Full text of Commercial and Financial Chronicle : March 6, 1915, Vol. 100, No. 2593

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'
,111) The.
aiumercial
VOL. 100

MARCH 6 1915

.
NO 2593

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George B. Dana and Arnold G. Dana.
Vice-Presidenteg Arnold G.Dana,Sec. Addressee of all. Office of the Company.

CLEARINGS
-FOR FEERUARY FOR FOUR YEARS, AND FOR WEEK ENDING FEBRUARY 27.

1915.

1914.

Week ending February 27.

Two Months.

February.
Clearings al

Inc. or
Dec.

1915.

1914.

Inc. or
Dec.

1915.

1914.

Inc. or
Dec.

1913.

1912.

$
$
%
$
$
$
$S
%
.
, .
980
519
,
, , ,080 16,609.375,875 -175 1,440,413,264 1,547,693,106 -6.92,1188885691895.98 162
,
' York
,
6.481,826,547 7237555482-1
153858449
845,218 849 -10.6 1 238 624,812 1,407,554,968 -12 0 124,70189 167,073.806 -254 177 093 75
hladelphis
577,079,034
44,150,133
46,007,517 -4.0
421,770,156 -8.9
384.196,339
69,018.914
52,121,741
187,848.496 -4.6
179,124,733
ittsburgh
29,187,862
30,129.162 -3.1
296.699,523
303,171,518 -2.1
48,375.521
49,290,731
145,755,206 1132,925.304 +9.6
altimore
8,994.484
9,392,899 -4.2
97,515,130 -3.7
10.805,471
10,303,742
93,926,425
43,532.942-5.3
uffalo.2
6,297,332 -3.3
6,092,001
60,994,234
7,808,277
63,595.466 -4.1
7,853,872
29,041,465 -2.4
28,345:427
rashington
6,006,419 -27.3
4,368,876
56,434,695 -17.7
5,500,511
46,443.267
7,058,690
28,433,298 -23.8
20,150.258
lbany
3,082,398
3,811,397 -19.4
4,991,127
43.748.046 -16.6
36,509.468
4.780,467
19.577,478 -15.5
16,540,337
ochester
2,668,538 -4.8
2,539,893
2.602,491
29,534,119 -9.4
2.869,382
26,762,018
11,396,719 +2.9
11,728,874
eranton
2,292,628 +1.8
2,328,123
25,440,537 --5.4
2,791,140
24,067,969
3,023,648
11,057,361 +0.4
11,104,378
yracti.se
1,521,231 -11.1
1,352,243
14,717,537 -9.6
2,138,875
1,672,064
13,305,625
6,352,121 -5.2
6,023,843
ceding
1,329,590
1,542,075 -13.8
1,989,852
1.590.301
12,782,764
16,571,067 -22.9
8,082,812 -23.7
6,169,902
rilmington
1,211,447
1,331,157 -9.0
13,346,040 +2.7
13,708,310
1,581,717
1,394,325
8,482,791
5,995,856 +8.1
rilkes-Barre
2,090,999 -30.1
1,460,661
17,966,093 -19.0
1,820,153
14,553,320
2,062,922
[8,392,310 --17.9
8,887.311
rheeling
1,719,202 -8.5
1,574,283
15,648,748 -8.7
2,092,309
14,302,868
8,098,727 -8.1
7,438,107
1,803.694
renton
12,750,738 +0.8
12,849,558
5,199.159 +14.4
arrisburg
5,948,325
1,290,597 -4.0
1,239,321
11,929,414 -7.7
1,812,409
1,387,882
5,559,370 -1.4
11,015,371
ammeter
5,482,576
852,627 +12.4
733,456
7,240,210 -8.0
8,804,532
899,187
3,242,620 -3.8
3,119,591
946,210
ork
828,958 +1.0
836.932
9.259,428 -17.2
1,053,513
850,499
4.070,523 -11.6
7,669,886
3,586,720
rie
559,873
608.086 -8.1
5,586.954 +0.4
5,611,681
684,607
2,450,044 +13.8
2,287,072
495,838
reensburg
571,083 -5.4
540,040
5,682,033 -11.3
724,997
5,038,948
2,817,433 -10.2
2,350,377
569,820
heater
820,500 -12.1
535,400
6,074,300 -9.1
578,400
2,798,500 -10.6
5,524,300
ingharaton
2,502,800
689,600
471,842
589,622 -20.0
4,884,070 -10.8
4,161,041
653,786
2,162,701 -10.6
1,932,818
426,977
Boone
2,950,981 -40.1
1,329,473 -33.4
1,768,787
845,680
ranklin
2,526,862 +9.9
2,775,079
1,058,291
952,447 +11.1
rederick
4,618,728 -10.0
4,157,006
2,016,736 -7.9
1,857,356
eaver county, Pa__
3,531,744
3,830,971 -7.8
1,706,594 -2.3
'orristown
1,868,300
356,734 -9.6
409,380
3,890.459 -1.4
322,445
3,836,681
1,681,479 -8.8
1,514,990
tontclair
6,912,992 Not included in tota1.11
included n total.
3,079,149 Not
'ranges
8.8 2,463,9137687 2,199.109,848
7,580,542,407 8,417,274,389 -9.9 18,1217140;514 19,217,405,139 -16.1 1,678.028,556 17105,05,675
Total Middle
123,231,306 129,379,820 -4.9 188,959,186 214,401,442
607,942,48
-8.4 1,202,022,504 1,384,815,83 -13.1
,oston
558,589,847
6,831,100 -13.4
8.747,800
7,995,600
5,915,700
81,788,400
71,680,60 -13.8
31,815,200 -14.1
27,343,700
rovidence
5,106,474
4,072,553 +35.8
4,930,391
5,533,325
46,696,30 +12.2
52,387,001
20,990,13 +30.9
lartford
27,474,585
3,141,053
2,763.183 +1.0
3,215,370
2.790,829
+2.9
28,373,51
29,190,547
11,994,764 +10.2
13,221,812
iew Haven
2,708,749
2,462,670
2,136,530 -8.5
1,998,575
21,546,032
23,668,142 -9.0
pringfield
-3.9
10,422,75
10,015,370
2,027,670
1,676,278 -17.6
1,381,880
2.239,340
-9.6
18,814,24
15,198,083
-9.9
7,654,97
ortland
6,900,247
2,797,239
2,073,534 -1.1
2,051,754
-9.8
2,440.900
19,834,362
22,000,82
-4.9
Ton:eaten
9,701,66
9,227,183
+7.6
1,175.305
1,280,717
1,011.160
1,088,316
-9.8
10,789,26
9,819,091
4,864,313 -0.6
all River
4,825,701
1,129,248
1,004,350
975,427 -9.5
882,882
9,537,991 -13.2
8,280,249
4,426,072 -14.7
few Bedford
3,774,961
794,646
684,949
616,327 -9.1
560,803
8,021,975 +1.7
8,128,200
2,664.775 +2.7
Colyoke
2,737,562
493,371
504,251
576,235 +14.8
661,638
6,438,104 -2.8
6,256,111
owell
2,794,099 +11.0
3,102,713
488,351
455,562
359,980 -2.9
349,282
3,487,244 -6.3
3,266,173
1,575,787 -5.6
langor
1,487,837
8,431,300 +8.3
9,130,100
3,843,000 +7.6
Faterbury
4,134,400
148,446,790 152,472,127 -4.0 217.641,092 241,615,542
. 1670,835,898 720,680,027 ---- 69 1,444,844,853 1,638,855,324 ----1.13 Total New England
1.180,680,50 1,250,966,237 -7.2 2 472,506,889 2,687,312,471 -8.0 273,832,115 297,077,018 -7.8 348,900,536 803,172,351
!hicago
25,223.100
27,098,300
21,997,800 -4.2
21,081.250
238.655,000 -13.6
i 06,181,450
93,624,150
101,253,650 -7.6
ancinnati
21,795.625
17,610.411
18,557,946 +7.0
19,848,378
215,144,249 -6.7
200,825,850
92,334,055
92,472,328 -0.
Beveland
19,335,741
26,226,192
24,391,943 -15.8
20,537,661
228,817,942 -18.4
185,135,927
88,138.868
105,871,183 -16.7
ietrolt
14,866,724
15,377,388
14,275,432 +10.9
15,815,528
149,271,794 +0.7
150,382,307
76,528.012
75,178,444 +1.
illwaukee
8,949,155
9,444,682
6,820,597 +11.9
7,634,725
67,819,377
88,717,421 +1.6
32,028,554
30,074,453 +6.5
adianapoUs
5,308,600
8,344,400
5,371.600 -9.2
4,877,700
22,948,700
49,260,000
61,808,000 -20.3
28,225,200 -18.7
;olumbus
4,172,638
4,347,672
4,963,834 +0.5
22,141.287
4,990,127
21,424,481 +3.3
48,157,379
49,776,814 -3.2
'Wed°
3.981,494
4,735,506
11,976,185
3,565,985 -24.0
17.7
2,702,721
14.547,759
28.049.828
30,921.349 -15.8
toils
2,891.181
3,357,308
12.331.471
13,592,977 -9.3
26,124.727
29,553.448 -11.6
trend Rapids
2,806,177
.
13.045.955 -7
2,208.726
2,659,810
8,384.55
3,807,636 -11.0
2,731,581
10.800,482 -21.
17,583.877
23,311.778 -24.8
)ayton
4.144.474
1,115,581
1,216.765
4,773,353 -11.1
1,039,880 -1.
11,408,924 -16.9
9,475,878
1,020.377
lvansville
2,091,94
659,673
583.503
-8.9
-8.5
2,295.457
495,928
4.735,718
5,278.575 -10.3
t.a1amazoo
453,854
1,283,315
944,208
4,292,054
4,255,220 +0.9
9,247,005
9.336,033 -1.0
898,263
850,000 +5.7
pringfield, Ill
3.857.898
1.390.808
3,802,653 +7.1
8,343,009
1,605,899
723,889 +32.2
8,932,288 -6.6
958,453
,exington
4.929.133
1,302.893
10,687,997
4,667,554 +5.8
1.427,004
10,341,215 +3.3
1,052,484
1,080,550 -0.
'ort Wayne
4.520,461
5,410.201 -18.3
10,336,322
9.1
12.788,577 -19.2
1.049,125
1,485,015
953,974
1.537.944
roungsLown
3.563,485
3,728,795 -4.4
7.064,165
866,726
7.771,472 -9.1
797,398
930,952 +4.9
976,654
tookford
2.871,338
8,225,848
2,571.063 +11.7
1,113,406
5.490,364 +13.4
705,100 +12.2
790,813
1,897.754
lloomington
3.173,43
3,320,765 -4.4
6.596.628
972.533
7.368,272 -10.5
721,322 +17.5
733,998
770.388
Wino
,
5,990.000
6,008,000 -0.3
13,225.000
14,045,000 -5.8
1,724,000
1,470,000 +31.7
1.936,000
1,286,000
Lkron
6,254,789
5,817,065 t7.5
14,339,225
12,508,189 +14.0
1,225.471 +6.1
1,579,258
1,300,000
1,158,530
3antOn
9.6
3,461,78
3,157,280
7.215,217
1,036,199
7.056,589 +2.3
968,074 +23.8
1,198.900
808.579
pringlield, 0
1,782,74
0.3
1,776,800
3.788,567
573.245
4,123,490 -8.1
-4.0
402,343
388,193
686.772
)ecatur
2,385,533
2,211,346 +7.9
5,143,616
695,048
5,085.783 +1.1
497,943
455,288 +9.4
491,840
Outh Bend
2,171,552
'
1,767.397 +22.9
372,047 +13.4
4,273,500
402,172
3,886,145 +10.0
421,968
393.712
4ansfleld
1,761,481
1,841,139 -1.3
385.692 t5.0
13,583,342
489,423
4,097,942 -12.5
384,089
537,841
Janville
1.031,882
1,173,782 -12.1
2,145,053
8.6
279,187
448,807
2,728,248 -21.3
303,135
595,691
acksonville, Ill
1.880,192
1.2
1,857,793 +1.2
450,219
4,110,259
647.574
4,266,164 -3.7
455,484
510,000
aokson
1,442,937
1,676,573 -14.0
367,586 -14.4
3,354,525
314,548
536,909
4,025,538 -18.7
337,865
Ama
1,890,100
2,025,304 -6.7
495,519 -15.7
3,905,451
542,349
417,680
4,105,091 -4.9
479,183
)wensboro
2,013,155
1,784,481 +12.8
307,929 +84.3
4,190,901
495.000
3,901,659 +7.4
413,464
.157.964
ansIng
.
1.840,881
1,828,488 +13.2
3,745,106
3,556,463 +5.3
PlInt
998,236
1,257,189 -20.6
2,029,753
2,708,003 -25.0
lary
311,194
519,830 -40.0
857,548
1,172.516 -26.9
.orainl
862.532
1,074,87 -19.7
211,994
232,454 -30.3
180,388
1,969,874
162,084
2,106,857 -6.5
1nn Arbor
187,959
187,79
47,674 +25.0
+0.1
376,597
35.000
25.685
537,800 -30.0
59,561
1drian
499.568
549,06
-9.1
1,029,845
1,258,884 -18.1
few Albany
3,003,480
3.249,85
-7.6
6,937,858
7.858082 -11.7
,aducah
418,141,415 -6.0 479,899,434 426,253,903
Tot. Mid. Western_ 1,694.310,142 T,IT13442;225 -8.8 3.60,941,002 3,I)V7,098,429 --. 0 392.24b70 Jetalls of Pacific and other Western on page 787.
434,511,633
481,080,643 -5.8
99.081.134 +2.1 128,160.612 122,142,051
Total Pacific
938,399.019 1,007,365,374 -6.8 101,151.321
887.051,436
571,831,372 +20.2 1,478,026,227 1,287,675,747 +16.8 154,502.387 129,845,024 +19.0 153,587,099 148,380,92C
Total other Western
298,509,225
305,759,788 -3.0
80,062.880
652,008,330
85,015,489
It. LouLs
68,376,641 -7.2
703.182,482 -7.3
83,453,100
75,400,673
74,283.229 +1.5
165,292,393
21,395,460
24,586,196
few Orleans
188,257,774 -11.3
14,808,264 +22.7
18,168,022
55,395.637
,oulaville
62,843,590 -11.9
111,409,302
15,091,566
12,508.919 -2.9
17,593,445
136,663,824 -18.5
12,149,2011
40,172,621
louston
80.306.037
38,052,508 +5.6
87,740.929 -8.5
8,547,181 -5.6
8,089,391
19,406,238
3alveston
39,181.71
•14,972,000 +29.6
3.622,500 +18,1
*31,029,000 +28.3
4,279,762
4,095,000
3.777.50€
35,308,818
lichmond
32,327,798 +9.2
73,754,55
8,548,371
71,062,888 +3.8
8,635,009 +18.4
8,321,903
7,856,215
53,319,310
ktianta
61,993,791 -14.0
114,637,101
14,082,281
140,924,845 -18.7
13,832,762
13,480.698 -12.5
11,735,491
29.700.972
34,947,378 -15.0
65,506.822
80,056,547 -18.2
demPhis
8,497,780
8,418,531
7,278.479 -18.3
6,089,927
lavannah
22,434,740
19,057,579 +17.7
6,285,791
45.980,990
43,762,031 +5.1
4,888,879
3.455,015 +34.3
4,640,305
23,599,709
fashville
5,607,751
23.300,955 -16.6
49.234.151
67,013,162 -28.5
7,533,610
5,327,006
5,991,448 -11.2
35,082,531
Worth
31,130,183 +12.7
76,505,39
4,424.811
Fort
89,819,842 +9.8
8,303,468
7,210,837
8,895.270 +4.6
15.658,438
forfolk
33,655,159
3,620,991
18,431,704 -4.7
36,838,201 -8.6
3,545,182
3,844.801
3,472,050 +10.7
9,104.442
Birmingham
2,490,431
14.283,098 -36.3
23.894.41
32,942,082 -27.5
3,808.691
2,169,430
3,785,235 -42.7
6,775,631
kugusta
2.576,391
16.036,515
7,299,770 -7.2
2,472.846
18.377.819 -18.2
1,290.558 +6.0
1.368,683
6.474,625
2,197,131
7,282,224 -10.8
13,870,018
-vi
EON:a le
16,138,228 -15.3
1.871,574
1,493,204 +7.6
1,607,625
8,588,944
1,899.881
9,898,397 -13.2
18.371,926
22,622,632 -18.8
LILL e Rock
1,675,380
1,946,785 -13.8
1,678.632
10,657,685
3,258.081
Jacksonville
22,089,597
13,483,752 -20.9
3,01,882
28.840,896 -23.4
3,088,579 -21.3
2,414,000
4,334,385
5,565,069 -22.1
9,215.669
Vlobile
12,309,883 -25.1
. .
1 721 936
1,643,978
1,100.126 -7.5
1.017,189
8.966,452
2,732.941
19.509,245
Dhattanooga
10,302,521 '-130
2,874.500
21,243,768 -8.2
2,259,142 -12.8
1,969,585
Dharleston
8,298,716
1,980,141
8,758,930 -5.3
17,830,764
1,683,230
19,805,767 -9.9
1,658.420 +3.4
1,715,401
10,632,600
1,380,774
3klahoma
7,384,971 +44.0
22,294,889
1,493,114
17,102,971 +30.4
+40.4
1,559,351
2,189,885
12,458,702
3,760,001
27,507,939
18,593,565 -24.9
3.033,599
Macon
37,775,738 -27.2
3,414.915 -22.8
2,643,146
3,828,197
7,825,840
Dolumbla
4,048,820 -5.5
9,467,280 -17.3
3,433,521
8,855.881
Beaumont
2,972,085 +15.2
5,978,356 +14.7
4,090,211
5,180,738
20,812.605
22,364,406 '-6.0
32.230.250
austin
32.389,329 -0.5
6,564.192 -15.7
5,533.785
336.499
1.218,261
374466
2,850,746
Vicksburg
1.538,648 -20.
3,389.807 -22.1
337,575 -39.8
203,245
1,962,522
3,999.898
2.089,000 '-6.1
wittaington, N. O.__
4,548,212 -12.1
1,784,172
3.790.020
1,981,951 -9.9
Dolumbus. Ga
4,575,757 -17.2
351,228
1,940,320
835.006
4,404.236
1,794,543 +8.1
Jackson
3,959,540 +11.2
348,398 +41.4
492,377
7.813.155
15,905.344
6,493.923 +20.3
13.959.583 +13.9
El Paso
422,181
400,01:8
1,193,837
1,570,644 -24.0
2,519,207
3,191,209 -21.1
Meridian
375.9815 -16.3
314,539
902,755
4,677.968
578.821
6.381.270 -26.7
10,324,069
13.803,725 -24.1
Tulsa
1,428,427 -21.4
1,122,348
712,346
2,926,919
788,121
3,799,169 -23.0
8,484,313
7,956,408 -18.8
877,461 -36.2
Muskogee
559,107
.
N75,950,255 ---.1 1,793,882,320 1,984,528,51 - --.-6 179,816,038 188,557.785 -----8 214,694,477 205.605.001
839.868.2n Total Southern.- .
11.907,119,867 12,865.108,921 -7.4 25,385,233,935 29.082928534 42.7 2,652,890,934 2,821,193,160 -6.03,667,896,4028.841,087,26
Total all
-.3.6 10616,714,855 12,453,552,65 ---- 177 1.212.47T.677i 17273.500.054 -- -21. 1,549,007,832 1,445,107,1
=
Outside New York- 5,425,293,320 5.60,03.43
Table Clearings by Telegraph and Canadian Clearings on page 787. *Approximate.




•

762

THE CHRONICLE

THE FINANCIAL SITUATION.
After an almost continuous sitting for two years,
the first feeling of the country over the ending of the
63rd Congress by limitation must be a sigh of relief.
In length of term, in direct expensiveness, in wordiness and wildness of talk, in quantity of enactments,
in potential mischiefs of what was enacted and
possibly also in the gravity of things attempted and
failing to get through, this Congress leaves a record
we must devoutly hope will never be paralleled
hereafter.
"Business has now a time of calm and thoughtful
adjustment before it, disturbed only by the European
war." This dismissal of his marionettes by the
President reminds us anew of the menace contained
in the so-called constructive measures he has obtained from them; but for the actual injury to be
wrought in practice we have to wait, relying as best
we may upon a reviving sanity in public opinion and
upon a rational interpretation by the Supreme
Court in course of time.
Taking up a perversion as he found it, Mr. Wilson
has energetically and complacently pushed it along
to what is nothing short of usurpation of functions
distinctly and fundamentally committed to other
departments of government. He has proposed
legislation ; he has framed bills; he has issued orders;
he has cajoled; he has threatened; he has publicly
denounced and ridiculed Senators who dared hold
and stand by opinions of their own; he has done his
utmost to make of Congress a mere engrossing
bureau for his own decrees, and, therefore,expensive
and useless. Had this come suddenly (imagining
for the moment that it could possibly have come
thus) it would have startled the country into a deep
wave of indignation; having come so gradually, the
country does not realize that the form and working
of government have completely changed, and the
evils of this change we are beginning to feel without
comprehending it.
Yet Mr. Wilson has been resisted considerably,
notwithstanding the unhappy lack of a genuine
opposition, so necessary in a representative scheme.
He has been somewhat checked by the Senators he
denounced. The wild piece of folly on which he
persisted until he threw the Appropriation Bills off
line and left only the suggestive makeshift of a
"continuing" resolution, he doubtless did imagine of
value in an emergency which existed only in his own
mind; but he cared less for it than for getting whatever he had once demanded. He was beaten upon
that, most conspicuously, and while his wisest course
would now be to frankly confess his human fallibility and undertake to do his utmost to restore the
Governmental balance and legislative quality which
have been so well-nigh destroyed, we can hardly
suppose he will rise to such a height of vision as that.
The Administration, nominally Democratic, but
the very antithesis of early Democracy according
to the Jefferson who is still mentioned at Party
dinners, is now one-half finished. It is no time to
venture predictions, yet there are some signs that
will have
Mr. Wilson's destructive good intentions
in the next Congress. He cannot or will
less sway
but he has
not read the lesson of last November,
and raised many
wrought many disappointments
dissatisfactions which are yet to be measured; moreover, it may be that the second-thought of the
country, always our final resort, however it may



[VoL. 100.

seem deadened, will gradually revive to assert
itself.
Four of the five nominees for places on the Federal
Trade Commission having been confirmed, the new
benevolence is almost ready to operate. "This legislation," said Chairman-expectant Davies, a few
weeks ago, "is an attempt to translate into the industrial life of our nation the principle which founded
our Government: that of equal opportunity before
the law in every channel cf industry." A pretty
rhetorical generality this, but the attempt is a mistranslation. One channel of industry (that of organized labor) has, as it believes, deprived all others of
equal opportunity before the law by securing for
itself an exemption from law. Further, as the title
itself indicates, this attempt to "translate" is aimed
at only one department of human industry—that of
commerce or trading. Any "person, partnership,
or corporation * * * using any unfair method
of competition in commerce" is to be repressed when
discovered; those engaged in production are passed
by; those engaged in turning into other forms the
products of others (commonly called manufacturers)
are not mentioned; so far as the new thing proclaims
itself, it aims to construe the term equality by a
piece of class legislation.
This is to make business no longer "private." It
is a part of the New Freedom. It is to help business
and make prosperity real instead of psychological.
We are told that business must be honest; that real
prosperity is based on righteousness; that men need
to know what the law permits (which is another way
of saying that men in business may be expected to do
the worst the law permits), and that when sufficiently mentored and disciplined they will cheerfully
practice righteousness, becoming a law unto themselves; then we shall all be happy, suspicion and jealousies and unfairness having been educated and
purged away.
A soothing assurance, if we could accept it at its
own estimate of itself. The Millenium might be
desirable at once, could we only get it without the
slow evolution which used to be deemed the most
fundamental part of the scheme of the universe; but
who and what are going to hurry it along? Why,
"Government," of course. Government is adjured
by some, and even expected by some to "do some- •
thing to help business," but nobody explains, and
apparently few inquire, how business ever got along
and this country reached its present size and prosperity without Government's help for business. It
grew colossal, without help; being now colossal, it
needs help, we are told.
All human operations have had some moral shortcomings and still have. Business always had its
difficulties and perplexities, and now (from both
natural and artificial causes) it has them worse than
usual. Government will now explain and remove
them, we are assured, if we will only put faith in it
and trust its leading. Well, the agency which is to
help business into more ability and fairness ought
itself to be the highest conceivable in respect to both;
undertaking the work of a superman, it needs to be
superman itself. Is it?
To call our Government fair and honest would be
a ghastly joke, so plainly does its conduct of its own
affairs show the contrary. To call it able, efficient,
businesslike—is that any less ghastly a joke, by the
test of its conduct of its own affairs? It is largely

•

MAR.6 1915.]

•

THE CHRONICLE

763

dominated by labor unionism; it defrauds railroads; while, contrasted with 1913, a diminution of 12.7% is
it vacillates; it squanders at every turn and every recorded. For the two months the decrease from
pore; it lacks system; it does not even keep correct the previous year is 12.7% and the loss from 1913
and honest accounts.
reaches 15.1%. At New York the February aggreHow can an agency glaringly and almost hopelessly gate at $6,481,826,547 shows a contraction of 10.4%
below the average of business in both ability and hon- from 1914, and, compared with 1913, there is a deesty ever improve business in any respect by meddling cline of 16.8%. For the period since Jan. 1 comwith it? How can anybody teach, or produce, in parison with 1914 discloses a falling off of 17.1% and
others that which he does not himself possess? What with 1913 of 19.6%.
else is government, at any period (and never more
Outside of New York the total for the month is
so than now) but a body of officeholders and office- moderately below the aggregate set in the correspondseekers, chcsen for transient terms by badly-working ing period a year ago (3.6%) and falls 7.2% under
elective processes, and always a little below rather the high record figure of 1913. But while the general
than even level with the average character of the result, as here shown, is less favorable than a year
people as ascertained in the test of an exigency which ago, 105 of the 159 cities recording decreases, there
cannot longer be avoided?
are some very notable percentages of increase. In
The natural process is the other way about: the this category may be mentioned Hartford, Mansfield,
people are to gradually elevate their government, Kansas City, Minneapolis, Duluth, Wichita, Fargo,
as and when they can; for their government to ele- Galveston, Savannah, Oklahoma and El Paso. On
vate them is as impossible as for effects to precede the other hand, declines of rather conspicuous magcauses.
nitude are to be found at Detroit, Columbus, Peoria,
Even the sophistical Mr. Davies makes a confes- Dayton, Gary, Lorain, Ann Arbor, Los Angeles,
sion without realizing it when he says "there is Atlanta, Memphis, Nashville, Birmingham, Jackpromise of a definite aid in this, that here will be a sonville, Mobile, Macon, Vicksburg, Meridian, Tulsa
body of men who will, I trust, originally, and cer- and Muskogee—the South, it will be observed, being
tainly we will all admit, finally, be constituted a freely represented. For the two months the loss
body of experts with expert opinion and information from a year ago is 6.7% and from 1913 reaches 9%.
as to the'industry of this country." If they are not Analyzed by groups, the aggregates for the elapsed
competent and expert at the start, they will "finally" portion of 1915 in all divisions except the "Other
become such! This recalls and follows one of Mr. West" show contraction from 1914. In the Middle
Wilson's own public confessions of how much "we" States, exclusive of New York City, the decrease is
(which always means chiefly "I") have been learning 9.8%, in New England it is 11.8%, in the Middle
by experience in the last two years. Such soothing West 8.6%, on the Pacific Slope 6.8%, and at the
assurances consistently fit the preposterous absurdity South 9.6%. The "Other Western" gain reaches
of the entire scheme of meddling.
16.6%.
The new inquisitors are without experience, yet
There was an absence of anything approaching
they assume to investigate, judge, and discipline activity on the New York Stock Exchange during
men who have experience; and "finally," we are as- February. Transactions, in fact, were of decidedly
sured, they will develop into experts and competent restricted volume, the number of shares changing
advisers themselves. If so, at whose expense, and hands having been the smallest for the period of a
what will happen meanwhile to the interests they year since 1897, when the market was extremely dull.
afflict? For this we must wait and see. But while The number of shares traded in was only 4,383,449,
the new chart of Freedom is general in terms and lays against 6,220,059 last year and 8,763,632 in 1913.
down no rules of test, we know from the past that In 1911 the total was over 10 millions,and 20 millions
anybody who is not succeeding as he desires will be were exceeded in 1901, 1905 and 1906. For the two
under inducement to complain of those who seem to months of 1915 the dealings aggregated 9,459,659
be doing better than he,!and that the tallest stalks shares, against 16,308,954 shares a year ago and as
in the field of trading will be struck at first,since size is much as 60 million shares back in 1906. Bond sales
taken now as prima facie evidence of wrong-doing. were also of restricted magnitude, the month's trans-.
actions in all classes having been but 43% million
Bank clearings for February -1915, reflecting some dollars, par value, against 693/ million last year,
improvement in the general business situation of the and for the period from Jan. 1 to Feb. 28 were
country, make a better exhibit by comparison with a $100,952,000, against $158,941,000. On the Boston
yar ago than was the case in January. At the same Exchange also contraction in operations is to be
time, however, it cannot be said that any great noted, 419,331 shares comparing with 513,361 shares,
progress has been made toward a return to normal and bond sales were barely half those of a year ago.
conditions. This is indicated not only by the failures Philadelphia, moreover, reports only 142,572 shares
statement for the month, which showsa very decide d dealt in, against 306,262 shares, with bond sales
increase in the mercantile mortality as contrasted showing moderate expansion.
Canadian clearing-house returns make a poor exwith the previous year, but by returns of railroad
earnings, which, in turn, continue to record notice- hibit, marked diminution in the totals as contrasted
able losses from the not by any means satisfactory with last year being noted not only at many Western
results of 1914. But the feeling of optimism with points but at such leading Eastern cities as Montreal
regard to the future is still in evidence, and with the and Toronto as well. For the month the decrease in
advance of spring may be proven to have been justi- the aggregate for 22 cities is 18.4% and for the two
fied, especially if developments in Europe appear months reaches 19.0%. Compared with 1913 the
to indicate any near approach to the cessation of losses are 26.5% and 27.7%, respectively.
hostilities.
The commercial failures statement for February
The grand total of clearings for the month this year
$11,907,119,867, a decline of 7.4% from 1914, 1915 furnishes further evidence of unsatisfactory




764

THE CHRONICLE

conditions in the mercantile and industrial affairs
of the country. Large failures continue to be a
salient feature of the monthly exhibits and these in
this latest month, although comparatively very few
in number (only 36 in fact), make up over 40% of
the aggregate liabilities reported. Locally, two
disasters in the chinaware and cut-glass trade—
Bawo & Dotter and Higgins & Seiter—account for
about a million of liabilities; Boessneck, Brossel &
Co., dry goods and woolens, acknowledged debts
of $939,385; F. T. Nesbit & Co., building contractors, $346,689; Jay C. Wemple Co., window
shades, $375,500; Theresa Abelson, real estate, &c.,
over three-quarters of a million and the Searles
Mfg. Co. of Troy, manufacturers of shirts, collars,
&c., $340,000. It is not possible, of course, to
offer specific reasons for the present unfavorable
situation, except to say that depression and consequent decreased earning power, coupled with the
high cost of commodities, is largely responsible in
a general way,with the war in Europe a potent cause.
According to Messrs. R. G. Dun & Company's
compilations, from which the deductions we make
are drawn, the number of commercial failures in
February 1915 was 2,278, with indebtedness of
$32,404,630. This is, apparently, an improvement
over January, when the figures were 2,878 and
$49,640,575; but when it is considered that the
opening month of the year, besides covering a greater
number of days, is also the period when weakness
makes itself especially manifest, as then annual
settlements are made, comparison between the two
months has little or no significance. It is by contrast with the corresponding period of preceding
years that true light is shed on the current situation
and it is seen to have been decidedly adverse. In
fact, both in number of insolvencies and in total of
indebtedness all former aggregates for the period
have been exceeded, the figures for 1914 having
been 1,505 and $22,354,193 respectively, and for the
previous year 1,454 and $28,141,258. It is hardly
necessary to state that the least satisfactory showing
is in the trading division, with general stores, dry
goods and carpets, liquors and tobacco, and furniture most severely affected. In manufacturing
lines the exhibit, while not as good as last year, was
better as regards volume of indebtedness than in
1913 or 1912.
For the two months of 1915, needless to say, the
number of those who have succumbed to the various
unfavorable developments has been far in excess of
any earlier year,and the same is true of the aggregate indebtedness. Specifically, the number of
disasters in the two months this year was 5,126, with
liabilities of $82,045,208, against only 3,362 for
$61,728,540 last year and 3,268 and $51,114,027 in
1913. Manufacturing indebtedness of $36,687,625
for the period contrasts with $23,116,352 in 1914,
the Rumely failure of January more than accounting
for the increase. Trading liabilities of $36,345,364
compare with $27,770,443 a year ago, most lines
of business having been adversely affected to a
greater or lesser extent. Among brokers, agents,
&c., a large increase in number is reported, but
liabilities are moderately less than last year—$9,012,216 comparing with $10,841,745.
In Canada the European war has been a more
potent adverse influence than here. January witnessed a very large increase over 1914 in the business
mortality in the Dominion and the same is true of



[voL. no.

February, the number failing having reached 270,
with debts of $7,406,404, against only 227 and
$3,526,070, respectively, in 1914. Manufacturing
indebtedness, swelled by an exceptionally large
insolvency in lumber, reached $4,094,603, contrasting with only $1,117,396; trading debts of $1,716,697
compare with $2,384,729, and miscellaneous $1,595,104 with $23,945. The two months' grand
aggregate of liabilities for 1915 is $10,930,114,
against $5,555,750 in 1914, of which $5,200,808 and
$2,107,080 in manufacturing,$3,996,799 and $3,397,925 in trading and $1,732,507 and $50,745 miscellaneous branches.
The British Premier Mr. Asquith, on Monday
declared in the House of Commons that Great
Britain's reply to Germany's attacks on merchant
shipping would be a virtual blockade of the ports of
hostile countries. The plan has not yet been
officially proclaimed, as it still requires the approval
of the Privy Council. This, however, is a formal
step and as orders-in-Council have, in the past,
been frequently dated back, it is not improbable
that the actual enforcement of the blockade will
apply to all ships sailing after the first of March.
It is reported that a number of American vessels
at Bremen which have been taking on German goods,
particularly dyestuffs, have unloaded their cargoes
and will return to the United States in ballast.
Mr. Asquith announced that the plan of the Allied
Governments for the regulation of shipping to and
from ports of hostile nations contemplates the prevention of commodities of every kind reaching or
leaving these ports, without, however,involving risks
to neutral vessels or their crews. The Allies, he
said, will hold themselves at liberty to capture goods
presumed to have come from hostile countries or
to be destined for them. They have no intention,
however, of confiscating ships or cargoes which are
detained unless these are liable to confiscation under
normal conditions of war. "Germany has driven
her opponents to adopt retaliatory measures to
prevent commodities of every kind from reaching
or leaving Germany," said Mr. Asquith. The
proposed measures of reprisal, he continued, would
be enforced with strict observance of the dictates
of humanity, but the Allies did not purpose "to
allow their efforts to be strangled in a network of
judicial niceties." Referring to what he termed the
"whispers of peace", Mr. Asquith said it was not
time to talk of peace; that time would arrive "only
when the great purposes of the Allies are in sight of
accomplishment." Both Great Britain and France
have presented, through their Ambassadors at
Washington, identical notes, explaining in detail
their policy as summarized by the British Premier.
Assurances were given by the British Government
that its note was not a reply to the recent proposals
of the United States for an adjustment of the entire
situation which led to the retaliatory measures.
Our own Government has not yet replied to the
notes, but is expected to ask for definite information
as to the methods for enforcing the so-called blockade; although it is considered significant that in no
instance is the word "blockade" used in the official
correspondence. The order-in-Council putting the
English declaration against German commerce into
effect will, it is authoritatively stated, explain these
details as to how the Admiralty will proceed in enforcing the sweeping order.

MAR. 61915.]

THE CHRONICLE

Great Britain has not yet prepared her answer
to the American note which was submitted last
week to both the German and British governments,
suggesting on the one hand the withdrawal of the
submarine blockade and, on the other hand, the
continuance of food movements to Germany for the
civilian population. It is expected that the British
Government will, in turn, ask what assurance the
United States can give that Germany will not resume
her submarine activities after she has obtained
sufficient food under the relaxed regulations to
enable her to carry on the war. The German reply
has been received at Washington. It virtually
accepts, tentatively, the suggestions contained in
the American note,including the restriction of mines
for defensive purposes within gun range of harbors,
but declares that it appears to Germany not to be
practicable for the belligerent Powers fully to renounce the employment of anchored mines for
offensive purposes. German submarines would apply
force against mercantile vessels of whatsoever flag
only in so far as it is required for the purpose of
carrying out the right to hold up and search. The
text of the note appears on a subsequent page of this
issue of the "Chronicle."
A joint resolution enlarging the power of the
President of the United States to deal with vessels
suspected of violating neutrality by making the
ports of the United States bases of naval operations
was passed on Wednesday night by both Houses
of Congress. It empowers the President to employ
such part of the land or naval forces of the United
States as shall be necessary to carry out the purposes
of the resolution. In brief, the new Act authorizes
the President to direct collectors of customs under
the jurisdiction of the United States to withhold
clearance from any vessel of American or foreign
registry or license which he has reasonable cause to
believe to be about to carry fuel, arms, ammunition,
men or supplies to any warship or tender or supply
ship of a belligerent nation in violation of the obligations of the United States as a neutral nation.
The new development in military and naval operations this week has been the definite movement of
the English and French fleets to open up the Dardanelles. This is being carried on in a methodical
way, and although the warships have made greater
progress than was generally anticipated, they have
still the most strongly fortified part of the Straits
to get through, the combined fleet being yet 145
miles from Constantinople. Once past the forts of
Kilid-Bahr and Chanak the warships. must face the
fire of twenty miles of modern Krupp guns before
they enter the Sea of Mamora for the final dash on
Constantinople. Greece, according to reports from
Rome, is aiding the Allied fleet openly, permitting
a base for provisions and repairs in the Aegean
Islands. In Grecian Government circles it is believed that intervention is as yet unnecessary on
the ground that as soon as the Dardanelles are
forced Turkey will sue for peace and Constantinople
will be occupied peaceably. French ships are
bombarding from the Gulf of Saros the Saros-Buliar
lines of forts, which stretches across the peninsula
of Gallipoli, at a point where it is only three miles
wide. As long as the guns of the warships command
this neck,land communication between the forts on
the European side of the straits and Constantinople
is cut off.



765

The purely military operations this week have,
apparently, been without decisive results. Russian
reports have claimed a series of successes that are
alleged to have driven back the Germans in North
Poland. Their official reports state, too, that they
are pursuing and capturing retreating Austrians in
Eastern Galicia and are repulsing with heavy
losses persistent night and day attacks of the
Germanic Allies in the Carpathians. Having pressed
the Germans back from Przasnysz towards Mlawa,
the Russians, according to their own accounts, are
driving back the Germans from West of Nuovo to
west of Grodno and at the same time from the front
of Lomza. The object of these manoeuvres is,
obviously, to force the Germans to withdraw from
Ossowetz, which fortress they continue to bombard
with their heavy guns.
The American cotton-laden steamship Dacia,
formerly of the Hamburg-American Line, was
seized by a French cruiser on Sunday last and was
taken to Brest, where it is held, pending the decision of the prize tribunal in Paris, which is permitted a period of two months in which to reach a
decision. This tribunal is presided over by Emile
Mayniere, President of the Council of State, and is
composed of Admiral Lefevre, Marine InspectorGeneral Payon and State Councillors Rene, Worms
and Fusiers, representing the foreign office.
When interpolated in the British House of Commons as to the dispute between Japan and China,
Sir Edward Grey, the Foreign Secretary,responded
that the Government was not in a position to give
information on this subject. He declared, however,
in regard to Japan's demands, that "some versions were much exaggerated." Statements that
Japan insisted that should• China employ foreign
advisers Japanese must be preferred, and that all
foreigners other than Japanese must be excluded
from railroad, mining and dock-building concessions,
were incorrect, Sir Edward asserted. At the semiweekly conference in Peking on Wednesday between
representatives of the Chinese Government and the
diplomatic agents of Japan, China agreed to an
extension for a period of 99 years to the existing
Japanese lease of the ports of Dalny and Port Arthur,
which have been occupied by the Japanese since the
close of the Russo-Japanese war.
A suggestive indication of conditions existing in
London Stock Exchange circles is contained in the
news by cable that the Exchange Committee at that
centre has under consideration a plan to permit
members to pay in installments their annual subscriptions or dues to the Exchange. The object of this
move is to encourage those who feel they cannot
longer afford to continue their membership to endeavor to do so. Business this week on the English
market has been limited in volume. The tendency
among the so-called gilt-edged issues was to droop,
reflecting fear of the possibility of the Government
being compelled in the near future to offer unexpectedly large quantities of Exchequer bonds and
treasury bills, which would compete actively with
the older forms of investment securities. Such a
conclusion seems entirely reasonable after reading
the explanation of Premier Asquith's financial statement in the House of Commons on Monday. It
leaves no room for questioning that the war is costing

766

THE CHRONICLE

[VOL. 100.

at a much higher rate than was officially estimated to navigation between Western Europe and the
when the formal ten-year loan was offered at the Russian Black Sea ports is recognized as a major
close of last year. At that time it was supposed operation that, if successful, will furnish active relief
financial arrangements had been completed that in the general European economic situation. It
would take care of the requirements of the army and will in the first place permit the exportation of Rusnavy for the first six months of 1915. Hardly two sia's wheat and various products, and this will remonths of the new year have passed and there has move a strain that has been of late becoming inalready been an additional issue of £20,000,000 creasingly evident in Russia's economic position.
treasury bills. This issue was doubly subscribed. The release of Russian wheat will in turn relieve the
It was paid for last Saturday and a block of £15,- strain in food supplies in Western Europe.
000,000 treasury bills issued at the beginning of the
war was redeemed with the proceeds. Thus there
Advices from Paris state that M. Ribot, Minister
was only a net increase of £5,000,000 in indebtedness. of Finance, will ask the French Chamber of Deputies
But this does not explain the conceded change to raise the limit of the issue of National Defense
that has been necessary from the original plan of treasury bonds, which was recently fixed at 3,finance, as it was the announced intention when the 500,000,000 francs. Of the full amount 2,065,big loan itself was issued to pay treasury bills as 000,000 francs had been subscribed by February 26.
they matured out of its proceeds. English financiers The subscription to these bonds, it is stated, has not
are advising the Government to issue Exchequer slackened since the issue of National Defense stock
bonds to meet further financial requirements that was started on February 25. Of the latter 428,may become imperative before another formal loan 000,000 francs was subscribed in the first three days.
can be offered. Indeed, the Bank of England last A cable from the United States Consul General at
evening announced an issue of £50,000,000 of these Paris gives latest details of foreign trade of France,
bonds, bearing 3%, and payable in five years. showing the effects of the war. For the calendar
A new popular loan is not practicable until May year 1914,excluding gold and silver coin and bullion,
at the earliest, since the last installment of the the total of this foreign trade was, in American
old loan is not due before the end of April. The equivalent, $2,156,528,539, a loss of $796,679,419
British Treasury has been advised that Exchequer compared with 1913. The imports were valued at
bonds are sure to prove a popular form of $1,225,397,337, a decrease of $399,919,730, and the
investments for banks and other institutions, who exports amounted to $931,131,202, a loss of $396,would welcome them as affording an avenue for the 759,689. The imports of precious metals aggreemployment of surplus funds and still more for the gated $182,095,307, a decrease of $6,075,833, and
steadying of discount rates.
the exports were $38,769,291, a loss of $44,483,219.
The Premier in discussing the financial side of the The decrease in the foreign trade was entirely in
war on Monday pointed out that on April 1 the con- the last six months of the year, as during the first
flict will have lasted 240 days, with an average ex- half-year there had been a gain of $33,390,737,
penditure of £1,500,000 daily. After making full not including precious metals. There was a deallowance for items not in the nature of recoverable crease of 11,258 vessels, of 13,149,126 tons, in the
loans, the daily expenditure would not work out less arrivals and departures at the ports during the year.
than £1,200,000 daily. The total amount raised This decrease all occurred in the latter half of the
under votes of credit during the current financial year.
year—£362,000,000—represented, broadly, the difference in expenditures on a peace and a war footing.
Berlin announces that the Bundesrath has issued
Of the total, £38,000,000 represented advances for a prohibition of the publication of prices for securiwar expenditures of the Dominions and the Crown ties or of variations in them. An official explanaColonies, in addition to which there had been ad- tion declares that the order was designed to "check
vanced £10,000,000 to Belgium and £800,000 to unwholesome speculation and was not due in any
Servia. "Further advances to these Allies are in sense to unsatisfactory market prices." The quotacontemplation," the Premier continued. "It is tions of foreign securities may still be printed. The
probably within the mark to say that by April 1 Federal Council at Berlin adopted on Friday the
we shall be spending roughly £2,000,000 daily above preliminary Budget estimates, including 10,042,the normal." The Premier therefore asked for a 000,000 marks for extraordinary expenditures. This
vote credit of £250,000,000. This is said to be the latter amount is for carrying on the war. The
largest single vote for credit ever put before the House estimate of ordinary expenditures is 3,323,000,000
of Commons. It will, it is expected, cover the per- marks. Almost all the amount to be devoted to the
iod extending through the second week of July; the war will be raised by loans. No redemption of war
credit was adopted unanimously. Before asking loans is provided for on the ground that methods
and receiving that credit, the Premier requested an for such redemption can be decided upon only after
appropriation of £37,000,000 to cover expenditures the war. The Treasury bonds credit is fixed at
up to March 31, the end of the fiscal year. This 1,000,000,000 marks. The funds to provide for
appropriation, too, was granted unanimously.
the dependents of those killed in the war amounted
cables in London continue to report a spirit at the beginning of February to 41,938,900 marks.
Press
of optimism among bankers at the British centre The armament levy is estimated at 960,000,000
that peace is much nearer than appears on the sur- marks, of which it is expected that two installments
face. The press correspondents fail to give any of 320,000,000 marks will be paid. No separate
definite basis for this optimism. However, the colonial estimates will be presented, as the war has
formidable character of the movement of the Allies interrupted all communication with the colonies.
to open the Dardanelles is recognized as a develop- The increase in revenue in the ordinary Budget is
ment that has been fully planned and is one of the estimated at 25,906,450 marks and the increase in
big moyes of the war. The removal of obstructions expenditures at 180,369,000 marks. It is announced



MAR. 61915.]

THE CHRONICLE

that the Krupp firm and family have subscribed
30,000,000 marks to the new war loan. Other
subscriptions include 20,000,000 marks by the
Municipal Savings Bank of Cologne, 10,000,000
marks by the City of Dresden, 20,000,-000 marks by
the Mendelssohn Company—the Berlin bankers,and
10,000,000 marks by the Dresdner Bank. The
trade unions of the country are said to be subscribing
large amounts.
Official bank rates remain as last quoted at the
European centres, London continuing at 5%, Paris
5%, Berlin 5%, Vienna 532% and Amsterdam 5%.
At London private discounts were easier early in the
week on the announcement of the proposed English
blockade of German ports, a quotation of 1 7-16%
being reported for sixty and ninety-day bankers'
acceptances. Later, however, the impression gained
ground that neutral commerce would not be greatly
interfered with, and rates stiffened, both classes of
bills closing without net change for the week at
%. Money in London continues at 1% asked
for day-to-day funds and is in instances available at
a fractional concession from this figure. Openmarket rates at the Continental centres still remain
nominal and cannot be accurately quoted.

767

The Bank of France in its statement published this
week,which shows its position as of Feb.25,indicates
an increase of 1,444,000 francs in gold and 1,152,000
francs in silver. Note circulation registers the large
expansion of 130,422,000 francs; Treasury deposits
increased 20,677,000 francs; general deposits increased 24,057,000 francs; discounts increased 4,687,000 francs and the Bank's advances increased 21,745,000 francs. The Bank now holds 4,615,689,000
francs in gold,against 4,244,261,000 francs one year
ago and 3,842,050,000 francs in 1913. Circulation
outstanding is 10,961,962,000 francs, which is almost double that of the corresponding period in recent years, namely 5,763,473,000 francs in 1913 and
5,787,636,000 francs in 1912.

The weekly return of the Bank of England was one
of the poorest recently published. It registered a
loss of £3,879,453 in gold and of £189,000 in the total
reserve, an increase of £310,000 in note circulation
being reported. The proportion of reserves to liabilities took a sudden drop to 25.71%,from 30.10%
.
last week, and is now at the lowest point of the current year. A feature was the large increase of
£15,242,000 in loans (other securiiies) and an increase of £24,948,000 in public deposits. "Other"
deposits decreased £14,027,000. Notes reserve decreased £4,124,000. The Bank's gold holdings now
aggregate £59,992,087. One year ago the total
was £41,786,783 and two years ago £37,480,778.
The loan item is £118,173,000, against only £38,676,421 in 1914 and £42,529,831 in the year preceding. London advices state that the large depletion
of the reserve is attributed to gold set aside for Egyptian, Argentine and other accounts against purchases
made. A million pounds was also ear-marked for
the Treasury note reserve, which now stands at
£27,500,000. Our special correspondent furnishes
the following details by cable to the gold movement
into and out of the Bank for the Bank week. Inflow:
£543,000 (bought in the open market, of which
£228,000 bars, £192,000 United States coin and
£123,000 other foreign coin); outflow, £4,422,000
(of which £820,000 foreign gold sold in the open market, £1,000,000 set aside and "ear-marked" currency
note redemption account and £2,602,000 net sent to
the interior of Great Britain). We add a tabular
statement comparing for the last five years the different items in the Bank of England return:

The Imperial Bank of Germany again reports a
new high level for its gold, because of an increase of
16,351,000 marks this week. This brings the total
up to 2,267,698,000 marks, which compares with
1,292,580,000 marks in 1914 and 1,192,080,000
marks in 1913. The Bank's cash item, which includes
Imperial and loan bank notes and notes of other
banks in addition to coin and bullion, increased
13,417,000 marks; securities increased 2,785,000
marks, discounts increased 67,844,000 marks, loans
increased 5,883,000 marks and note circulation increased 227,351,000 marks. The item of deposits
was the only one to show a contraction for the week.
This comprised the large sum of 142,149,000 marks,
which suggests some direct connection with subscriptions to the new war loan. The Bank's note circulation now stands at 4,862,694,000 marks, against
1,954,000,000:marks one year ago and 1,876,040,000
marks in 1913.

In local money circles there seems no essential
change this week. Bankers are still somewhat backward in bringing out formal offerings for capital,
in view of the new phases of the European war situation. It is understood, however, that a considerable number of offerings has been arranged and will be
presented as soon as the international situation assumes a more nearly normal position. The National
City Bank and Kuhn, Loeb & Co., as managers of
the syndicate which underwrote the $29,000,000 St.
Paul convertible bond issue, report the sale to
Messrs. Harris, Forbes & Co. of the unsold remainder
of the bonds that the syndicate was called upon to
take. Stockholders subscribed for about 80% of
the issue and the syndicate sold about $2,000,000
privately, leaving $4,000,000, which Harris, Forbes
& Co. have now taken. There have been no important loans reported of any special character for foreign countries. Advices from Chicago state that a
German house there will receive subscriptions until
March 19 at 983/ for the new German 5% loans. It
is understood that some subscriptions were forwarded
from New York to Chicago.
The weekly statement of the New York ClearingHouse banks on Saturday last showed an increase of
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1912.
1914.
1911.
1913.
1915.
$10,556,000 in loans and of $13,650,000 in net deMarch 8.
March 3. March 4. March 5. March 6.
mand deposits. The net time deposits were $749,000
34.532,000 28.498.150 28,116,590 28,252,880 27.246,225
Circulation
higher. Circulation indicated a reduction of $297,51.872,000 22,441,289 24,640.177 23,668,397 21,502,936
Public deposits
118,841,000 40.877,199 40,485,916 42.455,188 36,668,100 000. Reserves in "own vaults" showed a decrease of
Other deposits
28,817,000 11,152,689 13,034,912 15,116.036 14,637,633
securities
Gov't
118,173,000 38,678,421 42,629,831 39,978,088 31,941,983 $1,682,000, to $363,494,000, which includes $290,Other securities
Reserve notes&coln. 43,009,000 31,738.633 27,814.188 29,274,696 29,847,459 790,000 specie. Reserves in Federal Reserve banks
Coln and bullion__ _ 59,992,087 41,786,783 37,480,778 39,077,556 38,643.680
increased $1,370,000, to $113,066,000, and reserves
Proportion of reserve
49.89%
44.26%
42.70%
50.11%
25.71%
. to liabilities
3% in other depositaries increased $217,000, to $33,008,5%
31.4%
5%
rate
Bank
000. Thus the aggregate reserves show a decrease




768

THE CHRONICLE

of $95,000,to $509,568,000, which gives a surplus of
$134,761,700 over reserve requirements. The surplus showed a decrease for the week of $2,412,750,
owing to the increased reserve requirements following the expansion of deposits. One year ago,
under the old form of bank statement, which required a reserve of 25% instead of 18%, the surplus
was $26,775,800. We give the bank statement in
a complete form on a subsequent page.
Referring to money rates in detail, call loans have
this week covered a range of 13@2%. On Monday 1%@2% was the range. The higher figure
was the ruling one. On Tuesday and Wednesday
2% was again the highest and renewal basis, while
1% was the lowest on Tuesday and 13/2% on
Wednesday. Thursday's highest was 1%, lowest
13 and ruling rate 19%; on Friday 2% was the
maximum, 1%% the minimum and 13 % the ruling
4
figure. Time money closed at 23@2%% for sixty
days (unchanged for the week); 23@3% for ninety
days (unchanged); 3% for four months (against
3©33% last week), and 33% for five and six
months,(against 31
%
4@332 last week.) Commercial
paper is about %% easier, closing at 33
4@33% for
sixty and ninety-day endorsed bills receivable and for
four to six months' single names of choice character.
Names not so well known require 4@,43
4%. At
their weekly meeting on Wednesday the directors
of the Federal Reserve Bank of New York did not
change their discount rate from 4% for paper having less than ninety days to run; the rate for over
ninety days still remains at 5%.

[voti. 100.

Banking Corporation reports an engagement of
1,500,000 yen ($750,000) for shipment from Yokahoma to New York to-day (Saturday). Including
this amount, the Corporation has $1,750,000 still to
arrive at San Francisco. It is estimated that, inclusive of this amount, the total movement to San
Francisco from the Far East since the war began
will approximate $10,000,000. This sum is undoubtedly connected with the purchase in this
country of supplies by Japan, though there is some
reason to believe that shipments to Russia are, to
some extent, being paid for through Yokahoma.
The high premium on New York funds in Montreal
naturally discourages the free movement of gold
from the Dominion to this centre. The closing
premium was $7.50, meaning that between banks
Canada is willing to pay $1,007.50 per $1,000,
rather than remit. Canadian municipalities have
been borrowing freely in this country. In addition,
Canadian banks are understood to have been drawing down very closely their call loans in New York
for remittances to London. Virtually all their
sterling exchange operations are carried on through
New York.
The Continental exchanges have continued weak.
Rates on Berlin were exceptionally so on Monday.
They advanced, however, when the determination
of Great Britain to prevent German trade was announced, such action suggesting the curtailment on
a severe scale of exports to the Fatherland and the
consequent further reduction in the supply of bills.
The closing quotation for bankers' sight was 82%
and for cable transfers 83. These figures represented advances from 823 and 829 on Friday of
last week and from 8111-16 and 81 13-16 to which
quotations had declined on Monday. Exchange
on Paris closed unchanged for the week at 5 27 for
demand bills, while bankers' cables ended at 5 26,
against 5 26% a week ago. Bankers' checks on Amsterdam finished at 39 15-16, against 39 13-16 a week
ago and bankers' cables closed at 403/i minus
1-16,against3913-16. Italian exchange has continued
to move in favor of this country,tires closing at5 873/2,
against 5 81 a week ago and 5 67 a fortnight ago.
In Paris the London check rate closed at 25.373/i
francs, unchanged from a week ago.

During the closing days of the week an appreciably firmer tone was shown by the exchange market.
Reports were renewed that Great Britain, through
the Bank of England, had established a credit with
a syndicate of New York bankers, or possibly of
American bankers, for $100,000,000. Official confirmation of such a credit has not yet become possible,
though there can be no question that in a smaller
way, a series of credits has been opened as usual,
through banking transactions in New York by
London bankers. There is nothing new in such transactions and no obligation exists for any formal
announcement in connection with them at the
present time any more than would be the case if
Many cross currents have been evident in sterling
international financial conditions were entirely
normal. But in no other way is it possible to explain exchange operations. There seems to have been a
the absence of a substantial inward movement of steady, though not spectacular, selling movement
gold when sterling demand bills, as at present, are of American securities, particularly by Holland and
fully 4 cents to the pound below the normal gold- Germany. In addition, the German war-zone
import point. There is already evidence of a general decree and Britain's decision to stop Germany's
movement of gold this way in comparatively small foreign trade would suggest higher rates of exchange.
lots. These, however, are assuming importance But during the earlier days of the week the trend
in the aggregate. On Monday, the American Line was quite in the other direction. The explanation
steamer New York unexpectedly brought in $750,000 appears to be that the demand for ocean transportaof American eagles from London, $500,000 being tion is so much greater than the facilities that are
consigned to Goldman, Sachs & Co. and $250,000 available that the blockade is not likely to interfere,
No announcement for some weeks at any rate, with the volume of
to Kidder, Peabody & Co.
shipment had been made by cable, prob- traffic leaving our shores. The steamship lines
of the
ably because of the war-zone exigencies. This is and tramp steamers are taking abroad all the cargo
the first direct shipment of gold to New York they can carry. They are being operated as rapidly
from the British centre since the closing months as it is possible to handle them. Until, therefore,
of 1913. It is reported that the, metal was obtained the supply of available tonnage catches up with the
in the open market in London and was not purchased volume of cargo offerings it is not reasonable to
from the Bank of England. In addition Lazard expect the British or German naval activities to
Freres have this week received $600,000 additional become an immediate factor in the general foreign
gold from Ottawa. The National City Bank received exchange situation. Our exports are continuing
$300,000 gold from Copenhagen. The International to show a large balance in our favor, although for



MAR.6 1915.]

THE CHRONICLE

769

the week ending February 27 the excess (at ports 1
ENGLAND, GERMANY AND THE
through which something more than 85% of the
UNITED STATES.
trade passes) was only $19,925,000,
country's foreign
It has been the most familiar of remarks during the
the preceding week. The
against $31,783,000
Department of Commerce estimates the export past week that history was being made very rapidly
balance for the entire country for February at before the eyes of an attentive world. With the
$136,937,000, which compares with an export guns of an Anglo-French fleet demolishing the Darbalance of $23,871,457 in February 1914. This danelles forts; with the Allied forces gradually apfollows an export balance of $145,000,000 in January proaching Constantinople; with the Ottoman Government reported as transferring its effects to Asiatic
this year and $131,000,000 in December, 1914.
territory, and with Sir Edward Grey intimating to
Compared with Friday of last week, sterling the House of Commons his sympathy with Russia's
exchange on Saturday was somewhat easier, with aspirations for a port on the Bosphorus—with all
demand at 4 79 13-16@4 80, cable transfers at this one may safely say that we are contemplating
4 80 5-16@4 803/ and sixty days at 4 783. On modern history in the making. The last time that
Monday the opening was firm, following which a British fleet attracted political attention in the
weakness developed, with a decline to 4 79 11-16 for Dardanelles was when, in February 1878, its passage
demand; later, however, a lessened supply of com- into the harbor of Constantinople served notice on
mercial bills caused an advance to 4 803/s; cable the victorious Russian troops, a few miles north of
%
transfers ranged at 4 803'@4 805 , with sixty days the Turkish capital, that they must come no further.
moved irregularly on Tuesday, The last time that the French and English fleets coSterling
at 4
advancing slightly in the initial transactions, but operated in Turkish waters, was when, in 1853, they
easing off toward the close; demand was quoted at passed through the Dardanelles to protect Turkey,
4 80©4 803j, cable transfers at 4 80%@4 80% and to threaten Russia, and to begin the Crimean War.
sixty days at 4 78%; the proposed blockade of Ger- This present episode is but one of the numerous
many by the Allies was a market influence. On incidents going to show how swiftly new and imWednesday increased firmness was evident, induced
chapters in the history of Europe are being
mainly by lighter commercial offerings and covering portant
day's range was 4 803.1@4 803/ for made.
of shorts; the
Not the least impressive aspect of the news of the
demand, 4 80%@4 80% for cable transfers and
Further advances were re- day, however, is the fact that while, in such ways
4 79 for sixty days.
corded on Thursday and demand moved up to 4 80% as this, the status of older history is being altered
©4 813, cable transfers 4 813/8@4 81% and sixty or unmade, there are other equally important dedays 4 793©4 793/2; the expected placing of a larga velopments which show a tendency to revert to
British credit here, as well as a prospective decrease
and precedents of older history, which the
in exports coincident with the opening of the Dard- actions
the rise. On world had supposed to be permanently abandoned.
anelles, being held responsible for
Friday the market ruled firm. Closing quotations That general statement might be made of a very large
were 4 7931©4 793/ for sixty days, 4 80%@4 813 part of the land campaign on the Continent; but this
%
for demand and 4 81 5-16@4 815 for cable trans- present week it has applied with very particular
fers. Commercial on banks nominal, documents for interest to the attitude of the belligerent Powers
payment nominal. Seven-day grain bills at 4 80©
the law of the seas.
.
s
4 803/ Cotton for payment nominal; grain for towards
Germany's "war-zone" proclamation, with the
payment nominal.
threat of the German Admiralty at neutral shipping
The New York Clearing-House banks, in their and the subsequent effort of the German Foreign
operations with interior banking institutions, have Office to make that Government's attitude less trucugained $2,436,000 net in cash as a result of the cur- lent, led to our Government's note to England and
rency movements for the week ending March 5. Germany relative to the matter.
Until this week
Their receipts from the interior have aggregated
reached $4,- the exact purport of our State Department's com$7,200,000, while the shipments have
764,000. Adding the Sub-Treasury operations and munication was not publicly known. It now apthe gold imports, which together occasioned a loss pears, however, that the American note had made
of $3,078,000, the combined result of the flow of suggestions of compromise—carefully guarded so as
money into and out of the New York banks for the not to stand as proposals from Washington that
the week appears to have been a loss of $642,000, must be accepted or rejected as our Government's
as follows:
individual policy—which covered the possible arNet Change in
Out of
Week ending March 5.
Into
rangements, first, of agreement between England
Bank Holdings.
Banks.
Banks.
laying of drifting mines
Banks' interior movement
$4,764,000 Gain $2,436,000 and Germany to abandon the
$7,200,000
Sub-Treas.°peens and gold Imports.
22,052,000
25,130,000 Loss 3.078,000
in the open sea, or of anchored mines except for
8042.088
Total
329.252.000 529.894.086
defence of the waters of home ports; second, that no
The following table indicates the amount of bullion submarines be employed against merchant ships,
in the principal European banks:
except for detention and search; third, that neutral
flags be not used by merchant vessels of belligerent
.
larch 4 1915.
5 1914.
March
Banks of
Powers; fourth, that England detain no foodstuffs
Silver.
Silver. I
Gold.
Gold.
Total.
Total.
cargoes consigned to approved German agencies for
£
£
£
I 41,786,783 exclusive distribution to the civilian population,and,
59,992,087 41,786,783
England_ _ 59,992,08
640
France_ _ 169,561,72 15,312.96 184,874,68 144,118,400 25,716,2401169,834.
.601 115,906.200 64,628,700 15,943.0501 80,572,650
Germany _ 113,531,60
4,954,00 175,815.000170,372,000 6,818,000177.190,000 fifth, that Germany agree to such manner of con170,861,00
Russia_
Aus.-Hunc 51,578.430' 12.140,001 63,718,000 51,985,000 11,998,00t 83,983.000
23,511,001 29,112.00 52,623,004 19,814,00 28,721,000 48,335,000 signment and distribution.
Spain
2,763.00 52.068,444 45,652,4 4, 3,000,00 48.652.000
40,305,001
Italy
842,700 13,977,700
103,80 21,918,800 13,135,00
The German Government has replied to this comNetheri'ds 21,815,00
600,00 15,980,000 8,224,667 4.112.333 12,337.000
15,380,00
Nnt.Beled
5,760.000 munication; as yet, the British Government has not.
6,034,000 5,760,000
6,034.00
Sweden _ _
6,784,000
9,542,100 6,784,441
SwItz'land 9,542.10
2.616,000 I The Berlin
2,543,000 2.616.000
2,543,00
Norway _ _
Foreign Office on Sunday expressed its
week 03,054,5071 67,360,380 761.014,867 574,676,550 97,152.223 671,828,773 readiness to abandon drifting mines, but its unTot.
234577.154.663 97.931,037 675,085,700
Prey. wee 95.800,SSfi 66.855.3801762.716,
willingness to relinquish the use of anchored mines
c July 30. d Sept. 21.



LosS

770

THE CHRONICLE

[VOL. 100

for offensive purposes. It assents to the proposed Berlin:authorities, would have to reckon
with neulimitation of submarine activities only on the con- tral._ Powers in any such undertaking.
This view
dition that enemy merchant ships neither use neu- of the case has by no means been confined
to Ameritral flags nor carry arms. It agrees (as it naturally can critics; the best-equipped and most
conservative
would) to the designation of imported foodstuffs for English newspapers, such as the Manchest
er "Guarcivilian use, but intimates that other materials for dian," have unhesitatingly criticized
this proposal
peaceful economic purposes ought also to be admitted. of Downing Street.
It concludes by remarking that neutral commerce
It will be observed that the Premier's outline of
will have a better chance to avoid suffering if "means purposes is humane in terms.
There is none of the
and ways could be found to exclude the importation unlucky bullying tone regarding
neutrals such as
of war material from neutral to belligerent States marked the original German
Admiralty proclamaon ships of whatsoever flag."
tion, whose rough edges the Berlin Foreign Office
So much for the German reply. In spirit it is has ever since been busy in trying
to smooth off.
friendly and conciliatory; as to whether in substance Neutral ships endeavoring to
defy such a possible
it meets the requirements of the situation, opinion British embargo will not be torpedoe
d or sunk; their
has already differed. At bottom, it obviously does cargoes will not even be
confiscated, but brought
not relinquish its previous position that so long as into an English prize court.
What is as yet, howan enemy cuts off foodstuffs supplies from Germany, ever, of primary importan
ce, is that the embargo
and so long as that enemy's merchant vessels are sup- is not formally declared.
The retaliatory measures
posed to resort to neutral flags, the German submar- "are framed"; the Allied Governme
nts "hold themrine holds itself at liberty to torpedo merchant ves- selves ready" to make
such seizures; but it is not
sels in the war zone without warning, or to consider yet announced as
a fixed policy.
itself responsible if the ship turns out to be a neutral.
Even as a tentative policy, however, the plain
Whether insistence on the use of mines for offensive fact is
that the program would be illegal as well as
purposes—meaning the planting of them in the open dangerous; that
it would subject the British Govbrnsea before the enemy's harbors—will be an acceptable ment to heavy
suits for damages later on, and to the
reservation to neutrals, may perhaps be doubted. chance of strained
international relations now. A
As for the hint at an embargo on our manufacturers' formal blockade
of the German coast—enforced
exporting war munitions to the Allies, there is no in accordance with the rules
of the Declaration of
probability that any such condition will be seriously Paris, by an effective line
of battleships, closing in
considered. Not only are such materials offered around the blockaded harbors—
would leave no openequally to all belligerents who can come and get ing for protest by neutral Powers.
This the British
them, and not only is their shipment wholly in line Government does not elect to
do; but governments
with rule and precedent (including that of Germany), at war cannot eat their cake and
have it too, any
but ex-President Taft has forcibly set forth the very more than citizens at peace. If the intimate
d emformidable situation which our Government would bargo of the seas without observing
the formalities
create, in the case of a future war of its own, by of a legal blockade is undertak
en by Great Britain,
deliberately making itself a party to the principle that we anticipate a firm
and vigorous protest by our
the markets of neutral States may not export war Government.
material to belligerents.
All this is a very remarkable case of history reIn advance of the formal reply of the British For- peating
itself. It was the British Orders in Council,
eign office to our Government's note, Mr. Asquith prohibiting
intercourse with the German coast conon Monday outlined, to the House of Commons, the trolled by
Napoleon, which in 1806 started the "paper
adoption of the opposite policy of reprisal and em- blockade"
of that period. Napoleon retorted by
bargo in the matter of German trade. The gist proclaimi
ng any neutral ship which carried British
of the Premier's intimation lay in the following con- merchand
ise, or had stopped at a British port, a
cluding sentences, after setting forth the illegality of lawful prize.
England's rejoinder was an embargo on
Germany's so-called submarine blockade:
trade with all of the French dominions. In those
Her opponents are, therefore, driven to frame re- days these proclamations of the belligerents meant
taliatory measures in order in their turn to prevent the ruin of our trade, and the American reply was
commodities of any kind from reaching or leaving the extraordinary and futile Embargo Act ofil807,
Germany.
which forbade shipment of merchandise of any kind
These measures will, however, be enforced by the from our own ports to any of the belligerents.
The
British and French governments without risk to
longer sequel was our War of 1812 with England.
neutral ships or neutral or non-combatant lives,
No one would suggest such a sequel even remotely
and in strict observance of the dictates of humanity
. on the present occasion. For one
The British and French governments will,
thing, England
therefore, hold themselves free to detain and take
into has taken no such high-handed stand in other matport ships carrying goods of presumed enemy
des- ters, such as impressment of seamen from our ships,
tination, ownership or origin.
she did in 1806. In that year it was England
It is not intended to confiscate such vessels or car- as
which threatened us unless we should induce her
goes unless they would otherwise be liable to confiscation. Vessels with cargoes which sailed before this enemy to relax his hostile measures; to-day it is
Germany which in reality is taking the position
date will not be affected.
which the Canning Ministry took in the Napoleonic
The quite unanimous comment of the American wars. Beyond all this, the trade of the United
press has been that this is a program of opposing States, which was a matter of indifference or
hosunlawful warfare by unlawful warfare; that, if put tility to the belligerents of a century ago, is somethin
g
into effect, it would weaken the moral position of the the preservation of which is a matter of life or death
British Government as completely as the German to them in 1915. Perhaps this means that our counGovernment has already weakened its own; but, be- try is to have a more positive voice at the present
yond all this, that the London authorities, like the juncture in insisting on the proper observance of



MAR. 6 1916.1

THE CHRONICLE

international law. Whetherithe hesitation of the
British Ministry in making formal announcement of
the policy actually to be pursued by it is due to
tacit recognition of these facts, or to a wish to study
public opinion on the tentative announcement, or
merely suspension of action until both the American
and the German documents are formally in its hands,
remains to be seen.

771

new valueTand attempted replacement of value
wasted is fundamental.
The question is timely and well-put: would the
public rather have a body of men pretending to
work, but really idle, or another body of men making
locomotives?

THE PENNSYLVANIA RAILROAD IN A YEAR
OF DEPRESSION.
RAILWAY LABOR, WHEN PROFITABLE AND
The Pennsylvania Railroad had trying conditions to
WHEN UNPROFITABLE.
contend with in the calendar year covered by the comIt is quite impossible to say anything about the pany's present annual report. Conditionsfor the railburdens of the railroads which is both new and true, roads generally, as is known, have been trying for
yet it is an unavoidable duty to reiterate the old many years, but in 1914 they were exceptionally so.
truth until it gradually wins public recognition. Not only that, but the Pennsylvania Railroad, by
This, the roads are doing, and with excellent calm- reason of its location and the nature of its traffic,is
ness and coge icy. Formerly, they were accused of so placed that it necessarily suffers more severely
lobbying; now, when they appeal to legislatures than any other large railroad system from business
through the ultimate recourse of appealing to the depression, which was the dominant factor of
public's second thought, they are told, in effect, affairs in 1914. The lines of the Pennsylvania
that they have no right to address legislatures at System, especially east of Pittsburgh and Erie, are
all.
thickly studded with manufacturing industries, and
The pending case of the "full-crew" laws is di- these are always hard hit in times of depression.
rectly in point. The trainmen are as determined Then, also, the Pennsylvania has a tremendous
to prevent repeal, if their old flourishing of a solid mineral traffic, it being the largest coal-carrying
"vote" has not lost its potency, as the roads are to system in the United States; and the demand for
procure repeal if a straightforward putting of the coal necessarily contracts when business is inactive
case to the public as really the affair of the public and the times are hard.
can do it. The trainmen, still apparently confident,
On the five general divisions of the Pennsylvania
speak of it as "their" law and say that "organized east of Pittsburgh and Erie, the coal traffic fell off
railroad men have set about" keeping it unrepealed. 8,302,771 tons as compared with the preceding year,
They seek to have it appear that they chiefly think and the tonnage movement one mile fell off 1,514,about public safety, a phase of the subject which 421,403 ton miles, or 10.03%. The total freight
has been disposed of by the statistics and by the traffic of all kinds underwent a contraction of no less
phraseology of the law; but in their desire for another than 19,912,743 tons and of 2,921,116,694 ton miles,
argument, they say that the wages paid the extra the ratios of decrease being, respectively, 12.83% and
men are not wasted but aid business by being 11.67%. These figures relate entirely to the 4,511
expended in the costs of living. Undoubtedly; miles of road directly operated. When we take all
but here the men give the roads opportunity to the transportation companies east and west of Pittsproject more plainly into view the difference between burgh and Erie owned, operated or controlled by or
profitable and unprofitable consumption. The two affiliated in interest with the Pennsylvania Railroad
millions a year now paid to 2,500 nePdless brakemen System, we get figures of prodigious magnitude.
in New York and Pennsylvania have a purchasing Here there has been a reduction as compared with
power, they argue, and the public gets a benefit in twelve months preceding of no less than 58,039,716
their disbursement. Truly so, for whether these tons, or considerably over 15%, and a shrinkage in
men twiddle their thumbs as they ride (having the number of tons of freight moved one mile in the
nothing else to do) or are housed in some institu- colossal amount of 6,104,107,864 ton miles, the
tion for public support, or sit at home and read the decrease here being over 14%.
newspapers, expenditures must be made on their
The gross earnings from operations—or "operating
revenue" as the designation is—fell away to the
account for their living.
But—reply the railway heads who are addressing extent of $38,022,947. The ratio of contraction in
the public on this matter—the two millions could this case is close to 10%. As showing, however, that
buy 80 locomotives per year, and those locomotives the losses on the Pennsylvania Railroad lines have
(which are really needed) could augment the ability been relatively heavier than on other railroad sysof the carriers to render increased and better trans- tems, it should be noted that for the railroads of the
portation service; moreover, constructing them could United States as a whole (including the Pennsylvania
furnish employment for a year to 894 men in loco- Railroad System) the decrease in gross earnings for
motive works and to 851 more in steel plants, coal the twelve months was considerably less than 7%.
and iron mines, and elsewhere, and those 1,745 men In our annual review for the year, published in our
would help business by their own living expendi- issue of Feb. 13, it was found that the decrease had
tures.
been $219,701,002, or only 6.79%. The extent/of
Contrast this productive work with unproductive road covered was, roughly, 250,000 miles, or, to
be
hiring of men for whom there is no work, and it is precise, 249,726 miles. The extent of road embraced
clear where the public interest lies. When a hail- in the Pennsylvania Railroad System is, in round
storm breaks windows it gives employment to glaziers figures, 12,000 miles, or, in exact figures, 11,991
and glassmakers; but suppose new windows are made miles. As its gross earnings declined $38,022,947,
and glazed instead? If to "make work" is neces- while the railroads of the United States as a whole
sarily a public benefit a conflagration would be a suffered a decrease of $219,701,002, it follows
that
blessing; but the distinction between production of the Pennsylvania RailroadSystem, with less
than 5%



772

THE CHRONICLE

[VOL. 100.

of the country's mileage, contributed over 17% of reserves against future contingencies. In 1913
$2,500,000 was held in reserve and $6,787,582 was
the total loss.
The causes of the depression are of more than expended for extraordinary expenditures and revision
passing interest. Superficial observers might be in- of grades, &c., &c., while in 1914 nothing could be
clined to charge them to the outbreak of war in held in reserve and only $2,230,335 could be conEurope. Not so. They are of earlier and of deeper tributed towards outlays for physical improvement.
Mr. Rea adverts to the 5% rate case and notes
origin. They must be ascribed to the radical Governmental policies of recent years, to the hostile that the Inter-State Commerce Commission ultiattitude towards large corporate interests (in which mately approved an advance in the territory served
form so large a part of the country's business activities by the company of approximately 5%in rates,except
are carried on),and to the harsh and unfair treatment on commodities such as bituminous and anthracite
of the railroads themselves, which latter has react- coal, coke, iron ore, lake-and-rail traffic, &c., which
ed disastrously upon business. With accumulated exceptions comprise approximately one-half of the
wealth treated as if it were the proceeds of crime, freight business of the company. Still, that any inall inducement to engage in new ventures has been in crease at all was granted is a point of great promise
large measure removed. In this state of things the for the future. Mr. Rea says it should impart adinevitable followed, and the country's industries ditional confidence to the business of the country.
began to droop and to languish. President Samuel He takes pains, however, to point out that there reRea says the decrease in revenues arose "from un- mains a great deal of constructive work to be accomfavorable commercial and financial conditions which plished before governmental regulation of railroads
in the last five months of the year were accentuated —State and Federal—is placed on a satisfactory
by the European war." This puts the case accur- basis. He repeats some interesting suggestions for
ately and succinctly. The European war simply dealing with the situation which he has been urging
accentuated and aggravated a situation which was on public attention in public remarks and addresses.
already thoroughly bad.
He would have the Commission enlarged and placed
How did the Pennsylvania Railroad management beyond political influence. Its regulatory power he
meet the great contraction in revenues? By rigid would extend so as to cover all traffic—intra-State
economy and retrenchment. Referring again to the as well as inter-State.
results for the whole Pennsylvania Railroad System,
We like particularly the suggestion that "increases
we find that the decrease of $38,022,947 in gross in wages and other burdens which seriously enlarge
earnings was attended by a diminution in expenses railroad expenses should not be imposed by legislaof $32,649,095, thus reducing the loss in net to tion or through awards of governmental bodies,
$5,373,852. President Rea speaks of the decrease unless the ability of the railroads to pay the same
in expenses as having been brought about "chiefly under the rate schedules then in effect is clearly apthrough enforced economies required by the loss of parent, or unless the Inter-State Commerce Commisrevenue and traffic." He goes on to say that "these sion is prepared to approve of increases in the rate
(economies) were effected by a reduction in the use schedules that will enable the railroads to meet the
of materials and supplies, in the working forces of all same without impairment of their credit or efficiency."
departments, and in train and car mileage, and by
This last is the crucial point. The burdens of
deferring other expenses, but having in view at all expenses should not be added to unless provision is
times the preservation of the safety of your tracks, made to take care of the same through added revequipment and facilities." He does not neglect to add enues. It is not so long ago since it was a customary
that "the increases in wages of enginemen, firemen, proceeding for one member or another of the Interconductors and trainmen,under the wage arbitration State Commerce Commission to take part in wage
awards, and other consequent wage adjustments, arbitration proceedings where definite increases in
and the expense of complying with legislative enact- wages were granted and where,with marvelous reguments, prevented still further savings in expenses." larity, the Commerce Commission refused to accord
Study of the figures in the report shows, however, permission for advances in freight or passenger rates.
that the management had to sail pretty close to the Mr. Rea asserts that the so-called Full-Crew laws
wind to make both ends meet. Besides the loss in have added over $1,000,000 per annum to the opernet income, there was an almost equally large shrink- ating expenses of the Pennsylvania system east and
age in the non-operating income, or income from in- west of Pittsburgh, and says this enforced expendivestments. The importance of this is apparent ture is pure economiclwaste because it does not inin the income account of the lines directly operated crease the safety or efficiency of operations.
east of Pittsburgh and Erie, this income account comMr. Rea makes a good point when he says that
prising the general results for the whole system, weak railroads are among the greatest obstacles to
such of the lines as are not represented in the revenue business enterprise and commerce, and that the
returns appearing in the income from investments country will have too many weak railroads unless a
in the shape of dividends on the stocks included in constructive and equitable policy of public regulation
such investments. President Rea points out that is practiced, not as a palliative but as a permanent
the Pennsylvania Company, comprising the Western public and business necessity. He makes his most
lines, had to reduce its annual dividend from 7% telling argument when he presents without comment
to74%, "resulting in a large decrease in the income a statement showing how small is the return now
your company received from the ownership of their earned by the Pennsylvania Railroad on its property
securities." It appears from the income:account re- investment, and-how this return has been shrinking
ferred to that the.6% dividends on Pennsylvania in a startling manner for the last dozen years. The
Railroad shares were fully provided for out of the roads comprised are the Pennsylvania Railroad, the
year's income, but that the company found it pos- Philadelphia Baltimore & Washington, the West
sible to contribute relatively small amounts out of Jersey & Seashore and the lines directly operated by
income for improvements and betterments and for them. The table is as follows:



THE CHRONICLE

MAR. 61915.]
Year Ended
December 31.
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914

Property
Investment.

Net
Operating
Income.

Net Operating
Income Per Cent
of Property
Investment,

$539,362,240 11
560,857,372 37
600,871,067 72
671,505.038 39
700,132.142 73
747,491,570 01
817.660.697 76
850,015.696 40
864,286.703 63
868.095,843 05
979,080.529 86
994,342,830 83
1,007,822,758 50
1.048.747,002 64
1,061.930.860 45

$35.700.638 62
41,109,305 70
42,476,548 98
42.546.786 52
41.085,18961
45,997,044.83
51,923,575 66
49,664.084 59
41,976,458 64
49,792.722 01
45,842,748 80
44.338.634 63
48.380,671 93
44,385,136 74
39,581.786 38

6.62
7.33
7.07
6.34
5.87
6.15
6.35
5.84
4.86
5.74
4.68
4.46
4.80
4.23
3.73

the
From. foregoing it appears that while the property investment now is $1,061,930,860, as against
only $600,871,067 in 1902, the net operating income
in 1914 was no more than $39,581,786, as against
$42,476,548 in 1902. The result is that the net income in 1914 was but 3.73% on the property investment, against 7.07% in 1902 and 7.33% in 1901.

THE COUNTRY'S SMALL PIG IRON
PRODUCTION IN 1914.
If general business in the United States in 1914
was depressed, the iron and steel industry was in a
state of absolute prostration. The demand for iron
and steel in their various forms was at a low ebb-in
part because business enterprise was dead, in part
because the railroads, ordinarily very large consumers, were in no condition either to purchase or to
need extended supplies, and in part because of the
previous year's tariff changes. At the same time,
and as a result of the same causes, prices ruled exceedingly low throughout. Thus the year was a
dismal one-as poor as any encountered in the trade
for many a long day.
There seemed to be a little rift in the clouds in the
early part of the year, but the promise of improvement did not continue very long. A slight revival
was actually in progress in January and February,
and the monthly statements of unfilled orders given
out by the United States Steel Corporation afforded
testimony to the fact. The aggregate of these unfilled orders, which had diminished from 7,932,164
tons on Dec. 31 1912 to 4,282,108 tons Dec. 31 1913,
now began to increase, rising to 4,613,680 tons
Jan. 31 1914 and 5,026,440 tons Feb. 28 1914. But
that was the end of the revival. Thereafter the
aggregates again declined, though with larger or
smaller fluctuations,until on Nov.30 1914 they got
down to 3,324,592 tons, from which, however, there
was a recovery to 3,836,643 tons by Dec. 31 1914.
The monthly records of pig iron production, as
published by the "Iron Age," of this city, told much
the same story. These showed an output of only
1,885,054 tons in January and 1,888,670 tons in
February, against 2,795,331 tons in January 1913,
but an increase again to 2,347,867 tons in March and
2,269,955 tons in April, only to be followed by a
quick decline, with the product in November and
December only 1,518,316 tons and 1,515,752 tons,
respectively, these being the smallest monthly totals
of any month of any year since Sept. 1908.
In view of all this, it is not surprising that the
official statistics of pig iron production for the
twelve months of 1914 as prepared by Wm. G. Gray,
for the Bureau of Statistics of the American Iron &
Steel Institute, reveal a comparatively small output
for the year. It appears that in the first half of
1914 the product was only 12,536,094 tons,and in the
second half no more than 10,796,150 tons, the two
combined making a total for the year of 23,332,244
tons. The output for the last six months was the
smallest of any half-yearly period since 1908, as will
appear by the following:



773

-YEARLY PERIODS.
PRODUCTION OF PIG IRON IN HALF
Gross Tons.
Gross Tons.
-1st half
-1st half
1900
7,642,569 1908
6,918.004
2d half
2d half
6,146.673
9,018,014
1901-1st half
-1st half
7.674.613 1909
11.022,348
26 half
26 half
8,203.741
14.773.125
-1st half
1902
-1st half
8,808.574 1910
14,978.738
26 half
26 half
9,012,733
12,324.829
-1st half
11 690.996
1903
9,707,367 1911-1st half
26 half
11,982,551
26 half
8.301.886
-1st half
-1st half
1904
8,173,438 1912
14,072,374
2d half
26 half
8,323,595
15.654,668
1905-151 half
11,163,175 1913-181 half
16,488,602
2d half
11,829,205
28 half
14,477,550
-1st half
1906
12,582,250 1914
-1st half
12,536,094
28 half
12.724,941
26 half
10,796,150
13,478,044
1907
-1st half
12,303,317
26 half

At 23,332,244 tons for 1914 the comparison is with
30,966,152 tons for 1913, the contrast being the more
striking as the make of pig iron in 1913 had been the
largest of any calendar year in the country's history.
In the following we present a table indicating the
production of pig iron by grades for the period from
1900 to 1914.
PRODUCTION OF PIG IRON BY GRADES, 1900-1914.

Years,
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914

Basic.

Bessemer.

1,072,376 7,979,327
1,448,850 9,596.793
2,038,590 10,393.168
2,040,726 9,989,908
2,483,104 9,098,659
4,105,179 12,407,116
5,018,674 13,840,518
5,375,219 13,231,620
4.010,1441 7,216,976
8,250,225 10,557,370
9,084.608,11,245.642
8,520,020 9,409,303
11,417.886,11,664,015
12,536,693111,590,113
9.670.6871 7.859.127

Foundry.

Matteable. Forge.

All
Total.
Other. Gross Tons.

3,376,445 173,413 793,092 394,589 13,789,242
3,548,718 256,532 639,454 388,007 15,878,354
3,851,276 311,458 833,093 393,722 17.821,307
4,409,023 473.781 783,016 312,798 18,009,252
3,827,229 263,529 550,836 273,676 16,497,033
4,758,038 635,236 727,817 358,994 22,992,380
4,773,011 699,701 597,420 377,867 25,307.191
5,151,209 920,290 683,167 419,856 25,781,361
3,637,622 414,957 457,164 199,155 15,936,018
5,322,415 658,048 725,624 281,789 25,795,471
5,260,447 843,123 564,157 305.590 27,303.567
4,468,940 612,533 408,841 229,910 23,649,547
5,073.873 825,643 469,183 276.337 29,726,937
5,220,343 993,736 324,407 300.860 30,966,152
4.533.254 671 771 3451 0.51 2'15 7.cel 2/ RR9 94.A

•
A great contraction in the foreign trade for iron ana
steel evidently played no small part in reducing the
domestic production. In the last two years the exports of iron and steel have been cut just about in
two, and the outward movement for 1914 makes a
poor comparison alongside the exceptionally large
total reached in the calendar year 1912. Taking all
articles reported by weight, aggregate shipments of
the different forms of iron and steel amounted to no
more than 1,549,476 tons in 1914, as against 2,745,635 tons in 1913 and 2,947,551 tons in 1912. In
values the iron and steel values (including not
merely articles where the weights are given, but also
others, not excepting tools, machinery and various
classes of. highly finished ,goods) fell off almost
$100,000,000, the outward exports in 1914 having
been only $199,861,684, against $293,934,160 in
1913. Imports of iron and steel are now relatively
small. In weight they were 290,394 tons in 1914 and
317,260 tons in 1913, with the value of the imports
$28,615,344 in 1914 and $33,601,985 in 1913. A
summary of the imports and exports by weightfor the
last six years is furnished in the exhibit we now present.
IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
1914.
1913.
1912.
1911.
1910.
1909.
Imports
tons 290,394 317,260 225,072 256,903 487,967 356,296
1 549,476 2,745,635 2,947,551 2,187,811 1,537.942 1,241,496
Exports
Excess of exports.1,259,082 2,428,375 2,722,479 1,930,908 1,049,975

885,200

It is always interesting to have the figures of production by States, as shown in the table we now
subjoin. Pennsylvania, it will be seen, still maintains its pre-eminence, notwithstanding the falling
off in 1914, and the Southern States continue to show
a lack of progress.
PRODUCTION OF PIG IRON
Tons
2,240
lbs.

1914.

1913.

1912.

1911.

1910.

1909.

1908.

South.
Slates. Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Ala __ 1,826,929 2,057,911 1,862.681 1.712,211 1.939.147 Tons.
1.763,617 1,397.014
Va __
271,228
341,815
256,167
293,642
444,976
391,134
320.458
Tenn..
216,738
280.541
338,238
324.648
397,569
333,895
290,826
W Va274.360, 291,472
174,661
228,282
65.551
Kyx._
236,393
315,731 1 68,760
95,202
100.509
80.371
45.096
Gs
1,200
19.725
26.072
24.345
Texas
1
195,594
tdd -..
289,959
219.546
255,816
326.219
286,856
183,502
Total_ 2,746,882 3,285,957 3,019.752 2,974,191 3.397.801 3,116,1771
2.326.792
Penn.. 9.733,369 12,954,936,12.552.131 9,807.073 11.272.323 10.918.8241 6.987.191
Ohio. 5.283,426 7,129,525i 6,802,493 5.310,506 5.752.112 5,551,545! 2,861.325
N. Y. 1.559.86412,187.62011.939.231 1.562,756 1.938.407 1.733,675 1,019.495
NJ..
1
36.876
40,663
264.781
294,479,
illIn's. 1.847.451 2.927.832 2,887,359 2,108,002 2,675.646 2.467,1511 225.372
1,691.944
MIch.a 1.557,355 1,775,88311,770.628 1,163,932 1.250,103
964,289
348.096
WWI) 329.526
367,326
303.370
276,807
307.200
348.177
148,938
Moe. 267,777
395,968
428,612 382,766
324.2631 897,731
313.071
Mass d
6.594
12.81
17.366
9,649
16,582
18.388
13.794
Or Tot 23 332.244 30.966.152 29,726.93723.649.54727.303,567 25.795.971 15.
936.018
a Including Indiana. 8 Including MInnesota.00 Including Colorado.
Wafting.
ton and Calkornia. d Including Connecticut.
Including Mississippi.

THE CHRONICLE

774

As regards prices, these, as already noted, touched
exceedingly low levels, and the poorest quotations
were all made the latter part of the year. Steel
billets, for instance, were only $19 at the end,
against $20 at the beginning of the year and against
$27 50 on Jan. 1 1913. In the following table we
show the prices for a few grades of iron and steel at
the opening and the closing of 1914, with the low
and high points for the twelve months and the dates
when reached:
Price
Jan. 1
1914.
Old iron Trails. _a
No.2fdy. p.iron a
Basic, pig iron__a
Gray forge pig
iron
• -Bessemer pig front)
Steel billets at
mills

RANGE FOR YEAR 1914.
Low.

High.

Price
Dec. 31
1914.

$
15.50
15.00
14.00
13.901

$
13.00 Oct 21 to Dec 31 16.50 Feb 4 to Apr 1 13.00
14.25 Dec 2 to Dee 31 15.00 Feb 11 to May 6 14.25
13.50 Dec 2 to Dec 31 14.50 Mar 4
13.50
13.40 Oct 21 to Dec 161 13.90 Jan 7
13.45
also Jan. 21 to Jan. 28J
15.15 14.55 Nov 4 to Nov18 15.15 Feb 7 to Mar18 14.70
20.001 19.00 Nov 18 toDec311 21.00 Feb 4 to Apr 22 )19.00
1, also June 24 to July 291 also Aug.2610 Sept. 30

a At Philadelphia. b At Pittsburgh.

We add one other table to complete our review,
namely a comparison of the yearly averages for a
series of years. This brings out in a striking way
the low level of values ruling in 1914. Bessemer pig
iron, for instance, at Pittsburgh, averaged only
$13 60 per ton in 1914, against $21 52 in 1907, and
refined bar at Philadelphia only $1 18 per 100 lbs.,
against $2 11 in 1907.
AVERAGE YEARLY PRICES OF IRON AND STEEL. 1907 TO 1914.
1914. 1913. 1912. 1911. 1910. 1909. 1908. 1907.
Articles$
$
$
Old iron Trails at Ithila____ton_14.53 17.64 18.74 16.90 19.09 19.42 18.60 23.88
No. 2 anth. fdy. pig at Phila. " 14.74 16.47 16.56 15.71 17.36 17.80 17.70 23.89
Gray forge pig Iron. Lake ore,
at Pittsburgh
" 13.60 15.23 14.54 13.96 15.29 15.55 15.23 21.52
Bessemer plg tron at FIttsb " 14.90 17.10 15.94 15.71 17.19 17.91 17.07 22.89
Steel rails at mills In Penn " 28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00
Steel billets at mills at Plush. " 20.08 25.74 22.38 21.46 25.38 24.61 26.31 29.25
Best relined bar Iron from
store at Plalladelptila_100 lbs. 1.18 1.48 1.75 1.69 1.85 1.75 1.70 2.11

BRITISH AND GERMAN GOLD HOLDINGS IN THEIR
RELATION TO NOTE ISSUES.
London, Feb. 15 1915.
To the Editor "The Commercial & Financial Chronicle,"
Dear Sir-Referring to page 179 of your esteemed journal
No.2586, dated 16th January 1915,I have perused with great
interest the letter received by the Central News from Herrn
Arthur Von Gwinner, Managing Director of the Deutsche
Bank in Berlin, and after having thoroughly studied this
matter I must say that I am rather surprised at the way in
which the said gentleman places before the American public
the holdings of gold of the Reichsbank and the Bank of
England respectively.
The statement as made by Herrn Von Gwinner is quite
correct, but I venture to say that it is of no use making a
comparison of the gold reserves held by different countries. unless one also mentions the note circulation against
which the gold is held. Certainly the Reichsbank holds a
larger amount of gold than the Bank of England, and in
this connection I have much pleasure in sending you herewith the latest issue of ray "Fortnightly Review of the London Money Market," which Review is published in order
that foreign countries should know exactly how matters
stand in Great Britain. You will see under the heading
"Comparison of Note Circulation of Great Britain and Germany," that the excess of gold over the Bank of England
notes in circulation amounts to £32,971,918, whereas the
Reichsbank return for the 7th January last shows a deficiency, as between the gold held and the notes in circulation, of £124,252,000.
In order to get a comprehensive idea of the exact state of
the gold cover of Great Britain against bank notes issued, I
have included the extra emergency note issue, made under
the Currency and Bank Notes Act 1914, and even taking
nto consideration both Bank of England notes and emergency notes, it is proved that Great Britain can redeem all
notes in gold and still retain a gold holding of £14,500,805;
whereas Germany, instead of being able to redeem its note
issue in gold, would find itself short of gold to the extent of
£124,252,000.
As you have given such prominence to the letter of Herrn
Von Gwinner, who, as you say, is one of the foremost of
Germany's financiers and bankers, I think that the Amen


[VOL. 100.

can publie should have the matter put very clearly before
them in order that they may see the exact position, as it is
usual to show liabilities when quoting assets.
I am, dear sir, Yours faithfully,
E. F. DAVIES.
JUDGE GARY PREDICTS INVESTIGATION OF INVESTIGATORS.
Ex-Judge Elbert H. Gary had something to say conCerning
the injury to the country as a whole, from an economic and
moral standpoint, resulting from investigation and attack
inspired by improper motives, in an address prepared for
the alumni banquet of the University of Pittsburgh, which
brought to a close the Chaster Day Celebration in Pittsburgh on February 26. Because of a cold Judge Gary was
obliged to forego the delivery of his speech, his illness having
caused him to retire from the banquet unexpectedly. In
his absence his address was read by Toastmaster Charles
W. Scovil. Judge Gary declared that "oftentimes the
investigators are not only utterly incompetent but they are
prejudicial and wilfully repress many of the pertinent and
material facts. They seek to produce for circulation and
criticism only information calculated to bring reproach upon
the persons involved in the inquiry." Mr. Gary expressed
the view that circumstances seem to show that we are approaching the time when the investigator will be investigated,
when the criticiser will be criticised, and when committees
and commissions will be brought before other similar bodies
for judgment. Mr. Gary also observed that it would be
interesting to the public if it could be informed of the real
motives which have prompted some of the official inquiries,
and if it could learn of the unfair methods which have been
sometimes pursued. We quote his address below:
It is sometimes appropriate and useful to glance at current events
for the purpose of selecting a topic for discussion. Recent developments
have influenced me to speak briefly at this time concerning the subject
of indiscriminate criticism.
In human kind there is an element which is interested in, if, indeed,
it does not actually enjoy reading or listening to, adverse references to
the character or conduct of an individual or association of individuals,
and by reason of this fact agencies for the collection and distribution of
unfavorable comments have become more or less popular. A questionable kind of success is often realized by the individual or the publication
whose energies are devoted to frequent and furious personal attacks against
the standing or the action of others.
The means of communication at the present time are such that a published expression derogatory to the character or attitude of one who may
be connected with a subject or institution of prominence is, within a
brief space of time, distributed practically throughout the entire world,
and therefore those who seek notoriety at the expense of others are more
disposed to indulge in uncomplimentary language than they would be if it
was expected their statements would be read by only a few.
The ordinary reader of the daily press seldom overlooks or neglects
to read unfavorable criticisms. And so there is a class of men who, for
selfish reasons, take advantage of this peculiar trait in human nature
to discover in one way or another something that may be prejudicial to a
cause or a community or a nation in order to have it published or in some
way spread broadcast for the delectation of those who may be entertained
by reading it. These efforts sometimes take the form of individual work,
investigations by committees or commissions created by the Legislatures
or Congresses, or, in exceptional cases, even by judicial branches of government, such as grand juries, with their inquisitorial power. Oftentimes the
investigators are not only utterly incompetent, but they are prejudiced
and wilfully repress many of the pertinent and material facts. They
seek to produce for circulation and criticism only information calculated
to bring reproach upon the persons involved in the Inquiry.
No one is exempt from these criticisms. They extend from the lowest
individual even to the nation. If one is supposed to be wealthy these
.his riches? Dow did he get
questions are asked : What is the amount of
them? What is he doing with them and what are his objects in life?
If one is supposed to be poor: Is he really poor? Is it necessary? Is
he making the most of what he receives?
Is the employer of labor treating his employees fairly and decently, or
does his financial success depend largely upon inconsiderate treatment
of his men?
Is the employee faithful and honest and working for the Interest of his
employer, or is he disloyal, arbitrary and lawless?
The relief organizations and foundations : Where did they get their
money? What percentage are they distributing to the needy and to the
officials, respectively? What is their real purpose? Is it to benefit mankind or is it intended to use the power of money to corrupt the courts
or legislatures or to improperly influence the general public by a vicious
and unjustifiable propaganda?
What are the motives which control governmsntal administrations? Do
those in power seek to protect and promote the rights of all the citizens
or do they often act with personal and political advancement as the chief
n
cl e view?
Are members of the legislative departments in the introduction or
passage of laws, honestly endeavoring to promote the public weal?
Or
are they frequently Influenced by a desire to promote a political party?
Even in impeachments, have not worthy individuals been crucified and
the guilty permitted to escape as the result of a partisan vote?
The limits of these references may be indefinitely extended. Most important to consider is the criticism of the individual. Whatever his profession or avocation, especially if he is successful or for any reason becomes
prominent, he may be subjected to criticism and often undeserved. A
man sometimes feels that he will be condemned if he does and condemned
if he does not. He may occupy a position between separate .nterests
which conflict and, with a disposition to act impartially, he is blamed
by both.
If he is associated with the management of corporate interests, the
stockholder not infrequently claims too little is paid to him and too much

11AR. 6 1915.]

THE CHRONICLE

775

to the employee and the latter complains he is unfairly treated in order to favor the former. And, in many cases, the same question arises
where the pecuniary interests of the holders of corporation securities are
not always the same as those of others who may be affected by the decisions
and action of the management. And, then to make matters worse,
governmental agencies sometimes interfere with the claim that the corporation has benefitted one interest to the prejudice of another.
There is time now only to say that this is without question an epoch
of indiscriminate criticism. Much is justified; probably more is without warrant. In the last decade there has been more abuse, more slander,
more personal attack and more demagogy and, as a consequence, more
njury to the general public than ever before. The whole country, from
an economic and a moral standpoint, has been greatly injured by agitation,
investigation and attack which were inspired by improper, if not dishonest,
motives.
No complaint of criticism, agitation or investigation can reasonably be
made, provided the facts call for it. On the contrary, the circle of those
who may be included should be and will be enlarged.
Circumstances seem to show that we are approaching the time when
the investigator will be investigated, when the criticiser will be criticised;
when committees and commissions will be brought before other similar
bodies for judgment. It would be interesting to the public if it could
be informed of the real motives which have prompted some of the official
Inquiries and If it could learn of the unfair methods which have been sometimes pursued, and if it should know the amount of Governmental funds
which have been appropriated for the use of committees and how they
have been disbursed; in fact, if some of those participating could be subjected to the same scrutiny which they have exercised.
Connected with the subject of criticism, there is an agreeable truth
which is worthy of particular emphasis. There are at present many
able, honest and fearless editorial writers who are in the habit of discussing the important questions of the day, who have the ability to write
forcibly and logically, and, therefore, convincingly, who are conscientious
in their treatment of all questions strictly on their merit; and who pass
Judgment with no thought of fear or favor. They discriminate between the
good and the bad, the reasonable and the unreasonable. Those writers
are having a marked influence. They are more popular than ever before.
for the public is quite disposed to be fair and impartial; and the number is
increasing.
The attitude of the great newspapers of to-day is fair and just. They
influence and are influenced by the public opinion. They reflect the
general sentiment. This is most important in considering the future
welfare of this country.
If the picture which I have imperfectly drawn is a true one, then the
course before us, which leads to prosperity, success and happiness is plain
and we will pursue It. We must conduct affairs in our charge with the
expectation that we will be criticised.
We must square our conduct with principles we believe to be right and
just to all concerned. And what is true of us who are present is just as
true of all others. High position or low; power or weakness, wealth or
poverty, shall be no ground for immunity. From the greatest nation to
the lowest subject, all are to be treated alike and judgment rendered
accordingly. We must accord proper treatment to all and we will command the same for ourselves.

Aug. 4 1914, repayable on or beforeDec. 31 1914, each month. (3) Al
amounts paid in after Aug. 4 1914 may be claimed in full. (4) Bills
created before Aug.1 1914 and 'already extended by previous decrees prolonged at 6% interest per annum.
NORWAY.—Moratorium terminated.
PERU.—Decree of Oct. 13 1914.—(1) Moratorium on current accounts
terminated; (2) on guaranteed obligations payments to be made 5%
monthly for two months from Oct. 22 1914 and thereafter at 10% monthly;
(3) on obligations without guarantee, payments at the rate of 15% monthly.
(4) Time deposits in banks to be paid at rate of 10% monthly.
PORTUGAL.—Decree of Jan. 10 1915.—Moratorium respecting payment of loans and bills in foreign currency created before Aug. 10 1914
further prolonged, but no definite date of termination can be fixed, owing
to the various complicated rules relating to the due dates of different bills.
ROUMANIA.—Decree of Dec. 23 1914.—Provides for a four months'
moratorium for commercial and private (monetary) engagements abroad
undertaken before the introduction of the decree. whether payable in
Roumania or abroad. Interest fixed at 1% above the official discount rate
in the absence of any previous arrangement.
RUSSIA.—Decree of Aug. 2 1914 provided an optional moratorium
whereby bill holders might, if they desired, grant postponement to debtors
in need thereof. Interest payable at 6% plus an additional 5 % on the
unpaid sum. The term of this moratorium was not fixed.
Decree of Sept. 25 1914 relates to foreign currency bills. This moratorium terminates two weeks after the opening of the Petrograd Bourse
for transactions in the corresponding currency. (Up to date the Petrograd
Bourse remains closed.)
Decree of Oct. 2 1914 provides a four months' moratorium from the day
of payment of bills payable from July 30 to Nov.30 1914. issued or payable
in provinces affected by the war, I. e., Poland, the Northwest and Baltic
provinces, with the exception of Esthonia.
SPAIN.—No moratorium.
SWEDEN—Decree of Dec. 23 1914.—Moratorium for all foreign obligations extended until March 1 1915, but is not applicable to creditors in
America, Holland, Norway and Spain, although any claims transferred
after Aug. 4 1914 to either of these countries will not be payable.
The moratorium has ceased in regard to internal Swedish obligations.
SWITZERLAND.—The moratorium ceased on Oct. 1 1914. However,
as regards the relations of Swiss debtors to creditors abroad, Swiss debtors
may benefit by the same protection (moratorium suspension) as is in force
in the respective foreign countries against Swiss creditors.

ARGENTINA.—Drawees of unpaid or unaccepted bills drawn in Argentina on countries at war or under moratorium, or drawn in such countries
on Argentina, are given until the end of the war or moratorium (as the
case may be) to arrange.
AUSTRIA-HUNGARY—Austria.—The moratorium was extended from
Nov. 30 1914 in connection with private pecuniary claims. By this law
debts were payable in installments to be completed Jan. 31 1915. The full
moratorium was prolonged fora further two months in Galicia and flukewine.
Hungary.—Decree of Nov. 30 1914 provides:
(1) Bills or cheques, with certain exceptions, if accepted or drawn before
Aug. 11914. and falling duo between Nov. 30 1914 and Jan. 311915, inclusive, are to be payable two months after date of maturity.
(2) Bank deposits or balances of current accounts: (a) If not exceeding
Kr. 2,000 on Aug. 11914. creditor is entitled to one payment of Kr. 200.
(b) If exceeding Kr. 2,000 on Aug. 11914. creditor is entitled to Kr. 200
per month; but no depositor can demand more than 10% of a deposit or
balance due on Aug. 11914.
(3) Foreign creditors are subject to the same conditions prevailing in
their country if these conditions should be less favorable than the terms
of the decree.
BELGIUM.—The moratorium has been prolonged indefinitely.
BRAZIL.—Law of Dec.16 1914,—Moratorium bills extended for 90 days.
(1) Brazilian currency bills to be amortized in this period providing 25%
of the capital and interest is paid after 30 days, a further 35% after 60
days and the remaining 40% after 90 days. (2) Foreign moratorium bills
extended for 90 days without amortization, and at the end of this period
the acceptor may deposit the equivalent of led. per mllreis, llquidating the
difference in exchange within eight months.
BULGARIA.—General moratorium extended for a further three months
from Feb. 7 1915.
EGYPT.—Moratorium provided for by the decree of Oct. 27 1914 expired on Jan. 31 1915 and was not further renewed.
FRANCE.—Decree Dec. 15 1914.—Moratorium prolonged for a further
60 days after Jan. 11915. This includes inter alia bills of exchange, embracing securities due for payment before March 1 1915, provided they were
endorsed before Aug. 4 1914, and the scheme whereby certain proportions
of deposits in banks are withdrawable. However, on Dec. 31 1914 the
leading banks decided not to avail themselves of the limitations provided
for the repayment of deposits and current accounts, and to pay in full.
GREECE.—The full moratorium expired Jan. 13 1915. but was renewed
in a partial form until Feb. 28 1915.
HOLLAND.—No moratorium has been declared, but debtors experiencing difficulty through the war may make application in the courts for
each individual debt to obtain delay of payment for a period of six months,
which delay may be renewed.
ITALY.—Decree of Dec. 20 1914.—(1) Moratorium prolonged until
March 311915. (2) 20% Of balance of deposits in banks deposited beer,.

trial period extremely critical for every kind of activity.
Any revision of the tariff usually requires two years before manufacturers and commerce have accommodated themselves to the new schedules.
The country is making that adjustment now; but so much less important
and uncertain in effect is It than other changes in progress, that business
men almost forget the tariff in trying to forecast and prepare for the future.
The next new element is the Federal banking and currency system. The
effect must be profound. The public as a whole, though not overlooking
some faults of the new system, believe that it will work out well as a preventive of panics and a national clearing-house of credits. Yet, without
precedent as many of its features are, only experience can bring out in practice its merits and faults. Some uncertainty remains; and uncertainty,
almost as much as actual disaster, slows down business operations everywhere.
If these two measures stood alone as Innovations,they would compel business to proceed for some time cautiously and experimentally. But they
are far from covering the situation. There are two others of more doubtful propriety and more questionable results.
A commission of five members has been created, having Jurisdiction over
corporations and associations organized to carry on business at a profit
and not now under Federal control. Its office,In thefirst instance,is supervisory, and this does not seem radical at first dance. But it embodies
a fundamental principle that carries everything else along with it. It
asserts the right of the Federal Government to control and regulate business
as a whole; not merely that affected with some public use, not that which
offends in some way against the law, but the peaceful and legitimate conduct of ordinary affairs. No session of Congress will pass without actual
or attempted legislation to extend its powers and make its control more
absolute and more arbitrary. Before the possibility of a future where it
may ultimately be necessary for them to fight for their very lives. the business interests of the country naturally hesitate and are little inclined to
extend their operations.
Finally, to enumerate only measures of first importance, there is the weaned Clayton bill, recently enacted. It is impossible to speak of this with
authority, for it will probably be a generation before all of its provisions
have been finally passed upon by the courts. But it is a sweeping affair.
Some of its provisions are crude and almost ridiculous, like the limitation
on interlocking directorates. That can produce nothing but a crop of
dummy directors.
What productive activity needs most is simply a period of freedom
from uncertainty resulting from constant political attPetks. Business needs
a rest cure.
Not more money, or more credit, or foreign markets, or a merchant marine, or any other accessory advocated is so necessary to the country at this
time as a period of rest from legislative interference with and arbitrary
control of the country's business. Even if this be granted, revival must
be slow:and halting. But if not granted the country must expect long-continued commercial embarrassment, dragging business, general depression,

JAMES J. HILL AND WILLIAM SPROULE ON
BUSINESS NEEDS.
That business needs a "rest cure," and that if not granted
"the country must expect long-continued commercial embarrassment, dragging business, general depression, unemployed labor and loss of the opportunities which were never
more numerous or promising than to-day," was the opinion voiced in an address prepared by James J. Hill, Chairman
of the Great Northern RR., for the annual banquet of the
Traffic Club held at the Hotel La Salle, Chicago, on Jan. 26.
FOREIGN MORATORIA—SUMMARY OF PRESENT
In Mr. Hill's absence, the address was read by the President
POSITION.
of the club, J. Charles Maddison. Under the head of "How
A summary of the chief points contained in the various
to Help Business," some of Mr. Hill's remarks were as folmoratorium laws now current in the important countries
abroad has been prepared for us in London by the Chief of lows: legislation of these last two years alone is almost equivalent
The
to rethe intelligence department of one of the leading London quiring business to fit itself to the conditions of a new era. If it were true
that all of the legislation will eventually prove helpful, it would still remain
clearing banks. The summary, which it is proper to state,
true that the adaptation of the country's business to entirely new condibears date February 1915, is as follows:
tions, the application of rules rigorous and unprecedented, will produce a




THE CHRONICLE

776

[VOL. loo.

unemployed labor and loss of the opportunities which were never more
numerous or promising than to-day.

PAYMENT OF INTEREST FUNDS IN DANBURY
HATTERS' CASE RESISTED BY UNION.
William Sproule, President of the Pacific system of the
Another stage in the proceedings in the so-called DanSouthern Pacific Company, also declared at the banquet
that the release of business from the atmosphere of attack bury Hatters' litigation was witnessed on Feb. 26 with the
is necessary before material improvement can be hoped for. institution by counsel for the United Hatters of North
America of sequestration proceedings against two savings
The following is from his address:
American transportation has lost its momentum. The go-ahead spirit banks in Danbury and one in South Norwalk, to prevent
which animated it has been crushed. To-day railroad construction in
their paying to the plaintiffs, D. E. Loewe & Co., accrued
the United States has ceased, except to finish a few odds and ends. The
interest amounting to $30,000, as part of the judgment of
railroads are under the heavy hand of repression.
The booster lifts nothing higher than the level of his own teeth. The $252,000 for which the union was held liable by the United
trumpeter of prosperity beguiles only his own ears. Prosperity is real, or
January.
does not exist. We do not have to look for it; it comes to us. It grows States Supreme Court in
it
within our sight like a plant coming in flower. It comes to us when the
When the original action was brought, a dozen years
employer resumes employment, and it will not come to us until the people ago, $60,000 in the three savings banks, belonging to memgenerally, whether their capacity be large or small, whether they work with
their muscles or with their minds, discover that their condition improves bers of the Hatters' Union, was attached. Counsel for the
only as their employer is prosperous.
hatters contend that the accrued interest on this sum—
It is the habit of the time to speak of unemployment as if it related only to $30,000—should not be used to help pay the judgment
those who work for a specific hourly or daily, weekly or monthly, wage. It
Is thought of chiefly as relating to those engaged in minor places or in the ordered by the Supreme Court.
humbler duties of life. The facts run quite to the contrary. It is the employer who is first out of employment. As a natural sequence he is followed by the employe, who next finds himself out of work.
But why this period of unemployment? Itis because:all business is bewildered and uncertain. It doesn't know whether it may proceed in safety.
A long period of misrepresentation, misunderstandings and pettifogging
has so misled the public mind that throughout this country every prosperous
business, in fact, every organization, prosperous or not, which is big enough
to attract the public platform performer, finds that it exists in an atmosphere of attack. Our laws, formerly precise and definite, have blanketed
business with loose generalities called crimes, which the men who drew the
laws cannot themselves define with any precision.
Until business is released from the atmosphere of attack and the reprosion of business is cast aside to make way for the restoration of American
Initiative, we need not hope for material improvement.

SECRETARY REDFIELD'S REPORT ON POTTERIES.
That the potters of the United States are without adequate
knowledge of the cost of production in their own industry,
and that there is a distinct need for more scientific methods
of production, are some of the assertions contained in the
report of the Department of Commerce on the investigation
into the pottery industry made public by Secretary Redfield
on Feb. 23. The investigation was undertaken simultaneously with the enactment of the present tariff law, and an
announcement by the United States Potters' Association
that any reductions in selling prices resulting from lower
COMPARATIVE FIGURES OF CONDITION OF CANA- duties "must be followed by a corresponding reduction in
wages." The tariff law reduced the duty on undecorated
DIAN BANKS.
earthenware from 55 to 35% and on decorated earthenware
As much interest attaches to the condition of the Canadian
from 60 to 40%, respectively. The investigation of Secrebanks, we have prepared the following, which compares the
tary Redfield's department was made in the potteries of
leading items under the last three monthly statements:
England, Germany and Austria, and, in the United States,
ASSETS.
Jan. 30 1915. Dec. 31 1914. Nov. 30 1914. in forty-eight establishments in New Jersey, Ohio, West
Gold and subsidiary coin—
Virginia, New York, Pennsylvania, Indiana and Maryland.
In Canada
40,136,255
38,745,583
38,698,660 The report deals exhaustively with the mechanical,
scientific,
23,824,101
27,980.833
25,931,116
Elsewhere
labor and marketing processes connected with the industry.
62.569,684
66,679.493
66,067,371
Total
138,285,051
138,056,339
135,510.849 It was found that the total cost of manufacture was 38.43%
Dominion notes
higher in the American potteries than in the English earthenDeposit with Minister of Finance for security of note
ware potteries, 53.65% higher than in the German earthen6,732,562
6,727,699
6,734.982
circulation
6,950,000
9,700,000
10,800.000 ware potteries, 30.25% higher than in the Austrian china
Deposit in central gold reserves
101,992,486 115,381,359 120,583.074 potteries and 69.15% higher than in the German china
Due from banks
Loans and discounts
868,147.405 886,936.883 898.460,226 potteries.
107,535,745 105,660,507 103.387.928
Bonds, securities, !ire
According to the report, imports of pottery for the first
Call and short loans in Canada
66,154,891
68,511,653
69,394,407
Call and short loans elsewhere
twelve months under the new tariff law increased less than
85,796,641
85,012,964
74.459.643
than in Canada
half a million dollars over the last twelve months under the
73,654,435
76,994.694
Other assets
75.454,625
old law.
Total
1,521,319,012 1,555,556,645 1,561,457,944
In submitting the conclusions reached by the Department
LIABILITIES.
in the investigation, the report says:

Capital authorized
Capital subscribed
Capital paid up
Reserve fund

188,866,666
114,422,066
113,975,538
113,227,654

188.866.666
114.369.216
113.916,913
113.070,859

188,866,666
114.364.116
113,909.750
113,165,507

Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities

97.192.699
39.078,774
421.723.737
666,960,482
31,587,864
10,534.741
11,414,144

105.969,755
41.554.261
448,811.366
662,830.037
32,544,174
7,960,509
14.976,074

114,767.226
38,254,182
442,162,648
665,994.852
34,132,508
8,147,657
16,848,317

Total,not including capital or
1,278,492.541 1,314,646,176 1,320,307.390
reserve fund
Note.—Owing to typographical inaccuracies in the official reports, the
footings in the above do not exactly agree with the totals given.

PLUMBERS CONVICTED UNDER SHERMAN LAW.
Thirty-six master plumbers, who had been on trial in
Des Moines, Iowa, on charges of violating the Sherman AntiTrust Law, were convicted in the Federal District Court on
the 24th ult. The indictments, which were returned on
June 4 last, charged the National Association of Master
Plumbers with operating in violation of the Sherman Law
and conspiring to interfere with the business of plumbers and
plumbing supply houses not members of the association.
The Government is said to have spent two years and thousands of dollars in procuring evidence in the case. Judge
Pollock set March 30 as the date for passing upon a motion of
the defence asking for a re-hearing. If the motion is overruled, the defendants will receive sentence on that date.
The convicted plumbers are residents of Iowa,Nebraska,
Missouri, Illinois, Michigan, Indiana, Wisconsin and Minnesota, and all are members or officials of the National Association of Master Plumbers.



1. The potters of the United States are without adequate knowledge of
the costs of production in their own industry.
2. Extreme costs of production were found in the different potteries of the
United States. There were also large variations in earnings and profits.
3. Large differences in the cost of production between the potteries of the
United States and those of Europe were found to exist. The general level of
costs was considerably higher in the United States. In fact, the lowest cost
of production in any American pottery,exceeded that of the highest cost of
production in any European pottery except one establishment in Austria.
4. Competitive prices of American and foreign ware in the United States
are not determined solely by the difference in cost of production at home and
abroad. Other factors, including customs duties, transportation charges
and incidental expenses, are sufficient, as shown in the report, to offset the
difference in cost of production.
5. Many of the American potteries are poorly situated, and the plants
are badly arranged, owing to the haphazard character of their development.
There are few American potteries that have thoroughly modern plants
equipped throughout with up-to-date machinery.
6. In spite of the fact that the average wages paid in American potteries
In the different occupations are higher than those paid in European potteries by from 90 to over 600%, the labor cost per unit of product never
shows so great a difference as 82% (except in German china plants).
This indicates the greater efficiency of American workmen.
7. The standard list upon which American potters base their selling price
is obsolete. It establishes for different articles selling prices that vary
widely from the relative costs of production. Complete revision is necessary before American potters can intelligently sell their ware.
8. There is a distinct need for more scientific methods of production
which can be brought about only by highly skilled instruction and more
scientific research work.
9. Finally, this report has aimed to be constructive in its analysis of the
pottery Industry. There are means, and these have been pointed out,by
which the cost of production may be materially reduced. And these costs
must be reduced, not only that the American industry may compete with
foreign products brought into this market, but in order that American
products may compete in foreign markets.

Secretary Redfield's report has been vehemently'denounced
by manufacturers of pottery. William Burgess, Vice-President of the United States Pottery Association, characterized
the treatment of the industry at the hands of Mr. Redfield's
department as "contemptible," and stated that the facts in
the report are"distorted." Trenton manufacturers have,been

MAR.61915.]

THE CHRONICLE

equally strong in their denunciation of the report, and there
Is said to be a probability that the Trenton Potters' Association will take some official action with regard to the report.
INDIANA BILL AFFECTING NEWS SERVICE.
A bill in the Indiana Legislature said to be aimed at the
Associated Press and intended to force press associations to
sell their news service to any one applying for it, was practically killed in the House on the 1st inst., when the Committee
on Printing, to which it had been referred, reported the
measure for indefinite postponement. On the following day,
however, the bill was resuscitated through Representative
Sare, who, pursuant to action taken at a joint caucus of the
House and Senate Democrats, moved to recommit the bill;
his motion was carried almost unanimously. The bill, introduced by Senator Clarke, passed the Senate on Feb. 23
by a vote of 33 to 10. It would place all press associations
under the Public Service Commission; according to its author, it seeks to make it unlawful for any news service company to withhold any of its information from any one concern, and stipulates that a schedule of all its rates should be
filed by each company with the Public Service Commission.
The bill contains a proviso to the effect that if any part
thereof shall be held unconstitutional, its other provisions
are to continue in full force and effect. A fine of $1,000 a
day for refusal to sell news service is imposed under the bill.
According to Senator Clarke, the proposed legislation is
intended to prevent a monopoly. Gov. Ralston is said to
be interested in the bill and anxious for its passage. At
Tuesday's caucus Lieut.-Gov. O'Neal was present and detailed plans for starting a Democratic paper at Indianapolis
as the party organ.
INTER-STATE COMMERCE COMMISSION ASSERTS
POWER TO COMPEL CARRIERS TO PROVIDE
FACILITIES FOR SHIPPERS.
Under a decision of the Inter-State Commerce Commission
on Feb. 20, it is held that the Commission and not the courts
has original jurisdiction in proceedings involving an alleged
failure on the part of a railroad to furnish sufficient cars for
the used of shippers. The opinion of the Commission was
given in answer to the complaint of the Vulcan Coal & Mining Co. and others against the Illinois Central RR. In
maintaining that the carriers must supply an adequate
number of cars. Commissioner Meyer said:
Although a full car supply cannot be expected all the time, carriers must
do more than to provide themselves with sufficient equipment for the slack
period of coal production.
Another rule which has been recognized in the courts is that a carrier must
assume the burden of explaining or excusing its failure to furnish cars.
While the testimony offered by defendant explains to some extent its failure to furnish cars during the periods specified, it does not in our opinion
present a complete excuse.

Commissioner Clark wrote a dissenting opinion which was
concurred in by Chairman Harlan and Commissioner Clements, saying in part:
If the Commission has power to require a carrier to provide itself with
additional cars, or suffer awards of damages for failure so to do. it would
follow that the Commission has the same power to require a carrier to provide itself with an elevator, warehouse, or additional tracks, or to run additional trains, or be subject to awards of damages for failure so to do.

AMENDMENT TO SEVEN SISTERS LAWS.
A bill which would amend one of the "Seven Sisters" laws
enacted in New Jersey in 1913, was passsed by the Senate of
that State on Feb. 15. The bill affects Section 51 of the
Corporation Act which, under the 1913 legislation wasamended so as to prohibit corporations organized under the laws
of the State from holding the stock or the indebtedness of
other corporations. Under the pending bill the law would
carry a provision to the effect that the restrictions contained
therein are not intended to prevent any corporation created
under the laws of the State "from purchasing the stock,
bonds, securities or evidences of indebtedness of any other
corporation or corporations of this or any other State solely
for investment and not using the same by voting or otherwise
to restrain trade or to bring out, or in attempting to bring
about, the substantial lessening of competition." We print
below the text of the law as enacted in 1913, showing in
italics the new portion embodied in the bill which passed the
Senate last month.
51. No corporation heretofore organized or hereafter to be organized
under the provisions of the Act to which this is an amendment, or the
amendments thereof or supplements thereto, except as otherwise provided
therein or thereby, shall hereafter purchase, hold, sell, assign, transfer.
mortgage, pledge or otherwise dispose of the shares of the corporate stock
of any other corporation or corporations of this or any other State, or of
any bonds, securities or other evidences of indebtedness created by any
other corporation or corporations of this or any other State, nor as owner




777

of such stock exercise any of the rights, powers and privileges of ownership,
Including the right to vote thereon. Provided, that nothing herein contained shall operate to prevent any corporation or corporations from acquiring the bonds, securities or other evidences of indebtedness created by
any non-competing corporation in payment of any debt or debts due from
any such non-competing corporation; nor to prevent any corporation or
corporations created under the laws of thLs State from purchasing as a temporary investment out of its surplus earnings, reserved under the provisions
of this Act, as a working capital, bonds, securities or evidences of indebtedness created by any non-competing corporation or corporations of this or
any other State, or from investing in like securities any funds held by it
for the benefit of its employees or any funds held for insurance, rebuilding
or depreciating purposes; nor to prevent any corporation or corporations
created under the laws of this State from purchasing the bonds, securities
or other evidences of indebtedness created by any corporation the stock
of which may lawfully be purchased under the authority given by Section 49
of the Act entitled "An Act concerning corporations (Revision of 1898)":
nor to prevent any corporation created under the laws of this State from purchasing the stock, bonds, securities or evidences of indebtedness of any other
corporation or corporations of this or any other State solely for investment, and
not using the same by voting or otherwise to restrain trade or to bring about,or in
attempting to bring about, the substantial lessening of competition: provided I
also, that nothing herein contained shall be held to affect or impair any
right heretofore acquired in pursuance of the section hereby amended, by
any corporation created under the laws of this State.
2. All Acts and parts of Acts inconsistent herewith are hereby repealed,
and this Act shall take effect immediately.

ADJOURNMENT OF CONGRESS.
The labors of the Sixty-third Congress were brought to a
close on March 4; one of the particulars wherein it is distinguished from its predecessors consists in the fact that it has
sat for a longer number of days than any other Congress.
It was in almost continuous session for two years; it was
called into special session on April 7 1913, with President
Wilson's induction into office; the special session merged
with the regular session which opened on Dec. 1 1913, and
but for a brief respite from Oct. 24 1914 to Dec. 7, there was
no interruption in its labors from the beginning of the special
session two years ago.
Much important legislation was enacted during this period;
some of the principal measures which became laws in the two
sessions to Oct. 24 1914 were the new tariff schedules, with
which was embodied the income tax law; the Federal Reserve
Act, the Clayton Anti-Trust Law, the Federal Trade Commission Act, the Act providing for the construction of a
railroad in Alaska; repeal of free tolls provision of the Panama
Canal Act; the Act regulating cotton exchanges; the law admitting foreign-built ships to American registry; the War
Revenue Act; the Act providing for the establishment of the
War Risk Insurance Bureau, and several other acts incidental to the war; at the session just concluded the bills passed
included the seamen's bill, a bill consolidating the life saving
and the revenue cutter service, a neutrality bill empowering
the President to prevent ships leaving American ports with
supplies for belligerents; a bill promoting Col. Goethals to
the rank of Major-General, and also promoting others associated with him in the building of the Panama Canal,
and the immigration bill; the last named was, however,
vetoed by the President. Some of the bills which failed of
enactment were the bill providing for the regulation of railroad securities, the ship-purchase bill, rural credits and conservation legislation, the Philippine bill, child labor bill,
woman suffrage , prohibition amendments, &c.
Two supply measures failed of passage at the session which
adjourned on Thursday; these were the Post Office appropriation bill and the Indian appropriation bill; in the emergency
occasioned by their failure joint resolutions were passed and
signed by the President continuing in force appropriations
for the present year. The efforts of Postmaster-General
Burleson to cut down the pay accorded railroads for carrying
the mails is said to have been one of the reasons which served
to prevent the passage of the Post Office appropriation bill.
Before adjournment Congress voted for several important
investigations to be carried on during recess. A committee
will continue the inquiry into alleged lobbying in connection
with the Ship Purchase bill; a commission will study rural
credits legislation; the Democrats of the Senate appointed a
special committee to recommend revision of Senate rules, with
a view to establishing cloture of debate to prevent filibusters.
A statement bearing on the deliberations of Congress was
issued with the adjournment of Congress by President
Wilson, as follows:
A great Congress has closed its sessions. Its work will prove the
purpose
and quality of its statesmanship more and more, the longer it lb tested.
Business has now a time of calm and thoughtful adjustment before
it,
disturbed only by the European war. The circumstances created by
the
war put the nation to a special test—a test of its true character and
of its
self-control.
The constant thought of every patriotic man should now be for the
country. Its peace, its order, its just and tempered judgment in the facl
of perplexing difficulties.
Its dignity and its strength alike will appear not only in the
revival of
ts business despite abnormal conditions, but also In its power to
think, to

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8

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purpose and to act with patience, with disinterested fairness and without
excitement, in a spirit of friendliness, and enlightenment, which will firmly
establish its influence throughout the world.

Nine Senators retired from official life with the expiration
of Congress; they are Senators Crawford of South Dakota;
Bristow of Kansas and Thornton of Louisiana, who failed of
renomination, and Senators Root of New York, Burton of
Ohio, Camden of Kentucky, Perkins of California, Stephenson of Wisconsin and White of West Virginia, who were not
candidates for re-election. Representative Underwood, the
majority leader of the House, will return to Congress as a
Senator. Representative Broussard of Louisiana will also
enter the Senate at the next session.
The ship-purchase bill and some of the other.legislation
disposed of by Congress this week are referred to elsewhere
in to-day's issue.
LEGISLATION ENABLING PRESIDENT TO ENFORCE
NEUTRALITY LAWS.
A resolution strengthening the neutraiity laws of the
United States by lodging with the President power to prevent vessels from leaving American ports with coal and
supplies for warships at sea in ',contravention of the neutrality of the Government, was hastily passed by Congress
in the early morning of the 4th inst. In a form somewhat
different from the resolution as enacted, the new legislation made its appearance in the House in the afternoon of
the 3d, having been introduced by Representative Underwood, who acted at the instance of Robert Lansing, Counsellor of the State Department. The resolution as originally
drafted (drawn by the Department of Justice and endorsed
by the Department of State) was rushed through the House,
but when it came before the Senate Committee on Foreign
Relations agitation developed as to the extent to which it
permitted the President to act, the language, it was contended, being so broad as to allow the placing of an embargo
on the shipment of arms and foodstuffs. The President is
said to have had no knowledge of the resolution until the
Senate Committee sought information from him as to its
purport. As a result of their inquiry a conference;was held
at the White House between President Wilson andlSenators
Stone, Saulsbury, Swanson, Root and Lodge. The conference resulted in the drafting of a substitute resolution
eliminating some of the provisions contained in'the House
draft. The House concurred in the Senate resolution at
1 a. m. on the 4th and it was signed by President Wilson
later on that day. The substitute resolution as enacted
into law is as follows:
Resolved, by the Senate and House of Representatives of the United
States of America in Congress assembled, that from and after the passage
of this resolution, and during the existence of a war to which the United
States is not a party and in order to prevent the neutrality of the United
States from being violated by the use of its territory, its ports, or its territorial waters, as the base of operations for the armediforces of a belligerent,
contrary to the obligations imposed by the law of nations, the treaties
to which the United States is a party, or contrary to the statutes of the
United States, the President be, and he is hereby authorized and empowered to direct the collectors of customs under the jurisdiction of the
United States to withhold clearance from any vessel of American or foreign
registry, or license, which he has reasonable cause to believe to be about
to carry fuel, arms, ammunition, men or supplies to any warship, or tender,
or supply ships of a belligerent nation in violation of the obligations of the
United States as a neutral nation.
In case any such vessel of American register or license shall depart or attempt to depart from the jurisdiction of the United States, without clearance, for any of the purposes, the owner or master, or person or persons
having charge or command ofsuch vessel,shall severally be liable to a fine of
not less than $2,000, nor more than $10,000, or to imprisonment not to
exceed two years, or both; and in addition, such vessels shall be forfeited
to the United States.
That the President of the United States be, and he is hereby authorized
and empowered to employ such part of the land or naval forces the United
4of
States as shall be necessary to carry out the purposes of this resolution.
That the provisions of this resolution shall be deemed to extend to all
lands and water, continental or insular, within the jurisdiction of the
United States.

The speed with which the resolution was put through
Congress is said to have been occasioned by the fact that a
Port Collector had sought to stop a vessel loaded with coal
which was suspected of being destined to aid a belligerent
warship. When the owner threatened to bring proceedings
in the matter, the Collector is reported to have realized that
there was question as to his authority under the law.
Two documents of Counsellor Lansing concerning the
legislation were made public on the day of its passage; one
was a statement issued at the conclusion of the White House
conference, and the other was a letter addressed to Representative Underwood urging the enactment of the resolution; in the statement Mr. Lansing said:

Under present conditions, in case the neutrality of the United States is
being or is likely to be violated by the use of any of its ports as a base of
operations through the furnishing of fuel, arms and ammunition to warships
of a belligerent nation, the only remedy which the United States has is the




[VOL. 100.

preventive power of the President under Constitutional authority to enforce
the laws and especially to preserve the neutrality of the United States.
The object of this joint resolution is to make the act which constitutes
violation of the neutral obligations of this country a penal offence and also to
make more definite by legislative enactment the right of the President to
withhold clearance in case it shall appear that such neutral obligation is
about to be violated.
The object of the conference at the White House of the Presient with the
Foreign Relations Committee and Mr. Lansing was to consider this resolution and to make clear its language.

The letter to Representative Underwood was as follows:
State Department, March 3 1915.
My Dear Underwood*
The Secretary has had to leave the Department this afternoon to attend
a meeting of a committee of the Pan-American Union and he has requested
me to address the House on a subject of vital importance to the Government in the present war situation. I refer to the necessity for additional
legislation to enable the Government to enforce its neutral duties during
the present war.
It is known in some quarters that the Government has been hindered by
lack of sufficient legislation to prevent vessels from leaving American ports
with coal and supplies for warships at sea in contravention of the neutrality
of the United States. The United States is bound by treaties in force to
prevent the use of its ports as bases of naval operations, but there is no
legislation by Congress to enable the Government to carry out these
obligations.
The Department of Justice, therefore, has had drafted a proposed resolution which, in its opinion, will give the President such power as will be
necessary to carry out the neutral obligations of the Government in these
respects.
The Department of State heartily supports the proposed resolution, and I
desire to emphasize the great urgency and need of immediate passage of a
resolution in some such form as the one enclosed, in order that, in the
present critical situation brought about by the stupendous conflict in
Europe. the Government may not be bound internationally and yet have
its hands tied so as to be unable to act in the discharge of its international
duties.
Very sincerly yours,
ROBERT LANSING.

SHIP PURCHASE BILL WITHDRAWN IN SENATE.
The Government Ship-Purchase bill was shelved in the
dying hours of Congress this week. Its defeat was forecast
in the blocking of the efforts on Feb. 18 to secure a vote in the
Senate on the compromise Gore-Weeks bill, passed on Feb. 16
by the House, the latter having taken up the bill for deliberation with the staying of action on it in the Senate earlier
in the month by filibuster proceedings. On Feb. 18 the
Republican Senators entered into a "gentlemen's agreement"
with the Democratic leaders to allow the House bill to •
go to conference until Feb. 27 on condition that the appropriation bills be passed in the meantime, to avoid an extra
session.
The report of the conferees was submitted to the House on
Feb. 27. Rumors that it was to be brought up in the House
on the 1st and rushed through brought from Representative
Mann, the Republican leader, notice to the effect that if
any such attempt were made, he would stait a filibuster. On the 2nd inst. it was returned to conference on
a point of order made by Representative Mann, who contended that the conferees had exceeded their authority in
increasing to three years the period to elapse following the
close of the European war before the Weeks naval auxiliary
provisions should become effective. Speaker Clark sustained the point of order, and a further conference with the
Senate was requested. On the 3d inst., in the Senate,
Senator Fletcher moved that that body ask the House for
further conference. Senator Weeks (Republican) recalled
the filibuster that had previously attended the bill, and announced that besides his intention to speak against it for
an hour or two,twenty odd other Republicans Senators were
prepared to lengthen the deliberations on it. Thereupon
Senator Fletcher withdrew his motion, saying:
It is perfectly evident.in view of the announcement by the Senator from
Massachusetts,that it will be impossible to pass this bill at this time. We
have but a few precious hours left in the life of this Congress in which to
complete important work, and in order that we may proceed to other business I wish to end this discussion by withdrawing my motion, which I
shall not again renew.

The proceedings on the bill were thus brought to a close.
RURAL CREDITS LEGISLATION ELIMINATED IN
CONFERENCE.
The rural credits legislation was dropped from the Agricultural Appropriation Bill in conference on the 3rd inst.
As noted in these columns last week, the Senate tacked on
as an amendment to the Agricultural Bill passed by it on
the 25th ult., Senator McCumber's Rural Credit Bill, embodying Government aid features. On the 2nd inst. the
House adopted the Bulkley-Hollis Bill, also providing for
Government aid in the matter; this bill called for the division
of the country into districts similar to the Federal Reserve
System, the member land banks to have a capital of not less
than $10,000 and the Federal land banks of not less than
$500,000. Control over the banks would be exercised by a
Federal farm loan board consisting of five members. The

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779

land banks would be authorized to make farm mortgages
on which bonds could be issued. The Government would
take $50,000,000 of these bonds and the balance would be
offered to the public. On the 3rd inst. the conferees on the
bill agreed to eliminate entirely the rural credits rider, and
to substitute therefore a provision for an investigation of the
question by a joint Congressional Committee, which is to
report at the next session; this action was taken in view of
President Wilson's intention to veto the Appropriation Bill
if legislation for rural credits with Government aid were
carried in the measure.

edition Dr. Pratt has slightly revised some of his earlier
figures. In the introductory remarks to the pamphlet,
John J. Arnold, Chairman of the Foreign Trade Committee of the Illinois Bankers' Association, points out
that that association is the first organization of its kind
to appoint a foreign trade committee for the purpose of
studying the needs of the field for the proper development of international trade from the standpoint of
the bankers, with the end in view that the necessary spirit
and co-operation may be furnished. The remarks of both
Dr. Pratt and Mr. Arnold evidence a substantial agreement
as to the necessity of permitting co-operation instead of competition among banks in matters of foreign trade. On this
THE NAVAL APPROPRIATION BILL.
The Naval Appropriation Bill, carrying an appropriation point the following is taken from Mr.Arnold's introduction:
It is
competition
in the neighborhood of $150,000,000, was signed by President should recognized that the principle of co-operation rather than of
be adhered to. On this account the establishment
branches
Wilson on the 3rd inst. The bill provides for two battle- abroad, not only by individual banks, but by the Federal Reserve Board
or one or more of the regional institutions, would be preferable. The limships, six destroyers, two fleet submarines, sixteen coast
itations which would necessarily have to be
upon such a movement
defence submarines and one fuel oil ship. Provisions were has practically eliminated this suggestion. Aplacedproposition is that of the
third
made in the bill for $1,000,000 for the aviation corps of the organization of a separate institution, but under our present laws it is necesnavy, the creation of a Chief of Operations to handle all sary that the capital for such an undertaking be subscribed by individuals.
In the judgment of your committee,the banks of the United States should
naval strategy matters, and the creation of a naval reserve. take the initiative in a movement of this character, and on this account we

TRADE COMMISSION APPOINTEES, EXCEPTING
GEORGE RUBLEE, CONFIRMED.
On the 3d inst. the Senate confirmed the nominations of
four of the five members named by President Wilson to
constitute the Federal Trade Commission. Confirmation
was withheld on the nomination of George Rublee of Cornish,
N. H., the fifth member of the :Commission named (to
serve three years. The four members of the Commission
whose nominations were confirmed are Joseph E. Davies
of Madison, Wis., Edward N. Hurley of Illinois, William
J. Harris of Georgia and Will H. Parry of Seattle, Wash.
The Republicans in the Senate began their fight by insisting
that only the three Democratic nominations(Messrs. Davies,
Hurley and Harris) should be confirmed. They claimed
that in not naming regular Republicans (Mr. Rublee being
regarded as a Progressive, while Mr. Parry is termed a
Progressive Republican) the President had failed to conform
to the law requiring minority representation on the Commission. The opposition to Mr. Parry was later withdrawn
but, after a prolonged debate on Mr. Rublee, the Senate laid
aside his nomination. The Senate Inter-State Commerce
Committee in the first instance (Feb. 27) reported favorably
on only four of the nominations, having held Mr. Rublee's
name over pending a further hearing. Favorable action
was taken on his nomination by the Committee on the 1st
inst. Senator Gallinger of New Hampshire (Republican)
was one of those opposing Mr. Rublee's confirmation.
The latter was campaign manager for a New Hampshire
Democrat against Senator Gallinger. Mr. Rublee will be
given a recess appointment.

recommend an amendment of our banking laws which would permit such
institutions to subscribe a limited amount, possible not more than 5% of
their capital, toward the organization of foreign banking institutions.
Stock subscriptions, however,should not be limited to the banks, but should
be open to American exporters and importers as well as to the capital of
the countries in which such banks are to be located.

Dr. Pratt in submitting his conclusions says:
1. The United States is entering on a period of export capitalism and
Is now prepared to send her merchandise and her capital into the world's
markets.
2. The effect of the European war will be to place the United States
more nearly on a parity with European nations than ever before, thus permitting us to compete more freely in foreign fields.
3. There is a crying needs for American branch banks in foreign countries.
and the time is now opportune for their establishment.
4. American banks in foreign countries, particularly in South America,
will have as good a chance of success as the English or German banks.
5. The establishment of extensive "over-sea" banks in which national
banks might hold stock and the establishment of joint branch banks would
considerably assLst in developing not only our foreign banking but also
our foreign trade in general.

AMENDING THE FEDERAL RESERVE LAW.
The bill previously passed by the Senate, amending the
Federal Reserve Act by increasing the amount of acceptances based on the importation of goods which Federal Reserve banks may discount, was passed by the House on the
2d inst. The law as originally passed stipulated that the
amount of acceptances so discounted should at no time exceed
one-half the paid-up capital and surplus of the bank for which
the re-discounts are made. Under the new legislation the
Federal Reserve Board may authorize the discount of acceptanoes up to the full amount of the capital stock and surplus
of the bank. The bill amends and re-enacts paragraphs 3,4
and 5 of Section 13 of the Act; we print below the bill as enacted this week, indicating in brackets matter which had
COLUMBIAN AND NICARAGUAN TREATIES FAIL heretofore been carried in the law, but is now omitted, and
in italics the new portions:
OF ACTION.
Any Federal Reserve Bank may discount acceptances which
On February 24 the Senate Committee on Foreign Rela- on the importation or exportation of goods and which have a are based
maturity at
tions declined to report the proposed treaties with Colombia the time of discount of not more than three months, and indorsed by
Senate for ratification. The Nica- at least one member bank. The amount of acceptances so discounted
and Nicaragua to the
shall at no time exceed one-half the paid up and unimpaired
stock
raguan treaty, while on the Senate's executive calendar, was and surplus of the bank for which the rediscounts are made,capitalby auexcept
not pressed for ratification during the present session, owing thority of the Federal Reserve Board, under such general regulations as said
but not to exceed
to vigorous opposition against it. The Colombian treaty Board may prescribe,such notes andthe capital stock and surplus ofsuch bank.
The aggregate of
bills bearing the signature or indorsehad not passed the committee stage. At the request of ment of any one person, company, firm, or corporation rediscounted for
Secretary Bryan, who was anxious to procure the ratifica- any one bank shall at no time exceed 10% of the unimpaired capital and
of
tion of these two treaties, Chairman Stone endeavored to surplus of said bank, but this restriction shall not apply to the discount
of bills
exchange drawn in good faith against actually existing values.
secure from the committee a favorable report on the 24th
Any member bank may accept drafts or bills of exchange drawn upon It
without avail. The Chairman is said to have been and growing out of transactions involving the importation or exportation
ult.
of goods having
willing to modify the terms of the Columbian treaty, but accept such bills not more than six months sight to run, but no bank shall
to an amount equal at any time in the aggregate to more
was unable to gain additional support for the measure. than one-half of its paid-up and unimpaired capital stock and surplus.
except by authority of the Federal Reserve Board, under such general regulations
Under this treaty the United States would express its regrets
as said Board may prescribe, but
for the incidents leading up to the American acquisition such bank, and such regulations not to exceed the capital stock and surplus of
shall apply to all banks alike, regardless of
the Panama Canal Zone and pay Colombia $25,000,000. the amount of capital stock and surplus.
of
On June 27 1914 we published the text of the proposed
A bill introduced in the House by Representative Britten
treaty, together with a criticism by ex-President Roosevelt
of the proceedings, and, in the issue of July 18th printed a of Chicago on the 2d inst., amending the Federal Reserve
Act so as to permit American banks to subscribe not more
statement by Secretary Bryan, defending the treaty.
than 5% of their capital towards the formation of a foreign
DEVELOPMENT OF BANKING FACILITIES FOR SOUTH banking institution, was referred to the Committee on
Banking and Currency.
AMERICAN TRADE.
The address on "Financing Foreign Trade," delivered by
FEDERAL RESERVE REGULATIONS REGARDING
Dr. E. E. Pratt, Chief of the Bureau of Foreign and DoFARM LOANS.
mestic Commerce, Department of Commerce, at WashingIn accordance with its policy, announced on Jan 2, to
ton, at the Pan-American Good-Fellowship Meeting of the revise certain of its circulars and regulations and to re
Illinois Bankers' Association in Chicago on Jan. 20 has been such of those it desired to retain in force, the Federal -issue
reprinted in pamphlet form by request. In the reprint Board has re-issued its regulations governing loans of Reserve
national




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THE CHRONICLE

banks on farm lands. These regulations, promulgated under
date of Feb. 10, are identical with those issued on Dec. 31.
As they have not heretofore been printed in these columns,
we give them below:
Washington, Feb. 10 1015.
LOANS ON FARM LANDS.
Section 24 of the Federal Reserve Act provides that—
"Any national banking association not situated in a central reserve city
may make loans secured by improved and unencumbered farm land
situated within its Federal Reserve District, but no such loan shall be
made for a longer time than five years, nor for an amount exceeding 50%
of the actual value of the property offered as security. Any such bank may
make such loans in an aggregate sum equal to 25% of its capital and surplus,
or to one-third of its time deposits, and such banks may continue hereafter
as heretofore to receive time deposits and to pay interest on the same."
National banks not located in central reserve cities may, therefore, now
legally make loans secured by mortgages on real estate within the following
limitations:
1. The real estate security must be farm land.
2. It must be improved.
3. There must be no prior lien; in other words,the lending bank must hold
an absolute first mortgage or deed of trust.
4. The property must be located in the same Federal Reserve District
as the bank making the loan.
5. The amount of the loan must not exceed 50% of the actual value of
the property upon which it is secured.
6. The loan must be for a period not longer than five years.
7. The maximum amount of loans which a national bank may make on
real estate under the terms of the Act shall be limited to an amount not in
excess of one-third of its time deposits at the time of making the loan, and
not in excess of one-third of its average time deposits during the preceding
calendar year; provided, however, that if one-third of such time deposits
as of the date of making the loan, or one-third of the average time deposits
for the preceding calendar year, shall have amounted to less than one
fourth of the capital and surplus of the bank as of the date indicated, in
such event the bank shall have authority to make loans upon real estate
under the terms of the Act to the extent of one-fourth of the bank's capital
and surplus as of the date of making the loan.
In order that real estate loans held by a bank may be readily classified,
a statement signed by the officers making a loan and having knowledge of
the facts upon which it is based must be attached to each note secured by a
first mortgage on improved farm land, certifying in detail as of the date of
the loan that all the requirements of law have been duly observed.
The Board calls attention to the closing paragraph of Section 24 of the
Act which provides that—
"The Federal Reserve Board shall have power from time to time to add
to the list of cities in which national banks shall not be permitted to make
loans secured upon real estate in the manner described in this section"
and gives notice that the foregoing regulations are subject to the authority
of the Board to revise the list of cities in which national banks shall not be
permitted to make real estate loans in the manner above provided.
CHARLES S. HAMLIN, Governor.
H. PARKER WILLIS, Secretary.

FEDERAL RESERVE AFFAIRS.
Chattanooga, Tenn., was designated as a reserve city by
the Federal Reserve Board on Feb. 27.
The discount rates of the Minneapolis Federal Reserve
Bank on agricultural and live stock paper of over ninety
days was reduced on the 3d inst. from 53/i to 5%.
A bill was introduced in the New Jersey Legislature by
Senator Smalley on the 2d inst. conferring authority on the
national banks of the State to exercise trust functions, and
placing them under the same restrictions as the State institutions. The bill is expected to be opposed by some of the
trust companies individually. At a meeting of the executive
committee of the New Jersey State Bankers'Association at the
offices of the Commercial Trust Co., Jersey City, on the 1st
Inst., the bill formed the subject of discussion, but it was finally decided not to take any action on the question because
both national bank and trust companies are embraced in the
Association. According to the Newark "News," there was an
Informal conference after the executive committee meeting by
trust company representatives, at which unanimous opinion
was expressed favoring the calling of a hearing on any bill allowing New Jersey National banks to assume trust company
functions under the provisions of the Reserve Act.
The bill amending the Michigan banking laws so as to
permit State banks to join the Federal Reserve system has
passed both branches of the Legislature.

[Vat. 100.

twelve districts will be the same in general scope, the details are expected to vary according to the peculiar needs of
each district. In the first place, the clearance plan will have
nothing to do with what charge a member bank may exact
of a customer for cashing an out-of-town check. In the second place the clearance plan will be voluntary and only
those banks which choose to will have to join. Those banks
which voluntarily join will be given immediate credit and
immediate charge for all check items received by the Reserve
bank. The bank will in turn consent to keep a sufficient
deposit with the reserve bank to take care of the 'float.' It
is expected to permit the intra-district clearance plan to operate for about sixty or ninety days before any step is taken
toward establishing an inter-district plan of clearances."
A petition from the bankers of New Orleans for the establishment of a branch Reserve bank in their city has been
referred to the Directors of the Atlanta Federal Reserve
Bank; New Orleans is embraced in the Atlanta district.
COLLECTORS OF INTERNAL REVENUE PERSONALLY
RESPONSIBLE IN ACCEPTING
UNCERTIFIED CHECKS.
The acceptance of personal and uncertified checks, drafts,
&c., by Collectors of Internal Revenue in payment of internal
revenue is done at their own risk, and they will be obliged
to personally bear any loss which may thereby occur. Advices to this effect were made public by the Treasury Department under date of Feb. 19 as follows:
(T. D. 2158.)
Personal and Uncertified Checks. Drafts. &c.
Collectors of internal revenue may accept personal and uncertified
checks. drafts, &c.,for collection only. If they elect, however, to accept such
forms of exchange in payment of internal revenue taxes, they do so at their
own risk and are responsible under their bonds for any loss that may occur
by reason of such acceptance. In no case can any expense incident to
cashing checks or any other form of exchange be paid by the Government.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington. D. C., February 10 1915.
Sir—Your letter of the 17th inst. has been received, stating that your
office is in daily receipt of uncertified checks tendered in payment of special
and other taxes, and asking whether the acceptance of such checks would
subject you to unfavorable criticism by examining revenue agents. You
state that you understand your responsibility for uncertified checks accepted by you, but if criticism would be made on that account, it is your
purpose to return all such to senders.
In reply, you are advised that this office can not authorize any departure
from the requirements of the law, which are that internal revenue taxes
are payable in cash, certified checks drawn in favor of collectors on national
or State banks or trust companies located in cities where the respective
collectors deposit their collections, or such "out-of-town" certified checks
as can be cashed without expense to the Government.
There would certainly be no objection to your accepting uncertified
checks or any other forms of exchange for collection only—that is, such
checks. &c., would not enter into your accounts and no stamps would be
issued or receipts on Form 1 given until such checks, &c., had been paid
and you notified thereof. Such procedure might make it necessary to keep
a supplemental record of the checks until the money represented thereby
is taken up in your accounts, after which there would appear to be no further
use for such supplemental record and it could be destroyed.
This office is alive to the conditions that confront collectors, especially
on account of the new classes of taxpayers under the emergency revenue
Act and the opium Act, who remit in cash, by check, money order or draft.
It has always been the attitude of this office that if collectors elect to accept
personal checks or any other form of exchange not specifically authorized by
law, they do so at ,their own risk, and are responsible under their bonds
for any loss that may occur thereby. If such personal checks or other forms
of exchange are immediately cashed or deposited, no criticism is due unless
and until a check reported "not good" is returned and the collector refuses
to make good the amount from his personal funds.
This office has heretofore called attention to the provisions of Section 3211.
Revised Statutes, that the receipt (certificate of deposit) of the proper
office of a depositary shall be a sufficient voucher for a collector in the settlement of his accounts in this department. If a depositary will accept
uncertified checks "without recourse," issuing therefor regular certificates
of deposit on Form 15, the responsibility would appear to be shifted from
the collector to the depositary. On the other hand, If the collector endorses such checks without restriction and they should be returned "not
good." he would be required to make good the loss to the depositary, and
the Government would in no wise be responsible to the collector, as he was
not authorized by law in the first instance to accept such checks.
Respectfully,
W. H. OSBORN.
Commissioner of Internal Revenue.
Mr.

It was announced on the 3d inst. that the Federal Reserve
Board, instead of dictating the details of the intra-district
clearance plan which the twelve Federal Reserve banks are
expected to establish in the near future, has decided to address the reserve banks and inform them that they may each
devise their own plan and submit it to the Board for approval.
The "Journal of Commerce" in reporting this says: "It is
hoped to have intra-district clearances established in all
twelve Reserve districts by the middle of the present month,
members of the Board have conat which time some of the
trips to the California exposition. The
templated taking
tentative intra-district clearance plan decided upon by the
Board was abandoned. While the plan for each of the



THE INCOME TAX—NEW RULINGS AND DECISIONS.
Contrary to expectations, the number of income tax returns filed at the office of the Internal Revenue Collector
in the Custom House on Monday, the final day for filing
the returns, was comparatively few, while last Saturday witnessed an unusually heavy day at the Collector's office.
John Z. Lowe Jr. of New York was nominated by President Wilson on the 2d inst. as Collector of Internal Revenue
for the Second District of New York City to succeed Charles
W. Anderson, who has held the position since his appointment by President McKinley. Mark Eisner of New York

MAR.6 1915.1

THE CHRONICLE

was nominated as Collector of Internal Revneue for the
Third Distriot of New York City, to succeed Frederick L.
TIME WITHIN WHICH AMERICANS ABROAD MAY FILE RETURNS
EXTENDED TO MARCH SI.

Internal Revenue Collector Anderson of New York has
received adviees from the Treasury Department to the effect
that the time within which Americans abroad may be extended thirty days, or to March 31. The notice received
by him says:
Owing to the disturbed conditions abroad, the extension of 30 days in
which to file returns in cases of absence should be granted to all American
citizens residing abroad at the present time, and the time for filing returns
by said persons may be extended by you, without application, to include
March 31 1915.

A joint resolution intended to afford relief to delinquents
who failed to file their income tax within the time required
In 1913 and 1914 was adopted by the House of Representatives on Feb. 27. The Government offered to compromise
with these delinquents on the payment of a fine of $50 in
the case of corporations and $20 for individuals, and many
accepted this proposition. A refund was then decided upon,
and $40 in the case of corporations and $15 in the case of
Individuals was returned where the money had not been covered into the Treasury. The resolution adopted applies
to cases where the money had been covered into the Treasury and refund was impossible without the authority of
Congress. Under it the Secretary of the Treasury is directed
to pay back all amounts thus paid as fines in excess of $10
In the ease of corporations and of $5 in the case of individuals,
and also all sums paid as fines by corporations that were not
subject to the tax. The following is the resolution:
That the Secretary of the Treasury, on application to the Commissioner
of Internal Revenue, be, and is hereby, authorized to refund, out of any
money in the Treasury not otherwise appropriated, unto corporations all
amounts paid by them into the Treasury of the United States in compromise by such corporations on account of their failure to make report under
the requirements of the income-tax law for income-tax year 1913, so paid
in excess of 610; and the Secretary of the Treasury is further authorized to
likewise refund as to said tax year any and all amounts exacted and paid
into the Treasury of the United States as penalties by corporations required
by the law to make income-tax return, but which in their nature are not
subject to Income tax; and the Secretary is further authorized to likewise
refund as to same tax year any and all amounts paid by individuals as penalties on account of their failure to make income-tax returns for said year
1913, as required by law,so paid in excess of 65.
INVESTMENT BANKERS' ASSOCIATION TO TEST VALIDITY OF
CERTAIN RULINGS.

The Investment Bankers' Association of America has
decided to contest the income tax regulation holding that
income received by a partnership is not to be considered
Income of the members, the effect of which is to deprive members of investment partnerships of the benefits of non-taxable or tax-free income received by the partnerships. It is
also possible, it is stated, that an effort will be made to contest the validity of two other regulations—that holding that
losses, in trade are not deducted unless incurred in a regular
business or occupation carried on by the taxpayer, and that
holding that a limited partnership is taxable as a corporation.
Counsel for the Investment Bankers' Association have
expressed the view that ordinary partnerships may as joint
owners use certificate of ownership 1000, in collecting interest on bonds, instead of form 1,001, but they have not advised partnerships to use this form, as its use is contrary to
the Department's ruling and might subject the person using
It to an action for a penalty. It is desired to test the regulation, not to evade it, and except for the purpose of testing it,
its requirements should be followed under protest.
A further synopsis of rulings on questions relating to the
income tax has been issued by the Treasury Department,
and we print the same below as given in Treasury Decisions
of Feb. 25. Numerous rulings on other questions have
previously been given. These can be found by reference to
the issues of the "Chronicle" for Feb. 6, Feb. 20 and Feb. 27.
(T. D. 2161.)
Income tax.
Synopsis of rulings on questions relating to the income tax imposed by
Section 2 of the Act of October 3 1913.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., February 19 1915.
The following synopsis of rulings on questions relating to the income
tax imposed by Section 2 of the Act of October 3 1913, on individuals,
corporations, joint-stock companies, associations, and insurance companies
Is published for the information of internal revenue officers and others
concerned. All rulings or parts of rulings heretofore made which are in
conflict herewith are hereby revoked.
PART IL—Rulings in relation to corporation income tax.
Amortization of bonds—Amending Article 135, Regulations No. 33.—
That pearb or Article 135 of Regulations No.33, relative to the amortization




781

of bonds, which ends with the words "become due and payable," has been
entirely rescinded and superseded by T. D. 2005 and T. D. 2130. The
remaining portion of Article 135, beginning with the words "with respect
to bond issues," remains in full force and effect and refers entirely to the
treatment of bonds discounted in cases wherein corporations sell their
bonds at a discount. The intention of this part of the article is to allow
corporations selling their own bonds at a discount to prorate the discount
over the life of the bonds and to deduct from gross income each year an
aliquot part of the discount determined in accordance with the number
of years which the bonds have to run from the date of issue.
This clause is not to be considered, however, as permitting corporations
which had sold bonds issued prior to 1909 at a discount, and had at that
time charged the entire amount of the discount into profit and loss, to take
up such discount and prorate it over the life of the bonds for the purpose
of deducting an aliquot part of such discount from the income of current
years and thus reduce the taxable income.
Banks deducting capital stock tax to make amended returns.—The capital
stock outstanding of a banking corporation is the personal property of
the individual stockholders. Hence any tax paid on the value of this
property is a liability of the owner;and the requirement of a State law that
a bank shall pay the tax for the stockholder can not be considered as
authority under which the bank may deduct from its gross income the
taxes so paid.
If banking corporations in their returns of annual net income for the
year 1913 or prior years actually deducted from gross income the amount
of tax paid upon the value of the capital stock outstanding and in the hands
of the stockholders, such corporations are required to file amended returns
in which the amount of such tax so paid shall be eliminated from the
deductions, and additional assessments will be returned accordingly.
Capital assets, value of; when.—In cases wherein property was taken
over in exchange for the capital stock of a corporation at a par value
greatly in excess of the true value of the property, and such property
should be later sold, it will be necessary to ascertain as nearly as possible
the true value of the property at the time it was taken over, and any excess
over this ascertained true value at which the property is sold will be held
to be profit or income to the corporation.
Similar action may be taken in cases wherein corporations acquire property for a mere nominal sum and which had at the time of its acquirement
a value greatly in excess of such sum. A careful estimate of the value of
such property at the time it was acquired may be fixed and set up as the
value representing the cost of the property, and any excess over such fixed
value at which such property may be thereafter disposed of will be treated
as income to be accounted for in accordance with the rules of this department in the case of the sale of capital assets. The value of the property
fixed in the manner and for the purpose hereinbefore indicated will be
subject to the approval of the Internal Revenue Bureau.
Error in T. I). 2130.—In the first two lines of the third paragraph of
T. D. 2130 the words "for the years 1909 to 1913. inclusive." should
read "for the years 1909 to 1912, inclusive::
Foreign corporations subject to income tax.—In the case of foreign corporations, Section 2, Act of October 3 1913, provides that—
The normal tax hereinbefore imposed shall be levied, assessed and
paid annually upon the entire net income accruing from business transacted
and capital invested within the United States.
When a foreign corporation sends a representative to this country to
solicit business, the merchandise thus sold to be shipped direct to the
consignee, it will be held that such corporation is transacting business in
this country. The fact that the solicitor or representative has only a
mailing address in this country is immaterial, he is none the less an agent
of the foreign corporation. To the extent that he sells in this country
goods or merchandise for the foreign corporation, to that extent the foreign
corporation is transacting business in the United States, and the net income
arising and accruing to the corporation by reason of the business so transacted will be subject to the income tax imposed by Section 2. Act of October 3 1913.
Any foreign corporation transacting business in this country in the
manner hereinbefore indicated will make a return of annual net income
to the collector of the district in which its representative has his mailing
address, showing in such return the net income accruing to it from the
business so transacted.
Income from tar-free bonds returnable.—The Federal income tax law
specifically provides that corporations subject to the law must return, for
the purpose of the tax, all income which they receive from every source,
the only exception being income received on account of interest on the
obligations of a State or its political subdivisions or the obligations of the
United States or its possessions.
The Act also specifically enumerates the items which they may allowably
deduct from the gross income so returned. Under the provisions of this
Act corporations must return as income the full amount of the interest
received on bonds, although such bonds may contain a tax-free covenant—
that is, a covenant in which the debtor corporation agrees to pay any tax
assessed upon the bonds or income therefrom—and since there is no specific
provision in the law for excluding or deducting from gross income interest
upon bonds of this character, the receiving corporation can not allowably
omit or deduct such interest from its gross income, and the same will
necessarily be reflected in the net income upon which the tax is computed.
Income of contracting companies.—As this office requires no special system of bookkeeping, neither does it require any specific method by which
the net income to be returned by corporations shall be determined.
In the case of a large contracting company, which has numerous
uncompleted contracts which probably, in some cases, run for periods of several
years, there does not appear to be any objection to such corporation preparing its return in such manner that its gross income will be arrived at on
the basis of completed work—that is to say, on jobs which
have been
finally completed and payments made during the year in which the return
is made. If the gross income is arrived at in this
deductions
method, the
from gross income should be limited to the expenditures made
on account
of such completed contracts.
Mutual insurance companies subject to tax.—The Federal income tax law
provides—
That mutual fire insurance companies requiring their members to make
premium deposits to provide for losses and expenses shall not return as income any portion of the premium deposits returned to their policyholders
but shall return as taxable income all income received by them from all
other sources plus such portion of the premium deposits as are retained by
the company for purposes other than the payment of losses and expenses
and reinsurance reserves.
It would appear from this provision of the law that all assessments
received by a mutual fire insurance company and not returned to the
policyholders, but retained for purposes other than paying losses and
expenses incurred during the year for which the return is made and for such
reinsurance reserves as the laws of the State require, are taxable income.
Therefore, if mutual fire insurance companies retain out of moneys
received on account of assessments an amount in excess of the losses.
expenses, and reinsurance reserves of any particular year, that excess, plus

782

THE CHRONICLE

[vol.. No.

amounts received from interest, dividends, or any other source, will be tionality of the law on the ground that it discriminates beconsidered net income, upon which the tax will be assessed.
tween mining companies and corporations not owning mines
The above quoted provision of the law as construed by this office applies
to all mutual fire insurance companies, regardless of the fact that some with respect to the kind and amount of depreciation to be
of them may not be primarily organized for profit.
deducted in ascertaining the net income.
Offers in compromise not acceptable, when.—In cases wherein corporations
in compromise in lieu of the specific penalty imposed by
submit offers
In the action brought by John F. Dodge and Horace E.
Section 38, Act of August 5 1909, or Section 2, Act of October 3 1913, it is
a condition precedent to the adjustment of the matter involved that the Dodge of Michigan to enjoin the assessment and collection
returns of the corporations for the year with respect to which the corporaof the surtax of their incomes, the Court of Appeals of the
tions are delinquent shall be filed.
Offers in compromise are acceptable only in cases where the corporations District of Columbia has affirmed the decree of the lower
were delinquent in the matter of filing their returns and can not be con- Court dismissing the bill of complaint. An action attacking
sidered as sufficiently satisfying the requirements of the law in cases
the income tax law was filed in the Supreme Court of the
wherein corporations fail or refuse to file any returns whatever.
Delinquency applies to the neglect of a corporation to file its return District of Columbia on March 16 1914 on behalf of the
within the time prescribed by law and does not apply to the failure of a Messrs. Dodge, who contended that the law unduly discrimicorporation to make a return at any time.
and against individuals and
Therefore if returns are not filed, action looking to the enforcement of nates in favor of corporations
the specific penalty against corporations failing to file returns will be taken. partnerships. That suit was dismissed in June 1914 on
Sinking fund increment taxable income.—In cases wherein corporations
the ground that the Court had no jurisdiction over matters
set aside and place in a sinking fund under the control of trustees their
own bonds or the bonds of other corporations which they may own, it is in the Eastern District of Michigan. Thereupon a bill of
held that the fund thus set aside by the corporation is an asset of the complaint was filed (June 10) in the U. S. District Court at
corporation, and any increment to that fund as a result of investments
asking that the Internal Revenue Collector at Demade by the trustees having the same in charge is income to the corpOration Detroit
and should be so included and accounted for in its returns of annual net troit be permanently enjoined from collecting their surtax,
Income.
amounting to approximately $91,000. Judge Tuttle denied
, If the trustees have invested the amount of the sinking fund reserve or
a temporary injunction, whereupon the
any portion of it in the bonds of the corporation and such corporation the application for
was
pays to the trustees the interest on these bonds, such corporation will be surtax was paid under protest and a supplemental bill
permitted to deduct such interest from its gross income, provided the filed asking for the refund of the surtax; this supplemental
amount of the interest thus paid, plus the interest on any other outstanding
Judge Tuttle on June 29, and an appeal
Indebtedness which it may have, does not exceed the limit fixed by the bill was dismissed by
law, and provided further that the interest paid to the trustees, together was taken to the Court of Appeals of the District of Colum-with all other earnings on investments of the sinking fund made by the bia. The latter, in affirming the decree of the lower Court,
trustees, is included in the income of the corporation.
Subsidiaries to make returns, when.—The fact that a corporation main- says:
In order that the revenues to meet the requirements of the Government
tains a number of subsidiary corporations for the purpose of protecting
brands, trade-marks, and trade names is immaterial. The liability to make may be assured, the courts have persistently refused an injunction or other
returns attaches to each subsidiary company by reason of the fact that it s extraordinary process to lend aid to taxpayers in attempts to defeat the
collecting agents of the Government. But to make absolute the restriction
a separate and distinct entity.
the ReIf such subsidiary companies actually have no net income or earnings upon the Federal Courts Congress provided by Section 3224 of
and no expenses of operation, and the earnings accrue direct to the parent vised Statutes that
No suit for the purpose of restraining the assessment or collection
company, which company also pays direct the operating expenses of the
subsidiaries, that fact must be clearly set out in the returns of the sub- of any tax shall be maintained In any court.
While it has been contended that this restriction applies only to taxes
sidiaries.
have held it to apply to
In any event, subsidiary corporations can not escape liability to make improperly or erroneously assessed, the courts
assessments of taxes erroneously or illegally made under color of authority
returns.
officers having general jurisdiction of the subject
If. however, the subsidiary concerns are more partnerships or branches by the Internal Revenue
collection of taxes. The plea of unconstitutionality
of the parent company, and not incorporated organizations, then these of the assessment and
in the present case grows out of a conceded exercise by the Internal Revenue
subsidiary concerns will not be required to make returns of annual net
under color of authority. Indeed, plaintiffs by
Income, but all of their earnings and expenses will be taken up and ac- officers of official power
making their returns of the normal tax, protesting only against the surtax,
counted for in the returns of the parent company or corporation.
existence of a general authority to assess and collect income
conceded the
W. H. OSBORN.
taxes. . . . As we have observed. Congress has afforded a complete
Commissioner of Internal Revenue.
and adequate remedy at law open to all persons aggrieved by the collection
Approved:
of an erroneous or illegal revenue tax. The taxpayer must pay the tax,
W. G. McADOO.
and he may then bring an action to recover it back.
Secretary of the Treasury.
This of itself, in the absence of statutory inhibition, would ordinarily
be sufficient to warrant a refusal of injunctive relief. It may be well,
however, even in the face of this prohibitive statute, that a court of equity
SUITS ATTACKING THE INCOME TAX.
would intervene upon a sufficient showing of irreparable damage.
Demurrers interposed by the Government in proceedings
Plaintiffs, however, have not even alleged that they would suffer irreparaattacking the constitutionality of the income tax law were ble damage. No showing has been made in the bill upon which the court
be sustained. Aside
that such
could predicate an
sustained by Judge Julius Mayer of the U.S. District Court, from the allegationinference tax would damage would upon tneir real and
constitute a lien
that the
this city, on February 11. It appears that the demurrers personal property, the only ground of damage stated in the bill is:
That the income tax assessments to be made by the Commissioner of
were entered in two suits, one brought by the Tyee Realty
against the plaintiffs will be in part valid and in part
Co. of New York City and the other by Edwin Thorne, Internal Revenueand invalid, and, being prima facie good, such assessunconstitutional
company, the actions seeking to have set ments will constitute a cloud on the title of the plaintiffs to their said real
President of the
cloud
aside certain assessments for income tax, the claim being that and personal estate, and for the prevention or removal of which power
plaintiffs are entitled to, and do hereby, invoke the judicial
the Act was unconstitutional insofar as it apparently justi- thethe courts of equity of the United States.
of
fied such assessments. The Tyee Realty Co. has a capital
This is not sufficient to warrant equitable relief. We are not convinced
or departed from the early
of $10,000 and had a bonded indebtedness of $275,000, which that the courts have relaxedwhere the court, considering arule announced
suit to restrain
In Snyder vs. Marks, supra,
was reduced by $5,000 on Oct. 7 1913. The company has the collection of a revenue tax on tobacco, said:
assessments of taxes, made
The inhibition of Section 3224 applies to all
brought suit to recover an assessment of $70 64. It conoffices, by internal revenue officers charged with gentends that the laws of New York State have encouraged the under color of their the subject of aqsns.sing taxes against tobacco manueral jurisdiction of
formation of companies which have small capital stock but facturers. The remedy of a suit to recover back the tax after it is paid
its collection is forbidden.
large bonded indebtedness, and have provided for the pay- is provided by the statute, and a suit to restrainremedy can be substituted
The remedy so given is exclusive, and no other
ment of the taxation on the bonded indebtedness by a mort- for it. Such has been the current of decisions in the Circuit Courts of the
gage recording tax. It argues that the Federal Government United States, and we are satisfied it is a correct view of the law.
Because of the failure of the remedy it becomes unnecessary to consider
should not have assessed it for income tax upon that part
the many legal and constitutional objections interposed by plaintiffs to
of its income which was devoted to paying interest upon its the validity of the income tax law and the procedure under it. All of these
mortgage indebtedness; that is, $13,750. It declares that objections will be open to plaintiffs in an action to recover the tax.

the Government set up an artificial net income for taxation
purposes, and that as a matter of fact it should have assessed
merely its net income of $564 26 and.
charged a tax of $5 64.
Mr. Thorne, President of the company, is suing to recover
$345 paid in taxes, which he alleges were assessed illegally,
the collector, he contends, having had no competent evidence
that any revenue had accrued to or been received by him
since Oct. 3 1913. It is understood that an appeal is to _be
taken in both cases.
An action to test the constitutionality of the income tax,
insofar as it applies to milling companies, was instituted in
the U. S. District Court at Boston on February 10 by
John R. Stanton of New York, a stockholder in the Baltic
Mining;Co. The suit is brought to restrain the officers of
the latter from paying the tax levied under the law, amount-.
ing to about $2,000. The tax is based upon the average
yearly output of a mine; the plaintiff attacks the constitu


ALLIES ANNOUNCE DETERMINATION TO CUT OFF
GERMANY'S COMMERCE.
The determination of Great Britain and France to prevent commodities or supplies of any kind from reaching or
leaving Germany was made known to the United States in
identical notes presented to Secretary of State Bryan on the
1st inst. by the French and British Ambassadors. The note
is in retaliation for Germany's war zone proclamation, and
does not constitute an answer to the informal representations
made by our Government to Great Britain last week, embodying suggestions desired to obtain that country's acquiescence in a plan to permit the distribution of imported foodstuffs to the civilian population of Germany and bring about
the abandonment by the latter of its submarine warfare on
merchant ships. A similar communication was addressed
at the same time to Germany and a reply to this made by

31 AR. 61915.1

THE CHRONICLE

783

Germany this week is referred to elsewhere in our columns SUMMARY OF UNITED STATES NOTE TO GREAT
to-day. Indications that the statement regarding the posiBRITAIN FOR FREER SHIPPING, AND
tion of the Allies toward German commerce does not repreGERMANY'S REPLY.
United States, are
sent an answer to the suggestions of the
The reply of Germany to the informal suggestion of the
contained in the following advices received by the British United States looking to an understanding between Great
Ambassador from Great Britain:
Britain and Germany so as to free neutral vessels from the
When presenting joint Anglo-French communication you should inform
and permit the delivery
the United States Government that the communication received from them dangers of traversing the war zones,
through the United States Ambassador in London respecting a possible of foodstuffs by neutrals to Germany, was handed to Amlimitation of use of submarines and mines and an arrangement for supplying bassador Gerard at Berlin on the 2d inst. The German Governfood to Germany is being taken into careful consideration by His Majesty's
ment indicate their acquiescence in certain of the suggesGovernment in consultation with their Allies.
The text of the Allies' communication replying to the war tions of the United States, but state that they must "reserve
zone decree of Germany as submitted to Secretary Bryan a definite statement of their position until such time as they
and read by Premier Asquith in the House of Commons on may receive further information from the American Government enabling them to see what obligations the British Govthe 1st inst. is as follows:
Germany has declared that the English Channel, the north and west ernment are on their part willing to assume." With extracts
coasts of France and the waters round the British Isles are a war area and from Germany's reply, a Reuter dispatch from Amsterdam on
has officially notified that all enemy ships found in that area will be dethe 2d inst. furnished a summary of the American represenstroyed and that neutral vessels may be exposed to danger.
This is in effect a claim to torpedo at sight, without regard to the safety tations of Feb. 22 to Germany and Great Britain, the exact
of the crew or passengers, any merchant vessels under any flag. As it is nature of which had heretofore not been made public.
not in the power of the German Admiralty to maintain any surface craft
Concerning the suggestions of the United States, this dispatch
in these waters, this attack can only be delivered by submarine agency.
The law and custom of nations in regard to attacks on commerce have said:
always presumed that the first duty of the captor of a merchant vessel is
to bring It before a prize court where it may be tried, where the regularity
of the capture may be challenged and where neutrals may recover their
cargoes.
The sinking of prizes is in itself a questionable act to be resorted to only
in extraordinary circumstances and after provision has been made for the
safety of all the crew or passengers. If there are passengers on board, the
responsibility for discriminating between neutral and enemy vessel and
between neutral and enemy cargo obviously rests with the attacking ship.
whose duty it is to verify the status and character of the vessel and cargo
and to preserve all papers before sinking or even capturing it.
So also is the humane duty of providing for the safety of the crews of
merchant vessels, whether neutral or enemy, an obligation upon every beligerent.
It is upon this basis that all previous discussions of the law for regulating
warfare at sea have proceeded. A German submarine,however,fulfills none
of these obligations; she enjoys no local command of the waters in which
she operates; she does not take her captures within the jurisdiction of a
prize court; she carries no prize crew which she can put on board a prize;
she uses no effective means of discriminating between a neutral and an enemy
vessel; she does not receive on board for safety the crew and passengers ofthe
vessel she sinks; her methods of warfare are, therefore, entirely outside
the scope of any of the international instruments regulating operations
against commerce in time of war.
The German declaration substitutes indiscriminate destruction for regulated capture. Germany is adopting these methods against peaceful traders
and non-combatant crews with the avowed object of preventing commodities
of all kinds, including food for the civil population, from reaching or leaving the British Isles or northern France.
Her opponents are therefore driven to frame retaliatory measures in order
in their turn to prevent commodities of any kind from reaching or leaving
Germany.
These measures will, however, be enforced by the British and French
Governments without risk to neutral ships or to neutral or non-combatan t
life and in strict observance of the dictates of humanity.
The British and French Governments will therefore hold themselves free
to detain and take into port ships carrying goods of presumed enemy destination, ownership or origin. It is not intended to confiscate such vessels
or cargoes unless they would otherwise be liable to condemnation. The
treatment of vessels and cargoes which have sailed before this date will not
be affected.

The American note expresses the hope that Great Britain and Germany
may, by means of reciprocal concessions, discover a basis of understanding.
the result of which would tend to free ships engaged in neutral and peaceful
commerce from the serious dangers to which they are exposed in passing
through the coastal waters of the belligerent countries.
This suggestion, the note proceeds to say, should not be considered as a
proposal by the American Government,to whom it naturally does not behoove
to propose conditions for such an agreement, though the question at issue
has a direct and far-reaching interest for the Government and people of the
United States.
The note says the United States ventures solely to take a liberty which
it is convinced can be conceded to a sincere friend who is actuated by a
desire to cause inconvenience to neither of the two nations, and possibly
serve the common interests of humanity.
The suggestion is made that Germany and Great Britain shall agree,
first, that isolated drifting mines should be laid by neither party, that
anchored mines should be laid exclusively for defensive purposes within gun
range of harbors, and that all mines should bear the mark of the Government of origin, and be so constructed as to become harmless after breaking
loose from their anchorages.
It is suggested, second, that the submarines of neither of the two Governments should be employed to attack merchant vessels of any nationality
except for the purpose of carrying out the right of holding them up and
searching them; and, third, that mercantile ships of neither of the parties
should employ neutral flags as a war ruse or for the purpose of concealing
their identity.
Great Britain, it is suggested, should agree that foodstuffs shall not
be placed on the list of absolute contraband, and that the British authorities
shall neither disturb nor hold up cargoes of such goods, when addressed to
agencies in Germany, the names of which are communicated by the United
States Government, for the purpose of receiving such goods and handing
them over to licensed German retailers for further distribution exclusively
to the civil population.
Germany, it is contended, should declare her agreement that foodstuffs
from the United States, or any other neutral country, shall be addressed
to such agencies.
Finally, the American Government says it wishes to safeguard itself
against the idea that it either acknowledges or repudiates any right on the
part of belligerents or neutrals established on the principles of international law. The American Government would rather regard such an agreement as a modus vivendi, which is based more on suitableness than on
legal right.

THE STOCK EXCHANGES.
The text of Germany's note in answer to the above was
following changes were made this week in minimum made public at Washington on the 4th inst. as follows:
The
The Imperial German Government have taken note with great interest
prices for stocks below which transactions are not allowed on
of the suggestion of the American Government that certain principles for
the New York Stock Exchange. We give the successive the conduct of maritime war on the part of Germany and England be agreed
changes made in each stock where more than one change has upon for the protection of neutral shipping. They see therein new evidence of the friendly feelings of the American Government toward the Gerbeen made and also the previous minimum.
Previous —Changes with Dates—
When Effective.
Minimum.
Stock—
130 Mar. 2
American Brake Shoo & Foundry, pref-- -134
78
75 Mar. 6
Locomotive, preferred
American
99
97 Mar. 1
Atlantic Coast Line RR
26 Mar. 3
Baldwin Locomotive Works,common-- - 28
99 197 Mar. 21
90 Mar. 5
Preferred
195 Mar. 31
120 Mar. 3
Chicago & North Western By.,common--122
83 Mar. 2
85
Deere & Co., preferred
International Harvester of N. J., pref_ _ _ _112 110 Mar. 5 107 Mar. 6
Loose-Wiles Biscuit, second preferred_ _ _ _ 70 68 Mar. 2 65 Mar. 5
110 Mar. 1
Louisville & Nashville
112
25 Mar. 6
Pressed Steel Car, common
27
Preferred
88 Mar. 6
90

The Special Committee of the Philadelphia Stock Exchange announced on Feb. 27 the following new minimum
prices effective Monday, March 1 1915:
Stocks.—American Gas, 97; American Railways, corn., 33; preferred, 96;
General Asphalt, corn.. 26; preferred, 60; Harwood Electric, corn., 15; Preferred. 80; J. G. Brill Co., corn., 15; preferred, 80; Lake Superior Corporation, 7; Pennsylvania Salt Mfg. Co., 80; Pennsylvania Steel, corn., free
preferred, 50; Philadelphia Co., corn.. 30; 5% Preferred, 30; 6% Preferred,
35; Union Traction (Phila.), 34; United Rys. & Electric (Baltimore), 24.
Bonds.—Harwood Elec. Co., 1st & ref. 6s, 1942, 95; Lake Superior Corp.,
inc. 55, 1924, 40; Philadelphia Co., 1st mtge. & coll. trust 5s. 1949. 95.
cons. 5s. 1951, 75; United Rys. Invest., 1st lien coll. trust 5s, 1926, Pittsburgh issue, 62.

Announcement was also made that on and after March 4
transactions in Union Traction stock may be made without
restriction.



man Government, which are fully reciprocated by Germany.
It is in accordance with Germany's wishes also to have maritime war conducted according to rules, which without discriminately restricting one or
the other of the belligerent powers in the use of their means of warfare, are
equally considerate of the interests of neutrals and the dictates of humanity. Consequently it was intimated in the German note of the 16th
instant that observation of the Declaration of London on the part of Germany's adversaries would create a new situation from which the German
Government would gladly draw the proper conclusions.
Proceeding from this view, the German Government have carefully examined the suggestion of the American Government and believe that they
can actually see in it a suitable basis for the practical solution of the questions which have arisen.
With regard to the various points of the American note they beg to make
the following remarks:
First. With regard to the sowing of mines. the German Government
would be willing to agree,as suggested, not to use floating mines and to have
anchored mines constructed as indicated. Moreover, they agree to put
the stamp of the Government on all mines to be planted. On the other
hand, it does not appear to them to be feasible for the belligerents wholly
to forego the use of anchored mines for offensive purposes.
Second. The German Government would undertake not to use their submarinesto attack mercantile ships of any flag except when necessarY to enforce the right of visit and search. Should the enemy nationality of the vessel
or the presence of contraband be ascertained, submarines would proceed in
accordance with the general rules of international law.
Third. As provided in the American note, this restriction of the use of
the submarines is contingent on the fact that enemy mercantile abstain
from the use of the neutral flag and other neutral distinctive marks. It
would appear to be a matter of course that such mercantile vessels also abstain from arming themselves and from all resistance by force slice such
procedure contrary to international law would render impossible any antion of the submarines in accordance with international law.
Fourth. The regulation of legitimate importations of food into Germany
suggested by the American Government appears to be in general accept-

784

THE CHRONICLE

able. Such regulation would, of course, be confined to importations by
sea, but that would, on the other hand, include direct importations by
way of neutral ports. The German Government would, therefore, be willing to make the declarations of the nature provided in the American"note
so that the use of the imported food and foodstuffs solely by the non-combatant population would be guaranteed. The Imperial Government
must, however, in addition, emphasize having the importation of other raw
material used by the economic system of non-combatants, including forage,
permitted. To that end the enemy Governments would have to permit
the free entry into Germany of the raw material mentioned in the free list
of the Delaration of London, and to treat materials included in the list of
conditional contraband according to the same principles as food and foodstuffs.
The German Government venture to hope that the agreement for which
the American Government have paved the way may be reached after due
consideration of the remarks made above, and that in this way peacable
neutral shipping and trade will not have to suffer any more than is absoutely necessary from the unavoidable effects of maritime war. These effects could be still further reduced, if, as was pointed out in the German
note of the 16th instant, some way could be found to exclude the shipping
of munitions of war from neutral countries to belligerents on ships of any
nationality.
The German Government must, of course, reserve a definite statement of
their position until such time as they may receive further information from
the American Government enabling them to see what obligations the
British Government are, on their part, willing to assume.

QUARANTINING CATTLE ON ACCOUNT OF DISEASE.
In the Agricultural Appropriation Bill, passed by Congess
this week, an appropriation of $2,500,000 for combatting
the foot and mouth disease is provided.
A bill appropriating $500,000 to reimburse the farmers in
Pennsylvania who suffered the loss of cattle through the foot
and mouth disease was signed by Governor Brumbaugh of
that State on Feb. 25. It is estimated that 20,000 animals
of various kinds were destroyed in fighting the disease,
making it, it is stated, the most expensive outbreak ever
known in the cattle industry in Pennsylvania. Approximately $26,000 above the half-million appropriated is claimed
In vouchers filed with the State Live Stock Sanitary Board,
and these and other expenses which may be incurred before
the close of the session, it is thought, will be cared for.
Governor Walsh of Massachusetts vetoed on Feb. 19 a
resolve passed by the Legislature, appropriating $100,000
for the purpose of reimbursing owners of cattle destroyed on
idisease; it provided that in
account of the foot and mouth
no case should more than 50% of the appraised value of
cattle and other property destroyed be paid. The Governor
held that the resolve would be inoperative because it failed
to authorize any department head or officers of the Commonwealth to hear the claims and approve the vouchers necessary
to draw from the treasury any of the money appropriated.
"Neither," he said, "is it made clear whether the appraisals
which were made during the months of November and December, when cattle and other property were destroyed, are
to govern the awards of compensation, or whether new appraisals shall be made. If the latter course is to be followed
the resolve fails to provide by whom and in what manner
they are to be made."
In the New Jersey Legislature on the 2d inst. the Assembly
passed a bill authorizing the payment of compensation to
owners of cattle which have to be killed on account of disease.
The maximum allowance is $225. Another bill enables the
State health authorities to enforce quarantine laws against
infected herds of cattle. Heretofore this had been impossible without the consent of the owners of the animals The
new measure enables the authorities to compel the quarantining of the cattle under penalty of a fine of $200 or sixty
days' imprisonment.
Foot and mouth disease quarantine regulations were extended by the Department of Agriculture at Washington on
Feb. 15 so as to include all the territory east of the Mississippi
and north of Tennessee in a restricted area out of which no
shipments of live stock, except for slaughter within fortyeight hours, would be permitted to the South or West. Two
important regulations were added, one defining "immediate
slaughter" as used in existing orders, as "within forty-eight
hours," and another prohibiting the transportation of live
stock in any part of the United States after Feb. 17, except in disinfected cars. On the 15th ult. it was stated
that owing to the fact that few or no cases of foot and
mouth disease have been found in Virginia, West Virginia, Vermont, Maine and the District of Columbia,
stock owners in these jurisdictions were permitted under the
revised regulations to ship out stock upon affidavit that it
has been on their farms for a certain length of time and has
not been exposed to any risk of contagion. On the 3d



[VOL. 100.

inst., however, the establishment of a strict quarantine in
Berkeley, Jefferson, Morgan and Hampshire, the four easternmost counties of West Virginia, was announced by State
Commissioner of Agriculture Howard E. Williams. Certain sections of Virginia were also reported to have been
placed under quarantine this week.
The Live Stock Sanitary Commission of Texas on the 11th
ult., on account of the prevalence of the foot and mouth
disease, established a quarantine on every State in the
Union except seventeen. The quarantine became effective
Feb. 15. Under it live stock with cloven hoofs was permitted
to be shipped to Texas only from the following States: New
Mexico, Arizona, California, Utah, Nevada, Colorado, Oregon, Washington, Idaho, Oklahoma, Arkansas, Louisiana,
Mississippi, Alabama, Georgia, Florida and South Carolina.
An order was received by the officials of the St. Louis
National Stock Yards on Feb. 15 from the Department of
Agriculture at Washington notifying them that the Yards
had again been placed in quarantine area and that no shipments would be permitted to the South or West, "except for
slaughter within twenty-four hours." For two months prior
to the receipt of the notice, the St. Louis live stock market
had been in "free" territory and shipments to all points were
permitted. The new order again prohibited the shipment
of cattle or hogs to any point for fattening purposes.
The Covington, Ky., stock yards were closed by the State
Live Stock Sanitary Board on Feb. 11 for cleaning and
disinfecting purposes. Commissioner Newman, Chairman
of the Board, also ordered the temporary closing of all
slaughter houses in Louisville for thorough cleaning and disinfection and the disinfection of stock cars of..ithe various
railroads leading into Louisville was directed. The Louisville yards were reopened on the 4th inst.
On Feb. 11 Governor Goldsborough of Maryland ordered
a cattle quarantine against all the other States of the Union,
which, in effect, put an absolute embargo upon the shipping
into the State of all live stock except horses and mules. The
order served to bar the entry of cattle to the State, whether
previously inspected or inspected here. The proclamation
was issued at the instance of the State Sanitary Live Stock
Board. A modification of the order was announced on
Feb. 24, the modified restrictions going into effect on the
1st inst. The latest order permits cattle from areas outside
the State not quarantined on account of the disease to be
received at Baltimore for immediate slaughter. Cattle also
may be received for immediate slaughter from points in the
State outside the three-mile zones around places where infection exists. No cattle will be received from any point except
for immediate slaughter.
The quarantine placed on the Jersey City (N. J.) stock
yards on Feb. 5 was lifted at the direction of the Bureau
of Animal Industry at Washington on Feb. 16. It was
subsequently reported, however (Feb. 25) that the Live
Stock Sanitary Board of Pennsylvania had declared a quarantine against shipments of cattle from New Jersey because
of the prevalence of the foot and mouth disease; at the same
time the Pennsylvania Board was reported to have decided
to maintain a quarantine against shipments from Chicago.
Later,on the 1st inst., an absolute embargo against the shipment through Pennsylvania of cattle from any district outside the State in which the foot and mouth disease is prevalent was established by order of the State Live Stook Sanitary
Board at Harrisburg.
The placing by New York State of an absolute ban on the
receipts of live stock from the Chicago Stook Yards was
announced on Feb. 18.
The reopening of a part of the Union Stook Yards at
Indianapolis to the shipment of stock for immediate slaughter
into the quarantined areas in other States occurred on Feb.15.
Such shipments are subject tolthe regulations of the State
to which they are made and to inspection, both ante-mortem
and post-mortem, by Federal, State or municipal inspectors.
A limited traffic in cattle, the first since the imposition
of the Federal quarantine of Jan. 28 was begun at the East
Buffalo (N. Y.) stock yards on Feb. 22. On the same date
Erie County, outside the stock yards, was placed under
quarantine.

MAR. 61915.]

THE CHRONICLE

The immediate closing of the Michigan Central Stock
Yards at Detroit was ordered on Feb. 23 by Dr. Edward P.
Schaffter, inspector in charge of the United States Bureau
of Animal Industry as a result of the discovery of the disease
at the yards.

785

27th ult. Percival Kuhne, who was a special partner,
retired on Dec. 31 at the expiration of his partnership agreement. Mr. Jaffe lives in Leipzig, Germany. The remaining members of the firm are William Knauth, M.I. Knauth,
Oscal L. Gubelman and Rollin C. Newton. The latter is
the Stock Exchange member.

A modified quarantine order removing all restrictions on
shipment of live stock into Kansas, except in Sedgwick,
The involuntary petition in bankruptcy against Harry
Sumner, Cowley and Butler counties, on which a rigid B. Hollins of the failed firm of H. B. Hollins & Co. of this
quarantine will be maintained, was issued on Feb. 10.
city was dismissed on the 26th ult. by Judge Mayer in the
United States District Court at New York, and A. Lee
BANKING, LEGISLATIVE AND FINANCIAL NEWS. Everett was discharged as receiver in the proceedings
The public sales of bank stocks this week were limited to against Mr. Hollins individually. H. B. Hollins & Co. and
a sale at auction of 21 shares, none having been sold at the the individual members of the concern were placed in bankStock Exchange. Thirty shares of trust company stock ruptcy under a petition filed Nov. 13 1913. A plan of settlewere also sold at auction. Extensive tables reporting bid ment with the creditors of the firm was approved in June of
and asked quotations, deposits, surplus, &e., of banks and last year and Mr. Everett was discharged as receiver for
trust companies in all important cities in the United States the firm in July.
are published monthly in the"Bank and Quotation Section,"
On the 24th ult. Adolf Mandel, East Side private banker,
the March issue of which accompanies to-day's "Chronicle."
taken over by the State Superintendent
asked quotations for all New York City bank and whose bank was
Bid and
published weekly in another of Banks last summer, filed schedules in bankruptcy, and
trust company stocks are also
composition with his creditors. The schedules
department of the paper, and will be found to-day on pages a proposed
show liabilities of $3,229,710 and assets of $3,407,113, which
794 and 795.
Low. High. Close. Last previous sale. consist of many parcels of real estate in Manhattan, BrookShares. BANK—New York.
Feb. 1915— 124
125
125
125
lyn and the Bronx. According to the composition, he offers
21 Chelsea Exchange Bank
TRUST COMPANIES—New York.
to settle with his creditors at 100 cents on the dollar, 10% in
5323 532% 532% Jan. 1912— 874%
20 Guaranty Trust Co
384% 3847 384N July 1914— 4073i cash, 10% in three months, and the remaining 80% in
10 Title Guar.& Trust Co
income notes of a new corporation to be organized to take
over his business. The proposed corporation is to be under
Robert W. Woolley of Fairfax, Va., was nominated by
directors—four nominated by the depositors, two by
Wilson on the 2d inst. as Director of the Mint to seven
President
Woolley is Audi- the court and one by himself. The creditors would reserve
succeed George E. Roberts, resigned. Mr.
the right to bring proceedings to set the composition aside
tor for the Interior Department. As stated in these columns
next six years. The income notes
resigned as Director to become at any time within the
on Nov. 21, Mr. Roberts
of the corporation would be payable in or before four years,
Assistant to the President of the National City Bank of
pro rata, out of the proceeds of the sale of assets, payments
New York.
being made semi-annually.
Judge Mayer in the United States District Court signed
nominated by
Samuel L. Rogers of North Carolina was
an order on the 26th ult. authorizing Eugene Lamb RichPresident Wilson on the 3d inst. as Director of the Census ards, State Superintendent of Banks, to pay the depositors
to succeed William J. Harris of Georgia, whose nomination of the institution a 10% dividend.
as a member of the Federal Trade Commission was confirmed
by the Senate on the 3d.
David A. Sullivan, former President of the failed Union
Bank of Brooklyn, who was sent to Sing Sing on Feb. 7 1913
Impeachment proceedings against Alston G. Dayton,
charges of grand larceny comJudge of the United States District Court of the Northern following his conviction on
the mitted during his management of the affairs of the bank, and
District of West Virginia, were dropped by the House on
3d inst. when it adopted the recommendations to that effect whose automobile rides while a prisoner at the State prison
of the Committee on Judiciary. The latter's conclusions caused the removal of Warden Thomas J. McCormick, was
were based on the report of its sub-committee dealing with paroled on Feb. 19 by the State Parole Board. Sullivan's
the hearings in West Virginia last month. In summing up sentence was for not less than two years and not more than
the majority members of the sub-committee, Represen- four years and three months. Upon his release the former
banker was immediately rearrested to answer to three new
tatives Gard and Danforth said:
The evidence shows many matters of individual bad taste on the part of indictments returned against him on Dec. 4 last. Judge
Judge Dayton, some not of that high standard of judicial ethics which Robert H. Roy in Part I of the County Court fixed the bail
should crown the Federal Judiciary, but a careful consideration of all the
on two of the indictments and $3,000 on the
evidence and attendant circumstances convinces us that there is little at $3,500 each
possibility- of maintaining to a conclusion of guilt the charges made, and third. The first two indictments are said to charge the
impels us therefore to recommend that there be no further proceedings.
banker with larceny as a second offender, stating that while
Chairman McGillicuddy of the sub-committee submitted he was a prisoner in Sing Sing he collected interest on a mortin which he urged gage belonging to the Union Bank and appropriated it to
a minority report to the full Committee
further proceedings with a view to impeachment.
his own use. The third indictment is said to accuse Sullivan
of appropriating a mortgage amounting to $1,100.
Hugh G. Whitehead has been appointed Manager of the
Norfolk Clearing-House Association. Mr. Whitehead is
The application of Patrick Quinlan for a new trial was reCashier of the Virginia National Bank of Norfolk.
fused on the 26th ult. by Judge Abram Klenert of the
Passaic County Court at Paterson. As stated in these
The Bankers' Club of America has been incorporated columns last week,IQuinlan was:convicted on charges for inunder the laws of New York to establish and maintain a citing a mob to violence during the Paterson silk strike in
luncheon club, reading room and other accommodations February 1913. His conviction was affirmed by the New
for the convenience of its members in New York City. Jersey Court of Errors and Appeals in January. He was reAmong the thirty governors, who are to direct the affairs
sentenced last week to from two to seven years in State
of the club, are James S. Alexander, Leroy W. Baldwin, Prison and to pay a fine of $500.
. Lewis L.Clarke, W.A.Day,S. W.Fairchild, A.J. Hemphill,
A. Barton Hepburn, A. McCulloch, Morgan J. O'Brien,
The appointment of Building and Loan Commissioner
E. H. Outerbridge, R. A. C. Smith, 0. S. Straus, G. C. John L. Dower of Hartford and Judge Silas A. Robinson
Van Tuyl Jr., G. T. Wilson, F. S. Witherbee, T. Cochran, of Middletown as receivers for the Middlesex Banking Co.
T. Dewitt Cuyler, T. Coleman du Pont, Arthur B. Leach of Middletown, Conn., was made permanent on Feb. 5 by
and Eben B. Thomas. As stated in these columns on Dec. Judge Edwin B. Gager of the Superior Court at Middletown.
19, the Bankers' Club will occupy the thirty-fifth and The stockholders of the institution took Action on Jan. 15
thirty-sixth floors of the new Equitable Building, utilizing toward its liquidation in voting to turn over its affairs to
the roof in summertime. Out-of-town bankers are eligible Building and Loan Commissioner Dower. The trustees
for membership in the club.
had previously (on Nov.30 1914) voted to wind up the business of the company. Messrs. Dower and Robinson,who
Max Jaffe, Arend H. Weingardt, Marie Nachod and Er- are now the permanent receivers, had been appointed temnest Ulrich, four members of the banking firm of Knauth, porary receivers on Jan. 18 on an application in a suit
Nachod & Kuhne, of this city, retired from the firm on the brought by Anna J. Brackett, Henry P.1Smith, Florence H.



786

THE CHRONICLE

Herman and Jerome W. Wilson of Hartford, bondholders
of the company, who alleged that the company had failed
to meet its obligations which matured on Dec. 1, and that
it had not met its obligations which matured since that time.
The concern was chartered in 1872 as the Middlesex Trust
Co., the namelater being changed to the Middlesex Banking
Co. Itengaged in an investmentlbusiness,selling bonds, and
nvesting the money in farm mortgages. Its capital is reported as $388,400, with $3,000,000 of debentures and over
$3,500,000 of guaranteed mortgage notes. The concern is
said to have holdings in various parts of the country, owning,
it is stated, 68,000 acres of land in the Dakotas, two large
plantations in Louisiana, &c.
--•-E. Corning Townsend, heretofore Vice-President, was
elected President of the Buffalo Savings Bank of Buffalo
on Jan. 4, succeeding the late Spencer Clinton. Mr. Clinton, who had been President of the bank since April 1899,
died on Dec. 6. Mr. Townsend's grandfather, Charles
Townsend, was a founder of the institution and its first President. The bank was established in 1846, when there were
but seven savings banks in the entire State.
Stockholders of the National Bank of Commerce of Boston received in liquidation a third dividend on March 1
amounting to $40 per share. The business of this bank
was transferred last May to the Merchants' National Bank,
which institution guaranteed that the stock of the National
Bank of Commerce would bring $262 per share in liquidation. A dividend of $200 per share was paid on May 29.
A second dividend of $15 per share was paid in November.
The payment of this last dividend of $40 per share brings
the total dividends per share to date up to $255.
Harry C. Robinson, heretofore Cashier of the First National Bank of Greenfield, Mass., has been elected Cashier
of the Mechanics' National Bank of New Bedford, to succeed E. S. Brown, who will direct the affairs of the institution as President.

[VOL. loo.

W. W. Ramsey, the present President of the institution,
withdrew from that position in 1908 at the time of the bribery
charges arising out of the passage of an ordinance making
the bank a city depositary; he had been sentenced on these
charges, but was later pardoned and was reinstated in the
presidency of the bank in January 1913. Following the announcement of the closing of the bank on Thursday, a run
was started on the East End Savings & Trust Co., which is
said to be closely allied with the German National. An
official of the trust company announced that the affairs of
the institution were sound. It is reported that at a meeting of
the executive committee of the Pittsburgh Clearing-House
Association yesterday arrangements were made to furnish
the East End institution with the funds necessary to meet
all demands.
The purchase of the stock of Frank A. Munsey in the
Munsey Trust Co. of Baltimore was consummated on Feb.
23. As indicated in these columns Feb. 20, the stock passed
into the control of a syndicate headed by E. L. Norton,
President of the company. Mr. Munsey held about 51%
of the $1,000,000 capital stock and received $110 a share as
of Jan. 1 last, with interest at 5% from that date. The three
vacancies in the board of directors caused by the resignations
of Mr. Munsey, Stuart Olivier, his personal representative
in the company, and T. Rowland Thomas, President of the
National Bank of Baltimore, have been filled by the election
of William Wallace Lanahan of W. W. Lanahan & Co.;
T. Garland Tinsley of Middendorf, Williams & Co., and
George T. Bishop, President of the Washington Baltimore &
Annapolis Electric Line. The stockholders will meet in
the near future to decide upon a new name for the company,
as a change of title was one of the conditions named by Mr.
Munsey in the sale of his interests.
The general contract for the new building to be erected
by the Northern National Bank of Toledo was awarded on
the 20th inst. The cost of the structure, which will occupy
the site of the old St. Paul's church building, is estimated
at about $200,000. It will have a frontage of 60 feet on
Superior St. and 120 feet on Madison Ave. The exterior
of the new bank building will be of white Bedford stone,
while the interior is to be finished in Kane stone. There will
be eight small shops extending under the mezzanine floor
on the Madison Ave. side of the building.

James M. Young has resigned as Assistant to President
M.
Lawrence E. Sands of the First-Second National Bank of
Pittsburgh, to become associated with the firm of McLaughlin, Young & Co. Mr. Young was Vice-President and Cashier of the old Second National Bank and of the First-Second
National Bank. When the First-Second National Bank
Frank W. Hausmann has been appointed Cashier of the
reorganized last April, Mr. Young was chosen Assistant to North West State Bank of Chicago, succeeding Albert S.
the President.
Boos, resigned. The appointment of Mr. Hausmann, who
had previously been Assistant Cashier of the bank, became
The German National Bank of Pittsburgh was closed on effective on the 1st inst.
the 4th inst. by the Comptroller of Currency. J. F. W.
Eversmann, Cashier of the bank, issued a statement saying
B. F. Edwards has been elected President of the Central
that the board of directors had decided to liquidate "because National Bank of St. Louis to succeed H. P. Hilliard, who
of general business conditions and certain paper in the bank— has resigned, it is reported, because of ill-health. Mr. Edpaper that would ordinarily be all right." The bank is said wards was formerly President of the National Bank of Comto have held as collateral for loans considerable stock in the merce, but resigned that position in April 1913. S. B. JefPittsburgh Brewing Co., whose securities have suffered fries has been elected a director of the Central National.
heavily as a result of the enactment of prohibition laws in
The Executive Council of the Tennessee Bankers' AssoWest Virginia and the extension of local option in Eastern
Ohio. A. A. Frauenheim, Vice-President of the bank, is a ciation, at a meeting on February 22 decided to hold the
director of the brewing company, and E. J. Vilsack, a direc- annual convention of the Association in Nashville on April
tor of the bank, is Vice-President of the company. In a 27 and 28. Rollin P. Grant, President of the Irving Nastatement issued on the 4th inst., criticizing the management tional Bank of this city, was a guest at the meeting.
of the bank, John Skelton Williams, Comptroller of the CurThe Montana Bankers'Association will hold its annual conrency, said:
The failure of the German National Bank of Pittsburgh has no signifi- vention on Sept. 3 and 4 at Glacier Park Hotel. Efforts
cance as bearing upon the general business situation, but again illustrates are being made by the Executive Committee to have some
the truth of the saying that "the way of the transgressor is hard."
of the special excursionists, en route to the American BankThis Department has been earnestly endeavoring to rectify and ameliorate the bad conditions which were found to exist in this bank at the begin- ers' Association convention at Seattle, stop at the Montana
ning of this Administration. The troubles of the bank had, however, pro- gathering, as the Seattle convention opens on Sept. 6.
far, and depositors and shareholders are paying the price of

gressed too
bad management. The failure was not caused by a run, but by a persistent
disregard of tho elementary principles of sound banking.
After consultation with the National Bank Examiner and the local clearing-house officials, its directors, last night, passed a resolution to close the
bank. National Bank Examiner Cooper is now in charge of the bank as
temporary receiver.
The examiner's investigation now indicates that the capital and surplus
have been wiped out, but it is too earli as yet to express an opinion as to
whether the amount which will eventually be paid depositors will be nearer
to a hundred cents or fifty cents on the dollar.

The German National Bank, which was established in
1860, had a capital of $500,000; in the Dec. 31 statement
surplus and profits were reported as $594,364 and gross deposits as $5,024,923. The,,bank is understood to hold city
funds of $40,000; the State of Pennsylvania is said to carry
in the bank general funds of the State to the amount of
$140,000.



R. M. Farrar, formerly Vice-President and a stockholder
in the National Bank of Commerce of Houston, was elected
President of the institution on the 25th ult, to succeed G. C.
Street, resigned. Mr. Farrar is President of the Farrar
Lumber Co. of Houston and of the Farrar-Hurt Lumber Co.
of Fort Worth and a director in the Bankers Trust Co. of
Houston. General John A. Hulen, General Freight and
Passenger Agent of the Trinity & Brazos Valley RR. and a
director in the bank, was chosen Vice-President. The National Bank of Commerce started business on July 15 1913
with a capital of $500,000. In October 1914 the bank took
over the commercial banking business of the Security Trust
Co. • The retiring President, Mr. Street, remains a director
of the bank.

MAR.6 1915.]

THE CHRONICLE

787

The clearings for the week ending Feb. 27, in comparison
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of with the same week of 1914,show a decrease in the aggregate
Samuel Montagu & Co. of London, written under date of of 21.1%.
February 18 1915:
GOLD.
Gold continueito accumulate in the reserves of this country,for, although
to-day's figures show a reduction with regard to the reserve of the Bank of
England, just as has been recorded for the past three weeks, a fresh million
sterling has been placed each week to the special reserve against Treasury
currency notes.
Receipts were announced by the Bank of England as under:
Feb. 11-£1,058,000 in bar gold.
Feb. 15- 125,000 in bar gold.
Withdrawals were made as under:
Feb. 11- £200,000 in bar gold.
Feb. 16- 503,000 in foreign gold coin.
Feb. 17-1,000,000 in gold set aside on account of Treasury Currency
Note Reserve (making the total £25,500,000).
During the week the net reduction on balance is therefore £520,000.
A period has now arrived when a comparison of figures connected with
the Indian currency system, before and after the outbreak of war, is worthy
of consideration.
The initial shock of war, which naturally arrested trade and aroused
anxiety in the mind of Indian natives as to its effect upon the currency, has
now spent its force. The movements of Indian exchange are guided, and
are likely to be guided, primarily by the operations of trade, which are

now distinctly in favor of India.
The allotments of Council bills yesterday were made at the satisfactory
rate of Is. 4 1-32d.
-the highest touched since the beginning of hostilities.
This compared with is. 4 1-16d. on Feb. 18 1914.
True, the amount offered this week was only 30 lacs, but special applications have been made freely for several weeks past, after the allotments
against tenders had been made. It is expressive of the confidence held in
official quarters that no less than 60 lacs have been offered for tender on
next Wednesday. This confidence is evidently justified by the fact that
2 lace were applied for at Is. 4 3-32d. immediately after the increase was
made public. So much for the exchange figures.
If the stet stical position of the Indian currency be examined, there is
every reason to feel assured that the stability of the currency rests upon
solid ground.
Appended are figures, expressed in millions sterling, by means of which
comparisons can be drawn:
Reserves of Gold
Note
-Against Notes- -Gold Standard
Issue. London. India. London. India. Total.
Toward end 1913_- 43
6.1
15
2.7
1.8
25.6
Toward end 1914_ 40.6
6.2
5.1
1.6
3.5
16.4
Jan. 31 1915
40.2
5.1
5.6
1.3
4.6
16.6
From the above it will be seen that, notwithstanding the severity of the
crisis, by which the soundness of things financial has been probed to the core.
the combined gold reserves that form the equipoise of the Indian currency
system have been reduced since the end of 1913 merely to the extent of
nine millions, of which between two or three millions may be set against
the reduction in the note issue since that date. Over 12 millions sterling
additional of the gold standard reserve are held here in first-class securities.
The comparison between the figures for the end of 1914 and for the end
of last month show that the reduction of the combined gold holding has
been slightly reversed, and the excellent demand for Council bills at present
points to a continuance of this state of affairs.
SILVER.
The tone of the market has continued good.
Coinage orders for abroad have been considerable, and the demand
for the Indian bazaars has remained fairly constant.
The threatened interference of the enemy with merchant shipping around

the British Isles seems to have created more apprehension among neutrals
than among the Allies, who are primarily the object of the intended action.
This fact has acted in two ways. It has encouraged American silver

dealers to conserve silver which has already arrived in this country for the
purpose of sale. On the other hand, it has caused neutral countries to

expedite their requirements in advance.
These circumstances have been reflected in the price, which, after remaining for nearly a month not higher than 22%d., rose yesterday hd. to

22%d. and a further 1-16d. to-day.
The stock in Bombay consists of 5.200 bars, compared with 5,400
lest week.
A shipment of 150,000 ozs. has been made from San Francisco to Hongkong.
• Quotations for bar silver per ounce standard:
Feb. 12_ _ _ _2234
cash
Bank rate
No
5%
" 13__ _22 11-16 " quotation Bar gold, per oz. standard_ _77s. 9d.
"
fixed
" 15_-__22R
French gold coin, per ozNominal
for
U.S. A. gold coin. per oz__ _Nominal
"
forward
" 17..___22
" 18__ _ _22 15-16 " delivery.
Av. for wk_22.770
The quotation to-day for cash delivery is 3d.above that fixed a week ago.

Canadian Bank Clearings.
-The clearings of the Canadian banks for the month of February 1915 show a decrease
from the same month of 1914 of 18.4%.
February.
1915.

1914.

Inc. or
Dec.

Montreal_ _ 163,499.912 210,183,428 -20.8
Toronto --__ 125,550,919 164,627,410 -23.7
Winnleeti- - 89,877,318 82,058,074 +9.5
• Vancouver__ 20,816,000 34,054,576 -38.9
Ottawa
15,040,081 14,320,671
+5.0
Calgary _ _ _ 10,970,041 12,930,884 15.2
Edmonton... 8,322,480 12,791,319 -34.9
Victoria__ _ _
5,998,876 10,086,102 40.6
Hamilton_ _ _
9.763,668 11,440,792 14.7
Quebec
10,285,824 11,193,841 -8.1
4,424,297 6.618,790 -33.1
Regina
Halifax
6,695,378 6,947,764 -3.6
5,422,168 5,831,733 -7.0
St. John__
Saskatoon
2,830,671 4,430,814 36.0
6,521,750 6,155,167
London
+5.9
2,377,649 3,166,123 Moose Jaw_
24.9
1,123,192 1,859,111 -29.3
Lethbridge _
1,558,750 2,827,477 -44.9
Fort William
1,607,722 1,662,018 -3.3
Brandon
1,837,122 2,238,297 -17.9
Brantford
NewlVestm'r 1,048,074
1,462,615 -28.3
MedicineHat
760,431
1,732,484 -56.1
Peterborou'h 1,414,762 Not incl. in total.

1915.

Inc.or
1914.

Dec.

351,934,249 434,407,949 19.0
272,251,690 349,634,462 22.1
192,020,990 198,439,915 -3.2
45,658,677
75,407,927 39.5
32.095,248
31,821,816 +0.9
22,862,985
29.224,099 -21.8
16,976,811
28,401,041 -40.2
14,138,803
21,725,580 -34.9
20.551,906
24,628,131 16.6
21,507,817
24,673,838 12.8
10,247.824
15,758,238
35.0
15,087,134
15,976,496 -5.6
11,867,817
12.573,226 -5.6
6.045,618
10,816,506 -44.1
14,467,183
13,984,966 +3.5
5,189.181
7,443,147 30.3
2,438.103
3.6(13,173 -33.4
3,317,423
6,406,810 -48.2
3,407,816
3,973,234 -14.2
3,954,534
5,079,478 -22.2
3,188,336 -35.4
2,058,776
1.649,152
3,522,169 -53.2
3,188,065 Not incl.in to tal.

Tot. Canada 96,332,313 608,349,590 -18.4 1,069,729,742 1,320,750,637 -19.0




•
1915.

Inc. or
1914.

$
s
38,825,759 49,628,966
29,069,026 42,551,773
19,817,884 19,0.55,715
4,849,961 8,973,149
3,605,288 3,230,956
2,712,805 2,946,307
1,917,019 2,974,250
1,341,555 2,186,452
2,399,207 2,510,571
2,756,109 2,264,511
1,005,261 1,512,100
1,464,075 1,688,720
1,342,584 1,403,782
654,120
944.284
1,477,755 1,384,995
549,249
792,297
294,299
426,986
327,777
658,962
378,649
353,019
446,979
441.765
247,103
330,350
185,184
419,326
300,083 Not incl. in

Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Victoria
Hamilton
Quebec
Regina
Halifax
St. John
Saskatoon
London
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster
Medicine Hat
Peterborough
TotnICanada

Dec.

1913.

%

s

-21.8
-31.7
+4.0
-45.9
+11.6
-7.9
-35.5
-38.7
-4.4
+21.7
-33.5
-13.3
-4.3
-30.7
+6.1
-30.7
-31.9
-50.2
+7.3
+1.2
-25.1
-55.9
total.

1912.

$

45,796,941
39,327,306
24,111,827
11,418,475
2,997,792
4,382,752
3,477,765
3,515,538
3,053,720
2,605,536
2,371,398
1,463,091
1,516,961
1.758,470
1,547.016
1,141,688
467,812
824,923
485,823
559,841
569.007

43,837,148
36,590,772
23,628,989
10,822,683
3,937,819

3,898,249
3,489.742
2,995,658
2,770,784
2,613,039
1,617,615
1,540.625

1.729,692

1,752,630
1,242,373
933,515
597,232
389,365
459.548
430,216

115.667.648 146.679.236 ---21.1 153_393.512145.227.695

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are erceived by telegraph from
other leading cities.
Clearings-Returns by Telegraph.
,teek ending March 6.

Per
1915.

1914.

Cent.

$1,618,837,239
132,998,929
146,037,686
43,100,636
321,110,245
70,404,855
21,502,299

31,616,817,069
139,922,986
158,666,664
34.743,657
343,479.549
71,011.207
16,369,049

+0.1
-4.9
-8.0
+24.1
-6.5
-0.9
+31.4

Seven cities, five days
Other cities, five days

$2,353,991,889
584.276,948

$2,381,010,181
603,417,692

-1.1
-3.2

Total all cities, 5 days
All cities, 1 day

$2,938,268,837
553,984,263

$2,984;427.873
575,377,071

-1.5
-3.7

L1.492.253.100

S3.549.804.944

-1.6

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

•

yoyettacemegiN

I'nt kl x1e'r4t1Wfor osPek

pg The course of bank clearings at leadnig cities of the country
for the monthl'of February and since Jan. 1 in each of the
last four years is,:shown in the subjoined statement.
BANK CLEARINGS AT LEADING CITIES.
FebruaryJan. 1 to Feb. 28(000,0003
1915. 1914. 1913. 1912. 1915. 1914.
1913. 1912.
omitted.)
$
$
$
Si
$
$
$
$
New York
6,482 7,238A:7,795 7,313 13.770 16,609 17.133 16.14
Chicago
1,161 1,251 1,240 1,153
2.406
2,653
2,687
2.473
1,585
Boston
557
608
1.535
712
1,385
742
1,202
Philadelphia
577
1,315
645
1.430
640
1,408
1,239
600
St. Louis
297
652
306
320
716
703
305
652
Pittsburgh
179
416
188
226
486
193
422
384
185
San Francisco
432
186
201
443
210
405
401
Cincinnati
94
101
105
221
233
100
239
206
146
Baltimore
133
163
152
324
297
361
303
288
202
212
Kansas City
467
207
454
436
614
92
92
Cleveland
91
215
75
201
210
173
75
74
76
95
New Orleans
165
1 86
179
201
111
85
87
78
Minneapolis
239
193
163
204
55
63
66
67
111
137
Louisville
138
132
88
78
106
185
95
227
Detroit
206
168
77
75
60
149
64
Milwaukee
150
131
123
75
92
99
87
162
200
210
180
Los Angeles
32
43
27
35
62
72
75
76
Providence
68
145
145
68
66
68
147
136
Omaha
43
44
101
94
46
41
95
98
Buffalo
88
44
41
90
36
80
41
87
St.Paul
71
76
32
67
30
68
34
32
Indianapolis
78
76
72
36
68
31
34
33
Denver
76
72
74
32
35
37
71
32
Richmond
78
76
66
33
37
80
35
30
Mempla
87
97
41
45
47
43
90
97
Seattle
40
49
18
47
21
52
21
27
Hartford
68
31
49
24
21
52
22
56
Salt Lake City_ -- Total
Other cities

Two Months.

Clearings at

Weet ending Feb. 27.

Cleartngs at-

10,935 11,844 12,597 11,941 23,313 26.808 27,636 25,967
2,109
2.072
2.266
2,255
972 1,021 1,042 1,000

mon 12,865 13,639 12,941 25,385 29,063 29.902 28,076
Total all
Outside New York_ 5,425 5,627 5,844 5.628 11,615 12.454 12.769,11 1192R

0n
Our usual monthly detailed7statemencortransactionsI
the New York Stock Exchange is appended. The results
for the two:months of 1915 and 1914 are given below.
Two fonths 1915.
Desert,
lion.

Par Value
or Quantity.

Actual
Value.

Two Months 1914.
Arer. Par Value
Price. or Quantity.

Actual
Value.

4(gr.
Price.

Stk.(Sh'ree
9.459,659
16,308,954
.
1 Value $815,567,685 3562,883,179 69.0 31,437.734,85531 363,911,126 94.9
141,372.731 97.1
145,531,500
RR. bonds
97,056,000
74,904.234 77.2
91.689 103.0
Gov't bds_
89.000
238,500
239,660 100.1
13,794,624 103.6
State bond
13,230,500
3,282,251 89.7
3,658,500
Bank stks_
189,700
79,900
138,479 173.3
Total_ _ _ _

$916,600,586 $641,448,343 70.0 1,596,865,555$1,519,558,716

The volume of transaetionslinTshareTproperties on the
New York Stock Exchange each month since July 1 in 1915
and 1914 is indicated in the following.

THE CHRONICLE

788

SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.

Values.

Number
of
Shares.

Actual.

Par.

$
435,534,9
Jan _ 5,076,21
Feb - 4,383.449 380,032.78

Number
of
Shares.

Values.
Par.

Actual.

$
$
$
302,461,29810,088,895 881,825,495 847,963,208
262,372.421 6,220,059 558,109,360 515,047.918

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

Month.
1914.

1915.

golinnerciali andMiscellantonsgem

1914.

1915.
Mm.

[Vox.. 100.

1915.

1914.

$
8
Jan___ 13,478,114,068 16,197.819,613 -16.8 6,190,421,535 6,825,999,220 --9.3
Feb __ 11,907,119.867 12,865,108,921 -7.5 5,425,293.320 5,627,553,439 -3.6

Pacific and Other Western Clearings brought forward
from first page.
February.

Two Months.

Clearings at
1915.

1914.

$
$
San Francisco_ 185,148,712188,386.081
Los Angeles__ 75,003,106 92,112,935
43.006,682 45,173,995
Seattle
42.423,417 42.297,377
Portland
Salt Lake City 21,439,541 21,752,383
Spokane
12,890,652 14,682,033
Tacoma
7,279,275 7,956,769
Oakland
13,287,345 13,286,065
Sacramento__ _ '6,341.060 7,362,614
San Diego_ _ _. 7,383,852 8,315,929
Fresno
3,541,956 3,546,341
3,217,855 3,126,492
Stockton
San Jose
2,332,244 2,608,035
Pasadena
3,303,007 3,809,159
North Yakima 1,232,884 1,315,184
Boise
2,300.000 2,677,899
952,453
Reno
988,837
2,597.075 2,784,802
Ogden
830,517
Santa Rosa
897,763

Inc. or
Dee.

1915.

1914.

Inc. or
Dec.

$
$
%
%
-0.6 401,473,571 404,762,065 -0.8
-18.6 161,628,168 200,341,203 -19.3
-4.8 90,336,768 97,340,196 -7.2
+0.3 87.027,261
91,199,276 -4.6
-1.4 49,083,767 51,946,533 -5.5
-12.2 28,636,02: 33,910,335 -15.6
15,140,085
-8.1
17.006,965 -11.0
+0.0 28,611,603 28,807,204 --0.7
-13.9
14,362,939
15,914.502 -9.7
-11.2
16,031,762
18,532,107 -13.5
7.490,765
-0.1
7,454,817 +0.5
7,084,707
6,794,744 +4.3
+2.9
-10.6
5.354,241 -2.7
5,212,780
-13.3
7,105.124
8,336,484 -14.8
2,640,607
-6.3
2,996,949 -11.9
6,316,0i i
-14.1
6,291,563 +0.4
2,144,70:
-3.7
2.102,757 +2.0
6,215.872
-6.7
6,150.031 +1.1
1,856,507
2,123,403 -12.6
-7.5

Breadstuffs Figures brought from rpage 828.
-The
statements below are prepared by usfrom figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

tbls.196103. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.S8 lbs.
979,000 2,289,000 2,992.000
Chicago ___.
176,000
527.0001 54,000
Milwaukee__
73,000
75,000
421,000
675,000
398.0001 46,000
Duluth
283,000
15,000
108,000
45,0001 13,000
1,609,000
Minneapolis
444,000
545,000
538.0004 93,000
Toledo
170,000
71,000
152,000
3,000
45,000
Detroit
101,600
8,000
43,000
15,000
30,000
Cleveland
159,000
97,000
5,9
437,000
425,000
71,000
St. Louls
335,000
21,00
5,000
112,000
168,000
77,000
Peoria
102,000
27.00
4,000
413,000
337,000
Kansas City
134,000
174,000
72,000
Omaha
152,000
Tot. wk. '15
'14
Same wk.
'13
Same wk.

420,000
369,000
353,000

4,225,600
3,674,000
5,602,060

4,604,000
5,853,000
8,347,000

5,335.000 1,561,60
3,881,000 1,53LC
4,642,000 2,274,000

218,000
217,000
238,000

Since Aug. 1
12,740,000 312,481,060 177,370,000 195,186,000 67,917,000 17275000
1914-15
12,682,000 217,468,000 147,779,000 145,258,000 66,567,600 10178000
1913-14
In•n 1o - in 091 2.34 971 Ann 777 152 R7A 2A2 111251711.402 74_825_15Ail 12A2Afilln

Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 27 1915 follow:
Wheat,
Flour.
bush,
bbls.
Receipts at358,000 1,654.000
New York
84,000
39,000
Boston
165,000
Portland,Me...7,000
438,000
28,000
Philadelphia
454,000
31,000
Baltimore
670,000
89,000
New Orleans_*
601.000
18,000
Newport News
696,000
Galveston
14.000
Mobile
383,000
12,000
Montreal

Corn,
bush,
384,000
58,000
219,000
868,000
23,000
16,000
13,000

Oats,
bush,
658,000
58,000
28.000
399,000
811,000
44,000
774,000
8,000
104,000

Barley,
bush.
59,0011
17,000

Rye,
bush.
4,000
1,000

1,000

5.000
185.000

9,000

Total week 1915.. 596,000 5,143,000 1,581,000 2,884,000 77,908 195,000
ShiceJan. 1 1915_ 5,127,000 53,931,000 16,234,000 18,621,600 3274,000 3354,000
404,000
909,000 1,713,000
705,000 152,000 71,000
Week 1914
SinceJan. 1 1914_ 3,669,000 19,113,000 6,766,000 6,897,000 1996,000 546,000

Total Pacific434,511,633 461,080,643 -5.8 938,399,019 1,007,365,374 -6.8
*Receipts do not include grain passing through New Orleans for foreign ports
Kansas City 287,744.674201,944,11O +42.5 613,932.111 454,063,525 +35.2 on through bills of lading.
Minneapolis
111,322,729 89.858,018 +31.2 228,688,375 192,650,104 +23.9
The exports from the several seaboard ports for the week
66,221,480 67,511,016 -1.9 194,831,154 146,726,088 -1.3
Omaha
St. Paul
41,145,880 41.316,079 -0.4
90.305,472 87,497,804 +3.2
Feb. 27 are shown in the annexed statement:
Denver
33,431,618 30,951,061 +8.0 72,285.342 68,331,037 +5.8 ending
Corn, Flour,
Wheat,
Oats,
St. Joseph_ _ _ 29,385,612 30.162,719 -2.6 69,247,69: 67,467,416 -4.8
Rye, Barley, Peas.
.
bush.
bbls.
bush,
Exportsfrombush
Des Moinee
bush,
18,323,456 21,055,674 -13.0 28,394,92
bush.
bush.
43,459,567 -11.7
11,207,146 13,061,292 -14.2 24.399,422 28.345.543 -13.9 New York
Sioux CIty
1,381,084 254,233 180,720 551,718
99.303 4,401
13.888,888 11,565,348 +20.1 30.575,441
Duluth
7,000
165,000
28,000
26,231,910 +16.6 Portland, Me__
16.001,648 12,220,901 +30.9 32.931,035
Wichita
96,480 5,180
134,213
17.845
27,221,431 +21.0 Boston
7,798,729 7,456,531 +4.8
Lincoln
17,315,171
39,000
94,000 100,000
746,000
16.477,176 +5.1 Philadelphia
3,000
5,906.312 5,987,126 -1.4
Topeka
12,241,217
13,240,141 -7.5 Baltimore
508,984 1,061,342
714 974.461, 290,872
5.777,878 6.585,788 -12.3 12,150,677
Davenport
11,500
14,338,151 -15.3 New Orleans_ _ _ _ 602,000
25,000 7,600
Cedar Rapids.. 6,476,853 6,965,442 -7.0
13,236,045 15,942,050 -17.0 Newport News__ 601,000
18,000 774,000
Colo. Springs_ 2.287,997 2.360.450 -3.1
4,869,710
5,150,282 -5.5 Galveston
1,660,000
2,000
2,307,066 2,573,807 - 0.3
Pueblo
'
5,963,496
5,863,202 +9.9 Mobile
16,600 14,000
8,000
Fargo
3,765,031 1,721.644+118.7
8,822,341
3,844,877 +129.5
3,244,689 3,342,036 -2.9
Sioux Falls
7,344,06:
Total week....._5,198,281 1,547,055 334,614 2,404,524 290,872 102,303 4,401
7,424,697 -1.1
Fremont
1,429,226 1,359,162 +5.5
3,589,631
3,009,303 +19.3 Week 1914
2,067,467
30,779 139,297 135,323
131,393 8,108
Waterloo
5,735,741 5,355,354 +7.1
12.072,278
11,250,726 +7.3
Helena
The destination of these exports for the week -and since
3,632,152 3.779.718 -3.9
8,421,792
8,405,735 +0.2
Billings
1,743,154 1,639,872 +6.3
3,653,45
3,666,438 --0.4
Hastings
726,634
709,461 +2.4
1,602,873
1,520,948 +5.4 July 1 1914 is as below:
Aberdeen
1,789,367 1,656,994 +8.0
4,065,540
-Flour
Wheat
3,297,129 +23.3
Cern
Joplin
2,769,066 2,384,994 +16.1
5,599.337
Since
Since
Since
5,384.622 +4.0
1.238,000 1,208.000 +2.7
Crand Forks
2,741,$ ii
July 1
Week.
Week.
Week.
July 1
July 1
2,905,000 -5.6
Lawrence
850.000
892,825 -4.8
1914.
1,826,741
1914. Feb. 27.
.
Feb. 27.
1914.
1,931,945 -5.4 Exportsfor week and Feb.27
Iowa City
900,000 1.013,000 -11.1
bush.
since July 1 to1,939,931
bush.
bush,
bush,
bbls,
Ms.
2.208,901 -12.7
United Kingdom__ _125,431 3,740,373 721,025 93.190,251 503,153 1,559,096
Tot.oth.West687,051,436 571.631.372 +20.2 1.478.028.227 1.267.875.747 416.6 Continent
114,644 3,501,912 4,432,963 127224,148 967,454 13,925,479
853,707
4,825
So. & Cent. Amer 32,510 1,020,690
9.000 2.854,534
66,899 1.389,161
West Indies
33,883
48,024 1,002.649
10,718
2,000
59,883
Brit, No. Am.Cols_ 2,507
Week ending Feb. 27.
Clearings as
22,029
3,024
507,082
35.293
Other countries....._ 11,498 217,916
Inc. or
1915.
Total
334,614 9,543,423 5,198,281 223809,898 1,547,055 17,760,190
Dec.
1914.
1913.
1912.
30.774 2,708,239
139,297 7,944,700 2,067,467 137887,286
Total 1913-14
8
s
$
%
$
San Francisco__.
The world's shipments of wheat and corn for the week
45,304,959
39,734,334 +19.0
52,069,316
51,818,752
Los Angeles
18.980,342
21,000,000 -9.6
24.279,395
22,484,708 ending Feb.27 1915 and since July 1 1914 and 1913 are shown
Seattle
9,190,095
10,825,413 -15.1
13,745,591
10,838,510
Portland
9,304,851
8,758.495 +6.2
12,103,917
11,377,785 in the following:
Salt Lake City
4.676.366
4,936,601 -5.3
7,146,995
7,657,018
Spokane
2,748,228
3,027,208 -9.2
4,185,083
4,062,562
Cern.
Tacoma
Wheat.
1,602.051
1,757,580 -8.8
2,840,305
3,138,374
Oakland
3,189,457
2,706,222 +17.8
3,740,598
3,797,821
1914-15.
1913-14.
1013-14.
1914-15.
Sacramento
1,268.759
Exports.
1,534,361 -17.3
1,956,197
1,382,000
San Diego
1,746,488
1,678,711 +4.2
2,597,023
2,269,281
Week
Since
Sine'
Since
Since
Fresno
Week.
685,555
773,210 -11.4
872.843
685,000
Feb. 27.
July 1.
July 1.
Stockton
July 1.
July 1.
Feb. 27.
569.415
585,433 -2.7
748,112
709,703
San Jose
539,262
474,336 +13.7
705,438
612,818
Bushels, Bushels. Bushels.
Pasadena
Bushels. .
Bushels. Bushels.
857,405
803.476 +6.7
1,147,559
792,650
304,692,000 200,838,000 1,849,000 18,310,000 1,371,000
North Yakima
290,986
287,754 +1.1
300,000
335,069 North Amer. 8,512,000 12,074,000 108,234,000
Reno
4,813,000 10,403,000
197.102
200,000 -1.4
222,200
220.000 Russia
2,347,000 39,978,060
Long Beach
9,431,000 19,312,000
469,955 Not incl. in total.
Danube _
3,512,000 16,151,060 24,682,000 1.870,000 112.710,000 130,307,000
Argentina
9,996,000 38,434,000
Total Pacific
101,151,321
99,081,134 +2.1 128,180,612 122,142,051 Australia _
368,000 17,808,000 25,728,000
India
Kansas City
63,871,493
76,000 5,353,000 5,882,000
43,825,663 +45.7
55,379,099
46,906,648 0th.countr's
Minneapolis
25,613.787
-20,749,859 +23.4
25,013,433
21,360,456
Omaha
16,103,477
16,001,372 +0.6
Total ____ 12468000 367,421,000 943,578,000 3,728,000 145,264,600 161,393,000
16,464,725
18,500,000
9,244,447
St. Paul
11,185,934
17.3
11,772,229
16,729,585
7,610,820
Denver
6,700,297 +13.6
9.635,910
8,743,980
The quantity of wheat and'corn afloat for Europe oa dates
6,613,436
St. Joseph
6,599,456 +0.2
7.645,924
7,750,487
4,243,830
Des Moines
5,463,218 -22.3
2,089,437
5,073,385 mentioned was as follows:
3,245,967
Sioux City
3,272,372 +0.8
3,028,838
3,007,366
2,868,647
Duluth
2,381,964 +21.5
3,226.962
3,001,360
3,473.693
Wheat.
2,603,44 +33.4
Corn.
Wichita
2,854,688 • 3,235.494
1,776,015
1,653,976 +7.4
Lincoln
1,822,673
1,740,000
1,293,000
1,305,52
United
-0.9
United
Topeka
1,345,474
1,558,696
Kingdom. Continent. Total.
1,481,898
1,697,59 -12.7
Kingdom. Continent. Total.
2,058.405
Davenport
2.119,573
1,649,88
1,536,532
-8.9
2,036,423
Cedar Rapids .
1.437,146
Bushels.
Bushels.
625,000 -30.1
Bushels. Bushels.
436,860
Bushels. Bushels.
Colorado Springs
650.000
687,500
48,520,000
554,02 +12.1
51,309,000
621,015
563,561
Pueblo
619,187 Feb. 27 1915._
43,760,000
386,08 +151.8
12.465.000
972,606
323,013
Fargo
634,874 Feb. 20 1914._
302,69 +26.8
383,568
Feb. 28 1914_ 27,008,000 18,000,00045,008,000 2,627,000 5.661,169 8,288,000
250.608
Fremont
434,634
51,128,000 5.108,000 10,304,000 15,412,000
1,201,67 +14.4
1,374,308
1,280,768
Waterloo
1,198.907 Mar. 1 1913__ 23.088,00025.030,000
783,13 +0.01
783.419
1,060,770
813,364
Helena
-3.9
367,63
353,329
349,510
253,959
Billings
-Among other securities, the following,
-7.2
200,00
250,000
Auction Sales.
185,603
265,127
Hastings
354,022 +17.1
484,649
414,637
291,194
Aberdeen
the Stock Exchange, were recently sold
m....1 ,,s, m.o.

154 A112 aR7




129,845.024 +19.0

153,587,099

146,360,920

not usually dealt in at
at auction in New York, Boston and Philadelphia:

MAR.0 1915.]

THE CHRONICLE

By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.

Per Cent,
40 Federal Insurance
191
2,000 Edgar Zinc Co. of Mo
75
20 Bond & Mtgs. Guarantee
Co
274%-274%
10 Title Guarantee & Tr. Co__ _38414
20 Guaranty Trust Co
532M
2 Newport Resoling Room__ _$500
21 Chelsea Exchange Bank _ __ _125
20 Locomobile Co. of Amer.,
Common
10

Shares, Stocks.
25 South Seaboard
preferred

Per cent.
Lumber,
$13

Name of Company.

789
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Calumet & Heels Mining
$5
Mar. 18 Holders of rec. Feb. 18
Bonds.
Cambria Iron
Per cent
April 1 Holders of rec. Mar. 15a
2
$4,000 Archipellgo Amer. S. S.
Canadian Locomotive, pref. (guar.)
154 April 1
Co.Incomes, 1930
Canadian Westinghouse (guar.)(No. 41)
$100
Apr1110 Holders of rec. Mar. 31
1
$5,000 Georgia, State, 7s, Dec.
Central Leather, preferred (guar.)
114 April 1 Holders of rec. Mar. 10a
1871 coupons on
Cent. States El. Corp., pl.(gu.)(No. 11)._
14
134 Aprli 1 Holders of rec. Mar. 10
$40,000 Kan. C. Viaduct & Term.
Cheeebrough Mfg. Consolidated (quar.).
6
Mar.20 Mar. 6 to Mar.21
let 414s
Extra
$14,000
4
Mar.20 Mar. 6 to Mar.21
By Messrs. R. L. Day & Co., Boston:
Chicago Telephone (guar.)
2
Mar.31 Holders of rec. Mar.310
Shares. Stocks.
Childs Company,preferred (quar.)
$ per oh. Shares. &ocks.
$ per oh.
IN Mar. 10 Mar. 3 to Mar. 10
Chino Copper (quar.)
1 Mutual Nat. Bank
100M 69 N. Bedford Gas & El. Lt
50e. Mar. 31 Mar. 13 to
2763j
Mar. 16
2 Pacific Mills
111% 453-5 Fall River Gas Works-A014-11M Cincinnati @ Sub. Bell Telep.(guar.)
214 April 1 Holders of rem Mar. 25
Citizens Gas ofIndianapolis (No.11)
29 Tremont & Suffolk MUls_100-1003(
1 State Street Exchange
334 Mar. 27 Holders of rec. Mar. 11
70
18 Pepperell Mfg. Co. oils. dep__34634 30 American Felt, pref
Cleve.& Sandusky Brew.. pref.
1
(quar.)
95
Mar. 15 Holders of rec. Feb. 27a
5 Pepperell Mfg. Co
15 U. S. Envelope, common----13134 Cluett, Peabody @ Co.. pref. (guar.)(No.9) 154 April 1 Holders of rec. Mar.20
346>
Colorado Power, preferred (guar.)
50 Collateral Loan Co
105-1053( 12 U.S.Envelope, pref._ _ _ 1023j
-102M Consolidated
13.4 Mar. 15 Holders of rec. Feb. 13a
80 Puget Sd.Tr.,L.& P., pref_92-93
Gas (guar.)
4 Waltham Watch, pref
114 Mar. 15 Holders of rec. Feb. 100
80
20 Cohasset Water Co
Consol. Gas,El. L.& P., Balt., corn.
84
5-9 Lyman MOB
(qu.) 1% April 1
13
Preferred
100 Lowell Electric Light
191
3
April 1
Continental Can, preferred (qua?.)
By Messrs. Francis Renshaw & Co., Boston:
134 April 1 Holders of rec. Mar.20a
Continental 011 (guar.)
Shares. Stocks.
3
Mar. 16 Feb. 24 to Mar. 16
$ per sh. Shares. Stocks.
$ per oh. Crescent Pipe Line (lum%)
5 Lancaster Mills
75e.
6014 100-5 Fall River Gas Works
1054 Cuban-American Sugar, pref. (guar.)._ 114 Mar. 15 Feb. 21 of to Mar.15
April 1 Holders
rec. Mar. 15a
By Messrs. Barnes & Lofland, Philadelphia:
Diamond Match (guar.)
134 Mar. 15 Holders of rec. Feb. 27
Shares. Stocks.
Extra
$ per oh. Bonds.
Per ten!.
1
Mar. 15 Holders of rec. Feb. 27
11 Phila. Trust, S. D.& I
Dominion Glass, Ltd., pref. (guar.)
725
$1,000 West Penn Traction 59.- 81
134 AprIl 1 Holders of rec. Mar.12
250 Pennsyl. Wire Glass
Dominion Textile. Ltd., corn. (quar.)..,..
75
1,000 City Gas Co.. Norfolk, 1st
134 April 1 Holders of rem Max. 15a
Dominion Textile, Ltd., pref.(quar.)_ _ _ _
2 Fire Assoc.of Phil., $50 each 310
. 6s, 1926
134 April 15 Holders of rec. Mar.31a
164
25 Germantown Pass. By
du Pont(E.I.)de Nemours Pow.,con (qu) 2
10234 3,000 Phila. Newtown & N. Y.
Mar. 15 Mar. 6 to Mar. 15
200 Finance Co.of Pa.,2d pref._ _104
Common (extra)
.
RR. let 35, 1942. guar
1
Mar. 15 Mar. 6 to Mar. 15
7114
5 Guarantee Tr.& S. D
Preferred (guar.)
149
3,500 Lew. & Reedsville El. By.
134 April 26 April 10 to April 26
6 Nat. Bank of Nor. Liberties__ _241
Eastern Power @ Light Corp., pref. (guar.) 134 Mar. 15
let 55, 1919
100
Holders of rec. Mar. 40
Eastman Kodak, common (guar.)
8 Franklin Trust, $50 each_54-5434 5,000 Reading & Womels. Elec.
234 April 1 Holders of tee. Feb. 27a
15 Land Title & Trust
Common (extra)
506
Ry. let 55, 1925
214 April 1 Holders of rec. Feb. 270
9954
5 Mutual Trust. $50 each
Preferred (quar.)
35
1,500 Schuylkill Elec. Ry. let 65,
114 April 1 Holders of rec. Feb. 27a
25 Buff. & Snag. RR., pref
Electric Properties Corp., pref. (guar.).--1926
3434
114 Mar. 10 Holders of rec. Mar. 1
100
50 Camden & Sub. By.,$25 each.. 21
Elec. Storage Hatt., corn. & pref.(gu.)._
1,000 Wilkes
-B. & Wyom. Vail.
1
Apra 1 Holders of tee. Mar. 22,1
5 Internat. Text
-Book
Federal Mining & Smelting. pref. (guar.) 1
8314
Trac. 1st 5s. 1921
10014
Mar. 15 Fio.ders of rec. Feb. 230
8 Phila. Bourse. sone., $50 each
Galena-Signal Oil, common (guar.)
554
3
Mar.31 Holders of rec. Feb. 27a
Preferred (guar.)
2
Mar.31 Holders of rec. Feb. 27a
General Chemical, pref. (guar.)
114 April 1 Holders of rec. mar. 17a
DIVIDENDS.
General Electric (guar.)
2
Holders of rec. Feb. 270
The following shows all the dividends announced for the General Fireproofing,rem.& prof.(quar.) 13.4 April 15 Holders of rec. Mar.20
April 1
Globe Soap, 1st, 2d & special pref.(quar.)
114 Mar, 15 Feb. 28 to Mar. 15
future by large or important corporations.
Globe-Wernicke, common (guar.)
2
Mar. 10 Holders of rec. Feb. 27a
Dividends announced this week are printed in italics.
Goldfield Consolidated Mines(guar.)
10e. Apr1130 Holders of rec. Mar. 31
Goodrich (B.F.) Co., pref.(guar.)
9194 April 1 Holders of rec. Mar. 19
Great Lakes Towing, preferred (guar.)._
134 Apill I Holders of rec. Mar. 15
Per
When
Books Closed,
Guggenheim Exploration (guar.)
8734c.April I Mar. 13
Name of Consistent
Cent. Payable.
r.
Days Inclusive.
Hart. Schaffner @ Marx, Inc.. Pf. OE4.). 134 Mar.31 Holders to Mar. 17
of rec. Max.200
Helms (George W.) Co., common (gust.)
214 April 1 Holders of rec. Mar. 150
Railroads (Steam).
Preferred (guar.)
154 April 1 Holders of rec. Mar.15.2
Atlantic Coast Line Co. (guar.)
$1.50 Mar. 10 Mar. 1 to Mar. 9
Hendee Mfg., Prof. (guar.)(No.6
134 April 1 Holders of rec. Mar.20
Boston & Albany (guar.)
)
2
Mar. 31 Holders of roe.
2
Canadian Pacific, oom.(quar.)(NO.75)- 214 April 1 Holders of roe. Feb. 27a Hercules Powder,common (guar.)
Mar. la Homestake Mining (monthly)(No.485)-- 65e. Mar. 25 Mar. 16 to Mar.25
Preferred _
Mar. 25 Holders of rec. Mar.20a
2
April 1 Holders of rec. Mar. 1
International Salt
Chicago Burlington & Quincy (guar.)
14 April 1 Mar. 16 to Mar.31
2
Mar. 25 Holders of rec. Mar.
134 April 1 Feb. 25 to April 1
Chicago & North Western. Coin.(quara- 154 April 1 Holders of rec. Mar. 190 International Silver, preferred (guar.).- _
la Interocean Oil, 1st preferred
314 April 1 Holders of rec. Mar.20
Preferred (guar.)
2
April 1 Holders of rec. Mar. in La Belle Iron
Works,
Delaware & Hudson Co.(quar.)
1
Mar.31 Mar. 21 to Mar.31
234 Mar. 20 Holders of rec. Feb. 250 Laclede Gas Light, preferred (guar.)._
common (gnarl
Erie & Pittsburgh (guar.)
134 Mar. 15 Mar. 2 to Mar. 15
134 Mar. 10 Holders of rec. Feb. 270 Liggett @ Myers Tobacco, pref. (guar
.)_
Fonda Johnstown @ Gimern., pref. (gu.)
134 April 1 Holders of rec. Mar.190
134 Mar. 15 Holders of rec. Mar. 104 Lorillard (P.) Co., common
(guar.)
214 April 1 Holders of rec. Mar.16a
Grand Trunk, guaranteed stock
114
Common (extra)
3
Interborough Rapid Transit (guar.)
April 1 Holders of rec. Mar. 160
234 April 1 Holders of rec. Mar. 22a
Preferred (guar.)
Kansas City Southern, pre .(guar.)
154 April 1 Holders of rec. Mar. 180
f
1
April 15 Holders of rec. Mar. 31a Mackay Companies,
corn. (qu.)(No. 39) 134 April. 1 Holders of roe. Mar. 10a
Keokuk @ Des Moines, preferred
214 April 1 Holders of rec.
Preferred (guar.)(No. 45)
1
Minn.St Paul & S.S.M., corn.& pref._. 314 April 15 Holders of rec. Mar. 19
April 1 Holders of rec. Mar.10a
Mar. 190 McCall Corporation, first pref. (guar.)._
Norfolk & Western. common(quar.).
13.4 April 1 Holders of rec. Mar.25
114 Mar. 19 Holders of rec. Feb. 270 Mergenthaler
Linotype (guar.)
MO.Ft. W.& Ch., reg. guar.(guar.)
214 Mar. 31 Holders of rec. Mar. 6a
154 April 6 Mar. 14 to April 6
Milwaukee & Chicago Breweries, Ltd. 0434 Mar. 31 Feb. 25 to
Special guaranteed (guar.)
Mar.81
IN April 1 Mar. 14 to April 6
Montana Power, corn. (guar.)(No. 10)_..
Reading Company,first preferred (guar.) 1
34 April 1 Mar. 17 to Apr. 5
Mar. 11 Holders of rec. Feb. 230
Preferred (guar.)(No. 10)
Reading Company, 2d pref. (guar.)
• 154 April 1 Mar. 17 to Apr. 5
1
April 8 Holders of rec. Mar.23a Montgomery,
Ward @ Co., pref. (guar.)St. Joseph South Bend & Sou., common. I
154 April 1 Holders of rec. Mar.20
Mar. 15 Mar. 11 to Mar. 15
Muskogee Gas eft Elec., pref. (guar.)
Preferred
134 Mar. 15 Holders of rec. Feb. 27
234 Mar. 15 Mar. 11 to Mar. 15
Southern Pacific Co.(guar.)(No. 34).__
114 April 1 Renders of rem Feb. 270 National Biscuit, corn. (guar.)(No. 57). 13.4 April 15 Holders of rec. Mar.290
UnionPacific, common (guar.)
2
April 1 Ho.ders of roe. Mar. la NationalCandy, Inc.,1st&2d pf.(No.25) 314 Mar. 10 Feb. 17 to Feb. 24
Preferred
2
April 1 Holders of roe. Mar. la National Enamel.& &pg., pref.(guar.)- 110 Mar.31 Mar. 12 to Mar.81
Wisconsin Central, preferred
National
14 Mar.31 Mar. 18 to Mar. 17
2
Aprll 1 Holders of rec. Mar.Ito National Lead. common (guar.)
Street and Electric Railways.
Lead, pref. (guar.)
114 Mar. 15 Feb. 20 to Feb. 23
American Railways, corn.(guar.)
134 April 2 Holders of rec. Mar. 13
134 Mar.15 Holders of rem Feb. 27a National Sugar (guar.)
Arkansas Valley Ry.,L @ P., pref. (gu.)
National Transit
114 Mar. 15 Holders of rec. Feb. 27
50c. Mar. 15 Holders of rec. Feb. 27
Nevada Consolidated Copper (guar.)
Brazilian Trac., L. et P., pref. (guar.)
1.34 April 1 Holders of rec. Mar. 15
250. Mar.31 Holders of rec. Mar. 12
Brockton @ Plymouth Si.. prof. (No. 12)_
3
Mar.15 Holders of rec. Mar. 8a New York Air Brake (guar.)
114 Mar.26 Holders of rec. Mar. 3a
New York Transit (quar.)
BrooklynRapid Transit (guar.)
114 April 1 Holders
4
April 15 Holders of rec. Mar.25
California By.& Power,prior pref.(guar) 134 April 1 Holders of rec. Mar. 90 North American Co.(guar.)(No.44)..
134 Apr. 1 Holders of rec. Mar. 180
of rem Mar. 204
Cleveland Railway (guar.)
114 April 1 Holders of rec. Mar. 15
114 April 1 Holders of rec. Mar. 13a OhioCities Gas, pref. (guar.)
Ohio Oil (guar.)
Columbus Ry.,P.eh L.. Pl. A (gu.)(No.5)
114 April 1 Holders of rec.
$1.25 Mar.20 Feb. 27 to Mar. 14
Extra
El Paso Elec. Co.. corn.(guar.)(No.15)- 234 Mar. 15 Holders of rec. Mar. 15
$1.25 Mar.20 Feb. 27 to Mar.14
Mar. 5a Pabst Brewing.
Frankford dr Southwark Pass. (quar.)__ _ 84.50 April 1 Holders
prof.(guar.)
114 Mar. 15 Mar. 7 to Mar. 15
of rec. Mar. la Packard Motor Car,
Galveston-Houston El. Co.,com.(No.12) 314 Mar.15 Holders
preferred (guar.)._ _
IN Mar. 15 Mar. 2 to Mar. 15
of rec. Mar. la
Preferred (No. 16)
AprU 1
3
Mar. 15 Holders of rec. Mar. la Pennsylvania Water & Power (qu.)(No.5) 1
Pettibone-Mulliken Co., pref. (guar.)... 114 April 1 Holders of rem Mar.16a
Louisville Traction, common (quar.)
_
1
April 1
Philadelphia Electric (guar.)
Preferred
3954e. Mar.15 Holders of rec. Feb. 20a
234 April 1
Musk Term. Warehouse & ?Yon/J.(,
Manila Elec. RR.& Ltg. Corp.(quar.)._
11W) 2134c. Mar. 15 Holders of rec. Mar. 8
114 April 1 Holders of rec. Mar. 180
Mohawk Valley Co. (guar.)
214 April 15 Holders of tee. April la
114 April 1 Holders of rec. Mar. 25a Quaker Oats, common (quar.)
Preferred (guar.)
New York State RyS., con. (guar
1.14 May 29 Holders of roe. May la
1
April 1 Holders of rec. Mar. 18a Quincy
Preferred (guar.)
mining
$1 Mar. 29 Holders of rec. Mar. 6
134 April 1 Holders of rec. Mar. 18a Railway
Nor. Ohio Trac. & Light, com.(quar.)_
134 Mar. 15 Holders of rec. Feb. 25a Reynolds Steel-Spring, preferred (quar.).... 114 Mar.20 Mar. 7 to Mar.21
(R. J.) Tobacco Co., tom. (gu.).
Rochester Ry. & Light, prof. (guar.)
3
April 1 Holders of rec. Mar.20
134 Mar. 1 Holders
Preferred (guar.)
Second & Third SM. Pass.,Phila. (guar.) $3 April 1 Holders of rec. Feb. 190
114 April 1 Holders of rec. Mar.20
of rec. Mar. la Rubber Goods
Twin City Rap. Tram., com.(guar.)
Mfg.. Cam.(guar.)
1
Mar.15 Holders of rec. Mar. 10
114 April 1 Holders of rec. Mar.16
Preferred (guar.)
Preferred (guar.) (No. 64)
534 Mar. 15 Holders of rec. Mar. 10
13.4 April 1 Holders of tee. Mar. 16
United Light & Rya., 1st pref.(guar.)
Sears,Roebuck&Co.,con.(payan com.stk) 50f
April 1 Holders of rec. Mar.15
114 April 1 Holders of rec. Mar. 15
Second preferred (guar.)
Scars, Roebuck .1 Co., pref. (guar.)
134 April 1 Holders of rec. Mar. 15a
5.1 April 1 Holders of rec. Mar. 15
United Trac. & Elee., Providence (guar.)._
Southern Utilities, pref.(guar.)
134 April 1 Holders of rem Mar. 18
134 April 1 Mar. 10 to Mar. 14
West End St. Ry., Beaton
South Penn 011(guar.)
3
Mar.31 Holders of rec. Mar. I4a
$1.75 April 1 Mar.23 to April 1
Wisconsin-Minnesota L.@ P., wet.
154 Mar. / Holders of rec. Feb. 200 South Porto Rico Sugar, corn,(quar.)
1
April 1 Holders of rec. Mar.13a
Companlee.
(0.)Tru•t
Preferred (guar.)
2
April 1 Holders of roe. Mar.13a
Guaranty (guar.)
South West Penna. Pipe Line
6
3
Mar. 31 Holders of rec. Mar.24
April 1 Holders of roe. Mar. 15
union (par.)
Standard Gas @ Elec., prof.(guar.)
4
1g
April 1
Mar. 15 Holders
March 25
Miscellaneous.
Standard.011 (California) (guar.)(No.25) 234 Mar. 15 Holders of rec. Feb. 27a
of rec. Feb. 24a
American Beet Sugar, pref.(guar.)(
Standard Oil (Kentucky),(guar.)
No.63) 136 April 1 Holders of rec. Mar. 17
4
April 1 Mar. 16 to April 1
American Can, pref. (guar.)
114 April 1 Holders of rec. Mar. 17a Standard 011 of N. J.(guar.)
5
Mar. 15 Holders of rec. Feb. 190
Amer. Car & Fdy., coin.(gu.)(No.50)...
14 April 1 Holders of rec. Mar. lba Standard 011 of New York (guar.)
2
Mar. 15 Holders of rec. Feb. 260
Preferred (guar.) (No. 64)
154 April 1 Holders of rec. Mar. ha Standard Oil(Ohio) (guar.)
3
April 1 Mar. 6 to Mar.24
American Express (guar.)
Extra
April 1 Holders of rec. Mar. 13a
3
April 1 Mar. 6 to Mar.24
American Manufacturing,corn. (quar.)._ $1
134 April 1 Holders of rec. Mar. 180 Subway seam (goat.)
13.4 April 1 Holders fo rem Mar.22
Preferred (guar.)
131 April 1 Holders of rec. Mar 160 Sulzberger @ Sons Co., pref. (guar.)
154 April 1 Holders of rec. Mar. 15
American Pneumatic Service, let pref
Swift & Co.(guar.)(No. 114)
$175 Mar.31 Mar. 11 to Mar. 16
134 April 1 Holders of rec. Mar. 10
Second preferred
Texas Company (guar.)
75e Mar.31 Mar. 11 to Mar. 16
American Radiator, common 0:Mara
Underwood Typewriter, common (guar.) 214 Mar.31 Holders of rec. Mar. 12
4
Mar.31 Mar.23 to Mar.31
April 1 Holders of roe. Mar.200
1
Amer. Smelting & Refining, corn. (guar.) 1
Preferred (guar.)
Mar. 15 Feb. 25 to Mar. 4
134 April 1 Holders of roe. Mar.200
Amer. Smelt. Secure., pref. A (guar.)._ 114 April 1 Mar.20 to Mar.28 Union Carbide (guar.)
2
April 1 Mar. 17 to April 6
Preferred B (guar.)
Union Tank Line
134 April 1 Mar. 20 to Mar.28
sg Mar.25 Holders of rem Mar. 40
American Snuff, coarsen (guar.)
3
April 1 Holders of rec. Mar. 136 United Cigar Stores of Amer., pt.(guar.)
13.4 Mar. 15 Mar. 2 to Mar. 15
Preferred (guar.)
U.S.Gypsum, pref. (guar.)
114 April 1 Holders
114 Mar.31 Mar. 16 to Mar.311
American Sugar Rein.,corn.& pref.(au.) 114 April 2 Holders of rec. Mar. 130 Utah Consolidated Mining
of reel. Mar. In
50c. Mar.31 Holders of rec. Mar. 13
American Sumatra Tobacco, preferred _.... 314 Mar. 15
Utah Copper (guar.)(No. 27)
Mar. 6 to Mar. 15
750. Mar.31 Mar. 13 to Mar. 16
American Tobacco, preferred (guar.)._ _ _
Western Electric (guar.)
1.14 April 1 Feb. 14 to Mar. 15
Mar. 31 Holders of rec. Mar. 240
2
Atlantic Refining
Weyman-Bruton, common (gnat.)
5
Mar. 15 Feb. 20 to Mar. 2
April 1 Holders of rec. Mar. 13a
3
Atlas Powder (guar.)
Preferred (guar.)
131 Mar. 10 Feb. 28 to Mar. 10
154 April 1 Holders of rec. Mar. 13a
Beatrice Creamery, common (special).
Woolworth (F. W.), preferred
- 7
Mar. 10 Holders of rem Feb. 27
(guar.)._
134 April 1 Holders of rec. Mar. 100
Bethlehem Steel, pref.(guar.)
n13.j April 1 Holders of rec. Mar. 160 Yukon Gold (guar.)
734e. Mar. 31 Mar. 10 to Mar. 14
Booth Fisheries, first preferred (quar.)
IN April 1 Mar.20 to April 1
a Transfer books not closed for
this dividend. b Less British income tax. a CorBorden's Cond. Milk., pref.(qu.)
(No.53) 134 Mar. 15 Mar. 2 to Mar. 15
rection. e Payable In stock. f Payable
in common stock. g Payable in scrip.
British-Amer. Tobacco, Ltd., ordinary
230 Mar. 31
h On account of accumulated
See note
dividends. I Transfers received In order in London on
Brooklyn Union Gas (gnat.) (No. 56)„ 134 April 1 Mar. 18 to (I) 31
or before Mar. 17 will be in time
Mar.
payment of dividends to transto
Buckeye Pipe Line (quar.)
$2 Mar.15 Holders of tee. Feb. 20
ferees. n Declared 7%, payable inbe passed for
quarterly Installments beginning Apr. 1.
Buffalo General Electric (guar.)
134 Mar. 31 Holders of rem Mar. 20a p Declared 334%, payable 194%
April 1 to holders of record Mar. 19 and 154%
Calumet & Arizona Mining (guar.)
50c Mar.22 Mar. 6 to Mar. 21
July 1 to holders of record June 18. t Declared 7%. payable In
quarterly installment beginning March I.




[Vol.. 100.

THE CHRONICLE

790

-The following are and since Jan. 1 1915, and for the corresponding periods in
Imports and Exports for the Week.
the imports at New York for the week ending Feb. 27; also 1914 and 1913:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
Exports.
1914.

1915.

For Week ending Feb. 27

1912.

1913.

$
2,908,485
19,768,391

Total
Since January I.
Dry Goods
General Merchandise

$
4,288,728
17,444,366

$
3,391,782
18,996,941

$
3,707,413
19.008,879

22,676,876

Dry Goods
General Merchandise

21,733,094

22,388,723

22,716,292

21,230,129 34,106,153 27,176,852 24,710,610
120,289,214 124,630,643 138,717,995 127,346,693

Week.

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 27 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1915.

Week ending Feb. 27

1914.

1913.

1912.

For the week
Previously reported

$
5
$
$
21,292,662 23,329,080 16,835,364 17,235,507
178,568,612 141,575,172 144,179,953 114,438,271

Total 3 weeks

Since
Jan. 1.

577,500

891.573

481,250

1,027,950

32,350

607,350

2,488
7,296
103,300
48,116

144,125
799,976
1,011,364
409,643

513.600 1,635,300
2,105,256 15,571,123
1,250.000 29,057,182

Total 1915
Total 1914
Total 1913

738,700
79,021
143,578

3,289,681
2,361,620
2,887,105

567,889
235,000

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

199,861,274 164,904,2521 161,015.317 131.673.778

P

Week.

8
Great Britain
France
Germany
West Indies
Nlesico
South America
All other countries

141.519.343 158.736.796 165.894.847 152.0.17.303

rrntai A won1,4

Imports.

Since
Jan. 1.

Gold.

498

5,914,204
706,000
4,607

755

39,579
4,410
803,387
737,718
703,480

Total 1915
Total 1914
Total 1913

400
13,958
26,600
6,932

55,337
21,758
479,857
216,210

6.668,800
6,381,342
8,842,170

47,890
122,998
58.274

773,917
1,888,181
1,771,801

Of the above imports for the week in 1915, 81,435 were
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 27, American gold coin and --__ American silver coin.
-Following is the weekly statement issued by the Federal Reserve Board on February 27:
The Federal Reserve Banks.
The statement indicates a loss of 3.7 million dollars in the cash resources, mainly of the Western banks at Chicago, Kansas City and Minneapolis.
The New 'York
The gold resources of the banks show a decrease of 2.9 millions, Chicago and Kansas City reporting the largest losses for the week.
an increase
bank reports a gain of about $600,000 in its gold reserve and a gain of about $200.000 in its total cash reserve. Loans and discounts show commercial
over 75% of the total amount of
for the week of about 2.7 million dollars. The three Southern banks, Richmond, Atlanta and Dallas report
paper held by all the banks. About 1.9 million dollars of acceptances was bought by the New York, Philadelphia and Boston banks during the past
-day
week. As this paper matures only with 60 to 90 days,the proportion of short-term maturities is smaller than in previous weeks, the percentage of 30 of
7
-day paper from 39% to a little over 34%. Over 1 million dollars of the entire amount
paper showing a decline from 430 to 37.4%, and that of 60
and
the banks is agricultural and live stock paper, maturing after 90 days and discounted mainly by the Dallas, San Francisco, Chicago
paper held by
hand showing
Bt. Louis banks. The amount of investments shows an increase for the week of 2.1 million dollars, warrants as well as U. S. bonds on
alone reports $3,125,000, a gain
larger totals than the week before. Of the total, 4,406,000 of U. S. bonds on hand, reported by six banks, Chicago
Richmond, Chicago and San Francisco banks, the
of 8250,000 for the week. Additional purchases of warrants are reported by the New York, Boston,
million dollars, the larger gain of 6.4 million dollars
total of this class of investments exceeding 13 million dollars. Aggregate deposits show a gain of 4.9 Kansas City.
by New York, Dallas and San Francisco banks being offset by losses shown for Chicago and
reported
an increase of 2.2 millions for the week.
The Federal Reserve agents report a total of Federal Reserve notes issued to the banks of $27,590,000,
with the reserve agents. The banks report as their outstanding
Of the total amount issued-about75% is secured by gold and lawful money on deposit amount of reserve notes in the vaults of the banks, The net
$22,957.000, the difference between the two totals representing the
circulation a total of
liability of the banks on account of their outstanding circulation is given as $5,328,000.
RESERVE BANKS OF THE UNITED STATES OF AMERICA
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
AT THE CLOSE OF BUSINESS FEBRUARY 26 1915.
RESOURCES
Feb. 261915. Feb. 191915. Feb.11-12'15. Feb. 5 1915. Jan.29 1915. Jan. 22 1915 Jan. 15 1915. Jan. 8 1915. Dec.311914.
5248,909,000 5251,808,000 5259,256.000 5256,217,000 5235,905,000 $239,662,000 5236.516.000 5232,553.000 5229.069,000
and certificates
Gold coin
Legal-tender notes, silver certificates and 29,085,000
17,997,600
18.747,000
26,578,000
16,228.000
20,882,000
29,887,000 22,117,000 22.641,000
subsidiary coin
Total
Bills discounted and loans:
Maturities within 30 days
EC!. Maturities within 60 days
Other
,
Total
Investments
Duo from Federal
tt transit
All other resources

5277,994,000 5281,695,000 5281,373.000 $278,858,000 5256,787,000 5258,409.000 5252,744.000 5250,550,000 5255,647,000
57,656,000
7,102,000
5,711,060

7.721,000
6,909,000
3,132,000

7.884,000
6,126,000
3,080,000

7,714,000
6,945,000
2,761.000

$6,331,000
4,903,000
2,721.000

$6,833,000
4,089,000
2,140,000

56,049,000
4,344.000
2,049,000

$20,469,000 $17,762,000 817,090,000 516,420,000 $13,955,000 513,062,000 $12,442,000
9,173,000
14,704,000
13,180,000 510,434,000
15,314,000 15,546,000
17,417,000
Reserve

Total resources

banks: Items in
8,088,000
7,765,000

2,766,000
8,917,000

4,462,000
6,551,000

5,419,000
6,823,000

7,421,000
10,891.000

9,142.000
13,491.000

7,595.000
15,144,000

54.410,000
3,686,000
1,780,000

$4,632,000
4,215.000
1,746,000

59.876,000 $10,593,000
6,467,000
255,000
6,249,000
14,159,000

11,349,000

$331.733,000 8326.454.000 $325,022,000 5322,224,0130 5302,234,000 5304,538,000 5297,098.000 5287,301,000 5277.844,000

'36,669,000
Capital paid in
290,336,000
Reserve deposits
(net
Federal Reserve notes In circulation
a5,328,000
amount)
$331,733,000
Total liabilities
86.6%
Gold reserve against net liabilities_ b
96.7%
Cash reserve against net liabilities_b
liabilities after setting
Cash reserve against
aside 40% gold reserve against net
amount of Federal Reserve notes in
97.7%
eirculation_b
Feb. 26 1915.
526,172,000
a) Federal Reserve notes In circulation__ .._
Deduct: Gold and lawful money in hands
Agents for reof Federal Reserve
20,814,000
tirement of outstanding notes
Net liability of Reserve Banks upon
55,328,000
outstanding notes
(b) After deduction of Items in transit be$8,088,000
tween Federal Reserve Banks, viz

LIABILITIES.
$36,056,000 835.841,000 835,123,000 520,440,000 $18,432,000 518.075,000 318,058.000 $18,051.000
285,468.000 284,996,000 284,101,000 279,516,000 284,193,000 277,185,000 267,389,000 6256,018,000
a1,030.000

a4,185,000

a3.000,000

a2,278,000

a1,913,000

21,838,000

a 1,854.000

a3,775,000

5326,454,000 5325,022,000 $322,224,000 5302,234,000 5304,538,000 $297,098.000 5287,301,000 5277,844,000
87.1%
87.5%
88.2%
91.0%
86.5%
91.1%
86.0%
88.6%
93.1%
97.9%
98.8%
98.4%
99.0%
93.3%
95.3%
93.6%

98.8%

99.7%

99.6%

94.0%

93.4%

93.5%

95.7%

99.3%

Feb. 19 1915. Feb.11-12'15. Feb. 5 1915. Jan.29 1915. Jan. 221915. Jan. 15 1915 Jan. 8 1915. Dec. 311914.
524,632.000 $20,106,000 518,702,000 517,679.000 517,106,000 $16,304,000 516,530,000 516.027.000
19,702,000

15,921.000

15,702,000

15,401,000

15.193,000

14,966,000

54,930,000

54,185,000

53,000,000

52,278,000

51,913,000

$2,766,000

54,462,000

55.419,000

57,421,000

59,142,000

11,676,000

12,252,000

51,838,000

$1,854,000

53.775,000

57,595,000

*56,249,000

57.930,000

• Corrected figures.
FEDERAL RESERVE;BANKS AT CLOSE OF BUSINESS FEB. 261915,
RESOURCES AND LIABILITIES OF EACH OF THE 12
•
• -- -- Y STATEMENT OF
Cleveland. Richmond. Atlanta. Chicago. Si. Louis. Minneap. Kan. City. Dallas. San Fran.
Phila.
Boston. New York.
_
5
$
$
$
5
$
$
8
$
$
$•
5
RESOURCES.
10,141,000 10,185,600 10,642,001 7,540,00 16,376,000
15,724,000 98,991,000 15,262,000 18,431,000 8,845,000 3,613,000 33,159,000
Gold coin and certificates
Legal-tender notes, silver certifi304,000
975,000
1,914,000
45,000
50,000
558,000
7,000
704,000
657,00
2,970,000 15,339,000 5,567,000
cates and subsidiary coln
--18,694,000 114,325,010 20,829,000 10,135,000 8,895,000 5,527,000 33,463,600 11,116,000 10,230,000 11,200,000 8,197,00 16,383,000
Total
647,000
831,000
319,000
359,000 2,574,00 1,079,060
772,000 5,550,000 5,289,000
511,000
308,000 2,230,000
Bills discounted and loans
4,755,00C
55,000 1,050,000
37,000
515,000
920,000
991,000
626,000 6,903,000 1,565,000
Investments
5,596,000 4,364,000
306,000
313,000
8,996,600
other F.R.bks.-net.
Due from
17,000 2,930,000 1,384,000
10,000
157,000
125,000
663,000
443,000
437,000
958,001
330,000
311,000
'.11 other resources
-b
19,939,000 132,734,000 23,881,000 21,256,000 14,492,000 10,833,000 47,575,000 17,566,000 11,756,000 12,517,00 11,729,00 18,890,000
Total resources
g
LIABILITIES.
16,093,600 126,096,000 19,730,000 17,048,000 8,362,000 5,400,000 43,172,000 15,715,000 8,793,000 9,559,000 7,434,00 12,234,000
leserve deposits
1,435,000 1,890,000
1,334,000 1,103,000 1,704,001 3,357,000
612,000
-net
Due to other F.R.banks circulederal Reserve notes in
177,000 2,513,000 1,966,000
672,00
iation-net amount
3,234,000 6,638,000 4,151,000 4,031,000 2,182,000 1,577,000 4,403,000 1,851,000 1,629,000 1,855,000 1,919,00 2,599,000
)apital pald in
in owl ono 132_734.0M 23.881.000 21.256.000 14.402.000 10.833.000 47.575.000 17.566.000 11.756.000 12 All mall 750 Annie gen nnn
_ . ... _
otal luau)

-The following
Companies.
statement
.
Statement of New York City Clearing-House Banks and Trust the week ending February 27. detailed
The figures for the
Clearing-House members for
shows the Condition of the Now York daily results. In the case of the totals, actual figures at the end of tho week are
separate banks are the averages of the
also given:



MAR. 6 1915.]

THE CHRONICLE
IN Mi WV

.1. t/11.1.N.

WY .....1.A.A.0 .1.

V..../...M.
..... ..a-A..•., kJ ..1.11
,

CLEARING HOUSE
MEMBERS.

Loans,
Net
Capital.
Profits. Discounts.
Investm'ts,
Week Ending
Feb. 271915.Ac
(Nat.11ankeDee.31)
- •
(N5 omitted.)
(State Wks Dee.24)

Gold.

791
Att,./ A WAWA,
•

Nat.Bank Nat.Bank Federal
Notes
Notes
Reserve
(reserve
(not
Bank
Silver. for State counted
Notes
InstItuas
(not
;ions]. reserve). reserve).

Legal
Tenders.

Reserve Excess
Net
due from
with
Reserve Demand
Legal
Deposi- Deport- Deposits.
Caries.
tortes.

National
Bank
Net
CircuitsTime
Deposits.
tion•

Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
2
$
$
$
$
529,0
1,800,0
638,0
799.0
7,0
417.0
24,525,0
6,0 1,866,0
1,054,0
192,0 1,702,0
20,0
2.000,0
64,0 1,702,0
23,075,0
7,380,0
514,0 4,356,0
94,0
11,0 6,141,0
87.631,0 1,799,0 5,000.0
51,914,0 32,172.0 6,774,0
212,0
424,0 28,901,0
325,0 3,563.0
274,152,0
907,0
741,0 2,027,0
73,0
449,0
15,0 2,236,0
27,674,0
580,0
194,0
343,0
18.0
496.0
74.12
661,0
8,608,0
63,0
119,0
37,0
10,0
50,0
1,688,0
170.0
133,0
2,727,0
772,0 1,689,0
177,0
8,0 6.266,0
692,0 3.677,0
56,764,0
10,525,0 3,298,6 7,729,0
84,0
19,0 10,769,0
5,200.0
143,522.0
1.491,0
584,0
794,0
130.0
29,0 1.761,0
94.0 1,199,0
24.163,0
9,507,0 2,052,6 5,268,0
121,0
18,0 6,763,0
305,0
93,271,0
1,136,0
107,0 1,204,0
51,0
53,0 1,775,0
20,969,0 1,348.0 1.655.0
857,0
758,0
743,0
59,0
168,0
832,0
9,056,0
13,0
930,0 1,103,0
913,0
50.0
2,274,0
500,0
25,356,0
7,051,0 1,308,0 3.585,0
176,0
7,358,0
100,001,6
345.0 3,580,0
145,0
58,0
18,0
61.0
154,0
50.0
1,882,0
1,202,0
311,0
487,0
100,0
13,0 1,000,0
685,0
13,000,0
72,0
5,0 9.444,0
18,353,0 1,264,0 3,553,0
5.077,0
116,378,0
44,0
5,5E6.0 1,383,0 3.594.0
89,0 4,316,0
54,457,0
265,0 1,140,0
494,0
189,0
555,0
144,0
3.0
650,0
200,0
9,343,0
12,335,0 3,222,0 4.136,0
312,0
52,0 10,307.0
450,0
139,729,0
600,0
8,0 1,040,0
972,0
627,0
890,0
134,0
890,0
14,588,0
354.0
733,0
55,6
4,0
978,0
805,0
350,0
8,821,0
10,0
75,0
327,0
93,0
319,0
250,0
18,0
4,485,0
2.658,0
912,0 2.186,0
69,0
10,0 2.391,0
405,0
30,892,0
709,0
395,0 2,827,0
20,0
83,0 2,250,0
500,0
28,713,0 1.250,0
667,0
141,0
55,0
214,0
509,0
400,0
6,547,0
140,0
27,0
198,0
633,0
707,0
400,0
96,0
9,038,0
34,0
203,0
199,6
432,0
556.0
267,0
13.0
7,536,0
2,339,0
Totals, avge. for week 112,000,0 174,795,6 1.335,243,0 142.362.053,807,0 58,606,0
914,0 113,886,0
1,365,864,0 8,606,0 39,255,0

Members of Federal
Refers. Bank.
$
$
Sank of N. Y., N.B.A._ 2,000,0 4,480,9
Uerchants' Nat. Bank__
2,000,0 2,006,5
%4eek. & Metals Nat--- 0,000,0 9,408,0
National City Bank__ __ 25,000,0 34.503,9
Chemical National Bank 3,000,0 7,785,3
Merchants' Exch. Nat__
762,3
1,000,0
Nat. Butchers & Drov68,0
300,0
kmerican Exchange Nat
. 5,000,0 4,769,8
Nat. Bank of Commerce 25,000,0 16,480,5
Chatham & Phenix Nat. 2,250,0 1,371,8
Hanover National Bank 3.000,0 15,228,6
Citizens' Central Nat.._
2,550.0 2,393,2
Market & Fulton Nat__
1.000,0 1,971,5
Importers' & Traders'__
1,500.0 7.508,7
National Park Bank _ _ _ - 5,000,0 15,002.0
East River National_ _ __
64,7
250.0
Second National Bank__
1,000,0 3,009,9
First National Bank_ _ _- 10.000,0 21,595,1
Irving National Bank__ 4,000,0 3,653,0
N.Y. County National_
500,0 1,902,5
Chase National Bank _ -- 5,000,0 9,172,3
Lincoln National Bank_
1,000,0 1,822.0
Garfield National Bank_
1,000,0 1,227,6
Fifth National Bank _ - _
404,8
.
250.0
Seaboard National Bank 1.000,0 2,733,4
Liberty National Bank_
1,000,0 2.760,4
Coal dt Iron Nat. Bank. 1,000,0
638,7
966,3
Union Exch. Nat. Bank_
1,000,0
Nassau Nat.. Brooklyn. 1.000,0 1,103,9

Totals,actual conditio n Feb. 27
Totals, actual conditio n Feb. 20
Totals, actual condition Feb. 13
Totals, actual condition Feb. 6
Totals, actual conditio n Jan. 30
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Corn Exchange Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germania Bank
Bank of the Metropolis.
West Side Bank
N.Y.Produce Exch
State Bank
Security Bank

2,050,0
1,500,0
500,0
500,0
200.0
2,000,0
3,500,0
250,0
750,0
100.0
200,0
200,0
1.000,0
200.0
1.000,0
1,500.0
1,000.0

Average.
if
27,480,0
24,327,0
91,350,0
221,249,0
33,017,C
9,132,0
2,061,0
59,503,0
158,678,0
24.251,0
88,091.0
24,543,0
8,931,0
29,763,0
104,643,0
1,972,0
15,553,0
121,316,0
48,555,0
9,696,0
124,876,0
14,581,0
8,353,0
4,283,0
26,349,0
27,869,0
6,698,6
9,775,0
8,318,0

1,338,940,0 141,700,0
1,327.164,0 139,626,0
1,331,544,0 133,356.0
1.315.,647,0 136,288,0
1,306,678,0 128,510.0

4,867,6
6,328,8
1,124,2
1.004,7
460,7
1,827,2
6,979.3
778.7
691,6
2,227,1
820,7
999,0
2,110.5
714,7
856,1
687,0
301,8

39,700,0
29,233,0
10,034.0
4.937,0
2.080,0
12.412,0
69,523,0
3,606,0
4,685,0
14,573,0
3,517,0
5,760,0
12,406,0
4,517,0
10,930,0
17,265,0
10,047,0

8,270,0
3,180,0
886,0
281,0
195.0
897,0
6,080,0
287,0
535,0
1,535,0
486,0
600,0
1,286,0
295,0
1,631,0
1,098,0
602,0

53,394,0
55,409,0
56,292,0
56,743,0
57.524,0

59,409,0
60,368.1
62.872,0
63,094,0
60,522,0

786.0
1,962,0
167,0
741,0
149,0
489,0
2,199,0
29,0
264,0
741,6
42,0
125,0
298.0
252,0
590.0
409.0
87.0

1,279,0
1,442,0
706,0
205,0
101,0
463,1
3,922,1
59,0
74,0
780,1
147,0
150,0
888,0
145,0
596,0
684,0
318,1

143.0
184.0
235,0
238,0
29,0
59,0
1,503,0
61,01
18 01
,
92,0
84,0
107,0
192,0
30,0
186.0
548,0.
204,01

6,0

2,628,0
2.748,61
2.189,0
2,743,0
3,865.0

740.6 113.666,0
1,052.0 111,696,0
955,0 113,293,0
965,0 112,645,0
788,0 108,286,0

1,369,125,0
1,356,627,0
1,360,379.0
1,347,253.0
1,329.000.0

7,865,0
7,977.0
7,531,0
7.095.0
5.837.0

1,100,0
552,0 1,7139,0

43,870,0
28,298.0
10,623,0
4,851,0
2,297,0
10,321,0
77,571,0
3,231,0
4,630,0
15,039,0
3,389,0
5,766,0
11,832,0
4,635,
12,072,
18.069,0
0,201.0

2,0
3,211.0

6,046,0 2,790,0

266,595,0

39,118,0
39,415,0
39.464,0
40,694,0
41,439,0

3,277,0

337.0
1,0
3,000,0
194,0
200,0

131,0

192,0
241,0

950,0

230,0

54.0
10,0

Totals, avge. for week 16,450,0 32,779,7

255,225,0 28,114,0

9,330,0 11,959,0

3,913,0

7,0

Totals,actual conditio n Feb. 2,
Totals, actual condltlo n Feb.20
Totals, actual conditio a Feb. 13
Totals, actual conditio n Feb. 6
Totals, actual conditio n tan. 30

254,326,0
2.55,473,0
257,769.0
256,474,0
255,233,0

27,375,0
28,685,0
30,719,0
30,864,0
31,245,0

9,271,0
8,804,0
9.031,0
7,762,0
7,990.0

11,201,0
12,700,1
12.849,0
13,364,0
15,001,1

3,800,0
3,971,0
4,103,0
4,362,0
5,177,0

7,0
8,0
11,0
20,0
21,0

6,205,0
6,183.0
6,088,0
6,099,0
5,912,0

2,627,0
2.544,0
2,552.0
2.667,0
2,820,0

262,800,0 3,271,0
266,103,0 • 3,285,0
270,886,0 3,294,0
270,946,0 3,296,0
270,719,0 3.298,0

27.398,0 1,282,0
146,517,0 12,321,0
41.395,0 2,898,0
20,135,0 1,297.0
33,851,0 1,631,0
215,621,0 13,181,0
7,291,0
391.0
20,628,0 1.032,0
61,109,0 3,224,0
17,965,0 1,191,0
45,214,0 3,355,0
14, 54.0
563,0
10.
772,0
638,0
32,972,0 1,894,0
13,992,0 1,035,0

246,0
21,0
87,0
19,0
150,0
925.0
138,0
182.0
104,0
97.0
184.0
271,0
54,0
346,0
74,0

540,0
571,0
95.01
133 0
.
154,0
1.591,0
90,0
61,0
515,0
233,0
94,0
123,0
210,0
381,0
456,0

294,0
8,0
162.0
214,0
239,0
725,0
22.0
37.0
531.0
260,0
11,0
223,0
89,0
153,0
342,0

12,0
13,0

1,104,0 2,729.0
6,410.0 10,258,0
1,571,0 4,611,0
706,0 1,591,0
984,0 5,065,0
7,717,0 8,846,0
292,0
407,0
787,0
619.0
2,145.0 2,942,0
866,0 1,527,0
1,626,0 4,494,0
751,0
571,0
706,0
482,0
1,257,0 1,687,0
705,0 2,492,0

22,077,0 3,920,0
128,192,0 21.865,0
31,410,0 8,526,0
15,798,0 4,305,0
662,0
19,679,0
154,353,0 19,089,0
123,0
5.853,0
437,0
12,387.0
42,890,0 15.533,0
792.0
17,344,0
32,499,0 3.350,C
11,416,0 2,213.0
9,644,0 1,089.0
25,147.0 4,385.0
61,0
14,093.0

Trust Companies.
Not Members of
Federal Reserve Rank.
Brooklyn Trust Co
1,500,0 3,349,0
Bankers Trust Co
10.000,0 12,451,5
U. S. Mortgage & Trust 2,000,0 4.226,9
Astor Trust Co
1,250.0 1,038,8
Title Guarantee dc Trust 0,000,0 11,652.1
Guaranty Trust Co_...... 10,000,0 21.360,8
Fidelity Trust Co
1,000.0 1,330,3
Lawyers Title Ins. At Tr_ 4,000.0 5,083,2
Columbia Trust Co
2.000.0 7,094,1
People's Trust Co
1,000.0 1,376,7
New York Trust Co_ ..... 3,000,0 11,647,6
Franklin Trust Co
1,000.0 1,036,9
Lincoln Trust Co
545,2
1,000.0
Metropolitan Trust Co_
2,000.0 6,123,4
Broadway Trust Co_ --- 1,500,0
875,2
Totals, avge. for week 46,250,0 89,191,7
Totals,actual conditio n Feb. 27
Totals, actual condition Feb. 20
Totals, actual conditio n Feb. 13
Totals, actual conditio n Feb. 6
Totals, actual conditio a Jan. 30

708,914,0 45.933,0
704,236,0
704,371,0
698,066,0
690,542,0
671,313,0

46,354,0
46,004,0
48.440,0
48,304,0
49,140,0

Grand Aggregate. avge. 175,300.0 297.767.0 2,299,382,0 216,409,0
Comparison, prey. week
+10,790,0 +2,385,0
Grand Aggregate, actual . -Taltion Feb. 27_ 2,297,504,0 215,429,0
.t:
.1.
Comparison, prey. week
+10,556,0 +1,114,0
Grand Aggregate, actual condition Feb. 20- 2,286,948,0 214,315,0
Grand Aggregate, actual condition Feb. 13_ 2,287,379,0 212,515,0
Grand Aggregate, actual conditIon Feb. 0- 2.262.663,0
Grand Aggregate, actual condition Jan. 30. 2,233,224,0 215,456.0
Grand Aggregate,actual condition Jan. 23. 2,212.213.0 208,895.0
197.781,0
Grand Aggregate,actual condition Jan. 16_ 2.107.408.0 192,866.0

1

2.898,0

•

3,0
3,0
8,0
13,0
6.0
10,0

5,247,0

3,231,0
2,003,0
2,615,0
1,718.0
3.133,0

10,0

4,751,0
4:276,0
4,544,0
3,883,0
8,726,0

3.310,1
76,0 27.055,0 48,893,0 542,782,0 86,350,0
--3,008,0
65,0 26,803,0 55,787,0 537,777,0 87,610,0
3,330.0
81.0 26,608,0 47.364,0 533,322,0 86,735,0
3.330,0
114,0 26,685,0 41,062.0 535,596,0 82.297,0
3,217.0
95,0 26,146,0 46,668,0 525,779,0 81,912,0
3,594.0
104,0 26,163,0 51,221,0 522,812,0 81,242,0
--=
66,035,0 75,812,0 7,223,0 2,339,0
999,0 146,987,0 51,683.0 2,175,241,0 1(7,633,0 39,255,0
-603,0 -3,146,01 -290.o -351,0
-98,0 +1,880,0 +73420 +11,375.0 +2.235.0 -209,0
65,896,0 75,361,0 6,808,0 2,628,0
812,0 146,074,0 53.414,0 2,169,702,0 98,746,0 39,118,0
-320,0-1,983 01 -493,0 -120,0 -329,0 +1,587,0 +85060 +13,650,0 +749,0 -297.0
.
66,216,0 77,344,0 7,301,
2,748,0
67,938,0 80,265,0 7,433,0 2.189,0 1,141,0 144,487,0 49,908,0 2,156,052,0 97.997,0 39,415.0
1,080.0 146,066,0 43,614.0 2,166,861.0 93,122.0 39,464,0
66.223.0 80.341,0 7.579 01 2,743,0 1,080,0 144.890.0 49,335,0 2,143.978,0 92,303.0 40,694,0
68,647.0 84.249.0 8.7710j 5.868,0
913,0 140,301.0 54,041,0 2,122,531.0 90.377.0 41.439.
0
70,247.0 84,385,0 8.213.OL 4,154,0
825,0 144.742,0 51,567.012,098,036,0 58,926.0 42.642.0
68.743,0 80.832.0. 9.1.51.01 4.007.0
702 n Tao•onn n ------is (leo•sits n go RA3.11 42.946.6

STATEMENTS OF RESERVE POSITION,
Averages
rash reserve Reserve in
In vault. depositaries

Total
reserve.

*Reserve
required.

Actual Figures.
Surplus
reselve.

Inc.or dec.
from
Cash reserve Reserve In
previous sok
In vault. depositaries

Total
reserve.

"'Reserve
required.

Surplus
reserve.

Inc. or dee.
from
previous wk.

Members Federal
5
$
Reserve Bank.. 254,775,000 113,886,000 368,661,000 246,255,820 122.405,180
-917,860
State Banks
53,316,000 6,046,000 59,362,000 47,987,100 11,374,900 -989,580 254,503,000 113,066,000 367,569,000 246,835,750 120,733,250 -1,774,040
Trust companies
57,388,000 27,055,000 84.443,000 81,417,300 3,025,700 +214,450 51,647,000 6,205,000 57,852,000 47,304,000 10,548,000 -1,896,460
57,344,000 26,803,000 84.147,000 80,666,550 3.480,450 +1,257,750
Total Feb. 27_ _ 365,479.000 146,987,000 512,466,000 375,660,220 138.805,780
Total Feb. 20 167.139,000 145,107,000 512.246,000 373,747,230 138,408,770 -1,692,990 363,494,000 146,074,000 509,568,000 374,806.300 134.761.700 -2,412,750
137,174,450
Total Feb. 13 308,688,000 144,328,000 513,016,000 374,115,180 138.900,820 -402,050 365,176,000 144,487,000 509,663,000 372,488.550 139,873.350 -2,698,900
Total Feb 6._ 370,257,000 142,805.000 513,062,000 370,100.840 142,901.160 -4.000,340 368.151.000 146,066.000 514,217,000 374,343,650 143,991,580 -4,118,230
-825.860 369,599,000 144,890,000 514,489,000 370,497.420
-268,350
Total Jan. 30... 368,206,000 139.586,000 507,792.000 364,064,980 143,727,020„
Total Jan. 23 355,438,000 143,363,000 498,801,000 360,508,890 138,292.110 +9,643,30 370,562,000 140,361.000 510,923.000 366.663,070 144,259.930 +1.237.140
( 360,624,000 144,742,000 505,368,000 362,345,210 143,022.790+7,051,780
1
Total Jan. 16.. 345,084,000 137,195,000 482,27 ,
353.630,190 128.648,810 +141092301 351.592,000 139.600.000 491.392.000 355,420.990 135,971,010 +15391200
• This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Comnanlet•
but in the case of Members of the Federal Reserve Bank It
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Feb. 27,
5400,300; Feb. 20, 5381.300; Feb. 13, $373,950; Feb. 6, 5322,850; Jan.
30,5288,700; Jan. 23,1268,200.
reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank It
a This is the
includes also the amount of reserve required on Net Time Deposits, which was as follows: Feb. 27, 5393,250; Feb. 20, 1398.850; Feb. 13,$376,550; Feb. 6, 3354,750; Jan.
30, 5291,850, Jan. 23, 1286,850.




The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, and these are
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
Feb. 27 1915. previous week.
$560,692,700 Inc. $4,726,800
and investments
Loans
44,104,400 Inc.
154,200
Gold
10,101,600 Inc.
16,200
Currency and bank notes
651,258,300 Dec. 4,997,500
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com560,432,700 Inc. 1,117,200
panies in New York City, and exchanges
143,074,700 Dec. 7,035,000
Reserve on deposits
Percentage of reserve, 27.4%.
RESERVE.
--Trust Companies
-State Banks
310,839.000 11.77%
$43,367,000 10.1.0%
Cash in vault
12,730,600 13.82%
76,138,100 17.73%
Deposits in banks and trust cos
$119,505,100 27.83%

$°3,569,600 25.59%

Total

The averages of the New York City Clearing-House banks
&rid trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN

Loans and
Investments

0
.0..1
.1 0100t,A..1,01et
0,60 ,
T7.17010101
0
00001A010000010

$
2,510,353,2
2,525,517,5
2,527,814,4
2,537,104,2
2,560,108,2
2,580,567,9
2.606,658,9
2,644,972,0
2,664,534.5
2,699,873,7
2,726,179,4
2,728,181,5
2,741,673.7

Specie.
0
:1Nnn7i=2a
00
0000 .01010,0,0101
,
M MM M M MMM
MM

$
Dec. 5...... 2,727,144,8
2,739,891,7
Dec. 12
2,736,668,6
Dec. 19
2.741,417,1
Dec. 26
Jan. 2
2,744,806,5
Jan. 9
2,745,614,3
Ian. 16
2,749,071,9
Jan. 23
2,764,600,2
2,775,955,6
Jan. 30
2,810,842,7
Feb. 6
Feb. 13
2.839,130,1
Feb. 20
2,841,507,9
2,860.029,7
Feb. 27

Demand
Deposits.

Other
Money.
$
90.093,1
86,175,0
86,774,8
83,229,3
83,404,1
85,177,0
87,091.4
88,585,8
89.077,3
85,552,6
84,868,8
84,242.4
83,359.6

In addition to the returns of "State banks and trust companies in New York City not in the Clearing-House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
classin the whole State. Thefigures are compiled so as to distinguish between the results for New York City(GreaterNew
York)and thosefor the rest of the State,as per the following.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions were published in the
"Chronicle" March 28 1914 (V. 98, p. 968). The regulations relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
STATE BANKS AND TRUST COMPANIES.
Trust Co..
Trust Cos.
State Ranks
State Banks
outside of
outside, of
Os
in
Greater N. F. Greater N. Y. Greater N. 7. Gre tier N. F.

Week ended Feb. 27.

Entire
Total
Money Reserve on
Holdings. Deposits.
395,603,0
390,159.6
389,805,2
388,931,6
386,758,3
386,751,0
399,544,3
409,672.5
422,241,0
424,148,7
421,851.5
421,174,6
419,685,0

608,010,0
002,362,3
605,680,7
611,698.5
607.295,8
602,350,5
629,276,2
650,606.3
660.440,2
658,143,6
653.867.9
662.375.7
655,590.7

Capital as of Sept. 12_ .._.

24,550,000

67,300,000

10,718,000

11,300,000

Surplus as of Sept. 12____

GREATER NEW YORK.
We omit ciphers in all these figures.

Week Ended-

[VOL. loo.

THE CHRONICLE

792

39,119,300

151.148,900

13,894,000

11,702,800

330,972,400 1,165,506,900
-1,610,800 +9,925,800

132,005,300
-102,100

191,012,300
+257,800

197,819,400
-1,592,400
tss
25,361,300
-1,405,100

Loans and investments__
Change from last week..
Gold
Change from last week_

38,753,700
-869,400

85,535,700
-943,900

Currency and bank notes
Change from last week.

25,408,800
-515,200

15,280,900
+ 1.958,300

Deposits
Change from last week..

412,857,700 ,305,576,500
-8,790,500 +8,922,400

137,587,600
-144,900

Reserve on deposits
Change from last week..

92,203,800
-2,382,100

260,960,200
+2,097,400

23,682,200
+24,806

P. C. reserve to deposits_
Percentage last week

26.5%
26.9%

25.7%
25.7%

rAis
10.0% 1
15.4%

19.3%
19.3%

+ Increase over last week. -Decrease from last week.

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Nat.Bank Nat.Bank
I
Notes[Be- Notes[Not
Loans,
1
serve for Counted
Discounts,
Legal
as
Tenders. Silver. State InInvest.
Gold.
Week7Ending
/Nat. banks Dec. 31)
stituttons] Reserve].
Feb. 27 1915.
.
e
\State banks Dee. 24/ mena. ,•
Average. Average. Average. Average. Average. Average.
Members of
$
$
3
$
$
$
3
$
Feerl Reserve Bank.
5,000
97,000
64,000
45,000
128,100 1,820,000
200,000
Batty Park Nat. IV
13,000
33,000 113,000
670,600 4,607,000 111,600
300,000
First Nat. Bk., Bkly
23,000
64,000 131,000
300,000
579,200 4,947.000 175,000
Nat. City Bk.,Bklyn
41,000
72,000
400,000 1,259,100 4,560,000 214.000 271,000
First Nat. Bk.,Jer. C
93,000
62,000
91,000
20,000
250,000
800,800 3,585,000
Huds'nCo.N.Bk.J.0
19,000
670,300 5,029,000 111,000
23,000
48,000
220,000
First Nat. Bk., Hob'
7,000
291,400 4,021,000
61,000
42,000
72,060
125,000
SecondNat.Bk.,Hob'
CLEARING
NON-MEMBERS.

Capital.

Net
Profits.

860,000

517,000

543,000

State Banks.
Not Members of the
Federal Reserve Bank.
68,000
360,600 1,819,000
100,000
Bank of Wash'n Hgts.
477,800 7,806,000 585,000
500,000
Century Bank
731,700 7,151,000 296,000
400,000
Colonial Bank
694,700 6,515,000 466,000
300,000
Columbia Bank
99,000
183,000 1,132,000
200,000
Fidelity Bank
478,500 5,478,000 515.000
200,000
Mutual Bank
288,400 3,410,000 143.000
200,000
New Netherland Bank
514,000 5,107,000 358,000
100.000
Yorkville Bank
727,500 16,089,000 683,000
Mechanics' Bk., Bkln 1,600,000
186,900 3.044,000 159,000
North Side Bk., Bkln
200,000
Total
3,800,000 4.643,100 57,551,000 3,312,000

1,795,000 4,399,500 28,569,000

8,000
125,000
178,000
28,000
9,000
45,000
31,000
90,000
151,000
38,000

50,000
218,000
439,000
310,000
30,000
107,000
130,000
154,000
572,000
101,000

16,000
273,000
34.000
75,000
9,000
87,000
88.000
97.000
262,000
46,000

703,000 2,111,000

987,000

51,000
29,000

23,000

95,000

80,000

23,000

Average. Average. Average.
$
$
$
200,000
13,000 523,000 203,000
11,000 613,000 166,000
898,000 2,114,000
2,000 266,000 582,000
2,000 315,000 534,000
224,000 297,000

362,000

19,000
76,000

Excess
Reserve
Federal
National
Due from
Reserve
with
Reserve
Net
Net
Legal
Bank
Bank
Time
CircuNotes!Not Deposi- Depo.si- Demand
Deposits. Deposits. lation.
tortes.
Reservej. larks.

Total

'Trust Companie•.
Not Members of the
Federal Reserve Bank.
Hamilton Tr.Co.,Mtn
Meehan. Tr.,Bayonne
Total
Grand aggregate
Comparison, prev.wk.
Excess reserve,
Grand aggr'te Feb. 20
Grand aggr'te Feb. 13
Grand aggr'te Feb. 6
Grand aggr'te Jan. 30
Grand aggr'te Jan. 23

16,000
500,000 1,020,700 6,901,000 512,000
26,000
80,000
317,300 3,453,000
50,000
--42,000
550,000 1,338,000 10,354,000 592,000

201,000

Average. Average. Average.
3
$
3
1,712,000
17,000 195,000
4,157,000
300,000
119,000
4,946,000
394,000
4,288,000
2,215,000
195,000
1,029,000 2,505,000 216,000
99,000
1,868,000 1,772,000

28,000 3,039,000 3,896,000 21,115,000 4,294,000 1,518,000

94,000
06,000 1,377,000
506,000 323,000 8,426,000
458,000 367,000 7,637,000
408,000 217,000 6,809,000
61,000 135,000 1,013,000
321,000 773,006 5,358,000
206,000 124,000 3,441,000
327,000 488,000 5,443,000
999,000 1,085,000 16,652,000
192,000 181,000 3,204,000

169,000

103,000

20.000

369,000
87,000
811,000
10,000

3,572,000 3.789,000 59,360,000 1,297,000

2,000

6.145,000 10,380,600 96,474,000 4,764,000 1,262,000 2,749,000 1,067,000 586,000
+127,00C -72,000 -41,000 +24,000 -75,000 +43,000
$203,470 increase
6,145,000 10,380,000 96,347,000 4,830,000 1,303,000 2,725,000 1,142,000 943,000
6,145,000 10,380,600 96,169,000 4,797,000 1,300,000 2,660,000 1,095,000 644,000
6,145,000 10,380.600 . . ,
4,872,000 1,237.000 2,550,000 1,130,000 498.000
6,345,000 10,776,900 95,601,000 4.810.0001.310,000 2.682.000 1,142,000 659,000
6.345,000 10,864,100 95.332,000 4,858,000 1,310.000 2,692,000 1,480,000 323,000

286,000 1,458,000 5,727,000 5.59,000
68,000 461,000 1.356,000 2,036,000

2,000

354,000 1,919,000 7,083,000 2,595,000

30,000 6,965,000 9,604,000 87,558,000 8,186,000 1,518,000
+370000 -1712000
+8,000 +56,000 -1,000
30,0000,595,1)00 11316 000 87,550,000 8,130,000
30,000 6,541,000 9,911,000 86,740,000 8,662,000
21,000 6,561,000 8,751,000 46,684,000 8,218,000
20,000 6,444,000 9.804,000 85,581,000 3,058,000
18,000 6,795,000 10830000 85,567,000 8,074,000

J,519,000
1,520,000
1523000
1.518,000
1,530000

-We give below a sumBoston Clearing-House Banks.
Philadelphia Banks.
-Summary of weekly totals of
Clearing-House banks and trust companies of Philadelphia: mary showing the totals for all the items in the Boston Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00) in all these figures.
BOSTON CLEARING-HOUSE MEMBERS.

Loans.

S
427,709,0
422,876,0
431,039.0
434,191,0
437,435,0
438,174,0
438,966,0
443,310.0
445.806,0
458,620,0
458.793,0

$
12,686,0
12,418.0
12.178,0
11,789,0
11,647,0
11,592,0
11,554,0
11,562,0
11,521,0
11,510,0
11,510,0

1.010101

$
73,357,0
68,608,0
75,010,0
78,158,0
79,909,0
82,966,0
84,437,0
85,162,0
87,508,0
90,514,0
91.485.0

Clearings.

1-0.4

Circulalion.

010

Depa its.
•

,
006100010000*
01.100101000, 00
N.C1COMM:OWt1

$
397,010,0
395,929,0
393,452,0
393,545,0
305,052,0
393,671,0
394,575,0
395,604,0
397,425,0
402,966.0
4114 622.0

Reserve.

,,3f1C...JONON

Dec. 19
Dec. 2.6
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
-

Capital
and
Surplus.
.8
103,634,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,634,3
103,684,3
103,684,3
,,-..: ace 1

the item "due to other banks" (Feb. 27.
a Includes Government deposits and
5132,698,000); also •'Exchanges for Clearing House" (Feb. 27, $12,676,000). Due
from banks Feb. 27, 552,367,000.




Change from
Feb. 27 '15.1 previous week. 'Feb. 2015. Feb. 13 '15.
$9,367,000 Dec.
Circulation
Loans, disc'ts & investments.. 235,117,000 Inc.
Individual deposits, incl.U.S. 179,218,000 Inc.
85.237,000 Dec.
Due to bank
5,706,000 Inc.
Time deposits
Exchanges for Clearing House 12,918,000 Inc.
24,676,000 Dec.
Due from other banks
20,651.000 Dec.
Cash reserves
Reserve in Fed. Reserve Bk.. 8,910,000 Inc.
Reserve with other banks_ _ _ 32,560,000 Inc.
8,128,000 Dec.
Reserve excess in bank
Excess with reserve agents_ _ 20,037,000 Inc.
Excess with Fed. Reserve Bk 2,648,000 inc.

$2,000 39,369,000 $9,364,000
1,141,000 233,976,000 233,830,000
2,966,000 176,252,000 175,835,000
2,585,000! 87,822,000 83,296,000
338,0001 9,368,000 4,884,000
1,325,0001 11.093,000 11.695,000
1,233,000 25,909,000 23,983,000
728,000 21,379.000 21,309,000
114.000 8,776,000 8,679,000
504,000 32,056,000 28,814,600
721,000 8,849,000 8,781,000
511,000 19,526,000 16,286,000
137,000 2,511,000 2,415,000

--See second page
Imports and Exports or the Week.
preceding.

MAR.

THE CHRONICLE

1915.1

793

to 1088%; $21,000 N. Y. Canal 43/2s at 1088% to 1088% and
$58,000 Virginia 6s deferred trust receipts at 56 to 588%.
Sales of railway and industrial bonds have continued to
Wall Street, Friday Night, March 5 1915.
increase in volume, exceeding those of last week by over
-Nothing of a domestic characThe Money Market, &c.
$1,000,000. Prices have advanced, owing undoubtedly to
ter seems worth mentioning in view of developments in a general feeling that the naval situation abroad will bring an
Europe and the diplomatic correspondence reported. If the end to hostilities sooner than a few weeks ago was thought
Allies succeed in stopping all shipping into and out of Ger- possible. Although a wholesome degree of caution is shown
many and in taking possession of Constantinople, it does by investors, a list of 20 most active issues shows a gain in
not seem likely that the war can go on indefinitely. When 17 and a loss in only 3. This is the more remarkable in view
the Kaiser said at the beginning that Germany would con- of the fact that sales in this department, apparently for
tinue the struggle if necessary "to the last man and the last foreign account, have been heavy; the traceable amount
horse," he evidently had not taken into account the possi- aggregating $2,145,000, not including foreign-owned bonds
bility that all supplies from outside might be cut off; and held in America, sales of which cannot be estimated.
Among the exceptional features, Missouri Pacific 4s head
yet, this possibility and the naval operations now in progress
in the Dardanelles have given rise to a more or less general the list with a gain of 4 points, U. S. Realty & Impt. 5s three
hope that the end of the war is nearer than it recently seemed. points, and several other issues show a gain of from one to
For the foregoing or other reasons the security markets have two points. On the other hand, Distilling Securities Corp.
and a few other issues are fracbeen strong throughout the week, although sales of bonds 5s have declined 38% points
lower.
of foreign ownership have continued large. The volume of tionally
-Sales of Government bonds at
United States Bonds.
business in stocks has, however, been unusually limited.
the Board are limited to $7,000 4s reg. at 1098% and $1,000 3s
As a result of the hope in some quarters that a way will be coup. at 1013 . For to-day's prices of all the different issues
4
made for Russia to market her supply of wheat and also that and for yearly range see third page following.
the proposed blockade of German ports will become effective,
-The stock marRailroad and Miscellaneous Stocks.
both wheat and cotton have suffered a severe decline in this ket has been somewhat less active than last week, but generally firm, and substantial addition made to the advance in
market.
Home news is, as hinted above, relatively unimportant, prices then referred to. Reasons for the better feeling in
and there is practically nothing new in the industrial situa- financial and investment circles are mentioned above.
of course, change at any moment, and a good
tion. As was expected, the output of iron during February These may,
deal of caution exists.
was much larger than in January, it being 59,813 tons per
To-day's market has been the most active of the week,and
day, against 51,659, a gain of over 15%. The financial in many cases an advance of from 1 to 2 points was recorded
event of the week attracting attention was the Bank of during the session.
of the week's operations, a considerable list
England's statement showing a decrease of over $19,000,000 of As a result closes from 2 to 5 points higher than last
active stocks
in its gold holdings and a shrinkage of its percentage of re- week. The railway list was led by New Haven with an
serve from 308% to 258 . Only a small part of the difference advance of 58% points. St. Paul and Reading are 3 points
4
In gold holdings is accounted for by transfers to this market higher, and Northern Pacific, Baltimore Si Ohio, Lehigh Valfrom 2 to 3.
within the period covered. We have received this week, ley and Third Avenue fluctuations have been wider. NaIn the industrial list
however, $600,000 from Ottawa, $750,000 from London, tional Lead is 814 points to the good, Maxwell Motor pref.
$300,000 from Copenhagen and an engagement of $750,000 68%, Maxwell Motor 48%, and U. S. Steel 38%.
from Japan.
For daily volume of business see page 802.
The business community, including practically all departThe following sales have occurred this week of shares not
ments, feels a sense of relief since the adjournment of Con- represented in our detailed list on the pages which follow:
gress, and efforts to adjust affairs to the changes which the
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
enactment of many new laws make necessary will now ocfor
cupy more or less of the time and thought of a considerable Week ending March 5. Wce.t. Lowest.
Highest.
Lowest
Highest.
part of every branch.
Ja 83
Mar
360 8134 Mar 383 Mar 4 80
Adams Express
Jan
Mar 4
1
The open market rate for call loans on the Stock Exchange American Express pref. 610 83 Mar 2 8434 Mar 2 83 Feb 95 Feb
Fe
7
8
8
200 8 Mar
Am Writing Paper,
11%
11%
11%
100 1134
on stock and bond eollaterals ranged from 18% to 2%. The Chicago & Alton, pref... 100 40 Feb 27 40 Feb 27 38 Fe 47 Feb
Jan
Si
Mar 1
Mar 1
Cuban-Amer Sugar
4
rate on Friday was 18 @2%. Commercial paper closed at Des M & Fr Dodge, pref 100 2934 Mar 4 2934 Mar 4 2934 M 29% Mar
33 11234 Mar 1 1133j Mar 5 1114‘ Feb 11334 Mar
Detroit Edison
Jan 112
35.1@3M% for sixty to ninety-day endorsements and prime Helme(G W)„ pref
Jan
100112 Mar 31i2 Mar 3 112
Feb
Feb
& P__
Mar
2012034
four to six months' single names. Good single names Kings Co Elec Lleased 1_ 100 75 Mar 2 121 Mar 3 120% Mat 121 Mar
75
75
Mar 3 75
M St P&SSM
Feb 2
54 2 Mar 5 2 Mar 5 2
Feb
Ontario Silver Mining
4@45(%.
Ma 15
100 15 Mar 5 15 Mar
__
15
Mar
Pettibone-Mulliken
28
28
2934 Jan
2734
The Bank of England weekly statement on Thursday Union Pacific warrants_ 200 59 Mar 3 59 Mar 3 48% Feb 60 Feb
Mar 3
Ja
Mar 3
United Dry Goods, pref. 100
i0040 Mar 240 Mar 2
showed a decrease of £3,879,453 in gold coin and bullion Virginia Iron C & Coke_ 960 8434 Feb 27 87 Mar 5 36% Fe 40 Mar
77% Ja 87
Mar
Wells, Fargo & Co
holdings, and the percentage of reserve to liabilities was West Maryland, pref.._ 300 30 Mar 3 30 Mar 3 25 Jan 36 Jan
25.71, against 30.09 the week before. The rate of discount
-The same quiet conditions of the past
Outside Market.
remains unchanged at 5%, as fixed Aug. 13. The Bank few weeks have again prevailed throughout "curb" market
of France shows an increase of 1,444,000 francs gold and sessions this week. The oil shares are the only issues that
show any material changes, prices generally moving upward
1,152,000 francs silver.
continuance of the recent in the fore part of the week,though latterly there has been
Foreign Exchange.
-After a
Business has been quiet.
depression early in the week,the market for sterling exchange irregularity and some reaction.
the less free offering Atlantic Refining moved up from 535 to 550 and down
stiffened towards the close as a result of
of bills and reports of the establishment of credits for Lon- finally to 540. Prairie Oil & Gas was erratic, selling between
220 and 228, with the final transaction at 227. Prairie
don bankers in the New York market.
Line advanced from 140 to 149, weakened to 145, and
To-day's (Friday's) actual rates for stoning exchange were 4 7914@ Pipe
47934 for sixty days, 4 8034©4 81( for cheques and 481 5-1604 81% ends the week at 147. Standard Oil (California) rose from
for cables. Commercial on banks nominal.and documents for payment 258 to 301, dropped to 290 and closed to-day at 294. Standnominal. Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent bankers this week. ard Oil (Indiana) improved from 420 to 426 and reacted to
To-day's (Friday's) actual rates for Paris bankers' francs were 5 31340 395, the final figure to-day being 408. Standard Oil of
5 28% for short. Germany bankers' marks were nominal for long and
N. J. sold down from 397 to 387 and up finally to 392.
82% for short. Amsterdam bankers' guilders were 3934(4)3934 for short.
Exchange at Paris on London. 25f. 3734c.: week's range 25f. 37c. high Standard Oil of N. Y. gained six points to 195 and dropped
and 25f. 4034c. low. Exchange at Berlin on London, not quotable.
'
to 190. Union Tank Line went up from 838% to 85 and sold
The range for foreign exchange for the week follows:
to-day at 82. In the general list of industrial properties
Sterling. Actual- Sixty Days.
Cables.
High for the week_.-4 79%
4 81%
Kelly-Springfield Tire corn. was conspicuous, moving up
Low for the week---4 78%
4 79 11-16
48034
some 10 points to 114 and closing to-day at 111. Of the
Paris Bankers' Francs
Whelen issues Sterling Gum was the most active, with an
High for the week_______
526
527
Low for the week_
52831
52934
improvement from 3 to 314. United Profit-Sharing flucGermany Bankers' Markstuated between 3 5-16 and 3 9-16 and sold down to-day to
High for the week___
83
82%
3. Trading in International Mercantile Marine was transLow for the week
81 13-16
81 11-16
Amsterdam Bankers' Guilders
-ferred from the Board to the "curb" this week, the corn.
4031-1-16
High for the week
40
certifs. selling at 114 and the pref. certifs. at 48%. World
the week
39 15-16
Low for
39 13-16
and 414, ]urnpedto
Domestic Exchange.--Ohicago, Sc. per $1,000 premium. Boston, par. Film, after fluctuating between 48%
St. Louis, par bid and 10c. premium asked. San Francisco. 30c. per $1,1300 514, with the close to-day at 5. In bonds Western Pacific
premium. Montreal, $7 60 per $1,000 premium. Minneapolis, 30c.iper sold down from 30 to 288%, flat, on the announcement of
$1,000 premium. Cincinnati, 10c. per $1.000 premium.
default, though they sold back again to 30. Mining shares
-Sales of State bonds at the were dull, with the exception of a few of the low-priced issues.
Stateand Railroad Bonds.
Outside quotations will be found on page 802.
Board this week ht.:dude $11,000 N. Y. State 48%s at 1088%

Vaulters'




1
.5

azette.

.7h8r3ies.

794

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb. 27.

Monday
March 1.

Tuesday
March 2.

Wednesday
March 3.

Thursday
March 4.

Friday
March 5.

So ea of
he
'Eck
SI area
—

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On basis of 100 share lots.

Range for Previous
Year 1914.

Lowest
Highest.
Lowest.
Highest.
Railroads
9412 9412 9414 947
95
9514 9518 96
9514 95
s 9478 05
1,000 Atchison Topeka Se Santa Fe__ 021 Feb24 9638Jan 26
8913 July 10018 Jan
98
*97
973 9812 9734 97 4 98
*9612 98
97 97
4
,
98
,570 Do prof
96 Jan 5 99 Feb 11 29612 Dec 10184 June
98
98
99
93
08
*.
100 100
100 100
*98 102
400 Atlantic Coast Lino RR
138 Mar 1 107 Jan 22 19918 Dec 126 Jan
6412 65
4
,
6412 647
8 643 6512 6512 6612 66 4 6714 604 6814
1,215 Baltimore & Ohio
633 Feb 25 743
4
8Jan 26
67 Dec
983 Jan
8
6814 6812 68
68
68
68
68
,
3 6814 68 8
68,
8 6814 683
1.106 Do pref
67 Feb 23 7314Jan 20
69 Dec
8333 Jan
4
87
87
87
863 87
8714 8714 875
8
8 8778 8814
8 875 877
,000 Brooklyn Rapid Transit
8412Jan 6 88 * Jan22
7
79 July 9414 Mar
8
1567 15712. 215314 15514 15412 1553 150 15714 156 15678 1567 1587
4
8
8
1,725 Canadian Pacific
215314 Mar 1 1683
4Jan 21 153 Dec 22012 Feb
•_ __ 325 *____ 325 *____ 325 *____ 325 *____ 325 *____ 325
Central of New Jersey _____
324 Jan 22 325 Jan 22 300 July 310 Jan
i0
40
40
40
41
40
41
4114 41
4112 4112 4212
1,170 Chesapeake & Ohio
40 Feb 23 465
8Jan 26
40 Dec
68 Jan
*1014 11
1012 1012 1103 1012 1012 1012 104 10h *1018 11
3
.014 Chicago Great West tr ctfs_
1014 Jan 4 1233 Jan 22
914 July 1514 June
2712 2712 *275 30
8
*273 2912 *283 30
8
28
23
2818 *2718 2912
400 Do pref trust efts
27 Jan 11 32 Jan 21
25 July 4112 June
843 8514 847 8512 8514 8544 86
843 85
4
8
8
8612 86
88
'.335 Chicago Milw & St Paul
8314 Feb 24 9312 Jan 22
843 Dec 10718 Feb
4
•____ 124 •____ 125 •____ 125 •____ 125 •____ 125
12312 12312
114 Do pref
123 Feb 25 130 Jan 22 126 Dec 143 Feb
*123 1243 *122 125
4
122 122
121 1213 *121 124
4
122 122
.400 Chicago & North Western
121 Mar 3 12912Jan 22 122 Dec 1367 Feb
•163
*
*166 172 *165
*165
*165
Do pref
1166 Feb 10 ;175 Jan 30 170 Jan
---180 Jan
*19 21
1912 20
1814 19
2012 2012 21
2112 2112 2214
,560 Chic Rock Island & Pacific
1814 Mar 1 2214 Mar 5
33 June 33 Juno
•____ 132 •___ 132
132 *
132 *____ 132 •____ 132
--__ Chicago St Paul Minn & Om
125 May 13114 July
•__ 150 •____ 150 *____ 150 *____ 150 *____ 150 •_ __ 150
Do pref
132 May 132 May
*25
39
*25
*25
39
39 .25
*25
39
30
*25
39
121 Jan IS 25 Feb 23
Cleve On Chic & St Louls
22 July 40 Jan
•50
*50
60
*50
60
60
5314 5314 *53
*53
60
60
200 Do prof
5318 Feb 17 56 Feb 5
40 July 70 Feb
*24
25
•24
*24
25
25
*23
*24
*23
25
25
25
Colorado & Southern
247 Jan 13 26 Jan 23
s
20 Mar 2812 Jan
48 48
*4712 _ _ _ _ *4712
*47
*47 _ _ _
100 Do lot prof
45 Jan 18 48 Feb 27
3778 July 62 Jan
*37
*38
*37 ____ *37
*37
*37
---Do 2,1 prof
37 Jan 18 37 Jan 18
29 lace
35 Mar
•14412 14612 *144 14612 14512 14612 *14412 14612 11443 1443 146 if64
4
340 Delaware Se Hudson
142 Jan 4 152 Jan 18 13834 Dec 15912 Feb
*400 430 *400 430 *400 430 *400 430 *400 430 1405 405
3997g Jan 6 425 Jan 19 388 Jan 4063 June
80 Delaware Lack Se Western
4
*6
8
618 63
*6
7
*6
714 *618 7t8 *6
7
300 Denver dr Rio Grande
4 Jan 12
7I3 Jan 25
4 July
1914 Jan
11
11
*8
11
*912 11
11
*97 11,
11
8
s *912 1118
240 Do prof
612Jan 7 137
8Jan 21
8 July 311s Feb
205 207
8
8 205 21
8
203 2114 2114 2138 2112 217
4
8 213 2214 1 .510 Erie
8
19s Feb24 233 Jan 21
4
2018 July 3213 Jan
3318 3314 3314 3312 333 34
4
34l 35
3412 3514 344 36
.600 Do 1st preferred
3214 Feb 24 3712 Jan 22
32 July 413 Jan
*2612 23
*2612 28
*21
2812 *2712 244 *2712 2812 *274 29
_
Do 2d preferred
27 Feb 25 30'4 Jan26
2614 July 4014 Jan
11312 1133 11314 114
4
11312 11412 1143 11512 11514 11538 115 116
8
.752 Great Northern pref
1123 Jan 2 118 Jan 22 1115 Dec 134 4 Feb
4
8
,
3012 31
3112 313
4 3114 3114 313 32
32
3
3214 32
3212
.420 Iron Ore properties
2514 Jan 2 353 Jan 21
2212 July 3914 ..n
•10312 10618 103 103 *10212 10418 *103
4
104, 10334 1033 1044 10118
s
350 Illinois Central
103 Feb 24 110 Jan 22 10312 Dec 115 .8*n
1178 12
12
124 *117 1278
8
1218 124 12
1218 1218 1212
,380 Interboro-Metropolitan v t ctf 105
8Jan 16 13 Feb 5
103 July 163 ho
8
*
553 56
8
557 56
8
553 563
4
4 5614 563
4 5618 56% 5612 574 14.630 Do pref
49 Jan 19 588 Feb 11
4
50 Dec
653 ilea
8
2138 2138 *2112 223
22
4 22
*2112 223 *2084 2284 *2112 2234
4
200 Kansas City Southern
20* Feb 24 25's Jan 22
2014 July 2812 .1 1 y
*504 574 *5018 56
*5018 5/4 5514 5514 .5514 5514 *5018 574
547 Feb 24 5758Jan 22
300 Do pref
4918 Dec
*5
62 Jaa
7
*5
7
*5
7
*5
7
*5
*.5
7
7
____ Lake Erie & Western
5 Jan 5
*14
9 Jan
20
71s Jan22
*14
5's July
20
*15
20
*15
*15
*15
20
20
20
Do prof
1315 132
2h'3 Jas
17 Apr
8
13214 13212 132 132
1334 13414 13414 13478 6
13234 134
.900 Lehigh Valley
12914 Feb 24 1391s Jan22 118 July 15614 Jaa
.30
36
*30
37
*30
37
*30
*30
*30
37
37
37
Long Island
30 Jan 11 39 Jan 20
1112 112
28 Jan
36 Fe.
110 11012 1103 1114 *1103
4
112
11212 113
.175 Louisville & Nashville
110 Mar 1 12112Jan 22 125 Dec 1417 Jan
•121 128 *122 128 *121 128 *125 4 112 *12318 112
8
128
128 *123 128
_ Manhattan Elevated
128 Jan 20 128 Jan 20 128 Jan
.14
133 Feb
1612 *1312 1614 *1312 1614 *1352
1614 •1312 1614 *1312 1614
Minneapolls & St Louis
1012Jan 11
1913Feb 15
*35
918 July 1614 Jan
40 .36
39
35
36
*32
33
.33
41
33
41
607 Do pref
25 Jan 18 49 Feb 15
*108 110 *108 110
2712 June 3512 Jan
110 110
11112 112
1108 112
4
112 112
650 Minn St P4 85 Marie
106 Jan 4 116 Jan 20 101 Dec 137 Feb
•_ _ 128 •
128 *____ 123 *____
__
Do pref
126 Jan 14 128 Jan 19 130 June 145 Feb
lo
1058
10 1038 1014 1014 1034 123 8 • 1018 128 4 •123 128
912 1014
103
107
.400 'Missouri Kansas & Texas_ _ _
77 Jan 4 1212Jan 22
8
818 Dec
31
21 Jan
31
3012 31
*28
32
26
*29
29
30
32
27
2,000 Do prof
26 Jan 4 33 Jan 20
26 Dec
1158 1218 115 12 8 1134 1288
60 Jan
8
,
12
113 1278
4
8
1212 115 1238 21.350 Missouri Pacific
6* Jan 8 15(4 Jan 21
*12
7 Dec
30 Jan
16 •____ 1612 •12
1614 *12
*12
1612 *12
16
1612
Nat Rys of Mexico 1st prof.... 23 Jan 5 23 Jan 5
*5
30 Jan
34 Feb
5 8 *5
5
5
58
553 *5
558 *5
55
8 *5
5
5
47g Jan 23
100 Do 2d preferred
5 Mar 5
5 Dec
813 8214 8112 8258 82
4
14 Jan
83
8212 84
8212 8314 8212 83
2 .070 N Y Central & Hudson River_
8112 Mar 1 923 Jan 22
77 July 9658 Jan
44
4512 45
4738 467 483
8
4 4712 4938 483 49
8
4814 505 3 .217 NY N II & Hartford
8
43 Feb 25 57 Jan 19
4958 July 78 Jan
2212 2314 2312 2412 247 268
8
4 2512 257
3
2514 4,425 NY Ontario & Western
8 253a 25 8 25
218 Jan 6 263 Mar 2
4
4
•____ 2478 •____ 2478 •____ 25 *_
183 Dec
4
3158 Jan
25
Norfolk Southern
25 Feb 15 25 Feb 15
2518 July 43 Jan
*99 101
*99 10114 10014 101
101 1013 1005 10114 10114 10112
8
4
9913 Jan 4 10312Jan 22
.500 Norfolk & Western
9612 Dec 1057 July
*83
8
85
*83
*83
85
85
*83
*83
*83
85
85
85
Do adjustment preferred_
____
85 Jan 27 S51 Jan 26
85 Jan
1003 1007 10012 101
4
90 Apr
8
10014 1003 101 1023 101 4 103
4
10214 1033
,
8
061 Feb 24 107 Jan 22
4
.300 Northern Pacific
9658 Dec 11812 Feb
104 10412 1035 10414 1013 10412 1043 10514 1017 10514 105 1053
8
8
8
8
8
,395 Pennsylvania
1035a Fob 24 10811 Jan 22 10212 Dec 11512 Jan
•____ 72
*68
72
*68
72
*08
*68
*68
72
72
72
Pittsb Cin Chic & St Louis
6912Jan 28 72 Jan 18
6418 July Ill Feb
•____ 100 *.._ _ _ 100 •___.. 100 •__ __ 100 * __ 100 •____ 100
Do prof
95 June 101 Mar
14178 1427 14214 143
8
14212 14314 14234 14412 1433 14458 14312 14588 12 ---- Reading
8
- - ,440
140l Feb 24 1537 Jan 22 137 July 17214 Jan
88
____ 88 •___- 88 •_ __ 86
as
*85
86
1st preferred
8512Jan 11 8612Jan 11
87 July 8938 June
; 2 84
gii
*813 84
4
*8112 84
*813 8414 984
*81 4 8414
84
,
4
30 24 preferred
80 Feb 23 85'z Feb 2 z80 Dec
7
8
93 Jan
.5
8
7
8
7
8
.5
8
7
3
7
8
•3
5/
3
a
3
's
.030 Rock Island Company
5
8Jan 2
1 Jan 19
5 Dec
8
165 Jan
8
*1
138
1
118
118
114
118
118
114
118
118
14
.100 Do pref
1 Jan 21
17 Jan 15
*
1 Dec
25 Jan
•112 212 •112 212 •112 25
•112 212 •112 212 *112 2
St Louls & San Francisco
2 Feb 18
213 Jan 26
2 Apr
58 Jan
8
*8
*8
10
10
*8
10
*8
*8
*8
10
10
10
Do 1st preferred
10 Jan 25 11 Jan 21
8 May
17'3 Jan
*314 4
*314 4
*314 4
*314 4
.314
4
312 3 2
,
4.1 Feb 4
200 Do 2,1 preferred
3 Jan 18
934 Jan
214 Dec
19
19
17 *___ 19
17
19
St Louis Southwestern
15 Feb 15 173
4Jan 23
177 July
8
2884 Jan
37
37
37 5 _ _ _ 37
._
37
37
Do pref
34 Jan 15 37 Jan 21
36 July 6518 Jan
*11
1212 11 4 11 4
,
, 1134 12
12
12
12
1212 1212 13
.300 Seaboard Air Lino
1154 Jan 4 1512Jan 26
1014 Dec
2238 Feb
32
32
32
32
32
3214 32
32
32
3212
3312
3212
1,600 Do pref
32 Feb 25 41 Jan 26
453 Jan
4
58 Feb
4
813 8212 82
8212 82
823
4 815 8314 83
8
833
8 8314 84% 2 1.300 Southern Pacific Co
8114 Feb 5 8812 Jan 22
81 Deo
99l Jan
__
Certificates
Feb 20
Jan 26
Dec
-iaTz 1334 •- 3:8 14 -1513 -11(8 1412 151* 15's 1533 "Thi8 1553 I- 150 Southern v tr (when Issued)._ 9473 Feb 24 987s Jan 23 927.1 Dec 10612 June
1.7
.
ctfs stamped
123
18
4
14
2814 Feb
• _ 43 43 43 43 4353 4512 4512 4712 4812 47124712 48
1,415 Do
preferred
do
43 Feb 25 63 Jan 26
58 Dec
8514 Feb
1312 •1112 1212 •113 1312 13
;12
4
1278 13
13
13
13
400 Texas & Pacific
11 Jan 11
14 Jan 20
1112 Dee
1734 Apr
47 4 4818 4712 483
,
8 483 5012 494 504 4912 50
3 4813 483
4
3 1,760 Third Avenue (N Y)
35 Jan 2 5012 Mar 3
33 July 4534 Jan
•112 2
*112 2
*112 2
*112 2
*112 2
*112 2
Toledo St Louis & Western
1 Jan 6
2 Jan 11
2 Dec
•552 812 •7
12, Jan
4
5512 9
i7
7
•5
8
*512 8
50 Do pref
6 Jan 6
93 Jan 23
43 Dec
s
4
23 Jan
*9512 97
057 957 *95
8
*96
3
9712 964 9618 •96
97
97
200 Twin City Rapid Transit
955 Feb 25 9913 Jan 16
9478 July 10853 Jan
119 1193 21173 11812 1173 11814 118 1187 118 1183 118 119 4 5 1,150 Union Pacific
8
8
8
,
.1
8
11584Jan 2 1227 Jan22 112 July 16418 Jan
8
18212 8112 z79
*784 80
79
80
7912 7912 794 7912 480
635 Do pre
279 Mar 1 8114 Feb 26
7712 Dec
86 Feb
*9
10
*8
*812 10
10
11
11
10
*812 10
10
510 United Railways Investment.
8 Jan 5 1414 Jan 20
712 Dec
2384 Feb
*25
27
25
26
26
26
*25
26
2712 274 2814
27
1,500 Do pref
23 Jan 5 35 Jan 19
22 July 4914 Mar
7
8
7
8
*12
7
8
*12 1
*12
100 Wabash
3
*12
4
1
3
*4
4
45 Jan
14Jan 22
12 July
44Jan 15
•112 2
*112 2
*112 2
13
4
2
*134 2
2
12
4
300Do prof
138 Feb 21
8Jan 22
31
13 Dec
4
13 Jan
*16
17
*16
17
17
2014 203
17
1912 20
8
18
1,250 Western Maryland
19
014 Jan 4 2114Jan 22
10 4 Dec
,
35 Jan
3
*2
*212 312 *212 3
212
212
3
212 212 *2
114 Jan 6
33 Jan18
200 Wheeling & Lake Erie
2l July
68 Jan
8
*8
14
12
*8
*
8
*8
12
*8
14
12
*8
12
Do 1st preferred
12 Feb 6 16 Jan 18
814 July 21 Jan
*3
5
5
*3
•3
*3
•3
5
5
5
*3
5
Do 2,1 preferred
3 Jan 4
6 Jan 18
3 Dec
11 Jan
•3012 35
*3012 3412 *304 3412 132
*31
35
35
*31
32
20 Wisconsin Central
305 Feb 24 397 Jan 21
8
8
293 July 48 Feb
4
Industrial & Miscellaneous
2734 28
283* 29
2878 2914 2914 30
5,900 cfmaska Gold Mining_Par $10 $264 Jan 7 $3013 Feb 9 $1912 July
293 3018 2958 30
4
$237 May
8
•8
10
*8
10
818 818 *
*8
10
814 912
*8
10
100 Allis-Chalmers Mfg v to
734Jan 12 11 Jan 10
6 July
1414 Feb
• ___ 37 •
37
*31
37 *._ _ _ 36
36
34
34
33 Feb 10 37 Jan 16
100 Do preferred v t c
3213 July 49 Jan
-525 533
8
4 5314 544 5314 537
8 5312 543
,
8 53 8 5414 5314 55
503
4 1,000 Amalgamated Copper
8Feb 24 5818 Jan 21
488 Dec
4
7818 Feb
*4834 50
*4834 50
*4912 50
497 4978
*4912 50
*4912 50
8
100 American Agricultural Chem. 48 Jan 4 5234Jan 19
473 Jan
4
5912 Mar
•89
93 .89
93
•89
93
*89
93
*89
89
93
93 •
9012Jan 15 9113 Feb 16
Do pref
__
9014 Dec
9712 Jan
383 394 383 393
8
4
4 3s8 393
8 3834 3912 39
3314 Jan 6 42 Feb 11
394 40 - 5.i50 American Beet Sugar
40
2119 July 3312 Dec
•84
8734 *84
8612 *83
8712 *85
__ __
87
87 4 *85
873 •83
,
83 Feb 1 85 Feb 2
Do prof
4
66 May 80 Deo
*8714 9312 *8714 9312 *871 931 *8714 9312 •8714 9312 *8714 93 2
87I Feb 25 8714 Feb 25
,
_ Amer Brake Shoe & Foundry_
80 Apr
9712 Feb
•____ 134 •___ 134 *13212 135 *13212 135 •13212 135 •13212 135
134 Jan 7 137 4Jan 22 12912Jan
Do pref
,
264 2612 26
1467 Feb
2612 2618 265* 2078 2712 27 8 27 4 27
8
2812 itT:ii) American Can
,
,
25 Feb 24 3138Jan 19
191.. July 3518 Jan
9214 9214 923 923
4
4 93
93
9334 933
7
944 9478
•
4 93 8 94
1,650 Do pref
91'z Jan 5 973
8Jan 21
80 July 96 Jan
4014 4014 4012 4012 4014 403
8 403 4033 4112 42
8
4212 4212
40 Feb 23 4812Jan 18
1,500 American Car de Foundry
4214
8
4
5312 Feb
*1113 1123 11212 11212 *112 11278 *112 1 12 8 1123 1123 11212 11212
4
4
7
112 Feb 23 115 Jan 20 112 Dec
300 Do prof
•____ 5112 *____ 5112 *____ 5012 •____ 6012 •---- 5012 §5018 504
July 11878 July
5913 Jan5 60 Jan 12
50 American Cities pre(
*___- 82 •---- 82
592 July 68 Jan
182
82
82
82 •
*80
82
82
82 Jan 20 82 Jan 20 182
160 American Coal Products
18612 Mar
•107 10812 1108 108 *107 109 *107 10812 i 2 10812 110812 10812
1105 Jan 7 1109 Feb 20 1102 Jan
7 Do prof
5Fli
4512 4512 4512 4512 .4412 4612 *44
107 July
Jan
46
46
46 4 46
,
4612
1,700 American Cotton 011
39 Jan 4 485
8Feb 11
*94
32 July 4612 Feb
9712 *92
9518 *94
0678 a93
977 *93
8
9512 *9414 9718
Do pref
9712Jan 8 975
8Jan 26
*412 514 *413 91.1
8
5
*412 5
518
9353 June 973 Mar
43 Feb 19
,
5,
4 5 s *5
500 American Hide & Leather_ _ _
5,
2
513 Fob 9
314 July
25 4 253 *2514 2612 253 2538 2512 2638 2614 273
8
4
3
514 Feb
,
4 27 4 273
4
1.900 Do pref
193
4Jan 5 2834 Feb9
17 July 2584 Feb
3
4 25 s 26
8 2512 253
253 253
3
257 263
8
8 2612 273
4 2718 2778
1.100 American Ice Securities
205
8Jan 4 277 Mar 5
8
1978 July 3214 Feb
84 9
10
*9
814 814
8
8
814 814
*8
83
4
1,210 American Linseed
714Jan 2 1112Jan 16
*25
29
*25
28
712 July
28
2612 2
115 Jan
•25
8
*25
28
28
612 *25
200 Do pref
24 Jan 5 301 Jan18
21 Dec
20
19
8
19
4 2012 207
1938 1973 20
203 203
4
313 Jan
20
4
20
1,050 American Locomotive
19 Mar 2 2884Jan 12
2014 July 371i Jan
78 •____ 78
78
78
78
78
78
79
79
400 ISo prof
78 Mar 1 9614Jan 0
06 Jan
*5
*5
6
7
55
10212 Mar
8 *5
5,2 *5
514
*412 6
6
200 American Malt Corporation
4 Jan 6
6 Jan 22
414 Dec
914 Jan
*285 3218 30
*29
32
30
30
32
8
*29
30
30
30
500 Do pref
2851 Jan 20 31 Feb 15
30 Dec
5018 Jan
784732* __ 7912 •
*78
79
__ 79 *___ 79
100 Amer Smelters Sec pref B
78 Jan 19 783 Feb
4
7914 July
6312 623 64
85 Jan
8 63
63
4
6438
8
5,195 Amer Smelting & Refining..... 56 Jan 2 6813 Feb 3
8
-Z103 614 617 6212 6134 623
11
5014 July 7118 Feb
4
10012 10012 *100 10112 101 101 *1003 1013 10112 10112 10114 1013
4
800 Do pref
100 Jan 4 10453 Feb 10
9712
Jan
151 151
152 152
200 American Snuff
•142 152 *142 152 *140 152 *140 152
114 Jan 16 155 Jan 29 148 Apr 105 Jan
Dee 172
____
Do pref (new)
•103 106 •103 106 •103 105 *103 105 *103 105 •103 105
103 Jan 19 106 Feb 1
997 Jan
8
1083 July
4
*2412 2.512 2478 2478 2418 2418
*2412 26
250 Amer Steel Foundry (new)_ _ _
26
*24
26
.24
2418 Mar 5 32
2753 July 37'! Feb
4
101 1013 10134 1023 1013 102
s
1,750 American Sugar Refining_ _ 9912Feb 24 1111 Jan 18
4
102 10212 *100 102 *100 102
2Jan 29
97 Mar 10978 Jan
11112 111, •109 112 •108 112
200 Do prof
2
*111 114 z10914 10914 *109 114
109 Feb 5 11412Jan 29 1077 Mar 115 Deo
8
/,877 Amer Telephone & Telegraph_ 116 Jan 4 1211
8
119 11918 11918 1197 120 12012 12014 12052 12014 12014 12014 1203
8
2Jan 20 114 July 12414 Jan
8
1,000 American Tobacco
2247 2247 22412 2247 22312 225 *222 225
*22312 225 *223 225
8
8
220 Jan 4 2343
4Jan 29 215 Apr 256 Mal
350 Preferred, new
*10512 10612 *10512 10612 1068 106% 10612 10612 *10614 10712 •106513 10
8
iO3* Jan4 1071* Feb9 1013 Jan109 AMC
4
*1512 la
•1.5
1712
16
16
*1512 Is
•1512 18
100 American Woolen
•1512 is
16 Jan 5 173 Jan23
12 Jul
204 Jan
,
500 Do pref
4
7714 774 *774 783 *76
7914
7312 7812 7814 70, *7812 79 4
4
7714 Feb 27 797* Jan 19
791, 5.1.,r 813 Jan
Lass than 100 sharee.
• Bld and asked prices. no sales on this day.
t Ex-rights.
a Ex-div. and rIghta. b New stock.
'Ex 24% mourn. div.
d Quoted
dollars per share. e First Installment paid. X Ex-div. s Full paid.




795

New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive. see second page preceding.
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday I Monday
Feb. 27.
March 1.

Tuesday iWednesday
March 3.
March 2.
M

Thursday I Friday
,
.
March 4. ' March 0

Sales of
the
Week
Shares
-

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1.
On basis of 100 share lots.
Lowest.

Highest.

Range for Previous
Year 1914.
Lowest.

Highest.

Industrial a Misr (Con)
8
8 2,350 dAnaconda Copper Par $25 $243 Feb 24 $2818 Jan 21 $2414 Dec $3814 Feb
4
7
8
2614 2614 257 25 8 257 263
2558 26
2614 2614 2534 26
5218 Mch
38'2 Jan
28
2812 1,900 Baldwin Locomotive
2658 Mar 3 40 Jan 11
265 2712 2712 29
8
28
2814 28
28 ._ _ 28
Do prof
92
99 Feb 8 10312Jan 15 10212Jan 110 June
95 *
95 .___
-------- .____ 97 .___
•____ 09
512 Apr
Jan 9
$114 Feb
400 dllatopilas Mining __Par $20
$12 Feb 5
4
$78
*12
5
8
i2
12
i2
8
4
*12
8
4
*12
8
4
*12
465 Dec
8
4
291 Jan
4614 Jan 2 578 Feb 10
19,000 Bethlehem Steel
56
8 55
4
533 5412 5414 5518 5414 5514 5414 5514 543 555
4
913 Dec
8
68 Jan
91 Jan 2 10518 Feb 11
8
8
8
8
10314 10314 11035 1035 1037 1037 --------350 Do pref
*10314 104 *10314 104
100 Brooklyn Union Gas
22 118 Dec 130 Jan
*126 130
118 Jan 5 129 Jan
1283 1283
4
4
*125 12912 *125 12912 *125 12012 *125 129
85 Feb
8
57 July
8
50 Brunswick Term & R S
5
5 Feb 25
5 Feb 25
§438 438 *4
*438 5
*45
8 7
*458 7
*438 5
2912 June
Butterick
26 Jan
30
27 Feb 4 30 Feb 23
*29
*283 30
4
*283 30
4
*29
*283 30
4
*283 30
4
30
3058 Feb
1518 Dec
s
15 Jan 16 213 Feb 8
17
4 1812 5,700 California Petroleum v t etfs
4
17
1738 1718 1718 173 175
1718 18
8
8 173 18
50 July 68 Mch
Do pref
4
47 Jan 15 543 Feb 8
735
4
50 .483 52
50
"49
52
•____ 5112 48
48
48
49
9518 Jan
100 Case (J I) Thresh At pf tr ctfs_
85
77 Mar 1 7713 Feb IS 177 Dec
*77
*7714 85
85
*76
*77
85
77
77
*7612 85
3814 Dec
257 Jan
8
325 Feb 20 3914 Jan8
8
333 3414 3414 3412 12,850 Central Leather
4
3418 3312 343
8 33
343 3412 3314 345
8
104 Jul)
Do pref
8
450
947 Jan
1003
8Jan 7 104 Jan 27
10212 10212
*101 102
8
•101 10212 *10112 1023 10112 10112 1023 10238
4
§110 Jan 6 111614 Mar 4 1103 Jan 110912 Feb
44 Cent & Sou Amer Tel
4
4
*115 116 *115 11612 *115 11612 *115 11612 11153 11614 *1153 11612
Par 55 323
4Jan 6 3712 Jan 22 $3112 Dec $44 Feb
8 3512 3612 6,850 dChino Copper
8
3538 3512 353 3618 353 355
3514 3512 3514 36
4
70 Feb
Cluett, Peabody & Co, Inc__
6812 Feb
*____ 60
*____ 60 *_ _ __ 60 s_ __ 60 ._ __ 60 *____ 60
Do pref
99 July 10412 Feb
98 Jan 20 10114 Feb 24
1,100 10112 *100 10112 *100 10112 *100 10112 *100 10112 *100 103
2012July 3412Feb
213
300 Colorado Fuel & Iron
4Jan 5 27 Jan 21
4 2414 2414
243
*23
2334 2334 2312 2312 *227 2512 *233 25
8
8
1133
4Jan 4 12218Jan 21 11212 Dec 13912Jan
2,700 Consolidated Gas (N Y
*11512 11712 *11512 118
11612 11718 11714 11714 11612 117
11512 117
371/ June 4514 Jull
4014 Jan 4 4912 Jan 19
760 Continental Can
4512 *4312 47
45
*4312 45
*1312 45
*4312 45
*4312 45
Do prof
84 July 9134 Jul;
8812 Jan 5 93 Jan 21
210
02
92
92
•90
92
*90
*90
92
92
9114 9114 §92
1318 Jan
7 July
8Jan 16
8 Jan 2 103
95 104 2,060 Corn Products Refining
8
94 918
9
9
914 914
9
9 18
018 918
72 Jan
65 Jan 5 691s Jan 10
5818 July
Do prof
425
6612 6612 6712
*65
6612 *65
6612 4664 6614 *6512 6612 *65
9934 Feb
9184 Jan
Deere & Co pref
88 Jan 29 89 Feb II
85 .__ . 85 *- - - 86 *-- - 86
...
85 ._
85 *__
512 Mar 2 1324 Jan 25
11 July 2012 Mc)
'7 813 i 812 § 81 8,180 Distillers' Securities Corp_ _
iol, 1018 iiii, ioi, .812 10
15 Jan
93 Jan 7 10 Jan 6
4
714 May
Federal Mining & Smelting__
8
8 *--__
8 *_ - -_
8 .____
8 *__ __
8 •_ _ __
24 Mar 3 30 Jan 22
43 Jan
285 Dec
8
Do pref
._
21
24 • __ _ 2413
300
24
2418 2418 24
__ 25 *_ ___ 25
165 Jan 26 19212 Mar 3 160 Apr 180 Jan
452 General Chemical
19212 19212 (190 192 §188 188
1827 5188 188
8
4178 178 §180
106 Mar 1 1083
8Feb 10 10712 Feb 110 Jun
Do prof
578
10712 10712
107 107
§10712 10712 106 1064 *106 107 §107 107
8
138 Mar 3 14514 Jan 19 13712 Dec 1505 Feb
865 General Electric
138 13812 139 13918 13918 13918
139 139 *13712 13912 *13712 139
09 Mg
3738Jan
2,945 General Motors vot tr ctfs--- 82 Jan 2 9458Feb 11
92
8
9412 917 9314 92
94
94
9212 93
92
91
00
70 July 95 Feb
8Jan 4 96 Jan 27
Do pref voting trust ctfs_ 905
95
4 95
1,000
4
9412 9412 9412 9158 943 943
95
*94
•927 95
8
2412 Jan 7 3312 Feb 4
287 Apr
8
8
195 Jan
1,800 Goodrich Co (B 1)
*31
313
4 3112 32
4
31
313 313
31
3114 313
4 3112 32
95 Dec
797 Jan
8
95 Jan 14 984Jan 28
Do pref
*97
9812 *9714 O8Is
*96
9812 9/12 9712 *9614 9812 *96
98
8Jan 22 $4012 July $5712 Apr
5114 2,000 dGuggenhelm Explor_Par $25 $4518 Jan 7 8525
501L 51
4 50
503 503
4
.49
50
4914 495
8 50
51
1114 Jan 8(118 Jan 19 lO9s4July 112212 Mc
10 Homestake Mining
•116 117 *116 117 1117 117 *116 118 *116 117 .116 117
20
203 18,300 dInspiration Con Cop_Par $20 516's Jan2 $2038 Mar 5 $1414 Jul $1914 Jul
8
8 1912 20
1918 1918 193
185 185
8
8
1812 194 19
11312 Jan
82 Jul
950 International Harvester of NJ 0012 Mar 5 9934 Jan 11
9314 9012 9012
9212 9212 93
92
8
4
"907 943 *917 9512 92
:3
Do pre(
1187 Jul
8
113 Feb 3 117 Jan 20 11312 Jan
8
•_,,_ 113 .____ 1147 •____ 114 •____ 112 *___. 112 .____ 112
International Harvester Corp_ 55 Feb 20 73'e Jan11
82 Dec 11134 Jan
100
70
70 .62
*60
70
*60
70
*5712--- .60
56
56
Do pref
95 Mar 4 114 Jan 14 11414 May 118 Jul
*90
98
95 95
96
95
•__ _ 95 *__ _ 200
--------96
334 Jan
2l2 Jan 22
4 Dec
1 Jan 16
112 --------100 Int Mere Marine stock tr ctts_
138
112
*i
134
•1
134
158 •118
1514 Jan
3 Dec
Do pref stock trust Ws
812 Jan 22
4 Jan 16
100
84 - -- - - -*412 53
*412 534
*412 5
514 514 *412 534
4
93 July 107 Fet
8
93
8Jan 16
8 Jan 6
2,300 International Paper
9
8 87
s *812 87
812 812
812 9
9
83
4 9
*8
41 Jan
30 Dec
33 Feb 24 3714 Mar 3
Do pref
3,585
363 37
4
37
3714 36
36
36
35
3612 35
34
34
3 June
97 Jan
8
78 Mar 3
78 NIar 3
2
78
7 *__ __
8
--------100 International Steam Pump
11 June 29 Jan
738Feb 26
5 Jan 4
Do pref
__
*6 12 *712 15 *6 12 ____
12
37
12
94 Jun
80 Jan
7712 Feb 20 80 Jan 4
79
10 Kayser & Co (Julius
0
*7512 79
i0
*7512 79
*7512 79
*7512 79
*7512 79
4
107 Jan 13 107 Jan 13 106 Meta 1083 Ma
Do lst pref
•109 10912 *106 10812 *106 10812 *106 10812 *106 10812 .106 1091
81 Jan
105 Fel
8Feb 15
2 Kresge Co (S 5)
99 Jan lft 1093
00
'
10618 10618 107 107 *106 109 4 106 109
•10218 109 *105 109
105 Mc
99 Jan
10514 Feb 15 10618 Mar 5
Do prof
8
8
225
8
8
*105 1063 *104 1063 *105 10638 *105 1063 11063 1063 10618 tOO'o
8
85 July 101 Tel
Laclede Gas (St Louis
92t Jan 15 98 Feb 9
*94
08
98
*94
98
*94
*94
98
*94
98
.95
08
207 Jan 9 220 Jan 22 20712 Dee 231 Mc
Liggett & Myers Tobacco
*205 21912 *205 21912 *205 21912 *205 21912 *209 21912 *206 2191
8Jan
11812Jul
11334Jan 5 11912Jan 21 1113
Do pref
100
119 *113 11812 *114 11812 *114 11812 118 118 *116 llS'2
*114
38 Jar
26 Dec
16 Feb 17 31 Jan 11
200 Leose-WIles Biscuit tr co ate_
4
20
*1812 233
*1812 2314 20
*1812 22
1812 1812 *1812 20
Do let preferred
86 Feb 20 10518Jan 13 101 Apr 105 Mc
*90
95
93
93
600
95
95
95
9014 9014 •92
90 90
89 Jan
954 Jul
Do 2d preferred
. 68 *____ 68
•____ 70 •_ _ __ 70 •____ 6812 *____ 68 5_ _
16512Jan 6 180 Jan 21 160 July 190 Ap
400 Lorillard Co (P)
180 180
172 180 *170 180
178 178 *175 180
*173 180
8
1177 Ju'
Do pref
1124 Jan 6 118 Jan 19 110 Jan
*11412 118' *11412 118 *11412 118 *11412 118 *11412 11712 *114 118
61 July 8738 Fel
8Jan 11 76 Feb 17
3 Mackay Companies
00
725
*7312 77
*74
77
74
74
*70
74
74
*7318 74
75
70 Jai
6518 Jan
4Jan 19
65 Feb 25 693
Do pref
100
*66
67 *___ _ 67 *__ 67
67
66
66 *- - -- 67
154 De
1412 Dec
1524 Jan 6 2812 Mar 4
2712 2812 2712 2814 11,445 Maxwell Motor Inc tr ate_
28
26
2414 2412 243 2478 2478 26
4
4112 Dec
44 De
4314 Jan 2 693 Mar 4
4
Do 1st pref stk tr etts
4 6714 6812 24,860
633 6414 6414 6514 6514 6778 6818 693
8
62
63
1712 DC
17 Dec
8
18 Jan 6 277 Mar 4
Do 2d Prof stk tr etre
8
8 26
20,375
27
263 277
8
2578 26
267
25
2538 2518 2534 25
5112 June 69l4 Ja:
5218Feb 25 56 Mar 2
800 May Department Stores
5218 5512 5212 53
*53
58
.5012 56
56
56
*50
56
4
9712 June 1013 Fe
Do pref
96 Feb 10 97 Jan 19
•___ 98 *____ 08 .____ 98._ . 98 "- z.,- 9812 *---- 93
7312 Fe
4612 Jan
51 Jan 9 77 Feb 9
4 6533 674 22,850 Mexican Petroleum
..5
653 68
4
655 6712 66
8
663
4
6612 6514 658
67 May 87 Fe
8018 Feb11
Do pre(
67 Jan 1
*70
78
80
7912 *70
*72
7912 *78
7812 *70
80 .70
/
Par 55 $1714 Jan 6 $2038 Mar 4 81612 Dec 5243 Fe
1812 1812 1914 1914 1918 1918 19
203
8 2,300 dMiaml Copper
8 20
1912 203
1912
5278 Ju
41 Dec
42 Jan 4 52 Feb 16
49
494 4958 493
50
50
8 4934 50
5014
50
4 4912 495
1,840 Montana Power
8
Do pref
9914 9914 100 100
____ 501
99 Jan 29 1011 Feb 16 101 Apr 1037 Ju
.9912 10112 *9912 10012 *9912 10012
200
118 Feb 24 132 Jan 22 120 JulY 139 Ft
8
*1183 122 *119 12112 120 12012 *120 12178 1205 1217 1197 12012 1,600 National Biscuit
4
8
8
128 Jo
Do pref
12 018 Feb 19 126 Feb 3 11914 Jan
_
122 122 .121
*12012 122
124 124
*121 124 *121 124
200
9 July 14 Ft
923 Jan 4 1212.Ian 18
410 Nat Enameling & Stamping
*912 1012 1018 1018
*912 1012 10
10
*10
10
1012 10
867 M
8
80 Jun
Do pref
179 Jan 18 185 Mar 5
•79
88
*79
89
*78
87
*78
*78
87
10
185
87
85
40 July 52 Ja
925 National Lead
49
4938 4914 5114 *50
44 Jan 4 5512 Mar 5
5358 5414 535 5512 10,
515
8
8 5114 53
109 Ft
Do pref
10434Jan 4 1093
•10514 1063 *10514 1063 110678 1067 *10612 108 1107 107 *10612 1067
4Jan 19 105 Jan
8
4
4
8
130
8
4
123 1234 3,610 aNevada Cons Cop_Par $5 5113 Feb 24 $133 Jan 19 $104 July 51612 Ja
8
124 1214
8
117 12
12
1)1218 1218 1218 1218 12
New York Air Brake
58 JUly 69 Ja
5612 Feb 26 59 Jan 2
60
•55
58 8 •55
5
.55
60
*55
60
*55
60
*55
60
North American Co (new).- 64 Jan 19 68 Jan 4
6418 July 7914 M
*65
68
68
*65
68 .65
*65
68
*65
66
*65
68
Pacific Mall
1714 July 29 Js
1812Jan 5 2212Jan 19
205 207
8
8 2034 203
20
20
183 187
4
*1878 20
4 1,150
184 19
8
Paciflo Telephone & Telegraph
20 July 31 Ja
3112 Jan 16
2618 Feb 11
*25
2812 .25
•24
29
2912 *2512 2812 *2512 2812
2812 *25
People's Gas Lt & C (Chic)_
1171s Feb 24 1207
11818 11812 *11712 11812 118 118 *11712 11812 119 11914
8Jan 16 106 July 125 Ja
•117 119
600
2312 Ft
1514 Jan 4 213
15 Deo
20
20
20
20
203
4 1,600 Pittsburgh Coal
2012 2012 2018 2012 20
20
20
8Feb 11
Do pref
9312 Ft
79 Dec
81'a Jan 4 93 Feb 10
93
91
9312
501
*90
93
*01
93
*91
93
*90
92
430
Pittsburgh Steel prof
93 Ft
82 Apr
•____ 82
175 Feb I 175 Feb 1
•____ 82 *____ 82 •____ 82 .____ 82 •____ 82
900 Pressed Steel Car
262 Jan46 Ft
4
27 Feb 23 39 Jan 11
27
27
27
2712 2712 *2714 29
27
2712 28
28
28
Do pref
972 Jan10514 SI
4
90 Feb 2; 10214Jan 25
-- -- 00 *____ 90
•____ 92 •____ 02 .____ 92 *____ 92
Public Service Corp of N J
114 Ai
106 Jan 13 106 Jan 13 107 Jan
525 Pullman Company
15012 Feb 24 15512Jan 22 150 Dec 159 Ja
,
*i&i igi- ii.- igi- if8i- iigi- *iKi fii- iii", igii- iKi, 15138
1 Jan 4
27 Ja
8
1e Jan 12
100 Quicksilver Mining
7 June
1i
4 *1
112
118
118 *118 13
112
•I
112 *118 _ __
*1
Do pref
4 J8
1 Star 2
112 June
214 Jan 22
*114 2
200
118
118 *112 2
1
1
*112 2
•I
2
4
00
1912 Mar 4 252 Jan 12
9 Railway Steel Spring
19$ July 3438 Fl
4
8 193 20
20
2038 1912 195
*20
22
*20
22
*20
22
Do pref
87 Mar 3 88 Jan 8
88 Dec 101 Fi
_ 8918
100
87
87 *__ _ 90 *
88 •__. _ 88
•____ 88 .
17
175
8 1718 1738 8.650 dltay Cons Copper___Par $10 51514 Jan2 $1814 Jan22 815 Dec $2212 A
1612 1612 165 165
8
4 1612 17
8
8 163 163
27 is
18 Dee
19 Feb 1 223
Republic Iron 5-. Steel
8Jan 19
193 203
4
4
*1912 2014
1,360
20
20
19
20
193 20
4
194 197
8
9114 58
75 Dec
Do prof
72 Jan 30 7824 Jan 20
76
4 76
1,340
4
747 747
8
8 7618 7612 *75
753 7612 753 753
4
76
41 Jan 4
18 Ja
3 8 Dec
7
7
:3Jan 22
800 Rumely Co (NI)
114
114
112
4
*3
7
8
7
8
7
8
7
8
7
8
7
8
7
8
7
8
213 Jan 20 16 Jan 5
41 .12
20 4 Apr
3
Do pref
*3
•3
4
312 312
4 312
3
4
200
*212 312 *23
3
18214 Jan 4 2091 Feb 1 17014 July 19712 J1
Sears, Roebuck & Co
*201 204 "201 204 .201 204 *202 2053 *201 205 *202 205
4
Do pref
1213
8Jan 4 125l Feb 19 120 Dec 12434 J1
12514 12514 *12514 __ •12512
___ "126
r___
•126
100
•12512
1913 July
4
24 Jan 6 272 Jan 22
35 Jt
300 Sloss-Sheffield Steel & Iron___
.24
27
*2114 - 4 *24 2632512
27
*24 -27
2524 2514 2524 4
45 D
4312 Feb 23 473 Jan 19
32 Jan
275 Standard Milling
*40
44
*40
453 4538
8
45
45
45
*41
45
*41
45
671313
Do pref
5912 Dec
66 Feb 17 70 Jan 16
16914 6914
69
.69 *--- - 69
130
§69
*60
69 .____ 69
3534 Jan2 48 Mar 4
3614 Al
20 Jan
iii2 4512 454 46
4718 473 11,650 Studebaker Corporation (The)
48
4614 4714 47
453'46
4
4
Do pref
91 Jan 2 9614 Jan 19
910
92 A'
70 Jan
93 8 9378
7
92
4
0313 0318 923 93
93
93
92
92
92
4
2612 2718 2618 2612 9,535 dTennesace Copper- --Par 525 82512 Feb 24 $3318 Jan 8 $243 July 53634 F
8
27
274 265 27
275 28
8
273 28
4
1231 Feb24 13514 Jan11 112 July 1497 A!
4
8
1,190 Texas Company (The)
127 127
12712 128
129 12912 *12812 131
13214 13214 1323 133
4
30 Underwood Typewriter
0
88 Ji
55 Feb 18 60 Mar 4
7314 Jun
_ *55
_ *5514 60
*58
60
60
60 60
(10018 Jan13 §10014 Jan23 103 Dec 113 A
Do pref
•.: 166 *_ _
1
-6ei *__ _ loo *____ loo *_ _ _ _ loo *_
iciii884F
438Jan 4
1,130 Union Bag dc Paper
3 8 June
5
6l3 Jan 19
5
5
5
5
.47
8 5
i3
5
5.8 512
5
b
Do pref
2513 Feb 19 28I Jan 15
*22
28
*22
1814 July 3212 F
28 .22
25
*22
28
*22
28
*22
28
5014 F
42 Jan 25 4534 Feb 17
100 United Cigar Mfrs
*43
*44
46
39 Dec
46
*4214 437
*4312 4512 44
8
*42
45
44
8
r0 Do pref
,
99 June 1037 F
10214 Feb 1 105 Feb 11
*100 105 *100 105 .100 105 •____ 104 ._
104 0.0112 10112
100 US Cast Iron Pipe & Fdy_ _ _
8 Jan 2 1018 Mar 4
12
1018 lois 1018 *9
1018 *9
1018 *9
*9
104 *9
7 4 June 1312 J1
3
Do pref
3212 Mar 3 35 Jan 22
30 July 49 F
3212 3212 34
35
*30
35 .30
*30
35
220
*31
35
34
370 U S Express
87 A:
46 Jan
165 Feb 18 71 Jan 20
70
*67
70
*67
70
707 71
8
71
70
70 .70
70
20 A
US Industrial Alcohol
15 Dec
15 Jan 27 15 Jan 27
*15
*15
40
*15
40
*15
40
•15
40
*15
40
40
Do pref
70 Jan 26 78 Feb 11
*72
80
80
8513 J1
75 Dee
*75
80
*75
80
*70
80
*73
80
.72
63 4 lv
3
US Realty & Improvement__
Dec
5112
*3612 40
*37
42
*3612 40
*37
40
36 Feb 11 50 Jan 12
*37
40
*37
40
4413 July 63 S'
56
563
8 2,495 United States Rubber
557 56
8
8Jan 0
553 56
8
54
7
543 5412 5338 53 8 54
8
517
8Jan 2 593
8
50
0
954 July 1045 J:
Do let preferred
Jan 14
4
3
4
4
8
1023 1023 10238 •10134 1023 102 1023 1023 1023 103 103
4
10138 Feb 24 10112
•10012
6714 ..11
48 Dec
8Jan 21
5
8 4312 4514 151,900 United States Steel
4212 434 4278 4378 43 8 443
413 4238 4238 43
4
38 Feb 1 533
4 J:
Do pref
1045 10518 5,645
8
8
4
x102 Feb 1 109 Jan 21 10314 Dec 1123 Ji
8
8
11035 1035 1033 10414 1037 10414 10414 1017 1045 105
8
8
8
8
52
4
Par 810 $4812Jan 6 5553 Jan 22 $453 Dec $593
534 12,650 dUtah Copper
5134 5212 5178 53
507 5112 5134 5218 5112 52
8
347 A
8
17 Dec
810 Virginia-Carolina Chemical__
2128
20
20
20
20
*18
"19
21
*19
21
"19
21
15 Jan 4 2234 Jan 22
96 May 10712 S'
Do pref
83 *-___ 83
*80
83 .80
6 88 Jan 16
*__ 83 *____ 83 ._ _ _ _ 83
80 Jan
8
5358 July 667 F
2
8Feb
5
6312 63 6312 6318 63 8 3,900 Western Union Telegraph__-- 57 Jan 2 645
63
6212 627
* 623 6318 63
63
4
7912J
64 Jan
64 Feb 24 74 Jan 11
6812 683
4 4,900 Westinghouse Elec & Mfg____
60
683
4 68
8 6612 68
68
6512 6512 6614 663
12412 J,
8
118 Jan 12 1157 Jan
Do let preferred
118 Jan 9
•117 120 *117 120 *117 120 *117 120 *____ 117 *117 120
9815 9912 9914 9912 2,700 WIIIrs-Overland (The)
87 Feb 23 9912 Star 4
97 8 98
7
98
7
95
953
4 9612 97 8 97
96 Feb 13 97 Mar 4
250 Do prof
*9612 97
97 97
67
197
*95
06
96
96
96
*95
89 July 10314 F
9614 Jan 6 95 Mar 1
1,500 Woolworth (F W)
*95
98
8
8
8 947 95
9412 05
943 947
04
94
95
*93
1187
82*
4
135 Jan 8 11758 Feb 13 1123 Jan
Do pref
*119 118 *11614 11812 *11614 1181* *11612 118 *117 118 *117 118
SNOW stock. 4 Quoted dollars per share.
Ex-rights. a Ex-dlv. and rights.
•Bid and asked prices; no tales on this day. I Less than 100 shares.
dividend. s Ex-dividend.

*a




796

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1909 the Exchange method of quoting bonds was changed, and
prices are now all-"and interest"
-except for income and defaulted bones.
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 5.

1:

Price
Friday
March 5

Week's
Range or
Last Sate

'13

Range
Since
Jan. 1.

V3
Price
Week's
I3 Range
Friday
.1 t
Range or
_ 4:
Since
..,a..
March b
Last Sale
'''''
Jan. 1,
U. S. Government,
Bid
Ask Loto
High No. Low High Chesapeake & Ohio (Con.)Bid
Ask Loto
High No. Low High
US 2s consol registered_81930 Q- .1 9812 087 985 Feb '15 ..--8
9812 0914
General gold 431s
1992 PA-S 86
Sale 853
4
865
8 33 833 91
US 23 consol coupon
4
d1930 Q- J 955 9912 983 Feb '15 ---- 98
99
Registered
1992 61- 13 *---- 86
9312 Feb '14 __iii_id_ _
US 3e registered
_
k1918 Q- F 10110 ----10112 Jan '15 - 10112 10112
Convertible 4318
Sale 70
74
1930 F - A
74
US 3a coupon
fal
k1918 Q-F 10112 __-- 1013
4
10134
1 10134 102
Big Sandy 1st 45
1944 J -D ---- 84
837 Jan '15 _-- 83 8 837
8
U S 40 registered
1925 Q - F 10912 110 10912
7
*
10912
7 10912 109%
Coal River Ry lot gu 4s 1945 .1 -D 80
8212 83 July'14 _______ _ _ _ _
U S 48 coupon
1925 Q - F 111
Sale 111
111
1 1103 111
8
Craig Valley 1st g 58
1940 J - .1 90 ____ 9612 Deo'13 ____ ___ _ _ _ _
U S Pan Canal 10-30-yr 2s.k1936 Q - F 9812 ____ 9512 July'13
Potts Creek Br 151 4s
1946 J - .1 --------8454 Jan '13 ---- -- - - - - _ _
US Panama Canal 38 g.
1961 Q -M 10112 10214 102 Jan '15 --10034 102
R & A Div 1st con g 4s1989 J - J 8318 90
883 July'14 ____ ____ _ _ _
4
US Philippine Island 4s:1914-34 Q - E --------100 Feb '15 ---100 100
2d consol gold 4s
'1989 J - J - 77
82 Apr '14 ____ _ _ _ _ _ _ _ _
Greenbrier Ry 1st gu g 45_1940 M- N leg ---- 90 Apr '14
Foreign Government
Chic & Alton RR ref g 3s
1049 A -0 58
58 Feb '15 ____ 55
60
Argentine-Internal 53 of 1909_ 131- S 5 04
60
97
9318
93%
2 93
9914
Railway 1st lien 3315
19505 - .1 40 4012 41
41
Chinese (FIukuang Ry)-54 of '11 J -D 0_ __ 83
1 38
88 July'14 _-_ ____ _
Chic B et Q Denver Div 4s 1922 F - A 9812--- 9812 Feb '15 __ __ , 983 41
Cuba-External debt Soot 1904_ al- 5 5 9312 Sale 9314
8 981
:
94% 50 9318 9634
Illinois Div 331s
1949 5 - j 8218 Sale 81%
8212
15 1 8119 83
Exter dl 5501 '14 ser A
1949 F - A 5 90
931 92
92
10 92 9412
Registered
1949 J - J
--- 8614 Aug '12
External loan 4315
_
_ _
_
1949 F- A 5- - -- 90 93 June'14
Illinois Div 45
1949 J - J 809312 9412 94
94 ___- 9i ii%
Japantsc Govt-£ loan 431s 1925 F - A 9 7912 Sale 79
1
12
12
81
6 7912 8412
Registered
1949 J - J --------93 June'13 ____ I _ ___ __ _ _
Second series 434"
1925 J - J 5 7812 86
78
SO
32 78
82
Iowa Div sink fund 5s_
1021z
1919 A -0 10212
10212
Do do “German
1 10112 10212
___ 5 753 Sale 738
4
753
4 93 7338
Sinking fund 48
8
1919 A -0 We 983 9812 Feb '15 87 963 9812
Sterling loan 4s
4
stamp"_- J:__ 7512 783 June'14 __- ____ _79
1931 .14
___
Nebraska Extension 4e_1927 61-N 9618 -_-_ 983 Feb '15 8201 9512 97
4
Mexico--Exter loan £53 of 1899 Q. J 5-- 82
794 Apr '14
Registered
1927 111-N •923 --__ 965 Sep '12 __ _ ___ _ _
4
*
Gold debt 45 of 1904
1954J - D
85
65 July'14
Southwestern Div 45
1921 M- 6 97 ---- 9938 July'14 ____ ____ _ _ _ _
Prov of Alberta-deb 431e._1924 F - A I- - -- 9412 9512
Joint bonds. See Great North
Tokyo City-58 loan of 1912____ M- 5 9- -- 817 82 Jan '15 --- 9512 9512
8
Jan '15 --- 82 82
General 45
8
90
1958 M- S 897 Sale 897
47 89
:These are prices on the basis of $510.£
9214
51 2612 29
7,'Ille & E III ref & Imp 4s g 1955 J - .1 2612 Bale 2612
2612
State and City Seeuritlet.
1st consol gold 64
_ 103
1 10212 103
1934 A -0 1021
103
NY City 431e
1980191- S 100
Sale 9912 100
34 99 10038
General consol 1st 53
28312 331 60
1937 M- N 6212 Sale 62
75
43:8 Corporate stock__ _1964 61- S 993 Sale 9918
995
54 9918 10014
Registered
1937 M- N -------- 5912 Feb '15 ____ 5912 5913
414e Corporate stock
1963 M- S 104% Salt 10418
10438 13 104 10518
Fur money 1st coal 5s
4
973 Feb '13 --- __ - - _
1942 F - A ---- 92
._
.
4% Corporate etock
1959 M-N 9514 Sale 95%
9514
6 9518 97
Chic & Ind C Ry 1st 5s
2712 July'14 ___ ___ __ _ _
1936 J - J -- -- 33
4% Corporate stock
1958 M- N
9518 953 95
8
9514
6 95
:hie Great West 1st 43
1959,M- 5 7018 Sale 693
7018 36 6813 733
4
4% Corporate stock
4
• 1957 111-N 951 958 96 Feb '15 ---- 953 97
4 97
Shin 2nd & Loulsv-Ref 68_194715 - .1 11312 114 113
1 113 117
113
4% Corporate stock
1956 M-N 94
9512 96 Feb '15
95
96
Refunding gold 53
19475 - .1 ---- 103 1033 1.1 ar'14 --__ ___- _ _ _ _
8 1
New 4315
1957 M- N 104 10438 1043
10138
8
1 103% 105
Refunding 45 Series C
1917 J - .1 --------9538 Apr '11
New 4318
1917 88-N 104 10138 10114 Feb '15 ---- 100 4
3 10114
Ind & Loulsv 1st gu 4s.....1956 .1 - J - - - - - - -_ 86 July'12 __
._ _ _ _ __ _
434% Corporate stock _ _ _1957 M -N 10414 Sale 10114
10114
4 101 105
Dhie Ind & Sou 50
-year 45 1956 J - J "'- - - - 8812 9014 Aug '12 ____ .___ ___ _
431% Assessment bonds_1917 111-N 101
Sale 101
101
6 10012 101
Shie LB &East 1st 431s
331% Corporate stook_ -1954 IN-N 81
1969 J -D --------104 Dec '11 _--_ ____ __ __
8618 84 Feb '15 _--- I 84
853
4
N Y State-4e
1961 M- 13 9912 ___ 100 Feb '15 ---- 100 10012 ...Wag° Milwaukee & St PaulGen'l gold 4s Series A____e1989 J -5 ---- 9112 90
Canal Improvement 4(1_1961 J - J 9912
90
1 88
92
8:989 Q- 5 ___-_ _ _ 925 July'14 ..-Registered
Canal Improvement 48_1962 J - J 993 161118 10014 Feb '15 ---- 100 10018
..
4
--- 4 ____
Gen & ref Ser A 4315
Canal Improvement 0...A960 J - J 993 ____ 100 Feb '15 ---- 100 10012
4
2014 A -0 883 Sale 883
883
89
25 ---- 90
4
4
4
100 Feb '15 ---- 100 10012
Gen ref cony ser 13 51_ _2014 __
1013 Sale 0018
s
Canal Improvement 4310_1964 5 - 5 10812 Sale 10818
10112 2043 10018 1027
8
10812 15 10814 110
Gen'l gold 331s Ser B____e1989 J - J 7614 8014 80 Feb '15 --- 80
Highway Improv't 4313_1963 M- S 1083 1087
8014
8
8
8
10812 11 10814 10838
General 431e Ser C
Virginia funded debt 2-33_ _1991 J - J ---- --__ 1081
e1989 J - J 100 Sale 10014
14
100 4 11 9913 10112
3
8414 July'14 -- -25
-year deben 45
68 deferred Brown Bros Ws__ __ __ 55
1934 J - .1 8814 Sale 8814
8814
3 8814 901s
58'
2 a gi &I
57
56
Convertible 410
1932 5 -D 96% Sale 953
963
4
8 63 9312 973
4
Chic & L Sup Div g 5s
1921 J - J 1023 ____ 10212
8
10212
1 10212 10212
Railroad.
Chic & blo Riv Div 5s
A on Arbor 1st g 48
1926 J - .1 10114 105 10114
10138
2 10414 1012
8
51995,Q - J 63
61
64 Feb '15
64
6612
Chic dr P W 1st a 5.1
1921 .1 - J 1023 10318 027
cx tch Top & S Fe gen g 43_19951 A - 0 913 Sale 91
4
8
103
.51 1013 103%
4
4
203 91
92
9534
C M & Puget Sd let gu 48.1949.1 - J 8814 90 8814
Registered
8814
9 8814 90
1995 A - 0 8714 91
92 Jan '15 ---- 91
92
Dak & Grt Sou gold 5s
1916 J - J 10012 ____ 003 Feb '15 ___ 10014 1003
8
Adjustment gold 4a
s
51995 Nov
80 83
81
81
1 81
863
Dubuque Div 1st 3 f 68_1920 J - .1 10612
4
iONs Feb '15 ...... 107 107%
Registered
81995 Nov ---- -_ 86 Mar'13 ---- ---_ _
Far & Sou assum g 65
1924 .1 - J 11014
10 June'13 ___ ____ _ _ _ _
Stamped
81995 111-N 8214 Isle 817
8
8212 18 813 87
4
La Crosse & D 1st 56
1919 5 - J 101%
lO2lsJan '14
Cony gold 4s
1955.1 -D 95
Sale 941
11 923 9511
8
95
Wls Sr Minn Div g 53
192115 - .1 1023 0 12 01% Jan '15 ___ .101 8 1(113;
4
Cony 48 issue of 1909
3
1955J -D
9911 May'13
Wls Vall Div 1st 65
1920'J - .1 10612 10814 107 Feb '15 ___ 107 107
Cony 4s (issue of 1910)
Sale 9414
1960 .1 -D 95
95
60 923 957
8
Mil & No 1st ext 43113
s
1934 J -D 1003 101
8
007
8
1007
10
8
1 1607 100%
-year gold be
8
1917.1 -D 10114 Sale 10118
10114 15 10014 1013
8
Cons extended 4315_1934 J -D 100 101 10013 Feb '15 ..East Okla Div let g48.._....1928 111- S 92 ____ 94 Jan '15 ---94
Thic& Nor West Ext 481886-1926 F - A ---- 943 9212 Jan '15 ___ 10012 10012
8
Short Line 1st 45 gold._1958 J - J ---- 8714 887 Feb '15 ---- 92
9212 9212
86 * 89
5
Registered
1886-1926 F - A .9113
9414 July'14 __
Cal-Aria 1st & ref 4315_1962 hi- 13 95
.
99 July'14 ---- ---- _ _ _ _
99
General gold 3318
1987 M.N 80 ___- 81
80 4
3
Si81
i i;i_4 ii
8 Fe Pres& Ph let g 58_1942 M- S 10114 ____ 103 Feb '15 ---- 103 103
Registered
01987 Q --- --_- 7811Jan '14 ___ ____ __
k tl Coast L lot gold 4s____61952 bl- S 883 91
4
9012
91
3 88 93
General 45
1987 M- FN 92% -___ 9212
9212
5 8914 927
50
_s
-year unified 48
1959 J - D 85
9214 July'14 Stamped 9s
1987 M- N 9112 9212 9112
9212
11 89
Ala Mid 1st Ku gold 5s
92 2
,
1928 M- N 10334 __ 10512 June'14 ---- __ -_ _ _
General 5s Interim ells_ _ _1987 __1083 10912 093
4
8
10912 11 109 1095
8
Bruns & IV let gu gold 43_1938 1 - J 9012 ____ 9312 Feb '15 ---_ 91
9312
Sinking fund 6s____1879-1929 A -li 10912 ____ 109 Feb '15 __ 109 10104
Charles dr Sav let gold 78,1936 .1 - .1 124
Registered
1879-1929 A - 0 --------10512 Dec '13 ____ ._
____
L & N coil gold 48
o1952 M-N 84
86 Feb '15 -- 847 8714
86
Sinking fund 5s
3
1879-1929 A -0 10318 ____ 0318 Feb '15 __,.... 1027 10312
_8
Say F ar W 1st gold 6s
1934 A -0 1164 122 115 Dec '14 ____ ____ _ _ _ _
Registered
1879-1929 A -0 8101
02 Oct '13 _-__
__ _ _
let gold 58
1934 A -0 10131 _ _ 11038 May'll
Debenture 5s
1921 A-0 10018 102 101
10112
3 101 10112
1311 Sp Oca &0 gu a 4&_A918 J - .1 96% --__ 98 May'14
Registered
1921 A -0 --------101 Dec '12 ____ _ ___ _ _ _ _
plait & Ohio prior 3315
1925 J - .1 9014 9112 9012
91
29 8918 9212
Sinking fund deb be
1933 M-N 101 10212 102 Feb '15 ____ 102 103
1, Registered
61925 Q - J
88% Jan '15 ---- 8812 8812
Registered
1933111-N --------101S Apr
Gold 4s
81948 A -0 8812 Sale 88
8838 3 88
4
Frem Elk & Mo V 1st 68_1933 A -0 11712 1193 1914 Feb '14
9112
4
'15 ____ 11914 11914
Registered
81948 Q - J •---- 83 88% Feb '15 ---- 8712 887
Man G B & N W 1st 3318_1941 J -5 ---- __-- 90%
*
20-yr cony 434s
Sep '09
1933 Sale 823
85
4
85
192 8212 88
8811w &SL 1st gu 331s_1941 J - J ---- ---Pitts June 1st gold 68
---19225 - .1 104 ___ 112 Jan '12 ____ ____ __ _ _
Mil La & West lot g 6S1921 61- S 10818 ____ 10812 __ -- _ ---- _--- -----P June & III Div lot g 331e 1925 M-N
10812
1 1081.2 108186 ____ 88 Feb '15 _-__ 87
2
88
Ext & imps f gold 58, 1929 F -A 104 ____ 10618 Marie
P L E & W Va Sys ref 43 1941 M- N 78
____ ____ _
80
80
80
1 7812 84
Ashland Div iota 6s
1925 111- S 11218 ____ 11318
Southvv Div 1st gold 3318_1925 J - .1 88
8814
89
88%
_- 4 8712 9012
Mich Div 1st gold (3e..._1924 J - J 1112 ____ 11314 Feb '14 ---- _ _ -_ _ _ _
8
Mar'14 ____
Cent Ohio R 1st cg 4318_1930 M- S --------100 Apr '13
Mil Spar & NW 1st gu 4s_1947 NI- El 8
92 Feb '16 -_ 90 -6Z Cl Lor & W con let g 5s 1933 A - 0 10312 10512 104 Feb '15 ____ 104 164
938 92
Northw Union 1st 7s g
1917 M- 8 104 ____
8
Monon River let gu g 58 1919 F - A --------10214 June'12
__ _
St L Peo & NW 1st gu 55.10185 - y 1047 Sale 1071 May'14 ____
5
Ohio River RR let g 5s
1047
8 23 1023 1051;
____ 1053 June'14 ____ ____ _ _ _
1936 J -D 10118
4
_4
Winona & St P 1st ext 78.19165 -0 10318 ____ 10414
General gold 55
1937 A -0 9812 10114 1043 May'14
8
_
___
Thicago Rock Isl & Pao 63 1917 J - J 102 10314 10614 July'14
10214 Feb '15 ___- 10214 1021;
Pitts Clev & Tol 1st g 6s 1922 A -0 --------11312 Feb '12
__-- __Registered
1917 J - .1 1013 103 10414 Mar'14 ____ ___
s
Pitts & West 1st g 43
19175 - .1
964 Mar'14 ---- -- - General gold 45
1988 J - J 8214 Sale 813
4
Stet Isl Ry 151 gu g 434e.1943 .1 -D --------91 June'12 ---- ____ - - - 8214 39 813 843
4
____
4
Registered
1988.3 - J ____ 8112 82 Feb '15 ____ 82 3ollvia Ry 1st 58
82
1927 J - J
Refunding gold 45
1934 A-0 608 Sale 643
3uffalo Ft & P gen g 55
4
6614 531 6414 71
1937 M- S 10614
_ 10212 Feb 15 ____ 10213 1021,
20-year debenture 58
1932 .1 - J 55 ____ 53
5314
Consol 431e
17 53
1957 16-N 100 101 10114 Feb 'l5..--- 100 103
5712
Coll trust Series P45
1918 M-N __-- 91
941 June'11
4
All di West 1st g 4s gu
1998 A -0 8714 -___ 9418 Feb '15 _--- 948 943
Chic RI & Pao RR 45_
8
2002 M- N 20
23
18 Feb '15 __-_-_ -18 - -25 Clear & Mall 1st gu g 5s 1943 J - J 103 ____ 112 Apr '14 __ ___- _ _ _
.
TrInt Co eerts of depoUt ____ _ __
223 Sale 1918
8
223 113 1915 2515
8
Roch & Pitts 1st gold 63..1921 F - A 10512 ____ 10718 Jan '15 ---- 107% 10718
RI Ark & Louis 1st 4318..1934 111- S --_- 78
8.5 July'13 ____
-_
Consol let g Cs
1922 J - D 10412 ___ 11138 July'14 ---_ ___- __ ._
Bur C R & N let g 5s
1934 A-0 99
9934 99 Feb '15
"%made Sou cons gu A 58_1962 A- 0 10312 Bale 10318
99
;
10312 11 10118 10312
CRIF&NWlstgu 58.1921 A-0 --------10038 May'14 ____ ___- 991
_-__ __ _ _
•-' Registered
1962 A -0
M & St L 1st gu g 7s
087 Apr '14
8
--1927 J -D
- -ar Clinch .fe Ohio 1st 30-yr be '38 J -D ___. 99
8 10 Mx 063
963
Choc Okla & G gen g 5e_o1919 J - J ---- -_-- 997 May'13 ____ ____ -- 9638
s
;
-)entral of Ga 1st gold 5s___p1945 F - A 10413 105 10412
10412
1 10312 10412
Consol gold be
1952 M-N --------991 June'14
--- Consol gold Ss
1945 111- N 101 10112 101
Keok & Des Moines let be 1923 A-0 ____ 83
10112
7 101 10212
83 Feb '15 __ 83
Chatt Div pur money g 4s 1951 J -D __. 86
86 Feb '15 ____ 86 86
St Paul & K C Sh L 1st 4313'41 F - A ---- 65
6812 Deo '14
Mac & Nor Div 1st g 58,_1946 J - J 10014 -___ 10714 Jan '12
:laic St PSI & 0 con 68..., 1930J -D 11612 -__ 1173 Jan '15 __-_
4
Mid Ga & Atl Div 56
8 1i751947.1 - J 10014 ---_ 0014
4
10014
10 10014 10014
Cone 65 reduced to 331s 1930 .1 -D --------00 Jan '15 ___- 11g1Mobile Div let g be
90
90
1946 5 - J 102 ----1095 May'll ---- _- - - _ __ _
Debenture 5s
4
1930 M- E3 100
Sale 100
100
:en RR St B of Ga col g 5s1937 Al-N 90
18 100 102
95
97 Dec '14 ____ ____ - - -12
Ch St P & Minn Iota 65_1918 MN 11618 ____ 11612 Jan '14
bent of NJ gen'l gold 58
1987 J - .1 11414 11412 11414 Feb '15 810 11212
North Wisconsin 1st 6s
1930 J - J 11618 ____ 12938 May'09 __
11514
Registered
51987 Q- J 11334 _ _ _ 11334
11334
5 112 114
St P & S City 1st g 69_ 1919 A -0 10514 ---- 10314 Feb '15_
___ 1051; 10521Am Dock & Imp gu 5s___1921 J - .1 1037* Sale 10338
4
Superior Short L 1st Is 0_01930 M- 8 ____ ____ ____ -___ .
104
2 1023 104
4
Leh & Hud Ely gen gu g 551920 J - J 10018 ____ 100 June'13
1960 J -D ___- 86
'hie T H dr So-east 1st 5(3
85 Jan '1,
1
N Y & Long Br gen g 45..1941 M- 6 943
-4
_ 10012 Jan '13-- ___ - _ _ _ _
Ode & West Ind gen g 65_41932 Q-M 10814 10814
10
614
tent Vermont let gu g 4s e1920 Q - F --------68 Feb '15 ____ 68
1 log" iiiiii
Consol 50
-year 43
1952 J - J 7818 89
68
7812
7812
:hem & 0 fund & inapt 53_1929 5 - J 96
1 78 80
Sale 96
tin It AD 2d gold 4315
931
1 96
19375 - ./ 60 ---- 96 Mar'14
96
1st consol gold 55
1939 151-N 1033 10334 1031 4
8
10312
6 10214 10134
1959 J - J ____ 88
1st & refunding 45
-Registered
1939 M-N
_ ____ 10512 June'14 ____ ____ ____
1959 J - J - _ _ _ _ _ _ _ ii(i14 Jne-Ili -_.
1st guaranteed 45
-MISCELLANEOUS BONDS
-Continued on next page.
q

4,,

Street Railway
Brooklyn Rapid Tran g 58..1945 A -0
1st refund cony gold 4s___2002 J - J
-year secured notes 5s___1918 .7- J
6
Bk City 1st con 5s__1916-1941 J - .1
Elk Q Co & S con gu g 5s_1941 111-N
Bklyn Q Co & S 1st 5s___1941 J - J
Bklyn Un El 1st g 4-5s__ _1950 F - A
1950 F - A
Stamped guar 4-55
Kings County El 1st g 49_1949 F - A
1949 F- A
Stamped guar 45
Nassau Elec guar gold 421_1951 J - J
1927 F - A
Chicago Rys 1st 55
Conn Ity & L 1st & ref g 4318 1951 5 - J
1951 .1 - J
Stamped guar 4315
Det United 1st cons g 4315_1932 J - J
Ft Smith Lt & Tr 1st g 58-1936 M- 8
Grand Rapids Ry 1st a 53_1916 5 -D
Havana Elec consol g Is,,....1952 F - A

10114 Sale 101
1014
83
85
83 Feb '15
993 Sale 99%
4
99%
8912 1013 1005 Feb '15
8
4
98 Apr '14
-- -101 May'13
•96
10034
10014 10012 10012
10012 1003 10038
8318 8312 8211 Jan '15
8212 Jan '15
83%
76 Feb '15
_ _- 78
9612
9512 96% 9618
1017 June'12
8
92
9614 June'14
9212
Sale 701
7212
72
84 Jan '14
100 June'14,
9912
8912 92 Apr

4

c4

14 10014 102%
80 8512
59 93% 100
10014 101
10 100 _ 10l'
1 991210012
8212 823
4
8212 8212
76 78
8 96 97%
- - -50 6584 _72'2

•No price Friday; Wan this week. IDue April. .Due May. e Due June.
etamped".




BONDS
N. Y. STOCK EXCHANGE
Week Ending March 5.

Street Railway
Hud & Manhat 5s Ser A____1957 F - A 75
Sale 75
75
Adjust income 55
1957
26% Sale 2
6%
2718
N Y & Jersey 1st bs
1932 F-"A
_ 101
Interboro-Metrop coil 4318_1956 A -0 7514 Sale
1(5;
Interboro Rapid Transit
1st & refunding 55
1966 J .5 98
Bale
98
Manhat Ry(N Y)cons g 48_1990 A -0 8812 89, 97%
2 89%
8912
Stamped tax-exempt
1990 A -0
9012 90 Feb '15
Metropolitan Street RyBway & 7th Av let c g 58_1943 J -D 997 _
8
101 Feb '15
Col & 9th Av 1st gu g 53_ _1993 M- S
- - - 99
9912
Lea Av & P F 1st gu g 58_1993 M- S 9812 99 101 July'14
Apr '14
Met IV S El (Chic) 1st g 46_ _1938 F - A
80 Mar'14
Milw Elec Ry & Lt cons g 55 1926 F - A
10014 Dec '14
Refunding & eaten 43113_1931 J - J 911s 92% 925
8 Feb '15
Minneap St let cone g 5s
1919'-5 8914 ---- 102 Nov'12
Montreal Tramways 1st & ref
30
-year 53 Ser A
1941 J - J •93 -___ 9414 Feb '1.5

111
20
70

11)',
I

Due Ju1y. k Due Aug. °Dile Oct. pDueNoV. f Due Deo. s
Option ea1e.

74 797
8
2612 291s
731g 7684
97 983
s
8814 91
88% 91
100 101

_921 923*
------9418 9414
W'Oerman

MAR.6 1915.]
i
BONDS
b
N. Y. STOCK EXCHANGE1 ui
Week Ending March 5
45.,

New York Bond Record—Continued—Page 2
Price
Friday
March 5

Week's
Range or
Lass Sate

ln,
cool

Range
Since
Jan. 1.

b

BONDS
N. Y. STOCK EXCHANGE
caO1
Week Ending March 5

797
Price
Friday
March 5

Week's
Range or
Last Rate

a.
VI
3:10

Range
Since
Jan. 1.

High No. Low High
High No, Low High St P M & Al (Continued)—
Clin Ham & Day (Con.)—
Ask Low
Biel
Ask Low
Ma
1937 J-J ____ ____ 13614 May'06 ---- ---- _ __
1004 Mar'14 ---- ___ ___
/
1
Ole D&Ilitgunte
Registered
1941 M.N
1st guar gold 5s
C Find& Ft W 1st gu 4s g-1923 MN --------88
3
1937 J -J 106 --_ 106 4 Feb '14 ---- ____ ___ _
Alch'll---- ____ ____
Gin 1 & W 1st gu g 4s
Registered
1953 J-J --------65 J'ly '14 ---- --- ---1937 J -J
Will & S F 1st gold 5s
---- --- --Day & Mich 1st cons4 Ms_1931 J-J --------948 Dec'14 ____ ____ ____
1938 J-D 10634 —,_ 10412 ne
--------65 J'ly '14 ---- ---- ---- Gulf& 81 1st ref& i g 58_51952 J -J 8718 89 8712Feb 15 ---- 8712 8712
Ind Dec & W 1st g 5s
1935 J-J
10712 Dec '02 ---- ____ ____
Registered
let guar gold 59
01952 J -J
1935 J-J
.
____ - oi
Cleve Cin C & St L gen 4s 1993 J -D 6914 ____ 70 Feb '15 ---- 70 74 [Jock Val 1st cons g 4 Ms_1999 3-J if ii il Feb '15---- Co
841 82 J'ne'14 -- ___ ___
/
4
- . Registered
1-2
20-yr deb 4 MS
1999 J -J --------9718 Jan '14 ---- ___ ___
1931 J-J
Col& II V 1st ext g 4s
Cairo Div 1st gold 45
5
1948 A-0 831 ____ 8512 Jan '15 -- 8512 8511939 J-J ---- 81 81 Feb '15 ---- 81 81 Col & Tol 1st eat 4s
_ - 1955 F-A --------9012 J'ne '14 ---Gin W & M Div 1st g 48_1991 J-J ---- 80 83 Feb '14 ---- ____ ____
St L Divlst coil tr g 4,
• ---- 6 6i12
1990 M-N -_-- 82 83 Dec.14 ____ ____ ____ Hous Belt& Term 1st 58_1937 J -J •---- 9312
1
Registered
971 J'ly '14 -----------/
4
1990 M-N ---- _--_ 8214 Mch'14..._ ____ ____ Illinois Central 1st gold 4s_1951 J-J 891
.
Sias & Col Div lstg 4s
___
1951 J-J ---- ----100 Sep '11 __1940 M-S --------85 Mai 14 ---- ____ ____ 1 Registered
1st gold 314s
W W Val Div lat g 4s
1951 J-J 81 ____ 783
/ 783
1
4
4Jan '15 ---- 784 ---1940 J-J ---- 92 Cl Apr '12 ---_ _ _ ____
4
Registered
0 1 St L& C consol 6s
1951 J-3 -_-- ____ 8812 Feb '13 -----------1920 M-N --------11353 Apr '14 ---- _ _ ____
i"ci 90
Extended 1st g 3 Ms
'15---1st gold 4s
1951 A-0 81 ____ 7814 Dec'14 __-- ____ ___.
k1936 Q-F 883
90 Mch'13,--- ____ ____
Registered
1951 A-0 ------ ---Registered
___ _ -k1936 Q--F 87
1st gold Is sterling
____ ____
Gin 8& CI con 1st g 5s-__1923 .1-3 10014 ____ 103 May'14 ---- ____ ____
----80
1951 M-8 ---- --- -- J'iy .0 ___.
Registered
1951 M-S ____
/
4
___ __—
____
000&1gen con g 6s __1934 J-J ---- __-- 1051.1'1y '14 ---- _ _ _ ____ Coll
trust gold 45
__ ____
.--8512
1952 A-0 8412 ___- 86 Feb- 15 ---- 853 8714
•Registered
4
1934 J-3
Ind 11 & W 1st pref 4s
1952 A-0 -------. 9514 1-2.-n '1' ---- __ --- 1940 A-0 --------94 J'iy '08 --- ____ ____ . Registered
1st ref 4s
0 Ind & %V 1st pref 5s_d1938 Q-J ---- --- -- -1955 M-N 85 812 861
2Feb '15 ---- 854 8712
_---- ---- ---- ---Purchased lines 3 Ms
1952 J-J --------82 se,,'14 __- ___- ---Peo
&
East 1st cot 4s
1940 A-0 - _ 74 65 Feb '14 ---- 65 65
L N 0& Tex gold 4s
2312
1953 M-N 82 83 853 Feb •15 --I 8512 8632
2312 __ 2312 Feb '15 ---- 21
4
Income4s
1990 Apr
Registered
1953 M-N ---- 9512 84 May'14 __-- __
9 91 9334
93
Cleve Short L 1st gu 412s_ _1961 A-0 93 Sale 91
is
Cairo Bridge gold 48
1950 JD 86
15 Jan '15 ____ 15
Oot Mid and 1st g 48
— 17
1947 J-J
-- 89 Feb '15 ---- 8614 - 89
Litchfield Div 1st g
_ _1951 J-3 -------- 74 Feb '14 .._-_' __ ____
15
15 Feb '15 ---- 15
__
Trust Co. certfs, of deposit___ _-_ ---- 15
Loulsv Div& Term g 3 Ms 1053 J -J
3877 _
/
4
77 Feb '15 ---- 77 77
Colorado & Sou 1st ,5 98
1929 F-A 8612 88 86 Feb '15 ---- 851 9012
4 8212 85
Registered
1953 J -J --------83 Aug'12 .__ ____ __-83
Refund & ext 4 Sis
1935 M-N 82 85 8212
Middle Div reg 5s
1921 F-A -------- 123 May'99 --/
1
4
Ft W & Den 0 1st g 6s
- 1921 .1 -D 1013 10234 1024 Feb '15 ---- 100 10212
Omaha Div 1st g Is
1951 F-A *---- 68 68
---,---- ---- ---i -iii" 68
Conn & Pas Rivs 1st g 4s_1943 A-0 ---es
St Louis Div & term g 3s_1951 J-J ---- ---- 7512 Mch•12 __-2
Cuba RR 1st 50-yr 5s g
1952 J-J ...--1.561- 1.60 May•10 —__ ____ ____
1951 J -J Registered
_--n6i Lack & Western—
Gold 34s
1951 J -J fi. 8212 77i2se:3 '15
/
4
s
t--" NI & Es 1st con gu 7s_1915 J-D 1003 — _ 1001 Feb '15 --__ 10028 101
1951 J -J ------- -10118 Oct '99 _— ___ ___.
103 Nov'13 ------------Registered
1915 J-13
Registered
77
7858 mewl ____ ___ _ ____
1951 J-J
8438
/
1
7 84 844 Spring Div 1st g 3 Ms
2000 J -D 89 8412 84
1st ref gug 3 Ms
Registered
1951 J-J
N Y Lack & W 1st 6s
1921 J-J 10712 109 109 Feb '15 ---- 10714 109
Western lines 1st g 4s
1951 F-A —__ __-_.: -iii" Feb'1_- _ _ __ _ _ _ _
/
4
_
1923 F-A 1011 ____ 10412 Feb '14 ---- ____ _ _
Construction 5s
Registered
1951 F-A -___ ____ -/
1
Term 82 improve 4s
/
1
1923 NI-N 95 954 9512Feb '14 ---- 954 6g12
____ -- ____ _Bellev & Car 1st 68
1923 J-D --------11712 May'l -_-- ____ _ /
4
Warren 1st ref gu g 3 Ms_2000 F-A 82 85 1021 Feb '03 --- ____ ____
Carl)& Shaw 1st g 4s
1932 M
-S_ _ _ 94 J'iy '12 _
Del & [Ind 1st Pa Div 7s
/
1
4
1917 M-S 105 10812 10818 Mch'14 ---- _ _. _ ____
Chic St L& NO g 5s
1951 JD IW14 ;'aie 10812
1917 M-S --------149 Aug '01 —77
Registered
10914
41 iiii- iiii
Registered
1951 J-D -------- 114 Feb '11 —...)
9938 46 99 9972
10-yr cony deb 45
8
1916 J-D 993 Sale 9912
_
Gold 3 Ms
1922 3 -j 100 Sale 100
1951 JD ---- ---- 90 Oct '09 ____ I -_-_-__ -100
1 09 100
1st lien equip g 4 Ms
--1951 J-D -------------------Registered
94
/
1
5 92 96
1 t& f
1943 id-N 934 9412 99
Joint 1st ref 58 ser A
1963 J-D 991 Sale
Alb & Sus cony 3 Ms
1946 A-0 84 85 84 Feb '15 ---- 84 8434
si (s
-Iii1- Rio 2
Memph Div 1st g 4s
1951 J-D --------9212 Aug'12
1133 Jan '15 ---- 1133 113
s
/
1
4
Rens & Saratoga 1st 7s_1921 M-N 112
8
Registered
7 734 78
7312
Deny & R Gr 1st con g 48_1936 J-J
7314 Sale 7314
St L Sou 1st gu gas
1931 M-S -__ 4812 g fly '0:
80 _ __ 814 Feb '15 ---- 8114 8114
Consol gold 4 Ms
1936 J-J
2
1950 J-J 841- 8772 8518 Feb '15 ___, 831- 854
192s J-D 77 8312 80 Jan '15 ---, 78 80 Ind Ill & la 1st g 4s
2
Improvement gold 5s
/
1
Hit & Great Nor 1st g
4614 23 38 48
_1919 M-N 98 Sale 98
1955 F-A 46 Sale 45
1st & refunding 58
8 98 100
98
6s_Rio Gr June lst gu g 58_1939 3-D --------109 Dec '12 --_. ____ ____ James Frank& Clear 1st 4s 1959 J-D ____ ____ 9112 NIch'14 ___
6712
Rio Or So 1st gold 45._
1940 .1 -J —.____ 6112 Apr '11 ---- ____ ____ pan City Sou 1st gold 3s 1950 A-0 6712 Sale 6712
4 6718 6
-'-'- Registered
1950A-0 --------63 Oct '01
40 85 tich'08 ____
1940 J -J
Guaranteed
Ref & impt 55
71
/
4
7118 14 703 711
3 8814 911
89
Apr 1950 J-J 89 91 8834
/
4
Rio Or West 1st g 4s
1939 J-J 70
4
Mtge& col trust 4s A
1949 A-0 ---- 60 60 J'ly '14 ---- ____ ____ Kansas City Term 1st 421_1960 J -J ____ 92 91
1 91 93
91
_ I ake Erie & W 1st g 5s___1937 J-J ---- 97 9812 Feb '15 ____ 9812 984
_
/
1
Utah Cent 1st gu g 48_61917 A-0 --------00 Apr '14 _—_
8
-1
-2 2d gold 55
10 j66 j66
/
1
1941 J -J ____ 987 944 May'l
100
Des Mot tin Ry 1st g 58._1917 M-N ---- 10018 100
North Ohio 1st gu g 5s
1945 A-0 __ 10018 98 Mcb'14
Det& Mack 1st lien g 4s
1995 J -D 80 ____ 80 Jan '15 ---- 80 80
1011, 6 665 16f12
4
2
-,
Gold 48
1995 J -D 78 -__ 82 J'iy '14 ____ ___ - _ _ Leh Vail N Y 1st gu g 410_1940 J-J 1011- Sale 101
Registered
8
1040 J -J ---- 10014 1003 Feb '15 __-. 1003 10038
/
1
4
8
8918 93 J'ly '14 ..... ____ ___
Det Riy Tun-Ter Tun 4 Ms_1961 M-N
_
"_ Lehigh Vail (Pa) cons g 4s_2003 M-N 87 ____ 87 Feb '15 -_87 87
Dul Nlissabe & No/ gen 58_1941 J-J 15412 104 104 J'iy '14 ____
9714 Jan'15 ____ 6714 9714
General cons 4 14s
2003 M-N 9714
Dot & Iron Range 1st 5s
1937 A -0 ---- 102 101 Ftt)'15 ---- 1166 161
4
/
4
/
4
1937 A-0 ____ ____ 10612 Mehl) -- ___- _ - -- Leh V Ter Ry 1st gu g 5E1_1941 A-0 108 ---- 1061 Feb '1 ____ 1053 1061
Registered
A-0 --------1118 Dec '11
2d 68
1916 J -J--------104 Feb '1 ---_
_ Leh 'Val Coal Co 1st gu g 5s_1933 J-3 1011 ___ 10414 Feb '15 ---- 16414 10414
/
4
--------101 J'ly '1 ____
Du So Shore& At g 5s
1937 J-3
RegIstered
1933 J-3 •____ 10312 105 Oct '13 --- ___ _ _ _ _
Plgin Jol & East 1st g 5s 1941 11-N ---- 103 10412 Feb '15 ___ joill itii
1st int reduced to 48
_ _ _
1933 J-3
2 10812 11012
10812
3
-12rie 1st consol gold 7s
1920 M-S 10812 Sale 10812
/
1
4
8414 --N Y & Erie 1st eat g 4s
1947 M-N 9112 ____ 9712.pne'1 ____ 166_ _ _ Leh & N Y 1st soars 451..-1945 M-S _____-- -88 Feb1 ____ ____ __ __
Registered
1945 M-S
10112
_ 10014 Feb '1
21
/
1
2d ext gold 5s
1919 M-S 1004
2
9814
9814 9914 Long isid 1st cons gold 5s_111931 Q-J 103 105 104 Feb '15 ---- 104 - 10412
3d eat gold 43-s
1923 M-S 9814 Sale 9814
_ ___ _
1st consol gold 48
51931 Q-J •100 __ 9614 31(.11'12 ____ _
10012 25 10014 10112
/
1
4
4th ext gold 5s
1920 A-0 100 102 10012
/
1
4
General gold 48
93 Marl
/
1
4
1938 J-D 84 8812 8618 Feb '15 ____ Wig 87
5th eat gold 4s
1928 J-1)
NY L E & W lst g fd 723_1920 NI-S -___ ____ 11012 J'ne'l ___ _
___ _ _ _ _
Ferry gold 4 Ms
1922 M-S ____ ____ 9514 May'14 ___
Erie 1st con g 4s prior
i g614 -gil , Gold 4s
82
1932 J -D ---- - ---9914 Oct '06 _--- ____ ____
82 Sale 81
1996 J-J
Unified gold 4s
Registered
83 Jan '1
_ ____
1996 J-3 80
1949 M-S 8424 90 8612 Mall . __
lit consol gen lieu g 4s
Debenture gold 5s
6212
6 66
66
1996 J-J 6612 67 66
------ -951 9518
1934 J-D 95 101 9518 Jan'
77 Apr '12
Registered
Guar ref gold 4s
1996 J-J
1949 M.S 8314 ..-...... 8512 Fe11•1 -- 84 8612
Penn cod tr g 4s
Registered
8712 16 8712 873
_ _ ___
1951 F-A 87 8834 8718
1949 M-S --------95 Jan '11 ___
4
50-year cony 4s A
62
1953 A-0 62 Sale 6112
10 60 6312
N Y & NI B 1st COn g 5s_1935 A-0 99 ____ 100 Feb '15 __-- 166 10018
N Y & R B 1st g 5s
do
Series B
641 22 6312 6614
/
4
__
1953 A-0 6432 Sale 64
1927 M-S ____ ___ 10212Jan '19 ___.
Buff N Y & Erie 1st 7s
Nor Sh B 1st con g gu 5s_o1932 Q-J ____ 101 102 J'iy '1 __ _ _ _ _
8
1916 J-D 1023 1027 103 Jan '1 --__ 19212 103
s
Chic & Erie 1st gold.5s
1982 MN 101 10478 10412 Feb '15 ---- 10112 10412 Louisiana & Ark 1st g 5s_1927 M-S ____ ____ 9112Feb '14 .___
- —
()ley & Mahon Vat g 5s 1938 J -J --------101 Feb '15 --- 101 101
Loulsv & Nash Gen 6s
1930 J-D 11012 11312 11312 11312
-1,1ia HE'
Gold 55
Long Dock consol g 6s
1935 A-0 120 ___ 12212 May'l -1937 M-N 1061 ____ 1093 May'14
8
/
4
----Unified gold 48
Coal & RR 1st cur gut 691922 M-N -_-- 103 106 Dec •1 ____
1940 .3 -J 914 Sale 91
4
9134 iii iii- -111/
1
Registered
Dock & Imp 1st ext 5s
1993 J -J 103 ---- 103
1990 J -J --------95 J'ne '14 ___
1 1.63
103
Collateral trust gold 5s
N Y & Green L gu g 58_1946 M-N ____ _ .. 10312 Aug •12 -___ ____ _ _ _ _
1931 M-N 10314
10314 Jan '15 --__ it5i1- ia14
4
E II & Nash 1st g 65
/
4
1937 J -J ---- 911 93 J'ly '14 ...... ____ ____
N Y Sus & W 1st ref 58
1919 J -D 1044 -_ 1083 May'l
8
/
1
1937 F-A 70 - _ 10014 Dec '06 ---L Cin & Lox gold 4 Ms
_ _
2d gold 4 MR
1931 M-N 99 --__ 102115 J'ly '1 -- — --____
ig - N 0& NI lst gold tls
70
6
I -i70
80
General gold 5s
1940 F-A
1930 J-J 114 ____ 1133
8Jan '15 ---- 113 13
/ 1/
1
4
1
4
N 032 M 2d gold Os
Terminal 1st gold 58
1943 M-N 10112 ____ 102 Jan '14 --__
1930 J-3 107 110 108 Feb '15 ---- 108 108
Paducah & Mem dlv 48_ 1946 F-A ___ ____ 84 Dec'14 ____
1940 A-0 101 10412 11112 May 12 _ __
Mid of N J 1st ext 5s
_ ___
St Louis Div 1st gold 6s 1921 M-8 10634 10712 1067 Feb '15 533 i661- iti
Wilk & Ea 1st gu g 5s_1942 J-D 85 88 92 J'ly '14 _-___ _ _ _ __ __
8
4
1926 J-J --- ___ 106 May'l ____ _ - ___
2d gold Is
1980 MS ____ ____ 693 Sep 1
Sly & Ind 1st con RU g 6s
8
_
s5 _
Atl Knox & Chi Div 4s
1921 J -J 95 100 97 Feb '17 ___ 6.- 67 _7
s
1 gir -figii
Evans & T H 1st cons 6s
/
1
4
1955 M-N 8812 89 88
88L
Atl Knox & Nor 1st g 5s 1946 J-D 101 .._ --.. 111 Jan '1 ___
/
4
1042 A-0 -- 85 991 Dec '13 ____ ____ _ _ __
1st general gold 5s
Hender Bdge lst 8 f g 6s_1031 M-S 10412 — 106 Jan '1
_ -_--- ---Mt Vernon 1st gold 621_1923 A-0 --._ ____ 108 Nov'll ---- ____ ____
1930 A-0 --------95 J'ne'12 --__ _ ._ _
Kentucky Cent gold 4s_1987 J -J 841 9014 86 Feb '1
Suit Co Branch 1st g 5s
/
4
-- 86- -lif3
4
/
1
L& N& M& M 1st g 4 Ms 1945 lq-S 9912 ____ 101 May'l _
plorida E Coast lst 4 Ms_1959 341---- 90 904 Feb '15 ____ 6612 if
L & N-South Al joint 4s1952 J -J
Aug•10 --__ ____ ____
. ort St U D Co 1st g 410_1941 J-J --------92
1,
7812 ____ 80 Jan •------7i- " 6"
8
1928 J -J ---- 57 62 Apr '1 ____ ____ ___ _
Ft W & Rlo Or 1st g 4s
eg
Ristered
h1952 Q-J --------95 Feb '0 ___ __ _ ____
NT Fla& S 1st gu g 5s
treat Northern—
0-A 1011
1937 1
/
4
_ 106 J'ly '1 ____ _ ___ _ _ __
G 0 B& Q colt trust 48...._1921 J -J 057 Sal 954
8
4
N& C Bdge gen gu g 4 Ms 1945 J -J _ _ _ _ ____97 Dec'1
/
1
96 383 9478 963
--- 95
1921 Q-J Registered h
Pens & Atl 1st gu g 6s-1921 F-A 10712 109 108 Feb '1
1 944 9654
95
/
1
/
1
4
_'108131088*
tat& refunding 4 Ma ser A 1961 J -J ____ 98 98 Feb '15 --- 98 101
S & N Ala con gu g 5s
1936 F-A 10012 104 10518 Feb '1 ____ 1051 1051
/
4
/
4
Registered
1961
9(1 J'ne'13 ___ ____ ____
Gen cons gu 50-yr 521_1963 A-0 10034 1611 10114 Feb '15 ___
9912 102
St Paul M & Man 45
1933 J -J 93 9614 9714 May'14 ------------L & Jeff Bdge Co gu g4s_1945 M-S ____ 83 8312Mch'l
__--_1st consol gold (Ss
1933 J -J 1194 121 1197 Feb '1 ____ 11712 1194 4 jamas ltlt—Sou lines 48_1936 M-N __— 80
/
1
8
/
1
Registered
1933 J -J ---- 12118 1171 Aug'13 ____ __ ____ . ex internat 1st con g 4s1977 lei-S.- ---_ 77- Mc11•ii -_--- - -- - —
32.
/
4
-Reduced to gold 43-s_1933 .1-J 10018 10218 1011 Jan '15 _ __ 10014 1011
/
4
/
4
Stamped guaranteed
1977 M-S .. -- ---79 Noy'l
Registered__ _
1933 J -J ___ 10212 10834 .I'no'09 ____
%tins)& St L 1st gold 7s
1927 ,1* I)...L 120 12412 Oct '1 -___ - - -- --':
.
Mont ext 1st gold 4s
1937 J -11) 9218 93 92 Feb '15 __-_ 92 - -94
Pacific Ext 1st sold 65
1921 A-0 100 ___ 11018 Aug'11
--Registered
1037 J-D ____ ____ 9412 Apr •14 ___ ____ ____
1st consolgoA 58
1934 M-N 85 88 88
I, 88 9214
88
' PaCific ext guar 4s R.--1940 .1-3 87 ____ 92 51 ch'11.
1st and refund gold 4s____1949 M-S 54 Sale 50
/
1
4
— ___,_ ____
5518 58 40 60
E Minn Nor Div 1st g 423_1948 A-0 891 ____ 95 May'14 ____ __ - ---/
4
Des NI & Ft D 1st au 48_1935 J-J ____ ___ 60
4 60 60
60
Minn Union 1st a 6s
1922 J-J 108 __ 110', Jan '14 ___.
_
_
Iowa Central 1st gold 5s-1938 J-D 8514 88 85
3 84 9014
85
Mont0 1st gii 06s
1937 J -J 11912 12212 12012 Feb '15 ----, H612 iiiii,
Refunding gold 4s __ L. _1951 M-S 50 55 50
34 35 60
52
18 SCELLANEOUS BONDS—Continued on Next Pa -e,
--------Registered1941

-

Street Railway
-J
1
78 Feb '15
New On Ity & Lt gen 4 .4s_1935 j
N'Itys 1st II E& ref 4s 1942 J -J
72
7014 7112 71
a1942 A-0 54 Sale 53
30-year ant Inc 59
54
8812 J'ly '14
N Y State Rys let cons 4 MiL•62 51-N
Portland Ity 1st & ref 5s___1930 M-N 981s ---- 9918 Feb '15
Portland Ity Lt & Pow 1st
92 Meh'14
11142 F-A
& ref cony s f 5s
Portland Gen Elec 1st 58-1935 J -J 9914
8
St Jos Ry L,H & P 1st g 58 1937 M-N 967 ---- 98 NeV•bi3
io312 Feb '13
St Paul City Cab cons g 58_1937 J -3 ____
82
1960 J -J
82 Sale 8034
Third Ave 1st ref 48
81
61960 A-0 8034 Sale 8018
Inc Is
Adj
Third Ave • y let g 5s __1937 J -J 105 107 10512 Feb '15
964
/
1
'Fri-City Ry & Lt 1st s f 5s_1923 A-0 96 0712 9612
_ 94 9612 J'ly '14
Undergr of London 4 6-1933 j
8712.1'1y '14
1948
Income 65
84 Oct '08
Union Elev (Chic) lit g 58_1549
71 J"3
United Rye Inv 55 Pitts I/151026 M-N
•No prise Friday: latest bid and asked thie week. a Due Jan




____

Street Railway
78 78
United Rys St L 1st g 4s___1934 J -J
6934 Dec •1
14 71
7278
St Louis Transit gu 5s____1924 A-0 59 Sale 593
8
69
/
1
4
84 5118 554 United ItRs San Fr s f 4s__1927 A-0 50 Sale 4612
/
1
28
50
1
_ VaRy & Pow 1st & ref 58__1934 J-J
89 2
,
907 894
8
9918 9918
(las and Electric Light
/
4
Atlanta G L Co. 1st g 58_1947 3-U 1011 _--- 1011 Mall
/
4
5
Bklyn U Gas 1st con g 58_1945 M-N 10334 ---- 10314
10312
5 ,t'ne '1. -4
Buffalo Gas 1st g 5s
1947 A-0 ---97 Feb '1
Columbus Gas let g 591932 J-J
Consol Gas cony 13s when issued
11'14 zi-ij 112/ 113 231
a
3
f1132 825, Detroit City Gas g 5s
4
9912
98 100 991
1923
7532 8114 Det Gas Co. con 1st g 5s
0538 Sep '0
1918 F-A
19212 102
10512 10612 Det Edison 1st coil tr 5s
1933 3-3
10612 Oct '12
95 9714 Eq 0 L N Y 1st con g 5s
1839 M-S
100 Feb '13
Gas & Elec Berg Co c g 5s _1949 .1-D
100 Oct '09
Or Rap 0 L Co 1st g 59____1915 F-A
103 Feb '1
Hudson Co Gas 1st g 5s_1949 M-N
92 Atch 1
Ran City(Mo)Gas lit g 5s 1922 A-0
a Due Feb a Due April, 8Due July, It Due Aug. ()Due Oat. •Option gala.

-gi -Eg1
;
3
9614 55312
8912 8912

jai97

97

lo958 1153s
9912 9912

798
BONDS
N. Y. STuUe c-XCHANGE
Week Ending March 5

New York Bond Record—Continued—Page 3
Price
Friday
March 5

Week's
Range or
Last Sale

e2

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending March b

[Vol,. 100.
Prize
Friday
March 5

Week's
R.angi or
Last Sate

Rang.
Mac.
Jan, 1.

Ask Low
Mph No Low High N Y N H & Hartford (Con.)
Cid
Rid
Ask Low
High
Low Hist
51 StP&SSM con g 4sint gu 1938 J-J 90 95 93 Feb '15 ---- 90 93
Cent New Eng 1st
,1-J
81
ova J'ne'12 ---- ---- ---- Housatonic It consgu 48__1961 M-N ins _8018 105 Meh'14
1941 11/1-N ___
1st Chic Termls f 48
g 5s- —1937
_
Feb '15
jai- kir
.
96 Nov 13 —_ ---- ---NY W'ciles&B 1st ser I 40'46 J -J
MS S & A 1st g 4s intgu_1926 J-J
67
67
661s 704
N H & Derby cons cy 5s__1918 M-1%1
------MlsslasippiCentral let 5s-1949 J -J 86 ____ 91 J'ly '14 —
107 Aug 09
12 75 81
78
Mo Kan& Tex lstgold 48 1990 JA.) 78 Sale 7714
New England cons 55____1945 J-J
594
2 53 60
58
91990 F-A 58
Consoi 4s
2d gold 48
991 Metc'h
1945 J-J
-N ---- 8934 89 Feb '15 -- 89 89
1944 II
1st eat gold Is
-gProvidence Secur deb 46 1957 M-N 1 -6614 5812 Feb '15 ---- 581 58's
2004 54-S 5218 5412 5218 Feb '15 -- 49 5218 N Y Oil W ref 1st g 4s____Q1992 M-S 80 81 7818
1st& refund 48
7818
2 7818 8238
6934 Sale 6934
74
£9 6912 72
Gen sinking fund 4 Ms........1936 J-J
Registered $5.000 only_01992 51-S
9212 J'ne 1 -,
15
St Louis Div 1st ref g 4s._2001 A-0 6012 6412 6018 Feb.
6018 6018
Genera148
1950 J-D
7512 Feb '15 ---- 751z 751k
993 Dec '13 ---4
1940 M-N
Dal& Wa 1st gU g 51
Norfolk Sou 1st& ref A 5s 1961 F-A
1
94 J'ne 14 —
1990 F-A
78 J'ly '14 -Kan C & Pac 1st g 48
Norf& Sou 1st gold 5s
1941 M-N ---- 102 102 Jan '15 --- fail;102
4/8 98 104 Apr '14
Mo L& E 1st gu g 58-1942 A-0 9
Nort & West gen gold Gs
1031 M-N 117 120 120
120
8 120 120
4
1942 M-N ____ 883 88 Feb '15 --- 88 88
M K& Ok 1st guar 5s
Improvement& tong 6s 1934 F-A 118 1203 119 Feb '1
4
119 119
90 89 Feb '15 _--- 80 89
M K& T of T 1st gu g 58-1942 51-S
New River 1st gold Gs___ 1932 A-0 11612 120 120 J'iy '14
96 May'13
Sher Sh & So 1st gu g 5s-1942 J -D
N & W Ity lsteonsg 45
1996 A-0 9112 92 9112
9178 26 ill;aTexas& Okla 1st gu g 5s-1943 M-S
ow Jan '14 ---- -------:
94 uay'14 _Registered
1996 A-0
Missouri Pae 1st cons g 6s 1920 M-N far Klie 993
1 100
53 -613
- !
8
2
Diy'l lst l& gen g 4s
1944 J -J 8814 9014 8812 Feb '15 ---- 87'1WI;
Trust gold Is stamped—a1917 M-8 93/4 Sale 9112
9314
10-25-year cony 48
5 893 95
4
1932 J-D 99 102 987
8Feb '15 _- 987,102
Registered
a1917 14-S
97 Mav'12
10 -year cony 4s
-20
1932 1-S 101 Sale 10012
101
4
993 101
1st collateral gold 58
1920 F-A 88 8912 88'2 Feb '15 ---_ 884 9012
Convertible 4 s
1938 M-S 10012 1011 101
101
101 103
Registered
1020 F-A
.-- Focal' C & 0 joint 4s
1941 J-D 89 Sale 89
89
8734 90
4914 —7 373 4912 (3 C & T 1st guargold 5s 1922 .1-3 101 _
I0
-.year irold loan 48
1945 M-S 49l4 Sale 45
4
75
10534 Jan '1
1st & re cony Is
49
47 38 49
1959 51-S 49 Sale 4512
Selo V & N E lstgu g 48_1039 M-N 904-- 90
2 -ad- 90
0'
3d 78 extended at 4%
1938 M-N
78 Jan '15 ____ 78 78
4
Northern PacifizprLir lids 1997 Q-J 9034 Sale 893
9034 546 8814 9318
Cent Br Ry 1st gu g 4s
I919 F-A 75 85 85 Feb '15 -85 85
4 883 90 4
1997 Q-J pp% Sale 904, 9018
Registered
4
3
Cent Br U P lst g 4s
6312 Sale 62
7712 Dec '13 --__
1948 J-D
General lien gold 3
6312 406 62 65
8
Leroy & 0 V A I. 1st g 53_1926 J-J
_ 110 Mch'05 ____
6212 Sale 6212
1 6112 6212
Registered
624
Pac Ft of Mo Ist ext g 48-1938 F-A 8412 86 86 Feb '15 39 -W -gal
90 Jan 14
. s st P-ul-Duluth Div g 4s..a28977 QQ--13
a' 448 J-FF
_19
_ 100 9712.1'1y '14 ____
2d extended gold 5s
1938 J-J
004 Sep '13
Dul Short L let gu 5s____1916 M-S
St L Jr 51328 gen con g 5s-1931 A-0
9814 2 9734 10112
99 9814
St P & N P gen gold 68___1923 F-A 1561- 11513 109% 10958
2
10912 fib;
Gen con stamp gu it 5s 193I A-0
9938 102 .Ply '14 ---154 Aug 11
Registered certificates-1923 -1
Unified & ref gold 4s
65 66 65
1929 J -J 66
3 - 7 -if - St Pau1.1).luth 1st 5s_1931 ? 1. 1027
02
102
8i8
2d 5 142
102 ioi
s
8078 Oct '12
Registered
19211 J -J
0014 Jan '15
looti 10014
1917 A-0 101
1933 M-N 66";i11J 66
6712
Riv& G Div lstg4s
6 66 69
87 Feb '14
1st consol gold 4s
1968 J-D
Verdi' I & W 1st g 5s-1926 M-S
9212 Dec'13 ---8112 Dec '13
1948 Q-NI
Wash Cent 18t gold 4s
Mobil Ohio new gold 6s
112
3 iii- ifill; Nor Pac Term Co 1st g 68_1933 J-J iir113 12 Dec'14
1927 J-D ifi- YaT; 112
let extension gold 6s___-h1927 Q-J
11212 Apr '14
8712 88 Feb '15 ---- 83's 88
Oregon-Wash Ist& rel 48__1961 J-J
General gold 45
75 Jan '15 -- 75 75 Pacific Coast Co Ist sr 5s. _1946 JD 95 98 94
1938 M-S
94
3 94 984
NIontgom Div Ist g 5s
1947 F-A 100 103 10414 J'ly '14
-I- ennsyly RR 1st g 48___1923 M-N
98 Dec '14 .--St Louts Div 55
---- 95 Dec '13
1927 J-D
Cense! gold 5s
1919 M-S
----- 02 May'14 -•
St L & Cairo guar g 48.-1931 J-J -_-87 Jan '15 -- 87 87
9714 9712Feb '15 _--Consol gold 48
98',
aslivilleCh 32•481tL 1st 58 1928 A-0 10434 ____ 1Q5& Feb '15 ---- 16412 10615
Convertible gold 30_2 915 M N 100 Sale
9938
1943 J:D
9918 10012
Jasper Brancb&Ist,g 981923 J-3 ---_
111 Jan '13
--_----- 9918J 'ne'14
Registered
McNI NI IV & Al 1st:168_1917 J-J
10314 Jan '14 --__
Consol gold 4s
4
97 -518
o1948 M ND 9734 9818 973
1 15 j
:
973
4
4
T & P Branch 1st Gs
113 J'ly '04
1917 J-J
____ ---Consol 412s when issued__1960
1037 Sale 1033
8
8
1037
8
10314 1047
2
Nat Rye of Mex pr hen 43'
58 J'ne'14 -J-J
Alleg Val gen guar g 48_1942 M- S 9314 95 94 Jan 1
94 94
Guaranteed general 48_1977 A-0
77 Feb '13 -DRRR& 13'ge 1st gu 4sg'36F-A 9238
91 Mch'14
Nat of Mex prior lien 430_1926 J-J
964 Feb '13
Phila Balt& IV 1st g4s___1943 M-N
9918 Fly '13 ---lst consol 4s
50 Apr '14 —.
1951 A-0
Sod Bay & Sou Ist g 53_2924 J-J
102 Jan '03 --N 0 Mob & Chic let ref 58.1960 J-J
35 Feb '16 ___ -3 - - -3--114 -5
Sunbury & Lewis 1st g 48_1936 J-J
N 0& N E prlorlien g Gs_p1915 A-0
164- 101 J'ne'IA
'18
'98/4 9812 ---- 938 Feb144
New Orlean- Term let 45 1953 J-J
7912 May'13
---- ---- Pe nsyivl n & an
nN
i
NY Oen RR deb 68 wh Iss.1953
15ft; Salea9 79llini., 10158 655 jai- i6f5- GuarjiaNia So—gen 48-1944 M-S 10012 Sale 10012 103 12 10014 1034
7
8
1st g 40
1921 J-J
N Y Central & H R g 3;0_1997
26 79 812
Sale 79
4
99 Dec '1 ---Registered
O98---8
2 13 511 Feb 15
89 2
7512 7814
Registered
1997 J -J
Guar 334s coll trust reg_1927 M S 84 ---- 8412 Apr'14 __
1931 j j
:
87 8618 Feb '15
Debenture gold 48
Guar 30coil trust ser B_1941 F-A 8412 86 • 874 J'ly 14
1934 M-N
88 88
8J
-- 897 'ne'14
M-N
Registered
Trust Co etfsgU g 3 s---1916 M-N ` 97
1934
9814.Fly '14
73 --8 7212 75
Utica Shore coil g 3Hs
4
Guar 3;is trust ctfs ____1942 J-D 83
1998 F-A 721;-723 7212
83 Feb '1
83 53
7612 J'ne'14
Registered
Guar 3368 trust ettsD____1944 J-D 83 ---- 84
1998 F-A
-'14
J P M & Co ctfs of dep.- —
---- 8112 79 Deo '14 _i
Guar 15-25-year g 4s
933 9212 Feb '16
8
Mich Cent coil gold 3;0_1998
70
70 72 70
Cin Leb& Norge 4s g
9312 Apr '14
931 A0
1042 M:N
7412 75 J'ne'14 --__
Registered
98 May'14
1998 F-A di & Mar 1st gu g 40_1935 M-N
Beech Creek let gu g 48_1936 J-J 9114
9514 Apr '14 ---011 P gen gu g 4 Maser A 1942 J-J 1001; __ 10138 Noy'13
99 May'll
Registered
Series B
1936 J -J
10934 J'ly '09
1042 A-0 10014
21 guar gold 55
Introduced to 30_1942 A-0 83 ____ 9114 Feb '12
1936 J-J 102
Registered
Series 0 3%8
9018 Oct '12
1936 J -J
1948 M-N 8212
Beech Cr Est 1st g 3Sis-31951 A-0
Series D 3Sis
844 Dec '13
9 58 F-41
J94 J - .1
88 Oct '12
Cart & Ad 1st gu g 4s
Erie& Pitts gu g 3;03B
1981 J -D
834
8614 May'14
.
Gouv & Oswe 1st gu g 5s 1942 J-D fai- 7--Series CI
-------1940 J-J 8312 __ 904 J'ly '1'
Grit & Lox 1st gu g 430_1941 J-J 97 983 100 Feb '15
9112 1412
Mob & Mal 1st gu g 48
----- - 4
1991 M-S
itki" 100
86 Jan '15
NJ June It guar let 4B
86 86
1986 F-A
Pitts Y & Ash 1st cons 5s_1927 51-N 1010,__.._ 109 May'10
8212 Deo '12
N Y & Harlem g 330
2000 M-N
Tol W V& 0 gu 430A
99 J'ly '14
1931 J-J 9758
Registered
2000 M-N
Series B 430
19333-J 9738 --__ 9812 J'ne'14
1011s Jan '15
N Y& Northern 1st g 5s 1927 A-0
Series 0 4s
101410178
1942 M-S 88 -- 9312 J'ly '14
N Y & Pu 1st cons gu g 45_19931A-0 8114 89 92 Oct '13
PC 032 StLgu 4%8A_1940 A-0 99 1001 101 Feb '15
;
99 1014
Nor& Mont Ist gu g 5s
1916 A-0
Series B guar
1942 A-0 9934 10014 10112
00
99410112
118 Feh-T1
112
Pine Creek reg guar Cs,,,, 1932 J -D
Series 0 guar
1942 M-N
Feb 15
1'5
10112 10112
R W& 0 con lst ext 5s__h1922 A-0 10212 - - 103 Feb '15
jo184 Rif Series D 4s gum'
1945 11-N
9353 Feb '15
3113 934
10018
3 10018 10018
Oswe & It 2d gu g 58-51915 F-A •
aliila 10018
Series E 350 guar g
1949 F-A
92 J 'ne'14
2
R W & 0T R Istgu g 58_1918 M-N 1651- - -- - 104 J'ne'10
Series F gu 48 g
---_ _--1953 J-D
9514 Jan '14
13
Rutland 1st con g 40-1941 3 -J --- ---- 90 Apr.
Series048 guar
1957 5,1-N
97': Jan 13
70 Feb '15
Og & L Cham Ist gu 48g 1948 J-J
0 St L& P 1st con g 53_1932 A-0 10104
1064 May'14
92 J ne'09
Rut
-Caned Ist gu g 4s 1949 J-J
Pee & Pek Un 1st g 6s
1921 Q-F
this; 10114 May'14
-----102 108 Sep '12
St Lawr 32 Adir lstg 5s
1996 J -J
2d gold 4;0
---- ____
-i6_ 89 Feb '1
- 10612 1191, Mch'12
2d gold 65
1996 A-0
Pere 51arquette—Ref 4s___1955 M N
51 9 1 JJ
2 :
25 May'l
97 Feb '15
Utica & Blk RN gu g 45 1922 J -J
96 97
Refunding guar 41
1955 J-J
-a 19 40 Dec'13 _83 834
Lake Shore gold 33.s___..1997 J-D 82 ii 83 Feb '15
Ch 32 W M 5s
1921 J-D 55 ..--_ 73 May'14
82
5 82 82
Registered
1997 J-D 82 -- 82
Flint & PM g Os
1920 A-0 87 90 85 Dec'14
9018 10 90 93
15t consol geld Is
Debenture gold 4s
1928 M-S 9018 Sale 9018
6512 10
65 68 6512
90
22 8934 9214
4
25-yr gold 4s
Pt Huron Div 1st g 53_1939 MN 6512 69 75 Apr '14 --__ 65's 08
1931 M-N 8912 9014 893
9 9 A:O
9178 J'ne'14
Registered
1931 M-N
Sag Tils & II 1st gu g 4s 1931 F-A
Ka A& Cli It lstgu e 58_1938 J-J ---- --Philippine Ry 1st 30-yr s f 4s'37 J-J
80 85 5144$711
-.
10312
Phts Sh & LE 1st g 5s
Mahon CI RR let 55_1934 J -.1 ---- -- 10714 Apr '14
1940 A-0
1084 May'14
103 Jan '15
Pate & L Erie 2d g 5s___11928 A-0
jai- jai 1st Consol gold 55
1943 J-J
11314 Nay'll
1304Jan '09
Pitta McK & Y Ist gu 6s 1932 J-J ill
ending Co gen g 46
1997 J-J - 1- 'Side 9112
0
9212 57
2
1234 Mch'12
2d guaranteed Gs
Registered
1934 J -J
1097 J-J
9012 Feb '15
904 93
Jersey Cent coll g 4s
NicKees& 11 V 1st g 6s-1918 J -J
1951 A-0 .-071; Sam 9112
9112
3 91 914
J n614
10514
Atlan City go 48g
Nlichigan Contra, 5s
1951 J-J
1931 M-8 102
—
1034 May'14
tJe& Or Isl 1st g 4s
11147 J-J
Registered
Q-M 101
1931
t Louis& San Fran gen 681931 3-J fOi
48
98 Apr '12
Kass Feb '15 -- 1061,108
1940 J-J
General gold 58
1931 J-J
87 Feb '14
Registered
1940 J-J
9914
21 99 100
100
J L& S 1st gold 30_1951 M-S
it L & S F RR eons g 4s_1996 J -J ----- 75 J'ly '14
90 J'ne'08
__-_
-—
Gen 15-20-yr Is
1st gold 3 Sis
81 Feb '15
1927 M-N 3512 ---- 35 Feb '15
7978 81
1952 M-N if
35 44
20
Tr Jo eertfs of deposit-- ---- 3218 s O 42 Jan '15
-year debenture 48-1929 A-0 80 82 784 Dec '14
3: 4 le
61 s
3634 42
N Y Chic& St L 1st g 4s 1937 A-0 917 927 92
do
4
927
8 38 92 935
Stamped--3212
8
8
2 3212 43
3212
Registered
Southw Div 1st g 5s
1947 -Z-154
1937 A-0 ....---- 92343'1y '14
93 Dec '13
Debenture 45
Refunding g48
1951 J-J 64
1931 M-N 76 827 82 Dec '14
8
ale 64
64
-ji1- -id
3
West Shore Ist 4s guar_2361 J-J
Registered
1951 J-J-- 8034 ch'11
9014 9012 9014
903
8 11 893s92
-Registered
2 8714 893
Trust Co etts of deposit__ --__
2361 J-3 8712 Sale 8712
8712
64 Jan '15
4
014 64
NY Connect 1st gu 430 A_I953 F-A _
761; AZ; 6014 62 34 6014 66
do
Stamped____
9412 9412
94'2 944 Feb '15
N Y New Haven & tiara—
K 0 Ft S & M con g 68-1928 iii-Y1 109411014 10938Feb '15
107 110
Non-cony deben 4s
1955 J -J 72 Sale 72
K ti Ft S & M Ry ref g 48_1936 A-0 71 7212 7012
2 72 72
72
101
2 691 7312
Non-cony 4s
1956 M-N 68 73 72 Jan '15
K 0& M R & B lst gu 58_1929 A-0 *- .95 95 Mch'14
72 72
Cony debenture3;is
1989 M-N Fi 765, 7634
1956 J-3 62 Sale 62
63
29 62 64 St L S W 1st g 48 bd etfs
77
5 -fa- 813
Cony debenture 8s
1948 J-3 103 105 10234
2d g 4sinc bond etfs----61989 J-3
103
31 101 106
55 Feb '15
55 55
Harlem R-Pt Ches 1st 48-1954 M-N
1932 J-D ____ 5678 58 Feb '15
.
Consol gold 48
994 Nov 12
57 61
B 82 N Y Ale Line 1st48_1955 F-A
1St 111 a 5.4_1947 J-D ---- __. 984 Jan '14
.9915 J'ne'12
Gray's Pt Ter
MISCELLANEOUS BONDS—Continued on NIP
----

---- ----

-_-___

__

WI;

----

-___

p

110

S

Oas and Electric Light
KlngsOoEIL&l'gls___1l137 A-0
1997 A-0
Purchase money Gs
1035 MConvertible deb 63
Ed xl1111 Bkn 1st con g 4s-1939 J-J
Lac Gas L of;it L 1st 22 58-21919
1934 X- F
-O
Rel and eat 1st g 5s
Milwaukee Gas L 1st 45-1927 541-N
1945 J -D
Newark Con Gas g 58
1948 •-0
NYC EL II & P g 5s
1949 F-A
Purchase money g 4s
1995 3-J
Ed LI III 1st cons g 59
NY&QEI L & P Istcen g 5s 1930 F-A
1921 .VI-N
N Y& Rich Gas lat g 5s
Pacific G & ElCo Cal & E
1937 1.1-N
Corp unifying& ref5s_
PacPw& Ltlst 3: ref 20-yr
1930 F- A
58 1nternat Series
Pat& Pasaale G & E 58
1919 id-S
•No price Friday: latest Old and asked.




Oas :.nd Electric L:ght
Peo Gas& C Ist con g 63_1943 A-0 113 114 114
110 114
1947 M-S 10034 101
Refunding gold Is
10018 101
1947 5.1-S
Registercal
- ) SeT(4:1 3 -.-1
3
4
1
:
.
Ch 0-1.& Cke 1st gu g 5s_1037 .7- J iiiii i6i12 10134 Feb '15 --- 10114 103
Coe 0 Co of Oh 1st gu it 5s1936 .1-0 10014 ---- 10014Feb '1
10018 10014
Ind Nat Gas & Oil 30-yi 58'36 M-N --------- 93 Mch'12 ..-Mti Fuel Gas 1st gu g 5s_l947 M-N 10012..__ 100 Jan '1
58-1919 FA ____ 95 95 Feb '15 __ 100 100
Philadelphia Co cony
95 95
1922 M-N
Cony deben c 55
903 Pee'14
4
Stan Gas & El cony 8 f 68_1926 JD .._ 90 8818 Jan '1 ....... 8812 8812
Syracuse Lighting 1st g 55_1951 J-D 99 _. MO 51c11 14
.
Syracuse L & P 5s
1954 J -J 77 80 8512 J'ne'12 ...._
Trenton Gil It 1st g 52
1949 M-S 994 -__ 10112J'ne'14 ....
Union Elec L & P 1st g 5s_1932 M-S 100 10012 100
100
2 iaa- iai
24 91 93'
1933 M-N 904 ---- 89 Jan '15 .... 89 89
Ref & eat 58
Utica El L & P 1st g 5s....-1950 J-J 103 _ _ 96 Jan '1
96 96
--- 8812 91
Utica Gas & E ref 5s
1957 J-J _ Iowa Dec li
1950 3-D lair: ria314 10212 Jan '1'
Westchester Ltg g bs
.
jai;jai
4 Dm.5427. 0 Due June. A Due July. 0 DUO Oat. 9 Duo Nov. s Option Sale
Due

10338 ____ 10338Feb '15 _
10234 10338
1101:113 113 Feb '15 _ . 113 113
11212 11534 115 Feb '15 _ _ 115 115
8734 89 8734 J'ly '14 .._
100744 Sale 10078 101
13 1061. jai- 1
100 Sale 100
100
5 97 100
9118 9112 9118
9112 18 90491l
10112 ____ 101N Jan '14 ......
10318 10312 10318
10314
2 W111- 10312
4
83 Sale 8212
83
17 8212 85 8
5
109 J'ly '14
101 Feb '14
_--.. --- 9212.11y '09
9214 9212 913
4

9218

8812 ___ 91 Feb '15
994 ____ 100 Jan '14
o DU.)Jan. 01)08 Feo.

MAR.6 1915.]
I
BONDS
STOCK EXCHANGE It
N. Y
Week Ending March 5
-..s,

New York Bond Record—Concluded—Page 4
Price
Friday
March 5

{Veers
Range or
Lau Sale

.0..,
441 cZ

Range
Since
Jan. 1.

a

5
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 5
..,a.

799
.
Price
Frlda9
March 5

Week's
Range at
Las: Sale

Range
g it
Since
Jau.1.
53 4.
—
Wabash (Concluded)—
High No Low High
Ad Low
Bid
Det & Oh Ext let g 5s---1991Y- J 95 ____ 100 Feb '15 ---- 100 100
Des Moils Div let g 481_ 1939 J -J --------80 Aug '12 ---. ____ ____
Om Div 1st g 3%8
1941 A-0 59 60 59
59
1 59 eou
Vol & Ch Div 1st g 9s..
1991 11 1-8 6034____ 68
4
2 66 7234
66
Wab Pitts Term 1st g 419_1959 J-D- _
10
6 Feb '15 ---- 6
834
Cent and Old Col Tr 0o certs- -___
- - 8
612
8 Feb '15 --- 6
9
Columbia Tr Co ctfs
7 J'ly '19 ____ ____ ___
— - 7
Col tr ctfs for Cent Tr ctfs 712 Dec'14 ---- --- ---, 3
7
2d gold 45
1954 ,-J-D
7
5
8
1 Feb '15 ---% 1
Trust Co certfs
12
12
12 Jan '15 ____
8
5
8 15
Wash Term I 1st gu 3%s___1945 F-A 813 ---- 8312 J'ne'14 -____ ____ -4
1st 40
-year guar 4s
1995 F-A
__ 100 Sep '12 -----------West Maryland 1st g 48_ 1952 A-0 --_- _6812 Sale 04%
69
58 54 13914
West N Y & Pa 1st g 5s
1937 3-3 101
10114 12 101 102%
101
Gen gold 4s
1943 A-0 75 ___ 7512
76
14 75 7812
Income 55
dI943 Nov _ ___ 35 34 Feb '07 ---- .”--Wheeling & LB 1st g 5s___1926 ,A-0 95 ____ 102 J'ly '14 ----...--Wheel Div 1st gold 5s__1928 J -J 90 ____
Nov'13 _--Erten & Impt gold 5s____1930 F-A 85 --- 954 Feb '14 „.„ --- -- -91
_--- --..RR 1st cense! 98
1949 M-S• 66 ___ 66
66
3 66 6584
20
-year equips f 5s
1922 J-3 --------00 Apr '14 ____ _--- ---Winston-Salem S B 1st 915_1960 J -J 80__.-7.-.. 88 Feb 19 ....... _-- ---Wis Cent 50-yr 1st gen .4s_1949 .1 -J 8618 Sale 8618
1 845; 87
8618
Sup&Dul div & term 1st 4s '36 MN 85 ---- 844
1 8412 851
844
Manufacturing Se Industrial

Ask Low
Bid
High No, Low High
8 A & A Pass 1st gu g 4s-__1943 J-3 _--- 7834 79 Jan '15 __-- 7814 80
8 15 & N P 1st sink .g 5s___1919 J -3---10014 10014
6 1004 10014
/
1
Seaboard Air Line g 4s____1950 A-0 /812 80 75 Dec '14 ___Gold 4s stamped
3 78 8112
8212
1050 A-0 $O 823 80
4
Registered
1950
Adjustment 5s
01949 F-A IN Sale 66
6 it'll:, ii3a
4
Refunding 4s
67
66 66 67
1959 A-0 66 Sale .66
Ati-Birm 30-yr 1st g 4s__e1933 51-13 8014 8312 82 Jan '15 ---- 81 82
Car Cent 1st con g 4s
1949 J -3 8412 ____ 8412Feb '15 ---- 8412 894
Fla Cent & Pen 1st g 5s 191 J -J 1003 _-__ 10314 Jan '13 .--- ____ _ ___
s
1st land gr ext g 55
193 J-J 1003 ____ 104 Nov 12
s
Consolgold 5s
100 Dec'14 --.„ ____ ___ _
194 J-3 1004
Ga & Ala Hy 1st con 5so1945 J -J 10234 Sale 1025
8 1025
8
2 1004102%
Ga Car & No 1st gu g 5s 1929 J -J 10112 ____ 10112 10112
1 10012 102
Seab & Roa 1st 55
5 10112 10112
1926 J -J 10112 _-__ 10112 10112
Southern Pacific Co—
Gold 48 (Cent l'ac coll) _k1949 JD 8212 84 83%
833
8
1 82% 8614
Registered
k1949 J -D ---__-_ 90 Feb '14 -----------20-year cony 4s
8112 156 804 835
2
91929 11-23 811- Sale 808
4
20-year cony 5s
9712 166 9514 993
1934 J -D 9712 Sale 963
4
Cent Pac 1st ref gu g 4s_1940 F-A 8634 Sale 86
86a 632 86 90
Registeren
1949 F-A -----_ 9412.11v '12 —_ ____ _ _ _ _
Mort ;pier gold 3 14s_k1929 .'-D ---- 89 89 Feb '15 ---- 874 89
Through St L 1st gu 9s..1954 A-0 —_---- 87 Feb '15 ---, 87 87
G H & 8 A Al Z P 1s1 5s1931 VI-N 1021____ 10212 102'z
1 10212 10212
.
;
Gilla V GI & N 1st gu g 5s-1924 M-N ____ ---- 1023 Apr '14
4
Hous E & IV T 1st g 5s1933 Ni-N---103 Jan '15 ---- 103 103
1st guar 55 red
10412 J'ly '1 ---- ____ _ ___ Am Ag Chem 1st c 58
1933 M-N 984 _
1928 A-0
H & TO 1st; ''s int gu-1937 J -J 10512 1097 109 J 'ne'14
Am Cot Oil ext 430 ...._p1915 Q-F
8
• Gen gold 95 Int guar_
Debenture 5s
1921 A-0 ---- 9614 959 Jan '15 --_- 93 9511
1931 M-N
''
Am Hide & Lists f g 6s
Waco& N W div 1st g Gii 1930 M-N 108 ___ 108 Itch '14
1919 M-S
A & N W 1st gu g 58
;
1941 .1-J 100 1027 103 Mch'14 .--- ____ __ _ Amer Ice Secur deb g 6
1925 A-0
_ --- _ 10718 Ply '14 ---- ____ _ _ _ Am Smelt Securities ,f 68_1926 F-A
Morgan's La & T 1st 78 1018 A-0
1st gold 65
10614 J'ly '14 ---- ____ ____ Am Spirits Mfg g Gs
1920 J -J HZ
1915 MS
No of Cal guar g 5s
1938 A-0 --------112 Feb '07 --„ __ ____ Am Thread 1st col tr 4s
1919 J-J
Ore & Cal 1st guar;5s_1927 J -J 100 10014 9934
100
91 9934 10111 Am Tobacco 40-yr g 68—.1994 A-0
So Pee of Cat—Qua 5s-1937 51-N 106 ___ _ 10112 Nov 13 ---- ____ __ _
Registered
1944 A-0
So Pee Coast 1st gu 48 g-1937 J -J 86 ..-- 9112 Sep '12 --"
__ _.
Gold 45
1951 F-A
San Fran Terml 1st 9s_1950 A-0 80 Sale 773
80 213 ___- 8252
4
Rmistered
1951 F-A
7734
Tex & N 0 con gold 5s I943 J-J --- 97 90 Apr '14
Am Writg Paper Ist 8 f 58_1919 J -J
So Pac RR 1st ref 4s__.._1955 J-J
Baldw Loco Works 1st 58 1940 MN
843 Sale 838
8434 518 83% 89
;
eouthern—lst cons g 5s 1994 J -J 987 Sale 983
8
98% 42 984101 'Beth Steel 1st ext s f 5s
4
1926 J-J
99 100 Aug'13 --,Registered
1994 J-J
_. 1 1st & ref 55 guar A
1942 M-N
Develop & gen 48 Ser A 1956 A-0 65 Sale 6318
21 8234 69 Cent Leather 20
65
-year g 5s_1925 A-0
Mob & Ohio coil tr g 4s 1038 IVI-S /Os 78 76 Feb '15 ---- 74 76
Consol Tobacco g 48
1951 F-A
Mein Div 1st g 4 %-52;
1996 J-J — 100 100 Dec'14 ---- __ ___. Corn Prod Ref s f g 5s
1931 M-N
1951 J -J ____ 8458 884 J'ly '14 __-- ____ ___.
St Louts div 1st g 9s
1st 25-year s f 58
1934 M-N
Ala Con R 1st g (is
4J
1043 'ne'14 ----------- Cuban-Amer Sugar coil tr Gs 1918 A-0
%
.1918 J-J 102
Ala Gt Sou 1st cons A 5s 1943 J-D 95 ---- 991 May'14 --- ____ _ _ _. Distil Sec Cor cony lst g 58_1927 A-0
99
12
AU & Deny 1st g 4s
1948 3-J 834 86 8518Jan '15 --- 854 851, K I du Pont Powder 40_1936 J-D
2d 48
1948 .1-J ____ ____ 8214 Feb '12 ---- ____ ___. General Baking 1st 25-yr 68_1936 J-D
All & Tad 1st g guar 4s 1949 A-0
---- 7534 Dec'14 ----------- G
Electricd
3g._,1942F -A
10014
10058 J'ly '14 ----------Col & Greenv 1st 6s
1916 J-J -- Debenture Is.
195214-5
E T Va & Ga Div g 5s
1930 J-J 102 -- 106 J'ne'14 ---- ____ __ Gen'l Motors 1st lien 68
1915 A-0
Con 1st gold 58
1958 51-N 103 105 10414 Feb '15 --- 1031041 III Steel deb 4%s
1940 A-0
E Ten root'lien g 55
, Indiana Steel 1st 5s
1938 M-S _-__ 102 10312 J'ly '14 -----------_
1952 M-N
Ga Midland 1st 3s
65 644 May'13 ---Ingersoll-Rand 1st 58
1946 A-0
Gign J-J
Ga Pac By 1st g Cs
1922 J-J 10718 ---_ 10012 Jan '15 -___ 108 1061 Int Paper Co 1st con g 6s 1918 F-A
11018 May'14 ---- ____ ___
Knox & Ohio 1st g 6s
Consol cony 8 f g 553
1925 J -J 1062
1935 J-J
Mob & Bir prior lien g 58-1995 J-J 10012 ---- 10512 Nov 12
____ ___, Int St Pump 1st s f 5s
1929 51-S
Mortgage gold 9s
79 hich'13 -Lackaw Steel 1st g 55
1945 J-J
1923 A-0
Rich & Dan con g Gs
7
1st con 5s Series A
1915 J-J 101 ____ 100 8 J'ly '14 ---- ____ ___
1950 M-S
Deb 5s stamped
Liggett & Myers Tobac 7s-1994 A-0
1927 A-0 ____ ____ 10314 Feb '14 ---. ____ _ _
--------73 Sep 12 _
1998 M-N
55
Bich & Meek 1st g 4s
1951 F-A
So Car & Gs 1st g 5s
1 jaci my Lorillard Co (P)7s
1919 M-N 1001 101 1004
100's
1944 A-0
Virginia Mid set'0 6s
58
/
1
4
1916 M-S 100 __ _ _ 10014
10014
1 10014 10014
1951 F-A
Series D 4-5s
Mexican Petrol Ltd cnv 68 A_'21 A-0
1921 M-S 10014 ____ 10334 Nov'12 ---_ _ _ ___
Series E 55
1926 M-8 10034....,... 102 Dec'13 ---- ____ ___
1st lien & ref(343 series 0_1921 A-0
Series F 58
4
1931 M-S 1003 - --- 104 Mch'13 -_-_ _ ___ ___
Nat Beam & StPS 1st 5s_1929 J-D
General 55
1936 M-N 10318 __-_ 10318 Feb '15 ...„ 102 1031 Nat Starch 20-yr deb 5s_1930 J -J
Va & So'w'n 1st gu 513_2003 J-J 100 Sale 100
100
2 100 1004 National Tube let 58
1952 M-N
1st cons 50
-year 58-1958 A-0 8618 90 864 Dec'14 ---- ____ _ __
N Y Air Brake 1st cony 65-1928 M-N
1024 F-A
92 J'ne'13
W 0 & W 1st cy gu 4s
Railway Steel Spring—
Spokane Internet 1st g 5s I955 J -J ____ 98 9612J'ne'14 ---- --Latrobe Plant 1st s f 58_1921 J-J
rer A of St L 1st g 4%9_1939 A-0 9912 --__ 101 J'ly '14 --- ___- --Inter-ocean P 1st s f 5s 1931 A-0
L 1st con gold 5s_1894-1944 F-A
4
2 1004 .
101
162
10034 ___ 1003
Repub I & 8 1st& col tr 58_1934 A-0
Gen refund s f g 45
1953 J-J
8234 84 8814 May'14.
10 -Year. 59 5 1
-30
1940 A-0
St L M Bge Ter gu c 58_1930 A-0 ___ 100 102 J'ne'14
Standard Milling 1st 5s
1930 M-N
Vex & Pac 1st glid 55
2000 J-D 947 9512 9514
9534 25 -9i- -liti The Texas Co cony deb 843_1931 J-J
241 g. old Inc 5s
42000 Mch ____ 40 51 Nov'12 ---Union Dag & Paper 1st 58_1930 J -J
_ __La Div B L 1st g 5s
1931 J-J
95 May'14 _
Stamped
1930'J -J
W Min W& NW 1st gu 55_1930 F
-A_ 10612 Nov•04 ___
U S Realty& I cony deb g 5s_'24 J -J
Vol & 00 1st g 58
1935 J-J 166- 105 101
34
10034
101
i la'i6i U S Red & Refg 1st g 6s 1931 .1 -J
Western Div 1st g 5s..-1935 A-0 100 ---- 101 Aug'13 __-_
US Rubber 10-yr coil tr 68_1918 J-D
General gold 5s
1935 J-D --__ ___ 10112 Apr '14
--U S Steel Corp—jcoup --d1963 31-N
Kan & Al 1st gu g 4s
1990 A-0 86 Sale 88
88
1 ii- -WI2 8 f I0-00-yr 5sireg - _d1963 31-N
-year 5s
2d 20
1927 J -J 9512
. 9512
9512
2 9512 96
Va-Car Chem 1st 15-Yr 51-1923 JD
Foil' & W 1st gold 9s........1917 J -J 65 - -__ 85
65
2 05 68
West Electric 1st 5s Dec 1922 J-J
Vol OIL & W or lien g 30_1925 J -J 76 7712 76 Feb '15
Westinghouse BSc Ms f 55_1931 J-J
76 78
-year gold 4s
50
1950 A-0 47 Sale 47
48
10-year coil tr notes 5s 1917 A-0
il
49
Coll tr 4s g Ser A
1917 F-A ____ 50 43 rne'14 ____ ___
Tar Ham & Buff 1st g 4s_1z1946 J -D 80 85 8518 J'ne'14 _.__ _4212--- _
Miscellaneous
Ister & Del 1st con g 58_1928 J-D 100 101 101 Jan '15 -- 100 id
Adams Ex coil tr g 98
_1948.11-S
1st refund a 48
1952 A-0 ___ 74 76 Apr '14
Alaska Gold M deb 6s A
1925 -__
Union Pacific 1st g 95
1947 3 -J 951 Sale 943
9518 143 ciisi "ii: Armour& Co let real est41413 '39 -;
J -1-i
Registered
1947 J -J
93 Feb '15 _
Bush Terminal let 48
93 95
1952 A-0
20
-year cony 4s
1927 J -J 89 Sale 8812
85 981 91
89
/
4
Consol 55
1955 J-J
let & ref 49
g2008 WS
90 8912
5 884 90
8912
/
1
Bidgs 58 guar tax ex
1960 A-0
Ore Ry & Nay on g 9s_1946 J-D 8812 90 91 Feb '16 816 88 91 4 Granby ConsMS &P corn 6841.9 M-N
28
Ore Short Line 1st g 6s-1922 F-A 1074 1083 10712 1083
s
3 10734109 4 Inspir Cons Cop 1st conves 1922 M-S
1st consol • 55
5
-year cony deb 6s
1948 J -.1 103 106 103
103
/
1
4
1 103 105
1919 J-J
Guar refund 4s
1929 J-D 90 Sale .894
/
1
4
13 87 91'8 Int Mercan Marine 4%s-1922 A-0
90
Utah & Nor gold 5s
1926 J -J 100144 .— 108 May'll
Certificates of deposit
____ _ _ _
1st extended 98
1033 .J-J 88
Int Navigation 1st s f 5s---1929 F-A
tyandalla cons g 4s Ser A_1955 F-A 87 -___ 61 Apr .15 I
Montana Power let 58 A —1943 J-J
v Consol 4s Series II_
1957 M-N 87 93 924 May'14
/
1
Alorris & Co 1st s f4%s ____1939 J-J
- -- - --Vera Cruz & P let au 43s_1934 J -J s.:__.. 97 94 Oct '12 __
Mtge Bond(N Y)4s ser 2 _1966 A-0
-------------- --Virginian 1st is Series A _1962 M-N 9612 97 9613
10-20-yr bs series 3
975
22 9612 9 8
1932 J-J
9
wabash 1st gold ss
1939 M-N 100 ,
'
ale 983
100
41 97 100'8 N Y Dock 50-yr 1st g 48-1951 F-A
5 v 2d gold 5s
1939 F-A 8812 Sale 88
8812 16 86 94 Niag Falls Pow 1st 55
1932 J-J
Debenture Series B
1939 J -J --------90 J'ne'12
N lag Lock & 0 Pow 1st 58_1959 M-N
1st lien equips fd g 5s
1921 M-S
7
2
90 89%
897
8
I -897 -89'- Ontario Power N F 1st 58_1943 F-A
i
1st lien 50-yr g term 9s_1954 .1-3 65
_ 75 Apr 14 _
Ontario Transmission 5s
1945 MN
1st ref and ext g 95
1956 J - J
22 -23- 23
- 2412 -- -2- - -3 - Pub Sery Corp NJ gen 58-1959 A-0
11 - 34 -4
2
Cent Trust Co ctfs
30 5014 May'14.-- ____ --Ray0onsCepper 1st cony 84192I J -J
Do Stamped
.
22 63 Apr '14
Sierra & S F Power 1st 55-1949 F-A
Eqult Tru•it Co Afs
5658Jan '14 ..
._
Wash Water Pow 1st 58-1939 J -J
Do Stamped
101e 91
20
21
7; -ie in
.

U

10012 10112 10134
1023s 10 9978 10230
10018 ____ 10018
10014 17 997 10014
8
9114 9334 91
9334
2 924 94
103 10312 102
103
11 10012 10314
83 85 85 Feb '15 ___ 80 85
10414 105 10412
10454 120 10338 1047
4
—.... 94 9454 J'ly '14 ---- ---- ---.
---- ---- 04 .1 'ne'14 ____
___.
120 -___ 12118 Feb '15 ---- 12034121%
....-- --- 12154 darlo ---- __-- ---.
96 ____ 9818 Feb '15 ---- 973 9852
4
-98 J'ne 14 ..-- __-- ---.
6114 -_-- 6112
6234
62
3 59 821
100 _ 101 Feb '15 ___ 10034 101
9978 100 9934
100
14 9812 1001
,
88 Sale 8734
88
40 8518 8912
99 Sale 9834
99
96 9678
90 98 9734Jan '15 --- 9734 9911
975
95 97 96 Feb '15 -- 9434 971,
9012 9514 92
92
10 92 945
96 Sale 98
9614
6 95 961,
4812 Sale 4614
5114 29 4614 56
87 Sale 87
8712 40 84 8811
---- ---- 8712 J'ly '14 __ __ ___.
75 78 79 J'ly '14------.
_
1023 Sale 10212 1025
4
6 102 105
10114 Sale 10114
10114
3 10034 ion
84 Sale 84
84
384 87
9912 Sale 9918
9912
5 99
100 -- 100 Oct '13 .-„ _ _ _ 1001:
___.
100 Sale 100
100
16 11111 1011
7912 Sale 7912
794
4 7912 82
46 58 50 Feb '16 --_. 38 50
90% Sale 89%
907
24 89 91
85 70 70 Feb '15 ---- 65 71
122 123 12212 123
/
1
4
9 122 12415
10018 Sale 100
10018 29 997 102
g
12212 Sale 12212 122
/
1
4
3 12214 124
130 Sale 100
100
16 9934 102
98 99 96 Feb '15 ___ 9511001a
___. lOO's 997 Feb '15 _-_- 95 1001
92 Sale 92
92
10 92 931
8334----84% J'ly '14 _____
97 99 98 Feb '15 ---- 95 99'
92 Sale 90
92
17 90 94
96 Sale 9512
96
9
90 92 90 Feb '15 --_--------104 J'ly '14 _-__
92 9212 9214
9314 49
8812 9012 89
89
1
9812 987 977
8
98 4 36
3
--------90 Feb '13 -----------9114 Jan '13 --__
747 Sale 73
8
74% 33
21 --- 20 Jan '15 .--10214 Sale 10214
10258
9
10014 Sale 100
10012 401
_ - - 9934 10018
7
91
ii 6.2. 89
1013 Sale 101
s
10112 18
8
9014 Sale 89%
9014 73
9914 9954 9914 Feb '15 ..---

9514 96 2
90 93
9012 93
8812 90
9712 100
66 76
20 20
10118 1024
5
99%102 5
4
9934 102
89 95 2
10012101.
8978 94
984 99
/
1

71 72 71
711
/
4
2 7018 73
118 Sale 118
119
13 118 119
9114 92 9012
0114 38 9012 93
____ 87 8554 Feb '15 --__ 8534 85
89 Sale 89
89
2 87 90
86 87 86
86
1 83 8678
97 .100 98 Feb '15 ---- 98 99
10214 Sale 100
10214 128 97 10214
100 Sale 98
100 137 9434 100
34 35 34 Feb '15 ____ 3014 38
34 ____ 34 Fob '15 ____ 3312 34
40 ____ 40 •
40
2 36 57
9112 Sale 913
8
9158 117 884 9212
8634 90 8812Jan '1 ____ ____ __.
____ _-- 83 Apr '14 ...... ____ __.
94 --__ 100 J'ly '14 _ ___ __.
__-- 79 7934 Dec '19 --------.
99 102 101 Jan '15 ____ 101 101
---- 94 914 Feb '15 ____ 9114 91 34
/
1
93 95 94
95
6 94 91 53
88.. 90 Feb '15 ____ 90 9C
___- Sale 8714
8734
88' 29 8858 81 14
105 107 1044
105
5 103 101
_-_
9312 9214 Feb '19 __
_--- --•
9812 ____ 10312Jan '14 —Z
-------.
:

MISCELLANEOUS BONDS—Concluded.
Coal 4. iron
Telegraph & Telephone
Dull & Snag Iron. 5s__1932 J-D 87 ___ 92 J'ly '14 ____ ___. ____ Am Telep
I
& Tel Coll tr 98_1929 J-J
Debenture is
al926 WS
85 80 J'ly '14 ------------Convertible 48
1936 al- S
Ool le& I Co gen s f g 5s-1943 F-A 4
.87 ..__ 87 Feb •15 ____ 89 89
20-yr convertible 4 54s
1033 M-13
001 Indus 1st & coll 58 gu_11139 P-A ____ 741 7212 Feb '15 ____ 72 73 Cent Dist
Tel
Cons luci Coal Me lst 5s___1935 J-D ______ 73 Mcb•14 ____ __ _ _ _ Commercial 1st 30-yr 58_1943 .1-D
Cable 1st g 48_2397 -J
Cons Coal of Md lst&rif 5s 1950 J -D ____ 88 8918 J'ly '14 ---- -__ _--Registered
2397 -J
Continental Coal 1St g 58_1952 F-A 94 99 991 Feb '14 --- ---- ---_ Cumb'd T &
/
4
T 1st& gen 58_1937 -J
Gr Riv Coal&()1st g Gs_h1919 A-0 90 95 10234 Apr '06._ ____ ____ Keystone
Telephone 1st 5s_1935 J-J
Kan & li 0 & C lst s f g 5E4_1951 J -J 90 ---- 93 Meh'14 --- ____ ___
MetropolTel&Tel 1st 8f58_1918 M-N
POCah 00n Collier 1St S f 5s-1957 3 -J 8712 89 88 Jan '15 __ 88 88
Mich State Telep 1st 5s_ _1924 F-A
St L Rock AI t& P 151 5s _1955 J -J --- ---- 75 Jan '15 __-_ 75 75
N Y & NJ Telephone
Trust CO. ctfs of•dep
7934 83 814 Feb '15 __-- 75 8115 NY Telep 1st& gen s 5s g 1920 M-N
f4 348 1039 NI-N
'Venn Coal gen 58
1951 .1-J ____ 10012 1003 Feb '15 __ 100 101
4
Pac Tel & Tel 1st 55
1937 J-J
13irm DIV 1st consol 6s
1917 J-3 10112 10178 10112
10134
3 10014 10134 South Bell Tel& T 1sts f58 1941 J -J
Tene Div 1st g Gs- -____a1917 A-0 10112 1013 101 Jan '15 .... 10014 101
4
West Union col tr cur 5s-1938 J-J
Cab C AI Co 1st gu -; 68-1922 3-0 102 __ 101 Deo *19 ____ ____ ____
Fd and real est g 430
1950 M-N
Victor Fuel Ist 8 155
1953 J - J ___. 84 73 Apr '14 ____ ____ ____
Mut Un Tel gu ext 5s
1941 M-N
Vs Iron Coal&Ooke 1st4 58 1999 M-S 84 8612 84
8512
6 84 86
Northwest Tel au 45.s g_1939 J-J
*No pries Friday-latent bid and asked. a Due Jan. 8 Due April. a Due May. g DueJune. 8 DueJuly. 8 Due Aug. 013000ot




8778 8818 88
88% 12 87 8953
90 9512 9134 Feb '15 -..: 9124 93
.9918 Sale 975
9914 146 9,,, 1„,..wm
_6
9812 ___. 9812
981
4
7 von ..'
J'ne '14 -----------77---- 8814
77 84 79 Apr '14 _-- ---- -7 95 97
gm 97 9634
97
12
_ __ _ 894 Dee'14 -----------100 ---- 100
199
5 IV, 1 34
22
9812 99 9812
99
2 ." '''
100 105 101 Dec'14 -----------4
95 Sale 943
9515 34 9414 9614
9712 32 9434 977
2 Sale 9714
97
/
1
4
4
98 Sale 975
981
.3 39 „. „„,_
„ 96i. 99
____ 9712 963
4
96•4
5 .5 .1'
9
5
9131. 4 8818 92
90 Sale 90
-----104 J'ne'1 — ---- - -___.
9012
2 9012 9012
904 Sale 9011
- vElue Nor, g Due DOC. 8()L10fl sale

BOSTON STOCK EXCHANGE-Stock Record

800

SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
Feb.27.

Monday
March 1.

Tuesday
March 2.

Wednesday
March 3.

Thursday
March 4.

Friday
March 5

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

9512 *94% 9514 95
95%
9813 974 9714
180 .____ 175
jib- 12
-0'90
88
8912 90
90
115
115 115
27
28
2714 "2513
-- 230 230
*230
Last Sale 7
July'14
Last Sale 50
Jan'15
Last Sale 613 Nov'13
6
;Ya- 41 7 W -41- .00- 41
if- Last Sale 39 Jan'15
'38
_ 159 5_ ___ 159
159
•____ 159
Last Sale 157 Feb'15
•1044 _ _- 104 10418 104 104 .104
*10415 _ _ _ _
140 140 •140
.142 160 •I43 160
140 140
*533 583
4
+54
58
•56
60
55
55
4 55
56
583
4 56
.118
•118
Last Sale 120 Feb'15
+8612 86 .8613 - . 1- 88
8 3
8
.
8612 88
88
*8612 88
93
94
.91
94 .90
93 .90
93
92 92
-74 74
*74
-7
7%
7
7
4412 44% 45
4412 4412 44
4512 4612 46
46
47
44
443
4 4513 47
49
4814 -Eck;
473 4914 4812 49
4
_
Last Sale 10312July'14
.iio151 151
150 150
23 .18
22 .18
.18
23
*1812 23
Last Sale 20 Feb'15
*
•11714 1171 .11734 118 •118 118% 1194 11912 .118 11812
Last Sale 808 Feb'15
•i156- 117 '166- 117 107 110 11E1 116- '111 120
6915 6912 6913 6912 69
6912 69
6612
6912 69
6912 -612 91
93
91
91
91
---92
92
92 *___ 92

Railroads
30 Atch Topeka & Santa Fe__ 100
100
12 Do pret
100
18 Boston & Albany
100
211 Boston Elevated
100
13 Boston & Lowell
100
1,934 Boston & Maine
100
20 Boston & Providence
Boston Suburban Elea Cos
Do pref
Boston & Wore Electric Cos
Do prat
Chic June By & U S Y___100
60 Do pref
100
7 Connecticut River
100
95 Fitchburg pref
Georgia By & Elee stmpd_100
100
10 Do pref
100
15 Maine Central
100
106 Mass Electric Cos
100
250 Do pref stamped
100
3.220 N Y N El & Hartford
Northern New Hampshire_ 100
100
14 Old Colony
100
Rutland, pref
100
10 Union Pacific
100
Do prat
Vermont & Massachusetts_100
9
50
182 West End Street
50
127 Do pref

•48% 4912 49
50
49
4912 4912 4912 4912
49
50
50
90
90
91
90
90
90% 90% 904 90% 903
4 9013 9012
24 24 .214 238
'214 212
24 214
212
214 214 .214
18
1712 1713
•173 18
4
*173 18
18
4
*17% 18
1713 18
100 101
10034 101
4
10018 101
10134 10214 1013 10218
100% 101
1093 11012 11012 11012 110 111
110 110
4
110 11012 110 111
4
11834 11912 119 120
119% 120% 12014 1203 12012 1203 12014 1203
4
4
.17
Last Sale 15 Mar '14
-- .17
173 +17
4
18
773 78
4
7915 7914
78% 79
7812 79
781, 79
79
79
_
.--- .61
Last Sale 6212 Feb'15
+61
*61
63
63
---99
9912 99% .99 100
99
983 99
4
512
.5
_
53
4 *4
*53
4 _4 *4
53
4 53
.10 12 .1014 12 *1014 12 *1014 1012 Last Sale lOis Feb'15
1014
*93 10
10
4
*912 10
.9% 10
*912 10
*912 10
235 237
.238 244
241 243
237 2383 235 237
4
23934 242
4
139 1393
13913 13912 13812 139
139 139
13812 139
1015 102
8
*10112 10213 10211 10213 10212 10212 *101% 102
4 821, 824
4
82% 823
4 823 823
*81
82
82
82
82
82
8814 8812
4
873 88
8878 89
89
90
*9012 9112 .89
90
17212 17212
.171 174
172 172
174% 17412 .172 17412 .172 17412
July'14
Last Sale 3
Last Sale 12 Feb'15
.12 _ -*12
Last Sale 35 Feb'15
35 5_ _ _ 35
*:::: - •
igigLast Sale 20 July'14
20 •__ _ _ 20
•
Last Sale 38 Dec'14
__ 35
35 •____ 35 • _ __ 35
134 133 134
13712 13712 137 137 +133 13612 135 13612 134
3
15014 150 4 15012 151
15014 151
15012 15012 150 15012 15012 151
17
17
.164
*1612 17
•1612 17 .16% 17
ii5§14 109
1083 109
4
1083 109
4
4
1083 109
1083 108% 108% 109
8
2812 2814 2814
4
283 283 .28
4
2812 28 8
7
2878 29
.
28% 29
27
27
27
2712 27
2712 *27
2714 2714 27% 2712 •27
118
Jan'15
Last Sale 1
14 *1
118 *1
*1
118 •I
117 11912 117 118
115 11712 1154 118
11418 11614 11412 116
55
56
4
53 4 55% 543 56
3
54
54
54
54
53% 54
283 287
4
2834 29
8
29
29
29
29
29
28 8 28 8 29
7
7
43% 4418 43% 4518
7
423 4318 42 8 44
8
4178 42% 42% 4318
1045 1047 104% 105
8
8
10412 105
1037 104
8
10312 10312 103% 104

Miscellaneous
343 Amer Agricul Chemical__ _100
100
279 Do pref
50
210 Amer Pneumatic Service
50
160 Do pref
100
509 Amer Sugar Refining
100
221 Do pref
100
2,919 Amer Telco & Teleg
100
American Woolen
100
561 Do pref
Amoskeag Manufacturing._ _ _
247 Do pref
120 Atl Gulf & WI 65 Line8_100
Do pref
100
10
350 East Boston Land
100
435 Edison Electric Ilium
100
305 General Electric
75 McElwain (IV H) 1st pref _100
422 Massachusetts Gas Cos_ 100
100
118 Do pref
32 Mergenthaler Linotype
100
Mexican Telephone
10
Mississippi River Power_ _100
Do pref
100
New Eng Cotton Yarn
100
Do pref
100
74 New England Telephone 100
100
507 Pullman Company
10
20 Reece Button-Hole
100
478 Swift & Co
25
175 Torrington
25
97 Do pref
Union Copper L & 51
25
100
3,755 United Fruit
2,645 United Shoe Mach Corp_ 25
25
789 Do pref
100
2,802 U S Steel Corporation
100
399 Do pref

*9438
.97
•____
90
110
22
4230

943 •94%
4
4
9712 •963
18412
90
90
110 .105
2212 22
.230

94% *9434 9518 *95
9712 .98
9714 *97
__
181 181
184
90
8912 90
90
110 110 .110
4
2512 253
2314 24
*230 __ _ _ .230
_

VOL. 100.

9.'.13
Page

See 1s1...B

Range Since Jan, 1.

Range for Previous
Year 1914.

Highest,

Lowest,

Lowest.

0234 Feb 23 9618 Jan 22
4
97 Jan 15 983 Feb 18
170 Mar 5 198 Jan 12
88 Mar 4 96 Jan 5
109 Feb 26 125 Jan 23
20 Feb 13 34 Jan 2
225 Jan 5 23012Jan 27
50 Jan 8

50 Jan 19

Jan 20
Feb 13
Jan 12
Feb 25
Feb 9
Jan 2
Jan 5
Mar 4
Jan 22
Feb 6
Feb 25

39 Jan 20
157 Feb 13
105 Jan 22
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
98 Jan 21
812Jan 7
56 Jan 6
56'3 Jan 19

39
157
103
140
51
118
86
92
7
43
43

14311 Jan
20 Jan
1161* Jan
8Feb
807
105 Feb
664 Jan
85 Jan
48
90
2
17
100
109
116

Jan
Jan
Jan
Feb
Feb
Feb
Jan

2 151 Feb 15
8 2014 Jan 2
4 1233* Jan 22
11 807 Feb 11
8
9 122 Jan 19
2 724 Jan 25
931 Feb 4
4
5 5314 Jan
28 93 Jan
2 4 Jan
8
8
1 1912Jan
24 1111* Jan
4Jan
5 1143
4 12112Jan

20
19
9
9
29
29
21

77 Feb 5
594 Jan 20
98 Jan 19
4 Feb 24
10 Jan 4
014 Feb 24
235 Mar 4
13814 Feb 26
10018Jan 16
80 Feb 20
87 Jan 2
154 Feb 8

793 Jan19
4
6212 Feb 9
101 Feb 6
57 Jan 19
8
1213 Jan 19
1014 Mar 5
260 Jan 22
145 Jan 22
103 Jan 30
86 Jan 7
9212Jan 28
200 Jan 4

12 Jan 15
35 Feb 23

1214 Feb 8
4612Jan 26

12912Jan
150 Feb
1612 Feb
1043 Jan
4
2814 Jan
27 Jan
.95Jan
110 Feb
53 Feb
2812 Jan
38 Feb
10214Jan

2
24
25
4
4
21
18
25
25
2
1
27

143 Jan 29
155 Jan 22
18'a Jan2
109 Mar 1
30 Jan 16
2712 Jan 4
1 Jan 25
125 Jan 7
57 Jan 6
2912Jan 8
5324 Jan 21
109 Jan 18

Highen,

8814 No
9738Jan
175 No
77 May
150 Dec
3012 Jul
225 May
7 Ma
50 Jul

100 July
1013 Feb
8
195 Jan
10124 July
179 Feb
55 Jan
255 Jan
71 Feb
60 Jan

35 Jul
160 Ma
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
90 8 Jan
7
9 Apr
54 Dec
8
497 July
100 Ma
140 July
19 May
1104 Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887 Apr
8
99 Mar
14 Jan
6613 Jan
777 Jan
8
112 Feb
165 Jan
30 Jan
1633 Jan
4
85 Jan
130 Feb
75 Jan
95 Mar

4714 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
108 Mar
112 Nov
14 Mar
723 Mar
4
57% Dee
973 Junk
4
6 Feb
1312 Ma
912 Dec
234 No
137 Dee
9812 Nov
7614 No
85 No
200 Dec
24 Ma
18 Jul
55 Jun:
20 Apr
38 Dec
128 Nov
148 Dec
16 Jan
101% No
27 Feb
27 Ma
.95 Dec
z113 Dec
5214 Dec
28 Jan
48 Dec
10314 Dec

5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
10013 June
9 Jan
163 Jan
4
1412 Feb
265 Mar
15012 Feb
102 Jan
943 Feb
96 Mar
21634 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
2018 July
10734 Mar
31 May
2912 Jan
2 Feb
173 Feb
613 June
4
3018 July
6714 Jan
1125,Jan

C in
13
8Jan 8
1 Jan 22
2 Jan
1 Apr
I% •1
D4 41
1 10 Adventure Moning
25
I% *1
13
8
138 •1
1
•1
1
21 A hmeek
25 240 Jan 25 266 Feb 4 2393 Apr 300 Mar
4
____ 260 260 *260 ____ *260 _ _- 260 260
*250 280 .255
8
8
18,820 Alaska Gold
10 2614 Jan 6 305
2Feb 9
7
283 May
4
19 Jul
2918 28 8 293* 293 3018 295 3012 293* 30
7 2818 28
27
Feb'15Algomah Mining
Last Sale 12
25
.45 Feb 10
12Jan 20
8
4
% Dec
"2
3
4
4
4
3
4 .
18 Jan
"2
8
4
'2
40% 42
42 4214 4112 42
1,640 Allouez
25 35% Jan 5 4313 Feb 3
344 Jan
4 4038 41
433 Feb
4
404 403
41
41
1
3
533 55
7
2,120 Amalgamated Copper__ _100 503* Feb 24 5818Jan 21 49 Dec
5312 54
5314 5334 533* 54
7814 Feb
5238 5358 5314 53
8
8
8 263 2818 33,961 Amer Zinc, Lead & Smelt_ 25 1634 Jan4 2818 Mar 5
8
1214 No
8
213 Jan
8
8
247 2614 2614 2718 267 27% 265 273
23
7 247
45
458 434
4% 434
434
2,985 Arizona Commercial
314 Jan 4
452 45
414 45
5
5 Jan 29
6% Mar
212 No
4% 45*
*25, 234 .258 27
234
23
4
270 Butte-Balaklava Copper
10
3 Feb 17
44 Feb
•25
8 3
2 Jan 16
1 No
23
4 24
3
*213 27
4914 504 4834 497
4858 493 37,671 Butte & Sup Cop (Ltd)
4
7
10 353
40% May
24 No
483 5014 48 8 497
4
4Jan 4 5014 Mar 1
4812 493
5312 5314 54
5314 533
4 53
5412 1,379 Calumet & Arizona
10 5112 Feb 23 56 Jan 21
53 Dec
3
7018 Mar
525 5212 52 4 5314 53
385 385
400 400
398 399
50 Calumet & Hecla
25 350 Jan 4 400 Feb 3 350 Dec 460 Feb
4375 385 .375 385 .375 385
17
.1612 17
17
17
1712 1712 18
18%
150 Centennial
4
17
25 15 Jan 12 183 Feb 4
19 Feb
14 Jan
*1612 17
8
353 3512 3534 36
*35
3514 3618 3514 3512
354 3578 36
405 Chino Copper
4312 Feb
3014 Dec
5 3278 Jan 6 3718Jan 22
333 34
4
34
35
35
34
357 *3513 35 8 4,034 Copper Range Cons Co
34
2
4034 Feb
29 Dee
100 30 Jan 13 357 Mar 4
3
333 34
2% 214 .2
8
214 .2
214
50 Daly-West
20
214 Feb 26
3 Feb
*2
178 Jan 21
214
113 No
212 *214 23
.
214
93
97 Feb 13
914 914
94 914
914 914
93, *914 912
9% 93
4
320 East Butte Copper Min
13 Jan
8 Dec
10
812 Jan 5
*423 5
*413 5
*434 5
7% Apr
5
6
514 512 1,410 Franklin
6 Ma r 4
.41
25
412 Feb 5
2 No
5
67
66
4 66
68
673
6713 6814 68 6812
3
91 Feb
60 Dec
67
730 Granby Consolidated
100 58 Jan 7 697 Feb 16
67
67
26
2612 26
26
26
28
26
2612 2618 2612
395 Greene-Cananea
423 Feb
8
2114 Apr
100 2314 Feb 1 2812 Feb 13
264 27
12
12
*113 12
4
1112 1112 *1112 1212
11 Dec
125 Hancock Consolidated
8
22 Feb
12
25 11 Jan 18 127 Jan 8
12
•1114 113
4
30 .27
30
Last Sale 28 Feb'15
Iledley Gold
4Jan 19
30 Mar
28 Jul
30 .27
10 28 Feb 9 293
.
27
__- - .27
12 Jan
.25 .25
.52 .52
.52 Mar 3
.25 Jun
.30 .30
452 Helvetia Copper
.35 .35
25
.25 Mar 2
..25 .40 ..25 .30
612 Feb
3 Apr
*314 38
4
4
4
334 4
4
313 33
4
33
4 37
545 Indiana Mining
25
.
314 33
en
44% Dee
*44
4412 44
4413 443 445
44
5014 June
44
45
4
4 44
85 Island Creek Coal
1 4,2',Per 2
1
b 1A 4712.Ta b 16
*44
45
.44
8912 June
81 Jun
8814 8814 *8814 89
23 Do pref
1 8512Jan 5 90 Jan 13
*8812 89% *8814 89
88
88
24 Feb
16 Dec
2112 21% 2112 21% 213 -2iTs ifi4
815 Isle Royale Copper
25 1713 Jan 11 23 Feb 3
2112 *21
4
4 21
213 213
4
45
41
618 July
3% Ma
412
44 413
475 Kerr Lake
45,
413 413
43
4 *412 45
43
24 Ma
Jan
23
4% Feb
Febn
238 238 .214 212
26
614'l n 2
1 Mar
214 214
23
s
510 Keweenaw Copper
2% 212
7
*24 2 8
513 Jan 27
8 Mar 5
1012 Jan
43 No
4
25
7
77
1,825 Lake Copper Co
8
7
8
53
4 7
53
4 54
8
4 *53* 6
5% 53
513 Feb
% iee 1
1148 Jan ; 142 Feb 15
1
e
3% Dec
25
5
*334 4
4 4
80 La Salle Copper
3% 3% *33
.%
4
3% 3
3% 33
4 Jan
114 Dec
18
18
8
13 --------325 Mason Valley Mince
8
114
112
13
2 .1
•1
13
8 *I
54 Mar 3
25
3 Jan 11
2 Ma
5
5 14 2,385 Massachusetts Consol
e512 May
4
4% 514
43
4 5
44 43
44 44
44 418
43
53 Jan 12
4
25
790 Mayflower
44 Jan 5
33 Jun
4
413 43
4
43
4
9 Jan
43* 412
43* 45*
*452 47
45* 45
5 163 Jan2 20% Mar 4
195 203
, 2014 203
845 Miami Copper
4
163 Dec
4
2
2412 Feb
1914 *1918 1912
+19
4
4
•183 183 *183 19
2
114 Feb
200 Michigan
25
.60 Mar 1
5.60 .70
3
4Jan 20
.50 Jul
5.70 .90 *.60 .75 +.60 .75 '
.60 .70 '
'
.60 .70
25 464 Jan 15 6212Feb 6
8
5712 5813 5712 5812 1,734 Mohawk
4912 Dec
39 Apr
56% 5613 563 573
554 5534 55% 57
1214 125
8
133 Nevada Consolidated
5 115
123
8
8Feb 24 133 Jan 19
,
10 Dec
12
*12
1218 *12
16% Dec
12
8
117 117
s
*117 12
8
514 53
53 51
7I Jan 4
8
47
% 1,475 New Arcadian Copper_.... 25
5
412 Feb 24
43
5
Vr Jan
17 Jan
8
48
5
434 43 .
4
538 513
400 Nipissing Mines
55, 513 +58
512 *58
512
5
538Feb 3 5% Jan 4
53s 5x,
53
8 512
818 Feb
5 Jul
, 233 2412 24
2478 3,841 North Butte
15 2214Jan 25 24% Mar 5
4
3
4
1934 Dee
7
303 Feb
4
2414 233 2414 234 23 8 23 4 241
233
4
125 North Lake
25
1 Jan 28
1,
4
112Jan 6
258 Jan
112 *1
112
114
112
1.14
.95 Apr
*1
114
1
I
.1
25 01Ibway Mining
.70 .75
25
..50 ____
.50 .50 •
.50 Mar 4
.90 Feb 9
2 Jan
84 Apr
'.50 __-4l Jan 12
7
4
418 414 *37
615 Old Colony
25
4
414
4
5tfe Feb
352 Jan 4
*3
2% No
*334 4
*334 4
8
8
42
476 Old Dominion Co
25 4012 Mar 1 4514 Feb 4
44 Dec
*4112 4212 4212 425 x423 4318 41
54 Feb
4012 42
42
•41
75
70
7014 7312 74
71
73
739 Osceola
64 Dec
25 64 Jan 28 75 Mar 4
84 Feb
6912 70
69
6812 6812
14
4 1312 133 *133 14
4
4
14
238 Pond Creek Coal
207 Jan
8
123 Dec
4
8Jan 21
1312 133
10 12 Jan 7 163
8
133 137
8
14
14
4
57
227 Quincy
68 Feb
25 50 Jan 16 58 Feb 11
517 Dec
8
5714 5714 5713 5718 563 5814 57
4
563 57
56
56
171 1712 1718 173
4
2212 Apr
242
2
8
380 Ray Consolidated Copper- 10
15 Dec
312814
1612 167 •163 17
PA 163 *1522 17
4
304 .30
29
294 29
31
353 St Mary's Mineral Land_ 25 2534 Jan 4
Feb
40 Feb
28 Dec
7
18
1
411
1 4
*84 2812 +284 2914 *2812 29
211
114
11 t
114
214 Jan
225 Santa Fe Gold & Copper
I Jan
14
114
114
114
13
2Jan 20
114
10
14 Jan 7
712 Feb
4 No
201 Shannon
514 5
53 Feb 15
4
%
51
512
10
4 Jan 15
53
8 538 *514 512 *514 512
512
*5
294 Feb
2112 21
21
18 Dee
.2013 21
160 Shattuck-Arizona
62 21.28131042 Jan 5 2438Jan 20
12
0
*2112 2214 21
22
.21
.2012 2214 *AO* .10
.23 Feb
28
.10 Jun
Last Sale .1051z eb53
12
2 F '5
2 14
eb 4
1
South Utah M &
yeb ( .g24 Jan 21
32 Feb
22 Nov
28
27% 27 --- 2814 29
720 Superior
274 27i4 •27
*263 - - -4
2% Jan
14 No
1
I
178 Jan 21
1
118
1
1
1,020 Superior & Boston Copper.. 10
I Mar 3
14
114
*1%
113
*14
1%
43 Feb
2412 Dec
32 .32
3214
385 Tamarack
4 3114 3114 3113 3213 31
313
3012 3012 31
23 No
4
1
512 Jan
13 a
2 *25
2% 25
8 24 .
23
75 Trinity
N 2 8 Pet 11 3 8 lan 2,9
4
2% 23
4
.23
8 23
52% 3
258 252 '
.85 Mar
.23 Dec
.28 Feb 3
.25 .25 +.25 .28
.21 .25
.20 Jan 2
700 Tuolumne Copper
1
'.25 .28
28
.25
4312 Feb
2414 Dec
'
5.25 .28 •
25 2534 Jan 6
4 2014 2012 2012 2112 1,339 U S Smelt, Refin & Min_ 50 20 Feb
2012 203
4
2012 203
203 21
4
48% Feb
4012 Apr
20 4 2034
3
403 41
4
4012 41
476 Do pref
55 38 Jan 15 4312Jan 2
0
4
403 4118 4012 41
41
14 No
2% Feb
212Jan 22
4014 4012 41
Jan 2
2% 2% 1,565 Utah-Apex Mining
2% 2%
2% 2%
2
218
218
14 Feb
4
X
83 Jan
2% 21 4 .2
Feb 26 1084 Feb 13
1014
103 103
8
4
105 1034
10
790 Utah Consolidated
10
10
.934 10
4514 No
59 June
5718 Jan 21
52
912 10
51; .3414 1
2,4u 523
1
10
5
92'4
18
8
,
543 521
602 Utah Copper Co
52
51%
8
1 Ma e2% May
51% 517 52%
51
'
N 4114 Pe% 26
52I4Feb51.5
Victoria
As
1% :14
4% Feb
14 *1
1% Dec
3 Mar 4
.1
184 Jan 18
212 3
4
212 3
1,300 Winona
218 23
,
214 214
473 Feb
4
30 Dec
13
4 2
25 32 Jan 6 51 Feb 24
48 94
44 .60
.
60 45
442 Wolverine
4 484
483
49
49
4813 49
114 Jan
.30 Jun
50
.75Jan 12
.50 Mar 3
49
25
50 .50
200 Wynodott
.50 .55
+.50 .60
34
414
84
"2
-dividend and rights. sHostamped. •2d paid. se Halt pall.
& a Assessment paid. 5Ex-stook dividend. 7$ Ex-rights. 0 Hz
. , and asked price
Bd




34

THE CHRONICLE

MAR. 6 1915.]

801

Outside Exchanges-Record Transactions
Boston Bond Record.
-Complete record of transactions
In bonds at Boston Stock Exchange Feb. 27 to Mar. 5, incl.
Sales.for
Week's
TVeek.
Friday
Range.
Sales. Low. High. Shares.
Bonds.
Am Agri Chem lot 5e_1928
Am Tel & Tel coil 48_ _1929 88
20
-year cony 435 e_ _1933 99
Am Zino L.413 deb 6a_ 1915 111
Atch Top & El Fe 4a___ 1995
Atl G & W I SS 5s_
1959 6135
B dr Q
-Den Ex 45..1922
Ills Div 334s
1949
Chicago Junction 48_ _1940
Fremont E & M V 68_1933
Gt Nor-B C & Q coll 4e '21 96
Masa Gas 435a
1931
Mich State Tel be__ _ 1924
New Eng Telep 55_ _ _ _1932 101%
Ore Short Line 5s__ _ 1946
Swift dr Co 5s
1944 954
Union Pacific 48
1947
United Fruit 435 ___1925
US Steel Corp 58_ _ _1963
Western Electric5s
Western Tel & Tel 58_1932

101 101
87% 88%
97% 9935
101 111
90% 90%
60
614
98% 98%
82% 82%
8235 824
118 118
95% 96
924 93
99
99
101 10134
103% 10334
95% 9534
944 94%
914
91
100 1004
101 101
96
964

Range since Jan. 1,
High,

Low.

$8,000 0934
36,000 8634
54.300 95%
55,000 98
1,500 90%
28.500 60
1,000 98%
2,000 8134
1.000 82
1,000 118
25,000 95
6,000 9235
2,000 99
9,000 9934
1,000 103%
3,500 9435
2,000 94%
13,000 90
4,000 99%
1,00 100%
95
14.00

Jan
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Jan

1014
89
100
111
9335
62
99
82%
824
118
96%
94
99
10135
103%
964
94%
9155
1024
101
97

Feb
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Mar
Jan

Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stook Exchange from Feb. 27
to Mar. 5, both inclusive.
Stocks.

Safes/or
Week's
Friday
Range.
Weil.
Par. Sales Low. High. Shares.

Baltimore Electric pref _50
Commercial Crecilt____100
Consol Gas E L& Pow_100
Preferred
100
Rights
Consolidation Coal__ _ _100
Cosden & Co
50
Fairmont Gas
Houston 011 trust ctfe...100
Norfolk Ry & Light-100
Northern Central
50
_100
Seaboard Air Line
United Ry & Elea
50
5
Wayland Oil& Gas
Bond.
Arundel Sand & 0 65_1923
Bait Elea stamped 55_1947
Balt Spar Pt& C 4%81953
Central Ry eaten 5s-1932
Chicago City Ry 58--1927
Chicago Ry lot 5s......1027
City&Sub(Wash)Ist551948
Consolidated Gas 511-1939
Gen 44s______ _ _1954
Consol Coal Ref 448_1934
Convertible 60
1923
Davison Chemical 88_1932
Elkhorn Fuel 53
1918
Small 5s
1918
Georgia & Ala cons 58_1945
Ga Car & Nor lot 58..1929
Minn St & St P C it 58 1928
MtV-Wood CDuck et olden
Nor!Ry & Light 5s_ _ _1949
Norfolk Street Ry 58_1944
Pennsv W & P 55. _ _ _1940
Roan dr Tar River 6s
Saab & Roan 5s
1926
United Ry & E 48_ __ _1949
Income 4s
1949
Funding 5s
1936
Funding 5s, small_ _ 1936
ya mid 5th series 58_1028
Va Thy & Power 5s_._ _1934

158
107
.08
535
104
854
2634
334

104
3335
10034
99

1014
1014

83
614
844
844
1024

44
44
155 158
10435 107
11334 114
.07
.09
92
92
54 535
254 254
104 104
2434 2434
8434 854
124 1235
24
2635
335 34

Rance Since
Low.

50 43
45 155
707 1024
87 10634
4,575
.07
22 92
640
5
lag 25
410 1034
20 24
487 83
5 1235
4,298 24
410
334

102 102
ELM
2,000
9834 99
2,000
9634 9634
1034 1034 1.000
9834 98% 5,000
964 9634 3.000
101 1014 2,000
104 10434
3,000
9334 934 7,000
1.000
9234 924
10034 10034 9,000
98
99
17,000
944 9435 17,000
9434 94%
1.000
102 1024 6,000
10134 1014 5,000
1014 10147,000
3735 384 "27.000
97
9734 2.000
1024 10235 2,000
904 9035 24,000
103 103
1,000
1014 1014 5,000
83
8334 40.000
5934 614 43.000
83% 8434 6.000
84
8434
900
10235 10235
1.000
8934 8934 2.000

1004
9634
95
10334
9834
954
100
1034
93
90
9934
97
924
9345
1004
101
1004
35
9535
102%
88
103
1014
8134
594
83%
84
10134
80

Jan. 1.
High.

Jan 4435
Mar 158
Jan 10735
Jan 114
.09
Mar
Jan 9534
Jan
535
Feb
2535
Mar 12
Feb 25
Jan 8534
Mar 1334
Feb 2634
435
Mar

Feb
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan

102
994
97
10434
99
97
1014
105
94
924
10034
99
9434
94%
1024
102%
102
40
9735
103
91
103
102
84
63
87
8735
10234
13934

Mal
Feb
Jar
Feb
Jar
Jar
Pet
Jar
Jar
Fel
Fel
Ma,
Fel
Mal
Fel
Fel
Jar
Fel
Ma
Jai
Fel
Ma
Jar
Jai
Jar
Jar
Jill
Fel
Fel

Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Feb

Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
Feb. 27 to Mar.5, both inclusive, compiled from the official
sales lists, is given below. Prices for stooks are all dollars
per share, not per cent. For bonds the quotations are per
oent of par value.
Salesfor
Week's
Friday
Range
Week.
Par. Sales. Low. High. Shares.
Stocks.
Alliance Insurance.... 10
16
16
American Gas of N J__100 100% 1004 100%
American Milling
10
54 635
American Railways_ __ _50 33
33
33
Baldwin Loom), pref_ _100 91% 90
99
Cambria Iron
50 424 42
4235
Cambria Steel
4234 43
50 43
Catawis.sa lot pref. _ 50
54
54
Elec Storage Battery. 100 484 48
49
General Asphalt
100 26
26
26
Preferred
100 60
60
60
Insurance Coot N A._ _ _10 214 21
214
International Powder.- 50
31
31
Inter-State Rya pref. - 10
835 834
Keystone Telephone.--50 144 14
1435
Preferred
50 63
63
63
Lehigh Navigation
50
74
7434
Trustee certificates__ _50
74% 74%
Lehigh Valley
50 67% 65% 67%
Lehigh Valley Transit-50 15
134 15
Preferred
50
264 27
Northern Central
50
84% 85
Penn Salt Mfg
50
80
80
Pennsylvania
50 524 52 52%
ma Co (Pitts) p1(6%) 50
35
35
Philadelphia Electric_224
244 23% 244
Phila Rap Tran
50
94 104
Voting trust reefs. _50 114
94 12
Philadelphia Traction-50
77
78
Reading
50 7219 71% 72%
Tono-Belmont Devel._..1
42
4
3% 4%
Tonopah Mining
1
64 7%
Union Traction
50 3534
34
36
United Cog of NJ
100 220
220 220
50
United Gas Impt
81% 8235
United RysInvent pref_100
274 2734
100 4535 41% 4535
U S Steel Corp
Preferred
100
10434 1044
Warwick Iron & Steel_ 10
934 93.4
Welt Jersey ez Sea Sh--.50 4935 49% 49%
Westmoreland Coal.. _50
61 .6134




Range Since Jan. 1.
Low.

475 1534 Jan
Jan
127 100
166
535 Feb
Mar
20 33
164 90 Mar
Jan
17 42
Feb
380 41
Jan
25 54
288 4734 Jan
Mar
110 26
Mar
901 60
Jan
753 21
Jan
200 29
84 Jan
100
275 134 Jan
Jan
17 61
74
Jan
12
Jan
28 74
Jan
26, 65
13% Mar
47
2635 Mar
9
83
Jan
32
Mar
896 80
51% Feb
1.64
Ma
35
7
1,748 23% Jan
94 Ma
50
7.502
954 Ma
Feb
78 77
960 70'4 Feb
3% Feb
2,778
645 Feb
762
Ma
3,554 34
Mar
2 220
71! 804 Jan
100 27% Ma
Fe
7,951 38
5 103 Jan
935 Fe
60
1 4935 Fe
510 58
Jan

High.
16
104
634
36
10335
42%
45
54
50
32
68%
22
3135
834
15%
6345
7635
77
6935
164
29
86
90
54
39
244
11
12
7945
76%
4%
7%
3935
225
83
2734
5335
108
10
50
61%

Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar

Salesfor
Week's
Friday
Week.
Range.
Sales. Low. High. Shares.
Scrip.
.
Cambria Steel scrip_1917
do do
do __1916
Philadelphia Co scrip_1918
do
do
_1918
do
Bond.
Am Gas & Elee 5s__--2007
small.
do
.2007
do
Baldwin Locom tat 55 1940
Choc Ok & Gulf gen 581919
Consol Trac NJ 1st 5s 1932
Elee ,k Peo tr ctfs 48..1945
do do small._ _1945
1928
Equit I Gas L 5
Inter-State Rye coil 4s 1943
small...1943
do
do
Keystone Telep lot 55 1935
Leh C & Nay gen 4355'24
Consol 435e 1954
Leh Vail gen cons 45..2003
Gen coned 44s_ _ _2003
Penn RR consol 45_1948
Tern ctfs 4355
Convertible 3)58...1915
P W & B ctfs 451921_ _ _
Pa & Md Steel cons 6s 1925
Phil Elea tr ctfs 55....1948
small__1948
do
do
Trust cents 4s
1950
Phila & Erie gen 45 1920
Reading gen 48
1997
Welsbach Co 5s 1930
Small 581930
West NY & Pa let 55 1937
General 45 1943

95%
95%

95
95%
80
90

9635
9635
80
9035

2.643
418
3.680
921

86
8535 86 $24.000
8535 854
1.100
10035 10035 10034 17.000
9735 9735 974
1,000
10134 10135 10135
1,000
7834 79
7835
15.000
8035 81
600
1054 10535 4,000
58
5835 20.000
58
58
500
9435 9335 9435 16.000
102 102
2,000
9945 994 99)5 25,000
874 10,000
87
9734 974 5.000
9741 9735 97%
1.000
1034 103% 10334 40,000
100 100
1,500
9734 974 1.000
100 100
2,000
10235 1024 1024 15,000
102 102
200
7835 79
79
3,000
98
98
3,000
9134 92
6.000
914 90% 9135 2.000
90
90
200
10135 10234
2,000
75
77
8.000

Range since Jan. 1.
Low.
95
95
80
90
85
85
10035
954
10135
774
80
10534
5735
58
90
102
9745
47
97
974
10335
9935
97
98
10035
101'
77%
98
91%
89
90
10134
75

Feb
Feb
Feb
Feb

High.
97
Feb
97% Jan
81
Feb
91
Jan

Jan
Jan
Ma
Feb
Jan
Jan
Jan
Ma
Jan
Ma
Jan
Ma
Jan
Feb
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar

8635 Feb
8535 Jan
102
Jan
9735 Mar
102% Feb
Feb
79
814 Jan
10535 Mar
5935 Feb
59
Jan
9434 Feb
102 Mar
9935 Feb
8835 Jan
9835 Feb
9835 Feb
Feb
105
100
Feb
9734 Jan
100
Mar
10235 Jan
10235 Jan
Mar
79
mar
98
Feb
95
9134 Mar
Mar
90
mar 1024 Jan
4ifar 77
Feb

Chicago Stock Exchange.
-Complete record of transactions at Chicago Stock Exchange from Feb.27 to Mar.5,both
Inclusive,compiled from the official sales lists, is as follows:
Week's
Salesfor
Friday
Week.
Range
Par. Sales. Low. High. Shares.
Stocks.
American Radiator_ _100
Aurora Elgin de Chic, pref. 65
Booth Fisheries pref...100
Chic City & C RY p4 oh pi_
Chicago City Ry
Chic Pneumatic Tool_ _100
Chic Rys part cif "1"
27
Chic Rys part ctf "2"
Chic Rys part etf -3"
Chicago Title & Trust_100
Commonwealth-Edison 100
Diamond Match
100 93
Hart Schaff &Marx p1.100 108
100
Illinois Brick
.100
Kansas City Ry & Lt.
100
Preferred
Lindsay Light
National Biscuit
100.
100 1354
National Carbon
100 11935
Preferred
People's GasLt& Coke 100 119
Pub Serv of No Ill com_ 100
100
Preferred
100
Quaker Oats Co
Preferred
100
..100 20335
. Sears Roebuck corn.
Preferred
100 125
Stew Warn Speedo corn 100 50
Swift & Co
100 109
Union Carbide Co
100 15334
US Steel common
100
Ward, Montaom de Co pref
Bond.
Armour & Co 435s___1939
Chic City & Con Rya 55'27
Chicago City Ry 5s_ 1927
Chicago Rys 5s
1927
Chic Rya 4s_ _seriea "13" 7735
Chic Ry pr m M g 4s'27 65
Chic Ry Adj Inc 4s_ 1927 4235
Chicago Telephone 55 1923 _ _ _ _
Commonw-Edison 5s_1943
Dia Match Con deb as 1920 102
Metr W Side El 1st 58_1938
NorSh El 1st &ref g 581940
1945
Ogden Gas 5s
Peo Gas L&C ref g 50 1947
PubSery Co lst refg 5s_1956
South Side Elev 4355_1924
Swift & Co lot g 58_ _ _1044 96
z Ex-dividend.

384 384
65
65
70
70
20
20
115 115
47
4734
88
88
2835 27
445
445
207 207
138 139
29235 9435
1074 108
61
61
25
25
45
45
334 34'
120 120
130 13535
119 11935
118 119
81
81
98
9845
230 230
10335 10334
2024 204%
125 125
48% 50
1084 10935
15335 158
43% 4335
113 11334
91
73
98
96
7535
65
42%
101
101%
10135
95%
9234
10035
894
89
06

91
73
9844
9634
78
65
4254
101
102
102
76
95%
93
101
90
89
9635

15
20
100
340
50
60
115
525
350
12
238
151
80
10
20
25
50
10
267
90
311
25
123
10
110
587
35
135
960
400
50
33

Range Since Jan. 1.
Low.

High.

375
65
6934
20
115
4534
88
254
44
205
136
9235
105
60
204
45
35‘
120
1194
119
116%
75
95
230
103%
184
121
4835
10445
1444
3835
11035

Jan
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Jan

3110
65
7334
20
115
5334
93
3135
535
207
139
98
108
65
30
47
335
125
140
124
121
81
9834
235
10454
215
125
52
109%
165
53
11335

Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan.
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb.

52,000 91
5,000 73
44.000 97%
23,000 9555
82.000 74
1,500 65
2,500 41%
4.000 9935
31,000 100
3,000 10134
2,000 75
1.000 9535
49,000 92
7,000 994
31.000 874
9,000 88
21.000 944

Jan
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan

924
73
99
97
774
67
44
101
102
102
77
95)5
93
101
90
89
9634

Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Feb
Feb

Pittsburgh Stock Exchange.
-Following sales were reported Feb. 27 to Mar. 5, both inclusive. Like records will
be found in previous issues.
•
Bond.
Duquesne Traction 5s, 1930
-Mar. I, $1,000 at 10031; Mar. 3, 51.000 at 1004•
Pittsburgh Allegheny dr Manchester Trac 5s, 1930
-Mar. 1. 51,000 at 100.
Pittsburgh Brewing 6s, 1949
-Feb.27.81,000 at 60: Mar. 3,85,000 at 594; Mar.5.
$2,000 at 59.
Pittsburgh Coal deb. 5s, 1931
-Mar. 2, $1,000 at 934; Mar. 3, 11,000 at 934:
Mar. 4, 53,000 at 93; Mar. 5, 58,000 at 0309335.
Pittsburgh Traction 5s, 1927-Mar. 2, $2,000 at 100.
West Penn Rye. 5s, 1931-Feb. 27, 81,000 at 9945: Mar. 1, $4,000 at 9945.
Stocks.
American Sewer Pipe (par 8100)
-Mar.3,225 at 1854019; Mar.4.200 at 15K•
American Window Glass, preferred (par 5100)
-Mar. 2, 10 at 110.
Caney River Gas (par 825)
-Mar. 2, 30 at 8244.
Columbia Gas & Electric (Par 8100)
-Feb. 27, 400 at 1040104: Mar. 1.50 at
1054; Mar. 2,250 at 1040104; Mar. 3,50 at 104; Mar.5,60 at 10401034•
Consolidated Ice, common (par 850)
-Mar. 3, 25 at $8.
Crucible Steel, common (par 8100)
-Mar. 2, 65 at 1334; Mar. 4, 10 at 1334.
Preferred (Par 8100)
-Mar. 1, 10 at 7635: Mar. 5. 80 at 7607635.
Harbison-Walker Refractories, common (par 8100)
-Mar. 1. 120 at 48.
Independent Brewing, common (par 850)
-Feb. 27, 40 at $34: Mar. 1, 105 at
S340334: Mar. 2, 115 at 334: Mar. 3, 45 at $3; Mar. 4, 186 at $3.
Preferred (par 850)
-Mar. 2, 50 at 1184: Mar. 5, 80 at $160163i•
La Belle Iron Works, common (par 8100)
-Mar. 1, 14 at 29%•
Manufacturers' Light de Heat (par 550)
-Feb.27.30 at $48g04845; Mar. I, 10 at
$4834; Mar. 2,60 at $480484; Mar. 3, 175 at 847340484;Mar.5,35 at 5484.
National Fireproofing, common (par $50)
-Mar. 2. 50 at 843405: Men 3,500 at
5534; Mar. 4,470 at 3535; Mar. 5,20 at $53405%•
Preferrit P 850)
at s ( .ar
i
-Feb. 27, 10 at $164; Mar.4.330 at $18019%; Mar. 5,90
Ohio Fuel 011 (Dar 31)
-Mar. 4, 25 at $1435•
Ohio FuelS . (Per 5253
at $4
Supply
-Mar. 2, 50 at 8414; Mar. 4, 15 at $414; Mar. 5:
200
-Mar.2 II at 5735•
Oklahoma Natural Gas (par 5100)
-Feb.27.195 at $435; Mar.1,40 a 1544435
Pittsburgh Brewing.common (par S50)
Mar. 4, 10 at $44: Mar. 5, 10 at S434.
Preferred (par $50)
-Feb. 27, 40 at 51734; Mar. 2, 70 at 11734@1754; Mar. 4,
615 at $15081735; Mar. 5, 60 at $16.

THE CHRONICLE

802

-Mar.3, 100 at 1034; Mar. 5, 100 at 2035 •
Pittsburgh Coal, common (par 5100)
-Mar.4, 100 at 92; Mar. 5, 120 at 92093.
Preferred (par 5100)
-Mar. 1, 10 at 108.
Pittsburgh Plate Glass (par 5100)
-Mar. 1,500 at hots.
Pittsburgh Silver Peak (par 51)
-Feb. 27, 405 at $1434; Mar. 1. 210 at $1434; Mar. 2,
Pure 011, common (par 55)
105 at $1434; Mar. 5,65 at $1434@1434.
-Mar. 3. 35 at 131(4313135•
Union Natural Gas (par 5100)
-Mar. 1, 46 at 395(59534; Mar. 2,
Union Switch & Signal. common (par 550)
126 at 59415095; Mar.3.25 at $95; Mar. 5, 36 at $9435.
-Mar. 1,20 at 4234; Mar. 3,
Steel Corporation, common (par 5100)
United States
25 at 4333; Mar. 4, 10 at 4334.
-Feb. 27, 30 at $11915; Mar. 2, 20 at $11915;
Westinghouse Air Brake (Par 550)
Mar. 4.40 at $11934.
-Mar. 1, 25 at 533153334:
Westinghouse Electric dr Mfg., common (par 550)
Mar. 3, 10 at $3434.
Westinghouse Machine (par 550) Mar. 3, 30 at $1215: Mar. 5, 10 at 513.
-

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
11-cek ending
March 5 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Shares.

Railroad,
&c.,
Bonds.

State
Bonds.

U. S.
• Bonds.

Sales at
New York Steak
Exchange.

51,079,500
1,972,500
2,060,000
2,756,500
2,559,500
3,012,500

578,000
44,000
68,000
60,000
60,000
85,000

1,063,536 592,431,775 513.440,500

Total

90,285
167,265
137,451
226,631
177,684
264,220

Par Value,

$395,000

58,089,050
14,873,500
12,403,350
19.339,850
14,721,525
23,004,500

1914.

-No. shares_ _ _
Stocks
1,321,611
1,063,536
Par value
$92,431,775 $120,322,500
Bank shares par
Bonds.
Government bonds__ _
$2,500
517.500
State bonds
711,000
395,000
RR. and.misc. bonds_
13,440,500 14,423,500
Total bonds

$13,838,000 $15,152,000

1,500
$2,500

Jan. 1 to March 5.

Week ending March 5
1915.

51.000

1914.

1915.

17,464,610
10,432,910
$899.910,410 $1.543.270,805
$189,700
$79,900
$241,000
3,975,500
109,417,000

$106,500
14,009,500
158,158,000

5113,633,500

$172,274,000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
March 5 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Shares. Bond Sales

Philadelphia.

Baltimore

Shares. Bond Sales. Shares. Bond Sales.

18,953
29,084
28,584
31,347
26,013
34.791

$50,000
50,300
31,200
43,000
42,100
54,200

1,477
4,308
4,947
10,097
7,809
7.238

$15,393
33,615
55,996
40,835
51,587
52,436

297
859
1,600
1.029
2,060
6,208

$23,000
32,600
54,000
77,900
56,000
46,208

168.772

5270.800

35.876

5249,862

12,053

8289,900

New York City Banks and Trust Companies.
Trust Co's
Ask
Bid
Bid
Ask
Banks
Mech & Met_ 232 237
New York
Bid
Ask
New York
America* ___ 550 565 Merch Exch. 165
250 260
Amer Ezell_ 207 212 Merchants'_ _ 180 166" Astor
Battery Par 120 135 Metropolis* _ 300 340 Bankers Tr.._ 400 410
Metropol'n• _ 165 175 B•way Trust_ 144 150
Bowery'..... 400
Central TrUE 985 995
325
Bronx Bort)._ 225 266- Mutual
425
New Neth• _ 210 225 Columbia
Brons Nat.__ 160
85
New York Co 280 800 Commercial _
Bryant Park. 145
2 - - 305
-5
9
-Butch & Dr_ 120 136- New York__ 375 385 Empire
200 220 Equitable Tr 400 410
entury* ___ 165 175 Pacific*
C
393 400 Farm L & T 1 _070
565 600 Park
Chpse
Fidelity
225
205 215
Chath dePhe 178 185 People's*
157 fel" Fulton
275 300
Chelsea Ex._
-- Prod Exch•
175 Guaranty Tr t53218
t125- - Public*
395 405
Chemical
125 fig410 430 Hudson
172 Seaboard_ _
Citizens Cen 165
400 425 Law Tit & Tr 133 137
City
350 353 Second
85 Lincoln Trust 105 115
Coal dr Iron_ 148 155 Security* _
135 Metropolitan 390 400
_ Sherman __
Colonlal•
450
fig 145 Mutual AlliColumbia*
300 325 State*
100
ance
100 135
Commerce
1651 168 23d Ward*
Corn Exchs_ 300 310 Union Exch. 137 143 Mull (West
130 135
cheater)_
Cosmopolltn
85 105 Unit States'. 300
955 985
NYLIre I&
East River_ 75
Wash H'ts•_ 275
90
580 595
,
--__ 155 Weitch Ay . 160 fig N Y Trust_
8
Fifth Ave 4300
West Side•
- 400 450 Title flu &•I r 33847
Fifth
250 300 Yorkville •
540 575 Tr'nsatlanti 200 iii"
Union Trust 350 360
First
840 855
U S Mtg & Tr 395 405
Garfield
190 210
United State 1035 1055
Germ-Amer* 130 140
Brooklyn.
125 135
105 Westchester
German'Ex... 375
Coney IsI'd..
240 260
Germania'_. 425 475 First
Gotham
190
Flatbush _ _ _ 110 130
Brooklyn
Greenwich* _ 265 286" Greenpoint
350
Hanover
620 640
125 Brooklyn Tr_ 460 475
145
Harriman
280 290 Homestead'_ 16 100 Citizens' ____ 137
Imp & Traci_ 495 510 Mechanics* _ 130
140 Franklin.... 255 265
Irving
270 285
170
177
105 Hamilton
Montauk*
liberty
570 585 Nassau
160 167
215 230 Home
Lincoln
300 325 National City 273 285 Kings Count 595 615
Manhattan._ 310 320 North Side_ 175 200 People,
280 295
Mark & Fult_ 238 247 People's
85
70
145 155 Queens Co
•Banks marked with a (*) are State banks.
S Sale at auction or at Stock
Exchange this week

Inactive and Unlisted Securities




Stand Oil Sties (Cotten- Per sh
Par Bid.
Prairie Oil & Gas
1001 223
Prairie Pipe Line (wh iss)._.I 146
Solar Refining
iod 230
Southern Pipe Line Co..1001 205
South Penn Oil
1
257
Southwest Pa Pipe Lines.1001 115
Standard Oil (California) 10 293
Standard Oil (Inalana)..100J 407
Standard 011 (Kansas) ..100I 335
Standard Oil of Kentucky100 253
Standard 01101 NebraskaiQOl 310
Standard 011 of New Jer.1001 391
Standard 011 of New Y'rklOoI 190
Standard 011 of Ohio....1001 415
Swan & Finch
100 125
Union Tank Line Co.. .1001 82
Vacuum Oil
.......iool 180
Washlneton 011
.. 1 *30
Bonds.
Pierce Oil Corn cony fis 102
72

0
7

Standard Oil Stocks
-Pe'Share
Par Bid. Ask.
Anglo-Amer Oil new
'1412 143
4
Atlantic Refining
100 540 550
lOOP 250 260
Borne-Scrymser Co
Buckeye Pipe Line Co... 50 *107 109
.
Dhesebrough Mfg Cons_ 1001z645 655
10
90 100
,olonial on
1001 220 225
Continental 011
50 .36 38
Crescent Pipe Line Co _
Cumberland PipeLine...100 47 50
Eureka Pipe Line Co_ _ 100 215 220
Cialena-Signal Oil corn_ _ _100 135 140
100 160 163
Preferred
Illinois Pipe Line(when Lss). 127 130
50 96 98
Indiana Pipe Line Co
25 *31 33
National Transit Co
New York Transit Co_ _100 205 210
Northern Pipe Line CO-100 87 90
25•131 133
Dhlo Oil Co
25 *1334 1414
Pierce Oil (new)

0.4•400Wor.OWV....74Mr200.7,,..

All bond prices are • and Interest" esceot where marked

Tobacco Stocks
-Per Share.
Par Bid. Ask.
American Cigar common_100 110 120
Preferred
100 97 99
Amer Machine dr Fdry_100 65 75
British-Amer Tobac ord. .£1 •17
1712
Ordinary, bearer
£1 *173 1814
4
Conley Foil
100 275 300
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes_ _100 170 176
Porto Rican-Amer Tob_ _100 220 235
155 170
6% scrip
Reynolds(R J) Tobacco_100 280 290
118 120
Preferred
Tobacco Products cum_ _100 50 70
• 100 9112 93
Preferred
United Cigar Stores com_100 90 93
100 112 117
Preferred
91s
United Cigar Stores(new) 10 sg
100 145 160
Young (J S) Co
-Per ent.
Short Term Notes
Amal Cop 55, Mar15 '15 MS 100 10014
8
Amer Locomotive 58,'15_J-J 10014 1005
J-J 9934 10012
58, July 1916
J-J 991210014
55, July 1917
8
Am Tob 6% scrip, Sep 1 '15_ 1007 10114
Am T & T Sub Cos 58, 1916_ 10014 10012
s
8
Anaconda Copper 5s'17_M-S 993 995
3
Bait & Ohio 4548, 1915_ _J-D 10014 100 8
8
5
BethSteel5s,J•nel1'15 J-Dll 1003 100 8
4
Chatt By & L 5s, 1915_J&D 993 100
893 9014
4
Ches dr Ohio 5s 1919
Chic Elev Ry 58, 1916_ _J-J 9412 9512
Chic & W Ind 58, 1915__M-S 10014 10012
Conrol Gas 68, June 25'15_ 312% 2.50
Consum Pow 65, 1917_M&N 9712 99
Erie RR 58, April 1 1915_A-0 100 10014
3
A-0 10012 100 4
55, Oct 1 1915
A-0 98 9812
5358. April 1 1917
General Rubber 4335,'15.J-J 10018 10034
Har Riv & Pt Ch 5s,'15 M-N 9814 99
8
Hocking Valley 6s,'15.M-N 10118 1013
-A 9914 100
lot Harv 58, Feb15 '18.F
Lake Sh & Mich So,J'ne'15- 53.50 2.50
Louisv 0 & E 65. 1918.A&O 97 9814
Minn Gen El 130, 1917.J&D 9912 100
4
New Eng Nay 65, 1917.111-N 92 923
N Y C & Div 5s,'15._A-0 100 10014
10018 1003
8
43413, May 1 1915
10012 1003
4
58, Sept 15 1915
4
55, Oct 1 1915
A-0 10012 1003
NYNHAH 58. 1915-M-N 99 9912
Pac GdiE5s, Mar25'15M-325 100 10014
1001s 1003
8
55 Dec 15 1915
8
Pub Ser Corp NJ 59,'16 M-3 997 10014
8100
Schwarz & Sulzb 6s,'16_J-D 995
Seaboard A L 58, 1916__M-S 9812 100
4
Southern Ry 58. 1916__F-A 99 993
m-52 9714 98
5s, Mar 2 1917
Sulz&SonsCo 6s,rnel'16M-3 9034100
UnTypew 55,Jan15'16 J-J15 96 9712
8
United Frult8s,Mayl'17M-N 101 1013
s
8
Gold notes tus 1918 M-N 973 977
98
A-0 96
Utah Co 6s, 1917
7912 8012
UtaliSecurCorp 60;22M-S15
10014 1003
8
Western Power 68,
9714
West States 0&E6s Oct '17 96

[Vol,. 100.
Par Bic
West Penn Tr & WatPow 10
101 20
Preferred

Aik
11
25

Elec, Gas 51. Power Cos
Am Gas & Elec ram
5 *8912 91
Preferred
5 *48 49
Am Lt & Trac common 10 307 311
Preferred
10 10712 109
62 64
Amer Power & Lt corn---10
8011 83
Preferred
10
Amer Public Utilities corn10
30 33
Preferred
60 63
10
Bay State Gas
5 'Sc. lie.
Cities Service Co com
45 48
10
Proferred
54 56
10
Columbia Gas dr Elec
10
10 10 4
3
1st 55. 1927
7112 72
J9812 100
Elec Bond & Share pref_10
Indiana Lighting Co__.10
39
4s, 1958 optional
69 72
F
43 44
Pacific Gas & Et coin__ 10
82 83
10
South Calif Edison com..1
72 74
Preferred'
Preferred
90 92
1
*4
512
Standard Gas & El(Del)_ 5
5 •17 18
Preferred
22 2312
United Gas & Eleo Corp..10
64 65
let preferred
10
22 2312
2d preferred
10
1312 1412
Utah Securities Corp___ _1
Note •
6% notes--SeeShort-Te
15 16
Western Power common_l
60 61
10
Preferred
Industrial
and Miscellaneous
Adams Exp col tr g4s'47J-D
10(
Alliance Realty
..5
err
Am rr7e0 Note corn..
pee Bank
5
10
American Book
1
American Brass
Americanedhicle cons__ 10
prelerr C
10
0
Am Graphophone com_1
Preferred
1°
0
American Hardware
Amer Malting 68 1914
.1
Ext to 1917
American Surety
5
E )
Aliss( ypefoundom com_ 10
nmer T W co eerti
Preferred
1
Amer Writing Paper

170 71
75 85
*30 32
*48 50
160 170
133 136
175 177
°4 °
5513 56%
°
113 118
°
4 °
9812 99
°
9
133 12
6
5 3

1
8512 °°
150
130
Preferred
278
10 2240
55 117°3
Bond & Mtge Guar
Borden's Cond Milk com_10 110 112
3
0 104
2
Preferred
1100.64 6 8
7
Braden Copper Mines
1
CASUIlltY CO of America_ill
134
1
Celluloid Coiii
15 20
1
City Investing Co
80
Proferror
6
7
° 63
0
°
1
Consol Car Heating
Davls-Daly Copper Co_ _ _1 "% %
du Pont (E I) de Nemour
20
8
19
25
0
87
1
7
Preferred.Powdei

New York City Notes

10 20
Emerson-Brantingliam 1l
45 50
ii
Preferred
10114 1013
8
31%, 158
1025 1023 Goldfield Consol Mines___1 .
8
4
112 3
10418 10414 Havana Tobacco Co_ __ _10
5 10
10
Preferred
Per Ct. Basis
let g 58 June 1 1922._i-I 154
RR. Equipments
7
812
Bid. Ask. IntercontInent'l Rub corn 10
95 105
4.621 4.50 Internal Banking Co__ 1
Baltimore & Ohio 43511
4.6tj 4.45 International Nickel--10 109 110
Buff Roth & Pittsburgh 411
4.60 4.45
Preferred
Equipment 4s
°5 °0
10 124 136
5.00 4.80 International Salt
Central of Georgia 5s
A • /59 63
5.00 4.80
let g 59 1951
Equipment 435s
International Silver pref-10 100 10212
Chicago & Alton 4s
1st 65 1948
Chicago & Eastern Illinois 59
Bob Os 1933
Equipment 4359
9 . 1
:144 171;
3 1° 5
7
1
3
-iTs 4.75 Kelly Springfield Tire .1 1! :
Chic Ind & Louisir 433s
83 85
10
4.75 4.65
1st preferred
Chic St L & N 0 5s
4,60 4.40
2d preferred
Chicago & NW 414s
6.50 5.50 Kerr Lake Mining
Chicago R I & Pan 4338.
65
10
5.00 4.75 Lanston Monotype
Colorado & Southern
-74
2
54
5.00 4.75 La Rose Consol Mines
Erie 55
101 188 195
5.00 4,75 Lawyers' Mtge Co
Equipment 4338
5.00 4.75 Lehigh Val Coal Bale&..51 155 166
Equipment 4s
2
•
/ 12
1
4
4.88 4.70 Manhattan Transit
Hocking Valley 48
*214 212
4.88 4.70 Marconi Wireless of Am
Equip 5s
108 115
1
4.60 4.40 Mortgage Bond Co
Illinois Central 51
5
96 9732
2 55
7
4.60 4.40 Nat Cloak & Suit nom_ _ 1
433s
Preferred
Kanawha & Michigan 434s.. 5.15 4.80
130 140 K C Ft S & Memphis 434e.. 4.601 4.40 NY Mtge & Security_l
10
55 70
4.60 4.40 N Y Title Ins Co
Louisville & Nashville 5s
a
•53a 55
iPiss
4.75 4.80
Minn St P & S 8 M 43513
•70. 10e.
1
N
CinogpliMerinCoes
Missouri Kansas & Texas 55. 5.75 5.20 Ohir
70 71
10
5.75 5.20 Otis Elevator (tom
Missouri Pantile 5s
lii 90 91
Preferred
5.25 5.00
Mobile & Ohio 59
5 •4
5.25 5.00 Pittsburgh Brewing
Equipment 433s
5 •161g 1e2
4
Preferred
New York Central Lines 5o... 5.10 4.90
hi.
5.10i4.90 Producers 011
Equipment 433s
95 iiiii
4.9 4.70 Realty Assoc (riciye).__I
NY Ontario & West 43413_
4.60 4.40 Remington Typewriter
Norfolk & Western 4 MO_
12 13
1
Common
4.80 4.40
Equipment 49
65 68
1
4.40 4.25
1st preferred
Pennsylvania RR 4355
11, 42 47
2d preferred
4.40 4.25
Equipment 45
8
*612 65
Riker & Hegeman (new)___
Pere Marnuette 50
8
Riker & llegen (Corp for stk) *612 65
6
Equipment 4358
1 is 150 160
Mt & Sou 59._ g:io 4.90 Royal Bak Powd com
St Louis Iron
101 10312 104
Preferred
St Louis & San Francisco 50
8760 4.85 Safety Car Heat & Lt...11 I 1011210312
Seaboard Air Line 513
lii 230 234
5.00 4.85 Singer Mfg Co
Equipment 4338
Southern Pacific Co 4345__. 4.62 4.50 Standard Coupler Corn Ill 25 35
ill 100 Preferred
5.00 4.75
Southern Railway 435s
8
*3,4 31
1
Toledo & Ohio Central 45._ 5.00 4.80 Sterling Gum
Stevart-Warner Speedo'r 101 48 49
lii 101 103
Preferred
Railroads
Sulzberger & Sons prof...101 89 90
130 31 Texas & Pantile COai....l0l 125 _West Pal let OS, 1933..
s
*23 27
4
Tonopah Extension Min*714 728
Tonopah Min of Nev
Street Railways
4
*38
8 31.(
Par Bid. Ask. United Profit Sharing
190 210
Com•wItli Pow Ry & L..1001 53 55 U 8 Casualty
710434
101
US Envelope corn
1
81 8
212
Preferred
811032°
Preferred
Federal Licht dr Traction 100 16 20
ii
30 35
10 15
U 14 Finishing
100 58
Preferred
111
Preferred
Republic Ry & Light_ _ _1001 15
1st g 54 1919
Preferred
i00i 6512
Con g 5s 1929
Tennessee Ry L & P com-100
5
US Tit Gu & Indem_..101 30 50
Preferred
1001 32
•
48 Westchester & Bronx Titl
81
317
662
United Lt & Rye com...i00l 45 :
1
170 180
& Mtge Guar
1st preferred
1001 68 70
Willys Overland see Stoe
2d preferred
1001 65 69
Exchange List
Wash R y & El Co
1001 88 91
Worthington (H R) Corn
1001 841 86
Preferred
43 48
1
48. 1951
.3-nI 81
*23
8 25s
Yukon Preld
7 rlof
Sept 1 1915
its. Sent 1 1916
68, Sept 1 1917

92 -ia
N

i°'Per share. a And accrued (Uvidend.
s Sale price.
-x-dividend. V Ex-righth.

Bade.

Fiat price. 15NoMlnal•

THE CHRONICLE

MAR 61915.]

803

inutstutent anti Sailroatt intettigturt.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
etatement 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.

July 1 to Latest Date.

Latest Gross Earnings.

July 1 to Latest Data.

Week or
Current Previous Current
ROADS.
Previous
Previous
Current Previous Current
Month.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
$
3
3
$
$
$
Ala N 0& Tex Pac$
$
NO S; Nor East- January _- 297.298 327.042 2,093.404 2,430,140 N Y N H & Hard_ January __ 4,721,801 4,942.863 37.817.094 40.498,988
923,812 1,154,063 NY Out & West... January __ 634,389 652.203 5,574.024 5.665,691
Ala & Vicksburg_ January __ 117,152 165,452
861.375 1.110.271 NY Susq & West.... January __ 334,630 346,194 2.240,659 2,325,925
Vicks Shr & Pac_ January __
99,061 164.507
36,530 1,517,874 1,531,408 Norfolk Southern__ January __ 288,900 365.269 2,252.737 2,467.143
Ann Arbor
40,909
3d wk Feb
Atch Top & San Fe_ January __ 8,822,427 8,541,418 69,923,480 66.447,696 Norfolk & Western_ January -- 3,033,771 3,418,996 24.480,169 26,918.801
Atlanta Birm & Atl January -- 210,553 288,593 1,588.206' 2.120.577 Northern Pacific__ January __ 4,026,534 4,596.537 39.606.410 44,765.253
789.816Northwestern Pac_ December. 227,689 251,461 2,047,129 2,096,107
698,239
Atlanta & West Pt_ January __
93,453 115,235
Atlantic Coast Line January -- 2,643,201 3,205,585 17,650,699 20.659,423 Pacific Coast Co___ December. 432,589 543.534 3,447.013 4.066,958
1,250,646 zPennsylvania RR-- January -- 13617879 15052129 109130081 120233627
140,153 179,074 1,035.092
Chariest & W Car January
63,166
Bait Ches & Atl_ January __
69.431
710.305
812,069
730,967
822.023
106,434 109,953
Lou Hend & St L December
Cumberland Vail. January __ 214,139 272.788 1,732,730 2.089.787
g Baltimore & Ohio_ January __ 6,486.271 7,406,415 53,624.70661.063,261
January -- 830,157 818.668 8,095,239 7,888,878
Long Island
933.578
821.646
111.389 132,059
B &0 Ch Ter RR December
51.115
Maryl'd Del & Va January __
58,010
608,025
628,245
274,457 296,683 1,703.881 1,782,317
Bangor & Aroostook December
NY Phila & Norf January __ 247,581 268.771 2,197,790 2,288.534
Bessemer & L Erie_ January -_ 224.664 344,626 5,457,105 5,645,223
Phil Bait & Wash January __ 1,437,280 1.567.642 11,975,917 12,405.706
727,964
514,515
92,455
64,766
Birmingham South_ January __
W Jersey & Seash January __ 358,393 350,371 4,114.661 4,203.818
January __ 3,371.584 3,491.940 27.975,019 29,331,816
Boston & Maine
January __ „
,171.071 31,935.769 39,307.440
Buff Roch & Pittsb_ 4th wk Feb 171,311 204,387 6,437.214 7,755.068 Pennsylvania Co
Grand Rap & Ind January __ 387,286 415,634 3,236,502 3.429,807
882.790 1,084,933
Buffalo & Susq RR January.-- 112,417 155.255
Pitts CO & St L.January __ 2,914,778 3,311,691 22,887,197 26.395,046
372,200 12,022,400116,260.400
Canadian Northern 4th wk Feb 321,900
January _- 857,519 913.998 6,673.406 7,038.526
Vandalia
4th wk Feb 1.815,000 2,084,000 68,550,152190,567,377
Canadian Pacific
Central of Georgia_ January -- 1,003,030 1,193,911 7,336,412 8,849,350 Total lines
East Pitts & Erie January _- 17059049 18681128 141948565 155365987
Cent of New Jersey January __ 2.258,472 2,507.494 19,128.798i20.142.631
West Pitts & Erie January .._ 7,764,395 8.938,101 65,583,071 77.125,095
Cent New England- January -- 339.302 288,932 2,226,329i 2,241,075
All East & West_ January __ 24823445 27619230 207531637 232491084
Central Vermont... December_ 291.930 316,339 1,988.2521 2,178,088
Pere Marquette... January __ 1,408.091 1,300,635 10,758.799 10,374,907
Ches & Ohio Lines- 4th wk Feb 741,774 668,245 25,379,192124.751.136
Chicago Sz Alton... 3d wk Feb 249.070 229,691 9.432,430 9,761.563 Reading uePhila & Reading_ January __ 3,545,459 4,025.428 27.770,545 30,612,347
Chic Burl & Quincy January __ 7,062,602 7,075,659 56,856,818158,570.782
Coal & Iron Co January __ 2,422,785 2,836,047 18.376.478 18,937,069
f Chicago & East Ill December 1.229,861 1,305,169 7.594,87 8,492.974
Total both cos.._. January -- 5,968,244 6,861,475 46.147,02349.549.416
p Chic Great West_ 3d wk Feb 303.283 297.384 9.335,214 9,550,757
4.314,150 4,665,357Rich Fred St Potom January __ 219,688 244,019 1.567.419 1,616,127
Chic Ind & Louisv- 4th wk Feb 119,770 105,138
71,887
74,028
601.697
613,405
Chic Milw & St P.i January __ 6,696.1157,038,755 55,486.185 57,412,711 Rio Grande June_ _ _ December
12,373
10,561
Rio Grande South 3d wk Feb
370.079
449.180
ChIcMil & Pug SI
oChic & North West January __ 6,497.037 6,429,552 51,269.671 53,465.455 Rock Island Lines January -- 5,705.720 5,607,831 43,940.277 42.105,130
December- 253,802 292,806 1,847.044 2.047,853
Chicago Pen & St L January __ 129,972 136,977 1,005,251 1,000,188 Rutland
953,142
994.012
oChic St PM & Om January __ 1,450,102 1,510.316 11,223,923 11,477,025 St Jos & Grand Isl.. January __ 102.687 124,383
Chic Terre H & SE January __ 197,338 177,662 1,361,859 1.326,933 St L Brownsv & M.January __ 166,168 246.259 1,315,427 1.497,036
Chi Ham & Dayton January __ 672.515 704,513 5,842,929 6,123,110 St L Iron Mt & Sou January __ 2,409,019 2,927,191 18,218.364 20,344.400
Colorado Midland- January _ _ 122,640 139,258 1,168,051 1,147,694 St L Rocky Mt & P January __ 267,652 221,486 1,728,674 1,478.942
b Colorado & South 4th wk Feb 283,415 245,902 9,898,403 9,390,669 St Louis & San Fran December 3.546.866 3,789.281 22,489.742 24,265,221
76.8821 110,484 St Louis Southwest_ 4th wk Feb 202,000 247.000 7,387.615 9,096,843
13,299
Cornwall
10,078
January __
186,713 San Pad LA & S L. December- 718,187 932.490 4,673.088 5.437.984
179.031
Cornwall& Lebanon January __
19,422
22,814
Cuba Railroad
January __ 544,891 478,179 2,551,350 2,651.754 Seaboard Air Line January __ 1,712,167 2,189,908 12,082,361 14,514.309
12.471,624 Southern Pacific... January -- 9,263,829 10399323 76,758.910 83.819,493
Delaware & Hudson December 1,807.869 1,823.075 11.920.644
Del Lack & Western January __ 3,030.952 3.069,894 25,695.339 26,490,234 Southern Railway 3d wk Feb 1,138,586 1,297.191 40,778.950 46,693,059
3d wk Feb 207.773 237,601 7,080.888 8,429,832
Mobile & Ohio
Deny & Rio Grande 4th wk Feb 333,500 384,200 15.004,660 16.581.585
CM N 0 & Tex P 3d wk Feb 168,035 215,042 6,049,247 7,035,144
82,000 3,596,287 4,235,483
85,800
Western Pacific_ 3d wk Feb
76,852 102,816 3,034,988 3,588,208
Ala Great South_ 3d wk Feb
787,978
22,250 1,151,274
Denver & Salt Lake 3d wk Feb
22,800
50,944 1,495.787 1.728,295
41,573
Georgia So & Fla_ 3d wk Feb
837.597
131,106 140,753 1,046.688
Detroit Tol & Iront. December
783,260 Spok Port & Seattle December_ 343,557 392.701 2,532,210 2.787.556
712,322
25,354
Detroit & Mackinac 4th wk Feb
21,527
61,042
46.363
1.479
1,359
965,958 Tenn Ala & Georgia 3d wk Feb
880,471
Det & Tol Shore L. January __ 143,121 160,991
877,604 1.019,879
67,852 118.451 2.730,862 4,796.138 Tennessee Central_ January __ 110,872 131,379
Dui & Iron Range December
59,040 1,876.930 2.254,872 Texas & Pacific.... 4th wk Feb 352,584 351,731 12.511.916 13,265.006
Duluth So Sh & Atl 3d wk Feb
51.364
50,117
48,838
9,140
5,723
Elgin Joliet & East_ January __ 558.721 778,128 4,808,123 7,073,259 Tidewater & West.. January __
23,282
21,415
896,183
819,910
El Paso& Sou West January __ 657,799 808.835 4,438,289 5.189.897 Toledo Pear & West 3d wk Feb
58.608 3.063.829 3,129,165
66,289
36,980,140 Toledo St L & West 4th wk Feb
Erie
January __ 4,575.291 4,431,182 35,791.999
688,635 1,598,461
Florida East Coast- January __ 512,507 529.116 2,622,128 2,593,209 Trinity & Brazos V. January -- 101,519 237,513
5,895,419 6,410,436 54,921.499 58,385.225
591.527 Union Pacific Syst- January
521,125
Fonda Johns & Glov January __
71,803
61,182
146.114 179.161 1,121.409 1.171.046
Georgia Railroad_ January __ 222,557 289.110 1,735,435 2,048.750 Virginia & Sou West January
434,864 549.899 3.053.619 3.564,125
December
Grand Trunk Pac 2d wk Feb
68,914 3,461,245 4.803,986 Virginian
63.775
January -- 2,198,0682.288.506 17,471.410 18.703.683
Grand Trunk Syst_ 4th wk Feb 898,187 948,664 33.247.957 36,730,532 Wabash
Grand Trunk Ry. 2d wk Feb 647.535 715,111 25,298.610 28.806,324 Western Maryland. January -- 656,848 663,353 4,857,045 4,973,897
Grand Trk West_ 2d wk Feb 126,894 114,996 4.559.766 4,509.954 Wheel St Lake Erie- January... 313,142 525.896 3.189.974 5,022,952
221,758
172,696
28.401
25,891
38,299 1,665,012 1,615,189 Wrightsv & Tennille January __
42.800
Det Or H & Milw 2d wk Feb
Great North System January __ 3,746,129 4.335.368 44,026.205 50,246.051 Yazoo & Miss Vall_ January __ 992,329 1,198.640 7,044,660 7,952.442
836.112 1.074.125
131.189 178,961
Gulf & Ship Island_ December
January __ 400,909 455,130 3,940,560 4,737.730
Hocking Valley
Current
Previous
Illinois Central_ _ _ _ January __ 5,279,315 5,485,622 37,903,149 40,143.138
Various Fiscal Years.
Period.
Year.
Year.
Internat & Ott Nor January __ 851,638 898,710 5,675.094 6.506,994
Kanawha & Mich January __ 201.252 215.416 1,786,848 1.967.499
S
$
Kansas City South_ January __ 788,351 927,020 6,076,927 6,356,365
Jan 1 to Dec 3122.677.15024.220.748
Lehigh & New Eng. January __ 155,884 176,193 1,524.740 1,141,117 Delaware & Hudson
Jan 1 to Jan 31 4,575,291 4.431,182
Lehigh Valley
January _ 3,003.715 2,861.880 25,120,742 25,492.803 Erie
874.175 NY Central & Hudson River _e Jan 1 to Jan 31 11,859.862 11.905,800
868.659
Louisiana & Arkan_ December- 140.184 142.513
Jan 1 to Jan 31 1,243,986 1,282.329
Boston & Albany
Louisiana By & Nay January __ 162,196 176,070 1,161.693 1.207.015
Jan 1 to Jan 31
Lake Erie & Western_n
436,771
433,805
s Louisv & Nashville 3d wk Feb 974,185 1,121,895 33,838.598 40.068.231
Jan 1 to Jan 31 2.566,335 2,597.218
Michigan Central
82,978
78,342
16,394
12,262
Macon & Birm'ham December_
Cleve Cinc Chic & St Louis_ Jan 1 to Jan 31 2,802,568 2,737.053
6.746,841 7,060.015
Maine Central
January - 836.448 908,345
Jan 1 to Jan 31
Cincinnati Northern
108.271
323,264
312.801
106,541
34,988
32,861
Maryland & Penna. January __
Jan 1 to Jan 31
Pittsburgh & Lake Erie
892.738 1,122,950
239,321
505,123
11.212
16,470
Mineral Range
3d wk Feb
New York Chicago & St LOUifil Jan 1 to Jan 31
946.234 ,971.34C
155,304 6.922,232 6,562,823
Minn & St Louis_ _1 4th wk Feb 169.44
Jan 1 to Jan 31
Toledo & Ohio Central
354.447 1/380.041
Iowa Central....J
Jan 1 to Jan 31 21,211,212 211,537.072
Total all lines
Minn St P & 55 M.3d wk Feb 482,100 502,127 18,792,297 19,964,640
Jan 1 to Jan 31
334.630
346.194
618.984 NY Susq & Western
522,595
84,263
64.489
Mississippi Central_ January __
Jan 1 to Jan 3113,617.879 15,052,121]
U Mo Kan & Texas_ 4th wk Feb 675,907 589,201 22,718,547 22.691,821 sPennsylvania Railroad
69,43]
63.166
Baltimore Chesap & Atlantic.. Jan 1 to Jan 31
x Missouri Pacific 4th wk Feb 1,064,000 1,040,000 39,937,676 41,263,943
Jan 1 to Jan 31
272,785
214,139
Cumberland Valley
Nashv Chatt & St L January -- 846,897 1,101,252 6,511,797 7,625,294
Jan 1 to Jan 31
818.665
830.157
Long Island
240,380
Nevada-Cal-Oregon 2d wk Feb
249.030
5,390
4,290
58,015
Maryland Delaw & Virginia... Jan 1 to Jan 31 • 51,115
New On Great Nor- January __ 122.470 154,826
740,011 1,135,466
268,77]
247.581
e NY 0 & Hud Riv January __ 11859862 11905800 90,369.356 98,349,083
N Y Philadelphia & Norfolk_ Jan 1 to Jan 31
Boston & Albany January __ 1,243,986 1,282,324 9,676,979 10.555.286
Phila Baltimore & Washing'n Jan 1 to Jan 31 1,437.280 1,567,64;
Jan 1 to Jan 31
n Lake Erie & W.January __ 436,771 433,805 3,354.280 3,492,192
350,37]
West Jersey & Seashore
358,393
Michigan Central January __ 2,566,335 2,597,218 19,769,015 21,265.989 Pennsylvania Company
Jan 1 to Jan 31 3.449.060 4,171,07]
415,63,
Clay 00 & St Li
Jan 1 to Jan 31
387.286
Grand Rapids & Indiana
Peoria & Easternf January __ 2,802,568 2,737,053 21,584,41 22,558,785
Pitts Cinc Chic & St Louis.- Jan 1 to Jan 3 2.914,77 3,311,69]
Cincinnati North. January _- 108,271 106,541
913,991
Jan 1 to Jan 31
857.519
Vandalla
928,219
942,143
Pitts & Lake Erie January _ 892,738 1,122,950 8,494,526 10,796,734
-East Pitts & Erie Jan 1 to Jan 31 17.059 049 18.681.121
Total Mies
NY Chic & St L. January _ 946,234 971.340 6.678.301 7,217.803
.
-WestPitts & Erie Jan 1 to Jan 31 7,76395 8,938.10
Tol & Ohio Cent_ January _ 354,447 380,041 3,229,123 3.676,025
-All Lines E & W-1Jan 1 to Jan 31 24,823,445 27.619.23
Tot all lines above January _ 21211212 21537072 164098136 178840116 Rio Grande Junction
74,021
71,887
Dec 1 to Dec 31
NO Mobile & Chic_ January _ 141855188.439 1.060,3811,341.789 Rutland
Jan 1 to Dec 31 3,526.094 3.759.591
ROADS.

Week or
Month.

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

'Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.-

%

3
3
$
$
Mileage. Cur. Yr. Prey. Yr.
$
$
April
2d week Dec (37 roads)._ 11.008.619 13,301.723 -2.293,104 17.22
243,513 241,547 236.531,600 245.048.870 -8,517,270 3.4
May
246.070 243,954 239.427.102 265.435.022 -26.007,920 9.7
3d week Dec (34 roads).... 10.347,462 13,174,223 -2,826,761 21.46
June
4th week Dec (37 roads)..... 15,140.798 18.121,396 -2.980.598 16.45
222,001 219,691 230.751.850241.107,727 -10,355,877 4.31
'
July_
Jan(
35
1st week Jan35 roads).... 9,417,808 10.844,847 -1.427.039 13.16
235.407 231,639 252 231.248 261.803.011 -9.571.763 3.67
0.
-978.667 8.98
August
2d week Jan 35 roads _.... 9,918.756 10.897.423
240,831 237 159 269'593,446 280,919.858 -11,326.412 4. a
week Jan 36 roads)..... 10,454,162 11,620,619 -1,366,466 11.66
September- _242,386 238 698 272'
992,901 285,850.745 -12.857.844 4.5
.
October---.244.917 241 093 269.'325.262 298.066,118-28.740.858 9.54
4th week Jan 37 roads)..... 14,161,845 17.112,484 -2,950.636 17.28
.
November -246.497 242 849 240.235.841 272,882.181 -32.646.340 11.91a
.
1st week Feb35 roads)...... 10.067.722 11,332,852 -1,266,130 11.16
-297.119 2.66
December _246,807 243 242 232.598,369 258,285.270 -25,686.901 9.94
2nd week Feb ('36 roads)._ 10.871.529 11.168,648
.
11.400.202
-574.391 5.04
_a week Feb (36 roads)._ 10.825.811
Januarv
128.072 12f1 574 06.194.349 106.266.974-10.072.625 9.5
.
b Does not include earnings of Colorado Springs & Cripple Creek District By. e Includes the Lake Shore & Mich. So.the Chicago Ind. & So..
York By.,
the Dunkirk Allegheny Valley & Pitts., the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & NewTerre Hautethe latter of
and Evanswhich, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville &
ville & Indiana RR. g Includes Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason
Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas
City & Fort
Includes St. Louis Iron Mountain &
Central and the Wichita Falls Lines. o Includes not only operating revenues, but also all other receipts. x
Southern. z Includes the Northern Central beginning July 1 1914. • We no longer include the Mexican roads in any of our totals.




804

THE CHRONICLE

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the third week
ofFebruary. The table covers 36 roads and shows 5.04%
decrease in the aggregate under the same week last year.

Roads.

[VOL. 100.
—Gross Earnings— —Net Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

NYNH & Ifartford_b_Jan 4,721.801 4,942.863 1.258.132
741,233
July 1 to Jan 31
37,817.094 40,496.988 11.380.374 11.505.399
N Y Ont & Western-a--Jan 634.389
652.203
107.001
83.394
Third week of February.
1915. I 1914.
Increase. Decrease.
July 1 to Jan 31
5,574.024 5,665.691 1,399.053 1.349.924
NY Susq & Western_a__Jan 334,630
346.194
92.905
$
I
91,183
Alabama Great Southern
76,8521 102,816
25,964 Norfolk & Western_b_ __Jan 3,033,771 3.418.996
959.554 1.029,287
Ann Arbor
40.909
36,530
July 1 to Jan 31
24,480.169 26.918.801 8.298.422 8.713,759
4,379
Buffalo Rochester & Pittsburgh
178.210, 204.388
26,178 Northern Pacific_ b
Jan 4.026.534 4.596.537 1,405.770 1,407,940
Canadian Northern
294,000, 336,600
42,600
July 1 to Jan 31
39.606,410 44.765,253 16.422,314 17.797.794
Canadian Pacific
1,614,000' 1,796,000
182,000
Pennsylvania Railroad_a-Jan13,617,879 15,052.129 1.175.072 1,472.044
Chesapeake & Ohio
661,805
607,435 54.370
Chicago & Alton
249.070
229.691
19,379
Bait Chas & Atlan_a_ _Jan
63.166
69.431
def9,203 def4.207
Chicago Great Western
303,283
297,384
5.899
Cumberland Valley_a_Jan 214.139
272,788
63.418
67,441
Chicago Ind & Louisville
115,045
119,602
4,557
Long Island_a
Cin New On & Texas Pacific
Jan 830,157
168.035
818.688
215.042
22.288
47,007
14,244
Colorado & Southern
242.660
242,114
546
Maryl'd Del & Va_a_Jan
51,115
58.010 def4,907 def2,843
Denver St Rio Grande
331,900
395.800
63,900
N Y Philo, & Norf_a_ _Jan 247,581
268,771
10.028
Pacific
Western
12.780
85.800
82,000
3.800
Denver & Salt Lake
Phila Bait & Wash_a_ _Jan 1,437.280 1,567,642
22,800
22,250
550
58,935
94,292
Detroit & Mackinac
19.983
20,455
472
W Jars & Seashore_a_ _Jan 358.393
350.371 def52.059 def95,559
Duluth South Shore & Atlantic
51,364
59,040
7,676
Pennsylvania Co_a
Jan 3,499.060 4,171.071
Georgia Southern & Florida_ __ _
99.385
41,573
506,747
50,944
9,371
Grand Trunk of Canada
Grd Rapids & Ind_a Jan 387,286
415.634
22.413
17,376
Grand Trunk Western
823,436
853,582
30,146
Pitts C C & St L-a
Jan 2,914,778 3,311.691
351.802
640,306
Detroit Gr Hay & Mllw__
Vandalia_a
Jan 857.519
Canada Atlantic
913.998
64.143
138,881
Louisville & Nashville
974.185 1,121,895
147.710
Total East P & Ea_ _ _Jan17.059.049 18.681.128 1.367.976 1.644.610
Mineral Range
16,470
11.212
5.258
Total West P & E_a_Jan 7,764.395 8,938.101
541.809 1.322,431
Minneapolis & St Louis
213.067
206,747
6,320
Total all lines-a
Iowa Central
Jan24.823.445 27.619.230 1,909.785 2.967,041
Minneapolis St P & S S M____
482,100
502,127
20,027 Pere Marquette_a
Jan 1,408,091 1,300,635
186.125 def38,202
Missouri Kansas & Texas
662.670
530.246 132,424
July 1 to Jan 31
10,758,799 10,374.907 2.570.433
846,019
Missouri Pacific
1,087,000 1,091.000
4,000 Reading
Company—
Mobile & Ohio
207,773
237,601
29,828
Phila & Reading_b___Jan 3,545,459 4,025.428
918.228 1,243.746
Rio Grande Southern
10,561
12,373
1,812
July 1 to Jan 31
27,770,545 30,612,347 8,457.795 9.936.335
St Louis Southwestern
218,000
234,000
16,000
Southern Railway
1,138.586 1,297,191
Coal & Iron Co_b__Jan 2,422,785 2,836,047 def47.850
158,605
95.380
Tennessee Alabama & Georgia_
1,359
1,479
July 1 to Jan 31
120
18,376,478 18,937,069
561.801
350,451
Texas & Pacific
367,105
365,855
1,250
Total both cos_b
Jan 5,968,244 6,861,475
870.378 1.339.126
Toledo Peoria & Western
21,415
23,282
1,867
July 1 to Jan 31
46,147,023 49,549.416 9.019.596 10,286.786
Toledo St Louis & Western____
104.795
93.521
11,274
Reading Cob
Jan
551,636
558.505
Total (36 roads)
July 1 to Jan 31
10.825,811 11,400,202 245,449 819,840
3,901,316 3.855.441
Net decrease (5.04%)
574.391
• Total all companies_ b_Jan
1,428,883 1,890.762
July 1 to Jan 31
12.920,912 14,142,227
Net Earnings Monthly to Latest Dates.—The table Rid= Fred & Potom_b_Jan 219,688 244,019
66.162
84,024
July 1 to Jan 31
'ollowing shows the gross and net earnings of STEAM
1,567,419 1,616.127
501,244
540.535
Rio Grande Junction---Dec
74,028
n21,566
71,887
n22,208
railroads and industrial companies reported this week:
—Gross Earnings— —Net Earnings— Rock Island Lines_a_Jan 5,705.720 5,607.831 1,092.549 1.159,511
July 1 to Jan 31
43,940.277 42,105.130 9.079,427 9,224.024
Current
Previous
Current
Previous
Year.
Roads.
540,282 1,064,961
Year.
Year.
Year. St Louis Iron Mt & So a Jan 2,409.019 2,927.191
July 1 to Jan 31
18,218,364 20,344,400 4,864,149 6,693,183
$
$
$
$
Atlantic Coast Line a___Jan 2.643,201 3,205,585
674.311
813,920 St L Rocky Mt St Pac_a_Jan 267.652
221.486
99.256
74,330
July 1 to Jan 31
17,650.699 20.659,423 3,107,285 4,936,092
July 1 to Jan 31
1.728.674 1,478.942
616.871
496,983
Boston & Maine b
Jan 3,371,584 3,491.940
605.408
340,706 St Louis Southwestern.a.Jan 913.490 1.170.740
104.714
223.239
July 1 to Jan 31
27,975,019 29,331.816 6,282.582 6,087.710
July 1 to Jan 31
6,547.106 8,117.584
979.522 1.918,117
Canadian Northern
Jan 950,800 1.570.900
177.800
352.900 Seaboard Air Line_a_ --_Jan 1.717,167 2,189,908
363,376
568,887
July 1 to Jan 31
10,917,300 14,935.800 2,977.100 4,393.600
July 1 to Jan 31
12,082,362 14,514.309 2,757,084 3,817.453
Canadian Pacifica
Jan 6,109,027 7.916,216 1,140,233 1,000,174 Southern Railway—
July 1 to Jan 31
62,047,152 83.202,377 20,813.809 28.211,611
Georgia Sou & Fla_b__Jan 175.705
226,294
22,006
38.109
Central of Georgia b----Jan 1,003,030 1,193,911
c269,546 c273,030
July 1 to Jan 31
1,367,910 1,575.467
231,136
310,027
July 1 to Jan 31
7,336.412 8.849.350 c1,892.005 c2.474.483 Tidewater & Western_b_Jan
5.723
9,140
def430
203
Central of New Jersey b_Jan 2,258,472 2.507.494
748,096
845,421
July 1 to Jan 31
48,838
50.117
5.368
def425
July 1 to Jan 31
19,128,798 20,142.631 8,083.108 8,742,354
Western Maryland_ b_Jan 656,848
663.353
145,965
51.219
Chesapeake & Ohio b_ __Jan 3,121.868 3.220,787
918.061
857.376
July 1 to Jan 31
4,857,045 4,973,897 1.239.606
776,969
July 1 to Jan 31
22,641.353 22.217.127 6.650.875 6,892.657
Wrightsv & Tennillee_b_Jan
25.891
28.401
7,128
7,536
Chicago & Alton a
Jan 1.109,040 1,110.796
390.677
345,030
July 1 to Jan 31
172.696
221.758
39,874
83,711
July 1 to Jan 31
8,655,658 9,080,753131,782,327 31,323,214
201.670
396,434
Chic Burl & Quincy_b__Jan 7,062,602 7.075,659 2,278.074 2,341.695 Yazoo & Miss Valley_a_Jan 992.329 1,198.640
July 1 to Jan 31
7.044.660 7,952.442 1.712.535 2.370.867
July 1 to Jan 31
56.856.818 58,570,782 21,558.726 21,467,530
Chicago Great Western,b_Jan 1,142,830 1,143,584
273.302
INDUSTRIAL COMPANIES.
267,752
July 1 to Jan 31
8.528.246 8.725.874 2.237,893 2,210,281
—Gross Earnings— —Net Earnings—
Chic Milw & St Paul_b_Jan 6,696,115 7,038.755 1.747,823 2,214,552
Current
Previous
Current
Previous
July 1 to Jan 31
55,486,185 57,412,711 18,087.443 19,360,846
Year.
Companies.
Year.
Year.
Year.
Chicago Ind & Loulsv__Jan 455,641
523.710
$
108,189
$
$
103,689
$
July 1 to Jan 31
3,863,056 4,208,104
984.668 1,168,639 Abington & Rockland Elect
Light & Power_a
Jan
13,377
2,953
13,808
3.082
One Ham & Dayton b__Jan 672,515
704,513 def62,873 def48,373
July 1 to Jan 31
5,842,929 6,123,110
920,121
804.777 Atlantic Gulf & W I SS Lines
(subsidiary cos)
Dec 1,627,559 1,709.731
403.637
226,607
Del Lack & West b
Jan 3,030.952 3,069,894
920,537
900,326
Jan 1 to Dec 31
17.548.322 19,742.716 2,857,282 3.347,042
July 1 to Jan 31
25.695.339 26,490.234 9,527.000 9,665.077
111.792
53,467
40.497
Detroit & Mackinac_a_Jan
79.852
4.965
5.528 Adiron'k El Pow Corp.a.Jan 112.239
75.476
July 1 to Jan 31
125,625
700.375
634,993
149,434 Blackstone Val GasStElaJan 126,161
52,877
127.591
54,070
El Paso & Southw b____Jan 657,799
808,835
278.645
328.135 Fall River Gas Works_a_Jan
15.978
46,238
48.042
12.051
July 1 to Jan 31
4.438,289 5,189.897 1.748.804 1,795.335 Lowell Elect Lt-a
Jan
16.819
44.235
43,759
16,584
418,364 Edison El III
Erie a
801,430
Jan 4.575,291 4,431,182
(Brockton)aJan
46,642
21,522
50,565
16,912
Fairchiled & Northeast.b.Jan
730
3,015
400
3,659
32,482
15.483
31.997
16.957
July 1 to Jan 31
366
3,771 Houghton Co Elect Lt.a.Jan
19,926
23.730
Mississippi Ely Pow_a Jan 137,083
109,463
128.488
105.043
Great Northern_b
Jan3,746,129 4,335.368 1,123.969 1,226,123
July 1 to Jan 31
42,275
44,026,205 50,246.051 22.354,567 22,221,376 Sierra Pacific Elect_a_ Jan
24,565
57,055
34.540
64,667
Hocking Valley_b
106,955
455.130
Jan 400,909
a Net earnings hare given are after deducting taxes.
July 1 to Jan 31
4,737,730 1,269.472 1,597,648
3,940,560
b Net earnings hero given are before deducting taxes.
Illinois Central a
Jan 5,279,315 5,485.622 1.129.046 1,026.342
*Includes the Lake Shore & Michigan Southern. the Chicago Inclianap.
July 1 to Jan 31
37.903,149 40,143,139 7,422,520 7,512,627
& Southern and the Dunidrk Allegheny Valley St Pittsburgh.
Internat & Gt Nor b____Jan 851,638
183,518
150,974
898,710
c After
and taxes.
July 1 to Jan 31
968,788 1.644,935 Jan. 1915allowing for uncollectible revenuesand from operating income for
5.675,094 6,506.994
was $218,247. against $218_,075;
July 1 to Jan. 31 was
Lehigh & New Eng_b_Jan 155,884
73.348 $1.556,637 in 1915, against $2,104,584 last year.
49,655
176,193
July 1 to Jan 31
491,733
1,524,740 1,141,117
677,371
h After allowing for uncollectible revenue and taxes, operating Income for
Jan. 1915 was $678,663, against $686.313; and from July 1
Louisville & Nashv b___Jan 4,126.431 5.006.282
934,948 1,090,253
to Jan. 31 was
July 1 to Jan 31
30,970.710 36,740.606 7,469.554 9,694.081 $5,545.228 in 1915, against $4.838,225 last year.
It For Jan. 1915, net income after additional income, was
Maine Central b
$173,425.
Jan 836,448
170,976
218,097
908,345
July 1 to Jan 31
6,746,841 7,060.015 1,860,936 1,808,024 against $174,924 In 1914, and from July 1 to Jan. 31 was $1,503,329 in
1915, against $1,370,203.
Louls_a
Jan 845,162
Minn & St
810.140 k211,017 k211,776
q Includes St. Louis Iron Mountain & Southern. After allowing for other
July 1 to Jan 31
6.162,055 5,834.818 k1,716.246 k1,548,086 Income, total income was $884,858 in Jan. 1915. against
$1,314.914 in
Minn St P & S S M_a_ _Jan 1,195,472 1.289.698
276.876
317,024 1914, and from July 1 to Jan.31 was $9,221.167 in 1915, against $9.588.344
11.529,582 12.220,661 4,084.078 3,996,604 last year.
July 1 to Jan 31
These figures represent 30% of gross earnings.
Chicago Division_a__ _Jan 715.665
798,816
109,439
186,138
s After allowing for miscellaneous charges
5.841.788 6,343,654 1,512,502 1,759.478 month of January 1915. total net earnings and credits to income for the
July 1 to Jan 31
were $23.822, against deficit
Central b--Jan
64,489
84.263
Mississippi
23,929
30,083 $12,140 last year; and for the period from July 1 to Jan. 31 were $1,358,482
522,595
618,984
July 1 to Jan 31
216.134
252,566 this year, against $905.438.
Missouri Kan & Tex b—Jan 2.827,792 2,853,764 3791,382 3808.223
20,030.005 20.334.337 36.314,890 35.741.622
Interest Charges and Surplus.
July 1 to Jan 31
Jan 4,496,739 4,890,016 q792,495 q1.217.324
Missouri Pacific a
—Int.. Rentals. 8cc.— —Bal. of Net Earns.—
35,724,905 37,005.997 q8,610,956 q8,984,078
Current
July 1 to Jan 31
Previous
Current
Previous
Roads.
Year.
109,337
2
Year.
208,607
Nashville Chatt & St Lb Jan 846,47 1,101.252
Year.
Year.
6.51l.
?7 7,625.294 1.087.103 1,594.600
July 1 to Jan 31
Boston & Maine
Jan 989.479 1,090,694zdef334,959zdef683,855
11,905,800 2,724,350 1,920,434
'NYC & Hud Ely b./an 11,859,8
July 1 to Jan 31
7,217,762
278,865
128,779 Central of New Jersey-- _Jan 694,914 7,811,189zdef220,4633def601,079
Boston & Albany b---Jan 1.243,980 1.282.324
703,723
53.182
141,698
433.805
89,886
56.877
July 1 to Jan 31
4.771.122 5,109.248 3,311.986 3,633.106
Lake Erie & West b_Jan 436.771
390,171
288,813 Chesapeake & Ohio
Jan 790,074
Michigan Central b_ _Jan 2,566,335 2,597,218
752.069 x169,337 3184,148
July 1 to Jan 31
5.512,882 5,192.986 x1,477.451 32,413.733
483,052 def44,596
Clev Cinc Ch & St L b Jan 2,802.568 2,737,053
7,186 def24,608 Chicago Great Western_ _Jan
106,541
52,758
61,075
Cincinnati Northern b Jan 108,271
July 1 to Jan 31
722,244
730.233
175,366
270,516
Pittsb & Lake Erie b_ _Jan 892,738 1,122,950
Hocking Valley
Jan 116.602
116.133 1xclef20.963 zdef6,187
102.911
971.340
41,938
Jan 946,234
NY Ch & M Lb
July 1 to Jan 31
842.258
885,205 x484,258 3871,096
19,548
380,041
15.826 N Y Ont & Western
Toledo & Ohio Cent b_Jan 354,447
Jan 128,984
112,093 def21,983 def28,699
July 1 to Jan 31
888,577
426,633
Total al Linea b_ _Jan 21,211,212 21,537,072 4,271,335 2,662,979
823,291
510,476




MAR. 6 1915.1

-Int., Rentals, &c.- -Bat, of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
515,720 x630.567 z728,748
Jan 560,797
Norfolk & Western
3,819.798 3,555,533'x5,688.27316.127.370
July 1 to Jan 31
643,428
188,216
Jan 1,240,667 1,247.333
Reading (all cos)
8,684,667 8,682,333 4,236.245 5,459,895
July 1 to Jan 31
13,875
13,233
8.333
8,333
Rio Grande Junction_-_Dec
x58,793
255,135 zdef54.177
St Louis Southwestern_Jan 265.736
1,862,151 1,744.466zdef180.633 x756.746
July 1 to Jan 31
683,036 zdef82,361 2445.657
St Louis Iron Mt & So_Jan .699.132
4,970.692 4,938,097 x379,072 z2,220,507
July 1 to Jan 31
33,105
50,408
41.224
48.847
Pac__-Jan
St L Rocky Mt &
173,187
328.215
323.796
288.655
July 1 to Jan 31
INDUSTRIAL COMPANIES.
Roads.

Abington & Rockland Elect
474
Jan
842
Light & Power
Atlantic Gulf & W I SS Lines
159,277
(Subsidiary cos)
Dec 262,260
1.920.768 1.790.309
Jan 1 to Dec 31
20,881
21,134
Adirondack El Pw Corp_Jan
17.641
19,404
Blackstone Val Gas & EI.Jan
2,829
3,273
Edison El Ill (Brockton).Jan
1.512
3,759
Fall River Gas Works_ _ _Jan
3,450
3,442
Houghton Co Elect LtJan
76.007
Mississippi Riv Pow _ _ _ _Jan 108.381
7.065
7,564
Jan
Sierra Pacific Elect

805

THE CHRONICLE

2,111

2,608

-Month of November- -July 1 to Nov. 30
1914.
1913.
1913.
Great Northern Express Co. 1914.
Total from transportation__ $249,437 $277,537 $1,462,646 $1.547.778
939.918
887.677
168.634
Express privileges
151,470
-Dr
$97,966
4,178

$108,903
4.136

$574,968
24.280

$607,860
22.967

Total operating revenues_ $102,145
Operating expenses
88.138

$113,039
92,432

$599,248
455,721

$630,828
462.231

$14,007
3,801

$20,606
4,283

$143,526
20.803

$168,597
21,096

$10,205

$16,322

$122,723

$147,501

Revenue from transport'n_
Operations other than trans_

Net operating revenue...
Express taxes
Operating income

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.

Latest Gross Earnings,

Jan. 1 to latest date.

Current
Previous
Year.
Year.
67.330
140.777
936.514 1,556,732
$
$
$
$
429,018
431.114
19,617 American Rys Co__ January -- 431,114 429.018
32.332
Atlantic Shore Ry___ January _- 21.900 21.997
21.997
21.900
36,429 cAur Elgin & Chic By January -- 144,145 152.761
33,473
152.761
144.145
15.020
14.083 Bangor Ry & Electric January __ 15,634 15,020
15.634
18,249
163.128
17.128 16.386
178.825
10,539 Baton Rouge Elec Co December
12,219
(NYC)November
BeltL Ry Corp
697.860
62,627 63.194
681.158
13.507 Berkshire Street Ry_ December. 76.6311 76,164
12.041
977.152 1.003,623
29,036 Brazilian Trac, L & P December f6010490f6142209f73351.478f72074.361
1.082
Brock & Plym St Ry_ December]
8,071
124.403
7.689
121.757
27,475 Bklyn Rap Tran Syst November 2105,114
17.001
2104.136 24.995.618 24.362.240
Cape Breton Elec Co January -- 29,054 29.798
29.798
29.054
x After allowing for other income received.
Chattanooga By & Lt December
89.012 100.378 1,085.096 1.204,928
Cleve Painesv & East December_ 27,693 33,525
425.923
423.595
Cleve Southw & Col_ January __ 93.315 94.052
94.052
-93.315
EXPRESS COMPANIES.
Columbus(Ga) El Co January -- 60,767 55,985
55,985
60.767
November--July 1 to Not ..)0- gComwth Pow,Ry&L January -- 1241,9021228.577 1.241.902 12.228.577
1913.
1914.
1913.
1914.
Connecticut Co__ __ December. 630,642 631,963 7.995.452 8.153.238
3
$
$
$
Consum Pow (Mich)_ January _- 328.920 318.067
318.067
Adams Express Co.328.920
Total from transportation-- 2.824,757 2,890,647 14.566.500 14.863,297 Cumb Co(Me P & L December 203,510 205,547 2.513.620 2,354.797
1,484,101 1,530,732 7,546.738 7,735.176 Dallas Electric Co__ - January _- 179.354 201,071
-Dr
201.071
Express privileges
179,354
Lines 3d wk Jan 207.609 204.412
Detroit United
600,272
612.116
41.554 46.570
469.562
547.271
1,340,655 1,359,914 7,019.762 7,128,120 DDEB& Bat(Red)November
Revenue from transporta'n
99,103
101.889
161,117 Duluth-Superior Trac January __ 99,103 101.889
217.604
43.230
37,900
Oper. other than transpor'n_
East St Louis & Sub_ December 213,997 238.628 2.623.827 2.700.961
El Paso Electric Co__ January - 92,402 92.713
92.402
92,713
Total operating revenues-- 1.383.885 1.397,815 7,237,367 7,289,238 42d St M & St N Ave November 158.058 158.389 1.714.440 1.743.141
1,538,677 1,425,278 7,745.207 7,135,331 Galv-Hous Elec Co__ January - 161,999 197.277
161.999
197.277
Operating expenses
Grand Rapids Ry Co December 125.913 122.461 1.286.568 1.301.403
153,907 Harrisburg Railways_ January __ 79,373 79,833
79,373
79,831
Net operating revenue.... -154,792 -27,463 -507.840
2,375
Havana El Ry. L & P
488
Uncollec. rev, from trans.81,319
85.131
16,699
,
12.931
(Railway Dept)___ Wk Feb 28 49.504 52.533
452,082
478,861
taxes
Express
Honolulu It T & Land December
52.437 56,908
602.842
613.131
72,587 Houghton Co Tr Co- January - 20,016 22.137
20,016
22,137
-168.211 --44,162 -595.347
Operating income
b Hudson & Manhat_ December 489.345
5.556.377 5.512.769
-Month ofNovember--July 1 to Nov. 30- Illinois Traction..._ December 766,186 502.473 8,245.307 7.932.30:
744.261
1913.
1914.
1913.
1914.
Interboro Rap Tran_ January __ 2878.7322983.870 2.878.732 2.933.87(
$
$
$
American Express Co.$
Jacksonville Trac Co January __ 54,761 62.545
54.761
62,541
3.703,699 3,588.222 19.869,305 18.614,418 Hey West Electric__ January -- 10.148 11.786
Total from transportation
10.14811.786
1.870.199 1.794.842 9,894.419 9.255.633 Lehigh Valley Transit January-- 150.720 141.175
-Dr
Express privileges
150.720
141,171
Lewis Aug & Watery_ December
50.073 50.420
676.922
675,554
Revenue from transport'n_ 1,833,499 1,793.380 9,974,886 9,358,784 Long Island Electric_ November
229.540
16.676 16.645
228.401
952.089 Louisville Railway__ January -- 243.090 258.313
924,924
182,528
Operations other than transp. 166.722
243.090
258.311
Milw El By & Lt Co December- 535.097 5.36.537 6.005.496 6,016.911
Total operating revenues- 2,000,221 1,975.908 10,899,810 10310.874 5411w Lt, Ht & Tr Co December- 114.515 116.545 1.49.3.668 1.443.251
9,893.481 N Y City Interboro__ November
2,053.699 1,965.274 10.745,466
Operating expenses
564.571
56.145 53.454
608,396
381.421
November
384.577
& Long
33.313 31.718
417.393 N Y & NorthIsland__ November
154.344
10,633
Net operating revenue_ _ -def.53,477
156.586
151.521
NY
Shore__
13.265 13.011
67
703
87
Uncollectible rev,from trans.
Queens Co___ November 106.442 106.223 1,254,496 1.276.60
150.017 N Y &
177.790
28,686
31.759
Express taxes
New York Railways_ November_ 1061.863 1138.477 12.365.914 13.005.021
376.137
374.39,
N Y & Stamford Rys December. 24,466
267.307 NY Westches & Bos_ December_ 38.043 24.879
loss85,324 loss18.052 loss24.149
Operating income
374,93
420.795
34.173
188.88
183.378
13.690 15.210
-Month of November- -July 1 to Nov. 30- , Northampton Trac.. December
270,96
Nor Ohio Trac & Lt. January _- 280.838 270.960
280.838
1914.
1913.
1913.
1914.
173.09
North Texas Electric January __ 144,672 173.093
144.672
$
$
Globe Express Co.$
$
330.730
340.70
339,046 Northw Pennsylv Ry November_ 27.320 28.844
51.689
52.995
341.316
Total from transportation__
148.55
155.556
5.515
5.644
-Dr
26,145
27.191
170.955
169,568 Ocean Electric (L I). November
Express privileges
Paducah Tr & Lt Co_ January __ 26.073 25.670
25.67
26.073
20.232
23.70
Rev. from transportation25.543
25.803
170.360
169.477 Pensacola Electric Co January __ 20.232 23.701
Phila Rap Transit__ January __ 1998.3952006.527 1.998.395 2.006.52
840
884
4.226
4.543
Oper. other than transport'n
Port
(Ore)Ry,L&PCo. December 514,493 607.476 6.273.171 6.723.74
81.058 79.867 1.094.842 1.036.31
26,688
26.383
174,586
174.020 Portland (Me) RR__ December
Total operating revenues_
30,216
160.440
157.163 Puget Sound Tr L&P December 717.550 790.307 8.450.974 8.613.60
28.108
Operating expenses
Republic Ry & Light November 244.251 251 827 2.756.557 2.702.53
-3.528
24.146
16.857 Rhode Island Co ... December. 411,510 424.554 5.333.499 5.388.757
Net operating revenue.... -1.724
27.116 26.116
363.819
358,718
1,200
5,500
6.000 Richmond Lt & RR_ November
1.100
Express taxes
StJoseph(Mo)Ry,Lt.
Heat & Power Co_ January __ 117.275 113.414
117.275
113.41
-2.824
-4.728
18.646
10.857
Operating income
Santiago El Lt & Tr_ January __ 40,180 37.501
40.180
37.501
-Month ofDecember- -July lto Dec.31- Savannah Electric Co January -- 70.590 72.461
70.590
72.46
Second Ave (Roc)._ _ November
1913.
1914.
1913.
1914.
68.773 79.862
849.632
963.29
Southern Boulevard_ November
17,686 17,768
206.371
Northern Express Co.
193.011
20.781 20.052
249.706 1.521,862 1,716.413 Staten Isl Midland__ November
301 .768
Total from transportation___ 225.387
291.895
136.385
822,436
925,436 Tampa Electric Co__ January _- 85.360 80.158
8.5.360
123.264
/10.15
-Dr
8
Express privileges
Third Avenue
November 310.511 333.844 3.613.013 3.725.290
699.426
790,976 Toronto Street By... January -- 471.226 501.843
113.320
471.226
501.84
Revenue from transport'n. 102.122
3,577
21,036
21.278 Twin City Rap Tran_ 3d wk Feb 176.061 167.993 1.2911,017 1.249,928
3.355
Operations other than transp.
Union Ry Co of N Y C November 216,444 216.983 2.644.638 -2.525.045
812.255 United Rys of St L December_ 942.980 1097.113 12.450,925V2.702.645
720.463
116.898
Total operating revenues_ 105.458
436.198 ; 441.822
554.493
573.667 Virginia Ry & Power_ January -. 436.196 441.822
93.381
90.742
Operating expenses
Wash Bali & Annap_ December
62.434 68.818
816.939
831.940
44.707 43.201
559.511
547.139
23.517
165.969
238,588 Westchester Electric_ November
Net operating revenue_
14.716
11.210
11.060
74
19 Westchester St RR January __ 11.210 11,060
Uncollectible rev,from trans.
4
11
30.000
Express taxes
4,500
27,000 Western Rys & Light November 218.777 217.994 2,448.427 2.333.576
5.000
Yonkers Railroad_ _ _ November
58,721 58.114
661.287
641.405
Operating income
68.328
19,012
135.894
211,568 York Railways__ ._ _ January _ _ 66.211 68.328 . 66.211
9,704
Youngstown & Ohio_ December. 24.351 22.914 - 272.369
255.81
-Month of November- -July 1 to Nov. 30- Younestnwn & Sallth January _ _
12.57612.554
12.576
12.51
1914.
1913.
1914.
1913.
Southern Express Co.$
$
$
$
b Represents Income from all sources. c These figures are for consoliTotal from transportation.... 1.107,341 1.408.085 5,437.154 6.141.699 dated company. I Earnings now given in milreis. g Includes constituent
Express privileges
-Dr
566.375
716.059 2.772,148 3.128.083 companies.
Revenue from transp'n
540,965
692.025 2.665.005 3.013.615
Oper. other than transp'n_ _ _
Electric Railway Net Earnings.
27.181
32.974
129.750
-The following table
138.182
gives the returns of ELECTRIC railway gross and net
Total operating revenues- 568.146
724.999 2,794.756 3.151.798
Operating expenses
515.212
628.013 2,616.237 2,822,414 earnings reported this week:
---Gross Earnings--Net Earnings
Net operating revenue....
52,934
98,985
178.518
329,384
Previous
Current
Current
Previous
Uncollectible rev,from trans.
7
1
169
29
Roads.
Year.
Year.
Year.
Year.
Express taxes
14,277
16.382
73.672
72,349
4.791
5.436
Operating income
38.849
15.020
82.601
15,634
104.677
257,004 Baton Rouge Elect_a__jan
Cape Breton Elect_a___Jan
4.797
4.550
29,798
29,054
-Month of November- -July 1 to Nov. 3033.911
Cleveland Southw &Col bJan
34.156
94,052
1913.
93,315
1914.
1914.
1913.
Wells, Fargo & Co.$
Columbus (Oa) Elect_a_jan
31.780
$
$
33.896
$
55.985
60,767
Totalfrom transportation-- 3,105,841 2,715.512 15.990.510 13.840.010 Dallas Elect-a
74.334
72.671
201.071
Jan 179,354
Express privileges
-Dr
1.582.703 1,349,210 8,192.999 6,905.093
Duluth-Superior Trac_a _Jan
27.335
29.804
101.889
99,103
Revenue from transport'n- 1,523.138 1.366.302 7.797.510 8.934.917 Eastern Texas Elect_a_Jan
23.241
18.425
55.014
53.527
58.777
311.436
Oper. other than transp'n
65.589
285.225 El Paso Elect-a
48.408
92.713
43.165
Jan
92,402
59.988
Galveston-Houston El_a.Jan 161,999
197.277
77.130
Total operating revenues- 1.588.727 1.425.079 8,108.947 7,220,143
Operating expenses
1.524.851 1,264.835 7,620.159 6,376,907 Houghton Co Tract_a_ Jan
3.990
22.137
6.939
20.016
294.626
Hudson & Manhattan_a_Dec c489.345 c502.473
292,564
160.244
488.787
843,236
Net operating revenue_
63.876
Jan 1 to Dec 31
6,556,377 c5.512,764 3.240.186 3,145.517
Uncollectible rev. fro trans.
2,420
667
744.261
323.313
33.000
186.058
Express taxes
36.610
333.869
162.000 flllnois Traction _a
Dec 766,186
Jan 1 to Dec 31
8,245,347 7,932,302 3,256.506 3.279.642
127.244
300.308
Operating income
28,598
681,236 Jacksonville Tract-a----Jan
62.545
17,258
54,761
24.394




Week or
Month.

Current Previous
Year.
Year.

806

THE CHRONICLE

[VOL. 100.

_Gross Earnings--Net Earnings
- EARNINGS AND EXP.(INCL. NOR. CENT. RY. FOR BOTH YEARS).
Previous
Current
Current
Previous
Increase (+)
Year.
Year.
Year.
Year.
1914.
1913.
$
.
Decrease(-).
$
Operating Revenue-.
$
$
$
Keokuk Elect_a
Jan
20,483
21.194
6.628
8,255 Freight
131,158,930 147,344.395 -16,185,465
Key West Elect_a
Jan
10,148
38,977,848 40,599,628 -1.621.780
11,786
2,536
4.020 Passenger
Mail
3,409,492 2.977.034
+432,458
Lehigh Valley Transit_a_Jan 150,720
141,175
57,882
50,890 Express
4,434,530 5,038,148
-603,618
Nor Ohio Trac & Lt .Jan 280,838
270,960
98,860
4,055,999 4,138,803
99,669 All other transportation
-82,804
Northern Texas Elect_a_Jan 144.672
5.420,827 5,172,243
173.093
+248,584
57,402
66,846 Incidental
Joint facility (net)
(deb.)205,775(deb)190,139
-15,636
Paducah Tract & LtaJan
26,073
25,670
9,349
7.513
Pensacola Elect_ a
Jan
20,232
23,701
Total operating revenues
6.996
187,251,851 205.080,112 -17.828,261
8,764
Operating Expenses
Savannah Elect_a
Jan
70,590
72,461
23,847
23,423 Maintenance of way - structures_ 25.019,606
and
26,334,596 -1,314,990
Jan
Tampa Elect_a
85,360
80,158
44.389
36,303 Maintenance of equipment
37.143,533 42,984,269 -5,840.736
Twin City Rap Tran-a_ _Jan 769,292
2,316,127 2,847,024
746,006
184,752
-530,897
202,783 Traffic
Transportation
72,234,108 78,255,026 -6,020.918
a Net earnings here given are after deducting taxes.
Miscellaneous operations
2.624.137 2.653,376
-29.239
Net earnings here given are before deducting taxes.
b
General
4,954,732 4,923,127
+31.605
c Represents income from all sources.
Total operating expenses
144.292,243 157,997,418 -13,705,175
42,959,608 47,082,694 -4.123,086
Net operating revenue
Interest Charges and Surplus.
7,689,523 7,840,853
Accrued taxes
-151,330
-Int., Rentals,.1c.- -Sal. of Net Earns.
11,313
- Uncollectible revenues
+11,313
Current
Previous
Current
Previous
Roads.
Year,
Year,
Year.
Operating income
35,258,772 39,241,841 -3.983,069
Year.
$
$
$
$
EARNINGS & EXPENSES OF LINES EAST OF PITTSBURGH & ERIE.
Baton Rouge Elect
Jan
2,180
2,105
3,256
2.686
[Including the Aorthern Central Ry.from July 1 1914 Only.) ,
Cape Breton Elect
Jan
6,721
6,438
4,550
4,797
Increase(+)or
Cleveland Southw & Col_Jan
32,053
1914.
31,895
1913. Decrease(-).
2,103
2.016
Columbus (Ga) Elect Jan
28,792
25,281
5,104
6,499 Operating revenue
181,114,822 191,511,490-10,1,668
Dallas Elect
Jan
33,416
26,778
40.918
45,893 Operating expenses
138,616.672 145,992,347 -7,375,675
Duluth-Superior Trac_ _ _Jan
15,029
15.504
x13.578
x15,290
42,568,150 45,509,143 -2,940,993
Net operating revenue
Eastern Texas Elect_ _ _ _Jan
8.770
8,244
14.471
10,181 Accrued taxes
7,461,893 7,326,660 +135,233
El Paso Elect
Jan
4,185
4,284
44.221
38,881 Uncollectible revenues
+11,313
11,313
Galveston-Houston El Jan
36,209
36,484
23.779
40.646
Operating income
35,094,944 38,182,483 -3,087.539
Houghton Co Tract_ _Jan
5,605
5,609
def1,615
1,330
Other Income
Hudson & Manhattan Dec a33,648
a37,458
260.977
+2,004
255,106 Income from lease of road
7,530
5.526
Jan 1 to Dec 31
a398,670 a409,828 2,841,512 2,735,689 Hire of equipment (credit balance)_
219,377 -219,377
Jacksonville Tract
1,439,634
961,309 +478,325
Jan
13.448
12,868
3,810
11.526 Joint facilities rent income
Miscellaneous rent income
748.063
627,507 +120,556
Keokuk Elect
Jan
1,909
2,185
4,719
6,070 Miscel. non-oper. physical property..
-4,773
72.503
77.276
Key West Elect
Jan
2.401
2,402
135
11,438,484 13,771,434 -2,332,950
1,618 Dividends received
Income from funded securities
-27,752
Lehigh Valley Transit_ _Jan
918,886
946,638
56,050
52.702
x11,696
x8,416 Income from unfund. sec. & accts..1,274,650 -381,573
893,077
Nor Ohio Trac & Lt___ _Jan
50.251
49462
48,609
50,207 Income from sink.& oth. res. funds
-9,014
1,100,368
1,091,354
Northern Texas Elect_ _ _Jan
27,265
24,228
30,137
87,748
546,330 -458,582
42.618 Miscellaneous income
Paducah Tract & Lt _ _ _ _Jan
7,795
7.679
1.554
def166
Total other income
16,697,279 19,530,415 -2.833.136
Pensacola Elect
Jan
7.382
7,267
def386
1.497 Gross income
51.792.223 57,712,898 -5,920,675
Savannah Elect
Deductions
Jan
23,409
23,015
438
408
Hire of
+629,607
629,607
Tampa Elect
Jan
4,426
5,062
39,963
31.241 Lease ofequipment (deb.)
other roads
5,566,867 3,974,987 +1,591,880
Twin City Rap Trans__ _Jan
84,231
83,766 x103,274 x119.319 Joint facilities
1,057.635
1,190,897 -133,262
Miscellaneous rents
375.290
+42,129
333,161
a Does not include interest on bonds, after deducting which the amount Miscellaneous tax accruals
46,628
+10,711
35.917
available for interest on adjustment income bonds was $83,855 in December Interest on funded debt
9,569,414 9,496,909
+72,505
1914. against $78,388.
Interest on unfunded debt
163.802
435,476 -271,674
z After allowing for other income received.
Loss from oper. of leased roads
58,356
+58.356
Miscellaneous
233,859
324,718
-90,859
Total deductions
17,701.458 15.792.065 +1.909,393
Net income
34,090,765 41,920,833 -7,830,068
ANNUAL REPORTS
Other Deductions
Payment to trust funds
1,785,243
1,882,775
-97,532
(6%)
29,952,186 28,394.248 +1.557,938
Annual Reports.
-An index to annual reports of steam Dividendsand betterments
Additions
2,500,000 -2,500,000
2,230.335 6,787.582 -4.557,247
railroads, street railways and miscellaneous companies which Extraordinary expenses
1,815,625 -1,815,625
have been published during the preceding month will be Constr. expend. on branch roads_
Total other deductions
given on the last Saturday of each month. This index will
33,967,764 41.380,230 -7,412,466
123,001
540,603 -417,602
not include reports in the Issue of the "Chronicle" in which Balance, surplus
GENERAL BALANCE SHEET DEC. 31.
it is published. The latest index will be found in the issue
Increase(+)or
of Feb. 27. The next will appear in that of Moll. 27.
1914.
1913. Decrease(-).
Assets8
Road and equipment
Pennsylvania Railroad.
481,553,514 467,521,906+14,031,608
Improvements since June 30 1907.... 16,294,103 14,614,627 +1,679,476
(Report for Fiscal Year ending Dec. 31 1914.)
Sinking funds
x2,309,427 2,152,957 +156,470
Miscellaneous physical property_
-61,519
2,026,833 2,088,352
President Samuel Rea's remarks are published at length Stocks of affiliated companies _ _ _ 166.088,838 164,873,016 +1.215,822
Bonds of affiliated companies
24,649,220 32,825,467 -8,176,247
on subsequent pages.
Notes of
75,060,489 76,477,239 -1,416,750
Below are the income accounts of all transportation com- Advancesaffiliated companies
to affiliated companies.--- 13,340,040 9.317,584 +4,022,456
panies east and west of Pittsburgh and Erie owned, operated Other investments-Stocks
64,442,589 62,835,712 +1,606,877
Bonds
6,890,190 10,076.100 -3,185,910
or controlled by or affiliated with the Pennsylvania system.
Notes
21,732
1,018
+20,714
(The figures for 1913 having been revised, the comparison with earlier Cash
15,586,705 16,262,693 -675,988
years is somewhat inaccurate.)
Time drafts and deposits
18,647,827 13,613,456 +5,034.371
1912.
1911.
1913.
1914.
Special deposits
231,400
613,112 -381,712
11,944
11.557
11,407 Loans and bills receivable
11,991
Miles operated
24.445
12.168
+12,277
Traffic and car service balances
4,951,094 3,556.915 +1,394.179
354,412,996 392,435,944 374,096,180 336.413.812 Agents and conductors
Gross earnings
5.458,932 5.808,078 -349,146
Expenses and taxes ___.288,803,808 321,452,903 291,867,379 261.294.785 Miscellaneous accounts receivable- 5,554,673 8,805.095 -3.250,422
Materials and supplies
15,596.887 17,701,770 -2,104,883
Net earnings
65.609,188 70.983,041 82.228,801 75.189.027 Interest and dividends receivable_ _ -- 1,523,705 1,205,011 +318,694
34,036,838 38,825,687 38.942.748 34,985,094 Rents receivable
Other income
24,118
+24.118
Workbag fund advances
186,222
186.471
-249
Gross income
99,646,026 109,808,728 121.171,549 110,174,121 Insurance,&c.,funds
728,776,701 24,582,132 +4.194,569
Int. rentals, dividends,
Prop. abandoned chgd. to oper. exp.
139,846
159,920
-20,074
118,347,516 108,256,647 Other unadjusted accounts
extraordinary. &c_ ---100.115,640 107,996,572
.
2.083,527
1.917,317 +166,210
Surplus or deficit__ -- def.469,614 sr.1.812,156 sr.2,824,033 sr.1,917,474
Total
951,463,057 937,208,116 +14,254,941
Liabilities
TRAFFIC ON ALL LINES BOTH EAST & WEST OF PITTS. & ERIE. Capital stock
499,203,600 498,735.940 +467,660
Premium realized on capital stock_ .... 7.254,248 7,196,677
Decrease.
1914.
1913.
+57,571
4.463,150 Stock allotment receipt full payment_
Passengers carried
183,031,295 187,494,445
31,895
-31.895
Passengers carried 1 mile
196.495.020 195.189,080 +1,305,940
4,574,067,814 4,749,524.596 175,456,782 Funded debt
14,193 000 14,547,000 -354,000
Freight (tons) carried
58,039,716 Guaranteed stock trust certificates
313.983,414 372.023,130
Freight (tons) carried 1 mile_ _36,968,889,80243,072,997,666 6,104,107,864 Equipment trust obligations
23,468,963 29,354,909
Mortgages and ground rents payable.. 2,794,660 2,395,743 -5,885,946
+398,917
Below are given the results on the lines east of Pittsburgh Loans and bills payable
5,110.539
9.000 +5.101,539
3,300,729 2.620,876 +679,853
and Erie, comprising the Pennsylvania Railroad Division, Traffic and car service balances
Vouchers and wages
15,453,750 20,407,834 -4,954,084
the United Railroads of New Jersey Division (excluding the Miscellaneous accounts payable
9,188,533 6,659.178 +2,529,355
dividends unpaidDelaware & Raritan Canal), the Philadelphia & Erie Di- Matured int. anddebt unpaid
917.185
879,836
+37,349
Matured funded
210.290
92,790 +117,500
vision, and the Buffalo & Allegheny Valley Division.
Other deferred liabilities
187,774
193.643
-5,869
Unmatured int, and rents accrued..._ 1,562.671
TRAFFIC ON LINES EAST OF PITTSBURGH & ERIE.
1,512,554
+50,117
Tax liability
6,153,930 5,195,331
+958,599
[Including Northern_Central Ry.lin 1914 and 1913.1
Operating reserves
967,858
290,933 +676,925
Accrued depreciation
1913.
1914.
1912.
1011.
z17,929,542 15,314,258 +2,615,284
Other deferred credit items
4,169.764 2,349,255 +1,820,509
Miles oper. (excl. D.
4,479
4,512
4,025
4,018 Additions to property since June 30
& R.Canal(66 m.)
82,777,232
1907 through income
72,452,887
80,873,281
67,445,714
73,184,542 66,137,086 +7,047.456
Passengers carded-Fund. dt. retired through inc.& surp
918,070
764.245
Pass. carried 1 mile_ 2,017,389,251 2,108,358,924 1,838,352,119 1,722,734,924 Sinking fund reserves
+153.825
1.962 cts.
1.951 as.
1.980 cts.
1.951 cte.
3,669,555 3,605,294
+64,261
Rate per pa.ss. per m.
Miscellaneous fund reserves
143,480,431
155,208,778
125,175,068
135,296,035
32.426.820 30,735,276 +1,691,544
Tons carried_ b
Approp. surp.
824.658 3.962.302 -3,137,644
Tons carried 1 mile_ .22,104,102,693 25,025,219,387 22,012,606,175 19,419,779,983 Profit and lossnot specially invested_
0.583 cts.
0.587 cts.
0.583 eta.
0.589 eta.
c31,877,356 29,027.181 +2,850,175
Rate per ton per mile
81.560
$1.579
$1.502
$1.60
Earns.p.pass.tr.m.a
Total
$3.998
84.106
$3.942
$4.250
951,463,057 937,208,116 +14,254,941
Earns. p. fr't tr. m.a
x After deducting $1,362,100 Pennsylvania RR. obligations.
a Freight and passenger trains only, excluding switching, &c., trains.
y After deducting $3,346,330 Pennsylvania RR.obligations.
carried over the
b The actual number of tons of coal and coke they passed, five general
z Includes in 1914 accrued depreciation (road) $467,834 and (equipdivisions, irrespective of the divisions over which78,265.304 in thus avoid1913, a de- ment) $17,461,708. against $457,396 and 814,856,862 In 1913.
1914, against
ing duplication. was 69,962,533 in
c After adding in 1914 sundry net credits amounting to $2,727,174.
13,579,636,074 tons one mile
crease of 10.61%, the tonnage mileage beingdecrease
-V. 100. p. 734. 557. 475.
of 10.03%•
in 1914, against 15,094,057.477 in 1913, a
Roads.




Georgia Railway & Power Co., Atlanta, Ga.
(Report for Fiscal Year ending Dec. 31 1914.)
The report, signed by Chairman H. M. Atkinson and
President P.S. Arkwright, under date of Feb.20,says in sub.:
-The operation of the hydro-electric station at Tallulah Falls
Earnings.
constructed in
and the high-tension transmission lines and sub-stations
beginning
connection therewith was conducted for account of your company
from this development, as well
April 1 1914. from which date the earnings
attached
as the bond interest on account of the same, are included in the Tallulah
statements. The storage reservoir, however. at Mathis, on the
river was available and in
River, not being completed, only the flow of the
it would
consequence the putput of the station was very much less than
hydrootherwise have been. The construction work,in connection with the
with the
electric development, has been continued under the contract
a small
Northern Contracting Co ,and is now entirely completed except
amount in connection with the Mathis storage reservoir.
operating
The operations of the year show a surplus after payment of all
es, taxes, rentals, interest and sinking funds of $540,370. MortFirst & Refunding
ds.-On April 1 1914 there was executed the
-year Sinking
gage to secure a total authorized issue of $30.000,000 5% 40exchanged at
Fund Gold bonds: $8,865,000 of the bonds were issued andCo.(mortgage
par for a like amount of the 1st M. bonds of Georgia Power
applied to
and bonds canceled); $1.000,000 were sold and the proceeds
cdnstruction account. (V. 98. p. 1694, 1536).
-(a) Georgia Ry. & Power Co.for work
Charges to Construction for Year.
(distributing lines,
other than done by Northern Contracting Co., $161,050
Ry & Electransformers, meters, customers' services, &c.). (b) Georgia
electric lines.
tric Co., 5446.032, notably track and raodway. $100,152; (c) Atlanta
equipment, $146,713.
$96,500, and steam and electric-plant
Gas Light Co., $55,490.
-This lessor company, on
Sale of Securities of Georgia Ry & Electric Co.
during 1913 and
account of expenditures for additions and improvements Mortgage bonds
1914, has sold (a) 3924,000 Refunding & Improvement (b) $514,600 of
in 1914 and $430,000 in 1913);
(including $494,000 issued
5607.228. The
its treasury common stock at $118 per share, aggregating $665,000 made
proceeds were applied toward paying the collateral loan of not theretofore
construction expenditures
in 1913 and on account of the
repaid. (V. 98, p. 304. 386; V. 99. p. 1528.)
-These included the redemption and cancellaSinking Fund Payments.
tion of $25,000 1st M. bonds of Atlanta Consol. St. Ry. Co. and $25,000
First Consol. and $36,000 Ref. & Imp. M.bonds of Georgia Ry.& Elec. Co.
-On Dec. 31 1914 the total mileage of railway tracks (on a singleTrack.
track basis) owned, or leased and controlled and operated, was 231.888
miles, all in good condition. During the year 5.119 miles of track were
built and .218 miles taken 11D.

excr

RESULTS FOR THE CALENDAR YEAR.
[Georgia Ry.& Power Co.and leased and subsidiary companies.)
1912.
1913.
1914.
56.341.184 55.350,995 55.218,913
Gross earnings
2.427.622
2.687,672
3,323,727
Operating expenses
Net operating revenue
Taxes

53,017,457
434,347

52,663,323
436,096

52,791.291
349,198

Net, after taxes
Dividend on treasury stock
Miscellaneous income

52,583,110
5,718
160.748

52,227.227
41,168
62,459

$2,442,093
41,168
36,110

Total income
Interest on bonds
Interest on notes
Extinguishment of discount
Rental dividends
Georgia Ry. & Elec. sinking fund
Other sinking funds
Div. Atl. Water & El. P. Co
Div. on 1st pref. Ga. Ry.& P. Co_

$2,749,576 $2,330,854 $2,519,371
5751,845
$822,884
$1,236,527
7,342
16,346
60,111
8,466
801.168
801,168
801,168
71,736
83,000
85,343
12.590
12,590
17,590
30.000
(4.7%)94,000

$2.209,206 $1,735,988 51,768,681
Total deductions
$750,690
5594,866
$540.370
Balance, surplus
interest charge above in 1914 includes, with some $723,312
-The
Note.
payable as rental, $513,215 on bonds of the Ga. Ity. & Power Co., viz.:
Blue Ridge Electric Co., $56,750: Atlanta Water & Electric Power Co..
$67,500: Savannah River Power Co., $27,500; Georgia Railway & Power
Co., 5361.465; total. 5513,215. The total sum paid as rental for the
Ga. Ry. & Electric properties in 1914 was 51,863.399. including that company's taxes, interest, dividend and sinking fund.
GEORGIA RAILWAY & POWER CO. BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
Liabilities
$
Assets-Constr'n plant__ _41,958,806 39,813.789 First met. stock__ 2,000,000 2.000,000
2(1 pref. stock_ _ __10,000,000 10,000,000
New construction
15,000,000 15,000,000
451,713 Common stock
28,517
Ga. Ry.& Eloo_
339,718 Mortgage bonds._ 12,950,000 11,950,000
329,009
Marls & supplies_
634,419
899.845 Debentures
Cash & accts. rec. 759,042
394,261
214.623
17,925 Accts. payable_ _ _
16,508
Prepaid accounts_
718,803
387,332 Mils, &c., payable 607,940
352,139
Stocks and bonds_
465,679
*Ga. Ry.& El. Co. 465,679
253,004
Bend discount__ _
460,718
476,380
50,000 Reserve accounts_
50,000
Treasury bonds._
325,628 Acer. used chges.
64,236
Suspense accts__ _
146,989
163,768
Ga. Ry. & EL _
32,000
39,000
Sink fund bonds_
990,308
1,371,828
8,806 Profit and loss
34,375
Do bond prem.
Total

43,884,637 42,126,756

Total

43,884,637 42,126,756

Georgia
*Net assets turned over to the Georgia Ry.& Power Co. by the
-V.100, p. 555.
By.& Elec. Co. in accordance with the terms of the lease.

United Railways Company of St. Louis
(15th Annual Report Year ended Dec. 31 1914.)
Richard McCulloch, Vice-Pros, and Gen. Manager,
Dec. 31, wrote in substance:
Results.
-Passenger revenue decreased $246,791, or 1.97%. During
the first six months there was an increase of $95,263, or 1.55%, during the
second six months a decrease of $342,054, or 5.35%. Operating expenses
(including depreciation) increased $71.118 and taxes increased $114.120,
or 17.46%. (V. 99, p. 1912; V. 100, p. 400.)
The percentage of revenue passengers using transfers was 51.38, an
increase of 2.69, due to the more generous transfer system put into effect
July 1 in compliance with a ruling of the Circuit Court. Passenger car
mileage increased 4.59%, notwithstanding the decrease in pass. revenue.
-The refunding of $600,000 St. Louis Cable & Western
Funded Debt.
Railway 6s. due Nov. 1 1914, into $600,000 consol. M. 5s of St. Louis &
Suburban By.Co. reduced fixed charges $6,000 per annum.(V. 100, p. 142).
-These aggregated (net) $247,876.
Capital Expenditures.
-New mileage added, 1.91 miles. Reconstructed: Old track
Track.
taken up and replaced by new modern constrcution, 17.77 miles (15.57
miles in city); new heavy girder rails on old concrete foundation (city),
2.89 miles; city track resurfaced, 1.11 miles; total. 21.77 miles. In ad-ballasted 12.69 m of unpaved
dition to the above there was re-tied and re
track.
-During 1914 40.5% of the total kilowatt hours required for
Power.
Electric Light &
the operation of the road was furnished by the Union
Power Co., 52.9% was Keokuk Water Power (Mississippi River Power Co.
p. 1025; V.97, D. 1667) and 6.6% was furnished flrom our own steam
V.96.
power plant during the morning and evening peaks.
-There have been built 62 steel centre entrance trailers,
Rolling Stock.
cars have been converted
3 motor cars and 3 work cars; 41 combination
typo.
Into closed cars and 382 cars into closed rear platform mill tax were tried
Mill Tax.-Elght suits involving the validity of the
of St. Louis and decided adversely to the company.
In the Circuit Court
Court of the State,where they
These cases were appealed to the Supreme
to three of the judges. They
were affirmed by the concurrence of four Court,where they will be tried.
have been appealed to the U. S. Supreme
V. 100, p. 400; V. 99. D. 1912.




807

THE CHRONICLE

MAR.6 1915.]

RESULTS FOR CALENDAR YEAR.
1911.
1912.
1913.
1914.
Rev, pass. carried*.. _248,040,033 253.158,476 244,386,564 238,240,795
Transfer passengers_ _ _ _127.444.829 123,266,765 113.001,983 110,293.228
Total income x
512,538,826 $12,786,995 $12,316,008 511.958,883
7,337,360
7,828.502
8,573,617
Operating expenses*._ _ 8,644,736
652,702
652,222
653,674
767,794
Taxes
83,126.296
$2,613.005
5,250

53.559,704
52,651.013
9,660

53,835,284
52,695,001
1,196

53.968,821
52,715.931
24.375

Total deductions- 52.618,255
Surplus
$508,041

52.660,673
3899,031

52.696.197
$1,139,088

52,740,306
$1,228.515

Total net income_
Interest on bonds
Miscellaneous interest

-cent farm: 243,183,207 in 1914; 247,936,404 in 1913; 2M -cent fares:
*5
4.856.826 in 1914: 5,222.072 in 1913.
x This includes income from securities owned, interest on deposits, &c.,
amounting in 1914 to $87,901, against $84,350 in 1913, $64,917 in 1912.
and $44,730 in 1911.
GENERAL BALANCE SHEET DEC. 31.
1913.
1914.
1914.
1913.
Liabilities-.
Assets3
$
c101,869,367 101,768,304 Prof. shares lss. 16,387,200 16,363,200
Property
Com.shares 1S9- 24,913,800 24,913,800
Steck and bonds
655,875 Funded debt (see
651,375
at market val.
St.By.Sec.) __ 57,826,600 58,003,000
U. S. Govt. 2%
425,341
316,407
1,200,000 Aud. vouch.,&c.
1,200,000
bonds
1,612,010
705,290 Int. due & accr_ 1,004,284
509,488
Material & supp.
952,244
252,962 Deprec. reserve. 1,413,813
959,233
Cash
200,000
200,000
48,182 Int & dam.fund
37,680
Cash for coupons
432,283
474,771
Insurance fund_
Notes and near.
265,577
251,444 Miscel.accounts d414,906
413,281
receivable
31,614 Profit & loss, cur. e2,735,244
2.326,218
39,001
Prepaid acets,&c.
Total

105,682,425 104,913,671

Total

105,682,425 104,913,671

c After adding $247,876 for new construction during the year and deducting $146,812 for adjustments during the year.
d Includes taxes, $221,911; sundry credits. 5180.536. employees' savings
deposits, 54,891;legal expenses,$7,267; and other miscellaneous items.$301.
e After making adjustments for the year, 599,013.-V. 100. p. 643. 557.

Milwaukee (Wis.) Electric Railway & Light Company.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. James D. Mortimer, Milwaukee, Feb. 17, wrote:
-Operating revenues show a decrease of 311.421, due to a reducResults.
tion in revenues of the railway department of $110,593 (caused by the general business depression and aggravated by the war), in large part offset
by an increase of $99,172 in the light and power department. The net
income decreased 9.5%, resulting principally from an increase in interest
charges of $90,052 (V. 99, p. 674). The higher operating expenses in the
railway department was caused by increased car service made necessary to
comply with standard prescribed by the Railroad Commission. Before
arriving at net operating revenues, there have been deducted for maintenance and depreciation amounts equivalent to the following percentages of
operating revenues: Railway department, 22.25%; electric light and power
department, 16.25%; steam heating department, 6.63%.
-The street railway business in
Depression in Street Railway Business.
Milwaukee,in common with that in other cities of the country, is suffering
from absence of growth of revenues and increase of expenses. over which
the owners have no control. The situation is not unlike that which has
confronted the steam railroads of the country.
-These during the year aggregated 5391,309. includProperty Additions.
ing a tunnel conduit for cables and pipe under the Milwaukee River, a
3,000 k. w. rotary converter, &c. Construction work has been kept at a
minimum, but it was necessary to comply with municipal ordinances and
to provide equipment to utilize power purchased under a contract with the
Wisconsin River Power Co., entered into in 1911.
-During the year there were 9.4473 miles of track reReconstruction.
constructed, the amount of this work necessary having been minimized by
the large amounts of reconstruction done in 1912 and 1913 by the high
standard of current maintenance.
-Our appeal to the U. S. Supreme Court from the order of the RailSuit.
road Commission entered Aug. 23 1912 is set for argument during 1915.
The reserve liability created against the coupons so far issued with city
commutation tickets, under the terms of the injunction, amounts to $183.549 (V. 97. p. 521).
INCOME ACCOUNT.
1912.
1913.
1914.
S
S
$
97.874.919 100.073,659 96,607.406
Revenue passengers
38,814,573 36.963.958 35,602,061
Transfers, No
47,109,570 45,959,227 37,591,809
Electric sales, k. w. h
Operating revenue, By. department_ $4,110,718 54,221.310 54.131,811
1,795,606
1.894.778
1,550,545
do
Light, power,&c
do
$6,005,496 $6.016.917
Total
Operating expenses, Ry.department_ $3,179,723 53,164,299
1,042,136
Light, power, &c.. 1,052,702
do
do

55.682.356
52.913.211
1,016,851

Total net Income
Non-operating revenues

$1,773,071
65,806

$1,810,482
45,178

$1,752,294
61,189

Gross income
Interest charges
Preferred dividends
Common dividends

$1,838,878
$823,375
270,000
763,375

$1,855,660
5733.323
270,000
788,000

51.813.483
$715.206
270,000
720.000

Total deductions
Balance, surplus or deficit

$1,856,750 51,791.323 51,705.206
def.$17,872 sur.$64.337sur.$108,277

BALANCE SHEET DEC. 31.
1114.
1913.
1914.
$
LlaSiliffess
S
AssetsProperty & plant.34,570,380 32,193,267 Preferred stock__ 4,500,000
391,309 2,377,113 Common stock__ 9,850,000
Capital expendIt'e
18,533,030
975,100 Funded debt
975,100
Securities owned__
Notes & acets pay. 741,491
6,000
Other investments
Matured interest
Reserve, sinking
169.390
unpaid
1,050,000 1,050,000
fund, &a
148,004 Int.,taxes.,&c.,ac'd 277,718
111,520
Cash
Miscellaneous.... 157,409
Notes & bills, &c..
2,173,649 2,215,746 Open accounts.... 129,389
receivable
625,430 Reserve, Finking.
Materials & sup'es 611,628
4,739,221
487
&c., fund
Prepaid accounts_
7,732
107,276 Profit and low... 1,333,879
142,028
Open accounts_ _ _

1913.
4,500,000
9,850,000
18,533.000
749,942
167,817
281,591
145,039
127,308
3,993,219
1,351.751

40.431,497 39,699.667
Total
40,431,497 39,699,667
Total
See also report of North American Company above.
-V.99. P. 674.

AmericanWoolen Co., Boston, Mass.
(Report for Fiscal Year ending Dec. 31 1914.)
The report, including the remarks of President William M.
Wood and the income account and balance sheet, will be
found at length on a subsequent page.
Net profits
Previous surplus

EARNINGS, EXPENSES, &C.
1912.
1913.
1914.
$2.788,602 loss$677,685 53,722,988
8,035,834 12.015,624 11.597,371

1911.
$3,225,916
11.171.455

Total surplus
510.824.436 511,337.939 515.320,359 $14,397.371
Preferred dividend (7%) $2,800,000 52,800,000 52,800,000 52,800,000
504,735
502,105
Depreciation
Final surplus

$8,024,436

$8,035,834 $12,015,624 $11,597,371

808

THE CHRONICLE

BALANCE SHEET.
1914.
1913.
1914.
AssetsLiabilities$
$
S
Plants& Invest'ts. 45,181,499 44,539,097 Common stock___20,000,000
Capital stock Ayer
Preferred stock___40,000,000
Mills
999,300
999,300 Bank loans
7,756,700
Inventories
18,329,949 10,708,380 Current accounts.. 4,306,017
Cash
1,013,410 2,519,204 Accr.div.on pf.stk. 583,333
Aects.reedy.(net)15,146,328 13,187,044 Undivided profits_ 8.024,436
Total
80,670,486 71,953,025
-V. 100. p. 644.

Total

1913.
3
20,000,000
40,000,000
2,974,300
359,558
583,333
8.035,834

80,670,486 71,953,025

California Petroleum Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
The report of Pres. E. L. Doheny is given at length on
other pages, together with the balance sheet and the certificate of Price, Waterhouse & Co. The gross earnings for
the year 1914 were $2,867,117 and the net earnings$2,241,470.
During the year 16 new producing wells were brought in at
a total cost of $274,819, of which $208,411 was expended
thereon during the year, and $7,805 was expended for redrilling and deepening old wells, all of which was charged
to profit and loss.
Sales (barrels) in Calendar Years 1914, 1913 and 1912.
1914.
1912.
1913.
4,764.400
4,863,118
5,082,886
305.964
344,867
17,915
Total
5,070,364
5,207,985
5,100,801
The total gross production for the year 1914 was 6.516,784 bbls., as compared with 6.463.600 bbls. for the year 1913 and 5,700,015 in 1912. There
have been produced from the properties to Dec. 31 1914 about 29,600.000
bbls. oil.
Crude petroleum
Tops

INCOME ACCOUNTS FOR CALENDAR YEARS (Including Subsidiaries).
1014.
1913.
1913.
1914.
Gross earnings (all
Bond interest_
$121,648
companies) _ .52.867,117 52,885,188 Proper. of earns.
_
Operating expenses 625.647
$34,953
substd. co's____ al9,442
708,758
Special reserve___ *325,839 *273.180
865,937
Net earnings__ _82.241,470 $2,176,430 Pref. divs. (7%)__ 864,012
(214)371925
Expended on
Common dim_
complet'g wells. $282,624 $383,838
Deprec. on Impts_
67,371
31,978
Totaldeductions 82,028.928 $2.257,014
Exhaust, of depos. *325,839 *273.180
Losses written oil_
22,153
22,023 Bal..sur.ordef sur.$212,542de1.880,584
• Exhaustion of deposits and reserves at 5 cents each per barrel on gross
production of 5.516.784 bbls. in 1914, against 5,463.600 barrels in 1913.
a Proportion of,earns, applicable to stocks of sub. cos. in hands of public.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(For details in 1914 see a subsequent page.]
1914.
1913.
1913.
1914.
LiabituiesAssetSProperty account_31.771,555 32.097,399 Preferred stock___ 12,343,026 12,343,026
Common stock__ _14.877,005 14,877.005
Additions& better744,500
287,801 Cap.stk.(sub.cos.) 850,051
m'ts since Jan.'13 574,361
1.954,800 2,212,500
108,071 Bonded debt
108,071
Invest's (at cost)_
519.951 Deferred payment
415,625
Cash
on land contract
78,667
157,334
274.275
Accts. receivable_ 289,514
110,038
127,395
284,043 Accts. payable
011 inventories._ 177,430
36,752
73,585
214,779 Accrued interest
596,275
011 In storage_ ..
306,771 Div. pay. Jan. 1_ 216.003
208,259
Other Inventories_ 292,368
273,180
119,171 Special reserve_x_ 599,019
Deferred charges_ 200.979
Capital surplus_ 199,330
99,107
Undivided profits y 2,903,259 3,000,397
Revenue surplus
z258.228
95,968
Total

34,426.178 34,212,256

Total

34,426,178 34,212.256

x Special reserve at 5 cents per bbl. on gross production since Jan. 1 1913.
y Undivided profits of sub. cos. at date of organization. z After deducting
$50,282 discount on stocks and bonds acquired in 1913 transferred to capital
-V.99.p. 1751.
surplus.

E. I. du Pont de Nemours Powder Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The report, including the remarks of Vice-President
Pierre S. du Pont and the comparative balance sheet and income account for a number of years, will be found at leagth
on an advertising page.

[vol.. no.

BALANCE SHEET DEC. 31, INCL. SUB. COS.
1914.
1913.
1914.
1913.
LiabiluiesAssets
Preferred stock •
Cash, acets ree'le,
16,113,807•16,113,807
Common stock__•
materials & fin29,428,708•29,428,708
ished prod
26,375,478a17,515,828 Funded debt
17,046,600 16,922,000
,
Investment securs.11,435,018 12,826,822 Acc'ts & bills pay_ 2,61 1,760 3,218,215
Misc. def'd Items_ 291,629
Realty (not includ.
170,317
626,411 Res'ves for deprec.
plant real eat.). 530,999
&c
Perm. invest. In
10,352,128 3,282,490
Surplus
mfg. prop., pat7,518,413 5,682,289
45,086,950 43,848,765
ents, &c
Total
83,432,445 74,817,826
83.432,445 74,817,826
* The consolidated balance sheet as given above assumes that all shares
of the subdisiary companies are owned by E. I. du Pont do Nemours Powder
Co. and the pref. and common stock shown as "held in reserve" on the balance sheet represent the estimated value of the few remaining shares not
actually owned.
a Includes advances to affiliated cos. and deferred charges.
-V.100, p.736
Total

National Biscuit Co., New York.
(17th 'Annual Report-Year ending Jan. 31 1915.)
President A. W. Green says in substance:
Stockholders.
-In 1898 about 1.300; on Dec. 31 1914. 8,697.
-The large addition to the New York plant, a building ten
New Plant.
stories in height and containing a floor area of 1216 acres, was finished and
put in active operation as a bakery on March 13 1914. Since 1898 the
company has built 11 model manufacturing plants, all fireproof.
-Since 1898 also we have concluded with uniform
Successful Litigation.
success 13 law-suits, establishing practically all of our trade-marks, trade
names and the trade dress of our principal trade packages. The last of
these suits reached a successful termination during the year 1914, after a
contest in the courts of nearly six years, and involving 17 of our trade
properties. The number of imitations of trade properties which have been
stopped, wither with or without litigation, has now reached the total of 882.
involving more than 250 competitors in the United States alone.
1914-15.
1913-14.
1912-13.
1911-12.
84,520,402 85,168.018 84.539.379 $4,673,469
Net profits
Common dividends __(7%)2,046.520(7)2.046.520 (7)2,046.520(9)2.631.240
Preferred dividends (7%) 1.736,315
1,736,315
1,736.315
1.736,315
$737,567 $1,385,183
Balance, surplus
$756.544
8305,914
BALANCE SHEET JANUARY 31.
1914.
1915.
1915.
1914.
LiabilitiesA ssets$
$
Plant, pats.,&c.._54,886,386 54,777,256 Preferred stock ___24,804,500 24,801,500
4,593,900 3,463.985 Common stock.. _ _29,236.000 29,226,000
Cash
909,948 Accounts payable_ 350,281
& securities 815,254
Stocks
475,164
Accts. receivable.. 3,240,235 3,532,333 Surplus
14,425,839 13,688,272
Raw mat.,sup.,&c. 5,280,845 5,510,415
Total
68,816,620 68,193.937
-V. 100. P. 737.

Total

68,816,620 88,193,937

National Enameling & Stamping Co.
(Report for Fiscal Year ending Dec. 31 1914.)
-Year ending Dec.31- 18 mos.end. Year ending
1914.
1913.
Dec. 31 '12. June 30'11.
Gross profits
$1,515.885 $1.632.396 82.103.987 81.718.671
Income from invest'ts,&c.
16.503
16.253
15.981
21,334
1,532,388
Total Income
1,648.649
2,119,968 1.740,006
Remuner'n of officers,&c. $52.500
854.000
$81.000
854.000
Repairs & renewals, &c
550.535
428,672
833.025
551.963
General interest
92.503
114,431
108,041
59,957
Total
$695,538
8597.103 $1,022,066
3665,920
Net profits
$836,850 $1,051.546 81,097.902 $1074086
Int. on 1st M.gold bonds
2,083
14.583
Int. on ref. 1st M. bonds_
141,594
149.773
239.404
163.584
Sinking fund reserve_
134,000
128,000
181.500
114.000
Miscellaneous
12.500
12,500
18,50
12.500
Divs. on pref. stock_ - _(7%)598.262 (7)598.266(1015)897393 (7)598,262
Total deductions
Balance, surp. or def
Brought forward
Total
Adjustments (deb.)

$886.356
$888,539 $1,339.130
$902,929
def.$49,506 sur.$163.011 def.$241 .228 sur.$171,157
1.478.084
1,315,072
1,556.300
1.385.144
31.428.578 51.478.083 81,315.072 81,556.301
168.190

Undivided profits

51.260.388 81.478.083 51.315.072 $1.556,301
BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
AS4eleLiabilities$
Plant,good-will,&c 26,405,769 25,928.370 Pref. stock issued_ 8,546.600 8.546,600
Disc. & exp. of IsIom. stock issued.15,591,800 15.51 1.00
sue ot ref.M.bds 179,380
191,880 Ref. 1st M. bonds. 2,903.000 3,034.000
Materials & supp, 3,818.411 4.81.8,340 Sills & accts. pay. 1,388.047 1,852,610
Accts. & bills rec_ 895,901
932,051 Reserve account__ 1,500.0011 1,500,000
39,398 Sink,fund reserve. 665.500
531,500
Payments in adv.
26.675
12,096
195,595 Accrued interest__
12,042
N.E.&St.Co.ofLa.
60,102 Profit and
1,260.388 1,478,083
•127.426
Investments
413,866
411.999
Cash
--Total
Total
31.867,431 32,677,235
31,867,431 32.577,235

.-The year 1914, the second since the segregation of a large part
Results
of the company's assets into the Hercules and Atlas Powder companies
(under the decree of the Court). shows a gratifying Increase in earnings
despite the very poor general business condition. The increase is explained
by the active demand for military explosives since Aug. 1 1914. Comparatively small amounts have been expended for new construction excepting. however, that the demand for military powders has called for
increases in the capacity of the factories manufacturing this class of explosives. Such expenditure will not add materially to our total capital
investment. Owing to the comparatively short duration of demand it
* Investments in 1914 include $137.000 of company's refunding first mortwill be necessary to write off the value of the new plant investment against
earnings of our military sales of the next year or two.
gage bonds at cost and accrued interest.
-V. 100. p. 646.
$2.939,700 Hercules Powder Co. bonds
Sale of Bonds Held.-The sale ofand we have
received thereby cash sufhas been satisfactorily carried out
United States Rubber Co., New York.
ficient for immediate needs. No other offers of securities of any kind are
in contemplation at present.
(23d Annual Report-Year ended Dec. 311914.)
there were 3.093 shareholders (increase
-On Dec. 31 1914
Shareholders.
158). of whom 1.184, or 38%. were employees. Under the plan of distribPresident Samuel P. Colt, March 4, wrote in substance:
the
uting bonus common stock to deserving employees and of offeringhave
-Last year for the first time the consolidated .tatement inAccounts.
employees pref. stock for subscription. 12.722 shares of common stock
awarded and 12.403 shares of pref. stock have been subscribed and cluded all of our subsidiaries. This year the assets and liab!litlei of the
been
branch stores are so treated, although many of them are incorporated.
are being paid for In installments.
This, taken in connection with the profit-sharing stock disposed of, accounts
RESULTS FOR CAL. YEAR,INCL. SUB. COS.(BUT SEE TEXT ABOVE.) for the decrease of about 83,000,000 in the item of securities owned by the co.
-The net sales were $83.678.812, a reduction of about 810..000,000.
Sales.
1912.
1911.
1913.
1914.
selling prices, the volume sold having been somewhat
$25.179.948 826.675,008 836.524.623 $34.389,560 due to the lower
1913.
Gross receipts
55.603.153 $5,347,085 $6,871,744 $6,544,709 greater than in paying dividends, both common
Profits -After
Net earnings
and pref., amounting
Extraord. adjust, and
to $6,945,388, there remains a surplus for the year of $721,951, which is
profit and loss on sale *165,979
48,174
*110.636
*39.421 equivalent to about 2% upon the common stock additional to the 6% paid.
-With, as
Depreciation.
of real est., secur., &c.
765.010
771.360
759.966
762.553 properties have been fully usual, no specific charge for depreciation, the
bds.
maintained at cost of expense account. InInt. on outstanding
803.428
791,807
803,430
775,963 ventories to correspond with the lower prices prevailing
have
Pref. stock divs. (5%)-(8)2,3.51.768 (8)2,351,768(12)3525.860(12)3,527.020 down by an amount estimated at not less than $1,500.000. been written
Common stock divs_ _
-Early in the war, its effect on the footwear business was
Effect of War.
Int. adj. & divs. on sub6.450
6.450
6.865 not what might have been expected. In December, however, on
6;150
rush
sidiary co. stocks
orders, rubber boots, warm-lined rubbers and wool boots to the extent of
Total deduc. from net $3.767,029 $3,974.830 $4.973,447 85,032,980 $1.500,000 in value were shipped to England and France. Our sales in
mechanical and miscellaneous goods showed early in 1914. owing to the
earnings
$1,836,124 $1.372,255 $1.898,297 $1.511.729 general depression,a decrease in volume of sales, and this was
in
Surplus for the year
$7,518,413 $5,682,289 $18,561,053 $16,662.755 the last five months of the year. The tire business, being stillaccentuated of
in a period
to date
Accum. surp.
abnormal growth, is less affected by current business conditions, but unloss.
profit and
Our tire busidoubtedly the war depression curtailed tire consumption
* Indicates credits to
dividends, as above, in 1914 include the 4 quarterly ness. however, increased in number of tires sold, although the value was
Note -The common made during the year, on March, June, Sept. and less than for 1913 on account of the reduction in selling prices. Nevertheeach,
payments of 2%
2%, an extra distribution of 1% has less, the mechanical, tire and miscellaneous departments show practically
Dec. 15. In addition to the usualnext.(V. 100. p. 736.)
the same amount of profit as in 1913, due to increasing efficiency. In the
been declared payable on March 15




THE CHRONICLE

AIAR. 6 1915.1

tire factories we have extended our policy of concentration, so that beginning with 1915 we shall make automobile casings in Detroit and Hartford.
motorcycle and bicycle casings in Indianapolis and solid tires of all kinds
in Providence, thus operating four factories in all.
-In March 1915, 14,617. against 6,738 in 1910
Number of Stockholders.
and 3,369 in 1909.
Finances.
-The $10,000,000 cash on hand represents over 50% of our
current liabilities outside of ordinary operating accounts.
-The increase of about $4,850,000 includes apAdditions to Property.
proximately the following: $2.100,000 on the rubber plantations in Sumatra;
$870.000 on enlargements of Morgan & Wright tire plant at Detroit; $355,000 additions to tire and other mechanical plants;$360,000 additions to footwear plants' $170,000 additions to reclaiming plants; $100,000 real estate
for general laboratories, N. Y.; $208,000 additions to Canadian property.
and $650,000 resulting from consolidation of branch stores.
United States Rubber Export Co., Ltd.
-A large part of the export business
of the subsidiary companies has already been taken over by this new company [incorporated in Del. Dec. 15 1914 with $100,000 of auth. cap. stock,
$25,000 paid in] and we plan ultimately that the Export Company shall
act as the selling medium for all other subsidiaries. It is believed greater
sales can thus be effected at lower cost.
Development Department.
-New processes 'and products of value have
been developed and many of the mills have been equipped with the most
up-to-date machinery for the use of patented methods and apparatus.
Canadian Properties
.-Our entire Canadian business for the year shows
only a slight decrease. In Feb. 1914 we commenced regular production of
tires in the new plant at Berlin, Ont., and in July the plant began to take
care of our Canadian business, which in 1914 increased largely.
Rubber Embargo.
-On Nov. 13 the British Govt., in order to prevent rubber from reaching her enemies, extended the embargo to cover exportations
of rubber from all ports in the United Kingdom as well. As 60% of the
world's supply of crude rubber of all grades and about 85% of all plantation
rubber is now produced within the British Empire. the American rubber
industry was confronted with a serious condition. Subsequently an understanding was reached by which plantation rubber could again be exported
to the United States, a committee of manufacturers and importers being
formed to protect the industry against any individual action which might
jeopardize the plan.
-The affairs of our plantation comRubber Plantations in Sumatra.
panies have progressed in an entirely satisfactory way, due in part to
the efficiency of the Dutch planting organization. Our properties in
Sumatra now aggregate 90,072 acres, of which 42.725 acres are planted,
which constitutes the largest group of rubber estates in the world. During
the past year the first shipments of rubber from the company's plantations
were received, and from this time on the production of the estates should
rapidly increase.
-While at the moment there is nothing discouraging in relation
Outlook.
to our business, your PrEsident feels that the year 1915 is one of uncertainty; and it may be considered good fortune if we are able to maintain
or to increase our volume of sales and profits as compared with last year.
Eventually we fully expect to enjoy prosperity greater than we have
heretofore known.
•
CONSOLIDATED INCOME STATEMENT (see text above).
-For the calendar year 1914 and for the 9 months ending Dec. 31
Note.
1913 "all sub. cos." are included, but in year 1912-13 the General Rubber
Co., Canadian Consol. Rubber Co., Ltd., U. S. Tire Co. and Rubber Regenerating Co.figure In results only to extent of dividends received from.
Year ending 9 mos. end. Year ending
Dec. 31 '14. Dec. 31 '13. Mar.31'13.
Net sales, footwear, tires, mech., &c-383,678,812 $87,349,692 $91,782,862
Cost of mfg.,selling exp., taxes, &c__ 71,590,343 76,662,082 81,307,155

809

American Steel Foundries, Chicago.
(Report for Fiscal Year ending Dec. 31 1914.) .
Pres. R.P. Lamont, Chicago, Feb. 26, wrote in substance:
Resuts.-Perhaps the most comforting fact concerning the operations
for the year is that, after spending $913.085 for repairs and maintenance.
charging $231,456 to depreciation, and paying out$343.680 in dividends,
we ended up the year with net assets less by only $8,000 than on Dec. 31
1913. The balance sheet shows,however,a decrease in surplus of $575.162.
and while $567,263 of this Is offset by a reduction in our bond and debenture
indebtedness, or provision therefor, the fact remains that our surplus has
been reduced from 51.243,149 to $667,987.
The earnings for the first few months were small, but by August we were
running on accumulated tonnage at a rate, which, if it could have been
maintained, would have shown a profit sufficient to take care of all charges
and pay the dividend, in spite of the very bad beginning. From the outbreak of the European war we, in common with most industries went
steadily down, and the end of the year was worse than the beginning.
Our operations for the year were at the rate of 50.4% of the rated capacity
of the plants, as against 80.1% for 1913. Gross sales were $11.125,091.
as against $17,425,941 for 1913. Our losses from bad debts amounted to
only $2,582. There were no yoarticularly new or important developments.
Some reductions were effected in costs. Selling prices have been low, but
no worse than would be expected.
While the war abroad continues as the principal controlling factor, we
cannot expect the decision of the I. S. C. Commission In the Eastern Rate
Case alone to bring us much new business; but this decision is vitally helpful. We are showing small gains in tonnage at some of the plants, and there
is more business in prospect now than there has been at any time since the
outbreak of the war, but actual orders materialize slowly. If the crop
situation develops favorably we may be operating on a satisfactory oasis
during the second six months of the year.
INCOME ACCOUNT.
1914.
1913.
1912.
$11.125,091 $17,425,941 314.319,572
Gross sales
from oper. plants (after deductEarn,
ing mfg., selling, admin. & head
$637,503 $2,031,272 $1,543.839
district office expense)
231.456
318.926
322.507
Depreciation
Net after depreciation
Other income
Total
Interest on bonds
Interest on debentures
-year bonds
Sink.fd. 10-20
Int, on borrowed money
Debenture retirement
Dividends
Total deductions
Balance

$406,047 31,712.346 31.221.332
87,159
55.894
44.927
3493.206 $1,768.240 $1,266.259
$234.000
$234,000
$232.531
117,444
131.089
137,472
123.712
118.790
115.254
4,460
3.246
x249.532
246,309
(2%)343,680(2%)343.680 (34) 85.920
$1.068.368 31.078,328
$574.423
def.$575,162sur .3689,912sur 4691.836

x Reserve for debenture retirement, $344,320. less deduction $94,788 for
profit on debentures purchased and retired.
BALANCE SHEET (INCLUDING SUBSIDIARY COS.) DEC. 31.
1914.
1913.
1913.
1914.
$
$
$
Assets-$
Operating profits
$12,088.469 810,687.610 $10,475,707
Capital stock_-_17.184.000 17.184,00(1
84.123 Real est..prt. eq..
97,142
Other income (net)
good-will,&o__ -20,267,005 20,032,009 Mortgage bonds__ 2,070.3110 2,325.300
4% debentures-- 2,748,800 3,092.800
$12,088.469 $10,784,752 $10,559,830 Additions to ProP•
Total income
756,737
234,996 Accounts payable_ 689,017
36,273
2,170,599
during period__
2.537,408
_ 1,908,650
Int. on funded and floating debt
82,601
146,920
298,830 Pay-rolls
736.459 Other real estate__ 298,630
624,241
allowed custom,for prepay.(net) 1,646,690
Int.
286,745 Accrued interest on
311,400
108,555 Securities
311,875
271,220
Deductions for bad debts
110,047
bonds and dei)8- 101,313
161,153
143.736
Sinking fund
171,103
170,371
Federal income tax
a2,796,650 2,016,903
2,034,953 1,634,624 Reserves
Inventories
223,314
Income charges (net)
Profit and loss beAccts. & bills. gee.
fore env. payable
(less reserves).... 1,675,785 3,122,672
$7,868,224 $7,140,125 $7,544,218
Net profits
667,987 1,243,149
Mar. 31
1,547,811 1,070,937
3,518,092 j 3,736.782 Cash
First pref. div. U.S. Rubber Co_ ___ I 4,785,388
I 467,550 Insur. premiums,
Second pref. div. U.S. Rubber Co_ f
34,090
28,075
1,620.000
1,390,000
Common dividend U. S. Rubber Co_ 2,160,000
die., unpaid
(4%%)
Rate on common
(4)9')
(69')
Total
28,343,668 26,875.856
Divs, to minority stockholders
205.623
26,343,868 26,875,856
190,765
x200.885
Total
Surplus for period
Capital gain in conversion of second
preferred into first preferred
Adjustments
Surp. of sub. cos. not prey. consol
Transferred from reserves to surplus_
Total
Surplus beginning of period

$721,951
16,100
137,7681

31,811.268 $1.744,263
2,254,700
89.600
492.899 fz6,909.275
390,892

$875,819 $2.393,767 311,299.130
19,129,504 16,735,737 17.436,607

$20,005,323 $19,129,504 $28,735,737
Total
(20%)5,000.000
Stock div. on com.(paid July 81912)7.000,000
Reserve for depreciation
Total surplus at close of period___-$20,005.323 $19.129,504 $16,735,737
x Includes for cal. year 1914 and for the 9 months ending Dec. 311913,
dividends to minority stockholders R. G. M. Co. and subsidiary company
and Canadian Consolidated Rubber Co., Ltd., and subsidiary company;
and for the year ending Mar. 31 1913 dividend to minority R. G. AC Co.
and subsidiary co. z Adjustment R. G. M. Co. common stock from
cost to par value.
CONSOL. BAL. SHEET H. S. RUBBER CO. AND SUB. COS. DEC. 31.
1913.
1914.
Assets
Prop., plants & invest. (incl. rubber plantations)-123,726,274 118.812.027
Inventories, manufactured goods and material-._ 33,606.741 36.343.324
1,676,469
2,032,751
Notes and loans receivable
9.990,159
10.276,726
Cash
19,107,217 22.926.827
Accounts receivable
6,584.181
&cur..incl. stk. of U.S. Rub. Co.held by sub.cos. 3.546,204
422.541
446,708
Sinldng fund cash in hands of trustees
2,213,242
2,183,799
Miscellaneous

a Reserves include in 1913-14 bond sinking fund. 82.040.089, and depreciation, renewal and other reserves, 3756,561.-V. 99. p. 1453.

American Radiator Co., Chicago.
-Year ending Jan. 31 1915.)
(16th Annual Report
Pres. Clarence M.Woolley, Mar.3 1915,said in substance:
The high interest rates which prevailed greatly restricted the construction
of new buildings throughout the country. Greater effort was therefore
made to effect the employment of modern heating systems in a larger
percentage of new buildings. The introduction of boilers and radiators
In old buildings has become an important part of the total demand.
and the business from this source is gradually increasing.
The quick assets, as disclosed by the balance sheet, represent an amount
equal to 59% of the capital stock outstanding.
The constructive policy of the past 16 years has curtailed cash dividends
but has offered permanent compensation in the accumulation of tangible
assets,which aggregated at home and abroad,inclusive of reserves, on Jan.31
1915,524.765,988. The net profits of the entire business, domestic and
foreign, were, therefore, equal to 11.2% of the tangible assets. The total
cash dividends distributed during the year aggregated $1,121.580, representing 434 •7,, on said tangible assets. The percentage of earnings on the
common stock was 31.45% after the payment of 7% on the pref. stock.
The business in foreign countries had disclosed a generous increase up to
Aug. 1, but thereafter, due to the European war, the volume of business
and net profits have materially decreased. Each of the foreign companies,
however, continues to transact some business, and the aggregate profits
as of Jan. 31 1915 were in excess of the earnings as of Aug 11914, showing
that progress has been made notwithstanding the conditions created by
the war. No dividends have been declared by any of the foreign companies
since their inception, their entire profits having been utilized for the continued extension of the business abroad.
For the fiscal year 1914-15 the net profits of the parent company were
$2.289,075; of the foreign companies, $495.666; total. 32.784.741. On
Jan. 31 1915 the total surplus of the parent company was $7,127,586; of
the foreign companies, $6,396,451; total. $13,524,037.
RESULTS FOR YEARS ENDING JAN.31 IN UNITED STATES ONLY.
1911-12.
1912-13.
1913-14.
1914-15.
Trading profits
$2,289,075 $2,081,267 $1,696.193 $1.312,052
$210,000
$210,000
$210.000
7% div. on pref. stock
$210,000
*Cash common div_(1134)911,580 (10)717,090 (10)651.900 (10)615.000
$487.052
$834.293
Balance, surplus
81.167.495 $1,154,177

194.926,420-199,038,771
Total
Liabilities
59,414,600 59,330,900
Capital stock, first preferred
622.800
Second preferred
558.400
Common
36,000,000 36.000,000
Outstanding minority shares of subsidiary cos.
1,653,800
Rubber Goods Mfg. Co. and subsidiary cos_
a1,622.400
514.500
Can. Consol. Rubber Co., Ltd., and subsid. cos- b489.215
10-yr.6% coll. tr. sk.fd. gold bds., U.S. R.Co_ 17,000.000 17,500.000
9,000,000
10-yr. 4%% debentures, General Rubber Co
9.000.000
970,000
970.000
10-yr.5% debens., Eureka Fire Hose Mfg. Co.._
953.000
Mech.Rub.Co.and N.Y.Belt.&Pack.Co.bds_
852,500
.
40-yr. 6% coll. tr. gold bonds, Can. Consol.
Rubber Co., Ltd., $2,600,000 (less owned by
*There were also paid extra dividends of 10% each In common stock
2,387,800
2.397,000
subsidiary co., $203.000)
s
and $744,100. rmegi
17,910,104 19,905.837 in March 1912, 1913 and 1914 (3615,000. 3676.60
Notes and loans payable
tively.) In Mar. 1915 the rm:ular quarterly cash dividend rate was
Acceptances for importations of crude rubber.
to 4%, or 16% yearly. Compare V. 100, p. 476.
$823,007; merchandise accts. 'payable, $2,772..3.952,835 6,101,379
608; accrued int., taxes, &c.. 3357,221; total
BALANCE SHEET JANUARY...31.
Reserves for diva., $1,736.668; insurance fund.
1914.
1915.
1914.
1915.
2,888,370
$713,329; employees' accident fund, $223.815.- 2.673,812
$
5
LiabilitiesAssets$
$
7.000,000
7.000,000
Reserve for depreciation
Stook. preferred__ 3,000,000 3,000.000
*Plants, pat'ts. &e.11,637.607 11,400,224 Stoek,common___ 8,18.5,600 7,441.500
15.080,231 15.080.881
Fixed surpluses (subsidiary companies)
3.769,464 2,793,122
*20.005.323 19.129.504 Cash
Surplus
312,023 Accounts and bills
Notes receivable_ 267.407
920,169 1,13.5.045
payable
194,926,420 199,038.771 Accts. receivable_ 1,430,804 1,778,426 Balance
Total
a7.127.586 5,704.190
2,128,073 1.996,940
Supplies
stock interests. a In*()f this surplus $311,667 pertains to minority
19,223,355 18,280.735
Total
19,233.355 18.280.735
Total
cludes: Pref.. $1.524,900; common. $60,000; subsidiary of Rubber Goods
Co., $37,500. b Includes: Prof., $282,380; common. $206,835.-V
-V.100, p. 476.
$300,000 yearly for depreciation.
*After deducting
100, p. 314, 146.




810

[voL. No.

THE CHRONICLE

American Cigar Company.
(Report for Fiscal Year ending Dec. 31 1914.)
RESULTS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
earns, aft, all chgs_ _ $1,508,843 *$1,817,797 $1.540,185 51,612,832
Net
Int. on notes (retired in
1912)
41,667
241,666
Pref. diva.(6%)
600,000
600,000
600,000
600,000
Common dividends_ _ _ _ (6)600.000 (6)600,000(4%)450,000 M)15O,000
(1
Bal.,surp.for year- _ - $308,843
Add-Tot.sur. begin.yr. 8,476,903
Profit sale of securs__
Sundry other profits_
Total
Deduct-Depr.lessee 5_

$617,797
7,686,595

$448,518
7,428,576

172,511

166,418

$621,166
5,320,050
939.899
547.461

58,785,746 58,476,903 $8,043.512 57,428,576
a356,917

Total sur. end,of yr.. $8,785,746 $8,476,903 $7,686,595 $7,428,576
a Loss in dispositipn of intereSt in American Stogie Co. under decree of
Courts in case of U. S. vs. Am.Tobacco Co. et al.
* After deducting flood losses in Ohio and Indiana during March 1913 of
$89,817.
BALANCE SHEET DECEMBER 31.
1914.
Assetss
Real est., mach.,&c 1,457,820
Pate.,good will,&e. 3,291,804
materials& suppl's 7,354,408
Stocks and bonds_ 9,243,869
Cash
475,997
Bills & accts. recle.16,400,815

1913.

$

1,403,170
3,291,804
7,135,735
9,190,953
541,649
18,209,057

Total
38,224,653 39,772,369
V. 98, p. 759.

1914.
Liabilities$
Preferred stock _ _10,000,000
Common etock_ .._10,000,000
Prov.for pf.stk.cliv. 150,000
Accts.& bills pay'le 4,739,688
Reserves, &c
4,549,219
Surplus
8,785,746
Total

1913.

38,224,653 39,772,368

The earnings come from dividends on holdings of stocks of Henry Clay
and Bock & Co., Ltd., Havana Cigar & Tobacco Factories, Ltd., Havana
Commercial Co., H. de Cabanas y Carbalal and J. S. Murias y Ca.
The combined earnings of the above companies for 1914, after deducting all expenses for management, depreciation, interest on debentures.
&c., were $540,739, against $731.526 in 1913. The proportion of the Havana Tobacco Co., based on its holdings of their respective securities, was
$385.945 in 1914, against $563,151; but, owing to the deficits that existed
prior to 1914. only a portion of the year's earnings is available for dividends.
Included in the statement below are dividends from Havana Cigar & Tobacco Factories, Ltd., aggregating $65,843 (the same as in 1913). as compared with $49,448 received from that company in 1912 and 516,461 in
1911; dividends from Havana Commercial,$138,905,agst.$277.810 in 1913
•
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
Divs. on stocks owned__
$344,478
$50,822
$17,301
$204.748
*Operating expenses..__
299,728
279,434
243,308
212,493
$94,980 sur.$65,044
375,000
375,000

Leaving this co.to secure
from other sources in
order to meetfixed chgs- $469,980

5309.956

$192,486
375.000

$195,192
375,000

8567,486

$570,192

* Operating expenses include interest on bills payable.
FINANCIAL STATEMENT DEC. 31.
1914.
1913.
1914.
1913.
Assers5
Liabilities
$
Stock in other cos_39,055,626 39,055,626 Common stock__ _30,000,000 30,000,000
Stk. in teen corps_ 2,810,692 2,810,692 Preferred stock__ _ 5,000,000 5,000,000
Acets receivable_
9,061
9,032 5% gold bonds__ 7,500,000 7,500,000
Treas.stock, prof. 296,200
206,200 Accr'd int. on bds.
Treas,stock,com_
209,059
209,059
payable June 1_
31,250
31,250
Cash
2,661
1,521 Accounts & bills
Deficit
5,304,650 4,834,070
payable
5,156,099 4,684,950
Total
47,687,349 47,216,200
-V. 98, p. 760.

Total

47.687.349 47,216,200

American Snuff Company.
(Report for Fiscal Year ending Dec. 311914.)
Treasurer M. E. Finch, March 1 1915, says:
The amount of capital stock outstanding Dec. 31 1914 was
common and $4,062,800 preferred, the preferred having been $11,000,000
reduced by
exchange for the pref. stocks of the Geo. W. Helme Co. and the WeymanBruton Co. There will be no further exchange of this stock, as the time
allowed for same by the Court's decree has expired. The time of the annual
meeting of stockholders has been changed to the first Tuesday in May.
1914.
1913.
1912.
Net earnings
51,685.668 51,919,304 $2,090,559
Preferred dividends (6%)
5245,442
$248,743
5296,634
Common dividends
(9%)990.000
(14301595000(14;4)1595000
Balance, surplus
5450.226
575,561
5198,925
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1113.
Assetss
$
Liabilities$
$
Real estate
12,060,799 11,939,301 Prelerred stock_ _ _ 4,062,800 4,119,133
Supplies. Ac
4,067,166 4,009,266 Common stock_ _ _11,000,000
11,000,000
G.W.Helme pf.stk.
59,567 Div. on pref., Jan.
60,942
61,787
weyman-Bruton
Div. on corn.. Jan. nom
605,000
preferred stock_
59,567 Reserved for incur. 229,154
396,975
Securities of other
Reserved for depr_
709,546
623,431
companies
240,281 1,016,695 Bills & accts. pay_
54,143
89,163
Cash
1,127,992
928,260 Res'd for work.cap 698,273
698,273
Accts. & bills rec_
863,854
854,603 Surplus
b1,215,234 1,273,497
Total
18,360,092 18,867,259
Total
18,360,092 18,867,259

b After deducting 3508,489 distribution of P. Lorillard Co. and Liggett
& Myers Tobacco Co. pref. stocks on Sept. 30 1914.-V. 99, p.
1676.

Quaker Oats Company, Chicago.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. H.P.Crowell, Chicago,Feb.25 1915,wrote in subst.:

Results.
-The depression of business for the first six or seven months,
while the eeadjustment due to the new U. S. tariff was In progress, was followed by the shock of the European war. Quaker oats in warehouse were
confiscated by one nation, and used for cavalry horses, but were paid for
In due time. Collections have been made everywhere with fair promptness
outside of Belgium and parts of France, but the rates of exchange have often
been abnormally high. The excited grain markets have kept every one
at home alert and busy.
The mill in Germany has been running night and day and will continue
to do so as long as grain can be secured. In both Germany and Great
Britain the volume of Quaker Oats sales is decidedly larger than it has ever
factory
been. Other of our products and feeds are also selling in a satis
way. The West Indies, South America, Africa, India and the Far East
are more than holding their own in spite of limited shipping facilities.
The usual dividends have been declared and $809,669 carried to surplus
account, which now stands at $3,772.752.




Surplus for year

5809,669
$761,534 $1,175,395
BALANCE SHEET DEC. 31.

$740,095

1913.
1914.
1914.
g
LiabilitiesAssets
$
14,430,635 13,899,310 Preferred stock__ - 9.000,000
Plante, Ac
453,730 Common stock__ _ 7,500,000
453,730
Stocks of sub. cos_
500,086 Due to subsid. cos.
44,387
Due from eub. CO°. 610,215
Notes payable..... 3,770,000
Invent., material
683,964
and supplies_ _ _ 6,318,009 6,108,933 Accounts payable_
949,196
Accts. receivable. 3,214,935 2,689,186 Reserves
344,713 Surplus
591,675
3,772,752
Cash

3
10,000,006
10,000,000
150,000
7,036,135
4,109,330
8,476,903

Havana Tobacco Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The report of Treasurer George G. Finch shows:

Net earnings, def.... _
Int.on 5% gold bonds__

Additions.
-The plan for increasing our capacity, which was adopted in
1912 and pushed vigorously all through 1913, was completed this year.
For the next year or two it is probable the present plants will suffice.
Litigation.
-The suit of the Kellogg Toasted Corn Flake Co., claiming
that it had the exclusive right to the term "Toasted Corn Flakes," was recently decided in our favor, being dismissed for want of equity.
Puffed Products.
-Puffed rice, puffed wheat and corn puffs have had
a healthy, splendid growth, and are taking their place as staple foods.
INCOME ACCOUNT.
1914.
1913.
1912.
1911.
Profits for year
$2,367,252 52.287,011 $2,429,051 $1,977,973
$540,000
Dividend on pref., 6% _ $540,000
$540.000
$540,000
749,980
749,892
Div. on corn.(10%) 500,000
500,000
235,584
267.603
Depreciation
213,656
197,878

Total

25,619,199 23,996,658

Total

1913.
$
0,000,000
7,500,000
33,329
3,225,000
403,907
871,339
2,963,083

25,619,199 23,996,658

-v. 100. P. 738
.
Underwood Typewriter Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. John T. Underwood, N.Y., Feb. 25, wrote in subst.:
The decrease in earnings is largely attributable to the war, which practically paralyzed business in the belligerent countries during the last half
of the year and also seriously affected business conditions throughout the
world. Nevertheless, we earned and paid the customary dividends on
both stocks, after charging off an ample amount for depreciation, and actually retired 3200,000 pref. stock previously purchased, for which we paid in
the market the then market price, $220,024. Until Aug. 1 the output was
maintained at its normal capacity. Since Aug. 1 the factory has been in
continuous operation, with the full force of employees on reduced time,
and our sales department has been able to entirely absorb the product.
A very satisfactory statement of our earnings for the past two months shows
that our business is fundamentally sound, and gives every reason for our
confidence in the future.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1912.
1913.
1914.
1911.
5841,434 $1,803,079 51,903,506 51,375,599
Net earnings
*74,989
*51,210
42,525
Other income
71,571
Total net income..___
Depreciation

$892,644 51,878.068 $1,946,031 $1,447,170
213,563
213,247
212,913
169.573

Net profit for year.. $679,397 51,664.505 51,733,118 $1,277,597
Deduct
Special surp. cap. res've
5113,025
$176,357
5339.500
Pref. dividends t7%)..- $322,000
350,000
350,000
(4
Common dividends_ - %)340,000 %)340,000
(4
(4%) .000(3%)255.000
340
$679,500
Total deductions_ __ _ $662,000
$803,025
$781.357
Balance, surplus
517,397
$985,005
$930,093
$496,240
* Includes interest. $23,398; divs, on pref. stock of company held in special capital reserve fund, 51.000, and miscellaneous, $14,812.
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913,
Assets
Liabflflfes$
Capital invest'ts..10,408,892 10,610,890 Preferred stock...... 4,600,000 4,800,000
Inventories (cost
Common stock.... 8,500,000 8,500,000
or less)
3,550,119 3,194,424 Accounts payable_
478,220
565,291
Acc'ts& notes rec.,
Notes payable _ _
920,000
450,000
less reserves__ .._ 3,099,477 3,173,915 Divs. pay. Jan. 2_
165,500
169,000
Cash
725,570
573,824 Special surp. capiFurn., fists., &c
291,380
321,412
tal reserve acc't 201,320
257,043
Prepaid ins., &e
51,722
55,869 Surplus
y3,262,120 3,189,000
Total

18,127,160 17,930,334

Total

18,127,160 17,930,334

x Includes patents, trade-marks and good-will, 57,995,720; real estate,
buildings, plant, machinery, tools, &c., $1.945,591; stock in other cos. at
cost or less. $266,261. and investments special surplus capital reserve fund,
$201.320. y After adding $220,024 for cost of $200.000 of capital stock
reduction and 317,397 transferred from profit and loss account, and deducting $164.301 special surplus capital reserve stock purchased during
1914.-V. 100, p. 738.

Electric Bond & Share Co.
(Comparative Income Statement Mar. 15 1905 to Dec. 31 1914.)
Surplus
Preferred
Common
Gross
Na
Dividends. Income.
Period CoveredMar.1505 to Jan.31'06.
Year ended Jan. 31 1907_
Year ended Jan. 31 1908_
Year ended Jan. 31 1909_
limos,end. Dec. 31 1909
Year ended Dec. 311910.
Year ended Dec. 31 1911_
Year ended Dec. 311912..
Year ended Dec. 31 1913..
Year ended Dec. 311914.

Income.
$284,359
483,243
328,873
442,881
737,759
691,404
966,257
1,566.979
1,554,404
1,558,521

Income. Dividends.
$236,126
$87,500
100,000
431,824
100,000
243,413
100,000
311,852
593,720
91,667
100,000
507,418
103,333
707,212
160,932
1,226,657
1,129,395
277,900
298,392
1,137,042

$80,000
160,000
160,000
225,333
*363,000
400,000

$148,026
331,824
143,413
211,852
422,053
247,418
443,878
840,392
488,495
438,650

$8,614,681 $6,524,659 $1,419,724 $1,388,333 $3,716,601
Total
Net changes in surplus through re-apPraLsement of securities' accounts
538,497
and the creation of a reserve fund
Net increase in surplus for total operations of co. to Dec. 31 1914.... $4,255,098
440,599
Surplus at beginning of business Mar. 15 1905
Special dividend on common stock paid in 1913
Surplus and undivided profits Dec. 31 1914
-V. 100, p. 645, 401.
'Regular quarterly dividends only.

1,500:000
63,195,697

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.-Receivership.Vivian Harcourt of Montreal and T. J. Kennedy, who will
return from England shortly, have been appointed receivers.
President Gibson of the Lake Superior Corporation says that only the
Algoma Central & Hudson Bay Ry. is included in the receivership, neither
the Algoma Central Terminals, Ltd., nor the Algoma Eastern Ry. and
Algoma Eastern Terminals forming a part of it. The Algoma Eastern
rty., which connects Sudbury and Little Current, has, It is stated, been
-V. 100, p. 732.
doing a big business since its completion.

-New Directors.
American Cities Co.

S. J. Dill, D. B. Curran, Edwin B. Parker, Walter G. Weis and 0. H.
Hardy have been elected directors to succeed I. Bonbright, A. J. Hemphill,
S. Z. Mitchell, W. W.Kavanaugh, deceased, and to fill a vacancy.

MAR. 61915.]

THE CHRONICLE

Earnings.—For the calendar years:
(1) Income Account of Constituent Companies for Year ending Dec. 31.
1913.
1914.
1914.
1913.
Gross income_14,822,105 14,680,302 Interest, &c__
Net(aft. taxes) 5.688,523 5.562,316 Bal. for divs__
(2) Holding Co.
Bond
Total
Net (of er
(Cal. Year)— Receipts.
Interest.
Taxes).
1914
51,928.675 $1,833,807 $500,000
1913
500,000
1.850.310
1,792,686
—V. 99. p. 536.

3,480.973 3,347,799
2,207,550 2,214,517
Pref. Divs. Balance,
Surplus
(6%).
$1,233,210 $100,597
1.233.210
59.476

8

80% of the $29,141,300 convertible 5% bonds recently offered. Of the remainder of the bonds taken by the syndicate
(about $6,000,000), $2,000,000 have been sold to investors
and $4,000,000 to Harris, Forbes & Co. The bankers, it is
stated will not make a public offering.—V.100, p.307,1396.
Chicago Rock Island & Pacific Ry.—Mr. Reid's Testimony.—At the hearing before the I.
-S. C. Comm., D. G.
Reid is quoted as saying in substance:

Aurora Elgin & Chicago (Electric) RR.—Notes Offered.
—Cassatt & Co., R. M. Stinson & Co. and Henry & West,
all of Philadelphia, are placing at 983/i and int., returning
63/2%, $800,000 three-year 6% collateral trust notes dated
Mar. 1 1915 and due Mar. 11918. Trustee, Citizens' Savings & Trust Co., Cleveland. Interest q.-J. in Cleveland
or New York. Redeemable before maturity at graded premiums from 101 down to 1003. The bankers report:

Since July 1 1902 the mileage of road owned has been increased 4,003
miles, or 117%, and yard and side track 1,457 miles, or 172.87%. In
this period of 12 years there has been expended for betterments, improvements, extensions and additions to the properties of the Rock Island lines
approximately $206,454.000 (5179,870,196 from securities and $26,683,690
from earnings and surplus), viz.:
Improvement and additions to track mileage
$95.566,147
Improvement and betterment of tracks, bridges, &c
16,983,403
Equipment, 542,650,748; terminals, &c., $20,767,277; miscellaneous. $30,486,910; total
93.904,735
The total operating revenue for year 1901-02 was $28,683,824;for 1913-14.
Secured by deposit with the trustee of $1.067.000 First & Ref. Mtge. 5% $68.208,112; net oper. revenue,$11,297,533, against 517,208.166 for '13-'14.
bonds, dueJuly 1. 1946, which are a lien on all the property and, upon reMr. Reid testified that he had about $6,250,000 of the $25,000,000 of
tirement of an issue of Elgin Aurora & Southern Traction Co. 5s due June 1 railway stock acquired in 1901 and 1902. The Moores held 512,500.000
1916. will become a first mortgage on one-half of the entire property. and Mr. Leeds the other $6.250,000. As regards the falling off in net
The total amount of First and Refunding Mtge. bonds in the hands of the profits, Mr. Reid said conditions had been changed by increased wages
public is 53.079,000, all outstanding for some years.
and taxes and by regulation of the Commission.
Following these notes is $3,100,000 pref. stock receiving 6% dividends
Mr. Reid admitted a loss of $10,000.000 by the railway company in the
and 53,100,000 common stock.
Frisco deal; a loss of £6,000,000 in the Chic. & Alton deal, in addition to
Company, incorporated under the General Railroad Act of the State of other losses; also that the acquisition of the control of these properties was
Illinois, operates 169 miles of electric railway, extending from Chicago a mistake.—V. 100. P. 555, 473.
to 'Wheaton, Elgin, Aurora, Batavia and numerous other towns. Long
Cincinnati Northern RR.—Dividend Omitted.—No diviregarded as one of the standard interurban railway systems of this country,
and the continued growth of the territory served—adjacent to the city of dend has been declared out of the earnings of the year 1914
Chicago—is recorded by the company's constantly increasing earnings.
on the $3,000,000 stock (of which $1,707,400 is owned by the
Receipts for June 30 Years 1903-04 to 1912-13 and Calendar Year 1914.
1914.
1909-10. 1912-13.
1903-04. 1906-07.
Clev. Cinc. Chic. & St. Louis). No payment was made in
5883.630 51,331,838 51,506,777 52.013,021 52,066,086
Gross
Net(after taxes).$703,588; bond int..3374,000; bal.,for notes, &c.$329,588 March 1914, but in March 1913 and 1912 13/2% each was
Interest on the notes calls for only $48,000; pref. div. for $186,000; bal- paid and in 1910 and 1911 3% each.—V. 98, p. 1070.
ance after pref. diva. on 1914 basis, 595.588.—V. 100, p. 555.

Boston & Lowell RR.—Bonds Due March 1 1915.—
The $500,000 of bonds of 1895, maturing Mar. 1 1915, are being paid at
Merchants' Nat. Bank,28 State St.. Boston. See V. 100, p. 732.

Boston & Maine RR.—Plan Operative—Deposits Called.—
The plan for extension of this company's $22,600,000 notes,
due March 2 1915 to Sept. 2 1915, under the terms specified
in the public notice of Feb. 15 (V. 100, p. 641) was on
March 1 declared operative. Noteholders are requested to
present their notes for extension to Old Colony Trust Co.,
Boston, or J. P. Morgan & Co., New York.
Statement by President Hustis March 1 1915.
Holders of notes due March 2 to amount of over 97% have already signified assent to extension, and there is good reason to expect that of the
balance others will assent. Noteholders are, therefore, requested to forward their notes to the Old Colony Trust Co. in Boston or J. P. Morgan &
Co.in New York,so that extension may be stamped upon them. The notes
will then be promptly returned by registered mall, together with six months'
interest to Sept. 2 1915 (discounted in advance), and at the same time those
who have elected to take part payment in Maine Railways Cos. notes will
receive the same as agreed. The officers of the company are much gratified
at the cordial and general response of the noteholders.
Between now and Sept. 2, when the notes mature, an opportunity will be
given to know more definitely the effect on revenues of the rate increases,
passenger and freight, which have been and which it is hoped will be
granted. Likewise, the effect on gross earnings from any improvement in
business would be beneficial, and in the meantime the progress, if not the
result, of legislation now pending in the legislatures of Maine, New Hampshire. Vermont and Massachusetts, permitting a reorganization, will be
known. If favorable, this will allow plans of reorganization to be formulated and acted upon for the best interests of all.

Rate Increase—The Mass. P. S. Commission on March 1
stated that it would grant the application for an increase in
rates if the same were amended to correspond with that made
by the New York New Haven & Hartford RR. With reference to the effect of the recent increases the Commission says:
The total estimated increase of revenue to the B.& M.RR.from one-way
passenger fares already allowed outside this jurisdiction is 3100,000. The
recent increase in the rate of mileage tickets is estimated to yield an additional revenue of about 5500,000 for the entire system. The advance in •
freight rates authorized by the I.-S. Commerce Commission in the 5% case
represents an estimated increase of $250,000. The increase in freight rates
authorized by the New England Conference of Railroad Commissioners is
estimated to yield about $500,000, and certain increases in commodity rates
already made or contemplated are likely to yield additional revenue to the
amount of $350,000. The recent amendment of the contract with the
American Express Co. is llkely to increase the revenues by about $235,000.
If the proposed change in commutation tickets is allowed in this State, the
additional revenue from this source is estimated at $375,000 for the entire
system. The aggregate of these increases for the system is $2,310,000.
The returns for the year ending June 30 1914 show a net corporate loss of
$2,044,742. See V. 99, p. 1126.
The Commission states that the B.& M.is entitled to an increase in rates
sufficient to yield additional revenue to the amount which would be likely
to accrue from the schedule which it presented, but that the price of commutation tickets shall be based upon a uniform mileage rate, which it suggests may well be 2 cents per mile. It is of the opinion, moreover, that
these tickets should be issued as 25 rather than as 50
-ride tickets.—V. 100.
p. 732, 641.

Canadian Pacific Ry.—New Ocean Steamship Subsidiary.
—President Shaughnessy on Feb. 24 announced:

The company is operating fleets of steamships on the Atlantic and
Pacific oceans, and on the Pacific coast, as well as on the Great Lakes and
other inland waterways of Canada. These latter are connecting links
between different sections of the railway line, and are, therefore, essentially
a portion of the railway transportation system, and it is not proposed to
change their status. The ocean fleets are, however, in a different class,
engaged in competition with outside fleets, plying between Canada and
other portions of the world. The company proposes to transfer these ships
to a steamship company. with which the business relations will be the same
as they are with outside steamship lines that exchange traffic with the
railway company.
Heretofore all expenditures for the acquisition and construction of these
ocean steamships were made by the railway company and included amongst
the liabilities in its balance sheet. Hereafter it is proposed that the steamship company shall itself secure the requisite money for these purposes by
the issue of its own securities.
The ownership and control of the steamship company will remain with
the Canadian Pacific By., but the management and operation of the steamship lines will be vested in the board of directors of the Canadian Pacific
Ocean Services, Ltd. It is only another step in the direction of eliminating
from the direct operations of the railway company items that do not relate
to the railway property itself.
The Railway Committee of the Commons on March 2 approved the plan
to separate the railway and steamship enterprises. The new company is
authorized to issue $15,000,000 stock and 550.000.000 bonds.
E. H. Beatty, counsel for the company, said that the only purpose for
which securities would be sold would be to raise money for the construction
of new ships needed to take the place of those which had been taken by the
Government for war operations.—V. 100, p. 472. 228.

Denver & Rio Grande RR.—Receivership of Controlled Co.
—See Western Pacific Ry. below.

The regular semi-annual dividend of 35i% has been declared on the income bonds, payable April 1.—V. 100. p. 732.

Denver & Salt Lake RR.—Statement by President.—
Touching the plan for placing the company upon a permanently sound basis by funding the 1st M. coupons due in
1915 and otherwise providing for the entire floating debt,see
last week's "Chronicle," p. 732, Pres. Newman Erb, New
York, Feb. 1, wrote in substance:
The new company took possession May 1 1913 and, being insufficiently
equipped, provided the following new equipment, viz.: 901 freight cars,
Mallet locomotives. 12 caboose cars, 3 steel passenger coaches, 1 cafe car,
2M
1 ditching machine, 1 wrecking crane and 1 combination mail and bag'e car.
Net Cash, $1,069,253, Invested in Property May 1 1913 to Nov. 1 1914.
6 184
Equipment. $1.002,594: less equipment obligations, 5601,741; not_$400:683
0 5
Betterments and additions to property
Advance surveys west of Craig and Tunnel
66,716
We also completed and opened for business (in April 1914) the extension
from Steamboat Springs to Craig. 40 miles, at a cost of about $1.200,000
in 1st M. bonds. We also expended about $120,000 in completing
the Belt Line at Denver connecting with the stock-yards and other
railroads and in discharging obligations of Northwestern Terminal
Railway Co. The extension to Craig appears to have been justified. Three important coal developments are under way, one involving
a plant investment of $750,000. nearly completed. Daily coal shipments
from these mines have already begun and are increasing week by week.
The improvements included: System of section houses; recreation and
dining hall on Divide at Corona; 5 new station buildings; over two miles
of snowsheds; new division terminal at Tabernash; 35 miles of ballasting;
new machinery for shops; large additions to side and passing tracks; overhauling entire road,.
A strike of coal miners having paralyzed the coal industry of Colorado,
our coal traffic was practically at a standstill from Sept. 1913 to about
June last, when shipments assumed normal, about 30 cars per day. Since
then, with our increased equipment and the rapid development of the coal
enterprises, coal shipments have increased about 100%, the average shipments being about 70 cars daily for the past two months, and increasing.
Earnings for Fiscal Year end. June 30 1914 (Notwithstanding the.Coal Strike).
Total
Charges
$273,403
Net (after taxes)
revenue$1'15
2 :396621 1Net (deficit)--- _ _ _ _ _ _ _ _ _
61
(deficit)
11.441
The gross revenue from July 1 to Dec. 31 1914 was OOOOOOOOO an increase
of $289,000. or 44%,with a surplus over all charges and taxes 0(5149,000—
or net earnings for the first six months equal to the interest charge for the
entire year. For the current fiscal year the gross revenue may be safely
estimated at $1,750,000, exceeding by more than $500,000 the road's
previous record. For the first half of the year we operated on a basis of
65% of gross earnings, a very satisfactory result, considering the Rocky
Mountain grade, indicating that a tunnel, which will eventually become
necessary. is at present not essential to success.
The general adverse conditions, however, have made it impossible to
sell treasury securities as practically arranged when the war broke out, to
meet the extraordinary disbursements, and there is therefore a floating
debt of about $450,000 (see also V. 100, p. 732) which it is desirable to
discharge in order to permit the use of current revenue for the development
of the property and additional equipment. Further expenditures, except
for equipment and motive power, will be unnecessary for several years.
As to the future possibilities of the property, we recall that it is without
competition in the territory served by it, and that the coal produced on
the line is being successfully marketed as far east as Omaha, with prospects of reaching also points east of the Missouri River. The developments
on the Craig Extension are now simply under way, and will reach their
proposed capacity about July 1 1915. This extension occupies the heart
of the great Yampa coal field and will afford locations for additional mining
development, otherwise impossible. It is our belief that the earning
power of the line as now completed can be so developed as to Justify all
previous expectations. The annual coal output of the State approximates
12,000,000 tons. Prior to May 1 1913 the commercial coal produced on
this line was less than 400,000 tons. The character of the coal, with the
further developments in progress, give assurances of an output of nearly
1.000,000 tons in the current fiscal year-1.250,000 tons in the year 1915-16,
1,500,000 tons by July 1 1916 and 2,000,000 tons thereafter.
The company will require, with its increasing business, six Mikado locomotives of the heaviest type, and 200 cars available for live stock and coal.
which should be ovided before July 1 1915.
e
Plan for Paying Off the Entire Floating Debt—Total of $658,962 Represented.
1. An authoriz issue of $300,000 2
-year 6% notes, secured by
Its 1st M. bonds taken at 50%. of which $250,000 immediately sold on a 7% basis (see V. 100, p. 752). To net 4245,000
2. Interests identified with the management are to fund notes
aggregating $163.962, by taking 1st M. bonds at 75% in
payment. Sum funded
3. Holders of 1st M. bonds to fund their coupons due May 1 and 163.962
250,000
Nov. 1 1915, taking bonds at 75%. To provide about
Holders of graduated interact bond to receive also their distributive
proportion of the interest fund in call. See V. 100. p. 732).
The company being thus relieved of its entire floating debt, its surplus
of iltsm usinthan suffice to meat the demands made by the exw lI bore ess
peaarnnisingons
My associates in the management are prompted to furnish the new
money required, and to fund the obligations which they hold, from a conviction that the property will thereby become abundantly able to take
Its Interestlcharges .maturhies..and establish its credit upon a
.
a so v 10 nd 7 2
a p 3.
0
ca e o laine.See
high

Detroit (Mich.) United Ry.—Proposed Sale of City Lines.
Chicago Milwaukee & St. Paul Ry.—Bonds All Sold.—
Kuhn, Loeb & Co. and the National City Bank announced —President Hutchins, in a circular to stockholders dated
on Thursday that the stockholders subscribed for about Feb. 26, announces that a special meeting of the latter has




THE CHRONICLE

812

been called for March 31 to consider the general question of
a sale to the city of the properties within the one-fare zone
of the city, and authorize the directors to negotiate and agree
upon the terms and conditions of sale and carry out the same.

[vol.. No.

Kansas City and the public. The light company and the railway company
must necessarily operate in competition. I could not approve of any plan
1
keeping those two companies together.
Kansas City and the public are directly interested in what we might cal
the financial constitution of the Kansas City Rys. Co. Suppose a lean year
should come along; suppose the receipts were to fall off. (This was the
nearest approach to a mention of the Jitneys, which new kind of transportation is cutting down the receipts of the Metropolitan more than $1.000 a
day at the present time.—Ed. K. C. "Star"). In that event the company
must be strong enough financially to weather such a storm.
There are, moreover, certain contracts that must be looked after, as, for
instance, the contract with the Kansas City Terminal Ry. Co. as to the
o tha cost oT
iplAa
sharetz 3t. cr h t ando;
sub
ii
•o,
paying of Iige
oopr tt M t! cW1 v tu :cost N viaducts end subways
i
1375.000
viaduct. Also the contracts with the interurban lines.
The refinancing plan (V. 100, p. 556) provides that the new securities
-year grant. Unless the city agreed to
should expire 3 years before the 30
this, I could not approve it. The franchise provides that they expire at
time.—V. 100. p. 55.
the same

Abstract of Letter of Street Ry. Commissioners to Co. dated Feb. 23.
Subject to the approval of three-fifths of the electors of the city voting
upon the proposition, we submit the following for the acquisition of your
properties:
(1) For all of your property,real, personal and mixed,including franchise
and franchise rights, except cash, accounts receivable and securities, with in
the one-fare zone, so called, of the city, as of this date, the city will assume
the payment of the mortgage debt of the Detroit United By. not exceeding
$24 MOO MOO.
(2) The title to the property to be absolutely free and clear on the date
the transfer is effected to the city, except the mortgage debt aforesaid.
(3) The Board of Street Railway Commissioners, in the name of the city,
to take possession of the property immediately upon the ratification of the
proposition by the requisite number of electors of said city voting thereon
Keokuk & Des Moines Ry.—Dividend.—A dividend of
at an election at which the proposition may be submitted, and shall be
travelerate the same as a railway system for the accommodation of $2 50 a share has been declared on the $1,524,600 pref. stock,
enabled to op
.
public
payable April 1 to stock of record March 19, comparing with
(4) Your company to keep and maintain the property in its present
physical efficiency until the date upon which the property passes to the $3 25 a year ago.
Dividend Record on Preferred Stock (Per Cent).
possession of the city.
'00. '01. '02. '03. '04. '05-'07. '08. '09. '10-'12. '13. '14. '15.
The board is moved to make this proposition in the belief that this
2 15i None 131 1 25i Y'ly 354 33i 254
1
1
method will afford an opportunity for the city to acquire a street railway Per cent_--at the earliest possible date. Time is of the essence of this proposition, and —V. 99. P. 969.
the board expects a reply within ten days from the date hereof. If your
Louisville & Nashville ER.company falls within that time to indicate in writing its willingness to enter
Total
Other
Dividends
Balance,
Net(alter
Into a contract on the terms substantially as stated in the propoistion as 6Mos. to Gross
Paid.
Sures.
Dec. 31. Earn'gs. Taxes.&c.) Income. Deduc's.
herein outlined, the city will proceed to secure a street railway system by
$
$
$
$
$
other ways and means.
1914—.26,844,279 5,425,854 1,515,685 4.266,070 (2301,800.000 875.468
It is expected that the time of the company to reply will 1913---31,734,325 7.654,307 1,492,722 4,231,866 (3502,520,000 2.395,163

be extended in order to allow for the vote of the stockholders
on March 31. The company offered to sell the lines referred
to for about $30,000,000, or $5,000,000 over the city's offer.
The company, it is shown, operates 820.63 miles of city
and interurban lines, 459 miles of the system being the
Detroit United Ry. proper. The city proposes to take over
222 miles within the one-fare zone, leaving 598.63 miles of
interurban lines to be operated by the Detroit United Ry.
The bonds which the city proposes to assume are
-year 454s,
$16,120,000 Detroit United Ry. 1st consol. 30
due 1932,and nine branch line issues aggregating $8,780,000.
If the offer is accepted, holders of the Detroit United
stock, $12,500,000, would own the equity in 598 miles of
Interurban lines, subject to $10,640,000 of underlying liens.
-year 6% notes, due Feb. 5 1916,
There are $2,000,000 2
secured by deposit of $6,750,000 bonds of the company and
Its subsidiaries, which are not taken into account in the
city's proportion, and which would have to be provided for
it is accepted; but the company holds $2,346,000 of its
own
own and subsidiaries' bonds in its treasury, which could be
used if necessary for the purpose.
to
Many legal questions will have. be worked out. The
funded debt covers all the System lines. Both State legislation and city charter amendments (the latter to provide a
sinking fund for the bonds) will probably be necessary before
the deal can be carried out. The Street Railway Commission
plan to submit to a vote of the people at the spring election
bond issue of $2,000,000 for municipal construction of
extensions of the Kercheval and Grand Belt lines. It is
proposed to rent the city tracks and the interurban terminals
to the Detroit United Ry. to care for its interurban traffic.
—v. 100, p. 550, 473.
Duluth-Superior Traction Co.—Earnings.—

Subsidiary.—The subsidiary, Wasioto & Black Mountain
.
RR.,whose road extends from Orby to Baxter, Benham,&c.,
Ky., 76 miles, has filed notice of increase of debt to $10,000,000.—V. 100, 13. 733, 229.
MichiganCentral RR.—Bonds Sold.—The $4,000,000
1st 334s offered by Kountze Bros. and William A. Read &
Co. have all been sold.—V. 100, p. 642, 556.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Bonds
Offered.—Wm. A. Read & Co. are placing at 105M and int.
$2,000,000 First Consol. M.5s,due July 1 1938. Outstand$2,000,000.
ing as 4s, $56,863,000; as 5s,3,014 miles of A circular shows:
operates

railway extending east
The company owns and
and west from Minneapolis and St. Paul, giving those cities outlets to the
Pacific and Atlantic coasts in connection with the Canadian Pacific By.
(which owns a majority of the capital stock). Also controls the Wisconsin
Central Ry., 1.018 miles, as a division into Chicago.
The First Consols are a first mortgage on all the company's railways,
equipment, &c., including property hereafter acquired, subject only to
$8,422.000 4% bonds on 790 miles. The company has reported an average
balance over c.harges of $4,201,735 per annum for the last three years, and
Is now paying dividends at rate of 7% per annum on $12,603.400 pref. and
325.2061,800 common. Further issue of First Consol, bonds is limited to
220,000 per mile of additional railway, exclusive of side tracks and switches,
and to refunding divisional liens at par.—V. 100. p. 556.

Missouri Pacific Ry.—New Directors.—The proxy committee consisting of A. J. Hemphill, Otto H. Kahn, Seward
Prosser, James N. Wallace and Robert Winsor, on Mar. 1
announced that they had received proxies for considerably
more than a majority of the outstanding Missouri Pacific
Ry. stock and that they will vote the proxies held by them
at the annual meeting on Mar. 9 for the election of the following directors:
Nicholas F. Brady, Benjamin F. Bush (President), Newcomb Carlton,
Edward A. Faust, St. Louis; A. J. Hemphill (Chairman Guaranty Trust
Co.); W. H. Lee, St. Louis; Edgar L. Marston (of Blair & Co.)', Edwin G.
Merrill (Prest. Union Trust Co. of N. Y.); Finley J. Shepard of St. Louis;
Cornelius Vanderbilt; R. Lancaster Williams of Baltimore; W. H. Williams
and C. Minot Weld, Boston.

Net
Int. & Pref.Div.
Common
Balance,
Gross
Calendar
The committee will also votefor the election of thefollowing
Dividends.
Surplus.
Year— Earnings. Earnings. Taxes. (4%).
21.313,564 $553.572 3243.892 $60,000 (4%)$140,000 3109.680 directors of the St. Louis Iron Mtn. & Southern Ry.:
1914
535.750 246.063 60.000 (4)i) 148.750 80,937
1,283,914
1913
Nicholas F. Brady, B. F. Bush, Newcomb CaHton, A. J. Hemphill,
1914, against 274,There was also deducted for depreciation $100.000
Edgar L. Marston, Edwin G. Merrill, 0. A. Pratt (of Little Rock, Ark.
100 in 1913. leaving $9,680, against $6.836 in 1913.—V. 100, p. 473.
Finley J. Shepard. E. C. Simmons (St. Louis), Cornelius Vanderbilt
F. J. Wade (St. Louis), A. H. Wiggin and W. H. Williams.
Fitchburg RR.—Coupon Notes.—
The only men on this ticket who formerly represented the Gould interThe company's 6% one-year coupon notes offered In payment of the
husband of the former Helen Gould
$1.359,000 bonds of 1895. due Mar. 1 1915, are dated Mar. 1 1915 and bear ests will be Mr. Shepard. who as theand President Bush, who has .been
Interest of 3%. payable Sept. 1 1915 and Mar. 1 1916. The ma- will represent large bond holdings.
semi-ann.
commended by the committee and will be continued in office as President
turing bonds should be presented at office of Treas., Geo. 0. Foster, 152 and also be made Chairman of the board.—V. 100, p. 642. 309.
Causeway St., Boston. Compare V. 100, P. 733

Montreal Tramways & Power Co., Ltd.—Collateral
Grand Trunk Ry.—Earnings.—For cal. years (approxiNotes Offered—Offer for Old Notes.—Potter, Choate & Prenmate in 1914):
tice, having sold over two-thirds of the samel are offering by
1913.
1914.
1914.
1913.
adv. on another page at 993i and int., to yield over 6.40%
Gross receipts_ _8,596.750 9,134.554 Balance,surp--- 425.100 977,123 (or 63 % if retired April 1 1916), the remainder of their block
4
12.785
16.700
Operating cm-6.841.900 6,767.269 Brought in
-Year 6% Collateral Trust gold notes, to be
of $7,000,000 2
Divisible bal_ 441,800 989,908
Net receipts_ _1,754.850 2.367.285
April 1 1915 and due April 1 1917, but redeemable at
income__- 327,000 def66,312 Guar. div- -(35)437.500496.823 dated
Misc.
5 170.841 option of company on April 1 1916 at par and int. on 30
1st pref.
5 126,420
Tot. net rev__2.081.850 2.300.973 2d pref. div_
Authorized, $7,500,000; outstanding, $7,000,(25i 179,116 days' notice.
1.070,064 3d pref. div____
Chgs.. less cred_1,417.650
000. Principal and interest (A. & 0.) payable in New York
Total deduc__ 437,500 973,200 in U. S. gold coin. Denom. $1,000 (0). Bankers' Trust
664,200 1,230.909
Balance
4,300
16,708
83.889 Balance forward.
D.G.H.&M.,del. 103.750
Co., N. Y., trustee.
V. 100, p. 642. 140. 54.
169.917

.def. 135,350
Ord. Trk. Wf

Hudson & Manhattan RR.—Income Interest.—The directors have declared an interest payment of $10 (or 1%)on
6
each $1,000 Adjustment Income bond for theof months endDec. 31 1914, payable April 1 at the office on Harvey Fisk
ing
Oct. 1 and
disbursed
& Sons. The same amount was
1914 for the half-years ending June 30 1914 and Dec.
Apr. 1
of $8 34 for the 5 months end31 1913. The first payment Oct. 1 1913, being also at the
on
ing June 30 1913 was made 100, p. 397, 54.
rate of 2% per annum.—V.
r. end.Jan.31
Inter-State Rys., Phila.—Earnings.--For .Div. Surplus.
Bond Int. Exp. &Tax.Pre
Inc.
$ 0.000
$73.433
Jan. 31 Year— Total
$5,427
$431,064
$569.924
1914-15
1913-14

545.725

431,064

4,262

60.000

50,399

.
—v. 100. p. 308
P/an Not Approved.—Judge
Kansas City Railways—
the U. S. Circuit Court at Kansas City on
W. C. Hook in
give his approval to the plan for re-finanFeb. 26 declined tooutlined in V. 100. p. 556. "Kansas City
cing the enterprise
saying in substance:
a
Star" quotes the Judge as direct y oUndirrtectlyd
either

Kansas
—
Under no circumstances,
p the Kansai [7 3's..nbetweenwas
the
plan which provides for tyi whole plan is simply a negotiation
Electric Light Co. This
duty to perform also for
City
while I have a
stockholders and the bondholders,




Holders of the notes maturing April 1 (V. 94, D. 1057) are notified that
the firm will pay on April 1 10051 flat. ex-coupon, for a limited amount of
the above notes maturing on that day, in exchange for a like amount of the
new notes at 9951 and interest. This offer is terminable without notice.
Digest of Letter from Pres. E. A. Robert, Montreal, Feb. 25 1915.
The proceeds of the sale of these 37,000.000 notes will be used to retire
$5.000.000 of the notes maturing April 1, to reimburse the company for
payment of 31.350.000 notes which matured on Jan. 1 and for the acquisition of additional securities of the Montreal Tramways Co. The $500.000
unissued notes are reserved to acquire a like amount of Montreal Tramways
Co.stock at par, and when so acquired is to be pledged along with the other
collateral hereinafter described.
Par Value of Collateral, Market Value over $10,600,000 (150%).
Mont. Tram. Co.com.stk.$1.600,000/ Canadian Lt. & Pow.Co.—
Common stock
$5,900,000
5% mtge. deb. stock— 6.000.000
1st mtge. 5% bonds
1,800.000
Mont.Pub S.Co.com.stk. 1,250 shs.
This collateral carries the voting stock control of companies doing the
entire street railway business in the City of Montreal and owning large
water powers on the St. Lawrence River,with plants for the manufacture
and distribution of electric light and power to the City of Montreal. The
interest and dividends received from the securities so pledged amount to
$550,000 per annum, while the annual interest charges on these notes requires but 2420,000.
The company may withdraw (a) any of said 5% Mortgage Debenture
stock upon deposit with the trustee of $810 in cash for every $1,000 par value
withdrawn; (b)any ofsaid 1st M.5% bonds upon deposit of $700 In cash for
every $1,000 par value; this cash to be used to re-purchase these notes at
not exceeding par and int.. all notes purchased to be. anceled.
The Montreal Tramways & Power Co., Ltd., upon the retirement of the
I oon o lio .
e
S.5.000.000 notes maturing April 1, will have capItalsTtloo zfonows: Capi
tel stock. $17,461,100 (auth. 320.800.000); these

MAR.6 1915.]

THE CHRONICLE

813

former directors and officers of the company, similar in all
Properties Controlled by Montreal Tramways & Power Co.
(1) Montreal Tramways Co., owning and controlling the entire street
to those returned some time ago.
railway system of the city and island of Montreal, except about one mile of respectsdone to
This is
meet technical objections on the part of counsel for the
Interurban line. Both gross and net earnings have increased over 147% defendants
in regard to the manner in which the indictments were handed
in 10 years. or over 14% per annum. Net income for year ended June 30 down,
overwhich
1914 (V. 99. p. 404), after payment of all charges, including interest on the ruled by the had been raised some time ago, but were subsequently taken
District Court. It is feared that an appeal might be
debenture stock, amounted to $736.836, while after payment of $242.056 to the
higher courts from the old indictments.—V. 100. p. 642, 398.
dividends on the common stock, the surplus income for the year amounted
to $494,780. The equity of the Montreal Tramways & Power Co. in
Oregon & California RR.—Hearing.—TheU.S.Supreme
these surplus earnings, as owner of53% of stock, which'is pledged under this
issue. is $262.233. Notwithstanding prevailing conditions, the gross reve- Court on Mar. 1 advanced for argument on April 19 the
nues for 7 months ending Jan.31 1915 show a decrease of only 7 %.
suit involving title to lands in Oregon covered by Federal
(2) Canadian Light & Power Co., owning a new and modern ydro-electalc plant located at St. Timothee, connected with Montreal. 28 miles dis- grants.—V. 97, p. 666.
tant, by a duplicate three-wire transmission line strung on steel towers on
Philadelphia Rapid Transit Co.—City Electios.—See
private right-of-way over 100 feet wide. Present development is being
completed for 30,000 h. p.; plant laid out for eventual 75,000 h. p. Issued Philadelphia in "State and City Dept."
capitalization, 1st M.5% gold bonds,$6,500,000 (total mortgage); common
E. T. Stotesbury of Drexel & Co. telegraphs from Palm
stock, $6,000,000 (auth. $7,000,000). In addition to supplying Montreal
Tramways Co.,furnishes power for distribution in the commercial and resi- Beach,Fla.:
The statements appearing in the public press to the effect that either the
dential sections of Montreal and vicinity. Has perpetual right to sell
Philadelphia Rapid Transit Co., I personally, or any person affiliated with
power and light in Montreal, &c.
(3) Montreal Public Service Corporation (formerly Saraguay Electric & the company, has conspired with members of the City Councils to defeat
Water Co.) has acquired Dominion Lt. Ht. & Power Co., the St. Paul El. the plans for rapid transit development are, to the best of my knowledge
Lt. & Power Co. and the distribution system of the Canadian Light & and belief, absolutely and unquailfiedly false. His Honor the Mayor is a
Power Co.in City of Montreal. Controls an established business in ,various member of the Rapid Transit Board and is thoroughly familiar with the
Important sections of the city and provides a market for a large amount of policy which Mr. Mitten and I have pursued in our efforts to rehabilitate
the power developed by Canadian Light & Power Co. at a profit to that and reorganize this riroperty. Had it not been for the injury which unwarranted and ill-advised attacks have inflicted upon the credit of the
company and a saving in cost of distribution.
Montreal City.—Present population (est.), 595,600, increase 28% over Philadelphia Rapid Transit Co., we undoubtedly would have been able
in time, using intelligent business methods, to have given the city of Philacensus of 1911 and of 124% over 1901 —V.100. p. 734.
delphia the increased transit facil ties which it desires upon a practical and
New Orleans Terminal Co.—New President.—
solvent business basis. At out conferences in May last this was our exL. A. Jones has been elected President vice D. D. Curran, resigned; pectation and desire, and is still, but I fear that this injury to our credit
T. F. Steele, Vice-President, succeeding L. A. Jones, both with offices at and the existing bad financial conditions make the realization of this exNew Orleans, La.—V. 98. P. 1460.
pectation at the present tmie impracticable, and I so expressed myself to
New York Central RR.—Right of Shareholders to Sub- his Honor the Mayor before leaving on my holiday.—V. 100, p. 141.
scribe for Convertible Bonds.—The issue of $100,000,000 20
year 6% Convertible Debenture Bonds, having been fully
underwritten (V. 100, p. 556, 643), is now offered (sub)ect
to approval by stockholders and the public authorities) for
subscription by the stockholders at par, to the extent of 40%
of their stock holdings of record at 3 p. m. March 19 1915.
Subscriptions will be payable on'May 1 1915, 50%,on Sept.! 1915 257
0
and on Oct. 1 1915 25%. To installments paid on Sept. 1 and Oct. 1
will be added interest at rate of 6% per annum from May 1 1915 to installment payment dates. Subscribers have the right to anticipate the payment of installments by making payment thereof on any of the installment
dates. Subscription warrants will be mailed as soon as possible after March
19 1915. After April 16 1915 no new fractional warrants will be issued in
connection with the uniting or subdividing of warrants and all fractional
warrants outstanding will be void. Fractional warrants will not be bought
or sold by the company.

Rapid Transit in New York City.—Alien Labor Law.—
The U. S. Supreme Court on Thursday granted writs of
error for a review of the decisions of the New York Court of
Appeals on Feb. 25, which held the law constitutional.
The injunctions were granted by the entire Court.

Subway construction in N. Y. City may now, it seems. be legally con'
tinned with alien labor until the matter is finally settled by the highest
Court. A motion will be made, possibly Monday, to advance the cases
for early hearing.
Gov. Whitman has stated that on Monday night he would send an emergency message to the Legislature to pass the bill pending in the Legislature
to repeal the law, owing to the bad effect of the latter on State highway
work.—V. 100. p. 734, 557.

Southern Pacific Co.—Sale of Cal. Development Co.—

See "Imperial Irrigation District" in "State and City" Department....
V. 100, p./34, 643.

Status of New Bonds—Growth in Resources and Income.—
Springfield (Mo.) Ry. & Light Co. (of Maine).—New
Supplementing the data recently furnished (ir. 100, p. 556, Pref. Stock.—Bodell & Co., Providence, are offering by adv4
593) bearing on the position of the Convertible Debentures, on another page, at par and int., the unsold portion of the
the official circular, dated Feb. 23, shows:
issue of $750,000 7% cum. pref. stock, fully described in
Since Jan. 1 1900 the companies now consolidated as the New York
Central RR. Co. increased their resources by 2658,000,000, of which over last week's issue, p. 734.
$122,000,000 came from the sale of capital stock and over $114,000,000
Union Traction Co. of Indiana.—Earnings of System.—
from earnings. The remainder came from the sale of bonds, equipment Calendar
Bond
Gross
Net (after Other
First Pref. Balance,
trust certificates and notes. During the same period more than $400.000.- 191
Inc.Int.,&c. Dividend. surplus.
Earnings. Taxes).
Year—
000 has been spent for additions, betterments, new construction and new

equipment. The following tables give the approximate figures:
(1) Increase in Resources—
(2) Disposition of Same—
Capital stock
$122,729,000 Additions, betterments
Funded debt
and construction___ _2246.745,000
234,621,000
Equip. trust certificates 53,782,000 New equipment
155,637,000
Notes
132,743,000 Stocks SE socur. acquired 161,377,000
Income (reinvested or
Advances to affil. cos__ 72.879,000
carried to surplus)
114,242,000 Supplies & working fund 21,479,000
Total (15 years)
Total (15 years)
$658.117.000
$658,117,000
Of the $658,000,000 which has been added to the resources of the company
since Jan. 11900, $237,000,000 has been derived from income and from the
gale of capital stock and $421,000,000 from the sale of bonds, equipment
trust certificates and notes. So soon as the convertible bonds are sold and
the proceeds applied to the payment of notes which are now outstanding,
all of the $421,000,000 of indebtedness above mentioned will have been
funded with the exception of about $32,000,000, which is offset by indebtedness of other companies.
Total Gross Rev. (incl. Auxiliary Oper.), Showing Growth (000,000 omitted).
1900 1902 1904 1905 1907 1909 1910 1911 1912 1913 1914
$87 $102 $114 $125 $146 $146 $158 $162 8175 $186 $168
During the six years 1909 to 1914, incl., the net corporate income of the
companies now consolidated, after the deduction of charges prior to the
interest on the convertible bonds now to be issued, has averaged $21,792,000, while the interset charge on the new bonds will call for $6,000,000.
J.P. Morgan & Co. have formed a syndicate (of which they are members)
to underwrite the issue at par. As fiscal agents they are to receive their
stipulated commission of 1;i%. The syndicate is to receive for its underwriting a commission of
%. To the extent that profits shall be realized
by the syndicate in excess of its commissions, the same shall be divided
equally between it and the company. No commissions are to be payable
,
except in respect and to the extent of such bonds as shall be actually issued.
(See also V. 100, P• 556, 593, 643.)

Meeting.—The stockholders will vote April 20 1915 on
authorizing the issue of the convertible bonds and an increase
of $100,000,000 in the capital stock, to be used for the conversion of the bonds so far as required, and also on the leasing of the railroads of the Ottawa & New York Ry. Co. and
of the St. Lawrence & Adirondack Ry. Co., of which companies the N. Y. Central owns all of the capital stock.
Authorized.—The stockholders on Mar. 1 authorized the
purchase of the Jamestown,Franklin & Clearfield,Cleveland
Short Line and other roads, the assumption of Lake Shore &
Mich. So. and N. Y. Cent.& H.R. RR. mortgages and the
execution of supplemental mortgages extending their lien,
&o., as stated in V.100, p.398. The Ohio P.U.Commission
on Feb. 26 authorized the company to issue $70,000,000
Consolidation M.497 bonds in exchange,$ for $, for N. Y.
Cent. & H. R. RR. Lake Shore collateral 332% bonds of
1898 and also to issue the supplemental mortgages referred
to.—V. 100, p. 643, 556.
New York New Haven & Hartford RR.—Rate Increase.
—The Mass. P. S. Commission on March 1 authorized the
company to increase the one-way single fare passenger rates
outside of the suburban zone from a 23 to a 24
-cent a mile
basis. This the Commission estimates will increase the
annual income about $140,000. In the suburban zone the
rate remains 2 cents.

$2,437,371 $919,823 $32.756 $884,784 (23i)$25,000 M,795
2,466,832 881,754 51.798 858,858 (5%) 50,000 24.894
1913
—V.98, p. 1001.

Western Pacific Ry.—Default—Receivership —Judge Van
:
Fleet in the U. S. District Court at San Francisco, Cal., on
March 1, on petition of the Equitable Trust Co. of N. Y.,
as trustee of the 1st M. bonds, on which interest was defaulted March 1, appointed Frank G. Dunn, Pres. of the
Pacific Gas & Elec. Co., and Warren Olney Jr., receivers.
A third receiver will be appointed, if necessary. The company joined in the petition, the step being termed a friendly
one, with a view to as speedy a readjustment of the capital
obligations as possible. An early announcement of a plan
looking to a reduction of the fixed charges and the development of branch lines in California will, it is reported, be
issued, with a provision, possibly, for the issuance of income
bonds in place of the 1st M. bonds written off.
The following was put out on Saturday last:
"It has been found impossible by the Western Pacific Ry. Co. or the
Denver & Rio Grande RR. to meet the semi-annual interest on the former
company's 1st M. bonds, due March 1. The directors of the Denver &
Rio Grande have for a number of days been in conference with representatives of the largest bondholding interests. These conferences have now
reached a point at which everyone feels confident that a harmonious outcome is practically assured. A concrete plan, in course of preparation.
will be announced as soon as it has been approved by all the interests that
have been in conference, probably early next week."

Reported Plan.—The following is reported unofficially:

It was at first proposed to scale down the 849,925,000 1st M. bonds by
one-half and to issue adjustment income bonds for the 50% reduction.
This proposed adjustment did not satisfy the bondholders, however, and
the plan under consideration this week allows for greater concessions. The
new plan, it was said on Thursday, would embrace the following provisions:
An exchange of $20,000,000 of the defaulted 1st M. bonds for an equal
amount of new 2d M. bonds, guaranteed as to interest after the second
year by the Denver & Rio Grande and of the remaining $30,000,000
an
equal amount of new adjustment income bonds, for which the D. & for G.
R.
will pledge its surplus revenues to make up any deficiency
es
Wtern Pacific, and the issuance of $10,000,000 new 1st shown by the
M. bonds to
build needed branch lines and feeders. Under the plan
will, it is said, wipe out the $25,000.000 2d M. bondsthe D. & R. G.
owned by it.—
V. 100, p. 735.

Wheeling & Elm Grove B.R.—Bonds Called.—

Seventeen ($17,000) 5% 1st M. 30
-year bonds dated Mar. 1 1898 for
payment on Mar. 1 at the Germania Half
-Dollar Savings Bank. Wheel
ing, W. Va.—V. 82, p. 511.

Wheeling & Lake Erie RR.—Foreclosure Sale April 16.
—The property is advertised to be sold at foreclosure sale
at Cleveland, 0., on April 16 under a decree entered in the
U. S. District Court on Jan. 6 last amending the original
decree of April 1 1914 and reducing the upset price to
$18,500,000. The road was offered on Sept. 25 1914, but
no bids were received, the former upset price of $20,000,000
being too high. Compare V. 99, p. 1750, 896, 469.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Power Co., Birmingham & N. Y.—Bonds
Offered.—Harris, Forbes & Co., N. W. Harris & Co., Harris
New Indictments.—The Federal Grand Jury in this city Trust & Savings Bank, and Perry, Coffin & Burr, recently
on Feb. 26 handed down new indictments against the 21 offered, at 100M and int., to yield 5.81%, and have sold,

The Commission states that if the applications of the Boston & Albany
and the Boston & Maine are changed to a basis similar to the New Haven
schedules, they will be allowed. In the case of the Boston & Albany the
Increase is figured at $80,000.




814

THE CHRONICLE

-year 6%
subject to certain legal details, $2,000,000 1st M.3
gold bonds. Dated Feb. 1 1915 and due Feb. 1 1918, but
callable at 101 and int. on any int. date after Feb. 1 1916.
Denom. $1,000 O. Int. F. & A. in N. Y. Trustee, U. S.
Mortgage & Trust Co., N. Y.
Digest of Letter from V.-Pres. James Mitchell, Birmingham, Ala..
Feb. 25 1915.
-Incorporated in 1906 in Alabama and serves, directly and
Organization.
Indirectly, the major part of the urban population of Northern Alabama,
including the so-called "Birmingham District," a total population estimated
at over 300,000. Does, directly, all the electric light and flower business
in Anniston, Attalla, Talladega, Huntsville, Decatur and New Decatur;
all the street railway business in Anniston and Huntsville, and the gas
business in Anniston, Decatur and New Decatur. It furnishes under contract all the current used by the Birmingham By. Light & Power Co.
(which does the entire electric light and power and practically all of the local
street railway business in Greater Birmingham, Bessemer, &c.), under a
contract extending for at least the next 12 years. Also has contracts to
furnish power to the public service company in Gadsden and to other public
utilities, ore mines, steel mills, quarries, brick plants, cement mills, &c.
Authorized. Outstanding.
CapitalizationCapital stock (see below)
$20,000,000 $18,751,000
2,000,000
5,000,000
First mortgage Os
(closed M.)
Anniston Electric & Gas 5s
278,800
Huntsville Railway & Light 6s
(closed M.)
49,000
(See below)
Income mortgage 6% incomes
The $10,000.000 6% Income bonds (a junior lien) are owned by Alabama
Trac.. Lt. & Pow. Co.. Ltd., which also owns the stock except directors'
shares.
Earnings for Cal. Year 1914 and Int. on Above 1st M. Bonds.
Gross earnings
8618,8941 Interest on all 1st M.bonds_$136,880
Net, after taxes
167,667
304,547 Balance
These earnings are on the basis o only eight months' operation of the
70,000 h. p. hydro-electrie plant.
-The Alabama Power Co. is the only general power-proBusiness Field.
diming and distributing company in Northern Alabama,and is in position to
supply the power requirements of the greater part of the State. Now
serves the great manufacturing and industrial territory centering around
the widely known "Birmingham District." Birmingham in particular has
shown a phenomenal growth in population, while the average increase in
population for the State for the last forty years has been approximately
20'% per decade. Present estimated populations of leading communities:
Greater Birmingham, 197,134; Anniston, 20,000; Decatur and New
Deeatur, 17,000; Bessemer, 10,864; Gadsden, 10,557; Huntsville. 9.867:
Talladega, 6.000; Attalla, 3,500.
Properties Owned.
-(a) Recently completed Lock 12 hydro-electric development on Coosa River 45 miles southeast of Birmingham, present installed capacity 70.000 h. p., which it is planned to increase to 105.000 h. p.
(b) New steam turbine station, 15,000 h. p. capacity, at Gadsden, 50 miles
northeast of Birmingham. (c) Hydro-electric development, 2,000 h. p.
capacity, at Jackson Shoals, 40 miles east of Birmingham. (d) Steel tower
transmission lines connecting these stations with each other and with
Birmingham and other markets. State-wide transmission and distributing
lines are proposed. (c) Two additional dam sites on the Coosa River where
250,000 h. p. may be developed. (f) Control of other undeveloped water
powers of large importance in Alabama.
-Secured by a direct first mortgage on the entire
These 1st M. Bonds.
property of the company, including the power plants and transmission
system, subject only to $327,800 bonds (closed mortgages) on the local
properties in Anniston and Huntsville. Of the $3,000,000 remaining
(escrow)bonds,$1,250,000 may be issued against the present property when
the annual net earnings are twice the interest on the 1st M.bonds, including
those proposed and $1,750,000 bonds for only 80% of the cash cost of extensions and additions, with the same requirements as to earnings. The
mortgage is so drawn that the amount of 1st M. bonds outstanding should
never exceed approximately 50% of the duplication value of the property.
The franchise situation is satisfactory, the franchises under which the
company operates being, with a few exceptions, in the opinion of counsel,
without time limit.
-The Alabama Traction, Light & Power Co., Ltd. (see
Management.
V. 99,;. 340; V.94, p.981, 628; V. 100. p. 57), which owns the capital
stock, is controlled by strong English and American interests, who have a
large investment in the property above that represented by these bonds.

[VoL. 100.

Butte & Superior Copper Co.
-Extra Dividend.
-

The regular quarterly dividend of 75 cents per share (par $10) has been
declared, payable March 31 to holders of record March 12. Distributions
were begun in June 1914. The following statement has been issued:
"During the continuation of the present high price for zinc with the present
full rate of production, the Butte & Superior is making very large earnings.
The cash receipts from the sales of its product should within the next 60 or
90 days accumulate a larger sum than is necessary for working capital. It
will, therefore, be the policy of the management at the June meeting to
declare such extra dividend as its cash balance warrants."
-V. 100, p. 644.

California Development Co.
-Sale by Sou. Pac. Co.
-

See "Imperial Irrigation District" in "State & City" Dept.-V.99,p.540.

California Wine Assn., San Francisco.
-Earnings.-

Net
Calendar
Pref.Divs.
Common
Balance,
Total
(6%).
Profits.
YearDividends.
Surplus.
Surplus.
1914
8532,057 $85,576 (33i%)3178,283 8268,198 31,726,035
IT 99.p. 19
,
9e 089
85.576
524,513
1.457,837

Canadian General Electric Co.
-Earnings.
-

DepreGross
InCalendar
Pref. Divs. Common
Balance,
terest.
YearProfits, elation.
(7%)
Dividends. Surplus.
$190,956 8140,000 (8%4556,741 $26,830
$
1914
$470,934 222,655 140,000 (9%) 636.634 559,675
2 91427
, 29: 98
0 5
8
1913
3
otal surplus Dec. 31 1914, $940,762; total reserve, 82,700,000.-V. 100.
p. 57.

Canadian Pacific Ocean Service, Ltd.
-New Company.

See Canadian Pacific By. under "Railroads" above.

Canadian Westinghouse Co., Ltd.
-Dividend Reduced.

A quarterly dividend of 1% has been declared on the $4,376,600 stock,
payable April 10 to holders of record March 31. This compares with 134%
from April 1912 to Jan. 1915 and Ile % from April 1905 to Jan. 1912. A
bonus of 2% was paid in Jan. 1913, in Jan. 1911 1% and in July 1911 le
of 1%.-V. 98, p• 1075.

Chicago Consolidated Brewing & Malting Co.
-V. 100, p. 477.
See City of Chicago Brewing Sr Malting Co. below.

-Interest Paid.
City of Chicago Brewing & Malting Co.

The following Is from an authorized statement made about Feb. 18:
"The reorganization of the City of Chicago Brewing & Malting Co. has
been effected and the semi-annual interest of 21.6% [due Jan. 14 on the
bonds of Chicago Consolidated & Brewing Col has been paid. John A.
Spoor, Philip W.Seipp, Garrard B. Winston and Silas Strewn resigned from
the directorate. In their places were chosen William Legner, President of
the Conrad Seipp and West Side brewing companies; Percy Andrea, President of the Nat. Association of Commerce & Labor; Albert Lieber, President
of Indianapolis Brewing Co., and Robert W. Cairns, the largest stockholder
in the company. Mr. Cairns, who is identified with over 20 prominent
breweries in England and America, has been in personal charge of the reorganization and has succeeded in placing the company in excellent position.
A financial reorganization has not been considered, and is entfrely unnecessary. The Chicago Consolidated was one of the very few breweries
showing an increase of barrelage during the last year. Our decrease in
business in the last few months, due to the war and the resulting unemployment, has been considerably less than that of other breweries similarly
situated, and lately our sales have been increasing steadily.
-V.100. p. 477.

Cleveland & Sandusky Brewing Co.
-Earnings.-

Net(after
Bond
Gross
Sinking Preferred Balance,
Taxes,&c.) Interest. Fund. Dividends. Surplus.
$1,032,021 8578,439 $373.556 350.000 (4)8100,080 354,803
1914
1,298,850 910,978 380,265 50,000 (3) 75,060 405,654
1913
The number of barrels sold in 1914 was 468,263, aaginst 535.208 barrels
in 1912.-V. 98, P. 1765.
Calendar

Consolidated Gas, Electric Light & Power Co., Balti•
-The shareholders will vote March 22
-New Stock.
more.
on increasing the authorized limit of common stock from
$20,000,000 to $30,000,000, $2,500,000 of the new stock to
- be set aside for conversion of notes below mentioned.
-Sub. Co. Bonds.
Alabama Trac., Light & Power Co.
Convertible Notes Offered.
-V. 100, P. 57.
-Alexander Brown & Sons, BalSee Alabama Power Co. above.
timore, agents for the company, offered on March 2 at 98
-Earnings.
American Bank Note Co., New York.
-Year Convertible Gold Notes.
Profits(aft. Int. & Pension Pf. Divs.
Common
Balance, and int., $2,500,000 5% 2
Calendar
Dividends. Surplus. Subscription books will close at or before 12 M. March 9.
Year- Depr.,&c.). Disc.,&c. Fund. (6%).
$572.509 $63,333 340.000 $269,739 (334)8157,350 $42,087 The issue has been
1914
largely oversubscribed, but subscriptions
269,739 (6%) 269,742
594,450 52,778
2,191
1913
are still being received. A circular shows:
-V. 99, p. 1529.
Dated March 15 1915 and due March 15 1917. Principal and semi-Dividend Omitted.
American Steel Foundries.

The directors on March 4 voted to omit the usual quarterly payment of annual coupons (M. & S. 15) payable at banking house of Alex. Brown &
le of 1% on the $17,184,000 stock. From May 1910 to May 1911 5% per Sons, Baltimore. Maryland ['rust Co. of Baltimore, trustee. Denom.
annum was paid and in 1913 and 19142% yearly (le of 1% quer.). The $100, $500 and $1,000. Convertible at option of holders at any time up to
following statement was issued: "In view of business conditions the board and including Dec. 15 1916 (unless called for redemption, subject to right of
of directors made no dividend declaration. The President's annual report, conversion, as below), to convert the 'principal into common stock at $115
mailed to stockholders March 1, gives the complete resume of conditions." per share (par $100), with proper adjustment of interest and dividends.
Any number of the notes may be called for redemption at par and interest
See "Annual Reports.'-V. 99, p. 1453.
at any time after drawing by lot, upon 30 days' notice, unless the holder
-Decrease of Di- shall elect to convert the principal into common stock; but the right to conAmerican Telephone & Telegraph Co.
rectors.
-The stockholders will vote on Mar. 29 on decreasing vert will cease 5 days prior to the date named in said notice for the payment
thereof.
For the last fiscal year the earnings over and above operating expenses
the number of directors.
-V. 100, p. 644, 400.
and fixed charges were $1,499,385, or nearly 12 times the interest require-First M.Bonds Called. ments on the proposed issue of notes. The pref. and com. stock have a
American Tube & Stamping Co.
Ten ($10,000) 5% 1st M. 30
-year gold bonds dated Oct. 1 1902 for pay- value at 'present market quotations of over $16,500,000. Present dividend
-V.98, p. MI. rates, 6% on pref. stock and 7% on common. In the five years ending
ment on Apr. 1 at 105 and int. at Equitable Tr. Co., N. Y.
June 30 1914, the gross income from sale of gas and electricity increased
Anaconda Copper Co.-Output.43%,the number of electric customers increased 145% and electric sales in
se
1915(lbs.-Feb.-1914. (lbs.)Dec'se.1 1915(lbs.)-2 mos.-1914.(lbs.)Dec' . kilowatt hours increased 277%.
15,100.000 21.300,000 6,200,000128,800,000 45,700,000 16,900,000
The stockholders, pref. and corn- of record March 10 1915, will be glven
-V. 100. p. 735.
preference in the allotments to the extent of $100 of notes for every full six
shares of stock held by him (notwithstanding any over-subscription), proAtlantic Refining Co.
Director, &c.-New
are
to Alex.
43. E. Mines of Franklin, Pa.. has been elected a director to succeed S. C. vided their subscriptionsThe mailed issue is Brown & Sons, postmarked not
of
above
17.
Lewis, who retired Dec. 1 1914. An additional vice-presidency having later than March S. Commission and the dependent upon the approval of
authorization of the increase
been created. W. M. Irish, who has been Secretary, was chosen for the the Maryland P.
capital stock by the stockholders.
position and W. D. Anderson was made Secretary.
A motion made by one of the stockholders that the board consider the
New Contract with City of Baltimore for Gas Lighting.advisability of increasing the company's stock from 85,000.000
The company on March 3 offered to reduce its price for gas street lighting
000, as the latter amount would more nearly represent theto $25,000,company's
value as shown in its last financial statement, was voted down because the from 6734 cts. to 65 cts. per 1,000 cu. ft., amounting on 10,420 lamps, using
120,500,000 cu. ft. yearly, to $3,000 per annum.
holder of the majority of proxies stated that he had
[The story of a possible holding company for this and allied local public
in the matter by stockholders whom he represented. not been instructed
Over 1,100 shares utilities is said to be largely gossip[-V. 100, p. 736, 477.
however. were voted in favor of the motion.
-V. 100. p. 558.

Barney & Smith Car Co., Dayton,

Ohio.-Reorg.
The stockholders' committee has asked for deposit of shares with the
Central Trust & Safe Deposit Co., Dayton, on or before March 30. The
reorganization plan, it is expected, will be announced
r
April 1
and submitted to the stockholders for their approval. ono about
-V.99, p. 200.
British-American Tobacco Co.
-Interim

-Earnings.Corn Products Refining Co., New York.

Interest, Rep'rs & Depre- Pref. Div. Balance,
Calendar
Gross
Surplus.
(5%).
Income. Taz.,&c. Replacets. elution.
Year1914
$3,878.696 8591,522 $455.550 $526,450 $1,493,232 $811,942
,
3,665,712 631,089 305,517 444,251 1,500,000 784,855
1913
-V. 99, p. 1217.

Dividend.
An interim dividend of 2le% has been declared on the ordinary shares,
-New Director, &c.Cr.= Carpet Co.
free of British income tax, payable March 31. An interim payment of
Stanley G. Miller has been elected a director to succeed C. L. Baser.
234% was made on Jan. 12. Compare V. 98, p. 1834.-V. 100, p. 52.
becomes General Manager in place of Mr. Easer.-V.
0. B. Fawley
100, p. 558.
General Electric

Co.
Buffalo
-Bonds Offered.
-Lee,
%
Higginson & Co.are offering at 993 and int.$450,000 First
Refunding M.5% gold bonds of 1909, due April 1 1939, but
callable all or part on any interest date at 105 and int.
Interest J. & J. in N. Y. City. Tax-exempt in N. Y.
Outstanding, including bonds now offered, $1.613,000; reserved to retire
$2,375,000 1st M. 5% bonds (closed issue), due Feb. 1 1939, $2,375,000;
outstanding funded debt, $3,988,000. Total auth. issue, $10,000.000.
totalearnings 1913,
Net
$597,389, nearly three times present interest charges;
1914 earnings, it is reported, will show an increase, gross and net. Buffalo's
franchise reported papetual. Capital stock, 83,724,000; dividends. 534%
in 1914.-V. 100, P• 644. 477.




-Bond Interest.
Distillers ffecurities Corporation.

President Kessler on March 3, when questioned as to the recent decline in
onithe
the quotations of the company's securities, said that the Interest than
$14,086,000 5% bonds due April 1, which are intrinsically worth more
earned, and that the funds for the payment_are
ever, has been more than
already in bank.
-V.99, p. 1217.

-Report.
(E. I.) du Pont de Nemours Powder Co.
"
See "Annual Reports ; also advertisements.
New Holding Company to Take over Large Interest.-Pres.
Seward Prosser of the Bankers Trust Co., this city,ton
March 1 announced:

%I A R

6 1915.]

THE CHRONICLE

The Bankers Trust Co. announced to-day the consummation of
ments to purchase a substantial amount of both common and pref.arrangestock of
the E. I. du Pont de Nemours Powder Co., owned by Gen. 7. C. du Pont
(President). The total amount of the transaction is about $14,000.00
0,
and the Bankers Trust Co. is backing a loan to the extent of 38,500,000
,
which it,in turn, will participate to other New York and Philadelphia banks.
It is not contemplated that any change be made in the management of
the company. Gen. du Pont has been President of the corporation
for
many years, but has trusted the active conduct to others, who will continue
to administer the corporation's affairs.
The Bankers Trust loan of $8.500.000. it was said, will be for
at 67 with the privilege of extension for another 18 months.18 months
0.
Pont has accepted in payment for his stocks about $5,800,000 in 5 Gen. du
-year 67
notes. It is generally assumed that Gen. du Pont will receive $8500.000
cash for his stock, the greater part of which is common, and the remainder
in the 5
-year notes.
The purchasers include, It is stated, Pierre S. du Pont, who
been
acting President for some years, owing to the ill-health of Gen. has Pont
du
and others identified with the management. Pierre S. du Pont will, it is
expected, be shortly elected President.
The du Pont Securities Co.
incorporated
take over the stock purchased,was $10.000,00 in Delaware on March 1 to
with
0 authorized stock.
inPierre
Aiu Pont,Irene du 11 o
enter a Polat hillsaalamnp du Pont,
7.
'
32,1, a
431 Pont,
`
Hundred.
Del., and John J. Raskob, Brandywine Hundred, Del.
-V. 100, P. 736.

du Pont Securities Co.
-New Holding Company

.
See (E. I.) du Pont de Nemours Powder Co. above.
-V. 100, P. 736.
Electric Bond & Share Co.
-Report.
-See "Ann. Rep."
Subscription Rights.
-Common and pref. stockholders of
record Mar. 3 will be offered the right to subscribe pro rata
at par to the extent of 20% of their holdings for new stock
of the same class ($1,000,000 each). Further details have
not yet been arranged.
-V. 100, p. 645, 401.
General Asphalt Co. Phila.-New Debentures.
-The
company has sold to Elkins, Morris & Co. Phila., an issue
of $2,000,000 10-year 6% sinking fund gold debenture bonds
'
due 1925, callable, all or part, at par and int. on any interest
date. Denom. $500 and $1,000. Interest A. & 0. Penna.
State tax refunded. Will be offered at par and int.

The proceeds, it is stated, will be used to retire
Asphalt Paving Co.6% debens. due April 1 1916 andthe $862,000 Barber
eral Asphalt Co. 5% debens. due Mar. 1 1916, both ofthe $1,116,900 Genwhich issues will
called for payment at par and int., the former to be paid 4pril 1 1915 be
and
the latter Sept. 1 1915.-V. 98, p. 1605.

Goldfield Consolidated Mines.
-Dividends.
-

A dividend of 10 cents per share has been declared on the $35,491,48
0
stock (par $10). payable April 30 to holders of record March 31.
On Feb. 27 15 cents per share was paid, being the first distribution since
April 30 1914, when 30 cents per share was disbursed. In Oct. 1913
30
cents and 10 cents extra was distributed, in July and Jan. 1913 no payments were made, but on April 30 1913 30 cents was distributed. I.`rom
April 1909 to Oct. 1012 30 cents per share was paid quarterly, with 20 cents
extra Jan. 1910 to April 1912.-V. 100, p. 144.

815

on 60 clays' notice at 103 and int. Total mortgage $10,000,000; issued and authorized, $4,500,000.
Data Furnished by Pres. Alexis W. Thompson, Chicago, Feb. 1 1915.
A lien on all property now or hereafter owned, at present
blast furnaces, open-hearth furnaces, rolling mills and ore consisting of
leases, and
valuable real estate at Indiana Harbor, Ind. and Chicago Heights, Ill.,
a total value of over $16,000,000. not including property to be purchased with the proceeds of these bonds, and subject only to $2,100,000 of
1st M. bonds which mature serially $150,000 per annum to 1928,
pany covenanting not to renew the same. We have completed thethe comtion of the by-product coking plant, with daily capacity of 1,000installatons of
coke, along with gas, tar and ammonia. With the additions and improvements of the last two years, the Indiana Harbor plant has a capacity of about
500,000 tons of steel per annum. The Chicago Heights Works finishing
mill produces about 30.000 tons of steel per annum. Further
only be issued for not over 80%, of the cost of new improveme bonds can
nts or additions (see V. 95, p. 1749; V. 97, 13.
953.)
For the calendar year 1914 the net earnings, after providing for depreciation applicable to bond interest and dividends.
period of five years ending Dec. 31 1914 the net were $1,336,381. For the
earnings
851, nearly four times the interest requirement on the averaged $1,515.entire amount of
bonds outstanding. Compare V. 99. p. 339.
[The
1914 was $9,904,602, against $7,916,342 on June 30 capital stock Dec. 31
1914; inventories Dec.
31 1914, $3,434,438: bills and accounts receivable, $1,020.260
. See V.99,
p. 346. 1302.1-V. 100, p. 645.

International Power Co.
-Appeal.
-

The N. J. Court of Errors and Appeals on
2 denied a
dismiss the appeal of the company from the Marchappointing motion to
order
Wilbur F.
Sadler Jr. of Trenton receiver. The argument of the
appeal was, however, put off for the term.
-V. 100. p. 144.

International Silver Co.
-Earnings.
-

Calendar
Net
YearsEarnings.
1914
$1.041.813
1913
1,203,650
-V.98, p. 1922.

Depredation.
$276.559
308,290

Bond
Preferred
Interest.
Dividends.
$305,362 (7 )5437.073
308.644
(9) 542,574

Balance.
Surplus.
$22,819
44.1_43

Interstate Independent Tel. & Tel. Co. (m.).-Offer.

It is understood that the Bell Telephone
chase this company's securities on the basis ofinterests have offered to pur46
the equipment trust notes and 4 for the stock. for the 1st M.5s and 70 for
-V. 95, p. 179.

Keystone Telephone Co., Philadelphia.

-Earnings.
Calendar
Gross
Net
Interest
Preferred
Balance.
YearEarnings. Earnings. Charges.
Dividends.
1914
$1,321,226 $669,416 $311,900 (6%)8116,221 Surplus.
$241,305
1913
1.265,778
625,572
306.494 (3%) 58.105
260.972
The balance surplus as above In 1914. $241,305, was
follows: Discount on bonds, $8,934; added to renewal appropriated as
reserve, $155,076;
added to surplus. $77,295. Renewal reserve Dec. 31 1914,
$1,305,991;
accumulated surplus, $899,465.-V. 100. P. 736.
313.

Lackawanna Steel Co.
-Notes Offered.
-Kean, Taylor &
Co., Blair & Co. and Robert Winthrop & Co. are offering, by
adv. on another page, at 98 and int., the unsold portion of
their block of $6,000,000 6% Two-Year Gold Notes, dated
March 1 1915 and due March 1 1917, but redeemable, all or
part, at 101% and int. at any time upon six weeks' notice.
((leo. W.) Helme Co.(Snuff Mfrs.), N. Y.
-Earnings.
- Int. M.& S. m N.Y. Denom.$1,000 c*. New York Trust
Calendar
Net
Pfd.Divs, Corn.Dios. Balance,
Total
Co., trustee. Authorized and to be outstanding, $6,000,000.
YearEarnings
(7%).
(12%). Surplus.
Surplus.
1914

Data from Pres. E. A. S. Clarke, N. V. Feb.3 (see also V. 100,
The assets of the company in excess of prior obligations amountP. 735).
to over
$56,000.000. or more than nine times these $6,000,000 notes. This
is
based on figures as of Dec. 311914, after allowing for the retirement
Hercules Powder Co.
debenture bonds due March 1 1915 (on account of which the presentof the
-On 2% Quarterly Basis.A quarterly dividend of 2% has been declared on the $7,150,000 common are issued),and after deducting all liabilities and securities having priornotes
rank
stock, payable March 25 to holders of record March 15. In Dec.
last 335% to this issue of notes. All of our assets are carried at conservative values.
was paid, making with the 1%% each in March, June and
The investments in iron ore properties alone, based on a net price of 25
Sept. 8% In cents
1914. This 8% rate is to be continued in equal 2% quarterly payments.
per ton (which Is low), are estimated to be worth 56,165,000 more than
In Sept. and Dec. 1913 13. % was paid. Compare V.
99, p. 1676.- the book value; valuable patent rights are carried at a nominal value.
V. 100, p. 636.
$12,154,537 Expended for Additions to Properties and Reduction of Funded
Debt from March 1 1910 (Date of Last Financeing) to Dec. 31 1914.
Hercules Powder Co.
-Sale of Bonds.
Additions to Property.
-(a) Nine new open-hearth furnaces, new
See E. I. du Pont de Nemours Powder Co. above.
merchant bar mill (No. 9), and a slake, bolt and nut factory;
and approximately one-half of the expenditures for four addiHomestake Mining Co.
-Earnings.
tional open-hearth furnaces, which would give a total ingot
Calendar
Total
Op. & Gets. Constr.&
capacity of 130,000 tons per month, and various other addiDividends
Balance,
Year.
Income.
Expenses.
Surveys.
tions, $5.790,649; (b) subsidiary companies,$1,024.020
on Stock.
Deficit.
1914---46,308,723 114,518,537 $110,629 (8.8%)82.2
56.814,669
10,208 $530,652 Funded Debt Reduction.
-(a) $4.000,000 debentures purchased,
1913_ _ _ _ 6,319,368
4,181,466
19.387 (8.8%) 2.146,225
including $786,000 acquired or appropriated for since Dec. 31
27,600
Tons of ore milled during 1914. 1,587.774. against
1914. about $3.857,868: (b) $1,482,000 bonds
Total proceeds of bars, 6.160,161, at an average of 1.540,961 in 1913.
panies retired, including $121,000 bonds retired of sub-com1914', against $6,186,652 at an average of $4.0148 in $3.87975 per ton in
since Dec.31. 5 339 568
. .
Of the $12,154,537 so applied, there
1913.-V. 99. p. 1835.
from reserves created out of income thehas been provided from surplus and
Hood Rubber Co., Boston.-Pref. Stock.
-Blake Broth- has been derived from treasury funds.sum of $9.634,778. and the balance
The balance available
ers & Co. recently placed at 108 the final $200,000
the past nine years (1914 for interest charges on this company's bonds for
authorized $2,500,000 of 7% cum. pref. (p. & d.) of the ing $1.250.000
partly estimated) averaged $3,745,544. Deductstock.
prior interest charges
this amount leaves 52,495,544
Dividends Q.
-F._ Now quoted at 110. The bankers report: available for $360.000 interest on thisfrom of notes, equal to almost seven
issue
times the amount required. For the nine years ended
Balance sheet of Dec. 31 1913 showed a surplus of quick
assets
bilities of $2,863,478. Balance sheet for 1914. we understand over lia- $13,519,951 was charged off for depreciation (in addition Dec. 31 1914.
about the same margin. Both earnings and sales have shown, will show charges for upkeep included in operating expenses) and forto the regular
sinking funds
crease, the earnings of 1914 being more than twice the pref. steady in- for bonds and exhaustion of minerals.
dividend requirements after making all charges to depreciation. Has paid
Preliminary Balance Sheet Dec. 31 1914 (Total Each Side
dividends
1190,854.950)•
for over 14 years on its common stock. Net worth of ccmpany on
(Figures Adjusted to Give
Dec. 31
1913 was $5,083,478, without any allowance for good-will while the many Cost of property, real es- Effect as of Above Date to Present Financing.)
Capital stock
$34,769,350
valuable patents and trade-marks are carried at only $1,000. Following
tate, plants, &c
$68,850,076 1st M.(closed) 5s,due'23 15.000.000
this pref. stock is the $2,000,000 common with a present book value
Invest's in ore
6.121.608 1st Cons. M.5s,due 1950 10,000.000
cess of $3.000,000. No bonds or mortgage. Factory located atin ex- Current assetscos., &c
15,504,409 These 6% notes
East
6.000.000
Watertown, Mass. About 4.000 employees. Is now producing about Deferred charges
363,006 Bonds of sub-companies_ *6,198,000
48,000 pairs of rubber footwear per day, besides many Icindred articles. Cash in sinking and other
Current liabilities
3,155.375
The stock sold in 1910 as high as 137%, average for past 7 years 117 low
funds
*14,951 Reserves
and 128 high.
10.127,917
-V. 100, p. 144. 58.
Surplus
5.604.308
Capital stock here includes $34,750,000 common and
Hudson Navigation Co.
$13,350 stock of sub-cos. Since 1900 the stockholders $6.000 pref. and
-Control.
have subscribed for
It was announced on Mar. 2
Stone & Co. Interests 527,250,000 common stock, which was paid for at par in cash.
obtained sufficient proxies of thethat the Hayden. g shares to elect
80,000 outstandin
a majority of the 8 directors at the annual meeting on Jan. 25
*After deducting $121,000 bonds paid Jan. 11915.
because they
with cash from sinking
wished to examine into the company's affairs.
funds, which are gradually retiring the bonds of
sub-companies.
Charles Hayden says that if the boats, piers
First Consol. Mtge. is limited to $35,000,00
other property are in
condition to justify further extension of credit and Mr. Morse
000,000 are reserved to retire 1st M., and 0; of the unissued bonds,$15.to
which the
bankers supplied when the latter took charge, Mr. Morse
the acquisition of land or securities at 70% $5,000,000 may be issued for
of the cost thereof, and $5,ciates will probably again secure the unrestricted managemenand his asso- 000,000 for improvements and
of the
equipment
Mr. Hayden says: "We have a material interest at presenttmore co.
The supply of iron ore and coking and , at rate of $750,000 yearly.
or less sufficient
gas coal owned by the company is
indirectly in the company. We have felt that
for operation at full capacity for
the company's affairs should mills
many years. Its modern steel
receive the most thorough investigati
at Lackawanna near Buffalo,
temporarily placed representatives ofon on all points. We have, therefore, located for economical operation. N. Y.,on the shore of Lake Erie are well
ours on the
Annual capacity: 1,080,000 gross tons
majority of the same for the purpose of carrying board to the extent of a of pig iron; 1,600,000gross
out this investigation in a
tons of
most thorough and complete manner."
1,239.000 gross tons of finished products Bessemer and open-earth ingots;
(rails, structural material, plantes,
When Mr. Morse bought a year ago 20,000 shares of stock the
bars,
firm made ges sheets, bolts, nuts, &c.), and 700,000 not tons of coke. Its two
him a loan to make the purchase. It was
villacontain 581 houses
that
about $500,000, representing $25 a share. understood loan the loan was ings) connects the plant and its 66 miles of terminal railroad (incl. sidWhen the
with practically all railroads entering Buffalo.
matured last
fall Mr. Morse, it is stated, did not pay off,
In addition, directly or through
it
and the bankers decided to
subsidiary companies, owns: (1) At
learn something about the property in case it was found necessary
Lebanon, Pa., 2 blast furnaces
and lease until 1923 of 3 additional blast
over Mr. Morse's interest. Mr. Morse purchased the shares fromto take furnaces, total capacity
dicate, including Hayden, Stone & Co., which, in turn, had acquired a syn- pacity about 360,1)00 net 245.000 tons of pig iron; also 232 coke ovens. cathem,
tons. (2) 1-9 or-capital stock of Cornwall Iron Co.
It was said, from the Assets Realization Co.
1-6 interest in 1,400 acres of
land in and near Lebanon. Pa., and ownsil-6
Harry F. Morse, son of Charles
as Secretary of Cornwall Ore Banks
by Marshall M.Ferguson, who also W. Morse, was succeeded of Nehemiah Interests estimated by Co. and controls voting rights on another 1-6. 3)
became Treasurer in place
engineers at over 50.000.000 tons in ore properties
H. Campbell. Mr. Morse was continued as President, and it is
held in fee or under lease in
said that
Minn.,
there is no plan on foot for his retirement. Mr.Campbell
quarries in Niagara County, N. Mich., Wisc. and N. Y. (4) Limestone
Y. (5) 16.500 acres of bituminous coal
ed as the operating officer of the company by John E. has been succeed- lands in Cambria and
Owsley,
Indiana Counties, Pa. coal estimated at 87,000.000
been made First Vice-President. Mr. Morse now has only three who has tons. (6) 15,000 acres
of coal lands in Washington County, Pa.. estimated
members
on the board, himself, John Englis and James O'Neil.
to contain about 87,500,000 tons
-V'. 100, p. 401.
490
ovens, capacity 318,000 net tons. of Pittsburgh vein coking coal; p. coke
Inland Steel Co., Chicago.
See also last week's "Chron."
-Bonds
-Earnings.
$1,025,922 $280,000 $480.000 $265,922 $1,126,007
1913
1,069,358
280,000
480.000
309.358
860.085
-V. 99. p. 1676.

-The
First Trust & Savings Bank, Chicago, the mortgage trustee,
is placing at 101 and in $1,000,000 6% Extension & Refunding Mortgage bonds of 1912,due July 1 1942 but callable



(P.) Lorillard Co.
-11
-23/ Extra Dividend.
2%

The regular quarterly dividend
together with an extra
of 2%% has been declared on theof 2%%, 0 common stock, bothdividend
$15,155.60
payable
April I to holders of record March 16. In April 1914 5% extra was paid
and in Jan. 1913 24%.
- 98,P. 832,842.
V.
0.-41

816

[Vol.. 100.

THE CHRONICLE

-Bonds Offered-Earnings.
(The) Montana Power Co.
Lee, Higginson & Co., The Guaranty Trust Co. and J. & W.
Seligman & Co. are offering at 91% and int. an additional
$6,000,000 First and Refunding M.5% Sinking Fund Gold
Bonds of 1913, due July 1 1943. A circular shows:

which
These bonds are part of an authorized issue of 575,000,000, of $11,outstanding,
516.000,000 (including the 56.000.000 now offered) are remaining bonds
underlying bonds and the
717.000 are reserved to retire under careful restrictions. See full descripare reserved for additions, &c.,
tion in V. 98, p. 455, 1604.
popuCompany serves with electric light and power the greater part of the
28,500
lation of the State of Montana, including the Butte district. Has
a well-diversified commercial electric-light and
customers, representing
Anapower business. Also has power contracts for operation of Butte, Milconda & Pacific Ry.(now operating), and about 430 miles of Chicago elecline, of which 230 miles are now being
waukee & St. Paul Ry. main
remaintrically equipped and expected to be in operation in Oct. 1915; the
ing 200 miles in 1916.
by the mortgage on a substantial
Power plants and water powers covered
part of which it is a first lien: Hydro-electric plants now in operation,
completed),
101,000 h.p.; hydro-electric plants under construction (75%undeveloped,
120,000 h.p.: 4 steam reserve plants,8,000 h.p.: water powers
reserve, about. 127,000 h.p.; total, 356,000 h.p.
In
1914.
1913.
1912.
Earnings for Calendar Years33.022,964 $3,539.198 $3,778,285
Gross (including other income)
2,048.136 2.421,424 2,639,239
Net (after taxes)
Interest charges (excluding in 1914
904,555 1,063,614
1,252.913
$143.772 charged to construction)
5795.223 51.516.869 51.575,625
over charges
Surplus
Company is paying dividends of 7% on 59.671.800 pref. stock and 2%
-V.100. P. 646.
on $26,831,800 of its common stock.

ment on another page, at 903/i and int., to yieldover 5.70%,
the unsold portion of their block of about $2,000,000 1st M.
5% sinking fund gold bonds of 1910, due Jan. 1 1940. These
bondsarefree of Penn. State tax, and the company pays the
interest without deduction of the normal Federal income tax
of 1%. A circular shows:
The bonds are a first mortgage on a modern hydro-electric plant with a
developed capacity of 112,000 h. p., with a bonded debt of less than $100
per h. p., including transmission lines. Cost of property approximately
$16,000,000, or over 146 times outstanding bond issue 410,427,000).
Following the bonds is $8,495,000 stock, which is paying dividends of 4%•
The plant is located at a point less than 20 miles from the tidewater of
Chesapeake Bay and within a 75-mile radius of Baltimore, Md., Wilmington, Del., and Philadelphia, York, Lancaster and Chester, Pa. Supplies
The United Railways & Electric Co. and the Consolidated Gas, Electric
Light & Power Co. of Baltimore with the major portion of the electric current used in the city of Baltimore and vicinity for all purposes, including
light and transportation. Also has a contract with the Edison Co. of Lancaster, Pa., under which it supplies that city and vicinity with practically
all its electrical requirements.
Earningsfor Cal. Years 1912 and 1914 (1913 gross. $826,815 net $709.767).
1912.
1914.
1914.
1912.
Gross earnings-- _5902.033 5721.8831Int. paid on bonds5443,575 $384,139
Net, after taxes__ 748,212 619,908 Balance over int__ 304,637 235.769
Compare V. 99. p. 1836. and annual report in V. 100. p. 554.

Porto Rican American Tobacco Co., New York.
-New
-The stockholders will vote March 25 on increasing
Stock.
the authorized capital stock from $2,000,000 to $5,000,000,
all of one class. Of the new stock $1,299,000 is to be issued
$
immediately to take up, fort$, the outstanding scrip issued in
-Debenture Notes lieu of cash dividends,includinedistributionof March 4 1915.
Mills, Inc.
Mount Vernon-Woodberry
,
addressed to the Mercantile Trust &
-Status.-In a letter
Digest of Circular from President L. Toro, Feb. 27 1915.
On disintegration of the tobacco companies Dec. 11 1911. your company
Baltimore with respect to their purchase of
Deposit Co. of
had inadequate manufacturing facilities and insufficient working capital.
-year 6% debenture notes dated Short-term 5% gold notes. aggregating $1,000.000, were Issued, payable at
the issue of $2,500,000 3
1918, but redeemable at any intervals, to provide for its then outstanding indebtedness, leaving working
Feb. 2 1915, maturing Feb. 2
550,000. Out of the earnings the last installment of these
interest date on 60 days' notice at 1023/z, Pres. George Cator capital of aboutFeb. 1 1915.
notes was paid
The company has increased its manufacturing facilities. It now has on
as of Feb. 2 wrote in substance:
tobacco. During the last half
This Maryland corporation now controls and Is formed to take over the
property of the Mount Vernon-Woodberry Cotton Duck Co.. believed to
be the largest manufacturer of duck and similar fabrics in the world. Only.
the actual taking over of the property remains, which, in view of the large
and upon
number of securities held, we believe to be practically formal, the above
completion of the reorganization the new company will own all of
properties free from all liens or mortgages of any kind, except certain
ground rents of $3,200 loer annum.
No.Spindks.
Properties (Total Spindles, 179,300)-7 mills, all in operation, in neighborhood of Mt.
Maryland Group
79,340
Vernon and Woodbeery, near Baltimore
Washington, Mt.
30,348
Columbia Mills, at Columbia. S. C
69,612
Tallassee Mills, at Tallassee. Ala
are now insured for $6,312.900. Over
The buildings and machinery
years or so.
21,000.000 has been spent on new machinery in the past three Baltimore,
in and about
The company owns over 8.500 acres of real estate over 1,000 dwellings for
C., and
Md., Tallassee, Ala., and Columbia, S.
&c.)
operatives and others located therein. The current assets (cotton, the
will suffice
exceed current liabilities by about $400,000, whichacquired. to adjust
small amount of securities and claims still to be
for
Saks and Profits (1) 14 Years 1900 to 1913; (2) Average and Maximum
Said 14 Years: (3) Calendar Year 1913.
Year 1913.
Maximum.
Average.
'00-'13.
14Yrs.
$94,569,969 $6,754,997 abs.$7,725,000 $7,334,241
Total sales
505,949
7,083.287
Total profits
Capitalization of Mount Vernon-Woodberry Mills, Inc. (New Co.)
Capital stock (58,0(0.000 is pref.) to replace all previous bond513,600,000
issues, liens, claims, &c
2,500.000
These debenture notes issued to furnish ample working capital
the securities and debts
The above stock issues were provided to acquire owns approximately all
former company. The new company now
of the
of the underlying claims. 52,000.000; 94% of the $8,000,000 1st M. bonds:
95% of the $6,000,000 income bonds, and every other liability, and the
reorganization committee also hold about 98% of the old stock, pending
formal transfer of the property. The note will furnish the company with
ample working capital, relieving it of the expense of obtaining capital
through factors in the usual way.
No mortgage can be made while the notes are outstanding, and unless
the excess of quick assets over current liabilities (not including this note
Issue) are maintained at not less than 51.250.000, the notes may be declared
due and payable. The properties have been appraised by experts and we
consider that these notes have back of them property worth at least three
-V. 100. p• 737, 646.
times the total issue.

-Earns.
Narragansett Elec. Lighting Co., Providence.

Bond,&c., Deprecia- Dividends. Balance,
Net
Gross
Calendar
Year- Earnings. Earnings. Interest. ation,&c. (8%). Surplus.
51,670,654 $715,879 $55,456 5166,266 5480,000 514,157
1914
36,902
360,000
159,988
55,383
612,273
1.494,554
1913
-V.98. p. 1396.

-Decreased Earnings.
National Biscuit Co., N. Y.
-V. 100. P• 737.
See "Annual Reports" above.

-Div. Reduced.
Nevada Consolidated Copper Co.

A quarterly dividend of 25 cts. a share(5%) has been declared on the $9,996,970 stock, the greater part of which is owned by the Utah Copper Co.
In Dec. 1914 37;i cents (73.6%) was paid, but in Sept. no distribution was
made. From Dec. 1909 to June 1914 3754 cents (7M %) was paid quar-V. 100. p. 559.
terly and in Dec. 1912 and 1913 50 cents (10%) extra.

of 1914 it had in
hand 18 months' supply of
operation in Porto Rico ten cigar factories and two cigarette factories. Notwithstanding the five months' strike that year and the war conditions, the
output of cigars was 8,000,000 more than in 1913. As a consequence of the
strike the company has fortified itself by establishing a factory at Perth
Amboy, N. J., which is now in operation. For the two months of the
present year the business has been practically the same as for Jan. and Feb.
1914. The prospects for the further enlargement of the business are
believed to be especially good.
Your directors decided in Nov. 1912 to cease paying dividends in cash
and pay in scrip, in order that its cash earnings might be reserved for workcare
ing capital, thus enabling us to takethis of its increasing business and pay
policy, scrip dividends have been
off the gold notes. As a result of
issued (including a dividend of 5%, payable March 4 1915) aggregating
51,299.000, all of which bears interest at 6% per annum, and some of
which falls due in Dec. 1915.
To retire the outstanding scrip the policy of the management is to increase the authorized capital stock from $2,000,000 to $5,000,000 and to
immediately issue only so much of the stock at par as will be necessary to
retire the scrip at par. See V. 99, p. 464.

Producers' Transportation Co., Bakersfield, Cal.
-

Net
Bonds,&c., DepreGross
Balance,
Calendar
Interest. laden.
Earnings. Earnings.
Surplus.
Year52,474.711 $2,017.446 5118.392 $487,624 $1 411 430
1914
158,028 450.400
1,899,574
2,380,050
7
1:291,14
1915
Dividends at the rate of6% yearly on the 57.000,000 stock call for $420,000. The total receipts of oil in 1914 from all producing districts was
-V.99, p. 1218.
$14,878,645 net barrels.

-Dividend Omitted.
• Public Securities Co., Chicago.

The usual semi-annual dividend paid in Jan. on the 1st pref. 7% cumu-yearly distributions of 33%
lative stock was omitted last month. Half
were made from July 1910 to July 1914, inclusive. There is 51,912,100
-V.91, p. 42.
pref. and $1.500.000 common stock outstanding.

-Earnings for Cal. Year.
Pure Oil Co., Philadelphia.

1912.
1913.
1914.
1911.
$733,307
Net earnings Pure Oil Co. 5164.542 51,275.481 51.189,466
911.155
489,136
*573,145
do propor'n other cos. 1,598,604
Total net earnings----$1,763,146 $2,186,636 51.678.602 $1,306,452
* From accumulated surpluses of properties disposed of. V. 93, p. 1389.
Balance Sheet Dec. 31 (Totals 511,119.070 and $11,344,712, respectively).
Liabilities- 1914
1913.
1914.
AssetsInv.(less dep.)35,379,013 36,750,595 Corn. stock_ _34,535,245 $4,632,i45
197,000
481.700
Working funds 1,344,684 1,063,452 Pref. stock _ _ _
682:4
6 845
418842
93 9
642.965 Accts. payable 5.5080 5,90 : 3
Bills receiv'le- 2,251,157
197.500
483,407 Bills payablei) 197,645
Res.to red.xf
Surplus
Ats
and cash__ 1,946,571 2,404,293
of
The assets - controlled companies over their liabilities were $1,556.147
In 1914, against $836,640 in 1913.
The usual quarterly payments on the common stock were omitted in
19M.
Sept. and Dec. 1914 and March 1915.5% having been distributed in 15arch
and June 1914. V. 99, p. 542.
Dividend Record of Common Stock (Per Cent).
1914.
1906101909. 1910. 1911. 1912. 1913.
20
5, 5. 0. 0 0,
123
83‘
8 yearly.
73
--. --V. 99. p. 987.

-Dividends Resumed.
QuincylMining Co.

-Dividend Again Reduced.
New York Transit Co.
A dividend of $1 a share (4%) has been declared on the $2,750,000 stock.
A quarterly dividend of $4 has been declared on the 55,000,000 stock payable March 29 to holders of record March 6, comparing with 50 cents
(par 2100), payable April 15 to holders of record Mar. 15, comparing with (2%) on Dec. 21 last, that being the first distribution since Sept. 29 1913.
and $10
$5 disbursed on Jan. 15 last, $6 in Oct. 1914. 58 in July 1914statement when $1 (4%) was paid.
quarterly from April 1912 to April 1914, both incl. An official
Annual Dividend Record (Per Cent) Since 1899.
says: t"The directors are not yet able to determine what effect a recent '00. '01. '02. '03. '04.'05. '06. '07.'08. '09. '10. '11. '12. '13. '14.
adjustment of the transportation rates will have upon the earnings of the 36 36 28 22 20 24 50 54 18 16 20 16 20 15 2 1915.
mar..4
company and have thought it best to reduce the amount of this dividend
Compare V. 97, p. 1667, 669.-V. 99. p. 1601.
-V. 100, p. 479.
from that paid in January last."
-Consolidated Earns.
Northern California Power Co.,

Other Bond. &c., AdjustNet
Gross
Calendar
Earnings. Earnings. Income. Interest. m'ts,&c.
Year59,956
5771,187 2423,728 57.654 5363,999
1914
351.586 Cr.23,061
6,077
473.430
824,495
1913
-V. 99. P. 1915
.

Balance,
Surplus.
$57,427
150,982

-Decision.
Oro Electric Corporation, San Francisco.

-V. 100, p. 58.
See Western States Gas•& Electric Co. below.

-Earnings.
Osceola Consolidated Mining Co., Boston.
Deduc-

Railway Steel Spring Co.
-Earnings.

Gross
Calendar
Net, after
Interest, Pfd. Divs.
YearEarnings. Deprec.,&c. Charges.
(7%)
1914
54.351.465
$713.285 $338,831 $945.000
1913...
7,688,185
1,472,093
350,433
1.45.000
-V. 98, p. 1004

Sears, Roebuck & Co.-Sales.-1915-Februarv--1914.
39,601,899
$8,953,931
-V. 100. v. 738. 479.

Balance,
0
S 7 4.
e $ urer6

Increased 1915-2 months-1914.
7.24%1317.509,238 $16,698,502

176.660

Increase.
4.85%

Net
Dividends
Gross
Balance,
Calendar
Standard Oil of Indiana.-Balnace Sheet Dec. 31.Paid.
Sur. or Def
Earnings. Earnings. lions.
Year1914.
1913.
1914.
31.967,725 $542,520 5189,934 (3%)$288,450 sur$64 136
1914
Assets$
87,370 (73.5)721.125 def339.1 8
1,774,811 469,337
5
1913
Real estate_
00.
0 ,0
19 3 00
stock-30.000,000
Deductions in 1914 include smelting, freight, &c.. 5167,733 construc- Pers'i prop'ty- 3,485,350 3,171,339 Capitalprofits 14,394.666 30,
15.303,742
3,299,800 2,832,295 Undiv.
tion. $21,109, and interest, $1,091, against $87.370 for construction in Construction -18.565,466 15,694,788 Acc'ts payable 2,591,932 3,886,343
1913.-V. 98, p. 1541.
Merchandise _12,010,813 13.547.905
6.
0,9
Total
P. 4 3 86.598 49.190,085
-- Cash
488,749
-Earnings.
1,944,083
Pacific (Bell) Telephone & Telegraph Co. Div.
Interest,
Pref.
Total Net
Balance, Acc'ts reedy.. 7,681,086 13,455,009 -V. 100,
Total
Calendar
Rents,&c.
Revenue.
(6%).
Surplus.
Earnings.
-Board Increased.
rearSterling Gum Co., New York.
318,984,196 $4,825,433 $2.565,258 $1,920,000 $340,175
Hill, Presi1914
been increased
The
2,177,332
4.433,921
1.920.000 336589 dent board of directors havingCo., and A. L.to 9,Percival S.
19,593,535
1913
Sylvester, President of the
of the American Tobacco
items of total net revenue, interest,
&c..
The comparisons of the
item of rents was deducted prior to 1914 American Cigar Co., have been elected directors.
rents,
are somewhat incorrect, as the
-V. 99, p. 1915.
F. L. E. Gauss was elected a director to succeed Leo MichaeLs.
before arriving at the net revenue.
Earnings for Period ending Dec. 31 1914.
Power Co.
-Bonds Offered.
- The sales for the 84 months ending Dec. 31 1914 in the United States
Pennsylvania Water &
Kissel, Kinnicutt & Co. N. Y. are offering, by advertise- and Canada were 5744,081, deficit from operations being about 5127,000.




THE CHRONICLE

MAR. 61915.]

President Canning says that the net loss is only an apparent one, as it was
more than covered by the expense incurred in building the business and
new brand values, the fruits of which were naturally not yet reflected in
the balance sheet.
-V.99, p. 1134.

817

Weyman-Bruton Co.(of N. J.), Jersey City.
-Earnings.

Calendar
Net
Pref.Divs. Balance,
Total
Common
YearEarnings.
Surplus. Surplus.
(7%).
Dividends.
1914
$1,198,923 (10%)$4S0.000 $280,000 5438,923 $429,072
390.149
1,229,478 (10
529,478
280,000
Tobacco Products Corp. (of Va.), New York.
-Earns. 1913 was also paid in Jan. 1 ) 420,000 dividend of 10% in scrip on the
There
15 an extra
Calendar
Total
Balance,
Net
Pref. Divs.
Other
common stock,
Year- Earnings.
Surplus. -V. 100, p. calling for $400,000, against 20% ($800,000) in Jan. 1914.
Surplus.
Income.
(7%).
404.
1914
$316,808
$719,885
$725,471
$560,000
$151.337
1913
403,077
403,077
748,031
700.000
Increase Stock.
355,046
-The stockholders voted March 2 to in"Other income" as above in 1914 ($151,337) consists of profit on 10,000 crease
the authorized stock from $4,000,000 each of common
shares of preferred stock purchased and retired against profit on $20,000
pref. stock retired in 1913. $214.277. and $140,769 premiums on stock and 7% non-cum. pref. to $6,000,000 of each class. None of
subscriptions.
-V. 99. p. 1916.
the new stock will be issued at

present.

Totokett Manufacturing Co.
-Bonds Called.

Digest of Statement by Pres. J. Peterson, New York, Feb. 10 1915.
Your company was organized Dec. 11 1911 with inadequate manufacTwenty-eight ($14,000) 1st M. 5% bonds, dated March 15 1909, have
been drawn for redemption on March 15 at par and interest at the U. S. turing facilities. These in the main have since been supplied. Further.
the fire risk, due to the lack of necessary buildings, has now been practically
Trust Co.,
eliminated by creating separate manufacturing units. Stock and new warehouses have been built, which furnish storage capacity for about 50% of the
Union Switch & Signal Co.
- stock of leaf.
-Earns. for Cal. Years.
The balance of the stock of leaf is still carried in public wareCalendar
Balance,
Depreci- Pref.Divs. Corn.Divs.
Net
YearSurplus. houses, and on this the insurance rate is very high, our brands requiring the
Income. ation,&c. (12%). (12%).
tobacco to be aged.
1914
$1,016,524 $183,176 $60,000 $688,960 $ 84,388
The growth of the business necessitates additional capital, from time to
1913
538,934 1,019.074
1,763,995
60,000
145,987
There was also paid a dividend of 33 1-3% in common stock on April 20 time. This will have to be supplied from earnings unless it is furnished by
increasing the capital stock. A part of the earnings has been used for the
1914 on both common and pref. stocks.
-V.99, p. 275.
purposes Just mentioned and also for the acquisition of necessary additional
stock of raw material, and the result is the company has issued scrip dividUnited States Light & Heating Co.
-Deposits.
-The stockholders' protective committee, Walston H. Brown, Chairman, dends aggregating $1,200,000.
It is not the present purpose to issue any of the new stock before Dec. 1
announces that after March 6 no further deposits will be received except
1915,and then
upon the payment of a penalty of 1% on the par value of the common stock capitalization not to issue new stock in excess of 10% or 15% of the present
and to use the proceeds to retire outstanding scrip.
-V.100.
and 2% on the pref. stock. Guaranty Trust Co., depositary; Guy M.Walp. 404.
ker, Counsel.
-V. 100, p. 404.

United States Steel Corp.
-10
-60-Year 5% S. F. Bonds
-The company will redeem through the sinking fund
Called.
$1,603,000 of its 10
-60-year 5% sinking fund coupon
gold bonds, issued under indenture dated April 1 1903, on
May 1 at no and int. at the office of J. P. Morgan & Co.,
N. Y. Last year $1,501,000 bonds were drawn. The first
redemption of bonds ($293,000) took place on Nov. 1 1913.
Compare V. 97, p. 670.-V. 100, p. 404, 394.
Vulcan Detinning Co., N. Y.
-Annual Report.
-

Earnings for Three and Twelve Months Ending
Total
Other
Inven3 mos. end.
Costs and
Sales. Income. levies.
Dec. 31Gen.
$173,069 $144 -534,325 $180,986
1914
Exp.
371
207.991
1913
+6.272
265,969
12 months
$775,691 $913
+58,997 $859,541
1914
740,254
1913
710
+36,801
991.335
-V. 99, p. 1456.

Dec. 31.
Adjust- Balance,
ments. Deficit.
$6,779 548,877
51,335

Youngstown (0.) Sheet & Tube Co.
-Increase of Stock.

The stockholders will vote on April 6 on increasing the authorized pref.
stock from $5.000,000 to $10,000.000.
The proceeds of the stock will be used to erect finishing mills with s
monthly capacity of 25.000 tons and a battery of 200 by-product coke ovens.
Work upon the coke ovens will, it is stated, begin within sixty days. They
will cost $3,000.000 and have a daily capacity of 2,200 tons.
-V.98.p. 1172.

Yukon Gold Co., New York.
-Earnings.
-

Operating Royalties Amorti- Int.,&c., Dividends Balance,
Calendar
Paid.
Gain,
zation. Charges.
Year(6%). Surplus.
$2,313,126 5489,169 5534,073 $161.577 $1,050.000 $78.307
1914
2,583,837 787.278 520,886 145,373 1,050,000 80,300
1913
-V.98. P. 760.
CURRENTNOTICE.

The firm of Huhn, Edey & Co. was dissolved on March 1st, George A.
$7,029 $80,969 HuhnJr.becoming a member of George A.Huhn & Sons.Philadelphia, of
213,570 which his father is senior member. Harry B. Hollins Jr., son of H. B.
Hollins, of the former firm of that name, has also been admitted to partWalpole (Mass.) Tire & Rubber Co.
-Sale.
-The re- nership in George A. Huhn & Sons, which has this week opened a New
ceivers'adjourned saleis advertised for March 10 at Walpole. York office at 111 Broadway. The Philadelphia firm of George A. Huhn
New Plan.
-The stockholders' protective committees have & Son is one of the oldest and best known of the Philadelphia members of
the New York Stock Exchange. having been identified in the past with the
united on a new plan dated Feb. 25 1915.
-Dolan interests, the Pennsylvania and
New Capitalization (new common and pref. shares to have same voting operations of the Widener-Elkins
power): (a) $500.000 let M.6% 10
-year bonds. (b) $1,500,000 non-cum. Reading railroads, and Pittsburgh steel interests.
7% pref. stock (par $100). (c) $1,000,000 common stock (par $50)•
Parmelee & Co., specialists in local public utility companies, have
Terms of Exchange, &c., Offered Holders of Existing Stock (par $100).
issued a descriptive bond circular on the Consolidated Gas Co. and its
Plan 1.
Amount Pay
And Receive
subsidiaries for free distribution upon request. The firm have in preparaFor each
About. Cash 1st M.6%.
New Pref.
Common.
$200 pref_-$1,500,000 5106 550-5375,000 5200-51,500,000 550-5375,000 tion special circulars upon the bond issues of the New York Railways, Third
$100 com__ 1,200,000
6;i
50- 600,000 Avenue Ry.,Brooklyn Rapid Transit, Kings County Electric Light & Power
Plan 2.
and Brooklyn Union Gas Co., in which they specialize. Offerings and quo$200 pref -_$1,500,000 350
5200-$1,500,000
Also if subscribing
50 $50-$375,000
550-5375.000 tations on any of these issues will be furnished.
Subscriptions accompanied by funds should be sent at once to the Fed-C. E. Denison & Co., Boston and Cleveland, are offering for investeral Trust Co., depository, 85 Devonshire 8t., Boston.
Stockholders who have subscribed to the Metzler plan of March 11 1914 ment $280,000 City of Dallas. Texas, 43i% gold school bonds dated
or the stockholders' committee's plan of April 6 1914, if assenting to the Nov. 1 1914, at a price to yield 4.30%. The bonds are legal investments
present proposal will have their deposits at State Street Trust Co. and for New York, Connecticut, Rhode Island and New Hampshire savings
Federal Trust Co..respectively,appheclto the present plan and adjustments banks, and for Massachusetts, New York and Connecticut insurance
will be made accordingly.
If all the pref. stockholders purchase their pro rata allotment of bonds companies, as well as eligible as security for postal savings deposits. Full
there would be raised $375,000. which, together with the total assessments, descriptive circular will be mailed upon application.
will furnish the committee with about $825,000, without expense of under"The Present and Future of American Business" is the name of a
This amount together with the remaining $125.000 bonds,
writing.
should be ample to purchase the property and provide working capital. Pamphlet compiled and published by Harris, Winthrop & Co.. 15 Wall St..
Fayette S. Curtis, John H. MacAlman, Andrew G. Webster, Alfred W. New York. The bankers have canvassed a thousand representative men
Anthony, Clare H. Draper, Michael .T. Houlihan, Edward L. Belding and of affairs in all sections
of the country, and the set of questions submitted
Charles H. Keith from the two committees will act as a unit in attempting
to acquire the property. either by negotiations with the creditors or at the to them has elicited an interesting body of opinion on present and future
receivers' sale. and if successful in this will together select a board of di- business. Free copy will be mailed on inquiry to Harris, Winthrop & Co.
rectors and a management for the successor company.
-Beginning with March 1 the business of W. W. Kneath & Co., Inc.,
Earnings and Net Profits for Six Months ending Dec. 31 1914.
of Rochester, dealers in investment securities, is continued under the
Net earnings from sales (gross sales, 5720.777; less (a) returns and
allowances, $11,137: (b) cost of goods sold. $500,368; (c) selling
name of Converse, Hough & Co., Inc. Spencer Trask & Co. are the New
expense. $50,749; (d) general expense. $24,513;_ (e) discount on
York correspondents of Converse, Hough & Co., Inc., of which Howard
sales, $23,127; (f) interest and discount, $4,793)
$115,675 Converse is President,
Watidn W. Kneath, Vice-President, and David M.
Add net profit of Walpole Rubber Co., Ltd., for the 6 months_
14,809 Rough,
Secretary-Treasurer.
Walpole Shoe Supply Co. for the 6 months
Net profit of
1.218
- our advertising columns to-day. Kean, Taylor & Co., Blair & Co.
In
-year
Total earnings and net profit for the half
$131,702
This statement does not include allowances made to receivers and and Robert Winthrop & Co. of New York are jointly advertising $6,000,000
Lackawanna Steel Co. 6% two-year notes at 98 and accrued interest.
counsel.
-V. 100, p. 314.
Descriptive circular on application. See to-day's advertisement for
-Earnings for Calendar Years,
Washington Oil Co.
general particulars.
Calendar
Balance, Previous
Dividends
Net
Total
YearDeficit. Surplus. Surplus.
Paid.
Profits.
-To yield 6.40%, Potter, Choate & Prentice, 55 Wall St.. this city, are
1914
$18,594 (30% )$30,000 $11,406 $48,183 $36.777 advertising
and offering the unsold balance of $7,000,000 Montreal Tram1913
68,363 (80%) 80,000
11,637
59,820
48.183
The balance sheet as of Dec. 31 1 14 shows cash, $22,998: stock of other ways & Power Co., Ltd., 2
-year 6% collateral trust notes; price 993i, and
companies, $12,648; accounts receivable, $9,712: total assets, $141.948; interest. See to-day's advertisement in
our advertising department.
capital stock. $100,000; accounts payable, $5,171.-V. 99. p. 1604.
On the 1st inst.
Gay, a
West St. Louis Water & Light Co.(St. Louis County, Exchange, and Percy Charles R. entered member of the New York Stock
R. Goepel
into a co-partnership to conduct
Mo.).-Bonds Offered.-Shapker, Anderson & Co. Chiengo, a general brokerage and investment business in stocks and bonds under the
firm name of Gay & Goepel, with offices at 42
are offering at 93 and int. yielding 53
$200,000 of the
Broadway.
present total issue of $1,200,000 1st M. 5% gold bonds of
-William B. Ward and Paul M.Serdobin have formed a new partnership
at 60 Broadway, this city, to deal in investment securities. Mr. Ward
1908, due Aug. 1 1928, but callable at 105 and int.
Organized in 1902. Owns power and pumping plant on Missouri River was recently a traveling representative for the National City Bank and
Mr. Serdobin has been a street broker for many
and about 230 miles of pipe; also uses 105 miles of municipally and privately
yearsowned pipe. This serves Webster Groves,
irerguson, UniKissel, Kinnicutt & Co., 14 Wall St., this city, are advertising for inversity City, Maplewood, &c., estimated population 80,000. Real and
Kirkwood.
personal property appraised, less depreciation, at $1,734,815, not incl. vestment in this issue $2,000,000 Pennsylvania Water & Power Co. first
going value. Earnings for 6 mos. ending Oct. 31 1914, gross, $117.730: mortgage 5% bonds, due 1940. at 90% and interest, yielding 5.70%•
net, $72,655. Capital stock out. pref., $300,000; common, $1,000,000. Circular mailed on request.
-v. 78. p. 1558.
-Stone & Webster, Boston,
their manna!
Western States Gas & Electric Co.
-Favorable Decision. for 1915 of "Electric Railway,New York, &c., have issued Water-Power
Electric Lighting. Gas and
The Supreme Court of California has affirmed the order of the California
RR. Comm. refusing the Oro Electric Corporation a permit to do business Companies" under the Stone & Webster management.
in Stockton in competition with the Western States Gas & Electric Co.,
-Mordecai B. Greasitt, F. Henry Barclay and Guy H. Reese, who have
thus upholding the authority of the Commission to prevent destructive been connected
with Townsend Scott & Son of Baltimore for many years,
competition in public utility business. The Oro Electric Corp. over a year
ago secured a franchise to furnish light and power in Stockton, and applied have been admitted to partnership in the firm.
the Commission for permission to begin business in that city, but the
to
-Parkinson & Burr, 7 Wall Street, announced on the 1st inst. that
Commission, both at the hearing and at a re-hearing, held that as Stockton
was already being served adequately at reasonable rates by the Western Antonio Lazo has become associated with the firm,in charge of its public
company,it would not permit a competing company to enter the field. utility bond department.
States
The decision sustains the Commission on all points, and is considered imKean,Taylor & Co.,30 Pine St., this city, will move to the second floor
portant in that it establishes the right of a Commission to put into effect the
the Hanover Bank;Building,5Nassau St.,when alterationsare completed.
rule of regulated monopoly in public utility service. The Court reverses of
-A. D. Converse & Co.. 49 Wall St., announced on the 1st inst. that
its opinion of April 19 1914. Compare Oro Elec. Corp. Item, V. 98,
Benjamin Dobson had become manager of their sales department.
p. 1541.-V. 100. p. 59.




6

4%,

THE CHRONICLE

818

[voL. 100.

Seines and Documents.
THE PENNSYLVANIA RAILROAD COMPANY
SIXTY-EIGHTH ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1914.
INCOME STATEMENT.
General Office, Broad Street Station,
Business conditions on your lines, as well as on other
Philadelphia, Pa., February 24th 1915.
The Board of Directors herewith submit to the Stock- railroads, were unsatisfactory in the year 1914. The total
a decrease of 8.69
holders of the Pennsylvania Railroad Company a synopsis operating revenues showin the freight and per cent, compared with 1913, chiefly
passenger traffic,
of their Annual Report for the year 1914:
unfavorable commercial and financial conarising from
the last five months of the year were
ditions, which in
CONDENSED INCOME STATEMENT.
Railway operating revenues
$181,184,822 32 accentuated by the European War. The gross revenues
Railway operating expenses
138,616,672 07 and expenses include, since July 1 1914, the operations of the
Net revenue from railway operations
S42.568,150 25 Northern Central Lines under the lease to your Company,
Railway tax accruals
and they also include, in accordance with the revised Classi$7,461,892 52
Uncollectible railway revenues
11,313 24
7.473.205 76 fication of Operating Revenues and Expenses of the InterState Commerce Commission, effective since July 1 1914
$35,094,944 49 the results from Auxiliary Operations, for which separate
Railway operating income
Non-operating income—
accounting was previously required.
Income from securities, accounts and
sinking and other reserve funds
$14.341,800 65
Express Revenue shows a decrease due to a reduction in
Rent income, &c
2,355.478 28
16,697,278 93 express rates, and by reason of the operation of the Parcel
Post. This will require some equitable adjustment of the
S51.792,223 42
Gross income
17,701,458 60 contract with the Express Company, and offsets to some
Deductions from gross income
extent the increase in Mail Revenue.
$34,090,764 82
Net income
Mail Revenue increased as a result of the quadrennial
Disposition of net ineome—
weighing, effective July 1 1913. The manifest unfairness
Income applied to sinking and other
$1,785,242 65
reserve funds
of weighing the mails, including the growing parcel post,
29,952,186 00
Dividend of six per cent
only once in four years deprives the Company ofrevenue for
Income appropriated for road and equip2.230.335 64
ment,improvements, &c
33,967,76429 theincreased weights carried each year and should be remedied
by an annual weighing and an annual adjustment of pay.
$123,000 53
Balance transferred to Credit of Profit and Loss
The total Operating Expenses decreased 8.67 per cent,
chiefly
of
Operating results of Pennsylvania Railroad Company and revenuethrough enforced economies required by the loss in
and traffic. These were effected by a reduction
Northern Central Railway Company for the year ended the use of materials and supplies, in the working forces of
December 31st 1914, compared with the year 1913.
all departments,
mileage, and by
The lease of the Northern Central Railway having become deferring other and in train and car view at all times
effective, the revenues and expenses from the operation of its the preservationexpenses, but having in tracks, equipment
of the safety
lines are included in the above Income Statement from and facilities. The increases inof your of
wages
enginemen, fireJuly 1st 1914.
men, conductors and trainmen,
For the purpose of proper comparison, the statement awards and other consequent under the Wage Arbitration
wage
below shows the combined operations of your lines and of the expense of complying with legislative adjustments and the
enactments, prevented
Northern Central Railway lines for the entire year 1914, still further savings in expenses.
compared with similar operations for 1913.
Railway Operating Income shows a decrease of $3,Comparison with 1913.
Increase (±), or 087,538 68, compared with the results of the lines operated
Decrease (—). by your Company in 1913, but if the figures for 1913 used
1914.
1914.
$187,251,851 22 —$17,828,261 23
Railway operating revenues
144,292,242 91 —13,705,175 10 in comparison had also included the operations of the
Railway operating expenses
Northern Central Railway for that year, the Railway OperNet revenue from railway operations_ -- $42,959,608 31 —$4,123,086 13 ating Income for both Companies would have shown an
—$151,330 42
Railway tax accruals__37,689,523 47
aggregate decrease of $3,983,068 95.
Uncollectible railway
+$11,313 24
revenues
11.313 24
The Net Income for 1914 was $34,090,764 82, a decrease
—$140,017 18 of $7,830,067 97, compared with the previous year: from
7.700,836 71
which appropriations were made to Sinking and Other
Railway operating income
$35,258,771 60 —$3,983,068 95
Reserve Funds; certain necessary additions and betterments
were provided; cash dividends amounting to six per cent
CONDENSED GENERAL BALANCE SHEET,
were paid on your Capital Stock; and $123,000 53 was
DECEMBER 31ST 1914.
credited to Profit and Loss account. The latter account
ASSETS.
Investments—
has also been credited with $5,669,379, the par value of the
Investment in road and equipment
$481,553,513 69
Northern Central Railway Company stock received as a
Improvements on leased railway property since June 30th
16,294.103 39 40% dividend and the cash dividends accrued thereon since
1907
Sinking funds
2,309,427 30
dividend of 10%,amounting
Miscellaneous physical property
2,026,833 23 January 1st 1911; the extra cash
Securities owned and advances to affiliated companies
350,493,097 97 to $1,057,720, received on your stock holdings in that ComCurrent assets
67,599,784 56 pany; also the proceeds received from the Manor Real
Deferred assets including insurance and other funds
28.962,923 19
Unadjusted debits
2.223,373 63 Estate & Trust Company, which is owned by your Company,
resulting from the sale, to the Susquehanna Coal Company
5951.463.056 96
of coal lands formerly leased to the Mineral Railroad.&
LIABILITIES.
.
8
Capital Stock
8499,203,600 00 Mining Company, amounting to $670,368 9 and with
7.254,247 63
Premium realized on Capital Stock from January 1st 1909and sundry credits. Against
236,951.642 73 profits from sales of securities
Bonded debt and other obligations
35,743,697 79 this account has been charged $3,186,031 38, representing
Current liabilities
187,774 13 construction and real estate expenditures on long term leased
Deferred liabilities
Unadjusted credits including accrued taxes and deprecia29,221,093 63 lines, especially the United New Jersey Railroad & Canal
tion reserves
Corporate surplus—
Company and Harrisburg Portsmouth Mt. Joy & Lancaster
Additions to property through income and surplus since
73,184,541 87 Railroad Company, the.net income of your Company not
June 30th 1907
32,426,820 49 being sufficient to provide the same; advances to Branch
Miscellaneous fund reserves
5,412.283 22
Sinking fund reserves, &c
.
31.877,355 47 Lines for similar purposes, which were unable to meet the
Profit and Loss
same out of their own resources and advances for interest
$951,463.056 96
on, and retirement of, water trust certificates and expendiThe number of tons of freight moved on the five general tures on your water supply system; also the rental and
divisions east of Pittsburgh and Erie in 1914 was 135,296,035, leasehold settlement of the Northern Central Railway
a decrease of 19,912,743, or 12.83 per cent; the number of Company in the adjustment of the accounts under the lease
passengers was 80,873,281, a decrease of 1,903,951, or 2.30 from January 1st 1911, involving a charge of $1,343,510 83,
so that the net amount credited to Profit and Loss account
per cent.
The operating revenues of all lines east and west of Pitts- during the year was $2,850,174 81.
burgh for the year 1914 was $354,412,996 34, operating
LEGISLATION.
expenses, $288,803,807 84, and operating income, $65,The increased scope and great burden of the duties and
609,188 50, a decrease in operating revenue, compared with
1913, of $38,022,947 71, and a decrease in operating responsibilities imposed upon the Inter-State Commerce
income of $5,373,852 58. There were 313,983,414 tons of Commission should now be followed by the amendment of
freight moved on the entire system, being a decrease of the Federal laws from which its authority is derived. The
58,039,716 tons, and 183,031,295 passengers carried, a Commission should be definitely empowered by specific
provisions in these laws to strengthen the railroads, upon
decrease of 4,463,150.
.
which the welfare of the Country so largely depends, so
REMARKS.
GENERAL
as to encourage the myestment of private capital for the
MILEAGE.
expansion of their facilities and services and the preservaThe increase in the mileage of the lines directly operated tion of their credit by means of reasonable rates which will
was due chiefly to the lease of the Northern Central Rail- accord with the higher costs and burdens placed on them in
complying with statutory requirements and Governmental
way.




THE CHRONICLE

MAR. 61915.]

awards and regulations. The Commission should be enlarged and so organized as to be able to deal promptly with
the important railroad questions which under the existing
scheme of Governmental regulation, must be considered
by it. The position of a Commissioner should be placed
beyond political influence by a long tenure of office, and the
compensation should be sufficient to attract and retain
men of the widwst experience and greatest ability. The
regulatory power of the Commission should be clearly extended to the supervision and control of all rates and practices which, directly or remotely, affect inter-State transportation or commerce and should include power to maultam a rate structure approved by or satisfactory to it, even
though to accomplish this it should be necessary to prevent
reductions of rates or to compel advances of rates found
by the Commission to be unreasonably low. An unreasonably low rate may be beneficial to some one or more shippers,
but the rates of some other shippers are sure to be disadvantageously affected thereby. The services of the
Commission should be made available to remedy the concededly inadequate revenues of the railroads for the transportation of mails and Parcel Post, and the power of Commissions, State and Federal, to suspend increases in rates
should be limited so as to prevent loss of revenue to the
railroads during the suspension of rates subsequently determined to be reasonable. Increases in wages and other
burdens which seriously enlarge railroad expenses should
not be imposed by legislation, or through awards of Governmental bodies unless the ability of the railroads to pay the
same under the rate schedules then in effect is clearly apparent, or unless the Inter-State Commerce Commission is
prepared to approve of increases in the rate schedules that
will enable the railroads to meet the same without impairment of their credit or efficiency.
Weak railroads are among the greatest obstacles to business enterprise and commerce, and the country will have
too many weak railroads unless a constructive and equitable
policy of public regulation is practiced, not as a palliative,
but as a permanent public and business necessity.
The railroads are still burdened with the needless expenditure required to comply with the so-called Full Crew Laws,
which are actually Extra Crew Laws. The principal requirements of these laws, which vary somewhat in the different
States, are in substance that every freight train of more than
thirty cars must have a second brakeman in addition to the
regular crew of engineman, foreman, conductor, one regular
brakeman and a flagman; every passenger train having four
or more coaches— this term covering Pullman and dining
cars as well—and one baggage car, must have an extra
brakeman in addition to the regular full crew consisting
of engineman, fireman, conductor, baggageman and brakeman,this not to include train porters and Pullman employees;
every train composed of four or more passenger, mail, or
express cars, empty or loaded, must have a crew of engineman, fireman, conductor and two brakeman, even though
no passengers are carried.
It is estimated that this law has added over $1,000,000
per annum to the Operating Expenses of the Pennsylvania
System East and West of Pittsburgh, and this enforced
expenditure is a pure economic waste, because it does not
increase the safety or efficiency of operations. This amount
could have been spent to far greater advantage in the
improvement of roadway and equipment and in giving
increased employment,from which the public and employees
would have received real benefits. Arbitrary laws requiring
additional men on trains without regard to the necessity
for their services, impose a direct and unnecessary burden
on the public and the Company. Such laws tend to weaken
.
the working discipline, and from the standpoint of the
employees not only impair the ability of the Company to
continue to. pay the present.rntes of wages to that great
body of employees whose activities are needed, but also to
delay promotion.
Your Company has therefore joined with other railroads
in appealing to the public for their co-operation in securing
the repeal of this unwise and wasteful legislation. The
Management request the stock and bondholders and the
employees, in their own interest, to support this movement.
TRAFFIC.

The tonnage decreased 12.83 per cent and the tonnage
mileage decreased 11.67 per cent, due to the general restriction of business, but freight train mileage was also reduced
.
13.87 per cent. The reduction in passenger business is
reflected in the decrease of 2.30 per cent in the number of
passengers, 4.31 per cent in passenger mileage, but passenger
train mileage was also reduced 4.73 per cent. The net
revenue per ton mile shows a slight increase, but the net
revenue per passenger mile shows a large decrease.
CAPITAL STOCK AND FUNDED DEBT.

The capital stock was increased $31,850, through the
conversion of that amount of receipts issued under the
stock allotment of 1913.
The Funded Debt and Equipment Trust obligations show
a net decrease of $7,080,879 35.
It will be recalled that at the last annual meeting the
stockholders approved of the creation by the Board of
Directors of a General Mortgage so that the Company
might have a broad basis for future financing. This portgage has not yet been recorded and no bonds can be issued
for any purpose thereunder, without the prior consent of the



819

stockholders, which has not so far been requested. The
Company will refund
6,827,000 of Convertible) Bpnds
maturing October 1st 1915, and other maturing obligations,
and it must also provide for other necessary corporate
.
purposes, such as additions and betterments to its railroad
and equipment. Since the close of the year it, therefore,
sold $49,000,000 Consolidated Mortgage 4% Bonds,
bearing date February 1st 1915, realizing a price slightly in
excess of par, a satisfactory result under existing conditions.
Including the issue recently made, the total amount of bonds
outstanding under the Consolidated Mortgage is almost
$100,000,000, which is the maximum amount that can at
any one time be issued and outstanding. In view of the
creation of the new General Mortgage,it is deemed advisable
that hereafter the Consolidated Mortgage should be closed
and no further issues of bonds made thereunder
This issue of Consolidated Mortgage Bonds was made
under the authority conferred by the stockholders in March
1909, when an increase of the bonded indebtedness was
authorized to the aggregate amount of 0,000,000 for the
purpose of meeting the Company's requirements in 1909
and 1910. As such requirements were met through an issue
of Capital Stock, only $49,000,000 of the authorization
then made has been utilized, so that the Company is still
possessed of authority to increase the indebtedness to the
extent of $31,000,000. The latter amount will not be
sufficient to meet the balance of the refunding and other
requirements for 1915, as above stated, and the stockholders,
pursuant to notice duly given, will at the forthcoming annual
meeting be requested to consent to an increase of the indebtedness to the extent of $40,000,000, so that, with the
pre-existing authorization the Company may be possessed
of authority to increase its indebtedness to the extent of
$71,000,000, and the Board of Directors desire authority
to make such increase through the issue of bonds secured
either by the new General Mortgage or otherwise, or by the
issue of other obligations of the Company, in such form, at
such times, and on such terms and conditions as shall be
deemed to be most advantageous, but not in excess of $71,000,000.
ROAD AND EQUIPMENT.

The following statement of improvement work carried on
by your Company during the past year of unfavorable
commercial and financial conditions is an evidence that,
while every effort was made to enforce economies in the
operations of your lines, because of the reduced volume of
business, your Company, desiring to stimulate traffic, to
encourage business activity and take advantage of lower
prices, continued a fairly active improvement program
throughout the year.
The work on the improvement of the passenger facilities
in and around Philadelphia was continued. As a result,
the five-track reinforced concrete and stone arch bridge
of the Connecting Railway over the Schullkill River at the
Girard Avenue entrance to Fairmount Park has been completed and placed in operation and the old double-track
bridge removed; the work at North Philadelphia has been
finished with the exception of remodeling the passenger
station. For the expenditure made for this and other
work along the Connecting Railway, your Company will be
repaid through the issue of securities of the Connecting
Railway Company.
The electrification of the Main Line from Broad Street
Station, Philadelphia, to Paoli, is progressing rapidly, and
without seriously interrupting the traffic. The work from
Paoli to West Philadelphia is almost completed, including
the sub-stations and the remaining section of the electrification into Broad Street Station is being actively prosecuted.
The new beam-light signals are in operation between Overbrook and Paoli. Satisfactory progress has also been made
in equipping the steel cars, many of which are now in the
.
present steam service, with electric motors and apparatus,
for which these cars were originally designed. It is therefore, expected to operate the main line suburban passenger
trains by electricity about June 1st 1915.
It is hoped that in 1915 financial conditions will permit
the extension of electrification to North Philadelphia and
the Chestnut Hill Branch and also the elimination of certain
grade crossings on that Branch. This would relieve the
track and yard congestion at Broad Street Station, by transferring to the electric service over 60 trains on the daily
schedule now operated by steam.
Your pier properties on the Delaware River south of
Washington Avenue and at Walnut Street, Philadelphia,
were improved during the year by the erection of new sheds
and the enlargement of office facilities.
The reconstruction of the bridges at Earnest, Trenton
Branch; over North Broad Street at North Philadelphia;
Highspire, Philadelphia Division; Auburn and Norristown,
Schuylkill Division and at Dornock Point, Pittsburgh
Division, was completed during the year and the bridges
placed in service.
The masonry work for the double-track steel bridge over
the Allegheny River between Kiskiminetas Juncti9n and
Freeport has been completed and the superstructure. being
. in
erected; the bridge at Phoenixville, Schuylkill Division, is
being rebuilt and will be completed in 1915.
On the new six-track section of the New York Division,
between Colonia and Bay Way,just west of Elizabeth, N.J.,
Work was continued during the year, consisting principally
of the elevation of the four original running tracks. The

820

[Vol,. 100.

THE CHRONICLE

greater part of this work has been completed and placed in
operation, and it is expected that the remaining portions
will be finished in the spring of 1915.
Considerable progress was made during the year in placing
the telephone and telegraph wires underground, the section
from Broad Street Station, Philadelphia, to Paoli, and from
Jersey City to Rahway, having been completed. The
purpose of this work is to prevent delays in train movements
and in the transaction of the Company's business by reason
of the destruction of overhead wires by sleet and other
storms and also to avoid interference by electric transmission
lines and other wires.
During the year the final link in the automatic block signal
system on your Main line between New York and Pittsburgh
was completed. The installation of this modern signal
system will add to the safety of operations and materially
aid in expediting train movements.
New freight stations were placed under construction at
Harrisburg and Allegheny, which will be completed in 1915.
The passenger and freight facilities at Elizabethtown,
Altoona and Brookville are also being enlarged to handle
an increased traffic.
The Sugar Camp Branch, Tyrone Division, the Shade
Creek Branch,Pittsburgh Division,and the Homer& Cherry
Tree Branch, Conemaugh Division, were extended to reach
new coal openings; the Yukon Branch extension from Bells
Mills to Cowansburg, Pittsburgh Division, was completed,
and a branch is being constructed from Gilberton to Mahanoy
Plane, Schuylkill Division, to develop additional coal
traffic.
Work was continued on the elimination of grade crossings
at Homewood Avenue, Pittsburgh, and in the Borough of
Wilkinsburg, Pittsburgh, at which latter point a new passenger station is being constructed. It is expected that this
work will be completed in 1915.
The elimination of grade crossings, change of grade and
the erection of a new passenger station in the City of Johnstown is proceeding, but will not be completed before 1916.
The change of line and grade on the Renovo Division at
Cameron and Horn and the construction of a second track
between Corry and Lovell, have been completed.
Surveys and many of the plans have been completed for
the new line and the elimination of grade crossings in South
Philadelphia; to be carried out jointly by your Company,
the 'Philadelphia Baltimore & Washington Railroad Company, the Baltimore & Ohio Railroad Company and the
City of Philadelphia.
Further consideration was given to plans for the future
electrification of your main line crossing the Allegheny
Mountains, from Altoona, the foot of the eastern slope, to
Conemaugh, on the western slope, by which it is believed
large operating economies can be effected, and the heavy
passenger and freight train movements facilitated. •
The aggregate expenditure for Construction and Equipment upon the owned and leased lines was $14,485,898 55,
of which ,076,086 80 was charged to Capital Account and
the balance to Income,Profit and Loss,and the Reserve for
Additions and Betterments.

completed and favorable progress has been made on the
remaining sections of the line. The funds for these expenditures were provided by the sale of the New York
Connecting Railroad Company's First Mortgage 434 per
cent bonds guaranteed by your Company and the New York
New Haven & Hartford Railroad Company, owners of all
the stock of that Company.
The erection of the double-track steel bridge over the
Delaware River south of Trenton is proceeding. This
bridge is part of the proposed New York Division doubletrack relief line known as the Pennsylvania & Newark
Railroad, which will extend from the Yard at Morrisville,
Pa., to Colonia, N. J., a distance of about 40 miles, there
connecting with the six-track system on that Division, and
will also have branches connecting with the Trenton and
New York Divisions near Trenton, N. J.
The revision of the grades and alignment and the construction of additional tracks and passing sidings on the
Western New York & Pennsylvania Railway between Oil
City and Buffalo, via Chautauqua, was continued during
the year and will shortly be completed. This work, in connection with the improvements on the Allegheny Division,
will, when fully completed, furnish a route on lower grades
and with improved alignment between Pittsburgh and
Buffalo, over 58 miles shorter than the present route via
Salamanca Branch and Olean.
COAL COMPANIES' SECURITIES.

The properties of the various anthracite Coal Companies
served by your lines, in the securities of which your Company and the Northern Central Railway Company were
mterested, were purchased by the Susquehanna Coal Company and a complete examination of the coal lands, collieries,
plants and facilities of the latter Company and their operating
results is being made by an experienced mining engineer
and by certified public accountants, so that your Company
will have the benefit of this independent survey and report
of the properties to assist in determining the proper price
that should be received for the securities of the Susquehanna
Coal Company in the event of a purchaser being found
therefor.
SECURITIES OWNED.

Your Company received as its pro rata share of the stock
dividend of 40 per cent of the Northern Central Railway
Company, $4,230,880, at par, of the Capital Stock of that
Company. This stock issue was approved by the Publio
Service Commissions of Maryland and Pennsylvania, and
represents part of the cost of capital expenditures made in
previous years for additions and betterments to its railroad
and equipment.
Cleveland & Pittsburgh Railroad Company Special
Guaranteed Betterment Stock amounting at par to $3,729,100, was sold, and additional Norfolk & Western Railway Company Common and Preferred Stock, amounting
at par to $1,800,000 and $1,726,000 of Susquehanna Coal
Company Bonds were purchased from the Northern Central
Railway Company.
By order of the Board,
SAMUEL REA,
ROAD AND EQUIPMENT—AFFILIATED COMPANIES.
President.
The construction of the New York Connecting Railroad
was continued. The foundations and masonry of the East
Stockholders may obtain copies of the Annual Report comRiver four-track arch bridge have been completed to the plete, by applying to or addressing,
track level and the erection of the steel arch over that river
LEWIS NEILSON,Secretary,
is proceeding. Its viaducts and approaches on Long Island
Broad Street Station, Philadelphia, Pa.
and on Ward's and Randall's Islands are also substantially

CALIFORNIA PETROLEUM CORPORATION.
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1914.
&o.), a total expenditure aggregating $353,931 19 was made,
which amount, after a 10% depreciation charge was written
off, was taken into the Balance Sheet.
In addition to above-mentioned expenditures, a further
sum of $148,590 59 was expended upon drilling wells, or
wells ready for drilling, which amount is carried into the
Balance Sheet as a Deferred Charge under "Improvements
EARNINGS.
in Progress", making a total aggregate of $718,737 36
Gross Earnings of the California Petroleum Corporation applied during the year to the physical properties covering
.
Subsidiary Companies for the year 1914, as shown by the Development, Additions and Betterments.
To the stockholders of the California Petroleum Corporation—
The annual report of your Company for the year ending
December 31 1914 is herewith submitted. The Balance
Sheet and Income Account for the year have been certified
by Price, Waterhouse & Co. Chartered Accountants. Their
certificate is attached hereto.

$2.887,117 09
to
Statement of Income, amounted(Including bond
Interest).— 747.294 31
Operating and General Expenses
$2.119,822 78
Leaving a net balance of

OIL SUPPLY EXHAUSTION.

A charge of 100. per barrel on the gross production of
6,516,784 barrels, amounting to $651,678 44, was made
against Profit and Loss. One-half of this sum, or $325,DEVELOPMENT, ADDITIONS AND BETTERMENTS.
839 22, has been applied to reduction of the
wells have been brought in during the past Account. The remaining one-half, or $325,839Property
Sixteen new
22, has
of which amount $208,- been set up as a Special Reserve.
year at a total cost of $274,818 86,
thereon during the year. An ad410 10 was expended
PRODUCTION.
last year in
expended
ditional sum of $7,805 48 waswells. Theduring cost of the
The total gross production for the year 1914 was 6,516,784
entire
re-drilling and deepening oldcharged directly against Profit barrels, as compared with 5,463,600 barrels for the year
wells, $282,624 34, has been
1913. Total gross production for the properties to Decemand Loss.
principally ber 31 1914, approximately 29,600,000 barrels.
Under Additions and Betterments (consisting
-mile
There was produced from the sixteen new wells brought
(refinery), one 17
of enlargement of topping plant power plants, buildings, in at different periods during the past year, approximately
pipe line miscellaneous pipe lines,



Men. 6 1915.1

THE CHRONICLE

2,028,500 barrels gross oil. Total number of wells producing December 31 1914, 150, as against 141 at December 31 1913. Wells shut in, down and under repairs, 28,
as compared with 21 December 31 1913. Wells drilling, 2,
as compared.with 10 last year. Fullerton well still in progress of drilling.

821

LIABILITIES.
Capital Stock (In hands of Public)
California Petroleum Corporation
Shares Preferred Stock of $100 each
Shares Preferred Stock in Treasury

$124,530 26
1,10000
$123,430 26
$12,343,026 00
$148,770 05
14.877,005 00

SALES.
Barrels.
4,764,400
305,964

Revenue.
$2,105,270 06
382,519 69

Shares Common Stock of $100 each

Sales of Crude Petroleum, 1914
Sales of Tops, 1914
Total, 1914
Sales of Crude Petroleum. 1913
Sales of Tops. 1913

5,070,364
4,863,118
344,867

$2.487,789 75
$2,298,821 67
456,923 94

Capital Stock of Subsidiary Companies at Book Value

5,207,985

$2,755,745 61

Total. 1913

Your Company sales have been adversely affected during
the past year, on account of European complications and
eneral prevailing conditions, it having been necessary to
put in storage approximately 1,226,688 barrels of oil out of
the year's production. Approximately 2,351,800 barrels
of oil are now being carried in storage.
Heretofore it has been the practice of your Company to
take the storage oil into the inventory at the average current
selling price per barrel. This year's storage oil, with the
exception of certificated and contract oil, has been carried
at 30c. per barrel. Should this oil have been taken into
earnings at its current selling price, an additional amount
of $140,489 84 would be carried to the present Gross Earnings of $2,867,117 09, making a total of $3,007,606 93
Gross Earnings for the year, as against $2,885,188 18 for
the year 1913.
Since December 31 1914 the Petroleum Midway Company, Limited, all of whose stock is owned by your Company,
has purchased for cash a 20-acre tract of what is considered
cream territory, and taken an option upon an additional
80 acres, practically adjoining this land, all in the Midway
Field. Two wells are now in progress of drilling upon the
20-acre tract. The exercise of the option upon the 80 acres
will depend upon the result of development work upon the
20-acre tract. Since January 1 1915 your Company has
anticipated its final land payment of $78,666 66 upon one
of the Midway holdings.
BONDED DEBT.

The Funded Debt of the Subsidiary Companies (American
Petroleum Co. and American Oilfields Co.) has been reduced through action of their respective Sinking and Redemption Funds $257,700 par value, these bonds having
been purchased and canceled.
EDWARD L. DOHENY,
President.
Los Angeles, California, February 19 1915.

$27,220,031 00
850.051 45

$28,070,082 45
Bonded Debt
American Oilfields Co.6% Gold Bonds, 1930.. $1.163.700 00
American Petroleum Co. 6% Gold Bonds,
1920
791.100 00
1,954,800 00
Deferred Payment on Land Contract
Due January 22 1915
Current Liabilities
Accounts Payable
Interest Accrued
Dividend Payable January 1 1915

78.666 66
$110.037 85
36,751 87
216,002 96

362.792 68
Special Reserve
At Sc. per barrel on Gross Production since January 1 1913..
599,019 22
Capital Surplus
199,330 31
Undivided Profits, Subsidiary Companies, at Date of Organization
2,903.258 56
Revenue Surplus
258.228 07
$34,426,177 95

To the Stockholders of the California Petroleum Corporation
We have examined the books of the California Petroleum
Corporation and its Subdidiary Companies for the year
ending December 31 1914 and have satisfied ourselves that
the above Balance Sheet and attached Income Account
have been correctly prepared therefrom.
Proper and sufficient provision has been made for exhaustion of oil and depreciation of physical properties for the
year 1914 upon the same basis as in the preceding year.
The Oil Inventories are taken at current selling prices,
except that in the case of oil in storage and unsold a substantial reduction has been made therefrom. The Inventories of Materials and Supplies are valued at cost or market
prices, whichever were lower.
And we certify that in our opinion the Balance Sheet and
Income Account are properly drawn up so as to show.
the
true financial position of the Corporation and its Subsidiary
Companies at December 31 1914 and the result of the year's
operations.
PRICE, WATERHOUSE & CO.

February 18 1915.
CALIFORNIA PETROLEUM CORPORATION AND SUBSIDIARY
COMPANIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1914.
ASSETS.
Property Account
Oil Lands, Leases. Wells and other properties
as at December 31 1913, based upon appraisal of Mr. Ralph Arnold as of February 29 1912
$32,370,574 55
Less
-Reserve for Exhaustion at Sc. per
barrel on Gross Production since January 1 1913
599,019 22
$31,771.55533
Additions and Betterments since Jan. 1 1913
Year 1914.
$27,989 16
Buildings
Tanks and Reservoirs
18,386 52
Power Plants
87,203 38
Refineries
67,690 71
Tools
13,325 54
Pipe Lines
121,291 42
Miscellaneous Equipment
18,044 46
Total for Year 1914
Balance, December 31 1913

$353,931 19
319,778 88

Total since January 1 1913
-Reserve for Depreciation
Less

$673.710 07
99,348 90

Investments at Cost
Current Assets
Cash in Banks
Accounts Receivable
Oil Inventories
466,920 barrels--Certificated at 38c
011 in Storage
1,756,123 barrels-Crude at 30c
116,731 barrels
-Crude at 50c
12,036 barrles-Refined at 92c
Other Inventories




YEAR

ENDING DECEMBER

31

1914.

INCOME ACCOUNT.
Gross Earnings
-All Companies
$2,867,117 09
Operating Expenses
625.646 60
$2,241,470 49
Deduct
Actual Expenditures on Wells Completed during
Year
$282,624 34
Depreciation on Additions and Betterments
67,371 01
Exhaustion of Deposits, at 5c. per barrel on
Gross Production of 6,516,784 46 barrels
325,839 22
Losses written off during year 1914
22,152 47
697,987 04
$1,543,483 45
Deduct
Interest on Bonds
$121,647 71
Proportion of Earnings applicable to Stocks of
Subsidiary Companies in Hands of Public-._
19,442 42
141.090 13
$1.402,393 32

574,361 17
108,070 75

Deduct
Preferred Dividends paid in Year 1914

864.011 84
$538,381 48

$415,624 66
289,514 26

Deduct
Special Reserve at Sc. per barrel on Gross Production for the Year

177,429 60

Balance carried to Surplus

526.836 93
58,365 63
11,073 01
292,367 47
1.771,211 56

Deferred Charges
Improvements in Progress
Miscellaneous

CALIFORNIA PETROLEUM CORPORATION AND SUBSIDIARY
COMPANIES.

$187,475 52
13,503 62

SURPLUS.
Balance at January 1 1914
Less
Discounts on Stocks and Bonds acquired in 1913 transferred to Capital Surplus

200,979 14
Surplus for Year 1914

325,839 22
$212.542 26

$95.968 31
50.282 50
$45,685 81
212,542 26

$34.426,177 95
Revenue Surplus as7per Balance Sheet

$258,228 07

THE CHRONICLE

822

loo.

AMERICAN WOOLEN COMPANY
SIXTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1914.
PRESIDENT'S REPORT.
To the Stockholders:
The calendar year 1914, like the year before, was one of
peculiar difficulty in woolen business. On the first day of
the year the reduced duties on woolen goods under the new
tariff for revenue only went into effect. There was an
immediate and heavy increase in importations of woolen
cloths and dress fabrics to an amount three or four times
the imports of the years preceding. Meanwhile, because of
a general depression of business and consequent lack of
employment curtailing the buying power of the people
throughout the United States—in part due, in our opinion,
to certain radical proposals agitated in Congress—the demand
for woolen goods of all kinds was far less than normal,
and the heavily increased importations undoubtedly displaced an equivalent quantity of the products of American
manufacture. These two factors had an adverse bearing
on the business of your company, in common with the
business of other industrial enterprises generally throughout
the country.
SUFFICIENT AMERICAN MACHINERY.
There is enough, and probably more than enough, woolen
machinery in this country to supply all the wants of the
American people. There is no necessity for the importation of any woolen goods. Of late years American mills
have made wonderful improvement in the fine goods manufacture, and competent authority maintains that so far as
popular-priced fabrics are concerned American cloths are
superior in quality and durability to similar fabrics from
Europe—a very gratifying situation. There has been no
gain or advantage to the American people as a whole because of increased importations of European woolen goods,
made possible by the new tariff because of cheaper labor
costs abroad; but these increased importations have been a
serious injury to all American wool manufacturers.
EXPORT BUSINESS.
After a determined effort to sell our fabrics in the open
markets of the world, we have been forced to the conclusion
that as a general proposition we are unable to compete with
the low-wage labor of Europe. Certain few special fabrics
can be sold abroad at times, but there is not the volume of
business available to us to encourage the belief that we can
become a factor in the export of cloth to European countries.
Our efforts must, therefore, be directed to securing to ourselves the market of the United States, the best and greatest
market in existence.

EFFECT OF FREE WOOL.
We have had the advantage of free wool under the Simmons-Underwood tariff since December 1 1913. During
that period the growers of wool in the United States have received higher prices than when there was a duty of eleven
or twelve cents per pound, so that no hardship has been
caused to the wool growers, and the manufacturers have
been put on a basis of equality with their European competitors as far as raw material has been concerned.
EARNINGS OF THE YEAR.
In the face of the difficulties of the past year, the Company, possessing as it does the largest, best equipped and
most modern mills and the economic advantage of a great
organization, has been enabled to earn within $11,398 of
the entire dividend of $2,800,000 declared upon the preferred
stock at the rate of 7 per cent per annum, and thus to maintain the unbroken dividend-paying record of the Company
since its formation in 1899.
There is every reason to believe that still more satisfactory
results will be achieved in the year 1915.
WOOL AND DYESTUFFS.
In view of the influence of the European war upon wool
and dyestuffs, the management felt justified in anticipating
the needs of the Company, and is gratified to report that it
secured its wool early and to advantage, and provided an
advance supply of dyestuffs at satisfactory prices.
NEW ACQUISITION.
The Company during the year purchased a small woolen
mill property at Foxcroft, Maine. It was of particular
advantage to acquire this property on account of its control
of the water privilege of the stream upon which other mills
of the Company are located.
All of the 44 separate mills of the Company are free from
leases, bonds or mortgages of any kind. Their physical
condition has been maintained at the usual high efficiency.
All plants and merchandise are fully protected by insurance.
The operations for the past fiscal year are fully shown in
the Treasurer's report which follows.
WM. M. WOOD,
President.

TREASURER'S STATEMENT.
AMERICAN WOOLEN COMPANY BALANCE SHEET DECEMBER 311914.
$1,013,409 68 Bank Loans
Cash
$7,756,700 00
15,146,327 94 Current Vouchers and Accounts
Accounts receivable, net
4,306,016 45
Inventories: Wool and fabrics—raw, wrought
18,329,949 26
and in process—and all supplies
$12,062,716 45
Accrued Dividends on Preferred Stock to
Dec. 31 1914 (Payable January 15 1915)__
$34,489,686 88
583,333 33
Plants, mill fixtures and investments
$20,000 000 00
45,181,498 76 Capital stock (common)
Capital stock of Ayer Mills
999,300 00 Capital stock (preferred)
40,000,000 00
$60,000,000 00
Surplus
8,024,435 86
$80,670,485 64

$80,670,485 64

PROFIT AND LOSS STATEMENT FOR TIIE YEAR
AMERICAN WOOLEN COMPANY.
1914.
BEGAN BUSINESS April 17 1899.
Surplus on December 31 1913
,035,833 59
Present capitalization as follows:
Profit for the year 1914
2,788.602 27
PREFERRED STOCK (7% dividends, pay$10,824,435 86
able quarterly, cumulative)
$40,000,000 00
on Preferred Stock
Dividend
2,800,000 00
COMMON STOCK
$20,000,000 00
,024,435 86
Surplus December 31 1914
Par value of shares, $100 00 each; all fully paid and nonBy approval of the Board of Directors.
assessable; no personal liability.
H. DWELLY Jr., Treasurer.
WM.
DIVIDENDS ON PREFERRED STOCK payable JanuI hereby certify that the above statement is correct.
ary 15th, April 15th, July 15th and October 15th.
GEO. R. LAWTON, Certified Publi Accountant.



MAR.6 1915.]

THE CHRONICLE

Pt Tatuntercial Times.
COMMERCIAL EPITOME
Friday Night, March 5 1915.
Trade has improved a little, though of course it is still
behind that of last year. Securities have, on the whole,been
stronger with a rather better demand for bonds. Money is
still easy. Collections are better in the West and Southwest. Reports about the winter-wheat crop are favorable.
War orders still keep mills and factories an many lines busy.
The adjournment of Congress is received with a philosophy
not untinctured with satisfaction. The trend .n the iron
and steel trade seems to be towards betterment and tin and
other metals have advanced. Exports of merchandise continue very large and the financial status of the United States
is concededly very strong. Also talk of the possibility of
peace in Europe within a few months grows more pers'stent
as the Allied fleet forces its way through the Dardanelles.
The very depseration of the struggle, it is believed, will
bring it all the sooner to an end. Wheat has declined on
the Dardanelles news and vague peace rumors. Trade at
the South is dull. In fact, in most parts of the country it is
unsatisfactory, notwithstanding the tendency to improvement. Building operations as a rule are smaller than a year
ago. The situation in Europe both as regards Germany's
recent war-zone order and the retaliatory measures of England and France is interesting, to say the least, and not devoid of the possibility of complications of a more or less disturbing sort. Collections in many sections are slow. Europe has been selling bonds here more freely. In the last
analysis, however, the country is hopeful of better things
some time this year.
STOCKS OF MERCHANDISE IN NEW YORK.
Mar. 1 '15. Feb. 1 '15. Mar. 1 '14.
Coffee,Brazil
bags-1,162,468 1,025,080 1,329,483
Coffee,Java
mats. 61,557
66,488
26,450
Coffee, other
bags_ 318,927 301.740 142,002
Sugar
Ws_ 18,002
7.098
26,796
Hides
No_ 75,200
7,055
16,565
Cotton
bales 99,943
73,009 111.770
Manila hemp
bales_
775
1,272
84,240
Sisal hemp
bales_
2,240
3,036
800
Flour
bbls_ 48,800
50,700
62,200
Lard has been quiet; prime Western 10.25c.; refined for
the Continent 10.65c.; South America lie.; Brazil 120.,
all showing a decline. Lard futures have latterly fallen,
partly in sympathy with the grain markets. The exhibit of
stocks at the West was considered bearish. Offerings have
increased. Receipts of hogs have been large. To-day
prices advanced slightly.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues
Wed. Thurs
Fri.
May delivery
cts_10.37 10.17 10.30. 10.30 10.32 . 10.37
July delivery
10.60
10.40 10.50 10.55 10.60 10.62
PORK steady; mess $19 75@$20 25; clear $21©$23 50;
family $24@$25 50. Beef, mess $21 ©823; packet $23 ©324;
family $24@$26; extra India mess $36©$38. Cut meats
unchanged; pickled hams, 10 to 20 lbs., 11 M ©12%c.;
pickled bellies, 6 to 12 lbs., 13©13No. Butter, creamery
extras, 31c. Cheese, State while milk held specials 17©
17%c. Eggs, fresh gathered extras, 213/@22c.
2
COFFEE has been in only moderate demand; No. 7 Rio
5
7%c., No. 4 Santos 93% to 94c., fair to good Cucuta 103.
to 103 0. Coffee futures have been quiet but on the whole
/
pretty steady. A decrease, however, of half a million bags
in the supply during February has been quite generally
expected and it turned out to have been only 94,237 bags.
Receipts at Brazilian ports have been smaller and Brazilian
markets rather firmer. Rio exchange has been 12 11-16o.,
against 16 3-32c. a year ago, but the rate has been somewhat
higher than it was recently. The world's visible supply is
now 10,030,590 bags, against 12,927,891 bags a year ago.
To-day prices advanced. Closing prices were as follows:
January __ _7.20 7.22c. June
5.86 5.88c. October ___7.05©7.07c.
March ___ _5.73 5.74c. July
6.84 6.85c. November _7.1107.12c.
April
5.78(5.79c, August_ _ _ _6.91 6.93c. December _7.17©7.18c.
May
5.84@5.85c. September _6.99 ®7.00c.
SUGAR declined on raw to 4.58c for 96-degrees test centrifugal and 3.81c. for 89-degrees' test molasses, then rallied
to 4.77c and 4c.respectively. The weather in Cuba has been
more favorable for grinding cane. The meltings have been
large, being 66,000 tons for the week, against 49,000 in the
previous week and 40,000 in 1914. Receipts at Atlantic
ports were liberal, that is, 92,790 tons, against 41,003 in
the previous week and 41,181 in the same time last year.
Sugar futures have been somewhat easier. They have
shown no pronounced weakness. Trade interests have
bought May. France, it is said, has bought nearly 200,000
bags of sugar in Cuba this week. This has had a bracing
effect of late. France is bidding, it is said, 3Mo. f. o. b.
in Cuba for 35,000 tons of raw.
January _ _3.80 3.81c. June
3.93©3.94c. October_4.074.08c
March _ _3.82 3.84c. July
3.9813.99c. November _4.02 4.03c
April
3.8483.86c. August____4.03 4.04c. December .3.90@3.91 c
May
3.88@3.89c. September_4.07 4.08c.
OILS.
-Linseed in good demand and steady; City raw
American seed 60e. boiled 61c.; Calcutta 70c. Cocoanut
Steady; Cochin 13@15c.; Ceylon 11@11'%c. Olive 85©



823

90c. Castor 8 y ®8 Mc. Palm 11 M©12c. for Lagos.
l
.
Cod, domestic, higher at 37©38c. Cottonseed oil steady
at 6.75 ©8c. for winter and summer white. Corn unchanged
at 6.26@6.31c. Spirits of turpentine 45©45 Mc. Common
to good strained rosin $3 40.
PETROLEUM unchanged; refined in barrels 7.75@8.75c;
bulk 4. 5@5.25c.; cases 10.25 ©11.25e. Naphtha, 73 to 76
2
degrees, in 100-gallon drums, 233/2c.; drums
50 extra.
Gasoline, 89 degrees, 26c.; 74 to 76 degrees, 24c.; 67 to 70
degrees, 22c. Crude prices were unchanged. Advices
from Pittsburgh state that development work in Eastern
fields is lagging, and there are few completions reported from
any district. Prices were as follows:
Pennsylvania dark $1 50 Corning
95c. Somerset, 32 deg__ 90c.
Second sand
Wooster
$1 10 Ragland
70c.
Tiona
1 50 North Lima
88c. Illinois, above 30
Cabell
1 10 South Lima
83c. degrees
84c.
Mercer black
1 07 Indiana
78c. Kansas and OklaNew Castle
1 07 Princeton
84c. homa
40s.
TOBACCO has been quiet but generally steady. Cigar
manufacturers are not doing their usual business. Naturally this fact hurts trade in tobacco. There is a steady demand, however, for Connecticut broad leaf and shadegrown tobacco and it is held at very steady prices. The remaining supply of Ohio is not very large. Wisconsin sells
slowly. So does Sumatra,.as the supply is not generally
attractive. Buyers are waiting for the next inscription at
Amsterdam. For Havana leaf firm prices prevail.
COPPER has not shown much change, though of late
London prices have weakened somewhat. Lake here 14%
to 143/sc.; electrolytic 14.60c. Tin has risen to 443.c.
London prices declined, then rallied. A considerable portion of the stock here has already been sold. Little is available for prompt shipment. Scarcity here and firmness
abroad are the chief factors. Spelter has moved up to 11%c.,
with an active demand and an excited market. London
£43 15s. on the spot. Supplies here and at the West are
small. Lead firmer at 3.92 Mc. Iron and steel oonditions
have shown no great change, but structural work is more
active. There was a gain for the month of February in
unfilled orders by the leading corporation of 200,000 tons.
It is producing steel ingots at 68 to 70% of its total capacity.
Since Jan. 1 it has put in blast 17 furnaces and three more
are ready for the torch. Many small export orders for steel
products have been filled. Some large contracts are pending. Pig iron is quiet. No. 2 Eastern 13.75c.; No. 2
Southern Birmingham 9.25c to 9.50c.

COTTON
Friday Night, March 5 1915.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
284,634 bales, against 310,457 bales last week and 368,739
bales the previous week, making the total receipts since
Aug. 1 1914 8,093,162 bales, against 9,112,638 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 1,019,476 bales.
Sat.

Mon.

Galveston
6.846 17,471
Texas City
Port Arthur_
_
Aransas Pass,itc. __ _ 9,915
__
New Orleans_ ___ 12,88 3,U11
Mobile
1,847
642
Pensacola
Jacksonville,&c_
Savannah
8,:1 7,ig
Brunswick
Charleston
469 1.490
Georgetown
Wilmington
2,i5 3,iiil
Norfolk
2,452 3,474
N'port Nows,Stc. New York
1,545
664
Boston
1,021
296
Baltimore
Philadelphia __ _
50
90
Totals thLs week_ 39.328 48.011
-The following shows the
since Aug. 1 1914 and the
last year:
Receipts to
March 5.

Tues
.

Wed.

Thur.,.

Fri.

Total.

34,392 11,068 10,533 15,662 95,972
10,616 2,632 1,392 14,640
____ ____
__-- --- 9,915
_-_
____ 2.208 2.208
11.604 7,604 6.459 4,580 46,733
464
936
554
463 4.906
7.450 --- 7.450
149
149
8
-Ni5 4,ii(5 8 5g 8.042 45,453
.
1,068
781 1,351 9,000 9,000
1,357 6.516
1.889
2,15i§ 2 W) 2,il'i 2.619 14.651
,
2,147 1,255 2,179 2,318 14,126
2,318
-4.660
1,452
867
WI
11 3.586
1,119
307
815
674 2,211
63.034 40.374 43.506 50.31 2R4 WU
week's total receipts, the total
stocks to-night, compared with

1914-15.
This Since Aug
Week. 1 1914.

1913-14.
This

Since Aug

Stock.

Week. 1 1913. 1915. I 1914.
Galveston
95,972 3,274,569 51,914 3,107,130 549.226 315,399
Texas City
14,640 437,722 5,178 457.328 81,940 17,008
Port Arthur
41,131
8,800
Aransas Pass, ace- 9,915 44,725 8,800 38,425
2,208
846 140,288
539
3,625
New Orleans..
46,733 1.318,260 35.225 1,499.700 397,348 223.714
Gulfport
Mobile
4;566 132,411 5,465 362.719 55,
321 30,224
Pensacola
I
Jacksonville. &c_ 7.450 40.329 12,347 137.613
149 28.750 ____ 28,643
725
871
Savannah
45,453 1,466,740 13,631 1,617,268 227,626 79,448
Brunswick
9,000 156.808 4.000 286,542 28.000
8,624
Charleston
6,516 322,991 1,534 403.490 100,155 20.887
Georgetown
1.134 ---Wilmington
14,651 186,905 1.253 376.923 53,750 15.187
Norfolk
14,126 415,770 4,988 470.255 77,372 38,876
N'port News,
2,318
New York &c_ 4,660 107,538 5,276 84,653 131,950 1 110,318
4.532
13.819
__
Boston
3,586 35,309 -i42 13.191 12,372
2,457
Baltimore
3.426
2,211 62,878
5.072
491 82.534
Philadelphia
6,425
2.431
1,404
140
1,873 ____
Totals
2R4'4 R naR IRO 1 si mon 9.112.638 1,729,407 882.709
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:

THE CHRONICLE

824
Receipts at
-

1914.

1915.

Galveston -TexasCity,Stc
New Orleans_
Mobile
Savannah
Brunswick.
Charleston,&c
Wilmington
Norfolk
N'port N.,&c.
All others_

95,972
26,763
46,733
4.906
45.453
9.000
6.516
14.651
14.126
2,318
18,196

51,914
14,824
35.225
5,465
13.631
4,000
1,534
1,253
4,988
5,276
12,980

Total this w'k

284,634

151.090

1913.

1912.

50,278
14.514
18,829
2.099
12,721
170
1,321
3.058
4,771
1,481
941

55,429
8,189
55,440
5,171
39,435

110.183

203.159

5,789
11.142
10,073
2,041
10,180

1911.
25,414
8,916
15,172
950
10,205
409
461
4,234
2,956

1910.

3.645

22,465
7,346
25,643
3,713
11,304
3,020
1,667
971
3,879
461
1,464

72,362

81,933

Since Aug. 1.. 8.093,162 9,112,638 8.550.091 10363579 7.857,885 6,234,758
The exports for the week ending this evening reach a total
of 345,807 bales, of which 136,735 were to Great Britain,
47,572 to France and 161,500 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
Week ending March 5 1915. From Aug. 1 1914 to March 5 1915.
Exported to
Exported toExports
romPGalveston_ _
Texas City.
Pt. Arthur_
Ar.Paxs,
NewOrlean
Mobile _-Pensacola_ _
Savannah__
Brunswick _
Charleston _
Wilmington
Norfolk_ _ _
New York
Boston
Baltimore..
Philadera_ _
Portly, Me.
San Fran_ _
Pt.Towns'
Pembina__

Great
ContiGreat
ritatn. France. nent. Total. Britain. France.

Continent.

Total.

9,677 12,346 69,00 91,024 904,596 206,472 1,036.471 2,147,539
33,522 344,660
11,252 311,138
11,252
400 34,833
9,915 34,433
9,915
618
618
46,371 28,655 1,775 76,801 507,908 83,543 320,733 912,184
837 39,678
38,841
400 40,423
8,900
7.450 31,123
7.450
18,111 6,421 28,485 52,906 310,468 49,701 590,127 950,296
109,653
22,360 109,653
22,35
125,160 177,119
14,550 14,300 51,959
2;g5
10,300 13,190 28,063 13,119 56,950 98,132
46,348 59,699
13,351
2.371
-HO 12,852 15- 75 49,274 8,607 226,470 284,351
,57
3,880 44,679
2,444
163 2,607 40,790
6,550
1,600 35,476
4,015 27,326
4,015
3,727 31,832
341
341 28,105
1,244
288
956
105,650 105,650
13.653 13.653
118,957 118,957
10,630 10,630
50
50

Total___ 136,735 47,572 161,500345,807 2,487,993 376,8922,672,1885,537,073
Tot. '13-'1 96,658 15,226 112,235224,119 2.841,148 938,3523,511.185 7,290,685
-New York exports since Aug. 1 include 6,276 bales Peruvian and 25 bales
Note.
West Indian to Liverpool, 50 bales Egyptian to Mexico.
b11n addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
OnShipboard. Not Cleared forMar. 5 at
New Orleans__
Galveston ___ _
Savannah Charleston_ _ _ _
Mobile
Norfolk
New York_ _ _ _
Other ports

GerArtetIn.[France. many.
r c t
26.049 8,926
92,010 25,696
7,500
5,000
20.705
22;666

Other CoastForeign wise.

Total.

786 89,708
4,500 185,012
550 27,550
9,000
20,805
25:006 25,000
6,000
6:66o
40,000
18.000

872 53,075
62,806
19.500
4,000
100

Leaving
Stock.
307.640
364,214
200,076
91.155
34,516
52,372
125,950
150,409

972 163,381 30,836 403,075 1.326,332
Total 1915._ 173,264 34,622
41,743 27,544 70.080 41,612 20,282 201,261 681,448
Total 1914
Total 1913.. 37,082 3,448 70.274 31,202 27,792 169,798 573,893
Speculation in cotton for future delivery has been on a
fair scale, considering the times, and prices have advanced.
At one time Liverpool was buying. Trade interests bought.
Wall Street and the West were buyers. The market had
got more or less oversold. Shorts grew uneasy. Their
covering had not a little to do with the advance. Furthermore, the South, as a still more or less influential factor,
has not been selling heavily. Its hedging sales have, in
fact, been on a very moderate scale where they have not
been down almost to the vanishing point. Then, the
exports have been liberal. That fact has accounted for a
good deal. People watch the exports very sharply. They
see that, in spite of the talk of a war zone around the British
Isles and an actual or potential blockade of the German
ports, that cotton continues to go out to Europe. Thus
far this year the exports have run over 5,500,000 bales,
and to many it looks as though the total for the crop year
would be some three or four times as much as pessimists
estimated it in the early months of the war. Then there
is persistent talk to the effect that the use of fertilizers at
the South will be much reduced, whatever may be done
about the actual acreage. There may be some scepticism
as to just how much the planted area may be reduced, but
there is none at all as to the prediction that the use of fertilizers will be, perforce, cut down sharply. Farmers, it is
assumed, have not got the money to buy fertilizers. And,
It Is calculated, that about half the crop is usually raised
with the help of fertilizers. Bulls think that the unavoid-say,
able inference is from a large decrease in fertilizers
25 to 33 1-3 per cent, though some estimates run as high
-and at least some decrease in the acreage.
as 50 per cent
The next crop is bound to be smaller by considerable than
the present one. Also, it Is unusual to see a big crop followed by another big crop. That has happened in the past,
now and then, but it is the exception rather than the rule.
Bulls are counting on this. Then they are also counting
consumption. They expect American
on a big European
cotton, somehow or other, to get into Germany and Austria.
whether a close blockade
Then again, the question arises
instituted. International law
of German ports will be
effectual, if it
requires that the blockade shall be close
n
Is to be regarded by neutrals. An article in the London




[VOL. 100.

"Times" the other day, and supposed to be inspired, intimated that too much had been read into the Anglo-French
note on the subject. It is inferred that some way will be
found to reach Germany unless the blockade is made strict,
or even in spite of the fact that it is strict. Wall Street and
Western houses have latterly :been buying. The market
has displayed a steadiness in spite of adverse circumstances,
which has not escaped notice, and which, in fact, has made
friends for it. Some well known spot interests have been
buying; also some prominent room traders. On the other
hand, Liverpool straddlers and some spot interests have
been steady, and sometimes large sellers of July and October. Some have thought this was partly for the purpose
of widening out the differences between New York and
Liverpool. Recently they were as high as 130 to 135 points,
but latterly they have shrunk to something like 112 points,
Also, it is said that deliveries can be made more readily
under the Lever Act than was at one time feared. In other
words, some think the Lever Act is not going to prove such
a terrible thing after all. Cotton business can be done
under its provisions. The stock here is beginning to increase. It now approximates 132,000 bales. It is true
that the amount certificated is only about a tenth of this
quantity, but cotton is beginning to arrive here, partly, it
is said, for the purpose of making a test of how cotton
classes under the new contract. It is now possible to deliver yellow tinges and stains, as well as white cotton.
The question of classing yellow tinges has been settled by
the Board of Managers of the New York Cotton Exchange.
The next thing will be to class the blue tinge cotton. One
box of blue tinges has been received. from Washington, but
action on it is being deferred, pending further consultation
with Washington officials. The New York stock, many
think, will soon increase rapidly; also, that the South will
be more inclined to sell hedges here. Washington officials
to some have seemed to encourage selling with the idea of
delivering cotton, if need be, as near to Government requirements as possible, and then,. if necessary, letting an
appeal to Washington settle disputes. This increased
hedge selling. To-day prices advanced. Peace rumors
had some effect, but a more potent fact was the denial that
the Classification Bureau of the New York Cotton Exchange
can be ignored. Confusion in deliveries would otherwise
result. Also, the South did little hedging. Spot markets
were generally steady. The week's exports and spinners'
.
takings, as well as Liverpool's forwardings to spinners, made
a good showing. Thursday's sellers, in some cases, turned
8.65c. for middling upland,
buyers. Spot cotton closed at
showing an advance for the week of 30 points.
The rates on and off middling,asfigured from the March 4th
quotations of the nine markets designated by the Secretary
of Agriculture for deliveries in the New York market on
March 11th, are as follows:
1.08 on Strict middling...-0.27 on Low middling
Middling fair
1.02 off
Strict good mid..._0.80 on Middling
c Basis Strict good red_ _ _ _ 1.56 off
Good middling_ __ _0.55 on Strict low middling.0.45 off Good ordinary
2.15 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 27 to March 5Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
8.35
8.25 8.45
8.60
8.55
8.65
NEW YORK QUOTATIONS FOR 32 YEARS.
1915_c
865 1907_c
11.35 1899_c
6.58 1891_c
8.94
1914
13.00 1906
11.20 1898
6.31 1890
11.31
1913
12.70 1905
7.85 1897
7.19 1889
10.19
1912
10.35 1904
16.25 1896
7.62 1888
10.31
1911
14.40 1903
10.10 1895
5.62 1887
9.69
1910
14.75 1902
9.12 1894
9.19
7.56 1886
1909
9.85 1901
8.94 1893
9.19 1885
11.38
1908
11.55 1900
9.81 1892
10.88
7.00 1884
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures.
Market
Closed.

Saturday__ Quiet
Very steady___
Monday ___ Quiet, 10 pts. dec.. Steady
Tuesday ___ Quiet, 20 pts. adv__ Firm
Wednesday.. Quiet, 15 pts. adv._ Steady
Steady
Thursday __ Quiet, 5 pts. dec_
'
Quiet, 113 pts. adv__ Steady
Friday
Total.

I

SALES.
Spot. Contr'd Total,

800

"gio
600

300
1,400

soo

800

-8156

1,400

2,200

FUTURES. The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Warday, ThurscPy, Friday,
Feb. 27. March 1. March 2. March 3. March 4. March 5.
March
Range
Closing
Map
Range
Closing.-..
July
Range
Closing.August-

Week.

8.20-.25 8.15-.26 8.22-.36 8.42-45 8.34-.54 8.38-.51 8.15-.54
8.24-.26 8.17-.19 8.35-.37 8.50-.52 8.36-.37 8.48-50--8.41-.48 8.35-.54 8.32-.57 8.58-.70 8.53-.71 8.52-.73 8.32-.73
8.46-.47 8.38-.39 8.56-.57 8.69- 70 8.56-.57 8.69-.70- 8.65-.69 8.55-.75 8.55-.78 8.79-.93 8.75-.94 8.74-93 8.55-94
8.68-.69 8.61-.62 8.77-.78 8.92-.93 8.80-.81 8.90-.91--- --- 8.77 --I 8.73 - 8.93 - 8.98 ---- 8.73-.98
Closing-. 8.78-.80 8.71-.73 8.88-.90 9.02-.04 8.90-.92 9.00-.02- Sept.
--------------------Range
8.87-.89 8.81-.83 8.98-.98 9.10-.13 8.99-.01 9.08-.10-- -Closing
October
-8.91-.97 8.86-.06 8.85-.06 9.07-.19 9.03-.18 9.05-.22 8.85-.21
Range
8.95-.97 8.91 - 9.05-.06 9.18-.19 9.07-.08 9.17-.18- - -Closing
December9.10-.16 9.05-.22 9.05-.26 9.28-39 9.22-.37 9.21-.42 9,05-.41
Range
Closing.-- 9.15-.16 9.09-.10 9.25-.26 9.38-.39 9.27-.28 9,37,3:--January
9.40-47 9.36-.45--- 9.20-.41
9.20-.27
Range
rgnOna
0 28- 27 9.19-.21 9.34-.36 9.47-.49 9.36-.37 9.40-.4 --

MAR.6 1915.1

THE CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follow 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 5Stock at Liverpool
Stock at London
Stock at Manchester

1912.
1913.
1915.
1914.
bales.1,321,000 1,196,000 1,399,000 1,174,000
2,000
5.000
5,000
26,000
94,000 '92,000
88,000
105,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1,452,000 1,289,000 1.498,000 1,268,000
7,000
11,000
9,000
*28.000
*352,000 539,000 536,000 584.000
203,000 416.000 434,000 318,000
4,000
2,000
2,000
7,000
20,000
39.000
33,000
39,000
32.000
36,000
41,000
450.000
5,000
31,000
25,000
*4,000
1,083,000 1.065.000 1.089,000

970.000

Total European stocks
2,535,000 2,354,000 2,587.000 2,238.000
India cotton afloat for Europe..._ 141,000 181,000
92,000
98,000
Amer. cotton afloat for Europe 1,126.829 590,237 292,425 844,021
Egypt, Brazil,&c.,afloat for Eur'pe 71,000
61.000
56,000
64,000
Stock in Alexandria, Egypt
298.000 333,000 269,000 257.000
Stock in Bombay. India
607.000 909,000 760,000 625.000
Stock in U. S. ports
1.729,407 882,709 743.691 1,243,036
Stock in U. S.interior towns... 1.063,559 763.409 674,428 573,122
31.663
U.S. exports to-day
11.408
29,785
35,432

825

Mar* 5ShippedVia St. Louts
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland.to N. Y., Boston,&c
Between interior towns
Inland,&c.,from South

-1914-15-1913-14-Since
Since
Week. Aug. 1.
Week. Aug. 1.
21.486 436,114
16.284 413.206
9,126 225,852
8.966 311,153
50
5.290
3.244 106,012
2,563- 7
3.i692.567
4.050
74.216
2.805
91,933
4,276 146.830
1.047 125.339
18,327 264,308
6.214 326.835
59.314 1,255,895
10,597
9.984
7,419

113,879
130.249
90.090

39.668 1.366.323
633
8,418
6.097

101,661
103,348
86.851
291,860

Total to be deducted

28,000

334,218

15,148

Leaving total net overland*

31,314

921.677

24,520 1.074,463

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 31,314 bales, against 24,520 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 152,786 bales.

-----1914-15----- -----1913
-14
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Mar 5
284,634 8.093,162 151.090 9.112.638
Net overland to Mar. 5
31,314
921,677
24,520 1.074,463
South'n consumption to Mar. 5 60.000 1.830.000 60,000 1.866,000
Total marketed
375.948 10,844.839 235,610 12,053.101
Total visible supply
7,607,227 6,107,140 5,491.952 5,964,842
*64,959
943,420 *37,306
619,941
Of the above, totals of American and other descriptions are as follows Interior stocks in excess
LiverpooAmericanCame
l stock.
bales-1,017,000 956,000 1.231.000 1,067.000 Total in into sight during week-310,989 11,788,259 198.304
sight Mar. 5
12.673.042
Manchester stock
71,000
61.000
56,000
67,000
Continental stock
*973.000 1,010.000 1.052,000 945,000
56.247 2,137,445
American afloat for Europe
1.126.829 590.237 292.425 844.021 North'n spinn's takings to Mar. 5 88,743 2,047.309
U. S. port stocks
1,729.407 882,709 743,691 1.243.036
Movement into sight in previous years:
U. S. interior stocks
1.063,559 763,409 674,428 573,122
WeekBales.1 WeekBales.
U. S. exports to-day
35,432
11,408
29,785
31,663 1913 Mar. 7
154,692 1911-March 10
112,423
-March 8
281,157 1910-March•11
109.259
Total American
6,016.227 4,288,140 4,065,952 4.770.842 1912
East Indian, Brazil,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Liverpool stock
stock
304.000 240,000 168,000 107,000
-Below are the closing quotations of middling
London stock
26,000
5,000
5.000
2,000 MARKETS.
Manchester stock
34.000
32,000
33.000
25,000 cotton at Southern and other principal cotton markets for
Continental stock
*110,000
55.000
25,000
37.000
India afloat for Europe
141.000 181,000
98,000
92,000 each day of the week.
Egypt, Brazil. &c., afloat
71,000
64,000
56.000
61,000
Stock in Alexandria. Egypt
298,000 333,000 269,000 257,000
Week ending
Closing Quotations for Middling Cotton onStock in Bombay, India
607.000 909,000 760,000 625.000
March 5.
Saiurday.I Monday. Tuesday. Wed'dag. Thursd'y Friday.
Total East India, &c
1.591,000 1.819.000 1,426,000 1,194.000
Total American
6,016,227 4,288,140 4,065,952 4.770.842 Galveston
8.25
8.35
8.30
8.35
8.45
7.75
'K§1
7.81
7.81
7.94
Total visible supply
7,602,227 6,107.140 5,491,952 5,964.842 New Orleans... 7.75
Mobile
7.68
7.63
7.56
7.56
7.68
7.75
Middling Upland, Liverpool
4.99d.
6.99d.
6.03d. Savannah
6.81d.
8
8
8
8
8
Middling Upland, New York..... 8.65c.
10.70c. Charleston
12.60c.
13.00c.
7%
7
73'
774
7%
7%
Egypt, Goal Brown, Liverpool
7.40d.
9.40d. 10.40d. 9 11-16d. Wilmington__ - _ 7%
75'
7%
7
7%
7%
Peruvian, Rough Good. Liverpool 9.00d.
9.00d. 10.00d.
9.10d. Norfolk
7.75
7g5
7.88
7.75
7:$8
7.88
Broach, Fine, Liverpool
4.80d. 6 3-I6d.
5Yid
. Baltimore
6Yid.
8
8
8
8
834
84
TInnevelly, Good, Liverpool_. 4.78d.
674d.
674d. 5 11-16d. Philadelphia
8.50
8.70
8.85
8.60
8.80
8.90
• Estimated.
7.75
7.75
Augusta
7.87
7.75
7.93
7.87
Memphis
7.88
7.88
7.88
7.88
7.88
8
Continental imports for past week have been 200,000 bales. St. Louis
734
7%
8
7%
8
7%
The above figures for 1915 show an increase over last week Houston
8.35
8.20
8.20
8.35
8.35
Little Rock.._ _ 7.55
7.55
-7.55
7.75
7.55
7.75
of 48,930 bales,a gain of 1,500,087 bales over 1914, an

excess
of 2,115,275 bales over 1913 and a gain of 1,642,385 bales
-The highNEW ORLEANS CONTRACT MARKET.
over 1912.
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
AT THE INTERIOR TOWNS the movement
-that is,
receipts for the week since Aug. 1, the shipments for follows:
the
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday. Wed'day, Thursd'y, Friday.
corresponding period of the previous year-is set out in
Feb. 27. March 1. March 2. March 3. March 4. March 5.
detail below.
March
Movement to March b 1915.
Towns.

Receipts.
Week. Season.

Ship- Stocks
merais. M ch.
Week.
5.

Movement to March 6 1914.
Receipts.
Week. Season.

Ship- Stocks
men's. Mch.
Week.
6.

Range
Closing
May
Range
8

Jurn

7.90-.95 7.93 - 7.90 - 8.20 - 8.07-.09-7.94-.95 7.90-.93 8.09-.12 8.20-.22 8.08-.10 8.26-.29
8.11-.17 8.07-.22 8.04-.29 8.31-.42 8.27-.39--.11-.17
8.16-.17 8.10-.11 8.28-.29 8.41-.42 8.31-.32 8.45-.46
8.31-.37 8.28-.40 8.25-.50 8.52-.62 8.47-.58- 8.36-.37 8.31-.32 8.49-.50 8.61-.62 8.51-.52 8.64-.65
8.60-.66 8.57-.70 8.56-.77 8.80-.90 8.76-.88-8.64-.65 8.59-.60 8.77-.78 8.89-.90 8.79-.80 8.92-.93
--- 8.76-.81 8.84-.85 8.96-.97 8.95-.978.79-.80 8.74-.76 8.92-.94 9.04-.06 8.94-.96 9.08-.09

Closing
61 10,558
41
21,770
74 2,100
3,304 73,331 1.431 151,329 1,218 23.226 October
Range
2,591 35,626
372 121,812
413 13,564
Closing
1,821 15,975
362 63,618 2,051 15,073
ClosingDecember7,995 48,744 2,011 168,91; 3,723 56,000 DecemberRange
452 14,374
Ii
28,421
18 2,900
3,750 23.801
:u, 21,182 January
32 107,409
5.212 15,62
1,70; 210,159 4,064 12,598
Range
8,55 140,216 4,097 343,751 6,768 72,003
Closing
8.89 - 8.84-.86 9.02-.04 9.14-.16 9.05- 9.18-.20
9.04,06
1,742 46,537
570 75,557 1,851 16,648 Tone
1,437 13,040195 44,248
181 1,511
Quiet. Steady. Steady. Quiet.
Spot
Quiet. Firm.
1,536 8,888
416 53,876
5
6,689
Antinna
Stasuiv. Steady. Steady. Steady. Steady. Steady.
5,252 55,860 2,715 178,56 i 2,123 37,564
941 7,422
247 35,029
285 3,765
1,785 17,834
612 83,682 2,321 18,095
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
3.272 20,922
942 136.444 2,298 26.053
516 19,965
339 30,07*
373 7,529 advices to us this evening from the South indicate that rain
1,106 8.305
151
19.625
151 5,500
the week, with the precipitation
761 12.292
388 32,557
305 7,858 has been general during
1,435 12,236
48 39,889
996 9,546 comparatively light, except in a few districts in the South21,486 36,797 16,359 434,268 16,284 33,307
275
291
151
12,947
163
400 west and along the Gulf. Freezing weather is reported in
8.763 12,888 6,1 II 175.146 6,24: 24,500
_
___
37,536
51
750 Northwestern Texas and light frosts in central portions of
974 8,000
-_ _
13,364
1: 1.200
32.586221.632 16,61- 969,544 30,69 160,902 the State on Thursday.
25 1,105
128 10,057
2.
Galveston, Tex.
-Rainfall has been quite general over the
651
313 1,251
101 22,757
14. 1.571 State, with freezing weather in the northwestern portion.
566 2,951
2
48.511
125
1,962 4,159 1,491 93,916 1.051 3.200 Light frosts occurred in the central portion yesterday. We
5,963
516 .066
32,452
31
,
91.976 176,747 38,9862,689,57: 46,411 165.461 have had rain on four days during the week, the precipita2,341 3.119
4 i 1 105,853
6i 1 5,300 tion reaching two inches and fifty-two hundredths. The
Total,33 towns158,3476,776,747223.306 I063551) OA num AQ9 eve VIR AO R 711, A nil thermometer has ranged from 42 to 64, averaging 53.
1

Ala.,EufaulaMontgomery.
Selma
Ark. Helena
Little Rock..
Ga.,Albany _ _ Athens
Atlanta
Augusta
Columbus_ _ _ _
Macon
Rome
La.,Shreveport
Miss.,Columbus
Greenville _ _
Greenwood_ _ _
Meridian - - _
Natchez
Vicksburg- - - Yazoo City_
Mo..St. LOWSN.C., Raleigh_
O. Cincinnati_
Okla., Hugo_ _ _
S.C., Greenw'd
Tenn..Memphl
Nashville _ _ _ _
Tex., Brenham
Clarksville _
Dallas
Honey Grove_
Houston
Paris

95
1.490
1,366
1,037
2,300
84
1,872
2,655
6,80:
547
169
1,155
955
223
726
1,471
1,108
111
250
171
20,678
349
7.268

23,380
185,055
120,732
59,235
181,050
31,226
107,196
160,641
399,280
93,031
36,386
57,492
138,188
28,932
70,167
13,427
39,776
20,374
36,018
38,950
477,184
8,381
201,784
10,352
7I I
19,683
25.660 874,830
142
4,628
345 16,381
178 44.003
988 110,062
1
23.952
76,3522,924.626
992 110.346

Abilene, Tex.
-It has rained on four days of the week,
The aboye totals show that the interior stocks have de- the precipitation being fifty-two hundredths of an inch.
creased during the week 64,959 bales and are to-night 300,150 Average thermometer 42, highest 56 and lowest 28.
bales more than at the same time last year. The receipts at
Dallas, Tex.
-We have had rain on three days the past
all towns have been 63,028 bales more than the same week week, the rainfall being eighty-two hundredths of an inch.
last year.
Minimum thermometer 36.
Palestine, Tex.
-There has been no rain three days the
OVERLAND MOVEMENT FOR THE WEEK AND past week, the rainfall reaching one inch and nmety-egiht
SINCE AUG. I.
-We give below a statement showing the hundredths. The thermometer has averaged 48, ranging
overland movement for the week and since Aug. 1, as made from 38 to 58.
up from telegrphie reports Friday night. The results for the
San Antonio, Tex.
-We have had rain on three days of the
week and since Aug. 1 in the last two years are as follows:
week, the rainfall reaching one inch and ninety-eight hun


THE CHRONICLE

826

[VOL. 100.

dredths. The thermometer has ranged from 43 to 70, ever, revised all the results so as to make them cover the full
week ending Friday, Feb. 12, and they are as follows:
averaging 52.
Week Feb. 12. Since Aug. 1.
-We have had light rain on three days the Net receipts
Taylor, Tex.
bales 404,621
7,129,332
past week, the rainfall being two inches and fourteen hun- Stock at U.S. ports
1,916,074
Foreign exports
396,102
4,520,027
dredths. Minimum thermometer 36.
Visible supply
7,163,328
Savannah, Ga.-Rain has fallen on four days of the week, American visible
5,749,328
hundredths of an mch. Minimum Interior town receipts
227,066
6,206,984
to the extent of fourteen
Interior town shipments
279,090
thermometer 39, highest 61, average 50.
Interior town stocks
1,183,189
had ram on two days during Receipts from plantations
-We have
352,597
Charleston, S. C.
8,192,382
Net overland
43,977
813,177
the week, the precipitation being twenty-nine hundredths Southern consumption
60,000
1,650,000
52,054
*1,063,050
of an inch. The thermometer has averaged 49, the highest Interior stock decrease
Into sight
456,574
10,655,559
being 59 and the lowest 38.
Northern spinners'
93,115
1,795,739
-It has rained on two days of the week,the World's takings takings
Charlotte, N. C.
459,854
8,173,047
Of which American
366,854
6,586,047
precipitation reaching ninety-two hundredths of an inch.
93,000
Of which other
1,587,000
The thermometer has averaged 44, ranging from 30 to 58.
* Increase.
-We have h0 rain on two days during
Memphis, Tenn.
the week, the precipitation reaching one inch and forty-three
WORLD'S SUPPLY AND TAKINGS OF COTTON.
hundredths. The thermometer has ranged from 30 to 60,
averaging 42.
1914-15.
1913-14.
Cotton Takings.
-There has been rain on four days during
New Orleans, La.
\Meek and Season.
Week.
Season.
Week.
Season.
the,week to the extent of three inches and five hundredths.
The thermometer has averaged 53.
6,187,490
7,548,297
Visible supply Feb.26
2,581,551
3,176,816
Shreveport, La.
-There has been rain on five days during Visible supplyAug. 1 March 5
310,989 11,788,259 198.304 12,673,042
American in sight to
the week, to the extent of one inch and eighty-three hun- Bombay receipts to March 4
990,000 135,000 2,011,000
b100.000
34,000
309,000
98,000
b2,000
Other India ship'ts to March 4_
dredths. The thermometer has ranged from 35 to 56.
-Rain has fallen to the extent of two Alexandria receipts to March 3_ b20,000 734,000 15,000 946,600
Vicksburg, Miss.
224,000
7,000
67,000
3,000
Other supply to March3*
inches and fifty-four hundredths, on four days during the
7,984,286 16,854,075 6,576,794 18,745,193
Total supply
week. Maximum temperature 62, minimum 36, average 47.
Deduct
-We have had rain on three days during the Visible supply March 5
Mobile,Ala.
7.607,227 7,607,227 6,107,140 6,107.140
precipitation being four inches and two hundredths. Total takings to March 5 a
week,the
377,059 9,246,848 469,654 12,638,053
the highest being 62 and
The thermometer has averaged 51,
Of which American
311,059 7,451,848 303,654 9,718,453
Of which other
66,000 1,795,000 166,000 2,919,600
the lowest 40.
-We have had rain on three days of the week,
Selma, Ala.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
estimated consumption by Southern mills.
a This
the rainfall reaching two inches and seventy hundredths. 1,830,000 total includes theand 1,866,000 bales in 1913-14-takings not
bales in 1914-15
The thermometer has averaged 45, ranging from 32 to 58.
being available-and the aggregate amounts taken by Northern and for-There has been rain on two days during eign spinners, 7,416,848 bales in 191445 and 10,772,053 bales in 1913-14,
Madison, Fla.
which 5,621,848 and 7,852,453 bales American.
the week, to the extent of one inch and sixty hundredths. of b Estimated.
The thermometer has ranged from 39 to 63, averaging 53.
BOMBAY COTTON MOVEMENT.
-The receipts of
India
and the shipments for the week
CENSUS BUREAU'S MONTHLY COTTON REPORT. endingcotton at Bombay season from Aug. 1 for three years
Jan. 21 and for
-The report issued by the Bur9au of the Census covering have been as follows: the
the amount of cotton consumed in the United States during
January 1915 and the six months, in comparison with
1914-15.
1913-14.
1912-13.
1913-14, the stock on hand at the close of the month, the
January 21.
Since
Receipts atSince
Since
spindles, import of foreign cotton and exnumber of active
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
ports of domestic cotton is as follows:
COTTON CONSUMED AND ON HAND,AND ACTIVE COTTON SPINDLES
(LINTERS ARE NOT INCLUDED).
(The statistics of cotton are given in running bales, counting round as half bales,
except foreign cotton, which is in equivalent 500-1b. bales.)
Colton Consumed
During (bales)
-

LocalitY.

United States

Year

Cotton on Hand
January 31.

Six Mos. In manuJanuary. ending facturing
Jan. 31. establishnets(bales)

Cotton
Spindles
Active
In IndeDuring
pendent
During
warehouses January.
bales). (number).

1915 *468,877 2,591,089 *1,515,390 *4,689,956 30,565,479
1914 517,299 2,816,625 1,764,561 2,839,942 31,098,178

Cotton-growing States_ 1915
1914
1915
All other States
1914

260,572 1,406,731
269,460 1,487,126
208,305 1,184,358
247,839 1,329,499

752,669 4,497,304 12,443,465
905,419 2,672,839 12,256,338
762,721
192,652 18,122,014
859,142
167,103 18,841,840

•Includes of foreign cotton 18,136 ba es consumed,54,704 bales on hand in manufacturing establishments, and 13,285 bales in Independent warehouses.
Linters not Included above were 24,639 bales consumed during January in 1915
and 23,611 bales in 1914, 120,440 bales on hand in manufacturing establishments
on Jan. 31 1915 and 87.217 bales in 1914, and 93,573 bales in independent warehouses in 1915 and 49,923 bales in 1914. Linters consumed during six months ending
Jan. 31 amounted to 156,123 bales in 1915 and 157,565 bales in 1914.
IMPORTS OF FOREIGN COTTON (500-1b. bales).
January.
Country of Production
-

1915.

1914.

6 Mos.ending Jan.31.
1915.

1914.

Total

39,229

19,624

139,529

63,523

Egypt
Peru
China
All other countries

30,951
1,415
2,150
4,713

11,341
882
508
6,893

83,542
4,538
8,434
43,015

37,305
7,033
2,853
16,332

EXPORTS OF DOMESTIC COTTON AND LINTERS (Running Bales).
January.

Country to

Which Exported-•

Total

United Kingdom
Germany
France
Italy
All other countries

1915.

1914.

6 Mos.ending Jan. 31.
1915.

1914.

*1.372,175 1,052,272 *3,978,329 6,489,752
585,534
99,913
70,901
217.982
397,845

437,231 1,781,045 2,408,633
308,116
148,041 1,981,165
78,574
210,528
872,494
54.824
600,779
316,579
173,527 1,237,936
910,881

•Figures for 1915 include 23,486 bales of linters exported during January and
67,981 bales for six months ending Jan. 31. The distribution for January is as
follows: United Kingdom,4,838; Germany,none: France, 5,927: Italy,5,708: and
all other countries. 7,013.

WORLD'S STATISTICS.
commercial cotton,
The world's production of reports, documentsexclusive of linters, grown in 1913.
and

correspondence, was apProxi
as compiled from publshed
net. The
mately 22,255,000 bales of 500 poundsyear ending consumption of cotton (exclusive
Aug. 311914, was
of linters in the United States) for theExcept for the United States, approximately
cotton included
21,223,000 bales of 500 pounds net.
that used in spinning and does not include
In this amount refers almost exclusively totthe manufacture of felts,
bats, Ore. The
quantities which are consumed In
large
number or active consuming cotton spindles during that year was 146,397,000.

COTTON STATISTICS FOR WEEK ENDING FEB.12
-Friday last having been a holiday in New York, we went
to press on Thursday night, and our cotton statistics, therefore, covered an imperfect week. We have this week, how


90.000

Bombay

668.0001115.000 1.243.000 98.000

For the Week.

889.000

Since August 1.

Exports
Great
Great Conti- Japan
Britain nent. &China Total. Britain.
Bombay
1914-15_ _
1913-14_ _
1912-13_ _

_ 44,000 44,0
15,0001 41,000 56,00
28,00
10,00d 18,0

Conti
neat.

Japan
&China

Total.

22,000 143,000 405,000 570,000
11,000 408,000 388,000 807,000
12,000 153,000 193,000 358,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
February 3.
Receipts (cantars)This week
Since Aug. I
Exports (bales)

1914-15.

235,344
4,478,036

1913-14. I

145,000
6,648,965

1

1912-13.

155,000
6,911,724

This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.

9,535 103,509
To Liverpool
8,534 97,123
To Manchester
To Continent and India_ 14,590 132,791
1,863 75,230
To America

4,750 150,712 2,750 151,952
160,714
7,250 149,867
10.250 268,013 137,§86 238,464
2,750 30,780 2,250 85,002

34,522 408,653 25,000 599,372 18,250 636.132
Total exports
Note.
-A cants'. is 99 lbs. Egyptian bales weigh about 750 lbs.

-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the demand from
India is quieter, but that a better business is being done
for China. A fair trade in bleaching cloths is reported.
Yarns are quoted at 7% ©8%d.and cloths 5s.33d. to 6s.9d.
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 345,807 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
-To Liverpool
-Feb.27
NEW YORK
-Cymric, 1,111 upland. 164
Sea Island___Mar. 3
-Baltic, 99
1,374
To Manchester-Feb. 27
-Dryden,497.. -Mar.4-Bovic,500
997
-Mar.2
To Marseilles
-Sant' Anna, 150
150
To Rotterdam-Feb. 27
-Florida, &c. 2,800
2,800
-Italia, 1,650
To Genoa-Feb. 27
1,650
-Mar.3
-Caserta,500
To Naples
500
-Italia, 701
To Leghorn-Feb. 27
701
-Feb. 27-Themistocles, 200
To Piraeus
200
-City of Newcastle, 7,001
To Vladivostok-Feb. 27
7,001
GALVESTON-To Manchester
-Feb. 27-Anselma de Larrinaga,
9,677
9,677
-Reliance, 12,346
To Havre-Feb. 26
12,346
-Navajo, 6,112
To Bremen-Mar. 3
6,112
To Rotterdam-Feb. 27-Nordarnerika, 9.652.... Mar. 1
Guantanamo, 11,837; Strinda, 18.625
40,114
-Adolfo, 6,055---Mar. 2-0quendo,
To Barcelona-Feb. 27
-Ramon de Larrinaga, 7,570
8,900---Mar. 4
22,525
-Mar. 1-Atlantis, 250
To Vera Cruz
250
TEXAS CITY-To Liverpool-Feb. 26
-Chancellor, 11,252
11,252
-Feb. 27
PORT ARTHUR-To Liverpool
-Norwegian,9.915_ 9,915
-Feb. 26
ORLEANS
-To Liverpool
NEW
-Flamenco, 10,949
Feb. 27-Camoens, 8,492; Sylvanian, 7,635___Mar. 3
-Centurion, 14,295
41,371
-Feb. 27-Rathtin Head, 5,000
To Belfast
5.000
To Ifavre-Mar. 2-Ketunore.6,562_ - _Ohio, 15,073...-Mar.3
-Everilda, 7,020
28,655
-Pueblo, 1.475
-Mar.4
To Mexico
1,475
-Mar.4-Marowjne,300
To Port Barrios
300

827

THE CHRONICLE

MAR. 6 1915.1

Total bales.
7.450
-Mar. 4-Vivina, 7,450
PENSACOLA-To Liverpool
-Lady Carrington. 12,364_ 12.364
-Feb. 27
-To Liverpool
SAVANNAH
5,636
To Manchester-Mar. 1-Gafsa, 5,636
6.421
To Havre
-Mar. 1-Overdale, 6.421
-Mar Adriatico, 6,375; Symra, 9,483
To Rotterdam-Feb. 26
18,365
___Mar. 4
-Belize, 2,507
10,120
To Gothenburg-Mar.3-Carmelina, 4,890; Centric, 5,230
BRUNSWICK
-To Liverpool-Feb. 27-Bursfield, 9,350; Den of
22,350
Evrnie,9,850_ _ _Mar. 3-Gafsa,3,150
14.300
CHARLESTON-To Rotterdam-Mar.4-Georgiana, 14,300
2.990
WILMINGTON-To Liverpool-Feb. 27
-Pelham, 2,890
10.300
To Rotterdam-Mar. 4
-Mobile, 10,300
1,374
BOSTON-To Liverpool-Feb. 25
-Bohemian, 1,374
1,070
To Manchester-Feb. 27
-Iberian, 1.070
163
To Yarmouth-Feb 27
-Boston 163
4,015
BALTIMORE
-To Liverpool-Feb. 25-Dromore, 4,015
341
PHILADELPHIA
-To Rotterdam-Feb. 26-Waaldyk, 341
-Manchuria, 13,653 13,653
SAN FRANCISCO
-To Vladivostok-Feb.27
PORT TOWNSEND-To Vladivostok-Mar. 1-Pasig, 6,726;
10,630
Yaroslav, 3,904

is talk of peace within three months. On the other hand,
however, the export demand has continued large and sales
in a single day have been noted of as high as 3,000,000 bushels. The visible supply reported last Monday showed a decrease of 2,073,000 buskels, bringing it down to 49,786,000,
of which about half is held at Duluth and Minneapolis,
whereas a year ago the total stocks were 57,021,000 bushels,
The world's stock is put at only 167,150,000 bushels, against
196,000,000 last year and 203,500,000 two years ago. Some
think that Russia will not be in a position to ship heavily
at first, even if the Dardanelles are forced. Europe seems
to think the same thing, judging by the freedom with which
it is buying here. Crop reports from France are unfavorable
and labor is scarce. Duluth has been selling freely for export,
partly to the Italian Government. Farm reserves in this
345,807 country are said to be only 169,000,000 bushels. That would
Total
LIVERPOOL.
-By cable from Liverpool we have the mean that they are only 3,000,000 bushels larger than a
following statement of the week's sales, stocks, &c., at that year ago in spite of the big crop. Such figures bear eloquent testimony to the enormous foreign demand this year
port:
Feb. 12. Feb. 19. Feb. 26. March 5. under the stress of war. To-day prices declined on lower
Sales of the week
41,000
40,000
40,000
foreign markets, Argentina exports reaching the unexpected
Of which speculators took
2,900
3,900
3,800
3,700
Of which exporters took
5,400
5,000
total of 5,193,000 bushels, rains and snows at the West,
Sales, American
30.000 31,000 30,000
7,000 peace talk and liquidation. Export sales were 1,000,000
9,000
Actual export
12,000
8,000
94,000 bushels. Argentina exported for the week 256,000 bushels
90,000
102,000 100,000
Forwarded
953,000 1,061,000 1,203,000 1,321,000
Total stock
695,000 781,000 904.000 1,017,000 to Australia, its first shipments in that direction on record.
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American

139,000
110,000
723.000
637,000

215,000
172,000
625,000
549,000

239,000
204,000
528,000
461,000

219,000
191,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_160% 15834 1541 156
153
148
No.2 red
160
155
tor
150
May delivery in elevator
15234 14834 14634
125% 123
July delivery in elevator
125% 120% 121
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator
cts_15354 147% 14234 14434 139% 138
12451 11834 11634 11734 112% 11234
July delivery in elevator

Friday,

Indian corn weakened a trifle, and prices again took
an upward course. There has been a good cash demand at
ull.
Moderate
Quiet.
Dull.
Dull.
Quiet.
the West from the seaboard. The difference between cash
demand.
quotations and May has shown a tendency to narrow.
4.94
4.95
4.91
4.97
Mid.Uprds
5.01
4.99
Country offerings have been small. The available supply in
the United States decreased last week 75,000 bushels, as
7,000
5,000
6,000
7,000
Sales
6,000
6,000
1,000
2,000
1,000
1,000
2,500
Spec.dosp.
2,000
against an increase in the same week last year of 924,000
Quiet
Quiet
Quiet
Quiet
Futures. Quiet unch
Steady% © bushels. Argentina quotations have been firm, with holders
Market 1 to 34 pt. 1(53 pta. 234(5334 4@5 pts. 134 ©234
2 pts.
little inclined to offer. The interior receipts in this country
decline,
advance, advance. advance.
opened f decline, advance,
have been small. The market at times has disregarded
Market, ( quiet
Quiet unch. Quiet
Steady Barely st'y Quiet unch. weakness in wheat, owing to the steady cash demand both
4
12(5234 pts to % pt. 234 pts. 034(57 pts. 34@1 pt. to 1 pt.
in export and the home trade. It is true that the available
P. M. I decline, advance,
decline,
advance, advance. advance.
supply in this country is some 45,600,000 bushels, or more
The prices of futures at Liverpool for each day are given than double that of a year ago, when it was 21,700,000
below. Prices are on the basis of upland, good ordinary bushels, or that of two years ago, when it was 22,060,000
bushels. But this has been outweighed by the ready abclause, unless otherwise stated.
.
sorption of cash grain. The decrease in • the arrivals at
The prices are given in pence and 100ths. Thus: 4 84 means 4 84-100d.
Chicago, however, has also played its part. To-day prices
Feb. 27 Saturday. Monday.1 Tuesday. Wed'day. Thursday. Friday.
declined.
to
Market,
D
12:15 I
P.M.

DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Mch. 5. 1234 1234 1234 4 11234 4 1234 4 1234 4 1251 4
Sat. Mon. Tues. Wed. Thurs. Fri.
P.m. P.m. P.m. P.m.,P.M. P.m. P.m. P.m. P.m. P.m. P.m. P.m.
cts- 8051 8034 8134 8334 8234 81%
No. 2 mixed
di 'di ' I d. d. d . d. d. d. d. d.
d.
di
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
May-June ____4 8434 85% 8434 81 82 87 8834 91 89 89 89
Sat. Mon. Tues. Wed. Thurs. Fri.
June-July - ___ 4 8834 8934 8834 i85 86 91 9234 95 93 93 93
May delivery in elevator.
7194 55% 56% 72% 72%
cts_ 74
July-Aug- _--_ 4 9334 94% 9334190 91 96 97 00 983i 9834 99
July delivery in elevator
7634 7354 5134 5234 74% 74%
Oct.
-Nov -_-_ 5 06 07 06;4'03 04 09 11 14 12 12 13
Jan.
-Feb. ____ 5 13 14 1334110 11 16 18 21 19 19 20
Oats declined at one time and then raffled. The foreign

BREADSTUFFS
Friday Night, March 41915.
Flour has continued quiet and certainly it has shown more
or less natural sympathy with the depression in wheat.
Of course the news from the Dardanelles has been a big
factor. It is assumed that if the Allied fleet gets through
it can mean nothing less than lower prices for wheat, and as
a logical consequence lower prices for flour. In such circumstances it is not surprising to find that buyers are still
pursuing the policy of purchasing only from hand to mouth.
The market is really awaiting further developments and
meantime is simply marking time in a routine trade. The
total production last week at Minneapolis, Duluth and Milwaukee was 378,220 barrels, against 440,550 in the previous
week and 382,080 in the same week last year.
Wheat has declined sharply on the news of the Allies'
victory in the Straits of the Dardanelles. This is taken as
meaning that in the near futureimmense supplies of Russian
wheat may be opened up to the markets of Western Europe.
The idea that Russia is likely to become a big competitor
with this and other countries has told very perceptibly on
prices here, which on some days have fallen 6 to 8 cents a
bushel. They are 30 cents lower than the top prices during
the present war. Also, crop reports from the West have been
very favorable. Some make the condition as high as 90%,
or slightly above what it was in December. The world's
stock decreased for the week only 1,882,000 bushels, as
against a decrease in the same week last year of 3,140,000
bushels. Winnipeg prices have been noticeably depressed.
India's exportable surplus is said to be 120,000,000 bushels, which is something unusually large. In most years its
surplus for export has not been over 64,000,000 bushels,
though in 1904-05 it was 80,000,000 bushels. The East
Indian acreage is said to be 6,000,000 acres larger than that
of last year and during the most critical period the weather
was favorable. Roumania, reports favorable weather for
the new crop. Russian advices say that food is cheap in
that country-i. e., bread and rye flour are selling at 13i
cents per Russian pound and wheat bread at 2M cents per
pound. At times quotations at Buenos Ayres have been
easier. The weather in Argentina has been clearing. There i



demand has continued large, with daily sales to Europe of
1,000,000 to 1,200,000 bushels. St. Louis has done some of
this export trade via Newport News. There are reports
that sales for shipment not yet cleared have recently reached
nearly 20,000,000 bushels. One report was that the total
sales last Tuesday, instead of being 1400,000 bushels, as
generally reported, really exceeded 2,000,000 bushels,
mainly by Western markets to the seaboard . Cash houses
have been buying futures. Some Chicago interests have
been heavy buyers of May Country offerings have been
small. It is said that the Argentina exportable surplus was
35,000,000 bushels, and that nearly half of this quantity
has already been shipped The farm reserve from this
country are estimated by private statisticians at 361,000,000
bushels, against 390,000,000 bushels last year. Yet, at
times there has been a good deal of liquidation, partly on
the news from the Dardanelle, and partly in sympathy with
a decline in other grain. Yet, after all, the principal factor
has been the insistent demand for export and the firmness
of foreign markets. This, in the long run, has counted for
more than statistics or political news. It is true that the
decrease in the available supply in the United States last
week was only 262,000 bushels, as against a decrease in the
same time last year of 1,045,000 bushels. It is also a fact
that the total supply in this country is now some 43,200,000
bushels, or about 2,000,000 bushels more than a year ago,
and 18,000,000 bushels more than at this time in 1913, but
this has fallen flat. To-day prices fell, then raffled. Export
sales were reported as 850,000 to 1,000,000 bushels.
DAILY CLOSING PRICES OF OATS
Sat. Men.
Standards
eta_ 61
61%
No. 2 white
DAILY CLOSING PRICES OF AuHTS
Sat. Mon.
May delivery in elevator
5434
cts 67
5°
1
July delivery in elevator

IN NEW YORK.
Tues. Wed. Thurs. Fri.
61% 6234 6234 60
65
.
6
3
6
IN CH1$x $1
$3
6 4 $CAGO
Tues. Wed. Thurs. Fri.
534
51% 51%
52
51

The following are closing quM tions:
m ota5
Wheat, per bushel
-f. o. b.
N. Spring, No. 1
N. Spring,
Sprlng Noo 22
witite'r, N .
.
Hard winter, No. 2
Oats,nder bushel, newsta p ard
No. 2, white
No. 3, white

$11 0

_2permixbushedel_

Cts.
f. o. b.
8194
72
C. I. f.
8194
No.2 yellow
No. 3 yellow
1 48
Argentina
4934
in b l
er
t
Rye, per bushe ags
Cis.
New York
6601
Western
90©9
1 23
6934 Barley Malting
6

[VOL. No.

THE CHRONICLE

828

FLOUR.
Winter, low grades____$6 000S6 25 Kansas straights, sacks_S6 40
7 00@ 7 50 Kansas clears, sacks__ 6 15rg ,918
Winter patents
8 45
6 65@ 6 90 City patents
Winter straights
650?57 00
640@660 Rye flour
Winter clears
3
6 85 7 15 Buckwheat flour
Spring patents
6 25© 6 50
6 6OR 6 80 Graham flour
Spring straights
645@655
Spring clears
usually given here. see Page 788.
For other tables

the war affords an opportunity to Japanese merchants to
get the upper hand.
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending Feb. 27 were 10,541
packages, valued at $654,934, their destinations being to the
points specified in the table below:

.
The visible supply of gram, comprising the stocks in
granary at principal points of accumulation at lake and
1915 was as follows:
seaboard ports Feb.27

New York to Feb. 27Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries

In ThousandsNew York
'
afloat
Beaten
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago
afloat
"
Milwaukee
.• afloat
Duluth
afloat
"
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha

UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush, bush, bush, bush, bush, bush. bush
4,048
647 1,899 1,128
178
317
513
102
24
193
4
332
-- -148 - 198
156
526
875
486 --i5
18
e
890
65
1,169
790 ____
664
198
67 1,839
219
358
2,675
____
1,61020
---,
1,141
3 2,180 1- 488
i- 8
6.070
869 _ _ _ _ 1,043 --------453
335
493 ____
726 ____
54 ...._
12
674
293 ____
23 -856
____ 13,990 12,463 ____
984
4,515 2,040
119
-555
--it
480 :-_-_-_
37
776
256
- .
6
174 1,976 2,845 --28 --ii -552
10,154
258
334
13,784
____ 1,104 4,005 •____ -iii -&ii
17
644 1,572
6
1,339
____
21
814
3,682 ____ 5,168
3 ---214 1,308 --------1
257
1,015
407
180 ____ 3,088 1,122 ____
--ia

--a

Total Feb. 27 1915..49,687 2,157 41,238 33,258
241
Total Feb. 20 1915..51,759 2,510 41,246 33,001
231
Total Feb. 28 1914..57,021 4,555 18,374 21,489 6,074
Total Mar. 1 1913_63,786 2,776 17.918 12,343
326
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
/n Thousandsbush. bush. bush, bush, bush,
Montreal
994
129 1,044
Ft. William & Pt. Arth_ 4,916
2,102
afloat
"
283
Other Canadian
4,352
2;555

1,361 3,763
1,372 3,733
1,822 4.973
1,202 2,335

303
301
984
205

Canadian Bonded
Rye. Barley. Barlett.
bush, bush. bush.
15
260
_

_

Total Feb. 27 191.5..10,545
Total Feb. 20 1915_ _ 11,117
Total Feb. 28 1914_22,056
Total Mar. 1 1913..24,777

American
Canadian

129 5,535
15
260
118 5.897
264
15
18 14,863
21
354
18 9,300
SUMMARY,
Bonded
Bonded
Bonded
Wheat. Wheat. Corn, Oats. Oats.
Rye. Barley. Barley.
49.687 2,157 41,238 33,258
241 1,361 3,763
303
10,545
____
129 3,535
____
15
260

Total Feb. 27 1915_60,232
Total Feb. 20 1915_62,876
Total Feb. 28 1914..79,077
Total Mar. 1 1913_88,563

2,157
2,510
4,555
2,776

41,367
41,364
18,392
17,936

38,793
241 1,376
38,698
231 1,387
36,352 6,074 1,843
21.643
326 1,202

4.023
3,097
5,327
2,386

303
301
984
205

THE DRY GOODS TRADE
New York, Friday Night, March 51915.
The dry goods trade entered the new month under favorable conditions. While there is much uncertainty concerning the future, due chiefly to the unsettlement in raw
material markets, the volume of sales holds up well. Jobbers report a steady call for seasonable goods, as well as
staple lines, and state that buyers are requesting prompt
shipment on all orders. Retailers are completing preparations for their spring and summer trade, and, while buying
conservatively, they require considerable goods to replenish
their stocks. The local market presents a busy appearance,
with a fair attendance of buyers from all sections of the
country. The latter are tang an active interest in late
offerings of summer merchandise, which cover an attractive
and well-assorted line of fabrics. Staple goods are moving
freely, but buying of these for forward account is becoming
more conservative, as buyers are now covered for some time
ahead. A like sentiment exists among sellers. Mills are
pretty comfortably situated on business for several months
to come, and are not inclined to contract too far into the
future at current prices. Rpm material uncertainties are
unsettling the market for finished goods. While wool and
worsted yarnscontinue to advance, cotton yarns are developing a decidedly weakening tendency, which is causing
buyers of cotton goods to expect lower prices for finished
goods. Prices on weaving counts of cotton yarns have declined a half-cent per pound during the past week or so, and
would go much lower on any attractive offers of business.
In fact there is some talk among spinners of curtailing production to offset the weakness. Wool and worsted yarns
are strong, as spinners claim that the supplies of wool available in this market will be far below requirements, regardless of any arrangements which may be made for freer importations. Late in the week considerable excitement prevailed in the linen trade, owing to rumors of an embargo by
Great Britain against exports of linens. Rumors were plentiful and opinions regarding the effect varied, but nothing
definite could be learned. In the export trade there is
are becoming
nothing new to report except that
shipping
anxious over developments in the shippg trade. High
.
freight rates and war risks are greatly interfering with shipments and making it difficult to quote prices on new business
which will be acceptable to buyers. Some inquiries are
received from Red Sea and Mediterranean markets, but the
prices proposed are too low to result in business. Adyices
from China are meagre and throw little light on the situation there. It is feared that Japanese competition is ruining American business in that market, especially now that



-----1915-7---

Total

-'-1914----Since
Week. Jan. 1. - Week. Jan. 1.
727
9.580
28
295
354
3.305
62
625
280
1.495
3,919 20,459
3
4.477
413
3,497
4,375 10,533
_-__
1,801
163
2,120
124
1,874
727
6,955
879 10,666
75
19
119
628
3,098
445
3,890
586
5,034
2,571
9,254
2.698 13.129
730
9.584
10,541
59,801
9,190 62,064

The value of these New York ex
-ports since Jan. 1 has
been $3,942,158 in 1915, against $4,267,558 in 1914.
Staple cotton goods are fairly active and firm. Efforts
on the part of buyers to place forward contracts at lower
levels are not meeting with success, and the week has witnessed the closing of several additional contracts at full
asking prices. Brown and bleached goods are in good demand for shipment running into the last quarter. Sales of
print cloths and gray goods are backward, but prices are
being firmly maintained. Printers and converters are buying in small quantities for nearby delivery, but are underbidding the market for distant delivery. Sales of wash
fabrics are meeting fullest expectations, and it now appears
that late buying will make up for the dulness which has prevailed up to the present. Coarse cottons for bagging purposes are again receiving more attention as a result of the
firmness in burlaps. Gray goods, 38-inch standard, are
quoted unchanged at 4c.
WOOLEN GOODS.
-Further advances have been scored
on several lines of woolen and worsted dress fabrics during
the past week. A number of prominent lines have been so
heavily sold up that manufacturers have temporarily withdrawn them from the market. Others are selling "at value,"
while some lines of broa,cdloths have been marked up as high
as ten cents per yard. Even with the high prices and the
willingness of buyers to meet them, manufacturers are very
conservative regarding the volume of orders which they
accept. Worsteds are somewhat firmer than woolens, with
the result that sales of the former are running behind woolens. Late demand for spring and summer goods is very
satisfactory,with gabardines,poplins and whipcords favored.
In men's wear,fall business is active, selling agents reporting
heavy bookings of both suitings and overcoatings. Here,
too, buyers show a preference for woolens over wosrteds,
owing to the difference in priees. While sales of worsteds
have been fair, bookings of woolens have been much heavier.
FOREIGN DRY GOODS.
-The linen trade has been
greatly worked up during the week over reports that the
British Government was about to place an embargo on all
exportations of flax, flax yarns and finished linen goods.
Nothing definite could be learned concerning the threatened
embargo, and up to the time of this writing leading representatives of the trade were waiting advices from their
foreign correspondents regarding particulars. It is generally
believed that the embargo, if put in effect, will cover yarns
and flax only, and not finished goods. Distribution of
linens goes on at a fair scale, but considerable anxiety is felt
regarding the future. Prices have reached a level which
threatens to stifle business, and while present stocks will
keep things going for some time without any further advance
in values, it is impossible to get importers or foreign agents
to accept orders for late delivery except at prohibitive prices.
Burlaps remain firm, with demand active and supplies light.
Lightweightsnre quoted at 5.25c. and heavyweights at 5.75c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
Feb. 27 1915.
Since Jan. 11915.
Pkgs.
Value.
Pkgs.
Value.
Manufactures of
661
Wool
211,525
7,530
1,973,754
Cotton
2,465
714,617
19,355 5,412,666
1.468
750,252
7,237 3,642,100
Flax
890
270,117
7,588 2.313,184
Miscellaneous
4,925
374,375 21,978 2,453,585
Total 1915
10,411 2,325,886 63,688 15,795,289
Total 1914
13,129 3,584,209 105.522 27,436,720
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
Wool
421
144,847
4,072
1,226,782
Cotton
593
185,205
5,313
1,668,111
Silk
351
129,820
3,320
1.280,629
Flax
476
133,465
3,829
1,038,594
Miscellaneous
2,020
152,009
15,841
1,276,757
Total withdrawals
3,861
745,346 32,375 6,490,873
Entered for consumption
10,411 2,325,886 63,688 15,795,289 .
Total marketed 1915
14,272 3,071,232 96,063 22,286,162
Total marketed 1914
18,094 4,304,458 152,982 35,482,396
Imports Entered for Warehouse During Same Period.
Manufactures of
Wool
243
86,186
2,506
1,003,357
Cotton
692
196,141
5,301
1,533,199
811k
257
113,957
2,398
960,257
Flax
345
109,165
3,138
945,721
1.743
Miscellaneous
77.150
15.850
992,306
Total
3,280
582,599 29.193
5,434,840
Entered for consumption
10,411 2,325,886 63,688 15,795,289
Total imports 1915
13,691 2,908,485 92,881 21,230,129
Total imports 1914
16,518 4,228,728 141.153 34,046,153

THE CHRONICLE

MAR, 6 1915.]
.

829

MITIVIENTHelena, Mont.—Election on Commission Form of Govern-

STATE AND CITY

s ment.—According to local papers a vote will be taken at the
regular city election April 5 on the question of establishing
a commission form of government.
Imperial Valley Irrigation District, Cal.—District Takes
Over Water System.—Under the terms of a contract signed
PUBLISHED WEEKLY.
Feb. 9 the Imperial Valley Irrigation District acquires the
Terms of Subscription—Payable in Advance
rights of the Southern Pacific Co. in the properties of the
For One Year.
$10 00
For Six Months
6 00
California Development Co. for $2,152,500. The district
European Subscription (including postage)
13 00
agrees to execute bonds in this sum and invite sealed proposEuropean Subscription six months(including postage)
7 50
£2 14s. alsfor the same. The Southern Pacific Co.willsubmit a proAnnual Subscription in London (including postage)
Six Months Subscription in London (including postage)
£1 lls. posal to purchase
.
the bonds at par, and if there are no higher
Canadian Subscription (including postage)
$11 50
responsible bidders for the bonds or any portion thereof, the
Subscription includes following Supplementa—
company will be awarded the issue. The bonds will be dated
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
Jan. 1 1915 and bear 5% interest, payable semi-annually;
RAILWAY RARNIAos(monthly.
) ELECTRIC RAILWAY(3 times yearly)
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
coupons for.the first six months to be detached. Two-fifths
of the total issue of bonds will be in the denomination of $500
Terms of Advertisind—Per Inch Space
Transient matter per inch space(14 agate lines)
;4 20 and the remaining three-fifths in denomination of $1,000.
22 00 The district agrees to endeavor to secure the passage of an
(8 times)
Two Months
29 00
Standing Business Cards
50 00 Act at the present session of the Legislature establishing the
73111:1olgeha
1 3 i
87 00 validity of the bonds and irrespective of whether such legisTwelve Months(52 times)
owes° orrica—Geo.M.Shepherd,513 Monadnock Block;TeLHarrison 4012. lation is passed or not will start proceedings in the Superior
LONDON OFFICE—Edwards olt, Smith,1 Drapers' Gardens, E. C.
Court of Imperial County for the determination of this quesWILLIAM B. DANA COMPANY, Publishers,
tion. The district also agrees to procure a certificate from
P.O. Box 958. Front, Pine and Depeystor Sts., New York.
the State Controller that said bonds are a legal investment
for trust funds, commercial and savings banks, State school
funds, &c.
MUNICIPAL BOND SALES IN FEBRUARY.
The directors of the irrigation district will immediately
During the month of February new issues of municipal take further steps, it is announced, to obtain title to the
bonds placed upon the market amounted to $41,406,863. minor interests in the California Development Co. to cost
This total, with one exception, is the largest ever reported about $1,000,000.
The following provisions of the contract, entered into on
for February. In February 1908 the sales were $60,914,174,
interest:
9,
but that included $47,000,000 corporate stock of New York Feb. the are of
consideration of $2,152.500 the Southern Pacific Co. is to convey
For
City.
to the district (1) Judgment secured by Southern Pacifie Co. vs. California
Development Co., entered in Superior Court
County
Among the larger and more important bond issues sold about Dec. 30 1909, for $1,501,903 63, withof Los Angeles$261,500 on or
interest; (2)
California Development Co. bonds with interest; (3) Judgments in favor of
last month are the following: Baltimore, Md., $4,500,000 Southern Pacific Co. against the Mexican company known as the La Socie4%s and $4,000,000 4s; State of Connecticut, $2,000,000 4s; dad de Irrigacion y Terrenes de la Baja California (Sociedad Anonima) by
the Court of the First Instance of the Republic of Mexico at Mexicali,
Rochester, N. Y., $2,000,000 43/s; Detroit, Mich., $1,778,- B. C., for the sums of $650,000 and $900.000, respectively; (4) all of its
2
and interest in the conveyance by the California Development
000 4s; Paterson, N. J., $1,000,000 43/2s; Nashville, Tenn., rights, titleJ. Doran, trustee, including Metropolitan Trust Co. debenture
Co. to W.
receipts, dredges, water stock in Imperial Water Companies 1, 4, 5, 6, 7
$978,000 5s; Worcester, Mass., $840,000 4s; San Bernardino and 8, ace.; (5) all of its rights, title and interest in receivers' certificates
County, Cal., $650,000 5s; Chicago, Ill., South Park Dis- Issued by the receiver of California Development Co., amounting to
6315.000, with interest; (6) all of the shares in the Mexican Companies now
trict, $500,000 4s; Dallas, Tex., $400,000 43s; Portland, owned or hereafter acquired and all of its right, title and interest in and
to any property of those companies (except farm lands). The Southern
Ore., 60,000 4s, and Salem, Mass., $400,000 4s.
Pacific Co. is to cause the Southern Pacific Land Co. to grant certain easeIn addition to the $41,406,863 permanent bonds sold in ments over its lands submerged by the waters of the so-called Salton Sea.
The property of the California Development Co. is to be foreclosed
February, our records show that $22,131,613 temporary under judgment entered in the Superior Court of Los Angeles County on
Jan. 9 1913, and the property purchased by the Southern Pacific Co. and
loans were negotiated, including $16,966,624 revenue bonds transferred to the Imperial Valley Irrigation District.
and bills and corporate stock notes issued by New York City.
New Brunswick, N. J.—Commission Government Adopted.
Canadian loans placed last month amounted to $19,998,856. —A special election held Mar. 2 resulted in favor of the
• $200,000 bonds of Porto Rico were also disposed of last commission form of government. The vote is reported as
.
month.
2,584 to 1,765. The question was defeated at two previous
In the following we furnish a comparison of all the various elections.
forms of obligations put out in February of the last five years:
New Jersey.—Court of Errors and Appeals Declares Void
$1,000,000 Bond Issue for Purchase of Wharton Tract.—On
1915.
1914.
1913.
1912.
1911.
March 1 the Court of Errors and Appeals at Trenton held
Permanent loans(U.S.).41,406.863 37,783,167 27,657,087 29,230,161 22,153,148
.Tempor'y loans (U.S.).22,131,613 29,103,021 33,715,559 30,929,382 12,990,054 that the proposed purchase of what is known as the "WharCanadian loans (penn't) 19,098,856 38,923,527 13,926,838 2,854,803
903,846 ton Tract" in Atlantic and Burlington counties with the proBonds of U.S. Possess__
200.000
None
None
None
None ceeds of $1,000,000 bonds issued in the name of the State
Total
83,737,332 105.809.715 75,299,484 63,014,346 36,047.048 Water Supply Commission is in violation of the constitutional
provision which prohibits the bonding of the State for a sum
•Includes temporary securities issued by New York City:$18.966,824 In Feb. 1915,
$23,851,081 In Feb. 1914, 330,174,091 Feb. 1913, $26,928,314 Feb. 1912 and $9,- exceeding $100,000, except by direct vote of the ptople.
516,700 Feb. 1911.
This reverses the ruling of Chancellor Walker, who on July 11
The number of municipalities placing long-term bonds and 1913 held that the issuance of bonds by the Commission did
not constitute a State debt within the constitutional inhibithe number of separate issues made during February 1915 tion. V. 97, p. 188.
were 294 and 486, respectively. This contrasts with 299 and
New York City.—Assessed Values and Tax Rates for 1915.
509 for January 1915 and with 464 and 548for February 1914.
—The Board of Tax Commissioners on March 1 forwarded
For comparative purposes we add the following table,
to the Board of Aldermen for their approval the assessment
showing the output of long-term issues in this country for rolls of real and personal property for 1915. The total asFebruary and the two months for a series of years:
sessed valuation for the five boroughs is $8,460,815,992, of
which $8,108,764,237 consists of real estate (including real
Month of
For the
Month of
For the
February. Two Months.
February. Two Months, estate of corporations and special franchise assessments)and
1915
$41,406,863 574.050,493 1903
55,150,926 521,092,722 $352,051,755 of personal property. There is an increase of
1914
37,783,167 122,316,261 1902
12,614,459 23,530,304
1913
27,658,087 58.072,526 1901
4,221,249 13,462,113 $58,904,325 in the real estate values, while personal property
1912
29,230,161 54,495,910 1900
5,137,411 25,511,731 is assessed at $11,756,195 more than last year. The 1914
1911
22,153,148 100,663,423 1899
7,038,318 13,114,275
1910
18,604,453 34,923,931 1898
9,308,489 17,456,382 real estate values showed an increase of $43,212,051 and the
1909
17,941,816 47,260,219 1897
12,676.477 23,082,253 personal an increase of $14,874,220 over 1913. The follow1908
60,914,174 71,857,142 1896
4,4.23,520 10,931,241
1907
37,545,720 47,705,866 1895
5.779.486 16,111,587 ing table presents by boroughs the assessment of each separ1906
28,390,655 36,698,237 1894
11,966,122 19,038,389 ate class of property for this year and 1914:
1905
9,310,631 17,746,884 1893

Whe Tinornizte.

RN=

1904

7,951,321

31,795,122 1892

5,071,600
7,761,931

10,510,177
14,113,931

Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.

News Items.
Durham, No. Caro.—Election on New Plan of Government.
—On March 16 an election will be held on the managerial
plan of city administration.
Greenfield, Greene County, Ill.—Commission Government Defeated.—Reports state that at the election held Feb.23
the question of establishing a commission form of government was defeated by a vote of 95 "for" to 279 "against."



TE.
REAL ESTATE.
Inc. or Dec.
Boroughs—
Ordinary real estate__ _$4,780,526,075 $4,774,277,780 Inc. 56,248,295
1914
Manhattan. Corporate real estate__
92,778.886 Inc. 7,156.549
99,935,435
Special franchises
282,194,094 Dec. 16,853,109
265,340,985
589,396,955 Inc. 17.828,501
Ordinary real estate_ _ _
607,225,450
Bronx _ _ _ Corporate real estate
43,087,300 Inc. 1,803,650
44,890,950
26,147,758 Dec. 1,137,500
Special franchises
25,010,258
Ordinary real estate__ _ 1,196,057,767 1,571,486,932 Inc. 24.570,835
. „
Brooklyn _I Corporate real estale
22,836.805
75,261,638 Dec. 5,243,784
Special franchiseq
446,686,477 Inc. 18,199,767
Ordinary real mlate
4133 987, 44
4 816 924
:
2
26.554,240 Inc. 3,782,950
Queens - -• Corporate real estate
30,344,190
15,446,039 Dec. 1,157.045
Special franchises
76,936,481 Inc. 2,262,054
Ordinary real estate_
79,1 994
142 535
91
2,807,190 Inc.
82,520
Richmond_. Corporate real estate
2,889,710
2,370,782 Dec.
55.803
Special franchises2,314,979
Totals.
Queens. Richmond.
Manhattan.
Bronx,
Brooklyn.
1915.5,145,802,495 677,126,664 1,591.912,426 509,510.42884,403,224 8.108.764,237
1914.5,149,250,760 658.632,013 1,671,175,930 488,686,756 82,114,453 8,049.811,912
Dec.-Inc.
3,448,265 18,494,651
20,736,496 20,832,672 2,288,771
58.904,325

THE CHRONICLE

830

[VOL. 100.

report. Virginia will claim,it is understood, that the credits
allowed by the Special Master as offsets to the amount of
debt for which West Virginia is liable, are excessive. On the
other hand, West Virginia cites alleged errors which would
increase the amount of these credits and also denies its liability for interest since 1861 on its share of the old Virginia
debt.
-The West Virginia
-New Blue Sky Law.
West Virginia.
Legislature has passed a bill "to prevent fraud in the sale and
disposition of stocks, bonds, notes, contracts or other securities and certain real estate, sold or offered for sale, within
the State of West Virginia." The measure is now effective.
It will be remembered that a similar law passed Feb. 6 1913
was declared by the courts to be unconstitutional. V. 99,
p. 1789.
-Special Session.
-The regular sesLegislature Adjourns.
sion of the 1914 Legislature ended shortly after midnight
Feb. 26. A special session was immediately called and
commenced at noon Feb. 27.
-Court
Woodruff, Spartanburg County, So. Car.
-The petition filed by M. A.
Refuses to Enjoin Bond Issue.
Connolly to prevent the town from issuing bonds for waterworks and sewerage was denied by the State Supreme Court,
rates for 1915 V. 100, p. 662.
With the above figures as a basis, the tax
fixed as follows,
(given on the $100 valuation) have been
-A
-Commission Government Defeated.
Ypsilanti, Mich.
1914 figures being given for comparison:
proposed new charter providing a commission form of govRichmond.
Queens.
Kings
Bronx
New York
County.
ernment was defeated Mar. 2, it is reported, by a vote of
County.
Oounty.
County.
Counts.
City rate___1.7861753078 1.7861753078 1.7861753078 1.7861753078 1.7861753078 619 "for" to 698 "against."
.1178579741 .0940676695 .1914622945
PERSONAL PROPERTY.
Ordinary Personal of -Corporation---- -Non-Bes.PersonalResident. Non-Resid. Ordinary. Saxe Lazo.
Estates.
Personal.
Boroughs$
$
S
$
$
$
Manhattan104,313.300 28,857,200 18,070,300 3,233,100
104,479,390 33,396,300
1915
109,589.870 29,608,400 100,111,100 26,413,300 18,570,000 3,477,600
1914
Bronx
121.500
853,500 2,391,900
3,437,900
1915
117,600
997,300 2,158,000
2,488.300
1914
35.000
641,800
28,773,170 7,225,640 8,930,600
1915
689,000
35,000
23,199,475 6,794,990 8,577,600
1914
Queens
169,600
784.250 1,973,000
4,708,800
1915
150,000
763,750 1,629,300
3,372,100
1914
Richmond
160,000
350.900
328,905
815,900
1915
60,000
364,000
412,575
718,300
1914
Tota11915...140,215,160 42,588,595 117,959.700 29,949,900 18,070,300 3,268,100
Total 1914__139,368,045 38,575,015 112,840,000 27,429,900 18,570.000 3,512,800
897,115 4,013,580 5,119,700 2,520,000
Increase____
499,700 244,500
Decrease _
Total.
Richmond.
Queens.
Brooklyn.
Bronx.
Manhattan.
1915-$292,349,590 $6,804,800 $43.606,010 $7,635,650 $1,655,705 $352.051,755
5,761,200 39,296,065 5,915,150 1,554,875 390,295,560
1914- 287,768,270
100,830 11,756.195
Increase 4,581,320 1,043,800 4,309,945 1.720.500
GRAND TOTALS OF REAL AND PERSONAL PROPERTY.
Totals.
Queens. Richmond.
Brooklyn,
Bronx.
Manhattan.
8
$
8
$
$
$
1915.5,438,152,085683,931.464 1,735,518,436 517,155,078 86.058,929 8,460,815,992
1914.5,437,019,030664,393,213 1,710,471,995494,801,908 83,669,3288,390,155.472
70,860,520
1.133,055 19,538,251 25,046,441 22,553,172 2,389,601
Inc--

County rate .0734742132 .1480577197
Borough as.0094510473 .0616855762 .2621464415
seseet rate .0045741760
Total Co.rate1.8642238970 1.9342330275 1.9134843292 1.9419285535 2.2397840437
Tax rates
1915
1914

1.87
1.78

1.99
1.77

1.92
1.84

Increase

.09

.17

.08

1.95
1.80

2.24
1.90

Lawson Purdy,President of the Board of Tax Commissioners, has issued the following statement concerning the 1915
values:

"The assessment roll for 1915 shows an increase over the roll for 1914 of
$70.660,520. Real estate assessed by the Tax Department increased $83.increased $11.756.195. Special
351,566, and personal property Tax Commissioners decreased franchises
$24.447.241
assessed by the State Board of and personal estate is
88,460,815,992.
The aggregate assessment of real
"The increase in the a.messed value of real estate Is very much less than
the amount added for new buildings, because of reductions in land values in
various parts of the city and reductions in the assessed value of buildings.
Building reductions were due more to adolsecence than to depreciation, and
in this resp_ect Manhattan is the chief sufferer. Nearly S70,000,000 was
new buildings,
added to Manhattan for assessed value ofbut the reductions considerably
buildingsfor 1915 in the Borough
exceeded this sum,so that
for 1914 by more than 315,000,000.
of Manhattan is less for 1915 than land values the aggregate land value in
of the large reductions in
"In spite
Manhattan shows a small increase, Section No. 2 shows a reduction of
of about
$14,000,000 and Section No. 3 reductionGrand St.$16,000,000. Sections
north to Fortieth St.
Nos. 2 and 3 cover the territory from
Sections 4 and 5 show a land increase which more than make good the loss
of
40th St. These sections, Nos.4 and 5. take in all of the Borough in
below
Manhattan between 40th St. and 96th St. In Manhattan the changes
changes in
character
the centres of trade and the corresponding depreciation the building. of
A
a great
in
certain neighborhoods have caused House,
notable illustration is the Hoffman few daysthe larger part of which was
ago it was
A
built within the last ten years. building erected in Its announced that it
place. Some fine
was to be torn down and a loft
office buildings on Fifth Ave., south of 23d St., have suffered a serious
from similar causes.
decline

-Proposed Amendment to Torrens Law.
New York State.
-At the instance of the Real Estate Board of New York,
bills have been introduced in both branches of the Legislature
amending the Torrens Law enacted in 1908 for the registration of titles to real property. Since these bills were introduced there has been another bill introduced on the same subject at the suggestion of Hon. John J. Hopper, Register of
New York County. In commenting on these proposed
amendments,Professor A. G. Reeves, Chairman of the New
York Torrens Law Committee, says in part:

over other methods
a great
"The system itself ispropertyand beneficent advance and adjudges them
titles, because it fixes
of authenticating real
re-examination thereafter when they are transferred or
once for all, avoids
quicker and more readily available
encumbered, and makes them vastly
assets for their owners.interested opposition, and especially the refusal of
"Much strenuous and
companies to loan moneys on registered titles, have
the groat mortgage
little employment of the Torrens Law since its
resulted in comparatively 1908. But there are now numerous evidences
enactment in this State inopposition; and the recent activity of the Real
withdrawal of such
of the
prompted by that fact, and Is indicative of
Estate Board has been largely
that tendency.

-The Oregon Legislature
-Legislature Adjourns.
Oregon.
adjourned Sunday morning (Feb. 21).
-On Feb. 16 there were sold to
-Bond Sale.
Porto Rico.
Fletcher-American National Bank of Indianapolis,
the
Jan. 1 1915,
$200,000 Porto Rico 4% coupon bonds dated any interestJan. 1 1940, and subject to call on
maturing
paid was par and
paying day after Jan. 1 1925. The price of an issue of
interest. These bonds are the remainder
improvement of San Juan
$500,000 authorized in 1912for the
had been disposed of.
00
Harbor, of which $300,0 previously
-A local
-Bonds Upheld.
District, Ohio.
Toledo School
Judge Brough's decision denying the
newspaper states thatThurston for an injunction to restrain
petition of Wesley S.
school bonds was upheld by the Appellate
the sale of $900,000 The bonds referred to were awarded to
on Feb. 23.
Court
New York on Jan.28. V.100, p.496.
Harris,Forbes & Co.of
-U. S. Supreme Court Sets
Virginia.
Virginia-West
Master's Report in Debt Case.
for April 19 on Special March 1 set the hearing on
Hearing
on
S. Supreme Court Master Littlefield in the debt
-The IL
Special
the latest report of 100, p. 414). The Court also granted
case for April 19 (V. March 20 for filing exceptions to the
the two States until



Bond Proposals and Negotiations this week
have been as follows:
-On
-BOND SALE.
ADAMS COUNTY (P. 0. West Union), Ohio.
-year bonds (V. 100, p. 324) were awarded to
March 1 the $17,500 57 20
Sidney Spitzer & Co. oeToledo at 102.04 and interest.
-NEW
-BIDS REJECTED.
ASHDOWN, Little Rock County, Ark.
-All bids received for the $45,000 Water-Works Dist. No. 1
OFFERING.
and $39,000 Sewer Dist. No.16% bonds offered on Feb. 25(V. 100, p.654)
were rejected. Bids will again be received until March 18. Int. to be
paid semi-annually, instead of annually.
-BOND OFFERING.
ASHEVILLE, Buncombe County, No. Caro.
Further details are at hand relative to the offering on March 10 of the
-year funding bonds (V. 100. p. 749). Proposals for these
850,000 5% 30
bonds will be received until 12 m. on that day by J. E. Rankin, Mayor.
Denom. $1,000. Date March 1 1915. Int. semi-ann. at New York.
Cert. check for $1,000 required. Total bonded debt, including this issue,
$1.311,200. Floating debt, $50.091. Assess. val. equalized, $13,237,343:
est, value, about $20,000,000. Value of realizable municipal property,
$1.193.571 49. Official circular states that neither this nor any previous
issue of Asheville bonds has been contested and that no litigation pending
or threatened,affecting the corporate existence of Asheville nor title of present officials to their respecitve offices, nor the validity of these bonds,
also that interest on all previous issues has always been paid promptly.
-On March 2 the $250.000 4 % 30AUGUSTA, Ga.-BOND SALE.
year coupon tax-free flood-protection bonds dated July 1 1914 (V. 100. p.
654) were awarded to Harris, Forbes & Co. of New York at 98.701 and int.
-a basis of about 4.549%.
-Local pa-BOND ELECTION.
BADGER, Roseau County, Minn.
pers state that a vote will be taken on March 9 on the issuance of $12,000
water-works and electric-light bonds.
BATSON SCHOOL DISTRICT (P. 0. Batson), Hardin County,
Tex.
-The question of issuing school bonds carried,
-BONDS VOTED.
it is stated, by a vote of 95 to 31 at an election held Feb. 20.
BAYOU NOLAN DRAINAGE DISTRICT (P. 0. Westover), West
-BOND SALE.
-On Feb. 23 the $20,000 5'%
Baton Rouge Parish, La.
tax-free drainage bonds (V. 100, p. 570), were awarded to R. H.& G. A.
McWilliams at 90. Due on March 1 as follows: $1,000 in 1916, 1917 and
1918; $1.500 yearly from 1919 to 1924, inclusive, and $2,000 yearly from
1925 to 1928. inclusive.
-The two issues
-BOND SALE.
BEAUMONT,Riverside County, Cal.
of6% bonds, aggregating $10,000, offered without success on Oct.9(V.99.
p. 1239) have been sold to the Sweet, Causey, Foster & Co. of Denver.
-Bids
-BOND OFFERING.
BELL COUNTY (P. 0. Belton), Tex.
will be received until 10 a. m. March 10 by W. E. Hall, County Auditor.
-year road bonds.
,
it is stated, for $15,000 535% 40
-Proposals
-BOND OFFERING.
Huron County, Ohio.
will be received until 12 m. March 15 by Thos. M. Weaber, City Auditor,
for the following 43. % coupon (assessment) street-improvement bonds:
$1,861 80 Union St. improv. bonds. Denom. $186 18. Date Jan.11915.
1,827 40 Ashford Ave. improvement bonds. Denom. $182 74. Date
March 1 1915.
4,988 30 Sheffield St. improvement bonds. Denom. 5498 83. Date
March 1 1915.
4,282 90 Gardner St. improvement bonds. Denom. $428 29. Date
March 1 1915.
792 70 Center St.. improvement bonds. Denom. $7927. Date Feb. 1
1915.
Interest semi-annual. Due one bond yearly on March 1 from 1916 to
1925. inclusive. 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 ten days from time of award. Purchaser to pay accrued interest.
BERLIN RURAL SCHOOL DISTRICT (P. 0. Berlin Center),
-On March 1 the $22,000
Mahoning County, Ohlo.-BOND SALE.
531% 6 1-3-year (average) school bonds (V. 100, p. 749) were awarded
to Hoehler, Cummings St Prudden of Toledo for $22,414 75 (101.885) and
interest. Other bids were:
Hayden.Miller&Co-Clev-$22.256 001Spitzer, Rorick & Co.,Tol.$22,183 50
22,248 75 Seasongood & Mayer,Cin. 22,13000
Sidney Spitzer &
Sec. S. B & Tr. Co., Tol__ 22,202 00
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND SALE.
-Reports state that for the $17,000 4 % highway bonds offered on Feb. 25
(V. 100. p. 654) the Merchants' National Bank of Muncie and the Blackford
County Bank of Hartford City each submitted a bid of $17,010 (100.058)
and int. It is further reported that the banks agreed to divide the bonds.
BLOUNT COUNTY (P. 0. Maryville, Tenn.)
-BOND OFFERING.
Bids will be opened 1 p. m. March 13 by R. P. McReynolds, Chiarman
Co. Court, for $100,000 5% coupon pike-road bonds. Int. J. & J. at the
Trustee's office. Due $10,000 in 10 and 15 years and $20,000 in 20, 25.
30 and 35 years. Cert. check for $2,500 required. An issue of $300.000
pike-road bonds was authorized by vote of 2,548 to 291 at an election held
Fob. 13(V. 100, p. 749):
BONNERS FERRY SCHOOL DISTRICT (P. 0. Bonners Ferry),
-BOND ELECTION.
Bonner County, Idaho.
-The question of issuing
$45.000 building bonds will be submitted to a vote, it Is stated, at an
election to be held to-day (March 6).
BRADENTOWN, Manatee County, Fla.
-BONDS OFFERED BY
-The lianchett Bond Co. of Chicago is offering to investors
BANKERS.
$50,000 6% sewer and street-improvement bonds. Denom.$500 and $100.
Date March 1 1915. Int. M.& S. at the Central Trust Co. of Chicago.
Due 517.000 March 1 1918 and 1919 and $16,000 March 1 1920; optional
on any interest-paying date. General bonded debt, Including this issue,
$355,000. Assessed value, $4,526,470; total value of property, estimated.
$5.000.000.

BELLEvuz,

MAR. 61915.1

THE CHRONICLE

BRECKENRIDGE, Wilkin County, Minn.
-On
-BOND SALE.
March 1 the $25,000 5% 20
-year city-hall and Jail bonds, dated July 1 1913
(V. 100, p. 654). were awarded to H.T. Holtz & Co. of Chicago at 101.472
and int.-a basis of about 4.885%. Other bids were:
Bolger, Mosser & Willaman of Chicago bid par and int., less $450 attorney's fees, &c.
Farson, Son & Co., Chicago., bid par and int., less 3% commission to cover
legal expenses, &c.
BRIGHTON, Monroe County, N. Y.
-On Feb. 27
-BOND SALE.
the following two issues of registered bonds, aggregating 813,500, were
awarded to the Security Trust Co. of Rochester at par for 4.6214s:
$11,000 water bonds. Denom. $550. Due $550 yearly on Feb. 15 from
1916 to 1935, inclusive.
2,500 water bonds. Denom. $500. Due $500 yearly on Feb. 15 from
1920 to 1924, inclusive.
Date Feb. 151915. Int.F.& A.at some banking house in Rochester with
N. Y.exchange. Cost of printing bonds and all attorney's fees for passing
upon the same shall be at expense of purchaser.
Other bidders were:
Price.
George B. Gibbons & Co., New York
100.10
4. %
Ra e.
651
Isaac W. Sherrill Co., Poughkeepsie
100.02
4.65%
Douglas Fenwick & Co., New York
100.259
4.75%
Rochester Savings Bank, Rochester
100.00
4.75%
Parson, Son & Co., New York
101.27
5.00%
BROCKTON, Plymouth County, Mass.
-LOAN OFFERINO.-According to newspaper reports,this city will receive bids for a loan of $250,000
until 12 m. March 10.
BROOKLYN HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0.
Cleveland) Cuyahoga County, Ohio.
-Proposals
-BOND OFFERING.
will be received until 6 p. in. April 5 by Helen E. Chester, Clerk of -Board
of Education, for the $35,000 5% coupon site-purchase and construction
bonds voted Feb. 9 (V. 100, p. 654). Denom. $1,000. Date "day of
sale.' Int. A. & 0. at Home Savings & Banking Co., Cleveland. Due
yearly on April 1 as follows: $1,000 1917 to 1923, inclusive; $2,000 1924 to
1934, inclusive, and $3,000 in 1935 and 1936. Certified check on a bank
other than the one making the bid,for 10% of bonds bid for, payable to District Treasurer, required. Bonds to be delivered and paid for within ten
days from time of award. Purchaser to pay accrued interest.
BROOKVILLE VILLAGE SCHOOL DISTRICT (P. 0. Brookville),
Montgomery County, Ohio.
-BOND SALE POSTPONED.
-We are advised that the sale of the $10,000 5% _16%-year (aver.) coup. school bonds.
which was to have taken place on Mar. 1 (not Mar. 5, as first reported)
.
(V. 100, p. 655), has been postponed until 8:30 p. m. Mar. 8.
BRYAN, Brazos County, Tex.
-BOND SALE.
-Stacy & Braun of
Toledo have purchased at par $12.000 5% 20 -year (opt.) street-paving
-40
and grading bonds. Denom. $500. Date May 1 1914. Int. M. &
These bonds were previously reported sold in December at 95(V.99,p.1847)•
BUFFALO, N. Y.
-BOND SALES.
-During the month of February
the following six issues of 4% bonds, aggregating $223.629 23, were disposed of:
$36.140 74 refunding bonds. Date Feb. 1 1915. Due from Feb. 1 1916
to 1920.
10,000 00 Dept. of Law bonds. Date Feb. 1 1915. Due July 1 1915.
*136,493 66 deficiency sundry department bonds. Date Feb. 1 1915.
Due July 1 1915.
10,994 83 street-impt. bonds. Date Feb. 15 1915. Due Feb. 15 1916.
15,000 00 snow-removal bonds. Date Feb. 15 1915. Due July 1 1915.
15,000 00 snow-removal bonds. Date Feb. 1 1915. Due July 1 1915.
All issues were purchased at par by the City Comptroller for the various
sinking funds except the issue marked with an asterisk (*), which was
purchased by the Farmers' Loan & Trust Co. of N. Y. at a premium of
$280 28.
CALCASIEU PARISH (P. 0. Lake Charles), La.
-BONDS OFFERED
BY BANKERS.
-Wm.R.Compton Co.of St. Louis, in their circular dated
Feb. 17, is offering to investors $300,000 5% road-construction bonds.
Denom. $1,000. Date Feb. 1 1915. Interest annually Feb. 1 at the
Mechanics & Metals National Dank, N. Y., or at the Parish Treasury, at
the option of the holder. Due on Feb. 1 as follows: $24.000 1916,$25,000
1917, $27,000 1918, $28,000 1919, $30,000 1920, $31,000 1921, $33,000
1922, $34,000 1923, $36,000 1924 and $32,000 1925. Total bonded debt,
including this issue, $1,200.000. Assessed value 1914. $23,107,510; estimatedtactual value, $65,000.000.
CALD WELL,Essex County, N.J.
-BONDSPROPOSED.
-Local news7
iniustg3 stte i gt this n s ough is contemplating the Issuance f
r_eo trt oit
l
bir
.
CAMBRIDGE, Guernsey County, Ohio.
-BOND SALE.
-The Rudolph Kleybolte Co. of Cincinnati has been awarded $235,000 water, $60,175 street-impt., $18,000 street-impt. and $3,500 fire-apparatus 5% serial
bonds at 101.29. Denom. $400. $500 and $1,000. Date Mar. 1 1915.
Int. M. & S.
CAMPBELL COUNTY (P. 0. 'Tellico), Tenn.
-BOND SALE.
-On
March 2 the $150,000 30-year coupon road bonds, dated March 2 1915
(V. 100, p. 491), were awarded to the First Say. Bank & Trust Co. of
Nashville for $150,001 20 and hit. as 5s.
CAPE MAY, Cape May County, N. J.
-BOND SALE.
-On March 1
the $86,000 5% 30-year coupon or registered improvement bonds (V. 100,
p. 750) were awarded to A. B. Leach & Co. of N.Y. at par and interest.
CARBONDALE, Jackson County, Ills.
-BONDS OFFERED BY
BANKERS.
-The Hanchett Bond Co. of Chicago is offering to investors
the following 5% improvement bonds:
$23.400 paving district bonds. Denom. $1,000. $500 and $100. Date
Aug.4 1914. Due $2,600 yearly on May 4 from 1916 to 1924 incl.
3,600 sewer district bonds. Denom. $400. Date Jan. 7 1915. Due
$400 yearly on July 7 from 1916 to 1924 incl.
Interest annual at office of City Treas. Assess. val., $834,187. Tots
val. $2,500,000.
CHAGRIN FALLS, Cuyahoga County Ohio.
-BOND OFFERING.
Bids will be received until 8 p. in. April 5y H. B. Pugsley, Village Clerk,
for $8,830 69 5% coupon road-improvement bonds. Denom.(1) $330 69,
(17) $500. Date "day of sale.
Int. A. & 0. at Chagrin Falls Banking
Co., Chagrin Falls. bue $330 69 April 1 1916, $500 April 1 1918. 3500
each six months from April 1 1920 to Oct. 1 1921, inclusive, and $1,000
each six months from April 1 1922 to Oct. 11924, inclusive. An unconditional certified check on a bank other than the one making the bid, for
of bonds bid for, payable to Village Treasurer, required. Bonds to5%
delivered and paid for within ten days from time of award. Purchaser be
to
pay accrued interest.
CHICAGO, Ill.
-BOND OFFERINO.-We learn that proposals will
be opened Mar. 19 for $1,000,000 corporate, $1,000.000 harbor and
3250.000 bridge 4% bonds.
BOND ELECTION.--C1ty Council on Mar.
submission of the following bond issues at the1 passed ordinances for the
tions. $1,199,000; fire stations,$163,000; bathingApril election: Police stabeaches and playgrounds.
$600,000: garbage-disposal use plants,$700.000; John Worthy school dormi,
tory, $60,000: shelter house and farm colony for women, $250,000; contagious disease hospital,$500,000.
CHICAGO NORTHWEST PARK DISTRICT, Ills.
-BONDS OFFERED BY BANKERS.
-In an advertisement on a preceding page, Kissel,
Kinnicutt & Co. of Chicago are offering to investors $200,000 43 % coup.
bonds, dated Aug. 1 1914. Denom. $1,000. Int. J. & J. in
Chicago.
Due yearly on Jan. 1 as follows: $8,000 1920 to 1924 incl., $14,000
to 1929 incl. and $18,000 from 1930 to 1934 incl. Total bonded 1925
debt
(incl, this issue), $350,000; all other indebtedness, $59.684. Assessed valuation, $13,667,556; actual value (est.), $41,002,653.
CLARIDON TOWNSHIP SCHOOL DISTRICT (P. 0. Caledonia),
Marion County, Ohio.
-BOND ELECTION.
-An election will be held
March 12, reports state, to vote on the question of issuing $19,000 school
bonds.
CLARKSFIELD TOWNSHIP, Huron County, Ohio.
-BOND
OFFERING.
-Bids will be received until 12 in. March 15 by E. E. Bowen,
Township Clerk (P.0. Wakeman, R. F. D. No. 4). for $30.000 of an issue
of $50.000 5% coupon road-improvement bonds voted Jan. 26. Authority
Secs. 7033-7052, Gen. Code. Denom. $500. Date April 1 1915. Int.
A. & 0. at Savings & Loan Banking Co. of New London. Due $500 on
April land $1,000 on Oct. 1 from April 1 1916 to Oct. 1 1931,inclusive; and
$1,000 each six months from April 1 1932 to Oct. 1 1934, inclusive. Certified check on a bank other than the one making the bid, for 5% of bonds
bid for, payable to Township Clerk, required. Bonds to be deivered and




831

paid for within ten days from time of award. Purchaser to pay accrued
interest. No bonded or floating debt. Assessed value 1914, $1,593,140.
CLARKSVILLE SCHOOL DISTRICT (P. 0. Clarksville), Clinton
County, Ohio.
-Proposals will be received until
-BOND OFFERING.
March 16 for the $40,000 5% 30
-year building bonds authorized by a vote
of 102 to 69 at the election held Jan. 15 (V. 100. p. 155)•
CLAY COUNTY (P. 0. Spencer), Iowa.
-BONDS OFFERED BY
BANKERS.
-Wm. R. Compton Co. of St. Louis, in their circular dated
Feb. 9, is offering to investors $84,000 5% funding bonds. Denom.
$1,000. Date Feb. 1 1915. Int. F. & A. at the First Trust & Savings
Bank of Chicago. Due $7,000 yearly Feb. 1 from 1924 to 1935, inclusive.
Total bonded debt (this issue), $84,000. Assessed value, $8,897.545:
actual assessed value, $32,321.737.
CLEVELAND Ohio.-BOND OFFERING.
-This city will offer for sale
on or about April 19 the following bonds:
$900.000 5% street-improvement bonds. Due $100,006 Nov.1 1915 and
$200,000 yearly on Nov. 1 from 1916 to 1919, inclusive.
117,000 5% street-improvement bonds. Due $13,000 Nov. 1 1915 and
$26,000 yearly on Nov. 1 from 1916 to 1919, inclusive.
100,000 4%% grade-crossing bonds. Due Feb. 1 1935.
200,000 4%% fire department bonds. Due $5,000 yearly on April 1 from
1916 to 1955, inclusive.
100.000 4%% park bonds. Due $2,000 yearly on April 1 from 1916 to
1965. inclusive.
30,000 4%% garbage-disposal bonds. Due $2,000 yearly on April 1 from
1916 to 1930, inclusive.
Date April 1 1915, except the grade-crossing bonds, which are dated
Feb. 1 1914. The last three issues of bonds were authorized by the City
Council on Jan. 25 (V. 100. p. 571).
COITSVILLE TOWNSHIP SCHOOL DISTRICT, Mahoning
County, Ohio.
-BOND SALE.
-On Feb. 26 the $20,000 5% 14%-year
(aver.) school bonds (V. 100, p. 572) were awarded, it is stated, to Otis &
Co. of Cleveland at 100.775 and int.-a basis of about 4.925%. Tillotson
& Wolcott Co. of Cleveland bid $20,106.
COLUMBUS,Platte County, Neb.-BOND OFFERING.-Bids will be
received at any time by Wm.Becker. City Clerk,for $30.000 5% 5 -year
-20
(opt.) paving bonds. Date Feb. 1 1915. Int. Feb. 1 and Aug. 1.
CONNEAUT SCHOOL DISTRICT (P. 0. Conneaut), Ashtabula
-BOND SALE.
County, Ohio.
-On Feb. 26 the $20,000 6% 10 2 -year
-3
(aver.) school bonds (V. 100, p. 655) were awarded to Well, Roth & Co. of
Cincinnati at 107.43 and int.-a basis of about 5.094% •
COSHOCTON CITY SCHOOL DISTRICT (P. 0. Coshocton),
Coshocton County, Ohio.
-BOND OFFERING.
-Proposals will be
received until 12 m. March 17 by T. H. Wheeler, Clerk Bd. of Ed., for
$22,000 5% building and equipment bonds. Auth. Sec. 7629 Gen. Code.
Denom. $500. Date April 1 1915. Int. M. & S. at Commercial Nat.
Bank. Coshocton. Due $500 each six months from March 1 1917 to Sept. 1
1933 incl., and $2,500 on March 1 and Sept. 1 1934. Cert. check for 27
of bonds bid for, payable to Dist. Treas., required. Bonds to be delivered
and paid for within 5 days from time of award. Purchaser to pay accrued
nterest. Bonds will be furnished by the Board of Education.
CRESCO, Howard County, Iowa.
-BOND ELECTION.
-An election
will be held March 10 to decide whether or not this city shall issue $10,000
water-works bonds.
CRYSTAL FALLS, Iron County, Mich.
-BONDS OFFERED BY
BANKERS.
-The Hanchett Bond Co. of Chicago is offering to investors
the $40,000 5% 12ii-year (aver.) city-hall bonds voted during December
(V. 100, p. 155). Denom. $1,000. Date Jan. 2 1915. Int. J. & J. at
City Treasury. Due on Jan. 2 as follows: $2,000 1916, 1918, 1919, 1920.
1921 and 1923, $1,000 1924. 1925 and 1926 and $5,000 yearly from 1930
to 1934 incl. Total bonded debt $145,000. Assessed val. $2,802,155.
Total val., $3,003,030.
CUDAHY SCHOOL DISTRICT NO. 1 (P. 0. Cudahy), Milwaukee
County, Wis.-BONDS OFFERED BY BANKERS.
-N.W. Halsey & Co.
of Chicago. in their circular dated Jan. 18, is offering to investors $60,000
5% coupon tax-free school bonds. Denom. $1,000. Date Feb. 1 1915.
Interest payable semi-annually at the above firm. Due $4,000 yearly from
1916 to 1930. inclusive. Total bonded debt, including this issue, $77,000.
Assessed value, equalized, 1914, $4,138,247.
CUMBERLAND, Cass County, Iowa.
-BOND SALE NOT CONSLIMMATED.-We are advised that the sale of the $5,000 5 % water bonds to
Schanke & Co. of Mason City (V. 100, p. 655) has not yet been consummated.
-Proposals will be received
CUMBERLAND, Md.-BOND OFFERING.
until 9:30 a. in. Mar. 25 by A. W. Straub, City Clerk, for $150.000 454%
coup. tax-free street-paving bonds. Denom. $1,000. Date Sept. 1 1914.
Int. M. & S. in Cumberland. Due $15,000 yearly Sept. 1 from 1915 to
1924 inclusive. Certified check or bank draft for 234% of bonds bid for
required. Bonds to be delivered and paid for within ten days from date of
sale.
These bonds, as already stated, were awarded on Jan. 6 to Alex. Brown
& Sons of Baltimore. This firm had previously arranged to purchase the
issue privately at 98, but it was discovered that the law prohibited a
private sale, so bids were advertised for until Jan. 6. On that date the
firm in question submitted a proposal to pay 98, with an alternative offer
to pay $150 more than any other bid received at the sale, provided the
price to be paid would not exceed 99.80 and accrued interest or be less than
98. The highest bid submitted was one of 99.31 by a Baltimore syndicate
composed of Baker, Watts & Co., Townsend Scott & Son and Nelson.
Cook & Co. The bonds were awarded, however, to Alex. Brown & Sons
at their alternative bid. In an opinion filed Feb. 12 Circuit Court Judge
Robert R. Henderson declared the action of the city authorities in accepting
this bid to be illegal, accordingly making necessary the present new offering
of the bonds.
CUMBERLAND COUNTY (P. 0. Bridgeton), N. J.
-BOND SALE.
On Feb. 17 the $24,000
% coup. or reg. road-impt. bonds (V. 100. p.
572) were awarded to Graham & Co.of Phila. at 101.75 and int.
DALLAS, Texas.
-BOND SALE.
-On Feb. 26 the $400,000 4%% 27year (aver.) gold coupon school bonds, dated Nov. 1 1914 (V. 100. p. 325),
were awarded Jointly to C. E. Denison & Co. of Boston and Redmond &
Co. of New York at 101.19 and int.-a basis of about 4.425%. Other bids:
Estabrook & Co., Boston
101.175
R. M.Grant & Co., New York
101.139
Well, Roth & Co., Cincinnati
1100.66
Citizens' State Bank & Trust Co.. Dallas
Dallas Trust & Savings Bank. Dallas
100.2525
Merrill, Oldham & Co., and Blodget & Co.. Boston
100.179
Harris Trust & Savings Bank, Chicago
99.32
J. B. Oldham. Dallas
99.025
E. H. Rollins & Sons and the First Trust & Savings Bank
98.90
All bids provided for payment of accrued interest.
DANVILLE Vermilion County Ills.
-BOND SALE.
-On Mar. 2
the $80,000 ro bridge bonds(V. 100, p.750) were awarded to E. H. Rollins
'
& Sons of Chicago at 105.559 for 5s. The other bids were:
R4Ue. Price.
Rate.
A. B. Leach & Co.,
(5
$84,423 00 First Trust & Say.
Chicago
1434 80,732 00 lugs Bank, Chic__ 5 $83,288 91
Harris Trust & SaySidney Spitzer& Co.,
ings Bank, Chic
83,224 00
5
Toledo
83,860 00
5
Wm, R. Compton i5
84,041 00 McCoy & Co., Chic_ 434 80.631 00
Co., Chicago
1 43480,616 00 Devitt, Tremble &(5
84,200 00
H. T. Holtz & Co., 5
83,432 00
Co., Chicago ..--1434 80.256 00
Chicago
454 80,836 00 Kissell,KinnicuttCo..
Continental & Com434 80.210 00
Chicago
mercial Trust &
N.W.Halsey & Co.,
83,040 00
Say. Bank, Chic_ 5
5
Chicago
83,304 00
-BOND OFFERING.DELAWARE COUNTY (P. 0. Muncie), Ind.
Bids will be received until 10 a. m. Mar. 11 by G. G. Williamson. County
Treas., for the following 434% highway-impt. bonds:
$6,880 Stephen 0. Thomas at al. road bonds in Harrison Twp. Denom.
$344.
7,200 Wm. Ritchie at al. road bonds in Harrison Twp. Denom. $360.
10,400 Wilbert L. Gray at al. road bonds in Washington Twp. Denom.
$520.
7,360 Alonzo C. Pittenger at al. road bonds in Delaware Twp. Denom.
$368.
Date Feb. 15 1915. Int. M. & N. Due one bond of each issue each
six months from May 15 1916 to Nov. 15 1925 incl.
-BOND OFFERING.DRAVOSBURG, Allegheny County, Pa.
Bids will be received until 8 p. m. March 9 by Courtney L. Whitaker. Secy.

THE CHRONICLE

832

[VOL. loo.

-BOND ELECTION PRO-improvement bonds. DeGRAND RAPIDS, Kent County, Mich.
of Boro. Council, for $13.500 d% coupon street
-According to reports, the question of issuing $115,000 water
nomination $500. Date Feb. 1 1915. Int. F. & A. at City Bank of Mc POSED.
Keesport. Due $500 yearly on Feb. 1 from 1918 to 1944 incl. Cert. bonds will be submitted to the voters at the March primaries.
check for $500, payable to Bore. Treas., required. Bonded debt $9,000.
GRANT COUNTY (P. 0. Milbank), So. Dak.-BOND SALE.
-On
Floating debt $3,500. Assess. val. 1914 $1,132,000. These bonds are March 1 the $75,000 434% 10 -year (opt.) court-house-erection bonds
-20
exempt from State tax.
(V. 100, p. 326) were awarded to the Minnesota Loan &Trust Co of MinDULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth) neapolis at 100.68-a basis of about 4.415% to optional date and 4.449%
-On Feb. 27 the $100.000 434% 20 -year (opt.) to full maturity. Denom. $1,000. Date March 1 1915. Int. M.& S.
-30
Minn.
-BOND SALE.
coupon building and equipment bonds (V. 100, p. 655) were awarded to
-BOND
GREENLEE COUNTY SCHOOL DISTRICT NO. 19, Ariz.
Wells & Dickey & Co. of Minneapolis at 101.125 and int.-a basis of about SALE.
-year gold bldg. and equip. bonds offered with-The $30,000 6% 15
4.415% to optional date and 4.433% to full maturity. Other bids were:
out success on Nov. 2 (V. 99, P. 1473) were awarded to Powell, Garard
N.J. Upham Co., Duluth_ _S100,7551W.M.Prindle&Co.,Duluth_$100.000 & Co. of Chicago at 101.70 on Nov. 16.
Harris Tr.& S.B.,Chicago_*100,071 Spitzer, Rorick & Co., TolGREEN TOWNSHIP (P.0. Greenford), Mahoning County, Ohio.
edo
al00,000
Merrill, Oldham & Co.,Ens. 100,059
-Bids will be received until 1:30 p. m. Mar. 16 by
BOND OFFERING.
• And blank bonds. a Less commission of $1,950.
L.E. Coy, Twp.Clerk,for $40,000 5% coupon road-improvement bonds.
EAST PALESTINE SCHOOL DISTRICT (P. 0. East Palestine), Auth. Secs. 6976 to 7018, Gen. Code. Denom. $500. Date April 11915.
-BOND OFFERING.
-Bids will be received Int. A. & 0. at office of Twp. Treasurer. Due $5,000 yearly on Oct. 1
Columbiana County, Ohio.
until 12 m. March 8 by John W.Davis, District Clerk,for the following 5% from 1925 to 1932 incl. Certified check on a Mahoning County bank for
coup, refunding bonds:
3500, payable to S. J. Bush, Twp. Treasurer, required. Purchaser must
$4,500 bonds. Due $500 yearly on Sept. 1 from 1925 to 1933 incl.
be prepared to take bonds not later than April 1 at Farmers' Nat.
2,000 bonds. Due $500 yearly on Sept. 1 from 1921 to 1924 incl.
Bank, Canfield.
Denom. $500. Date Feb. 1 1915. Int. F. & A. Certified check for
-BOND SALE.
GREENSBORO, Guilford County, No. Car.
-On
2% of bonds bid for, payable to District Treasurer, required. Bonds to
-year coupon street-improvement bonds dated
be delivered and paid for within 10 days from time of award. Purchaser March 3 the $100,000 5% 30
Dec. 31 1914 (V. 100, p. 656) were awarded to the Mercantile Trust &
to pay accrued interest.
Deposit Co. of Baltimore and the Wachovia Loan & Trust Co. of WinstonEAST RUTHERFORD (P. 0. Rutherford), Bergen County, N. J.
- Salem at 100.59 and int.-a basis of about 4.963%. Other bids were :
-Bids will be received until 8 p. m. Mar. 15 by W. W. Harris, Forbes & Co., New York-$102,202 (conditional).
BOND OFFERING.
Patrick, Boro. Clerk, for $9,500 trunk sewer and $34,000 funding 434% Seasongood & Mayer, Cincinnati
-Par.
30
-year coup. (with privilege of registration) bonds. Date Apr. 1 1915. A. J. Hood & Co., Detroit
-Par less commission.
Int. A. & O. at U. S. Mtge. & Tr. Co., N. Y. Cert. check for $500,
-BONDS OFFERED BY
Washington County, Miss.
GREENVILLE,
payable to "Borough of East Rutherford," required. These bonds will
-Smith, Moore & Co. of St. Louis recently purchased and are
be certified as to genuineness by the above trust company and will be de- BANKERS. to investors
the *50.0005% refunding bonds(V. 100, 13. 656)•
now offering
livered to the purchaser at office of said company at 10 a. m. on Apr. 1.
Denom. $500. Date Feb. 10 1915. Int. F. & A. at the Nat. City Bank,
EAST WEISER IRRIGATION DISTRICT (P. 0. Weiser), Washing' Chicago. Due $10,000 on Feb. 10 1917, 1922, 1927, 1932 and 1935.
-On Feb.20 the $14,200 improve- Total bonded debt, including this issue $472,500. Assess val. $6,404,037:
-BOND SALE.
ton County, Idaho.
ment and $1.800 purchase 7% 11-20-year (ser.) coupon bonds dated Oct. 5 est. value of property, $11,500,000. This city, it is claimed, has never
1914 (V. 100, p. 572) were awarded to the General Construction Co. of defaulted in the prompt payment of either principal or interest on any of its
Boise at par.
bonded indebtedness.
ELIZABETH TOWNSHIP SCHOOL DISTRICT (P. 0. Troy),
-BONDS PROPOSED.
HADDONFIELD, Camden County, N. J.
-On March 1 the $25,000 6% Reports state that this town is contemplating the issuance of $17,000 sewer-BOND SALE.
Miami County, Ohio.
school bonds (V. 100. p. 572) were awarded to Sidney Spitzer & Co. of mpt. bonds.
Toledo at 107.77 and int. Other bidders were:
(P. 0. Hampton), Calhoun
HAMPTON
Seasongood & Mayer,Cin$26,850 00 Tillet'n & Wolc.Co.,Cleve.$26,517 50 County, Ark. SCHOOL DISTRICT
-BOND SALE.
-On Feb. 3 $6,500 67 5 -year (ser.)
0 -29
Weil. Roth & Co.,Cincin_ 26,625 00 Stacy & Braun, Toledo-__ 26,320 00 bldg. bonds were awarded to Gunter & Sawyers of Little Rock. Denom.
Otis & Co.,Cleveland____ 28,625 00 First Nat. Bank, Troy..... 26,314 00
Sec.Savs.Bk.& Tr.Co.,Tol. 26,575 00 Hayden,Miller&Co.,Cleve. 26,312 50 $500. Date Feb. 11915. Int. F. & A.
-J. II. Hilsman
HAPEVILLE, Fulton County, Ga.-BOND SALE.
Spitzer, Rorick & Co.,Tol. 26,278 00
}feebler, Cummings &
Prudden. Toledo
26,527 15 Troy Nat. Bank, Troy_ - _ 25,275 00 & Co. of Atlanta have purchased the $29,000 water-works and $14,000
sewer 5% 30
-year bonds (V. 99, p. 1547). Denom. $1,000. Date Jan. 1
ELMIRA, Chemung County, N. Y.
-ELECTION TO PURCHASE
AsWATER-WORKS.
-An election will be held Mar. 10 to decide whether or 1915. Int. J. & J. in Atlanta. Total debt (these issues), $43,000.
not this city shall purchase the water-works system. If the election carries, sessed valuation 1914, $628,278; actual value, $1,000,000.
-The
-BONDS VOTED.
HARDIN COUNTY (P. 0. Kountze), Tex.
the city will offer for sale $1,500,000 434% reg. bonds, bids to be opened
election held Feb. 20 resulted, it is stated, in favor of the proposition to'
probably about Mar. 22.
ESSEX COUNTY (P. 0. Newark), N. J.
-BONDS AUTHORIZED.
- issue $150.000 road bonds in Road District No. 1 (V. 100, P. 573)•
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin
Reports state that the Board of Chosen Freeholders on Feb. 27 authorized
-Reports state that the School
-BONDS AUTHORIZED.
County, Pa.
the issuance of $57,000 Parental Home construction bonds.
-On March Board on Feb. 25 authorized the issuance of $75,000 building bonds.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BOND SALE.
-DESCRIPTION OF
HARRISON COUNTY (P. O. Marshall), Tex.
3 the *50,0005% tax-free Providence Magisterial Dist. road bonds(V. 100,
-40
BONDS.
-The $300,000 5% 10 -year (opt.) Road Dist. No. 1 highway
p. 572) were awarded to Hambleton & Co. of Baltimore at 101.05.
bonds awarded on Feb. 3 to E. H. Rollins & Sons, Chicago, Seasongood &
-BOND OFFERING.
-Proposals will Mayer and Field, Richards & Co. of Cincinnati (V. 100, p. 752), are in the
FLINT, Genesee County, Mich.
be received until Pp. m. March 12 by D.E. Newcombe, City Clerk,for the denom. of $1,000 and dated April 1 1914. Int. J. & J., except last payfollowing 434% bonds voted Feb. 17 (V. 100, p. 751):
These bonds wore awarded on May 29 1914 to
ment
$106,726 02 sewer (city's share) bonds. Due $1,726 02 April 1 1916 and Well. on April 1 1954.
Roth & Co. of Cincinnati, but that sale was not consummated.
yearly on April 1 as follows: $1,000 1917 to 1922, inclusive:
HAWKINSVILLE, Pulaski County, Ga.-BOND OFFERING.
-Pro1932 to 1940, inclusive.
$5,000 1923 to 1931 and $6,000
50,000 00 subway bonds. Due yearly on April 1 as follows: $1,1300 1916 posals will be received until 3 p. m. March 16 by J. J. Whitfield, Chairman
to 1921, inclusive: $2,000 1922 to 1934. inclusive, and $3,000 of the Bond Commission, it is stated, for $20,000 water and sewerage-year bonds voted
system-extension and $15,000 school-building 5% 29
from 1935 to 1940, inclusive.
Bids will also be considered for the above bonds on a 5% interest basis. Feb. 17. Interest semi-annual. Certified check for 5% required.
Denom. to suit purchaser. Date April 1 1915. Int. A. & 0. at office of
HAZEL SCHOOL DISTRICT (P. 0. Hazel), Hamlin County, So.
City Treasurer, or at such bank as purchaser may elect. Certified check Dak.-BONDS VOTED.
-The election held Feb. 22 resulted, it is stated,
for 5% of bid required. Official circular states that there never has been in favor of the question of issuing $20,000 building bonds.
any controversy or litigation pending or threatened affecting the corporate
HENDERSON COUNTY DRAINAGE DISTRICT (P.O. Henderson).
municipality, or the title of its present
existence or the boundaries of said
-An issue of $18,300 6% drainofficials to their respective offices, or the validity of these bonds, and there Ky.-BONDS OFFERED BY BANKERS.
never has been any default in the payment of any of the city's obligations. age-system bonds is being offered to investors by the Hanchett Bond Co.
Total bonded debt (including this issue), $1,391.153: water bonds (incl.), of Chicago. Denom. $5130 and $100. Date July 15 1914. Int. ann.
$667.500: no floating debt. Assessed value 1914, $35,267,451; actual July 15 at the Co. Treasury. Due $1,800 yearly July 1 from 1916 to 1924.
incl., and $2,100 July 1 1925.
(estimated), $40,000,000.
-BOND SALE.
-On
HERINGTON SCHOOL DISTRICT (P. 0. Herington), Dickenson
FLOYD COUNTY (P. 0. New Albany), Ind.
-BONDS VOTED.
-The question of issuing the $32,000
March 4 the three issues of 434% highway-improvement bonds. aggre- County, Kan.
gating $37,120 (V. 100, p. 656), were awarded to the Rudolph Kleybolte high-school-building bonds carried, it is stated, at the election held Feb. 25
(V. 100. p. 656).
Co. of Cincinnati at par and interest, it is reported.
-BOND OFFERING.
-DisFORT SMITH, Sebastian County, Ark.
HOUSTON, Tex.
-BONDS PROPOSED.
-Local papers state that the
patches state that Henry C. Read, Chairman of the Board of Improve- City Council on Feb. 25 placed on the first reading two ordinances providing
ment, will receive sealed bids until 2:30 p. m. March 10 for $28,000 5% for the issuance of $80,000 Main St. boulevard paving and $20,000 settlingtanks-construction bonds.
11-year (average) water bonds. Interest semi-annual.
HUBBARD TOWNSHIP (P. 0. Hubbard), Trumbull County, Ohio.
FOSTORIA SCHOOL DISTRICT (P. 0. Fostoria), Seneca County,
-On March 1 the $50,000 5% 934-year (aver.) Road Dist.
-On March 1 the $150,000 5% 21-year (aver.) -BOND SALE.
Ohio.
-BOND SALE.
656) were awarded to Sidney Spitzer & Co. of No. 1 bonds(V. 100, p. 573) were awarded to Hoehler, Cummings & Prudbuilding bonds (V. 100, p.
Toledo for $156.813 60(104.542) and int.-a basis of about 4.67%. Other den of Toledo at 100.075 and int.-a basis of about 4.90%. Otis & Co. of
Cleveland bid 100.07.
bidders were:
HUDSON COUNTY (P. 0. Jersey City), N. J.
-BOND OFFERING.
Continental & Commercial Tr. & Say. Bank, Chicago, $156,105 00.
Proposals will be received until 3 p. m. Mar. 11 by Walter O'Mara. Clerk
Otis & Company, Cleveland, E154,500.
Board of Chosen Freeholders, for $150,000 434% 30
-year boulevard-repair
Tillotson & Wolcott Co., Cleveland, $153,555.
bonds. Date Sept. 1 1914. Int. M.& S. Cert. or bank check or cash on
Seasongood & Mayer, Cincinnati, $153.500.
a national bank or trust company for 1% of bid, payable to Frederic Rider,
First National Bank, Cleveland, $152,928 60.
County Collector, required. The U. 8. Mtge. & Trust Co. of N.Y.will
Spitzer, Rorick & Co., Toledo, $152,450.
county officials and
-BONDS certify as to the genuineness of the signatures of the bonds with privilege
FRANKENMUTH TOWNSHIP, Saginaw County, Mich.
the seal impressed on the bonds. These will be coupon
OFFERED BY BANKERS.
-The Hanchett Bond Co. of Chicago is offering of registration, both as to principal and interest. Bids must be made on
Denom. $1.000. Date Feb. 16 forms furnished by the county. A similar issue of bonds was offered on
to investors $20,000 5% highway bonds.
1915. Int. F. & A. at German Amer. State Bank, Saginaw. Due *5,000 Oct. 23 1914 (V. 99, p. 1314)•
yearly on Feb. 1 from 1920 to 1923 incl. Bonded debt $60,000. Assess.
HUGHESVILLE SCHOOL DISTRICT (P. 0. Hughesville), Pettis
val. $2,945,295. Total val. $4,000,000. These bonds are tax-free in
-An election will be held March 18 to
County, Mo.-BOND ELECTION.
Michigan.
decide whether or not this disctrict shall issue $5,000 site-purchase and high
-An school-building bonds. This question failed to carry at an
FREDONIA, Chatauqua County, N. Y.
-BOND ELECTION.
election held
election will be held March 8 to vote on the question of issuing $18,000 February 20.
Liberty St. and Water St. paving bonds. Denom. $1,800. Date Sept. I
IBERVILLE PARISH SCHOOL DISTRICT, La.
-BOND OFFERING.
1915. Int. M.& S. Due $1,800 yearly on Sept. 1 from 1916 to 1925 incl.
-Proposals will be received until 1:30 p. m. April 7 by L. E. Messick,
-On Secretary of School Board (P. 0. Plaquemine), for $10,000 5% school
FULTON COUNTY (P. 0. Wauseon), Ohio.
-BOND SALE.
March 2 the two issues of 5% road bonds, aggregating $20,500 (V. 100, P. bonds. Denom. to suit purchaser. Int. annually. Bidders are requested
1356), were awarded to the Ohio Nat. Bank of Columbus for $20,577 30 to submit offers which include their furnishing blank bonds.
(100.377) and int. Other bidders were:
IRON COUNTY (P. 0. Crystal Falls), Mich.
-BONDS OFFERED
Provident Savings Bank & Trust Co., Cincinnati
$20,551 25 BY BANKERS.
-The 325,000 5% 20-year coupon
Spitzer, Rorick 8: Co., Toledo
20,505 25 the county on Feb.6(V. 100, p. 326) are now being road bonds offered by
offered to investors by
-BOND SALE.
GLENCOE, Cook County,Ill.
-On March 2 the $6,500 the Hanchett Bond Co. of Chicago. Denom. $1,000. Date Nov. 11914.
5% 9
-year (ay.) fire-apparatus bonds(V. 100. p. 656) were awarded to the Int. M.& N. at office of Co. Treas. Total bonded debt $179,000. Assess.
First Trust & Say. Bank of Chicago for *6,668 25 (102.588) and int. val. $34,002,661. Total val. $57.000,000.
Other bids were:
IRVINGTON, Essex County, N. J.
-BOND OFFERING.
-Proposals
McCoy & Co., Chicago_ _46,650 00 Chas. H. Coffin, Chicago_a$6,601 00 will be received until 8 p. m. Mar. 10 by John W. Wehman, Town
CIlerk,
H.T. Holtz St Co., Chic-- x6,623 001 Bolger, Mosser & Willa-year school bonds. Denom. $1,000. Date Jan. 1
for $80,000 434 7 50
0
a6,565 00
John De Voney & Co_ - -_ x6,612 50 'man & Co., Chicago
Int. J. & J. at Irvington Nat. Bank, Irvington, in lawful money of
1915.
x6,517 35 the U. S. A.,or, at option of holder, in N.Y.
Halsey & Co., Chi_ x6,604 001 D. S. Starring Co
N. W.
exchange. Cert,check on an
x Int. and blank bonds. a And blank bonds.
incorporated bank or trust company for 2% of bonds bid for, payable to
-BOND ELECTION.
-The ques- Town Treas.. required. Those bonds will be certified as to genuineness by
GLENCOE, McLeod County, Minn.
Mtge. & Trust Co., N. Y., and their legality approved by Hawtion of issuing $6,500 water-works-system-extension bonds will be sub- the U. S.
kins. Delafield & Longfellow of N. Y., whose opinion or a duplicate thereof
mitted to a vote, it is stated, on March 9.
will be delivered to the purchaser. These will be coupon bonds with privGLEN RIDGE SCHOOL DISTRICT (P. 0. Glen Ridge), Essex ilege of registration as to principal only, or of conversion into bonds regis-On Feb. 26 the $60,000 434% 1231-year tered as to both principal and interest. Purchaser to pay accrued interest.
-BOND SALE.
County, N. J.
(aver.) gold school bonds (V. 100, p. 656) were awarded to John D. Everitt Bonded debt including this issue, $959,410. Floating debt $284,750.
361,000 (101.6136) and int.-a basis of about 4.324)%• Assess. val. 1914, $13,g71,659.
& Co. of N. Y., for
The other bids were:
IRWIN,
Iowa.
-BOND OFFERING.
101.199 A. B. Leach & Co., N.Y----100.718 offering for Shelby County, $6,000 electric-light bonds -This town is
3.5. Rippel, Newark
sale an issue of
voted Jan. 19.
100.68
Outwater & Wells, Jer. City.101.10 Bond & Goodwin, N.Y
Julius A. Jessen is Town Clerk.
100.678
M.M.Freeman & Co.,Phila.100.883 R. M. Grant & Co., N.Y
IRWIN SCHOOL DISTRICT (P. 0. Irwin), Westmoreland County,
_100.783 Harris ,Forbes & Co., N.Y--100.461
W.N.Coler & Co., N.Y_ _ _
Pa.
-BOND SALE.
-An issue of $50.000 4% school bonds dated May 28
Kissel, Kinnicutt & Co.,N.Y.I00.751 Clark Dodge & Co., N. Y_..100.44
1913 was awarded to Lyon, Singer & Co. of Pittsburgh at 101 on Feb. 14.
Glen Ridge Tr. Co., Gain R..100.75




I

Kim 6 1915.]

THE CHRONICLE

833

Denom.$1,000. Int. A.& o. A similar issue of bonds was awarded to the
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
-Proposals
First Nat. Bank of Irwin on May 7 1914; see V. 98, 13• 1553•
will be received until 2 p. M. March 25 by T. H. Berg. City Clerk, it is
ISLAND HEIGHTS, Ocean County, N. J.
stated, for $48,000 10-19
-BONDS AUTHORIZED
-year (ser.) refunding bonds. Int. (rate not to
-Reports state that the Town Council has authorized the issuance of water.. exceed 4M %) semi-ann. Cert. check for 2% required.
plant
-purchase bonds.
LIVERPOOL TOWNSHIP (P. 0. Valley City), Medina County,
JACKSON SCHOOL TOWNSHIP (P. 0. Union City), Randolph Ohio.
-BOND OFFERING.
-Ralph Herthneck, Twp. Clerk, will receive
County, Ind.
-BOND OFFERING.
-It is reported that bids will be re- bids until 2 p. in. March 16, it is stated, for $25.000 5% 17-year (aver.)
ceived until 1 p.m.March 19 by Noah I. Banta, Township Trustee, at office road bonds.
of Shockney & Shockney, for $5,000 4 % school bonds.
LORAIN, Lorain County, Ohio.
-BOND OFFERING.-Bids will be
JACKSONVILLE, Athens County, Ohio.
-BOND OFFERING.
- received until 12 m. March
Proposals will be received until 12 m. Mar.29 (date changed from Mar.8). 5% coupon water-works 30 by Geo. N. Damon,City Aud., for $45.000
-improvement bonds. Denom. $1.000. Date
by C. N. Darst, Village Clerk, for $480 Sixth St. inapt. (denom. $48) and March 15 1915. Int. M. & S.
$1,850 Seventh St. impt. (denom. $185) 6% coup. assess. bonds (V. 100. check on a Lorain bank or any at office of Sinking Fund Trustees.toCert.
City
p. 573). Date Mar. 1 1915. Int. M. & S. Due one bond of each issue Treasurer, required. Bonds to national bank for $1,000, payable 10 days
be delivered and paid for within
yearly on Mar. 1 from 1916 to 1925 incl. Cert. check for 10% of bonds, pay- from time of award. Purchaser to pay
accrued interest. A complete
able to "Village of Jacksonville," required. Bids must be unconditional.
transcript of the proceedings had relative to the issuance of the above
JAMESPORT, Daviess County, Mo.-BONDS OFFERED BY BANK- bonds will be furnished the successful bidder, together with a sample
ERS.
-An issue of $8,000 6% 1-10
-year (serial) electric-light bonds is being copy of the bond upon the day of sale.
offered to investors by the Hanchett Bond Co. of Chicago. Denom. $500.
LOWELL, Middlesex County, Mass.
-On
Date Feb. 1 1915. Int. semi-annual at the First Nat. Bank, Chicago. March 2 a loan of $200,000 maturing Dec. 1-TEMPORARY LOAN.
Bonded debt (this issue) $8,000. Assess. val. $300,000; total value of of taxes was negotiated, reports state, with 1915 and issued in anticipation
Blake Bros. & Co. of Boston
property, $1,000,000.
at 3.08% discount.
JANESVILLE, Rock County, Wis.-BOND OFFERING.
LUMBERTON, Robeson County, No. Car.
-Proposals
-BOND SALE.
-On
will be received until 12 in. Mar. 8 by Jas. A. Fathers, Mayor; Geo. W. Feb. 25 an issue of $35,000 6% 10
-year
was awarded.
Muenchow, City Treasurer, and W. H. Dougherty, City Attorney, Com- it is stated, to the Mutual Loan & Truststreet-impt. bonds for $36,116
Co. of Lumberton
mittee, for $80,000 5% coupon bonds for the purchase of the plant of the equal to 103.885.
Janesville Water Co.(V. 100, p. 752). Denom. $500. Date April 1 1915.
LYNN, Mass.
-On Mar. 2 a $200,000 loan due
Int. J. & J. at the City Treasurer's office. Due $5,000 yearly July 1 from $100,000 Oct. 20-TEMPORARY LOAN.
1915 and $100,000 Nov.3 1915 was negotiated
1916 to 1931 incl. Certified check for 5% of bonds bid for required.
Bros. & Co. of Boston at 3. iscounscount. Other bids were: with Blake
D % di t.I
03
JOHNSON COUNTY (P. 0. Franklin), Ind.
-On
-BOND SALE.
Discount
Feb. 23 the two issues of 43 % 6
3.15%!Man. Nat. Bank, Lynn
,
5
-year (aver.) highway-impt. bonds aggre- Morgan & Bartlet, N.Y
3 33%
gating $12,800 (V. 100, p. 657) were awarded as follows:
Curtis & Sanger, Boston_ _ _ _*3.25%[Farmers' L.& T. Co., N.
Y_-3.50%
* Pius $1 90.
$7,100 Shufflebarger road bonds to the Citizens' Nat. Bank of Franklin
for $7,162
-equal to 100.873-a basis of about 4.334%.
LYONS, Wayne county, N. Y.
-BOND SALE.
-On March 3 the
5,700 Copeland mad bonds to the estate of Martin Kephart for $5,755
- following two issues of coupon or registered bonds, aggregating $188,000
equal to 100.964-a basis of about 4.317%.
(V. 100, p. 657), were awarded as follows:
Both purchasers paid accrued interest. Other bidders were:
$97,000 19 1-3-year (average) water bonds to the Trust & Deposit Co. of
For $7,100. For $5,700.
Onondaga, Syracuse, at 100.13 for 4tis.
Franklin National Bank, Franklin
$7,151 10
$5,741 10
91,000 16-year (average) sewer bonds to Harris, Forbes & Co. of N. Y.
Citizens National Bank, Franklin
5.751 00
at 100.342 for 4.60s.
Bargersville State Bank
7,120 00
MABANK INDEPENDENT SCHOOL DISTRICT (P. 0. Mabank)v
Gavin L. Payne, Indianapolis
7.102 25
5,701 75 Kaufman County, Tex.
-BOND OFFERING.
J. F. Wild & Co.. Indianapolis
-This district is offering
$12,805 00
- for sale
-40
Fletcher American National Bank, Indianapolis
7.100 00
5.701 00 ized by $8,000 5% 10 3-year (opt.) building and equipment bonds authorvote of 57 to at an election held July 6 1914. Denom. $500.
JOHNSTOWN, Cambria County, Pa.
-BONDS PROPOSED.
-This Date
city is contemplating the issuance of $75,000 paving (city's portion) and office July 15 1914. Interest annually July 15 at the State Treasurer's
or at the Farmers' &
$25,000 highway-improvement 4 % COUp. bonds of 1915. Denom. bonded debt, including this Merchants' State Bank of Mabank. Total
issue. $12,000. Assessed value. $546.300.
$1,000. Int. semi-ann. Due $25,000 in 5 years, $35,000 in 10 years W. H. Broker, President School
Board.
and $40,000 in 15 years.
MALTA,De Kalb County, Ills.
-BONDS OFFERED BY BANKERS.
'BOND OFFERING.
-Further details are at hand relative to the offering The Hanchett Bond Co. of Chicago is offering
to investors
on[March 17 of $12,000 of the $50.000 4 % 10
-30-year (opt.) coupon water-works bonds. Denom. $500. Date July 1 1914. Int. $5,000 5%
J. & J. at
tax-free Haynes St. bridge bonds of 1913 (V. 100. p. 752). Bids for these First Nat. Bank, Malta. Due $500 yearly
on July 1 from 1918 to 1927
bonds will be received until 12 in. on that day by Harry W. Slick, City incl. Bonded debt this issue.
Assess. val. $127.575. Real val. $400,000.
Treas. Denom. $100. Date Oct. 11913. Int. A. & 0. at office of City
MARICOPA COUNTY SCHOOL DISTRICT NO. 38, Ariz.
Treas. Cert. check for $200 required. Official circular states that there
-BONDS
-By a vote of 34 to 29,the question of issuing $15,000 6% 20-year
Is no controversy or litigation pending concerning the validity of these VOTED.
bonds and that there has never been any default in the payment of the building bonds carried at the election held Feb. 17.
municipal obligations. Total bonded debt (incl. this issue). $738.000.
MARION COUNTY(P.O.Indianapolis),Ind.
-BOND OFFERING.
No floating debt. Assessed val. $47,500,000.
Bids will be received until 12 m. March 12 by Carl Von Hake, Co.Treas.,
for $5,700 435% Guy Copeland et al highway-improvement bonds in
,
BOND ELECTION.
-Reports state that the election to vote on the ques- Perry and Franklin Tarps. Denom. $285. Date Feb.
15 1915. Int.
tion of issuing the $1,100,000 (not $1,000,000 as first reported) 4)% M. & N. Due $285 each six months from May 15
1916 to Nov. 15 1925
sanitary-sewer bonds (V. 100, p. 752) will be held Apr. 20.
Incl.
JUNIATA, Blair County, Pa.
-BOND OFFERING.
-Bids will be
BOND SALE.
-On Feb. 27 the
-year (average) high%6
received until 7:30 p. in, March 22, it is stated, by W. H. Baird, Borough way-improvement bonds (V. 100, p.$4,000 4 awarded
657) were
to Gavin L. Payne
Clerk,for the $24,000 5% 10
-30-year (opt.) water-improvement bonds voted & Co.a Indianapolis for $4,001 10 (100.027) and interest.
Nov. 3 1914 (V. 99, p. 1473). Interest semi-annual. Certified check for
MARION SCHOOL DISTRICT (P. 0. Marion), Williamson County,
5% required.
Ills.
-BOND ELECTION PROPOSED.
-Reports state that this district
KANSAS CITY, Kans.-BOND SALE.
-The following 45.5% bonds. proposes to submit to the voters on March 11 the question of
aggregating $110,500, were awarded to Curtis & Sanger of New York at not $20,000 school-building-improvement bonds shall be issued. whether or
par and interest:
MARSHALL, Saline County, Kan.
-BONDS VOTED.-The question
$76,500 electric-light bonds sold on Feb. 10. Denom. $500. Due on
Oct. 1 as follows: $12,500 1916. $11,500 $1918, $12,500 1919. of issuing $70,000 municipal ilght-plant bonds carried, reports state, by
a vote of 708 to 364 at an election held Feb. 23.
$12,000 1920, $14,000 1921 and 1922.
34.000 water bonds sold on Feb. 18. Denom. $1,000. Due Oct. 11919.
MARYSVILLE, Union County, Ohio.
-BOND SALE -It is stated
Date Oct. 1 1914. Int. April 1 and Oct. 1. Using newspaper reports,
we stated in V. 100, p. 657, that the light bonds were sold to Curtis & that Hoehler, Cummings & Prudden of Toledo have been awarded at par
and int. the t10,000 6% 11-year (aver.) funding bonds recently refused
Sanger, bearing 5% interest.
by the Atlas Nat. Bank of Cincinnati
-see V. 100, p. 156.
KAUFMAN COUNTY (P.O. Kaufman), Tex.
-BOND OFFERING.
Proposals will be received until 11 a. in. March 12 by the Commissioners'
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.
-On
Court, James A. Cooley. County Judge, for $225,000 5% Justice Precinct March 5 aloan of $50,000 maturing Dec. 10 1915, and issued in anticipation
No. 2 road bonds. Date April 1 1915. Int. A. & 0. Cert. or cashier's of taxes, was negotiated, it is stated, with F. S. Moseley & Co. of Boston
check on some national or State bank of Texas for $5,000, payable to the at 3.24% discount plus 35 cents premium.
County Judge, required.
MEDICINE LAKE, Sheridan County, Mont.
-BOND OFFERING.
Bids will be considered until 8 p. m. April 12, it is stated, by H. Everson,
KENNEBEC WATER DISTRICT (P. 0. Waterville), Me.
-BOND
-20
OFFERING.
-Proposals will be received until 7:30 p. m. Mar. 9 byFred. Town Clerk, for the $18,000 6% 10 -year (opt.) water bonds voted in
August 1914 (V. 100, p. 246). Int. semi-ann. Cert. check for 15%
C. Thayer, Pres. Board of Trustees, for $100.000 4% 15
-year gold coup.
refunding bonds. Bids are being received by the District subject to the required.
MERCER COUNTY (P. 0. Celina), Ohio.
approval of the Public Utilities Commission. Denom. $1,000. Date
-BOND SALE.
-On Feb.
Mar. 1 1915. Int. M.& S. at Nat. Shawmut Bank, Boston. Bonds may 25 the $59.500 5% 10
-year (ser.) coup. taxable road bonds (V.
be registered as to principal. Certified check for 2% of bonds bid for, 658) were awarded to the First Nat.and the Commercial banks of100. p.
Celina
payable to the Kennebec Water District, required. These bonds will be on their joint bid of $59.965, and int, equal to 100.781.
Other bidders were:
certified as to genuineness by the Old Colony Trust Co. of Boston and they
will further certify that the legality of this issue has been approved by Tillotson & Wolcott Co., Cleveland
$ 9 824 9
59 01 10
:6
5
ro
Storey, Thorndike, Palmer & Dodge of Boston, a copy of whose opinion Provident Savings Bank & Trust Co., Cincinnati
will accompany bonds,when delivered,without charge to purchaser. Bonded Seasongood & Mayer, Cincinnati
59.552 00
debt $950,000.
MICANOPY, Alachua County, Fla.
-BOND SALE.
-J. B. McCrary
KIMBLE COUNTY (P. 0. Junction), Tex.
-BOND OFFERING.
- Co. of Atlanta purchased and subsequently sold to Chas. S. Kidder & Co.
J. B. Randolph, County Judge, is offering for sale $14,000 5% 10 -year of Chicago $10.000 6% 20
-year coupon electric-light bonds. Denom.
-40
$1,000 and $500. Date April 1 1914. Int. A. & 0. at the Micanopy
(opt.) Precinct No. 1 road bonds. Denom. $1,000. Date Aug. 1 1914.
Int. semi-ann. at Junction. Bonded debt $11,000. Assessed valuation Banking Co. of Micanopy. Assessed value 1914, $124.000.
1914, $800,000; est. actual value. $3,000.000. These bonds are part of an
MIDDLETOWN, New Castle County, Del.
-BOND SALE.
-On
issue of $25,000, $11,000 of which has been sold to the Kansas City Steel
Feb. 26 $6,000 5% 10-20-year (opt.) coupon refunding bonds was awarded
Structural Co., Kansas City, Mo.
to Thos. Clayton Frame Jr. at 101. The Citizens' National Bank of
KNOX COUTNY (P. 0. Knoxville), Tenn.
Middletown bid $6,006. Denom. $1,000. Date March 1 1915. Int
-BOND OFFERING.
Bids will be received by R. A. Brown, County Judge, until 12 m. March- M. & S. Bonded debt (including this issue). $29,000. Assessed value,
24
it is reported, for the $125,000 5% 20-year bonds to purchase the Cherokee $690.202.
property for the use of the University of Tennessee's agricultural experiMINERVA SCHOOL DISTRICT (P. 0. Minerva), Stark
ment station as an addition to the station's farm (V. 100, p.
County,
-BONDS VOTED.
-The question of issuing the $65.000 43 %
246)• Interest Ohio.
semi-annual. Certified check for $1,000 required.
,
6
high-school-bldg.-constr. bonds (V. 100. p. 658) carried at the election
LAMBERTON SCHOOL DISTRICT (P. 0. Lamberton),
held Feb. 24 by a vote of 248 to 158.
Redwood
County, Minn.
-BONDS VOTED.
-The question of issuing
MINNEAPOLIS, Minn.
-BONDS TO BE SOLD OVER COUNTER.
purchase and building bonds carried, it is stated, at a recent $45,000 siteelection.
Local papers state that $400,000 grade school bonds
be sold
LA MESA, LEMON GROVE AND SPRING VALLEY IRRIGATION counter". in denominations of $10 and upward, earlywillApril. "over the
in
DISTRICT (P. 0. La Mesa), Calif.
-BONDS AWARDED IN PART.MONTROSE, Montrose County, Colo.
During the month of August about $200,000 of an issue of $1,232,500
-BOND SALE.
-On Feb. 26
6% the $90,000 5% 10-15
-year (opt.) water-works bonds
-year (ser.) gold coupon tax-free water-system bonds were
20-40
awarded awarded to the International Trust Co., Denver, (V. 100, p. 658) were
to the Bank of La Mesa, Chas. Chase, Henry McKoom and R S.. Hall.
for $90,100 (100.111)a basis of about 4.986% to optional date and 4.99% to
Part of the bonds sold at par and part at 97. Denom. $500 and $100.
full maturity.
Other bids were:
Date July 1 1914. Int. J. & J.
N. S. Walpole, Pueblo
H.
LA PORTE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. La C W. McNear & Co., Chic_ _ $90.0001E H. Rollins & Co.. Denver_ $84.780
85.7751Farson, Son & Co., N. Y_ _ _ _ 83.700
Porte City), Black Hawk County, Iowa.
-BOND ELECTION.
Denom. $500. Date April 1 1915. Interest A. & 0.
-The
question of issuing $25,000 building and equipment bonds will be submitted
MORO SCHOOL DISTRICT (P. 0. Moro), Lee County, Ark.
on March 8.
to the voters
BOND SALE.
-On Feb. 15 $12,000 6% 10-21-year (serial) agricultural
LAWRENCE, Essex County, Mass.
-TEMPORARY LOAN.
-Reports high-school bonds were awarded to
state that this city has awarded a temporary loan of $400,000 to Farmers' Denom. $500. Date March 1 1915. Gunter & Sawyers of Little Rock.
Int. M. & S.
Loan & Trust Co. of New York at 3.50% discount.
MORRALTOWN AND SALT ROCK TOWNSHIP SCHOOL DIS
LEAD SCHOOL DISTRICT (P. 0. Lead), Lawrence County, TRICT (P. O. Marion), Marion County, Ohio.
-BOND OFFERING.So. Dak.-BOND SALE.-Hoehler, Cummings & Prudden of Toledo have It is stated that bids will be received until March 29 for the $37,000 building
purchased an issue of $60,000 bonds offered without success on May 20 1914. bonds voted Feb. 20 (V. 100. p. 753). Due from March 1916 to March
1934.
LESLIE SPECIAL. SCHOOL DISTRICT (P. 0. Leslie), Searcy
MOUNTAIN VIEW SCHOOL DISTRICT (P. 0. Mountain View)
-DESCRIPTION OF BONDS.
County, Ark.
-The $26,500 (not $26,000.
as first reported) 6% 10 -year (serial) refunding and building bonds Howell County, Mo.-BONDS OFFERED BY BANKERS.
-30
-Little & Hays
awarded on Feb. 10 to Gunter & Sawyers of Little Rock (V. 100, p. 752) are Investment Co. of St. Louis is offering to investors $7,500 5% building
bonds. Denom. $500. Date March 1 1915. Int. M.& S. at the Missisin the denom. of $500 and dated March 15 1915. Int. M. & S.
sippi Valley Trust Co. of St. Louis. Due $500 1918, 1920, 1921, 1923 and
LEXINGTON, Fayette County, Ky.-BOND SALE.
-On Jan. 28 1924 and $500
-year funding bonds were awarded to John Nuveen & Co. of ( lit issue)..$7, yearly from 1926 to 1935. inclusive. Total bonded debt
$15,000 67,30
( iimated 5 00.000.
es s
t
) 5500 Assessed value 1914. $169.127; real value of property
.
Chicago. Denom. $1,000. Date Feb. 15 1915. Int. M. & S.




834

THE CHRONICLE

-BOND OFFERING.
MOUNT MORRIS, Livingston County, N. Y.
Mar. 17,
Bids will be received by Geo. Bailey, VII. Clerk, until 8 p. m.p. 754):
% bonds voted Dec. 15(V. 100.
it is stated, for the following
yearly
$20,000 water bonds. Due $500 yearly for 10 years and $1,000
for 13 years thereafter.
bonds. Due $1,000 yearly for 5 years.
46,000 of an issue of $65,000 water
$2,000 yearly for 15 years thereafter and $3,000 yearly thereafter
for 10 years.
for 9 years,
53,000 of an issue of $69,000 sewer bonds. Due $1,000 yearly 10 years
$2,000 yearly thereafter for 5 years, $3,000 yearly for
yearly thereafter for 5 years.
thereafter and $4,000
Certified check for 1% required.
County
MULLINS SCHOOL DISTRICT (P. 0. Mullins), MarionBoard of
-F. Chalmers Rogers, Clerk
-BOND OFFERING.
So. Caro.
-year
until 12 m. April 1 for the $12,000 6% 20
Trustees, will receive bids
valihigh-school-building bonds (V. 99, p. (18). These bonds have been Date
by the Legislature of South Carolina. Denom. $1,000.
dated
June. Certified check for $500 required.
June 2 1914. Interest annually in
-A local
-BOND OFFERING.
NEW ALBANY, Floyd County, Ind.
newspaper states that bids will be opened on May 1 for an issue of $200,000
4% refunding bonds. Denom. $100, $500 and $1,000.
-Bids will
-BOND OFFERING.
NEWARK, Licking County, Ohio.
be received until 12 m. Mar. 12 by A. N.Dodd, City Auditor,for $6,042 62
-improvement (city's portion) bonds. Auth. Sec.
street
-year coup.
5% 9
3821, Gen. Code. Denom. (11) $500, (1) $542 62. Date March 1 1915.
Int. M.Se S. In Newark. Certified check for 2% of bonds bid for, payable
within
to City Treasurer, required. Bonds to be delivered and paid forBonded
10 days from time of award. Purchaser to pay accrued int.
no floating debt. Assess. val. 1915, $30,000,000.
debt, $1,066,217;
-The question of issuing $30,000 muniBOND ELECTION PROPOSED.
cipal-electric-light and water-works bonds will be submitted to the voters
at a recent election, it is stated.
-BOND OFFERING.
NEW LEXINGTON, Perry County, Ohio.
Bids will be received until 12 m. Mar. 29 by Thad. B. Skinner. Village
(assess.) bonds:
Clerk, for the following 5%% coup. street-impt.
$4,400 Orchard St. bonds. Denom. $440.
3,200 Brown St. bonds. Denom. $320.
1,850 High St. bonds. Denom. $185.
A. Due
Auth. Sec. 3914, Gen. Code. Date Feb. 1 1915. Int. F. & Certified
one bond of each issue yearly on Feb. 1 from 1916 to 1925 incl. required.
check for 107,, of bonds bid for, payable to Village Treasurer,of award.
Bonds to be delivered and paid for within 10 days from time
Purchaser to pay accrued interest and will be required to furnish, at own
expense, blank form of bonds with coupons attached.
-The following are the other bids received
-BIDS.
NEWPORT, R. I.
on Feb. 25 for the loan or $50,000 maturing Sept. 3 1915. which was negotiated with Estabrook & Co. of Boston at 3.23% discount (V. 100, p. 754):
3 35 discount
Aquidneck National Bank, Newport
3.37% discount
Loring, Tolman & Tupper, Boston
% less $100 discount
Parkinson & Burr, Boston
3.409' discount
Farmers' Loan & Trust Co., New York
3.43% discount
Curtis & Sanger, Boston
3.54 discount
Livingston Davis, Boston
3.65 discount
'Blake Bros., Boston
-The following shortLOANS.
NEW 71:31tiC CITT.=TEMPORARY
term securities, aggregating $16,966.623 61, and consisting of revenue
bonds for current expenses, special revenue bonds,revenue bills for current
expenses and corporate stock notes were issued during February.
-Special.
Revenue Bonds, 1915
-Current
Revenue Bonds, 1915
Amount.
Maturity.
Int.
Expenses.
$500,000 00
Amount. 3.525 Jan. 5 1916
Maturity.
Int.
66,70000
Feb. 3 1916
$500,000 00 3%
3%
Oct. 11 1915
750,00000
Nov. 10 1915
3%
Tot,rev. bds.(special) $566,700 00
750.00000
Dec. 2 1915
3%
-Current Exp.
250,000 00 Revenue Bills, 1915
Oct. 25 1915
33
250.00000 2.85 June 7 1915 *$2,478,136 98
Oct. 30 1915
3
*1.986,980 83
200.000 00 2.70 May 7 1915
Nov.22 1915
3
*298.518 69
May 6 1915
200,000 00 2%
Nov. 23 1915
3
*1,986,287 11
June 2 1915
200.000 00 214
Nov. 24 1915
200,00000
Nov. 26 1915
3
Total revenue bills
200.00000
Nov.30 1915
3
(current exp.)_- -*$6,749,923 61
500.00000
37-32 Oct. 30 1915
-Water.
500,00000 Corporate Stock Notes
3 7-32 Nov.30 1915
$600,000 00
jOn or before(
50,00000 3
July 1 1915
3
iDec. 31 1915j
600,00000
May 3 1915
2%
May 5 1915 4.000.00000
2%
Total corporate stock
$600,000 00
notes
Total revenue bonds
(current expenses) $9,050,000 00
column represent proceeds of
a Rate of discount; figures in "Amount"
loan after deducting discount.
-Local papers state that on
NORFOLK, Va.-BONDS PROPOSED.
reading ordinances author
Feb. 24 the Board of Aldermen placed upon firstto issue $743,000 bonds.
Council
zing the Finance Committee of the City
-TEMPORARY LOAN.
Berkshire County, Mass.
NORTH ADAMS,
temporary loan of $40,000 to W. H.
It is stated that this city has sold a at 3.30% discount.
Pritchard, trustee, of North Adams.
0. Oak Grove), Carroll
OAK GROVE SCHOOL DISTRICT (P.
-year (serial)
-On Feb. 20 $2.500 6% 1-5
-BOND SALE.
County, Ark.
of Little Rock. Denom.
building bonds were awarded to Gunter & Sawyers
1 1915. Int. M. & S.
$500. Date March
HIGH SCHOOL
OAK PARK AND RIVER FOREST TOWNSHIP
-Reports state that on
-BOND SALE.
DISTRICT (P. 0. Oak Park), Ill.
H. T. Holtz & Co. of
Feb. 25 $75,000 414% school bonds were awarded to Due yearly as follows:
& J.
Chicago at 104.70. Date Jan. 11915. Int. J.1930, inclusive; $4,000 1931
$2,000 1016 to 1925, inclusive: $3,000 1926 to in 1935.
1933 and 1934. and $22,000
and 1932; $5,000
-Pro-BOND OFFERING.
OKOLONA, Chickasaw County, Miss.
Davis, City Clerk,
posals will be received until 7:30 p. m.March 19 by J. H.
bonds
-year coupon sewerage-system-installationFeb. 9.
for the $58,000 5% 20
held
( 100, p. 659). Auth. Chap. 147, Laws 1914; also electionYork or ChiV.
.
Denorn. $500. Date Feb. 1 1915. Int. ann. Feb. 1 at New
the City
cago, option of purchaser. Certified check for $500, payable to Assessed
Clerk, required. Bonded debt, $57,000. No floating debt.
valuation 1914, $1,087.000.
-BONDS OFFERED BY
OLD FORT, Marion County, No. Caro.
-The Hanchett Bond Co. of Chicago is offering to investors
BANKERS.
-year water-works, sewer and light bonds. Denom. $500.
$15.000 6% 20
Date Sept. 1 1914. Int. J. & J. at the Nat. Park Bank N. Y. Total
'
debt, this issue only, $15.000. Assess. val. $542.772: total value of
Property (est.). 51.200.000.
-BOND OFFERORANGE TOWNSHIP, Cuyahoga County, Ohio.
-Proposals will be received until 2 p. m. Mar. 27 by T. W. Taylor,
ING.
Two.Clerk (P.0.Solon),for 58,0005% coup. road-impt.• bonds. Denom.
$500. Date Mar. 15 1915. Int. A. & 0. at Chagrin Falls Banking Co.,
Chagrin Falls. Due $500 yearly on Oct. 1 from 1916 to 1921 incl. and $500
each six months from April 1 1922 to Oct. 1 1926 incl. Certified check on
.L bank other than the one making the bid, for 10% of bonds bid for, payable to Twp. Treasurer, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to payiaccrued interest.
-BOND SALE.
-J.B. McCrary
PABLO BEACH, Duval County, Fla.
sold
Co. of Atlanta purchased and subsequently and to the Madison Bond Co.,
Madison, Wis., $25.000 sewerage-system on $10,000 electric-light 6%
by the town
Jan. 14. Denom. $1.000.
30-year coupon bonds offered at the National Bank of Commerce, N. Y.
& A.
Date Oct. 11914. Int. F. $35,000. Assessed value 1914, $350.525; estidebt (these issues),
Bonded
mated true value, $900,000.
N. Y.
-On
-BOND SALE.
PELHAM MANOR, Westchester County, nt bonds (V. 100, p.
highway-improveme
659)
Feb. 26 the $20,000 tax-free
were awarded as follows:
of New Rochelle at
to the People's Savings Bank from 1934 to 1938,100.20 for 4.40s.
$5,000
inclusive.
April
Due $1,000 yearly on Co. of1N. Y. at 100.03 for 4.60s. Due $200
&
15,000 to Geo. B. Gibbons 1915 to 1919,inclusive and $1,000 yearly on
April 1 from
yearly on
April 1 from 1920 to 1933. inclusive. 1 1914. Interest payable at
Date April
Denom.(5) $200,(19) 31,000. at request of registered holder, will be
columbia Trust Co., N. Y., or,
remitted in New York exchange.




woL. 100.

-The $10,000 5%
-BOND SALE.
PELLA, Marion County, Iowa.
-year (ser.) water-main-ext. bonds (V. 100, p. 659) have been sold to
1-20
local investors.
-On March 1 the
-BOND SALE.
PENN VAN, Yates County, N. Y.
100, 13. 659) were awarded
$24,000 5%-ear (aver.) reg. paving bonds (V. 100.04 for 4.65s
W.Sherrill Co. of Poughkeepsie at
to the Isaac
-Both Common and Select
PHILADELPHIA, Pa.-SIII3WAY LOAN.
April 29 on a
Councils on March 4 passed the bill providing for an electionLeague Island
work on a 13road St. subway from
$6,000,000 loan to begin
Frankto Olney Ave., elevated spurs to the northeast and northwest and awent to
fort El. line from Front and Arch streets to Rhawn St. The billCouncils
and he has until the next meeting of
the Mayor for his signature
(March 18) to act upon it.
-On March 1 the
-BOND SALE.
PLAINFIELD, Union County, N. J.
(V. 100, p.
$100,000 414% 41%-year (aver.) coup. or req. school bondsint.-a basis
659) were awarded to Bond & Goodwin of N. Y.at 104.43 and
4.272%. Other bids were:
of about
Clark. Dodge & Co.. N. Y104.62 Harris, Forbes & Co., N. Y_103.42
103.893 Outwater & Wells, Jersey C..103.337
J. S. Ripple, Newark
103.867 CityNat. Bank Plainfield-101.97
Rhoades & Co., N. Y
State Trust Co., Plainfleld103.728 A. B. Leach & o., N. Y......101.577
103.67 Plainfield Trust Co., Plainf_101.37
R. M. Grant & Co.. N.Y
NO. 6
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT received
-Proposals will be
-BOND OFFERING.
Fla.
(Auburndale),
until 11 a. m. March 15 by J. C. Owens, Chairman of the Board of Public
Instruction (P. 0. Bartow). it is stated, for the $15,000 5%, 20-year school
bonds offered without success on Jan. 26 (V. 100, p. 575)•
County,
POLK TOWNSHIP (P. 0. Galion), Crawford bids will be Ohio.
received
-Newspaper dispatches state that
BOND OFFERING.
until 12 m. March 15 by L. Wildenthaler, Twp. Clerk, for $50,000 5%
7%-year (aver.) road bonds.
-BOND OFFERING.
PORT CHESTER, Westchester County, N. Y.
Village
-Bids will be received until 8 p. m. Mar. 15 by Roy L. Burns,$1.000.
Clerk, for $25,000 5% 1914-1915 tax-relief bonds. Denom.
Int. A.& 0. at First Nat. Bank, Port Chester. Due
Date April 1 1915.
to Village
April 11918. Certified check for 5% of bonds bid for, payable
Treasurer, required.
bids received
-The following are the other
-BIDS.
PORTLAND, Ore.
-year water bonds awarded on Feb. 23 to the Harris
for the $460.000 4% 25
acceptaTrust & Savings Bank ofChicago at 94.03 and interest, "subject to Massaof
bility for investment under the restrictions of savings bank law
chusetts (V. 100, p. 755):
Chicago_
Harris Trust & Say.Bank--•93.03 A. B. Leach & Co.,
92.86 Field, Richards & Co., Cin__ 92.56
E. H. Rollins & Sons, Chic
Mayer, Cin_ _ _
C. E. Denison & Co., Boston!92.792 Seasongood &Portland
92.17
Henry Teal,
Morris Bros., Portland
Lumbermen's Tr.Co.,Portl'dl 92.148
Redmond & Co., New York..!
savings banks
•Provided bonds do not constitute a legal investment for interest.
in Massachusetts. All bids provided for payment of accrued Ore.
-BOND
SIUSLAW (P. 0. Acme), Lane County,
PORT OF
-19-year (serial) coupon jetty-construc-On Feb. 20 the $100,000 10
SALE.
100, p. 418). were
bonds offered at not exceeding 6% interest (V.of Denver at 100.10
tion
awarded, it is stated, to Sweet, Causey, Foster & Co.
and interest (rate not reported).
-BONDS OFFERED BY BANKPUYALLUP, Pierce County, Wash.
-The Hanchett Bond Co. of Chicago is offering to investors $5,000
ERS.
-year (opt.) fire-apparatus bonds. Denom. $100. Date
514% 10-20
Jan. 20 1915. Int. J. & J. at the fiscal agency of the State of Washington
at New York. Total bonded debt, $100.800. Assessed val., $1,681,000;
total value of all property, $4,500,000.
County,
RANDLEMAN TOWNSHIP (P. 0. Randleman), Randloph Bond Co.
-The Hanchett
-BONDS OFFERED BY BANKERS.
No. Caro.
-year road-construction
of Chicago is offering to investors $15,000 6% 30 & J. at the Hanover
bonds. Denom. $500. Date Jan. 1 1915. Int. J.
Nat. Bank, New York. Total bonded debt, $15,000. Assessed valuation, $761.909; total value of property, est., $2,000,000.
-Bids
-BOND OFFERING.
RED BANK, Monmouth County, N. J.
will be received until 8 p. m. March 15, it is stated, by A. 0. Harrison,
Int.
Boro. Clerk, for $23,500 414% 12%-year (aver.) refunding bonds.
semi-ann. Certified check for 2% required.
TOWNSHIP ROAD DISTRICT, Huron County, Ohio.
RICHMOND
-On March 2 the $10,000 5% 10%-year (aver.) road
-BOND SALE.
bonds(V. 100, p.660) were awarded,it is stated, to Otis & Co.of Cleveland
at 100.15-a basis of about 4.98%.
RIDGEFIELD TOWNSHIP (P. 0. Monroeville), Huron County,
-Bids will be received until 12 m. March 15
Ohio.
-BOND OFFERING.
by Clarence H. Zipfel, Township Clerk, for $7,000 5% coupon road-impt.
bonds. Auth. Secs. 7033 to 7052, inclusive, Gen. Code. Denom. $500.
Date April 11915. Int. A.& 0.at Farmers'& Citizens' Bank, Monroeville.
Due $500 yearly on Oct. 1 from 1919 to 1932,inclusive. Certified check for
5%, payable to Twp. Clerk, required. Total debt (including this issue),
554.500. Assessed value 1913. $3.116,180.
-BONDS OFFERED BY BANKERS.
RIDGELY,Lake County, Tenn.
-An issue of $10,000 6% high-school-building bonds is being offered to
investors by the Hanchett Bond Co. of Chicago. Denom. $500. Date
June 15 1914. Int.IJ. es D.at the First Trust & Say. Bank, Chicago. Due
$1,000 yearly June 15from 1935 to 1944,incl. Total debt (this issue only).
$10,000. Assess. val. $150.000. Total value of property (est.) 3300,000.
-On
-BOND SALE.
ROCHESTER, Olmstead County, Minn.
March 1 the $18,000 5% 5 1-3-year (aver.) coupon tax-free armory-erection
bonds (V. 100, p. 755) were awarded to A. B. Leach & Co. of Chicago at
102.40 and int.-a basis of about 4.48%. Other bids were:
1 8188
N. W.Halsey & Co.,Chic
-$18,378 00 Wells & Dickey Co., Minn._ _$18;015
C. II. Coffin, Chicago
Cont. & Comm. Tr. &
Say, Bank, Chicago_ _ _ 18,275 40 Bolger, Messer & Willaman,
18,010
Chicago
E.H.Rollins & Sons,Chic. 18,208 80
H.T. lloitz & Co., Chic__ 18,187 70 First Nat. Bk., Rochester_ _ 18,000
-The question
-BONDS VOTED.
ROGERS, Benton County, Ark.
of issuing $10,000 motor-chemical engine and hose cart purchase bonds
carried, it is stated, at an election held Feb. 18.
-BOND OFFER! NC.
ROSEBUD COUNTY (P. 0. Forsyth), Mont.
Further details are at hand relative to the offering on May 3 of the $130,000
-year (opt.) coupon funding bonds (V. 100, p. 660). Proposals for
10-20
these bonds will be received until 10 a. m. on that 'lay by R. J. Cole, Clerk
Board of County Commissioners. Denom. $1,000. Date May 3 1915.
Int. (rate not to exceed 5%) J. & J. in Chicago or Now York, at option of
purchaser. Cert. check for 53.000, payable to the County Treasurer,
required. Bonded debt $242,000. Floating debt, $194,000. Assess.
val. 1914, $12,126,791; estimated val.. 20 to 30 millions.
ROSS TOWNSHIP SCHOOL DISTRICT (P. 0. Xenia), Greene
-The question of issuing 835,000
-BONDS VOTED.
County, Ohio.
building bonds carried, it is stated, at the election held Feb. 22, by a vote
to 66.
of
DISTRICT (P. 0. Marion), Ark.
-BOND
ST. FRANCIS LEVEE that bids
will be received until March 24 by the
-Reports state
OFFERING.
Board of Directors for the $194,000 funding and $271,000 levee-Improvep. n2
me3t-cempletion bonds authorized by the above Board on Jan. 14(V. 100.
ST. MARTS SCHOOL DISTRICT (P. 0. St. Mary's), Auglaize
-On March 1 the $50,000 5% coup. school
-BOND SALE.
County, Ohio.
property-irnprovement bonds (V. 100, p. 660) were awarded to the Ohio
Nat. Bank of Columbus for $51,540 75 (103.815) and int. Other bidders
were:
Seasongood St Mayer,CinTillotson & Wolcott Co.,
cin
350,915 00 cin
550,415 00
cinCleveland
Cleveland__ _ _ 50,760 00 Well, Roth & Co.,
Otis & Co.,
nati
i
50,066 66
Provident Say. Bk. & Tr.
50.625 00
Co Cincinnati
-BONDS AUTHORIZF.D.-Local papers state that
ST. PAUL, Minn.
issuance
the City Council on Feb. 23 passed ordinances providing for the 20
-year
-year bridge refunding and $197.000 414%
% 30
of $200,000
refunding bonds.
sewer
(P. 0. Salina), Salina County, Kan.
SALINA SCHOOL DISTRICT of
issuing the $100,000 high and grade-The question
-BONDS VOTED.
election
school building bonds (V. 100, p. 575) carried, it is stated, at the
held Feb. 23.
-BOND OFFERING.
Tom Green County, Tex.
SAN ANGELO,
the Concho Valley
Proposals will be received until March 22 at the office of$80,000 5% 10-40
es Trust Co., Treasurer of City of San Angelo, for
Loan

MAR.6 1915.]

THE CHRONICLE

year (opt.) coupon high-school bonds. Date May 1 1914. Int. M.& N.
In Austin or at Seaboard Nat. Bank, N. Y. Delivery of bonds to be made
May 1 1915. A similar issue of bonds was offered without success on
Aug. 24 (V. 100, p. 660).
SANBORN INDEPENDENT SCHOOL DISTRICT (P. 0. Sanborn),
-The price paid for
O'Brien County, Iowa.
-PRICE PAID FOR BONDS.
the $10,000 5% school bonds awarded on Feb. 16 to Schanke & Co. of
Mason City (V. 100, p. 755) was par and interest, less $66 to cover expense
of printing and attorney's fees. Denom. $1,000. Date Feb. 1 1915.
Int. J. & J. Due July 1 1934.
-NEW OFFERSEBREE, Webster County, Ky.-BIDS REJECTED
ING.
-All bids received for the $14.000 57',, 20
-year water bonds offered on
March 1 (V. 100, p. 660), were rejected. Reports state that proposals will
again be received until April 5.
SHERIDAN COUNTY SCHOOL DISTRICT NO.2(P.O. Redstone),
Mont.
-BOND SALE.
-20
-On Feb. 15 the $4,000 6% 10 -year (opt.) coupon tax-free building bonds (V. 100, p. 329) were awarded to the State
Board of Land Commissioners at par. Keeler Bros. of Denver bid par.
Jas. N. Wright & Co., Denver, also submitted a bid.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Antelope), Mont.
-BOND OFFERING.
-Proposals will be received until 10
a. m. March 15 by Albert Lindquist. District Clerk, for $3,500 6% coupon
tax-free building bonds. Denom. $100. Date Jan. 1 1915. Int. Jan. 1
and July 1 at the County Treasurer's office. Due Jan. 1 1935, opt. on or
after Jan. 1 1925. Certified check for $500, payable to the District Clerk.
required.
SHOSHONE COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Gem),
Idaho.
-BONDS OFFERED BY BANKERS.
-The Hanchett Bond Co.
of Chicago is offering to investors $10,000 6% 1-10
-year (opt.) building
bonds. Denom. $500. Date Jan. 1 1915. Int. J. & J. at the First Nat.
Bank of Chicago. Bonded debt (this issue only). $10,000. Assessed
valuation. $272,662; total value of all property, $1,000,000.
-On
-BOND SALE.
SOUTH ST. PAUL, Dakota County, Minn.
March 1 the $54,000 5% 20-year refunding bonds eV. 100, p. 418) were
awarded to Wells & Dickey Co. of Minneapolis at 101.40 and int.-a basis
of about 4.89%. Other bids were:
Powell, Garard & Co., Chic-5$55,743 Bolger, Mosser St WMaman,
*54,810
Chicago
$53,600
C. H. Coffin, Chicago
54,146 Yard, Otis & Taylor, Chic-- 53,300
H.B. Wood
Amer. Nat. Bk., St. Paul--- 54,000 It. M. Grant & Co., Chic__ 53,100
*These bids appear to be higher elan that of the purchasers but are so
given by the City Recorder.
-LOAN OFFERING.
-It
SPRINGFIELD, Hampden County, Mass.
Is stated that bids will be received until 11 a. in. March 9 for a loan of
$500,000.
-BONDS OFFERED BY BANKERS.
SPARTA, Randolph County, Ill.
.
000
-Smith, Moore & Co. of St. Louis are offering to investors the $22„ 5%
bonds voted during Nov. 1914 (V. 99, p. 1550). Denom.
water-works
$500. Date Jan. 1 1915. Interest annually in January at office of City
Treasurer. Due yearly on Jan. 1 as follows: $1,000 1919 to 1923,inclusive;
$1.500 1924 to 1933, inclusive, and $2,000 in 1934. Total bonded debt,
this issue. Assessed value 1913, $440,000; estimated value. $1,320,000.
-BOND OFFERING.STRATFORD, Hamilton County, Iowa
Proposals will be received until 2 p. M. April 3 for the $6,000 53 % waterworks-system bonds authorized by vote of 99 to 20 at an election held
Nov. 18. Denom. $600. Int. May & Nov. Due $600 yearly from 1920
to 1929, inclusive.

835

SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Gomer),
Allen County, Ohio.
-The question of issuing $10,000
-BONDS VOTED.
building bonds carried, it is stated, at the election held Feb. 20 by a vote of
64 to 53.
-BOND SALE.
-On
SWITZERLAND COUNTY (P. 0. Vevay), Ind.
March 1 the $8.500 4) % 6
,
i
-year (aver.) highway-improvement bonds (V.
100, p. 756) werr awarded to the First Nat. Bank of Vevey for $8,501,
equal to 100.011. There were no other bidders.
-We are
TANGIPAHOA PARISH (P. 0. Amite), La.
-BOND SALE.
advised that an issue of $50,000 funding bonds has been disposed of.
TIPPECANOE, Miami County, 01110.
-Reports state
-BOND SALE.
that the Village Council on March 1 awarded to Tillotson & Wolcott Co
of Cleveland $9,003 Main St. and $2,130 60 Fifth St. 53i% bonds. These
bonds were awarded to above firm on Feb.6 as 6s(V. 100, p. 575), but that
sale was, according to reports, held illegal.
TIPPECANOE COUNTY (P: 0: La Fayette),Ind:
-BOND SALE.
On Feb. 24 the $6,500 43% highway-impt. bonds (V. 100, p_._5713) were
awarded to Edward O'Gara of La Fayette for $6,503 50 (100.053) and int.
The Fletcher American Nat. Bank of Indianapolis bid par and Interest.
TOLEDO,Lucas County. 01110.
-BOND SALE.
-On Feb. 19 $282,000
484% 8
-year refunding bonds were awarded, it is stated, to Spitzer, Rorick
& Co. of Toledo for $282,100(100.035) and int. These bonds take the place
of the $282,000 5 7 4
-year bonds recently refused by the National Bank
of Commerce of Toledo (V. 100, p. 660).
TRENTON, N. J.
-BONDS PROPOSED.
-This city is contemplating
the issuance of $260,000 434% 30
-year school bonds. Denom. $100 or
multiples thereof. Int. semi-ann.
TUPELO, Lee County, Miss.
-BOND SALE.
-On Jan. 21 $40,000 5%
street-improvement bonds were awarded to the People's Bank & Trust Co.
of Tupelo at par. Denom. $500. Date Sept. 1 1914. Int. semi-ann.
Due in 20 years, subject to call any part on any interest-paying date.
-BOND SALE.
URBANA,Benton County,Iowa.
-On Feb. 19 IMMO
electric-light-plant and $6,000 water-works-system bonds were awarded to
Schanke & Co. of Mason City.
VANDALIA VILLAGE SCHOOL DISTRICT (P. 0. Vandalia),
-BOND SALE.
Montgomery County, Ohio.
-On March 1 the $7,000
5
674-year (aver.) coup. site-purchase, construction and equipment
bonds (V. 100, p. 757) were awarded to the Vandalla State Bank at 102.50
and interest.
WAKEMAN TOWNSHIP (P. 0. Wakeman), Huron County, Ohio.
-BOND SALE.
-On Feb. 25 the $13,000 5% 13-year (aver.) coup. roadimpt. bonds (V. 100, p. 576) were awarded to the R. L. Dollings Co. of
Hamilton for 813,054 50 (100.419) and int.-a basis of about 4.956%.
Other bidders were:
Otis & Company, Cleveland
$13,035 00
Tillotson & Wolcott Co., Cleveland
13.009 10
-PRICE PAID FOR BONDS.
WAPELLO, Louisa County, Iowa.
The price paid for the $4,500 5i% park-purchase and improvement
bonds awarded on Feb.9 to Schanke & Co. of Mason City (V. 100, p. 757).
was par and interest, less $145 to cover cost of printing bonds and attorneys' fees. Denom. $500. Date Feb. 1 1915. Int. A. & 0. Due $500
yearly Oct. 1 from 1919 to 1927. inclusive.
-TEMPORARY LOAN.
WATERTOWN, Middlesex County, Mass.
On March 3 the loan of $175,000 maturing Nov. 26 1915 (V. 100, p. 757)
was negotiated with Bond & Goodwin of Boston zt 3.35% discount.

NEW LOANS.

NEW LOANS

$534,000.00

STATE OF NEW YORK

CITY OF RICHMOND, VA.,

4 Per Cent Gold Bonds
/
1
4

4Y% IMPROVEMENT BONDS.

By authority of an ordinance of the City Council, approved January 15,1915, the Committee
on Finance of the City of Richmond is instructed
to advertise and receive bids for the purchase of
AMOUNTING TO
all or any portion of Five hundred and thirty-four
thousand Dollars ($534,000 00) Registered or
Coupon Convertible Four and One-Half Per Cent
Bonds having thirty-four years to run,dated January 1st. 1915, and bearing interest from that
date. The proceeds of said Issue to be used for
Issued in Coupon or Registered Form
making public improvements.
The Coupon Convertible Bonds will be issued
in denominations of $1,000 00. Bids for all or
any part of said issue will be received at the office
of the City Auditor till noon of MARCH 10TH,
1915. A certified check for an amount equal to
2 per cent on bids of $100.000 00 or less, or 135
This is the only public sale of New York State bonds that is contemplated
per cent on all bids in excess of that amount,
payable to order of the Auditor of the City of
during the present calendar year.
Richmond, must accompany each bid.
The right to reject any and all bids is expressly
These bonds have been segregated into two classes and bidders will be required to state
Committee. For further infor- In the proposal the class of bonds and the amount and price for each $100 bid for, coupon bondsclearly
reserved by the
being
mation apply to Geo. S. Crenshaw, Auditor.
Issued in denominations of $1,000 00 and registered bonds in denominations of $1,000 GO, $5,000 00.
BARTON H. GRUNDY,
$10,000 00 and 850.000 00.
Chairman Committee on Finance.

EXEMPT FROM TAXATION, INCLUDING THE FEDERAL INCOME TAX

$27,0001000.00

Will Be Sold WEDNESDAY, MARCH 10, 1915, at 12 o'clock, noon
At the State Comptroller's Office, Albany, N. Y.

H. M. Byllesby & Co.
Incorporated
CHICAGO
TACOMA
• NEW YORK
Trinity Bldg. Cont.& Comm. Washington
Bank Bids.

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
BRANDELL KENMORE & CO.
CCOLNTANTS
.
UDITORS
NALYSTS

A

TURKS HEAD BLDG., PROVIDENCE, R. I.




Class No. 1. $8,000,000.00 for the Improvement of the Erie, Champlain
and Oswego canals, dated January 1, 1915, due January 1, 1965; 34,000,000.00 for the Improvement of the Cayuga and Seneca Canal, dated January 1,- 1915, due January 1, 1965; $10,000,000.00 for the Improvement of
Highways, dated March 1, 1915, due March 1, 1965.
As the bonds enumerated above are all 50-year bonds, bearing 4% per cent interest, the Comptroller will reserve the right to allot to the successful bidder bonds of
any or all of the above issues in Class No. 1, notwithstanding the specific issue may be
stated in the bid.
Class No. 2. $5,000,000.00 for the Construction of Barge Canal Terminals, dated January 1, 1915, due January 1, 1945.
Temporary receipts will be issued which will be exchanged for the permanent
bonds when ready for delivery.
THESE BONDS ARE LEGAL INVESTMENTS FOR TRUST FUNDS.
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed
"Loan for Improvement,"and enclosed in a sealed envelope directed to the"Comptroller of the State of New York, Albany."
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which are not in his
opinion advantageous to the interests of the State.
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, etc., will be mailed upon application to

EUGENE M. TRAVIS, State Comptroller, Albany, N. Y.
Albany, Feburary 13, 1915.

836

THE CHRONICLE

WATTS CITY SCHOOL DISTRICT, Los Angeles County, Calif.
PRICE PAID FOR BONDS.
-The price paid for the $35,000 5%% 1-35
-year
(serial) site-purchase, construction and equipment bonds awarded en
Feb. 15 to Wm.R.Staats Co.of Los Angeles(V. 100, p.757) was $36,256
equal to 103.588, according to reports.
WAUWATOSA AND GREENFIELD JOINT SCHOOL DISTRICT
NO. 12 (P. O. West Milwaukee), Milwaukee County. Wisc.-BONDS
-An issue of $13,500 5% building bonds is being
OFFERED BY BANKERS.
offered to investors by the Hanchett Bond Co. of Chicago. Denom. $150.
Date Aug. 1 1914. Int. semi-ann. at the West Allis State Bank. West
Allis. Due $1,500 yearly Aug. 1 from 1919 to 1927 incl. Total bonded
debt, $23,500. Assess. val., $1,872,620. Real value of property (est.),
$2,203,100.
WAYNE SCHOOL TOWNSHIP, Marion County, Ind.
-BONDS OFFERED BY BANKERS.
-The Fletcher-American National Bank of Indianapolis are offering to investors $20,000
% tax-free school bonds.
Denom. $500. Date Feb. 15 1915. Int. J. & J. Due $1,000 each six
months from July 1 1916 to Jan. 1 1926, inclusive.. Total debt $74,500.
Assessed value, $4,699,955.
WAYNE TOWNSHIP SCHOOL DISTRICT (P. 0. Dundee), Ohio.
BOND OFFERING.
-Bids will be received until April 7 by F. Strauss,
Clerk, for $15,000 5% building bonds authorized by a vote of 147 to 126
at the election held June 20 1914. Due $500 each six months, beginning
April 1 1916.
WEST ELSTON SCHOOL DISTRICT (P. 0. West Elkton), Preble
County, Ohio.
-BOND SALE.
-On March 1 the $2,000 5%% 103 -year
(aver.) coup. taxable school bonds (V. 100, p. 757) were awarded to the
Security Savings Bank & Trust Co. of Toledo at 101.10, it is reported.
WHATELY, Franklin County, Mass.
-BONDS VOTED.
-At a town
meeting held March 1 it was voted, reports state, to issue $13,000 serial
school bonds.
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND SALE.
-On
Feb. 27 the $12,800 4%% 6
-year (aver.) highway-impt. bonds (V. 100, p•
661) were awarded, it is stated, to the Monticello Nat. Bank of Monticello for $12,801, equal to 100.007.
WHITEWATER TPWNSHIP SCHOOL DISTRICT (P. 0. Cincinnait), Hamilton County, Ohio.
-BONDS VOTED.
-The question of
issuing $13,000 building bonds carried, it is stated, at the election held
Feb. 23 by a vbte of 125 to 96.
WILKES-BARRE, Luzerne County, Pa.
-BOND SALE.
-On March 1
the $100,000 of an issue of $390,000 4%% 9
-year (average) coupon cityimprovement bonds(V. 100, p. 662) were awarded to Callaway, Fish & Co.
of New York at 101.65-a basis of about 4.278%.
WILSON, Wilson County, No. Caro.
-BOND OFFERING.
-Proposals will be received until 7:30 March 9 by Theo. A. Hinnant, Clerk Bd.
of Commissioners, for $80,000 5% coupon electric-light bonds. These
bonds will be issued under authority of an Act of the General Assembly of
North Carolina, Session 1915, and ratified Feb. 12. Denom. $1,000.
Date April 1 1915. Int. April 1 and Oct. 1 at the Town Treas. office, or at
some bank in New York, at the option of the purchaser. Due $30,000

[VOL. loo.

April 1 1921 and $5.000 yearly April 1 from 1922 to 1931,incl. Cert. check
for 2% of bonds bid for, payable to R.B.Simpson, Town Treas., required.
The town has never defaulted in the payment of principal or interest on its
bonded debt or otherwise. The bonds will be certified as to genuineness by
some bank agreeable to the purchaser, and their validity will be passed upon
by Caldwell, Mosslich & Reed of New York.
WILTON JUNCTION SCHOOL DISTRICT (P. 0. Wilton J unc-BONDS TO BE SOLD LOCALLY.
tion), Muscatine County, Iowa.
The Secretary of Board of Education advises us under date of March 1
that the $27,000 high-school-building bonds voted Jan. 12 (V. 100, p. 330)
will be sold to local investors.
WINDSOR, Hartford County, Conn.
-BONDS VOTED.
-Reports
state that at the special town meeting held March 1 (V. 100, p. 758) it was
voted to refund the present indebtedness of the town to the amount of
$150,000.
-BOND SALES.
WINONA, Winona County, Minn.
-On Feb. 23
$16,000 5% coupon park bonds were awarded to Wells & Dickey Co. of
Minneapolis at 102.25 and int. Denom. ($8,000) $100, ($8,000) $1.000.
Int. M. & N. at the Nat. Park Bank of New York.
Date May 1 1915.
Due $5,000 May 1 1921, 1922 and 1923 and $1,000 May 11924.
On Feb. 25 an issue of $110.000 5% bridge bonds was awarded, it is
stated, to Wells & Dickey Co. of Minneaplis at 106.18.
WINTHROP, Suffolk County, Mass.
-TEMPORARY LOAN.
-On
Feb. 27 a loan of $30,000, maturing Sept. 30 1915 and issued in anticipation of taxes, was negotiated with the County Savings Bank of Chelsea
at 3.12% discount, it is stated.
-BOND ORDINANCE REWOOSTER, Wayne County, 01110.
-Reports state that an ordinance was passed by the City CounPEALED.
cil on Feb. 15 repealing an ordinance previously passed which provided for
the isance of $125,000 water-supply and filtration-plant bonds(V.100.
2
p e5
-BOND SALE.
WORCESTER, Worcester County, Mass.
-On Feb. 7
the twelve issues of 4% bonds, aggregating $840,000 (V. 100. p. 758), were
awarded to N. W. Harris & Co. of Boston at 101.08-a basis of about
3.80%. The details of the bonds are reported as follows:
$35,000 outfall sewer loan, maturing $3,500 annually, 1916-1925 incl.
45,000 sewer-construction, maturing $4,500 annually, 1916-1925 incl.
25,000 street-construction, maturing $2,500 annually, 1916-1925. incl.
50,000 permanent-paving loan, maturing $5,000 annually, 1916-1925 incl.
50,000 land-damage loan, maturing $5,000 annually, 1916-1925 incl.
210,000 new high-school loan, maturing $21,000 annually, 1916-1925 incl.
100,000 school-house loan, maturing $10,000 annually, 1916-1925 incl.
50.000 water loan, maturing $5,000 annually, 1916-1925 incl.
90,000 water-loan, maturing $9,000 annually, 1916-1925 incl
35,000 water-loan, maturing $7,000 annually .1916-1920 incl.
50,000 water loan, maturing $2,500 annually, 1916-1935 incl.
100.000 water-loan. maturing $5,000 annually, 1916-1935 incl.
The other bidders were:
White, Weld & Co., Boston-100.87 1Blodget & Co., Boston
100.819
Estabrook & Co., and R. L.
Merrill, Oldham & Co., Bos_100.789
Day & Co., jointly, Bost_ _100.84 Curtis & Sanger, Boston_ _ _ _100.667

NEW LOANS.

NEW LOANS.

$2,750,000.00

Sale of Bonds

CITY OF ST. LOUIS

FOR THE

412 MUNICIPAL BRIDGE 20-YEAR
/
%
GOLD BONDS
ST. LOUIS, FEBRUARY 1ST,
By virtue of Ordinance No. 27,796,the undersigned are authorized to issue and sell,for 1915.
of St. Louis. two million seven hundred and fifty thousand dollars ($2,750.000 00) of St. Louisthe City
Municipal Bridge Bonds, and sealed proposals for the purchase of add bonds will be received attheMayor's
Office, in the City of St. Louis. until 12:00 o'clock noon of the 15TH DAY OF MARCH,1915, and
publicly opened by the undersigned at said place and hour.
Said bonds will be dated April 1st, 1915, and will each be of the denomination of $1.000 United
States Gold Coin, payable twenty (20) years after their date, and will bear interest from their date at
the rate of four and one-half(43)per cent per annum. Semi-annual interest coupons, payable on the
first day of October and April. respectively, will be attached to each bond,and both bonds and coupons
will be payable to bearer, as he may elect, either at the National Bank of Commerce, in NewYork,in
United States Gold Coin, or at the National Bank of Scotland, Limited,
England,in pounds Sterling,at the rate offour dollars, eighty-six cents, six 37 Nicholas Lane, London,
and one-half mills ($4.8665)
per pound Sterling. The bonds will contain the condition that in payment of principal and interest,
the United States Gold Dollar and the Pound Sterling will be calculated at the present standard
of
weight and fineness. The bonds may be exchanged for registered bonds at any time.
Bidders are requested to state in their proposals the price offered per bond, the par and premium
to be stated as one amount.
No bid will be considered that is not made on blank furnished by the Comptroller.
Proposals must be accompanied by a cashier's or certified check,
of
troller (and subject to his approval), equal to two (2) per cent of the payable to the orderthethe COMPnominal amount
bonds
for: said deposit to be returned immediately if the proposal is not accepted, otherwise of retainedbid
by
to be
the City as liquidated damages in event offailure on the part of the bidder to comply with his proposal,
or in case of compliance to be retained as part of the purchase money. A deposit in the required
amount to the credit of the City of St. Louis, in the National Bank of Commerce, in New York, on
or before Saturday, March 13th, 1915, will be accepted as full compliance with the requirements relating to deposits. No interest will be allowed on earnest money deposited.
Proposals will be subject to all the conditions and reservations
must refer
to same as a portion of the agreement on the part of the bidder.of this advertisement,and
Proposals should be enclosed and addressed to the undersigned and endorsed "Proposals for Purchase of St. Louis City Bonds."
The undersigned reserve the right to reject any or all bids.
The Bonds will be delivered against payment
the office of the Comptroller in the City of St. Louis, or, if the bidder so therefor in current funds, atNational Bank of Comelects
merce, in New York, on the 1st day of April, 1915. in his proposal, at the
The opinion of Messrs. Dillon, Thomson & Clay, Attorneys
and Counselors at Law. New York
City, as to the validity of the bonds, will be furnished the successful
bidders by the City.
A sample bond can be seen and further information
obtained at the office of the Comptroller.
BOARD OF ESTIMATE AND APPORTIONMENT:
HENRY W. KIEL, Mayor.
JAMES Y. PLAYER, Comptroller.

IllhloisTrust&SavingsBank
CHICAGO

Capital, Surplus and Undivided Profits

-

$15,700,000

Hai on hand at all times a variety of exPays interest on Time
Deposits, Current and Reserve
oellent Securities. Buys and sells
Amounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds



State of Georgia
Sealed proposals will be received until
12 O'CLOCK NOON, MARCH 15TH, 1915,
at the office of the Governor, State Capitol, in
Atlanta. Georgia, for all or any part of $3,525,000 00 State of Georgia Refunding Bonds, authorized by an Act approved August 17, 1914.
Bids will be opened under the direction of the
Governor at such time, place and manner as he
may prescribe.
Bonds will be issued in denominations of $500
or $1,000, as purchasers may desire.
Bids are asked for Bonds to bear 4% interest,
or for Bonds to bear 4%% interest, or for Bonds
to bear 4%% interest, and bidders submitting
separate proposals at either of the above specified
rates must do so in separate bids.
No bids for less than par will be considered.
A sufficiency of Bonds to retire the above
amount only will be sold.
As the Bonds must bear date of July 1st, 1915
the actual Bonds cannot be delivered before that
time. The Governor will deliver to purchasers
on request interim non-interest-bearing certificates exchangeable on and after July 1st. 1915,
for interest-bearing Georgia State Bonds on
proper guaranty,acceptable to the Governor,that
payment in full of bid will be made on delivery of
Bonds.
Bonds in coupon form with privilege of Registration at the option of the holder.
Each bid must be accompanied by a certified
check on some Bank or Trust Company, acceptable to the Governor, for 2% of the amount of
the Bonds bid for. Certified checks of unsuccessful bidders will be returned after the sale is
over.
Bonds will mature beginning $200,000 July 1st,
1935, and $200,000 each year thereafter up to
and including July 1st, 1944, with $1,525,000
maturing on July 1st, 1945. Interest on the
Bonds payable semi-annually in Atlanta and
New York. Principal of maturing Bonds payable
In Atlanta and New York.
These Bonds are exempt from all taxation in
Georgia and are exempt from Federal tax everywhere.
The right to reject any and all bids is expressly
reserved.
The entire property of the State of Georgia.
including the Western & Atlantic Railroad, is
pledged by the Constitution of Georgia as security
for payment of the bonded debt of the same, which
pledge will be endorsed on each Bond.
A copy of the Act authorizing these Bonds and
such further information as may be desired by
prospective bidders will be furnished upon application to the undersigned.
JOHN M. SLATON.
Governor of Georgia!

MAR. 1915.]
.6

THE CHRONICLE

837

WOOD COUNTY DRAINAGE DISTRICT (P. 0. Grand Rapids),
CHAPMAN SCHOOL DISTRICT, Man.—DEBENTURE SALE.—An
Wisc.—BONDS OFFERED BY BANKERS.—The Hanchett Bond Co. of Issue of $13,000 6% debentures has been awarded, it is stated, to A. E.
Chicago is offering to investors $37,600 6% drainage bonds. Denom. Ames & Co. of Toronto. Due in twenty annual installments. A similar
5500 and 26 bonds for $100 due 1932). Date Jan. 1 1915. Int. semi- Issue of debentures was reported sold to G. A. Stimson & Co. of Toronto
annualat the First Nat. Bank, Chicago. Due $2,500 yearly July I from in V. 98, p. 1939.
1918 to 1931 incl. and $2,600 July 1 1932. This district was offering an
COQUITLAM, B. C.—DEBENTURE SALE.—Local newspaper reIssue of $41,200 6% bonds in January (V. 100, p.250).
ports state that A.0. Frost & Co.of Chicago, Ills., have purchased $100,000
WORTH COUNTY DRAINAGE DISTRICT NO. 18 (P. 0. North- 5% 30-year water debentures.
wood), Iowa.
--BOND SALE.—On Feb. 1 the $5,190 6% coup. drainage
EDSON,
bonds (V. 100, p. 420) were awarded to Geo. M. Bechtel & Co. of Daven- have been Alta.—DEBENTURE SALE.—Wood,Gundy & Co.of Toronto
port at par, interest and blank bonds. There were three other bidders. tures, it is awarded at 96 and int, an issue of $10,000 5-installment debenreported.
De,nom. (10) $500,(1) $190. Date Dec. 1 1914. Int. J. & D. at the Co.
7 ND
0
Treas. office. Due $500 yearly June 1 from 1915 to 1923 incl. and $690 p.L59.) ON, Ont.—DEBENTURES NOT SOLD.—No award was made on
March 1 of the 5% 3
-year loan of $1,000,000 offered on that day (V. 100.
June 11924.
YAZOO-MISSISSIPPI DELTA LEVEE DISTRICT (P. 0. Clarks-

MATSUI, B. C.—DEBENTURES AUTHORIZED.—On Feb. 13 the
dale), Miss.—BONDS AWARDED IN PART.—Reports state that the
Merchants' Loan & Trust Co. of Chicago has purchased and is offering to local Council authorized the issuance of $25,900 debentures, it Is stated,to
Investors $509,000 of an issue of $1,000,000 5% gold coupon levee bonds meet current expenses.
MONCTON, N. B.—DEBENTURES PROPOSED.—Local newspaper
(V.99. p.495). Denom.SLOW. Date Nov.1 1914. Int.May 1 & Nov.1
at New York. Due serially Nov. 1 from 1924 to 1954 incl. Total debt, reports state that this city has decided to issue $178,000 various impt. debs.
including this issue, 52,421,000. Assess val. 1914, 537,712,524.
PENTICTON, B. C.—DEBENTURE SALE.—Wolverton & Co. of
Vancouver have, it is stated, exercised their option to purchase the $2,700
school and $2,000 (not $4,000 as first stated) Weir Boyce judgment claim
6% debentures (V. 100. p. 663). The price paid for the school debentures
Is reported at 91.24.
PETROLIA, Ont.—DEBENTURE OFFERING.—Bids will be received
BRANDON, Man.—DEBENTURE SALE.—According to local new
paper dispatches, Brent, Noxon & Co. of Toronto have purchased an issue of until 5 p. m. Mar. 15 by J. M'Hattie, Town Clerk, for $8,609 53.4% localimpt. debentures. Due in 15 equal installments of principal and interest.
$132,000 5% bonds at 90.
BUCKE TOWNSHIP, Ont.—DEBENTURE SALE.—Reports state
BED DEER, Alta.—DEBENTURE ELECTION.—An election will be
-year held Mar. 15, it is stated, to vote on the question of issuing $2,000 exhibithat Brent, Noxon & Co. of Toronto have purchased $6,500 5% 20
tion grounds and $3,200 boulevard-impt. debentures.
local-impt. debentures at 85.
ST. BONIFACE, Man.—DEBENTURE SALE.—Local newspaper reCALGARY, Alta.—LOAN.—A newspaper dispatch from Washington,
D. C., says that Consul Samuel C. Rest at Calgary, Alta., Canada, has ports state that W. N. Color & Co. of New York have purchased $200,000
reported to the Department of Commerce that the City of Calgary on school debentures.
Feb. 16 had obtained aloan of $2,000,000 in the United States on Treasury
ST. PAUL RURAL MUNICIPALITY (P. 0. Bird's Hill), Man.—
notes bearing 6% int. The notes, he says, which are payable in three DEBENTURES AWARDED IN PART.—Reports state that of the two
years, sold at 98.
Issues of debentures, aggregating $11,000. offered on Feb. 19 (V. 100.
Municipal bonds amounting to 52,550,000 are hypothecated with a local p. 421) the $9,000 6% 30
-year road debentures were awarded to C. H.
bank as security. The city also gives a bond with the debentures to the Burgess & Co. of Toronto.
local bank as trustee. Interest on the loan is payable through the MeSTRATHCLAIB, Man.—DEBENTURE ELECTION.—An election will
chanics' & Metals' Nat. Bank of New York. V. 100, p. 577.
be held Mar. 15, it is reported, to vote on the proposition to issue $15,000
DEBENTURE OFFERING.—A newspaper dispatch states that this city school building bonds.
Is offering for sale several issues of 5% debentures, aggregating $4,613.466 36. Due in 20 and 30 years.
SUDBURY, Ont.—DEBENTURE SALE.—It is stated that Wood,
Gundy & Co. of Toronto have recently purchased through the Royal
CANADA (DOMINION OF).—LOAN.—A special cable dispatch to the $115.613 20-installment and $13,950 10-Installment 5% debentures. Bank
Toronto "Globe" says that an issue of $2,500,000 Canadian Government
4s has been placed privately among a few underwriting firms in London
WALLACEBURG, Ont.—DEBENTURE SALE.—Reports state that
at 95%. It was reported in some of the papers last week that the loan this municipality has disposed of an issue of $41,500 debentures at 984 &
amounted to $500,000.
int.

Canada. its Provinces and Municipalities.

ENGINEERS.

TRUST COMPANIES

THEyoWHITE COMPANIES

The Union Trust Company of New York has two well-equipped
Branches for its uptown business—the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the entrance
to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.

OPERATORS

MANAGERS

43 EXCHANGE PLACE, NEW YORK
CHICAGO

LONDON

The Union Trust Safe Deposit Company,entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.

SAN FRANCISCO

MELLON NATIONAL BANK
PITTSBURGH
Alex. C. DumpnreYe

Alton S. Miner

HUMPHREYS& MILLER,Inc
ENGINEERS

Power—Light—Gas
In BROADWAY

NEW YORK

C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials

REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alfred It. Forstall

Charles D. Robisor

FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.

84

William St.,

Statement of Condition at the close of business December 31, 1914,
RESOURCES.
Loans, Bonds and Investment Securities
• $46,322,158 26
Overdrafts
.
25 90
•
•
•
•
Cash
4,645,618 69
•
•
•
Due from Banics
6,325,386 47
•

$57,293,189 32
LIABILITIES.
Capital .
. . .
.
Surplus and Undivided Profits
Circulating Notes .
•
•
Deposits
•
•

$6,000,000 00
2,576,926 90
4,810,000 00
43,906,262 42

•

$57,293,189 32
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

Girard Trust Company
PHILADELPHIA
Chartered 1836

CAPITAL and SURPLUS, $10,000,000

Interest allowed
on deposits.

E. B. Morris, President.

NEW YORK CITY

MINING ENGINEERS

MUNICIPAL AND RAILROAD

H. M. CHANCE & CO.

LIST ON APPLICATION

Mining Engineers and Geologists

SEASONGOOD & MAYER

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
PHILADELPHI•
Drexel Bldg.



•
•

BONDS

Ingalls Building
CINCINNATI

Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal or Savings Banks.
Postai 8111VillICS and Trust Funds.
SEND FOR LIST.

29 South Ls Salle St., CHICAGO

83

THE CHRONICLE
tErusa

ompanieli

[Vol,. Mo.
Sanken$ & igniters uutgibe
PITTSBURGH

CHARTERED 1853

United States Trust Company of New York Donner, Childs & Woods
Members New York Stock Exchange, Pittsburgh
Stock Exchange, Chicago Board of Trade.

45-47 WALL STREET

Capital, . .
•
•
Surplus and Undivided Profits

• $2,000,000.00
• $14,178,094.82

INVESTMENT SECURITIES
Union Bank Building,
PITTSBURGH, PA,

This Company acts as Executor, Administrator, Guardian, Trustee, Court
We Will Sell
Depositary and in other recognized trust capacities.
South, Ry. System Transylvania RR.
First 5s, 1956
It allows Interest at current rates on deposits.
Price on application.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W.SHELDON, President,
WILLIAM M. KINGSLEY. Vice-President
WILFRED J. WORCESTER. Secretary,
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS. 2d Asst. Secr
TRUSTEES
JOHN A. STEWART Chairman of the Board
WILLIAM ROCKEFELLER
PAYNE WHITNEY
OGDEN MILLS
WILLIAM D.SLOANE
EDWARD W. SHELDON
EGERTON L. WINTHROP
FRANK LYMAN
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
:AMES STILLMAN
GEORGE L. RIVES
HENRY W. de FOREST
JOHN 3. PHELPS
ARTHUR CURTISS JAMES WILLIAM VINCENT ASTOR
LEWIS CABS LEDYARD
WILLIAM M. KINGSLEY
CHARLES P. HOFFMAN
LYM A N J. GAGE
WILLIAM STEWART TOD

ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 26th, 1915.
The Trustees, in conformito with the Charter of the Company,submit the following statement of its affairs on the
31st of December 1914.
The Company's business has been confined to marine and inland transportation insurance.
'
Premiums on such risks frons the lst January, 1914, to the 31st December, 1914
5,026,461 19
Premiums on Policies not marked off lot January, 1914
654,783 26
Total Premiums

5,631,244 45

Premiums marked off from January 1st, 1914, to December 31st, 1914

4,687,279 32

Interest on the Investments of the Company received during the year 330,262 43
Interest on Deposits in Banks and Trust Companies, etc
42,065 85
Rent received less Taxes and Expenses
141,088,74
LoSSeS paid during the year

513,417 02

242,315 69
372,20031

614.516 00

138,873 43

670,000 00
1,783,700 00
2,723,912 00
357,095 00
500,000 00
4,299,426 04
75,000 00
941,068 28
775,688 06

LIABILITIES.
Estimated Losses, and Losses Unsettled In process of Adjustment
2,162,711 00
Premiums on Unterminated Risks...
993,965 13
Certificates of Profits and Interest
277,510 45
Unpaid
104,976 61
Return Premiums Unpaid
47,993 70
Reserve for Taxes
209,323 59
Re-insurance Premiums
Settled, including ComClaims not
122,813 07
pensation ,etc
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22,556 64
miums
1,264 40
Income Tax Withheld at the Source
Certificates of Profits Outstanding.— 6,986,620 00

10,929,734 62
14,101,67446
Thus leaving a balance of--------------------------------------- 3 171 939 84
"
36,725 40
Accrued Interest on the 31st day- amounted to
Rents due and accrued on the 31st day of December, 1914, amounted to
28,122 35
-insurance due or accrued, in companies authorized in New Yrk on the 31st day of
Re
December, 1914, amounted to.................................................... 158,640 70
Unexpired re-insurance premiums on ___ say of _________arncinted o
33,421 71
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in excess of the Book Value given above at._
450,573 06
And the property at Staten Island in excess of the Book Value, at
63,700 00
The Insurance Department's valuation of Stocks, Bonds and other
exceeds the
1,439,952 10
Company's valuation by
On the basis of these increased valuations the balance would be

5,3i3,0‘,5 11

BUFFALO

AUSTIN

BONDS
of the

High-Grade Texas Municipals and
Investments
High-Class Industrial Propositions

and other
Local Securities

TELLER & EVERS
814 Ellicott Square,




Buffalo, N. Y.

SALLARD & McCONNEL!
Members Pittsburgh Stock Exchange.
Commonwealth Bldg.,

PITTSBURGH. PA

PHILADELPHIA
.G. HOPPER.
H. S. HOPPER,
Members of Philadelphia Stock Exchange.

Wm< G. Hopper efc Co.
STOCK AND BOND BROKERS
5 South Third Street,
PHILADELPHIA
InTastmenta receive our special attention. Information cheerfully furnished regarding present
MidLugs or proposed investments.
GRAND RAPIDS

We negotiate entire issues and purchase
Public Service properties of well.
established earnings
CINCINNATI

FIELD, RICHARDS & CO.
Municipal
Bonds{Corporation
CLEVELAND

-

CINCINNATI

EDGAR FRIEDLANDER
DEALER IN

Cincinnati Securities
CINCINNATI

OHIO

STONE gc WEBSTER
SECURITIES 01.3
PUBLIC SERVICE CORPORATIONS

149,249 82
1,756,535 26
70,000 00

!nternational Railway System

f.tuotations and information Furnished on
PITTSBURGH SECURITIES.

Public Utilities Securities

562,724 57

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 second of February next.
The outstanding certificates of the Issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the second 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
31st December, 1914, which are entitled to participate in dividend, for which, upon application, certificates
will be issued on and after Tuesday the fourth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
EDMUND L. BAYLIES,
ANSON W. HARD,
CHARLES M.PRATT,
SAMUEL T. HU13BARD,
JOHN N. BEACH,
DALLAS B.PRATT,
THOMAS H. HUBBARD,
NICHOLAS BIDDLE,
ANTON A. RAVEN,
LEWIS CASS LEDYARD,
ERNEST C. BLISS,
JOHN J. HIRER.
WILLIAM H. LEFFERTS.
JAMES BROWN,
DOUGLAS ROBINSON,
CHARLES D. LEVERICH,
JOHN CLAFLIN,
WILLIAM JAY SCHIEFFELIN,
GEORGE H. MACY,
GEORGE C. CLARE,
SAMUEL SLOAN,
NICHOLAS F. PALMER,
CLEVELAND H.DODGE.
WILLIAM SLOANE,
c
HENRY PARISHSTERN.
CORNELIUS ELDERT,
ADOLF PAVENSTF.DT,
RICHARD H.EWART,
WILLIAM A. STREET.
CHARLES A. PEABODY,
PHILIP A S. FRANKLIN.
GEORGE E.TURNURE,
JAMES H.POST,
RAVENI.tIglIidRti H. WILLIAMS.
s A en .
BERI3ER1 L. GRIGGS,
A. A.
CORNELIUS ELDERT, Vice
-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
SETS
.
AS
United States and State of New York
Bonds
New York City, 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
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
Premium Notes
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
In foreign countries
Cash in Bank
Loans

BUFFALO

Grand Rapids, Mich.

1,033,80369
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery. advertisements,etc

PITTSBURGH

Howe,Snow,
Corridan St. Berteles

2,253,324 69
Less' Salvages
Re
-insurances

Taviorrx co.

NEW YORK

Splendid Propositions In Farming.
Mineral and Large Ranch Lands
Yourfpatronaye respectfully Solicited

STERLING R.FULMORE
AUSTIN. TEXAS

STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS

STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OF
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STRI!CT

NEW VORIS

CHICAGO

S NASSAU ST. r!RST NAT.BANK BLDG.