throwing bills open to ample under the proposed
discussion, and I am going to keep the faith, come what may. If I were brackets is to be omitted altogether under the suggested
to vote for the pending rule I could not look the House in the face. When changes, while the italicized matter is new:
I was speaking particularly of tariff bills, but my
I made that statement
statement is equally applicable to all great bills.
Here is the situation: We have a rule reported on a bill on the greatest
question presented in my twenty years in the House, beside which the tariff
bills sink into pitiable insignificance; a bill which,if passed, will change our
foreign policy which we have maintained for 125 years; and only twenty
hours for debate are permitted under this proposed rule and the right to
amend is absolutely prohibited, and no intervening motion permitted except
one motion to re-commit. On such an important and far-reaching measure
there should have been at least a week for debate, with the unlimited right
of amendment. Surely there is nothing sacred about the Sims bill and there
Is no reason for this mad rush. I will not be a party to ramming such a rule
down the throats of members.
The rule limiting the debate on the repeal bill to twenty
hours, and prohibiting the offering of amendments, was
adopted yesterday (Friday) by a vote of 200 to 172, after
the House had decided, by a vote of 207 to 176, to discontinue further discussion of the rule. The rule proposes that
the twenty hours' general debate be divided as follows: Ten
hours for the Democrats favoring the repeal, five hours for
opposing Republicans, four hours for Democrats against it,
and one hour for Progressives in opposition
The New York Assembly by a vote of 66 to 64 placed itself
on record on the 23d inst. as opposed to the repeal of the
exemption clause.
On the 13th inst. the Massachusetts House of Representatives upheld President Wilson on the Canal Tolls question
through the defeat, by a vote of 105 to 91, of an order protesting against the repeal.
The depression which business generally has suffered is
reflected in the action of the Pennsylvania RR.in materially
reducing both its working force and its train service. Since
the closing weeks of 1913, it is stated, the company has laid
off 15,000 employees on its lines east of Pittsburgh; besides
these, 10,000 additional men are to be laid off, making the
total number of idle employes on these lines 25,000,or 117,000
against 142,000 in October 1913. It is stated that some
40,000 of the company's employees are also now on part time.
Announcement of the curtailment of the train service of the
Pennsylvania RR. made on Thursday stated that altogether
62 trains are to be canceled, many of them important expresses, while numerous special services hitherto furnished
in the form of Pullman, dining, buffet and sleeping-car service
on comparatively short hauls will be abolished or greatly
reduced.
That Section 19, sub-sections (b) and (c) of the Act approved Dec. 23
1913, known as the Federal Reserve Act, be amended and re-enacted so
as to read as follows:
(b) A bank in a reserve city, as now or hereafter defined, shall hold and
maintain reserves equal to 15 per centum of the aggregate amount of its
demand deposits and 5 per centum of its time deposits, as follows:
In its vaultsfor a period of thirty-six months after said date,six-fifteenths
thereof, and permanently thereafter five-fifteenths.
In the Federal reserve bank of its district,for a period of twelve months
after the date aforesaid, at least throe-fifteenths, and for each succeeding
six months an additional one-fifteenth, until six-fifteenths have been so deposited, which shall be the amount permanently required.
For a period of thirty-six months after said date the balance of the reserves may be held in its own vaults, or in the Federal reserve bank, or in
national banks in (reserve on central reserve cities, as now defined by law.
After said thirty-six months' period all of said reserves, except those
hereinbeforo required to be held permanently in the vaults of the member
bank and in the Federal reserve bank shall be held in its vaults or in the
Federal reserve bank, or in both, at the option of the member bank.
(c) A bank in a central reserve city, as now or hereafter defined, shall
hold and maintain a reserve equal to eighteen per centum of the aggregate
amount of its demand deposits and five per centum of its time deposits,
as follows:
In its vaults,six-eighteenths thereof.
In the Federal reserve bank,seven-eighteenths.
The balance of said reserves shall be held in its own vaults or in the Federal reserve bank, at its option.
Any Federal reserve bank may receive from the member banks as reserves not exceeding one-half of each installment, eligible paper as described in section (141 thirteen, properly endorsed and acceptable to the said
reserve bank.
If a State bank or trust company is required or permitted by the law of
its State to keep its reserves either in its own vaults or with another State
bank or trust company or with a national bank,such reserve deposits so kept
in such State bank [or] trust company, or national bank, shall be construed
within the meaning of this section as if they were reserve deposits in a national bank in a reserve or central reserve city for a period of three years
after the Secretary of the Treasury shall have officially announced the
establishment of a Federal reserve bank in the district in which such State
bank or trust company is situated. Except as thus provided, no member
bank shall keep on deposit with any non-member bank a sum in excess of
ten per centum of its own paid-up capital and surplus. No member bank
shall *act as the medium or agent of a non-member bank in applying for or
receiving discounts from a Federal reserve bank under the provisions of this
Act except by permission of the Federal Reserve Board.
The reserve carried by a member bank with a Federal reserve bank may,
under the regulations and subject to such penalties as may be prescribed
by the Federal Reserve Board, be checked against and withdrawn by such
member bank for the purpose of meeting existing lia bottles: Provided.
however, That no bank shall at any time make new loans or shall pay any
dividends unless and until the total reserve required by law is fully restored.
In estimating the reserves required by this Act,the net balance of amounts
due to and from other banks shall be taken as the basis for ascertaining the
bank deposits against which reserves shall be determined. Balances in
reserve banks due to member banks shall, to the extent herein provided, be
counted as reserves.
National banks located in Alaska or outside the continental United States
may remain non-member banks, and shall in that event maintain reserve
THE CHRONICLE
970
[VOL. xcvm
behalf of the State and Federal reserve system for debts due
the guaranty fund and reserve system, respectively. The
State's legal officers could not agree on which would receive
precedence under the law, the State law giving the State
.The change from Section 14 to Section 13 in the above preference and the Federal law the reserve system. Mr.
amendment is made because the latter and not Section 14 Langford has advised Secretary of the Treasury McAdoo
is the section which deals with paper acceptable for re- that at the next session of the Legislature a law will be endiscount.
acted specifically authorizing the State banks to become
members of the Federal system.
r The-suggestions made to the Organization Committee of
the Federal Reserve System in behalfof the Birmingham
Speaking on "The Industrial Situation of To-day" at the
Chamber of Commerce and the Birmingham Clearing House annual dinner of the New Jersey Chamber of
Commerce
Association have been circulated in printed form. The in Newark on Tuesday night, Alba B. Johnson, President
statement, embodying the views of the two organizations of the Baldwin Locomotive Works, while expressing confia
were presented to the Committee by W. P. G. Harding,
dence in the earnestness and purpose of the President,
President of the First National Bank Of Birmingham, Ala.
Mr. Wilson to "remove the bandages which have made
urged
=ging that Birmingham be made thecentre-of one of the
business to grope in the darkness as to what is and what is
proposed districts, the reasons therefor, portraying the finannot legal." Mr. Johnson declared that "the Government
cial importance of the city, were set out in part as follows:
striving to bring about peace among the
Between the years 1900 and 1910 Birmingham annexed some suburban has professed to be
own -county, and its nations of the earth whilst demanding that a war of destrucFiTiE7but they were all contiguous and-were in
total incorporated area to-day is less than one-sixth of that of the city tive, unlimited, wasteful competition shall prevail among
of New Orleans. During the ten-year period between the years 1890 and
speech in part was as fol1900 it annexed no new territory. Yet during that time, which embraces its own business interests." His
the panic of 1893 and the years of extreme depression that followed, it lows:
and comply with all the conditions now provided by law regulating them; or
said banks, except in the Philippine Islands, may, with the consent of the
Reserve Board, become member banks of any one of the reserve districts,
and shall, in that event, take stock, maintain reserves and be subject to all
the other provisions of this Act.
1,0•1114.
--..ca••••or
r•
showed an increase of nearly 47%,and assuming its percentage of increase
during the twenty-year period from 1890 to 1910 as a basis, Birmingham
should show in 1920 a larger population than any Southern city, with the
possible exception of New Orleans.
Birmingham has ten banks, two national and eight State, all members
of the clearing house, except three of the State banks, with combined
• capital of $3,678,300, surplus and profits of $3,363,550, and deposits
, (Jan. 13 1914), $28,883,316. Its clearings in 1913 were $173,000,000, but,
being limited to purely local exchanges between banks, with daily cash
settlement of balances, these figures represent only a small proportion
'of all transactions, estimated at about 7%. The sum total of actual daily
• transactions of one bank in Birmingham during the year 1913 amounted
, to $1,012,520,307. As the business of this bank is thought to be not
more than 40% of the whole, it is estimated that the total volume of business of all Birmingham banks in 1913 was $2,500,000,000.
,
Birmtnghamis already a Vinancial centre of considerable importance.
ts banks have direct dealings with other banks in all counties in Alabama,
and with many banks in Georgia, Florida, Mississippi and Tennessee. One
• of the Birminghamlbanks in August last had at one time a total of $1,225,000 loaned;to other banks; and it made shipments of currency to its
country bank correspondents during the cotton season of 1913 amounting
' to $2,690,000. The books of the same bank show the course of its principal exchanges with:other cities both in and out of the proposed district to
have been as follows for the year 1913:
Total of items Total of items
forwarded to
received from
New York City
$63,091,972
$4,992,351
Chicago
7,034,590
3,386,398
2,685,020
Philadelphia
7,987,892*
St. Louis
3,528,532
2,395,972
2,104,468
Boston
63,795
728.855
Baltimore
4,819,341*
316,436
Cleveland
380,471
3,379,384
Cincinnati
1,778,603
Pittsburgh
1,362,036
1,382,643
New Orleans
4,749,775
1,892,183
Washington
1,983,490
801,401
Detroit
194,663
200,200
Kansas City
65,730
579,289
'Louisville
1,280,933
3,857,308
Albany, N.Y
78,472
458,045*
Atlanta_
2,949,599
1,768,130
Savannah
2,668,356
2,133,877
Chattanooga
1,816,916
3,884,946
Knoxville
477,872
325,437
Memphis
1,791,530
2,062,616
Nashville
1,853,577
2,389,975
* Abnormal—owing to free collections at this point.
Generally speaking, the items received from banks in other cities represent payments made by merchants and
the Birminghani
ra:iid the checks forwarded from Birmingham
to these various ankiT?ja-rgelit,753yirien'ti'for commodities"Purchased in
tTie"-BirinixTihVi-n7distriEt- b'Y-their-customerS. .The sum total indicates a
he
—iTilry—
• balance of trade in favor of Birmingham.
rsel
rAn opinion to the effect that it is permissible for savings
banks, safe deposit and trust companies organized under the
laws of Louisiana to join the Federal system has been given
to Secretary of the Treasury McAdoo by Attorney-General
Pleasant of Louisiana.
Since the Utah laws prohibit ownership by the State banks
• of stocks in other corporations, Attorney-General Barnes of
Utah holds that the Utah State banks are barred from participation in the Federal system.
First, let us frankly admit that we have been passing through a period of
evolution during which excesses were committed in some lines of business
which we cannot defend and can only regret. Certain corporations undertook by unfair means to crush out their competitors. Railroads were
often managed with reference to the intense competition for the business
of certain large shippers.
One after another,demagogues have risen tohigh places in the gift of the
people because of their professed hostility to business interests which have
made the country great. Bankers who have done constructive and patriotic work for the public good, distinguished railroad men who have been
safely entrusted with vast responsibilities and business men who have built
up industries giving employment to thousands, and who have added no
small share to the country's wealth and prosperity, have been called before
committees of Congress to be treated as malefactors.
The whole power of the Government has been expended to enforce
policies contrary to economic law. The Government has professed to be
striving to bring about peace among the nations of the earth, whilst demanding that a war of destructive ,unlimited, wasteful competition shall prevail
among its own business interests.
Whether the business be great or small, the forces leading to co-operation
are stronger than the forces leading to competition, and co-operation under
proper safeguards is best for the public welfare. Co-operation must, however, be so safeguarded as to prevent monopoly; to yield only a fair return
for the capital, skill and labor expended in the business. The oppression
of the weak by the mignt of the strong must be prevented. 'La's can be
done by proper regulation.
The President is wise in urging upon Congress the creation of a nations
Industrial commission, but I believe that he has as yet failed to grasp the
opportunities which await such a commission. It should not devote itself
to smelling out ancient violations of law; it should not have initiative tel
prosecute infraction of the Sherman Act; but it should be authorized to
permit groups of business men, competitors desiring to bring about such
co-operation as is not contrary to public policy, to file with it for approva
articles of association. It should strictly examine into the purposes and
forms of such associations, and when desirable, grant hearings both to those
favorable and those opposed to them. The financial results of their operations should be filed annuaily with the commission. Such associations
should be permitted to exist only so long as their operation is not inconsistent with public welfare.
I have confidence in the earnestness of purpose of the President of the
United States. I know that he is dealing conscientiously with its great
nterests as he is able successively to consider them. I believe that his
judgment is just and that the needs of business will receive the same wise
consideration from him as will every other interest committed to his care.
William P. Malburn took the oath of office on the 24th inst.
as Assistant Secretary of the Treasury in charge of the
customs service.
Robert Lansing of New York was nominated on the
20th inst. to be counselor for the Department of State,
suceeding John Bassett Moore, resigned. Mr. Lansing is
an associate editor of the "American Journal of International Law" and the author of several works on international
subjects. He is at present acting as agent for the United
States in the British-American claims arbitration tribunal at
Washington. He was associate counsel for the United States
in the Bering Sea Arbitration, 1892-1893; counsel for the
United States in the Bering Sea Claims Commission, 18961897; Solicitor for the United States on the Alaskan Boundary Tribunal, 1903; and counsel in the arbitration at The
Hague in 1909 of the North Atlantic Coast Fisheries case.
Mr. Lansing is Vice-President of the City National Bank,
Watertown, N. Y.
a son-in-law of John W.—Pater,
Secretary ofState under PresidentHarrison.
State Bank Commissioner Langford of Oklahoma has been
advised by State Attorney-General West not to interfere
:with any Oklahoma institution desirous of entering the Fed• oral system. There was a difference of opinion, it is stated,
Cone Johnson of Texas was also nominated on the 20th inst.
• between the Attorney-General and his assistants regarding to be Solicitor for the Department of State, succeeding
two of the provisions of the State law. One was a provision
W7FiS117—
, whose—ii;pointment as Chief Counsel for
• forbidding State banks to invest in stock of other corpora- the Inter-State Commerce Commission was announced in
'tions. The second obstacle was the provision for liens in our issue of March 77—Mr. Johnson was at one time a
g:;] -..• "_
•
JOCT
.
SW
MAR. 28 1914.1
THE CHRONICLE
971
Damages to the amount of $1,000,000 are asked in a suit
candidate for the United States Senate, but withdrew from
the officers of the United Mine Workers of America
against
ill-health.
of
account
on
the contest
filed by the Colorado Fuel & Iron Co.in the District Court of
Las Animas County at Trinidad, Colo., on the 20th inst.
Supplementing the order on'the 15th inst. of the Post Office The principal officers of the miners' organization named in
Department enabling the shipment by parcel post of butter, the suit are John P. White, President; Frank J. Hayes, Viceeggs, fruits, vegetables, poultry, &c., Postmaster-General President; William Green, Treasurer; Adolph Germer, naBurleson on the 22d inst. made known his plans for the carry- tional organizer; John R. Lawson, international executive
ing by parcel post of the products of the farm directly from board member; John McLennan, District President, and
the producer to the consumer. In furtherance of his plan, Edward L. Doyle, District Secretary and Treasurer. The
the postmasters of ten cities, namely Boston, Atlanta, St. suit, it is said, seeks the indictment of members of the orLouis, San Francisco, Baltimore, Detroit, La Crosse, Wis., ganization on four principal counts—for causing the general
° Lynn, Mass., Rock Island, Ill., and Washington, have been paralysis of mining operations through intimidation and vioto
directed to receive the names of persons who are willing
for
and lence; for acts of alleged lawlessness and violence, and
post,
parcel
by
quantities
retail
in
products
farm
supply
purpose of
for
the
property
the
of
company's
the
destruction
printed lists of these names, showing in each case the kind crippling its operations. The complaint is said to charge that
and quantity of commodities available will be distributed the Mine Workers' officials caused the purchase of "large
to city and town patrons. First Assistant Postmaster Roper quantities of guns and ammunition, which were used in terIn a statement concerning the movement says:get in touch with rifying the company's employees," and that the strikers' tent
By the use of the lists the city consumer will be able to
eggs and other farm colonies were so "constructed, guarded, policed and managed
a farmer, who will fill his weekly orders for butter and
from the country as to strike terror to the minds of those who might wish to
produce. The consumer will receive the produce fresh
doubt, tend to improve
and the personal relationship established will no
that inflammatory
carrying his produce to market, seek employment." It is also charged
the quality. The farmer will be relieved of
at the farmer's own door of speeches were caused to be made to the company's employees,
s the rural carrier will make daily collections
these speeches containing "intimidations, insinuations and
these retail shipments to city consumers.
conviction that this plan is the
The Postmaster-General has the firm
the poten- statements that personal injury and abuse would come to
enjoy
to
country
this
of
people
the
enable
to
one thing necessary
has ever questioned the possibility those who failed to respond to the call to strike." Comtial benefits of the parcel post. No one
between the
of reducing the cost of living by establishing direct relations
menting on the suit, Horace N. Hawkins, counsel for the
ultimate consumer and the original producer. A complete means for such
Mine Workers, on the 20th inst. said:
direct transportation was provided for the first time by the establishment
of the domestic parcel post, but there has been lacking an agency by means
of which the indivdual producer could get In touch with the individual
consumer. The Postmaster-General's plan is designed to provide this
agency for the most economical distribution of those products which are
consumed in the form and condition in which they are produced.
Recommendations of a sub-committee of the House Judiciary Committee respecting the findings of the special committee which inquired into "lobbying" practices were presented to the Judiciary Committee on the 17th inst. The
findings of the investigating committee were submitted to
the House on Dec. 9 last and were referred to the Judiciary
Committee, which named a sub-committee to consider the
report. This sub-committee offered for adoption the
following resolutions condemning the conduct of Representative McDermott as disclosed in the testimony, and likewise the conduct of J. Philip Byrd, John Kirby Jr. and
James A. Emory of the National Association of Manufacturers, and Martin M. Mulhall:
Resolved, That the House strongly condemns the conduct of James T.
McDermott. a member of this House from Illinois, disclosed in the testimony taken by the select committee appointed under House Resolution
198, and in the report and findings thereof, and declares that he has been
guilty of acts of grave impropriety, unbecoming the distinguished position
he holds.
Resolved, That the House strongly condemns the conduct of the officers
and agents of the National Association of Manufacturers, namely,J.Philip
Byrd, John Kirby Jr., James A. Emory and M. M. Mulhall, in carrying
on improper and reprehensible lobby activities and in engaging in systematic,
secret and disreputable practices against the honor, dignity and integrity
of the house of Representatives, as disclosed in the testimony taken by
and in the report and findings of the select committee appointed under
House Resolution 198.
Judge Evans in the Federal Court at Louisville on the
25th inst. refused to grant a writ of mandamus asked for by
the Government to compel the Louisville & Nashville RR.to
give the Inter-State Commerce Commission access to its files.
The proceedings were an outgrowth of the resolution passed
by the Senate last November calling for an investigation by
the Commission of the relations between the Louisville &
Nashville and its allied lines to determine whether there had
been any violation of the anti-trust laws. Following the
refusal of the officials of the road to submit its files to the
agents of the Commission, a resolution was introduced in the
Senate in February for the appointment of a Senatorial committee to assist the Commission in its investigation; this
resolution is still pending. In the suit brought by the
Government to compel the officials of the road to grant the
Commission access to its records, it was contended by the
attorneys representing the Government that the Commission
had authority to require the road to accede to its demands
under that section of the Hepburn law which provides that
all accounts, records and memoranda shall be open to the
Commission. The Court in its decision held that certain
communications which the railroad declined to produce were
privileged between lawyer and client; that the Hepburn law
did not give the Commission power to make general examinations, and that the inquiry was not along linos sufficiently
specific.
This action on the part of the coal corporations is welcomed. It will
afford the United Mine Workers the opportunity to prove in court that it
is the money of John D. Rockefeller and the interests associated with him
which has been fighting this strike and that these interests constitute a
gigantic combine which is operating in violation oflaw. The Mine Workers
also will show that this combination is principally responsible for the high
price of coal with which the public is inflicted.
According to the Denver "News," litigation involving demands for damages aggregating probably $4,000,000 will be
instituted against the United Mine Workers by the VictorAmerican Fuel Co., the Rocky Mountain Fuel Co. and the
Big Four Fuel Co. to supplement the action of the Colorado
Fuel & Iron Co.
A decision in which it is held that a relation cognate to
that of depositor and banker exists between the parties
issuing and buying travelers' checks was handed down by
the Appellate Division (First Department) of the New York
Supreme Court on the 7th inst. The opinion was given in
an action brought by James Sullivan against Knauth,
Nachod &I Kuhne. In substance the Court decided that
where a purchaser of travelers' checks loses them and the
finder forges the purchaser's counter-signature and cashes
the checks, and the issuing bankers pay them without actual
notice of the loss when presented by an indorsee, they (the
bankers) do not thereby discharge themselves of their
liability to the original purchaser of the checks for their face
amount; furthermore, the Court says, the failure of the customer to give notice of his loss, or a bond of indemnity, is
no defense where the forgery is undisputed, and the &leeks
are in the hands of the issuing bankers at the time the action
is brought.
The death of Clinton T. Rose, President of the Onondaga
County Savings Bank of Syracuse, N. Y., and a member
of the Executive Committee of the Savings Bank Section of
the American Bankers' Association, is announced in the
March "Journal" of the Association. His death occurred on
Feb.13. Mr.Rose was in his sixtieth year. He had served
the Onondaga Co. Savings Bank over forty years, having
entered its employ as a messenger in 1871. He was its
Treasurer from May 1891 until his election to the presidency
in January 1912.
At the annual meeting of the Association of Reserve City
Bankers, held at Cincinnati on the 20th and 21st inst.,
Edward A. Seiter, Vice-President of the Fifth-Third National
Bank of Cincinnati, was elected President of the association.
Mr. Seiter had been Secretary of the organization during the
past year. Thomas B. Hildt, Cashier of the National Bank
of Commerce of Baltimore, has been elected Vice-President
of the association. At the final day's meeting two resolutions were adopted, one endorsing the Federal Reserve Act
and the other favoring audited statements from concerns
using commercial note brokers. The following is the resolution bearing on the Federal system:
Be it resolved in convention assembled by the Association of Reserve
City Bankers, composed of men located in reserve cities who have given
careful study to the problems confronting the various departments incidental to handling the country bank business, after carefully discussing and
972
THE CHRONICLE
considering the various sections in the Federal Reserve Act
governing the
handling of items, do heartily endorse the Act and believe
that its effect
will be beneficial as a whole, but especially in
those sections. And do most
respectfully offer the services of our various members
to the Organization
Committee and the Federal Reserve Board to assist them
in establishing
and inaugurating the various Federal reserve banks.
Be it further resolved, that a copy of this resolution be transmitted
to
the Honorable Secretary of the Treasury by our Secretary.
We also give below the resolution dealing with commercial
paper:
That the Association of Reserve City Bankers favor audited statements
from such concerns as use commercial note brokers, and will in the future
express a preference in their purchases for such verification of that class
of paper; and that such auditing should be done by recognized,
well-established certified public accountants.
Next year's business meeting of the association is to be held
at Louisville. It has been decided to hold a social session
each fall at the same time and place as the annual convention
of the American Bankers' Association.
The agency of the Anglo-South American Bank, Ltd,,, at
60 Wall Street, has received a cable from its head office in
London, stating that a dividend has been declared for the
half-year ending Dec. 31 1913 at:the rate of 12% per annum.
The old Boston and New York banking firm of Kidder,
Peabody & Co. has leased the corner offices formerly occupied
by H. B. Hollins & Co. at Wall and Broad streets, opposite
the new bank building of J. P. Morgan & Co. The firm's
new location is one of the most convenient and prominent in
the financial district. Kidder,Peabody & Co. will move from
their old offices at 56 Wall Street to the new quarters at 15
Wall Street when alterations are completed.
At the annual meeting of the directors of the Mutual Trust
Company of Westchester County, the following officers were
elected: George R. Read, President; F. W. Horton, VicePresident; Dean Smith, Vice-President and Secretary; John
Leonard, Treasurer; W.J. Kuder,Assistant Secretary.
At a meeting of the directors of the Fidelity Trust Co. of
Newark on the 16th inst. Jerome Taylor, Trust Officer, was
made Third Vice-President, Edward A. Pruden, Assistant
Trust Officer, was promoted to the position of Trust Officer,
and Herbert R.Jacobus was made an Assistant Trust Officer.
Mr. Taylor has been associated with the company for
twenty-four years while Mr. Pruden has been connected
with it for nineteen years.
A new financial institution is about to be•established in
Boston under the name of the Old South Trust Co. The
project is being developed by John R. McVey and others,
who, some months ago, purchased the charter of the Mechanics' Trust Co. of Boston, which had passed to the
Federal Trust Co. with the consolidation of these two institutions in October 1909. Several weeks ago Mr. McVey
and those interested with him, in furtherance of their plans
to use the charter of the Mechanics' Trust, applied to the
Board of Bank Incorporation for permission to change the
title named in the charter to the Adams Trust Co. It
developed, however, that this name could not be availed of
by the proposed organization since the old Adams Trust Co.
(consolidated with the American Trust Co. in 1906) was not
formally dissolved by the Tax Commission until March 25
1912, and the law bars the use of that title for a period of
at least three years from that date. It was therefore decided
to adopt the title Old South Trust Co., and the Incorporation
Board assented to the change on the 19th inst. The new
company is to have a capital of $500,000 and a surplus
of $100,000. It is stated that Mr. McVey will be President.
[VOL. xcvm.
& Trust Co.N We learnIthat thelFitchburg National Bank is
to be liquidated and the stockholders given the privilege
of exchanging their present shares for stock in the new institution on a basis of $160 per share and the balance received
through the liquidation of the Fitchburg National is to be
paid to its stockholders in cash, which amount is estimated
to be about $60 per share. The new institution will
have
capital stock of $500,000, surplus and undivided profits
of $250,000 and deposits aggregating $3,000,000. It will
be
the largest financial institution in the city. The chief
manufacturing and financial interests of the city will be
represented on the board of directors of the new institution.
The consolidation will become effective during the next ten
days or two weeks.
Recommendation has been made by the directors of the
Guaranty Trust Co. of Cambridge, Mass., that the capital
of the institution be increased from $200,000 to
00,000.
It is proposed to issue the stock at $125 per share. The
company was organized in 1912.
The Broad Street Bank of Philadelphia, organized with a
capital of $50,000 and a surplus of $10,000, commenced
business on the 16th inst. It is under the management
of James B. Gillies, President; Dr. W. C. Mitchell and
A. L. Skilton, Vice-Presidents, and E. Leslie Allison,
Cashier. The bank's quarters are at Broad and Diamond
streets.
Benjamin F. Cater and Charles A. Webb have resigned as
Vice-Presidents of the Fidelity & Deposit Co. of Baltimore.
Mr. Cater withdraws from the Fidelity to become Pacific
Coast resident Vice-President of the United States Fidelity &
Guaranty Co., with headquarters in San Francisco. Mr.
Webb's resignation, it is understood, is due to his desire to
relinquish some of his banking interests. He is a director
and member of the Executive Committee of the Mercantile
Trust & Deposit Co.,a director of the Merchants'-Mechanics'
National Bank and other institutions. Millard Leonard is
a new Vice-President in the Fidelity & Deposit Co. and
Joseph A. Watson and Frank P. Welsh are newly elected
Assistant Secretaries.
Preliminary steps toward the organization of a trust company to be conducted in connection with the Farmers Deposit National Bank of Pittsburgh have been tak,en by the
bank's directors. The proposition,as placed before the stockholders, who will hold a special meeting on April 11 to act
on the plan, is set out as follows in the notice issued by the
board:
The directors of the Farmers' Deposit National Bank have procured the
Incorporation of a trust company, which is intended to do a general trust
business in co-operation with the national bank, as also to hold stocks and
securities that the national bank cannot hold under present banking laws.
It is proposed that the trust company acquire the shares of the Reliance
Life Insurance Co., paying therefor trust company shares, and these shares,
together with shares of the trust company acquired in organization of the
latter company, are to be declared in the nature of a dividend out of the
surplus and undivided profits of the bank.
The total amount of such dividend will be 13,200 shares of the par value
of $1,320,000. In order that the trust company may be efficiently held
and managed in the interest of the stockholders of the national bank, the
board has made this declaration of dividend to trustees, who will hold the
trust company shares (less shares necessary to qualify directors), collect
all dividends thereon and pay the same as received to the persons who
may at such times be the holders of record of shares of the national bank.
This trust to continue until dissolved by the vote of three-fourths in interest
of the then holders of record of shares of the national bank.
The trustees will, at the request of any holder, stamp upon his certificate of stock the statement, in accordance with the arrangements, of a
beneficial interest. The board has called a meeting of the stckholders
of the national bank to be held Saturday, April 111914, at 12 noon, at the
banking house, to pass upon its action in this matter, and if you approve,
you are requested to sign the enclosed proxy and return at your earliest
convenience.
The organization is also under way of the Tremont Trust
The Farmers' Deposit National Bank has a capitaal of
Co. of Boston, for which a charter was granted by the Board
of Bank Incorporators on the 11th inst. The capital of the $6,000,000 and surplus and profits of $2,524,707.
company is fixed at $200,000. W. J. Corcoran is the temporary Treasurer.
D. L. Heinsheimer, President of the Iowa Bankers' Association, died on the 15th inst. Mr. Heinsheimer was sixtyAn assessment of 100% has been levied on the stock- six years of age. He had been connected with the Mills
holders of the defunct Traders' National Bank of Lowell, County National Bank of Glenwood, Iowa, but had retired
Mass. The institution, which closed its doors on Oct. 20 from active business several years ago.
last, had a capital of $200,000. Payment of the assessment
is required by July 2.
J. E. Griffin has resigned as Cashier of the State Exchange
Bank of Indianapolis to become Vice-President of._ the
Plans have been perfected for the consolidation of the busi- Capital State Bank of that city.
ness of the Fitchburg National Bank (capital $250,000) and
the Fitchburg Safe Deposit & Trust Co. (capital $250,000)
Byron L. Smith, President and founder of the Northern
of Fitchburg, Mass., under the name of the Fitchburg Bank Trust Co. BankiofLChicago, died on
the 22d inst. of heart
MAR. 28 19144
973
THE CHRONICLE
failure which followed a severe cold contracted in New York
two weeks before his death. Mr. Smith was in his sixtyfirst year. He was born in Saugerties, N. Y., in 1853, but
went to Chicago with his parents when he was three years
old. Mr. Smith started his banking career as a messenger
In the National Bank of Illinois; subsequently he officiated
In the Hide & Leather National Bank as Cashier, and later
asWice-President; and he likewise held the post of VicePresident in the Merchants' Loan & Trust Co., of which his
father, Solomon A. Smith, had been President. He relinquished the vice-presidency of the Merchants' Loan &
Trust with a view to retiring from business, but several
years later, in 1889, founded and became President of the
Northern Trust Co. Bank, which has developed into an institution with deposits of over $32,000,000. On the day of
Mr. Smith's funeral, Tuesday of this week, all the banks of
Chicago closed for ten minutes, beginning at 2 o'clock. The
Stock Exchange suspended business for the day at 1 o'clock.
Mr. Smith was a Vice-President of the Chicago Telephone
Co., a director of the Chicago & North Western Ry., the
Atchison Topeka & Santa Fe RR. and the Commonwealth
Edison Co. He was also a member of the Chicago Stock
Exchange and the Chicago Board of Trade. He leaves four
sons—Solomon A. Smith, Vice-President of the Northern
Trust Co.; Walter B. Smith, formerly a partner in John H.
Wrenn & Co.; Harold C. Smith of the firm of Hurlburd,
Warren & Chandler, and Bruce D. Smith, Assistant Cashier
of the Northern,Trust Co.
----•—•
been
elected Chairman of the Board
has
Wyman
C.
0.
of Directors of the Northwestern National Bank of Minneapolis, succeeding the late William H. Dunwoody. Mr.
Dunwoody is succeeded in the directorate of the bank by
James Ford Bell. Mr. Wyman, the new Chairman of the
Board, is President of Wyman, Partridge & Co.
The stockholders of the Lafayette Bank of St. Louis on
the 17th endorsed the proposal to increase the capital from
$100,000 to $200,000. The new capital will be issued in the
nature of a stook dividend of 100%, which will be declared
out of the undivided profits of the instutution. The last
bid price of the stock, par $100, was $1,275. It is understoodIthat the purpose in enlarging the capital is to place
the institution in a position to take advantage of the provisions of the Federal Reserve Act in case the management
should later decide to join that system.
has been advanced to the post of Assistant Cashier vacated
by Mr. Campbell.
A change in the name of the Portland Trust Company of
Portland, Ore., to the Portland Trust & Savings Bank has
been approved by the institution's stockholders.
DEBT STATEMENT OF FEB. 28 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Feb. 28 1914. For statement of Jan. 31 1914,
see issue of Feb. 21 1914, page 586; that of Feb. 28 1913, see
issue of March 29 1913, page 920.
INTEREST-BEARING DEBT FEB. 28 1914.
Amount Outstanding
Amount
Total.
Issued,
Interest
Registered. Coupon.
$
$
Title of Loan—
$
Payable.
Q.-J. 646,250,150 642,812,400 3,437,750 646,250,150
25, Consols of 1930
3s, Loan of 1908-18
Q.-F.r198,792,660 46,006,700 17,938,760 63,945.460
Q.-F. x162,315,400 101,211,250 17,278,650 118,489,900
4s, Loan of 1925
22,900 54,631,980
2s, Pan. Canal Loan 1906.Q.-F. 54,631,980 54,609,080
321,080 30,000.000
2s, Pan. Canal Loan 1908..Q.-F. 30,000,000 29,678,920
3s, Pan. Canal Loan 1911.Q.-8. 50,000,000 39,729,800 10,270,200 50,000,000
3,506,000
519,220
3,506,000 2,986,780
2)4s,Post.Sav.bds.'11-'13.J.-J.
1,129,820
157,840
971,980
1,129,820
2Ms,Post.Say. bds. 1914_J.-J.
Aggregate int.-bearing debt_ _1,146,626,010 918,006,910 49,946,400 967,953,310
•Of this original amount issued, 9132,449,900 have been refunded into the 2%
Consols of 1930 and $2,397,300 have been purchased for the sinking fund and
canceled. x Of this original amount issued, $43,825,500 have been purchased for
the sinking fund and canceled.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Jan. 31.
Feb. 28.
Funded loan of 1891, continued at 2%,called May 18
1900, interest ceased Aug. 18 1900
Funded loan of 1891, matured Sept. 2 1918
Loan of 1904, matured Feb. 2 1904
Funded loan of 1907, matured July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
$4,000 00
23,650 00
13,050 00
683,750 00
13,380 00
$4,000 00
23,650 00
13,050 00
681,550 00
13,370 00
903,680 26
903,680 26
Aggregate debt on which interest has ceased since
11,641,510 26 $1,639,300 26
maturity
DEBT BEARING NO INTEREST.
Feb. 28.
Jan. 31.
$346,681,016 00 $346,681,016 00
United States notes
53,152 50
53,152 50
Old demand notes
16,704,743 00
17,828,483 50
National bank notes, redemption fund
Fractional currency, less $8,375,934 estimated as
6,853,445 90
6,853,445 99
lost or destroyed
Aggregate debt bearing no interest
Interest-bearing debt
Debt interest ceased
Debt bearing no interest
$371,416,097 90 $370,292,357 90
RECAPITULATION.
Jan. 311914. Ine.(1-)orDee.(—)
Feb. 28 1914.
$967,953,310 00 $967,953,310 00
—$2,210 00
1,641,510 26
1,639,300 26
—1,123,740 00
371,416,097 90
370,292,357 90
$1,339,884,968 16 $1,341,010,918 16 —11,125,950 00
Total gross debt
272,589,751 08 —13,018,459 73
Cash balance in Treasury'_ - 259,571,291 35
Total net debt'
$1,080,313,676 81 $1,068,421,167 08 +111,892,509 73
4. Includes $150,000,000 reserve fund.
a Under the new form of statement adopted by the U. S. Treasury on July 1,
the item "national bank notes redemption fund" is not only included in the "debt
bearing no interest," but appears as a current liability in the Treasury statement
of "cash assets and liabilities." In arriving at the total net debt, therefore, and
to avoid duplication, the amount is eliminated as a current liability, increasing
to that extent the cash balance in the Treasury.
The question of increasing the authorized capital of the
People's Bank & Trust Co., Inc., of Norfolk from $50,000
to $100,000 was ratified by the stockholders on the 18th inst.
The foregoing figures show a gross debt on Jan. 31 of
William Sloane is President of the institution and W. B. $1,339,884,968 16 and a net debt (gross debt less net cash
Dougherty is Cashier.
in the Treasury) of $1,080,313,676 81.
TREASURY CASH AND DEMAND LIABILITIES.—
The Atlanta Trust Co. of Atlanta, Ga., contemplates The cash holdings of the Government as the items stood
28 are set out in the following:
making extensive alterations in its main banking room so Feb.ASSETS.
$
Trust Fund Liabilities—
Trust Fund Holdings—
as to provide adequate room for its increasing business. Gold
1,140,698,969 00
coin and builion_1,140,698,969 00 Gold certificates
00
a
473,873,000
has
surplus
certificates
which
of
capital
and
Silver
$500,000
00
institution,
473,873,000
Silver dollars
This
2,519,000 00
00 Treasury notes of 1890_
and profits of $120,000, besides transacting a general bank- Silver dollars of 1890... 2,519,000
Total trust liabilities_1,617,090,969 00
1,617,090,969 00
Total trust fund
ing and trust company business, has an active bond departGen.Fund Liabilities—
Gen't Fund Holdings—
Treasury offices:
In
is
41
649,687
Lowndes,
Morrison
banks
S.
on
checks
George
President;
Cert.
J.
ment. W.
Disburs. officers' bale. 66,087,802 08
17,662,188 36
Gold coin and bullion
922,446 07
Outstanding warrants
46,212,275 00
Vice-President; J. Scott Todd Jr., Secretary, and T. C. Gold certificates
2,031,126 63
Outet'g Treas. checks
12,497,0.52 00
Silver certificates
Trippe, Treasurer.
13,334,345 83
P.0. Dept. balances_
19,686,703 00
Silver dollars
The Waggoner Bank & Trust Co. of Fort Worth, Tex.,
(the name of which is shortly to be changed to the Fort
Worth Savings Bank & Trust Co.), is now occupying its
magnificent new quarters in the building erected for the
State National Bank, which institution was taken over some
time ago by the Fort Worth National Bank. The main
banking room is conceded to be one of the handsomest
rooms for its size in any part of the country; the interior
is constructed of the finest imported marbles, while its grill
work, its massive windows, &c., are made of bronze. A
very handsome marble staircase leading to its safety-deposit
vaults on the mezzanine floor lends added charm to the
room. The building is twelve stories in height and is strictly
fire-proof construction. As has been previously mentioned
in these columns, the Savings Bank & Trust Co. is owned
b the stock,holders of the Fort Worth National Bank and
iiViverned by the same board of directors. It has a capital
Or$2007000"-and—depositTOf a million dollars:74771-4
.717.1
E. W. Cam belllas-succeeded 1J.L. McLean resigned,as
ashier.of.the,
Silver bullion
United States notes_ _ _
Treasury notes of 1890..
National bank notes....
Fractional silver coin
Fractional currency
Minor coin
2,722,911 59
7,471,326 00
6,765 00
45,318,125 64
19,293,038 12
546 21
1,789,322 55
Tot.In Sub-Treasuries 173,309 940 88
In Nat.Bank Depositories:
Credit Treas. of U.S. 66,728,384 66
7,357,114 73
CreditU.S.dis.officers
Postal savings bale...
Judicial officers' balances, &c
National bank notes:
Redemption fund
Nat. bank 5% fund
Assets of failed national banks
Coups. dc int. checks_
Misc.(exch'ges, &c.).
1,489,198 415
7,400,158 37
16,704,743 50
22,562,355 62
15,711,842 78
205,940 40
6,951,022 19
153,400,981 90
Total
Subtract: Checks not
5,770,871 94
cleared
74,085,499 39
Total In banks_ _
In Treas. Philippine Islands:
96
147,630,109
85
S___
2,606,777
U.
Treas.
Credit
3,064,900 56 In Nat. Bk. Depos.—
Cred.U.S.Ws.officers
Judicial officers' bal7,357,11473
ances, &e
5,671,678 41
Total in Philippines
467,87327
Outstanding warrants
Total in banks..._
In Treas. Philippines—
Disburs. officers' bale.
Outstanding warrants
7,824,988 00
3,064,900 56
1,680,572 31
4,745,472 87
Total
Total Habil, agst. cash_ 160,200,570 83
Cash Bal. & Reserve
242,866,547 85
Total cash reserve
Made up of—
Available 92,866,547 85
and
Reserve Fund:
Gold &
ResErve Fund Holdings—
bull. 150.000,000 00
Gold coli and bullion... 150,000,000 00
Grand total
2,020,158,087 68
Grand total
2,020,158,087 68
974
THE CHRONICLE
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
• business on the first of December 1913 and January, February and March 1914.
Dec.1 1913. Jan.1 1914. Feb.1 1914. Mar.1 1914.
Holdings in Sub-Treasuries$
$
$
$
Net gold coin and bullion
268,080,256 262,442,831 216,069,924 213,874,463
Net silver coin and bullion
15,837,415 15,212,627 27,044,203 34,906,667
Net United States Treas. notes....
6,765
7,016
4,947
7,786
Net legal-tender notes
7,471,326
6,640,146 11,544,256
5,778,535
Net national bank notes
30,614,870 31,363,386 52,673,172 45,318,126
Net fractional silver
14,411,274 14,036,410 18,057,610 19,293,038
Minor coin,&c
2,439,556
2,071,052
1,559,050
1,545,779
Total cash in Sub-Treasuries__336,275,915 331,259,397 327,468,133z323,309,941
L6.3.1 gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasuries__186,275,915 181,259,397 177,468,133 173,309,941
Cash in national banksTo credit Treasurer of U. S-__ 92,617,560 85,202,390 76,708,569 66,728,385
To credit disbursing officers__ 6,854,607 7,100,038
7,992,720 • 7,357,114
Total
Cash in Philippine Islands
99,472,167 92,302,428 84,701,289 74,085,499
4,996,150
7,531,182 6,559,222
5,671,678
Net cash in banks, Sub-Treas_290,741,232 281,093,007 268,728,644 253,067,118
Deduct current liabilities_ a
153,796,265 152,029,423 146,138894 143,495,827
Balance
136,947,967 129,063,584 122,589,750 109,571,291
National bank redemption fund_ 17,481,856 17,209,266 17,828,483 16,704,743
Available cash balance
119.466,111 111,854,318 .104,761,267 02,866,548
a Chiefly "disbursing officers' balances." z Includes 82,722,911 59 silver bullion
and $2,439,556 17 minor coin, &c., not included in statement "Stock of Money."
Moneta-nilTeminercialK-nglisk
[VOL.
xcvm.
VOLUNTARY LIQUIDATIONS.
2,228-The Farmers' National Bank of York, Pa., March 14 1914.
Absorbed by the Guardian Trust Co. of York, Pa., which is to
act as liquidating agent.
6,425-The National Reserve Bank of the City of New York, N. Y.
March 4 1914. The liquidating committee is composed of the
board of directors of the national bank. Absorbed
by the Mutual
Alliance Trust Co. of New York.
6,969-The First National Bank of Chokio,
Minn.
March
Succeeded by the Farmers' State Bank of Chokio, Minn. 16 1914.
Liquidating agent, the Northwestern National Bank
of Minneapolis.
Minn.
Breadstuffs Figures brought from page 1.011.---The
statements below are prepared by us from figures collected by
the New 16)rli 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 yews have
.
•
Receipts at-
Wheat.
Flour.
I
Corn.
Oats.
I Barley.
Rye. _
bbls.196lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Chicago.434,000 1,340,000 1,748,000, 482,000 . 69,000
226,000
Milwaukee__
272,000
130,000
82,000
424,000
322,000
47,000
Duluth,____
9,000
92,000
41,000
3,000
Minneapolis.
00
276,000
0900
1,6
321,
285,000
382,000
42,000
Toledo
44,000
160,000
54,000
Detroit
14,000
71,000
8,000
55,000'
Cleveland
3,000
81,000
16,000
95,000
3,000
2,000
St. LouLs
302,000
315,000
60,000
546,000
40,000
Peoria
290,000
10,000
41,000
182,000'
59,000
5,000
Kansas City.
763,000
267,000
254,000
Omaha
854,000
403,000
132,000
Total wk.'14
Same wk.'13
Same wk.'12
433,000
341,000
256,294
3,279,000
4,211,000
2,366,005
4,138,000 1,320,000 168,000
3,647,000 1,552,000 • 204,000
587,323 125,035
2,885,060
4,418,000
3,852,000
3,747,739
Since Aug. 1
•
1913-14_ 14,270,000 237,471,000 166,788,000 163,146,000 71,587,000 20040000
12,239,520 292,484,966 169,506,228 177,164,688 80,581,330 14105642
1912-13..1911-12- 8,294,389 196,221,486 143,639,054 105,849,584 55,331,599 7,010,400
English Financial Markets-Per Cable.
The daily closing quotations for securities, 86e., at London,
Total receipts of flour and grain at the seaboard ports for
as reported by cable, have been as follows the past week:
the week ended March 21 1914 follow:
London,
Week ending Mar. 2/.
Sat.
Mon.
Tues. Wed.
Thurs,
Fri.
Silver, per oz
d 26 13-16 26 13-16 26 13-16 266%
2631
266%
d Consols, 24 per cents...-. 74 13-16 75 5-16 75 11-16 75
9-16 754
754
d For account
7434
75 5-16 75 11-16 75 9-16 754
754
d French Rentes(in Paris) fr. 86.924 87.00
c86.7134 87.00 86.8234 86.65
Amalgamated Copper Co_ _ _ 7834
7931
7834
7834
7834
7834
Am.Smelt. & Refining Co
7234
72
7231
72
714
7134
b Anaconda Mining Co
734
734
734
74
74
734
Atch. Topeka & Santa Fe
wog
1002
10134
%
10034
100
10034
Preferred
103
10334
1034
1034
103
103
Baltimore & Ohio
9334
9334
9434
9234
9334
9334
Preferred
83
8334
834
8334
8334
8334
Canadian Pacific
21434
21431
21434
21334
21131
2114
Chesapeake dr Ohio
554
5531
55
555i
55
5434
Chicago Great Western
12
1231
1234
1234
1234
1234
Chicago Mtlw.& St. Paul__ _102%
104
10234
10334
10234
10234
Denver & Rto Grande
134
13
1334
lag
13
1234
Preferred
23
2234
23
23
24
24
Erie
3034
314
3034
3034
30
3034
First preferred
4734
48
4734
4734
47
4634
Second preferred
39
39
39
39
39
3834
Great Northern, preferred_13134
132
13331 e1334
131
13034
Illinois Central
11334
113
11334
114
114
114
Louisville & Nashville
141
141
142
14254
14134
141
Missouri Kansas & Texas
6
18%
1834
1834
186%
1734
1734
Preferred
47
46
47
47
46
45
•Missouri Pacific
254
26
26
254
2534
2534
Nat. RR. of Mex., 26 pref.- 1134
12%
1234
1294
1234
1294
N. Y. Cent. & Stud. River..., 9431
94
0534
9531
93
93
N.Y. Ont.& Western
2834
29
2894
2894
2834
2894
Norfolk Jz Western
1064
1066%
10736
107
1064
1066%
Preferred
014
91
916%
____
9154
916%
Northern Pacific
1166%
1164
in q 119
118
11794
a Pennsylvania
5734
5794
5734
564
57
5634
a Reading Company
8594
8534
86
8534 85
8534
a First preferred
4534
454
4534
4534
4534
4534
a Second preferred
46
46
464
__-_
4634
46
Rock Island
5
5
494
494
494
434
Southern Pacific
974
9794
9834
9834
9734
9794
Southern Railway
266%
27311
2734
266%
26%
266%
Preferred
8634
864
8634
87
864
864
Union Pacific
163
1636%
16434
16331
1636%
16494
Preferred
864
866%
8634
866%
8634
864
U.S. Steel Corporation
66
666%
666%
66
656%
656%
Preferred
113
1134
1134
113
113
113
Wabash
24
2
2
2
2
234
Preferred
631
634
631
64
64
634
Extended 4s
57
57
57
574
564
586%
a Price per share. b £ sterling. c Ex-divldend. el Quotations here given
are
flat prices. e Ex-rights.
Mainnxerciat andMiscelianermsgem
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans *__ _
Galveston
Mobile
Montreal
St. John
Halifax
Rour,
bbls.
226,000
25,000
15,000
39,000
34,000
74,000
Wheat,
bush,
389,000
101,000
715,000
342,000
271,000
132,000
26,000
16,000
12,000
21,000
1,000
4,000
439,000
56,000
Corn,
bush.
110,000
5,000
Oats,
bush
352,000
86,000
59,000
61,000
101,000
180,000
73,000
66,000
30,000
1,000
32,000
367,000
2,475,000
789,000
25,272,000 7,646,000 8,876,000
2,157,000 2,187,000
833,000
33,145,000 33,893,000 12,618,000
Total week 1914.- 463,000
Since Jan. 1 1914-4,900,000
431,000
Week 1013
Since Jan. 1 1913_5,144,000
Ryc,
bush.
10,090
1,000
Barley,
bush.
56,000
39,000
1,000
5,000
27,000
30,000
29,000
160,000
38,000
2834,000 627,000
424,000 95,000
7566,000 795,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending March 21 are shown in the annexed statement:
Corn, Flour,
bush.
bids.
26,338 80,009
15,000
8,199
15,000
18,286 19,847
32,000 7,000
30,000 16,000
357
21,000
1,000
1Vheat,
Exports frombush,
New York
756,322
Portland, Me__._715,000
Boston
441,329
Philadelphia ---- 273,000
Baltimore
301,819
New Orleans
108,000
Mobile
Norfolk
439,000
St. John
56,000
Halifax
- Total week_ _ _3,090,470 106,624 183,412
2,314,032 1,987,563 198,682
Week 1913
Oats,
bush.
124,064
Rye, Barley,
bush,
bush.
8,528 210,331
39,000
25,042
4,460
40,000 17,000
34,285
100
Peas,
bush.
3,525
800
29,000
168,624 59,813 33,373
65,867 25,740 647,708
4,325
3,194
The destination of these exports for the week and since
July 1 1913 is as below:
Wheat
-CornSince
Since
Since
Week
July 1
Week
July 1
Week
July 1
Mar.
21.
1913.
Mar.21.
1913,
Mar. 21.
Exportsfor week and
1913.
bush.
5415.
bush.
Ms.
since July 1 to
bush.
bush.
United Kingdom-_ 87,336 4,110,338 1,653,518 72,623,730
535,430
33,178 2,038,654 1,421,852 72,066,922
Continent
38,907
738,550
5,500 1,090,338
Sou. de Cent. Amer- 26,291 888,537
3,030
353,144
85,767
33,347 1,265,481
West Indies
64,827 1,367,557
76,946
Brit. Nor. Am.Cols. 3,260
8,017
9,600
204,646
267,653
Other Countries
60
32,701
183,412 8,584,602 3,000,470 146134,410 106,624 3,033,399
198,682 8,322,463 2,314,032 122215,441 1,987,563 30,706,197
Total
Total 1912-13
The world's shipments of wheat and corn for the week
NICARAGUA CUSTOMS RECEIPTS.-We append a ending March 21 1914 and since July 1 1913 and 1912 are
statement showing the Nicaragua customs receipts for the shown in the following:
twelve months of 1913, compared with 1912.
Wheat.
Corn.
1912.
First quarter
$233,425 63
Second quarter_ __ _.. 386,138 39
Third quarter
208,746 37
1913.
Increase.
$416.421 97 $182,996 34
455,492 44
69,354 05
475,304 17 266,557 80
_
October_
November
December
$105,704 01
102.769 56
135,611 30
$125,801 40
125.492 42
130,401 09
-$-20,097 39
$344,084 87
3381,694 91
$37,610 04
Fourth quarter __
Total
Decrease.
Week
Mar. 21.
22.722 86
$5,210 21
$1,172,395 26 31,728,913 49 3556.518 23
1912-13.
1913-14.
Exibms.
Since
July 1.
Since
July 1.
O
000
e1,3
B h2
e0
10.0 21274
North Amer. 4B
4 43
58
h,
2,228,000 115,762,000
Russia
1,376,000 43,354,000
Danube
Argentina-. 1,496,000 30,690,000
Australia.. _ _ 2,640,000 46,250,000
25,896,000
India
Oth.countr's 172,000 6,494,000
1913-14.
1912-13.
WeekSince
Mar. 21. July 1.
July 1.
Bushels.
Bushels, Bushels.
Bushels.
188.878,000
43,000 1,547,000 28,958,000
80,587,000 323,000 10,998,000 7,485,000
44,175,000 638,000 21,370,000 10,779,000
79,942,000 554,000 131,728,000 169,878,000
29,808,000
44,232,000
6,062,000
Total _-_ 11068000 481,288,000 471,684,000 1,558,000 165,643,000 217,100.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
The quantity of wheat and corn afloat for Europe on dates
Currency, Treasury Department:
mentioned was as follows:
CHARTERS ISSUED TO NATIONAL BANKS.
March 12 and March 18.
10,493-The First National Bank of Russellton, Pa. Capital, $25,000.
F. S. Love, President; Fred. S. Maize, Cashier.
10,494-The First National Bank of Brookhaven, Miss. Capital, $100,000. S. C. Bull, President; C. J. Kees, Cashier. (Succeeds the
Merchants' & Farmers' Bank of Brookhaven.)
10,495-Farmers' & Merchants' National Bank of Jamestown, N.
Dak.
Capital, $50,000. Michael Murphy, President; R. R. Wolfer,
Cashier. (Conversion of Farmers' & Merchants' State
Bank,
Jamestown, N. Dak.)
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels. Bushels.
Bushels.
Mar.21 1914_ 29,328,000 20,744,000 50,172,000
Mar,14 1914_ 29,072,000 18,640,000 47,712,000
Mar.22 1913_ 24,456,000 35,176,000 59,632,000
Mar.23 1912.... 30,608,000 15,992,000 46,600,000
United
Kingdom, Continent.
Bushels.
1,734,000
2,032,000
5,117,000
2,652,000
Total.
Bushels.
Bushels.
4,004,000 5,738,000
3,936,000 5,968,000
8,024,000 13,141,000
7,701,000 10,353,000
Mn.28 1914.]
975
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When I
Per
Cent. Payable
Books Closed.
Days Inclusive.
Banks (Concluded).
Citizens' Central National (guar.)
April 1 Holders of rec. Mar. 26
2
Colonial (quar.)
23% Mar. 31 Holders of rec. Mar. 20a
Commerce, Nat. Bank of (guar.)
April 1 Mar. 21 to Apr11 1.
2
Fifth Avenue (guar.)
April 1 Holders of rec. Mar. 31a
25
Books Closed.
Per
When
First National, Brooklyn (guar.)
23% April 1 Holders of rec. Mar.20
Days Inclusive.
Name of Company.
Cent. Payable
First National, New York (guar.)
April 1 Holders of rec. Mar.31a
7
First Securi4 Co. (guar.)
April 1 Holders of rec. Mar.31a
3
Railroads (Steam).
April 1 Mar. 29 to Mar.31
1
Beech Creek (quar.)
April 1 Holders of rec. Mar. 23a Flalbush, Bank of, Brooklyn (guar.)
1
2
April 1 Holders of rec. Mar.30
Mar. 31 Holders of rec. Feb. 28a Fourth Nationa. (quar.)
Boston & Albany (guar.)
2
3
Mar. 31 Mar.26 to Mar.31
April 1 Holders of rec. Mar. 14a Garfield Nationai (guar.)
Boston Revere Beach dr Lynn (guar.)._
2
April 1
April 1
April 1 Holders of tee. Feb. 28a Gotham National (guar.)
Canadian Pacific, corn. (qu.) (No. 71)—
Greenwich (guar.)
April 1 Holders of rec. Feb. 28
23% April 1 Holders of rec. Mar. 21a
2
Preferred
4
April 1 Mar. 22 to Mar.31
May 1 Holders of ree. April 17a Hanover National (goat.)
2
Central RR. of N. J. (quar.)
April 1 Mar. 22 to Mar.31
2
Mar. 31 Holders of roe. Mar. 6a Irving National (quar.)
1
Chesapeake dr Ohio (guar.)
April 1 Holders of rec. Mar.31a
5
April 1 Holders of rec. Mar, 2a Liberty National (quar.)
Chicago & North Western, corn. (guar.).
April 1 Mar. 21 to Mar.31
April 1 Holders of rec. Mar. 2a Manufacturers Nat., Bklyn.(guar.) _ _ _ _ 5
2
Preferred (guar.)
April 1 Mar. 25 to Mar. 31,
3
Delaware Lackawanna & Western (guar.). 23% April 20 Holders of rec. April 3a Market & Fulton National (guar.)
Metropolitan (guar.)
April 1 Mar. 21 to Mar. 31
2
13( April 1 Mar. 1 to Mar. 9
Fitchburg, preferred (quar.)
Metropolis, Bank of the (guar.)
April 15 April 2 to April 14
4
April 1 Mar. 27 to Mar.31
Georgia RR. & Banking (guar.)
Nassau National, Brooklyn (guar.)
Mir. 14 to April 13
2
23% April 1 Holders of rec. Mar.28
Grand Trunk, guaranteed
New Netherland
Mar. 14 to April 13
April 1 Holders or rec. Mar. 31a
4
23
First and second preference
Park National (guar.)
Mar. 14 to April 13
April 1 Holders of rec. Mar. 24
4
2%
Third preference
Mar. 31 Holders of rec. Mar. 13a Seaboard National (quar.)
3
April 1 Holders of rec. Mar. 24a
2
Hocking Valley (guar.)
3
April I Holders of roe. Mar:31a
2% April 1 Holders of rec. Mar. 20a Second National (guar.)
Interborough Rapid Transit (quar.)-Trust Companies.
April 6 Mar. 22 to April 6
Joliet & Chicago (guar.)
5
April 1 Holders of rec. Mar. 26a
April 15 Holders of rec. Mar.31a Bankers (guar.)
1
Kansas City Southern, pref. (quar.)_ _ _ _
5
April 1 Holders of rec. Mar. 20a
34 April 1 Holders of rec. Mar. 24a Brooklyn (guar.)
Keokuk & Des Moines, preferred
10
April 1 Mar. 24 to Mar. 310
April 1 Holders of rec. Mar. 9a Central (guar.)
1
Lackawanna RR. of N. J. (guar.)
5
Mar. 31 Holders of rec. Mar. 23a
Mar. 31 Holders of rec. Mar. 20a Columbia-Knickerbocker (guar.)
Lake Shore & Mich. Southern (extra)..
4
April 1
March 31
Mar.31 Holders of rec. Mar. 20a Commercial of New Jersey (quar.)
Guar. stk.(M. S. & No. Ind.) (extra) 6
234 Mar, 31 Holders of rec. Mar. 21
Lehigh Valley, common & pref. (quar.)_ _ $1.25 April 11 Holders of rec. Mar. 28a Empire (quar.)
6
Mar. 31 Holders of rec. Mar. 25a
13% April 1 Holders of rec. Mar. 16a Equitable (guar.)
Maine Central (guar.)
6
Mar. 31 Holders of rec. Mar. 25a
14 April 1 Holders of rec. Mar. 16a Guaranty (quar.)
Manhattan Ry. (quar.)
Extra
2
Mar. 31 Holders of rec. Mar. 25a
Minn.St. P. Jr 5.8. M.,corn.& pf.(No.22) 3% April 15 Holders of rec. Mar. 19a
April
of
2
Tr.
Lawyers'
dr
62)_
Ins.
Holders
1
(No.
Title
Mar.
April 1 Mar. 17 to April 1
rec.
(qu.)
2
20a
cas__
line
leased
Minn. St. P.& S. S. M.,
3
April 1 Holders of rec. Mar. 21a Mechanics of N.J.(guar.)(No. 59) _ _ _
April 1 Mar. 28 to April 1
5
Newark dr Bloomfield
April 15 Mar. 21 to April 15
Extra
April 1 Mar. 28 to April 1
5
N. Y. Central dr Hudson River (quar.)
April 1 Holders of rec. Mar. 20a Metropolitan (guar.)(No.69)
2
Mar. 31 Mar. 21 to Mar. 31
6
New York & Harlem, corn. & prof
14 April 1 Holders of rec. Mar. 14a Mutual Alliance (guar.)
134 April 1 Holders of rec. Mar. 31
N. Y. Lackawanna & Western (guar.)_ _
May 19 Holders of rec. April 30e Mutual of Westchester Co.(guar.)
1
14 April 1 Holders of rec. Mar. 31
Norfolk & Western, adj. pref. (guar.). _
Mar. 31 Mar. 22 to Mar. 31,
8
Northern RR. of New Hampshire (quar.)' 13/ April 2 Holders of rec. Mar. 9a New York (guar.)
Mar. 31 Holders of rec. Mar. 23
5
April 1 Mar. 15 to Mar. 31
Title Guarantee & Trust (guar.)
Norwich & Worcester, preferred (guar.)._ 2
2% April 10 April 1 to April 10
April 1 Mar. 25 to Mar. 31 4
Philadelphia & Trenton ((ivar.)
Union (guar.)
Mar. 31 Holders of rec. Mar. 28
1% April 1 Holders of rec. Mar. 14
United States Mortgage & Trust (guar.)._ 6
Pittsb. Bessemer & Lake Erie, common_ _
Pitts. Cin. Chic. & St. Louts, corn. (guar.)
Miscellaneous.
April 25 Holders of rec. April 15a
Preferred (guar.)
April 25 Holders of rec. April 15a Aeolian, Weber Piano & Pianola, pf.(qu.) 14 Mar. 31 Holders of rec. Mar. 25
April 15 Holders of rec. Mar. 23a
Amer. Antic. Chem., corn.(qua (No. 10) 1
Pittsb. Ft. W.& Chic., reg. guar.(quar.) 1
April 7 Mar. 15 to April 7
134 April 15 Holders of rec. Mar. 23a
Special guaranteed (quar.)
Preferred (guar.) (No. 35)
1
April 1 Mar. 15 to April 1
1 Holders of rec. Mar. 16a
April
(guar.)
pref.
Pittsburgh Wheeling & Kentucky
Note,
Bank
134
American
25
Mar.
rec.
of
April 1 Holders
6
134 April 1 Holders of rec. Mar. 14a
Reading Company, common (quar.).. _ _ _
May 14 Holders of rec. April 27a Amer. Beet Sugar, pref. (qu.)(No. 59)
2
14 Mar. 31 Holders of rec. Mar. 20a
Reading Company, second pref. (guar.). 1
Apr. 9 Holders of roe. Mar. 24a Amer. Brake Shoe & Fdy., corn. (quar.)_
2
Mar. 31 Holders of rec. Mar. 20a
Preferred (guar.)
St. Rocky M. dr P. Co., pf.(qu.)(No. 7)_
13( Mar. 31 Mar.22 to Mar. 30
14 April 1 Holders of rec. Mar. 17a
American Can, preferred (guar.)
St. Louis & San Francisco—
R. C.Ft. S.& M., pf. tr. crtfs. (guar.) 1
A April 1 Holders of rec. Mar. 10a
Amer. Car & Fdry., corn.(gu.)(No.46)April 1
April 1 Mar. 18 to
14 April 1 Holders of reo. Mar. 10a
Preferred (guar.) (No. 60)
Southern Pacific Co. (quar.) (No. 301.... 1% April 1 Holders of rec. Feb. 28a
1
April 20 Holders of rec. April 14a
April 1 Holders of rec. Mar. ltia American Chicle, common (monthly)
Southern Ry.-M. & 0. stock tr. ctfs___ 2
13% April 1 Holders of rec. Mar. 26a
Preferred (guar.)
1% April 1 Holders of roe. Mar. 27a
Toronto Hamilton & Buffalo (quar.)_ _ _ _
American Cigar, pref. (guar.)
July is Mar. 3 to Mar. 22
134 April 1 Holders of reo. Mar. 16a
s3
Union Pacific, common (special)
13% April 1 Mar. 26 to Mar.31
Amer. Coal Products, corn. (guar.)
2% April 1 Mar. 3 to Mar. 22
Union Pacific, common (quar.)
14 April 15 April 11 to April 14
Preferred (guar.)
April 1 Holders of rec. Mar. 2a
2
Preferred
laa April 1 Holders of rec. Mar. 19a
American Express (guar.)
United N.J. RR.& Canal Cos.,gu.(qu.) 23% April 10 Mar. 21 to Mar. 28
April 1 Mar. 22 to April 1
Amer. Gas & Elec , com. (qua (No. 16) 2
33% April 15 Holders of rec. April fla
Warren
April 1 Holders of rec. Mar. 2Ia
Mfg.,
Steel
corn.
14
&
8r
Iron
Amer.
pf.
23%
14a
April
(go.)
1
Mar.
ree.
of
Holders
West Jersey & Seashore
Amer. La France Fire Eng.,Inc., pf.(qu.). 14 April 1 Holders of rec. Mar. 21a
Street and Electric Railways.
14 April 21 April 2 to April 21
Asheville Power & Lt., pref. (qu.)(No.8) 14 April 1 Holders of rec. Mar. 23a American Locomotive, pref. (guar.)
5
April 1 Mar. 15 to April 1
Augusta-Aiken Ry. dr El. Corp. pf. (qu.) 1% Mar. 31 Holders of rec. Mar. 15a American Machine & Foundry
May 2 Holders of rec. April 14
2
American Malt Corp., preferred
Bangor Ry. Jr Elec., pf (guar.;(No. 9)- 14 April 1 Holders of rec. Mar. 20
$1.24 May 1 Holders of rec. April 14
American Malting
Brazilian Trite., Lt. dr Pow., pref. (qua. 13% April 1 Holders of ree. Mar. 14
American Manufacturing (qu.)(No. 58).. 134 April 1 Holders of rec. Mar. 164
13% April 1 Holders of ree. Mar. 9
Brooklyn Rapid Transit (quar.)
2
April 1 Holders of rec. Mar. 16a
Extra
California Ry.dr Power, prior pref.(qu.). 14 April 1 Holders of rec. Mar. 21a
14 April 1 Mar. 26 to April 1
Amehean Piano, preferred (guar.)
1% April 1 Mar. 15 to Mar. 31
Capital Traction, Wash., D. C.(quar.). _
April 1 Holders of rec. Mar. 14a
1
Carolina Power & Lt.. of. (qu.)(No. 20) 14 April 1 Holders of rec. Mar. 23a American Pipe dr Construction (guar.)._
American Pneumatic Service, 1st pref__ $1.75 Mar. 31 Mar. 15 to Mar. 20
23% Mar.30 Mar. 6 to Mar. 16
Chicago City ay.(guar.)
The. Mar. 31 Mar. 15 to Mar.20
Second preferred
Chippewa Val, Ry. L. & Pow., coin. (guar.) 14 April 1 Mar. 31 to April 9
Amer. Power & Lt.. pf. (go.) (No. 18).. 154 April 1 Holders of rec. Mar. 24a
April 1 Mar. 21 to Star. 31
1
Cinc. dr Ham.Traction, corn.(quar.)_ _ _
14 April 1 Holders of rec. Mar. 20
American Public Service, preferred (guar.)_
Preferred (guar.)
14 April 1 Mar. 21 to
Mar. 31
Amer. Public Utilities, corn. (guar.)
34 April 1 Mar. 17 to Mar. 31
Cin. Newp. & Coo. Lt. & Trac., com.(gU.) 13% April 15 April 1 to April 15
134 April 1 Mar. 17 to Mar. 31
Preferred (guar.)
Preferred (guar.)
13% April 15 April 1 to April 15
Mar. 31 Mar. 22 to Mar. 31
American Radiator, common (goat.).... 2
Cincinnati Street Rs,
1% April 1 Mar. 17 to Mar. 31
. (guar.)
2
Mar. 31 Mar. 22 to Mar. 31
Common (extra)
City Ry., Dayton, Ohio, common (quar.)
2
Mar. 31 Mar.21 to Mar. 31
Star, 31 Mar. 22 to Mar. 31
Common (payable in common stock)._ 10r
Preferred (quar.)
1% Mar. 31 Mar. 21 to Mar. 31
134 Mar. 31 Holders of rec. Mar. 24a
Cleveland Ry.(quar.)
1% April 1 Holders of rec. Mar. 14a American Screw (guar.)
April 15 Holders of rec. Mar. 31a
1
Amer. Seeding Machine, corn. ((strata_ _
Columbia Ry., Gas dr El., pref.(quara_ _
13% April 1 Mar. 29 to April 1
Preferred (guar.)
134 April 15 Holders of rec. Mar. 31a
Col. New.& Zanesv. El. Ry., pref.(qu.). 1% April 1 Mar. 26 to Mar. 31
Amer.Smelters'Securities, pref. A (quar.) 134 April 1 Mar. 21 to Mar.29
Columbus Ry. P. & L., pf. A (No. 1)__
April 1 Holders of rec. Mar. 16
14 April 1 Mar. 21 to Mar. 29
Preferred B (guar.) (No. 36)
Consolidated Cities L., Pow. & Tr. (qu.)_
April 1 Holders of rec. Mar. 15a
April I Holders of rec. Mar. 14a
3
corn. & pf. (au.)_
1
Duluth-Superior
Apr. 1 Holders of ree. Mar. 14a American Snuff, common (guar.)
134 April 1 Holders of rec. Mar. 14a
Electric Co____ 2
Trac..
Preferred (guar.)
Easton (Pa.) Consolidated
May 1
Mar. 31 Feb. 27 to Mar. 19
Frankford & Southw. Pass., Phila. (qu.) $4.50 April 1 Holders of rec. Mar. dirt American Steel Foundries (quar.
1 .314 April 7 Mar. IR to April 6
Amer. Sugar Refg., corn. & pref. (gust.). 14 Apr. 2 Holders of rec. Mar. 24
Germantown Pals. Ry.(quar.)
234 Mar. 31 Mar. 15 to Mar. 31
2
April 1 Mar. 20 to April 1
American Surety (guar.) (No. 99)
Halifax Elec. Tramway (guar.)
2
April 15 Mar. 21 to Mar.31
Houghton County Trac., corn. (No. 10). 23% April 1 Holders of rec. Mar. 21a Amer. Telep. & Teleg. (guar.)
3
April 1 Holders of rec. Mar. 21a American Tobacco, common (sepcial)- -- (z) April 20 Holders of rec. April 1
Preferred (No. 12)
Apr. 1 Feb. 15 to Mar. 15
13%
I%
1
April
of
14a
Holders
Mar.
rec.
(guar.)
American
pref.
Tobacco.
Illinois Traction, Pref. (guar.)
April 15 Holders of rec. April 10a
13% April 15 Holders of rec. Mar. 31a Amer. Type Founders, common (guar.). 1
Kentucky Securities Corp., pref. (qu.)
1% April 1 Holders of roe. Mar. 21a
134 April 15 Holders of rec. April 10a
Preferred (guar.)
Lake Shore Elec, Ry 1st pref. (quara_ _
14 April 15 Mar. 27 to April 7
April 1 Mar. 26 to Mar. 31
Amer. Woolen, pref.(guar.)(No.60)-Louise. & Nor. Ry. & Lig., pf. A & B (qu.) 3
75e. April 15 Holders of roe. April 2a
Anaconda Copper Mining (qu.) (No 54).
April 1 4Mar.11 to Mar. 15
Louisville Traction, common (quar.).... 1
April 15 Holders of rec. April 7
1
Associated Merchants, let pref. (guar.)._
23% April 1 4Mar.11 to Mar. 15
Preferred
preferred
la
34 April 15 Holders of rec. April 7
First
(extra)
April 15 [holders of rec. April
2
Manchester Tract., Light & Power (quar.)_
134 April 15 Holders of rec. April 7
Second preferred (guar.)
Manila Elec. RR. & Ltg. Corp. (quar.). 14 April 1 [holders of rec. Mar. 18a
31 April 15 Holders of tee. April 7
Second preferred (extra)
Mar. 31
Memphis Street Ry., preferred (quar.)_ _ _- 14 Mar. 31 Mar. 24 to
134 April 15 Holders of tee. April la
IA April 1 Holders of rec. Mar. 23a Associated 011
Mohawk Valley Co.(guar.)
April 15 Holders of re's. Mar. 25
2
14 April 1 Holders of rec. Mar. 26a Bell Telephone of Canada (guar.)
Nashadle Ry. & Light, pref. (guar.)
Bell Telephone of Pennsylvania (quar.)_ _ _ _
13% April 15
A Mar. 31 Mar. 21 to Mar. 31
New Orleans Ry.& Lt.,corn.(guar.).--hit April 1 Holders of re's. Mar. 184
IA Mar. 31 Mar. 21 to Mar. 31
Bethlehem Steel, pref. (guar.)
Preferred (guar.)
134 April 1 Mar. 24 to Mar.31
N. Y. State Railways, corn. (guar.)
13% April 1 Holders of rec. Mar. 24a Bliss (E. W.) Co., common
April I Mar. 24 to Mar. 31
2
Preferred (guar.)
14 April 1 Holders of rec. Mar. 24a
Preferred (guar.)
May 15 Holders of rec. May 8
4
13% April 1 Holders of rec. Mar. 15a Bond & Mortgage Guarantee (guar.)
Northern Ohio Trac. & Lt., pref.(qu)_ _
14 April I Mar. 21 to Apr. 1
Philadelphia Co., corn.(qua (No. 130)... 14 May 1 Holders of rec. April la Booth Fisheries. 1st pref.(guar.)
See note w.
3 May 1 Holders of rec. April la British-Amer.Tobacco,ordinary (interim) 23% Mar. 31
6% cumulative pref. (No. 3)
2540 Mar.31
Preference
$2 April 1 Holders of rec. Mar. 10a
Philadelphia Traction
' 134 Apr. 2 Mar. 19 to Apr. 1
1
April 1 Mar. 21 to Mar. 31
Brooklyn Union Gas (guar.) (No. 52)
Porto Rico Rys., Ltd., corn. (guar.) _ _ _
14 April 1 Holders of rec. Mar. 20a
Brunswick-Balke-Collender, pref. (qu.)_ _
1
April 1 Mar. 21 to Mar. 31
Preferred (guar.)
Mar. 31 Holders of rec. Mar.20
1
1% Mar. 31 Holders of rec. Mar. 27a Buffalo Gen. Elec. (guar.)(No. 78)
Public Service Corp. of N.J. (quar.)_ _
California Elec. Generating, pref. (qu.)._
134 April 1 Holders of rec. Mar. 20a
Republic Ry. & Lt., pref. (qu.)(No. 11) 13% April 15 Holders of rec. Mar. 31
I Holders of rec. Mar.
April
14
(guar.)
pref.
(quar.)..
Corp.,
California
Petroleum
1
April
Mar. 16 to April 1
-- $3
Ridge Ave. Pass. Ry., Phila.
April 1 Holders of rec. Mar. 14a
2
Cambria Iron (guar.)
St. Joseph Ry., L., H.& P., pref. (guar.) 14 April 1 Holders of rec. Mar. 16
134 April 25 Holders of rec. Mar. 31a
Canadian Car Se Foundry, pref. (guar.)._
April 1 Mar. 3 to Mar. 13
Second & Third Sts. Pass., Phila. (guar.) 3
April I Holders of rec. Mar. 23
1
Sierra Pacific El. Co., pref. (111.)(No. 19) 13% May 1 Holders of ree. April 15a Canadian Consol. Rubber Ltd., cam. (gu.)_
14 April I Holders of rec. Mar. 23
Preferred (guar.)
Springfield de Xenia Jig., Pref. (guar.)___ _
13% Mar. 31 Holders of rec. Mar. 25a
13% April 4 Mar. 24 to April 3
Twin City It. T., Minneap., corn.(qu.)_ _
13% April 1 Holders of rec. Mar. 14a Canadian Cottons, Ltd., pref. (quara_ _ _
Preferred (quar.)
14 April 1 Holders of rec. Mar. 14a Canadian General Elec., common (guar.) 14 April 1 Holders of rec. Mar. 14
33.4 April I Holders of rec. Mar. 14
Preferred
United Light & Rya., common (gust.)... 1
April 1 Holders of rec. Mar. 16a
14 April 1 Holders of rec. Mar.31a
Common (payable in corn, stock)
April 1 Holders of rec. Mar. 16a Canadian Locomotive, pref. (guar.)
it
14 April 9 Holders of tee. Mar.310
1% April 1 Holders of rec. Mar. 16a Canadian West'h'se. Ltd.(qu.)(No. 37)_
First preferred (guar.)
Second preferred (Guar.)
April 1 Holders of rec. Mar. 16a Case (J. I.) Threshing M., Inc., pf.(qu.) 14 April I Holders of ree. Mar. 16a
Celluloid Company (guar.)
13.4 Mar. 31 Mar. 11 to Mar.31
United Trite. & Elec., Providence (guar.) 14 April 1 Mar. 11 to Mar. 15
134 April 15 April 1 to April 15
Virginia Ry. & Power, common
13% April 10 Holders of roe. Mar. 21a Central Coal & Coke, corn.(guar.)
14 April 15 April 1 to April 15
Preferred (guar.)
Wash. Bait. & Annap. El. RR., of. (qu.) 13% Mar. 31 Holders of rec. Mar. 21a
14 April I Holders of rec. Mar. 10a
April 1 Holders of rec. Mar. 14a Central Leather, pref.(guar.)
Washington Water Power, Spokane (cm) 2
Central Mexico Light & Pow., pref. (guar.) 13% Mar. 31 Mar. 15 to Mar. 31
West End Street Ry., Boston, common_ _ $1.75 April 1 Mar. 22 to April 1
14 April 10 Holders of rec. Mar. 23a Central & South American Telegraph (qu.) 114 April 8 Holders of rec. Mar. 31a
Western Ohio Ry., first preferred (quar.)._
13% April 10 Holders of ree. Mar. 23a Central States El. Corp., pf.(qu.)(No.71 14 April 1 Holders of rec. Mar. 10
Second preferred (guar.)
April 1 Holders of rec. Mar. 17a
st4.Stk. Yds.,corn.(qu.) 2
U
Rysig&u)
Oh.Jot.red
Mar. 31
West India Elec. Co., Ltd. (111.)(No. 25) 14 April 1 Mar. 24 to
134 April 1 Holders of rec. Mar. 17a
April 1 Holders of rec. Mar. 20a
3
Winnipeg Electric Ry.(guar.)
April 26
April 25 April 16 to
1
(guar.)
Tool
River
Pneumatic
RR.,
Mar. 31 Holders of rec. Mar. 25a Chicago
pref.(quar.)
Youngstown & Ohio
Mar.31 Holders of rec. Mar.30a
2
Banks.
Chicago Telephone (guar.)
750. Mar. 31 Mar. 7 to Mar. 10
April 1 Holders of rec. Mar. 31
5
Chino Copper (guar.)
Chase Nat onal (guar.)
14 Aprill 1 Mar. 15 to Mar. 21
Cincinnati Gas dr Electric (guar.)
April 1 Mar. 22 to
2
Mar. 31
Chatham & Phenix National (quar.)___
A May 1 Holders of rec. April 150
April 1
March 31
3
Cities Service, corn. and pref.(monthly).
Chelsea Exchange
976
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Cities Service, corn, and pref.(monthly)54 April 1 Holders of rec. Mar. 15a
City Investing, pref. (guar.)
151 April 1 Holders of rec. Mar.27
Cluett,Peabody&Co.,Ine.,pf.(gu.)(No.5) 151 April 1 Holders of rec. Mar.20a
Columbus Gas & Fuel, pref. (guar.)
si April 1 Holders of rec. Mar.14
Columbus Lt., Ht.dr Power,corn.(guar.) 154 April 1 Holders of rec. Mar. 16a
Columbus Light, Ht.dr Pow., pref.(qu.).. 114 April 1 Holders of rec. Mar. 16a
Cons. Gas, El. Lt. do P.,Balt., corn.(q.) 114 April 1 Holders of rec. Mar.20
1111,Preferred
April 1 Holders of rec. Mar. 20
3
Consumers Power (Mich.) pref. (guar.). 114 April 1 Holders of rec. Mar.20a
Continental Can, Inc., pref. (guar.)151 April 1 Holders of rec. Mar. 20a
Continental Gas & Elec. Corp.,cum.(guar.)
34 April 1 Holders of rec. Mar. 23a
Preferred (guar.)
114 April 1 Holders of res. Mar.23a
Continental Paper Bag, corn. (qu.)(No.36) 154 Mar. 31 Holders of rec. Mar. 27
Preferred (guar.) (No. 55)
114 Mar. 31 Holders of roc Mar. 27
Corn Products Refining, pref. (guar.)
134 April 15 Holders of rec. April 6a
Cole Piano Manufacturing, preferred
154 April 1 Holders of rec. Mar. 21
Crucible Steel, pref. (guar.)(No.42)_ _ _ _
154 Mar. 31 Holders of rec. Mar. 21a
Cuban-Amer. Sugar, pref. (guar.)
154 Apr. 1 Holders of rec Mar. 16a
Dayton Power & Light, preferred (guar.)._
134 April 15 Holders of rec. Mar. 31a
Delaware Lackawanna & West.Coal(guar.) 254 April 15 Holders of rec. April la
Detroit Edison (guar.)
154 Apr. 15 Holders of rec. April la
Distilling Co. of America, pref. (guar.)._ _
54 April 30 Holders of rec. April 9a
Dominion Canners,Ltd.,common (guar.) 114 April 1 Mar. 15 to Mar.31
Preferred (guar.)
154 April 1 Mar. 15 to Mar. 31
Dominion Ir. & St., Ltd., pfd.(No. 26)-- 354 April 1 Holders of rec. Mar. 16a
Dominion Textile, common (guar.)
154 April 1 Holders of rec. Mar. 14a
Dominion Textile, preferred (quar.)__-- 154 April 15 Holders of rec. Mar.310
Duluth Edison Electric, preferred (guar.)._
154 April 1 Holders of rec. Mar. 20a
auPont(E.I.)deNemouraPowd.,pf.(quar.) 154 Apr1I25 April 16 to
April 26
du Pont Internat. Powd., pref. (guar.).- 134 Apr, 1 Holders of rec. Mar.21a
Eastern Light & Fuel (guar.)
2
April 1 Mar. 20 to Mar.22
Eastman Kodak, common (guar.)
254 Apr. 1 Holders of rec. Mar. 7a
Common (extra)
754 Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. Ta
Electrical Securities Corp., cons. (quar.)- 2
April 1 Holders of rec. Mar.30a
Preferred (guar.)
134 May 1 Holders of rec. April 25a
Electric Storage Battery,corn. & pf.(qu.) 1
Apr. 1 Holders of rec. Mar. 23a
Electrical Utilities Corp., pf.(qu.)(No. 16) 134 April 15 Holders of rec. April la
Galena-Signal Oil, corn. (guar.)
3
Mar.31 Holders of rec. Feb. 28a
Preferred (guar.)
2
Mar.31 Holders of rec. Feb. 28a
General Baking, pref.(guar.)(No.9)---1
April 1 Holders of rec. Mar. 21a
General Chemical, preferred (quar.)_
154 Apr. 1 Holders of rec. Mar. 19a
General Chem. of Calif., 1st pref. (guar.) 151 April 1 Holders of rec. Mar. 21
General Electric (guar.)
2 April 15 Holden of rec. Feb. 28a
General Fireproofing, corn.(guar.)
154 April 1 Holders of rec. Mar.20a
Preferred (guar.) (No. 28)
154 April 1 Holders of rec. Mar. 20a
General Gas & Electric, pref. (quar.)_ _ _
134 April 1 Mar. 21 to April 1
General Motors, preferred
354 May 1 Holders of roc. April 6
Goldfield Consolidated Mines
300 April 30 Holders of rec. Mar. Ma
Gold & Stock Telegraph (guar.)
114 April 1 Holders of rec. Mar. 31a
Goodrich (B. F.) Co.. pref. (quar.)
151 April 1 Holders of rec. Mar. 21a
Goodyear Tire & Rubber, pref. (guar.)._
134 April 1 Mar. 21 to Mar. 31
Gorham Mfg., pref. (guar.)
154 April 1 Holders of ree. Mar. 24a
Great Lakes Towing, pref. (guar.)
151 April 1 Mar. 17 to April 1
Guggenheim Exploration (guar.)(No.45) 8754c. April 1 Mar. 14 to Mar. 18
Hale & Kilburn, 1st & 2d pref.(quar.)_ _ _
151 April 1 Holders of rec. Mar. 21a
Hart, Schaffner & Marx, Inc., pf. (qu.). 154 Mar. 31 Holders of rec. Mar. 20a
Helme (Geo. W.), common (guar.)
214 April 1 Holders of rec. Mar. 14a
Preferred (guar.)
154 April 1 Holders of rec. Mar. 14a
Illinois Northern UrilUies, pref. (guar.).154 May 1 Holders of rec. April 20a
Independent 5 & 10-Cent Stores, pref. (qu.) 134 April 1 Holders of rec. Mar. la
Indiana Lighting
1
April 1 Mar. 21 to Mar. 31
Indiana Pipe Line (guar.)
$4
May 15 Holders of rec. April 24
Indianapolis Water Works Securities, pref. 356 April 1 Holders of rec. Mar. 24
Int. Harv. of N. J., corn. (qu.)(No. 17)- 151 April 15 Holders of rec. Mar. 25a
Int. Harv. Corp. corn. (guar.)(No. 5)_. 154 April 15 Holders of rec. Mar. 25a
International Nickel, common (quar.)._ _
234 June 1 May 15 to June 1
Preferred (guar.)
134 May 1 April 14 to May 1
International Paper, preferred (quar.)___ _
g April 15 April 2 to April 22
International Silver, pref. (guar.)
154 April 1 Feb. 25 to April 1
Preferred (on account of accum. diva.)
116 April 1 Feb. 25 to April 1
Intern. Smokel.Pow.& Chem..corn.(qu)
51 Apr. 1 Holders of rec. Mar.21a
Preferred
4
May 15 Holders of rec. may 5a
Island Creek Coal, common (guar.)
50c. May 1 Holders of rec. April 23
Preferred
$1.50 April 1 Holders of rec. Mar. 23
Kansas Gas & Elec., pf. (qu.)(No. la)._
111 April 1 Holders of rec. Mar. 25a
Kaufmann Dept. Stores, pfd.(qu.)(No.5) 151 April 1 Holders of rec. Mar. 20
Kayser (Julius) dr Co.,common (quar.)_ _
134 April 1 Holders of rec. Mar. 20a
First and second pref. (guar.)
154 May 1 Holders of rec. April 20a
Kelly-Springfield Tire, pref. (quar.)
134 Apr. 2 Mar. 21 to
Apr. 2
Kel,
ey Company, Inc., common
1
April 1 Holders of rec. Mar. 25
Preferred (guar.)
154 April 1 Holders of rec. Mar. 25
Kolb Bakery, preferred (guar.)(No. 0).... lg April 1 Holders of rec. Mar. 21a
Kresge (S. S.) Co., pref. (guar.)
154 April 1 Holders of rec. Mar. 21a
La Bello Iron Works, corn.(guar.)
34 April 30 April 21 to April 30
Preferred (guar.)
2
Mar.31 Mar. 22 to Mar. 31
Lannon Monotype Machine (quar.)_ _ _ _
114 Mar.30 Holders of rec. Mar. 20
La Rose Consol. Mines (guar.)
214 April 20 April 1 to April 17
Laurentide Co., Ltd. (guar.)
2
April 1 Holders of rec. Mar. 23
Lawyers' Mortgage (guar.) (No. 50). _
3
April 1 Holders of rec. Mar. 23
Lehigh Valley Coal Sales (guar.)
234 April 18 Holders of rec. April 9
Liggett & Myers Tobacco, corn.(extra)
4
April 1 Holders of rec. Mar. 21a
Liggett & Myers Tobacco, pref. (guar.)._
134 April 1 Holders of rec. Mar. 21a
Loose-Wiles Biscuit, 1st pref.(guar.)._ _ _
151 April 1 Mar. 21 to April 1
Second preferred (guar.)
134 May 1 April 16 to May 1
Lorillard (P.), common (guar.)
234 April 1 Holders of rec. Mar. 17a
Common (extra)
5
April 1 Holders of rec. Mar. 17a
Preferred (guar.)
154 April 1 Holders of roe. Mar. 17a
Lowell Elec. Light Corp.(qu.)(No. 72). _
2
May 1 Holders of rec. April 15a
MacAndrews & Forbes, common (guar.) 234 April 15 Holders of roe. Mar. 31a
Preferred (guar.)
134 April 15 Holders of rec. Mar. 31a
Mackay Companies, corn. (q11.) (No. 35) 111 April 1 Holders of rec. Mar. ha
Preferred (guar.)(No.41)
1
April 1 Holders of rec. Mar. ha
Manhattan Shirt, preferred (guar.)
134 April 1 Holders of rec. Mar. 23
Manning, Maxwell dr Moore, Inc.(qu.)_.. 114 Mar. 31 Holders of roe. Mar. 31
Manufacturers Light & Heat (guar.)
2
April 15 April 1 to
April 15
Massachusetts Gas Cos., COMM (guar.)
$1.26 May 1 Holders of rec. April 15a
Masuchusetts Ltg. Cos., old corn. (qtr.). $1.75 April 15 Holders of rec. Mar. 25a
New common (guar.)
25e. April 15 Holders of rec. Mar. 25a
New preferred (guar.)
$1.50 April 15 Holders of rec. Mar. 25a
May Department Stores, pref.(guar.)—
134 April 1 Holders of rec. Mar. 20a
Mergenthaler Linotype (guar.)
254 Mar.31 Holders of rec. Mar. 7a
Extra
54 Mar. 31 Holders of rec. Mar. 7a
Mexican Telegraph (guar.)
234 April 16 Holders of rec. Mar. 31a
Michigan Light, pref. (guar.)
lg April 1 Holders of rec. Mar. 23a
Michigan State Telep., corn. & pf. (qu.)_
134 Mar. 31 Mar. 22 to April 14
Milwaukee & Chicago Breweries
454 Mar. 31 Jan. 29 to Feb. 19
Montana Power, common (guar.)
g April 1 Holders of rec. Mar. 16
Preferred (guar.)
151 April 1 Holders of rec. Mar. 16
Montgomery, Ward & Co., pref. (guar.). 154 April 1 Mar. 22 to April 1
Mortgage-Bond Co. (guar.)
114 April 1 Holders of rec. Mar. 24
Mountain States Telep. & Teleg. (quar.)—
151 April 15 Holders of rec. Mar. 31a
Municipal Service, common (No. 1)
1
April 2 Holders of rec. Mar. 26
National Biscuit, corn.(guar.)(No.63)-. 154 April 15 Holders of roe. Mar. 28a
National Carbon, common (guar.)
134 April 15 April 5 to April 15
Nat. Enam. dr Stamping, pref. (guar.).- 134v Mar.31 Holders of rec. Mar. ha
National Fireproofing, pref. (guar.)
April 15 Holders of rec. April 4
1
Nat. Gas, Elec. L. & Pow., corn. (guar.)._
April 1 Mar. 26 to
1
Preferred (guar.)
114 April 1 Mar. 26 to
National Lead, common (guar.)
g Mar. 31 Mar. 14 to Mar. 17
National Licorice, pref. (guar.) (No. 47) 114 Mar. 31 Holders of rec. Mar.24
National Sugar Refining (guar.)
134 April 2 Holders of rec. Mar. 14
National Surety (guar.)
April 1 Mar. 21 to Mar. 31
3
Nevada Consolidated Copper (guar.)._ 37340. Mar. 31 Mar. 7 to Mar. 10
New England Power, pref. (guar.)
154 April 1 Holders of roc. Mar. 28
New England Telep.& Teleg.(guar.).
154 Mar. 31 Holders of rec. Mar. 18a
N.Y. Mtge.& Security (guar.)
April 1 Holders of rec. Mar. 25
3
New York Transit (quar.)
April 15 Holders of rec. Mar. 25
10
Niagara Falls Power (guar.)
April 15 Holders of rec. Mar. 31
2
NlplAsing Mines Co.(guar.)
April 20 Mar. 31 to April 17
5
North American Co. (guar.) (No. 40)114 April 1 Holders of rec. Mar. lea
Name of Company.
[VOL. xavm.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Nova Scotia Steel & Coal, corn.(quar.)_
114 Apr. 15 Mar. 16 to Mar.31
Preferred (guar.)
2
Apr. 15 Mar. 16 to Mar.31
Ogilvie Flour Mills, Ltd., corn. (quar.)_ _
2
April 1 Holders of rec. Mar. 19
Otis Elevator, corn. (guar.)
April 15 Holders of rec. Mar. 31
134
Preferred (guar.)
134 April 15 Holders of rec. Mar.31
Ottawa Lt., lit. & Pow.(guar.)(No. 31) 2
April 1 Holders of rec. Mar.20a
Pacific Telephone & Teleg., pref. (quar.)
134 April 15 April 1 to April 15
Pennsylvania Lighting, pref. (quar.)_ _
111 April 15 Holders of rec. Mar. 310
Pennsylvania Salt Manufacturing (guar.). 3
April 15 Holders of rec. Mar. 31
Pennsylvania Water & Pow.(qu.)(No.1) 1
April 1 Holders of rec. Mar. 16
Pettibone, Mulliken&Co.,1std2dpf.(qtr.) 151 April 1 Holders of rec. Mar.
170
Phelps, Dodge & Co., Inc. (guar.)
234 Mar.31 Holders of rec. Mar. 19a
Extra
114 Mar. 31 Holders of rec. Mar. 19a
Pittsburgh Coal, preferred (guar.)
111 April 25 Holders of rec. April 15
Pittsburgh Plate Glass, cons. (quar.)._.. 151 April 1 Mar. 17 to April 1
Preferred (annual)
April 1 Mar. 17 to April 1
12
Procter & Gamble, pref. (guar.)
2
April 15 Holders of rec. Mar. 3a
234 April 15 Holders of rec. April la
Quaker Oats, common (guar.)
154 May 29 Holders of rec. May la
Preferred (guar.)
373.40.Mar. 31 Mar. 7 to Mar. 10
Ray Consolidated Copper (guar.)
Remington Typewriter, 1st pref. (guar.) 154 April 1 Holders of rec. Mar. 19
2
Second preferred (guar.)
April 1 Holders of rec. Mar. 19
Republic Iron & Steel, pf. (qu.)(No. 46) 134 Apr. 1 Mch. 18 to Apr. 15
31
Reynolds (R. J.) Tobacco (guar.)
April 1 Holders of rec. Mar.20
Riverside Boiler Works, Inc., preferred... 134 April 1 Holders of rec. Mar.20
3
Royal Baking Powder,corn.(guar.)
Mar. 31 Holders of rec. Mar. 16a
154 Mar.31 Holders of rec. Mar. 160
Preferred (guar.)
2
April 1 Holders
Safety Car Heating & Ltg. (guar.)
rec. Mar. 16a
In April 1 IIolders of
Sears, Roebuck & Co., pref.(quar.)—
of rec. Mar. 14a
154d April 20 Holders of rec. April 7
Shawinigan Water & Power (guar.)
Sloss-Sheffield Steel at Iron. pref. (guar.) 154 April 1 Holders of roe. Mar.18a
South. California Edison, pf. (qu.) No.19 134 April 15 Holders of rec. Mar.31
Southern Utilities, pref. (guar.)
154 April 1 Holders of rec. Mar. 18
3
South Penn 011 (guar.)
Mar. 31 Mar. 8 to Mar. 81
Extra
Mar.31 Mar. 8 to Mar. 31
2
South Porto Rico Sugar, common (quar.) 1
April 1 Holders of rec. Mar. 14a
Preferred (guar.)
Holders of rec. Mar. 14a
South West Penn.Pipe Lines (quar.)_ _
Holders of rec. Mar. 16a
Spring Valley Water (guar.)
6254c Mar. 31 Mar. 17 to Mar.31
Standard Milling, pref.(No. 22)
214 April 15 April 5 to April 15
Standard Oil (Indiana)(guar.)
4
May 15 Holders of rec. April 24a
Standard 011 (Kentucky) (guar.)
April 1 Mar. 15 to April 1
4
Extra
Mar. 15 to April 1
A
Ap
prrll
3
1
Standard 011 of Ohio (guar.)
Mar. 7 to Mar.25
Extra
Apr. 1 Mar. 7 to Mar. 25
3
Subway Realty (guar.)
151 April 1 Holders of rec. Mar. 20a
Sulzberger & Sons Co., pref. (quar.)_
154 April 1 Mar. 17 to Mar. 31
Swift & Company. ((Mar.) (No. HO)._
154 April 1 Holders of rec. Mar. 10
Taylor-Wharton Iron & Steel. common
4
April 1 Holders of rec. Mar. 15
Taylor-Wharton Iron & Stein, pref. (gu.).. _
151 May 1 Holders or rec. April 15
Texas Company (guar.)
234 Mar. 31 Holders of rec. Mar. 190
Tobacco Products Corp., pref. (quar.)_ _
134 April 1 Holders of rec. Mar. 23
Underwood Typewriter, common (guar.) 1
April 1 Holders of rec. Mar.200
Preferred (guar.)
154 April 1 Holders of rec. Mar. 20a
2
Union Carbide (quar.)
April 1 Mar. 18 to April 7
Union Natural Gas Corp.(guar.)(No.43). 234 April 15 April 1 to
April 15
Union Switch & Signal, corn. (quar.)__-- $134 April 10 Ilolders of rec. Mar. 31
Corn. & pref. (payable in corn. stock)_ 33 1-3, April 20 Holders of rec. Mar. 31
$114 April 10 Holders of rec. Mar. 31
Preferred (guar.)
United Dry Goods Cos., common (guar.)._ _ 2
May 1 Holders of rec. April 24m
2
April 15 Holders of rec. Mar. 26
United Fruit (guar.) (No. 59)
3
April 1 Holders of rec. Mar. 14
United Gas & Electric Corp., 1st pref_
United Gas Improvement (guar.)
$1 April 15 Holders of rec. Mar. 31a
United Shoe Machinery, corn. (guar.) _ 50e. April 4 Holders of rec. Mar. 17
Preferred (guar.)
3754e. April 4 Holders of rec. Mar. 17
April 15 Holders of rec. April 4a
U.S. Cast I. Pipe&Fdy., pt.(qu.)(No.47) 1
114 Mar. 30 Mar. 15 to Mar.30
U.S.Gypsum, pref.(guar.)
U. S. Indus. Alcohol, pref.(qu.)(No. 30) 151 April 15 Holders of rec. April 8a
U. S. Printing of N. J., common (quar.). 134 April 1 Mar. 22 to April 1
U. S. Printing of Ohio (guar.)
1 7-16 April 1 Mar. 21 to April 1
U. S. Smelt., Refg. & Mtn., corn. (qu.)
75e. April 15 Holders of rec. Mar. 31
Preferred (guar.)
8734e. April 15 Holders of rec. Mar. 31
U. B. Steel Corporation, cons (guar )._
134 Mar 30 Mar 3 to Mar. 10
United Utilities, pref. (qu.)(No. 13)_ _
13.4 April 1 Mar. 22 to April 1
Utah Copper Co.(guar.)(No. 23)
750. Mar. 31 Mar. 7 to Mar. 10
Va.-Carolina Chem., pref. (guar.) (No. 74) 2
April 15 Holders of rec. Mar. 31a
Western Electric (guar.)
2
Mar. 31 Holders of rec. Mar. 24a
Western Union Teleg. (qu.)(No. 180)..... 1
April 15 Holders of rec. Mar. 25
Westinghouse Air Brake (guar.)
April 15 Holders of rec. Mar.31
$2
corn. (guar.). 1
Westinghouse Elec. &
April 30 Holders of rec. Mar. 31a
Preferred (guar.)
151 April 15 Holders of rec. Mar. 31a
Westmoreland Coal
334 April 1 Mar. 18 to
April 1
Weyman-Bruton Co., common (quar.)._
3
April 1 Holders of rec. Mar.140
151 April 1 Holders of rec. Mar. 140
Preferred (guar.)
Willys-Overland, pref. (guar.)
A
pill 1 Holders of rec. Mar.210
154
151 April 1 Holders of ree. Mar. 10a
oolworth (F. W.), pref. (guar.)
151 April 1 Mar. 25 to Mar. 31
Yale & Towne Mfg.(guar.)
734c Mar. 31 Mar. 14 to Mar. 19
Yukon Gold Co.(guar.)(No. 19)
--------a Transfer books not closed for this dividend. b Less British income tax. d Correction f Payable in stock. h On account of accumulated dividends. i Payable in
scrip. r Payable in common stock. a A distribution of Baltimore & Ohio stock to be
made, viz., $12 par value of II. & 0. preferred and $22.50 par value B.& 0.common
for each share of Union Pacific common stock held, payment of said extra dividends,
both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation.
t Declared 5% payable in quarterly installments. o Declared 7% payable in quarterly
installments. w Transfers received in London on or before March IA will be in time
to be passed for payment of dividend to transferee. x Being a distribution ratably
of 360,729 Restricted 13 Deferred Ordinary shares of the Imperial Tobacco Co., Lt.
of Great Britain and Ireland).
2
Auction Sales.—Among other securities, the following,
not 'usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per l
17834
5 Citizens' Cent. Nat. Bank
$25 lot
74 Coal Boulet Co. of N.Y
254g
5 Franklin Trust Co
6 Importers' & Traders' Nat. Bk_505
12054
16 Rutland & Whitehall RR
1n
2 1.
$
Bo
Per Cent.
$12,000
00 Bleecker St. & Fulton Fy.
RR. lat 4s, 1950,J.& J__
_ 6934
$1,000 New Eng. L. & T. Co. of
Des Moines deb. tr. rct_ _$18 lot
$27,000 Vanderveer Crossings mtge.
due 1911, stamped
3654
By Messrs. Francis Henshaw' & Co., Boston:
$ per sh. Bonds.
Shares.
Per cent.
Attela
an
mtsih
21554 $140 s
cip
G
Gulf
L
uilne6N%es
8
dt West
25 Nat. Union Bank, div. on
V
Indies 70
157
14 Bigelow Carpet Co
bond
2 Mancheeter Tr., L.& P. Co__ _ _140
228
•
26 Plymouth Cordage Co
By Messrs. R. L. Day & Co., Boston:
08h. S15h20arweso.
._p21e80
1-8
Shares.
_div._$
$ per sh.
Columbian Nat. L. Ins. Co.
10 Nat. Shawmut Bk., ex
Worcester Gas Lt. Co. rights__ 13
8 Great Falls Mfg. Co
11254 20 American Glue Co., prof
44 Pacific Mills
147
10 American Glue Co., corn
85
20 York Mfg. Co
92
18 Hotel Trust Touraine
116
6 Mass. Cotton Mills
112
12 Municipal Real Est. Trust_ _ _ _ 99
125
4 Lowell 131eachery
4 P. 0. Square Bldg. Trust
23
2
10 Wamsutta Mills, New Bedford 19
72
10 State Street Exchange
25 Lancaster Milks
71
51
60
5
1 Nashua Mfg. Co., moo par_ _ _69
oers Trust— 60
yaC
tehram
cb
Dedham
3 Esmond Mills, pref
110
7
14 Waltham Watch Co., pref_p9er
45 Central Vermont Ry
9-9
,e
9:
.
By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sh. Bonds.
Shares.
$700 No. Springfield Water Co. 1st
109
15 Ford & Kendig
7
100 Falun. Pk. Trans., $50 each_
55
9054-9014
20 Nor. States Power, common... 16
8 People's Trust Co., $50 each.- 4754
977
THE CHRONICLE
MAR. 28 19144
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh.
Shares.
18 Phila. Bourse, pref., $25 each,
19H-20
28 Phila. Bourse, corn., $50 each,
3H-33.
120
5 Logan Trust Co
346
2 Hatboro Nat. Bank
Girard
Ave.
Farmers'
Mkt.
Co.,
22
$50 each
25
5 Farmers' New Hay Mkt. Co.,
$35 each
25
2 Neshaming Hay & Cattle
Scale Co., $10 each
1
6 Doyieston Tr. Co.,550 paid... _100
13 Hatboro Az, Warminster Turnpike Co., $25 each
33
1 Union Chemical Co.,$10 each. 11
2 Horsham & Hatboro Turnpike
each
$25
Co.
5
17 Nat.
' Bk. of Germantown, $50
140
each
$80
Tr.
Co.,
paid_
Norristown
_219
18
53 Farmers' & Meehan. Nat. BIL.136
20 Girard Nat. Bank
3501(
400
10 Commercial Trust Co
19 Com'wealth T. I. & T. Co...240
50 Franklin Tr. Co.,$50 each..- _ 54
10 Girard Trust Co
892
$ per oh.
Shares.
15 Guarantee Tr. & S. D. Co__ _160
712
1 Phila. Tr.,S. D.& I. Co
830
9 Prov. Life & Trust Co
175
1 West End Trust Co
1 Fire Assoc. of Phila., $50 each_334
17.0066 Ins. Co. of State of Pa_ _ _101H
4 United Firemen's Ins. Co., 510
11
each
28 East Pennsy. RR.Co.,$50 each 654
1 13th & 15th Sts. Pass. Ry..---24534
371
2 John B. Stetson Co., corn
6 Amer. Pipe & Constr. Co_45-46H
100 Dupont Internat. Powd. Co.,
58%
pref., $50 each
21
4
100 Pratt Food Co., 31 each
90
1 Amer. Fire Insurance
50c.
51 Camden Fire Ins. rights
Per cent.
Bonds.
$1,000 Borough of Avalon, N. J.,
89
Impt.& W.S. 5s, 1931
$4,000 Borough of Bellefonte, Pa.,
92%
3Hs, 1929
$1,000 Paint Creek Coll. Co. 1st 5s,
35
1956
$5,000 Pittsb. 33s,loan of 1930_ _ _ 863
5
Utah
55_
Co.
of
Dev.
Gold
$30
_ 000
Canadian Bank Clearings.-The clearings for the week
ending Mar. 21 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
5.4%.
Trust Cos.
005 omitted.
Surplus.
Net
On Dep.
Loans, Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
$
$
$
$
%
$
$
Brooklyn
711,0 3,525,0 19,084,0 15.0+15.5
3,741,5 23,697,0 2,135,0
Bankers
224,0 25,035,0 83,814,0 25.0+23.0
14,801,0 118,416,0 12,416,0
U. S. Mtg.&Tr 4,412,0 35,301,0 4,096,0
341,0 5,680,0 29,557,0 15.0+15.8
Astor
14,0 2,051,0 15,428,0 15.1+11.
1,349,9 21,076,0 2,324,0
Title Gu.& Tr_ 11,736,1 31,612,0 1,946,0
960,0 6,736,0 19,387,0 15.0+25.3
Guaranty
24,266,5 173,806,0 19,468,0 1,133,0 17,875,0 122,349,0 16.8+12.7
Fidelity
797,0 5,415,0 15.8+11.0
1,352,4 7,099,0
244,0
615,0
Lawy. T. I.&T 5,544,3 17,156,0 1,564,0
338,0 1,507,0 12,866,0 14.7+10.4
Col.-Knicker„ 7,351,6 46,697,0 5,292,0
581,0 4,348,0 39,128,0 15.0+10.0
People's
1,572,6 15,970,0 1,874,0
368,0 2,360,0 14,738,0 15.2+13.5
New York.... 12,020,0 45,281,0 4,392,0
331,0 5,264,0 31,220,0 15.1+14.4
Franklin
1,228,4 11,013,0 1,059,0
131,0 1,103,0 7,674,0 15.5+12.1
Lincoln
547,5 10,433,0 1,206,0
212,0 1,051,0 9,303,0 15.2+10.0
Metropolitan
6,794,3 24,296,0 2,442,0
10,0 2,321,0 16,236,0 15.1+12.4
Broadway- - - _
838,9 13,179,0 1,340,0
564,0 1,886,0 12,595,0 15.1+13.0
Totals, average 97,557,0 595,032,0 62,169,0 6,162,0 81,539,0 438,794,0 15.5+ 15.6
Actual figures Mar. 21 594,554,0 63,934,0 6,110,0 87,296,0 439,327,0 15.9+16.5
The capital of the trust compan es is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000:
Lawyers'Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,060; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week ending March 21.
1914.
Inc. or
Dec.
1913.
$
$
49,626,772 51,453,566
38,483,803 35,787,740
20,832,801 24,812,179
9,673,707 11,802,429
4,040,614 3,770,138
3,121,565 2,759,983
1,885,495 1,766,945
2,938,899 2,702,641
1,371,771 1,426,341
1,627,402 1,869,098
3,706,157 4,153,866
2,548,252 3,713,833
3,200,315 4,043,582
1,727,975 2,116,870
495,175
447,025
417,017
561,788
1,191,974 1,770,565
533,273
563,442
051,962 1,262,776
794,487
705,315
382,250
586,711
458,232 Not incl. in
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
1912.
%
-3.5
+7.5
-16.0
18.0
+7.2
+13.1
+6.7
+8.4
-3.9
-12.9
-10.8
-31.4
-20.8
-18.4
-9.7
-25.7
-32.6
-5.3
-24.6
+12.6
-32.5
total.
1911.
$
$
45,994,408 42,945,491
38,000,000 34,215,050
25,590,000 19,371,655
11,761,254 9,731,605
5,715,774 4,034,223
2,248,530 2,035,655
1,916,766 1,355,059
2,761,993 1,912,360
1,448,948 1,382,301
1,468,998 1,254,839
4,701,025 3,684,792
3,260,105 2,720,193
3,783,515 2,038,337
2,092,534 1,054,464
487,018
513,185
526,040
748,782
2,032,724
916,722
497,998
484,532
1,043,406
682,098
504,327
Week
ending
Capital. Surplus.
Mch. 21.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Loans.
$
$
$
Averages
$
$
$
I
$
Banks.... 134,150,0214,583,0 1,484,298,0338,908,0J66,910,0
1,538,464,0
Trust cos_ 46,250,0 97,557,0, 595,032,0
81,539,0 438,794,0.
62"°°'°L°'162'°
Total_ _ _ 180,400,0312,140,02,079,330,0401,077,0 73,072,0 81,539,01,977,258,0.
Actual.
I
1,490,481,0341,408,0 66,347,0
Banks_
1,546,212.0.
594,554, 63,934,0 6,110,0 87,296, 439,327,0.
Trust cos
1
1
Total_
I
2,085,035,0,405,342,
72,457,01 87,296,0 1,985,539,0.
The State Banking Department also furnishes weeklr
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
Total Canada
149,503,516 158,104,983 -5.4 155,835,263 131,081,343
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
and Trust Companies.-The detailed statement below are made up, see "Chronicle," V. 86, p. 316,
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Mch.21. The figures for the
separate banks are the averages of the daily results. In
Banks.
Trust Cos.
State Banks,
Trust Cos.
the case of the totals, actual figures at the end of the week Week ended March 21. Statein
in
outside of
outside of
are also given:
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
and
rules
definitions
under which the various items are
For
$
s
$
$
made up, see "Chronicle,".V. 85, p. 836, in the case of the Capital as of March 2_ _ __ 23,137,400
67,900,000 *10,528,000 *10,250,00Q
banks, and V.92, p. 1607, in the case of the trust companies.
Surplus as of March 2_ _ __
39,457,000
DETAILED RETURNS OF BANKS.
We man two ciphers (00) in all cases.
Banks.
00s omitted.
New York.
Manhattan Co
Merchants'_ _
Mech. & Met_
America
City
Chemical
Merchants' Ex
Butch.&Drove
Greenwich __ _
American Ex_
Commerce _ _ _
Pacific
Chat. & Phen_
People's
Hanover
Citizens' Cent
Nassau
Market & Fult
Metropolitan Corn Exch.-_ _
Imp.&Traders.
Park
East River_ _ _
Fourth
Second
First
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 & IronUnion Exch._
Nassau, Bklyn
Capital. Surplus.
3
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
1,808,9
6,868,2
7,851,7
14,490,9
57,8
5,776,0
2,848,0
23,374,0
3,538,0
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
Loans,
Average.
Specie. Legals. Net Depos-1 ReAverage. Average. it:. Aver. serve.
23,139,0
40,800,0
23,204,0
60,092,0
27,057,0
203,848,0
29,626,0
6,811,0
1,855,0
9,623,0
45,545,0
145,219,0
5,013,0
20,795,0
2,150,0
83,811,0
22,980,0
10,597,0
9,135,0
11,196,0
64,874,0
27,586,0
94,370,0
1,388,0
31,706,0
13,932,0
127,175,0
40,254,0
3,289,0
8,529,0
3,990,0
103,382,0
13,334,0
3,330,0
5,024,0
14,758,0
9,087,0
4,004,0
12,911,0
3,871,0
27,043,0
24,594,0
9,459,0
18,501,0
11,405,0
6,677,0
9,211,0
8,112,0
4,526,0
11,084,0
4,894,0
11,042,0
4,974,0
57,100,0
5,412,0
1,476,0
352,0
2,612,0
9,920,0
26,573,0
727,0
3,818,0
408,0
23,956,0
5,101,0
2,391,0
1,777,0
2,636,0
16,165,0
4,246,0
22,394,0
298,0
5,785,0
2,965,0
29,980,0
8,305,0
799,0
1,577,0
737,0
23,226,0
2,748,0
563,0
1,216,0
3,155,0
2,062,0
263,0
2,167,0
994,0
6,830,0
5,662,0
2,437,0
5,768,0
2,527,0
953,0
2,030,0
1,577,0
$
897,0
1,782,0
1,300,0
2,837,0
1,842,0
9,705,0
2,256,0
229,0
60,0
215,0
1,613,0
5,816,0
635,0
1,595,0
146,0
1,572,0
611,0
876,0
975,0
271,0
3,221,0
2,258,0
2,668,0
115,0
2,765,0
142,0
2,380,0
2,431,0
73,0
788,0
223,0
3,566,0
1,060,0
381,0
256,0
930,0
249,0
814,0
1,066,0
290,0
1,730,0
1,164,0
302,0
412,0
1,050,0
799,0
350,0
194,0
21,557,0
48,300,0
24,186,0
58,281,0
26,976,0
213,822,0
27,079,0
6,791,0
1,776,0
10,901,0
45,271,0
126,775,0
4,885,0
21.589,0
2,161,0
90,623,0
22,239,0
12,151,0
9,425,0
11,115,0
76,572,0
25,333,0
98,571,0
1,711,0
32,948,0
12,591,0
124,274,0
41,787,0
3,439,0
9,042,0
3,809,0
114,623,0
14,943,0
3,746,0
5,777,0
15,227,0
9,241,0
4,309,0
12,869,0
4,986,0
31,783,0
27,177,0
10,739,0
24,154,0
13,806,0
8,796,0
9,231,0
7,077,0
25.1
26.6
25.6
25.3
25.2
31.2
28.3
25.1
23.1
25.9
25.4
25.5
27.8
25.0
25.6
28.4
25.6
26.8
29.1
26.1
25.3
25.6
25.4
24.1
25.9
24.6
20.0
25.6
25.3
26.1
25.2
23.3
25.4
25.2
25.4
26.8
25.0
25.0
25.1
25.7
26,3
25.1
25.5
25.5
25.9
25.7
25.7
25.0
Totals,average 134,150,0 214,583,0 1484,298,0 338,908,0,66,910,0 1538,464,0 26.3
Actual figures Mar. 21_
1490,481,0 341,408,0 66,347,0 1546,212,0 26.3
I
Circulation.-On the basis of averages, circu ation of national banks in the Clearing House amounted to $42,083,000 and according to actual figures was $42,028,000.
I
Loans and investments__
Change from last week_
164,517,300
*14,028,915
*11,341,302
322,418,000 1,045,596,900
+1,495,600 -6,967,700
125,774,200
+175,600
180,135,000
+792,600
135,304,800
+942,300
190,440,500
-127,700
26,422,200
+358,700
27,051,406
-666,100
Specie
Change from last week_
66,613,800
-103,200
111,603,800
+3,056,000
Legal-tender & bk. notes_
Change from last week_
18,118,000
-1,075,000
9,468,600
-119,800
Deposits
Change from last week_
382,407,700 1,180,079,700
+777,500 +8,321,300
Reserve on deposits
Change from last week_
107,135,100
-1,963,500
P. C. reserve to deposits_
Percentage last week
28.9%
29.4%
130,357,500
+2,525,300
16.8%
16.8%
21.0%
20.9%
15.3%
15.7%
+ 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 due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.- -State Banks.
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
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
20%
10%
10%
Other Boroughs (without branches in Manhattan)15%
10%
15%
%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan...15%
15%
15%
15%
class
Cities of the first and second
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere in State
"iF,
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-
978
TIIE CHRONICLE
[VOL. item.
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-Hous
e 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 phers
(00) in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Banks.
Week ended March 21-
{National
Capital
March
State
Surplus
March
Clear.-HouselClear:House State Banks andl Total of all
Members.
Members.
Trust Cos. Not Banks & Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.
$
banks{
4 and
180,400,000 180,400,000
banks
2_ _ -312,140,000 312,140,000
$
5
28,837,400
209,237,400
73,378,300
385,518,300
Loans and Investments__ 2,085,035,0002,079,330,000
Change from last week +5,110,00 -3,296,000
529,527,700 2,608,857,700
-11,700 -3,307,700
Deposits
1,985,539,000 1,977,258,000
Change from last week +18,671,000 +14,084,000
a535,785,300 2,513,043,300
-1,142,000 +12,942,000
Specie
Change from last week
405,342,000 401,077,000
+6,648,000 +6,943,000
57,494,500
-430,600
458,571,500
+6,512,400
73,072,000
-954,000
58,177,500
+16,300
81,249,500
-937,700
407,755,000 405,818,000
26.37%
26.37%
12,926,500
13.82%
418,744,500
Legal-tenders
Change from last week
Banks: Cash in vault____
Ratio to deposits
72,457,000
-598,000
Trust Cos.: Cash in vault
70,044,00
68,331,000
52,745,500
121,076,500
Aggr'te money holdings_
Change from last week
477,799,000 474,149,000
+6,050,000 +5,989,000
65,672,000
--414,300
539,821,000
+5,574,700
Money on deposit with
other bks. et trust cos
Change from last wee
87,296,000
+3,109,000
20,931,000
--481,400
102,470,000
+4,887,600
Total reserve
Change from last week
505,095,000 555,888,000
+9,159,00 +11,338,000
Surplus CASH reserv
Banks (above 25%)_ _
Trust cos.(above 15%)
Total
Change from last week
81,539,000
+5,349,000
21,202,000
4,144,95
88,603,000 642,291,000
--875,700 +10,462,300
21,202,000
2,511,900
% of cash reserves of trustcos.Cash in vault
15.94%
Cash on dep. with bks_
10.57%
15.57%
15.67%
15.38%
1.71%
31.24%
17.07%
32.51%
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week fnded-- Investments
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
$
17-.... 2,445,960,7
24---- 2,484,152,4
31-- 2,528,843,0
7-- 2,547,657,3
14____ 2,654,957,2
21____ 2,568,018,1
28..___ 2,585,828,8
2,611,813,8
14____ 2,612,165,4
21____ 2.608.857,7
Deposits.
Specie.
Legals.
Tot Money Entire Re;
Holdings. onDepost
$
2,341,392,0
2,402,297,1
2,455,935,2
2,484,083,8
2,455,557,8
2,463,093,5
2,476,147,2
2,495,699,7
2,500,101,3
2,513,043,3
$
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
458,571,5
$
96,094,8
91,638,2
89,162,0
88,077,1
88,810,2
87,429,5
84,463,0
81,736,4
82,187,2
81,249,5
$
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
539,821.0
8
587,622,9
613,389,6
637,705,6
643,910,9
657.488,0
650,993,1
639,481,E
630,182,0
631,828,1
642.291.(
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Mch.21, based on average daily
results:
We Omit two ciphers (00) in all these figures.
•
Banks.
Capitat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
Specie. and
and
with
Net
InvestBank
C.-H. Deposits.
Notes. Banks,
metUs.
New York City.
$
$
$
$
Manhattan and Bronx.
Washington Heights_ 100.0
369,8 1,448,0 149,0
Battery Park Nat__ 200,0
118,5 1,718,0 320,0
Century
500.0
501,9 0,450,0 551,0
Colonial
400,0
712,9 6,835,0 1,060,0
Columbia
300,0
697,0 6,849,0 634,0
Fidelity
200,0
189,8 1,113,0
47,0
Mutual
200,0
491,4 5,159,0 564,0
Netherland
New
200,0
329,8 3,383,0 411,0
Twenty-third Ward
200,0
108,9 1,873,0 220,0
..
Yorkville
100,0
525,5 4,350,0 559,0
Brooklyn.
First National
300,0
686,4 3,689,0 393,0
Manufacturers' Nat
252,0
966,3 5,698,0 731,0
Mechanics
1,000,0
527,5 10,057,0 1,224,0
National City
300,0
590,2 4,588,0 525,0
North Side
200,0
190,3 2,737,0 183,0
Jersey City.
First National
400,0 1,404,8 3,993,0 279,0
Hudson County Nat_ 250,0
832,4 3.044,0 171,0
Third National
200,0
445,2 2,520,0 104,0
Hoboken.
First National
220,0
684,7 4,757,0 284,0
rJecond National
125,0
292,1 3,528,0 187,0
$
5
08,0
322,0
55,0
152,0
520,0
279,0
210.0 1,321,0
514,0
707,0
125,0
167,0
374,0
879.0
136,0
246,0
201,0
102,0
341,0
966,0
$
1,168,0
1,812,0
6,451,0
6,982,0
7,268,0
1,041,0
5,324,0
3,430,0
2,019,0
4,889,0
754,0 3,006,0
28,0
847,0 5,193,0
88,0
612,6 1,984,0 11,986.0
802,0 4,521,0
107,0
223,0
377,0 2,858,0
254,6 2,981,0
777,0
56,0
531,0
133,0
62,0
65,0
485,0
612,0
2,815,0
1,463,0
1,397,0
1,762,0
1,217,0
Totals March 21._ 5,847,0 10,665,4 83,289,0 8,598,0 4,112,0 15,450,0 78,582,0
Totals March 14
5,847,0 10,885,4 83,055,0 8,826,0 4,130,0 15,284.0 76,684,0
Totals March 7....._ 5,817,0 10,603,0 82,683,0 8,455.0 3,933,0 11,723,0 75 880,C
...•
•
28,852,0
29,010,0
28,068.0
27,130,0
24,708,0
24,865,0
26,195,0
27,119,0
Circulation.
Clearings
3,869,0 269,730,0 9.805,0
3,632,0 271,461,0 9,842.0
3,818,0 269,530,0 9,845,0
3,635,0 270,437,0 9,801,0
3,608,0 266,871,0 9,748.0
3.611,0 268,992,0 9,889,0
3,807,0 268,597,0 10,099,0
3,513,0 267,046,0 10,100,0
104.278,0
100,489,0
109,466.0
109,701,0
115,383,0
111.456,0
107,614,0
105,296,0
*440,820,0
*444,845,0
*449,953,0
*454,576,0
*462,726,0
*454,725,0
*452,331,0
*451,854,0
11,416,0
11,432,0
11,435,0
11,447,0
11,440,0
11,455.6
11,471,0
11,432,0
169,792,5
180,830,2
146,717,2
151,015.3
129,379.8
167,502,9
154,824,9
157,529,5
157,577,5
173,867,8
130,882,8
173,394,9
167,073,8
183,003,8
145,027,8
149,144,7
FOREIGN IMPORTS AT NEW YORK.
1914.
I
$4,130,423.
18,324,336'
1913.
$3,179,334
16,107,283
1912.
1911.
1
53,130,939, 52,830,472
20,794,3761 14,288,207
522,454,759 $10,286,617 $23,925,3151 $17,118,679
$50,887,587 $40,714,882 $37,901,6301 $39,358,587
192,795,234 206,058,188 195,828,424 166,148,248
5243,682,821 $246,773,070 $233,730,054 $205,506,835
Total 12 weeks
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:
Legal,. Deposits.
a
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Mch. 21; also
totals since the beginning of the first week in January:
Total
Since January 1.
Dry Goods •
General Merchandise
+ Increase over last week. -Decrease from last week.
es These are the deposits after eliminating the item "Due from reserve depositories
'and other banks and trust companies in New York City"; with this item included,
deposits amounted to $633,345,200, an increase of $7,221,000 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. 5 Includes bank notes.
Specie.
a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $1,670,000 on March 21, against $1,549,000 on
March 14.
* "Deposits" now include the Rem "Exchanges for Clearing House," which were
reported on March 21 as $13,111,000.
For Week.
23,713,900
+3,319,200
Loans.
Boston.
Jan. 31.. 60,735,0 224,639,0
Feb. 7- 60,735,0 226,601,0
Feb. 14_ 60,735,0 226,5(15,0
Feb. 21_ 60,735,0 229,167,0
Feb. 28_ 60,735,0 230,657,0
Mar. 7_ 60,735,0 229,750,0
Mar. 14_ 60,735,0 227,148,0
Mar. 21_ 60,735,0 224,850,0
Phila.
Jan. 3L 103,684,3 382,764,0
Feb. 7_ 103,684,3 383,250,0
Feb. 14_ 103,684,3 384,672,0
Feb. 2L 103,684,3 388,553,0
Feb. 28_ 103,684,3 392,332,0
Mar. 7_ 103,684,3 396,079.0
Mar. 14_ 103,684,3 398,872,0
Mar. 21.. 103,684,3 400,380,0
Dry Goods
General Merchandise
25,346,95
+2,330,850
Total
Capital
and
Surplus.
The following is a statement of the exports (exclusivo of
specie) from the port of New York to foreign ports for the
week ending Mch. 21 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.
1914.
1912.
1911.
521,673,900 514,960,442 515,907,404 $16,410,400
222,003,476 215,021,417 183,656,099 168,500,593
For the week
Previously reported
5243,677,376 $229,981,859 $199,563,503 5184,911,083
Total 12 weeks
The following table shows the exports and imports of
specie at the port of New York for the week ending Mch.21
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports,
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$18,006,949
$125
155,000
39,000
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
7,386
$1,467
862
501
116,973
72,627
60,094
89,696
977,150
$830,072 58,722,225
882,194 12,141.309
979.440 11,862,826
$13,100
$67,012
952
789,113
643,625
022,053
461,007
$104,247 $2,897,822
$303,803 $3,913,853
5511,589 $5,265,497
$563,833 $6,384,634
101,353 1,210,651
157,500
Since Jan.1
$2,545
610
27,700
958
72,434
739,173
1,055,120
311,112
103,500
$194,125 $18,275,854
$7,331,154 $46,847,408
$1,675,200 519,470,566
Total 1914
Total 1913
Total 1912
Total 1914
Total 1913
Total 1912
Since Jan.1
$7,450
5,553
15,783
8,199
1,445,493
595,949
392,271
5192,430 $2,470,898
340,314 2,448,678
223,753 2,809,040
Of the above imports for the week in 1914, 825,255 were
American silver coin.
American gold coin and
Aanting 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
Chicago
Boston
Albany
MAR. 28 1914.]
Vatititre
979
THE CHRONICLE
autte.
Wall Street, Friday Night, March 27 1914.
The Money Market and Financial Situation.-A little
firmer tone developed in the security markets on Monday
as a result of the announcement that terms had been agreed
upon between the legal department at Washington and officials of the New Haven RR.for the segregation of properties
owned by the latter and litigation of the matter averted.
The effect upon New Haven shares had evidently been disc9unted, for they had already advanced nearly 6 points
since the early part of the month, but the market as a whole
advanced an average of between 1 and 2 points. Since
Monday nothing has occurred having a similar effect and
more than the advance then made has been lost.
Practically all the news has, on the other hand, been of a
discouraging character. Most serious of all, undoubtedly,
are the reports of railway earnings. As an illustration of
these, we mention a typical one, that of the Baltimore &
Ohio system, which shows a decrease in gross for the mouth
of February of more than $1,000,000. The railway situation
is further illustrated by a report that the Pennsylvania has
Morelaid off 15,000 hands since the beginning of the
ron and steel
over, an analysis of the orders booked for iron
one-tenth of them
thus far in March shows that only
is for railway equipment, which, it iss perhaps needless to
say, is much smaller than the normal percentage: The
perfectly natural sequence of these general conditions is
seen in a reduction of dividends 011 both common and pref.
shares of the Pittsburgh Cincinnati Chicago & St. Louis Ry.
and the announcement to-day of a suspension of dividends
on Norfolk Southern stock.
At the same time the money markets at home and abroad
are decidedly easy. State and municipal bonds are in good
demand in this market, the N. Y. State 43's selling at a new
high figure this week. The weekly statement of the Bank
of France shows a small addition to its gold holdings, and,
while the Bank of England's supply is slightly reduced, it
still has about 21% million dollars more than at this time
a year ago.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
Com3
from 1%@2%. Friday's rates on call were 1%@2%.
mercial paper on Friday quoted 33/2@4% for 60 to 90-day
endorsements and prime 4 to 6 months' single names and
4@43'% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £314,704 and the percentage of reserve
to liabilities was 43.76, against 45.92 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 2,690,000 francs
gold and a decrease of 1,001,000 francs silver.
State and Railroad Bonds.-State bonds have been in
demand at advancing prices. Sales at the Board include:
$225,000 New York 43/2s, at 108% to 1093', $73,000 N. Y.
Canal 43/2s, at 1083/i to 1093/8; $5,000 N. Y. Canal 4s, 1961,
at 101% to 1013/2; $10,000 N. Y. Canal 4s, reg., 1960, at
101 and $16,000 Va. 6s, def. trust receipts, at 54 to 544.
The market for railway and industrial bonds has been
relatively strong, more than half the list of 25 active issues
showing an advance from last week's closing prices. Among
the latter Ray Consolidated 1st 6s are conspicuous for an
advance of 23/2 points. Some of the New York Central
Lines and St. Paul issues have been notably strong.
United States Bonds.-Sales of Government bonds at
the Board include $3,000 3s, coup., at 102%,$1,000 Panama
3s, coup., at 102%; $11,000 2s, coup., dt 98% to 99, and
$10,000 2s, reg., at 98%. For to-day's prices of all the different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.-In the stock
market again this week business has been limited in volume
and prices continued to gravitate towards a lower level. To
be more specific, the daily transactions have averaged less
than 250,000 shares, and of a list of 30 active issues not one
shows even a fractional advance. To-day's market has been
one of the three dullest of the year and prices further declined. The demand for bonds held, however, and higher
prices for them were recorded. Of such a market, almost
wholly professional in character, there is, of course, little
more to be said.
Pennsylvania declined over 2 points on a reduction of
"Panhandle's" dividends, and Lehigh Valley, ex-div., to-day
is 43/2 points lower than at the close yesterday.
Of the mi cellaneous list, Rumely dropped from 14 to 9,
Mexican Petroleum has lost abmost 3 points and Am. Tobacco, as usual, fluctuated widely. U. S. Steel has been
very free'y offered, presumably on trade conditions, and declined 13/2 points.
For daily volume of business see page 987.
The following sales have occurred this week of shares nob
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending March 27. for
Week.
Range for Week.
Lowest,
Highest.
Range since Jan. 1.
Lowest.
Highest.
Mgr
Feb 110
150 100 Mar 24 100% Afar 24 91
Adams Express
Jan 8634 Mar
225 85% Afar 23 8634 Mar 24 82
Amer Coal Products
Jan 106
Jan
Preferred
100 104 Mar 23 104 Mar 23 102
Jan 110% Jan
225 102 Mar 23 104 Mar 24 100
American Express
900 334 Afar 24 $1 Afar 23 $% Mar $1 % Feb
Batoptlas Mining
Mar 8% Feb
400 7 Mar 26 7 Afar 26 7
Brunswick Terminal_ __ _
1134 Jan
100 934 Mar 24 934 Afar 24 9% M
Chicago & Alton
Jan
200 12% Mar 23 12% Mar 24 12% Mar 19
Preferred
Jan
Jan 130
150 129 Mar 26 129 Mar 26 128
Chic St P M & Otrialia
M
370 2134 Mar 21 23% Mar 25 20
2834 Jan
Colorado & Southern
Jab
Mai 62
230 47% Mar 24 4734 Mar 24 46
1st preferred
Mar
Mar 35
200 34 Mar 24 35 Mar 26 30
2d preferred
900 10c. Mar 23 10e. Mar 23 6c. Jan 10e. Feb
Comstock Tunnel
Jan
General Chemical
100170% Mar 27 170% Mar 27 170% Mar 180
195107% NIar 27 108 Mar 25 107% Feb 109% Mar
Preferred
NEW YORK CLEARING-HOUSE BANKS.
Mar
50 82 Mar 23 82 Mar 23 82
Ma 84
Havana Elee fly, L & P_
Trust
Including
Companies.)
Mar
Jan 115
(Not
100 115 Mar 26 115 Mar 20 110
Helme(OW),pref
Jan 122% Mar
35,121 Mar 23 121 Mar 23 114
nomestake mining_ _ _
400 7 Mar 24 7% Mar 2
4
Jan
Jan 10
lot Agric Corp v t c
1914.
1912.
1913.
300 25 Mar 23 25 Mar 26 25
Jan
Mar 36
Preferred v to
Averages for
Differences
Averages for Averages for
35
200
Mar
27
34
34%
Jan
27
Mar
40
Jan
Steel
Lackawanna
from
week ending
week ending week ending
Feb
Jan 101
100 96% Mar 26 9634 Mar 26 95
Laclede Gas (St. Louis)..
previous week.
March 21.
March 22.
March 23.
200 79 Afar 21 80 Mar 21 76
Feb
Mar 87
Mexican Petroleum, pfd
Jan 166% Mar
1001663( Mar 27166% Mar 2 162
Morris & Essex
Jan
100 28% Mar 23 28% Mar 23 28% Ma 43
134,150,000
133,650,000 135,150,000 Norfolk Southern
Capital
Mar 23 2% Mar 26 2% Jan 234 Jan
2%
300
Mining
Silver
Ontario
204,973,300 199,829,900
214,583,000
Surplus
6
25
Mar
Mar
6
8
Jan
25
Mar
6
100
Eastern
&
Peoria
Loans and dIscountS- 1,484,298,000 Inc. 2,898,000 1,319,178,000 1,421,751,000 Pittsburgh Steel, pref._
Jan 93
Feb
400 90 Mar 27 91 Mar 25 88
46,236,000
228,000
50,633,000
42,083,000 Dec.
Circulation
Mar 4
26 2
Mar
2%
Jan
26
Mar
100
234
pref
Mining,
Quicksilver
1,538,464,000 Inc. 5,572,000 1,307,893,000 1,454,546,000
Net deposits
338,908,000 Inc. 3,603,000 261,479,000 298,206,000 St L & S F-C dr E Ills
Specie
Mar 10
Feb
24 5 Afar 23 5% Mar 23 5
now stk ate tr rcts
Dec.
831,000
76,363,000
66,910,000
77,746,000
Legal-tenders
Sears, Roebuck & Co, pi' 100 124 hfar 27 124 Mar 27 122% Jan 124% Mar
Jan 50% Feb
200 48% Mar 21 48% Mar 23 45
405,818,000 Inc, 2,772,0001 337,842,000 375,952,000 United Cigar Mfrs
Reserve held
120 98% Mar 24 98% Mar 24 9834 Mar 100% Feb
United Dry Goods, pref_
Inc.
1,393,000
363,636,500
326,973,250
384,616,000
25% of deposits
Mar
Jan 52
150 50 Mar 26 50 Mar 26 40
Virginia Iron, Coal & C.
Jan
35 52% Mar 27 52% Mar 271 52% Mar 58
12,315,500 West Maryland. nref
21,202,000 Inc. 1,379,000
10,868,750
Surplus reserve
a
issues
actual
now
the
statement
ng
weekly,
show
House
Clearing
in
modwas
week
-The
Note.
Outside Market.-"Curb" trading this
condition of the banks on Saturday morning, as well as the above averages. The
volume, with the tone of the market heavy. The
figures, together with the returns of the separate banks and trust companies, also erate
of
Banking
condition
State
the
Department,
the
giving
by
Oil shares were conspicuous for sharp declines in
Standard
the summary issued
State banks and trust companies not reporting to the Clearing House, appear on several instances. Atlantic Refining, after an advance of
the second page preceding.
8 points to 691, dropped to 670. Buckeye Pipe Line moved
Foreign Exchange.-Sterling exchange ruled steady dur- up from 155 to 162, then down to 148. Continental Oil
ing the early part of the week, but subsequently weakened sold between 269 and 273 during the week and to-day down
and closed exceptionally dull.
to 246. Pierce Oil rose from 104 to 106 and fell to 96.
To-day's (Friday's) actual rates for sterling exchange were 4 8445@ Prairie Oil & Gas gained 15 points to 600 and broke to 527.
8630
for
cheques and 4 8650@4 8660 for
4 8460 for 60 days, 4 862004
Southern Pipe Line improved from 247 to 252 and reacted
cables. Commercial on banks 4 83% @4 84 and documents for payment
4 83%@4 84%. Cotton for payment 4 833 04 84 and grain for payment to 235. Standard Oil (California) advanced from 349 to 361
4 83%04 84.
and declined to 340. Standard Oil (Indiana) from 541
The posted rates for sterling, as quoted by a representative house, were
reached 551,then ran down to 515. Standard Oil of N. Y.
not changed during the week from 4 85 for 60 days and 4 87 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 less was very active and sold up from 233 to 2553/2, but reacted
1-1605 20 less 1-32 for long and 5 17 %less 3-3205 17% less 1-16 for short.
i for long and 95% less 1-320 and rested finally at 236. Standard Oil (Ohio)lost 25 points
Germany bankers' marks were 94 11-16094 y
95}i for short. Amsterdam bankers' guilders were 40% less 1-16@4031 less to 425. Vacuum Oil moved down from 255 to 239. United
1-32 for short.
a point to 94, then sank
Exchange at Paris on London, 25f. 18%c.; week's range, 25f. 21c. high Cigar Stores, coin., improved half
and 25f. 18%c. low. Exchange at Berlin on London, 20m. 44pf.; week's to 923/2, the close to-day being at 93. Riker-llegeman
range, 20m. 46pf. high and 20m. 43% of. low.
continues active, registering an advance from 9% to 103/
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Chegues.
Sixty Days,
and a final reaction to 9%. Maxwell Motors, corn., moved
4 8660
4 8690
High for tho week___4 8490
up from 8% to 8% and down to 6%. The first pref. gained
4 8620
4 8650
Low for the week__ _4 8445
2 points to 34 and closed to-day at 33. Auto Sales Gum &
Paris Bankers' Francs5 17% less 1-16 5 17%
High for the week---5 20
Chocolate was traded in up from 22 to 28% and down finally
Low for the week-__5 20% less 1-32 5 18% less 3-64 5 17% less 7-64
to 243/2. Bonds were very quiet. Canadian Pacific 6%
Germany Bankers' Marks95% less 1-32 95 5-16 less 1-64
High for the week___ 94 13-16
sold up from 104% to 105. Western Pacific 5s gained
notes
95 1-16
953-16 less 1-32
Low for the week__ 94 11-16
a point to 62 and reacted to 613/2. Mining stocks were
Amsterdam Bankers' Guilders40 5-16 less 1-16
40%
High for the week-- 40
irregular. Braden Copper fluctuated between 8% and 83/2
40% less 3-32 40%
Low for the week___ 40 loss 1-16
and ends the week at 8%. Greene-Cananea advanced from
par.
Exchange.
-Chicago.25c. per $1,000 premium. Boston,
Domestic
St. Louis, 20c. per $1,000 premium bid and 25c. premium asked. San 37 to 38% and eased off to 373/2. Nipissing weakened from
Francisco, 30c. per $1,000 premium. St. Paul, 40c. per $1.000 premium. 6% to 538, but recovered finally to 63/s.
Montreal,78%c. per $1,000 premium. Minneapolis,60c. per $1,000 premOutside quotations will be found on page 987.
ium. Cincinnati, Sc. per 81.000 premium.
980
NYw York Stock Exchange---8tOck Re-cor-c1,-Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
.11arch 21
4fonday
March 23
Tuesday
March 24
Wednesday
March 25
Thursday
March 26
Friday
March 27
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Week.
Shares.
Preceding
Range since Jan. 1.
On basis 01100-share lots.
Lowest.
Railroads
98
98
9734 9878 983 9812 9714 9778 9718 9758 9678 97
9314 Jan 3
4,100 Atchison Topeka & S If__
10012 10034 10038 10038 .10038 10078 10038 10033 *10018 10058 1001 10012
9712 Jan 13
Do prof
800
123 123
123 12312 12334 124 *12214 124
1,300 Atlantic Coast Line RR_ 116 Jan 3
12278 12278 .122 123
91
9178 0034 9212 91
9178 9014 9138 8934 9013 8934
8733 Mch
15,350 Baltimore & Ohio
*8012 8113 .8012 8112 8114 811. 8112 8112 *8012 811 .8012 901s
7754 Jan 6
prof
8112
9214 0212 9218 9212 9214 9212 9218 9212 92
8712 Jan 3
600D
9214 921 9218 8,
960 Brooklyn fapid Transit_
20734 209
208 20912 20813 20914 20714 20833 20814 20734 20512 20612 30,23
Canadian
Pacific
20358 II ch 13
00
0
*305 325 .305 325 .305 325 1315 315 *305 325 *305 325
Central of New Jersey
310 Jan 12
5312 5414 5312 3414 5334 5414 5312 5334 5278 5312 5253 53
5034 Mch 10
8,480 Chesapeake & Ohio
1212 1212 13
1333 • •1212 14
1114 NIch 12
13
13
*12
13
1278 1278 1,400 Chicago(It West tr ctfs
3078 31
32
Do pref trust ctfs
33
27I2Jan 7
32
33
314 3178 3112 3134 3152 3134 2,100
995k 100
9934 10133 1001 10134 10014 101
0014 9912 15,926 Chicago Milw & St Paul_
9534 Mch 7
9938 100
1138 138 *137 139 *137 140
pre
Do
210
137 Mch 7
1374 13778 13712 13778 137 137
13414 13414 13413 135
13412 13412 1341k 13412 .134 135
13312 1334 1,585 Chicago ik North Western 128 Jan 3
*172 181 *172 180
6
Do pref
178 175 .172 178 *171 180 .170 180
180
1378
0
S.--- 37
5--.Cleve Cmn Chic & St L
JanFeb
*__- 37
37
37
37
70 .
Do pref
6313 6312 *81
6112Jan 2
81
70 .81
70 .81
100
70
70 .87
1494 150
14978 160
14978 14978 14912 14912 14953 14933 149 149
1,200 Delaware & Hudson_
148 Mch 14
*395 400 400 400 .398 400 400 400 *399 403 400 400
757 Delaware Lack & West
388 Jan 8
.
1212 1212 •12
1112 15
14
15 .12
18 .12
*1112 15
200 Denver & Rio Grande--- 1012 Feb 25
*21
26
2218 2218 .22
24 .2213 241 .22
23 .22
24
DO pref
100
1934 Mch 13
2934 3014 294 304 30
2914 2912 2914 294
3053 2938 301
2734 Jan 3
4614 461
46
4578 4612 .
4834 4534 4858 4534 4534 *4514 4534 18
3:
4
70
25
0 Erie
D
Do 1st preferred
4278Jan 3
*37% 3812 .37
39 .3612 3814 .38
38 .37
38
*38
Do 2d preferred
38
12814 12834 12818 12873 12778 12812 1264 12712 12633 12714 12814 1287 13,500 Great Northern pref
2
jan 3
12
3514J
8812 3718 37
37
37
3714 .38
3714 36
3612 .38
Iron Ore properties_ _ _
37
3314 Jan 3
3,106
111 111
*110 112
11112 11112 1111 11112 11118 11118 11078 111
1,410 Illinois Central
107 Jan 7
15
15
15
1514 15
1514 1434 15
1434 1434 •1434 15
141s Feb 25
2,100 Interboro-Metrop v t ctf_
6014 6012 60
6014 6014 6012 1304 13012 5912 80
5914 5914 2,410
DO pref
5812 Mch 7
2512 2552 254 2534 2534 2534 2538 2538 251 254 *2412 2572 1,000 Kansas City Southern__ _
2485 Jan 5
05912 61
60
60 .59
61
.59
81
.59
13014 *-- 60
Do pref
2
100
Feban 2
18
5812
8 J
*5
7
515
7
15
5
.5
7
41
7
*5
10 Lake Erie & Western
7
•1514 20
*1514 20
*1514 20
Do pref
*1512 20
*11
19
*11
19
18 Jan 17
14714 14734 14834 14914 1484 14918 148 14812 14734 14818 z14278 1454 37,8
uts Valleysz
li
z1424 Mch 27
80
0 Lehigh
70
*13712 138
138 13812.
138 13872 13912 13958 .137 13812 .137 138
aey
Nashville
13333 Jan 3
*129 132 *130 132
Manhattan Elevated_ ___ 128 Jan 5
*130 133 .130 133 .130 132
.
18
16
13
13 ;i1"
18
113
*13
18
13 *13
1212Jan 6
805 Minneapolis & St Louis__
*28
43 •28
43 *28
43 •28
43 .28
Do pref
43
43 •28
3312 Jan 8
128 128
12814 12814 .128 129
12413 Jan 14
12712 128
12714 128 .127 129
810 Minn St P & S S Marie
*131334 150 *13834 147 .
18834 148 *13834 148 .13834 150 .13834 148
Do pref
14212Jan 21
1818 1818 18
1838 •1714 18
1832 18
17
171, 171
17
2,520 Missouri Nan & Texas
16 Mch 18
045
4814 454 48
48
*42
*42
45
46
45
45
45
4214 Mch 17
750
Do preferred
241 2514 24% 254 2434 2558 248k 2514 2438 25
2438 2472 18,380 Missouri Pacific
2338 Mch 13
028
82
*28
32 •28
32 *28
33 .28
33 *28
32
Nat Rys of Mex 1st pref_
30 Jan 19
*11
1174 *1114 1212 1134 114 *1134 1212 *1112 1214 *1112 1212
100
Do 2d preferred
10 Jan 8
9038 9034 9014 92
0012 8034 9012 15,750 N Y Central &
9135 9134 8972 9114 90
R
8938 70
8933 7034 8933 71
8838 8912 6838 8914 69
6
Mch
ch 4
89 24,800 NYNH& Hartford_.._8
8514
77s M
*2714 28
28
28 .2713 29
28
28
*27
28
*27
28
200 N Y Ontario & Western- 26 Jan 7
104 10414 1024 1041, 10314 10314 10318 10314 8,800 Norfolk & Western
10334 10334 10334 104
9958Jan 9
*8712 90 *874 90 .8712 90 *87
*8712 90
90 .87
Do adjustment pref__
90
85 Jan 7
113 11312 113% 11834 11512 11612 11414 11558 114 115
113 11432 38,550 Northern Pacific
109 Jan 2
11178 11214 1115 11212 11218 11238 11012 11214 11058 11114 11038 111
10858Jan 3
19,809 Pennsylvania
90 .834 90
90 .82
• *82
70
83
78
79
70 Mch25
7834 7812 5,900 PIttsb Cin Chic & St L
*101 108 *101 108 *101 108
101 101
*82 100
100 100
793 Do preferred
100 Mch27
18534 16634 18512 1874 18812 18718 18558 18658 16514 18618 16512 166 111,100 Reading
18134 itch 9
90 *89
90 .89
'*89
90 .89
90 *89
90
8712 Jan 8
80
100
89
1st preferred
91
*89
*8812 91
*874 9112 *8712 9112 1874 90
*8812 91
2d preferred
412 434
434 478
434 47
438 438
438 44 *41
2
3,300 Rock Island Company
M i: 19
20
378lIgl
:
4
1
4
• 64 652
612 884
878 7
634 7
653 634 2,334
633 832
Do preferred
31
s *212 8
3
3
*3
*3
814 *3
2
Mcch
h 19
200 St Louis & San Francisco
312 *3
2M
5
214
312
!1.2
20 *10
17
*10
20 *12
17
*10
20 .12
Do 1st preferred_ _ _
20
13 Mch19
7
*8
612 .8
834 *8
1 .6
7
*6
634
100
Do 2d preferred
8 Mch 19
04 834
24Is 2413 23
25
25 •2412 25
1,152413 28
24
214 22
21 Jan 6
800 St Louis Southwestern_ _ _
8212 •____ 6212 80
80
81
81
100
81
Do preferred
57 Jan 8
20
2058 2034 2034 20% 2078 20
2012 ..io2012 20
1634 Jan 2
Air Lino
20% 2,300 Seaboard A
5538 55
5512 55
5512 5412 55% 5434 55
5434 5538 4,126
Do preferred
4534Jan 2
9618 9534 96% 95
9514 95
94
94% 28,800 Southern Pacific Co
9534 9453 96
88's Jan 3
103 103
10318 10314
318
9458Jan 2
Certificates (wh. iss.)_
. 254 2838 2618 2632 -11f8
26 -281
iitcs 10,700 Southern v tr ctfs stmpd_ 2273 Jan 3
-16-4
8378 84
84
8414 84
84
84
9418 z81
8412 84
8112 4,310
Do preferred do
75 Jan 3
*1534 1814 16
16
*1512 1534 18
16
1612 16
15
1512 1,200 Texas & Pacific
1312Jan 5
4372 4378 4372 4412 4334 4414 43
4312 4312 4312 43% 4334 3,800 Third Avenue (N Y)
4112Jan 29
1012
.9
101
*9
94 918 *9
1012 *9
1012 *9
1012
150 Toledo St L & Western
018 Mch24
20 •18
20 •18
•18
20
*18
20
*18
20 •18
20
Do preferred
19 Jan 8
,0105 10012 108 108 .1054 10812 108 108 .1041; 10614 .104% 106
200 Twin City Rapid Transit 10514 Jan 7
16834 15934 15872 16012 15932 NON 15878 15934 1585. 15914 15812 15914 73,600 Union Pacific
15312Jan 3
844 *8312 8414 .8332 8414 18312 8312 184
*83
84
8212Jan 6
238
Do preferred
8354 8334
20
21
20
2112 22
*19
2112 2112 02012 2112 2012 2012
900 United Ptya Investment _ 19 Jan 7
• 4415 48
47
4914 47
47
45
4712 *48
Do preferred
4712 4812 4712 5,200
3312Jan 14
•172 212
2
2
2
2
178 2
134 134 1,500 Wabash
1% Feb 24
1% 172
534 6
134
534 578
64 633
633 612
534 534 5,100
Do preferred
514Feb 24
32 •30
83
•30
3112 3012 3012 •30
130
30 .30
120 Western Maryland
3034
2934Feb 21
, *4
412 *4
412 .4
*334 414 .4
4
414 14
10 Wheeling & Lake Erie
414
312 Feb 24
*16
1812 *18
18
18
*18
Ws 1612 .18
18
*16
100
1812
Do 1st preferred
1514 Mch 11
8
.8
.6
8
.6
8
*6
8
8
•6
*812 8
Do 2d preferred
*4215 48
*43
48
*42
*4312 48
*4212 48
48
0424 48
Wisconsin Central
7
feh19
46
31
7n J%
industrial and Miscoll.
2252 2234 •2212 23
1312 2312 2338 2352 23
2332 22114 23
2,200 dA laska Gold Min Par $10 32014 Jan 9
1212 1212 1258 124 12
*1212 13
1214 1214
1234 13
12
700 Allis Chal Mfg v t c
858Jan 8
4912 47
*46
*47
49
47
49
147
4612 4612 48
46
440
Do preferred v t
_ 4312Jan 8
7512 71338 754 784 87,$25 Amalgamated Copper
7614 77
7834 7814 7714 7832 77
76
7078Jan 9
5712 584 564 5612 5812 66
4734 Jan 2
58 •58
•55
83
57
58
900 American Agricul Chem_
98 *945* 9514 9432 9432
95
M12 9412 95
*98
97
95
400 Do preferred
91 Jan 8
2212 2312 2213 2212 2212 2212 2,000 American Beet Sugar
2314 2312 2312 2414 2312 24
20 Mch 5
72
72 .88
*65
*81
394 1304 .05
72
68
78 .
7014
100
Do preferred
63 Mch 11
3114 2012 3038 2978 304 2814 2972 2872 2932 2878 29% 25,685 American Can
SO
2852 Mch 10
021: 9212 *0214 934 9218 9258 92
9212 93
9212 *90
9212 3,900
Do preferred
89 Jan 3
52
52
5258 5214 524 52
5038 8134 50% 51
1113 62
4,000 American Car & Foundry 445jJan 5
116 118 .11514 11812 .110 11812 118 11612 117 1173s .11612 11712
54$
Do prefed
114 Jan 28
301k .38
3818 .30
3618 .38
*38
36 .38
364 38
100 American Wes
3618
1 Jan 5
64
6414 8412 .84
86
64
85
*8518 67 .
85
84
67
410
Do preferred
6 Jan 5
441;
4412
45
43
4234
43
44
4414
4272
42% 2,800 American Cotton
4412 4412
3 12Jan 8
99
99 •97
*98
*96
99
1974 9712 197,4 974 •97
60
9812
Do preferred_,..
94';Jan 15
412 414 .4
438 432
434 414 *414 433
412 412
4%
600 American Hide & Leather
44 Jan 19
2412 •21
*22
1334 •2112 2334 *2114 24
2314 2314 2314 •22
250
Do preferred_
20's Feb 25
3154 3034 31
814 3154 31
3952 3012 30
3112 32
3032 10,100 American Ice Securities
24 Jan 3
1158 II% 114 1114 1114 •1012 1114 11014 1072 01012 11
11
515 American Linseed
10 Jan 8
32 .30
82
*30
31
3114 3014 31% *29
SOO
Do preferred
32
28 Web 1
34
•21312 85
44 1g34 35
3514 341 34% 31
353a 35
*2
1,800 American Locoinotive_ _ 8152Jan 2
*103 103 *102 103 .10112 104
102 102
1021,10212 *II 104
200
Do preferred
96 Jan 6
*
g
on 9
3711 914 *733 834 *71.2 9
Anierican Malt Corp....
•74 9
7 Jan 13
51
*484 60
*49
50
51
50
11
041111 0
50
Do preferred
350
42 Jan 3
so% 88 .83
117
87
88 .83
•83
383
8$
216 „
.
, Amer Smelters See prof -ID
112 Mch 12
697 71
7012 6114
8014 8958 60
70
11
6912 -11-.450 Amer Smelting k liefineg 634 Jan 8
10314 10314 10314 103 1034 4.10212 10314 10214 10214
'103
gs4 104
860 Do preferred
MN Jai 3
162 162
164 164 *163 166 1165 186 *180 144
164 164
610 American Snuff
160 Jan 2
•
k
Cg
•41
page
Highest.
10032Jan 23
10158 Feb 9
128 Jan 23
98% Jan 26
8338Jan 29
9414 Mch 6
22012 Feb 4
310 Jan 12
88 Jan 22
1412 Jan 24
33 Jan 27
10718 Feb 4
143 Feb 6
13878 Feb 14
180 Jan 24
40 Jan 5
70 Feb 9
15913 Feb 4
405 Jan 27
19'4 Jan 31
3118Feb 4
3212 Jan 23
4934 Jan 27
4014 Jan 23
1344 Feb 4
394 Jan 19
115 Jan 20
1838Jan 24
63 Jan 24
2738Jan 31
82 Jan 24
9 Jan 23
2112Jan 28
15814 Jan 23
1414 Jan 19
133 Feb 7
1614 Jan 31
352Jan 22
137 Feb 5
145 Feb 2
24 Jan 28
60 Jan 30
30 Jan 27
34 Feb 8
14 Jan 26
9658Jan 31
78 Jan 2
3152Jan 23
10534 Feb 4
8812 Mch 12
11812 Feb 4
11512 Jan 31
91 Feb 4
101 Mch25
17214Jan 22
89 Mch19
93 Jan 28
1858Jan 23
25 Jan 16
538Jan 15
1712Jan 13
934Jan 26
264Jan 28
65's Jan 26
2232Feb 5
58 Feb 4
9912 Jan 23
10518 Jan 31
2814 Feb 4
854 Feb 4
1634 Jan 21
4534 Jan 13
1214 Jan 24
23 Jan 28
10812Jan 19
18432Jan 31
88 Feb 4
2334 Feb 6
4914 Mch24
45 Jan 23
13 Jan 23
85 Jan 22
832Jan 7
21 Jan 23
11 Jan 24
48 Feb 4
Range for Previous
Year 1913. •
Lowest.
Highest.
9014 Nov i063R Jan
96 J'iy 10214 Jan
112 J'ne 133% Jan
90% J'ne 100% Jan
7/14 J'ne
88 Jan
28334 J'ne
0234 may
201 Dec 26634 Jan
275 J'ne 362 Jan
5118 J'iy
80 Jan
1712 Jan
1018 J'ne
23 J'ne
35 Jan
9834 Nov 11814 Jan
13112 Nov 146 Jan
2123 Dec 138 Jan
171% Nov 5189 Jan
34% Aug
64 Jan
9434 Jan
80 Oct
14712 J'ne 187 Jan
380 Dec 445 Jan
338 J'ne
2312 Jan
41 Jan
23 J'ne
2014 J '11C
3212 Jan
3312 J'ne
49% Jan
2814 J'ne
41 Jan
11512 J'ne 13258 Jan
4114 Jan
2612 J'ne
10234 Dec 12878 Feb
1238 J'ne
19% Jan
45 J'ne 6533 Jan
2832 J'iy
21% J'ne
0112 Jan
58 J'ne
1112 Feb
7 May
35 Jan
18 Nov
14114 J'ne 18838 Jan
12614 J'ne 14214 Jan
17 J'ne 132% Feb
2314 Jan
12 Joe
47 Jan
30 Dec
11514 J'ne 14214 Jan
131 Nov 1150 Jan
29% Jan
1818 J'nc
52 J'ne
6412 Apr
2114 Dec
43% Jan
31 Dec
69 Mch
274 Jan
834 Dec
9038 Dec 10954 Jan
6558 Dec 1294 Jan
2518 J'ne
33% Jan
98 J'ne 1134 Jan
8014 Aug
87 Feb
10154 J'ne 122% Jan
100 Dec 12334 Jan
7713 Dec 104 Jan
100 J'ne 1109 Sep
15132 J'ne 17154 Deo
8212 Oct
0212 Apr
84 J'ne 95 Apr
24% Feb
1158 Oct
4414 Jan
1712 Oct
234 J'ne
1934 Jan
13 J'ne 69 Feb,
512 J'ne
20 Jan i
3512 Jan
20 Dec
5614 Dec
75 Jan'
204 Apr
1412 J'ne
38 J.120 4938 Sep.
83 Nov 110 Jan ;
8814 Nov 9912 Sep
2858 Jan
1918 J'ne
8112 Melt
72 J'ne
2258 Jan
1014 J'ne
43% Sep
2772 J'ne
13 Jan
74 J'Iy
2914 Jan
1514 J'ne
10112 J'ne 109 Sep
In% J'ne 16234 Jan
0318 Jan
7334 J'ne
3512 Jan
16 J'ne
30 J'ne
8312 Jan
2 J'ne
6 Aug
J'iy
1718 Aug
2878 Dec
46 Jan
8 Jan
334 Oct
13 J'ne
28% Jan
958 Dec
14 Jan
40% Joe
584 Apr
$24 Feb 4 VA Nov
7% Dec
144 Feb 20
40 Nov
49 Jan 26
7818 Feb 4 81% J'ne
414 Sep
5912 Mch19
00 Nov
97's Jan 23
1934 J'ne
28l Jan 22
85 Oct
7314Jan 26
21 J'ne
3512 Jan 27
90 Jan 24 /8012 J'ne
3612 J'ne
53'2 Fell 4
118 Mch 9 103 J'ne
3314 J'ly
36$4 Jan 28
6014 J'ne
68 Jan 20
3312 J'ne
4812Feb 9
9212/OP
97 Mch 11
312 ly
54 Feb 6
154 J'ne
2534 Feb 6
17 J'ne
3234 Feb 20
6% J'ne
1158Jan 23
20 Oct
3114Jan 16
27 J'ae
374Jan 31
94 Oct
10212 Mch25
54 Oct
914 Jan 20
4172 Oct
6012Jan 24
7912 J'ao
85 Jan 19
584 J'ne
714Feb 4
97 rile
105 Jan 27
172 Jan 31 150 J'iy
$24% Oct
9 Dee
4312 Dee
8012 Sep
57 Jan
99 Jan
8012 Jan
88 Mch
4678 Jan
12012 Jan
5838 Jan
117 Mch
4834 Jan
7812 Jan
5732 Jan
98 May
big Jan
2814 Feb
2734 Apr
12% Nov
33% Nov
4412 Jan
les3, Jan
13 Jan
4142 Jan
Jan
74% Jan
107 Felt
193 Jan
BANKS AND TRUST COMPANIES-13ROKER8' QUOTATIONS.
Banks
New York
AnIerlea 1.- _
luck_
attery Park
now2271____
Bren2 Borof
Brent Nat-,
Bryan:nut.'
Buteh & Dr.
Century '1....
Chase,
Bid
Banks
Bid
Ash
Chat & Phan. 168
174
Ex/.
Chelsea
140 140
575
216 Chemical .,_ 415 425
135 Miens' Cep t178:
1 --__ City
540 380
210 Coal & Iron- 168
101
100 Colonial 1.... 450
.....
__ Columbia If_. 800 325
135 Commerce - t175
____
318
196 Corn Szelt 1„ 314
810 Cosrnopen Il 85
106
Emt River_ 60
76
Ask
Did
Banks
Ask ' Banks
Rid
Banks
Ask
lid
Banks
lid
Ask
As11
Fieleillyi___ 166 176 Harriman .._ 275 290 Mutual/ .... 300
Seaboard__ 410 486
685
175 firif - Second ,
fifth Ave... WO
_- - - - leap A Trad t505 .....- Nassau _
890 426
205
300 325 Irving
Filth
179
226 Seelwity-1
184 New Nikki:: 210
.
...._ 100
120
120
895 000 Liberty
VIM
600 614 New York Co 160 375 Sherman
.. litii
425
100 195 Liaeola - _ . 32$ 345 New York- 370 380 Statel
Fourth
180- 200
325
Garfield --------230 Manhattan-1 316 330 ris81/10 1.... 225
350 23d Wardl__ 130
149
175
Ciersa-amatj 120 140 Mark A run.. 240 250 Park
335 875 Union Exe _ 145 140
150
Osman Rs I 176 426 Meek A Met_ 2:5 340 Peeekt-i-li::: 230 250 UnitStateslJ 600
--120
Germania T-- 450 475 Merck itmds. 165
___ Fred Lush. 162 168 Wage 5I':8 . 173
Clotbass „. 190
185
____ Menai:mate_ 1711
lir
1411 Pubilel..... 100 230 Westeh A . 160
Oreenwleh1..
_270 234 Metropeits 1. 300 310 Reserve
490
100 105 'Wen 818.1. 430
Hanover ____ 645 666 Metropol'a 1 178 185
Yorkville I..- ---___
a
..
•
•Bld and asked prices; no ales on this day.
Ift-righte. 1 Less than 100 shareei. 11 8tate banks, a Hz-div. & rights. S New stoek !IS NS 110014111.
tale at Stook Etrnhange 51 at ettetton Ms weak. •ltrat I nstelincent paid. a Sold at private sale AS Me pries.
Fell pale.
a
AR. 28
981
New York Stock Record-Concluded-Page 2
1914.]
?or record of sales (luring the week of stocits issullly inactive, see second page prezeding
Saturdall
March 21
Monday
March 23
Tue.sdaY
March 24
IVednesday
tfarch 25
Thursday
March 26
Lowest.
Industrial & Misc (Con)
316 Amer Snuff pref(new)_ _ _
450 Amer Steel Found (new)..
1,400 American Sugar Refining
o preferred s, T
900 A, ie,.
Telephone
eleg
13
5:6
8,0
255 American Tobacco
350 Preferred, new
200 American Woolen
Do preferred
300
100,Amer Ns, riting Paper pref
7,100'aAnaconcia Cop Par $25
'Assets Realization
1,300 Baldwin Locomotive
700 Do preferred
9,000 Bethlehem Steel
1,315 Do preferred
900 Brooklyn Union Gas
3,760 California Petrol v t ctfs_
1,450 Do preferred
50 Case(J I)Thresh Al pftrcfs
42,550 Central Leather
745 Do preferred
11,300 dehino Copper_ __Par $5
Cluott,Peabody & Co,Inc
Do preferred
colnosroald
idoat
F
eu
deG
i&
asI(N
on
6:250,C
103 103
*10212 104 *10212 10312 *10212 10312 §10214 10214 103 103
34
34
34
34
14 .3334 3114 *33
35
34
34
*31
/
4 10053
*102 10314 *100 10212 *101 10214 *10112 10212 10134 10134 991
10913 110
*110 112
11034 11178 11012 11012 110 110 *109 111
122 12212 122 12278 12134 12212 12134 12218 12178 1223, 12134 12212
250 252
25412 25412 254 256
252 25212 252 252
25373 251
10578 10578 *10512 106 *10512 106
10514 10514 *105 103 *105 106
1712
*14
1714 *1412 1712 *14
1712 *14
1712 1612 1034 *14
77
*7712 7012 7778 7778 *7612 7912 *7013 7714 x7512 7634 *74
15
*13
15
*13
15
*13
14
*13
1512 14
15
*13
351'3 33
/
4 3634 33
364 3633 3614 3634 3612 3634 361
*14
20
20
*14
20
*14
20
*14
*17
20
20
*14
5018
5033
5014
503
51
*5012
51
51
5034 5034 51
5114
10814
10812 10312 10312 10812 .108 10912 *108 10312 108
*103 112
4278 4414 4134 4234 4113 4213 4073 413,3
4334 24
4312 44
8334 8438 8314 8334 *8373 8434
85
8512 8534 18512 8512 85
127 127
127 127
12714 12712 127 127
*125 12712 *12412 127
2712 2014 2714 2612 2612
275s *27
28
2312 2712 2734 27
67
6714 0714 6714 67
67
67
8712 6773 67,4 6734 ;67
87
*83
87
*83
*8318 87
87
187
87
*83
87
*83
3512
1
4 3534 35
3534 3612 36
3678 3512 3673 3514 3633 34/
9978 9978 *9912 100
1
4 100
99/
1
4 9978 99/
9934 0934 100 100
423r 4134 4214 4134 4218
/
4 4234 42
424 4258 4218 4234 421
70
*67
70
*67
70
70
*6612 70
*67
*67
*67
70
*10114 10234 *10114 10234 *1011/ 103 *10114 10234 *10114 10234 *10114 10234
*3234 34
33
3334 3334 8433 3314 3334 3234 33
33
533
13314
13212 13234
133 13312 *13234
13434 13478 134 13412 134 134
918 p:3 24,080 Corn Products Refining_
83s 938
934 1134
734 853
1134 1178 1134 1178
6534 6,650 Do preferred
63
65
6612
60
6312
6978 6334 6812
*68
697s *68
400 Deere & Co pref
9554 9513 9514
*9534 964 *9534 96,s 9534 9534 9534 9534 *95
1914 .1834 1914 1812 1834 1812 1812 .1814 1873 1,020 Distillers' Securities Corp
19
1938 19
General Electric
146
146
14512
14012
2,391
1463
4
147
14711
147
143 14814 5148 148
76
77
7614 7434 7534 2,900 Gen Motors vol tr ctfs_ _
76
7553
7538 75
75
0
94
76
Do pref v t ctfs
94
031.
3
:2
2
94
94
04
9
73
1,670
7
12
923
4
4
923
923
4
9234
od
oricpliree
/
4 2212 211
2218 2238 211
feorre
2,820 GoD
/
4 22
ffi
a F)
234 2312 2314 2312 2214 23
*85
86
8812 *85
8812 .85
8812
8812 *85
8912 *80
*86
5014 57
56
5618 5,950 dG uggenh Explor Par $25
1
4 5678 5718 5012 57
5638 5634 5638 57/
18
1773 18
9,800 dInsp'n Con Cop Par 320
1
4 1773 1812 1778 1838 18
1714 1712 1738 17/
/
4 10512 10814 z106 10312 10012 10712 10534 10534 6,500 Internat Harvester of N J
*10412 10514 105 1061
.11712
•11712
Do preferred
*11712
51 1-6S3-4 z10512 10512 *103 10534 10412 10412 1,200 Internat Harvester Corp_
'
*1044 10514 10512 10iE1-2 1714
Do preferred
*116
_ *116
*116 ---- *116
---jut lot Mer Marine stk tr ctfs
*238
*234 3
233 3
-71iis
234 **-2.14
*238 3
*034, 11
•1014 11
*1013 11
1078 1078 *Pt 11
*101s 11
100 Do pref stic tr ctfs_
ernn
o apttirS
oontf arlrul
912 *9
e ap
91, *812 912
pu
er
mp
910 n Dttc
938 938 *9
812 834
9
9
•3612 37
*3612 3712 *36
37
37
*3613 3712 .3612 3712
200
38
*012 8
*612 8
Steam
.012 8
*012 8
*612 8
*612 8
Do preferred
29
29
29
*22
29
*22
*23
*23
29
29
*22
86
110 Kayser & Co (Julius)
8812 86
8,03 *86
*8612 83 *8612 8812 *86
8812 *86
Do 1st preferred_ --*106 10812 *106 1081: *106 10312 *100 10812 *100 10812 *106 10812
Kresge Co (S S)
*9313 100
*9312 9812 *9318 96
*94 100
*94 100
*9312 100
Do preferred
*10134 106 *102 106 *102 106 *102 106 *102 105 *102 105
Liggett & Myers Tobacco
*220 225 *215 224 *220 224 *222 224 *220 224 *220 224
312 Do preferred
*108 117 *109 117 *115 11612 116 11612 11612 11612 *115 11712
500 Loose-Wiles Bis tr co ctfs
3414 *301: 341
*34
3414 *32
34
/
4
34
*33
35
34
34
Do 1st preferred_ _ _ *101 103 .101 103 *101 103 *101 103 *101 103 .101 103
Do 2d preferred
*93/
1
4 99
09
*93
99
*93
*9312 99
*93
*93
Lop
rio
llarp
e)
d
dre
Cfo
err
(P
171
100
*167
171
*16712
163
163
.16712
*167
171
*16712 171
171
- *113 __ *113
*113
.112
- - *112
*111
Mackay Companies _
*8312 85
*8312 85
85 .8312 IS *8212 85
*SO
*8314 85
188 Do preferred
*07
70
§69
*6434 70
69
6918 6913
6424 70
*6434 70 .
6312 61
pp
re
afretrr
meednt Stores_
nyoDe
61
6112 61
*59
6112 1,600 Ma
6312 635s saps 6412 61
.9912 101 *100 10112 *100 10112 *100 10112
*99 101
*09 101
Mexican
4,700
0758
69
69
67
68
Petroleum
663
4
67
6812
2
6812
693
69
69
2418 24
2334 2418 24
24
24
244 24
3,100 dMiacril Copper---Par 35
/
4 24
2418 241
4918 4912 4,300 Montana Power
49
50
10214 10238 10238 10212
500 Do preferred
- 136 136 *115-- 13634 §135 135 *13314 135
410 National Biscuit
•1-3-5 - 13713 136 116-78
450 Do preferred
12234 12234 12278 123 *122 12311 *122 12312 *122 12312 12212 12212
12
450 Nat Enamerg & Stamp'g
11
11
*11
12
12
1212 12
12
1218 1213 *12
88
Do preferred
*SO
*SO
83
*80
83
*80
88
88
*SO
080 88
100 National Lead
*48
52
*48
52
*4812 52
4934 4934 *4812 52
*4934 52
109
*106
109
Do preferred
*106
109
*106
109
*106
109
20
5109
108
*107
1
4 1578 1578 157a 1534 1578 1512 1558 1538 1558 1514 1514 2,325 dNevada Cons Cop Par $5
15/
76
7612 *74
75/
1
4 76
*74
7612 1,900 North American Co(new)
7412 7412 7412 7478 *74
1
4 2538 *21
700 Pacific Mail
2414 2414 2312 2312
25
I, 2514 2514 2518 2512 25/
1 *2814 29
29
29
2958 31
2,725 Pacific Telep & Teleg
2912 30
2934 3014 *29
31
2,500 People's 0 L & C (Chic)_
,*124 12434 12412 12434 12434 12434 123 12412 123 12334 12234 123
2158 2012 2114 2034 21
1,700 Pittsburgh Coal
*2014 21
2134 2114 2158 .21
\ *21
, 39112 03
9213 9212 91
1,700 Do preferred
9212 93
9114 9112 91
91
92
44
4434 44
4434 45
4434 4434 44
4334 4418 3,100 Pressed Steel Car
1 4412 45
150 Do preferred
*10312 1014 104 104 *104 105 *10312 105 *10313 105 *10313 105
200 Pub Serv Corp of N J
/
4 11313 *11218 11312 11312 11312 *11313 11412 x11212 11212
*11212 113 *1121
2,051 Pullman Company
153 153
15218 15212 15233 153
15212 15278 153 153
153 153
3018 23
3114 3134 3114 3112 3013 307$ 28
2812 4,600 Railway Steel Spring_
31
\ 31
400 Do preferred
9678 971
/
4 *9613 09
9512 99
97
97
*9613 98
*9512 99 .
211
/
4 2134 211
/
4 204 16,550 dRa yConseopperPar$10
2153 2178 2134 2213 2178 22,8 2158 22
2,500 Republic Iron & Steel
2514 2514 2518 2513 2434 25
2512 26
, 2512 2534 2514 28
8812
8812
1,026
873
Do preferred
4 8734
8013 8914 893s 8853 8853
58033 8938 89
*10
1112 .1014 1112 9,020 [futilely Co (M)
934 10
9
1058
, 1113 1312 1014 12
2012 2778 28
*27
30
4,050 Do preferred
26
281
/
4 3034 251
/
4 28
2012 31
*18612
190
18712
18712
200
Sears, Roebuck & Co_ _
18712 18712
*18812 190 *186 190 *185 190
3112 3112 *3014 33
*30
35
200 Sloss-Sheffield Steel & Ir_
3112 3112 *3113 34
32
*30
36
1,350 Standard Milling
361
/
4 3(334 3714 3013 3612 3013 3612 36
*3212 3414 35
*65
__
566
66
*65
25 Do preferred
66
65 .65
565
*64
60
*3013 3114 30
3014 31
3058 3,400 Studebaker Corp (The)_ 31
2834 2012 2914 2914 29
8513 8573 *85
80
*85
86
85
510
Do preferred
*8213 85
185
*8212 85
35
/
4
35
/
1
4
35
351
34
/
1
4
4,000 dTennessee Cop_ _Par $25
35
1
4 3512
3514 3533 3538 3534 35/
1
4 14713 14712 147 147
147 147
4,100 Texas Company (The)....
14773 148/
14712 14734 14714 148
04
*82
92
*84
92 .84
*84
92
Underwood Typewriter_ _
*8234 92
*8212 90
*110 115 .110 115 *10912 115 *10912 115
Do preferred
.110
*110 734 - 73-4
6/
1
4 7
7
71$
634 6/
1
4
6/
1
4 673 2,100 Union Bag & Paper
77 778
*25
30
30
2014 2614 25
2733 2712 .25
300 Do preferred
25
30
*23
*1031 1312 *12
1314 .1034 1212 *1034 12
1134 12
510 U S Cast Iron Pipe & Fdy
12
•11
40/
1
4 42
45
4134 4134 42
4214 4214 .42
Do preferred
42
560
*40
48
77
76
77
7(312 76
77
77
76 .75
800 U S Express
77
75
75
1
4 0278 6234 6313 563
06112 6313 62/
62
02
MO U S Realty & Improv't
*60 63
63
6214 0114 6134 §62
6134 6213 62
62
*6114 6134 2,160 United States Rubber
62
62
104 104
10378 104 510314 103/
1
4 1031
104 104
/
4 103/
1
4 2,456
Do 1St preferred1037s 104
/
4 6518 64
6438 6314 6414 6314 64 109,525 United States Steel
6538 1341
644 6514 64
1
4 110
7,400 Do preferred
11016 11012 11014 11038 110 11014 110 11018 110 11014 109/
5534 55
5514 56
5534 5638 58
5612 23,300 dUtah Copper__ _Par 810
534 5534 5534 50
3414 3434 3312 3438 3218 3334 3112 3218 3183 3158 3112 3158 8,900 Virginia-Carollna Chem_
103 106 *10414 10518'105 1064
800 Do preferred
107 107 *10512 107
*10612 108
6258 6212 634 20,825 Western Union Teleg_
8332 0332 6314 6338 6318 631s z6213 8214 62
7614 7578 764 7512 76
10,10. Westinghouse El & Mfg_
7612 7758 7612 7614 70
7712 78
Do 1st preferred_ ___
*118 125 WS 125 *118 125 *117 120 *119 125 *119 123
9934 *03 100
9812 9318 *98 100
09
900 Woolworth (F W)
99
*03
991s 99
11714 11714,
290 Do preferred
•117' 11712 •117 11712 *117 11712 •11678 1171: 117 117
10
Range for Precious
Year 1913.
Range since Jan. 1.
On basis of 100-share Lots.
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
1Veek
Friday
March 27 Shares
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Lowest.
Highest.
997 Jan 9 104 Feb 20
28 Jan 6 3712 Feb 16
97 Meti 12 10078 Jan 24
1091s Mch 27 11378Jan 7
1174 Jan 2 12414 Jan 30
2421s Jan 14 250 Mch 23
10134Jan 7 10014 Feb 20
1312 Mch 4 2078Jan 28
7213 Alch 4 83 Jan 26
1338Feb 16 l74 Jan 23
3334Jan 9 381 s Feb 3
16 Meh 11 298 Jan 8
3S12 Jail 7 513 Mch 5
10212 Jan 16 10812 Meh 23
2912Jan 5 4434 Met. 11
68 Jan 10 86 Mch 11
121 Jan 5 130 Jan 24
18 Jan 2 3053 Feb 6
5058Jan 2 08 .Mch20
82 Feb 19 9518.1an 16
2578 Jan 14 367s Mch23
94Wan 6 10114 NIell 4
372 Jan 9 44 Feb 4
6812 Feb 25 70 Feb 13
103 Feb 28 10412 Feb 14
2812Jan 2 34's Feb 5
12912 Jan 3 13912 Jan 24
734 Mch25 13 Jan 28
60 Mch25 72 Jan 29
9134Jan 2 9934 Feb 3
17 Jan 9 2012 Mch 4
140 Jan 3 150* Feb 20
3738Jan 3 7914 Mch 10
77 Jan 5 95 Feb 19
1958Jan 17 2634 Feb 4
7978Jan 2 91 Feb 3
$4438 Jan 8 $5738 Mch 23
515'8 Jan 10 51812 Mch24
10078 Jan 3 11:112 Jan 22
11312 Jan 3 1184 Mch 4
10078Jan 3 11134 Jan 22
11472 Jan 6 1172 Feb 13
214 Feb 9
334Jan 27
812 Feb 10 15'4 Jan 30
838Jan 5 1078 Feb 2
3518 Mch 10 41 Jan 31
615 Jan 9
98 Jan 20
19 Jan 2 29 Jan 19
80 Jan 19 91 Mch14
106 Mch 12 1061* Feb 9
81 Jan 6 105 Feb 25
99 Jan 13 105 Mch 3
22934 Jan 5 231 Arch 1
11138Jan 6 118 Afch18
3158 Mch 12 38 Jan 26
103 Feb 26 105 Mch16
89 Jan 2 95 Jan 24
166 Jan 20 178 Meh 11
110 Jan 6 11514 NIch14
77 Jan 12 87/
1
4 Feb 20
6518 Jan 2 70 Jan 27
61 Mch24 6914 Jan 17
100 Feb 13 10134 Feb 9
4612Jan 2 7312 Feb 9
$211
/
4Jan 3 52414 Jan27
49 NIch26 50 Mch26
10214 Alch26 10212 Alch27
122 Jan 6 139 Feb 3
11014 Jan 13 12313 Feb 4
97 Jan 8 14 Feb 3
88 Mch 7 86/
1
4 Mch 10
44 Jan 3 52 Jan 26
105 Jan 13 109 Feb 18
$1458 Jan 7 51612 Jan 26
65 Jan 2 7914 3.1c1114
2313 Mch 10 29 Jan 21
2612Jan 9 31 Jan 24
120/
1
4 Jan 3 125 Jan 5
1778 Jan 3 2312 Feb 4
8612Jan 7 9312 Feb 4
2634 Jan 5 4512 Feb 2
9734 Jan 15 10514 Mob 5
107 Jan 13 11312 Mch25
15112 Jan 6 159 Jan 28
2514 Jan 7 3438 Feb 2
80314 Mch 6 101 Feb 14
31734Jan 9 62218 lUch 23
1934Jan 5 27 Jan 27
80 Jan 2 9114 Mch 11
9 Jan 30 18 Jan 14
26 Mch25 41 Jan 13
183 Jan 3 193 Feb 2
27 Jan 3 35 Jan 26
32 Jan 7 3714 Mch24
6412Mch19 66 Mch 6
20 Jan 3 31 Mch24
70 Jan 5 87 Feb 6
33178 Jan 9 83634 Fen 11
128 Jan 3 14978 Mch 5
:84 Mch 20 83 Jan 31
108 Jan 16 :111 Mch20
518 Jan 12
813 Jan 31
25 Jan 9 3212 Feb 3
1058Jan S 1312 Jan 23
40 Jan 8 49 Feb 6
46 Jan 7 87 Mch 10
54 Jan 7 6334 Mch 10
6734 Jan 3 63 Mch 14
101 Feb 10 i048 Jan 14
5713 Jan 3 6714 Jan 31
10614 Jan 2 11224 Jan 31
$4S7 Jan 10 $5612 Mch 27
28 Jan 7 34s Mch20
9614 Jan 3 10712 Mch 20
5723 Jan 16 61378 Feb 18
64 Jan 3 7878 Mch 16
1157s Jan 19 119 Feb 11
9213 Jan 3 10314 Feb 5
1123 Jan 5 1183
:Arch 6
100 J'ne
25 J'ne
9072 Dec
11018 .1'ne
110 Dec
200 Joe
90 J'iy
1413 Dec
74 May
/
4 Nov
111
307z Joe
22 Dec
3012 Dec
10014 J'ne
25 Joe
6214 Joe
120 Oct
16 Aug
45 J'ly
9014 Dec
17 J'ne
:88 J'ne
3035 J'ne
2412 J'ne
12518 J'ne
753 J'ne
8112 J'ne
9112 Dec
984 J'ne
12934 J'ne
25 May
70 May
1518 Nov
7384 Nov
4034 .1'IY
13/
1
4 Dee
96 J'ne
ill May
9512 J'ne
111
278 J'ne
1212 J'ne
612 (let
3211 Oet
412 Dec
1578 Dec
77 Dec
10612 Oct
58 J'ne
97 J'ne
195 J'ne
10612 J'IY
21 J'ne
89 Aug
84 J'iy
z150 J'ne
103 J'ne
75/
1
4 J'ly
62 Dec
65 Oet
9712 J'ne
4134 Nov
2038 J'ne
104 J'ne
116 J'ne
9 J ne
7414 Oct
43 Oct
100 J'ne
13 due
60 J'ne
16 J'ne
22 Nov
104 J'ne
141
:J'ne
73 J'ne
1812 Joe
8813 J'ne
105 Dec
140 Sep
2214 J'ne
9014 J'ne
15 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
15434 J'ne
J'ly
31 Dec
5212 May
1534 Dec
6412 Nov
:2634 J'ne
89 J'ne
78 J'ne
1C4 J'ly
4 Nov
1812 Nov
914 inc
40 Dec
38 Dec
4934 Nov
51 Nov
93 J'no
49/
1
4 J'no
10213 J'ne
391
/
4 J'ne
22 J'ly
93 J'nt
5112 Dec
531
/
4 J'ne
10778 J'ne
8112 Pas
109 J'as
Highest.
105 Jan
4012 Feb
119 Jan
nos8 Jan
140 Jan
29434 Jan
lois Jan
2312 Sep
82 Sep
3214 Jan
4117 Jan
120 Jan ,
531,.lan
10512 J'ne
411, Jan
74 Aug
137, Jan
561, Feb
86 Jan
103,
s Feb
3013 Feb
9714 Mch
4758 Jan
4112 Feb
14233 Jan
171s Jan
7014 Jan
10018 Jan
•_1:, Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
53,
3 Jan
2038 Jan
11112 Sep
116 Oct
11014 Sep
11434 Sep
4,
8 Jan
Jan
1'258 Jan
4812 „an
1812 Jan
70 Jan
91 Feb
110 Jan
83 Sep
102 Jan
235 Mch
11612 Jan
3978 J..n
105 Jan
95 Jan
200 Jar117 Feb
87 Jan
69 Apr
7618 Jan
1051/ Jan
7814 Feb
2612 Jan
130 Sep
.
1241
/
4 Jan .
1914 Jan
9214 Jan
5014 Jan ;
108 OeS
20 Jan
8113 Jan
811k Jan
46 Jan
12934 Sep
2438 Jan
95 Jan
36 Jan
10118 Jan
118 Jan
185 Jan
35 Jan
100 Jan
22 Jan
2838 Jan
9214 Sep
9214 Jan
9834 Jan
21312 Jan
4512 .1:%,n
4Q1 Jan
6678 Feb
38 Feb
0314 Jan
3912 Jan
13212 Dec
991 Jan
113 Jan
734 Jan
4134 Jan
1634 Jan
504 Jan
66 Jan
77 Jan
6912 Apr
10114 Apr
6918 Jan
11034 Jan
60$s Jan '
431s Jan
114 Jan
7518 Jan
7914 Jan
119% Jan
112 Jan
1181, Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Isi'd 11
First
Fiatbush ...Greenpolnt .
---Hemestead
Manufact'rs.
MechanicalMontauk
Nassau
Bid
Ask
276-
150
200
130
110
150
80
400
125
205
fir
100
425
140
140
220
Banks
lirookiyn
NatIonat (Sty
North SIde1.
People's --
Bid
Ask
273
175
145
285
200
155
Trust Co's
N F City
Astor
Bankers' Tr
is'way Trust
355
435
150
365
440
155
Trust Co's
N Y CUy
Central Trust
ColumbiaKalcherhoc
Commercial Empire
Equitable Tr
Farm L & Tr
Fidsilly
Fulton
Guaranty Tr
Bid
Ask
1005 1020
440
450
85
300 310
415 425
1090 1110
205 215
275 300
550 565
Trust Ces
NY City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Muel (Westchester)...
Bid
Ask
130
153
120
360
135
105
130
370
130
143
130
143
Trust C.', Bid
NY City
N Y Life & Tr 970
N Y Trust,,,... 590
Title Go & Tr 410
Transatlantic 200
Union Trust- 385
U S Mtg Tr 410
United States 1045
Westchester
140
Ask
990
605
420
220
395
420
1065
-__
Trust Cos's Bid
Brooklyn
Brooklyn Tr_ 470
Citizens' ___ 135
Franklin __-_ t25412
Hamilton - 270
100
Homo
Kings County 570
125
Nassau
People's ___ 285
Queens Co _ 85
A4
490
140
280
115
ifs"'
295
100
•Bld and asked prim: no sales on this day. 5 Leos than 100 shires. j Ex-rights. a Ex-dlv .1c rights. S Naw stock. d Quoted dollars per share. t Sale as i
4taalt nxibange of at suotion this week. s ya-stook dividend. I Divas marked ssltb a paragraph (I) are State banks. I Ira-dividend.
082
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange niothOd of filatin9 bonds Was changed. and Prices are now ail-"and interes1"-ezcept tor income
and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week lending March 27
Price
Priddy
March 27
Week's
Ranee or
Lost Sale
ca
Rowe
since
Jan. 1.
N.
BONDS
y. STOCK EXCHANGE
Week Ending March 27
...a.
ism
"may
March 27
Week's
hangs or
Lasi sale
Ranee
since
Jan. 1.
U. S. Government.
U 8 2s consol registered_d1930 Q- J
U B 2s consol coupon
S1930
U 8 3s registered
t1913
U 8 35 coupon
k1918 Q-F
U S 4s registered
1925
U 8 44 coupon
1925 T-F
F
118 Pan Cana110-39-yr 29 k1930 QU S Panama Canal 3s g_1961 Q-M
But
Ask I..ie
814
MO Na. Low High Chesapeake & Ohio (Con.)Ask &no
Ilteh No. Low 111,8
General gold 4 eis
981_ 10 9813 9834
9834 Si 9812
1992 JA-8 94 Sale 04
9412 13 9314 984
2
a1-13
99 119
1992
Registered
09 Salo 9874
98 99
O32 Feb '14 _
9313 Nei
102 103 10214 Mch'14
Convertible 43s
10214 10211
1930 F-A 3233 Sale 8271
8358 57 797 861
1027
102
1944 J-1) 83 8014 8513 Feb '13
3 102 10278
Big Sandy let 4s
10278
Coal River By 1st gu 49_1945 J -D' 83 85 5(413 Feb '14
112 1124 11212 Mch'14 ___. 1114 11212
841's 86
_ 1124 Feb '14 - 11212 11314
11212
19401)-J 1 9814
Craig Valley let g be
11812 Dec '13
9812.
.. _ 9512 Jay '13..
1046 .7 - j
Potte Creek Br 1st 4_
8434 Jan .13 _9
1
4 10214
10134 102/
I
R
&
for
8814
A
foili
J-J
49..„1989
Mch'14
10214
Div 1st con g
88/
1
4 ---_- 88 813
2d consol gold 4s
1989 J-J ...... 85 5313 Feb '1 - 831, 851,
• Foreign Government.
Greenbrier By lit gu g 49_1945 M-N; 8514 90 96 Oct '1
Argentine-Internal Is of 1909_ ra- a L 954 98 9512
9512
2 9512 98
61
Chic & Alton RR ref g 3L,l949 A-0 61 Sate 61
2 61 67
Chinese (Iluktieng) By 5s Z---- J-D 1 88 8934 8834 Mch'14
50
88 8912
6 50 5512
Railway 1st lien 3 s___ _1950 J -J .- -. 4912 50
Imperial Japanece Government
9914
Chic
2 9914 9934
Denver iv 49_1922 F-A 994 100 9914
Sterling loan 4 Sas
8912 16 88 9034
1925 F-A I 8812 Sale 88
8414 16 82 85
3 84
inB
1940 j- J
ois
k 3I.
1
1
8058 11 8612 8913
2d Series 4%s
1925 J -J 1 8534 8612 8612
1949 3 - J -------- - - - - 15014 Aug •12
Registered
Sterling loan 4s
1931 J -J 1 7712 80 7914 Mch'14
9518 13 93 96
784 80
1949 J -j 9434 Sale 0434
Illinois Div 4s
Republic of Cuba 5s eaten debt- 111- ; 9914 1034 9934
2 99 10012
10014
1949 J -J .-- ---- 93 J.ne'13 _..
Registered
External loan 43 s__
1949 F-A ; 9112 944 9412 Oct '13
Iowa Div sing fund 53„_1011 A-L) 10213 ....... 10134 Nov.13 -Tokyo City loan of 1912
I 8814 97 87 Mch'14
1919 A-0 9814 9834 98 Mch'14... "TA 981,
Sinking tune 4s
-88- .16U 8 of Mexico s f g 53 of
4 80
8414 Jan '14
1899
Mch'14
9634
1927/,'-N90/
9434 97
1
4-84 85
Neliraaka Extension 4s
Gold its of 1904
68 Mch'14 96;33 Sep '12
1954 ?-j
-0 8512
1927 M-N 95
Itegistereci
rus$ are ptees on the b oats of6825 to68t Southwestern
9814
-884 1921 NI-S 98 ---- 984
9-i3-1;
Div 4s
State and City Securities.
Joint bonds. See Great North
N Y City-4%s
1960 M-S 10114 Sale 10074 10114 77 100 102
94
63 9114 9412
1958 M-8 937s Sale 9313
General 4s
43s Corporate stock
10612 144 10334 10812 Chic & E !Bret& imp 42 g_1955 J -.1 f7,-- 50 6012 Mch'14
1963 M-S 10812 Sale 106
60 68
4
Corporate stock
1959 M-N 9712 Sale 0712
1
4
10714 109
let consol gold Os
9734 53 9512 97/
1934 A-0 110_ 109 Mch'14
4
Corporate stock
6 9534 10012
1953 M-N 9733 Sale 9738
7 9512 9734
General consol let Is
975
1937 1,1-N 993s kiI/14 9912 100
4
Corporate stock
1957 M-N 9712 9812 9734
Registered
98
15 9534 98
1937 SA-N ..-- 99 98 Feb '14.- 98 93
New 43s
10612 35 10338 10812
Pur money 1st coal 53_1942 F-A --... 9712 9734 Feb '13
1957 M-N 11)812 Sale 108
New 4 eis
10134
2 10112 102
10134
1917 M-N 10112
Registered
1064 19 10378 10634
4%7
0 Corporate stock1957 re-N 10014 Sale 108
Chic & Ind C Ry 1st 5s___1936 J-J
9624 11;
.3
99 100 -9834 ig
4 % assessment bonds_1917 M-N 101Is 10134 10112 mch1.4 ---- 10112 10212 Chic Great West 1st 4s____1959 81-S 7412 Sale 74
7412 109 70 751s
3t% Corporate stock_1954 PA-N 8614 8714 864
18 85 87
87
Chic Ind & Loulsv-Ref 63_1947(J -J 110 120 11812 Mch'14
118 11912
10114 10134 1014 Mch'14 ---- 100 10118
N Y State-4s
1961 AlRefunding gold 5s
10312 10334
1947 J -J 10414 -- 1035 Mch'14
Canal Improvement 4s
/
4 Sale 10132 1011
5 974 10113
Refunding 49 Series 0_191 J-3 81 -_ 9934 Apr 11
1961 J -J 1011
Canal Improvement 4s
1962 j-J 101 10134 101 Mch'14 ---- 99 10112
Ind & Loulsv 1st gu 4s
1956 j-J
.-- 88 J'iy '12
Canal Improvement 49_1960 J -J 1004 _ _ 10012 Mch'14 ---. 10012 10012 Chic Ind & Sou 50-year 49_1936 J -J 844 8319 9014 Aug 12
Canal Improvement 4)0_1964 J-J 1094 Sale 1087s 1094 73 10734 10918 Chic L 8 & East let 4 Sas
104 Dee '11
1969 JD
10918 225 10713 10913 Chic Mil& St P term!g 59_1914 J -J 1004 __ 10012 tech'1
Highway Improv't 4%9_1963 M-S 109 Sale 10874
100340i
South Carolina 4)s20-40 1933 J -J
10312 J'iy '10.
--93 94 93
Gen'i gold 4s Series A___01989 J-J
21 92 9034
931
Virginia funded debt 2-39_1991 J -J 823s - -- 8434Jan '14
e1989Si-J 91 ---- 9212 Mehl
-1454 -a3-4
Registered
924 9314
5434
54 5412 54
Os deferred Brown Bros ctfs-e1989 J -J 8014 82 814 Sich '14
Gen'i gold 3Ses Ser.B
54 60
80 8334
el989
86 J'ne.11
Registered
9113
9111
Railroad.
25-year deben 4s
-J
9074
Sale
1934 J
66 -88- -9f12
A nn Arbor 1st g 4e
h1995 Q-J 85 68 85
6812
1932 J-D 10112 Sale 10073 10112 110 100 1033s
4 85 74
Convertible leis
/itch Top & 8 Fe gen g 49_1995 A-0 9512 Sale 954
103 238 10033 10314
/
4 Sale 10234
Can 4;2s Ser C
e 1981i J -J 1021
9512 79 93 98
....
104
er
10234
-J
J
55....1921
199 ,A.-0, 9412 95 9414 Mch'14-- 9213 95
Chic & L Sup Div g
Sep '13
Adjustment
e
1
4 Nov '13
h19951Nov1 87 88 87
gold 4s
8714 13 84 8818
Chic & Mo thy Div 5s__1925 J -J 106 -_-_ 103/
_
Registered
Chic & P W lit g 5.s
h1995 Nov--1921 J-J 10314 1041s 10334 Mch'14 16 10212 104
80 Mob'13 -87- 93
93
Stamped
9284
88
C al & Puget Sd let gu 49_1949 J-J
8832
h1995 el-N
8712 21 8433 881-2
9334
89 97
98
ony gold 4s
1916 J -J 20063 --- 1003; Nora3
51 94 100
2 ....i
Dak eic Grt Sou gold 5s
1955 J-D 9634 9734 97
9912 May'13 --onv 48 issue of 1909___..19B5 J-D
1920 J -J 1083s ---- 1081
Dubuque Div lets f 6s
108 10812
110
Xne'18
__._
1124
Cony 4s (issue of 1910)
9712
9714
92
,
Far & Sot, asstun g 6s
1960 J -D
9812
9734
1924 J -J
-5•-iis 164
102
10-year gold Is
14 9978 102
La Crosse & 1) let 5s
/
4-- 1024 Jan '14
1919 J -J1 1021
1917 J-D 102 10214 102
lair& girs
Bast Okla Div 1st g 49_1923 M-S 9434._ 9412Mch'14 ---- 9134 9412
1921 J -J 10234__-- 10334 Mch'14
Wls & Minn Div g 5s
102341033's
91
7
9034
eels
Short Line 1st 48 gold
9034
Sale
944 9413
1920 J-J 10833 10914 10734 Sep '13
Wis Vail Div let 63
1958 J -J
9134
101 1011s
Cid-Ariz 1st & ref 4 eis
Mil & No cons ex 43s _1934 J-D 10034 102 10118 lach'14
1962 M-S 9712 98 98 Mch'14 --- 9714 9813
II Fe Pres & Ph let g 5s 1942 M-S 106 108 109 Mch'14 --- 104 109
1934 J -D lulls- 10134 tech.14 ___ 9934 101/
1
4
let extended 4Sas
10214
10214
3
1013
4
-.
10211011s
2
10214
Jan
F
10214
M-8
Q
'14
Chic & 8t Louis 1st 6s
102/
1915
---1
4
1014
10118 Chic & Nor West cons 7s
1915
9412 Mch'14 __ 944 9412
1
4 _
AU Coast L lit gold 4s___h1952 54-13 9334 Sale 934
94
26
Extension 49
1886-1926'F-A 94/
9
95 Jan '13 -----------Registered
95 95
lt86-19261F-Se 114 ..-- 95 Feb '14
h1932 M-8
Registered
82es 11 80 84 I
"
i 50-year unified 49
1959 J-D
General gold 3e9s
19871M-ell 82 821-e 8254
---; Ala Mid let gu gold 5s
1928 M-N 104 __ 193(4 Mch'14 --- 10314 10314
p1987 la-F. .„.....-s. 7812 Jan '14 --ii 7812 783Registered
971
93 9734
' Bruns & W lat gu gold 43_193 J-J 90 9,1 95 Aug'12 --General 4s
1967 ei-fil 9712 95 97
Sinking fund es----1879-1924eAs4); 108 ---- 106 Sep '13...
c Charles & Say 1st gold 79_1936 J-J 12934 _. _
---, L & N coil gold 4s
01952 M-N 92 9234 -iii- 3,1&-1,-1 ---- -87
Registered
1- Ili11179-1929f it-S.Si 4J614 ...... 10512 Dec '13 ......
; Say F & W let gold lls____193 A-0 1187s ....__ 12313.i.ne 12 ---Sinking fund 5s
1379-19294-01 104 .-- 10414 Mch.14.._ al;fa;
1934 A-0 10514 11212 110es Mavis ---- -------' 1st gold Is
-Registered
,.„ 102 Oct '13
1879-19W1--(S. '1.
-4
,
1
4 ---- 98
1 go 96
1918 J-J 95/
96
SR Sp Oca & 0 gu g 4s
ebenture 5s
1 1001l021g
la211,-- I Ihi 1024 10214 10214
al 911
/
4 91
alt & Ohio prior 9%8-.1926
Regis's...red
11,21.„-421 ,..... . -101 Dec '12 ....9134 31 00 9234
en
9012
90
Feb
'14
Sinks:sr
h1925
Mch'14
Registered
r(awl deb Ile...._il,-Stilies41 10a re ;318 10274
15;
2
7
4 for
---- 90 90 I
9412, 93%
39 9074 06
941
/13.948 A-0
i Gold 49
Iteeretsree , s
' I 7e.8.! al•ii ,,.. 102 10974 Aug'13 ....
Piss 93 93 Mott.14
h1943 Q-J
Registered
V
.,:es.e,S',..1s .'s 1.Nris.V Ist es. _S;ealt•44.-1.31 .12e7-4 ..... 12034 Feb '14 ----: HO
904 94
'
664
9214 Sale 92
1933
'20-yr cony 4 See
135
Man el kr• ti NW
924 54 9034 9434
9012 Sep '09
3Sis 1541
.
Pltte June let gold 6s___ _1922 J-1.1 10634_ . 112 Jan '12 -__
5.1.11w a 8 1. 1st gu 3%e__1114"
, P June & M Div 1st g 3%21925 54-N 874 90 90 Feb '14 _-_, -864 -9-6Mil L 8 & West let g es__1921 P4-h' 4094 ___ 16637, Feb '14
lio
871
6 84/
1
4
1
4 8013
Eat & imp, s f gold 5s__1929 F-Al 10614 110 1064 Slen'14
1 P L E & W V a Sys ref 44_1941 M-N 8714 83 87/
1064 10615
90/
1
4 11 8714 9112
i Southw Div lat gold 3%9_1925 J LJ 9012 91 9012
Ashland Div let g 6e___1925 PA-ii. 41314---- 11318 Feb '14
1134 1131s
Cent Ohio R 1st c g 4%9_1930 21-S 9913 __ 190 Apr '13 ---- ---- --Mich Div lit gold 69_1924 3-J ; 1134 ---_ 11314 s1eh'14 - - 11341134
931, - 3 91 94
Mil Spark N W let gu 49_1947 M-5I 934 94 laps
Ci Lor & W con lst g 69_1933 A-0 10512 ___ 103 Nov.13 ---- --- .--Northw Union let 74 g__1917 M-81 10714 ---- 108 Mch'14,,__ 108 10814
Monon River let gu g 5s-1919 F -A 1004 _„10214 J'ne'lZ ---%Vino's& & St P let eat 72_1916 J -DI 10634 ---- 10638 Nov'13.
; Ohio River RR lit g 5s_ _1936 J -D 10434 ____ 102 Nov.13 --10413 -i 10454 105
Sale 10414
1937 A-0 10134 10412 9833 Oct '18 ---- ----- Chicago Rock Iii & Pac es_itt7
General gold Is
i ;J:1 i IktZ:i
tiii- 104., mch.1
,...
R ogletared
Pitts Clay & Tol lit g 69_1922 A-0 10513 __ 11313 Feb '12-104/
1
41048$
. Pitts & West let g 4s
.8712
Sieneral gold 4s
1917 J-J
1988 .1-, i de% 8713 8634
84 8914
25 8413 87
86
116
--.............
83
91
440_1943
J-5
J.ne.12 ---- ---- -.. . steyistered
.
, Stet Id l ity let gu g
J-1)
1981
74 157 72 81
Bolivia Ry 1st 5a_
...1s.ancting gsid Is
_1027 J -I
103,1 ,a-CS' 7312 Sale 7314
108 - Feb .14 -___ id; f68
19-year debenture 3s
Buffalo R & P gen g 5s____1937 M-5
1951 .3-3 veJ Saie 697s • 704 242 6314 8012
.„.
/
4,
1 Call srust Series L 4s____1914 M-N ,__ .--- 97 Sep *11
1957 hl-N 1014 1024 10212 Mch'14 -- 10212 1021
C)onmol 4 As
1
4Jaitell ......
_
s. - - 94/
All& West 1st g 4s gu
94 Jan '14 -- 94 94 ' e 4s
1998 A-0 89
1918 re-ts
3914 810 "ai 53
..1, :Age R I & Pee RR 4s...._2002 al-fe -e8l Sale 3734
Cl & Mali lit gu g 59_1943 J-J 1044 -__.:: 103 J'iy '08
38 5114
Raab & Pitta let gold 92_1921 F-A 10914 ..... 1094 10913 --i i8812 1-04
siegistered
2002 el-Ft ---- ----38 Mch'14
1922 J -D 11012 ___ 11083 Feb .14 --- 11033 11058
Consol lit g Os
R I Ark & Louis lit 4%9_1934 toi-8 ..-- 89 85 J IY 13
anada Sou cons gu A 5s...1962 A-0 1064 Sale 19612
10612 18 103/
1934 A-0 4023s ---- 102 Dec '13
1
4 10634
Sur U R Is N-let g 5s
'14
Feb
4
1007
103
10074
1962
A-0
Registered
10034 Jaa '11
O R 1 F & N W lstgu5s_1921 A-0
1007* 11164
-oi Ii7i
CarClinch&Ohlolst 30-yr581938 J-D
m & 8t L lstgu g 7s
94 100 907s
991
/
4
19t7 J-1.) -- ---Central of Ga 1st gold 53.._p1945 F-A 10734 ____ 108 Feb .1
Choc Okla& Li gen g 52_01919 J -J ---- 9913 -ceila maY.15
108 108
a
1
.
3
i
/
4 10% Jan0.
1945 M-N 10234 Sale 10813 1034 --Li' 102 106
Consol gold Is
1952 ss-s, so 1001
Consol old 52
_ • Sagas as es eioines lit 53.1923 A-1.4; go 94 'a
Registered
"Eli; TA
1945 M-N . . 103 1C414 lach'13 -eS.eaul& K (.) 81s L lit 4ees'41 it- -A. .
Chatt Div par mon g 4s 1951 J-1) icl14 90 37 Sieth'I -- -a- -gy
7812 80
cihq
:
12
70
7
2P 2:1e
118 120
Mac & Nor Div 1st g 59-1946 J-J 10312 _ 40714Jan '1 ---- _. .... f..:35 P M & 0 con 66-1930 j-T. 1 -334 --4 17
'12
Dee
Mid Ga & Ati Div 5s
1947 J-J 10314 .___ 10212 Sep '13 -- ...... .-. Crae3 69 reduced to $%.-1930 J-0 3S 91 8914
103
101334 Ma 11 ..
Mobile Div lat g 53
8 NA' Lir
Debenture 514
1048 J-J 1044
193 M-g 103 Sale 1024
/
1
4 Meal ---- 9914 10038
..:Ih St P & Minn lit g is 191M-e; 1184 ---- 11612Jan '14
Oen RR & B of(1a col g 52_1937 PA-N 10034 101 100•
1101
:
11612
1987 J -J 1164 Sale 11612 11634
Coat of NJ gent gold 5s
North Wisconsin lit es-11/30 J-J (534.- 1204 May'09
8,114 117
Registered
h1937 Q-J 116 Sale 116
116
1 11334 lie I lit P & 8 City 1st g 69
107 108
1919 A-0 ani --- WS WW1
1041
Am Dock & Imp gu 59_1921 J-J 10414 104241041k
3 104 1041121 Superior Shor? L lit 54 g0193 al- El .-- - - -,Leh & Bud R gen gu g 53_1920 J -J 101 -- 100 J'ne*13 ---oille T ii A So east 1st 64_190 J -D - 85' -air Jiiii'li ::::. "ils" 85
1 10614 10012
N Y & Long Br gen g 4s.„.1941 1I-S 9422 .... _ 10012Jan '13--I Chic & WestInd gen g es-q193 Q-14 106 107 10614 10614
8334 12 -a3- 1614
Cent Vermont let gu g 4a-e11120 Q-F 8212 8441 8313
Consol 60-year 4s
1952 J-J 444 851 844
84Is
9 834 87
Chesapeake & Ohioshe It & Li 2u gold 4)0_1937 J -.I 93 974 90 Mch'14 ___ 93 93
Gen funding & Impt 5s......1929 J -J 100 10014 100 Mch'14
9834 100341 lit Is refunding 4s
1959 J -J ---- --1063
let consol gold Is
1939 M-N 10615 107 11)634
7 105 10774
1st guaranteed 448
1959 .1 -4 ..... /36.- -iii1-4.re-e-'11 :17.
1004AV:h
'
.
Registered
1939 tA-N 10414 ___ 103 Jan 1
loa 183 ! Cla 1) Is I lit gu g 53
1941 M-N .......
i&Ye fdirl;
-ia
S
it
IA
)
t
9,3 ....... 96..mcivi
ii
-iiii, -Ws;
C
•
AISCELLANEOUS BONDS-CoritInued on Next Page.
Street Rail way
Brooklyn Rapid 'Iran g 59_1945 A-0
let refund cony gold 4s-....2002 J -J
year secured not es se__ _19 is J -J
k City let con 59_1916-1941 J -J
Bk Q Co Is 8 con gu 52_1941 1A-N
Bklyn Q Co & 8 1st 59_1941 J -J
Bkiyn Un El 1st g 4-Ss___1950 F-41
tamed guar 4-59
1950
Kings County El 135 g 49_1949 -A
Stamped guar 45
1049
_Naasau E lee guar gld 4s_1951 J -J
97hIcago
Rwys let 13
1927 F-A
1
Conn lty k L lstskref 5g 4 Se s '51 J-J
Stamped guar 4 Ses
1951 3-s
Deb United lit cons g 4%1..1932 J -J
Ft Smith Lt Is Tr let g 53_11)36
Grand Rapids Ity lit g 52.._1916 J-D
Havana Bloc consol 5s
1952 F-A
r
Street Railway
1
4 102
£01/
1
4 1031,102/
9941034 Had Is Manhat 5.8 Ser A__ 1957
93 8312 8331
8312 22 8134 9114
911
01 Sale 91
35
874 9314
Adjust income Is
33 Bale 83
1957
13 33 29
091
/
4 Sale 993*
a551
964 9962
N Y Is Jersey let 5a
1932
/
4 Mch'14 _
103 10212 1011
101 10134 In terboro-M etrop coll4 48 1956 A-0 703s Sale -7114 -if 116 7634 VW
19 93 Apr '13
interboro Rapid Transit,.___ 101 Marl
. _
99
lit Is refunding 5s
PO Sale 9872
1,34
259 983s 9914
1o15,,, Sale 1014 1011
9812 101341 Manhst By(NY)cons g 48..1990
914 Sale 914
9118 10 891s 92
1013
1.044 sale 10134
100 10134
Otaxuped tax-exempt
911
1 gais 9312
199 A-0 Al 91 9112
_
Sass _ 84 Mob
83 34 t Isetropolltan Street By1
4 alcta14
8134 843- 34/
8214 $412
liway & 7th Av 1st e g 54_1943 3-0 191 Sale 101
101 103
101
80
Mate
1
797
74 80
77
100 101
Col Is 9th Ay lit gu g 69_1993 M-S 10038 -,.-- 101 Itch 14
13,34 9834 99
99
Lax Ay & P F 1st
1 901e 9914
983s lin
g 59_1993 M-6 10(134 1011s 101 Mch'14
95 9613 10173 rile'12
Met W 8 El (Chic) let g 49-193 3-P. 3314 -- 80
80 le
80
95 __ 9912 J'nel
mai,mewl
Milw Eiec Ry & ist cons g 5481926 F-A 1024
102 1031
7258
-8i- litf12
7213 73 7213
Refunding 14 eaten 4 34s 1931 J-J
94 111 Apr '1
--- 84 Jan '14
84 84
MInnesp St 1st co-os 59,_1919 J-J
103 Nov*1
98 J'ne'13
99
Montreal Tramways 1s5 Is ret
9113 91
91
9112 423- 911
30-year 6. Bar A
99 09 Feb *1
1941 J.J
FrIdast latest Lige we, .4 thiss_APPAI. e Due htep,,g_Den
, Dia Jai. A_Dus Aa44___OJAis Cirk_ip PQM itioy?_, Due Ds& ,s Opsioas Mob)
•
1•• MO Mel..
eS
•
97142
._91
MAR. 28 1914.J
983
New York Bond Record—Continued—Page 2
BONDS
4.2
N. Y. STOCK EXCHANGE
Week lending March 27
Price
Fritay
March 27
Week's
Range or
Leer fate
43,
4
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 27
:53
4
,35
Priv
Pilaw)
March 27
Range or
Last Sale
-,
4,
1
Range
since
Jan. 1.
Utah Ni. Low High
10.1 • Ask LOW
High No Low High St P NI & At (Continued)—
Luz
Ask Low
Cin Ham & Day (Con.)_
1037 J -J 121 125 11812 Dec 13-Mont C 1st gu ir Gs
84 Melt 11
0 Find& Ft W 1st gu 4sg_1923 Nt-ri
.1-J
13614
May'0,3
1937
Registered
16
'14
86
Jan
-J
86
1953
J
_
90
W
1st
gu
g 4e
, Oin / &
J -J 10712
1064 Feb '14 ____ iooi4 107
1st guar gold 5s
97
_
j.)ey& Mich lstcons4%s_1931 J -J
J -J
Registered
97 100
-Oi97 Sale 07
11135
r Ind Dec & W 18t g 58
10413 J'n-e-'i
J-1) 15;1-2
_ 107131)ec '02
lit guar gold Is
1935 J -.1
5 89 Vf1;
fSilISS18
9018 Sale uois
9912
1'
4 83 85 0ti IW
sit r1esft&
g otld
g 58
s:-_b_ IL
:12
877 J -J
8312
Cleve Cin C &
gesz 4s_11193 J-1) _84 8314
.1 -J
Registered
84e, 10 8412 8712
12
14 - Sale 8412
20-yr deb 41-is
1331 J-.1
-J
looti
:
-;711,
ithi
-12
SI 97 Rif"
e%
;
;
i
a
sl
t
e
l
t
r
oc
il
i
'13
Dec
L
E
I
c
ons
3
g
4
5.
877
6
s-.:1119105U
:
8512
2
Cairo Div 1st gold 4s
1939 J -J
.1-J 97 ____ 97 Jan '14
964 974
13 83
Cl,, V& AI Div 1st tz• 43_1991 J -J 83 -- 83 Feb '14
CColol &
48
9 A-0 884 ____ 02 Apr '13
k 4101 11sstteeaxtt4gs4s _ _ _ 199
83 8534
St L Divlst coil tr g 4s
109 14-N 8114 ---- 8412 NIch'14
____
9012
'14
8818
Mch
11
'
-A
Meh'14
8214
8214
-567
2 -9-61-3
8214
199 19-N ---- -Registered
i
lous Belt& Term lit 5s___-119915175
J -J •___ 97 10014 1)ec '12
85 85
1940 M-S 8234 ---- 85 Men'14
St)r & Col 1)iv Istg4s
I Ilinois Central 1st gold 48_1951 -J
0514 _
95 Feb '14
"6-E"
ul Apr '12
821
/
4
VS W Val Div lat e: 4s____104 J -J
1951 J -J
100 Sep '11
c66-1-2 L Registered
C 1 St L & 0 consol 63____122 41-N 10532 100 10512 Alch '14
1st gold 33is
J -3 84 -gi 844 Oct '13
____ 9212 91 Feb '14
91 91
k1936
1st gold 4s
1905511 J -J
_ _ - _ _ 8812 Feu '13
Registered
Q-F ____ 92 90 Itch '13
Registered
1951 A-0 8112 -- 9312 Llay'OU
Extended 1st g 35s
10314
i6i- 10314
$ 23 J-J 10314 Sale 10314
Cin & Ci con 1st g 5s2111
1951 A-0
Registered
_ 10034 Mclf14
lows 19942
1914 J -I) 1004
C C('& 1 consol 78
1st gold Is sterling
;4-8
Consol sinking fund 73 1914 J-1)
1951
Registered
11053 fi95
;
General consol gold 6E4_1934 J -J 119
1952 A-0 -tif
Coll trust gold 4s
_
1934 J-J
Registered
9514 Sep '12
1952 A-0
_ _ 94- J'iy '08
Registered
104 A-0 8414
Ind 13 & W 1st pref 4s
_ 94 934
1955 M-N
934
1st ref 4s
95 __
0 Ind & W 1st pref 5s_d1935
1252 J -J 8012 8314 82 Feb '14
Purchased lines 3 itT
_ _ go. 75
9 75 84
77
1540
Peo & East 1st cot.4s
9012
3
L N 0& Tex gold 4s
Si-N 88 9034 14012,
23 2512 30
20 28 20
28
Income 4s
109 Apr
9512 9454 Jan '11
M-N
2 15 1934
Registered
13 Sale 15
15
Col Mid and 1st g 48
194 J -J
'24l J'1 y '12
6
8_3.
7.4
s
Cairo Bridge gold 4s
J -D
20
16
17 Feb '14
Trust Co. certfs. of deposit-17 17
74 Feb '14
—
7212-Litchfield Div 1st g 38-105
0112 39 00 93
91 Sale 01
Colorado& Sou lst 4s
1155533(
!
) J -J
102
754 84 81 May'13
Loulsv Div& Tenn g 3;is 1953 J -J
0012 904 0034
9034
9012 9312
Refund & ext Ms
1935
83 Aug'12
1053 J -J
Registered
Ft W & Den (3 1st g 4(8_1921 J -D 10512 Sale 10512 10512
105 107
1•J21 le -A 10118 ____ 123 May'99
Middle Div reg 58
Conn & Pas Mrs 1st g 43 1043 A-0
1951 F-A 714 ____ 7218 Feb '14
Omaha Div lot g 3s
160 ma-y-'16 -_-_-_-_ --.... -1952 J -J - Cuba RR 1st 50-yr 5s g
St Lou& term g
J -J
71 7312 7512
el Lack & ‘trestern—
6 10014 10078
10014
J -J
L./ Morris & Essex 13t7s_1914 M-N 10014 10112 10014 Mel)
(Iold 33is
J -J
7712 Se -'13
'14
10318
103 10314
191 J-D 103
181 conso,guar 78
10118 Oct '1i1)
Registered
103 Nov'13
J -J
1915 J-1)
Registered
5513 110))'14 __1 85's 851
Sp
itre
ig
nfstD
erie
v
J
-J
734
Mch'14 —__
dlst
78's-.-g
J
-D
3
is--3-8
1st re4'gu g 33is
1111499:5555511111 J -J
110
losit 110
1 J -J 110 ---- 110
99
NY Lack & W 1st 6s
1
202
Fob 'I
F-A 8938 ---10412 10412
1923 -A 1044 ---- 1042 Fob '14
' Construction 5s
43—Th199%55i F-A
sn
/eri
iete
vir
ri
svi
eels
zieg
9434 --1 1)434 9434
1023 M-N U434 ____ 9434
' Term & Improve 4s
J -1)
185 Cgs
._
Cie(T:1:
• Warren 1st ref gu g 33g 2000 F-A 70 ____ 1024 Feb '03
Carb & Shaw lot g 4s__-.113232
5 ioWs
. M-8 8712 --- 9412 J ly '12
Del & Bud 1st Pa Div 7s
1017 M-S 10814 ---- 1084 10838
Chic St L & N 0 g 5s
- 149 Aug '01
1917 M-S
195
'J-1) 1074 ____ 103 Lich'14
Registered
1951 J -1) 1044 ---_ 114 Feb '11
Registered
0818 15 -674 -0O1-2
_1916 J-1) 984 Sale 984
' 10-yr cony deb 4a
Gold 35s
J -I) 81) --__ 00 Oct 109
3 9912 Dm
1022 J -J 1004 10012 1004 100's
1st lien equip g 43s
J -1)
Registered
0512 19 9312 95)4
1943 M-N 95 Sale 95
1st & ref 4s
- :
.
- 9213 An-¢'
Alemph Div 1st g 48_ 1155511 J -D 8414 2
- -11
844
1 8412 864
1046 A-0 844 85 8412
All) & Sus cony 33•63
1951 J -D
Registered
1921 M-N 11513____ 11512Feb '14 ____ 115 11512
liens & Saratoga 1st 74
1931 M-S 8915 94 6§- Jig 'Os
St L Sou 1st gu g 4s
Deny & lt (Jr 1st con g 43_1536 J-J 80 Sale 80
7913 85
881
8712 90 8812
1950 J -J
Consol gold 43•68
1936 J-J 80 91 9034Meh'14 _
0012 9031 Ind Ill Is la 1st g 4s
103 ---- 103
103
nes
Gtroea
wn
t Nor itlign636:_1919
89
2 89 9212 1inati3c
1928 J -D 904 911 89
Improvement gold 6s
0534 67 65
• 1st & refunding 58
1955
(32 74
9112Mch'14
J-1)
c/ Clearfield 1st 4s
9112 021s
109 Dec:
'12 :!
10
1230 J-0
Rio Or June 1st gu g 5s
6978 39 684 70
(Tan City Sou 1st gold 3s 15
Rio Or So 1st gold 4s
1940 J-J -- 70 6112 Apr '11
1 1.2
150
°
9 A-0 -EsTr2 Yaij 6912
63
Oct
'00
-1.1.
A-0
Registered_
74
85
61ch'U
Guaranteed
1940 J-J
J -J
35 -5.7)72 -98;
Ref & impt Is
Q6' 971
1
11 70 84
Apr
. Rio Gr West 1st g 4s
1939 J -J 83 Sale 83
04 Sale 94
11 934 9512
59 J -J
960
19
" Altge& col trust 4s A
721, Kansas City Term 1st 4s_1
72
1940 A-0 —_ 754 72 Mch'14
iO3
12131g
1
9
6
03:2
4
1990311
3 100 103/
i
;
53_1937
J
-J
1
4
La
i
ak
2e
dE
g
r
lo
i
od
&I
I
V
'08
97
Jan
1st
g
-__Utah Cent 1st gu g 4s_a1917 A-0 83
14034
'14
0.5
Jan
95
95
1941 J -J
---- 110 Sep '0
Des Mol Un fly 1st g 5s.. 1917 M-N
98 08
North Ohio lot gu g 5s
1945 A-0
84 Mch '1
Det& Mack 1st lieu g 43.-11195 J
1°°
_..:! 1°8
01/
1
41
2 3111:14 1
10014 10112
Lu
eliegVis
atle
i rN
edY 18t gu g 43.0_1940 J -J
Gold 4s
1995 J -I) 82 ---- 824 Oct '13
100 Dec'13
1940 J -J
96
2 00 07
13
flat Itiv Tun-Ter Tun 4;43_1961 M-N 96 Sale
8978
8712 897g
10314 10312 Lehigh Vail (Pa) cons g 4,,2003 1111-N 88'---Dul Atissabe & Nor gen 5s.1941 J -J 103 105 10314 Melt'14
9938 25 99 991z
General cons 4;-441
2003 m-N 994 Sale 1934
1004
'Dui & Iron Range 1st 53_....193 A-0 10234 104 10312 Mch'i4
111
2 1103,111
Leh V Ter Ry 1st gu g 53_1941 A-0 11134 ---- Ill
10612 MOT'OS - - 1037 A-0
Registered
1114 Dee '11
Registered
1941 A-0
OW) --- 101 Feb '11
J -J
1
- f 2d Gs
104ch'14
10414 f6414 Al
2
.I
Leh al Coale° 1st gu g 53_ 1933.
_
1 -.3
;Du So Shore& A.t g 5s__- ,01- 37 J -J 1004 ---- 0014 Dec '13
-- 105 Oct '13
Registered
1033 J -J
Joi Ac East tat g 5s 1941 M-N 1044 ____ 110 Aug'12
1st lot reduced to 4s
1933 J -J
11118 --1
1117i
10/ilIj
Lurie 1st consol gold 7s__ _11120 I-S 11213 116 1111s
Leh & N Y 1st guar g 43
1945 51-S
8811 Fob '1.
'11
1
Y & Erie 1st ext g 43—.1047 M-N 1.15 -- 10112 J'ne
E
Rleo
gisierN
edIst
'
1919 M-S 103 ....-- 10213 1021
i0272 1-62-12
'k 2d ext gold 5s
Fe13-.1
10
94
-_-_-_-_
15
45
A1-1
prof 6s
9934 100 100
100
8 loo 100
1923
• 3d ext gold 4
094 Nov'13
Gold guar Is
1914 A-0 101)
1920 A-0 10212 10234 10214 Feb '14 _ 103 1021
4th ext gold 5s
en:
h:
0
16:
10613
6:3
4
18:
0
;
6:i14:
2 jom
Macc
Long 181(1 1st cons gold 53_h1931 Q-J 188,
0630
1925 J-D 944 --- 100 Jan '12 ___ _
5th ext gold 45
lst consol gold 4s
0931 Q-J
100 Aug'13 ____
Y le & W 1st g fd 78_11)20 M-S
General gold 48
foil912 92i
911,2
1038 J -I) 91
911
2
8434 Sale 8434
1996 J-J
8514 18 8234 874
; Erie 1st con g 43 prior
1922 M-8 9414 97 95 Mch'14
95 97
Ferry gold 4%5
1990 J-J
8512 83 Jan '14
Registered
83 83
Gold 4s
1932 J-1)
7413 Salt 741s
7412 13 7114 7614
1st consol gen lien g 43-1900 J-J
813 871k
83
Unified gold 4s
1249 M-8
8 9
74
13s 0
77
1 Apr '12
1906 J -J 001Registered
1934 J -D slOU ---- 101 Azien'14
Debenture gold 53
101
1951 F-A
91
15 85- 62
Penn coil tr g 4s
911
6 89 92
194984-8 0112 Sale 9118
Guar ref gold 4s
1953 A-0 7434 7512 7514
7512 20 7212 774
50-year cony 4s A
95 Jan 'i1,,
Registered
1053 A-0 7334 Sale 7334
7413 32 7138 70
Series B
, do
10014 16110014 Jan '14
93
45
7‘
414-S
1-O
0
4S
N V 13 & M 13 1st con g 53_11929
1910 J-1) 10%2
104 Noy'13
Fluff NY Is Erie 1st 7s
19212 10213
10212 ---- 10212 Jan '14
N Y & li B 1st g 5s
1082 M-N
1074
10714
()hie & Erie 1st gold 5s
l01I 1074
- 104 Apr '13
Nor Sh 11 1st con g gu 58_01932 Q-J 10134
103 10:3
'Clay •Sc Mahon Val g 5s_1938 J -J 10312 103 103 Fob '14
9012 9112 Feb '14
-9112 911
Louisiana & Ark 1st g 5s
1927 M-S
1211z 123
Long Dock consol g Cs.,_..11)35 A-0 12214 __-- 123 Nicif 14
115 115
115
11112115
J1--D
J
07 6N
430
Louisv & Nash Oen 6s...
19
11,,3
Coal & 1111 1st cur gu 6s....1922 M-N 10118 1074 100 Dec '12
,4
4
1,
'
1teebh9:411,
108
,9433344 1
108 108
11)1),44
Gold 5s
15112 102
Dock & Imp 1st ext 58-1043 J -J 10214 10312 102 Feb '1
78Sale
38 9214 9514
Unified gold 4s
& Green gu 5s-1946 M-N 103 ____ 10313 Aug '12
9334 9334
06 971 97
1940 J -J
97
Registered
1 06'2 99's
N" I' Sus & W lst ref 58_1937 J -J
10,5
43
:
:
14
3
ic
eh
c:1
10
05
s3$ Au
106 105
1937 F-A 74 --_- 10014 Dee'
1951 61-N 10
Collateral trust gold 5s
' 2d gold 4
li li & Nash 1st g 6s
1040 F-A 75 80 Si Aug '1
1919 J -D
-General gold Os
101411e/4'14
15072 10111
L()in & Lex gold 4 Iis
1931 81-14 1014
1943 M-N 10614 110 102 Jan '14
103 102
Terminal 1st gold 5s
1940 A-0 1054 ___ 11112 May'12
N 0& At lot gold Gs
1,
03
3
,
0.
11 116 --- 12014 Meh'13
Mid of N J 1st ext 5s
111 fir
974 1171 97 Aleh'l
N 0& M 2d gold Gs
Ill Feb '14
9234 9812
& Ea 1st gu g 5s___.1942 J
'14
89 89
Paducalz & Mezu div 4s
1946 F-A
lEy Az; Ind 1st con gu g Gs_1926 J-J 10914 110 100 May'r
101138 1034
104 Dec '1
St Louis Div lit gold 6s_1921 84-8 108 ij
6
;
41, 1033s Feb '14
Evans & '1' 11 1st cons Ge--.1921 J -J 105
2d gold 3s
30
94 Sal :11
1030 54- S _6
1942 A-0 93 1)9 994 Dec '13
124
, let general gold 53
7
All hnox Is Cin Div 48_1966 .4-N 9034 Sale 9104
110's 39 83 -66;
I; Mt Vernon 1st gold 69-1923 A-0 ----- 103 Nov'll
-AO Knox & Nor lst g 53_1046 J -D 10
10
1 Jan '13
8,
80, _9_0_ 19
95 rne 12
1930 A-0
ffull Co Branch 1st g 5s
Render Lidge 1st if g Gs_ _1931 M-S 10612 — -- 106 Jan '14
106 106
93
11)1 94
lorida E Coast lst 4 3,48_1915 J-1) 92 93 03
Kentucky Cent gold 4s
00
92 Aug '10
8812 904
1987 J -J
ortSt U D Co lstg 4;48_1941 J-J
I.& N Is Al & AI 1st g 4301945 M-S 1004 10312 100 Jan '14
100 100
,E0 W & Rio Gr 1st g 43.-192 J-J 62 -65-- 04 Fob '14 _-__ 1181k 84
L& N-South AI Joint 4s 1952 J -J
84e1 8.5... 84
84
ga 8
' rest Northern-- 96 Feb '05
Registered
h1952 (.2-.1
1921 J-J 964 Sale 964
974 492 9434 08
0B& Q cell trust 4s
4
16:1-11921
N Flak 8 151 gu g 5s
1937 k'-A 1041
964 Sale 0012
/
4 — 10414 loch '14
07
Registered h
13 0514 974
9.012 ____ 100 Itch '14
1 10014 Sale 100
9913 IN
N & C 13(ige gen gu g 43.is 1945 J -J
10014
a 100 1013b
lst& refunding 4 ha ser A 1901
low,
110
Feb
'14
AU
Loess
1901
&
1st
06
10S1
2
109
/
1
4
Pens
gu
1021
g
Gs
J'ne'13
Registered
6`-A
•
1033 :17.1 -663-4 -613-4 9634 Mch'14 _ 1)o32 5714
10514 107
8 Is N Ala con fp) g 5s
11436 F-A 10044 10712 107 Metz'14
11$ Paul M & Man 4s
1933 J -J 1214
_ 12114 Mch '14 ___ 1.104 121'4 1.& Jeff ledge Co gu g 421_1045
6312
4 83 SS
834 --- 8312
lst consol gold Gs
1033 J -J 117 _
aler
tin
tattiou
— 1s iine6 44_1036 5-NN
..,tisnilnt
11712 Aug '1'
R.egistercsi
s con g 4s 1977 ,d-S
102
12 10014 1023
Reduced to gold 43,0_1933 J -J 10214 1024 1024
1977 m-s
__ luS34 Pact'OS)
btampou guaranteeel
79 Neer'10
Registered— ......1033 J -J 99
103 J -D 95 95 DA
12412 Oat '13
Jinn& let L lit gold 7s
119,2347
1
Mont ext 1st gold 43
acific Ex t list gold 63
193 J-1) 024 9412 98 J'ne9
1221 84-1P A-0 101 107 lluls Aug '11
'
511
-65- -6"
Registered
8714
1st consol go-d 5s
9214
024
2, -59212 93 93
-'Pacific ext guar 9s 1......_1940 J -J
lstand refund gold 4a
1049 84-8 6s 5538 SS
6.54 11 51 61
• It Minn Nor Div 1st g 4,1043 A-() 024 93 97 Sep '1
_
J-J 110
Des M Is Ft 1) lst gu 4s_1935 J-J
63 63 Fob
65 89
11018Jan '14 _2—
• Minn Union 1st g
.1 nt5T2 110-1
-
sirJ
n
21
10014
pF
1.51r,
.
MISCELLANEOUS BONDS—Continued on Next Page.
Street RstilwaY
3834 Feb '13
liW Or! Ity & Lt gen 45-s_1035 J-J
774 73 7713
I( Rys 1st It ID Is ref 4s 1942 J-J
78
02
a1043 A-0 6114 Sale 1304
i 11c):yeer acli Inc Os
80
Y State Rya 1st eons 4 3,i8.'62 M-N 90 Sale 8912
hied fly 1st Is ref 5s...._1930 6144 994 10138 101 Jan '13
[
land ay Lt Is Pow 1st
1942 F-A 92 Sale 92
02
6* ref cznv s f 5e
1
r Portland Gen E'dee 1st 541_1035 J -J 0-34 _
Nov '1)
&Jos liy.L,11& P 1st g 54 193 5,4-N '98 100
1St pail] City Cab coils g 50.103 J -.1
Feb '13
1061 J-J
8412
Bi3-8 Sale 8414
t Third Ave 1st ref 4s
al900 A-() 8314 Sale 8314
i: AdJ lee 5s
8358
bird Ave fly 1st g 6s -....-1937 J -J 109 10918 10714 Feb '14
1-City fly & Lt lit *if 53-1923 A-0 0634 08 98 Mci,C14
9412 Sale 9412
ntlergr of Londola 4 lis__1033 J- T
944
1948 _ 64 lilt 8434
80
e
In
84 Oat 'OS
1:11/lon liley (Chic) lit g 51_1945 1-0
71 J'ne'13
" putted Rye InY 5.4 Fitts ins 1926 ril-N 74
*240 Drlea Friday: latest bid and esbed t5lo wo.81. 44 Due Jae.
LOrt
Street Railway
United flys St L lit g 4s..„1939
1011
St Louis Transit gu 53_1924
14
343 181g584 6312 United Riis San Fr s f 43_1027
Va fly Is Pow lit Is ref es_1934
153 87 00
J-J
A-0
A-0
J -J
(has and Electric Light
1. 92 10012 Atlanta 0 L Co. lit g Ss___1947 .1-D
Bklyn U Gas lit eon g 58_1945
13uffalo Gas 111 g Is
1247 A.-0
Columbus Gas lst g 5s
1932 J -J
l)etroit City Gas g 5s
1923 J-3
jai S0'i 85
1918 F-A
62 7)31, 841, Det Gas Co. con 1st g 5s
10(312
Det Edison lit coil
1933 .1-2
Ss
Eq OLN 'I 1st con g Se_1932 4-8
98 93
Gas & Bloc Berg Co c g (4_1049 J -D
9412 93
1915 F-A
7 3434 9214 Gr Rap 0 I. Co lit g 5s
1949
---- Fludson Co Gam lit g 5s
Kan Cit (Mo)Gas 1st g Is 1222 A-0
---o Due Feb. 4 Des April.
•
Des Jaly,
Due Aug.
69 72
7114 Sale
677s Sale
914 93
704
7114
8714
9314
704
7114
534
9314
1024 Dee'13
10514 itch '1
64 J'ne'll
"irios
Sep 13
1.021g
1014
11412 Oct '1
100 Feb '13
100 Oct '09
10'11
/
4 Mehl
92 Itch '14
Dee_ Ott,- s
I11431h.
1 70
6 69
52
914
7212
714
6118
044
984
New York Bond Record—Continued—Page 3
2,3
BONDS
N. Y. STOCK EXCHANGE
11
Week Ending March 27
-,s.
Pm.*
Pricia
March 27
Week's
Range or
Last Sale
=4
Range
since
Jan. 1.
iv
BONDS
N. Y. STOCK EXCHANGE .q .P.
Week Ending March 27.r.;cr.
Prue
F'rlday
March 27
[VOL. xcvin.
Week's
Range or
Last Sale
Q
g '2,
4,53:,
Range
sina
Jan. 1.
Minn & St Louis (Con.)—
Rta
Ask Low
Hloh No. Low High N Y N II & Hartford (Con.)—
Ask Lo,
ow12j,nlell
.o112
, .N_..e... Low HigA
Iowa Central 1st, gold 53_1 938 J -D 9212 93 9213
9212
B & N Y Air Line 1st 43_1055 F-A l''"
2 83 94
....
Refunding gold 4s ___ 1051 M-S 51 5312 52
Cent New Eng 1st xu 43_196 J -J 81-152
5 50 5712
2 -8212 81 Mch'14
-81- -813.
M StP&SSM con g 4sintgu 1938 J -J 9434
0434
Housatonic R cons g 5s___1937 111-N 106
5 90 9434
110 Feb '13 -.:-1st Chic Term I s t 4s
N Y W'ches&B lstser 1 4 Ms'46 J -J
1941 M-N
. 9714 J'ne'12
1 7234
73
2-1 -iii -11
.
M LI S & A 1st g 4s int gu_1926 J -J
NIL & Derby cons cy 53_1918 M-N ---- --96 Nov'13
_ -107 Aug'09 - ___ ___--4
Mississippi Central 1st 53_1949 J -J 9112
New England cons 5s__1945 J -J -- -9312 Mch '11
_
-___
Mo Ran & Tex lstgold 4s....1300 J -D
Consul
91%
4
dil2 90
873
9
1945 J -J --- 9912 mch'12 ___
9012
4s-----2d gold 48
22 70 77
glOOt
705
7013 Sale 70
Providence Secur deb 1:7_1957 M-N ---- 58 8311 Feb '13 _ -_ ---- ---:
let ext gold 5s
2 9513 99
96
1944 M-N 96 99 98
N Y O& W ref 1st g 4s_ _0902 NI-8 83
1
8318
8318 --2 "8i78 iti-1st& refund 4s
2 6513 71
66
Registered 55.000 only
"004 M-S 66 Sale 6$3
- __(71992 31-S -----.._ 9212 J'ne'12 _ --- ---Gen sinking fund 4 Ms
-General4s
1936 J -J -__ 79 8134111ch'14
8113 85
• 1955 J -D 8112 Sale 8112
8312
8 8112 -831
;
St Louis Div 1st ref g 43 2001 A-0
Norfolk Sou 1st& ref A 53_1961 F-A --- 98 9612.Mch'14 ...._ 94
75 7814 Apr '13 ---9712
Dal& Wa 1st gn g 53
_
994 Dec '13
2_
Norf& Sou 1st gold 5
ri; ;9811040
100 Jan '14 _.— 100 100
1941 M-N 10214
Kan C & l'ac 1st g 4s
_ 811 821-4 Nort & %Vest gen gold 6s
8214 Mch'14
_
1990 F-A
1931 M-N 11814 1193-3 119 Mch'14 ---- 11712 119
Mo K & E lst gu g 5s
1 10314 10114
104
1942 A-0 104 106 104
Improvement & ext g 83_1934 F-A 11912 ____ 123 Jan 13 --__
M K& Ok 1st guar 5s
New itiver is),gold 6s
E/42 M-N 97 100 9812 Feb '14
9813 9312
1932 A-0 11814 ____ 118 Feb '14 --, 118- fir
M K & T of'l' 1st gu g 53_1942
1 96 9613
06
98 97 96
N& Wily la cons g 4s
1996 A-G 9412 Sale 9413
94,2
0 94 9512
Sher Sh & So lit gu g 5s...1942 J -D 97 104 96 May'13
Registered
1996 A-0 - — - 94 98 Jan '11 __ ____ _
Texas& Okla 1st gu g 5s 194$ Al-S 95 103 9912 Jan '14 ---_ -9/ IfT1-2
Div'I 1st l& gen g 4s
1944 J -3 91 9133 91 Mch'14 _--- 8813 -91-3-4
10113
10412 13 103 105
Missouri Pac 1st cons g Gs_1920 1,1-N 10412 Sale
10-25-year cony 4s
1932 J -D 103 104 1033 10338 12 101 10334
Trust gold 5s stamped__a1917
968 20 9433 9818
S 95 9614 95
10-20-year cony 4s
1932 IM-S 403 104 10312 10312 14 101 10434
9714 97 1.135012
Registered
a1917
10334 130 10034 10513
Convertible 4s ___ _1938 M-S 103 101 10314
1st collateral gold Is
1920 F-A 93 94 94 Mch'14
61 "912
Pocah C & 0 joint 43::_1941 J -D 89 894 8914
8914
2 8812 9012
1920 F-A
Registered
C 0& T ist.suar gold 53 1922 J-J 10213 ____ 10534 Jan '13 .___ _ _
_
aft; 88"
693g 27 567
40-year gold loan 43
1945 M-S -841;§1939 Nf-ry 93 9312 93 Mch'14 ____ 603, -iT3
4s
g
gu
1st
N
E
&
V
Sci°
1k
lit & ref cony 59
7314 35 68 77% Northern Pacific prior I g 41997 IQ-j 9512 Sale 95
1959 M-S 71 Sale 70
9512 69 9213 96
1938 M-N 7814
88 Jan '14
3d 7s extended at 4%
3 9418 9518
86 88
1997 Q-J 9438 Sale 0413
Registered
948
Cent Br By 1st gu g 43_1919 F-A 8934._ 91 Mai'14-- 91 91
_6
,
8_% Sale
e
6833 62 6414 68%
General lien gold 3s
1048 J-D 75 ___ 7713 Dec '13
Cent Br U P lst g 4s
65
812Feb '14 _- 6513 67
Registered
Leroy &OVAL 1st g 53_1926 J-J
— 110 Mch'05 ---FF 891-2 -„._ 90 Jan '14 ---- 90 90
St Paul-Duluth Div g 4s-aa_221900944677 .J..
QQ --D
Pac It of Mo 1st ext g 43 1938 F-A 90 ___ 90 Mch'14 Dul Short L 1st gu 5s____1916 1,I-S 1130 191'8 100,,,,13 Sep 13
"io 00
--'..7 .:-:
u..7..-,
i.L.,z
2d extended gold 5s
., _,u2
__._. :7.
1938 J-J 103 104 100 Jan '14 —_ loo loo
.
1.
1- .-. ...—
ug:
8J
Aan
e;3
11
.
3
.
..115
11.
.14.
7
1,1.
OIL ir M&S gen con g 58_1931 A-0 10113 104 10213 10254
S Registered
i.'t‘ N l'ge
5 101 105
ce
nrg
tPfliCIaIs
:1
19
0
2
3
Q
F
e;
:
-AF
Gen con stamp gu g 5s 1031 A-0
103 Feb '14 ---- 103 103
St Paul & D -lulls 1st Is..
Lea% --- 107 Jan '12 -- ___
-F-A
Unified & ref gold 4s__1929 J-J 70 Sale 76
77%
7 76 82
2d Is
4 __-_-_._ 18
07
1 1-0
8-7
1'
1917 A-0 101 --- 101 Feb,l2.1_4
Registered
80% Oct '12-1929 J -J
1st consol gold 4s
1968 J-D 8712 - — 87 1 h 1
Riv& Cr Div lstg 4s
1933 M-N 7614 7714 7714
7714
Wash Cent 1st gold 4s
5 75 813i
__
1948 Q-ivi ____ ____ 81% Dec '13 --- _
Verdi V I .3; W 1st g 5s
_ 9212Dec'13 -_--1928 M-S 9313
_ 'Tor Pac Term Co 1st g 68_1933 J-3 ---- 115 11314 Mch'14 ---- 11314 1-1314
Mob ,5c Ohio new gold 6s
1927 J-D 11514 11612 115141104'14 --- 11312 11531 Jregon-Wash 1st & ref 43_1961 J-J 91 Sale 904
0 89 92
91
1st extension gold 6s___h1927
11213 Sale 11212 11212
1 11212 11212 Pacific Coast Co 1st g Si. _1946 J-D 101 10212 100
101
2 9014 10313
General gold 43
82 84 82 Melt'1
L ennsylvania ItR1938
80 82
Montgom Div 1st g 5s
1st real est g 4s
1 ---- 97 Deo '13....1947 F-A 105'._._ 10614 Mch'14
105%10614
_
1923 h1-N 96:
93
95
St Louis Div 5s
Dec
—__
'13-Consol gold 5s
1927 J-D
__
1919 M-S 10213 101 110 Alch'12 ....-- -------92 ___ 8954 Jan '14
St I.& Cairo guar g 4s_ __1931 J-J
Consol gold 4s
8814 8934
1943 M-N 99 ---- 99 Dec '13 --__ -KT ashville Ch & St L let Sc1928 A-0 10634 Sale 10634 10634
Convertible gold 30_01915 J -D 983 Sae 9834
10512
997 127 973 094
134 Jasper Branch 1st g 631923 J-J 110 ____ 111 Jan '13 -- ---- 107
Registered
o1915 J -D ---- ----935 Mch'14 ---- 9812 981s
-Alai M NV & Al 1st 6s___1917 J-J 10334 ......_ 10334 Jan '14 -- 10334 10334
Consol gold 4s
1 99 102
102
1948 M-N 10113 102 102
T & P Branch 1st 65
_ 113 J'iy '04 ---1917 J-J 10334
Alleg Val gen guar g 4s
1942 M-S 0612 9712 97 Mch'14 -- 0812 97
Nat Rya of Mex pr lien 4;is 1957 J-J _......
81 Feb '14 —. "di 61
D It It It & B'ge is), gu 4s g '36 F-A 913 ---- 91 Mch'14 --__ 91 91
77 Feb '13
Guaranteed general 4s
1977 A-0
Phila Balt& W 1st g 43_1943,M-hl 07 -- 991 Fly '13 ____ __,._ ___
Nat of Mex prior lien 430_1926 J-J
98% Feb '13
.. --._ 102 Jan '03 _. _-- -Sod Bay & Sou lst g 53_1924 J -J -,i.,,_
' lst consol 4s
1951 A-0 47 55 55 Aut'13-Sunbury & Lewis 1st g 4s_1936 J-J
u.'-'o ---- ,..:-- t-,
3 "io" ii"" ?e
60,
N 0 Mob & Chic lst ref 53_1960 J-J 60% Sale 5013
Unns
N yJivla
ilt
nia
& eCaolgen4s_..1944 M-S 93 ---- 1o112 1184.12 L
-I
.s -----.
NO& NE prior lien g 63__p1915 A-0 1013a 10178 10113Mch'14-- 101 10112
7913 May'13
Guar 1st g 43,
! New Orleann Term let 43 1953 J-J
1
1921 J - J 101 10134 10114
-- 1;7
10112 ;10
63
-0
82
N Y Central & /I It g 30_1997 J -J 82 Yai; 8113
10113 10114 Mch'14 _. 100 10114
67 8113 84
Registered
1921 J -J
81
5 81 84
Registered
8434 ---- 86 Jan '14 __:. 86 86
Guar 3),s coil trust reg 1937 M-S -1997 J-J 81 821 81
Debenture gold 4s
9114 42 86 9134
Guar 33is coil trust ser 13_1941 F-A 8512 8614 8512 Mch'14 —.. 85 1513
1934 M-N 9013 Sale 89%
_ 93 May'12-- _
Registered
1934 M-N
Trust Co ctfs gu g3
_1916 M-N 9814 ---- 9712Feb '14 ..... 9713 974
Lake Sliore coil g 3As
8212 39 -HI- 84;Guar 3ps trust ctra0
1993 F-A 8214Ntl; 8214
_1942 J-D 8512 8834 83 Jan '14 _--- 83 83
8113
8173 81 Mch'14 —
•
Registered
Guar 3 s trust ars D:::_1944 J -D 8434 8513 8413 Nov'13
1993 F-A
7834 83%
74
Mich Cent coil gold 33i..1998 F-A 74 Sale 74
6 73% 78
9412
Guar 1 -25-year
3 63 -or
A
1931 -0 937s 9414 9414
g 4s
7214
2 72 74
Registered
Cin Leb & Nor gu 4s g
1998 F-A 7214 73 7314
1942 M-N 93 9414 9334 Feb '14 ---. 9314 93s,
Beech Creek 1st gu g 4s 1936 J-J 9472 ____ 95$ Jan '14
__ ---Cl & Mar let gu g 4343_1935 M-N 9614 -- 110 Jan '05
05% 9534
99 May'll
Registered
01& P gen gu g 43•6s ser A 1942 J-J 10273 - — 10133 Nov'13 ____ __ __
1936 J-J
• 2d guar gold Is
Series 11
1936 J-J
1942 A-0 10212 ..... 10934 J'iy '09 ____ ___ __
__
__
_
'12
_
Registered
1186 J -J
Int reduced to 3As
1942 A-0 851s ___ 9114 Feb
Beech Cr Ext 1st g 3 As-b1951 A-0 _
-Series 0 31is
1948 51-N 8513 --- 9013 Oct '12 ____ __ __.
Cart & Ad let gu g 4s
11181 J -D 8533 __83 Oct '12.— - —
Series D 33is
3 .....---: :-..---- ------...
Gouv & Oswe 1st gu g 53_1942 J-D 103 _
°:13
47
1S
leep
Erie& Pitts gu g 33.(is B._1
5's IT:- 86
J -J
A 85
1
50'
94
19
Moh & Mal let gu g 43.._1991 M-S 90 95 993k Jan '13
Series 0
--1940 J -J
86
105 Oct '02
5:: _8
_02_
; 95031 j
N J June it guar let 43_1936 F-A 9134
2 ------- D
'e
lY
o :13
Gr It & lox 1st gug 4 As_1941 J-J 6
--. 7. ;
-89
_
Registered
1968 F-A
____ ......'
------Pitts Y & Ash 1st cons 5s_1927 3,1-N 10413 ____ 109 blay'10 -_
-8712 Dee '12 7_2
N Y & Harlem g 33is
2000 M-N 83
Tot WV & 0 gu 43u A_.._1931 J-j 9634 ..—. 10213 J'ne'12 ____ ..... _.
Registered
2000 M-N
Series B 43,63
1933 J-J 904 -___ 10234 Nov'12 ____ ____ ___
N Y & Northern 1st g 5._ _1927 A-0 1-51-.7-3 NO- 102 Jait-'11
Series 0 43
102 102
1942 M-S 9214 ___ 0513 Sep '13 ---N Y & Pu 1st cons gug 48_1993 A-0 8374 91% 92 Oct '13
P00& St L gu 4 Ms A....1940 A-0 10258 10218 1015 Jan '14 -- 10058 10134
-_
Nor& Mont lst gu g 53_1916 A-0
Series 13 guar
1942 A-0 102103 102%Feb '14 ..-- 10014 10211
116
116"
Pine Creek rag guar es
1932 J -D
116 1116Series 0 guar
1942 M-N -------- 108 J'ne'11 —__ ____ __.
It W & 0 con 1st ext 5s_h1922 A-0 1041$ __ 10414 Mch'14 -- 10212 10412
Series D 4s guar
1945 M-N 93 9634 93 Mch'14 ____ 03 g3
Oswe & R 2d gu g 59
31915 F-A 100 __ 10014 Mch'14-- 9912
Series E 33is guar g
1949 F-A 90 _-_ 90 Apr '13 -..... ____.
104 J'ae'10
R W&OT it lstgtt g 55_1918 M-N 10113
Series 10 gu 48 g
___:_
1953 J-D 9213.... 9514 Jan '13 __ ___
— 90 Apr '13-Rutland 1st con g 4 Jis...._1941 J-J
Series04s guar
1957 hil-N 9214 --- 972 Jan 13 ....
..,::
Og & L Cham 1st gu 4s g 1948 J-J 73 81 80 Sep '13-0 St L & P 1st con g 5s
1932 A-0 10614 --- 106 J'ne'13 _.. .......
_ 92 J ne'09 -Rut-Canad 1st gu g 45_1949 j-3 -Peo & Pek Un 1st g as
- -- 106 Feb '13 ___
1921 Q-F ---- _ ___.
103 Sep '12 ---.
0 89 Feb '14 __ 89 -119
St Lawr& Adir 1st g 53_1996 J-J 105
2d gold 4 'is
61921 IM-N 89
—
1996 A-0 105 ___ 11912 Mch'12
Pere Marquette—Ref 4s___1955 J-J --- ---- 54 Jan '13 ___ __ ___.
2d gold 6s
Utica & 13Ik Riv gu g 4s-1922 J -J 96'a.._.. 95 Dec'13 ---Refunding guar 46
1955 J-J ____ 45 40 Dec'13
1021 si_D --------98 Oct '12_...
Lake Shore gold 3As
1997 J-D 8534 86 8554
so
Ch & %V 1%1 58
1084 8813
98 Mch'14 ____ 61 fa
1997 J-D 84 85 8313110'14 --.. 8313 85
Registered
Flint & PM g 6s
1920 A-0 ____
Debenture gold 4s
1928 M-S 9232 Sale 9184
923s 71 8914 9373
1st consol gold 53
1939 M-N 79 84 80 Mch'14 ___ 80 90
1931 M-N 914 92 9112
25-yr geld 4s
914 49 3812 9214
Pt Huron Div 1st g 53_1939 A-0 80 90 9012 Feb '14 __ 9014 904
1931 M-N
93 Oct '12
Registered
Sag Tus4 H Ist gu g 4s 1931 F-A -,,- -,z- -::--,---- Ka A & G R 1st gu c 53_1931 J-J jai
Millippine Ry lit 30-yr s f 4s'37 J -J 0213 65's 65's Alch'14_.._ airs jfil,
Mahon C'l Rit 1st 59_1934 J -J Iowa
moVii
E'itte Sh & L E 1st g 5s
1940 A-0 108 —__ 108 Apr '13 ___ ___
'11
Nov
11314
Pitts & L Erie al g 53__a19211 A-0 105 __ 105 Apr '12 -_—
1s6 consol geld 5s
1943 J -J 106%
9514 42 His WI'
Pitts Mel(& Y 1st gu 63_1932 J-J 11632 __ 15012 Jae '09 -D ceding Co gen g 43
1997 J-J 954 Sale 95
2d guaranteed 6s
1934 J-1 11434_ 12314 lacia'12
"Registered
1997 J-J -----9413Feb '14 ____ 9413 9412
10112 _
9413
7 9313 96
K
Mcess&
BY 1st g Gs-191i J ii2 Sale 9414
Jersey Cent coil g 4s
1951 A-0
Michigan Central 58
1044
iii"Jaa '12
Atlan City gu 43g
1931 55-.-;,-,-;:' zz•
1951 J-J 91
23 771- -4,.
-',"
--;
,
u.2
t
4,3
.
R egistered
i ....1 -JO
1931 Q-M 1004
2
.119 yea'00
7a12
„it Jo &(Jr 131 13t 141
1047 J-J
45
1940 J-3 57 -- 94 Apr '12 ---J t Louis& San b'rancisco
Regist ea
194, J-J
13
110
7
3iimj
F,each
be.
:1
General gold 6s
1931 J -J 11112 --__ 112 Mch'14.._ 110 112
1 100 10284
J L & S 1st gold 350_1951 -S
General gold 58
1931 J -J 10212 __ 10234 10234
1 7313 7910
1952941-N 4.11-6'id'
lit gold 3t4s
"Ws WI; 36 L & S I RR cons g 48_1996 •1-J 7714 Sale 7714 7714
49
90 48 54
8634 Meh'14
20-year debenture 40.-1929 A-0
Gen 15-26-yr Ss
1923 ,A-N 48 Sale 43
884
87
49
3 4,3 5534
N Y Chic& St List g 48_1937 A-0 06 H 954
96
47 ---- 48
Tr Co certfs of depeelt_
__
9484 97
9712 Jan '1
Registered,
193 A-0
Betttew Die let g 55
ii47 4.--45 93 ---- 33 Dee'
13 ---- ---- ,...
75% 31 71 -7814
_peaeas burs 4s_.
1931 al-N -lc fr 85 Mehl
Refundingoi4s
1951 J-J 7514 7534 7514
WWest Shore lst 4s guar_2361 J-J 9312 Sale 9314
931
7'1 111s SS
4"°117.114 "'To ioir2 fir
4 Yale. 117314
Registered
2361 J-J 91 Sale 91
ii1:19112 10r $9•4 92
1
1 1.4-1
:
11
M c"g so---1
:1411
N 'tr
7613 33 73 774
NY Cent Lines eq tr 4Ms 192 -, J-J 98
10012 J'ly '11
t 842 M
IC
Ayres 4s_1936 A-0 76% Sale 7814
'ii
N Y New Haven & /lard,—
R esdoWrikt
.1ch :::
75
712ii
.- 0
195 J-J 7741 74 73
en-cony deben 48
..;..
71
KO lAIthIllst u5s-111
9 76 f1
O -lir.
93
2 A-0
:
42
813
2 8431 88
ent-ceny 4s..._.,
19541141-N
' 74 31
is sis lat g 46 hd s a-191944-N 854 tiO 86
WO 80 Yob '14
ear dehenture3M s
195 J-J 70 7114 68
70
75 ---- 75 Mell'14 ---- 75 73
311 68 75
td g 4s lac heed etts____p111119 J -J
7314
1 73 7734
eny debenture 88..
1114A J-J 111 119 110
11134 47 105 1171: Cease'gold 44
193 J-D 7314 7314 731 4
BLarleic R-Pt Chen 1st 4s-1954 skz
9914 Nov'13
Gray's Pt Ter lit cu e 58_1947 J-D ---- --- 9812Jan'14 ---. 9813 9811
9434
-(c6.1-3
MISCELLANEOUS BONDS—Continued on Next Pare.
Gas and Electric Light
Kings Co El L & P g 56._1937 A-0 10412 107 10313 Feb '14
Purchase money tis
1997 A-0 113 116 11212Jan '1
nyertIble deb 68
1922 .12432122 Dee '12
51 1 III Elkn 1st con g 48-1939 J-J
S5 90 59 Mek'l
1013
Le Gas L of St L lstg 58.61919
10142 —_ 10134
•
*fend wet 1st g Ils
10014Mch'1
100 1
193
wankee Gas L lst 4s-192
-N Ws 91 11048
90 — 1
wwwrit Clop Gas g 58
10134 Jan '1
194 J-D .10234
NYOZLH&Pglis
1941 -D 10432108 10412 105
1949
e money g 4s
85 8812 $484
6612
El III 1s6 eons g lis—__199 J -J .
1
M,
Cb
11s 1011
1V34
113 r
09
712 10
QEILAs P Isteang 53193
-A
k Risk Gas 1st g 58, 1921
9212Xl7 '09
CI& Z1CoCalG&R
neifying& refIs_.1113
94
93 11518 9334
. ewk Mist& ref 29-yr
193
s Isbernal Series-,
90 Feb '1
99 9
Pb1ueaicGkZs. 1949
100 Jan '14
_
VI
it
stibtittlgaislaten 1ga
mtoc 1 Pittise. _
Gas and Electric Light
102 1984 Poo Gas& 0 1st con g 18_1943 A-0
Retnnd1nx gold 5s
III 113
1947 M-S
/ttster•ii
1947 M-S
ch G-L & Oke 1s6 go g 16_1937 J-J
U 89
Cos Q Co of Ch 1st gu g 581930 J-D
100 10114
971210012
Ind Nat clan k 01130-yr 5s'36 -N
Mu rue)Gas lit gu g 55..1947 -N
11812 91
1014410114 Philadelphia Ce cony 53_1111
-A
10134103
Cony siehea gl5s
1923 II-N
Stan Cask 111 cony s f 68_1926 J-D
86 117
106 10012 Syracuse Lighting let g 5s 1951 J -D
01 101
1134 J-J
Syracuse L & P 5s
Treetop Ok E let g 54____1949 ra-s
Union lice L & P 1st g 52_1932 -s
9234 9512
Ref* ext 5s.,
1933 21-N
Utica ZI L & P lat g 53.._19641•J-J
10 90
Utica Gas & It ref 58
1057
190 100
1950 J.
Westchester Le IC 54
11414 115% 11412 11412
5
10112
10012 10034 10014
6
— 99 Sep '13
103% Sale 102% 103%
6
101
101 Sale 101
10
93 Itch'12
10013 Feb '14
104 95 Sep '13
971s --,.- 9713
9712 10
9113 Sale 0113
1
9112
100
ico
100
554 ree'12
100 Feb '01
Nil;
lows_ 100% 100%
94 Noy'13
101
101
10014 Dec '11 .0.
97 104 Sale 104
1044
rob e____CR114 9547._. 1 Des AM,_h 1404i July._•Du Oct. p DIN 1:40T.
011510.131141••
114 11414
983410112
10072 fflis;
9914101
-55r31161",
961k WI;
88 921s
100 10012
155721-01i
iii"
iÔ E'"
Price
BONDS
Friday
Y. STOCK EXCHANGE
Week Ending March 27
41. March 27
r
985
New York Bond Record—Concluded—Page 4
MAR. 28 1914.1
re A & A Pass lat gu g 4s-__1943 .1-3
IVest's
Range or
Last Sale
4
ra
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCI1ANGE ii
Week Ending March 27
Price
Friday
March 27
West's
Range or
Last Sale
coca
Range
since
Jan. 1.
High No. Low High
But
Ask Low
Ask Low
High No. Low High Wabash (Concluded)—
5658 56%
5658Jan '1
Eqult Trust Co ;An
5 77 84
8212
8212 82
48 5714
52
52
Do
Stamped
104 Oct 509
D
I
t & Ch DivE t 1s
es
)e
_- 106 Nov'13
1 T
39
194
5s
2t g 4
-8334
8478 ___ 86l Feb '14
80 Aug'12
Mob,
7112
J -J
10 8312 8534
851
8412 8514
- 85
71 72
Om Div 1st g 3
A-0 67 7214 71 Feb '1
70 80
80
Tol & Ch Div 1st g 4s
194
411 .3/1-S 74 80 77
7712 163 7434 80
7512 77 7612
10 12
Mch'14
10
Wab
Pitts
1954
J-D
Term
48
g
1st
3
77
7814
7414
70 Sale 76
32 94 1414
10
Cent and Old Col Tr Co certs_
"ici" Sale 10
84 8534
84 8512 8512 Feb '14
912 1314
912 Mch'14
Columbia Tr Co ctfs __ _
85 8518
8512 --__ 8518 Mch'14
912 144
Col tr ctfs for Cent Tr ctfs
1012 912 Mch'I
10038 ___ 1034 Jan '13
2d gold 4s
7s Dec '1
I.554 1-15
.. 104 Nov'12
10034
11
84 -11-4
12
78
Jan '14
Trust Co cents
10134 niffs
10212 ____ 10178 Feb '14
8114 84
84
10212 10512 Wash Termi 1st go 3 As___1945 F-A 84 _ _ _ _ 84
10312 105 104121l'eb '14
1st
100
Sep
'12
_
_
_
_
98
40-year
F-A
'13
11145
guar 4s
10214 ____ 102 Dec
-7514 80
_ West Maryland 1st g 4s_ — 1932 A-0 76 774 7514 Mch '14
10134 ____ 1014 Oct '13 ..__
West N Y & Pa 1st g 5s-1937 J -J 1044 Sale 1044 10418
10213 1054
Gen
75 82
19
gold 4s
90 04
9138
A-0 ---- 81 82 Jan '14
914 9134 9138
34 Feb 07
Income Is
Nov
00 Feb '14
90 00
101
kW
101
'Or
Wheeling & L E 1st g 58d
10012
8738 98 8618 92
A-0
87 Sale 87
— - 111999424633
9512 Nov'13
Wheel Div 1st gold 5s___ 1928
J -J 96 10114 Sale 10114 10112 1411 10118 10358
91 91
Exten & Impt gold 5s____1930 F-A 92 _ _ 91 Fcb 'I
9314 67 9112 9412
9314 Sale 0278
RR 1st consol 43
7838
75 80
14-S 7838 Sale 78%
8012 ____ 9412 J'iy '12 -9534 Nov'13
20-year equip s f 5s
9512 91 92 914 Mch'14 --- "oi 0112
1022
949 J -J
-88- -8.8.8412 ____ 8712 Mch'14 ---- 8534 8712 Winston-Salem S B 1st 4s 1960 J -J 87 88 88 Feb '1
8734
8558 891s
10312 10334 Wis Cent 50-yr 1st gen 4s_ _1949 J -J 8714 874 8738
10258 ___ 10334 Feb '14
8812
Sup&Dul div & term 1st 4a'
86 894
100 _ 1024 J'Iy '12
96 A-N 88% 894 884
10218 104 102 Sep '13
10112 103
10218 105 103 Mch'14
Manufacturing & industrial
109 109
109 10914 109 Mch'14
814 S63,81e
00
19
10012
9734 102
% 100
9334 9512 Am Ag Chem 1st c Is
9334 95 94 Mch'14
Am Cot 011 ext 4s _012
9818 Mch'14
96 99
18
108 108
5‘
,2--9
v
10714 1094 108 Mch '14
9314
9314
93
89 9312
1 10112 103
Debenture Is
103
_ 10412 103
S 103 19
10612 Feb '14
101 103
0331'44 103 Mehl
1 4-N
10714
39
991
10612 10634 Am Hide& L 1st s f g 63_1
88
7814 89
___- 10718 Mch'14
1925 A-0 861 8712 88
10718 10718 Amer Ice Secur deb g 6
101)1210718
Am Smelt Securities s f 6s_1926 F-A 10434 Sale 10434 10434
10312 105
196 ____ 112 Feb '07 __
95 99 96 Alch'I
94 99
10112 102 10112Mch'14
10112 1-6112 Am Spirits Mfg g 6s
Am Thread 1st col tr 4s_ _1
.1 9234 9358 9312Feb '1
J-5
5 ‘i919
93 9312
19
10418 __. 10112 Nov 13
1204 Feb '1
Am Tobacco 40-yr g 6s
1944 A-0
11712 12014
88 __ 914 Sep '12
_ 116 Oct '1'
AA
--0
F
A1F
44
Registered
195
4 875 Feb '14 _
84 87,
843 88
---- 100 98 Alch'l
Gold 4s
97 98
06 06
954 J'ae '1
Registered
1951
4
234
:
'
012jan9
;WC 02
8938 9314
70 • 28 68 78
Am Writg Paper 1st s f 58_1919 J-J 6912 le 69
103 Mch'14
102 103
Baldw Loco Works 1st 5s 1940 M-N
105% 106 10512 10578 34 10214 100
99
9914 33 934 100
Beth Steel 1st ext s f 5s
1926 J-J
100 Aug 13 __
88' 105 8138 884
88 Sale 8712
1st & ref 5s guar A
7478 114 7
74'Saie 7438
75- 161-4
991 211 974 994
1 8914 8312 Cent Leather 20-year g 5s_1
8234 8312 83
83
1025
942 111-103:1-s 0938 Sale 9914
974 974
971s Jan '13
1951 F-A
10412 ___ 10412 Mch'14
104 1044 Consol Tobacco g 4s
9434
913
2 94 9612
1931 51-N
8478 Sale 8478
8478
5 83% 8478 Corn Prod Ref s f g 5s
24
933
9334
9313
9112
Sale
4
933
25-year
1st
s
5s
f
10514 Sep '12 _
1 92 93
92
92 Sale 92
8 ....-- 8618 Jan '14 _- 864 8618 Cuban-Amer Sugar coil tr 6s lit
10831k
65
21 6314 08
Distil Sec Cor cony lat8 53-1927 A-0 6434 Sale 6434
--- 8214 Feb '12
as 19 87 894
E I du Pont Powder 4;is_1936 J-D 88 Sale 88
76
Mch'14
90 904
Ferzi-'11
10134 1015s General Baking 1st 25-yr 65_1936 J-D 8812 91 90
&Ps l‘Ich'14
77 8034
10438 10458 Gen Electric neb g 330._1942 -A
10434 10534 10458 Mch'14
10338
Salt.10
7358
81213
10434 20 103 1054
Debenture Is
10738 10734 10738 Alch'14 _ 10514 10734
65
1093
8
101
9812 101
C.ien'l Motors 1st
- lien 6s___ 1915 A'O 10078 Sale
10034 ---_ 10518 J'iy '12
16 834 89
8812 Sale 8814
881
Ill Steel deb 4 As
63 644 May'13
10112 Sale 10114
11)112 35 98% 10131
108 10812 Indiana Steel 1st Is
1083s...__ 10814 Mch'14
100
Oct
100-5.
'13
1
911
110 ___ 11012Jan '14 ____ 109 11012 Ingersoll-Rand lit Is--4119
i12 10114 10114 11 101 fOi"
65
0
10018 --- 10512 Nov'12
_ Int Paper Co lit con g 6s 1918 F-A 16738111:
4 78 844
Sale 78
7814
Consol cony fg 53
79 Mch'13
72
63
Mch'14
60 674
1
‘11-0
A
5 II39
lot St Pump 1st if 5s
92
19
10218 101 Mch'14
101 --10038 101
4 9014 97
951
9538 96 9514
101 ..—_ 10314Feb '14 ____ 1034 10314 Lackaw Steel 1st g Is
3 70 7812
74
74 75 74
lit con Is Series A
703 -_-- 72 Sep '12
18
9812
9812
9312 984
9812
S 934
-8
NI° IVI
11199952153
101 102 101 Mch'14
101 102" 5-year convertible 5s
Liggett & Myers Tobac 73_1944 A-0 123 12412 1234 12438 58 120 125
10112 __ 112 Oct '06
20 9634 102
102
Is
1951 F-A 101 Sale 101
10178 —__ 10334 Nov'12
10
1224
123
123
11938 12312
Lorillard Co (P)7s
1944 A-0 122
l025___ 102 Dec'13
9 9658 101
53
1951 F-A 10012 Sale 1004 10012
104 Mch'13
103
Mch'14
954
9712
95
91 9514
A-0
Mexican
A_'21
6s
coy
Petrol
Ltd
1044 ___ 1041* Feb '14
10212 lova
951
95 961s
1st lion & ref65 series 0_ _1921 A-0 95 9714 9512
104 __ 105 Mch'I4
10312 105
94
Mch'l
94 1
0112
J-D
5s_1929
&
Nat
Enam
1st
Stpg
9214 9312 9234 Mch'14
0034 0234
814 Felt '1
814 8212
Nat Starch 20-yr deb 5s...._1030 J -J •
00'._._ 92 J'ne'13
9912 61 9634 1004
14 994
9%
7- 93
99
1952 M-N 6
3 10018 10113
10014 ____ 10038 10038
8 Nationc,1 Tube 1st Is
.
98
4 93 9975
98
_ 0834 0834 N Y Air Brake 1st cony 6s-1928 11/1-N
06 --_ 9834 Feb '14
100
1 100 10058 Railway Steel Spring—
9912- __ 100
3 97 08141
9818
0712 981s 9712
Latrobe Plant 1st s f 53_1921 J -J
10618 Sale 1064 10618
8 10334 10618
921
5 91 924
Inter-ocean P 1st s f 5s_1931 A-0 9134 9212 9212
9138 00's Feb '14
8514 0012
Dec '13 -_ 10134 10134 Repub I & S 1st & col tr 58_1934 A-0 10278 -- 1024
_10184 Feb '14
94
65 91 94
10-30-year Is s f
1940 A-0 9334 Sale 934
102
.i 10114
10114 10
9912 104
1 8412 8912
891
Standard Milling 1st 5s
- 8912 8012
1930 St-N
20 40 51 Nov 12
The Texas Co cony deb 6s_1931 J-J Milk 1054 10434 1051 108 10038 106
90 - _ 994 Apr '11
Union Bag & Paper 1st 5s_1030 J -J ____ 86 00 Feb '13:1064 Nov'01
1930 J -J _89 9114 Jan '13
1035 10412 Stamped
10514 106 10412 Feb '14
15 sire 89
.1F8 85 8312
84
U13 Realty & I cony deb g 5s_'24 J-J 8
105 106 101 Aug'13
_ 20 20 _ Feb '14 -20 20 '
11 S lied & Berg 1st g 6s__ _1931 J -J
_ -55 100
10014 10112 100 Mch'14
232 10134 104
1027
s
-D
J
ls
iEs
2031s
Sale
65_1918
0-yr
tr
1
coil
Rubber
S
2
87
87
8712
85
8512 87
425
8 10314
103
10314
Sale
1024
997
2,1-N
_41963
coup
Corp—J
Steel
8
U
9834
1 0534 0834
97 9812 9834
10212 Mch'14
100 103
f 10-60-yr 5sIreg _d1963 M-N
84 85 Deo 12
8 "i67
-b5
s
97
7
98
4
963
-D
J
913
5s..1923
1st
15-yr
Va-Car
Chem
82 --__ 82 Feb '14
. 1i- West Electric lit Si Dec 1922 J -J 102 Sale 10112 102 101 100188 10214
:
-Hi
53
40 52 60
52 Sale 52
35 8912 9514
95
9412 Sale 9412
Westinghouse E&Msf 55..1931 J -J
1 49 50
48 56 49
49
1 9654 9712
971
10-year coil tr notes 5s 1917 A-0 974 ---- 9712
8558
1 8514 85%
854 --- 8534
101 -_-. 101 Mch'14
10012 10134
Liiscellancous
76 81 76 Jan '14
74 76
2 7312 8034
7814
S 774 79 7914
1943
Adams Ex coil tr g 4s
93
23 8912 93
Armour & Co 1st real est4 s'39 J-1) 93 Sale 9234
9788 73 9512 08
974 Sale 067s
1952 A-0 874 8812 88 Mch'I -- 8712 88
_
9012 9612 Meh'14
9512 0312 Bush Terminal 1st 4s
91 91
8974 91 91 Mch'14
1955 J-J
tkii sale 9034 91 63 90 9338 Consol 58
83
87 8812
1960 A-0 88 89 83
Bidgs 5s guar tax ex
9312 12 01 05
9312 Sale 9314
150 150
Chino Copper lit cony 66_1921 J -J 160 180 150 Jan '14
924
9 0134 04
024 9234 0218
10 9958 105
105
11018 11034 1104 Mob '14
10918 11034 Granby Cons M S &P com 6s A'28 M-N 104 10512 105
1011 13 9634 10312
10738108 10758 108
7 10534 103 inspir Cons Cop 1st cony6s 1922 M-S 10114 Sale 100
13 4712 Cl •
55
9212 84 8914 0414 Int Mercan Marine 43is- —1922 A-0 54 Sale 54
917s Sale 917s
2 71% 774
73
1929
73 74% 73
lot Navigation lit s f 5s
108 May'll
10214 _
941 154 93 9412
Power lit 58 A
1943 J-J 94 Sale 93
914 14
---- Montana Co
884 Jan '1 ....-- 8812 8812
J-J
1939
s
lit
hs
4
f
&
Morris
---- ---- Mtge Bond(N Y)4s see 2 1966 A-0
93 aich'13
---99't May13
1932 J-J
series 3
94 Oct '12
78 78
-fig; 711 Mch'14 _
fddil N Y Dock 50-yr 1st g 4s.._1951 P-A
Yar; 99%
9944 25
1014 1014
Mcifl
1011$
101
Palls
J-J
Pow
Si
1932
lit
Niag
105
10334 Sale 10334 104
25 10114
93 Feb '1
— 93 93
Niag Lock is 0 Pow 1st 6s 1954 M-N
961g Sale ME
97
15 04 100
95
3 9158 95
Ontario Power N F lit 50_1943 F-A 95 Sale 95
90 J'ne'12
Tranansiasion is_ _ _1945 M-N 90 ---- 89 Dec'13
"Of 98 Ontario
99 98 Feb '14
901
2 -88r2 91
Pub 4.rv cern NJ gen 5s 11150 A-0 1294 90'4 5911
78
78
fe1 78 78
853 67 6012 0114 itayConsOopper lit cenv Gs1921 J -J nal: Sale 11311 11714 160 1075211714
5 Sale 63
6
9214 924
931s 92' Feb'14
554 Feb '1
60 6617 Sierra & S F Power lit 50_1949 F-A
10312 Jan '14
1034 1034
19 664 Wash Water Pow lit 5s.....1931 J-J
6238 56 Feb '1
Bid
82
ta F& NP 1st sink I g 53_1919 J -J
iSeaboard Air Line g 4s____1050 A-0
Gold 4s stamped
1950 A-0
• ltestered
1950 A-0
o1949 F-A
Adjustment Si
' Refunding 4s
1959 A-0
• All-firm 30-yr 1st g 4s_e1933 M-S
Car Cent 1st con g 4s
1949 J-J
Fla Cent & Pen 1st g 5s_1918 J -J
1st land gr ext g 5s
1930 J -J
Consol gold 5s
J -3
3j
Ga & Ala Ry 1st con 5s__o1
1945
Ga Car& No 1st gu g 53_1929 J -J
1926 J -J
Seab & Roa 1st 5s
Southern Pacific Co—
Gold 4s (Cent Pac coll)_k1049 J -D
Registered
g1929
k
20-year cony 4s
20-year cony 5s
1f1
Cent Pac 1st ref gu g 4s_11)3
1949 F-A
Registered
Mort guar gold 3 Ms_k1929 1-1)
Through St L 1st gu 4s_1954 A-0
0 II & 13 A M & I' 1st 58_1931 /1-N
Gila V 0 & N 1st gu g 5s_1924 51-N
Hous E & W T 1st g 5s 1933 11-N
1st guar Si red
J
3 IVI
11 & T lst ri 5s int gu_1
037
19
_ _1021 A-0
Gen gold 45 int
Waco& N W di,/
1st gGs 1930 V1-N
guar_1041 3-J
A & N W 1st gu g 5s
1st 7s 1918 A-0
Morgan's La &
1020 J -J
1st gold 6s
28
193
No of Cal guar g 55
Ore & Cal lit guar g 58-19 7 JJ
So Pac of Cal—Gu g 55-1937 M-N
So Pac Coast 1st gu 40 g-1937 J-J
San Fran Term! 1st 4s 1050 A-0
Tex & N 0 con gold 5s__1943 J-J
So Pac RR lit ref 4s ____1955 J-J
Southern1994 J -J
1st conned EC Si
1994 J-J
Registered
1956 A-0
A
gen
Ser
4s
Develop &
Mob Ss Ohio coil tr g 49_1938 M-S
1906 J-J
Mem Div lit g 4.t -5a
1951 J-J
St Louis div lit g 4s
1918 J-J
Ala Oen R lit g 6s
1948 J-J
Atl & Dany lit g 4s
2d 4s
1948 J -J
AM & Yad 1st g guar 43_1049 A-0
Col & Greenv lit Os
1916 J-J
T Va & Ga Div g 53_1930 J -J
Con lit gold 5s
1056 M-N
E Ten reor lien g Is
1038 M-S
Ga Midland lit Is
1946 A-0
J-J
Ga Pac fly lit g 6s
22 J-J
1925
Knox & Ohio 1st g 6s
Mob & Bir prior lien g 58_1945 J -J
1945 J-J
, Mortgage gold 48
1915 J -J
filch & Dan con g 60..
1927 A-0
Deb Si staraped
1048 M-N
filch & Meek 1st g 4a
1019 M-N
So Car & Oa 1st g 5s
1916 M-S
Virginia Mid ser 0 6s
1921 31-8
Series D 4-5s
1926
, Series E 5s
1031
Series F Os
1936 M-N
' General 58
J-J
; Va & So'w'n 1st gu 55_2003 A-0
1st cons 50-year 5i-..-_1958
i IV 0 .25 IV 1st cy gu 4s_ 1924 F-A
1014 J -J
i West N 0 1st con g 6s
Spokane Internet 1st g 5s_11355 J-J
li ler A of St L 1st g 4 Ms_1939 A-0
1st con gold 55.-1894-1944 F-A
1953 J -J
,Gen refund d f g 4s
'St L M lige Ter gu g 50_1930 A-0
2000 J-D
!'ex & Pac 1st gold Si
000 Mch
I Id gold inc Is
g,
La Div 13 List g 5s
1931 J -J
L,WblinW& NW 1st gu 5s_1930 F-A
1935 J -J
Vol & 0 C 1st g 58
Western lily 1st g 5s
1935 A-0
1935 J-D
1 General gold 5s
1990 A-0
, Kan & Mist gu g 4s
1927 J -J
• 2d 20-year 5s
1017 J -J
Tol I' & W 1st gold 4s
TolStL& W pr Ileng 3 is_1025 J-J
11150 A-0
I ISO-year gold. 4s
1917 F-A
' Coll tr 4s g Ser A
Tor I Earn & Buff 1st g 4s-1z1946 J-D
lster & Del 1st con g 5s_1928 J-1)
1952 A-0
1st refund g 45
Union PacificJ -J
1st RI:& land grant g 4s_1047 J-J
1047
Registered
I
1927 J-J
20-year cony 4s
g2008 M13
1st & ref 45
Ore By & Nay on g 4s__1946 J-D
Ore Short Line 1st g 613_1922 F-A
1046 J-J
1st consol I 58
1920 J -D
Guar refund 48
1925 J -J
Utah & Nor gold 5s
1933 J -J
1st extended 95
Vandalla cons g 4s See A-1055 F-A
1957 11-N
, v Consol 4s Series 13
,Vera Cruz & 1' lit gu 4 As_1034 J-J
Virginian lit Is Series A _1962 511-N
1939 191-N
abash lit gold Is
1939 F-A
2d gold as
1939 J-J
13
Series
, Debenture
1921 *1-8
, 1st lien equip s fd g 5s
. lit lien 50-yr g term 4s-1954 J-J
1956 -J
lit ref and ext g 41
Cent Trust Co als
Do Stamped
;IT
X
U
W
-jai
-,
sa
124Sale
—-
MISCELLANEOUS BONDS—Concluded.
Telegraph & Telephone
Am Telep & Tel coil tr 40_1929 J-J
_ 92 92
1935 SI-S
. Convertible 45
)
9
8(
112 9
80
1 9
20-yr convertible 4 As _1933 51-8
Chicago Telephone 1st 55 1923 J-D
6 761k 82 Commercial Cable lit g 42_2397
2397
Registered
8 73 79
41
3
8914 Cunib'd Tic T lst & gen 55_1937
99% 09
8 8
Keystone Telephone lit 5s-1936 J-J
MetropolTel&Tel 1st a(58_19111 NI-N
11124
F-A
Mich State Telep lit 5s
-554
N Y & NJ Telephone Si g_1920 1.1-N
2 84 ss
N Y Telep 1st& gems(4;01939
1937 J-J
521s Pac Tel & Tel 1st 38
71s 103
77
9
10112 103 Iouthe4i'l'elè T 1st•f 5s 1941 J-J
_ 101 1024 West Union col tr cur 55.._1935 J-J
Pd aid real est g
1 1014 10114
1941 fd-N
Mut Un Tel gu ext 5s
Northwest Tel gu 4;is g_1934 J-3
92I 95
.•zgo price Friday; latest bid and asked. a Due Jan.'anise April. sDue May.•Due June. 8 Due July. 8 Due Aug. 0 Due Oct.
Coal Cc Iron
pun & Slum Iron a 1 5s____1932 J-D
al926 MDebenture Is
001F & I Co gen s f g 5s___1043 F-A
1910 M-N
L_Col Fuel gen Gs
01 Indus 1st & coil 58 gu 1034 F-A
SPIOns Ind Coal Me 1st 5s-1935 J-1)
Ons Coal of Ald lst&ref Is 1950 J -D
tinental Coal 1st g 53_1052 F-A
'Or Riv Coal& lst, g Gs_h1.1)19 A-0
Kan&I10&C 1st s g 5s_1951 J -J
Pocsh Con Collier lst s f 5s-1957 J -J
1955 j-J
§11)L Rock Mt& 1' lst 5s
1951 J -J
Tenn Coal gen 58
Diem Div 1st consol 68_1917 J-J
331917 A-0
Tenn Div lit g Os
Call0 M Co lit gu g 64_1922 J -D
1953 J-J
Victor Fuel 1st s f 5s
Vs Iron CealkOoke 1st g 5s 1949 M-S
92 __ 02 Feb '14
80
80 iS 80
0812 99 Mch'14
ii8314 no 1074 Joe'12
79
79 Sale 78
73
73 73
--89
8012 92 89
91 __-- 991k Feb '14
---- - - 1024 Apr '05
93 0314 931s Mch'14
88
8734 --- 88
- 8014 Mch'14
79 8212
100 103 1031s 1034
102 103 10112 Mch'14
102 103 10212 Mch '14
1014 Sale 1014 10114
-_-- 78 SO May'13
9212
92 9312 924
8813 Sale 884
8311 Cl 9
87
5 9
84
1
514
95 100 94 Mch'14
993s iiii 9413 915*
9914 Sale 9812
ics
ig
is:
,
eir
i i
1
:
iii::::: -iic, IN ...
7734 -- 8312 Nev'll
98
— 95 98
3 $054 9914
$0'
4 Sale $914
-89110041001s
,h.l.
Mch
012 m
,9
-1_2 10
-9
,311_9
100
10112 ___ 10314 May'll
9714
9634 Sale 9634
98
9784 977 977
9834
4 9812
1
981s 98/
4 lack'14
1
9758 99 97/
91
90 91 91
09 100 104 J'ne'll
87 ___ 93 Jan '1
61 1:
11
9-51
2
119 96 995*
93
0
na 19
010111
4 11417s 9210
p Des Nov °Dee Dee. •OSEmissla.
986
CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
HareIs 21
Monday
lIarch 23
Tuesday
.1farch 24
Wednesday
Hatch 25
Thursday
March 26
Friday
Harch 27
Sales of
the
IVeek.
Shares.
STOCKS
CHICAGO STOOK
EXCHANGE
Range since Jan. 1.
Range for Previous
Year (1913).
Lowest.
Highest.
Lowest,
!enliraada
Last Sale 17 Mar'14
18
Chic City&C Ity pt sit cora
17 alch18 2334 Jan 31
49
49
.45
Do pref
____ ---10
49 Mch25
27
Jan'14
Last Sale 23
Olneago Elea Rya cutn100 23 Jan 21 5512 Feb 2
25 Jan 19
2113 .171;
JO Jan
85
Jan'14
Last Sale 70
Do peel'
100 70 Jan 21 70 Jan 21
70 Ply
91 Jan
911: .90
9012 --------40 Chic Rye part et( "1"___
90 Jan 10 98(4 Jan 24
83
Jan 102 Joe
___--3014 3014 301
548 Chic Rys part ctf "2',___
27 Jan 8 35 Jan 16
18
J'ne
612 *612 7 - --------25 Chic Itys part 1711 "3"___
3314 Sep
61 Jan 14
S2 Jan 29
512 J'ne
213 .212 3
9 Sep
---- ---10 Chic By' part ctf "4"___
2 Jan 14
4 Jan 2
2 J'ne
15
Jan'14
Last Sale 17
453 Apr
Kansas City By & Lt_ 100
17 Jan 15 17 Jan 15
1614
Ply
35
37 Sep
Last Sale 3513 Nov'13
Do peer
100
3512 Nov
Last Sale 413 Feb'14
414
38
Oct
Streets W Stable C L_100
412Jan 7
42 Jan 7
433 Dec
25
Last Sale 25 Feb'14
213 Jan
Do pref
100 25 Jan 26 25 Jan 20
25 Sep
45 Mcb
Miscellaneous
*30"14 3114 .2934 3014 *293 3014 .29
2912
Last Sale 30 Mar'14
American Can
100 29 Jan 3 347 Jan 23
*9213 9312 *9213 0312 *0212 9312 .92
2113 .1'ne
4813 Jan
0212
Last Sale 023.1 Feb'11
120 prat
100 8912Jan 2 9534Jan 27 o 81 J'no
I_ __ _ 410 .333 400 .383 400 .383 400 .383 400
400 400
38 American Radiator_100 400 Mch 27 440 Feb 10 400 Oct 12914 Jan
•_ 130 .____ 13212.__ 13212 *„... 13212 130 130
500 Feb
130 130
20
Do
prof
100 128 Mch14 13412 Feb 6 125 Dec 135 May
*35
4013 *35
4018 3514 3514 35
33 .33
35
30
30
63 Amer allapbuilding_100 30 Jan 0 44 Jan 31
•___- 82 ._. 82 ._ 82 *____ 82
23 Nov
53 Jan
80
80
_______
10
Do pref
100 76 Jan 8 92 Feb 4
*12213 123 *122 12212 .12113 123 *12113 /.22
73 Nov 10312 Jan
Last Sale l2115 Feb'14
Amer
Te1/210_10
Talep
as
0 113 Jan 2 124 Jan 28 11034 Dec 13034 Jan
*42
44
.42
41
*42
44
43
43
*43
45
43
43
105 Bcoth Fialierlel corn 100 33 Feb 26 &0'4 Jan 21
•____ 80 .___. 80 ._ 80 .....- 80
4912 Dec
71 Jan
Last Sale 3113 Mar'14
Do let Prof
100 '1 Feb 26 841Jan 27
*40
4912 *46
4912 *46
7313 Jam) 8973 Jan
4913 *16
4912
Last Sale 50 Dec'13
Cal & Chic Canal &13 100 -----------------..
5713 53 .5713 5312 53
-40 Jay
59
55 Jan
5314 5814 5712 5712 5713 5712
460 Chic Pneumatic Tool_100 51 Jan 2 60 Feb13
*21212 215
215 215
4712
215 215
5513 Sep
216 216 .215 217
26 Chica,go Title &Trust 100 212 Jan 13 218 Mcit17 200 Joe
13934 1395 13914 13914 139 13912 133
Apr 221 Sep
13312
1
1
331
13812
133
Commonn't
138
2
403
2
2
1
.
h-Edison.100 133 Jan 23 140 Mch.16 /412413 Dee 155
*1112 12
*1113 12
*1112 12
*1113 12
Sep
Last Sale 12 Feb'14
Corn Prod Ref Co com100
914 Jan 0
13 Jan 31
Joe
1613 Jan
Last Sale 77 Feb'13
Do pref
100
*95
9512 .9513 9312 95
77 Feb
-0512 .9512 0612 90
77
Feb
9612 9614 9614
74
Diamond Match
100 0112 Jan 2 102 Jan 26
*23
25 .23
90 Oct 11014 Feb
25
*23
25
.23
23
Last Sale 253a Feb'14
Goodrich (B.F.) corn_1(10 2523 Feb 5 20 Feb 4
10534 10534 .105 103 .105 10614 .103 106 *10513 1053
1513 Nov
53 Feb
12 151
105
75
Hart
Shaft
&
Marx
p1100 10012.lan 2 106 Mch17
*64
94 Lich 10012 Deo
65
6113 6412 .63
64
63
6333 63
63 - -------_
350 Wools Brick
5973 Jan9 70 Jan 30
100
53 Nov
-- _- ____ .-- -___ --- -___
7612 Jan
Last Sale 110 Feb'14
Intornat Harvester Co100 109 Feb 4 111 Jan 22 100 Joe
*____ 77 .____ 77 .____ 77 ...- 77
115 Jan
Last Sale 7634 Aug'12
Knickerboc
ker
Ice
pf_100
.135 140 .135 140 .135 140
135 135 *133 137
135
135
20
National
Biscuit
100 1-2-3-3-4fa-n
*120 125 .120 125 *120 125 .120 125
- _ 14 138 Feb 3 105 J'no 130 Sep
Last Sale 12111 Feb'14
Do prof
100 12114 Feb 16 12312 Feb 4 116 Dcc 123 Jan
10813 109
10913 11012 11013 11012 110 110
11012 11012 10913 10912
380 National Carbon
100 J10513 Met)12 161 Feb 19 113 J'no 137 Deo
117 120 .117 120 '120____ *....... 120
Last Sale 117 Mar'14
Do prof
100 11514 Jan 27
.405s
__
41
41
40
Mehl7 1111
4013 3914 3914 *33
:J'IY 119 Jan
40
70 Pacific Gas Is El Co.. 100 35 Jan 0 120
124 1-24
47(3 Fob 13
12414 12434 12112 124N 12314 12414 12213 12313
(33 Jan
33 Nov
123 1-23-14
670 People's Gas LacCoke.100 121 Jan 3 125 Jan
.7812 80
7912 7912 7913 7913 *7912 80
J'tte 130 Sep
101
5
*7912 80
*7913
80
60 Pub Herr of No III corn 100 77 Jan 3
/00 100
0913 9934 *9913 100
85 Aug
81 Melt 4
65 Jay
9934 0934 100 100
9973 100
330
Do pref
100 0433 Jan 21 100 Feb 7
1214 1214 13
12 *____ 15 *-_ 15
8934 Dec 10153 Jan
.3
12
.3
13
250 ft urnely common_ _100 12 Met)23
*__ 40
30
30 .-__ 35 ...a
6)) Feb,
173.t Jan 14
19 Aug
30 .27
29
.27
29
100
Do prof
100 30 Mch 23
189 18914 139 18973 18914 13934 189- 189
9733 Feb
4013 Aug
18713 18713 18034 188
718 3ears-Roebuok coru_100 181 Jan 3 403.4Jan 14
*12214 12412 *12214 12112 .12214 12412 .12214 12412 .12213
10313 Jan 31
155 Joe 21434 Jan
124
123
123
50
Do
pref
100 123 Jan 14 12473 Feb
*29
30 .29
30 .29
30 .31
32
Last Sale 2313 Feb'14
Studebaker Corp cons.100 2712 Feb 3 3034 Feb 20 117 May 12434 Feb
*84
86 .84
80
.81
86
5
*84
1614 Nov
34 Feb
88
Last Sale 36 Feb'14
Do pref
100 83 Feb 3 86 Feb 4
10633 10612 1061.1 10658 10613 10612 10314 10612 10613 10614
66 Nov
70 NoV
100
10614
553
Swift
dr
Co
100 10434 Jan 3 10712 Feb 27 101 J'ne 10773
250 250 .245 250
245 245 .245 250 *245 250 .245 250
Mck
13 The Quaker Oats Co_100 230 Jan 6 230
'
010814 107 .10614 107 .100 103 .106 103 .100 108
alch21
195 J'ne 280 Feb
107 107
15
Do prof
Jan
100
102
6
15333 15338 15338 153
107
Feb 28
15634 15812 150 153
9934 Jana 10312 Feb
15414 15512 156 15712 2,635 Union Carbide Co
100 140 Feb 9 15813iVIch2.1 s 142 Dec
Last Sale 113 July'13
218 NoV
Unit Box Bd dr I' Co_100
6513 ___
- - 65
__ ____
1 Jan
_
64
112 Feb
64
__
.
170 U S Stool coin
100 5753Jan 3 6712 Feb 13
. iiir, ifit, 112I4 112i, 11213 1-1-31,.112.3 imi, 113.4 11314 1134
50 .1'ne
ass,
1
-1
3
-14
179
Ward.
lalontg'y
4 Co pref 109 Jan 3 114 Mch17 10512 Feb 111 .1 an
0-....
8 .--8 ...8 .____
Last Sale 61. Feb'14
8
Sep .
Wostern Ston.
100
5 Jan 13
813 Jan 14
9
Last Sale 91-34 Ma y'13
J'17
1412 Jan j
Woolworth. corn
100
8714 Mch 112 Jan
...-.48
.20
.70
.91
30
*613
*3
•-__
*--*313
•____
13 *____,
50 ._....
27
.20
85 .70
9112 .91
30
30
7
*613
314 .3
15 ...__
35 .___
414
*313
25 .___
18 .__
49 ._ __
27
.20
85
*70
9112 .91
30
30
7
.613
314 *3
15 .__
35 *_
414
*312
25 .___
18 *__
49
49
27 .20
85 .70
9113 91
3014 3014
7
612
314
212
15 *___
35 ._
414 *313
23 *-_
Chicago Banks and Trust Companies
NAME.
.A./.1.1.46/..• II.CLE//
.
4a.
a
Capital Surp. &
NAME.
Stock.t Profits t In
In
Per1912, 1913. iod.
'(003 om (tied.)
I
Last Paid, I
%'Md. Ass.
h4
,Atuerican
State- to$200,0 $213,3
2)'; 543to ____ Dee31'13 112w 179 182
iCaluutet National
100,0
72,0 None
6
An Jan '14, 8 150
Capital State_ _
200,0
20,6 Org. ./ an. 27 '13. V.95, p.1585 104 107
Central Mfg Dist_
250,0
27,1 Beg. b 113.0ct 7'13 V. 95, p. 944 157 160
,Cont & Corn Nat. 21,500,0 9112209 10
Ilk, Q-J fan. '14, 3 292 294
,COret Each Nat_ 3,000,0 y6,535,8 16
16&8y Q-J Jan. '14, 4 411 415
Drexel State
m300,0
145,8
6
6
4-2 Jan. '14,21210 220
Proven' National
750,0 9304,7 10
10
Q-J Jan. '14, 23.3 250 2430
Englewood State_
200.0
63,4
8
8
Q-J Jan. '14, 2 175 183
Flat National
10,000,0 y123185 17
17 Q-M Dec.3113,414 428 422
FiretNatEngiewal
150,0
247,5 1233 10.1s3e Q-M Dec31'13512m 350
Foreman Brat.... 1,000,0
523,3
Priv ate ha nit
Ft Dearborn Nat_ 2,000,0 91,010,9
8
3
Q-J Apr. '14, 2 Ho iii:i
Halsted 81 State..
200,0
25,3 Org. N oy 25 1913
128 133
HibernlanBit Asap 2,000,0 21,292,5 Not pu blished -se 08010
(IT)
Hyde Park State_
200,0
48,9 Beg. b us Aug '12. V.05, p. 273. 131 (10
137
Irving Park Nat.._
100,0
y15,9 Orga n. Feb '12; V.94, p 465. 119 _.
/Caspar State_ __
400,0
209,3 10 10Jcie J-J Jan. '14, 5 250 Lake View Stale_
8,7 __
200,0
144 Q-J Jan '14, 144 108 111
Lawndale State_
200,0
64,6 ___
6 (1-51 Dec.31.13, 2 207 271
Live Stk Each Nat 1,250,0 9663,6 1012e
12 Q-M Doc.31'13,3 255 261
Mech&TradState
200,0
59,0 Beg. Is =Aug '281 '2 V 05, D 593 131 135
Nat Ilk of Repub.. 2,000,0 y1,472,3
8
8
Q-J Dec.31'13,2 209 211
National City____ 2,000,0 y830,0
6
6
Q-J Jan.'14, 144 164 167
National Produce
250,0 y125,7
6
Q-J Jan. '14, 143 190 201
0
North Aye State_
200,0
122,7
7
7
4-2 Apr.'14, l'a 160 163
North Sala St Say
200,0
23,8
0
6
(.2-J Jan. '14, 143 135 137
North West State
300,0 a 71,5
8
7
Q-J Apr '14. IN 185 190
Ogden Ave Etate_
200,0
11,5 Org. N 01. 27 '12. V.95. P. 1944 104 105
People'skithYdsat
500,0
133,4
10
10
Q-J Jan '14, 412m 200 Second Sacurity__
200,0
23,3 Beg. b us Nov I'll V.93, p. 1233- -_
Security
400,0
176,7
73.. 4-2 Jan. '14, 2 250 260
0
SoutaChicagotSay
200,0 3152,2
8
842/ Q-J Jau.'14, 4rn 255 South Side State..
200,0
31,9
6
6
4-2 Jau.'14, 13.4 133 138
State Bank otChle 1,500,0 2,802,4 13
12
Q-J Jan. '14, 3 397 400
State Bank of Italy
200,0
54,4 Beg. b us.Aug 191 3 V.05, p.523 132 133
Stock Yards Say_
250,0
249,5 10
15 Q-M De0.31'13,4 350
Unmans Bk of Chic_
500,0
170,5
6
6
M-N Nov 13, 3 178 181
iWaalaingt'nPktdat
100,0
27,6
654 10&3e Q-J Jan. 14. 543m 225 _
Central'FrCoof III 4,500,0 2,161,1
9
8
4-2 Jau.'14, 243 z233 234
Chicago City nser
500,0
407,3 1042e 12&le J-J Jan. '14, 6 300 310
Chicago Gay II dif 1,000,0
385,2
0
6
Q-J Jan. '14, 11-3141 143
ChicagoTitie & Tr 5,600,0 12,836,9
8
844 Q-J Jan'14, 233 213 218
Colonial Tr es Say 1,000,0
498,4 8&2e
(o)
Qat Apr.'14, 2
2104 166
Cont&Com'Fr&S 3,000,0 21,805,1 Not pu bleated -43 o note Oa
(11)
Drovers Tr ez Say
250,0 3190,1
10
10
CaJ Jan. '14, 213 235 .....,
First Trust & Say 5,000,0:4,043,2 None None Q-M Dee3(Y11, 4
___ ___
FtDearbornTrAS
500,0 3112,1 neg. Is ua.Apr 311 V.92, 9.929
Franklin Tr & Say
300,0
130,5 _....- Q-J Jan. '14, 141 163 163
Gresnebanm Sons 1,500,0
343,3 10
4-2 Jan. '14, 244 ___ _
10
Guarantse Tr & 8
200,0
0
54,5
24 Jail. '14 31a 130
8
Hants Tr & Say_ 1,500,0 2,471,7
13 12&10e Q-J Apr '14, 3 450 __,
Home Bank &Tr..
300,0
88,3 Seg. b us.Apr 101 1.V.92,p.1004
1111nola Tr 4 Say_ 5,000,0 10,863,0 1(3444 16&44 q Feb.20 14,1 152 • 155
475 485
Xenvroral Tr &Say
200,0
116,2 742e
7
il-J Deo 3113, 134 192 108
Ls.keViewTrasSa.v
300,0
113,7
6
6
Q-J Dea31'13,143 173 181
•Larlalleat'FrkSay 1,000,0
302,2 Boa. b us. Ma y'10
105 107
Liberty Tr Is Say_
275,0
4,5 on. I) eo. 0 '12.
173 200
Market Tr & Say.
200,0
31,3 Or. 8 opt. 5 '12. V. 95, p. 593 110 110
Mere'atIleTr&Sav
250,0
59,3 Beg. h us.J'ly I'll V. 94. P. 484 160 185
Merchants' L &Tr 3,000,0 7,353.1
18
10
4-2 Jan. '14, 4 437 440
Michigan Aye 'Fr_
200,0
73,8
___
5
Q-J Apr.' 11, 144 135 137
laid-City Tr &Say
500,0
126.3 Comb us. Ap 10'l 1.V.92,p.1004 203 211
Northern Tr Co__ 1,500,1 2,931,9
8
8 Q-M Dec.31'13,2 320 325
Nor-Went Tr & S_ n250,)
178,7
8
8
J-J Jan.'14, 5 2258 270
Old Colony Tr & S
200,0
53,2 Beg. b us.J'ae 1 11 V.92, 4.1637 115 120
People's Tr & Say
500,0
241,9
012A2e 44 Jan. '14. 243 280 285
8
Pullman Tr A Say
300,0
288,4
8
8
Q-J Mch .31'14, 2 200
Sheridan Tr A Say
200,0
30.4
3
6
Q-J Jan.' 14, Di 154 153
Southwest Tr & 8
i3tandard Tr is Say
Stockmen's Tr Is 8
Union Trust Co__
West Shia'Fr Is Say
Woodiawn Tr & 8
Dividend Record
Capital SUfp. dc
Stock. t Profits t
In
In
Per- Last Paid.
(00s om tiled.)
1012, 1013. tad.
% Bid. Ask,
3200,0
33.5,1 Org. .1 lily 5
V. 05, p. 18.1125 130 )
1,000,0 3448,1
_
Q-M Dec.31'13,144-166 109 ,
200,0
13
57,0
6
J-J Jan. '14, 3 1145 150 \
1,200,0 1,701.7
8
8&3e 47.1 Dec.31'13.3
400,0
136,0 8&2e
12 Q-al Dee.31'13 3 350 375
200,0
119,1
10
10
()-4 Jan. 14, 23.3 224 223
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
West Ending March 27
Interest
period
Pried
Friday
March 27
Week's
Range or
Last Sale
B'ds
Sold
Rang,
'
Since
January 1.
Bid
Asa Low
High No. tow
High
Am Tel Is Tel cell 41....„1929 J - .1
91 Feb '13 _Armour 4 Co 443s
1239 J -D
IU - 9273 Mar'14 _- -804
93
Auto Elea let M as
192S
74
D 70
8214 April'12
„...
Cal Gas Is El unit Is ref Si 1937 M-N :a__ 97
9013 May '12 ____
Chicago City aty as
1927 F - A 100 Sale
9973
10033 59 9914 101.
Cali City A Cou Itys 5141927 A -0 83 Sale
8273
8412 15 8113 857s
Chloago Elea fty Si
1914 J - J I 9713 9814 9712 Feb'14
9573 93
Chico Pneu Taal 1s1 51_41921 J - t 9312 95
1)5
9514
10 9213 9514
Chicago Rye 51
1027 V - A O 9353 Sale
9853
9834
9 9013 9914,
Chia fay, at
series 'A" A -0 9233 Sale
9233
9233
5 91
94 I
(/M* /tys 42.9
aeries "13" J -1) 7813 Sale
7812
7812
4
7813 81641
Chia Rys 40
11401641 "C" F - A 3.04
93 Sep '13 _
96
CMG Rys call 6s
1913 F - A
100 Jan '12
Chia Ry Pr in al g 44_31927 J - .1
7014 Mar'14
73
70
-- 67 -7-014j
Cale Fly A.d1 Ins 4s_e1927 7.ta71
5112 10 45
5113
5113 Sale
54141
Chicago Telephone 51_192:3 J -D 10053 Sale 10012
10012
6 0934 10114 1
Cicero Gas Co ret
111_1933 J - .1 93 Sale
9713
0 9714 93
93
Cornatoaw-Ealaoa
4410131
10153 Sale 10153
11 101 102
Commenw Elm 5/......919i2
8 :10033 101,3 101
Mar'll _- 10034 10114
Cudahy Fault let It .53_1924
N 210013 102
10013 Feb '11
99(3 mots
Dia Match Can deb 64_1920
10512
2 105 town
0105
10513
Gen Mot 6% 1s1 L notea_1915 A -0 93
0934 April'12
09
fat Ear 3-yr 5% g notes..-1915 8' - A
99 July'13 -Inland Steal 131 al g 6a..-1928
10313 Apr11'12
Kill11 City Ry 4 Liaht Co
bs
1913 --24
90 Oct '12
Lake fit El-let Si
1928 J -J
75 Sop' 13
70
Mgr W 814a El lit 4.4_1938 1r - A
8333
8331 63 775
3333 Sale
834
Extenskm g 431
784
1938 J -J
7914 Sale
797s 21 71
7974
M11 Et Ry Is Lt lit g le....1926 - A :103 10112 10473 Apr11.12
de
ref Is ext 4433_1931 J
J I 94
9412 95 April'12
Morrie Jr Ca 413e
1939 J - J
Feb'14
8873
89
83
Nat Tithe 1st g 53
1952 11-N
10034 alay'12
Nor Ohara El Lit g be
1932 A -0
Jan'14
99
do
let Is ref g 6s......1940 A -0
9314 Mar'11
Nor 811 GM of 111 at 6.1_1937 la - A 0-55
9512 Sept '12
'1(5
Mortis Weat 1 Mt 40......_1911 al- S
100l July '11
N WO L& Coke Co 63-192.3 Q -al 3.09
...._- 100 Sep'13
Ogden Gas fat
1915 11-N
95
95
95 Sale
-135
. 1)1
'
1
rimy Gas L Jo C lit 63.-1943 A -0
11512 dept '12
ll'efunelfag gold as
1947 • S 10053 Sale 10012
10033
-ior,
Clete Gas I. Is C let 64_193/ .1 -J 0103 Sale 103
103
tot 1o34,
Censure Gas let 6*....._1938 J -D 010034 Sale 10914
10014
99 10114
Mutual Fuel Gas tills 1247
:10013 ---- 10013 Feb '14 ___ 5_ 100 10014
Pub Boer Co let ref g 63-10641
0313 Feb'14 „ 9013
93
09314
South Insie Elea 440
1934 - J I 0113 Sale
9113
05
49 90
95
Swift as Co lass Se
1914 1-2 1100
10013 Mar'14
too 1014
do
let s f g 53.._, 1944
913
9614 65 98
O 9053 Sale
97,4•
Tri-Oily Ry is Lt coil
trust Ben s 1 bri
11222 A - 0
0314 April'12
Unian Mos (Loop) 5s.......1945 A-0 t:::: i3-75 Dec'13
U B Gypsum let g
• S
100 May'12
Waster. Ries Ce 55
1123
J
cJ
9953 Doe'13
ffi,
Nere--Aecrued intereat mum t
Oded to all Chicago price
• Bid and ask pricei; no sales %Nero mado on this day.
t Jan. 13 (close of business) or natlonal banks and Jan. 14 (opening of business)
price Friday; latest price this wee;,.
for
Sept. I 1911. la Diyalenda not
stock all acquired by the Continental & Commercial NationalState lastitutioas. 3 290
Due June. c Duo Feb. d Due Jan. 1. e Extra dIv. k New stock. publkshedi
Bank. a Due Dee. $1::
47. of this 1.3 extra. natockholders to vote
,the additional stock to be (113tributea as a 20% stock dividend.
Jan.
13
1911
upon
hurreasing
capital to 3300,000a
V. 07, v. 1729. s Sales reported beginning April 13. q Dividend'
payments Q.F. I Dec. 31 1313. oSo 21% accumulated dividend.
are pakl Q.-J. with extra
to
Increase
in
capital
to
8100,000
authortsed
connection therewith. V. 97, p. 1003. 571. m Incluaoa
ex dly. s Ex-div. and oX-etoa div. 1114 aeserminunt paid. Sept. 24, a cash WY. of 73% being PAW bat
o Paid 0% rod. and 114 extra
aitock of $000.002 and 13.3% Cranes capital 31,030,000. yMro1a4
1011.
Mart% 5_1914,1 Ea 30701,00g dly. _viCapltal to be Inca to 3350,000. on old eapitai
V. 9;.2
5121
biz)
. MAR. 28 19141
THE CHRONICLE
987
Bid Ails
Telegraph and Telephone B al Ask Indust and Miscell-(Con) 14.
52
801s
1 14
0
73
American Surety
59
e Amer Teleg & Cable_ __100 55
5
pref____?
e Central & South Amer_100 10712 10812 American Thread
Amer Ty pefounders con:1.100
Cotuni'l Un Tel (N Y)25 100 111)
9713
100 96
72
Preferred
TRANSACTIONS AT THE NEW YORE STOCK EXCHANGE
Empire A Bay State Tel_1(10 60
i 1011,4
uq
Deb g Os
50
100 40
DAILY, WEF.IiLY AND YEARLY.
Franklin
Paper___7_11-0b
1939N
Amer %Vriting
10(i 115 120
e Gold & Stock 'lei
15
Barney & Smith Car corn 100 10
e Northwestern Teleg___50 105 113
Railroad,
Stocks,
...i ....
:
57 i6
10
4
00 18
550
10
65
Preferred
72
Pacific & Atlantic
U. S.
State
Week ending
corn
Bliss
(N
Co
87
902
W)
e
Pac
Telco
&
pret_100
Teieg
bonds.
Bonds.
Bonds.
Par Value.
Shares.
March 27 1914.
Preferred)
95
25 8('
Southern & Atlantic
Bond & Nage Guar
erm Notes
Short-Terns
$39,000 $10,000
147,677 513,006,500 81,323,000
2
14
19
5,3 2
13
18
Saturday
100 2
reefn'
0014 100
rel
100
(rid Milk com.1
10042 Sop
ereee
Amal Copper Is 1915_51
116,500
2,706,500
113
112 107
106
.
332,428 29,736,300
'Monday
2,000 Amer Locomotive 5.t 1915 J-J
69,500
2,220,000
222,001 19,906,400
10t
J-J 100 10012 British Col Copper Co____0
Tuesday
is
1916
8,000
197,000
1,780,000
52
Ire) 48
235,192 20,850,350
991,
Wednesday
10014
Brown
Shoe
coin
J-J
63
1917
3,000
182,000
2,131,500
205,885 17,765,625
100 921 96
,Thursday
J-J 10014 10012.
Preferred
2,000 Balt° & Ohio 55 1914
140,000
2,275,500
2912
100 27
140,758 12,179,550
Friday
Bklyn Bap Tr-See N Y Stk Na list. e Butterick Co
100 115
Arnerica_100
100
10014
Co
Casualty
of
1-1)
Cites
1914_
Ohio
4
&
qs
*25,000
8750,000
812,535,500
130
8113,750,725
128
100
1,283,944
Total
Ches & Ohio Is 1919__ J-D 0614 97 Celluloid Co
97
98 City Investing Co
ChIcElev Itys 53 1911_J -J
Jan. 1 to March 27.
Preferred
Erie Coll .540ct 1 1914_4-0 10012 1(.033
Week eluting March 27.
Sales at
9:: 16
03.
08
a Ce
Coll 53 April 1 11115_A-0 99
New York Stout
1913.
1914.
1913.
lAlentinpiriefenrr
)eC
1100
1
do cm--1
°980 8792°
0
38 18073533
A-0
1917
51as
Oct
1914.
EXCIlanoe.
85
100 80
e 20 preferred
'15-See NY SU(Ex est
22,067,635 Genn Motors Os4
21,616,314
1,640,401
Co
etoti,c
01 c
00
lune
10(
pa
-Sieoeo Stkleit list
.
Cf
ear bleilre
yteleu
la
1
5I-N
1,233,944
Hocking Valley ,3'14
$2.008,651,150
Stocks-No. sharC3- _ 3113,750,725
70
68
$145,221,500 $1,007,925,079
1900951:
J-J
Iii
Cent
1914_
4yes
$38,200
Par value
$203,600
$11,100
9512 3)612 Continental Can tom_. 100 34
$1,000
36
Int & (et Nor be 1914- F-A
Bank shares, Par
100 8612 90
Preferred
Inter Harvester 53 '15_8-A 10014 1002i
Bonds.
8300,000
8158,500
1512
15
e
____
87
Crucible
/
M-S
steel
Os
$25,000
Lt
1912
C
4
come...100
K
Ity
bonds.._
Government
5,001,500
16,305,500
$333,000
e Preferred
98
750,000
& St I. e Its 1916_11-4 06
State bonds
134,522,000 Sutra
197,537.500
8,440,500
14
1°° 9453 9°3
9612 Davis-Daly Copper Co..„10
95
Mc) Nan A Tex 5s 1915_M-N
12,535,500
BR.and misc. bonds
Pacific Is 1014_J-D 9612 98 du Pont(EI) de Nests Pow 100 130 133
8130,823,500 Missouri
$214,001,500
e Preferred
eN Y C ',Mee Eq is 1914-22 0 4.65 4.50
$13,310,500 $8,773,500
Total bonds
-id
°24
4
2
8
100
4)is Jan 1913-1925___J-J b 4.65 4.50 Emerson-Brantin2ham....1
AND PHILADELPHIA
1
100
Preferred
DAILY TRANSACTIONS AT THE BOSTON
45-is Jan 11115-1027.__J-J b 4.65 4.50
EXCHANGES.
Empire
10018
A
100
997s
Iron
Steel
corn
4123
NI-N
Cent
Y
N
1915
4
0
2
2
7
7133
--100 -7
0_1_4
.
Preferred
55 Apr 21 1014_ __-A-021 RIO _10
Philadelphia.
a Federal Min dc limelt _100 12
15
I
Boston
St L & 8 F is 1913 opt..J-D --_
6
Preferred
NI.S
Cs Sept 1 1014 opt
Week ending
Bond
Unlisted
178
75
48
Listed
0 10
7
75
3
Bond
00 10
10
Lived Unlisted
Seaboard Air L Ity55'10 NI-S 9012 idd - e General Chemical c.em-1
March 27 1014.
Sales.
Shares.
Shares.
Sales.
t Preferred
100 .1s,
Shares. Shares.
South Pal Co 55 J'ne 151914 10014 10012
.17s
10
NI
Southern fly Is 1016_F-A 09,4 9934 Goldfield Consol
820,500
5,03:1
1,971
$26,100
3,541
0914 I liackensack Water Co7,662
-M-S2 99
is Mch 2 1917
Saturday
38,000 West Maryland 53 1915_J-J 95
10,255
4,457
46,500
5,646
1st g 48 1952 op 1912__J-J 8312
981e
13,904
Monday
30 -ii....
03,600
3,050
5,139
100,500
5,030
12,310
Westingifee El & 55 Cs 1913 1013s 10IG1 Hale A Kilburn coin___10
Tuesday
90
67,200
7,290
4,883
100 80
51,400
lit preferred
7,521
13,958
Ruilroacts
Wednesday
65,100 e Chic & Alcoa corn
92 ..
7,498
211
82
100
50,100
5,000
10
5,029
preferred
812
100
15,557
Thursday
37,600
100
3,220
,
Havana
11,487
65,200
Tobacco Co
7,753
100 1212 15
12,392
C Preferred
Friday
15
9
100
Preferred
WO 120 135
e Chfc kit I'
&
let g Is June 1 1922 J-D / 64 ....-..
37,852 3312,000
32,043
100
35,4251 8335,800
76,373
e Preferred
Total_
Hecker-Jones
-Jewell Milling
23 ..i 100 135* Colo & South corn
101
09
M-S
1st 65 1922
48
100 40
e let preferred
15
5
100
40
Herring-Hall-Nlarvin
100 35
e 2d preferred
0
4
Hoboken Lund & Improve't
e Dul 35 & Atl com100
100
let
NI-N
51
11
Nov
1930
8
100
e
Preferred
"
I
'
ninCeed
All bond prices are new "and interest" excevr wlicee
3
Hocking Val Products_ 100
e N Y Chic & St L com-100 3512 40
.2.„) 33 7
134.7
let g 53 1961
Bet Ask
100 02
e 1st preferred
Street Itallways-(Con )
79
e Ingersoll-nand corn-100 110
65
85
77
com___100
10()
e
lty3
2d
preferred
A
Lt
United
Ask
Bid
Street Railways
8
7 -.....
02
e
73
•
76
103
103
100
Stubs__
Securities
Northern
let preferred
W
31
74
Rub con:1_1100
Intercontin
Preferred
100 72
Pltts Item a Lake Erle___50 .29
2d preferred
New York City
100 95 100
Co
banking
6012
Internal
.5612
50
LSt
Preferred
of
Rye
United
26
Illeeek St A Ful Fy stk_ICO 21
100 11912 121 .
1112 1134 e Railroad Securities Co100
International Nickel
Common
ee mil,
J-J
1st mtge 4s 1010
0i 101 108 1,0
)
Preferred
100 3954 40
73
ln C stk tr etfaSer A
I Preferred
0 173 188
4
1.10
4
Iry dr 7th Ave elk
62 International Salt
100 8712 UO
Co
West Pee 1st Is 1033_ NI-S 61
El
A
fly
Wash
10012
99e,
• 2e1 ledge Is 1014
52 .
/ 50
4-0
88
5s
g
1951
Per
87
1st
share
100
Oil
Stocks
Standard
Preferred
0 ‘,
25
5 11
18
Broadway Surface RR0 10
0
1714 International Silver pref.J10
•17
J-D 817s 82
Anglo-Araerican 011 new
4s 11)51
10212
100
J-1
lst Is 1924
19
1st 68 1948
1135 665 675
Atlantic Refining
10 West Penn TrAWatPow 100
103 110'
Cent Crosstown stoe 100 ____
Refg...100
A
Smelt
64
Internet
295
305
--100
100
Co
Borne.Scryruser
Preferred
Pet niters 65 1022____
Kelly Springfield The _100 5712 130
Buckeye Pipe Line Co__50 *140 147
lectric, Gas 8c Power Cos
130 143 'Chtletepleer & 10th St tk100 120 135
Cheeebrough Mtg Cons_100 670 680
New York City
78 ..
Dry Dock E II & Btt10312
A1-0 75
10112
120
Debenture 4s 1951 09
Preferred
112
100
Oil
Colonial
J-D 9813 10012 Cent Un Gas Si
35
39
let gold 53 1032
100
12112
e Lackawanna Steel
100 255 265
Continental 011
30 e Kings Co El L A P Co_100 12012
F-A / 20
1 Scrip Si 1014
100 x8334 8454
*55
60
Lanston Monotype
Line
Co___5()
Pipe
Crescent
GasAmsterdam
310
New
280
100
200
195
100
,Eighth Avenue stoek
Co
103
Mtge
102
60
Lawyers'
55
100
Line
Pipe
JeJ
Cumberland
1st consol So 1943
e-A / 01) 1001
1 - Scrip (Se 1914
Lehigh Val Coal salee___50 165 175
1()0 290 295
Y A lilt Gas 1st be '414 2-2 103 10412 Eureka Pipe Line Co
.12d & (Jr St Fy stock.-101) 240 280 N Control
100 40 60 ,
_
Manhattan Shirt
J-J 0912
Galena-Signal 011 com_100 175 180
be 1045
St NI dr 031 N Ave
100 99 103
Preferred
142
138
65
45
100
LA Pow Co_10()
Preferred
114
1st Os ext at5% to'40_114-S 100 105 N Y & Q El
20 .1
80
Manhattan Transit
100 70
Indiaaa Pipe Line Co_ _50 .142 145
Preferred
170
155
100
tuck__.._
Avenue
6
Ninth
602
43
Bond
Co
.4'2
Mortgage
25
35
25
100
Co
Ga3..
Transit
National
Richmond
&
Y
3 N
100 -___
Second Avenue stock
•
7
5
8
8
9
15
90
1
e
290
National
300
Surety
10212
100
New York Transit Co___100
28 Nortien Un 1st Is 1927.55-N
Consol Is 1948 etfe_E-4 / 23
0
900
Northern Pipe Line Co 100 120 125 e New York Air 13rake_1110
101) 1138tandard G L 1st Is '30 I'd-N 101 105
eSIxtli Avenue stock_
20
5
e8 .188 190 e New York Dock com_100
Co
011
Ohio
Cities.
it3t3
Other
J-J 8912
Sou Iloulev is 1045
26
100
e Preferred
.100 105
We Pierce Oil Corp
50 .83
93 Am Gas & Elee come
A-0 110
So Fer let Is 1919
100 Lid- 157
100 525 530 N Y Mtge & Security
Prairie Oil St Gao
50 .4712 49
Preferred
80
Tarry WP & 55 55 '213_1%:-.4 / 75
80
100 70
Y
N
Title
Ins
370
Co
360
100
367
3(15
Refining
101)
Solar
coin
&
Lt
Tree
16 Am
28 & 29th Sta Is '96 ette 4-0 / 7
"0 *434 5,2
N Y Tref:report:Weil
Southern Pipe Line Co .100 235 240
100 107 109
Preferred
.Twenty-third St stock_ 100 240 280
75
100 60
100 405 410
Niles-Sem-Pond cona
64
South Penn Oil
com_100 63
,Union Ry let is 1942 F-A 101 103 Amer Power de Lt
11
*14
10
Co
Ohio
Copper
150
155
_10()
Lines
Pipe
Pa
SI
West
80
100
Sou
Preferred
93
' Westchester 1st 55 '43..J-1 00
Silver
Ontario
I
1,
340
4
.3
335
100
(Calleania)
Standard 011
50
Yonkers St RR. is 1040_A-te 92 100 Bay State Gas stock...100
274 ,
2'2 77
° 76
1 °0
0
EA) 520 525 Otis Elevator corn
212 31, Stand 011 (Indiana)
Buffalo City Gas
99 ,
100 97
Preferred
06
100 01
Standard Oil (Kansas) _100 500 510
Cities Service Co com
Brooklyn
27 ,
e Pettlbone-Nlulliken Cis 100 20
76
Stand 011 of Kentucky._ 100 280 285
100 74
Preferred
Mien Aye RR con Is'31A-0 10112 103
100 8834 99 ,
e 1st preferred
100 410 450
1134
Nebraska..
11
of
Stand
011
100
Elec
A
Gas
Columbia
97
WI
de NV le bs
11
Pittsburgh
Brewing
100
1500
(old)
J
72
N
of
70
Stand
Oil
J-J
let ba 1027
10 171 173
°
Brooklyn City ItIt
1 34 2714'
10
0 .1
12
Preferred
100 420 Ua.03 100
Stand 011 of N J
'13klyn llgta 1st 53 1941_A-0 99 101 Con Gee of N J Is 1036J-J
92 :
/ Pituburgh Steel pref__ 00 90
.1100
011
subsidiaries
Standard
Pow
&
11
L
Consumers'
100
90
100
Coney 101 A liklyn
3 .
10
100 237 iio'- Pope Mfg Co coin
J-D 09
Standard 011 of N Y
Is 1033
e4
82
J-J
, let cons g 45 1048
14 '
Preferred
Standard Oil of Ohio_ 100 430 450
83 Consumers Power (Minn)73
J-J
Con g 4s 1035
2 10312
120 101)
Pratt & Whitney pref
230
210
91
88
100
'14M-N
opt
dr
'29
Is
Finch
ref
Swan
&
let
100
Sig
J-J
' Brk C & N 5s1939
Producers 011
95
92
ill
Union Tank Line Co_.... 100 93
:Nassau Elea lit 5/1 1944 A-0 101 10312 Denver 04 El Is 11140_111-N
'
'
0! 11:1)203973 iii
°
10
co7
100 240 212 Realty Asaoo (Bklyu)
Vacuum Oil
Electric Bond Share prof 100 ain) RIO
27
,N Winsburgh & Flatbush0
52 ItemlugtonTypewt'r
325
10
.43
011
Co_100
Washington
Lt
Cia3
95
Elizabeth
1)2
1041___F-A
9812
' let 4;es July
9
10
lit
preferred
130
011
10
380(1
133
Gars_I00
Waters-Pierce
Essex
&
nucleon
J-J 90 103
Steinway 13, (is 11/22
92
2c1 preferred
92
100 89
Tobacco Stocks
Gas & El Bergen Co
188 ;
0 9
°
8
Royal Bak Posed cona_ 2
8312 (See also Stock Exchange List)
C1r'1 West Pow is 11140_,•.1 82
Other Cities.
Preferred
140
10
140
corn
0
129
131
Cigar
lr
Amer
Gas
103 Hudson County
08 '
712 1°9
°8
Buff St fly 1st con Is '31F-A 100
0 10
00
19
100 98 100 Safety Car Steal & Lt- _1
42
Preferred
Indiana Lightlim Co_.100 33
Cern'velth Pow lty & L_100 5912 61/1.
83 Sears,Itoebuck&Co-SeeN Y Stk F. a llat
72
70
Amer Machine & Fdy WO 80
F-A
100 801s 811. 4s 1958 opt
us t.
Preferred
Ex
Stk
Chili
a
Preferred-See
23
Tobae_El
.2234
British-American
100
50
70 Indianapolis
63
100 320 330
0 Conn Ry & Ltg com-100 66
2314 Singer Mfg Co
.23
New stuck
00
4-0 88
let g Is 1952
75
10
33
*Preferred
Coupler co m 100 25
pernd
65 Standard
190
100 270
160 2
Conley Foil
74 Jackson (ins Ig 1037_4-0 0712 100
100 _
I Detroit United Ity
100 105 111
oom_100
W)
((ieo
Ilelrue
100
00
o
23
Laclede GasL(St Louls)100
20
10
___.
100
, Federal Light & Trae
pref
Bros
Stern
1110 114 125
e Preferred
100 05 39512
e Preferred
73
100 71
95 lad"i
Preferred
10
Johnson Tin Foll&Metal 10() 125 175 Texas & Pacific Coal
8211 Madison Oas Os 11)20A-0 100 106
!Havana Eloo fly L 4 P 100 $0
NiscAndrews & Forbes...100 Is° 100 a Texas Pacifie Land Tr_100 9412
03
100 92 93 Narragan (Prov) El Co_ 50 .x83
2, e Preferred
--f
lies,
Porto-ltican-Amer Tob_100 230 245 TonopahMlia(Nev)-Seenila Stk E x
122
121
'44_Q-J
6s
Apr
Gas
10314
Newark
103
J-.1
311st 515
0 4.5
000
638
9 LOttlav St 511930
Reynolds (It J) Tobacco_1()0 260 280 Trenton Potteries com 10
07
100 1/4
Newark Consol Gas
new
a New Onl Rye & Lt com_100 50
Preferred
_100
150
100
cow
Tobacco
Products
No Bud L II & P68 1938A-0 05
100
'•Preferred
100 82
8312 United Copper
Preferred
s
393
39
100
72
corn
Padre)
N
&
Gas
68
100
8
2
100
I SN Y State Itys com
Preferred
4912
87
e United Cigar Mire cons 100 43
100 85
62
Preferred
_ 00
I eNor Ohio Tr & Lt com_100 58
100100 100 103 e United Dry Goods
e Preferred
92
Stk E x lilt Pat & Pa3 Gas & Eleo_100 89
99
100
a Preferred
' 711b Serv Cyrp of N J-See 10414 10514 St Joseph Goa is 1937
9312
United Cigar Stores cem.100 93
93
88
J-J
sy Tr etre 0!. perpetual__- 78
100 idd 200 ,
U ti Casualty
1()0 112 116
Preferred
go Standard Gas & Li (Del) 50 4712 812
100 135 14/
,No Jer St 1st 4.8 1043111-N
US Envelope cone
1.0 $2512 2612 o Weyuean-Bruton Co_ _100 215 300
741Preferred
100 73
:,. Cons Tract of N J
100 101 105
Preferred
101.1 11222 120
Preferre I
o
United
NJ
of
Electric
104
103
J-1.)
1st 53 1033
Ex list
Stk
Exproso-See
8
U
100
143
130
Co
S)
(J
8112
Young
let
8012
g
.1-1)
is
1049
13
e, Isfew'k Pass fly be '30_J-J 103 -___
100 10
Finishing
S
U
aneous
Industrial&MIscell
United GasEleoCorp_100 3312 35
100 230
35
Rapid 'Iran St ity
100 30
Preferred
100 9234 105
e Adams Express
73
100 71
Preferred_
0(7112
A-0 17
'', 11t Is 1921
5
74
0 9
70
_.1-J 9
t2.i
1019
bs
g
lit
.1-1)
78
1947
70
4s
g
/
tr
Col
20
1912
100
Utah
Securities Corp
' JO Hob & Pat 4s'49 el-N
Con g Is 1929
02
100 83
6% notes Sep 15'22M4S15 8612 8714 Alliance Realty
33
; Se J Gas El & Trao_100 128 131
43 e U S Indui Alcohol_ 100 21
coas____50 *41
Note
Bank
Amer
20
18
100
cona
Western
Power
100
98
Gu g be 1953
lei-S
86
100 82
e Preferred
5212
5() .50
Preferred
100 53
59
Preferred
, No MI6 Co RY 651928 J-1 102 103
U S Steel Corporation100 160 170
American Book
Western States Gas A El111-N 05
7: Ext bs 1924
Col s I 511 Apr 1951 op 1911 113
100 140 145
Braes
American
02
88
lst
op-J-D
&
1941
53
g
ref
e Fat Ry con ea 1931 J-11 110
Col s f 51 Apr 1951 net opt 113
101) 208 212
American Chicle cem
Ferry Conlin:nib's
A-0 100
100 __ -_ 75 '
• 2c1 6s 1914 opt
U 13 Tit Cu lc Indem
100 100 103
Preferred
18
19 N Y & N it Ferry stock..100 10
100 18
Republic, fly & Light
e Virginia Iron C & C-100 4812 51
100
103
100
Express
American
e
40
40
M-N
is
181
1022
75
100 73
93
100 83
Preferred
Co
&
Fargo
Wells
a
35
31
cosa._100
Graphophone
Am
i
99 ____
Tennessee fly LA!' cone-100 1014 17 N Y & Bob is May '4G_J-D
Westchester & Bronx Title
100 (1$
Preferred
Hob Fy let Is 1010 M-N 100
71
100 70
IOU 165
Preferred
& Mtge Guar
13-15_100
123
/13.rdware_
American
06
J-J
NYANJ551946
10
100 15
.130 Hai
Brake_50
Toledo Treat L A P
Ate
Westin/Wee
10034
e
9934
1914__J-D
Is
Malting
Amer
20
100 13
100 50
54 1018 & 23d Sts Ferry.
67
Preferred
Willys-Overland case-100 65
45
100 40
Amer Press Amen
J-D 40
48
1st ratge is 1919
93
100 89
Preferred
Trent P & H Si 1943---J-D 94
Am Steel }Sly 62 11.135-4-0 100 104
32
100 30
Unloa Ferry stock
Si
55
pf_100
Worthingten(IIR)Co
75
F-A
72
1923
de
Deb
99
M-N 97
let ba 1920
I New stook. I8
=
but usually inactive. I Flat piece. is Nominal, a Sale prim
'• Per share, a And accrued dividend. 0 Beets. It Listed on Stock ExchangeeubscrIptions.
0 LIM.' on Stock Exchange but Infrequeetly dealt en; record al
and
stock
dIvidends
new
air
Ex-rights. r Includes
-4
subsidiaries. s Ex-illv.
dividend.
,11 anis Will he found On & preceding page. _11 Ex-300% stock
Volume of Business at Stock Exchanges
Inactive and 'Unlisted Securities
[
i,
988
BOSTON STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
ilarch 21
Monday
March 23
Tuesday
larch 24
Wednesday
larch 25
Thursday
Ifarch 26
Friday
larch 27
Sales of
the
Week
Shares
STOCK
BOSTON STOC4_,
EXCHANGE
Dailro.--ds
984 *9834 99
12 Atch Top & Santa Fe_100
98/
1
4 9812 9778 9778 *97
9714 *9634 97
101 *10014 10034 10014 10014 .10014 101 *10014 10034 10038 10038
Do pref
100
41
191
189 190
100
175 Boston & Albany
187 189
190 190
189 189
189 189
100
298 Boston Elevated
8214 82/
1
4 824 82
1
4 8234
8238 82
8214 8214 8234 82/
_ *160 162 *180 16212 160 161 *161
100
30 Boston & Lowell
____ *161 -___
-44
4334 45
100
4112 4212 1,138 Boston & Maine
44
44
4314 4414 42
45
14 Boston & Providence_100
0.. . 247 *____ 246 •____ 247
245 245
Boston Suburban El Cos..
•7
101
Last Sale 7----Mtiii..-1
.ii
1014 *7
1014 *7
1014
•60
Do pref
65
Last Sale 60 Jan'14
*80
65
*60
65 *_-__ 63
Boston & Wore Elm 0is..
Last Sale 64 Nov'13
;5i- W" ;5•1 li" ;a1 Iti" ;51 li" Last Sale 38 Mar'14
Do pref
*160 162
35 Chic June Ity & USY.100
160 160 *____ 160
180 160
17 Do pref
• - 105 • _ 10512 105 105
iiii itig" la" 1-0.8-105 105
01778
-- .iiiii .___ *180 ____ *180
Last Sale 185 Mar'14
Connecticut Itiver___100
83 113
82
82
*82 -83
82
080 -82 - 82
80
82
811 Fitchburg pref__ ____100
122 122 *121
/
4 .1204 __ *12012 ____ 121 121
__ *1204 1211
28 Ga Ry & Elec stmpd_100
•86N 8734 .87 -88
*87
8734 8812 884 *8614 8714 *8612 8712
15 Do pref
100
95
95 *97 100
*98 100
9712 974 098 100 *98 ___
42 Maine Central
100
1114 1114 1112 1112 1112 1112 11
1114 *1118 1112 *114 1112
100
107 Mass Electric Cos
•6112 62
6112 6178 6178 6178 6178
/
4 614 61
6114 611
/
4 611
230 Do pref stamped _100
69/
1
4 7034 8934 71
8914 7014 8818 6914 8812 6914 6812 69
8.793 N Y N H & Hartford_100
•105 110 *105 110 *105 110 *105 110
Last Sale 105 Mar'14
Northern N H
100
*182 165 *162 163
163 163
16212 163
163 183 *183 ____
lr
;
ref
100
•
25
*22
25
*22
25 •...._ 25
Last Sale 24 Mar
195'14
srld
Rutland
100
Co
18933 15933 180 160
160 160 *159 15914 *159 15918 15878 15878
172 Union Pacific
100
•8334 8412 *84
85
83/
1
4 8312 •84
84/
1
4 *8312 8412 *8312 8414
25 Do pref
100
*120 125
127 127 *122 ____ *122 ____ *125 ____ .125 130
22 Vermont & Mass„....100
73
•70
72
*71
71
72
71
7112 7112 7112 71
137 West End St
7112
50
•-- 9334 41._ 93
92
92
90
90 *89
53 Do pref
91
...._ ____
50
*9734
010058
191
82
•160
4312
257
58
58
5712 58
5612 5512 5814 5512 56
z95
98
943g 95
94/
1
4 95
9434 95
9458 95
3
*3
3
314 .3
3
314
3
3
3
*184 19
*1812 19
18/
19
1
4 181
19
/
4 •1812 19
1014 10178 10134 10238 10134 10238 101114 101N 9914 10114
11034 111
11038 1.03 110 11034 110 11034 10912 11034
1224 12234 122
12134 12214 12178 12212 12178 12212
*18
1714
Last Sale 15 Mar'14
78
781
78
784 77
761k 77
875
7538 7434 7514
78
0.... 65
85 65
65
66
65 •___ 60
65
•98
99
*98
*9812 ___ 99
99
984
99
99
99
1
4
2
5
9
8
*
64
*7
8
.7
.7
7
7
8
8
*7
8
*1512 18 •1512 16 •1512 18
*1512 16
18
18
*1512 18
•1234 13
*124
*1234 13
1
4 13
*12/
13 •12
13
1212 12/
1
4
281 262 2804 281
260 261
280 2804 257 260
255 257
14734 148
14734 148
147 14734 14834 147
148 14634 14514 1484
101 101
101 101
101 101
101 101
101 101
101 101
93
93
93
93
9234 9318 9134 0212 90 00
91
9114
95
9538 95
0533 95
95
95
9512 9514 06
954 98
$2144 215 .21418 215
214 2144 .21312 215
21412 21412 214 21438
*21
/
4 314 5212 314 •232 314 •238 314
Last Sale 3
Mar'14
•____ 33 •___ 33 5---- 33 *---- 83
Last Sale 34 Mar'14
*88/
1
4 69
*8812 69 .
884 69
*8812 70
Last Sale 8812 Mar'14
.24
25
*24
25
25 •24
24
24
•____ 67 •.. _ _ 70
Last Sale 87 Mar'14
*Hi' 139 Hsi" 139" .137 133
138/
1
4 1381
/
4 13812 13878 13834 130
152 153
15212 15273 15218 15258 1521
/
4 15214 15212 153
15212 153
•18
1814 1812 1814 1814 •18
•1734 1834
10614
10812 10834 108 10(02 108 1081
/
4 108 10612 His' 1161;
1064
•2912 80
80
30
30
30
80
30
27
P.. 274
27
*28
27
27
--13; •14 27112 *138 13 *138 27134 27
ii
.
4 k 114
*114 133
165 185
18434 165
16412 165 :182 16238 162 162
16412 165
544 5412 5414 5414 54
5414 5414 5414 54
5414 54
54
:28 ... 2814 28
2838 2818 2838 284 2838 2814 2812 2814 284
6434 65
6478 6514 6434 65
64
6438 63/
1
4 6414 633s 6378
;
..10 11012 110 11014 10978 110
10974 110
10978 110
10934 11018
5776 58/
1
4
98/
1
4 9678
*3
314
1
4 19
•18/
102/
1
4 10214
11014 11034
122 12238
612
ao so
'
Miscellaneous
588 Amer Agricul Chem 100
Do prof100
731
52 Amer Pneu Service.... 50
Do pref
11
50
1,888 Amer Sugar Refin_100
1,012 Do pref
100
8,474 Amer Teiep & Teleg_100
American Woolen_ _100
100
480 Do pref
30 Amoskeag Manufacturing
69 Do pref
25 All Gulf 4c W I 8 S L.100
10 Do prof
100
10
10 East Boston Land
416 Edison Eiec Illum_100
General
Electric
100
632
491 McElwain(WH)lit pf 100
1,500 MassachusettsGasCosl00
Do pref
811
100
77 Morgenthaler Lino_100
Mexioan Telephone__ 10
Mississippi Riv Pow_100
Do
prof
100
4 N E Cotton Yarn
100
Do pref
100
127 N E Telephone
100
8e7 Pullman Co
100
183 Reece Button-Hole... 10
odc_Croef
545;928 Swift
100
Torrington
25
ore!
25
200 Union
L & M 25
701 United Fruit
100
1,189 Un Shoe Mach Corp_ 25
019 Do pref
25
8 U toStep
eireC
8,6
22
forp
61
100
100
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Range for Previous
Year 1913.
Highest.
Lowest.
Highest.
98 Mch 9
974 Jan 15
185 Men 8
811
/
4 Mehl()
155 Jan 2
35 Meh 9
245 Mch26
7 Mch 2
60 Jan 19
998 Jan 26
10138 Feb 10
195 Jan 5
9112Jan 18
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
37 Jan 6
180 Mch23
10434 Jan 5
185 Jan 10
80 Jan 10
12034 Feb 13
83 Jan 3
9078Jan 5
11 Feb 14
61 Feb 24
6514 Mch 4
105 Jan 17
152 Jan 10
24 Feb 27
15638Jan 9
/
4 Mch19
821
115 Jan 9
6812Jan 3
8712Jan 8
16- Jan 26
163 Jan 15
10612 Mch 11
200 Jan 24
93 Jan 28
122 Mch17
8734 Met'12
98 Feb 7
14 Jan 23
6612 Jan 24
777 Jan2
112 Feb 8
165 Jan 30
30 Jan 8
18334Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch 12
9112 Oct
9514 J'ly
183 Dec
82 Nov
150 Dec
35 Dee
23812 Dec
7 Sep
5712 J'ne
5 Feb
1064 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
1612 Oct
65 Mon
714 tich
45 Jan
166 Feb
107 Mch
260 Jan
122 Feb
126 Feb
88 Sep
110 Men
11138 Feb
79 Feb
130 Jan
130 Feb
1784 Feb
31 Mch
16214 Jan
9012 Jan
150 Feb
/
4 Feb
811
100 Jan
4714 Jan 2
91 Jan 3
212Jan 27
17 Jan 2
9714 Mchll
109 Mch12
1171* Jan 3
14 Mch 4
7234 MO 4
60 Jan 21
93 Feb 24
5 Feb 19
15 Jan 5
10 Jan 20
248 Jan 3
13912Jan 3
9912Jan 2
8912Jan 2
90 Jan 3
21114Jan 3
3 Jan 23
314Jan 8
67'2 Jan 19
24 Mch 3
68 Mch10
133 Jan 3
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
27 Mch24
1%Jan 19
162 Mch27
5334Feb 2
28 Jan 9
574Jan 3
1057k Jan 5
5914 Mcial9
9712 Jan 23
4 Jan 31
22 Jan 31
11014 Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 18
141* Feb 11
285 Mch 4
15012 Feb 20
102 Jan 23
9433 Feb 17
98 Mali 16
2163g 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 Men 9
30 Mchll
201* Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
6714Jan 31
1125* Jan 26
3612 Dec
182 Sep
10112 J'ne
200 J'ly
88 Dee
z115 Aug
824 PLY
91 Dec
1012 Dec
63 Dec
6534 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
804 J'ne
105 Dec
674 Dec
85 J'1y
41 Sep
8912 Dec
212 J'ne
16 Nov
99t2 Dec
1084 Dce
11014 DeC
1014 Dec
74 May
50 Ma."
9234 J'ly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
88 J'ne
202
3 Jan
30 Nov
70 Dee
17 Apr
8378 Apr
127 Dee
149 Dec
1412 Apr
101 J'ne
26 Sep
28 Sep
J'ne
147 J'ne
4118 Joe
2838 J'ne
50 J'ne
10212 J'ne
Mining
'•112 2
138 112 .1u 14 *1
138
14 118 *1
1 May
2 Jan 22
Mch26
14
400 Adventure Con
25
85 295 *295 300 295 800 *285 800 *285 300 *285 300
13 Ahmeek
25 270 Jan 7 300 Mch24 230 Nov
'-.2318 2314 2333 2312 2318 2338 2234 23
2212 2258 2238 2212 6,375 Alaska Gold
to814 J'ne
237s Jan 22
10
2012Jan
3
114 14
112 112 *114 112
114 114
• *14 1/
1
4 •138 112
135 Algomah Mining__ 25
1 Jan 21
134Jan 20 .15 May
42
42
43
43
4318 434 43
43
42
42
41
4134 1,501 Ailouez
2912 J'ne
25 3412 Jan 8 4334 Feb 18
• 78
7612 7814 77
/
7678 77
4 7638 755 78% 7533 76
761
8,567 Amalgamated Copper 100 71 Jan 9 7814 Feb 4
62 J'no
184 *18
11814 1833 *18
1834 1814 1814 18
184 18
440 Am Zinc Lead & Sm. 25 18 Mch25 2138Jan 30
18
1514 Dec
54
512
514 . 538
518 514
434 54
434 5
414 434 5,185 Arizona Commercial.. 5
4 Jan 10
Mch 4
214 J'ne
34 *3
•3
314 *3
314 53
314 *3
314
3
175 Bute-Balaklava Cop 10
3
3 Mch11
418 Feb 2
114 J'IY
38/
1
4 88/
1
4 884 3878 3634 3834 8818 3638 35/
1
4 3618 3434 354 3,296 Butte& Sup Cop(Ltd) 10 3112Jan 3 37532 Feb 14
134 J'ne
6818 6814 6838 69
89
89/
1
4 70/
70
1
4 6838 6912 6734 8834 6,848 Calumet & Arizona
10 6212Jan 10 70% Mch25
5612
J'ne
418 418
415 415
415 418 418 420 418 418 415 418
129 Calumet & Hada
25 410 Jan 9 460 Feb 13 383 Dee
*18
1634 17
18
17
17
*17
18
17
17
17
17
155 Centennial
25 14 Jan 9 19 Feb 4
10 J'ne
,. 4238 4238 424 4212 *4238 4258 042
4214 42
4218 424 4218
570 Chino Copper
5 38 Jan 9 43'* Feb 4
3014 J'ne
884 3814 3812 3812 39
89
88
89
38
3812 8712 37/
1
4 1,150 CopperRange Con Co 100 36 Jan 8 4034 Feb 4
32 Dec
*2/
1
4
24 212 *24 3
024 258
2/
1
4 212
3 Feb 6
214 Jan 6
20
2% 2, 1,345 Daly-West
2 Sep
1134 1134 •117, 12
1134 12
1178 12
1118 12
114 1134
870 East Butte Cop Min_ 10 1034Jan 5 13 Jan 26
914 J'ne
812 812
614 612
614 612
64 6%
614 61.4
6/
1
4 618
7 Feb 27
510 Franklin
212Jan 8
212 Dec
25
89
1393s 90
8934 89
90
8834 8912 8778 8812 8734 8814 1,574 Granby Consolldated_100 7312Jan 9 91 Feb 4
51 J'ne
8734 3734 374 3734 8734 3814 8718 38
37
3714 8714 3714
689 Greene-Cananea
2758 Oct
100 2934Jan 3 42311 Feb 4
19
1912 *19
20
1912 19/
1
4 *19
20
10
135 Hancock Consolida';ed 25 16 Jan 8 22 Feb 4
19
12 Nov
19
19
*29
80
29.4 294 2914 30 •30
*30
*30 ____
2778 Jan
250 Hadley Gold
10 2312 Feb 16 30 Mcli24
•.30 .50
.40 .40
.30 .35
.38 -.18 *.40 788 .45 .45
14 May
12Jan 8
710 Helvetia Copper
.30 Mch24
25
*412 5
438 412 *4/
1
4 5
6
5
4/
1
4 44
61* Feb 20
3 Oct
4
420 Indiana Mining
4
4 Mch27
25
•48
47
47
48
43
48
490 Jan 21
4414 J'ne
4712
474
169 Island Creek Coal
4714
1 46 Mch
88/
1
4 8812 z8712 874 88/
1
4 8612 •8818 87
79 J'ly
8612 884 *88
D
Ro
oymp
erec
87
fopper... 21
5 84 Jan 14 8812 Mch21
2114 2114 21
21
20
2012 20
2012 19
16 J'ne
19
19
19
68
82
0 Isle
18'2 Jan 3 24 Feb 4
*458 434
412 412
412 4%
242 Jan
438 44
4
4%
4
4 Mch28 5%Jan 20
2,310 Kerr Lake
4.%
5
*334
4
4
4
834 378
834 378
1 Aug
334 834
431 Keweenaw Copper... 25
24Jan 10 V% Feb 18
33
33
4
4
812
g
9
724 724 *713 fui
'L....2
818
8
5 Nov
101 Lake Copper Co
10'* Jan 18
Jan
3
25
7
- 4.4 434 *434 478 i";:ti4 4/
1
4 *434 478
434 434
314 J'ne
458 434
335 La Salle Copper
413Jan 2
518 Feb 14
25
• 814 234 *34 34 *3
333 *34 Fs *34 3/
55 Mason Valley Mines_ 5
4 Jan 16
34 Not
1
4
34 332
3 Mch12
. 212 212
212 238
212 234
2/
1
4 212
2118
134 Nov
/
1
4
24 2/
37s Feb 27
25
1
4 1,973 Mass Consol
2 Mch 7
*54 6
*512 6
578 573
*VII
8
5 Nov
SYS
7
9 Jan 28
5
512
880 Mayflower
25
5 Mch27
, 24
24
2418 24
24
24Zi 24
241
/
4 24
24 •2314 2418
2014 J'ne
600 Miami Capper
Jan 5 244 Feb 16
21N
5
•.90 1
.95 .95 *------------ '.75 .90 $.75 .90
12 Dec
114Feb 18
50 Michigan
25
.95 Mch23
45
45
*44
4512 •44
45
38 Nov
44
4414
175 Mohawk
25 42 Jan 8 48 Jan 23
1534 1578 16
16
*1558 578 •151
/
4 15
1514 1512 15
13 J'ne
130 NevadaConsolidated., 5 1434Jan 8 185s Feb 4
1514
658 534
MI 52
133 578
Efs 534
5
44 4/
1
4 2,755 New Arcadian Copper 25
63s Mch 12
172Jan 14
12 J'ne
• 612 612
6
614
6
11. 4
534 6.
6
6
714 Nov
81g Jan 22
6
2,373 Niplasing Mines
5
534 Mch25
214 2834 2884 29
2834 2
284 23
2?44 2854 27/
2134 J'ne
3034 Feb 4
1
4 21
3,18 North Butte
15
5
Jan
271g
O1
114
114 11
/
4 *14 2
2
2
*1
2
252 Feb 4 .99 May
27 North Lake.,
25
14 Mch23
133 •14 2
158 158
*11
/
4 2
2
2
12 J'ne
135 Ojibwav Mining
2 Jan 23
.90Jan 14
25
312 34
3/
1
4 3/
1
4
234 3/
1
4
314 IV. 3 8% 8
3 Apr
8
2,00 Old Colony
5% Jan 28
26
MO
25
3
449
50
4812 4912 4912 4912
50
50
*49
5014 *49
413 J'ne
66 Old Dominion Co
25 48 Mch13 54 Feb 4
,•78
80 •78
80
79
79
77
78
78
78
78
6714 Dec
7712
12 Osreola _
_.. 26 73 Jan 14 84 Feb 4
18
184 1778 1812 1814 1812 1738 1814 1712 1734 17
15 J'ne
1714 1,925 Pond Creek-Croal
10 17 Mch27 2078Jan 22
62
62
62
62
62
62
81
6212 59
81
53
59
5214 Dec
58 Mch27 68 Feb 6
2134 213
2134 2214 22
2218 2134 22
214 2134 2112 211
/
4
1514 Vac
NA aul
ayugensol oopper_ 10 1784 Jan 10 2214 Mch23
'374 8$
88
38
40 10
384 8311 3718 371
30 Nov
37
87
215 St Mary's Min Land_ 25 32 Jan 3 40 Feb 25
1.14 112
1/
1
4 112
2
*112 134
118 14 1,195 Santa Fe Gold & Cop_ 10
11
/
4 11
112Jan 7
2'4 Jan 27
1 J'ae
•614 634 *814 834 *14
614 614
614 64
6
614
6
6/
1
4 1,055 Shannon
712 Feb 16
5 Dec
Mc1228
10
25 28
2734 28
*2714 28
28
23
27/
1
4 2758 2733 2.
7144
701 Shattuck-Arizona
21 Feb
4
Feb
293
4
10
2612Jan
8
.18
.18 .16
.18 4%11 .1
$.12 .16
.16
6
250 South Utah M & S
.23 Feb 9 .15 Aug
6
.18 Mch20
2934 2934 2934 3014 311
/
4 *3014 3034 3934 2934 304 8012 1,225 Superior
21 Nov
25 2513 Jan 8 82 Feb 14
13214 2/
1
4
214 238 *214 212
1
4 •232 2/
2% 214
24 214
2%Jan
23
Suparlor
$55
&
Cop
Boston
10
10
Jan
1% Jan
2'.
3912 3912 894 8912 89
8912 37
3814 34
3712 8514 3512 1,117 Tamarack
25 2312Jan 9 43 Feb 28
21 J'ne
4
44,
14
878 4
44
*312 372
378 8/
1
4
3/
1
4 31t
115 Trinity
512Jan 23
312 Mch27
26
3 May
.80 .80 '0.71 .80
.80 .80
.75 .80
.75 .80
.80 .80
760 Tuolumne Copper_ 1
.88 Mch10 .50 Dee
.43 Mch 7
' 41
41
41
41
4058 41
40
41
40
40
8912 3934 1,400 U 9 Smelt Ref It Min_ 50 3858Jan 14 434 Feb 4
34 J'ne
434 484 48
4818 4814 4814 48
4814 43
48
48
4818 1,169 Do prof
50 4612Jan 9 4874 Feb 6
4512 J'ly
2
2
•17s 2
134 11
/
4 *134 2
.134 2
134 134
241 Utah-Apex Mining- 5
258 Feb 5
1N Jan 27
14 May
*104 11
10/
1
4 1078 107, 11
•103a 11
1012 1012 1014 1038
676 Utah Consididated...... 5
834Jan 8 14 Feb 13
74 May
*55
5512 6534 18
5534 5534 5558 5558 5534 5814 584 564
530 Utah Copper Co
491k Jan 10 564 Feb 13
10
J'ne
40
1% 14
118 14
118 118 *118 114
14 118 •1 IA 14 1,560 Victoria
178Feb 21 .90 J'ne
25
1 Mch 2
4
4/
1
4
3/
1
4 378
338 333
314 34
314 3%
34 314 2,055 11/inona
25
478 Feb 25
212Jan 8
34 Sop
*484 4734 47
4734 47
4712 *47
4734 47
47
48
47
77 Wolverine
25 44 Jan 8 4734 Feb 20
3914 Nov
.85 .85
.80 .80 *.75 .90
.8
41.70 .90
.70 .70
120 Wvandott
114 Jan 24 .40 J'ne
25
.70 Mch27
*Bid and asked prices. o Amassment paid. 6 Ex-etoek dividend. 6 Ex-rights
. a Ex-dividend and rights. a Unstamped. o 2d paid. w ilalf paid.
$0
15 ave 4r 44i.
""iis
ti3ers
57 Jan
994 Jan
44 Jan
2334 Jan
1184 Jan
11714 Feb
1
4 Jan
140/
21 Apr
831, Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
2884 Jan
18634 Jan
104 Jan
932 Jan
9558 Mch
220 Sep
34 Feb
4114 Sep
7o12 Dec
bu Apr
3112 Jan
160 Jan
1654 Jan
18 Sep
103 Mch
284 Jan
2814 Jan
2 Jan
182 Jan
6534 Feb
284 Feb
89 Jan
111 Jan
6 Jan
330 Jan
244 Oct
214 Jan
4214 Jan
8038 Sep
3278 Feb
512 Sep
6 Oct
45 Jan
724 Jan
555 Jan
18 Jan
4712 Jan
53 Jan
4 Jan
1518 Jan
Jan
7814 Sep
3512 Aug
28 Jan
35 Apr
34 Jan
17 Jan
59 Jan
874 Jan
3378 Jan
4% Nov
34 Feb
261* Jan
514 Jan
104 Jan
1
4 Jan
5/
1514 Jan
261 Jan
2 Apr
65 Jan
1934 Jan
213 Jan
911 Mch
841 Jan
25 Jan
314 Jan
833 Jan
50 Jan
107 Jan
2814 Jan
80 Jan
22 Jan
48 Jan
3% Aug
134 Jan
31 Sep
.35 Jan
404 Jan
4432 Feb
33 Jan
6 Jan
34 Jan
434 Jan
60 Jan
2/
1
4 Sep
114 Jan
60 Jan
2 Jan
4/
1
4 Jan
15 Jan
14 Jan
989
Boston Bond Record
MAR. 28 1914.1
Price
Frtd-ay
March 27
BONDS
BOSTON STOCK EXCHANGI.
Week knding March 27
Ara .AgrInni Chem let 5_1028 A-0
Am Telep & Tel -MI tr 4s_1029 J -J
1936 M-S
Convertible 45
! 20-year cony 4;is
1933
Am Writ Paper 1st s 15s g_1919 J -J
191". NI-N
Am 'Zinc L & S deb Gs
41_1995 A-0
Atch Top & 8 e gen
1905 Nov
AdjurArnent ^.•
Jt:ly 1995 M-N
Stamped
11)55 J-1)
50-year cony 4s
1917 J-1)
10-year cony Is
Atl Gu.f & W I SC Lines 55_1959 J -J
Dos Ss Corb 1st cony f 63_1923 5,1-N
1935
Boston Elev 3 -yr g 4s
1916 J -J
Boston & Lowe'l 4s
1044 J -J
Bostr:n & MaIne43s
1942 F-A
, Plain
1912 J -J
Bur & Mo Ely cons 6s
1951 J-D
Butte El & Pow 1st 15s
Cedar Rap & NI° Rly 1st 7s 1916 114-N
Cent Vermt 181 g 48_ _May 1921 Q-E
0 B 4,31:) Iowa Div 1st 53_ _1919 A-0
1911 A-0
Iowa Div 1st 4s
1922 F-A
Denver Eaten 4s
1927 f.1-N
Nebraska Estes 4s
1921 M-S
B&S Ws(4s
1049 J -J
- Illinois Div 3 Yis
Chic Jct fly & Stk Yds 5s 1915 J-J
Coll trust refunding g 4s_194G A-()
Oh Milw & St 1' Dub I) 63_1920 J -J
Ch M Ss St P %Vis V dly 6s 1020 J -J
1031
Oh & No Mich let gu 5s
1921 J -D
Chic & W Mich gen 58
Concord & Mont cons 423_1926 J -1)
1940 A-0
Copper Range 1st Is
Cudahy Pack (The) lstg - 1924 M-N
1926 A-0
Current River 1st Is
1946 A-0
Dot (Jr Rap & W 1st 4s
Dominion Coal 1st s f 58_1940 11/1-N
1027 M-13
Fitchburg 4s
Fremt Elk & Mo V let 68_1933 A-0
1933 A-0
Unstanwed let Cs
Range
Since
Jan. 1
Week's
Range Cr
Last Sale
BONDS
BOSTON STOCK EXCHANGE
Week Ending March 27
Price
Friday
March 27
Week's
Range or
Last Sale
Range
Since
Jan. 1
fl igh Ns Low High
Bid
Ask Low
IRO No. LOW High
AM Low
did
10058 100
General Motors 1st 5-yr 63_1915 A-0 10034 10118 10058 Mch'14
- - - - ---- 9934 Apr '13 46 84i 897,, (It Nor 0 13 & Q coil tr 4s_1921 J -J
3
907
9714 14 9434 9714
Sale
8
967
8812
881e Sale 83
961-,
9458 98
9618 Mch'14
Registered 4s
1021 Q- J
10833 21ch'13
9918 53 95 961-, ifouston Elec 1st s l' gen 58_1925 15-A
s Sale 981.2
661
'08
Apr
117
la
Falls
&"
0
7s
Sioux
1st
72
A-0
1917
69%
1
69%
693'
-66" 92 Feb 13
Kan 0 Clin & Spr 1st 5s
1925 A-C
100 104
10312 Jan '14
-_-_-_-_
-.
11118
7 153.573 ill's
9318 951: Kan 0 Ft Scott & Mom 6s_1928 14-N 111 Sale 111
9514
9513 9512 9518
74% 7514
7458Alch'll
13:
S
Ft
AI
0
Ss
fly
87
A-0
8538
ref
_1936
gu
4s
-__----5
87
87
8612 _
86
1 85 86
86
Kan () M & B gen 4s
1934 V1- S 85
8414 Aug '13
947 -147
80
3 75 80
75
;
Assented income 5s
1934 M-S
947g Jan '14
6 96 0634
9612
---- -- Ean 0& M Ry & Br 1st 5s_1929 A-0 9612 Sale 90
10014 Dec '13
115 J'ne'Os
6 6312 68 Aiarq Hough & Ont 1st Gs 1925 A-0
67
67 Sale 6612
4
4 -6639658 Sale 9612
1925 J
9634 13 -65150 Mairi3
-- Mass Gas 4 5is
Dehm 4 3-is
93 9514
94
8312 831:
Dec 1931 J -J
9514 94
8312 Jan '14
1 9878 987s
_ !'slich Telephone 1st 5s
1917 .1-J
987s
987/3
10014 Itch '09
---Miss River Power 1st 5s
8412
1041- ()et '0/
8412 10 81 8534
1951 J -J
____
New Eng Cotton Yarn 5s_1925 F-A
7 75 83
75
55 Feb '12
7612 ---- 75
New Eng Teleph 5s
9978 100 .
idair
1915 A-0 100 -___ 100 Feb '14
101 -- 10034 Mch'14
53
1932 A -0 10034 Sale 10012
10034 43 10013 10134
1041,10414 New River (The) cony 5s 1934 J -J
75 Mch'14
10414 Feb '14
75 80
7078 Mch'14
82 857/, N Y N 11 & II con deb 35s_1956
6878 75
83
83
-----831
Cony deb 6s
1948 J -.1
11138 117
Oct '07
111'5s Mch'14
------ 1103
977 077,- Oreg Oh Line 1st g 6s
1922 F-A
1l)9'8 Jan '14
10958 10953
9778 Mch'14
10412 10618
10412 1G712
9814 Nov'13
I'ond Creek Coal 1st 65 _ _1923 J -I)
08
9514 06) Puget Sd Elec fly 1st 5s___ _1932 F - A
83 Jan '14
88 88
96% Feb '14
103 Jan '11
9812 Dec '12
Repub Valley 1st s f 6s___ _1919 J -J
7014 Dec '10
8334 833 Savannah Eiec 1st cons 5s 1952 J -J
8334 Mch'14
166 16611
1930 F-A 10012 _ _ _ _ 1002 Feb '14
14 9834 10014 Seattle Mee 1st g Is
997-8 Sale 9978 100
92 94
94 95 04 Mch'14
1919
81 84 Shannon-Ariz 1st Gs g
81 82 83 Mch'14
19211 J -J
Terre Haute Elec g 53
107 J'ne'13
---- 97 Apr '07
ioo loo
100
11352 Feb '11
100
___ —
1918
Torrington 1st g 5s
9712 9712
9712Mch'14
Union Pac 1111 & Id gr g 4s_1947 J -J
70 75 80 Dec '13
9012 9012
9012 Mch'14
1927 J -J
20-year cony 4s
87 90 88 Mch'14
88 92
96
6 9358 90
4 Sale 95
_ 9312 Melt'14
9312
9312 9312 United Fruit gen s f 4;48_1923 .1-J -6E37 92 9514
95
9412 9514 9412
1925 J -J
_ 'J5 Mch '13
Debenture 4;is
85
3 10078 103
103
11)014 Aug'12
U S Steel Co 10-60-yr 53 Apr1963 ‘1-N 103 10312 103
98 99
99 Feb '14
1915 F-A
52 XI)
,'13
_ West End Street fly 4s
---- 997
997s 9978
Feb '14
1914 VI- S
Gold 4;is
71 77 78 Mch'14
78 78
93% 9858
9858Jan '14
1916 11/1-N ____
Gold debenture 4s
99 9912 9812 Mch '14
97% 9952
9638 Nov'13
1917 F-A
Gold 4s
95 Oct '12
39 -9334 99%
97
07 Sale 9612
1932 J-J
Western Teleph & Tel 5s
12114
12012 121
121 Mehl
9358 Feb '12
Wisconsin Cent 1st gen 4s 1949 J -J - - - - - 122 Meh'12
-
NOT#..—BilYer Pays accrued Interest in addition to the pueuhase price for all Boston bonds. • No price Friday; latest bid and asked. 11 Flat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
ACTIVE STOC:CS
Sales
of the
!Vet* (For Bonds and /nactire
Stocks see below)
Shares.
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
. March 21
r
Wednesday
March 25
Tuesday
Afarch 24
10412
105 105
1.. _ 110 *109
1612 16
8
-1.50 ____ *56
18
----"
--- - ,7,
___ *20
-____ .zu
*55
-55
55
_
•5454
27
2634 27
nips li
I 105
i 110
18
058
i
Monday
March 23
105
110
16
58
10414
105
110 *100
1612 16
58
*50
---- -,-,___ *-zo
6414
27
27
Thursday
March 2)3
10434 ____
- _ 11Ci
____
1-11
58
___
---- ---_
Friday
March 27
__
1-1-0
......
__ _s_
-___
*104
*10912
1813
* _
..11-ii4
*20
-E5-13 -------15
2713 27i8 -2-7-18 2718
10434
111
16
58
120
2012
56
2714
.
3334
'. IFFs ;58- -38l-4 ;58
;3;3
4934 4934 4934 4934
*4912 50
_-_-' 043s -0•158 Za•ii3 -0-.)-'8 0.'4 -53'2
4012 4013
' 4012 4012 *4013 41
5
*7914 80
*7513 7914 735 79
1212
1212 .12
•12
1212 *12
2112
2112 .21
•2114 2134 21
8138 815s 8112 8112 8111 8112
2
7334 7412
73% 7354 •1812
19
1812 7
7412
19
478
18
018
3212 *32
3212
3212 32
•32
5018 5578 5614 5614', 6614
56
43
4312
*4218 4234 4213 43
2658 2655 2653 2634 2653 2634
*1814 1812 *1814 1812 *1813 1812
8314 8314 8318 83%, 834'4 8312
6% 7
7
718
678 7
•4404 4412 443 4412 4414 448
8518
85
85
85
, 8434 847/3
335k .38
*38
4974 4978 50
3834
50
53 -53
8
53'3 -5334018
4013 4012 40
*79
80
7834 7914
*12
12
1212 12
2114 2114 21
2118
*8113 8158 8112 8112
741s 74%, 74
74
*1812 19
*1812 19
3212
3212 .32
*32
5514 6618 5514 55,-f.
4213 423
43
43
2658 2634 2658 265
1814 1814 1734 1818
8253 83
8273 83
*6% 7
*6% 7
44
4418 4418 43
8518 8513 8434 85
38
38
4953 4978
*1114 1112
5212 5314
3934 4012
7014 793
*12
1213
21
21
8112 8134
7/ 7254
x714
1812 1812
32
32
5514 5512
43
43
2612 2658
1633 1734
823.4 82%
6% 7
42
4234
8354 845
115
35
750
51
2,048
Baltimore
Con Gas El L & Pow_100
100
Do
pref
100
Houston Oil tr ctls
Do
pref tr ctfs_100
50
Northern Central
100
Seaboard Air Line
De
100
prof
United fly & Electric_ 50
Range Since Jan. I
Highest
Lowesi
103 Feb
105 Jan
1312 Jan
5612 Jan
115 Jan
1734 Jan
46 Jan
2412 Jan
LJtrest
14 103 Jan 20 101 J'ne
3 114 Meh 10 101 J'ne
3 1913 Feb 2 1212 Dec
7 60 Jan 19 5012 J'iy
22 120 Jan 2 10612 Dec
6 22 Feb 5 1412 J'ne
2 5512 Feb 9 4112 -Ply
7 271k Meh 6 23 Jan
Philadelphia
50
American Cement_
3734 Jan 5
18 American Railways__ 50
50
4734 Jan 9
251 Cambria Steel
11 Jan 15
Electric Co of America 10
4012 Jan 5
601 Elec Storage Battery_100
100
3812 Jan 9
2,712 Gen Asphalt
pref
7434 Jan 5
Do
100
615
11 Jan 3
20 Keystone Telephone_ 50
21 Jan 8
184 Lake Superior Corp 100
50 81 /deb 11
430 Leh C & Nay tr ctfs
50 x71%, Mch 27
923 Lehigh Valley
18)2 Jan 3
265 Lehigh Valley Transit 50
3012 Jan 3
50
pref
Do
180
543 Jan 3
50
4,698 Pennsylvania 1111
39 Jan 6
50
964 Philadel Co (Pittsb)
257 Jan 5
2,748 Philadelphia Elect11_ 25
1633 Mch 27
50
6,303 Phila
vot tr ctfs
8118 Mch 12
50
3,032 Reading
6 Mch 6
1
969 Tonopah Mining
42 Mei 27
50
2,565 Union Traction
823 Jan 5
50
1,338 United Gas Impt
It T
Range for Previous
Year (1913)
Highest
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2758 Apr
2 Feb
2 Feb
3912 Feb 14 37 J'ne s4912 Feb
5358Jan
5i5 Jan 21 41 J ne
1218 Jan
1114 Jan 27 1114 J'iy
5414 Jan
5512 Feb 2 4212 J'ne
4278 Feb
4212 Feb 10 33 J'ne
78 Ma?
82 Feb 10 7018 J'ne
1312 May
934 J'ne
1312 Jan 15
3112 Jan
2314 Jan 31 21 Dec
8434 Jan 22 81 J'ne 9312Jan "
7818 Jan 24 7058 J'ne 84k', Jan •
2373 Meh
2058 Feb 4 1534 Jan
3712Itch
34 Jan 29 2912 J'ne
5734 Jan 31 531
/4 Dec 61%Jan .
4634 Feb 6 37 J'ne 50 Jan '
2714 Feb 19 112012 J'ne 112618 Deo
2813 Jan ,
2018 Jan 15 18 Nov
8618 Jan 23 7558 J'ne 85% Deo
4 J'Iv
712 Jan 14
748 Dco ,
111 Jan i
47 Jan 15 4134 Nov
9117 Feb
86 Jan 28 8034 .1'ne
*
PHILADELPHIA
I nactivo Stocks
'
Amer Gas of N J
10
American Stilling
100
Amer Rya prof
50
Cambria Iron
Central Coal & Coke_100
100
I Preferred
Consol Trac of N J_100
100
Harwood Electric
50
Huntington & 13 T
50
' Preferred
Insurance Co of N A.... 10
hater Srn Pow &()hem 50
Kentucky Securities_100
Keystone Telep, pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
IlAttlo Schuylkill
Delinehill & Schuyi 11— 50
at Gas Eine Lt & 1'-100
100
Preferred
50
North l'ennsylvania
Pennsy receipts $30 paid_
50
Pennsylvania Salt
100
Pennsylvania Steel
100
Preferred
Phlia Co (I'itts) 5% prf 50
6% cumulative prof- 50
Phila German & Norris 50
Phila Traction
50
10
Railways General
, 1
'
Tonopah Belmont Do
100
linited Cos Of N J
United Trac Pitts prof 50
Virginia RV & Power-100
100
- Preferred
Warwick Iron & Steel_ 10
Wash'ton-VaRy (new)100
100
Preferred
100
Weisbach Co
West Jersey & Sea Sh_ 50
50
Westmoreland Coal
100
Wilkes Gas & Elec
50
York Railway
50
Preferred
Bid Ask
Bid Ask
PHILADELPHIA
— ——
— ——
Pit & Read 241 5:1933 A-0
Bonds
Ex Imp M 4s 1947_A-0 9712 ____
Prices are all "and
10112 _-113
Terminal 58 g 1941 Q-F
•
1
78
interest"
- - 10212 Alt & L V Rice 4 lis'33F-A 8134 _ _. _ P W & B col tr 43'21__J-J 9'7 0'714
Am Gas Ss Elec 53'07_ F-A 853 88 Read Trac let 6s '33_ J-J
___
ii14
____
A-0 07 ____ Hoch IV & L con 5s '54J-J
--- ___ Am Rya 55 1017
Spanish-Am Jr Cs '27__J-J 10112 ____
-- All 0 Gas late f 58 '60 J-J -_
72% ____ Berg&El3rew lst63'21 J-J ---- 993-4 Stan'd Gas & El 6s'26 J-D ____ 9214
____ ___ . Sethieh :Fa 6s 1998_Q-F 11012 ____ Stand SO Wks lst5s'25 J-J ____ 102
9234
__ ..— Oh Ok & G gen Is 1010 J-J ._ _ _ 9712 U Trac Ind gen Is '19_J-J 91
7412
Con Trac of N J 1st Is '33 _ ____ Un Rye tr ctfs 4s '49 _J-J 74
1 Del Co Itys tr ctN 4s'49J-J -_-- --__ United Rya Inv 1st coil Cr
M-N 7014 7612
-------8 f 58 1926
____ Edison Elec Is 11)40 A-0 ____ ____
Elec ds Peoples 'Fr Cr ctfs_ 83 8314 Weisbach //(58 1930__J-1) 8312 8334
5712 58 Fr Tac & II 1st Is '40-J-J --- -__ Wil-B(ME con 58 '55_J-J 10214 10212
-___ _
_ Gen Asphalt Is 1916...M-S 931z _ _-_ York Rya 1st Is 1937_J-D ___ 9313
13 19 Flarw Elec 1st Gs 1942 M-S 1021
4d
-BALTIMORE
57 ____ Interstate 48 1943_F
__-A 59 —_
Inactive Stocks
5812 ___ KentuckyTra&T 58'51F-A ___ --Atlan Coast L (Conn)_100 132 ____
_
1935__J-J
Is
55 .. .._ Keystone Tel
100 151 164
Canton Co
82
—
Lake Cup Corp inc 58'24 0
9412
100 __
92 _ __ Lehigh Nay 4,;i8 '14_Q-J ---- ----Consolidation Coal
100 . _ _. ____
Gen M 4j-is g 1.924_Q-F _-__ _-_ Georgia Sou & Fia
___ _
100 87 91
Jet preferred
1- ( Leh V 0 1st 55 g 1933_J-J 10512. 1053-4
100 70 ____
-------- Leh V ext 45 1st 1048_J-D 10012 101
2d preferred
112
1
100
G-B-S Brewing
J-D 111
67
Consol 8s 1923
Bonds
J-() 101 102
39 40
Consol 4;is 1923
Prices are all "and
J-D 137 133
Annuity 03
44 45
interest"
.. ___ ___
Gen cons 4s 2093__M-N 8914 8034
J-J 92 9254
8112 82 Leh V 'Fran con 4s '35 J-I) ____ ____ Balt City 3;-6 s 1930
43 1954-1955_ Various 99 ___
1st series A 4s 11135_M-S 8712 ____
834 .._ _
M-N 1011 ____
Is 1916
778 734
1st series B 5s 1935 M-O 103 10313
223 230 MarketStEl 1st 4s'5551-N ____ 954 Anacostia & Potom 3s A-0 9912 ____
atLII&P ser13 58 '10 J-J ____ ____ Atl C'st cony deb 4:_M-N 94 ___
---------New Con Gas Is 1948_J-D ___ ___ Ati Coast L(Ct)ctfs 513J-D 100 ____
J-J ___ 9312
. 5-20-yr 4s 1025
N Y Ph & No 1st 48'39 J-J __._
_
Income 4s 1030___M-N _ __ ____ B 51'& C 1st 4 is'53 F-A 96 97
1012 103-4
-__ '70 Penn Steel 1st Is '17,111-N ..:..._ -- Balt Trac 1st Is '29_M-N 101 __
-_
__ People's 'Fr tr &fa 48_1948 --.. 88
No Balt Div 5s 1942J-D 10112
_ Cent fly cons Is '32_111-N 105 __
__ _
_ P Co lst&coll tr 55.49M-S 10118
Ext & Imp 5s 1932 M-S ____ ____
511. __
Con & coil tr 08,51 M-N 9012 ____
59i2,_::. Phil Elea gold tr ctfs-A-0 103 10214 Chas City fly let 532: J-J 102 104
_ 94
.
Trust Ws 4s 1049_ _J-J 8112 :32 Chas fly 0 & El 5s '99MS
-at 10
P & E gen M Is g '20_A-0 102 103 City & Sub 1st 5s 1022 J-D 10212 ____
_
_ City&Sub (Was) let Is '48 101 102
A-0
Gen M 43 g 1020
32 3234
Bid
Ask
.•Bid and asked; no sales on Usk' dap.
, plill ADELPIII A
sets-dividend. I 815 paid.
$1754 pald.
1224 paid. ,
BALTIMORE
Coal &0 1Zy 1st 5s'19A-0
Goal A; I fly 1st 5s'20 F-A
Col & Gruv 1st Gs 1016 J-J
Consol Gas 5s 1031)--J-D
A-0
Gen 4;is 1954
Cons(4 E Ss P 4;-s '35 J-J
Consol Coal Is 1950_ _J-D
['air & CI 'rr 1st 5s '38 A-0
Ga & Ala 1st con Is '45 J-J
Ga Oar&N let Is g '20 .`-J
Georgia P 1st as 1922__J-J
Ga So Sc Fla let 5s '45_J-J
G-B-S Brow 3-4s '51_M-S
Houston Oil dly ctfs..-F-A
Knoxv 'Frac 1st 5s '28 A-0
klaconRy&Lt 1st 58'53J-J
Ai Elec fly 1st 5s '31 A-0
Memphis St 1st 5s '45_J-.1
Monon V Trac 53 '42 J-D
Mt Ver Cot Duck 1st 5s__
NptN & 0 P 1st 53'38M-N
N & A Terml 55 '29__NI-S
Nor&Port Tr 1st 5s'36 J-D
Norf fly & L Is'49__M-N
North Cent 4;is 1925 A-0
J-J
Series A Is 1926
Series 11 5s 1926___ -J-J
Pitt Un Trac 5s 1997 J-J
Poto Val 1st 5s 1941_ _J-J
Say Fla & West Is '34- A-0
A-0
Scab Air L 4s 1050
Scab & Sloan 55 1926J-J
South Bound 1st 5s—A-0
U El L&P 1s1 4;is'29M-N
,.'.9 M-S
Un By & El 1st 4s'
J-D
Inceme 4s 19-19
Funding 5s 1936 J-D
Cony notes 5s 1014 J-J
Va Mid 3d ser Gs '16_M-S
4th ser 3-4-41s 1021 M-S
5th series 58 1920...M-S
Va (State) 35 now '32_J-J
Fund debt 2-33 1991 J-J
West ';1' 0 con Gs 1914_J-J
J-J
Wil & Weld 55 1035
Bid
Ask
91 95
9912 100.
102
10538 1055s
9312 9414
89 8914
83 -101 __—
10334 10412
103 104"
10612 --10312 __—
28 29
---_ 78 .
102 ---_- 100
983-4 99
95 9614'
94
37 3754'
gaisi
92
8734 83 i
9812 ....—.
100 _—
105 _-105 —
_
103
104 _
8184
10312 .......105 _.
9212 53 '
8314 83j___ 63 '
861-2 874
100 .......
101
102 . ...•
10312 ........,
85 .....,
82 .......
100 _-100 -.....
090
THE CHRONICLE
lnuestittient anti
[VOL. xcvm.
ailtaad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
teen be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
:columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Preview
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
Current
Previous
Year.
Year.
Ala N 0& Tex Pao;*,
$
s
8
8
$
$
NO ,Sc Nor East.. February.. 330,667 338,479 2,760,807 2,592,696 NO Mobile& Chic_ January _.188,310 198,594 1,340.706 1,479,370
Ala & Vickburg__ February__ 137.902 143,852 1,291,968 1,263,725 NY N H & Hartf__ January
5,423,442 40,046,087 42,087,817
Vicks Shree & Pac February__ 142,975 133,478 1,253,246 1.166,347 NY Ont & West__ January __ 635,304 714,093 5,624,046 5,765,059
Ann Arbor
2d wk Mar
42,129
43,691 1.603,062 1,616,601 N Y Susq & West__ January __ 346,944 324.343 2,331,175 2,184,185
Atch Topeka & S Fe February _ 7,885,040 9,047,304 74,332,735 79,974,55
Norfolk Southern.._ January __ 365,269 347,113 2,467,142 2,371.531
Atlanta Birm & At! January __ 288,593 262,234 2.120,577 1,932,11
Norfolk & Western_ January __ 3,404,602 3,823,572 26,818,367 25,962,508
Atlantic Coast Line January -- 3.205.586 3.255.137 20.059,423 20.233,589 Northern Pacific..__ February.4,221.760 4,611,320 47.720,549 49,567,380
Chariest & W Car January ... 179,074 153,819 1,250,646 1,097,436 Northwestern Pac_ January __ 199,545 216,329 2,295,651 2,266,749
Lou Hand & St L January __ 110,545
93,598
731,471 Pacific Coast Co __ January __ 496,622 542,639 4.563,579 4,790,012
816,624
'
Baltimore & Ohio_ February _ 6,336,317 7,862,870 66,286,442 68,216,212 Pennsylvania RR__ January _ 13589688 14691689 109737091 107269171
B & 0 Ch Ter RR January __ 110,540 131,409 1,020.944 1,082,24¢
17.098
14,345
Bait Ohm & AU__ January _
234,278
204,179
&nor 8c Aroostook January - 315,647 213,091 2,097,964 1,809,533
Cumberland Vail. January __ 271.489 280,201 2,031,432 2,037,257
essemer & L Erie_ January .... 341.734 464.316 5,629,323 5,495,180
January __ 782,777 727,522 7,614.220 0.996.111
Long Island
Birmingham South_ January
8,866
92.455 113.142
8.986
695,230
January
727.964
105,322
_
Maryt'd Del & Va
101,501
Roston & Maine.. Ianuary ....
-- 3,436,819 3.770,126 21,356.967 29,389,405
273,731 2,288,535 2,143,778
N N. Phila & Norf January
Buff Roch & Pitts 3d wk Mar 230,738 212.130 .340.698 7,925,946
Northern Central January __ 091,864 1,048,457 8,054,756 7,882,571
Buffalo & Susq
January . 198,530 201,277 ,425,109 1,439,089
Phila Ball &Wash January
1,567,643 1.635,441 12,405,705 12,412.885
Canadian Northern 3d wk Mar
331,000 370,900 17,241,300 10,201,100
W Jersey & Beath January _ 338,095 359.702 4,097.165 4.064.121
Canadian Pacific 3d wk Mar 2,132,000 2,489,000 96,19,378 100139708 Pennsylvania Co
5,042,347 38,853,401 40,493,049
January
Central of Georgia- January-- 1.184,674 1347.210 8.7 1,966 8,472,583
Grand Rap &
January __ 415,620 430,842 3,416,330 3,370,394
Central of New Jer_ January
2,491,608 19,0 1,660 19,567,519
Pitts CO & St L_ January
3,282,978 3,834,372 26,355.166 27,180.073
Cent New England.. January -.28 ,428 305.241 2,237,762 2,225,649
January _ 903,095 950.103 7,027.023 0,879,103
Vandalla
Central Vermont_. January __ 279,260 316,383 2,435,2
2,503,732 Total LinesChes & Ohio Lines- 34 wk Mar 758,615 699,066 20,220,28 25,913,138
East Pitts & E.. January -. 18655210 20093402 155087788 153001592
Chicago & Alton__ 28 wk Mar 263,640 267,915 10,515,794 11,103,834
West Pitts & E January __ 8,934,242 10452127 77,121,237 79,312,066
Chic Burl & Quincy
- January __ 7,011,262 7,623,161 58,070,346 58,33i,848
30545819 232209027 232313661
All East St West.. January
Chic & East Ill
January __ 1,309.280 1,161,202 9,760,121 9,76 ,232 Pere Marquette.... January
1,261,603 1,415,192 10,087.630 10,665,041
p Chic Great West_ 3d wk Mar 317.947
15,366 10.556,582 10,80.835 Reading CoClic In8 & Loulsy, 3d wk mar 132,595
25,190 5,062,225 5,04 ,777
4,475,012 29,413,764 30,880,424
Phila &Reading_ January
Chic Milw & St P_1 January -- 6,012,067 7.283.152 50.259,772 67.785,910
Coal & Iron Co- January - 2,836,047 3,680,573 18,937,069 26,776,879
Chic Mil& Pur8 I
Total both cos
January -(3,702,222 8.155,585 48,355,831 57,657,302
'chic & North West February - 0,226.499 0.658.896 58,980,097 58,308,202 Rich Fred & Potom January .._ 244,008 258,466 1,616,039 1,009,038
'Chic StPaul M & 0 February .. 1,278,832 1,250,054 12449,008 11,879,83$ Rio Grande June_ January _
742,091
607,118
76,189
66,421
Chic Terre 18 & S E January __ 176,866 166.120 1,321,769 1,200,063 Rio Grande South._ ad wk Mir
478,691
487,492
10,772
9,491
Cin Harn & Dayton February _ 632,952 740,326 6,766.062 7,088,545 Rock Island Lines January -- 5,574,327 5,397,689 41.818,168 43,619,673
Colorado Midland_ January _ 138,630 137,142 1.139.113 1,202,622 Rutland
January - 261.400 269,259 2,302,429 2,264,495
olo & Southern 3d wk Afar 218,420 275,29310,053.237 11,262,567 St oa & Grand Isl January _ 124,544 117,180
991,918
970,379
Cornwall
January _
13,299
20,143
110,484
141.907 it Iron Mt & Son January -- 2,916,690 2.928,999 20,280,243 20,609,643
Cornwall & Leban'n January -247,350
39,921
t L Rocky Mt &=P January _ 221,486 218,600 1.478,942 1.288,142
19.422
188.713
Cuba Railroad
January __ 478.179 460,323 2,601,754 2,409,274 ` t Louis & San Fran January __ 3,713,014 3,801,560 27,978,23g 27,995,090
elaware le Hudson January __ 1,767,755 2,080,181 14,172,496 14,388,241 St Louts Southw. _ 8d wk Mar 237,000 249.0
9,813,91 10.011,429
el Lack & West._ January _ 2,808,914 3,342,867 24.321,317 241,106 San Pod LA & 8 t January_ - 834,630 839,844 0,168,076 0,020,594
env & Rio Grande 3d wk Mar 381,600 414,600 17.430,810 18,25 ,733 Seaboard Air Line- 28 wk Mir 045,331 532 911c17.709,737 17,109,513
Western Pacific 38 wk Mar 101,800 116,809 4,526,164 4,47 ,840 Southern Pacific..__ February - 9.800.724 1045543l93,670,217 96,871,344
enver & Salt Lake 2d-wk Mar
25,247
17,292
833,980 Southern Railway_ 3d wk Mar 1331,478 1,356,818151,159,060 50,248,737
839,416
etroit Tol & Iront January __ 113,304 129,598
28 wk Mar 238,006 245,724 9,108,450 8,662,447
Mobile& Ohio
960,901 1,049,9
it & Mackinac 2d wk Mar
26,506
27,201
$31,001
Cin N 0& Tex 1_ d wk Mar 215,837 209,980 7,890,293 7,701,409
853,161
ul & Iron Range_ January __ 114,896 110,221 4,853,801 4,647,008
96.111
93,911 3,974,120 3,766,910
Ala Great South_ d wk Mar
ninth Ho Sh & At-1 28 wk Mar
45.084
66,793
55,358 1,860,601 1,827,522
Georgia Sou & Fla d wk Mar
65.565 2,462,11 2,339,357
!gin Joliet & East.. January _ 778,128 1,091,445 7.073,2 9 7,739,183 Spok Portl & Seattle January -- 810,443 496.613 3,054,504 3.297,418
.1 Paso & Sou West January _ 807,008 767,082 5,173,0 8 4,987,998 Tenn Ala & Georgia 2d wk Mar
1,370
2,779
64,669
95,470
rie
January ... 4,430,432 4,908,732 36,974,890 37,654,701 Tenne.ssoo Central. January __ 131,379 128,970 1,019,879
984,048
!odds East Coast_ January .._ 528,065 520,149 2,569,746 2,419,685 Texas & Pacific
3d wk `Mar 322.496 329,228 14,083,049 13,695,101
61,831
onda Johns & Glov February ..
67,239
653,358
50,117
9,819
657,57¢ Tidewater Lk West January _
61.8913
9.140)
Georgia Railroad January __ 289,110 274,315 2,048,751 1,830,000 Toledo Peor & West 3d wk Mai
25,1251 969,390 1,027,914
21,580
92,312
'Grand Trunk Pao 28 wk Mar
99,173 5,174,354Toledo St L & West 2d wk Mar
87.690
98,4481 3,292,596 3,054,962
Grand Trunk Syst_ 3d wk Mar 1.044.181 1,110,964 39,691,507 36,-5-9-9-,§15 Union Pacific Syst_ February.5.909,571 6.474,882164,294.798 64,793,390
Grand Trk West_ 2d wk Mar 144,442 135,64 5,024,896 5,121,207 Virginia & So West_ January -- 179,161 153,729 1,171,046 1,044,268
46,139
'.:1Det Or Hay & M 2d wk Mar
44,056 1,786,067 1,757,416 Virginian
, , 9 3,490,626
January - 683,594
, ,
L Canada Atlantic.. 2d wk Mr
44.737
48.117 1,641,636 1,700,527 Wabash
February.2,061,963 2,295,950 20,669,435 21,634,861
preat North System February _ 3,906.685 4,589,742 53,141,717 53,290,951 Western Maryland_ January _ (163,354 642,042 4,973,898 4,432,546
ulf & Ship Island_ January __ 170,177 197,024 1,244,290 1,204,935 Wheel & Lake Erie_ February-- 501.673 538,281 5,511.197 5.481,344
January _ 450,130 523,885 4,737,730 4,709.779 Wrightsy & Tomlin° February °eking Valley
29,794
26,188
212,055
261,552
Maas Central.-- February - 4,973353 5,169,270 45,116,292 43,903,519 Yazoo & Miss Vail_ February - 986.386 848.936 8,938,828 7,484,190
ternat & (It Nor.. 38 wk Mar 160,000 176,000 7,632,182 8,691,717
InteroceanicMex. 3d wk Mar 227,841 137,894 7,039,607 6,323,569
Current
Previous
anawha & Mich._ January _ 215,416 266,162 1,967,096 1,967,473
Period.
Various Fiscal Years.
Year.
Year.
sas City Hon_ _ February .. 837,559 806,278 7.210,643 7,210,763
gh & New Eni. January __ 176.193 138,541 1,141.117 1,050,030
$
3
February - 2,312,385 3,071,329 20,270,293 29,010,022 Delaware & Hudson
igh Valley
Jan 1 to Jan 31 1.767,755 2,080,180
siana Sc Arkan.. January 984,246 NY Central & Hudson River-e- Jan 1 to Jan 31 7,119,051 7,719,510
152,578 1.025,282
Louisville & Nashv 2d wk Mir 1,137.440 1,206,410 43,284,231 42,364,757
Jan 1 to Jan 31 1,240,173 1,327,413
Boston & Albany.
acon & Birm'ham February 12,475
Lake Shore & Michigan South Jan 1 to Jan 31 3.974,396 4,879,092
12,403
111,242
106,434
sine Central
January
Jan 1 to Jan 31
904,947 816,252 6,950,140 6,720.070
Lake Erie & Westeen_n
433.805
478,779
aryland & Penna.. February 31.402
855,593
34,040
854,756
397.109
Chicago Indiana & Southern_ Jan 1 to Jan 31
337,218
Mexican Railways 2d wk Mar 205.000 178.000 0,906,900 6,102,500
Jan 1 to Jan 31 2,544,142 2,901,385
Michigan Central
28 wk Mar
ineral Range
Jan
31
to
12,495
Jan 1
2,709,338 3.019,105
16,689
Cleve Cin Chic & St Louis
696,221
286,234
inn & St Louis-112d wk Feb 206,922 198,825 6,940,877 7,123,614
Jan 1 to Jan 31
106,540
96,857
Cincinnati Northern
, Iowa Central.....!1
Jan 1 to Jan 31 1,119,014 1,602,254
Pittsburgh & Lako Erie
StP a,85 M.. 3d wk Mar 543.777 530,073 22,230,11 23.308.640
968,046 1.117,675
New York Chicago& St Louis Jan 1 to Jan 31
84,263 105,086
Mississippi Central_ January _
Jan 1 to Jan 31
878,780
Toledo & Ohio Central
613,627
618.0 4
423,708
,tr Mo Kan & Texas_ 3d wk Mir 523,09$ 593,070 24,001,2 9 24,486,411
Jan 1 to Jan 31 20,918,878 23,952,887
Total all lines
Missori
u Pacific 3d wk Mar 1,134,000 1,223,000 44,411,926 46,023,11 Pennsylvania Railroad
Jan 1 to Jan 31 13,5 9.688 14,691.689
ashy Chatt & St I. January -_ 1,101.252 1,139.108 7,625,204 7,769,68
7,098
Baltimore Masan & Atlantic.. Jan 1 to Jan 31
14,345
Jan 1 to Jan 31
271,489 . 230,201
Nat Rye of Mex_t 3d wk Mar 751.836 762,953 25,883,247 44,945,59
Cumberland Valley
6,577
evada-Cal-Oregon 2d wk Mar
6,082
782,777
Jan 1 to Jan 31
Long Island
259,096
727,522
295.224
ew Orl Great Nor_ January .._ 154,697' 158.190 1.134,769
8,986
Maryland Delaw & Virginia.._ Jan 1 to Jan 31
989,191
8,861
,eN Y 0& Bud Rim- January .- 74
268,771
273,73
7.719,510 19.169.221 58.166,778
N12,05 Y Philadelphia & Norfolk_ Jan 1 to Jan 31
1,327,413 0.232.070 10,105.809
Boston & Albany January
Jan 1 to Jan 31
991,864 1,043,457
Northern Central
Jan 1 to Jan 31 1,587,643 1,635,441
Lake Shore & MB January __ 3,974,396 4,879,092 2.831,961 34,116,780
Phila. Balt & Washln.tton
is Lake Erie & W_ January _ 433,305 473,779 3.492,192 3,664,848
Jan 1 to Jan 31
West Jersey & Seashore
338,095
359,702
Jan 1 to Jan 31 4.140,672 5,042,347
. Chic Ind & South January __ 355,593 397,199 2,620,616 2,607,136 Pennsylvania Company
Jan 1 to Jan 31
Grand Rankle & Indiana
' Michi.gan Central Januau __ 2,544,142 2,901.385 20,350,890 20,575,745
415,620
430,842
3,019,105 22,328,111 22.961,947
Clem 00 & St Li January
Jan 1 to Jan 31 3,282,978 3.834.372
Pitts On Chic & St Louis
Jan 1 to Jan 31
Peoria & Easternil
Vandalta
903,095
950.103
Cincinnati North. January ._ 106,540
928,215
96.857
Total lines-East Pitts SG Erie Jan 1 to Jan 3118.655,210 20,093.492
898,748
Pitts & Lake Erie January _ 1,119.014 1,602,254 10,768,105 11,693,93
-West Pitts & Erie Jan 1 to Jan 31 8,934,242 10,452,127
N Y Chic & St L_ January __ 0(18.0461,117,676 7,185,869 7,616,64
-All lines E & W Jan 1 to Jan 31 27,539,452 30.545,619
Tol & Ohio Cent_ January _ 378,780 423.703 3,650,249 3,367,67
Dec 1 to Jan 31
139,449
170,055
Rio Grande Junction
Tot &Mines abo January __ 20948878 23962887 174113497 175776097 Rutland
Jan 1 to Jan 31
201,400
269,259
--4,872.780
E
--288,771
--
ma
--4.140,672
-.2,376,989
r
-.27589,452
--3,866,175
E
L
161.107
pinn
-.1,240,173
--2.709.338
.
AGGREGATES OF GROSS EARNINGS-Weekly and Montniy
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase er
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
lineage. Cur. Yr. Prey. Yr.
I
II$
'
week Jan (37 roads).....- 11,572,457 12,111,817
-549,360 4.51
May
239,445 236,619 263,490,033 232.819,970 +30,816.063 13.14
Id week Jan 37 roads).- 12,310,781 12,861.124
-545,344 f.21
June
230,074 227,242 259,703.994 242.830,546 +16,873,448 6.91
4th week Jan 37 roads).--_ 17.913,504 19,434,434 -1,520,930 .8
July
206,084 203,773 235,849.764 223,813.526 +12,036,233 6.31
let week Feb 39 roads)____ 11,942,759 12,863,664
-920,905 .1
August
-219,492 216,709 259,835.029 255,493.023 +4,842,096 1.5(
rel week Feb 39 roads)._ 11,700,915 12,798.606 -1,097.090 .
Septemb-ei__242,097 239,050 285,000,042 275.244.311 +9,805,231 3.51
Ed week Feb 36 roads)._ 11,896.262 13.344.139 -.1,447,877 10.85October ....-243.090 240,886 2195.
300,476,01i -1,281,011 0.41
4th week Feb 40 roads)..... 12.677,952 14.487.059 -1.809,107
4
-9,143,593 3.31
Noyernber_243.745 241,45J 269,220, 2 278.364,4
t week Mar 39 roads).._.. 12,041,222 13,077,6 -1, 36.374 .91
December -243,322 241,180 2 ,218. 91 266.224,6 -12,005,787 4.61
week Mar 40 roads ...... 12.983,752 13,598,993 - 0,241 4.6
January____243,732 241.409 233,073.334 249,958,641 -16,884.807 6.71
week Mar 24 roads
10.246.764 10.926.8 6
0.122 6.4
February_ __ n2.200
90.021 60.934.916 07.400.056 -6.465.140 9.61
a Mexican currency. b Does not include earnings of Colorado Airings & Cripple Creek District By.from Nov. 1 1911. e Includes the New York &
if,Raw.
ls the St. Lawrence & Adirondack and the Ottawa & New York By., the latter of which, being a Canadian road, does not make returns to the
ntex-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling
11 y. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Inrotudes Louisville & Atlantic and the Frankfort & Cincinnati. I Includes the Mexican International. it Includes the Texas Central in both years and
t the Wichita Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all other receipts. z Includes St. Louts Iron MonaClain & Southern. __!!'_We no 102nm...include,Ihe Mexican roads 112 anY of 9nr_totalse_.
se
fi
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of March. The table covers 24 roads and shows 6.43% decrease in the aggregate under the same week last year.
Third week of March.
1914.
$
Alabama Great Southern
96,111
230,738
Buffalo Rochester & Pittsburgh
Canadian Northern
331,000
Canadian Pacific
2,132,000
Chesapeake & Ohio
758,615
Chicago Great Western
317,947
Chicago Indianapolis & Louisv_
132,595
215,837
Cinc New On & Texas Pacific__
218,420
Colorado & Southern
381,600
Denver & Rio Grande
104,800
Western Pacific
Grand Trunk of Canada
1,044,181
Grand Trunk Western
Detroit Gr Hay & Milw
Canada Atlantic
Internet & Great Northern_ __ . 160,000
543,777
Minneapolis St Paul & S S 11,1_..
523,098
Missouri Kansas & Texas
1,134,000
Missouri Pacific
9,491
Rio Grande Southern
237,000
St Louis Southwestern
Southern Railway
1,331,478
Texas & Pacific
322,496
Toledo Peoria & Western
21,580
1913.
$
93,911
212,130
370,900
2,489,000
699,066
315,366
125,190
209,980
275,293
414,600
116,800
Increase. Decrease.
$
2,200
18,608
59,549
2,581
7,405
5,857
$
39,900
357,000
56,873
33,000
12,000
1,110,964
66,783
176,000
13,704
530,073
593,670
1,223,000
10,772
249,000 •
1,356,818
329,228
25,125
70,572
89,000
1,281
12,000
25,340
6,732
3,545
•
Total (24 roads)10,246,764
10,926,886
Net decrease (6.43%)
Mexican rds. (not incl. in total)137,894
227,841
Interoceanic of Mexico
762.953
751.886
Thainnal Tt...ilw.v. m Malden__
109,904
16,000
790,026
680,122
89,947
11.067
For the second week of March our final statement covers
40 roads and shows 4.51% decrease m the aggregate under
the same week last year.
Second week of March.
1914.
1913.
Increase. Decrease.
S
S
$
S
Previously reported (24 roads)_ 10,164,479 10,685,385 106,816 627,722
5,609
96,123
Alabama Great Southern
90,514
1,562
42,129
43,691
Ann Arbor
4,275
263,640
267,915
Chicago & Alton
17,383
208,580
225,963
Cinc New Orl & Texas Pacific
Denver & Salt Lake
25,247
17,292
7,955
Duluth South Shore & Atlantic_
66,793
65,565
1,228
Georgia Southern & Florida_ _ _ _
10,274
45,084
55,358
6,861
Grand Trunk Pacific
92,312
99,173
67,970
Louisville & Nashville
1,137,440 1,205,410
Mtneral Range
4,194
12,495
16,689
7,118
Mobile & Ohio
245,724
238,606
495
6,082
Nevada-California-Oregon
6,577
3,668
12,360
Rio Grande Southern
8,692
12,420
532,911
545,331
Seaboard Air Line
909
2,779
1,870
Tenn Ala & Georgia
2,172
26,182
28,354
Toledo Peoria & Western
Total (40 roads)
Not. el ranv•tan an IA. r's 1 ,"7.. 1
12,983,752 13.598,993
136,695
751,936
MA 941
Net Earnings Monthly to Latest Dates.-The table
following slums the gross and net earnings of WEAN!
railroads and industrial companies reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
Atch Top & Santa Fe b_Feb 7,885,040 9,047,304 /2,370,263 32,904,685
74,332,735 79,974,553)24,643,075/26,879,523
July 1 to Feb 28
__Feb 6,336,317 7,362,870 1,149,416 1,602,404
Baltimore &
Feb 28
66,286,442 68,216,212 17,375,297 19,726,646
July 1 toOhio_b_Pitts_b_Feb
744,606
237,864
803,424
151,613
Buff Roch &
7,666,234 7,289,557 2,219,366 2,200,098
July 1 to Fob 28
17,413
But'& Susq RR Corp-a_Feb 137,448
292,704
49,094
Jan 1 to Feb 28
268,550
238,600
Canadian Northern_ _ _ _Feb 1,324,600 1,398,700
16,260,400
3,991,700
15,152,000
4,632,200
28
Feb
to
July 1
Central of Georgia_ b__ _Feb 1,150,109 1.099,354 b277,044 1223,913
9,932,075 9,571,937 f2,705,767 12,639,428
July 1 to Fob 28
267,291
195,728
Chicago Great West_ b_ _ Feb 1,001,081 1,070,607
9,671,568 9,455,444 2,409,745 2,697,952
July 1 to Feb 28
Feb
6,226,499 6,658,696 1,556,670 1,797,206
Chicago & N W _a
53,980,697 58,808,202 16,609,412 17,814,717
July 1 to Feb 28
257,887
289,634
Chicago St P M & 0_a_ _ Feb 1,278,832 1,250,054
12,549,008 11,879,838 3,509,057 3,256,777
July 1 to Feb 28
__Feb 632,952
111,887
749,326 def81,638
Cinc Ham & Dayt
6,756.002 7,088,545
28
723,139 1,775,691
July 1 to Feb b_286,360
213,218
Colorado & Southn b_ _ _Feb 943,521 1,150,122
9,390,670 10,442,704 2,527.405 3,443,406
July 1 to Feb 28
Feb
def 224
3,844
2,078
1,667
Fairchild & N E b
23,799
def7,885
5,527
18,730
July 1 to Fob 28
Feb
a
4,973,153
087,285
5,159,269
740,335
Illinois Cenral..
45,116,292 43,953,518 8,252,962 7,851,473
July 1 to Feb 28
Feb 837,559
Kansas City Son b
265,062
806,278
7,210,643 7,210,763 2,711,258
July 1 to Fob 28
Feb 2,312,385 3,071,329
Lehigh Valley b
883,973
319,077.
26,270,293 29,010,622 7,684,877 9,775,419
July 1 to Feb 28
*Northern Pacific_b_ _ _ _Feb 4,221,760 4,611,320 1,276,655 1,374,028
47,720,549 49,567,380 18,789,648 20,373,533
July 1 to Feb 28
65,421
76,189
u19,626
u22,856
Rio Grande Junction...._Jan
139,449
170,055
u51,017
1/41,835
Dec 1 to Jan 31
s mthern Pacifica
Feb 9,850,724 10,453,543 1,899,823 2,364,633
93,670,217 96,871,344 26,733,217 31,239,965
July 1 to Feb 28
Feb 5,909,571 6,474,882 1,567,145 2,079,322
Union Pacifica
64,294.796 64,793,390 22,942,328 25,672,899
July 1 to Feb 28
29,794
26,188
Wrightsville & Tennillo bFeb
5,240
10,198
251,552
July 1 to Feb 28
212,055
47,343
93,910
Yazoo & Miss Valley_a_Feb 986,386
848,935
266,401
73,475
July 1 to Feb 28
8,938,828 7,484,190 2,637,268 1,449,419
INDUSTRIAL COMPANIES.
607,263
548,672
g Mexican Lt & Power Feb 697,474
607,232
1.697,912 1,545,874 1,237,374 1,161,259
Jan 1 to Feb 28
360,133
Southern Calif Edison_ _Feb 380,354
170,912
166,204
757,236
Jan 1 to Feb 28
785,111
367.980
351,207
* Preliminary figures.
a Net earnings here given are after deducting taxes.
h Net earnings here given aro borer ededucting taxes.
After allowing for outside operations and taxes, operating income for
Feb. 1914 was $229,884, against $178,268; from July 1 to Feb. 28 was
$2,334,468 in 1914, against 32,286,051 last year.
For February 1914 taxes were $452,027, against $390,732 last year.
and for the period from July 1 to Feb. 28 they wore $3,683,394 in 1914,
against $3,117,244 last year.
u These figures represent 30% of gross earnings.
991
THE CHRONICLE
MAR. 28 1914.)
.2,E101
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bal. of Net Earns.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
x38,222 x154,122
180,781
Buffalo Roch & Pitts_ _..Feb 14,242
July 1 to Feb 28
1,470,438 1,439,922 x1,297,193 z1,406,694
x17.288
Buff & Susq RR Corp___Feb
27,782
x50,294
Jan 1 to Feb 28
55,661
714,753 1,020.237
776.968
Chicago & North West_Feb 841,917
July 1 to Feb 28
7,263,991 6,795,266 9,345,421 11,019.451
89,467
Chicago St P M & 0..__ _Feb 203.144
86,490
168,420
July 1 to Feb 28
1.732,521 1,508,659 1.776,536 1.748,118
x61,039
Colorado & Southern_ _ _Feb 286,011
279,534 xdef70,557
July 1 to Feb 28
2,321,622 2,256,819 z515,646 z1,551,975
14,523
Rio Grande Junction__ _Jan
11,293
8,333
8,333
34,350
Dec 1 to Jan 31
25,168
16,667
16,667
INDUSTRIAL COMPANIES.
x98,244
69,270
Southern Calif Edison_ _Feb
z99,782
73,500
Jan 1 to Feb 28
146,681
136,289 x226.120 x216,930
x After allowing for other income received.
EXPRESS COMPANIES.
-Month ofDecember- -July 1 to Dec. 311913.
1912.
1912.
1913.
$
$
$
$
Wells Fargo &Co.Gross receipts from oper_ __ _ 3,101,126 3,817,649 17,167,960 19,206,751
1,523,830 1,807,200 8,428,923 9,214,888
Express privileges-Dr
Total operating revenues.._ 1,577,295 2,010,448 8,739,036 9.991,862
Total operating expenses.._ _ _ 1,280,220 1,554,263 7,608,723 8,313,571
Net operating revenue_ _ _ _
One-twelfth of annual taxes_
297,074
33,000
456,184 1,130,313 1,678,291
180,000
195,000
30,000
Operating income
264,074
935,313
426,184
-Month ofDecember- -July 1 to
1913.
1912.
1913.
Southern Express Co.$
$
$
Gross receipts from operation 1,948,558 1,938,612 8,228,440
Express privileges-Dr
967,378
939,445 4,095.462
1,498,291
Dec. 311912.
$
8,231,217
4,033,214
Total operating revenues_
Total operating expenses_ _ _ _
981,179
706,226
999,166 4,132,977 4,198,002
714,376 3,528,640 3,390,868
Net operating revenue_ ___
One-twelfth of annual taxes..
274,952
17,933
284,790
14.898
604,336
90,282
807,134
81,914
269,802
257,019
514,054
725,219
-Month of January- -July 1 to Jan. 311913.
1913.
1914.
1914.
$
Canadian Northern Exp.Co.
63,306
601,962
576,534
62,345
Gross receipts from operation
23,639
232,969
224,855
23,946
Express privileges-Dr
Operating income
Total operating revenues_
Total operating expenses_ _ _ _
39,667
30,042
38,399
28,836
368,992
235,626
351,678
211,524
Net operating revenue_ ___
One-twelfth of annual taxes_
9,625
736
9,562
578
133,366
3,905
140,153
3,236
136,917
8,984
129,460
8,888
-Month ofDecember- -July 1 to Dec. 311912.
1912.
1913.
1913.
$
Canadian Express Co.$
$
$
326,722 1,847,703 1,827,623
Gross receiptsfrom operation 304,118
837.130
141,870
140,321
Express privileges-Dr
847,369
Operating income
Total opesating revenues_
Total operating expenses_ _ __
162,247
159,107
Net operating revenue_ _ _ _
One-twelfth of annual taxes._
3,140
2,850
290
Operating income
ki,E-CTRIC.RAILWAY
Name of
Road.
186,400 1,000,333
893,099
150,187
990,492
818.917
36,213
2,750
107,233
17,000
171,575
16,500
33,463
90,233
155,075
AND TRACTION COMPANIES.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
811.995
773,278
American Rys Co___ February _ 382,145 368,187
40.832
18,835 20,087
42,379
Atlantic Shore Ry_ _ _ February _
145,484
140,578
cAur Elgin & Chic fly January __ 145,484 140,578
63,687
58,793
Bangor By & Electric January .._ 63.68, 58.793
15.020
13,427
15,020 13,427
Baton Rouge Elec Co January __
64,786
70.582
Belt LRyCorp(NYC) January __ 64,786 70,582
75,568
72,504
Berkshire Street Ry_ January __ 75,568 72.504
Brazilian Trac L & P_ January __ 2017,530 1912,955 2,017.530 1.912,955
7,333
7,873
7,873
Brock & Plym St fly. January
7.333
Bklyn Rap Tran Syst December 2092,451 2005,538 24,001,919 24,353,298
29,798
31,835
Cape Breton Rice Co January __ 29.798 31,835
99,233
95,633
Chattanooga Ry & Lt January __ 99,233 95.633
52,643
53,626
Cleve Painesv & East February _ 24,812 24,548
91,543
94,052
Cleve Southw & CoL Tannery -- 94.052 91.543
50.523
Columbus(Ga)El Co January __ 55.985 50.523
55,985
182,449
Com'th Pow,Ity&Lt. February _ a256,180 114,143 a537,252
Coney IsI'd & Bklyn_ December 116,016 111,529 1,668,761 1,590,039
Connecticut Co
591,824
591.459
January __ 591,824 591,459
Consum Pow (Mich)_ February _ 293,677 265,840
611,745
564,389
184.509
172,587
181,569 172,587
Ctunb Co(Me)P (Sr L Tanttany
201,071 . 170,815
Dallas Electric Co_ _ January -- 201.071 170,815
Detroit United Lines 2d wk Mar 200,321 221,869 2,131,970 2,261,997
46,839
48.477
DDEB& Bat (rec)_ January
46,839 48.477
196,424
179,386
Duluth-Superior Trac February _ 93,544 86,030
East St Louis & Sub.. December 238,628 228,509 2,664,219 2,452,451
80.922
92,713
El Paso Electric Cos_ January _ _ 92,713 80,922
2.320.164 2.189,953 .
Federal Light & Trac December
166.457
153.831
42d St M & St N Ave January __ 166.457 153,831
197.276
169.615
Galv-Houston El Co_ January __ 197,276 169,615
104,563
102.585
Grand Rapids fly Co January __ 102,585 104,563
142,976
Harrisburg Railways February _ 72,400 69,188
152.232
Havana El Ry.L & P
Wk Mar 22 52,909 51,714
639,844
629,506
Railway Dept_
Honolulu Rapid Tran
562,978
November
50.425 48,420
512.387
& Land Co
22,137
24,379
22,137 24,379
Houghton Co Tr Co_ January _ _
Hudson & Manhattan January _ _ b487,055 b474,900 b487,055 b474,900
667,833
January __ 717.079 667,833
717,079
Illinois Traction
Interboro Rap Tran_ February _ 2768,498 2600,261 5,702,368 5,503,605
49,823
62.545
Jacksonville Trac Co January __ 62,545 49,823
100,991
105,488
Lake Shore Elec fly.. January _ _ 105,488 100,991
127,591
125,209
Lehigh Valley Transit January _ _ 127.591 125.209
45,299
44,952
Lewis Aug & Watery_ January _ _ 45,299 44,952
245,152
220,900
16,745 15,411
Long Island Electric_ December
260.390
258,613
Louisville Railway January __ 258,613 260.390
986,718
Milw El fly & Lt Co_ February _ 501,267 465,508 1,029.922
228,849
191,911
Milw Lt, lit & Tr Co February _ 110,509 95,462
68,635
78.506
Monongahela Val Tr.. January _ _ 78,506 68.635
Nashville fly & Light December 197,893 189.038 2,207,245 2,074,990
46,915
53,178
N Y City Interboro January __ 53,178 46,915
412,657
391,999
31,230 28.819
N Y & Long Island December
154.228
12,755 11,771
164.283
N Y & North Shore December
N Y & Queens Co...... December 108,787 104,607 1,385,391 1,331,318
New York Railways.. January __ 1165.858 1160,813 1,165,858 1,160.813
22,869
29,308
N Y Westches & Bos_ January __ 29.308 22,869
992
THE CHRONICLE
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
$
$
N Y Sr Stamford Ry_ January __
22,588 23,422
Northam Easton & W December
15,210
14,520
Nor Ohio Trac & Lt_ January __ 270,960 237.465
North Texas Elec Co January .._ 173,093 157,047
Northw Pennsylv Ry January __ 25,166 25,730
Ocean Electric (L I)_ December
5,559
5,426
Paducah Tr & Lt Co.. January __
25,670 26,666
Pensacola Electric Co January __
23,701 26,317
Phila Rap Trans Co_ February _ 1779,009 1775,158
Port(Ore)RyL&P Co January __ 582,610 553,598
Portland (Me) RR__ December_ 79,867 76,693
Puget Sound Tr,L &P January __ 754,035 701.640
Republic Ry & Light February _ 234,971 228,413
Rhode Island Co_ _ _ _ January __ 404,062 403.074
StJoseph(Mo)Ry.Lt,
Heat & Power Co.. December.. 117.830 110,874
Santiago El Lt Sr Tr_ February _ 36,184 37,051
Savannah Electric Co January __
72,461 67.792
Second Avenue (rec)_ December
79,336 82,922
Southern Boulevard_ January __
17,228 14,081
Tampa Electric Co__ January __ 80,158 68,157
Third Avenue
January __ 344.706 326,444
Toronto Street Ry
February.... 461.274 434.380
Twin City Rap Tran_ 2d wk Mar 167,464 157,028
Underground Elec Ry of LondonLondon Elec Ry Wk Mar 14 £14,770 £14,620
Metropolitan Dist_ Wk Mar 14 £13,190 £13,587
London Gen Bus Wk Mar 14 £52,998 £56,826
Union Ry Co of NYC January -- 209.083 201,749
United RysofSt Louis January __ 1040.289 997.195
Virginia Ry & Power_ February: 387,169 378,505
Wash Balto & Annap February _ 53,076 48,683
Westchester Electric_ January __ 42,573 40,805
Westchester St RR January __
17,513 17,454
Western Rys & Light January __ 229,741 211,301
Wisconsin Gas & Elec January.. 74,361 63,158
Yonkers Railroad
January -_ 55,566 28,486
York Railway
January __ 68,328 59.282
Youngstown & Ohio_ February _
18,092 17,185
Youngstown 1g South .Tanuary _ _
12.554
11.737
Jan. 1 to latest date.
Current
Year.
$
22,588
188.879
270,960
173,093
25,166
154,109
25,670
23,701
3.785,532
582,610
1,036,316
754,035
492,949
404,062
12.554
$
23,422
183,366
237,465
157,047
25,730
142,020
26,666
26.317
3,777,225
553,598
981,052
701,640
472,753
403,074
£161,110
£145,524
£596,375
201.749
997,195
788,807
100,565
40.805
17,454
211,301
63.158
28.486
59,282
35,327
11.737
a Includes earnings on the addit onal stock acquired May 11913. b Represents income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Atlantic Shore Ry_b__ _Feb
18,835
20,087 def2,643
2,447
Jan 1 to Feb 28
40,832
42,379 def1,425
4,675
Citizens' Traction Co__ _Feb
27,538
25,747
9,923
9,479
July 1 to Feb 28
251,522
229,843
80,195
79,975
Cleve Painesv & East_a_Feb
24,812
24,548
8,850
8,908
Jan 1 to Feb 28
53,626
52,643
20.870
20,322
Commonw P. Ry & L_a_Feb *256,180
114,143 *243,948
119,021
Jan 1 to Feb 28
*537,252
182.449 *516,313
269,143
Consum Power (Mich) a Feb 293.677
265,840
198,138
139,288
Jan 1 to Feb 28
611,745
564,389
396,266
303,923
Duluth-Superior Trac b Feb
93,544
86,030
33,869
29,445
Jan 1 to Feb 28
196,424
179,386
70,163
62,475
g Mexico Tramways_ _ _ _Feb 553,804
329,361
262,946
146,733
Jan 1 to Feb 28
1,133,165
890,996
548,294
438,109
Milw Elec Ry & Lt_a___Feb 501,267
465.508
137,587
122,904
Jan 1 to Feb 28
1,029,922
986.718
288,811
264,750
Milw Lt, Tit & Trac_ a_ _Feb 110,509
95.462
33,319
29,168
Jan 1 to Feb 28
228,849
191,911
72,436
57,246
Philadelphia Co
Feb 2,783,564 2,396,801 1,017,653
951.038
Apr 1 to Feb 28
25,343,048 22,716,671 8,779,678 8,002,892
Third Ave Ry Syst_a_ _ _Feb 687,379
696,230
75,847
198,982
July 1 to Feb 28
7,221,916 6,440,743 2,104,630 1,805.669
Twin City Rap Tran_b_ _Feb 679,542
635,320
287,202
281,062
Jan 1 to Feb 28
1,425,851 1,325,830
620,873
595,815
Virginia Ry & Power_ b _Feb 387,169
378,505
187,275
184,939
Jan 1 to Feb 28
828,992
788,807
416,291
382,188
Youngst & Ohio Riv_a__Feb
18,092
17,185
6,430
6,168
Jan 1 to Feb 28
38,358
35,327
13,963
12,797
•Includes earnings on the additional stocks acquired May 1 1913.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
:
$
$
$
Citizens Traction Co_ _ _Feb
6,403
5,365
3,520
4,114
July 1 to Feb 28
48,479
42,130
31,716
37,845
Cleve Painesv Sr East.._ _Feb
11,098
10,498
def2,248
def1,590
Jan 1 to Feb 28
21.887
20,969
def1,017
def647
Commonw Pow, Ry & L.Feb
60,083
6,771
183,865
112,250
Jan 1 to Feb 28
114,527
13,542
401,786
255.601
Consum Power (Mich).. Feb
94,160
66,184
103,978
73,104
Jan 1 to Feb 28
186,799
127,837
209.467
176,086
Duluth-Superior Trac_ _ _Feb
23,197
24,339
9,529
6,248
Jan 1 to Feb 28
50,344
48,026
19.819
14,449
Milw Elec Ry & Light_ _Feb
59,020
70,953
x75,300
x67.430
Jan 1 to Feb 28
119,441 x154,842 x149,869
142,302
Milw Lt, Ht & Trac,_ __Feb
54,539
51,545
x23,980
x22,734
Jan 1 to Feb 28
109,377
103.130
x52,361
x43,741
Third Ave Ry System- _ _Feb 211,241
203,772xde1132,462 z def230
Jan 1 to Feb 28
1,699,603 1,356,155 x448,145 x495,438
Twin City Rap Tran_ __ _Feb 210,313
220,971
76,889
60,091
Jan 1 to Feb 28
459,088
442,749
178,124
136,727
Virginia Ry & Power_ __Feb 136,221
124,057
x56,259
x66,885
Jan 1 to Feb 28
271,631
248,914 x156,457 x145,833
Youngst & Ohio Riv_ __ _Feb
4,208
4,167
2,222
2,001
Jan 1 to Feb 28
8,375
8,334
5,588
4,463
z After allowing for other income received.
New York Street Railways.
-Gross Earnings--Net Earnings-Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Hudson & Manhattan a Dec 350,930
339,203 c193,213 c201,148
Jan 1 to Dec 31
3,743,714 3,630,060 2,017,814 2,112,483
Interboro R T (Sub) a Dec 1,636,767 1,573,931 1,046,571
950,637
Jan 1 to Dec 31
17,032,733 16,454,244 10,232,866 9,491,325
Interboro R T (Elev) a_ _Dec 1,398,962 1,388,898
656,411
646,883
Jan 1 to Dec 31
15,727,421 15,678,397 7,363.985 7,386,018
Total Interboro R T a Dec 3,035,729 2,962,828 1,702,981 1,597,520
Jan 1 to Dec 31
32,760,151 32,132,639 17,596,848 16,877,341
Brooklyn R T a
Dec 2,092,454 2,005,538
718,557
697,945
Jan 1 to Dec 31
24.901.949 24,353.298 8,864,357 8,819,385
Roads.
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
New York Railways a__Dec 1,14,935 1,172,263
358,482
393,740
Jan 1 to Dec 31
14,172,965 13,863,018 4,575,707 4,575,429
Belt Line a
Dec
66,821
44,824
15,330
8,394
Jan 1 to Dec 31
764,681
638,632
186,719
39,294
Second Ave a
Dec
79,336
82,922
16,737
10,420
Jan 1 to Dec 31
1,042.628
989,209
269,791
166,474
Third Ave a
Dec 358,368
334,501
136,715
131,224
Jan 1 to Dec 31
4,083,658 3,840,571 1,639,232
1,636,335
D D E 13way Sr Batt a_ _Dec
48,223
49,393
4,759
Jan 1 to Dec 31
595,498
617,000
134,147
128.831
42d St Man & St N Av a Dec 160,963
149,939
55,510
38,287
Jan 1 to Dec 31
1,904,104 1,806,674
807,707
547,693
N Y City Interboro a__ _Dec
54,578
46,230
10,527
9,559
Jan 1 to Dec 31
619,156
466,743
108,841
102,317
Southern Boulevard a_ _Dec
18,082
14,123
5,787 def5,254
Jan 1 to Dec 31
211,093
153,243
38,704
7,550
Union Ry of N Y C a__Dec 221,163
207,138
65,775
38,326
2,746,208 2,540,138
Jan 1 to Dec 31
597,500
607,263
Westchester Elec_a____Dec
44,600
42,117
6,672
3,091
591,739
Jan 1 to Dec 31
579,925
132,299
77,605
Dec
Yonkers a
59,314
60,108
7,685
16,311
700,719
Jan 1 to Dec 31
734,447
175,249
128,500
16,745
Long Island Elect a_ ___Dec
15,411
def3,850 def1,496
245,152
Jan 1 to Dec 31
220,900
17,290
23,810
31,230
28,819
N Y & Long Isl Trac a__Dec
1,016 def1,712
391,999
412,657
Jan 1 to Dec 31
26,339
54,115
11,771
N Y & North Shore a___Dec
12,755
3,120
261
154,228
Jan 1 to Dec 31
164,283
30,254
26,656
N Y & Queens Co a_ _ _ _Dec 108,787
104,607
7,965
5,955
Jan 1 to Dec 31
183,111
1,385,391 1,331,318
23,977
Ocean Elect (L I) a____Dec
def1,715
5,426
210
5,559
Jan 1 to Dec 31
49,932
142,020
62,739
154,109
Cone3r Island & Bklyn a Dec 116,016
28,007
24,350
111,529
Jan 1 to Dec 31
557,580
441,247
1,668,761 1,590,039
Richmond Lt Sr RR a_ _Dec
25,464 def5,341 def13,296
26,904
Jan 1 to Dec 31
30,362
386,622
375,374 def64,433
Staten Island Midland a Dec
4,733 def2,084
20,257
18,468
Jan 1 to Dec 31
66,965
56,363
312,152
289,374
a Net earnings here given are after deducting taxes.
C Other inc. amounted to $85,861 in Dec. 1913, against $74,382 in 1912.
Roads.
Previous
Year.
1,252,904 1.179,839
73,685
76,419
72,461
67,792
1,042,628
989,209
17,228
14,081
80.158
68,157
344,706
326.444
963,117
906,841
1,754,822 1,632,443
£161,255
£145,297
£597,375
209,083
1,040,289
828,992
110,766
42,573
17,513
229,741
74,361
55,666
68.328
38,358
[VoL. scum
ANNUAL. REPORTS.
FrAnnual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Feb. 28.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Industrials (concluded)Page.
RailroadsPage.
Electric Storage Battery Co., Phila._915
Alabama New Orleans Texas & Pacific
688 Galena Signal Oil
Junction Rye., Ltd
916
681 General Baking Co., New York.683,697
Delaware I.ack. de Western RR
Goodrich (B. F.) Co
Grand Trunk Ry. (half-year ending
684
689 Gottlieb-Bauernschmidt-Straus BrewDec. 31)
ing Co., Baltimore
Manistee & Northeastern RR
912
834
Maryland & Pennsylvania RR
912 Gulf 011 Corporation
842
Pennsylvania RR
694, 756 Havana Tobacco Co
760
831 (Geo. W.) Helme Co., N. Y. City
Phila. Bait. de Washington RR
780
Underground Electric Rys.of London 906 Hercules Powder Co
683
West Jersey & Seashore RR
905 Homestake Mining Co
765
International Silver Co
837
Electric RailwaysKaufmann Department Stores, Inc.,
American Cities Co
837
Pittsburgh and New York
686
Atlantic Shore Ry
688 Kings Co. Electric Lt. & Power Co.,
Brunswick Terminal & Railway Se686
Brooklyn, N. Y
curities Co
688 Kresge Co.(S. S.), Detroit & N. Y...686
Cape Breton (N.S.) Electric Co
688
Belle Iron Works, Wheeling,W.Va.910
Capital Traction Co., Washington._..757 La
Lackawanna Steel Co
758, 768
Chicago City Ry
905 Lehigh Coal & Navigation Co
685
Cleveland Southwestern & Col. Ry _ ..911 Liggett
& Myers Tobacco
St. L.. 837
Detroit United RY
682 Loose-Wiles Biscuit Co Co.,
693
Duluth Superior Traction Co
906
Lorillard Co
832
Easton (Pa.) Consol. Electric Co..._ _838 (P.)
May Depaitment Stores Co
916
Georgia Ry.& Power Co., Atlanta.._ _757 Midwest
011
Co.,
Denver,
Colo
760
Honolulu Rapid Transit & Land Co_ _912 Montreal Cotton
Co
842
Illinois Traction Co., Philadelphia...839 Narragansett
Electric Lighting Co_ ..766
Inter-State Rya., Philadelphia
763 National Candy Co., St.
Louis
687
Louisville Ry
832 National Enameling & Stamping
Co 685
Nashville Railway & Light Co
763 National Fire Proofing Co
908
Union Traction Co. of Inalana
905 New England Power Co., Boston.._ _..908
United Rys. of St. Louis
683 Naumkeag Steam Cotton Co., SaWest Penn Trac. & Water Power Co.683
lem, Mass
757
Winnipeg Electric Ry
692 North American Co
908
IndustrialsNorthern Idaho & Montana Power Co693
American Bank Note Co., N. Y
759 Northern Ont. Light & Power Co.,Ltd917
American Brass Co
687 Northern States Power Co
842
American Cigar Co
759 Nova Scotia Steel & Coal Co., Ltd_ _ ..910
American Coal Co
764 Ohio 011 Co., Findlay,0
917
American Graphophone Co
687 Osage & Oklahoma Co
766
American Radiator Co
917
836 Otis Elevator Co
American Snuff Co
759 Ottawa (Can.) Light, Heat & PowAmerican Steel Foundries, Chicago.. 835
er Co., Ltd
842
American Sugar Refining Co., N. Y....833 Pacific (Bell) Tel. & Tel. Co
908
American Tel. & Tel. Co
907, 926 Penmans, Ltd
760
American Tobacco Co. New York_ __832 Pure 011 Co., Philadelphia
836
American Woolen Co., Boston
758 Pittsburgh Coal Co
835
American Wringer Co
688 Pittsburgh Plate Glass Co
911
Arkansas Nat. Gas Co., Pittsburgh_ _915 Provident Loan Society of N. Y__ _..603
Assets Realization Co
915 Quaker Oats Co
760
Railway Steel Spring Co
Associated Merchants Co. (6 mos.
836
ending Feb. 1)
917
836 Remington Typewriter Co
Reynolds
Tobacco Co
Atlantic Gulf & \Vast Indies SS.Lines 764 (H. J.)
908
Atlas Powder Co., Wilmington, Del_ _683 Shawinigan Water & Power Co
687
Baldwin Locomotive Works, Phila..684 Sloss-Sheffield Steel & Iron Co
832
Bell Telephone Co. of Canada
692 Solar Refining Co
767
Bethlehem Steel Corporation
833 Standard Chain Co
761
British Columbia Copper Co
915 Standard Oil Co. of Kansas (Balance
Sheet Dec. 31)
Brooklyn Borough Gas Co
915
843
Buffalo General Electric Co
688 Stark-Tuscarawas Brewing Co., Ohlo.693
Butterick Co
910 Studebaker Corp., South Bend,Ind....834
California Petroleum Corp
907, 932 Swan & Finch Co.(Bal.Sht. Dec. 31).832
Canadian Foundries & Forgings, Ltd..915 Taylor-Wharton Iron & Steel Co.,
High Bridge, N. J
Canadian General Electric Co
915
835
Central Leather Co
684 Tamarack Mining Co
917
Chicago Telephone Co
909 Tennessee Copper Co
697
Pacific
Cincinnati & Suburban (Bell) Tel. Co.692 Texas
Land Trust
767
Commonwealth Edison Co
685 Underwood Typewriter Co., N. Y.._ .760
Computing-Tabulating-Recording Co 836 Union Switch & Signal Co.. Swimvale,Pa
Consolidation Coal Co
910
915
Consolidated Ice Co., Pittsburgh_ _ _..692 United Cigar Mfrs, Co., N. Y
917
Continental Gas & Electric Co
692 United Dry Goods Co. (6 mos. ending Jan. 15)
Corn Products Refining Co
837
836
Crescent Pipe Line Co
692 United Gas Improvement Co., Phila 693
Deere & Co
917
834 United States Brewing Co
Detroit (Mich.) Edison Co
686
688 United States Envelope Co
Diamond Match Co
910 United States Gypsum Co., Chicago-933
Dominion Power & Transmission Co.,
United States Rubber Co, N. Y..
758
Ltd., Hamilton
687 United States Steel Corporation.907,918
(E. I.) duPont de Nemours Pow. Co.759 Western Electric Co.. Chicago
933
Electric Bond & Share Co. (Balance
Weyman-Bruton Co
759
Sheet Dec. 31)
760 Yukon Gold Co., N. Y
760
MAR. 28 1914.]
THE CHRONICLE
Vandalia Railroad Co. (Pennsylvania System).
(Ninth Annual Report-Year ending Dec. 31 1913.)
Pres. J. J. Turner, Pittsburgh, March 16, wrote in subst.:
993
EARNINGS OF TERRE HAUTE & PEORIA RR.
Gross Operating Net Renta1,30% Rents Hire of Balance.
Loss.
Paid. Equip.
Year- Earns. Expenses. Earns. Gross.
$726,250
$723,625 $2,625 $217,875 -$37,327- $252,577
1913
809,346 746,583 62,763 242,803- 42,005- 222,045
1912
847,684 812,643 35,041 254,305- 53,615- 272,879
1911
958,931 854,379 104,552 287,679 $22,611 339,211 244,949
1910
VANDALIA RR. CO. GENERAL BALANCE SHEET DEC. 31.
1912.
1913.
1912.
•
1913.
LiabilitiesAssets
-$
Roan & equip't_ _a34,513,456 34,267,597 Capital stock _ _ 14,649,516 14,649,516
19,256,000 19,408,000
Funded debt
Sec. prop.,&c.,cos:
134,457
89,638
230,567 Equip. trust °Wigs
Stocks, unpledg. 230,567
228,934
69,000 Traffic, &c., bale.. 262,303
69,000
Bonds, unpledg.
731.956
200,000 Vouchers & wages. 715.588
Adv.forconstr &c 200,000
320,141
57,226 Matur. int.& rents 268,180
62,833
Miscell.investm'ts
190,132
983,381) 1,463,803 Miscell. accounts_ 176,423
Cash
215,957
600,000 Unmatured int.,&c 214,613
200,000
Loans & bills rec
341,548
300,606 Taxes accrued_ _ __ 359,062
Traffic, &c.. bals_ 234,424
73,721
20,189
319,678 Def.credit items__
320,196
Agents, &c
Material & Tapp
696,086 Add'ns to property
863,223
M iscell. accounts_ 393,386
through income. 1,154,279 1,154,279
396,336
472,081
46,352
46,757 Sinking,&c.,funds. 619,349
Tempor'y advan's
861,211
134,222 Profit and loss ___ _ 788,328
Oth.def.deb.items. 451,651
Mileage.-The increase shown in the total mileage operated is due to the
extension of freight and passenger service from the terminus of your line at
Butler, Ind., into Toledo, 0. (74% miles) on June 1 1913 by means of
trackage rights obtained from the Wabash RR. Co.; and also to freight
service from Gould, 0., to Walbridge, 0. (7M miles) through trackage
rights over the Toledo Terminal RR., thus forming a direct connection
with the Pennsylvania Lines for the handling offreight traffic via Walbridge.
Results.-The total rail revenues for the year were 311.399,933, an increase of $651,223. Of this increase $379,277 was derived from merchandise freight traffic, $112,407 from coal and coke and $122,681 from passenger, mail and express revenue.
The rail operating expenses were $9,031,701, an increase of $862,026, of
which $271,835 was in maintenance of way and structures and largel3r due
in
to the March floods; $190,089 in maintenance of equipment, chiefly
increased freight-train cars-repairs, renewals and depreciation; $21,692
due to
to increased traffic expenses; $357,313 in transportation expenses,
Increase in wages, increased yard and freight-station expenses on account
of increased traffic handled, and higher charges for fuel.
The gross income was $2,101,746, a decrease of $232,041. Deductions
in hire
from gross income increased $151,383, the principal increase being the
inof
of equipment, which is $122,126 greater than in 1912, because
diem rate in
Total
38,573,468 38,781,933
38,573,468 38,781,933 Total
creased use of freight cars of other companies and higher perthe
extension
to
due
deductions,
rent
facility
in
joint
effect, and $47,924
income
a After deducting reserve for accrued depreciation of equipment, $482.of your line into the city of Toledo by trackage rights. The net
with 1912, 375.-V. 96, p. 1013.
for the year was $651,818, a decrease of $383,424 as compared
amounting
against which was charged the appropriation to sinking fund,
to the credit of
to $144,901, and the balance of $506,917 was transferred
American Smelting & Refining Co.; New York.
a dividend of 4%,
the profit and loss account. Your company paid
the latter account.
(Fifteenth Annual Report-Year ended Dec. 31 1913.)
amounting to $584.556, which was charged againstfrom
27,
to
23
March
Floods.-An unprecedented rainfall, continuing
to flood stages never
Pres. Daniel Guggenhiem, N. Y., says in substance:
brought all the streams in Indiana and Eastern Illinois
the
of
sections
large
two
of
destruction
before recorded, and caused the
Income Account.-After charging off $1,525,518 for depreciation of
Valley between.Terre Haute and
embankment crossing the Wabash River
White River on the old line at Property, and the usual pref. dividenis, th3 surplus income for the year
Macksville as well as the bridge over the
was
$3,736,540,of which $2,000,000, or 4%,has been paid to common stock
its
severely,
losing
suffered
also
Tl3ivision
Indianapolis. The Vincennes Indianapolis and having the greater part of shareholders and the balance has been added to profit and loss account.
bridge over the White River at
In view of the very unfortunate condition of affairs in Mexico, by reason of
River
Valley
the
in
White
submerged
completely
tracks
its roadbed and
a distance of over 40 miles. which so large a part of the company's property is at present unproductive,
between Campbells and Rincon Junction,
the St. Louis Division from March 25 the directors feel that the shareholders have reason to congratulate themThrough service was interrupted on
year equal 7.47%•
Vincennes
the
Division until April 5. selves on the fact that earnings of the coin, stock for the
on
restored
not
was
to April 2 and
The earnings from smelting and refining works and from mines are
There was expended over $250,000 in the reconstruction of the bridges, $3,570,532
less than in 1912. This decrease, however, has arisen largely
road-bed and tracks and other property damaged or destroyed.
ores in considerable quantities, which have been mined
Wages, &c.-Our transportation expenses were materially increased by from the fact that
from its own properties,and are awaiting transportation
the results of the arbitration award under the Erdman Act to the enginemen by the company
are only valued at the cost of mining, and will not be given a
and firemen, and will be further increased by the results of the arbitration facilities,
value until they are sampled and assayed after arrival at the
awards to the conductors and trainmen under the Newlands Act. The commercial
A large credit of this character has simply been deferred, awaiting
growth in such items and in other heavy expenses caused by both State and smelter.conditions.
Federal legislation is a matter of grave concern. In addition to the expen- normal
Property Account.-There has been expended $2,368.789 in increasing the
diture of $250,000 in repairing the damage done by the floods, your expenses capacity
of smelting and refining works, and in improved processes. There
were increased by approximately $225,000 in complying with the various
expended in the upkeep of the property and equipment
awards to employees; with full crew, sanitary and semi-monthly pay laws; has also been
which has been charged directly to operating expenses. The
$2,716,838,
block
of
extension
with orders or recommendations of commissions for
property account for the year is $843,271.
to
increase
signals, new stations, &c.; and with county and city orders in connection net
Investment Account.-The Garfield Water Co. and the Garfield Improvewith road and street crossings.
Jointly by the American Smelters Securities Co. and the
owned
Co.,
ment
RR.,
an
Traffic.-There were 10,275,823 tons handled on the Vandalia
Copper Co.,ahd having valuable properties contiguous to the Garfield
increase of 890,110, or 9.48%, and 888,585 tons handled upon the Terre Utah
company at Salt Lake City, have capitalized their indebtedthe
of
plant
of
number
The
15.294.
or
160,370,
Haute & Peoria RR., a decrease of
the coasequent increase in the investment account of the company
passengers transported upon the Vandalia RR. was 2,862,488, an increase ness,andby the decrease in the account "advances to affiliated companies.
of 23,903, or 0.84%; and upon the Terre Haute & Proria RR. 307,653 is offset
investments (as well as the stocks of metal) are carried on the
the
of
passengers, a decrease of 8,549, or 2.70%.
books at conservative valuations.
Road and Eguipment Expenditures.-These expenditures amounted to
Working Capital.-The current assets have been largely increased by the
3390,006, of which $185,601 was spent on road, $104,978 for increased
reduction in metal stocks on hand and now exceed the current liabilities
weight of rail track material, bridges, &c., and $80,622 for enlarged inter- by $7,000,000, all of which excess is represented by cash on hand, demand
at Butler in connection
change facilities at Columbia City, improvements
loans or temporary investments properly secured and bearing good rates
several
the
at
block-signal
system
of
extension
service,
Toledo
new
the
with
represent outstanding bills for metals
in the of interest. The accounts receivable
points, coaling and water-suuplx plants at Rose Lake, and changes
bills for treatment charges not due and other items of a miscellaneous
sold,
was
relay passenger station at East t. Louis; and the amount of $204,405
nature, almost immediately convertible into cash, and containing few, if
of
kind
excess
in
cost
the
renewal
over
covered
and
equipment
on
expended
items of doubtful value.
re-built locomotives and freight cars, chargeable, under the regulations of any,
Debenture Bonds.-There has been purchased during the year for sinking
the Inter-State Commerce Commission, to additions and betterments.
purposes $960,500 Amer. Smelters Secur. Co.'s 6% debenture bonds.
fund
very
were
account
to
property
investment
charged
expenditures
The
small, it being necessary to use every measure to conserve resources and
CONSOLIDATED INCOME ACCOUNT.
1911.
1912.
limit capital expenditures. In 1905 the return was 5.63% on the property
1913.
and refining
investment; in 1912 it had declined to 5.13%, and in 1913 to 4.03%.
smelting
of
earnings
Net
Leased Line.-Terre Haute & Peoria RR. shows a reduction in revenues
Not stated.315,016,135 $14,045.335
plants
allied
and
1,944,573
1 2.447,300
of $83,095, and a consequent decrease in the rental (30% of operating reve- Repairs and replacements
nues) of $24,928. The result to your company in operating the road shows
a loss for the year of$252,577,an increase of$30,533 as compared with 1912.
$10,926,254 312.568,835 $12.100,761
Balance
2,000,187
Earnings from mining properties...._ 1,185.154 3,113,105
OPERATIONS AND FISCAL RESULTS.
1,011,177
1,077,560
Int., rents, divs. rec'd, commis., &c.. 1,318,525
•
Vandalia RR.
All Lines
1913.
1912.
Freight1912.
1913.
313.429,933 $16,759,500 $15.112,125
Gross income.
709.81
661.52
x827.27
Miles of road operated__
x875.56
767,982
$758,177
Deduct-Administrative expenses.._ $896,639
$7,199,350 $6,620.470 $7,750,403 $7,258,719 Research and examination expenses
Freight earnings
159,019
90,538
(67.45)
(66.61)
114,198
(67.53) Corporate and excise taxes.
(67.99)
123,917
Per cent of total earnings
210,698
10,275,823 9,385,713 11,164,4N 10,434,668 Int, and disc. on debenture bonds......
870,833
Tons carried
950,000
950,000
1.887,399
Tons carried one mile_ _ _1091558126 1013458215 1177660718 1120651074 Depreciation and amortization
1,525,518 3,013.543
$10,143
$10,008
$8,774 Approp.for empl. bonuses & pen.res..
367,823
$8,852
Earns, per mile of road_
.653 cts.
.660 cts.
.648 cts. Book value of invest. securities
900,210
.658 cts.
306,745
Earns. per ton per mile_
.503 cts.
.508 cts. Am.Smelt.& Ref. Co. pf. divs.(7%) 3,500,000 3,500,000 3,500,000
.543 cts.
Av.cost per ton per mile .534 cts.
393.10
388.61 Am.Sm.Secur. Co. pf. A div.(6%)_ 1,020,000
404.05
381.24
1,020,000
1,020,000
Av. train-load (tons)
32.593
32.517 Am.Sm. Sec. Co. pf. B divs. (5%).... 1,500,000
$2.639
1,500,000
1,500,000
32.509
Earn, per rev. fgt. tr. m.
PassengerRef. Co.com. divs.(4%) 2,000,000 2,000.000 2,000,000
$2,343,718 $2,259,737 $2,476,092 $2,388,767 Am.Sm.&
Passenger earnings
2,862,488
3,154,787
2,838,585 3,170,141
Passengers carried
$11,693,393 313,699,824 $12,560,623
Total deductions
2.551.502
Passengers carried 1 m_109,714,346 106,786,408 116,099,186 112,996,740 Balance, surplus
1,736,540 3,059,676
Av.earns. p. pass. p. m_ 2.136 cts. 2.116 cts. 2.134 cts. 2.114 cts.
31.217
$1.198
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
$1.240
$1.176
Earns. per pass. p. tr.m_
1912.
1913.
1913.
1912.
x Including Terre Haute & Peoria RR., 165.75 miles.
Liabituies8
$
AssetsGENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FOR Property acct_..140,906,799 140,063,528 Smelt. Co. corn.. 50,000,000 50,000,000
ALL LINES DIRECTLY OPERATED.
pref.. 50,000,000 50,000,000
do
Investments ___ 1,183,653 1,010,538
1913.
1911.
Metal stocks._ _x26,481,003 29,661,018 Sec. Co. pf."A" 17,000,000 17,000,000
1910.
1912.
Earningsdo pf."B" 30,000,000 30,000,000
$7,750,403 $7,258,719 $6,424,360 $7,080,270 Material & supp 3,017,882 2,783,114
Freight
Deben. bonds__ 13,534,500 14,495,000
2,476,992
Passenger
2,388,768 2,414,418 2,370,833 Prepaid taxes,
569,751
327,185 Accts., drafts &
298,374
insurance,&c.
270,965
239,662
292,304
Other transport. revenue
wages payable 6,427,880 6,773,297
120,770
4,043,666 3,809,373
78,638
84,504 Cash
89,981
Non-transport. revenue.
Deferred pay,on
503,197
537,291
470,039
Mail
518,381 Foreign bills of
440,000
mining prop's
330,000
250,197
exchange,&e_ 1,457,400
244,655
234,724
248,898
Express
5,068,167 5,935,874 Interest on deb.
Demand loans
375,000
375,000
bonds accrued
349,744
180,426
Total oper. revenue_ _311,399,933 $10,748,709 $9,970,327 $10,528,374 Adv. to Mill. cos
Acets¬es rec. 5,851,432 4,387,563 Divs. payable.... 2,005,000 1,873,105
Expenses81,876
45,997
Int.&divs.uncl'd
Maintenance of way,&c. $1,669,839 $1,398,004 $1,419,064 $1,508,491 Cash with trus244,809
321,674
40
897 Accrued taxes....
2,116,084
1,880,471
Maintenance of equip't_ 2,306,174
1,993,189
tees of sink. fd
314,895
Employees' ben.
293,202
312,599
318,820 Insurance fund
Traffic
500,000
510,395
228,705
pension res've
4,500,303 4,142,960 3,952,816 4,083,133
228,705
(sec. at cost)..
Transportation
327,500
250,892
349,197
Fire ins. reserve.
240,490
234,555
219,424
235,876 Pension fund......
General
341,716
448,197
369,811
Miscellaneous.357,995
332,458
320,528 Balance, disc.on
Taxes..
604,167
654,167 Profit and loss__ 18,495,943 16,759,402
Sec. Co. debs.
*39,401,512 $8,527,669 $8,131,963 $8,460,037
Total
$1,998,421 32,221,040 $1,838,364 $2,068,337
189,843,783 189,211,705
189,843,783 189,211.705 Total
Total
Net earnings
* Includes in 1913 $250,915 expended in replacing and repairing tracks.
ready for delivery,
and
book
value
of
when
of
refined
metals
Consists
x
bridges, &c., destroyed or damaged by floods of March 1913.
$33,915,839, less unearned treatment charges, $7,434,837; balance, $26INCOME ACCOUNT.
481,003. Does not include metals purchased and on hand of the approximate value of $19,039,823, payment for which is to be made in refined
1912.
1913.
1911.
$1,998,421 $2,221,040 $1,838,364 metals, not cash.-V.97, p. 1665, 1117.
Net earnings
&c
rents,
facilities,
103,325
112.748
123,238
Joint
Gross income
Lease of other roads
Hire of equipment-balance
Joint facilities, &c.. rents
Bond interest
Miscellaneous
Sinking fund
Dividends
$2,101,746 $2,333,788 $1,961,602
$263,306
$223,875
$251,804
130,398
206,937
84,811
204,577
165,267
154,420
804,270
796,128
797,100
15,276
18,411
10,410
144,901
176,654
178.239
(4)584,556 (4)684,556(2 M)401,684
Total deductions
Balance, surplus or deficit
$2,179,385 $2,059,755 31,958,440
def.$77,639sur.$274.033 sur.$3.182
May Department Stores Co., New York.
(Report for Fiscal Year ending Jan. 31 1914.)
Pres. David May, N. Y., Mar. 16, wrote in substance:
Results.-Our net sales aggregated $26,314,804, which is an increase of
$1,810,035. The business has progressed most satisfactorily, but owing to
extraordinary expenses, the net profits have decreased somewhat when
compared with the preceding year. We feel entirely satisfied with the
results for the year, notwithstanding this decrease, which was mainly occasioned by taking possession of our new buildings in St. Louis and Pittsburgh, necessitating heavy expense,and,further, by reason of the clearing
994
THE CHRONICLE
sales held before occupying our new premises-it being deemed desirable
to open our new store in St. Louis with an entirely now
stock of merchandise.
Additions.-In St. Lents, we have occupied
new store since Sept. last.
One block distant from the store we have our
erected
a 10-story fire-proof
building which is used as a warehouse for surplus
the receiving depot
and the delivery department. connected by an stock,
underground tunnel with
the store, which occupies a square block in the best
retail
In Cleveland, there is being erected for us, in sections, district.
so as to avoid
disturbing our business, a new fire-proof building
upon property which
Includes the site now occupied by us and considerable
adjacent property,
our present quarters in that city having been outgrown. The building
when completed will be six storied in height,
feet front and 480 feet
deep, and will cost approximately $2,500,000. 200
We have a long-term lease
at reasonable rent, and expect the building to be completed before Jan. 1
1915. [See sale of $2,000,000 6% bonds of May Building Co. of Cleveland in V.97, p. 54.]
In Pittsburgh Ns e have added a new building 120 feet front by 90 feet
deep to our store building, thereby very materially increasing our selling
Space.
In placing our various stores in commodious, fire-proof, modern buildings, we feel that we have done that which will redound to the benefit of
our stockholders.
PROFIT AND LOSS ACCOUNT YEARS ENDING JAN. 31.
1913-14.
1912-13.
1911-12.
1910-11.
•Net profits..
$2,281,510 $2,544,153 $1,668,845 a$1,725,158
Interest, balance of acc't
30,240
14,323
Other income_
37,721
34,770
10,000
Total
$2,319,231 $2.578.923 $1,709,085 $1,739,481
Officers' salaries_ _.._ __ $60,000
$60,000
$60,000
b$37,500
General expenses
10,120
10,851
9,6241
49,984
Taxes, incl. U.S.I.R.tax
46,455
22,277
14,189I
Bad debts •
65,663
46,389
11,330
13,090
Deprec. & amort. c_
212,030
218,227
164,528
173,099
Int., balance of acc't__..
46,395
36,046
Res've for trading stamps
25,000
Paid to vendors_ _.._
d511,084
Preferred dividends _..(7%)577,500(7%)439,035(7%)350
,000(3%)175,000
Common dividends ---(5%)750.000(4 VI,)712,500(1%
)150,000
Total deductions
$1,768,163 $1,545,325
$759,671
$984,757
Balance,surplus_
$551,068 $1,033,598
$949,414
$754,724
a Includes operations of vendor cos. prior to organization, the co. having
been incorp. Juno 4 1910. b For 7% months only. c Depreciation
of
bldgs. and fixtures and amortization of leases. d
of sales to
Juno 15 1910 paid to vendors in lieu of profitsPercentage
for period prior to
organization.
[VOL.
xcvm.
GENERAL BALANCE SHEET DECEMBER
31.
1913.
1912.
1913.
Assets$
s
Liabilities-$
Plant investment_23,528,175 24,551,637 Common
stock_ _20,655,400
Other Investm'ts.a16,821,015 14,578,601
stock _ _ 24,307,600
Stock on hand_ __ _ 7,259,044 7,579,812 Preferred
Notes
payable..
Cash in bank
337,814
700,958 Accounts payable.. 520,689
Customers' accts_ 2,258,972
fund__ _ 1,000,000
Ad van. to sub.cos. 1,360,000 4,453,222 Insurance
Surplus
5,201,331
Other notes receiv. 180,000
Total
51,745,020 51,864,230
1912.
$
20,655,400
24,387,600
1,450,000
322,810
5,068,420
Total
51,745,020 51,864,230
a Other investments in 1913 ($16,821,015) include
stocks and bonds of
insurance fund, $565,725; stocks and bonds
companies not entirely
owned by National Lead Co., $905,325, and of
stocks and bonds of subcompanies, $15,349,966.-V. 96, p. 788.
American Locomotive Co.
(Digest of Report of Committee of Inquiry Dated Feb. 16 1914.)
The committee, John W. Griggs, Thomas Thacher
Albert H. Wiggin, in its 40-page pamphlet says in brief: and
The committee,in proceeding with its examination, took much testimony
and employed John Havron as expert to make an independent examination
No Corrupt Practices.-Mr. Havron says: "After over three months' .
investigation, during which time a careful scrutiny of bids, bills and
correspondence covering the entire period of the company's
was made,
not a bit of evidence of corrupt practice on the part ofexistence
the company's officials was found."
Your committee fully endorse tnis statement. We believe that
President
Marshall has been actuated during the whole course of his official
with the company by a faithful and loyal spirit of devotion to its service
interests;
that no personal interests have at any time conflicted with the
full discharge
of his duty to the company.
We find that the connection of officers and directors of this
company
with t me directorates of ot ler companies has not resulted in any injury
to
the Locomotive Co.; but because such relations give rise to
unfounded
suspicions, we recommend that no officer of this company serve
as
director
or officer of any other company with which it has dealings.
Directors.-We find that the affairs of the company have not heretofore
bee_i so carefully supervised by the board as good business requires,
and
early in our conferences the committee suggested
t_zat the executive committee meet at least once a week, and that all contracts and transactions
of importance be submitted to that committee
for its approval. This
recommendation was put into effect some months
ago.
Scrap.-We recommend that careful
CONSOLIDATED BALANCE SHEET JAN.31.
be given to the
methods of purchase and sale of scrap, toconsideration
ascertain if any system can be
1914.
put
1913.
practice
in
more
satisfactory
1914.
than that heretofore followed.
1913.
AssetsSupplies.-We recommend to your careful consideration these questions:
Liabilities$
Property aceount520,785,493 10,122,876 Preferred stock__ 8,250,000
8,250,000 Whether savings may be made by manufacturing instead of purchasing
Investments
009,134
582,677 Common stock_ _ _15,000,000 15,000,000 springs, tires, castings, bolts or other articles now
purchased by the comPf.stk.acqu'd from
pany from others, and,in this connection, whether the
Purch. money mtg 300,000
company, by efforts
spec.surp.(cost) 266,168
Notes payable.. _ __ 2,325,000
650,000 to change specifications of the railroad company,may secure the right to
Inventories
4,962,419 4,391,899 Sundry creditors &
make its own stay- bolts Instead of purchasing Tait bolts. Whether springs
Accts.& bills rec.. 2,638,645 2,203,944
or tires can be purchased at lower prices with equal
accts. payable.. _ 1,470,262
497,181
advantage by any
Delivery horses,
method other than that which has been followed.
Reserve for trading
equipment, &c.. 141,531
81,207
Salaries and Bonuses.-The plan of paying compensation to the
stamps, coupon
executive
Sundry debtors
124,079
officers in part in the form of bonuses based on the amount
114,874
& corpor'n tax__ 160,439
181,379
of profits is of
Prepaid expenses,
Miscellaneous
123,892 doubtful wisdom. We are advised that it has been discontinued. It is,
Insurance, &c- 154,534
98,199 Special surp. acct_ 1,000,000 1,000,000 of course, desirable that salaries be reduced, if at lower salaries
satisfactory
Cash
813,600
839,511 Surplus
2,288,802 1,737,735 officials can be retained. We recommend this subject to the board.
General Expenses.-Mr.Cate objects to the expense of maintenance
of the
Total
30,704,503 27,440,187
Total
30,704,503 27,440,187 New York offices and gives "the present general office expense" at $1,200,000 per year. In this he has fallen into quite an error. General
* Consists of real estate, impts.,furniture & fixtures, good-will and trade expense, which has amounted lately to from $1,000,000 to
$1.200.000 a
names, including cost of acquisition, subsequent to the
of this year, includes all items usuatly treated as expense which do not belong
co., of good-will of Boggs & Buhl, Pittsburgh, and of theorganization
M. O'Neill & Co., exclusively to any one plant. It includes, for instance, all general taxes,
Akron, $15,525,310; balance as at Feb. 1 1913, $4,153,421;
salaries
all
employees
officers
of
not exclusively engaged in the
and other
additions during the year,incl. balance of cost of acquisition of "Barr" leasehold
and ex- work of any particular plant, notably the entire engineering department
penditures on bidgs., equip., furniture St fixtures at St. Louis, expenditures
of over 300 men when business is active, and those engaged in inspecting
on bldgs. at Pittsburgh and cost of real estate at Akron.
testing materials; all advertising expense and compensation to agencies
$1,874,646; total, andhome
$21,553.377. Deduct reserve for depreciation of bldgs.
and abroad, and the expense of branch offices.
& fixtures and at
amortization of leases, balance as at Feb. 1 1913,
The rent of the New York offices is about $55,000 a year. We are not
year 1913-14, .satisfied
$212,030; balance, as above, $20,785,492.-V. 97.$555,854;
that any large saving can be made by moving the general offices;
p. 241.
to Schenectady, for instance. On the other hand, it is doubtless true that
such removal would involve considerable loss in efficiency. The question
National Lead Co.
is, of course, a complex one. We recommend that it be carefully considered by the board of directors.
Report for Fiscal Year ending Dec. 31 1913.)
Dividends.-All dividends declared seem to have been justified under the
Pres. William W. Lawrence says in substance:
law. Whether some of the profits distributed might better have
been
retained to pay for betterments or for working capital is a question
Results-Insurance Fund, &c.-Before the results shown below
the business discretion. It is not answered simply by the fact that money of
year 1913 were reached, there were deducted liberal allowances forfor
was
tenance and repairs. An amount has been added to the insurance main- afterwards borrowed by note issues. The funding of money used for fmwhich, with the earnings of the fund itself, now stands at $1,000,000;fund, provements so as to be able to give to the stockholders some return on their
this
course,
stock
and
its
is
often
the only proper
propriety is not to be judged
amount, wo believe, is sufficient for the needs of the company.
Only part solely by after-events. We see no ground for criticising
of this fund, as indicated in the statement, is invested, the remainder
the board on
being account of any of the dividends declared and paid.
liquid capital employed by the company to supplement its working
capital.
manufacture
Automobile
of
Business.-The
automobiles was undertaken
The insurance fund, not heretofore shown in the company's statement,
is at a time when the automobile business was not fully developed.
now included.
The
confined itself to the manufacture of high-priced cars
Additions to the plant account amounting to $488,469 have been made company
priced trucks. Competition was very strong. We do not findand highcovering the cost of new construction during the year. This is independent
the
failure of this enterprise was due to any dereliction on the part of thethat
of the deductions made for maintenance and repairs.
general
of the company. It would have been better if the business
The usual dividends of 7% on the pref. stock and 3% on the common officers
had
closed out long ago; but the company kept hoping for final success.
stock have been paid, amounting to $2,325,394, and to the surplus fund been
Steam Shovel Business.-This business was undertaken with a view to
there has been added $132.912.
profits; and it was disposed of because it proved unprofitable.
A comparison with the statement of 1912 is omitted because of re-arrange- increasing
find no evidence that officers of the company profited by its sale.
ment of several important accounts which would make a comparison mis- We
Superheater
Patents.-To establish and maintain the pro-eminence of the
leading. Briefly, the statement shows the company's affairs to be
a
Cole patents,it would have been necessary to undergo long and uncertain
healthy condition. Some departments of the business have suffered in
very patent litigation. It was, therefore, good judgment to assign the
serious losses in volume, but happily those losses have been
patents
by sub- to the Superheater Co., to which the Schmidt patents and various
stantial gain in tonnage of other departments; so that the netoffset
diminu- piatents relating to the same subject were assigned, and to take a other
tion of the volume of business as compared with 1912 is only total
stock
1-3 of 1%.
interest in that company. By this means the business was started iznmeThe expenses of conducting business continue to increase.
diately on a successful career and has since proved very profitable. The
The company has met all the requirements which are demanded by the Locomotive
dividends
annual
of $40,000 and many times
Co. has received
laws regarding sanitation and health and,irrespective oflegal requirements
, that amount as profits on the superheaters that it manufactures for
has placed its operations in all respects beyond the field of criticism.
the
Co., it having for a time practically the whole of that work.
Competition.-We have, as always, vigorous competition in all fields, and Superheater
There
officer,
is
no
director or agent of the Locowhen it is intelligent we welcome it. On Feb. 11 1914 the plant of one of motive Co. proof whatever that any
profited by reason of this transaction.
our most important competitors In the white lead business
was completely
Sale of Pref. Stock on Oct. 30 1907.-The executive committee on
destroyed by fire. We did not rejoice in this misfortune, but,
Oct. 31
on the con- 1907 adopted the following resolution: "Resolved, That the President
trary, placed in our competitor's possession one of our surplus
plants, so he hereby is authorized and directed to sell the 9.000 shares of the be and
that it could at once continue in business and supply its trade,
preferred
stock
of
treasury,
this
company
at
$90
the
now
in
a
share, and in addition
Financial Status.-It is our policy to build up from their own earnings to sell
$500,000, par value, of Locomotive Security Company's notes
the needed working capital of such of our subsidiary companies
at not
as came less than 924 and interest, and to purchase 25,000 shares of tbe
to us not sufficiently provided for, and, pending this operation, not
common
stock
of
to
pay
this
share.'
company
$45
a
at
dividends to the parent company, all earnings remaining undistribute
This transaction took place at the very height of the panic of 1907 and It
d as
working capital. Those companies that have passed this point contribute
was not entered into for any selfish purpose nor to make money,
to the parent company such dividends as their earnings
but as a
The measure of general relief of the sort that all large corporations in New
amount of advances to the subsidiary companies, shown by justify.
York
the statement were rendering to ameliorate a critical condition, which, if not stayed,
of Dec. 31 1913 to be $1,360,000, is the smallest amount so employed
promised
to
widespread
result
for
a
in
most
the
financial
disaster.
There was
number of years and we look forward to a constant reduction of this item.
motive
no
for
the
except
this
desire
transaction
on the part of the manageFor the last four months of the past year the company was not a borrower, ment to strengthen
the position of our fiscal agents, Harvey Fisk & Sons,
but during the first eight months large amounts were required,
which were who since the beginning had been the depositary of the funds of the
easily procured from the company's bankers.
coma
"pany
and
had
financial
stood
behind it in its
operations. This assistance
Subsidiary Companies.-Taken as a whole, these various
was not given because that house was in any greater danger of suspension
made satisfactory progress both in volume and profits. companies have than
other
concerns,
first-class
but
because
banking
in
the
condition which
Stockholders.-Total Dec. 31 1913 was 6,752. 47% (3,197) being women. generally prevailed
at that time there was none whose position was assured.
As a matter of fact, the company does not appear to have suffered
RESULTS FOR CALENDAR YEARS.
WAfinancially
by
the
common
of
transaction.
block
The
stock
was sold during 1908
1912.
1913.
1911.
1910.
at 50 or better, at a profit of about $132,000, and this sum,
Net before maintenancelNot stated f$3,106,205 $3,075,263 $3,007,244
added
to
the
$810,000 realized on the 9,000 shares of pref. stock,
Maintenance and repairs!
the total amount
1 613,972
627,916
409,041 realized $942,082 50, or an average price of 104.67 formade
each share of the pref.
stock.
In Feb. 1908 Harvey Fisk .St Sons, at the request of the President
Balance
$2,458,306 $2,492,233 $2,447,347 $2,598,203 of the Locomotive
Deductrar •
, 111•"7,11 notes at the price Co.,re-sold to the company the Locomotive Security Co.
at which they had taken them, thus relinquishing a profit
Dividend on pref.(7%) $1,705,732 $1,705,732 $1,705,732
$1,705,732
of about $50,000 which they might have lawfully retained.
Dividend on common__(6%)619,662 (6)619.662 (3)619.662
(4)826,216
[The independent advisory committee, consisting of Hon. William R.
Willcox and Dr. L. Clark Seelye, under date of Feb. 18, substantially
Surplus
$132.912
$166,839
$121,953
$66,255 concur in the
recommendations, and say in part: "As far -as we
Previous surplus
5,068,420
4,901,581
4,779,628 4,713,373 can determine aforesaid
from the material thus submitted, the Committee of Inquiry
has been disposed to treat dispassionate and fairly
Remaining surplus---$5,201,332 $5,068,420 $4,901,581
Mr. Cate's com $4,779,628 munications and to profit by his criticismslywhen
they were just, and we
a
MAR. 28 1914.)
THE CHRONICLE
fraudulent or unlawful
agree with them in finding no valid evidence offacts
sufficient to justify
dealings by the officials of this company; and no
implications of Mr. Cate's
or to substantiate the most serious charges and
in business
letter; although in our judgment there have been some errors
policy-notably in the making of automobiles, and some undesirable practices now happily discontinued." See also statement of Pres., V.98, p. 914.
995
Columbia Gas & Electric Co., Cincinnati.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. A. B. Leach, N. Y., Mara 2 1914, wrote in substance (compare map, &o., in "Railway & Indust. Sec."):
of
Results.-The total gross earnings were $5,497,960, an increase
only
$342,514, or 6.6%. There was an increase in operating expenses ofOther
$50,168, making an increase in net earnings of $292,345. or 11.1%.
income amounted to $471,584, making a total gross income of $3,394,899.
After deducting all rentals and fixed charges, there was a surplus for the
year of $219,121.
In view of the two severe floods which occurred, and the depressed indusconsisting
New Management.-In Sept. 1913 the stockholders'committee, elected trial
conditions which existed the greater part of the year in the territory
of August lieckscher, John A. Sleicher and James B. Marsh, were
resulting in both increased operating expense and decreased gross
should
served,
they
that
understanding
to the board and consented to serve on the
(the electric service and street cars in Kentucky having been eninstirevenue
in
have the co-operation of the remaining members of the old board
tirely discontinued for nearly two weeks, due to these floods) we feel that
059).
p.
97,
V.
1234;
1026,
942,
p.
96,
(V.
company
the
within
reforms
tuting
shown by the income statement are most encouraging. The
results
resince
the
has
Chairman,
L. G. Fisher, originally President and afterwards
excessively warm weather experienced throughout the entire period has
Edgar G. Barrett
signed and the office of Chairman has been abolished.
and I also been a factor in temporarily retarding gas earnings.
ago,
months
few
a
resigned
l'resident,
as
Fisher
who succeeded Mr.
East Ohio Gas Co.-In previous years there was included in your comas director
am his successor (V. 97, p. 1754). Mr. Barratt's resignation
pany's income statement, in addition to dividends actually received upon
has not yet been acted upon.
and its holdings of pref. and corn. stock of The East Ohio Gas Co., a percentage
funds
sinking
interest,
for
providing
after
the
Results.-The earnings,
$50,082, comparing with $42,993 of the undistributed surplus of that company for the year, based upon
depreciation, were (subject to audit)
surplus
prices on bags showed an improvement amount of the stocks owned by your company. The accumulating
for year 1912-13. While the sellingyet
is undoubtedly increasing the value of its stock, but it
of
bulk
that
the
company
on
price
selling
average
the
year'
the
of
any
during the second half
low, due to the extreme competitive con- has been thought more conservative not to include in your earnings
of our product was exceptionally
portion of such undistributed surplus; the consolidated income statement
well into 1913.
ditions which developed in July 1912 and continued
on that basis.
been
prepared
has
therefore
both
years
for
possible,
as
conservatively
as
inventories
our
take
to
We have endeavored
Our large investment in the pref. and common stocks of The East Ohio
$243,422, reducing
and have, therefore, adjusted them by charging off
Gas Co. (about 25% interest) is again amply justified by the fact that its
the surplus by this amount.
unearnings have increased 11% over 1912 and its common stock is now
the
net
by
injured
materially
was
company
the
Status.-The credit of
one year ago (V. 96, paying dividends at the rate of 10% per annum.
warranted application made for a receivership aboutUnited
Development of Gas Fields Owned.-During the year 21 wells were drilled
States Jan. 31
the
in
indebtedness
bank
The
1234).
942,
p. 558,
Mar. 21 1914, $150,000, or purchased, so that the company now owns 133 wells with an open flow
1913 was $440,000; Jan. 31 1914, $310,000;
will be entirely paid. Our cur- capacity of over 155,000,000 Cu. ft. daily. Out of your total acreage of
and prior to the annual meeting April 14 $1,354,294;
current accounts re- 282,921 acres in 'W. Va. and Ky., 175,998 are as yet entirely undeveloped.
are
States
United
the
in
rent inventories
Gas Contract.-A new and more favorable contract has been made for the
In other words, by April 14 we
ceivable, $680,151; total of $2,034,445.assets
about $2,000,000, no debts purchase from the United Fuel Gas Co. of an amount of gas now approxishall have in the United States in cash accounts in the United States and mating two-fifths of our total requirements. ThLs contract and the similar
merchandise
current
to banks and our
contract of the Union Gas & Electric Co. with the Ohio Fuel Supply Co.
$75,000.
Canada will not exceedunsecured
bank indebtedness in Canada was $382,- enable us to conserve our own resources and form an auxiliary thereto.
On Jan. 31 1913 our
Gas Sales.-The pipe line transporting gas from our West Virginia fields
in
InvenCanada
assets
are:
liquid
Our
$340,000.
500; on Jan. 31 1914,
In 1913 there was sold
receivable, $67,642; total, $1,134,006. By has been operated without any inerruption. district
tories, $1,066,363; accounts
and 373,625,000
are quite content to have 15,295,578,000 cu. ft. of gas in the Cincinnati
arrangement with our Canadian bankers, theyof
total sales 15,669,203,000 Cu.ft.
line;
pipe
the
along
consumers
to
ft.
cu.
conversion
inventory.
graudal
a
by
these loans liquidated
to
expend
about $215,000
necessary
be
will
it
1914
-During
1914.
Needs
in
The total bonded debt Jan. 31 1914 was $3,653,000; purchase money
drilling some 30 wells to comply with lease obligations and to meet the
obligations and bonds assumed, $688,333; a total of $4,341,333, against in
field lines
necessary
the
gas;
lay
also
to
for
demands
increasing
continually
was
a
reduction
This
debt
of
'
showing
$566,500.
ago,
$4,907,833 a year
additional compressor station. The capital expendilargely incurred through the purchase of Canadian properties which are and to construct anin
1914 will include about $68,000 in gas department
undoubtedly worth considerably more than they cost. Unfortunately tures in Cincinnati
and $103,000 for extensions, &c., in electric department.
they are not self-supporting at present.
Union Gas & Electric Co.(Subsidiary in Cincinnati).-In July last, at the
The condition of our manufacturing plants is not all that could be dethe Cincinnati Gas & Electric Co.,(whose property is hold under
sired. About ono-half of the output is made in plants that are modern request of Union
Gas & Electric Co. strengthened the fund created in 1908
lea.sejthe
is
and probably without superiors anywhere. The balance of our output
to guarantee performance of its lease obligations, by depositing with the
made at a great disadvantage in plants that should be modernized. I esti- trustee
cash. The cost of the betterments and extensions made
in
$400,000
onemills,
although
the
upon
spent
be
could
well
about
$1,000,000
mate that
during the year has as usual been charged to the Cincinnati Gas & Elec. Co..
half of this sum would be sufficient to make a very marked improvement.
in July last 5,113 shares of stock were received from that company in
The policy of the present management Is to restore the injured credit and
payment on account of betterments and extensions made. Union Co. now
of the company (1) by paying its debts, (2) unproductive properties must owns
11,913 shares of Cin.Gas & El. stock (V. 96, p. 1704; V.97, p. 242.)
be made productive or sold,(3) certain of the manufacturing plants must be
Eleven miles of gas mains and 2,884 services were installed. On Dec. 31
the
out
arising
of
conditions
the
meet
to
taken
and
(4)
measures
modernized,
were 102,263 gas customers, an increase of 3,742, or 4%. During the
there
the
tariff
recent
and
prohibition of export of pulp wood from Canada
year there were sold 7,457 gas ranges, 6.350 heaters, 1,684 furnaces and
action of our own government.
over 1,400 miscellaneous gas appliances.
Messrs. Heckscher.
On Dec. 1 1913 a new schedule of gas rates to industrial consumers was
Digest of Report of Stockholders' Committee,
put in force, slightly increasing the rate paid.
Sleicher and Marsh. March 20 1914.
installation of the new street electric-lighting system was completed
The
(V.
959)
p.
investigation
97,
preliminary
our
in
noted
evils
the
Many of
are assured, will be remedied. and has given general satisfaction. Three miles of underground lines and
have been remedied in part, and others,awo
of overhead lines were built, 1.381 services and 1,262 meters were
miles
of nearly 50% in his 135
The new President has insisted upon reductionof
certain persons who installed. On Dec. 31 there were 20,326 electric customers, an increase of
salary, while other savings, including the dropping
6.75%. The Plum St. generating station has been thoroughly
or
1,286,
this
on
the
total
saving
make
account
have contracts about to expire will
and the machinery has to a large extent been reconstructed,
about $30,000 a year. Offices held at a rental of $9,700 have been given overhauled
efficiency, reducing cost of operation and providing
increasing
generally
our
been
for
have
taken
requirements,
adequate
entirely
up and now offices,
h. p. of increased capacity.
9,000
about
The
of
year.
on
saving
a
only $5,900
in the Woolworth Bldg. at a rental
Need for New Electric Generating Station.-The increased demands for
commissions paid to selling agents will, dating from Jan. 1 1914, be at least service and the fact that the present generating station on Plum St. will
$35,000 annually.
discontinued in the near future, the City of Cincinnati having
Losses aggregating between $30,000 and $40,000 per year have been made have to be
for other purposes the canal from which our water supply is at
in ventures neither necessary nor supplementary to our bag business. These acquired
makes it necessary to consider the erection of a new
obtained,
present
as
recwe
far
have
as
and
possible,
eliminated,
has,
the new management
It is estimated that the cost of a new station, located on the Ohio
ommended that it concentrate its energies on the grocery-bag business, out station.
of modern design and having a capacity at least double the present
River,
made
its
has
earnings.
largest
company
the
which
of
together with the necessary changes in the distribution system,
The company's principal financial difficulties have been due to the pur- capacity,
be $7.500,000. (Compare V. 96, p. 1704; V. 97, 13• 242.)
chase of the obsolete Allen mill at Hudson Falls at a cost of $1,000,000 will
Kentucky Properties.-Cincinnati Newport & Covington Light & Traction
and the construction of a wood pulp mill at Cape Magdalene in Canada
Co.-During 1913 2,383 new gas customers were obtained, being an inat a cost of over $500,000. This latter mill is practically useless because crease
of 15.3% and 520 new electric customers were added,increase 9.4%•
of the lack of power with which to operate it and the absence of a newspaper
aggregating 4ji miles, were laid, and 42 miles of electric lines
mill to consume its product. The purchase of the Allen property was made Gas mains,
all to provide for new business. Payment for the
constructed,
were
to secure a valuable water power, the development of which has been made betterments and extensions was made by the withdrawal of $75,890from the
impossible because of the company's financial condition. Other obsolete Guaranty Fund. Twenty new cars will be placed in operation at an early
have
been
year
sold.
ordered
a
$35,000
of
over
a
mills entailing burden
payinont being made from the guaranty fund referred to above.
Our selling agency at Baltimore, that returned about 6% on the investment date,
Bonds Redeemed.-During the year there were redeemed and canceled
(Smith-Dixon), has been sold without sacrifice for about $240,000,substanof our 1st M.5% bonds through the sinking fund,also.through
$107,500
with
the
sale,
enforced,
economies
this
of
tially all cash. The proceeds
the payments made as part of the rental obligations,$270,000 Cincinnati
have greatly improved the company's credit.
Transportation Co. 1st M.5% bonds.
But all these economies are only just making it possible to meet the inter- Gas
Bonds and Debentures.-During 1913 the mortgage trustee certified and
of dividends must reest and sinking fund charges, so that the possibility
5% bonds, which have
its going factories. There delivered to the company $2.043,500 of its 1st M.we
main remote until the company can rehabilitate
had in the treasury
placed in its treasury. On Dec. 31 1913
been
value
of
and
the
increasing
comlargo
the
either
respecting
question
Is no
business.
general
for
available
bonds
these
of
of
$1,705,500
area
an
embracing
almost
Canada,
2,500
pany's vast timber tracts in
of 32.850,000 of
issue
an
authorized
1913
19
June
on
The stockholders
sq. miles, nor the value of the undeveloped water power at Gres Falls in 5%
gold debentures, maturing Jan. 11927, of which $2,464,331 were used
Canada. But the development of the water powers is impossible because to acquire
of Union Gas eic
certificates
dividend
and
stock
and
pref.
common
is
the
by
resources
timber
of
use
limited
of financial limitations, while the
p. 53)•
the export of much material Elec. Co., and 350.100 were in the treasury (V. 97,now
recent Canadian legislation which prohibits
owns 99.4% of the
Balance Sheet, &c.-Your company
Consolidated
its
supply
to
This
American
shipped
mills.
had
formerly
that the company
common and 99% of the pref. stock of Union Gas & Elec. Co.,or practically
will compel some change and readjustment in our method of manufacture
$260.167 of its $375,000
or source of materials with which to its entire capital stock; also, on March 2 1914,
and the development of a new supply
dividend certificates. Under the circumstances there is submitted herewith
the
the
already
of
fact
are
that
properties
view
In
mills.
run the American
in consolidated form.
cos.
two
the
of
sheet
bal.
and
statement
income
an
to
secure the capital necessary
covered by mortgage bonds, it is difficult
Outlook.-With the resumption of normal business conditions throughout
for rehabilitation, except by the sale of properties that have been a burden. this country,a continued and permanent improvement in earnings is assured
the
for
will
outlook
propmptly
out
the
company
carried
If this plan can be
CONSOLIDATED INCOME STATEMENT-FOR YEARS ENDING
be decidedly improved and its future, we trust, made secure.
DEC. 31 (INCLUDING UNION GAS & ELECTRIC CO.).
1912.
1913.
RESULTS FOR YEARS ENDING JANUARY 31 (SUBJECT TO,AUDIT).
1912.
1913.
$
1912-13.
1913-14.
1910-11.
1911-12.
G.
U.
of
earns.
Surp.
5,155,446
5,497,960
earnings
$554,251
1534,530
Gross
$1,017,835
31,038,112
year
per
Profits
& E. Co. appor197,958
$200,217
$173,285 Oper. exp. & taxes_ _2,574,641 2,524,476
$170,146
Interest on bonds
tionable to its out$53,531
30,494
23,850
32,334
Int. on per. mon. oblig_
83,713
328
standing stock__
2,630,970
2,923,316
earnings
(3)330,000
Net
(4)440,000
(4)440,000
dividends_
Preferred
513,953
471,584
122,585
z115,271
120,987 Other income
122,265
Depreciation, &e
Total deduction.s.2,585,958 2,831,314
134,925
140,725
114,095
110,745
Sinking fund for bonds_
808,944 513,609
Tot, gross income_3,394,900 3,144,923 Net income
Accr. int. on Col.
Surplus or deficit__ _ _ sur$50,082 def$287,007 sur3138,995 sur$169,245 Accrued rentals to
G.Jr E.Co. Nis.Cin. G.& E. Co__1,788,250 1,786,345
499,225 495,784
1st M.5% bonds
BALANCE SIIEET JANUAR Y31 (SUBJECT TO AUDIT).
Accrued rentals to
5% gold dehens... x61,600
Ctn. Gas Trans.
1913.
1914.
1013.
1914.
19,851
Other interest__ _ _ 28,998
Co. (Incl. sinking
Assetsfund requirement
Cost of propertiesa30,218,151 30,413.363 Preferred stock.._ _11,000,000 11,000,000
718,203 727,727 Total fixed charges 589,823 515,435
of 5250,000)
Common stock._ _16,000,000 16,000,000
Inventories (apBal., sur. or def__sur.219,121 def.1,826
proximate cost) b2,420,657 3,119.653 First mtge. 5%_..., 3,653,001) 3,777,000 Acer. Int. of Union
53,529 Sink. td. payments79,172
G.& E. Co
(Wig. for prop.pur 0188,333 1,130,833
Accounts and bills
81,096
Col. G.& E. Co__ 95,005
582,011 Bankers' loans_ __ 650,000
400,000
receivable
747,793
x Interest on 5% gold debentures accrued for 6 months only, debentures
374,448
134,025 Accts. payable___ 208,840
218,012
Cash
1913.
1
July
of
as
issued
Interest accrued__
32,934 having been
33,943
Surplus
d1,370,407 1,563,837 CONSOLIDATED V3ALANCE SHEET DEC. 31 1913 (INCLUDING
UNION GAS & ELECTRIC CO.).
Total
33,604,613 34,270,052
33,604,613 34,279,052
Assets ($73,101,858)
Total
fields, plants, franchises, leases and
(gas
account
Property
a After deducting $1,844,124 for extinguishment, depreciation and sinkEast Ohio Gas Co.stock(24,757 shares pref.& 24,757 sh.com.).$64,176,682
ing funds (against $1,713,740 in 1913) and $125,612 charged off to deprewith trustees-Cash, $764,634;
ciation funds. b Inventories include in 1914: Logs in rivers, 3901,755; Guarantee funds deposited 1st
M. 5% gold bonds (at par),
Bonds-Col. G. & E. Co.
pulp wood in piles. $431,836; lumber $87,946; supplies, stores, fuel, &c.,
4,517,634
33753,000; total
$142,531; merchandise on hand and in process, $856,589.
(11,913 shs.), 31,012,605;
stock
Co.
E.
&
0.
59'
bonds
Cincinnati
Bros,
Allan
and
1914
assumed,
obligations
$210,000,
in
c Includes
Cin. Newp.& Coy.Lt.& Tr.Co.4%% pref.stock (850 shs.),
on account of purchase of properties, $478,333.
1,109,805
$85,000; miscellaneous securities, $12,200; total
d After deducting $243,422for adjustment ofinventories.-V.97, p.1754.
Union Bag & Paper Co., New York.
(Advance Report for Fiscal Year ending Jan. 31 1914.)
Pres. John S. Riegel, Mar. 21, wrote in substance:
996
THE CHRONICLE
Col. G. & E. Co. 1st M. 5%, $1,705,500; gold debs.-5%.
$ 0,1 , total..
1,755,600
Cash, $580,290; accounts receivable, $513,459; total
Material and supplies, $202,901; in & divs. accrued on securi- 1,093.749
ties owned,$25,584; totaL.
228,485
Prepaid accounts, $40,623; Cincin. Gas & Elec. Co. account
betterments, $179,280; total.
219.903
Liabilities ($73,101,858)Col. G. & E. Co. stock, $50,000,000: 1st M.5% bonds, $15,670,500; 5% debentures, $2,514,431; total.
$68,184,931
Union G. & E. Co. securities at par-Div. certifs., $207,417;
pref. stock, $50,100; corn. stock, $59,101; total
316,617
Notes payable, $1,906,598; accounts payable, $517.467; total
2,424,065
Accrued taxes, $142,203; accrued rentals, $474,502; total_ _
616,705
Accrued interest-On 1st M.bonds,$255,300; on debs.,$61.600;
other interest, $5,622; total
322,522
So. Coy. & Cin. St. By., $137,484; customers' deposits, $126.267; suspense, $10,109; total
273.860
Reserves-To amortize Kentucky guaranty fund, $75.000;
for net current assets, leased Sept. 1 1906, $340,897; for construction, $81,189; for damages, &c., $7,611; total
504,697
Profit and loss
458,461
97, p. 1506.
[VOL. xcvm.
terest, the value of which interest might suffer as a result of such disclosure
otherwise than privately to stockholders.
Supplemental Report of President Ira M. Cobe, N. Y., March 18
1914.
During the past three years the company engaged in general
a
financing
business, including the purchase of securities,
the promotion of corporate
organizations and reorganizations, &c.,
partly
on
its
own
account and partly
on joint account with banking houses. The initial
ventures were profitable,
but subsequently there were losses, and
other cases, where no loss may
ultimately occur, our funds were tied in
up because of the poor security
market in 1913, unexpected litigation and other causes.
(1) Approximate Investment(2)
Book ValuesUnited States Worsted Co.$1,265,000 BitterApproximate
Root Val. Irr. Co_ -$3,500,000
Breakwater Co
950,000 Gage Park Realty Trust__
United Copper Co..
525,000 British & Foreign Tr.,Ltd. 1,500,000
Simms Magneto Co
250,000 New South Farm & Home 360,000
796,000
Art Metal Construe. Co.._
235,000 Monarch Lumber Co.._
__
300,000
Morris Park Estates..____
435,000
Total.
$3,225,000
Total..
$6,881,000
United States Worsted Co.-Subject to minor adjustments,
are about as follows: First pref. stock, $873,000; sinking fundour holdings
$360,000; 2d pref. stock, $107,000: common stock, $843,600. certificates,
(It is proposed to reduce the par value of the common shares from $100
to $10.)
Corn Products Refining Co., New York.
This interest resulted from a joint participation with prominent
banking
interests
in
an underwriting syndicate that was in no way responsible for
(Statement of President at Annual Meeting.)
subsequent disclosures, discord, &c., which rendered unsalable the securities held. The management of the Worsted Co. believes that the pending
President Bedford at the annual meeting on March 24 readjustment
plan should enable the company to establish itself on a
said in substance:
profitable basis (V. 98, p. 615, 767)•
Properties.-The physical condition of the company's properties was
Breakwater Co.-This investment has been practically written off on our
never before as good as at present. The enlargement of the Pekin plant, books, the company being bankrupt. A plan of reorganization
has, howequipped in part by machinery taken from the Waukegan plant, has greatly ever, been proposed. (V. 98, P• 157.)
increased its efficiency, while fireproof construction of its more important
United Copper Co. Syndicate.-Our interest is represented
a participabuildings has tended to greater safety. This and other improvements tion in a loan made to the United Copper Co.,and by certainby
against
Increasing our facilities for production have enabled us to maintain our that company, purchased by the syndicate. The investmentclaims
is secured by
fair share of the business against greater competition than has ever heretocollateral, including securities paying substantial dividends, extensive
history
existed
of the industry, not alone from the products of coal properties in Pennsylvania and timber lands in British Columbia
in the
fore
and a
corn, but also from numerous other materials.
variety of other property. Although, because of the
of the
Reducing operations to four plants, viz., Argo, Pekin, Granite City and United Copper Co., it is now difficult to sell a large partinsolvency
of this collateral,
Edgewater, and increasing their size, have insured us ample production
it is believed that the security is ample and that, eventually, our entire
with greater productive efficiency and a lower cost and better quality.
investment will be realized, with interest.
From the advantage of a seaboard plant, aided by the importation of
Simms Magneto Co.-Our investment is represented by $100,000 pref.
corn from the Argentine and Danube provinces, we have been able not only stock, $154,740 common stock,
and by claims against certain individuals in
to maintain but to increase our export business in face of several new and connection with the underwriting
of pref. stock which are secured by
important plants advantageously located in the United Kingdom and other $145,000 of the pref. stock and $224,3'73
of the common stock. During
foreign countries. Our purchases of this foreign-grown corn during the 1913 the company's operations showed a considerable
loss, but under the
past six months have amounted to 4,600,000 bushels, all of which was new management they show a fair profit with excellent
prospects.
bought at prices considerably lower than the same quality could be purArt Metal Construction Co.-We own $190,175 of the $2,068.400j stock
chased at Chicago and delivered at the seaboard.
which has long paid dividends and is now on an 8% dividend basis.
Government Suit-Company's Explanation.-Regarding the suit brought
Bitter Root Valley Irrigation Co.-Formed to irrigate and develop a large
against our company by the Department of Justice for alleged violation of tract of land in the Bitter Root Valley, Mont.,
the original investment
the Sherman Anti-Trust Law, we have had a number of interviews with the was expected to be small, but the engineering
officials of the Department and have explained to them (a) that the corn and to avoid a total loss additional sums were reports proved unreliable,
invested, largely in a reserproducts industry is not susceptible of monopolization;(b) that it consumes voir, about 70 miles of main ditch, and the purchase
and development of
less than 2% of the corn produced; (c) that no buyer over another can pos- land. The balance sheet Dec. 31 1913 showed
contracts, resibly obtain an advantage in the purchase of this raw material; (d) that ceivables and inventory sufficient, if face values mortgages,
are
realized,
every product manufactured by our company from corn comes into direct the entire indebtedness, except that held by your company, to discharge
competition with products produced from other materials; (e) that, while surplus of about $400,000, together with some 25,000 acres and to leave a
of land free of
production has been almost doubled, your company's total grind has not all encumbrances. The average selling price of this
including water
Increased from its organization to date;(f) that it has only been maintained, rights, has for the past two years been about $251 land,
an
Before our
as to volume, by,extraordinary efforts in increasing its foreign business and investment can be realized upon, some small additionalacre.
advances may be
by the introducion of new products.
necessary. (V. 89, p• 1069.)
Low Prices.-The claim is not made by the Government that your comGage Park Really Trust.-This large tract of land which we are developing
pany is charging too much for its products. On the contrary, your company for residential purposes, within the limits of the city of Chicago,
is, with
is accused of charging too little. We have during the investigation made by reserves for necessary additional improvements, carried on
our,
ata
the Government officials demonstrated that none of our products was ever not value of about $1,500,000. The lots sold to Jan. 14 1914books
realized,
sold at a loss as charged, but that the low selling price has been made possi- gross, $1,558,707, being about $60,000 more than the appraised
or
book
reduction
through
the
of
cost by reason of constantly increased effi- value. Under similar conditions the remaining tots should sell equally
ble
ciency in production; that the low prices complained of were practically well, the subdivision being now well developed. On this basis the property
universal in all markets, proper allowance being made for transportation unsold should bring $1,781,650 gross, which, with the contracts and mortdistribution
in no instance have these low prices failed gages on hand, should ultimately net us $1,500,000 (V. 95, p. 1475).
expense;
that
and
Xo afford your company a fair margin of profit.
British & Foreign Trust, Ltd.-A British corporation investing in securiEffect of Disintegration.-Notwithstanding these facts, and the demon- ties. We own £66.666 stock, which has recently paid dividends as follows:
stration that the reorganization of 1906, resulting in the formation of your 1911, 6%; 1912. 5%; 1913, 7%.
.company, was necessitated through the fact that the industry had been
New South Farm & Home Co We hold $796,000 bonds of an issue
brought to the verge of bankruptcy, the contention of the Department of originally $1,000,000, but now reduced to loss than $900,000, secured by
Justice, as explained to us, is that that reorganization and the creation of about 80,000 acres of land in Florida and $650,000 of contracts. The
your company were in violation of the Sherman Law. Irrespective of the bonds, due in monthly series, are now about 90 days in default,and it may
rapid increase in competition and a relative decrease in the percentage of be necessary for us to take an active part in the management.
our production, the Government insh ts on the disintegration of your comMonarch Lumber Co.-Our interest is represented by a loan secured on
pany into several corporations, each with distinct shareholders.
the property, which is situated near Portland, Ore., including a lumber
We have explained to the Department of Justice that such a violent dis- mill erected at a cost of about $800.000. The amount of the loan should
memberment must necessarily destroy the economic efficiency secured at ultimately be realized.
great labor and expense in our four plants, none of which in itself is a comMorris Park Estates.-This company owned the property once occupied
plete operating unit, each being supplemental to the other and the whole by the Morris Park Race Track in the Borough of the
Bronx, N. Y. City.
forming a single co-operative chain; that to create out of this single chain Our investment to date is about $435,000 and int.
The bulk of the propfour separate and complete operating units and to make each one capable) erty was sold at auction in June 1913, and we must await
the maturity, in
competition,
require
would
a
very
meeting
large
of
investment of new capi- July 1916. of the purchase-money mortgages accepted in part
payment
tal and an increased production not needed, as the world's present capacity therefor for any substantial part of our advances. It is believed
that our
of'Production is greatly,in excess of the world's possible consumption.
company should recover a substantial portion of its entire investment.
Settlement
Court.
Out
of
-While
most anxious to save the
No Likelihood of
Summary.-Eliminating the Breakwater Co. investment, the assets
time and expense necessary for the defence of the suit, at present we cannot, above mentioned aggregate about $9,000,000 in book value, and
if this
for reasons stated, hold out any hope of a settlement out of Court. Dis- amount can, by careful handling, be realized, it will exceed our known
liaintegration in the manner suggested would mean the undoing at a serious bilities, including the probable loss on contingent liabilities by about
sacrifice to stockholders of the constructive work of years. (See a following $3,6, , 00,less interest and liquidation costs. The remaining assets (book
page and compare annual figures in V. 98, P. 915, 836.)
value, about $4,000,0 0) should realize substantial amounts, being mainly
real estate, mortgages, notes, stocks, bonds, and contracts, &c., taken in
Company's Grind of Corn and Net Profits (000 omitted)-Also Net per Bushel. the ordinary course of business. They are mostly free of complications
and
1913. 1912. 1911. 1910. 1909. 1908. 1907. are being realized upon as rapidly as fair values can be obtained. In view
Ann.grind of corn(bu.)32,000 31,898 32,843 34,237 29,196 32,751 32,294 of the large interest charges and costs of maintaining an organization for
Annual net earnings.. $2,284 $1,714 $2,050 $2,102 $2,071 $2,486 $3,031 the sole purpose of liquidation, we would suggest the organization of a new
5.4
7.1
6.3
Net per bushel (cts.)__
6.1
6.3
7.6
9.4 corporation to take over the liquidation, and to continue that class of busiAverage net per bushel, 6.9 cts.
ness which in the past has proved profitable.
The world's grind of corn for glucose and grape sugar, starch, grits and
Contingent Indebtedness.-This aggregates about 33,750,000, chiefly conflakes in 1912 was 107,029,351 bushels, compared with the Corn Products sisting of guaranteed note issues of controlled or subsidiary,interests, the
Refining's output of 31,898,650 bushels, the company's proportion being largest being as follows: Gage Park Realty Trust note issue(V.95.p. 1475).
less than 30%. The grind of the U. S. for similar products in 1912 was $1,000,000; Morris Park Estates note issue, 31,500,000; United Copper
80,818,240 bushels, of which Corn Products contributed about 39%. A Syndicate loan, $500,000; a total of $3,000,000. The security behind the
large percentage of Corn Products' grind went to supply foreign countries. principal obligation in these three matters is such that no losses should
The Government contends that Corn Products controls approximately 66% result. The remainder are chiefly guaranties and endorsements, a considerof inter-State and foreign trade in starch.
able portion of which is well secured, either through collateral or by the
responsibility of the principal obligor. The reserves set up on our books
should care for any amounts that we are likely to be called upon to pay.
Assets Realization Company.
INCOME ACCOUNT YEARS ENDING DEC. 31.
(Report for Fiscal Year ending Dec. 31 1913.)
1913.
1912.
1911.
Mar.
Y.,
N.
16
Cobe,
1914,
M.
Ira
wrote in subst.: Gross income..
Pres.
$804,686 82.134,710 32.052,255
1.338.585
Transferred from reserve accounts
The extension plan was declared oper. Dec. 31 1913(V. 97, p. 1900.)
It is impossible at this time to estimate accurately the ultimate value
$2,143,272 $2.134,710 $2.052,255
Total
of the assets. The book values prior to the final closing of the books for
$280,324
$257,655
the year 1913 were taken as a starting point. If a loss had actually oc- Expenses
$249,141
curred or appeared certain to occur,such loss has been written off. A large Reserve accounts
186,751
376,140
940.051 1 300,138
part of the reserves appearing on the books Dec. 31 1913 have been credited Interest and taxes
164,170
1 724,327
to profit and loss account and the expenditures for the year have been Dividends
560,867
similarly charged. In no case was any item written up, even though a
Total deductions
$1.220,375 $1,468,871 $1,350,318
larger amount might be thought proper. The reserves shown are maintained against certain liabilities not yet due and contingent obligations. Balance, surplus
$922,897
$665,839
$701,938
If the present plan of liquidation continues, stockholders must not expect
SHEET
DEC. 31.
BALANCE
that the assets will realize the amounts shown in the statement.
1913.
1912.
For many years after organization in 1899 the business was almost ex1913.
1912.
LialnittiesAssetsclusively confined to the purchase and sale of estates in liquidation. This
$
$
business was very profitable, as the records of the first 11 years NS ill disclose. Real est. mtgs.,Are. 3,023,446 3,717,311 Capital stock ........10,000,000 10,000,000
Added capital induced the company to undertake general financial opera- Notes & accts. rec. 5,330,276 6,458,330 Collateral bonds_
59,900
59,900
This
character.
policy
proven
different
has
dr
bonds_
accts.
Bills
and
Stocks
2,543,760
a
pay.. 4,899,798 4,758,304
tions of
5,239,387
unfortunate.
A plan has been worked out which, if approved by the board, will be Syndicate partic's 567,734 1,844,485 Deposits
103,123
presented to the shareholders at an early date. If a sufficient number co- Invest. & claims.. 2,103,860
563,729 Divs. payable....._
199,875
arrangements
can
Reserves
be
interest....
Accrued
proper
made, the conversion of the
175,000
operate. and the
b1,177,914 2,177,070
384,056
present assets will be conducted by a going concern, which, we propose, Cash
674,843 Profit and loss...
1,456,749
60,982
shall confine its business to that conducted in the earlier years, filling an Miscellaneous
81,935
unoccupied and in the past a profitable field. Otherwise, the present plan Profit and loss
a2,123,498
will continue. The new plan will I believe, produce more satisfactory
Total
Total
16,137,612 18,755,020
results, notwithstanding the disposition of the noteholders' committee to
16,137,612 18,755,020
conserve the assets.
a After deducting in 1913 $4,503,144 for assets written off or written
No detailed statement of the amounts written off can be given without down. b Reserves include in 1913 $677,914 for liabilities not yet due and
injury to corporations, &c., in which the company still retains a large in- $500,000 for contingent liabilities.-V.98. p. 915.
MAR 281914.)
Consolidation Coal Co., Baltimore.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. J. H. Wheelwright, Bait., Mar. 18, wrote in subst.:
Tonnage.-The mines of the company in 1913 produced 11,157,989 net
tons,compared with 10,347,100 net tons in 1912, as follows:
Coal Mined by the Company and Its Subsidiaries, by Divisions.
Maryl'd. IV. Va. Penna. Mill Cr. Elkhorn. Tot.Gross. Net Tons.
1913-2,127,131 4,656,640 1,743,536 459,202 973,302 9,959,811 11,157,989
1912_-2,162,996 4,576,484 1,748,091 522,900 228,011 9,238,482 10,347,100
8,231,903 9,219,731
1911_.2,178,391 3,925,329 1,671,639 456,544
The coal mined by lessees in the Md., W. Va. and Penn. divisions aggregated 537,871 net tons, against 600,769 in 1912.
Floods.-The disastrousfloods in the Middle West in March last destroyed
many miles of railroad track, practically suspending through railroad trafcompanies
fic for several weeks, and months elapsed before transportation
transportawere again in normal condition. Although our mines and the our
producfloods,
the
by
damage
direct
any
escaped
tion facilities locally
at least 1,000,000 tons.
tion and shipments for the year were curtailed
Elkhorn field in Eastern
Elkhorn Field.-The development work in the
years, is rapidly
Kentucky, which has been in progress during the past 25-6
been opened, with
approaching completion, and at this date 14 mines have
of from 12,000 to 13,000 tons daily, or
an aggregate producing capacity
and mine buildings
approximately 3,500,000 tons per annum. Tipples
modern mining mahave been completed, mines equipped with the most
largely in excess of the
chinery, all with a capacity for handling a tonnage
power plant located
central
The
mines.
the
of
capacity
present developed
at Jenkins furnishes electric current for operating and lighting purposes at
all of the mines, both at Jenkins and McRoberts.
Modern brick buildings, such as hospital, school houses, bakery, drug
store, post office, general office, &e., have been completed, as well as dwellings for employees. Therefore, all ostensive development work in this
field is behind us. To increase the production from now on is a question
construction of addiof additional employees and from time to time the
coal is uniformly of
tional dwelling houses for their accommodation. inThe
the
United States.
produced
coal
the highest quality of by-product
additional mine was begun durMiller's Creek.-The development of anthe
present
to which point
from
mines,
miles
two
some
summer
ing the past
This mine will bo equipped
the Millers Creek RR. has been extended.
with most modern equipment, its production now being about 300 tons
daily. When fully developed the mine will produce about 1 800 tons daily;
100 miners' houses have been completed and a sub-station is in operation.
The central power plant at West Van Lear generates electricity for operating all of the mines in this district.
Jenner Field, in Pennsylvania-A new mine has been located and the
necessary shafts will be completed this summer. The mine is planned for
a large production with most modern equipment.
Central Power Plant at Ilutchinscn, W. Va.-This plant was completed
early in the year. Transmission lines and sub-stations have been built;
25 mines are now electrically operated through 15 sub-stations. Additional transmission lines and sub-stations will be constructed this year, so
that practically all of the other mines in the West Virginia division will be
connected up during the year.
Capacity.-The capacity of our various mines is now fully 50% above the
present rate of production.
Convertible Bonds and Stock.-While on Dec. 31 1912 $14.956,000 of our
First and Ref. M. bonds were reserved for additions, betterments and improvements, and an additional $1,497,000 wore in the treasury, the conditions of the bond market precluded the sale of bonds except at a prohibitory figure, and therefore, as a means of procuring funds with which to carry
on the development work in the new Elk Horn field,and to provide for other
additions and betterments, your board early in March 1913 issued $6,500,000 of its 10-year 6% convertible secured gold bonds, convertible at 105 of
par into stock any time prior to Feb. 1 1922 (V. 96, p. 491, 792).
An increase of $6,190,500 in the capital stock was also authorized to
provide for this conversion, making the authorized capital stock $31,190,500
of which $25,000,000 is outstanding (V. 96, P. 556, 421)• Horn Mining
[As to allied Elk Horn Fuel Co.,see V.96, p. 1427;for Elk
Corp., see V. 97, p. 524, 804.1
RESULTS FOR YEAR ENDING DEC.31(INCLUDING SUBSIDIARIES)
1910.
1911.
1912.
1913.
8,231,903 9,370,633
9,238,482
9,959,811
Coal mined
96.692
43,740
62,647
76,050
Coke manufactured.. _
524,858
473,008
536,401
480,242
Coal mined by lessees__
Gross earns. (mining)..1$15.443.246f$13.708,564 $11,420,694 $12,712,256
197,848
311,431
811,853
1
Int.&divs.on sec.own'd
Total gross earnings_ $15.443,246 $14,520,417 $11,732,125 $12,910.104
Operating expenses__
$9,896,157 48,467.662 $9,186,013
Taxes
222.194
220,215
Interest and exchange.. 811,281.655
21,796 5,969
22,437
2,092
Insurance
29.306
41.803
39,424
Royalties
234,180
172,343
212,847
251.410
Deprec. mining plant_ _
221,618
247.508
334,888
59,607
Deprec. misc. equipm't
78,999
95,284
Total
$11,616,543 $10,773,627 $9,227,056 $9,978,664
Net earnings
$3,826,703 $3.746,890 $2,505,069 $2.931,440
$265.094
$517.084
Int. on Cons. Coal bds..1 $1.085,8941 $639,225
650.376
355,926
334,858
i
Int. on sub. cos. bondsf
108.950
153.618
162,958
174,120
Sink.fd. Cons. Coal bds.
194,444
94,605
106,492
106,960
Sink. fd. sub. cos. bds
1,141,552
1,201,513
1,358,865
1,500,000
Ca-sh dividends(6%)$2.866,974 $2.602,398 $2,322,746 $2.360.416
Total deductions
$571,024
$182,323
$959,729 $1,144.492
Balance,surplus__
a Cumberland & Pennsylvania RR. depreciation amounting to $108,230
in 1911 and insurance, $3,544, is charged to operating expenses in according with Inter-State Commerce Commission classification.
COMBINED GENERAL BALANCE SHEET DEC. 31
1912.
1912.
1913.
1913.
Liabillitess
5
$
AssetsProperty account a51,333,115 47,918,327 Capital stock____31,190,500 25,000,000
Bonded debt
22,729,000 24,410,000
Adv. payments on
6 500 000
coal land purch_ 1,569,900 1,355,855 Convert. 69_.
Car trust bondsDue from Ist&ref.
assumed by C.
mtge. trustee__ b240,339 1,650,001
& P. RR
380,000
456,000
Stock reserved for
Pur. mon. oblig's_
convers'n of 6%
31,429
5,995
Briar 11111 C. & C.
secured bonds__ 6,190,500
cos_c3,906,888
3,636,888
bris.retlredrne 1
Stks. of allied
91,400 '11 Sr J'ne 1 '12
60,000
Other investments 116,400
778,934 Bills payable
950,000 1,050,000
Sinking funds_ _ _ _ 806,926
490,969
280,785 Accounts payable- 430,431
_
833,767
Coal and coke_ _ .
205,477
308,805
Mat'ls, imp.,&e. 1,416,680 1,130,882 Pay-rolls
271,650 Royalties payable 223,574
205,953
Bills receivable... 200,480
61,921
49,536
Acc'ts receivable_ 4,847,662 4,643,426 Bd.int.&divs.due.,
971,401 Bond Int. accrued- 399,393
246,686
Cash In banks,&c. 1,770,806
Sink. fds. accrued_ 142,658
136,340
Cash for bond int.
61,921 Div. pay. Jan. 31_ 375,000
375,000
49,536
and diva. due__
Individuals & cos_ 806,888 1,640,181
Special deposits to
205,128 Profit and loss.. d8,774,252 8,159,416
cover royalties_ 222,503
Total
73,162,704 62,975,498 Total
73,162,704 62,975,498
a Property account (551.333.115) includes: Coal lands and other real
estate. $34,625.763; less reserve for exhaustion. $2.824.075; balance,
$31,801,688; mining plants and equipment, 518.056,313; less reserve for
depreciation. 32,981.031; balance, $15.075,282: Cumberland & Penn. RR.,
$3,297,910; less sink, fund for redemption of bonds, $774.879; balance,
$2.523,031; Cumberland & Penn. RR. equipment. 51,856.687; less reserve
for depreciation, $593,021: balance, $1,263.666: floating equipment,
$1,142.419: leas reserve for depreciation. $472,971; balance. $669.448.
b For 75% of cost of improvements, extensions, &c.,$93,419, and for expenditures on Northern Coal lands, $146,920; total, $240,339.
c Stocks of other cos. owned include 18,900 shares Northwestern Fuel
Co. common stock, 5,400 shares Northwestern Fuel Co. pref. stock and
7,513 shares Metropolitan Coal Co. common stock. Of the above, 5,000
shares of M. O. Co. stock and 18,000 of the N. W. F. Co. corn. stock, fogether with $6,388,000 1st & ref. M. bonds and $112,000 in 'Dash are held
by Equitable Trust Co. of N. Y., trustee, as collateral for convertible Os.
d After deducting 8314,892 for discount on bonds and adjustment of
accounts of previous years.-V.98. P.915.
997
THE CHRONICLE
Central Coal & Coke Co., Kansas City.
(Report for Year ending Jan. 1 1914.)
Regarding offering of $1,950,000 guaranteed bonds of the
Delta Land & Timber Co., the lumber subsidiary, see &at
company under "Industrials" below.
RESULTS FOR CALENDAR YEARS
1913.
1914.
1914.
Gross.
Net.
Gross.
$490,742
$920,289
$930,740
124,889
16,570
126,999
50,873
3,862
40,251
18.773
7,693
20,172
13,243
49,003
3,552
43,116
137,947
139,872
31,494
788,204
305,804
743,229
661,410
169,276
829,051
574.212
96,603
529,478
22.554
1913.
Net.
$448.801
34,887
8.008
6,710
3.049
18,445
*33,808
132,903
DepartmentWholesale coal
Retail coal
Wichita coal
St. Joseph coal
Salt Lake City coal
Washer
Mining
Mining stores
Rentals coaldepartment.
Wholesale lumber
Carson mill
Keith mill
Miscellaneous
Total
* Loss.
$1,287,922
363,496
93.586
113.582
41.812
$1.231.472
INCOME ACCOUNT.
- 18 Mos. end. Year end.
-Year ending
Jan. 1 1914. Jan. 1 1913. Jan. 11912. J'ne 11910.
Net earnings as above__ $1,287,922 $1,231,472 51.395,304 $1,103,781
DeductionsRoyalty cred.coal lands. $126,664
$79.141
$125,665
$107,655
Royalty cred. timber Ids.
278,619
241,805
253,679
339,865
34,586
39,803
Depreciation mill prop__
36,240
33,987
4,008
Deprec'n washer prop__
6,346
4,008
4,008
Deprec'n Kansas City
motor trucks
4,544
81,907
137,474
General expense
81,493
88,819
130.610
193,146
78,597
Interest on bonds
72,990
29,500
119,664
38,292
73,041
Interest and exchange
$601,557
$900,717
$599.963
$743,918
Total
$502,224
$494,587
$631,509
$544,004
Surplus earnings
(5)93,750
(5)93,750(734)140,625
*Divs. on pref. stock_ _ _ (5)93,750
*Divs. on corn. stock_ _ _ (6)307,500 (6)307,500 (9)461,250 (6)307,500
*Balance after divs_ _ _ sur$142,854sur$230,259 def$107,288 sur$100.974
*These items have been supplied; they do not appear in the reports.
What other deductions or credits there were, we do not know.-Ed.
BALANCE SHEET YEARS ENDING JAN. 1.
1914.
1914.
1913.
LiabilitiesAssets$
$
4,324,853 4,350,876 Common stock___ 5,125,000
Coal lands
3,526,350 3,459,554 Preferred stock _ _ _ 1,875,000
Timber lands
1,624,264
Coal shafts & bldis 2,145,579 1,878,920 Undivided profits..
2,059,000
347,241 Bonds
Sawmills dr impts_ 492,717
657,262
99,227
99,373 Audited bills
Yarns dr equip't
96,472 Bond int, not due.
89,290
Personal property_
88,124
Sundryaccounts
Mo. & La. RR.
150,000
150,000 Pay-roll balances_ 125,465
Co. stock
Freight charges unBonds, &c., In
82,590
150,101
adjusted
other companies 160,102
Accts. for collect'n 1,788,463 1,554,311 Sink, fund for ins_ 189,250
1,380,000
603,254 Bills payable
634,701
Inventories
230,290 Proceeds of sale of
328,590
Cash
Delta Land dr
50,000
50,000
Sinking fund
647,832
13,915
43,875 Timber bonds
Sundry balances
Total
13,853,787 13,014,267
-V.98. p. 841, 546.
Total
1913.
5,125,000
1,875,000
1,574,848
2,284,000
542,954
26,381
108,718
131,423
94,537
3,906
1,247,500
13,853,787 13,014.26?
Western Electric Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. H. B. Thayer, Chicago, March 17, wrote in subst.:
The sales for 1913 were $77,532,860 and were distributed among more
than 32,000 customers. The concentration of the company's manufacturing department at Hawthorne is practically completed, and although the
capacity of the manufacturing department was well utilized during the past
year, no new plant construction is contemplated for the coming year.
With reference to the statements attached to this report, we explain:
(1) In view of the prospect of a smaller business in our own products in
1914,and some changes in types,It has seemed advisable to apply more than
the usual depreciation to our valuation of completed merchandise.
(2) We have hitherto merged in our accounts our foreign investments in
plant, merchandise and accounts receivable. This year we have segregated these items, and the item "sundry investments" includes all investments outside of the United States. This change in accounting has necessarily decreased other accounts, particularly plant and merchandise accounts and has correspondingly increased the "sundry investments" aescount.
(3) A large part of our manufacturing plant is of recent construction
and, therefore, the standard rates of depreciation reserve have not sufficed
to produce a net valuation as low as conservative accounting would dictate
on a highly specialized plant, nor as low as the valuations of other manufacturing plants comparable with ours. We have, therefore, applied this
year an extra depreciation to our plant accounts which we have charged to
reserve for contingencies.
RESULTS FOR CALENDAR YEARS,
1912.
1913.
1911.
$77,532,860 871,727,329 $66,211,975
Gross sales
565,940,499 561,181,084
Cost of merchandise
5,287,299 5,602,1461362,414,067
Expenses
428,109)
461,757
Taxes
Net earnings
Other income
$5,843,305 $4,515,990 $3,797,908
337,211
720,556
1,194,010
Total net income
Interest paid
Reserves for contingencies
do for employees' benefits
Dividends paid (10%)
56.563,861 $5,710,000 $4,135,201
$854,909
$856,735
$892,166
800,000
2,500,000 2,000,0001
285.85.51
1,500,000
1,500,000
1,500,000
Total deductions
Balance, surplus
84,892,166 $4,642,59111 $3.154,909
$980,292
$1,671,695 $1,067,410
BALANCE SHEET JANUARY!.
1913.
1914.
1913.
1014.
$
$
LiabilitiesAssetsCapital stock _ _ _ _15,000,000 15,000,000
Real estate and
81,501
10,994,082 8,621,301 Mtges. constit.cos.
buildings
Mach'y & ecluip't. 7,729,741 1,720,263 First mtge. bonds_ 15,000,000 15,000,000
1,000,0001 6,329,686
16,968,856 18,947,164 Bills payable
Merchandise
2,393,175 2,317,885 Accounts payable_ 4,660,517f
Cash
Bills receivable... 9,286,508 10,684,672 Reserve for depree.11,022,235
Accts. receivable_16,738,566 15,470,937 Res. emp. ben. id. 1,000,000 1,070,000
Sundry inyestm'ts 9,979,390 4,388,710 Res. for conting's_ 3,545,107 3,500,981
22,840,459 21,168,764
Surplus
74,068,318 62,150,932
74.068,318 62,150,932 Total
Total
Note.-The comparison of many 1913 asset items is inaccurate, owing to r
changes in accounting. See remarks above.-V.98. p. 933.
998
THE CHRONICLE
Canada Cement Co., Ltd.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. William C. Edwards wrote in substance:
Properties.-Construetton of a burning department for the clinker grinding mill near Winnipeg has been completed, and our modern mill is now
producing cement from the raw materials. The mill at Exshaw has also
been enlarged to a capacity in excess of 1,000,000 barrels per annum. We
are able, therefore, to fill orders in these territories promptly, eliminating
the heavy transportation charges incidental to shipping from the East.
Last year the company had purchased a property at Medicine Hat, Alberta; we now have started construction of a mill in that vicinity.
Our present annual capacity is about 11,000,000 barrels per annum, and
when the plant at Medicine Hat is completed this capacity will be about
12,000,000 barrels per annum, which will probably be ample for some years
to come. Owing to the general depression during the last half of the year,
we are not at present operating plant No. 6, at Maribank, Ont.; Plant No.
7,at Lakefield, Ont.; plant No. 9,at Shallow Lake, Ont., and plant No. 10,
at Calgary; plant No. 13, at Winnipeg, is operating to half capacity only.
The properties examined in New 13runswick do not meet our requirements and we have not yet succeeded in locating a suitable property in the
Maritime Provinces. These Provinces, however, can readily be supplied
from the Montreal plants.
Roads.-A number of concrete roads have been built in country districts, which have proved very satisfactory. We believe the mileage of
concrete country roads built each year will increase rapidly.
Bonds.-The outstanding bonds have increased by $661,593,for additions
to plants. The balance ($913,010) of the authorized issue of $8,000,000
will probably be sold early this year to replace working capital used late
11 1913 for further additions. [See sale mentioned on a subsequent page.Ed]
Increase in Property Account, &c.-This increase is due to the large add.
Hens and improvements made at plant No. 1, situated at Montreal East;
plant No. 8, at Port Colborne, Ont.; plant No. 12, at Exshaw, Alberta,
and the completion of plant No. 13, at Winnipeg. There is also a large
increase in inventories, due to our carrying a much larger quantity of cement than on Dec. 31 1912. Current liabilities Increased largely, due to
increases in inventories and property account.
Results.-We anticipated better profits for the year 1913, but as construction work was seriously delayed by the non-delivery of materials
early in the year, we did not derive any benefit from the improvements
made in the plants until late in 1913, while the construction work also interfered to some extent with the economical operation of these mills. These
facts, together with the increased cost of coal, sacks and other materials,
prevented us from making any further reduction in the selling price.
With our greatly increased capacity we are in position ta do a much larger
business than heretofore, and to distribute your product in all parts of the
Dominion at less cost; we therefore look with confidence to future results,
notwithstanding that, on account of the financial stringency and the consequent curtailment of many operations which require cement, we do not
anticipate operating your mills during this year to more than 60% or 70%
of capacity. This is particularly true of the mills in the West, where we
now have a very large quantity of cement in stock.
Cal. Year1913
1912
1911
1910
RESULTS FROM OPERATION
Net
Bond
Pref. Div. Balance,
Total
Profits.
Interest.
(7%).
Surplus.
Surplus.
$1,536,432 $392,215 $735,000 $409,217 $1,190,279
1,394.677
375,418
735,000
284,259
781,062
1,382,039
368,230
735,000
278,809
496,803
1,177,698
300,000
735,000
142,698
217,994
BALANCE SHEET DEC. 31.
1913.
1912.
AssetsProperty ace't _ _ _31,811,943 29,918,672
Investments
40,234
42,234
Inventories of cement, coal, &e. 3,016,404 2,146,380
Acc'ts receivable_ 614,181)
576,979
Bills receivable
27,185
2,000
Depos. on tenders
30,270
27,124
Cash
25,366
39,243
Deferred charges to
operations
94,217
77,936
1913.
1912.
3
Preferred stack. i0,500,000 10,500,000
Ordinary stock__ _13,500,000 13,500,000
1st M. 20-yr. gold 6,918,560 6,256,967
Acc'ts & bills pay_ 1,299,833
915,598
Bank loans
1.628,819
340,276
Interest accrued
107,176
93,354
Pf.div.pay.Feb.16 183,750
183,750
Prov. for employ.
stk. distrib.plan
*1,382
56,061
Reserve funds....z330,000
203,000
Surplus
1,190,279
781,062
Total
35,659,790 32,830,568
Total
35,659,799 32,830,568
* Provision for employees' stock distribution plan ($1,382 in 1913) is
stated after deducting $75,513 for stock purchased.
z Reserve funds in 1913 include $50,000 for contingent reserve for accounts receivable, &c., $100,000 for extraordinary repairs and renewals,
3150,000 for cotton sacks outstanding and $30,000 for industrial accidents.
-V. 98, p. 526.
Electric Storage Battery Co., Philadelphia.
(Statement for Fiscal Year ending Dec. 31 1913.)
1912.
1913.
1911.
1910.
Total net income
$1.208,755 $1,125,279 $1,263,608 $1,120,012
Less divs. on com.& pref.
stock (4%)
649,964
649,964
649,964
649,964
Surplus
$558,791
$475,315
$613,644
$470,048
CONDENSED BALANCE SHEET DECEMBER 31.
1912.
1913.
1912.
Liabilities-1,577,652 Preferred stock..155,000
175,000
1,750,575 Common stock_ _ _17,845,000 17,825,000
1,333,288 Accounts payable_ 157,574
191,810
Sundry liabilities_
7,184
11,295
13,875,547 Reserved for depreciation, bad
40,000
323,571
debts and unfin1,373,065
ished contracts_ 672,710
706,618
6,510 Advanced rentals_
83,925
107,346
1.592.386 Surplus
*3,312,523 2,855,525
22,233,916 21,872,594
Total
22.233,916 21,872,594
1913.
Assets$
Plant investment_ 1,885,921
Treasury stock.. 1,750,575
Stits. & bds. owned 1,378,722
Patents, agreem'ts
and franchises _ _13,877,547
Mortgages
Cash
417,835
Accts. receivable_ 1,350,611
Notes receivable
6,267
Inventory sects 1,566,438
Total
* After deducting adjustments and all items not incident to the current
year, aggregating $101,793.-V. 98, p. 915.
United Cigar Manufacturers Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
[VOL. iccvni
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.
1912.
1912.
1913.
.4ssdsLiabilitiesCost of property_*20,817,935 18,363,752 common stock_ _ _18,104,000 15,604,000
Insurance, &c__53,710
119,828 Preferred stock_ _ _ 5,000,000 5,000,000
Supplies, &c
5,571,804 5,598,129 Accounts payable_
387,327
271,844
Bills receivable
462,809
512,735 Bills
2,797,000 2,705,000
Accts. receivable_ 1,274,134 2,884,838 Mtg.payable
of Phil. plant
60,000
50,000
Cash
423,254
848,782 Pref. stock M. A.
Current assets subGunst Co., Inc_ 580,000
sidiary cos
3,483,686
Current liabilities
subsidiary cos
923,310
Deposits
486,640
844,430
Surplus & reserve_x3,874,518 3,547,308
Total
32,087,312 28,128,065
Total
32,087,312 28,128,085
* Trade-marks, patent rights, and real estate and machinery as of
1
1913, $16,988,231: also trade-marks, &c., acquired of the subsidiaryJan.
companies Jan. 1 1913, $3,464.027, and investments in affiliated companies,
$365,678. g After deducing $132,000 loss on stock of Geo. L. Storm & Co.
The balance sheet as above covers the accounts of the United Cigar
Manufacturers Co. and of its subsidiary, the Theobold & Oppenheimer Co.
and of the San Francisco and Los Angeles branches of the M. A. Gunst &
Co., Inc., and also the accounts of the head office and the remaining
branches of the latter company.-V.98, p. 917.
General Railway Signal Co., Rochester, N. Y.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, signed by Pres. W. W. Salmon and V.-Pres.
and Treas. George D. Morgan, Jan. 26, says in substance:
On Jan. 1 1914 we had on hand unfilled orders aggregating $901,157,
as compared with $971,709 on Jan. 11913. While at this moment railways
are purchasing very little new equipment, it is generally believed that if
the I.-S. C. Commission shall at an early date pass favorably upon the pending application of certain roads for a 5% rate increase, buying will be resumed by those, as well as by all other American railways, on a considerable scale.
During 1913 the last of the dividends that accrued on the prof. stock during the years 1908, 1909 and 1910 were paid and a dividend of 1M % was
also declared upon the common stock out of the surplus earnings for the
year 1913. The company has called at par and int. $50,000 bonds for retirement July 1 1914.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1913.
1912.
•
1911.
1910.
Gross profit on sales, &c. $1,767,831 $1,027,754
$815,620
$828,781
Operating expenses_ _ _ _
460,405
380.017
342,333
216,534
Net earnings
$1,307,426
$647,737
$473,287
Int. paid and accrued
$30,257
$26,340
$38,604
Deprec. & extraor.chgs_
*327,021
74,992
92,281
Pref. dividends
)300,000
0
(157
(12)240,000(6%)120,000
Common dividends_ _ --(1 )45,000
$612,247
$60,271
135,323
Total deductions.. _ _ _
$341,332
$702,278
$250,885
$195,594
Balance. surplus
$306,405
$605,148
$222,402
$416,653
* Includes $36,887 account materials and equipment and $290,134 account patents, &c.
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
LiabilitiesAssets$
$
$
$
108,039 135,474 Preferred stock
2,000,000 2,000,000
Cash
Bilis & accts. receiv_1,132,276 548,731 Common stock
3,000,000 3,000,000
98,300 Pneumatic Signal Co.
Securities owned-- 137,300
bonds
Material in stock, In
8,000
28,000
process, &c
1,116,236 919,543 Gen.Ity. Sig. bonds_ 520,000 523,000
Mach., tools & fixt's 909,011 824,389 Div,declared pay'bie 75,000
90,000
Factory plant__ __ _ 826,300 789,252 Bills payable
70,000
Patents Sr good-will_3,000,000a3,277,190 Accounts payable__ _ 58,769
95,904
Miscellaneous
45,558
160
40,893 Accr. int. on bonds_.
560
Bond discount & tax,
328,801 172,602
Reserve
being charged off_
41,920 Surplus
*1,213,990 765,626
Total
7,274,720 6,875,692
Total
7,274,720 6,675,692
* After transferring $156,784 to reserve account. a Includes the Young
System, $228,800 in 1912.-V. 98, p. 526.
Consumers Company, Chicago.
(First Annual Report-For 103 Months ending Dec. 311913.)
Pres. Fred. W. Upham recently wrote in substance:
Results.-This report covers the first ten months' operation, namely
from Feb. 20 1913 to Dec. 31 1913(V.96, p. 288, 792, 1024; V.97,'n. 447)
the consolidation of the City Fuel Co. and the Knickerbocker lce Co.
having become effective in the Consumers Co. on the first-named date.
This consolidation of a coal company with peak business in mid-winter
and of an ice company the peak of whose business was in the mid-summer
months, would, we felt sure, result in great economies and better service,
and bring about a large increase of business and earnings. We
believe that our predictions in this regard have been fully carried out, although the two companies were unable to consolidate under the same roof
until late in June; and November and December, always counted on as
large money earners in the fuel business, were record-breakers on account
of the extreme warm and unseasonable weather. Our study of the past
ten months should be of great value in increasing efficiency and economy.
We handled during these ten months 154,452 carloads of bulk materialcoal, ice, building materials. &c.-or approximately 6,260,000 net tons.
Our average number of employees was 5,000 men and at present time, during theice-cutting harvest we are employing some 5,000 extra men. During
the year it required 1,300 horses, 50 five-ton motor trucks and a largo
number of teams and trucks,either rented or hired,to deliver our products.
During the past 10 months we have expended in improvement of yards
and equipment and in depreciation and reserves, $496,000, which has been
charged off to profit and loss.
rAn initial semi-annual dividend of 334% was paid Aug. 20 1913 on the
$3,948,800 7% cum. pref. stock; div. No.2,also 3M %,was paid Feb.20 19141.
INCOME ACCOUNT FOR TEN MOS. AND 8 DAYS ENDING DEC. 31.
Gross profit from sales, $3,461,733; less teaming and cartage
cost, $1,269,762: balance
----- ---- ,
------ $2,191,971
Operation and administration, $141,173; repairs and depreciation of horses and motor trucks and reserves for coal shortadvertising,
allowance
for
ages0a
010 l
octitaslhrinkage, $496,118;
1,515,291
Net earnings from operation
$676,680
Deduct interest on 1st M.bonds(K. I. Co.),$179,052; on serial
INCOME ACCOUNT.
debentures.$52,500:on loans,$54,494; total,
$286,046
1913.
1911.
1912.
1910.
Six months' div. on pref. stock, paid Aug. 20 1913, $138,208;
Gross profits
$2,858,736 $2,705,824 $2,089,352 $2,332,318
accrd. div. on pref. stock to Dec. 311913, $99,072; total_ _ _ _
237,280
Admin. & selling exp... 1,414,961
996,958
1,382,282
1,166,809
Balance, surplus
$153,354
Profit from operations $1,443,775 $1,323,542 $1,092,394 $1,165,509
Misc. profits, int., &c__
a409,854
170,751
211,013
168,681 BALANCE SHEET DECEMBER 31 1913 (Total each Side, $20,026,364.)
AssetsTotal profit
$1.853,629 $1,534,555 $1,263,145 $1,334,090 Real estate, buildings, plant and equipt.,&c.,includg. good-will _$14,815,892
Int. on loans & deposits.. $345,259
$159.588
$83,718
$78,588 Sinking fund-Knickerbocker Ice Co. first mortgage sinking
Divs. on pref.stock(7%) 350,000
350,000
350,000
350,000
fund. $121.000; accrued interest on bonds in fund, $3,025;
Divs. on common stock(4%)699,160(4%)618,120(434)675,000(6%)900,000
cash,$629; cash,representing sale of property,$29,250; total,
153,904
Cash,$435,238; notes receivable, $54,764; total
490,002
Total
$1,394,419 $1,127.708 $1,108,718 $1,328,588 Accounts receivable, $2,459,162: loss reserve for allowances,
Balance,surplus_
$459,210
$406,847
$154,426
$5,502
bad debts, &c.. $31,917; balance
2,427,245
Inventories of merchandise, supplies, &c., $1,707,009; investa Miscellaneous profits, &c., in 1913 ($409,854), include misc. profits
ments,$21,000; total
1,2702708:,400060091
received, rents, &c., included in the net earnings of the M.A. Gunst & Co., Accrued
interest
es on notes receivable, &c
Inc., after payment of dividends on its pref. stock outstanding and in the Knickerbocker
Ice Co. 1st M.bonds in treasury
hands of the public.
Prepaid items, $62,184; discount on deb. bds., $141,667; total,
203,851
999
THE CHRONICLE
MAR. 28 1914.1
LiabilitiesCincinnati Traction Co.-Equip. Trusts.-The TillotPref. stock, 7% cum., authorized, $4,500,000; outstanding_ - $3,948,800 son & Wolcott Co., Cleveland and Cincinnati, are.placing
6,000,000
"Common stock, authorized, $6,500,000; outstanding
Knickerbocker Ice Co. 1st M. bonds, $4,500,000; First and
at par and int. $80,000 equipment trust gold 5% certificates,
6,000,000
general lien 6% gold debs., $1,500,000; total
Notes payable,$1,353,050; accounts payable,$1,563,248; total, 2,916,298 series "E," part of a $200,000 issue dated March 11914.
Accrued interest, taxes and rentals, $212,238; merchandise
Principal and interest (M. dr S.) payable in gold. Fidelity Trust Co. of
272,919 Phila., trustee. Par $1,000 c*. Principal due $10,000 semi-annually
coupons. $60,681; total
99,072 (M.& S.) from Sept. 1914 to March 1 1924 incl. Covering equipment to
Accrued preferred dividend Aug. 20 to Dec. 31 1913
Reserves-for contingencies, $611,951; coal shortages, $20,970;
cost not less than $253,000, namely:Sixty double-truck steel centre-entrance
635,921 arch roof passenger trail cars, complete. Length 44 ft.-V.98. p. 689.
insurance, $3,000; total
153,354
.Surplus accumulated from Feb. 20 1913
Cleveland & Pittsburgh RR.-Listed.-The New York
-V. 98, P. 613.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Ry.-Earnings.Baltimore Chesapeake & AtlanticFixed
Bal.,
Pref. Div.
Other
Operating Net(after
.Calendar
Def.
(2A %).
Charges.
Income.
Taxes).
Revenues.
Year$1,247,861
1913
1,130,881
1942
-V. 94, p. 1316.
$61,218
$124,135 $12,624 $197,977
5.645
167,050 $37,500
13,917
184,988
Berkshire Street Ry.-Sale of Stock.-
See N.Y. N. 11. & Hartford RR. below.-V.96,p. 1627.
Boston & Maine RR.-Sale of New Haven Holdings.-
• See N. Y. N. II. & Hartford RR. below.-V. 98, p. 911, 609.
Boston Railroad Holding Co.-Sale of B. & M. Stock.
Stock Exchange has listed $1,614,300 additional special
guaranteed stock, making total listed to date $14,560,400.
The new stock represents improvements for the year 1912.
Details of $1,614,300 Improvements in 1911.
Right of way and station
Station bldgs. and fixtures.. $28,148
grounds, track elev., &c_ $283,644 Dock and wharf property_
589,983
Second, third and fourth
Freight cars
54,118
tracks, storage yards and
Passenger
ss
cars
693;623130
track elevation
585,482 Miscellaneous
Favorable Decision by Ohio Supreme Court.The Ohio State Supreme court has deniel the motion of Attorney-General
Hogan to review the decision of the Cuyahoga County Court of Appeals
favorable to the company in the suit brought by the State to collect the
amount of the tax claimed to be due by it under the Willis Capital Stock
Tax Act of one-tenth of 1% ($85,203). Compare V. 96, p. 486.-V. 98,
p.
Connecticut Company.-Sale of Stock.
839
See N. Y. N. H. & Hartford RR. below.-V. 97. p. 666.
See N. Y. N. II. & Hartford RR. below.-V. 97, P. 950.
Consolidated Cities Light, Power & Traction Co.Brantford (Ont.) Street Ry.-City Votes to Purchase.- Dividend Increased.-A quarterly dividend of /
3 1 of 1% has
been declared on the capital stock, payable April 1 to holders
Buffalo Rochester & Pittsburgh Ry.-Bonds Sold.- of record March 15, comparing with M of 1% in Jan. last
Colgate, Parker & Co., White, Weld & Co. and Robert and Oct. 1 1913, the initial disbursement.-V. 97, p. 1732.
Winthrop & Co. have purchased, subject to approval of the
Delaware River & Atlantic RR.-Receiver Discharged. -P. S. Commission, $1,400,000 consolidated M.4%% bonds,
Vice-Chancellor Learning at Camden, N. J., on March 23 signed an order
due May 1 1957. This includes the $1,052,000 mentioned discharging William S. Casselman as receiver of the company, which was
,712,000 outstanding.-V. 98, promoted by the late William J. Thompson. The only asset the company
last week and will make
had was, it is stated, $204,000 deposited with the Secretary of State. The
p. 911.
accounts of the receiver showed a balance of $313, of which $262 belonged
a claimant.
to
&
Clinchfield
Ohio
Showing
Ry.-Album
Carolina
Eastern Wisconsin Railway & Light Co.-Earnings.-Clinchfield Mines and Transportation of Coal to Tidewater.Fixed Balance,
Net
Taxes
Operating
Gross
received a copy of an album with largo pages (14 in.x10M-in.) Calendar
We havephotographic
Earnings. Expenses. Earnings. Accrued. Charges. Surplus.
Yearviews taken in and around the Clinchfield mines. 191
See Brantford, Ont., in our "State and City' Department.
containing
-$320,418 $190,714 $129,704 $16,218 $58,970 $54,516
From these illustrations one gains an excellent idea of the various processes 1912
55,347
61,724
12,643
175,708
129,714
305.422
Involved in the mining of coal with electrical appliances in the extensive -V.
1252.
p.
88,
Clinchfield coal region and the transportation of the coal by an electric
railway to the steam railway and thence to the railway company's terminal,
Fairfield (Iowa) Public Service Co.-Bonds.
storage and loading facilities at tidewater in Charleston, S. C. Compare
See Interstate Power Co. below.
map on page 28 of "Ry.& Indus." Sec.-V.98, p. 688.
Charleston (S. C.) Consolidated Ry. Gas & El. Co.Stock.-The shareholders voted March 18 to issue $500,000
new common stock.-V. 98, p. 610.
Chicago Burlington & Quincy RR.-Bonds Sold.Kean, Taylor & Co. recently offered and sold at 933/ and int.
$5,000,000 general mtge. 4% bonds of 1908, due March 1
1958. The bankers report:
Amount now outstanding, $63,247,000. A first lien upon 3,327.92 miles
of road at only $19,005 per mile. Also cover 5,163 miles of road, subject
to outstanding securities, to retire which bonds of this issue are reserved.
The entire mortgage debt in the hands of the public against these 8,491.08
miles is at rate of only $21,447 per mile. Mortgage also covers terminals,
equipment, securities, leaseholds. &c.-V.98, p. 911, 303.
Grand Valley Ry.-City Votes to Purchase..-
See Brantford, Ont., in our "State and City" Department.
Green Bay & Western RR.-Earnings.Dividends
•
Bal.,
Deb.
Gross Net (after Improve- Deb.A. Stock
Calendar
Surp.
B.
Earns. Taxes,&c. merits. (5%).
(5%)•
Year.
$757.737 $230,882 $27,000 $30,000 $125,000(443,750 $5,132
1913..
761,502 274,234 26,000 30,000 125,000 b87,500 5,734
1912..
of 1%;b13%. Compare V. 98, p. 912, 386.
Hudson & Manhattan RR.-Application.-The company on March 21 applied to the P. S. Commission for an
extension of time to complete its proposed line from 33d St.
to the Grand Central Station. The time for beginning the
work as at present fixed expires next month.
Chicago & North Western Ry.-Listed.-The New York
Stock Exchange has listed $10,000,000 St. Louis Peoria &
North Western Ry.first M.guaranteed 5% bonds, due 1948.
(V. 97, p. 1203.)-V. 98, p. 522, 452.
Chicago & Eastern Illinois RR.-Notice to Bondholders.
-Holders of Ref. & Impt. Mtge. 4% bonds due July 1 1955
are urged by adv.on another page to deposit these bonds with
the U. S. Mtge. & Trust Co., as depositary, for mutual protection and with a view to reorganization. See full particulars in advertisement.
President Fisk is quoted as saying that the company will be able to get
the money in the next few months if it decides to build then. It was provided in the recent readjustment plan (V. 96, p. 209) that no bonds should
be issued for the Grand Central extension "unless the net income of the
company for the last preceding calendar year, available for interest upon
the new first mortgage bonds, shall be IA times the annual interest upon
the new first mortgage bonds at the time outstanding." Mr. Fisk says
that the company has nearly met this condition and that its fulfillment
Is coming nearer every day, and that by the time the company is ready
to build,the requirement would probably be met.-V. 98, p. 839, 690.
The notes will bo redeemable at 102% and accrued interest on any
Interest date, on 60 days' previous notice, and are to be secured by deposit
with the trustee. the Bankers Trust Co. of Now York, of the following
collateral: $9,989,000 Chic. It. I. & Pac. Ry. First & Ref. M. 4% gold
bonds $1,780,000 St.Paul & Kan. City Short Lino RR. 1st M.4 y,% gold
bonds (guar. prin. & int. by the Chic, R. 1. & Pac. Hy.), and $1,965,000
Rock Island Arkansas & Louisiana RR. 1st M. 4A % gold bonds (guar.
prin. & int. by the Chic. R. I. & l'ac. Ry. Co.).
Hideout on the Canadian Pacific is under way. It is promised that "all the
bonds will be retired within 6 to 10 years, leaving all values behind the
stock, which, after retiring bonds, will be easily worth $200 per share."
As the projected route is through a wild, unsettled country, in which
every ounce offreight will have to be carefully "nursed," the last-mentioned
statement, it Is pointed out; is manifestly impossible of realization.
earning about $2,000,000 a year above all charges, though "its position is
being impaired with danger of ultimate strangulation by its inability to
obtain capital on reasonable terms. Emory, Freed & Co., Phila., suggest
that the system might be put on its feet by funding 5 years' interest on the
$71,353,500 Railroad Co. 4s, the funded interest to be paid before the Rock
Island,Co. pays dividends.-V.08, P. 838, 762.
alendar
Cn
l3
Year2
191Y
Indianapolis New Castle & East. Trac. Co.-Bonds,&c.
See Union Traction Co. of Indiana in V. 98. v. 905.-V. 96. p. 135.
Lake Huron & Northern Ontario Ry.-Prospectus.The "Financial Times" of Montreal of March 21 calls attention to what are termed a number of extravagant statements
contained in the prospectus offering the $1,000,000 bonds of
road is to extend from Bruce
Chicago Rock Island & Pacific Ry.-Notes Sold.- the company whose projected
on Lake Huron to a point on James Bay.
William A. Read & Co., on behalf of a syndicate, have Mines
The capitalization,it issteted,is to be $12,000,000 each of bondsand stock.
purchased the $7,500,000 2-year collateral 6% notes dated
The bonds are described as "protected by a subsidy of $6,400 per mile
the Dominion Govt. and 4,000 acres of land per mile granted as
Feb. 16 which were recently authorized by the Illinois agranted by
bonus by the Province of Ontario, which land is adjacent to the line, and
that
is
It
be
understood
there
will
Commission.
P. S.
which, at a reasonable valuation, is worth from $8 to $10 per acre." Of
the road, it is stated, about 35 miles is in operation and an extension to
no public offering, at least for the present.
The committee (see V. 96, p. 155) consists of: John W Platten, ChairEcker, Robert
man; James C. Brady, Franklin Q. Brown, Frederick
Fleming (London), Donald G. Geddes, Otto EL. Kahn and William C.
Poillon, with Calvert Brewer as Secretary, Kuhn, Loeb & Co. as bankers
to the committee, and Spooner & Cotton, Counsel.-V.97, p. 1821.
Louisville & Nashville RR.-Bonds Called.-In our adcolumns will be found the numbers of 587($587,000)
Circular.-F.J. Lisman & Co. have issued a letter analyz- vertisingbonds
which have been drawn for payment on June 1
gen. M.
ing the financial position of the Rock Island System and at
110& int. at office of company in N.Y.-V.98, p.839,155.
making suggestions as to a plan of readjustment.
Maryland Delaware & Virginia Ry.-Earnings.It is asserted that the Ch. R. I. & Pac. Ry. Co. is not bankrupt, but is
Operating
$959.135
895,149
-V.94, p. 1317.
Net (after
Taxes).
$97,338
96,430
Other
Income.
$1,788
1,972
Fixed
Charges.
$161,391
157,331
Balance,
Deficit.
$62,265
58.929
Maryland & Pennsylvania RR.-Income Interest.-The
PI* Chicago‘St. Paul Minneapolis & Omaha Ry.-Listed.- directors have declared the usual 2% semi-annual interest
The New York Stock Exchange has listed $90,000 additional due April 1 on the $900,000 income bonds.
The earnings for the six months ending Dec. 31 applicable to income in6% consolidated M. bonds due 1930, making the total listed terest
amounted, it is stated, to less than half of the $18,000 interest
S17,641,000.-V. 98, p. 838, 386.
charge. A substantial surplus over the income interest requirement
however, have been earned but for unusual charges to maintenance
would,
Chippewa Valley (Wis.) Ry., Light & Power Co.- account.
The directors say: "In view of the plans for improvement and
the heavy charges; o maintenance during the above six months, the
4% of
Common Dividend Reduced.-A quarterly dividend of 13
order to give full time to determine the correctness of the
directors
In
has been declared on the $1,100,000 common stock, payable estimates of operating officials in the company's policy of expansion and
determined to authorize the payment of the income bond
April 1 to holders of record March 30, comparing with 2% development,
coupon of April 1."-V. 98. p. 912.
in...January lastfand quarterly in 1913.
Missouri Kansas & Texas Ry.-Lease by Texas Co.Dividend Record (Per Cent).
1911.
1914.
1912.
1913.
1910;
1909.
The M. K. & T. Ry. of Texas has arranged to take over
5
Jan.,
8
2
2
under a long:lease on April 4 next the lines in Texas as perV.98. p. 610.
1000
THE CHRONICLE
[VOL. xcvm.
mitted by the agreed judgment entered Feb. 6 in the suit $10,000,000 4
gold equipment trust certificates, "Series
brought by the State. Compare V. 98, P. 523.
of 1914," maturing $500,000 semi-annually beginning Feb. 1
These include the Texas Central Ry., Dallas Cleburne & Southwestern 1915 and ending Aug. 1 1924. The
issue was largely overBy., Denison Bonham & New Orleans By., Beaumont & Great Northern RR., Wichita Falls & Southern Ry. of Texas, Wichita Falls & North- subscribed. See adv. on another page. A circular shows:
western By. of Oklahoma,which owns the stock of the Wichita Falls &
Northwestern Ry. of Texas, Wichita Falls & Wellington Ry. of Texas
and the Wichita Falls By. of Texas.—V. 98, p. 611. 523.
Dated Feb. 2 1914. Dividends payable F. & A. at Commercial Trust
Co., Phila., trustee. Principal and dividends
guaranteed by Norfolk &
Western By. Co. Issued by the trustee in coupon
in denomination.
of $1,000, and will be secured by an assignment toform
it of a lease contract
National Railways of Mexico.—Payment of Apr. Coupons with the railway company of standard
equipment, aggregate value $10,It was expected that the directors would yesterday consummate an ar- 750,000, comprising 80 Mallet freight locomotives
and 11 passenger locorangement for the payment of the coupons due April 1 on the $50,747,600 motives; 4,000 all-steel hopper cars (115,000 lbs. capacity),
all-steel
general M.4s and $27,740,000 first consolidated M.4s by an issue of short- gondola cars (180,000 lbs. cap.) and 1,250 steel-frame freight700
cars;69 allsteel
cars
for
passenger service. The rentals specified in
term notes secured by a block of Government bonds, in the same manner
agreement.
will retire at maturity the total issue with dividends this
as the coupons due on Jan. 1 maturities were funded (V. 98. p. 74, 453).
the trustee retains title until the last installment is paid. and charges;
For the year 1912-13 the railway reported its surplus net income,
Merger.—The company has taken over under merger the
after
fixed
charges, taxes, &c., as $11,106,641.—V. 98, P. 763.
Pan-American RR.—V.
98, p. 913, 839.
New York New Haven & Hartford RR.—Agreement
with Government—Stockholders to Vote April 21.—Formal announcements were made by Attorney-General McReynolds
and Chairman Elliott on Saturday last that an agreement had
been reached for a disintegration of the system so as to
prevent a suit under the Sherman anti-trust law. The
agreement has been approved by the directors and a special
meeting of the stockholders has been called for April 21 to
approve the arrangement. A letter is to be sent to the stockholders within a few days giving in detail a resume of the
negotiations with the Government since September last, and
also an outline of the present physical and financial position
of the company. The terms of the settlement will be set
forth in an agreed decree to be entered later. The stockholders will also vote on amending the by-laws so as to
provide for reducing the board from 27 to "not less than 15
and not more than 23 members."
Statement by Attorney-General McReynolds.
The Attorney-General has indicated to the representatives of the Railroad
Co. the arrangements which he thinks would result in bringing the affairs
of that company into harmony with law. The representatives of the
railroad are willing to accept the requirements indicated and to endeavor
to put them into effect without delay if approved by the stockholders in
a meeting to be called at once.
The indicated arrangements, stated in general terms, follow:
(1) The Boston RR. Holding Co.is a Massachusetts corporation, holding
a majority of the stock of the Boston & Maine RR.,and 90% of the former's
stock,in turn, is owned by the New Haven RR. The charter of the holding
company prohibits it from disposing of the Boston & Maine stock. The
Legislature of Massachusetts will be asked to remove this prohibition,
and, if this is done, the stock of the holding company will be transferred
at once to five trustees, and, after arrangements have been made to protect
the minority stock of the holding company, they shall sell the Boston &
Maine stock prior to Jan. 1 1917.
(2) The stocks of the companies which control the Connecticut and
Rhode Island trolleys will be placed in the hands of trustees—five for each
State—and shall be sold within five years from July 1 1914.
(3) The majority stock of the Merchants'& Miners' Transportation Co.,
now held by the New Haven RR., will be placed in the hands of three trustees, and shall be sold within three years from July 1 1914.
(4) The minority stock of the Eastern Steamship Corporation, held by
the New Haven RR. shall be sold within three years from July 1 1914,
and in the meantime'
shall be deprived of voting power.
(5) Whether the New Haven RR.shall be permitted to retain the Sound
lines will be submitted to the Inter-State Commerce Commission for determination under the provisions of the Panama Canal Act.
(6) The Berkshire trolleys shall be sold within five years from July 11914.
(7) A decree embodying the foregoing shall be entered in the U. S. District Ceurt for the Southern District of N. Y. The decree shall further
providerAhat upon application of the New Haven RR.or the trustees and for
good cause shown,the time within which any of the above-mentioned stocks
shall be sold may be extended by the Court.
Trustees satisfactory to all parties have been suggested. Those proposed
in connection with the Boston & Maine stock have signified their willingness
to serve, and their names are: Marcus P. Knowlton and James L. Doherty
of Springfield, Mass.; James L. Richards and Charles P. Hall of Boston,
and Frank P. Carpenter of Manchester, N. II. Names of the others will
not be made public until acceptance by them is fully assured. The essential
reason for placing the properties in the hands of trustees is to secure their
Immediate independent managements.
The outlines of the proposed decree and trust agreements have been
discussed and are understood. Their verbiage remains to be worked out,
but no difficulty is anticipated in that respect.
This statement has the approval of both the Attorney-General and
representatives of the railroad.
Statement by Chairman Howard Elliott.
In regard to the arrangement with the Department of Justice, in the
judgment of the directors the general business and financial conditions in
New England, and particularly those affecting the transportation lines,
were such that it seemed wiser to make a settlement, if possible, rather
than face a general dissolution suit with all of its ramifications and uncertainties.
New England needs peace and a chance for constructive work. If that
condition could be obtained by an amicable adjustment under which ample
time was allowed for the protection of the company's property,the directors
felt that such adjustment would be helpful to New England and to the
stockholders of the company.
The directors feel that the time allowed with the right in the court to
extend it upon application of the company or of the liquidators gives an
opportunity for disposing of the various properties to the best advantage
possible and with the least disturbance to general business conditions.
Mr. Elliott said further that he and the lawyers had urged upon the
Department the great importance of ample time and of good trustees, and
that the Department had met their views as to these two important points.
He continued:
The financial conditions confronting the company are most difficult, but
it is hoped that this adjustment with the Government increases the probability of handling the matter successfully and this very vital question will be
taken in hand by the directors at once.
The directors have felt that the disposition of these properties was a
transaction of such importance that the stockholders must pass upon it,
to which the Department has assented.
A meeting will be called in the very near future for that purpose. Prior
to that meeting a statement will be submitted to each stockholder outlining
the situation.
Business, particularly that of transportation in New England, needs help
and co-operation from the people, Governmental agencies, State
and
national, the press, and a chance to go ahead.
It is to be hoped that this adjustment with the Government will prove to
be an important and desirable step in that direction.—V. 98, p. 913, 839.
Norfolk Southern RR.—Dividends Suspended.—The directors have decided to omit the usual quarterly distribution of M of 1% on the $16,000,000 stock which would be
payable April 1. Payments were made from Jan.1 1911 to
Jan. 1914, inclusive.
Earnings, it is stated, have been materially reduced by the dulness of the
lumber business as well as the general falling off of business as in other
sections. The company owns the stock and bonds of the John L. Roper
Lumber Co., which owns over 600,000 acres of timber land and 200,000
acres of timber rights.—V. 98, p. 523.
Borthwestern Pacific RR.—Application.--The company
has hpplied to the California RR. Commission for authority
to issue $5,543,000 additional first and refunding 4
bds.
The bonds will be taken by the Southern Pacific Co., the $17,708,000
previously issued being also owned by that company.. Of the proceeds
31,803,913 will, it is stated, be used to complete the line from Willits to
Shively and $1,236,700 to purchase new equipment, —V. 96, 13• 1773.
Omaha & Denver Short Line RR.—Dissolved.—The
stockholders of the company, in which the late W. F. Havemeyer and H. B. Hollins & Co. were interested, were to vote
on Mar. 23 on dissolving the same.
The company was organized in June 1906 to build a line between Omaha
and Denver, about 500 miles. Surveys, it is stated, were made, but no.
construction work was done. The company was referred to under the
caption of Denver & Omaha Short Line in V. 83, p. 94.
Pan-American RR.—Merger,—
See National Rys. of Mexico below.—V. 96, P. 1702.
Philadelphia Baltimore & Washington RR.—Listed.—
The New York Stock Exchange has listed $1,000,000 additional 1st M.4% bonds due 1943, making the total amount
listed $16,070,000 (V. 98, p. 237).
The proceeds were used toward the cost of building third and fourth
tracks, bridges and other improvements.—V. 98, p. 831, 305.
Philadelphia Rapid Transit Co.—Comparative Plans.—
The following digest of the proposals of the company and the
tentative suggestions of the City Transit Department was
by Transit Director Taylor:
P. R. T. Proposition.
Suggestions—City Transit Dept.
Company's Investment— Est Cost.
Company's Investment— Est Cost.
$6,510,000 Frankford Elev. Struct _ _ 26,510,000
Frank/ford Elevated
2,402,000
do equipment
seqtns
y, equip 2,402,000
Broad
Subway,
_ 7,393,000
Total
$8.912,000 Chestnut-Darby, equip__ 2,045,300
City's Investment—
Total
$34,682,000
Broad St. Subway
618,350,301)
„00
do equipment
Cult's Investment—
Chestnut Subway
1, 12,810,000 Broad St. Subway
$34,682,000
Chestnut Subway
Darby Elevated
} 12,810,000.
do equipment (note). 2,045,300 Darby Elevated
Total
Total
$56,930,300
$47,492,000
Under both propositions the company, it is said, would "secure lease of
Camden Tube costing $6,000,000 in 5% bonds and ownership thereof, to
be vested in P. R. T. P. R. T. takes the position Mat Market St. Elevated Line has insufficient reserve capacity to justify the temporary operation of the Darby Elevated service through Market St., and positively
refuses to make the necessary arrangement therefor. If this be final, the
Darby Elevated cannot be built until traffic conditions justify the building
of the Chestnut St. Subway.
"Philadelphia Press" of March 26 gives also Mr. Taylor's compilation
as to the comparative methods of operation and bars for universal trans-fers.—See V. 98, p. 913.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Dividends Reduced.—The directors on Wednesday declared
a quarterly dividend of 1% on the $27,478,400 4% and participating non-cumulative preferred stock, also a quarterly
payment of % of 1% on the $37,174,000 common stock,
both payable April 25 to holders of record April 15. This
reduces the annual rate for the preferred shares to 4% and
on the common shares to 3%, contrasting with 5% on the
pref. shares from July 1906 to Jan. 1914 and on the common
shares from Jan. 1910 to Jan. 1914.
Previous Dividend Records of Both Stocks (per Cent).
'97 to '98. '99. '00. '01.'02 to '05. '06.'07-'09. 10. '11. '12. 1913.
Pref.... 0
5 634 5 5 Jan. 134
3 4 4 4 yearly 434
Com__ 0
4
634 5 5 Jan. 134
1 —3yearly—
0 0
Change of dividend period made distributions of 634
fall in 1910.
The pref. stock is "non-cum. and entitled to a div. of 4 per annum out
of the net earnings as declared by the board, with the right after,3% has
been declared on the corn. to an additional 1%,making 5% in all.' After
5% on both com. and pref., the two share pro rata.
Official Statement Issued October 26 1914.
The directors, at their meeting today, considered and approved the annual report for the year 1913,the results of which have already appeared in
the annual report of the Pennsylvania RR. This report showed an increase
of 24,600,000 in operating and maintenance expenses, which include the
extraordinary outlay for replacements and repairing tracks, bridges and
other facilities destroyed or damaged by the serious floods of Marcia 1913,
so that, after paying its fixed charges and appropriations to sinking and
other reserve funds, there remained only $630,064 as applicable for dividends. The company, however, paid its regular 6% dividends on pref.
and common stocks aggregating $3,232,542, but in order to meet the same
had to utilize in large part its surplus income from previous years.
In view of the decline in the gross and net revenues of the company in
the latter part of 1913, and so far in the present year, and as there are
still large expenditures to be made in the current year for the flood damage
of 1913, the directors deemed it prudent to reduce the dividends and therefore declared 1% on the pref. and 3 of 1% on the common stock for its
first quarter of the fiscal year, or at the rate of 4% per annum for the pref
and 3% for the common, as against 5% declared on each class of stock in
previous years.
Earnings.—Results for calendar years 1912 and 1913:
Fixed
Other
Operating Net(after
Dividends
Balance,
Calendar Revenues. Taxes, 'tc. Income. Charges.
Paid.
Sur. or Def.
Year.
$
$
$
1913 ..__44.237,388 6,062,599 864,985 5,440,890 3,232,543 defl.745,849
1912 ..- -43,604,082 10,307,349 953,260 5,074,359 3,232,469 sur2,953,781
Dividends as above include 5% yearly on both classes of stock, calling for
$1,373.890 on pref. in 1913, against $1,373,819 in 1912 and $1,858,653 on
common, against $1,858,650. There was also deducted in 1913 $856,629,
which was appropriated to sinking and other reserve funds,leaving total
deficit for the year of 32,602,478.—V• 97. P• 1664.
Portland (Ore.) Ry., Light & Power Co.—Purchase.—
The company has purchased the Yamhill Electric Co. and
Norfolk & Western Ry.—Equipment Notes Sold.—Brown will supply the system with electricity.
The Yamhill Electric 0o., serves Newberg, Carlton, Dayton and other
Bros. & Co. this week offered and sold at par and interest
towns in Yamhill, Ore., having a combined population
of about 5,000.
MAR. 281914.]
TIIE CHRONICLE
Guaranteed Bonds Offered for Sale.-Stock Control.-See Willamette Valley Southern Ry.-V.98, p. 305, 690.
Rhode Island Co.-Sale of Stock.-
See N. Y. N. II. & Hartford RR. above.-V.97, p. 667.
St. John (N. B.) & Quebec Ry.-Application.-Tho
company, it is reported, has applied to the New Brunswick
Government for an additional bond guaranty of $10,000
per mile. Compare V. 95, p. 1747; V. 94, p. 1450.
St. Louis & San Francisco RR.-Details of Settlement.Later dispatches as to the settlement approved on Friday
last by Judge Sanborn in the U. S. District Court confirms
the correctness of early advices referred to last week (p. 913).
The agreement, however, it is now stated, provides for the surrender
by
to the St. Louis & San Francisco of notes aggregating $3,964,000 held
Louis Trust Co., relieves
Albert T. Perkins, syndicate manager for the St.aggregating
held
$766,000
bonds
up
take
to
liability
of
F.
S.
&
L.
St.
the
of the latter company
by the St. Louis Union Trust Co. and cancels claimsSome
of the items, it
against the St. L. & S.F. aggregating $1,383.000.
receivers, says that
the
of
Chairman
Lusk,
W.
James
but
overlap,
Is stated,
34.600,000.
approximates
the canceled indebtedness
receivers are to be congratuA prominent banker is quoted: "'Frisco
St. Louis Union Trust Co. and prolated on the admirable settlement withlines.
Not only does the settlement
-connecting
moters of New Iberia non
but it removes possireduce bills payable to $500,000 from $5,100,000,Avoidance
of litigation
bility of long litigation over claims thus settled.
in indebtedness.
$4,600,000
of
reduction
than
desirable
was even more
towards reorganiThe settlement clears the way for negotiations lookingmany
factors enter
zation. Such negotiations are progressing, although so
as to make it impossible to predict when conflicting interests will get together on a plan."-V. 98, p. 913, 840.
South & North Alabama RR.-Listed.-The New York
Stock Exchange has listed $7,400,000 General Consolidated
50-year 5% M. guar. bonds, due 1963 (V. 98, p. 454, 156).
Earnings.-For 6 months ending Dec. 311913:
1001
Oregon in 1911 to construct an electric road in the Willamette Valley from
Oregon City to Mt. Angel, about 32 miles, through one of the oldest and
richest farming sections of Oregon. All necessary franchises and practically
all rights-of-way have been acquired, approximately 7 miles of track laid
and more than two-thirds of the grading completed. During Jan. 1914
the Portland Ry.,Lt.& P.Co.acquired a majority of the $1,000,000 capital
stock (all out) and will connect the new road at Oregon City with its own
interurban tine from Portland to that point, having obligated itself to complete the road by Jan. 1 1915 (barring unavoidable delays), not over
$750,000 to be issued on these 32 miles. Private right-of-way, rock ballasted, rail mostly 70-1b. Power from Portland Ry., Lt., Ht. & Power Co.
Bonds.-Total auth., $3,000,000; outstanding, $700,000; issuable up to
80% of cost of completing the present property, $50,000; remaining
$2,250,000 bonds can only be issued for not to exceed in par value 80% of
the cost of further extensions and additions, when the annual net earnings
are 1A times the interest charges,including bonds proposed. Sinking fund
to retire bonds a sum equal to 1% of the bonds outstanding annually,1917
to 1923, 13. % 1924 to 1931 and 2% 1932 to 1938; about $212,0000f present
issue should thus be retired before 1939. In addition company covenants
to set aside at least 15% of thogrossearningsfor maintenanceor additions.
Net Earnings.-For the first year's complete operation should at least
equal bond interest, and within three years will probably be double same.
This guaranty is prior to the 4% annual dividend on $25,000,000 stock
(75% paid up) of Portland Ry., Light & Power Co.
Earnings of Portland Ry., Light R; Power Co. Calendar Year 1913.
$2.008,601
Gross earnings
$1,723,742 I Fixed charges
Net, after taxes
3,425,4321Balance for guaranty, &c.. 1,416,830
[Gross earnings in January increased 5.2% over Jan. 1913 and net
earnings showed a gain of 7.7%; surplus increased 1.3%. Total light and
power customers Dec. 31 1913, 42,063, an increase of over 242% since
Dec. 31 1907, against 38.415 in 1912, 26,413 in 1910 and 12,294 in 1907.
"Serves more customers, per capita of population, than any other company
in the country operating in a large city. 'J
Wisconsin Electric Ry.-Earnings.-
Fixed Balance,
Taxes
Net
Operating
Gross
Calendar
Earnings. Expenses. Earnings. Accrued. Charges. Surplus.
Year1913
$203,346 $128,690 $74,656 $7,878 $39,525 $27,253
20.930
38,886
7,356
67,172
128,993
196,165
1912
-V. 88, P. 1255.
Youngstown & Ohio River RR.-Dividend Reduced.3 of 1% has been paid on the $1,A quarterly dividend of %
000,000 5% pref. stock (cumulative from July 1 1903), payable Mar. 31 to holders of record Mar. 25, comparing with
3 of 1% in June and
1% on Dec. 31 last, 13% on Sept. 30, %
Southern Ry.-Listed.-The New York Stock Exchange March last and 1 8% quarterly in 1912. See V. 97, p. 952;
has listed $1,000,000 additional first consolidated M. 5% V. 96, p. 1023, 948.-V. 98, p. 612, 74.
bonds, due 1994, making amount listed to date $61,643,000.
$3,062,9401Total net income
$638,606
Operating revenues
630,468 Interest, hire equip., &c_
531,193
Net (after taxes)
8,138 Balance, surplus
107,413
Other income
For 6 months earnings of Louisville & Nashville see V. 98, p. 839.
-V. 98, p. 454. 156.
The bonds were issued to retire an equal amount of underlying bonds
which have matured, viz.: $857,000 Virginia Midland Ry. series B 6s due
March 1 1911 and $124,500 Charlottesville & Rapidan 1st 6s and $18,500
Franklin & Pittsylvania 1st 6s due July 11913.
Earnings.-For 6 months ending Dec. 31:
Total
Balance,
Other
Net (after
Operating
Income. Deductions. Surplus.
Six Mos.- Revenue.
Taxes).
1913
$36,365,255 $10,109,006 $950,280 $6,992,392 $4,066,894
10,300,414
1912
951,.25
P. 63
60
.18
,0
12
-V. 98,
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Can Co.-Hearings Begun.-
The hearings in the Government suit were begun on March 24 before
Edward C. Hacker, of Knoxville, Tenn., special examiner appointed by the
U. S. District Court of Maryland, in which State the suit was filed. The
hearings are being held in the office of Hatch & Sheehan. 14 Wall St., this
city, attorneys for some of the defendants.-V.98, p. 451.
American Cotton Oil Co.-Organization Simplified.Toledo (0.) Rys. & Light Co.-Hearing.-According President Munro on Mar. 21 announced the consummation
to press reports, Judge Killits in the Federal Court in Cleve- of plans for simplifying and making more effective the means
business, viz.:
land yesterday granted an order temporarily permitting for transacting the company's increasing
(1) Hereafter all the cotton ginning and the crushing of cotton seed, tothe company to operate its cars on streets on which the fran- gether
with the manufacture of fertilizer from the by-products of the crude
chises expired at midnight on that day on the present fare basis. oil, will be conducted by the Union Seed & Fertilizer Co.,a company known
The Court is to hear arguments to-day on the application by the company,for a temporary injunction to restrain the operation of the ordinance
passed in Nov. 1913, effective March 27, providing for 3-cent fares and
universal transfers. The temporary order is made so that the company
may operate on the present basis until the franchise situation has been
straightened out. Compare V. 98, p. 306.
Union Station Co. of Chicago.-Ordinances Passed.The Chicago City Council on March 23, by a vote of 63 to 3,
passed ordinances providing for the erection of the new
union passenger station between Jackson, Adams, Canal and
Clinton streets, and the new Pennsylvania Lines freight terminal between Canal St. and the Chicago River south of Polk
St. "Railway Age-Gazette" of March 27 said:
The detailed plans for the passenger terminal were published in the "Railway Age-Gazette"ofMay 231913. Considerable opposition was encountered
to the plans proposed by the railways, particularly on account of the proposed new site for the Pennsylvania Lines freight terminals to replace the
old terminal on the site of the new passenger terminal. The roads agree to
pay the city $1,511,000 in cash compensation for the streets and alleys
vacated to construct 12 new viaducts at a cost of $3,050,000, to reconstruct
sewers in Canal and connecting streets at a cost of $3,100,000, to widen
viaducts in 14th, 16th and Congress streets at a cost of $2,475,000, and to
improve Canal St. at a cost of $2.000,000. The Pennsylvania had previously, sp.nt about $5,000,000 for the freight terminal site and the
amended Wan for the site east of Canal St. required an additional expenditure of $12,000,030. It is estimated by the railroads that the total cost
of the passenger and freight terminals, with the street and viaduct improvemerits, and Including the cost of the land, will amount to approximately
$65,000,000, and that the work will require five years. The passenger
terminal will have substantially two separate systems of stub-end tracks,
11 tracks for the roads entering the stations from the north and 15 tracks
for the roads entering from the south.
The Pennsylvania has announced its intention of beginning work on the
reight terminal at once, and work on the passenger terminal will begin as
soon as this is completed. Some delay may be required for negotiations
for the use of property in the terminal site owned by the Chicago & Alton,
which now uses the nion Station, but is not represented in the Union
Station Co. The plans also include a freight terminal for the Chicago
Burlington & Quincy between Harrison and Taylor streets, near Canal.
Coupled with the terminal ordinances was a resolution providing for the
creation of an expert railway terminal commission of 7 members to make a
study of the entire terminal situation. See also V. 98, p. 914.
Union Traction Co. of Indiana.-Financing Proposed.-
See Annual Reports in last week's "Chronicle" p. 905.
to the trade for many years as the Union Oil Co.
(2) All the refineries will be owned and operated by the American Cotton
Oil Co., which will be engaged exclusively in the business of refining and
selling cottonseed oil. These include large refineries of cottonseed oil at
St. Louis, Guttenberg, N. J., Cincinnati, Providence, R. I., etc.
(3) The N. K. Fairbank Co.(V. 90, p. 375) will be engaged exclusively
hereafter in the manufacture of cottolene, lard compounds and other edible
fats, as well as various soaps, washing powders and other articles of household consumption.-V. 97. p. 1422, 1423.
American Fruit Products Co., Rochester, N. Y.
The plan to reduce the share capital from $2,750,000 ($1,000,000 pref.)
to $750,000 having failed, the directors have voted to liquidate the assets.
Has manufactured cider and vinegar, grape juice, preserves, canned fruits,
jellies, jams and evaporated apples.-V.97, p. 597.
American Malt Corporation.-Appeal to Courts.-
The American Malt Corporation and the American Malting Co.on March
24 applied to the New Jersey Supreme Court for an order to compel the
P. U. Commissioners to approve the merger of the two concerns. An order
was obtained providing for the review of the action of the Board in refusing
to sanction the consolidation. The case will be argued at the June term.
Compare V. 98, P. 764, 306.
William B. Franklin has been elected President of the American Malt
Corporation to succeed Wilberforce Sully, who resigned, but who has been
made Chairman of the board. William B. Franklin succeeds Mr. Sully as
Vice-Pres. of the American Malt Co. and also remains Chairman of the
board of that company.
A semi-annual dividend of 2% has been declared on the 6% cum. pref.
stock, payable May 2 to holders of record April 14, being the same amount
as on Nov. 3 last. A dividend of $1 24 per share (the same as six months
ago) was also declared on the American Malting Co. stock. Compare
V. 97, p. 888.-V. 98, p. 764,306
American Manufacturing Co., New York and Boston.
The limit of authoeized capital stock was increased by vote ofstockholders
on March 3 from $6,000,000 (all common) to $10,000,000 in $100 shares,
the new stock to consist of 5% cumulative preferred (p. & d.) shares, callable as a whole but not in part at 105 and accumulated (quarterly) dividends. All shares to have equal voting power, except as specifically provided. No mortgage while pref. is out. Present issue of pref. only
$3,000,000. See V. 98, ro• 841. 914.
American Screw Co., Providence.-Dividends Reduced.
The directors have declared a quarterly dividend of 1M % on the $3,250.000 stock, payable March 31 to holders of record March 24. From Oct.
1909 to Dec. 1913 2% was paid quarterly.
Previous Dividend Record (Per Cent).
'94.'95-'96.'97.'98.'99.'00-'01.'02.'03-'04.'05.'06.'07.'08.'09.'10 io'13.
3 5 yly. 2 4 yly. 6A 9A 9h 7 8 10 y1y.
0
53i_ 4 ylY. 1
-V•98,P. 612.
Wabash RR.-Receivership.-"Financial America" states
that it is learned that E. B. Pryor, who has been elected
American Telephone & Telegraph Co.-Settlement.--A
President of the State National Bank of St. Louis, will con- decree was entered by consent on Thursday in the U. S.
tinue to serve as one of the receivers as long as needed.
District Court at Portland, Ore., in the suit brought by the
There is said to be a perfect understanding in regard to the matter bethe company and 16 of its
tween the directors of the bank, the reorganization oommittee and the Government in July 1913 against
subsidiaries (including the Pacific Telephone & Telegraph
Court.-V. 98, p. 691. 389.
Willamette Valley Southern (Electric) Ry.-Guaranteed Co.,&c.)on the charge of monopolizing telephonic communiBonds.-E.H. Rollins & Sons are offering at par and int. the cation in a number of Western States. (V. 97, p. 239.)
Statement Made by the Department of Justice.
present issue of $700,000 1st M.6% gold bonds, unconditionThe decree adjudges that the defendtwts combined to monopolize the
ally guaranteed (as to payment of principal, interest and sink- means
of telephonic communication in and among the States named, in
them to form any like combinaing fund) by Portland (Ore.) Ry., Light & Power Co. (see violation of the anti-trust Act, and forbids
tion in the future. Th.: Bell companies are ordered to dispose of their holdmap, &c., in "Elec. Ry. Section"). A circular shows:
(the two long-distance
companies
Inter-State
and
ings in the Northwestern
Dated Feb. 2 1914. Due Feb. 11939. Optional at 103 and int. on any
int. date. Par $100,$500 and $1,000(c5), Principal and interest (F.&A.)
payable at Cont. & Comm. Trust & Say. Bank, Chicago, trustee, or in
Portland or New York. Total authorized $3,000,000.
Data from F. T. Griffith, Pres. Portland Ry., L. & P. Co.. March 1.
Organization.-Willamette Valley Southern R.y. Co. was incorporated in
companies) and prohibited from acquiring hereafter any interest in those
companies.
The decree further orders the Bell companies to sell their holdings of
the stocks and bonds of the Home of Spokane; but it is provided that if
the city of Spokane within three months shall determine it to be in the
interest of the people of that city to consolidate the exchanges of the
1002
THE CHRONICLE
Home company and of the Bell companies under the control of the latter,
application may be made to the Court so to modify
the decree to permit
that to be done, such modification to be upon condition
that the Bell cornpanics open up all their telephones in Spokane to the inter-State
company
operating long-distance lines from Spokane into
thus giving to the
latter an opportunity to do business not only withIdaho,
company's
all
Home
the
subscribers in Spokane, now about 7,000, but also with all those of the Pacific company, now about 22,000, under conditions that preclude discrimination. In this way the people of Spokane are left
free to regulate
their local telephone system, while the duty of the Federal Government
under the law to preserve competition In inter-State communication is
fully discharged.
The decree condemns as unlawful all contracts by which local companies
agree to give their long-dsitance business to the Bell companies exclusively
• and prohibits the latter from accepting any benefits thereunder.
Statement by President Theodore L. Vail.
The suit brought by the United States against the Bell companies in
Portland, Ore., has been finally disposed of by a decree consented to by
both parties, entered in the Federal Court in Portland to-day. This
and the working agreement made between the American Telephone &decree
Telegraph Co. and Attorney-General McReynolds last winter dispose of
all
existing controversies between the Department of Justice and the company
and establish a basis upon which the business of the company
may
proceed
without question as to its legality. This decree does not disturb
any
existing established relations where actual merger has
taken place between
opposition and Bell companies.
In the case of Spokane, where the Bell company had purchased the
securities of the opposition company, but no consolidation
has taken place,
the Bell company is ordered to sell these securities unless
the
local
authorities within a fixed time indicate a desire to have the independent
company consolidated with and operated by the Bell company.
In the case of the Northwestern Long Distance Telephone Co., which
was a toll line company having some inter-State connections whose
socurities the Pacific company had purchased, the decree requires the Pacific
company to sell these securities and also requires it to restore the connections
with the opposition exchanges which have been merged with the Bell exchanges. It also requires the sale of the Independent Long
a small inter-State line between Spokane and Idaho points.Distance Co.,
Both parties to the suit sought this compromise because they
that an adjustment, especially at this time, would strongly recognized
serve the
public interest.-V.98, p. 907, 926, 612.
American Water Works & Guarantee Co.-Plan, &c.-
See United Water & Light Co., also United Coal Co.,'below.
Directors.-The following will direct the new company:
H. Hobart Porter of the firm of Sanderson & Porter, President; E.
C.
Converse, A. H. Wiggin, Samuel Insult, Guy E. Tripp, James
D. Mortimer, William Nelson Cromwell, II. Hobart Porter, J. B. Finley,
B.
Schiller, Charles R. Scott, Theodore Revillon, H. C. Huffer Jr., H.W.
J.
de
Laney Meijer. Andrew V. Stour, Charles H. Payson, Henry Russell Platt
and Henry H. Pierce. See plan, V. 98, p. 914, 841.
Ansco Co. of Buffalo, N. Y.-Settlement.-
See Eastman Kodak Co. below.
Armour & Co.-Acquisition.-This company has purchased the Mosser Tannery Co. of Noxen,Pa.
The Messer tannery is at Noxen, Pa., and has not been operated for
some time. Other recent purchases are reported to include similar plants
at Williamsport and Newberry, Pa., and Parsons, Va. An Armour
official, as quoted, says: "Our recent purchases of four Eastern tanneries
signify nothing except that our tanning business is expanding.
We are
not going into the shoe business."-V.98, p. 234.
Art Metal Construction Co.-Part Interest.-
See Assets Realization Co. under "Ann. Reports" above.-V.97,p.1665.
Autosales Gum & Chocolate Co.-Plan.
-
Interests identified with the American Tobacco Co. are forming a new
chewing-gum company which is expected to take over this company's
chewing-gum plants, probably by an exchange of stock. Neither the
American Chicle Co. nor the Sen-Sen Gum Co.,it is stated, will be
The capitalization will be about $5,500,000; par, $5.-V. 97, p.Included.
114.
Bethlehem Steel Corporation.-Listed.-The New York
Stock Exchange has listed $600,000 additional First Lien and
Refunding M. 5% 30-year guaranteed bonds of Bethlehem
Steel Co., series A, making total amount listed $15,800,000.
The proceeds were used in part payment for
Co. (V. 96, p. 1300).-V. 98, p. 833, 307.
the Fore River Shipbuilding
Bitter Root Valley Irrigation Co.-Part Interest.-
See Assets Realization Co. under 'Ann. Reports" above.-V.89,p.1069.
Breakwater Company, Philadelphia.-Part Interest.-
See Assets Realization Co. under "Annual Reports" above.
Canada Cement Co., Ltd.-See "Annual Reports."
Bonds.-The Royal Securities Corp., Ltd., offered on
Feb. 21 $215,000 1st M.6s, being the unsold balance of an
issue of $1,743,033, bringing the total issue up to $8,000,000,
of which $168,400 redeemed by sinking fund.-V.98, p. 526.
Centadrink Filters Co., Inc., N. Y.-Bonds.--The
stockholders have authorized an issue of $250,000 1st M.6%
convertible 20-year sk. fd. bonds, $100,000 of which will
shortly be offered to the public by Jacobson & Friedman.
• Office of company, 1440 Broadway, N. Y.
Central & South American Telegraph Co.-Partly
Estimated Earnings.-For quarters ending March 31:
3 Mos.Total Inc. Net Inc.
Dividends.
Bal., Sur. Total Sur.
1914
$390.000 $234,450 (14%)$l43,565 $90,885 $3,377,077
1913
366,000 225,456 (134 %)143,565 81,891 3,103,701
12 mos. ending Dec.311913
31,555,936 $838,642 (6%)$574,260 $264,382
1912
1,616,224 988,152
(6%)574,260 413,892
-V. 07. p. 839.
Chicago Telephone Co.-New Officers.-
Alonzo Burt, formerly Vice-President, has been elected Treasurer also,
in place of Charles Mosely, who retired. H. F. Hill, formerly
General
Manager, has been made Vice-President, and W. R. Abbott, formerly
Commercial Superintendent, General Manager.-V. 98, p. 909, 526.
Corn Products Refining Co., N. Y.-Stock Reduction.At the annual meeting on March 24 the shareholders adopted
the motion of Thomas Read (owner of 6,000 shares of stock)
that in their judgment the share capital should be substantially reduced. The directors yesterday, it is understood,
approved the proposition, but withouo no acting on a plan.
Quarterly Reports.-The company has decided to issue
quarterly reports of earnings.
Status of Company-Government Suit.-See statement of
President under 'Annual Reports" above. See V. 98, p.
915, 836.
Cuyahoga Telephone Co.-Earningsfor Year end. Dec.31.
Calendar
Gross Net(after Depre-
(VOL. xonn.
Delta Land & Timber Co.-Guaranteed Bonds.-Further
Data.-Clark L. Poole & Co., Chicago, recently offered at
par and int. $1,950,000 first and ref. M. serial 6% sinking
fund gold bonds, guaranteed unconditionally, principal and
interest, by the Central Coal & Coke Co. of Kansas City.
(See "Annual Reports.") A circular shows:
Dated July 1 1913. Auth. Issue, $4,200,000; present
Issue$4,000,000:
reserve bonds,$200,000. Bonds offered
mature in semi-annual'installments,
(J. & J.) from Jan. 1 1915 to July 1 1924
incl.,
aggregating
in 1915.
$99,500; 1916, $238,500; 1917, 5232,500; 1918, 5226,500;
1919, $220,000:
1920, 3212,000; 1921, 8201,000; 1922, $184,500;
$184,000; callable on any int. date at 102 and int. 1923, 8151,500; 1924,
Data from Chas. S. Keith,Pres. Central Coal Se Coke Co., Nov.
22'13.
Organization.-Organized as Delta Lumber Co. in 1906 by Central
Coal
& Coke Co.,which owns the capital stock.
Bond Issue.-A 1st mortgage on 1,577,179,017 feet of merchantable.
yellow pine (93%) and hardwood timber (7)% standing on 140,439
acres,
all owned In fee simple, except 9,455 acres on which we own the timber
only, and on two large lumber-manufacturing plants located in Louisiana
and Texas, subject as to Texas timber holdings and less than one third of
Louisiana lands (but not as to saw mills) to prior lien of $800,000 5% bonds
of Delta Lumber Co. The proceeds of these $1,950,000 bonds will retireall current debts and provide about $500,000 to construct a new sawmill
plant in Texas. Sink,fund of $4 per 1,000 ft., before lumber is cut should
retire entire bond issue with one-third of timber
still uncut.
Authorized bond issue, $4,200,000; now sold
$1,950,000'
Reserved, issuable for corporate purposes with approval of Clarke L. Poole & Co
$200,000
Deposited to retire $800,000 1st M.5s of Delta Lumber Co.(due serially March 1 1914 to March 1 1929
but not callable)
Deposited against co's. $1,097,000 5% notes (matur- 800,000
ing April 1914 to April 1 1922,with no option to
call and no lien on property)
1,250,000
Estimated Value of Security.-949,696.814 ft. long-leaf yellow pine (at
$6 per 1,000) on 56,649 acres in Allen, Beauregard and Vernon Parishes,
La., $5,698,181: 521,486,203 ft. short leaf yellow pine (at $4 50), in Montgomery and Walker Counties, Tex., $2,346,688; 105,996,000 ft. hardwoods
(at $2), $211,992; two complete sawmill plants, railroad, logging equipment, &c., $990,000; new manufacturing plant to be constructed in Texas,
about $500,000; total, $9,746,861, or about 25i times the bonds issued.
• Lumber Output.-Now produces 85,000,000 ft. of lumber per annum at
sawmills in Carson and Neame, La., and will shortly increase this output
to 130,000,000 ft. upon completion of the sawmill plant to be built to
operate its Texas timber holdings. The Central Coal & Coke Co. markets
the lumber products through its main offices in Kansas City and through
its main sales agencies and in addition markets 60,000.000 ft. annually
from the Louisiana & Texas Lumber Co. of Ratcliff, Texas, owned by
interests identified with Central Coal & Coke Co.
Coal Properties.-The Central Coal & Coke Co. owns 50,000 acres of
virgin coal lands and operates 29 collieries and 2 coal washeries, marketing
its product of practically 3,000,000 tons of coal per annum in the territory
west of the Mississippi River and east of the Rocky Mountains, and from
its western mines as far west as Portland, Oro. A portion of these coal
products is distributed through its own retail yards, located at Kansas
City, St. Joseph, Omaha, Wichita, and Salt Lake City-the balance
through its sales agencies at Kansas City, Omaha, Dallas, Little Rock,
and Salt Lake City. The total volume of the company's coal mines and
merchandise sales is over $6,500,000 per annum, exclusive of lumber sales.
The value of the physical property of tho Central Coal & Coke Co. exclusive of Its stock ownership of the Delta Land & Timber Co., on a'very
conservative basis. is 37,997,211.
From Juno 1 1902 to Dec. 31 1912 the Central Coal & Coke had received
in net earnings, royalty and stumpage charges from timber, $10,063,139,
of which it returned to stockholders as dividends $4,213,125 (5% yearly
on 81,875,000 pref.•, 4% on $5,125,000 common Jan. 11001 to April 1902,
since then 6%); and put back into the property ,35,850,014 in added new
properties and retirement of funded debts. (See also "Annual Reports".)
The new mill will increase the earnings and stumpage charges shown above
as an average for the next ten years by more than $500,000 annually.
Income Tax.-Where a deduction of the normal tax of 1% Is required
because the bondholder is taxable,such deduction will be made good by the
Delta Land & Timber Co.-V.98, p. 841.
Dominion Canners, Ltd., Hamilton, Can.-Report.-
The financial report shows a profit of $466,415, from which was paid the
bond interest ($85,890) a dividend of 7% on the pref. stock and a dividend
of 6% on the common stock and $98,932 added to profit and loss account.
In other respects see V. 98, p. 841.
Dunlop Tire & Rubber Goods Co., Montreal.-Earns.
Calendar
Bond Pd.,&c., Plant Common Pref. Balance,
Net
Year.
Earns. Interest. Exp.
Reserve Stock.
Div. Surplus.
1913
$306,388 $33,285 530,673 835,000 $70,000 $30,598 $106,832
_1942
. 95, p. 52
15
.8,902 25,000 45,964 25,000 49,000 20,510
93,428
Eastern Steamship Corporation.-Sale by New Haven.-
See N. Y. N. 11. & Hartford RE. under"R Rs"below.-V.98,p. 613.
Eastman Kodak Co.-Settlement.-
A settlement was reached on Thursday between the Goodwin Film &
Camera Co. (controlled by the Ansco 0o. of Buffalo, N. Y.) and the
Eastman Co. in the suit pending in the Federal courts to restrain the use
of the patent taken out by the late Rev. Hannibal Goodwin of Newark in
1898, and for an accounting of the profits derived from the sale of photographic films prepared according to the same. The details of the settlement have not been made public, but it is understood to provide forithe
payment of a "substantial amount" by the defendants as a composition
of the claims of the Goodwin Co. and for the continued use of the patents
by the Eastman Kodak Co. An order discontinuing the suit was filed
in the Federal Court at Buffalo yesterday. Compare V. 98, p. 841; V. 97,
p. 524.
Gage Park Realty Trust.-Part Interest.See Assets Realization Co. under "Ann. Reports" above.-V.95,9 • 1475.
General Electric Co.-Payment of Notes.-It is understood that the $8,000,000 9-months' notes due April 16iwill
probably be paid off from treasury cash, which has been
accumulating rapidly. Formal announcement will likely
be made in about a week.-V.97, p. 1665.
Guaranty Building Co., Kansas City.-Offeringitof
Bonds on Lathrop Office Building.-5. W. Straus & Co.,
N. Y. and Chicago, offered at par and int. in last week's
"Chronicle' $150,000 1st M. p% serial bonds, secured on
the new Lathrop building (stores and offices) and 99-year
leasehold "on the principal transfer corner of the downtown
business district of Kansas City, Mo." A circular adds:
Total issue, $150,000, dated Feb. 1 1914. Due $5,000 Feb. 1 1915;
$7,500 yearly 1916 to 1923; $85,000 Feb. I 1924. Principal and interest
(F. & A.) at office of S. W. Straus & Co., Chicago. Par $100, $500 and
$1,000 c*. Free of normal Federal income tax of 1%. Unconditionally
guaranteed, principal and interest, by Elmer 11. Adams of Chicago, who
owns the majority stock. Trustees, S. J. T. Straus and Fidelity Trust
Co., Kansas City.
Security,8-story building of first-class construction (steel and reinforced
concrete), ready for occupancy May 11914;free of mechanics' liens; 99-year
dated July 1 1912 covering 95 ft. on Grand Ave., 115 ft. on 10th
Bond
Int. on Pf.Divs. Balance. leasehold
Year. Income. Taxes). dation. Interest.Notes&c. (6%). Surplus. St., fixed annual ground rental of $21,000 (no re-valuation). Fire and
1913
5958,101 $405,245 $147,498 $135,400 $16,750 $86,241 $19,355 tornado insurance, $250,000. Value of building alone, 3325,000. Esti1912
959,505 429,514 149,712 135,400 23,432 86,241 34,728 mated gross annual rental income, stores and offices, $105,800; expenses
(ground rent,$21.000;taxes and insurance. $8,500;operating cost,$43,900),
-17'. 97, p. 362.
$73,400; net annual rental income, $32,400.
MAR 281914.]THE
Imperial Tobacco Co.-Earns. for Year end. Oct. 31.-
Bonus to
Exp. Depreciation
Divs.
Net
Oct. 31.
Cusmrs.
Paid.
Profits. & Taxes. &Reserves.
Year.
1912-13_ _ £3,354,475 £221,574 £1,100,000 £1,826,257 £103,325
875,000 1,654,423 101,998
1911-12___ 3,019,804 249,629
-Nr. 98, p. 692.
1.003
CHRONICLE
Balance,
Surplus.
£103,319
138,754
Illinois Brick Co., Chicago.-Acquisition.-
The company has purchased the Curtis Brick Co. by the issue of $300,000
treasury stock, making $4,700,000 stock outstanding. This is the culmination of an agreement entered into a year ago, when the stockholders and
the public were advised.-V.98, P. 609, 455.
Interstate Power Co.-Bonds, &c.-The Chicago Savings
1
A
Bank & Trust Co. (the mortgage trustee) is offering at 97'
0 20-year gold
and int. $500,000 First and Refunding M.67
bonds dated July 1 1913 and due July 1 1933, laut subject to
call at 105 and int. on any int. date. Par $1,000, $500 and
$100 (c*). Int. J. & J. in N. Y. and Chicago.
Sept. 5 1913.
Digest of Statement by President Ralph W. Burtis,
Authorized. Outstand.
Capitalization$1,000,000 $452,400
Stock (pref., auth., $350,000; issued, $91,800)
Underlying 1st M.6s Upper Iowa Power Co., $125,- (closed)
260,000
000; Fairfield Public Service Co., $135,000)
500,000
2,500,000
Interstate Power Co. First and Refunding 6s
100,000
100,000
ten-year debenture Os
do
do
may be issued to
Of the $2,500,000 First & Ref. M.6s, $125,000 bondsserially;
sufficient
retire the $125,000 Upper Iowa Power Co. 1st M.6s, due
Electric Co.
may also be issued to retire the $135.000 Fairfield Gas & to
retire the
[Fairfield Public Service Co.] 1st M. 3-year 6s; $100,000
the balance for not
$100,000 debenture 6s, under careful restrictions, and
the annual net
to exceed 80.% of the cost of permanent additions when
bonds proposed.
earnings are f4 times the interest charges, includingFirst
& Ref. 6s and
The proceeds of the present issues of $500,000
bonds and $300.000
underlying
$171,000
retired
have
debentures
$100,000
expenditures of
(representing
1913
1
Oct.
Interstate Power Co. notes due
developments and other additions)
past two years for now hydro-electric
expenditures.
capital
present
and
debt
floating
and provide for
History and Property.-Incorp in 1910 and owns in fee the gas and
electric business of Fairfield Ia., the electric-light and power business in
Decorah, Waukon, Cresco, Postville and Lansing, Iowa, and the electriclight and power business in the five towns of Wagner, Lake Andes, Platt.
Armour and Scotland, in South Dakota. All of this territory, including
a rich farming district, is connected by about 80 miles of modern transmission lines with two modern hydro-electric developments located on the
Upper Iowa River, 11 miles and 7 miles, respectively, down the river from
Decorah No. 1, completed March 1 1909, No.2 early in 1913, both concrete
and steel construction. Also owns emergency steam plants in Decorah,
Waukon and Cresco. The Fairfield Gas & Electric properties have recently
been purchased, partly through securities junior to these bonds; its gross
earnings were about $18,000 in 1909 and $47,000 in 1913.
Population Served.-In 1910 over 20,000, and, including the farming
territory, is about 25,000.
Franchises.-No onerous provisions. Expire in 1930-1936 in Upper Iowa
division except Cresco franchise, which expires in 1919. In Fairfield expires in 1917. Favorable street-lighting contracts in all towns in Iowa
division and for pumping city water in all towns except Cresco. In Armour
and Wagner, S. Dak., has new 25-year franchises; in Scotland franchise
expires in 1934. Furnishes street lighting in all the South Dakota towns
and power for ptunping city water in Wagner.
Depreciation and Redemption Fund.-Annually, beginning on or before
Feb. 1 1915, 5% of the gross earnings for preceding fiscal year.
Earnings for Cal. Years with Int. on First & Ref. 6s and Underlying Bonds.
1913.
1912. I
1913.
$45,600
Gross earnings_ _ _$152,827 $125,343 Interest prior to deb. 6s
Balance
21,528
53,962
67,128
Net, after taxes__
The earnings are now beginning to show the benefit of the large investment of the last two years. Our engineers expect annual net earnings of
$85,000 to $90,000 within the next two years with normal increases there
after. [V.-Pres. & Treas., It. M. Burtis, Oshkosh, Wis.; Sec., J. H.
Duncan, Decorah, Ia.1-V. 97, p. 668.
Kentucky Refining Co.,, Louisville.-Liquidation.-
The "Louisville Courier-Journal' of March 24 says that as a result of
the settlement of differences between two groups of creditors of the company the 6 salts flied last week by banikng houses for claims aggregating
$212,500 will be withdrawn and the creditors receive payment of the
amounts realized at a public auction to be held within 30 days. Under the
arrangement Oscar Fenley, President of the National Bank of Kentucky,
is added to the Protective Committee, which, as first proposed, was to
have consisted of only two men, Embry L. Swearingen, President of the
National Bank of Kentucky and President Otte of the National City
Bank of Chicago.
Midwest Oil Co., Colorado Springs, Colo.-Directors.-
The company,having sold its refining business to the Midwest Refining
Co.(V. 98, p. 760, 766), has reduced the number of directors from 15 to 5,
who are now: J. L. Warren (Pres.), Walter F. Schuyler (V.-Pres.), H. A.
de Compeigne, Robert Pourtales and Arthur Salter. [NI. H.Walberg is Sec.
On March 25 there were distributed to shareholders of record March 15
$2 in stock of the Midwest Refining Co. as to each $1 stock of the Midwest
Oil Co. standing in their names, respectively, representing the purchase
price of the company's refineries per plan in V. 98, p. 766.
The office remains in the Exchange Nat. Bank Bldg., Colorado Springs.
Data from C. A. Fisher, Consulting Engineer, Denver, Feb. 23.
The Midwest 011 Co. was incorporated in Arizona in Feb. 1911 with a
capitalization of $6,000,000, par value $1 each ($2,000,000 being prof.),
and acquired in the Salt Creek Field, Wyo.: (a) Wyoming Central Association's perpetual lease of 560 acres of patented land; (b) Sullivan tract of
80 acres of patented land owned in fee, subject to one-eighth of all oil produced; (e) lease on 1,280 acres known as Williams tract. Early in 1912
the company secured a one-fourth interest in all the northwest 40 acres of
each claim of the so-called California locators in the Salt Creek oil field,
subject to certain contract conditions, and a three-eighths dividend interest
in 960 acres, known as the State of Wyoming and Stock Oil Co. leases.
Later contracts with independent companies to purchase all oil they produce add greatly to the supply of oil available for future operations.
The daily production on Dec. 31 1913 from the company's holdings, also
from independent companies from which they purchased oil, was 6,453
bbls. This amount was derived from 39 producing wells, 7 of which flow
continuously and the remainder
On Dec. 31 1913 the company. was producing over 6,000 bbls.
of oil daily and refining nearly as
periodically'
much, and it had in storage 425,643 bbls., of which 229,899 bbls. consisted
of crude oil, the remainder distillates of various kinds.
Eguipment Dec.31 1913 (Note.-Sale of refineries in 1914 included appurtenant storage, tank cars, &c.)
Storage Capacity (bbls.): In field, 110,000; at half-way station, 75,000;
on tank farm, 2213,000; at refineries, 348,186. (b) Pipe Lines: Field to
Casper,6-in., 36.1 miles daily capacity 13,000 bbls.;in field,6-in.,9 miles;
4-in., 13 miles; 2 and 3-in., 15 miles; refinery to tank farm, 8-in., 54 mile;
refinery to Standard Oil Co. plant, 6-in., 1-3 mile. (c) Pumping plants:
main, 2 engines, 220 h. p., 2 pumps, capacity 13,000 bbls.; gathering, 1
engine, 50 h. p. 1 pump. capacity 5,000 bbls.; gathering, two 70 h. p.
boilers, capacity'
4,000 bbls.; half-way station, 1 engine 130 h. p., 1 pump,
capacity 10,000 bbls.; (d) Refineries (sold in 1914) and Tank Farm: oil refinery unit, daily cap., 6,775 bbls., and new refinery unit, daily cap.. 5,100
bbls.; actual working capacity of refineries, 11,000 bbls.; refinery site near
Casper, 127 acres; tank farm site north of Platte River, 160 acres. (e)
Miscellaneous office building, warehouse, 12 cottages, telephone line, home
camp with store, hotel, &c. The Union Tank Line has extended to the
Midwest Oil Co. the privilege of drawing on it for an unlimited number of
cars.-V.98, p. 760,'766.
Mitchell-Lewis Motor Co., Racine, Wis.-Status.Pres. H. L. McCla.ren recently said in substance:
The company has sold its big wagon plant located at Racine [to Mitchell
Wagon Co.] and will henceforth devote its entire attention in the future to
the manufacture and sale of Mitchell automobiles. The consideration involved in the sale is private, but in connection with the transaction the motor
company added to its operating capital $2,700,000, viz.: $2,200,000
permanent capital and $500,000 by an issue of gold notes due:Aug. 11915;
and will pay off its entire gold note issue, duo Aug. 1 1914.
Had this sale occurred at the end of our fiscal year, July 311913, with a
liquidation of our wagon receivables which are retained by the Motor
company under the terms of the sale, and without the new gold note issue
of $500,000, the Motor comapny would have had a gross worth of $4,002.581, with a total debt to current creditors of about $400,000,
making a net worth of 33,602,581, while the aforesaid gross worth (34,602.581) would have been divided as follows: (a) Land, buildings, equipment
and other fixed investments,$1,700,000;(b)cash,receivables and inventory,
$2,302,581. Had the gold note issue of $500,000 been taken, the total debt
would have been increased to $900,000, but the Motor company would
have had, in that event, $750.000 cash in the banks with which to begin
the season's operations.-V. 98, p. 527.
Monarch Lumber Co.-Part Interest.See Assets Realization Co. under "Annual Reports" above.
Montana Power Co.-Listed.-The New York Stock
Exchange has listed $10,000,000 First and Refunding M.
5% bonds, series A,,due 1943, $9,700,000 7% cumulative
pref. and $27,057,600 common stock.-V.98, p. 455.
Morris Park Estates.-Part Interest.See Assets Realization Co. under "Annual Reports" above.
National Properties Co., N. Y.-Pref. Stock.-
Newberger, Henderson & Loeb, New York, offer the unsold portion
(lees than $570.000) of the present issue of 31,700,000 6% cum. pref. stock
The Court of Appeals at Albany on March 24, by a unanimous vote, on the basis of $1,000 pref. and $400 conunoh for $970. Common stock
remanded to the P. S. Commission for re-determination the matter of the issued, $2,500,000.
The properties owned or controlled are as shown in V. 96, p. 493, except
rates for gas in the 30th•Ward, Brooklyn. The Commission in Oct. 1911
made an order reducing the price from $1 per 1,000 cu. ft. to 85 cents from that the Pittsburgh (Pa.) City Lt. & Power is no longer included and there
have been added Southern Pennsylvania Traction Co., Now Castle County
Nov. 1 1911 to Dec. 31 1912 and 80 cents for the year 1913.
The Court holds that a public service corporation is entitled to include in Electric Co. of Delaware and Chester County Lt. & Power Co. (V. 98.
the appraisal upon which a fair return is computed the "going value" of the p. 159). Net earnings of the company and its proportion of undistributed
company in fixing rates to be charged. [This is said to be the first time in net earnings of subsidiary cos. for cal. year 1913 were $244,782.-V.98,p.159.
the history of the State that this question has been passed upon by the
New South Farm & Home Co.-Bonds.highest court.] It is further hold that a company is not entitled to include
See Assets Realization Co. under "Annual Reports" above.
in its tangible assets amounts paid for street improvement and the appreciation in the value of lands owned.
Niagara Lockport & Ontario Power Co.-Earnings.Judge Miller, who wrote the opinion, says: "I define 'going value' for
Balance,
Int. on Sinking
Int. on
Net
Gross
rate purposes, as involved in this case, to be the amount equal to the Calendar
Surplus.
Receipts.
Income. 1st M.68. Notes,&c. Fund.
Year.
deficiency of net earnings below a fair return on the actual investment, due
solely to the time and expenditures reasonably necessary and proper to the 1913
$1.518,622 $477,986 $250,000 $56,448 $70,245 $111,293
85,637
55,147
development of the business and property to its present stage and not 1912
250,000
1.306,232
41,667
432,451
Net income is shown after deducting cost of electric power purchased and
comprised in the valuation of the physical property. Going value is to be
appraised by showing the actual expenditures of the company, the original produced ($851,363 in 1913, against $684,863 in 1912); operating expenses,
investment, its earnings from the start, the time actually required and the ($166,436. against $166,638), and "deductions from income" ($65,212,
expenses incurred in building up the business, all expenditures not reflected against $45690). Operating expenses include $10,091 in 1913 for depreby the present condition of physical property, the extent to which had ciation, against $24,052 in 1912. Interest on notes, &c., in 1913 (356.448)
management or other causes prevent or deplete earnings, and any other includes $45,619 interest on Lyons and Auburn steam plant purchase.
facts bearing on the question, keeping in mind that the ultimate fact to be -V.97. la• 954.
determined is not the amount of the expenditures but the deficiency in
Pacific Telephone & Telegraph Co.-Suit Settled.the fair return to investors due to causes under consideration.
"The difficulty of determining the 'going value' will not justify the disSee American Telephone & Telegraph Co. above.-V.98, p. 908, 693.
regard of it. Rate makingisdifficult. Butthat willnotjustIfy confiscation.
going
value has no existence apart from tangible
"It may be conceded that
Pennsylvania Water Co.-Decision.property, and that, commercially, there is but one value, that of the propThe "Water and Gas Review" of March 1914 contains at length the
erty as a whole, but as the rate cannot be made to depend upon the exchange opinions on which were based the decisions of the Supreme Court of Pennvalue, which would in turn depend upon the rate, it would seem to be sylvania, Western District, filed Jan. 5 1914, affirming the decrees of the
necessary to appraise the physical property and the going value separately." Court of Common Pleas of Allegheny County, which held that the schedule
Compare V. 96, p. 1493.
of rates for domestic service that became effective Jan. 1 1911 were excessive,
modifying the same. The schedule of rates for fire protection dated
Lathrop (Office) Bldg., Kansas City.-Bonds Offered. and
Dec. 1 19101s held to be reasenable. Comp are V. 95. p 54.
See bond offering under Guaranty Building Co. above.
Kings County Lighting Co.-Ruling Reversed.--
McCall Corporation, N. Y.,
-First Annual Report.-
For calendar year 1913: Gross sales of McCall Company, $2,408,658;
mfg. profit, $594,785; other income, $7,138; total net income, $601,923;
reserves, $56.636; balance transferred to McCall Corporation, $545,287.
Net income of McCall Corporation. $521,176; dividends paid (7% on both
Classes of pref. and 3% on $4.250,000 common), $167,696• sinking fund reserves, $97,917; balance, profit and loss surplus, 9128,063%
Merchants' & Miners' Transportation Co.-Sale.see N. V. N. II. & ilartford RR. under "Railroads."-V.97, p. 1902.
Mexican Telegraph Co.-Partly Estimated Earnings.For quarters ending March 31:
Phelps, Dodge & Co., New York.-Earnings.Balance,
Expenses,
Dividends
Total
Cal. Divs.from Comm'ns
Surplus.
(12%).
Yr. Sub. Cos. & Misc. Income. Taxes,&c.
1913 $9,110,000 $471,494 $9,581,494 3173,785 (16%)37,425,000 $1,982.709
1912 10,005,458 406,077 10,411,535 126.350 (15) 6.750.000 3.535,185
From the surplus there was transferred yearly to reserve against stocks
owned $1,500,000, leaving 3482,709 in 1913. against $2,035,185.-V. 98.
p. 767, 456.
Prairie Oil & Gas Co.-Balance Sheet Dec. 31.1912.
1913.
1913.
AssetsReal estate..
Bills receivable 1,425,753
Personal prop.30,199,330
Merchandise _42,428,906
Cash on hand_ 3,568,627
Accts. receiv_ 6,944,830
$2.416,537
_____
25,195,837
30,497,067
1,830,340
5,491.919
Gross.
Net.
Dividends,
Bal., Sur.
Mex.Govt,
3 &Los.$260,000 $226,290 $17,886 (21,6%)$89,735 $118,668
1914
248,000
236,359
134,624
12,000 (2A %)89,735
1913
Total surplus March 311914,$3,913,302.
12 mos. statement ending Dec.31$1,204,303 $874,162 $63,527 (10%)$358,940 $451,695
1913
Total
84,567,446 65.431,700
1,026,252 812,141
407,563
45,638 (10%)358,940
1912
-V.98, p. 842.
-V. 97, p. 44.
1912.
Liabilities$
Capital stock
paid up_ _ _ _18,000,000 18,000,000
Accts. pay'le_ 5,496,128 1,214,012
Bonded debt_ 9,000,000 9,000.000
Balance
52,071,318 37,217,688
Total
84,567,446 65,431,700
1004
THE CHRONICLE
[VOL. xcvm.
Public Utilities Co., Evansville, Ind.-Bonds Called.- in return for which payment he will receive with said 1st M. bonds a par
Ten ($10,000) 1st & ref. M. 5% bonds issued by the Evansville Gas & value of stock equal to twice the amount of 1st M. bonds purchased. A.
El. Lt. Co.(which has been succeeded by the Evansville Public Service Co.), depositor of pref. stock, even though he does not exercise his right of subfor payment at 105 and int. on June 1 at Continental & Commercial Trust scription, will not be entitled to receive back his deposited stock unless he
dissents from the plan within the time provided.
& Savings Bank,Chicago.-V.96,!). 1157.
Interest on existing obligations will be calculated to May 1 1914, or to
such other date as the committee may determine. The amount of new
Quaker Oats Co., Chicago.-Hearings.money
is not to exceed $500,000, and the amount of bonds and stock to be
Hearings will begin at Chicago on Mar. 19 before Miss Kate S. Holmes, issued on
account thereto is limited to $500,000 1st M.bonds and $1,000,000
special examiner, in the suit brought by the Government against the com- stock.
The committee may cause the payment of the $500,000 new money.
pany and the Great Western Cereal Co. for alleged violation of the Anti- or any part thereof,
to be underwritten, and will also have power to deterTrust Law.-V. 98, p. 760, 693.
mine when and if a sufficient number of creditors or depositors have asto the plan. In case at any sale of the properties by the receivers
Quincy Copper Mining Co.-Earnings.-For cal. year: sented
a price shall be offered for all or any part thereof
committee shall
YearGross.
Net.
Oth.Inc. Construe. Dividends. Sur.orDef. deem advantageous for all the depositors, the which themay
permit such
1913_ _ _..$1m1,198 $257,840 $18,829 $172,775 (15)3412,500 def.$308,506 offer to be accepted and shall use the proceeds committee
for the purposes of the reor1912_ _ __ 3,381,587 1,089,674 15,245 110,050 (20)550.000 sur.444,870 ganization and the new company, and shall distribute the balance
thereof
There was deducted in 1913 $27,834 for accident account, against $34,- pro rata to holders of mortgages and liens who are parties to the
plan.
0£11$ in 1912,leaving a deficit of $336,340 in 1913, against a surplus of $410,Holders of over 80% of the 3-year bonds and pref. stock have already
7'71 in 1912.-V. 97, p. 1667.
deposited their securities, and the assent to the plan of the holders of all
the secured claims provided for thereunder has been obtained. Depositors
Ray Consolidated Copper Co.-Bonds Called.will be deemed to have assented to the plan unless they file their disssnt
One hundred and sixty-three $1,000 and twenty-two $500 1st M.cony. thereto in writing with the depositary within 15 days from March 23.
gold bonds dated Jan. 1 1911 for payment at 110 and int. on July 1 at Guar- No holder of 3-year bonds or pref. stock can participate in the plan unless he
deposits his bonds or stock with Old Colony Trust Co., depositary,on or
anty Trust Co., N. Y.-V.97, p. 1434, 438.
before April 8, and all subscriptions for new money must also be filed with
said depositary on or before said date. Committee: Robert F. Herrick,
Railway Steel Spring Co.-No Divivend.The directors on Thursday decided not to declare a dividend on the Henry Hornblower and Philip Stockton, with Charles E. Bockus, as Secre$13,500,000 common stock. A year ago 2% was declared from 1912 earn- tary, 17 Court St., Boston.
Accompanying the plan of reorganization is a report of the committee,
ings. President Fitzpatrick says that in view of the diminished earnings
at present and the unpromising outlook for business in the immediate future, in which an outline is given of the reasons which led to the adoption of the
it was decided best to conserve the resources of the company in every way plan; also the following approximate statement of assets and liabilities of
to meet the demand for the company's products when it is resumed. The proposed new company, furnished by W. H. Raye, as though reorganizacompany, it is stated, is in a strong position at pnesent, so far as cash bal- tion took place Feb. 1 1914:
ances are concerned, but this condition is due largely to the small volume
(1) Assets of New Company (Total $5,216,525)of business now being done. With the resumption of normal business, it Oyster
$1,196,441 Stocks of other cos.:
will be necessary to carry a nuch larger supply of raw material and the cash Oysters beds
Sealshipt System of R.I $600,000
planted on beds.- 1,086,245
will correspondingly decrease. Compare V. 98, p. 917, 836.
Bluepoints Company__
Real estate
556,611
181,533
26.000
Richmond (Ind.) Light, Heat & Power Co.-Guaran- Long Island City real est_ 100,000 Miscellaneous
in treas
bonds
Steamers
&
350,000
M.
floating
1st
prop..
220,250
teed Notes Offered.-Bertron, Griscom & Co. have purchased Equipment
50,325
8,500 Income debentures
Materials
100,000
$450,000 6% 5-year guar. gold notes dated Mar. 2 1914.
21,369 Common stock
Prepaid items
706.110
13,138 Cash and accounts
Capitalization (as of March 16 1914)Issued.
Auth.
(2) Liabilities.-Common stock, $1,300,000; 1st M. bonds, $2,179,000;
Stock (7% pref. auth. $200,000,issued $85,000)
$700,000 $385,000 income
debentures, $1,650,000; mtge. note for $101375 upon Long Island
First M.6% bonds, due Mar. 1 1939
3,000,000 400,000 real
estate not used in oyster business (this the receivers hope may be dis6% guar. notes, due March 1 1919 (this issue)
1,500,000 450.000 posed
of before reorganization), $101,375. Total, $5,230,375.
Entire $300.000 common stock owned by the United Gas & Electric Co.
Mr. Ray°
that the properties cannot be expected to earn anyof N. J., which guarantees the notes, prin. and int. Due Mar. 1 1911, thing above estimates
operating expenses for the year ending Sept. 30 1914, but if
but callable on any interest date at 101 and int. Par $1.000, $5,000 and promptly provided
with sufficient working capital to care for the young
$10,000. Interest M. & S. at Penn. Co. for Ins. on Lives & Granting oysters, the year beginning Oct. 1 1914 should
show earnings of approxiAnnuities, Philadelphia, trustee.
mately $200,000 (before payment of interest charges), and somewhat better
Controls the gas business of Richmond, Ind., and distributes electricity
for the two succeeding years. The shareholders' protective comfor commercial lighting and power purposes in that city. Also furnishes earnings
acceptance
of
mittee
has recommended the
the plan by the shareholders.
electricity for lighting and power uses in Libery, Ind., and New Paris, 0. -V.97.
v. 1589.
Total population served about 27,000. Replacement value of company's
physical property appraised at over $850,000. Has just concluded a
Shawinigan Water & Power Co., Montreal.-New Stock
favorable long-term contract for the purchase and distribution of natural
gas, replacing artificial gas. On account of this, no material increase in -Shareholders of record April 1, as already announced, will be permitted
earnings is anticipated for 1914, but for 1915 the net earnings from the gas to subscribe until 3 p. m. April 30 for $1,375,000 new common stock at
department alone, it is estimated, will be at least $80,000. Has recently $120 per share, to the extent of one share of new stock for eight shares of old.
Subscriptions will be payable in three installments, viz.: $30 per share upon
accepted from Ind. P. S. Commission an "indeterminate permit."
subscription April 30, $30 June 1,$60 July 2 1914, at the Bank of Scotland.
Earnings for the Year ended Dec. 31 1913.
London (at 4s. 1d.to $1), and at Quebec, Bank of Montreal. The new
Gross earnings
$181,052 Bond int., new issue
$24,000 stock certificates will be issued by the Royal Trust Co., Montreal, on or
Operating expenses & taxes.. 114,744 I Int. on notes, this issue__ _ 27,000 after July 8 1914. All shares paid up in full on or before July 2 will receive
the full div. for quarter end. June 30 1914. Compare V. 98, p. 687.843.
Net earnings
$66,3071 Balance
$15,307
United Gas & Electric Co. reports for cal. year 1913: Net available
Siegel Stores Corporation, New York.-Plan.revenue, $392,308; bond int., $31,011; surplus, 3361,297 (13 times the
See Simpson-Crawford Co. below.-V. 98, p. 843, 614.
interest on these notes), out of which it paid the regular 5% upon its,
pref. stock (now $1,172,150) and 4% on $3,572,250 common stock. The
Simms Magneto Co.-Part Interest.Ind. P. S. Commission recently authorized the issue not of $850,000 new
See Assets Realization Co. under "Annual Reports" above.
1st M.bonds but of these notes and $400,000 new bonds. See V.98.p.842.
(William A.) Rogers, Ltd., Toronto.-Dividend Reduced.
Simpson-Crawford Co., N. Y.-Plan.-The creditors'
A quarterly dividend of 23% has been declared on the $1,500,000 committee in circular of March 25 says in substance:
common stock, payable April 1 to holders of record Mar. 20. comparing
The committee sent you on March 13 1914 a letter stating that it was
with 3% quarterly from Jan. 1913 to Jan. 1914, both inclusive.
unable to submit any plan of reorganization. The situation remains unPrevious Dividend Record of Common Stock (Per Cent).
changed with respect to the 14th St. Store and Henry Siegel & Co., Whole1902 to 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. sale, but we can now submit a plan for the formation of a new corporation,
4
10
6
8
8 9 & 1 ext. 10
which, receiving $300,000 fresh money, would acquire all the assets of the
12
12
Also 25%, 2070 and 109 in stock paid respectively in March 1910, present Simpson-Crawford Co., and offer the creditors these options, the
Feb. 1911 and Feb. 1912.-V. 97, p. 1589.
first, we believe, the better:
Corn.
1st Pf. 2d Pr.
Sawyer-Massey Co., Hamilton, Ont.-Earnings.Simpson-Crawford Co.-OptionsCash.
Stock.
Stock.
Stock.
Bond
Net
Bond
Fiscal
Pref.Div. Surplus Total
No. 1. For 807 of face of claims
25%
25%
30%
Profits. Interest. Expenses. (7%). for Year. Surplus. No. 2. For 60f, of face of claims
Year10%
10%
15%
257
1913
$173,917 $52,500 $4,786 $105,000 $11,631 $372,269
Creditors ho ding the endorsement of Henry Siegel and Frank E. Vogel,
242,861
1912
30,000
3,950
105,000 103,911
360,638 under eitner option, may, we are informed, if desired, receive a now note in
-V.96. p. 867.
payment signed by these individuals for 40% of the face of the claims.
The new co. would acquire the assets of Simpson-Crawford Co., freed
Sealshipt Oyster System.---Plan of Reorganization Dated from
the claims of the
of Henry Siegel & Co., bankers, or any other
March 17 1914.-The committee,acting under deposit agree- creditors or persons, asreceiver
the committee is advised.
Bids were opened on March 24 for the various assets of the Simpsonment of Nov.24 1913, has issued a plan providing in subst.: Crawford
Co. The highest bids were: For merchandise (est. cost, $581,A new corporation, to be called probably the Atlantic Oyster Co., will be 340), $387,600; for accounts receivable
(book value, 3668,283), $231,000.
organized in N. Y. or other State, and will authorize approximately:
If these bids are accepted, and the claim of the receiver of henry Siegel &
First Mortgage 5% 10-Year Bonds. Denominations 3100, $500
Co., bankers, should be allowed in full, we believe that, after paying expenand $1,000 (and possibly multiples). Interest payable semises of litigation, &c.., creditors would ultimately receive not less than 15%
annually. Callable at 101 and int. on any interest date. Exof their claims. There are serious questions, however, as to contingent
osept for about 3350,000, bonds to be placed in the treasury; no
claims,such as liability upon the second and third mortgages of the Simpson
bonds, except those required for distribution hereunder shall
Realty Co., which might considerably delay and reduce tho dividend above
be issued except under suitable restrictions in the mtge. Auth_$2,500,000 estimated. For these reasons we requested the Court not to confirm the
10-Year 5% Income Debentures. Payment of principal subordibids for the separate parcels above listed, but to accept a bid which will
nate to payment of all other indebtedness of the company, and
give to the creditors the larger percentage of securities or cash and securities,
interest payable only out of net earnings remaining after
hereinabove detailed.
payment of interest on the 1st M. bonds and other obligations.
Under the proposed plan a very large portion of the common stock of the
Interest cumulative after such date,not later than Sept. 11915,
new company will be owned by the Siegel Stores Corp. As nearly 50% of
as the committee may determine. Denominations, $100,
the common stock of the latter is pledged S security for the amount due to
$500, $1 000 and possibly multiples. Callable at face value,
the depositors of Henry Siegel & Co., bankers, the plan will be helpful to
withoutinterest, unless the same is accrued and can be paid
these depositors.
out of surplus net earnings at time principal is paid. No diviThe proposed new company has secured the active co-operation of John
dend in excess of 6% can be declared on the stock while these
Claflin (Pres. of the H. B. Claflin Co.), who has agreed to lend it for one
income debentures are outstanding, and no dividend at all unyear at least, upon a contingent basis, an experienced manager from one of
less the company shall have set aside a sum sufficient to pay
his associated companies, and to assist in obtaining for the new company
not only all accumulated interest on said debentures, but also
adequate mercantile and banking credit. He is also prepared to invest a
the full int, for the next succeeding 6 months. Authorized__ 1,650,000 considerable sum in the new company. The balance of the new money,for
Capital Stock, all common. Authorized
1,300 000 reorganization and working capital, has been furnished by certain stockDistribution of Securities and Stock.-Holders of mortgages or other holders of Siegel Stores Corporation.
Neither Messrs. Siegel and Vogel, nor any of those resopnsible for the
liens upon the property of Sealshipt Oyster System or its subsidiary companies shall be entitled to receive(a) 1st M.5s having a par value equal to former management, will have any part in the now management.
The new company, it is estimated, will have approximately the following
the principal of their claims, interest and charges payable by agreement
thereon, or on account thereof which, as of Feb. 1 1914, (not including quick assets: Merchandise, $450,000; accounts receivable, $500,000: cash,
mortgage of $100,000 on certain Long Island real estate not used in the $300,000; horses, wagons, &c. (liquidating value), $50,000; total, $1,300,oyster business which it is hoped may be sold,)amounted to about 31,- 000, not including any amount for the fixtures, that cost $493,765.
129,000, including $107,000 accrued interest and charges); (b) a total of
Approximate Capitalization of New Company (With No Indebtedness).
$200,000 par value of common stock of the new company, said common
First pref.(p.& d.) stock,7% cum.; divs. quarterly; sinking fund,
Atock to be distributed in proportion to their holdings.
$40,000 yearly, beginning 1\elay 1 1916, to redeem 1st pref. stock
Participation of Existing Stock, Mortgage Liens, ctc.
at or below 105_______
3850,000
_ _ _
_ Amount.
Will Be Given
Second pref.(p.& cf.) stock,
cum.; sinking rung, 340,000 per
For Existing- Feb. 1 1914. 1st M. Bonds,
Income Debs.
Stock.
(provided 1st pref. has been
beginning
annum,
May
1
1924
Mtg.or other Hens_ _$1,221,8641100%41,329,000
$2001000
reduced to 3400,000) to purchase 2d pref.stock at not over par__ 950,000
do do secrint_ 107,134j
Common stock
1,500,000
Cony. 3-yr. bonds__ 2,500,000
60%41,500,000
No increase in first pref. stock and no mortgage on property without
do do arcrint_
135,416
81,200
60%consent of first pref. stock. If net quick assets fall below 150% of first
Also, it pay'g 20%
pref. stock outstanding, or in case of default for 3 mos. on its quarterly
cash ($200 per
dividends, first pref. stock to elect majority of board; if net quick assets
$1,000 conv.bd.)
20%140%1
fall
below 125%, to have sole voting power, with express privilege to liquiPref.stk., It pay $10
500,0001
1,000,000 date,
if deemed advisable. No dividends on common while sinking fund
Per $100 share__ _ 2,500,000 10%
20%
payments are in default nor until a reserve of $200,000, to be kept in the
No holder of pre:ferred stock is entitled to participate in the reorganiza- business,
is established out of earnings. First pref. stock to select auditors.
tion except as above provided, his only right being to subscribe at par for
This plan is contingent upon two conditions: (1) That the U. S. District
an amount of 1st M. bonds equal to 10% of his holdings of pref. shares, Court shall approve
and that the claim of the banking firm and its creditors
THE CHRONICLE
MAR. 281914.1
against the Simpson-Crawford Co. shall be eliminated by a compromise.
(2) That a large majority in amount of the creditors shall agree to accept
No. 1.
securities
Creditors who do not give notice to the contrary before 10 a. m. March 30
will be held to have accepted Option No. 1.
Already nearly 50% of the creditors of the Simpson-Crawford Co. have
signified their desire to have the store continued, and to accept the securities
under Option No. 1. The committee has had great difficulty in interesting
new capital in the reorganization and in obtaining the necessary reductions
in rent from the landlords.
The U. S. District Judge has fixed March 30 as the date for the final
hearing upon the bid, and has stated that no further adjournment will be
granted. Committee; Pierre Jay, Chairman, Edmund Wright, Clifton
H. Dwinnell, Leo Frank, Edwin L. Meyers, Samuel H. Lummis and Frederick W.Wakefield. 1See Siegel Stores Corp., V.98, p.842.1—V.98, p.76.
Standard Oil of Indiana.—Balance Sheet Dec. 31.—
• Assets ($49,190,085)—
Real estate
Personal property
Construction
Merchandise
Cash
Accounts receivable
Liabilities ($49,190,085)
$30,000,000
$3,171,339 Capital stock
15,303,742
2,832,295 Undivided profits
3,886,343
payable
Accounts
15,694,788
13,547,905
488,749
V. 98, p. 309.
13,455,009
Steel Co. of Canada.—Bonds Sold.—
The company, it is stated, has sold $850,000 1st M. bonds to a London
banking house, making, it is understood, $8,850,000 out.—V. 97, p. 1754.
Toronto Power Co., Ltd.—Sale of Guar. Debenture Stock.
There was offered in London March 16 to 18 at 96 a new block of 1523,655
($2,548,454) 414% consolidated guaranteed debenture stock, making
E3,496,027 ($17,013,998) of the issue outstanding, guaranteed unconditionally, both as to principal and interest, by the Toronto Ry. Co.
Data from Official Prospectus.
Electrical machinery, capable of developing 100,000 electrical h. p., has
already been installed at Niagara Falls, and three additional units are in
course of installation, which will bring the total up to eleven units; ten of
which have an aggregate capacity of 125,000 electrical h. p. The eleventh
unit has a capacity of 15,000 electrical b. p., and will be held in reserve in
case of accidents. The stock now offered has been issued to provide for
the cost of the works above referred to and the general purposes of the
combined enterprises to meet extensions for power and light.
Net Earnings of the Combined Enterprises.
For the year ending Dec. 31 1912
$4,443,536
For the year ending Dec. 31 1913 (subject to audit)
5,161,211
For the year ending Dec. 31 1914 (estimated)
5,649,000
Interest on the bonds and debentures (including debenture stock
now offered), taxes and percentage payable to city
3,012,680
Balance, surplus, over present interest charges
$2,636,320
See V. 93, p. 1328; V. 96, p. 423.
Union Oil Co. of California.—Notes.--The company has
sold to William R. Staats Co. and Torrance, Marshall & Co.
an additional $1,000,000 6% collateral trust serial gold notes,
part of an issue of $4,000,000.
The company recently announced that it will resume the payment of
dividends beginning in July at the annual rate of 4% for the time being.—
V. 98, p. 392, 160.
United Coal Co., Pittsburgh.—Depositq.—The creditors' protective committee named below requests deposits
not later than April 15 with the Commonwealth Trust Co.,
Pittsburgh, depositary under agreement dated Mar. 9
1914, of the following bonds, notes, &a. (see V. 95, p. 1538):
United Coal Co. (a) 1st M. 5% sinking fund bonds due Feb. 1 1955
(V.82, p. 1326);(0) coupon notes secured by collateral, due variously Jan. 1
1914 to Jan. 1 1925 (V. 88, p.298; V. 92, p.1706); (c) notes and accounts.
Merchants' Coal Co. (a) sinking fund 5% M. bonds due April 1 1959
(V.80.p. 716; V.98,p. 613)* (0) notes of and accounts payable by said co.
Somerset Smokeless Coal Co. notes and accounts payable.
Naomi Coal Co. notes and accounts payable.
Pittsburgh & Baltimore Coal Co. notes and accounts payable.
Protective Committee: A. C. Robinson. Chairman; William B. Schiller,
Robert Wardrop, F. G. Kay and J. H. Hillman Jr., Pittsburgh; Ambrose
Monell, James D. Mortimer and Albert W. Johnston, New York; Henry
M. Watts, Philadelphia; Henry Russell Platt, Chicago; Secretary, F. D.
Glover, 345 4th Ave.,Pittsburgh. N. Y. Counsel, Sullivan & Cromwell.—
V. 97, p. 302, 121.
United Copper Co.—Part Interest.—
See Assets Realization Co. under "Annual Reports" above.—V.97,p.670.
United States Express.—Liquidation.—
See last week's "Chronicle," page 933.
1005
—The speakers at the next meeting of the Public Utility
Section of the "Finance Forum" on Monday evening, March
30, will be Dr. Edward P. Hyde, on "The Progress of the
Science of Lighting," illustrated with interesting and instructive electrical deomnstrations, and J. Robert Crouse,
on "Industrial Application of Electricity." Lewis B. Franklin, Vice-President of the Guaranty Trust Co., will preside.
The "Finance Forum" was addressed last Tuesday night by
Arthur Williams of the New York Edison Co. on "Municipal
Ownership of Public Utilities." The "Finance Forum" meets
in the West Side Y. M.C. A.,318 W.57th St. R. H. Roraback and H. L. Bennet of Wm. P. Bonbright & Co., Inc.,
are secretaries.
—James Sheldon Cummins died at his residence in Chicago
on March 23. Mr. Cummins was one of the original partners of H. M. Byllesby & Co., and was continuously and
closely associated with the firm up to his death. The general offices of H. M. Byllesby & Co. were closed all day
March 25 as a mark of respect and to permit the officers and
employees of the company to attend the funeral. Mr. Cummins was the senior member of the law firm of Cummins,
Stearns & Milkewitch, Insurance Exchange Bldg. and VicePresident, director, senior counsel and one of the founders
of H. M.Byllesby & Co. He was also a director and officer
in a number of public utility companies. He was born in
1857.
—Meikleham & Dinsmore, bankers, of 25 Broad St.,
this city, Boston, Philadelphia and Pittsburgh, have issued a
handsomely illustrated prospectus describing the Atlantio
Gas & Electric Co., for distribution to investors and others
interested in the property. The parent company, with its
subsidiary and affiliated companies, does a large electric light,
power, gas and heating business in a number of important
cities and towns in Eastern Pennsylvania and Southern New
York, besides Central and Western New Jersey. A copy of
this photographic prospectus will be mailed on request to
the firm, 25 Broad Street.
—The Public Utility Section of the "Finance Forum" was
addressed last Tuesday night by Arthur Williams of the New
York Edison Co. on 'Municipal Ownership of Public Utilities." The "Finance Forum" meets in the West Side
Y. M. C. A., 318 W. 57th St. R. H. Roraback and H. L.
Bennet of Wm.P.Bonbright & Co.,Inc., are secretaries.
—To yield 53%, Fisk & Robinson, 26 Exchange Place,
this city, are offering a limited amount of first mortgage
underlying trunk-line bonds issued at $22,000 per mile.
These bonds are listed on the New York Stock Exchange:
Full description will be furnished by the bankers on application.
—Spitzer, Rorick & Co., bankers, Toledo, with offices.
in New York,.Boston, Cincinnati, Kansas City, and Chicago, announce that William H. Voris has been appointed
manager of their Chicago office.
—Kissel, Kinnicutt & Co., 14 Wall St., this city, are
offering $585,000 Cincinnati, Ohio, 432% bonds. Price
upon application.
—John A. DeLong, of Bigelow & Co., 49 Wall St., has
become associated with the firm of Douglas Fenwick & Co.,
36 Wall St.
—S. H.P. Pell & Co., specialists, New York, have issued
a circular regarding the International Nickel Co.
United States Steel Corporation.—New Director, &c.
Henry Phipps, who has been identified with the Corporation
since its organization, has resigned as a director and also as
a member of the finance committee. He will be- succeeded
The Financial Review for 1914, issued by the publishers
as a director by his eldest son, J. S. Phipps and on the.finof the "Commercial and Financial Chronicle, is now
ance committee by President James A. Farrell.
The finance committee now consists of E. H. Gary (Chairman), G. F. ready. It is an invaluable book (350 pages) for reference.
Baker, J. A. Farrell, H. C. Frick, J. P. Morgan, G. W. Perkins, N. B. throughout the year.
Ream, Percival Roberts Jr. and Peter A. B. Widener.—V. 98, p. 918, 907.
Some of the contents are as follows:
United States Worsted Co., Boston.—Plan.—
• Retrospect of 1913 giving a comprehensive review of the business of that
At the adjourned annual meeting Mar. 23 the reorganization plan was
approved by vote, it is stated, of approximately 80% of the stockholders.
See V. 98, p. 615, 767.
year, with statistics in each department, financial and commercial.
Bank Clearings in 1913, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange in each of the
past 20 years.
Part Interest.—
Securities listed on the New York Stock Exchange in 1913, with staSee Assets Realiz'n Co. under "Ann. Reports" above.—V.98.p.767, 615.
tistics for a series of years.
United Water & Light Co., Pittsburgh.—
Call money rates daily in 1913.
Money rates by weeks for past three years on all classes of loans.
Holders of 6% bond-secured notes have received a circular letter stating
Weekly statements in 1913 for Banks and Trust Companies.
that coupon interest will be paid on April 1 and requesting that the notes
Crop statistics for a series of years.
maturing Apr.1 and Oct. 1 1914 and Apr. 1 1915 be exchanged,par for par,
Iron and Coal—Production for a series of years.
for notes having like security due April 11919.
Gold and Silver—Production for a series of years and Monthly Range
Letter Received from American Water Works & Guarantee Co.
Price of Silver in London from 1837 to 1913, inclusive.
The plan of reorganization (see V. 98, p. 914) has received the approval ofExports
and imports for a series of years.
of
creditors
classes
of
all
the
American
Water
Works &
of substantially
Comparative
prices of Merchandise for a series of years.
Guarantee Co., which owns all the capital stock of the United Water &
Foreign Exchange—Daily Prices in New York in 1913.
Light Co. This plan contemplates the formation of a new company to buy
Great
Britain—Review
of commercial and financial affairs, with corn,
Company,
American
which
the Court has ordered sold on
the assets of the
statistics.
April 15. In the event of the carrying out of the plan, the successor com- parative
Bank of England Weekly Statements in 1913, and the changes in the
pany will start with new capital provided by the stockholders to develop Bank
rate for a series of years: also money rates in Continental cities.
the properties and build up the earnings. It will be the policy of such comGovernment Bonds—Monthly Range since 1860 and Debt Statement for
pany to finance the subsidiary water companies by the direct sale of their
year since 1793.
own securities, and thereby pay off from time to time the United Water each
State Bonds—Record of prices since 1860.
& Light notes from the proceeds of the sale of bonds held as collateral. It
Foreign Government Securities—Range of Prices monthly on New York.
is obvious that a reasonable time will be required to carry this policy into Stock
Exchange for five years.
effect, and it is therefore necessary to request the holders of notes presently
Railroad and Miscellaneous Bonds and Stocks—Monthly Range of
maturing to exchange them as provided in the acceenpanying letter.— Prices
for five years in New York and for one year in Boston, Philadelphia
V. 97, p. 1050.
and Baltimore.
Railroad and Industrial Dividends, 1904-1913.
Upper Iowa Power Co.—Bonds.—
Description of Railroad and Industrial Securities, Record of Earnings..
See Interstate Power Co. above.
Dividends, Railroad Construction, Total Mileage, Capitalization,Passenger
Westinghouse Electric & Mfg. Co.—New Directors.— and Freight and other statistics for a series of years.
James N. Wallace, Pres. of the Central Trust Co., and Herman H.
The price of the Review, bound in cloth, is $2 25. Parties
Westinghouse have been elected directors to succeed Thomas W. Lamont
and the late George Westinghouse, respectively.—V. 98, p. 843, 242.
desiring ten or more copies can have their names stamped on
the covers, in gilt, at reduced prices. Publishers, William B.
—Dominick & Dominick, 115 Broadway, this city, are Dana Co., 138 Front Street, New York. Copies may also
selling a now $1,000,000 issue of City of Rochester 43/2s, be had from Geo. M. Shepherd, 513 Monadnock Block,.
Chicago; Edwards & Smith, 1 Drapers Gardens, London.
due 1944, at 107% andlinterest, yielding 4.05%.
1006
The
THE CHRONICLE
Touxnurcial
[VOL.
xcvin
COTTON.
Friday Night, March 27 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
113,597 bales, against 118,524 bales last week and 127,636
bales the previous week, making the total receipts since
Sept. 1 1913 9,197,683 bales, against 8,594,747 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 602,936 bales.
COMMERCIAL EPITOME.
Friday Night, March 27 1914.
Warmer weather has helped retail trade; jobbing business
has also increased somewhatl but wholesale trade has been
comparatively quiet. Hesitancy is everywhere noticed.
Merchants do not know what to expect at Washington and
they are therefore feeling their way or doing nothing. The
uncertainties as to the exact character of future business
legislation and what is widely felt to be the unnecessary
Mon. Totes. Wed. Thurs. Fri.
Sat.
Total.
delay in granting an advance in freight rates to the railroads Galveston_
9,009 7,565 8,672 8,567 3,900 6,180 43,893
281
militate unmistakably against American trade. Conserva- Texas City
141
441
638
1,501
Arthur_ _
158
tism is therefore the watchword. Railroads are beginning Port
Aransas Pass,&c
---------------975
---_
975
New Orleans.._.... 4,168 5,933 6,974 6,264 4,435 4,454 32,228
to reduce the number of passenger trains. The foreign Mobile
668 1,064
973
6 1,146
812 4,669
situation is not reassuring either, with the Ulster compli- Pensacola
Jacksonville,&c_
94
94
cation, the unsettlement in France, the financial crisis Savannah
i,o5r7 i.Iffi 2-,:iiiej 1-,555 1.,5,1 2,412 13,522
Brunswick
2,000 2,000
in Brazil, brought about partly by the great decline in rubber Charleston
311
-549 -7778
-555
-554 259 2,564
Wilmington
741
735
521
510
569
288 3,364
within a year and partly by political agitation. Finally Norfolk
710
/300 1.037
1,093 1,619
384 5,643
there is the Mexican question. The outlook for the winter- Wport News,&c _..__ -- --- --- --743
743
New York
---150
150
wheat crop is on the whole excellent
Boston
110 1,041
Baltimore
-----------------r..
755
755
LARD on the spot has been quiet with prime Western Philadelphia
___
::
::: ::::
297
-N)/
11.05c.; refined for the Continent 11.35c.; South America Totals
this week_ 19.019 20.405 21.6941 19,012 14,001 19,466 113,597
11.85e. and Brazil in kegs 12.85c. Lard features have declined, partly in sympathy at times with falling prices for
The following shows the week's total receipts, the total
corn. Packers have been selling May provisions. Lower since Sept. 1 1913 and the stocks to-night, compared with
prices for hogs have also contributed to the depression in last year:
lard. To-day prices were rather firmer at first and then
1913-14.
I
1912-13.
Stock.
reacted.
Receipts to
DAILY CLOSING PRICES
Sat.
May delivery
cts_11.47
July delivery
11.62
September delivery
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Fri.
11.47
10.77M 10.75
10.60
10.52
11.65
10.975i 10.92M 10.75
10.72
11.12M 11.10
10.92
10.90
PORK on the spot has been quiet; mess $23@$23 50;
clear $20@$22; family $25@$27. Beef has been quiet;
mess $18(019; packet $19@$20; family $20(022; extra
India mess $28(030. Cut meats have been quiet; pickled
hams, 10@20 lbs., 13%@143ic. Butter quiet; creamery
extras 253'@26c. Cheese quiet; State, whole milk, held,
colored specials, 191/0. Eggs easier; fresh gathered extras,
21%©22o.
This Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.
Galveston
43,893 3,012,112 33,031 3,546,754
Texas City
1,501 464,300 3,517 656,349
Port Arthur
40,245
692 108,845
158
Aransas Pass,&c_
975 120,343 4,283 118,665
New Orleans_ _ _ _ 32,228 1,589,368 18,507 1,218,235
Mobile
4,669 373,484 2,678 181,472
Pensacola
139,126
500 107,271
28,242
Jacksonville,&c.._
94
14,166
Savannah
13,522 1,649,157 1(f,H; 1,133,205
Brunswick
2,000 289,150 1,050 218,275
631 285,672
2,564 408,090
Charleston
110
Georgetown
Wilmington
3,364 384,450 2-,865 322,689
Norfolk
5,643 502,469 4,542 468,434
92,061 1,186
94,342
743
N'port News,&c_
13,431
5,166
246
150
New York
41,779
14,232 1,113
1,041
Boston
62,692
83,947 1,239
Baltimore
755
75
2,461
1,741
297
Philadelphia
March 27.
1914.
1913.
275,637
10,906
234,779
18,590
3,636
168,434
26,627
351
107,567
17,180
293
61,722
8,000
12,183
1,710
93,657
3,641
31.420
21,013
41,610
18,178
55,772
114,792
11,587
123,427
10,211
1910.
1909.
4,350
COFFEE on the spot has been in moderate demand, so
7,915
2,962
2,046
far as Brazilian is concerned, at firmer prices; No. 7 Rio,
8%@8%c. Mild coffees have met with a better sale; fair
Totals
113,597 9,197,683 86,051 8,594,747 763,752 726,444
to good Cucuta 12WI @12%c. Interior roasters are importing
direct in many cases. Coffee futures have been in better
In order that comparison may be made with other years,
demand at some advance. To-day prices declined.
we give below the totals at leading ports for six seasons:
Closing prices were as follows:
March
Uari1
May
Juno
8.47(a8.48
8.47 8.48
8.57 8.58
8.66 8.68
July
August
September
October
8.74©8.76 November __9.05
8.83 ®8.85 December___9.10
9.28@9.30
___9.16
9.O0@9.02 JanuaryFebruary ___9.22
9.07
9.12
9.18
9.24
PETROLEUM.-Refined firm; barrels 8.75@9.75c.; bulk
5.25@6.25o.; 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 test,
in 100-gal on drums, 243/2c. Spirits of turpentine 49©
493'c. Common to good strained rosin $4 15.
OILS.-Linseed oil firm, with an increased demand; city,
raw, American seed, 54@55c.• boiled, 55@560.; Calcutta,
' 1032@11c., Ceylon 9J'@
raw,70c. Cocoanut quiet; Cochin
100. Castor quiet; No. 1, 83'@8%c. Corn firmer at
$6 55@$6 60. Palm firm; Lagos 74@7c. Lard firm;
prime 93@95o. Cod quiet; domestic 38c.
SUGAR.-Raw has been quiet much of the time. Centrifugal, 96-degrees test, 2.95c.; molasses, 89-degrees test,
2.28c. The world's visible supply is 4,130,000 tons, against
4,110,000 tons a week ago. Refined quiet; granulated
3.85@3.90o.
TOBACCO has been steady but slow. Binder of the better sort is in small supply, and this fact keeps prices, particularly for such tobacco, steady. Meantime manufacturers are understood to be in no urgent need of supplies.
Their stocks seem to be sufficient for the present. The
Sumatra inscriptions have not thus far imparted any real
snap to the market. Manufacturers have bought there more
than any other class of buyers. Better times are believed
to be coming, but just when?
COPPER has been in better demand and higher, although
latterly there has been some reaction in London. Still the
tone is undoubtedly firmer. Lake here on the spot 145Ac.,
electrolytic 143/20. Tin here on the spot 383'0., showing
something of a rise. Singapore prices have latterly advanced,
while London has been steady at some reaction from the
best recent prices. Lead here on the spot 4c., spelter 5Yic.
Iron and steel trade has been disappointing. March
bookings by big interests in the trade are reported to be considerably smaller than those of February. Railroad companies are not buying,for obvious reasons. Pig iron has been
quiet with No. 2 Eastern still $14(3$14 25 and No. 2 Southern $10 75@$11. According to some authorities in the trade
no immediate increase in prices of bars, plates and structural
shapes is at all likely.
Receipts at-
1914.
1913.
1912.
1911.
Galveston _
TexasCity,Stc.
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington.._
Norfolk
N'port N.,&c
All others.._ _ _
43,893
2,634
32,228
4,669
13,522
2,000
2,564
3,364
5,643
743
2,337
33,031
8,492
18,507
2,678
10,258
1,050
631
2,503
4,542
1,186
3,173
35,587
6,758
23,069
3,474
30,386
7,500
5,368
8,192
11,559
486
8,267
19,963
9,160
14,861
1,363
5,224
102
513
784
2,526
Total this wiz'.
113.597
86,051
140,646
60,182
5,686
20,887
36,577
32,675
3,796
11,336
8,165
1,016
1,700
3,730
467
12,490
23,670
3,576
12,951
950
2,895
2,470
4,117
1,986
2,077
101,054
95,082
Since Sept. 1_ 9,197,683 8,594,747 10549161 7,853,552 6,409,393 8,601,764
The exports for the week ending this evening reach a total
of 184,268 bales, of which 87,366 were to Great Britain,
550 to France and 96,352 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Exports
from-
Week ending March 27 1914.
Exported to-
From Sept. 1 1913 to March 27 1914.
Exported to-
Great
amtlGreat
ContiBritain.France neat,& Total. 13ritain. France. nest, ctc
Total.
___ 33,859 77,364 949,196 284,07 1,151,948 2,385,222
___ 338,638 26,88
____
____
80,896 446,422
1,540
____
25,309 26,849
_-_
____
26,548
_
8,168 34,716
732,580
165,85
'70,588
471,254
-_-_-_-_ 34,i3.6
1,369,690
106,597 67,17 123,076 296,851
38,577 45,56
___
Pensacola_
54,982 139,126
189,925
223,624
20,956
Savannah._ 3,21:
670,185 1,083,734
__-_ 17,7 5:
3,113 3,113 73,800 22,954 151,959 248,722
Brunswick
5,03 181,434 301,888
Charleston.. 2,63:
____ ........ 2,638 115,424
73,024
_-__
98,544 171,897 343,465
___.
____
Wilmington
____
Norfolk____
.._
---- 37,09
81,783 118,875
New York..
17,90 167,725 304,802
402 -886 1,607 1,959 119,17
58,49
1,144
Boston ____
249
895 .._
8,058 66,554
Baltimore
1,916 1,91: 41,06
----9,10
79,969 130,130
Pbiladel'a__
450
____ 1,824 2,274 29,73
10,005 39,740
___
___
____
____
31
Detroit ___
313
San Fran__
474 2,474
170,980 170,980
42
----------- 42
Pt.Towns'd
75,470 75,470
Total_ _ _ _ 87,366
550 96,352 184,268 2,931,72 966,7273,685,0987,583,549
Tot. '12-'13 29,552 1,306 55,173 86,031 3,050,354 921,0933,128,4107,099,857
Note.-New York exports since Sept. 1 nclude 9,334 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool and 6 bales West Indian to Havre.
Galveston_ 43,50,
____
Texas City.
Pt. Arthur_
___
Ar.Pass,&c
_
MobIleNewOrleans 36,2 •
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
MAR. 28 1914.]
THE CHRONICLE
On Shipboard, Not Cleared forGreat
GerOther CoastLeaving
Mch. 27 at- Britain. France. many. Foreign wise. Total.
Stock.
New Orleans_ _ 6,379 1,021 2,143 6,502
686; 16,731 151,703
Galveston __ _ _ 5,768 18,718 29,266 28,059 6,222 88,033 187,604
Savannah _ _ _ _
1,700
59,322
700; 2,400
Charleston_ _ _ _
12,183
Mobile
2,126 3-,§57
7 8,5i-31
-1661 14.-527
12,100
Norfolk
50
23,560
18,000 18,050
New York_ __ _
200
100
500 1,000
1,800 112,992
Other ports__ _ 7,000
9,000
46,747
____ 16,000
Total 1914_ _ 21,523 23,776 49,273 37,261 25,708 157,541 606,211
Total 1913_ _ 22,024 9,490 67,344 31,126 22,331 152,315 574,129
Total 1912_ _ 89,787 18,732 65,323 49,577 18,790 242,209 751,159
Speculation in cotton for future delivery has been on a very
moderate scale at prices showing more irregularity than was
the case last week. In other words, while prices advanced
for a time they have latterly receded to some extent under
the influence of liquidation and a falling off in the demand to
cover. Yet it is also true that there has been considerable
buying from first to last of both May and July, but particulay of May, to cover shorts. This buying has been for the
purpose of liquidating shorts in the ordinary kind of trading
and also to undo straddles between New York and Liverpool
which were originally made by selling in New York and
buying in Liverpool. There has, indeed, been enormous
liquidation of these straddles. Under the influence of this
buying the differences between New York and Liverpool have
very perceptibly narrowed. At one timo the difference
between May in New York and May-June in Liverpool was
as high as 142 points, which, needless to say, was a most
abnormal difference. It has been followed of late by a drop
to a difference below 100 points., i. e., around 97 points,
though widening later to 113. According to the belief of
not a few, there still remains a considerable short interest
to be covered in May, to say nothing of July, despite the
fact that buying to liquidate bear accounts and short straddles here has within the last few weeks reached a very large
total. Another interesting circumstance this week was the
firmness of March. Some weeks ago the premium on March
over May was, as everybody knows, only 20 points. Since
then, however, it has steadily risen until it has reached 80
points. Of late .the trading in March has fallen off very
perceptibly, but if anybody wanted to cover he had to pay
the difference of 80 or possibly 81 points over May to large
spot interests hero. Liverpool has also bought more or less
May and July, believed to be for the purpose of undoing straddles. This buying has been, indeed, confined very largely to
Liverpool and spot houses. Recently, . too, some
prominent Wall Street interests took the long side on a considerable scale. Then,again,spot markets have been firm,
and in parts of the South there is said to be quite a good demand for the better grades. In some parts, too, there is also
said to be quite a ready sale for the medium and lower grades.
The attitude of the trade seems to be different towards the
lower grades since the high degree of tensile strength of such
cotton has been demonstrated by Government investigations.
Furthermore, the weather at the South has been in the main
too cold during most of the week and there are complaints
from some parts of the belt that crop preparations are somewhat backward. Yet, on the other hand, of late the weather
has grown warmer,and in any case it is too early for a genuine
weather scare. The Liverpool market has become less
active as regards both spots and futures. The March deal
will in a day or two be a thing of the past. The manipulation of March, May and July has undoubtedly hurt speculation. Adverse legislation in regard to trading in cotton
futures, too, is being threatened in the United States Senate.
The attitude of a large element at the South is hostile to
the New York CottonExchange. Some of the big spot
interests and others while they have been buying the old
crop have sold the new. At anything like the present rolativel3r high prices there can be no doubt that a big acreage
will be planted. The sales of fertilizers are very heavy.
South Carolina farmers have bought 844,000 tons this year,
the largest quantity on record. A fire at Bombay is said
to have destroyed cotton worth $2,500,000. A fire has also
occurred in cotton warohouses at Savannah. To-day prices
advanced on the covering of shorts. Threatening weather
at the South was something of a factor. Later came a reaction. The United States Senate passed the bill regulating
trading in cotton futures, providing for U. S. standards
and commercial differences and also stipulating that the
mails shall be closed to transactions wherein it is not stipulated what particular grade is to be delivered. The bill has
not passed the House of Representatives. Spot cotton
closed at 13.50c. for middling uplands,showing a rise for the
week of 5 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
March 21 to March 27Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
13.50 13.50 13.50 13.50 13.50 13.50
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Meh. 27 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907
13.50
12.70
10.85
14.40
15.15
9.75
10.40
10.95
1906_ c
1905
1004
1903
1902
1901
1900
1899
11.70
8.05
15.30
10.05
8.94
8.06
9.88
6.31
1898_ c
1897
1896
1895
1894
1893
1892
1891
6.08
7.31
7.88
6.31
7.56
8.69
6.75
9.00
1890_c_,__ _ _11.38
1889
10.12
1888
9.88
1887
10.38
1886
9.12
1885
11.19
1884
11.25
1883
10.12
1007
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, iVed'day, Thursd'y, Friday,
March 21 March 23 March 24 March 25 March 26 March 27 Week.
MarchRange ____ 12.97-.09 13.00-.14 13.01-.10 12.96-.06 12.88-.95 12.93-.00 12.88-.14
Closing____ 13.06-.08 13.00-.01 13.04-.05 12.96-.97 12.93-.94 12.93-.95--AprilRange ___
12.40
12.40 Closing____ 12.40-.50 12.33-.40 12.37-.45 12.28-.35 12.26-.32 12.27-.32--MayRange _-- 12.20-.30 12.20-.31 12.20-.30 12.16-.25 12.08-.16 12.13-.23 12.08-.31
Closing____ 12.27-.28 12.20-.21 12.24-.25 12.15-.17 12.13-.14 12.14-.15--JuneRange ____ ---12.05-.08 12.02-.05
12.02-.48
Closing____ 12.07-.08 12.00-.02 12.01-.03 11.96-.98 12.02-.05 12.03-.05--JulyRange ____ 11.93-.03 11.95-M8 11.93-.99 11.90-.98 11.87-.98 11.96-.05 11.87-.08
Closing____ 12.02-.03 11.95-.96 11.95-.96 11.90-.91 11.96 -11.97-.98--AugustRange ____ 11.77-.82 11.78-.89 11.74-.79 11.69-.76 11.68-.76 11.75-.84 11.68-.89
Closing____ 11.83-.85 11.78-.77 11.74-.75 11.69-.71 11.76-.77 11.76-.78--SeptemberRange ____ --- 11.45
11.45 Closing____ 11.52-.54 11.43-.45 11.39-.41 11.39-.41 11.45-.47 11.45-.47--OctoberRange ____ 11.42-.48 11.38-.49 11.34-.39 11.33-.38 11.32-.42 11.40-.47 11.32-.49
Closing____ 11.47-.48 11.38 -11.34-.35 11.34-.35 11.40-.41 11.40-.41--DecemberRange ____ 11.49-.52 11.44-.53 11.41-47 11.40-.44 11.37-.49 11.47-.53 11.37-.53
Closing____ 11.52-.53 11.44-.45 11.41-.42 11.40-.41 11.48-.49 11.47-.48--JanuaryRange ____ 11.42-.46 11.40-.43 11.35-.39 11.34-.37 11.34-.43 11.43-.46 11.34-.46
Closing__ 11.47-.49 11.38-.40 11.37-.38 11.35-.36 11.43-.44 11.41-.42---
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 27Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1914. 1913.
1912.
1911.
bales.1,249,000 1,331,000 1,275,000 1,187.000
5,000
5,000
3,000
7,000
91.000 104,000
98,000 113.000
1,345.000 1,440,000 1,376.000 1,307,000
9,000
11.000
7,000
4,000
576,000 530,000 650,000 279,000
381,000 389,000 352,000 329.000
3,000
2,000
4.000
2,000
32,000
40,000
21,000
24,000
30,000 '25,000
41,000
48,000
44,000
28,000
5,000
4,000
Total Continentalstocks
1'075,000 1,025,000 1,083,000 687,000
Total European stocks
2,420,000 2.465,000 2,459,000 1,994,000
India cotton afloat for Europe_
165,000
90,000
71,000 146.000
Amer. cotton afloat for Europe
442,451 233,926 647,813 312,008
Egypt,Brazil,&c.,aflt.forEurope_ 46,000
43,000
33,000
43,000
Stock in Alexandria, Egypt
308,000 250,000 252,000 218,000
Stock in Bombay, India
1.039.000 907,000 665.000 544,000
Stock in U.S. ports
763,752 726,444 993,368 530,836
Stock in U. S.Interior towns...._ - 647.380 602,677 443,917 482,425
U. S. exports to-day
29.888
7,665
35,761
10,013
Total visible supply
5,861,471 5,325,712 5,610.859 4,270,282
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales_1,012,000 1.142,000 1,162.000 1.069,000
Manchester stock
60,000
7,000
67,000
94,000
Continentalstock
1,003,000 991,000 1,049,000 646,000
American afloat fqr Europe
442,451 233,926 647.813 312,008
U.S. port stocks
763,752 726,444 993.368 530,836
U.S.interior stocks
647,380 602,677 443,917 482,425
U. S. exports to-day
29,888
7,665
10.013
35.761
Total American
3,958,471 3.780,712 4,398,859 3,144,282
East Indian, Brazil, &c.
Liverpool stock
237,000 189,000 113,000 118,000
London stock
5,000
3,000
7,000
5,000
Manchester stock
31,000
27.000
31,000
19,000
Continental stock
72.000
34,000
34,000
41,000
India afloat for Europe
165,000
90,000
71,000 146,000
Egypt, Brazil, &c., afloat
46,000
43,000
43,000
33,000
308,000 250.000 252,000 218,000
Stock in Alexandria. Egypt
1,039,000 907,000 665,000 544,000
Stock in Bombay. India
1,903.000 1,545,000 1,212,000 1,126,000
Total East India, &c
3,958.471 3,780,712 4,398,859 3,144,282
Total American
Total visible supply
5.861,471 5,325,712 5,610,859 4,270,282
Middling Upland, Liverpool
7.11d.
6,94d.
6.17d.
7.70d.
Middling Upland, New 'York_ _ _ _ 13.50c.
12.70c.
10.85c.
14.404
Egypt, Good Brown, Liverpoo1_, 9.45d. 10.45d.
93
,(d.
10, d5
l'eruvian, Rough Good, Liverpool 9.00d. 10.00d.
9.10d. 11.
Broach, Fine, Liverpool
6%d.
63d.
5%d. 7 7-16d.
Tinnevelly, Good, Liverpool_
6 5-113d.
64d. 6 11-16d. 7 5-16d5
Continental imports for past week have been 195,000 bales.
The above figures for 1914 show a decrease from last week
of 152,797 bales, a gain of 535,759 bales over 1913, an excess
of 250,612 bales over 1912 and a gain of 1,591,189 bales over
1911.
NEW ORLEANS CONTRACT MARKET.-The highest,
lowest and closing quotations for leading contracts in the New
Orleans cotton market for the past week have been as follows:
Saturday, Monday.' Tuesday, Wed'day, Thursd'y, Friday,
Mar. 21. Mar. 23. Mar. 24. Mar. 25. Mar. 26. Mar. 27.
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
AugustRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options
1
12.88-.00 12.93-.001 12.91-.00 12.81-.91 12.92
.12.92-.00
13.00-.01 12.95-.98 12.97-.98 12.85-.92 12.84-.90 12.90-.95
1
1
12.64-.74 12.57-.73 12.58-.65 12.53-.63 12.49-.57 12.51-.62
12.73-.74 12.57-.581 12.58-.59 12.53-.54,12.54-.55 12.54-.55
1
12.53-.63 12.47-.61!12.47-.55 12.43-.52 12.39-.46 12.42-.51
12.62-.63 12.47-.48'12.47-.48 12.43-.44 12.43-.44 12.44,45
12.03-.10 12.03 -'12.03 12.16-.18 12.01-.0312.06-.09 12.00-.03,12.00-.03 12.02-.04
11.56-.61 11.46-.57'11.46-.50 11.43-.48 11.40-.50 11.50-.56
11.57-.60 11.46 - 11.46-.47 11.43-.44 11.48-.49 11.52-.53
11.57 -11.45-.58 11.46 -11.42-.45 11.38-.48 11.-50.54
11.58-.59 11.43-.44111.44-.45 11.41-.42
11.50-.51
11.46-.471
11.59
11.43-•48
-•
11.60-.61 11.46-.48'11.46-.48 11.43-.44 11.48-.49 1142-.53
Firm I Quiet
Quiet
Steady
st'y Steady
Quiet
Steady
Quiet
Steady
Steady
Stead'
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to March 28 1913.
Movement to March 27 1914.
Towns.
Ala., Eufaula__
Montgomery.
Selma
Ark., Helena
Little Rock
Ga., Albany--Athens
Atlanta
Augusta
Columbus
Macon
Rome
La.,Shreveport
Miss.,Columb,s
Greenville
Greenwood... _
Meridian
Natchez
Vicksburg_ .._
Yazoo City
Mo.,St. Louis_
N.C., Raleigh_
0. Cincinnati_
Okla.,Hugo_
S.C., Greenw'd
Tenn.,Memphis
Nashville
Tex., Brenham
Clarksville_
Dallas
Honey Grove_
Houston
Paris
[VoL. xcvm.
THE CHRONICLE
1008
Receipts.
Receipts.
Ship- Stocks
tnents. Mch.
Week. Season. Week. 27.
178
538
908
219
2,278
10
1,550
3,243
4,373
498
23
378
2,362
333
314
612
357
33
57
22
9,907
417
7,101
21,891
148,709
120,963
64,585
176,826
27,404
110,546
218,288
349,857
77,320
44,314
55,239
185,369
37,110
84,676
138,183
30,346
19,577
32,995
40,624
465,042
13,254
191,928
37,536
317 13,423
12,965 1,037,151
62 10,304
100 16,997
-- 48,511
'751 95,376
32,502
24:711 2,579,912
300 106,603
Week. Season.
Ship- Stocks
ments. Mch.
Week. 28.
116 6,238
17 20,791
175 1,751
945 149,526 1,122 27,099
1,181 20,532
192 6,302
189 115,661
1,262 10,794
714 9,736
334 40,898
275 11,880
2,949 51,184 1,100 174,278 1,204 33,400
25 23,893
9 1,800
60 2,550
500 101,993 1,128 18,000
2,200 18,192
2,356 13,817 1,186 152,521 1,483 15,513
8,646 61,581 1,154 316,865 3,606 69,477
1,325 14,521
235 72,857
675 24,812
116
824
105 35,791
62 11,959
289 5,589
531 48,870
550 8,584
3,425 32,875
228 136,981
711 8,126
784 2,588
250 25,675
555 2,449
2,080 12,868
150 47,342
510 7,400
2,518 20,031
400 107,437
509 13,000
374 7,414
486 51,918
641 14,434
33 4,300
12 18,012
197 1,556
395 5,903
97 28,601 1,017 3,135
591 7,742___
22,345
469 4,500
10,216 33,727 9,338 483,906 9,941 29,546
325
333
106
9,237
125
260
5,871 22,373 3,961 191,972 4,244 25,500
50
550
____
30,194
____
37
390 1,142
___
18,800 , 200 2,400
22,957 125,886 8,756 752,128 21,619 128,002
6,971
49
___ _
84
445
563
150 1,450
50 16,987
150 1,300
200 2,500
__ _
43,907
76
486
1,377 4,450 1,800 125,990 1,000 5,300
100 1,400
305 44,394
185 1,464
35,388141,770 22,8142,962,414 31,791 115,711
500 4,300 1,215 147,083 1,194 4,706
Total, 33 towns 74,9176,633,3611108,538647,380 56.3736.526.238 86.044602.677
The above totals show that the interior stocks have decreased during the week 33,621 bales and are to-night 44,703
bales more than at the same time last year. The receipts at
all towns have been 18,544 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
----1913-14---Since
Week.
Sept. 1.
10,216 437,513
4,965 164,811
248
5,938
2,615 100,191
2,769
99,581
987
126,495
3,108 336,733
crch 27S pedla St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
----1912-13---Since
Week.
Sept. 1.
9,941 458,297
2,480 215,143
400
18,548
948
68,108
2,317 123,267
1,348 111,510
2,362 287,790
Total gross overland
24,908 1,271,262
Deduct shiinnentsOverland to N. Y., Boston,&c.. _ _ 2,243 105,086
4,987 117,749
Between interior towns
3,814
Inland. &c.. from South
90,397
19,796 1,282,663
2,673
2,412
2,918
120,363
91,793
72,135
Total to be deducted
11,044
313,232
8,003
284.291
Leaving total net overland *
13,864
958,030
11,793
998,372
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 13,864 bales, against 11,793 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 40,342 bales.
-----1913-14----- -----1912-13
Since
In Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to March 27_ .._113,597 9,197,683 86,051 8,594,747
Net overland to March 27
13,864
958,030
11,793
998,372
southern consumption to Mar. 27 60,000 1,790,000 58,000 1,676,000
Total marketed
Interior stocks in excess
187,461 11,945,713 155,844 11,269,119
*33,621
532,866 *29,661
505,641
Came into sight during week....153,840
Total in sight March 27
12,478,579
126,183
Nor. spinners' takings to Mar. 27 50,823 2,003,666
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph from the South this evening denote that rain
has been general during the week, with the precipitation
rather heavy in some sections of the Gulf States and Eastern
Texas. From Texas reports are that notwithstanding recent
delay by adverse weather crop preparations are in advance
of normal.
Galveston, Tex.-The recent cold wave and heavy rains
have delayed planting in quite a few localities, but it is generally understood that preparations are in advance of normal.
Atmospheric conditions point to another"norther"for Texas.
It has rained here on one day of the week, the precipitation
reaching two inches and eighty-four hundredths. Lowest
thermometer 44, highest 68, average 56.
Abilene, Tex.-We have had rain on one day of the week,
the precipitation reaching twenty-two hundredths of an inch.
Minimum thermometer 32, highest 62, average 47.
Dallas, Tex.-There has been light rain on three days
during the week, the rainfall being thirty-three hundredths
of an mch. Minimum thermometer 38, highest 66, average
52.
Palestine, Tex.-There has been rain on three days during
the week, the rainfall being eighty hundredths of an inch.
Minimum thermometer 38, highest 66, average 52.
San Antonio, Tex.-It has rained lightly on three days of
the week, the precipitation being seventy hundredths of an
inch. Average thermometer 52, highest 66, lowest 38.
Taylor, Tex.-We have had light rain on two days during
the week, the precipitation being seventeen hundredths of an
inch. The thermometer has averaged 51, the highest being
68 and the lowest 34.
Charleston, S. C.-There has been rain on three days of the
past week, and the rainfall has been sixty-six hundredths of
an inch. The thermometer has ranged from 31 to 68.
Average 50.
Charlotte, N. C.-Rain has fallen on one day of the week,
the rainfall reaching twenty-five hundredths of an inch.
The thermometer has ranged from 25 to 70, averaging 48.
Vicksburg, Miss.-We have had rain on two days of the
past week, the rainfall reaching five inches and four hundredths. The thermometer has ranged from 33 to 74, averaging 57.
Madison, Fla.-There has been rain on two days the past
week, to the extent of one inch. The thermometer has
averaged 56, ranging from 38 to 77.
Mobile, Ala.-Acreage of cotton is being reduced on account of fear of boll-weevil. Rainfall for the week thirtyseven hundredths of an inch, on four days. Average thermometer 51, highest 66, lowest 36.
Selma, Ala.-There has been rain on three days of the past
week, and the rainfall has been forty-two hundredths of an
inch. Thermometer has ranged from 28 to 74, averaging 42.
Memphis, Tenn.-There has been rain on one day the
past week, the rainfall reaching thirty hundredths of an inch.
The thermometer has ranged from 26 to 69, averaging 48.
Savannah, Ga.-Rainfall for the week, eighty-one hundredths of an inch, on three days. Average thermometer
51, ranging from 32 to 73.
New Orleans, La.-It has rained on five days of the week,
the precipitation being one inch and eighty hundredths.
Average thermometer 60.
CENSUS BUREAU'S MONTHLY COTTON REPORT.
-The report issued by the Bureau of the Census covering
the amount of cotton consumed in the United States during
February 1914 in comparison with 1913, the stock on hand
at the close of the month, the number of active spindles,
import of foreign cotton and exports of domestic cotton is
as follows:
are given in running
bales, counting
(The statistics of cotton in this report
round.as half bales, except foreign cotton, which is in equivalent 500-pound
bales. Monthly totals of cotton consumed are affected somewhat by some
weeks
instead of for a calendar
mills reporting for a period of four or five
month.)
COTTON CONSUMED AND ON HAND, AND ACTIVE COTTON
SPINDLES FOR FEBRUARY 1914 AND 1913 (Linters not included).
11,771,7760
Cotton on Hand Feb. 28.
23,243 2,093,111
* Decrease during week.
Locality.
Movement into sight in previous years:
Bales.
194,541
103,482
124,866
125,325
Week1912-March 30
1911-March 31
1910-April
1
2
1909-April
Since Sept. 11911-12-March 30
1910-11-March 31
1909-10-April
1
1908-09-April 2
Bales.
13,654,247
10,607,998
9,105,715
11,743,547
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
March 27.
Galveston
New Orleans.._ _
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfplk
Baltimore
Philadelphia __ _
Augusta
Memphis
St. Louis
Houston
Little Rock_ _ _ _
Closing Quotations for Middling Cotton onSaturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
13
13 3-16
12 11-16
13 1-16
13
12%
13
13%
13.75
13 yi
isg
13%
12%
13
13%
12 11-16
13 1-16
13
13
13
13%
13.75
13.75
13Yog% 13Y, ©3i
13%
13%
13%
13%
12%
12%
12%
1234
13
13 3-16
12 11-16
13 1-16
13
12%
13
13
13%
12%
13
13
13
13
13%
13.75
13h034
13
13 8
12%
123A
13
13
12%
13
13
13
13
13%
13.75
13Y, ©34
13)i
13%
12%
1234
13
13
12%
13
13
13
13
1334
13.75
13M©31
13Y.,
13%
123i
12%
In ManuCotton
Year Consumed facturing es(bales). tablishments
(bales).
United States___f 1914 *455,239
1 1913 448,095
*1,734,317
1,893,966
In Inde- Active cotton
pendent
Spindles.
warehouses (Number).
(bales).
*2,293,601
2,217,619
31,139,730
30,536,486
848,708
2,112,766 12,306,311
Cotton-growing 1 1914 243,184
871,177
2,021,948 11,757,852
States
11913 232,198
885,609
180,835 18,833,419
All other States_(1914 212,055
195,671 18,778,634
1913 215,8971,022,789
e-d747,985 bales on hand
* Includes
of foreign cotton 13,606-bales consumin mfg. establishments and 3,715 bales in independent warehouses.
In addition to cotton, there were 22,452 bales of linters consumed in 1914
and 23,118 bales in 1913, 93,800 bales on hand in mfg. establishments in
1914 and 87,335 bales in 1913, and 55;774 bales in independent warehouses
in 1914 and 33,280 bales in 1913.
IMPORTS AND EXPORTS OF COTTON AND LINTERS FOR
MONTH OF FEBRUARY,1914 AND 1913.
__
Imports of Foreign Cotton.
Country of
Production.
Total
Exports Domestic Cotton ot Linters
1914.
1913.
Coventry to
which expl'd
20,771
34,039
Total
1914.
1913.
*750,990
*530.911
United ICing'm 328,794
166,726
Genmany _ _ _ _
212.599
159,817
74,765
France
26,991
Italy
36,473
47,450
All oth. coun's
98,359
129,927
* Figures for 1914 include 39.325 bales of linters; quantity of linters ineluded for 1913 not available.
Egypt
Peru
China
All oth. cowl's
11,361
1,426
3,602
4,382
29,899
1,367
2,457
31110
1009
THE CHRONICLE
MAR. 281914.1
WORLD STATISTICS.
The data compiled from published reports, documents and correspondence indicates that the world's production of commercial cotton from the
crop grown in 1912 was approximately 21,457,000 bales of 500 pounds net,
distributed as follows: United States (including linters), 13,696,000 bales;
India (not including 360,000 estimated as used outside of mills), 3,158,000
Egypt, 1,523000;China, 1,074,000; Russia,950,000; Brazil,320,000;and all
other countries, 736,000; and that the consumption for the year ending
Aug. 31 1913 was approximately 21,392,000 bales of 500 pounds net. Except for the United States, cotton included in this amount refers almost exclusively to that used in spinning and does not include large quantities
which are consumed in the manufacture of felts, bats, &c. The number of
active consuming spindles during that year was 143,398,000.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO MARCH 1.-Below we present a synopsis of the
crop movement for the month of February and the six months
ended Feb. 28-29 for three years:
1913-14.
1912-13.
1911-12.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Week.
Since
Sept. 1.
1911-12.
1912-13.
1913-14.
March 26.
Receipts al-
Since
Week. Sept. 1.
Since
Sept. 1.
Week.
129,000 2,360,000 90,000 1,749,000 73,000 1.639.000
Bombay
Since September 1.
For the Week.
Exports
from-
Great
Great Conti- Japan
Britain. nent. &China Total. Britain..
Bombay1913-14__ 5,000
1,
1912-13_
1911-12 ---Calcutta1913-14_
1912-13._
1911-12_
Madras1913-14.._
1912-13_
1911-12_
All others
1913-14__
12,000
7,000
2,000 59,666 62,00
3,000 7,000 10,000
8,000
3,000
8,000
3,000
Japan
Conti..
nen:. &China.
Total.
23,00 558,000 613,0001,194,000
15,000 196,00 496,000 707,000
4,00 149,0
526.0001 879,000
2,00
3,00
2,00
25,000
9,000
2,00
11,00
8,000
8,000
38,000
20,000
12,000
244,580
142,507
155,324
bales_
Gross overland for February
1,159,479 1,199.149 1,285,567
1,000 34,000
Gross overland for 6 months
3,000
5,000 28,000
3,000
200,802
118,140
115,260
20,000
Net overland for February
2,000
4,000 16,000
2,000
937,437 1,063,722
892,877
7,800
Net overland for 6 months
800
2,000
5,000
1,264,509
474,328
741,248
Porb receipts in February
8,679,289 8,178,971 9,780,374
Port receipts in 6 months
30,000 4,000 34,000 18,000 166,000 11,000 195,000'
1,192,451
497,218
743,824
February
Exports in
10,000 87,000 42,0001 139,000
13,000 25,000 38,00
6,946,072 6,766,244 7,922,966
Exports for 6 months
52,000 16,000J 73,000
3,000
5,00
3,000
1911-12._
756,174 1,359,503
973,213
Port stocks on Feb. 28
1,758,581
1,908,036
1,835,833
to
March
takings
1._
spinners'
Northern
all
Total
1,560,000 1,448,000 1,279,000
Southern consumption to March 1
1913-14__ 5,000 40,000 12,000 57,0001 48,00 763,000 650,00 1,461,000
Overland to Canada for 6 months (in1912-13_ _ 1,000 17,00 87,000 105.0001 32,000 307,000 547,000 886,000
93,959
90,857
99,860
cluded in net overland)
7,000 13,000 13.000 214,000 544,800 771,800
6,00
1911-12._
125
143
1
Burnt North and South in 6 months_ __ _
14,471
27,584
21,903
Stocks at North.interior markets Feb. 28
1,494,311
746,628
946,508
MANCHESTER MARKET.-Our report received by
Came in sight during February
11,812,166 11,173,749 12,624,096
Amount of crop in sight March 1
2,955,153 3,419,220 cable to-night from Manchester states that the market is
Came in sight during balance of season
14,128,902 16,043,316 steady for both yarns and shirtings. The demand for both
Total crap
515.24
515.60
517.58
Average gross weight of bales
490.24 home trade and foreign markets is improving. We give the
490.60
492.58
Average net weight of bales
prices for to-day below and leave those for previous weeks
of this and last year for comparison.
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Steady, 5 pts. adv.._
Steady
Steady
Quiet
Wet
Quiet
Steady
Barely steady.._
Steady
Barely steady_ _
Steady
Steady
Total_ ___
SALES.
200
-LH
726
1,000
200
1913.
1914.
Spot. Contect Total.
32s Cop
Twist.
1,200
200
1;666 1;666
1,400
1,926
3,600
4,326
9%
9'31.
9
834 lbs. Shirt- Cot'n'
ing*, common Mic1.1
Upl's1
to finest.
d. s. d.
d.
Feb.
6
13
20
27
Mar
6
13
20
27
0020 0000
Saturday.._ _
Monday __ _
Tuesday _
Wednesday_
Thursday _ _
Friday
Spot Market
Closed.
10%
10% 6
101X.8
10% 6
32s Cop
Twist.
s. d. d. d.
1 sg11 2
1 011 2
1 Cti11 2
1 011 2
8.96 10
7.04 10%
7.09 10
7.08 10
834 lbs. Shirt- Corn
(nos. common Mid.
to finest.
Upl's
d. s. d.
10% 8
11 6
10% 8
94 10% 6
s. d. d.
3 (q)11 6
4 011
3%011
3349411 8
6.94
6.93
6.77
6.89
EXPORTS OF COTTON GOODS FROM GREAT
6.81
6.99 9% 0 10% 6 3%011 6
104 6 0%®11 1
6.85
7.02 9% ® 10% 6 3 011 8
10A 6 0 (411.
034
BRITAIN.-Below we give the exports of cotton yarn,
@ 11 8 3 011 6
8.91
7.08 10
0% @)11 1
10%
9%
February
of
for
the
Great
month
Britain
from
&c.,
goods,
8.94
7.11 103494
1134 6 3 Q11 6
10% 6 0;4011 1
9%
and since Oct. 1 in 1913-14 and 1912-13, as compiled by us
on
previous
a
shown
page,
the
-As
from the British Board of Trade returns. It will be noticed
NEWS.
SHIPPING
that we have reduced the movement all to pounds.
exports of cotton from the United States the past week have
reached 184,268 bales. The shipments in detail, as made
Total of All.
Cloth.
Yarn & Thread.
up from mail and telegraphic returns, are as follows:
0005
omitted. 1913-14 1912-13 1913-14. 1912-13. 1913-14. 1912-13. 1913-14. 1912-13.
• Lbs.
Lbs.
Lbs.
Lbs.
Yds.
Lbs.
Yds.
Lbs.
001)._ 21,811 24,703 830,937 888,185 117,932 124,521 139,743 149,224
Nov _ _ 19,979 19,897 583,850 588,948 105,355 108,345 125,334 128,242
Dec 18,884 20,007 530,692 554,370 99,194 103,821 118,078 123,828
Total bales.
NEW YORK-To Liverpool-Mar.20-Armenian, 199.... _Mar. 24
402
-Carmania, 131.... _Mar. 25-Cedric,72 Peruvian
550
To Havre-Mar. 24-St. Cecilia, 550
650
To Bremon-Mar. 20-Prinz Friedrich Wilhelm, 650
21
To Hamburg-Mar. 20-Pretoria, 21
61
To Rotterdam-Mar. 26-Nygaard, 61
75
To Venice-Mar. 20--Martha Washington, 75
4th quar 80,874 64,8071,734,279 1,789,501 322,481 334,487 383,155 399,004
200
To Naples-Mar.23-San Guglielrno, 200
Jan
21,024 20,974 888,105 848,913 124,879 121,292 145,003 142,268 GALVESTON-To Liverpool-Mar. 19-Atlantian, 20,077__..
36,615
Mar. 24-Halizones, 16,538
Feb..___ 19,647 18,455 583,452 563,606 109,056 105,137 128,703 123,892
6.890
To Manchester-Mar.19-Maria de Larrinaga,6.890
450
441
To Bremen-Mar. 21-Brandenburg, 9.710; Themis, 13,450
Stockings and socks
8
71
374
26:
Mar. 26-Harald,3,581
18,369 21,731
Sundry articles
2,378
To Genoa-Mar. 21-Dinnamare, 2,378
2,800
676,574 687,433
To Japan-Mar.21-City of Naples, 2,800
Total exports of cotton manufactures
1,940
To China-Mar.21-City of Naples, 1.940
-To Liverpool-Mar. 23-Wayfarer, 15,000_
The foregoing shows that there had been exported from NEW ORLEANS
30,414
Mar. 24-Monarch, 15.414
the United Kingdom during the five months 676,574,000
5,844
• To Belfast-Mar. 24-Torr Head, 5,844
pounds of manufactured cotton, against 687,433,000 pounds
To Bremen-Mar. 21-Floridian, 10,140.._ _Mar. 26-Ocean
15,890
Prince, 5,750
last year, or a decrease of 10,859,000 pounds.
8,213
To Hamburg-Mar.26-Indianola, 1,118; Oxonian, 7,095
750
To Rotterdam-Mar. 21-Frankdale, 750
WORLD'S SUPPLY AND TAKINGS OF COTTON.
624
To Barcelona-Mar. 24-Catalina, 624
_Mar. 26-Dinna6,317...
-Val
23
Sallee,
-Mar.
Genoa
To
1912-13.
1913-14.
Cotton Takings.
8,317
mare. 2,000_,
Week and Season.
To Naples-Mar. 26-Dinnamare, 136
Season.
Week.
Season.
Week.
To Port Barrio -Mar. 25-Coppename, 200
3.2
8
18
130
SAVANNAH-To Liverpool-Mar. 26-Mercian, 3,218
5,373,741,
6,014,268
Visible supply March 20
To Bremen-Mar. 24-Highbury, 4,721......Mar. 26-ArnsI 2,135,485
2,055,351
Visible supply Sept. 1
80
3:9
13
8
30
Brika,
4,156;
4,961
dale,
American in sight to March 27_ 153,840 12,478,579 126,183 11,774,760
To Japan-Mar.21-New Zealand Transport, 3,900
90,000 1,749,000 BRUNSWICK
Bombay receipts to March 26_ - 129,000 2,360,000
-To Bremen-Mar. 26-Anglo-Saxon, 3,113
179,000 CHARLESTON
43,000
267.000
45,000
Other India ship'ts to March 26
138
2,6
3
13
-To Liverpool-Mar.23-Mercian,2.638
4,000
976,000
975,000 BOSTON-To Liverpool-Mar. 18-Michigan, 787
8,000
Alexandria receipts to March 25
787
226.000
10,000
229,000
11,000
*_
25
March
supply
to
Other
108
To Manchester-Mar.21-Memphian, 108
249
To Yarmouth-Mar. 24-Prince George, 249
Total supply
6,361,108 18,365,930.5,646,932 17,039,245 BALTIMORE
1,916
-To Bremen-Mar. 18-Rhein, 1,916
Deduct1
19-Manchester Spin-Mar.
Manchester
-To
PHILADELPHIA
5,861,471 5,861,471 5,325,712 5,325,712
Visible supply March 27
450
ner,450
100
To Hamburg-Mar. 2-Prinz Adalbert, 100
Total takings to March 27 a...... 499,637 12,504,459 321,22011,713,533
1,724
1,724
-Menominee,
18
Antwerp
-Mar.
To
304,637 9,562,459 213,220 9,359,533
Of which American
18-Hong Kong Marc, 634
-To
Japan-Mar.
FRANCISCO
SAN
b195,000 2,942,000 108,000 2,354,000
Of which other
__Mar. 20-Persia, 1,628.._ _Mar. 21-Shinyo Marc, 212.._ 2,474
42
PORT TOWNSEND-To Japan-Mar.24-Tamba Marc,42
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
estimated
by
the
consumption
mills,
Southern
embraces
total
a This
184,628
Total
1,790,000 bales in 1913-14 and 1,676,000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and
The particulars of the foregoing shipments for the week,
foreign spinners, 10,714,459 bales in 1913-14 and 10,037,533 bales in
1912-13, of which 7,772,459 bales and 7,683,533 bales American.
arranged in our usual form, are as follows:
b Including amount burned at Bombay.
Great French Gre- -Oth.Europe-- Mex.
.Japan. Total.
.
cfcc
Britain. Ports. many. North. South.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
275
61
671
1,959
402
550
New York
___
2,378
1,940
741
2,800 77,364
26
43,505
Galveston
1912-13.
Alexandria, Egypt,
1913-14.
1911-12.
70,388
New Orleans__ _36,258 ____ 24.103 -760 9,077 200 -_
March 25.
0,956
3,218 ____ 13.838
Savannah
-__
-__ -3,113
3,113 ----------------_-- ---_
Brunswick
Receipts (cantars)2,638
2,638
Charleston
50,000
28,000
100,000
This week
249
1,144
_ .
___
895 ---------------Boston
7,313,523
6,996,774
7,312,972
Since Sept. 1
1,916
_.
1,916 ----------------- ..___ .__
Baltimore
100 1.724 ----------2,274
450 ____
Philadelphia
____
___ 2,474
____
2,474
____
--_
-_-_
This Since
This Since 1 San Francisco
This Since
42
42
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. Port Townsend_
Exports (bales)To Liverpool
4,750 171,419 2,000 174,256 1,250 161.781
To Manchester
10,000 180,063 --- 178,854 4,000 189,083
• To Continent and India_ 3,000 310,271 4,000 299,427 4,000 275,265
4,250 53,597 2,500 104,931 1,750 76,440
li To America
ie.
Total exports
22,000 715,350 8,500 757,468 11,000 702,569
Note.-A canter is 99 lbs.Egyptian bales weigh about 750 lbs.
Total
87,366
550 70,482 2,535 11,730 2,389 9,216 184,268
The exports to Japan since Sept. 1 have been 244,802 bales
from Pacific ports, 28,170 bales from Galveston, 31,750
bales from Savannah, 10,550 bales from Mobile, 3,000 bales
from Wilmington and 3,490 bales from New York.
1010
THE CHRONICLE
[VOL. xcvm.
Cotton freights at New York the past week have been
as Last week the Russian shipments were 2,228,000
bushels,
follows, quotations being in cents per 100 lbs.:
against 2,792,000 in the previous week, though
it is true
Sat.
Man.
Tues,
Wed.
Thurs.
Fri.
they were only 1,206,000 in the same week last
Liverpool
20
20
year. The
20
20
20
20
Manchester
crop is slow in moving in Roumania. On the
20
20
20
20
20
20
other hand,
Havre
23
23
23
23
23
however, there has been a lack of aggressive
23
Bremen
speculatio
n for
20
20
20
20
20
20
Hamburg
a rise. At times, too, the market has acted
30
30
30
30
30
30
over-bought.
Antwerp
23
23
23
23
In Liverpool distant deliveries of River Plate wheat
23
23
Ghent, via Antwerp
have
29
29
29
29
29
29
shown more or less weakness. The weather in Argentina
Royal
35
35
35
35
35
35
Barcelona
30
30
30
has been fine. The crop advices from Russia have been
30
30
30
on
Genoa
25
25
25
25
25
25
the whole favorable. The better weather recently has caused
Trieste
35
35
35
35
35
35
Japan
45
45
a more hopeful feeling in Russia in regard to the crop, which
45
45
45
45
Bombay
40
40
40
40
40
40
it was feared at one time might be damaged. Russian stocks,
moreover, at the interior markets and the ports, it is worthy
LIVERPOOL-By cable from Liverpool we have
the
of note, are considerably larger than those of a year ago.
following statement of the week's sales, stocks, &c., at
that
Exports from Roumania and Bulgaria are liberal. Crop
port:
Mar. 6. Mar. 13. Mar. 20. Mar. 27. advices from Bulgaria, Hungary and Italy are generally
Sales of the week
51,000
47,000
58,000
46,000
promising. Export trade has been ight in this country.
Of which speculators took
4,000
3,000
5,000
1,000 Some seeding of
Of which exporters took
spring w eat has been done in South Da1,000
__
___
1,000
Sales, American
41,000
36,000
45,000
36,000 kota and.in parts of
winter-wheat country more or less
Actual export
3,000
3,000
17,000
6,000 rain has fallen where it
Forwarded
t was needed. The cash markets have
109,000
65,000
94,000
89,000
Total stock
1,196,000 1,209,000 1,194,000 1.249,000 latterly been quiet. To-day prices
advanced and then reOf which American
956,000 967,000 957,000 1,012,000 acted. Rains
seem likely in Kansas and Nebraska.
Total imports of the week
141,000
80,000
96,000 149,000
SwitchOf which American
106,000
68,000
62,000 127,000 ing from May to July by "longs" was a feature. Very
Amount afloat
little
333,000 303,000 255,000 222,000 export
trade
was
done
Yet
the
indications point to a deOf which American
274,000 247,000 209,000 179,000
crease in the quantity on passage to Europe. Argentina'
s
The tone of the Liverpool market for spots and futures
exports are rather small. The decline in corn at one time
each day of the past week and the daily closing prices
of during the day, however, had sonic effect, together with
the
spot cotton have been as follows:
prospects of rain.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Spot.
Saturday. Monday. Tuesday. 1Wednesday. Thursday. Friday.
Sat. Mon. Tues. Wed. Thurs.
No.2 red in elevator
cts..105
105
105
105
105
105
Market,
Fair
May delivery in elevator
Fair
Fair
Fair
102
10234 10234 10134 101X wig
12:15
Quiet,
business
July delivery in elevator
business
Quieter.
business
business
9
98
734
98
9734 9734 9734
P. M. unchanged, doing,
Sept. delivery in elevator
doing,
doing.
95
doing.
9534
9554 955i 9534
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Mid.Uprds
7.08
CHICAGO.
7.13
7.11
7.12
7.08'
7.11
Sat. Mon. 2'ues. Wed. Thurs.
May
delivery
in
elevator
cts- 933', 9334 9334 9334 9354 Fri.
Sales
5,000
10,000
8,000
9334
7,000
8,000
8,000
July delivery in elevator
8834
89.
Speo.drexp.
89
8834
300
1,500
89
1,000
500
500
500
Sept. delivery in elevator
8834 8834 8854 883', 8934
8834 8834
Futures. Steady at Steady at Steady, 3-i Irreg., 1 Steady at Quiet at
Indian corn has been irregular, advancing early
in the
Market
2023-1
2®3 pts. pt. dec. to pt. dec. to 13-103
1 point
week and later on declining. Two things have helped
opened
pts. adv. pts. adv. 1 pt. adv.! 3-i pt. adv. pts. dec.
the
advance. bulls, namely
a revival of cash demand and predictions of a
Market,
Dull, A Steady at St'd, 23-i
Quiet at Quiet, 13-i Steady at smaller crop movement. These have
stimulated specula4
pt. den. t. 3-iO5 pts. pts. dee. to 1013-i pts. dec. to
tion, making a third factor, which has made itself felt.
P. M. I 3-5 pt. adv. advance. 23-i pts.adv pts. dec. A pt. adv. 33-i043-1
pts. adv.
World's shipments were 1,558,000 bushels, against 1,412,000
The prices of futures at Liverpool for each day are given in the previous week and 2,944,000 in the same week
last
below. Prices are on the basis of upland, good ordinary year. The other day 193 cars of cash corn were
sold at
clause, unless otherwise stated.
Omaha. All these things found the market short Commission houses have bought freely. Shorts found the offerThe prices are given in pence and 100ths. Thus: 6-71 means 6 71-190d.
ings at times very light. Of late, however, the receipts have
Mar. 21 Saturday, Monday, Tuesday.' Wed'day:IThursday. Friday.
increased and interior offerings have also been larger. The
to
cash demand has likewise fallen off. The steamer Thyra
Mar. 27. 12% 1234 12Xi 4 1234 4 11234 4 1123-I1 4 12%! 4
p.m. pin • p.m p.m. p.m. p.m.i p.m. p.m. p.m.!p.m. p.m. p.m. arrived some days ago at Galveston. It brought 3,000
bushels of new Argentina corn, which was reported to have
d.
d.
d. d. d. d. d. d. d. d. d. I d.
March.._ _
77 176 75 77% 76 75%
74 7534 78% arrived in very good condition and to be of very satisfactory
Mar-April
72% 72 71% 74% 74 73%
72% 74 ,76% color, and yet to have been offered at easier prices. Serious
Apr.-May
6235 66 •65 64 67 66 65% 63% 64% 66 68
May-June
65% 64 63 6534 64% 64 62 64% 64% 66% competition from Argentina in the United States this season
June-July
59%
56%
58 56% 58% 57% 5734 55% 57 5834603-1 is predicted by bears. Liverpool has reported liberal offerJuly-Aug__
6 5234 5534 54 52% 54 53 53 51 52% 54
56% ings of Danubian corn. On the whole,
Aug-Sept. ---6423-1 45 4334 42 43 41% 41% 40
however, the tone
43 45
Sept.-Oct. ---- 6 29 31% 29% 27% 27 24% 24% 24 4134
has been steadier at home and abroad. Liverpool has been
25 27 29
Oct.-Nov.
20% 23 21 19 18% 16 16 15% 16% 18% 20
influenced by the early firmness of prices in America and
Nov.-Dec.,615 17% 1534 13% 13 10% 10% 10 11 13 14
Dec.-Jan..
1334 16 114 12 11 09 09 08 09 1134 13% Argentina, and strong prices have prevailed in
both the
Jan.-Feb.. ____ 6 1334 16 114 12
09 09 09 09 11% 13
English and the Continental market. Yet the invasion of
Feb.-Mar.
1434 17 115 13 12% 10 10 10% 10% 12% 14
Mar.-Apr.
Argentina
corn
country
this
is being watched with deep
18 1 16 14 13%111 11
by
11% 13% 15
interest. Rumors are afloat that large quantit'es have been
bought to arrive at Galveston. One house, it is asserted,
has bought 800,000 bushels to arrive there and other firms
similar quantities. On the other hand, the receipts of AmeriFriday Night, March 27 1914.
can corn at our primary markets on a single day were only
Flour has, on the whole, continued quiet for most grades, 840,000 bushels, against 1,422,000 bushels on the same day
though at times there has been a fair demand for small lots. last year. This has offset, in a measure, the talk about imA somewhat better trade has latterly been done in Kansas pending imports of Argentina corn into this country.. Toflour. But most buyers insist upon some easing of prices. day prices declined and then rallied sharply on covering.
Within a day or two rumors have been current of somewhat DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YOIZIC
Sat. Mon. Tues. Wed. Thurs. Fri.
larger sales, in some cases at the expense of some slight de- No. 2 mixed
79
79
7834 7834 783./
cts 70
cline in prices. The total production at Minneapolis,
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Duluth and Milwaukee last week was 374,310 barrels,
May delivery in elevator
cis_ 683-b 69% 703-4 6934 6834 6834
against 367,385 in the previous week and 352,760 last year. July delivery In
elevator
683-4 6934 6934 6934 683-4 6934
69
6834 6834 6834
6734 60
Wheat has now and then been firmer in response to some Sept. delivery in elevator
increase in strength of prices for corn, but the fluctuations
Oats have manifested a certain sympathy with corn,
have been within comparatively narrow limits. Some com- advancing at one time and receding later with that cereal.
plaints are heard of a lack of sufficient moisture for the winter- As usual, however, they have shown no striking features.
wheat crop in Western Kansas and Nebraska. It is also In Chicago there has been a fair amount of buying of July
said to have been too dry of late in the Northwest. In the against sales of May. Also some have boon buying SeptemSouthwest cash prices have advanced with some increase in ber and selling July. The cash demand has been fair. The
the cash demand. The world's shipments, too, fell off to available supply in this country, has increased within a
11,968,000 bushels last week, against 13,408,000 in the pre- week 209,000 bushels, against an increase in the same time
vious week and 12,776,000 in the same week last year. There last year of 262,000 bushels. The available supply of oats in
was a falling off in the shipments from Russia of 577,000 this country is 39,500,000 bushels or 13,000,000 bushels
bushels and of nearly 300,000 in those from Argentina, with larger than a year ago and some 14,000,000 bushels
in
somewhat smaller shipments also from Australia. Liver- excess of the supply two years ago. In other words, the
pool has reported. firmer prices for River Plate wheat excess over supplies in recent ycarscon.tinues about what
as
well
Australian.
as
The
market
there
was it has been of late. At the same time prices are noticeably
affected by the decrease in the world's shipments higher than they were a year ago. Speculation is on a
and decreasing Liverpool stocks. Rains have interfered with very moderate scale. To-day: prices declined slightly but
sowing in the United Kingdom,and there are some complaints recovered. Seeding, it is said, has been delayed 111 the
of damage there to winter wheat. From France come re- Central West by recent unfavorable weather.
ports that, owing to continued wet weather, much of the
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
wheat area is being replaced with oats. It is also said that Standards
cts_ 46-4634 46-463-1 46-4034 46-463 46-46% 46-4634
offerings of native wheat in France are smaller. Delay
No.
2
white
4634-47
4634-47
4635-47 46%-47 4634-47 4634-4'7
in
sowing in Germany has been caused by wet weather.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
The
Sat. M011. Tues. Wed. Thurs. Fri.
offerings in that country of native wheat are smaller
and the May delivery in elevator
cts- 3934 4034 40
3934 393-4 399-4
demand is good. In Russia the crop movement is
July delivery in elevator
40
40
4034 4034 40
40
slow. Sept.
delivery in elevator
38
3831 3834 3834 3834 3834
I
72A
1134
BREADSTUFF'S.
MAR. 28 1914.1
THE CIIRONICLE
The following are closing quotations:
FLOUR.
Winter, low grades-43 200153 40 Spring clears
$4 20034 40
4 900 5 10 Kansas straights, sacks.. 4 250 4 40
Winter patents
Winter straights
4 45i
5 4 6 Kansas clears, sacks
3 750 4 10
Winter clears
4 00
4 30 City patents
5 950 6 35
Spring patents
4 75
5 00 Rye flour
3 200 3 80
Spring straights
4 400 4 65 Graham flour
3 800 4 50
GRAIN.
Wheat, per bushel-f. o. b.
ctii.
Corn, per bushelN. Spring, No. 1
78 q
No. 2 mixed
$I 02 U
N. Spring, No. 2
764
1 02
No. 2 yellow
Red winter, No. 2
74 fi075
No. 3 yellow
1 O64
Hard winter, No.2,arrive 1 023.4
Argentina in bags
73%
Oats, per bushel, newRye, per bushelcts.
68Wa69
Standards
New York
46046%
69'.4
Western
No. 2, white
464047
65080
No. 3, white
45 M 046 Barley-Malting
For other tables usually given here, see Page 974.
1011
DOMESTIC COTTONFOODS.-The exports of cotton
goods from this port for the week ending Mar.21 were 10,683
packages, valued at $786,766, their destination being to the
points specified in the table below:
-----1913----Since
Since
Week. Jan. 1.
Week. Jan. 1.
410
33
311
36
899
8
245
22
4,833 25,29214.466
462
6.054
4,014
-on
953
,
8,233
187
3,1042.801
i:0'5
6,092
14.320
656
10,590
1,054
19
180
17
773
431
5,762
243
4,224
824
13,542
1,378
13,717
2,260
17,319
268
14,140
-----1914
New York to March 21Great Britain..
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
10,683
87.643
4,188
78,845
The visible supply of grain, comprising the stocks in
Staple cottons are quiet and steady, the firm stand of
granary at principal points of accumulation at lake and manufacturers on prices restricting sales. Buyers are bidseaboard ports March 21 1914 was as follows:
ding for goods at prices slightly under market quotations
UNITED STATES GRAIN STOCKS.
and complain about the unwillingness of manufacturers to
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Oats.
Rye.
Barley,
Oats.
Barley.
close.
A moderate business is being placed on well-known.
Wheat. Wheat. Corn.
bush. bush. bush. bush. bush. bush. bush. bush. tickets for spot and near-by
In Thousantsdeliveries, but the lower tend134
8
47
47
821
112
447
283
York
New
47 ency in yarns is encouraging buyers to withhold advance
1
5
7
23
639
11
83
Boston
45
214
147
410
172
Philadelphia
business
for
lower prices. Buyers are also still operating
- Rio --H -_ __ _
190 ____
120
Baltimore
534
270
under restrictions from the heads of their concerns. Print
148
164
New Orleans
568
146132
Galveston
--_cloths
and
gray
goods are quiet and held at firm levels.
"ii5 --if3
827 1-,iiii -666
1,263
Buffalo
411 2,091
79 1,264
354 Mills are cautious about accepting business for future deafloat
1,605 "ioi
363 -- -5 -1,017' ____ "i58
Toledo
livery
at
the
prices offered. The improvement in the
- - -- - ____
74 ____
327
22
71
Detroit
weather has resulted in a better local and out-of-town de420
afloat
_ _ _ _ 10,4&I fi,i66 "oo "iisi
mand
for
Chicago
summer wash fabrics, and as the assortment of
"
244
0 ____ 1,337
afloat
"
these this season is exceptionally attractive,a good business
214 -56d ":::
196 ____
87
Milwaukee
385 1,659 2,246
12,573
Duluth
330
476 --iii is looked for from now on. Business in fancy cotton novel1,472 1,lia
"
afloat
226
275
____ ties is spotted, some quarters reporting activity while in
20,108 ____
"ila 1",Oi5 ___ "865 1,079
Minneapolis
896 ---429 1,165 ____
St. Louis
36
41 _ _ others business is of an indifferent nature. Gray goods,
6,498 ____ 1,737
Kansas City
779
38-inch standard, are quoted at 514e. to 5%c.
114 ___
Peoria
259
981
Indianapolis
132 ____
The value of these New York exports since Jan. 1 has been
828
85
___ _
697 ___ 1,853 1,147
Omaha
$6,421,268 in 1914, against $6,098,405 in 1913.
Total Mar. 21 1914...54,707 3,113 20,081 20,669 5,970 1,504 4,372
607
WOOLEN GOODS.-Dress goods factors report a good
Total Mar. 14 1914_56,364 3,376 20,268 20,815 5,876 1,543 4,326
363
Total Mar. 22 1913...60,486 3,493 22,685 12,923
270 duplicate business on spring serges, with difficulty in meeting
530 1,062 2,380
Mar.
23
Total
244 the demand. Both manufacturers and jobbers had thought
1912.-53,053 5,837 16,201 13,631 2,393
940 2,418
CANADIAN GRAIN STOCKS.
the spring business over, and are in no position to make
Canadian Bonded
Canadian Bonded
Canadian Bonded
Rye. Barley. Barley. prompt delivery of goods needed. Fall business, however,
Wheats Wheat, Corn. Oats. Oats.
In Thousandsbush,
bush.
bush.
bush.
bush.
bush. bush. bush,
is quiet; but this is attributed more to the conservatism of
21
Montreal
328 __
443
14
280 __ _ _
4,319 ------- manufacturers in accepting further business at present prices
Ft.William&Pt.Arthur.11,418 --."
2
515
afloat
__-- ---- than to the absence of demand. The increasing firmness
4,084 ___ 4.600
Other Canadian
3,270 _---_-of the raw material situation is a source of anxiety to manu14 11,762
21
443
facturers and they are now heavily booked with business
Total Mar. 21 1914..19,052 14 13,770
21
451
Total Mar. 14 1914..21,118
upon which they can see very little profit. In men's wear
20 9,706
49
Total Mar. 22 1913...24,919
1 7,090
the scarcity of supplies and•advancing prices have resulted
92
Total Mar. 23 1912...28,387
SUMMARY.
in
clothiers and cutters-up showing greater willingness to
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. get their business in at current levels. It is now difficult
bush. bush, bush, bush. bush. bush, bush. bush. to secure goods for delivery before mid-summer, and on busiIn Thousands54,707 3,113 20,031 20,669 5,970 1,504 4,372
American
607 ness beyond that time manufacturers are raising prices.
19,052
14 11,762
Canadian
21
443
-FOREIGN DRY GOODS.-The movement of linens in
Total Mar. 21 1914..73,759 3,113 20,095 32,431 5,970 1,525 4,815
607
Total Mar. 14 1914_77,482 3,376 20,282 34,585 5,876 1,564 4,877
363 the local market is steady, with demand more than equal to
1913..85,405
3,493
22,705
Total Mar. 22
22,629
530 1,062 2,429
270 supplies. The improvement in the weather is bringing out
Total Mar. 23 1912_ _81,440 5,837 16,202 20,721 2,393
940 2,510
244
business from retailers who had delayed in covering their
spring and summer requirements, and importers and jobTHE DRY GOODS TRADE.
bers are expecting a shortage of supplies as the season adNew York, Friday Night, March 27 1914.
vances, owing to the backwardness of arrivals. The unThe week has passed without any particular development settled political situation
in Ireland is
great anxiety
or noticeable change in the dry goods situation. Incoming among importers. They are trying causing
have shipments
mails have brought a larger assortment of orders covering advanced as much as possible in fear of atoshut-down
Irish
spring and summer merchandise, although the individual mills. Business in burleys has been slightly moreofactive
orders are for small amounts and quick deliveries. Retail- during the week, with prices steady, influenced by firm aders, while more active in placing
requirements, are be- vices from Calcutta. Light-weights are quoted at 4.70e.
n the West report bright and heavy-weights at 5.75c.
hind other seasons. Salesmen in
prospects based on good crop outlook, but reports from the
South complain that the cool weather is delaying buying. Importations & Warehouse Withdrawals of Dry Goods.
Locally the market is quiet, with prices steady and buyers
importations and warehouse withdrawals of dry goods
sounding the market for weak spots. Most business is in at The
this port for the week ending Mar. 21 1914 and since
the nature of spot transactions, and the downward tendency Jan.
and for the corresponding periods of last year,
in cotton-yarn prices is encouraging buyers to look for lower were 1as1914,
follows:
values on finished goods. Mills are conservative, however, Imports Entered
for Consumption for the Week and Since Jan. 1.
and are accepting very little business except at full market
Week ending
prices. The exceptional assortment of cotton wash dress
March 21 1914.
Since Jan. 1 1914.
Pkgs.
Value.
Pkgs.
Value.
fabrics is beginning to attract the attention of buyers for Manufactures ofretail houses, and jobbers are in hopes of booking a good
Wool
1,573 451.682
23,187 6,931,904
Cotton
3,717 1.027.111
51,346 14,284,433
business in these over the next few weeks. In staple cotton
Silk
1,899 - 908,227 •
19,332 9,413,006
goods business is quiet and prices fu:m. Quite a lot of busiFlax
1,767 383.062
21.287 5,195,431
4,746 388,214
47.477 4,952,873
ness is offered selling agents at prices a shade under mill Miscellaneous
quotations, but is not resulting in business. Manufacturers
Total 1914
13,702 3,158.296
162,629 40,777,647
Total 1913
11,013 2,501,594
142,831 33,240,105
have been very conservative in their output and with a
Warehouse Withdrawals Thrown Upon the Market.
firm raw material situation and no surplus stocks, they are Manufactures
of
not in urgent need of business. Jobbers have not contracted
Wool
493 119,039
17,485 4,583,829
919 145,118
Cotton
11,056 2,913,794
ahead very freely on staple lines an!d retail stocks are known
Silk
255 126,593
3,721 1,627.103
to be carried on very narrow margins. Consequently, when
512 121,053
Flax
6.693 1,571,739
a general business revival takes. place, manufacturers will Miscellaneous
2,573 198,569
32,360 1,986,681
be entirely in control of the situation. In woolens and.
Total withdrawals
4,752 713,372
71,315 12,683,146
worsteds manufacturers are becoming conservative in book- Entered for consumption
13,702 3,158,296
162,629 40,777,647
ing further business for fall account at current levels. They
Total marketed 1914
18,454 3.871,668
233,944 53,460,793
are now heavily supplied with orders, chiefly serges for delivTotal marketed 1913
14,761 3.034,492
195,115 40,666,493
Imports Entered for Warehouse During Same Period.
eries running into September which were booked at or near
of
Manufactures
opening prices, and which, at the present level of raw maWool
455 136,998
8,176 2,441,970
Cotton
988 267,805
terial, leaves a very thin margin of profit. While the export
10,065 2,760,514
Silk
310
159.448
3,294 1.471,127
trade is quiet, the outlook is encouraging, as much business
752 155,672
Flax
7,093 1,633,015
is offered from China, Red Sea and Mediterranean buyers Miscellaneous
1,367 252,204
23,005 1,803,314
at prices an eighth to a quarter cent under current quotations.
Total
3,872 972,127
51,633 10,109,940
It is thought that both China and India would take consid- Entered
for consumption
13,702 3.158,296
162,629 40,777,647
erable goods for delivery.next fall if nianufacturers would
Total imports 1914
17,574 4,130,423
214,262 50,887,587
meet them half way in prices.
Total imports 1913
17,163 3,179,334
216,559 40,714,882
1012
THE CHRONICLE
STATZ AND CITY DEPIVATMENT,
News Items.
Brantford, Ont.-Purchase of Railways Voted.-A special
dispatch to the "Toronto Globe" says that the ratepayers
have voted in favor of the purchase of the Brantford Street
Railway and Grand Valley Railway from Brantford to Galt
for the sum of $253,000. The vote was 1,317 in favor and
83 against.
Kansas.-Blue Sky Law Upheld.-Newspaper reports recently stated that the constitutionality of the Kansas Blue
Sky law had been upheld by the District Court. Concerning this decision, the Attorney-General, John S. Dawson,
advises us as follows: "Judge W. A. Jackson of the District
Court of Atchison County at Atchison overruled a motion to
quash a criminal prosecution under the Blue Sky law. All
conceivable constitutional grounds were urged on that
motion.
"Also in a civil action of injunction brought by Don A.
Mounday vs. the Attorney-General and the Bank Commissioner to restrain them from interfering with his business
on account of the Blue Sky law, all sorts of constitutional
questions were urged against the law, but the injunction
was refused and a temporary restraining order dissolved.
No steps have been taken in either of these cases so far to
have them appealed.
Mexico.-Plan to Raise More Funds and Resume Interest
Payments on Public Debt.-It is reported in the press that a
plan was adopted March 24 which, it is figured., will bring
into the Treasury 100,000,000 pesos, or,at the present rate
of exchange, approximately $33,000,000 in gold. Fifty
million pesos will be immediately available,the balance as
required.
The result, it is announced, will be the resumption on
April 1 of the interest payments on the foreign debt, suspended on Jan. 12,and the early revocation of the 50% advance
in import duties recently imposed as a war measure, all of
which is to be set forth in a decree to be issued shortly..
The plan involves the issuance of Treasury notes against
the unsold balance of bonds authorized in May 1913, to the
amount of $100,000,000, for a portion of which a Paris bank
syndicate subscribed, but of which practically half remains
unsold. These bonds are to be placed with the Mexican
banks at 30% of their face value, the banks to issue currency against them at the legal ratio of 3 to 1. The bonds
are secured by the pledge of 16% of the customs.
The bankers are said to have agreed to take the bonds in
Question, and the plan awaits only the signature of President
Huerta to become effective.
In return for the assistance rendered by the banks President Huerta promises definitely to abandon the schemefor
a Federal bank, and likewise the proposed 1% tax on the
capital of corporations and individuals.
Provision is made in the contract with the bankers subscribing that in the event that the Paris bankers determine
to exercise their option on the remainder of the bonds,the
Mexican banks shall surrender their holdings for cash.
The London & Mexican Bank will subscribe $11,000,000
the National ,000,000, and the rest will be distributed
among State banks. See V. 98, p. 249.
New York State.-Legislature Adjourns.-The Legislature
adjourned last evening (March 27).
Bond Proposals and Negotiations this week
have been as follows:
ABERDEEN SCHOOL DISTRICT NO.5, Chehalis County, Wash.
BOND SALE.-Geo. H. Tilden & Co., of Seattle were awarded on Feb. 17
$86,000
% funding bonds. Denom. $1,000. Date March 1 1914. Int.
M.& S. Due on March 1 as follows: $6,000 1920, 1921, 1922;$7,000 1923,
1924;$6,000 1925. 1926, 1927, 1928 and $5,000 yearly from 1929 to 1934 inci
ADA, Hardin County, Ohio.-BOND OFFERING.-Proposals will be
received until 12 m. April 21 by Frank Detrick, Village Clerk, for $5,000
5% 10-year Main St. paving bonds. Denom. $500. Date Sept. 1 1913.
Int. M.& 8. Certified check for 2% of bonds bid for, payable to Village
Treasurer, required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND SALES.-On
March 18 the ten issues of 43,6% 6-year (aver.) road bonds, aggregating
$58,560 (V. 98, p. 850) were awarded to J. F. Wild & Co. of Indianapolis
for 858,995-equal to 100.742. Denoms. $624, $516, $388, $312, $276,
8228, $220, $128, $120 and $116. Date March 151914. Int. M.& N.
The three issues of 434% 6-year (aver.) road bonds, aggregating $13,760
offered on Feb. 18 (V. 98, p. 539) have been awarded to J. F. Wild & Co.
of Indianapolis for 313,885-equal to 100.908.
AKRON CITY SCHOOL DISTRICT(P.O. Akron),Summit County,
Ohio.-BOND SALE.-On Mar. 25 the $111,000 43,6% 734-year (aver.)
school bonds offered on Mar. 18(V.98, p.406) were awarded,reports state.
to Stacy & Braun of Toledo at 100.14.
riaVALBION, Orleans County, N. Y.-BONDS VOTED.-By a vote of
222 to 18 the question of issuing 8165.000 water-works-purchase bonds
r. 98, p.850) carried at an election held March 20. Of the bonds voted
100,000 will be used, it is stated, for the purchase of the Albion Water
Works Co's plant and $65,000 for extensions.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND OFFERING.
Reports state that J. H. Bueter, Treasurer, will receive sealed bids until
10 a. m. April 8 for the following 434% road bonds:$24,800 Perry Township
and $22,400 Cedar Creek Township.
.ALLENHURST, Monmouth County, N. J.-BOND OFFERING.
Proposals will be received until 12 m. to-day (March 28) by Chas. K.
Savage, Boro. Clerk, for $12,000 5% beach-impt. bonds.
ASHLAND SCHOOL DISTRICT (P. 0. Ashland), Ashland County,
Ohio.-BONDS VOTED.-The question of issuing $100.000 5% high-school
building bonds carried by a vote of 798 to 358 at an election held in February.
Due serially from 1918 to 1947. These bonds will be put on the market
about May 5.
AUGUSTA, Ga.-BIDS.-According to local papers the other bids
reoeived for the $250,000
% 30-year coupon flood-protection bonds
awarded on March 17 to the Security Trust Co. of Spartanburg at 101.075
andjint.(V. 98, p. 940) were
f
xovin.
BidderPrice Bid. Rate Price.
Parkinson & Burr, New York
$252,180 00 100.87
Biodget & Co., New York
251,680 00 100.67
Estabrook & Co., New York
250,650 00 100.26
R.M.Grant& Co., New York
248,925 00 99.57
Robinson-Humphrey-Wardlaw Co., Atlanta; Baker,
Watts & Co., Baltimore; Kissell, Kinnicutt & Co.,}
99.465
N. Y.,and the Fifth-Third Nat. Bk., Cin.,jointly 248,663 33
Kean, Taylor & Co., New York
248,450 00 99.38
Harris, Forbes & Co., New York
247,918 00 99.167
T. H. Hilsman & Co., Atlanta
98.57
Mercantile Trust Deposit Co., Baltimore; John D. 246.425 50
Howard & Co., Baltimore; John W. Dickey,} 243,437 83
97.375
Augusta, jointly
AUIEVASSE CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
Auxvasse), Callaway County, Mo.-BOND OFFERING.-Proposals will
be received until 12 m. March 30 by R. E. French, Secretary, for $16,000
5% site-purchase and building bonds. Denom. $500. Date May 1 1914.
Int. M.& N. at Auxvasse Bank, Auxvasse. Due $1,000 yearly from 1919
to 1934 incl., subject to call after 15 years. Certified check for $500.
payable to above Secretary, required. Bonded debt (incl. this issue),
$16,750. No floating debt. Assessed valuation 1912, $361,000.
BASTROP COUNTY (P. 0. Smithville), Tex.-BOND OFFERING.Proposals will be received until 2 p. m. March 30 by J. B. Price, Co. Judge.
for the $50,000 5% Road Dist. No. 1 bonds voted Feb. 3 (V. 98. p. 539).
Cert. check for $1,000, payable to County Judge, required.
BELTON, Bell County, Tex.-BOND ELECTION.-According to reports, an election will be held Mar. 31 to vote on the question of issuing
$50,000 high-school-bldg.-erection, $10,000 school-bldg.-impt. and $30,000
bridge-construction bonds.
BEREA SCHOOL DISTRICT (P. 0. Berea), Cuyahoga County,
Ohio.-BONDS VOTED.-The election held March 12 resulted in a vote
of 195 to 33 in favor of the question of issuing $15,000 building-completion
bonds.
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda County, Calif.-BONDS DEFEATED.-According to reports,the questions of
issuing the $1,080,000 grammar and $240,000 high-school bonds failed to
carry at the election held Feb. 28. Vote was 4 304"for" to 2,688 "against"
and 4,225 "for" to 2,822 "against.' A two-thirds majority was necessary
to authorize.
BETHANY SCHOOL DISTRICT (P. 0. Bethany), Lancaster County, Neb.-NO BOND ELECTION AT PRESENT.-Concerning the report
that an election would be held to vote on a proposition to issue $25,000
building bonds,the Secretary of the Board of Education advises us that the
election has not yet been called and that the question will go to the District
Court.
BEVERLY, Essex County, Mass.-TEMPORARY LOAN.-On Mar.23
the loan of $200,000, due Nov. 16 1914 (V. 98, p. 940), was awarded to
Blake Bros. & Co. of Boston at 3.37% discount and $2 premium.
The other bidders were:
R. L. Day & Co., Boston
3.38% discount
Estabrook & Co., Boston
3.41% discount plus $1 35 premium
Bond & Goodwin, Boston
3.43 discount
First National Bank, Boston
3.47% discount
BIEBER SCHOOL DISTRICT, Lassen County, Cal.-BONDS PROPOSED.-The County Clerk informs us that this district is contemplating
the issuance of $2,5006% school bonds. These bonds take the place of the
82,000 5% bonds offered but not sold on July 8 (V• 98, p. 84).
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND OFFERING.-Proposals will be received until 12 m. April 6, it is stated, by Geo.
Newbauer, Treas., for issues of $6,000 and 36.500
% road bonds.
BLACKSBURG SCHOOL DISTRICT (P. 0. Blacksburg), Montgomery County, Va.-BONDS VOTED.-An election held March 17
resulted, it is stated, in favor of the question of issuing $16,000 school_
building bonds.
BLUE EARTH COUNTY (P. 0. Mankato), Minn.-BOND SALE.
On March 18 the following bids were received for the two issues of 5% 5 1-6year (aver.) bonds,aggregating 8101,000, offered on that day(V.98, p.8505:
Nat.Cit.Bk.,Mankato_*$102,685 00I Chas.H.Coffin, Chicago_$101.126 00
& Sons,Chic. 101,075 75
H
Farson,Son & Co.,(7hic_
_ 102,080 70 E..Rollins
Union Inv. Co.. Minn__ 101.937 501
*Reports state that this bid was successful.
BOONE, Boone County, Iowa.-BONDS VOTED.-The question of
issuing $20,000 water-works-ext. bonds carried at the election held Mar. 23,
by a vote of 672 to 154.
BOONVILLE SCHOOL DISTRICT (P. 0. Boonville), Cooper
County, Mo.-BOND OFFERING.-Proposals will be received until 4
p. m. April 15 by Wm.Mittlebach, Secy. Bd. of Ed.,for the $65,000 10-20year (opt.) taxable coupon and reg. site-purchase, bldg. and equip. bonds
voted March 2 (V.98, p. 850). Bids are invited at 4% ,41i
vot
and 5%.
Denom. 8500. Date June 1 1914. Int. J. & D. at Central at. Bank,
Boonville. Cert. check for 5% of bid payable to W. Speed Stephens,
Treas., required. No bonded or floating debt. Assess. val. 1913 $1.962,947.
BOZEMAN, Gallatin County, Mont.-BOND ELECTION.-An election will be held April 6, reports state, to vote on the question of issuing
$170,000 5% funding bonds. Denom. $500. Date July 1 1914.
BROWNSVILLE, Haywood County, Tenn.-BOND OFFERING.
Proposals will be received until 12 m. April 8 by N. B. Keathley, Mayor,
for 1112,000 30-yr. bonds at not exceeding 6% int. Denom. $500. Int.
M. & N. at First Nat. Bank, Brownsville. A certificate of deposit for
$250 required.
BUCYRUS, Crawford County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 17 by Otto Feiring, City Aud., for
the $180,000 5% coupon municipal water-works bonds voted May 15(V.97,
p. 1525). Denom. $500. Date Dec. 15 1913. Int. M. & S. at office of
City Treas. Due $2,000 each six months from March 1 1921 to Sept. 1
1922 incl.; $3,000 each six months from March 1 1923 to Sept. 1 1924 incl.
and $4,000 each six months from March 1 1925 to Sept. 1 1944 incl. Cert.
check for $500, payable to John McGuire, City Treas., required. Bonds
to be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest. Bonds will be delivered on April 27 at office of
City Treasurer.
BUFFALO, N. Y.-BOND SALE.-On Mar. 25 the five issues of 434%
reg. tax-free bonds, aggregating $663,815 77 (V. 98, p. 941) were awarded
to Remick, Hodges & Co., N. Y., at 105.79.
Following is a list of bids received:
Lot 1. $125,000 00 registered hospital bonds (non-taxable).
Lot 2. $62,000 00 registered water-refunding bonds (non-taxable).
Lot 3. $275,000 00 registered water-refunding bonds (non-taxable).
Lot 4. $101,815 77 registered grade-crossing bonds (non-taxable).
Lot 5. $100,000 00 registered refuse-destruction-plant bonds (non-tax.).
Lot 1. Lot 2. Lot 3. Lot 4. Lot 5,
Remick, Hodges & Co., N.Y___105.79 105.79 105.79 105.79 105.79
Biodget & Co., Boston
105.462 105.462 104.462 105.462 105.462
105.34 105.34 105.34 105.34 105.34
Curtis & Sanger, N. Y *
Estabrook 84 Co., N. Y.
105.27 105.27 105.27 105.27 105.27
A. B. Leach & Co. and ICean,t105.27 105.27 105.27 105.27 105.27
Taylor & Co., N.Y.,jointly_ j
105.189 105.189 105.189 105.189 105.189
R.M.Grant & Co., N Y
105.18 105.18 105.18 103.18 105.18
Chisholm & Chapman, N.Y
Kountze Bros. and E. H. Rol-i 105.091 105.091 105.091 105.091 105.091
lins & Sons, New York
Wm. A. Read & Co. and Lee,
Higginson & Co., New York, 105.05 105.05 105.05 105.05 105.05
jointly *
White, Weld & Co., N.Y., and
Central Nat. Bank, Buffalo,/104.961 104.961 104.961 104.961 104.961
jointly *
Gartenlaub, Harnickell &
104.845 104.845 104.845 104.845 104.845
Joseph, New York *
Equitable Trust Co., N. Y.*_ _ _104.839 104.839 104.839 104.839 104.839
Bond & Goodwin and Parkin-4104.831 104.831 104.831 104.831 104.831
son'& Burr, New York *____
104.71 104.71 104.71 104.71 104.71
Rhoades & Co., New York *
Harris, Forbes & Co., N. Y
104.441 104.441 104.441 104.441 104.441
103.98 103.98
Adams & Co., New York
104.025 104.67
Commonwealth Trust Co., Buf104.62 104.62 104.04
falo,$10,000 of any kind
101.52 for $200,000.
Bank of Buffalo, Buffalo, N Y_
* All or none.
MAR. 281914.]
THE CHRONICLE
BURNS SCHOOL DISTRICT NO. 22 (P. 0. St. George), Dorchester County, So. Caro.-BOND OFFERING.-Bids will be received until
April 6 for $2,500 6% school-bldg. bonds. Denom. $250 or to suit purchaser. Date May 1 1914. Int. M.& N. Due May 1 1924, subject to
call one bond yrly. if so desired by purchaser. These bonds were offered
without success on Mar. 23.
CADIZ VILLAGE SCHOOL DISTRICT (P. 0. Cadiz), Harrison
County, Ohio.-BOND OFFERING.-Proposals wil be received until
12 m. April 4 by Rupert It. Beetham, Clerk of Bd. of Ed., for the $3,000
5% coup. school funding bonds. Denom.$500. Int. M.& N. Due 3500
yrly. on May 1 from 1920 to 1925 incl. Cert. check for 2% of bonds bid
for required. Bonds will be ready for delivery May 1. These bonds were
offered without success on Dec. 5 (V. 97. p. 1919). Bonded debt (incl.
this issue),$22,500. Floating debt,$3,000. Assess. val. 1913,$2,500,000.
CALIFORNIA.-BOND OFFERING.-E. D. Roberts, State Treas.,
will offer for sale at public auction at Sacramento at 2 p. m. March 30 the
$3,000,000 47 highway bonds (V. 98, p. 851). Denom. $1,000. Date
July 3 1911. Due $200,000 July 3 1934 and $400,000 yearly on July 3from
1935 to 1941 incl. Official circular states that there has never been any
default in the payment of obligations of the State of California.
CAMDEN SCHOOL DISTRICT (P. 0. Camden), Benton County,
Tenn.-BONDS VOTED.-The question of issuing the $20,000 bldg.
and equip. bonds (V. 98, p. 627) carried, reports state, at the election held
Mar. 20 by a vote of 88 to 60.
CANTON CITY SCHOOL DISTRICT (P.O. Canton), Stark County,
Ohio.-BOND OFFERING.-Further details are at hand relative to the
offering on April 8 of the $225,000, of an issue of $500,000 5% 40-year sitepurchase and impt. bonds (V. 98, p. 941). Proposals for these bonds will
be received until 12 m. on that day by W. C. Lane, Clerk Bd. of Ed.
Denom. $1,000. Date April 8 1914. Int. A.& 0. at Dime Says. Bank,
Canton, or at Kountze Bros., N. Y. Cert. check on a Canton bank for
$1,000 required. Bonds to be delivered and paid for within 10 days from
time of award. Bids must be made on blank forms furnished by the above
Clerk of the Board of Ed.. Purchaser to furnish at his own expense the
necessary blank bonds.
CHARLOTTE UNION SCHOOL DISTRICT (P. 0. Charlotte),
Eaton County, Mich.-BONDS VOTED.-The election held March 18
resulted, it is stated, in a vote of 230 to 98 in favor of the question of issuing
the $35,000 high-school-building bonds (V. 98, p. 851).
CHATHAM COUNTY (P. 0. Savannah), Ga.-BOND ELECTION
PROPOSED.-Local newspaper dispatches state that a petition is being
circulated calling for an election to submit to the voters the question of
issuing highway-construction bonds.
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND
OFFERING.-Proposals will be received until 12 m. April 10 by A. J.
0 assessment bonds:
Reusing, Village Clerk, for the following 57
$7,600 Frances Ave. improvement bonds. Due $760 yearly Jan. 10 from
1915 to 1924 inclusive.
1,750 Lora Ave. improvement bonds. Due $175 yearly Jan. 10 from
1915 to 1924 inclusive.
Auth. Sec. 3914, Gen. Code. Date Jan. 10 1914. Int. annual. Certified check for 5% of bonds bid for, payable to Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
CINCINNATI, Ohio.-BIDS.-The other bids received for the $300,000
43. % 40-yr. general hospital bonds awarded on Mar. 20 to A. B. Leach
& Co.. N. Y., and Field, Longstreth & Richards, Cincinnati, at their joint
bid of 105.90 (V. 98, p. 941) were:
Kissel, Kinnicutt & Co.,
Estabrook & Co.. N. Y..---$316,368
315,750
N. Y., Fifth-Third Nat.}$317,640 Atlas Nat. Bk., Cin
Western-German Bk., Cin.. 315,030
Bank, Cincinnati
Sea.songood & Mayer, Cm...1317.462 Tillotson, & Wolcott Co.,
Cloy.; Central Tr.& Safe 314,400
Kean, Taylor&Co.,N .y..f
Deposit Co., Cin
Hayden,Miller & Co., Cie.
Rhoades & Co., N. Y. 317,430 Otis & Co., Clev., Curtis 314,250
Merrill,Oldham&Co.Bo,s
& Sanger, Boston
R. L. Day & Co.. N. Y---- 316,680 First Nat. Bk., Norwood__ 312,010
CLAREMONT, Los Angeles County, Cal.-BONDS VOTED.-The
question of issuing $16,000 good roads bonds carried, it is stated, at the
election held Mar. 21 by a vote of 293 to 61.
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND OFFERING.Reports state that bids will be received until 10 a. m. April 4 by John R.
Scott, County Treasurer, for $14,700 4%% road-improvement bonds.
Due each six months for 10 years.
CLARK COUNTY (P. 0. Springfield), Ohio.-BOND OFFERING.Proposals (sealed or verbal) will be received until 2 p. m. April 15 by J. M.
Pierce, County Auditor, for $42,000 5% coup. bonds. Denom. $500.
Date April 15 1914. Int. A. & 0. at County Treasurer's office. Dille
$1,500 each six months from April 15 1915 to Oct. 1 1928 inclusive. Certified check on a local bank for 5% of bid, payable to County Treasurer,
required. Bonds to be delivered and paid for within 15 days from time of
award. Purchaser to pay accrued interest.
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND ELECTION
-According to reports, an election will be held April 11 to vote on the
question of issuing $100,000 Plano Road District bonds.
BOND OFFERINGS.-Proposals will be received at anytime for the $200,000 5% 20-40-yr. (opt.) Farmersville Dist. road bonds voted Feb. 21
V. 98, p. 706). Int. ann. H. L. Davis is County Judge.
This county will sell at private sale the $125,000 5% 20-40-yr. (opt.)
road bonds voted Feb. 21 (tr. 98, p. 706).
COLUSA COUNTY (P. 0. Colusa), Calif.-BONDS VOTED.-REports state that the election held March 17 resulted in favor of the question
of issuing $60,000 Hall of Record, $290,000 road, bridge and culvert.
$57,000 Princeton bridge and $45,000 Grimes bridge bonds.
CORONA SCHOOL DISTRICT, Riverside County, Cal.-BOND
OFFERING.-Proposals will be received until 11 a. m. April 8 by the Clerk
Bd. of Co. Supers. (P. 0. Riverside), reports state, for the $50,000 5%
bldg. bonds voted Feb. 20 (V. 98, p. 780).
COUNCIL GROVE, Morris County, Kans.-BOND SALE.-An issue
of $23,000 5% impt. bonds was purchased by the State of Kansas during
February at par. Date Jan. 1 1914. Due Jan. 1 1934. subject to call at
any interest period.
CUMBERLAND COUNTY (P. 0. Portland), Maine.-DESCRIPTION OF BONDS.-The $25.000 4% tax-free county-farm bonds awarded
on March 16 to Hayden, Stone & Co. of Portland at 102.359(V.98, p. 941)
are in the denom. of $1,000 and bear date of Feb. 2 1914. Int. F. & A.
Due Feb. 2 1929.
CYNTHIA SCHOOL DISTRICT (P. 0. Cynthiana), Harrison
County, Ky.-BOND ELECTION PROPOSED.-We are advised that the
Council will pass an ordinance on Apr. 14 calling for an election to submit
to a vote the question of issuing' $15.000 building bonds.
DAYTON SCHOOL DISTRICT (P. 0. Dayton), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Apr. 16 by C.J. Schmidt,
Clerk Board of Education, for $120.000 5% school property purchase and
impt. bonds. Denom. $1,000. Date Apr. 16 1914. Int. A. & 0. in
N.Y. Due $10,000 Apr. 16 1921 and $10,000 yearly on April 16 from 1923
to 1933 incl. Cert. check on a national bank or trust company for 6% of
bonds bid for, payable to "Board of Education," required. Bonds to be
delivered and paid for within 30 days from time of award. Bids must be
- unconditional.
DECATUR, Burt County, Neb.-BOND OFFERING.-0,E. Barlow,
VII. Clerk, is offering at private sale $5,000 5% 5-20-year (opt.)coup. electric-light bonds. Denom. $1,000. Date Jan. 29 1914. Int. ann. in
Jan. at Lincoln. Bonded debt (incl. this issue), $20,000; no floating debt.
Assessed valuation 1913, $117,000.
DE LAND, Volusia County, Fla.-NO ACTION YET TAKEN.-The
City Clerk advises us that no action has yet been taken looking towards the
Issuance of $200,000 municipal-impt. bonds.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
Proposals will ix received until 10 a. m. March 30 by 0.0. Williamson,
Co. Treas.,for $11,000 43-f% Henry E. Millspaugh, et al., highway bonds.
Denom. $600. DAte March 15 1914. Int. M. & N. Duo $600 each six
months from May 15 1915 to Nov. 15 1924 incl.
BOND SALE.-On Mar. 20 the $13,220 4% 6-year (aver.) highway
ec 15 1913 (V. 98, p. 8521were awarded to the Merimpt. bonds dated D.
chants' Nat. Bank, Muncie, for $13,321 25(10 .773) and int. Other bids:
J. F. Wild & Co., Indlis_$13,320 001 Breed,Elliott & Harrison,Ind$13,300
11. F. Parr & Co., Chicago 13.303 29[Gavin L.Payne & Co.. Ind.. 13.290
1013
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BOND OFFERING.-Proposals will be received until 12 m. Apr.8 by the County Commissioners for
the $200,000 6% 30-year coup. Punta Gorda Special Road and Bridge Dis
trict bonds. Denom. $500. Date Apr. 1 1914. Int: A.& 0.In ArcadiaCert. check for 2%, payable to Chairman Board of Commissioners, re.
quired. No bonded debt. Assess. val. $6,414 846.
DIXON, Lee County, Ills.-BOND ELECTION PROPOSED.-An
election will be held in the near future, reports state, to vote on the question
of issuing $45,000 local-impt. (city's share) bonds.
DOVER, Cuyahoga County, Ohio.-BOND SALE.-On Mar. 23 the
$4,000
% 8%-year (aver.) Clague road-impt. bonds dated Mar. 1 1913
(V. 98, p. 628) were awarded to Seasongood & Mayer of Cincinnati at
104.25 and int. Other bids were:
Hayden, Miller & Co., Cle_$4,131 00 Sidney Spitzer & Co., Tol_$4,090 40
Security S. B.& Tr. Co.,To14,121 00 Central Bank, Lorain
4,085 00
Hanchett Bond Co., Chic__ 4,117 00 Hoehler, Cummings &PrudOtis & Co., Cleveland
den, Toledo
4,101 00
4,052 00
First Nat. Bank, Cleve_
4,096 80 Spitzer, Rorick&Co., Tol
4,051 50
Stacy & Braun, Toledo_ _ _ _ 4,048 84
DUNKIRK, Hardin County, Ohio.-BOND SALE.-On Mar. 23 the
$1,895 44 6% 2-5-year (ser.) coup. refunding bnods (V. 98, p. 942)8-were
awarded, it is stated, to the First Nat. Bank of Dunkirk for $1,917 80
(101.269) and interest.
DITNNELLON SCHOOL DISTRICT (P. 0. Dunnellon), Middlesex
County, N. J.-BOND OFFERING.-Proposals will be received unti
8 p. m. March 31 by A. J. Hamley, Dist. Clerk, for $26.000 5% school
bonds. Denom. $500. Date April 1 1914. Int. A. & 0. Due yearly
on April 1 as follows: $500 from 1915 to 1928 incl., $1,000 from 1929 to
1938 incl. and $1.500from 1939 to 1944.incl. Cert. check for $500 required.
Bond debt March 26 $3,000. No floating debt. Assess. value 1913
$1,330,000
EAST BATON ROUGE PARISH (P.O. Baton Rouge), La -BOND
ELECTION.-An election will be held April 11, it is reported, to vote on
the question of issuing $186,000 5% 27-year Road Dist. No. 2 highwayconstruction bonds.
EAST YOUNGSTOWN, Mahoning County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 20 by 0. N. Anderson,
Village Clerk, for $13,000 5% 10-year Gordon Ave. improvement bonds.
Denom. $1,300. Date April 1 1914. Int. A. & 0. Certified check for
10% of bonds bid for, payable to Village Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest. Bids must be unconditional.
ELKHART COUNTY (P. 0. Goshen), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. April 6 by Wilbur A. Gray, County
Treasurer, for $6,500 4%% Henry D. Clarke et al highway-improvement
bonds. Denom. $100. Date April 6 1914. Int. M. & N. Due $400
each six months from May 15 1915 to May 15 1917,inclusive, and $300 each
six months from Nov. 15 1917 to Nov. 15 1924. inclusive.
ELMA, Chehalis County, Wash.-BOND OFFERING.-Local newspaper reports state that this place is offering for sale an issue of $26,000
high-school impt. bonds.
EL PASO, El Paso County, Tex.-BONDS VOTED.-According to reports, the proposition to issue $34,250 East El Paso impt. dist. bondscarried at the recent election.
ENFIELD, Hartford County, Conn.-TEMPORARY LOAN.-Reports state that this town has borrowed $50,000, in anticipation ofpayment
of taxes, from the Hartford Trust Co., Hartford.
ENNIS, Ellis County, Tex.-BONDS PROPOSED.-This city is contemplating the issuance of $210.000 municipa improvement bonds.
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BOND OFFERING.
Further details are at hand relative to the offering on April 7 of the $18,500
4%% coupon tax-free funding bonds (V. 98, p. 942). Proposals for these
bonds will be received until 10 a. m.on that day by Jas. McGibbon, Clerk
Board of Co. Commrs. Denom. $500. Date Oct. 1 1911. Int. ann. on
Oct. 1 at Amer. Nat. Bank, Pensacola. Due Oct. 1 1941, subject to call
$6,000 yearly. Cert. check for 23- % payable to Chairman Bd. of Co.
Commrs., required. This issue has been approved by Dillon, Thompson
& Clay of N. Y. City. These bonds are part of an issue of $180,000, of
which $78,500 was issued April 1 1912 and $50,500 was issued April 1 1913.
Bonded debt (incl. this issue) $138,500. Floating debt $25,000. Assessed
val. 1914 $18,000,000.
ESSEX COUNTY (P. 0. Salem), Mass.-BOND SALE.-On March 26
$50,000 4% coupon tax-free bridge and highway, loan of 1914, bonds were
awarded to Hayward Wilson of Boston and Kean, Taylor & Co. of N. Y.,
jointly at 102.10 and int. Denom. $1,000. Date March 1 1914. Int.
M.& S. at the First National Bank, Boston. Due $2,000 yearly March 1
from 1915 to 1919,inclusive, and $5,000 yearly Marcia 1 from 1920 to 1927.
Inclusive. Other bids were:
Mercantile Nat. Bk., Salem_101.42 Cape Ann Nat. Bk., Glouc_101.781
Estabrook & Co., Boston__ _101.09 Curtis & Sanger, Boston_ _ _ _101.81
R.L. Day & Co., Boston_ __ _101.449 Adams & Co., Boston
101.765
Merrill, Oldham & Co., Bos_101.029
Merchants National Bank,
101.85 131odget & Co., Boston
Salem
101.30
EVERETT, Middlesex County, Mass.-BOND SALE.-On Mar. 20
$200,000 47 coup. school bonds were awarded to Blake Bros. & Co. of
Boston at 102.20 and int. Other bids were:
Curtis & Sanger, Boston__ _102.07 Perry, Coffin & Burr, Boston 101.47
Estabrook & Co., Boston__ _ _101.71 Adams& Co., Boston
101.34
Merrill, Oldham & Co.,Bost 101.659 R.L.Day & Co., Boston__ 101.019
Bledget & Co., Boston
101.62
Denom. $1,000. Date Oct. 1 1913. Int. A. & 0. at the Old Colony
Trust Co., Boston. Due $10,000 yearly Oct. 1 from 1914 to 1933 incl.
EXCELSIOR SCHOOL DISTRICT (P. 0. Excelsior), Hennepin
County,.Minn.-BONDS DEFEATED.-The voters of this district on
Feb. 25 defeated, it is stated, a proposition providing for the issuance of
$65,000 school-building bonds.
EXETER,TularelCounty, Calif.-BOND ELECTION PROPOSED.
According to local newspaper reports an election will be held in the near
future to submit to a vote the question of issuing $50,000 sewer-construction
bonds.
FALL RIVER, Bristol County, Mass.-BOND SALE.-On March 21
the three issues of 4% reg. bonds aggregating $310.000(V.98, p. 942) were
awarded to R. L. Day & Co. of Boston at 100.89 and int.
Other bidders were:
Blodgett & Co., Boston_ _ _100.844 J Merrill, Oldham & Co., Bost.100.619
Blake Bros. & Co., Bost_ _100.76 I Perry,Coffin & Burr, Bost..100.35
Interest M. & S.
FARMERS IRRIGATION DISTRICT (P. 0. Scottsbluff), Neb.BOND SALE.-On Feb. 3 the $76,500 6% 11-20-year (serial) bonds
(V.98, p. 321),"to provide first half-year's interest on issue of$2,550.000."
were awarded to the Tri-State Land Co. at par and int. Denom. $500 and
$100. Date Jan. 1 1913. Int. J.& J.
FILLMORE SCHOOL DISTRICT, Ventura County, Calif.-BOND
ELECTION.-A bond issue of $9.000 to provide additional school-buildings
and facilities will be voted upon, it is stated, on April 4.
FLATHEAD COUNTY (P. 0. Kalispell), Mont.-BOND OFFERING.
-Proposals will be received until 10 a. m. May 4 by the County Commissioners, Fred. S. Perry, County Clerk, for $100,000 10-20-year (opt.)
refunding bonds at not exceeding 5% int. Denom. $1,000. Int. J. & J.
at office of County Treasurer. Certified check for 5% of bid required.
The official notice of this bond offering will be found among the advertiset
merits elsewhere in this Department.
FLINT, Genesee County, Mich.-BOND ELECTION -An election
will be held April 6,reports state, to submit to a vote the question of issuing
$178,238 02 storm-water-sewer-construction bonds.
BOND OFFERING.-Proposals will be received until 3 p. m. April 1 by
D. E. Newdombe, City Clerk, for $22,478 5-year gravel and $39,073 64
15-year paving 4%% bonds. Date May 1 1914. Int. F. & A. Due in
annual installments. Cert. check for $1,000 required.
FLORENCE, Douglas County, Neb.-BOND SALE.-On Mar. 16 the
$28,000 (not $25,000 as first reported) 57 20-year coup. or reg. funding
bonds (V. 98, p. 852) were awarded to N. W. Halsey & Co. of Chicago at
par and int. less $336 commission. Other bids were:
H. 0. Speer & Sons Co., Chicago-Par less $400 commission.
C. H. Coffin, Chicago-$28,070 less $970 commission
1014
THE CHRONICLE
FLOYD COUNTY (P. 0. New Albany), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. April 15 by Claude A. Sittason,
Co. Treas., for $27,040 (denom. $676) and $4,000 (denom. $100) highwayImpt. 436% bonds. Date April 15 1914. Int. M.& N.
FORT MILL, York County, So. Caro.-BOND ELECTION.-An
election will be held April 3, reports state, to submit to a vote the question
of issuing $15,000 water-works-system-installation bonds.
FORT WORTH, Tex.-NO BONDS TO BE ISSUED.-The City Secretary advises us that the reports stating that this city is contemplating the
Issuance of$100,000 refunding and $50,000 water-works-impt. bonds(V.98
p. 252) are erroneous.
GADSDEN, Etowah County, Ala.-BOND ELECTION.-According
to newspaper reports, an election will be held to vote on the question of
issuing $30,000 sewer bonds.
GARDNER, MASS.-TEMPORARY LOAN.-On March 20 the taxfree loan of $60,000 dated March 17 1914 and issued in anticipation of
taxes (V. 98, p. 852) was awarded to Estabrook & Co. of Boston at 3.57%
discount. Due $20,000 on Nov. 2, Nov. 16, and Nov. 30 1914. Other
bidders were:
Discount. I BidderBidderDiscount.
R. L. Day & Co., Boston3.85% Capital Says. Bank and
Loring, Tolman & Tup.,Bost_3.90%
Tr, Co., Monpelier, Vt
4%
GENEVA, Ontario County, N Y.-BOND SALE.-On Mar. 19,
$8,000 5% refunding bonds were awarded to H. D. Dox of Geneva at
103.50. Denom. $500. Int. semi-annual. Due $500 yearly 1915 to
1930 inclusive.
GLENCOE, Cook County, Ill.-BONDS VOTED.-By a vote of 610
to 45 the question of issuing the $10,000 intercepting-sewer-constr. bonds
(V• 98, P• 629) carried, it is stated, at the election held Mar. 21.
GREENWICH, Huron County, Ohio.-BOND SALE.-On Mar. 23
the $6,500 6%0 10-year (aver.) coup. taxable electric-light-impt. bonds
(V 98, p. 942) were awarded to Seasongood & Mayer of Cincinnati for
$6,976 -equal to 107.323. Other bids were:
Hayden,Miller & Co., Clev$6,940 00 Stacy & Braun,Toledo_ _ __$6,832 65
New First Nat. Bank, Col_ 6,920 00 Tillotson & Wolcott Co.,C1. 6,825 00
First Nat. Bank,Cleve_ _ _ _*6,906 60 Hanchett Bond Co.,Chic__ 6,817 00
Sec. Say.Bk.&Tr.Co.,Tol_ 6,888 00 First Nat. Bank, Greenwich 6,808 00
Sidney Spitzer & Co., TeL 6,886 60 Spitzer, Rorick & Co., Tol_ 6,804 00
Otis & Co., Cleveland
6,857 50 M.S. Pond,Somerset
6,748 30
First Nat. Bk., Barnesville 6,611 00
Hoehler, Ctunmings & Prudden, Toledo
6,843 25 Well, Roth & Co., Cincin__a6,541 60
* And blank bonds. a For 5% bonds.
GTJSTINE UNION HIGH SCHOOL DISTRICT (P. 0. Gustine),
Merced County, Calif.-BONDS VOTED.-At the election held March 14
this district voted in favor of the issuance of 53 % semi-annual schoollmpt. bonds. The vote was 151 to 25.
HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND OFFERING.
-M. L. Cardwell, County Treasurer, will, it is stated, receive bids' until
11 a. m. April 13 for $7,400 and $2,900 (two issues) 43 % road bonds.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. March 31 by the Board of County
Commrs.,Jean C. Copeland, Clerk, for the following 5% road-impt. bonds:
$9,500 Bame No. 2 road bonds. Due $1,000 yearly on May 1 from 1915
to 1923, inclusive, and $500 May 1 1924.
9,500 Pepple Road bonds. Due $1,000 yearly on May 1 from 1915 to
1923, inclusive, and $500 May 1 1924.
8,000 Essinger Road bonds. Due $1,000 yearly on May 1 from 1915 to
1920, inclusive, and $500 yearly on May 1 from 1921 to 1924, incl.
17,000 Treese Road bonds. Due $2,000 yearly on May 1 from 1915 to
1918,inclusive, and $1,500 yearly on May 1 from 1919 to 1924, incl.
15,000 South Ridge Road bonds. Due $1,500 yearly on May 1 from
1915 to 1924, inclusive.
8,000 Eagle Center Road bonds. Due $1,000 yearly on May 1 from 1915
to 1920, incl., and $500 yearly on May 1 from 1921 to 1924, incl.
Denom. $500. Date May 1 1914. Int. M. & N. at office of County
Treasurer. Certified check (or cash)for $100, payable to County Treasurer
required. Bonds and coupons will be furnished by County Commrs.
HARTFORD, Windsor County, Vt.-LOAN OFFERING.-Bids will
be received until 11 a. m. March 31, reports state, by the City Treas. for
a loan of $10.000 maturing Oct. 1 1914 and issued in anticipation of taxes.
law HARTFORD-SOUTHWEST SCHOOL DISTRICT, Conn.-BOND
OFFERING.-Proposals will be received until 12 m. April 1 by the District
Committee and the Connecticut Trust & Safe Deposit Co., Dist. Treas.,
for the $75,0004%% 30-year coupon school bonds voted March 9. Denom.
$1,000. Date May 1 1914. Int. M.& N.at Conn. Trust & Safe Deposit
Co., Hartford.
HELENA SCHOOL DISTRICT NUMBER ONE (P. 0. Helena),
Lewis and' Clark County, Mont.-BOND ELECTION.-An election
will be held April 4 to vote on the question of issuing $50,000 10-20-year
(opt.) bonds at not exceeding 5% int. for school additions and repairs.
HILLSBORO, Hillsboro County, Fla.-BOND ELECTION PROPOSED.-Local newspaper reports state that a petition asking for an election to vote on the question of issuing about $6,000 crematory bonds was
filed by the City Council on March 17.
HITCHCOCK SCHOOL DISTRICT (P. 0. Hitchcock), Galveston
County, Tex.-BOND OFFERING.-This district is offering for sale the
$10,000 5% 20-40-year (opt.) bldg. bonds voted Jan. 3 (V. 98, p. 176)
Denom. $500. Date Jan. 1.0 1914. Int. ann. on Apr. 10. F. E. Chenoweth is Secretary of Board of Trustees.
HOMESTEAD SCHOOL DISTRICT (P. 0. Homestead), Allegheny
County, Pa.-BONDS TO BE OFFERED SHORTLY.-The $35,000 43 %
building and equipment bonds authorized by vote of 347 to 147 at the
election held March 19 (V. 98, p. 629) will be offered for sale in the near
future. Due $10,000 in 20 and 25 years and $15,000 in 30 years.
HOUSTON, Texas.-BONDS PROPOSED.-Local papers state that a
resolution has been prepared for introduction in the City Council providing
for the issnance of $100,000 5% drainage and sewer bonds. Date April 7
1914. Int. semi-annual Due $5,000 yearly from 1915 to 1034 incl.
CORRECTION.-Last week we reported under the head of this city.
page 943, the sale of $500,000 5% water-works bonds. This was an error,
the bonds referred to being those of Beaumont, Tex., the correct report
of the sale appearing on page 940.
HUNT COUNTY (P. 0. Commerce), Texas.-BOND ELECTION.
An election will be held April 11, reports state, to submit to a vote the
question of issuing $200,000 Precinct No. 4 road bonds.
HUTCHINSON, Reno County, Kan.-BOND ELECTION.-The election to vote on the question of issuing the $20,000 town-hall and fire-station
bonds (V. 98. p. 629) will be held Mar. 30, it is stated.
BOND ELECTION PROPOSED.-Reports state that an election will be
held In April to vote on the questions of issuing $15,000 Carey Park and
$17.500 Riverside Park bonds (V. 98, p. 629).
IMPERIAL, Imperial County, Cal.-BOND SALE.-On Mar. 19 the
$6.000 sewer-system and $29,000 water-system-impt. 6% bonds voted
Dec. 31 (V. 98, p. 176) were awarded, it is stated, to Duke M. Farson of
Chicago at par and int.
IRVINGTON, Essex County, N. J.-BOND OFFERING.-Proposals
will be received until 8 p. m. April 1 by Mahlon Stockman, Town Clerk.
for $200,000 436% 30-year coupon or reg.funding bonds. Denom.$1,000.
Date April 1 1914. Int. A.& O.at Irvington Nat. Bank,Irvington. Cert.
check on an Incorporated bank or trust company for 2% of bonds bid for
required. These bonds will be certified as to genuineness by the U. S.
Mtge. & Trust Co. of N.Y. City. Bids to provide payment of accured
interest.
ISLIP UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. Islip),
Suffolk County, N. Y.-BOND ELECTION.-The question of issuing
$35,000 school-building-site-purchase bonds will be submitted to a vote
on Anril 3.
BONDS VOTED.-At a recent election the issuance of $35,000 building
bonds was authorized.
JACKSON COUNTY (P. 0. Marianna), Fla.-BOND SALE.-On
March 17 the $100,000 (unsold portion of an issue of $300,000) 5% 40-year
coupon road bonds (V. 98, p. 852) were awarded to Wm. F. Flournoylof
De Funiak Springs at 100.5.
JACKSON COUNTY (P. 0. Brownston), Ind.-BIDS.-The other
bids received for the $2.560 4 % 536-year (aver.) highway-impt. bonds
awarded on Mar. 17 to A. II. Aibrand of Seymour for $2,573 50 (100.527)
and int. (V. 98, p. 943) were:
[VOL. xcvm.
E. F. Parr & Co., Chicago
82,573 31
Gavin L. Payne & Co., Indianapolis
2,563 00
Breed, Elliott & Harrison, Indianapolis
2,561 00
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND SALE.-On
Mar. 20 the two issues of 5% 5%-year (aver.) ditch-impt. bonds, aggregating $68,876 07(V.98, p.781) were awarded,it is stated, to the FletcherAmerican Nat. Bank of Indianapolis at par.
JEFFERSON PARISH (P. 0. Gretna), La.-DESCRIPTION OF
BONDS.-The $200,000 5% road-construction bonds awarded on Feb. 7
to J. Y.Sanders at par (V. 98, p. 541) are in the denoms. of $1,000 and $500
and bear date of Sept. 11913. Int. M.& S. Due serially within 40 years.
JOHNSON COUNTY (P. 0. Cleburne), Tex.-BONDS DEFEATED.
-The proposition to issue the $40,000 hospital bonds (V. 98, P. 86) failed
to carry at the election held Mar. 4.
JOHNSTON SCHOOL DISTRICT (P. 0. Johnston), Edgefield
County, So. Caro.-BOND OFFERING.-Proposals will be received until
12 m. April 23 by S. J. Watson,Chairman of Board of School Trustees, it is
stated, for $25,000 5% 20-year school bonds. Int. semi-ann. Cert. check
for $1,250 required.
KAUFMAN COUNTY (P. 0. Kaufman), Tex.-BOND ELECTION.
An election will be held April 16, it is stated, to submit to a vote the questions of Issuing $200.000 Kaufman Precinct No. 1, $300,000 Terrell Precinct Road and $150,000 Crandall Justice Precinct No. 8 road bonds.
RESULT OF BOND ELECTION.-The question of issuing the $250,000
Forney Dist. Road bonds carried, it isreported. at the election held Feb. 24,
while the proposition to issue the $300,000 Terrell Precinct Road bonds
(V. 98, p. 408) was defeated.
KEENER TOWNSHIP (P. 0. Rensselaer), Jasper County, Ind.BOND OFFERING.-Proposals will be received until 1 13. m. April 17, it is
stated, by Tunis Snip, for $11,975 5% school-house bonds.
KENSINGTON, Montgomery County, Md.-BOND ELECTION PROPOSED.-According to reports, the question of issuing $50,000 water and
sewerage system bonds will be submitted to a vote at the April election.
KEOKUK SCHOOL DISTRICT (P. 0. Keokuk), Lee County,Iowa.
-BOND ELECTION.-An election will be held April 7, reports state, to
vote on the proposition to issue $95,000 school-bldg. bonds.
KINDE SCHOOL DISTRICT NO. 5 (P. 0. Kinde), Huron County,
Mich.-BONDS DEFEATED.-According to local newspaper reports,
the question of issuing $10,000 bldg. bonds failed to carry at an election
recently held.
KING COUNTY SCHOOL DISTRICT NO. 28, Wash.-BIDS.-We
are now advised that the following are the other bids received for the $20,000
5-20-yr. (opt.) coup. bldg. and equip. bonds awarded on Mar. 16 to the
State of Washington at par for 5s (V. 98, p. 943):
Int. Rate
.
00
id5
c0
e ,B
Pri
$2
5%
Union Savings & Trust Co., Seattle
Dexter Horton National Bank. Seattle
20,025
20,438
Hoehler, Cummings & Prudden, Toledo
6
Geo. H.Tilden & Co., Seattle
220:005507
0
6%
Farson, Son & Co., Chicago
We were first informed that the only bid received for the bonds was
that of the purchaser.
KINGSTON, Ulster County, N. Y.-BOND SALE.-On March 26
$36,500 4%% refunding bonds were awarded to A. B. Leach & Co. of New
York for $36,771 50-equal to 100.743. Other bids were:
J. H.Olyphant & Co.. N. Y_$36,7711jRondout Say. Bank, Rond_ _$36,740
36.750 Ulster City Say. Bank
Curtis & Sanger, N Y
38.735
Denom.$500 and $1,000. Date arch 26 1914. Int. M.& S. Duon
March 26 as follows: $12,000 1916, $6,000 1917, $6,500 1918 and $12,000
1919.
KIRKWOOD St. Louis County'. Mo.-BOND ELECTION.-An election will be held April 7, reports state, to submit to a vote the question of
issuing $15,000 city-hall, fire-house and jail bonds.
KOOTENAI COUNTY (P. 0. Coeur d'Alene), Idaho.-BONDS DEFEATED.-The question of issuing the $200,000 road-constr. bonds
(V. 98, P. 707) failed to carry at the election held Mar. 11.
LAKE VIEW, Sac County, Iowa.-BOND SALE.-Geo. M. Bechtel
& Co. of Davenport were awarded in February the $12,000 electric-transmission-line bonds (V. 98, p. 252) at 101 for 536s. Denom. $500. Date
Mar. 2 1914. Int. M.& S. Due $500 yrly. from 1919 to 1942 incl.
LANCASTER COUNTY (P. 0. Lancaster), So. Caro.-LOAN.
According to local papers, a loan of $50,000 for current expenses was
negotiated Mar. 19 with local banks at 5%.
LAPORTE COUNTY (P. 0. La Porte), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. April 4, it is stated, by Joseph
Johanni, County Treasurer,for $21,200 and $3,200 436% road-impt. bonds.
LAWRENCE COUNTY (P. 0. Bedford) Ind.-BOND OFFERING.According to reports, proposals will be received until 2 p. m. April 6 by
Earl G. Short, County Treasurer, for $3,000 436% gravel-road bonds.
Denom. $150. Date Dec. 15 1913. Int. M.& N. Due $150 on May 15
and Nov. 15 for 10 years. A similar issue of bonds was awarded on Jan. 15
to Sarah L. Carlton (V. 98, p. 322).
LETCHER COUNTY (P. 0. Whitesburg), Ky.-BOND ELECTION
PROPOSED.-Reports state that a petition is being circulated calling for
an election to be held early in May to vote on the question of issuing highway-construction bonds.
LEWISTON INDEPENDENT SCHOOL DISTRICT (P.O.Lewiston),
Nez Perce County, Idaho.-BONDS VOTED.-By a vote of 273 to 68,
the question of issuing $25,000 to improve the manual arts building carried.
it is stated, at an election held March 16.
LEWISTOWN SCHOOL DISTRICT (P. 0. Lewistown), Fulton
County, Ills.-BONDS VOTED.-The question of issuing $27,500school
bonds carried at the election Mar. 17 by a vote of 368 to 140.
LINCOLN, Logan County, Ill.-BOND ELECTION.-At the general
election to be held in April a proposition to issue $12,000 funding impt.
bonds will be submitted to the voters of this cItY.
LINCOLN COUNTY (P. 0. Toledo), Ore.-BONDS PROPOSED.
Local newspaper dispatches state that this country is contemplating the
Issuance of $190,000 road bonds.
LOGAN, Hocking County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. April 21 by Fred Allen. Vii. Clerk, for $7,500
5% 1-10-yr. (ser.) armory-site bonds. Denom. $750. Date Dec. 11913.
Int. M. & S. at Farmers' & Merchants' Bank, Logan. Cert. check for
10% of bonds bid for, payable to Vii. Tress., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to'
pay accrued interest.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.-BOND SALE.
On Mar. 21 $9,000 536% ditch-construction bonds were awarded to the
Bellefontaine Nat. Bank at par. Denom. $500. Date Mar. 21 1914,
Int. J. & J.
LORAIN COUNTY (P. 0. Elyria), Ohio.-BOND OFFERING.
Proposals will be received until 11 a. m. April 15 by Frank R. Fauver, Sec.
of Road Commrs. for $150.000 5% coup. Road Dist. No. 1 bonds, tenth
series. Denom. ,000. Date Mar. 1 1914. Int. M. & S. at office of
Co. Treas. Due $25,000 yriy. on Sept. 1 from 1920 to 1925 incl. Cert.
check on a national bank for $1,000, payable to Co. Tress., required. Bids
must be made on forms furnished by the above Secretary. Bond debt
(incl. this issue) $805,000 Sinking fund $28,000. Assess. val. $33,028,005.
LOS ANGELES HEIGHTS INDEPENDENT SCHOOL DISTRICT
NO. 9, Bexar County, Tex.-BONDS VOTED.-This district on Mar. 7
voted to issue $25.000 school-building bonds, it is stated.
LOS ANGELES, Calif.-BOND ELECTION.-The election to vote on
the $6,500,000 power bonds, $1,250,000 for the completion of power
project works now under construction and $5,250.000 for the "construction or acquisition" of a distributing system (V. 98, p. 853) will be held
May 5, according to local papers.
LOS ANGELES SCHOOL DISTRICT, Calif.-AMOUNT OF BONDS
REDUCED.-Reports state that the Board of Education on Mar. 17
reduced the amount of 436% bonds to be voted upon about April 26(V. 98,
p. 944)from $5,260,000 grammar and $2,240,000 high-school to $3,000,000
and $1,600.000 respectively.
LOUISVILLE, Ky.-BIDS.-The other bids received for the entire
issue of $1,000,000 4%% 40-yr. gold coup, tax-free school-impt. bonds
awarded on Mar. 18 to the Fidelity & Columbia Trust Co. of Louisville
THE CHRONICLE
MAR. 28 1914.j
at 105.091 and int.(V. 98, p. 944) were:
Rhoades & Co., Boston, $1,063,339 53 (irregular).
Lee, Higginson & Co., N. Y., $1,053,120 00 (irregular).
Fifth-Third Nat. Bank, Cincinnati, $1,048,350 (irregular).
Clark, Dodge & Co. N. Y., $1,045,400.
E. H. Rollins & Sonthicago, $1,038,800.
N. W. Halsey & Co.,
There were 9 other ids received for various amounts.
Report state that the syndicate which purchased the bonds was
composed of Fidelity & Columbia Trust Co.of Louisville, Remick,Hodges
& Co. and Estabrook & Co. of New York.
LOUP CITY SCHOOL DISTRICT (P. 0. Loup City), Sherman
County, Neb.-BONDS DEFEATED.-The proposition to issue $12,500
bldg. bonds failed to carry at the election recently held.
LUDLOW SCHOOL DISTRICT (P. 0. Ludlow), Kenton County,
Ky.-BOND ELECTION PROPOSED.-Local papers state that the Board
of Education has requested Council to call an election to vote on the question of issuing $20,000 high-school-building bonds. A similar proposition
was defeated last year. V. 97, p. 1764.
McALESTER, Pittsburg County, Okla.-BOND ELECTION PROPOSED.-Local papers state that there is talk of submitting at the April
election the question of issuing $25,000 bonds to purchase county-fair
grounds and a site for State militia maneuvers.
McGREGOR INDEPENDENT SCHOOL DISTRICT (P. 0. McGregor), McLennon County, Texas.-BOND ELECTION.-The proposition to issue $25,000 high-school-bldg .bonds will be submitted to a vote
on April 18, it is stated.
McLENNAN COUNTY (P. 0. Waco), Texas.-BOND OFFERING.
The County Commissioners will open bids on April 15, it is stated, for the
$1.075,000 Road Dist. No.2 bonds voted Feb. 14 (V. 98, p. 944).
MACOMB SCHOOL DISTRICT NO. 160 (P. 0. Macomb), McDonough County, Ills.-BOND OFFERING.-Proposals will be received
until 7:30 p. m. April 10 by J. H. Millsom, Secretary Board of Education,
for the $85.0004 A % building bonds voted Feb. 17(V.98, p.707). Denom.
$1,000. Date May 1 1914. Int. M.& N. at Continental & Commercial
Trust & Savings Bank, Chicago. Due $5,000 yearly on May 1 from 1919
to 1933 incl. and $10,000 May 1 1934. Certified check for $1,000, payable
to Elmer T. Walker, District Treasurer, required. Bids must be unconditional. The approving opinion of Busby, Weber, Miller & Robinson of
Chicago will be furnished the purchaser.
MACON, Bibb County, Ga.-BOND ELECTION PROPOSED.-Reports state that an election may be held in the near future to vote on the
question of issuing about $100,000 paving and sewer bonds.
MADEIRA, Hamilton County, Ohio.-BOND SALE.-On Mar. 21
the $1,044 35 6% 1-5-year (ser.) coup. Miami Ave. sidewalk (assess.)
bonds (V. 98, p. 630) were awarded to the First Nat. Bank of Barnesville
for $1,050 35 (100.574) and int. The First Nat. Bank of Norwood bid
$1,045 94.
MAGNETIC SPRINGS SCHOOL DISTRICT (P. 0. Magnetic
Springs), Union County, Ohio.-BOND OFFERING.-Proposals will
be received until 1 p. m. April 2 by J. H. Sayers, Clerk Bd. of Ed., for the
$10.000 5% coup,school bldg. bonds voted Feb.26(V.98, p.782). Denom.
$500. Date April 2 1914. Int. A. & 0. at Deposit Bank, Richwood.
Due $500 yrly. on Oct. 2 from 1915 to 1934 incl. Cert. check (or cash)
on an Ohio bank for $500, payable to above Clerk, required. Bids must
be unconditional.
MANATEE, Manatee County, Fla.-BOND ELECTION PROPOSED.
-The questions of issuing the $60,000 paving, $20,000 water and $20,000
sewer bonds (V. 97, p. 1764) will be submitted to a vote about Mar. 30.
MAPLEWOOD, St. Louis County, Mo.-BONDS VOTED.-An election held Mar. 19 resulted, it is stated, in favor of the proposition to issue
$100,000 sewer-constr. bonds. The vote was 461 to 56.
MARION, Marion County, Ohio.-BOND OFFERING.-Proposals
will be received until April 29 for $5,312 5% rock-swale-iinpt. (city's portion) bonds, reports state. Due part yrly.from 1916 to 1926 incl.
MARION COUNTY (P.O. Marion) Ohio.-BONDS TO BR OFFERED
SHORTLY.-According to reports, this county will soon offer for sale
$25,000 5% road-improvement bonds.
MARSHALL COUNTY (P. 0. Moundsville), W. Va.-BOND OFFERING.-Proposals will be received until 2 p. m. April 21 by J. E. Chase,
County Clerk,for $75,000 5% Union Dist. road bonds. Denom.$1,000.
• MEDFORD, Middlesex County, Mass.-TEMPORARY LOAN.
Reports state,that this city has awarded a temporary loan of $100,000,
maturing $50,000 Jan. 15 and $50,000 Feb. 15 1915 to Blake Bros. & Co.
of Boston at 3.71% discount, plus 50c. premium.
MEDFORD, Burlington County, N. .T.-BOND ELECTION PRO,
POSED.-The proposition to issue school-impt. bonds will, reports statebe brought before the voters at the March meeting.
MELROSE, Middlesex County, Mass.-TEMPORARY LOAN.-On
March 25 a loan of $40,000, due March 26 1915, was awarded
Tolman & Tupper of Boston at 3.75% int. and $2 premium. to Loring,
Other bids were:
Discount.Discount.
Blake Bros. & Co., Boston__ _3.79%
L. Day & Co., Boston_ _ ....3.87%
Curtis & Sanger, Boston
3.70%
BOND AND NOTE SALE.-On March 27 the following 4% coupon tax
free bonds and notes were awarded to Adams & Co. of Boston at 101.09:
$10.000 sewerage bonds. Denom.$500. Due $500 yearly Sept. 1 from 1914
to 1933 inclusive.
10,000 water bonds. Denom. $1,000. Duo $1,000 yearly Sept. 1 from
1914 to 1923 inclusive.
10,000 surface drainage bonds. Denom. $1,000. Due Sept. 1 1923.
10,000 sidewalk notes. Denom. $2,000. Due $2,000 yearly Sept.
1
from 1914 to 1918 inclusive.
Date Sept. 1 1913. Int. M.& S. at the Second Nat. Bank, Boston.
MEMPHIS, Tenn.-BONDS PROPOSED.-According to local newspaper reports, this city is contemplating the issuance of $250.000 43.6%
water-main-extension bonds.
MERIDIAN, Lauderdale County, Miss.-BOND ELECTIONS PROPOSED.-An ordinance has been introduced in Council providing for an
election on the question of issuing $60,000 57o school-ext. and impt. bonds.
Denom.$1,000. Due part-yearly on July 1 from 1920 to 1939 inclusive.
This city is contemplating calling an election to submit to a vote the
question of issuing $50,000 pleasure-resort bonds.
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Gahanna),
Franklin County, Ohio.-BOND OFFERING.-Proposals will be received until 10 a. m. April 11 by A. C. Dickerson, Clerk of Bd. of Ed., for
$3,500 6% funding bonds. Denom. $500. Date April 1 1914. Int.
A. & 0. at office of Twp. Clerk. Due $500 yrly. on April 1 from 1915 to
1921 incl. Cert. check (or cash) on a Franklin County national bank or
trust company for 1%, of bonds bid upon, payable to Bd. of Ed., required.
Bonds will be ready for delivery May 1.
MILAM COUNTY (P. 0. Cameron), Tex.-BOND ELECTION PROPOSED.-Reports state that an election will be held in the near future to
submit to a vote the question of issuing $65,000 Rd. Dist. No.7 road bonds
MILFORD, Hunterdon County, N. J.-BOND SALE.-On March 20
$4,000 5% 2-9-year (serial) electric-light and equipment
bonds were
awarded to local investors on a 4A % basis. Denom. $250. Date
April 1
1914. Int. A.& O.
MILTON SCHOOL DISTRICT (P. 0. Milton), Umatilla County,
Ore.-BOND ELECTION PROPOSED.-According to newspaper reports,
an election will be held in the near future to vote on the question of issuing
about $10.000 bldg. bonds.
MILWAUKEE, Wis.-BOND ELECTION.-An election will be held
April 7,reports state, to submit to a vote the questions of issuing $350,000
Wright Street Bridge construction, $250,000 central police station,
$60,000 Fourteenth Ward public-bath site-purchase and construction and
$250.000 harbor-improvement bonds.
MINNEAPOLIS, Minn.-BOND SALE.-On Mar. 23 the nine issues of
4% tax-free bonds, aggro;sting $975,000 (V. 98, p. 782) were awarded to
the Harris Trust & Say. Bank of Chicago at 95.68 for 30-yr. bonds. Denom. $50, $100, 8500 and $1,000, as iourchaser may desire. Int. A. & 0.
at the fiscal agency in New York. Date April 11914.
Other bids follow:
Minnesota Loan & Trust Co., Minneapolis, $928,882 50, or 95.27, for
bonds due April 11944.
IR.
1015
Curtis & Sanger, Chicago, Ill.. $927,673 50, or 95.14, for bonds due
April 1 1944.
Wells & Dickey Co., Minneapolis, Minn., $926,445, or 95.02, for bonds
due April 1 1935.
E. H. Rollins & Sons, Blake Bros. SE Co.and Kean,Taylor & Co.,Chicago.
Ill. $927,624 75, or 95.14, for bonds due April 1 1934.
Bond Goodwin and Parkinson & Burr, New York,$927,439 50, or 95.122.
for bonds due April 1 1931.
Chisholm & Chapman, New York, $956,280. or 98.08, for bonds due
April 1 1919.
Seasongood & Mayer, Cincinnati, for $150,000 bonds-$145,065, or 96.70.
for bonds due April 1 1924;$144,02(), or 96.01,for bonds due April 1 1929;
$143,325, or 95.55, for bonds due April 1 1934; $142,575, or 95.05, for
bonds due April 1 1939.
CERTIFICATE SALE.-We are advised that on March 26 the
six issues of 1-20-year (serial) coupon special certificates of indebtedness.
aggregating $87,477 (V. 98,p. 853), were awarded to the Minnesota Loan
& Trust Co. and Wells & Dickey Co. of Minneapolis jointly for $87,552
(100.085) as 4A s. Denom.$50 or multiples thereof. Interest payable at
the fiscal agency in New York or Treasurer's office.
CERTIFICATE OFFERING.-Proposals will be received until 3 p. m.
April 13 by J. A. Ridgway, Secretary of Board of Park Commissioners,
for $47,100 Powderhorn Lake Park improvement certificates of indebtedness at not exceeding 5% interest. Date May 1 1914. Due one-twentieth
yearly up to and including May 1 1934. Certified check for 2% of certificates bid for, payable to C. A. Bloomquist, City Treasurer, required.
MODESTO IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus
County, Cal.-BOND ELECTION.-The question of issuing the $610,000
canal-system-improvement bonds (V. 98. p. 87) will be submitted to a vote
on March 31, it is stated.
MOHNTON SCHOOL DISTRICT (P. 0. Mohnton), Berks County,
Pa.-BONDS VOTED.-At a recent election, this districtvoted 173 to 111
in favor of the question of issuing $25,000 building bonds.
MOLINE, Rock Island County Ill.-BOND ELECTION.-Local
papers state that an election will be held in this city April 21 to vote on
the question of issuing $34,500 fire-dept. bonds.
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND SALE.
On Mar. 25 the $4,150 454% 6-yr. (ay.) highway-impt. bonds (V. 98,
p. 944) were awarded, reports state, to J. F. -Wild & Co. of Indianapolis
for $4,181 (100.746) and int.
MONTAGUE, Siskiyou County, Calif.-BOND OFFERING.-Proposals will be received until 8 p. m. March 30 by the Town Treasurer for
$25,0006% gold coupon water-works bonds. Denom.$500. Date Dec. 1
1913. Int. J.& D.at Montague Bank. Due $1,000 yearly on Dec. 1 from
1914 to 1938 incl. Certified check for 10% of bid, payable to Town Treas.,
required. Bonded debt this issue. No floating debt. Assessed valuation, 1913, $149,000.
MONTGOMERY COUNTY(P.O. Blacksburg), Va.-BONDS VOTED.
-The proposition to issue $100,000 road bonds in Blacksburg Magisterial
District carried, reports state, at an election held March 17.
MOULTRIE, Colquitt County, Ga.-BOND SALE.-On March 21
the three issues of 5% 30-year gold coup. or reg. tax-free bonds, aggregating $59,000 (V. 98, p. 853) were awarded to J. H. Hilsman & Co. of
Atlanta at 102 and interest.
MOUNT PLEASANT, Charleston County, So. Caro.-BOND ELECTION.-An election will be held June 9 to vote on the proposition to issue
$18,0006% 20-40-year (opt.) coup. water-works-system bonds. Int.s.-an.
MUNISING, Alger County, Mich.-BOND SALE.-An issue of $23.000 5% 10-15-yr. (ser.) water-works bonds was awarded on Feb. 25 to the
First Nat. Bank of Alger Co., Munising, for $23,544 (102.365) and hit.
Denom. $1,000. Date Mar. 2 1914. Int. M. & S.
NAPA SCHOOL DISTRICT (P. 0. Napa), Napa County, Calif.BOND ELECTION PROPOSED.-Reports state that an election will
shortly be held to submit to a vote the proposition to issue about $60,000
high-school-bldg. bonds.
NAPERVILLE SCHOOL DISTRICT (P. 0. Naperville), Dupage
County, Ill.-BONDS DEFEATED.-The question of issuing $50,000
high-school bonds (V. 97, p. 1765) failed to carry.at the election held
Feb. 28. The vote was 465 "for" and 874 "against."
NEBRASKA.-BOND SALES.-During the month of February the
following 21 issues of bonds, aggregating $190,750, were purchased by the
State of Nebraska:
$20,000 6% 5-20-yr. ,(opt.) water bonds of Benkleman on a 5% basis.
Date June 1 1913.
5,000 6% 5-20-yr. (opt.) light bonds of Benkleman on a 5% basis. Date
June 11913.
6,000 5% 5-2yr. (opt.) water bonds of Blue Hill at par.! Date July 1
1913.
3,000 4A % school-house bonds of Boone Co. S. D. No. 2 at par. Date
' July 11913. Due one bond yrly. beginning July 1 1914.
6,500 5% 20-yr. bldg. bonds of Cheyenne and Deuel Co's S. D. No. 4 at
par. Date Jan. 1 1913. '
J5
water-ext. bonds of Exeter at par. Date
1.000 5% illyCl-20y
10.000 5% 10-1yr1.
913
(o
.pt.) water bonds of Fullerton at par. Date
6,500 5% 1-13-yr. (ser.) bldg. bonds of Greeley Co. S. D. No. 43 at par.
Date July 1 1913.
2,500 6% 10-20-yr. (opt.) water bonds of Harrison at par. Date
July 1 1906.
11,599 5% 5-20-yr. (opt.) water bonds of Hershey at par. Date July 1
1913.
4,5005% 5-20-yr.(opt.) light bonds of Hershey at par. Date July 1 1913
9,900 6% 5-15-yr. (opt.) school-house bonds of Jefferson Co. 5.19. No.l
on a 434% basis. Date Sept. 1 1913.
4,500 4A % 20-yr. school-house bonds of Kearney Co. S. D. No. 56 at
par. Date Feb. 3 1914.
250 6% 10-yr. school-house bonds of McPherson & Keith Co's S. D.
No. 65 at par. Date Sept. 15 1913.
11,5005% 5-20-yr.(opt.) light bonds of Minden at par. Date Oct. 11913.
14,000 5A % 5-20-yr. (opt.) water bonds of Niobrara on a 5% basis.
Date Aug. 15 1913.
15,000 5% 10-20-yr. (opt.) school-house bonds of Richardson Co. S. D.
No. 76 on a 4% basis.
30,000 4A % school-house bonds of Saunders S. D. No. 39 at par. Date
June 1 1913. Due June 11933,opt. at any int. date.
12,000 5% 5-20-yr. (opt.) water bonds of Silver Creek at par. Date
June 1 1913.
4,000 5% 5-20-yr. (opt.) light bonds of Silver Creek at par. *Date
June 1 1913.
14,000 5% 5-20-yr. (opt.) water bonds of Waterloo at par. Date July 1
1913.
NEPTUNE TOWNSHIP (P. 0. Ocean Grove), Monmouth County.
N. J.-BONDS DEFEATED.-The question of issuing the $50.000 school
bonds was again defeated at the election held Mar. 6, it is stated (V. 98,
p. 631).
NEVADA SCHOOL DISTRICT (P. 0. Nevada), Vernon County,
Mo.-BONDS DEFEATED.-The question of issuing the $25,000 high school bonds(V.98, p.87)failed to carry at an election recently held.
NEWBURYPORT, Essex County, Mass.-BIDS.-The other bids
received for the temporary loan of 1160.000, due $100.000 Oct.-5 and $60,000 Oct. 27. awarded on Mar. 19 to the First Nat. Bank of Boston at 3.35%
discount (V. 98, p. 944), were:
Discount.
Discount.
Boston_ __ _3.47% I Old Colony Trust Co., Boston 3.61%
Estabrook &
R.L.Day & Co.,
Co.,Boston
3.48% Inst. for Savings, Newb'yp't3.75%
NEW CASTLE, New Castle County, Del.-BOND OFFERING.Proposals will be received until 8 p. m. April 21 by Theo. W. Cavender,
Prest. of City Council. for $30,000 5% bonds. Denom. $500. Dated as
of May 1 1914. Int. semi-ann. Due in 30 years, subject to call any interest period after 5 years. Cert. check for 3% of bonds bid for, payable
to Mayor and Council, required. Bonds to be delivered as soon after
award as practicable, but not later than June 1 1914. Purchaser to pay
accrued interest.
Official notice of this bond offering will be found among the advertisements
elsewhere in this D.:.partment.
1016
THE CHRONICLE
NEW LONDON TOWNSHIP (P. 0. New London), Huron County,
Ohio.-BOND OFFERING.-Further details are at hand relative to the
offering on Mar. 30 of the $15,000 5% coup. road bonds (V. 98, p. 944).
Proposals for these bonds will be received until 12 m. on that day by B. V.
Winebar, Twp. Clerk. Denom. $500. Date Apr. 1 1914. Int. A. & 0.
at Savings & Loan Banking Co., New London. Due $500 each six months
from Apr. 1 1915 to Oct. 1 1929 incl. An unconditional cert. check on a
bank other than the one making the bid,for 5% of bonds bid for, payable to
Twp. Clerk, required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
NEW MEXICO.-BOND OFFERING.-Further details are at hand
relative to the offering on April 20 of the $200,000 4% gold coup. highway
bonds (V. 98, p. 944). Proposals for these bonds will be received until
10 a. m. on that day by 0. N. Marron, State Treasurer (P. 0. Santa Fe).
Denomination $1,000. Date July 1 1913. Int. J. & J. at office of State
Treasurer or at place to suit purchaser. Due $20,000 yearly on Jan. 1
from 1919 to 1928 incl. These bonds are part of an issue of $500,000, of
which $200,000 was offered but not sold on July 1 1913 (V. 97, p. 314).
NEWPORT BEACH, Orange County, Calif.-BOND OFFERING.
According to reports proposals will be received until 2:30 p. m. March 30
by L.S. Wilkinson, City Clerk,for $25,0006% 1-25-year (ser.) water bonds.
Cert. check for 2% required. A similar issue of bonds was awarded on
Dec. 1 1913 to E. H. Rollins & Sons of San Francisco. (V. 97, p. 1765)•
NORWALK CITY SCHOOL DISTRICT (P. 0. Norwalk), Huron
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. April 4 by John A. Strutton, Clerk of Board of Education, for $8,000
5% coup. League St. school-addition bonds. Denom.$500. Date April 1
1914. Int. A. & 0. Due $1,000 yearly on Dec. 1 from 1916 to 1923
incl. Purchaser to pay accrued interest.
OAK PARK SCHOOL DISTRICT (P. 0. Oak Park), Cook County,
Ill.-BONDS TO BE OFFERED SHORTLY.-The Sec. Board of Ed. advises us under date of Mar. 19 that the $75,000 Whittier School impt. bonds
voted Jan. 10(V.98, p. 253) will probably be offered for sale the latter part
of April.
OAKWOOD (P. 0. Knoxville), Tenn.-BOND ELECTION.-An election will be held Mar. 31, reports state, to vote on the questions of issuing
$20,000 school-house and $30,000 municipal-impt. bonds.
OKANO GAN COUNTY SCHOOL DIS. NO.21, Wash.-BONDS NOT
SOLD.-On Mar. 14 the 10-20-year (opt.) bldg. bonds (V. 98, p. 782) were
awarded to the State of Wash. at par for 53s. It was discovered, however,
after the sale was made, that a mistake had been made in the publication calling for the bids, making the same irregular. The bonds will be
re-advertised.
ORENCO, Washington County, Ore.-DESCRIPTION OF BONDS.
Further details are at hand relative to the description of the $11,000 6%
gold coup. water-system bonds (V. 98, p. 853) authorized by a vote of 69
to 18 at an election held Feb. 14. Int. J. & J. in Orenco. Due $1,000
yearly after 5 years. Bonded debt, this issue. Floating debt, $100.
Assessed val. (equ.) 1913. $115,000; real val. (est.), $300,000. Official
circular states that there is no litigation or controversy, pending or threatened, concerning the validity of these bonds, the boundaries of the municipality or the titles of the officials to their respective offices, and that this
city has never contested the payment of a bond issue.
OSHKOSH, Winnebago County, Wis.-BIDS.-The following bids
were received on March 21 we are advised forithe $540,000 4%% waterworks bonds offered on that day (V. 98. p. 782):
Emery, Peck & Rockwood, R. L. Day & Co. and Merrill, Oldham &
Co.-$551,766 60 and accrued interest.
Wm. R. Compton & Co. and Curtis & Sanger-$548,311 11 and accr. int.
Estabrook & Co and Blodget & Co.-3544,212.
We are not officially advised as to the award of the bonds but see it
stated in the Oshkosh "Daily Northwestern" of March 23 that the sale
was made by the Commission Council to the highest bidder mentioned
above, bonds to be delivered about April 1. The newspaper referred to
also discusses the question of where the proceeds of the sale will go after
the bonds are delivered, and says, in part: "The United States Court
for the Eastern District of Wisconsin has been asked by the trusteesof
the water company mortgage bonds to issue an order turning the money
over to them if, indeed, the Court finds that the city had any legal right
to issue the bonds. Other parties in interest, including the city of Oskkosh and the Oshkosh Water Works company and W. G. Maxcy want the
cash left with Judge E. Ray Stevens of the Dane County Court, and his
Honor has issued an order to show cause why such should not be the disposition of the fund. And then there are angles of other litigation in which
it is alleged that the bond issue is illegal, litigants taking the position, in
effect, that the city of Oshkosh is trying to procure the munificent sum of
$540,000 under false pretenses to pay for property that it never legally
purchased."
OSWEGATCH/E (Town), St. Lawrence County, N. Y.-BOND
OFFERING.-Proposals will be received until 12 m. April 11, it is stated,
by N. T. Lovejoy, Town Supervisor, for $80,000 43'i% 16 1-3 year bridge
bonds. Certified check for $800 required.
OTTAWA, Putnam County, Ohio.-BOND SALE.-Reports state
that Sidney Spitzer & Co. of Toledo have been awarded $7,000 city bonds
for $7.433 50-equal to 106.192.
OWATONNA SCHOOL DISTRICT NO. 1 (P. 0. Owatonna), Steele
County Minn.-BOND OFFERING.-Proposals will be received until
8 p. m.April 7 by Wm.0.Zamboni, Clerk Bd. of Ed.,for $20,000 5% sitepurchase bonds. Date July 1 1914. Int. ann. July 1. Due7on July 1 as
follows: $2,500 1915, 1916, 1917 and 1918; $3,000 1919, 1920 and 1921
and $1,000 1922. Cert. check for 10% of bid required.
OWEN COUNTY (P. 0. Spencer), Ind.-BOND OFFERING.-Harry
B. Williams, County Treasurer, will, it is stated, receive bids until 2 p. m.
Mar.31 for issues of $13,764 80 and $10,388 80 434% gravel-road bonds.
PAINESVILLE, Lake County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. April 6. by Frank L. Kelly, City Clerk, for
$30,000 5% 40-year coup. water-purification-works bonds. Denom.$500.
Date April 1 1914. Int. A.& 0. at office of City Treasurer. Due April 1
1954. Certified check on a bank other than the one making the bid, for
5% 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. Official circular states that there has not been nor
Is there now pending or threatened any litigation whatever in any matter
affecting this issue of bonds, and that there has never been any default,
of principal or interest, of any debt of said city.
PALMER LAKE, El Paso County, Colo.-BOND SALE.-Causey.
Foster & Co. of Denver were awarded on Dec. 22 $20,500 6% 10-20-year
(opt.) refunding bonds at par. Denom. $500. Date ($9,500) Mar. 1
1914,($11,000) May 1 1914. Int. M.& S. and M.& N.
PALMERTON SCHOOL DISTRICT (P. 0. Palmerton), Carbon
County, Pa.-BOND ELECTION PROPOSED.-The election to vote on
the question of issuing the $60,000 5% tax-free building bonds (V. 98, p.
253) will be submitted to a vote in May,and not April, as first reported.
PALMETTO, Manatee County, Fla.-BOND SALE.-On Mar. 19
the three issues of 6% 30-year bonds aggregating $85,000 (V. 98, p. 543)
were awarded to John Nuveen & Co. of Chicago for $85,500 (100.588)
and int. Other bids were:
Spitzer, Rorick & Co., Toledo
$85,452 50
J. R. Sutherlin & Co., Kansas City
85,175 00
A. J. Hood & Co., Detroit
85,086 50
New First National Bank, Columbus
85.000 00
Terry, Briggs & Slayton, Toledo
85,000 00
The Flournoy Realty & Investment Co. also submitted a bid, but same
was withdrawn.
PANGBIIRN SCHOOL DISTRICT (P. 0. Pangburn), White
County, Ark.-BOND SALE.-Gunter & Sawyers of Little Rock were recently awarded $9,000 6% 20-year bldg. bonds at 97. Date Mar. 1 1914.
Int. J. & J.
PARAGOULD PAVING DISTRICT N0.-1 (P.`70. Paragould)
Greene County, Ark.-BOND OFFERING.-Proposals will be received
until March 31 by the Commissioners, E. J. Smith, Sec., for the $100,000
6% 20-year bonds. Denom. $500 and $100. Cert. chock for $10,000,
payable to above Sec., required.
PATTON, Cambria County, Pa.-BOND OFFERING.-Proposals will
be received until 8:30 p. m. April 7 by D. G. Dunn, Borough Secretary, for
$10,000 5% coupon tax-free municipal-building bonds. Denom. $500.
I
-
[VOL. xcvm.
Date March 1 1914. Due in 1924. Certified check for $200, payable to
"Borough of Patton," required. Bonded debt March 1 (not including this
issue), $25,400; floating debt,$3,039. Assessed value 1913, $1,530,940.
PELHAM, Mitchell County, Ga.-BOND ELECTION.-The questions of issuing $16,000 school-bldg., $4,000 paving, $5,000 jail and firedept., $4,000 water and light system ext. and $1,000 sewerage-system ext.
bonds will be voted upon at the election Apr. 15, it is stated.
PEORIA, Peoria County, Ill.-BOND ELECTION.-The election to
vote on the question of issuing the $120,000 43' % judgment bonds (V. 98,
p. 783) will be held April 7. Interest annually in Peoria. Due $12,000
yearly from 1915 to 1924, inclusive.
PEORIA HEIGHTS, Peoria County, Ill.-BONDS VOTED.-At the
election held March 14 the question of issuing the $11,000 water-supply
system bonds (V. 98, p. 708) carried, it is stated, by a vote of 111 to 64.
PERRY, Shiawassee County, Mich.-BOND SALE.-On March 23
$15,000 4%% water-works bonds were awarded to the Hanchett Bond Co..
Chicago, at par less $575 for expenses. Terry, Briggs & Slayton of Toledo
bid par less $649 for expenses. Denom. $1,000. Date about March 16
1914. Due $1,000 yearly from 1919 to 1933, inclusive.
PITTSBURG COUNTY (P. 0. McAlester), Okla.-BOND SALE.T
ofho
ek
$12
ah
un
itdying bonds(V. 98, p. 254) have been sold to R. J. Edwards
l,o
2m
75
afc
PLEASANT TOWNSHIP (P. 0. Tiffin), Seneca County, Ohio.BOND SALE.-On March 23 $20,000 5% road-improvement bonds were
awarded, reports state, to the Commercial Nat. Bank of Tiffin at 100.255
and int. Denom. $500. Due serially from 1915 to 1925.
PLEASONTON, Alameda County, Cal.-BOND OFFERING.-Reports state that proposals will be received until 7:30 p. m. April 6 for
$10,000 5% municipal improvement bonds.
POCATELLO, Bannock County, Idaho.-BOND ELECTION.-An
election will be held April 15 to submit to the voters the question of issuing
$100,000 coup. street and alley-intersections improvement bonds.
POCATELLO SCHOOL DISTRICT (P. 0. Pocatello), Bannock
County, Idaho.-BOND OFFERING.-Reports state that proposals will
be received until 8 p. m. April 6 by H. A. Roberts, Clerk, for $85,000
10-20-year (opt.) school bonds. Cert. check for $2,000 required.
PORT ARANSAS SCHOOL DISTRICT (P. 0. Port Aransas),
Nueces County, Texas.-NO BONDS VOTED.-We are advised that the
reports stating that this district voted during February an issue of $10,000
bonds (V. 08, p. 708) are erroneous.
PORTLAND, Me.-TEMPORARY LOAN.-Reports state that a loan
of $125,000, due Oct. 2 1914, issued in anticipation of taxes, has been negotiated with F. S. Moseley & Co. of Boston.
PORTLAND, Ore.-BOND SALE.-On March 17 the $112,924 85 61
10-year street-improvement bonds dated March 1 1914 (V. 98, p. 854
were awarded to the Security Savings & Trust Co. of Portland at 104.0
and interest. Other bids were:
BidderAmount. PriceBid.
Henry Teal, Portland
"All or none" 104.016
Portland Trust & Savings Bank, Portland
"All or none" 103.355
Security Savings Bank & Trust Co., Toledo
"All or none" 102.90
J. B. Curran Jr., Portland
2 5,000 103.95
1
Lumbermen's Trust Co., Portland
100,000 103.82
12,000 103.62
W. F. White, Portland
50,000 103.81
162,500 103.75
hall & Lewis, Portland
2,000 103.71
A. H. Maegly
40,000 103.56
C. H. Reade, Portland
50,000 103.50
Edwin Hoffman
200 103.50
Geo. W. Watt
1,000 103.125
1,000 103
S. Kofka
300 103
G. E. Wetler
1,000 102.95
Gus Bartman
2,000 102.75
Henry Bauer
112,924 85 100
City Treasurer
4.000 100
Wm.,Adams'. Firemen's Relief and Pension Fund
POSTVILLE fINDEPENDENT/SCHOOL DISTRICT (P. 0. Postville), Allamakee:County,1Iowa.-BOND OFFERING.-Proposals will be
received until 2 p.m. Apr. 15 by Godfrey/Staadt, Sec. Board of Directors,
for $40,000 5%Tschool-house bonds. Denom. to suit purchaser. Date
May 11914. Int. M.& N. Due $1,000 on May 1 and $500 on Nov. 1
from May 1 1915 to May 1 1921 incl., $1,000 each six months from Nov. 1
1922 to Nov. 1 1923 incl. and $25,000 May 11924. Cert, check for 3500,
payable to Treasurer of District, required. Purchaser to stand all legal
expense of issuing and engraving bonds. Bidders may make two bids, one
based upon furnishing all money June 1 1914 and one based upon furnishing $8,000 plus premium offered on bonds, if any, June 1 1914, and $8,000
on the first of each succeeding monthiuntil entire amount is furnished. No
bonded or floating debt. iAssess. val. (equ.) 1913, $1,143,650. Taxable
val., $285,912.
',PROVIDENCE, R. I.-BOND7OFFERING.-Proposals will be received
until 12 m. April 14 by Walter L. Clarke, City Treas., for $375,000 4%
bonds. Denom. coup. bonds in $500 or $1,000
30-yr. gold coup. or
or reg.13onds in $500,reg.
$1,000,$5,000,$10,000 or $20,000, to suit purchaser.
Date May 1 1914. Int. M.& N. on coup. bonds at City Treasury or at
Nat. City Bank, N. Y.; on reg. bonds by mail. Cert. check or cash for
2% of bonds, payable to City Treas., required. Bonds will be ready for
delivery May 1. i
PULASKI, Giles bounty,tenn.-BONDS VOTED.-By votrcrin
to'60, the proposition to issue the $12,500 coup. Giles College improvement
bonds (V. 98, p. 543) carried, reports state, at the election held March 21.
Denom.$500. Due $500 yearly after 5 years.
PP VULLMAN,w WhitmanVCounty, Wash.-BONDS OFFERED BY
BANKERS.-Ferris & Hardgrove of Spokane are offering to investors
$30,000 6% tax-free Dist. No. 11 paving bonds. Denom. $500. Date
Feb. 3 1914. Int. ann. at the City Treas, office or remitted in Eastern
exchange. Due Feb. 3 1924,subject to call Feb.3 1915.
QUINCY, Adams County, Ill.-BOND ELECTION PROPOSED.
Reports state that the question of issuing bonds to purchase the plant of
the Citizens' Water-works Co. will be submitted to a vote at the April
election.
QUINCY, Norfolk County, Mass.-TEMPORARY OFFERING.
According to reports the Treasurer will receive sealed bids until 12 m.
March 30 for a temporary loan of $150,000 in anticipation of taxes.
RACINE, Racine County, Wis.-BOND ELECTION.-At the coming election to be held in this city the question of issuing $100.000 schoolbuilding bonds will be submitted to the voters, it is stated.
RALEIGH, Wake County, No. Caro.-BOND ELECTION.-The election to vote on the question of issuing the $100,000 5% 30-year coup.
street-improvement, sewer-extension and fire-station-construction bonds
(V. 98, p. 708) will be held April 15.
RAYVILLE, Richland Parish, La.-BONDS REGISTERED.-On
Feb. 26 the Secretary of State registered an issue of $22,000 water bonds,
it is stated.
READING, Hamilton Cpunty, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Apr. 20 by Wm. F. Klopmeyer, Town Clerk.
for $3,500 5% 1-10-year (ser.) sanitary-sewer dist. No. 1 (assess.) bonds.
Date Feb. 4 1914. Int. ann. at Reading Bank, Reading. Purchaser to
pay accrued interest.
REED CITY, Osceola County, Mich.-BONDS DEFEATED.-The
question of issuing $10,000 sewer-system bonds failed to carry at the
election recently held.
REFUGIO COUNTY(P.O. Refugio), Texas.-BONDS NOT SOLD.
No sale has been made of the $5,500 (unsold portion of an issue of $25,500)
5% 10-40-year opt. Road Dist. No.2 bonds,for which proposals were asked
at any time (V. 98, p. 87).
RHEA COUNTY (P. 0. Dayton), Tenn.-BOND ELECTION.-The
proposition to issue $250,000 pike-construction bonds will, reports state, be
submitted to a vote on March 31.
RIDGEFIELD TOWNSHIP (P. 0. Monroeville), Huron County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Apr. 6
by Clarence Zipfel, Twp. Clerk, for $15,000 5% coup. road bonds. authorized at an election held Feb. 20. Denom.$5001. Date Mar. 2 1914, Int.
M. & S. at Farmers' & Citizens' Banking Co., Monroeville. Due $500
each six months from Mar. 1 1915 to Sept. 1 1929 incl. An unconditional
MAR. 28 1914.1
THE CHRONICLE
cert. check on a bank other than the one making the bid, for 5% of bonds
bid for, payable to Twp. Clerk, required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued int.
Bonded debt (not incl. this issue), $29,500. Assess. val. 1913,$3,071,180.
RIO BONITO SCHOOL DISTRICT (P. 0. Rio Bonito), Butte
County, Calif.-BONDS DEFEATED.-Local newspaper dispatches
state that at a recent election the question of issuing $5,000 school bonds
was defeated.
RITTMAN, Wayne County, Ohio.-BOND SALE.-On March 23
the $37,813 55 54% 6-year (average) Main St.improvement bonds(V.98,
p. 708) were awarded to Hayden, Miller & Co. of Cleveland for $38,821 55
(102.93) and interest. Other bids were:
Premium.
Premium.
Seasongood & Mayer,Cin_ _ _3889 00 Spitzer, Rorick & Co., Tol_ _$517 50
New First Nat. Bank, Col__ 750 00 Well, Roth & Co., Toledo__ 512 50
Sidney Spitzer & Co., Toledo 605 08 Stacy & Braun, Toledo
491 34
Security S.B.& Tr. Co.,Tol_ 601 50 Hochler. Cummings & PrudOtis & Co., Cleveland
398 20
den, Toledo
575 00
First National Bank
137 00
559 60 First National Bank
RIVERSIDE SCHOOL DISTRICT, Riverside County, Cal.BOND OFFERING.-Reports state that proposals will be received until
11 a. m. April 8 by the Clerk of Board of County Supervisors (P.0. Riverside) for $50,000 5% building bonds.
RIVERSIDE TOWNSHIP (P. 0. Riverside), Burlington County,
N. J.-BOND OFFERING.-Proposals will be received until 8 p. m. Apr. 8
by J. Taylor Neal, Twp. Treas., for $16,000 5% 30-year coupon or reg.
funding bonds. Denom. $500. Date April 1 1914. Int. A. & 0. Cert.
check for 2% of bonds bid for, payable to Twp. Treas., required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
ROCHESTER, N. Y.-BOND SALE.-On March 24 the $500,000
sewage-disposal and $500,000 school 44% 30-year registered bonds(V. 98,
p. 945) were awarded to a syndicate composed of A. B. Leach & Co., John
D. Everitt & Co. and Dominick & Dominick of N. Y. at 106.67 and int.
Other bids were (all or none):
$1,062,856 34
Blake Bros. & Co. and Rhoades & Co., New York
Remick, Hodges & Co., Blodget & Co. and Estabrook &
1,061,930 00
Co., New York
1,061,800 00
Wm. A Read & Co. and Lee, Higginson & Co., New York
1,061,590 00
Kountze Bros. and E. H. Rollins & Co., New York
1,060,310 00
White, Weld & Co., New York
Wm.Salomon & Co and Ladenburg, Thalman & Co., N. Y.._ 1,058,859 00
1,056,800 00
A. G. Moore, Rochester
Equitable Trust Co. and N. W. Halsey & Co., New York
1,055,345 67
Livingston & Co., New York
1,054,500 00
Harris, Forbes & Co., New York
1,049,321 00
The following bids were also received:
Blake Bras. & Co., Rhoades & Co., New York:
$500,000 sewage-disposal bonds
$527,853 17
500,000 school bonds
527,853 17
Kean, Taylor & Co., Kissel, Kinnicutt & Co.:
$500.000 sewage-disposal
$528,650 00
$500,000 school bonds
528,650 00
All or none
1,061,280 00
Curtis & Sanger, James A. Hutchinson, Adams & Co.:
$500,000 sewage-disposal
$525,100 00
500,000 school bonds
525,100 00
All or none
1,502,000 00
Security Trust Co., Rochester-$305,000 school bonds
325,239 80
T. J. Swanton, Rochester-$500,000 school bonds
530,900 00
ROCKAWAY SCHOOL DISTRICT (P. 0. Rockaway), Morris
County, N. J.-BOND OFFERING.-Proposals will be received until
7:30 p. in. March 31 by E. J. Matthews, District Clerk, for $30,000
%
coupon school bonds. Denom. $500. Date June 30 1914. Duo $1,500
yearly from 1917 to 1936. inclusive. Certified check for 1% of bonds bid
for required.
ROCK ISLAND COUNTY (P. 0. Rock Island), I118.-BOND ELECTION PROPOSED.-Reports state that the proposition to issue $1,000.000
434% good roads bonds will be submitted to a vote at the November election. Due serially for 20 years.
ROCKWALL COUNTY (P. 0. Rockwall), Tex.-BOND ELECTION
PROPOSED.-According to reports an election will be held in the near
future, to submit to a vote the question of issuing $200,000 Rockwall
Commissioners Precinct road bonds.
ROYSTON, Franklin County, Ga.-BOND OFFERING.-Proposals
will be received until 9 p. m. April 6 by J. C. Doyle, City Treas., for the
$10,000 5% 25-yr. gold coup. taxable bldg. and equip. bonds voted Dec. 3
(v. 06, p. 1841). Denom. $500. Date Jan. 10 1914. Int. J. & J. at
Nat. Park Bank N. Y. Cert. check for $50, payable to City Treas.,
required. Bonded debt (not incl. this issue) Mar. 20, $3,000. No floating debt. Assess. val. 1913, $963.838.
SACO, York County, Me.-BOND SALE.-On March 23 the $50.000
4% 25-year coupon tax-free funding bonds (V. 98, p. 945) were awarded to
A. B. Leach & Co., Boston, and Maynard S. Bird & Co., Portland, jointly,
at 102.279 and int. Other bids were:
Hayden, Stone & Co
102.236 Hayward Wilson
)101.02
Lee, Higginson & Co
102.196 Kean, Taylor & Co
Paine, Webber & Co
102.186 Liggett, Hichborne & Co_ _ _ _100.79
Merrill, Oldham & Co
101.659 Fidelity Trust Co
100.523
Adams & Co
101.22
ST. CHARLES, Kane County, Ill.-BOND ELECTION.-An election
will be held April 6,it is stated, to vote on the question of bonding the town
to the amount of its outstanding floating indebtedness now represented by
warrants.
ST. JOHNS, Multnomah County, Ore.-BOND SALE.-On Mar. 17
the two issues of 6%, 1-10-yr. (opt.) coupon impt. bonds, aggregating
$6,282 40 (V. 98, p. 854) were awarded to the Peninsula Nat. Bank of
St Johns at par and int. The purchaser agreed to furnish the blank bonds.
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BONDS PROPOSED.
According to local newspaper dispatches there is talk of issuing $3,000,000
road bonds.
ST. PAUL, Minn.-BOND OFFERING.-Proposals will be received until 12 m. Apr.8 by Wm.C. Handy, City Compt., for $50,000 434% 30-Yr.
coup. water-works ext. bonds. Denom. $500 or $1,000. Date Apr.
1
1914. Int. A. & 0. Cert. check (or cash) for 2% of bid required. Official circular states that the city has never defaulted on any of its obligaprincipal
the
and
and
int. on its bonds previously issued have always
tions
been paid promptly at maturity.
PRICE PAID FOR BONDS.-The price paid for the $76,000 6% sewe
constr. bonds awarded on Mar.'11 to O'Neill &Preston (V. 98,_p. 945) was
par. Denom. $1,000. Date Mar. 1 1914, Int. M. & S. Due Mar. 1
1917, subject to call on any int.-paying date.
BOND SALES.-On Mar. 18 3129,700 refunding bonds were awarded
to A. B. Clark at par for 534s. C. 0. Kalman & Co. of St. Paul bid for
% bonds. Denom. $1.000. Date Mar. 1 1914. Int. M. & S. Duo
Mar. 1 1917, subject to call at any int.-paying date.
On the same day (Mar. 18), the $25,000 434% 30-year and the $10,000
4% 2-year children's public playground coup. bonds (V. 98. p. 783) were
awarded to Merrill, Oklham & Co. of Boston at 103.319. Other bids were:
$35,000
$25,000
(Both Issues). Issue.
Blodget & Co., Boston
103.20
104.80
Wells & Dickey Co.. Minneapolis
103.107
104.35
Blake Bros. & Co., Boston
102.795
104.395
Estabrook & Co., Chicago
102.54
Northwestern Trust Co., St. Paul
102.286
George S. Ring _
101.146
Seasongood & Mayer, Cincinnati
100.3
Curtis & Sanger, Boston
100.177
Livingston & Co
104.25
Minnesota Loan & Trust Co., Minneapolis
102.5
0. E. Denison & Co.. leveland
102.355
Parson. Son & Co., dhicago
100.437
BONDS OFFERED BY BANKERS.-The Capital Trust Co. and C. 0.
Kalman & Co. of St. Paul are offering to investors $380,000 University
Ave. paving, $370,000 Robert St. widening. $200.000 Summit Ave. paving
and $50,000 Snelling Ave. paving 6%, tax-free special assessment bonds.
Denom. $100, $500. $1,000. Date May 1 1914. Int. M. & N. Due
May 11917. subject to call on any interest-paying date.
1017
SALEM, Mass.-BIDS.-The other bids received for the temporary loan
of $300,000 due Oct. 20 1914, awarded on Mar. 20 fo the Merchants' Nat.
Bank of Salem at 3.35% discount (V. 98, p. 946), were:
Discount.
Discount.
Naumkeag Trust Co.,Salem_ _3.43%
$100,000
3.43
Blake Bros. & Co., Boston_ _ _3
3.
.:
4
43
R. L. Day &
9
100,000
3.53
Curtis & Sanger, Boston (for
Boston
100,000
3.63
$100,000)
SAN DIEGO, Calif.-BOND OFFERING.-Proposals will be received
until 11 a. m. March 30, by Allen H. Wright, City Clerk, for $705,000 5%
gold municipal water-conservation bonds. Denom. (680) $1,000. (40)
$625. Date April 11914. Int. A.& 0. at office of City Treas. or at Nat.
Park Bank, N. Y. Due $17,625 yearly on April 1 from 1915 to 1954 incl.
Cert. check on a local bank for 1% of bid, payable to City Clerk, required.
These bonds were voted at the election held Dec. 30(V. 98, p. 178.)
BOND ELECTION.-According to reports an election will be held Apr.30
to submit to a vote the questions of issuing $400,000 harbor-dredging bonds,
and $1,500.000 for the purchase of the Morena Dam and reservoir.
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposal
will be received until 12 m. April 18 by Fred. W.Bauer, City Aud.,
for the
following 434% city's portion bonds:
$5,500 Scott St.-Impt. bonds. Denom. $500. Due $1.000 yearly on
May 1 from 1922 to 1926 incl. and $500 May 11927.
53,000 South End sewer district bonds. Denom. $500. Due $13.500
on May 1 1921, 1922 and 1923 and $12,500 on May 11924.
12,000 West End sewer district bonds. Denom. $500. Due
$2,000 yrly.
on May 1 from 1920 to 1925 incl.
1,400 street sewer-impt. bonds. Denom. $100. Due in 4 years.
Date May 1 1914. Int. M. & N. Cert, check for $100, payable to
A. Koegle, City Treas., required. Bonds to be delivered and paid for
within 10 days from time of award.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BOND ELECTION
PROPOSED.-Reports state that an election will be held in the near future
to submit to the voters the question of issuing between $375,000 and $400.000 court-house bonds.
SAN RAFAEL, Mann County, Calif.-BONDS NOT SOLD.
-Using
newspaper reports, we stated that E.H. Rollins
& Sons and Wm. R. Staats
Co.of San Francisco were recently awarded $175,000
an
of
issue
of
$215.000)
5% 1-40-yr. (ser.) municipal-impt. bonds at
joint bid of 101.375
(V. 98, p. 854). We now learn that this offer their
was
refused.
It is stated that this action was taken for the reasonsubsequently
that several months
will elapse before the money will be utilized and the city
would save money
by advertising the bonds to be sold later in separate blocks
instead of as a
whole.
SANFORD, York County, Me.-BOND SALE.-C.E. Denison & Co.
of Boston have purchased at 101.778 850,0004% funding bonds. Denom.
$1,000. Date Mar. 1914. Int. A. & 0. Due $5.000 yearly Oct. 1 1924
to 1933 incl. Tax-free in Maine. Total debt, $146,000. Assess. val..
$4,482.910. The bonds are now being offered by Denison & Co. at a price
to yield 3.75% •
SANTA ANA, Orange County, Calif.-BOND SALE.-The $63,000
1-40-yr. (ser.) water-works and $12,000 1-24-yr. (ser.) fire-dept. 5% bonds
offered on Jan. 5 (V. 97, p. 1608) have been awarded, it is stated, to the
Farmers'& Merchants' Nat. Bank of Santa Ana at 100.48.
SANTA BARBARA, Santa Barbara County, Cal.-BOND SALE.
On March 19 the 360.000 5% coupon mission-tunnel water-works bonds
(V.98, p. 709) were awarded to Farson, Son & Co. of Chicago for $60,678 75
(101.131) and interest. Other bids were:
Harris Trust & S. Bkl,Chic_ _$60,171 I First Nat. Bk., Santa Barb_ _860.018
The Santa Barbara County National Bank also submitted a bid.
SANTA CRUZ HIGH SCHOOL DISTRICT (P. 0. Santa Cruz),
Santa Cruz County, Cal.-BONDS VOTED.-The election held on
March 17 resulted in favor of the question of issuing $170,000 5% semi-annual gold high-school buildings and site-purchase bonds (V. 98. P. 854)•
The vote was 2,940 to 631. Denom. $1,000. Due $5,000 yearly
fron
1919 to 1952, inclusive.
SANTA CRUZ SCHOOL DISTRICT (P. 0. Santa Cruz), Santa
Cruz County, Cal.-BONDS VOTED.-The election held March 17 resulted in favor of the question of issuing $80,000 5% semi-annual gold
building and site-purchase bonds (V. 98. p. 854). The vote was 3,041 to
558. Denom. $1.000. Due $2,000 yearly from 1915 to 1954, inclusive.
SANTA MONICA, Los Angeles County, Calif.-BONDS PROPOSED.
-Reports state that this city is contemplating the issuance of $150.000
water-mains bonds.
SANTA._ROSA SCHOOL DISTRICT (P. 0. Santa Rosa), Sonoma
County, calif.-BONDS DEFEATED.-Reports state that the question
of issuing the $180.000 5% school bonds (V. 98, P. 632) failed to carry at
the election held March J4.
SAUSALITO, Maria County, Calif.-DESCRIPTION OF BONDS.
The $100,000 municipal street-impt. bonds proposed by this city (V. 98.
132 854) are coupon in form and bear interest at the rate of 5%. Denom.
(80) $1,000. (40) $500. Date July 1 1914. Int. J. & J. Due $2,500
yearly on July 1 from 1915 to 1954 incl. The above bonds were voted
Apr. 15 1913 and in accordance with an ordinance passed Feb. 16 1914.
SAYBROOK TOWNSHIP SCHOOL DISTRICT, Ashtabula County
Ohio.-BOND SALE.-On March 20 the $10,000 5% 1-10-year (serial
school bonds (V. 98, p. 854) were awarded to the National Bank of Ashtabula at 100.3.
• SHAMOKIN SCHOOL DISTRICT (P. 0. Shamokin), Northumberland County, Pa.-BONDS NOT SOLD.-No award was made, it is
stated, of the $150.000 434% 5-30-year reg.school bonds offered on Afar. 23
(V. 98, p. 855). The bonds will be re-advertised.
SHEFFIELD, Franklin County, Iowa.-BOND OFFERING.-Proposals will be received until 2 p. m. April 2, reports state, by A.C.Schaefer.
City Clerk,for $16,000 water-works and $12,000 sewer bonds.
SHERMAN TOWNSHIP (P. 0. Bellevue), Huron County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. April 15 by
Theo. Miller, Twp. Clerk. for $15,000 59 coup. road district bonds.
Denom. $500. Date March 16 1914. Int. Al. & S. at Wright Bank Co..
Bellevue. Duo $500 yearly on March 15 from 1915 to 1922 incl. and $1,000
yearly on March 15 from 1923 to 1933 incl. An unconditional certified
check on a bank other than the one making the bid,for 5% of bonds bid for,
payable to Twp.Clerk, required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest. These
bonds are part of an issue of $25,000 voted Feb. 24.
SMYTH COUNTY (P. 0. Marion), Va.-BOND OFFERING.-Proposals will be received until 12 m. April 29 by the Board of Supervisors for the
following road-improvement bonds:
$50,000 Rich Valley District bonds. Due in 30 years, subject to call onehalf in 15 years.
90,000 Marion District bonds. Due in 30 years, subject to call one-half
in 12 years and one-half in 18 years.
45,000 St. Clair District bonds. Due in 30 years, subject to call one-half
in 12 years and one-half in 18 years.
Bids will also be received for the whole issue (3185.000). redeemable in
30 Years. Certified check for $250 required.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT, Calif.-BOND
OFFERING.-Proposals will be received until 10 a. m. April 4, it is stated,
for $739.900 5% bonds. Denom. (19) $100, (1,476) $500. These bonds
are the unsold part of an issue of $790.000. See V. 98, p. 410.
STANTON, Stanton CountyNeb.-BOND ELECTION.-An election will be held Apr. 7 to submit'to a vote the question of issuing $7,000
5% sewer-constr. bonds. Due in 1934. sublect to call after 1919.
STEUBENVILLE CITY SCHOOL DISTRICT (P. 0. Steubenville).
Jefferson County, Ohio.-BOND OFFERING.-Proposals will be received until 1 p. m. April 20 by W.S. McCauslen, Clerk of Board of Education,for the $200,000 434% school bonds voted Feb. 28 (V. 98, p. 855).
Denom. $1,000. Date June 1 1914. Int. J. & D. at People's National
Bank, Steubenville. Due $10,000 yearly on June 1 from 1916 to 1935.
inclusive. Certified check for $500 required.
SUGARCREEK AND SHANESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Sugarcreek), Tuscarawas County, Ohio.-BOND
OFFERING.-Proposals will be received until 12 m. April 10 by C. C.
Kretzinger, Clerk of Board of Education, for the $23,000 534% sitepurchase,construction and equipment bonds(V.98, p.855). Denom.$500.
Date April 101914. Int. A.& 0. Due $500 yearly on March 1 from 1915
to 1930, inclusive. and $500 each six months from Sept. 1 1930 to March 1
1945, inclusive. Certified check on an Ohio bank for 5% of bonds bid for.
THE CHRONICLE
1018
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.
SUNNYVALE SCHOOL DISTRICT (P. 0. Sunnyvale), Santa Clara
County, Calif.-BONDS DEFEATED-NEW ELECTION PROPOSED.The question of issuing 350,000 bldg. bonds failed to carry at the election
held Mar. 10(V. 98, p. 709)•
A new election will be held in about a month to submit to a vote the question of issuing $25.000 bldg. bonds.
SYRACUSE, Otoe County, Neb.-BOND ELECTION PROPOSED.Reports state that a petition has been prepared asking the Village Board
to submit to a vote the question of issuing sewer-system and water-works
bonds.
TANGIPAHOA PARISH, La.-BOND OFFERING.-Proposals will be
P. Mitchell. Pres. of Police Jury (P. 0.
received until 12 m. April 13 by
Ponchatoula), for $75,000 5% Seventh Ward Road District No. 2 bonds
authorized at the election held Nov. 8 1913. Denom. $1,000. Date
June 1 1914. Int. annual. Due serially from 1919 to 1943, inclusive.
Certified check for $500 required.
0 bonds were
TEXAS.-BONDS REGISTERED.-The following 57
registered by the State Comptroller during the week ending March 21:
Option.
Due.
Purpose of Issue.
Amount. Place ofIssue.
40 years. 10 years.
Water-Works
$13,500_ _Georgetown
10 "
County
40 "
Bridge
200,000_
20 "
40 "
Hospital
125,000__Bexar County
10 '
40"
Poor House & Farm
50,000_13exar County
10 "
40 "
Court-House
75,000.._Bexar County
20 "
40 "
Special Road
550,000__Bexar County
40 " 33,000 y'ly
Road District No.4
25,000_ _Victoria County
15 years.
40
School Building
25,000_ _Hillsboro
30,000Rogers Ind. Sch. Dist. S. H.
10 "
Bridge
134,100_ _Bell County
TIPPECANOE COUNTY(P.O.Lafayette),Ind.-BOND OFFERING.
-Proposals will be received until 2 p .m. June 5 by Geo. W. Baxter, Co.
Treas.,for $7,6705% Herman F.Beutler et al ditch-constr. bonds Denom.
(19) $383, (1) $393. Int. J. & D. Due $1.542 June 15 1915 and $1,532
yearly thereafter.
TOLEDO CITY SCHOOL DISTRICT(P.O. Toledo), Lucas doin=y",
Ohio.-BOND SALE.-On March 23 the $180,000 434% 10-yr. (aver.)
coupon school bonds (V. 98, D. 783) were awarded to Seasongood & Mayer
of Gin, for $181,555 and int.-equal to 100.863. Other bids were:
$181,458181d.Spitzer & Co.,Toledo_$180,954 50
Weil, Roth & Co., Cin
181,278 E.H.Rollins & Sons,Chic. 180,757 80
Stacy & Braun, Toledo_
TROY, N. Y.-BOND OFFERING.-Proposals will be received until
10 a. m. April 2 byWm.H.Dennin, City Comptroller, for $127,000 43.4%
reg., tax-free public-impt. bonds, series of 1914. Date April 15 1914.
Interest A.& O. Due in 20 annual installments. Certified check for 191
of bonds, payable to "City of Troy", required. Bonds to be delivered and
paid for within 10 days from time of award. Bids must be made on blank
forms furnished by the City Comptroller. Purchaser to pay accrued int.
and bids must be made on forms furnished by above Comptroller. Official
circular states that the city has never defaulted in the payment of any of its
obligations.
.TROT TOWNSHIP, Ashland County, Ohio.-BOND OFFERrirr
Proposals will be received until 12 m. April 22 by J. W.Davidson,Township
Clerk (P. 0. Nova), for $44,000 5% road-improvement bonds. Auth.
Sec. 7035, Gen. Code. Int. M. & S. Due $1,000 each six months from
I
-
•" •
[VOL. xcvm.
March 1 1915 to Sept. 1 1931 incl., $2,000 each six months from March 1
1932 to March 1 1934 incl. Bonds to be delivered and paid for within
10 days from date of award. Certified check or draft for $500, payable
to the Township Clerk, required. Purchaser to pay accrued interest.
TRUMBULL COUNTY (P. 0. Warren), Ohio.-BOND SALE.Reports state that this county has sold $6,000 bridge bonds to the Union
Savings & Trust Co. of Warren for $6,025-equal to 100.416.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Tulsa County, Okla.BOND OFFERING.-Proposals will be received until 8 p. m. April 1 by
Ray S. Fellows, Secretary, for the $500,000 5% 20-year school-building and
equipment bonds voted March 17 (V. 98, p. 946). Denom. $1,000. Certified check for $10.000, payable to above Secretary, required. Bonded
debt (including this issue). $905,000. Assessed value 1913, $25,000,000.
I7TAH.-BONDS OFFERED BY BANKERS.-E. H. Rollins & Sons
of Boston are offering to investors the $200,000 591 20-year, $200,000 47
0
0 10-year coupon (with privilege of registration of
20-year and $200,000 47
principal) State Capitol-building bonds, dated Jan. 1 1914, the sale of
which was reported in V. 98, p. 633.
UTICA, N. Y.-BOND SALE.-On Mar. 24 the two issues of 434%
3-year (aver.) tax-free paving bonds, aggregating $33,613 86 (V. 98,- p.
946) were awarded to A. James Eckert, of Utica, for $33,879 95 (100.791)
and int. Other bids were:
Amt. Bid for. Price Bid.
Bidders$33413 86 $33,802 09
Utica Trust & Deposit Co., Utica
33,613 86
33,738 23
A. B. Leach & Co., New York
33,661 92
33,613 86
Remick, Hodges & Co., New York
2,000 00
2,000 00
George L. Curran
2,000 00
2,000 00
Frances H.Powell
1,000 00
1,000 00
Cornelia D.Curran
1,000 00
1,000 00
F. H. Gates & Mary C. Gates
300 00
300 00
Anna E. Waldron & Mary 0. Gates
VANDERBURG COUNTY (P. 0. Evansville), Ind.-BOND SALE.
(ay.)
tax-free
6-year
highway-improve434%
of
issues
two
the
25
On March
ment bonds aggregating $20,700 (V. 98, p. 783), were awarded to the Fletcher-American Nat. Bank of Indianapolis for $20,900-equatIto 100.966.
VENTNOR CITY (P. 0. Atlantic City), Atlantic County, N. J.BOND OFFERING.-Proposals will be received until 8 p. m. April 15 by
E. Steelman Royal, City Clerk, for $25,000 5% 50-year school bonds.
Date May 1 1914. Certified check for 2% of bid, poayable to Robt. W.
Bartlett, City Treasurer, required. The legality of these bonds will be
approved by Dillon, Thompson & Clay of New York City.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND SALE.-On
March 23 $27,900 434% gravel road bonds (21ssues) were awarded, reports
state, to the Fletcher-American Nat. Bank of Indianapolis for $28,148equal to 100.888.
WARREN, Trumbull County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. April 15 by Geo. T. Hecklinger, City Auditor,
for the following 5% bonds:
$2,500 Dana Ave. storm water sewer bonds. Denom. $500. Due $500
each six months from April 1 1916 to April 11918. inclusive. Certified check for $100 required.
19,500 Atlantic St. west paving (assessment) bonds. Denom.$500. Due
$3,500 April 1 1915 and $4,000 yearly on April 1 from 1916 to 1919.
inclusive. Certified check for $200 required.
4,800 Atlantic St. west paving (city's share) bonds. Denom.$600. Due
$600 yearly on April 1 from 1915 to 1922, inclusive. Certified
check for $200 required.
NEW LOANS.
NEW LOANS.
PROPOSALS
$30,000
School District of Philadelphia
City of New Castle, Delaware,
5% BONDS.
14% Serial Gold Certificates
4/
FREE OF ALL TAX, INCLUDING THE FEDERAL INCOME TAX.
Offer of $3,000,000 Loan, School District of Philadelphia
Sealed Proposals to be received 12 o'clock noon, Wednesday, April 1„ 1914,
297 City Hall.
$150,000 Maturing Annually, beginning July 1, 1924, to July 1, 1943.
The certificates will be registered in form.
The denominations will be $500. $1,000 and $5,000.
350.000 of each denomination will mature each year from July 1, 1924. to July 1. 1943.
Interest payable January 1 and July 1 of each year.
Sealed Proposals will be received by William Dick, Secretary, in the office of The Board of Public Education, Room 297, City hall, Philadelphia, until 12 o'clock M. on WEDNESDAY. APRIL 1..
1114,for three million 13.000,000) dollars school loan on conditions as follows:
Three million ($3,000.000) dollars school loan for the purpose of raising the necessary funds for
procuring sites and erecting buildings and additions for elementary and high schools in the School District of Philadelphia, authorized by resolution of The Board of Public Education. School District of
Philadelphia, approved November 11. 1913.
Certificates of loan will be issued In denomlnationsof $500. $1.000 and $5.000 in registered form,
and will be made payable in gold coin of the present standard of weight and fineness.
The said sum of three million (33,000,000)dollars will bear interest at the rate of 43 per centum
per annum, payable semi-annually on the first days of January and July. in said gold coin, the first
payment of interest to be made on the first day of July. 1914,said loan and interest thereon to be payable free from all taxes.
All taxable real estate in the City of Philadelphia is subject to taxation for school purposes. The
resolution authorizing this loan provided that an annual tax of one-fifteenth (1-15) of a mill upon each
dollar of the assessed valuation of the property in the School District be levied, for the payment of
principal and interest and taxes on such obligations,in each and every year until the loan is paid in full*
Proposals must be submitted upon blanks to be obtained from the undersigned.
No bid will be considered unless accompanied by a certified check drawn to the order of the School
District of Philadelphia for five per centum of the amount of the subscription.
Checks or certificates accompanying bids not accepted will be returned to the bidders within
forty-eight hours after the opening of the bids. Deposits of successful bidders will be applied in partial
payment of the amount of the loan awarded them. No allowance for interest will be made on advance
payments.
Settlement in full for the loan awarded must be made with the Secretary on or before Wednesday.
April 8. 1914, at 3 o'clock P. M.,and include payment of accrued interest from January 1. 1914. to
day of settlement.
Bids at less than par will not be considered.
The Board of Public Education reserves the right to reject any or all proposals, or to award any
portion of the loan for which bids shall be received, as it may deem best for the interest of the School
District of Philadelphia.
Being municipal bonds, certificates of the School District of Philadelphia constitute legal investments for trust funds and estates.
Bids may be made for "all or none" or for any portion of the issue.
The legality of this issue was approved by John G.Johnson, Esq., and a copy of his letter
attesting that fact may be had on application.
THE BOARD OF PUBLIC EDUCATION,
.WILLIAM DICK. Secretary.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building:
CINCINNATI
Bolger, Mosser&WI I laman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
BEND FOB LIST.
29 South La Salle St.,
CHICAGO
Proposals will be received until 8 P. M.,
TUESDAY, APR IL 21, 1914, for all or any part
of Thirty Thousand Dollars of bonds to be issued
Upon the credit of the City of New Castle. Delaware, under authority of Chapter 217, Volume 27.
Laws of Delaware. Said bonds will be in the
name of the Mayor and Council of New Castle,
will be dated and issued as of May 1, 1914, will
bear interest from date at the rate of five per
centum per annum, payable semi-annually, and
will be in denominations of Five Hundred Dollars
each, numbered consecutively from 1 to 60, the
principal being payable at the expiration of thirty
years from their date, the City reserving the right
to redeem any or all of said bonds at par and
accrued interest at any interest period after the
expiration of five years from their date. Said
bonds will be delivered as soon after the award
as practicable, but not later than June 1, 1914,
the purchaser to pay accrued interest from the
date of bonds to the time of delivery. All proposals must be accompanied by a certified check,
payable to the order of the Mayor and Council
of New Castle, for three per centum of the
amount of bonds bid for, the same to be forfeited
if the bidder fails to accept and pay for the bonds
awarded, the bonds to be settled for on delivery.
The right to reject any and all bids is reserved.
Address all bids to Theodore W.Cavender, President of Council, New Castle, Delaware.
By order of City Council.
THEODORE W.CAVENDER,
President.
$30,000
City of Statesville, N. C.
5% 30-Year Refunding Street
Improvement Bonds
Soiled 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 date'
April 1st, 1914, due April 1st. 1944. Denomint
tions $1,000 each. Interest payable semi-anni
ally and bothprincipal and interest payable I
Statesville, N. C. These bonds are issued to pa
off indebtedness already incurred by the said Cit
for necessary expenses for improving the prind
pal streets and side-walks of said City, and by au.
thority 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.
CITY OF STATESVILLE.
C. D. MOORE. Treasurer.
MAR. 28 1914.1
Date April 1 1914. Int. A, & 0. Certified checks must be made
payable to City Treasurer. Bonds to be delivered and paid for within
five days from time of award. Purchaser to pay accrued interest. Bonded
debt (not incl. this issue), $166,368. Assessed value 1913, $17,495,730.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
County, Ohio.-BOND ELECTION.-An election will be held March 31
to submit to a vote the question of issuing $225,000 school-buildings,
equipment and site-purchase bonds.
WARREN COUNTY (P. 0. Vicksburg), Miss.-BOND OFFERING.-Proposals will be received until 12 m. April 6 by J. D. Laughlin, Chancery Clerk, for $160.000 of an issue of $300,000 57, road,bridge
and culverts-construction bonds. Denomination $1,000. Date April 6
1914. Int. A. & 0. at office of County Tras. Due in 40 years, subject
to call $20,000 in 5, 10 and 15 years' and $100,000 in 20 years after date.
Separate bids must be made for each serial batch of bonds. Cert. check
on a Vicksburg bank or any national bank for 2% of bid, payable to above
Chancery Clerk, required. Bonded debt (incl. this Issue) $512,800.
Floating debt $40,000. Assessed val. 1913 est. $20,000,000. Bids must
be unconditional. These bonds were offered without success on March 3.
WASHINGTON, Fayette County, Ohio.-BONDS NOT ISSUED.
The $1,260 5% 1-10-yr. (sex'.) alley-impt. (assess.) bonds advertised to be
sold March 24 (V. 98, p• 709) were not issued,because of an error in the
amount of the bonds. A new issue is being offered for sale to take the
place of these bonds.
WASHINGTON COUNTY (P. 0. Bartlesville), Okla.-BOND ELECTION.-An election will be held April 18 to vote on the proposition to issue
$120,000 road bonds, $60,000 in Dewey Twp. and $60,000 in Jackson Twp.
WATERTOWN, Mass.-TEMPORARY LOAN.-A temporary loan of
$150,000, maturing Dec. 10 1914, has been awarded, it is stated, to Old
Colony Trust Co. at 3.57% discount. The other bidders were:
R. L. Day & Co_ _ _3.59% discount I Estabrook & Co____ 3.61% discount
WAVERLY SCHOOL DISTRICT (P. 0. Waverly), Pike County,
Ohio.-BOND ELECTION.-The question of issuing $35,000high-schoo
building bonds will be submitted to a vote, it is stated, on March 31.
WEIR, Choctaw County, Miss.-BOND OFFERING.-According to
reports, bids will be received until April 7 for an issue of $5,000 agriculturalhigh-school-site-purchase bonds.
WEST ASHEVILLE (P. 0. Asheville), Buncombe County, No. Caro.
-BOND SALE.-On Mar. 17 the $50,0005% 30-yr water and sewer bonds
(Y• 98, p. 709) were awarded to J. Scroop Styles of Asheville, it is stated,
at par.
WEST VIEW, Allegheny County, Pa.-BOND SALE.-On March 18
$50,000 sewer-completion and $12,000 bridge-building 4%% bonds were
awarded to Gordon & Co., Pittsburgh, for $63,515 15-equal to 102.443.
Other bids were:
Lyon, Singer & Co., Pittsb_ _$63,256'Mellon Nat. Bank,Pittsb_ _ _$63,050
C. M. Barr & Co., Pittsb___ 63,138 I
Denom. $1,000. Date Feb. 1 1914. Int. F. & A. Due on Feb. 1 as
follows: $12,000 1924, $20,000 1934 and $30,000 1944.
WILMINGTON, Del.-BOND SALE.-On March 26 the following
4%% sinking fund bonds (V. 98, p. 856) were awarded to Harris, Forbes &
Co. of New York at 104.592 and interest:
$55,000 refunding bonds. Due $42,850 April 1 1936 and $12,150 Oct. 1 '36.
50,000 water-meters-installation bonds. Due Oct. 1 1936.
150,000 street and sewer-improvement bonds. Due $61,500 Oct. 1 1936
and $88,500 April 11937.
NEW LOANS.
1019
THE CHRONICLE
The other bidders were:
Rhoades & Co., New York.._104.417
*Wilmington Say. Fund Soc-104.35
Equitable Trust Co., N. Y_..104.045
Spitzer, Rorick & Co. N. Y-103.87
Knauth,Nachod&KulLe,N.Y103.843
Delaware Trust Co., Wilm_ _103.775
103.756
Estabrook & Co., N. Y
Adams & Co., New York ..103.73
R. M. Grant & Co., N.Y_103.654
Townsend Scott & Son, Balt_103.652
Montgomery, Clothier &I Tyler, Phila., and J. F.Nields,
Wilmington
103.619
Wilmington Trust Co. and
Kean, Taylor & Co., N.Y.103.608
A.B.Leach & Co., N.Y_ A03.29
Equit. Gu.& Tr. Co.,Wilm_103.289
Remick, Hodges & Co.,N.Y_102.563
C. H. Venner & Co., N. Y_ _102.527
Merch. Un. Tr. Co., Phila__102.34
N.Y.Life Insurance Co.
101.398
$42,850 refunding
101.417
12,150 refunding
101.417
50,000 water
61,500 street and sewer 101.417
88,500 street and sewer 101.436
* For refunding and water.
WILMINGTON, No. Caro.-BOND ELECTION POSTPONED.-The
election to vote on the question of issuing the $200,000 municipal dock and
wharf bonds(V.98, p. 411) has been postponed from March 24 to May 19.
WINNETHA, Cook County, Ill.-BOND ELECTION.-An election
will be held April 7, reports state, to submit to a vote the question of issuing $5,000 incinerator bonds.
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BOND SALE.-On
March 25 the $70,000 5% 20-30-year coup. Williams District highwayimprovement bonds were awarded to Breed, Elliott & Harrison of Cincinnati, for $70,371 (100.53) and int. Date April 1 1914. Int. ann. at
the County Treasurer s office.
WOONSOCKET, Sanborn County, So. Dak.-BOND SALE.-On
March 23 the $20,000 5% 20-year funding bonds were awarded at public
auction to Wells & Dickey Co., Minneapolis, at par less $150 for expenses
Bids were also received from C. H. Coffin, 11. C. Speer & Sons Co.and
the Hanchett Bond Co., Chicago; White, Grubbs & Co., St. Paul, and
Minnesota Loan & Trust Co. Minneapolis. Denom. $1,000. Date
April 1 1914. Int. A. & 0. in'
Chicago or New York.
WORCESTER, Worcester County, Mass.-NO.TE OFFERING.Dispatches state that the Treasurer will receive sealed bids until 12 m.
to-day (March 28) for $200,000 revenue notes, maturing Oct. 16 1914
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 6 (P. 0.
Comanche), Mont.-BOND SALE.-On Feb. 25 the $5,000 6% schoolhouse bonds (V. 98, p. 634) were awarded to the State Board of Land
Commissioners at par. Denom. $200. Date March 1 1914. Int. annually in March. Due in 7 and 10 years, subject to call at any interest-paying
date.
YOAKUM, Dewitt County, Texas.-BONDS VOTED.-The electio
held March 18 (V. 98, p. 634) resulted in favor of the proposition to issu
the $40,000 street-impt.(vote 415 to 104),930.000 school-house (446 to 07
and $2,000 incinerator (397 to 110)5% bonds.
YORK TOWNSHIP SCHOOL DISTRICT, Ohio.-BOND ELECTION
-Newspaper reports from Marysville, Ohio, state that a special election
will be held April 3 to decide the question of issuing $15,000 building bonds.
ZANESVILLE, Muskingum County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. April 16 by Fred. H. Bolin, City
Auditor,for $30,000 5% park purchase and improvement bonds. Denom.
$500. Date April 11914. Int. A.& 0. Due $1,500 yearly from 1915 to
1934, inclusive. Certified check for 5% 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.
NEW LOANS.
MISCELLANEOUS.
$100,000
$16,000
Township of Riverside, N. J., Flathead County, Montana,
5% BONDS
REDEMPTION BONDS
The Township Committee of the Township
of Riverside, in the County of Burlington, New
Jersey, will receive sealed bids at the Committee
Chambers in the Town Hall, Riverside, N. J.,
AT 8.00 P. M.. WEDNESDAY EVENING,
APRIL 8TH, 1914, for the purchase of Sixteen
Thousand Dollars, five per cent, thirty-year,
Floating Indebtedness Bonds.
Said bonds to bear date April 1, 1914, with
Interest payable on the first day of April and
October in each and every year, of the denomination of Five Hundred Dollars each, and registered or coupon, at the option of the purchaser.
The bidder must enclose with the proposal a
certified check payable to the order of J. Taylor
Neal, Treasurer of the Township of Riverside,
N. J., in the sum of two per cent of the amount
of bonds bid for, as a deposit to guarantee that
If successful the bidder will take the bonds or
forfeit so much as may be necessary to indemnify
the Township from any loss in any way incurred
by reason of loss of sale and to pay any deficiencies
In price between the original and the subsequent
sale and costs of re-advertisement.
The Township Committee reserve the right to
reject any or all bids.
All inquiries and proposals to be addressed to
J. Taylor Neal. Treasurer of the Township of
Riverside, Town Hall, Riverside, Burlington
County, N. J., and the envelope endorsed "Proposals for Floating Indebtedness Bonds."
Dated March 19th, 1914.
J. TAYLOR NEAL,
Township Treasurer.
Notice is hereby given that sealed bids will be
received by the County Commissioners of Flathead County, State of Montana, at the office
of the County Clerk and Recorder at Kalispell,
Montana, on MAY 4TH, 1914, AT 10.00 A. M.,
for the sale of $100,000 00 bonds for the purpose
of redeeming an issue of $100,000 00 bonds. -The
denomination of said bonds to be $1,000 00 each,
payable in twenty years and redeemable in ten
years, and to bear interest at not to exceed five
per cent (5%) per annum. Interest payable at
the office of the County Treasurer of said County
on the first day of January and'July of each year.
Bids will be opened at the office of County Commissioners of said County on Monday. May 4th,
1914, at 10:00 o'clock a. m. A certified check
for five per cent of bid to accompany each bid.
The Board reserves the right to reject any and
all bids.
By order of the Board of County Commissioners of Flathead County, Montana.
By FRED S. PERRY,
County Clerk.
BLODGET & CO.
B 0 MD S
ao STATE STREET. BOSTON
80 PINE STREET.NEJI YORK
STATE, CITY & RAILROAD BONDS
110U BLIC Utilities
in growing communities bought and
financed. Their securities offered to investors.
1
F. WM. KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
$570,000
CHICAGO, ILL.
HORSEFLY IRRIGATION DISTRICT
LEVICK & CO.
MIDDLE WEST
UTILITIES
COMPANY
KLAMATH COUNTY,OREGON
Foreign Exchange Brokers
112 West Adams Street
6% BONDS
56 Pine Street, New York
1037-9 FIRST NATIONAL BANK BLDG.,
Chicago, Illinois
Sealed proposals will be received by the Board
of Directors of the Horsefly Irrigation District "EVERYTHING IN FOREIGN EXCHANGID
of Klamath County. Oregon, until 2 o'clock p. m.
Clodeis Solicited and GorgeeD0adllaCe Levies@
TUESDAY, APRIL 14, 1914, for the purchase
of $345,000 six per ce...it 11-20-year bonds and
$225,000 six per cent 21-30-year bonds. Bids
may be made for all or part of the issue. Each
bid must be accompanied by certified check for
Acts as
one per cent of the amount bid. No bid enter.
Executor,
tamed for less than ninety per cent of the par
value. The Board reserves the right to reject
Trustee,
any or all bids. For full information address,
Administrator,
FRANCIS J. BOWNE, Secretary,
Bonanza, Oregon,
Guardian,
Girard Trust Company
$40,000.00 GREENESVILLE COUNTY, VA.,
BONDS FOR SALE
Bids accepted to noon. APRIL 22ND. 1914.
For Information. aPP1Yto
W. R. CATO, Agent,
No.-Emporia, Va.
PHILADELPHIA
Chartered 1836
Receiver,
Registrar and
Transfer Agent.
CAPITAL and SURPLUS,$10,000,000
Interest allowed
on deposits.
E. B. Morris; President.
[VOL. xcvm.
THE CHRONICLE
1020
Canada. its Provinces and Municipalities.
BOW ISLAND, Alta.-DEBENTURE SALE.-Reports state that
$20,000 debentures have been sold to the Union Bank.
BRAMPTON, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 8 p. m. Mar. 30 by W. H. McFadden, Town Clerk, for
$20,000 5%% 13-yr. and $7,000 5% 10-yr. debentures. Due in ann.
Installments.
BRANDON, Man.-DEBENTURES OFFERED BY BANKERS.
A. E. Ames & Co. of Toronto have purchased and are offering to investors
the following 57 coup.(with privilege of registration as to principal) debs.:
1$145,000 street ry., due July 1 1953.
$47,000 sewer, duo Jan. 1 1944.
12,000 st. lighting, due Jan. 1 1934.1 45,000 sidewalk, due Oct. 1932.
at the Imperial Bank of Canada.
Int.
semi-ann.
Denom. $1,000.
Brandon, Montreal and Toronto. Int. on the first three issues may also
be payable at the First Nat. Bank, Chicago. General debentures debt,
$2,077,836. Assess. val., $15,238,844; est. bal., $18,987,985.
CAMROSE, Alta.-DEBENTURE ELECTION.-An election will be
held April 6, it is stated, to vote on the questions of issuing $12,000 waterworks-system-extension, $2,000 storage-site-purchase and building,$12,000
sewer-system and $12,000 electric-light-plant extension debentures.
CARDSTON, Alta.-DEBENTURE SALE.-This place, it is stated,
has sold $13,000 debentures.
CLIFFORD SCHOOL DISTRICT, Ont.-DEBENTURE SALE.
The $19,000 5%% 30-ann. install, school debentures offered on Feb. 28
(V. 98, p. 634) have been awarded, it is stated, to C. H. Burgess & Co.
of Toronto.
COBURG, Ont.-DEBENTURES AUTHORIZED.-It is reported that
the Council recently passed a by-law providing for the issuance of $10,000
bonus debentures.
DAVIDSON, Sask.-DEBENTURE OFFERING.-Thls place is offer% debentures. This issue includes the $2,000 electricing for sale $4,300
light debentures (V. 98, p. 180). A. J. Robertson is Treasurer.
FLOWERY PLAIN (Rural Municipality No. 33), Alta.-DEBENTURES VOTED.-Reports state that at a recent election this municipality
voted in favor of the issuance of $7,000 road-improvement debentures.
KAMSACK, Sask.-DEBENTURE SALE.-Reports state that W. L.
McKinnon & Co.of Toronto have bought$134,000 debentures,$5,000 being
5;4% 15-Installments for roads: $26,000 6% 20-installments for sidewalks.
and the remainder 6% 30-installments for water-works,sewers and electriclighting.
KELOWNA, B. C.-DEBENTURE SALE.-The "Financial Post" of
Canada says that this city has disposed of the rest of unsold debentures$109,000 5% 20 and 25 years-at 84 and int.
MAKAROFF CONSOLIDATED SCHOOL DISTRICT, Sask.-DEBENTURE SALE.-The $10,000 6% 20-installment school debentures
(V.97. p. 472) have been putchased by Geo. A. Stimson & Co. of Toronto,
according to reports.
MERRITT, B. C.-DEBENTURE SALE.-The $70,000 29-year and
$10,0009-year 6% debentures offered Mar. 16(V.98,P.857) were awarded.
it is stated, to the Canada Bond Corporation of Toronto.
PORT HOPE, Ont.-DEBENTURE SALE.-A block of $41,311 54
% debentures due in 29 installments has been sold, it is stated, to the
Dominion Securities Corp., Ltd., of Toronto.
PRESCOTT, Ont.-DEBENTURES VOTED.-We have just been advised that the issuance of the $3,000 5% park-site-purchase debentures
(V. 98, p. 181) was authorized at January municipal elections. Due 1934.
REGINA, Sask.-DEBENTURES VOTED.-Reports state that at the
election held March 11 (V. 98, p. 786) a favorable vote was cast on the
propositions to issue the following debentures: $360,000 water-works-ext..
$244,000 and $160,000 electric-light and power-plant-ext., $170,000stormsewer-system, $175,000 hospital-ext., $82,000 sewage-disposal-works and
$250,000 street-railway-ext.
SHOAL LAKE, Man.-DEBENTURE SALE.-On Mar. 1 the $15,000
5% 20-ann. installment electric-light debentures (V. 98, P. 412) were
awarded to C. H.Burgess & Co.of Toronto for $12,800-equal to 85.333.
An issue of 84,000 6% 20-ann. install, local impt. debentures also offered
on Mar. 1 (V. 98, p. 412) was awarded on that day, it is stated, to 0. H.
Burgess & Co. of Toronto.
STEELTON, Ont.-DEBENTURE SALE -The Dominion Securitie,
Corp., Ltd.. of Toronto has bought $36,000 5%% 20-year debentures,
it is reported.
STRATHROY, Ont.-DEBENTURES DEFEATED.-Thel question
of issuing $7,000 collegiate-impt. debentures failed to carry, reports state,
at a recent election.
TOTTENHAM, Ont.-DEBENTURE OFFERING.-This village is offering for sale $14,000 5% 30-year water-works debentures. S. H. Nolan
s Village Clerk.
VANCOUVER, B. C.--DESCRIPTION OF DEBRNTURES.-The
£425,700 4t% coupon debentures recently offered in London by Brown,
Shipley & Co. at £98 50 (V. 98, p. 858) are issued to pay for certain streetimprovements. Due on Dec. 15 as follows: £251,600 in 1923, £41,800 1928
and £132,300 1933. Principal and interest are payable at the holder's
option in Sterling in London, or in currency in New York, Toronto or Vancouver at $4 86 2-3 to the £.
WESTMOUNT, QUO.-DEBENTURES VOTED.-Reports state that
the election held March 20 resulted In a vote of 409 to 142 in favor of the
question of issuing 8150,000 site-purchase and $200,000 municipal-bldgs.
erection 4M% 44-year debentures.
YORK TOWNSHIP SCHOOL DISTRICT NO. 29, Ont.-DEBENTURES AUTHORIZED.-Local newspaper reports state that the township
Council has passed a by-law providing for the issuance of $10,000 schoolimprovement debentures.
MISCELLANEOUS.
INSURANCE
• STONE & WEBSTER ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d. 1914.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on Ps
31st of December, 1913.
SECURITIES Or
PUBLIC SERVICE CORPORATIONS
STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the lit January, 1913, to the 31st December, 1913
Premiums on Policies not marked off 1st January, 1913
$3,600,334 83
767.050 94
Total Premiums
54,367,385 77
Premiums marked off from January 1st, 1913, to December 31st. 1913
Interest on the investments of the Company received during the year---_S308,419 46
39,877 94
Interest on Deposits in Banks and Trust Companies, etc
130,212 32
Rent received less Taxes and Expenses
$3,712,602 51
478,609 72
$1,790,888 32
$233,482 00
320,813 71
47 58 554,343 35
Losses paid during the year
Less Salvages
Re-insurances
Discount
51,230,544 97
STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET
CHICAGO
NEW VORIS
S NASSAU ST. FIRST NAT.BANK BLEW,
5105,033 85
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertise-
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the issue of 1908 will be redeemed and paid to the holders thereof, or the!,
legal representatives, on and after Tuesday the third of February next, from which date all interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 3Ist
December, 1913, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
a. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
JOHN N. BEACH,
ERNEST C. BLISS,
WALDRON P. BROWN.
JOHN CLAFLIN
GEORGE 0. CLARK;
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
RICHARD H. EWART,
PHILII A.
FRANKLIN;
HERBERT L. GRIGGS,
ANSON W. HARD,
ROBINSON,MASQUELETTE& Co.
CERTIFIED
PUBLIC ACCOUNTANTS
NEW ORLEANS
WhirruCY, BANK BLOG,
HOUST9N,TEX
UNION Nat BA.E3L0G.
650,942 08
ments, etc
SAMUEL T.HUBBARD.
THOMAS II. HUBBARD,
LEWIS CASS LED YARD
WILLIAM H.LEFFERTS.
CHARLES D. LEVERICH.
GEORGE H. MACY,
NICHOLAS F. PALMER.
HENRY PARISH,
ADOLF PAVENSTEDT.
JAMES H. POST,
A. A. RAVEN, Presidcmt,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
LIABILITIES.
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
1887)
Real Estate on Staten Island (held under
provisions of Chapter 481.Laws of
Premium Notes
B Ils Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bank
Temporary Investments (payable January and February. 1914)
LOan.
$670,000 00
1.783.700 00
2,737 412 00
282,520 00
1,000,000 00
4,299,426 04
75,000 00
475.727 45
E05,891 79
Founded 1888
Assets srt,sattis. capita
1127 Fifth Ammon
BurPhul$2
.
1SLIV
Now York
Estimated Losses and Losses Unsettled
in process of Adjustment
$1,806,024 00
Premiums on Unterminated Risks
654,783 26
Certificates of Profits and Interest Un264.136 25
paid
Premiums
Unpaid
Return
108,786 90
lteserve for Taxes
28,905 88
Re-insurance Premiums
221,485 00
Claims not Settled, including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed.
Withheld for Unpaid Premiums
22,556 09
Certificates -'Profits Outstanding
7,240,320 00
177,881 39
636.465 49
605 000(10
10.000 00
113,259.024IC
A -R-E Six's, 10-year deben
11 tures, based on New Yorl
realty. $100, $500, $1,000
etc. Interest send-annually.
American Real Estate Compqr)
CHARLES M. PRATT.]
DALLAS B. PRATT,
ANTON A. RAVEI.;
JOHN J. RIKER,
DOUGLAS ROBINSON.'
WILLIAM J. SCHIEFFELIN
WILLIAM SLOANE,
LOUIS STERN,
WILLIAM A. STREET;
GEORGE.
RICHARD H. WILLIAM13
13',
I
510,417,796 87
Thus leaving a balance of
V),841.227 29
Accrued interest on the 31st day ol December. 1913. amounted to
Rents due and accrued on the 31st day of December. 1913, amounted to
52
58
'
1 6 26
Re-Insurance due or accrued, in companies authorized In New York, on the 31st day of December.
1913, amounted to
166.83000
Unexpired re-Insurance premiums on the 31st day of December, 1913, amounted to
65,903 22
Note: The insurance Department has estimated the value of the Real Estate comer Wall and
Wildam Streets and Exchange Place in excess of the Book Value given above, at
450,673 se
And tnejoroperty at Staten Island in excess of the Book Value, at
63,700 00
Ibe Market Value of Stocks, Bonds ant'. other Securities on the 31st day of December, 1913, exceeded the Company's valuation by
1.268,076 10
.371
DO the basis of these increased .aluatIona the nalance would be
24.9213,338 09
@FedFRASER