Full text of Commercial and Financial Chronicle : March 7, 1914, Vol. 98, No. 2541

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financial

Me.
11111nur(tal
VOL.98

MARCH 7 1914

brontde

NO.25411

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

OLEARINGS'-FOR FEBRU tRY, SINCE JANUARY 1, AND FOR WEEK ENDING FEB.28
Two Months.

February.
Clearings at1914.

1913.

Inc. or
Dec.

1914.

1913.

Week ending February 28.
Inc.or
Dec.

1914.

1913.

!lic
:
e

1912.

1911.

$
7o
3
1,547,693,106 2,118,888,589
1,895,980,1621,966,469,935
New Tork
7,237,555,482 7,794,644,295 -7.1 16,609,375,875 17,133,385,501
639,873,372 +0.8 1,407,554,968 1,430,329,145 -1.6 167,073,806 177,093.753 -5.7 153,858,449 174,701,491
845,218,849
Philadelphia
228,059,174 -16.9
421,770,156
486,333,250 -13.3
69,018,914 -33.3
46,007,517
187,848,498
60,086,876
52,121,741
Pittsburgh
162,925,304 -18.4
303,171,516
381,298,953 -16.1
30,129,162
132,925,304
36,826,825
49,290,731
46,376,521-35.0
Baltimore
97,515,130
101,007,336 -3.4
45,859,918 -5.1
43,532,942
9,392,899
10,177.617
10,805,471 -13.1
10,303,742
Buffalo
29,177,830 -0.5
63,595,468
63,048,855 +0.9
6,297,332
29,041,455
7,448,517
7,808,277 -19.3
7.853,872
Washington
28,433,298
27,017,362 -2.2
56,434,695
59,156,280 -4.6
6,000,000
7,058,690 -15.0
5,500,511
5,133,859
Albany
44,915,411 -2.6
20,717,144 -5.5
43,748,046
19,577,478
3,811,397
4,991,127 -23.7
4,924,813
4,780,467
Rochester
+12.6
11,396.719
29,534,119
26,229,583
-0.5
2,688,538
11,455,965
2,602,491
3,095,406
+2.5
2,869,382
Scranton
11,057,361
10,492,934 +5.3
2,292,628
25,440,537
24,039,565 +5.8
2,791,140 -17.9
3,023,648
3,093,143
Syracuse
6,352,121
7,000,354 . -9.2
1,521,231
14,875,657 --1.1
14,717,537
Reading
2,136,675-28.8
1,663,070
1,872,064
8,082,812
Wilmington
1,989,852 -22.5
1,542,075
16,571,087
15,087,806 +9.8
7,100,396 +13.8
1,590,301
1,703,905
5,995,956
Wilkes-Barre
1,331,157
13,756,630 -3.0
6,242,395 -4.0
1,581,717 -15.8
13,346,040
1,499,429
1,394,325,
-4.8
8,392,310
Wheeling
2,062,922 +1.4
2,090,999
18,872,932
9,277,147 -9.5
1,820,153
16,966,093
1,613,098
8,098,727
Trenton
8,606,415 -5.9
2,092,309 -17.8
1,719,202
16,307,224 --4.0
1,803,694
15,658,748
1,821,782
Harrisburg
5,199,159
6,022,901 -13.7
12,903,921 -1.2
12,750,738
Lancaster
5,559,370
1,612,409 -20.0
1,387,662
1,290,597
13,371,443 -10.8
6,430,409 -13.7
1,122,537
11,929,414
York
3,242,620
946,210
899,167 -27.5
3,445,371 -5.8
975,962
652,627
7,240,210
7,458,627 -2.9
Erie
4,070,523
1,053,513 -21.4
850,499
3,030,106 +34.3
791,407
828,958
9,259,428
7,723,998 +19.9
Chester
2,617,433
569,8201
724,997 -21.1
2,639,848 -0.9
628,281
571,083
5,682,033
5,926,969 --4.1
Binghamton
2,798,500
569,600
578,400 +11.17.3
2,719,800 +2.9
620,500
499,600
6,074,300
5,908,900 12.8
Greensburg
2,450,044
2,457,259 -0.3
495,838
684,607 520,000
3.0
608,088
5,421,947
5,586,954
Altoona
2,182,701
1,999,011
426,97/
4.4
+8.2
485,557
653,786 -.9.8
589,622
4,664,070
4,468,833
Franklin
1,329,473
1,092,095 +21.7
2,950,981
2,434,959 +21.2
Frederick
952,447
1,287,344 -28.0
2,526,862
2,870,791 -12.0
Beaver County, Pa
2,016,736
2,150,056 -6.2
4,664,663 -1.0
4,618,726
Norristown
1,076,593
1,701,186 +0.3
+0.1
3,830,971
3,828,081
Montclair
1,661,479
1,543,361
+7.6
409 380 -13.0
356,734
3,890,459
3,550,698 +9.6
Total Middle
1,417,274:389 '9,042,968,752 -6.9 19,217,405,139 19,889-,T75,957
1.835,089,256 2,463,913,687 =25.5 2,199,109,848 2,285,280)10
Boston
607,942,488
711,741,368 -14.6 1,384,815,830 1,534,619,284 -9.8 129.379,820 188,959,186 -3L5 214,401,442 163,675,002
Providence
31,815,200
7,995,800
8,352,900
75,683,900 -5.3
8,747,800 -21.9
33,856,600 -6.0
71,680,600
6,831,100
Hartford
20,990,134
4,930,391
4,192,261
21,414,512 -2.0
5,106,474 -20.2
46,696,303
45,700,317 +2.2
4,072,553
New Haven
11,994,764
3,316,755
3,215,370
28,557,763 +6.8
2,763,183
3,141,053 -12A
11,631,807 +3.1
28,373,516
Springfield
2,116,772
2,462,670
10,422,752
23,668,142
10,697,014 -2.6
24,003,891 -1.4
2,780,749 -23.2
2,136,530
Portland
2,239,340
2,197,797
7,654,977
16,814,243
16,701,405 +0.7
2,027,670 -17.3
1,676,278
7,520,986 +1.8
Worcester
2,505,076
2,440,900
22,000,821
9,701,686
23,188,267 -5.1
2,073,534
2,797,239 -25.9
11,152,333 -13.0
Fall River
1,280,717
1,163,008
0.5
4,854,313
10,889,265
1,011,160
1,175,305 -14.0
4,830,708
10,410,038 +4.0
New Bedford
1,034,463
2.3
1,004,350
4,426,072
975,427
1,129,248 -14.6
4,327,131
9,537,991
9,018,482 +5.8
Holyoke
576,748
0.1
684,949
2,661,119
2,664,775
6,021,975
794,646 -22.4
5,813,999 +3.8
616,327
Lowell
567,873
2,003,502 +38.5
2,794,099
6,438,104
493,371 +16.8
504,251
576,235
4,435,637 +45.2
Bangor
1,702,284
3,487,244
1,575,787
488,351 -26.4
455,562
447,570
4,157,921 -16.1
359,980
Waterbury
3,650,000 +5.3
3,843,000
8,431,300
8,042,1100 +4.8
827,189,364 -12.9 1,638,855,334 1,7887390,904 -8.4
Total New England -720.680.027
152,472.127 217,641,092 -29.9 241,615,542 190,746,225
Chicago
+0.9 2,687,312,471 2,652,665,888 +1.3 297,077,018 348,900,536 -14.9 303,172,351 306,129,921
1,250.968,237 1,240,420,411
Cincinnati
238,655,000
104.972.450
101,253,650
27,098,300 -18.8
233,238,350 +2.3
25,223,100
21,997.800
26,382000
215,144,249
Cleveland
92,472,328
91,014,804 +1.6
209,709,652 +2.6
21,795,625 -14.9
17,610,411
19,287,864
18,557,946
226,817,942
Detroit
94,224,048 +12.5
105.871,183
205,758,446 +10.2
26,226,192 -7.0
19,335,741
24,391,943
17,287,948
149,271,794
-Milwaukee
130,519,082 +14.4
75,178,444
60.253,660 +24.8
15,377,388 -7.2
14,866,724
14,275,432
15,544,951
66,717,421
Indianapolis
75,927,789 -121
30,074,453
34,328,773 -12.4
6.820.597
9,444,682 -27.8
8,949,155
10,118,891
Columbus
61,808,000
54,235,200 +14..0
28,225,200
6,344,400 -12.2
25,994,700 +9.0
5,371.600
5,308,600
5,852,700
49,776,814
44,115,102 +12.8
Toledo
21,424,481
4,963,634
4,711,244
19,727,158 +8.6
4,347,672 +14.2
4,172,836
Peoria
30,921.349
31,149.974 -0.7
14,547,759
3,500,000
14,873,482 -2.2
4,735,506 -26.1
3,981,494
4,294,680
Grand Rapids
29,553,448
28,192,273 +4.8
3,045,955
13,592,977
3,357,308 -9.3
2,891,161
2,833,487
12,164,128 +11.7
21,258,624 +9.6
3,050,000
Dayton
9,267,720 +15.5
10,700,462
23,311,778
2,659,810 +14.7
2,028,726
2,505,023
1,039,660
Evansville
9,927,297 +14.9
4,773,353
11,406,924
4,335,625 +10.4
1,216,765 -14.5
1,115,581
1,116,711
Kalamazoo
2,295,457
495,928
2,917,848 -21.3
6,610.568 -20.1
583,503 -15.1
659,673
5,278,575
464,680
Springfield, Ill
4,255,220
850,000
944,206 -9.9
4,377,478 -2.8
1,411,678
9,336,033
9,458,676 -1.3
1,283,315
Lexington
3,602,653
I 5,994,853 -39.9
723,889
1,605,899 -54.9
8,932,288
- 12,512,259 -28.8
1,390,808
1,249,204
Fort 'Wayne
4,687,554
4,365,383 +6.9
-25.7
+3.3
1,427,004
1,060,550
10,341,215
1,302,893
10,005,743
1,296,893
Youngstown
5,410,201
6,552,030 -17.5
1,485,015 -29.4
1,049,125
1,537,944
12,788,577
1,056,620
13,930,499
Rockford
3,728,795
3,937.383 -5.3
866,726 +7.4
930,952
797,398
7,771,472
8,020,820 -3.2
754,849
Bloomington
2,571,063
2,910,903 -11.8
1,113,406 -36.6
705,100
1,897,754
5,490,364
5,787,641 -5.1
2,110,194
Quincy
3.320,785
3,400,138 -2.4
972,533 -25.8
721,322
770,388
7,368,272
6,991,386 +5.4
1,017,712
Akron
6,008,000
-14.7
7,500,000 -19.9
1,724,000
1,288,000
1,470,000
14,045,000
16,408,000 -14.4
794,500
Canton
5.817,065
5,409,913 +7.5
1,579,258 -22.4
1,188,530
12,580,189
1,225,371
11,652,434 +8.0
1,047,165
Springfield, Ohio....
3,157,280
2,842,927 +11.1
te 808,579
1,038,199 -6.6
7,056,589
968,074
961,356
6,198,679 +13.8
Decstur
1,776,800
2,143,501 -17.1
4,123,490
686,772
573,245 -30.0
4,602.068 -10.4
402,343
761,114
South Bend
2,211,346
2,583,280 -14.4
5,085,783
491,840
.1,490,037 -7.4
695,048 -34.5
502,736
455,268
Mansfield
1,787,397
1,750.667 +1.0
3,888,145
393,712
3,726,359 +4.3
402,172 -7.5
461,331
372,047
Danville
1,841,139
1,739,900 +5.9
4,097,942
537,841
3,907,953 +4.8
469,423 -22.2
365,692
606.540
Jacksonville, Ill
1,401,125 -16.3
1,173,762
2,728,248
595,691
2,905.781 -8.2
448,807 -37.7
845,032
279,187
Jackson
2,184,752 -14.2
1,857,793
4,286,164
4,830,174 -11.7
510,000
647,574 -22.8
428,000
500,000
Lima
1,676,573
1,642,956 +2.1
4,025,538
3,844,432 +4.7
526,106
536,909 -3L5
937,865
367,586
Owensboro
2,025,304
2,342,833 -13.5
4,105,091
4,767,660 -13.9
479,183
542,349 -8.7
462,851
495,519
Lansing
1,784.481
1,859,719 -4.0
3,901,859
4,077,247 -4.3
307,929
495,000 -37.8
457,964
397,782
Flint
1,628,488
1,688,790 -2.5
3,556,483
3,649,968 -2.6
Gary
1,257.169
1,309,969 -4.0
2,706,003
2,598,546 +4.2
Lorain
519,830
389,462 +33.4
1,172,516
923,104 +27.0
Ann Arbor
1,074,879
758,845 +41.7
232,454
211,994 +9.6
2,106,857
1,712,929 +23.0
180,388
307,579
Adrian
173,982 +7.9
187,798
537,800
47,674
35,000 +36.2
381,754 +40.9
25,685
60,220
New Albany
549.062
572,863 -4.1
1,256,884
1,225,446 +2.6
Paducah
3,465,559 -6.2
3,249,854
7,858,082
7081,813 +2.6
Total Middle West. 1,818,492.235 17587,742,016
.7 3,947,008429 3,860,586,651
41-3;117595 479,899,43'4 -12.9 426,253,903 433,586,765
+2.3 Detailsof Pacific and Other Western on page 737.
Total Pacific
496.205,379 --7.1 1,007,365,374 1,078,069,638 -8.6
481,080,643
199,081,134 128.160812 --22.3 122.142,051 113,244,857
Total Other Western.
574,148,711
584,034,234 --1.7 1,270,193,086 1,291,015,999 -1.6 129,891,002 153,587,099 -15.4 146.360,920 154,463,018
St. Louis
305,759,788
320.449,976 -4.6
-1.8
703,182.482
718,013,172
85,015,489 -198
68,376,641
80,062,880
77.232,905
New Orleans
74,283,229
75,749.961 -1.9
186,257,774
24,566,196
21,395,460 -30.8
14,808,264
179,162,460 +3.4
17,960,989
Louisville
62.843,590
66,169,873 -5.0
136,663,824
17,592.445 -28.9
12,508,919
15,091,566
137,713.225
15,156.078
Houston
38,052,508
39,735.897 -4.2
87,740,929
77,626,233 +13.0
8,547,161 Not included In total
37,972,000
Galveston
41,281,000 -8.0
-22.3
82,329.000
11,095,000
8,777,500
8,622,500
87,562,000
6,097,500
Richmond
32,327.798
32,063,518 +0.8
8,546,371
71,002,888
8,321,903 -20.3
6,635,009
8,086,366
71,587,876 -0.7
61,993,791
Atlanta
54,223,136 +14.3
13,832,762 -2.7
140,924,845
14,082,268
123,796,305 +13.8
13,460,696
11,914,602
Memphis
34,947,378
32,736,950 t6.8
80,056.547
5.6
8,479,780 -14.3
8,418,533
75,843,145
7,278,479
6,799,825
Savannah
19,057,579
18,061,788
5.5
1.9
43,762,031
4,888,879 -29.3
6,285,790
42,929,846
3,455,015
5,250,727
Nashville
28,300,955
28,045,217
0.9
7.533,610 -20.5
67,013,162
5,607,759
64.325,852
5,991,448
4,306,999
Fort Worth
31.130,183
69,819,842
31,630,687 -1.6
8,303,468 -16.9
6,895,270
4,234,815
5,591,468
70,629,165 -1.1
Norfolk
18,431,704
16,138,478 +1.8
36,838,201
3,545.162 -2.1
3,620,995
3,472,050
34.618,948 +6.4
3,420,035
Birmingham
14,283,096
13,733,069 +4.0
32,942,082
3,806,691 -0.6
2,490,433
3.785.235
31,239.073 +5.5
2.725.567
Augusta
7,299.770
8,178,820 -10.7
18,377,819
2,472,846 -47.8
2,576,391
2,334,846
1,290,558
18,901,667 -2.8
Knoxville
7,262,224
6,547,599 +10.8
16,136,228
1,871,574 -20.2
2,197,137
1,493,204
1,780,502
14,132,545 +14.2
Little Rock
9,898,397
8,824.691 +12.2
1,899,866
22,622,632
19,140,181 +18.2
1,875,380 +16.2
1,946,765
1,719,901
Jacksonville
13.468,752
14.139,859 -4.7
3,831,862 -20.0
28,840,896
3,256,082
3,066,579
29,841,382 -3.4
2,796,988
Mobile
5,585,069
5,547,840 +0.3
12,309,883
1,781,036
1,543,978 -28.7
1,100,126
12,988,518 -5.2
1.542,918
Chattanooga
10,302,521
10,882,013
2,259,142
21,243,768
2,374,500 -4.8
2,732,945
23.028.293 -7.7
1,850,137
Charleston
8,758,930
7,850,568 +11.6
1.683,230 -1.5
1,980,143
19,805,767
1.658,420
17,665,581 +12.2
1.750,512
Oklahoma
,
7,384,971
6,885,798 +7.2
1,493,114 +4.4
17.102,971
15,731,499 +8.7
1,380,775
1,559,351
1,969.955
Macon
14,436.148 +14.9
16.593.565
37,775.736
3,033,599 +12.7
32,085,273 +17.7
3,760,000
3,414,915
3,078,473
Columbia
4,048,820
4,590,291 -11.8
9,461,980
10,509.843
Beaumont
2,972,085
2,690,000 110.5
5,976366
5,755.672 +3.9
Austin
24.5
22,364,406
32,389,329
17,958,942
5,180,738 +27.2
4,090,217
6,564,192
33,454,707 • -3.2
4,986,935
Vicksburg
17.1
1.536,646
1,312.328
3,389,807
336,499 +0.3
374,460
3,132,406 +8.2
337.575
315,345
Wilmington, N.0
2,089,000
4,548,212
3,089,989 -32.4
6,640,701 -31.5
Columbus, Ga
1,981,951
1,925,388 +2.9
4,575,757
4,274,742 +7.0
Jackson
1,794,543
1,933,086
3,959,540
351,226
835,000
348,398
4,128,484
300.000
El Paso
6.493,923
6,024,831
+7.8
12,153,627 +15.7
13,959,583
1.570,644
Meridian
1,446,600 +8.8
422.181 -10.9
400,000
3,015,403 +5.8
375,985
340,309
3,191,209
6,381,270
Tulsa
3,949,300 +61.6
1.428,427
902,755 +58.3
578,828
707,468
13,603,725
8,090.352 +68.1
Muskogee
3,227,741 +17.7
786,121
831 367
712,346 +23.2
_3 799 169
877,461
7,296,178 +9.0
7,956,406
898,950,255
Total Southern---0-G605,005 190,688,711
901,259,380 -0.3 2,035,8287511 -17095,000,244 +2.2 --181-.010.624 221,694,477 -17.4 Total all
12,890,626,26013.639,399,125 -5.5 29,118,745,878 29,902,239,393 -2A 2,817,661.738 3,674,896,402 -23.4 3,346,087,269 3087.585,922
Outside New York_ 5,653,070,778 is,844.75J83i) -3.2 12,50,369,908 -12,768,863,892 =
7170 1'269,968.632 1.556, 07832 -1874 1:40107-,I07 1,40L-092,90
Iar Clearings by Telegraph and Canadian Clearings on page 736. S Clearings now on new or correct boats.




t4.2

714

THE CHRONICLE

?HE FINANCIAL SITUATION.
We discuss in a subsequent article the achievements of the first year of the Wilson Administration,
which ended at noon on Wednesday. That the year
has been rich in accomplishment admits of no doubt,
but whether what has been accomplished will prove
useful and stand the test of time only the future
-can determine. It is not well to be boastful regarding the tariff, the income tax, the Federal Reserve
law, the parcels post extension and other similar
things until we can know from experience what is
to be the practical outcome of these measures.
But whether the result is to be good or bad, the
credit or the blame belongs to the President. He
has forced Congress to do the work, compelling it
to accept his views and to acquiesce in his policies,
often against its will. It is impossible to withhold
praise from a man who succeeds in doing things,
even though one feels that his aims and his methods
are alike open to question. Then, also, he has
refused to be bound by tradition. He has gone
ahead in his own way, determined to carry his
point. A splendid example of this is furnished in
his bold appeal to Congress the present week to
rescind the law granting exemption from tolls to
coastwise shipping passing through the Panama
Canal when legislative sentiment in favor of exemption undoubtedly strongly predominates. And the
language of this latest document is so entrancing!
The key to the man's character is found in his self
confidence. He feels that as Executive head of
the Government, the legislative branch, composed
so largely of his party associates, will not dare to
oppose him. He relies upon his personality and his
position to carry him through.
All this is attractive to the popular eye, and the
President is certainly not losing prestige, though the
Congressional elections next fall may have a different story to tell as to the public esteem for his
policies. But there is a larger question: where does
this student and historian of American politics
discover any authority for the great domination of
the government for which he is being praised? The
Constitution distinctly defines the executive powers,
limiting them (with respect to legislation) to giving
information and recommending measures, also vetoing such as are disapproved, all of this being mandatory. The demarcation between Executive, legislative and judicial departments and operations, is
as bold and distinct as between continents and
ocean. This scheme of separation and checks is
essential and fundamental; it underlies all else in our
political structure. It is considerably scoffed at
now and very much forgotten; but it is the most
American thing with which the country began and
has grown. It needs defending; it does not need
justifying.
It has gradually hardened into a custom, at both
the national and some State capitals, for the Executive to "recommend" measures by initiating them,
framing them almost as if literally written out by
his own hand, and then to bend all personal and
official influence to push them through. The
violation of constitutions is not in the literal terms
but palpably in the intent and in perverting the
governmental machinery from the distinct lines laid
but for it.
Has not Mr. Wilson's excessive self-confidence
caused him to miss an opportunity such as has



WoL. xcvm

rarely fallen within the reach of any man? Suppose
he had given a different turn to his interpretation
of the duty of leadership imposed upon himself ?
Suppose he had declared his purpose to return the
Government, so far as he could within four years,
to its original lines; to elevate the character of
Congress and its work by throwing upon the two
Houses the initiative and the responsibility the
Constitution placed there, and, incidentally, to
clarify the popular conception of the judiciary
functions by having each of the three Governmental
departments attend to and be held accountable for
its own proper business, and no more? Instead of
pushing further along a vicious path, broken for his
feet by the feet of others, suppose he had declared
for a facing about and a return to the sound way?
Perhaps it may help answer this question if we
copy a few sentences from the very laudatory leading
editorial in the "Times" of Wednesday on "The
First Year":
To his control over Congress, the power to move,
to guide, to restrain, President Wilson owes his
highest title to the respect and trust of the people.
. • • There has been need of him, for rarely, if
ever, have the people been represented at Washington
by a Congress so conspicuous for mental pauperism.
Incompetence is too often lord of the proceedings in
both Houses. . . The President is masterful, the
Congress is manageable. For that the country returns fervent thanks. The country hopes that
Mr. Wilson will continue to be its best friend through
his great influence with Congress.
Does the country return thanks as said here, and
does it hope "its best friend" will continue to be its
bulwark ? If it does, should it ? Is it for national
honor and prosperity to.have a masterful President,
holding a manageable Congress in leash ? Should
we be pleased, if it is true (as another daily tells us
in its news columns)that Mr.Wilson "has sought to
adopt a tone of self-effacement, to leave with Congress the impression that they were the originators,"
&c.; that is, that he has a clever tact, like the wife
who takes her husband in her direction by making
him suppose he is going in his own ?
We might point out that some omissions cry loudly
against Mr. Wilson. For example: after affirming
that the sound business men and the best public
opinion are overwhelmingly with him in his notions
as to that "debatable ground," the business men of
this city find discouragement rather than greeting
when they would aid the clarifying process by offering their own views; further (and a more serious
matter) the President has •remained apparently
oblivious of the plight of the railroads; while talking
in beautiful language of unbinding business fetters,
he seems chiefly anxious to put on more of them.
Yet—to return to the picture drawn of him as the
country's preserver against the mental pauperism
of an incompetent though manageable Congress—
shall we naturally get able Congresses while everything tends to concentrate at the Executive Mansion? If we are to have a Congress only to have it
kept in training and obedience, why not re-cast the
whole scheme so as to maintain only two departments, the one subject to recall at the end of specific
terms and the other to recall whenever any judicial
decision is sufficiently displeasing ?
The "Morris plan" of making small temporary
loans to the very large class of persons who are unable
to employ banking facilities as usually understood

MAR. 7 1914.]

THE CHRONICLE

has been taken up by the lately formed Industrial
Finance Corporation (to which reference was made
in our issue of Feb. 21, page 569), and deserves more
than the simple mention it has already had in our
news columns. The borrower gets a loan of, say,
$50, paying 6% interest in advance, and gives his
note for one year, also purchasing a certain "certificate of investment" for the like sum, this certificate
being assigned as collateral against the loan. On this
certificate he pays a dollar weekly for fifty weeks;
two weeks later, he withdraws the $50 he has paid
in, cancels the note with it, and closes the transaction, although he has two options otherwise: one is
to pay his note with cash from other sources and convert his certificate into one of an interest-bearing
class, while the other option is to renew his note (and
the paying-in of a dollar weekly) for a second term
like the first; then, having begun with a liability he
will finish the second year with an asset, on which he
can borrow at any time up to its full value, without
furnishing endorsers or other security than itself.
The plan in effect is a loaning upon a repayment
by weekly installments. The burden steadily lightens, and the lesson taught is one of thrift and encouragement; in both these respects it is the direct
opposite of the remorseless and destructive work of
the loan shark whom this plan sekes to repress.
Loans are made "upon character," not upon tangible
collateral, and are open to the humblest wage-earner
who can get two of his comrades to vouch for him
by endorsing his note with him. The plan is not
one of charity, but of aid upon good business lines;
and it is on lines which promise a reasonable profit
to the capital invested, a profit in which the borrower is invited to share through • the interestbearing certificates that are offered to him on easy
terms.
A slowing up of trade in February of the current
year is indicated by the returns of bank clearings for
many of the cities. Early in the month mild weather
served to curtail business in a retail way in many
branches, and toward the close storms interfered
with transactions and hampered the moving of commodities. The promise of greater activity in speculative circles, moreover, which developments of
January seemed to hold out, were not realized, the
dealings in February having been even less than in
the preceding year, as were other financial operations
of a character that go to swell the volume of clearings.
Railroad earnings, reflecting the decreased movement of goods, show losses from a year ago. In
all, our compilation of clearings for February, presented on the first page of this issue, includes 160
cities, of which only 68 show gains, and at some
points the percentages of decrease are rather heavy.
The grand total of clearings for the month this
year is $12,890,626,260, a decline of 5.5% from 1913,
and contrasted with 1912, a diminution of 0.4%
is recorded, but there is a gain of 5.3% over 1911.
For the two months the diminution from the previous
year is 2.6% and the gain over 1912 reaches 3.7%.
In 1910 the current aggregate was moderately exceeded, but clearings at New York at that time were
considerably swelled by heavy stock and financial
transactions. At New York the February total at
$.7,237,555,482 shows a loss from 1913 of 7.1%, and,
compared with 1912, there is a slight decline (1%),
but that year, being leap year, the month included
one more business day. For the two months there is



715

a decline of 3.1% from 1913 but a moderate gain over
both 1912 and 1911.
Outside of New York the aggregate for the month
does not quite reach the high record set in the
corresponding period a year ago, falling 3.2% below
it, but exceeds 1912 and all earlier years. While the
general result is, as stated, less favorable than a year
ago, some very satisfactory percentages of increase
are exhibited, notably so at Erie, Lowell, Milwaukee,
Detroit, Dayton, Ann Arbor, St. Paul, Des Moines,
Billings, Sioux Falls, Atlanta, Little Rock, Charleston, Macon, Austin, Tulsa, Muscogee and Vicksburg. For the two months the loss from a year
ago is 2.0% and the gain over 1912 reaches 4.9%.
Analyzed by groups, the aggregates for the period
since Jan. 1 in all divisions except the Middle West
and South show contraction from 1913. In the
Middle States, New York excluded, the decrease is
5.7%, in New England 8.4%, on the Pacific Slope
7.1% and in the "other West" 1.7%. At the South
2.2% gain is exhibited and in the Middle West
2.3%.
Stock transactions on the New York Stock Exchange were of very restricted volume in February;in
fact were the smallest for the period of any year
since 1897. The number of shares traded in was
only 6,220,059, against 8,763,632 last year and
7,086,544 shares in 1912. In 1911 over 10 million
shares changed hands and in 1901, 1905 and 1906 the
totals were in excess of 20 millions. For the two
months of 1914 the transactions aggregated 16,308,954 'shares, against 15,512,605 shares in 1913 and
more than 60 million shares back in 1906 and 5214
millions in 1901. Bond sales were of greater magnitude this year, the month's dealings in all classes
having been 69 million dollars, par value, against
47% millions last year, and for the period from
Jan. 1 to Feb. 28 were $158,941,000, comparing with
1023/ millions in 1913 and 250 millions in 1909. On
the Boston Stock Exchange the situation was similar
to that at New York in February, stock sales falling
below a year ago and bond transactions showing
an increase.
Canadian clearing-house returns make much the
same kind of exhibit for February as for January,
contraction being revealed in almost all directions
and very pronounced at such Western points as
Vancouver, Calgary, Victoria, Edmonton, Moose
Jaw, New Westminster, Regina and Winnipeg. For
the month the decrease in the aggrega for 21 cities
as contrasted with 1913 is 10.1% and for the two
months reaches 11.0%. The loss from 1912 for the
month is 1.3%, but for the two months the gain
reaches 1.4%.
Commercial failures, while greater in number in
February 1914 than in the corresponding period of
1913, covered a much smaller aggregate of liabilities
than then disclosed, and, moreover, the total was
only very moderately in excess of two years ago.
Disasters for large amounts were, as has been the
case for some little time past, a distinguishing feature
of the month, and these, although few in number,
made up almost half of the insolvent indebtedness-31, in fact, accounting for no less than 10 1-3
million dollars out of a total of 22 1-3 millions.
One of the largest of the defaults was that of John
Hunter of Utica, N. Y., arms manufacturer, with
liabilities of close to 13/ million dollars, and other
important failures, locally or near by, were Henry
•

716

THE CHRONICLE

Bischoff & Co., custom house brokers and bankers,
with debts of $593,744; A. Bolognesi & Co., custom
house brokers and bankers, for about $200,000, this
latter disaster being ascribed to curtailments of
credit here and in Italy following the failure of
Cesare Conti, steamship agent and banker. The
General Kompolite Co. (composition flooring and
cement tiling), capital $1,250,000, assigned in the
closing week of the month, and on the 26th a petition
in bankruptcy was filed against T. E. C. Blanchard
of East Orange, N. J., the liabilities being stated as
$347,712. Lemero & Co. of New Orleans, one of the
largest stave-exporting concerns in the South, went
into receivers' hands on the 5th; the Clarke Realty
Co. of Milwaukee, with obligations of some threequarters of a million, filed a voluntary petition in
bankruptcy on the 3d, and on the 13th temporary
receivers were placed in charge of the Summit Lumber Co., an Arkansas corporation, whose debts were
stated to exceed half a million.
According to Messrs. R. G. Dun & Co., whose
compilations furnish the basis for our deductions, the
number of commercial failures in February 1914 was
1,505, with indebtedness of $22,354,193, against
1,454, for $28,141,258 the previous year and 1,539,
for $21,477,923, in 1912. The trading section made
the poorest exhibit, the liabilities being more than
half of the grand aggregate. In manufacturing lines
as a whole the showing was the best for February
since 1907, and as compared with last year a vast
improvement in iron foundries and nails is indicated.
For the two months of the current year the mercantile mortality reached $3,362,with liabilities of $61,728,540, against 3,268 and $51,114,027 last year and
3,436 and $41,248,453 in 1912. Manufacturing indebtedness of $23,116,352 for the period compares
with $22,934,861 in 1913 and $17,049,469 in 1912,
and trading liabilities of $27,770,443 contrast with
$24,257,530 and $20,565,655, respectively. Among
brokers, &c., the disasters thus far in 1914 have been
numerically greater than in any year since 1908, and
the volume of debts, at $10,841,745, makes a very
unfavorable comparison with the $3,921,636 of 1913
or the $3,633,329 of 1912.
The regulation of trading in cotton futures as
provided for in the Smith bill was reported upon
favorably by the Senate Committee on Agriculture
and Forestry on Friday last. The bill in its present
shape is a little more drastic than the Smith-Lever
bill of last session in that the committee has eliminated the proviso giving a seller the privilege to deliver one grade above or below the contracted grade
and to settle the difference in price. The bill as it
now appears on the Senate calendar provides that
the grade or grades to be delivered shall be specified
in each contract and shall be according to U. S.
Government standardization, and the Secretary of
Agriculture is directed to standardize "upland" and
"Gulf" cottons separately, eliminating grades below
good ordinary and above middling fair. Furthermore, in case long staple cotton is bought or sold for
future delivery, the length of the staple to be delivered shall be designated in the contract. All methods
of inter-State communication (mail telegraph, express, &c.) are denied to those not conforming to the
provisions of the Act and severe penalties are provided for their violation.
The bill has been and will continue to be the subject of much discussion, and it is to be expected that



[VoL. xoviii.

every effort will be made to have some of its provisions decidedly changed if there is any probability
of its becoming a law. Under the present forms of
contract in use on the various exchanges of the world,
delivery is permitted of cotton of several grades,
with the price of middling the basis upon which settlement shall be made. In this bill, as stated, the grade
or grades to be delivered must be named in the contract and actual delivery of such be made under
heavy penalty for failure to do so. Only those
actually handling cotton recognize the extreme difficulty or even practical impossibility of making delivery of any considerable lots in the manner the Act
prescribes, whether it be a matter of grade or a
specified length of staple. The bill in its operation,
it is believed, moreover, would permit of combinations inimical to the cotton trade at large. As regards the Government standards, there is no cause
whatever for criticism; as they stand they have already been adopted by many Exchanges, and now
that "Gulf" cotton is to be provided,for they should
be universally used.
The repeal of the clause exempting United States
coastwise shipping from Panama Canal tolls was
brought officially before Congress by President Wilson in a personal address before a joint session of
the National Legislature on Thursday. Mr. Wilson
urged the necessity of the repeal as a question of
national honor of the United States in respecting
treaty obligations. There was a veiled intimation
in the President's remarks that other weighty international negotiations were dependent upon the matter he had just placed before Congress. After declaring that an exemption for American ships was
not only "a mistaken economic policy," but was in
contravention of the Hay-Pauncefote Treaty, the
President said: "I shall not know how to deal with
other matters of even greater delicacy and nearer
consequence if you do not grant it to me in ungrudging measure." The address was particularly short,
and we print it in full on page 733. When the President was questioned as to what he had in mind when
referring to matters of "greater delicacy and nearer
consequence," he explained that he meant merely
that it was very awkward to deal with foreign nations which thought that the United States would not
keep its promises. The President added that nothing in particular had given rise to his references to
foreign affairs and that nothing critical was pending.
It is very probable that immediate action will ensue
regarding the Executive's recommendations. The
House Committee on Inter-State Commerce yesteidaYby a vote of 17 to 4 reported favorably the Sims
bill providing for an unqualified repeal of the freetolls clause of the Panama Act. The Committee
will ask for a special rule to pass the measure, and
Washington correspondents say that a canvass has
already been made which indicates that the bill will
promptly be enacted.
Events in Mexico took a sudden and unexpected
turn over Sunday. A week ago a statement was
made officially that Gen. Villa had agreed to permit
two representatives of our Government and two of
Great Britain, as well as two army surgeons and
the widow and relatives of Benton, the British subject who was executed for an alleged attempt on
Villa's life, to view the body. On Saturday Gen.
Carranza, in a note to the Government at Washing-

MAR.7 1914.1

THE CHRONICLE

717

behalf of its own citizens'or of a British subject,
ton, and speaking as the head of the Constitutional- either ongladly
await the result. But if, for reasons of its
will
we
ist Government,declared that Great Britain, instead own,the United States does not think it desirable to take such
of the United States,should deal with him concern- steps, we must, of course, reserve to ourselves the right to
ing the death of a British subject, and intimated that secure reparation whenever there is an opportunity to do so.
"Our general policy toward Mexico and the Central and
all communications as to international affairs should
American republics is confined to commercial interests,
South
Villa.
first be adressed to him instead of to Gen.
which we keep within non-political limits. As a rule, therecompliance
or any other of his subordinates. As
fore, all questions that arise between these republics and ourwith Carranza's request would have meant the offi- selves are settled by diplomatic means or can be referred to
cial recognition of the Constitutionalist Govern- arbitration.
"But the violent death of a British subject and the refusal
ment, the President, after a long conference with
those responsible in Mexico to allow the circumstances
by
Secretary Bryan, decided to postpone the expedition to be investigated make it incumbent upon us to do what we
to Chihuahua. Carranza's friends in this country can on our own behalf.
"Assuming that the United States desires not itself to take
believe he does not understand the position of the
United States in reference to all foreigners in Mexico, any responsibility for intervention, it has been urged upon
action, without, however,
and they are seeking to impress upon him that when me that we should take immediate
of what action we
or
indication
any
me
suggestion
giving
dealing with the United States, he is in effect dealing can take at the moment.
with the agent of Great Britain.
"I must repeat what I said last week—that there is nothing
Awaiting some arrangement with Carranza that we can effectively do under present conditions."
cannot be considered official recognition, Mexican
It is reported that Provisional President Huerta
affairs have again quieted down. On Tuesday will leave the capital and take the field in person
Sir Edward Grey, the British Foreign Secretary, against the Constitutionalist forces at Torreon. Thus
addressed the House of Commons and made full ex- far only skirmishing has taken place on the outskirts
planation of conditions surrounding the death of of the city and neither Villa nor Huerta have yet
Benton. While exceedingly courteous in his remarks gone to the scene of hostilities. Secretary Bryan
so far as they related to the United States Govern- relieved the minds of some members of the House
ment, and frankly acknowledging that they could Committee on Foreign Affairs when he told them
not hold this Government responsible, the Foreign specifically that there was no truth in the reports
Secretary, nevertheless, specifically pointed out that that European nations were bringing pressure on the
if Great Britain failed to secure satisfaction through United States to adopt a more vigorous policy in
the United States, the British Government reserved regard to Mexico. After his return to the State Deto itself the right to secure reparation whenever it partment from his appearance before the Committee,
was able to do so. Sir Edward stated that the Mr. Bryan dictated the following statement for the
British Government had no intention of engaging in press: "In discussing the Mexican situation before
what on its part would be such a fantastic attempt the Committee, I said, in answer to a question, that
as the sending of a force—which, to be effective, no pressure was being brought to bear upon us by
would have to be a very large force—into any part any foreign nations, and that none had been. Some
of Mexico. Under ordinary circumstances, he con- of the members of tbe Committee said that in view
tinued, "we might have taken action at a port or by of the newspaper reports to the contrary, it might
way of blockade. Under present conditions, if we be well if that statement were given to the public,
took such action and it had any effect, it could only and I told them I would give it to the public."
result in giving assistance to the contending party in Gen. Geajardo, the Federal commander at Ciudad
North Mexico. To take action that would posi- Porfirio Diaz, has telegraphed to Huerta, denying
tively help those from whom we demand reparation, that Clemente Vergara, a Texas ranchman and Amersimply for the sake of appearing to do something, ican citizen, was killed by Federal troops. Gen.
would be worse than futile. But we do not intend Geajardo says that Vergara is a professional bandit
to let the matter rest, and as soon as, by any change who has been passing arms and ammunition into
of circumstances, it is in our power to carry the Mexico for the rebels. He was captured by Federal
matter further, we shall take whatever steps ma3i be troops, but took advantage of their considerate treatpracticable." Referring to relations with the United ment to escape. As to Gustav Bauch, an American,
States and the policy of Great Britain in Central and who has also been reported to have been killed, Gen.
South America, Sir Edward said:
Villa is quoted by a press dispatch from Chihuahua
"Communications with the Government of the United as stating his belief that Bauch is dead. The latter,
States aro still proceeding, but I would repeat, what I said he said, was liberated at Juarez, and "doubtless was
last week, that these communications do not imply that the
his enemies." Villa said
Government of the United States has any responsibility for assassinated by some of
and added,"of course
enemies,
many
had
course,
of
the
Bauch
mean,
that
I
death
which
place—by
taken
what has
of Benton.
I can't be held to blame for that."
"While, therefore, we shall welcome any action that the
United States is prepared to take to secure justice, we have
no title to demand as a right that the United States should
itself resort to the use of force.
"One can demand that another Government should go to
all lengths to secure reparation for a crime only when one
holds that Government in some way responsible for the commission of the crime.
"So far the United States has shown at least as much interest in the death in Mexico of a British subject as it has in
the case of outrages on American citizens—for I understand
that several Americans have been killed in Mexico. And
the United States has shown every desire to use its influence
to secure protection for British subjects in the Mexican
territory controlled by those described as Constitutionalists.
"I would therefore sum up the situation by saying that if
the United States thinks it proper to take further steps,




The Home Rule for Ireland bill was again introduced into the House of Commons on Thursday.
Its sponsor this time is Augustine Birrell, Chief
Secretary for Ireland. The measure had its first
reading amid prolonged Ministerial and Nationalist
cheers. Premier Asquith will on Monday state the
nature of the concessions that the Government is
prepared to offer in order to make the operation of the
bill satisfactory to Ulster. While there are no official intimations what these concessions will be, it
seems to be an accepted fact that the Premier will
merely propose that any Irish county may, by means
of a plebiscite vote itself out of the operations of the

718

THE CHRONICLE

bill for a period of three years. The Unionists are
unlikely to accept any compromise that does not
provide for the total exclusion of Ulster. If the bill
with its new proposals is rejected by the House of
Lords,it will, under the provisions of the Parliament
Act, go to the King for Royal assent, but before it
comes into operation a general election will probably
take place. It seems to be agreed that this election
will be held in the summer. Many prominent men
in England have issued an appeal to their fellowcountrymen to follow their example in signing a
declaration by which they hold themselves justified,
in case the Home Rule bill becomes a law without
first being submitted to the judgment of the nation,
"in taking or supporting any action that may be effective in preventing it from being putinto operation."
The signatories of the appeal are careful to point out
that by signing the declaration "no man will pledge
himself to take particular action of which his conscience or judgment does not approve." This is
much milder than the Ulster Cabinet, which was
signed on and after Sept. 28 1913 at Belfast and
elsewhere. Among the signers of the current appeal
are Earl Roberts, Viscount Milner, Lord Balfour
of Burleigh, Rudyard Kipling, Prof. A. V. Dicey
and Sir William Ramsay. After the second reading
of the bill next Monday there will probably be a twodays' discussion, after which the debate will be adjourned to enable the House to complete financial
business for the year ending March 31. The Opposition has virtually undertaken not to hamper work
on the financial bills.

[VOL. mann.

pate in the Exposition. The notification to the
Ambassador, however, differs considerably from that
made to Ira Nelson Morris, the Commissioner from
the Exposition, which was absolutely unconditional,
as it contains the reserve clause that Italy could not
exercise the friendly act of participationg in the
Exposition if in the meanwhile the American Immigration Bill should be passed with clauses such as that
calling for the carrying of American health officials
on board Italian steamers. Such a clause would be
considered by Italy as an unfriendly attitude, according to the note, and it is pointed out that when
Argentina took a similar measure, Italy broke off
diplomatic relations with that country instead of
acquiescing.

Great dissatisfaction is being shown against the
American income tax by the wealthier American residents in London. A special cable dispatch to the
New York "Sun" states that there are numerous
threats that unless the law is sufficiently modified
so as not to penalize men engaged in business
abroad, there will occur wholesale renunciations
of American citizenships. Two prominent Americans, as a protest against the tax, have according
to the dispatch, already translated their threats
into action and have become British subjects.
These are Isaac Seligman, of Seligman Bros.,
the bankers, and Frank E. Bliss, a former Standard Oil magnate and ex-President of the American
Society of London. A memorial protesting against
the inequalities of the Act have been signed by
leading American residents in London and will be
The British House of Commons on Wednesday forwarde
d to Secretary of State Bryan through
adopted a memorial signed by over 350 members of Mr.
Page, the American Ambassador.
the House, representing all political parties, requesting that the Government reconsider its refusal to
Press advices from Rio de Janeiro inform us that
participate officially in the Panama-Pacific Exposi- the
Brazilian Government on Thursday proclaimed
tion and to agree to participate in it. The memorial a
state of siege in the cities of Rio Janeiro, Nictheroy
was presented to Premier Asquith on Thursday. and
Petropolis, which is to remain in force until
The signers include ex-Premier Balfour,Andrew Bonar March
31. The action was taken as a preventive
Law, the Opposition leader, and over one-half the measure
of any possible troubles which might be
Unionist members of the House, as well as practically started
by the disturbing elements of the population
all the Nationalists and Laborites and more as a result
of the recent insurrection in the Province
than one-third of the Liberals. It is considered
of Ceara, where the situation has become a serious
probable that the British Government will officially
one. The managing editors of three of the principal
reconsider its refusal to participate in the event of
newspapers, "A. Epoco," "Correio da Noite," and
the tolls question on the Panama Canal being satis- "0
Imparcial," were placed under arrest, and Genfactorily arranged.
erals Thaumaturgo Azevedo and Feliciano Mendez
Singularly enough, the Chamber of Commerce of de
Moraes, two colonels and some other officers of
Paris has petitioned the French Parliament not to
the army, have been made prisoners. Strict censordecide finally to pass the proposed appropriation for
ship has been established by the Government on
French participation in the Panama-Pacific Expositelegraphic communication, and all troops have been
tion "until the vexatious and inquisitorial American ordered
to be in readiness for any eventualities.
customs regulations shall have become modified by
Senor Da Gama, Brazilian Ambassador to the
legislative and administrative measures." The
United States, at Washington, has received a brief
French Foreign Office has taken a resolute attitude
dispatch from his Government directing him to
toward the United States Government in regard to assure
Brazilian consular officers in this country "not
the suits brought against the Limoges porcelain exto feel any uneasiness because of rumors." Early in
porters for falsification of entries. It has renewed
the present year meagre reports reached the State
and, through the French Embassy at Washington,
Department of hostilities, which were then said to be
insisted on its contention that the suits against the confined
to Pernambuco and the neighboring State
French firms are contrary to the agreements between of
Ceara, but the cause of the uprising was not
the French and American governments. It is de- stated.
clared semi-officially that the French Foreign Office
cannot urge upon Parliament the approval of the
Both London and Paris have been subjected this
proposed appropriation for the Panama-Pacific Expo- week to additional financial
strain as a result of news
sition until this controversy has been settled justly. from Brazil. Political
troubles have been added
Italy has officially notified Thomas Nelson Page, to the already severe accumula
tion of financial
our Ambassador at Rome, of its intention to partici- troubles in that republic. It has been found
neces


MAR. 7 1914.)

THE CHRONICLE

719

sary to declare martial law in a number of sections 52 and German Imperial 3s at 78. Russian 4s
and a situation has been created that can hardly are W
I lower at 883/2 and Servian unified 4s 1 point
fail to delay the financial assistance that English lower at 783/2, while Chinese 5s are % point weaker
and French bankers were prepared to give to the at 1013/2. Money in London closed last evening,
South American republic. London correspondents as reported by cable, at 13/2@2%, which
compares
state that the bankers are quite prepared to furnish with 13/2@1%70 a week ago.
the necessary financial relief as long as they can be
assured of adequate security. The uprising, to which
The Paris market, aside from the Brazil situation,
we have referred more in detail in a preceding column, in. which the French are so deeply interested,
renecessarily delays these banking arrangements. ceived an additional shock from South
America in
The British market has also given still further evi- the form of evidences
of unfriendliness to the Perudence that the activity in applications for new capital vian
Corporation on the part of the new Provincial
has produced a sufficient drain upon the supplies of Peruvian
Government. There appeared, on the
investment funds to require a prompt halt in new
whole, however, to be much greater confidence as
issues. One significant failure was the offering of
regards the banking situation at the French centre,
£5,000,000 in 4% bonds by the Canadian Governalthough
cable accounts reported that another private
ment at 99. Of the total amount,only 22% was
banking
house
had found it necessary to ask for aid.
taken by the public, the remainder being left in the
The
French
elections
take place on Sunday, April 26..
hands of the underwriters. Latest reports state
There
seems
slight
encouragement
to hope that any
that the issue is already quoted at a discount of %.
Last December the Canadian Government issued improvement in the Government's revenue situation
£4,000,000 in 4 per cents at 97. This offering was will take place before that date. Opposition to the
barely subscribed and some London correspondents present Ministry, and especially to the financial prodeclare that the 22% subscription of the new issue posals of M. Caillaux, the Minister of Finance, is
was better than London bankers expected.
very strong among French bankers. If the elections
How active have been the capital applications on were not so close at hand, there would be no difficulty
the London market is indicated by the January in causing a Government defeat. But it is not considand February compilations made by the London ered good politics to force a contest with the possi"Statist", that have been received by cable. The bility of conducting affairs for so short a period.
applications for February aggregated £35,474,000, The various divisions of the Opposition, therefore,
which compares with £20,219,000 in February of last are pursuing a policy of delay. The taxation proyear and £23,145,000 in February 1912. Of the posals by M. Caillaux both on income and wealth
total amount,the United Kingdom took £6,030,000, seem to have been definitely shelved, as they are inthe British Colonies £10,636,000, foreign countries tolerant to French ideas of fiscal privacy. Thus
£18,683,000 and the remainder in various smaller M. Caillaux will be finally forced to resort to indirect
outside amounts. For the two months of the year taxation and possibly a new issue of untaxed French
the applications have amounted to £77,874,000, rentes, which was the rock on which his predecessor
which is a new record for the British centre. Other was wrecked. M. Aimond, Chairman of the Senate
of the important issues on the London market this Committee on Fiscal Reform, has submitted a propoweek, aside from the Canadian Government loan, sition for taxation proposing a tax on revenue of
is an issue of £1,400,000 in 5% preference shares by every form, the amount of such taxation for individuthe British-American Tobacco Company,£1,000,000 als to be decided upon without recourse to inquisiin 6% bonds by Lever Brothers, £1,250,000 in 43/2% torial methods but without appeal in any form by
bonds at 81 for the Cordova Central Railway and the tax-payers. One Paris correspondent declares
a City of Budapesth offering of £6,000,000, of which that M. Caillaux has decided to stand or fall by his
£1,000,000 is allotted to London to be issued at 89. tax proposals, and then naively adds that "he will
So far as the Mexican situation is concerned the first unquestionably fall, though the combined opposition
blush of excitement in the British market appears will let him linger until after the general elections."
to have ended and press accounts declare that there Some progress has, obviously, been made in negotiais a disposition to regard the incident in a more tions between bankers and the Government regarding
favorable light since it means obviously a more new issues, for it is announced that Turkish and
aggressive policy in the near future for our own Greek issues are foreshadowed for the next fortnight
Government. American intervention, according to and there are also reports of negotiations of a new
the growing British view, would,when once begun, Chinese Railway- loan, amounting to 150,000,000
mean the permanent clearing of the entire Mexican francs, to be offered in Paris on April 5. Money in
situation, even though the process of clearing should Paris closed at 13/2%. A week ago, owing to the
cover a very considerable period. Thus, Mexican settlement, it was quoted at 3% for day-to-day
securities would have a much brighter future than funds. French rentes finished at 88.273/2 francs,
they now possess.
against 87.15 francs a week ago. They have been
As to prices on the London market,the general supported by purchases by savings banks, which are
situation may be suggested by the fact that Consols, under Government control.
which closed at 76 a week ago, closed last evening at
749. London & Northwestern, which is regarded as
The markets in Berlin have not indicated distinct
the premier English investment stock, closed, accord- activity. The daily accounts of dulness in Wall
ing to yesterday's cabled advices, at 135, against Street are reported by press cable correspondents to
1373 a week ago and the Great Western Railway be faithfully reflected at the German centre, and
finished at 1173/2, against 119. Other home invest- declines in Canadian Pacific, Denver & Rio Grande
ments record similar changes. State securities also and other American securities that have been among
in instances show a reduction, although Bulgarian the favorites in the German market have followed
sixes still remain at 100, Greek monopoly 4s at New Yorks lead. Politically, there have been few



720

THE CHRONICLE

developments that may be considered market factors.
A special cable to the New York "Times" declares
that a considerable sensation has been caused in
Germany by an article in the semi-official Cologne
"Gazette" of Tuesday, purporting to be a telegram
from its St. Petersburg correspondent. This telegram alleged that Russia was rapidly and secretly
preparing to make war on Germany. The Imperial
Foreign Office lost no time in disassociating itself
from the "Gazette's" publication and affirming that
nothing had arisen in the diplomatic situation to justify alarm. The Cologne paper,. which seldom commits itself on so grave a matter without official inspiration, declared that the new regime now holding
sway in Russia makes little secret of its anti-German
policy. Though, it is added, the preparations for
war may not be completed until 1917, they are, at
any rate, proceeding on a scale and in a manner
.which already make the "historic Russo-German
friendship" a thing of the past. A large section of the
German press takes the "Gazette's" article seriously.
Money in Berlin closed at 39g%,which compares with
43'% (for the settlement) a week ago.
No change has been reported in any of the official
European bank rates this week. Private bank rates
3 @
in London closed at 23/2% for short bills and 24
2 7-16% for ninety-day acceptances. A week ago
1 @2 9-16% for
2%% was the rate for short and 24
Paris
remains at
in
rate
private
long bills. The
deon
exceptionally
available
is
%
5
4
2
though
29%,
sirable bills. Berlin is without change from 33.%, Vienna is 1-16 lower at 3 8%,Brussels is 38% lower at
33.% and Amsterdam also 3-16lower at 3 13-16%•
Official rates at the leading foreign centres are: London 3% Paris 332%; Berlin 4%; Vienna 432%
Brussels 4%, and Amsterdam 4%.

[VOL. xcvm.

francs,of 9,250,000in treasury deposits and of31,925,000francs in advances. General deposits were reduced
183,175,000 francs and discounts werelowered 99,475,000 francs. The Bank's gold holdings now amount to
3,602,847,000 francs and compare with 3,211,625,000
francs one year ago and 3,219,775,000francs in the corresponding week of 1912. The silver stock aggregates
641,921,000 francs, against 617,750,000 francs in
1913 and 803,800,000 francs in 1912. Deposits are
636,861,000 francs, comparing with 555,428,221
francs one year ago and 602,071,915 francs in 1912.
Discounts are 1,402,624,000 francs, against 1,683,510,392 francs this date one year ago and 1,134,156,715 francs in 1912.
The Imperial Bank of Germany reports a loss of
44,747,000 marks in gold and of 56,377,000 marks in
total cash, including gold. There was an increase
of 219,298,000 marks in note circulation and of
19,336,000 marks in treasury bills. Deposits were
reduced 131,625,000 marks, loans were increased
62,375,000 marks and discounts also were increased
79,338,000 marks. The total cash holdings are
1,659,749,000 marks, which compares with 1,192,080,000 marks in 1913 and 1,223,060,000 marks in
1912. Combining loans and discounts, we have a
total of 1,000,688,000 marks, againgt 1,271,320,000
marks one year ago and 1,172,820,000 marks in 1912.
Circulation stands at 1,953,988,000 marks. At this
date last year it was 1,876,040,000 marks and in 1912
1,607,980,000 marks.

The local money situation has continued to present
a good undertone and rates for fixed maturities are
slightly firmer. Representatives of large New York
banks state that they do not intend to become extensive purchasers of commercial paper at the current
range of discounts, though they are taking small
The Bank of England's report this week records a quantities from day to day at current figures. Last
reduction in gold coin and bullion holdings of Saturday's bank statement lent some encouragement
£918,257 and of £1,206,000 in the total reserve. to the firmer ideas of lenders, though it to some exThese reductions are declared by London correspond- tent at least represents a temporary condition due
ents to be temporary and to be due to specific causes. to the preparations for the March dividend and
Public deposits representing the revenue collections coupon disbursements. It showed an increase of
incidental to the season increased £1,805,000 and $19,523,000 in loans and of $15,915,000 in deposits.
there was a decrease of £2,561,000 in other deposits. The latter called for an increase of $2,398,950 in
Loans (other securities) increased £690,000. The reserve requirements. Therefore, with an actual loss
proportion of reserve to liabilities is now 50.11%, of $5,440,000 in cash, the surplus above reserve rewhich compares with 51.41% last week and 42.70% quirements decreased $7,838,950. The total surplus
a year ago. The Bank's bullion now stands at now amounts to $26,775,800 and compares with
£41,786,783. One year ago it was £37,480,778 and $2,690,250 one year ago and $22,810,300 two years
in 1912 £39,077,556. The reserve aggregates £31,- ago. The cash in bank vaults decreased $8,956,000,
739,000 and compares with £27,814,188 in 1913 and while the trust companies reported an increase of
£29,274,696 in the year preceding. Meanwhile loans $3,516,000 cash in their own vaults and a decrease of
are about £5,000,000 lower than last year, amounting $4,117,000 cash on deposit in banks. The new
to £37,295,000, against £42,529,831 in 1913 and capital demands this week have included a $33,000,£39,978,088 in 1912. Our special correspondent fur- 000 Chesapeake& Ohio five-year 5% note issue, which
nishes the following details by cable of the gold was sold to Messrs. Kuhn, Loeb & Co., and the
movement into and out of the Bank for the Bank underwriting largely oversubscribed at 97. A syndiweek: Imports, £50,000 from Australia; exports, cate of bankers sold an issue of $10,000,000 of the
£190,000 (of which £50,000 to South America, Central District Telephone Co. bonds promptly
£90,000 earmarked Straits and £50,000 earmarked after the subscription books opened and J. P. MorIndia), and shipments of £778,000 net to the interior gan & Co. have also disposed of the Erie Railroad's
$13,500,000 three-year 532% callable notes that they
of Great Britain.
purchased last week. General business still conThe Bank of France, notwithstanding the receipt tinues backward and is not requiring its usual quota
of 10,000,000 francs in gold from America, showed a of mercantile or industrial funds, and the return of
net increase in its gold item of only 4,630,000 francs. dulness in the general stock market has reduced the
Silver holdings decreased 3,123,000 francs. There demands for call money from that source to parwas an increase in note circulation of 183,450,000 ticularly small proportions.




MAR. 71914.]

Referring to call money rates in detail, the market
may be said to have remained stationary, 1%
having been the lowest and the renewal rate each day
of the week, and 2% the highest. For time money
4% a
closing quotations were 2Y
1@3% (against 23
week ago) for sixty days, 3@33% for ninety days
(against 3%), 3317
0 for four months (unchanged),
33@332% for five months (unchanged) and 334@
332% for six months (against 33/2@3M%)• Large
institutions are offering six months' money quite
freely at 332% and over-the-year funds are available
at 414%. Commercial paper closed at 4@431%
(an advance of 317
0 for the week)for sixty and ninetyday endorsed bills receivable and for four to six
months names of choice character. Most of the
business, however, is passing at the lower figure.
Others are quoted at 4M@49'%•
Sterling exchange quotations have been fairly well
maintained throughout the week, though the easing
of London discounts has militated against any development of distinct strength. London has been
quite a free seller of American stocks on balance
during the week, which, of course, has necessitated
corresponding remittances. The Continent, too,
has been sending back our securities, especially Rock
Island and kindred low-priced stocks and bonds.
Speculative interests, including two large financial
institutions, are credited with having been fairly large
sellers of exchange on short account. London bankers are inclined to look for quite a protracted season
of ease in the money market at that centre after the
first of April, and it is evident that sterling exchange
operators on this side are entering commitments with
that idea in view. The offerings of bills against exports of general merchandise are not active, which
may be attributed to the reactionary condition of
trade in Britain and on the Continent. There has
been some demand for remittances on account of
dividends and coupons to holders of American securities residing abroad. These are fairly large in March,
but this demand has now been fully taken care of.
An additional $2,000,000 in gold has been shipped to
Paris for the Bank of France, which brings the total
up to $16,000,000 since the movement began in
January. Of the £1,000,000 South African gold
offered in the London market on Tuesday, £150,000
was obtained for India. The remainder is expected
to go to the Continent, probably to Russia on French
account in connection with French subscriptions to
the Russian Railway loan.
Demand sterling in Paris closed, as reported by
cable last evening, at 25.22 francs, which compares
with 25.21 francs a week ago. London checks in
Berlin finished at 20.43 marks, against 20.433/
marks last week. Sterling in Amsterdam at the
close was 12.073/ guilders, against 12.06 guilders
a week ago. Berlin exchange in Paris finished at
123.40 francs, against 123.06M francs on Friday of
last week. Mexican exchange on New York is lower.
It closed at 275, against 280 on Friday of last week,
and Mexican exchange on London finished at is.
5y
1d., against is. 634d.
Compared with Friday of last week, sterling exchange on Saturday was weaker for demand and cable
transfers, which declined to 4 8570@4 8580 and
4.8595@4 8605, respectively; sixty days remained
unchanged at 4 8350@4 8375. On Monday the
market ruled easy in the opening transactions, but
later steadied and advanced, on a scarcity of commer


721

THE CHRONICLE

cial offerings incidental to the delayed mails; the
range for demand was 4 8575@4 8590 and 4 86@
4 8610 for cable transfers; sixty days was practically
without change at 4 8350@4 8365. Firmness in
discounts abroad, together with continued light supplies of bills, brought a further rise on Tuesday; demand ranged at 4 8590@4 86, cable transfers at
4 8610@4 8620 and sixty days at 4 8360@4 8375.
On Wednesday extreme dulness characterized dealings, while rates moved within narrow limits; the
range was unchanged at 4 8590@4 86 for demand,
4 8610@4 8620for cable transfers and 4 8360@4 8375
for sixty days. Another quiet day in sterling was experienced on,Thursday; there was a slightly weaker trend,
with demand 5 pointslower at4 8585@4 8595,though
cable transfers were still held at 4 8610@4 8620
and sixty-day bills at 4 836 @4 8375. On Friday,
the market ruled very quiet and slightly easier.
Closing quotations were 4 8350@4 8365 for sixty
days,4 8580@4 8590 for demand and 4 8605@4 8615
for cable transfers. Commercial on banks closed at
%, documents for payment finished at
4 8214@4 833
4 82 3@4 83M and seven-day grain bills at 4 85@
4 853/
8. Cotton for payment closed at 4 829@4 83,
grain for payment at 4 8314@4 833/2.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $6,768,000 net in cash as a result of the currency movements for the week ending March 6.
Their receipts from the interior have aggregated
$13,147,000, while the shipments have reached $6,379,000. Adding the Sub-Treasury operations and
the gold exports, which together occasioned a loss of
$7,723,000, the combined result of the flow of money
into and out of the New York banks for the week appears to 'have been a loss of $955,000, as follows:
Out of
Banks.

Week ending March 6.

Into
Banks.

Banks' interior movement
Sub-Treas. oper. and gold exports

$13,147,000
19,821,000

Total

$32,968,000

Net Change in
Bank Holdings.

$6,379,000 Gain $6,768,000
27,544,000 Loss 7,723,000
133,923,000 Gain

$955,000

The following table indicates the amount of bullion
in the principal European banks.
Mardi 6 1913.

March 5 1914.
Banks of
Gold.
£
England... 41,786,783
France... _ 144,118,44
Germany_ 64,628,700
Russia ___ 170,372,000
Aus.-Hun. 51,985,00
Spain ____ 19,614,000
Italy
45,652,000
Neth'Ians • 13,135,0
Nat. Belg. 8,224,667
5,760,00
Sweden
Switeland 6,784,000
Norway.. 2,616,000

Silver.

Total.

Gold.

£
41,786,783 37,480,778
25,716,20 169,834,640 128,464,600
16,003,150 80,631,850 45,045,400
6,818,000177,190,000156,669,000
11,998,00 63,983,000 50,664,000
28,721,00 48,335,000 17,744,000
3,000,00 48,652,000 46,306,000
842,7
13,977,700 13,347,000
4,112,333 12,337,000 7,547,333
5,760,000 5,616,000
6,784,000 6,711,000
2,616,000 2,119,000
£

Total.
37,480,778
24,710,040153,174,640
14,559,000 59,604,400
7,265,000 163,934,000
10,340,000 61,004,600
29,936,000 47,680,000
4,000,000 50,306,000
830,300 14,177,300
3,773,667 11,321,000
5,616,000
6,711,000
2,119,000

Tot. week 574,676,590 97,211,383671,887,973517,714,111 95,414,007613,128,118
Prey.wee 577,154,783 97,905,627 675,060,410515,500,920 95,062,927610,563,847

MR. WILSON'S FIRST YEAR IN OFFICE.
As was natural, the expiration of the first full year
of President Wilson's term of office has been generally
taken as a point from which to survey the record of
his administration to date, to determine its broad
political significance and to deduce from it such conclusions as may be warranted for prediction as to its
future history. On one point agreement appears to
be general. No less by the frank admission of President Wilson's politcial antagonists than through the
claims of his supporters, this first year of his official
incumbency has been, to an unusual degree, a period
of practical achievement in legislation.

722

THE CHRONICLE

On the merits and the future value of the measures
promoted by the Administration and enacted by Congress during this period, opinion will differ widely.
The "Chronicle," along with other dispassionate
observers, finds itself compelled on many points to
reserve its judgment. The tariff, for instance, must
work out its practical results; the influence of the
currency bill in actual operation must be proved and
tested. So of many other measures of the past
twelve months.
But on the fact that the Administration has put
into effect a very unusual installment of its legislative
program during this twelve-month period, there is
no dispute whatever. The tariff bill has been
enacted. The banking and currency bill has become
a law. The income tax is part of our practical
scheme of Federal revenue. After these, one hardly
need mention the numerous minor acts, chiefly concerned with the work of the various departments,
which have also become law. Not less noteworthy,
perhaps, is the fact that in the enactment of the
banking law much extravagant and rashly experimental legislation was rejected through the influence
of the President.
This record must be judged in the light of three
facts. The first is the suspicion, widely entertained
when the party assumed office last March, and
encouraged by such previous inoidents as the Money
Trust investigation, that the new Congress would be
so far governed by political agitation and unrest that
the session would be largely occupied with the
exploiting of extravagant notions of legislation. The
second is the general opinion, entertained at the same
time, that, even granting the absence of successful
efforts at sensational legislation, the party would be
incapable of organized effort and serious achievement
because of the conflicting factions in its membership,
and because of the lack of discipline due to its sixteen
years' absence from power. But the result must also
•be judged in the light of the fact that ordinary precedent as to a first Presidential year is that little of
tangible importance will be accomplished in that
period, and that, even when a special session is convoked, its attention will usually be drawn only to
a single act of legislation.
That the prediction first referred to has by no
means been realized up to the present date is, in
.some respects, the most interesting consideration of
all. As regards the second consideration, viewing
the matter of actual facility in legislation, no one can
question that the discipline shown to exist in the
:party has not only been wholly contrary to expectations, but must be, in large degree, ascribed to the
strong personal influence of the President himself,
alike in promoting and in discountenancing given
proposals of legislation. The first term of a given
Administration is traditionally a preparatory period.
The Payne-Aldrich Bill was enacted in Mr. 'raft's
first year, but all other public questions were sidetracked until the regular session. Furthermore, the
ill-feeling engendered in the party by the dispute
Over that tariff legislation left the Taft Administration, at the end of its first year, handicapped for
future effort, and gave the first definite signs of that
party rupture which culminated in the Progressive
vote of 1912.
The first year of Mr. Roosevelt's second Administration was marked merely by continuance of already
established policies. The year following McKinley's
inauguration in 1897 produced the Dingley Tariff



WoL. xcvm.

Bill,ibut practically nothing else; the gold-standard
bill only being enacted in 1900. Similarly, Mr.
Cleveland's first year after the 1892 election witnessed the repeal of the Silver-purchase Act in extra
session, but it contained no other definite achievement, and led the way to complete disintegration of
the Democratic Party. We need go no further back
to show that the past twelve months have presented
at least an exceptional record of tangible legislative
achievement. Moreover, it is generally admitted
that the President's present relations with Congress
are still such as greatly to strengthen his position—
a fact shown not only by the recent response of the
Senate to the request of the White House for ratification of the Arbitration Treaties, but in this very
week by the boldness of the President's personal
speech urging reversal of the party's policy on discriminatory Canal tolls.
So much, then, for the past twelve months. What
are we to infer as to the future? Pretty nearly all
past experience (possibly excepting that of the Cleveland Administration in 1893, when the circumstances
were altogether peculiar) indicates that the power and
popularity of any new Administration reach their climax during its first year of office. People are willing
to give to a newly elected President a fair opportunity
to test his capacity. The party is desirous of gaining
prestige. It knows that definite achievement of
some sort is necessary before going to the people in
the mid-term Congressional elections, and it is
equally aware that such achievement is possible only
through united action. But equally well-grounded
tradition indicates that both power and popularity of
an Administration soon after that first year are subjected to a serious test.
Sometimes the Congressional elections denote an
impaired prestige with the electorate. There is the
natural swing back from the Presidential vote.
There arises a minority in the party itself, discontented with such executive actions as appointments
to office—in which, by the way, the Wilson Administration is distinctly vulnerable. As a necessary
result, it is the later tendency of any party in power
to resolve into factions, representing various shades
of opinion on acts already accomplished. Such tendency may be enhanced by either one of two influences—the troublesome operation of certain enacted
laws creating unpopularity, or bad times in business,
from whatever cause, coloring the views of the
general public regarding legislation. Sometimes, beyond all this, the whole program of an Administration is altered by such unexpected events as the
Spanish War of 1898.
In regard to the Wilson Administration, it is certainly not yet clear how the enacted laws of 1913 will
operate. The country is giving them fair trial, with,
perhaps a maximum of hopefulness. Yet it is only
fair to point out that the income tax contains possibilities of great dissatisfaction; that the tariff bill is
as yet not completely tested as to its ultimate results
on trade and revenue; and that the banking and currency law, even by the admission of its warmest supporters, must depend for its full success on the
efficiency and wisdom of the officers who are to put
it in operation. And, along with these considerations,the Trust legislation already pending cannot be
wholly overlooked. From the Administration's own
standpoint, it has seemed to us unfortunate that such
experimental legislation should have been put to trial
at a time when the merits of the legislation of 1913

MAR. if 1914.1

THE CHRONICLE

723

still remain to be tested. It is evident that the new the difficulty the railroads of the United States
have
bills are not moving well in Congress. Politically in coping with the steady rise in operating
cost.
speaking, the danger in this direction is a double The Pennsylvania system is admittedly
in splendid
one—loss of prestige through failure to enact legisla- physical condition and its operating efficiency
of the
tion which the President had asked for or loss of highest. This efficiency, too, is being
further propopularity through the bad effect on public sentiment moted from year to year. Yet the additions
to
of such bills as might be enacted.
expenses are outrunning the increases in gross revenue,
We have thus summed up, in entire impartiality, imposing though these latter are.
the political possibilities which surround the future
In the late calendar year the ratio of operating
of the Administration. It is certainly not our pur- expenses and taxes to gross revenues MoVed
up
pose to prophesy evil as a result of it. On the con- almost two per cent (in exactfigures 1.99%), raising
trary, we can readily perceive, in view of the past it to above 80 per cent-80.06%. Think what a
pass
year's important achievements, the possibility of the railroads of the United States have come
to when
averting the dangers which we have fairly outlined. a railroad system like the Pennsylvania,
with all the
Not the least element of political uncertainty during advantages that appertain to a
property that has
the coming twelve months has to do with the impend- always been maintained at a very high
standard and
ing Congressional elections. The situation is cer- been managed in accordance with skill
and knowltainly peculiar. Mr. Wilson, as every one knows, edge of the best kind,cannot be operated for
less
was elected in 1912 by a minority of voters, and, than 80%. These figures relate to the Pennsylv
ania
on the face of the figures, wholly because of the RR. itself, comprising the lines directly
operated
third party's activities. This being so, therefore, between New York, Philadelp
hia and Pittsburgh,
even a temporary reunion of the Republican and where traffic is densest
and where exceptional opporProgressive parties in their candidacies for Congress tunity for economic
al management exist—more so
would elect an opposition majority this autumn. than anywhere else
in the United States. Gross
Mr. Wilson's good fortune has certainly thus far revenues for this part of the
system now fall but
been sustained through the obstinate policy of the little short of $200,000,000 per
annum, the aggregate
Progressive leaders—which has gone so far as to de- of the gross for the late year having
been $191,501,port a New York citizen into Pennsylvania and 490.
qualified him there in order to run him as a ProOn a system of such character and possessing such
gressive candidate for the Pennsylvania senatorship. a magnificent earning power, good
results ought to
Continued cleavage in the Progressive and Republi- be possible. Yet what do we find ?
Gross
can ranks would easily result in another Democratic improved on those of the year preceding earnings
in amount
victory; it is also possible, as a matter of pure of $10,477,797, but this was attended
by an augpolitical judgment, that many of the Progressive mentation in expenses in amount of
$11,988,447,
voters of 1912 will drift on this occasion to the leaving net actually reduced
$1,510,750. If we
Democratic Party.
extend the scope of the inquiry and , include the
• But these are matters of extreme uncertainty, not Western lines as well as all controlle
d and operated
less so in view of the new primary nomination ma- roads, the result is precisely the
same, except that
chinery, and it must also be remembered that re- the lesson conveyed by the
figures is very strongly
duced strength for a party in the House of Represen- emphasized. Here we are
dealing with total gross
tatives is often as distinct a rebuke to the Adminis- revenues closely approaching
the $400,000,000 mark.
tration as an actual reversal of majorities. As for The actual total of the gross for
the twelve months
the Mexican entanglement, that, as the old saying of 1913 on all lines east and west of
Pittsburgh and
has it, is in the hands of the gods. That aspect of Erie owned, operated or controlled by
or affiliated
the situation, even if it does not seriously complicate in interest with the Pennsylvania RR.
System was
the plans of the Administration itself, may at least $392,484,210. This was an increase
over the twelve
re-appear as an issue in the Congressional elections. months preceding of $18,388,0
30, which was satisOn the whole, it seems to us a fair conclusion that factory enough, but unfortunately
expenses and
the Administration has far more to gain by restraining taxes were increased no
less than $29,633,211, leaving
the forces of discontent and asserting distinctly the net earnings actually
diminished in the large
conservative policies in legislation and in diplomacy sum of $11,245,181. Thus,
the net result of a
than by yielding to the demands for premature or tremendous increase in
business is a loss of over 11
hot-headed legislative experiment. Along such lines, million dollars in net
income. Here the ratio of
at any rate, lies the only obvious path of political expenses is even higher than
in the other case, being
safety. Mr. Wilson has already proved himself a 81.90%. When a railroad
property, such as the
shrewd judge of a political situation. The best hope, Pennsylvania, is thus found
so costly to operate,
both for the welfare of the country and for the success the situation is evidently a very
trying one.
of the Administration, is that a policy of conservatism
The showing becomes the more striking when we
and caution will be consistently pursued by him.
note the further achievements in operating efficiency. Confining ourselves for this purpose to the
THE PENNSYLVANIA RAILROAD AND THE lines directly operated between New York and
RISE IN OPERATING COSTS.
Pittsburgh, we see that with an increase of 1,277,213,In our news columns last week we printed the text 482 in the number of tons of freight moved one mile
of the annual report of the Pennsylvania Railroad (or 5.80%),there was an addition to revenue freight
Company for the calendar year 1913, but as the train mileage in the comparatively trifling extent
of
report reached us very late Friday night we have 282,535 miles, or less than 1%. This means, of
had to defer editorial comment upon it until the course, that there was a further increase in trainload,
present week. The operations of this great trans- and we may add that the average train-load is
now
portation system—in earning power the largest of up to the magnificent figure of 719 tons. All
this,
any in the country—brings home with peculiar force however, avails nothing to increase the net income



724

THE CHRONICLE

from the business. The average rate realized per
ton per mile was exactly the same in the two years,
being 5.83 mills per ton per mile. But the addition
to train-load enabled the company to increase the
freight-train earnings nearly 20 cts. per mile run,
19 per mile. But, with 19.6
bringing them up to
eta.addition to the earnings per mile run,there was an
increase in expenses per mile of 26.6 cts.; evidently
the profit from the railroad business is steadily
shrinking.
The risd in expenses has been going on year by
year for a long time past and is encroaching upon
net revenue to such an extent as to become a serious
menace to the continued welfare of even the strongest and best managed properties. Taking a retrospect over the last seven years, we find that from
1906 to 1913 gross revenues of the Pennsylvania
Eastern lines increased from $148,239,882 to $191,501,490, but that net earnings actually fell from
$46,434,238 to $38,182,483. In other words, the
company did $43,261,608 more business and was
$8,251,755 worse off for so doing.
Such figures speak eloquently of what is going
on in the railroad world, but the fact should not be
overlooked that in these same seven years enormous
additions to the outstanding capital had to be incurred in order to provide the facilities for handling
the tremendous amount of additional traffic. The
report tells us that the aggregate expendituresfor construction and equipment during the past year alone
upon the owned and leased lines of the company was
$41,434,415. This, like the other statistics, relates
only to the Eastern lines. On the lines west of
Pittsburgh $23,111,630 more was expended during
the year for construction, equipment and real
estate. The two amounts together make over 64M
million dollars. Yet, in face of that fact, the net
revenue, as we have already seen, was actually
reduced $11,245,181. The outstanding capital stock
of the Pennsylvania was increased during the year
$45,355,900.
In such circumstances it is not surprising that
President Samuel Rea should feel called upon to
direct the attention of the shareholders and the
public to the situation prevailing and should make a
plea for its amelioration. In duty bound, he could
do no less. He points out that the operating results
of the year 1913, like those of 1912, were affected
by legislation such as the Extra-Crew laws and
other expensive measures and by wage increases
granted as the result of arbitration under the Erdman
Act. The Extra-Crew laws alone involved an
expenditure by the Pennsylvania RR. System east
of Pittsburgh and Erie of $850,000, in round figures,
and this, he says, will convey some conception of
the extent of the needless expenditures that have
been placed upon all of the railroads in this territory.
He also states that the award made in November
1913 to the conductors and trainmen under arbitration proceedings, after the company had refused to
accede to the increased wages demanded, will add
$730,000 to the expenses of 1914. He then comments
as follows:
"It is evident, therefore, that the ability to regulate
wages and working conditions, and other heavy
operating expenses, has, as the result of Federal and
State legislation, largely passed from the control of
your management, as has also the power of your
company and other railroads to charge reasonable
rates for the public transportation service rendered."



[VOL.

xcvm.

Nothing could be truer than what is here said.
Mr. Rea then alludes to the statement of the Arbitration Board in the controversy regarding trainmen's wages that in fixing wage increases it is no
concern of the arbitrators whether the roads are
financially able to stand a further increase—that
that is a matter for the Inter-State Commerce Commission. He concludes as follows:
It is difficult to escape the conclusion that some
way must be found whereby the serious but divided
responsibility of Governmental regulation of rates,
wages and other railway matters shall either be concentrated under one administrative branch of the
Government, or the results of legislative acts, orders
of commissions and awards of arbitration boards
shall be recognized by rate regulatory commissions,
so that regulation of wages, rates and other matters
may continue without working a manifest injustice
to the railroads and those who have invested in their
securities.
In view of the figures and results given by us above,
the reflections of President Rea are certainly justified,and they should receive the serious consideration
of Congress and the Inter-State Commerce Commission.
VIRTUOUS BY STATUTE.
Since the tables of the Law were handed down to Moses
there have been innumerable attempts to improve them
by making them more definite. Code after code of morals
and conduct, sanitary and ceremonial, have been laid upon
the hearts and minds of the people; but, from the earliest
on record to the Blue Laws of Connecticut, they have gone
to the rubbish heap; never formally repealed, but ignored
by the common sense of mankind. The only commentary
of any standing that has affected the Ten Commandments
is their summary in the Golden Rule.
Combination and monopoly,so far as they have been found
to be injurious in daily life, have always had a remedy in
the Common Law when enforced by the hand of authority
with proper vigor. Now a "New Freedom" is promised to
the people of the United States, and it is proposed to bring
it about by definitive statutes. Every activity and enterprise of man must conform to a code, and penalties are provided for its infraction.
That our civilization has grown more complex, and that
conditions exist that were not dreamed of by the fathers of
the Constitution, are alleged as reasons for definite stipulations as to what one must or must not do to keep "within
the law."
A mistrust of the executive and judicial officers of the
Government is also at the bottom of these latest attempts
to make more exact the tone of correct conduct.
That we have plenty, of law now; that its enforcement
would give us ample remedy in the hands of proper men;
that our great trouble is neglect in selecting these, and in
trusting to the quack nostrums of the demagogue: all' this
was never more true than to-day.
A short ballot; concentration of authority and those in
office held to strict responsibility; the utmost publicity in
public matters; a more active interest in them by the citizen,
individually and in voluntary civic organizations; these are
remedies, old-tried and trite, and apparently in some minds
obsolete.
That the new plans, or rather new names and schemes for
old ones, will be futile and useless; to expect this is merely
to expect that history will repeat itself and human nature
show unchanged.
The Girondists had their will and the Jacobins also.
Every demand of the Chartists, it is said, has been enacted
into law. In some States of this Union women have the
suffrage. But human nature and human differences are
much the same as before, the world over. Some evils, public and private, are still with us,and will be till the millenium.
Peace and order and happiness hold their sway with the
majority of our people, because the republic was founded by
wise men on a basis of simplicity and we are the inheritors
of their thrift and foresight.
We do not improve on their endeavors, and come far short
of their example, when we attempt to substitute regulations

MAR.7 1914.]

725

THE CHRONICLE

and rules of conduct for laws based on wide and sound general principles. And we will not improve on the results of
their wisdom if we fail to select our best and wisest for leaders, but depend instead on remedies stated in taking phrases,
or rely on carefully worded statutes to keep our fellowmen
in the narrow path of virtue.
JOSEPH D. HOLMES.
February 14 1914.

Deposit in Federal reserve banks; 3-15ths of required. reserve.. $52,909,000
13,435,000
Capital and surplus, $447,856,000; 3% subscription
33,626,000
United States deposits
$99,970,000
78,015.000

Payment account of reserve banks
Payment account of Country banks

$177,985,000

Total payments

$268,681,000
105,818,000

Present cash holdings
New requirement,6-15ths of required reserve

$162,863,000

Release

HOW THE RESERVE PROVISIONS OF THE BANKING
LAW WILL WORK DURING THE FIRST YEAR.
A computation showing the probable practical operation
of the reserve provisions of the new Federal Reserve Act
during the first year of the existence of the Federal Reserve
banks, was printed in the New York "Times" of Wednesday.
It is based on a formula prepared by Representative Robert
J. Bulkley, a member of the Banking and Currency Committee of the House. The conclusion reached is that during
the first year of the readjustment the shifting of reserves
which will be required by the law ought to be made with
comparative ease. On this point the "Times" says:

It indicates that neither of the three classes of national banks—thel
country banks, the reserve city banks or the central reserve city banks—wil
have to do any re-discounting in order to make their subscriptions to stock in
the Federal reserve banks,to maintain the required reserves,or to submit to
a transfer of Government deposits from their own vaults into those of the
Federal reserve banks. It indicates that there will be a relatively large
amount of funds in possession of the country banks, as compared with the
central reserve city banks for expansion of loans.

In December tables were furnished to the "Times" by
Mr. Bulkley showing the probable working of the reserve
section (under the minimum reserve requirements) thirtysix months after the inauguration of the system, the statistics
at that time having been based on the national bank figures
of August 9 1913. These statistics were reproduced in our
issue of December 27. The "Times" states that:

The present computation takes in the first twelve months following the
t
official announcement by the Secretary of the Treasury of the establishmen
of a Federal reserve bank, because that is the period on which banks entering
Secretary
Should
attention.
and
interest
the system will first focus their
McAdoo be able to make his "official announcement"ofthe"establishment
ofa Federal reserve bank"as early as June 15 next the period covered by the
computation would bo that running from June 15 1914 to June 15 1915. To
half
be more exact, the computation by Mr. Bulkley would cover the second
reof the period, because it assumes that the banks subscribe half of their
the
of
quired stock in the Federal reserve banks, and, under the terms
notiaro
they
after
months,
six
are
allowed
the
banks
Federal Reserve Act,
fied, to pay in one-half of their total stock subscriptions.
The computation shows in a general, but most illuminating way what the
result of the reserve shifting might be during the first year of making the
readjustment. Accurate predictions are, in the nature of the case, impossible. In the December computation it was predicted that practically
all of the national banks would enter the new system and that few State
banks would enter it at once. This forecast has been verified by the fact
that up to February 23, when all national banks were required to have
their applications for membership in the new system on file, all but 28 of
the grand total of 7,493 national banks of the country had agreed to enter
the Federal reserve banking system.
With the known fact that 7,465 national banks have decided to enter the
system the computation can be made more accurately than in December.
It is impossible to eliminate the 28 banks that have not come into the
system, and the computation assumes that all national banks, including
these 28, have entered.

The latest summary of the probable results of the operations of the new law is based on the returns of the national
banks made in response to the call of January 13 1914, after
the law was actually in effect; we reprint herewith the tables
as given in the "Times":

SUMMARY OF THE PROBABLE RESULTS OF THE OPERATIONS
OF NEW CURRENCY ACT.
Country Banks.
$2,982,076,000
Commercial deposits January 13 1914
$357,849,000
Reserve required against same, 12%
$755,914,000
deposits
Savings
37,795,000
Reserve required against same,5%
$395,644,000
Total reserve required
Deposit in Federal reserve banks, 2-12ths of required reserve__ $65,940,000
Capital and surplus Jan. 13 1914, $994,066,000; 3% subscription------------------------------------------------- 29,821,000
34,264,000
United States deposits Jan. 13 1914
,

$130,025,000
Withdrawals would be:
2-5ths from central reserve city banks
3-5ths from reserve city banks

$52,010,000
78,015,000
$130,025,000

$524,688,000
'Present balances with reserve agents
130,025,000
Withdrawals
$394,663,000
Leaving balance of
Reserve City Banks.
$1,808,770,000
• Commercial deposits
78,015,000
withdrawals
Less country bank
Reserve required against same, 15%
Savings deposits
-Reserve required against same,5%
Total reserve required




$1,730,755,000
$259,613,000
$98,696,000
4,934,000
$264,547,000

Payment made:
Cash
From reserve agents

$162,863,000
15,122,000
$177,985,000

Total

$278,098,000
15,122,000

Present balances with central reserve agents
Withd.rawals

$262,976,000
Central Reserve City Banks.
00
1311914
$1.579,645,0
Commercial deposits:Jan.
Withdrawals:
$52,010,000
Country bank
15.122,000
City bank
Leaving balance of

67,132,000

Total withdrawals

$1,512,513,000
$272,252,000
$1,244,000
62,000

Leaving
Reserve required against same,18%
Savings deposits
Reserve required against same,5%

$272,314',000

Total reserve required

Deposit in Federal reserve banks;7-18ths of required reeierve- -$105,896,000
10,445,000
Capital and surplus, $348,195,000; 3% subscription
8,925,000
United States deposits
Payment required for own account
Payment required for account of reserve banks
Payment required for account of country banks

$125,266,000
15,122,000
52,010,000
$192,398,000

Total
I'resent cash holdings Jan. 13 1914
New requirement; 11-18ths of required reserve

$429,198,000
166,418,000

Release
Total payments required

$262,780,000
192,398,000
$70,382,000

Free balance
Recapitulation.
Capital.
Banks.
$29,821,000
Country
13,435,000
Reserve
Central reserve 10,445,000
Total

$53,701,000

Banks.
Country
Reserve
Central reserve
Total

Reserve.
$65,940,000
52,909,000
105.896,000
$224,745,000
How Paid.

U.S.
Deposits.
$34,264,000
33,626,000
8,925,000

Total
Payments.
$130,025,000
99,970,000
125,266,000

$76,815,000

$355,261,000

Cash
Payment.
None.
$162,863,000
192,398,000

By Draft on
Reserve Banks.
$78,015,000

By Draft on
Central Reserve Banks.
$52,010,000
15,122,000

$355,261,000

$78,015,000

$67,132,000

In explanation of the above the "Times" says:
The computation indicates what the situation would be at the end of the
first year after the changes, required to be made during the first twelvemonth period, have been accomplished. According to the showing the
country banks would within that time contribute $29,821,000 of capital to
the Federal reserve banks; the reserve city banks would put in $13,435,000
of capital, and the central reserve city banks would put in $10,445,000
of capital, making a total of $53,701,000 capital. Under the law no
Federal reserve bank can be formed with less than $4,000,000 capital.
This total of $53,701,000 is probably sufficient to provide for the creation of
11 or 12 Federal reserve banks at the very start.
The country banks would have to place with the Federal reserve banks
approximately $65,940,000 of reserves. The reserve city banks would put
up $52.909,000 of reserves with the Federal reserve banks, while the central
reserve city banks would contribute $105,896,000 to the new Federal re
serve city banks, making a total of $224,745,000 of reserves put up with
the Federal reserve banks by the national banks of the country.
On account of numerical superiority the country banks would furnish
the
more than half the capital put into the Federal reserve banks during
first twelve-month period. During the same period, the computation indicates, the national banks of the three central reserve cities of New York,
Chicago and St. Louis would contribute more than half of the reserves
required to be maintained by the national banks in the Federal reserve
banks.
There are now $76,815,000 of Government deposits in the national banks
the
on the showing of the last bank call. If these deposits are shifted by
reSecretary of the Treasury from the national banks into the new Federal
reserve
serve banks the total payment from the national banks to the Federal
and
s,
reserves
subscription
in
0
banks would approximate $355,261,00
Government deposits.
The computation inalcates that the country banks would pay no cash. but
rethat they would make their total payment of $130,025,000 to the Federal
and
serve banks by making drafts on the reserve city banks for $78,015,000,
by making drafts also on the central reserve city banks for $52,010,000.
city banks
But, according to the showing of the computation, the reserve
any and they
would put up in cash $162,863,000, they would not rediscount
However,
would draw on the central reserve city banks for 815,122,000.
account" to
the actual payment by the reserve city banks on "their own
the Federal reserve banks, will amount to only $99,970,000.
Louis,
The central reserve city banks of New York, Chicago and St.
according to the showing of the annputation, would put up in cash $192,
their own
398,000, of which $125,266,000 would represent the payment on

726

THE CHRONICLE

account to the Federal reserve banks, while the balance of $67,132,000
would represent their payments on account of withdrawals by country
banks to the extent of $52,010,000 and withdrawals by the reserve city
banks to the extent of $15,122,000.
Assuming that $120,000,000 were withdrawn from the United States
Treasury and put into the new Federal reserve banks, this being less than
the approximate amount now carried from day to day in the•Treasury that
might under the new plan be deposited in the Federal reserve banks, the
balance statement of the Federal reserve banks, under the showing of the
Bulkley computation, would be:
Cash
$475,261,000
Loans
None

[VoL. xevin

The commercial deposits of the reserve city banks on the Jan. 13 bank
call aggregated $1,808,770,000, and if $78,015,000 were withdrawn by the
country banks that would leave so much less (in the reserve city banks)
subject to reserve requirements. Therefore, the reserve city banks would
have approximately only $1,730,755,000 in commercial deposits, against
which they would have to maintain a reserve of 15%, or $259,613,000.
On Jan. 13 the national banks in the 47 reserve cities had savings deposits
aggregating $98,696,000, against which they would have to maintain a
reserve of 5%, or $4,934,000. So the total reserve—against both commercial and savings deposits—to be required of the reserve city banks under
the Federal Reserve Act would be $264,547,000.
The Federal Reserve Act would require the reserve city banks to deposit
at least three-fifteenths of this required reserve in the Federal reserve
for a period of twelve months,or $52,909,000 of the required reserves
banks
Total
$475,261,000
Capital
$53,701,000 would be deposited in the Federal reserve banks. The capital and surplus
Deposits
421,560,000 of the reserve city banks on Jan. 13 was $447,856,000, of which they
would have to pay in 3%, or $13,435,000 as stock subscription to the
Total
$475,261,000 Federal reserve banks. Assuming that the reserve city banks might
also be required to give up their United States deposits, aggregating $33,This would show a very large cash reserve against deposits, permitting 926,000, under the
January bank call, it would mean a payment of $99,not only all of the present loans now existing in the country to stand exactly 970,000
on account of the reserve city banks to the Federal reserve banks.
as they are, but also allowing a very large expansion of credit, because the
Since the country banks would have withdrawn approximately $78,reserve which the Federal reserve banks themselves are required to hold and
015,000 from the reserve city banks, this added to the $99,970,000, which
maintain is to be only 35% of their deposits.
the reserve city banks would have to pay on their own account to the
On this showing the country banks would have in their own vaults about
Pederal reserve banks, would make a total of $177,985,000 the reserve
$120,000,000 more than required bylaw,and they would have balances with
city banks would have to pay over to the Federal rose' ye banks for themtheir reserve agents of $230,000,000 in excess of what they need to count as
selves and on account of withdrawals by their country ban c correspondents
reserves. The reserve city banks would not have any excess cash, but they
to enable the latter to meet their own payments to khe Federal reserve
would have a deposit with reserve agents of about $157,000,000 more than
banks.
they could count as reserves, while the central reserve city banks would have
The present cash holdings of the reserve city banks on the basis of the
a free balance of $70,000,000.
Jan. 13 bank call aggregate $268,681,000. The Federal Reserve Act would
This indicates a considerable margin of lending power in the hands of the require these
banks to hold and maintain six-fifteenths of the required
banks without any resort to rediscount. Should the country banks, or the reserve in their
own vaults for a period of thirty-six months. The new
reserve city banks,expand their loans they would have a greater demand for six-fifteenths
cash reserve requirement would be $105,818,000, releasing
cash and would be obliged to set up bigger balances than those here shown
$162,863,000 of money which the reserve city banks now hold in their own
for the Federal reserve banks. This operation would probably cause a vaults.
This cash release is $15,122,000 less than the total payments of
heavier draft against the national banks in the central reserve cities of New
$177.985,000 to be made by the reserve city banks. On this showing
York, Chicago and St. Louis and would, therefore, reduce their free bal- the reserve
city banks might draw upon their agents in the three central
ance. If it went to any considerable extent it might oven compel some
reserve cities of New York, Chicago and St. Louis for approximately
rediscounting. The banks would be in much easier shape and the require$15,122,000.
ments would be stiffer for the reserve city banks.
The present balances of the reserve city bat*s on the basis of the JanuThe computation, showing the probable practical operation of the bank
ary bank call, with their central reserve agents, amounts to $278,098,000.
reserve section and transfers of funds, necessitated by the new Banking Law
and if $15,122,000 were withdrawn from these central reserve agents, by
during the first twelve-month period, is contained in the accompanying
the reserve city banks, to enable the latter to meet their aggregate paktables:
ment of$177,985,000, the computation indicates that the reserve city banks
The country banks on Jan. 13, the date of the last national bank call, had
would still have a balance of about $262,976,000 remaining with their
net deposits subject to reserve requirements amounting to $3,738,090,000.
central reserve agents. They would not be required to rediscount in order
The Federal Reserve Act requires country banks to hold and maintain
to meet the requirements of the Federal Reserve Act during the first twelvereserves equal to 12% of the aggregate amount of their demand deposits
month period.
and 5% of their time deposits. The demand, or commercial deposits, on
The central reserve city banks on Jan. 13 had commercial deposits of
Jan. 13, aggregated $2,982,076,000 and 12% of this was $357,849,000.
$1,579,645,000, from which the withdrawals by country banks and by
The savings deposits in country banks was $755,914,000 and 5% of this reserve
city banks would have to be deducted. The computation shows
was $37,795,000. The total reserve, therefore, required of the country that the
country banks would withdraw approximately $52,010,000 and
banks, on the basis of the deposits' showing of Jan. 13, would be $395,- that
the reserve city banks would withdraw approximately $15,122,000,
644,000.
making a total of $67,132,000 in withdrawals, on the part of correspondThe Federal Reserve Act requires the country banks, for a period of 12 ent
banks, leaving $1,512,513.000 of commercial deposits.
months after the Secretary of the Treasury shall have officially announced
Against these commercial deposits the central reserve city banks would be
the establishment of a Federal reserve bank in any district, to establish and required
by the new law to maintain a reserve of 18%, or $272,252,000.
maintain two-twelfths of their required reserve in the Federal reserve
The central reserve city banks,likewise, have savings deposits of $1,244,000
banks. This two-twelfths amounts to $65,940,000.
that will be subject to a requirement of 5% under the new law, and this
The capital and surplus of the country banks on Jan. 13 was $994,066,000,
5% would amount to $62,000, so that the total reserve required to be kept
of which they would be required by the Federal Reserve Act to make 6%
by the central reserve city banks against both commercial and savings
subscriptions to the stock of the Federal reserve banks, of which they would
deposits would aggregate $272,314,000.
have to pay one-half, or 3%, within 6 months after the Reserve Bank
The Federal Reserve Act would require the central reserve city banks to
Organization Committee issues its subscription call, following its designadeposit seven-eighteenths of this required reserve in the Federal reserve
tion of the cities in which the Federal reserve banks are to be organized
banks. Such deposits of reserve in the Federal reserve banks would
and its fixing of the limits of the reserve banking districts. The payment
approximate $105,896,000 on the showing of the last bank call. Besides,
by the country banks on account of their subscriptions to stock in the
the central reserve city banks had a capital and surplus of $348,195,000
Federal reserve banks would, on the showing of the Jan. 13 bank call,
on Jan. 13. 3% of this, representing one-half of their subscription to stock
amount to about $29,821.000.
in the Federal reserve banks, would be $10,445,000. Assuming that the
The Federal Reserve Act does not require, but leaves optional with the central
reserve city banks would give up their Government deposits, which
Secretary of the Treasury, the withdrawal or retention of Government dewere $8,925,000 on Jan. 13, the total payment required to be made by the
posits in the national banks. In his discretion the Secretary of the Treascentral reserve city banks on their own account to the new Federal reserve
ury may draw out all or part of the Government deposits from the national
banks would approximate a total of $125,266,000.
banks and place them in the new Federal reserve banks.
The payments which the reserve city banks would require them to make
Assuming that the Secretary of the Treasury might transfer all these
would be approximately $15,122,000, and the country banks would draw
Government deposits from the national banks into the Federal reserve
against the central reserve city banks for $52,010,000, which, with $125,banks, the country banks would have to make a payment of the total
266,000 that the central reserve city banks would probably pay on their
amount of Government deposits they would have, at the time of such
own account, would give $192,398,000 as the total payment to be made
transfer. On Jan. 13 the country banks had Government deposits aggreby the central reserve city banks of New York, Chicago and St. Louis.
gating $34,264,000. Some of this was money deposited by the Government
The cash holdings of the central reserve city banks under the bank call
to assist the banks in aiding the movement of the crops. Before the first
of the Federal reserve banks are organized much of this will be paid into of Jan. 13, amounted to $429,198,000, and the amount of reserve required
the new law, if the central reserve city banks deposit seven-eightunder
the Treasury. But if the country banks were required to turn over all
their deposits on the basis of the January bank call, they might turn over teenths of their reserve in the Federal reserve banks, would be eleveneighteenths of their required reserve which they would carry in their own
such deposits aggregating $34,264,000.
While it is not known whether the Secretary of the Treasury will require vaults, say $166,418,000. Subtracting this from their cash holdings of
$429,198,000
would release $262,780,000 of cash.
these deposits to be shifted into the Federal reserve banks, the comThe central reserve city banks could, therefore, pay $192,398,000 to the
putation assumes that this will be done,for the purpose of ascertaining just
what would be the showing under the severest possible conditions. On Federal reserve banks for their own account and for the account of the
this basis the total payment to the Federal reserve banks by country banks reserve city banks and for the country banks, and have a free balance
—In deposits of 2-12ths of their required reserve ,capital stock subscrip- of $70,382,000 left. This is the showing of the computation without the
requirement of any rediscounting by the central reserve city banks.
tion, and Government deposits—would be approximately $130,025,000.
The present balances, on the basis of the January bank call, of all the
country banks with the reserve agents, amounted to $524,688,000. This
shows that they could make all of the payments which the computation BONDS WHICH ARE AND BONDS WHICH ARE NOT
assumes would be required by the Federal Reserve Act by drawing against
TAX-EXEMPT.
their reserve agents for $130,025,000, and still alloyf $394,663,000, or more
[FIFTEENTH ARTICLE.]
than three-fourths of their total balances, to remain on deposit with their
agents.
We add still another to our series of articles classifying the
Records in the office of the Comptroller of the Currency for a period bonds
of United States railroads so as to show which issues
of years show that the balances carried by the country banks with reserve
agents generally are about two-fifths in the central reserve banks in Chicago, contain tax provisions binding the companies themselves
New York and St. Louis, and three-fifths in the reserve banks in the other to assume or pay any taxes they may be called upon to
forty-seven reserve cities. On this basis, about $52,010,000 would be
withdrawn by the country banks from the central reserve and $78,015,000 deduct in making payments of interest and which issues are
would be withdrawn by the country banks from the reserve city banks. without provisions of that kind. The matter has particular
The country banks would be required to do no rediscounting in order to reference, of course, to the Federal Income Tax Law,
just enmeet the requirements of the Federal Reserve Act.
The showing for the requirements imposed upon the national banks in the acted, under which the Government undertakes to collect the
forty-seven reserve cities is also remarkably interesting. Like the country normal income tax of 1% at the source of the income, and
banks they would also not be required to ask for any rediscounting to meet the companies are called
upon to withhold the tax in making
the requirements of the Federal Reserve Act regarding reserves, capital
subscriptions, or transfer of Government deposits from the reserve city Interest or coupon payments unless the holder of the bond Is
banks to the new Federal reserve banks
(rapt from the tax.




MAR.

7 1914.]

727

THE CHRONICLE

Street Ry.,Feb.21, p. 562.
West Chester Kennett & Wilm. Elec.
We began the series of articles in the "Chronicle" of Nov.22, Union
Union Tr. Co. (Coffeyville, Kan.).
Ry.,Feb. 14, p.491.
Feb.
14,
p.
491.
W.Chester (Pa.) St. Ry.,Feb. 14, p.491
pages 1467-1470. The second contribution appeared Nov. Union Tr. Co.of Ind.,
West. N. Y. Sc Pa. Tr. Co., Feb. 21, p.
Feb. 14, p. 491.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the United Gas Sc Elec. Corp. and subsidl- 562.
arles, Feb. 28, p.653.
Western Ohio RR., Feb. 14, p. 491.
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages United
Lt. Sc Rys. Co., Feb. 14, p.491.
West.States G.dr El. Co.,Feb.28, p.653.
Lt.
&
Utah
Ry.
Cos.,
Feb.
14,
p.
491.
Whatcom
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh, Vicksburg Lt. Sc Tr. Co., Feb. 14, p. 491. p.491. Co. Ry. & Lt. Co.. Feb. 14,
Wilm. New Cas. Sc Del. City Ry., Feb.
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111; the Waikill Transit Co., Feb. 21, p. 562.
Washington Baltimore & Annapolis Elec21, p. 562.
ninth, Jan. 17, pages 201-203; the tenth, Jan. 24, pages 271trio RR.,Feb. 21, p. 562.
Willamette Valley Co.,Feb.28, p.653.
Waterloo Cedar Falls Sc Nor. Ry., Feb. Winona Interurb. /ty., Feb. 21, p.562.
272, the eleventh, Jan. 31, pages 345-346; the twelfth, Feb. 14, p. 491.
Woonsocket El. Mach. Sc Power Co.,
Feb. 14, p.491.
14, pages 490-494, the thirteenth, Feb.21, pages 562-563 and
the fourteenth, Feb. 28, pages 652-3.
To the foregoing we now add 26 additional electric propA complete index to the steam railroads whose securities erties, as follows:
City Gadsden Sc Attalla Ry. Philadelphia Company (including affilihave been classified will be found in our issue of Feb. 14, Alabama
Albia Interurban Ry.
ated and controlled companies).
page 490. In the following we furnish an index to the electric Binghamton
Ry.
Pittsb. Harmony Butler Sc Newcastle Ry.
State Belt Electric Street Ky.
railway and public utility securities which have been classified. Burlington (Vt.) Traction Co.
Keo. Gas L.& Coke Co., Feb. 14, p.491.
Albany Southern RR.,Feb. 14, p. 491.
Amer. River Elec. Co., Feb. 28, P. 653. Key West El. Co., Feb. 14, p.491.
Appalachian Pow. Co., Feb. 28, p. 653. Kingston Cons. RR., Feb. 21, p. 562.
Lane. Co. Ry.& Lt. Co.,Feb. 28, p.653.
Apple River Pow.Co., Feb. 28, p.653.
Ark.& Terr. Oil& G.Co.,Feb.28, p.653. Lewisburg (Pa.) Milton & Watsontown
PEWS. Ry., Feb. 21, p. 562.
Ark. Val.Ry.,L.&P Co.,Feb.28,p.653.
Atlantic City & Sh. Co., Feb. 14, P. 491. Lincoln (Neb.) Tr. Co., Feb. 14, p. 491.
Louisville Gas & El. Co., Feb. 28, p. 653.
Atlantic Shore Ry., Feb. 21, p. 562.
Aub. & Syrac. E. RR., Feb. 21, p. 562. Louisville Lighting Co. Feb. 28, p. 653.
Aurora Elgin & Ch. RR.,Feb. 14, p. 491. Louisville Trac. Co., Feb. 21, p. 562.
Lowell El. Lt. Corp., Feb. 14, p. 491.
Austin (Tex.) St. Ry., Feb. 14, p. 491.
Manch. Trac., Lt. & P. Co., Feb. 21.
Baton Rouge El. Co., Feb. 14, p. 491.
p. 562.
491.
p.
14,
Beaumont Trac. Co., Feb.
Mankato Gas& El. Co., Feb.28, p.653.
Berkshire Power Co., Feb. 14, p. 491.
Biddeford & Saco RR., Feb. 14, p. 491. Maryland Elec. Rys., Feb. 14, p. 491.
Blackst. Val. G.& E. Co., Feb. 14, p.491. Mass. Cons. Rys., Feb. 14, p.491.
Milf. & Uxb. St. Ry., Feb. 14, p. 491.
Blue Hill St. Ry., Feb. 14, p.491.
Milwaukee Nor. Ry., Feb. 21, p. 562.
Boston Elev. Ry.,Feb. 14, p. 491.
Minneap. Gas dr El. Co., Feb. 28, p. 653.
Bost. dr Wore. St. Ry.,Feb. 14, p.491.
Minot Light & Tel. Co., Feb. 28, p. 653.
Broad Rip. Tr. Co., Feb. 14, p.491.
Miss. River Power Co., Feb. 14, p. 491.
Bucks Co. Inter. Ry., Feb. 21, P. 562.
But. Lock.& Roch. Ry., Feb. 21, p. 562. Miss. Vail. G.& El. Co., Feb. 28, p.653.
(H. M.) Bylisby & Co. (controlled Mobile Elec. Co., Feb. 28, p. 653.
Muncie & Port. Tr. Co., Feb. 21, p. 562.
properties), Feb. 28, p. 653.
Muskegon Tr.& Ltg. Co.,Feb. 21, p.562.
Cape Breton El. Co., Feb. 14, p. 491.
Carolina Pow.& Lt. Co., Feb. 14, p.491. Muskogee El. & Gas Co., Feb. 28, p.653.
Calais (Maine) St. Ry., Feb. 14, p. 491. Muskogee Gas Co., Feb. 28, p. 653.
Cent. Calif. Trac. Co.,Feb. 21, p. 562.
Muskogee G.& El. Co., Feb. 28, p. 653.
Chambersburg Greencastle & Waynes- Muskogee Ice & Pow.Co.,Feb.28, p.653.
boro St. Ry.,Feb. 14, p.491.
New Bedf. & Onset St. Ry., Feb. 14, p.
Charleston (S. C.) Cons. Ry. & Ltg.,
491.
Feb. 14, p. 491.
New Eng. Inv. & Scour. Co. and subChic. City & Conn. Rys.,Feb. 14, p.491.
sidiaries, Feb. 14, p. 491.
Chicago Elev. Rys., Feb. 14, p. 491.
New Jer. & Pa. Tr. Co., Feb. 21, p. 562.
Chicago & Int. Trac. Co.,Feb. 14, p.491. New Lon. G.& El. Co., Feb. 14, p. 491.
& Oak Park El. RR.,Feb. 14, p.491 Newport dr Prov. Ry., Feb. 21, p. 562.
Northampton Tr. Co., Feb. 14, P. 491.
Chicago Rys., Feb. 14, p. 491.
Chic. & W. Towns Ry., Feb. 14, p. 491. Nor. Texas El. Co., Feb. 14, p. 491.
Cinc. Newp. & Coy. Tr, Co., Feb. 21, Northern Htg.& El. Co., Feb. 28, p. 653.
Northern Tex.Tr. Co., Feb. 14, p.491.
P. 562.
Nor.Id.& Mon.Pow.Co.,Feb.28,p.653.
Citizens' Trac. Co., Feb. 21, p. 562.
Nor. Miss. My.Pow. Co., Feb. 28,p.653.
Cleve.& Erie Ry.,Feb. 14, p.491.
Colo. Springs & Int. Ry., Feb. 14, p.491. Nor. Ohio Tr.& Lt. Co., Feb. 28, p. 653.
Colum. (S. C.) G. dr El. Co., Feb. 14, Northw. Pa. Ry., Feb. 21, p. 562.
North. States Pow. Co., Feb. 28, p. 653.
p.491.
Okla. Gas & Elec. Co., Feb. 28, D. 653.
Columbus Elec. Co., Feb. 14, p. 491.
Columb. Mag.Spgs.& Nor. Ry.,Feb. 14, Olympia Gas Co., Feb. 28, p. 653.
Oregon Elec. Ry., Feb. 14, p.491.
p.491.
Colum. Mar.& Buoy. Ry.,Feb. 21, p.562 Otsego & Herk. RR., Feb. 21, p. 562.
Colum. New Alb. & Johnstown Trac. Ottumwa Ry.& Lt. Co., Feb. 28, p. 653.
Ottumwa Trac.& Ltg.Co.,Feb.28,p.653.
Co., Feb. 21, p. 562.
Pacific Coast Power Co., Feb. 14, p. 491.
Columbus Power Co., Feb. 14, p. 491.
Connecticut Power Co., Feb. 14, p. 491. Pacific Gas & El. Co., Feb. 14, p. 491.
Consumers' Pow. Co., Feb. 28, P. 653. Pacific N. W.Tr. Co., Feb. 14, p. 491.
Paducah City Ry., Inc., Feb. 14, p. 491.
Dallas Elec. Co., Feb. 14, p. 491.
Dayton Coy.& Piqua Trac. Co., Feb. 14, Paducah St. Ry. Co., Feb. 14, p. 491.
p. 491.
Paducah Tr. & Lt. Co., Feb. 14, p. 491.
Pawtucket El. Co., Feb. 14, p. 491.
Des Moines City Ry., Feb. 14, p. 491.
Eastern Tex. Elec. Co., eb. 14, p. 491. Pawt. Gas Co. of N. J., Feb. 14, p. 491.
East. Wisc. Ry.& Lt. do.,Feb. 14, p.491 Pensacola El. Co., Feb. 14, p. 491.
Edison El. Ill. Co., Brockton, Feb. 14, People's Lt.,P.& Ry. Co.,Feb. 14, p.491
p.491.
Petal. & San. Rosa (Cal.) Ry., Feb. 14,
p.491.
Elec. Light & Power Co. of Abington and
Philadelphia Rys.,Feb. 14, p.491.
Rockland, Feb. 14, p. 491.
Elm.Wat.,Lt.& RR.Co.,Feb.28,p.653. Ponce Elec. Co.. Feb. 14, p. 491.
Pueb.Sub.Tr.& Ltg.Co.,Feb.28,p.653.
El Paso Elec. Co., Feb. 14, p.491.
Empire Un. Rys. Inc.. Feb. 21, p. 562. Pueblo Trac.& Ltg. Co., Feb. 28, p. 653.
Puget Sound Elec. Ry., Feb. 14, P. 491.
Enid Elec. & Gas
'
Co., Feb. 28, p. 653.
Escanaba (Mich.)Tr. Co.,Feb. 14, p.491 Puget Sound Int. Ry. & Power Co.,
Feb. 14, p. 491.
Evansv. Sub. & Newb. Ry., Feb. 14, p.
Puget Sound Power Co., Feb. 14, P. 491.
491.
Puget Sound Tr., Lt. & P. Co., Feb. 14,
Everett Gas Co., Feb. 28, p. 653.
p.491.
Everett R.Sr El. Co., Feb. 14, p.491.
Everett Ry., Lt. & Water Co., Feb. 14, Putnam & Westch. Tr. Co., Feb. 21, p.
562.
p. 491.
Red River Pow. Co. Feb. 28, p. 653.
Everett Water Co., Feb. 14, p. 491.
Fargo&Moorhead St.Ry.,Feb.28,p.653. Reno Pow., Lt..& Wet. Co., Feb. 14, p.
491.
Ft.Smith Lt.& Trac. Co.,Feb.28,p.653.
Frankf. Ta.& Holm. Ry.,Feb. 21, p.562. Republic Ry.& Lt. Co., Feb. 28, p. 653.
Gainesv. (Ga.) Ry. & P. Co., Feb. 14, Rich. Lt. & RR. Co., Feb. 21, p. 562.
Koch. & Manitou RR., Feb. 21, p. 562.
p. 491.
Galesb. & Kew. (Ill.) El. Ry., Feb. 21, Rock. Thom. & Cam. St. Ry., Feb. 14,
p.491.
p. 562.
San Diego Con.G.&E Co.,Feb.28,p.653.
Galveston Elec. Co.,Feb. 14, p.491.
Sapulpa Electric Co., Feb. 28, p. 653.
Galv.-Hous. El. Co., Feb. 14, p. 491.
Galv.-Hous. El. Ry. Co.,Feb. 14. p.491. Savannah Elec. Co., Feb. 14, p.491.
Geneva Sen. Falls & Aub. RR., Feb. 14, Savannah Power Co., Feb. 14, p. 491.
Say. Th. dr Isl. of Hope Ry., Feb. 14,
p. 491.
p.491.
Grand Forks G.& El. Co.,Feb.28, p.653.
Gulfp. & Miss. Coast Tr. Co., Feb. 14, Scioto Val. Trite. Co., Feb. 14, p. 491.
Soren. dr W.-Barre Tr. Corp., Feb. 14,
P. 491.
p.491.
Ham. Lt. & Pow. Co., Feb. 14, p. 491.
Seattle Elec. Co., Feb. 14, p. 491.
Harrisburg Rys., Feb. 14, p. 491.
Haat.& Sp'gfield St. Ry.,Feb. 14, p.491 Seattle Ry. Co. Feb. 14, p. 491.
' & Sub. Ry., Feb. 14,
Hanover & MeSher. St. Ry., Feb. 14, p. Selma (Ala.) St.
p.491.
491.
Holyoke (Mass.) St. Ry.,Feb. 14, p.491. Shreve. Traci. Co.,Feb. 14, p.491.
Houghton Co. El. Lt. Co., Feb. 14,p.491 Sierra,Pac. Elec, Co., Feb. 14, p. 491.
Hought. Co.St. Ry. Co., Feb. 14, p.491. Sioux Falls EI.Lt.& P.Co.,Feb.28,p.653.
SiouxiFalls Lt.& P. Co., Feb. 28, p.653.
Hought. Co. Tr. Co., Feb. 14, p. 491.
Sou. Lt. & Tr. Co., Feb. 21, p. 562.
Houston Elec. Co., Feb. 14, p. 491.
Hudson Rly. & East. Tr. Co., Feb. 21, Southwest. Gen.Gas Co.,Feb.28, p.653.
Southw. Mo. RR., Feb. 14, p. 491.
p. 562.
Southw.(Tex.) Tr. Co., Feb. 14, p. 491.
Humboldt Tran. Co., Feb. 14, p. 491.
Indiana Rys. & Lt. Co., Feb. 14, p. 491. Spok. dr ml. Emp. RR., Feb. 14, r. 491.
Ind. Col. & Sou. Tr. Co., Feb. 21. o. 562. Stand. Gas & El. Co.,Feb. 28, P. 653.
Inter-Stato Lt.& P. Co., Feb. 28, p. 653. Stone & Webster Cos., Feb. 14, p. 491.
Interurb. Ry. (Des Moines), Feb. 14, Suffolk Tr. Co., Feb. 21. p. 562.
Sydney &Glace BaY RY.,Feb. 14, p.491.
p.491.
Inter. R.y. Sc Term. Co., Feb. 14, p. 491. Syrae.& So.Bay El,RR.,Feb.21, p.562.
Tacoma Gas Lt. Co., Feb. 28, D. 653.
Iowa Ry.& Lt. Co., Feb. 14, D. 491.
Ironw. & Bess. Ry. & Lt. Co., Feb. 14, Tacoma Gas & El. Lt. Co.,Feb.28,1).653.
Tacoma Ry.dr Pow. Co., Feb. 14, p.491.
p. 491.
Jack. (Miss.) Lt. & Tr. Co., Feb. 14, Tampa El. Co., Feb. 14, p. 491.
Terre Haute Ind. & East, Trite. Co.,
p. 491.
Feb. 21, p. 562.
Jacksonville El. Co., Feb. 14, p..491.
Third Av.Ry., N.Y.C.. Feb. 14, p. 491.
Jacksonville Tr. Co., Feb. 14, p. 491.
Jop.& Pitts.(Kan.) Ry.,Feb. 14, p.491. Toledo Bowling Green Sc Sou. Tr. Co.,
Feb. 14, p. 491.
Kentucky Pipe Line Co., Feb. 28, p. 653.
Union Cons. Elev. Ry., Feb. 14, p. 491.
Keokuk Elec. Co., Fob. 14, p.491.
Keokuk El. Ry. & Pow. Co.. Feb. 14, Union Elec. Co.(in Iowa), Feb. 14, p.491
p.491.
Union Lt Ht.&Pow.Co.,Feb.28,p.653.




Cleveland Ky.
Indianapolis Sc Louisville Traction Ky.
Illinois Traction Co. and subsidiaries.
Lake Shore Electric Ky.
Long Island Consol. Electric Rys.
Marquette County Gas Sc Electric Co.
Massachusetts Elec. Cos.and subsidiaries
Montoursville Passenger Ky.
North Carolina Public Service Co.
Northern Cambria Street Ry.

Stark Electric Railroad.
Trenton Bristol Sc Philadelphia St. Ry.
United Rys. Sc Electric Co. of Baltimore.
United Rys. Co. of St. Louis.
Valley Railways.
Washington Railway Sc Electric Co.
Western Railway Sc Light Co.
Westmoreland County Ky.
Youngstown Sc Ohio River RR,

ALABAMA CITY GADSDEN & ATTALA RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
New mortgage 55
M-N Nov. 1 1936
$298,000
ALBIA (IOWA)INTERURBAN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 6s
J-D
To June 1930 *$235,900.
*Company is paying coupons in full without deduction of normal Federal income tax.
BINGHA.MPTON RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First consol. M.5s ($2,500,000)
M-N Nov. 1 1931 $1,326,000
J-J
Binghampton RR. mortgage 58
To Sept. 1923
592,000
J-D
Bing. Lest. Sc Un. 1st M.53
June 1 1925
147,000
BURLINGTON (VT.) TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
30-year 5% bonds
1942
$350,000
CLEVELAND RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge. 53($35,000,000)
M-S
Mar. 1 1931 $5,495.000
EVANSVILLE (IND.) RAILWAYS CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First & ref. mtge. 5s ($5,000,000)
1953
$273,000
Collateral 6% notes
A-0
April 1 1918
185,000
Evans.& E.Elec. Ry. 1st M 58
A-0
April 1 1936
691,500
Evans.& Mt. V.Elec. Ry. 1st M.5s
A-0
Oct. 1 1925
350,000
Evans. Term. Ry. 1st M 58
J-J
Jan. 1 1939
300,000
Henderson Traction 1st M.5s
A-0
April 15 1927
105.000
Owensboro City RR. 1st M.58
J-.T
Jan. 1 1932
200,000
General mortgage 6s
M-N May 1 1933
200,000
ILLINOIS TRACTION CO. SYSTEM.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Bloomington & Normal Ry. & Light 1st
and gen. M.5s ($3,500,000)
J-J
Jan. 1 1928
$968,000
B.& N. R.E.& H.1stM 55
J-D
June 1 1927
600,000
St. Louis El. Term. Ry. 1st M. 3%-5%
($3,500,000)
F-A
Dec. 1 1929
1.724,000
Danville Champaign Sc Decatur Ry.& Lt.
Co.cons.& ref. coll. tr. 5s ($15,000,000) M-S Mar. 1 1938
2,291,000
Danville Street B.& Lt. ref. M.5s
J-J
To Jan. 1 1925 670,000
M-S Sept. 1 1914
Danville & Northern M. 58
17,000
Consol.& ref. deb. 5$ ($7,500,000)
M-S
Mar. 1 1938
912,000
Decatur Ry.& Lt. 1st consol. M.5s_ _ _ _J-D
Dec. 1 1933
743,000
ar.
Consol.& ref. M.53($7,500,000)- _ M-S
.1 1938
869,000
M-N .To May 1930
Decatur Gas & Elec. 1st M.5s
240,000
J-J
4an. 1 1930
Second mortgage 5s
90,000
J-J
Jan. 1 1921
Decatur Trac. & Elec. 1st M.5s
212,000
Urb. & Champ. Ry. G. & El. Co. cons.
M-S Mar. 1 1938
& ref. deb. 5s ($4,000,000)
689,000
Urbana Lt., Ht.& Pow.Co. 1st M.5s_ _M-N To May 1 1920
29,000
J-D
First consol. M 5$
To Mar. 1 1927 92,000
Consol. Sc ref. M 53
M-S Mar. 1 1938
10,000
Jacksonville Ry. & Light Co. 1st consol.
J-J
M.5s($1,000,000)
Jan. 1 1931
573,000
Peoria Ry. 1st Sc ref. M.5s ($3,600,000)--F-A
To Feb. 1926 2,394,000
General mortgage 5s
F-A
Feb. 1926
813,000
Central Ry.first M.5s
A-0
April 1 1915
570,000
Topeka Ry. 1st M.5s ($1,250,000)
J-J
Jan. 1 1930
1.160,000
Bloomington Decatur & Champaign RR.
M-N Nov. 1 1940
1st & ref. M.58 ($15,000,000)
1,500,000
General mortgage 53
M-N Nov. 1 1940
1,390,000
Danville Urbana & Champaign Ry. 1st
M-S Mar. 1 1923
2,000,000
M. 5s ($2,000,000)
J-J
To Jan. 1927
292,000
Second mortgage 68
1930
M-N
General mortgage 6s
700,000
Dec. 1 1933
1,469,000
Illinois Cent.Trac. 1st M.55($2,000,000)_J-D
J-D
1929 Sc 1931
General mortgage 5s and 6s
699,000
St. Louis Springfield & Peoria RR. 1st &
Dec. 1 1939
J-D
4,653.000
ref. M.5s 415,000,000)
1939
M-N
4,157,000
General M.5s ($15.000,000)
J-D
Dec. I 1933
451,000
St. Louis & Spring. 1st M.58
50,6
280,000
Peoria Bloom. & Cham. Trac. 1st M.5s M-N Nov. 1 1199327
F-A
Danville & East. Ill. By. 1st M.5s
J-J
July 1 1929
60,000
Danville & Southeast. Ry. 1st M.5s
1,907,000
Des Moines El. Co. lst M.5s($5,000,000)_M-N Nov. 1 1938
J-J
1935
838,000
Des Moines Ry.& Lt. temp. 58
Madison County Lt. Sc Power 1st M. 5s
J-D
Dec. 1 1936
515.000
($
St Louis Electric Bridge Co. 1st M.3%1929
2,542,000
M-S
.
5%($3,000,000)
Sept. 1 1930
J-J
820,000
Topeka Edison 1st M.58 ($1,250,000)
Western Railways & Light Co.
Atchison Ry., Light & Power Co. 1st M.
M-N Nov. 1 1935
750,000
r. 5s ($1,500,000)
Galesburg Railway & Light Co. new M.
July
1
1934
J-J
1,150.000
($1,500.000)
5s
April 1 1919
A-0
350,000
Gales. Gas & El. Lt. 1st M 58
F-A
Feb. 1 1932
935,000
Quincy Ry. 1st M. 5s ($1,000,000)
Oct. 1 1919
A-0
300,000
Wichita RR.& Light Co. 1st M.5$
Oct. 1 1932
A-0
1,031,000
New
g •
Chicago Ottawa & 'Peoka Ry. 1st consol.
Dec. 1 1938
J-D
2,723,000
& ref. M.5$ ($5,000,000)
M-S Sept. 1 1935
1,304,000
Illinois Valley 1st M 53
July 1 1923
607,000
Nor.Ill. Lt.& Trac. 1st M.5s($1.200,000) J-J
200.000
Jefferson City Lt.. Ht.Sc Pow.Co.1st M.5sM-N May 1 1925

Adr

728
Issued without Reference to
Int.
Urb. & Cham. R., G.& E. 1st M.5s_ _J-D
Consol. mortgage 55
J-J
Jacks. Gas Lt. & Coke 1st M. 55
J-J
• Western Railways & Light Co.
Cairo Ry.& Lt.Co. 1st M.5s($1,000,000) J-D
Cairo Elec. & Trac. 1st M.55
J-D
Cairo City Gas Co. 1st M 58
J-D
Central Lighting Co. collateral trust 55
J-J
Marseilles'Water & Light Co. 1st M.5s__ _A-0
Consol. Water & Light 1st M 58
M-N

THE CHRONICLE
Taxes.
Maturity Date. Outstand'g.
June 1 1917
$138,000
July 1 1929
354,000
Jan. 1 1931
160,000
Dec. 1 1938
June 1 1923
June 1 1923
July 1 1922
April 1 1924
Dec. 1 1925

775,000
150,000
75,000
250,000
25,500
30,000

INDIANAPOLIS & LOUISVILLE TRACTION RY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge. 58 ($1,500,000)
A-0 Apr. 1 1942
$849,800
LAKE SHORE ELECTRIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First consol. 5s ($4,000,000)
J-J
Jan. 1 1923 $1,690,000
General mtge. 5s ($7,000,000)
F-A
Feb. 1 1933
2,255,000
Lorain & Cleve. 1st mtge.55
J-J
July 1 1927
750,000
Toledo Frem.& Nor. 1st mtge. 55
J-J
Jan. 1 1920 1,500,000
Lorain St. Ry. 1st consol. M.($2,000,000) J-J
July 1 1936
*500,000
Lor. St. Ry. 1st mtge.6s
J-J
Jan. 1 1915
200,000
Consol. mtge. 55
M-N Nov. 1 1949
550,000
Sand. F.& So. Ry. 1st 58 ($2,000,000)
J-J
July 1 1936
645,000
* All in the treasury of Lake Shore Electric Ry.
LONG ISLAND CONSOLIDATED ELECTRICAL COS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Island
Elec. Ry. 1st M 55
Long
J-D
June 1 1925
$600,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Huntington RR. 1st M.5s
J-D
June 1 1920
$26,000
Ocean Elec. Ry. 1st M 55
A-0 April! 1918
20,000
N.Y.& L.I. Trac. 1st M.4s
M-N Nov. 1 1942
1.000.000
MARQUETTE COUNTY GAS & ELECTRIC CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 6s ($1,000,000)
J-J
Jan 1 1930 *3361,000
*Free of all taxes except income or inheritance taxes. Company is paying Federal income tax of 1% on this issue.
MASSACHUSETTS ELECTRIC COMPANIES.
Interest payable with Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Collateral trust 5% notes
M-N May 1 1915 $3,100,000
Bay State Street Railway/ notes
Serial 50
F-A
To 1932
1,975,000
Bus.& Nor. rot. M.4s ($15,000,000)
J-J
July 1 1954
7,179,000
Mystic Valley 1st mtge. 5s
J-J
Jan. 1 1919
60,000
Lynn & Bus. 1st mtge. 58
J-D
Dec. 1 1924
3,723,000
Geotn. Row.& Ips. let mtge. 58
J-D
June 1 1920
180.000
Hay. Geotn.& Dan. 1st mtge. 5s
M-S Mar. 1 1919
35,000
Lynn & Boston 6% notes
A-0 Apr. 1 1917
405,000
Gious.& Rockport 6% notes
F-A
Feb. 1 1915
10,000
Gious. Essex & Bev. 1st mtge.5s
J-D
Dec. 1 1916
125,000
Rockport St. Ry.6% notes
A-0 Oct. 15 1916
12,500
Wakefield & Stoneham 1st mtge. 58
M-S Mar. 1 1915
150,000
Low. Law.& Hay. 1st mtge.5s
J-D
June 1 1923
774,000
People's of W. Newbury 1st mtge. 5s_
J-J
Jan. 1 1928
64,000
Old Col.St. By.ref. M.4s($10,000,000)- _J-J
July 1 1954
5,692,000
Brock.(Consol.) St. Ry. let M.5s
A-0 Oct. 1 1924
689,000
Bus. Mil.& Brock. 1st mtge.55
J-J
July 1 1919
100,000
Brock. Bdgw.& Taunton 1st M.5s
F-A
Aug. 1 1917
200,000
Brock.& E.Bdgwater 1st mtge. 55
F-A
Feb. 1 1918
30,000
F-A
Taunton & Brockton 1st mtge. 5s
Aug. 1 1917
100,000
N.Bed. Mid.& Brock. 1st mtge. 58
J-J
Jan. 1 1920
325,000
Braintree St. Ry. 1st mtge.6s
J-J
July 25 1914
35,000
Dighton Som'set & Swan. 1st M.5s
J-D
Dec. 1 1915
78,000
M-S Mar. 1 1914
Taunton St. Ry. debenture 5s
200,000
Prov.& Taun. St. Ry. 1st M.55
M-S Sept. 1 1918
150.000
So.Sh.& Boston 1st M 5s
F-A
Aug. 1 1919
335,000
Braintree & Weymouth 1st M 58
M-S Mar. 1 1917
80,000
M-N Nov. 1 1917
ridgw. Whit.& Rock. 1st M.5s
85,000
Rock.& Abingd. 1st mtge.6s
M-N May 1 1915
100,000
M-S Sept. 1 1916
W.Box.& Roslindale 1st mtge. 58
117,500
Norfolk Central 1st mtge. 5s
J-J
July 1 1918
32,500
Norfolk Suburban 1st mtge. 5s
J-J
July 1 1914
45,000
Boston & Revere Elec. St. Ry. 1st M.5s_ _M-S Sept. 1 1928
50,000
East Middlesex St. Ry.bonds of 1898,5sM-S Sept.! 1918
120,000
Ref. bonds of 1902,4s
J-J
Jan. 1 1922
100,000
Interest Payable without Deduction of Federal Income Tax.
Int. Maturity Date. Outstand'g.
Nashua St. Ry. 1st mtge.4s
A-0 Oct. 1 1931
$150,000
Newport & Fall River 1st mtge. 5s
F-A
Aug. 1 1918
240,000
Consol. mtge. 4%s $1,000,000)
July 1 1954
J-J
573,000
Newport Ilium. Co. 2d mtge. 6s
A-0 Oct. 1 1925
63,500
Note.-As to the bonds upon which interest is paid in full by the company
without deduction of the Income Tax, such action is taken by reason of
provisions in the leases and not on account of any clauses in the bonds or
In the indentures securing them.•
MONTOURSVILLE PASSENGER RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
30-year 5% bonds
' M-N May 1 1938
$112,000
NORTH CAROLINA PUBLIC SERVICE CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First and ref. mtge. 58 ($3,500,000)
A-0 Apr. 1 1934 $1,544.000
Greensb. Elec. Co.5% mortgages
1949
203.500
Salsb. & Spencer Ry. 1st M 58
M-N May 1 1945
516,000
•

NORTHERN CAMBRIA STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. maturity Date. Outstand'g.
First mortgage 5.9
1935
M-N
*8410,000
*Free of State of Pennsylvania taxes only.
PHILADELPHIA COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
First and collateral trust mortgage 58____M-S Mar. 1 1949
Consol. mortgage and collateral. trust 5s_ _M-N Nov. 1 1951
Convertible debenture 58 (1909)
F-A
Aug. 1 1919
Convertible 5% notes (1911)
M-N May
Convertible debenture 58 (1912)
M-N May 1 1922
Union Gas(McKeesport)first mtge. 58
Pittsburgh Rys.Co.gen.M.5s($20,000,000)A-0
Income bonds
Car trust 58 of 1905
J-D
To 1915
Car trust 58 of 1911
M-S To 1922
Car trust 6s of 1913
M-S To 1925
West Liberty & Sub. first mtge. 58
J-J
Jan. 1 1938
South. Trac. 1st mtge. and coll. trust 5s_ _A-0
Oct. 1 1950
West End Traction general mtge. 58
J-J
Jan. 1 1938




Outstand'g.
$6.012,000
15,148,000
1.957,000
1,400,000
9,800,000
1,265,000
1,460,000
10,000,000
80,000
243,000
175.000
250.000
4,000,000
981,000

Int. Maturity Date.
Pitts. Craft. & Mans. first mtge. 58
J-J
July 1 1924
Pitts.& West End first mtge. 58
J-J
July 1 1922
Mt. Wash. St. Ry. 1st M.& coll. trust 5s_A=0
Apr. 1 1933
Washington & Canonsburg Ry. 1st M.5&J-J
July 1 1932
Washington Elec. St. Ry. 1st M. 5s_ _ _F-A
Feb. 1 1927
Pitts. Cannonsb.& Wash. Ry. 1st M.5s_ _J-J
July 1 1937
Un.Tr.Co.ofPitts.gen.M.58($10,000,000) J-J
July 1 1997
Pitts. Alleg.& Manch mtge. 58
A-0 Oct. 1 1930
Second Ave. Trac. mtge. 55 (1894)
J-D
Dec. 1 1934
do
mtge. 5s (1893)
do
J-J
July 1 1933
Federal St.& Pleasant Vail. By. consol.
mtge. 58 ($1,250,000)
J-J
May 1 1942
Fed. St. & Pl. Vail. mtge. 58
J-J
July 1 1919
Allegheny & Bellevue 1st M.58
J-J
Nov. 1 1920
Allegheny St. 1st M. 5s
J-J
Nov. 1 1920
Perry St. 1st M. 5s
J-J
Nov. 1 1920
Troy Hill 1st M. 58
J-J
Nov. 1 1920
Pitts. & Bit•m. Trac. 1st M.5s
M-N Nov. 1 1929
Birm. Knoxv.& Atlan. 1st M.6s_ __ _M-S Sept. 1 1931
Brownsville Ave. St. By. 1st M. 5&..F-A
Aug. 1 1926
West Liberty St. By. 1st M 58
J-J
July 1 1930
Mt.Oliver Incline sty.first mtge.6s_ _M-N Not redeemed
Pitts. Inclined Plane first mgte. 6s
J-J
July 1 1919
Pitts.& Charleroi St. Ry. 1st M.5s_
M-N May 1 1932
Charleroi& West Side first mtge. 5s_ _M-S Sept. 1 1929
Alleg. Bellevue& Pen•ysv. By. let M.5sA-0 Apr. 1 1935
Ben Avon & Emsworth St. Ry. let M.5sA-0
Apr. 1 1936
East McKeesport St. By. 1st M.5s
J-D
Dec. 1 1929
Consolidated Traction equip. trust ctfs. 6s_F-A
To Feb.1918
Ft. Pitt Traction mtge. 5s
J-D
Dec. 2 1935
Ardmore Street Ry.first mtge. 58
A-0 Apr. 1 1958
Milivale Etna & Sharps. 1st M.5s_ _ _M-N Nov. 1 1923
Central Traction first mtge. 5s
July 1 1929
J-J
Citizens' Traction first mortgage 5s_ _A-0
Oct. 1 1927
Penn St. Pass. By. first mtge. 55 J-D
June 1 1922
Duquesne Traction first mtge. 5s
J-J
July 1 1930
Monongahela St. Ry.first mtge. 5-s J-D
June 1 1928
Wilks. & E. Pitts. 1st M. 58
M-S Sept. 1 1929
Wilks. & Ver. let M. 58
J-D
June 1 1931
Pitts. & Wilks. first mtge. 58
J-J
July 1 1931
Pittsburgh Traction first mortgage 5s_A-0 Oct. 1 1927
Bloomfield Street Ry. 1st M. 5s_ _ _F-A
Aug. 1 1923
Suburban Rap.Tr.St. By. 1st M.6s_M-S Sept. 1 1953
Morningside Elec. St. Ry. let M.5s A-0 Oct. 1 1935
17th St. Incline Plane Co. 1st M.58
M-S Mar. 1 1935
Beaver Valley Traction 2d mtge. 6s
A-0 Oct. 1 1915
First consolidated mortgage 55
A-0 Oct. 1 1950
General mortgage 58 ($3,000,000)
M-N Nov. 1 1953
People's Elec. St. By. 2d M.6s
F-A
Feb.20 1915
Pitts. & Beaver St. By. 1st 58 ($1,500,000)J-J
July 1 1938
Duquesne Light Co.-Alleg. Co. Lt. Co.
East End Elec. Lt. Co. 1st M.5s
F-A
Feb. 1 1915
Sou. Heat, Light & Power 1st M.5s
J-D
Dec. 1 1949
Monongah. Lt. & Power let M. 5s
J-D
June 1 1949
Consol. Gas Co. of Pittsburgh 1st M.5s_ _F-A
Feb. 1 1948
Issued without Reference to Taxes.
Int. Maturity Date.
Central Passenger By. let M 6s
A-0 Oct. 1. 1924
Pennsylvania Lt., Ht.& Pow. 1st M.6s A-0 Apr. 1 1916

Outstand'g.
$176,000
343,000
1,500,000
495,000
125,000
750,000
4.804.000
1,500,000
2,026.000
419.000

•

1.073,000
92,000
18,000
27.000
•3,000
37,000
1,500,000
500.000
300,000
400,000
41,500
150,000
2,445,000
55,000
500.000
300,000
250,000
140,000
1,000,000
1,032.000
741,000
*375,000
1,250.000
250,000
1,500,000
1,000,000
2,000,000
620,000
588,000
750,000
250,000
200,000
200,000
125,000
100,000
675,000
700,000
25,000
a750,000
*488,000
300,000
1,700,000
5,000,000
Outstand'g.
$125,000
150,000

* Free of taxes except United States Government taxes.
a All owned by Philadelphia Company.
PITTSBURGH HARMONY BUTLER & NEWCASTLE BY.
Issued with Tgx-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge.5s ($3,500,000)
J-D
June 1 1936 $2,500,000
STARK ELECTRIC) RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'q.
First mortgage 5s
$958,000
Jan. 1 1928
J-J
SLATE BELT ELECTRIC STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58
J-J
*8130,000
1942
Second mortgage 4s
J-J
*270,000
1942
*Free of State of Pennsylvania taxes only.
TRENTON BRISTOL & PHILADELPHIA STREET RY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58
M-S Mar. 1 1943 *$406,000
* Free of all taxes except succession, inheritance or income taxes.
VALLEY RAILWAYS (PENNA.)
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Coll. trust 5s ($1,700,000)
Aug. 3 1952 $1,000,000
F-A
Bar.& Mech. let mtge.6s
M-8 Sept. 1 1914
144,500
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Valley Traction 1st M.5s
A-0 Oct. 1 1933 *8555,500
*Company has decided to pay the normal Federal income tax of 1%
on this issue.
UNITED GAS & ELECTRIC CORPORATION.
In our issue of Feb. 28, page 653, we stated, as is the fact, that the following bond issues do not contain any provision in regard to exemption from
taxes. viz.: United Gas & Elec. Co. 1st M.5s; Lancaster County By.& Lt.
1st M.5s; Lancaster Gas Light & Fuel Co. 1st M.5s; and the WestSide RR.
let M. 55. It should, however, be noted that the United Gas & Electric
Corporation has, nevertheless, decided to assume. for the present at least, the
payment of the normal Federal income tax of 1%•
UNITED RAILWAYS CO. OF ST. LOUIS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
General mtge. 4s ($42,000.000)
July 1 1934 $31,582,000
J-J
St. Louis Transit impt. mtge. 55
A-0 Oct. 1 1924
9,860,000
Southern By. consol. mtge. 6s
May 1 1915
J-J
500,000
Southern Elec. RR. 1st mtge. 55
Aug. 1 1916
F-A
200,000
St. L.& Sub. gen. mtge. 5s ($7,500,000).._A-0 Apr. 1 1923
4,500,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Lindell By. 1st mtge.4s
Aug. 1 1921 $1,500,000
F-A
Comp. Ms. Un. Dep. & Merch. Term.
1st 55
J-J
July 1 1923
1,000,000
Union Depot consol. mtge. 6s
June 1 1918
J-D
3,500,000
St. Louis RR. 1st mtge. 41,6s
M-N May 1 1920
1,948,000
Cass Ave.& Fair Or. 1st mtge. 43'0
J-J
July 1 1922
1,800,000
St. Louis Cable & W. 1st mtge.6s
600.000
M-N Nov. 1 1914
St.Louis& Sub.consol. mtge.5s
1,400,000
Feb. 1 1921
F-A
St. L.& Meramec Riv. 1st mtge. 6s
1,000,000
M-N May 8 1916
Note.-The company, it is stated, intends for the present to pay the nor
mal Federal Income Tax of 1% on all of the above issues, no exceptions
being made of bonds that do not carry a tax-exemption clause, provided
proper certificates are attached to the coupons when presented for payment.

MAR 7-1914.1

THE CHRONICLE

729

Section 13 of the Act, and especially by the clause excluding "notes, drafts
or bills covering merely investments, or issued or drawn for the purpose
of carrying or trading in stocks, bonds or other investment securities,
except bonds and notes of the Government of the United States." It is
unnecessary, therefore, to attempt to define commercial paper in its broadest sense. A fundamental requirement is that the paper shall be used.
not only in connection with the commerce of the country, but that it shall
be either directly used in the purchase of commodities or that the proceeds shall be intended to be so used, so that it will have thepresumptive
security of the commodities, or the avails of a re-sale thereof, back of it.
The custom in this country of sellers of commodities granting discounts
for what are known as cash payments has resulted in the practical abandonment of former trade methods, whereby the purchaser gave his note to
the order of the seller in completion of the transaction, and in the establishment of the practice of bank borrowings by purchasers for the procurement
of funds with which to discount their bills. Although such practice could
not well be discontinued abruptly, nevertheless we deem it a matter of the
*No provision for U. S. Government taxes.
utmost importance that there should be a general restoration of the former
Note.—The company has passed a resolution that for the time being it
will pay the coupons on all of its bonds without deduction of Federal conditions in this respect. The use of acceptances abroad is a prime factor
income tax, provided the owners present the coupons accompanied with in the open discount market and a similar system should prevail in this
proper certificates.
country. The purpose of issue of that class of paper is apparent on its
face; and as it retires itself automatically, it is an efficient aid in making
WASHINGTON RAILWAY & ELECTRIC CO.
an elastic circulation. It is evident from the language of the Federal Reserve
Issued with Tax-Exemption Clause.
Act that the advantages of this system were appreciated,and weurgethat
Int. Maturity Date. Outstand'g.
J-D
Dec. 1 1951 $10,642,350 every legitimate effort be made to encourage its general adoption. One aid to
Consol. mtge. 4s ($17,500,000)
Feb. 1 1925
F-A
1,850,000 that end that suggects itself is the establishment of a difference in rates
Metropolitan RR. 1st mtge. bs
A-0 Apr. 1 1949
2,979,000 by the Federal Reserve banks which would favor commercial paper
Anacostia & Potomac Riv. 1st M.5s
of the
June 1 1929
1,700,000 class referred to. In the meantime,
Potomac El. Pow.Co. 1st 5s ($4,000,000)_J-D
we realize that existing conditions
J-J
July 1 1936
5,029,000 must
Consol. mtge. 5s ($7,000,000)
govern in the determination by the Federal Reserve Board of the
Issued without Reference to Taxes.
character of paper that shall be eligible to discount by the Federal reserve
Int. Maturity Date. Outstand'g. banks. Having in mind the essential requirement of approximately
liquid,
A-0 Oct. 1 1914
$500,000 or quickly marketable assets, presumptively
Columbia Ry. 1st mtge. 65
back of the paper, and the
A-0 Oct. 1 1914
Second mtge. bs
500,000
limitations expressed in the Act, and its general purposes, we would sugWESTMORELAND COUNTY RAILWAY.
gest that promissory notes of each of the above-mentioned classes,to be so
eligible for discount, may be defined as follows:
Issued with Tax-Exemption Clause.
(a). A written instrument, negotiable in form, made by a merchant
Int. Maturity Date. Outstand'g.
First mortgage 5s
M-S Mar. 1 1935
$208,000 or manufacturer, or a corporation engaged in either of such occupations,
whereby the maker contracts to pay, at some fixed or determinable future
WISCONSIN TRACTION,LIGHT,HEAT & POWER CO.
time, a definite sum of money stated therein, for the procurement of funds
Issued with Tax-Exemption Clause.
to be used in payment for goods, wares or merchandise intended for resale
Int. Maturity Date. Outstand'g. in some form, but not in the form of real property, and not merely for
First mortgage 5s ($3,000,000)
J-J
July 1 1931 $1,120,000 investment; and which shall bear the endorsement of the payee; and which
Fox Riv. Val. 1st M.5s
A-0
April 1 1921
350,000 has not been issued for the purpose of carrying or trading in stocks, bonds
Appleton Gas Lt. & Fuel 1st M.6s
M-N Nov. 1 1914
15,000
or other investment securities; and which shall have a maturity in conformity with the requirements of the Federal Reserve Act.
YOUNGSTOWN & OHIO RIVER RR.
(b). A written instrument, negotiable in form,whereby the maker conIssued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g. tracts to pay, at some fixed or determinable future time, to the order of
irst mortgage 5s($2,500,000)
A-0 Apr. 1 1935 $1,000,000 some merchant, manufacturer, farmer, dealer in live stock or agricultural
products, or mine owner, or a corporation engaged in any such occupation,
a definite sum of money stated therein, representing in whole or in part,
the purchase price of goods, wares or merchandise purchased by the maker
CLEARING-HOUSE DEFINITION OF COMMERCIAL from the payee and intended for re-sale in some form, but not in the
form
of real property, and not merely for investment; and which shall bear the
PAPER ACCEPTABLE UNDER FEDERAL
endorsement of the payee; and which shall not have been issued for the
RESERVE ACT.
purpose of carrying or trading in stocks, bonds or other investment securiA definition of the character of paper eligible for discount ties; and which shall have a maturity in conformity with the requirements
of the Federal Reserve Act.
by the Federal Reserve banks was submitted to the Organ(c). A draft or bill of exchange, for the purposes of the Act, may be
ization Committee by the Clearing House Committee of the defined as:
An unconditional order in writing addressed by a Merchant, manufacNew York Clearing House Association on February 27.
turer,
dealer in live stock or agricultural products, or a mine
The Clearing House Committee, of which Albert H. Wiggin, owner,farmer,
or a corporation engaged in any such occupation, to another person
President of the Chase National Bank, is Chairman, acted or corporation, signed by the person, or corporation giving it, requiring
the person or corporation to whom it is addressed to pay, at a fixed or
in response to a request made on February 6 by M. C. determinable
future
a sum certain in money to order, and which shall
Elliott, Secretary of the Reserve Bank Organization have been acceptedtime,
by the drawee, and shall have been drawn for the
Committee, for definitions of the terms (used in the Federal purchase price of goods, wares or merchandise sold by the drawer to the
and intended for re-sale in some form, but not in the form of real
Reserve Act), "commercial transactions" and "commercial drawee
property, and not merely for investment; and shall not have been issued,
purposes," and more particularly of commercial paper for drawn or accepted for the purpose of carrying or trading in stocks,bonds
the uses of re-discount with the Federal reserve bank. Mr. or other investment securities; and which shall have a maturity in conwith the requirements of the Federal Reserve Act.
Elliott's letter also sought an interchange of ideas as to the formity
(d). The usual and customary form of notes, drafts and bills of exFederal
reserve
exercise by the
bank, for its members, of the change which are directly secured by staple agricultural products,or other
functions of the Clearing House. Similar information was goods, wares or merchandise; and such as have been issued or drawn for
purpose of purchasing or of carrying or trading in bonds or notes of the
sought from other clearing houses of the country. The the
Government of the United States,and which shall have a maturity in conconclusions of the New York Clearing House, are set out in formity with the requirements of the Federal Reserve Act.
The next question to consider is as to how the banker is to determine
part by its Clearings Committee as follows:
the qualifications of the maker of the note, or the drawer of the draft or
February 27 1914.
bill of exchange, and as to whether or not the paper is to be used for the
M. C. Elliott, Esq., Secretary Reserve Bank Organization Committee,
purposes hereinabovo specified.
Washington, D. C.
Although the requirement of endorsement by member banks seeking
Dear Sir.—Your letter of the 6th instant, addressed to the President re-discount carries with it a contingent liability measured by the amount
of the New York Clearing House Association, was submitted by him to loaned thereon by the Federal reserve bank, nevertheless, it would obthe Clearing House Committee for their attention.
viously be placing too great a burden upon the member banks to require
We have given careful consideration to the inquiries put by the Reserve them to assume any other responsibility for all of these facts. We suggest.
Bank Organization Committee as set forth in your letter, and duly appre- therefore, that a standard form of promissory note and draft or bill
of
ciate the importance of arriving at such definition of the character of paper exchange should be prepared which will contain representations
on the
eligible for discount by the Federal reserve banks as shall meet the require- part of the maker, and in some cases, also
of the payee, of the note, and of
ments of the business of the country in respect of providing an elastic and the drawer of the draft or bill of exchange, to cover these requirements and
stable currency, and, at the same time, provide a definite measure of that some penalty shall be provided by law for any false statement in these
security.
*
particulars.
It is obvious that what the Organization Committee desires is not so
It may be urged that borrowers mingle their funds and ought not to be
much a technical, however accurate, definition of "commercial paper", or held accountable, therefore, for the strict application to the purpose
"commercial transactions", or "commercial purposes", as the same may specified of the particular moneys borrowed upon paper of the
character
be understood in the general sense by bankers or lawyers, but an expression designated. There are three answers to this: (1), that the
provision for
of views as to how the Federal Reserve Board, acting within the powers penalties may be directed towards the intent at the time
of the issuance
conferred upon it by the Federal Reserve Act, shall "determine or define of the
paper; (2), that inasmuch as it is necessary, in order to carry out
what shall be treated as commercial paper", eligible to discount, in order the true purposes of the law, that commodities
or their avails should
to carry out the true purpose of the Act.
actually be back of the re-discounted paper, merchants,manufacturers,&c.,
The terms "commercial transactions" and "commercial purposes", in should be required to limit their use of paper of this character to the strict
their broadest sense, would cover any transaction and any purpose con- application to the purposes therein set forth, and should make a division
nected with commerce. Commerce is not confined to the buying, selling of their funds and accounts accordingly; because, (3), they can borrow
for
or bartering of commodities, but is a term of large significance and, as was other legitimate purposes without making the representations
required.
said by Mr. Justice Harlan, of the United States Supremo Court, "comThe subject of the exercise by the Federal Reserve Board of the functions
prehends traffic, intercourse, trade, navigation, communication, the of a clearing house for Federal reserve banks, and the exercise of like
functransit of persons, and the transmission of messages by telegraph—indeed tions by the Federal reserve banks for their member banks, is one
requiring
every species of commercial intercourse * * which is carried on be- careful study. The practical questions that enter into its solution
are
tween man and man."
manifold. The necessity for prompt notice of dishonor ofrepudiated items
The purpose of the Federal Reserve Act is primarily "to furnish an In order that the parties interested may not suffer by delay, the tremenelastic currency, to afford means of re-discounting commercial paper." dous amount of business cleared every day, and the fact that many
State
That it was not intended that all paper that might by strict construction institutions are not and may never become members of the Federal reserve
come within the general definition of commercial paper should be eligible system, point to the necessity of the retention of the existing local clearing
for discount at a Federal reserve bank is made clear by the provision of houses. Whether or not in the future conditions should so change
that
UNITED RAILROADS & ELECTRIC CO. OF BALTIMORE.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First consol. M. 4s ($38,000,000)
M-S Mar. 1 1949 $28,277,000
Income funding 5s
J-D
3,920,000
June 1 1936
Convertible & coll. 3-yr. 5% notes
J-J ' July 15 1914
394,400
Car trusts, series A, 5s
A-0 To Oct. 1914
35,000
City & Sub. By. 1st M.5s
J-D
June 1 1922
3,000,000
Lake Roland El. 1st consol. M.5s
M-S Sept. 1 1942
1,000,000
Bait. Spar. Pt.& Ches. Ry. 1st M.43is F-A
Feb. 1 1953
2,000.000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Income M. 4s ($14,000,000)
J-D
1949*$13,977,000
Baltimore Trac. 1st M. 5s
M-N Nov. 1 1929 *1,500,000
N.B. Div. 1st M.5s
J-D
June 1 1942 *1,750,000
Bait. Cat.& Ell. Mills 1st M.5s
500,000
J-J
July 1 1916
Central By. consol. M. 5s
*700,000
M-N May 1 1932
Ext. & impt. M. 5s
*600,000
M-S Mar. 1 1932




730

THE CHRONICLE

these institutions could be made departments of the Federal reserve banks
is something that must await developments for its determination.
Very truly yours,
Chairman Clearing House Committee New York Clearing House
Association.

xcvm.

country checks for each district is complicated and surrounded with difficulties which will require time to work out, the problem of preparing a
comprehensive plan for the whole country is proportionately greater and
more complex, and should be assumed and entered into only after a most
careful study of the whole question and consideration of the various rights
of the different cities in relation to the collection of their checks and the
charges for exchange, to which they may be entitled, and this only time
and experience can develop and prove.
It would be a great mistake to clog the machinery of the Federal reserve
system with a great avalanche of country checks while it is in its formative
period and before the business community and banking interests of the
country have had sufficient opportunity to adjust themselves to the new
conditions. Confusion would surely result and seriously reflect upon
the efficiency and practicability of the Federal reserve system as a whole.

The views of the Philadelphia Clearing House Association
on commercial paper acceptable under the now Bank Act,
were also outlined to the Federal Reserve Organization Committee, under date of February 27. The exposition of the
subject was undertaken by the Association's Clearing House
Committee, the Chairman of which is Levi L. Rue, President of the Philadelphia National Bank, and in his letter it
The Baltimore Clearing House Association has also consays:
It would seem that the framers of the Federal Reserve Act when writing veyed to the Reserve Bank Organization Committee its ideas
Section 13, wherein provision is made for "the discount by a Federal on the subject of "commercial paper" under the Federal
reserve bank of notes, drafts and hills of exchange arising out of com- Reserve Act. Its conclusions as drawn up by a committee
mercial transactions" had in mind notes, drafts and acceptances given or
C. Homer, President of the Second
taken in settlement for goods or merchandise sold and delivered. Paper consisting of Charles
of this kind existed in large quantities some years ago when business was National Bank; Charles T. Crane, President of the Farmers'
done largely on what was known as "trade paper," that is, the giving of & Merchants' National Bank and William Ingle, Vicenotes by the buyer to the seller. In Europe,settlements between the buyer
National Bank, are,
and seller are made largely by the use of acceptances, but in the general President of the Merchants'-Mechanics'
evolution of business methods in this country."trade paper" has given in part, as follows:
It is respectfully recommended that "commercial paper", eligible for
discount, should be defined by the Federal Reserve Board as (1) "negotiable paper" growing out of or incident to a present commercial transaction in the usual course of business through a purchase made, or (2)
"negotiable paper", the proceeds whereof are to be used in connection with
an agricultural or industrial operation or in respect of concluding a commercial transaction falling within the usual course of business of the maker
or drawer of such negotiable paper.
Negotiable paper of the second class should be accompanied by a certficate, signed by the drawer or maker of such paper, evidencing both the
intention and agreement to use the proceeds of such paper for one of the
purposes specified in the above definition thereof. The inclusion of such
certificate in the instrument itself might prove dangerous by destroying its
character as strictly negotiable paper.
One would be almost justified in assuming that only paper of the second
class, under the aforegoing definition, i. e., single-name paper, was intended to be presented by a member bank for discount, inasmuch as the
requirement of a "waiver of demand, notice and protest by such bank"
precludes . commercial paper of the first class from being presented for
diseount, unless (a) such paper be accompanied by a like waiver on behalf
of each indorser thereof, or (b) themember bank,re-discounting the same,
is willing to permit the regional bank to release the indorsers thereof
through the exercise of its option not to protest. Such non-protest would
release all indorsers except the member bank, which will by a waiver in
the form stipulated in the Act have assented to its continuing liability in
the absence of "such demand, notice and protest" as would, nevertheless,
remain essential to enable it to secure the benefit of prior indorsements.
In view of the fact that a large percentage of the notes discounted by
the smaller banks of our country are small in amount and have a maturity
beyond the limits set by the Act in defining the eligibility of paper, and in
view of the general custom of such smaller banks in seeking discount of
accommodations from their correspondents to do so upon their direct
obligations, secured by such small and long-timed notes, we would respectfully recommend that such paper, namely the direct obligations of the
bank with these smaller notes as collateral, accompanied by a certificate
from the bank direct or from the respective makers of the collateral paper,
showing that the same has been given for one or more of the three purposes
named in the Act, be also classed as eligible for discount by the Federal
Reserve Board. Unless this be done a very large number of the banks
of our country would be almost wholly deprived of one of the chief benefits
of the Federal Reserve Act.
We respectfully suggest that the "standard form of the notes, drafts
and bills of exchange", eligible for discount by the Federal reserve banks,
should be determined by the Attorney-General's department or by the
special counsel of the Federal Reserve Board, for the manifest reason that
the validity and negotiability of such instruments will be determined by
the laws of the several States and Territories, respectively, which may be
so divergent as to possibly render the adoption of a single standard form ill
advised.
Section 16 of the Federal Reserve Act dealing with the "transfer of funds
and charges, therefore, among Federal reserve banks and their branches"
must be construed, in our judgment, as including (a) transactions among
any two or more Federal reserve banks and (b) among Federal bank and
its branches, or between any two of its branches, in view of existing business intercourse and the contemplated relationships among the Federal
reserve banks, as manifested by other sections of the Act.
As to (b),"the transfer of funds and charges, therefore, among a Federal
reserve bank and its branches, or between any two of such branches, it is
submitted that primarily no charge should be made for this service, beWith reference to Section 16 of the Federal Reserve Act, cause (1) the charge is not intended to be a burden upon business and
the reasonable cost
providing that "the Federal Reserve Board may in its dis- should not exceed the reasonable cost of the service; (2)banks
situated in a
such service will place at an advantage member
cretion designate a Federal reserve bank to exercise the of
will be with other
transactions
Federal reserve city, since the bulk of their
functions of a clearing house for its member banks", the member banks of the same city; (3) funds of member banks, although not
located in reserve cities, will be centralized there, and (4) but the Act is for
Committee make the following comments:
special benefit should inure to
It would seem that before the Federal reserve banks can properly per- the purpose of creating uniformity and no
reserve city.
form these functions they should be well established. A local Federal re- a member bank through its location in a
the
a
of
functions
perform
serve bank or branch could not satisfactorily
As to clearing-house functions the Baltimore Association
clearing house for its member banks unless practically all the members
says:
of the clearing house were members of the Federal Reserve system, which
As to the Federal reserve banks performing clearing-house functions for
they are not at present. A Federal reserve bank could with propriety,
banks, it is our judgment that this should not be undertaken until
however, become a member of the clearing house, which would greatly member
reserve banks and their respective member banks shall have
facilitate its business relations with its local member banks. It is quite the Federal
themselves to the conditions created by the Federal Reserve Act,
feasible for a Federal reserve bank to perform the wider, more diversified adjusted
the Federal reserve banks shall be efficiently performing the imperaand complicated functions of acting as clearing house for its member banks, and
duties upon them imposed by said Act. As speedily thereafter as
but there are so many questions as to the proper rates of exchange between tive
the Federal reserve banks should perform clearing-house functions
the various cities and towns in the district to be considered that it would possible
substantially the same rules and regulations, which experience has
appear as if the performance of these functions should be left to the natural under
developed with almost absolute uniformity, as the governing principles
development and not be hastily assumed by the Federal reserve bank.
of the large clearing houses of our country.

place to "book accounts," and accommodations are now chiefly extended by
banks to business concerns by discounting the promissory notes of the
borrower.
Firms and corporations doing a large business have found it desirable at
times to avail themselves of the broad market for commercial paper through
note brokers, and with the proceeds derived from the sale of their obligations through these chasnels are enabled to enlarge their business operations
and anticipate their bills for merchandise, thus securing trade discounts,
which not only is profitable to them, but also maintains and improves their
credit. A large amount of paper created for these purposes is now held by
banks throughout the United States, having been discounted directly for
their customers or purchased through note brokers. Some of this paper,
particularly in the case of corporate notes, bears personal indorsements,
but whether bearing such indorsements or not, is generallvknown as single
name paper.
A comparatively small amount of paper of the description which a strict
interpretation of the law might be construed to define is available in this
country to-day. Generally such paper is not of the best, for the reason
that business firms and corporations of the highest standing will not give
a note in settlement of an account, but prefer, by the use of their own
credit, to take advantage of trade discounts, and the seller who to-day
exacts settlement by note or draft cannot command the best trade. It is
doubtful if the business interests of this country can be made to change the
method which has so long prevailed in the selling of merchandise on open
accounts, and go back to that of their fathers of exacting a note or draft in
settlement of the sale of their merchandise or products. In any event,should
this change take place, it will require considerable time to make it general in
its operations. It would, therefore, seem desirable and necessary for the
Federal'Reserve Board to give a broad interpretation to the term "commercial paper," especially during the period that the banks and business
community are adjusting themselves to the new conditions created by the
Federal Reserve Act.
Great care, however, should be exercised by the Federal Reserve Board
In not permitting too free an issue of currency against single-name paper,
Which might be issued not against a legitimate commercial transaction or
the proceeds of which have not been used or will not be used for such
purposes. If this care is not exercised there is grave danger of inflation.
In order to place a check upon too free an issue of single-name commercial
paper and its re-discount to obtain notesfrom the Federal reserve bank,the
Federal Reserve Board might require that all single-name paper, to be
eligible for re-discount, must be registered at the Federal reserve bank or
branch in the district where the drawer's business is located and be accompanied by an affidavit of the drawer that the paper offered for registration
had been issued or drawn for agricultural, industrial or commercial purposes, or the proceeds of which have been used or are to be used for such
purposes. together with a statement giving such details of their condition
as may be required by the Federal Reserve Board.
Any Federal reserve bank or branch should be permitted to decline to
register any paper presented to it for that purpose, provided that, in the
opinion of the management, the firm or corporation offering it have registered already as large an amount of paper as they are entitled to in view
of the statement which they submit. Each branch of a Federal reserve
bank should be required to send a daily transcript to the parent bank of the
name, amount and maturity of all paper registered by it, but such Federal
reserve bank should likewise be required to submit daily a transcript to
every other Federal reserve bank of all paper which it or its branches had
registered, and likewise notify its branches of advices of such paper which
t has received from other Federal reserve banks.

As to the collection of country cheeks the following opinion
is voiced:

The collection of country checks has been one of the great problems of
modern banking, and doubtless if the Federal Reserve Board moves slowly
and wisely in regard to the establishment of a system of collecting these
checks through the Federal reserve banks under some plan ofclearing-house
operations, there will be a groat economic saving to the country, but if
the adjustment of the collection and exchange charges and clearances of




The Merchants-Protective Association has placed itself on
record as opposed to the suggested discrimination against
single-name paper when offered for rediscount. Its resolution, offered by Charles Twining, was adopted on the 4th
inst. and reads as follows:

MAR.7 1914.1

THE CHRONICLE

Whereas the matter of deciding what shall be considered commercial
paper suitable for re-discount in the Federal reserve banks, is now under
consideration, and a section of the banking conmmunity has expressed itself
in favor of discriminating against single-name paper. and
Whereas, in our opinion, such discrimination would, virtually, make the
banks preferred creditors as regards their commercial loans, they being
able to obtain accounts receivable as security, in most cases, for money
advanced to traders, while other creditors selling them goods would have
no security beyond their share in the general equity, although such sellers
of merchandise would, frequently, have provided the very security that
passed to the banks against their loans, therefore
Resolved that it is the sense of this Board that single-name paper would
not be discriminated against by the Federal reserve banks, as such discrimination would be an injustice to the commercial community, and a
discrimination in favor of banks and financial institutions. Further
Resolved that a copy of this resolution be forwarded to the Federal
Reserve Board, the President of the Merchants' Association, Now York
Chamber of Commerce, to the President of the New York Clearing House,
and to the principal commercial and financial Journals in this community.
as well as to each member of this Association.

INCOME TAX REGULATIONS AND DECISIONS.
On the 2nd inst. announcement was made by Commissioner of Internal Revenue Osborn of an extension of time
for the filing of income tax returns by Americans living
abroad. His notice in the matter is as follows:
EXTENSION OF TIME FOR FILING RETURNS UNDER INCOME
TAX LAW BY CITIZENS OF Ti-IC UNITED STATES
LIVING ABROAD.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue,
Washington, D. C., March 2 1914.
To Collectors of Internal Revenue—
Referring to that portion of Section 3,176 as incorporated in the Income
Tax Law, which provides that—
In case of neglect occasioned by sickness or absence as aforesaid, the
collector may allow such further time for making and delivering such list
or return as he may deem necessary, not exceeding thirty days—
Various citizens of the United States living abroad were unable, through
such absence from this country, to inform themselves as to the requirements of the law, and were also unable to obtain the necessary blank forms
on which to make their returns of annual net income for tho income tax.
You are therefore authorized to mark the returns received from foreign
countries after March 2 and up to and including March 31 as having the
time extended to cover the period of filing such return.
The State Department has cabled the Consular service and others residing in foreign countries that they shall forward a letter in which their
income shall be stated and that such letter will be received in lieu of the
return so far as the date of filing is concerned.
Such letters are now coming to this office and they are being forwarded
to the various collection districts to be held as tentative returns until the
returns on Form 1040 shall be received. The regular returns on Form
1,040 when received should be attached to the tentative returns and both
should be forwarded to this office with the assessment lists on which the
same shall be listed. The date of filing the returns should be considered
that on which such tentative returns were filed.
W. II. OSBORN,
Commissioner of Internal Revenue.
Approved:
W. G. McADOO,
Secretary of the Treasury.

BANKING, FINANCIAL AND LEGISLATIVE NEWS.
No bank stocks were sold at the Stock Exchange this week
and only one sale of four shares was made at auction. There
wore no transactions in trust company stocks. Extensive
tables reporting bid and asked quotations, deposits, surplus,
&c., of banks and trust companies in all important cities in
the United States are published monthly in the "Bank and
Quotation Section," the March issue of which accompanies
to-day's "Chronicle". Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of the paper, and
will be found to-day on pages 743 and 744.
Shares. BANKS—New York.
4 Chelsea Exchange Bank

Low. high. Close. Last previous sale.
143
Feb. 1014— 145
143
143

Business was effectually tied up in the East on Monday last
as a result of one of the worst storms which has visited this
part of the country since the blizzard of 1888. The present
storm, like that of twenty-six years ago, began with rain on
Sunday; but before noon of that day a steady fall of snow
was in progress and continued until late in the afternoon
of the following day. Accompanying high winds aided
in placing a complete embargo on the railroad lines entering New York, and telegraphic communication between
this city and the outside world was also paralyzed. The
entire Atlantic coast from Eastport, Me., to Savannah, Ga.,
was affected by the storm, which seemed to centre in New
York, Now Jersey and Pennsylvania. In New York City
the snow which fell served to add 14M inches to the large
amount which had remained uncleared from the snow-falls
of the previous two weeks. In the other two storms of
the present year the amount of snow which fell was 9.7 inches
oniFeb. 13 and 14 and 5.3 inches on Feb. 16. This week's
record compares with a snow-fall in Now York of 10.1 inches
in the storm of Dec. 25 and 26 1909; with 9.5 inches in the
snow-storm of Jan. 25 1905; 15 'linches at the time of the



731

blizzard in February 1899, and with 20.9 inches in the
blizzard of March 12 1888. One feature of the storm was
the low barometric record which it established in this city.
On Sunday night the barometer registered only 28.39, the
lowest figure ever recorded here. We also learn from 3.
H. Scarr, the local weather forecaster, that the water
density of the latest storm was the heaviest ever known in
this city; it amounted to about 35%, and compared with
20% in the storm of Feb. 13-14 and with only 6%
on Feb. 16. The disturbing weather conditions this week
are said to have been the result of two storms, one
central over the Great Lakes and the other over the
Gulf States, which met at Hatteras. In this respect it
was similar to the blizzard of 1888. From the New York
"Times" we learn that the zone of the storm, so .far as the
railroads had to deal with it as a cause of blockades, lay from
Trenton, N. J., to Hicksville, L. I. Our contemporary
states that J. M. McGee, chief train dispatcher of the Long
Island RR., received reports at daylight on Monday morning that there was no snow at Montauk Point, and that inbound trains on the Montauk Division encountered clear
tracks all the way to Hicksville, where they became blockaded. New Haven and other parts of New England which
suffered from gales likewise escaped the snow, but instead
had heavy rains to contend with. The New York Central
and New Haven roads were the only railroads entering New
York which managed to keep their lines open for through
service, but their schedules were more or less upset. The
suburban service on the various lines to New York was
demoralized. The Pennsylvania RR. appears to have
been the most seriously crippled of the roads; no
train left New York on its line for Philadelphia or
the West for twenty-five and a half hours—from 7
o'clock Sunday night until 8:34 Monday night. This
tie-up, according to station-master Egan, eclipsed that
of 1888 by an hour and a half. The Congressional Limited
of the Pennsylvania, due at 9:18 Sunday night, did not reach
New York until 12:28 p. m. on Monday (fifteen hours and
twenty-eight minutes overdue) and it was the first train to
enter the Pennsylvania station since four o'clock Monday
morning. Falling telegraph poles and the collapse of signal
bridges contributed in paralyzing the road's operations.
The Long Island RR. was also completely tied up Sunday
night Glad Monday at the New York end; the through service
of the Central RR. of New Jersey was likewise suspended;
the service of the Lehigh Valley RR., the Delaware Lackawanna & Western RR., Philadelphia & Reading, the Baltimore & Ohio and the Erie RR. was badly crippled, and
reports of stalled trains were general. Philadelphia, Washington and Atlantic City were some of the other cities besides
New York which suffered marked interruption of business
through the storm; Atlantic City was almost as completely
cut off from outside communication as New York, and while
in Philadelphia the railroad and telegraph service was badly
upset, telegraphic communication was maintained between
that city to Western New York State points and to all points
south and west of Philadelphia. As indicating the troubles
experienced by the telephone companies, Traffic Superintendent Haig of the Western Union was quoted as saying on
Monday:
"There is one wire into Washington by which connection is made to
Chicago. There is one wire to Baltimore. East to Boston and points
between we are in fair shape, having several wires. We have several wires
Into Albany, but there is great trouble north of Albany, and Buffalo is
completely cut off. We are having great trouble in connecting with Baltidelphia and Baltimore. By way of Boston we were able to put through one
wire to Montreal for a time this morning. We have big forces of men out
making repairs, and it is possible that the situation will be bettered during
the afternoon, though at the present time the outlook is very bad. High
winds have torn down wires, overturned telegraph poles and snow-laden
branches of the trees have contributed to our difficulties."

Similarly a statement was issued by the traffic department
of the Postal-Telegraph Co. as follows:
"We can't reach Philadelphia or points West. There are a few wires east
to Boston and several to Albany. Our great difficulty to the south is this
side of Newark. heavy branches have been broken by the weight of snow
and carried away whole networks of wires. Communication with Philadelphia has been intermittent since the storm began. It is impossible to
say when things will be at their normal again. It is hoped that a good
deal will have been done before nightfall. Hundreds of men—nearly a
thousand have gone out from New York City alone—are at work making
repairs all along our lines."

The storm's effect on the New York Stock Exchange was
marked, business on Monday, because of the absence of a
large number of its members and the crippled wire service,
being practically at a standstill.
A serious aspect of the storm, as far as New York was
concerned, was the partial breaking down of the city's firealarm system, necessitating the inauguration of a system

732

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of patrol by the fire, police and water departments in
sections of the city where such precaution seemed called for.
A marked improvement in traffic conditions was evidenced
on Tuesday, the clear and mild weather and the thaw which
had set in on that day, and which continued on Wednesday and Thursday, materially assisting the roads in bringing about a speedy restoration of normal service. The
telegraph companies were also able to show tangible results
of their efforts to repair the damages which they had suffered.

[VOL. =vim

the late Augustus 0. Bacon. The latter's term would have
expired in 1919.
E. Marvin Underwood was recently nominated by President Wilson as U. S. Assistant Attorney-General in place
of Winfred T. Denison.

An argument against the bill prohibiting interlocking
directorates so far as it would affect the railroads was presented to the House Judiciary Committee on Thursday by
The resignation of John Bassett Moore, Counsellor of the L. F. Loree, President of the Delaware & Hudson RR. In
Department of State, and Acting Secretary in the absence urging the elimination of the railroads from the bill Mr.
of Secretary Bryan, was announced on Wednesday. While Loree spoke in part as follows:
It is argued that Section 4 of the bill is intended to be directed against
no indications of the existence of any differences between industrial
corporations only. But the language is broad and sweeping,and,
Mr. Moore and the Administration is evidenced in the state- I am advised, would probably include railway companies. If so, it would
cause
infinite
confusion.
ments issued with regard to his withdrawal, it is generally
Nearly all railroads may be held to be in a sense natural competitors,
understood that his action was taken as a result of his in- and if there
are to be no common directors it is difficult to see how the
ability to coincide with the views of the President and Secre- larger railroad systems can control their component companies. The purpose
of the bill is to prevent the common representation of possibly conflicting
tary Bryan on Mexican affairs and a lack of accord with the interests.
The bill, however, goes far beyond such purposes. The mere
Administration in other matters. Mr. Moore is said to have status of a director in a supply company or a bank disqualifies him from
advocated that recognition be given by the United States being a railroad director, notwithstanding the different corporations may
no dealings whatever. In this respect it disqualifies many comto the Huerta Government. His resignation was announced have
petent persons from acting as railroad directors without the possibility of
by President Wilson in the following statement:
public benefit.

It is with the greatest reluctance and regret that I see the administration
deprived of the further services of Mr. John Bassett Moore. His counsel
has been very valuable to us, but I cannot say that the resignation was unexpected, because when I with difficulty induced Mr. Moore, a year
ago,to accept the post, he frankly told me that he felt certain that his other
engagementsand systematic work which he had pledged himself to do would
not permit his giving more than a year at the outside to this office.
His resignation has been in my hands for a month, to take effect on the
4th of March. I have entertained the hope until to-day that he might find
the other things pressing upon his attention less imperative than he had
expected; but in view of what he now tells me,I have no right to urge him
further to stay. I can only say that the Administration loses a man with
whom I was proud to be associated and who deserves the thanks of the
country for the work he has done in the Department.

The railways ought to be eliminated from the bill. At the present time
the financial world is troubled by doubts and difficulties, and there are in
the situation numerous unknown quantities the value of which only the
future can determine. The creation of new conditions ought at least to
be postponed until those now confronting the industries of America have
been substantially overcome.
Any curtailment of the ordinary right of any corporate owner freely to
choose those whom he will support for directors and to vote for any persons
by whom he may wish to be represented in the directorate is a restriction
upon the power of the owners to control the property. Every curtailment
of ordinary ownership rights must reduce the attractiveness of the investment and impair ability to obtain needed capital, and the process may go
far enough seriously to cripple the industry affected.
The United States is not yet free from the need of resorting to foreign
money markets to secure capital in excess of what their own citizens are
In his letter of resignation Mr. Moore said:
able to furnish. In every such case the appeal for foreign support must be
DEPARTMENT OF STATE.
made through persons who have the confidence of the foreign investors
Washington, Feb. 2 1914.
or bankers. It is impossible that the number of Anericans enjoying such
My Dear Mr. President:—In resigning the office of Counsellor for the confidence at any particular time should be very great, which restricts
Department of State, it is proper to recall the fact that I indicated at the the choice of the directors through whom such foreign investors are repreoutset that my tenure was only provisional, my sole motive in accepting sented.
the place being to render to your Administration such service as might be
If the individuals who hitherto have represented foreign investors on two
possible in a period of transition. This design is now fulfilled.
or more directorates are forbidden to continue their services as in the past,
My first term of departmental service, which began more than 28 years these investors are likely to feel that their ownership rights have been inago, lasted somewhat more than six years; my second, which was followed fringed and to withhold further capital and possibly to withdraw much
by special service abroad,lasted barely five months. My present term will, already invested.
on the day on which my resignation is to take effect, have lasted more than
ten months, while a full year will have elapsed since the close of the last
Administration. Ample opportunity having thus been afforded for the
The Chamber of Commerce of New York at its meeting
effective organization of the Department's force, the duty which I took
on Thursday adopted a resolution (offered by James G.
upon myself has been fully performed.
Permit me to assure you that I shall always stand ready to serve you as Cannon, President of the Fourth National Bank) indicating
far as may be practicable in any capacity in which there may seem to be its disapproval of the Administration's bill prohibiting interan opportunity for usefulness.

locking directorates, and the trades relation bill. According
to the resolution the bills in their present form would "seriously disrupt and injure legitimate business, without any
of the expected compensating benefits", and it, therefore,
refers to the Committee on Finance and Currency the interlocking directory bill, and to the Committee on Internal
Trade and Improvements the price-cutting bill," "authorizing them to take such measures as may seem proper to make
manifest to Congress the need of so framing its legislation
upon these subjects that it shall not unduly burden the honest
business of the country."
The committee previously named to go to Washington
to lodge a protest against the bill creating an Inter-State
Trade Commission, and whose trip was abandoned when
advised of the close of the hearings on it before the House
Inter-State and Foreign Commerce Committee, has been
Joseph W. Folk, Solicitor of the State Department, has continued, with a view to being heard in the House or
Senate.
been appointed Chief Counsel for the Inter-State Commerce
Commission with jurisdiction and supervision over all of the
The working of the Federal Reserve law must first be
work of the Commission, including the Division of Valuation. Charles W. Needham has been made Assistant Coun- tested before the trust companies of Maine undertake to seek
sel for the Commission, and Patrick J. Farrel is transferred admission as members. This was made known in the
to the Division of Valuation of the Inter-State Commission annual report of State Bank Commissioner Harry M.Smith,
as Solicitor of that division. These appointments went into who says:
"An opportunity was offered to the trust companies to enter and become
effect on the 1st inst. Notice of the same was accompanied members
of the Reserve Association, and by so doing come under national
by an announcement that the titles of Solicitor and Assistant supervision and examination. But our trust companies have decided
to
Solicitor of the Inter-State Commerce Commission are wait and watch developments, because they can see no advantage to
their institutions in entering at this time, and because they feel that they
abolished. Mr. Folk, who becomes Chief Counsel for the can do no better work for their communities than if they
are under the
Commission, was formerly Governor of the State of Missouri. supervision and control of their own State. From it they received
their

Mr. Moore has been a member of the faculty of Columbia
University since 1891; he was then appointed Professor of
International Law, and two years later was chosen to the
Hamilton Fish Chair in International Law, a post he has
since held; twice during the period he has occupied that
office he has been granted leaves of absence to serve the
Government. When he applied for a leave of absence from
the University on March 1 1913 he asked for only one year,
but it was understood that he would be granted as long an
extension of time as might be desired. It is expected that
Prof. Moore will return to the University in September.
In the meantime he will continue the task of codifying the
records and archives of the Carnegie Peace Foundation,
in which he has been engaged.

William Phillips of Boston was nominated by President
Wilson on the 4th inst. to be Third Assistant Secretary of
State to succeed Dudley Field Malone, who became Collector of Customs of the Port of New York last November.

charters, to it they pay their taxes, and in the election and appointment
of its officers they and the people they serve have a direct voice, rather
than to be under the control of men who have no knowledge of the local
conditions."

State banks of deposit and discount in Montana cannot
become members of the Federal Reserve System because of
W. S. West of Valdosta, Ga., was named on Feb. 25 by the provision in the State law prohibiting them from buying
Gov.Slaton as United States Senator from Georgia:to:succeed or owning stock in other corporations. An opinion to this




MAR.7 1914]

THE CHRONICLE

733

effect has been submitted to Secretary of the Treasury
McAdoo by the Attorney-General of Montana, who, however, holds that there is no bar to the trust companies of the
State becoming members of the Federal system.

I yield to no one in respect for the President's motives or patriotism;
and I withhold my approval of his recommendation with regret. Believing
his proposal unwise, unnecessary and destructive of the best interests of
the American people, my duty as a Senator of the United States offers
me no alternative but resistance to the proposed repeal.
Ex-President Taft, Philander C. Knox, ex-Secretary of State, Oscar W.
Underwood, Democratic leader in the House of Representatives, and Richard Olney, ex-Secretary of State in Mr. Cleveland's Administration, have
While State Bank Commissioner Reid of Idaho early in asserted
that in their opinion, the exemption of coastwise vessels from the
January expressed it as his opinion that the State banks were payment of tolls in the Panama Canal does not violate the Hay-Pauncefote
treaty.
These gentlemen are lawyers of recognized ability, and the Presibarred from entering the Federal banking system, Attorneydoes not express an opinion to the contrary.
General Peterson of Idaho has placed a liberal construction dent
He asserts, however, that no one outside of the United States defends our
on the State law as it now exists which will admit of the Idaho course. If he will read the London "Law Review" he will learn that even
English
lawyers have conceded that the tolls exemption is in harmony with
institutions joining the new system. In his advices to Sec- our
treaty obligations. German and other Continental writers have
retary of the Treasury McAdoo, Mr. Peterson says:
expressed the same view. Moreover, this opinion is shared by ex-President
It is my understanding of the new Federal Reserve Act that eligible State Roosevelt, during whose Administration the Hay-Pauncefote Treaty was
institutions may join the Federal reserve banks in their district by subscrib- framed and adopted.
ing to stock a sum equal to 6% of their paid-up capital and surplus. The proThe President now states that the tolls exemption constitutes a mistaken
visions of our State banking Act, which seem to have application to this economic policy. but I prefer to accept his judgment, announced when he
matter, is as follows:
was a candidate for the Presidency, when he pointed out the obvious
Section 42. It shall be unlawful for any bank or trust company doing economic advantages of this legislation. The platform of the Democratic
business under this Act to invest an amount greater than ten (10) per cent
of its paid-in capital in the shares of other banking corporations or trust Party as well as the platform of the Progressive Party declared that Americompanies doing a banking busness; provided, further, that no such bank can ships engaged in coastwise trade should pay no tolls to the end that
or trust company shall invest in amount greater than five (5) per cent cheap transportation by water will enforce cheaper transportation by the
of its paid-in capital in the shares of any one banking corporation or trust competing trans-continental railroads.
company doing a banking business.
There has been a systematic effort to confuse the real issue in this controI am fully convinced, however, that in the passage of the Act of which
versy. The word "vessels" as used in the treaty means vessels engaged in
the above section 42 is a part that the State Legislature of this State did
over-seas trade. It does not embrace vessels engaged in local or domestic
not have in mind a system as contemplated in the new Federal Reserve Act,
and the provisions therein contained were undoubtedly to guard theinvest- trade. This was the interpretation placed by Great Britain for more than
sixty
years upon precisely similar language employed in the treaty of 1815.
ing public against damages which cannot be supposed to inhere in the
The Supreme Court of the United States in Olsen vs Smith. 195 U. 5.,
Federal reserve Act.
I shall, therefore, instruct our State Bank Examiner that I shall make no recognized the propriety of this interpretation.
We do not exempt American ships engaged in foreign trade. Under the
objection to our State banks subscribing for the stock of Federal Reserve
Panama Canal Act we treat them as we treat foreign ships. We exempt
banks under the terms of the Federal Act.
only
coastwise shipping and our right to do so is substantially recognized by
The Attorney-General also states that the Idaho Legisla- the British
Government in its note of Nov. 14 1912, which states: "If the
ture meets in January 1915,at which time it is expected that trade should be so regulated as to make it certain that only bona fide coastall ambiguity as to the right of State banks to join the Federal wise traffic which is reserved for United States vessels would be benefitted by this exemption, it may be that no objection could be taken." As
Reserve banks will be removed. •
we limit the exemption to bona fide coastwise traffic, it is apparent that we
are disturbed over a claim which Great Britain concedes to be groundless.
If we must purchase foreign friendship, the price exacted must not inThe repeal of the provision in the Panama Canal Act
volve us in national dishonor and repudiation of party pledges upon which
of 1912 which exempts American vessels engaged in this Administration secured office.

coastwise shipping from the payment of tolls was urged upon
The New York Chamber Of Commerce, which in February
Congress in a special message, personally delivered by 1913 placed itself on record as favoring the repeal of the
President Wilson at a joint session of both Houses on Thurs- Panama Canal exemption through a resolution endorsing
day. The message in full is appended:
Senator Root's bill striking out the free passage provision,
Gentlemen of the Congress:
affirmed its previous action on Thursday of this week.
I have come to you upon an errand which can be very briefly performed,
but I beg that you will not measure its importance by the number of sentences in.which I state it. No communication I have addressed to the Congress carried with it graver or more far-reaching implications to the interest
of the country;and I come now to speak upon a matter with regard to which
I am charged in a peculiar degree,by the Constitution itself, with personal
responsibility.
I have come to ask for the repeal of that provision of the Panama Canal
Act of Aug. 24 1912 which exempt vessels engaged in the coastwise trade of
the United States from payment of tolls, and to urge upon you the justice.
wisdom, and the large policy of such a repeal with the utmost earnestness
of which I am capable.
In my own judgment, very fully considered and maturely formed, that
exemption constitutes a mistaken economic policy from every point of
view, and is, moreover, in plain contravention of the treaty with Great
Britain concerning the Canal concluded on Nov. 18 1901.
But I have not come to you to urge my personal views. I have come to
state to you a fact and a situation. Whatever may be our own differences
of opinion concerning this much-debated measure, its meaning is not debated outside the United States. Everywhere else the language of the
treaty is given but one interpretation, and that interpretation precludes the
exemption I am asking you to repeal. We consented to the treaty; its
language we accepted, if we did not originate it; and we are too big, too
powerful, too self-respecting a nation to interpret with too strained or
refined a reading the words of our own promises just because we have
power enough to give us leave to read them as we please.
The large thing to do is the only thing we can afford to do, a voluntary
withdrawal from a position everywhere questioned and misunderstood. We
ought to reverse our action without raising the question whether we were
right or wrong, and so once more deserve our reputation for generosity and
the redemption of every obligation without quibble or hesitation.
I ask this of you in support of the foreign policy of the Administration.
I shall not know how to deal with other matters of even greater delicacy
and nearer consequence if you do not grant it to me in ungrudging measure.

Coincident with the delivery of the address, a bill
was introduced by Senator Chilton of the Committee on
Interoceanic Canals, amending the Panama Canal Act
by the addition of a section empowering the President to
abolish the tolls provided for thereunder or to prescribe
charges where omitted. The amendment proposed is as
follows:
Section 15. The President, notwithstanding anything herein contained,
Is hereby authorized and empowered by proclamation to make, suspend,
alter, change or abolish any tolls contemplated or provided for by this Act,
and may prescribe tolls to be charged in any case in which tolls are prohibited •
herein.

A bill previously introduced by Representative Sims,
calling for the repeal of the exemption clause, was favorably
reported yesterday by the House Inter-State Commerce
Committee by a vote of 17 to 4.
All the members of Congress do not share the President's
views on the exemption provision. One of the Democrats
who have expressed themselves in opposition is Senator
O'Gorman of New York, who speaking on Thursday, after
the reading of the President's Message, said :



A criticism directed at the Inter-State Trade Commission
Bill and others of the pending Administration measures,
as embodied in a letter addressed to Senator Root by
Col. Henry L. Higginson of Boston, was read into the "Congressional Record" of Feb. 28 and referred to the Committee
on Inter-State Trade and Foreign Commerce, which has
charge of the bill. We are in accord with much that Col.
Higginson has to say, and we reproduce his letter herewith:
Boston, Feb. 21 1914.
Hon.Elihu Root, United States Senate Chamber, Washington, D.C
My Dear Senator—Senator Newlands sent me Senate bill No. 4160, for
the making of an Inter-State Trading Commission. Such a commission
may be desirable, but must have members very carefully chosen, who
have had wide experience in business, high character, and open minds.
Such men are hard to find and rarely will serve. The Senate bill asks
for inquisitorial powers and for publicity so objectionable that it will
fetter and perhaps destroy corporations. Further, any jealous man or
corporation affected may force the Attorney-General to investigate a
rival corporation, with or without cause. This enables a dishonest malcontent to injure an honest, able corporation, and such action is intolerable. In short, it ties the honest man who will speak and deal honestly
and truthfully, and opens a large door to the dishonest man. It cripples
trade and manufactures, and thus limits the work of the day laborer, for
the two interests stand or fall together. The question of Federal incorporation is difficult of decision.
Draft bill No. 1. It often happens that a manufacturer sells a lot of
shopworn goods in order to clear his shelves, in order to pay notes, or from
prudence. Thus it is impossible for a manufacturer or a corporation to
fix prices. No man or corporation is ready to show weakness, and yet
It may be a necessity to have ready money, for business sometimes feels
this necessity, and who can fix the intent or the need of a transaction?
Still further, the use of judgment in dealing with buyers is essential, for
one buyer accepts the goods and pays surely and promptly and another
buyer cavils at the goods if the price of them has fallen and delays payment,
or does not pay at all. This may all happen as between honest men, the
grades of honesty being different. (See postscript.)
The courts alone can decide the just use of the law, but all such threats
as are contained in draft bills 1 and 2 frighten people, and the honest man
prefers to go without a profit rather than run risks. The less scrupulous
man runs this risk, for he has little to lose. The one cares more about his
character than he does about his profits, and the other lets his character
take care of itself.
Draft bill No. 3, about interlocking directorates. No one doubts that
abuses have crept in here. It is often well that a man should advise
and direct in two corporations which interlock in their dealings, and often
such action is harmful. The Federal Bank Act will drive from bank
directorates many men of great value to the banks, and will substitute
men ignorant of credits, conditions and of general affairs. At the same
time, the influence and knowledge of these valuable men will be used,
but the responsibility for their acts will not exist; that is, these men can be
used, but not held accountable. The law taxes the shadow and not the
substance. Further, if directors are to be confined or imprisoned because
of mistakes or sins of the corporation officials, good men will not serve on
directorates. This bill has good intents, but needs very careful consideration.
All these bills hurt the honest man and help the dishonest or half honest
or reckless man—in short, the gambler and semi-gambler who will run

THE CHRONICLE

734

risks, wriggle,and,if need be,lie. If the corporations are hurt or crippled,
it reacts on all the wage earners. Unless most carefully drawn, with the
full belief that most men are honest and will deal fairly, the bills will prove
absolutely undemocratic in their results. I recognize the danger of too
much power in any man's hands, and deprecate the greed of mankind, but
this greed appears in the acts of the workingman,the farmer,the manufacturer, the trader—whether it be in goods, securities, or money. Nothing
but good courts and a higher tone in business will cure the evils, although
they will have been much lessened in these last years. Ignorance does much
more mischief in this world than dishonesty.
The above are the opinions which come to me after a careful study of this
bill and these draft bills, by an able lawyer and by myelf. If our followcountrymen cannot be trusted and be on the whole good, our country has
little value. Havinglived among them 80 years, I believe_our countrymen can be trusted.
I am,with great respect, and with thanks to you for your trouble,
Very truly yours,
HENRY L. FIIGGINSON.
P. S.—It is true that some of these points may be covered by the proisions of the bill—that in, draft bill No. 1—but opportunities for attack
based upon alleged intents or motives are always possible, and often a successful defence might be as harmful as a defeat. For example,a man forced
to sell goods at a low price might be very unwilling to:disclose his necessity,
even after the crisis had passed, for his credit is very dear to:him, and, although it is provided that one may choose his customers, still a mine owner
or a manufacturer might hesitate to make public:his just suspicions of the
honesty and credit of the buyer. Such a disclosure might also injure an
honest buyer. The question of character constantly comes into business
as well as life, and is not easily discussed.

[VOL. xcvni.

The right of the Government to seize, without search warrants, private papers to be used as evidence in criminal
prosecutions, is denied in an opinion rendered by the United
States Supreme Court on Feb. 24. The decision directly
concerns Fremont Weeks, an express messenger of Kansaa
City, Mo., who as a result, will be given a new trial on a
charge of using the mails to further an alleged lottery scheme.
At the previous trial a number of letters which had been procured after a search of his home by a United States Marshal,
who had failed to secure a search warrant for the purpose,
were used as evidence against the defendant. Judge Day,
in announcing the decision of the Supreme Court, held that
Week's constitutional guaranty against unreasonable search
had thereby been violated. "If," he said, "letters and private documents can thus be seized and held and used in
evidence against a citizen accused of an offense, the protection of the Fourth Amendment, declaring his right to be
secure against such searches and seizures, is of no value,
and, so far as those thus placed are concerned, might as well
be stricken from the Constitution. The efforts of the courts
and other officials to bring the guilty to punishment, praiseworthy as they are, are not to be aided by the sacrifice of
those great principles established by years of endeavor and
suffering, which have resulted in their embodiment in the
fundamental law of the land.
The decision is expected to have a bearing on the dynamite
cases against Frank M.Ryan and other officials of the International Association of Bridge & Structural Iron Workers;
the Government is alleged to have improperly seized papers
in Indianapolis affecting the defendants, and an application
for a review of those cases was filed with the Supreme Court
on Feb. 24.

At the hearing before the House Inter-State and Foreign
Commerce Committee on the 27th ult., on the bill providing
for Government regulation of stock and bond issues, A.H.
Harris, General Counsel of the New York Central RR. expressed it as his opinion that if the Government be given authority to regulate security issues, it should likewise be empowered to issue charters to the railroads whose securities it
would pass upon. Mr. Harris is said to have declared that
to his mind a Federal incorporation Act would be Constitutional, and without it, he argued, the Government would find
it difficult to control railroad securities.- From the "Journal
Hearings on the bills revising the banking laws of New
of Commerce" we take the following further observations of York State will open in the Senate on March 10. The bills
Mr. Harris on the subject:
embody the recommendations of the Van Tuyl CommisMr. Harris suggested to the committee that it would be unwise to restrict the purposes to which money may be put that is raised by the; issu- sion appointed last year. Its report was presented to
ance of securities approved by the Commission. He cited the instance the Governor and the Legislature on February 25. The
where a road may pay for bnprovements out of money in its treasury. bills drafted for the codification of the laws comprise over
Such improvements certainly should be capitalized, he said, as it represents
dividends the stockholders advanced to the road. Furthermore, the wit- 400 pages. The law as revised covers every detail pertaining
ness sald'that it will be necessary to have it arranged so that the Inter-State to banking under the following separate headings: DefiCommerce Commission will take quick action on questions arising. The nitions;
Banking Department, including powers and duties
Commission is now overworked, he said,and there is a possibility that great
of Superintendent and other officers; banks; private bankers;
harm may be done unless the procedure before the Commission is revised.
The attorney said that the listings of railroad securities on the New York trust companies; savings banks; investment companies; safe
Stock Exchange are over $13,000,000,000 in stock and $12,000,000,000 in deposit
companies; personal loan companies and personal
bonds, making a total of $25.000,000,000. If the new law is to require the
loan brokers; savings and loan associations; land bank of
it -State Coinmercii Commission-to-p'ass ujion-everysinirrifisne of
curities by railroads,it will mean a great deal of additional work.
the State of New York; credit unions; forfeiture of corporate
Furthermore,said Mr. Harris, it is absolutely necessary that, to have its
existence by non-user; voluntary dissolution and merger of
full effect, the jurisdiction of the Inter-State Commerce Commission must
be exclusive. .To have the States passing upon railroad issues would be too corporations; laws repealed; construction; when to take
great a burden upon the roads.* Fs r loy•
effect. A statement accompanying the bill says:
IFF: MIR
Not only will private bankers be placed under the supervision of the SuperThe Naval Appropriation bill authorizing the construction intendent of Banks and be subject to strict regulation, but there will be
established
the principle involved in a guaranty fund for the protection of
Of two battleships was reported to the House of Represen-moneys of millions of savings bank depositors in this State. Machinery is
tatives by the Committee on Naval Affairson Feb. 247—The provided also
for creating a State land bank to be backed by the resources
bill calls for an appropriation of $140,200,000, exclusive of New York's flourishing savings and loan associations. With the proposed enactment for a land bank to which the farmer can apply for loans
—
of amounts_ to be _spent for armor and armament. Besides upon
his realty at most favorable terms, goes broadened provisions of law
the two battleships, it provides for one sea-going submarine, relating to credit unions. Credit unions are co-operative institutions desix torpedo-boat destroyers, three coast defense submarines signed to make loans upon personal credit both in the cities and in farming
districts. The Federal Government after investigation in this and foreign
for use on the Pacific Coast and four harbor-defense subma- lands
has adopted the New York State statute as the model for a Fedora
rines for use on the gulf coast and at Panama.
credit union Act. Changes are proposed in the revised law which will
The right of citizenship in the United States was denied
to a Syrian of Asiatic birth, George Dow,by Judge Smith in
the United States District Court at Charleston S. C.,
February 20. The court in deciding that the applicaa "is
not that particular free white person to whom the Act of
Congress has donated the privilege of citizenship in this
country with its accompanying duties and responsibilities,"
said:
The admission of a foreigner to the privilege of citizenship in a country is
wholly a matter for the peoplo-of-thai country. They may be as CaTiFicious
and unreasonable as they see fit about it7It is a volnntarFdonation'to" be
extended or denied according to the whims of the donor if he shall see fit
to allow- his-i-whinr-Hirhdssertainly a
action to be controlled by
'right to be controlled by his ideas of prudentor wise pilliarIowards himself
present
in making the donation. The
applicant may be a free white person.
So also may be an individual Japanese or South Sea Islander. The Court
does not undertake to say what races of mankind in matter of complexion
should, or should not, be classed as white. There is a vast range in shades
of white between the Northern Scandinavian and the Southern Portuguese.
The only point decided is that the applicant is not that particular free white
person to whom the Act of Congress has donated the privilege of citizenship in this country with its accompanying duties and responsibilities.
In donating this privilege the people of the United States have seen fit,
under the description of free white persons, to restrict the privileges as exo such
ten eThZ=
a foreigners to persons ofIuropean habitancy and EnFOTean
escent. The applicant being an Asiatic, does not come within the terms
I the statute and whatever may be his other qualifications Congress has
ot seen fit to endow him with the right to be admitted a citizen of the
country.




'3

make New York's statute greatly superior to the present article in the opinion of men prominent in philanthropic and charitable work. It is expected that a considerable number of credit unions will be organized under
the banking law if the Act of last year is amended. The credit unions will
supplement the land bank in extending facilities for co-operative agricultural
credits. In the new law the land bank is defined as a "co-operative institution for savings, the membership of which is composed of savings and
loan associations, doing business for the purpose of issuing and redeeming
debenture bonds secured by first mortgages pledged by its members, and
for otherwise promoting their interests."
While few radical changes from existing law are involved, the revision
has affected every article of the banking law and the Commission's thanks
are due to all who co-operated with it and gave aid and counsel. Should
the bill pass, the banking department will take over the supervision of
private bankers, which supervision has been exercised heretofore by the
State Comptroller. There will be systematic examinations into the affairs
of many private bankers who have heretofore not been under supervision,
and they will be compelled to maintain reserves against deposits as is now
required of banks and trust companies.
Savings bank depositors are assured a safeguard for the future in the proposed provision for the establishment by all such institutions of a guaranty
fund to be held to meet any contingency. This guaranty fund is to have
its origin in contributions to be made before the savings bank is authorized
to commence business and will be gradually increased by small deductions
from net earnings at each dividend period. No savings bank is to be compelled to make these deductions if by so doing the dividends to its depositors will be reduced below 33,
6% per annum.
The provisions of the laws of this State relative to reserves have been
substantially conformed to the provisions of the Federal Reserve Act and
State banks and trust companies have been given power to do anything
that is necessary to enable them to become members of a Federal reserve
bank.
•
In view of proposed legislation by Congress in relation to so-called inter
locking directorates affecting banking institutions throughout the country.

MAR. 7 1914.1

THE CHRONICLE

735

by President Mabon on Feb. 26. The committee consists
of Charles M. Newcombe, E. V. D. Cox, W. S. Jones,
William B. Potts and William C.Van Antwerp. Arbitrage
The Commission presenting the report consisted of A. trading on joint accounts is prohibited under a resolution
Barton Hepburn, Chairman; Charles L. Bemheimer, Louis which went into effect July 1 1911.
Goldstein, John H. Gregory, Frank.E. Howe,Joseph French
Johnson, Herbert H. Lehman, Randall J. LeBoeuf, Elliott
Letters seeking authority for the continuance of ClearingC. McDougal, Leopold Stern, E. P. Maynard, Jeremiah T.
House
examinations have been addressed this week to the
J.
John
Patterson,
M.
Mahoney, Charles A. Miller, Frank
national banks of this city by the New York Clearing-House
Pulleyn and John Harsen Rhoades.
Association. The Association's action, it is understood, is
taken in accordance with Section 22 of the Federal Reserve
Act, which states that "no examiner, public or private, shall
In line with the suggestion of Governor Glynn of New York
disclose the name of borrowers, or the collateral for loans of
that there be established a State land bank, two bills designed to create such an institution were introduced in the a member bank, to other than the proper officers of such
Legislature on the 2nd inst. A special message urging the bank without first having obtained the express permission
establishment of a land bank was sent to the Legislature in writing from the Comptroller of the Currency orfrom the
board of directors of such bank," &c. Rumors that there
by the Governor on the date named. One of the bills preexists dissatisfaction with the Clearing-House system of
sented follows the legislation recommended in the Van Tuyl
examinations on account of the expenses involved, and that
report. In his message dealing with the proposals for the
there is further objection to their continuance because of the
creation of the new system of banks, Governor Glynn said:
clearing functions of the reserve banks, have cropped up
There are two ways to do this. One is by the establishment of a large
central bank issuing debentures to be secured by mortgages placed by sav- during the past few days, but apparently there is no ground
ings and loan associations acting as feeders for the central bank. In this for the presumption that there is any general opposition.
system existing associations, together with savings and loan associations to
H. Wiggin,
be organized among farmers, would be stockholders in the central bank. The As confirmatory of this conclusion, Albert
members of these associations would be allowed the privilege of borrowing Chairman of the Clearing-House Committee, has declared
money on the long time amortization plan. This system is favored by lead- that in his opinion all the national bank members would
ing members of the State Agricultural Society and of the State Grange, as
well as by the committee on rural credit appointed by the commission to assent to the request.

the Commission proposes a reduction in the requirement of a minimum
"number of trustees for a savings bank from 13 to 9, and the minimum number of directors of a trust company from 13 to 7. The minimum number
of directors for a State bank is to continue at 5.

revise the banking laws.
The other system authorizes the formation of land banks as stock institutions by the subscription of private capital. This system is advocated
by many leading agriculturalists and financial experts who have devoted
much time to the study of agricultural credit abroad and to our need for it
at home.

The week of Oct. 12 has been selected by the Richmond
Committee as the time for the Fortieth Annual Convention
of the American Bankers' Association. The committee and
executive council meetings will be held on Monday, Oct. 12;
section meetings, convention and entertainment on Oct.13
to 16, the details of which have not yet been arranged by
the administrative committee. At the time of the year
chosen Richmond will be at its best as to climate. As has
already been announced, the Hotel Jefferson will be the
Convention headquarters.

The passage of either or both of these bills is urged by the
Governor. He points out that the farms of the State are
mortgaged for approximately $100,000,000 and states that
under the plan proposed there would be a saving of $24,000,000 to the farmers of New York if present mortgages
2,are converted into ten-year amortization loans, and
000,000 if converted into fifty-year amortization loans.
"By amortization loans", he said, "I mean that system of
loans now used in Europe under which the farmers of GerSecretary F. E. Farnsworth of the American Bankers'
many, France, Great Britain and Italy borrow money on
Association
has concluded his work of compiling the protheir land and pay it back in installments at easy rates of
ceedings of the 39th Annual Convention of the organization,
interest."
and the report makes its appearance in its customary complete shape. The volume is gotten up in the same attractive
The repeal of the "full-crew" law of New Jersey is sought style as in other years; it covers the convention held in Bosin a memorial presented to the Assembly of that State by ton Oct. 7 to 10 1913, and its contents embrace the proceedimportant railroad interests on the 4th inst. The roads have ings of the main body, the Trust Company Section, the
also petitioned the Legislature to repeal all laws requiring the Savings Bank Section, the Clearing-House Section and the
issuance of passes to State or other public officials, and have State Secretaries' Section. The constitution, by-laws, list
asked for the enactment of a law prohibiting railroad com- of officers, members of the Association, &c.,, are also to be
panies from giving any State or public official, and such of- found in the report. Arthur Reynolds, President of the
ficial from soliciting, receiving or using, free transportation. 'Des Moines National Bank of Des Moines, Ia., is President
The petitioners are: Samuel Rea, President of the Pennsyl- of the Association; the First Vice-President is William A.
vania RR.; W. H. Truesdale, President of the Delaware Law, First Vice-President of the First National Bank of
Lackawanna & Western RR.; F. D. Underwood, President Philadelphia; J. W. Hoopes, Vice-President and Cashier of
of the Erie RR.; E. B. Thomas,President of the Lehigh Val- the City National Bank of Galveston, is the Association's
ley RR.; George F. Baer, President of the Reading and the Treasurer.
Central Railroad of New Jersey; A. H. Smith, Vice-President of the•New York Central, and J. B. Kerr, President of
The Association of Reserve City Bankers will hold its
the New York Ontario & Western Ry.
second annual meeting in Cincinnati on March 20 and 21.
The petition for the repeal of the full-crew law sets out The Association was organized on Dec. 14 1912, and its first
that the railroad companies "are facing a crisis in their finan- annual meeting took place in St. Louis in April last year.
cial careers such as has not been experienced in this part of Its objects and purposes are "to foster, protect and advance
the country in the last twenty years." The petitioners the banking interests generally, as well as the banks repre
say further that:
sented by the membership; to encourage integrity and good
The expense necessarily incurred by your petitioners in complying with
equitable principles, and to discover and corthe requirements of the full-crew law in the period of nine months during faith, just and
which It has been in effect is $295,784 28. This amount would be very rect abuses; to prevent and adjust controversies; to dissemilargely increased if figures were available from all the companies affected.
nate information and statistics, and in general to promote the
These petitioners and the railroad companies generally earnestly protested against the passage of this Act, and the objections then urged In welfare and social intercourse of its members." The membership of the Association is made up of banking institutions
anticipation have now been verified by experience.
The claim made that the Act would promote the safety of travelers or in all the important cities of the country. R. S. Hawes,
employees has been shown to be utterly unfounded; nor has the law proved
beneficial in any respect. The expenditure which it has made necessary Vice-President of the Third National Bank of St. Louis, is
has been merely wasted.
President of the Association, and Edward A. Seiter, ViceThe sums so wasted and lost to these companies alone and their stock- President of the Fifth-Third National Bank of Cincinnati,
holders and to the public, capitalized on a 4% basis, amounts to $7,394,607.
The Public Utility Commission before the passage of this law had full is Secretary.
power to require the employment of additional trainmen in any instance
where It was necessary. A repeal of this law will restore to them this power.

Following the filing of a petition by over 700 members
of the Stock Exchange for the resumption of arbitrage trading
by means of joint account between the Exchange and foreign
operators, a committee to consider the matter was appointed



The twenty-first annual convention of the New York
State Bankers' Association will be held Thursday and
Friday, June 11th and 12th, at Eastern Point(New London),
Conn. "The Griswold" will be Headquarters. The rapid
growth of the Association and the increasing number of those
attending the annual conventions have rendered difficult

736

THE CHRONICLE

[VOL. xcvm.

the problems of choosing a suitable meeting place. In
consequence, the Council of Administration decided to put
the matter to vote of the members, with the result that of
four available places suggested, namely New York City,
Saratoga, Atlantic City and Eastern Point, the last-named
was decided upon.

Mr. Buckingham had been Vice-President of both the Central State National Bank and the Central State Bank &
Trust Co. before the recent consolidation of the Central
State Bank & Trust and the German-American Bank &
Trust with the Central State National Bank. The Citizens' Bank & Trust Co. started business in 1912. It has an
authorized capital of $250,000, with $50,000 paid in. Both
Under the direction of J. A.Broderick of the State Banking the capital and surplus, it is reported, are to be increased.
Department, a course in credit will be conducted by New
York Chapter of the American Institute of Banking, beginA new banking institution began business in Nashville
ning March 11th, to run on alternate Wednesday evenings on Jan. 31 under the name of the Southern Bank & Trust
through March and April. A. F. Maxwell, Manager Credit Co. It has a capital of $100,000. E. T. Lewis is President
Department of the National Bank of Commerce,will conduct and V. Taylor Vice-President. In addition to its functions
the lectures.
as a bank and trust company, the institution operates real
estate, insurance and savings departments.
The organization was perfected on Feb. 26 of the Industrial FinanCe Corporation, which, as indicated in our issue
The directors of the Fourth National Bank of Atlanta
of Feb. 21, proposes to work to defeat the loan-shark evil. announce
the election of Charles I. Ryan as a Vice-President
The officers are: Chairman of the Board, Dr. Elgin R. L.
of their institution. Mr. Ryan is now Vice-President and
Gould; President, Arthur J. Morris; Vice-Presidents, Cashier.
Nicholas Murray Butler, Raymond Du Puy, Stephen C.
Millett, Eugene H. Outerbridge and Theodore T. Shonts;
James K. Moffitt, Vice-President of the First National
Treasurer, Charles H. Sabin; Secretary, Joseph B. Gilder.
Bank of San Francisco, has, in addition, been appointed
The executive committee consists of Joseph S.Auerbach,
Cashier to fill the vacancy due to the resignation of J. H.
N. M.Butler, William R. Craig, Raymond Du Puy, Samuel
Skinner. Mr. Skinner has become identified with the Bank
L. Fuller, Dr. E. R. L. Gould, Arthur Hagen, A. J. Morris,
of Italy.
E. H. Outerbridge, C. H. Sabin and Willard Straight.
The name of the Lumbermen's Trust & Savings Bank of
Portland, Ore., has been changed to the Lumbermen's Trust
Co. The company began business on July 1 1913. It is
affiliated with the Lumbermen's National Bank, the two
institutions being owned largely by the same stockholders.
The trust company has a capital of 8500,000 and a surplus
Alonzo M. Woolsey and Joseph T. White, employees of of $100,000.
the PlazalBranch of the Union Trust Co. of this city, were
Action on the proposal to increase the capital of the London
indicted on February 25 on charges of forgery in the third
degree. Woolsey was released under $3,000 bail, while White City & Midland Bank, Ltd., of London, to £28,200,000 was
was held in default of bonds fixed at $10,000. They were taken at a special meeting of the stockholders on February
arrested:on:the 21st ult. It is understood that the company 17th. It is also planned to divide the £60 shares, each with
estimates its losses at $10,000., A statement given out by £12 10s. paid up, into £12 shares, each with £2 10s. paid up.
President Merrill on the 21st said :
The resolutions adopted in the matter provide:

E. T. Jeffery, Chairman of the Board of the Denver &
Rio Grande RR., has been elected to succeed the late William
H. Taylor as a member of the executive committee of the
Equitable Trust Co. of this city.

The officers of the Plaza Branch have decided to institute criminal
proceedings against two clerks at the branch on account of a false entry made
by them which has been discovered.
The business of the Plaza Branch is kept entirely separate from that of the
other offices of the company and no trust business is carried on there.
Both the clerks in question are under surety bonds and the amount involved is not large: but justice to the other employees of the Plaza Branch
and the maintenance of discipline have made a public prosecution necessary.

That the capital of the company be increased to $28,200,000 by the
creation of 100,000 new shares of £60 each, and that in respect of each
of the said shares the sum of £35 part thereof shall not be capable of being
called up except in the event and for the purposes of the company being
wound up.
That each of the shares of £60 in the capital of the company be subdivided into five shares of £12 each, on which the sum of £2 10s. per share
should be credited as paid up and that in respect of each of the said shares
of £12 each the sum of a part thereof should not be capable of being called
up except in the event and for the purposes of the company being wound up.

Advices from Chicago state that the private banking and
The bank's subscribed capital at present is £20,873,520,
real estate firm of Cobe & McKinnon, organizers of the while the paid-up amount is £4,348,650. The sub-division
Assets Realization Co. is being dissolved. The firm has been of the shares was recommended at the annual meeting in
in operation in Chicago about eighteen years.
January, when Sir Edward H. Holden, Bart., Chairman and
Managing Director, in referring to the proposal stated that
Henry B. Bartow, Cashier of the Farmers' & Mechanics' "by this division we shall extend our market, thus giving
National Bank of Philadelphia, died on the 2nd inst. as to those who desire a less liability greater facilities to disthe result of an attack of acute indigestion with which he tribute their shares."
had been stricken ten days prior to his death. Mr Bartow
had been Cashier of the bank for the past ten years. He was
Canadian Bank Clearings.-The clearings of the Canafifty-five years of age. Mrs. Bartow is a sister of Edward
of February 1914 show a decrease
report. In his message dealing with the proposals for the dian banks for the month
1913 of 10.1%, and for the two
from
of
same
month
the
creation of the new system of banks, Governor Glynn said:
B. Smith, senior member of the Philadelphia and New York months the loss reaches 11.0%.
banking firm of Edward B. Smith & Co.
Two Months.
February.
Clearings at-

The Sheridan Trust & Savings Bank of Chicago moved
into its new banking house at Broadway and Lawrence Ave.
on February 24. The building was open for public inspection from 9 a. m. until 10 p. m. on the opening day, a
reception being held in the evening. Engraved invitations,
showing a picture of the structure, which is designed exclusively for the bank's use, were issued by the officers. W. J.
Klingenberg is President of the institution. It has a capital
of $200,000 and a surplus of $50,000.
Joseph Sellwood, President of the City National Bank of
Duluth, Mimi., and owner of several other Minnesota
institutions, died on February 24th in his sixty-eighth year.
Mr. Sellwood had also been prominently identified with
mining interests.

1914.

1013.

Canada$
$
Montreal_ __ 210,183,428 210,727,399
Toronto__ 164,627,410 162,890,405
Winnipeg-__ 82,058,074 105,495,133
Vancouver__ 34,054,576 50,641,407
Ottawa
14,320,671 14,021,384
Calgary
12,930,884 18,080,084
Edmonton
12,791,319 15,952,283
Victoria
10,086,102 13,950,100
Hamilton_ 11,440,792 12,815,056
Quebec
11,193,841 12,486,972
Regina
6,618,790 12,756,393
Halifax
6,947,764 7,339,675
St. John..
5,831,733 6,296,496
Saskatoon
4,430,814 7,210,416
London
6,155,267 6,786,293
Moose Jaw.. 3,166,123 4,708,432
Lethbridge
1,589,111 2,077,561
Fort William 2,827,477 3,385,734
Brandon
1,662,018 2,103,288
Brantford .._
2,238,297 2,398,638
NewW'm'ter
1,462,615 2,170,915
Niedicine H't 1,732,484 Not incl. In
mt.

rAllfifill MA

Inc. or
Dec.
%
-0.3
+1.1
-22.2
-32.7
+2.1
-30.8
-10.8
-27.7
-10.7
-10.4
-48.1
-5.3
-7.4
-38.5
-9.3
-32.7
-23.5
-16.5
-21.0
-6.7
-32.0
total.

1014.

1913.

Inc. or
Dec.

$
$
%
434,407,949 458,639,501 -5.3
349,634,462 359,660,841 -2.8
198,439,915 240,488,585 -17.5
75,407,927 103,072,734 -26.8
31,821,816
33,313,458
29,224,099
40,361,074 -27.6
28,401,041
34,347,004 -17.3
21,725,580
29,937,607 -27.4
24,628,131
28,751,360 -14.3
24,673,838
26,063,555 -5.3
15,758,238
24,427,574 -35.5
15,976,496
16,662,253 -4.1
12,573,226
14,679,887 -14.3
10,810,506
16,306,483 -33.7
13,984,966
15,713,330 -7.8
7,443,147
10,705,138 -30.5
3,663,173
4,547,355 -19.4
6,406,810
6,995,085 -8.4
3,973,334
5,129,102 -22.5
5,079,478
5,289,736 -4.0
3,188,336
4,715,555 -32.4
3,522,169 Not included in total

(117 MI 674.003.064 -10.1 1.317,228.468 1.470.267.217 -11.0

M. G. Buckingham has been elected active Vice-President
The clearings for the week ending Feb. 28, in comparison
of the Citizens' Bank & Trust Co. of Memphis,following the with the same week of 1913, show a decrease in the aggregate
creation of an additional Vice-Presidency in the institution. of 4.7%.



MAR. 7 1914.J

THE CHRONICLE
1Veek ending Feb. 28.

Clearings at-

Gt:t2W4U:EMTOr4tntg="

1914.

WWVolo-.1.101.14-,11-031.10
.oant.=-4..woo.o.o.4=mcnwtm

CanadaMontreal
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

1913.

Inc. or
Dec.

153.393.682

Total Canada

1911.

1912.

$
$
$
%
45,798,941
+8.4 43,837,148 38,559,125
39,327,306 +8.2 36,590,772 31,688,460
24,111,827 -21.0 23,628,989 16,220,347
11,418,475 -21.4 10,822,683 9,323,323
2,997,792 +7.8 3,937,819 3,327,589
4,382,752 -32.8 3,898,249 3,175,335
3,477,765 -14.5 3,489,742 1,695,903
3,515,538 -37.8 2,995,658 2,365,635
3,053,720 -17.8 2,770,784 2,306,713
2,605,536 -13.1 2,613,039 1,793,417
778,412
2,371,398 -36.2 1,617,615
1,463,091 +15.4 1,540,625 1,417,181
1,516,961 -7.4 1,729,692 1,364,180
747,123
1,758,470 -46.3 1,752,630
1,547,016 -10.5 1,242,373 1,297,744
933,515
512,940
1,141,688 -30.6
462,031
597,232
467,812 -8.8
389,365
824,923 -20.1
459,548
424,831
485,823 -27.2
559,841 -21.1
430,216
471,763
569,007 -42.0
Not include d in tot al
-4.7 145.277,685 117,932.052

737

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 crlowded out
once a month. The figures are received by telegraph from •
other leading cities.
Clearings-Returns by Telegraph.
1Veek ending March 7.

Per

1914.

1913.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,616,817,069
139,922,986
.145,000,000
34.743,857
343,479,549
71,011,207
16,369,049

$1,760,625,707
154,671,485
148,951,453
37,313,116
324,212,509
72,511,838
16,915,558

-3.2

Seven cities, 5 days
Other cities, 5 days

$2,367,343,517
575,019,986

$2,515,201,666
560,413,209

-5.9
+2.6

Total all cities, 5 days
All cities, 1 day

$2,942,363,503
565,941,783

$3,074,614,875
574,279,633

-4.3
-1.5

53508305285

5:IA40.804.508

-3.9

Total all cities for week
•Partly estimated.

Cent.
-8.2
-9.5
-2.7
-6.9
+5.9
-2.1

Our usual monthly detailed statement of transactions on
Pacific and Other Western clearings brought forward
the New York Stock Exchange is appended. The results
rom first -naie.
for the two months of 1914 and 1913 are given below.
February.

Two Months.

Clearings at1914.

1913.

s
$
San Francisco_ 188,388,081 200,903,504
Los Angeles-- 92,112,935 98,676,477
Seattle
45,173,995 46,878,551
Portland
42,297,377 42,832,876
Salt Lake City. 21,752,383 23,842,953
Spokane
14,682,033 15,693,957
Tacoma
7,956,764 10,236,592
Oakland
13,286,065 15,479,772
Sacramento.
7,362,814 7,101,064
San Diego
8,315,929 11,566,524
Fresno
3,546,341 4,160,865
Stockton
3,126,492 3,374,660
San Jose
2,608,035 2,645,635
Pasadena
3,809,159 4,196,590
North Yakima
1,315,184 1,335,286
Boise
2,677,849 2,738,519
Reno
983,837 1,100,190
Ogden
2,784,802 2,440,779
Santa Rosa_ _ _
897,763 1,000,585

Inc. or
Dec.

1914.

1913.

Inc. or
Dec.

$

$

%

%

-7.2 404,762,065 442,640,645 -8.6
-6.7 200,341,203 210,263,780 -4.2
-3.6 97,340,196
97,021,77C +0.3
-1.2 91,199,276
92,104,11
-1.0
-8.8
51,946,533
55,533,071 -6.5
-6.4
33,910,335
34,087,286 -0.5
-22.3 ' 17,006,965
21,447,785 -20.7
-14.2
28,807,204
32,622,241 -11.7
+3.7
15,914,502
16,255,033 -2.1
-28.1
18,532,107
24,797,877 -25.3
-14.8
7,454,817
9,205,906 -19.0
6,794,744
-7.3
7,285,859 -6.7
-1.4
5,354,241
5,794,458 -7.6
8,336,484
-9.2
8,943,569 -6.8
2,996,949
-1.5
2,972,843 +0.8
-2.2
6,291,563
6,767,136 -7.0
-10.1
2,102,757
2,237,342 -6.0
+14.1
6,150,030
5,673,805 +8.4
-10.3
2,123,403
2,435,108 -12.8

Two Months 1914.
Descriplion.

Par Value
or Quantity.

Actual
Value.

Two Months 1913.
Aver.

Par Value
or Quantity.

Actual
Value.

Aver.
Price.

I

StkfShares
16,308,954
15,512,605
1Value_ $1,437,734,855$1,363,911,126 94.951,427,102,950$1,401,343,772 98.2
RR. bon
145,531,500
141,372,731 97.1
98,539,000
96,427,181 97.9
Gov't bds_
89,000
91,689 103.0
278,500
287,798 103.3
State bonds
13,320,500
13,794,524 103.61
3,793,000
3,354,447 88.4
Bank stks_
189,700
388,646 204.9
19,700
40,496 205.5
Total__ _ _ $1,596,865,55551,519,558,716 95.2$1,529,733,150$1,501,453,694 98.2

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1914
and 1913 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
Mth .

1914.
Number
of
Shares.

Values.

1913.
Number
of
Shares.

Values.
-7.11,007,365,374 1,078,069,638 -6.6
Par.
Actual.
Par.
Actual.
p01,944,110211,880,156 -4.7 454,063,525 467,126,522 -2.8
84,858,018 87,176,262 -2.7 192,650,104 204,324,364 -5.7
67,511,016 68,119,785 -0.9 146,726,088 144,503,307 +1.5 Jan 10,088,895 881,625,495 847,963,208 8,748,973 809,787,850 790,879,464
41,316,079 36,012,199 +14.7
87,497,804
79,950,039 +9.4 Feb _ 6,220.059 556,109,360 515,947,918 6,763.632 617,315,100 600,464,308
30,951,061 34,239,950 -9.6
68,331,037
75,951,411 -10.0
30,162,719 32,044,274 -5.9
67,467,416
69,016,868 -2.2
The following compilation covers the clearings by month
21,055,674 18,588,177 +13.4
43,459,567
39,406,262 +10.3
13,081,242 12,138,338 +7.6
28,345,543
25,691,819 +10.3 since Jan. 1:
11,565,348 12,400,784 -6.7
26,231,910
32,132,166 -18.4
MONTHLY CLEARINGS.
12,220,901 13,509.504 ---9.5
27,221,430
20,054,231 -6.3
7,456,531 7,158,205 +4.2
16,477,176
15,125,964 +8.9
5,987,128 8,955,023 -13.9
13,240,141
14,927,415 -11.3
Clearings, Total All.
Clearings Outside New York.
6,585,788 7,013,731 -6.1
14,338,151
14,375,460 -0.3 .Month.
6,965,442 6,857,658 +1.6
15,942,050
14,032,690 +13.6
1914.
1913.
1914.
1913.
2,360,450 2,190,307 +7.8
5,150,282
5,114,477 +0.7
2,573,807 2,626,101 -2.0
5,683,202
6,008,016 -5.4
$
1,721.644 1,655,673 +4.0
3,844,877
3,778,391 +1.7 Jan -- 16,226,119,613
5,859,375 2,666,829 +119.8
9,942,036
5,844,556 +70.0 Feb _ _ 12.889,837.651 16,262,840,268 -0.2 6,854,299,220 6,924,099,062 -1.0
13.635,663,228 -5.5 5,652,232,169 5,841,018,933 -3.2
1,354,162 1,343,266 +0.'
3,009,303
2,708,615 +11.1
5,355,354 5,113,299 +4.7
11,250,726
11,700,501 -3.8
The
course
clearings at leading cities of the country
of
bank
3,779,718 3,526,160 +7.2
8,405,735
7,872,480 +6.8
1,639,872 1,358,232 +20.7
3,666,438
3,123,318 +17.4 for the month of February and since Jan. 1 in each of the
709,481
788,81 -10.0
1,520,948
1,664,557 ---8.7 last four years is shown in
the subjoined statement.
1,656,994 2,821,73 -41.3
3,297,120
4,487,791 -26.5
2,384,994 2,957,965 -19.4
5,384,62
,6794,532 -20.8
BANK CLEARINGS AT LEADING CITIES.
1,206,000 1,258,100 -4.1
2,905,000
2,890,100 +0.5
February
892,825
Jan. 1 to Feb. 28-29953,668 -6.4
1,931,945
1,960,613 -1.5
(000,000s
1914. 1913. 1912. 1911. 1914.
1,013,000
191p. 1911.
1913.
700,000 +44.7
2,208,901
1,449,554 +52.4
omitted.)
$
5
$
$
$
$
Tot. Oth.West.574.148.711 584.034.234 -1.711.270.193.0Ra 1.201 (11n 0,101 -1 A New York
7,238 7,795 7,313 7,296 16,609 17,133 16.148 15,826
1,251 1,240 1,153
972
Chicago
2,687
2,653
2,406
2,118
608
712
742
621
Boston
1,385
1,535
1,585
1,445
Week ending Feb. 28.
Philadelphia
645
640
600
580
1,408
1,430
1,315
1,243
Clearings al320
305
306
303
703
St. Louis
716
652
656
Inc. or
181
Pittsburgh
226
193
422
188
486
416
398
1914.
1913.
Dec.
210
1912.
168
201
405
San Francisco
186
443
432
367
1911.
Cincinnati
101
105
100
95
239
233
221
216
$
$
Baltimore
152
134
133
$
303
361
%
163
324
290
$
San Francisco_ _ _
39,734,334
52,069,386 -23.7
51,818,752
202
212
207
198
454
467
436
435
50,444,009 Kansas City
Los Angeles
21,000,000
24,279,395 -2.2
22,484,708
92
91
75
68
215
210
173
155
18,843,466 Cleveland
Seattle
10,825,413
13,745,591 -21.2
10,838,510
74
76
95
77
186
179
201
176
10,566,577 New Orleans
Portland
12,103,917 -27.6
8,758,495
11,377,785
85
87
78
71
193
204
163
157
10,997,876 Minneapolis
Salt Lake City
4,936,601
7,146,995 -30.9
7,657,018
63
66
67
61
137
138
132
5,983,015 Louisville
128
Spokane
3,027,208
4,185,083 -25.3
4,062,562
106
95
78
65
4,143,034 Detroit
227
206
168
146
Tacoma
1,757,580
2,840,305 -38.1
3,138,374
75
60
64
60
3,212,901 Milwaukee
149
131
123
120
Oakland
2,706,222
3,740,598 -27.6
3,797,821
92
99
87
65
200
210
180
139
3,228,078 Los Angeles
Sacramento
1,534,361
1,456,197 +5.4
1,382,000
32
43
35
32
1,428,107 Providence
72
76
75
73
San Diego
1,676,711
2,597,023 -35.5
68
68
68
2,269,281
53
147
1,351,588 Omaha
145
136
115
Fresno
773,210
872,843 -11.3
44
46
43
36
645,000
98
95
627,107 Buffalo
101
ss
Stockton
585,433
St.
Pzul
748,112 -21.8
41
36
44
37
709,703
87
82
80
525,000
88
San Jose
474,336
705,438 -32.8
32
34
30
34
612,818
67
76
71
73
487,599 Indianapolis
Pasadena
803,476
1,147,559 -30.0
31
34
36
33
792,650
74
68
76
78
794,276 Denver
North Yakima
287,754
Richmond
300,000 -4.1
32
32
37
30
335,069
71
65
72
76
412,870
Reno
200,000
222,200 -10.0
35
33
37
28
80
220,000
76
78
67
201,354 Memphis
Seattle
45
47
41
38
97
97
87
so
Total Pacific
99,081,134 128,160,612 -22.3 122,142,051 113,244,857 Hartford
21
21
18
17
47
46
40
36
Salt Lake City_ _ _ _
22
24
31
21
52
56
68
51
Kansas City__ _ _
43,825,683
55,379,099 -20.9
46,906,646
50,830,956
Minneapolis
20,749,859
25,013,433 -17.0
Total
11,844 12,597 11,941 11,374 36,808 27,6361 25,967 24,816
21,360,456
21,316,566
Omaha
18,001,372
16,464,725 -2.8
1,047 1,042 1,000
866
18,500,000
2,309
2,266
18,709,311 Other cities
2,109
1,889
St. Paul
11,185,934
11,772,229
5.0
16,729,585
12,307,527
Denver
6,700,297
9,635,910
Total all
30.5
12,891 13,639 12,941 12,240 29,117 29,902 28,076 28,705
8,743,980
9,658,784
St. Joseph
6,599,458
7,645,924 -13.7
7,750,487
9,990,201 Outisde New York_ 5,653 5,844 5,628 4,944 12,508 12,769 11,928 10,879
Des Moines
5,463,218
6,089,437 -10.3
5,073,385
6,982,299
Sioux City
3,272,372
3,028,838 +8.1
3,007,366
3,717,627
Duluth
2,361,964
3,226,962 -26.8
3,001,360
2,867,511
Wichita
2,603,446
2,854,688 -8.8
3,235,494
3,155,356
Lincoln
1,653,976
1,822,673 -9.3
1,740,000
2,323,316
Topeka
1,305,525
1,345,474 -3.0
1,556,696
1,825,535
Davenport
1,697,597
[From Our Own Correspondent.
2,058,405 -17.5
2,119,573
2,803,444
Cedar Rapids
1,649,885
2,036,423 -19.0
1,437,146
2,478,625
London, Friday, February 27 1914.
Colorado Springs
625,000
650,000 -3.8
687,500
625,000
Pueblo
554,028
563,561 -1.7
619,187
There has been this week a general recovery in the rates
667,649
Fargo
386,087
323,013 +19.5
634,874
537,147
•
Fremont
302,699
250,608 +20.8
434,634
431,944 of interest and discount, not only in London but in most of
Waterloo
1,201,670
1,280,768 -6.2
1,198,907
1,507,879
Helena
783,318
1,060,770 -26.1
813,361
859,839 the great Continental centres. It is true that the Bank of
Billings
367,836
349,510 +5.1
253,959
102,906 The Netherlands this
week reduced its rate of discount from
Hastings
200,000
250,000 -25.0
265,127
389,023
Aberdeen
400,000
484,649 -17.5
291,194
371,493
Total Pacific 461,080,643496,205,379

Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Topeka
Davenport_._ _
Cedar Rapids_
Colorado Spgs_
Pueblo
Fargo
Sioux Falls
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen
Joplin
Grand Forks.._
Lawrence
Iowa City_ _

Enonetatliaommerciaigngitsitge

Tot. oth. West.

129,891.002




153.587.099 -15.4

146.360.920

154.463.01R

432% to 4%, having put it down from 5% to 4)2% only a
week previously. With that exception, however, money has

been less plentiful and dearer everywhere than for some time
past. In London the rise is due mainly to the large collection of the revenue in this, the last, quarter of the British
financial year; partly it is due to the increased activity upon
the Stock Exchange and partly to the unusually mild and
dry weather, making spring operations begin exceptionally
early this year. Upon the Continent the rise is the result
of too rapid a reduction in rates, the beginning of the spring
operations and the wild rumors that there are troubles in
Paris.
There are, no doubt, lockups in Paris. But the great
capitalists of whom this can be said dispose of immense resources. Besides, money is plentiful, and there is no difficulty in getting any accommodation they require. Paris,
therefore, is sound in spite of the lockups. There is another
reason which makes Paris feel uncomfortable, and it is the
insecurity respecting the immediate financial outlook. The
late French Government intended to raise one great national
loan More Christmas, and when that was disposed of the
banks had arranged for an immense number of new issues.
The present Government has thrown aside the policy of its
predecessor, and nobody knows exactly what it will do, or,
indeed, what it will be able to do. Therefore, the banks
and great capitalists of every kind do not see their way
clearly. They have entered into arrangements to bring out
issues, and in some cases the Government puts its foot down
and will not allow them to carry out the arrangements. In.
other cases they know that the applications for the new Government issues, whether these latter be permanent or temporary, will be on an immense scale. Consequently, the
banks feel that their customers will expect to be prepared for
unprecedented applications.
In Germany and Austro-Hungary there are internal
political troubles which are more or less affecting both the
money markets and the bourses. The Hungarian Government has for some considerable time been negotiating with
its Roumanian subjects. The negotiations, however, have
been broken off. And, apparently, the relations between
the Government and the three great dissatisfied groupsthe Roumanians, the Croatians and the Saxons-are likely
to be even more unsatisfactory than they have been for a
long time. In Austria itself there is a quarrel between the
Poles proper and the Ruthenians, or Little Russians. The
Poles are attached to the Austrian connection. The Ruthenians are accused of working in the interest of Russia.
There is, therefore, a fear that the Ruthenian movement is
really the beginning of a quarrel with Russia. In regard
to Germany, the extreme Prussian, or Pan-German Party,
excited by its success in the Zabern affair, is doing its utmost
to compel the Prussian Government to adopt measures
against the Poles and the Danes, which may have uncomfortable consequences. The Poles, in fact, are accusing the German Government of employing its consular agents in Austria
to help the Ruthenians in the hope of weakening the Poles,
with the result that fears are excited in Austria that trouble
between Austria and Germany may be the result of the conflict. These matters probably will not assume a dangerous
aspect. But for the time being they have an unfavorable
influence both upon money and upon stocks.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of Consols,
&c., as compared with the last four years:
1914.
Feb. 25.
Circulation
28,210,060
Public deposits_ _
20,636,505
Other deposits
43,438,437
Gov't securities__ _ 11,252,858
Other securities_
37,986,182
Reserve,notes&coin 32,944,980
Coin&bull.,both dep.42,705,040
Prop. reserve to lia51.41
bilities
p. e.
Bank rate
3
p. c.
Consols, 2% D. c--75'%
Silver
26 9-16d.
Clear.-house returns298,712,000

1913.
Feb. 27.

1911.
Feb. 28.

1911.
March 1.

1910.
March 2.

27,707,990
23,548,493
41,667,026
13,034,146
41,869,871
28,455,017
37,713,007

27,988,795
21,570,536
44,829,649
15,116,036
38,860,739
30,532,328
40,071,123

27,520,270
19,021,510
39,240,544
14,637,633
32,795,480
29,080,638
38,150,908

28,264,500
11,289,009
40,252,432
13,976,401
29,634,807
26,136,065
35,950,565

43%
46
49%
503(
5
3%
33
3
78 15-16
80 9-16 81 7-16 xd
744
27 1-16d.
27 1-16d.
24 5-16d.
23 5-161.
279,149,000 275,392,000 349,257,000 347,974,030

The rates for money have been as follows:
Feb. 20.
F
7.
Bank of England rates
3
3
Open market ratesBank bills-60 days
2%
234024
-3 months.,._ _ 2%02 7-16
2%
2%
-4 months__ _ .. 2%02 7-16
-6 months-- 2%02 7-16 2345234
3
Trade bills-3 months_ .. _ ..
3533i
-4 months_ _ _.
3033(
35334
Interest allowed for depositsBy Joint-stock banks
134
134
By discount housesAt call
134
134
7 to 14 days
134
134

Feb. 13.
3

Feb. 6.
3

113-16
1%
1 13-1601% 13>01 15-16
1 13-16013 13-01 15-16
13451 15-16 13451 15-16
23(53
23453
3
3
134

134

134
134

134
134

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
•

Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen

[VoL. xcvm.

THE CHRONICLE

738

Feb. 21.
Feb. 7.
Feb. 14.
Jan. 31.
Bank Open
Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
334
3
334
334
334
3%
334
234
4
3
4%
3
4
4
334
234
4
4
3
434
3
4
3
334
3
4%
3
4
3
4
4
334
44
5
5
5
4%
434
434
434
4
434
3%
334
4
33.
4
334
434
434
334
434 3 15-16
5
4%
434
5% nom.
534 nom.
534 nom.
534 nom.
434
434
434
434
4%
4;4
434
434
5
5
5
5
5
534
534
534




Messrs. Pixley & Abell write as follows under date of
Feb. 26:
GOLD.-About £930,000 has arrived this week, of which India has taken £147,000. The balance has been secured for the Continent, the price being fixed at 77s.
9346. Since our last £50,000 in sovereigns has been withdrawn from the Bank for
South America. Next week £987,000 Is due from South Africa. Arrivals-South
Africa, £859,000; West Africa, £61,000; South America, £15,000; total, £935,000.
Shipments-Bombay, £117,000.
SILVER.-Although the v lume of business this week has been larger than of
late, fluctuations in prices continue small, and to-day's quotations of 26 9-16d.
for cash and 26 7-16d. for forward are the same as on the 19th inst. Throughout
the week the Indian bazaars have given good support, and on the 23d inst. this buying and some China inquiry raised quotations to 26 11-16d. and 2634d., respectively.
The advnace brought out silver and prices have since eased off to the above:mentioned figures, at which the market closes steady. In spite of a heavy shipment
to Bombay, last week, a large amount, estimated at about £200,000, leaves to-morrow for the same quarter. Including these two shipments, the bazaars have in
sight about £500,000, and with stocks there of 600 bars, it seems unaely that India
will give much support to the market for the time being, except possibly by covering
the short account. Offerings, however, from America and elsewhere are light, and
the Continent continues to absorb silver, so that, unless China develops weakness,
the steady undertone which has prevailed of late should continue. It is announced
that the report of the Royal Commission on Indian Currency has now been signed,
and that the publication may be expected early next month. Arrivals-New York,
£147,000. Shipments-Bombay, £217,000; Shanghai, £30,000; Calcutta, £30,000;
Columbo, $2,500; total, £279,500.

The quotations for bullion are reported as follows:
GOLD.
.
London Standard.
Bar gold, fine, oz

Feb. 26.
SILVER.
Feb. 26. Feb. 19.
d.
London Standard.
s. d.
s. d.
77 9
Bar silver, fine, oz___26 9-16
77 9
" 2-mo. delivery, oz 26 7-16
28 11-16
Cake silver, oz

Feb. 19.
d. a
26 9-16
26 7-16
28 11-16

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
1913-14.
1912-13.
1910-11.
1911-12.
ewt_42,878,200 50,239,100 42,102,000 45,344,600
13,360,200 14,260,500 16,444,800 11,244,300
7,266,500 7,819,700
7,521,300 6,698,600
1,170,972
2,105,673
2,859,016
1,094,042
1,320,150
888,550
723,240
451,097
22,754,600 25,484,100 12,035,000 22,652,000
8,252,600
5,339,300 4,847,200
5,068,900

Twenty-four weeksImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour

Supplies available for consumption (exclusive of stock on
September 1):
1912-13.
1913-14.
1911-12.
1910-11.
cwt_42,878,200 50,239,100 42,102,000 45,344,600
5,339,300
4,847,200
8,252,600
5,068,900
14,073,515 10,777,734 15,835,531 14,011,373

Wheat imported
Imports of flour
Sales of home-grown
Total
Average price of wheat, week
Average price, season

65,204,315 66,356,134 62,884,731 64,424,873
31s. Od.
305. 96.
34s. 4d.
30s. 3d.
31s. Od.
31s. 9d.
338. Od.
30s. 6d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Malze

This week. Last week.
qrs_ 3,905,000 2,705,000
130,000
150,000
qrs_
475,000
qrs.. 365,000

1912-13.
2,800,000
235,000
610,000

1911-12.
3,030,000
150,000
510,000

The British imports since Jan. 1 have been as follows:
ImportsJanuary

1914.
£
68,017,049

1913.
£
71,242,271

Difference,
£
-3,225,222

Per
Cent.
-4.5

The exports since Jan. 1 have been as follows:
ExportsJanuary

1914.
£
47,806,165

1913.
£
45,445,699

Difference.
£
+2,360,466

Per
Cent.
+5.1

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1914.
£
9.596.943

Re-exportsJanuary

1913.
£
10,705.591

Difference.
Per
£
-1,109.008 C
10.3

English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat,
Week ending Mar. 6.
Silver, per oz
Consols,
per
cents
_
d
_
26M
d
2%
d For account
7634
d French Rentes(In Paris) fr. 87.45
7534
Amalgamated Copper Co
6934
Am. Smelt. & Refining Co
b Anaconda Mining Co
734
Atch. Topeka & Santa Fe_ ..100
104
Preferred
84
94A
Baltimore & Ohio
Preferred
Canadian Pacific
21734
65A
Chesapeake & Ohio
13
Chicago Great Western
105
Chicago Milw.& St. Paul
1434
Denver dr Rio Grande
2434
Preferred
Erie
3034
First preferred
48
3934
Second preferred
Great Northern, preferred...i3134
Illinois Central
14134
Louisville & Nashville
Missouri Kansas & Texas
1934
Preferred
57
Missouri Pacific
26
Nat. RR.of Mex., 2d pref. 1234
N. Y. Cent. & Hud. River_ 93
N.Y. Ont.& Western
12
1
04
8
8
Norfolk & Western
89
Preferred
Northern Pacific
a Pennsylvania
5734
a Reading Company
8
45
531
a First preferred
46
a Second preferred
634
Rock Island
Southern Pacific
97%
8
264
Southern Railway
Preferred
c16434
Union Pacific
Preferred
c86
c6634
U.S.Steel Corporation
Preferred
113
234
Wabash
8
Preferred
5934
Extended 4s
a Price per share. b
flat prices.

Mats,

Tues.

Wed.

Thurs.

Fri.

62
7P13-16 2
116
4 1577
4 15-16 7
16
67
7
26
5 13-16
24
176614
15-16
753
7534
858.02% 88.4734 88.2734
6534
8
78.0734 7
87.90
7634
76
75%
7634
76
6934
66%
6934
7034
70
7%
7%
734
7%
734
0934
9934
9954
9934
9934
19
0
4
3
x
19
043i
104
104
104
9
84
5
92%
9
84
534
85
85
84%
2wil
21534
243,
1 21534
21534
6534
55
5934
13
13
13
1234
13
105
10534
10534
10534
10634
1334
1334
1334
14
1334
25
25
25
24%
25
3034
3034
2934
2934
3034
4734
4634
4634
4634
473-1
39
39'
39
39
3934
132
131X
Ill
11
3%
13
113%
113%
14034
14034
140
14034
141
8:
1834
:
8
T
92
126
1834
92
12
1834
55%
5534
55
55
57

11.2'

9
2
16
3
2x

2
1%
34
x
0
2
15

9
2
1c
82%
34
105

2
18
2%

5
2%
34
10
8
2
18

5
2x
10
8
2
18

5734

5734

5)4
8
45
46
534
9634
24
34
4
8

8
45
4M
A
46
5%
99%
8
26
54

8
45
4%
i

4
9
8_5
5
7X:

-8K
97
8
26
51
3

isii
8
26%

16334
86
66
113
234
734
59

18334
SS%
66
113
234
734
59

16334
8634
6634
113
234
734
5834

164
8634
6634
113
234
734
5834

118-3i
5734

12

2834
106
10534
, 90
liRi;
•
-s
115%
5734
5734
85
49467%
5%
2634
86
16334
8634
6634
113
254
7
5834

sterling. e Ex-dividend. d Quotations here given are

MAR. 7 1914

739

THE CHRONICLE

emu%mita'aneiXiscelIantonsgals

Name of Company.

•
When
Per
Cent. Patable.

Books Closed.
Days Iriat4810e.

Miscellaneous (Concluded).
Cleveland & Sandusky Brew. pref. (qu.) 1
Mar. 16 Holders of rec. Feb. 28a
Clued, Peabody & Co., Inc., pi(gu.)(No.5) 131 April 1 Holders of rec. Mar.20
Consolidated Gas (guar.)
134 Mar. 16 Holders of rec. Feb. Ila
Cons'd Gas, El. Lt. &P.,Bait., corn. (qu.)_
134 April 1 Holders of rec. Mar. 20
Preferred
3
April 1 Holders of rec. Mar.20
Continental Can, Inc., pref. (guar.)
1H April 1 Holders of rec. Mar. 20a
APPLICATIONS TO CONVERT APPROVED.
3
Mar. 17 Feb 25 to Mar. 16
Farmers'& Merchants' State Bank of Jamestown, N. Dak., into "Farm- Continental 011
Crescent Pipe Line (guar.)
$1.50 Mar. 16 Feb. 21 to Mar. 17
ers' & Merchants' National Bank of Jamestown.' Capital, $50,000.
131 Apr. 1 Holders of rec. Mar. 160
The Farmers' State Bank of Reynolds, N.Dak.,into "The First National Cuban-Amer. Sugar, pref. (guar.)
Diamond Match (guar.)
134 Mar. 16 Holders of rec. Feb. 280
Bank of Reynolds." Capital, $25,000.
Extra
Mar. 16 Holders of ree. Feb. 280
1
The Reardan Exchange Bank, Reardan, Wash., into "The Reardan
Dominion Canners, Ltd., common (guar.)_
134 April 1 Mar. 17 to Mar. 31
National Bank." Capital, $50,000.
Preferred (guar.)
131 April 1 Mar. 17 to Mar. 31
Dominion Textile, common (guar.)
134 April 1 Holders of rec. Mar. 14a
VOLUNTARY LIQUIDATIONS.
Dominion Textile, preferred (guar.)
1% April 15 Holders of rec. Mar. 31a
9,412-The First National Bank of Anamoose, N. Dak., Feb. 13 1914. duPont(E.I.)deNemours Powd.,com.(qu.) 2
Mar. 16 Mar. 6 to Mar. 16
Absorbed
Dak.
N.
Anamoose,
Liquidating agent, J. F. Schaefer,
April 26
Preferred
(quar.)
154 April 25 April 16 to
by the Anamoose National Bank, Anamome.
du Pont Internat. Powd., pref. (quar.).... 131 Apr. 1 Holders of rec. Mar.21a
Liqui1913.
Dec.
20
Neb.,
Henderson,
of
Bank
-The
First
National
9,183
Eastern
Corp.
Holders
of
rec.
Feb.
28a
Power
dr
Lt.
Mar,
134
16
pref.
(quar.)
by
a
Succeeded
Neb.
dating agent, J. J. Kroeker, Henderson,
Eastern Steel, 1st preferred
'(guar.)
131 Mar. 16 Holders of rec. Mar. 2
State bank.
Eastman Kodak, common (quar.)
23.4 Apr. 1 Holders of rec. Mar. 7a
Common (extra)
734 Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. Ta
Electric Properties Corp., pref. (guar.)_ _ _ _
134 Mar. 10 Holders of rec. Mar. 1
DIVIDENDS.
Electric Storage Battery,corn. & p1.(qu.) 1
Apr. 1 Holders of rec. Mar.23a
The following shows all the dividends announced for the Federal Mining & Smelting, pf. (qu.)
134 Mar. 16 Holders of rec. Feb. 200
Galena-Signal
Oil,
Mar.31 Holders of rec. Feb. 28a
3
corn.
(guar.)
corporations.
future by large or important
Preferred (guar.)
Mar.31 Holders of rec. Feb. 280
2
General Chemical, preferred (quar.). - 134 Apr. 1 Holders of rec. Mar. 19a
Dividends announced this week are printed in italics.
2 April 15 Holders of reo. Feb. 280
General Electric (guar.)
30c. April 30 Holders of rec. Mar.31
Goldfield Consolidated Mines
Per
When
Books Closed.
134 April 1 Holders of rec. Tent% 21a
Goodrich (B. F.) Co., pref. (quar.).Cent, Payable.
Days Inclusive.
Name of Company.
Granby Consol. Mining, Smelt. sk Power 134 Mar. 16 Holders of rec. Feb. 28a
134 Mar. 2 Holders of rec. Feb. 280
Great Northern Paper (quar.)
Railroads (Steam).
8734c. April 1 Mar. 14 to Mar. 18
Guggenheim Exploration (guar.) (No.
234 April 1 Holders of rec. Mar. 14a
Mar. 10 Mar. 1 to Mar. 10
Atlantic Coast Line Co. (Conn.) (guar.)_ _ _ 3
(Geo. (V.), common (guar.)
45).Helms
2
Mar. 31 Holders of rec. Feb. 28a
Boston & Albany (guar.)
Preferred (guar.)
134 April 1 Holders of rec. Mar. 14cr
134 Mar. 25 Mar. 15 to Mar. 25
Canadian Pacific. coin. (qu.) (No. 71)- 234 April 1 Holders of rec. Feb. 28a Hercules Powder (guar.)
65c. Mar. 25 Holders of rec. Mar.20a
2
Preferred
April 1 Holders of rec. Feb. 28
Homestake Mining (monthly) (No. 472)
Chesapeake & Ohio (guar.)
1
Mar. 31 Holders of rec. Mar. 6a Int. Hare. of N. J., coin. (qu.)(NO. 17)..„ 134 April 15 Holders of rec. Mar.25
131 April 15 Holders of rec. Mar. 25
Chicago & North Western, coin. (guar.). 1H April 1 Holders of rec. Mar. 2a Int. Hare. Corp., corn. (guar.)(No.5)131 April 1 Feb. 25 to April 1
Preferred (guar.)
2
April 1 Holders of rec. Mar. 2a International Silver, pref. (guar.)
31h April 1 Feb. 25 to April 1
Preferred (on account of accum. divs.)
Delaware & Hudson Co
2q• Mar.20 Holders of rec. Feb. 25a
Erie & Pittsburgh (guar.)
14 Mar. 10 Holders of rec. Feb. 28a Intern. Smokel.Pow.& Chem.,corn.(qu)
3•1 Apr. 1 Holders of rec. Mar. 21a
Preferred
4
May 15 Holders of rec. May 5a
Grand Trunk, 1st and 2nd preference_
2H
Kelly-Springfield Tire, pref. (quar.)_. _
1)4 Apr. 2 Mar. 21 to
Apr. 2
2A
Third preference
Mar. 31 Holders of rec. Mar. 13a La Belle Iron Wcrks, corn.(guar.)
April 30
2
34 April 30 April 21 to
Hocking Valley (guar.)
April 15 Holders of rec. Mar. 31a
Mar. 31 Mar. 22 to Mar. 31
Preferred (guar.)
1
Kansas City Southern, pref. (guar.)
Mar, 16 Mar. 1 to Mar. 16
234 April 1 Holders of rec. Mar. 20a Laclede Gas Light, common (guar.)
Interborough Rapid Transit (guar.)
April 1 Holders of rec. Mar. On Lanston Monotype Machine (guar.)
1
1% Mar. 39 Holders of rec. Mar. 20
Lackawanna RR. of N. J. (guar.)
131 April 1 Holders of rec. Mar. 16a Liggett & Myers Tobacco, pref. (guar.)_ _
134 April 1 Holders of rec. Mar. 21
Manhattan Ry. (guar.)
2)4 April 1 Holders of rec. Mar. 17a
Minn.St.P.Sr 5.5. M.,com.& pf.(No.22) 334 April 15 Holders of rec. Mar. 19a Lorillard (P.), common (guar.)
3
April 1 Holders of rec. Mar. 21a
Preferred (guar.)
13-4 April 1 Holders of rec. Mar. 17a
Newark & Bloomfield
131 April 1 Holders of rec. Mar. 14a
Common (extra)
April 1 Holders of rec. Mar. 17a
N. Y. Lackawanna & Western (guar.)_ _ _
1)4 Mar.10
Norfolk & Western, common (guar.).- 1H Mar. 19 Holders of rec. Feb. 28a Louisville Gas cfc El., pref.(guar)
1% April 7 Mar. 15 to April 7
Mackay Companies, corn. (qu.)(No. 35) 1)4 April 1 Holders of rec. Mar. ha
Pittsb. Ft. W. & Chic., reg. guar. (guar.)_ _
1% April 1 Mar. 15 to April 1
April 1 Holders of rec. Mar. lba
1
Special guaranteed (guar.)
Preferred (guar.)(No.41)
Mar. 12 Holders of rec. Feb. 240 Mergenthaler Linotype (guar.)
Reading Company, first preferred (quar.) 1
2)4 Mar.31 Holders of rec. Mar. 7a
1
Apr. 9 Holders of rec. Mar. 24a
Second preferred (guar.)
Extra
34 Mar. 31 Holders of rec. Mar. 7a
1
St. Joseph South Bend & Sou., common_ _ _
Mar. 16 Holders of rec. Mar. 10
4A Mar. 31 Ian. 29 to Feb. 19
Milwaukee dr Chicago Breweries
Preferred
23‘, Mar. 16 Holders of rec. Mar. 10
Montana Power, common (guar.)
)4 April 1 Holders of rec. Mar. 16
Southern Pacific Co. (guar.)(No. 30)IA April 1 Holders of rec. Feb. 284
134 April 1 Holders of rec. Mar. 16
Preferred (guar.)
Southern Railway, preferred
134 April 1 Mar. 22 to April 2
234 April 24 Holders of rec. Mar. 28a Montgomery Ward & Co., pref. (guar.)
Southern Ry.-M. & 0. stock tr. clfs
Mar, 15 Holders of rec. Mar. 5
2
April 1 Holders of rec. Mar. 16a Montreal Cottons, Ltd., com. (quar.)...
Union Pacific, common (special)
April is Mar. 3 to Mar. 22
s3
Preferred (guar.)
134 Mar. 15 Holders of rec. Mar. 5
Union Pacific, common (quay.)
Muskogee Gas & Elec., pref. (guar.)
234 April 1 Mar. 3 to Mar. 22
154 Mar. 16 Holders of rec. Feb. 280
Preferred
2
April 1 Holders of rec. Mar. 2a National Biscuit, corn.(quar.)(No.63)-13-4 April 15 Holders of rec. Mar. 280
Warren
334 April 15 Holders of rec. April On National Carbon, corn.(pay.in corn. stk.) 50 r Mar. 20 Holders of rec. Mar. 10
Nat. Enam. & Stamping, pref. (quar.)
Street and Electric Railways.
13-Ic Mar.31 Holders of rec. Mar. ha
American Railways, corn. (guar.)
750. Mar. 14 Holders of rec. Feb. 28a National Lead, common (quar.)
34 Mar,31 Mar. 14 to Mar. 17
134 April 1 Holders of rec. Mar. 14
National Lead, preferred (guar.)
Brazilian Trac., Lt. & Pow., pref. (guar.)_
134 Mar. 16 Feb. 21 to Feb. 24
Mar. 16 Holders of rec. Mar. 7a National Transit (guar.)
75c. Mar. 16 Holders of rec. Feb. 28
Brockton eic Plymouth St. Ry., pf.(No.10) 3
Nevada Consolidated Copper (guar.) _ _ 37Ac. Mar. 31 Mar. 7 to Mar. 10
134 April 1 Holders of rec. Mar. 9
Brooklyn Rapid Transit (guar.)
New York Wir Brake (guar.)
134 Mar,20 Holders of rec. Mar. 2a
234 Mar. 30 Mar. 6 to Mar. 16
Chicago City Ry,(guar.)
14 Mar. 2 Holders of rec. Feb. 28a N. Y. & Queens El. L. & P., pf. (qu.)
Mar. 2 Holders of rec. Feb. 20a
1
Chippewa Valley Ry., L. & P., pf. (gu.)
3
10
Mar. 2 Holders of rec. Feb. 25a New York Transit (guar.)
April 15 Holders of rec. Mar. 25
Connecticut Valley St. Ry., pref
Apr. 1 Holders of rec. Mar. 14a North American Co.(guar.)(No.40)
Duluth-Superior Trac., corn. & pf.(cm.). 1
134 April 1 Holders of rec. Mar. 19a
231 Mar,16 Holders of rec. Mar. 4a Nova Scotia Steel & Coal, corn. (guar.)-El Paso Elec. Co., corn. (qu.) (No. 11)_ _
134 Apr. 15 Mar. 16 to Mar. 31
Galveston-Houston El. Co.,com.(No. 10) 334 Mar. 16 Holders of rec. Mar. 54
Preferred (guar.)
Apr. 15 Mar. 16 to Mar.31 .
2
Preferred (No. 14)
3
Mar. 16 Holders of rec. Mar. 5a Ohio 011 (guar.)
$1.25 Mar.20 Feb. 25 to Mar. 9
Manila Elec. RR. & Ltg. Corp. (guar.)__
14 April 1 Holders of rec. Mar. 18
Extra
780. Mar.20 Feb. 25 to Mar. 9
Trac.
&
L.,
corn.
(quar.).. 131 Mar. 15 Holders of rec. Feb. 28a Pabst Brewing, pref. (guar.)
Northern Ohio
131 Mar. 15 5-far. 10 to Mar. 16
St. Joseph Ry., L., H.& P., pref.(guar.)_ _
Packard Motor Car, preferred (guar.)
134 April 1 Holders of rec. Mar. 16
1% Mar. 14 Mar. 4 to Mar. 15
Second & Third Sis. Pass., Phila.(guar.)_ _ 3
Pennsylvania Water & Pow.(qu.)(No.1)
April 1 Mar. 3 to Mar. 13
April 1 Holders of rec. Mar.16
1
134 April 1 Holders of ree. Mar. 140 Pettibone, Mulliken&Co.,1st&2dpf.(qu.) 131 April 1 Holders of rec. Mar.20
Twin City R.T., Minneap.,corn. (qu.)_ _
134 April 1 Holders of rec. Mar. 14a Philadelphia Electric (guar.)
Preferred (guar.)
3930. Mar. 14 Holders of rec. Feb. 210
1
April 1 Holders of rec. Mar. 16a Pressed Steel Car, corn. (quar.) (No. 20)
United Light & Rys. common (guar.)._
Mar. 11 Feb. 19 to Mar. 10
lr
April 1 Holders of rec. Mar. 16a Quaker Oats, common (guar.)
Common (payable in corn. stock)
234 April 15 Holders of rec. April la
134 April 1 Holders of rec. Mar. 16a
First preferred (guar.)
134 May 29 Holders of rec. May la
Preferred (guar.)
April 1 Holders of rec. Mar. 16a Railway Steel-Spring, pref. (guar.)
Second preferred (auar.)
134 Mar. 20 Mar. 8 to Mar.20
134 April 1 Mar. 11 to Mar. 15
United Trac. & Elec., Providence (guar.)
3734c. Mar.31 Mar. 7 to Mar. 10
Ray Consolidated Copper (guar.)
Washington (D. C.) Ry. & El., corn. (qu.).. 1% Mar. 1 Feb. 14 to Feb. 15
Republic Iron & Steel, pt. (qu.) (No. 46) 13-4 Apr. 1 Mch. 18 to Apr. 15
1).4 Mar. 1 Feb. 14 to Feb. 15'
Preferred (guar.)
38 April 1 Holders of rec. Mar.20
Reynolds (R. J.) Tobacco (guar.)
134 Mar. 16 Mar. 13 to Mar. 16
Mar. 16 Holders of rec. Mar. 10
West Penn Tr. & 11'. P., pl. (qu.)(No.8)
3
Rubber Goods Mfg., common (guar.)
TrustCompanies.
1)4 Mar. 16 Holders of rec. Mar. 10
Preferred (guar.) (No. 60)
6
Mar. 31 Holders of rec. Mar. 25a Sears, Roebuck &
Guaranty (guar.)
154 April 1 Holders of rec. Mar. 14a
pref. (quar.)_ _
2
Mar. 31 Holders of rec. Mar. 25a South Penn 011 (guar.)
Mar.31 Mar. 8 to Mar. 31
Extra
3
Co.,
Miscellaneous.
Mar. 31 Mar. 8 to Mar. 31
2
Extra
134 April 1 Holders of rec. Mar. 14a South Porto Rico Sugar, common (guar.)
April 1 Holders of rec. Mar. 14a
Amer. Beet Sugar, pref. (qu.)(No. 59)1
1
April 1 Holders of rec. Mar. 17a
American Can, pref. (guar.)
Preferred (guar.)
April 1 Holders of rec. Mar. 140
2
A April 1 Holders of rec. Mar. 10a South West Penn. Pipe Lines (guar.)
Amer. Car & Fdry., corn.(qu.)(No.46)..
April 1 Holders of rec. Mar. 16
5
13j April 1 Holders of rec. Mar. 10a Standard Gas & Electric, pref. (guar.)___ _
Preferred (quar.) (No. 60)
Mar. 16 Holders of rec. Feb. 25
21
1
Mar.20 Holders of rec. Mar. 14a Standard Oil (California) (quar.)
American Chicle, corn. (monthly)
254 Mar. 16 Holders of recs. Feb. 2e
1
Mar.20 Holders of rec. Mar. 14a Standard Oil (Kentucky) (guar.)
Common (extra)
April 1 Mar. 15 to April 1
April 1 M.22 to April 1
Amer. Gas & Elec., corn. (qu.) (No. 16) 2
Extra
April 1 Mar. 15 to April I
1
5
American Machine & Fdy
April 1 Mar. 15 to April 1
Standard Oil of New Jersey (guar.)
5 Mar. 16 Holders of rec. Feb. 20e
1
American Pipe & Construction (guar.)._ _ _
April 1 Holders of rec. Mar. 14
Mar. 16 Holders of rec. Feb. 240
2
Standard 011 of New York
American Pneumatic Service, 1st pref
$1.75 Mar. 31 Mar. 15 to Mar. 20
Apr. 1 Mar. 7 to Mar.25
3
Standard 011 of Ohio (guar.)
Second preferred
75e. Mar. 31 Mar. 15 to
Apr. 1 Mar. 7 to Mar. 25
3
Extra
Mar.20
American Radiator, common (quar.)_ _ _
2
Mar,31 Mar. 22 to Mar. 31
131 April 1 Holders of rec. Mar. 20a
Subway Realty (guar.)
2
Common (extra)
Mar. 31 Mar. 22 to Mar. 31
Sulzberger & Sons Co., pref. (guar.)
1% April 1 Mar. 17 to Mar. 31
Common (payable in common stock)_ _ 10r
Mar. 31 Mar. 22 to Mar. 31
Swift & Company, (guar.) (No. 110).
134 April 1 Holders of rec. Mar. 10
Mar. 16 Feb. 26 to Mar. 4
Amer. Smelt.& Refg.,corn.(qu.)(No.42) 1
April 1 Holders of rec. Mar. 15
Taylor-Wharton Iron & Steel, common_ _
134 April 1 Mar. 21 to Mar. 29
Amer. Smelters' Securities, pref. A (gu.)
Tennessee Copper (guar.)
75c. Mar. 20 Holders of rec. Mar. 10
134 April 1 Mar. 21 to Mar. 29
Preferred B (guar.) (No. 36)
April 1 Holders of rec. Mar.20
Underwood Typewriter, common (guar.) 1
3
April 1 Holders of rec. Mar. 14a
American Snuff, common (guar.)
Preferred (guar.)
131 April 1 Holders of rec. Mar.20
134 April 1 Holders of rec. Mar. 140 Union Carbide (guar.)
Preferred (guar.)
April 1 Mar. 18 to April 7
2
A Mar. 31 Feb. 27 to
American Steel Foundries (quar.1
134 Mar. 1 Feb. 19 to Feb. 28
Union Stock Yards of Omaha (guar.)
Mar. 19
131 Apr. 2 Holders of rec. Mar. 2a Union Tank Line (No. 1)
Amer.Sugar Refg., corn. & pref. (quar.)_
234 Mar,25 Holders of rec. Mar. 4
American Tobacco, pref. (guar.)
H Apr. 1 Feb. 15 to Mar. 15
United Cigar Stores, pref. (quar.) (NO.6) I;( Mar. 16 Mar. 3 to Mar. 16
134 Mar. 10 Mar. 1 to Mar. 10
Atlas Powder
April 1 Holders of rec. Mar. 14
3
United Gas & Electric Corp. 1st pref
Bethlehem Steel, pref. (quar.)
flit April 1 Holders of rec. Mar. 16a U.S. Gypsum, pref.(quar.)
134 Mar.30 Mar. 15 to Mar.30
Booth Fisheries, 1st pref.(guar.)
131 April 1 Mar 21 to Apr. 1
134 Mar.30 Mar. 3 to Mar. 10
U. S. Steel Corporation. corn. (quar.)
Borden.' Cond. Milk, pf. (qu.)(No. 49)134 Mar. 14 Mar. 6 to Mar. 15
Mar. 21 Holders of rec. Feb. 28
Utah Consolidated Mining
El
British-Amer. Tobacco (interim)
234 Mar. 31
75c. Mar. 31 Mar. 7 to Mar. 10
See note ie.
Utah Copper Co.(guar.)(No. 23)
Brooklyn Union Gas (guar.) (No. 52)...... 134 Apr. 2 Mar. 19 to Apr. 1
Western Electric (guar.)
Mar.31 Holders of rec. Mar.24a
2
Buckeye Pipe Line (guar.)
$5
Mar. 14 Holders of rec. Feb. 24
April 1 Holders of rec. Mar. 14a
3
Weyman-Bruton Co., common (guar.)
California Petroleum Corp., pref. (guar.)_ _
134 April 1 Holders of rec. Mar. 14
Preferred (guar.)
131 April 1 Holders of rec. Mar. 14e
Calumet & Hecla Mining (quar.)
Mar.20 Holders of rec. Feb. 24
$5
Woolworth (F. W.), pref. (quar.)
13-4 April 1 Holders of tee. Mar. 10a
(guar.)
Iron
Cambria
2
April 1 Holders of rec. Mar. 14a Yukon Gold Co.(guar.)(No. 19)
734c. Mar.31 Mar. 14 to Mar. 19
Canadian General Elec., common (guar.)_ _
134 April 1 Holders of rec. Mar. 14
Preferred
334 April 1 Holders of rec. Mar 14
a
Transfer
books
not
dividend.
b Less income tax. d Correction.
closed
for
this
Canadian Weseh'se, Ltd. (qu.) (No. 37).
134 April 9 Holders of rec. Mar. 31a
in stock. h On account of accumulated dividends. I Payable in scrip.
CentralLeather, pref. (guar.)
131 April 1 Holders of reo. Mar. 10a !Payable
r Payable in common stock. s A distribution of Baltimore & Ohio stock to be
Central States El. Corp., pref. (qu.)(No.7)_
134 April 1 Holders of rec. Mar. 10
made, viz., $12 par value of 13. & 0. preferred and $22.50 par value B.& 0.common
Chesebrough Mfg. Consolidated (guar.). 6
Mar. 20 Mar. 7 to Mar. 20
for each share of Union Pacific common stock held, payment of said extra dividends.
Extra
4
Mar. 20 Mar. 7 to Mar. 20
both
cash and stock, subject to postponement on account of litigation. 8 Declared
(guar.)
Telephone
Chicago
2
Mar. 31 holders of rec. Mar. 30a 5% payable in quarterly installments. u Declared 3% payable in quarterly inChilds Company,common (guar.)
234 Mar. 10 Mar. 3 to Mar. 10
stallments. o Declared 7% payable in quarterly installments. w Transfers rePreferred (guar.)
131 Mar. 10 Mar. 3 to Mar. 10
ceived in London on or before March 19 will be in time to be passed for payment el
Chino Copper (guar.)
75c. Mar. 31 Mar. 7 to Mar. 10
dividend to transferee.

• National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:




740

THE CHRONICLE

Auction Sales.--Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent. Shares.
Per cent.
3,635 Cable Pneumatic Tire Co_ - _610
100 McCall Corporation, pref__ _ 94
20 Pompton P. Granite Co., pf.$100
4 Chelsea Exchange Bank__ _143
Bonds.
Per colt.
40 Villa P'k Assn. of G't Neck..320 lot $1,500 Autosaies Gum & C. Co.
25 India Wharf Brewing Co_ ___ 80
20-year sinking fund 6s
37

By Messrs. R. L. Day & Co., Boston:
Shares. $ per sh. Shares.
$ per sh.
3 National Union Bank
7 Charlestown Gas & Elec. Co.,
215
50 Pacific Mills
$50 each
112
127
15 Great Falls Manufacturing Co_178
6 Pemberton Building Trust..... 60
15 King Philip Mills, Fall River_ _107
5 Technology Chambers Trust.._ 70
10 Border City Mfg. Co., Fall It.. 99
4 Dedham Water Co
110
1 Con.&Mont.RR.,class4,ex-div.110
5 Mass. Cremation Soc., $10 ea_ 5
6 Bay State Street fly.. pref__ _ _125
100 R. S. Brine Trans. Co., corn
25
3 Manchester & Law. RR_12034-122
10 Merrimack Chemical Co
100%
20 Waltham Watch Co., pref_ ___ 98
9 Fall River Gas Works rights
9%
22 Montpelier 6, Barre Light dr
10 Mass. Lighting Cos., pref. _ ...105
Power Co., pref
95
10 Mass. Lighting Cos., common_ 27A
23 Cambridge Elec. Secur. rights_ 5%

By Messrs. Francis Henshaw & Co., Boston:

Shares.
$ per sh.
5 Arlington Mills
80
2 Massachusetts Cotton Mills_ _ _ _115%
3 Merrimack Mfg. Co., common
304
1 Bigelow Carpet Co
155%

Shares.
$ per sh.
2 Dwight Mfg. Co.,$500 each__ _ _1020
2 Lawrence Manufacturing Co_ .._ _151 A
3 Lyman Mills
12034 Massachusetts Light. Cos., pref_105

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh. Shares.
$ per sh.
440
6 Eighth National Bank
12 Amer.Pipe dr Construe. Co.._45-48
5 Belmont Driving Club, 850
32 American Dredging Co
98%
each
$225 lot 10 Young-Smyth-Field, prof
90
7 Camden Firs Insurance rights.. 50c.
2 Bergner & E. Brew., com
46
.4411 Ins. Co. of State of Pa_ __101% 100 Pratt Food Co., $1 each
27
4 Cal. Vineyards Co
26
5 Pa. Academy of Fine Arts.... 25
25 Amer. As.sur. Co., $10 each....
.. _ 10
3 Phila. Bourse, pref., $25 each.. 183.(
6 Ins. Co. of North Am.,$10 ea_ 22%
4 Phila. Bourse, corn., $50 each.. 3y,
2 Chester Co. Agricul.Soo1 W.-B.& Hazelton RR
3
4 Phil. & Ches. Turnpike Road_18 lot Bonds.
Per cent.
10 Independent Fire Ins, Sec. Co.,
$5,000 Norristown Transit Co.
29
equip. 5s, 1921
823 each
93
905
81,000 Luzerne Co. Gas & Elec. Co.
2 Girard Trust Co
11 Fourth St. Nat. Bank____300-3003
1st 58, 1948
94
$2,000 Spring Wat. Co. 58, 1926_ 91%
75
1 Reliance Insurance Co
_ _ 10% $1,000 No. Spring. Wat. Co.5s,'28 90A
10 Phil. Life Ins. Co.,$10 each.....
$5,000 Pittsburgh "loan of 1900"
3 Hestonville M.& F.Pam.fly.,
613
pref., $50 each
33s, 1918
96%
$5,000 Philadelphia City 330, 1931 93%
10 Hestonville M.& F. Pass. fly.,
41
$25,000 Phila. City 330, 1934_ 92
common, $50 each
1 Second & Third Sts. Pass. Ry_242g $200 Southern Club of Phila. 5s.'17 7
190%, $3,000 Crystal Park Co., Colorado
10 Union Passenger Mr
1 John B. Stetson Co., common.364
Springs, cony. 6s, 1919
5

1

[VOL. xcvuf

DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.

On Dep. • Net •
Surplus. Leans. Specie. Legal& u tthC.H. Deposits.
Arerage. Average, Average. Banks. Average.

Reserve.
—

$
$
$ •
$
s
s
%
Brooklyn
3,659,4 23,298,0 2,116,0
705,0 3,242,0 18,650,0 15.1+14.7
Bankers
14,462,9 116,374,0 11,834,0
678,0 26,423,0 82,728,0 15.1+24.2
U.S.NItg.&Tr. 4,350,4 35,582,0 4,312,0
337,0 5,292,0 30,994,0 15.0+14.3
Astor
1,152,7 20,279,0 2,072,0
31,0 2,530,0 13,905,0 15.1+14.9
TitleGuar.&T. 11,614,4 31,413,0 1,913,0
952,0 5,765,0 19,043,0 15.0+22.9
Guaranty
23,827,2 180,516,0 15,318,0 1,155,0 16,797,0 108,812,0 15.0+13.3
Fidelity
'1,362,9 7,068,0
620,0
246,0
882,0 5,401,0 16.0+12.2
Lawy.T.L&Tr. 5,463,4 16,756,0 1,590,0
332,0 1,447,0 12,432,0 15.4+10.4
Col-Knicker _ 7,153,7 46,390,0 5,265,0
570,0 4,654,0 38,938,0 15.0+10.6
Peoples
1,544,5 15,763,0 1,770,0
381,0 2,325,0 14,220,0 15.1+13.9
New York
346,0 5,002,0 31,379,0 15.0+13.7
12,015,2 45,035,0 4,362,0
Franklin
1,179,3 10,803,0 1,053,0
147,0 1,047,0 7,777,0 15.4+11.5
Lincoln
225,0 1,043,0 9,168,0 15.2+10.2
545,9 10,396,0 1,172,0
Metropolitan
8,0 3,479,0 14,667,0 15.0+19.0
6,721,5 22,883,0 2,185,0
586,0 2,012,0 12,240,0 15.1+14.1
827,7 12,684,0 1,269,0
Broadway- - _ ..
Totals, average 95,881,1 595,240,0 56,851,0 6,699,0 81,940,0 420,354,0 15.1+16.3
Actual figures Feb. 28 597,676,0 58,977,0 6,788,0 80,801,0 426,668,0 15.4+15.9
The capital of the trust companies is as follows: Brooklyn, $1,500,000: Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, 81,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000:
Lawyers'Title Insurance & Trust,$4,000,000: Columbia-Knickerbocker,$2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000: Lincoln, $1,000,000; Metropolitan, 32,000,000; Broadway, $1,500,000; total, $46,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Feb. 28.

Capital. Surplus.

Loans.

Specie.

On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits.

Averages.
$
$
$
$
Banks_ .._ _ 134,150,0210,910,41,459,724,0337,823,0 69,698,0
1,516,111,0
Trust cos.. 46,250,0. 95,881,1 505,240,01 56,851,0 6,699,0 81,940,0 420,354,0
:
Total... _ 180,400,0306,791,5 2,054,964,01394,674,0 76,397,0 81,040,01,936,485,0
Actual.
Banks_
1,462,078,0336,488,0 67,039,0
1,514,064,0
Trust cos_
597,676,01 58,977,0 6,788,0 80,801,0 426,668,0
1
Total_

2,059,754,01395,465,0 73,827,0 80,801,01,940,732,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in the whole State, but the figures are compiled so as to
Shares.
$ per sh. Bonds.
Per cent.
distinguish between the results for New York City (Greater
12
8300 Sun. Haz. & W. B. fly. let
30 Amer. 'mine. Oxidizer Co
4 Real Est. Trust Co., pref
85
101
5s, 1928
New York) and those for the rest of the State, as per the
3 H. K. Mulford Co., $50 each.... 54%
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below are made up, see "Chronicle,” V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Feb. 28. The figures for the
separate banks are the averages of the daily results. In
Trust Cos.
Trust Cos.
Banks.
State Banks.
the case of the totals, actual figures at the end of the week Week ended February 28. Statein
in
outside of
outside of
are also given:
Greater N. Y„Greater N. Y. Greater N. Y. Greater N. F.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Dec. 9
22,900,0001 68,400,000
10,250,000
10,528,000
banks, and V.92, p. 1607, in the case of the trust companies.
163,600,500
Surplus as of Dec.9

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.

Banks.
003 omitted.
New York__ _ _
Manhattan Co
Merchants'___
Mech. & Met_
America
City
Chemica,1
Merchants'Ex.
Butch.& Drov
Greenwich _
American Ex_
Commerce
Pacific
Chat. & Phen_
People's
Hanover ___ .
Citizens'Cent_
Nassau
Market & Fult
Metropolitan _
Corn Exch.__
Imp.& Trad
Park
East River
Fourth
Second
First __
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis —
West Side— _ _
Seaboard
Liberty
N. Y. Prod.Ex
State
Security
Coal & Iron_
Union Exch._
Nassau, 13klyn

Capital. Surplus.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,500,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

$
4,311,0
5,090,3
2,136,4
8,724,2
6,475,8
32,388,8
7,683,3
527,7
117,1
1,119,1
4,661,8
16,417,7
995,6
1,356,3
478,0
14,840,8
2,418,3
400,0
1,932,0
1,856,5
6,644,0
7,764,8
14,419,4
55,4
5,543,2
2,823,1
22,337,1
3,451,6
779,9
1,955,2
700,7
9,819,3
2,233,3
833,7
1,021,5
1,723,7
1,278,7
496,9
2,345,2
883,5
2,555,7
2,758,6
908,6
561,7
379,0
577,4
995,5
1,133,0

Loans.
Average.

Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.

$
21,991,0
40,470,0
21,265,0
59,205,0
25,957,0
190,658,0
29,195,0
6,824,0
1,921,0
9,173,0
48,438,0
143,676,0
•5,046,0
20,172,0
2,142,0
80,421,0
23,137,0
10,759,0
9,309,0
11,170,0
62,363,0
28,453,0
97,331,0
1,377,0
31,387,0
13,881,0
125,166,0
40,621,0
3,276,0
8,576,0
4,158,0
104,116,0
13,111,0
3,316,0
4,822,0
14,335,0
9,220,0
3,890,0
12,671,0
3,901,0
25,460,0
25,233,0
9,022,0
18,584,0
10,963,0
6,485,0
9,375,0
7,722,0

$
$
4,132,0
991,0
10,755,0 1,486,0
4,607,0„
11,603,0 2,884,0
4,747,0 1,908,0
49,985,0 10,724,0
4,623,0 1,708,0
1,605,0
223,0
56,0
379,0
2,421,0
205,0
11,086,0 2,313,0
25,437,0 5,718,0
614,0
660,0
3,453,9 1,791,0
452,0
148,0
26,370,0 3,005,0
5,144,0
610,0
2,096,0
902,0
1,756,0
989,0
2,448,0
264,0
13,472,0 5,000,0
5,145,0 1,862,0
22,579,0 2,625,0
338,0
109,0
6,208,0 2,636,0
145,0
3,032,0
27,744,0 1,665,0
8,528,0 2,494,0
67,0
768,0
1,400,0
700,0
220,0
791,0
32,858,0 4,152,0
2,974,0 1,033,0
356,0
561,0
256,0
1,275,0
825,0
2,609,0
248,0
2,473,0
769,0
240,0
2,371,0
771,0
302,0
927,0
6,790,0 11,860,0
6,113,0
627,0
2,259,0
377,0
412,0
5,772,0
2,436,0 1,222,0
642,0
1,002,0
350,0
1,973,0
1,472,0
188,0

$
20,087,0
47,350,0
21,765,0
56,997,0
25,731,0
194,488,0
25,423,0
6,920.0
1,867,0
10,264,0
49,998,0
124,122,0
4,907,0
20,728,0
2,352,0
97,072,0
22,360,0
11,895,0
9,605,0
10,916,0
73,328,0
26,739,0
101,738,0
1,725,0
32,954,0
12,613,0
119,301,0
42,467,0
3,401,0
8,808,0
3,953,0
125,895,0
14,854,0
3,651,0
5,643,0
14,177,0
9,792,0
4,131,0
12,531,0
4,812,0
30,533,0
27,723,0
10,468,0
24,268,0
13,472,0
6,495,0
9,328,0
6,464,0

%
25.5
25.8
26.2
25.4
25.8
31.2
25.2
26.4
23.2
25.5
26.7
25.1
25.9
25.2
25.4
30.2
25.7
25.2
28.5
24.8
25.1
26.2
24.7
25.9
26.8
25.1
24.6
25.9
24.5
23.8
25.5
29.4
26.9
25.1
27.1
24.2
27,7
24.4
25.0
25.5
28.3
24.3
25.1
25.4
27.1
25.3
25.0
25.6

Totals,average 134,150,0 210,910,4 1459,724,0 337,823,0 69,698,0 1516,111,0 26.8
Actual figures Feb.28_

1462,078,0 336,488,0 67,039,0 1514,064,0 26.6

-Circulation.—On the basis of averages, circulation of national banks in the Clearing House amounted to $42,642,000, and according to actual figures was$42,718,000.




Loans and investments
Change from last week..

39,080,200,

317,463,400 1,048,114,300
—2,079,600 +8,265,600

Specie....
Change from last week..

63,294,200
+768,600

107,439,800
+1,790,800

Legal-tender & bank notes
Change from last week..

19,427,900
—734,000

10,040,500
+288,400

14,028,915

11,341,302

123,974,700
+327,200

178,550,100
+770,700

Deposits
Change from last week_

372,916,500 1,180,378,000
--876,800 +4,697,000

131,841,600
+581,500

188,759,400
—228,100

Reserve on deposits
Change from last week_

103,925,900
+1,597,800

126,590,000
+3,028,800

24,873,400
+110,700

25,984,700
—612,700

P. C. reserve to deposits_
Percentage last week

28.6%
28.1%

16.5%
16.4%

20.3%
20.3%

14.8%
15.2%

% Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment 011911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department. __
—Trust Cos.— —State Banks—
Of
Total
Total
Reserve Required for Trust Companies
Of
Reserve which Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
15%
15%
25%
Manhattan Borough
10%
20%
Brooklyn Borough (without branches in Manhat.)15%
10%
10%
15%
Other Boroughs (without branches in Manhattan)15%
73. %
15%
Brooklyn Borough, with branches in Manhattan..15%
20%
20%
15%
15%
Other Boroughs, with branches in Manhattan..._15%
15%
Cities of the first and second class
10%
5%
3%
Cities of the third class and villages
10%
-Elsewhere in State
15%

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York, not in the ClearingHouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

MAR. 7 19144

THE CHRONICLE

741

House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.--Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.

Banks.

Clear.-House Clear.-House State Banks and Total of all
Week ended Feb. 28- Members.
Members. 'Trust Cos. Not &inks & Trust
.
Average. in C-H. Aver. CO.s. Average.
ActualFlgures
iNational banks
Capital
Jan. 13 and
State banks
Surplus
Dec. 9

3
180,400,000

3

$

$
180,400,000

306,791,500 306,791,500

29;600,000

210,000,000

74,202,600

380,994,100

Loans and Investments 2,059,754,0002,054,964,000
Change from last week +19,523,000 +18,835,000

530,864,800 2,585,828,800
-1,024,300 +17,810,700

Deposits
1 940,732,000;1,936,465,000
Change from last week +15,915,000; +10,537,000

a539,682,200 2,476,147,200
-3,483,300 +13,053,700

Specie
Change from last week

395,465,000, 394,674,000
-2,120,0001 -1,883,000

58,856,200 453,530,200
+73,500 -1,809,500

Legal-tenders
Change from last week

73,827,000; 76,397,000
-3,320,000 -2,831,000

88,066,000
-135,500

84,463,000
-2,966,500

Banks: cash in vault_ _ _ _
Ratio to deposits

403,527,000 407,521,000
26.87%
26.65%

12,976,100
14.20%

420,497,100

53,946,100

117,496,100

Trust cos.: cash in volt_

65,765,000

63,550,000

Aggr'te money holdings_ _ 469,292,000 471,071,000
Change from last week -5,440,000 -4,714,000

66,922,200 537,993,200
-62,000 --4,776,000

Money on deposit with
80,801,000 81,940,000
other banks & trust cos
Change from last week -4,117,000 -8,173,000

19,548,600 101,488,600
+1,437,300 -6,735,700

Total reserve
Change from last week
Surplus CASH reserveBanks (above 25%)_
Trust coa.(above 15%)
Total
Change from last week

550,093,000 553,011,000
-9,557,000 -12,887,000
25,011,000
1,764,800

28,403,250
496,900

31.33%

Loans.

12.17%
1.30%

31.42%

13.47%

+ Increase over last week. -Decrease from last week.
a Those are the deposits after elininating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $621,770,500, an increase of $1,982,900 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.

3
$
26,007,014,015,0
28,817,0 3,889,0
30,265,0 3,734,0
28.852,0 3,669,0
29,010,0 3,632,0
28,068,0 3.818,0
27,130,0 3,535,0
24,708,0 3,608,0
99.083,0
106,249,0
106,931,0
104,278,0
106,469,0
109,466,0
109,701.0
115,383,0

Circu- 'Clearings
lotion.

$
254.529,0 9,760.0 160.082.7
270,994,0 9.671,0 181.512,5
268,555.0 9,719,0 164,445,3
269,736,0 9,805,0 169,792,5
271,461,0 9.842,0 180,830.2
269.530,0 9.845,0 146.717.2
270,437,0 9,801.0 151,015,3
266,871,0 9,748,0 129,379.8
*432,744,0
*440,403,0
*440,564,0
*440,820,0
*444,845,0
0449,953A
*454,576,0
*462,726,0

11,504,0
11,527,0
11,487,0
11,416,0
11,432,0
11,435.0
11.447,0
11,440,0

177.524.7
171,881,9
168,330,7
157,577,5
173,867,8
130,882.3
173,394.9
167,073,8

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to 51,590,000 on February 28, against $1,550,000
on February 21.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on February 28 as $21,597,000.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 28; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.

1914.

Dry goods
General merchandise

I

1913.

I

34,288,728, 33,391,782
17,444,366 18,996,9411

Total 9 weeks
15.11%
16.31%

Legato. Deposits.
a

Specie.

Boston.
Jan. 10_ 60,735,0 224,195,0
Jan. 17.60.735,0, 221,163,0
Jan. 24_ 60,735,0 220,958,0
Jan. 31. 60.735,0 224,639,0
Feb. 7_ 00,735,0 226,601,0
Feb. 14. 60,735,0 226,505,0
Feb. 21_ 60.735,0 229,167.0
Feb. 28. 60,735,0 230,657,0
Pblia
Jan. 10- 103,684,3 378,257,0
Jan. 17_ 103,684,3 378,039,0
Jan. 24_ 103,684,3 378.919,0
Jan. 31_ 103,684,3 382,764,0
Feb. 7- 103,684,3 383,250,0
Feb. 14- 103,684,3 384,672,0
Feb. 21_ 103,684,3 388,553,0
Feb. 28_ 103,684,3 392,332,0

Total
Since January 1.
Dry goods
General merchandise

26,775,800
28,990,150
-7,838,950 -7,455,250

of cash reserves of trust cosCash In vault
15.41%
Cash on dep. with bks_
15.02%
Total

86,470,800 639,481,800
+1,375,300 -11,511,700.

Capital
and
Surplus.

1912.

I

1911.

33,707,413; $3,318,052
19,008,879, 13,856,859

321,733,094 322,388,7231 $22,716,292 $17,174,911
$37,764,634. 1531,004,466. $28,584,683 $29,979,381
136,698,732 153,502,930' 141,499,622 119,435,856
$174,463,36(45184,507,3961$170,084,305 $149,415,237

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. 28 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported

1913.

1912.

1911.

$23,329,080 $16,835,364 $17,235,507 $18,282,480
156,677,732 159,234,780 134,712,068 116,504,239

The averages of the New York City Clearing-House banks
Total 9 weeks
$180,006,812 $176,070,144 $151,947,575 $134,786,719
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
The followng table shows the exports and imports of
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the week ending Feb. 28
and since Jan. 1 1914, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1913 and 1912:
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended-- Investmenls
Dec.
Jan,
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.

27 3._
10._
17-__
24____
31____
7-_-14__
21_...._
28_ _ _ _

$
2,416,845,4
2,428,218,3
2.427,088.8
2,445,960,7
2,484,152,4
2,528.843,0
2,547,657,3
2,554,957,2
2,568,018,1
2,585.828,8

Deposits.

Specie.

Legals.

8
2,253,989,0
2,272,039,9
2,296,438,0
2,341,392,0
2,402,297,1
2,455,935,2
2,464,083,8
2,455,557,8
2,463,093,5
2,476,147,2

11
376,316,8
378,264,7
394,487,1
417,505,6
440,760,3
454,411,7
451,830,0
454,687.4
455,339,7
453,530,2

$
86,878,1
89,333,2
91,954,3
96,094,8
91,638,2
89,162,0
88,077,1
88,610,2
87,429,5
84,463,0

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Tot Money EniEr ell,
Holdings. onDepos1
$
$
463,194,9 525,019,
467,597,9 534,704;
486,441,4 552,585,,
513,600,4 587,622;
532,398,5 613,389,1
543,573,7 637,705;
539,908,0 643,910;
543,297,6 657,488;
542,769,2 650,993,,
537,993,2 639,481,,

Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Feb. 28, based on average daily
results:
We omit two ciphers (00) in all these figures.
•
Banks.

awltat.

Surplus.

Loans,
Legal
On
Tender Deposit
Disc'ts
and
Specie. and
with
Net
InvestBank
C.-II. Deposits.
merits.
Notes. Banks.

$
$
$
$
New York City.
Vfanhattan and Bronx.
362,6 1,454,0 145,0
Washington Heights_ 100,0
112,6 1,665,0 350,0
3attery Park Nat_._ _ 200,0
500,2 6,319,0 550,0
500,0
:.1entury
708,3 6,744,0 1,077,0
400,0
jolonial
742,7 6,318,0 655,0
300,0
'..1olumbla
57,0
182,6 1,063,0
200,0
Fidelity
486,0 5,290,0 571,0
200,0
dutual
200,0
314,5 3,311,0 389,0
Iew Netherland
,
200,0
108,9 1,794,0 255,0
Cwenty-third Ward
100,0
507,4 4,415,0 569,0
forkville
Brooklyn.
300,0
688,2 3,705,0 385,0
First National
943,0 5,828,0 661,0
252,0
,lanufacturer's Nat
1,000,0
503,4 9,625,0 1,237,0
klechanics'
300,0
589,1 4,568,0 520,0
gatIonal City
191,9 2,794,0 186,0
200,0
gorth Side
Jersey City.
400,0 1,405,3 4,115,0 276,0
First National
835,1 2,991,0 200,0
[Judson County Nat_ 250,0
445,8 2,528,0 105,0
200,0
Third National
Hoboken.
681,4 4,623,0 263,0
220,0
First National
294,2 3,531,0 198,0
125,0
3econd National

$

$

84,0
261,0
66,0
154,0
465,0
449,0
208,0 1,018,0
511,0
779,0
127,0
129,0
385,0
687,0
129,0
390,0
108,0
285,0
284,0
818,0

$
1,165,0
1,793,0
6,264,0
6,915,0
7,327,0
1,005,0
5,482,0
3,452,0
1,983,0
4,896,0

42,0
738,0 3,019,0
82,0
628,0 5,247,0
618,0 2,041,0 11,711,0
108,0
832,0 4,501,0
196,0
436,0 2,896,1)
244,0 2,634,0
58,0
678,0
142,0
587,0
64,0
61,0

570,0
567,0

3,011,0
1,624,0
1,339,0
1,678,0
1,164,0

Totals Feb. 28.- 5,847,0 10,603,2 82,681,0 8,649,0 3,982,0 14,681,0 76,472,0
Totals Feb. 21.-- _ 5,847,0 10,603,2 82,692,0 8,628,0 4,079,0 14,924,0 76,797,0
Totals Feb. 14....... 5,847,0 10,603,2 82,391,0 8,685,0 4,087,0 15,020,0 76,200,0




Exports,

Imports.

Gold.
Week. !Since Jan.!!
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Week,

1

32,020,556 314,066,493
10,0001
50,000
10,000
14,700

Total 1914
Total 1913
Total 1912

738,298;
450,0201
301,1121
15,2004

$79,021 $2,361,620
143,578 2,887,105
56,004 3,150,929

S428,741 34,759,284
149,512
905,690
1,965
157,500

Total 1914
Total 1913
Total 1912

$745
1,562
494
18,124
71,216
30,857

50,522
89,696
576,150

$737,718 56,381,342
703,480 8,842,170
1,056,695 8,452,279

$1,000
65,367
342
728,320
607,650
647,237
311,704

$17,000
342
6,638
5,997
14,787
34,257

52,105,256 $15,571,123
1,250,000 29,057,182
368,700 12,453,066

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

Since Jan. 1

$5,350
4,086
14,921
7,390
1,063,593
445,476
347,365

$122,998 $1,888,181
58,274 • 1,771,801
158,969 2,066,872

Of the above imports for the week in 1914, $28,545 were
American gold coin and $2,421 American silver coin.

vaulting and ffinanciaL
Municipal Bonds
Ask us to send you Circular No. 515 describing Canadian
and American Municipal Bonds.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Boston
Albany
Chicago

White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK

THE ROOKERY
CHICAGO

111 DEVONSHIRE STREET
BOSTON

THE CHRONICLE

712

Wall Street, Friday Night, March 6 1914.
The Money Market and Financial Situation.-The
financial district, like every other department of activity m
this vicinity, suffered severely from the paralyzing effect of
last Sunday's unusual storm. Hundreds were unable to
reach their offices, and those who succeeded found themselves, owing to restricted telegraph and mail service, almost
wholly cut off from the outside world. The embargo has,
a course, itradually been lifted, and as the week draws to a
close ,the: volume of business in Wall Street is again about
normal or similar to that previously recorded.
The most unfavorable influence of the week as a market
factor was, undoubtedly, the unsatisfactory reports of railway earnings, notably those of the Pennsylvania, N. Y. Central and New Haven lines. This matter would be serious
indeed, if unavoidable, but as it might be largely overcome if the railways were allowed to apply the only available
and proper remedy,other adjectives are necessary to properly
describe its present aspect.
New financing, especially that of the Chesapeake & Ohio
Railway's issue of $33,000,000 5-year 5% notes, has attracted considerable attention, and resulted in liberal sales of the
company's shares. The latter declined sharply and other
shares were weak in sympathy. The note were underwritten
and will, doubtless, be readily absorbed when offered, as
the conditions and specifications accompanying their issue
are somewhat unique.
Except for a slightly firmer tendency, the money markets
on both sides of the Atlantic again show practically no
change. The movement of gold from here to Paris seems not
to have been completed, but at the same time a little more
has returned from Montreal. The European markets are
reported to be somewhat sensitive to the possibility of political disturbances in Brazil, and the Mexican situation continues to be a matter of more or less serious international
importance, with no apparent prospect of immediate or even
nearby settlement.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13
/i@2%. Friday's rates on call were 1 %@2%. Commercial paper on Friday quoted 4@43% for 60 to 90day endorsements and prime 4 to 6 months' single names
and 4%@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £918,257 and the percentage of reserve
to liabilities was 50.11, against 51.41 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 4,630,000 francs
gold and a decrease of 3,123,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
Feb. 28.

Differences
from
previous week.

1013.
Averages for
week ending
March 1.

1912.
Average for
week ending
March 2.

$
$
$
$
Capital
134,150,000
133,650,000 135,150,000
210,910,400
Surplus
204,943,000 199,820,900
Loans and discounts__ _ 1,459,724,000 Inc. 9,847,000 1,356,723,000 1,425,320,000
42,642,000 Dec. 326,000
Circulation
46,441,000
51,143,000
1,516,111,000 Inc. 2,317,000 1,357,629,000 1,476,638,000
Net deposits
337,823,000 Dec. 3,759,000 272,116,000 314,775,000
Specie.
69,698,000 Dec. 3,117,000
Legal-tenders
75,411,000
79,123,000
Reserve held
25% of deposits

407,521,000 Dec. 6,876,000
379,027,750 Inc.
579,250

347,527,000
339,407,250

393,898,000
389,150,500

Surlus reserve
28,493,250 Dec. 7.455.250
8.119.750
24.738.500
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.

Foreign Exchange.-Sterling exchange during the week
has ruled quiet though rates have been maintained. An additional shipment of $2,000,000 in gold was made to Paris
for account of the Bank of France, making the total $16,000,000 since the movement began.
To-day's (Friday's actual rates for sterling exchange were 4 83500
4 8365 for sixty days, 4 858004 8590 for cheques and 4 860504 8615 for
cables. Commercial on banks 4 82%04 83% and documents for payment
4 82% @)4 83%. Cotton for payment 4 82%04 83 and grain for payment 4 83% ©4 8334 •
Tbe posted rates for sterling as quoted by a representative house were
not changed during the week from 4 84% for 60 days and 4 86% for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21%
less 1-32@5 21% for long and 5 18% less 5-6405 183
% less 3-64 for short.
Germany bankers' marks were 94%094 11-16 for long and 95% less 1-32
095% for short. Amsterdam bankers' guilders were 40%040% plus
1-32 for short.
Exchange at Paris on London, 25f. 22c.; week's range, 25f. 22%c. high
and 25f. 20%c. low.
Exchange at Berlin on London, 20m. 43pf.; week's range, 20m. 45pf.
high and 20m. 43% pf. low.
The range for foreign exchange for the week follows.
Cheques.
Sixty Days.
Sterling ActualCables.
486
High for the week_ _ _ 4 8375
4 8620
4 8570
Low for the week_ _ _ 4 8350
4 8595
Paris Bankers' FrancsHigh for the week_ _ 5 20% less 1-16 5 18
5 18% less 1-16
Low for the week..__ 5 21% less 1-32 5 18% less 5-64 5 18% less 1-64
Germany Bankers' Marks
High for the week--9411-16
95%
953-16
Low for the week_ _ _
94 9-16
95 1-16
95%
Amsterdam Bankers' GuildersHigh for the week_ _ _
40 plus 1-16
40 5-16 less 3-32 40 5-16
Low for the week__ _
40
40 5-16 less 1-16
40%
Domestic Exchange.-Chicago, 5c. per $1,000 premium. Boston, par.
St. Louis, 10c. per $1.000 discount bid and par asked. San Francisco,
45c. per $1,000 premium. St. Paul, 45c. per $1,000 premium. Montreal,
6234c. per $1,000 premium. Minneapolis. 40c. per $1,000 premium.
Cincinnati. Sc, per $1,000 premium.




[VoL.xcvm.

State and Railroad Bonds.-Sales of State bonds at the
Board include $240,000 New York 43/2s at 108% to 108%;
$5,000 New York 4s, 1961, at 101;$2,000 New York 4s, 1962,
at 100%; $5,000 New York 4s, 1960, at 100%; ,000N. Y.
Canal 4s at 108% to 1083/2, and $135,000 Virginia 6s deferred trust receipts at 54 to 583/2.
Notwithstanding a very dull market at the opening of thet
week, as noted above, the transactions in railway and industrial lztonds have averaged over $2,500,000, par value,
daily and prices have been much better sustained than in
the market for stocks. Of a list of 20 active issues 12 have,
indeed, advanced.
Of the exceptional features Rock Island 4s are conspicuous
for a decline of over 4 points. The refunding 4s are down a.
point and New Haven 6s are 234 lower.
United States Bonds.-Sales of Government bonds at
the Board include ,000 3s, coup., at 102%, $500 4s,couP.,
at 112; $3,000 4s, reg., at 11234 and $6,000 2s, reg., at 98%.
For to-day's prices of all the different issues and for yearly
range see third page following.
Railroad and Miscellaneous Stocks.-On a steadily
increasing volume of business the stock market has been
irregular and in some cases erratic. There is, indeed, very
little significance to be attached to movements of the market
as a whole. A moderate investment demand is apparent in
the market for bonds, but stocks are largely left to the discretion of the trading element on the floor of the Exchange.
To-day's market has been the most active of the week,
and the tendency of prices more decidedly downward than
here tofore. St. Paul was the notably weak feature late
in the day on a statement by the Inter-State Commerce Commission which seemed to imply criticism of its bookkeeping
methods. In the last hour the whole market sold off under
the lead of St. Paul, which closed 43 points lower than last
night, at which time it was one of the few stocks that had
advanced within the week.
Some of the industrial issues have fluctuated widely,with
varying results. General Motors added 6 points to its
previous advance, and at 79 was over 40 points higher than.
in January. U. S. Express advanced 7 points on a premature report that the company is going out of the express business.
For daily volume of business see page 752.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending March 0.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Feb 28 105
835 95
Adams Express
500 143
Mar 5 144%
Am Brake Shoe & Fdy pf
15 83% Mar 3 84
Am Coal Products
525 105
Feb 28 108
American Express
100 31
Feb 28 31
Batopilas Mining
300 27% Mar 4 28
I3utterick
25108% Mar 6108%
Cent & So Am Teleg_
500 22% Mar 6 24
Colorado & Southern
830 53% Mar 4 54%
First preferred
300 8c. Feb 28 8c.
Comstock Tunnel
140 108% Mar 5 108%
General Chemical pref
8 114, Mar 2 12
Green Bay & W,deb B10 96
Mar 6 96
Havana El Ry L & P, pf
300 7
Mar 4 7
Iowa Central
115 69
Mar 2 69
K C Ft S & M, pref
Mar 3 80
Mexican Petroleum pre: 300 80
100 84% Mar 2 84%
MStP&SSMleasedline
200 38
Mar 439
N Y Chic & St L
200 30
Mar 2 35
Norfolk Southern
200 104% Mar 5104%
Pabst Brewing pref
Mar 4 92
100 92
Pittsburgh Steel pref
100 234 Mar 6 2%
Quicksilver Mining
200 124
Mar 6 124%
Sears, Roebuck & Co, pi
28 98% Mar 6 98%
So Pac sub rcts 1st paid_
Mar 5 99
10* 09
Texas Pac Land Tr
100 48% Mar 4 48%
United Cigar Mfrs
100100% Mar 5 100%
Preferred
Mar 5 100
100 100
United Dry Goods, pref_
Mar 2 72
3,405 65
United States Express
100 83% Mar 4 83%
U S Ind Alcohol pref
1,015 84% Mar 2 90
Wells. Fargo & Co

Range since Jan. 1.
Lowest.
Highest.

Mar 6 91
Mar 4 129%
Mar 4 82
Mar 4 100
Feb 28 51
Feb 28 26
Mar 6 103
Mar 3 22%
Feb 28 53%
Mar 5 6e.
Mar 5 107%
Feb 28 11%
Mar 6 92
Mar 4 7
Mar 2 65%
Mar 4 79%
Mar 2 83
Mar 4 37%
Mar 4 30
Mar 5 104%
Mar 4 88
Mar 6 1%
Mar 5 122%
Mar 6 95%
Mar 5 09
Mar 4 45
Mar 5 10034
Mar 5 99%
Mar 3 46
Mar 4 81
Mar 4 8034

Feb 105
Jan 146%
Jan 84%
Jan 110%
Jan 51%
Jan 29
Jan 109%
Mar 28%
Mar 62
Jan 10e.
Feb 108%
Mar 14%
Feb 96
Jan 7
Jan 69
Jan 87
Jan 84%
Jan 45
Mar 43
Mar 10434
Jan 93
Jan 2%
Jan 124%
Jan 103%
Jan 09
Jan 50%
Mar 103%
Jan 100%
Jan 72
Jan 85%
Feb 91

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

Outside Market.-The "curb" marketbecame more
active as the week progressed, though price movements
outside the oil shares were irregular and of small proportions.
The majority of the Standard Oil issues report advances, the
gains in a number of instances being especially heavy.
Prairie Oil & Gas,after an advance.from 522 to 540,jumped
to 570 to-day, though it reacted finally to 559. Standard
Oil (Kentucky) rose from 270 to 290 and closed to-day at
284. A dividend of 4%, with 1% extra, was announced
this week. South Penn Oil moved up from 354 to 385
during the week and to-day to 405, the close being at 390.
Standard Oil (Kansas),after a gain of over 30 points to 502,
ran up to-day to 530. Standard Oil of N. Y. was conspicuously active and improved from 1983/2 to 223, finishing today at 218. Continental Oil sold up from 225 to 265 and
ends the week at 259. Atlantic Refining gained some 40
points to-day to 720 and reacted finally to 715. BritishAmer. Tobacco was weak, the old stock sinking from 23%
to 23. The new stock declined from 249 to 233 and closed
to-day at 2334. Tobacco Products pref. moved down from
84 to 824 and back finally to 84. United Cigar Stores
corn. lost about 2 points to 90 and finished to-day at 90%.
Riker-Hegeman was in good demand and advanced from
734 to 834. Bonds were dull. Canadian Pacific 5% notes
improved from 103% to 1044 and were traded in to-day
at 104%. Initial sales were reported in Central District
Tel. 5s up from 100 to 1003. Cuban 5s eased off from
99% to 9934 and closed at 98 9-16.
Outside quotations will be found on page 752.

43

• 1 ;r

New York Stock Exchange-Stock Record, Daily, Weekly an

Yearly

OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding nage
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 28

. Monday
. March 2

Tuesday
March 3

Wednesday
ilarch 4

Thurs, iv
March 18

Fi iday
March 6

STOCKS
Sale? of
NEW YORK STOOK
the
EXCHANGE
Week.
Shares.

flange since Jan. 1.
On basis of 100-s2 are lots.
Lowest.

Highest.

Range for Previous
Year 1913.
Lowest.

Highest.

Railroads
0314 Jan 3 1008 Jan 23
9014 Nov 106% Jan
0,980 Atchison Topeka & S IP__
97% 9718 . 97
97
9012 9678 9678 9712 97% 9712 9614 97
96 J'ly 10214 Jan
Do pref
9712Jan 13 10158 Feb 9
620
;10112 10112 • 10133 10138 101 10138 .10058 101 *1004 101 ;101 101
112
23
J'ne 13338 Jan
Atlantic
Ccast
116
Jan
Line
Jan
126
RR_
3
646
122
122
12212 123 *122 124
.122 12312 *121 12313 .121 123
Baltimore & Ohio
9058 J'ne 10658 Jan
83'8 Jan 7 983 Jan 26
9114 9158 91% 915
9134 92
91% 9178 894 9112 8814 90 25,633
85. Jan
7714 J'ne
Do pref
7734Jan 6 8358 Jan 29
208
814
8134
8212
.8158•
8212
.8214
84
8214
;8214
8212
.8212 84
941 Melt 6 28334 J'ne
9.41 May
9314 9414 19,300 Brooklyn Rapid Transit.. 8712Jan 3
9212 9234 9258 93% 9314 9378 9358 94
9278 93
Canadian Pacific
'Jan
20614 Jan 13 22012 Feb 4 204 Dec 26654
21034 21158 20934 21012 20813 20978 209 21038 2081s 2093 208 20S5s 37,500 Central of New Jersey
310 Jan li 310 Jan 12 275 J'ne 362 Jan
325
*305
325
*305
325
.305 325 4305 325 .305 325 *305
. Jan
80
&
Chesapeake
Ohio
Men
68
8
22
J'iy
6
2527
5118
Jan
151,300
5634
s
z527
6314 6378 5818 6234
633
631 6312 6278 6312 63
1158 Me., 6 1412 Jan 24
1778 Jan
1018 J'ne
600 Chicago 06 West tr ctfs
1158 13
1213 1278 124 1212 *1214 13
13
.1212 1278 .12
2712 Jan 7 33 Jan 27
35 Jan
Do pref trust ctfs
23 J'ne
1,260
29
2958
2912
2912
2912
29
13013 3012 2978 3014
30
30
9812 Meli 6 10718 Feb 4
Chicago Milw & St Paul_
9634 Nov 11614 Jan
10212 10358 9812 10212 18,815
10234 103 .102 10214 *102 10312 10212 103
13913 Jan 15 143 Feb 6 13112 Nov 145 Jan
Do pref
230
14013 14012 13934 13934
.13913 14012 .13913 14012 *13913 141 1141 141
& North Western 128 Jan 3 1367 Feb 14 z123 Dec 138 Jan
Chicago
883
134%
134
.135 136 *13214 138
13412 135
13418 13418 135 135
170 Jan 5 180 Jan 24 1711* Nov ;189 Jan
Do pref
30
.172 18114 .171 180 ;175 1/5 *171 18114 .17114 18114 .171 18114
347 Aug
38 Feb 6 40 Jan 5
54 Jan
Cleve Cin Chic & St L__
38
38 *_
38 ...
38 ._
_ 38 •
38 *
•
9454 Jan
60 Oct
6112Jan 2 70 Feb 9
Do pref
448
6318
13518
4
643
:14
4
.
8484
tiiT3
70 ;571F3 70
iiiii-3 70 ;6:1
Feb
Jan
4
3
150
Jan
15913
167
14713
Hudson
J'ne
&
Delaware
700
152
152
152
15212
15258 15212
.151 156 .152 155 .150 154
388 Jan 6 405 Jan 27 380 Dec 445 Jan.
500 Delaware Lack & West
39512 39512 39678 397
.395 400 .395 400 395 395 *395 397
Feb 25 1914 Jan 31
..358 J'ne
Jan
102
&
2318
Grande
Rio
Denver
600
13
118
16
.13
1612
*13
1612
1612 .12
1358 1358 .13
2034 Feb 25 3118Feb 4
41 Jan
23 J'ne
Do pref
140
23
23
*2212 281y *2212 2712 .2212 26
*2278 2412 *2212 26
2714Jan 3 3212Jan 23
3212 Jan
2014 J ue
2914 2914 2958 2918 2934 2813 2918 17,010 Erie
2978 308 2914 2912 29
3312 J'ne
Jan 3 4934 Jan 27
4912 Jan
8
427
preferred
1st
Do
2,295
4514
4458
46
4512
46
4534
4512
14512
46
4678 4678 46
J'ne
41
Jail
Jan
23
2
2814
Jan
4014
35
preferred
2d
Do
400
3714
3812 3712 3713 37
.3713 39 .3612 3812 .3512 3812 .37
Jan 3 134 Feb4 11512 J'ne 1325 Jan
12712 12734 12714 12758 127 12758 12758 12814 12713 12814 12618 12712 8,205 Great Northern pref.- 12514
3914 Jan 19
Jan
J'ne
4114
3
2512
3314Jan
properties
Iron
Ore
4,710
4
1
3612
36
4
363
4
3614 363
35
3612 3554 36
37% .38
36
107 Jan 7 115 Jan 26 10234 Dec 1287 Feb
300 Illinois Central
.109 11212 *109 1121 .109 11212 .109 11212 .110 11212 110 11018
1958 Jan
1258 J'ne
1412 Feb 25 1638Jan 24
1514 1434 1478 2,100 Interboro-Metrop v t ctf_
15
1434 15
15 .145s 15 .1458 15
15
45 J'ne 6538 Jan
59'4 Feb 25 63 Jan 24
pref
597
Do
6118
3,900
6014
60
6014
6012
6012
60
608
5934 608 *5912
283s J'ly
2138 J'nc
2438Jan 5 2733Jan 31
1,230 Kansas City Southern
26
26 .25
26
2518 2513 26
2612 2558 2558 25
*25
6152 Jan
58 Jan 12 02 Jan 241 ..,8 J'ne
Do pref
100
61
61 .60
60
61 .60
62 .60
60
*00
....___ 61
1112 Feb
-.• May
9 Jan 23
612 Feb 28
275 Lake Erie & Western
.5
.5
7
7
7
6
7
*5
.5
613 634 .5
35 Jan
18 Jan 17 2112Jan 28, 16 Nov
Do prof
*1614 20 .16
20
20
100
1812 1812 *1614 20 .1614 20
.18
148 Jan 3 156 14Jan 23. 14114 J'ne 16858 Jan
150 15014 149 14914 14914 150
14958 15038 149 15014 14812 14053 9,500 Lehigh Valley
13358Jan 3 14178Jan 19. 12614 J'ne 14214 Jan
700 Louisville & Nashville
.137 139
130 137 *13578 137
13813 137
13634 13634 13578 1357
128 Jan 5 133 Feb 7! 1:7 J'ne 13258 Feb
200 Manhattan Elevated
-- 13012 131 .13014 13218 *13014 133 *130 13212
-,...130% 133
.
2314 Jan
12 J ne
1212Jan 6 1614Jan 31
Minneapolis & St Louis__
1612 .12 -1-4
*12
18 .12
16
*12
*12
16
47 Jan
:in 221 30 Dec
,
3312Jan 6 351.
Do prof
.30
40 .28
40 .28
40
*28
40 V
40 .28
12412Jan 14 137 Feb 5 11514 J'ne 14214 Jan
450 Minn St P & S S Marie
13314 13314 134 134
13212 13312 .131 133
.132
13013
131
13312
14212Jan 21 145 Feb 2 131 Nov 1150 Jan
Do pref
.14212 160 .142 150 .140 150 *14214 150 *14214 150 .14214 150
2918 Jan ,
1818 J'nt
174 Itch 6 24 Jan 26
1853 18
19% 1958 18
18
Ms 1814 8,130 Missouri Han & Texas
1814 1834 1814 1874
r.412 Apr
52 J'ne
4912 Meh 6 60 Jan 30
Do preferred
2,000
.52
56 .50
5458 5313 5312 4912 52
5513 5313 54
54
4358 Jan
2114 Dee
27
Jan
30
Feb
2312
26
Pacific
Missouri
7,600
2514
2412
26
25
2518 2534 2514
2512 2434 25
2434 25
Dec
Mell
59
31
34
6
19
Feb
Jan
30
pref_
1st
Mex
of
Rys
Nat
33
*27
32
.27
34 .28
35 .27
35 .27
35
*27
2712 Jan
834 Dec
10 Jan 6 14 Jan 26
Do 2d preferred
100
12
oil
*11
1258 .1114 1213 .1118 12 .1118 1112 1214 1214
9038 Dec 10934 Jan
31
8
Jan
Mcb
913513
8778
11
11
&
Central
Y
N
34,310
90
9014
s
877
893a
8914 9013 8912 9014 8958 0014
9058 91
6514 Mch 4 78 Jan 2
6558 Dec 12978 Jan
6514 6634 6638 6858 6718 6812 36,132 NYN H & Hartford
6513 67
8834 6758 6618 67
3378 Jan
2518 J'ne
26 Jan 7 3158Jan 23
400 N Y Ontario & Western_
2712
27
.28
29 .2734 29 .273 2834 2734 2734 .273 29
98 J'ne 1131 Jan
4
Feb
9
8Jan
1053,
995
Western
Norfolk
&
3,570
10338
10212
10312
8
1027
103
10134 10212 10218 10212 10218 10218 102/2
Feb
87
Aug
80%
4
Melt
8818
7
Jan
85
pref_.
adjustment
8812
Do
.8812 8812
100
.8612 8312 *8612 8812 .8613 8812 8818 8818 .8612
109 Jan 2 11812 Feb 4 101% .1'ne 12253 Jan
Northern Pacific
11214 11234 11134 11214 11178 11218 112 1127 11218 11258 1097 11214 19,155 Pennsylvania
31 101 Dec 12334 Jan
11512Jan
3
10858Jan
10,836
Ill
11134
112
11112
11158112
111% 11158 111% 11158
11113 112
7718 Dec 104 Jan
83 Jan 6 91 Feb 4
Pitts!) Cin Chic & St L
.--.... 91 *___ 90 .„-- 90 *-- 90 ...-- 90 .____ 90
100 J'ne 1109 Sep
Do preferred
.101 108 .101 108 *101 108 .101 108 .101 108 *101 108
Meh 6 17214Jan 22 15138 J'ne 17134 Dec
16312
Reaci;ng
133,100
16312
16514
166
16434
16412
166
16512
165
18558 16614 16453 16538
9212 Apr
8212 Get
8712Jan 8 88 Jan 3
1st preferred
100
88
88
89
90 .8712 8912 .871k 89 .87
'8813 89 .87
84 J'ne 95 Apr
90 Mch 2 93 Jan 28
2d preferred
300
90
90
91
91 .90
90 .90
90
90
90
91
.90
2478 Feb
Oct
8Jan 23
165
25
Feb
1158
4/4
Company
Island
Rock
9,150
8
5
512
534
434 518
5
513 534
51
5
0
5
4434 Jan
1712 Oct
758 Meh 6 25 Jan 16
Do preferred
77
83
5,100
758 8
814 812
834
818
8
858
813 93
193 Jan
234 J'ne
538Jan 15
313Feb 10
St Louis & San Francisco
.313 4
*312 4
.312 4
.312 4
.313 4
.312 4
59 Feb
13 J'ne
15 Feb 21 1712 Jan 13
Do 1st preferred
100
30
20 .13
16
16 .14
16
16 .13
16 .12
*13
Jan
29
4
93
J'ne
512
Jon
26
ca
7M
3
Do
2d
preferred
500
712
718
713 712 .7
714 712
814 .7
812
. .7
71
3513 Jan
20 Dec
21 Jan 8 2634Jan 26
100 St Louis Southwestern
2514 2514 2514 .2412 2514 .2414 2514
2514 .24
2614 .24
*24
75 Jan
Dee
5614
26
Jan
8
Jan
651s
67
Do
preferred
.5813 61 .5813_ .5813 6712
.5813 61
.5813 61
*5812 61
2034 Apr
1412 J'ne
1634Jan 2 2258 Feb 5
1,050 Seaboard Air Line
21
21
2118 2118 .2034 2114 21
2118 21 2-121
' 21
4584 Jan 2 58 Fen 4
38 J'ne 4958 Sep
Do preferred
5334 5412 5,150
' 541 5412 5412 5533 537 5414 5414 5.434 5414 55
Nov 110 Jan
3
83
8818Jan
9912Jan
23
Co
Pacific
Southern
23,110
4
9234 943
9314 94
. 9414 95
0414 9458 9414 95
9312 94
8814 Nov 9912 Sep
9458Jan 2 105% Jan 31
Certificates (wh. iss.)_
__ ___
28
____
__
,10214 10214 -___
1918 J'ne 2853Jan
2278 Jan 3 2814 Feb 4
W5.8 5,300 Southern v tr ars stmpd_
2558 2534 .251 4 2558 -2534 /53-4 -25% -261:1 2534 -26
8514 Feb 4
8112 Mch
72 J'ne
3
Jan
75
do
preferred
Do
960
*8213 841* *8212 8414 18213 8212 8312 8312 8313 8312 8358 8333
2258 Jan
J'ne
10%
21
1312Jan
5
1634Jan
100 Texas & Pacific
16
1412 1458
18 .14
16 .14
1612 .14
L *1413 1612 .14
2778 J'ne
4112 Jan 29 4534 Jan 13
4358 Sep
Y)
(N
Avenue
Third
2,775
43t2
4
423
4412
4413
4412
44
44
4312
44
.43
4414
'
13 Jan
718 J'ly
24
6
Jan
1214Jan
10
Western
1 4313
L&
St
Toledo
.9
1112
11
.9
1034
*914 1034 .9
11
*8
11
, *8
2934 Jan
1514 J'ne
19 Jan 3 23 Jan 26
Do preferred
21 .19
.19
21
21
22 .19
22 .19
22 .18
1018
10514 Jan 7 10812 Jan 19 10118 J'ne 109 Sep
Transit
City
Rapid
Twin
*10512
4
*108
1073
10734
*10512
1073
4
4
1073
3106 10734 .105 10734 *10412
15312 Jan 3 16438Jan 31 13734 J'ne 18234 Jan
15918 83,450 Union Pacific
162 16278 215834 1597 15838 15914 1588 15934 15858 15934 15658
7934 J'ne 9313 Jan
8212Jan 6 86 Feb 4
Do preferred
766
84 .8312 8438 8414 8438 8313 84
.8513 8612 18312 8412 84
16 J'ne 8512 Jan
19 Jan 7 2334 Feb 6
2012
_
TRys
Investment
United
.20
2112
*20
2112
*20
2112
2112 .20
2112 *20
*20
J'ne 6313 Jan
30
13
Feb
49
14
3812Jan
Do
preferred
400
47
*4413
40
4512 4512
45
*4412 48
47 .4412 47
'.44
6 Aug
2 J'ne
23
458Jan
24
Feb
158
325 Wabash
212
212 .2
218 218 .2
213 212
' *24 234 .2
212
17% Aug
554 Feb 24 13 Jan 23 , 618 J'IY
Do
1,000
8
preferred
.612
634
7
7
1 812 812 *718 8
612
8
.7
Jan
48
Dec
8
287
22
Jan
Feb
35
21
2914
Western
1,255
.3034
31
Maryland
32
31
3214 3214 3214 3113 3112 3034 3114
33 Oct
k 82
8 Jan
358 Feb 24
638 Jan 7
Wheeling & Lake Erie
5
.4
5
.4
5
412 .4
.4
5
412 .4
.4
281 Jan
13 J'ne
21 Jan 23
18
Feb
16
Do
preferred
1st
.1613
18
19
.16%
19
.16%
19
*1612
18 .1613 19
*16
14 Jan
558 Dec
712 Jan 6 11 Jan 24
Do 2d preferred
8
.6
8
*6
8
.6
8
.8
8
*6
8
' .8
5812 Apr
401j J'ne
438 Jan 9 48 Feo 4
Wisconsin Central
50
*41
50 .4114 50 .414 60
50 .41
50 .41
.41
Industrial and Miscell.
4 818 Nov $2438 Oct
2134 2212 2178 2178 2153 2158 1,700 dAlaska Gold Min Par $10 $2034 Jan 9 $24 Feb 20
2112 22
2214 2214 .2114 22
9 Dec
758 Dec
858Jan 6 141k Feb
1318 1,125 Allis Chal Mfg v t C....
1312 1358 1312 1314 1312 13
1312 .13
1312 1312 .13
4312 Dec
40 Nov
8 49 Jan 26
4312Jan
e.._
t
v
preferred
Do
2,045
48
48
4812
4812
4
483
8
483
48
*4712
48
48
48
48
J'ne
8012
6153
Sep
4
Feb
7818
9
8Jan
707
Copper...
Amalgamated
53,600
7378 7478 7334 748 7234 7418
7334 7414 7312 74
7438 75
57 Jan
4114 Sep
4734Jan 2 57 Jan 23
American Agricul Chem_
*531g 5412 *53
5412
55 .5313 5434 *5312 55 .5313 55
*53
91 Jan 8 9712Jan 23 ,90 Nov 99 Jan
preferred
Do
120
.94
96
9512
19512
96
.95
98
*95
9558 9558 .9412 96
1934 J'ne 5012 Jan
20 Meh 5 2812Jan 22
2112 2014 211
8,200 American Beet Sugar
2312 2258 2238 2114 2312 20
9212 2312 .22
.
88 Mch
65 Oct
69 Jan 6 7314 Jan 26
Do preferred
72 *---- 72
7312 .65
7312 *____ 7312 •____ 7312 .65
.65
4672 Jan
21 J'ne
2834Jan 3 3518 Jan 27
Can
Amerkan
3058
2913
3013
12,625
30
8
303
2958
2934
2914
3013 297 30
30
rne
12912Jan
'wiz
24
Jan
Jan
96
89
3
preferred
Do
93
9258
93
1,100
03
9213 9212 921k 93
0213 93
.91 1e 93
3613 J'ne
6658 Jan
5138 5012 51
1,100 American Car & Foundry 441k Jan 5 532 Feb 4
5112 .51
.5034 5114 *4034 5034 503s 5034 51
114 Jan 28 11758 Mch 4 108 J'ne 117 Meh
Do preferred
310
11712 11758 11758 11758 111712 11712
.116 118 .116 118 .1171 118
J'iy
484 Jan
3314
26
Jan
Jan
36
5
4
363
3612
.38
Otte%
3612
American
.36
3612
3612 *36
3612 •36
3612 *36
•36
6014 J'ne 78% Jan
60 Jan 5 68 Jan 26
Do preferred
200
*6114 82 .6114 82 .6114 82
*6114 82
6114 6114 *614 82
331k J'ne 5758 Jan
Feb 9
4612
8
Jan
371.
Oil....
Cotton
.43
American
*44
45
45
896
4434
4434
45
4414
4512
4433 4458 *4312
9212 Sep
98 May
9412 Jan 15 9612 Mch 5
Do preferred
406
9612 9612 9612 .---- 97
.96
96
96
97
97 .96
.96
313 J'ly
6% Jan
41 Jan 19
514 Feb 6
100 American Hide & Leather
458 458 .438 434 .438 434
.438 434 .458 434
*438 5
2814 Feb
151g J'ne
Feb
2534
6
25
Feb
2012
preferred
*22
2412
Do
.21
24
410
2312
2312
231s
.21
24
23 .21
22
2734
Apr
J'ne
17
20
Feb
3234
3
Jan
24
Securities
31
3013 3114 2934 3012 11,830 American Ice
303* 30
3038 3114 3013 30% 30
121 Nor
67 J'ne
10 Jan 8 1158Jan 28
1018
1012 1012 *1012 1112 10
450 American Linseed
11
*10
11
*1018 1012 *10
3338 Nov
20 Oct
16
3134Jan
25
2812Feb
preferred
Do
29
2918
30
.2812
310
30
.28
29
.2814
30
30 .28
.28
27 J'ne 441k Jan
1.3
3158Jan 2 3714Jan 31
2,010 American Locomotive
3434 3434 3412 3514 --aal4 --I 3413 35
3434 3412 35
34
94 Oct 10634 Jan
96 Jan 6 102 Feb 4
10158 .102 104 .102 104
Do preferred
*101 10312 *10078 102 .101 10212 .101
914 Jan 28
13 Jan
514 Oct
7
13
Jan
Corp
Malt
American
100
8
.7
9
.7
8
$7
0
.7
*712 9
8
8
4178 Oct
61)2 Jan
42 Jan 3 5018Jan 24
Do preferred
250
4978 4978 4912 4912 .4812 50 .4812 4934 .4812 50 .4812 4934
7911 J'ne 88 Jan
Secpref Il 84 Jan 29 85 Jan 19
Smelters
Amer
.82
84
.82
25
84
84
84
.82
184
84
.82
84
.82
581k J'ne 7458 Jan
8818 6814 6834 6712 6814 8612 6712 4,000 Amer Smelting & Refin'g 6318 Jan 3 7118 Feb 4
6712 68
673* 678 6758 10234
97 J'ne 107 Feb
9834 Jan 3 105 Jan 27
Do preferred
1027 10278 10213 10212 .10134 10234
412
10178
.102 103 .10212 103
160 Jan 2 172 Jan 31 150 J'1Y 193 Jan
Snuff
American
210
168
.162
;165
105
163
165
163
165
167
.165 167 .165

25-

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America 1--Amer Exch..
Battery Park
Bowery11.Bronx Bore,
Bronx Nat_
Bryant ParkI
Butch & Dr.
Century 1Chase

Bid
580
205
120
425
225
175
150
120
180
500

Bid
Bank.
Ask
Chat & Fhen. 168
575 Chelsea Exl_ t143
215 Chemical _ 415
135 Citizens' Cen 174
360
___ City
260 Coal & Iron. 158
190 Colonial 1..- 460
-_-. Columbia I-- 300
135 Commerce __ 178
,J _, 315
-_ corn Exch'
610 Co moporn 1, 85
1.:11.2t River_ 60

Ask
174
___
425
178
385
161
......
325
181
318
105
75

Bid
Banks
Fidel,tyl_-__ 185
4500
Fifth Ave I...
300
Fifth
895
First
188
Fourth
Garfield __ 220
Germ-Amer 1 130
German Ex I 375
Germanial_ 450
Gotham ____ 190
Greenwich I- 270
Hanover __ 640

Ask
176
__ ...
325
910
192
250
140
425
475
--285
____

Bid
Banks
Harriman ___ 275
510
TradImp &
179
Irving
'600
Liberty
325
Lincoln
Manhattan 1 315
Mark &Fult.. 240
Mech & Met_ 237
Merch Each_ 160
Merchante_ 175
Metropolis I. 300
Metroporn 1; 178

Ask
290
520
184
615
345
330
250
242
____
185
310
185

Banks
Mutual INassau
New Nethl„
New York Co
New YorkPacific 1.Park
People's 8
Prod Etch 1.
Pub1101
Reserve

B14
290
175
210
850
370
225
365
230
165
200
100

Ask
____
185
225
875
380
250
375
250
170
240
___

Banks
Seaboard__
Second
Security ISherman .......
StateI
23d Ward li....
Union Exch.
Unit States11.
Wash Ins 1_
Westch AvIl_
West SidelYorkville I.-

Bid
410
390
100
_.180
130
145
600
275
160
450
---

Ask
435
425
120
135
200
140
150
_..
......,
171
475
500

Ex-riTlits. I Leal than 100 shares. 11 State bulk.). a Ex-dlv. & rights. b New stook /Ex 24% MOM. CT
•Bid and asked prices: no sales on tI113 d.4.
Exelian2c or at auction gals week. s First LastaUmenl Paid. is Sold at private sale at this :aloe. s 3z.dlv. I sU paid.

 taale at Stook


744

New York Stock Record-Concluded-Page 2

[VOL. Kam:

Poe reeord-of sales during the week of stocks usually inactive. see second page preceding
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday ,
Feb 23

'Mondly
March 2

Tuesday
March 3

Wednesday
March 4

Thusrday
Ifarch 5

Friday
March 6

STKS
Sales of
OC
NEW YOR K STOCK
the
EXCHANGE
Week
Shares

Range since Jan. 1.
On basis of 100-share tots.
Lowest.

Highest.

Range for Previous
Year 1913.
Lowest.

Highest.

Industrial ac Misc (Con)
4102 105 0101 104 .101 104 .102 105 0102 104 .102 104
997 Jan 9 101 Feb 20 100 J'ne
Amer Snulf pref(new)___
36
38
*3512 364 .35
650 Amer Steel Found (new)_
3612 *35
28 Jan 6 3712 Feb 16
38
35
35 .3412 3512
25 Joe
'
1001 10718 .104 106 .10334 105
1,900 American Sugar Refining 1011211401 5 10978Jan 24
10314 105
10112 102% 10112 102
9978 Dec
836 Do preferred
11334 11334 .110 114
11314 11314 1115 11158 11134 11218 1113 11134
11014Jan 20 11378Jan 7 11018 J'ne
12012 12012 1197 1203 120 12012 12058 12034 12012 121
Amer
12414
Telephone
3,860
Jan 30 110 Dec
& Teleg 11718Jan 2
1201 12114
249 249
24914 2494 24813 24812 24813 24812 249 24914 24812 249
24218 Jan 14 25134 Feb 2 200 Pao
1,075 American Tobacco
106 108
1054 10512 105% 10538 1106 108 110558 105% *10512 106
400 Preferred, new
10134Jan 7 10614Feb 20
98 Ply
•15
13 •15
20
American
1,000
*15
1312 15
1312 Mch 4 2078Jan 28
*13
16
.14
17
Woolen
1412 Dec
1612
77
77
76
76
7514 7512 7213 7578 '7314 7334 *73
7212 Mch 4 83 Jan 26
rc
iti
fehrr
74 May
gep
dar
743* 2,775 AmerDo Ivr
0113
1612 *1312 1612 *1358 1612 *1234 15
*1212 15
1334Feb 16 1738Jan 23
111 Nov
38
354
3618 351 357
35%
3558
5,000
-5E4
aAnaconda
3-636
3078 J'ne
3534 3534
Cop
arp$r2e5f 3334Jan 9 3814 Feb 3
*21
25 .21
25 .20
25 .21
25
*21
25
21
21
200 ilisnliltealieznantinve____
22 Dec
20 Jan 27 2978Jan 8
4614 4734 4713 4818 48
52% 5014 5112 8,700
4912 4934 514 51
la
Dec
•10638 10612 *10638 10634 1063 1067 10638 10634 •1063* ---Belgehem
1N11223aann 17
preferred
6 1887181a g 188i142
c
e
se
(
38% 3914 383 39
3812 3834 3834 4134 4112 43 *10612
2912Jan 5 4312:kick 6
25 J'ne
4134 ii-ti 31,8182
79
794 79
79
794 7914 7913 8214 8112 83
82
4,970 Do preferred
83
6214 J'ne
'68 Jan 10 83 Mch 5
*12512 127 *12512 12712 •12513 12712 .12512 12712 *12513 128 *12512 12712
Brp
00
0klypnreU
fen
rr
Ie
on
d Gas____ 121 Jan 5 130 Jan 24 120 Oct
274 28
27
2634 27
27
2812 2634 2612 27
16 Aug
18 Jan 2 3034 Feb 6
25
2612 1,900 California Petrol v t ctfs_
•-. 6613 *6212 65% 64
65 1_- 65
*64
6512 *---- 8512
46 Ply
200
505 Jan 2 6634 Feb 4
18812 8812 *8878 89
*8713 89
738
c
87
ea
8834 86
eDn
86
setor
9014 Dee
(a
JiIp
85
80
)
rL
T
eeflu
nerrtehsedehrM pftrots 82 Feb 19 9518 Jan 16
3134 32
3132 3134 31
3113 3134 3334 327 33% 32
17 J'ne
3314 24,850
2518 Jan 14 35 Feb 16
0100 101 *100 101
101 101
10114 10114 .10012 10114 *100 10114 _,1551i/S
ne
058 J:n
38
9478Jan 6 10114 Mch 4 28
4212 4212 42
424 4154 42
42
4214 4134 4214 r4014 4112 7
dChino Copper__Par $5
Jan 0
. *664 70
*67
70
C1gentt,Prea
*67
70 •67
70 .67
70 .07
efbeo
70
''I71) Febe 13
rr
di
d& Co,Inc 681122
103 103 .10278 10414 110312 10312 104 104 .102% 10414 *10278 10414
210 1)
103 Feb 28 10412 Feb 14
32 •31
32
on
3214 32
opn
losornau:
32
3213 3314 33
3358 3213 3212 2
ornet'
hfeeu
1:3
30
2412 Pile
nrerG
20 C
ied
&
a.I(N
onir
.5: 2812Jan 2 341 Feb 5
13384 13334 134 13414 *133 134
13312 134
134 134
133 13312
12912Jan 3 13912Jan 24 12518 J'ne
1118 1114 1114 1112 1114 1114 1113 1112 .1114 1134 11% 1114 1,100 Cora Products Refining_
73 J'ne
914Jan 0 13 Jan 28
*67% 69 •67
70
*6713 70
*6712 6912 *6758 71
63 Jan 3 72 Jan 29
*0712 69
814 Pne
•95
96 •95
9634 96
9534 9534 95
96
•95
97
350 Deere & Co Prof
95
0134
1872 1934 1918 194 1934 20
s
dnnoteedoo
1978 2012 1913 2014 19
irrineirs' iSneicnig
pGGeeeo
,,inD
1912 10,000 o
qa
an 8 203142rlecbh'
iristigsraC
eFt
7
3
1
911134
'
.9
15 .10
15
*10
*12
15
15
*9
15
*12
.
15
15 Jan 24 15 Jan 28
Decec
11 J'nei)
*35
417 *35
4178 •35
4118 *35
4178 .35
417 .35
lico
p
417
3518Jan 18 43 Jan 27
ttr
Ero
eecir
ffee
soervv
rr(ect,iBd”c
33 Mch
14714 14712 147 147
14612 14714 146 146
147 14714 14634 147
1,686
140 Jan 3 15058 Feb 20 12934 Poe
7534 757
73% 75
‘
i ti7ctfs-- 373 Jan 3 79 Mch 5
25 May
13
924 9234 IP. IP 1)
N318 1334
'
13373
, 1712 Ig
W4 13f9A
77 Jan 6 95 Feb 19
70 May
23
23
12358 2338 2258 2358 2312 2334 234 234 2234 2278
1958Jan 17 2634 Feb 4
15% Nov
*87
00 •87
00 •87
00 •87
00
*8712 00
Do preferred
*87
90
798 Jan 2 91 Feb 3
7334 Nov
524 5314 10,9
5224 5334 5278 5314 53
5314 54
5414 537 54
o n
ep
ncrheof
usr
Gnp
E
nerx(rp
5 dI
:10
700
(olpr Par $d0
400
5 $4438 Jan 8 $5414 Mch 3
4034 PlY
•1878 1734 17
17 .17
1718 17
1714 *)678 1734 167 1678
31814
Feb
10
Jan
4
$154
13% Deo
Par
10434 10578 10512 10534 10534 10534 105 105 .1037 10512 10378 105
32,100 Internet Harvester of N J 10078Jan 3 11312Jan 22
96 J'ne
*116
___ .!.
.
17
... 10
17
512
11818 11818 *11713 ____
11312Jan 3 11818 Mch 4 111 May
1712 -2
10413 1-05
ifilT2 1-6f1-2 105 105 .104 10512"
Jan
11134
10078Jan
22
3
104 104
9512 J'ne
800 Internal
n
Harvester Corp_
*11512 _ __ *118 -___
___
11478Jan 6 11712 Feb 13 111 May
. .11513 _ __ *11512 -___ •11512
*238 -3
.232 3 -*212 --3 Ini-l?fexPIZIraerirneedstk tr ctfs
334Jan 27
*213 -3 ----_
214 Feb 9
218 J'ne
*213 3
01012 115 *1012 11
107 1078 *1012 1118
Jan
30
124 J'ne
812 Feb 10 154
33
142 11138
*,14)
4
100 InternationalD oo
rt p
recrtfs-i *9
10
9% 912 .9
10
612 Oct
834
85* Jan 5 1078 Feb 2
8
,
4 -;i1- --6-12
Paper
; 37
37 •37
40
3218 Oct
36
36
*35
33
21_ 78 Jan 31
*35
37 •35
14 4
3
16
u,t8 i
38
Maacnnh 8
preferred
2
e80
g Internal Steam Pump
08
8
*8
Dec
8
*612 8
.84 8
8
8
*613 9
; *23
30 •24
29
•24
29
29
A' c
•24
8 jan 18
29 .24
*24
29
• *82
86 .82
Kayser
86
*82
86 .80
88 .80
.
F
28
88 .80
i:
Jan
,e
ene
86
17712
86
180
a
a
?
en
n
h
.22J
19
y
(Julius)_
01104 10812 .104 10812 *104 10812 *104 10812 *104 10812 *104 1081
Feb
Ist
preferredpor
e ur
:
:.-_
*10058 10178 .10014 105
09
21
99 .98 105 .9834 10134 .93
2g
i. 1:,i34
200 ICrI31 soogo Co (8 5)
g Igg"
0104 105 *1_0_4_ 3_4 1%4,
.
(
.3
312
)178 13112 ..1
4 !
.
3t 113:12 .12413 1(
97 J'ne
)112 ..!,(34 10
3
99 Jan 13 105 Mob 3
elo
cawparnefiehrrs
4
30
00 LaD
ed
teel
P. 8812 3812
2978 J'ne
34 Jan I' 40 Jan 2(1
1226 226 .220 228
22818 229
22712 22712 22712 228
228 228
ett
oo
LIgg
100
00,
9
Tobacco 21934Jan 5 230 Jan 31 195 Pile
*114 120 *111 120 .115 120 *115 120 .116 118
117 117
11138Jan 6 11714Feb 11 10612 P15,
p&roMferyreersd
334 3312 •__ 34
3212 3212 321g 32%
3213 3218 .32
34
21 J'ne
541 Loose-%
rB
efiesrr
te
r dco ctfs 32 Jan 6 38 Jan 26
*100 105 .100 105 .101 105 .101 105 1104 104 *102 105
.
), 2
Do 1st preferred---- 12 Feb
nn 2 112 Len
' *90
___ *90
.90 --__ .90
_
99
*90 ____ *00
r
1 2 PliSg
liep
oe-W
s
2d
700 Lorillar_drCo
*165 1-70 *165 170
8 .174 17812 .170 178
172 1-74-7170 172
166 Jan 20 175 Feb 2 r150 J'ne
*11213 ___ *11212 ____ .11212 11712 .11212 11712 *11212 116 .11212 116
110 Jan 6 114 Feb 11 103 Pnc
' *8412 -88
Mackay oem
*8412 88 .8412 88 .85
83 .80
86 .80
88
Fob
i4p
Jan
iel
anies ---: *6913 7014 .6913 7014 *6934 7014 6934 6934 6912 6912 .69
70
lY
e
210 Do preferred
6"
2 De
6
77
518 Jan 1 IP
VI 1 7
'
062
65 .61 •65
May Department Stores- 62 Feb 11 6914 Jan 17
85 .62
*63
65 Oct
66 .6212 65 .62
65
*10014 10114 .100 10114 .100 10114 .100 10114 .100 102
0712 J'ne
101 101
100 Feb 13 10134 Feb 9
100 Do preferred
6714
6814
, 6612 6714 6512 6612 66
8734
661
6614
66
67
4612 Jan 2 7312 Feb 9
4134 Nov
7,000 NO1.1hicmaildn
'e„stpro
erle_um__
2234 2234 1,425 _ 11
2234 2234 2234 2234 2258 2258 2234 2234 2234 23
Par $5
13213 13212 .131 133
131% 13118 13213 13212 13313 13312 13214 13212
900 DI ational ii scull
.121
125
125
*121 123 1123 123
12314
.121
123
12312 12312
P1r14
41aa
ni
l'' 24 IF i
atil
n 1 1E42til,
Jinn
220 Do preferred
•1113 12 .1114 12
114 1112 1112 111 .11
12
112
12
235 Nat Enamerg & Stamp'g 1473ia
an
in Febn
414 6bnte
89 .79
49 .79
89 .79
89 •79
.79
Do preferred
89
5012
*4958
, *50
50
5012 y4953 5012 .4958
BO
50
4958 4958
44 Jan
62 Jan 26
350 National Lead
43 Oct
gg Do preferred
110613 10612 .106 10912 110613 10612 *106 10812 *10612 1081 *106 1034
105 Jan 15 109 Feb 18 100 J'ne
1578 16
18
16
151 16
• *18
18
18
16% 21512 10
1,000 dNevada Cons Cop Par 35 31458Jan 7 $1612 Jan 20
13 J'ne
.69
70
70
70
70
70
70
4
222
*69
723
ii
70
:
,oceri.
70
70
iccAz
l aieflican Co(new) 65 Jan 2 7278Jan 31
60 J'ne
2412 2412 .2312 28
2418 241
24
24
*24
25
24
24
24 Jan 8 29 Jan 21
16 J'ne
28
28
*2713 29
2838 2834 *2712 29
28
28
*2712 30
2612Jan
300
31
9
Jan
i
24
22 Nov
0
T?e6_
122 122 .12112 12214 122 122 1122 122 *12112 12212 12134 12134
425 People's G S'!'
c
12078 Jan 8 125 Jan 5 104 J'ne
21
2138 21
21
: 21
2078 2114 21
21
21
21
2138 1,700 Pittsburgh Coal
177 Jan 3 2312 Feb 4
1412 '
Joe[ '
9112 9112 91
*9034 92
*91
0034 9034 90% 91
92
01
700 Do preferred
8612Jan 7 9312Feb 4
73 Jne
4314 4318 4358 4234 43
•4252 4312 .4234 4312 14233 4258 43
1,010 Pressed Steel Car
2634 Jan 5 4512 Feb 2
1812 J'ne
10312 10312 *103 104 .103 104 1104 104
1054 10514 *10312 104
9734Jan 15 10514 Mch 5
222 _ Do preferred
884 J'ne
____
_ _ *112 ____ 112 112
*110 11312 1124 1124
200 rub Serv Corp of N J
107 Jan 13 11314Feb 13 105 Dec
t 155 155 .15412 1554 ial1-2 1141-2 154 1-5412 154 154
1,730 Pullman Company
15112Jan 6 159 Jan 28 149 Sep
153 154
! 12852 2858 2953 2938 2812 29
2812 2812 2812 2812 2714 2734 1,635 Hallway Steel Spring
Joe
, *95 100
8P1144
4
190
)12
90 .95 100 .95 100
9812 983.1 29314 9314
310 ___D
" el)
ay
ocgn
7 181.
58314itell 6
re
sferorp
et
d
.. 20
2018 20
20
2014 2018 2014 z195s 1934 7,050 ali
20
2018 20
16 Poe
C
erPar$10 $1734 Jail 9 $2038 Feb 6
• 25
25 .2434 2534 25
F
9
2 J'ne
2558 2612 2534 27
1 Jan 27
25
2512 2612 5,720 Republic Iron
L134 Jan t;:. 17
Steel
00 .8813 8934 8912 91
8913 8912 .88
0014 91
8912 90
2,500 Do preferred
• 13
14 Nov
138 *1312 1412 1313 1312 1312 1312 1312 15
14
1412 2,320 RomelY Co (M)
9 Jan 30 18 Jan 14
i 3014 3034 3014 3014 .30
33 Dec
33
3012 302 3134 3312 3312 34
2612Jan 30 41 Jan 13
1,700 Do preferred
181312 18612 .180 190 .182 190
18512 18512 18634 18634 *185 187
300 Sears, Roebuck & Co
183 Jan 3 193 Feb 2 16434 Pne
.32
23 Ply
34
*32
35
*32
35
34
34 .33
35 .32
35
150 Sloss-Sheffield Steel & Ir_
27 Jan 3 35 Jan 26
*304 3414 .3012 3414 .3013 34 .31
.32
31 Dec
33
*3012 30
Standard Milling
3412
32 Jan 7 3534 Feb 2
5212 May
*83
•113
86
*63
86 .63
60
66
8578 6518 66
66
200 Do preferred
65 Jan 22 66 Bich 6
Dec
2312 2312 *224 24 .23
2514 258 243$ 25
24 .23
1,000 Studebaker Corp (The)
20 Jan 3 3034 Feb 5
24
8012 8012 8012 7912 8014 *7912 81
81
82
8013 8012 80
..,5/3142 Nov
1,200 Do preferred
70 Jan 5 87 Feb 6
3512 36
3538 3533 36
3514 3512 3513 3538 35
35
$3t7 Jan 9 $3634 Feb 11 12634 J'ne
3538 7,300 dTennessee Cop_ _Par $25 8
14012
149 1497 148 14914 12,075 Texas Company (The)
89 J'ne
14734 14812 14714 14814 148 14934 1481!,
128 Jan 3 14078 Mch 5
90
•81
90 .80
90
78 J'ne
90 .80
85
85 .80
8412 8412
300 Underwood Typewriter
8412 Mch 8 83 Jan 31
0110 111 *108 111 .108 111 *108 112 .108 111 *108 111
Do preferred
108 Jan 16 110 Jan 23 104 Ply
71
4 Nov
.738 8
812Jan 31
712 734 *714 8
75* *7
712 78
518Jan 12
700 Union Bag & Paper
712
*294 33
•29
184 Nov
32
81
32
429
81
*29
31
31
81
200 Do preferred
25 Jan 9 3212 Feb 3
914 Pne
13
*1254 1312 1234 1234 .11
13
*104 1314 •11
1214 1214
700 U S Cast Iron Pipe & Fdy 1038Jan 8 1312 Jan 23
477
7
48 '040
48 .40
1042
48
147
47 •40
47
nn A
484
110 Do preferred
1334 Dec
ov
40 Jan 8 4978 Feb
5412 5412 •53
55
*5313 5412 *5313 5412 .52
*54
55
55
100 U S Realty & Improv't_
54 Jan 7 58
?). Nov
5914 5958 5958 5958 5912 6014 5958 6058 6018 6034 6018 6114 10,300 United States Rubber10112 10112 10134 10112 10112 10112 10112 10134 10113 10134 10134 1017
4::jan 11
4,637 Do 1st preferred
il 18 1,12
133 Per)
107
49% J'ne
8578 861 26413 6454 8418 6458 644 6514 6458 6512 6314 6518 232,075 United States Steel
6712 Jan 3 6714 Jan 31
'
10978 1101 110 11014 11018 11034 11018 11014 110 1103 10934 11018 4,800
Do preferred
10614Jan 2 1124 Jan 31 10212 Joe
3058 J'ne
5434 5412 548 5458 65
5434 5514 5453 5515 54
5314 5334 11,000 &Utah Copper__ _Par $10 $487 Jan
10 $560 Feb 16
J
3134 8134 .31
7 334 Jan 21
3114 *3034 3134 301 3034 1,100 Virginia-Carolina Chem_ 28
32 .31
32
31
22 Ply
1051s 10514 .104 106
0105 107 .105 107 *104 107 .104 107
93 Pne
230 Do preferred
0614Jan 3 10514 Mch 5
64
63% 04
6334 63% 6334 6312 6334 8414 6313 6334 4,900 Western Union Teleg
64
F
434 Jan 111
7112 7134 7012 7012 71
711
71
71
71
707 71
71
22 Yence
3,400 Westinghouse El & Mfget M
'1e
27182 Fe
*114 11912 .116 11912 *115 11912 111614 11614 *11614 1191 .11612 11012
20 Do 1st preferred
INT:I:n
u 19 119 Feb 11 10778 J'ne
9918 9914 9914 9914 983* 0858
*98 100 .984 100 .934 100
8112 Poe
800 Woolworth (F W)
3 10314 Fob 5
'
118 119 .118 119 .118 119 .118 11878 .118 1187, 11858 11878
200 Do preferred
11234Jan 5 11878 Mch 6 109 J'ne

105 Jan
4012 Feb
118 Jan
1108 Jan
140 Jan
29434 Jan
10818 Jan
234 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
"
2 Ano
12
4112 Jan
74 Aug
13778 Jan
5612 Feb
86 Jan
1004 Feb
0
30
714 meh
4758 Jan

4112 Feb
14238 Jan
174 Jan
7914 Jan
18
4 Jan
10
.1,3
,
11,,
44 Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
5338 Jan
2038 Jan
11112 Sep
116 Oct
11014 Sep
11434 Sep
438 Jan
1912 Jan
125 Jan
4812 Jan
Jan
IP
li,
10
Faceip
4i js
162 Jan
494 Fob
235 Mch
11612 Jail
3973 ,j,,c
'
n
111 Pai
200 Jo:,
III Feb
Jan
leTJ
7678Jan
10513 Jan
7814 Feb
a
egn,
1'7
182:ia
1
Jan
IT144
5614 Jail
108 Oct
20 Jan
si12 Jan
3l1 Jan '
46 Jan '
12934 Set)
2438 Jan .
95 Jan
36 Jan
10118 Jan
113 Jan
165 Jan
us Jan
n
1(3)8
22 Jan
243
4, aercl,
9214 Jan
9934 j11
21312 Jan
4512 J.,2(
4011 Jan
6578 Feb
30 Feb
0314 Jan
3912 Jan
13212 Dec
09' Jan
113 Jan
7 4 Jan
413
34 J
1)384 Jan
W14 Jan
121524

r
Apr
6912 Jan
11034 Jan
6 % Jan
4318 Jan
111 Jan
B:::1P
an
11924 Jan
112 Jan
1151, Jan
.

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Isl'd
First
Flatbush
Greenpoint

Bid

Ask

150
216- 300
110
130
155
;
125
Homestead 11 -8-6 100
Manufact'rs. 400 425
140
; Mechanic/01_ 125
140
Montauk 11...
i0-1f 220
Nassau

Banks
Brooklyn
National City
North Side
People's ----

Bid

Ask

273
175
145

285
200
155

Trust Co's
N Y City
Astor
360
Bankers' Tr_ 445
Irway Trust. 150

370
465
160

Trust Co's Bid
Ask
N Y City
Central Trust 1010 1023
ColumbiaKnlekerboe 440
Commercial _
85
300 310
Empire
Equitable Tr 430 440
Farm L & Tr 1095 1115
205 215
Ftdeilty
275
Fulton
300
Guaranty Tr. 570 575

Trust Co's
NY City
Hudson --Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mutt (Westchester).-

Bid

Ask

130
162
120
360

138
187
130
370

135

145

130

140

Ask
Trust Co's Bid
NY City
N Y Life & Tr 970 990
N Y Trust- 595 605
Title On &Tr 420 430
220
Transatlantic 200
Union Trust_ 385 395
USNItg&Tr 420 430
United States 1040 1060
___
Westchester. 140

Trust Co's
Brooklyn
Brooklyn Tr_
Citizens'__
Franklin ___
HamiltonHome
Kings County
Nassau
People's ___
Queens Co

Bid

Ask

470
135

500
140
250
280
115 !

ini"
100
570
125
285
85

1-2-5- -;
295
100

*Bid and asked prices; no sales on this day. I Less than 100 shares. t Ex-rights. a Ex-dlv & rights. S Now stook, di Quoted do lAr4
per share. t Sale at
Banks marlfad with a paragraph (1) are State banks., Ex-divideilda
Iftook Exohange or as auction t121s week, s Ex-stock dividend.




745.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan, 1 1909 the &change method of quoting bonds was changed, and prices are now all—"and interest"—except to* Income ana aefaulted bonds.
Z
BONDS
N. Y. STOCK EXCHANGE 4
.if,e,.
Week Ending March 6

Price
Friday
March 6

Week's
Range or
Last Sale

Ratre
since
Jan. 1.

I

Prie,

BONDS
N. Y. STOCK EXCHANGE
Week Ending March 6

Yrtaay

3Iarch 6

Week's
Range or
Las, Sale

Range
since
Jan. 1.

1/10' No. Low High
Ask Lou
Rio
how High Chesapeake & Ohio—
Gen funding & impt 53_1029 J -J 100 Sale 100
10014 17 9834 10014
6 0812 9834
1930 .41-13; 107 Sale 107
1st consol gold 5s
10712 14 105 1077s
9( 98%
103 Jan '14
1939 el-N
103 103
Registered
10214 1021,
9612 44 9311 9812
General gold 4 30
1992 al- 8 944 Sale .947's
8 102 1021992 .1-8 92 _
Registered
9312 9312
93 2 Feb '14
3 111's 11212
193(1 F-A 82 Sale 8112
Convertible 43-is
1412 219 7978 S61
11213 11314
Big Sandy 1st 4s
1944 J -D
- 8614 854 Feb 13
Coal River Ity 1st gu 4s 1945 J -1) - 84 8413 Feb '14
101"10212
Craig Valley 1st g Os
1940 J -J 9734 ___. 9612 Dec '13
Potts Creek Br 1st 4s
5434 -Jan '13
1946 J -J
_
i °reign (iovernment.
1t& A Div 151 con ..; 48_1981) J -J
83 -- _
8838
5 88 8838
96 98
83%
96
Argentine-- Internal as of 1909_ M- S: 95 96 96
2d consol gold 4s
8312 854
1989 J -J
8334 85 832 Feb '14
10 85 8912
89
Chinese (ilukuang) Ity 5s L____ J -D : 89 Sale 89
Greenbrier Ky 1st gu g 4s_1940\1-14 8412.
93 let le
Government
imperial Japanese
&
Chic
Alton
63
894
9034
11
62
RR
66
'14
ref
-0
Feb
A
8934
88
3s_10491
ta
67
894
g
8812
i
F-A
1925
sterling loan 4 -ft
Raihvay 1st lien :i s1950 J -J
883e
6 87 8912
514 5212 5234 Feb '14
5234 5513
1925 J -J ; 8773 891s 8814
2d Series 4 30
Chic B dc Q Denver Div 4s_1922 F-A 9913 100 99.4 Jan '14
7812 80
9934 9934
1931 J -J : 7914 8013 79 Feb '14
Sterling loan 4s
Illinois Div 33s
1949 J -J 8353 Sale 8358
9934 Feb '141 312 99 10012
8414 16 82 85
Republic of Cuba Is exten debt_ i".1- 8 ;100 10034
Registered
1949 J -J 83 _ 8614 Aug 12 ...
9353 9412 Oct .131
1s-1949 10-A
External loan 43,
Illinois Div 4s
1949 J -J 9412 Sale 9412
5 -55 96
8814 _21 86 669412
5s_ ___ M-8:88 8812 8814
Tokyo City loan of 1-912 8414 Jan '14
93 J'ne'13
1949 J -J
Registered
84 85
U S of Mexico s f g 5s of.._1899 Q-J . 75,t 8038
Iowa Div sink fund 5s_1919 A-0
10133 Nov'13
68
68 68
1954 J -D 6, 7138 68
Gold 4s of 1004
Sinking fund 4s
98
1919 A-0 98 ____ 98
34 98t36
I nest are p iices on the b asisi of 15 to t
Nebraska Extension 4s
1927 M-N 97 Sale 9634
97
8 0454
9434 97
State and City Securities. ..1-S 101 Sale 10073
Registered
96% Sep '12
1927 M-N
101141 271 101) 102
1960
N Y City-4s
106le 74 10334 10612
Southwestern Div 4s
1921 NI-S 98 —__ 9812 Feb '1-9-8-12;
1963 .VI-8 10614 Sale 10614
1 s Corporate stock
44
Joint bonds. See Great Northi
9712 61 9513 975
1939 M-N 9714 Sale 9714
4% Corporate stoca
1958 M-S 9314 Sale 931
General 43
9334 44 9114 94
351 9512 9734
975
1958 M-N 9714 Sale 9714
4% Corporate stock
6512 68
9738 19 9534 9758 Chic & E III ref & imp 4s g_1955 J -J 60 64 6512 Feb '14
1957 M-N 9733 0734 9714
4% Corporate stock
1st consol geld es
1934 A-0 11133 - - - 10714 Jan '14
9 10338 1063
10714 10714
10614
1957 M-N 1064 Sale 10613
New 430
1937 NI-N 0912 10014 100
General consul 1st Os
100
9534 10012
10112 102
1017 M-N 10134 102 10112 Feb '14
New 4 hs
90 98 Feb '14
1937 M-N
Registered
98 98
10634 14 10378 10634
1957 v./1-N 106 Sale 106
4 % Corporate stock
Fur money 1st coal 5s
1942 F-A ____ 96 9734 Feb '13
10112 102
102 1 15 10112 102%
4 % assessment bonds...1917 M-N 8612 Sale 10134
86121
Registered
8613
5 85 8658
3 % Corporate stock.-1954 :V1-N
9434 10012 10513 J'ly '13
Chic & Ind C My 1st 5s___1936 J-J
101 101
101
5 100 101
—
1961 M-S
State-4s
N
744 13 -70 754
10012 ____ 10113 Feb '14
9718 10112 Chic Great West 1st 4s1959 NI-S 7412 Sale 7413
1061 J-J ,..,.Canal Improvement 4s
2 118 1181s
11812
1008
99 10112 Chic Ind & Louisv—Ref 6s_1947 J -J 11812 Sale 11813
1962 J -J 100 10114 100%
Canal Improvement 4s
10312 10312
1947 J -J 10312 1 10312 10313
Refunding gold 5s
19130 J-J 101 10118 995 Nov'13
Canal Improvement 4s
if 9538 Apr 11 _
1917 J-J
Refunding 4s Series C
8 1073.j 10S10812
---Canal Improvement 4 3is_1964 J-J 10838 10812 10838
Sa J'ly 12
1956 J-J
Ind & Louisv 1st gu 4s
108581 240 10712
---Highway Improv't 00_1963 M-S 10838 Sale 10838
9014 Aug 12
Chic Ind & Sou 50-year 45_1956 J -J si
South Carolina 43020-40_1933 J -J ----- 10312j'iy •py
101
Dec
'11
-D
J
30_1969
L
Chic
&
S
4
1st
East
'141
8434
Jan
10874 8434
Virginia funded debt 2-3s 1991 J-J 8112 -- - 10013
7 100(3 1661;
1004
Chic Mil& St P termig 521_1914 J -J idols
584 135 54 60
6s deferred Brown Bros ctfs___ ____ 55 Sale 54
9534 10 92 9834
9412 9512 9534
Gen'l gold 4s Series A me1989 J -J
Railroad.
'14
Jan
9314
93
Q-J
e1989
Registered
.. 7114 7012 Feb '14
70 74
A nn Arbor 1st g 48
51995 Q-J
5 80 8384
82
8112 82 82
e1989 J -J
955
Gen'i gold 330 Ser B
82 93 96
fitch Top & S Fe gen g 4s..1995 A-0 9513 Sale 95
_ 86 rne'11
80
e1989 J-J
Registered
9212 95
1095 A-0 94 95 95 Feb '14
Registered
9012
353
4
903
88 9138
01
-J
J
1934
25-year
deben
4s
1 84 88,s
:
4
863
/11995 Nov 863 8712 8634
Adjustment gold 4s
10214 316 10034 10314
1932 J-D 101 Sale 10034
Convertible 430
---- ----86 Mch'13
51995 Nov.
Registered
10234
Gen
1023
1034
J-J
1989
100%
30
e
4
45
4
10353
Ser
Sale
C
4
8712
87
8432
8812
994
8714
/11995 M-N
Stamped
Chic & L Sup Div g 5s___1921 J-J 104 ___ 10233 Sep '13
1 94 100
97
1955 J-1) 9612 9712 9673
onv gold 4s
_
Chic & Mo lily Div 5s___1926 J -J 106 ____ 10333 Nov'13
1955 J-D ..- ----0912 May'13
onv 4s issue of 1909
104
-1 10212 fa"
1921 J-J 103.4 ---- 104
Chic & P W 1st g Os
9714 105 "oir, 9958
Cony 4s (Issue of 1910)_1960 J-D 067-3 Sale 91373
9358 17 89 934
CM & Puget 8d 1st gu 43_1949 J-J
93 Sale 93
102
6 9973 102
1917 J-1) 10134 102 102
10-year gold 5s
1916 J-J 10012 _ _ 10034 Nov'13
Dak & Grt Sou gold 5s
'13
J'ly
4
983
.„--F-A
L_1914
Series
4s
Debentures
io;"
Dubuque Div lst s f 63_1920 J-J 10838 ____ 10813 Feb '14
'14
0134 0238
East Okla Div 1st g 4_1928 M-S 94 .--- 9214Jan00
110 J'ne 13
1924 J-J 11213
Far & Sou assum g 6s
8614 9158
1958 J-J 00 Sale 90
Short Line 1st 43 gold
55;
La Crosse & D 1st 5s
1919 J-J 10233 _- 10218 Jan '14
9812 23 9714 9812
9853 0813
Cal-Ariz lst & ref 43.s__,,1262 M-S 98 109
1921 J -J 10333-- 10334 10334
10253 10334
Wis & Minn Div g 5s
104 Jan '14
104 104
S Fe Pres & Ph 1st g 5s_1942 M-S 105
- 10733 Sep '13
1920 J-J 10833 11234
9412 9412
Ms Vail Div 1st 6s
10113 1014
1915 M-13 10114 ---- 1014 Jan '14
Chic & St Louis 1st 6s
101 101
Mil & No cons ex 430 _1934 JD 101_ 101 Feb '14
"ii 91
95
AM Coast L 1st gold 4s-51952 M-S 0314 Sale 93 Jan9314
1013
4
10134
i31
10012
1934
JD
4 10134
993
1st
extended
'13
As
4
--------05
M-S
/41952
Registered
Chic & Nor West cons 7s 1915 Q F 10238 10212 10233 10238
2 10214 10232
1959 J-D -----------------_
50-year unified 48
9412
9412 9412
1886-1926 F-A 9412 Sale 9412
Extension 4s
o '13
1928 M-N 103 ___ 104
Ala Mid 1st gu gold 5s
95 Feb '14
95 95
1886-1926 F-A 94 -Registered
Au '12
Bruns & NV 1st gu gold 43_1938 J-J 8938._.- 9
824
80 84
1987 141-N 8234 8314 8273
General gold 3)0
--Charles & Say 1st gold 7s_1036 J-J 12934 ----------7812 Jan '14
p1987 Q-F
7812 7812
Registered
9378 14 87 05
e1952 MN 9313 Sale 9318
L & N coil gold 4s
'14
Feb
3
967
General
97
48
93
:"if
M-N
1987
'12
J'ne
12318
11813_..,.
' Bay le & W 1st gold 6s____1934 A-0
106 Sep '13
i2
Sinking fund 6s____1879-1929 A-0
1934 A-0 10434 ---- 11023 May'll
1st gold 5s
Registered
1879-1929 A-0 10512 _ 10513 Dec '13
'12
Oct
97
-9514
J-J
48_11/18
g
gu
0
&
Oca
Sp
811
1879-1929 A-0 104 ____ 10413 Nov'13
Sinking fund 5s
92 -55 "55" Ii3-4
Sale 92
laaalt & Ohio prior 330._1925 J-J 92 -Registered
1879-1929 A-0 10273_ 102 Oct '13
90 00
00 Feb '14
51925 Q-J 00
, Registered
11921 A-0 1014 il"-12 103 Feb '14
Debenture 5s
10012 1027
48
95
96
s
907
9412
8
947
94
A-0
51948
Gold 4s
1921 A-0 98
101 Dec '12
Registered
93
1 9073 94
51948 Q-J 93 Sale 93
,
Registered
10212 io 10214 176273
1933 M-N 10212 104 10214
935 564 0033 9434 Sinking fund deb 53
92 Sale 92
1933 _
20-yr cony 430
1933 M-N
1004 Aug'13
Registered
1922 J-J 10512 - _ -. 112 Jan '12
• Pitts June 1st gold 6s_
12034 Feb '14
From Elk & alo V let 6s 1933 A-0 iio-3;
120 12-64
90 Feb '14
-WA 00
; P June& M Div 1st g 3301925 M-N
9013 Sep '09
Man0 B & N W 1st 3As 1941 J-J
8413 8912
- -. 8012 8912 Feb '14
. P L E & W Va Sys ref 4s_ _1941 M-N -88-„,1941 J-J
Milw & S L lst gu 3hs
914 33 874 9134
Southw Div 1st gold 330_1925 J -J 91 Sale 9034
10038 Feb '14
Mil L 8 & West lst g 6s-1921 M-S 10038
10938 10038
Cent Ohio It 1st c g 430 1930 N1-S 9912 --- 100 Apr 13
10618
Ext & imp. s f gold 58_1929 F-A 10613 lid 10613
10018 10612
--Cl Lor & W con 1st g 5s 1933 A-0 105'a---- 103 Nov'13
11318 Feb '14
1925 M-S
6s
g
1st
11313
1134
Div
10214
Ashland
J'ne'12
10038---.
F-A
-----5s_1919
gug
1st
Monon River
1924 J-J 1131s -- 111 Nov'13
Mich Div 1st gold 6s
1936 J-D 1044---- 102 Nov'13
---- ---' Ohio River RR 1st g 5s
934
Mil Spar & N W 1st gu 48_1947 M-S 9353 94 9373
-91- W---1937 A-0 10118 105 985 Oct '13
General gold 5s
_ 10814 Feb '14
1917 M-13 10714
Northw Union 1st 7s g
108410814
Feb '12
Pitts Clev & Tol 1st g 6s 1922 A-0 10512 ---- 11312
1062 Nov'13
Winona & St P 1st ext 73_1916 J-D 10613
1917 J-J 9513 ---- 97 May'13
Pitts & West 1st g 4s
Chicago Rock Isl & Pac 63_1917 J-J 10412 _ _ _ 10434 Feb '14
10412 105
- — 91 J'ne'12
Stitt 1st Ry 1st gu g 43,0_1943 .1 -D
5 10433 10432
1917 J-J 104% 106 10438 10438
Registered
--- ---- -,-__1027 J-J
Bolivia My 1st 5s__
General gold 4s
8914 76 84 8914
1988 J-J 877s Sale 874
108 108
10734 ---- 108 Feb '14
Buffalo It & P gen g 5s____1937 al-S ---87 Feb '14
8412 87
1988 J-J
Registered
1957 M-N 1014 ---- 10314 An:'13
Consol 430
1934 A-0 7712 Waij 7713
Refunding gold 4s
7878 140 72 81
04 94
14
'
All & West 1st g 4s gu„....1098 A-0 t.88 .4 -- -' 94 Jan
20
-year
J-J
7113 8012
1932
79
debenture
247
5s
J'ly
75
'08
Sale
103
75
,--1024
1043 J-J
Cl & Olah 1st gu g 5s
Coll trust Series L 4s
1914 M-N
97 Sep '11
10512 1119-12
Roch & Pitts 1st gold 6s-1921 F-A 10912 Sale 10912 10912
1918 pA-N
P 4s
'11
J'ne
4
'1
11053
4
11053
Feb
11053
943
11012
J-D
1922
Consol 1st g 63
2002 m-N -42
Chic It 1 & Pac RR 4s
4618 1982 42(4 53
14 Yale 4214
.
.
106
10334 10634
-,--4 106
anada Sou cons gu A 58_1962 A-0 1054 1063
2002 m-N
427.3 Feb '14
Registered
4273 5162
C Registered
1902 A-0_ 10034Jan '11
30_1934 m-S
85
1
4
It
J'ly
&
Ark
'13
1st
Louis
84
_
9933
97
Sale
9912
098
9933
J-D
CarClinch&Ohlolst 30-yr5s1938
102 Dec '13
Bur 0 R & N—lst g 58_1934 A-0 D5i14
'14
108 108
Central of Oa 1st gold 5sp1945 F-A 10734 ---- 108 Feb
1007 foV;
0 It I F& N W 1st gu5s-1021 A-0 10053 104 1004 Feb '14
7
104
102 105
1945 M-N 104 Sale 104
Consol gold Os
1927 J-D
AI & St L 1st gu g 7s
1945 M-N ---- 103 10614 Mch'13
Registered
1i
Choc Okla& G gen g 58_01910 J-J __ 99 997 Ma-177
let pref income g 5s____p1945 Oct -___ — _ 103 Dec '11
M-N
1952
Consol gold 5s
fig 101 106 Jan '13
---2d pref income g 5s___p1045 Oct ----__ 105 Dec '11
9253
4 9112 9238
9258
Keok & Des Moines 1st 58.1923 A-0 9234 ---3d pref income g 5s____p1945 Oct ---10/ Dec '11
7812
2 7812 80
St Paul& K C Sh List 430'41 F-A
7812
.--- 8513 Oct '11
3d prof income g 5s stamped__ - _
1930 J-D 11853 12013 11814 Feb '14
Chic St P Ni & 0 con 6s
118 11814
85 85
Chatt Div pur mon g 4s_ _1951 .1-71 853-4 90 85 Jan '14
Cons 6s reduced to 3;0-1930 J-D 86 _ _ 8914 Dec 12
Mac & Nor Div 1st g 5s 1946 J-J 10314 ...... 10714Jan '12
1030 m-s 10212 10234
10233
- 10214
Debenture 5s
5 101" 10254
_ 10212 Sep '13
1947 J -J 103
Mid Cia & Ati Div 5s
Ch St P & Minn 1st g 6s 1918 M-N 11813 -- 11612Jan '14
11612 1164
1946 J -J 1044 - — 10934 May 11
Mobile Div 1st g 5s
North Wisconsin 1st 6s.. 1930 J-J 11813 - 12953 Slay'09
-55.4 166.Den lilt & 11 of Ga col g 5s_1937 M-N 10014 103 100 Jan '14
1919 A-0 1074 107% 10713 1071
St P & S City 1st g 6s
5 107 1071t
1987 J -J 11612 Sale 11613 11634 "20 114 117
Dent of NJ gen9 gold 5s
Superior Short L 1st 5s gg1930 M-S
11334 11334
/i1987 Q-J 11513 — 11334 Jan '14
Registered
85 85
104 104% Chic 'I' II & So'east 1st 58_1960 J -D -5
.E" 89" 85 Jan '14
Am Dock & Imp gu 5s_1921 .i-J 10441051-2 10433Feb '14
Chic& West Ind gen ges_g1932
10813 _- 105 Dec '13 __
Leh & Ilud It gen gu g 5s_1920 J-J 101 -- 100 J'ne'13
1952 J-J 8514 86 86 Feb '14 __ -8338 87
Consol 50-year 4s
N Y & Long Br gen g 4s...1941 NI-S 9313_ _ 10012 Jan '13
844
82 1181-8
8412 Sale 8414
ipet vpemnet lap. en eAs_ _e1920 0-N
U. S. Government.
U 8 28 consol registered_d1930 Q-J
U 8 2s consol coupon
51930 Q-J
U S Is registered
k1918 Q-F
kI918 Q-F
U 8 38 coupon
U 8 48 registered
1925 Q-F
U 8 4s coupon
1925 Q-F
U S l'an Canal 10-30-yr 28 k1936 Q-F
U 8 Panama Canal 38 g1961 Q-M

High
AM Luso
Ilia
9834 9914 0834
9834
9834 9912 985s Jan '14
102 103 10214 Jan '14
1023i
10238 Sale 10238
1121,
112 11234 11212
11278 Feb '11
11212
9812 _ _ 9.512 J ly '13
10134 1025 10238 Feb '14

1

•

Q-M

--a

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rapid Tran g 53_1945 A-0
cony gold 4s-__2002 J-J
refund
181
6-year secured notes Os-1918 J-J
Bk City 1st con 5s__1916-1941 J-J
13k Q Co & 8 con gu g 59_1941 M-N
Bklyn Q Co & 8 1st 53_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 48
4s_1951 J-J
Nassau Elm guar g
1927 F-A
Chicago Itwys 1st Os
Conn Ity & L lst&ref 5g 4 3is '51 J-J
1951 J-J
Stamped guar 430
Det United 1st cons g 430_1932 J-J
St Smith Lt & Tr let g 5s 1936 /5Grand Rapids Ry let g 58._1916 J -D
1952 F-A
'Havana Rice consol g 5s

102% 10278 102% 10273
7 9913 10312
9314 258 8713 9314
9314 Sale 9184
9912 Sale 99%
9912 177 Ms 9058
101% Sale 10138 101%
1 101 10134
---- 99 98 Apr '13
101 May'13
10112 16
rails 10114 1014
3
161;
loo 10112
101 102 101 Feb '14
84
*84 ---_ 84
2 83 84
8412
8234
8314 8412 8413 Feb '14
80
80 Sale 80
1 74 80
9634 9914
9814 9834 9834 Feb '14
9612 10173 J'no'12
9513 J'ne'13
73 733-4 7313
7312
7 135 7612
84 84
---- -- 84 Jan '14
99 ____ 98 J'ne'13
9112
2 -ilia fir
9112 Sale 9112

• No price Friday; latest this week. d Due April. I Due MAY




Street Railway
Mud & Manhat 5s Ser A— 1957 F-A
1957
Adjust income 5s
1932
N Y & Jersey let 55
Interboro-Oletrop coll 4 14.-1956 A-0
Interboro Rapid Transit1966 J
1st & refunding 5s
Manhat Ry(N Y)cons g 42-1990 A-0
1990 A-0
Stamped tax-exempt
Metropolitan Street Ry—
Bway & 7th Av 1st c g 5s-1943 J-D
Col & 9th Av 1st gu g 5s 1993 M-S
Lex Av & P F 1st gu g 58_1993
Met W S El (Chic) 1st g 4s..1938 F-A
Milw Elec Ry & Lt cons g 501926 F-A
Refunding de exten 4 s_ _1931 J-J
1919 J -J
Minneap St 1st cons g 5s
Montreal Tramways 1st & ref
1941 J-J
30-year Os Ser A

814 82 8184
334 37 83
100 101
7712 Sale 7712

813
33

1 8184 9114
6 33 39

778 "jai "534 191;

156 9833 9914
99
9878 Sale 9873
6 8912 92
9114
9014 9114 914
887e 9114
913s 94 9113 Feb '14
102 ____
10013 _
10052 101
- 80
15i18

98

90

102 Feb '14
101
101
10014 10014
9312 J'ly 06
102(3 Jan '1
pr '13
102 Nov'12
99 Feb '1

101 102
80 100 101
5 9853 1004

la'

10239 A

...a

9714 99 I

g Due Jun:. is Due July. 8 Due Aug. 0 DUO Oct. p Due Nov. e DUO Die. •00110111 NM.

746

[vol. xcvm.

New York Bond Record—Continued—Page 2

Z t.
BONDS
N. Y. STOCK EXCHANGE
t
Week Ending March 6
..,a.

PftCe
"Tway
March 6

Week's .
Ratite or
P.
Last Sale
cal%?.

Range
since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending March 6

&ic.
i ul 6
Starch

;V&A'
leunge or
Lam Sale

lb

Range
since
Jan. 1.

Big
.43k Leto
Iito,, No. Low High St P M & M (Conttnued)—
ma
A V; Lou
BioS No. Low Hig4
Gin It & D 2d gold 4 Xs____1937 J -J 96 97 97
U 0
1,
03
37 J -D
Mont ext 1st gold 4s_ —1
97
92
434 0
4 93 98
95
4
58
,2 9558 . 9558
1 93 955s
1st & refunding 4s
_
Registered
_
1959 J -J
98 J'ne'11
1st guaranteed 4s
Pacific ext guar 48 .E....„1940 J -J 87
.____ bal. J'ne.12
1959 J -J
9258 Melt'11
1048
Chi 1)& 1 1st gu g 5s......1941 ..t-N 10012 __ 10012
E
A-0
11I
4s
inn
9112 9634 97 Sep '12
Nor Div 1st g
11 i.135r2 1-0-0-1-2
1001
1922 J -J 110
a
Ni
lo
C Find & Ft W lst gu 4s g_1923 114, -hn
u(
it Uniis
otnglustggas
. 88 MeLi 11
. 11012Jan '14
11512 full;
1937 J -J 121 125
Cin 1 & W 1st gu g 4s_1953 J -J-___ 00 88
'14 ..—. -it-3- -id—
11812 Dec '13
-•
1937
Day & Mich 1st cons4 Xs_1931 J -J
.1-J .- - .- _ 13614 NI ay'06
Registered
95 --- . .._ _
1937 J -J 1071-2 --- 106.14 Feb '14
1st guar gold 5s
Feh'14
Ind Dee & W 1st g 5s1935 J -J __ - - 9818 1.00 - Janla- 166 •
1937 J -J
1st guar gold Is
10712 Dec '02 _
Registered
1935 J -J
Will & S Is' 1st gold 5s-....1938 J-1) I.lif3li .
:
:-. 104)2 J'ne'13
Cleve(An C & St L gen 4s.._1993 J -D 84 8478 84
2
84
312 8i
71-2 GiutleVizstSerleldst ref& t g 3sb1952 J -J
_.• 80
20-yr deb 4 Xs
8512 8734 ?.612 Feb '1
1931 J -J
onla 9134 9114 Feb '14
8512 Cairo Div 1st gold 4s
87% Dee '13
1939 J -J
'14
Cin W & Si Div 1st g 4s 1991 J -J 83 8412 83 Feb
• 83 83
iatii
1.1 oclIt
teV
- le- 9912
giasIter
35
ls,
et cons g 4 Xs 1699592 j
..) -1 100 - 'So
• 83 8534'
99 J 19
St L Di vl st coil tr g 4s
1990 N1-N 8412 8534 8534 Feb '14
-J 9653 ---- 97.14 Jan '14
A
C
,
oll && i
,---- 91 Oct '07
Registered
lloV
1910 M-N
i 11,stteexxtt4gs4s1948 A-0 8818 - — - 92 Apr '13
1 -ii- 851
85
21pr & Col Div 1stg4s__1940 11-S 85 ____ 85
9012
9012
W W Val Div lst g 4s
1940 J -J 8212 W ., 91 Apr '12 ___
/Ions Belt & Term 1st 5s
_11093
1F
J :A
.
) -*,7
1,51
91w - :•::: 10014 Dee 12
10512 it i(
1920 .',1-N 10512 ___. 10512
0 1 St L & C consol 6s
95 Feb '14
—4
9
-):
1
51-8 1tifl: 1 Ilinols Central 1st gold 48_ 195
9412 95
'
93
'14
9114
91
Feb
k1936 Q-F
1st gold 4s
100 Sep •11
9
t Registered
k1936 Q-F 91 93 90 Mch '13
Registered
i
fi-i- -i7 84I Oct '13
Ajo
•
1st gold 3Xs
51 j
195
102 Oct '13
Gin S & C. con 1st g 5s___1923 j-. 10214 _
8812 Feb '13
•
Registered
1914 J -I) 100% __-- 1Cill4 Oct '13 ____•
C(3 C & I consol 7s
:-,
i_ f_1i2 1.. 1--_-1.-: 9312 Alay'09
1
1 gil
Extended 1st g 3Xs
Consol sinking fund 7s 1914 J -1) ---- ___
Registered
General consol gold 6s_1934 J -J ------ 12C.- Mch-'13
80 J'ly '031
1st gold 38 sterling
Registered
1934 J -J --,- --951 Registered
„- -6.15 2
Ind B & W 1st pref 4s
1940 A-0 84 --- 94 - J'ly 'O. _ • ----__
0
- 1-4 n6-'11
Coll trust gold 4s
-90 93
1952 A-0 UO
0 Ind & W 1st pref 5s_d1038 Q-J
95 - - -. _
---. __-:
Registered
-------- 9514 Sep '12
Peo & East 1st cor 4s
1940 A-0 78 80 80 94
80
10
:
9 2 -i
ni3-4 LlsitN,
2 -g
887814
94
e
srle,
897 94.
2512 32 2512
Income4s
2512 12 2512 30
1990 Apr
Purchased do
82 Feb '14
79 82
lixn
1952 J -J
Cot Slid and 1st g 4s
15 1934 1912
1934 21
1947 J -J
1953 Ni_ti 168
91 91
91 Feb '14
gesel3P4ss
9
1
.
5
2
Trust Co. certfs. of deposit___
16
20 17 Feb '14
_
Registered
944 Jan '11
17
17
_2
9214
Colorado & Sou 1st g 4s
4 90 93
Cairo Bridge gold 48
1929 F-A
_- - ---- 9214 9214
9473 J'ly '12
22 9012 9312
92
Refund & ext 4 Xs
1935 M-N 9134 Sale 9134
Litchfield Div 1st g 38_1951 J-J
73
"ii 74
74 Feb '14
107
Ft W & Den (3 1st g 6s_1921 J -D 10678 1081 107
it 105 107
oueig
LR
sivsp
erie
vd& Term g 3Xs 1,
953 J - J i67517::
81 May'13
Conn & Pas Itivs 1st g 48_1943 A-0 --------------------_
..8:r_ _. 83 Aug '12
Cuba RR 1st 50-yr 5s 4
1952 .) -11 -------- 100 Ma1'1( __... ---- --- I Middle Div reg 58
1921 F-A
123 May'99
---- --- ! Omaha Div 1st g 3s
1-1 el Lack & Western—
1951 F-A 7118 73 7218 Feb '11
1 10012 100% i St Louis Div & term g 38_1
Morris & Essex 1st7s
1914 ..t-.1\ 10012 10118 10012 10012
"
195
,51 .
J1:I .
.
6.
9 _7_7.... 7512 Mett'12
10318 Feb '11
lst conso. guar 7s__1915 J -D 10318
Register
0ld 3 3iesd
• 103 10314 i
.• ---------Gold
Registered
1915 J -D --,,- _— 103 Nov'13
1951 J -J 80 - — - -771-2Sej)
- '13
1
1st ref gu g 3 Xs
2000 J -D 164 ---- 8512 Feb '14
8512 8512 I
1951 J -J
Registered
toys Oct '99
10934
N Y Lack & W 1st 6s
___
Feb
'14
-J
10958
J
1921
Spring Div 1st g 3Xs__1951 J -J
78% Sale 7858
• 10814 10958
7858
"iais .71;
5
Construction Os
1923 F-A 10413 ---- 104I2 Feb '14 ..—. 10412 10412
1951 J-J
Registered
Term ,1.4 Improve 4s__ _1923 al-N 9434 ---- 94 Dee '13
•
1951 F-A 8958
Western lines 1st g 1s
-91 "90 91
__
10218
70
Feb
'03
Warren 1st ref gu g 334s:2000
F-A
1951 F-A
Registered
Del & II ttd 1st Pa Div 78_1917 M-S 1(3814 ____ 10838
8 -_-_-_-. jiffs 11a-y-'16
:: jogis 1-dias
10833
Belies' & Car 1st es
-.
1923 J -D il3d.1Registered
1917 M-5 -------- 149 Aug 1)1
9412 J'ly '12
Garb & Shaw 1st g 4s
1932 M-S
10-yr cony deb 48
11 -inis 16(
99
1916 J-1) 98 9918 98%
Chic St I.,& N 0 g 5s
37
14):::: 10214 Aug'13
1951 J-D 11)
3
1st lien equipg 4 Xs
1922 J -J 007s 10012 9919 Feb '14
114 Feb '11
Registered
• 9912 101
1st & ref 4s
90 Oct '09
1 9312 96c
:
,
9612
Geld 3.s
1943 1i-N 9618 Sale 9618
Alb & Sus cony 33s
8534 11 84% b94,.
.2
2r
1946 A-0 8512 Sale 8512
eggi.stteerreedd
1051 J-13
Rens & Saratoga 1st 7s
1921 M-N 1155 ---- 11512 Feb '19
Isleuti. :n Div 1st g as1951 JD 84 3 _ — - 9212 Au-d'U
:
115 1151
Deny & It Gr 1st con g 48_1936 J -J
83 83 Feb '14 _ 83 85
1951 J -D -------Consol gold 4 Xs
9034
9034 92 9034
f1 9012 9034
-diSt L Sou 1st gu g 4s
1936 J -J --,--- 9212
9212
Improvement gold 5s
1 9212 9212 hid III & la 1st g 48
1928 J-D 91
8613 88
1950 NJ1 V4 -95,- 88 Feb '14
1st & refunding Os
6834 21 6018 74 int & Great Nor 1st g 6s,_1919
1955 le-A 6734 Sale 6734
1931 M-N 1ta IV 104 Feb '14
104 104
Rio(Jr June 1st gu g 5s1939 J -D ---- ---- 109 Dee '12
94
2 88 1)4
Iowa Central 1st gold 53_1938 J-D
93
Rio Or So 1st gold 4s
1 50 571s
52
ilatn
efitl
esntd
1940 J -J ---. 7712 6112 Apr '11 .....
01,
,11g
„ gt
oIrd
an4ksii,,,,„,,, —1951 81-5 52 Sale 52
Guaranteed
1040 J -J -,- 75 85 moll'‘,8 --T,
1939 .) -J
od 8334 8314
83,2 it -,
Rio (Jr %Vest 1st g 43
1 9218 921,
0218
711 '14- 1-1 Clearfield 1st 4s
1959 J-D 9112 9218 9218
-: 72 72141 Kan City Sou 1st gold 3s 1950 A-0 6914 Sale 6914
72
7513 72
Mtge & col trust 4s A _ _1949 A-0
6933 24 6812 70
Utah Cent 1st gu r 4s_a1917 A-0 88____ 97 Jan '08
63 Oct '00
1950 A-0
Registered.
_—____I
_
Des Moi Un Ity 1st g 5s_1917 M-N -,— ---. 110 Sep '04
10 -951
_.,_ Ref & impt 5s
98
-tifis -68'- 977s
l
84
Det& Mack 1st .ien g 48_1995 J -D 84 ---- 84
10 9318 9511
95 Sale 95
95
Ransas City Term 1st 4tpf_1
500 .1-1
196
si
_
Gold 4s
. Lake Erie& W 1st g 5_
1995 J-D 82 -___ 8218 Oct '13
431937 J-3 9914 10318 10314 Feb '14
100 10334
Ws -9-i
Dct Itiv Tun-Ter Tun 4 Xs_l061 M-N g.,g_-- 97 9612 Feb '14
9934 95 Jan '14
2t1 gold Os
1041 J -J _
95 95
Dul Missabe & Nor gen Ss_1941 J -J 1013, ,,-- 10414 Mch•i3
North Ohio 1st gu g 5s
1945 A-0 08 10018 98 Fel)'14
98 98
Du.& Iron Range 1st 5s_1037 A-C 10:s 10334 104141.W,'14 ...4, lot-li2 1-Clili Leh Vali N y 1st gu g 4 Xs_1940 J -J 10114 1011 10114
10138 15 10014 10113
11c11.
10U
08
10612
A-0
103
1937
Registered
1940 J -J 10012 11/1 100 Dee '13
Registered
9813 --- 104 Feb '11
al 6s
1916 J -J
General cons 43s
2003 111-N 9938 Sale 99
9938 19 09 991k
1937 J -J 10018 __ 9914 Dec '13
Du So Shore& At g 5s
1,ebigh Vail (Pa) cons g 48_2003 tyl-N 8914 -- 8712 Feb '14
8712 871s
Aug
'12
10453
110
____
"1:,
4 1gin Jot & East 1st g 5s_ _1941 ,.1-N
Leh V Ter lty 1st gu g 5s
1941 A-0 11034 - 10714 Dec '13
,
He 1st consul gold 7s__11120 MS 1113s 11212 11118 Feb '14
'
• iiiia j1i-7-8 •Regjetered
11118 Dec '11
1941 A-0
_
N Y & Erie 1st ext g 4s_ 1947 141-N 95 --_- 10112 J'ne 11 _
Leh Va1Coal Co 1st gu g 53_ 1933 J -.I
104 Nov'13
1919 im-s 10112 10312 10214Feb .1-..... _ iv313 int, R egistered
2d ext gold Os
1933 J-J 102
105 Oct '13
1923 gl- s 9958
100 Feb '14 _
3d ext gold 4 Xs
tat ls,. reduced to 4s
1933 J -J
100 100
_
—
1920 A-0 111218 1023-4 10218 Feu '14
4th ext gold 5s
Len
10213
&
N
Y
1945
8818
1st
M-S
guar g 48
102
"gra isii
88's Feb '14
1928 J -D 9433 —__ 100 Jan '12 _._
5th ext gold 4s
Registered
1945 M-S
Aug'13 _
,
NY L E & W Ist g fd 7s_ _1920 ra-S -------109
El 0& N 1st pref 6s
1914 A-0 Rid':7_7_ ie111-2Feb '10
, -iii4 WC,
85
Erie 1st con g 4s prior_..19116 J -3 .0414 Sale 8414
Gold guar 5s
1914 A-0 loo
997 Nov'13
1996 J -J -,,„. 8412 83 Jan '14 _
Registered
83 83 Long lsid 1st cons gold 5s_h1931 Q-J 10613 i6.118 10612 10612
jai-4'2166'G
7433 Sale 7334
748 12 7114 7614 6
1st consol gen lien g 4s _11196 J -J
90
1setneeorn
asiogio
0931 Q-J
glo
did4„
.18
9614 Ileh'12
Registered
1996 J -J *---- 7453 77 Apr '12 __
1938 J-D 9014 6iis 9238
92%
s
-5238 1C213
879
,
9058
1
33
9
762
9012
11.)3 Sale
Penn cod tr g 48
1951 F-A
Ferry gold 4 Xs
1922 M-S 9412 98 97 Fob '14
97 97
1953 A-0 75 Sale 75
Golu 4s
60-year cony 4s A
7512 3131 724 7738
J-D 83 _ - -- 9914 Oct '06
1953 A-0 7434 Sale 7434
Series B
do
75
81O
1949 M-S 8758 88 87!3 Jan '14
86 I;j12
Buff N Y & Erie 1st 781916 J-1) 10.118 ____ 104 Nov'13 _
Debentureidtugroegorls
101
,j.
1-1)
id Ss
8 100 39
1 1,,
101
194
10014 101.
1982 '.1-N 10734 109 10734 10734
Guar
Nityegijis
Chic & Erie 1st gold 5s
ref
s,term
geodl..1B 4
. ir
-i
o-i
7-3_-4
i5;48 1..
1s,con g 5311 9240,3 itim ...-,8 ow4 91 91
91
89 92
Clev & Mahon Va. g 5s_1938 J -J 1031s 108 103 Feb '14 _
_
95 Jan '11
123
1035 A-0 122_ 123
Long Dock consol g 6s
10333 --- 10014 Jan '14
10014 101
Coal & RR 1st cur gu 6s...1922 M-N 10114 kii12 100 Dec '12
Hills -- 10212 Jan '14
N Y& R B lstg 5s
102121024
Dock & Imp 1st ext 5s_ 1943 J -J 10212 ---_ 102 Feb '14
104 Apr '13
joii. fiSi"
Nor Sh B 1st con g gu 53_01932 Q--S 10134
N Y & Green L gu g 5s_1946 M-N 10138 __-_ 10312 Aug'12
Louisiana & Ark 1st g 5s
1927 M-S 8712 91 9112 Feb '14
-51; HT;
9712 103 U9'2 Jan '14 : -5i- iiiii Loulsv & Nash Gen 6
N Y Sus & W 1st ref 5s_1937 J-J
115
11112 115
193Oi &1113
- ,1 115 Sale 11414
2d gold 4 Xs
1937 F-A 74 100 10014 Dee '06 10833 109% 108 Feb '11
Gold 5s
10534 108
1940 le-A 75 82 81 Aug'13 _
General gold is
94% 64 9214 9614
Unified gold 4s
1940 J -J 9478 Sale 9334
Terminal 1st gold 5s
1043 1.11-N 106 110 102 Jan '14 _ - 102 102
9212 N ov'13
Registered
1940 J -J
Mid of N J 1st ext 5s
1940 A-0 10218 ---- 11112 May'12
_ _
931
1 M
Collateral trust gold 53_1
9,
J-D
N 105 -------- 104 Nov'13
Wilk & Ea 1st gu g 5s
1942 J -I) 0634 9712 9814 Feb '14 ._ - -9234 4/812
E 11 & Nash lst. g 6s
10838 Dec'13
10838 Ev & Ind 1st con gu g 6s
1926 J-J 100 108 106 May'12 ...-.. _ ---- -1001 101I
10114
L Cin & Lex gold 4 Xs
1931 h,l-N 10118 1(12'12 10114
Evans & T II 1st cons 6s
1921 J -J 10434 __. 104 Dec'13.. -N 0& M 1st gold 6s
1930 J-J 116 -- 12014 Mch'13
1st general gold 5s
1942 A-0 93 991- 9958 Dec '13 -- ---- ---111, 111
Ill Fob '14
N 0& M 2d gold (18
1930 J-J 111
Mt Vernon 1st gold 6s1923 A-0 -------- 108 Aciv'll .
89 Feb '14
89 89
Paducah& Mem div 48_1946 F-A
Sull Co Branch 1st g 5s1930 A-0 -------. sa 4
.110'12 ...,-., ---- -_--_..10512 alch'13
Pensacola Div gold 13s
1920 141-13
lorida E Coast 1st 4 Xs_1059 J-D 92 937a 9212
jai's
IA Louis Div is gold 6s 1921 M-S 1614 iid 10833 Fob '14
9212
ort St U D Co lstg 43,03_1941 J-J -------92 Aug'10 _ : --_ -_-2d gold 3s
198083-S 58 68 6938 Sep '12
Ft W & Rio Or 1st g 4s
00
1928 J -,j 64 72 64 Feb '14
Atl Knox & Gin Div 1s1955 M-N 89% Sala 8978
7 -i;- -664
5812 64
f2.reat Northern—
Atl Knox & Nor 1st g 53_1946 J -D 108 __-. 111 Jan '13
•
-A C B& Q coil trust 4s
1921 J -J 96% Sale 96
106 Jan '14
Render I3dge 1st s f g 6s-1931 M-S 10518
106 106
9634 720 9434 9738
Registered h
'11
9518 Feb '14 _ _ 9514 9658
1921 Q-J ..„
Feb
9018
9018
6112
881:
Kentucky Cent gold 4s
1987 J -,j 90
lst & refunding 43s ser A 1961 J-J 10012 1C11 10138 Feb '14 __-- 100 10138
100 100
L& N & M& M lstg 43is 1045 M-S 10012 10312 100 Jan '11
Registered
1961 _
_ 90 J'ne'13
___
8312
L& N-South M joint 4s-1
83 84
19
93
57
28
.,
)-A
J 8314 8412 8314
St Paul 111 & Man 4s
1933 J---.1 963.
6 -5ai, -0-ft-4
4 9914 9634
9714
95 Feb '05
Registered
h1952 Q-J
1st consol gold 6s
1933 J -J 12118
_ 12114
10414 10414
12138
10114 Feb '14
N Fla& S 1st gu g 5s
2 11934 12114
Registered
1933 J-J 117 _ . __ 11712 Aug'13 _
N & 0 13dge gen gu g 4 As 1945 J -J um34-- 9912Jan '14
9912 9912
Reduced to gold 43-0_1933 J -.I 10228 Sale 102
10288 1•2 lot574 1E3-8
Pens & Ad 1st gu g 6s__1921 F-A Jou 116 10958 Feb '14
10858 10958
Registered
1933 J -J 9) ____ 10834 J'ne'09 _
S& N Ala con gu g 5s___ _1936 F-A 106
10514 10514
. 10514 Feb '14
8412
L & Jeff Bdge Co gu g 4s
1945 M-8 8412 8512 8412
83 841s
MISCELLANEOUS BONDS—Continued or: Next (Jags.

1:3

- ss
,m,Ai - 8

1:2Z r,:jli-.1,3
§9 gp2
2,3_, .-.2, ...,

Mt I:13 1:s::::

--5

F

Street Railway
New On ICY & Lt gen 4 40_1935 J-J
N Y Rys 1st It E & ref 4s 1942 J-J
30-year adj inc 5s
a1942 A-0
Portland ity 1st & ref Os_ _1930 .11-N
Portland Ity Lt & Pow 1st
&refconvsf5s
1942 F-A
Portland (len Elec 1st 5s_1935 J -J
St, Jos Ity, 1., ii & P 1st g Is 1937 11-N
St l'aul City Cab cons g 53_1937 J -J
Third Ave 1st ref 4s
1960 J-J
Ad) Inc 5s
a1960 A-0
Third Ave sy 1st g
____1937 J -J
Tri-City lty & Lt 1st 8 f 55-1923 A-0
Undergr of London 4 Xs_1933 JIncome 68
1948
Union Elev (Chic) 1st g 53_1945
United Itys Inv 1st lien coil
trust 5s Pitts issue
1926 111-N

82
783a Sale
---6112 Sale
100 1015s

98
8334 Sale
84 Sale
10812 110
9014 97
95 Sale
8712 89

7014
70 Sale 70
70 Feb '14
71
5812
5878
9112 9312 04 Feb '14

(Ins and Electric Light
Atlanta (31. Co. 1st g 5s_1947 J -D
Liklyn U (las 1st con g 5s_1945 M-N
Buffalo Gas 1st g 55
1947 A-0
Columbus Gas 1st g 5s
1932 J -J
Detroit City Gas g Os
1923 J -J
1)et Gas Co. eon 1st g 5s
1918 F-A
!Jet Edison 1st coil tr 5s.-1933 J -J
En 0 L N
1st eon g 5s., _1932 M-S
tias & Eiee Berg Co c g 5s_1949 J -D
Gr Rap (1 Co 1st g 5s
1915 F-A
Hudson (30 Gas 1st g 5s— _1949 111-N
71 J'ne'13
Kan City (Mo)Gas 1st it 53 1922 A-0
a Due Jan. •Des rot,. 4 Des Aprtt, 4 Due Jain 4 Das Aug. • Des Cot.

__.... 93 10012

74 ____
• No price Friday; latest bld and asked t1al waet.




Street Railway
8534 Feb '13 _
United ltys St L 1st g 4s__1934 J -J
78% 11 75 79b
78.4
St Louis Transit gu 5s___1924 A-0
621s 333 5838 6312 United lifts San Fr s f 4s1927 A-0
6134
101 Jan '13
Va Ry & Pow 1st & ref 5s__1934 J -J
1001
: 10 10012 10012

-lig - NoV•-iii
10312 Feb '13
8334 46 -3013 85
83
8212
8412 221 7614 8158
10512 10714
10714 Feb '14
96%
2 96 98
96%
4 9412 96
95
55
9214 Feb '14
8534 9214
84 Oct 'OS

10212 Dec'13
10514 10512
54 J'ne'13
-fig%
-9833
955s Sep '08
10134
101%
10612 Oct '12
100 Feb.13
100 Oct '09
10112Jan '14
91 Feb.11
Ops nasals.

26 70
70
15 52
94

7212
70
6111
944

MAR. 7 19144

747

New York Bond Record—Continued—Page 3

3
q
Prue
,.."
1
BONDS
Friday
N. Y. STOCK EXCHANGE g
--se, March 6
Week Ending March 6

Week's
Range or
Last Sale

Range
•since
Jan. 1.

,,,"
0,
eel

r,
e lg.
BONDS
N. Y. STOCK EXCHANGE
Z.
Z.',
Week Ending March 6

Price
Friday
March 6

Week.'
/lanai or
Law Sam

Rang'
since
Jan. 1.

1.
-,.1

High NO. Low Ille
Ask Low
nia
High No. Low High
Ask Low
Bid
____ ____ __ NY New FIaven & Ilartf—
Air mills RE--Sou lines 43_1936 M-N ___ ____ ______
78 80 80 Feb '14 —__ 75 8012
J -J
1055
4s
Non-conv
deben
___
Meh'10
77
__
IVA ex Internet lst con g 4s 1977 13,1-S
1956 M-N -__ 80 80 Feb '14 —__ 76 81
---------Non-cony 45
-- - - ----79 Nov.10 . 6878 75
7113
Stamped guaranteed-1077 M-S -711; 73 7112
1956 J -J
enttuir
ben
eb
die
v,
ee6
Con y
o
10
38
Minn & 8tL 1st gold 7s____1027 J-1) 110 ---- 12412 Oct '12 ___ ___—___
113 114 105 11713
1048 J -J 11158 Sale 11112
_
'11
Aug
1104
---_ 103 104
'14
Jan
1034
Pacific Ext lst gold Gs---1021 A-0 10053 107
------_
_
_
iss)
(wh
20-yre
Os
any
deb
358
9
'14 ---- 89
__
1934 M-N 9312 95 9358 Fob57
let consolgosd 5s
Harlem R-Pt Ches 1st 4s_1954 M---N --- --_- 9914 Nov'12
1 51 61
island refttnd gold 45-- —1949 M-S 52 58 57
9912 J'ne'1'
B & N Y Air Line lst 4s_l055 F-A _ __ _ 69 69
*14 --Des M & let D 1st gu 45-1935 J -J --- 70 68 Fob94
'14 ---- 83 -83
Jan
83
8314
82
-J
8
043
J
90
4s....1961
i
Cent
New
Eng
gu
1st
58
; 95 9458
_.
M StP&SSM con g 4sint gu 1938 J -J 941
Housatonic It cons g 58_1937 M-N 10414 ____ 110 Vet)'13 ___
J'ne '1' -. - ____ ____
2 75 -83
1941 M-N ._ _ _ __-_ 0714 Nov'13
lit Chic Termis(48
7812
751 Sale 75
__ ___ ____
NYW'ches&B 1st ser 1 414s'46 J -,1
--__ __ __.
'09
Aug
----107
M',.3 8 & A let g 4s int gu_1926 J -J --------96
II
---M-N
N
&
5s....1918
_
Derby
cons
cy
____
'11
....„ 9312 ?deb
-„
178
New England cons 5s__1945 J -J -----------Mississippi Central let 5/3_1940 J -J 9113 Sale 9018
4 6-.9034 14 873
A4 o Kan & Tex 1st gold 4s 1000 J -D 904
1045 J - J --------9912 Melf12 --- ____ _.
Consot 4s
____• 7378 77
Feb '14 --'13 -Feb
8314
91990 IP-A .. _ 73 74 Feb
70
-....
2d gold 48
M-N
99
4:_•_1957
9512
deb
Secur
Providence
'14
98
1044 M-N fig 99 694
N Y O& W ref 1st g 4s_ _91992 M-S ---- 83313 85 Feb '14 -- 8212 -Iii
1st eat gold 5s
1 66 71
6018
9212 J'ne'12 ---- ____
2004 NI-S 65 70 83
____ _
85
8112
1t& refund 4s
M-S
13
8312
__91992
Registered
only
35,000
(len sinking fund 4 10___ _1036 J -J 83 Sale
___ ____
1955 J -D ---- 85 894 Feb '12 __-_
General4s
70 7712 7814 Apr '13 --_ ____
2 94 -9-i
97
_ _ Norfolk Sou 1st& ref A 5s_ _1961 F-A „-,. 97 97
St Louis Div let ref g 4s 2001 A-0 1004
___- 9934 Dec '13 __ ._
1940 NI-11
_
_
Das & Wa let gu g Is
Norf&
M-N 1021-4 --__ 100 Jan '14 __-_ 100 100
1041
_
Sou
5s
1st
gold
--Nov'13
8214
1999 F-A ---- ---Feb '14 ---- 11712 117 2
11712
11813
____
Ite-N
&
Kan 0& Pac 1st g 4s
Norf
1931
West
Gs
gen
gold
14
101
2- 103r4
10414
.
_
1942 A-0 10334 ---- 1044
Mo le & E 1st gu g 5s
Improvement& ext g Os_1934 F.A 120 ___ 123 Jan 13 ---101 9812 Feb '14 ____ 984 9812
1042 lfi-N 98
M K& Ok 1st guar 5s
New River 1st gold Gs
1932 A-0 118 ____ 118 Feb '14 ---- 118 fis
9612 9712 90 Jan '14 ____ 96 06
9413 14 9412 95
N & W fly 1st cons g 4s
_
M li & T of 'I' 1st gu g 58_1042 51-5 96 104 96 Slar13
1096 A-0 9412 Sale 9412
_ _iiw2 ..ii
1 ___ 2
838 Jan'1,,
554 000
-3 ...iiii 90
A.
96 j
94
1,
Sher Sh & So 1st gu g 5s_1942 J -D 974 1014 0912Jan '14 ___, 67
Registered
7 Vii2
003
Texas & Okla 1st gu g 5s 1943 M-S 10412 Sale 10412 • 10434
_l944
Div'l 1st 183 gen g 4s___ 7 103 105
Jan '14 ---- 101 101
101
J-D
1932
-------10-25-year
511&souri Pac 1st cons g 6s_1920 M-N 0634 9714 9714
cony
4s
9818
9458
6
9712
M-S
1 101 104, 4
10234
1932 If-s ------10234
_
10-20-year cony 4s
Trust gold Is stamped_a1917 IVI-S
_
,,
95 974 97 May'12 ___
_
10354 54 10058 105
al917
_
Registered
Wi2
4 -oi
Convertible 410 _ -- .. 1938 M-5 10314 bale 103
_
95
95
.....
95 9512
1020 F-A .,__
8812
8812
1 8813 90 2
.. __,..
__
1st collateral gold Is
_
1920 le-A
-J 10212
89 10534 Jan '13 _-_, __ _
J -D
CIC
881' ---.
1922
)°.3c
T0
Registered
call
1s&
1 .1
t g0uair°g'
5s:-"4
s
10 .
85i4 -6-612
60
inOtki4:
1045 M-S 59's Sale 5914
7 9058 -93
9234
-10-year gold loan 4s
Scio V & N E 1st go g 4,...1939 M-e) 9234 9312 9234
7312 14 69 7758
195e M-S 7314 Sale 7314
9518 72 9212 96
9458
j
9518
Sale
19971Q_
1st & ref cony 58
4s
Northern
g
I
Pacific pri.o.
1938lei-N 7814 ---- 86 Jan '14 .-- _ 86 _86
6 944 95
9434
3d 78 extended at 4(.4
1997 Q-J -----9434
__
Registered
89 Dec '13 ___
____
91
F-A
4s__1910
121
6812
644 68'3
Cent Br fly 1st ett g
a2047 Q-F 684 Sale 6734
General lien gold Is
1943 J -D 771 ____ 7712 Dec '13 ___
'14
6512Feb
661
—
Cent Br U P 1st g 4s
Q-F
a2047
----i 6512 67
__
Registered
- ----110 Mch'05 - —
----J
J
5s_1926
90
g
Jan
1st
L
A
'14_..__i90
0V
90
&
Leroy
St les.ul-Dultith Div g 48_1996 I-D 8913-__90 __ _ 884 Nov'13 __ __
10118 10013 Sep '13 .
Pax 11 of Mo 1st ext g 4s_1938 F-A
Short L 1st gu 5s_ __1916 M-s 100
1938 J -J 10234 104; 100 Jan '14 -.-- ---ifd
'14
1Oi8
1
Jan
113
11112
1104
2d extended gold 5s..
F-A
___1923
St P52 N P gen gold 6s3 103
102
103
3 101 105
---. 11538 Aug '11 .._ ____ -St L Ir M&S gen con Ft -5s_1931 A-0
_ -_ 103 Feb '14 -..„ 103 103
Registered certificates_ _1923 Q-F e„,.
_
'12 --Gen con stains: gu g 5s 1931 A-0 ------St Paul & D .luth 1st 5s__ 1931 IP-A 10514 ____ 107 Jan
79
79 Sale 70
10 76 82
101
Unified & ref gold 4s_ __ _1929 J -J
1 1101 1-61
____ 101
101
19 7 A-0
2d Is
8073 Oct '12__I
1929 J -J -,-87
'14
Registered
87
---Feb
87
1968 J -D 8712 -- -1st consol gold 4s
17,75i4 8134
791
1933 M-N 19 Salo 78
itiv & 0 Div 1st g 4s
- ---- 8112 Dec '13 ---- __-- --1948 Q-m
Wash Cent let gold 4s
_
____
_
'13
Oct
V erdi V I & W 1st g 55-1926 M-S 9318 ....._ 9212 Dee'13
Ill
-,.._
Hits
11514
2 1134, 1-1-i3-4 Nor Pac Term Co lst g 6s_l035 J -J
2 89 -011
9112
1927 J -D 11514 Sale 11514
Mob & Ohio new gold 6s
9113 92 9114
Oregon-Wash lst & ref 413_1961 J -J
12 9941931
101
let extension gold 6s_ --h1927 Q-J 11213 115 11212Feb '14 ----111212 11212 Pacific Coast Co 1st g 5s. _1946 j-D . 99 -_-_ 101
7 80 82
82
1938 MS 82 Sale 82
General gold 48
_ _ 1- ennsylvania RR—
'13 ___
Montgom Div 1st g 58_ _1947 F-A 10518 ____ 10712 J'ne'13
1923 M-N 98 100 97 Dec '13 — ____
'1st real est g 4s
____
_ 95 Dec
1927 J -D 03
St Louis Div 5s
1919 M-S 10212 104 110 Mch'12-Consol gold 5s
i 8934
4Jan
'145 10 1
893
1931 J -3 91 -___ 10612
St I, s!':. Cairo guar g 4s_
1943 M-N 99 10014 99 Dec '13 ..„,, I
Clouse' gold 4s
10612
10512 107
1 107
99 20SJ 9733 991
kl aslivilleCh & St L 1st 5s 1028 A-0 1001
Convertible gold 310._01915 J -D 9834 99 9834
Jan '13 ____I
Ill
_—_
11018
Ll Jasper Branch 1st g 6s1923 J -J
01915 J -D ---- ....— 9812 Feb '14 ---- 984 981
Registered
4Jan '14 ---- iii3i4 foii4
'14 --„. 99 1001
Feb
10012
101
1917 J -J 10312 --_- 1033
---McM M W & Al 1st 6s
m-N
1948
Cense! gold 4s
1017 .1-J 1031 ..... _ 113 .1.1y '04 ____
it) 964 97
97
T & P Branch 1st Gs
_1942 m-s 9612 ---- 97
Alleg Val _
gen guar g
__. ej. iff
_
-61 Feb '144s
-------1 91 91
91
J
Nat Itys of i lex pr lien 410 1957-J
D
R
&
It
ge
It
13
Zs
1st
'$6
91
gu
g
F-A
91
------------77 l'el)'13 --- ---- ---------'13
Ply
994
A-C)
1977
4s
---97
general
Guaranteed
1943 IM-N
Phila Balt& W 1st g 4s
J -J ---- -___ 9678 Feb '13
-,,._ _—_ 102 Jan '03 ---J
Nat of Mex prior lion 410_1926 A-0
J
1924
Bay
&
Sod
Sou
1st
5s_
g
__
'13
Aug
55
55
-- ---.-.
1951
1st consol 4s
--sr. —
Sunbury & Lewis lst g 4s_1956 J -J 91 ---- r,•,- May'iz
5612 50 -ii 58
51 Sale 51
N 0 Mob & Chic 1st ref 53_1060 J -J 1013
U N J RR & Can gen 4s_ _1944 m-s 9213 ---- 11)02
8 104 10114 Feb '14 ...„ 101 10114
N 052 NE prior lien g Gs_ _p1015 A-0 ..... 80 7912 May'13 ___. _
_
Co—
Pennsylvania
61100 1011
New Orleane Term 1st 4s 1953 J -J 82 8412 82
1921 J-.1 10058 10114 10114 10114
1st g 430
8234 20
N Y Central& II It g 30_1997 J -J 8113 84 83 Feb '14
1021 J -J —_ 10114 10114 Feb '14 —.1100 1011
8113 84Registered
1907 J -J
-1 86 88
Registered
M-S 8358 - --- 86 Jan '1
1937
330
Guar
coil
reg
trust
4
903
9134
9114
Sale
4
86
31
003
85 85 s
1934 M-N
85 Feb '14 ----1
Debenture gold 43
Guar 310 coil trust ser 13_1941 F-A 844 813 9712Feb
-_--i 974 971
___ __
'14
1934 M-N --- ---- 93 May'12
0858
9712
Registered
1016 M-N
Trust Co ctfs gu g 310
Sale 824
834
83
84
181
-78
FA
83 83
1993
'14
Jan
Lake Shore coil g 3;0
1942 J -D 8512 86 83
Guar 3 8 trust ett's0
8212 10 7834 834
1993 F-A 82 Sale 82
Registered
1944 J -D 8414 -- - - 8412 Nov'13 ---- ia._
Guar 310 trust ctfsD
7314 78
74 Feb '14
76
74
F-A
lii
50-1908
933
4
9414
Sale
3
9334
gold
coil
Cent
Registrd
Mich
1931 A-0
Guar 15-25-year g sis
' 74 74
944 9334 Feb '14 --- 934 933
1098 F-A -2,--- 764 74 Jan '14
1942 ef-N - Cin Leb& Nor gu 4s g
953
U4113 9638 9534Jan '14
---- __ ___
'05
Jan
110
Beech Creek 1st gu g 4s 1938 J -J
0152
Mar
let
gu g 40-1935 M-N
___ ----1030 J _J 93 ____ 99 May'll -----....
Registered
CI & P gen gu g 410ser A 11)42 J-J 10278 --. 10133 Nov'13
- ---_
____ __
___
1036 J-J 100
2d guar gold Us
1942 A-0 10212 ---- 10934 J'iy '09
Series B
------'12 -----------Feb
1936 J -J
Registered
9114
--851s
A-0
10_1942
Int
to
reduced
3
---,
Beech Cr Ext 1st g 31s..61.951 A-0 -,.„. ---- ---- Oct '12 -----------Series C 3s
1948'M-N 854 ---- 904 Oct '12
___
_
1981 J -D 8553 ---- 88
Cart & Ad 1st gu g 4s
1950 F-A 8518 ---- 844 Dee '13 -Series D 3;es
_
--„, Gouv & OSWe 1st gu g 5s 1942 J -D 103 -,,,- -,
Erie&
J -J 8518 _-- 8678 Sep '13 ---1940
Pitts
B
g
gu
33es
1991 M-S 90 VS 0838 Jail'14:Moh & Mal let go g 4s
Series C
1940 J -J 854 90 904 J'iy.'12 ---'02 ___
10136 F-A 914 ---- 11)5 Oct
.
N J June 14 guar 1st 4s
-J 96 ---- 9558 Dec '13 --_
J
It
I
Gr
&
10_1041
ex
—
4
g
1st
gu
_
1986 F-A 89
Registered
.
—2 Pitts Y & Ash 1st cons 5s_1927 M-N 10334 ---- 109 May'10 --.
2 Dec '12 - _ - -- ...
N Y & Harlem g 310___ _2000 M-N 83 ---- 87t1931 .) -J 964 -- 10218 J'ne'12 ---Tol WV & 0 gu 410 A
_
___
____
---M-N
200s
Registered
9612 --- _ 10238 Nov'12
-J
J
1033
B
4
Series
10
iiii"
'li
_
Jan
_
toil'
N Y & Northern 1st g 5s_ _1927 A-0 10134 107 102
1942 M-S 9214 --- 9512 Sep '13 --- ____ _ ,
Series 0 4s
N Y & Pu 1st cons gu;4s_1993 A-0 8313 90 02 Oct '13 __ - ____ ..—_
1940 A-0 1021-.. 10134Jan '14.... 1005s1011
P0C & St L gu 410 A
_
__
1916 A-0 „--- ---- ---- ,-,
Nor& Mont 1stgug 5s
A-0 10158 --- 10212 Fob '14 -- 10014 1021
1942
B
guar
Series
'11
'ne
J
Pine Creek reg guar G8_1932 ./ -D 116 ---- 116 Feb '1.-1 -_---- 116 118
-------106
m-N
1942
guar
C
Series
10412
8102'2 10412
1 93 -9/
It W & 0 con 1st ext 5s__h1922 A-0 10413 -,,-- 10414
93
1945 M-N 93 9634 93
Series D 4s guar
Orme & It 2(1 go g 58_ _0015 F-A 10014 10012 100 Jan '14 _ 9912 100
1949 F-A 8934 ---- 90 Apr '1 --- ____ ___,
Series E 310 guar g
'10
--_
.—
'1
Jan
9514
.
....—
R W & 0'V It 1st gtt g 5s_1918 M-N 10112 ---- 104 J'ne
924
J-D
1953
F gu 4s g
'13
Rutland 1st con g 410_ _1941 J -J ---_ -,,,... 90 Apr'13
1957 M-N 9214 ---- 972 Jan 13.— __ __.
___
Series04s guar
Og & L Cham let gu 4s-g 1948 J -J ---- 81 80 Sep
a ---- 108 J'ne'13 --1057
A-0
513_1932
let
L
P
con
St
g
&
0
_
'09
ne
J
.
_ _
.
Rut-Caned 1st gu g 4s 1049 J -J --------92
1921 Q-F --__ ....„ 108 Feb *I
-___ Peo& Pek Un 1st g 6s
1996 J -J 101 --.108 Sep '12 _
WI -ii
'1.
St Lawr& Adir lstg 5s
2d gold 410
61921 M-N 89 90 89 Feb
__ ___,
1906 A-0 105 ---- 11913 Mch'12 2d gold Gs
___ -.,„- 54 Jan '1 . —
-.I
J
4s___1955
Pere
_
Marquette—Ref
'13 ---- ____
.
'1
Dec
40
Utica 4 131k Itiv gu g 4s 1922 J -J 96 e-,- 95 Dec8414
60
..
j...1
1955
Refunding guar 4s
8 84 1612
.
_
1997 J -D 8414 Sale 84
Oct '12 ___
-98
Lake Shore gold 310
1921 J -D --------Ch & W M 5s
4 8313 85
85
8312
1997 J -D 8312 - f
Registered
1920 A-0 ...-- 10212 104 Feb '14 -- Ng)
Flint & PM g 6s
9212 47 8914 9278
1928 11,1-S 914 Sale 9173
90
'14
8812
--Feb
53
88
Debenture gold 4s
4
883
---M-N
1939
1st consol geld 5s
92
38: 8812 9214
14.— 9014 9011
1931 M-N 92 Sale 9112
:
13 Feb
,
04 90
25-yr gold 4s
9,
- - .
1931 M-N „,—___ 93 Oct '12.— -- ...-_-_
Registered
------- ---.
Hus
urrIl
SaIT
1F
lttlgsu
39
0 ------------193
AIA
t gil
5st:1
4
'___
Ph
.._ 6res 65
b14
65
Ka A & 011 1st gu c 53_1938 J -J 1044 ---- -___ Mc---_
0512
s..---.;
J
'37
Philippine fly 1st 30-yr s f 45
h'll _
___,
Mahon CI RR 1st 5s_....1934 J -J 10512 ---- 11112 Apr
1940 A-0 10812 --.108 Apr '1 ____ ____ __,
Phts Sh& L E 1st g 5s
_
'12
108
10634
105
A-0
Pitts & L Erie 2(1 g 5s_i1928
1943 J -J .10612 ---- 11314 Nov'll — _ __
1st consol gold 5s
1304Jan '09 ..-.
e
951.
8
923
9434
9IK
Pitts Melt & Y 1st gu 68_1932 J -J 11614 --1
J-J
emt
v
sill
i
C
1997
ea
o gen g 4s
er
1934 J -J 114 _ - 12314 bleh'12
- 9412 9411
2d guaranteed Gs
---- 9431Feb '1•
1997 J -.3 -------_ -1-`'
_ .._
9 9312 96
McKees& 13 V 1st g Os_1918 J -J 10112 ---- ........
941.
9413
95
9413
A-O
1951
g
Cent
coil
4s
Jersey
1931 M-S 104 --- Ill Jan-'12:
Michigan Centro.. 5s
- -- - .,
1951 .1.-J - - - - Atlan City gw4s g
---- — 1931 Q-M 10012 - - 119 J'ne'06 Registered
2 Feb'
-1.1 -- - iiii2 W
1947 J -,j isit2 fil, if1t Jo& Cir Isl 1st g 4s
98 Apr '12
1940 J-J 87 .
45
&
San
Louis
Francisco—
t
1940 J -J ------ 87 Feb '14 —__
Registered
1931 J -J 11112 - -- 110 Feb '14 ----1110 110
90 J'ne'0:,,_,j---- -- —General gold 6s
J L & 8 1st gold 310_1951 M-S
21O0 1021,
1931 J -.I 10212 Sale 10212 1021
General gold 5s
1052 M-N -8212 85 82 Nov'13
let gold 3 Ms
774 80 79z Feb '1 ---- 734 7911
1996 J -J
4s
g
cons
RR
F
S
&
L
St
87
8
837
1929 A-0 8612 87 8614 Feb '14 ____
20-year debenture 4s
49 54
50
50
50
49
M-N
1927
Gen 15-20-yr 5s
13 9434 97
97
97
1
N Y Chic& St L 1st g 4s 193 A-0
6 49 55;
50
Tr Co certfs of deposit—. .. _ 49 Sale 49
_
1937 A-0 ---- ----9713 Jan '13..
Registered
—
'13
Deo
93
-,
98
ic-b
1947
5s
g
Div
let
Southw
I.j1931 M-N 86 87 8873 Feb '14 __-_-_ -8412
Debenture 4s
' 71 -7814
77
1951 J-J 7512 Sale 7513
Refunding g4s
28 914 95
03
..
West Shore 1st 4s guar-2361 J-J 9212 Sale 9212
_ _
1951 J -J _____ 8034 elch'll ..
Registered
9158 23 81:134 92
2361 J-J 9113Sale 91
Registered
20
1113
10941114
1114
____
g
002L
11058
M
88
M-N
8
Ft
88_10211
0
IC
___
__
If y Cent Lines eq tr 410 1922 J-J 98 -___ 10013 J'ly '11 __

jao- f66- Dui

gi -ii

Guar

----f

6'614._

-

-----Series

-._.

MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
10313 Feb '1
Kings Co ELL & P g 5s___1937 A-0 10412
_ 11212 Jan '1
1997 A-0 114
Purchase money Os
12458 122 Dec '12
1922 M-8
Convertible deb Os
88
Ed EIIII Bkn 1st con g 48_1939 J-J 88 8812 88
10114 1013
Lac Gas L of St L 1st g 5s-e1919 Q-F 10114
1034 A-0 1004 10058 10018 1001
Ref and ext 1st g 5s
90
1927 M-N 89 90 90
Milwaukee Gas L 1st 4s
1940 J-D 103 ___ _ 10134 Jan '1
Newark Con Gas g 5s
105
10412 105 10434
NYGELII&Pg5s
8514
T :2P 8434 85 85
F
Purchase money g 4s
9IVI'
it
Ed El III 1st cons g 5s
109 J -J 10814 10834 108 Feb '1
NY&QEIL & P lateen g 55 1930 F-A 99 10118 101 Feb '1
9212 J*Iy '0
N Y & Rich Gas let g 5s--_1921 M-N
Pacific G & ElCo Cal Cil & li:
9412
944 Sale 9414
Corp uniftng& ref5s____1937
1-Nk'ac
Pow & t 1st& ref 20-yr
193 F-A. 90 94 90 *Feb '14
Sc Internet Series
Pat at Passaic0& ill 5s___1949 -8 101 — 100 Jan '14
* No price Friday; latest bid and asked. s Das Jame 8 Due Feb




4
8
1
25
__
50

12

Gas and Electric Light
102 10312 Peo Gas & 01st con g 6s___1943 A-0
1047 M-S
Refunding gold 55
111 113
1947 M-S
Registered
Ch G-L & Cke 1st gu g 58_1937 J -J
88 88
Con G Co of Ch let gu g 551936 J -D
100 10134
Ind Nat Gas & Oil 30-yr 5s '36 M-N
9718 10012
Mu Fuel Gas let gu g 55_1947 M-N
8813 91
10134 10134 Philadelphia Co cony 5s___1919 F-A
1922 11-N
Cony deben g 5s
10134 105
Stan Gas & El conys f 6s_1926 J -D
83 87
Syracuse Lighting 1st g 5s 1951 J -D
100 108
1954 J -J
Syracuse L & P 5s
101 101
1949 M-S
Trenton GI & E 1st g 53
Union Elec L & P 1st g 55-1032 M-S
1033 M-N
Ref & ext 5s
9238 054
1950 J -J
Utica El L & P 1st g 55
10137 J -J
Utica Gas & E ref 5s
90 90
1950 J -D
NVestehester Ltor g Us
100 100

114
114
114
10012
10038 Sale 10038
99 Sep '13
103
103 10314 10234
10012 Feb '1
10014
93 Meh
10012 Feb '1
10034
_ 95 Sep '13
971
9714 971 9738
904 911 924 Feb '1
100 101 10012 Feb '14
---- 801 8513 Jail
10114 -- 100 Feb '01
97 J'ne'l
10013
94 Noy'l
MC:22
4 Desilli
136197
104
10253 104 104

s Due May. g Due June. 3 Due July. •Due Oil. IP Due Nov. 5 Distion Sake

1 114 1144
9834 10058
10078 forir
9914 lows

foz;
-1
-9-7;
96i,
88 921s

9914
10

100131004

1 10238

748

New York Bond Record—Concluded--Page 4

BONDS
N. Y. STOCK EXCHA NG L. 132
Week Ending March 6

4f.

Prwe
Friday
March 6

Week's
Range or
Las, Sale

33

Range
since
Jan. 1.

h
BONDS
N. Y. STOCK EXCHANGE;.‘......i
Week Ending March

6

4Q.,

[VOL. xcvm.

Price
Friday
March 6

Week's
t
l
Range orE ,
Last Sale
4.1 u7

Range
since
Jan. 1.

St L & San Fran (Con)
Bld
Ask Low
High No. Low High
Bid
AM Low
High No, Low High
KO Ft 8 & M Ry ref g 48_1036 A-0 7512 76 7434
7512 29 73 771 1 I Vabash let gold ..is
1939 ..I-1\ 10413 Sale 104
10414 14 1015,3 105
Registered
1936 A-0
7713 J'ly
* 2d gold 5s
1039 F-A 97 S
97
98
13 94 100
K C & M R& B 1st gu 5s_1929 A-0 -66" _ _ _ 10312 J'ly '12
Debenture Series B
1939 J -J --------- 90_
Xne 12
Ozark & Oh C 1st gu 5s g_1912 A-0
9914 May'13
1st lien equip s fd g 5s
1921 NI- S ____ 99 98 Feb .14 ____ -5g- -91r
St L S W 1st g 4s bd ctfs
1989 31-N 86 864 8614
8614 12 -WIEs 88
4s_1954
1st
J
lien
-J
50-yr
76
g
term
___.
78
Feb
'14 -__ 78 78
2d g 48 inc bond cas____p1989 J -J
75 ____ 76 Jan '14
75 75
1st rot and ext g 4s
1956 J -J
5612 Sale
57,34 65 5012
Consol gold 4s
1932 J -D 7334 Sale 7334
29 7334 7734
76
__ ____ 58 5512 Feb '14 ....— 50 614
Cent Trust Co ctfs
Gray's Pt Ter 1st gu g 5s_1947 J -D
5012
9812 Jan '14
9812 9813
Do
____
Stamped
5812
55
Feb
'14
-- 50 5813
S A & A Pas$ 1st gu g 48-1943 J-J
8312 84 8312
84
16 77 84
E( silt Tru.it Co Afs
------------565s Jan '14 ____ 5833 5633
S F& N P 1st sink 1g 5s_1919 J -J
104 Oct '09
_
5438 Sale 5438
Do Stamped
547
3
0
46
Seaboard Air Line g 4s
5714
1950 A-0 85 ____ 8514 Feb '14
Det & Ch Ext 1st g 5s___1941 .1;1 --__ 10612 106 .Nov'13 _-ilaEa .861.2
Gold 4s stamped
---1050 A-0 85 8512 85
8514 54 8312 8531
7112 ____ 80 Aug 12 __ ---D es Moin Div 1st g 4s___1939 J-J
_
Reiistered
1950 A-0 . Om Div 1st g 3 -is
1941 A-0 69 7212 71 Feb '14 ____ 1
1 "ii3
Ad,ustment 5s
7712 Sale 7712
01949 F-A
Tol & Ch Div 1st g 4s
7734 75 7434 80
1941 M-S 74 ____ 7134 Feb '14 ---- 70
Refunding 4s
1959 A-0 77 Sale 77
77% 15 7414 7814 Wab Pitts Term 1st g 4s 1954 JD _ r„... 12 12 Feb '14 ---- 12 7134
12
Atl-Birm 30-yr 1st g 4s_31.933
84 85 8512 Feb '14
Cent and Old Col Tr Co certs_ ---- 11 Sale 11
84 8534
1114 16 1014
Car Cent 1st con g 4s
85 ____ 85 Feb '14
1049 J-J
____ ____ 1314 Feb '14 _--. 123 1414
Columbia Tr Co ctfs
85 85
4 1314
Fla Cent & Pen 1st g 5s 1918 J -J 10038 -- 10314 Jan '13
2d gold 4s
- 3
1954 J-D
53 Dee '13
1st land gr ext g Is
---13 14 114 Jan '14 _._
1930 J-3 10058 - 104 Nov'12
Trust Cc certfs
-24 --1-13
Consolgold 5s
1024 ---- 10118 Feb '14
1943 10178 10178 Wash Terml 1st gu 3),s,...,_1945 VIA 8334 Sale 8334
8334
6 8114 8373
Ga & Ala Ry 1st con 58_01945 j-3 104 105 10412 Feb '14
10512
1st
Sep .12
100
40
-year
10212
1045 F-A 9312 --__
guards
Ga Car & No 1st gu g 5s 1929
103 ___ 102 Deo '13
West Maryland 1st g 4s
1952 A-0 7812 7912 79
79
6 71-3 80
Seab & Boa 1st 5s
1026 J-J 10133 ____ 10114 Oct '13
West N V & Pa 1st g 5s_1937 J-3 105
105
1054 12 10212
Southern Pacific Co-Gen gold 4s
2 82 Jan '14 -- 75 1054
1943 A-0 ---_ 81182
Gold 4s (Cent Pac coll)_k1049 J-D 01% Sale 9112
9134 27 90 94
Income 5s
(11943 Nov --------34 Feb '07
Registered
k1949 J-D - - _
90 Feb '14
Wheeling & L E 1st g 5s___1926 A-0 10013 -___ 10112 Feb '14 ____ iiji. i-cii
90 90
20-year cony 4s
g1929•S 8678 Sale 8673
8814 337 864 92
Wheel Div 1st gold 5s__1928 J -J 96 ____ 9512 Nov'13
20-year cony 5s
1934 J-D 10213 Sale 10213
10234 1150 10218 10358
Exten & Impt gold 5s__1930 F-A 92 ____ 91 Feb '14 ____ oi
Cent Pac 1st ref gu g 4s 1949 F-A 9278 Sale 9234
93
32 9112 9412
1st consol 4s
7912
3 '75 80
1949 NI-S 79 794 7912
Registered
1949 F-A 8912
9412 J'ly '12
20-year equips f 5s__1922 J -J
9512 ____ 9534 Nov'13 ____ __ _
Mort guar gold 334s_k1029 J-D 9114 --__ 9112
9112 23 91 -61-12 Winston-Salem S B 1st 4s 1960 J -J 88 ____ 88 Feb '14 ---, 88 -8E3
Through St L let gu 4s_1954 A-0 87 8712
8712
1 8534 8712 Wis Cent 50-yr 1st gen 4s1949 J -J 87 Sale 87
8712 12 8553 894
GH&SAM&P 1st 5s_1931 M-N 10258 ____ 10334 Feb '14
Sup& Dul div & term 1st 4s
10312 10334
Feb '14 ---- 86 87
M-N 8753
Gila V G & N 1st gu g 5s_1024 M-N 100 ____ 10213 J'ly '12
Hous E & W T 1st g 5s 1933 M-N 10213
102 Sep '13
Manufacturing
&
Industrial
1st guar 55 red
1933 M-N 1024 105 102 Jan '14
10112 kii- iIll Ag Chem 1st c Is
1928 A-0 10114
10112 30 9734 102
101
H & T C lot g 55 int gu_1937 J -J 10838 109 108 Dec '13
Am Cot Oil ext 43s ____g1915 Q-F 9813 Sale
Sale 984
984
9 06 99
Gen gold 4s int guar
1021 A-0 9334 Sale 9334
9334
3 -55i4 '0E172
Debenture 5s
1931 11I-N 9338 Sale 0333
9333
4 89 934
Waco& N AV div 1st g Os 1930 M-N 1084 10978 11914 Mch'10
Am Hide & L 1st s f g 6s
10234 Sale 10234 103
M-S
1919
9
101 103
A & N W 1st gu g 5s
10113
103 103
103
1941 J-J
1 10113 103
Amer Ice Secur deb g 6
1925 A-0 88 8812 88
8812 11 7814 89
Morgan's La & T 1st 7s 1918 A-0 10714 -- 10611 Feb '14
10613 10631 Am Smelt Securities s f Gs_1926 F-A 10458 105 10453 10134 27 10312 105
1st gold Gs
10714 Feb '41
1920 J-J 1074
1074 1074 Am Spirits Mfg g Gs
1915 M.-S 95 99 96 Feb '14 __ 94 99
No of Cal guar g 5s
1938 A-0 106 ____ 112 Feb '07
Am Thread 1st col tr 4s_1919 J-J 9234 9358 93'2 Feb '14
93 934
Ore & Cal 1st guar g 5s_1927 J-J 101 104 10113 May'13
Am Tobacco 40-yr g 6s__1944 A-0 1201 -___ 12014 Feh '14 -11712 12014
So Pac of Cal—Gu g 5s 1937 M-N 10413 _ _ 10113 Nov'13
Registered
---- ----116 Oct '13 ---- 93 93
1944
A0
So Pac Coast 1st gu 4s g_1937 J-J 9213
9112 Sep '12
Gold 4s
1951 F-A --- 98 9712 Fob '14 ____ 97 9713
San Fran Term! 1st 49_1950 A-0 87 8734 8734 Feb '14
Registered
8433 88
1951 F-A ___.. ---- 0538 J'ne'12 __ _
Tex & N 0 con gold 58_1943 J-J
96 Jan '14
Am Writg Pajaer 1st s f 5s_1919 J -J 72 Sale 72
98 96
7214 13
So Pac RR 1st ref 45
YaIJ 921s
9213 76 8933 9314 3aldw Loco Works 1st 5s_1940 MN 104 --__ 103 Jan '14_, ig - -78 1955 J-J
102 103
Southern—
lath Steel 1st ext s f 5s
99 9912 9878
1926 J-J
9913 el) 934 100
lot consol g 5s
1994 J-J 10512 Sale 10533
10534 36 10214 105%
1st & ref 5s guar A
1942 M-N 8734 Sale 864
874 151 8133 8715
Registered
00 Aug'13
1994 J-J
Dent Leather 20-year g 5s_1925 A-0 994 Sale 0834
9933
46
974 9933
Develop & gen 4s Ser A 1956 A-0 745 Sale 7412
7478 —55 73 7614 Donsol Tobacco g 43
1951 F-A ---- --- 974 Jan '13 ___ 9713 9713
Mob & Ohio coil tr g 4s_1938 M-S 83 Sale 83
83
10 8014 8312 Jorn Prod Ref s f g 58
95
1931 4-N 9412 95 95
3 94 9612
Mem Div 1st g 4 M -5s
1996 J-J 10414-- 104 Jan '14
1st 25-year s f 5s
104 104
9334 034 Feb '14 ---- 9112 9334
91
VI-N
1934
St Louts div 1st g 4s
8434 21 8353 8434 Juban-Amer Sugar coll tr 681918 A-0 92 93 9213 Feb '14 --_
1951 J-J 8434-- 8413
0213 93
Ala Can R 1st g Cs
1918 J-J 10313 ____ 10514 Sep '12
Jistil Sec Cor cony 1st g 58_1927 A-0 6534 Sale 6513
664 142 834 68
Atl & Danv lot g 4s
1948 J-J 874 --- 864 Jan '14
Wis i; I du Pont Powder 40_1936 J-D 8838 Sale 88
8812 32 87 894
2d 4s
8214 Feb '12
1948 J-J
3eneral Baking 1st 25-yr Gs_198G J-D 8812 9012 90
0014
6 90 9014
len Electric (lob g 3s_ _1042 F-A 8014 Sale 8014
MI & Yad 1st g guar 4s_1949 A-0 76 —.8014
1 77 8034
1015 Fel-3-'171
Col & Greenv 1st 6s
1916 J-J 102
1015 1-611
Debenture 5s
2
1952 NI-S 10518 Sale 10434 10518 18 103 10513
,E T Va & Ga Div g 5s_1030 J -J 10433 --__ 10433
10438
1 10432 10432 Dvan'i Motors 1st lien 63_1915 A-0 10034 Sale 10034 10034 44 9812 101
10733
—.
1073 Feb '14
Con 1st gold 55
1956 M-N
10514 10738 Ill Steel deb 4 3-is
1940 A-0 8818 89 88
88
1 8312 8813
E Ten reor lien it 5s
1938 M-S 10034 -- 1054 J'ly '12
.ndiana Steel 1st 5s
10113 36 985 10153
1952 M-N 1014 Sale 1004
(13 6412 May'13
Ga Midland 1st 3s
1946 A-0
:ngersoll-Rand 1st 5s_- __q1935 J -J 100 ___. 100 Oct '13
Ga Pac By 1st g Gs
-"I:35'
5s
1081$ Feb '14
- -1022 J-J
108 16i1-2 [nt Paper Co 1st con g-613_1918 F-A 10112 10318 103 Feb '14 __-_
iciS
110
11013 Jan '14
,Knox & Ohio 1st g 6s
1925 Consol cony s f g 55
109 11012
1935 J-3 79 80 80 Feb '14
80 8413
' Mob & Bir prior lien g 58_1945 J-J 1004 -- 10512 Nov'12
[nt St Pump 1st s f 5s
6512
1 60 671$
1929 M-S --_- 6512 6513
',. Mortgage gold 4s
72
79 Mch.13
1945 J-J
[..ackaw Steel 1st g 5s
9613 12 9014 97
1923 A-0 9613 Sale 96
02 101 Feb '14
Rich & Dan con g 6s
1915 J-J 101 1E12
1st con 5s Series A
10053 101
78
41 70 7812
1950 M-S , 78 Sale 7712
i Deb Is stamped
1927 A-0 101 104 10314 Feb '14
5-year convertible 5s
10314 1034 ,5-year
9812 26 9313 9813
1915 1/1-S 93 9812 98
Rich & Meek 1st g 4s
1948 M-N 70 ---- 73 Sep '12
& Myers Tobac 73_1944 A-0 12112 ____ 12212 12212
5 120 12213
, So Car & Ga 1st g 5s
101
1019 111-N 101 Sale 101
55
16 101 102
10014 25 9634 1007s
1951 F-A 10014 Sale 100
Virginia Mid ser C Gs
112 Oct '06
1916 VI-S 10133 —
1,orillard Co (P)7s
1944 A-0 12134 Sale 12114 12134 15 11933 122
's Series D 4-5s
1921 fa-S 10173 ---- 10334 Nov'12
5s
1951 F-A 9973 10012 100
10012
7 9653 1005s
. Series E 5s
1026 M-S 1024 ---- 102 Dec'13
VIexican Petrol Ltd cnv 613 A_'21 A-0 9514 9713 9514 Jan '14..,.._ 91 9514
t Series F 5s
1931 M-S 1024 -- 104 Melf13
at Enam & Stpg 1st 58_1929 J-D 93 94 93 Feb '14 ___ 9112 9333
10413
1044 Feb '14
, General 5s
1936 M-N
104'23
s Tat Starch 20-yr deb 5s-1930 J-J --- 84 818 Feb '14 _--- 8158 821$
; Va & So'w'n 1st gu 5s 2003 J-J 105 —.- 105 Feb '14
gational'rube 1st 5s
10313 105
1952 M-N 9812 9938 9933
9938
4 9634 10013
1st cons 50-year 5s
1958 A-0 9212 94 9112Jan '14
9034 9112 g Y Air Brake 1st cony 6s_1928 M-N 9813 10018 9813
994
4 0812 9974
W 0 & W 1st cy gu 4s
1924 F-A 9013 — -- 92 J'ne'13
:tailway Steel Spring—
10018
( West N C 1st con g Gs_ _1914 J-J 1004 ---- 10013
Latrobe Plant 1st s f 5s 1921 J-J 98 9818 08 Feb '14 __ 97 98
1 16012 1-661",
9834 Fob '14
Spokane Internat 1st g 5s_1955 J -J ___
Inter-ocean P 1st s f 5s 1931 A-0 914 9134 91'2 Fob '14
9834 9834
91 924
er A of St L 1st g 4%s 1030 A-0 9912 --__ 10053 Feb '14
10053 10058 lepub I & S 1st & col tr 5s_1934 A-0 10273 -___ 10244 Dee .13
1st con gold 5s___1894-1944 F-A 10613 108 10614 Feb '14
10-30-year 55 s f
10334 10613
1940 A-0 9358 Sale 93
9334 ii -oi- '63_3;
3 Gen refund 4 r g 48
90 92 9012 Fob '14
1953 J -J
8514 0013 Itandard Milling 1st 5s
1930 M.-N 89 --- 8913 Feb '14 _„- 8413 8913
St L M Bge Ter gu g 58_1930 A-0 10114 _ 10134 Feb '14
10134 10134 L'he Texas Co cony deb 6s-1931 J-J 105 Sale 10413 10512 278 10038 106
Tex & Pac 1st gold 5s
10212
2000 J -D 10114 102 102
Jnion Bag & Paper 1st 58_1930 J-J ____ 86 90 Feb '13
9912 104
2d gold inc 5s
q2000 Mch 20 40 61 Nov.12
Stamped
1930 J-J __— 89 9114 Jan '13
90 99Ap
01
La biv 13 L 1st g 5s
N orv:1
1931 J -J
J 13 _Realty & I cony deb g 5s_'24 J-J ___ 86 87 Feb '14
-gi- go"
_ 1064
'W Min AV & N W 1st gu 53_1930 F-A
J S Red & Refg 1st g 6s
1931 J-J ____ 20 20 Feb '14 _-_- 20 20
Tol & 00 1st g 5s
1035 J-J 105 _ _ _ _ 10412 Feb '14
J
S
Rubber 10-yr coll tr 6s_1918 J-D 10212 103 10234
2
1043
103
25 10134 104
Western Div 1st g 5s
1935 A-0 105_ 101 Aug'13
J S Steel Corp—J coup _51963 M-N 1023 Sale 10218
10318 308 9973 1034
' General gold 5s
1935 J-D no Hi-12 98 Jan '14
S f 10-60-yr 5s lreg --81963 M-N --------10213 103
98
1 100 103
, Kan & NI 1st gu g 4s
1090 A-0 8512 8914 8534
8534
i 8512 8534 Ta-Car Chem 1st 15-yr 55_1923 J-D 9613 Sale 9614
97
27 9138 98
2d 2Olear 5s
1927 J -J 97 9834 9812 Feb '14
9534 9812 Vest Electric 1st Is Dec 1922 J-J 10114 Sale 1014 10114
7 1004 10214
Tol P & 'V 1st gold 4s
1017 J-J ____ 9012 85 Dec '12
,VestinghouseE & NI s f 5s_1931 J-J
9412 19 8912 9412
94 Salo 94
Tol St L & W pr llen g 33-68_1925 J-J *8112 8134 82 Feb '14
10-year coil tr notes 5s 1917 A-0 974 ---- 074
9714
8112 82
5 9634 974
50-year gold 4s
1950 A-0 56 Sale 56
58
11 56 60
' Coll tr 4s g Ser A
1917 F-A 50 50 50 Feb '14
Telegraph & Telephone
50 60
Tor Ham & Buff 1st g 4s_h1946 J
8514
Feb '14
85 ---89
coil tr 4s.._1929 J-J 8838 Sale 8833
40 85 8973
8514 8514 im Telep &
•u
& Del 1st con g 58_1928 J -D 10112
10134 Feb '14
Convertible 4s
9634 974
10012 10134
1936 fil-S 94 96 95 Feb '1: _
•
1st refund it 45
1952 A-0 7533 81
76 Jan '14
20-yr convertible 40_1033 61-S 9014 Sale 96
9612 iizi 9412 9914
74 78
Union Pacific:hicago Telephone 1st 5s 1923 J-D __— ---- ---r----1st RR & land grant g 4s_1947 J -J 974 Sale 9612
)ommercial Cable 1st g 4s_2397 Q-J 8112 ---- 81% Feb '14 ___ Hi's -aiii
9714 53 9513 98
1047 J-J
Registered
9513
96
Registered
4 9513 9612
8312 Nov 11
2307 Q-J ____
20-year cony 4s
1927 J-J 904 Sale 9013
9218 766 00 9338 Dtunb'cl
T 1st & gen 5s_1937 J-J
984
8 561.3 -9814
98 Sale 98
1st & ref 4s
g2008
9334 9333
9338
toystone Telephone 1st 58-1935 J-J 8914 _--_ 9114 Sep '13
6 91 95
Ore By & Nay on g 4s__1946 J-D 93 9212
9312 13 92 94
detropolTel&Tel 1st s f 5s-1918 M-N 10012 ___ 10012 Feb '14 ---, 10038 1-661
Ore Short Line 1st g Gs_1922 F-A 116 14
- 11034 11013
11012
99
10913 11012 qich State Telep 1st 5s__1924 F-A 99 993-s 99
2 9638 100
1st consol ,5s
1946 J-J 10714 108 10734
108
T Y & N J Telephone 5s g_1920 M-N 10112 ____ 10314 May'll
5 10534 108
Guar refund 4s
1929 J -D 924 93 92
9234 37 8914 9414 g Y Telep 1st& gen s f4 yis 1039 11/I-N 9734 Sale 0714
974 26
Utah & Nor gold 5s
J
-J
10214
1926
9818 27 96 6934
-- 108 May.11
1037 J -J
9.3 Sale 9734
---- ?ac Tel & Tel 1st 5s
1st extended 4s
1933 J-J 91 ic;
99
18 9718 100
9858 Sale 9833
---- ---- both Bell Tel& T lots f 53 1941 J-J
ndalia cons g 4s Sec A.1955 F-A
93 Apr '13
Nest Union col tr cur 58_1938 J-J
97
6 93 984
96 98 97
------2
.
4
Consol 4s Series B
1957
5 8673 ,
93 Me.11.13
92
Fd and real est g 4)4s
1950 M-N 9112 92 92
---Vera Cruz & 1' 1st gu 43s_1934 J-J
94 Oct '12
Mut Un Tel gu ext 58—.1941 M-N 99 103 104 J'ne il
____
Virginian let Is Series A _1962 M-N 997 S
0973 53 -17158 1-6011-2
-ale 9958
Northwest Tel mu 49g g_1934 J-J
Jan
93
'13
___
____
____
nil

'12

I

5612

-if

nu

'at:

8913 8958

161

T

Tel

lster

T&

5

95 112

Vs

MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s t 5s____1932 J-D
Debenture 5s
al926 M-S
OolF & I Co gen s f g 5s___1943 F-A
Col Fuel gen Os
1919 M-N
Col Indus 1st & coil Is gu_1934 F-A
Cone Ind Coal Me 1st 5s._.1935 J-D
Cons Coal of Md lstScref 5s1950 J-D
Continental Coal let g 5s..1952 F-A
Gr Ely Coal& 0 1st g 6s_h1919 A-0
'Kan &HO&C 1stsfg 58_1951 J-J
Pocah Con Collier lets f 58-1957 J -J
St L Rock Mt& P 1st 5s
1955 J -J
Tenn Coal gen 5s
1951 J -J
Birm Div 1st consol 6s-1917 J-J
Tenn Div 1st g 63
a1917 A-0
Cala C M Co 1st gu g 6s__1922 J -D
Victor Fuel 1st s f 5o
1953 J-J
Va Iron Coal&Coke lot g 5s1949 M-S

Miscellaneous
92 92
Adams Ex coil tr g 4s
1948 M-S
80 80
Armour & 001st real est440'39 J-D
2 9112 9812 Bush Terminal 1st 4s
1952 A-0
Consol 5s
1955 J-J
3 7613 82
131dgs 5s guar tax ex
1960 A-0
76 79
Chino Copper 1st cony Gs 1921 J -J
89 89
Granby Cons NI S &P corn Gs A'28 M-N
Inspir Cons Cop 1st conv6s 192 M-S
lois; Apr '06
lat Mercan Marine 438s_...,1922 A-0
3 94 9214 Dec'13
-E1Int Navigation 1st s f 5s
1929 F-A
84 8E1-2 N Y Dock 60-yr 1st g 4s-1951 F-A
87 8758 85'z Feb '14
81 8212 82 Feb '14
77 82
Niag Falls Pow 1st 5s--...1932 J-J
3 9813 103
10212 Sale 10212
103
Ontario Power N F 1st 5s_1943 F-A
10212 103 10213 10212
4 10112 103
Ontario Transmission 5s-1945 nfl-N
10212 103 10213
10212
3 101 10213 Pub Serv Corp N J gen 5s_.1959 A-0
101
103 J'ly '13
IlayConsCopper 1st cony 681921 J-J
_ — 80 80 May'13
Sierra & S F Power 1st 5s 1949 F-A
9318 9312 9318
9318
9212 95
Wash Water Pow 1st 5s
1939 J-J
!No prise Friday; latest bid and asked. a Due Jan. d Due April. *Due May. g Due June. 8 Due July. k Due Aug. o Due Oat.




92 ___
80 85
9812 99
10534 - ____ 80
75 79
89 90
91

92 Feb '14
80 Jan '14
9812
9813
10714 J'ne'12
79
79
76 Feb '14
89 Feb '14

• 7914
7914 80 79
93
93 Sale 9234
8712 8914 8712 Feb '14
91
89 9078 91
88
88 89 88
__ 200 150 Jan '14
10212
102 Sale 102
10012
9934 10112 100
5434
5412 5512 5412
__ 7412 73'2 Feb '14
78
77 7714 78
10112 ---- 100 Dec '13
94 95 9472
95
90 -- 89 Dec'13
9053 9034 904
9078
10914 Sale 10914 10914
-- 9312 9214 Feb '14
1031$ Jan '14

18 7312 8034
15 8912 93
8712 88
91 91
5 87 8812
160 150
22 995s 103
9634 1034
13 474 61
7312 7712
4 78 78
-Ws 95
13 8812 if"
10 1071211041

9214 0214
10312 1031

p Due Nov._4.13q,tpoo. _ 8 Option DOW,

749

CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 28

Monday
March 2

Tuesday
March 3

Wednesday
March 4

Thursday
March 5

Friday
March 0

Sales of
the
Week.
Shares.

STOCKS
CHICAGO STOOK
EXCHANGE

NAME.

Divtdend Record
Capital Surp.
In
Per- Last Paid.
Slocic.t Profits t /n
1912. 1913. iod.
(003 om Wed.)

Bid. Ask.

Lowest.

Highest.

2412 J'ne
70 Fly
88 Jan
18 J'ne
512 J'ne
2 J'ne
1614 J'ly
3512 Nov
438 Dec
25 Sep

30 Jan
91 Jan
102 J'ne
3314 Sep
9 Sep
453 Apr
37 Sep
33 Oct
913 Jan
45 ad ch

2112 J'ne
29 Jan 3 34 Jan 23
8912 Jan 2 9584 Jan 27 e 81 J'ne
401 Jan 5 440 Feb 16 400 Oct
130 Feb 13 13412 Feb 6 125 Dec
28 Nov
30 Jan 9 44 Jan 31
76 Jan 8 92 Feb 4
78 Nov
118 Jan 2 124 Jan 28 11034 Dec
38 Feb 26 5014 Jan21
4912 Dec
7312 J'ne
'7512Feb 26 8412Jan 27
____
______
40 J'ly
51 Jan 2 60 Feb 13
4712 J'ne
212 Jan 13 21212Jan 2 200 Apr
133 Jan 26 13812 Jan 3 u12412 Dec
914 Jan 9 13 Jan 31
8 J'ne
77 Feb
90 Oct
9112Jan 2 102 Jan 26
1512 Nov
2538 Feb 5 26 Feb 4
04 Mch
10012Jan 2 10513 Feb 18
58 Nov
5078 Jan 9 70 Jan 30
109 Feb 4 111 Jan 22 100 J'ne

4812 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
13934 Jan
71 Jan
8973 Jan
55 Jan
5512 Sep
221 Sep
155 Sep
1612 Jan
77 Feb
11014 Feb
53 Feb
10012 Deo
7612 Jan
115 Jan

Lowest.

Highest.

-

IZailroads
Chic City&C It y ptsh com
•__ 18 •___ 18 •____ 18 •- _ -- 18
Last Sale 18 Feb'14
Do pre(
15
62
52
.52
5212
5212 •52
5212 *50
5212 050
5212 •50
Chicago Elev Itys com100
Jan'14
*20
27
•20
27
*20
27
Last Sale 23
•20
27
Do pref
100
Jan'14
•70
85
Last Sale 70
.70
85
.70
85
*70
85
__
--------50 Chic Rya part ctf "1"_
*9212 93
93
93
*9213 93
*9212 93
*9212 03
1,210 Chic ltys part ctf "2"___
3212 3212 3212 3212 3212 3213 3214 3214 3178 3238 3178 32
Chic Rya part ctf "3"___
Last Sale 7 Feb'14
*634
714 *634
8
*7
714 •7
8
Chic Rys pert ctf "4"___
322 .234 312 *3
Last Sale 312 Feb'14
*234
314
312 *3
Jan'14
Kansas City fly & Lt_100
Last Sale 17
1912
*15
1912 •15
1912 •15
1913 .15
Do pref
100
Last Sale 3512 Nov'13
--ee 35 •---- 35 *____ 35 •_ 35
.
Streets W Stable C L_100
Last Sale 412 Feb'14
•312 412 *312 412 *312 412 *312 412
Do pref
100
Last Sale 25 Feb'14
•-_ 25 *____ 25 •___ 25 •____ 25
Miscellaneous
100
American Can
Last Sale UN Feb'14
2912
2912 *29
*30
3012 •30
3013 *29
Do pref
100
Last Sale 9234 Feb'14
93
*92
93
•92
93
*92
9212 •92
American
Feb'14
440
Radiator...100
Last Sale
__
_ *400 _ _ *400
.400_ .400
Do pref
100
Last Sale 132 Feb'14
•132 1-3-'2-18 *132 fills *132 1:32-18 0132 1-3-218
Amer Shipbuilding_100
Feb'14
Last Sale 36
38
*35
38
38 .35
*35
38
*35
30
Do pref
100
88
*80
•80 86
86
86
90
•80
88
86
110
*SO
Amer Telep & Teleg_100
Last Sale 12112 Feb'14
0120 121 *120 121 *120 121 0120 121
300 Booth Fisherlee corn 100
43
42
42
42
81_
41
*40
41
40
4012 '40,,_
100
Do 1st pref
180
7914
79
80
7913 7-i12 7914 7914 *79 •78
Cal & Chic Canal & D 100
4012
Last Sale 50 -Dee'13
*46
4912 '
046
4912 *46
4912 .46
235 Chic Pneumatic Tool_100
5814 5804 53 5812
sys 58 *5734 58 *5734 58 58 58
Chicago Title & Trust 100
Last Sale 212 Feb'14
0212 215 •212 215 *212 215 •212 215
136 13612 --------430 Commonw'th-Edison.100
13634 13634 13612 137
13612 137
13612 137
Corn Prod Ref Co conal00
Feb'14
12
Sale
Last
1114
*11
1114 •11
1114 *11
1114 .11
100
Do prof
Last Sale 77 Feb'13
100
--------116 Diamond Match
96
96
96
9612 9612 9638 9712 9512 9578 06
com_100
(B.F.)
Goodrich
Feb'14
2533
Sale
Last
24
25
*22
023
24
24 .22
'22
1
- 0 Hart Shaft'& Marx pf100
0105 10514 *105 10514 *105 10514 105 105 .105 10513 -------100
475 ilinois Brick
6312 8312 64
6312 63
6318 63
63
64
64
6334 64
Internat Harvester Co100
Last Sale 110 Feb'14
Knickerbocker Ice pf_100
Last Sale 7634 Aug'12
77 •____ 77 *____ 77 •_ 77
100
National Biscuit
Last Sale 13212Feb'14
0130 134 *130 134 *130 134 *130 134
100
Do pref
Last Sale 12114 Feb'14
0121 122 *121 122 *121 125 *121 125
_
171 National Carbon__100
____
157 167
155 158
158 158
158 158
158 158
96
Do pref
117 117
100
11634 11
--6-34
11514 11514 117 117 *_ _ _ _ 117
0116 118
Pacific Gas & Ill Co__100
Last Sale 44 Feb'14
_
_ *45
*4434 40
*4434 40
338 People's Gas L&Coke.100
122 122
12178 122
122 1-2212
*45--12134 122
12112 122
122 122
50 Pub Serv of No III com 100
___
81
81
81
81
81
•80
80
80
SO
•79
Do pref
100
156
-------99
99
99
99
*98
9912 99
09
*9812 09
100
150 Rumely commou
13 *____ 15 *____ 15 •__ 15 *___ -1-5
13
15
100
Do prof
Last Sale 35 Feb'14
35 •____ 35 •____ 35 *____ 35
442 Sears-Roebuck com 100
18534 18614 18513 18618 18512 18512 18614 18614 18614 18614 18518 18514
100
Do pref
Last Sale 12478 Feb'14
112334 12112 *12334 12412 *12334 12412 •124 12434
Studebaker Corp com.100
27
Last Sale 2812 Feb'14
*25
27
*25
27
*25
27
*25
100
Do prof
81
Last Sale 86 Feb'14
•80
•80
83
83
81
•82
•82
100
745 Swift & Co
10712 10712 10718 10712 10714 10712 10738 10712 10714 10712 10758 10712
The Quaker Oats Co_100
Last Sale 241 Feb'14
1241 250 •241 250 *241 250 *241 250
100
120 prof
105
105 10512 105 105 *105 106 .105 106 *105 106
107 107
100
14914 14012 2,283 Union Carbide Co
14834 14012 14913 15058 14934 15014 14912 160
149 150
Co_100
P
&
Bd
Box
Unit
l'
18
Sal
-- ------100
200 U 13 Steel corn
_ _.__.
8 ---------------- ----------------6615 -6-614 6413 -6,15204 Ward,Montg'y & Co prof
112 11214 11218 1-1-214 11214 I-1-2-14 112 I-1-2-14
112 112
100
Western Stone
Last Sale 612 Feb'14
8
•23
8
8
8
*6
*6
.6
100
Woolworth.coin
Last Sale 9131 Nday'13

Chicago Banks and Trust Companies

Range for Prerious
Year (1913).

Range since Jan. 1.

NAME.

18 Feb 21
52 Feb 28
23 Jan 21
70 Jan 21
90 Jan 10
27 Jan 8
8* Jan 14
2 Jan 14
an 15
17

204 Jan
55I Feb
25 Jan
70 Jan
9814 Jan
35 Jan
812Jan
4 Jan
17 Jan

412 Jan 7
25 Jan 28

412 Jan 7
25 Jan 26

31
2
19
21
24
16
29
2
15

138 Feb 3 105 J'ne 130 Sep
12312 Feb 4 116 Dcc 123 Jan
161 Feb 19 113 J'ne 137 Dec
118 Jan 23 11112 J'ly 118 Jan
4713 Feb 13
63 Jan
33 Nov
125 Jan 5 104 J'ne 130 Sep
85 Aug
65 J'ly
81 Mch 4
100 Feb 7
8934 Dec 10158 Jan
19 Aug
69 Feb
1734 Jan 14
4012 Aug
4034 Jan 14
9738 Feb
19312Jan 31 155 J'ne 21434 Jan
20
117 May 12434 Feb
12478 Feb
34 Feb
3034 Feb 5
1614 Nov
68 Nov
86 Feb 4
70 NOV
10712 Feb 27 101 J'ne 10778 Mob
241 Feb 24 195 J'ne 280 Feb
9934 J'ne 10812 Feb
107 Feb 28
152 Jan 5 3142 Dec 218 Nov
112 Feb
1 Jan
6854 Jan
50 .1'ne
5758 Jan 3 6712 Feb 13
109 Jan 3 11234 Feb 25 10513 Feb 111 Sep
1412 Jan
9 J'ly
612 Jan 14
5 Jan 13
8714 Nieli 112 Jan
____
___
____

12334Jan 14
12114 Feb 16
13412Jan 3
11514Jan 27
35 Jan 9
121 Jan 3
77 Jan 3
9434 Jan 21
13 Rich 2
3434 Feb 14
181 Jan 3
122 Jan 14
2712 Feb 3
83 Feb 3
10434 Jan 3
230 Jan 6
102 Jan 6
140 Feb 9

Dividend Record
Capital Surp.
Per- Last Paid.
In
Stock. Profits t In
% Bid. Ad,
1912. 1913. iod.
(00s em tiled.)

Southwest Tr & 13 $200,0 030,9 Org. J uly 5
8
427,1 -Standard Tr & Say 1,000,0
6
8
57,9
Stockmen's Tr & S
200,0
8&30
8
Union Trust Co__ 1,200,0 1,701,7
12
WestSide Tr&Say
136,0 8&2e
400,0
10
10
119,1
Woodlawn Tr & 8
200,0

'12.
Q-M
J-J
Q NI
Q-M
0-2

V. 115, p. 18. 120 123 '
Dec.31'13,13.e 163 172
Jan. '14, 3 145 150
Dec.31'13.2
Dec.31'13 3 300
Jan. 14, 234 223 228

1)ec31'13112w 1177 182
255 514re
American State_ to $200,0 $213,3
72,0 None
An Jan '14, 8 150
8
100,0
Calumet National
y20,6 Org. J an. 27 '13. V.95, p. 1585 107 iiii
200,0
Capital State___
27,1 Beg. b us.Oct 712 V. 05,p, 944 152 156
250,0
Central Nlfg Dist_
1134 Q-J Jan. '14, 3 293 294
Cont & Corn Nat_ 21,500,0 10,821,8 10
16&8y Q-J Jan. '14, 4 414 418
10
Corn Exch Nat- 3,000,0 8,467,6
300,0
Q-J Jan. '14,212m 212
6
6
145,8
Drexel State
750,0
Q-J Jan. '14, 23e 250 253
10
889,7 10
Drovers' National
200,0
63,4
8
Q-J Jan. '14, 2 179 185
8
Englewood State,,
BONDS
10,000,0 12,125,3 17
17 Q-M 1)ec.31'13,414 425 427
FirstNational
Yds
InterWeek's
Price
CHICAGO STOCK
Range
150,0
FirstNatEnglew'd
247,5 1214 10&3e Q-NI Dec31.13 512n1 350
Sold
Since
Friday
est
Range or
EXCHANGE
1,000,0
623,3
Priv ate isa nk
Foreman Bros
January 1.
period Starch 6
Last Salt
Week Ending March 6
982,9
8
Q-J Jan. '14, 2 260 265
Ft Dearborn Nat_ 2,000,0
8
123 132
200,0
Halsted St State_
y28,8 Org. N ov 23 1912
Bid
Ask Low
High No, Low
LIVDI
HibernianBk Assn 2,000,0 1,248,0 Not pu blished -cc e noto (V)
(f)
91 Feb '13
Am Tel ic Tel coil 4s__1929 J - J
Hyde lark State_
200,0
48,9 Beg. b us Aug '12. V.95, p. 273. 132 138
9278
927s
1939 J -D 927 Sale
;
"85is 12-7
Armour & Co 4348
100,0
Irving Park Nat
h12,5 Orga n. Feb '12; V. 94, p 465. 118 120
70
74
8214 AprIP12
1928
Auto Elea 1st M Sc
Kaspar State
400,0
209,8 10 10&56 J-J Jan. '14, 5 245
9618 May '12
97
Cal Gas & El unit & ref 5s 1937 SI-N
13( Q-J Jan '14, 11-4 108 111
Labo View State_
200,0
8,7
10034 10 554 1687
1927 F - A :10053 Sale 10058
Chicago City Ity Is
6 Q-M Dec.31'13, 2 275 285
Lawndalo State
200,0
y80,1
85
8514 12 8118 85711
85 Sale
Chic City & Con Rye 5s_d1927 A 12 Q-M Dec.31'13,3 255 261
649,1 101-2-6
Live Stk F,xch Nat 1,250,0
Feb'14
98
0713
9578 98
97
J
J
1914
135
95,
V
131
2
593
20'1
5s
Ity
Flay
Chicago
us.Aug
p
Mech & Trad State
59,9
200,0
Beg. h
Feb'14
93
9213 93
91
J
J
Q-J 1)ec.31 '13,2 204 200
8
Chit) Pneu Tool 1st 5e_a1921
8
Nat Ilk of Repub_ 2,000,0 1,451,2
9312 23 9612 9918
9818
Q-J Jan.'14, 134 163 160
6
1927 F - A 9813 Sale
Chicago Itys 5s
6
768,4
National City
2,000,0
57 91
93
04
92
Salo
93
I
-0
A
'14,
Jan.
Q-J
176
'A"
173
series
6
5s
Rys
6
Chic
134
118,2
250,0
National Produce
21 7804 8153
80
7978
80 Sale
Q-J Jan,'14, 15.4 158 162
7
acric.e "II" J
Chic Rya 45
7
122,7
200,0
North Ave State,,
93 Sep '13
95
94
Q-J 1Jan, '14 114 135 137
6
Chic Rya 45
series "C" F - A
6
23,8
200,0
NorthSide St Say
100 Jan '12
Q-J Jan '14, 134 185 190
7
1913 F - A
Chic Rys colt 6s
y63,6
300,0
North West State
12 67
7014
____ 71
7018
7014
Chic) fly Pr in St g 4s_e1927 y11,0 Org.N err. 27 12. V.05,11.1944 104 100
200,0
Ogden Ave State_
5212 43 45
5414
10
Q-J Jan '14, 412m 260
10
Chic Hy Adj Inc 4a_e1027 Nfayl / 5034 5212 52
133,4
500,0
People'sStk Ydseit
10118
101
4
9934
4
1003
1003
Sale
-D
J
p.1235
us
V.03
i'11
Nov
Chicago
Telephone
58_1923
b
Beg.
23,3
200,0
Second Security
9638 Deo'12. 755 Q-J Jan. '14, 2 250 258
Cicero Gas Co ref G m 1932 J - J 5 9612 98
176,7
400,0
Security
102
-55 101 102
1943 M- S 10158 Sale 10158
8&2e Q-J Jan.'14, 4m 250
8
148,0
Commonw-Edison 5s
300,0
South Chicago Say
10138
8
101
:1007
13
10118 10 10058 10114
NI135
8
114
6
Q-J
files
130
Jan.'14,
53_01943
Commonw
31,0
200,0
South Side State_
9914 10012
10012 Feb '14
Q-J Jan. '14, 3 393 399
12
Cudahy Pack lst NI 5s
1924 51-N 110012 102
State Bank of Chic 1,500,0 2,802,4 12
:105
10512
104 10512
10513
64,4 Beg. b usi.Aug 191 2 V.05, p.523 131 137
Dia Match Con deb 6a
1920
200,0
State Bank of Italy
95
Apr1I'12
98
0934
A
10
Q
15
-M
notes_1915
L
lit
350
1)ec.31'13,4
249,5
6%
Mot
250,0
Gen
Stock Yards Say_
99 July'13
6
NI-N Noy'13, 3 177 180
170,6
Int Har 3-yr 5% g notee_1915 F - A
500,0
Union Ilk of Chic_
10513 Apr11'12
eel 10&3e Q-J Jan. 14, 514m 225
27,6
Inland Steel let M g 63_1928
100,0
Washingt'nPkNat
234
2,161,1
8
Q-J
9
Oct.'13,
236
235
Light
&
Kan
Co
City
fly
Central Tr Co 01111 4,500,0
90 Oct '12
1913 11-N
407,3 10&2e 12&le J-J Jan. '14, 6 300 310
5s
500,0
Chicago City B&T
75 75 Sep' 13
Q-J Jan. '14, 134 141 143
8
1928 2-i
265,2
Lake St El-let 5s
Chicago Say B &T 1,000,0
70
Sale
77$8
7818
F
A
8
234
'14,
Jan
212
12,380,9
43_1938
Q-J
215
let
845
El
Side
W
Metr
Chicago Title &Tr 5,600,0
Feb'14
7514 7612 78
1933 J - J
496,4 8&26
Q-J Jan.'14, 2 167 170
(0)
Extension g 43
Colonial Tr & Say 1,000,0
10112
Aprie12
10478
1103
F
A
pu
bilshed
e
Not
note
65_1926
(V)
,2
1,760
Sty
g
El
1st
Sill
Lt
&
(V)
3,000,0
&
Coat& Com Tr
9412 95 Apriel2
10
Q-J Jan. '14, 214 265
10
183,3
do
ref & ext 410_1931 2-2 04
250,0
Drovers Tr & Say
8878 Feb'14
89
83
1039 J - J
Morris & Co 04s
First Trust & Say 5,000,0 3,732,0 None None Q-M Dec30'11, 4
10014 May'12
N
NI
1952
us.Apr
3'11
Si
V.92,
b
Tube
p.929
Beg.
g
Nat
1st
31,5
250,0
Ft DearbornTreeS
Jan 14
99
Q-J Jan. '14, 13e 164 idi
130,5
Nor Shore El let g 5s
1922 A - 5 091tt
300,0
Franklin Tr & Say
98 Feb'14
10
Q-J Jan. '14, 214
lst & ref g 51_1940 A - I 9314
do
343,3 10
Greenebaum Sons 1,500,0
'12
Sept
9512
A
J-J
53_1937
let
111
of
Jan.
Gas
'14
33.4
145
Sh
Nor
iio
y56,4
Tr
200,0
& 13
Guivantee
10014 July '11
1911 NINorth West El lit 4_s
Harris Tr & Say
1,500,0 2,471,7 12 12&10e Q-J Jan. '14, 71 460
100 Sep'13
NWOL & Coke Co 5s 1928 Q
88,3 Beg. b us.Apr 10'1 1.V.92,p.1004 152 155
Home Bank & Tr_
300,0
1945 SI-N 5 9434 101-7i 9514 Feb'14
Ogden Gas Is
Illinois Tr & Say_ 5,000,0 10,683,0 16&4e 16&4e g Oct. '13, 4 475 485
11512 Sept '12
7
Q-J Oct. '13, 15,
Peop Gas L & C 1st 83..„1943 1 180 185
116,2 7&24
Ken wood Tr& Say
200,0
10012 Feb'14
6
1947 NI- 8
Q-J Dee 31'13,114 177 180
Refunding gold 5s
8
Lake ViewTr&Bay
300,0
113,7
103
Chic Gas L & C let 58_1937 J - J jai" Sale 10258
106 108
LaSalleStTrdcSay 1,000,0
302,2 Beg. b us. Ma y'10
100
100
1936 J -D 5100
Consura Gas 1st 55
175 200
275,0
4,5 Org. D ec. 6 '12,
Liberty Tr & Say_
10018 Feb'14
Mutual Fuel Gas 15258 1947 M-N :tools
200,0
31,3 Org. S apt. 5 '12. V. 95, p. 593 118 119
Market Tr & Say_
ow, 9334 93t2 Feb'14
Pub Sere Co let ref g 5a.1956
Merc'ntlleTr&Say
250,0
69,3 Beg. b us..rly 1'12 V. 94, p. 4841 160 165
9178
9118
0173 Sale
1924
South Hide Eley 410
Q-J Jan. '14, 4 437 440
16
10
Merchants'L &Tr 3,000,0 7,353,1
10013
10018
1100
1914
Swift es Co let g 5s
200,0
Q-J Jan.'14, 13.4 130 135
5
73,8
Michigan Ave Tr_
coli
Lt
&
Ry
10'!
211
-City
500,0
Ap
Tr
208
us.
1.V.02,p.1004
&Bay
126,3
b
.
Tr
r;
o
C
Mid-City
9824 Aprle12
1923
8
Q-J 1)ec.31'13,2 315 322
1,500,0 2,931,9
trust lien a 1 Sa
8
Northern Tr Co
75 Dec'13
•••44
1945
8
176,7
.1-.1 Jan.'14, 5 1260 265
Union Elea (Loop) 5s
8
Nor-West Tr & 8. n250,0
May'12
100
41,40
1922
5s
120
g
8
200,0
1s1
12
y52,2
111
Gypsum
115
V.92,
&S
p.1537
tra.2'ne
b
Beg.
Old Colony Tr
Odle
102'g 9953 Dec'13
1922
500,0
eigae Q-J Jan. '14, 23.4 280 285
241,0
Western Eleo Co 58
People's Tr & Say
300,0
288,4
8
0-2 Oct. '13, 2 200 ___
8
Pullman Tr & ,9ay
oriel)
e.
Chicago
all
added
to
ram
pi
Interest
3
14,
50,4
154
Note-Accrued
200,0
152
Jan.'
Q-J
6
Sheridan Tr & Say
e.g of business) for State Institutions. t NO,
• Bid and ask prices; no sales were made on this day. t Jan. 13 (doss of business) for national banks and Jan. 14 (open Commercial
National Bank. a Due Dec. Sle
Sept. 1 1911. V Dividends not published; stock all acquired by the Continental &
price Friday; latest price this week.
13 1914 upon Increasing capital to $300,
Jan.
vote
to
nStockholders
1.
Jan.
Extra
e
Due
d
Feb.
k
dly.
extra.
New
Duo
stock. 1 4% of Ms 13
D Due June. c
are paid Q.-J. with
the additional stock to be distributed as a 20% stock dividend. V. 97, P. 1799. z Bales reported beginning April 18. e Dividends
paid
payments 0,-F. I 1)ec. 31 1913. e Ex 24% accumulated dividend. w Increase in capital to $400,000 authorised Sept. 24. a cash div. of 75% being
114 extra on old
wad
reg.
6%
Paid
e
paid.
sweetmeat
14
div.
s
ex-stook
and
lex-div.
a
dly.
ex
Includes
connection therewith. V. 97, v. 1000. 574. m
atock 01 3600,000 and 134% on new capital $1,000,000. sOot. 21 1913. y Oot. 22 1913




Chicago Bond Record

750

BOSTON STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.

Saturday
Feb 28

Monday
March 2

Tuesday
March 3

Wednesday
March 4

Thursday
March 5

Friday
March 6

Sales of
the
Week
Shares

STOCK si
BOSTON STOCii.
EXCHANGE

9718 *9658 97 •9738 9858 97
*97
9714 *97
97 *93
9618
owl 10112 *101 10112 *101 10114 *101 10112
Last Sa 10078 Feb'14
•186 -___ 18712 18712 *187 190 *____ 18712 187 18712 185 187
.8212 84
8314 8312 8238 83
82
82
82
8212 82
82
•___ 170
Last Sale 170 Feb'14
4312 44 "i5" "4-31
8 -iiE8 -41- -ii- "472-2-8 42 43
3934 42
•____ 255 •____ 255 *245 250 *240 255
Last Sal + 55 Feb'14
*7
15
7
7
*7
15
*7
15
*7
15
*I
15
•60
65 .60
65 .60
Jan'14
65
*60
65
Last Sale II
Last see. 12 Nov'13
;55" if- ;55" "if- ;55" -if- ;55" "if" Last :at 40 Feb'14
*162 164 *162 161 *162 164 *162 164
Last Sole 163 Feb'14
*10612 ____ *10612 ____ *10612 ---- 10612 10612 10634 10934 106
106
•186 ____ *188
*186 ____ *186 __
Lest Sale 200 Jan'14
8634 8634 *86
90
*8612 90
84 •____ 84
8518 8812 84
4111934 124
12012 12012 12012 12034 *120 ____ *121
____ ---- ---8712
87
87
8612 8612 87
87
874 8712 .87
.
95
96
95
95 •____ 95 •____ 95
95
95 ;lir -6i"
•1114 12
*11
12 .11
12 .1114 12
Last Sale 11 Feb'14
6112 611
62
62
6112 62
6134 62
6134 6134 61
62
67
6758 6614 6714 6538 667
6514 67
6612 6812 674 6812
•_- 110 .108 110 *106 110
109 109 .100 110
---- ---•160 165
165 165
165 165
165 165 •__ 105 •--- 165
•____ 26 •____ 26
*24
25 •20
26
Last Sale 24 Feb'14
*160 16038 *159 15914 15858 15838 1594 15918 *159 15914 *157 15714
*83
8334 *8314 84
*8334 8412 *84
8412
Last Sale 85
Jan'14
•.._ _ 130
120 120 .120 130 *120 130 .120 130 *120 130
7034 7078 708 7078 7014 7014 7012 71
71
72
7112 714
*92
93
93
93 •___ 93
93
93 .9314 94
93
9312

Railroz*ds
10 Atch Top & Santa Fe_100
100
Do pref
100
89 Boston & Albany
100
284 Boston Elevated
Boston & Lowell
100
100
1,160 Boston & Maine
Boston & 1'rovidence_100
73 Boston Suburban El Cos_
Do prof
Boston & Worc Elec C
Do pref
Chic Junc By &
Y_100
39 Do pref
Connecticut River__ _100
114 Fitchburg pref__
100
41 Ga By & Elec stmpd_100
74 Do pref
100
8 Maine Central
100
Maas Electric Cos
106
De pref stamped ..100
291
4,301 N Y N 11 & Hartford_100
3 Northern N II
100
32 Old Colony
100
Rutland, pref
100
Union
16
Pacific
100
Do prof
100
40 Vermont & Mass
100
West
End St
283
50
Do pref
58
50

543
5312 54
5312 54
5312 54
96
9512 96
9512 9534 0531 96
312
312 312
312 312 •312 334
2034 2034
21
2„P12 2012 2012 21
10512 16314 105
10112 10314 10114 10214
11114 11134
112
11114 11212 11112 112
12034 12012 12014 12038 12114 121 12138
14
*1273
15
-7618
76
76'8 -7-5- W- 7234 7514 "iiis -74 - 7314 -74
*63 ___
.03
65 .64
65
*65
65
65
*98 -_ __
.98 100
*98
9912 100 100 *-_ f6O*713
•712 8
8
*712 8
*74 8
Last Se 5
Feb'14
•15
*15
16
*15
16
16
*1512 16
16.1514 17
16
13
13
13
13
•134 1312 .1234 131
1312 1312
260 26058 260 260
261 261
26112 265
264 26484 iii- 2-lig14714 14714 147 147
14612 14714 14612 147
14612 14714 146 147
•101 101% 10133 1013s 10118 10118 10138 10112 10114 10114 10114 10112
9314 9312 93% 93% 94
94
94
9414 004 9414 94
94
93
9314 9314 9314 9314 9314 9314 9312 *94
9512 9412 9412
*216 21714 .216 21612 *216 218 *216 218
Last Sale 21634 Feb'14
.3
312 *3
312 *3
31
*3
312
Last Sale 3
Feb'14
•___ 3412 •____ 3412 *_ 341 •____ 35 •---- 35
34
34
*6812 70
*69
70 .
69
70
*6812 70 *6812 70
70 70
•25
30 *25
24
30
25
*24
30
*24
30
24
24
.67
*67
70
70
6712 671
6712 68
6712
*
13812 13812 138 13812 *13814 1381 13812 13912 i55" ii6" i5ii-2 130
15412 15412 15412 15412 15412 15412 154 15414 154 154
153 154
1812 1812 1812 1812 1812 1812 1812 1812 1838 1838 1812 1812
10712 10712 10714 10712 107 10712 10714 10712 10714 1072 .
1_0758 12
07%
12
2814 2814 28
28
*2712 2812 *2734 2814
2814 2812
• _ 28 *-- 2712 2712 2712 *____ 2712
112 4.1
114
.
138 111g .114
pa
112 -;/51.2 --ifs ;_ii*_
158
16618 167
167 167
167 16714 166 1673 16612 167
16612 167
6412 6412 5413 5412 54
5414 6414 541
5414 5414 54
5414
2814 2812 2812 2812 2838 2812 2814 201
2814 2838 284 2838
6431 6514 6414 6458 6413 6452 6412 6518 65
6514 6313 8478
110 110
10912 10912 110 11014 11018 11014 110 11012 10984 110

Miscellaneous
420 Amer Agrieul Chem_100
412 Do pref_100
330 Amer Pneu Service__ 50
85 Do prof
50
2,018 Amer Sugar Befin_100
488 Do prof
4,862 Amer Tele & Teleg_l
° 0(;
235 American'( oolen
100
2,046 Do pref
100
87 Amoskeag Manufacturing
Do prof
20
Atl Gulf & W I S S L_100
110 Do pref
100
250 East Boston Land
10
705 Edison Elec Illum
100
796 General Electric
100
122 McElwaln(WH)lst pf 100
1,016 MassachusettsGasCos100
272 Do pref
100
Morgenthaler Lino___100
Mexican Telephone__ 10
28 Mississippi Inv Pow_100
10
Do
pref
100
112 N E Cotton Varn
100
30 Do prof
100
186 N E Telephone
100
602 Pullman Co
100
272 Reece Button-Hole.._ ll,
820 Swift & Co
100
71 Torrington
25
10
25
200 Union Copper L & M 25
645 United Fruit
100
1,765 Un Shoo Mach Corp_ 25
1,737 Do prof
25
4,902 U S Steel Corp
100
264 Do pref
100

54,
4 5434 5114
9512 96
9535
*312 3
,
4 *212
*2012 21
2012
10612 10612 105
112 112
11112
12012 121
120

55
06
231
2012
105
112
12034

54
96
312
*20
105
11112
12018

Range since Jan. 1.
On basis of 100-share lots.
Lowest.

IIthest.

Range for Previous
Year 1913.
Lowest.

37 Jan 5
163 Jan 15
10434Jan 5
185 Jan 10
80 Jan 10
12032Feb 13
83 Jan 3
9078Jan 5
11 Feb 14
61 Feb 24
6514 ?deb 4
105 Jan 17
152 Jan 10
24 Feb 27
15638Jan 9
85 Jan 5
115 Jan 9
6811Jan 3
8712Jan 8

997s Jan 26
0112 Oct 10614 Jan
10138 Feb 10
9534 J'ly 10138 Feb
195 Jan 5 183 Dec 215 Jan
0112 Jan 16
82 Nov 1144 Jan
179 Feb 9 150 Dec 205 Jan
55 Jan 12
:s Dec
97 Jan
255 Jan 27 23812 Dec 290 Jan
712 Feb 13
7 Sep
1612 Oct
00 Jan 19
5712 J'ne
05 Men
5 Feb
74 Mch
40 Jan 26
2312 Dee
45 Jan
163 Jan 15 162 Sep 166 Feb
106 Mch 5 10112 J'ne 107 Mch
200 Jan 24 200 J'ly 260 Jan
93 Jan 28
68 Dec 122 Feb
12034 Feb 9 r115 Aug 126 Feb
8212 J'ly
8712 Moll 4
88 Sep
91 Dec 110 Men
98 Feb 7
1012 Dec
14 Jan 23
1938 Feb
6612 Jan 24
63 Dec
79 Feb
7773 Jan2
6534 Dec 130 Jan
112 Feb 6 100 Dec 130 Feb
165 Jan 30 150 Dec 17612 Feb
30 Jan 8
25 Aug
35 Mch
1633i Jan 31 13912 J'ne 10214 Jan
1(012 Jan
8018 J'ne
85 Jan 5
130 Feb 5 105 Dec 150 Feb
6714 Dec
8112 Feb
75 Jan 23
85 J'ly 100 Jan
9312 Mch 6

4714 Jan 2
91 Jan 3
212 Jan 27
17 Jan 2
10114 Mob 6
111 Jan 19
11718Jan 3
14 Mch 4
7234 Mch 4
60 Jan 21
93 Feb 24
5 Feb 19
15 Jan
10 Jan 20
246 Jan 3
1394Jan 3
094Jan 2
8912Jan 2
90 Jan 3
21114Jan 3
3 Jan 28
3142Jan 8
6712 Jan 19
24 Melt 3
674 Feb 9
133 Jan 3
151 Jan 7
16 Jan 7
10112Jan 3
27 Fob 24
2712Jan 7
19
1
1 ,4Jan
16213 Jan 3
53 Fob 2
28 Jan 9
5712Jan 3
10573 Jan 5

67 Jan 22
9712 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jail 16
1412 Fob 11
265 Mch 4
15012 Feb 20
102 Jan 23
9433Feb 17
9412 Mch 6
21634 Fob 27
3 Jan 28
33 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1834 Jan 22
10758 Mch 5
29 Jan 10
2912 Jail 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
6714Jan 31
11238Jan 26

96% Jan 15
9773 Jail 15
185 Men 6
8134 Feb 25
155 Jan 2
3934 Meh 6
250 Jan 5
7 Mch 2
60 Jan 19

41 Sep
21912 Dec
212 J'ne
16 Nov
9912 Dec
1084 Dee
11014 Dec
1514 Dec
74 May
59 May
9234 J'ly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
88 J'ne
209 J'ne
3 Jan
30 Nov
70 Dec
17 Apr
6378 Apr
127 Dec
149 Dec
1412 Apr
101 J'ne
26 Sep
26 Sep
34 J'ne
147 J'ne
4112 J'ne
2638 J'ne
50 J'ne
10212 J'ne

Mining
.134 178 *134 178 *134 2
1 May
2 Jan ".134 2
112Jan 2
*134 2 r
150 Adventure Con
25
1114 1%
290 290 *285 205 *290 300 .290 300 295 296
230 Nov
12 Ahmeek
2.:. 270 Jan 7 295 Fe.
• 2134 2213 2112 2134 2138 2134 2134 2212 2178 22881 211 2134 2,100 Alaska Gold
tc834 J'ne
10 2012Jan 3 2378 Jill
k
14 112 *112 134
154 Jan _., .15 May
138 138 •112 134
170 Algomah Mining___ 25
1 Jan 21
138 138 *112 1
•4134 42
*41
42
41
*4034 4112 •4114 42
41
2912 J'ne
4012 401
65 Allouez
25 3412Jan 8 434 Feb 18
7433 7478 74
74
62 J'ne
7434 7434 74
7338 74
7412 7234 431
2,450 Amalgamated Copper 100 71 Jan 9 7812 Feb 4
:1
'19
19
*19
1918 19
19
1914 1914 .1914 194 10
1514 Dec
336 Am Zinc Lead & Stn_ 25 1812 Jan 2 2138Jan 30
104
214 J'ne
61/1 54
514 52g
534 5%
534 64',
578 64
4 Jan 10 01/, Mch 4
55s 872 85,030 Arizona Commercial_ 5
*338 312 •314 312
418 Feb 2
14 J'ly
314 314
850 Buqe-Balaklava Cop 10
314 34 *314 312
314Feb 21
34 314
3534 3578 3514 3512 3514 3538 354 3512 3514 3512 35
184 J'no
3512 3,853 Butte& Sup Cop(Ltd) 10 3112Jan 8 3752 Feb 14
6713 68
6714 6734 6713 6734 6738 68
5612 .1'ne
68
6812 2604 0673 1,043 Calumet & Arizona
10 6212 Jan 10 6934 Feb 4
0430 440 *434 440 435 435 *430 435
425 43412 425 426
6 Calumet & liecla
25 410 Jan 9 460 Feb 13 38s Dec
1712 17
17
17 .17
17 .17
1712 *1634 17
10 J'ne
55 Centennial
17
17
25 14 Jan 9 19 Feb 4
4212 42
4214 4178 42
42
42
4214 42
4232 x4034 4034
450 Chino Copper
5 38 Jan 9 431.Feb 4 3014 J'ne
88
38
4'3734 3812 3712 3712 38
38
38
32 Dec
38
38
444 CopperRange Con Co 100 36 Jan 8 4034 Feb 4
38
*212 234 .212 234 *212 234 *213 234
3 Feb 6
2 Sep
Last Sale 121 Feb'l
Daly-West
21,4 Jan 6
20
12
12
12
12
12
12
1114 12
1112 12
934 J'ne
455 East Butte Cop Min_ 10 1034 Jan 5 13 Jan 26
1133 1153
634 673
612 634
6
212 Dec
7 Feb 27
6
614
03
64 612
94 614 2,340 Franklin
25
213 Jan 8
85
8512 8434 85
8434 85
Mu
5114 J'
8412 85
aey
8414 85
8334 84
1,288 Granby Consolidated_ 100 7312 Jan 9 91 Feb 4
3813 3812 38
3812 *38
39
38
38
2758 Oct
3713 38 •--- 88
210 Greene-Cananea
100 2934 Jan 3 42:12 Feb 4
.
20
2034 *1912 20 .1912 20
20
7
278.N
20
jaonv
1914 1912 1984 1914
205 Hancock Consolidated 25 16 Jan 8
*27
2812 .27
2812 *27
2812 *27
2
1
2812
1
Last Sale 2813 Feb.1
:
l 24
J
l
Iledley Gold
2 i
10 2812 Feb 16 29
•.45 .60 •.45 .50 •.45 .5
*.45 .50
25 Helvetia Copper
.35 .3. 0.45 .50
12 Jan 8
25
.35 Jan 20
•6
612
614
3 Oct
6
6
618 618 *514 6
61a Fob 20
25 Indiana Mining
*512 6
25
44 Jail 10
•46
4712 •46
4712 •46
4712 •46
4414 J'ne
4712 *46
20 Island Creek Coal
4712 46
48
1 46 MO 6 49g Jan 21
*8614 87
*8612 87 .87
874 8612 87
31
87
Do pref
871
79 J'ly
1 84 Jan 14 8712 Mch 5
2114 2112 2112 2112 2112 211 *21
16 J'ne
2112 21
825 Isle Royale Copper
2114 ;21" 2112
-25 1812.Jan 3 24 Feb 4
438 4%
434 434 *458 43
258 Jan
434 434
290 Kerr Lake
453 434 *453 434
5
412 Jan 5 5148 Jan 215
4
4
378 4
378 414
414 412
1 Aug
438 438
418 44 1,290 Reweenaw Copper
25
234 Jan 10 4% Feb 18
9
9
9
9
9
9
812 812
5 Nov
9
2Jan 16
912
68
9
Lake
9
Copper
101
Co
25
7
Jan
3
*513 512
513 514
512 513
314 Inc
5
5
5
5
821 La Salle Copper
443 Jan 2
473 5
25
62 Feb 14
.
433 434 .333 334 .333 334
318 Nov
353 353
4 Jan 16
365 Mason Valley Mines- 5
333 33s
313 314
318 Mch 6
332 31
34 334
34 312
*318 312
134 Nov
3
3
1,225 Mass Consol
•234 3
378 Feb 27
25
214 Jan 6
0 Jan 23
672 7
*74 712
714 74
5 Nov
034 634
7
7
627 Mayflower
25
614 Jan 9
2278 2273 .2231
02258 23
•2212 23
2234 23
20(4 J'no
160 Miami Copper
5 2134Jan 5 2.118 Feb 16
4
114
1
1
*114 112 .113 112
23
1./4
114 *114 11
12 Dee
114 Feb 18
317 Michigan
25
1 Jan 27
•44
4414 .4414 4434 4414 4414 *44
45
*44
38 Nov
4414 4334 4334
80 Mohawk
25 42 Jan 8 46 Jan 23
•1572 161
1573 1618 1538 16
16
16
1578 16
13 J'ne
159 NevadaConsolidated.. 5 1431 Jan 8 16% Feb 4
51/i
51/i
4
414
413 412
5f4434
412 434
4°4 434
434
Lim New Arcadian Copper 25
Mob
12 J'ne
178 Jan 14
612 658
612
612 6%
6'/, 61',
634 6
714 Nov
900 Nipissing Mines
813 Jan 22
634 6%
614 Ftb 9
5
29
29
2834 2878 2858 2834 2873 2878 2834 283
2134 J'ne
900 North Butte
2813 2834
15 2714Jan 5 3034Feb 4
33
214
2
24 214
2
2
*134 212
2
2
290 North Lake
2%Feb 4 .94) Ma,
25
134Jan 6
•112 2
*112 2
.112 2
*112 2
138 15
100 0 ibway Mining
25
4 J'Ile
2 Jan 23
.90Jan 14
414 438
4
4
4
338 4
34 31
4
372 4
1,620 Old Colony
3 Apr
25
312 Mch 6 51/,Jan 28
533 53
•5214 5212 5213 54
53
53
53
033
53
53
4114 J'ne
825 Old Dominion Co
25 50 Jan 5 64 Feb 4
*8113 83
*81
83
81 4 817' 814 8114 81
81
81
82
674 Dec
43 Osceola
25 73 Jan 14 84 Feb 4
19
1918 19
19
1878 1918 1918 1918 1918 1918 1884 19
13 J'ne
925 Pond Creek Coal
10 1812Feb 25 2073Jan 22
*65
66
64
64
64
84
64
64
6312 64
6334 6334
5214 Dec
147 Quincy
Feb
25
68
60
Jan
3
.197 2018 2014 2014 20
201
2012 20/
2014 2014 *194 193
215 Ray Consol Copper.._ 10 1734Jan 10 2038Feb 14
1514 J'ne
3912 3912 39
394 *3812 361
39
3912 33
3812 3738 3734
165 St Mary's Min Land- 25 32 Jan 3 40 Feb 25
30 Nov
2
2
0173 2
.178 2
.173 2
178 178 *134 2
105 Santa Fe Gold & Cop_ 10
214Jan 27
1 J'ne
112Jan 7
634 63
672 672
64 678
678 678
67
678
678 678
337 Shannon
712 Feb 16
5 Dee
10
6' Jan 8
2834 29
*2812 29
2838 2812 *2814 2812 2812 2812 2812 2512
475 Shattuck-Arizona
'21 Feb
10 261a Jan 8 2934 Feb 4
•.20 .2, •___
.
.2
.25
Last Sal .20 Feb'14
South Utah M & S.-- 5
.23 Feb 9
15 Aug
.20Jan 3
30
30
2912 2972 2912 2934 2934 2934 2914 294 29
29
1,255 Superior
21 Nov
25 2573 Jan 3 32 Feb 14
212 235
2,4 2.4
213 2;(4
212 234
253 253
212 212 8,005 Superior &Boston Cop 10
1%,Jan
218Jan 10 2% Jan 23
4134 43
4134 4212 4112 4138 4112 42
4012 4112 404 41
1.536 Tamarack
21 J'ne
25 2813 Jan 9 43 Feb 28
•418 412
4
414
4
4
41g 418
418 418
438 413
190 Trinity
25
4 Mch 2
3 May
512Jan 23
+.50 .60 •.50 .6
*12 .60
•.50 .60
.45 .50 1,600 Tuolumne Copper
.80Jan 31 .50 Dec
1
.45 Mch 6
4134 4134 4114 4112 4114 4114 41
41
41
4114 41
41
615 U E4 Smelt Ref & Min- 50 3838Jan 14 4312 Feb 4
34
J'ne
4812 4812 4812 4834 4812 485
4833 4858 4812 4838 4812 4812 1,236 Do pref
50 4612.Jan 9 488 Feb 6
4512 J'iy
•2
218 .2
213 •212 258
2
213
21g 21
2
2.(,
258 Feb 5
828 Utah-Apex Mining-, 5
Jan 27
lli
1-34
Mar
1112 1112 1113 1112 1112 1112 11
1112 11
11
1012 1812
366 Utah Consolidated
5
834 Jan 6 14 Feb 13
714 May
55_ 55
5434 5434 *5114 5434 .5413 55
5434 5472 *53
5312
90 Utah Copper Co
10 4912Jan 10 561s Feb 13
40 J'ne
•118 11
1
114
113 114
114 114
114 114 *312 134
510 Victoria
25
178 Feb 21 .90 J'ne
1 Mch 2
*412 473
434 434
412 412
412 452 *414 415
458 434
246 Winona
213 Jan 8
4% Feb 25
"5
34 Sep
47
47
47
*47
47
48
47
47
43
43
40
46
125 Wolverine
25 44 Jan 8 4734 Feb 2
3914 Nov
•.90 1
.34 1
..00 .99 +.95 .09 •.90 .95
.95 .09
150 Wvandett
34 Jan 22
25
11,4 Jan 24 .40 J'ne
_014 sad asked Pam. I Mamma= pall. 0 Ex-atoek dlyklead. 13 Ex-rights. a
Ex-dlylcland and rl,glita. s Unatamped. .24 paid. le halt paid.




Highest.

57 Jan
9914 Jan
412 Jan
2334 Jan
11812 Jan
11714 Feb
14012 Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
28812 Jan
18034 Jan
104 Jan
0315 Jan
9558 Mch
220 Sep
312 Feb
4114 Sep
7012 Deo
50 Apr
U11 Jan
160 Jan
10513 Jan
18 Sep
108 Mch
281 Jan
2814 Jan
2 Jan
182 Jan
5534 Feb
2812 Feb
69 Jan
111 Jan
*6 Jan
330 Jan
2438 Oct
214 Jan
4214 Jan
8038 Sep
324 Feb
612 Sep
6 Oct
46 Jan
724 Jan
555 Jan
18 Jan
4712 Jan
63 Jan
4 Jan
1518Jan
0 Jan
784 Sep
3512 Aug
25 Jan
35 Apr
34 Jan
17 Jan
59 Jan
8733 Jan
3378 Jan
4% Nov
353 Feb
2612Jan
514 Jan
10l Jan
512Jan
1514 Jan
2612 Jan
2 Apr
65 Jan
1934 Jan
212 Jan
94 mch
3412Jan
284 Jan
314 Jan
83 Jan
58 Jan
107
28,4 Jan
80 Jan
22 Jan
40 Jan
:1 ,44
II Aug
3'i Jan
31 Sep
.35 Jan
404 Jan
2438 Feb
38 Jan
6 Jan
312Jan
433 Jan
50 Jan
278 Sep
1114 Jan
60 Jan
2 Jan
443 Jan
78 Jan
11* J4*

MAR.

751

Boston Bond Record

7 1914.]

3,3
liONDS
t
BOSTON STOCK P:XCHANGE
Week Ending March 0

Price
Frtclay
March 6

Range
Since
Jan.1

Week's
Range or
Last Sale

Price
Friday
March 6

BONDS
BOSTON STOCK EXCHANGE
Week Ending March 0

Week's
Range or
Last Sale

Range
Since
Jan.1

HIV, .Vo ..n• High
Ask Low
/344
General Motors 1st 5-yr 6s_1915 A-0 1001310072 10058 10058 20 1005810053
4
1
0653 60 0434 97/
9612 Sale 9578
Gt Nor 0 B & Q col, tr 4s_11321 J -J
5 9438 9638
9638
9638 Sale 9638
1021 9-J
Registered 4s
Houston Eloc 1st s f gen 5s_1925 0 -A
-__117 Apr '08
1917 A-0
la Fails & Sioux C 1st 7s
--__ -90 02 Feb 13
1925 A-0
Han (3 Olin & Spr 1st 5s
i69; 111 11053 11052 2 10858 111
Han 0 Ft Scott & Mem 6s 1928 M-N
3 7458 7514
7514
7458
K C Ft S & M Ry ref 4s gu _1936 A-0 - - _ _ 85 Feb '14 ____ 85 85
1034 NI- S 85
lian 0 M & 13 gen 4s
76 76
1934 M-S 75 80 76 Feb '14
Assented income 5s
9634 9634
Kan C & M Ity & Br 1st 58_1920 A-0 06 100 9634 Jan '14
_
115 J.ne.08 ____
Marq Hough & Ont 1st 68_1025 A-0
0613 13 9514 9618
6613 Sale 96
1920 J -J
Mass Gas 410
5 93 9514
9514
0514
9514
Debon 4 Ms
Dec 1031 J -J
07 Aug'13
1917 J -J
Mich Telephone 1st 5s
0 Id""5E4
84
83 Sale 83
Miss River Power 1st 5s
1051 J -J
2 80 83
80
80
New Eng Cotton Yarn 56_1920 F-A
100 Feb '14 _- 9978100
New Eng Teieph Is
1015 A-0 ido
10132 14 10013 10134
1932 A -0 101 Sale 101
53
79 80
80 Jan '14
New River (The) cony 5s 1934 J -J
687s 75
76 Jan '14
N TN H As II con deb 33-18_1956 J -J
117 117
117 Feb '1
Cony deb Its
1948 J -J
10958 Jan '14 -_ 10958 1093e
Oreg Oh Line 1st g es
1922 F-A
10514 10713
------ 10613 Feb '1
Pond Creek Coal 1st 65 __ _1923 J-D
88 88
88 Jan '14
1932 F-A
Puget Sd Elec Ity 1st 5s
_
103 Jan '11
1919 J - J
Repub Valley 1st s f 6s
7014 Dec '10
Savannah Elec 1st cons 5s 1952 J -J
10012 Feb '14 __-_ fad 1001,
1930 F-A
Seattle Eiec 1st g 5s
6 02 94
94
1010 11-N 94 Sale 94
Shannon-Ariz 1st es g
07 Apr '07
1929 J -J
Terre Haute Elec g Is
10034 hich'13
1018
S
Torrington 1st g Is
_
9514 Nov'13
Union Pac lilt As Id gr g 4s_1847 J -J
00 J•ly '13 -1927 J -J
20-year cony 4s
-1/3-3-3 -56.9534 96 9512 Feb '14
1023 J -J
United Fruit gen s f 4 Ms
4 02 9514
9514
9514 Sale 06
1025 J -J
Debenture 43s
3 10073103
103
U S Steel Co 10-60-yr 5s Apr1963 1I-N 10238 103 10218
98 99
99 Feb '14
1915 F-A
West End Street Ry 4s
9978 11973
9973 Feb '14
1914 MGold 4 Ms
9858 98%
9853 Jan '14
1916 11/1-N
Gold debenture 4s
0618 Noy'13
1917 F-A
Gold 4s
9334
27
97
9018
2 Scie 96
1932 J -J -f1(31Western Teleph & Tel 5s
9338 Feb '12 ____
Wisconsin Cent 1st gen 4s_1949 J -J
11
Flat
prices.
and
asked.
bid
latest
NOT11.-Buyer pays accrued Interest In addition to the purchase price for all Boston bends. • No price Friday:
High No Low High
Ask Low
1)934 Apr '13
8812 Sale 8838 8834 11 §,Fe 10332 Alch'13
9614 12 95 991t,
0614 97 96
72 72
72 Feb '1
100 104
100 iCa" 10312 Jan '14
0313 0512
954 06 0513 Feb '14
8533 853
---- 8532Jan '14
8414 Aug'13
9478 9473
947 Jars '14
--_- _ -- 10014 Dec '13
55 -13i1-2 68
671
6712 Sale 6654
Alay'13
-- 60
8312 83'
83'2 Jan '14
10014 MEM '0
9734
104120ot '08
95 Feb .12
101"1011.
101 Feb '14
101
10414 10414
10414 Fob '14
8 82 8573
85
8412
1103 Oot '07
077 0773
9772
9773
9814 Nov 13
9514 96i.
9653 Fob '14
U8121)eo '12
-- 83 J'ly '13
98l:1 1501-4
10014 Sale low, low
2 81 84
83
82 83 83
----107 J'ne'13
_
11353 Feb '11
74 81 80 Dec '13
""ii1
92
90 92 92
_ 9712 Sop '11
85 95 95 Meh'13
10014 Atig'12
92 J'ly '13
_ ----2 78 73
78
80 73
3 0738 9993
0958
9812 Sale 9812
95 Oct 12.'
12034 ____ 12012 Feb '14 ____ 12012 12012
-----122 Nich'12

Bid

Am Agricul Chem 1st 5s___1028 A-0
Am Telop & Tel 'oil tr 4s_1029 J -J
1036 M-S
, Convertible 4s
1933
• 20-year cony 4,s
Am Writ Paper lsts f 5s g_1919 J -J
101:: NI-N
Arn Zinc L & 8 deb 8s
Ateh Top & S e gen g s 1095 A -0
ustment g 4s___July 1905 Nov
July 1095 M-N
Stamped
11355 J-1)
50-year cony 4s
1917 J -D
10-year cony 5s
Atl Ou.f & W I SS Lines 58_1059 J -J
Ms& Corb 1st cony.f 6s 1923 M-N
1035 M-N
Boston Eley 3 -yr g 4s
1916 J -J
Boston As Lowell 4s
1044 J -J
Boston & Maine 4 Ms
1942 F-A
Plain 4.
1918 J -J
Pur & Mo lily C0118 es
1951 J-1)
1Ltutte 161 & Pow 1st 53
Cedar Rap & Mo ltiv 1st 7s 19184VI-N
tent Vermt 1st g 4s__ _May 1920 Q-F
1919 A-0
B As Q Iowa Div 1st 5s
1919 A-0
, Iowa Div 1st 4s
1922 F-A
, Denver Eaten 4s
1927 M-N
Nebraska Eaten 49
1921#/1-8
B & 8 1V s f 48
1949 J -J
Illinois Div 3 Ms
J -J
58_1915
Yds
Stk
&
liy
Jet
Ohio
, Coll trust refunding g 4s..194C A-0
Ch Mllw & tit P Dub D es_1020 J -J
Ch M 81P Wis V dly 68_1020 J -J
19314VI-N
'Oh & No Mich 1st gu 5s
1921 J -D
'Chic As VI Mich gen Is
1020 J -I)
Concord & Mont cons 4s
1940 A-0
Copper Range 1st 5s
Cudahy Pack (The) lstg 6 - 1024 M-N
1926 A-0
Current River 1st Is
1946 A-0
'Dot Or Rap & NV 1st 4s
1940 M-N
*Dominion Coal 1st s r 5s
1927 VI-8
Fitchburg 48
Fremt Elk & Mo V 1st es_1033 A-0
1933 A-0
Unstamped 1st 68

Add

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Feb 28

Monday
March 2

Wednesday
March 4

Tuesday
March 3

Thursaay
March 6

Friday
March 6

Sales
of the
Week
Shares
720
328
300
30

10414 10412
11234 11234
1613 1612
58
.118 121
*2013 ____
1018 '-2-65-8 ;H- ":-: '20t ::.._ .21 ------------2
__ .54
- ---- *5412
- .5433
4 -5414
/
541
*51
27
27
2714
-- - 2618 Ws 2618 -2-6-4 2614 2612 2633
2613 -2613

105
.11012
.1614
0.---

105 105
105
112 .110 112
16
16
17
69 *____ 59

105 105 .10414
_ 112
*111
1512 -1-6.12 16
57
i____ 59

"391-2 ;53" -:iii- ;57 "g"
501e 5018 5012 5012 5013 5014
".5514 ..E31.4 T.:55- ii- "5534 lila
.4034 4114 *4034 4112
41
41
7913 7912 .7913 BO
.7912 80
1212
1212 .12
12 .12
12
23
23 .22
.22
23
*22
83
.821 1 83 .8214 83 .82
7518 7434 7434 7473 7478
075
20
20 .19
20 .19
•19
33
3312 33
*3313 3313 *33
5578
55%
55%
5534
56
55%
44 .4312 4414 4313 4812
44
2634 2672 2673 2673 2678 2672
1814
1814 .18
1818 1818 •18
82 8213.4 821,824,
82% 83
7
7
71,1'.
7
7
7
4512 4512 4473 4478 4513 4518
84. 84
8334 84
8373 84

;55-

PHILADELPHIA

Bid

10473 105
105
_
11233
16
6712 ---- ..-_

;55" ai - ;55" "-iii" ;5:.4" 16
5013 6014

5013 5013

60

------

1,031

bOls

-iiis 537i -iiit 54 "Li" W- ---245
41
4112 4073 4114 .4013 4113 1,02b
457
79
79
7934 80
7913 80
162
4 1212 •12
/
1212
1212 121
.12
100
2212
22 •22
2212 22
.22
296
82
8214
8273 8273 8215 8278
147
7458 7473
7434 75
75
75
20 .1813 1914
20 .19
.19
130
33
3312 33
3312 *33
.33
1,551
5534 591,--4 55% 56
55% 56
4313 1,060
4312 4318 4312 43
43
2,091
2673 27
2634 2672 2673 27
400
•1818 1et4 18 3 1814 .1818 1814
8234 82' 8 8213 8212 82 821, 3,070
1,005
7
6
7,1, .7
7'.4.
7
859
4484 45
45
45
45
45
8533 1,231
4 8453 8413 8512 85
/
841

Ask

PHILADELPHIA

Bonds
Inactive Stocks
Prices are all "and
Amer Gas of N J
interest"
10
American Milling
j51-t-2 Alt As L V Elec 4;48'331e-A
100
Amor Rys prof
50 4312 44 Am Gas As Elec 53 '07.,F-A
Cambria Iron
Am Rys 5s 1917_____A-0
Central Coal As Colco 100
AtlO Gas 1st s f Si '80 J-J
_
100
Preferred
lstes'21 J-J
13erg&EBrew
_
100
Consol Trac of N J
Bothloh 8'11 es 1998..1i-Ir
100
Harwood Electric
gon 58 1919 -J
Ch Ok As
50
T
13
As
Huntington
_ Con Trac of N J 1st 5s '33
50
Preferred
- 2253 Del Co Rys tr ctfs 4s•49J-J
10
Insurance Co of N A
Edison Elec 5$ 1946__A-0
50
(311em
As
Pow
Stn
Inter
Elec As Peoples Tr tr ctfs_
Kentucky 8ecurities.._100
871 2 b'r Tex & 11 1st 58 '40_J-J
Keystone Tolop, pref_ 50 -if ____ (Jon Asphalt 58 1016_M-8
Keystone Watch Case 100
Ilarw Eloc 1st Gs 1942 M-S
10
Lit Brothers
interstate 48 1943___F-A
50 -Little Schuylkill
__ Kentucky Tra&T 158'51F-A
57
50
11_
Schuyl
As
Minehill
Keystone Tel Is 1935,_J-J
55
Nat Gas Eloc Lt As 11 _100 82
Lake Sup Corp Inc 53'24 0
1(10
Preferred
Lehigh Nay 4 Ms '14_Q-J
50
Pennsylvania
North
Gen M 4 Ms g 1024_Q-F
Ponnsy receipts $30 paid_ Jai" 107 Leh V C 1st 5s g 1933_3-J
50
Pennsylvania Salt
V eat 48 1st 1948_J-D
Loh
100
Steel
Pennsylvania
Consol 13s 1023_ _J-D
100 64 "fif
Preterred
4212
Consol 4 Ms 1923___J-D
Phila Co(Pitts) 5% prf 50 4112 4412
J-D
Annuity es
6% cumulative prof 50 44
Gen coils 4s 2003__M-N
Phila German As Norris 50
50 83 ____ Leh V Tran con 48 '35 J-D
Phila Traction
181 series A 4s 1035_M-8
834
10
Railways General
1st series B 5s 1935 111-8
778 8
Tonoeali Belmont Dov 1 223
230 MaricetStEl 1st 43'55M-N
100
J
N
of
Cos
United
serB 5s '19 J-J
NatLII&P
50
prof
United Trac Pitts
Now Con Gas Is 1048_J-D
Virginia By As Power_ _100
_ N Y Ph As No 181 4s'39 J-J
100
Preferred
Income 4s 1039___M-N
Warwick Iron As Steel_ 10 1012 103-4 Penn Steel 1st Is'17_M-N
Washington-Va liy_100
People's Tr tr ctfs 48_1943
100
Preferred
,
P Co lst&coll tr 5:3'49111-8
_ _
100
Weisbach Co
Con & coil tr 5s '51 11I-N
West Jersey As Sea 811- 50 5412 6112 Phil Elec gold tr ctfs_A-0
61
5(
Coal
Westmoreland
Trust ctfs is 1940__J-J
100
Wilkes Gas As Elec
& E gen H 58 3:• '20..A-0
10-12
50
York Railway
A-0
Gen M 4s g 1910
3312
33
50
Preferrol
21f.x-dividend. I $15 paid,
- 131(1 and asked; no 3a3es on thu day.




50
20
4,219

ACTIVE STOC:‹S
(For Bonds and Inactive
Stocks see below)

Range Since Jan. 1
Lowes.

Highest

Range for Prer.ous
Year (1913)
L,west

120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2753 Apr

Philadelphia
50
American Cement
50
American Railways
50
Cambria Steel
Electric Co of America 10
Elec Storage Battery_100
100
Gen Asphalt
100
prof •
Do
Keystone Telephone_ 50
Lake Superior Corp 100
50
Loh 0 As Nay tr ctfs
50
Lehigh Valley
Lehigh Valley Transit 50
50
pref
Do
50
Pennsylvania
50
Phliadel Co (Pittsb)
Philadelphia Electil_ 25
50
Phila II T vet tr ctfs
50
Reading
1
Tonopah Mining
50
Union Traction
50
United Gas Impt

2 Feb
34912 Feb •
5352 Jan
1212 Jan
5414 Jan
421
4 Feb '
/
78 May
1312 May,
3113 Jan
9313 Jan 1,
841X4 Jan ;
2378 Melt
3712Nich
61% Jan ;
50 Jan ,
112613 Deo
2812 Jan
85% Dee
77/(4 Deo
1113 Jan
9113 Feb

3734 Jan 5
4734 Jan
11 Jan 15
4613 Jan 5
3612 Jan 0
7434 Jan 5
11 Jan 3
21 Jan 8
82 Mch 6
7432 Jan 3
1812 Jan 3
3012 Jan 3
5132 Jan 3
39 Jan 6
2572 Jan 5
18 Jan 23
82 Mch 6
6 Moll 6
4434 Mai 6
8234 Jan 5

2 Feb
3913 Feb 14 37 J'ne
5134 Jan 21 41 J ne
4 Jan 27 1114 J•ly
/
111
5512 Feb 2 4212 J'ne
4212 Fob 10 33 J'ne
82 Feb 10 7038 J'ne
934 J'ne
1312 Jan 15
2314 Jan 31 21 Deo
8434 Jan 22 81 J'ne
4 Jan 24 7058 J'ne
/
781
2052 Feb 4 1534 Jan
34 Jan 29 2912 J'ne
5734 Jan 31 53,Dec
4634 Feb 6 37 J'ne
2714 Feb 19 12012 J'ne
2012 Jan 15 18 Nov
4 Jan 23 7553 J'ne
/
861
4 J'ly
712 Jan 14
47 Jan 15 4134 Nov
86 Jan 28 8034 J'ne

BALTIMORE
Bid Ask
PHILADELPHIA
Coal As 0 Ity 1st 5s'19A-0
Ph As Read 2d 5s 1933 A-0
F-A
Er Imp 11I 4s 1947_A-0 98 "ii - oal As I Ry 1st 58'20
114 Col & Gray 1st Gs 1916 J-J
Termival 5s g 1941 (4-0'
9814 Consol Gas 55 1939__J-D
P W & 13 col tr ils '21_J-J
A-0
Gen 4s 1954
Read Trac 1st Its '33__J-J
8583
Cons G E & P 4318 '35 J-J
Roch Ry As L con 53'54J-J
Spanish-Am Ir 68 '27__J-J 1011-2 102 Consol Coal 5s 1950 J-D
_9_2_13. Fair As CI Tr 1st 5s'38 A-0
.7614 Stan'd Gas & El 63'28 J-D
Cla & Ala 1st con 5s '45 J-J
Stand 811 Wks lat5s'28 J-J
licil-2
Oa Car&N 1st .,s g '20 .7-J
LT.:
102,4
'10_J-J
58
gen
Ind
0814 U Trac
Georgia P 1st Gs 1922__J-J
Un Rys tr ctfs 4s '40 _J-J 75
0a So As Fla 1st 55 '45_J-J
United Rys by lit coil tr
0-B-S Brew 3-4s '51_M-8
M-N 764
8 f 5s 1926
Houston Oil div ctfs F-A
.2. -83 Woisbach 3 f Is 1930__J-D 8334
-_8_411Knox!" Trac 1st 58 '28 A-0
W11-13 O&E con 58 '55_J-J
Niacon.E.y&Lt 1st 58'53J-J
1937_J-D
58
1st
__ York Rys
98
Md Eiec By 1st 5s '31 A-0
1013j.__
Memphis St 1st 5s '45_J-J
BALTIMORE
5014 _--Monon V Trac Is '42 J-D
Stocks
Inactive
'for Cot Duck 1st 5s__
01 -611- Atlan Coast L (Conn)_100 251 254 Mt
NptN Ss 0 l' 1st 5s'38M-N
100
72 Canton Co
A Terml 58 '29_ M-11
&
N
4
-ig1
100
Coal
___ Consolidation
30 Nor&Port Tr 1st 5s'36 J-D
10
Georgia Sou As Fia
91 Norf By As L Is '49__M-N
100
iiEl" 1053- 1st preferred
80 North Cent 4 Ms 1925 A-0
100
2d preferred
1001 101
ii, 2
Series A Is 1926____J-J
10
GI-B-S Brewing
111
Series 13 Is 1026____J-J
Bonds
101 102
Un Trac 5s 1997__J-J
Pitt
"and
all
Prices are
138 1391
Polo Val 1st 5s 1941___J-J
interest"
9112 92
av Fla & West 58 '34 A-0
J-J 9212
halt City 3-6s 1930
A-0
eab Air L 4s 1950
As 1954-1955__-Various 071,
eab As Roan Is 192 G__J-J
NI-N 10112
Is 1918
i03- - ____
Bound 1st 5s_A-0
iMouth
AIs
98i
Potom
As
Anacostia
4
/
051
05
U El L&!'1st 41-18'29M-N
Atl O'st cony deb 48_81-N
Un By & El 1st 418 '49 M-S
Ati Coast L(COctfs 5s J-D idoJ-D
Income 4s 1949
J-J
5-20-yr 45 1925
Funding Is 1936 J-D
"
F-A
'53
-if
.its
ii"
13 8 l'& C 1st 4
-- _
Cony notes Is 1914 J-J
ii__ Bait Trac 1st 53 '29_M-N 104
Va Mid 3d ser Its '113_2,1-8
No Bait Div 5s 1242J-D 104
86
4111 ser 3-4-Cs 1921 231-8
103
____
10014 - Cent Ry cons 5s '32_114-N
5th series Is 1928 M-8
Eat As Imp Is 1932 M-8 103
00 9012
(State) 3s new '32_J-J
Va
102
J-J
58'2.;
1st
liy
City
Ohas
10213
102
Fund debt 2-3s 1091 J-J
'99MS
8112 82 Chas Ry 0 As El Is
West:i 0 con Gs 1914_J-J
4104 City As Sub 1st Is 1022 J-D ICIi3
- Wil As Weld 58 1035___J-J
,
City&Sub (Was) 1st 58'48 -__ joii
Bid

Ifi'he.n

Baltimore
Con Gas El L As Pow_100 103 Feb 14 108 Jan 26 101 J'ne
100 109 Jan 3 11234 Mch 6 101 J'ne
prof
Do
1312 Jan 3 1912 Feb 2 1212 Dec
100
Houston Oil tr ctfs
5612 Jan 7 60 Jan 19 5612 nv
ctfs_100
pref tr
Do
50 115 Jan 22 120 Jan 2 10612 Dec
Northern Central
1734 Jan 6 22 Feb 5 1413 J'ne
100
Seaboard Air Line
46 Jan 2 5513 Feb 9 4112 J'iy
100
prof
130
2412 Jan 7 2714 Mch 6 23 Jan
United By As Electric_ 50

Ask II

Bid

9812 99
95 98
88
-92
87
07
101
105
105

1;2212 Paid.

39
0818
94
8713
_-

idi
104
85
2
10312 1011104
92
861, 87
6332 6378
8734
997s
101
102
1021g

_cw3;

$1734 Paid.

Ask

92 91
98 100
10212 103
105
94 9414
94 9412
8812
10034 _
104
10313
10634
10353
3414 3424
78 79
10112

100
105

752

THE CHRONICLE

[VOL. xcvnx.

Volume of Business at Stock Exchanges

telegraph and Telephone
e Amer Tele; & Cable
100
e Central & South Amer_100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Comml Un Tel (N Y)___25
Etsplre & Bay State Te1.100
DAILY. WEEKLY AND YEARLY.
Franklin
100
e Gold & Stock Teleg
100
Stocks.
Railroad,
e Mackay '09-See Stk Ex
Week ending
Slate
U. S.
e Northwestern Teleg----50
March 6 1014.
Shares.
Pa
,Value.
Bonds.
Bonds.
Bonds.
Pacific & Atlantic
25
e Pac Tele')& Teieg pref_100
0 -- -- 75
Saturday
165,955 $14,786,550 $1,796,000
Southern & Atlantic
$22,000
25 80
95 Bliss(E W)Co coin
50 83
86
Monday
98,131
8,611,6001
1,692,000
Short 'I erm Notes
41,000
Preferred)
2
1,
25
2
Tuesday
124,137 11,123,325
Antal Copper Is 1915__M
2,461,500
10038 10058 Bond & Mtge Guar
144,000
100
5° 2
18
15
5
Wednesday
202,283 18,355,425
2,677,000
133,500
23,000 Amer Locomotive 5s 1915 J-J 9978 10014 Borden's Conti Milk com.100 115
116
Thursday
325,264 30,192,300
2,494,500
210,500
bs 1916
6,000
J-J 9934 10012
Preferred/..
(/1
, 54 109
1,4
405,841 37,253,3001
Friday
3,302,500
160,000
bs 1917
8,500
J-J 9912 10012 British Col Copper Co___1?5°
Bait° & Ohio 55 1914
J-J 10038 10012 Brown Shoe cons
0
5
5
2
4
97
3
0
Total
1,321,611 $120,322,500! $14,423,500
S711,000 $17,500 Bklyn Rap Tr-See NY Stk Ex list.
Preferred
1(10
•
Ches & Ohio 4 Sis 1914 J-D 1
0 4 Butterick Co
10
1
00 0
01
ChicElev Itys .5s 1914
Sales at
J -J 97
98 Casualty Co of America_10 10
Week ending March 6.
20
Jan. 1 to March 6
714 115
274
Erie Coll 5sOct 1 1914_A-0 10018 10038 !Celluloid Co
New York Stock
100 130 132
Coll
53
April
Exchange.
1
1007
1915__A-0
9912
8
!City
1914.
Investing Co
1914.
1913.
28
1913.
33
512s Oct 1917
9i,007
9
1,003;11x1
2 1:O
A-0 6:9
tto),(
0
713::22
70
2
100 0
70 10
Stocks-No.shares__
1,321,611
1,683,431
le Ciraflinr(
17,464,610
reH B) Co corn__1
17,190,036 Gen'l Motors Os'15-See NY
100
$120,322,500 2148,567,050 $1,543,270,805 $1,575,670,000 Hocking Valley 4 Y,s'14 M-N
Par value
sr 1ste pre
dferred
100 80
86
Bank shares, par
$5,300
e 2d preferred
5189,700
80
85
$25,000 Ill Cent 43-is 1914____J-J
Int & Gt Nor Is 1914 F-A
Bonds.
ICluett, Peabody & Co-See StkEx list •
Government bonds- _$17,500
$7,000
$106,500
70
$285,500 Inter Harvester Is '15_F-A 10014 10012 Consol Car Heating---_100 68
State bonds
711,000
294,500
Continental Can com__100 34
14,009,500
38
4,087,500 K C lty & Lt 6s 1912_111-S / 87
RR. and misc. bonds. 14,423,500 11,128,000
Preferred
158,158,000
100 88
109,667,000 Lake Sh & Mich So 4125.'14 100 1551-4
91
(
9
112 vo4 e Crucible Steel corn_ _ _ _ 1sg
Mum & St L g 6s 1016_ _
1612 1634
Totalbonds
$15,152,000 211,429,500
__
e Preferred
$172,274,000
9434
$114,040,000 Mo Man & Tex Is 1915_Sl-N
Missouri Pacific Is 1914...1-D 97 073i Davis-Daly Copper Co._.10 -•17-8 2
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
eN YC Lines ISO Is 1913-22 b 4.65 4.40 duPont(EI) de Nem Pow 100 132 134
EXCHANGES.
4Sis Jan 1914-1925-1-J b 4.65 4.40
e Preferred
100 8712 88
43-is Jan 1914-1027___J-J b 4.65 4.40 Emerson-Brantingham_100 20
28
N Y Cent 4125 1915
9912 10018
Boston,
75
70
Philadelphia.
Preferred
100
Is Apr 21 1914 ____A-021 10018 10038 Empire Steel
Week ending
& Iron cons 100 _ ___ 13
St
L
&
S
Is
1913
opt_J-D
March 6 1914.
Listed Unlisted
----Bond
Listed
Unlisted
Preferred
Bond
20
27
100
Os
Sept
1 1914 opt
Shares. Shares.
M-S -6 General Chemical cem_100
Sales.
Shares. Shares.
Sales.
178
Seaboard Air L lty5s'16 M-S 9912 ido-e Preferred
100 158-1-2 10911
Saturday
6,645
3,208
$25,800
2,150
13,713
$42,900 South Pac Co 53 J'ne 15 1914 10014 10012 Goldfield Consol M
17s
Southern
Ry Is 1916_ F-A 100 10018 k Hackensack Water
Monday
6,689
8,960
28,000
1,383
1,939
34,900
Co5s Mch 2 1917
Tuesday
9,866
14,379
M-S2
48,500
2,361
1,177
22,600
84
86
West
Maryland
Wednesday
12,237
1915_JIs
19,486
J
77,800
6,733
4,179
98,100
o 30
35
10,041
Thursday
1st preferred
10,776
55,000
4,804
3,858
61,475 WestIngh'se El & M 65 1915 10114 10112
100 80
90
b% notes Oct'17 See N Y Stk L x list
Friday
8.028
9,153
28 preferred
46,100
4,145
13,246
86,800
100
Railroads
Havana Tobacco Co___180 813
Total
100
53,506
65,962 $281,200
21,576
38,1121 2348,775 • Chic & Alton corn
e Preferred
100
e Ma St P 7th & Orn-.100 125 130
Hecker-Jones-Jewell Milling
I Preferred
1st Os 1922
100 135 150
M-S 99 101
• Colo & South corn
25
Herring-Hall-Marvin -100
100 23
5
15 •
e let preferred
54
56
Hoboken Land Ss Improve't
100
All bond prices are now "and interest" except whore marl:ed 'I"
•2d preferred
100 40
48
1st Is Nov 1930
M-N 100
Dul
S
&
All
com
Hocking
4
100
6
Val
Products...
11)
Street Railways-(Con )
-3 3112 411
Bid Ask
e Preferred
9
1
100
12
g Is 1961st
Street Railways
Bid Ask United Lt & Rya cora___100 81
83
N Y Chic & St L com 100 36
39 e Ingersoll-Rand com....100 120
let preferred
100 7712 7812
e 1st preferred
100
Preferred
92
e
New York City
92
100
2d preferred
--- i
100 74
76
•2,1 preferred
100 53
85 Intercontin Rub com_100 _712 81s
Bleeck St & Ful Fy stk_100 23
28 United Rys of St LNorthern Securities Stubs.... 103 105
Intermit Banking Co___100 19
let mtge 45 1960
68
75
05 100
Common
6 .:
12
100
Pitts
Bess
ds
Lake
.23
Erie-50
30
Internation
B'y ds 7th Ave stk
Nickel___
al
7
100 173 182
_M 11012 11 11
e Preferred
100 -53
-- 3812
Preferred
5812 8 12
50 .
2d mtge Is 1914
Preferred
J-J 9934 10012 Wash Ry & El Co
100 87
88
0
e Railroad Securities CoBroadway Surface KR'International Salt
100
3
4
Preferred
100 87
88
in C stk tr etfs Ser A
75
lit Is 1924
80 ! 1st g Is 1051
52
A-Of 50
J-J 100 10212
4s 1951
J-D 827a 83,4 West Pee 1st
Is 1933__M-S pals
Cent Crosstown stock_100
1Inticertntiti,
10 West Penn Tr&WatPow 100
1 Silver pref_100 115 125
)m118
2014
Standard Oil Stocks
1st tutge Cs 1922____M-N 90
share
j_D 100 110
Preferred
100 62
67
Anglo-American 011 new
•17
Christopher & 10th St stk100 120 i5i- Electric, Gas & Power Cos
1718 Internat Smelt & Refg-100 106 110 ,
Atlantic
Refining
Dry Dock E B & 13att100 700 710
Kelly Springfield Tiro _100 57
60 i
New York City
Borne-Serymser Co
, 1st gold Is 1932
100 300 310
J-D 9912 10112 Cent Un Gas Is 1927
Preferred
100 130 140 ,
J-J 102 104
Buckeye Pipe Line Co___50 .156 158
Scrip Is 1914
FA / 30
35 *Kings Co El L & P Co_100 120 121
80
Debenture 4s 1951___A-0 1 77
Chesebroug
h Mfg Cons_100 670 680 ,Lanston Monotype
Eighth Avenue stock-100 280 310 New Amsterdam Gas100 8312 85
Colonial 011
100 118 123 ,Lawyers' Mtge Co
Scrip 6s 1914
F-A / 99 10012
1st nonsol Is 1948
100 105 200 \
J-J 101 103
Continental Oil
100 258 262
Lehigh Val Coal Sales _50 185 195 1
42d & Or St Fy stoek
100 240 280 N 1 & E R Gas 1st 5s'44 J-J 102 104
Crescent
Pipe
Line Co...I0 .
55
'112d St M & St N Ave
60 'Manhattan Shirt
CODBOi Is 1945
60 I
-100 45
J-J
Cumberland Pipe Line_ 100 55
60
lat 6s ext at 5% to'40.111-S
Preferred
N Y ds Q Et L & Pow Co-100
100 98 103121
1(
51,12 Eureka Pipe Line Co_100
300 310
!Ninth Avenue stock
Manhattan Transit
Preferred
100 150 170
.1
11e 1
'
100 70
10
80
175
Galena185
Signal 011 corn..100
Second Avenue stock-100 _ _ _ _
Mortgage Bond Co
3 N Y & Richmond Gas...100 25
100 07 102)
35
Preferred
100 135 140 6 National Surety
Consol Is 1048 etfs_F-A
25 North'n Un 1st Is 1927_M-N 9912 102
20
100 190 200 ,
Indiana Pipe Line Co... 10 .112
1 135
i
g3ixth Avenue stock. .100 113 116 Standard G L 1st bs '30 Pfi-N 101
8
Ngeyee
o0
; DockB
Air reaekin
65
e __ __ 10
0
,
0 60
105
National Transit Co
25
1Sou I3oulev Is 1945
J-J 8912 100
Other CUies.
5
20
New York Transit Co_ 100
410 For 1st 511 1919
98 Am Gas & Elea corn.._. 50 *82
A-0 90
100 2134 • 42
88
Northern
Pipe
Line
Co__100
Tarry WP & 1%1 Is '28_M-S / 75
80
Preferred
100
50 .48
165
49
Ohio
Oil Co
25 .165 170
:
N Y Title
38 & 29th Sts Is '06 Ws A-0 1 7
e.
!
i roe
eIii Co
16 Am Lt & Tree cons
100
Pierce 011 Corp
!Twenty-third St stock__100 240 280
Preferred
13
06
100 3
512 3
10
57
813 Prairie Oil & Gas
100 '1
es'
13
(
561 1W) gilY
'Union fly let Is 1942 F-A 101 ____ Amer Power as Lt com_100
(9)
or tt
774
i m..._2 721
Solar
9214
Refining
100 3
210 380 Ohio Copper Co
; Westchester 1st Is '43_J-J 00
93
Preferred
72
100 8
1
10
8
*14
72
3
13
Southern Pipe Line Co. 100 32 238 e Ontario Silver
Yonkers St RR Is 1046_ A-0 92 100 Bay State Gas
1
(
0
)
*38
72
612 3 .,
12
50
South
Penn
Oil
Elevator
100
l
e
r
Otl,
) 10
5g
1:
Firre
5
7
Buffalo City Gas stock. 100
COM
77'
Sou West Pa Pipe Lines_100
Brooklyn
Cities Service Co com
5
100 93
97
31' Standard Oil (California)100 310 342
Allan Ave RR con 59'31A-0 10112 103
e Pettibone-Mulilken Co 110
Preferred
00 9
27
6 ?)
219
Stand 011 (Indiana)
e 1st preferred
BB& W E bs 1033
97 Columbia Gas & Else...100 75
100 555 565
A-0 94
100 91
12
09 ‘)
78
1233 Standard 011(Kansas) 100
PittsburghBrewing
Brooklyn City RR
L2(
)
0
1st Is 1927
10 168 172
50 *1018 1014
76
0 10
J-J 9
70
212 Stand 011 of Kentucky..100
:":8305Preferred
Bklyn Hgts 1st Is 1041-A-0 101 10212 Con Gies of NJ Is 1036 J-J
50 *2512 26
Stand 011 of Nebraska _100 445 455 e Pittsburgh Steel prel_100
Coney Rd& Bklyn
100 90 100 Consumers' L II & Fow0114 tests
Stand Oil of N J (old) 100 1350 _
Pope Mfg Co corn
let cons g 4s 1948
84
100
ls 1938
J-J 82
1
3
J-D
Stand
Oil
of
N
J
Preferred
100
410
407
Con g 4s 1955
100 12
83 Consumers Power (Minn)
78
J-J
14
Standard
011
subsidiarie
s__ *950
l'ratt & Whitney pref.
Brk C & N bs 1939____J-J 98 100
100
1st Se ref Is'29 opt'14M-N
104
12
Standard 011 of N Y
100 210
Nassau Dec 1st Is 1944 A-0 101 10312 Denver G & El Is 1949_iYI-N
i;i" Producers Oil
Standard 011 of Ohio...100 425
Realty Assoc (I3klyn)_100
N Wmsburgh & Flatbush100 10t
50
5
) 1Electric Bond Share pref 100
.4
l2 - '
Swan de Finch
100 230 250 IterniugtonTypewt'r comV10
1st 4)0 July 1941___F-A 92
95 Elizabeth Gas Lt Co..._100 3
0 27
30
1°
8
9
2
93389
5
804
739 :
i:
Union Tank Line Co
9
4
002
100
Steinway 1s. 6s 1922___J-J 99 103 Essex & Hudson Gas
preferred
94
1st
98
95
100
100 131
- Vacuum Oil
100
'2,1
preferred
96
216
212
94
10()
Gas es El Bergen Co.......100 90
93
Washington Oil
63
10 •60
ItcglfeBra
Other Cities.
rekdPowd COM.--1g 183 188
Get ei est Pow
14
Waters-Pierce Oil
Buff St Ity let con Is '31F-A 100 103 Hudson CountyIs 1946._ ,-.1
100 3800 ._ _
10612 1071s
Gas......1,0
Tobacco Stocks
Com'w'ith Pow Ry & L.100 5812 59 Indiana Lighting Co
Safety Car Heat & Lt_100 110 111
100
(See
also
Stock
Exchange
List)
Sears,Itoebuck&Co--SeeN Y Stk E x list
Preferred
8012
4s 1958 opt
100 80
F-A
71
7212 Amer Cigar com
100 143 148
e Conn fly & Ltg com
e Preferred-See Chic Stk Ex Its t.
100 63 66 Indianapolis Gas
60 100
Preferred
100 97 100 Singer Mfg Co
•Preferred
75
1st g Is 1052
100 66
345
A-0
Amer Machine & Idy_100
'Detroit United Ity
75 Jackson Gas Is g 1037 A-0 9
6
2,3
,Staptrie
d irierr,r1(
eiioupler coin__
100 70
88
7
12
100
°
°
British-American Tobac_il
federal Light & Trim...100 22
lE I
24 eLaclede Gas L(St Louis)100 07 101
New
stock
Preferred
pref_____
Stern
Bros
.2314
2312
____
_100
e Preferred
72
100 70
100
Conley Foil
100
/Havana Elea fly L & P 100 8212 86 Madison Gas tis 1926-A-0 1°
05 iod
05
0
I Helm° ((leo W) com_100
e Preferred
21140
acalcflifeicLa
1) l
'
e'
etxeaxsattPp
i lir..1
Cio
10
10
97 Narragan (Prov) El Co 50 *9212 108
11 93 102
100 04
96
e Preferred
100 110 1
• Loulsv St 5s 1930
Stk E x list
J-1 10234 10314 Newark Gas 6s Apr '44..Q-J
Johnson
TIn
FollitsMetal
100 170 1413 Prenn
New Ori Rys & Lt com.100
°tPo
"
an PloitatTrric
es
v)
e!_hl(lIi)
c-o8m
Newark Consol Gas
312 6
100
MacAndrews & Forbes_ 100 180 190
e Preferred
Preferred now
100 382
65 No Hud L H & P bs 1038A-0
55
Porto-Rican-Amer Tob.100
IN Y State Rys com
100 68
72 Pacific Gas & E corn.... 100 14
15
2
8
3
913
°
2'12
4
459Reynolds
331(It
4
2
J) Tobacco..100
eNor Ohio Tr & Lt com -100 62
ItZY
100
18
63
Preferred
as
100 87 _8712 Tobacco Products corn..100
Pub Serv Cyrp of N J-See Stk E x list Pat & Pas Gas & Elec-100 90
Preferred
100 150
6
100 82
Preferred
10
Tr etts 6% perpetual__ 10412 105 St Joseph Gas Is 1937._J-J
e United
83
e
Y Goods...18g
7
93
e
United
Cigar
Mfrs coin 100 48
No Jer St 1st 4s 1948 M-N
Preferredir
g012
8012 Standard Gas & El (Del) 50 es
80
9
e Preferred
.100 98114
Cons Tract of N J
II 3 Casualty eere
2 102
100 190 200
100 7312 7412
Preferred
87
60 *2
812 13.
281-2 United Cigar Stores com.100
1st Is 1933
o pe
J-D 10312 10414 United Electrie of N Jenevrreeld
100 19
irp US E
39
372 14
04
113 ,
Preferred
100
New'k Pass Ry Is '30-J-J 10412... 1st g 45 1949
100 10212 1044 •
J-D 82
8212 • Weyman-Bruton Co....100
Rapid Tran St Ry
U 3 Express----------100
ig 300
100 230
United Gas & Elea Corp-100
1
6
30
7
70 '
I
Preferred
100
1st Is 1921
Finishing
115 120
U E3
100
APreferred
.
100 76
78
0
10
13
Young (J Si) Co
100 140 150
J C Hob & Pat 45'49 M-N
Preferred
7834 7912 Utah Securities Corp
100
Industrial&Sliscellaneous
So J Gas El & Trac
1st g Is 1919
100 125 130
6% notes Sep 15'221sIdeS15
J-J 90
95
I
Adams
Express
100
Gu g Is 1953
103
81-S 99 100 Western Power corn.....100 6
10
2
38414
0
9
1:
26
85
3
222
:
212
Col tr g 4s 1947
J-D / 7812 17812
No Ilud Co fly 551928 J-1 102 104
Preferred
100
1
33
Alliance Realty
100 8.8
Est Is 1924
92
4 Preferred
81-N 06 ___ Western States Gas & El100 .2
88
Amer Bank Note cora----60'
Pat fly con 6s 1931-1-D 110 _- 1st & ref g Is 1941 op_J-D 85
T
. 1
5 12 1.1 ,:Siteeell5C
eozrori,
at5
lone
r)
88
Preferred
21 Cs 1914 opt___ _A-0 100Ferry Companies
50
1
1911
113
American Book
100 160 170
Republic fly & Light-100 1812 -1-5Col s I be Apr 1051 not opt 113
34 NY&ER Ferry stock 100 10
18
American Brass
100 139 144
Preferred
015 Tit Gu & Indem____100-- __
100 7412 76
1st Is 1922
M-14 44
52
American Chicle corn
Tennessee fly L&P com-100 15
100 207 210 e Virginia Iron C & C__ _100
16 N Y & Bob be May '48.-J-D 99 101
45
55
Preferred
100 101 103 e Wells Fargo & Co
Preferred
68t2
100 67
Bob Fy 1st Is 1946_ 81-N 100
100 85
90
e American Express
Toledo Tract L & P
100 104 10812 Westchester & Bronx Title
100
9
1212 N Y & N J Is 1946
J-J
96
Am
Graphophone com-100
Preferred
100
& Mtge Guar
60 10th & 23d Ste Ferry
165
100
100
Preferred
Trent P & 11 Is 1943___J-D 90 100
100
e Westingh's
let mtge Is 1919
J-D 4
15
°
2
55
0
American Hardware__ --100 liir 130- Willys-Ove e Air Brake_60 .130 iiIii
Union Ferry stock
riand corn_100 66
63
100 30
31
Amer Malting Ss 1914-J-D 9954 10034
Preferred
lit be 1920
100 92
M-N 07 100
95
Amer Press Assoc'n
100 40
45
Worthington(FIR)Co pLiOO 56
85 \
.Per share. a And accrued dividend. b Basis. t Listed on
Stock Exchange but usually inactive.
subs.diarles. 8 Ex-div.
r Flat price. 4 NOC111114!. 3 Sale price.
Ex-r-ghta. r includes al, new stock dividends
II
New
1
.
.00k.
102"
and subscriptions. I Lists! Oa Stock
sny • veil. be found oa a prsee ling page. k Ex-300% stoat.
(exchange but I nfresuantly deslt 11i tesord of salaki
dividend
for FRASER

i0 .1,,
2 1) 9814, idtoctlf11111)2„rogi:02........10,

12.2 N

Inactive and Unlisted Securities

k

1

Digitized


92

Inn..,.24_1(.1°,63 (11 ,

Prefer edi
17t VASecurity___100

43
To)

ilf

-

;1613 fl8 'IirnIwtedproepc

mg ''

v

.anIgndIuse !ingh.,_...t3t p ::

'753

THE CHRONICLE

MAR.. 7 1914.1

investment and

Atailroad Intelligence

RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,but covers some other
.period. The returns o/ the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Current
Year.

Previous
Year.

s
s
s
Ala N 0& Tex Pac68,000 2,496,140 2.330,217
86,000
N 0 & Nor East.. 1st wk Feb
30,000 1,184.063 1.149,873
30,000
Ala & Vicksburg_ 1st wk Feb
26.000 1,141,271 1,058,869
31,000
Vicks Shrev&Pac 1st wk Feb
40,032 1,495,010 1,449,943
34,066
Ann Arbor
2d wk Feb
A.tch Topeka & S Fe January __ 8,541,419 9,698,890 66,447,695 70,027,249
2,120,577 1,932,113
Atlanta Birm & Atl January ..- 288,593 262,234 20,659,423
20,233,580
Atlantic Coast Line January -- 3.205,586 3.255,137
Chariest & W Car January __ 179,074 153,819 1,250,646 1,097,436
731,471
815,624
93,598
Lou Fiend & St L January __ 110,545
g Baltimore & Ohio_ January _ 7,296,161 8.404,005 59.950,125 60,853,343
1,020,944 1,082,246
B &0Ch Ter RR January __ 110,540 131,409 2,097,964
1,809,533
Bangor & Aroostook January __ 315,647 213,091
Bessemer & L Erie. January __ 341,734 464,316 5,629,323 5,495,180
695,230
727,064
92,455 113,142
Birmingham South_ January .._
January __ 3,436,819 3,775,126 28,856,967 29,389,405
Boston & Maine
7,386,596
Buff Roch & Pitts._ 4th wk Feb 228,742 225,116 7,736,098
1,237,812
Buffalo & Bugg.... December_ 191,908 196,003 1,226,633 15,151,700
Canadian Northern 4th wk Feb 372.200 409,500 16,260,400
Canadian Pacific.._.. 4th wk Feb 2,084.000 2,617,000 90,567.378 .92731,798
Central of Georgia.. January - 1.184,874 1,147,210 8,781,966 8,472,583
Central of New Jers Decembet7_ 2,955,153 3,024,915 16,695,570 17,075,910
Dent New England.. January __ 288,932 305,531 2.441,075 2,225,952
Central Vermont.... December.. 313,720 326,332 2,155,968 2,188,349
Mies & Ohio Lines.. 4th wk Feb 643,908 833,925 24,211,460 23,822,176
Chicago & Alton.. _ 3d wk Feb 231,565 269,866 9,672,050 10,323,970
Chic 13url & Quincy January __ 7,011,262 7,623,161 58,075,346 58,336,846
f Chic & East Ill.__ December- 1,297,045 1,358.021 8,450.841 8,404,080
D Chic Great West_ 4th wk Feb 208,334 233,333 9,658,161 9,455,444
Chic Ind & Lolls's,- 4th wk Feb 104,828 115,117 4.661,777 4.657,595
Chic Milw & St P_1 January __ 6,912,067 7,283.152 56,259,772 57,785,910
Chic Mil & Pug8f
;Chic & North West January __ 6,336,132 6,485,191 52,754,198 52,140,506
;Ohio St Paul M &0 January __ 1,485,219 1,354,682 11,270,175 10,629,784
Chic Terre H & 8 E January __ 176,866 166.120 1.321,769 1,200,063
Din Ham & Dayton January __ 704,513 769,883 6,123,111 6,339,218
Colorado Midland_ January
138,630 137,142 1,139,113 1,252,622
Colo & Southern 4th wk Fefi 234.436 312,868 9.344.789 10,442,704
141,907
110,484
20.143
January __
Cornwall
13,299
207,429
167,291
33,438
Cornwall& Lebanon December.
25,083
Cuba Railroad_
January __ 478,179 460,323 2,851,754 2,409,274
Delaware & Hudson December. 1,812,125 1,994,287 12,404.74112,308,060
Del Lack & West January __ 2,808,914 3,342,867 24,321,317 24,589,166
Deny & Rio Grande 4th wk Feb 379,300 422,000 18,270,409 17,014,209
Western Pacific.... 4th wk Feb 102,700 105,800 4,246,132 4,131,020
16,167
788,930
791,820
22,250
Denver & Salt Lake 3d wk Feb
837,597
920,327
140,753 153,747
Detroit Tol & Iront December
22,175
783,259
802,371
25.354
Detroit & Mackinac 4th wk Feb
Dul & Iron Range.... January, _ 114,808 110,221 4,853,801 4,847.008
59,137 2,183,984 2,102,008
51.954
Duluth So Sh & Atl 2d wk Feb
Elgin Joliet & East_ January _ 778,128 1,091,445 7.073,259 7,739.183
El Paso & Sou West January __ 807,008 767,082 5.173,088 4,987,998
January __ 4.430,432 4,908,732 36,974,890 37,054,701
Erie
Florida East Coast.. January __ 528,065 520,149 2,569,746 2,419,685
590,338
74,185
591,527
71,803
Fonda Johns & Glov January Georgia Railroad... December.. 299,298 277,495 1,759,841 1,555,685
98.600 4,803,986
68,914
3rand Trunk Pac 2d wk Feb
arand Trunk Syst. 4th wk Feb 948,664 1,084,033 36,730,532 36,546,703
Grand Trk West- 2d wk Feb 114,996 122.398 4,509,954 4,581,987
38,971 1,615,198 1,589,949
38,299
Det Or Ilav Si M 2d wk Feb
41,561 1,472,194 1,524,667
41,182
Canada Atlantic.. 2d wk Feb
Great North System January __ 4,243,530 4,590,482 49,235,052 48,701,210
3ulf Si Ship Island_ January __ 170,177 197,524 1,244,290 1,204,935
locking Valley...-. December. 674,411 604,024 4,282,599 4,180,894
illinois Central_ __ _ January _ 5.395,352 5.380,607 40,052,869 38,794,248
bsternat & Gt Nor.. 4th wk Feb 195,000 261,000 7,177,182 8,175,717
I Interoceanie Mex_ 4th wk Feb 237.497 228,578 6.391,179 5,839,393
[Kanawha Si Mich.- January __ 215,416 266,162 1,967,096 1,967,473
Kansas City Sou.... January __ 929,329 893.765 6,373,084 6,404.485
176,193 138,541 1.141,117 1,050,030
Lehigh & New Eng_ January _
January - 2,721,286 3,396,614 23,957,908 25,939,293
Lehigh Valley
874.175
831,667
Louisiana & Arkan_ December. 142,513 149,774
t Loulsv Si Nashv 3d wk Feb 1,119,075 1,229,150 39.898,359 38,722.093
13,112
93,959
98,839
11,507
Macon Si Birm'ham January __
816,252
8,950,140
6,729,070
004,947
January
Maine Central
288,276
38,643
264,050
40,238
Maryland Si Penna. December
8 Mexican Railways 2d wk Feb 218,900 139,300 6,118.700 5.378,100
228,765
533,687
12,942
9,665
Mineral Range- 2d wk Feb
Minn Si St Louls..-1 4th wk Feb 152,879 145,393 6,546,958 6,739,972
i
Iowa Central__
19.964,640 21,202,881
Mims St P & SS M.3d wk Feb 502,127 515,002
613,627
818,984
84,263 105,086
Mississippi Central_ January __
718,797
22,425,024
22,700,995
583,097
Feb
A Mo Han & Texas.. 4th wk
;Missouri Pacific... 4th wk Feb 1,055,000 1.279.000 41,166,389 42,653,856
gashv Chatt Si St L January - 1,101.252 1,139.168 7.625,294 7,769,687
42,231,348
s Nat Rys of Mex._ 4th wk Feb 1,045,883 1.173.426 23,479,536
242.318
278,120
5,888
5.533
gevada-Cal-Oregon 3d wk Feb
158,918
.
1,134,769
154,697
.
January
Nor_
Great
Ori
New
tN Y 0& Hud Riv.. January --_ 7,119,051 7.719.510 68.161,118 66,945,224
Boston Si Albany January __ 1.240.173 1,327.413 10,232,070 10,105,859
Lake Shore & M S January -- 3.974.396 4.879,092 32,881.961 34.116,789
n Lake Erie & W. January __ 433,805 478,779 3.492,192 3,664,848
Chic Ind & South January -- 855,593 397.109 2,620,616 2,607,136
' Michigan Central January __ 2.544,142 2,901,385 20,850,890 20,575.745
Clay 0 C Si St Ll January __ 2,709,338 3,019.105 22.328,111 22,961.947
Peoria & Easterni
898,748
928,215
96,857
, Cincinnati North. January - 106,540
Pitts & Lake Erie January .... 1,119.014 1,602.254 10.768,105 11.693,936
, NY Chic & St L.. January -- 968,046 1,117,675 7,185,869 7,616,640
' Tol Si Ohio Cont.. January .... 378;780 423,708 3,656,249 3,367,671
Tot all lines above January __ 20948878 23962887 174113497 176776097

July 1 to Latest Date

Latest Gross Earnings.

July 1 to Latest Date.

Previous
Year.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

%

s

Current
Year.

Previous
Year.

5

s

Current
Year.

Previous
Year.

NO Mobile & Chic_ December
203,454 241.300 1,152,396 1,280,776
N Y N H & Hartf__ January __ 4,867,114 5,443,498 39,989,993 41,323.675
NY Ont & West___ January __ 641.707 709,125 5,534,446 5,755,486
N Y Susq & West__ January__ 346,944 324.343 2,331,175 2,184,185
Norfolk Southern__ December _ 320,902 299,381 1,853,611 1.763,323
Norfolk & Western.. January __ 3.404,602 3,823,572 28,818,367 25,962,50$
Northern Pacific_ _ January __ 4.452,915 5.234,317 43,498.789 44,956,055
Northwestern PaC.. January __ 199,545 216,329 2,295,651 2.266,749
Pacific Coast Co___ December _ 543.534 582,940 4.066,957 4.247,373
Pennsylvania RR__ January __ 13589688 14691689 109737091 107269171
Bait Ches Si Atl__ January __
234.278
204,179
17,098
14,345
Cumberland Vail. January __ 271,489 280.201 2.081,432 2.037.257
Long Island
January __ 782.777 727,522 7,614,220 6,996.111
Maryrd Del & Va January __
101.501
8,986
105,322
8,866
N Y Phila & Norf January _ 268,771 273,731 2,288,535 2.143.776
Northern Central January __ 991,564 1,048,457 8,054,756 7,882,571
Philo, Balt &Wash January _ 1,567,643 1.635.44112,405.705 12,412,885
W Jersey & Seash January __ 338,095 359,702 4,097,165 4,064.121
Pennsylvania Co_ _ January __ 4,140,672 5.042,347 38,853,401 40,493.049
Grand Rap & Ind January __ 415,620430,842 3,416,330 3,370,394
Pitts C C & St L_ January __ 3,282,978 3,834,372 26,355,166 27,180,073
January __ 903,095 950.103 7,027.623 6,879.103
Vandalia
Total LinesEast Pitts & E_ January __ 18655210 20093492 155087788 153001592
West Pitts & E January __ 8,934,242 10452127 77.121,237 79,312,066
All East & West_ January __ 27589,452 30545619 232209027 232313661
Pero Marquette.._ January __ 1,261,603 1,415,192 10,087.630 10,665,041
Reading GoPhila & Reading- January - 3,866,175 4,475.012 29.418,764 30,880.424
Coal & Iron Co January _ _ 2,836,047 3,680,573 18,937,069 26,776,879
Total both cos_ January __ 6,702.222 8,155,585 48,355,834 57.657,302
Rich Fred & Potom December. 240,688 250,924 1,372,032 1,350,572
665,902
601,697
93,867
74,028
December..
Rio Grande June
442,728
460,511
10.995
8.987
Rio Grande South 4th wk Feb
Rock Island Lines January .._ 5,574,327 5,397,689 41,818,168 43,619,673
January .._ 261,400 269,259 2,302,429 2.264.495
Rutland _.
979.379
991,948
St Jos & Grand 181_ January _ _ 124,544 117.180
St L Iron Mt & Sou January __ 2,916,690 2,928.999 20.280,213 20,609,643
St L Rocky Mt 3; P January _ 221,486 218,600 1,478,942 1,288,142
St Louis & San Fran Decembei_ 3,789,278 4,112,234 24,265,220 24,193.528
St Louis Southwest_ 4th wk Feb 253,000 287,000 9,084,913 9,260,429
San Pad L A & S L_ December_ 916,104 889.219 5.335.398 5,180,749
Seaboard Air Line 3d wk Feb 535.014 519,860 16,071,447 15,448,228
Southern Pacific.. January, __ 10399322 10769697 83,819.493 86,417,801
Southern Railway 4th wk Feb 1,311,838 1,398,018 47,202,053 46,084.433
Mobile & Ohio_ _ _ 3d wk Feb 228,428 245.981 8.373,287 7,900.411
Cin NO & Tex P. 3d wk Feb 215.042 226.166 6,989,524 6,743,020
99,005 3,565,804 3,359,708
Ala Great South_ 3d wk Feb 102,816
56,309 1,722.338 1,660,497
51,395
Georgia Sou& Fla 3d wk Feb
3,054,504 3,297,413
496.813
January
310,443
__
Seattle
&
Port'
SPok
87,468
59,958
2,446
1,433
Tenn Ala & Georgia 3d wk Feb
981,048
Tennessee Central. January __ 131,379 128,970 1.019.879
Texas & Pacific.._ _ 4th wk Feb 333,112 347.692 13.021,148 12,719.661
50,117
61.896
9,849
9.140
Tidewater & West_ January __
957,606
901.093
30,742
24,754
Toledo Peor & West 4th wk Feb
80,293 3,122,917 2,861,460
57,296
Toledo St L & West 4th wk Feb
Union Pacific Syst_ January __ 6,410,438 6,738,238 58,385,225 58,318,507
Virginia & So West_ January __ 179,161 153,729 1,171,016 1,044,266
January __ 583,591 631,493 4,147,719 3,490,626
Virginian
January __ 2,288.506 2.458,966 18,597,472 19.338,910
Wabash
Western Maryland.. January __ 663,354 642,042 4,973,898 4.432,546
Wheel & Lake Erie._ January __ 524,567 575,325 5,009,524 4,943,063
185.866
221,757
24,542
28,401
Wrightsv & Tennille January -_
Yazoo & Miss Vail.. January __ 1,198,640 942,889 7,952,442 6,636.255
Various Fiscal Years.

Period.

Jan 1
Delaware & Hudson
N Y Central & Hudson River_e_ Jan 1
Jan 1.
Boston & Albany.
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie Si Western_n
Chicago Indiana Si Southern_ Jan 1
Jan 1
Michigan Central
Jan 1
Cleve Cin Chic Si St Louis
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo Si Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap Si Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia Jan 1
N Y Philadelphia Si Norfolk._ Jan 1
Jan 1
Northern Central
Jan 1
Plana Bait & Washington
Jan 1
West Jersey Si Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids Si Indiana
Jan 1
Pitts Gin Chic Si St Louis
Jan 1
Vandalia
Total lines-East Pitts Si Erie Jan 1
-West Pitts Si Erie Jan 1
-All lines E Si W_ Jan 1
'Dec 1
Rio Grande Junction
Jan 1
Rutland

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Dec
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan

It
$
31 24,096,212 22.417,070
31 7,119,051 7,719,510
31 1,240,173 1,327.413
31 3,974,396 4,879,092
478,779
31
433,805
397,109
31
355,593
31 2,544,142 2,901,335
31 2,709,338 3,019,105
96,857
106,540
31
31 1,119,014 1.602,254
31
968.046 1.117.670
423.708
378,700
31
31 20,948,878 23,962,887
31 13,589,688 14,691.089
14,345
17,098
31
280,201
271.489
31
727.522
782,777
31
8,860
8.986
31
273,731
268,771
31
991,864 1.048.457
31
31 1,567,643 1,635,441
359,702
338,095
31
31 4.140,672 5,042,347
430.832
415,620
31
31 3,282.978 3,834,372
950.103
903,095
31
31 18,655.210 20.093.492
31 8,934,242 10,452,127
31 27.589,452 30.545,619
.
,
31
261.400/ 269,259
31

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.

%

s
$
$
.
3
Mileage. Cur. Yr. Prey. Yr.
s
$
240,740 238,515 245,170,143 220,981,373 +24,188,770 10.91
April
14,778,757
-518,778 3.51
8d week Dee (38 roads)..... 14,250.979
13.1A
+30,616.063
232,879,970
236.619
263.496.033
239,445
18,715,282
May
19.524.994
4.15
-809,712
roads).....
4th week Dec (35
230,074 227,242 259.703,994 242,830,546 +16,873.443 6.01
June
1st week Jan 37 roads)..... 17,912,504 19,434,434 -1,520,930 7.88
206,084 203.773 235.849.764 223,813.526 +12.036.238 5.31
July
2d week Jan 37 roads)..... 11.572.457 12,121.817 -549,360 4.51
919,492 218.709 259,835.029 255,493.023 +4.342.006 1.51
August
-545,343 4.24
3d week Jan 37 roads)..... 12,315,781 12,861,124
September__242,097 239,050 285,050.042 275.244.811 +9.805.231 3.51
4th week Jan 37 roads)..... 17.913,504 19,434.434 -1,520.930 7.88
October ____243,690 240.888 299,195,006 300,476,017 -1.281,011 0.41
1st wee Feb 39 roads).... 11,942,759 12.863.664 -920,905 7.16
November_243,745 241,452 269,220,882 278,364.475 -9,143.593 3.31
2d wees Feb 39 roads),.... 11,700,915 12,798.605 -1,097,690 8.58
December -243,322 241,180 254,218,891 266.224.678 -12,005,787 4.51
gd week Feb 36 roads)_...... 11,896,262 13,344,139 -1,447,877 10.85
0.307.429 10.948.527 -1.641.098 14.89 January__ 90.939 89.602 66.918.142 70.831.362 -3.713,220 5.31
25roadm
.th week Pen
Nov.1 1911. 6 Includes the New York Si
a Mexican currency. b Does not include earnings of Colorado Springs Si Cripple Creek District By.from
a Canadian road, does no make returns to the
Ottawa, the St. Lawrence Si Adirondack and the Ottawa & New York By., the latter of which, being
RR. g Includes the Cleveland Lorain Si Wheeling
Inter-State Commerce Commission. f Includes Evansville Si Terre Haute and Evansville Si Indiana
and Wisconsin Minnesota Si Pacific. s InBy. In both years. n Includes the Northern Ohio RR. p Includes earnin.gs of Mason City Si Fort Dodge
u Includes the Texas Central in both years and
cludes Louisville Si Atlantic and the Frankfort Si Cincinnati. 8 Includes the Mexican International. other
receipts. x Includes St. Louis Iron Mounthe Wichita Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all
guay_gr _our totals._
Jain & Southern. !Me no longer LAGIUGIflAlle 140X1012 rOSIA



754

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of February. The table covers. 25 roads and shows
14.89% decrease in the aggregate under the same week last
year.
Fourth week of February.

1914.

1913.

$
$
Buffalo Rochester & Pittsburgh
228.742
225,116
Canadian Northern
372,200
409.500
Canadian Pacific
2,084.000 2,617,000
Chesapeake & Ohio
643,908
833.925
Chicago Great Western
208.334
233,333
Chicago Ind & Louisville
104,828
115 117
Colorado & Southern
234,436
312,868
Denver & Rio Grande
379.300
422,000
Western Pacific
102.700
105.800
Detroit & Mackinac
25,354
22.175
Grand Trunk of Canada
Grand Trunk Western
948,664 1,084,033
Detroit Gr Hay & Milwau__
Canada Atlantic
Internat & Great Northern____
195,000
261.000
Minneapolis & St Louis
}
152.879
145,393
Iowa Central
Missouri Kansas & Texas
583,097
718,797
Missouri Pacific
1,055,000 1,279,000
Rio Grande Southern
8 987
10,995
St Louis Southwestern
253,000
287.000
Southern Railway
1,311,838 1,398,018
Texas & Pacific
333.112
347.692
Toledo Peoria & Western
24,754
39.472
Toledo St Louis & Western
57.296
80,293
Total(25 roads)
Net decrease (14.89%)

9.307,429 10.948,527

Mexican Roads(not incl. in tota 1)Interoceanic of Mexico
237.497
228.578
National Railways of Mexico-- 1 045,883 1.173,426

Increase. Decrease.
$
3,626

$
37,500
533,000
190.017
24,999
10,289
78,432
42,700
3,100

3,179
135,369

7,486

66.000
135,700
224 000
2,008
34,000
86,180
14.580
14,718
22.997

14,291 1,655,389
1,641,098
8 919
127,543

In the table which follows we sum up separately the earnings for the third week of February. The table covers 36
roads and shows 10.85% decrease in the aggregate under
the same week last year.
Third week of February.

1914.

1913.

$
$
Alabama Great Southern
102,816
99,005
Buffalo Rochester & Pittsburgh
209.550
225,116
Canadian Northern
336,600
389,100
Canadian Pacific
1,796,000 2,337.000
Chesapeake & Ohio
583,078
762,532
Chicago & Alton
231,565
269,866
Chicago Great Western
291.582
300,748
Chicago Ind & Louisville
118,315
132.564
Chic New On & Texas Pacific
215,042
226.166
Colorado & Southern
230,536
281,999
Denver & Rio Grande
390,700
425,400
Western Pacific
80,000
104.500
Denver & Salt Lake
22,250
16,167
Detroit & Mackinac
20,455
23,468
Georgia Southern & Florida_ __ _
51,395
56,309
Grand Trunk of Canada
Grand Trunk Western
945,099
853,582
Detroit Grand Hay & Milw_
Canada Atlantic
Internat & Great
163,000
199,000
Louisville & Nashville
Northern..__- 1,119,075 1,229,150
Minneapolis & St Louis
205,181
1
203,997
Iowa Central
Minneapolis•St Paul & S S M__
502,127
515,002
Missouri Kansas & Texas
524,135
605,777
Missouri Pacific
1,092,000 1,200,000
Mobile & Ohio
228,428
245,981
5,533
Nevada-California-Oregon
5,888
Rio Grande Southern
12,373
11,302
St Louis Southwestern
239,000
243,000
Seaboard Air Line
535,014
519,860
Southern Railway
1,270,518 1,308,794
1,433
Tennessee Alabama & Georgia..
2,446
Texas & Pacific
• 349,489
330,120
Toledo Peoria & Western
23,282
26,761
Toledo St Louis & Western....
92,208
102,022
Total (36 roads)
11,896,262 13,344,139
Net decrease (10.85%)
Mexican roads (not incl. in to tapInteroceanic of Mexico
182,172
113,930
National Railways of Mexico__
660,215 1,077,404

Increase, Decrease.
$
3,811

6,083

$
15,566
52,500
541,000
179,454
38,301
9,166
14,249
11,124
51,463
34,700
24,500
3,013
4,914
91,517

1.184

36,000
110,075
12,875
81.642
108,000
17,553
355

1,071
4,000
15,154
38,276
1,013
19,369
3,479
9,814
46.672 1,494,549
1,447,877
68,242
417,189

For the month of February the returns of 25 roads show as
follows;
Month of February.
Gross earnings (25 roads)

1914.

1913.

Decrease.

35,798,789 40,304,614 -4,505,825

11.18

It will be seen that there is a loss on the roads reporting
In the amount of $4,505,825, or 11.18%.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
-Gross Earnings--Net Earnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Atlantic Coast Line_a__Jan 3,205,586 3,255,137
813,921 1,004.876
July 1 to Jan 31
20,659,423 20,233,589 4,936.092 5,296,571
Boston & Maine_b
Jan 3,436,819 3,775,126
328,094
479,137
July 1 to Jan 31
28,856.967 29,389,405 5,965,992 7,011,257
Buff & Susq Railroad_a_Jan 155.255
31,682
Canadian Pacifica
Jan 7.916.216 9,679,607 1,000,174 1,662,373
July 1 to Jan 31
83.202,378 83,205,798 28,211,611 28,793,525
Chesapeake & Ohlo_b___Jan 3,161,827 2,979.278
863,240
831,199
July 1 to Jan 31
21,773,960 20,943.909 6,900,544 6.732,521
Chic Burl & Quincy_ b_. _ _Jan 7,011,262 7.623,161 2,356,828 2,808,408
July 1 to Jan 31
58,075,346 58,336,846 21,564,285 22,849,752
Ohic Milw & St Paul_ b__Jan 6,912.067 7,283,152 2,216,655 2.052,194
July 1 to Jan 31
56,259,772 57,785,910 19,194.035 21,276,708
Chic St P Minn & 0_a__Jan 1,485,219 1,354,682
449,380
319,657
July 1 to Jan 31
11,270,175 10,629,784 3,219.422 2,998,890
Roads.




[VoL. xoviu.

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
5
$
$
Cuba Railroad
Jan 478,178
460,323
252.099
237,457
July 1 to Jan 31
2.651,754 2,409,274 1.219,384 1,075,202
Del Lack & 'West_b____Jan 2,808.914 3.342,867
845,933 1,316,492
July 1 to Jan 31
24,321,317 24,589,166 9,331.650 9,826.716
Denver & Rio Grande a_Jan 1,624.001 1.806.324
334,083
376,489
July 1 to Jan 31
14,777.910 15,359,933 4,013,018 4,483,389
Western Pacific b____Jan 318,334
382,821 6ef86,705
24,800
July 1 to Jan 31
3,875,164 3,723.340
818,038 1,078,141
Detroit & Mackinac_a__Jan
79,852
80,865
5,528
4,374
July 1 to Jan 31
700,374
714.951
149,434
151,585
Erie_a
Jan 4,430,432 4,908,732
415,309 1,083.017
July 1 to Jan 31
36,974,890 37,654,701 7,401.191 10,021,569
Great Northern_,
Jan 4,243,530 4,950,482 1,231,838 1,337,322
July 1 to Jan 31
49.235,052 48,701,209 22,105.758 22,929,673
g Interoceanic of Mexico_Jan 825,477
770.710
255.215
298,267
July 1 to Jan 31
5,559.584 5,155.152 2,000.334 1,733.816
Lehigh & New Engl_b__Jan 176,193
138.541
73,348
61.196
July 1 to Jan 31
1,141,117 1,050.030
491.733
510,232
Louisville & Nashv_b___Jan 4.979,872 5,217.578 1,092,506 1.331.146
July 1 to Jan 31
36,570,281 35,143,893 9,714,927 9,901.123
Maine Central b
816,252
224,440
Jan 904,947
210,807
July 1 to Jan 31
6,950,140 6,729,070 1,829,816 2,017,265
Minn St P & S S M_a___Jan 1,289,698 1,572.125
317,024
482,319
July 1 to Jan 31
12,220.661 13.274,390 3,996,603 5,693.204
Chicago Division_a_Jan 798.816
186,137
205,215
853.003
July 1 to Jan 31
6.343,654 6,384.669 1,759,478 2,041,994
Mississippi Central_b __Jan
84,263
30,084
105,086
36,265
July 1 to Jan 31
618.984
258,100
252.566
613,627
Missouri Kan & Tex_b__Jan 2.815,833 2,657,549 h817,150 h694,916
July 1 to Jan 31
20,091.977 20.281,835 h5,827,768 h7,003,383
pMissouri Pacific_a____Jan 4,874.821 5.126,699 1,217.324 1,212,403
July 1 to Jan 31
36,894,703 37.973,344 8,984,078 8,990,385
Nashville Chatt & St L.b.Jan 1.101.252 1,139.168
231.982
208,607
7,625,294 7.769.687 1,594.600 1.773,282
July 1 to Jan 31
gNational Rys of Mexico.Jan 2,999,642 5.027.314
128,101 2,102,128
July 1 to Jan 31
20.482,112 37,644.049 1,082,784 15,549,716
N Y Cent & Hud Riv_b_Jan*7,119.051 *7,719,510c*1,277,892 *1,872,131
Boston & Albany_b__Jan 1,240,173 1,327,413 d122.895
290,459
Lake Sit & Mich Sob.Jan 3,974,396 4,879,092 e652.547 1,610,800
Lake Erie & West_b__Jan 433,805
478,779
f56,877
82,189
Chicago Ind & So_b__Jan 355,593
397,109
1n31,732
92.893
Michigan Central_b__Jan 2,544,142 2.901,385 4293,295
700,854
Clev Ohs Ch & St Lb
Incl Peoria & East_ _Jan 2,709,338 3,019.105 fdef42.740
526,030
Cincinnati Northern.b.Jan 106.540
96,857 kdef24.608 def13,406
Pitts & Lake Erie_b__Jan 1,119.014 1.602,254
1271,953
740,708
N Y Chic & St L_b___Jan 988.046 1.117,675
45,112
265.050
Toledo & Ohio Cent_ b.Jan 378,780
423,708
n16,286
72,759
Total all lines_b
Jan20,948,878 23,962.887 2,701,241 6,240,467
NYNH& Hartf b__Jan 4,867,114 5,443,498
732,171 1,134.094
39,989,993 41,323.675 11,428,568 14.373,803
July 1 to Jan 31
709,125
NY Ontario Sr West_a__Jan 641,707
88,089
148,041
July 1 to Jan 31
5.534,446 5,755,486 1,348,365 1,775.328
NY Susq & Western_ a_ _Jan 346,944
324.343
90,120
84,531
July 1 to Jan 31
2,331.175 2,184,185
556,061
522,875
Norfolk & Western b___Jan 3,404,602 3,823,572 1,029,446 1,471,154
July 1 to Jan 31
26,818,367 25,962,508 8,725.977 9,634,648
Northern Pacific_ b..._ --Jan 4,452,916 5.234,319 1,394,019 1.736.875
July 1 to Jan 31
43.498,789 44,956,055 17,512,995 18,998,600
Pennsylvania Railroad.a.Jan13,589.688 14,691.689 1,693,014 2,475,040
Bait Ches & Alt_a___ Jan
17,098
def3,643
def3,015
14,345
Cumberland Valley_ a_Jan 271,489
280,201
77,960
67,422
Long Island_a
Jan 782,777
727.522
12.034 def16,517
Maryland Del & Va_a_Jan
8,986
8.866 def7,246
def4,299
N Y Phila & Norf_aJan 268,771
273,731
12,780
38,305
Northern Central_aJan 991,864 1,048.457 def53,401
7.968
Phila Bait & Wash_a_Jan 1,567,643 1,635,441
94,293
166,645
West Jersey& Seash.a.Jan 338,095
359,702 def92,034 def61,281
Pennsylvania Co_a
Jan 4,140,672 5,042,347
510,843
754,846
Grand Rapids & Ind.a.Jan 415,620
430,842
18,127
39,877
Pitts Cin Ch & St L_a_Jan 3,282,978 3,834,372
644,056
688,236
Vandalia_a____
950.103
Jan 903.095
140,612
171,305
Total East P & Erie.a.Jan18,655,210 20,093.492 1,638,100 2,727,357
Total West P & Erie.a.Jan 8.934.242 10,452.127 1.326,332 1,674,327
Total all lines_a
Jan27,589.452 30,545,619 2.964,432 4,401,684
Pere Marquette a
Jan 1,261,603 1,415,192 def38,202
185,301
July 1 to Jan 31
846,019 2,084.605
10,087,630 10,665,041
Reading CompanyPhila & Reading_b___Jan 3,866.175 4.475.012 1,243.746 1,801,423
July 1 to Jan 31
29,418.764 30.880,424 9,936,336 12,612,162
95,380
Coal & Iron Co_b__Jan 2,836,047 3,680,573
560,357
350.452 3,481,496
July 1 to Jan 31
18,937.069 26.776.879
Total both cos_b
Jan 6,702,222 8,155,585 1,339,126 2.361,780
July 1 to Jan 31
48,355,834 57,657,302 10,286,787 16,093,657
Reading Company_b_Jan
166,802
166.043
1,161,608 1.169.472
July 1 to Jan 31
Total all companies__Jan
1,505,928 2,527,822
11,448,395 17,263,129
July 1 to Jan 31
52,856
14,574
Rio Grande Southern b_Jan
48,228
24,292
397,649
146,655
July 1 to Jan 31
419,870
129,849
269,259
42,393
Rutland b
Jan 261,400
34,859
St L Iron Mtn & Sou a Jan 2,916,690 2,928,999 1,064.962
962,362
July 1 to Jan 31
20,280,243 20,609,643 6,693,184 6,063,434
218,600
St L Rocky Mt & Pac_a_Jan 221,486
74,330
61,589
July 1 to Jan 31
496,983
1,478,942 1,288,142
344.287
St Louis Southwest'n_a_Jan 1.166,615 1,139,766
223,238
287,969
July 1 to Jan 31
8.089,913 8,220,429 1,918,116 2,550,090
Seaboard Air Line_a____Jan 2,172,933 2,164,511
571,328
589,813
July 1 to Jan 31
14,452,603 13,819,780 3.831,348 3,578,197
Southern Railway_b____Jan 5,634,740 5,547,839 1,280,968 1,327,693
July 1 to Jan 31
41,999.993 40,797,858 12.655,787 12,842,808
Georgia South & Fla.b.Jan 226,294
224,797
38,109
48,404
July 1 to Jan 31
1,575,467 1,491,573
305,930
310,515
Mobile & Ohio b
Jan 1,045,798 1,053,077
283,682
189,243
July 1 to Jan 31
7.717,898 7,189,168 1,875,180 1,983,607
Cinc N 0& Tex Pad b Jan . 902,510
932,340
325,813
253,492
July 1 to Jan 31
6,364,063 6,112,300 1,950,553 2,122,621
Ala Great Sou b
Jan 446,010
121,676
447,760
107,846
July 1 to Jan 31
936,047
3,277,135 3,069,150
846,471
Virginia & Southwest_b_Jan 179.161
45,913
153,729
53,089
July 1 to Jan 31
314,441
1,171,046 1.044,266
366,834
Virginian Ry a
Jan 583.594
257,940
292,358
631,496
July 1 to Jan 31
4,147.719 3,490,626 1,882,010 1,442.681
Wabash b
Jan 2,288,506 2,458,967
262,440
396,974
July 1 to Jan 31
18,597,472 19,338,911 4,273,280 4,849.750
Roads.

MAR. 7 1914.1

THE CHRONICLE

-Net Earnings-.
-Gross Earnings
Previous
Current
Previous
Current
Year.
American Express Co.Year.
Year.
Year.
Roads.
Gross receipts from operation
$
$
privileges-Dr
Express
140,981
51,129
642,042
Jan 663,354
'Western Maryland
776,969 1,055,706
4,973.898 4,432,546
July 1 to Jan 31
operating
Total
revenues_
3,473
7,536
28,401
24,542
'Wrightsv & TenniIle_ b_ _Jan
42,102 Total operating expenses.._ -221,757
185,866
83.711
July 1 to Jan 31

755
-July 1 to Nov.30November
1912.
1913.
1912.
1913.
$
$
$
$
3,871,519 4,358,642 20,104,267 20,933,499
1,895,610 2,035,960 9.793,393 9,930.627
1,975,908 2,322,682 10.310,874 11,002,871
1,965,274 2,032,859 9,893,481 9.740,586

417,393 1,262,285
289,822
10.633
Net operating revenue_ _ _ _
INDUSTRIAL COMPANIES.
159,271
150.017
28.686
33,076
- One-twelfth of annual taxes_
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Operating income
256,746
267.375 1,103,014
loss18,052
Year.
Year.
Year.
Companies.
-July 1 to Nov.30-November
1912.
1913.
1913.
1912.
Abingdon & Rockland Elect
'1,842
3,082
11,892
Globe Express Co.13,377
Jan
$
$
$
$
Lig,ht & Power a
418,577
107,813 Gross receipts from operation
343.589
73,305
53,879
112,249
223,675
American Pub Utilities Jan 244,476
169,568
207,458
Express privileges-Dr
27.191
36,517
Atl Gulf&WISS Lines
288,430
226,607
Dec 1,709,731 1,776,707
(Subsidiary Cos)
Total operating revenues__
174,020
211,119
26,688
36,788
19,742,716 18,285,807 3,347,042 2,567,358
Jan 1 to Dec 31
55,721 Total operating expenses_ __ _
163.102
54,070
157.163
30,216
32.533
123.876
Blackst Val G & El a_ _ _Jan 127,591
20,172
23,282
36,272
47,177
Jan
.Canton Electric
17,143
Net operating revenue.._ _ _ def3.528
16,912
48,016
16,857
4,255
42,207
46.642
Edison Elect (Brock) a_Jan
4,050
1,200
6,000
850
15,828 One-twelfth of annual taxes_
12,051
43,297
48,042
Fall River Gas Wks a__ _Jan
17,143
18.252
31,365
31,997
Houghton Co El Lt a.._ _Jan
Operating income
43,966
10,857
loss4,728
3.405
17.115
16.584
43,101
43.759
Jan
Lowell Elect Corp a_
11,353
11.916
23,716
-November
-July 1 to Nov.3024,775
Marion Lt & Heating__ _Jan
1912.
1913.
1912.
17,423
1913.
19,779
41,630
44.120
Jan
Muncie Elec Lt
Great Northern Express Co.- $
$
$
$
25,076 Gross
27,109
44,770
48,622
Jan
Rockford Elect Co
receipts from operation 281.673
306,617 1,570,746 1,586.106
72,735
53,505 Express privileges-Dr
82,554
110,553
Jan
168.634
184,062
939.918
950,761
Scranton Elec
* No longer includes the Boston & Zlbany.
Total operating revenues.. 113.039
122,555
630,828
635.345
deducting taxes.
Total operating expenses_ _ _ _
92,432
88,043
a Net earnings here given are after
462,231
433,946
b Net earnings here given are before deducting taxes.
due to the Full Crew law and other
c Increased wages and the charges
Net operating revenue____
20,606
34,511
168,597
201.398
legislative enactments added to the Jan. 1914 expenses an increase of ap- One-twelfth of annual taxes_
4.283
4,375
21,096
23,760
proximately $250,000 over the same month of 1913.
operatlig
expenses
for
Jan.
as
com1914
the
to
added
d Increased wages
income
Operating
16.322
30,136
147,501
177,638
pared with Jan. 1913 approximately $19,000.
November
-July 1 to Nov.30.e Increased wages added to the operating expenses for Jan. 1914 as com1913.
1912.
pared with Jan. 1913 approximately $65,000.
1913.
1912.
$
Southern Express Co.$
$
$
f Increased wages added to the operating expenses for Jan .1914 as comGross receipts from operation 1,441,059 1,486,039 6,279,881 6,292,605
pared with Jan. 1913 approximately $8,000.
716,059
725,066
3,128,083 3,093,769
privileges
-Dr
Express
g These results are in Mexican currency.
S After allowing for outside operations and taxes, operating income for
760,973 3,151.798 3,198.836
Total operating revenues.. 724,999
January 1914 was $686,313, against $586,618, and from July 1 to Jan. 31
576,376 2,822,414 2,676,492
Total operating expenses...._ 626,013
was $4,838,225 in 1914. against $6,200,547 last year.
i Increased wages added to the operating expenses for Jan. 1914 as com522,343
184,597
329,384
98.985
Net operating revenue_ _ __
pared with Jan. 1913 approximately $20,000.
13,234
72,349
66,926
16.382
Restoration of damage due to the floods of 1913 and increased wages One-twelfth of annual taxes_
approxiadded to the expenses for Jan. 1914 as compared with Jan. 1913
Operating income
82,603
171,362
257,034
455,417
mately $230,000.
November- -July 1 to Nov. 30k Increased wages added to the operating expenses for Jan. 1914 as corn
192.
1913.
1923.
1912.
pared with Jan. 1913 approximately $3,000.
Wells, Fargo & Co.$
$
$
1 Increased wages added to the opertaing expenses for Jan. 1914 as
Gross receipts from operation 2,762,544 3,199,905 14,066,834 15,389,102
compared with Jan. 1913 approximately $15,000.
1,349,210 1,532,248 6,905,093 7,407,687
m Increased wages added to the operating expenses for Jan. 1914 as corn Express privileges-Dr
pared with Jan. 1913 approximately $2000.
Total operating revenues_ 1,413,334 1,667,657 7,161,740 7,981,414
n Increased wages added to the operating expenses for Jan. 1914 as comTotal operating expenses_ _ _ 1,253,843 1,438,061 6,328,502 6,759,307
pared with Jan. 1913 approximately $6,000.
Southern.
Mountain
&
p Includes St Louis Iron
159,491
229,595
833,238 1,222,107
Net operating revenue___
30,000
33,000
162,000
150,000
One-twelfth of annual taxes_
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Operating
income
126,491
199,595
671,238
1,072,107
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
November- -July 1 to Nov. 30Roads.
$
1913.
1912.
1913.
1912.
$
Western Express Co.$
$
$
$
27,879
z33,006
Buffalo & Susq Railroad_Jan
Gross
receipts
from
operation
106,973
125,227
458,125
494,547
Jan 752,069
738,331 z184,148 z153,808
Chesapeake & Ohio
65,328
247,759
58,527
256.558
5,192,986 4,983,408 z2,413,733 z2.421,543 Express privileges-Dr
July 1 to Jan 31
Total operating i•evenues186,158
210,365
48,445
59,898
231,794
237,899
Chicago St P Minn & O_Jan 217,586
133,498
1,529,377 1,340,239 1,690,045 1,658.651 Total operating expenses_ _ _ _
July 1 to Jan 31
55,105
46,034
206,846
186,853
Jan
Railroad
66,792
66,792
Cuba
170,665
185,307
Net operating revenue_ ___ def6,660
13,863
3,519
51,135
467,542
July 1 to Jan 31
467,264
751,842
607,938 One-twelfth
taxes_
of annual
789
668
3,133
3,288
Denver & Rio Grande __Jan 564,549
582,728 c195,515 c220,414
July 1 to Jan 31
4,052,223 3,922,317 c1,086,244 c1,599,046
Operating income
loss7,449
13,195
386
47.847
N Y Ont & Western____.Tan 116.788
113,503 def28,699
34,538
July 1 to Jan 31
821,732
526,633
832.840
942.488 ELECTRIC RAILWAY AND TRACTION COMPANIES.
Norfolk & Western
Jan 515,720
459.214 z728,748 x1,245,111
July 1 to Jan 31
3,466.793 3,216,420 z6,127,370 z7,336,439
Latest Gross Earnings.
Jan. 1 to latest date.
Reading Company
Jan 868,500
838,004
Name of
637,428 1,689,818
31
Week or Current Previous Current
July 1 to Jan
Road.
5,959.500 5,877.500 5.488,895 11,385,629
Previous
Year.
Month.
Year.
Year.
Year.
18,643 zdef4.718
Rio Grande Southern...._Jan
19,964
z8,401
July 1 to Jan 31
134,788
z8,819
140,284
z1,737
$
3
$
$
675,160 z445,658 z324,536 American Rys Co___ January_ __ 429,850 405,091
St Louis Iron Mtn & So_Jan 652.632
429,850
405.091
July 1 to Jan 31
4,727,277 4,483,585 z2,220,509 z1,791,660 Atlantic Shore Ry_ _ January:: 21,997 22,292
21.997
22.292
32.076
33,105
St Louis Rocky, Mt & P_Jan
41,225
29,513 cAur Elgin & Chic liy January __ 145,484 140,578
145,484
140,578
227,003
173,187
July 1 to Jan 31
323,796
63,687
117.284 Bangor Ry & Electric January __ 63.68*. 58.793
58,793
Rouge Elec Co January __
15,020 13,427
15,020
13,427
228,991
258,792
St Louis Southwestern_ _Jan 255,135
z99,038 Baton
Belt LRyCorp(NYC) January __ 64.786 70,582
64,786
70,582
1,744.466 1,595,570 z 756,746 z1,463,116 Berkshire
July 1 to Jan 31
Street Ry_ December.. 76,164 74,180
Brazilian Trac L & P_ January __ 2017.530 1912,955 2,017.530 1,912,955
INDUSTRIAL COMPANIES.
Brock & Plym St Ry_ January __
7,333
7,873
7,333
7.873
-Int., Rentals, &c.- -Bal. of Net Earns.
- Bklyn
Rap Tran Syst November 1993.648 1976.552 22.809,495 22,347.760
Current
Previous
Current
Previous
Cape Breton Elec Co January __ 29.798 31,835
29.798
Year.
31,835
Year.
Companies.
Year.
Year.
Chattanooga Ry & Lt January __ 99,233 95.633
99.233
95,633
Cleve Painesv & East November
30.187 30,862
392.397
370.525
Abingdon & Rockland Elec
Cleve Southw & Col_ January __ 94,052 91.543
94,052
91,543
474
372
Light & Power Co_ ___Jan
2.608
1,470 Columbus(0a)El Co January __ 55,985 50.523
55,985
50,523
Com'th Pow Sty & Lt January __ a281.072 163.306 a281.072
Atla Gulf& W I SS Lines
163,306
Isi'd & Bklyn_ November 110.488 109.772 1.552.'745 1.478,510
Dec 159,277
157,633
(Subsidiary Cos)
67,330
130,797 Coney
Connecticut Co
December.. 631.963 615.582
1,790,309 1,605.744 1,556,753
Jan 1 to Dec 31
961,614 Consum
Pow (Mich).. December.. 325.028 284,111 3,155,214 2,77-4-,881
17,614
15,369
Blackst Val G & El
Jan
36.429
40,352 Cumb Co(Me)P & L December_ 205,547 175,134 2,354.797 2,128,388
4.698
6,111
Canton Electric
Jan
17,171
201,071 170,815
15,474 Dallas Electric Co__ _ January
201,071
170,815
Detroit United Lines 3d wk Feb 196.490 213,206 1,537,742 1.617,859
2,829
2,330
Edison Elect (Brock)__ _Jan
14.083
14,813 DDEB&
Bat
(rec)_
January
__
46,839
48.477
46,839
48,477
1,512
885
Fall River Gas Works.... _Jan
10,539
14,943 Duluth-Superior Trac January __ 102.881 93,356
102,881
93,356
4,745
4,765
Jan
Houghton Co El Lt
13,507
12,378 East St Louis & Sub.. November 245,851 224,023 2.462.745 2,224.247
El Paso Electric Cos_ January __ 92.713 80,922
92,713
16,353
Lowell Elect Lt Corp__ _Jan
272
231
80,922
16,843 Federal Light & Trac December
2.329,164 2.189,953
3,814
Marion Lt & Heating.._ _Jan
3,673
8,102
11:091902
7,680 42d St M & St N Ave January __ 166,457 153,831
166.457
153,831
Jan
7,789
Muncie Elect Lt
7,023
197,276
169,615
10,400 Galv-Houston El Co_ January_ 197.276 169.615
Grand Rapids Ry Co Decembei_ 121.731
1,294,347 1,233,588
Jan
8,245
Rockford Elect Co
7.925
18,864
17,151 Harrisburg Railways December.. 86,178 106,978
82.005
991,872
918.932
Jan
18.966
13,844
63,766
Scranton Elect
39,661 Havana El Ry.L & P
Railway Dept_ _ _ _ Wk Mar 1 52.533 51,715
478.862
468,982
* After allowing for other income received.
Honolulu Rapid Tran
November
dr
Land Co
50.425 48.420
562,978
512,387
EXPRESS COMPANIES.
Houghton Co Tr Co.. January
22,137 24,379
22,137
24,379
November
-July 1 to Nov. 30Hudson & Manhattan November 319,856 314.141 3,392,784 3,290,857
1913.
1912.
Illinois Traction
1913.
December_ 744,260 715,266 7,932,302 7,500,084
1912.
Adams Express Oo
Tran_
Interboro Rap
January __ 2933.870 2903,344 2,933.870 2,903,344
3
Gross receipts from operation 2,928,547 3,210.484 15,024.414 15.229,281 Jacksonville Trac Co January
62,545 49.823
62,545
49,823
1,530,732 1,694.376 7,735,176 7,793,970 Lake Shore Elec Ry_ November
Express privileges-Dr
_- 105.942 104.780 1,299.534 1,213,814
Lehigh Valley Transit December_ 140.525 130.702 1,774,821 1,541.511
Total operating ,revenues_ 1,397,815 1.516,107 7,289,238 7.435,310 Lewis Aug &'Watery_ December_ 50,420 47.359
677,221
618,031
Total operating expenses
1.425,278 1,435,973 7,135,331 6.759,654 Long Island Electric_ November
16,645 15.462
228.407
205,489
Louisville Railway January __ 258.613 260.390
258,613
260.390
Net operating revenue_ - _ _ def27,463
80,134
153,907
675,656 Milw El Ry & Lt Co_ December_ 536.537 517,104 6,016.916 5.682.356
One-twelfth of annual taxes16,748
16.699
Maw
Lt,
Ht
&
Tr
Co
December_
81,319
116.545 98.034 1.443.251 1,237,384
84,108
M[onongahela Val Tr_ January __ 78.506 68.635
78.506
68.635
L Operating income
loss44,162
63,385
72,587
591,547 gashville Ry & Light November 189.660 181.156 2.000.352 1.RRA 0A9




756

THE CHRONICLE

Name of
Road.

Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
$
NY City Interboro_ _ January __
53,178 46,915
53,178
46,915
N Y & Long Island_ _ November
31,718 29,657
381,427
363,180
N Y & North Shore.._ December
12,755 11,771
164,283
154,228
N Y & Queens Co.._ November 106,223 104,506 1,276,604 1,226,711
New York hallways. November 1138,477 1154.418 12.975,031 12,690.755
N Y Westches & Bos_ December_ 34,186 24,253
N Y & Stamford By.. December.. 24,879 84.876
Northam Easton & W December
15.210 14,520
180,366
188.879
Nor Ohio Trac & Lt_ January __ 270,960 237,465
237,465
270,960
North Texas Elec Co January __ 173,093 157,047
157,047
173,093
Northw Pennsylv Ry January __ 25,166 25,730
25,730
25,166
Ocean Electric (L I)_ November
5,644
136,594
148.550
4,846
Paducah Tr & Lt Co.. January
25,670 26,666
26,666
25,670
Pensacola Electric Co January __
23,701 26,317
26,317
23,701
Phila Rap Trans Co_ January __ 2006,523 2002,067 2,006.523 2,002.067
Port(Ore)Ry L&P Co December_ 607,476 586,857 6,723,742 6,642,308
Portland (Me) RR_ _ December.. 79,867 76,693 1,036,316
981,052
Puget Sound Tr,L,ScP December.. 790,306 725,642 8,613,600 8,313,848
Republic By & Light January __ 257,978 244,341
244,341
257,978
Rhode Island Co.._ _ December 425,554 414,068
StJoseph(Mo)Ry.Lt.
Heat & Power Co.. December.. 117.830 110,874 1,252,904 1.179,839
Santiago El Lt .56 Tr.. January __ 37,501 39,368
39,368
37,501
Savannah Electric Co January __
67,792
72,461 67,772
72,461
Second Avenue (rec)_ November
79,862 81,776
906.287
963,292
Southern Boulevard_ January __
17,228 14.081
14,081
17,228
Tampa Electric Co_ _ January __ 80,158 68,157
80,158
68,157
Third Avenue
January
344,706 326,444
344,706
326,444
Twin City Rap Tran_ 3d wk Feb 167,993 158,836 1,250,231 1,164,581
Underground Elec Ry of London London Elec Ry Wk Feb 14 E14,595 £14,626 £102,890 £103,640
Metropolitan Dist_ Wk Feb 14 £13,368 £13,189
£92,301
192,930
London Gen Bus_ _ Wk Feb 14 £53,495 £51,455 £374,214 £377,689
Union Ry Co of NYC January __ 209,083 201,749
209,083
201.749
United RysofStLouis December.. 1097,113 1049,835 12,702,644 12,251,091
Virginia Ry & Power.. December 450,487
5,038,313 4.670,747
Wash Balto & Annap January __ 57,690 417,817
51.883
51,883
57,690
Westchester Electric_ January __ 42,573 40,805
40.805
42,573
Western Rys & Light November 215,819 194,766 2,309,237
2,050.538
Wisconsin Gas & Elec January __ 74,361
63,158
74,361
Yonkers Railraod_ January __ 55,566 63,158
28.486
55.566
28,486
York Railway
January
68,328 59,282
59.282
68,328
Youngstown &
January __ 20,266 18,142
18,142
20,266
Youngstown & South December_
14.037 12.912
a Includes earnings from May 1 1913 only on the additional stocks
acquiredof
as
that ate. c These figures are for consolidated company

[VoL. xcvm.
ANNUAL REPORTS.

Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday
. of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Feb. 28. The next will appear in that of March 28.
Pennsylvania Railroad.
(Report for Fiscal Year ending Dec. 31 1913.)
President Samuel Rea's remarks were published at length
in last week's "Chronicle," pages 694 to 696.
Below are the income accounts of all transportation companies east and west of Pittsburgh and Erie owned, operated
or controlled by or affiliated with the Pennsylvania system.
(The figures for 1911 having been revised, the comparison with earlier
years is somewhat inaccurate.]
1913.
1912.
1911.
1910.
Miles operated
11,684
11,557
11,407
11,402
3
3
3
Gross earnings
392,484,210 374,096,180 336,483,812 346,215,499
Expenses and taxes
321,500,590 291,867,379 261,294,785 267,422,917
Net earnings
70,983,620 82,228,801 75,189,027 78,792,582
Other income
38,825,687 38,942,748 34,985,094 34,124,065
Gross income
109,809,307 121,171,549 110,174,121 112,916,647
Int. rentals, dividends,
eXtraordinary.&c.._....107,997,151 118,347,516 108,256,647 109,107,290
Surplus
1,812,156
2,824,033
1,917,474 3,809,357
TRAFFIC ON ALL LINES BOTH EAST AND WEST OF PITTSBURGH
AND ERIE.
1913.
Increase.
1912.
Passengers carried
190,572,041 179,062,565
+11,509,476
Passengers carried 1 mile__ _ _4,749,524,596 4,443,330,212
+306,194,384
Freight (tons) carried
504,860,705 475,783,886
+29,076,819
Freight (tons) carried 1 mile 43,072,997,666 41,253,983,105
+1,819,014,561

Below are given the results on the lines east of Pittsburgh
and Erie, comprising the Pennsylvania Railroad Division,
the United Railroads of New Jersey Division (excluding the
Electric Railway Net Earnings.-The following table Delaware & Raritan Canal),
the Philadelphia & Erie Division,
gives the returns of ELECTRIC railway gross and net and
the Buffalo & Allegheny Valley Division.
earnings reported this week:
-Gross Earnings
-Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Aurora Elgin & Chic a....Jan 145,484
140,578
44,596
49,611
July 1 to Jan 31
1,244,564 1,191,064
467,675
505,451
Baton Rouge Elec_a_ _ _ _Jan
15,020
13,427
4,791
4,955
Brockton & Plymouth a Jan
7,333
7,873
72
683
Cape Breton Elec a
Jan
29,798
31,835
14,075
11,235
Columbus (Ga) Elec a_ _Jan
55,985
50,523
23,008
31,780
Com'w'Ith Pow Ry & L_aJan c281,072
168,306 c272,365
150,122
Dallas Elect Co a
Jan 201,071
170,815
64,721
72,671
Detroit United Lines b_Jan 950,301
306,832
984,608
267,457
Eastern Texas Elect Co_Jan
55,014
18,425
El Paso Elect Co a
Jan
92,713
39,078
43,165
80,922
Galv-Houston Elec a__ _Jan 197,276
64,491
169,615
77,130
Houghton Co Tract a_ _Jan
22,137
6,939
8,603
24,379
Hudson Valley Ry_b-Oct 1 to Dec 31
206,805
155,529
79.739
70,603
Jan 1 to Dec 31
879,500
335,498
633,942
237,957
Jacksonville Tract a___ _Jan
62,455
24,394
49,823
16,256
Key West Elect Co a_ _ _Jan
11,786
11,946
4,020
4,145
Northern Ohio Tr & Lt....Jan 270,960
99,669
237,465
95,215
Northern Texas Elec a_ _Jan 173,093
157,047
66,845
63,074
Paducah Tr & Lt a
Jan
25,670
7.513
26,666
9,439
Pensacola Elect a
Jan
23,701
26,317
8,764
9,838
Savannah Elect Co a.._ _Jan
72,461
67,792
23,423
17,715
Tampa Elect Co a
Jan
80,158
68,157
36.303
33,419
Twin City R T b
Jan 746,309
690,510
333,671
314,753
United Lt & Rys Subsid CosJan 1 to Dec 31
6,057,285 5,321,681 2,383,369 2,191,128
Wisconsin Gas & El a__ _Jan
74,361
23,253
63,158
17,226
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
C Including earnings on the additional stocks acquired May 1 1913.
Roads.

Interest Charges and Surplus.

TRAFFIC ON LINES EAST OF PITTSBURGH AND ERIE.
1912.
1911.
1913.
1910.
Miles oper., excl.D.& R.
Canal (66 miles)
4,025
4,044
4,018
3,977
Passengers carried
72,452,887
77,968,204
67,445,714
69,979,457
Pass. carried 1 mile
1,976,316,147 1,838,352,119 1,722,734,924 1,693,943,849
Rate per pass. per mile
1.949 eta.
1.062 eta.
1.980 eta.
1.059 eta.
Tons carried (b)
152,503,355 143,480,431 125,175,068 129,858,353
Tons carried 1 mile
23,290,842,284 22012,606,175 19419,779,983 20279,992,323
Rate per ton per mile_ _ __
0.587 cts.
0.583 cts.
0.583 eta.
0.583 eta.
Earns, per pass. tr. m.a_
51.560
$1.502
31.599
51.549
Earns, per fr't tr. m. a__
$3.942
53.998
54.194
53.784

a Freight and passenger trains only, excluding switching, &c., trains.
b The actual number of tons of coat and coke carried over the five general
divisions, irrespective of the divisions over which they passed, thus avoiding deplication, was 77,500,072 in 1913, against 72,714,126 in 1912, an increase of 6.58%, the tonnage mileage being 14,209,657,618 tons one mile
in 1913,against 13,152,847,365 in 1912,an increase of 8.03%•
EARNINGS ea EXPENSES OF LINES EAST OF PITTSBURGH & ERIE.'
1911.
1910.
1913.
1912.
Revenues$
$
$
'
$
Freight
134,794,341 127,578,202 113,414,431 117,434,920
Passenger
37,964,808 35,405,555 33,525,583 32,687,423
Mail
2,845,905 2,436,533 2.445,558 2,431,906
Other transporta'n rev.. 3,095,701
2,772,281
2,457,696
2,3644,354
Non-transporta'n rev
2,035,691
1,633,522
1,131,602
1,266,046
Express
4.664,379 4.781,505 4,376,099 4,407,093
Total operating rev.._ 185,400,825 174,607,598 157,487,413 160,457,298
ExpensesMaint. of way, &c
24,116,757 21,102,640 18,353,290 20,342,489
Maint. of equipment_..- 38,853,179 36,088,367 30,579,967 31,117,989
Traffic
2,312,400 2.143,147
2,614,011
2,221,803
Transportation
67.943,268 62,895.553 58,046,751 57,200,886
General
4,460,186 4,238.984 4,105,238 3,929,461
Total expenses
137,987,401 126,637,944 113,228,393 114,812,628
Operating expenses (%)
(72.52)
(71.89)
(74.34)
(71.55)
Net revenue
47,413,424 47,969,654 44,259,020 45,644,670
Outside oper.-net(def.) 1,904,281
1,147,986
1,525,202
1,309,388
Net oper. revenue__ 45,509,143 46,821,668 42,733,818 44,335,282
INCOME ACCOUNT OF LINES EAST OF PITTSBURGH AND ERIE.
Increase (±)or
1912.
Decrease(-)
1913.

-lot., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
45.509,143
Net operating revenue
Year.
Railway tax accruals
7,326,660
Aurora Elgin & Chic__ _Jan
34,828
32,064
9,768
17,547
Railway
operating
38,182,483
July 1 to Jan 31
income
238,196
224,531
229,479
280,920
Other IncomeBaton Rouge Elec
Jan
2,105
1,733
2,686
3,222 Income from lease of road
5,526
Brockton & Plymouth.._Jan
1,066
1,091
der 994
219,377
def408 Hire of equipment (credit balance)
Cape Breton Elec
Jan
961,309
6,437
5,823
4,798
8,252 Joint facilities rent income
Miscellaneous rent income
627,507
Columbus (Oa) Elec_ _ _ _Jan
12,843
25,281
6,499
10,165 Net
77,276
profit from miscel. physical prop..
Com'w'Ith Pow By & Lt_Jan
54,444
6,771
217,921
143,351 Dividends received
13,615.905
Dallas Electric Co
Jan
24.635
26,778
45.893
943,238
40,086 Income from funded securities
Detroit United Lines_ _ _Jan 176,765
178,501 2112,666 x149,070 Income from unfund. sec. & acc'ts.._ 1,274,650
Income from sink.& 0th. res. funds.... 1,100,368
Eastern Texas Elec
Jan
8,244
10,181
Miscellaneous income
705,259
El Paso Electric
Jan
1,971
4,284
38.881
37.107
Galv-Houston Elec
Jan
19,530,415
Total other income
33,660
36,485
40,645
30,831
income
57,712,898
Houghton Co Tract_
Jan
5,609
5,752
1.330
2,851 Gross
DeductionsHudson Valley RyLease of other roads
3,974,987
Oct 1 to Dec 31
89,047
67,456 zdef8,261
z4,423
Joint facilities
1,190,897
Jan 1 to Dec 31
339,748
285,146 rdefl,201
x43,067 Miscellaneous rents
333.161
Jacksonville Traction.... _Jan
12,868
11,038
11,526
35,918
5,228 Miscellaneous tax accruals
Key West Elect Co
Jan
9,496,909
2,402
2,591
1,618
1.554 Interest on funded debt
Interest on unfunded debt
435,476
Northern Ohio Tr & Lt.. Jan
49,462
44,671
50,207
50,544 Miscellaneous
324,718
Northern Texas Electric Jan
24,227
42,618
24,836
38.238
Paducah Trac & Lt
Jan
7,679
def 166
7,336
Total deductions
15,792,066
2,103
Pensacola Electric
income
41,920,832
Jan
7,267
1,497
6,301
3,537 Net
Other DeductionsSavannah Electric Co......Jan
23,015
17,709
408
6 Payment
1,882,775
to trust funds
Tampa Electric Co
Jan
5,062
4,794
31,241
28,625 Principal of car trusts paid
Twin City R T
Jan 232,435
28,394,248
238.117
101,236
76,635 Dividends (6%)
Additions and betterments
2,500,000
United Lt & Rys Subsidiary Cos6,787,582
Jan 1 to Dec 31
1,211,051 1,118,121 1,172,318 1,073,007 Extraordinary expenses
Constr.
expend.
branch
1,815,624
on
roads_
_
Wisconsin Gas & El.._ _ _Jan
8,900
8,874
x14,322
z9,281
Total other deductions
41,380,229
x After allowing for other income received.
Balance, surplus
540,603
Roads.




46,821,668 -1,312,525
7,128,535 +198,125
39,693.133 -1,510,650
54,877
1,022,062

-49,351
-802,686
-36,392

831:I81 119?.
+423,190

81,847
13,aNIR
1,223,956
564,098
595,995

-9,685
+50,694
+536,270
+109,264

19,307,275 +223,140
59,000,408 -1,287,510
5,301,473-1.326,486
897,262 +293,635
390,039
-56,878
33,346
+2,572
9,898.831 -401,922
120,434 +315,042
205,059 +119,659
16.846,444 -1,054,378
42,153,964 -233,132
1,138,628 +744,147
2,901,728 -2,901,728
27,198,918 +1,195,330
6,000,000 -3,500.000
2,365,480 +4,422,102
+927,517
888,107
40,492,861
+887,368
1,661,103 -1,120,500

MAR. 7 1914.]

757

THE CHRONICLE

BALANCE SHEET DEC. 31.
1912.
1913.
1912.
Increase (+)or
1913.
Decrease(-)
Assets
Liabilities$
-$
$
$
1912.
Cost of road,equip.
Capital stock__._12,000,000 12,000,000
$
$
423,317,656+43,392,365
and real estate_17,829,660 17,706,393 Bonds
5,639,500 5,639,500
Tickets
82,751
77,979
68,462,747 -625,237 Cash for accr. taxes
294,923 Accrued taxes ,ininsur., int., &c. 305,015
6,903,228 -6,903,228
166,500
surance, inter3,175,000 -3,175,000 Insurance reserve.. 172,000
.11,023
7,030
eat, &c
+18,725 Cash in hand
121,444
111,176
90,303,242
37,030
35,490 Bills payable
123,000
78,488,018 -691,276 Tickets of oth. cos.
50,833
Mat'l & supplies-46,292 Dividends due and
2,559,658
43,i0
Ace-ts
receivable..
8,017
6,394
accrued
185,457
184,243
68,482,816 +11.3-.4
300
-68,266 Miscellaneous_ _ _
300 Fire ins. reserve
166,694
172,107
165,183
+158,842
Deprec. reserve
4,832
1.929,510
7,596
-550,294
Profit and loss__
550,294
82,023
78,898
14,798,960 -4,384,512
Total
+60,208
18,413,878 18,263,322
Total
30,207,397
18,413,878 18,263,322
-85,690
744,850
* Cash in bank,$11,023, consists of $3,320 to credit of operating account,
10,623,072 +3,175,983
4,837,505 -1,280,590 $107 to credit of insurance reserve fund and $7,596 to credit of depreciation
6,406,935 -598,857 reserve fund.-V. 98, p. 386.
7,258,561 +1,546,534
15,434,220 +2,267,550
Georgia Railway & Power Co., Atlanta, Ga.
+417.487
787,524
5,857,526 +3,020,249
(Report for Fiscal Year ending Dec. 31 1913.)
+166,253
3,405,305
31,280,845 -863,093
The report, signed by Chairman H. M. Atkinson and Pres.
+358,609
7,558,461
3,907,936 -1,079,682 P. S. Arkwright, at Atlanta, Feb. 16, says in substance (corn-

GENERAL BALANCE SHEET DEC.31.
1913.
Assets$
Road and equipment
a466,710,021
Stks. of prop., affil., &c., cos.,pl'ged_ 67,837,510
Bonds do
do
do
do
do
Bonds issued or assumed-pledged__
Stks.of prop.,affil., &c.,cos.unpl'ged 90,321,967
___Bonds
do
do
do
do
do
77,796.742
Secur. under lease of U.N.J.RR.&C. 2,559,658
Marketable securities
86,930,908
Adv. affil., &c., cos. for constr.,&c
96,917
Miscellaneous invest's-phys. prop
2,088,352
Securities pledged
Securities unpledged
19,414,448
Cash
30,267,605
Securities held in treasury
659,160
13,799,055
Loans and bills receivable
3,556,915
Traffic & car service balances
5,808,078
Agents and conductors
8,805,095
Miscellaneous accounts receivable..
17,701,770
Materials and supplies
1,205,011
Unmatured interest, dividends, &c
Temporary adv. to MTH., &c., cos.._ _ 8,877,775
Cash & secur. in sink., &c.,funds_ _ _ _ 3,571,558
30,417,752
Cash & secur. in ins. & 0th. res. fds
7,917,070
Cash and securities in provident fds
2,828,254
Other deferred debit items

pare statement in "Electric Railway Section"):

Total
940,171,711 887,446,448 +52,725,263
Earnings in 1913.-After the payment of operating expenses, taxes and
Liabilitiesrentals of the leased properties, sinking funds ($95,590) and interest on
c499,233,850 453,877,950+45,355,900 underlying bonds, there remained from the earnings a surplus of $594.866.
Capital stock
+146,477
Hydro-Electric Plant.-The construction of the hydro-electric develop7,050,200
Premium realized on capital stock _ 7,196,677
+31,895 ment at Tallulah Falls and of the transmission lines and sub-stations in
Stock allotment receipt full payment_
31,895
201,447,600 206,803,440 ---5,355,840 connection therewith has continued during the year under the contract
Funded debt
Guaranteed stock trust certificates.._ 14,547,250 14,708,250 ---161M0 made by the former Georgia Power Co.,and should be wholly finished about
29,554,909 21,888,828 +7,666,081 April 11914. The plant has been in partial operation since Sept. 24 1913,
Equipment trust obligations
3,456,622 -104,179 and has proven unusually successful.
Mortgages and ground rents payable_ 3,352,443
-----Neither the earnings derived from this partial operation nor the interest
2,559,658'
Secs. rec. with lease of U.N.T.RR.&C. 2,559,658
9,000
5,009,000 -5,000,000 on the $8,865,000 bonds of the Georgia Power Co., the proceeds of which
Loans and bills payable
-F619,462 have been applied to such construction, are included in the attached state2,001,414
Traffic and car service balances
2,620,876
Vouchers and wages
20,407,834 18,480,998 4-1,926,836 ments. The earnings referred to have been applied to the cost of construcMiscellaneous accounts payable
1-146,398 tion, and interest on the bonds mentioned and other construction interest
6,546,923
6,400,525
Matured int., divs. & rents unpaid
1-64,812 has been charged as part of the cost of construction. Beginning with April 1
545,658
480,846
Matured funded debt unpaid
92,790
1,760,760 --1,667,970 1914 both earnings and bond interest will be included in income account.
Other working liabilities
191,074
---19,584
210.658
Other Constructton.-Charges to construction for the year 1913 for addiUnmatured int., divs., &c., payable.. 1,846,732
1,818,414
1-28,318 tions to the property of the Georgia By.& Power Co., other than work done
Taxes accrued
5,195,331
5,183,663
4-11,768 under the contract above referred to, aggregate 1902,172. These charges
Operating reserves
290,932
A-37,080 consist of the construction of the electric railroad to Stone Mountain, of the
253,852
Liability on acct. of provident funds_ 7,917,070
7,558,461
q-358.609 acquisition of the transmission line from Rome, Ga., to the Tenn. State
Other deferred credit items
2;450,539
---98,714 line, the construction of a transmission line from Newnan to Carrollton.
2,351,825
Additions to property since June 30
and from Stone Mountain to Social Circle, and of distributing lines, &c.
1907 through income
66,137,086 52,764,684-F13,372,402
Construction on Leased Property.-Charges to construction for additions
Invested in sink, and redemp. funds.. 4,369,540
-F257,075 to the property of the Georgia By. & Electric Co., including the Atlanta
4,112,465
Invested in other reserve funds
30.735,276 31,632,966 ---897,690 Gas Light Co., during 1913, aggregate $1,319,465, viz.:
Car trust pincipal chged. out in adv_ 1,462,302
2,099,946 -437,644 Georgia Ry.& Electric Co.: Real estate, $148,438; buildings and
Reserve for additions and betterm'ts_ 2,500,000
6,347,433 ---3,847,433
fixtures, $54,781; track and roadway. $215,282; electric lines,
Profit and loss
-F492,205
b29,027,181 28,534,976
$160,147; miscellaneous, $122,047; distribution system and
other property inside the 7-mile zone purchased from Georgia
Total
940,171,711 887,446,448 +52,725,263
By. & Power Co., $256,177; new construction not completed,$231,555; total
$1,188,427
a After deducting reserve for accrued depreciation. $15,426,513.
Atlanta Gas Light Co.: Extension and improvements
131,039
b After deducting sundry net credits amounting to $48,027,398.
Bonds, &c.-As part payment, in accordance with the lease, on account
c Includes the balance of stock, $37,000, held to acquire the outstanding
and
additions
improvements,
of
for
$828,000
expenditures
made
Ref. &
holdings in the Allegheny Valley Ry., Cumberland Valley RR. and Philadelphia & Erie RR.companies, not owned by the Pennsylvania RR. Co.
- Impt. bonds of the Georgia By. & Electric Co. were issued and sold, and
the proceeds applied toward reimbursing your company,on such account.
V. 98, P• 694, 681. 611.
There was also issued $430,000 of said bonds which, along with the capital
stock of the Georgia By. & Electric Co. in its treasury at the date of the
lease, were pledged as collateral for a loan of $665,000, the proceeds of
Capital Traction Co., Washington, D. C.
which were applied toward reimbursing your company on account of such
expenditures. It is contemplated that this $430,000 Ref. & Impt. bonds,
(Report for Fiscal Year ending Dec. 31 1913.)
as well as the common stock, will be sold,and a part of the proceeds of such
sale applied toward the payment of the loan above mentioned and the rePresident George E. Hamilton says in substance:
mainder of such proceeds applied toward reimbursing this company on
Earnings.-The earnings show an increase of $43,921; operating
account of the balance of such expenditures during 1912 and 1913.
$10,878.
fixed charges and depreciation,an increase of$33,043; net increase,expenses,
Electric Railway.-The new interurban railroad from Atlanta to Stone
Depreciation Reserve Fund.-Since Jan. 1 1913 the company has each Mountain was placed in operation Nov. 29 1913. That portion of the line
month from operating expenses set aside a sum equal to 25 % of its total included within a radial distance of 7 miles from the centre of Atlanta is
receipts from operation to the credit of the depreciation reserve fund, and owned by the Georgia Ry.& El. Co.; the remainder, 9.147 miles, we own.
has charged against this fund the sum of $54,6'72, representing the cost of
On Dec. 31 1913 the total mileage of railway tracks (on a single-track
rebuilding both tracks on Pennsylvania Ave. between 9th and 15th Streets basis) owned or leased and controlled and operated was 211.993 miles.
Northwest. Alter paying fixed charges, for the purchase of five cars for
Title Upheld.-The suit of the State of Georgia, bringing in question our
the Chevy Chase line; the completion of air brake equipment on all cars title to the water power property at Tallulah Falls, was tried in May 1913,
operated; an increase in fire-insurance reserve fund; the setting aside of and resulted in a verdict for the company, and this verdict has been af$57,437 to depreciation reserve fund, and the payment of 6% on stock, firmed by the Supreme Court of Georgia, setting forever at rest the questhere was a surplus for the year of $3,004.
tion of the company's title:
Funded Debt.-Of the bonds of 1907, $5.639,500 is issued and outstanding and the remaining $360,500 is hold in the treasury to provide for conRESULTS FOR THE CALENDAR YEAR.
struction and equipment expenditures incurred and required. The P. U. [Georgia B.& Power Co.,Georgia Ry.& Elec. Co.,Atlanta Gas Light Co.,
Commission refused to permit us to offer said bonds to the stockholders at
Atlanta Water & Electric Power Co., Georgia Power Co.]
parfand application is now pending for authority to sell on other terms.
1913.
1912.
1912.
1913.
Rolling Stock.-Five new suburban type pay-within cars for the Chevy
$16,346
$7,342
Chase division were purchased and put in service late in 1913. The con- Gross earnings_.45,350,995 $5,218,913 Int. on notes
Oper.
2,427,622
Rental
expenses__
2,687,672
dividends..
801,168
801,168
pay-within
the
type,
to
cars
begun in
version of the 30 semi-convertible
Georgia R.dr El.
1912 has been fully completed and 13 closed and 9 open-type cars have been
Net oper. rev_$2,663,323 $2,791,291
sinking fund.. _
83,000
71,736
equipped with overhead trolleys for the Chevy Chase service.
436,096
349,188 Other sink. Ids_
12,590
12,590
Fare Boxes.-The test of fare boxes failed to demonstrate the usefulness of Taxes
Dividend Atl. Wathese boxes in operation under conditions ofcash fares, tickets and transfers.
ter & El. P. Co..
Net, after taxes $2,227,227 $2,442,093
30,000
Fares and Transfers.-While the company is limited by charter to a fare
41,168
41,168 Div. on let pf. stk.
of4 1-6 cents (six tickets for a quarter), passengers have,through extensions Dlv. on treas. stk_
62,459
36,110
Ga. By.& P.Co.
(4.7%)94,000
made from time to time, been given longer rides, the costs of operation and Mlscell. income__
revenue
has
in
been
increase
lessened
and
the
by
increased
upkeep have
Total deduc'n.s_$1,735,988 $1,768,681
Total income__..$2,330,854 $2,519,371
the more common use of automobiles and other methods of transportation.
The now P. U. Commission on June 2 1913 ordered us to comply with the Int. on bonds____ $822,884 $751,845 Balance, surplus__ $594,866 $750,690
provisions of Sec.6 of an Act of Congress approved Aug. 24 1912, requiring
GEORGIA RAILWAY& POWER CO. BALANCE SHEET DEC. 31.
an interchange on and after Feb 24 1913 of transfers without the payment
1913,
1912.
1913
1912.
Of an additional fare, with the Metropolitan Coach Co. at the intersection
Ave.
Being
AssetsPennsylvania
advised
of 15th St. and New York Ave. and
that said law is unconstitutional, we contested the order and perfected our Constr'n plant.._ _39,813,789 39,605,070 First pref. stock_ 2,000,000 2,000,000
2d pref. stock__.10,000,000 10,000,000
appeal to the Supreme Court of the District of Columbia, where the matter New constr. G.Ry.
451,713
Common stock__ _15,000,000 15,000,000
& Electric
is now pending. To avoid the accumulation of fines and penalties, an
310,379 Mortgage bonds_ _11,950,000 11,400,000
agreement between the two companies was reached providing for an ex- Suppl's, fit'gs, &a_ 339,718
442,089 Acc'ts, &c., pay_ - 394,261
Cash & sects rec., 699,845
507,687
change of transfers pending final decision.
11,562 Bills, &c., payable 718,803
17,925
Late in 1913 hearings were begun before the Commission "with a view Prepaid accounts_
232,088 *Ga. Ry.& El.Co. 465,679
715,679
of beginning an investigation to determine whether the Commission, with Stocks and bonds_ 387,332
Sink. fund int_
50,000
1,217
justice to the public and the street railway companies, should promulgate Treasury bonds.._
41,269 Reserve acc'ts_ ___ 460,718
325,628
381,945
an order requiring the issuance of free, universal and interchangeable trans- Suspense acc'ts
25,000 Accr.fixed chges.
Sinking fund bds..
32,000
fers among the street railways of the District of Columbia."
200
G. Ry. dr El_ _
146,989
Do bond prem.
8,806
155,681
Profit and loss.... _ 990,306
505,448
OPERATIONS AND FISCAL RESULTS.
1912.
1911.
1910.
1913.
Total
42,126,756 40,667,657
Total
42,126,756 40,667,657
8,087,925
7,962,375
Car mileage
8,202,528
8,013,374
Revenue passengers, No. 53,425,152 52,608,868 52,097,019 51,307,792
assets turned over to the Georgia By. & Power Co. by the
*
Net
Transfer passengers, NO. 18,195,307 18,472,325 18,249,770 16,934,756 Georgia By.& Elec. Co.in accordance with the terms of the lease.-V.98,
Gross earnings
$2,310,166 $2,265,214 $2,256,640 $2,226,150 p. 689.
$74,980
$136,034
Maintenance of way,&c. $136,961
$102,205
Naumkeag Steam Cotton Co., Salem, Conn.
76,653
77,909
Maint. of equipment_-90,203
91,619
153,190
154,396
Operation of power plant
145,011
155,978
(Balance Sheet Nov. 30 1913.)
576,164
Car service
566,302
580,106
569,336
217,670
1913.
1912.
1913.
192,844
General & miscellaneous
1912.
195,234
214,605
Assets1,500,000 1,500,000
Total oper. expenses.. $1,179,269 $1,098,657 $1,127,485 $1,101,989 Real est. & mach_ -1,500,000 1,500,000 Capital
100,000 100,000
Net earns.'rem oper
$1,130,897 $1,166,557 $1,129,155 $1,124,161 Danvers bleachery_ 250,000 250,000 Guaranty account
13,317
219,550 148,144 Depreciation account
10,173
Other income
14,518 Cash
105,000
12,286
692,493 597,813 Improvement acc't_ 100,000
Bills receivable
95,926
1,325,000 400,000
Total net income__ _ $1,143,183 $1,179,874 $1,139,328 $1,138,679 Manufactur'd goods 218,388 271,107 Notel payable
81,234
70,304
loans......
$130,967
Stock
in
process...._
Interest
on
$128,383
5,839
$118,081
4,713
Taxes
$136,559
1,140,491 285,779 Profit and loss
281,781
220,666
1,116,164 960,081
Interest
283,620
200,000 Cotton
42,573
720,000
720,000
720,000
720,000 Fuel & miscel. supp_ 44,847
Dividends (6%)
Total
Balance




$1,140,179 $1,132,748 $1,069,049 $1,038,081
$47,126
$70,278
$100,598
$3,004

Total
-V.96, p. 290.

4,147,003 3,165,720

Total

4,147,003 3,165,720

758

THE CHRONICLE

Lackawanna Steel Co.
(Report for Fiscal Year ending Dec. 31 1913.)
The report is given on subsequent pages, including the
remarks of President E. A. S. Clarke, income account, balance sheet, &c. The usual comparative tables follow:
RESULTS FOR CALENDAR YEARS, INCLUDING SUBSIDIARY COS.
1913.
1912.
1911.
1910.
Gross sales and earnings 29,879,276 27,266,377 21,040,387 31,382,760
Less-Mfg.cost&op. exp. 23,008,546 22,296,738 17,394,307 24,972,290
Net from mfg.& oper. 6,870,730
Other IncomeDivs. on invest's in cos.
not controlled, &c__ _
746,017
Sales of sub. co's assets_
267,201
Comm. disc. & hit
3,328
Total income

4,969,639

3,646,080

6,330,470

707,305

526,637

940,062

36,464 ,

58,276

45,997

7,887,275

5,713,408

4,230,993

7,316,529

Selling exp., taxes, &c.._ 1,014,313
Exp. issuing bonds, &c..

807,965

739,515

754,713
119,468

Net earnings
6.872,962
4,905,443
Deductions per "Income Account"Sink. fund on bonds and
exh'n of minerals_a__
452,188
577,833
Deprec.& accr'g renew_ 1,210,020
1,135,950
Int. Lack. St. bds.&debs 1,749,753
1,749,958
325,515
Int. bds. of sub. cos..._ _
331,000
112,402
Rentals and royalties.. _
101,890
Div.on corn. stk., 1% __
347.526
349,780

3,491,478

6,442,348

260,056
942,183
1,750,000
354,900
101,536

432,378
1,254,524
1,729,229
377,815
115,297

82,803

2,533,105

Surplus

2,675,558

659,031

a Includes in 1913 and 1912 capital expenditure at mines written off.
CONSOL. BAL. SHEET DEC. 31,
1913.
1912.
Assets$
$
Cost of real estate,
plants, &c
68,364,681 66,308,314
Investments in ore
companies, &c_ 6,116,076 6,765,863
Deferred chges. to
operations
326,277
315,224
Bond sk. fd., cash 188,384
170.025
Inventories
10,944,974 8,530,026
Misc. accts. receiv 671,030
499,793
Customers' accts.
(less reserve)
4,636,313 5,666,681
791,511
578,142
Notes receivable
Cash In bank and
2,524,737 3,846,555
on hand
Marketable stocks
2,363,058
990,356
and bends

[VOL. tem'

9 months from April 1 to Dec. 31 1913, with the additional 3 months' operationsfrom Jan. 1 to Mar.31 1913 in the case of certain subsidiaries whose
fiscal year had previously ended on Dec. 31.
Financial Posztion.-The company's financial position is strong, the cash
on hand being approximately $10,000,000; while eliminating from the
current liabilities those which are indispensable to the regular course of
business and accrued interest, taxes,&c.,amounting together to $6,101.380,
the cash on hand is about 50% of the remaining current liabilities.
Properties -The increase from about $105,000,000 last year to about
8118,000,000 this year of plants, properties, &c., is occasioned by the inclusion of the Canadian plants and the Sumatra rubber plantations, with
the enlargement of the Morgan & Wright tire plant at Detroit and some
minor construction. While it has not beenjour custom to make specific
charges for depreciation, our plants are maintained in the highest efficiency
and all repairs and replacements are charged to expense account.
VOlume of Business.-The year 1913 was a year of declining prices. Consequently the same quantity of manufactured goods would represent a
less amount in dollars and cents. The volume of business of the company
as a whole was somewhat larger for the nine months of 1913 than for the
corresponding period of 1912. Through our 'United States Tire Co. there
was a substantial increase in tire sales. There was some falling off in volume of sales of footwear, due to the mild weather and lack of snow prior
to Dec. 31, but some increase in the sales of mechanicaljgoods, both in
quantity and value. What was lacking in "rubber weather" early in the
winter has been fully supplied by, the snowstorms of February and March
1914. The benefit therefrom will appear in the report for the coming year.
Profits.-The net profit before deduction of interest charges was $9,677,533, and after deducting interest charges $7,140,125. The dividends declared during the period on our pref. and common stocks and on the minority
stock of subsidiaries agregated $5,328,856, leaving for the period a surplus
of $1,811,268. Of this surplus,it is estimated that $764,657 was earned
In the first three months of the year 1913 by subsidiaries whose fiscal year
formerly ended Dec. 31. This being deducted ,leaves $1,046,611 as representing the surplus earnings for the nine months ending Dec. 31 1913
over dividends declared for the same period.
Considering the sharp reduction in the prices of tires, the absence of
snow during November and December, a general declining market for both
crude rubber and manufactured goods, and business conditions throughout
the country, this statement of earnings may be considered gratifying.
Capitalization.-Under the plan of conversion into first pref, stock,the
2d pref. stock has been reduced $358,400, and there is now outstanding
but $622,800 of 2d pref. stock. Under the offering made to our stockholders in Nov.last,$1,741,000 was added to the first pref. stock and $39,800
was added from time to time in exchange for Rubber Goods pref.
Outlook.-The growing cheapness of crude rubber is opening new and
promising fields of investigation and exploitation. The crude rubber from
our plantations in Sumatra, of which so far we have received samples, will
be arriving in some quantity before the end of this year, and the quantity
will rapidly increase from year to year. Under normal business conditions,
these facts constitute a most promising outlook.

INCLUDING SUBSIDIARY COS.
1913.
1012.
Liabilities$
$
Stock outstand'g x34,734,000 34,728,000
Lack. I. & S. Co.
stock not owned
35,450
22,900
1st M.55 cony. g_15,000,000 15,000,000
1st cons.M.ser.A5s10,000,000 10,000,000
Subsid. cos. bonds 6,507,000 6,620,000
CONSOLIDATED INCOME STATEMENT (see text above).
5-yr.5% cony. debs9,994,000 9,999,000
Current accounts_ 2,358,797 2,256,509
Note.-For the 9 months ending Dec. 31 1913 "all sub.cos." are included
Bills payable ____ 676,915
317,697 butin year 1912-13 the General Rubber Co. Canadian Consol. Rubber Co.,
Taxes& int. accr'd_ 640,601
631,995 Ltd., U. S. Tire Co. and Rubber Regenerating Co.figure in results only to
Mines extinguish.& 3,688,670 3,236,481 extent
of dividends received from.
bond sink. fund_
9 mos. end. Year ending
Depreciation AC re
Dec. 31 '13. Mar 31 '13.
placement funds 5,506,424 5,687,693 Net sales,footwear, tires, mechanical & miscell_ _887,349,692 $91,782,862
Cont.&misc.funds. 270,308
331,385 Deduct--Cost of mfg.,selling, gen. exp.& taxes.... 76,662,082 81,307,155
Profit & loss acct_ 7,514,877 y4,839,319
$10,687,610 $10,475,707 Operating profits
Total
90,927,041 93,670,979
Total
96,927,041 93,670,979 Other income (net)
97,142
84,123
x After deducting $250,000 stock in hands of trustees.
$10.784,752 $10,559.830
Total ncome
v Before deducting 1% div. on corn. stock 01349,780 paid Jan. 31 1913.
2,537,408
2,170,599
Less-Int. on funded and floating debt
98, p. 693*
624,241
Int. allowed customers for prepayment
736,459
311,875
108,555
Deductions for bad debts
171,103
Federal income tax
American Woolen Co., Boston,

Mass.
(15th Annual Report-Year ending Dec. 31 1913.)
President Wm. M. Wood says in substance:

Results.-Conditions in the woolen business during the past year have
been exceptional. A particularly harmful factor was the prolonged strike
among the garment-workers, during which many of the clothing manufacturers could not order dress goods or take goods already ordered. This
strike, and the special session of Congress called to re-adjust the tariff,
which was attended with long discussion, doubt and uncertainty, reduced
business and generally unsettled the industry for the greater part of the year.
Re-valuation Due to Tariff.-The new tariff, providing for free wool and
reduced duties on woolen goods, has forced into one year's statement a revaluation of our raw wool and other supplies, of stock in process of manufacture and of finished fabrics. On the basis of the reduced valuations, we
start the new year with a surplus of $8,035,834 and quick assets of $26,414,627, or substantially eight times the entire liabilities of $3,333,858.
Outlook.-Nothing is so prejudicial to business as political agitation and
uncertainty, and we regard it as a great gain that we have arrived at a new
starting point. The tariff is now settled and we are fully prepared to do
business under the conditions which it imposes.
While the American Woolen Co. is the largest manufacturer of wool in
this country, it is not an unlawful combination or monopoly. Its capital,
amounting to $60,000,000, represents only 144% of a total of $415,000,000
of capital invested in the woolen and worsted industry of the U.S. Besides
our plants there are about 900 woolen and worsted mills in this country.
Your company, however, has the largest, best equipped and most modern
mills in the world (in all, 40 separate plants, free from leases, bonds or
mortgages of any kind) and possesses, besides, the economic advantages of
a large business organization. Through them it expects to be able largely
to offset the difference in cost of production between the low wages of
Europe and the higher wages paid in the United States.
We are going attend with confidence in our great equipment and our
broad resources, in the magnitude of our business and the important advantages which that confers, in the efficiency of our machinery, in the ability
and loyalty of our personnel-and in the superiority of the woolen goods
which the company makes over the mass of foreign goods of similar kinds.
Acquisition.-The Marston Mill at Skowhegan, Me., has been acquired
In order to make a complete plant in connection with the mill already owned.

Net profits
Previous surplus

EARNINGS, EXPENSES, &C.
1912.
1911.
1913.
1910.
loss$677.685 $3,722,988 $3,225,916 $3,995,310
12,015,624 11,597,371 11,171.455 10,514,808

Total surplus _____ _ _$11,337,939 $15,320,359 $14,397,371 $14,510,118
Preferred dividend (7%) $2,800,000 $2,800,000 $2,800,000 $2,800,000
Depreciation
502,106
504,735
638,664
Final surplus

$8,035,833 $12,015,624 $11,597,371 $11,171,454

1913.
AssetsS
Plants & invest'ts_44,539,097
Capital stock Ayer
Mills
999,300
Inventories
10,708,380
2,519,204
Cash
Accts.recelv.(net)13,187,044

BALANCE SHEET.
1913.
1912.
1912.
$
$
Liabilities-$
44,657,362 Common stock __ _20,000,000 20,000,000
Preferred stock..._40,000,000 40,000,000
2,974,300 7,665,200
599,300 Bank loans
18,762,806 Current accounts.. 359,558 2,288,113
1,056,133 Accr.div.on pf.stk. 583,333
583,333
17,476,669 Undivided profits_ 8,035,834 12,015,624

Total
71,953,025 82,552,270
-V. 97, p. 1117.

Total

71,953,025 82,552,270

United States Rubber Co., New York.
(22d Annual Report-9 Months ending Dec. 311913.)
Pres. Samuel P. Colt Mar. 5 wrote in substance:
Fiscal Year Changed to End Dec. 31.-Our financial statement, which for
the first time is a consolidated statement of the company with all of its
subidiaries relieved from variations in fiscal year, covers the period of




$7.140,125 $7,544,218
Net profits
Div. U. S. R. Co. 1st and 2d pref., $3,518.092;
common (4%%),$1,620,000 total ($5,138,092);
divs. to minority R. G. M. Co. and sub. cos.,
5,799,955
Canadian Consol. Rub. and sub. cos.; total_ _ _ _ 5,328,857
Surplus for period
z$1,811.268 $1,744,268
Add'ns to stir., cap. gain in conversion of 2d pref.
into 1st pref. stk.,$89,600;surpluses of sub. cos.
consolidated & adjust. due to change of fiscal
9,554,867
year, $492,899; total
582,499
Surplus beginning of period

$2,393,767 $11,299,130
16,735,737 17,436.607

Total
$19,129,504 $28,735,737
Deduct-Stk. div. on coin., 20% (pd. July 8 '12),
$5,000,000; res. for deprec., $7,000,000; total
12,000,000
Surplus Dec.31 1913 and Mar.31 1913, respect..$19,129,504 $16,735,737
x Of this surplus, $10,940 pertains to minority stock interests.
CONSOL. BAL. SHEET U. S. RUBBER CO. AND SUBSIDIARY COS.
Note,--On Dec. 31 1913 "all sub. cos." are included; the March 31 1913
figures do not embrace assets, &c., of General Rubber Co., Canadian ConD
eegc.
en3.10.o1.3. Feb.(V.96p
sol. Rubber Co., Ltd., U.S. Tire Co. and Rubber R
3.1291
.13
)..
Assets$
Property, plants and investments (including rub118,882,027 105,687,668
her plantations).
Inventories, manufactured goods and material_ _ _ 36,343,324 30,384,520
1,676,469
1,281.809
Notes and loans receivable
9,990,169
7,456,804
22,926,827 28,292,273
Accounts
ccounts receivable
5,000,000
Stocks owned in General Rubber Co
Securities, including stock of U. S. Rubber Co.
6,584,181
6,439,681
held by subsidiary companies
422,541
382,760
Sinking fund cash in hands of trustees
2,213,242
845,313
Miscellaneous
199.038.771
Total
Liabilities59,330,900
Capital stock, first preferred
622.800
Second preferred
36,000,000
Common
Outstanding minority shares of subsidiary cos.-a 1,653,800
Rubber Goods Mfg. Co. and subsidiary cos
b514,500
Can. Consol. Rubber Co., Ltd., and subsid. cos
10-yr.6% coll. tr. sic. fd. gold bonds, U. S. R. Co- 17,500,000
10-year 4%% debentures, General Rubber Co.-- 9,000,000
970,000
10-year 5% debentures, Eureka Fire Hose Mfg. Co
953,000
Mech. Rub.Co.and N.Y.Belt & Pack. Co.bonds
40-year 6% coll. tr. gold bonds. Can. Consol. Rub$2.590.800 (less owned by subsidiCo.,
2,387,800
ary co., $203,000)
19,905,837
Notes and loans payable
Acceptances for importations of crude rubber, $2.275,430; merchandise accts. payable.$3.274.340;
6.101,379
accrued interest, taxes, &c.,$551.609; total.
Due General Rubber Co
Reserves for divs., 31,736,040; redemption of bds..
$382,296; insurance fund, $619,570; employers'
2,888,370
accident fund,$150.464; total
7,000,000
Reserve for depreciation
15,080,881
Fixed surpluses (subsidiary companies)
*19,129,504
Surplus
Total

185,770,828
57,281,300
981,200
36,000.000
1,693,600
18,000.000
1,005.500

17,750,696
3,599,246
8,125,142
2.123,693
7,000,000
14,504,714
16,735,737

199,038,771 185,770,828

*Of this surplus $350,156 pertains to minority stock interests.
a Includes: Pref., $1.556,300; common, $60,000; subsidiary of)Rubber
Goods Co., $37,500. b Includes. Pref., $285.880; common, $5219,420:
subsidiary of Canadian Co.. 39,200.-V. 98, P. 77.

MAR. 7 1914.1

THE CHRONICLE

E. I. Du Pont de Nemours Powder Co.
(Report for Fiscal Year ending Dec. 31 1913.)
President Coleman du Pont says in substance:
The statement herewith (seealso V.98, p. 692)shows the condition of the
company after segregation of certain of its property in accordance with the
decree entered by the U. S. Circuit Court. The earnings for 1913 represent the result of a full 12 months' operation since this segregation. The
business for the year cannot be compared with that of other years, on account both of the loss of business due to dissolution and added expenses in
connection with segregating the properties under mandates of the Court.
Moreover, the year 1913 has not been one of great business activity, so
that there has been little to compensate for the losses above mentioned.
The net earnings, however,show satisfactory results, with a material margin
above the dividend requirements.
Several new lines of business established in past years have begun to
make satisfactory return on the capital invested, and there now remains a
comparatively small amount of new capital which is falling to make return.
Owing to the small volume of business offered during tho year 1913, it
was thought inadvisable to further increase the capacity of our factories,
therefore it has boon unnecessary to issue new securities during the year.
The forecast of future business indicates the necessity of providing additional cash, and to meet this your directors authorized the sale to common
stockholders of 62,939,700 bonds of the Hercules Powder Co. held in our
treasury at 85% and int., to be paid for over a period of 18 months. However, almost the entire offering has been subscribed by the stockholders,
thus relieving the underwriters of any further liability. No commission
nor compensation of any kind was paid to the underwriters. Notwithstanding the fact that but 10% of the amount of the subscription was payable Feb. 1 1914, $1,245,375, representing 49.84% of the entire subscription,
has been baki in. [V. 97, p. 1901; V. 98, p. 389.1
Number of Stockholders and Per Cent Thereof in Employment of the Company.
1907. 1908. 1909. 1910. 1911. 1912. 1913.
Total number
955 1,335 1,695 2,163 2,697 2,935
809
Employees
27% 26% 39% 45% 45% 53% 36%
Under previous plans 10,620 shares of common have been awarded as
bonuses to employees meriting this recognition and 10,413 shares of pref.
and 1,031 shares of common have been subscribed for by employees.
Dividend Record of Common Stock (Pref. Has Received 5% Annually Since '03).
1904 1905 1906 1907 1908 1909 1910 1911 1912 1913

759

COMBINED BALANCE SHEET DEC. 31.
1913.
1912.
1912.
1913.
Assets$
13
Liabilities$
Real Ost., bldgs.,
Preferred stock.... 4,495,739 4,495,794
machinery, &c__ 9,104,421 8,858,594 Common stock__ _ 4,495,760 4,495,805
Mat'is & suppl's &
5% 3-year coupon
work in progress.. 1,336,407 1,263,004 notes, Mar. 1 '13 1,000,000
Accts. receivable_ 1,175,079 1,016,438 Accts. payable___ 308,829
238,866
Notes receivable._
6,361
8,140 Bills payable
150,000
760,000
Marketable invest.
40,520
41,518 Pref. div. payable67,435
67,435
Contract deposits_
55,000
55,000 Reserves
173,378
220,057
92,387
Special deposits__
98,230 Surplus
1,462,778 1,460,586
Cash
295,225
383,427
Deferred charges..
48,518
14,192
Total
12,153.918 11,738.543
-V. 96, p. 714.

Total

12.153,913 11,738,543

American Cigar Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Treasurer Geo. G. Finch says:
The statement below does not include the company's share
the undivided net profits of companies in which it holds stock which in
they have
deemed it advisable not to declare as dividends. Taking these
earnings
into account, as far as applicat is to the proportion of the securities of such
companies held by the company,the profits of the company,
after payment
of fixed charges and dividends on pref. stock, amount to 14.20%
on the
common stock, against 11.9% in 1912.
RESULTS FOR CAL. YEARS 1913. 1912, 1911 AND 1907.
1913.
1912.
1911.
1907.
Tot. earns, aft. all digs. n1,817,797 $1,540,185 $1,612,832
Not
Int. on notes (retired in
1912)
41.667
241,666
stated.
Pref. divs.(6%)
600.000
600.000
600.000
600,000
Common dividends---(6%)600,000(434)450.000(14)150,000

Bal., surp. for year... $617,797
$448,518
$621,166 $1,287,098
Add Tot.stir. begin.yr. 7,686,595
7,428,576
5,320.050
5,477,677
Oren17
8wdleno.,1s2
e 17
o,a
and'
Z
4 r C7
Profit sale of securs
19
)
V.
6111
939.899
Sundry other profits_
172,511
166,418
547,461
RESULTS FOR CAL. YEAR,INCL.SUB.COS.(BUT SEE TEXT ABOVE).
1913.
1912.
Total
1911.
1910.
$8,476,903 $8,043,512 $7,428,576 $6,764,775
Gross receipts.._$26,675,008 $36,524,623 $34,389,560 $33,240,791 Deduct-Depr.in sec's
a356,917
Net earnings
$5,347,085 $6,871,744 $6,544,709 $6,270,015
Extraord. adjust. and
Total sur. end. of yr.. $8.476,903 37,686,595 $7,428,576 $6,764,775
profit and loss on sale
a Loss in disposition of interest in American Stogie Co. under decree of
of real est., socur.,&c_
48,174
*110,636
*39,421
78,485 Courts in case of U. S. vs. Am.Tobacco Co. et al.
Int. on outstanding bds_
765,010
* After deducting flood losses in Ohio and Indiana during March 1913 of
759,966
762,553
739,377
Prof. stock dividends__(5%)803,428(5%)791,807
775,963
683,318 $89,817.
Common stock divs_ (8)2,351,768(12)3525,860
BALANCE SHEET DEC. 311913.
3,527,02d
3,410,030
Int. adj.& divs. on subAssets ($39,772,368).
sidiary co. stocks., _ _ _
6,450
6,450
6,865
19,688 Real estate,machinery,fixtures,&c., $1,403,170; brands, trademarks, patents, good-will, &c.. $3.291,804; total
Total deduc. from net
$4,694.974
Leaf tobacco, manufactured stock,oper.supplies,&c
earnings
7.135,735
$3,974,830 $4,973,447 $5,032,980 $4,930,898 Stocks
and bonds
Surplus for the year_
9,190,953
$1,372,255 $1,898,297 $1,511,729 $1,339,117 Cash,$541,649;
bills
& acc'ts receivable,$18,209,057; total
Accum. surp. to date_ $5682,289 $18,561,053 $16,662,755 $15,151,026
18,750,706
* Indicates credits to profit and loss.
Liabilities ($39,772,368).
Preferred stock,$10.000,000; common stock,$10.000,000;total _$20.000,000
BAL. SHEET DEC. 31, INCL. SUB. COS. (BUT SEE TEXT ABOVE). Sundry funds,
reserves, &c., $4,109.330; provision for dividend
on preferred stock, $150,000; total
1013.
1913.
1912.
1912.
4.259,330
AssetsAccounts and bills payable,$7,036,135;surplus,$8,476,903;tota115,513.038
Liabilities-8
$
$
Cash, acc'ts reele,
Preferred stock__*16,113,807 15,886,407 -V. 96, p. 1015.
materials & finCommon stock_ _*29,428,708 29,413,508
ished prod. a_ _ _17,515,828 21,653,164 Funded debt
16,922,000 16,798,000
Investment securs.12,826,822 6,936,311 Aca'ts & bills pay.. 3,218,215 1,573,535 (George W.) Helme Co. (Snuff Mfrs.), New York City.
Realty (not includ.
Misc. def'd items_ 170,317
535,372
(Report for Fiscal Year ending Dec. 31 1913.)
plant real est.)_ 626,411
913,067 Res'ves for deprec.,
&c
Perm. invest. in
3,282,490 3,253,413
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
Surplus
mfg. prop., pat5,682,289 18,561,053
43,848,705 56,518,746
ents, &c
1913.
1912.
1913.
1912.
*Net earnings_ _ __31,069,358 $1,075,133 I Com.divs.(12%)$480,000(734) 8300,000
74,817,826 86,021,288
Total
Total
74,817,826 86,021,288 Pref. diva. (7%).._ 280,009
280,000 Balance, surplus_$309,358
5495,133
* The consolidated balance sheet as given above assumes that all shares
of the subsidiary companies are owned by E.I. du Pont de Nemours Powder
*After deducting all charges and
of management and making provision
Co. and the prof. and common stock shown as "held in reserve" on the bal- for the Federal tax on profits for theexpenses
year and making suitable additions to the genance sheet represent the estimated value of the few remaining shares not eral funds for advertising, insurance,
&c,
actually owned. a Includes advances to affiliated cos. and deferred charges.
-v. 98. p. 692, 389.
BALANCE SHEET DECEMBER 31.
1913.
1912.
1918.
1912.
American Bank Note Co., New York.
AssetsLiabilitiesReal estate, machinPreferred stock
4,000,000 4,000,000
(Report for Fiscal Year ending Dec. 31 1913.)
ery,fixtures, tradeCommon stock
4,000,000 4,000,000
marks, patents,&c.3,701,483 3,699,541 Pref. div. payable
Pres. Warren L. Green says in substance:
70,000
70,000
manufactured
Corn. div. payable.. _ 180,000 100,000
Results.-The greater iaortion of our business is of a nature which largely Leaf,
2,784,039
&c....3,056,997
supp.,
stock,
Prov.for
adv.,ins.,&c.
666,493
335,317
the
reflects the condition of
money markets and is dependent, to a con889,058 1,398,971 Accounts payable_ _ _ 49,534
50,436
siderable extent, on the general financial and political situation rather than Cash
Bills & accts. receiv _2,078,579 1,223,930 Total surplus
860,085 550,727
on ordinary trade conditions.
States
the general depression has resulted in a tremendous
In the United
Total
Total
9,726,117 9,106,481
9,728,117 9,106,481
curtailment of new enterprises and In the issuance of many short-term
notes in place of permanent bonds. In many other countries troubles, -V.97, p. 1666.
both financial and political have resulted in a decreased business.
Additions.-Those conditions should not much longer continue, and it
American Snuff Company.
seems the part of wisdom to prepare now for the business which must
inevitably follow when the hysteria and unrest have passed and capital
(Report for Fiscal Year ending Dec. 311913.)
again become available. The business of our Canadian House has been
but slightly affected, and the plan of increasing that plant has been justiTreasurer M. E. Finch, March 3 1914, says:
fied. It will be some months before the extra installation can be completed.
It has also been decided, as a matter of policy, to increase the manuThe amount of capital stock outstanding Dec. 31 1913 was $11,000,000
facturing facilities of the Bronx Plant to a point indicated as necessary common and $4,119,133 preferred, the preferred having
been reduced by
by business actually in sight. When the new presses are completed it will exchange for the pref. stocks of the Geo. W. Helme Co. and
the Weymangive the Bronx plant a normal capacity of over 6,000,000 steel-plate im- Bruton Co. This exchange is still progressing.
many
pressions monthly, time being, in
instances, the essence in the
1913.
1912.
1913.
1912.
production of securities.
$1,919,304 $2,090,559 Com.divs.(14)4 %)$1,595,000 $1,595,000
Owing to the continued inactivity of the real estate market and our Net earnings
248,743
296,634 Balance, surplus__ 1575,561 8198,925
consequent inability to dispose of the Trinity Place property, we are Pref. diva.(6%)
borrowers of consideratse money, which it was deemed best to finance in
BALANCE SHEET DEC. 31.
a more permanent way, and for this purpose there wore issued three-year
1912.
1913.
1918.
1912.
5% notes to the amount of$1,000,000.
Assetsg
Liabilities$
From the point of view of profit alone, the placing of our product on.
11,939,301 11,531,716 Preferred stock...._ 4,119,138 4,523,933
the free list could have no special significance, as we can, whenever neces- Real estate
4,009,266 3,923,851 Common stock__ _11,000,000 11,000,000
sary, develop and enlarge our foreign plants so as to place ourselves on Supplies, &c
61,787
67,863
the same wage basis as our competitors, whose wage scale for their work- G.W.Heime pf.stk a59,567 *261,967 Div. on pref., Jan.
Div,on corn., Jan. 605,000
660,000
men is approximately half of ours. This, however, we have at present no Weyman-Bruton
preferred stock.... a59,567 *261,967 Res'd for insur___ 396,975
396,723
Intention of doing, believing that thoso attributes which have contributed
Res'd for deprec__ 623,431
568,194
so largely to our success with the governments and the great banking Securities of other
1,016,695 2,283,247 Bills & accts. nay..
companies
89,163
institutions of the world will continue to hold good in this country, and
105,790
928,260 1,885,591 R cs'd forwork.cap. 698,273
698,273
that integrity, permanence and surety, combined with the highest type Cash
854,603
Accts.& bills rec
542,711 Surplus
61,273,497 2,650,276
of workmanship, are still the basic essentials.
COMBINED INCOME ACCOUNT YEAR ENDING DEC. 31.
18,867,259 20,671,053
Total
Total
18,867,259 20,671,033
1913.
1912.
a This stock is exchangeable for an equal amount of pref. stock of the Am.
1911.
1910.
expenses.
reProfits over
Snuff Co., which will be retired to the extent of such exchange.
$867,005
pairs and depreciation x$580,514
b After deducting $1,452,339 distribution of American Tobacco Co. and
$693,502
$716,520
13,936
739
Misc.,less interest paid_
16,595
35,084 American Cigar Co. stocks.-V.97. p. 1665.
Total
$867,744
$594,450
$710,097
$751,604
Appropriations,&c
Weyman-Bruton Co.
y$40,000
$160,000
$145,000
Accrued in & discount
on notes
52,778
(Report for Fiscal Year ending Dec. 31 1913.)
Prof. dividends (6%)-....
269,739
269,739
269,738
269,735
RESULTS FOR THE YEAR ENDING DEC. 31.
Common dividends_ _ _ _ (6)269,742 (5)224,785 (4)179,826 (4)179,822
Divs. on shares of con1913.
1912.
1913.
1912.
stituent cos.outstand'g
8
1,055 a Net earnIngs_S1,229,478 $1,163,216 Preferred divs. (7%)-$280,000 $280,000
Corn. dive_ 010).0420,000 (7))300,000 Balance, surplus
$529,478 $583,216
Total deductions__ _
$534,524
$592,259
$609,572
$595,612
Balance,surplus
$2,191
$333,220
$100,525
6155,662
&Net earnings in both years are after deducting all
x The amount of depreciation on buildings, machinery, tools and equip- for management and providing for the Federal tax. charges and expenses
ment deducted in 1913 was $145,779 and in 1912 $135,800. y Includes
* There was also an extra div. of 20% paid In scrip on the oommon stock;
appropriations for pension fund, $30,000; for insurance fund, $10,000.
calling for $800,000.




THE CHRONICLE

760

[VOL. xcvm.

BALANCE SHEET DEC. 31.
Quaker Oats Co., Chicago.
1913.
1912.
1913.
1912.
(Report for Fiscal Year ending Dec. 31 1913.)
Liabilities-$
AssetsPreferred stock
4,000,000 4,000,000
Real est., mach., fix4,000,000 4,000,000
tures, trade-marks,
Common stock
Pres. H.P.Crowell, Chicago,Feb.25 1914, wrote in subst.:
pats.,good-will, &c.5,383,600 5,089,981 8% scrip
Results.-Our annual statement is on the whole satisfactory, although
000
Pref. dlv. parle Jan. 70,
Leaf, mfd. stk., sup70,000 previous
to Oct. 1 we had the promise of a record year. The lessened
plies,&c
2,106,557 1,923,348 Corn. div. payle, Jan. 120,000 100,000 earnings during
the last three months were due quite largely to the new
Becurs. of other cos_ 193,516 168,516 Prov.for adv.,insur..
effective immediately after the season, when we were of
becoming
tariff
935,611 856,358 necessity large buyers
Cash
1,313,107 1,632,368 discounts, &o
of grain, as our mills were,and had been,operating to
94,510 the
Bills dr accts. recelv..1,398,207 767,326 Bills & accts. pay'le- 79,227
fullest capacity, necessitating large purchases. and subsequently a re390,149 660,671
Surplus
adjustment of prices to the lower duty on oats and to free corn. Upon the
was paid than heretofore and we carry
Total
10,394,987 9,581,539 common stock $249.892 more
Total
10,394,987 9,581,539
to the credit of surplus account.
x After deducting $800,000 scrip div.(20%)-see above.-V.97.P. 1668. $761,534
Additions.-Feeling the need of more economic plant operation,we have
erected several new buildings and increased our plant facilities at Cedar
Havana Tobacco Company.
Rapids, Iowa, Akron, O., and Waverly. N. Y.. in addition to the completing of our oatmeal plant at Saskatoon, Saskatchewan. We have also
ending
Dec.
311913.)
(Report for Fiscal Year
largely increased our grain storage at our several mills. On these enlargements we have spent this year $1.385,032. If we are to keep pace with
The report of Treasurer George G. Finch states:
modern ideas and nethods,
our costs from advancing, and care for
There has been no change during the year in the capital stock and bonds. our new products as well asprevent
for the growrh of the old, this additional room
on
holdings
of
stocks
of
Henry
Clay
dividends
come
from
earnings
The
necessary.
is
and Bock & Co., Ltd., Havana Cigar & Tobacco Factories, Ltd., Havana
Products.-For the first time we are advertising a large 25-cent package
Commercial Co.,H.de Cabanas y Carbajal and J. S. Murias y Ca.
of Quaker Oats which will contain about 10% more product for the same.
The combined earnings of the above companies for 1913, after deduct- money than can be bought in the regular 10-cent package.
ing all expenses for management, depreciation, interest on debentures,
Again we can report splendid gains in the sale of our puffed goods uni&c., were $731,527, against $857,180 in 1912. The proportion of the Ha- formly in all parts of the country. Oat values in the United Kingdom and
vana Tobacco Co., based on its holdings of their respective securities, was on the Continent were so low that our sales of oatmeal and feeds were some$563.151 in 1913, against $600,002; but,owing to the deficits that existed what reduced in these countries, but in all other respects the reports from
prior to 1913,only a portion of the year's earnings is available for dividends.
foreign offices were excellent. There was a gain in the sale of Quaker
Included in the statement below are dividends from Havana Cigar & To- our
Oats in every land except France, where the sales were slightly below
bacco Factories, Ltd., aggregating $65,843, as compared with $49,448 re- those of 1912.
ceived from that company in 1912. and $16,461 in 1911; dividends from
The forward look into the new year is one of
Havana Commercial Co., $277,810, and profit from other sources, $825.
the corresponding amounts in previous years not being stated.
ACCOUNT. cherfulns.INCOME
1912.
1911.
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
11
32.429.051 $1,977,973 $1,
8
1
7
3.
,0
$2,
1
2
9
117
Profits for year
0
;
14
9011
1913.
1912.
1910.
1911.
$540,000
3540,000
$540.000
Dividend
on
$540,000
pref.,
6%Divs. on stocks owned__
$344,478
$50,822
$17,301
$630
on common.(10%)749,892 (10)500.000 (10)500,000(9 )440,000
*Operating expenses_ _ _
279,434
245,828 Dividend
243,308
212,493
213,656
235.584
197,878
Depreciation
176,774
Net earnings, def.___sur.$65,044
$245,198
3195,192
$192,486
$761,534 $1,175,395
Surplus for year
$740,095
$244,343
Int. on 5% gold bonds__
375,000
375,000
375,000
375,000
BALANCE SHEET DEC. 31.
Leaving this co. to secure
1913.
1912.
1912.
1913.
from other sources in
Liabilities$
$
Assetsorder to meetfixed chgs. $309,956
$570,192
$567,486
$620,198
13,899,310 12,670,953 Preferred stock__ _ 9,000,000 9,000,000
Plants, &c
453,730 Common stock_ _ _ 7,500,000 7,500,000
* Operating expenses include interest on bills payable in 1913, 1912 and Secur. of sub. cos_ 453,730
33,329
9,994
339,564 Due to subsid. oos.
Due from sub. cos. 500,086
1911,and in 1910 also includes amount written off as loss on investments.
Notes payable__ __ 3,225,000 1,460,000
Invent., material
FINANCIAL STATEMENT DEC. 31.
484,808
and supplies_ _ 6,108,833 5,109,701 Accounts payable_ 403,907
871,339
972,720
Accts. receivable_ 2,689,980 2,803,733 Reserves
1912.
1913.
1913.
1912.
2,963,083 2,201,549
344,713
251,388 Surplus
LiabilitiesCash
$
AssetsStock in other cos_39,055,626 39,058,626 Common stock __ _30,000,000 30,000,000
23,996,658 21,629,069
Total
23,996,658 21,629,069
Total
Silt. in for'n corp's 2,810,692 2,810,692 Preferred stock_ __ 5,000,000 5,000,000
15,005 5% gold bonds- _ _ 7,500,000 7,500,000 -V.98, p.693.
9,032
Accts. receivable_
296,200 Accr'd int. on bds.
Treas. stock, pref_ 298,200
209,059 payable June 1_
31,250
31,250
Treas.stock, coin_ 209,060
Midwest Oil Co., Denver, Colo.
1,520
16,866 Accounts and bills
Cash
4,684,950 4,309,312
4,834,070 4,524,115 payable
Deficit
(Report for Fiscal Year ending Dec. 311913.)
47,216,200 4,6930,562
Total
-V. 97, p. 1736.

Total

47,216,200 48,930,562

Electric Bond & Share Co.
(Balance Sheet Dec. 31 1913.)
The surplus for the year 1913 was $234,828. The total
surplus Dec. 311913, after deducting the special dividend of
$1,500,000 was $3,187,714, as shown below.
1913.
Assets6,689,350
Stocks
Bonds and coup.
2,624,128
notes
Syndicate holdings,
underwritings and
4,180,704
advances
1,217,729
.Cash
Accts. receivable_ 136,522
Notes receivable 1,463,200
65,196
Accrued interest

1912.

1913.
1912.
$
$
4,800,000 3,500,000
5,000,000 3,500,000
1,250,000 2,000,000
50,812
5,518
48,000
35,000

Liabilities6,371,313 Preferred stock__ _
Common stock__ _
2,710,790 Notes payable_ _ _
Accounts payable_
Preferred dividend
3,627,276 Syndicate and con1,163,153 tingent liabilities 1,939,303 2,341,340
351,041 Reserves
101,000
101,000
1,655,011 Surplus and undi57,159 vided profits
3,187,714 4,452,885

Year 1913. 11 mos. 1912.
Earnings.-Value of oil produced, $263.170: refinery sales, $2,303,836; refinery stocks on hand
12.730,539 31,108,847
$149,399; miscellaneous, $14,134; total
Expenses.-Field operation. $88,123; refinery
operation, $117,113; cost of crude oil refined,
$837,031; Casper office:expense,340.956; general
1,198,395
528,106
expenses,$79,424;interest,$35,847; total
$1,532,144
$580,741
Net earnings
157,051
Deducticms.-Depreciation
Preferred dividends, Nos. 1 and 2in 1912; Nos.3
(18%)360,000(5)110.677
to 7 in 1913
Common dividend No. 1,2%,paid Jan. 29 1914
(2%)80.000
to holders of record Jan. 15

$1,092,144
$313,013
Balance surplus for year ending Dec.31
The Midwest Oil Co.was incorporated in Arizona in 1911 with $6,000,000
of
which
shares,
$2,000,000
is 8% cum. pref.,
of auth. capital stock in $1
with right, after payment of this 8% in any year to 20% of any remaining
earnings applicable to dividends, the other 80% to go to common shares]
and took over oil rights and oil properties from Reed Investment Co.,
French investors are largely interested. Began active business in Feb. 1912.
Dividends No. 1 and 2 were paid on the pref. shares in 1912 and Nos. 3 to 6
Total
16,376,829 15,935,743
16,376,829 15,935,743 in
Total
1913,while dividend No.7,2%,for the period Oct. 1 1913 to Jan. 11014,
-V.96, p. 656.
together with an additional 1% on the pref., was paid Jan. 29 1914,
making 18% in all on the pref from the earnings of 1913. The report
Underwood Typewriter Co., New York.
for 1912 of C. E. Jennison, State Geologist of Wyoming, contained a description
of the various wells, the number theretofore drilled being 46.1
(Report for Fiscal Year ending Dec. 31 1913.)
BALANCE SHEET DEC. 31.
Pres. John T. Underwood, N. Y., Feb. 26, wrote in sub st.
1912.
1913.
1913.
1912.
The year 1913 was a very successful year, the sales of machines being the
Liabilities$
$
$
Assets$
largest in the history of the company. The output of the factory has reached Real
Preferred stock
2,000,000 2,000,000
estate
leases
and
the normal capacity of the plant, and to supply an increasing demand it
7,131,056 6,581,143 Common stock
4,000,000 4,000,000
construction
would be necessary to put the working force on extra time. The expansion Cash
317,976 189,759 Sinking fund notes
410,000 600,000
of the business at home and abroad has necessitated the opening of new Accounts receivable_ 254,032 197,866 Accounts payable_
222,250
branch offices in all parts of the country. In 1912 we had in the United 011 and oil products_ 309,277 185,763 Bills payable
159,910 150,000
States 126 branch and sub-branch offices, and during the year 1913 this Supp.
58,118 Surplus
1,852,542 320,399
73,111
&
accts.
prep'd
number was increased to 173. Our business with the various governments Stks. &c.,ototh.cos. 37,000
10,000
and with the commercial schools in this country continues to increase, with Pref.dlvs.
(3,4,5&6) 300,000
satisfactory results. In the various speed contests with other makes of Disc't on notes
70,000
sold_
machines, both in this country and abroad, the Underwood has easily
retained its supremacy. The outlook for the year 1914 is excellent.
Total
8,422,452 7,292,649
8,422A52 7,292,649
Total
INCOME ACCOUNT YEARS ENDING DEC. 31.
As to distribution of 200% ($12,000,000) in the stock of the new Midwest
The
board,
as
page.
reduced
subsequent
from 15 to 5
Co.,
see
a
Refinery
1913.
1912.
1911.
1910.
now consists of Arthur Salter, Robert Pourtales, II. A. Compiegne, J.
$1,803,079 $1,903,506 $1,375,599
Net earnings
Warren (Pres.) and W. S. Schuyler (V.-Pres.).
*74,989
Not
42,525
Other income
71,571
stated.
Total net income__ $1,878,068 $1,946,031 $1,447,170
Yukon Gold Company, New York.
213.563
212,913
Depreciation
169,573

.11

I1

12

Net profit for year-. $1,664,505 $1,733.118 $1,277,597 $1,007,824
Deduct$113,025
Special surp. cap. res've
$142,406
$176,357
350.000
Prof. dividends (7%)-_ - $339,500
350,000
262,500
Common dividends__ _(4%)340,000 %)340,000(3%)'255,000
Total deductions.......
Balance,surplus

$679,500
$985,005

$803,025
$930,093

$781,357
$496,240

$404,906
$602.918

*Includes interest, $23,937; dividends on pref. stock of company held in
special capital reserve fund, $19,628, and miscellaneous, $31,4-24.
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
LiabilitiesAssets$
Capital Invest's.x10,610,890 10,798,611 Preferred stock__ 4,800,000 5,000,000
Inventories
3,194,424 2,677,191 Common stock__ _ 8,500,000 8,500,000
Accounts payable_ 565,291
523,384
Accts.& notes rec.,
3,173,915 2,811,713 Notes payable__ _ 450,000
less reserves
500,000
573,824
499,076 Divs. pay. Jan. 2.. •169,000
Cash
172,500
306,137 Special surp. capi321,412
Furn., Mts.,&c
64,196
tal reserve acct. 257,043
55,869
Prepaid insur.,&c.
431,789
3,189.000 2,029,251
Surplus
Total

17,930,334 17,156,923

Total

17,930,334 17,156,923

x Includes patents, trade-marks and good-will, $7,995,720: real estate,
buildings, plant, machinery, tools. &c., $2,031,836; stock in other cos. at
cost,or less,$326,291, and Investments special surplus capital reserve fund.
$257,824.-V. 98, p. 693.




(Report for Fiscal Year ending Dec. 31 1913.)
Pres. S. R. Guggenheim, N. Y Feb. 28, wrote in subst.:
Since issuing the last annual report we have acquired a new property
on the American River in California, and have moved thereto one of our
dredges from the Oroville District. It is estimated that this property will
return about $1,000,000 net above all charges. Further additions are likely.
Notwithstanding the adverse conditions in connection with the hydraulic
operations in the Klondike District, and the dredging at Iditarod,
the company has not only earned and paid Its regular dividend of 6% and
financed the American River property purchase and equipment, but has
written off,either directly or through operating costs.$852,630 of depreciation, amortization and deferred charges, and also added $80,300 to its surplus. Our cash position has been improved through the reduction of the
indebtedness to Guggenheim Exploration Co. by $425,000.
Digest of Statement by Gen. Mgr. 0. 13. Perry, Feb. 19 1914.
Property.-The purchase of placer claims on the middle fork of the American River, near Auburn, Cal., includes about 6.000,000 cu. yds., of which
4,500,000 million yards are in the dredgoable area. Some minor purchases
were made at Dawson, and in the Iditarod of claims to complete -holdings.
The bucket dredge which we removed from Oroville to the American River
property was put in operation on Sept. 30, capacity 120.000 yds. per mo.
In the Klondike district dredge No. 4 is being moved from Anderson Concession to Hunker Creek, where it will be in operation early in the coming
season. Dredge No.6 was moved to Gold Run and will be in commission
about June 1. The total cost to date of moving the two dredges and building power lines. $164,484, is carried as a deferred charge and will be written
off against operations. During the past season $154,204 in deferred
charges were absorbed in the operating costs.

THE CHRONICLE

MAR. 7 1914.)

May 1
Dredge Operations.-The 8 Dawson dredges began operation on
from the
and ran until Oct. 31. Due to the failure of the power supply
of the time.
Granville Power Co.. the dredges were idle 20 days, or 11%
season
This led to the cancellation of their contract. During the dredging
possible time;
averaging 184 days, the dredges operating 79.6% of the totaled
45% of the lost time was due to lack of power. The yardage65.13c. 5,133,per cu.
575 cu. yards, which produced $3,343,667 or an average of per Cu. yard.
yard. The average cost including depreciation was 29.53c.
decreased
yardage
The
season.
last
of
that
close
to
remarkably
being
cost de23,705 yards, the value per cubic yard increased .025c. and the
of $62,059.
creased 1.11c. per cu. yard, making an increase in the net profit
steam.
by
thawed
be
to
,had
68.4%
or
yards,
Of the area mined, 445,624 sq.
down for the
The Iditarod dredge began operations May 8 and closed
which produced
winter on Nov. 25, having handled 496,756 Cu. yards,yard.
The total
67 per Cu.
$827,420 in gross gold,of an average value of$1$319,560,
which is 64.33c.
operating cost, including depreciation, was
greatly increased
which
difficulties
under
worked
dredge
per cu. yd. This
is less and the
the expense. The dredge is now down to where the grade
operation more nearly normal.
2,550,271
worked
Co.
Pacific
the
by
operated
The two California dredges
at a cost of $103,849. or 4.07c.
Cu. yards of gravel, which yielded $176,023
dredge on the American River
per cu. yard, including depreciation. The
of this operation are
began operations on Oct. 1, so that only three months
included in these figures.
cu. yards was handled by
Hydraulic Operations.-A total of 2,875,952
in gross gold. The cost was
the hydraulic mines, which produced $256.491
season showed a deficit. While
$278,917, so that the operation for the
as that handled in 1912,it consisted
the yardage handled was nearly as great
stripped before the pay gravel could
largely of top gravel,which had to bethe
extreme drought and a bad break
be mined The water supply,due to
in 1912 to 406,135 M.L. in 1913.
in the ditch system,fell from 524,249M.1.
and stripped could not be comout
blocked
The result was that the area recovered. About 50% of the total area
pletely mined and the values to bedrock, so that the gross value is not
cleaned
be
to
stripped remains
of the gravel.
representative of the gold contentscattered
claims leased to individuals and
Miscellaneous Operations.-The
together with "winter drifting."
operations,"
"lay
of
head
the
under
carried
at a cost of $33,756. Ex$185,800
of
total
gross
yielded to the company a
have not been renewed because the ground
piring lay or leasing agreements hence
from this source was maincome
the
dredged,
profitably
can be more
terially reduced.

761

Ashtabula (0.) Rapid Transit Co.-Authorized.-The
Ohio P. U. Commen on Feb. 20, by a vote of 2 to 1, authorized the company to issue $40,000 bonds for change of
tracks and paving their portion of Lake St.-V.85, p. 468.
Atlanta & Carolina (Electric) Ry.-Application for
Receiver.-The Chicago Title & Trust Co., mortgage trustee,
William C. Niblack and other creditors have applied for the
appointment of a receiver. Judge George L.Bell temporarily
reserved decision. The road had begun laying tracks between Atlanta and Augusta, Ga. It was planned to extend
the road into South Carolina.-V.94, p. 205.
Atlantic Coast Line RR.-To Close Present $200,000,000
Mortgage, the Interest Rate on which is Limited to 4%,and to
Make a New $200,000,000 Issue with Interest at Such Rates
as Directors Shall Determine for Successive Issues.-Since,
under existing financial conditions, bonds bearing 4% interest cannot be sold at a satisfactory price, and it is, therefore,
desirable to issue no more bonds under said Unified mortgage
dated Nov. 16 1909, which limits the interest to a maximum
of 4%,the shareholders will vote April 1 on closing that mortgage, limiting the issue under it to the bonds then outstanding, and on providing for a new mortgage under which the
same aggregate bond issue can be made, but in series to bear
such lawful rate or rates of interest as may be determined
from time to time by the board of directors.

The new bonds will be "gold bonds not exceeding in the aggregate the
par value of $200,000,000, to be issued in series, bearing interest at such
lawful rate or rates as may be determined from time to time by the board
of directors and maturing at such date or dates as may be determined by
the board." such bonds or their proceeds to be used "for the payment or
1913.
31
DEC.
ENDING
YEAR
retirement from time to time of the underlying mortgage bonds and obliFOR
RESULTS
OPERATING
gations of the RR. Co., and for paying for, constructing, completing, imGain
-Operating
Production-proving and maintaining its lines of railroad and its equipment, and for
1912.
1913
1912.
1913.
other corporate purposes under provisions of said mortgage.
$3,343,668 $3,346,027 $1,827;795 $1,765,737
Dawson-dredges
[The total amount of unified bonds is $28,138,000 of which $9,667,000
351,090 are in the hands of the public and the remainder in the company's treasury.
629,044 loss 22,426
256,491
Dawson-hydraulics _
324,926 It is quite possible that some of the treasury bonds will be issued before the
507,861
404,040
827,421
Idatirod-dredge
72,1741
176,0231
California dredging__ -mortgage is actually closed. No agreement has as yet been entered into
279,666 to issue bonds beyond those held by the public. No figure has been named
484,3381
Pacific, Atlin, lay oper.
-V.98. p. 688.
on properties owned
at which the mortgage will be closed.-Ed.)
152,044
185,800
and winter drifting--46,389
Bay State Street Ry.-Application.-The P. S. CommisNon-operating income
$4,789,403 $4,863,448 $2,583,837 $2,721,419
$692,995
$787,278
Royalties paid
577,146
520,886
Amortization and deferred charges
378,686
145,373
Int. charges, general expense and examinations_
1,050,000
1,050,000
Dividends paid (6%)
$22,592
$80,300
Balance, surplus
(
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
AssetsCapital stock ____17,500,000 17,500,000
Prop. & inv. (Incl.
Exsurveys, &c.)...._11,718,823 12,026,121 Guggenheim
ploration Co____ 2,100,000 2,524,972
Ditches, dredges,
Bills and accounts
pipe lines, &c.
202,272
166,087
6,994,487 6,935,801 Payable
(cost)
586,893
764,434
Depreciation
Deferred charges
441,279 Surplus after divi(stripping, &c.)_ 451,559
489,576 Ta 409,276
340,604 dend Dec.31
Advanced royalties 206,519
879,292
Stipp. de material_ 1,001,821
.(lncl
Accts.recoil,
502,985
•
adv. to sub. cos.) 272,039
Bullion In transit_ 261,370
97,351
113,479
Cash
21,020,097 21,223,414
Total
-V. 96, p. 1017.

Total

21,020,097 21,223,414

1910.
• $67,008

$22,577
$99,089
$109,416
Balance,surplus
* After allowing for depreciation in 1913. 1912 and 1911.
BALANCE SHEET DEC. 31.
1912.
LiabilitiesAssetsPreferred stock
1,453,724
-1,550,605
_
_
property_
of
Cost
stock
Common
5,000
Cos. bonds in vault_
First mtge. bonds_ _ _
1st M. bds. pledged
Notes
and
34,000
accounts
47,000
payable__
notes
for
payable
John C. Schmidt,
*6,400 Accrued charges
trustee co.'s stock__ *6,400
Other reserve
19,913
Prepayments,
86,344 Reserve for deprec'n
36,661
Cash
Accts.& notes rec_ _ _ 304,517 383,625 of plant and equip_
Materials & supplies 448,405 400,812 Surplus
1913.

2,413,501 2,389,004
Total
* At par.-V.97. p. 45.

Total

867.008

1913.
$ .
515,700
284,871
451,000

1912.
3
515,700
284,871
469,000

524,989
16,488
5,710

619,413

150,000
464,743

125,000
332,883

23,037

2,413,501 2,369,904

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Government Roads.-See item under "Banking,
Financial and Legislative News" on page 658 last week.
-V. 98, p. 385.
Alton (Ill.) Jacksonville & Peoria RR.-Foreclosure,
&c,-By agreement of claimants for liens on the road,
reached at a conference in St. Louis on Feb. 24, all suits, it is
reported, will be dismissed and an order for the sale of the
road under foreclosure may be entered in the Madison County
Circuit Court shortly.
There are $600,000 in mortgage claims, $100,000 receiver's -certificates
and about $60,000 in lien claims. It is said the creditors will get less than
50% of the face value of their bonds. All creditors, it is said, have agreed
to take securities in the reogranized company.
The line, it is expected, will be purchased by the Clark syndicate, owning
the East St. Louis & Suburban, a tentative proposition from those interests having been made and considered acceptable to the creditors. J. J.
Cummings of Chicago, holder of the $100,000 receiver's certificates, has
resigned as a member of the bondholders' committee in order to take up
he matter of active reorganization of the road.-V.95, p. 175.




Judge S. J. Strauss at Wilkes-Barre, Pa., on Feb. 27 dismissed the injunction brought by Avery Clinton Sickles to restrain the foreclosure of
the mortgage to the Wyoming Valley Trust Co.
The plaintiff asserted that if the lines were properly managed it would
not be necessary to foreclose the mortgage. The Court decided that the
plaintiff had failed to establish the averments of his bill and criticised the
financial management of the company. Only a little over a mile of road
was, it is stated, represented by $100,000 stocks and $43,500 bonds.

Boston Elevated Ry.-Contract.-The Boston Transit
Commission has awarded the contract for building section H
of the East Boston Tunnel extension to the lowest bidder,
Coleman Bros., Chelsea, for $327,400.
This is situated near Court and Cambridge Sts., extending from Stoddard
St. to Stamford St. and including the Bowdoin Sq. station. Compare
V. 97. p. 1354.-V. 98, p. 385.

Canadian Northern Ontario Ry.-Purchase.-The
company will apply to the Canadian Parliament:

Standard Chain Co.
(Report for Year ending Dec. 31 1913.)
RESULTS FOR CALENDAR YEARS.
1911.
1912.
1913.
*$43,205
Net inc. over bond mt.. *$130,044 *$119,717
20,628
20,628
20,628
Divs.on pref.stock(4%)

sion will on Mar. 11 hear the application for authority to
issue $247,000 refunding 1st M.4% bonds of the Old Colony
Street Ry. and $281,000 Boston & Northern St. By. bonds,
to provide for additions and improvements. These include
$295,000 to be used for 50 semi-convertible cars.-V. 98,
p.72.
Berwick & Neseopeck Street Ry.-Foreclosure.-

For an Act authorizing the sale of a portion of the constructed right-ofway of the Corilion & Grenville Ry., between Grenville and Corillon to
the Canadian Northern Ontario Ry.,and confirming a deed of sale thereof
dated July 25 1911. Justice Panneton has dismissed the action of the
Ottawa River Navig. Co.and others to set aside the sale.-V.97, p. 1820.

Canadian Northern Ry.-New Securities, &c.-The
company has filed for record:
an issue of 30-year 431% guar(1)Trust deed dated Feb. 1 1914,securing
at the rate of $15,000 per mile in
anteed debenture stock or bonds issued
of Saskatchewan;(2) two
respect of certain lines of railway in the Province
supplementary deeds of trust dated June 21 1912 and Feb. 10 1914, both
1909, securing an issue
18
dated
May
mortgage
trust
the
to
supplementary
of 30-year 4% deb. stock and bonds guar. by Province of Saskatchewan.

Official Statement as to Subsidies.-President Sir William
Mackenzie last week issued substantially the following statement as a reply to charges which had appeared in the press
in connection with the company's reported application to the
Canadian Govt. for assistance to the extent of $25,000,000
to complete the enterprise, a report since denied.
Misstatements.-The figures that have been quoted in the public press
as to the bonds guaranteed and subsidies granted to the Canadian Northern
are, as a rule, taken from the official blue books of the Dominion of Canada.
These figures, however, fail to portray correctly the amount of the public
assistance actually received since there have been placed on the statute
books millions of dollars of cash subsidies which have never been earned
and millions of dollars of bond guaranties which have never progressed
further than the authorizing legislation. Guaranties have been granted
by provincial governments for lines which have not been commenced and
which may never be built, and these guaranties, with unearned cash subsidies to certain branch lines, are charged up by statisticians, casually
referring to the blue book, as against our constructed mileage.
Not Over-Subsidized.-The Can. Nor. Co. has under construction,
and expects to complete by Dec.31 1914,9.943 miles of railway. There are
completed 8.694 miles and under operation 7,152 miles. The completed
and uncompleted mileage has cost for construction and equipment to Dec.31
1913 3303,319,232. From the Dominion and from municipalities, up to
the same date, there have been received by the companies forming the
Can. Nor. Ry. system, whilst under control of Mackenzie, Mann & Co.,
$20,992,566 in cash subventions, or about 6% of the total cost of the railway mileage constructed.
These figures include all the cash subsidies received from public sources,
as a set-off against the $303.000,000 of cost before mentioned. When compared with the cash subventions given to either of the other Canadian
transcontinental railways, or when compared with the great economic good
which is being accomplished by the Can. Nor. Ry. system, these figures
must disabuse the public mind of the idea that the Can. Nor. has been oversubsidized or its bonds over-guaranteed.
Land Grants.-Briefly, the grants were made between 1882 and 1890 to
the Lake Manitoba Ry.& Canal Co., Winnipeg & Hudson Bay Ry. Co.and
Manitoba & Southeastern Co. for the construction of certain lines in Manitoba and the then Northwest Territories. The lands at that time had little
value, and the promoters hawked the charters in vain. Years after Mackenzie & Mann bought the charter carrying the land grants and built the
railways. They did what other financiers refused to do. After the railway had been constructed_they owned the land outright.

762

THE CIIRONICLE

Land Grant Bonds.—Nevertheless, the 'anis were turned
over to the
Can. Nor. Sty. uu. and used for issuing land grant
bonds. Lands were
sold from time to time at market values and
their proceeds applied in redemption of these bonds. Up to Dec.311913there were
issued $24,000,000
of land grant bonds. The land grant embraced 4,000,000
acres. The
company got the benefit of these lands.
Development of Virgin Territory.—The Can. Nor. Ry. plunged
the
comparatively unknown and.unsettled country of the North and into
brought
into the territory tributary to its railway settlers
from the United Kingdom.the U.S. and Europe. By reason of the fertility
of the soil, which was
questioned at that date, it succeeded in building up "The
Bread Basket of
the Empire." There have been expended
the Canadian Northern
and its industrial agency for colonization workby
$2,910,000,or an equivalent
of 14% of the total cash subventions received by our companies.
Eastern Land Grants.—In assistance of Eastern lines the Ontario Government has granted 3,000,000 acres of land and the Quebec Government
749,540 acres. These lands are wooded and subjected to certain restrictions, therefore they must be considered in a different light to theinfinitely
more valuable prairie lands of Western Canada. For example,the Province
of Quebec adopted tho policy many years ago of giving to grantees
the option of accepting 52 cts. per acre in cash instead of the lands, and most
the grantees have preferred the cash. So far, neither the Ontario nor of
the
Quebec lands have been of assistance to the companies in securing finance
and remain unselected and unsold.
Guaranteed Bonds.—Tho bonds of companies known as the Can. Nor.
system have been guaranteed by the Dominion and several provincial By.
governments, and up to Dec. 31 1913 the companies have received the
proceeds
of bonds which are guaranteed up to the extent of $131,322,660.
There is
no disposition on our part to minimize the benefits of these guaranties,
but it must be acknowledged by the company's bitterest opponents
that
these guaranties have in no sense been subsidies to
the company's undertakings, and that the companies have faithfully discharged
all of their interest obligations in connection with these guaranties. The
only benefit
intended by Parliament or received by the companies from the
guaranties
was that of enabling the sale of bonds secured by
terms than would have been possible otherwise. first mortgages on better
Money from Other Sources.—Up to Dec. 31 1913 there also have been
expended,for the purpose of the several companies within the
$134,123,171, raised absolutely without Government assistance.system
When this
amount is compared with the figures previously quoted as to cash
tions, moneys raised from land grants and moneys raised by the subvenguaranteed securities, it will be seen how little truth there is in the statement
that
the Can. Nor. has been built by public funds and presented
a gullible
public to Mackenzie & Mann for their private emolument. by
Neither Sir
William Mackenzie nor Sir Donald Mann has ever utilized the
funds of
the companies in the Can. Nor. By. system for his personal benefit.—

Guaranty.—A bill to give an additional guaranty of $5,000,000 had a second reading in the British Columbia Legislature on Feb. 27.

Tile bill increases the guaranty by the Government from
$35,000 to
$45,000 per mile for the 111 miles of main line from Yellowhead
Pass to
Vancouver. The Premier told the House this line had cost $70,000
per
mile. It will be finished in July or August this year, though
two
additional has been given Mackenzie& Mann to finish branch lines on years
Vancouver Island and the main land. The total guaranty now givenboth
by
British Columbia to the company is, it is stated, $47,975,000.
—V. 98, p.
688, 610.

Chesapeake 8s Ohio Ry.—Sale of Notes.—Kuhn, Loeb
& Co. and the National City Bank have formed a syndicate
to underwrite the present $33,000,000 (of a proposed 0,000,000 issue) of 5-year 5% Secured Gold Notes, which are
being sold by the company "in order to provide funds to
meet the company's maturing obligations amounting to
$28,925,000 and for other financial requirements."
Digest of Letter of Chairman Trumbull to the Bankers, Mar. 5 1914.
Description.—Part of an issue limited to $40,000,000.
bear interest from June 1 1914 and mature June 1 1919, but will beWill
at
option of company,in whole or in part,on any interest date redeemable
upon 30 days'
notice at 101% and lot on or before June 1 1916, and thereafter
at
100%
and in
Int. payable J.& D. Both interest and principal in
deduction for any taxes, except the Federal income tax. [Pargold wthout
$1,000 and
probably multiples.—Ed.)c*
The remaining $7,000,000 notes will be reserved for
capital requirements under restrictions, and the company agreesfuture
that
it
will not,
prior to July 1 1915, sell any portion thereof without your consent.
Security for Notes.—Secured by 5% toads, issued under our "First
Lion
and Improvement Mortgage," dated Dec. 1 1910, taken at 874
% of their
face value. The trust agreement will provide (a) that as long
as
part of the notes is outstanding, no bonds shall be issued under said any
mortgage except such as are pledged under the trust agreement;(b) that,
restrictions, the company may sell bonds so pledged, but the proceedsunder
be applied to the redemption of notes;(c) that out of the net income must
earned
after April 1 1914 the company shall pay to the trustee, in equal
quarterly
installments, beginning with Aug. 1 1914, $2,000,000 for the
year
June 30 1915, $3,000.000 for the year 1915-16 and $4,000,000 for ending
each of
the three following years, such sums,aggregating $17,000,000,
to constitute
a fund to be used solely for capital expenditures, including payments
discounts upon equipment trusts;(d)if such quarterly payment is not and
made,
no dividend shall thereafter be paid upon the stock until all such overdue
payments shall have been met; (e) no dividends shall be declared on
the
stock unless the net income after April 1 1914 shall be in excess
of all matured installments of said fund and of the dividends paid for the fiscal
year
or years subsequent to said date.
Status and Outlook.—Development of new traffic in
company's
territory continues upon a large scale, particularly becausethis
of the growing
markets for West Virginia and Kentucky coals. Confidence
in this is
being exhibited in a very practical way by the recent investment
sums of money by mining companies which operate in a highly of large
way and are preparing to largely expand such operations. The efficient
Carolina
Clinchfield & Ohio Ity. Co.(see V. 98. P. 688) is extending its
line to Elkhorn City, Ky.,to connect there with our Big Sandy Division,
thus
with our lines one of the very best through routes between Ohio, forming
Indiana,
Chicago and the Northwest on the one hand and the
Southeast. It is expected that the connection herein referred to will be completed
during
the
calendar year 1914 and this additional traffic, together
increased coal
and other traffic to and from other districts, should verywith
augment our present net earnings. We feel confident thatconsiderably
the proceeds of
note sales herein referred to the use of equipment trusts as growing
warrants, and appropriations from net income will fully provide forbusiness
the improvement requirements for existing lines.
Security for First Lien and improvement Mortgage 5% Bonds Due Dec. 1
1930.
[Entire issue pledged for the new Five-Year 5% Secured Gold Notes.]
First lien on capital stock of Hocking Valley By. Co. (out of
$11,000,000 issued)
First lien on capital stock of Kanawba & Michigan By. Co. $8,825,000
(out of $9,000,000 issued)
First lien, through deposit of all stock or bonds,on line between 4,026,500
Cincinnati and Chicago
First lien on Logan & Southern Ry., a coal branch in West Va., 261 miles
8 miles,and on 30 miles of branch lines to coal mines in Guyandot Valley section of West Va
38 miles
First lien on equip. purch. during last 4 yrs., costing nearly_
First lion on company's General Funding & Impt. 5% bonds$10,000,000
due Jan. 1 1929(being balance of $11,000,000 auth., $3,698,-•
being outstanding]
• 7,302,000
Subordinate lien, subject to prior liens, on all other lines of the company,
in respect to which lines, as owned on April 28 1910, the convertible
bonds due Feb. 11930 have a lion on a parity with the lien of the First
Lien and Impt. Mtge. bonds.

Dividends Prospects.—Chairman Frank Trumbull says:

[VOL. xcvin

Chicago & Milwaukee Electric RR.—Re-sale Ordered.—
Judge Geiger, in the U. S. District Court on Feb.
27, ordered
the re-sale of the Wisconsin division and denied the
of John Griffiths, who holds about $200,000 stook, petition
to intervene to become a party to the suit to prevent the
reorganization committee from being permitted to bid at
the next sale.
When the road was sold, it was alleged

that the price was ridiculously low
and the sale was made to "freeze out" the
stockholders. This means
that the reorganization committee may bidsmall
at the next sale of the
property
in Illinois and Wisconsin.
Judge Landis has announced that he will sot a date for
the sale of the
Illinois division coinciding with that which may be
named by Judge
Geiger for the sale of the Wisconsin division.—V 98. p. 73.

Chicago Rock Island & Pacific Ry.—Investigation
Present Management.—Chairman T. M. Schumacher in by
a,
letter dated at N. Y. March 5 and addressed to J. N. Wallace, Chairman bondholders' committee, for their oonsideration says in substance (see advertising pages):
Present Management.—On Oct. 29 1913 the controlling interests in
the
El Paso & Southwestern Co., having previously acquired a
interest
in the Rock Island Co.. entered upon the management of thelarge
Ch.
R.
I.
&
Pac. By. Co. and placed me in charge of its operations. The new management,after careful investigation, has reached the following conclusions:
Present Cash Needs—New 6% Notes—Omission of May Dividend.—A sum
estimated at about $20,000,000 will be required by July 1 to
maturing bonds and car trusts, floating debt (including $1,500,000meet
to the
Railroad Co.)and interest payments;to provide for improyementsdue
and
maintenance and re-establish a normal working fund. Cash on hand and
net
earnings for the period should aggregate 88.000,000, and we are now applying for permission to make a short-term loan
$7,500,000, leaving
for
$4,500,000 to be otherwise provided between now and July 1. [The loan
in question, it is said. will be 2-year
notes secured by First Refunding bonds of St. Paul & Kansas City 6%
Short Line and Rock Island & Louisiana bonds. The Ill. P. S. Corn. has approved
new note issue.—Ed.'
No provision is made for the payment of the the
dividend due May 1 1914
on the stock of the Ch. R. I. & Pac. By. Co. held
collateral for the 4%
bonds of the Ch. R. I. & Pac. RR. Co. due 2002, as
and in the Judgment of
the management this dividend should not be paid.
A statement of the
cash requirements as of Feb. 1 1914 is enclosed.
Future Requirements—In order that the Railway may be
operated with
best results, about $25.000,000 must be expended for
betterments and improvements during the next five years. The physical condition
of the road
is not by any means what it should be to handle in successful
competition
the business which is likely to be offered when the general
business of the
country revives, as we believe it will in the not distant
With further sums for radical revisions of grade and alignment,future.
and
additional
equipment, we are confident that results can be produced for
which would
Inure greatly to the benefit of the stockholders.
Total Expected Requirements for Five Years $49,000,000.
Present needs
812,000.0001Payment of maturing car
Betterments
25,000,000f trusts
812,000,000
Finance.—Against these requirements. we now have treasury
bonds of
$15,000,000, and will receive in five years, at the rate of $3,500,000
a
$17,500,000 of 4% Rofdg. M. bonds, Those securities should have a year,
good
market if the credit of the company can be re-established.
We also hold $7,500,000 debentures of the Railroad Co., due
1
1917, an item of uncertain present value.
:tt
During the past twelve years no capital stock has been sold, but since
1904 $118,000,000 bonds have been issued, increasing the bonded debt
from $23,000 to $36,000 smile. The total bonds for which the Railway Co.
is responsible is $266,042,600: capital stock, $75,000,000; car trusts, $21.245,000,$44,123,712 worth of equipment having been purchased since 1905.
The sale of the treasury bonds,if a fair price can be obtained, which now
seems improbable, will meet claims to July 1 1914, but would leave the
company without means for further finance after that time. Were it
possible to issue additional bonds upon satisfactory terms, it would, in our
opinion, be inadvisable, as we think the limit of safety for bond issues has
already been reached until the stock investment in the property,is increased.
It is therefore, our judgment that a stock reorganization is imperative,
and is the only method by which the desired end can be attained.
Outlook.—Unless some plan can be devised which has a good prospect of
accomplishing these results, and which is fair to all classes of security holders, including the 4% bonds represented by your committee, the management that I represent will feel it inadvisable to continue in charge.
If a fair plan of reorganization can be devised which will provide the necessary funds as needed, we have great confidence that the property will produce satisfactory results, and that in time substantial dividends can be
resumed upon a proper stock capital, and all interests fully conserved.

Choctaw Securities.—Edward B. Smith & Co., Phila. and
N. Y., make the following announcement to holders of—
$5,500,000 Choctaw Oklahoma & Gulf RR.Co. gen. M.(now 1st) 5s, 1919.
$5.411,000 Choctaw Oklahoma & Gulf RR. Co. consol. M. 5s, 1952.
23,525,000 Choctaw & Memphis RR. Co. 1st M. 55, 1940.
$7.470,000 Chi. Rock Island & Pax. By. Co. Choctaw coll. trust 4s.
In view of the uncertainties surrounding the whole Rock Island proposition, which has caused holders of the above securities to
to us
concern as to their status, we feel, upon information, that express
the situation
demands concentrated action for mutual protection. Committees
been formed to protect junior securities whose interests may conflict have
these underlying issues. Under the circumstances, we urge holders ofwith
the
Choctaw issues to communicate with us promptly, looking to united action.
—V. 98, p. 689, 452.

Cincinnati Northern ER.—Dividend Omitted.—No dividend has been declared out of the earnings of the year 1913
on the $3,000,000 stock (of which $1,707,400 is owned by the
Cleve. Cin. Chic. & St. Louis). In March 1913 and 1912
1
each was paid; in 1910& 1911 3% each.—V.96,p.789.
Cuban Central Rys.—Offer for Preferred Shares.—
A circular of Feb. 10 announced that the United Railways of Use
Havana Co. would, not later than Feb. 28, acquire the whole or any part
of the prof. shares on the basis of an exchange of each £10 534% cum. pref.
share of the Cuban Central for £10 5% cum. pref. capital and 10s. of ordinary capital of the United Railways Co.—V. 98, A. 386.

Denver & Salt Lake RR.—Financial Arrangements.—
President Newman Erb on his return yesterday from a three
weeks' business trip to London and Paris, gave the following:
The purpose of my trip was to confer with my European associates
garding several important matters, one of which was the arrangementreof
that part of the financing of the tunnel under the Continental Divide that
is to be borne by the Denver & Salt Lake RR. Co. The estimated
of
the tunnel is $4,500,000. Of this amount the City of Denver is to cost
supply
$3,000,000 through an issue of bonds. The railroad company is to
furnish the balance of $1,500,000. I am happy to announce that I was able
to arrange for our part of the financing. t cannot give any details
at
time, but probably will be able to do so shortly. Bee V • 98,P. 610, 73.this

As to Bonds Voted by City for Tunnel Plan.—See "Denver"
in "State and City" Department.—V. 98, p. 610, 73.
Denver Union Terminal Ry.—Purchase—Bonds.--The
shareholders voted Feb. 20 to authorize:
I"'1. The purchase of the depot and terminal property,facilffles, franchises.

There is no requirement for changing the dividend policy of the
&c.,of the Union Depot & Ry.Co.(V. 71, p. 343), together with such addipany if stipulated amounts are earned under the note agreement; thecomfirst tional property
determination of this can be made after fiscal year ending June 30
as may be necessary to complete the terminal facilities.
1915.
2. An issue of mortgage bonds, not exceeding $10,000,000, in gold coin,
The requirement for that year for 4% on stock and the $2,000.000 to
be for the
purchase of said facilities and other lawful corporate purposes.
devoted to capital expenditure will aggregate only about $4,500,000, being
(The new bonds, it is said, will be 50-year 434s, and the first issue will
equal to a little over 7% on the stock,which amount the company now
to not over $4,000.000.)
expects to earn. The company earned in the first seven
months of the amount
3. An operating agreement with the several proprietary railroads.
current fiscal year nearly the full 4% now being paid per annum.—V.
98.
4. The execution of a stock trust agreement with the said proprietary
P. 452.
companies, the trustees in this mortgage and this company, to secure the




MAR. 71914.]

THE CHRONICLE

punctual performance of the obligations of the proprietary companies in
connection with this company.
The President, A. L. Mohler, is quoted as saying that work on the new
terminals should begin early in April. See also V. 97, p. 1115, 1024.

Des Moines (Ia.) City Ry.-Suit.-The Illinois Trust &
Savings Bank of Chicago, as mortgage trustee, on Feb. 28
brought suit in the U. S. District Court to restrain the city
authorities from ousting the company from the streets on the
ground that it is operating under a perpetual grant from the
city.-V. 96, p. 947.
Detroit Toledo & Ironton RR.-Securities Authorized.The Ohio P. U. and the Michigan RR. commissions on.
March 4 authorized the company to issue $8,000,000 adjustment bonds, $6,000,000 pref. stock and $6,500,000 common
stock, per plan V. 97, p. 1821.
The balance of 12,800,000 due for the purchase of the road was paid on
March 3 and the deed for the property executed.

• New President.-James M. Kurn,former General Superintendent of the Atch. Topeka & Santa Fe, has been elected
President.-V. 98, p. 689.
Elmira Cortland & Northern Ry.-Maturing Bonds.The $750,000 1st M. 6s and $1,250,000 1st M. 5% bonds
maturing April 1 1914 will be paid in cash on or after that
date at the office of the Lehigh Valley RR.,Phila., or at office
of J. P. Morgan & Co., N. Y.-V. 63, p. 402.
Erie RR.-Sold.-J. P. Morgan & Co. announce that the
collateral gold
subscriptions to the $13,500,000 3-year 5
notes dated April 1 have been closed, the issue having been
oversubscribed. The price was par for delivery on April 1.
A part of the notes was sold abroad.-V.98, p. 689, 3E6.
Grand Trunk Pacific Branch Lines Co.-New Mortgages.-The shareholders will vote March 24 on "authorizing
certain mortgages or deeds of trust to secure issues of bonds
to be made by the company."-V. 96, p. 285. •
Great Northern RR.-New President.-Louis W. Hill.
son of J. J. Hill, has been elected President to succeed Carl
R. Gray, who becomes President of the Western Maryland.
Mr.'Till remains Chairman of the Board.-V.98, p. 689,610.
Inter-State Rys., Phila.-Earns.-For yr. end. Jan. 31:

763

to Woodland and Red Bluff, 130 miles. The San Ramon Valley RR. has
been completed and shortly will start regular operation. [Press reports
say by Mar. 1, extending from a point one mile west of Walnut Creek via
Alamo and Danville through a fruit district to the old Cook ranch.) These
two roads should be valuable passenger and freight feeders.
Balance Sheets Nov. 30 1913 (Totals $13,998,710 and $6,102,812, respectively)
AssetsOk.&An.
Ok.Ant.&E. Ok.ctAn.
Liabilities- Ok.Ant.&E.
Cash
$8,885
00
0:0
000
,5
35
$352 Capital stock
Accounts receivable_ 230,084
28,555 Assessment No. 1___113,0
500:0
080
03
Oakland & An. By.:
Accounts payable__ 108,074 103,828
Stk. Invest. acct__7,000,000
Notes payable
30
6 139,921
28
2:510
86
Assessm't paid__ _ 347,130
Accrued bond int...
Accrued taxes & ins_
1,980
bonds___2,500,000 2,000,000
Property, surveys,&c3,000,000 3,500,000 Surplus
9,085
1s rplu
M.s3%
Bond discount
375,000 311,425
Plant, equip.,road,&c3,016,620 2,284,481
Def. from Jan. 1913_
19,031
The 0. A.& E. By.Co. aiso holds stock of San Ramon Valley RR.carried
at $242,600, but offset by its leasehold liability on that road.-V.98,p.611.

Ottawa (Can.) Electric Ry.-New Holding Co.-A
Dominion charter was recently secured for the "The Ottawa
Traction Co." as a holding company with $10,000,000 auth.
stock to take over control of the stook of the Ottawa Electric
Ry.($1„876,900 outstanding). An exchange of shares will be
offered in the proportion of 3 shares of Traction for one share
of Elec. Ry. stock. It is proposed to pay a dividend of at
least 5% and possibly 6% per annum on the new company's
stock. The Ottawa Light, Heat & Power Co. will, it is
stated, not be incl. in the present transaction.-V.98, p.611.
(The) Ottawa Traction Co.-New Holding Company.See Ottawa Electric By. above.-V.97, p. 1357.

Pacific Great Eastern Ry.-Proposed Guaranty.-Provincial aid is to be asked at the present session of the BritishColumbia Legislature for 330 miles of road into the Peace
River country running northeastward from Fort George
through the Pine River Pass and on to the Alberta boundary.
Foley, Welch & Stewart are to build the line, which will start within 3 mos.
and is to be finished within 2 years.
The line will be built as an extension of the road now under construction
between Vancouver and Fort George and is designed as a route to secure
the trade of Peace River towards Vancouver. The Pacific Great Eastern,
which is to be finished in midsummer of 1915. was guaranteed by the
Government up to $35,000 per mile, and the extension will be approximately on a similar basis. Eventually the line may provide part of the link
to connect with the Alaskan railway, which has Just been authorized by the
U. S. Congress at a cost of $35.000,000.-V. 98, p. 524.

Pennsylvania RR.-Report.-See "Annual Reports."
Norfolk & Western Holdings.-Official Statement.-Pres.
Rea has made the following statement in regard to the published report that the Department of Justice was investigatJacksonville (Fla.). Traction Co.-Stock Increase Ap- ing the co's. relations with the Norfolk & Western:
28
Feb.
authorized
the
on
inproved.-The stockholders
Last year the Attorney-General intimated his view that the ownership
Ry. stock by the Pennsylvania RR. and affiliated
crease in stock by $500,000 pref. and $500,000 common, of Norfolk & Western
companies was legally open to question. This was regarded by the directors
and
$1,500,000
common.
-V.
98,
pref.
making .'$1,000,000
of the Pennsylvania RR. as imposing upon them the duty of most carefully
re-considering the question of the legal right of the comapny to hold these
p. 690, 611.
shares, as this company would greatly regret engaging in any controversy
Kansas City Mexico & Orient Ry.-Deposits.-The with the Department of Justice.
Not only the company's own counsel, but also independent counsel, were
committee for 1st M.4s, Lord Monson, Chairman, say:
requested to review the whole case and to give their opinion as to the

Jan. 31 Year.
'Total Inc.
1913-1.1
$545,725
191213
554,968
-V.90, p. 1157.

Bond Int. Exp.& Tax. Pref. Div.
$60,900
$4,262
$431,064
60,000
4,353
431,064

Surplus.
$50,399
59,550

The court having entered judgment of foreclosure and sale under which
the railroad property will shortly be sold, all holders of bonds not yet
deposited are invited to deposit the same forthwith with the ColumbiaKnickerbocker Trust Co.,60 Broadway, N. Y. City. No bonds will be received that are not deposited before the sale (V. 94, p. 767, 1057, 1383).V. 98, I). 453, 155.

legality of the company's position.
Having carefully considered the matter, the directors of the Pennsylvania
RR. found themselves in this position:
As a business proposition, they were convinced that a sale of these shares
would be detrimental to the interests of the company's stockholders. As a
matter of experience and general policy, they were convinced that the
relations
between the Pennsylvania and the Norfolk & Western systems
Lehigh Valley RR.-Payment of Bonds.were as essential and beneficial to the public they served as they were to the
See Elmira Cortland & Northern RR. above.-V.98, p. 690, 523.
companies themselves. As a matter of law, they were advised by counsel
these holdings were proper.
Nashville Ry. & Lt. Co.-Earns.-For year end. Dec. 31, that
As trustees, therefore, for the 89,000 shareholders of the Pennsylvania
Calendar
Total
Net (after Int. on Pref. Div.
Balance' RR.,
the directors felt that in the absence of an authoritative determination
Year7'axes).
Surplus
Earnings.
Bonds,&c. (5%).
by the courts, they would not be justified in gratuitously resolving adversely
1913
$2,207,245 $868,226 $464,235 $125,000 $276,991 to
the interests of the shareholders the doubt intimated by the Attorney886,047
1912
2,074,990
434,812
125,000
326,235 General
as to the legality of the ownership.
-V. 97, p. 887.
The directors thereupon took action accordingly, which was promptly,
communicated to the Attorney-General, with assurances that if the DepartNational Railways of Mexico.-5% Bonds Called.Thirty-four ($34,000) 5% equipment and collateral gold bonds, 1st series, ment of Justice should finally determine that it was properly required to
dated April 1 1897, of the Mexican Central Hy.. for payment at par ald institute legal proceedings, this company would co-operate with the Departint. on April 1 at either the Old Colony Trust Co. of Boston, National Rail - ment in 'any steps the Department might deem appropriate to secure
ways of Mexico, N. Y., or Glyn, Mills, Currie & Co., 67 Lombard St., prompt determination by, the Supreme Court of the United States of the
law governing this situation.
London, E.0.-V. 98, p. 453, 74.

Retrenchment,-The company has taken off 14 passenger
New Orleans (La.) Terminal Co.-New President.D. D. Curran has been elected President to succeed A. D. trains between Pittsburgh and Eastern and Western points,
within a 50-mile radius, and has reduced the service between
Lightner, who replaced him two years ago.
Mr. Lightner is now chief officer in charge of traffic of the New Orleans New York and Philadelphia, Philadelphia and Harrisburg
Texas & Mexico under receiver J. D. O'Keefe.-V. 98, p.304.
and Harrisburg and Washington.-V. 98, p. 694, 681.
Newport News & Hampton Ry., Gas & Electric Co.Pere Marquette RR.-Receivers' Certificates Proposed.consolidated
company
has
new
filed
a
Mortgave.-This
mort- The receivers contemplate applying to the U.S. Dist. Court at
Trust
Co.
of
Maryland
Baltimore,
the
as
trustee, Detroit for authority to issue 2-year receivers' certificates
gage with
to secure an issue of $7,500,000 bonds.
(subject to call at option of receivers), interest not to exceed
controlled
are
or
said
to
owned
include
properties
Citizens'
By. Lt. 6%,to provide for refunding, &c.
The
& Power Co., Hampton Roads Traction Co., Hampton Phoebus & Fort
Interest Withheld.-On Feb. 27 Judge A. J. Tuttle also
Monroe Gas Corp. and Newport News Gas Co. Soo V. 98, p. 236.
Norfolk & Western Ry.-Pennsylvania RR. Holdings.- directed the receivers to omit payment of interest due Mar. 1
Seo Pennsylvania R R. below.-V. 97, p. 740, 724.
on $260,000 1st M.5% bonds of the Grand Rapids Belding
Oakland Antioch & Eastern Ry.-Assessment.-Pres, & Saginaw RR., one of the constituent properties. The
mortgage, allows 60 days grace. Judge Tuttle is quoted:
W. Arnstein in circular of Jan. 16 said in substance:
The board on Jan. 16 levied an assessment of $4 per share [payable by
Feb. 191. In circular letter of Aug. 12 1913 it was stated that if, in addition
to the assessment of $5 per share then levied, $1,000,000 bonds could be
sold, the railway would be put in a strong financial condition. Unfortunately the bond market remained very depressed, and only $540,000 of
bonds were underwritten by the shareholders; consequently it was considered unfair to put the underwriting into operation. It is, therefore, necessary to raise part of the money needed by a $4 assessment: the balance to
be raised by a short-term [it Is said 4-year 6%1 note issue for $700,000, secured by deposit of $1,167,000 bonds of the Oakland Antioch& Eastern Ry.
'rho road began operating to Sacramento on Sept. 3 1913. and for the
first three months, namely to Nov. 30, the gross earnings were $127,113 and the net earnings, after oper. exp., were $47,517. The fixed charges,
including taxes and bond interest for these three months, amounted to
355.7.50. The above earnings, representing practically only passenger
traffic, with general conditions dull and travel light, are very satisfactory,
and give promise of a largo Increase, especially when our freight schedules
go into effect early in February. (1. G. White & Co. have estimated the
earnings for the first year at $996,850 gross, $398,740 net.
Advantageous freight arrangements have been entered into with the
Southern Pacific, Santa Fe and Western Pacific for Eastern shipments, and
a very good agreement for local freight shipments with one of the transcontinental lines has been arranged. With the promise of a good year
agriculturally, thanks to the copious rains, and the opening of the canal,
welted that the earnings most be thoroughly satisfactory.
piThe Sacramento Valley Electric RR. has just obtained permission from
the RR. Commission to e,mstruct Its first unit from Dixon to connect with
the 0. A. & E.IRy. near Maine Prairie, and will later extend from Dixon




My action in ordering that interest on bonds be withheld was intended
to keep the road as an integral whole. I have been insisting that the
interest on the $32,000,000 original mortgages be paid first, so that these
creditors may be satisfied; but if the road is unable to meet these obligations it is possible that the holders will attempt to obtain a dissolution. It
remains for them to decide whether they prefer their individual line as it
existed prior to 1910, or as part of the Pere Marquette system.
There is about $56,000,000 in blanket mortgages on the Pere Marquette.
The receivers have not attempted to meet the interest obligations on this
debt until prior claims are satisfied, pursuant to my orders. As it stands
now, only labor and other claims absolutely necessary for the actual operation of the road are being paid.-V.97, p. 1729.

Porto Rico Railways, Ltd.-Bonds Sold.-The company
has just issued £65,000 additional refunding general mtge.5%
bonds, making a total amount of £265,000 outstanding.V. 97, p. 1664, 1427.
Rapid Transit in New York City.-Contracts, &c.The P. S. Commission on Mar. 3 authorized the advertising for bids
to be received Mar. 27 for section IA of the Flatbush Ave., Brooklyn, subway from St. Mark's Ave. to the Prospect Park Plaza. The section is a
six-track structure, 4 tracks for the use of the Interborough's extension
of its present subway, which will branch up Eastern Parkway, and 2 for
the B. R. T.'s connection between the Fourth Ave. subway at Fulton and
St. Felix streets and the Brighton Beach "L" at Malbone St. It is considreed one of the most difficult pieces of underground work which contractors

764

THE CHRONICLE

will encounter in the dual system. The contractor will be required to finish
the work in 30 months.
Trains on the Centre St. loop of the subway will run into the new station
in the Municipal Bldg., it is stated, by April 15. The passageway from the
Brooklyn Bridge station of the present subway to the Municipal Bldg.subway station is completed, and it is said will be opened to passengers as soon
as the station is finished.
The Appellate Division of the Supreme Court on Feb. 27 confirmed the
report of Julian M. Wright. Joseph. R. Truesdale and Donald B. Abbott,
recommending that the Manhattan Ry.be permitted to construct additional
tracks on the Third Ave. Elevated line in Manhattan and the Bronx.
The report shows that the owners of abutting property worth $67,467,120 refused to consent to the additional tracks, while the owners of
about 22%, including the city, consented.-V.98, p. 611, 524.

St. Louis Iron Mountain & Southern Ry.-Equipment
53 Offered.-Townsend Whelen & Co., Phila., are offering,
at prices to net 4.80%, the unsold portion of the total issue
of $472,000 equipment trust 5s, Series 3, issued under the
Philadelphia plan. Dated March 1 1914 and due semi-annually Sept. 1914 to Sept. 1923. Par $1,000 c*.

xcvm

Wisconsin Traction, Light, Heat & Power Co.-Decision.-The Wisconsin Supreme Court recently sustained
the State Railroad Commission by upholding the indeterminate permit law in co's suit against the city of Menasha.
The city, which had been furnishing its own street lighting service for
some time, lately began to do a regular commercial lighting business
in
competition with the plaintiff and without the necessary authority through
a certificate of convenience and necessity. The Supreme Court, reversing
the lower Court,held that a municipality, as well as a private corporation,
must secure a certificate from the Commission that public convenience
requires the service it proposes to render.-V.96,P. 1770.

INDUSTRIAL, GAS AND MISCELLANEOUd,
Alabama Co.-Earningsfor 8 Months ending Dec. 31 1913.

Income from operations, $77,388; income from rents, &c., $86,616; total
income. $164,004; salaries, general expenses, &c.. $77,822; net earnings,
$86,182; interest on bonds, $109,211; deficit, $23,029.-V. 97, p. 597.

Algoma Steel Corporation.-Guaranteed Notes.-

Issued by the Phila. Trust, Safe Deposit & Insur. Co. as trustee, and
The Law Debenture Corp.,Ltd.,of London (trustee for the issue) offered
guaranteed, prin. and divs., by the Railway Co. Secured
'by 25 new loco- from Feb. 17 to 21 at 96k, on behalf of itself and the other purchasers
motives built by Baldwin Locomotive Works, costing $524,264, towards £500,000 6% 3-year
gold notes to bearer, due March 1 1917, secured by
which the company has paid in cash $52,264. This equipment is leased pledge of
"First & Ref." M.5% 50-year gold bonds of 1912 of an
to the railway at rentals sufficient to provide for the payment of principal authorized£750,000
issue of £6,164,300, or $30,000,000. Of this authorized issue
and dividends of these certificates as the same shall be due and payable. of bonds, £2.876,752
are outstanding, £1,191,797 are reserved to retire
Ownership remains in trustee until the entire principal and interest has been $5,800,000 purchase motley
bonds, £831,176 are pledged as collateral for
paid by the railway. Int. M.& S. at office of trustees. The railway has loans,
£750,000
will
be
deposited as security for the notes, making a total
reported surplus earnings applicable to dividends averaging $2,802,692 a of £1,581,176 pledged for
loans, which, subject thereto,is. with the remainyear for the last eight years.-V.98, p. 454.
ing E514,575, available for future issue. (V. 94, p. 1697.)
The notes will be redeemable at par in whole or in part on any interest
San Francisco-Oakland Terminal Rys.-New Notes.- date
upon 60 days' notice, a proportionate amount of the bonds pledegd
John S. Drum and W. I. Brobeck on Feb. 26 requested the as security being released against such redemption. Denominations £500
and £100; coupons payable M.& S. Principal and Interest will be unconCal. RR. Commission to authorize this subsidiary of the ditionally guaranteed by endorsement by the Lake Superior Corporation,
United Properties Co. to issue and pledge $1,000,000 of and will be payable at the Bank of Montreal, London. The proceeds are
to provide for betterments and extensions now under way,amounting to ap5-year 5% bonds as additional security both for the $2,500,- proximately
, E350,000 and for additional
capital. [A press report
000 "Halsey notes" issued by the Oakland Rys. states that less than 16% of the issue wasworking
taken by the public.)
Pres. Taylor reports the net earnings of Algoma Steel Corp. for 6 months
in 1912 and now due as extended Sept. 14, V. 95, p. 544; ending
31 1913 as £166,030, against £168.100 in 1912. For the year
V. 97, p. 1204), and also for a new issue of $500,000 7% 1913 theDec.
shipment of coal from the company's West Va. properties (which
are subject to $537.000 underlying 5% bonds) amounted to 739,000 tons,
notes due Sept. 12 1914. A San. Fr. paper says in subst.:
and the capacity of the mines has since been increased to 1,000,000 tons
These notes have been subscribed for by a syndicate of local bankers at per annum.-V.98, D. 612.
par. The proceeds are to be used to replace money taken from income for
capital expenditure and for other capital investment immediately necessary.
American Agricultural Chemical Co.--Authorized.Mr. Drum, during the hearing, recited the success of the trustees in seStockholders on March 5 duly authorized the 315,000,000 10-year concuring extensions of the due date, both on the note issues of the Oakland vertible
debenture bonds, of which $7,000,000 were recently sold. by Lee,
Rys.(Halsey issue, $2,500,000) and the Oakland Terminal Co.($1,100,000; Higginson
& Co.-V.98, p:525.
V. 95, p. 619), and the failure of the trustees to secure the consent
of the
collateral holders to the proposition to increase the Halsey loan to $4,000,American Coal Co.-Earnings.000, provided all the traction pref. stock be put under the issue. He said
DepreNet
Gross
Dividends Balance.
that a flat postponement was then secured until September of next year, Calendar
elation.
Earnings.
Earnings.
Year(6%).
Surplus.
and that in the meantime local financial institutions were ready to advance
$88,931
$235,5'74
$1,008,831
$90,436
$56.207
$500,000 needed if' the permission of the Commission was secured for the 1913
15,000
117,318
809,103
90,000
Issue of notes and bonds. He referred to the Moore agreementfor re-financ- 1912
12,318
ing the properties, and said that the present step was proposed simply to -V.95, p. 1747.
gain time to carry out that agreement, or, in case of thatfailing.to perfect
Foundry
N.
Co.
'1.
Machine
American
&
some other re-financing plan. See V. 9S, p. 306. 611.
' $1,200,000
has been declared onthe

-Dividend.--

A dividend of 5%
stock
Terminal Railroad Association of St. Louis.-Decree. out of the earnings of the year 1913, payable April 1 to holders
-Judges Sanborn, Hook and Smith on March 2 entered the of record March 14.-V. 95, p. 620.
formal decree in the Federal Court in the suit brought by the
American Malt Corporation.-Merger Disapproved.Government.
The decree holds that the Railroad Association is a monopoly in restraint of
trade so long as it continues to operate as a railroad transportation company, but it may continue as a switching company only and charge for
switching services. The charges will be subject to regulation by the InterState Commerce Commission. Further provision is made in the decree to
prevent the company from charging any rate on traffic originating within
the 100-mile zone which is not charged likewise on traffic originating
outside that zone.
The proprietary lines may use any other facilities and the facilities of the
Association must be open to any line desiring to use them on reasonable
terms without discrimination against any particular line or lines.
Thomas Pierce, attorney for the Association, says the decree is a victory
for the company and follows the wording of the Supremo Court almost
to
the letter.
E.C. Crow, who fought the case for the Government,says: "This means
that the terminal monopoly has been wiped out. The abolition of the
arbitrary charge was the only point in the decree of the Supreme Court
which was in dispute. The Supremo Court's decree provides that all
traffic which has St. Louis as its destination must be billed direct to St.
Louis and not to East St. Louis. The Terminal is restricted now to charges
for terminal facilities and the shipment must be delivered in St. Louis, thus
elhninating any arbitrary charge for a bridge haul."
While concurring in the decree, Judge Smith filed a statement in which
he expresses the opinion that the subject of rate-making is a legislative
not a judicial function, and contending that the question as to whetherand
the
same rate should be made to St. Louis and East St. Louis is one for the
Inter-State Commerce Commission to determine. Judge Smith says that
the decree was in the nature of a compromise, as the three Judges entertain
divergent views as to what the decree should have been.-V.97, p. 1205.

Underground Electric Rys. of London.-Earnings.Calendar
Total
Fixed
Income
C. L. Ru. Balance,

The P. U. Commissioners of N. J. on Feb. 27 refused to approve a
merger of the American Malting Co. and the American Malt Corpn., N. J.
corporations, into a single corporation, with a capital of $15,000,000, as
authorized by the stockholders in Sept. 1913, on twogrounds: (1)because
the two companies do not justify a capitalization of the amount named and
(2) because they are not doing a cognate business as specified under the
"Seven Sisters" Anti-Trust Laws of 1913 of N. J.
The Malting Company, it is stated, is an operating company and the
Malting Corporation a holding concern. This, it is held, does not come
within the definition of corporations doing a "cognate" business. The
malt corporation has comparatively no assets, the Commission says, aside
from its ownership of about 98% of the stock of the Malting Company.
The Commission estimates the tangible assets of the Malting Company at
approximately $9,244,00(), or nearly $6,000,000 short of the proposed
capitalization of 315.000.000.-V. 98, P• 306.

Y.
ceamr.sDtn
American Radiator Co.
.d. Jan. 31:
rel.r
PE
Net
Jan. 31.
Balance,
(10%).
Profits.
YearSurplus.
$21a50
$2.081,267
1913-14
$717,090
$1,1M,177
210,000
1,696,193
1912-13
651,900
834,293
In addition to the cash dividends paid, as shown above, there was also
paid yearly an extra dividend of 10% in common stock, calling for $676,500
ln 1913-14, against $615,000 in 1912-13.-V. 98, P. 454.
American Real Estate Co., New York.-Preferred Stock.

The company offered recently at 103 and dlv. the remaining $1,000,000
of its issue of $2,000,000 7% pref. t,o provide the means for making
"profitable Investments which are offered by the extension of the city's
Recent purchases on White Plains, Westchester
rapid transit facilities.
and Jerome avenues and on Boston Road are estimated to have cost the
company about $300,000.-V. 98, p. 384.

YearReceipts. Interest.
Interest.
Ass'd Stk Surplus.
American Smelters' Securities Co.-Retirement of Pref.1913
£623,838 £84,488 (6%)467,35O £26,830 £45,169
Seventeen hundred shares ($170,000) of Series "A" pref. stock will be
The shareholders of the Metropolitan District & London Electric Railways redeemed on July 1 at par at the office of United States Mtge.& Trust Co.,
Joint Power House Rent Charge Stock were to vote March 2on authorizing N. Y., depositary under the stock retirement agreement of April 1 1912
£250,000 of this stock in order to provide for certain enlargements and addi- -V. 96, p. 1023.
tions to the generating station, making the total issue E2,500,000
(V. 92.
Arkansaw Water Co., Little Rock, Ark.-Settlement.P. 1637; V.93, p. 165,347.)-V. 98, p.612.
Edward Fled, a St Louis engineer who was appointed master in the
controversy with the city on Feb 13,flied his report in the Chancery Court.
Union Depot & Railway Co., Denver.-Sale.Both parties accepted the findings and the suit was dismissed.
See Denver Union Terminal Ry.-V. 71, p. 343.
The decree, issued by Chancellor Martineau, and embodying reconunenUnited Rys. of Havana & Regla Warehouses.dations made by Mr Mad, provides for a dam and selective reservoir with
See Cuban Central Rys. above.-V.97, p. 1824.
a capacity of 300,000,000 gallons 5 miles above the station, a pipe line from
reservoir to the pumping station with capacity of 14.000.000 gallons per
Washington (D. C.) Ry. & Elec. Co.-On 7% Basis.- the
day an additional settling reservoir with capacity of 2,500,000 gallons and
A quarterly dividend of 1.4% was paid on March 1 on the $6,500,000 additional filters having a capacity of not less than 4,000,000 gallons per 24
common stock to holders of record Feb. 13,comparing with 13i% in June, hours. The water company is given the option to construct a selective
Sept. and Dec. 1913, with 1% extra in Dec. last.
reservoir with a capacity of 150,000 gallons in place of 300.000 gallons, upon,
condition that the dam shall be so constructed as to permit of enlargement
Dividend Rate on Common Stock (Per Cent).
to 300,000 gallons. Estimated cost is stated as $434,000.
1909.
1910.
1911.
1913.
1912.
1914.
The company now has 3 reservoirs, total capacity of 12,000,000gallons.
1
2
2
4
63
March, 1,1
The proposed Little Maumelle reservoir, which would furnish rain water
-V.97, p. 1585.
gathered from a shed having an area of 30 miles, was discarded by the
West Virginia Traction & Electric Co.-Bonds Called.- master on the ground that its cost would be prohibitive under the terms
Ten bonds, issued under mtge. made by Wheeling & Elm Grove RR., of the franchise between the municipality and the water company. Work
dated Mar. 1 1898, have been paid on March 2 at Germania Half-Dollar Is to be started on the construction of the dam and reservoir to furnish the
Savings Bank, Wheeling, W. Va.-V. 96, p. 1023.
increased reserve capacity within 3 months.-V• 98, P. 622.

Atlantic Gulf & West Indies SS. Lines.-Earnings._--Western Maryland RR.-New President and Chairman.es
Net
Total
Operating
Cos.
Carl R. Gray, who has resigned as President of the Great Sub.
Income.
Expenses.
lions.
Cal. Year- Income.
Surplus]
Northern, has been elected President and also Chairman of 1913
$19,742,716 $16,395,674 $3,347,042 *1,790,309 $1,555,733
18,285,807 15,718,449 2,567.358 1,605,744
the board, to succeed J. M. Fitzgerald and Edward D. 19D
961,614
12eductions as above include interest on underlying bonds, rentals and
Adams, respectively (the latter having represented the in- other
deductions paid or accrued.-V.97, p. 52.
terests of the Deutsche Bank), both of whom resigned.By-Products Coke Corporation (of N. Y.), Syracuse,
V.98, p. 1899.
N. Y.-Independent Enterprise.-Pres. R. G. Hazard Mch.62
Wheeling & Lake Erie RR.-New President.-L. F. informed the security holders:
Loree, President of the Delaware & Hudson Co., has been
There is no connection between your corporation and the Buffalo ByProduct Coke Corporation, which, we are informed, has been organized
elected President.-V.98, p. 454.
under N.Y.laws and proposes to build by-product:coke ovals near Buffalo.




MAR. 7 1914.]

765

THE CHRONICLE

mortgage
(V. 98, P. 612.) The Bankers Trust Co., the trustee under the
Of the total
of that corporation, is the transfer agent of our capital stock.
has
$4,000,000
),
authorized capital stock of your company 45.(00,000
bond issue of
been issued and paid in full in cash, and the outstanding
is
Chicago
South
at
plant
Your
at
par.
investment
sold
was
$2,000,000
and
conservatively estimated to amply represent the above issues of stock
bonds. Our coking capacity is 3,500 tons of coal per day, or 1,277,500
tons per annum.-V. 98. p. 612.

City Investing Co.-New Directors.-

The board having been increased from 11 to 13, L. B. Preston and W..
Childs Jr. have been elected directors.-V.97.P. 1355.

Computing-Tabulating-Recording Co., New York.es):
Earnings.-For the calendar year (including subsidiariSalami!,

Res'vefor Exp.(less Bond
Net
Calendar
Surplus..
Dividends.
Deprec. Bond int.) Int.
Year- Profits.
$1,395.392 $296,498 $46,871 $417,329 (3%)$313,719 $320.9751913
540.927
1.240,672 234,425 45,320 420,000
1912
The total surplus Dec. 31 1913 was $2.714,659.-V. 97. P. 1825.

(J. I.) Case Threshing Machine Co., Racine, Wis.Bonds Offered.-Potter, Choate & Prentice, N. Y., and First
Copper Belle Mining Co. of Arizona.-Decision.- s
Trust & Savings Bank, Chicago, are offering at par and int.
U.S.Supreme Court on Monday decided against the complainant
$12,000,000 1st M.6% serial gold bonds, except $2,500,000 theThe
suit to recover on a promissory note for $265,416. The case was on.
due in 1914 and 1915 reserved. Dated Feb. 1 1914 and due appeal from the Supreme Court of Arizona, which held that there had been
in annual installments on Dec. 1, $1,500,000 in 1914, $1,- no legal consideration for the giving of the note.
Deere & Co.-Earnings for Fiscal Year ending Oct. 31.000,000 in 1915,$500,000 yearly 1916 to 1918 and $1,000,000
Admin., Depre- Int. on Dividends Balance,
Net
Year end.
Surplus.
yearly 1919 to 1926.
(7%)
Oct. 31- Income. .1c..Exp. dation. De'.,&c.
103 and int., but
Redeemable or re-purchasable on any interest date atbonds must be reIf less than the entire issue iscalled,the last maturing
$500); r* $1,000
maturity,
1923
(except
each
c*
$1,000
Par
first.
eemed
First Tr. & Say. Bank,
and $10,000. Principal and interest (J. & D. at
Chicago, trustee, and First Nat. Bank of N. Y. Racine, Feb. 18 1914.
Digest of Letter from Pres. Frank K. Bull,
ng plant at Racine
Security.-A closed first mortgage on manufacturi
cities, and by deposit thereof
and our valuable land and buildings in other
agricultural implefor
business
ordinary
on $12,000,000 notes received in
been paid can the company
ments. Only when $2,500,000 bonds have that
two years the notes
after
so
bonds,
of
payment
against
withdraw notes
outstanding. Since organization, of
pledged will be at least 125% of bondsissue
is followed by $12,150,000 7%
such notes, 97% has been paid. Thestock.
The entire proceeds of these
common
pref. stock and $8,300,000
loans.
lponds will be used to reduce current
cal. year 1912 $2,464,916 applicaEarnings.-For 1913 $2,002,279 and in
on these bonds, $720,000.)
ble to interest on its debts. [Interest
of Present Bond Sale:
Proceeds
Applying
after
Status Dec. 31 1913
$12,150,000
,200,072 Preferred stock
Real estate and plants___$9
8,300,000
stock
Common
1,506,214
&c....
patents,
Furniture,
12,000,000
debt
Bonded
Current assetsBills and accounts payInventories,
3,585,519
able
below cost.$11,166,483
1,274,335
Reserves
Notes&accts_ 15.109,671
1,856,976
Surplus
Cash ($553,27,230,272
954,118
&c__
520),
$39,166,830
Totals
Deferred charges, &c_..-.. 1,230,272
ann.,
72 Years' Business.-Growing gradually to sales of $14,000,000 per
the company has constantly out of earnings, increased its plants and cash
assets (as also by sale of $8,000.000 of pref. stock in 1911, V. 94, p. 353),
and has never had an unprofitable year.
Profitsfor 1912 and 1913 (an Exceptionally Poor Year for Implem't Business).
1013.
1912,
Profits available for int. payments[now $720,000)_..$2,464,916 $2,002,278
733,627
200,482
Deduct interest paid on notes,&c
850,500
813.166
do 7% dividend on preferred stock

1912-13---$4,755,778 $432,576 567,362 5151,617 $2,647,995 $1,456,227
1911-12_-_ 5,020,199 -409,006--- 245.515 1,976,869 2,388,809.
-V. 97, 13. 301.

Dominion Steel Corporation.-Common Div. Omitted.-

The directors on March 4 decided not to declare a dividend on the $36.896,200 common stock for the 4th quarter of 1913. From July 1911 to.
Jan. 1914 1% quarterly was paid. An official announcement says:
view of the depression in general trade conditions and in the steel trade in
particular, it is considered advisable to confine the dividend on the common stock to the 3% already paid and not to pay the usual dividend on
the first of April."-V. 98, p. 526, 455.

Ducktown Sulphur Copper & Iron Co.-Hearing.

The U. S. Supreme Court on Monday set April 6 as the date for hearing
the petition of the State of Georgia for an injunction against the operations
of copper plants of the company on the Georgian border.-V.84,P. 1250.

Franklin's, Inc. (Candy Mfrs.).-New Indictments.-

S.
Sealed indictments were returned on Feb. 27 by a jury in the U.
s in
District Court in this city before Judge Hollister against 6 stockbroker
Franklin
N.
Floyd
connection with alleged stock-selling frauds. President
is alleged
wasindicted some time ago with Nova Adolphus Brown,broker. It
the public•
that the 6 defendants continued to sell the company's stock to ,
it is said,
notwithstanding the first arrests. Before the first indictments
has nearly
5500,000 in stock had been unloaded,and now it is said the public
at
$500,000 more. The names of the indicted brokers were withheld
the time.-V. 97, p. 240.

Great Northern Paper Co.-Dividends.A dividend of 13/2% was paid March 2 on the $6,000,000stock; 1% was also paid Feb. 1 1914.
1904.
1903.
None
6
-V. 92, p. 529.

Previous Dividend Record (Per Cent).
1908-09.
1907.
1906.
1905.
None
4
6
434

1910W 1913.
6(1% Q.-M.).

Guggenheim Exploration Co.-On 14% Basis.-

A quarterly dividend of 35,6% has been declared on the $20,793,300
Balance, surplus for year [after pref. dividend and $1,451,268 $418,151 stock, payable Apr. 1 to holders of record Mch. 13. This compares with•
interest on notes now funded]
at
quarterly from July 1913 to Jan. 1914. with 2% extra in Jan. 1914.
shall
assets
quick
3%
not
the
that
Quick Assets.-The trust deed requires
1914
of automobilesand materials, 1903 1904 to '06 1907 to '12 1913
all times equal or exceed $18,000,000,exclusive
Jan., 5 (incl. 2 ext.); Apr.. 331
11
of same, the purpose of this ex- 5g
10 yearly
7 yearly
bills and notes ,receivable on accountitems
small.
ly
comparative
-V. 98, p. 451.
ception being (keep the automobile
and product on hand
Outlook.-Th unusually large stock of material
swill be reduced during 1914, so
Homestake Mining Co.-Earning
due to the recession of business late in 1913
Balance,
Dividends
bonds
of
On.& Gen. Constr. ea
the
first
installment
pay
Total
to
able
Calendar
be
that outside of earnings we shall
Sur. or Def.
on Stock.
Surveys.
the
a few months at the height of
Year- Income. Expenses.
from this source alone. Excepting for
(8 4-5%)$2,146,225 def.$27,600'
$19,387
Our
$4,181,466
current
borrowing.
from
free
be
$6,319,368
now
shall
1913
we
season,
manufacturing
(6%)1.310,400 sur.957,488
at Racine will produce all our castings, 1912
6,790.897 54,290,079 232,930
large new foundry and machine shop
in 1912.
outlook for business and for additional
Tons of ore milled during 1913, 1,540,961, against 1,528,923
materially reducing costs. The
an average of $4.0148 per ton in
at
$6,186,652,
is
28%
running
of
bars,
business
our
At
present
proceeds
Total
brighter.
profits was never
p. 1666.
97.
1912.-V.
in
$4.3174
of
average
an
at
$6,600,953
1913, against
ahead of last year.-V. 98, p. 613.

Central District (Bell) Telephone Co., Pittsburgh,
Pa.-Bonds Offered.-J. P. Morgan & Co., First National
Bank, Kuhn, Loeb & Co. and National City Bank, all of
N. Y., offered on March 4 at par and int. $10,000,000 1st M.
30-year 5% sinking fund gold bonds, dated Dec. 1 1913 and
due Dec. 1 1943, but redeemable as an entire issue, but not
less than all, on or after Dec. 1 1918, at any interest date, at
105 and int., on 3 months' notice. Int. J. & D. in N. Y.
and Pittsburgh. Par $500 and $1,000 (0). The bonds
having all been sold, the adv. is published for record.
N. V.. March 2 1914.
Digest of Letter from Pres. F.1-1. Betheil,of
the Bell Telephone SysOrganization.-Part of the "Eastern Group"
Bell
business in the
telephone
entire
the
controlling
and
tem, owning
of
West Virginia and cerpart
northern
the
western part of Pennsylvania,
a territory with a population of about
tain of the eastern counties in Ohio,
resources-coal, iron, gas, oil,
4,000,000, and,because of great natural
lumber, &c.-a most active industrial section.
Issued.
Authorized.
CapitalizationCapital stock, practically all owned by Bell Tel.$25,000,000 $15,000,000
a
Co. of Pennsylvani
25,000,000 10,000,000
First mortgage 5% bonds
annum have been paid since 1896.
Dividends at not less than 7% per $25,000,000
, of which $10,000,000
Bonds.-Total amount authorized,
and the balance for
is now sold,about $4,500,000 to pay all floatingisdebt,
issuable only as equal
$15,000,000
remaining
the
extensions;
further
in the comof
invested
and
sales
stock
from
obtained
amounts in cash are
West Virginia. A first mortgage on
pany's business in Pennsylvania and
in Penn.
property
all
and
other
estate
real
valuable
company's
the
all of
mortgage, without conand W. Va. Total value of property covered byover
$21,000,000, about
sidering good will or franchises. is estimated at
deposit of
$2,500,000 of this representing property covered through theOne
$1,000
securities. Trustee, Fidelity Title & Trust Co.of Pittsburgh.
Sinking fund
bond may be exchanged for two $500 bonds and vice versa.
of
bonds
iss'd.
amt.
of
annum
%
per
M
to
equal
sum
a
1914.
1
June
beginning
Earnings Statement for Year 1913.
replace'ts,
Gross, $6,063,324; oper. exp., $2,397,550; maint. &
$1,262,352
$2,215,929; taxes, $187,492; net
500,000
Annual charges on these $10,000,000 1st M.5% bonds
Balance, surplus, being 13 the int. charge on these bonds.._ - $762,352
Earnings and Number of Stations Showing Uninterrupted Annual Increase.
1911.
1912.
1913.
1910.
1909,
$5,013,570 $5,297,147 $5,579,135 $6,063,324
Gross earnings
140,493
165,416
137,203
148,591
1,252
owned__11
Stations
gervice and connec44.902
40,018
45,119
34,861
27,908
ted stations

International Silver Co.-Earnings.-

Balance,
Preferred
Bond
Depre• Net
Calendar
Surplus.
Dividends.
Interest.
ciation.
Earnings.
Years81,203.650 $308,290 $308,644 (9%)$542,574 $44,143;
1913
107,863.
602,860
(10%)
313,912
301,610
1,326,245
1912
-V. 96, p. 1020.

Laclede Gas Light Co. St. Louis, Mo.-Offering of
Five-Year 5% Debentures.-N. W. Halsey & Co. have sold,
(see adv.on another page) at99 and int., yielding about53 %
income, $2,500,000 of 5-year 5% gold debentures, dated'
Feb. 2 1914 and due Feb. 1 1919, but redeemable as a whole
but not in part at 102 and int. at any interest date prior toFeb.1 1916 and at 1013/i and int. at any interest date on and'
after Feb. 1 1916. Par $1,000 c*. Int. F.& A. at St. Louis
Union Trust Co. trustee in St. Louis or at N. Y. City.

St. Louis, Feb. 25 1914.
Digest of Letter from Pres. C. L. Holman,
Act of Mo. Legislature and has.
Organization.-Incorporated in 1857 by within
the limits of the City of
gas
vend
to
right
thereunder a perpetual
by the SupremeSt. Louis. The validity of its charter has been established
Court of the State of Missouri.
Outstanding Capitalization.
$13,200.000•
Stock ($2,500,000 is pref. stock, 5% cumulative)
$10,000,000
Mortgage bonds ($10,000,000 1st 5s due May 1919;auth.)
.A0110
20,01
ref. and ext. 5s due April 1 1934 of $20,000,000
Debentures, 5%,due Feb. 1 1919 (auth., $5,000,000) be used 2.5U(1.000'
to
solely
will
debentures
Debentures.-The proceeds of these
a new gasretire the floating debt incurred for additions and to construct
can be created
manufacturing plant,&c. No additional issue of debenturesunless
contemand no additional mortgage can be placed on the property
paid and disporaneously therewith all of the debentures of this issue are
mortsaid
under
issued
obligations
the
of
the
proceeds
from
either
charged,
life of the debentures, the current
r otherwise.
Eadse,poa
2(rO8
dZi11
eXce
niAlso
13%
. t city in the U. S., and a manuPoputation.-St. Louis is the fourth larges
Population in 189(
facturing and distributing city of great importance.
687,029.
was 451.770;in 1900 was 575,238; in 1910 was
limits of the Citythe
within
gas
selling
company
gas
Tho
only
Property.has grown constantly..
of St. Louis; also sells electricity. The business property
is in excellent
and In my judgment will continue to grow. Themaintenance and deprephysical condition. During 1913 charged for
ciation was equal to over 13)4% of its gross receipts.
Account'ts
Net Sales of Gas and Electricity Cal. Years,as Certified by Chartered
1913.
1912.
1911.
1910.
1909.
1908.
$4,490,328•
$4,409,651
$4,302,778
$4,472,145
53.913,846 $4,097,946
$2,305,396 $2,326,253:
Total net income after taxes
$1,015,357 $1,055,405.
Deduct-Interest paid
272,248
266.217
Depreciation
125,000.
125.000
Preferred dividends
$873,600.
$898.822
180,511
210.318
172.064
193,710
Balance
Total stations_ _139,160
present issue* Total interest charges on all outstanding bonds and the
The N.Y Stock Exchange will be asked to list these bonds.-V.98,p.613.
ofdebentures now amounts to $1.125,000. See V.98, p. 520.613.

Chesapeake & Potomac (Bell) Telephone Co. of Va.

The Mercantile Trust & Deposit Co. or Baltimore recently purchased
and due May 1
81,000,000 5% gold bonds, Series A, dated May 1 1913
date
1913. but callable as an entire issue, but not in part, on any interest
and $1,000 c*.
Par
N.
M.
$500
&
$100,
Interest
103.
at
1918
after May 1
issued, beginning'
Sinking fund M of 1% semi-annually, of total amount for
improvements
May 1 1914. Authorized issue, $5,000,000; reserved
, $1,007,000;
and additions to property, $2,500,000; heretofore outstanding
sale, $1,000,000.
held in treasury of company, $493,000; now offered for
value
(present
&c.,
estate,
franchises,
real
all
on
lien
mortgage
first
A
acquired.
about 55,923,650) now owned or hereafter
The Old Dominion Trust Co. Inc., of Richmond, Va., the trustee, is
'and Int.
offering a block of the bonds at 96




00

Lake Superior Corporation.-Guaranteed Notes.-

See Algoma Steel Corporation above.-V.98, p. 613.

Lehigh Coal & Navigation Co.-Notes Called-Payment•
of Maturing Bonds-Offer.on May 1 at par and int. all the-

The company has called for payment
notes dated July 1 1913,
outstanding $1,500,000 1-year 5% coll, trust gold4%
loan bonds.
and will also pay at maturity the 51.992.833 4 railroad
let M. bonds, on
81,842,5004% gold loan bonds and the $5,000,000
above payments will beApril 1. June 16 and July 1, respectively. All theand
Granting Annuities,.
made at the Penn. Co. for Insurances on Lives

766

THE CHRONICLE

Phila., which offers to purchase on March 10 any of
the above bonds and
notes at par and int. less discount at the rate of 3%
3
respective dates of payment above named.-V.98, % per annum to the
p. 685, 390.

Long Acre Elec. Lt. & Pow. Co., N. Y.

Foreclos

ure.
Justice Greenbaum in the Supreme Court in this -No
city on March 6 dismissed the suit brought by the Metropoli
tan Trust Co. to foreclose the
mortgage for $500,000 on the property of the
company because of default
in the payment of interest on the bonds.
The Court says that in Oct. 1912, when
Central Trust Co. requested
that the foreclosure suit be brought,it wasthe
not the owner of the $489,000
bonds claimed, and that at the time the demand
was made in behalf of the
late A. N. Brady, the Long Acre Co. had been paying
its bills when duo
"and is not now and never has been insolvent
also that the owners of the
bonds did not press for payment before because";they
did not wish them paid,
and that "the New York Edison Co. since 1906 has been hostile to the
defendant and has endeavored to embarrass and keep the defendant from
transacting business."
Interest of $96.860, it is stated, is now due on the bonds, and this sum was
tendered to the owners of the bonds in open court. Compare V.
97. p•
369, 526.-V. 98, p. 159.
(P.) Lorillard Co.-5% Extra Dividend.-

[VOL. xcvm.

times the bond interest, and after the
payment of preferred dividends
$8,397.-V. 95, P. 1476.

Narragansett Electric Lightin

g Co.-Conversion.The $1,500,000 new stock to be exchanged
, $ for $, for the convertible
debenture certificates of 1911 will be
office, Turk's Head Bldg., Providenc issued on and after April 1 at co.'s
certificates of record March 7 1914, e, to the holders of said debenture
and
the regular quarterly dividend at the rate said holders will particiapte in
of8% ($1 per $50 share) payable
April 1 1914, in lieu of interest otherwise
due on that date. Debenture
holders are requested to send in their
debenture certificates at once.
Earnings.-For calendar year:
Calendar
Gross
Net
DepreInt. on Dividends Balance,
Earnings. Earnings. ciation.
(8%). Surplus.
1913
31,494,554 $612,273 $159,988 Debs.,dec.
$1,494,55
$55,383 $360,000 $36,902
1912
1,358,376
550,069
145,784
40,926
360,000
-V. 98, p. 693.
3,359
National Biscuit Co., N. Y.-Report-New Plant.
-The
earnings and balance sheet for the year ending Jan.
1914
were given in comparative form in V. 98, p. 519. 31
the
pamphlet report Pres. A. W. Green says in substancIn
e:

A quarterly dividend of 23- %, together with an extra
of 5%,
has been declared on the $15,155,600 common stock, bothdividend
payable April 1
Stockholders.-The number of stockholders shortly after its
to holders of record March 17. In Jan. 1913 23'%
on
extra was paid.
- (in 1898) was about 1,300. On Jan. 31 1914 the number had organizati
v. 96. P. 787.
8,374, of whom 4,140 are women. We have stockholders increased to
residing
in
46
States
of the Union, and in Canada, Mexico, West Indies, Great
Mason-Seaman Transportation Co., N. Y.
Britain,
The shareholders will vote March 9 on consolidating -Merger.-- France,Germany,Italy, Switzerland, Belgium,China,Peru and Argentina
.
with the Yellow As early as Feb. 1901 the company adopted the
Taxicab Co. under title of the Mason-Seaman
plan of assisting its emTransport
ation
Co.,
the ployees to purchase its pref. stock, paying for it in installmen
capitalization to be $5,000,000 pref. and
ts. Under
$5,000,000 common stock. this plan 3,351 of our
Directors: William H. Barnard, Pres. and Treas.;
employees
15,000
are
at
present
stockholders, holdSeaman Jr., Vice-Presidents; James W. Salisbury Allen Lexow and E. B. ing 16,475 shares. This is exclusive of a very large amount of stock
held
, Sec., and A. F. Rock- by directors, officers, heads of departments and
well, Pres. of board; Mortimer B. Fuller, P. F.
principal
.
Holsworth, Francois
New Plant.-Last year we announced that plans had been managers
Ducasse and Jacques Rosenberg.
prepared for a
largo
addition
to
The Yellow Taxicab Co. has been running a private business
New York plant, on a site long held by us and
under the diately adjoiningthe
old rates, while the Mason-Seaman Co. has been
the present plant. Ground was broken Mar. immerunning a public business and work
1913
has proceeded so rapidly that the company will have the13
under the legal rate of 30 cts. Mr. Barnard says:
advan"The
Mason-Seam
an
tage
of
this
additional capacity early this year. The new building occupies
Transportation Co. has obeyed the law literally, but the past six
have proved that the more people that ride the greater the loss at thismonths the entire block bounded by 15th and 16th streets, 10th and 11th avenues,
rate." facing the Hudson
The merger is preliminary to asking the city authorities for an
The building follows the uniform design and
increase in character of all ourRiver.
rates.-V. 98, p. 240.
new construction,
that ovens are located not
only on the top or tenth flood but also except
on the sixth floor, thus providing,
Midwest Oil Co., Denver.-See "Reports."
in effect, a double bakery.
The
latest
plant is the largest of the 11 manufacturing plants built
Refining Company.-Sec. J. L. Warren, in
by
of the company since its organization.
building of these new plants has
Feb. 28, announces a plan to which the holders ofcircular
been made necessary by the developmThe
ent of the package products, by the
over
80%
public acceptance of the glass-front can and by
of the stock have given their approval, under which there has sive
the success of our extendistributing service extending from
to coast.
been formed in Maine a new company known as The Midwest
Imitations.-The number of imitations coast
of our trade names, trade marks
and the trade dress of our packages which have
Refining Co., having an auth. capital stock of $20,000,000
been
either with
in or without litigation, has now
reached tho total of 706,stopped,
shares of $50 each, all ordinary shares, to engage at Casper,
involving more than
200 competitors in the United States alone.-V.
98.
p.
519.
Wyo., in the general business of refining and marketing oil.
Nichols Copper Co., New York.-Increase of Stock.Property and Rights to Be Owned by the
Refining Co.
The stockholders on Mar. 2 authorized an
(a) The refining plants formerly owned byMidwest
in the capital from
Midwest Oil Co., and all the $7,000,000 to $8,000,000 by the creation of increase
-$1,000,000 8% cumulative
real estate, storage tanks, tank cars and equipmen
t, tools and Machinery, pref. stock, preferred both as to quarterly dividends
&c., appurtenant to the refining plants.
and assets on dissolution.
redeemabl
The
pref.
stock
is
e
at the company's option in whole or
(b) The control (through stock ownership acquired
by exchangeas In part (to be chosen by lot) at any time after
hereinafter specified) of the property of the
31 1917, in cash at
Petroleum Co.,including par and accrued dividend, on 30 days' notice.March
The pref. stock may be
its new refinery and its long time lease onFranco
the refinery of the old Natrona issued after Mar.31 1914 for cash at not less than par
and accrued dividend.
Co. [Natrona Pipe Line & Refinery Co.); likewise the 20-yea
r contract In whole or part, provided that the record holders at the close of business
between the Wyoming Oil Fields Co. and the
on
Petroleum Co. for the Mar. 2 1914 of the existing common stock shall be afforded
delivery of the oil produced from the lands ofFranco
the prior right
the Wyoming Oil Fields Co. to subscribe therefor
for cash at par and accrued dividend in proportio
In the Salt Creek and Shannon 011 Fields The
Wyoming
n to
011 Fields Co. was their respective holdings.
incorp. in Wyoming in 1912 with $8,000,000 of auth. capital
shares, of which in July 1912 $6,853,600 had been issued, stock in $800
O'Gara Coal Co.-Coupon Payment.the holdings of Ascos Co., Petroleum Maatschappi, Salt and took over
The interest coupons due March 1 1914 on the $2,728,000 1st
Creek, the Belgo
Co. and the Franco
M. &s
-Wyoming Co. The last-named company
are
being paid on presentation at co's office, Marquette Bldg..
then
became
a holding eompany, Its outstanding shares capital [35,009
Federal Judge Carpenter has denied the petition of bondholdeChicago.
rs
shares and 424,518 ordinary shares) representing on July 6% cum. pref. removal
for
President
O'Gara as a trustee.-V. 98, p. 456,391. the
of former
with miscellaneous assets $5,251,200 stock of Wyoming 31 1912, along
Oil Fields and
$409,256 of the 3537,904 stock of the Natrona Pipe
Domini
Old
Co.
of
Maine.on
Line
&
Ref.
Co.-Ed.1.
(c) Also 20-year contracts with Castel Creek 011
The "Boston News Bureau" says that practically all the securities
Fitzhugh Oil Co.,
Henshaw Oil Co., California Oil Co., Crescent 011Co.,
received by the Old Dominion interests to satisfy the judgment
Co.,
Control
Oil
secured
Co.,
Barbadoes 011 Co., Bluestone Oil Co., Seattle Oil Co., Pinero
Oil Co. and against A. S. Bigelow have been turned into cash, and that there is in hand
Midwest Oil Co. [all as holders of lands and leases on
lands in the Salt sufficient cash so that after all expenses have been met there will b ur
eft
d
Creek oil fields), for the delivery of all of the oil produced
about $1,800,000 for distribution to the beneficiaries, or sufficient to l°
work
of these companies; said contracts altogether covering aboutfrom the lands out about $12 per
receipt, and that there is a potential asset in the
8,000 acres of
interest
known oil-producing lands and a large acreage of
in
which
might bring the ultimate value of
the Thames Mfg.
the
adjacent thereto in the said Salt Creek and Shannonundeveloped territory receipts above $12. The
Co.' Hyams case comes up this month
oil fields.
before the
(d) The use of the pipe line systems of your company
and of the Natrona New Jersey Court of Errors and Appeals in New Jersey, the Court of last
Pipe Line & Refinery Co. for 20 years, subject,
so far as your company's resort. In the meantime it is stated that the funds are kept in liquid form
pipe line is concerned, to certain reservations meeting
in short-term notes and call loans so that there may be no delay
in
(e) The good-will of the refining business heretofore existing contracts.
established at Casper, tion when decision is rendered. See V. 97, p. 1667.-V. 98, p.distribuincluding all contracts for the sale of oil; also
391.
a working capital of $600,000.
Disposition of Capital Stock of The Midwest
Co.a
laho
Osage
sa
.
m
G
En
s
C
&
s
O
rok
a
o
r
n
n
d
in
Refining
Co.
Reserved in treasury of company for future capital
Calendar
g
D
s
e
.--pre- Dividends Balance,
Paid Midwest Oil Co. for refining plants, contractsrequirements,$2,000,000
YearEarns. Purch. Erp.
Int. ciation.
for crude oil,
Surplus.
good-will of refining business, &c
1913
$234,146 $9,191 $82,002 $4,331 $45,249(4%Paid.
12,000,000 1912
)$60,000323,022
Set aside for purchase of capital stock of The Franco
19,221
70.850
198,740
6,264
30,400(3%)45,000 27,004
Petroleum
Co.; holders of over 80% of the capital stock of
taxes,
include
Operating expenses
junk accounts. &c.-V.
that company
96, p. 793.
having deposited their stock for exchange, upon
the basis of
Otis Steel Co., Cleveland, 0.-Notes-Status.-As
$130 Refining Co. stock for $100 pref. stock of Franco
leum Co., and $85 Refining Co. stock for $100 of the Petrostated last week the First Nat. Bank of Cleveland is offering
common
stock of Franco Petroleum Co.; like offer is being made
for all
the unsold portion of its block of $1,200,000 6% gold notes
the remaining stock of Franco Petroleum Co.[if deposited
with
International Trust Co., Denver. The Franco Petroleum Co.
(secured by 1st M. bonds) at par and int., provided an equal
was incorp. in Arizona in March 1913 and
issued
$6,000,000
amount of each maturity is taken; or, provided the notes
stock in $1 shares, $2.000,000 being 8% and partic.
pre('
6,000,000
Stock Distribution.-The proceeds of
sale of this property will be purchased have a life equal to the average life of the issue,
distributed among our stockholders, $2the
par
value
in shares of Midwest which is approximately four years.
Refining Co. to each $1 share
Midwest Oil Co., temporary stock
certificates to be issued to stockholdof
Digest of Statement from Pres. 0. Bartel, Cleveland, Feb 18
of record March 15 1914.
1914.
, Your company retains the title toers
on.-An Ohio corporation, originally established in Cleveland
its
lands
and leases on lands, subject in Organizati
only to the contract with the Midwest Refining
1873. Manufactures steel plates, castings, forgings for the large
railproduced therefrom, for the period of 20 years. Co. for the delivery of oil roads, boiler-makers, ship-builders, machinery builders and other
The prices payable by the steel companies
large
Midwest'Refining Co.for our crude oil will fluctuate
all over the United States and Canada; also has considerwith the prices received
present
has
by the Refining Co. for refined products
ble
export
business.
about
At
1,100
employees; with the
from said oil, thus affording new
mutual protection to both companies. Prices
plant in operation this will be largely increased.
received by the Midwest Oil
Co. for crude oil produced should be sufficient
Notes.-Part of a total auth. Issue of $1,600,000 (the remaining $400.000
normal conditions of being
treasury)
Jan.
dated
business, to earn good returns upon its capital, under
1
the
in
1914
and
,
maturing
stock.
annually
• Directors ofilfidwest Refining Co. are:
incl.; and secured by $400,000
0. H.Shoup, Colorado Spgs.; on July 1 from 1916 to 1919, both
$2,000,000 1st M.
V.-Pres. H. M. Blackmer, Denver; Sec.Pres.
in coupon form; int. payable
B. H. Hopkins, Colo. Spgs.; Gen. 5% bonds. Notes par,$1,000,
J.& J. First
Cleveland
trustee.
Trust
Counsel. Schuyler & Schuyler, and Gen. Mgr.
,
&
of
Savings
Co.
Principal
redeemabl
R. D. Brooks, Denver; Jean maturity
to
Barthaloni. Geneva, Switz.; Henri de Balincour
on any interest date in numerical order at 101 and int.e prior
t, E. Thierry Delanoue, weeks' notice,
upon 4
Prince Jacques de Broglie, Baron Raymond
by adv. in Cleveland. Both p. & I. payable without
d'Aiguy and R. Recope, all of tion
'
deducParis; C.C.Hamlin and L. L. Aitken,Colorado
company
the
or
for
the trustee may be required to
taxes which
Springs; Thomas A.Dine, thereon any
pay
Denver; N. S. Wilson, Casper, Wyo. General offices
or retain therefrom under any present or future law
will be in Denver.
[Calvin Bullock, Denver, in a large,
of any State, county, municipality, or other taxing authorityof the U. S.
illustrated pamphlet on or
therein,
the
the Salt Creek 011 Field, issued in July profusely
company
hereby agreeing to pay all such tax or taxes.
1913, said: "This field is located
about 45 miles north of Casper, Wyo. Crude
tion.-(a)Common stock auth.,$5,000,000; issued,
oil is conveyed through two (b)Capitaliza
$4,409,80
0;
6-inch pipe lines operated by the Midwest Oil Co.
cum,
35.000,00
stock,
auth.,
pref.
7%
0;
issued, $2.744,900: (c) 1st M.
and the Franco Petroleum 5%
Co., the two principal companies, to their refineries
bonds, dated Jan. 1 1913, due Jan. 1 1955; auth., $10,000,0
at Casper. Both com- issued
00, viz..
panies are building additional units of 5,100-bbl. still
England. $3,000,000 (see V. 96, p.
and
sold
in
capacity each, and secure these notes, $2,000,000; reserved
950), pledged to
when completed the total Midwest still capacity will
issuable only for additions,
be 11,000 bbls. and the rigid restrictio
under
Franco 6.100 bbis." On Nov.15 1913 Mr.Bullock
ns, $5,000,000.
.-(1)The "Lakeside," producing steel plates,castings
of the two companies were then handling about wrote that the refineries
Plants
and forgings.
14.000 bbis. per day.
Located at East 33d St. and Lakeside Ave., occupying about
15 acres,
Mt. Vernon-Woodberry Cotton Duck Co.-Operat
ion. buildings of brick and steel, with fire-sprinkler system; (2) the "Riversid
e,"
I' The International Cotton Mills, which holds
95% of the company's to manufacture light steel plates and sheets. New building,of brick and
stock, has, it Is stated, given Its consent in about
steel
to
at
completed
be
fall
West
next
all
14th
St. and Jennings Road, on the
essential details to the
proposed plan under which the bondholders' protective
Cuyahoga River, occupying about 20 acres of company's tract of
over the operation of the property instead of having a committee will take
The proceeds of these $1,200,000 notes are to provide a part of200 acres.
receiver appointed.
the funds
The plan was not announced at the meeting of the
committee on March 1, for the completion of the new Riverside plant, the cost of which, to date.
but, it was expected, would be arranged shortly,
only a minor matter Including the amount paid for the land, is approximately $2.000.000.
remaining unadjusted, and would then be made public.
-V.98, p. 240. 159.
Balance Sheet Dec. 31 1913, Prior to Note Sale ,Totals, $11,150,0
66).
First mtge.5/ bonds __ _$3,000,0
Mountain States Tel. & Tel. Co.-Subscription Rights. Plants, good will and def.
00
charges
$8,192,460 Sundry creditors
Stockholders of record Mar. 20 are, it is stated,
credit
&
offered
the
right
to sub- Cash on deposit
' 1,841,233
scribe for $2,474,500 treasury stock. The proceeds are
balances
327,449
to be used mainly Accounts& bills receivable 607,416 7%
forl[extensions of existing lines.-V. 98, p. 693.
cum. pref. stock
2,744,900
Merchandise stocks
488.404 Common stock
Ir Municipal Service Co.-Earnings.-Unexpired insurance prePref.stk. redemption fund 4'
2,0841
40
29
r Gross receipts for Jan. 1914 were $29,450, an increase
miums
4,861
Depreciat
ion resve
reserve
of $4,362 over Jan. Investmen
1956:00
0 0071
1913, or nearly 15%. The surplus over charges was
4,875 Reserved for prof. div_ _ _ _
$15,302, or about 35,6 Furniture ts
and fixtures_ - 10,817 Profit and loss account_ - - 399,796




MAR. 7 1914.]

THE CHRONICLE

767

Net Profits-Outlook.-Average net profits for the five years (1909 to
1913, both incl.), about $555,000 per annum. We have ample funds on
hand to complete present construction at the Riverside plant, have sufficient
working capital, and the prospects for largely increased earnings appear very
bright. For the past 25 years we have discounted all our bills, and until we
put out this note issue, we have had not any notes outstanding of any kind
Ilurin$ the last 15 years.
Officers and Directors.-G. Bartel, Pres. & Treas., H. E. Higgins, VicePres., and H. F. Deverell, Sec., all of Cleveland; J. E. Touche, Advisory
Engineer, London, Eng.-V. 98, p. 693.

Properties owned: Hyde Park, Grone City, Wainwright, Lafayette,
Excelsior, Heim, Green Tree and Klausrnann breweries; Phoenix brewery
(not operated), Chouteau Ave. ice plant, Spring and Hamilton depots; also
Gratiot and Collinsville Ave. depots and 11th St. malt house (not in use).
Sales and Net Profits Available for Interest (now £58,923)-Sept. 30 Years.
1908-09. 1909-10. 1910-11. 1911-12. 1912-13.
Barrels, No
792,916
881,993
834,247
883.608
840,228
Net profits
E156,679 1157.073 £176,504 £106,684 £205,336
During thepast 10 years the company has (a) charged off fordepreciatlon
$1,926,258 (averaging $192.626 per year);(b) expended for repairs $1,595.Palmer & Singer Mfg. Co.-Receivership.022. and (c) expended and charged to capital account, $654,150 for buildU. S. Judge Veeder in Brooklyn, N. Y., on Mar. 3 appointed John J. ings ($316,044), machinery ($270.804) and stationary cooperage ($67,302)•
The balance sheet Oct. 1 1913 showed total assets of 311.403.137, but an
Kuhn of Dykman, Oeland & Kuhn, lawyers at 177 Montague St., Brooklyn as receiver of the property in a bankruptcy suit brought by Alexander appraisal places the assets at $14.036.241, the real estate, buildings and
Gilliland of Pittsburgh, Pres. Charles A. Singer and Caroline H. Singer equipment being valued at $5,928.755, while an additional $1.000,000 of
of Larchmont, holders of $11,481 of matured and $60,400 of unmatured real estate, recently held by Regal Realty Co., has also been brought under
claims. An official statement says in substance: 'Developments along the mortgage.
In addition to the $2.150,000 of bonds sold in America $2,350,000 were
certain lines during the last 9 months have not proved profitable. Costly
experiments were introduced which have not been perfected and cannot be sold In London. See St. Louis Breweries Ltd.above. Also see V.98,p.309.
continued because of want of working capital. The trouble is not due to
Sears, Roebuck & 00.-Sales.any inability to market cars, the demands for our cars continuing in an
1914-February-1913.
Increased 1914-2 Months-1913. Increase.
increasing volume." The orders on the books on Jan. 1, it is said, were in
38.416,475
6.39%1316,698,503 815,561,355
7.31%
excess of past records. While the officers agree, some of the stockholders, $8.953.931
-V.98, p. 456, 384.
it is said, are dissatisfied.-See V. 97, p• 890.

Parke, Davis & Co., Detroit, Mich.-Earnings.The gross sales for the fiscal year ending Dec.31 1913 were approximately
$11,256,351, against $8,889,351 in 1912. The total surplus Dec. 31 1913
was $2.156,481.-V. 97, p. 1827.

Solar Refining Co.-Results for Calendar Year.-

Net profits
$925,724 Previous surplus
$3,012,179
Cash divs. (see below)
800.000 3009w stock dividend___ 1,500,000
Balance
125,724 Total surp. Dec.31 1913-__ 1,637,903
The cash dividends as above ($800.000) include 20% paid June 20 1913
Penmans, Limited.-Earnings.-For calendar years:
on $500,000 stock ($100,000) and 5% and 30% extra
on $2,000,000 paid
Calendar
Net
Bond Pf.Div.Coni.Div. Accts. Deprec. Balance, Dec. 20 1913 ($700,000).
7
Year- Profits. Interest. (6%). (4 ). Writ.Off. Reserve. Surplus.
1913.
1912.
1912.
1913
$444,054 $100,000 $64,500 $86,024 $18,153 $100,000 $75,377
Assets$
Liabilities- 1913
$.
1912
404,358 100,000 64,500 86,024 17,142 100,000 36,692 Real estate
66,457
66,457 Capital stock_ _ _ 2.000,000 500,000
-V.97, p. 519.
Plant
*799,752 821,839 Accounts payable 240,675 205.649
Inventories
_1,045,636 1,001,968 Profit and loss
Phelps, Dodge & Co.-Copper Production.-The produc- Insur.
reserve
240,819 240,819
sur
1,637,903 3,012,179
tion of copper by the Copper Queen, Detroit and Moctezuma Cash & acc'ts red ,725,913 1,586,744

mines, owned by Phelps, Dodge & Co., for the two months
ending Feb. 28 1914, was 23,620,611 lbs., as compared with
22,029,762 lbs. in 1913, as follows:
Pounds.
January

1914.
1913. I Pounds.
1914.
1913.
12,715,084 11.510,7111February____10,905,527 10,519,051

Total (pounds) for two months
23,620,611 22,029,762
Custom ores business added a further amount for the two months of
1,235.347 lbs. In 1914, against 1,438,466 lbs. in 1913.-V. 98, P. 456, 160.

Total
3,878,578 3.717.828
Total
3,878,578 3.717,82&
* After deducting $1,507,010 for depreciation.-V.97, p. 1434.

Standard Oil Co. of Kentucky.-4% and 1% Extra.-

A dividend of 4% and 1% extra have been declared on the stock, payable
April 1 to holders of record March 14. This compares with 5% in Jan. 1914
and Oct. and July 1913. In Feb. 1914 the stock was increased from
$1,000,000 to $3,000,000.-V. 98, p. 457, 76.

Swan & Finch Co.-New Director.-

Railway Steel Spring Co.-Earnings.-New Director.- henry Fletcher has been elected a director to succeed the late Arthur
Calendar Gross
Net, after
Interest
Pref. Divs.
Balance, Lewis.-V. 96, p. 1623.
Year. Earnings.
Deprec., &c.
Charges.
Surplus.
0%).
1913-- _$7,688,185
Tennessee Copper Co.-New Director.$1,472,093
$350,433
$945,000
$176,660
1912-- - 9,041,079
Wallace Fairbank,son of the later N.K.Fairbank of Chicago, has been
2,081,153
357,175
778,978
945,000
Seward Prosser has been elected a director, to succeed Charles Miller, elected a director to succeed Thomas M.Applegarth.-V.98. p. 697.
who resigned.-V. 98, p. 693.

Texas Co.-Bonds Sold.-Rhoades & Co. have purchased
and re-sold privately 81,000,000 convertible gold debenture
6% bonds of 1931, convertible, upon 30 days' notice, on any
int. date, at 150 per share, or at rate of 6 2-3 shares of stook
for each $1,000 bond. This makes $15,000,000 of the issue
outstanding (V. 97, p. 527).
Acquisition.-The company has purchased from the BuschEverett syndicate in the Caddo oil fields, near Shreveport,
La., 10,000 acres of oil-producing property held in fee and
75,000 acres in leases, having a daily production of about
5,000 bbls., for a consideration of $1,667,000, of which
8267,000 was paid ii cash and 31,409,030 in notes. The purchase was made through the subsidiary, the Louisiana Co.,
which gave its $1,400,000 15-months' notes, guaranteed by
the Texas Co. and secured by a similar amount of Industrial
Securities of Maine 6% bonds. The Passadena Petroleum
Co. was formed to take over and operate the properties and
(R. J.) Reynolds Tobacco Co.-Scrip Dividend.holdings of the Texas Co., the Louisiana Co., as
The regular quarterly dividend of 3% has been declared on the stock, adjoining
payable April 1 to holders of record Dec. 20,like the payments on Jan. 1 the holding company, controlling the same. The proceeds
and Oct. 1 last, in the notes or scrip of the company bearing interest at of the $1,000,000 convertible bonds will he placed in the
6%,payable semi annually and redeemable on Jan. 1 1915 in pref. stock at
treasury and used when required to pay off the notes given
par or in cash, at tho option of the company.-V. 97, p. 1667.
(M.) Rumely Co.-Interest on Notes Delayed Pending Ex- in part payment for the property.-V.97, p. 1903.
Texas Pacific Land Trust.-Earnings.-Ltension of Principal Till March 1 1918.-The following stateSurplus or
Calendar
Expendi- Cost Prop.
Total
ment was given out in New York on March 3:
Realty Syndicate Co., Oakland.-Reorganization.--

This company, incorporated in California, will, it is stated, shortly take
over the land s holdings of the old Realty Syndicate and its sub. cos., the
Idora Park (:13., the 12th St. Realty Co. and the Leona Chemical C..,
and authoriz6 Issue thereon the following securities:
Bonds secured by mortgage to Mercantile Tr.Co.,S.Fr.,trusteeClass A 6% pref. bonds (int. quer.). callable at any time during
their term of 3 years at 102 and int.; to be issued for cash or
in exchange for notes releasing all other claims (the outstanding notes of the company and its subsidiaries, it is said,
aggregate between $1,800,090 and $1,900,000), and any
balance to be held in treasury. Total authorized
$2,000,000
Class B 6% 6-year bonds to be issued in exchange for certificates of interest and unsecured claims. Callable at 102 and
int. (It is estimated that there are outstanding $4,000,000
in certificates and about $250,000 in unsecured claims.) 4,750,000
Capital stock to be owned by the old Realty Syndicate, which
pledges in return all this stock to secure the new bonds. Total 9,000,000
Directors: The five members of the F. M. Smith Advisory CommitteeJohn S. Drum, Frank B. Anderson, Mortimer Fleishhacker, W. W.Garthwaite and C.0. G. Miller-together with F. M.Smith and C. C. Murdock
(Manager of Realty Syndicate).-V. 96, P. 1660.

The company has practically completed arrangements by which its depositary banks and others will provide, upon terms which have been agreed
upon, $4,000,000 for the seasonal requirements of the company upon the
expectation that the company will realize this money out of its fall collections. These arrangements, however, will be conditioned upon the consummation of the extension of the $10,000,000 convertible notes until
March 1 1918. The banks express themselves as unwilling to provide for
the seasonal requirements of the company unless the present management,
headed by Mr. Funk can be assured a reasonable opportunity of rehabilitating the business and credit of the company, and it is in order to furnish
this opportunity that the extension of the 2-year convertible notes to
March 1 1918 is necessary.
Of the $10,000,000 convertible notes, about 58% have actually been
deposited with the depositary, and assurances have been received that
about 15% additional notes are in transit or otherwise assured for deposit.
The committee have sent out to the noteholders to-night a circular reporting
the present situation and urging the deposit of the remaining notes with the
depositaries, the U. S. Mtge. & Trust Co., in N. Y.; Continental & Commercial Trust & Say. Bank in Chicago,or Glyn, Mills,Currie & Co.,London.
The company cannot pay the $300,000 of interest due upon the convertible notes yesterday until it can draw upon the $4.000,000 fund promised
by the banks, which, however, will not be available until the extension of
the convertible notes Is declared oilerative. The trust indenture securing
the notes gives the company a leeway of ten days for the payment of its
interest, and it is hoped that within that time the remainder of the notes
will have been deposited so that the committee may declare the extension
operative.-V.98. n• 614.

Deficit.
YearCertificates.
Dec. 3
Receipts.
tures.
h1.
1913
sur.$24,064
$285.319
881.554
$32
8:79
$390.937
754
8
1912
def. 14,051
530,493
435.622
108,922
Proprietary certificates redeemed in 1913. 3,000 shares (cost, as above,
$285,319), against 4,586 shares and $70 scrip (cost $435,622). Average
paid per share in 1913. 895.10+, against $94.97 in 1912.-V• 96, D• 950.

Thomas Iron Co., Easton, Pa.-Bonds.The shareholders on Feb. 26 voted to authorize an issue of $1,000.000
20-year bonds, of which $600,000 to be issued at once. $400.000 on account
of floating debt and $150,000 for additional working capital. The final
$400,000 bonds will be reserved for issue only after a further vote ofstock.
The company in its 60 years of continuous operation has spent $100,123,000 for materials, supplies and labor, having now in operation, it Is stated,
2 furnaces, at Alburtis and Hokendauqua, Pa., the Richard magnetic iron
ore mine, near Wharton. N. J., and a small local hematite mine In Lehigh
County, Pa. Capital stock $2,500,000. in $50 shares (V. 78. p. 2388;
V. 95, p. 485).-V. 97, p. 302.

United Dry Goods Cos.-Earnings.-6 mos.end. Jan. 15:
Net
Pref.Divs. Com.Divs. Balance, Total Surp
Income.
Jan.
Surplus.
(3 %)•
(4%).
Jan. 15.
SixMas1.5-ending
$1,102,313 $379,447 $577,100 $145.766 $1,534,420
1913-14
1,080,871
1912-13
377,982
577,100
125.789
1,386.613
-V.98. p. 392.

United States Express Co.-Liquidation Rumors.-

According to newspaper reports, the directors have been informally discussing the question of the propriety of liquidating the company and distributing the assets, owing to the competition of the parcel post and the
The Law Debenture Corp., Ltd., offered In London Feb. 17 to 20, at 97, reduction of rates effective Feb. 1. These reports have not been confirmed,
on behalf of the purchasers £450,000 1st M. 6% 12-year debentures of nor has any officialextion been taken in regard to the matter.-V.98. p.302.
£100 each (due July 1926 if not called for sk. fund at 102), secured by a
United States Steel Corp.-10-60-Yr. 5% S. F. Bonds
trust deed on $2,250.000 of 6% 1st M. sk. fd. gold bonds of St. Louis
Brewing Association of St. Louis. St. Louis Breweries Ltd. has issued Called.-The company will redeem through the sinking fund
1900,000 each of ordinary shares and 8% cum. pref. shares of £10 each, 81,501,000 of its 10-60-year 5% sinking fund
coupon gold
and its annual profits derived from its holdings of the entire capital stock of
the American Company (except 14 shares) for the last six years averaged bonds, issued under indenture dated April 1 1903, on May 1
the
interest
on
by
its ownership of $2,- at 110 and int. at the office of J. P. Morgan & Co., N. Y.
£82,654, which will be increased
250.0006% bonds,say £27,720, making a total of £110,374 available for the
The first redemption of bonds ($293,000) took place on Nov.1
127,000 interest on the debentures.-V.85, p. 1466.

St. Louis Breweries, Lt.-£450,000 1st M. Debentures
Secured by Pledge of 1st M.68 of St. Louis Brewing Association.-

St. Louis Brewing Association.-Bonds, Earnings, ctc. last. Compare V. 97, p. 670.-V. 98, p. 528, 383.

Incorporated in Mo. in 1889. Present capitalization: Capital stock,
United States Worsted Co.-2d Preferred Committee.auth., S5,250,000 (in $100 shares); outstanding, $5,088,624; bonds, due
P. H. Eaton and T. E. Andrew of Lawrence and J. H. Morton of ProviJuly 1 1914, $4,782,600 ($5,088,600 issued but $306,000 repurchased.)
dence, representing 26 pref. stock of old U. S. Worsted Co. of Me., wil
Total new 1st M.6s for refunding $4,500,000. Subject to call, all or any receive proxies in opposition to the proposed reorganization at the annuls
part,upon any interest date on 30 days' notice at 105 and int. Par $1,000. meeting March 7.-V. 98, P. 615.
$500 and $100. Mississippi Valley Trust Co.. trustee. Coupons payable
(J. & J.) at office of trustee or in N.Y. Sk.fd. to retire $50,000 yearly.
For other Investment News see page 769 I




768

THE CHRONICLE

Pi:forts antt

[VOL. xcvm.

'nun-vents.

PUSLISHED AS ADVEMIstMENTS.

LACKAWANNA STEEL COMPANY
AND SUBSIDIARY COMPANIES
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31 1913.
City of Lackawanna, Erie County,
New York, March 2 1914.
To the Stockholders:
Your various properties were operated during the first
nine months of the year 1913 at substantially full capacity,
,
but during the last half of the year there was a, marked falling
off both in volume of new orders and in prices, with consequent curtailment of operations during the last quarter, so
that the total shipments for the year were only slightly
greater than in 1912. However, the average price per gross
ton received for the materials shipped was $30 34, a gain of
$2 62 per ton over the corresponding figure for 1912, and is
reflected in the increased earnings for the year. In fact,
your Company's net income of $3,023,084 03 is the largest
of any year in its history, and after deducting the special
profit of $267,200 90, arising from the sale by The Lackawanna Iron & Steel Company of its shares of stock in the
Cornwall & Lebanon Railroad, the remaining profits from
regular operations, amounting to $2,755,883 13, exceed those
of the next largest year, 1910, by $222,778 42, and are
equivalent to about 7.85 per cent on your Company's outstanding Common Stock.
Your Company received during 1913, from mines which it
owns or is interested in, and from other sources, 2,114,637
gross tons of iron ore and produced a total of 986,985 gross
tons of coke and 959,995 gross tons of pig iron. It also
produced 358,471 gross tons of Bessemer ingots and 736,059
gross tons of Open Hearth ingots, a total of 1,094,530 gross
tons of steel ingots of all kinds.
Shipments of products were as follows, all in gross tons,
the figures for the years 1909, 1910, 1911 and 1912 being
given for comparison:
1913. 1912. 1911. 1910. 1909.
Standard Rails
336,339 303,100 225,699 363,577 278,885
Light Rails
8,376 14,499 18,521 26,288 33,787
Angle Bars, Fittings, etc
75,606 68,782 35,424 60,071 43,901
Structural Shapes
138,538 116,201 116,581 146,641 138,021
Plates
57,529 64,5702,
, 9 60,953
Merchant Steel Products
163,887 148,454 77,010 67,150 41,607
Sheet Bars, Slabs, Billets and
Blooms
62,045 99,445 92,967 159,761 201,455
Pig Iron and Miscellaneous_ _ _ _ 142,601 168,495 141,405 171,558 115,044
Total

984,921 983,546 760,3631082515913,653,

Attention is again called to the increase in shipments of
Merchant Steel products, confirming the judgment of your
Directors in choosing this particular line when planning for
greater diversification of your Company's products.
Your properties have, during the past year, been maintained in high physical condition.
Completion of the two 200-ton Tilting Open Hearth Furnaces, authorized about the end of 1912, and which were
expected to become operative during the second quarter of
1913, was somewhat delayed, and they did not come into
full operation until July and August. The results have exceeded expectations, both as to output and costs. The
completion of the four additional stationary furnaces also
authorized in 1912 has been delayed: first, owing to the shortage of labor and inability to get material on time,and,later,
purposely, on account of the reduction in business. They
will be completed by the middle of the current year, in ample
time to serve any probable demand for their output.
The Spike and Bolt Factory was started in April 1913, and
is proving a valuable addition to your Company's Buffalo
Works.
During the year $168,000 face value of bonds of Subsidiary
Companies were redeemed and canceled. A comparison
of the 1913 and 1912 balance sheets shows an apparent reAuction of only $113,000 in outstanding bonds of Subsidiary
Companies, the difference from the actual amount being
.due principally to a sale of such securities by one of the
Subsidiary Companies.
Appended hereto are the Balance Sheet, Profit and Loss
and Income Accounts, duly certified by Messrs. Price,
Waterhouse & Company. The reduction in the item
"Investments in Ore Companies, etc.," is due mainly to a
change in the character of securities owned,under which they
have been transferred to the item "Companies' Securities
and Other Marketable Stocks and Bonds at Cost." The
actual increase in Working Capital as shown by the surplus
of current assets over current liabilities, after taking into account the above-mentioned changes, is about $700,000.
Inventories have increased $2,414,948 40, due principally
toTa larger ore reserve than usual, owing to curtailment of
operations, together with higher unit prices. During 1913
$658,000 face value of your Company's Five-Year Five Per
.Cent Convertible Gold Debentures were purchased in the
market, and are held in your treasury. In addition, $581,


000 face value of the same debentures were purchased by
The Lackawanna Iron & Steel Company with the proceeds
of the sale of its shares of the stock of the Cornwall & Lebanon Railroad, mentioned above. These securities, together
with the $1,000,000 face value of debentures purchased
during 1912, and other securities owned by your Company
and certain of its Subsidiaries
Subsidiaries, make up the item "ComStocks and Bonds
panies' Securities and Other
at Cost" shown on the Balance Sheet under Current Assets. Cash on hand and in banks amounts to $2,524,737 26.
Attention is called to the amount of $3,064,197 01 expended
for additions and betterments to your Company's plants.
Surplus now stands at $7,514,876 71.
Orders on hand are low, and operations to date during 1914
have been at less than 50 per cent of full capacity; the outlook for business in the near future is not encouraging, nor
can much improvement be expected until the railroads awa
put in a position that will justify them in purchasing molk
freely.
Notwithstanding the satisfactory earnings in 1913 and your
Company's strong financial position, your Directors, having
in mind the doubtful outlook for 1914, have not deemed it
wise to consider paying any dividend on your Company's
Common Stock.
Your Board of Directors takes pleasure in acknowledging
the loyal and efficient services of the officers and employees
of Lackawanna Steel Company and its several Subsidiary
Companies. •
By order of the Board of Directors,
E. A. S. CLARKE,
.1tPresident.
CERTIFICATE OF CHARTERED ACCOUNTANTS.

To the Directors of the Lackawanna Steel Company:
We have examined the Books of the Lackawanna Steel
Company and its Subsidiary Companies for the year ending
December 31 1913 and certify that the Balance Sheet at
that date and the relative Income Account are correctly
prepared therefrom.
We have satisfied ourselves that during the year only actual
additions and extensions have been charged to Property
Account; that full provision has been made for depreciation
and extinguishment in accordance with the definite plan
adopted by the Directors and approved by ourselves; and
that the treatment of deferred charges is fair and reasonable.
The valuations of the inventories of stocks on hand, as
certified by the responsible officials, have been carefully and
accurately made at cost, and full provision has been made for
bad and doubtful accounts receivable, and for all ascertainable liabilities.
We have verified the cash and securities by actual inspection or by certificates from the depositaries, and
We certify that in our opinion the Balance Sheet is properly
drawn up so as to show the true financial position of the combined Companies on December 311913, and that the relative Income Account is a fair and correct statement of the
net earnings for the fiscal year ending at that date.
PRICE, WATERHOUSE & CO.,
Chartered Accountants.
54 William Street, New York, February 25 1914.
LACKAWANNA STEEL COMPANY AND SUBSIDIARY COMPANIES
INCOME ACCOUNT FOR YEAR ENDING DECEMBER 31 1913.
Total Net Earnings of all properties after deducting all expenses, including ordinary repaireand maintenance, but
not renewal expenditures and other appropriations for the
$6,605,761 69
current year, which are deducted below
Deduct-Interest on Bonds and Debentures:
$1,749,753 46
Lackawanna Steel Company
325,514 70
Subsidiary Companies
Rentals and Royalties

$2,075,268 16
112,402 40
2,187,670 56

Balance
$4,418,091 13
Less-Appropriations:
For Extinguishment of Mines and Mining
Investments, including Capital Expendi$452,188 41
tures at Mines written off
1,210,019 59
For Depreciation and Accruing Renewals.._
1,662,208 00
Special Profit from sale of Capital Assets of Subsidiary Co's__

$2,755,883 13
267,200 90

Profit for year
Surplus at January 1 1913

$3,023,084 03
4,839,318 65

Less-Dividends

$7,862,402 68
347,525 97

Surplus at December 31 1913

$7,514,876 71

MAR. 7 1914.]

THE CHRONICLE

769

—In its sixty-fourth annual statement as of Dec. 31 1913
the United States Life Insurance Co. reports assets of
,023,572, made up of real estate (market value) of $355,000;
bonds and mortgages, $2,925,760; loans on policies, $1,328,032; premium notes, $53,355; bonds and stocks, $3,065,033;
deposited in banks, $145,026; cash in office, $969; agents'
balances, $1,360; interest and rents due and accrued,$99,822,
$7,620,074 77 and uncollected premiums less loading, $49,215. Deducting
Total Income
the items not admitted by the Insurance Department—
I Deduct—Administrative, Selling and Gen$653,388 40
eral Expenses
agents' debit balance, $1,360, and premium notes, loans and
360,924 68
Taxes
1,014,313 08 net premiums in excess of net value of policies, partly estifi
There
Income Account.._ - $6,605,761 69 mated, 81,654—the assets amount to $8,020,558.
Net Earnings for the year 1913, per
•
•••••,
was returned to policy-holders during 1913 in dividends,
soffl 4..4.41t*a.A1:4•‘•••
Lackawanna Steel Com- death claims, matured endowments, &c., $1,081,886. Since
— We have audited the booksand accounts of the
ending December 311913,
nearly 40 million dollars has
pany and its Subsidiary Companies for the year correctly
sets forth the re- it commenced business in 1850,
and we certify that the above Income Account
claims, endowments and
sults of the operations of the combined Companies for the year ending at been paid by the company in death
that date.
dividends. John P. Munn, M.D., is President of the comPRICE, WATERHOUSE & CO.,
Chartered Accountants.
pany, the home office of which is in New York City.
54 William Street, New York, February 24 1914.
—Walter Le Mar Talbot has been elected President of the
Fidelity Mutual Life Insurance Co. of Philadelphia, succeedCONSOLIDATED BALANCE SHEET DECEMBER 31 1913.
ing the late Levi G. Fouse. Mr. Talbot entered the service
ASSETS.
of the company in 1882 at eleven years. of age. Before he
&c.:
Machinery,
Plants,
Buildings,
Estate,
Real
Cost of Property,
became its Second Vice-President in 1903 (a post created
$66.308,313 98
As at December 31 1912
3,064,197 01
especially for him) he served as Manager of the company's
Additions during 1913
supply department and as agency director of the producing
569,372,510 99
Talbot was made First ViceLess—Charged against DepreciationReserve 1,007,829 95$68,364,681 04 end of the business. Mr.
in 1911 at the time of the
Mutual
the
Fidelity
of
President
69
6,116,075
Investments in Ore Companies, etc
188,383 43 death of Alexander McKnight. With Mr. Talbot's elevation
of Bond Sinking Funds_
Cash in Hands of Trustees Account
Stock of Lackawanna Stool Company in
to the presidency, F. X. Quinn has been elected Vice-PresiHands of Trustees at Par (Deducted $250,000 00
dent in addition to serving as Treasurer. Mr. Quinn's conContra)
nection with the company dates from 1891, when he took the
Current Assets:
post of Secretary to the Treasurer. He was made Treasurer
$10,944,974 02
Inventories
671,030 32
Miscellaneous Accounts Receivable
in 1907.
29
4,636,313
Customers' Accounts (less Reserve)
791,511 03
—The Finance Forum of the Y. M. C. A. has selected
Notes Receivable
2,524,737 26
Cash
Public Utilities as the subject for this season's course of eduCompanies' Securities and other market2,363,057 68
cational lectures. The Forum states in the pamphlet of
ftble Stocks and Bonds at Cost
21,931,623 60
purpose is to afford both students
326,27709 announcement that "its
Deferred Charges
and practical men of affairs opportunity to hear the ablest
$96,927,040 85 representatives of American finance, railways and industry,
speak on the business in which they have achieved distincLIABILITIES.
tion." Lectures are to be delivered Monday evenings for
Capital Stock:
Preferred:
ten consecutive weeks. At the first lecture, last Monday
$6,000 00
Issued-60 shares at $100 each
night (the 2d inst.), the speaker was T. Commerford Martin
Common:
of the National Electric-Light Association on the Magnitude
Issued-349,780 shares at $100 each_ __..$34,978,000 00
Less—Amount of stock in hands of
of Electric-Light, Power and Transportation Business.
00
250,000
Trustees
34,728,000 00
—The March general circular of offerings being sent out
Steel Company and
Capital Stock of Lackawanna Iron &held
by Meikleham & Dinsmore contains a brief description of
by Lackawanna
other Subsidiary Companies not
35,450 00 several attractive municipal, equipment and public utility
Steel Company
Bonded Debt:
issues, including the new 4WL% loan of Allegheny County,
Lackawanna Steel Company:
Pa. In its review of current financial conditions, the firm
First Mortgage 5% Convertible Gold
00
$15,000,000
1923
due
Bonds
says: "If it is true, as has been suggested by numerous finanFirst Consolidated Mortgage Gold Bonds
10,000,000 00
cial authorities, that the nation is entering upon a period of
due 1950—Series A,5% Convertible
25,000,000 00
improvement, it would appear that the purchase of
finkncial
00
6,507,000
Subsidiary Companies' Bonds
conservatively issued securities at this time would be highly
Debentures—Five-Year 5% Convertible Gold Debentures
9,994,000 00
due 1915
advantageous."
Current Liabilities:
Current Accounts Payable and Pay-rolls__ $2,358,796 80
—The firm of Adams, Livingston & Davis, at 45 Wall St.,
52
676,914
Bills Payable
composed of Thatcher M. Adams Jr., Robert L. Livingston,
640,600 68
Taxes and Interest Accrued
3,676,312 00 Morgan Davis, William H. Radigan and Thatcher M.
Reserves:
Adams, special partner, was dissolved on the 2d inst. A
$5,506,423 85
For Depreciation and Replacements
co-partnership under the name of Adams, Davis & Bartol
For Extinguishment of Mines and Mining
3,688,669 80
Investments
has been formed to succeed the firm by Thatcher M. Adams
270,308 49
For Contingencies and Miscellaneous
9,465,402.14 Jr., Morgan Davis (member New York Stock Exchange),
Surplus:
Henry G. Bartol (member New York Stock Exchange),
$4.839,318 65
Balance as at December 31 1912
William H.Radigan and Thatcher M.Adams,special partner.
Add—Profits for year 1913, as per Income
3,023,084 03
Account
—In 1911 M. G. Henry, a Seattle banker, organized the
$7.862,402 68
of Henry-Pratt & Co., with a capital of $25,000, fully
firm
• 347,,525 97
Less—Dividends
it has been reorganized with
7,514,876 71 paid. As a result of its success,
capital, fully paid. The following are the officers:
$100,000
$96,927,040 85 M. G. Henry, President; H.P. Pratt, Vice-President; M. C.
Kauffman, Treasurer. The
Steel Jaquith, Secretary, and P. B.
Lackawanna
and
books
the
of
accounts
the
examined
We have
ending December 31 concern has recently moved into new quarters in the heart of
Company and its Subsidiary Companies for the year
1913, and we certify that the above Balance Sheet correctly sots forth the the business district.
financial position of the combined Companies at that date.
—John E. Sutherlin, formerly associated with the firm of
PRICE, WATERHOUSE & CO.,
Chartered Accountants,
J'. R. Sutherlin & Co., and Guy F. Gehde and associates
54 William Street, New York, February 24 1914.
announce that they have formed a partnership to operate a
general municipal bond business under the firm name of
Sutherlin, Gehde & Co., 332-334 Rialto Building, Kansas
United Zinc Companies.—Full Opinion.—
length City, Mo.
The "Banker and Tradesman" of Boston of Feb. 28 contains atJudicial
the
Supreme
the opinion of Justice Braley on which the decision of
—N. W. Halsey & Co., 49 Wall St., who offered for inCourt of Massachusetts, dated Jan. 27, was based. Compare item in last
week's "Chronicle," page 693.
vestment the past week $2,500,000 Laclede Gas L.Co.5-yr.
Waltham Watch Co.—Suit Dismissed.—The U. S. Su- 5%. gold debentures on a 5.25% basis, announced that the
preme Court on Monday dismissed the appeal of the com- entire issue was disposed of upon the date of the offering.
pany from a decision of the U. S. Circuit Court of Appeals
—The public utility house of Meikleham & Dinsmore, 25
rendered on Dee. 19 last, which unanimously affirmed that Broad St., this city, have added S. M. Conger, People's
1913.
in
the
U.
S.
February
in
Court
Ray
District
of Judge
Bank Building, Scranton, Pa., and Edward Stair, of York,
The latter dismissed the suit brought to restrain Charles A. Pa., to their sales force in Eastern Pennsylvania.
Keene, a Broadway jeweler, from selling at less than a fixed
—Percival Gilbert has been appointed Manager of the
price watch movements patented, manufactured and sold Boston office of Spencer Trask & Co., to succeed Walter F.
by the Waltham Co.—V. 97, p. 1903.
Wyeth, resigned. W. E. Stanwood is the newly selected
Wyandotte County Gas Co.—Full Opinion.—
Assistant Manager.
The full opinion rendered by Chief Justice White of the U. S. Supreme
—Fisk & Robinson announce that Mr. Douglas Smyth,
Court on Jan. blast was given in full in the"Water and Gas Review"of Feb.
1914. Compare V. 98, p. 165.
formerly of Smyth & Davidson, has become associated with
Yellow Taxicab Co.—
them in connection with their municipal bond department,
See Mason-Seaman Transportation Co. above.—V.97. p. 1515.
giving special attention to New York City issues.
York (Pa.) Silk Manufacturing Co.—Decision.—
—William Beresford, Frederick B. Wilcox and Frederick.
The U. S. Supreme Court on Monday, newspaper dispatches state, prac- Dodd, who have been associated with Bodell & Co. of Provitically decided that the fee charged corporations by the State of Pennsylvania for increasing their stock and issuing bonds was not a tax, and there- dence for several years, have been admitted to partnership
fore the State could not collect $13,800 as a preferred creditor from the in the firm.
company, a bankrupt concern.—V.87. p41538afislidal

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC. 31 1913.
$29,879,275 37
Gross Sales and Earnings
Less—Manufacturing and Producing Costs and Oper- 23,008,545 70
ating Expenses
36,870,729 67
Dividends on Investments, Net Income from property
746,017 11
rented, etc
3,327 99
Commercial Discount and Interest




770

THE CHRONICLE

The Tommercial

COTTON.

COMMERCIAL EPITOME.
Friday Night, March 6, 1914.
The greatest snow-storms since 1888 for a time checked
business. Telegraph and telephone wires were prostrated,
trains snow-bound and shipments delayed. Apart from
this,railroad traffic has recently been disappointing. Collections are no more than fair. The President's message in
regard to the Panama Canal tolls contained hints of a not
altogether reassuring character. The Mexican question
seems far from a settlement. The outbreak of a revolution
in Brazil is naturally to be regretted. The reports or rumors
in regard to the St. Paul and Chesapeake & Ohio railroads
are remarked upon outside of Wall Street. People are not
going into enterprises as they do in times of great prosperity. Copper is dull. New sales of iron and steel are
not large. Threatened legislation affecting stock, grain
and cotton exchanges have a more or less disturbing effect.
Wool is active and strong. Labor on the whole seems to be
in better demand. The winter wheat prospects are good.
A big cotton crop will be planted. The general outlook is
not unfavorable, but enterprise is held in restraint.
STOCKS OF MERCHANDISE IN NEW YORK.
Mar. 1
1914.
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour

Feb. 1
1914.

Mar. 1
1913.

1,329,483 1,315,754 1,840,579
26,450
24,240
21,765
142,002 125,265 221.531
7.098
6,377
2,164
7,055
800
nil
111,770
98,415 117,286
84,240
92,642
11,744
800
62,200
74,300
87,100

LARD quiet; prime Western 10.75e.; refined Continent
11.05c.; South America 11.75c.; Brazil in kegs 12.75c.
Lard futures have declined somewhat, though at one time
prices were steady on buying by packers and covering of
shorts. But at other times there has been a certain response
to a decline in hogs. The receipts of hogs on a single day
at Western points were 91,800, against 77,700 on the same
day last year. To-day prices advanced; Western hog receipts were 51,600, against 62,900 a year ago,and hogs were
higher. Shorts bought.
DAILY CLOSING PRICES
Sat.
May delivery
cts.10.57
July delivery
10.72

[VOL. xcvm.

OF LARD FUTURES IN CH ICA GO.
Man. Tues.
Wed. Thurs.
Fri.
10.55
10.57
10.60
10.70
10.80
10.75
10.77
10.80
10.8734 11.00

Friday Night, March. 6 1914.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For
the
week ending this evening the total receipts have reached
151,090 bales, against 140,831 bales last week and
164,890
bales the previous week, making the total receipts
since
Sept. 1 1913 8,809,486 bales, against8,311,491 bales
for the
same period of 1912-13, showing an increase since Sept.
1
1913 of 497,995 bales.
Sat.

Mon.

Galveston
5,070
Texas City
1,160
Port Arthur_ _
____
Aran. Pass., &c_
New Orleans
10,454
Mobile
544
Pensacola
_
Jacksonville,&c _
Savannah
1728
Brunswick
Charleston
164
Wilmington
275
Norfolk
435
N'port News,&c
749
New York
Boston
2
Baltimore
285
Philadelphia_ __

Tues.

Wed.

Thurs.

6,408 13,794 .10,924
923
416
890
____
____
_..--

7,481
1,055
----

1,827
1,736

7,688
1,58'7

7,465
302
___-

2i

2F,76

5,132
204
12,347

2i-Ai 1-,g-al

194
353

318
140

1
----

----

• .
Total.

8,237 51,914
734 5,178
8,800 8,800
846
846
2,659 35,225
1,092 5,465
____ 12,34'7

2,501 1a51

4,000
• 462
145
1,952
4,527

4,000
1,534
1,253
4,988
5,276

--Ri
----206
_
_-_-

491
----

235
42
:
----

-------__
_ _ _ _ ---____

Fri.

161
298
-- ----

-145

Totals this week_ 20,893 15,535 27.064 32.218 19.169 36.2111151,090

The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
1913-14.

Receipts to
March 6.

1912-13.

This Since Sep This Since Sep
Week. 1 1913. Week. 11912.

Galveston
51,914 2,877,901
Texas City
5,178 455,636
Port Arthur
8,800
38,425
Aran. Pass, &c__
846 115,576
New Orleans___ 35,225 1,493.194
Mobile
5,465 359.692
Pensacola
12,347 137,613
Jacksonville, &c...
28.135
Savannah
13,631 1,593,561
Brunswick
4,000 284.000
Charleston
1,534 401,673
Georgetown
Wilmington
1,253 376,611
Norfolk
4,988 464,203
Newp't News,&c. 5,276
83,597
New York
4,506
Boston
142
12,628
Baltimore
1,128
Philadelphia --------___ --1,401

50,278 3,435,355
1,609 646,339
529 108,153
12,376
98,327
18,829 1,159,936
2,099 175,993
106,272
157
14,166
12,721 1,108,563
170 215,920
1,321 267,811
105
3,058 316,207
4,771 452,943
1,481
90,118
13
12.985
39,846
634
60.141
137
2,311
____

Stock.
1914.

1913.

315.399
17,008
8,800
539
223,714
30,224

252,434
20,698

725
79,448
8,824
20,87

1,710
96,089
1,453
14,950

15,187
38,876

21,644
62,143

351
112,260
21,412

COFFEE has been quiet; No. 7 Rio, 93c.; fair to good
110,318 117,323
Cucuta 13%013 e. Futures have declined, partly owing
5,457
10,983
5,072
7,882
to large receipts at Sao Paulo. Then the country shows
2,431
2,359
little disposition to buy at all freely in the presence of so
Mntralet
ir, /Inn 52 sznn Aiaglin lona 911 401
882 700 748.601
large a crop movement at this time of the year. Speculation
has also been dull. It remains to be seen how the revolution
In order that comparison may be made with otheryears,
in Brazil will affect the coffee trade. To-day prices declined
under continued liberal receipts and in spite of some advance we give below the totals at leading ports for six seasons:
in Europe. Closing prices were as follows:
March...__
April
May
June

8.680
8.760
8.850
8.950

8.70
8.78
8.86
8.97

July
August __ _
September
October___

9.050
9.120
9.200
9.250

9.06
9.14
9.22
9.27

November
December_
January __
February _

9.30
9.36
9.395
9.43

9.32
9.37
9.41
9.45

PORK on the spot was quiet; mess $23 50@$24; clear
$20 25(022 50;family $24 50@$27. Beef quiet; mess $18®
$19. Cut meats firm; piclded hams, 10@20 lbs., 13@143/8c.
Butter quiet; creamery, extras, 303/2031c. Cheese quiet;
State, whole milk, fall and summer, colored, specials, 183j@
183'c. Eggs more active; fresh gathered, extras, 341
/
2c.
OILS.-Linseed firmer; City, raw, American seed, 53@
54c.• boiled 540,55c.; Calcutta 70e. Cocoanut easy; Cochin
10®11c.; Ceylon 103 ®10Mc. Castor oil quiet; No. 1,
8%@8Ylc. Corn quiet at 6.35@6.40c. Palm quiet;
Lagos 7Y4 ®7%c. Lard firm; prime 93©95c. Cod quiet;
domestic 380.
PETROLEUM.-Refined firm; barrels, 8.7509.75e.;
bulk, 5.25@6.25o. Crude unchanged; Pennsylvania dark,
$2 50; second sand, $2 50; Cabell, $2 07; Corning, $2; North
Lima, $1 49. Naphtha firm; 73@76 degrees, in 100-gallon
drums, 243/2c.; drums $8 50 extra. Spirits of turpentine
48e. Common to good strained rosin $4 25.
SUGAR.-Raw easier; centrifugal, 96-degrees test, 3.016.;
muscovado, 89-degrees test, 2.57c.; molasses, 89-degrees
test, 2.36c. The visible supply of sugar in the world is
4,280,000 tons. Refined quiet; granulated 4@4.05c.
TOBACCO has been quiet as a rule and firm. There has
been some demand for good filler. The central feature, however, is the new Sumatra tobacco. The first inscriptions
take place next week at Amsterdam, and many buyers from
the United States are on the way to that city. Its results
will not be known for about a week. Cuban is quiet.
COPPER has been quiet; Lake spot 143'c.; electrolytic,
143@14c., with larger offerings reported. Recent damage by storm has caused a large demand for copper wire,
however. In London copper has been dull and weak. Tin
dull; spot here 373
/
1(0)38c. London and Singapore, however,
have been slightly higher of late. Lead here 4c.; spelter
5.273/26. Pig-iron production per diem during February increased about 11% over January with trade now only
moderately active; prices are firm, however. No.2 Eastern
$14@$14 25; No. 2 Southern $10 500810 75. Big storms
of late have had some effect in cutting down business in
manufactured iron and steel, but specifications on old
business are very large.



Receipts at-

1914.

1913.

Galveston _ _ _
Texas City,&c
New Orleans _
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N.,&c.
All others_ _ _ _

51,914
14,8211
35,25
5.465
13 6311
4,000
1,534
1.253
4.988
5,276
12,980

50,278
14,514
18,829
2,099
12.721
170
1,321
3,058
4,771
1,481
941

Total this w'k

151.090

110.183

1912.
55,429
8,189
55,440
5,171
39,435
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
3,645

1910. I

1909.

22.465,
7,346,
25.643
3,7131
11,3041
3,020
1,6671
9711
3,879'
461
1,464

40.695
17,845
33,552
4,944
11,935
2,773
3,199
3,192
6,206
155
2,263

72,362

81,933 126,759
Since Sept. 1_ 8,809,486 8,311.491 10049245 7,686,356 6,132,126 8,317,458
203,159

The exports for the week ending this evening reach atotal
of 224,119 bales, of which 96,658 were to Great Britain,
15,226 to France and 112,235 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Exports
from-

1Veek ending March 6 1914. From Sept. 1 1913 to March 6 1914.
Exported toExported toGreat
CcmtiGreat
Britain.France. ,sent. Total. Britain. France.

Continent.

Total.

Galveston__
Texas City_
Pt. Arthur_
Ar.Pass A°.
New Orrns.
Mobile_.._
Pensacola
Savannah__
Brunswick
Charleston _
Wtim'ton
Norfolk
New York_
Boston
Baltimore
Philadela
Detroit
San Fran
Pt. T'ne'd_

41,608 10,264 33,618 85,490 905,693 263,320 1,075,461 2,244,474
15,192 2,206 4,625 22,023 326,673 26,888 80,796 434,357
16,085 17,625
1,540
8,168s 33,888
25,720
24,001 2,756 32,180 58,937 656,960 158,700 414,65711,230,317
3,761
3,761 100,223 67,178 113,354 280,755
12,347 12,347 48,927 44,844 43,842 137,613
6,766
11,926 18,692 186,707 218,944 624,989 1,030,640
73,809 22,954 148,846 245,609
5,155
5,030 175,434 293,250
5,155 112,786
3,000 3,000 73,024 98,544 171,897 343,465
9,097 9,097 34,613
72,148 106,761
55
1,511 1,566 116,793 16,601 154,406 287,800
.,
120
250
370 56,298
7,234 63,532
37.675
7,118 73,953 118,746
200
200 29,953
8,181 38,134
313
313
1,474 1,474
_, 160,488 160,488
2,007 2,007
74,495 74,495
Total_ _ _. 96,658 15,226 112,235 224,119 2,787,707 930,12143.424,434 7,142,262

Tot. '12-'13 28.506

7.69* 48.178 84.4722.976.560 013.754 2.965.1906.855.504
Note.-New York exports since Sept. 1 Include 9,221 bales Peruvian and 76 bales
Brazilian to Liverpool.

In addition to above exports, our telegrams to-nighs also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.ZWeiadd similarkfiguresifor
New York.

On Shipboard, Not Cleared for-.
MelI.6 at-

771

THE CHRONICLE

MAR. 7 1914.)

GerOther Coastreat France. many. Foreign wise. I Total.
Britain..

1801 36,697
New Orleans__ 13,405 1,119 15,997 5,996
Galveston _ _ _ _ 19,340 24,639 27,582 29,516 5,685 106,762
700 3,000
2,300
Savannah __ _ _
4,000
4,000
Charleston_ _ _
150 16,759
4-,;0 1,586 6,466 4,100
Mobile
13,567 17,843
341
3,935
Norfolk
2,700
800 1,500
200
200
New York.._ _ _
____ 13,500
500
9,000
Other ports.._ _ 4,000
Total 1914_ _ 41,743 27,544 70,080 41,612 20.282 201.261
Total 1913.._ 37,082 3,448 70,274 31,202 27,792 169,798
Total 1912 146,325 22,577 61,043 49,830 21,310 301,085

Leaving
Stock.
187,017
208,637
76,448
16,887
13,465
21,033
107,618
50,343

FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 28. March 2. March 3. March 4. March 5. March 6. Week.

FebruaryRange __ _ _
Closing__ _ _
MarchRange ___. 12.20-.30 12.19-.25 12.10-.23 12.06-.12 12.14-.17 12.16-.22 12.06-.30
Closing.... 12.21-.22 12.20-.21 .1209-.11 12.08-.09 12.16-.17 12.16-.17--AprilRange _ _ __
681,448
Closing---- 12.00-.03 12.08-.07 11.90-.93 11.85-.90 11.85-.90
573,893
941,951 May
Range --__ 11.84-.94 11.80-.86 11.65-.82 11.60-.68 11.69-.73 11.65-.77 11.60-.94
- - - 11.85-.86 11.80-.81 11.65-.66 11.65-.66 11.72-.73 11.65-.66--ClosingJuneCotton has fallen to new low price levels on this movement,
11.64-.74
and.
South
11.64
11.74
the
Range
-__Street,
Wall
by
owing to heavy liquidation
Closing__ 11.84-.86 11.80-.82 11.65-A6 11.65-.66 11.70-.72 11.61-.63--large
a
been
has
Liverpool
too,
times,
At
other interests.
been July
Range ____ 11.83-.91 11.80-.86 11.65-.80 11.61-.68 11.67-.72 11.61-.74 11.61-.91
seller. Much of the time Liverpool's spot sales have
Closing__ 11.84-.85 11.81-.82 11.65-.66 11.65-.66 11.70-.71 11.61,62--country
this
in
markets
spot
The
a
day.
bales
Only 8,000
AugustRange __ 11.68-.75 11.67-.72 11.53-.66 11.50-.54 11.58-.61 11.53-.62 11.50-.75
have been quiet for most grades at declining prices. This
Closing____ 11.70-.71 11.67-.68 11.53-.54 11.53-.54 11.58-.59 11.50-.51--fact alone has caused more or less selling. The visible stm- September
Range ____ 11.57-.58---11.39-.47 11.32-.37 11.40 -11.40 -11.32-.58
plies are by many considered ample; they are something like
reports
11.51.-52 11.48-.50 11.35-.37 11.36-.37 11.39-41 11.33-.35--Closing_
600,000 bales larger than those of a year ago. Then
OctoberRange ____ 11.45-.52 11.43-.48 11.30-.42 11.28-.32 11.33-.38 11.28-.38 11.28-.52
have come from Liverpool that India and Egypt are underand grain
Closing_ _ __ 11.46-.47 11.43-.44 11.30-.31 11.30-.31 11.34-.35 11.28-.29--selling America. The attacks on the stock, cotton
at- November
Range __ .._
exchanges have also not been without a pertain effect.even
if
Closing__ _ _
pression in the stock market had a certain influence,
Decemberonly momentary. Then the Government's experiments
Range ____ 11.50-.56 11.46-.51 11.35-.44 11.32-.36 11.37-.41 11.37-.42 11.32-.56
Closing_ __ 11.50-.52 11.443-.47 11.34-.35 11.33-.34 11.38-.39 11.33-.34--in the matter of the tensild strength of cotton gives rise to the January
value
intrinsic
greater
impression that the lower grades have
11.34 - 11.28 - 11.33 - 11.34 -11.28-.34
__
Range
11.27-.29 11.32-.34 11.27-29--Closing___
than has been generally supposed. One-inch staple upland

cotton, used in making 22 yarn, is stated by the Agricultural
Department to have a tensile strength for unbleached low
middling of 61.4, against 60.5 for middling. • The Government is to pursue its investigations further. The subject is
considered to be at least highly suggestive. Good ordinary
bleached shows a tensile strength of 60.9, against 58.3 for
middling. Also, the crop movement has been liberal and
one statement of the final ginning for the season is 13,940,If the linters should turn out to be, say,
bales.
650,000 bales, it would mean a crop of about 14,600,000 bales at least. But many prefer to await
the Census Bureau's figures on the subject, which
will appear on March 20. Many believe that the crop really
approximates 14,750,000 bales. At one time New Orleans
showed conspicuous weakness and this had no slight effect
here. Spot people have in some cases sold both March and
the new-crop months. Manchester has been quiet. Augsburg, Germany, has sent rather despondent advices. On the
other hand, March has been a feature not to be ignored.
The premium over May has advanced during the week to
45 points. Recently it was down to 25. At one time last
season it was up to 60. The fact that the March notices
were so easily disposed of last Friday has given rise to the
idea that quite an important short interest in March
in Wall Street and elsewhere remains to be covered. Some of the spot interests which sold March
and new-crop months have been buyers of' May
and July. In the middle of the week Liverpool was
a good buyer of May and July. New Orleans and the South
also bought at that time. In Liverpool the Continent has
been a steady buyer of the new-crop months. On Thursday
Liverpool suddenly became more active on the spot, with the
Continent a good buyer of futures. At the same time the
spot sales in Liverpool ran up for the first time for a couple
of weeks to 15,000 bales (including 4,000 bales the day
before). To-day they were 14,000 bales. Fall River's sales
of print cloths have been liberal. The sales of other cotton
goods have been on at least a fair scale. Russia has been
sending bullish predictions, saying that Russian spinners will
have to buy 250,000 bales before long. Recent weather in
the South has not been altogether favorable for field work; in
fact, in some sections it is behindhand.. Of late the bullish
factors have been for the most part the firmness of Liverpool
and the steady covering of March. To-day prices advanced
early, but later on declined, owing to selling by Wall Street
and spot houses. The decline in the stock market had some
effect. All the week-end figures were not generally regarded
as helpful to the bull side. Spot markets were steady and
the March premium here over May rose to 51 points. Middling uplands on the spot closed at 13c., showing a decline
for the week of 5 points.
The rates on and off middling,as established Nov.191913*
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
c- Basis Good mid. tinged.° Even
o 1.75 on Middling
Fair
Strict mid. fair____1.50 on Strict low middling.0.50 off Strict mid. tinged_0.20 off
1.25 off IMiddling tinged___0.40 off
middling
Low
on
1.30
fair
Middling
2.00 off Strict low mid. ting 1.25 off
Strict good mid__ _0.90 on Strict good ord
3.00 off Low mid. tinged__3.00 off
Good middling___0.65 on Good ordinary
Strict middling__ _0.32 on Strict g d mid. ting.0.45 oaf Middling stained_1.25 off
* Reaffirmed Feb. 4, 1914.

The official quotation for middling upland cotton in tho
for the past week has been:
New York market each day
Thurs. Fri.
Sat. Mon. 'rues.
Fib. 28 to March 6Middling uplands

13.05

13.05 13.00

Wed.
13.00 13.00

13.00

NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Moll. 6 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907

13.00 1906_c
12.70 1905
10.45 1904
14.20 1903
14.75 1902
9.85 1901
11.45 1900
11.4511899




11.30 1898.c
7.85 1897
16.25 1896
10.00 1895
9.12 1894
8.94 1893
9.81 1892
6.8411891

6.31
7.19
7.62
5.69
7.56
9.19
9.00
8.88

1890-c
1889
1888
1887
1886
1885
1884
1883

11.38
10.19
10.25
9.69
9.19
11.38
10.88
10.19

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 6-Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
StocK at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

1911.
1912.
1914. 1913.
bales.1,196,000 1,390.000 1.174.000 1.290,000
7.000
2,000
5.000
5,000
92.000 117,000
94.000
88,000
1,289,000 1,498,000 1,268.000 1,414.000
4.000
7.000
11,000
9.000
539.000 536.000 584,000 293.000
416,000 434,000 318.000 326,000
2,000
4.000
2,000
2,000
22,000
20,000
39,000
33,000
46.000
32.000
36,000
41.000
_
4,000
5.000
31.000
25,000

1,065,000 1,089,000 970,000 697,000
2,351.000 2,587.000 2,238.000 2,111.000
Total European stocks
92,000 154,000
98.000
181.000
India cotton afloat for Europe..
590,237 292,425 844.021 438,729
Amer. cotton afloat for Europe
57.000
61,000
56.000
EgyptBrazil,&c.,aflt.for Europe_ 64,000
333,000 269,000 257.000 230,000
Stock in Alexandria, Egypt
909,000 760.000 625.000 497,000
Stock in Bombay. India
882.709 743,691 1,243.036 654,105
Stock in U.S. ports
763,409 674,428 573.122 552,964
Stock in U. S. interior towns_ _
1,495
31,663
11.408
29.785
U. S. exports to-day
6,107,140 5,491,952 5,964,842 4,696,293
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_ 956,000 1,231.000 1,067.000 1,168,000
Liverpool stock
94,000
67.000
61,000
56,000
Manchester stock
1,010,000 1,052.000 945,000 662,000
Continental stock
590.237 292,425 844.021 438,729
American afloat for Europe
882,709 743.691 1.243,036 654.105
U.S. port stocks
763.409 674,428 573.122 552.964
U.S. interior stocks
1.495
31,663
11,408
29.785
U.S:exports to-day
Total Continental stocks

Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

4,288.140 4,065,952 4,770.842 3,571,293
240,000 168,000 107,000 122.000
7,000
2,000
5.000
5,000
23,000
25.000
33,000
32,000
35,000
25,000
37,000
55,000
92,000 154,000
98,000
181,000
57.000
61.000
56.000
64,000
333,000 269,000 257,000 230,000
909,000 760,000 625.000 497.000

1,819,000 1,426,000 1,i94,000 1,125,000
4.288,140 4,065,952 4,770,842 3.571,293
6,107,140 5,491,952 5,964.842 4,696,293
Total visible supply
7.66d.
6.03d.
6.81d.
6.99d.
Middling Upland,Liverpool
10.70c. 14.55c.
13.00c. 12.60c.
Middling Upland, New 'York_
10 d.
10.40d. 9 11-16d.
9.40d
Egypt, Good Brown, Liverpool
9.10d. 11.304.
Peruvian, Rough Good,Liverpool 9.00d. 10.004.
5kid. 7 7-104.
654d.
6)f.d.
Broach, Fine, Liverpool
6%d. 5 11-164. 7 5-164.
63d.
Tinnevelly. Good, Liverpool_ _
Total East India,&c
Total American

Continental imports for past week have been 126,000 bales.
The above figures for 1914 show a decrease from last week
of 80,350 bales, a gain of 615,188 bales over 1913, an excess
of 142,298 bales over 1912 and a gain of 1,410,841 bales over
1911. 1,44
r414 Kiitiftd4WWVIMOM 401431141.114""r"""A'"
le QUOTATIONS FOR MIDDLING COTTON-ATVITnit
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
March 6.
Galveston
New Orleans
Mobile
Savannah
Charleston
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
It. Louis
Rouston
Littoe Rock

Closing Quotations for Middling Cotton onSaturday, Monday. Tuesday. Warday. Thursd'y. Friday
1294
123
121
1254
12%
125j
123
12
123
12%
13
13
1238
123
12
12%
12%
12%
1274
12%
1294
13
13
13
1291
12%
129j
1274
1294
1274
1291
4
123
13
13
13
13
13
13
13
13
13
13
13.25
13.25
13.25
13.25
13.30
13.30
1374
1374
133(
1331
1331
133(
13
13 •
13
13
13
13
13
13
13
13
13
13
12 9-16 12 9-16 12 9-16 12 7-16
1254
1254
1291
1271
1271
1231
1254
1294

772

THE CHRONICLE

Wm, xcvm.

AT THE INTERIOR TOWNS the movement-that is,
WEATHER REPORTS BY TELEGRAPH.-Telegraphio
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the advices to us this evening from the South indicate that rain
corresponding period of the previous year-is set out in has been general during the week, with the precipitation
above normal in some localities. Planting preparations
detail below.
are stated to be up to the average. The marketing of cotMovement to March 8 1914.
Movement to March 7 1913.
ton continues comparatively liberal.
Towns.
Receipts.
Ship- Stocks
Galveston, Tex.-We have had rain on two days
Receipts.
Ship- Stocks
masts. March
meats. Mc!)
week, the rainfall reaching one inch and eighteen during the •
Week. Season. Week.
6.
Week. Season. Week.
hundredths.
7.
Average thermometer 54, highest 65 and lowest 42.
Ma.,Eufaula__
40
21,368
74 2,100
39
20,782
244 6,595
Abilene,
-We
Tex.
have
had
rain
on
one
day the past week,
Montgomery - 1,430 146,502 1,218 23,226
147 147,155 1,555 28,731
Selma
372 118,610
413 13,564
784 114,545 1,318 7,028 the rainfall being sixteen hundredths of an inch. Minimum
Ark., Helena
362 63,618 2,051 15,073
628 40,104
608 11,180 thermometer 32, highest 50, average 42.
Little Rock
2,000 168,533 3,723 56,000 1,431 170,593 8,495 32,246
Dallas, Tex.-Rain has fallen on one day of the week, to
Da., Albany.-10
27,384
18 2,900
23,782
16
____ 1,738
Athens
325 107,336
800 21,182 1,170
99,164 2,648 21,586 the extent of eighty-six hundredths of an inch.
Minimum
Atlanta
1,706 209,819 4,064 12,598
952 149,206 1,913 16,750 thermomete
r 32, highest 58, average 45.
Augusta
4,097 339,782 6,768 72,003 2,539 311,141 7,660 75,822
Columbus ...._
570
75,297 1,850 16,648
Palestine,
72,146 1,010 26,726
Tex.
330
-We
have
had
rain
on
two
days
during
the
Macon
195
44,181
181 1,511
318
35,222
491 11,719 week,the rainfall being
one inch and twenty-four hundredths.
Rome
416
53,564
500 5,689
534
46,360
675 8,824
La.,Shreveport 2,715 178,069 2,123 37,564
340 136,299 2,446 11,067 Lowest thermometer 34, highest 50, average 42.
Miss.,Columb,s
247
285 3,765
35,029
280
25,073
583 3,108
San Antonio, Tex.-We have had rain on one day the past
Greenville
612
83,638 2,320 18,095
156
46,827 2,098 9,431
Greenwood
942 136,444 2,298 26,053
500 105,937 2,500 18,000 week, the rainfall being fourteen hundredths of an inch.
Meridian
29,524
339
373 7,529
481
50,445
712 16,093 Minimum thermometer 36, highest 56,
lowest 36.
Natchez
150
19,625
150 5,500
39
17,864
117 2,050
Vicksburg
Taylor, Tex.-We have had rain on two days during the
388 32,519
305 7,858
227 28,256
731 4,420
Yazoo City
48
39,837
996 9,548
88
22,345
301 5,419 week, the precipitation reaching one inch and
twelve hunMo.,St. Louis_ 16,359 427,776 16,284 33,307 11,393 460,985 10,564 30,025
150
N. C., Raleigh..
12,664
163
400
152
8,439
175
312 dredths of an inch. The thermometer has averaged 45,
P. Clneinnati_ Ci,000 169,530 6,248 24,500 5,073 181,549 6,023 26,634 ranging from
34 to 56.
Okla., Hugo
37,536
50
750
____
30,194
____
96
New Orleans, La.-It has rained on three days during the
___
3.C., Greenw'd
12,912
18 1,200
____
18,800
100 3,100
Tenn.,Memphis 16,615 964,863 30,695 160,902 12,812 715,379 17,445
145,872 week, to the extent of three inches and ninety-three hunNashville
128
10,047
25
651s
143
6,736
293
348 dredths. The thermomete
Tex., Brenham
101
17,072
r has averaged 51.
145 1,571
100
16,957
100 1,400
Clarksville_ _ _
25 48,511
125 3,200
Vicksburg, Miss.-There has been rain on four days during
200 43,90
245
750
1,491
Dallas
92,563 1,051 5,963 2,000 120,190 1,500 5,500
the
week,
the
to
extent of ninety-five hundredths of an inch.
Honey Grove_
100
32,452
300 1,800
____
43,350
___
860
Houston
36,9862,491,581 46,411 165,461 37.8852,836,511 40,034 136,791 The thermometer has ranged from 36 to
67, averaging 47.
Paris
400 105,853
600 5,300 1,000 140,625 1,122 4,200
Memphis, Tenn.-There has been rain the past week to
Total. 33 towns 95.3196.354.039 132.625763.409 81.7576.336.868113.706674.428 the extent of thirty-six hundredths of an inch, on
two days.
OVERLAND MOVEMENT FOR THE WEEK AND The thermometer has averaged 42, ranging from 22 to 61.
Mobile,
Ala.
-Planting
preparations
are up to the average.
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made We have had rain on four days during the week, the precipitation
being
two
inches
and sixty-four hundredths. The
up from telegraphic reports Friday night. The results for the
thermometer has ranged from 34 to 65, averaging 50.
week and since Sept. 1 in the last two years are as follows:
Selma,
Ala.
-We
have
had rain during the week to the
-1913-14----1912-13March 6Since
Since extent of sixty hundredths of an inch, on four days. The
ShippedWeek.
Sept. 1.
Week.
Sept.
thermomete
1.
r
averaged
has
42, ranging from 25 to 64.
Via St. Louis
16,284 400,667
10,564 434,897
Madison, Fla.-Rainfall for the week, two inches, on two
Via Cairo
5,966 156,153
4,209 205,624
Via Rock Island
5,2.58
309
17,004 days. The thermometer has ranged from 33 to 67, averagVia Louisville
3,107
90,397
958
64,588 ing 51.
Via Cincinnati
4,050
90,191
2,732
116,982
Via Virginia points
1,047 122,637
Savannah, Ga.-It has rained on three days during the
586 108,046
Via other routes,&c
6,214 323,800
7,349 278,715 week, to the extent of two inches and three
hundredths.
Total gross overland
36,668 1,189,103
26,707 1,225,856 The thermometer has averaged 47, the highest being 69 and
Deduct Shipmentsthe
lowest
24.
Overland to N.Y.,Boston,dtc
633
99,666
784 115,283
Between interior towns
Charleston, S. C.-We have had rain during the week to
8,418 100,127
3,498
86,255
Inland.&c.,from South
6,097
75,591
1.967
66,423 the extent of one inch and fifty-one hundredths, on two days.
Total to be deducted
15.148 275,384
6,249 267,961 The thermometer has averaged 42, ranging.from 24 to 59.
Charlotte, N. C.-We have had rain during the week, the
Leaving total net overland* 21.520 913,719
20,458 957,895 precipitation
being thirty-five hundredths of an inch. The
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement thermometer has ranged from 18 to 60, averaging 39.
has been 21,520 bales, against 20,458 bales for the week last
THE SMITH BILL TO REGULATE TRADING IN
year, and that for the season to date the aggregate net over- COTTON FUTURES.-The Senate Committee on Agriculland exhibits a decrease from a year ago of 44,176 bales.
ture and Forestry filed on Friday last with the Senate a fa-1913-14-- -1912-13
vorable report on the Smith bill to regulate the trading in
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept.!. cotton futures, after eliminating the proviso giving a seller
Receipts at ports to March 6____151.090 8,809,486 110,183 8,311,491 privilege to deliver one grade below
or above the contracted
Net overland to March 6
21,520
913,719
20,458
957,895
Southern consumption to March 6 60,000 1,610,000 56,000 1,504,000 grade and to settle the difference in price. The bill now reads
as follows:
Total marketed
232,610 11,333,205 186.641
Interior stocks in excess

*37,306

648,895

*31,949

Came into sight during week__ _195,304 11,982,100
Total in sight March 6
North'n spinn's takings to Mar.6 53,247 1.878.362
* Decrease during week.

154,692
65.681

10,773,386
577.392

11,350,778
1,986,493

Movement into sight in previous years:
Week1912-March
1911-March
1910-March
1909-March

Bales.
281,157
112,423
109,259
189,580

9
10
11
12

Since Sept. 11911-12-March 9
1910-11-March 10
1909-10-March 11
1908-09-March 12

Bales.
12,976,061
10,311,410
8.741,319
11,331.124

NEW ORLEANS CONTRACT MARKET.
rel

Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 28. Mc!). 2. Mch. 3. Mc!). 4. Mc!). 5. Mc!). 5.

MarchRange
, Closing
April-

12.50-.59 12.43-.46 12.25-.39 12.22-.36 12.40-.46 12.43-.51
12.50-.51 12.43-.44 12.26-.27 12.36-.38 12.46-.47 12.44-.46

-Range

Closing
MayRange
Closing
JuneRange
Closing
Ju/y-Range
Closing
AugustRangelosng
SeptemberRang
Closneg
Octoberi, Range
Closing
DecemberRange
Closing
JanuaryRae
ng
Closing
ToneSpot
Ontinns

12.50-.52 12.43-.45 12.26-.28 12.36-.38 12.46-.48 12.44-.46
12.48-.56 12.40-.47 12.20-.38 12.19-.28 12.30-.36 12.23-.37
12.48-.49 12.40-.41 12.21-.22 12.27-.28 12.35-.36 12.26-.27
12.48-.50 12.40-.42 12.21-.23 12.27-.29 12.35-.37 12.26-.28
12.49-.57 12.41-.47 12.21-.39 12.21-.29 12.31-.37 12.23-.37
12.49-.50 12.42-.43 12.22-.23 12.27-.28 12.36-.37 12.25-.26
11.88 -11.93 -11.80-.94
12.05-.08 11.98-.01 11.81-.84 11.85-.88 11.92-.94 11.84-.86

That any person, partnership, joint-stock company,society,
or corporation, their managers or officers, engaged in inter-Stateassociation.
commerce,
in making or offering for sale any contract or contracts for
the future delivery of cotton, shall specify the grade or grades contracted for
In
and
ever y contract; and such grade as is, or grades as are, contractedeach
for shall
be according to United States Government standardization.
And it shall be the duty of the Secretary of Agriculture to standardize
the grades of "upland" and "Gulf" cottons separately; and such grades as
are established for both "upland" and "Gulf" cottons shall not include
cotton below good ordinary or above middling fair. It shall be tho duty of
the Secretary of Agriculture also to standardize according to grades, stains

and tinges.
Sec. 2. That in case long staple cottons are bought ot sold for future delivery, the length of the staple shall be designated in the contract, and the
cotton shall be, when delivered, delivered as of the grade and length of
staple designated in the contract.

Sec. 3. That the use of the mails, telegraphs, express companies or any
other method of inter-State communication, public or private, shall be denied any person, partnership. joint-stock company, society, association,
corporation, their managers or officers, or employees, in making such contract or contracts not conforming to the provisions of this Act; and that any
employee,agent,owner or officer of the above means of communication prohibited in this section who shall knowingly use such property or agencies of
communication, or knowingly allow such property to be used for the transmission of any message relating to such contracts as are prohibited by the
terms of this Act, shall, upon conviction therefor, be punished for such
offense by a fine of not exceeding 31,000 nor less than $500; and the sending
of each message In violation of the provisions of this section shall constitute
a separate offense.
Sec. 4. That any contract or contracts for the future delivery of cotton
not having the specifications herein enumerated shall be deemed null and

void; and any person, partnership, joint-stock company,society,association or corporation, their managers. or officers, who shall make or sell, or
attempt to sell, any contract or contracts for the future delivery of cotton
in violation of the provisions of this Act shall be deemed, upon conviction,
guilty of a misdemeanor and fined any sum not exceeding 35,000 or im_
prisoned for a term of one year, or by both such fine and imprisonment.

MARKET AND SALES AT NEW YORK.
11.69-.72 11.63-.66 11.49-.51 11.54-.56 11.61-.63 11.53-.55
11.59-.66 11.51-.58 11.37-.49 11.39-.45 11.47-.50 11.38-.50
11.58-.59 11.52-.53 11.38-.39 11.43-.44 11.50-.51 11.42-.43
11.59 ---- 11.38-.48
11.58-.59 11.52-.53 11.38-.39 11.43-.44 11.50-.51 11.42-.43
11.59-.60 11.53-.54 11.39-.40 11.44-.45 11.51-.52 11.43-.44
Quiet.

Quiet.

Steady.

Quiet.

Steady.

Firm

Steady. Steady. Steady. Steady. Steady. Steady.




Spot Market
Closed.
Saturday
Monday
Tuesday _
Wednesday_
Thursday
Friday ___

Total_

Quiet

Quiet
Wet 5 pts dec

Quiet
Quiet

Quiet

Futures
Market
Closed.
Steady
Steady

Barely steady
Steady
Steady
,Easy

SALES.
Spot. Contr'ct Total.
50,000 50,000
400
1.400

400
1.400

51,800 51,800

WORLD'S SUPPLY AND TAKINGS OF COTTON.
1912-13.

1913-14.

Cotton Takings.
Week and Season.

Season.

Week.

Season.

Week.

6,187,490
Visible supply Feb 27
2,055,351
Visible supply Sept. 1
195,304 11,982,100
American in sight to March 6
135,000 1,981,000
Bombay receipts to March 5
180,000
14,000
Other India shipnets to Mar. 5
943,000
15,000
Alexandria receipts to March 4_
196,000
7,000
Other supply to March 4*

5,589,305

2,135.485
154.692 11,350,778
99,000 1,495.000
123,000
9,000
960,000
5,000
202.000
8,000

6,553,794 17,337,451 5,864,997 16,266.263
6,107,140 6,107,140 5,491,952 5,491.952

Total supply •
DeductVisible supply March 6

10,774.311
Total takings to March 6_a____ 446,654 11,230,311 373,045
300,654 8,736,311 281,045 8,650,311
Of which American
2,124,000
92,000
2,494.000
146,000
Of which other
West Indies, &c.
Smyrna,
Brazil,
from
Europe
in
receipts
*Embraces
by Southern mills
' a This total includes the estimated consumption
in 1912-13-takings not
1.610,000 bales in 1913-14 and 1,504,000 balestaken
by Northern and
amounts
aggregate
the
being available-and
9,270,311 bales in 1912-13,
foreign spinners, 9,620,311 bales in 1913-14 and
of which 7,126.311 bales and 7.146,311 bales American.

INDIA COTTON MOVEMENT FROM ALL PORTS.The receipts of India cotton at Bombay and the shipments
from
from all India ports for the week and for the season
Sept. 1 for the three years have been as follows:

1

1913-14.
March 5.
Receipts at-

1912-13.
Since
Week. Sept. 1.

Since
Sept. 1.

Week.

1911-12.
Week.

Total bales.
15,192
TEXAS CITY-To Liverpool-Feb.28-Tronto, 15,192
2,206
2,206
Larrinaga,
To Havre-Mar.4-Miguel de
4,625
To Bremen-Feb.28-Cranle3r,4,625
892„..
,
-Eddystone
28
-Feb.
Liverpool
-To
NEW ORLEANS
20,601
Mar. 2-Indiana, 19,709
3,300
To Belfast-Mar.4-Carrigan Head,3,300
100
100
n,
-California
3
To London-Mar.
2,756
To Havre-Mar. 6-Corinth, 2,756
To Bremen-Feb. 27-Spanish Prince, 13.465.....Mar. 4- 20,065
Bramley, 6,600
1,843
To Hamburg-Mar.2-Scottish Monarch, 1.843
200
To Port Barrios-Mar.5-Marowjne, 200
-Martin
5
--Mar.
1.358_
To Barcelona-Mar. 3-Borneo.
2,060
Saenz, 702
5,263
To Genoa-Mar. 4-Soperga, 5.263
1.303
To Venice-Mar.3-Borneo. 1,303
896
To Trieste-Mar.3-Borneo, 896
550
550
To Flume-Mar.B
1
3,7
,
3,761
MOBILE-To Liverpool-Mar. 4-Dromore
PENSACOLA-To Bremen-Mar.4-August Belmont, 12.347- _ 12,347
3,446
e,
3.446
2-Glenbridg
-Mar.
o
Liverpool
SAVANNAH-T
3,320
To Manchester-Mar. 2-Glenbridge, 3,320
To Bremen-Feb. 28-Catalone, 6,757....Mar. 5-Dalebank,
10.365
3,608
1,411
To Hamburg-Mar.5-Dalebank, 1,411
To Rotterdam-Feb. 27-Callisto, 50
100
100
,
To Antwerp--Feb. 27-Callisto
5,155
CHARLESTON-To Liverpool-Feb. 28-Median, 5,155
3.000
WILMINGTON-To Japan-Mar.3-City of Naples, 3,000
9.097
NORFOLK-To Bremen-Feb. 28-Wathfield, 9,097
20
BOSTON-To Liverpool-Feb.27-Winifredian, 20
100
To Manchester-Feb.27-Georgian, 100
100
To Hamburg-Feb. 26-Fuerst Bismarck, 100
150
To Yarmouth-Feb. 28-Boston, 150
200
ILADELPHIA-To Antwerp-Feb.26-Marquette,200
1.474
SAN FRANCISCO-To Japan-Feb. 27-Nippon Maru, 1,474
2,007
TACOMA-To Japan-Mar.2-Chicago Mans,2,007

Since
Sept. 1.

1135,000 1,981,000 09,000 1,495,0001100,000 1,487,000

Bombay

Since September 1.

For the Week.
Exports
from-

Great
Great Conti- Japan
Britain. nent. &China Total. Britain.

Bombay1913-14._ 2,000 43,000 21,000 66,000
11,000 46,000 57,000
1912-13._
I911-12__
15,000 13,000 28,000
Calcutta4,000 4,000
1913-14._
1,00
1,000
1912-13._
1911-12_
Madras1913-14.._
1912-13_
1911-12_
All others10,000
10,000
1913-14._
8,000
8,000
1912-13__
1911-12__
Total all1913-14__
1912-13._
1911-12__

Japan
Continest. &China.

Total.

16,000 506,000 568,0001,090,000
14,000 .173,000 415,000 602,000
3,000 135,000 419,000 557,000
2,000
3,000
2,000

11.000
8,000
6,000

15,000
6,000
1,500

28,000
17,000
9,500

5,000
4,000
2,000

19,000
13,000
5,000

1,000

9,500
17,000
7,800

17,000 104,000
8,000 6 5,000
4,000 44,000

800

6,000 127,000
16,000 89,000
11,000 59,000

40,000 640,000 500,000 1,270,00
29,000 259,000 437,000 725,00
11,000 190,000 432,300 633,30

0,000 53,000 25,000 80,000
____ 20,000 46,000 66,000
____ 15,000 13,000 28,000

Alexandria, Egypt,
March 4.
Receipts (cantars)Thi week
Since Sept. 1
&ports (bales)-'
To Liverpool
To Maneaester
To Continent & India
To America

1912-13.

1913-14.

70,000
7.199,523

105,000
7,084,652

1911-12.
160,000
6,691.555

This Since
This Since
This! Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
6.500 161,474 4,000 168,286 6,750 153.528
172,039 8,250 179,370
____ 161,973
56 265.494 13,750 252.299
8,000 283,087 1477.
8.250 42,453 5,750 98,786 7,0001 68,331

22,750 648,987 24.500 704,605 35,750 653,528
Rotal exports
Note.-A e,antar is 99 lbs. Egyptian bales weigh about 750 lbs.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Merchants are buying
very sparingly. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.

224,119

Total

LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:

Feb. 13. Feb. 20. Feb. 27. Mch. 6.
51.000
50,000
51,000
47,000
Sales of the week
4,000
4,000
2,000
2,000
Of which speculators took......
1,000
1,000
1,000
Of which exporters ttok
41,000
37,000
41,000
38.000
Sales, American
3,000
15,000
18,000
6,000
Actual export
87,000 109,000
95,000
113,000
Forwarded
1,178,000 1,181,000 1,149,000 1,196,000
Total stock
914,000 927,000 908,000 956,000
Of which American
69.000 141,000
167,000 117.000
Total imports of the week
57.000 106,000
94,000
126,000
Of which American
333,000
333,000
291,000
313,000
afloat
Amount
260,000 242.000 281.000 274.000
Of which American
bales;
4,757
LIVERPOOL STOCK TAKING FEB. 28.-Brazilian, decrease,
Peruvian, decrease, 5,380; West Indian, decrease, 324; African, decrease, 383; East
increase,
30,494:
American,
bales.
17,505
Indian, decrease, 6,661; total, decrease,
Egyptian, increase, 3,798; total, increase, 34,292 bales. Net increase, 16,787 bales.

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:
Saturday. I Monday.

Spot.
Market,
12:15
P. M.

ALEXANDRIA RECEIPTS AND SHIPMENTS.

I

Dull,

Fair
business
doing,

Tuesday. Wednesday. Thursday.
Fair
business
doing,

Fair
business
doing,

Good
demand.

Friday.
'-1
Good
demand.

Mid.Upi'ds

7.07

7.04

7.03

6.95

6.99

6.99

Sales
Spec.&exp.

5,000
300

8,000
500

8,000
500

8,000
500

15,000
2,000

14,000
1,000

Quiet,
Steady
Steady
Steoay
Steady
Fmares. Irregular
pts. uncit.,to %
Market f 20474 pts. 405 pts. %Igl pt. 20474 pts. 1(52
decline, advance, point adv.
decline,
opened 1 advance, decline,
,
Quiet,
Steady
Barely st'y Steady
Steady ' Quiet
Market,
to %
4
3403 pt.. 46674 pts. 274(8334 2-1-4 pm. 234(83 pta. unch.,adv.
point
advance,
decline,
decline,
decline,
advance,
M.
P.
t

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths,_ Thus,6 69 means 6 69-100d.

Feb. 28 Saturday, 'Monday. Tuesday. Wed'sday. Thursday. Friday.
to
4 1234 4 1254 4 1234 4 1234 4
Mch.6. 1234 1234 1234 p.m.
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
p.m. p.m. p.m.
d. 1 d. d. d. d. d. d. d. d. d. d.
d.
--- -- -February_ __ 6 69
4134
ei
. 61 57 883.4 6674 613.4
Feb.-Mar. ___- 6 71 68-34 iiiii 158
613.4 62
Mar.-Apr. __-- 6 71 6534 6454 65 61 57 5874 6054
5554 5674 5634 56%
Apr.-May ____ 6 6574 61 60 6034 57 53 5334 55
1913.
1914.
56 5634
May-June ____ 6 6554 6034 5934 60 5634 5234 53 50 56
51 51 51
48
47
52
55
54%
Cot's
Shirt55%
lbs.
814
6
____
6054
June-Jul
83-i lbs. Shirt- Corn
47 47
4654
45%
4334
43
4734
ing:, common
6 56% 5134 5034 5034
July
32s Cop
fags, common Mid.
32: Cop
Upl's Aug.
to finest.
-Aug-----Twist.
-Sep_ ____ 6 46 41 40 40 3734 33 33343554 3654 37 37
Up!**
to finest.
2'toisf.
6 33 2934 2834 2874 2534 23 2254 24 2534 26 26
Sep.-Oct
s.d. d.
d. s. d.
Oct.-Nov. ____ 6 25 21 2034 2054 1774 15 1554 1634 18 1854 1834
a. d. d. d.
d. s. d.
Nov.-Dec. _.._.. 6 2054 1634 16 16 13 11 11 12 1354 14 14
6.80
6
ig11
11
3
' 15% 15 15 12 097410 11 127413 1234
6
10%
Dec.-Jan_ ____
7.16
c4 10% 6 3 (8118 6.69 Jan.
@
10% 6 1%611 3
6 14)31 1514 15 15 12 094 10 11 124 13 124
7.21 10
-Feb_
10% 6 1%011 3
6.84
7.09 10
18 10% 6 3 ®11 6
10% 6 1 011 2
1
8.94
6.96 10
18 10% 6 3 €411 6
10% 6 1 011 2
6.93
7.04 10% 18 11 6 4 011 6
10% 6 1 011 2
BREADSTUFFS.
6.77
10% 6 3%@)11 6
7.09 10
10% 6 1 @II 2
6.89
3%@11 6
18 10%
7.08 10
10% 6 1 @II 2
Friday Night, March 6 1914.

0 000e 000

Jan.
16
23
30
Feb.
6
13
20
27
Mar
0

773

THE CHRONICLE

MAR. 71914.1

1

iiiii

Flour has been quiet. Storms have tended to check
and part of the time, at.least, prices have been
business
SHIPPING NEWS.-As shown on a previous page, the nearly, or quite nominal. Yet mills, as a rule, refuse to
exports of cotton from the United States the past week have make concessions, partly, perhaps, because shading of
reached 224,119 bales. The shipments in detail, as made prices, unless it were very marked,would not help business.
up from mail and telegraphic returns, are as follows:
late there has been a disposition here
Total bales. Still, in some cases of
30 and there, it is said, to modify prices with a view of facilitatNEW YORK-To Liverpool-Feb. 28-Cestrian, 30 Peruvian__
as wheat quotations have weakened.
To Hull-Feb. 28-Toronto, 25
379 ing business, especially
3-President Lincoln. 379
To Hamburg301 The total production last week at Minneapolis, Duluth and
To Genoa- eb. 27-Konig Albert, 300; Saxonia, 1
750 Milwaukee was 392,080 barrels, against 399,400 barrels in
To Naples-Feb. 27-Konig Albert, 450; Saxonia, 300
81
To China-Feb.28-Suruga,81
the previous week and 332,736 barrels last year.
GALVESTON-To Liverpool-Mar. 3-Riojano, 7.872; Stephen.
34,692
r.
Wheat declined, owing to favorable crop reports, lower
11,244___Ma 5-Indore, 15,576
6,916
To Manchester-Mar. 5-Ramon de Larrinaga, 6,916
liquidation. There
10,264 cables, liberal supplies and considerable
To Havre-Mar.2-Miguel de Larrinaga. 10,264
. Crop
To Bremen-Feb. 28-Luceric, 9.384__..Mar. 2-Cranley, 22,565 has been heavy selling by the West and the Southwest
4,148-..Chemnitz,9,033
conditions are said to be almost perfect. The Ohio official
2-Cranley.
_Mar.
1,676__
-Feb.
Hamburg
28-Luceric,
To
3,681 report gives color to this opinion. It puts the condition at
2,005
3,657
year ago. European markets have been
To Barcelona-Feb. 28-Balmes, 3.657
3,715 94%, against 88 a
Genoa-Mar. 5-Italia. 3,715
10% 6 0741811 1

To




6.99 931 (8

1034 6 334(4)11 6

6.81

774

THE CHRONICLE

VOL. scvni.

falling, owing partly, it is believed, to the existence of liberal
DAILY CLOSING PRICES OF OATS
FUTURES IN CH ICAGO.
reserves in Europe, in spite of the falling off in crops in
Sat. Mon. Tues. Wed. Thurs. Fri.
some May delivery in elevator
cts 40% 4034 4034 4034
parts of the world. In the United Kingdom the outlook
4034 4031
July delivery in elevator
4034 4034 4034 4034 3934 40
for the winter-wheat crop is above the average. In
France
The following are closing quotations:
the crop reports are for the most part favorable. Germany
's
outlook is also excellent. As to Russia, the indications point
FLOUR.
Winter, low grades.....43 200$3 40 Spring
to an early opening of navigation on the Sea of Azoff,
clears
Winter patents
a
fact
4
90
5 10 Kansas straights,sacks..34 15 8440
which partly offsets the reports that some parts of Russia
4 35
Winter straights
450
4 25@ 4 40 Kansas clears, sacks
are
3 75
Winter
4 10
clears
bare of snow. The crop prospects in Roumania are favorabl Spring patents
3 80@ 4 15 City patents
5 95
6 35
e
4
7584
5
00
Rye
flour
In Victoria and New South Wales, Australia, the visible sup- Spring straights
3 20
3 80
4 5084 4 75 Graham flour
3 80
4 50
ply is large. Large elevator concerns in Chicago have been
GRAIN.
steady sellers. Business has been hampered to some extent Wheat, per bushel-f. o. b.
Corn, per busheleta.
N. Spring, No. 1
by bad storms here and at the West and interruption of wire
No. 2 mixed
$1 0331
74
N. Spring, No. 2
1 02
No. 2 yellow
service. Yet a fair business at times has been done for ex73074
Red winter, No. 2
1 05
No. 3 yellow
70348471
Hard winter, No.2,arrive 1 0134
port. France continues to buy foreign wheat, as the supArgentina in bags
71
per bushel, newcts.
Rye, per bushelplies of French wheat are decreasing. The arrivals at South- Oats,
Standards
New York
46844634
68M(4)70
ern Russia markets are light, owing to bad roads. The
No. 2, white
46348447
Western
6834
No. 3, white
Baltic and the general grain movement is
4534 ©46 Barley-Making
658480
The statements of the movement of breadstuffs to market
smaller. At Roumanian ports receipts are light. also
In indicated below
Hungary the appearance of the new seedings causes
are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
some anxiety. In Southern Italy dry weather
complained of. Heavy rains with hail have occurred is lake and river ports for the week ending last Saturda
y and
India, something which was naturally unfavorable for in since August 1 for each of the last three years have been:
harvesting and the maturing of late wheat. In South Australi
Wheat.
farm reserves are said to be very small. At times Argentinaa Receipts at- Flour.
Corn,
Oats.
Barley.
Rye.
offerings in Liverpool have been light. Stocks at some of the
bbls.1081bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs.
bu.56 lbs.
chief European ports have been decreasing. Australia's Chicago..- __ 203,000
729,000 2,258,000 1,960,000
490,000
43,000
Milwaukee__
48,000
62,000
329,000
355,000
378,000
exportable surplus is likely to be smaller than was at one time Duluth
86,000
61,000
2,000
5,000
11,000
4,000
expected. Liverpool people think that the total amount of Minneapolis.
1,894,000
281,000
279,000
537,000
80,000
104,000
195,000
48,000
wheat available for export in Canada and the United States Toledo
1,000
Detroit
6,000
21,000
105,000
114,000
approximates 65,000,000 bushels, while the exportab
Cleveland_
17,000
6,000
169,000
119,000
le
2,000
St. Louis_ _ _
63,000 •
surpluses in other parts of the world, with the exceptio
270,000
406,000
340,000
53,000
Peoria
32,000
10,000
406,000
151,000
62,000
Russia are small. And even the Russian movement n of Kansas
1,000
City.
247,000
748,000
is
216,000
not
Omaha
so large as was at one time expected. For instance,
270,000
954,000
294,000
last
week Russia shipped only 1,920,000 bushels, against
Total wk.'14
389,000 3,674,000 5,853,000 3,881,000 1,531,000
2,- Same
217,000
760,000 in the previous week. Also the total world's
wk.'13
353,000 5,602,000 8,347,000 4,642,000 2,274,000
238,000
shipSame wk.'12
272,307
2,494,934 4,784,015 3,188,103
ments last week were only 10,888,000 bushels, against 13,699,132
92,884
472,000 in the previous week and 14,352,000 last year. Yet Since Aug. 1
1913-14._
13,025,000
225,950,00
150,127,00
0
0
for one cause or another,the tone has been, as already inti- 1912-13.__ 11,196,520 278,138,96 154,897,228 149,293,000 67,282,000 10462000
6
165,598,688
13282642
mated, womewhat easier. This was in no small degree due
1011-12
7 51R 213 1R5 736.365 131.089.934 96.867.324 74,920,330
53.444.440 a AAR efts
to the excellent outlook for the American crop. The reTotal
serves, too, are considered large. In the Punjab of India the weekreceipts of flour and grain at the seaboard ports for
ended Feb. 28 1914 follow:
there will be a good crop, even though the yield elsewhere in
Flour,
Wheal,
Corn,
Oats, Barley,
Rye,
India generally ranges from 50 to 70% of the normal. NaviReceipts atbbls,
bush,
bush.
bush,
bush,
bush.
New York
205,000
358,000
210,000
326,000 84,000
gation on the Danube has opened. The world's stocks of Boston
9,000
35,000
62,000
80,000
8,000
1,000
8,000
wheat decreased last week, however, 3,139,000 bushels, Portland, Me
15,000
344,000
Philadelphia
31,000
against a decrease in the same week last year of 2,751,0
159,000
23,000
185,000
1,000
6,000
Baltimore
00
24,000
65,000
170,000
45,000
48,000
bushels. To-day prices were firmer, with smaller Northwe
Orleans.__ 60,000
142,000
91,000
18,000
st- New
Newport News..... 10,000
trn receipts, some demand to cover sales of 400,000 bushels
80,000
1,000
69,000
for export, and an idea, too, that a rally, if only temporary, Galveston
Mobile
6,000
3,000
was due after a continuous decline of late. Also the world's Montreal
6,000
24,000
6,000
51,000
3,000
John
16,000
257,000
60,000
shipments this week are estimated at only 11,600,000 bushels, St.
Halifax
1,000
48,000
against 10,888,000 in the previous week and 13,776,000 last
Total week 1914.... 409,000 1,713,000
705,000 152,000
404,000
year.
71,000
Since Jan. 11914_3,6

64,000 19,113,000 6,766,000 8,897,000 1990,000 546,000
Week 1913
DAILY CLOSING PRICES OF WHEAT FUTURES IN
462,000 2,505,000 4,053,000
077,000 884,000 83,000
NEW YORK. Since Jan.
11913...3,872,000 26.619,000 25,254,000 10,187,000 6024,000 589,000
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red in elevator
.Receipts do not include grain passing through New Orleans for foreign ports
cts.105% 105% 1053 105
103
10334
May delivery in elevator
103
1023i 102
101% 101
101% on through bills of lading.
July delivery In elevator
97% 97% 97% 97
963
96%
The exports from the several seaboard ports for the week
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO. ending Feb.
Sat. Mon. Tues. Wed. Thurs. Fri.
28 are shown in the annexed statement:
May delivery in elevator
cts_ 94% 943.1 93% 933
Wheat,
92% 935i
Corn, Flour,
Oats,
Rye, Barley,
Peas,
July delivery in elevator
88% 89
Exports
88% 88% 88
frombush,
bush.
bush,
bbls.
bush.
88%
bush,
bush.
530,469
Indian corn has declined. It has been without striking New York
5,864 47,741
71,060
81,783
150
Me.._ _ _ 343,730
15,213
features, however, though it is true that leading bulls at Portland,
Boston
370,552
10,733
51,400
Chicago have been selling. The primary receipts have been Philadelphia ---- 142,579
10,200
Baltimore
197,176
-3,000
3,072
2,000
liberal, exceeding those of last year, while shipments have
New Orleans....__ 25,701
18,660 20,132
140
5,958
fallen below the figures of 1913. Corn, too, has sympa- Newport News__ 80,000
400 9,642
Galveston
72,000
thized more or less with wheat whenever that cereal has Mobile
2,855 6,030
shown depression. The world's shipments were 1,609,000 St. John
257,259
15,730
60,333
Halifax
48,001
bushels, against 1.428,000 in the previous week,
804

though,to
be sure,the total for the same week last year was no
Total week..___2,067,467
30,779 139,297 135,323
131,393 0,108
than Week
1913
2,886,209 3,443,616 185,901 389,422 57,895 667,898
4,716,000 bushels. But Liverpool has been more orless
5,240
deThe
destinat
pressed, particularly for March delivery, owing toless
ion
forced July 1 1913 is as of these exports for the week and since
sales for March tenders on contracts and the opening
below:
of
-Flour
navigation on the Danube. The crippling of wire service
Wheat--Corn------Since
Since
Since
by great storms has hurt business in this country. Early
1Veek
Week
Week
July 1
July 1
July 1
in the week the offerings were light, and it is to be remarke Exportsfor week and Feb.28.
1913. Feb. 28.
1913. Feb. 28.
1913.
d
since July Itobbls.
bush.
bush.
bush.
bbls.
bush.
that there has been no very sharp decline in prices. To-day United
Kingdom.... 87,640 3,825,193 1,083,469 68,241,897
400
491,713
prices advanced a fraction on buying by commission houses. Continent..
19,894 1,928,895 958,297 68,302,249
636,144
DAILY CLOSING PRICES OF NO.2 MIXED CORN
IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts. 74% 74% 74% 74% 74
74
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 67% 67% 67% 675
66% 67
July delivery in elevator
663
67% 66% 66% 66% 66%
September delivery in elevator
66% 653i 654 65
663
6534

Sou. & Cent. Amer.. 13,693 792,542
West Indies
17,870 1,161,379
Brit. Nor. Am.Cols.
200
72,761
Other Countries
163,930
Total
Total 1912-13

25,701

1,001,720
85,767
255,653

19.630
342,536
9,139 1,201,624
6,017
1,605
30,205

139,297 7,944,700 2,067,467 137887,286
30,774 2,708,239
185,901 7,570,178 2,886,209 115826,777 3,443,616 24,038,454

The world's shipments of wheat and earn for the week
ending Feb.28 1914 and since July 1 1913 and 1912 are shown
Oats have declined slightly in sympathy with the price in the following:
movements in other grain. The fact is the oats market is
merely a reflex of the other grain markets. It has been
Wheat.
Corn,
merely that, as everybody knows, for some time past.
Exports.
1913-14.
1913-14.
1912-13.
1912-13.
Commission houses have latterly been the largest sellers.
Week
Week
Since
The buying has been mainly on waiting orders by people
Since
Since
Since
Feb. 28.
July 1.
Feb. 28.
July 1,
July 1.
July 1.
disposed to take hold on certain recessions for a turn. One
Bushels.
thing against the market, however, has been the Oklaho
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
ma North Amer. 3,568,000 200,538,000 176,154,000
9,000 1,371,000 22,721,000
reports of increased acreage. Still another is the
Russia
1,920,000 108,334,000 77,131,000 434,000 10,403,000 6,897,000
of Danube
anything more than a very moderate cash demand. lack
-_ 928,000 39,978,000 42,103,000 451,000 19,312,000 10,387,000
To-day Argentina 2,136,000 24,682,000 63,746,000 715,000
prices advanced slightly on covering and some buying
130,307,000 166,459,000
Australla
2,096,000 38,434,000 23,176,000
commission houses. The market was devoid, however, by
India
120,000 25,728,000 43,624,000
of
Oth.countr
's 120,000 5,882,000 5,726,000
striking incidents.
DAILY CLOSING PRICES OF OATS IN NEW
YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
:_tandards_cts.45%©46 45%4046 4534046 46©46% 46©4634
46©46%
o. white__463©47 46% ©47 463447
4634©47 4634©47 46% ©47




Total..___ 10888000 443,576,000 431,660,000 1,609,000 161,393,000 206,464,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

Corn.

Wheat.
United
Kingdom. Continent.
Bushels.

Bushels.

Total.
Bushels.

United
Kingdom. Continent.
Bushels.

Bushels.

Total.
Bushels.

DOMESTIC COTTON GOODS.-The export of cotton
goods from this port for the week ending Feb. 28 were 9,190,
packages, valued at $534,781, their destination being to thepoints specified in the table below:
-1913

5,661,000 8,288,000
Feb. 28 1914._ 27,008,000 18,000,000 45,008,000 2,627,000
New York to Feb. 285,143,000 7,625,000
Feb. 21 1914__ 26,336,000 19,712,000 46,048,000 2,482,000
15,412,000 "Great Britain
10,304,000
5,108,000
51,128,000
28,040,000
23,088,000
1913_
Mar. 1
Other Europe
Mar. 2 1912__ 24,752,000 10,688,000 35,440,000 4,140,000 6,077,000 10,217,000 China
The visible supply of grain, comprising the stocks in India
Arabia
granary at principal points of accumulation at lake and AfricaIndies
West
seaboard ports Feb. 28 1914 was as follows:
Mexico
Central America
UNITED STATES GRAIN STOCKS.
Amer. Bonded
In Thousands-

775

THE CHRONICLE

MAR. 7 1914.1

South America
Amer. Bonded Amer. Amer. Bonded Amer.
Barley, Other countries
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley.
bush.
bush. bush. bush. bush. bush. bush. bush.
68 345
11
Total
801 870 169 1,008 239

New York
" afloat
23
6
30 1,422 -718
Boston
41
142 603 165 237
Philadelphia
511 103 123 228
Baltimore
81
489 --- 120
New Orleans
320
314
Galveston
725 "580
1,429 -igi 678 411
Buffalo
2,728
2,883 412
afloat
1,112 ---- -371 360
Toledo
251 -" afloat
62
43 __- 280
Detroit
420 --" afloat
5,987 --- 9.381 10;677i
Chicago
450 -__ 864 267
" afloat
262
228
Milwaukee
12,126 -7i2. 342 1,360 2.237
Duluth
1,434 ____
" afloat
19,178 ---- 332 2,219
Minneapolis
1,439 --_- 441 1,176
St. Louis
6,960 ____ 1,660 901
Kansas City
125 --- 216 1,187
Peoria
86
142 ____ 467
Indianapolis
680 __- 2,138 1,081
Omaha
Total Feb. 28 1914_57,021 4,555 18,374 21,489 6,074
Total Feb. 21 1914__57,806 5,830 17,537 22,077 6,159
Total Mar. 1 1913.._63,786 2,776 17,918 12,343 326
Total Mar. 2 1912__57,080 3,184 14,256 14,366 1,394
CANADIAN GRAIN STOCKS.
Canadian Bonded Canadian Bonded
Oats.

225
3

1914
Since
Since
Week. Jan. 1.
Jan. 1.
308234
151
-i8
625
4,126 10,989'
20,459
5.072
1,217
3,497
6,680
1,801_
0-4- 1 4,656
1,966
124
7.977
544
879 11,523
640
89
137
19
3.366.
612
4,282
445
10,674
1,679
9,719
2,571
10,788
301
11,536
730

Week.
28
62
3.919
413

9,190

65.853

9,284

61,317

The value of these New York exports since Jan. 1 has been
in 1914, against $4,720,477 in 1913.
$4,665,458
5
199
Staple cotton goods are fairly active and steady. Buyers
are still hesitating on forward business in expectation of
65
1 267
79 1,324 454 lower prices, and many goods are being offered at prices a
shade under mill quotations. The easier tendency in yarns
20
and a sluggish cotton market, as well as reports of concessions in prices on recent orders for gray goods, are encourag"aio -397
ing buyers in this attitude. On the other hand, manufacturers and selling agents are more concenred in catching up
495
101
325 699 109 with their deliveries than in forcing new business. Con275
verters are reported to have succeeded in placing substantial
"ioi 1,120
33
46
forward contracts for gray goods at prices which represent
exceptional value, considering the present cost of the staple.
26
Manufacturers of sheetings, brown and bleached goods,
62
-**85
as well as ginghams, are patiently holding to present prices,
1,822 4,973 984 setting forth that these goods are now selling too low. They
1,833 4,814 1,209 point out that upon comparison with last year staple cottons
1,202 2,335 205
1,003 2,615 585 are too low, many well-known tickets being held at the same
levels as last year. Manufacturers are therefore waiting,
Canadian Bonded
the next rise in cotton values will precipitate
Rye. Barley. Barley. confident that
Wheal, Wheat. Corn. Oats.
goods. Gray goods,
bush, bush. bush. bush. bush. bush, bush. bush. a new buying movement in finished
In Thousands21 354
18 413 -Montreal
285 ____
-inch standard, are easier in tone at 5%c. to 53'c.
383'
3.596 ---Ft.William&Pt.Arthur.10,700
WOOLEN GOODS.-Manufacturers of woolens and
____ 2,514 _" afloat
4,084
_- 8,340
6,987
Other Canadian
worsteds, in view of the advancing raw material market,
21 354
are considering marking up prices on new fall lines. Many
18 14,863
Total Feb. 28 1914_22,056 __
22 162
17 15,655
Total Feb. 21 1914_22,796 -values at which fall lines were opened are now considered
51
9,300
18
-Total Mar. 1 1913__24,777
dangerously low and initial business accepted at these levels,
87
3 5,661
Total Mar. 2 1012_25,537 -it is feared, will prove a complete loss to manufacturers.
SUMMARY.
Bonded
Bonded
Bonded
Recent cold and stormy weather has stimulated spot demand
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley.Barley.
bush, bush, bush. bush. bush. bush, bush. bush. for heavy-weight overcoatings and suitings, but comes too
In Thousands984
4,973
1,822
57,021 4,555 18,374 21,489 6,074
of much benefit. Spring and summer lines are
American
21 354 _- late to beactive
18 14,863 _-_
22,056 ____
Canadian
and no cancellations of business are reported.
still fairly
,984
36,352 6,074 1,843 5,327
The outlook for fall is discouraging, however, both by reason
Total Feb. 28 1914_79,077 4,555 18,392
17,554 37,732 6,159 1,855 4,976 1209 of the fact that the present mild winter will result in a large
Total Feb. 21 1914_80,602 5,830 17,936
326 1,202 2,386 205
Total Mar. 1 1913__88,563 2,776 14,259 21,643
20,027 1,394 1,003 2,702 585 carry-over into the next season and that the prices secured
Total Mar. 2 1912__82,617 3,184
on business placed so far will prove very unprofitable.
FOREIGN DRY GOODS.-Linens continue in steady reTHE DRY GOODS TRADE.
quest for spring and while there are reports of easier prices,
on some lines, it is because demand for those particular goods
New York, Friday Night, March 6 1914.
poor. Some lines of dress goods, particularly colored maBusiness in dry goods, in common with other trades, was is
terials of stiff texture, have accumulated in this market,
restricted during the greater part of the week by the severe owing
to their inadaptability to the styles of last few seasons,
storm. There was a poor attendance in the market and much
there is little or no demand for them,even
difficulty in moving merchandise. Mail advices were de- and consequently
prices. The new and softer finished lines have,
layed, but when arriving were found to contain more urgent at attractive
sold with more success than was expected, as many
requests for the shipment of goods overdue than new busi- however,
creations were in the nature of experiments. Houseness. Considerable goods are yet to be shipped which were of these
goods are well sold up in all quarters, both importers
needed during last month, and it is feared that backward de- holdjobbers
moving out supplies as soon as received. While
liveries will continue for some time, as buyers delay their and
been no special developments in the market for
purchases until almost spot delivery is required, and manu- there have
burlaps, prices have ruled easier, with light-weights quoted
facturers, having no accumulated stocks, cannot meet the at
4.75c. to 4.80c. and heavy-weights at 5.850.
situation promptly. Buyers in the market at present are
giving more attention to their immediate requirements than Importations & Warehouse Withdrawals of Dry Goods.
to forward business, and where orders are placed any great
The importations and warehouse withdrawals of dry goods
distance ahead, it is generally at the expense of values. at this port for the week ending Feb. 28 1914 and since
in
engaged
getting
busily
are
houses
jobbing
Commission and
Jan. 1 1914, and for the corresponding periods of last year,
out orders overdue, in the meantime trying to create some were as follows:
is
It
out
pointed
business.
future
in
buyers
interest among
Imperts Entered for Consumption for the Week and Since .Tan. 1.
Week Ending
that staple cottons are selling at prices lower than last year,
Feb. 28 1914.
Since Jan. 11914.
supand
when
present
at
than
cheaper
was
staple
the
when
Pkgs.
Pkgs.
Value.
Value.
plies were, if anything, more plentiful. Manufacturers, Manufactures of$
671,275
17,541
2,344
5,372,316
Wool
having no accumulated stocks, and knowing that supplies
4.661 1,254,036 38,476 10,845,066
Cotton
are not adequate to meet requirements, have no fears of lower
1.577
13,544
743.445
6,558,053
Silk
1,769
447,964
15,728 3.939,736
Flax
prices, and are not attempting to force new business. The
2,778
467,489 31.533 3,747.431
Miscellaneous
annual report of the American Woolen Co. was the most in13,129 3.584,209 116,822 30,462,601
Total 1914
teresting news feature of the week. President Wood went
11.019 2,758,864 106,327 25.282,072"
Total 1913
rather exhaustively into the state of trade before and since
Thrown Upon the Market.
Withdrawals
Warehouse
the revision of the tariff. The most encouraging of his re- Manufactures of608
15,962 4,171,036
129,523
Wool
marks was the statement that domestic goods will have no
760
2.375,521
209,227
8,581
Cotton
difficulty in competing with foreign fabrics so far as quality
271
118,167
2,925
Silk
1,256,504
the
lines
domestic
is
product
545
1,198,487
126.902
5,147
Flax
is concerned, and that in many
2,781
136.430 24,859
1,466,456
Miscellaneous
superior. The report also stated that, while competition
able
to
be
would
successfully
4,695
720,249 57,471 10.468,004
would be close, the company
Total withdrawals
13,129 3,584,209 116.822 30,462,601
meet the new conditions. The amount of encouragement Entered for consumption
smaller manufacturers can take from this depends upon the
Total marketed 1914
18,094 4,304,458 174,293 40,930.606
14,639 3,373,317 148,049 31,147,437
Total marketed 1913
extent of their resources, but a powerful concern like the
for
Entered
ng Same Period.
Imports
Warehouse_Duri
foreign
at
will
competition
opposing
American Woolen Co.
Manufactures of6,532
988
242,022
least be some protection to smaller manufacturers. Export
Wool
1,947,858
6,954
851
201,206
1,924,324
Cotton
business, while quiet, shows signs of improvement. China
2,497
268 117,758
1,094,543
Silk
at
about
he.
under
but
goods,
for
bidding
and India are
368
1,155,334
80.774
5,046
Flax
914
62,759 16,937 1,179,974
Miscellaneous
prices asked by mills. Stocks at both these markets are
inbeing.
Red
Sea
time
the
for
sufficient
be
reported to
3,389 704,519 37.966 7,302,033
Total
13,129 3,584,209 116,822 30,462,601
quiries have been received at prices only Mc. below the mar- Entered for consumption
be
will
soon
slight
difference
this
that
expected
is
it
ket, and
16,518 4,288,728 154,788 37,764,634
Total imports 1914
13,742 3,391,782 159,815 31,004,460
Total imports 1913
overcome and considerable business placed.




2

776

THE CHRONICLE

[VOL. xcvm.

FEBRUARY BOND SALES.
Page.
Name.
Rate. Maturity. Amount. Price.
627_ -Acadia ParLsh, La
5
1924
$170,000
778_ _Alamo, Ga.(2 issues)
6
1934
10,000
627_ _Albany, N. Y.(4 issues)
43.
430,000 106.353
778_ _Allegheny Co.,Pa.(2 issues)
4X
1944
1,050,0001 102.611
778_ _Allegheny Co.,Pa
4
1934
778...Alliance, Ohio (4 issues)
135,0001
X
129,469
779_ _Andrews Sch. Dist., No.Caro__ 5
53
1944
PUBLISHED WEEKLY.
15,000 103-.833
-Appleton
, Minn. (2 issues)____ 4
779
1934
18,000 100
705....Arcade, N Y
Terms of Subscription-Payable in Advance
4.70 1910-1923
20,500 100.121
779 __Atknson, Neb
6
For One Year.
d1919-1934
5,000
539_ _Augusta, Me
$10 00
4
1939
For Six Months
15,000 103.51
779- _Baker, Ore.(2 issues)
6 00
5
1934
European Subscription (including postage)
98,851 102.38
627.. _Bartow Fla. 3 issues)
00
13
5
European Subscription Nix months(including postage)
180,000
97.50
539_BellevIile,N.J
7 50
5
1944
Annual Subscription in London (including postage)
90,000 107.378
12 148. 779.._ Bellingham, Wash.(4 issues)_ _ _ 7
Six Months Subscription in London (including postage)
68,000
539_ _Bellingham, Wash.(2issues)_ -- 7
£1.
118.
1915-1924
37,500
Canadian Subscription (including postage)
779--Beloit Un. Fr.S. D.No. 1. Wis- 5
$11 50
3210
103.518
465- _Benton County, Ind
Subscription includes following Supplements45
1915-1924
26,120 101.022
465- _Benton County, Ind
,Oi 1915-1924
27,580 101.021
BANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly) 465__Benton County, Ind
4
ji
1915-1924
27,020
RAILWAY EARNINGS(monthly)
101.021
705_ _Birmingham,Ala
ELECTRIC RAILWAY(3 times yearly)
5
40,000
STATK AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
465_ _Blackford County,Ind
434
12,600 101.138
465_ _Blackford County. Ind
4%
12,800 101.162
Terms of Advertising-Per Inch Space
627- _Blackford County, Ind
52,300 101.391
_ Blackford County,Ind
Transient matter per inch space(14 agate lines)
4% 1915-1924
$4 20 705_
3,200 101.25
539_ _Bloomington S. D., Ill
Two Months. (14 times)
4%
22 00 627_
a1923
90,000 101.085
4%
al920
Standing Business Cards Three Months (13 time
29 00 539._Boone County, Ind
1,440 100.347
Six Months
(26 times
1924
60 00 705_ _Boone Ind. S. DLst., Iowa
10,000
_Bradentown, Fla
Twelve Months(62 times
5 d1934-1944
87 00 627..
95,000
97.71
_
Brainerd,
Minn
CilicA00 °Mos-Geo.M.Shepherd,513 Monadnock Block;Tel.Harris
5
1934
75,000 104.033
on 4012. 627_ _Brainerd, Minn
1924
LONDON Ovince.--10dwards & Smith,1 Drapers' Gardens, E. C.
5
22,000 100
705.. _Branch Hill Spec. S. D., Ohio
5
a1932
17,000 101.067
539_ _Brookline, Mass
WILLIAM H. DANA COMPANY, Publishe
4
1915-1934
85,000 103.649
rs,
779 ..Butler Sch. Dist., Ohio
5
P.O. Box 958. Front. Pine and Depeyster Efts.,
5,200 100
New York,
465_ _Cabell County, Va
4% 1934-1944 100,000
97.802
779_ Calexico Un. II. S. Dist., Cal_ 6
50,000
627_ _Camden, N. J
4%
1939
75,000 100
705_ _Carroll County, Ind
MUNICIPAL BOND SALES IN FEBRUARY.
4%
a1920
30,000 100.816
779_ _Cass County, Ind
issues)
4X
12,680 100.354
The month just closed was one of continued activity in 539_ _ChampaignCo.S.D.(2No.169,
III. 5
a1921
14,500 100.482
779- _Charleston Mo.(2issues)
5
83,500 y102.035
the municipal bond market. Over four hundred bond issues 540_ _Chicago, ut
4
34,000 100
_Chicago,Ill
4
were sold, the aggregate amount placed being $34,606,894. 705_
58,000 100
779_ _Chicago,III
4
5,000 100
_Chillicothe, Ohio
However, only a few large blocks of bonds were offered in 705_
5
1924
21,300 104.112
705_ _Clarksburg, W. Va
5
d1924-1944 110,000 101.50
February, the largest being that of the State of Massachusetts 779__Clay County,
Ind
4%
a1920
7,600 101.012
780_ _Clay Township, Ind
43
14,300
on the 10th of the month, consisting of various issues of 4% 628_
_Cleveland, Ohio (10 issues)____ 4%
1939
570,000
104.30
land. Tenn
5
1929
bonds amounting to $6,325,000. In this case, as already 540.._Cleve
75,000
780._ _Clinton County,Ind. 12 iss.)-- 4X
al920
60.720 100.629
reported, there was a ready response to the request for bids, 780_ _Corcoran Sch. Dist., ali
f45,000
628.._Covington County, Miss
10,000
an offer as high as 104.93 being submitted for $3,000,000 628_ _Crawford,
Nob
5
d1924-1934
15.000 100
540_
_Creston,
5
worth of the bonds. The best tender for the entire lot of 706_ _CrookstonOhio
4,500 100
,Minn
1915-1924
6
13,669 100
780..
_Dallas;
Tex.
(4
issues)
bonds offered was 104.279-an income basis of about 780_ _Defiance,
44
1,325,000 101.08
Ohio
5
a1923
8,000 102.012
3.585%. Ignoring these high prices offered by responsible 540- _Denison, Iowa
5
65,000 102.545
780_ _East Fork Irr. Dist., Ore
6
71,400
90
bond brokers, the State Treasurer rejected all bids and an- 540_
_East Gary S. D., Ind
45
15,000
_Easton, Md
5
a1940
nounced that the bonds would be offered "over the counter" 628_
5,000 104.392
706.. _El Centro, Calif
50,000
_Elizabeth. N J
direct to the public at the highest bid received for the entire 629_
4%
1953
203,000 103.28
629_ _Ellensburg, Wash
5
1034
20,000 101.575
lot at the public sale. In doing this the Treasurer declared 540_ _Eugene, Ore.
(3 issues)
6
d1915-1924
43,950 100.76
780_ _Eugene, Ore
5
1939
100,000 103.15
he was keeping a campaign pledge. The demand for the 780_
...Excelsior, Minn
4
500 100
706_
_Fairfax
County,
5
1924-1947
bonds at popular subscription was good for the first couple 780....Fairmont, MinnVa
50,000 y101.53
4
10,000 100
of days they were on sale, but after this the bonds went very 629.._Fairport Sch. Dist., Ohio
5
a1920
4,000 100.175
780_ _Faribault Sch. Dist., Minn_ _ _ _ 4
12,000 100
slowly, and on Thursday (March 5) about 00,000 worth 629-Fayette County,
Ind
4%
12,500 100.92
780_ _Flathead Co. S. D. No. 11,Mont.6
d1929-1934
1,000 100
of the bonds still remained unsold.
466_ _Fort Pierce S. D., Fla
1929
6
75,000 101.356
540__Fort Wayne Sch. City, Ind
4
a1928
In addition to the $34,606,894 permanent bonds sold in 629_
150,000 101.01
_Franklin, Mass
4
1914-1938
75,000 103.87
February, our records show that $27,818,021 temporary 540_ _Franklin County,Ohio
5
a1921
51,000 102.67
706_ _Franklin County, Ohio
5
80,000 102.22
loans were negotiated, including $25,901,081 revenue bonds 706.._Franklin County,
Ohio
5
405,500 104.45
5
1918-1933
and bills and corporate stock notes issued by New York City. 706_ _Fredonia S. D.,Kan
15,000 1101.251103;80
706_
_Fulton
County,
Ind
Canadian loans placed last month amounted to $38,885,027. 780_ _Gallipolis,
4)1 1915-1924
5,360 100.658
Ohio
4.90
1944
85,000
This latter sum includes the £5,000,000 ($25,000,000) 629_ _Garland Levee Dist.,Ark
6
1915-1934 200,000 100
780_ _Gladbrook, Iowa
53-a 1924-1929
3,000 103
Dominion Government loan which, it was announced late in 629_
_Glendine, Mont
5
27,000 100.203
629-Grand
Rapids,
Mich.
issues)..
(2
44
a1918
the month, had been underwritten in London. The under- 541- _Grant County. Ind
180,000 y100.875
43.
2,500 101.243
writers offered the loan until March 4, but only 22% was 780--Greenfield Twp., Ohio
5
a1923
40,000 101.68
780_ _Grimes Co. Corn. S. D. No. 13,
applied for, and the bonds later ruled at a discount.
Texas
5
d1924•1954
6,000
466.._Haidon Heights, N. J
5
1944
30,000 102.77
In the following we furnish a comparison of all the various 629.
-Hamilton County, Tenn
5
1944
500,000
_Hamilton County, Tenn
forms of obligations put out in February of the last five years 629_
100,000
709_ _Hammond,La.(2 issues)
5
68,000 100
781_ -Hanford, Cal
1914.
5
80,000
1913.
1912.
1911.
1910.
781- _Harrison Twp.,Ind
1919
6
2,930
466_ _ Hartford,Ohio
a1921
6
15,500 102
Permanent loans (U. 8.)_34,606,894 27,657,087 29,230,161 22,153,148
629_
_Hartford
(N.E.S.D.)
, Conn_ _ _ 4%
1944
18,604,453
100,000 105.179
Temporary loans(U.S.)_*27,818,021*33,715,559 30,929,382 12,990,054
-Hartford Township,Ohio
5
a1922
20,000 100.615
22,721,845 629781_ _ Hebron, Ind
Canadian loans(perman't)38,885,027 13,926,838 2,854,803
7,250
5
903,846 1,472,233 706_ _Hendersonville, No. Caro
50,000
icks County, Ind
4j.
a1920
Total
11,320 100.883
101,309,942 75,299,484 63,014,346 36,047,048 42,798,531 781__Hendr
706 _Hendricks County, Ind
1915-1924
4
14,400 101.389
* Includes $25,901,081 temporary securities issued by New York City in February 706_ _ Ifendricics County, Ind
18,400 101.391
43. 1915-1924
706--Hendricks County, Ind
4)1 1915-1924
14,800 101.201
1014 and $30,174,091 in February 1913.
706_ _Hendricks County, Ind
1915-1924
4%
4,700 101.659
781_ _Henryetta Okla
1934
a
20,000 100
The number of municipalities placing long-term bonds and 781__Iferington,, Kan
d1934-1944
5
49,000 101.275
781....Herman, Mo
1917-1931
5
18,000
the number of separate issues made during February 1914 706_ _Hillsboro, Texas
d1929-1954
5
25,000 100
706_ _Horton, Kan
1934
were 380 and 449, respectively. This contrasts with 310 and 707_
5
15,000 Y102.177
_Houghton. Mich
1915-1919
5
15,000
454 for January 1914 and with 232 and 371 for February 1913. 629_ _Houston fights., Tex.(2 issues) 5
220,000 100
rd County, Ind
4% 1914-1923
15,600 101.165
For comparative purposes we add the following table, 467__Howa
541__Howard County, Ind.(4 issues)
36,900 101.452
629_ _Huntington Co., Ind.(2 issues) 4%
27,849 101.265
showing the output of long-term issues in this country for 629_
_Huntington Co., Ind.(3 issues) 4%
29,431 101.265
541_ _Huron, Ohio
February and the two months for a series of years:
1934
5
22,000 100.909
629_ _Huron, Ohio
5%
a1919
5,000 102.44
Month of
For the
707_
_Jackson,
Tenn.
issues)
Month of
(2
For
1934
5
the
60,000
100.083
February. Two Months.
707_
_Jackson
Township,
February. Two Months.
Ind
4
%
1915-1922
15,000
v101.80
1914
$34,606,894 $118,780,629 1902
$12,614,459 $23,530,304 781_ _Jackson Twp., Ohio
35,000 101.182
1913
27,657,087
58,070,758 1901
781..
_Jasper
County,
Ind
4,221,249
(2
issues)_
13,462,113
43-f
a1020
49,350 101.049
1912
27,657,087
54,495,910 1900
467_ _Jasper County,Ind
5,137,411
6
25,611,731 467_
7,895 100.823
1911
22,153,148 100,663,423 1899
7,038,318
5
13,114,275 467_ _Jasper County,Ind
63,027 100
1910
18,604,453
34,923,931 1898
_Jay
County,
Ind
9,308,489
4%
17,456,382
101.404
11,400.
1909
17,941,816
47,260,219 1897
12,676,477
4%
23,082,253 467_ _Jay County, Ind
4,000 101.275
1908
60,914,174
71,857,142 1896
541_ _Jefferson Parish, La.(2 issues)_ 5
4,423,520
10,931,241 630_
200,000
'100
1907
37,545,720
_Jefferson
47,705,866 1895
Twp.,
Ind
5,779,486
4%
16,111,587 630_ _Johnson
1924
22,800 102.57
1996
28,390,655
36,698,237 1894
County, Ind
11,966,122
4)1
19,038,389 630_
7,300 101.164
1905
9,310,631
_Johnson County, Ind
17,746,884 1893
5,071,600
434
10,510,177 781_ _Kansas
4,740 101.054
1904
7,951,321
31,795,122 1892
City,
Mo
7,761,931
6
14,113,931
1915-1934
111,659
1903
5,150,926
781_ _Kansas CitY. Mo
21,092,722
6
1915-1924
77,240{100
781-- Kansas City, Mo
6
1915-1934 330,260
In the following table we give a list of February loans to 541_ _Kansas City, Kan
431
99,000 100
707_ _Kearney, N J
208,000
434
1944
the amount of $34,606,894 issued by 380 municipalities. In 707_
_ Kearney, N J_
434 1915-1924 150,000 100.399
707
__Kearney,
N J
the case of each loan reference is made to the page in the 707....Kent
70,000
434
1939
County, Mich
5,000
"Chronicle" where an account of the sale is given.
781_ _King County., Wash
5
950,000 102.83
630_ _Kings River S. D., Cal
5
12,000 100.688

Silin"

MO CITY

DtPlinintli.

The Throvicte.




6

MAR. 7 1914.]

THE CHRONICLE

777

Rate. Maturity. Amount. Price.
Name.
Rate. Maturity. Amount. Price. Page. Warren County,
$8,200 101.231
Name.
434
Page.
Ind
d1924-1944 $35,000 101.934 469_ _
21,880 100.703
al920
4%
iss.)__
(3
Ind.
781--Kingwood Sch. Dist., W.Va__ 5
County,
_Warren
709_
65,000
1934
5
75.000 104.295
1915-1924
6
630_ _Kirkwood Sch. Dist.. Mo
Ind
County,
784 Warren
99.60
50,000
1934
5
1,400 100
Ore
Falls,
630..Klamath
H., Ohio
24,335 101.076 470.._Washington C. Twp.,
a1920
14,890 100.709
a1921
Ind
707_ _Knox County, Ind.(4 issues) 4%
431
S.
on
_Washingt
709_
6.915 100.659
105.191
a1920
25,000
44
707_ _Knox County. Ind.(2 issues) _ _ 4%
n19
470 Waterbury. Con
70,000 100
a1925
43
25,000 100.36
a1931
M
781.- Knoxville. Iowa
16,000 102.531 544_ Waterloo, N Y
a1930
5
26,
541_ -Ladystnith, Wis
No.
D.
S.
(T.)
rsing
709__Wawa
15.000 103.233
5%
a1922
55,000 100
4.40 a1930
707_ _Lakeville Sp. S. D. Ohio
N. Y
52,000 105.34
a1929
20,000 105.85
5
707_ _Lakewood City S. D., Ohio.. _ _ - 5
633_ Wayne Twp., Ind
40,000 102.5
a1937
6
12,000
1923-1953
5
Tex_
D.,
S.
Ind.
467..Lee County, Miss
Wellington
544_
100
200,000
100.698
5
Issues).
100,000
(2
Tex.
a1930
J
County,
Liberty
N.
434
707_ _
S. D.,
15,000 101.022 709_ Westfield
6
50,000 106.09
4
d1924-194
6
Va
W.
630_ _Lincoln County. Neb
County,
_Wetzell
709_
10,000
a1923
101.341
12,000
1915-1924
Ind
434
781__Lincoin Co. S. D.No.8, Wyo 6
County,
White
30,000 101.981 784_
5
a1927
8,112
6
630_ _Litchfield Twp.,Ohio
544_ _White County, Ind
9,000 100
5
190,000 103.06
a1937
D.,
Pa__
S.
City
434
re
781_ _Logan, Ohio
Wilkes-Bar
710_
30,000
5
707_ _Lohrville Ind. S. D., Ia
784_ _White Plains Un. Fr. S. D.
25,000 102.67
1934
5
22,500 105.31
1915-1931
5
No. 1, N. Y.(2 issues)
707- _Long Branch, N. J
10,000
4%
4,500 102.577
a1919
534
707_ _Los Angeles, Cal
784_ _Willoughby, Ohio
100.39
2,240,000
29,300 102.302
43
Calif
5
Ill
r,
Angeles,
781__Los
544 Wincheste
181,395
1915
150,000 100.65
1944
434
Conn
Windham,
541_ _Lucas County, Ohio(2 issues)__ 5
784_
102.114
46,500
5
50,000 100.78
5
a1916
630_ _Lucas County, Ohio
29,500 101.978 633_ Wood County, Ohio
5
{26.500 101.709
630_ _Lucas County, Ohio
31,900 101.804
5
9,000 101.212
a1919
5
hi
_ Wyandot County, Ohio
630_ _ Lucas County, Ohio
545_
101.802
44,800
5
13.500 101.174
630- _Lucas County. Ohio
37,500 101.887
5
44,500
Ohio
County,
5
630_ LUCAS
785__Wyandot County, Ohio (2 iss.)
100
5 d1934-1954 150,000 101.152
8.000 100
5 d1918-1953
785_ _Yorktown, Tex
630--McKinney,Tex.(2 issues)
30,500
5
500.000 y100
5
a1943
542_ _Madison. Ohio (2 issues)
1,880 100.625 545_ _Yuma County., Ariz
a1920
4%
Ind
1917-1941 250,000 108.844
5
wn,Ohio
781- _Madison County,
_Youngsto
710_
101.481
100,000
1944
5
5,000 100.386
1916
5
542_ - Madison Co., No. Caro
15,187 100.199 710.. _Youngstown,Ohio
5
2,000 100.4
1916
5
542,-Marion. Ohio
710_ _Youngstown,Ohio
2,000 100
5
6,650 101.269
5
1915-1919
n,Ohio
Youngstow
630_ _Marion. Ohio
710_
102.867
100,000
1944
5
5,800 101.27
5
1915-1919
n,
Ohio
Youngstow
782_ _Marion County, Ala
710_
4,700
1915-1924
45
6,860 101.269
5
1915-1919
630_ _Marion County,Ind
710--Youngstown,Ohio
27,500 y101
534
8,470 101.27
5
1915-1919
630-Marion County, Ohio
12,000 100.108 710-_Youngstown,Ohio
1934
5
707_ _Marion County, Fla
104.279
5,100,000
4
Total bond sales for February 1914 (383 municipali782_ _Massachusetts
30,000 100.03
5
k$34,606,894
ties, covering 449 separate issues)
631_ _Mercer County, Ohio(3 issues)_ 43
36,850 101.221
a1920
707_ _Miami County, Ind.
100
2,500
5
earlier
a Average date of maturity. d Subject to call in and after the
642_ _Middlefield, Ohio Wis
40,000
1 of tem542_ _Milwaukee County,
year and mature in the later year. k Not including $27,818,02
7,000
x Taken by
list.
the
in
belong
not
do
which
and
782__Minden, Iowa
reported,
loans
porary
115,000
5
631_ _Mineral Wells, Pox
sinking fund as an investment. y And other considerations.
141,831
4.65
542_ _Minneapolis. Minn
•1,200 100
1918
5
542_ _Minneota, Minn
REVISED TOTALS FOR PREVIOUS MONTHS.
542-Mississi pi County Dr. Dist.
1915-1933 225,000 100
6
No.21), Mo
g items included in our totals for previous
followin
The
5 d1934-1954 100,000
631__Mohave County,Ariz
be eliminated from the same. We give the
101.018
should
34,600
months
1915-1924
4
Ind
County,
631_ _Montgomery
12,200 101.202 page number of the issue of our paper in which the reason for
1915-1924
4
631_ _Montgomery County, Ind
5,500 101.016
1915-1924
4
631_ _Montgomery County, Ind
8,600 101
these eliminations may be found.
1915-1924
631__Montgomery Co., Ind.(2 iss.)_ 4
Amount.
28,400 100.31
4% 1918-1942
Name of Municipality.
631__Mt. Kisco, N. Y
Page.
$9,000
300,000
Wash.(December list)
Ind
S.
D.,
_Muncie
542707_ _King County S. D. No. 7,(January
100,000
102.04
list)
100,000
a1920
5
__Lauderdale County, Miss.
708_ _Muskingum County, Ohio
100,000
35,000 100.094 781
5
Ohio (October list)
County,
m
542_ _Nelson County, Va
Muskingu
708_
20,000 104.12
a1924
5
631-Newark S. D., Ohio
20,000 101.27
1944
5
467_ _New Bern, No.Caro
We have also learned of the following additional sales for
20,0001
1921
4
831_ _New Britain, Conn
months:
previous
35,000
1936
4
631_New Britain, Conn
14,000 101.456 Page.
Rate. Maturity. Amount. Price.
1938
4%
Name.
631__New Britain, Conn
100
50,000
1915-1919
4
Pass, Ark.(3 issues)__ 6 d1934-1954 $40,000
Conn
_Aransas
705_
Britain,
631__New
36.000 x100
50,000
1919
1914-1938
6
4
705_ _Bellefontaine, Ohio
631_New Britain, Conn
20,000 100
5,000 100.03
1915-1934
5
4.85 a1923
City, N C
_Elizabeth
706_
542_ _New Hartford, N.Y
117.000 102.19
3,000,000
1944
5
5
706_ _Fairview, N. J
631_ _New Orleans, La
125,000 103.93
20.000 100
1933
a1927
5
4%
780_ _Garden City, Kan.(July)
708_Newport, R. I
1,000 x100
19,500 100
6 d1919-1934
3 on or aft.'14
Neb
_Gering,
780_
782_ _New York City
104.49
99,000
50,000 100
1943
5
a1934
5
(October)
Va.
Park,
_Highland
468_ _Niles City S. D.,Ohio
25,000 104.084 781_
92,100 100
5&6
5
dates
1913)
(various
_Idaho
781_
631-Nokomis S. D. No. 42. Ill
29,100 100
112,000 100
4&5
Parish, La. (October) 5
782_ _North Dakota (10 issues)
70,645 102.729 707_ _Jefferson
4,000 100.675
6 d1924-1934
5
Jerome. Idaho
542_ _Norwood, Ohio(9 issues)
132,000 102.179 707_
47,443 100
1944
5
dates 1913)(various
Montana
782_
631_ _Ocean City, N.J
10,000 100.61
128,100 100
a1924
43's
4&5
Y
issues)
(7
N
rg,
Dakota
North
_Ogdensbu
708_
631_
361,500 100
400,000 99.50
1942
4%
434
Omaha,Neb
708_ _Omaha,Neb.(3 issues)
150,000 102.026 708_
13,500 101
1933
Beach Co.S.D.No.5,Fla 6
631_ _Ottawa County, Mich
100.035 782_ _Palm County,
250,000 100.10
10,500
4.80
Y
N.
(Oct.)
Bridge,
Tenn.
_Palatine
783__Polk
631_
100.70
72.924
7.410
a1920
------43
5
5-_
(Oct.)
Ind
County, Okla.
708_ _Parke County,
100
3,900 101.025 783 __Rogers
1934
5
_SanAntonloInd.S.D.,Tex.(Dec) 5 d1934-1954 300.000
468_ _Paulding, Ohio
15,000 100
60,604 100.166 783_
4.40 1919-1948
783_ _Vollmer Sch. D., Ida. (Sept.)__ 6 d1923-1933
631_ _Peekskill, N. Y
100.039
5,600
23,000
6
4.40
784_ _Worth County, Iowa
631_ _Peekskill, N. Y
631_ _Pelham (T.) First Fire Dist.,
7,750 104.012
a1921
6
All the above sales (except as indicated) are for January.
N. Y
103.071
35,000
4
5 d1924-193
543_ _Perry, Iowa
These additional January issues will make the total sales
100,000
708__Peyton Creek Irr. Dist., Tex
5 d1934-1954 275.000 102.14
(not including temporary loans) for that month $84,173,725.
543-_Phoenix, Ariz. (5 issues)
45,000 106.31
1934
543_ _Pima Co. S. D. No. 1, Ariz_ _ -- 53
Additional sales for 1913 make the revised total for the year
20.000
1917-1943
783_ _Pineville S.D.No. 1, No.Caro_ 6
8,000
1954
$403,241,768.
632_ _Plaquemines Parish La
103.929
445,000
4
543_ _Pittsfield, Mass.(3 issues)
5,000 100
a1918
44
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN FEB.
543.._Pittsford, N. Y
12,000
1924
5
Rate. Maturity. Amount. Price.
Name.
708_ _Port Arthur Ind. S. D., Tex
14,400 101.104 Page,
4% 1915-1924
1924 $2,400,000
434
632__Porter County,Ind
470_ Alberta, Province of
95.58
175,000
1939
4
15,373
1915-1929
5
Ore
Ont
land,
543__Port
785.. Anderson Township,
375,740 103.52
100,000
708__Portland, Ore
Man
,
Assiniboia
634_
102.02
100,000
1934
4
99.38
25,000
5
1915-1934
708_ _Portland Water Dist., Me
Ont
785_ _Berlin,
34,000
1923-1943
4
24,825 98.791
5
19154933
783_ _Pottstown, Pa
710.. 13arrie, Ont
95,000 101.60
5
13,198
1915-1934
5
543_ _Prescott S. D. No. 1, Ariz
Ont
,
Brampton
710_
102.50
15.000
1924
2,047 104.165
534 1915-1934
408__Princeton, Ind
710_ Brampton, Ont
380,000 101.25
1929
23,400
5
1915-1934
6
783__Pueblo, Colo.(6 issues)
34,700 101.219 710_ _Brampton, Ont
19,934
19154944
6
468__Putnam County, Ind.(3 iss.) 434 1915-1924 109,500
,
Ont
Brampton
710_
100.029
115,000 101.154
1934
5
632. Putnam County, Ohio (6 iss.) 5 d1919-1934
545.. Brantford, Ont
26,000 100
7,700
5
708_ _Rahway, N. J
634_ Brant Township, Ont
7,563 100
8,000
6
1915-1934
11
5
783_ _Rainier, Ore
Ont
Falls,
Burk's
545_
x100
11,816
30,000
4%
issues)
(2
,
Ohio
_Ravenna
783_
785_ Burlington, Ont
100,000 103.37
a1923
15,000
5
1934
6
543__Ray County, Mo
634_ Chaplea.0 Township, Ont
75,000 100
5,000
531
1944
6
543Reedley, Calif.(2 issues)
634_ _Chapleau Township, Ont
y102.273
26,000
(11921
39,000
5
Is
6
der,
708_.Rhinelan
785_ _Chilliwack, B. O
1,125,000 103.31
a1940
8,500
5
1915-1924
5
Ont
Twp.,
No.
r
708_ _Riverside County, Calif
_Colcheste
785_
102.842
22,000
1934
2,000 86.75
5%
543--Roseau County, Minn
545_ _Cut Knife, Sask
10,000
1944
5
30,000 86.05
1934
5
632- _Roseboro S. D. No. Caro
785_ Delta,B.0
28,620 101.49
25,000.000
4
Canada
of
Dominion
632- _Rush County, Ind.(5 issues)__ 4%
711
100.505
20,000
1924
60,000
434
632Rushville, Ind
634 _Edmonton S. D., Alta
26,900 101.47
20.000 98.13
434 1915-1924
1915-1934
5
632_ _ St. Joseph County, had
785._Fitzroy Township, Ont
275,000 100
a1934
4
15,000 100.60
1944
5
644_ _ San Diego, Cal
Ont
,
710._Galt
25,000
434
11,000
Ont
Twp.,
3...Scott Twp.Pa
North
_Gasfield
634
101.82
361,000
1916-1934
5
820,000
Wash
1934
1,
No.
434
709_ _Seattle S. D'.
634 _Hamilton, Ont
240,464 100
12,009 100
534
544_ _Shaker Heights, Ohio (19 issues) 5
Ont
_Hespeler,
545
35,000
100.857
1915-1923
5
4,000 100
5
783..Sheffield Sch. Dist., Iowa
545 _Hespeler,Ont
300,000 100
5
1915-1944 161,240 94
6
709_ _Smith County, Tex
634_ _Humboldt, Ont
18,000
5
15,000
544_ _Sonora Sch. Dist., Tex
Out
,
_Humboldt
634_
100
3,200
11,000
709__South Omaha, Neb
634_ _ Kildonan, Man
120,000 101.32
al934
5
11,955 104.03
634 1915-1924
783--South Pasadena, Calif
15,700 100.709 711_ _ Leamington, Ont
0 96.50
431
,00
_
550
Alta__
709_ -Spencer S. D., Ind
D.,
S.
Sep.
e
_Lethbridg
634_
5,600 100.571
6,000
5
511924
1
9
1
5
469-Summit County, Ohio
711_Listowel, Ont
75,000 102.57
462,500
534
1953
5
709_ _Sunnyvale. Cal. (2 issues)
Quo
uve,
_Maisonne
634_
100
10,000
10,370
5&6 1915-1929
632.._Tabor Supp. S. D.No. 11, N.C. 534
Ont
9,000 101.888 785_Maidstone Township,
12,765
6
434 1915-1929
544_ _Taylorsville, Ky
785_ _Malden Township, Ont
125,000 100.16
814,500
5
783_ _Terrell, Texas (2 issues)
Alta
Hat,
_Medicine
546_
100
77,387
53,500
5
6
932_ _Texas
65,000 100.421 635_ Medicine Hat, Alta
5,000 95
4% 1915-1924
1934
5
709_ _Tioga County, Pa
785_ _Milton, Ont
5,000 100.5
150,000
4% 1915-1924
1954
6
Que.
D.,
S.
709_ _Tioga County, Pa
Oath.
Montreal
785_
4,900
680,000
Sask
709_ _Tipton County, Ind.(2 issues)_ 434
Jaw,
45,0001 101.714 546_ Moose
1944
940,000
5
5
633__Tipton County, Tenn
785_ New Westminster, B. C
25,0001
1939
5
1915-1944 240,000 93.27
5
633_ _Tipton County, Tenn
786.. North Bay, Ont
75,000 99.66
150,000
434
S_
N.
Dist.,
469-_To1edo Ind. S. D.,Iowa
Sch.
635. Northwest
81,000 102.75
100,000
434 1915-1934
5
633_ _Troy, N.Y
786.. North Vancouver, B.0
34,900 100.29
a1916
5
Roman
633_ _Union County, Ohio
Grace
De
Dame
e
546__Notr
48,000 100.625
135.000
434 1918-1941
1944
6
Que
D.,
633_ _Union Twp., N. J
S
Catholic
200,000
1934
10,000
4
633__Utah
711_ Oak Bluff Cons. S. D.600.Man 5% 1915-1934 450,000
200,000
1934
5
633_ _Utah
635_ Ogilvie, N. S
200,000
1924
96.50
103,600
4
5
633_ _Utah
546.. Orilla, Ont
70,000 102.59
a1924
1933 "TN, 72,000
434
5
633__Utica, N. Y
Ont
20,000 100.675 635_ _Owen Sound,
a1920
28,000
1915-1929
5
Ont
709__Vanderburgh Co., Ind.(2 iss.)_ 434 d1924-195
,
Pembroke
786_
32,000
4
12,000
5
1934
6
709_ _Vernon, Tex.(2 issues)
Ont
20,300 100.492 546_ Point Edward,
1953-1982 1.907.500
5
709_ _Wabash County, Ind.(2 issues) 434
786 _Point Grey, B.0
4,620 101.19
434
469_ _Warren County. lnd




778

THE CHRONICLE

Page.
Name.
Rate. Maturity. Amount. Price.
546„Portage La Prairie, Man
5
1924&1934 $16,335
635__Port Moody,B.0
6
1915
10,000
711._ Quill Lake S. D.No.936, Sask. 6% 1915-1934
5,000 100
711__Rapid City,Man
5
1915-1934
4.000
786__Regina Sep. Sch. Dist.. Bask6
1944
45,000
786__Richmond, B. 0
431
1959
170,000
71L _Richmond Hill, Ont
53i
4,000
635- _Rochester Twp., Ont
6
1915-1929
10,000
786.. St Lambert, Que
53i
1944
480,000 97.50
786_ _St. Paul (Rur. Mun.),Man-.... 5
3.000
711__St. Boniface, Man
5
1934-1944 536,000
786....Sandwich, Ont
5
1915-1934
15,000
786_ _Sherbrook, Que
5
1943
175,000 98.50
635...Sherbrooke, Que
5
1944
60,000
786_ _Sandwich So. Twp., Ont
5
1915-1921
3,500
786_ _Selkirk, Man
6
47,970
471...Smith Falls, Ont
534
1915-1944
47,1491
471__Smith Falls, Ont
1915-1934
53
32,300 101.156
47L _Smith Falls, Ont
5
1915-1934
7,000
786__Streetsville, Ont
5
5.000
786_ _Sudbury Sep. S. D., Ont
6
40.000
711_ _Swan River, Man
1913-1932
6
4,000 89.50
635.. _Three Rivers, Que
5
125,000
786._ _Tilbury Twp., Ont
6
1915-1926
8,350
635_ _Transcona, Man
85.000
786.._Transcona, Man
6
1944
400,000
93.25
635__Transcona Sch. Dist., Man
34,000
635_ _Victoria, B. C
750,000
635_ _Walkerville. Ont
4% 1915-1934
29,016
92.624
786_ _Wallaceburg, Ont
6
1915-1929
5,600
786 __Wallaceburg, Ont
5
1915-1954 200,000
635_ _Westmount S. D., Que
5
1918-1954 100,000
786_ _Wallaceburg Sep. S. D., Ont__ _ 6
1915-1934
10,000
Total debentures sold in February
$38,885 027
ADDITIONAL SALES OF DEBENTURES FOR PREVIOU
S MONTHS.
785_ _Morinville,Alta
6
1933-1934
16,000 89
711_ _Rhein, Sask
8
1915-1924
2,000
91
711_ _Rivers, Man.(August)
6
8,000 83
785_ _Thibeault R.C.S. D.,Alta.__ 6% 1914-1933
1934
14,000 91.875

The above sales of debentures (except as indicated) took
place in January. These additional January issues
will
make the total sales for that month $13 313,681. The total
of debentures sold in 1913 was $161,544,083, accordin
g to
our records.

News Items.

[VOL. xcvm.

GRAND TOTALS OF REAL AND
PERSONAL PROPERTY
Manhattan.
Bronx.
Brooklyn.
Queens. Richmond. Totals.
$
$
1914 5,437,019,030 664,393,213 1,710,471,
995
494,601,90
6 83,669,328 8,390,155,475
1913 5,392,454,930 645,434,653 1,726,310,461
484,533,686 83,335,471 8,332,069,201
Inc
44,567,000 18,958,560
10,068,220
333,857
58,086,271
Dec
15,838,466

With the above figures as a
the tax rates for 1914
(given on the $.100 valuation) basis,
have
1913 and 1912 figures being given for been fixed as follows,.
comparison:
Manhattan
Bronx County
Brooklyn
Queens
Richmond

1914.
$1.78
1.77
1.84
1.80
1.90

1913.
$1.81
1.81
1.85
1.85
1.92

1912.
1.83.
1.87
1.84
1.92

Lawson Purdy, President of the Board of Tax
Commismissioners, has issued the following statement
concerning the
1914 values:

The assessment rolls show a net increase in the assessed
value of real and
personal property of $58,086.271. With the
exception of 1912, this is the
smallest increase since consolidat
ion.
The
increase
in
the
assessed value.
of ordinary real estate is 371,547,000, which is a
reduction since the books
were open for exemptions and on account of reduction
s by the Commissioners of nearly $100,000,000.
The most notable reductions made
the Commissioners were in those
sections of Manhattan where valuesby
have been declining. The block
bounded by 5th and 6th avenues and 23d
and 22d streets was reduced'
$3,269.000. Sixth Ave. from 14th St. to 23d
St. was reduced about $2,000,000. Broadway from Houston to 14th
St. was reduced $3,700,000.
Union Square, Broadway and 5th Ave. and adjacent
from 14th.
to 23d streets was reduced nearly $9,000,000. Ilarlem,property
north of 125th St.,
was reduced about $5,000,000. The assessment of special
franchises
was
decreased below the assessment for 1913 by $34,441,000. The assessmen
t
of personal estate was increased $14,874,220.

New York State.-Former State Treasurer Kennedy's Accounts Found Correct.-The accounts of the late John J.
Kennedy, State Treasurer, were found to
entirely correct.
through an exhaustive examination by the be
State Department
of Efficiency and Economy, which was complet
Feb. 28.
All the money received and expended by Mr.ed
Kennedy was
checked up,and, with the cash on hand,
The examination included a searchingbalanced to a penny.
into State
funds deposited with various banks by inquiry
Mr. Kennedy.
Nebraska.-Court-House Tax Law Declared Void.
-A special telegram from Lincoln to an Omaha newspaper says
that
the State Supreme Court on Feb. 27 declared
unconstitutional an Act passed by the last Legislature providin
that
upon a petition of 51% of the voters a county board cangmake
a levy for the building of a court house.
The case came up from Burt County, where
County
Board had made a levy for a $100,000 court housethe
certain/
taxpayers went into court to secure an injunctiand
on against
the Board making the levy.
The lower court refused the injunction and the case was.
appealed.

Burt County, Neb.-Tax Levy for Court House Void.See subsequent item under head of "Nebraska."
Denver, Colo.-Suit to Enjoin Moffat Tunnel Bonds Dismissed by District Court.-The application of Daniel A. Lord,
a resident tax-payer, for an injunction to prevent the issuance of the $3,000,000 Moffat Tunnel bonds voted Feb.
17
(V. 98, p. 704), was denied by Judge George W. Allen of the
District Court. It has been announced by Mr. Lord's
attorney that the case will be taken immediately to the
Supreme Court.
Mount Morris, N. Y.-Voters Defeat Plan to Purchase
Water-Works.-On Feb. 24 the voters defeated a plan to
Newark, N. J.-Market Bonds Sustained by Supreme Court.
purchase the Mills Water-Works for $44,000.
New York City.-Assessed Values and Tax Rates for 1914. -The New Jersey Supreme Court (Justices Minturn and
-The Board of Tax Commissioners on March 2 forwarded Trenchard sitting) on March 5 denied the application of
to the Board of Aldermen for their approval the assessment Fort & Fort, acting for John Armitage, for.a writ to review
rolls of real and personal property for 1914. The total as- the sale of the $700,000 market bonds. The reasons given
sessed valuation for the five boroughs is .,390,155,472, of for denying the writ are the same as those previously stated
which ,049,859,912 consists of real estate (including real by Justice Gummere (see V. 98, p. 538). While the Court
estate of corporations and special franchise assessments) refused to put in question the validity of the bond issue, it
and $340,295,560 of personal property. There is an increase did allow a writ of certiorari to review the action of the Comof $43,212,051 in the real estate values, while personal mon Council in awarding the contract for the construction
property is assessed at $14,874,222 more than last year. The of the market, which writ automatically acts as a stay on the
construction work. We understand that there is no appeal
1913 real estate values showed an increase of $144,748,971
and the personal a decrease of $17,542,200 over 1912. The from the decision of the Court refusing the writ to review
following table presents by boroughs the assessment of each the issuance of the bonds,so that no further attack upon them
is likely.
separate class of property for this year and 1913:
Boroughs.

REAL ESTATE.
1914.

1913.

Inc. or Dec.
Ordinary real estate__$4,774,277,780 $4,742,730,906 Inc.
$31,546,874
Manhattan, Corporate real estate__
92,778,886
86,536,766 Inc. 6,242,120
,Special franchises
282,194,094
297,674,923 Dec. 15,480,829
'Ordinary real estate
589,396,955
572,808,163 Inc. 16,588,792
Bronx ____, Corporate real estate....
43,087,300
42,790,805 Inc.
296,495
Special franchises
26,147,758
24,741,625 Inc. 1,406,133
Ordinary real estate
1,571,486,932 1,559,094,532 Inc. 12,392,400
Brooklyn__, Corporate real estate...
21,427,360
22,478,210 Dec. 1,050,850
Special franchises
78,261,638
98,440,849 Dec. 20,179,211
Ordinary real estate... 448,688,477
438,250,327 Inc. 10,436,150
Queens __. Corporate real estate
26,554,240
26,113,985 Inc.
440,255
Special franchises
15,446,039
15,428,524 Inc.
17,515
Ordinary real estate76,936,481
76,353,176 Inc.
583,305
Richmond., Corporate real estate
2,807,190
2,629,410 Inc.
177,780
Special franchises
2,370,782
2,575,660 Dec.
204,878
Manhattan.
Bronx.
Brooklyn.
Queens.
Richmond,
Totals,
1914 5,149,250,760 658,632,013 1,671,175.930488,686,756 82,114,453
8,049,859,
912
1913 5,126,942,595 640,340,593 1,680,013,591 477,792,836 81,558,246
8,006,647,861
Inc22,308,165 18,291,420
10,893,920
556,207
43,212,051
Dec
8,837,661
PERSONAL PROPERTY.
Ordinary Personal of -Corporation--- -Non-Res.Persona
Boroughs- Personal.
Estates.
Resident.
Non-lies. Ordinary. Saxe Law
Manhattan$
$
1914
109,589,870 29,606,400 100,111,100 26,413,300 18,570,000
1913
101,739.335 23,634,500 90,576,300 29,637,900 16,339,800 3,477,600
3,584,500
Bronx1914
2,488,300
997,300
2,158,000
117,600
I" 1913
2,349,325
909,335
1,742,400
93,000
Brooklyn6. 1914
23,199,475 6,794,990 8,577,600
689,000
35,000
1913
30,582,355 6,743,315 8,215,400
710,800
45,000
Queens1914
3,372,100
783,750
1,829,300
150,000
1913
4.391,400
744,250
1,479,200
126,000
Richmond1914
718,300
412,575
364,000
60,000
844,750
1913
531,475
336,000
65,000
Total 1914..
38,575.015 112,840,000 27,429,900 18,570,000
Total 1913_139,907,165 32,562,875 102,349,300 30,832,700 16,339,800 3,512,600
3,629,500
Increase..
6,012,140 10,493,600
2,230,200
Decrease.. _ _
539.120
3,202,800
116,900
Manhattan.
Bronx.
Brooklyn.
Queens. Richmond.
Total.
1914... _$287,768,270 $5,761,200 $39,296,065 $5,915,150 $1,554,875 $340,295,5
60
1913... 265,512,335 5,094,080 46,296,870 6,740,850 1;777,225 325,421,34
0
Decrease,
7,000,805
825,700
222,350
Increase 22,255,935
667,140
14,874,220




Bond Proposals and Negotiations this week
have been as follows:
ALAMEDA COUNTY (P. 0. Oakland), Calif.-BIDS.
following
are the other bids received for the $200,000 4% State -The
highway bonds
awarded on Feb. 24 to N. W.Halsey & Co. of San Francisco at 96.751
and
interest (V. 98. p. 705):
The Anglo & London-Paris National Bank, San Fran.-$191,540 and int.
Byrne & McDonnell San Francisco-3191,000 and interest.
Denom. $1 000.bate July 3 1911. Int. J. & J. Due on July 3 as
follows: $11,000 1924, $25,000 1927 and $164,000 1929.
ALAMO, Wheeler County, Ga.-BOND SALE.-The Wheeler County'
Bank of Alamo has purchased $2,500 water-works and $7.500 school 6%
20-year bonds. Denom.$500. Date Mar. 1 1914. Int. J. & J.
ALBANY, Shackelford County, Tex.-BOND OFFERING.-This cityIs offering for sale $16,000 5'7
0 10-40-yr. (opt.) water-works bonds (V. 98.
p. 705). Denom. $500. Date Oct. 25 1913. Int. ann. on Oct.
25.
ID. Diller is Mayor.
ALBION, Orleans County, N. Y.-BOND OFFERING.-Further details are at hand relative to the offering on March 9 of the $32,000 reg. coup.
additional State highway bonds at not exceeding 5% int. (V. 98,
705).
Proposals for these bonds will be received until 7:30 p. m. on thatp.
day by
Henry W. Fox, VII. Treas. Denom. 31,000. Int. annually on Aug.
10.
at Citizens' Nat. Bank, Albion, in N. Y. exchange. Due $4,000 yearly
on
Aug. 10 from 1915 to 1922 incl. Cert. check (or cash) for 5% of
payable to VII. Treas.,required. Bonds to be delivered and paicl for bonds,
within,
10 days from date of sale. Purchaser to pay cost of printing bonds and
his
attorney's fees.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-BIDS.-The otherbids received for the $500,000 30-year road, $550,000 30-yr. bridge
$135,000 20-yr. poor 43(% coup. tax-free bonds awarded on Feb. 27and
to.
the Mellon Nat.Bank of Pittsburgh at 102.611 and int.(V.98, p.705) were:
Colonial Trust Co., Pittsburgh
102.37 and int.
Union Trust Co., Pittsburgh
102.27 and int.
Harris, Forbes & Co., New York
101.882 and int.
Wm A Read & Co., Philadelphia
101.28 and int.
Carstairs & Brown,Phila.jPoor bonds
101.52 and IntP
1Road bonds
and int..
Meikleham & Dinsmore, with offices at New York, 101.9235
Phila. and
Pittsburgh. are offering bonds of this issue at 103.50 andBoston,
report
interest
and
satisfactory sales. They call attention to the fact that the assessed valuation of Allegheny County is greater than that of 36 of the States and Territories of the United States combined, and is one-fifth
the total valuation
of the State of Pennsylvanii. If Allegheny Countyof
were a State, they
point out, its assessed valuation would make it rank thirteenth
among the
United States.
ALLIANCE, Stark County, Ohio.-BOND SALE.-The following
bids were received for the four issues of 5% bonds offered on Feb. 27"
(V. 98. P. 465):

MAR. 7 1914.1

THE CHRONICLE

779

incurred by the loss
754). These bonds were issued to pay debtsCo.
Bank of Butler.
$3,000 $1,469 19 (V. 97, P.caused
$50,000
$75,000
through the failure, of the Richland
fluids
of
SanitaryStreetCityPublic, La.-DESCRIPTION
Sewer
CALCASIEU PARISH (P. 0. Lake Charles)
Building. Hospital Imprort.
to the Calawarded
bonds
Bonds.
OF BONDS.-The $900,000 57 road and bridge Tr. & Say. Bank of Lake
Bonds.
Bonds.
Bonds.
80
casieu Tr. & Say. Bank and the Lake Charles
and
$1,000
of
tion
C.E. Denison & Co., Cleve__480,468 60 $53,416 30 $3,161
the
denomina
in
are
85)
on Dec. 20 (V. 98, p.
New First Nat. Bank,Colum__ 79,882 50 53,055 00 3,000 00 $1.469 19 Charles
1 at Continental & Commercial
bear date of Feb. 1 1914. Int. ann.on Feb.Bank,
79,717 50 52,920 00
Due serially on
Y.
N.
Stacy & Braun, Toledo
Nat.
First
or
Chicago,
Bank,
Tr. & Says.
as to principal.
Weil, Roth & Co., Cincinnati__ 79,575 00 52,890 00 3,120 00
Feb. 1 from 1923 to 1939. These bonds are registerable
Sidney Spitzer & Co., Toledo__ 79.522 50 52.805 00
T, Imperial County,
CO UNION HIGH SCHOOL DISTRIC
CALEXI
Breed, Elliott & Harrison1
bonds (V. 98, p.
school
6%
Cal.-BOND SALE.-On Feb. 16 the $50,000
Prov. Say. Bk.& Tr. Co.fein- 79,440 00 52,770 00 3,093 00
& Co. of Denver. Denom. $500
539) were awarded to Wilson, Cranmer
.Seasongood & Mayer, Cincin_l
D.
&
00
J.
Int.
3,100
and $1,000. Date Dec. 1 1913.
Hayden, Miller & Co., Cleve_ f 79,027 50 52,460 00
00
, N. J.-BOND OFFERING.
Davies-Bertram Co., Cincin.._ 78,605 00 52,200 00 3,076
CAMDEN COUNTY (P. 0. Camden)
a. m. Mar.9 by the Finance Corn. of the
Spitzer, Rorick & Co., Toledo_ 78,587 50 52,222 50 3,100 50
Proposals will be received until 11Gomersal
%
, for $65,000
l,
Chairman
78,562 50 52,215 00
H.
Geo.
Otis & Co., Cleveland
rs,
Freeholde
of
69 Board
Denom. $1,000. Date Mar. 1
'Tillotson & Wolcott Co., Clev_ 78,075 00 51.950 00 3,003 00 1,470
coup. or reg. road-constr. bonds.
30-yr.
check
Cert.
City.
N.Y.
&
Co.,
Tr.
•Hoehler, Cummings & Prudden.
1914. Int. M.& S.at the U.S. Mtge.
52,727 00
bid for, payable to County Collector.
Toledo
on a national bank for 5% of bonds
3,075 00
April 8. PurBonds to be delivered and paid for on or before
'City S. Bk.& Tr. Co.,Alliance.
required.
e
Bids to be made on blanks furnished by the
0. Andrews), Cheroke
chaser to pay accrued interest.
ANDREWS SCHOOL DISTRICT (P.Feb.
the U. S. Mtge.
by
ss
to
as
genuinene
5%
be
certified
will
$15,000
the
28
bonds
These
-On
SALE.
Board.
County, No. Caro.-BOND
to R. M. Grant & Co. & Tr. Co. of N. Y. City. Bonded debt, $1,210,900. Assess. val. 1913.
30-year building bonds (V. 98, p. 406) were awarded
$2,567,863. Total as equal'of Chicago for $15,575-equal to 103.833. Other bids were: $15,570 00 $86,215,058. Second-class railroad property,
ized, $88,596,335.
Bolger, Messer & Willaman, Chicago
5
15,567
bids reHanchett Bond Co., Chicago
CARLISLE, Nicholas County, Ky.-BIDS REJECTED.-All
15,383 00
(opt.) water bonds (V. 98.
Cutter, May & Co., Chicago
59 ceived on Mar. 2 for the 830.000 5% 5-20-yearfurther
15,352
bonds
the
that
state
Powell, Gerard & Co., Chicago
15,281 00 p.627) were rejected, it is stated. The reports
Sidney Spitzer & Co., Toledo
15,156 50 will be re-offered in a different form.
Chicago
&
Co.,
.John Nuveen
15,152 00
CARROLL COUNTY (P. 0. Carrollton), Ohio.-BOND OFFERING.
Farson, Son & Co., Chicago
15,151 00 Newspaper reports state that proposals will be received until 12 m. Mar.
H. C. Coffin & Co., Chicago
50
15,115
14 by D. S. Stoody, Co. Aud., for 315.000 5% 5k-yr. (aver.) highway
Hoehler, Cummings & Prudden, Toledo
15,100 00 bonds. Cert. check for 5.7
0 required.
0. N. Malone & Co., Asheville
00
15,065
-On
CASS COUNTY (P. 0. Logansport), Ind.-BOND SALE.
J. R. Sutherlin & Co., Kansas City
15,025 00
0.6% gravel-road bonds, aggregating $12,680
of
issues
two
the
23
Chicago
Feb.
Co.,
H.0. Speer & Sons
00
15,013
for
lis
Indianapo
of
Co.
&
Wild
J.
F.
to
were awarded
Weil, Roth & Co., Cincinnati
15,011 00 (V. 98, p. 627),
$12,725-equal to 100.354. Int. M. & N.
Spitzer, Rorick & Co., Toledo 1 1914. Int. J. & J.
0.
(P.
Jan.
CT
Date
DISTRI
SCHOOL
Denom. $1,000.
CEDAR RAPIDS INDEPENDENT
BOND SALE.-The State of Cedar
Rapids), Iowa.-BONDS OFFERED BY BANKERS.-The ContiAPPLETON, Swift County Minn.and $8,000 4%
$10,000
$70,000
the
to
investors
February
offering
is
during
of
Chicago
Co.
al
Tr.
par
at
d
Commerci
nental &
Minnesota purchase
& S.
ro• 251)•
0 school bonds. Denom. $1,000. Date Mar. 2 1914. Int. M.
4347
20-year municipal bonds voted July 15 (V. 97,
), Wis.-BOND OFFERING.- Due Mar. 1 1924. Total bonded debt,$385.000. Assess. val.i 1913, $8.ASHLAND COUNTY (P. 0. Ashland.
Yankee,
R.
Theo.
60.
by
p. m. Mar. 23
470,465; real value, $33,881,8
Proposals will be received until 2
issue of $125,000) 5% coup. court-house
CELINA, Ohio.-BOND OFFERING.-Proposals will be received unti
•County Clerk, for $75,000 (of an A.
& 0.at Cont.& Comm.Trust & Says. 12 m. March 17, it is stated, by B. H. Gilberg, Vii. Clerk, for $80,000 5%
bonds. Date Apr. 1 1914. Int.
incl.
1919
1 from 1915 to
(ser.) sewer bonds. Int. ann. Cert. cheek for $1.000 required.
Bank, Chicago. Due $5,000 yearly on Apr.
20-39-yr.
1924 incl. Cert. check for 3%
-On
and $10,000 yearly on Apr. 1 from 1920 torequired.
Mississippi County, Mo.-BOND SALE.
CHARLESTON
were awarded to Kissel,
of bonds bid for. payable to County Clerk,
Feb. 26 the following 5% bonds (V. 98, p. 628)) and
r
6%
Purchase
-The
$5,000
SALE.
OND
interest.
Neb.-B
County,
(102.035
ATKINSON, Holt
Co. of Chicago for $85,200
on Feb. 15 (V. 98, p. Kinnicutt &
.5-20-year (opt.) water-system-constr. bonds offered
:
their to furnish blank bonds.
to
Marchwil
subject
on
follows
Chicago,
of
as
Co.
&
Due
Kinnicutt
Kissel,
to
bonds.
sold
been
have
lation
320)
$47,500 water-system-instal
$2,000 in 1922 and 1923.
approval.
$3,500 in 1919. $1,500 in 1920 and 1921, in
1928 and 1929.
1927,
until
$3,000
be
received
will
1926,
and
ls
1925
G.
-Proposa
1924,
ND
in
OFFERIN
$2,500
AUGUSTA, Ga.-BO
4 %
n 1930 and 1931. $4,000 in 1932, 34.500 in 1933 and $5.000
fg,.$24i.
1 p. m. Mar. 17 by Wm.L. Martin,Clerk of Council,for the $250,000
$1,000.
.30-year coupon flood-protection bonds, 1912. Denomination
Due as follows on March 1:
bonds
of
2%
for
check
Certified
36,000 sewer-system-installation bonds.
Date Nov. 1 1912. Interest M. & N.
1923 and 1924.
Bids must
33,500i 1919.4;1,000in 1920,$1,5001n 1921. 1922.
bid for, payable to the "City Council of Augusta," is required.
in 1928,1929, 1930 and 1931.
debe
$2,500
to
and
Bonds
1927,
1926
Clerk.
above
1925.
the
by
in
32,000
furnished
forms
be made on blank
1934.
in
The
$3,500
bid.
and
of
e
1933
and
$3,000 in 1932
livered and paid for within 10 days after notice of acceptanc e. Palmer &
Other bids were:
20
14
02
purchaser will be furnished an opinion by Storey, Thorndik
The Clerk of the Chelsey, Parsons Co., Des Moines
Dodge of Boston favorable to the legality of the bonds.
validity,
their
to
Nuveen & Co., Chicago
John
Superior Court of Richmond County will also certifytoasthe
ss of A. G. Edwards & Sons, St. Louis
'The U. S. Mtge. & Trust Co. of N. Y. will certify asan issuegenuinene
83,758 85
of $1,000,000. E. R. Rolwing
the bonds. These securities are the remaining part of
83.725 00
Little & Hays Investment Co., St. Louis
of which $750,000 has already been disposed of(V.97, P. 1605).
D.-This city is contem-On Feb. 17 the two
CHARLESTON, W. Va.-BONDS PROPOSE
marketBAKER, Baker County, Ore.-BOND SALE.
$65,000
,
sewerage
and
ng $98,851 (V• 98, P• 465). plating the issuance of $450,000 paving
'issues of 5% 20-year water bonds, aggregati
'River bridge bonds,
at 102.38 and interest.
!muse; $30.000 public-library and $340,000 Kanawha
were awarded to E. H. Rollins & Sons of Denver
VOTED.-According to re- it is stated.
BATH, Steuben County, N. Y.-BONDS
ELECTION.-An
light-plant bonds carried
CHARLOTTE, Monroe County, N. Y.-BOND
ports, the proposition to issue $50.000 municipal 95.
submit to a vote the
election will be held March 17. reports state, to
at the election held March 3 by a vote of 332 to
812,000 village-hall and lock-up.
bonds:
following
the
issuing
the
of
3
Mar.
-On
questions
SALE.
-BOND
J.
to
N.
BAYONNE, Hudson County,
n, $10,300 sewer-constructon and $35,000
coup. or reg. school No. 2 bonds(V. 98, P. 539) $3,000 water-mains-extensio
paving (assessment).
$107,000 4 % 20-yr. gold
advance money to contractors on Beach Ave.
of
question
were awarded to Kean, Taylor & Co. of N. Y. at 102.418.
-The
VOTED.
-BONDS
Iowa.
S OFFERED BY
CHELSEA, Tama County,
BELLI1GHAM, Whatcom County, Wash.-BOND
ks bonds carried, at the election held
of Seattle are offering to investors Issuing $15,000 5% 1-15-yr. water-worWe
these bonds will
that
advised
are
BANKERS.-Carstens & Earles, Inc.,
14.
to
of
97
vote
a
by
Nov. 10 1913
bonds:
the following 7% coupon tax-free paving
(est.) March 2 1914. Due $3,500 be offered for sale this month.
435,000 District No. 315 bonds. Date
R.-Of the $1,880,000
CHICAGO, Ill.-BOND SALES OVER COUNTE
yearly March 2 from 1915 to 1924, inclusive.
"over the
being offered at par and interest accor
20,000 District No. 347 bonds. Date (est.) April. 1 1914. Due $2,000 4% gold general corporate bonds
Feb. 28.
including
and
to
up
sold
been
had
inclusive
00
1
1924,
to
from
April
$1,063,0
1915
yearly
counter,"
our
since
sold
$5,000
of
$1,200
Due
a
total
makes
1914.
This
to newspaper reports.
6,000 District No.341 bonds. Date (est.) March 10
yearly March 10 from 1915 to 1919, inclusive.
report-41,6(V. 98, p. 705).
$700
Due
city
this
1914.
that
1
May
state
(est.)
s
Date
bonds.
No.
-Report
344
7,000 District
CHICOPEE, Mass.-BONDS PROPOSED.
nal-system bonds. Deyearly May 1 from 1915 to 1924, inclusive.
Is contemplating the issuance of 37,200 police-sig
and
1916
and
1915
1
May
$3,000
Due
1
1914.
May
Denom. $100. Interest annual.
nom. $1,000. Date
March 6 $1,200
May 1 1917.
BELMONT, Middlesex County, Mass.-BOND SALE.-On
it is
Livingawarded,
were
the)
.
bonds
Chillico
water-ext
0.
tax-free
(P.
CT
coupon
44
the $17.000
CHILLICOTHE SCHOOL DISTRI
received until
Denom. $500. Date
stated, to R. L. Day & Co. of Boston at 107.519.
Mo.-BOND OFFERING.-Proposals will be n,
Boston. Due $1,000 ston County,10
for $35,000
April 11913. Int. M.& S. at the Beacon Trust Co.,
by W. S. Keath, Secy. Board of Educatio
March
m.
12
1
from
1918
April
election held
yearly
the
at
$500
and
280
incl.
to
672
of
1917
vote
yearly April 1 from 1914 to
5% building bonds. Authority April
1 1914. Int. A. & 0. Due $2,000
$500. Date
to 1943 incl.
Denom.
16.
Feb.
NO. 1 (P. 0. Beloit), Rock April 1 1916 and $3,000 yearly thereafter. Certified check for $500 reBELOIT UNION SCHOOL DISTRICT
Feb. 21 the $32,000 5% school bonds quired.
-County, Wis.-BOND SALE.-On
Kissel, Kinnicutt & Co. of
to
Cincinnati), Ohio.
state,
reports
awarded,
(V. 98, p. 539) were
CINCINNATI SCHOOL DISTRICT (P. 0.
until 4p.m. March 23 by
Chicago for $33,126. equal to 103.518.
BOND OFFERING.-Proposals will be received
20-year cou4(%
$100.000
for
n,
Educatio
of
t
County,
Board
n,
Clerk
Somerse
Berlin),
Grautma
bonds. Denom. $1,000. Date
BERLIN SCHOOL DISTRICT (P. 0.to issue $20,000 school bonds Wm.
pon school-site-purchase--and-improvementAmerican
Exchange Nat. Bank;
Pa.-BONDS VOTED.-The proposition Mar.
2.
'day of sale.' Int. semi-annually at thebid for, payable to the Board a
•carried, reports state, at the election held
bonds
of
5%
for
check
N. Y. Certified
the Atlas Nat. Bank
to
OF
IPTION
awarded
, Tex.-DESCR
Education, required. These bonds were
98,
BEXAR COUNTY (P. 0. San Antonio)
road, $125,000 20-40-year(opt.) of Cincinnati as 4.6s on Feb. 9, but the sale was not consummated (V.
,BONDS.-The $550,000 20-40-year (opt.)
(opt.
-40-year
10
$75,000
bridge,
hospital, $200,000 10-40-year (opt.)(opt.) poor-house 5% gold coupon p. 705).
-BOND OFFERING.
-court-house and $50.000 10-40-year
CLAREMONT COUNTY (P. 0. Batavia), Ohio.
syndicate composed of William
until 12 m.March 19 by
bonds, awarded on Jan. 15 to a Chicago
al Trust & Savings Bank, -According to reports, proposals will be received
highway bonds.
(aver.)
ar
R. Compton Co., Continental & Commerci
53.6-ye
55'
850.000
for
Aud
for
&
Co.,
W. 11. Atkin, Co.
and A. B. Leach
N. W. Halsey & Co., E. II. Rollins & Sons
are in the denom. of $1,000 and Int.semi-ann. Cert. check for 2% required.
$1,010,090 75 and int. (V. 98, p. 465),the
Y.
Nat.
N.
Bank,
IPTION OF
Seaboard
dated Dec. 10 1913. Int. A. & 0. at
CLARKSVILLE, Johnson County, Ark.-DESCR
March 29 1913 to
-LOAN OFFERED BY BONDS.-The three issues of 6% bonds awarded ondescribed
as follows:
BROOKLINE, Norfolk County, Mass.
are
1110)
are offering to investors at ax- Lesser-Goldman Co. of St. Louis (V. 96, p.
Due on Jan. 1 as follows:
BANKERS.-Blake Bros. & Co. of Boston
in anticipation of revenue, duo $20,000 Electric-Light District No. 2 bonds. 31.000
from 1920 to
yearly
free temporary loan of $200,000 issuedNov.
incl.;
to
1919.
from
1914
yearly
1914.
$5,000,
Denoms.
$500
5
1933. incl.
$100,000 Nov. 3 1914 and $100,000
1927, incl., and $1500 yearly from 1928 to
Due on Jan. 1 as follows:
$10.000, $15,000 and $25,000.
25,000 Water-Works District No. 3 bonds.
S
1917 to 1923, incl.;
from
Tex.
-BOND
VOTED.
yearly
s),
Falfurria
0.
$1,000
and
1915
(P.
1916;
1914.
$500
BROOKS COUNTY
$2.000 1931, 1932 and 1933.
$1,500 yearly from 1924 to 1930,incl.;Jan.
The questions of issuing the $68,000 court-house and $34,000 road bonds
1 as follows: $500 yearly
on
(V. 98, p. 407) carried, reports state, at the election held Feb. 14.
20,000 Sewer District No.4 bonds. Due
incl.. and
from 1914 to 1919, incl.; $1,000 yearly from 1920 to 1927.
the month of February the
BUFFALO, N. Y.-BOND SALES.-During
31.500 yearly from 1928 to 1933, incl.
ng $52,940 20, were purchased
the Mercantile Trust
at
J.
&
J.
following three issues of 4% bonds, aggregati
Int.
April
11913.
Date
$500.
Denom.
funds:
now offering these bonds
at par by the Comptroller, for the various sinking
Co., St. Louis. Whitaker & Co. of St. Louis are
• Due.
Date.
Purpose.
Amount.
Sundry DepartmentsFeb. 2 1914 July 1 1914 to investors.
839,071 50 Deficiencies,
Ore.-BOND SALE.-On
Engineering_ }Feb. 15 1914 Feb. 15 1915
CLATSOP COUNTY (P. 0. Astoria),
9,868 701Work acct. Bureau Streets
(V. 98. p. 628) were awarded.
1Work acct. Bureau
Mar. 2 the $400,000 5% 20-yr. road bonds
1914
_
and Yard, Otis & Taylor
1
_
July
Co.
10
nt_
1914
_Feb.
reports state. jointly to Chapman, Mills &
4,000 00 Deficiency, Law Departme
d
have been passed providing for the of Chicago. These bonds take the place of the 3399.200 issue advertise
BONDS AUTHORIZED.-Ordinanceswater-system
464.
p.
and $250,- to be sold Fcb. 18. See V. 98,
Issuance of $275,000 and $62,000 25-yr. engine-houserefunding
No. 6 and waterFla.-BOND OFFER000 5-yr. venturi meter. valve-house,
CLAY COUNTY (P. 0. Green Cove Springs), until March 9 by D.
& 0. at
bureau store-house 454% bonds. Date April 1 1914. Int. A.
/NO.-Reports state that proposals will,be received
% semi-ann.
$150,000
the
for
Commrs.
office of City Compt. or at Hanover Nat. Bank, N. Y. City.
Co.
of
Bd.
for Dunham, Chairman
bonds voted Dec.9(V.98.P.540.)
BONDS PROPOSED.-An ordinance has been introduced providing
proceedings 40-year road
received
bids
the issuance of $101,815 77 4% grade-crossing-damage
Int. A. & 0. at City Compt.
CLAY COUNTY (P.O. Brasil), Ind.-BIDS.-The other
on
(city's portion) bonds. Date April 1 1914.
1 1934. This for the $7,600 43i% 6-year (average) road-improvement bonds awarded
Int.
and
office or at lIanover Nat. Bank, N. Y. City. Due April
(101.012)
96
$7,676
for
Feb. 25 to the Brazil Trust Co. of Brazil
was laid on the table.
Ind_$7.625
0. Butler), Rich,-nd
napolls.17.650 I Breed,Elliott & Harrison,
BUTLER VILLAGE SCHOOL DISTRICT (P.&
Co. of Toledo have
a7.6411Fletcher-Am.Nat.Bank.Ind_ 7.610
-County, Ohio.-BOND SALE.-SpRzer. Rorick
30 E.F Parr & Co.. Chicago
been awarded the $5,200 5% bonds offered without success on Aug.




.4:4.,334 675
7

SYP?Wcil,°Co.,

780

THE CHRONICLE

[Vol, xcvni.

CLAY COUNTY (P. 0. West Point), Miss.-BOND
SALE.-On
DES MOINES INDEPENDENT SCHOOL DISTRIC
Mar. 2 the $15,000 6% 10-25-yr. (ser.) District No.
T (P. 0. Des
2 road-constr. bonds Moines), Iowa.-BOND
(V. 98, p. 540) were awarded to the Bank of Commerce
ELECTION.-An election will be held March
&
Trust
9
Co.,
Memsubmit to the voters the propositio
to
phis,for $15,462 50-equal to 103.083. Denom.$500.
ns
to
issue
$4,000
site-purchase
and
Date
Mar.
11914. $15
gm
il
T
1 n ib
o
co
EO
hn
TORb
D,0
.Ls.
B
Int. M. & S.
OND
CLAY TOWNSHIP (P. 0. Amo), Hendricks County,
.-Sealed proposals will be reInd.-BOND ceived until 12 m. Mar. 16 byOFFERING
SALE.-On Fob. 27 the $14,3004%% school-building
Geo. Engel, City Comet., for $1,996,00
bonds(V.98,P.628) school,$1,160,000 sewer, $475,000
0
were awarded to the Fletcher-American National
library,$110.000 public-health,$100.000
Bank of Indianapolis.
gadoeparation and $70,000 public
-bldg. 4% 30-yr. coup. or
CLAYTON GRADED SCHOOL DISTRICT (P. 0.
tax-free
bonds. Denom. $1,000. Date Mar.
Clayton),
John1
1914.
ston County, No. Caro.-BGND OFFERING.-Proposals
at office of
City Treas., or at current official bank of city Int. M. & S.reg*
of Detroit in N. Y. City.
until 7:30 p. m. March 12 by Riley R. Gulley, Secretary, will be received Bonds cannot be sold for less
than par and int., but
for $25,000 5%
bids on a commission
30-year coupon tax-free site-purchase and constructi
basis will also be entertained, any commissio
bonds.
on
Auth.
vote
n
to
be paid after all bonds are
of 135 to 9 on May 14 1913. Denom. $1,000. Date
Jan. 1 1914. Int. sold. The successful bidder also to purchase $500,000
J.& J. atClayton Banking Co. Clayton.
bonds on
check for 2%,payable the same basis. Cert. check (or cash) on any nat. bank water
to "Board of Trustees,' required. ThesoCertified
in the U. S. or
bonds will be certified as to State bank in Detroit, for $50,000, required.
genuineness by the U. S. Mtge.& Trust Co. and their legality approved
by
BONDS PROPOSED.-Reports state that this city is
Caldwell, Masslich & Peed, N. Y. City, whose opinion will be furnished
contemplating the
purchaser. Bids must be made on forms furnished by above Secretary, issuance fo $383,885 garbage-reduction-plant bonds.
DICKSON COUNTY (P. 0. Charlotte), Tenn.-BOND
trust co. or attorneys. Bonds to be delivered and paid
for at office of SUMMAT
SALE CONHanover Nat.Bank, N.Y. City, at 11 a. m. March 20, unless
ED.
-We
are advised that the sale of the $250.000
a subsequent road
5% 30-yr.
date shall be mutually agreed upon. Purchaser to pay accrued
to A. B. Leach & Co., N. Y., has been finally
interest. Thesebonds
consummated.
The issue was previously offered on Dec. 29 (V. 97, p. 1839). Assessed
bonds were awarded to Leach & Co. in July 1913 (V.
97.
391).
valuation of real and personal property 1913, exclusive of railroads,
but
before the sale could be carried through, it was necessary to P.
telesecure a
graphs, telephones and bank stock, $1,351,249, real value
estimated at Supreme Court decision as to the legality of the bonds.
$2,500,000. No debt except these bonds. No bonded or floating
debt.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood
Assessed valuation $1,351,249.
Hood
River County, Ore.-BONDS AWARDED IN PART.-OfRiver),
CLEVELAND, Ohio.-BOND OFFERING.-Further details
the $150,000
6%
11-20-year (serial) coupon irrigation bonds offered on Feb.
are
at
hand
relative to the offering on April 6 of the folowing 5% coupon
25 (V. 98.
$71,400
or
628),
was
sold to the First Nat. Bank of Hood River at 90.
registered P.
street-improvement (assessment) bonds:
EAST ORANGE, Essex County, N. J.-BONDS AUTHORIZED.
1760,000 stret bonds. Due $190,000 yearly on Nov. 1
from 1915 to 1918, An ordinance was passed
inlusive.
Feb. 28 providing for the issuance of $25,000 4%
30-year coupon or registered
192,000 street bonds. Due $48,000 yearly on Nov. 1 from
water-drainage bonds, Series No. 1.
1915 to 1918, Denom. $1,000. Date Marchsurface
inclusive.
11914. Int. M.& S.
30,000 street bonds. Due Nov. 1 1915.
EDENTON GRADED SCHOOL DISTRICT (P. 0. Edonton),
Cho18,000 street bonds. Due $6,000 yearly on Nov. 1 from
wan County, No. Caro.-BOND SALE.-On Mar. 2 the
1915
to
1917,
gold
farm
inclusive.
life and high-school-bldg. bonds advertised to be sold $25.000
as 6s (V. 98,
Proposals for these bonds will be received until 12 m. on
p.
628)
were
awarded
to
the
Hanchett
Bond Co. of Chicago at 100.70 for
Thos. Coughlin, Director of Finance. Denom. $1,000. Int.that day by 534s. Date April 1 1914.
M.& N. at
American Exchange Nat. Bank, N. Y. City. Certified or cashier's
ELMIRA, Chemung County, N. -BOND OFFERING.-Proposal
check
on a bank other than the one making the bid,for5% cf bonds
s
bid for, pay- will be received, it is stated, until 4 p.Y.
m. Mar. 16 by L. C. Andrews, City
able to City Treasurer, required. Bids must be made
on
forms
Clerk,
for $65,000 434% paving bonds. Cert. check
furnished
by the above Director of Finance.
for 2% required.
ESSEX COUNTY (P. 0. Salem), Mass.-TEMPO
CLEVELAND, Ohio.-BOND SALE.-On Mar.
RARY LOAN.-On
the two issues of March 2 the loan of $500,000 issued
in anticipation of taxes, dated March 3
4%% coup. bonds (V. 98, p. 466) were awarded, it is2stated,
Miller & Co., Cleveland, Rhoades & Co.. N. Y., and Merrill,to Hayden, 1914 and due $100,000 on Nov. 13, Nov. 25, Dec. 4, Dec. 15 and Dec. 24
Oldham & (V. 98, p. 706), was awarded, it is stated, to the Central National Bank of
Co. of Boston, joint bidders, as follows:
Lynn at 3 35% discount and $150 premium.
$350,000 18-yr. street-impt. bonds for $363.436 50-equal
EUGENE, Lane County, Ore.-BOND SALE.-On
700,000 20-yr. street-impt. bonds for $728,623-equal to to 103.839.
104.089.
0005% 25-year water bonds offered on Feb. 23(V.98, p.Fob. 24 the $100.CLINTON COUNTY (P. 0. Frankfort),
540) were awarded
-BOND SALE.-On reports state, to R. M.Grant & Co. of Chicago
Feb. 27 the twelve issues of 43-i% 6-year (ay.)Ind.
at 103 15.
gravel-road bonds, aggroEUGENE SCHOOL DISTRICT (P. 0. Eugene), Lane
gating $60,720 (V. 98, p. 628), were awarded, reports
state,
County, Ore.
to
J. F. Wild -BONDS VOTED.-The question of
& Co. of Indianapolis for $61,102-equal to 100.629.
issuing the $110,000 high-schoolbldg. bonds(V.98,P.466)carried, reports state, at the
COLORADO SPRINGS, El Paso County, Colo.-BIDS
election
hold Fob.20.
REJECTED.
E -CELSIOR, Hennepin County,
-The following bids received for the $150,000 4%
-BOND SALE -The State
(opt.) water of Minnesota purchased at par duringMinn.
refunding bonds offered on Feb. 26 (V. 98, p. 540) were
February an issue of 8500 4%
15-20-yr.
rojected:
municipal bonds.
Spitzer, Rorick & Co., Toledo
94.13 1-3
First & Exchange Nat. Banks, Colorado Springs
FAIRMONT, Martin County, Minn.-BOND SALE. Tho
94.00
State of
E. II. Rollins & Sons, Denver
Minnesota
purchased during the month of February $10,000 4% municipal
93.66 2-3 bonds at par.
COLUMBIA, Richland County, So. Caro.-BOND
ELECTIO
N.
An election will be held March 10 to submit to a vote the
FARIBAULT SCHOOL DISTRICT NO. 1 (P. 0.
question of issuing
), Rice
$500,000 water-works and sewerage-system-plant-i
County, Minn.-BOND SALE -During February theFaribault
mprovement bonds.
State of Minnesota purchased at par $12,000 4% school bonds.
COLUMBUS, Stillwater County, Mont.-BOND OFFERIN
G.-Proposals will be received until 8 p. m. March 31 by Geo.
FITCHBURG, Worcester County, Mass.-BOND SALE.-On
A. Westover, Town
Mar. 3
Clerk, for the $30,000 6% 10-20-year (opt.) water bonds
the following 4% reg. tax-free bonds, giated Nov. 1 1913.
were awarded to
V. 97, p. 1605. Denom. $1,000. Date Jan. 11914. Int. mentioned in Adams & Co. of Boston
at 101.439:
J. & J. at office
of Town Treasurer or at some bank in N.
Y. City, to suit purchaser. An $147.500 sewer, bridge, school-house, street and pavement bonds. Int.
unconditional certified check for 32,000, payable to Town
M. & N. Due $17,000 Nov. 1 1914 and $14,500 yrly. Nov.
Treasurer,
1
required.
from 1915 to 1923 incl.
21,000 macadam pavement and sidewalk constr. bonds. Int. M. &
CORCORAN SCHOOL DISTRICT (P.O. Corcoran), Kings
County,
Due $5,000 Nov. 1 1914 and $4,000 yrly. Nov. 1 from 1015 N.
Calif.-BOND SALE.-Reports state that an issue of
to
$45,000 high-schoolbldg. bonds was purchased during the week ending Feb.
1918 incl.
21 by Mr. Thayer,
Other bids were (all from Boston):
representative of a Sacramento banking firm.
Merrill,
Oldham
&
Co
101.419 Curtis & Sanger
CORONA SCHOOL DISTRICT (P. 0. Corona),
110011..2275
R. L. Day & Co
101.379 Perry, Coffin & Burr
Cal.-BONDS VOTED.-The question of issuing theRiverside County, Estabrook
$50,000 5% 20-yr.
& Co
101.31 N. W. Harris & Co., Inc_ _ _ _ 101.58
Lincoln scboot bonds (V. 98, p. 407) carried at the
1.0
101
Lee,
election
Higginson
held
&
Co
Feb. 20
101.31 E. H. Rollins & Sons
(not Feb. 2, as first reported) by a vote of 377 to 128.
Blodget & Co
101.30 Blake Bros. & Co
100.70
DALLAS, TEX.-BIDS.-The other bids received for the
FLATHE
AD
COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Cresfour issues of
434% gold coup. bonds, aggregating $1,325,0(30, awarded on
ton),
-BOND SALE-On Feb. 21 an issue
$1,000 6% 15-20-Ye.
Emery, Peck & Rockwood of Chicago and Estabrook & Co. Feb. 25 to (opt.)Mont.
bldg. bonds was awarded to the State Board ofof
and Blot-tact
Land Comtnrs. at par.
& Co.of Boston, at their joint bid of 101.08 and int.(V.
Denom.
$50. Date Feb. 21 1914. Int. ann. in September.
98, p. 706), were:
For all or none of the bonds.
GALLIPOLI3, Gallia County, Ohio.-DESCRIPTION OF BONDS.
Bolger, Mosser & Willanian of Chicago, Ladenburg. Thalmann
& Co. and The $85,000 4.90% 30-yr. water-works refunding bonds awarded at private
Rhoades & Co. of N. Y., par, accrued Int. and premium
sale
of
$14,243
75 the on Feb. 10 to Seasongood & Mayer of Cincinnati (V. 98, p. 629) are in
-an offer of 101.07.
denorn. of $500 and dated April 1 1014. Int. A. & 0.
Dallas Trust & Savings Bank of Dallas, par, accrued int. and
premium of
GALLUP SCHOOL DISTRICT (P. 0. Gallup), McKinley County,
$6,056 -an offer of 100.47.
N. Mex.-BOND OFFERING.-Proposals will be received
Commerce Trust Co. of Kansas City, par, accrued int. and
until 8 p. m.
premium of Mar.9 by the Bd. of Ed., L. N. Cary, Clerk. for $7,500
$3,851-an offer of 100.29.
refunding bonds at
not exceeding 6% int. Rate Mar. 9 1914. lot. semi-ann.
Kountze Bros. of N. Y. Union Trust Co. and Continental
Due in not
&
Commercia
l less than 20 years nor more than 30 years from Mar. 9 1914: subject
Trust & Savings Bank of Chicago, par, accrued int.
to call
and premium of after Mar. 9 1934.
$3,578-an offer of 100.27.
N. W. Halsey & Co. of Chicago and E. H. Rollins & Sons of
GARDEN CITY, Finnoy County, Kan.-BOND SALE.-The Corn
Chicago, par, merce Trust Co. of
accrued int. and prem. of $3,578-an offer of 100.27.
Kansas City, Mo., purchased last July an issue of $20,A. B. Leach & Co., Chicago, par. accrued int.
and premium of $3,445- 000 5% 20-yr. electric-light-plant bonds at par. Denom. $500. Date
an offer of 100.26.
Jan. 11913. Int. J. & J.
Harris Trust tk Savings Bank of Chicago, $1,323,410
GASTONIA, Gaston County, No. Caro.-BOND OFFERING.
and accrued int.an offer of 00.88.
posals will be received until 8 p. m. Mar. 10 by Jno. R. Rankin, City-ProClerk.
Kean, Taylor & Co. of N. Y. and Old Dominion Trust
for $55,000 coup. street-impt. $20,000 coup. water-works, sewer and
elecVa., $1,319,011 and accrued int.-an offer of 99.55. Co. of Richmond, tric-lightsystem-ext. and $25%000 school-impt. 5% 30-yr. bonds. Date
Lee, Higginson & Co. and William A. Read & Co. of
Chicago, $1,316,- Mar. 1 1914. Int. M. & S. at place to suit purchaser. Cert. check on a
917 50 and accrued int.-an offer of 99.39.
national bank for 234% of bid, payable to City Clerk, required. No bids
Stacy & Braun and Field, Longstreth & Richards of
, Otis & Co. considered for less than 35,000.
of Cleveland, Blake Brothers & Co. of N. Y. andCincinnati
Baldwin & Adams of
GERING, Scotts Bluff County, Neb.-BOND SALE.-Tho $19,500
Boston, $1,313,605, with accrued interest-an offer of 90.14.
6% 5-20-yr. (opt.) coup. water-worics bonds (V. 98, p. 321) wore awarded
The following bids were for parts of the issues.
on Jan. 28 to Spitzer, Rorick & Co. of Toledo at par.
C. E. Den'son & Co. of Cleveland for $275.000 City Hall bldg.
GLADBROOK, Tama County, Iowa.-BOND SALE.-On Feb. 2
bonds, par,
accrued int. and premium of $7,069-an offer of 102.57.
ment to tho bid it was offered to take the rest at the same As a supple- an issue of $3 000 534% water-works-ext. bonds was awarded to Chelsey.
rate probably Parsons Co. of Des Moines at 103. Denom. $500. Date May 1 1914.
at a little later date.
Int. semi-ann. Due $500 yrly. on Feb. 1 from 1924 to 1929 incl.
Seasongood & Mayer, Cincinnati, for $275,000 city-hall bldg.
accrued int. and a premium of $1,613-an offer of 100.31. bonds, par,
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
Livingston & Co. of New York for $300,000 sewage
Mich.
-BIDS REJECTED.-All bids received for the $106,500 43.i
-disposal
15%$275,000 city-hall bldg. bonds-an offer of $550,850 and bonds and year (average) coupon tax-free site-purchase and construction bonds%
(V. 98,
accrued
int.
-an offer ot 95.80.
p. 706), offered on March 2, were rejected. The bonds will be re-adverHarris Trust & Savings Bank of Chicago for $600,000, par, accrued
tised.
int. and
a premium of $1,860-an offer of 100.31.
GREENE COUNTY (P. 0. Xenia), Ohio.-BOND OFFERING.Proposals will be received until 11 a. m. March 14 by the County Commrs.,
BOND ELECTION.-The election to vote on the question
of
issuing Geo. W. Kendall,
the $600,000 school-building and $50,000 sewerage bonds (V.
Clerk, for $2,500 5% poor-relief bonds. Denom. $500.
98,
p. 706) Date March 2 1914.
will be held April 7, it is stated.
Int. M.& S. at County Treasury. Due $500 yearly
on March 2 from 1915 to 1919. inclusive. Certified check (or cash)
on a
DEFIANCE, Defiance County, Ohio.-BIDS.-The other
local bank for $100, payable to County Treasurer, required. Purchaser
ceived for the $8.000 5% 834-yr. (ay.) refunding bonds awarded on bids re- to pay accrued
interest. Bids must be unconditional.
Feb. 24
to Seasongood & Mayer of Cin. for $8,161 (102.012) and int.(V.
98. p. 706)
GRRENFIELD TOWNSHIP (P. 0. Chicago Junction), Huron
were:
County, Ohio.-BOND SALE.-On Feb. 28 the $40,000 5% 934-yr.
Atlas Nat. Bank Cin
(ay.)
$8,120 Hayden, Miller & Co.. Cleve_$8
80
:040 coup road bonds (V. 98, p. 629) wore awarded to Hayden, Miller
Davies-Bertram Co., Cin
& Co.
8,091 Otis & Co., Cleveland
of Cleveland at 101.68 and int. Other bids were:
Spitzer. Rorick & Co.. Tol___ 8,065 Tillotson & Wolcott Co.,
Cleve 8,029 Tillotson & Wolcott Co., Cle_$40,540
I New First Nat. Bk., Col_ __ _$40,325
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BOND
SALE.-On Sidney Spitzer & Co., Tol_ _ _ 40,468ISeasongood & Mayer. Cln_ _ _ 40,245
March 2 the $46,000 5% 6-year (ay.) coup. road
Bids were also submitted by Stacy & Braun and Hoehler ,Cummings_&
bonds (V. 98, p 540)
were awarded, it is stated, to Well, Roth & Co. of Cincinnati
Prudden
of
Toledo.
for $46;898equal to 101.952.
GREEN TOWNSHIP(P.O. Greenford) Mahoning County, Ohio.BOND OFFERING
DENVER, Colo.-BOND SALE.-On March 5 the $260,000
s will be received until 1 p. m. Mar. 28 by
5% 15-year L. E. Coy, Twp..-Proposal
coup. Colfax-Lorimer Viaduct bonds (V. 98, p. 540) were awarded,
Clerk, for 850.000 5% bonds. Denom. $500. Date
it is April 1 1914.
stated, to the International Trust Co. of Denver for $277,000
A.& 0. at Farmers' Nat. Bank, Canfield. Due $5.000
-equal to yearly on Oct.Int.
1 from 1915 to 1924 incl. Cert. check on a national bank
106.538.
for $500, payable to S. J. Bush, Twp. Treas., required. Purchaser to take
DE PUE SCHOOL DISTRICT (P. 0.
Pue), Berean County, Ill. and pay for bonds on date
of issue.
-PRICE PAID FOR BONDS.-The priceDe
paid for the $19,500 5% bldg.
GRIMES COUNTY COMMON SCHOOL DISTRICT NO. 13, Texas.bonds awarded on Jan. 30 to Cutter, May & Co. of Chicago
(V. 98. p. 628) BOND SALE.-The $6,000
was $19,811 (101.589) and int. Denom. $500. Date Mar.
5%
10-40-year (opt.) building bonds registered
11913. Int. by the State Comptroller during
ann. on Mar. 1. Duo $1,500 yrly. Mar. 1 from 1918 to 1930
the week ending Feb. 7 (V. 98, P. 544)
incl.
have been purchasedDyEthe/County Permanent
liSchoolrund.

a




MAR.7 1914d

THE CHRONICLE

781

J. & .7. Due
nom. (125) $500, (1) 3527 12. Date Jan. 1 1914. Int. until
1924 incl.
HAMILTON, Butler County, Ohio.-BOND OFFERING:-Proposals
the $4,527 12 Jan. 1 1915 and 36.500 yearly thereafter on Jan. 1
will be received until 12 m. Mar. 12 by Ernst E. Erb, City Aud., for
by Alson A. Fell, County
20
Mar.
p.
m.
2
until
received
be
will
authBids
bonds
flood-impt.
Denom.
bonds.
$50,000 5% (not 434%, as first reported) coup.
ditch-impt.
et
al.
Erb.
Chas.
$5,848
955%
for
orized by tho City Council on Feb. 18 (V. 98, p. 706). Denom. $500. Treasurer,
95, (9) $600. Date Feb. 3 1914. Int. F. & A. Due $448 95
Date April 1 1914. Int. A. & 0. Due $5,000 yrly. on April 1 from 1915 (1) $448
incl.
1924
to
on
1916
from
3
yearly
Feb.
$600
and
1915
3
Feb.
Treas.,
City
to 1924 incl. Cert. check for 5% of bonds bid for, payable to
BOND SALE.-On Feb. 28 the two issues of 43 % 6-year (average)
required. Bonds to be delivered and paid for within 30 days from time of
highway-irnpt. bonds, aggregating $49,350 (V. 98, p. 630), were awarded
award. Purch. to pay accrued interest.
F. Parr & Co. of Chicago for $49,868 17 (101.049) and int. Other
HANFORD, Kings County, Calif.-BOND SALE -On Feb 23 the to E.were:
bids
$80,000 5% sewer bonds (V. 98, p. 541) were awarded, it is stated, to a J.
$49,566 50
& Co., Indianapolis
Chicago firm
49,541 50
Breed, Elliott & Harrison, Indianapolis
49,370 00
HARRISON COUNTY (P. 0. Cadiz), Ohio.-BOND SALE.-On Gavin L. Payne & Co., Indianapolis
Mar. 2 the $30,000 5% 53-yr. (ay.) coup. taxable inter-county highwayKANSAS CITY, MO.-CERTIFICATE SALE.-In addition to the
constr. and impt. bonds (V. 98, p. 466) were awarded to Sidney Spitzer &
$111,659 24 6% 1-20-yr. (ser.) East Park Dist. certificates, Series A-5
Co. of Toledo at 102.17 and int. Other bids were:
Trust Co. of
Weil, Roth & Co., Cincin_ _$30,649 Breed, Elliott&Harrison, Cin.$30,465 (dated Aug. 2 1913), awarded on Feb. 16 to the Commerce
6% coup. or reg.
Tillotson & Wolcott Co., Cie. 30,584 Hoehler, Cummings & Prud- 30,381 Kansas City at par and int.(V. 98. p. 630), the following
park-fund certificates were also purchased during Feb. by the same comden, Toledo
Spitzer, Rorick & Co., Tol__ 30,543
30,320 pany at par:
Otis & Co., Cleveland
Provident Say. Bank & Trust
30.471 Seasongood & Mayer, Cin_ _ _ 30,311 $77,240 47 Linwood Boulevard ext., Ser. "A-3," certificates. Date
Co.. Cincinnati
Apr. 19 1913. Due one-tenth yearly.
VOTED.
-BONDS
Paseo ext., Sen. "A-4," certificates. Date May 8 1913.
HARRISON COUNTY (P. 0. Marshall), Texas.
$300.000 Road District 330,259 78 South
Due one-twentieth yearly.
By a vote of 773 to 220, the question of issuing the
held
election
the
at
state,
reports
carried,
Denom.$1,000. Int. J. & .T. at the City Treas. office. The trust comNo. 1 bonds (V. 98, p. 408)
pany is now offering the above three issues of certificates to investors at
Feb. 24.
- par and interest.
County, Ind.
HARRISON TOWNSHIP (P. 0. Cadiz), Henry
0 school-building bonds (V. 98,
BOND SALE.-On Feb. 19 the $2,930 67
KING COUNTY (P. 0. Seattle), Wash.-BOND SALES.-On
Anderson.
p. 408) were awarded, it is stated, to the Anderson Trust Co. of
Feb. 27 the bid of $976.885 (102.83) and int., offered by the Dexter-Horton
Denom. $375. Int. semi-annual. Duo July 1 1919.
National Bank of Seattle for the $950.000 5% court-house bonds for which
- bids were received until Feb. 17(V.98, p. 707) was accepted by the County
HAYS COUNTY (P. 0. San Marcos), Tex.-BOND OFFERING.
2 bonds Commissioners, according to reports.
This county is offering for sale the 350,000 5% Road Dist. No.
from
yrly.
$5,000
Due
On March 3 the $500,000 5% road bonds (V. 98, p. 630) were awarded,
semi-ann.
Int.
706).
p.
14
(V.
98,
Feb.
voted
purchaser. it is stated, to Geo. H. Tilden & Co. of Seattle at 104.32.
1924 to 1953 incl. or in 40 yrs., opt. after 10 yrs. or in 1954, to suit
BANKERS.
BY
KINGWOOD SCHOOL DISTRICT (P. 0. Tunnelton), Preston!
OFFERED
-BONDS
HEBRON, Porter County, Ind.
to investors County, W. Va.-BOND SALE.--The 835,000 5% 10-30-yr. (opt.) coup.
-The Fletcher American Nat. Bank of Indianapolis is offering
24 school bonds (V. 98, p. 467) were awarded on Feb. 28 to Ulen & Co. of
Feb.
Date
$250.
Denom.
bonds.
water-works
tax-exempt
37.250 5%
yrly. Chicago for $35,677-equal to 101.934. Other bids were:
1914. Int. J. & J. at the Central Trust Co., Chicago. Due $500
C. H. Coffin, Chicago
Jan. 1 beginning 1924.
par and interest, less $350
Spitzer & Co., Toledo
HENDRICKS COUNTY (P. 0. Danville), Ind.-BOND SALE-On Sidney
KNOXVILLE, Marion County, Iowa.-BOND SALE.-On Feb. 11
Feb 26 the $11,320 434% 6-year (average) J. P. Randolph et al. road-imt. bonds(V. 98, p. 467)
water-works-ex
(aver.)
Dan2-5-yr.
the
to
11
awarded,
reports
state,
%
were
%
the $70,000 4
provement bonds (V. 98, p. 629)
were awarded to Geo. M. Bechtel & Co. of Davenport at par. Date
ville State Bank of Danville for $11,420, equal to 100.883.
11913.
Oct.
HENRYETTA, Okmulgee County, Okla.-BOND SALE.-An issue
LAKEWOOD, Cuyahoga County, Ohio.-BOND OFFERING.-Proof $20,000 6% 20-year water-works-extension bonds was awarded to
C. Edgar Honnold of Oklahoma City at par and interest during February. posals will be received until 12 m. Mar. 17 by B. M. Cook, Director of
5% bonds:
HERINGTON, Dickinson County, Kan.-BOND SALE.-The $49,- Finance, for the following
ext. bonds voted Nov. 4 (V. 97, p. 1446). Denom.
000 5% 20-30-yr. (opt.) water-main-ext. bonds voted Jan.8(V. 98; p. 252) 836,000 Franklin Ave.64,000
yrly. on Oct. 1 from 1921 to 1929 incl.
$1,000. Due
have been awarded to the Commerce Trust Co. of Kansas City, Mo.. for
Due serially
9,300 Lakeland St. sewer (assess.) bonds. Denom. $930.
$49,625-equal to 101.275. Denom. $1,000. Date Mar. 1 1914. Int.
1914.
1
Oct.
beginning
M.& S.
Due
$17,10.
Denom.
bonds.
(assess.)
St.
paving
17,100 Brockley
HERMAN, Gasconade County, MO.-BONDS AWARDED IN PART.
serially beginning Oct. 1 1914.
bonds. Denem. $215. Due serially
-This place has disposed of $18,000 of an issue of $35,000 5% water-works
(assess.)
sewer
St.
Riverside
2,150
bonds to local investors. Denom.$500. Date Nov. 11912. Int. M.& N.
beginning Oct. 1 1914.
Due $2,000 yearly from 1917 to 1926 incl. and $3,000 yearly from 1927 to
19,550 Webb Road paving (assess.) bonds. Denom. $1,955. Due
1931 incl.
serially beginning Oct. 1 1914.
7,040 Wyandotte St. paving (assess.) bonds. Denom. $704. Due
HIGHLAND PARK, Wayne County, Mich.-BONDS REFUSED.
serially beginning Oct. 1 1914.
Local newspapers state that the Highland Park State Bank of Highland
7,950 Carabell St. sewer (assess.) bonds. Denom. $795. Due serially
-conPark has refused to accept the $450,000 434% 20-year water-works
beginning Oct. 1 1915.
an
of
because
629),
p.
98,
(V.
16
Feb.
on
them
struction bonds awarded
675 Maile St. grading (assess.) bonds. Denom. $135. Due serially
rregularity in the Council proceedings.
beginning Oct. 1 1915.
for 5% of
BOND ELECTION.-The above issue of bonds will be re-submitted to
Int. A. & 0. at Cleveland Tr. Co., Cleveland. Cert, check pending
or
the voters at the general election March 9.
Official circular states that there is no litigation
required.
bid
Va.County,
Henrico
Mar. 1
debt
Richmond),
Total
defaulted.
0.
never
city
has
(P.
the
that
PARK
and
threatened,
HIGHLAND
Cincinnati
of
Co.
Trust
&
Bank
Savings
BOND SALE.-The Provident
1914, $1,462,539. Assess. val. 1913, $26,662,710.
was awarded at par on Oct. 27 the 350,000 5% 30-year street and roadLARCHMONT, Westchester County, N. Y.-BOND SALE.-On
impt. bonds voted May 15 1913 (V. 96, p. 1510). Denoru. $500. Date Mar.2 the following bonds, voted Jan.21, were awarded to Isaac W.Sherrill
D.
June 1 1913. Int. J. &
of Poughkeepsie for $3,818 (100.473) as 4.90s:
1924 incl.
HORSEFLY IRRIGATION DISTRICT (P. 0. Bonanza), Klamath
$600 bonds. Denom.$100. Due $100 yearly Jan. 1 1919 to
1 1919 to 1934 incl.
County, Ore.-BOND OFFERING.-Proposals will be received until 2 3,200 bonds. Denom. $200. Due $200 yearly Jan.
Watkins,
II.
J.
5s;
50
for
$3,821
Y.,
N.
Co.,
&
Adams
were:
Other bids
p.m. April 14 by Francis J. Bowne. Sec., for $345,000 11-20-yr. and $225.N. Y., $3,810 50 for 5s. Date April 11914. Int. .7. & J.
000 21-30-yr. 6% gold reg. coup. bonds. Cert. check for 1% of bid reFeb. 24
-On
VOTED.
-BONDS
Caro.
So.
LATTA, Dillon County,
quired. These bonds are part of an issue of $775.000 voted Nov. 9 1912 this
(nob $50.000
town voted in favor of the question of issuing the $65,000
97,
p.
(V.
bonds
1607).
water-works
and
(V. 96, p. 1511).
sewerage
light,
reported)
as first
The official notice of this bond offering will be found among the advertise- it is stated.
RE-BONDS
Miss.
Meridian),
0.
(P.
LAUDERDALE COUNTY
ments elsewhere in this Department.
FUSED.-Local papers state that Hoehler ,Cummings & Prudden of Toledo
IDAHO.-BOND SALES.-During the year ending Dec. 31 1913 the have refused to accept the $100,000 534% 17-yr. (ay.) Dist. No. 1 road
State of Idaho purchased at par the following 42 issues of site-purchase, bonds awarded to them on Jan. 7 (V. 98, p. 252). The bonds were purand this
building and furnishing bonds, aggregating $97,850:
chased subject to the approval of Woods & Oakley of Chicago,
Due.
Date.
Amount.
the exPlace issuing bondshas declined to approve the same until a point raised covering
$3,000 Aug. 16 1913 Sep.20 d1914-24 firm
Supreme
*Ada County S. D. No. 53
the
by
on
passed
is
of
penditure of the proceeds outside the district
1,000 Juno 1 1913 Juno 1 1915
Adams County S. D. No. 37
Court.
3,600 July 6 1912 Jan. 1 1917
Bannock County S. D. No.50
LEESBURG SCHOOL DISTRICT (P. 0. Leesburg), Lake County,
1,000 Oct. 1 1913 July 1 1923
Blaine County S. D.No.56
to issue $35,000 site-purchase
Fla.-BONDS VOTED.-The proposition
3,500 Jan. 1 1913 July 1 1933
Blaine County S. D.No.58
and constr. bonds carried, it is reported, at the election held Feb. 17.
Blaine and Custer Counties Joint
Ohio.-BIDS.-The following
Newark),
0.
2,000 Jan. 20 1913
(P.
COUNTY
Sch. Dists. No. 57
LICKING
(assess.)
6,700 May 21 1913 April 1 1933
Boise County S. D.No. 14
bids were received for the $30.000 5% 6-yr. (ay.) bridge-constr.
1,200 Sept. 29 1913 Juno 7 1933
3 (V. 98, p. 467):
Boise County S. D. No. 23
Mar.
on
offered
bonds
2,000 Oct. 16 1913 July 7 d1923-33 Seasongood & Mayer, Cin_ _ _$31,386 Provident Say. Bank & Trust
*Bonner County S. D. No.25
30,609
1,000 Nov. 22 1913 Aug. 2 d1918-23 Farson, Son & Co.. Chicago_ 30,7651 Co., Cincinnati
Bonner County S. D. No. 58
1,000 Dec. 1 1913 Aug.23 d1918-23 Hayden, Miller & Co., Cleve. 30,645 Hoehler, Cummings & PrudBonner County S. D. No.69
30,607
20
Sept.
1923-33
1913
20
Toledo
Sept.
den,
2,500
Bonner County S. D. No.35
Otis & Co., Cleveland
30,601
2,500 Aug. 1 1913 June16 d1923-33 Licking Co. Bank & Trust 30
625 Spitzer & Co., Toldo
'
Canyon County S. D. No. 21
1,500 Sept. 10 1913 Sept. 10 1925
30.622 Comm. Nat. 13k., Coshocton 30 411
Newark
Cassia County S. D. No.20
Co.
June 15 1913 June 15 1923
& Mayer of Cincinnati, but this irm
The'award was made to Se,asong
Clearwater County S. D. No. 32......_ 1,000 Sept.
19 1913 Aug. 1 1923
600
Clearwater County S. D. No.24_ _- _
subsequently wired that its bid was calculated on $60,000 and not 330,000.
1
1913
1
July
July
1917
900
27
No.
D.
the award.
S.
Jt.
reconsider
Co.
will
Lemhi
Commissioners
&
Custer
The Co.
600 Sept. 1 1913 Sept. 1 1923
Elmore County S. D. No.7
reports, this
2,500 Oct. 20 1913 Jan. 6 1924
LINCOLN, Neb.-BONDS PROPOSED -According to bonds
Fremont County S. D.No.45
at not
2,000 July 11013 July 1 1923
city is contemplating the issuance of $48,000 refunding
Fremont County S. D. No.68
interest
434%
1
1923
_
No.
5_
S.
1,200
July
D.
22
Ind.
1913
exceeding
Mar.
Fremont County
12.500 July 21 1913 July 1 1933
Fremont County S. D. No. 15
LINCOLN COUNTY SCHOOL DISTRICT NO.8 (P. 0. Big Piney),
1,500 July 21 1913 Apri122 1918
Idaho County S. D. No.63
Wyo.-BIDS.-The following bids were received for the $10,000 6% 9341,400 July 1 1913 July 1 d1915-18 year (aver.) coup. bldg. bonds offered on Feb. 16(V.98, p. 541):
Idaho County S. D. No. 44
1,000 Aug. 9 1913 July 1 1933
Idaho County S. D. No.50
J. N. Wright & Co., Denver_$10,202 I Causey, Foster & Co.. Denv_$10,100
10,000
500 Sept. 13 1913 July 1 1933
Idaho County S. D. No. 24
Wm.E. Sweet & Co.. Deny_ 10.175!State of Wyoming
6,000 July 1 1913 July 1 d1923-33
Idaho County S. D. No. 36
LOGAN, Hocking County, Ohio.-BOND SALE.-On Feb. 10 $9,000
4,600 Aug. 1 1913 July 1 1933
Bank
Kootenai County S. D. No.92
Merchants'
&
Farmers'
the
to
awarded
were
street-impt. bonds
2,000 June 16 1913 July 1 1915
F.& A.
Lemhi County S. D. No. 9
of Logan at par and int. Denom.$900. Date Aug.25 1913. Int.
1,500 Oct. 1 1913 Sept. 1 1923
Lincoln County S. D. No, 11
yearly.
8900
1,000 Nov. 15 1913 Aug.11 d1923-28 Due
Lincoln County S. D.No.8
$2,240,000
LOS ANGELES, Calif.-BOND SALE.-On Feb. 26 the
1,000 Sept. 1 1912 jSept. 1 d1918
Minidoka County S. D.No. 13
bonds(V.198.
1Jan. 15 1918
(unsold portion of an issue of 82,500.000) 434% harbor-impt.
Fran5,000 Sept. 26 1913Sept. 26 d1923-33 D. 707) were awarded, reports state, to E. II. Rollins & Sens of San
Minidoka County S. D. No. 10
2,000 Dec. 1 1913 July 1 d1923-33 cisco for $2,248,736 (100.39) and int.
*Minidoka County S. D. No.5
1
1918
750 Jan. 18 1913 Jan.
Nez Perce County S. D.No.63
Mar. 18,
LOUISVILLE, Ky.-BOND OFFERING.-Bids will be opened
on
600 July 24 1913 Mar. 21 1923
Owyhee County S. D. No. 27
for the $1,000,000 434% 40-year school bends validated
3,000 Jan. 1 1913 Feb.15 d1923-33 it is stated,
Power County S. D. No. 13
$1,000. Bonds to.be
and
$500
$100,
Denom.
1919).
p.
97,
(V.
19
Dec.
3,500 Jan. 1 1913 Jan. 1 1928
Power County S. D. No.2
1,500 Oct. 1 1913 Aug. 18 d1918-23 delivered April 1.
Twin Falls County S. D. No.47_
3 the followWashington County S. D. No. 28.. _ _ 2,000 Nov. 29 1913 Oct. 1 d1923-33
LYNN, Essex County, Mass.-BOND SALE.-On Marchwere
awarded,
$190,000,
May 11913 May 11028
Washington County S. D. No.7_ __ _
ing four issues of 40/ registered bonds, aggregtaing
1
d1923-33
July
102.033:
at
3_
11013
D.
No.
S.
Boston
July
4,000
of
&
Co.
County
Estabrook
Washington
it is stated, to
Market St. ext. bonds. Date Feb. 1 1914. Due $4,.500 yearly
All the above issues of bonds bear 6% interest except tho Bannock County
$45,000
S. D. No. 50 bonds, which bear int. at 5%. * The sale of these bonds was
from 1915 to 1924 inclusive.
yearly
previously reported in the "Chronicle.- 100,000 street-paving bonds. Dated March 11914. Due $10,000
from 1915 to 1924 inclusive.
JACKSON COUNTY (P. 0. Brownston), Ind.-BOND OFFERING.
yearly from
$1,000
Due
1914.
1
March
Date
bonds.
in.
Belding,
drainage
a.
E.
10
John
17
until
Mar.
by
30,000
received
-Proposals will be
1915 to 1944 inclusive.
Co. Treas., for 32.560 41. % Louis W. Dryden highway 'mot. bonds.
from
15,000 street bonds. Date March 1 1914. Duo $1,500 yearly
Denotn. 3128. Date Feb. 16 1914. Int. 1\1. & N. Due $128 each six
incl.
1924
1915 to 1924 inclusive.
15
Nov.
'months from May 15 1915 to
-The question of
LYONS Wayne County, N. Y.-BONDS VOTED.
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.-purchase bonds carried by a vote of 202 Lo:62
BOND SALE,.-Reports state that an issue a $35,000 road-improvement issuing $4000 water-plant
stated.
is
it
3.
March
held
for
Columbus
election
of
Bank
Nat.
First
New
the
at
the
to
bonds has been awarded
SALE.-On
$35,414, equal to 101.182.
MADISON COUNTY (P. 0. Anderson), Ind.-BOND
L. Gentry et al. highway-impt.
- Feb. 28 the 31,880 414% 6-yr. (aver.) C.
and int.
100.625
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND OFFERING.
at
Daly
E.
James
to
bonds (V. 98, p. 630) were awarded
Proposals will be received until 1 p. m. Mar. 20 by Alson A. Fell, County
Eshelman bid 81.890.
Treasurer, for $63,027 12 5% Jos. C. Borntrager et at. drain bonds. De David




782

THE CHRONICLE

MADISON COUNTY (P. 0. Wampsville), N. Y.-BOND
OFFERING.
-Proposals will be received until April 1 by W.E. Lounsbury
Clerk Bd. of
Supervisors, for $75,000 4 % gold reg. tax-free alms-house,-bldg.
bonds.
Denom. $500 and $1,000. Date Feb. 1 1914. Int. ann.
Feb.
on
1 at office of County Treas. Due $5,000 yearly on Feb. 1 from
1915 to 1929 incl.
Cert. check for 5%, payable to Robt. L. Clark, County Treas.,
required.
MAGNETIC SPRINGS SCHOOL DISTRICT (P. 0.
Magnetic
Springs), Union County, Ohio.-BONDS VOTED.-The
proposition
to
Issue $10,000 bldg. bonds carried,reports state, at the election
held Feb.26,
by a vote of 72 to 27.
MAGNOLIA, Stark County, Ohio.-BOND OFFERING.-Proposal
s
will be received until 12 m. Mar. 16 by P. H.Blazer,
Clerk, for 1,200
% water-works-impt. and equip. bonds. Denom.Vil.
$300. Date pr. 1
1914. Int. A.& 0. Due $300 each six months
from April 1 1934 to Oct. 1
1935 incl. Cert. check (or cash) for 10% of bonds
bid for, payable to Vii.
Treas., required. Bonds to be delivered and
paid for within 10 days from
time of award. Purch. to pay accrued interest.
MANCHESTER (TOWN) UNION FREE SCHOOL DISTRICT NO. 7
(P. 0. Shortsville), Ontario County, N. Y.-BOND SALE.
Mar.3
the $40,000 15%-yr. (ay.) reg. tax-free bldg. bonds (V. 98, -Oh
p. 707) were
awarded to Adams & Co. of N. Y. for $40,205 (100.512) as 4.65s.
Other
bids were:

[VOL. xcvm.

SCHOOL DISTRICT BONDS.
District Issuing Bonds. Amt.
Int.
Date.
Due.
Optional.
Carbon County No.9..__ $1,000 6% Nov.
1 1913 Nov. 1 1933 Nov. 1 1923
Chouteau Co. No.68___
900 6% Oct. 10 1913 Oct. 10 1923 Oct. 10
1916
Chouteau Co. No. 21_ _ _
400 6% July 5 1913 July 5 1918 July 5 1917
Chouteau Co. No. 18_ _ _
1,000 6% Nov. 1 1913 Nov. 1 1928 Nov. 1923
1
Chouteau Co. No.69.. _ _
800 6% Jan. 25 1913 Jan. 25 1923 Jan. 25
1918
Custer Co. No. 19
2,000 6% July 1 1912 July 1 1917 July 1 1916
Custer Co. No.61
800 6% Mar. 1 1913 Mar. 1923 Mar. 1 1919
Custer Co. No.55
*5,000 6% June 1 1913 June 11 1920
June 1 1918
Dawson Co. No. 90_ __. *1,400 6% Dec. 15
Dee. 15 1920 Dec. 15 1917
Dawson Co. No. 88-___ *1,000 6% Sept. 181913
1913 Sept. 1923
Dawson Co. No. 97-___
800 6% Nov. 1 1913 Nov. 1181923
Nov. 1 1916
Dawson Co. No.80__
1,000 6% Oct. 15 1913 Oct. 15 1918 Oct.
15 1916
Dawson Co. No. 78..--_
800 % June 15 1913 June 15 1928 June 15
Dawson Co. No. 87..-__
950 6% June 15 1913 June 15 1923 June 15 1918
1918
Dawson Co. No. 12____
3,000 6% July 1 1913 July 1 1923 July 1 1921
Dawson Co. No. 61____
350 6% May 1 1913 May 1 1918 May 1 1917
Dawson Co. No, 77__
2,000 6% April 15 1913 April 15 1918 April 15
1917
Dawson Co. No. 57_--768 6% Dec. 10 1912 Dec. 10 1920 Dec. 10 1917
Dawson Co. No.69-500 6% Jan. 1 1913 Jan. 1 1918 Jan. 1 1917
Fergus Co. No. 105._
700 6% Nov. 15 1913 Nov. 15 1933 Nov. 15 1923
Flathead Co. No.46_ _ _ _
400 6% Jan. 1 1913 Jan. 1 1923 Jan. 1 1918
Price Bid. Int. Rate. Flathead Co. No.70__
Isaac W.Sherrill, Poughkeepsie
__ *1,200 6% Mar. 1 1913 Mar. 1 1928 Mar. 1 1923
$40,096
4.70% Flathead Co. No.57__-_
Spitzer, Rorick & Co., New 'York
555 6% June 15 1913 June 15 1928 June 15 1923
40,050
4.75
Flathead Co. No.57__.._
800 6% Nov. 1 1913 Nov. 1 1928 Nov. 1 1923
Myron W. Greene, Rochester
40,025
4.80 o Flathead Co. No.53____
•Genesee Valley Trust Co., Rochester
530 6% Nov. 1 1913 Nov. 1 1928 Nov. 1 1923
40,000
4.80% Flathead Co. No.55_ ___
540 6% Sept. 20 1913 Sept. 20 1928 Sept. 20 1923
Rochester Savings Bank, Rochester
40,868
5%
Flathead Co.No.35____
700 6% Dec. 1 1913 Dee. 1 1928 Dec. 1 1918
MARION COUNTY (P. 0. Hamilton), Ala.-PRICE
Gallatin
No. 76____
2,000 6% Oct. 1 1913 Oct. 1 1923 Oct. 1 1920
BONDS.-The price paid for the $100,000 5% 30-yr. tax-free PAID FOR Gallatin Co.
Co. No.74._
constr.
1,400 6% April 1 1913 April 1 1923 April 1 1921
bonds awarded on Feb. 21 to the Jasper Trust Co. of Jasper roadWm.
for
R. Gallatin Co. No. 7L.__
500 6% Feb. 1 1913 Feb. 1 1933 Feb. 1 1928
Compton Co. of St. Louis (V. 98, p. 707) was 102.867 and int.,
reports 11111 00. No.26
5,000 534% Feb. 20 1913 Feb. 20 1933 Feb. 20 1923
state. Denom. $1,000. Date Feb. 1 1914.
HIll Co. No.70
Int. F. & A.
1,000 6% April 12 1913 April 12 1933 April 12 1923
Hill Co. No. 10
MARLBOROUGH, Middlesex County, Mass.-LOAN OFFERING.
650 6% May 15 1913 May 15 1923 May 15 1918
Proposals will be received by the City Treasurer
800 6% Oct. 25 1913 Oct. 25 1923 Oct. 25 1921
until 12 m. March 10, it is Hill Co. No.9
stated, for a temporary loan of $30,000 in anticipatio
n of taxes. The loan Lewis & Clark Co. No.16 *1,600 6% Oct. 1 1913 Oct. 1 1923 Oct. 1 1918
matures Oct. 23.
Madison Co. No. 31_ _
1,500 6% Sept. 15 1913 Sept. 15 1918 Sept. 15 1916
2,000 6% Nov. 1 1913 Nov. 1 1933 Nov. 1 1923
MARCUS HOOK, Delaware County, Pa.-BONDS OFFERED BY Meagher Co. No. 12
Musselshell Co. No. 19_
BANKERS.-Lawrence Barnum & Co. of Philadelphia are
1,800
offering to Musselshell Co. No, 90. 2,000 6% Jan. 1 1914 Jan. 1 1929 Jan. 1 1924
investors an issue of $59,000 43,5% tax-free street-impt. bonds.
6% Jan. 1 1913 Jan. 1 1923 Jan. 1 1918
Due Musselshell Co. No. 24_
Aug. 1 1943, sub. to call $11,000 in 1923 and $12,000 every five years there1,500 6% Dec. 1 1913 Dec. 1 1928 Dec. 1 1918
Sheridan Co. No. 7
after. The sale of these bonds was previously reported in V. 97. p.
*3,000 6% Aug. 28 1913 Aug. 28 1933 Aug. 28 1923
1155.
Sweet
Co. No.52800 6% Dec. 1 1913 Dec. 1 1923
MASSACHUSETTS.-BOND SALES OVER THE COUNTER.-News- Teton Grass
1 1918
Co. No.41
2,000 6% Oct. 4 1913 Oct. 4 1925 Dec.
molTo
svItticehgAt2artoor
4 1921
4t7utotnodandhien^it,dei
Teton Co. No. 36
(Mar.
1,000 6% Mar.29 1913 Mar, 1 1933 Oct.
Mar: 1 1923
Valley Co. No.8
17
;
State
Tress.
e't
41
'
Nei:
*3,500
6%
Sept.
17
Sept. 17 1933 Sept. 17 1923
the counter" on a 3.'5
3'85% asis(Vs
. v8, p. 630) were disposed
Yellowstone Co. No.33- *2,000 6% Mar. 15 1913
ed of. g
1913 Mar. 1923 Mar. 15 1916
Yellowstone
MEDFORD Middlesex County, Mass.-TEMPORARY LOAN.
No,12_
1,000 6% July 1 1913 July 15
1 1919 July 1 1917
-A Yellowstone Co.
temporary loan of $100,000, maturing $50,000
Co.
No.
341,200
6%
Sept.
1
1913
Sept. 1 1935 Sept. 1 1916
24 and $50,000
Dec. 11, has been negotiated with R. L. Day & Co.Nov.
of
Boston,
ROAD
BONDS.
it
is
stated,
at 3.30% discount, plus 50e. premium.
Sanders County
*315,000 5% June 2 1913 June 2 1933fJune 2
1918.
MESAPOTAMIA TOWNSHIP (P. 0. Mesapotam
ia), Trumbull
11923 & 1928
County, Ohio.-BOND OFFERING.-Addition
NEWFANE
al information is at hand
SCHOOL DISTRICT (P. 0. Newfane), Niagara County
relative to the offering on Mar. 16 of the $60,000
coup. road-impt. N. Y.-BOND ELECTION.-An election will be held Mar. 12, it is stated,
bonds (V. 98, p. 707). Proposals for these bonds 5%
will be received until to vote on the question of issuing $20,000 bldg. bonds.
12 m. on that day by J. H. Sealy, Twp. Clerk,
$500. Date
NEWPORT, Newport County, R. I.-TEMPORARY LOAN.-This
April 11914. Int. A.& 0. at Western Reserve Nat. Denom.
Bank, Warren. Due city has negotiated
a temporary loan of $40,000 with Blake Bros. & Co. of
31.000 Oct. 1 1915,$1,500 each six months from
1 1916 to Oct. 1 1928 Boston at 3.73% discount,
it is stated. Loan matures Sept. 4.
incl. and $2,000 each six months from Apr. 1 April
to Oct. 1 1933 incl.
Cert. check for $500, payable to Twp. Treas., 1929
NEW YORK CITY.-BOND SALE.-The Sinking Fund during
required.
No
bonded
or
floating debt. Assess. val. 1913, $967,000.
February purchased at par $1,000 3% assessment bonds maturing
on or
after Nov. 1 1914.
MIDDLESBORO, Bell County, Ky.-BONDS AUTHORIZED.
The following short-term securities, aggregating $25,901,081 36,
The Council has voted, it is stated, to issue $100,000
and
10-year street-impt. consisting of revenue bonds, bills
and corporate stock notes were issued
bonds.
during February:
MIDDLETOWN, Butler County, Ohio.-BOND OFFERING
.
-ProRev.
Bonds
1914Int.
Amount.
Corporate
Stock Notes Int.
posals will be received until 12 m. Apr. 2 by L. T. Nein, City
Amount.
Auditor, for Current expenses_ 434
the following 5% assess. bonds:
366,700 00 Var. mun. purp's_ 3
3500,000 00
Total revenue bonds
$53,391 74 Clark St. Charles St. and Curtis Ave. impt. bonds.
Var. mun. purp's_*3 5-16 2,983,755 13
Denom.
(current
expenses)__
366,700 00 Var. mun. purp's_*3X
(100) $50b, (10) $339 17. Due $5,339 17 yearly on
984,017 12
Rev. Bonds 1914from 1915 to 1924 incl. Cert. check for $500 required. Jan. 1 Special
Var, mun. purp's_*2X
1,486,255 14
$50,000 00 Var. mun. purp's_*2X
43(
6,088 15 Curtis and Kunz Ayes. impt. bonds.
2,494,349 32
Denom.
Special
$608
81.
Due
4
2,100 00 Var, mun. purp's_*2X
1 to 10 years, serial. Cert. check for $200 required.
498,972 60
Var. mun. purp's_*3 7-16 a1,922,663 01
3,799 75 Jefferson St. paving bonds. Denom.
3379 97. Due 1 to 10
Total rev. bonds (spec.)
352,100 00 Var. mun. purp's..*3X
years, serial. Cert. check for $200 required.
z711,831 06
Rev.
Bills
1914Water
Date Jan. 1 1914. Int. J. and J. at Nat.
3
25,000 00
Bank, N.Y. C. Bonds Current expenses_*3q
489,537 67 Water
to be delivered and paid for within 10 days Park
*234
495,589 04
from time of award.
Current expenses_*3
1,323,193 24 Water
498,904 11
*234
MINDEN, Pottawattamie County, Iowa.-BOND SALE.-Reports Current expenses_*3X
X
x469,757 05 Water
*334
a569,280 73
state that the $7,000 electric-light and power-plant bonds voted
Jan. 2 Current expenses_*3 13-16 x236,150 14 Rapid transit_ _ _ _ 4
(V. 98, p. 253) have been disposed of.
Current expenses_*3 11-16 x235,069 34 Rapid transit_ _ *3 5-16 1,500,000 00
978,672 95
Current expense:L*334
MINNEAPOLIS, Minn.-BOND OFFERING.-Proposals will be
z472,510 33 Rapid transit_ __ _*2 X
498,904 11
re- Current expenses_*3 5-16
cTived until 2 p. m. Mar. 23 by the Ways & Means Committee,
x949,505 86
Dan C. Current expenses_*3X
x4,505,212
55 Total corp. stock notes_316,148,194 32
Brown, City Compt., for the $300.000 high-school, $200,000 grade
-school, Current expenses.*3X
z953,150 86
$75,000 park, $75,000 hospital, $100,000 permanent-impt., $50,000 mainTotal revenue bills
sewers, $50,000 relief-sewers, $50.000 Bassett's Creek and $75,000 river.
(current expenses)._ 39,634,087 04
terminals 4% bonds authorized by the City Council on Feb. 20
(V. 98,
p. 708). Date April 1 1914. Int. A. & 0. Due not less than 5
*Rate of discount; figures in "Amount" column represent proceeds of
yrs
nor more than 30 yrs. from date. Cert. check for 2% of bonds bid
loan after deducting discount. z Payable in (Z) sterling. a Payable
for, francs.
in
payable to C. A. Bloomquist, City Treas., required.
k The official notice of this bond offering will be found among the
NORTH
DAKOTA.
-BOND
SALES.-During the month of Februari
advertisethe following ten issues of bonds, aggregating 329.100, were purchased
ments elsewhere in this Department.
by
the State at par:
MISSOURI.-BONDS OFFERED BY BANKERS.-In an advertise- Amt.
Rate.
Place
Issuing
Bonds. Purpose.
Date.
ment on a preceding page the Equitable Trust Co. and N. W. Halsey
Due.
& Co. $2,600 4 Cavalier
Sewer
Jan. 26 1914 Jan. 26 1934
of New York are offering to investors at a price to yield 4.10%
1,000 4 Dunn Co. S. D. 26
Building Jan. 12 1914 Jan. 12 1934
% 2-11-year (ser.) coup. capitol-building-refunding bonds. $1,000,000
5,000 5 Hankinson
Funding June 14 1913 June 14'23-32
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
5,000 5 Hankinson
City-hall June 14 1913 June 14'23-32
SCRIPTION OF BONDS.-The seven issues 05% highway-impt,-DE7,000 4 Hillsboro
Funding Jan. 31 1914 Jan.31 '19-24
bonds
aggregating $69,100 sold on Jan. 29(V.97, of
850 4 Morton Co. S. D 29 Reftuid. Jan. 31 1914 Jan. 31 1924
467) are described as follows:
413,400 C. C. Chadwick, et at, highwayp.bonds. Denom. $670.
600 4 Morton Co.S. D.46_ _Building Jan. 31 1914 Jan. 31 1924
Date
Jan. 15 1914.
5,000 4 Ransom Co. S. D. 24_Building Jan. 12 1914 Jan. 12 1034
8,700 Edgar Sentman, et al, highway bonds. Denom. $435.
1,200 4 Roberts Sch. Dist_ _ _ _Building Jan. 12 1914 Jan. 12 1934
Date
•
Jan. 15 1914.
850 4 Sheridan Co.S. D25 __Building Jan. 12 1914 Jan. 12 1934
14,400 N. Bart Thompson, et al, highway bonds. Denom.
$720. Date
OKANOGAN COUNTY SCHOOL DISTRICT NO. 21, Wash.
Oct. 15 1913.
BOND OFFERING.-Proposals will be received until 10 a. m. Mar. 8,000 James E. Foley, et al, highway bonds. Denom.
14
$400. Date by E.0. Quackenbush, Co. Treas. (P.
Jan. 15 1914.
0. Conconcully), for
10-20yr. (opt.) bldg. bonds at not exceeding 6% int. Int. payable$2,000
12,300 James II. Tharp, et al, highway bonds. Denom.
at Co. Treas.
$615.
Date
office.
No
deposit
required.
Jan. 15 1914.
No bonded or floating debt. Assess.
val., $51,770.
7,200 Chas. W. Linn, et al, highway bonds. Denom. $360.
Date
Jan. 15 1914.
ORANGE
COUNTY
(P.
0.
Paoli),
Ind.-BOND OFFERING.-Ad5,100 Jos. Livingston, et al, highway bonds. Denom. $255.
Date cording to reports, proposals will be received until 2 p. m. Mar. 10 by
Jan. 15 1914.
J. W.McCullogh, County Treas., for 35,040
% road bonds.
Int. M.& N. Due 1 bond each six months from May
15 1915 to Nov. 15
1924 inclusive.
OSHKOSH, Winnebago County, Wis.-BOND OFFERING.-Proposals will be received until 2 p. m. Mar. 21 by Dan Witzel, City Clerk,
MOUNT VERNON (City), Westchest
County, N. Y.-BOND
OFFERING.-Proposals will be received untiler
% coup. water-works bonds. Denom. $1,000. Date
8 p. m.Mar. 17 by the Mayor for 3540,000
and Council, E. W. Fiske, Mayor,for $42,000
Feb. 2 1014. Int. F. & A. at N. Y. Trust Co., N. Y. City. Due yrly.
tax-free
%
-year
6
assess.
bonds. Denom. $1,000. Date Mar. 1 1914. Int. M.
& S. at City Treas. on Feb. 1 as follows: $25,000 1920 to 1924 incl., $35,000 1925
office. Certified check for $1,000 payable to "City of
to 1929 incl.
Mt. Vernon," required. These bonds will be certified as
genuineness by the U. S. Mtge. and $48,000 from 1930 to 1934 incl. Cert. check on a national bank for
& Trust Co. and their legality approved to
5%
of
bonds
bid
payable
for,
to
City
Caldwell,
by
Treas.,
required. The validity of
& Reed of
N. Y. City, whose favorable opinion will be furnishedMasslich
successful bidder. these bonds will be approved by Wood & Oakley of Chicago, whose favorBonds to be delivered at office of above trust
at 11:30 a. m. Mar. able opinion will be furnished successful bidder. Total
25 unless a different date shall be mutuallycompany
indebtedness (incl.
agreed
upon. Purchaser to
pay accrued interest. Bids must be made
blank forms furnished by city. this issue), $1,173,200. Assess. val. 1913, $29,803,774.
Assessed valuation, real estate, $37,226,85on
The
official
notice
special
this
bond
of
0;
franchise,
offering
will
be
found
$2,124,490
:among
:
the advertise,personal property, $69,650; total, $39,420,990. Bonded
of this issue). $4,253,950; tax-relief bonds and water bonds debt (exclusive ments elsewhere in this Department.
included,
$505,000; balance in sinking funds, $540,811 74.
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 5, Fla.-BOND SALE.-The 313,5006% coup.
bldg. and impt. bonds
MONTANA.-BONDS PURCHASED BY STATE IN 1913.
-The State offered but not sold on Dec. 11 (V.97, p. 1679) were awarded about Jan. 20
of Montana purchased at par $301,143 bonds
during the year 1913. Below to Sidney Spitzer & Co. of Toledo at 101 and int. Due Oct.
we print a description of all the bonds purchased.
1 1933.
In
those
cases
where
the
sale has been previously reported in the "Chronicle," the issue
PARK COUNTY SCHOOL DISTRICT NO.4, Mont.-BOND OFFERis marked with ING.
an asterisk (*).
-Proposals will be received until 8 p. m. March 10 by E. M.Sybert.
Clerk (P. 0. Livingston), for $70,000 5% 10-20-year (opt.) gold coup.
BRIDGE BONDS.
-Custer County
*3170,000 6% Jan. 1 1912 Jan. 1 1932 Jan. 1 1922 building and equipment bonds. Denom. $1,000. Date April 1 1914.
Int. J.& J. at office of County Treasurer or at some bank in New York City.
FAIR GROUNDS BONDS.
Certified
for $500, payable to above Clerk, required. Bonded debt
Missoula County
*350,000
% Mar. 1 1913 Mar. 29 1923 Mar.29 1923 $113,000.check
Assessed valuation $3,780,310.
•




MAR.71914.)

THE CHRONICLE

783

D.
ROCKVILLE, Montgomery County, Md.-BONDS PROPOSE
PARE COUNTY SCHOOL DISTRICT NO. 59, Mont.-BOND OF- According to local newspaper reports, this place is considering the issuanceP. m•
bonds.
ent
FERING.-Proposals (sealed or verbal) will be received until 26%
improvem
and
g
school-buildin
10- of $30,000
Mar.9 by Martin Bates, Chairman (P. 0. Livingston), for $1,700 $100.
OFFERED,
ROGERS COUNTY (P. 0. Claremore), Okla.-BONDS
15-yr. (opt.) coup. site-purchase and constr. bonds. Denom. bank
& Savings Bank of
BY BANKERS.-The Continental & Commercial Trust
Date Apr. 1 1914. Int. J. & J. at office of County Treas. or at some
bonds. Denom. (72) $1,000.
5%
$72,924
to
investors
is
offering
required,
,
Chicago
Chairman
above
to
in N.Y.City. Cert. check for $100, payable
was (1) $924. Date Oct. 6 1913. Int. A.& 0. DuelOct. 6 1938. Total debt
No bonded or floating debt. Assess. val. 1914, $141,700. This item
$15.932.308; real yam (est.). $25,000.000.
inadvertently reported under the head of Park County Sch. Dist. No."13" $141,566. Assess. val. 1913.
ROSEVILLE VILLAGE SCHOOL DISTRICT (P. 0. Roseville),
in V. 98, p. 631.
Muskingum County, Ohio.-BOND SALE.-On Mar. 2 the $30.000 59'
PASADENA SCHOOL DISTRICT (P. 0. Pasadena), Los Angeles
$75,000 coup. site-purchase and bldg. bonds (V. 98, p. 543) were awarded
County, Cal.-BONDS VOTED.-The questions of issuing thet.
bonds to Weil, Roth & Co. of Cincinnati at 102.53.
Altadena and Lamanda school bldgs. and $15,000 school-imp
a
ROSSFORD SCHOOL DISTRICT (P. 0. Rossford), Ohio.-BOND
(V. 98, p. 543) carried, reports state at the election held Feb. 27 by
SALE.-On Mar. 2 this district awarded $35,000 5% bonds to Sidney
vote of 3,646 to 936 and 3,881 to 829,respectively.
G.
OFFERIN
& Co. of Toledo at 101.075, it is stated.
Spitzer
-BOND
PAULDING COUNTY (P. 0. Paulding), Ohio.
Gaharan,
s will be received
ST. PAUL, Minn.-BOND OFFERING.-Proposal
-Proposals will be received until 3:30 p. m. March 27 by Ed. M.
m. Mar. 18 by W.C. Handy, City Compt.,for the $25,000 4X%
12
bonds:
until
County Auditor, for the following 5%
1
Apr.
on
playground coup.
public
$2,000
-year
children's
2
30-year and the $10,000 4%
$20,000 infirmary-building bonds. Denom.$1,000. Due
$2,000 yearly bonds (V. 98, p. 632). Denom. $100 or multiples thereof, not exceeding.
1916 and 1917. $3,000 on Apr. 1 1918 and 1919 and
or cash for 2%
check
Cert.
&
0.
A.
Int.
1
1914.
April
Date
$1,000.
thereafter.
Due on April 1 as follows: of bid required. Official circular states that this city has never defaulted
20,000 Beatty Pike bonds. Denom. $1,000. and
and $2,000 1921. on any of its obligations and that the principal and interest on its bonds
1919,
1918
1917.
$4,000
$3,000 1916 and 1920.
(1) $850. Due $4,000 on previously issued have always been paid promptly at maturity.
10,850 Ditch bonds. Denom. (10) $1,000.
1 1918.
April 1 1916 and 1917 and $2,850 on April
SACRAMENTO, Cal.-BIDS.-According to the San Francisco "ComTreasury. Certified check
County
at
0.
&
A.
the purchase of 3200,600Date April 1 1914. Int.
payable to County Treas- mercial News," bids were opened Feb. 25 for in
connection with which
or certificate of deposit on a local bank for $100.
o 434% sewer and drainage bonds,
blank
Sacrament
furnish
to
were made on a basis
bids
the
urer, required. Bids must be unconditional. Purchaser
All
a
of
$3,400.
bonus
the city offered
bonds and coup. at own expense.
National Bank of Sacarmento, $1,750;
as
Capital
follows:
of
discount
papers
-Local
.
PROPOSED
&
Co., $2,980;_ N. W.
Marshall
Torrance,
$2,227;
&
Sons,
PEORIA, Peoria County, Ill.-BONDS of
Rollins
E.
H.
$120.000 bonds to pay off Halsey & Co. $3,400, and Byrne & McDonnell, $7,250. Award has not
state that this city is considering the issuance banks
have secured against
the judgment and interest which three local
yet been annoUnced, but will undoubtedly be made to the Capital Nat. Bk.
ZED.
the city.
Saginaw County, Mich.-BONDS AUTHORI
(P. 0. Philadelphia), Pa.- AnSAGINAW,was
of $10,000 4%
passed Feb. 24 providing for the issuance $1,000.
PHILADELPHIA SCHOOL DISTRICT
ordinance
Date.
m.
12
until
Denom.
received
be
bonds.
will
s
refunding
-Proposal
water
Western Taxing District
-CERTIFICATE OFFERING.
or at current official
Public Instruction, for the $3,000,000 March 2 1914.Int. M.& S. at office of City Treas.,
April 1 by Wm.Dick, Secy. Board of
on March 2 from 1915 to 1919 incl.
and construction certificates. Denom bank in N.Y.City. Due $2,000 yearly
-purchase
site
tax-free
$700,000 waterreg.
gold
issuing
of
%
4
BOND ELECTION PROPOSED.-The question
Jan. 1, 1914. Int. 3. & J. at the
to a vote at the April
$500, $1,000 and $5,000. Date
plant-constr. bonds will, reports state, be submitted
on
yearly
July1
Due
Phila.
$150,000
Bank,
Nat'l
'
Farmers'& Mechanics
pay- election.
of
of
DENT SCHOOL DISTRICT (P. 0. San
from 1924 to 1943 incl. Cert. check for5% amount subscription.
SAN ANTONIO INDEPEN
5%
or before Antonio),
Beirar County, Texas.-BOND SALE.-The $300,000
able to School District, required. Certificates must be.paid for on
registered by the State Comptroller on
bonds
building
G.
by
John
of
this
has
(opt.)
issue
been
approved
20-40-year
8 p. m. April 8. The legality
Toledo.
of
Co.
&
Rorick
to
Spitzer,
month
same
were awarded in the
Johnsen, Esq. Bids must be made on blank forms furnished by the above Dec.20
at par and int. See V.98, p. 87; V.97, p. 1766.
Secretary.
LE, Westchester County, N. Y.-BOND OFFERING.
SCARSDA
advertiseSupervisor, at his office.
The official notice of this bond offering will be found among the
Proposals will be received by Alex. M. Crane,10
sewerreg.
for
m.
March
$170,000
until
hp.
City,
t.
in
this Departmen
ments elsewhere
55 Wall St., N. Y.
bonds at not exceeding 6% int. Denom. $500 or multiples. Date Mar. 1
PINEVILLE SCHOOL DISTRICT NO. 1 (P. 0. Pineville), Mecklenr 1914. Int. J. & J. at Citizens Bank, White Plains, in N. Y. exchange.
burg County, No. Caro.-BONDS OFFERED BY BANKERS.-Whitake
6% high- Due $4,000 yearly on July 1 from 1915 to 1956 incl. and $2,000 on July 1& Co. of St. Louis are offering to investors an issue of $20,000J.
& J. at 1957. Cert. check for 2%, payable to above Supervisors, required.
Int.
school-bldg. bonds. Denom. $500. Date July 1 1913.from
-On.
to 1930
1917
SCOTT TOWNSHIP, Allegheny County, Pa.-BOND SALE.
the Hanover Nat. Bank, N.Y. Due $500 yearly Jan.1 Total debt
this Feb.
% serial bonds was awarded to Gordon &
20 an issue of $25,000
incl. and $1,000 yearly Jan. 1 from 1931 to 1943 incl.
S.
&
M.
Int.
2
1914.
March
Date
.
Co. of Pittsburgh
issue. Assessed val. 1912, $340,000.
D SALE.
NorthumberSHAMOKIN SCHOOL DISTRICT (P. 0. Shamokin),
PITTSYLVANIA COUNTY (P. 0. Chatham), Va.-BON
5% 34-year tax-free land
Pa.-BOND OFFERING.-Proposals will be received until
On March 2 the $50,000 (not $30,000 as first reported)
to Harris, 12 in.County,
for
434%
awarded
were
$150,000
Board.
School
543)
of
Sec.
p.
98,
(V.
Harris,
John
bonds
by
23
t.
Mar.
bridge-imp
and
coupon road
bonds.
5-30-year reg. school bonds. Date Apr. 1 1914.
Forbes & Co. of N.Y.at 102.35 and printing of
BONDS.
FOR
PAID
-PRICE
Franklin
,
0.
Tenn.
(P.
T
Sheffield)
Benton),
DISTRIC
SCHOOL
LD
0.
SHEFFIE
POLK COUNTY (P.
. bonds awarded on Oct. 27 County, Iowa.-BOND SALE.-On Feb. 2 the $35,000 school bonds
-The price paid for the $250,000 road-impt
98, p. 708) was 100.10 for 5s. (V.98, p.410) were awarded to the Harris Trust & Savings Bank of Chicago.
to C. W. McNear & Co. of Chicago (V.
Due
7.
July
on
$30.000
ann.
Int.
and $100. Date Feb. 2 1914.
1913.
7
July
for $35,300 (100.857) as 54. Denom.$500
Denom. $1,000. Date
1 1923.
1938 and 1943.
Int. M.& N. Due $700 yearly on Feb. 2 and balance Nov.
1918, $35,000 1923, $40,000 1928, $45,000 1933, $50,000
G.
N.
Y.
-BOND
OFFERIN
(P. 0. Shenandoah), Page
County,
T
er
DISTRIC
Westchest
DOAH SCHOOL
SHENAN
PORT CHESTER,
held
March 9,
be
0.
Derby,
8 p. m. Mar. 10 by Chas.
County, Iowa.-BOND ELECTION.-An election will
-Proposals will be received until
5% tax-rellef bonds. Denom. $1,000. Date reports state, to submit to a vote the proposition to issue $15,000 school.
Vii. Clerk, for $24,000 &
Due
Chester.
Port
Bank,
Nat.
at
First
S.
Mar. 15 1914. Int. M.
5% of bonds bid for. bonds.
SALE.
$12,000 Mar. 15 1916 and 1917. Cert. check for
SOUTH PASADENA, Los Angeles County, Cal.-BOND
(V.98,p.632)
payable to Vii. Treas., required.
On Feb. 24 the $120,000 5% 2034-yr. (ay.) gold sewer bonds
PORTERSVILLE, Tulare County, Calif.-BONDS VOTED.-The were awarded, it is stated, to the Harris Trust & Say. Bank of Chicago(V. 98, at 101.32.
proposition to issue the $15,000 5% additional-pump-plant bonds
Due
-Reports state
p. 632) carried at the election held Feb. 24 by a vote of 500 to 41.
TERRELL, Kaufman County, Tex.-BOND SALE.
years
1915.
beginning
15
for
serially
the $85,000 schoo: and $40,000 city-hall bonds voted Jan. 6 (V- 98.
Ore.-BONDS that
been sold to a Kansas City firm at 100.16.
have
255)
p.
PORT OF BANDON (P. 0. Bandon), Coos County,
NOT SOLD
AUTHORIZED.-Reports state that the Port Commission recently
TIPPECANOE COUNTY(P.O.Lafayette),Ind.-BONDS
t. bonds(V.98, p.410)
passed an ordinance providing for the issuance of $250,000 bonds.
-On Feb. 28 the 368.000 434% Main St. bridge-imp
is
Indianapol
of
Harrison
&
Poteet),
0.
Elliott
Breed,
(P.
to
T
stated,
were awarded, it is
POTEET INDEPENDENT SCHOOL DISTRIC
is offering for $71,050 48. It was discovered, however, after the sale was made that
Atascosa County, Texas.-BOND OFFERING.-This district
making the
bids,
for
the
by
n
calling
registered
publicatio
the
in
made
bonds
been
school
(opt.)
had
10-40
-year
5%
mistake
a
for sale the $16,000
State Comptroller during the week ending Jan. 17(V.98. p.325). Date same irregular. The bonds will be re-advertised.
will beOct. 1 1913. Denom. $500. Interest annually on Oct. 1.
TIFTON, Tilt County, Ga.-BOND ELECTION.-An election
$27,000 5%
IN
D
held March 25 to submit to a vote the question of issuing
POTTSTOWN, Montgomery County, Pa.-BONDS AWARDE
bonds offered over the municipal bonds. Due one bond yearly.
PART.-Of the $100,000 4% registered tax-free 28.
Date July 1 1913.
0. Toler), Hood County, Tei.counter, $34,000 had been disposed of up to Feb.
TOLAR SCHOOL DISTRICT (P.
28 no sale had been made of the $12,000,
Int. J. & J. Due from 1923 to 1943.
BONDS NOT SOLD.-Up to Feb.
which proposals were asked at any
for
the
bonds
28
on
Feb.
that
advised
building
(opt.)
are
5% 20-40-year
PUEBLO, Colo.-BOND SALE.-We
(V. 98, p. 325) were awarded time (V. 98. p. 88.)
$380,000 5% 15-yr. warrant-funding bonds
(P.O. Toledo), Lucas County,
int.
T
and
DISTRIC
101.25
at
of
SCHOOL
Denver
Walpole
TOLEDO CITY
to N. S.
$44,000 was awarded
received until 1:30 p m.
OFFERING.-Proposals will be
According to other reports, it is stated that only
was exchanged at par to Ohio.-BOND
Clerk Board of Education, for the $180,000Donat,
I.
Lillie
by
23
to N. S. Walpole at 101.25 and that $340,000
March
of.
disposed
of Education on Feb. 16
Board
$384,000
the
by
of
total
authorized
a
local warrant holders, making
% coup, school bonds
"day of sale." Int. M.& S. at
Other bids were:
98, P. 709). Denom. $1,000 Date Due
a premium of $7,725 for entire issue. (V.
$60,000 March 11919, 1924
N. Y. City.
Co..
&
Trust
Mtge.
S.
H.C. Speer & Sons Co. of Chicago bid
U.
for 5% of bonds bid for,
bid $21 40 prem. per $1,000.
and 1929. Certified check on a Toledo bankwithin
Causey, Foster & Co. of DenverChicago
bid 101.
10 days from time of
required. Bonds to be delivered and paid for
Bolger, Messer & Willaman ofbid 6-10 of
1%.
blank forms furnished by
upon
and
Denver
nal
of
unconditio
Co.
be
&
must
Bids
Wright
award.
J. N.
int.
and
par
bid
Denver
of
the above Clerk.
William E. Sweet & Co.
t
-BONDS VOTED.-The quesPULLMAN, Whitman County, Wash.
TROY,N. Y.-BOND SALE.-On March 3 the 3200.00059' tax-exemp
city water system impt. bonds (V. 98. p. 632) certificates of indebtedness or revenue bonds due Oct. 16 1914 (V. 98.
tion of issuing the $20.000
23.
to
115
of
vote
a
24
by
awarded to the Manufacturers' Nat. Bank, Troy, at 100.558.
were
p.
709)
carried, reports state, at the election held Feb.
SALE.-On Feb. 19 an The Equitable Trust Co., N. Y., bid $200,954.
RAINIER, Columbia County, Ore.-BOND
water-worksawarded to W.F. White of Portland
On Mar.6 the 3350,000 4 l6% 40-installment reg. tax-free
Issue of $7,563 306% sewer bonds wasDate
1913. Int. A. & 0. pipe-line bonds (V. 98, p. 709) were awarded to Remick. Hodges & Co. of
13
Oct.
$100.
and
$500
Denom.
at par.
date.
-paying
any
interest
to
call
New York at 104.541.
Duo in 10 years, subject
VOTED.-The propo(P. 0. StevensUMATILLA, Umatilla County, Ore.-BONDS
RAVALLI COUNTY SCHOOL DISTRICT NO. 13be
to the voters at the election
received unti sition
to issue $20,000 water bonds submitted for
ville), Mont.-BOND OFFERING.-Proposals will 10-20
issue (V. 98. p. 544).
the
(serial)
victory
Feb. 16 resulted, it is stated, in a
March 16 by Francis F. Powell, Clerk, for $1,700 6% and -year
$200. Date held
DISTRICT NO. 8,
bonds. Denom. $500
gold coupon school-completion
BUREN TOWNSHIP SPECIAL SCHOOL
VAN
check
Certified
of
at
office
Treasurer.
O.
County
Mar. 2 the $15,000
&
-On
.April 1 1914. Int. A.
ry County, Ohio.-BOND SALE. P. 633)
were awarded.
H. L. Hart, County Treasurer, required. Montgome
bonds (V. 98,
equip.
and
bldg.
for 2% of bonds, payable tothis
coup.
issue), $5,900. No floating debt. As- 534%
for $15,611 (104.073) and int.
Bonded debt (not including
to Seasongood & Mayer of Cincinnati
1929 incl I
sessed value 1913, $253,478.
bonds mature $1,000 yriy. on Sept. 1 from 1915 to
The
-BOND SALE.-The two issues
-BOND OFFERING BURGH CO.(P.O.Evansville),Ind.
RAVENNA, Portage County, Ohio.t)
at 10 a. m.
bonds, aggregating $11.816 08, P VANDER
, Co. Treas., will offer for sale at public auction
of 44% street-improvement (assessmen
by Carl Lauenstein
mpt. bonds:
purchased
p.
87),
98,
been
highway-i
have
(V.
tax-free
29
Dec.
semi-ann.
on
%
success
following
without
offered
March 25 the
Due $565.
interest.
$565.
Denom.
and
bonds.
par
at
the Sinking Fund Trustees
Robert Pollock. et al, highway
N. Y.-BONDS PROPOSED.- $11,300 each six months from May 15 1915 to Nov. 15 1924 incl.
RENSSELAER, Rensselaer County,
$470
Due
$470.
Denom.
bonds.
is
issuance
the
highway
city
al,
ting
et
this
contempla
that
Coudert,
9,400 John
Local newspaper reports state
incl.
each six months from May 15 1915 to Nov. 15 1924
of $70,000 street-paving bonds.
Los
Nuys),
Van
0.
(P.
T
DISTRIC
SCHOOL
HIGH
(P. 0. Riverside), Riverside
VAN NUYS
the
RIVERSIDE SCHOOL DISTRICT question
of issuing $50,000 build- Angeles County, Calif.-BONDS VOTED.-The proposition to issue
County, Calif.-BONDS VOTED.-The
(V. 98, p. 633) carried.
bonds
on
and-constructi
of
-purchasevote
held
a
site
by
election
24
Feb.
the
at
$120,000
none.
to
of
118
vote
ing bonds carried, it is stated,
a
by
24
ld
Feb.
election:he
reports state, at the
341 to 27.
-BOND OFFERING.
VOTED.-A favorable vote was cast at the IT VIGO COUNTY (P. 0. Terre Haute), Ind.
J. Dailey, Co.
ROANOKE, Va.-BONDSpropositio
n to issue the $150,000
% city- Proposals will be received until 10 a. m. March 9 by Thos.
election held March 3 on theDue
Mullikin,et al,road-impt. bonds. Denom.
Joseph
%
$53,000
1944.
1
May
for
Treas.,
410).
hall bonds (V. 98. p.
March 161914. Int. M.& N. Due $1,325 each six months
S.-Proposals will be received 31.325. Date1915
to Nov. 15 1934 incl.
ROCHESTERAT.Y.-NOTE OFFERING
May 15
S. Osborne, City Comptroller, for $380,000 from
be received until 10 a. m. March 18 for an issue of $17.000
will
Proposals
until 2 p. m. March 9 by E.months
be
They
will
12
from
March
1914.
three
B. Stimson, Rooms 401-405, Terre Haute.
R.
payable
notes,
Address
revenue
Trust Co., New York. bonds.
drawn with interest and made payable at the Union
DISTRICT NO. 37 (P. 0.
denomination of notes desired and to
VOLLMER INDEPENDENT SCHOOL
Bidder to designate rate of interest,
SALE.-The 315.000 10-20-year
payable.
Vollmer), Lewis County, Ida.-BOND
whom (not bearer) notes shall be made
97, p. 758) were awarded on
(V.
18
Sept.
on
offered
City
S.
bonds
by
E.
Osborne,
12
Mar.
m.
building
p.
2
(opt.)
$1000.
Proposals will be received until
s-impt. notes, payable eight months that day to Win. E. Sweet & Co. of Denver at par for 6s. Denom.
Comptroller, for $200,000 water-work
drawn with interest and made payable Int. M.& S.
from Mar. 16 1914. They will beBidder
and
-On
of
interest
SALE.
rate
to
designate
OND
t,aro.-B
at the Union Trust Co. of N. Y.
WASEICOUNTY (P. 0. Raleigh), No. Jail
ion of
and county home bonds,
to whom (not bearer) notes shall be made payable and denominat
Mar. 2 the $225,000 5% 30-yr. court-house.
notes desired.




784

THE CHRONICLE

[voL. xcvm.

(V. 98, p. 411) were awarded to Rhoades & Co. of N. Y.
for $234.740 25
WHITE COUNTY (P. 0. Monticello), Ind.
-equal to 104.329.
-BOND SALE.-Oh
Feb. 14 the $12,000 434% (serial) road bonds
(V. 98, p. 326) were
WALKER TOWNSHIP, Rush County, Ind.-BOND
OFFERING.
- to the Fletcher-American Nat. Bank of Indianapolis for $12,161, awarded
Proposals will be received until 10:30 a. m. March 26
equal to
101.341. Denom. $600. Date Feb. 14 1914.
by
J.
A.
Shelton,
Township Trustee(P.0.Manilla),for $23,720 43•5% school
Int. M. & N. Due part
bonds. Denom. each six months for ten years.
(47)$500 and (1)$220. Date March 26 1914. Int. M.
& S. at the Manilla
WHITE PLAINS (TOWN) UNION FREE
Bank, Manilla. Due $500 March 26 1915, $750
SCHOOL DISTRICT
March 26 and $1,000 on Sept. 26 from March 26Sept. 26 1915. $500 on NO. 1, Westchester County, N. Y.-BOND SALE.-On Feb.
27 the fol1916 to Sept. 2611924, lowing 5% site-purchase and bldg. bonds (V.
inclusivejand $1,000 each six months thereafter
said series of bonds has Lee, Higginson & Co. of N. Y. at 105.31: 98. p. 544) were awarded to
been retired. All bonds to mature within 15until
years.
A
similar
bonds.
issue
of
$10.000
Denom. $1,000. Due $1.000 yrly.
bonds was offered on March 3 (V. 98, p. 544).
Jan. 1 from 1922 to
inclusive.
WALTHAM, Middlesex County, Mass.-LOAN OFFERING.-Probonds. Denom.(1) $1,500. (11) $1,000. Due
12,500 193in
posals will be received until 10:30 a. m. March
$1,500 Jan. 1 1920
and
$1,000
yrly. Jan. 1 from 1921 to 1931 inclusive.
9 by the City Treasurer, it is
stated, for a temporary loan of $200,000 in anticipatio
WHITESBORO, Oneida County, N. Y.-BOND
n of taxes. Loan
matures Nov. 20.
OFFERING
.-Proposals will be received until March 9, reports state, for
$1,113 45 Dennison
WARREN COUNTY (P. 0. Williamsport), Ind.-BOND SALE.-On Ave. paving (assess.) bonds.
Denom. $222 69. Date March
Feb. 27 the $75,000 5% refunding bonds (V.
16
Int.
(not
to
exceed
5%)
M.
&
S. at office of Vii. Treas. Due $222 69 1914.
98, p. 326) were awarded to
the Fletcher-American Nat. Bank of Indianapoli
yearly
s for $78.221 50, equal to beginning 1 year after date.
104.295. Denom. $500. Date Jan. 7 1914. Int.
J. & J.
WILLOUGHBY, Lake County, Ohio.-BOND SALE.-On
Feb.
27
WASATCH COUNTY HIGH SCHOOL DISTRIC NO. 2 (P. 0. the $4,500
% 5-3iyear (aver.) cemetery-impt. bonds (V. 98, p. 411)
Roosevelt), Utah.-BONDS VOTED.-According to Tlocal
newspaper were awarded
Hayden, Miller & Co. of Cleveland for $4,616 (102.577
dispatches, the question of issuing $39,000 building bonds carried at a and interest. to
Other bids were:
recent election.
Seasongood & Mayer, Cin_34,614 00 Tillotson&WolcottCo.
92 25
WASHINGTON COURT-HOUSE, Fayette County, Ohio.- Stacey & Braun, Toledo__- 4,605 63 Otis & Co., Cleveland,Cley.$4,5
4,573 00
Well, Roth & Co., Cin_
AMOUNT OF BONDS PURCHASED.-The amount of 5% 1-10
4,602 55 First Nat. Bk., Cleveland_ 4,562 40
-year
(serial) alley improvement (assessment) bonds awarded on Feb. 3 to
Prov.Say.B
k.&Tr.Co.,
Cin.
4,599
Sid.
45
Spitzer
&
Toledo. 4,561 75
Commercial Bank of Washington Court House at par and int. (V. 98,the Sec. Sav•Bk.& Tr.Co.,Tol. 4,595 00 Spitzer, RorickCo.,
& Co., Tol. 4,551 00
p.
470) was $1,400, and not $4,500, as first reported. These
WINDHAM, Windham County Conn.-PRICE PAID FOR BONDS.
bonds were
offered without success on Jan. 9 (V. 97, p. 1924)•
-The price paid for the $150,000
% 30-year high-school and gradeWASHINGTON TOWNSHIP SCHOOL DISTRICT
school building bonds awarded on Feb. 6 to A. B. Leach & Co.
of N. Y.
Preble County, Ohio.-BOND OFFERING.-Proposals (P. 0. Eaton), (V. 98, p. 545), was 100.65. Denom. $1,000.
Date Jan. 1 1914. Int.
will
be
received
until 12 m. March 7 by Edgar Van Doren, Clerk of Board
J. & J.
$3,750 6% coupon building bonds. Denom. (6) $500, of Education,for
WINSTON-SALEM,Forsyth County, No. Car.-BONDS PROPOSED.
(1) $750. Date
March 7 1914. Int. M.& S. at Preble County Nat. Bank,
Eaton. Due -According to local newspaper reports, this city is contemplating the issu$500 each year on March 7 from 1915 to 1920,
inclusive, and $750 on ance of $250,000 funding. $50,000 sewage-disposal plant, $50,000 schools.
March 7 1921. Certified check for 3% of bonds bid
Clerk, required. Bonds to be delivered and paid forfor, payable to above $50,000 curbing and $5,000 sanitary purpose bonds.
within 10 days from
WITTENBERG, Shawano County, Wis.-BONDS VOTED.-Aetime of award. Assessed value. $3,134,410
.
cording to reports, the proposition to issue $30,000 water
and sewageWATERVLIET, Albany County, N. Y.-BONDS VOTED.
-By a disposal-system-installation ioonds carried at the election held Feb. 24.
vote of 371 to 273, the proposition to issue $500,000
carried, it is reported, at an election held March 4. water-supply bonds
WOODBURY, Gloucester County, N. J.-BONDS AUTHORIZED.This city has passed an ordinance providing for the
WAUSEON, Fulton County, Ohio.-BOND
issuance of $20,000 street
-On March 2 bonds.
the $7,055 39 5% 5%-year (aver.) Leggett St.-impt.SALE.
(assess.)
(V. 98,
. 544) were awarded to the People's State Bank of Wauseonbonds
WORCESTER, Worcester County, Mass.
for $7,125 94 City
-LOAN OFFERING.-The
100.999) and int. Other bids were:
Treasurer, it is stated, will receive proposals
until 12 m. to
security Say. Bank & Trust Co., Toledo
$7,066 14 (March 7) for $250,000 notes dated March 9 and maturing Oct. 16. -day
Tillotson & Wolcott Co.. Cleveland
$7,057 50
WORCEST
ER
COUNTY
(P.
0.
Worcester), Mass.-TEMPORARY
WEST ORANGE, Essex County, N. Y.-BOND SALE.-Om
March 3 LOAN.-Reports state that this county awarded to First
the $100,000 436% 28-year coupon funding bonds (V.
National Bank
p. 709) were of Boston a temporary loan of $100,000, due Oct. 15
at 3.23% discount.
awarded to R. M. Grant & Co. of N. Y. at 101.678 and98,
int.
Other
bids
were:
WORTH COUNTY (P. 0. Northwood), Iowa.-BOND
Harris, Forbes & Co., N. Y., and J. S. Rippel, Newark
issue of $5,600 6% drainage bonds was awarded to Geo. M. SALE.-An
101.31
Bechtel & Co.
Blodget & Co.. New York
of Davenport for 35,605, equal to 100.089. Denom..
101.18
$800. Date Jan. 1
M.M.Freeman & Co., Phila. and H.L. Crawford & Co.,
N.Y- 101.178 1914. Int. J. & J. Due $800 yearly.
Kissel, Kinnicutt & Co., New York
100.965
WRIGHT TOWNSHIP SCHOOL DISTRICT NO.4(P.O.
First National Bank, West Orange
Hillsdale)
100.91
Hillsdale County, Mich.-BONDS INVALID.-Reports
C. H. Venner & Co., New York
state that an
100.827 issue of $1,200 school bonds voted by this district has
been declared void.

NEW LOANS.

NEW LOANS.

PROPOSALS

School District of Philadelphia

$540,0043.030
CITY OF OSHKOSH, WISCONSIN,

4/
1
4% Serial Gold Certificates

WATER-WORKS BONDS.

FREE OF ALL TAX, INCLUDING THE FEDERAL ;INCOM
E TAX.

Sealed proposals will be received by Dan
Witzel, City Clerk, at his office in the City Hall,
until 2 P. M. ON MARCH 21ST, 1914, for
Five Hundred and Forty Thousand ($540,000 00)
Sealed Proposals to be received 12 o'clock noon, Wednesday,
Dollars of Coupon Water-Works bonds of the
April 1„ 1914, City
of Oshkosh, Wisconsin, dated February 2,
297 City Hall.
1914, in the denomination of $1,000 each,bearing
interest at the rate of 43i per cent per annum,
$150,000 Maturing Annually, beginning July 1, 1924, to July
1, 1943.
payable semi-annually, principal and interest
The certificates will be registered in form.
payable at the office of the New York Trust Co.
The denominations will be $500,$1,000 and $5,000.
in the City of Now York, said bonds to be due
$50,000 of each denomination will mature each year from July
1, 1924, to July 1, 1943. as follows:
Interest payable January 1 and July 1 of each year.
Sealed Proposals will be received by William Dick,
in the office of The Board of Pub- $25,000 thereof on the first day of February in
lic Education, Room 297, City Hall, Philadelphia, untilSecretary,
12 o'clock M. on WEDNESDAY, APRIL 1,
each of the years 1920 to 1924 inclusive.
1914,for three million !$3,000,000) dollars school loan on conditions
Three million ($3,000,000) dollars school loan for the purposeas follows:
35,000 thereof on the first day of February in
of raising the necessary funds for
procuring sites and erecting buildings and additions for elementary
each of the years 1925 to 1929 inclusive.
and high schools in the School District of Philadelphia, authorized by resolution of The Board of Public
Education, School District of 48,000 thereof on the first day of February in
Philadelphia, approved November 11, 1913.
each of the years 1930 to 1934 inclusive.
Certificates of loan will be issued in denominationsof $500,
$1,000 and $5,000 in registered form,
and will be made payable in gold coin of the present standard
Financial Statement.
of weight and fineness.
The said sum of three million ($3,000,000) dollars will bear
$29,803,774
per annum, payable semi-annually on the first days of Januaryinterest at the rate of 43i per centum Assessed Valuation for 1913
and
July,
in
said gold coin, the first Total indebtedness,including this issue 1,173,200
payment of interest to be made on the first day of July, 1914,
said loan and interest thereon to be payable free from all taxes.
Population, 1910 Census
33,062
All taxable real estate in the City of Philadelphia is subject
to taxation for school purposes. The
The validity of said bonds will be approved by
resolution authorizing this loan provided that an
tax of one-fifteenth (1-15) of a mill upon each
dollar of the assessed valuation of the property annual
Hon.
Charles E. Wood, Esq., of Messrs. Wood
in the School District be levied, for the payment of
principal and interest and taxes on such obligations
, in each and every year until the loan is paid in full* & Oakley, Attorneys, Chicago, whoso favorable
Proposals must be submitted upon blanks to be obtained
opinion will be furnished to the successful bidder.
from the undersigned.
No bid will be considered unless accompanied by a certified
All bids must be accompanied by a certified
District of Philadelphia for five per centum of the amount of the check drawn to the order of the School
subscription.
check on a national bank for an amount equal to
Checks or .certificates accompanying bids not accepted will
be returned to the bidders within five (5) per
forty-eight hours after the opening of the bids.
cent of the face value of the amount
Deposits of successful bidders will be applied in partial
payment of the amount of the loan awarded them. No allowance
for interest will be made on advance of bonds bid for, payable to the order of the City
payments.
Treasurer of Oshkosh, Wis., to be forfeited if the
Settlement in full for the loan awarded must be made with the
Secretary on or before Wednesday, bidder fails to accept or pay for the bonds.
April 8, 1914, at 3 o'clock P. M., and include payment of
accrued interest from January 1, 1914, to
The statutes of Wisconsin prohibit the sale of
day of settlement.
Bids at less than par will not be considered.
municipal bonds below par, and accrued interest,
The Board of Public Education reserves the right to reject any
should
there be any.
portion of the loan for which bids shall be received, as it may deem or all proposals, or to award any
Said bonds will be sold to the highest responsible
best for the interest of the School
District of Philadelphia.
bidder
for
cash and the right to reject any and at
Being municipal bonds, certificates of the School District of
Philadelphia constitute legal invest- bids is hereby reserved.
ments for trust funds and estates.
Bids may be made for "all or none" or for any portion of the issue.
All proposals should be marked "Proposals for
The legality of this issue was approved by John G.
Johnson, Esq., and a copy of his letter Water-Works Bonds" and addressed to Dan
attesting that fact may be had on applicatio
Witzel, City Clerk of the City of Oshkosh.
n.
Wisconsin.
THE BOARD OF PUBLIC EDUCATION,
DAN WITZBL, City Clerk.
WILLIAM DICK, Secretary.

Offer of $3,000,000 Loan, School District of Philadelphia

MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

SEASONGOOD & MAYER
Ingalls Building
CINCINNATI



Bolger,Mosser&Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds,
SEND FOR LIST.
29 South

La Salle St.,

BLODGET 8c CO.
B 0 NID S
ISO STATE STREET, BOSTON
30 PINE STREET. NE
YORK

CHICAGO STATE, CITY & RAILROAD BONDS

785

THE CHRONICLE

MAE. 7 1914)

ding to reports
CHILLIWACK, B. C.-DEBENTURE SALE.-Accor Ames & Co. of
$39,000 6% debentures have been purchased by A. E.
Toronto.
SALE.
COLCHESTER NORTH TOWNSHIP, Ont.-DEBENTURE ed, it is
An issue of $8,500 5% 10-installment debentures has been purchas
stated, by Gibson, Crombie & Co. of Toronto.
recently
COQUITLAN, B. C.-LOAN AUTHORIZED.-The Council
passed a by-law providing for a loan of $35,000, it is stated.
Corp.,
es
n
Securiti
Dominio
DELTA,B. C.-DEBENTURE SALE.-The
debenLtd., of Toronto has been awarded, it is stated. $30,000 5% 20-year
tures at 86.05.
reEASTVIEW, Ont.-DEBENTURES AUTHORIZED.-Newspaper
g for the
ports state that the Council recently passed a by-law providin
Issuance of $25,000 school debentures.
TURE SALE.
FITZROY TOWNSHIP (P. 0. Antrim), Ont.-DEBEN
(V. 98, p. 634)
-On Feb. 27 the $20,000 5% 20-ann. install. debenturesToronto
at 98.13
of
Ltd.,
Corp.,
es
were awarded to the Dominion Securiti
Other bids were:
r_95.75
,Arnprio
Scotia
Nova
of
Bk.
._
_
n
_97.03
&
Co.,
Toronto.
Goldma
_95.745
Canada Bond Corp., Toronto.96.885 C. H. Burgess & Co., Tor_ _ _ _94.625
Ontario Sec. Corp., Toronto_96.435 Bankers'Bond Co.,T oronto_
_93.96
Tor_
Co.,
&
Stimson
A.
Geo.
Wood, Gundy & Co., Toronto.96.27
Brent, Noxon & Co., Toronto.96.055 Brouse, Mitchell & Co., Tor_ _91.50
DISL
SCHOO
ATE
FORT WILLIAM ROMAN CATHOLIC SEPAR
that TRICT (P. 0. Fort William), Ont.-DEBENTURES AUTHORIZED.ORARY LOAN.-It is reported been
ing
-TEMP
authoriz
of).
by-law
ce
a
passed
have
(Provin
s
the
that
School
Trustee
state
TA
Reports
ALBER
g in the middle of December have
the issuance of $5,000 school debentures.
£850,000 treasury bills maturin
ts
-Repor
VOTED.
TURES
placed in London at 3 %•
DEBEN
HARLEY TOWNSHIP, Ont.Ont.-DEBENTURE SALE.-According
ANDERSON TOWNSHIP, of TorontoPlavepurchased $15,373 5A% state that at a recent election the propositions to issue $1,000 School SecCo.
carried.
res
5
&
No.
debentu
Crombie
Section
School
and
$1,300
4
Gibson.
No.
tion
reports,
to
15-installment debentures.
MAIDSTONE TOWNSHIP, Ont.-DEBENTURE SALE.-It is stated
-DEBENTURES VOTED.-Reports
res was that $10,370 5 and 6% 10 and 15-installment debentures have been purATHABASKA LANDING, Alta.
water-works-system-extension debentu
by Gibson, Crombie & Co. of Toronto.
chased
state that an issue of $85,000
lity.
-Reports state
recently voted by this municipa
MALDEN TOWNSHIP, Ont.-DEBENTURE SALE.
of
$25,000
issue
an
26
Feb.
-On
SALE.
TURE
% 15-installment debentures have been purchased by
n that $12,765
BERLIN, Ont.-DEBEN
was awarded, reports state, to the Dominio
.
res
Toronto
debentu
of
Co.
&
ment
Crombie
-install
Gibson,
5% 20
at 99.38.
RIZED.
Securities Corp., Ltd., of Toronto
MERSEA TOWNSHIP, Ont.-DEBENTURES a AUTHO
TURES AUTHORIZED.-Local newsby-law authorizing
BRAMPTON, Ont.-DEBEN
issuance Reports state that the Municipal Council has passed
the
for
g
providin
passed
been
have
res.
of $2,248 drainage-system-improvement debentu
paper reports state that by-laws
s $392 sidewalk, $2,686 curb and gutter, $2,047 the issuance
this place
of $7,493 concrete sidewalk
MILTON, Ont.-DEBENTURE SALE.-Reports state that
debentures.
walks and $13,353 sewer
5% 20-year debentures at 95.
$5,000
sold
-According to reports has
SALE.
TURE
DEBEN
Ont.,
NGTON
BURLI
L DISTRICT OF ST. FRANCOIS,
been purchased by A. E. Ames & Co.
MONTREAL CATHOLIC SCHOOMackay
$30,000 5 and 6% debentures have
& Co. of Montreal have purQue.-DEBENTURE SALE.-J. A.
of Toronto.
debenture
40-yr.
Lonfrom
6%
0
advices
$150,00
-Cable
LOAN.
chased, it is stated,
CANADA (Dominion of).-NEW
offered
-An issue of $16,000 6%
the £5,000,000 4% Government loan
MORINVILLE, Alta.-DEBENTURE SALE.
don on Mch.5, stated that
and
& Co. of Regina on Jan. 31 at
was unsubseribed for to the extent of 78%,
debentures was awarded to W.L. McKinnon
by the underwriters at 99
loan is redeemable atpar in 1960, 89 and int. Date $6,000 July 1 1914 and $10,000 Aug. 1 1914. Interest
now rules at a discount of 34%. The
11940.
and $6,000 in 20 years.
redeeming it on or after Oct.
the Government having the option of
purposes: semi-annual. Due $10,000 in 19 years
will be used for the followingmature
iptions were asked for
on
It is understood that•the new loan of
NEW WESTMINSTER, B. C.-LOAN.-Subscr
Treasury bills, which will
Ltd., in London for £188,000
Corp.,
re
Debentu
Law
First, to redeem £1,000,000 worth
the
guarby
until Feb. 12
Trunk Pacific
Grand
of
e
purchas
the result of this
e
the
learned
yet
to
complet
not
March 16; second,
res at 96. We have
$10,000,000; and,third.to pay the 5% sterling debentu£100.
The proceeds of the loan are required for hosanteed 3% bonds, amounting to about
offering. Denom.
loan.
es, with
Pacific
debentur
ve
Trunk
Definiti
.
Grand
of
the
er
purposes
remaind
will be pital, street, water and general July 11914, will be ready for delivery
TURE OFFERING.-Proposals
from
CHATHAM, Ont.-DEBENTreas.,
bridge debentures, coupons attached, for interest
the Bank
5%
at
payable
$14,280
be
for
will
interest
and
l
City
,
Principa
date.
that
on and after
received by R. G. Fleming
It is stated.

Sandusky), Ohio.-BOND
WYANDOT COUNTY (P. 0. Upper for
the $29,500 Eden, Crane
SALE.-The following bids were received
road-improvement bonds offered on
TWp13., and $15,000 Mifflin Twp.5%
an asterisk (*):
with
marked
being
bids
ul
successf
Feb. 27. the
$15,000
$29.500
Issue.
Issue.
00
6
*$30,01
ti
Cincinna
Mayer.
Seasongood &
8 00
*$15,25
00
29,972
Spitzer, Rorick & Co., Toledo
15,187 00
29,887 00
Hayden, Miller & Co., Cleveland
15,180 00
00
29,750
y
Sandusk
Upper
Bank,
Citizens' Savings
15.139 50
29,774 35
Tillotson & Wolcott Co.. Cleveland y
15,100 00
29,700 00
First National Bank, Upper Sandusk
5169 00
115:
e
Sycamore State Bank. Sycamor
Davies-Bertram Co., Cincinnati
bonds in addition to
of
printing
for
pay
to
agreed
&
Co.
Spitzer, RorIck
their bid.
E PAID FOR BONDS.
YORKTOWN, Dewitt County, Tex.-PRIC
(opt.) city-hall bonds awarded
par
The price paid for the $8,000 5% 5-40-year
Feb. 27 (V. 98, p. 634) was
to the First State Bank of Yorktown on1913. Int. A. & O.
and int. Denom. $500. Date Oct. 1

ipalities.
Canada. its Provinces and Munic

NEW LOANS.

NEW LOANS.

NEW LOANS.

$1,500,000

$500,000

$973,000

Texas, CITY OF MINNEAPOLIS
CITY OF RICHMOND, VA., City of Beaumont,
4% IMPROVEMENT BONDS.
By authority of an ordinanee of the City Council, approved February 13. 1914, theisCommittee
instructed
on Finance of the City of Richmond purchas
e of
to advertise and receive bids for the
hundred
five
million
One
of
portion
all or any
or
ed
Register
00)
,000
thousand Dollars ($1,500
having
Coupon Convertible Four Per Cent Bonds
1st,
January
dated
run,
to
years
our
thirty-f
that date. The
1914. and bearing interest fromused
for making
proceeds of said issue to be
ments.
improve
public
be issued
will
Bonds
ble
The Coupon Converti
for all or
in denominations of $1,000 00. Bide
the office
at
received
be
will
issue
of
said
part
any
10TH,
of the City Auditor till noon of MARCHequal
te
1914. A certified check for an amount
or 134
less,
or
00
0
$100,00
of
bids
on
2 per cent
pay,
amount
per cent on all bids in excess of that
able to order of the Auditor of the City of Richmond, must accompany each bid.
is expressly
The right to reject any and all bids further
inreserved by the Committee. Forw, Auditor.
Crensha
formation apply to Geo. S.
Y,
BARTON H. GRUND
Chairman Committee on Finance.

1914 ISSUE
READY MARCH 15

WATER-WORKS BONDS
City Council
Sealed bids will be received by the TUESDAY,
of the city of Beaumont, Texas,
A. M. for
o'clock
10
at
1914,
MARCH 17TH,
of Beaumont Water
the purchase of $500,000 City
of $1,000
Works Bonds, being of the denomination
g March 1st,
each,dated March 1st, 1914, maturin
city to redeem
1954, subject to the right of the
time after
all or any part of said bonds at anyat
par and
twenty years from the date thereof,
the rate
at
interest
accrued interest, and bearing
semiof 5% (five per cent) per annum, payable
and the
er
Septemb
of
day
annually on the first
l
first day of March of each year. The principa
United
and interest payable in gold coin of the
City
the
of
office
the
at
States of America,
the Chase
Treasurer, Beaumont, Texas, or at the
option
National Bank, New York City, at
of the holder.
Each bid must be made on blank form furnished
by the city (and no other), and must be accompanied by a duly certified or cashier's check on
some bank of the city of Beaumont (and no other)
for one per cent (1%) of par value of the bonds
bid for. The bid should be in a sealed envelope,
d
marked "Bid for City Bonds" and addresse
Texas.
to J. G.Sutton,City Secretary,Beaumont,
me
The bids to be considered must be filed with
by or before Tuesday, March 17th, 1914, at 10
o'clock A. M. The right is reserved by the city
to reject any or all bids.
J. G. SUTTON, City Secretary,
Beaumont, Texas.

THE FINANCIAL REVIEW
320 PAGES
ISSUED ANNUALLY BY TRIG

Commercial & Financial Chronicle

F. WM. KRAFT
LAWYER.

Specializing in Examination of

This well-known year book of Finan- Municipal and Corporation Bonds
cial Facts and Information is issued
1037-9 FIRST NATIONAL BANK BLDG.,
annually in March.
The Review is handsomely bound and
CHICAGO, ILL
contains nearly 300 pages of the size of
The Chronicle. It furnishes a complete record of financial and industrial
events and markets for the year 1913.
with extensive statistics regarding crop,
and other productions,foreign commerce.
147 So. 4th St., Philadelphia, Ps,
output of the precious metals, stook and
bond prices-all for a long term of
Stocks and Bonds
years.
TERMS.
AT

Barnes Si Lofland

Price of the Review, bound in cloth-92AI

AV Parties desiring ten or more copies can,
have their names stamped on the covers
Inlet, without extra charge.

Chronicle
Commercial & FinancialYork
133 Front Street, New




AUCTION
EVERY 'WEDNESDAY
Salesroom 201 Philadelphia Bourse

BONDS.
ee
Sealed bids will be received by the Committ
of the
on Ways and Means of the City Council
of
office
the
at
ta,
Minneso
olis,
City of Minneap
the undersigned,
m.,
P.
2
o'clock
at
1914.
23,
MARCH
Y,
MONDA
for the whole or any part of$75,00000 Park Bonds;
Grade
for the whole or any part of $200,000 00
$300.School Bonds; for the whole or any part ofor
any
whole
the
for
000 00 High School Bonds;
Bonds; for
Part of $50,000 00 Bassett's Creek
nt
the whole or any part of $100,000 00 Permane
Improvement Fund Bonds; for the whole or any
Enlarging Sewer Bonds; for
Part of $50.000 00
the whole or any part of $50,000 00 Main Sewer
00
Bonds; for the whole or any part of 975,000
the whole or any
River Terminal Bonds, and for
Bonds.
Hospital
00
part of $75.000
April 1. 1914, and
The above bonds to be dated
a time not less than
become due and payable at
years from date
thirty
than
more
five years nor
r thereof, and
thereof, as desired by the purchase
(4%) per
will bear interest at the rate of Four
and no
ually,
semi-ann
payable
cent per annum,
than 95
bid will be entertained for a sum lees
accrued
per cent of the par value of said bonds and
, and each
interest upon same to date of delivery
e very
proposal or subscription must designat
that said
desired
is
it
which
on
date
the
clearly
.
bonds shall be made payable
The right to reject any or all bids is hereby
reserved.
of the
A certified check for Two (2%) per cent
to C. A.
par value of the bonds bid for, made
ny
accompa
must
r,
Treasure
City
Bloomquist,
each bid.
be
Circular containing full particulars will
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minnesota.

$570,000

HORSEFLY IRRIGATION DISTRICT
KLAMATH COUNTY,OREGON
6% BONDS
the Board
Sailed proposals will be received byon
District
of Directors of the Horsefly Irrigati
2 o'clock p. m.
of Klamath County, Oregon, until
purchase
the
for
1914,
14,
APRIL
AY.
TUESD
bonds and
of $345,000 six per cent 11-20-year
bonds. Bids
$225.000 six per cent 21-30-year
Each
issue.
the
of
part
or
all
for
made
be
may
certified check for
bid must be accompanied bybid.
No bid enterone7per cent of the amount per
cent of the par
tained for less than ninety
to reject
value. The Board reserves the right
address,
any or all bids. For full Information
FRANCIS J. BOWNE, Secretary,
Bonanza. Oregon.

786

THE CHRONICLE

[VOL.'own,

of Montreal, London, in sterling. Interes
t will be paid by coupons halfyearly on Jan. 1 and July.1. Repayable at
ST. MARY'
par by series between June 30 been passed, itSis Ont.-DEBENTURES AUTHORIZED.-A by-law has
1943 and July 1 1963.
reported, providing for the issuanc
e of $42,000 central
school bldg. debentures.
NORTH BAY, Ont.-DEBENTURE SALE.
-A. E. Ames & Co. and
ST. PAUL (Rural Municipality
Murray, Mather & Co.of Toronto have been
of), Man.-DEBENTURE SALE.
5% 30-Installment debentures at their joint awarded,it is stated,$240,000 An issue of $3,000 5%_debentures has
bid of 93.27.
been purchased, it is reported. by
A. E. Ames & Co. of Toronto.
NORTH VANCOUVER, B. C.-DEBENTU
RE SALE.-Reports state
SANDWICH, Ont.-DEBENTURE
that an issue of $100,000 5% debentu
res has been purchased by A.E. Ames 5% 10 and 20-install
SALE.-Reports state that $15,000
SG Co. of Toronto.
, debentures
curities Corp., Ltd., of Toronto. have been awarded to the Dominion SeOAK RIDGES, Ont.-DEBENTURES VOTED
.
-At
SANDWICH SOUT
a recent election
a by-law providing for the issuance of
$8,000 school-bldg. debentures car- Gibson, Crombie & Co.HofTOWNSHIP, Ont.-DEBENTURE SALE.
ried, reports state.
Toronto have purchased
debentures, according to reports
$3,500 5% 7-install.
.
PEMBROKE, Ont.-DEBENTURE
SELKIRK, Man.-DEBENTURE
5% annual debentures (V. 98, p. 635) SALE.-On Feb. 24 the following
SALE.-It is
were awarded, it is stated, to C. H. 6% debentures have been purchas
Burgess & Co. of Toronto:
ed by W.A.Macken stated that $47,970
$13.000 debentures. Date Feb. 10 1914.
SHERBROOKE, Que.-DEBENTURE SALE. zie & Co. of Toronto.
Due
install
in
10
ments.
-The Dominion Securi5,000 debentures. Date Mar.
ties Corp., Ltd., of Montreal, has been
1914. Due in 10 installments.
awarded $615,000 5% 30-ye
5,000 debentures. Date Oct. 10
permanent-impt., water-works, gas and
ar local1913. Due in 15 installments.
electric
-light
and power-plants5,000 debentures. Date Feb. 1
impt.
debentures at par less 154% for expenses
10 1914. Due in 10 installments.
Denom. $1,000. Date
Nov. 1 1913. Int. M.& N. See
PETROLIA, Ont.-DEBENTURE OFFERING.-Propo
V. 98, PP • 635 and 546.
sals will be
received until 5 p. m. March 16 by J. M'Hattle, Town
STREETSVILLE, Ont.-DEBENTURE SALE.
Clerk, for $30,000
-A.E. Ames & Co. of'
53,6% debentures. Due in 20 install
Toronto have purchased, reports
ments of principal and interest.
state, $5,000 5% debentures.
POINT GREY, B. C.-LOAN.-The Bank of Montre
SUDBURY SEPARATE SCHOOL DISTR
al in London
Ont.-DEBENTURE
ICT,
received subscriptions until Feb. 27
SALE.
-A.
for an issue of £381,500 5% debentures
E. Ames & Co. of Toronto have purchas
at 90. It is understood that a certain proportion
ed, reports state.
of the loan has been left $40,000 6% debentures.
with the underwriters. The debentures are redeema
ble
at par by series
SUTHERLAND, Sask.-DEBENTURE AUTHO
between 1953 and 1962. Six months' interest is payable
S
RIZED.-According
Aug. 1. The to newspaper reports, the Council recently
proceeds of the issue will be used to
passed a by-law providing for
treasury notes and to meet
the issuance of $15,000 current-expense debentu
expenditures on public works. Prin.redeem
and int. payable at the
res.
Bank of
Montreal, London, in sterling, or, at the
THIBE
AtfLT
ROMA
N CATHO
holder's option, at the Bank of
SCHOOL DISTRICT NO. 35
Montreal, Vancouver, Montreal or Toront
(P. 0. Morinville), Alta.-BONDLIC
o, at par of exchange.
SALE.-The $14,000 20-year sitepurchase and building debentures offered
PROVOST, Alta.-DEBENTURE
in September (V. 97, p. 909>
OFFERING.-Proposals will be re- were awarded on
ceived until March 18 by L. H. Meiklej
Jan. 10 to Nay & James of Regina at 91.875
ohn, Secy.-Treas., for $8,000
for 630.
debentures. Due in 20 ann. installments.
6% Date Jan. 10 1914. Interest annually on Jan. 10.
REGINA, Sask.-DEBENTURE
TILBU
RY
TOWNS
HIP,
Ont.ELECT
DEBEN
ION.-An election will be held that C. II.
TURE SALE.-Reports state;
Mar. 11, reports state, to submit
Burgess & Co. of Toronto have purchas
ed $8,350 6% 12-installfollowing debentures: $360,000 to the voters the questions of issuing the ment debentures.
water-works-ext., $244,000 and $160,000
electric-light and power-plant-ext.,
TRANS
CONA, Man.-PRICE PAID FOR DEBENTURES
$170,000 storm-sewer-system, $175,000
hospital-ext.,282,000sewage-disposal-wor
.-The price
ks and $250,000street-railway-ext. paid for the $400,000 6% 30-yr. debentures recently awarde
d to W. A.
REGINA SEPARATE SCHOOL
DISTRICT, Sask.-DEBENTURE Mackenzie & Co. of Toronto (V. 98, p. 711), reports state, was 93.25.
SALE.-Nay & James of Regina
have been awarded,reports state, $45,000
WALLACEBURG, Ont.6% 30-yr. debentures.
DEBEN
TURE
Crombie &
-Gibso
SALE.
n,
Co., Toronto, have purchased,
reports state, $5,600 6% 15-install. and
RICHMOND, B. C.-DEBENTURE SALE.
-W. A. Mackenzie & Co. $200,000 5% 40-install. debentures.
of Toronto have purchased, reports
state. $170,000 43i% debentures, due
WALLACEBURG SEPARATE
Dec. 1 1959.
SCHOOL DISRTICT, Ont.-DEBENTURE SALE.-An issue of
ST. LAMBERT, Que.-DEBENTURE SALE.
$10,000 6% 20-install. debentures has been
-According to reports' purchased, it is stated. by Gibson
this town has sold $480,000 53i% 30-yr.
, Crombie & Co. of Toronto.
debentu
res
to
N.
B. Stark & Co.
and Wood. Gundy & Co. of Toronto at 97.50.
WEYBURN, Sask.-DEBE
OFFERING.-Reports state that
this place is offering for sale,an,NTURE
issue of 2240,500 impt. debentu
res.

MISCELLANEOUS.

ATLANTIC MUTUAL INSURANCE COMPANY.

The Trustees; in conformity with the
New York, January 22d, 1914,
Charter of the Company, submit the followin
g statement of its affairs on the
of December, 1913.
The Company's business has been31st
confined to marine and inland transportation
Premiums on such risks from the 1st
insurance,
January
1913,
.
to
the
31st December, 1913
Premiums on Policies not marked off 1st
$3,600,334 83
January, 1913
767,050 94
Total Premiums

NEW LOANS.
$100,000

Flathead County, Montana,
BONDS
Notice Is hereby given that sealed bids will .is
received by the County Commissioners of Flathead County, State of Montana, at the office of
the County Clerk at Kalispell, Montana, on the
20TH DAY OF MARCH, 1914, for sale of $100,000 bonds, for the purpose of redeeming an issue
of $100,000 bonds due March 1st, 1914. The
denomination of said bonds to be $1,000 each,
payable in twenty years and redeemable in ten
years, and to bear interest at not to exceed (5%)
Five Per Cent per annum. Interest payable
at the office of the County Treasurer of said
County on the first day
January and July of
each year. Bids will be of
opened at the office of
County Commissioners of said County
on Friday.
March 20th, 1914, at 10
A. M. A
certified check of 5% of bid o'clock
to accompany each
bid. The Board reserves the right to reject
any
and all bids.
By order of the Board of County Commissioners
of Flathead County, Montana.
By FRED. S. PERRY,
County Clerk and ox-Officio
Clerk of Board of County Commissioners.

14,367,385 77
Premiums marked off from January 1st,
1913. to December 31st; 1913
$3,712,602 51
Interest on the investments of the Compan
Interest on Deposits in Banks and Trust y received during the year----$308,419 46
Heat received less Taxes and Expenses Companies, etc
39,877 94
130,212 32 478,509 72
Losses paid during the year
Less Salvages
$1,790,888 32
$233,482 06
Re-Insurances
320,813 71
Discount
47 58 554,343 35
$1,236,544 97
Returns of Premiums
Expenses, including officers' salaries and clerks'
$105,03
3 85
compensation, stationery, advertisements,etc
650,942 08
A dividend of interest of Six per cent on the outstand
ing
thereof, or their legal representatives,
tes of profits will be paid to the
and after Tuesday thecertifica
holders
third
The outstanding certificates of theonissue
February next.
01 1908 will be redeemedof
legal representatives, on and after
and paid to the holders thereof,
Tuesday the third of February next,
their
will cease The certificates to be produce
from which date all Interest or
d
at
the
time
thereon
of
payment and canceled.
A dividend of Forty per cent is declared on
the earned premiums of the
December, 1913, which are entitled
Compan
y
for
in dividend, for which, upon applicat the year ending 81st
Issued on and after Tuesday the fifthto
ion, certificates will be
of
of May next.
By order of the Board,
G. STANTON FLOYD-JONES,
Secretary,
TRUSTE
ES.
JOHN N. BEACH,
$775,000
SAMUEL T. HUBBARD,
ERNEST C. BLISS,
CHARLES M. PRATT.I
THOMAS H. HUBBARD.
WALDRON P. BROWN:
B. PRATT,
LEWIS
CASS
LEDYA
RD.
JOHN CLAFLIN
ANTON A. RAVEN,
WILLIAM H.LEFFERTS,
GEORGE C. CLARK;
JOHN J. HIKER,
CHARLES D. LEVERICH;
CLEVELAND H. DODGE
DOUGLAS ROBINSON,'
GEORGE H. MACY,
CORNELIUS ELDERT, 4
REFUNDING BONDS.
WILLIAM J. SCHIEF
NICHOLAS F. PALMER)
RICHARD H. EWART,
WILLIAM SLOANE, FDPLDI
HENRY PARISH,
PHILIF A. S FRANKLIN)
LOUIS STERN,
ADOLF PAVENSTEDT,
NOTICE IS HEREBY GIVEN that Salt Lake
HERBERT L. GRIGGS.
WILLI
AM
A.
STREET;
JAMES H.POST,
City, Utah, proposes to issue and sell 775 refundANSON W. HARD,
GEORGEE.
E,
ing bonds, dated May 1, 1914, of the denominaA. A. RAVEN, President. RICHARD H. WILLIAMS.
tion of One thousand ($1,000) Dollars each, bearCORNELIUS ELDERT, Vice-President,
ing interest at the rate of 434 per cent per annum;
WALTER WOOD PARSONS, 2d Vice-Pre
payable semi-annually; principal payable twenty
sident,
CHARLES E. FAY;
3d Vice-President,
(20) years after date without option of prepaypent: interest and principal payable at First
ASSETS.
United States and State of New York
LIABILITIES.
National Bank, New 'York City.
Estimated Losses and
Bonds
Losses Unsettled
All bids must be sealed and envelope marked on
In process of Adjustment
New York City and New York Trust 1670,000 00
$1,806,0
outside
24
: "Bid on Refunding Bonds." Each bid
00
Premium
s
Companies and Bank Stocks
nated Risks
654,783 26 shall carry with it as guaranty of good
1.783.700 00 CertificatesonofUntermi
Stocks and Bonds of Railroads
Profits
and
faith a
Interest
Un2,737 412 00
264,136 25 certified check, payable to Salt Lake
paid
Other Securities
City Cor282,520 00 Return Premiums Unpaid
poration, on a bank of reputed good standthg,fee
Special Deposits in Banks and Trust
108,786
90
Reserve
for
Companies
Taxes
00.
28.905 88 $15,000
Real Estate con. Wall and William Streets 1.000.000 00 Re-insurance Premiums
No conditional or qualified bids will be
221,485 06
Claims not Settled, including
and Exchange Place containing
sidered. Full amount of accepted bid to beconCompen4,299,426 04
sation,
deetc
Real Estate on Staten Island (held offices
70,799 43 posited with the said First National Bank on or
Certificates of Profits Ordered
provisions of Chapter 481.Laws ofunder
before April 30, 1914.
1887)
Redeemed.
75,000 00
Withheld for Unpaid Premium
Premium Notes
s
475.727
reserve
The
City
right
the
22,556
s
45 Certificates -*Profits Outstanding
to reject any or all
09
B us Receivable
7,240.320 00 bids.
605,891 79
Cash in hands of European Bankers to
•
Bids must be received by the City Recorde
pay losses under policies payable in
r
not
later
foreign countries
than 5 o'clock p. 131., MONDAY,
177,881 39
Cash in Bank
MARCH 9, 1914.
636,465 49
Temporary Investments (payable JanuSALT LAKE CITY CORPORATION.
ary and February. 1914)
By Authority of its Board of
PARKCommissioners.
505,000 00
Loa'..
SAM% C.
10,000 00
,
Mayor.
NOBLE
,259,-02116
i13
WARRUM.
$10,417,796 87
City Recorder.
Thus leaving a balance of
Accrued Interest on the 31st
of December, 1913, amounted to
$2,841.227 29
NORFOLK, VA.
Rents due and accrued on theday
day of December, 1913, amounted to
$51,650 26
Re-insurance due or accrued, in31st
companies authorized In New
28,378 26
York, on the 31st day of December,
1913. amounted to
Unexpired re-Insurance premiums on the 31st
day of December, 1913, amounted to
166.830 00
Note: The Insurance Department
has estimated the value of the Real
65,903 22
Wililam Streets and Exchang
Estate corner Wall and
e Place in excess of the Book Value given
Ilatablisbed
And tne property at Staten
above,
at
Island
excess of the Book Value, at
450,673 90
The Market Value of Stocks, Bonds and in
63,700 00
40RFOLL. VA.
ceeded the Company's valuation by other Securities on the 31st day of December. 1918, exNOW YORK
SO Broadway1,268,076 10
Da the basin of these Increased valuations the
!PARIS
.
224
rue
Rival!
de
balance would be
$4,926.838 09




SALT LAKE CITY, UTAH„

MOTTU & CO.

A••••

INVESTMENTS