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,financial.
Ijrtitud
The
ollinurtrat
INCLUDING
Railway 8c Industrial Section
Bankers' Convention Section
Bank St Quotation Section
Railway Earnings Section
Week ending April 24.
gite Tixranicle.
Clearings at1915.
PUBLISHED WEEKLY.
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7396.
Randolph
Tel.
St.,
La
Salle
CHICAGO OFFICE-Geo. M.Shepherd,39 South
LONDON OFFICE-Edwards 41; Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
P.O. Box 958, Front, Pine and Depeyster Sts., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company-
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, 8re., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been *3,369,448,150, against $3,509,895,649last week
and $3,399,450,298 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending May 1.
1915.
1914.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,613,006,755
129,045,742
123,675,028
26,147,562
241,144,838
63,734,986
16,838,626
$1,550,946,034
121,359,430
123,123,689
31,340,466
275,198,871
62,208,556
15,527,658
Seven cities, five days
Other cities, five days
32,213,593,537
549,906,747
52,179,704,703
540,216,209
Total all cities, five days
All cities, one day
$2,763,500,284
605,947,876
$2,719,920,912
679,529,386
Ian
•Q Q00 AKA 004
',Ifni nt, Mile. Com. mnalr
VI .100 .14112
_A 0
TVeek ending Awn 24.
a1915.
1014.
$
$
2,107,454,671 1,993,530,093
153,594,826 150,400,222
57,745,993
56,449,114
34,776,379
31,722,777
10,849,079
11,405,811
7,214,095
7,648,394
6,662,690
5,439,286
4,085,327
4,403,310
3,152,418
3,055,771
2,931,540
2,650,783
1,713,948
1,846,999
2,167,599
2,088,346
1,709,871
1,517,157
2,077,000
2,332,824
1,043,200
863,497
1,749,854
1,672,757
1,509,842
1,541,626
023,655
982,428
640,100
672,500
631,460
604,715
578,617
654,015
575,000
585,885
398,430
359,345
Total Middle_ 2,399,883,976 2,256,870,143
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford..._
Lowell
FIolyoke
Bangor
Tot. New Eng.
Inc. or
Dec.
1913.
1912.
$
$
%
+5.7 1,793,365,934 1,880,795,579
+2.1 153,840,994 147,051,307
55,778,354
66,721,866
-2.2
33,346,055
35,217,897
-8.8
9,490,929
11,419,070
+5.7
7,176,449
7,267,624
+6.0
5,540,020
5,712,343
-18.4
4,135,699
4,181,503
+7.8
2,517,396
2,432,256
-3.1
2,952,950
3,100,606
+9.4
1,793,175
1,808,015
-7.2
1,436,003
1,583,371
+3.8
1,298,624
1,517,441
+12.7
1,672,001
1,988,346
-10.9
1,004,616
1,005,097
+20.9
1,736,059
2,052,519
+4.6
1,447,272
1,389,949
-2.1
903,371
1,039,720
-6.0
548,800
689,700
-4.8
578,968
525,211
+4.5
556,290
665,582
-11.5
488,702
639,565
-1.9
357,325
+10.9
+4.9 2,093,528,836 2,171,247,519
154,815,705
7,339,600
6,204,893
3,454,256
2,538,774
1,768,858
2,454,409
1,263,651
999,747
807,699
636,132
342,156
154,898,371
8,083,200
4,774,486
2,697,637
2,401,964
1,749,206
2,444,527
1,187,004
1,033,976
664,321
688,629
374,650
-0.05
-9.2
+30.0
+28.1
+5.7
+1.1
+0.4
+6.4
-3.3
+21.5
-7.6
-8.7
165,641,111
6,981,000
4,473,769
2,608,148
2,870,311
2,063,103
3,089,959
1,147,669
1,057,7S7
588,927
760,326
496,586
187,369387
8,510,900
4,575,798
2,914,687
2,879,660
2,064,773
3,012,245
1,233,182
1,045,076
538,903
723,392
432,283
182.625.880
180.997.271
+0.9
191.778.696
215.300.066
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansvide
Kalamazoo
Springfield, Ill.._
Fort Wayne_ _
Rockford
Youngstown ___ _
Lexington
Akron
Canton
Bloomington_ _ _ _
Quincy
Springfield, 0-- _
Decatur
Mansfield
Jackson
South Bend
Danville
Jacksonville, Ill_
Lima
Lansing
Owensboro
Ann Arbor
Adrian
Tot. Mid. West
San Francisco__ _
Los Angeles
Seattle
Per
Cent.' Portland
Salt Lake City
+7.2 Spokan
+6.3 Tacoma
+0.4 Oakland
-16.6 Sacramento
-12.4 San Diego
+2.5 Pasadena
+8.4 Stockton
Fresno
+1.6 North Yakima_ _
+1.8 San Jose
Reno
+1.6 Long Beach
-10.8
Total Pacific
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, April 24, for four years:
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre_ _
Wheeling
York
Trenton
Lancaster
Erie
Binghamton
Greensburg
Chester
Altoona
Montclair
NO. 2601
SATURDAY, MAY 1 1915
VOL. 100
learin
Electric Railway Section
State and City Section
Kansas City.._
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids
Colorado Springs
Pueblo
Fargo
Waterloo
Helena
Aberdeen
Fremont
Hastings
Billings
Tot.0th. West.
1914.
Inc. or
Dec.
1913.
1912.
316,224,731 313,046,980 +1.0 287,026,209
23,656.300
24,509,050 -1.6
24,116,250
21,194,865
23,379,269 +17.6
27,500,000
22,449.872
29,722,282 -8.3
27,268,255
13,804,551
13,944,848
13,499,963 +3.3
7,173,562
7,385,348
6,808,505 +8.5
6,020,500
6,280,600
6,342,000 -1.0
5,010,400
+1.0
6,280,991
6,220,746
3,110,153
2,983,523
3,344,993 -10.8
3,004,942
3,209,205
3,479,291 -8.3
1,994,307
1,700,000
2,290,148 -12.9
1,148,145
1,259,611
1,145,708 +9.9
769,402
649,092 -10.9
578,704
987,114
1,213,224 -0.6
1,206,188
1,292,180
1,211,765 +4.0
1,260,616
1,040,379
1,056,073 -0.4
1,051,386
1,592,283
1,294,791 -0.5
1,288,988
614,234
502,006 +38.0
692,970
1,932,000
2,277,300 -10.2
2,044,000
1,280,919
1,308,107 +68.2
2,200,109
592,722
577,615 +30.8
775,031
881,989
890,845 -10.8
794,662
579,480
625,983 +10.6
691,753
446,565
429,700 +6.1
456,042
452,278
459,216 +20.5
553,356
515,000
603,625 +1.9
615,000
625,538
579,970 +7.8
625,291
439,869
698,769 -6.9
650,000
258,778
239,393 -16.0
201,034
420,214
444,718 -1.8
436,970
442,512
511,620 +2.6
525,000
465,793
382,685 -13.2
332,242
132,733
180,617 +4.8
189,253
75,851
82,469 -29.3
58,271
455,674,535 450,008,588 +1.3 411,127,026
298,018,923
26,954,000
19,507,523
18,993,125
12,376,633
7,157,818
5,557,900
4,113,242
3,021,272
2,865,622
2,258,075
1,049,496
721,635
1,016,090
1.010,653
975,030
926,317
809,345
1,831,000
1,126,234
599,390
900,000
476,834
426,409
373,928
520,000
567,976
382,877
249,859
364,860
400,000
370,768
150,581
44,239
416,117,659
47,100,821
48,611,054
23,501,165
20,140,131
12,595,841
11,193,062
11,602,064
11,095,223
6,172,670
6,875,502
4,090,313
3,438,407
1,884,122
1,917,930
3,309,612
3,219,134
1,909,593
1,753,623
2,160,429
1,770,320
848,055
834,447
776,885
1,063,095
860,130
947,520
319,597
393,992
554,272
540,000
299,329
290,000
498,112 Not included
114,097,712 117,969,626
+3.2
-13.2
-11.1
-4.3
+11.4
-15.9
+17.5
-2.7
-8.2
-18.1
-16.0
+36.9
+10.2
+23.3
+26.4
-3.1
n total
_3.3
49,981,461
23,897,513
11,934.420
10,919,195
5,786,920
4,238,734
2,752,339
3,792,943
1,836,020
2,593,418
1,079,201
890,815
1,074,700
356,585
544,964
256,145
45,788,438
23,603,762
10,487,727
12,652,315
7,745,696
3,890,914
3,559,591
3,455,928
1,477,601
2,457,286
807,486
721,043
868,587
409,647
503,418
263,334
121,942,373
118,693,173
51,411,100
20,206,342
15,085,195
10,760,830
9,085,959
6,468,388
5,187,128
3,206,691
3,739,381
3,317,877
1,663,472
1,650,761
1,593,877
1,873,422
560,739
568,056
1,123,192
1,738,572
1,058,017
400,000
211,076
132,975
344,480
141,387,530
+42.0
-4.3
+13.0
-3.5
-3.8
-0.4
+0.8
--10.1
+17.0
+12.9
4-26.4
-22.3
+3.1
-21.1
+22.1
-39.6
+17.7
+18.1
-8.6
+10.0
+52.6
+89.6
+30.8
+16.4
56,453,243
20,459,467
15,509,628
9,272,740
8,361,481
7,592,425
5,053,622
2,769,872
3,706,160
3,545,656
1,582,129
1,921,414
1,620,053
1,402,990
597,008
581,733
435,099
1,836,027
871,182
368,929
235,010
178,873
343,800
144,693,541
53,753,752
17,586,081
15,315,282
9,811,800
7,731,972
7,735,720
4,536,112
3,031,409
3,249,054
3,373,149
1,587,370
1,771,748
1,340,576
1,681,736
578,311
648,316
819,333
1,354,035
752,626
285,059
300,857
187,042
232,284
137,703,624
73,023,389
119,328,136
17,049,886
10,381,793
8,736,807
6,440,198
5,228,546
2,881,636
4,374,100
3,744,663
2,102,411
1,282,983
1,643,598
1,478,186
685,447
342,968
1,322,704
2,052,871
967,837
440,000
322,562
252,067
450,000
164,532,768
78,550,717
80,048,948
St. Louis
15,732,157
17,444,703
New Orleans_ _ _
12,765,497
11,000,000
Louisville
7,200,000
7,186,011
Houston
3,391,500
2,511,000
Galveston
7,688,613
9,883,600
Richmond
7,140,097
6,585,247
Fort Worth
14,141,714
12,514,547
Atlanta
6,194,634
6,409,060
Memphis
3,287,762
4,301,767
Savannah
6,800,000
5,800,000
Nashville
4,182,823
4,126,854
Norfolk
3,176,894
2,183,525
Birmingham ---3,291,563
2,790,147
Jacksonville _ _ _ _
2,317,616
2,476,533
Chattanooga-1,697.652
1,568,146
Knoxville
2,353,642
1,950,176
Little Rock
1,260,087
1,029,147
Mobile
2,286,606
2,200,275
Augusta
2,010,070
2,049,451
Charleston
2,198,343
2,203,033
Oklahoma
4,874,119
2,534,592
Macon
1,850,122
1,556,292
Austin
269,435
234,114
Vicksburg
836,594
575,410
Muskogee
1,688,072
1,463,881
Tulsa
377,956
405,519
Jackson
Total Southern 193,080,778 197,364,285
3,509,890,649 3,374.198,143
Tctal all
Outside N. Y- 1,402,440.978 1.381.667.150
74,988,922
77,410,718
+1.9
17,938,132
15,927,421
+10.9
13,460,416
13,080,466
-13.8
7,024,179
+2.7
3,238,000
3,222,000
-25.9
8,579,331
7,701,146
+28.6
7,077,969
7,603,272
-7.8
9,694,473
9,288,440
-11.5
5,737,591
6,712,494
+3.5
4,124,018
3,336,117
+30.8
4,972,473
6.564,877
-14.7
3,426,464
3,796,669
-1.3
2,673,921
2,545,320
-31.3
3,400,000
3,054,735
-15.2
2,043,341
2,258,603
+6.9
2,068,246
1,671,448
-7.6
1,685,587
2,063,996
-17.1
1,197,254
1,395,000
-18.4
2,065,097
1,950,904
-3.8
1,958,449
1,597,916
+2.0
1,396,424
1,584,089
+0.2
3,250,000
3,000,000
-46.9
1,425,090
1,112,224
-15.9
253,697
161,156
-13.1
668.485
627,666
-31.2
628,072
1,071,192
-13.3
300,000
301,158
+7.3
-2.2 186,061 208 177,251,452
-1-4.0 3,154.131,678 3,236.913,493
+1.51,360,765,744 1.347.117,914
1460
TIIE CHRONICLE
[VOL. loo.
out of their element. Transactions on the Exchange
are growing in magnitude, but mainly by reason of
the purchases of these cliques and the following which
they have acquired, this being a force of no inconsiderable consequence.
The movement has not yet reached the stage
THE FINANCIAL.SITUATION.
where sustained outside buying can be counted on,
The speculative furore on the Stock Exchange con- under which prices are gradually lifted a fraction at
tinues undiminished, with "war orders" the magic a time. Instead—and as an illustration of clique
words for transforming everything dealt in—good, work and of spasmodic and irregular action—prices
bad, or indifferent, spurious or genuine—into metal of the shares selected as special objects for the
of the purest character and of the highest intrinsic exercise of manipulative fancy, are sent upward by
merit. In uttering warnings on the dangers attend- leaps and bounds. What the ultimate outcome
is
ing such wild and reckless operations,it is not with the to be no one can tell; and as war orders offer no peridea of being able to restrain or check the movement, manent basis of prosperity,
whatever the immediate
but because caution is imperatively called for to effects may be, there is, obviously,
a precarious eleprotect the guileless and to prevent unfortunate ment in the game which suggests
to conservative
consequences.
persons the need of extreme caution lest serious
Values are not created overnight, and many of the consequences result.
properties which have become special vehicles for the
Definite or tangible evidence of benefits from war
manifestation of the popular frenzy, are altogether orders is as yet entirely lacking. In the meantime,
too moribund to be revived even by war orders of unpleasant reminders are all the time coming to
tremendous magnitude. As to these war orders hand, making it plain that before the war orders
themselves, they are, it would seem, in no small appeared as a factor in affairs many properties
measure mythical, and even where they are not they were doing very poorly indeed and had uncommonly
are being greatly magnified, the newspapers lending unsatisfactory income statements. One of the
a hand in this by iteration and reiteration and giving share properties that has been prominent in the rise
a fanciful coloring to whatever substratum of real is Allis-Chalmers Mfg. Co. War orders have done
truth there may be on which to build images of sur- duty here the same as elsewhere, and the preferred
passing grandeur.
shares have advanced from 33 in February to 563/
Even if we take the war orders at Wall Street's esti- in April and the common from 7Y
1 to 193/2, with
mate of their value and importance, considerable the closing figures yesterday 533/i and 19 respectime will manifestly be required to realize the profit tively. As it happens, the annual report of the
expected from the same, and it remains to be seen company for the calendar year 1914 has been made
whether these profits can be translated into cash— public this week, and cannot be regarded as otherthat is, whether one or all of the governments which wise than unfavorable, since it shows an actual deare giving the orders will remain solvent to the end ficiency on the year's operations. Evidently, it will
and pay a hundred cents on the dollar for the things take considerable time to bring such a property up
now being contracted for. There is also the question to the full level of prosperity, no matter what the
whether the war may not suddenly come to an end extent of the war orders.
through the physical or financial exhaustion of the
But the clique operators are entirely indifferent
combatants, thereby removing the need for further to this aspect of the matter and low-priced sharesfind
war materials and making it an object for the differ- especial favor on the. theory that they will become
ent governments to find some pretext for canceling veritable bonanzas in a few days. The gullibility
the orders.
of the public in such matters is almost beyond belief.
All such considerations, however, are immaterial Every one knows what happened in the case of the
to those engaged in boosting prices. As a matter of Rock Island shares on the eve of the appointment of
fact, for the success of the scheme it is not necessary receivers. This week even the Wabash shares were
in any given case that there should be any war taken in hand,and Thursday morning,on purchases of
orders at all. It is sufficient to throw out a hint barely 3,000 shares, the preferred stock was raised
that such orders may be in prospect, and at the same from 23/2 to 63/2. This was on the knowledge
that
time instruct some Stock Exchange house to purchase the reorganization plan was coming out. The
fact
the shares in large blocks, and then in the twinkle that there was to be a heavy assessment on the
of an eye advances of 5, of 10 or of 15 points are shares was conveniently ignored for the time being.
secured. The leaders in the campaign are undoubt- The rise furnished the desired opportunity to those
edly gaining a large following and many small pools who had long been waiting for a chance to realize,
are trailing in the wake of the larger pools and con- and in the afternoon the shares dropped back to 33'.
ducting operations of their own with larger or smaller The assessment is to be $30 a share. Here war orders
success.
have played no part, but the underlying impulse has
But no one should be deceived as to the spontane- been the same, namely a notion that every security,
ous nature of the performances. There is altogether low in price, is scheduled for a tremendous rise, after
too much evidence of concerted action to be assuring the fashion of the industrial shares which have been
on that point. Whenever the market flags and treated to such stupendous advances. Hence there
prices show a receding tendency,some new candidates is indiscriminate buying based on nothing substantial,
for speculative favor among the securities traded in which, as in the Rock Island case, may be followed
are trotted out,and in a daring, dazzling way are sent by complete collapse. In brief, there is much of an
skyward. Stocks, previously dormant, all of a unhealthy nature in the present clique manipulation
sudden find attention concentrated upon them. There of prices with the reckless buying of low-priced shares
are obviously powerful cliques at work, and they are which it is engendering.
aided by minor cliques, many of whom are decidedly
REMOVAL OF OUR CHICAGO OFFICE.
From and after May 1 the Chicago office of the "Commercial and Financial Chronicle" will be located in Suite 320,
New York Life Building, No. 39 South La Salle Street.
Telephone Randolph 7396.
MAY 1 19151
THE CHRONICLE
The statement of the United States Steel Corporation for the March quarter, issued after the close of
business on Tuesday, had both a favorable and an
unfavorable aspect. On the whole, it was viewed
with feelings of satisfaction and proved a stimulus
to the speculation on the Exchange. Whether the
award made yesterday in the case of the locomotive
engineers, granting some of the advances in wages
asked by the engineers and firemen, will be viewed
with unconcern remains to be seen. Taking the Steel
Company return for the quarter as a whole, the showing is very poor, but comfort and confidence is derived from the fact that when the earnings for the
separate months are examined, it is found that the
results were poorest in the opening month and best
in the closing month. Indeed, the two present decided extremes. The net earnings for January were
only $1,687,150, or the smallest of any month in the
company's history, but those for March reached
$7,132,081, with the earnings for February, the intervening month, $3,638,578. Thus the results improved month by month. For the full quarter only
$915,058 was earned towards meeting the quarterly
dividend of 1V1% on the preferred shares, which
called for $6,304,919. In other words, the corporation fell no less than $5,389,861 short of earning the
preferred dividend for the quarter. This, considered
by itself, would obviously furnish cause for real
anxiety, suggesting the possibility that last year's
experience in the case of the common shares might
be repeated and preferred dividends first have to
be reduced and ultimately suspended altogether.
Fortunately, the improvement in the earnings which
has now taken place, as shown by the monthly returns,removessuch a contingencyfrom among the possibilities of the early future; and in that sense the
return has been construed as being favorable and
also as being symptomatic of the improvement taking
place in the case of many other industrial properties.
The wheat acreage of the world and the movement
to increase production of the winter variety of the
grain in 1915 are referred to at some length in the
Farmers' Bulletin of April 23, issued by the United
States Department of Agriculture. Various causes,
which it is unnecessary to enumerate—except to
state the fear of a shortage of supply is an important
one—have combined to induce expansion in area
and the effect is now, to some extent, apparent.
In the United States, Canada and British India
the area sown last fall was increased, it is stated,
by about 8,500,000 acres. In the neutral countries
of Southwestern Europe, also, there was some augmentation in area, but to what extent that was
offset or annulled by contraction elsewhere in
Europe is not yet determinable. It is remarked,
however, that the normal wheat area of the cowl,
tries engaged in the war is about 55,000,000 acres
and a reduction of over 15% in that acreage would
be necessary to counteract the 83/ million addition
in the exporting countries named above. A reduction is, of course, admitted, but doubt as to its
extent exists. In the British Isles, as a matter
of fact, the area under wheat is officially estimated
as a little larger than in 1914. Russia shows only
a small decrease. Belgium is not an important
producer and Germany's acreage, usually not more
than about 5,000,000 acres, is claimed to be much
larger this year. From this it is apparent that any
measurable decline in area in the countries at war
1461
must have occurred in France, Austria-Hungary
and Servia, whose aggregate winter-wheat planting
in time of peace is approximately 29,000,000 acres.
As regards spring wheat, the sowing of which is
practically confined to Russia, the United States
and Canada, involving some 90 million acres, or a
little more than one-third of the world's wheat
territory, the logical conclusion, according to the
Bulletin, is that, under existing circumstances,
with weather and labor conditions favoring, there
would be a large increase in planting this sepson.
But present indications, it is stated, do not point
to the heavy addition that was at one time expected,
though no definite figures have yet been published.
In Russia, the closing of the Dardanelles and most
other export routes, has prevented the moving of
much of the surplus wheat from the last crop; this
has had a depressing effect upon the Russian markets and, in conjunction with the strained labor
situation and abnormal economic conditions incident
to the war, has seemingly had a restraining influence
upon seeding operations. Late commercial reports,
in fact, are said to foreshadow a probable reduction
of 10 to 15% in Russia's spring-wheat area. This
expectation, if realized, the Bulletin intimates,
would go far toward neutralizing the important
increase in planting looked for in all other springwheat localities, leaving the aggregate wheat acreage of the world little, if any, larger than last year.
Gold production returns, so far as made public,
for the first quarter of 1915 for fields other than the
Transvaal, do not disclose any important gains in
yield over 1914. It is true that in Rhodesia and
West Africa the output from the mines has been
moderately greater than a year ago,and consequently,
with the Transvaal included, the volume of gold
secured from all the workings in Africa during
the three months shows a gain of approximately
215,000 fine ounces. But the Australasian gold
fields continue to exhibit decreasing results (this
having been the feature of the situation there for a
decade), the quarter of 1915 falling some 35,000 fine
ounces behind the year previous and from the Colar
field of India a decline of about 8,000 ounces is
reported. From Africa, Australasia and India
therefore (countries that furnish more than half
of the world's gold product annually), an appreciation in yield of only 172,000 fine ounces is shown
for the three months of this year as compared with
1914. It is not to be presumed, moreover, that with
conditions as they are either Russia or Mexico is
doing any better now than a year ago and nothing
has developed to indicate increasing results in
Canada or the United States. The outlook for
the full year 1915 predicated on the first quarter's
showing, is for an outturn equal to, or a little greater
than, that of 1913 (which exceeded 1914 by some
440,000 fine ounces), but hardly up to that of 1912
—the high-water mark in production.
At the National Association of Cotton Manufacturers' semi-annual convention at Boston on Wednesday and Thursday, the President, Albert Greene
Duncan, made allusion to the antagonism of the
Government toward business enterprises. Referring
to the past and present depression, Mr. Duncan remarked that the reason generally assigned for it,
esrecially by Government officials, is the war, with
its disarrangement of the machinery for the free
1462
THE CHRONICLE
exchange of commodities, &c., among the nations of
the world. To his mind, however, that explanation
is not sufficient, the halting attitude of business
being the natural sequence of our recent national
policies, which seem to embody a legislative and
Governmental campaign against enterprise. Instead
of being freed from shackles, the business man who
has undergone the freeing process finds himself more
hampered and harassed than at any previous time
in the history of the United States.
Mr. Duncan remarked that "corrective legislation
is as necessary for the excrescences that may grow
on our business as it is for the crimes and misdemeanors which arise in our social life; but corrective
legislation is very different from the restrictive and
punitive laws-which now burden our statute books."
Legislation, to be of permanent value, must be constructive, not obstructive. Mr. Duncan characterized commission government, which now"seems to be
the order of the day, in its theory and application
absolutely at variance with the ideals of a republic
whose basic principles have always been equal opportunity for all and unlimited possibility of reward to
any man who shows himself able to rise above the
level of his fellows. He declared that Inter-State
Commerce Commission control over the railroads
had proven disastrous rather than beneficial, and,
noting the fact that at the last session of Congress all
forms of corporative business in this country were
brought under the control of a Federal Trade Commission—a body with wider and more varied powers
than ever before granted to a commission—he not
unnaturally asks: "Is it any wonder that business
is halting, unaware what the future may bring
forth ?"
ThelBritish Chancellor of the Exchequer introduced on Thursday in the House of Commons his
proposal for'
ithe control of the liquor question during
the war. The idea. of total prohibition has been
entirely:abandoned in favor of severe restrictions and
high taxation. The measure, it is conceded, may be
modified later on to meet opposition in Parliament.
But the proposal, as presented, is to double the tax
on spirits, to quadruple that on wines and to institute an increase by graduated tax on beer to encourage the lighter beers. These features were
strongly opposed as soon as introduced. The
O'Brienites, as a protest against an additional taxation on Irish whiskies and beers, brought about the
first division in the House since the outbreak of the
war by taking the unusual course of voting against
the provisional resolutions bringing the taxes into
force at once to prevent withdrawals from bonds
while Parliament is dealing with the matter. The
resolution relating to spirits was adopted by a vote
of 89 to 5, the minority being composed of the
O'Brienites. The extra taxes will be included in the
Budget which the Chancellor will introduce in the
House of Commons on Tuesday next, and the bill,
which is an amendment to the Defense of the Realm
Act, will be proposed for the second reading at a
later date, when the debate on it will take place.
Before that time the Chancellor has promised to place
in the hands of the Members of Parliament a series
of reports of independent investigators, on whose
findings the Government's decision to take the proposed action is based. "The English nation,"
Lloyd-George said, "should subordinate everything
to the present struggle and clear away all obstacles,
[voL. 100.
so that we may win this war. Out of the 8,000
employees in one plant alone 1,800 of the workers
failed to resume work after the three day's holidays
at Easter. That in itself proves the need of this
legislation." As the present tax on spirits per proof
gallon in England is 10 shillings, the new tax will
almost double the retail price of spirituous liquors.
Yesterday's statement by the French War Office
confirmed indefinite reports that have been current
during the earlier days of the week that German
warships were abroad in the North Sea. The following paragraph appeared in the official statement
yesterday: "German warships have been reported
at large off the coast of Belgium. Dunkirk yesterday received nineteen shells of large calibre. Twenty
persons were killed and forty-five wounded. Some
houses were destroyed." It was last evening explained by the British official press bureau that the
French communique had been misinterpreted, and
that it was German artillery that had been responsible
for the damage. Dunkirk is at the North Sea
entrance of the English Channel, on the northern
coast of France, a short distance from the Belgium
line. The French cruiser Leon Gambetta was torpedoed by the Austrian submarine U-5 in the Strait
of Otranto on Monday night and 552 of those on
board, including all her commissioned officers, perished. The cruiser was attacked when on patrol
duty in the waterway leading to the Adriatic Sea.
Italian vessels rescued 162 of the survivors.
Italy has not yet, so far as has been published,
taken final action on the question of entering the
war. Nevertheless, intense military activity is being
displayed by both Austria and Italy, and definite
developments in this direction seem at the present
writing a question of days, if not of hours. An
Associated Press dispatch, dated Rome, Thursday
evening, states that from persons in close touch with
the war situation as it affects Italy, information has
been obtained indicating that the Government had
arrived at an understanding with Great Britain and
France concerning the terms upon which Italy will
enter the war if she eventually decides to do so.
This agreement, while unofficial, is described as
follows:
(1) A provision for concerted military action.
Italy will refrain from hostilities during the present
stage of desultory trench warfare, which would enable
Germany and Austria to concentrate a large part of
their forces against her. She will time her blow
contemporaneously with a general effort by all the
opponents of the central empires now in the field.
(2) An understanding concerning the territory to
be awarded to Italy in the event of victory.
(3) A provision that after the war an alliance shall
be formed between Italy and the present Triple
Entente of Great Britain, France and Russia.
The news from the Western field of war operations
this week indicates that another great battle has been
fought. The dispatches, owing to the severe censorship, are so completely indefinite as to render it impossible to form a satisfying opinion of the actual
result. Presumably there has been another stubborn drive by the Germans, which has been checked
by the Allies, and most if not all of the lost ground has
been recovered. The German advance north and
northwest of Ypres retains its foothold west of the
river Yser but is unable to benefit by it. The town
MAY 1 1915.]
THE CHRONICLE
.of Lizerne has changed hands three times and the
entire territory in the vicinity is being fought for,
inch by inch. Very little has been heard from the
Eastern theatre of the conflict. Petrograd reports
that German-Austrian attacks near Poelena in Hungary, the key to the Hungarian plains, have been
repulsed and that fighting continues in the vicinity
of the Uzok Pass. The British Admiralty on Monday announced officially the disembarkation of land
forces to attack the fortifications guarding the
Dardanelles. At the same time the bombardment
of the forts of the Strait was resumed by the Allied
fleet. Latest accounts by cable show that with
heavy losses to both sides the British appear to have
taken possession of ten miles of the tip of the Gallipoli
Peninsula, fought their way across from Sulva Bay
to the Straits side (5 miles) and captured Gallipoli
town and Maitos, further south on the narrows near
Kilid Bahr. Troops that landed at Enos have advanced 8 miles. One dispatch states that the
Allied fleet has reached Uryse, 8 miles up the Dardanelles. A Bucharest report says that a portion
of the Russian Black Sea fleet has been sighted proceeding southward convoying troop ships. Advices
from Constantinople declare that the British claims
of success on the Gallipoli Peninsula are without
foundation.
1463
against the Zapatistas in the interior of Mexico, according to advices to our Navy Department from
Rear Admiral Caperton at Vera Cruz.
The pendulum apparently has swung to the full
limit so far as talk in London of early peace is concerned. It seems to have started on the return. At
any rate advices from the British centre in this respect have been appreciably less optimistic this week
and the general markets on the London Stock Exchange have ruled quiet. The American department of the market has been an exception, having
shared in the activity and irregularity current on
this side of the Atlantic. On Monday (quoting
press cables) 182 separate transactions in American
stocks on the London Stock-Exchange were reported
in addition to 28 in Canadian Pacific; Tuesday's corresponding figures were 171 and 23, Wednesday's
146 and 25, Thursday's 209 and 20 and Friday's
369 and 44. A somewhat easier tendency has developed in the London money market following the
payment of the final installment of the war loan
on Monday. 'The amount required for this installment was estimated at about £15,000,000, which was
much below general expectation. It confirms, however, the statement, made at the time of the offering
of the loan, that there had at that time been a large
proportion of payments made in full.
British Treasury bills are being marketed in a
. A new draft of the Japanese demands on China
that is satisfactory to the Government. Last
way
was presented on Wednesday to the Chinese Foreign
sales under the new arrangement for nonweek's
Some
Minister.
Japanese
Minister at Peking by the
ve distribution amounted to £23,326,000,
competiti
The
evident.
are
points
minor
modifications on
of £3,887,000 daily. The amount of
average
an
or
superthe
to
relating
demands
original
the
in
clause
ng
vision of the organization of the Chinese police by bills outstandi up to the close of last week exceeded
these bills
'the Japanese has been withdrawn except in reference £125,000,000. A total of £15,000,000 of
There is
paid.
was
y
and
Wednesda
on
3,
matured
to Manchuria and the second clause of Group
loan
new
a
of
prospect
e
immediat
no
be
to
consaid
mining
relating to the Hanyeh-Pino Company
growing
the
With
purposes.
war
y
for
specificall
new
The
entirely.
cessions, has been eliminated
is evincing
document contains twenty-four articles. The Japa- abundance of funds, the British Treasury
of
extreme
attitude
its
nese plenipotentiaries have, it is said, informed the some disposition to moderate
conserve
to
plan
its
in
loans
to
foreign
Chinese plenipotentiaries that the revised draft is resistance
or colonial uses.
the irreducible minimum, the acceptance of which British funds for purely British
y of the loophole
being
taken
apparentl
is
e
Advantag
one
Japan insists upon. Japan, however, makes
s,
that refundings
namely
restriction
original
the
in
to
offering
Tsing-Tao
restore
,
noteworthy concession
providing
English
market
to China if China defers no longer the acceptance of might be offered in the
from the
been
secured
had
same
Japan's demands. The restoration of Tsing-Tao will authority for the
an Arfor
in
progress
are
ons
Negotiati
be made on the condition that it becomes a treaty Treasury.
be
issued
to
loan
five-year
6%
0
£5,000,00
gentine
s,
indeport with Japanese and foreign settlement
in
New
loan
similar
a
with
on
in
conjuncti
London
in
The
control.
Chinese
of
pendent, as elsewhere,
proceeds
the
and
99
at
offered
be
to
bonds
the
York,
being
is
situation
-Japanese
Chino
progress of the
of meeting at
watched with keen interest at Washington. Several to be employed chiefly for the purpose
amount of
a
large
bills,
Treasury
conferences on the subject have already taken place maturity Argentine
that nereported
is
It
London.
in
held
is
between Secretary Bryan and the Japanese Ambassa- which
purthe
for
nt
Governme
British
the
by
gotiations
in
has
been
laso
dor, Viscount Chinda. Mr. Bryan
some
measure,
in
.figured
wheat
Argentine
of
chase
Fu
Kai
Mr.
Minister,
consultation with the Chinese
Shah, but has declined consistently to discuss the so far as the British Treasury, was concerned in the
Argentine bond transactions. A South African loan
matter under consideration.
of £2,500,000 in 4 per cents is soon to be offered at the
the
Very little of a practical nature has occurred in British centre. The result of the allotment of
432%
Australia,
nt,
Governme
Victoria
0
£2,250,00
a
Mexico this week. Secretary Bryan, in statement
published on Thursday,intimates that our own Gov- bond issue at par, to which we referred in last week's
ernment is not considering the question of recognizing issue, has been more satisfactory than expected.
100% the full
any Government in Mexico. Carranza officials at The applications exceeded by nearly
the amounts
s
received
subscriber
Small
offering.
Washington are urging upon the State Department
larger ones
the
but
in
full,
ons
subscripti
their
of
in
their claims to recognition. They plan to issue
stated that
is
It
.
on
allotment
57%
only
obtained
the
proposals
the near future a statement outlining
commercial
ng
supplanti
are
bills
Treasury
new
the
Gen.
With
.
have
they
presented
to this end that
ve
comparati
the
to
owing
Obregon declared to be operating with continued bills in the English market,
New
of
nt
Governme
The
latter.
the
success against the Villistas in the north, Gen. scarcity of
succeded in
Carranza apparently is launching a new campaign Zealand has, it is reported by cable,
1464
THE CHRONICLE
placing about £500,000 in 4 per cents privately with
an English banking syndicate at about 95. Financial
London is extremely interested in the new Budget
proposals that David Lloyd-George, the Chancellor,
will present in the House of Commons on May 4. It
is feared that he may suggest additional direct taxation. On the other hand, a further increase in the
income tax was arranged as far back as last November. This, possibly, may provide the full amount
of direct revenue that Lloyd George may feel inclined to demand. Day-to-day funds in London
closed at 134@1/
2%, showing no quotable change
for the week.
Cables from Paris state that the Bank of France
has released 5,000,000 francs to the Bank of England
for transmission to New York to assist in steadying
exchange. Accounts from the French centre seem
more satisfactory, showing that the gradual unofficial
liquidation of the outstanding July position is in
progress. On the Coulisse prices of many securities
are above the pre-war level. The Rock Island receivership:on this side has apparently not attracted
active attention in France, although there is a considerable holding of the company's securities in that
country. Arrangements are being made in this city
for dissolving the syndicate which underwrote the
$50,000,000 5% one-year French Treasury bonds,
which wereloffered for public subscription in this
country a short time ago, the transaction having
been fully completed. Russian oil and metal stocks,
as well as Russian State funds, have been steady on
the French market, notwithstanding the announcement of an issue of 400,000,000 rubles of short
5 per cents and of 300,000,000 rubles of Internal
Treasury 3 per cents. French rentes closed at
72.40 francs for cash, against 72.85 francs a
week ago.
[VOL. 100.
we have been able to learn from the Continental
centres.
A reduction of £325,996 was reported by the Bank
of England this week in its gold holdings, bringing
the total down to £55,314,380. One year ago the
amount was £36,765,422 and two years ago £37,767,218. The total reserve decreased £679,000 (note
circulation having increased £353,000), and the proportion of reserve to liabilities is now 17.83%,
against 18.56 last week and 42.37% a year ago.
Public deposits are £6,653,000 higher; other deposits
decreased £1,720,000 and loans (other securities)
increased £2,371,000. The Bank's reserve aggregates £39,078,000, against £26,338,387 at this date
one year ago and £27,230,698 in 1913. The outstanding loan account is £146,693,000, against £42,463,243 in 1914 and £32,985,190 in 1913. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the bank week: Inflow, £682,000, wholly
bought in the open market; outflow, £1,008,000 (of
which £175,000 earmarked, £25,000 to Argentina,
and £808,000 net sent to the interior of Great Britain).
We add a tabular statement comparing for the last
five years the different items in the Bank of England
return:
pANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
April 28.
April 29.
April 30
May 1.
Circulation
34,685,000
Public deposIts__132,067,000
Other deposits
87,030,000
Gov't securities
51,063,000
Other securities
146,693,000
Reserve notes &coin 39,078,000
Coin and bullion__ _ 55,314,380
Proportion of reserve
to liabilities
17.87%
Bank rate
5%
1911.
May 3.
28,877,035
19,020,326
43,126,915
11,046,570
42,463,243
26,338,387
36,765,422
28,980,520
15,730,287
39,573,640
12,897,827
32,985,190
27,230,698
37,767,218
29,059,600
18,047,955
41,339,634
14,155,013
33,977,455
29,061,115
39,670,715
28,340,605
14,147,412
42,060,864
14,971,344
32,067,572
26,914,450
36,805,055
42.37%
3%
49.22%
%
48.91%
35,5%
47.94%
3%
The Bank of France again reported a loss in gold
holdings this week, due in some measure to its new
policy of exporting the precious metal to steady exchange. This Week's reduction amounted to 36,152,000 francs, as against 25,327,000 francs a week
ago. The gold on hand aggregates 4,191,896,000
francs, which compares with 3,644,880,000 francs at
the corresponding date one year ago and 3,249,900,000 francs in 1913. Silver holdings decreased 719,000 francs,to 376,336,000 francs, against 628,444,000
francs one year ago and 598,925,000 francs in 1913.
Note circulation of the week shows an expansion of
39,324,000 francs, general deposits increased 5,459,000 francs, while discounts were reduced 7,845,000
francs, treasury deposits were reduced 47,818,000
francs and the Bank's advances decreased 8,069,000
francs. Deposits now stand at 2,329,300,000 francs,
against 686,153,000 francs one year ago and 638,605,300 francs in 1913.
Very little in the way of financial information has
been received by cable from Bprlin this week. The
"Norddeutsche Allgemeine Zeitung" of that city
announces that an American banking group has
taken $10,000,000 of the nine months' Imperial
Exchequer bonds and placed them among their customers. This step, the newspaper in question says,
was taken to strengthen German credit in the United
States. This announcement refers undoubtedly to
the notes recently purchased by Chandler & Co. of
New York and Philadelphia and offered for public
subscription in this country at 99%. The notes
bear 5%. A dispatch from Geneva states that value
of German marks continues to fall. Swiss postal
.authorities have announced that after May 1 German
postal orders will be cashed on the basis of 110 centimes to the mark, a depreciation of 12%. A Berlin
dispatch received by way of London asserts that the
Federal Council has extended until July 31 the
The Imperial Bank of Germany reports an increase
operation of the order which provides that claims held of 6,324,000 marks
in gold and a decrease of 134,by foreign persons or corporations which accrued 559,000
marks in the cash item, which includes Imbefore July 31 1914 cannot be sued on.
perial and Loan Bank notes and notes of other banks
in addition to coin and bullion. The Bank's disOfficial Bank rates at the leading Eurcpean centres counts decreased 116,789,00
0 marks, loans were reremain at figures quoted last week, namely at 5% duced 5,525,000
marks, circulation was curtailed
in London, Paris, Berlin and Amsterdam and 532% 70,598,000
marks, deposits were withdrawn to the
in Vienna. In London private discounts remain at net amount of
212,000,000 marks, while the holdings
2%% for short and 2%@2 15-16% for long bills. A of Treasury bills
were reduced 3,084,000 marks.
week ago the respective quotations were 2% and The Bank's gold
holdings aggregate 2,359,827,000
2 15-16@3%. No private bank rates of discounts marks, against
1,253,460,000 marks in 1914 and
have this week been received in this city, so far as 965,100,000 marks
in 1913. Combining loans and
MAY 1 19154
THE CHRONICLE
discounts we have a total of 3,453,081,000 marks.
One year ago the total was only 924,360,000 marks
and in 1913 1,258,420,000 marks. Circulation outstanding aggregates 5,056,011,000 marks, against
2,101,307,000 marks in 1914 and 2,030,600,000
marks in 1913.
1465
at 4% for thirty to ninety days and 5% (for
agricultural bills, of which none has as yet been
purchased) above ninety days.
Sterling exchange continues on more or less of an
artificial basis. All interests seem to be awaiting
some form of official announcement of the arrangeformal British
Notwithstanding that the money market has been ments that have been completed for
far there
Thus
market.
York
New
the
in
credits
Balti00
$40,000,0
of
sale
called upon to finance the
that the
showing
more & Ohio notes, and to some extent subscrip- has been no definite announcement
for
banks
York
New
of
a
of
plan
syndicate
tions to the $100,000,000 convertible bond issue of most recent
gone
has
bills
Treasury
m
British
g
short-ter
purchasin
the New York Central, local money rates at the close
experience in
show fractional reductions for fixed maturities. The into operation. However, people with
as pure
that,
are
convinced
exchanges
foreign
the
has
trading
Exchange
continued activity in Stock
already
have
bankers
New
York
routine,
banking
ng
encouragi
as
far
so
e,
likewise proven ineffectiv
of
behalf
on
or
for
either
to
London
credit
granted
rates
Call
nce.
independe
greater
show
lenders to
being
ns
nt.
transactio
These
for renewals have remained pegged at 2%. Ad- the British Governme
al in
vices from the West suggest a general plethora of entirely between bankers, and thus profession
ion.
public
to
proclamat
subject
not
are
character,
loanable funds. Business in that section is berenewal
l
some
substantia
been
have
to
seems
There
ginning to show signs of improvement, though this
of American securities
seems thus far merely in sentiment instead of in a of sales on London account
may be regarded
that
details
although
week,
n
this
commissio
Exchange
Stock
more practical way.
are not availvolume
the
houses in New York report quite a substantial reasonably accurate as to
authoriexchange
sterling
among
amount of investment buying of securities. But able, and estimates
y
Day-to-da
widely.
differ
to
seem
side
this
on
the supply of funds is so large that the accumulation ties
here.
home
at
as
as
abundant
are
London
in
e
rates
stimulativ
without
of all these various demands is
Money rates suggest slight expectation of improveinfluence.
ment in the near future on either side of the Atlantic;
further
the
showed
statement
bank
s
Last Saturday'
in
large gain of $12,977,050 in the surplus reserve hence, they are not at the moment relative factors
for
in
progress
are
that
ons
Negotiati
situation.
above requirements and of $15,304,000 in the aggre- the
$10,000,000, to the Argengate reserve. Reserve requirements were increased a loan, supposed to be for
a possible influence of the
as
watched
being
are
tine,
The
$2,326,950 as a result of the larger deposits.
by a prominent
exchange
of
Buying
future.
near
$171,034,
at
stands
now
nts
surplus above requireme
to be in
supposed
was
n
institutio
financial
local
00
old
the
under
$30,354,4
with
compares
870, which
a
steadying
d
constitute
form of bank statement, requiring 25% instead of, anticipation of this loan. It
closing
the
during
market
as at present, 18% of deposits to be carried. Loans factor in the exchange
conse
merchandi
of
ons
Exportati
week.
increased during the week $10,283,000; net demand days of the
and
ons
importati
the
over
s
good;exces
a
to
show
6,000,
tinue
deposits increased $12,826,000 to $2,308,53
ry
the
prelimina
bills,
of
supply
liberal
a
furnishing
are
$123,721,
0,
to
and time deposits increased $2,509,00
indicating
Saturday
last
ending
week
the
for
figures
$12,377,vaults"
increased
"own
000. Reserves in
with $12,934,000
000, to $417,166,000, including $345,208,000 in an excess of $20,611,584, compared
in this direction
figures
The
.
specie. Reserves in Federal Reserve banks increased for the week preceding
r as those for
spectacula
.been
as
recently
not
$1,256,000,to $121,440,000; reserves in other deposi- have
weeks ending
four
the
for
Thus,
months.
earlier
taries increased $1,671,000, to $31,681,000. The
exports over
se
of
excess
merchandi
total
the
24
April
from
the
are
as
distinct
actual
figures here given
districts
the
for
00
customs
$72,000,0
only
was
imports
a
in
Clearing-House
The
statement
ones.
average
foreign
of
the
85%
over
something
which
through
a
on
appears
t
page
form
subsequen
detailed
more
of
month
entire
the
For
passes.
trade of the country
of this issue.
the
excess
districts,
customs
all
including
Referring to money rates in detail, demand loans March,
7 on the export side was no less than $141,000,000; in
2,o,
have this week covered a range of 1%@2Y°
a
February it was $174,000,000 and in January
week
The
ago.
range
the
which is identical with
000.
$145,000,
remained
noted,
already
has
have
ruling rate, as we
al exchanges have ruled easy in tone.
Continent
The
on
and
and
Tuesday
Monday
On
2%.
at
pegged
in
Thursday and Friday the extreme figures were 1%@, The feature of the week has been the weakness
critical
the
with
associated
y
presumabl
lires,
23/2%; on Wednesday 19@23% was the range. Italian
Time money closed at 23/@2%% for sixty days stage of the Italian Government's attitude toward
(against 2% a week ago), 29% for ninety days the war. There was, however, a sharp, unexplained
(against 3%), 3% for four months (against 33%), recovery on Friday. Bankers' sight finished at
1 a fort3@33% for five months (against 33@33'%), and 5 80, against 5 82 one week ago and 5 71Y
5 7932,
at
closed
cables
bankers'
0 for six months (against 334@3%%). night ago, and
3@,3317
5 783
and
week
last
of
on
Friday
81%
5
The supply of commercial paper continues limited against
week
the
of
figures
low
.
The
preceding
week
the
discounts,
and buyers are quoting slightly easier
Paris
cables.
for
85
5
and
checks
for
86
5
were
the
e
names
of
in
business
high-grad
most
so that
0 a week ago. checks finiShed at 5 323/ and bankers' cables at
is passing at 33/2%, against 3%7
4, comparing with 5 32% and 5 31k, respecClosing quotations are 3%@3%% (against 3@ 5 321
4% a week ago) for sixty and ninety-day endorsed tively, a week ago. Bankers' sight on Berlin closed
bills receivable and for four to six months' single at 82 7-16, against 823 a week ago, and cable transnames of choice character. Names not so well fers are 82 9-16, against 82 5-16. Swiss exchange
known require 4@43%. The discount rates at closed at 5 333 for bankers' sight, against 5 34, and
the Federal Reserve Bank at New York remain bankers' cables at 5 323/2, against 5 33. The:check
1466
THE CHRONICLE
[voL. ma.
rate on Amsterdam is 39 7-16 for bankers' sight,
THE NEW CAMPAIGNS IN EUROPE.
against 39% a week ago, and bankers' cables are
unchanged at 39 7-16. In Paris the London check
The resumption of active war operations on a large
rate closed at 25.56, comparing with 25.55 on Friday scale, on the Franco-German frontier and in the
attack on the Dardanelles, confirms the view taken
of last week.
all along by the most experienced observers of the
Compared with Friday of last week, sterling ex- European conflict, and supported by what were said
change on Saturday was slightly firmer, and demand to be private statements by Lord Kitchener—that
was quoted at 4 78 15-16@4 79 1-16, cable transfers the war, considered from the standpoint of an agat 4 7931@4 79 5-16, and sixty days at 4 764@ gressive campaign by the Allies, would really have
4 76%. On Monday exchange quotations were firm its .beginning this present spring. In other words,
and higher, mainly on selling of American securities the German successes at the opening of the conflict
by Europeans, with an advance to 4 793'@4 7931 were achieved because of that country's much more
for demand and 4 79%@4 79 9-16 for cable transfers; complete readiness for the fight, and the deadlock
sixty days was unchanged at 4 7631@4 76%. Re- in the intrenchments during winter was little except
newed talk of the establishment of the long-expected an interlude. It is true that the character of the
British credit in the near future brought about a trench fighting this past season, along with the alterfurther rise on Tuesday in the initial transactions; nate victories and defeats on the Russian frontier,
later, however, prices receded on reports of a heavy had led to a somewhat general inference that the
increase in exports; demand bills ranged at 4 79W1@ whole campaign had entered on a complete and con4 79,cable transfers at 4 79 9-16@4 79 13-16 and tinuous deadlock. With this idea in mind, even
sixty days at 4 76%@4 76. On Wednesday the some expert critics had taken the ground, on the
upward *movement was checked and a weaker tenden- one side that Germany's plan was merely to hold
cy became evident; demand declined to 4 793'@ Belgium and Northeastern France, thus leaving the
4 7931, cable transfers to 4 79%@4 793/ and sixty Allies to exhaust themselves in a fruitless offensive;
days to 4 76%@4 76%; trading was quiet, the dis- on the other side, that the Allies proposed merely to
position being to await developments believed to be maintain the military status quo, awaiting the
pending. Sterling exchange was more active on economic exhaustion of Germany.
Thursday, and an unusually light supply of commerBut the trouble with this theory was that it gave
cial bills, coupled with a good inquiry, induced frac- no obvious solution to the problems created by the
tional advances, to 4 79 3-16@4 79 7-16 for demand, war. It was impossible,in the first place,to say how
4 79 7-16@4 79 11-16 for cable transfers and 4 763/i soon or in what way such imagined exhaustion would
@4 76% for sixty days. On Friday the market ruled operate; and it was equally impossible to suppose that
quiet and irregular. Closing quotations were 4 763/ any peace concluded under existing circumstances
@4 76Y
1 for sixty days,4 79%@4 79 7-16 for demand would be of a character to settle, with reasonable apand 4 79 9-16@4 79W1 for cable transfers. Commercial proach to permanence, the actual issues of the war.
on banks nominal, documents for payment nominal. Nothing has indicated more unmistakably the second
Seven-day grain bills at 4 7831@4 78%. Cotton for of these facts than the totally incompatible nature
payment nominal; grain for payment nominal.
of the peace plans lately put forth,by one side or the
other, as acceptable to itself.
The New York Cleating-House banks, in their • The violent and destructive fighting of the past
operations with interior banking institutions, have week, along the line from Belgium to the Vosges,has
gained $4,407,000 net in cash as a result of the cur- been of an inconclusive character. It began with
rency movements for the week ending April 30. aggressive operations by the French. This was
Their receipts from the interior have aggregated superseded early in the present week by resumption
$8,216,000, while the shipments have reached $3,- of the initiative on a very large scale by Germany—
809,000.
Adding the Sub-Treasury operations, an attack so vigorously conducted as to give the
which occasioned a loss of $35,000, the combined re- impression, during one or two days, that distinct
sult of the flow of money into and out of the New German successes were being achieved. Even the
York banks for the week appears to have been a gain Stock Exchange was disposed at the time to reflect
of $4,372,000, as follows:
that inference. As usual, the War Office bulletins
disagreed as to actual results; but later authentic
Week ending April 30.
Into
Out of
Net Change in
news
has given no reason to believe that definite
Banks.
Banks.
Bank Holdings.
have been scored on either side.
achievements
Banks' interior movement
$8,216,000
$3,809,000 Gain $4,407,000
Sub Treasury operations
18,420,000
18,455,000 Loss
35,000
If it is asked, what the contestants on this western
Total
$26,036,000 $22,264,000 Gain $4,372,000 frontier
had expected to accomplish, the answer
probably
should be that the Allied commanders
The following table indicates the amount of bullion
wished,
in
the first place, to revive the spirits of their
in the principal European banks:
troops by active campaigning, after the prolonged
April 29 1915.
and disheartening winter experience in the trenches;
April 30 1914.
Banks of
Gold. I Silver.
Total.
Gold.
Silver. i
that they also had the purpose, through an aggressive
Total.
demonstration in that quarter, to prevent German
z
I. s
England__ 55,314,3891
I 55,314,389 36,765,422
36,765,422
France __ 167,675,440$ 15,053,040$182.728,480 143,854,040 25,184,56 171,038,600
commanders
in the West from detaching large bodies
Germany _ 118,088,050$ 2,000,0001120,088,05 66,201,650 10,643,300 82,844,850
Russia ___ 170,701,000$ 5,417,00 176,208,00 177,888,000 6,661,00 184,649,000
Austria in her defensive campaign
assist
of
troops
to
Aus. Rune 61,578,000$ 12,140,00 63,718,000 52,190,000 12,441,000 64,631,000
Spain ____ 24,320,000$ 29,467,0
53,777,00 20,431,000 28,844,000 49,275,000
Russian
against
the
invaders in the Carpathians.
Italy
53,664,
45,760,000 3,096,
50,964,000$ 2,700,00
48,846,000
Netherl'd 24,243,000$
24,413,90 13,539,0
170,9
744,50 14,283,500
Nat.Beigd 15,380,0003
600,00 15,980,00
8,841,333 4,420,667 13,262,000 Apparently the second purpose has been successful,
Sweden
6,300,00
5,786,000
6,300,0001
6,786,000 though the Austrians, by
Switz'land 9,635,2
their own account, are
9,635,200 6,797,000
6,797,000
Norway._ 3,413,00
3,413,0
2,581,000
2,581,0u0
showing fresh vigor in opposing the Russian advance
Tot. week 697,702,079 67,537,94 765,240,019 382,624,345 9F,036,027680,651,37
Prey.week 698,340,655 67,292,700765,033,355 684,217,841 98,467,707 682.685.542 through the mountain passes into Hungary. But
c July 30. d Sept. 21.
beyond this holding of the German troops on the
MAY 11915.1
THE CHRONICLE
western battle line, it has been growing more and
more probable, on the face of things, that the situation in Belgium and France resembles the bombardment of one another by two powerfully fortified
positions, with occasional frontal attacks on the intrenchments—an operation in which success on either
side means merely the bending back of the hostile
line, the capture of more or less prisoners, and the
regaining, temporarily or permanently, of two or
three miles of ground previously in the hands of the
enemy.
More interesting, because more uncertain, is the
problem of the Dardanelles. It is now quite evident
that the resisting power of the Turkish forts had been
underrated at the start. The German commander
of the Turkish troops has repeatedly declared of
late that these positions are impregnable, and that
the Allied campaign is doomed to failure. It has
been noticeable recently that criticism of the British
Admiralty, notably of Winston Churchill, has been
very vigorous in the English press, on the ground of
rash impetuousness in the attack as ordered on the
Turkish forts; a repetition, according to the argument of the critics, of the futile attempt last autumn
to relieve Antwerp through British naval re-enforcements. This criticism may be inspired by party
politics. But at all events, the Allied commanders
in the Dardanelles are now doing what perhaps they
should have begun by trying to do—namely, landing large bodies of troops on the Aegean side of the
peninsula, north of the fortifications, so that the
Turkish strongholds may be attacked in the rear by
land operations while the warships are bombarding
them in front.
The results at stake in this particular contest are
very great. The forcing of the Dardanelles and the
fall of Constantinople would produce an immense
impression on public opinion in the Balkan States;
would probably draw Rumania into the fight, and
would help to insure against Bulgaria's joining the
enemy. It would conceivably also force the hand of
Italy. If so, an approach to the Austrian dominions
from the south and the southeast would quickly be
opened, and a new character imparted to the whole
campaign. But all this remains to be achieved; as
yet the Turkish forts have fulfilled the promise of
their German constructers.
Furthermore, the attitude of the Southern European neutral States remains inscrutable; this being
noticeably so in the case of Italy, whose diplomacy
at this juncture, while exceedingly obscure and difficult to follow, has begun to arouse a good deal of
adverse criticism. It has been recognized all along
that Italy's participation in this war on the side of
the Allies was difficult, because in form that Government is still an ally of the Teutonic Powers, and because it refused to join them only on the ground that
the alliance was of a purely defensive character.
These facts have notoriously made it embarrassing for
Italy to take the field against Austria, without such
provocation as Austria has been careful not to give.
If, then, the Italian Government were obstinately to
preserve neutrality, its attitude would at least be
logical. On the other hand, it might be possible
to recognize that war had become inevitable in case
the Italian Government's position were visibly forced
by Italian public opinion. But granting these
possible alternatives, it must be said that the repeated reports of negotiations, especially through
Germany's emissary to Rome, Prince von Buelow,
1467
with the alleged purpose of fixing the surrender of
the Trentino by Austria to Italy as the price of continued neutrality, have produced an unpleasant impression. Very many observers have been disposed to comment, first on the coolness with which
the German Government has apparently been offering Austria's Adriatic possessions to Italy, without
the concurrence of Vienna; but second, on the fact
that the Italian Government's attitude, if rightly
represented in the cables, has run too close to something like blackmail of a hard-pressed belligerent
neighbor to commend itself.
There is left the Russian advance on Hungary,
concerning whose actual status great obscurity exists
in the dispatches. The halt in the forward movement
of the Russian armies is of itself by no means a necessary sign of a decisive check; because consolidation
and re-arrangement of military bases and connections
would, in any case, be essential after so long a for-,
ward movement, and in preparation for a further
advance into the enemy's territory. Such preparations would inevitably take time. If theforward movement should be successfully resumed,Hungary cut off
from Germany and the rest of Austria, and all the
Austrian troops to home defense, an important
change in the general situation would necessarily
ensue. Like the fall of Constantinople, its effect
on the attitude of the Southern neutrals would be
very great. Eventually, it would change in large
degree the character even of Germany's campaign,
since Germany itself would then be threatened both
from the south and from the northeastern Russian
border. But it remains to see whether Russia, proverbially powerful in defense and proverbially uncertain in the large offensive,can achieve this mighty task.
Thus the situation of the European war at the
opening of spring really represents three large problems, whose solution, individually and jointly, depends on the power, resources and tactical skill of
the Allies or of their antagonists. As to the often
discussed possibility that the German fleet as a
whole may emerge from its protected harbor and
challenge the English fleet to a decisive sea engagement, this has all along been one of the favorite conjectures of imaginative war critics. The idea is reflected in numerous more or less irresponsible rumors
which nowadays come daily to hand in the dispatches.
All that can be said of this matter is, that such
action, unless in extreme and final emergency, would
be contrary to the whole line of policy, consistently
pursued by the German Adm'ralty since the outbreak of the war.
SECRETARY REDFIELD AND HIS
BUSINESS CRITICS.
General business is good and is steadily growing
better. So we are once more informed by Secretary
of Commerce Redfield, the same who once hinted
that any manufacturer who ventured to complain
of adversity and impute that to tariff reduction
might expect to have his methods and his lack of
efficiency investigated and held up to the light by
pitiless Government agents. Now whoever mentions
hard times is classed by him with "purveyors of
poverty for personal purposes," and those will go
to their own places, at their appointed time,"unwept,
unhonored and unsung, followed by the deserved
curses of the deceived," &c.
According to Mr. Redfield, anybody may have an
opinion as to the condition and prospects of business,
1468
THE CHRONICLE
but only optimistic ones may be uttered; other opinions may be held privately and silently, but to dissent
audibly from the prosperity chant presses hard on
the lines which define conspiracy and high treason.
We have had talk of this sort before, but never so
fervently execratory as now. "These are they who
in secret places speak evil of those who have brought
the country through the most terrible commercial
shock in its history and landed her safe and strong
upon the peaceful shores of prosperity and influence."
Very rhetorical language, but is the country really
"through" and is it really "landed" on those delightful shores? Upon this one may be permitted to
have doubts, if he keeps them locked within his own
breast; but he is warned that he must not utter them.
The prosperity which needs so frequent announcement and must not be subjected to any word of question would seem to be somewhat unstable; but Mr.
Redfield authoritatively pronounces it solid as
Gibraltar, and he is quite as sure who made it so:
"For the American public knows that it has had
at the hands of the present Administration affirmative and constructive service; and as it sees the days
of prosperity returning and the mills reopening and
the miner and farmer busier and more prosperous
than before,it will say to the prophets of evil: 'what
have you to offer better than the foundation on which
these things are builded ?'"
Let us be thankful for those old foundations, and
no prophet of evil or of good can offer anything better
than they; but the historical fact is that they were
laid before the year 1913 and even before this present
century; therefore the service by the present Administration, be that affirmative and constructive or otherwise, cannot claim them. The truth is that business,
feeling relief, has been steadily improving since the
ftdjournment of Congress on the 4th of March.
"What hour is it?" asked the King. "It is any
hour your Majesty pleases," replied the unflinching
courtier to whom the question was put. And Mr.
Redfield, speaking In the same city where, some
months ago, Mr. Wilson denounced Senators who
ventured to hold opinions contrary to his upon a
certain bill he had conceived but, because of these
very men, did not succeed in forcing through Congress, illustrates the follower who steps only in the
footprints the leader has made before him. Polonius
saw in "yonder cloud" "almost the shape of a camel,"
then saw it "backed like a weasel," and then "very
like a whale," according to the changing word of
Hamlet. In this country we have professed disbelief in the infallibility of hereditary rulers; are we
ready to accept infallibility in temporary rulers who
seem to exact .courtiership of subordinates and are
themselves so very sure that they tell us what to
think and they "know" of their own intuition what
Americans know?
THE DUTY OF NEWSPAPERS TOWARDS THE
PUBLIC.
To a recent meeting of the associated newspaper
publishers of this country Mr. James J. Hill said
that while a censorship that is rigid and permits no
remonstrance comes into operation during war, because then all laws are suspended, English-speaking
peoples, as a whole, "have adopted finally the principle that there must be no other censorship than
this, and even now it is more honored in the breach
than in the observance." Yet, the responsibility of
[voL. no.
determining the nature and limitations of printed
matter being thus laid upon each publisher, Mr. Hill
went on to say that "a great deal of what is excused
as giving the public what it wants is really making
the public want what you give."
This is seriously true, and many examples might
be cited. For one, the music-lover familiar with that
remarkable instrument, the phonograph, and with its
possibilities, may regret that the companies handling
it produce so much trash and so small a proportion
of real music. They cannot force the public, but they
might do more to create a taste for the best; catering
to the crudest demand may be the quickest way to
commercial returns, but is perhaps not the way to the
most permanent advantage and does not quite comply with the responsibilities of possible education.
So in other lines of business; to furnish what the
public ought to want, while not undertaking to wholly
withhold what:it already wants or thinks it wants,
will gradually tend to elevate public taste.
Confining himself to his immediate topic, the newspaper, Mr. Hill pointed out how much easier and
therefore more tempting,it is "to habituate the cleanminded reader to stories of crime . . . than to
make the vicious-minded man love righteousness and
hate iniquity." It is always easier to go with the
crowd, especially if profit lies in so doing, than to try
to resist it and lead it in another direction. "So the
publisher (said Mr. Hill) who is seeking only the
largest possible subscription list sees an easy and
prosperous way if he is willing to splash along through
puddles of filth." That some publishers are unscrupulous and the penny paper which flaunts evening
editions at the pedestrian at nine in the morning
caters largely to a sensation-loving habit which
grows by indulgence, as all bad habits grow, is undeniable. Why is only bad news "fit to print"?
And, for one example, voters are confronted, when
alone in the booths, with propositions for constitutional amendments as to which they have heard
nothing (nothing informing, at least) because the
newspapers have been filled with matter concerning
the personal struggle of factions for possession of the
offices and have passed over the really'momentous
questions to come up. Just at this time pages are
filled with the tale of a court trial, nominally a libel
case but really a renewed advertising of a notorious
adventurer in American politics; and nothing is so
broadly and glaringly spread as cases of personal
wrongdoing, until (as Mr. Hill said) the reader might
almost be led to "suspect that these: things are
actually the woof of life and not mere blemishes on
the fabric." The publisher will offer as excuse that
the importance of news is proportionate to its interest
and that the public must have what it likes and
"wants," so that we come back to the deduction that
purveying to bad tastes is always easier than to cultivate good ones.
Does the press lead public opinion? Does it
create that? Or does it merely discern and cater to
that? The question is not precisely and positively
answerable. But the press should be more than a
mere mirror, to reflect the times. It should be
somewhat a leader, as well as companion and servant.
Its defects are partly the result of very rapid growth,
just as some of our most difficult national troubles
have arisen in that very rapid growth. But the
journals which will retain the largest influence upon
public opinion will be those that insist upon what is
right, rather than conform to what is merely popular.
MAY 1 1915.]
THE CHRONICLE
CHANGE IN CREDIT METHODS—THINKS OPEN
BOOK ACCOUNTS NOT IMMOBILE.
New York, April 24 1915.
To the Editor of The Financial Chronicle, New York City:
Dear Sir—Mr. Earle P. Carman's article contrasting the
commercial credit methods of this country with those practiced in Europe, which is published in your issue of to-day, is
highly illuminating and brings out effectively the essential
points of difference between the two systems. On one point,
however, the author appears to me to be in error. I refer
to his unqualified statement that the open-book account, on
which commercial credit is ordinarily granted in this country,
is "immobile and non-convertible," and that its use compels
the seller of goods "to limit his sales on credit by the capital
employed in his business."
It is perfeetly true that a mercantile concern cannot convert its accounts receivable directly into cash when in need
of funds. But that by no means signifies that it is ordinarily
compelled to wait for its money until the credit period has
expired and the accounts are collected. On the contrary, in
accordance with the common practice prevailing in this country, it may borrow on the receivables by the issue of its onename paper, and in so doing reimburse itself for the money
locked up in its sales to customers.
By this indirect process, therefore, a business concern can
liquidate its open-book accounts practically at any time during their life, either in the open market or at its bank. And
as hundreds of millions of dollars of one-name paper put out
against receivables are continually held by banks, it is perfectly evident that the country's commercial business is far
from being limited by the volume of capital directly invested
in it.
Yours very truly,
THOS. YORK.
1 University Place, New York.
JOHN E. GARDIN ON THE OUTLOOK.
"The Birth of a New Era" formed the topic of an address
delivered by John E. Gardin, Vice-President of the National
City Bank of New York, before the Essex County Bankers'
Association in Newark on Thursday last. We take from his
remarks the concluding portion,dealing with the outlook and
future of the United States:
Matters are rather obscure as far as the outlook is concerned, and no one
can foretell what the future has in store for us. The vast destruction of
wealth in European countries will cause difficulties that will seem insur_
mountable when the world is again at peace. Up to the present time, by
prominent authorities it is estimated that the destruction in Europe caused
by the war amounts to over $46,000,000,000—an amount of money that it,
absolutely inconceivable. This will all have to be replaced in one way or
another, but it will be generations before the equilibrium has been reestablished.
The money of the future will be credit money, inasmuch as there is not
sufficient gold in existence to be used as a circulating medium.
I am afraid that we in America are living in a fool's paradise. The war,
undoubtedly, sooner or later will find its aftermath in this country; in what
way is problematical, and it therefore behooves us not to be over confident
as to the ultimate benefits of the advantageous position which we are now
holding. It stands to reason that such a wanton destruction of wealth
will have its effect even in the remotest corners of the earth. The international exchange market has been disorganized to such an extent that the
usual ebb and flow of gold in settlement of international balances has of
necessity been suspended, and the result is that practically all foreign
currencies are on a depreciated currency basis ranging from 1M to 20%.
However, this is a matter that need not concern us immediately.
All goods that we sell are sold naturally in our currency, and the depreciation of the currency of the purchaser naturally falls upon the consumer
in the latter's country; but it is never an agreeable situation to know that
when a debt is owing, one can only receive the debtor's certificate of indebtedness therefor, and not his money, and how we are going to overcome this
difficulty time alone can tell.
Up to April 1, since the first of December, the excess of American exports
to European countries has been about $600,000,000; that is, for a space of
four months. At the end of the year in all probability the amount will be
much larger than during this last-named period, and it is safe to assume that
the balance of trade in our favor will be approximately $1,500,000,000;
that is, Europe will owe us that much money without being able to remit
us in gold. Of course, if the war should cease before the end of the year,
there will be an exchange of commodities, and lot us hope that this will be
the case. However, the prospect at the present moment is not in that
direction.
Europe holds only $3,600,000,000 in gold against an issue of bank notes
amounting to $7,500,000,000, and from this it can be readily seen that
none of the yellow metal can be used conveniently for the liquidation of a
foreign debt. If they would only send our securities over to us, that would
be to a certain extent a good thing, but this is not to be expected. The
American security in the shape of bonds and stocks is a good investment
and the application of something similar to Gresham's law will apply to
this case as well as it does to monetary systems.
The poorer European securities will drive the American security into
hiding and the latter will be retained by capitalists as long as possible.
Naturally,after the war is over an attempt will be made to rehabilitate
the seriously disturbed conditions of industrial affairs in Europe,and the
world will be flooded with the products of European countries produced at
much less cost than formerly, inasmuch as there is no doubt that, owing to
the fact that the consumptive powers of Europe as well as the rest of the
world will be reduced fully 40 or 50%, wages will fall, and wo will thus be
placed in serious competition not alone in the world's markets but in our
own, and it is here where caution should be the order of the day.
1469
THE FINANCIAL AND ECONOMIC CONDITION OF
ITALY.
The following translation of an article appearing in the
"Nieuwe Rotterdamsche Courant" of April 10, dealing with
the economic condition of Italy, has been prepared for us by
R. Diamant of A. B. Leach & Co. Mr. Diamant has added
here and there to the information given, his remarks appearing in parentheses.
Italy, no doubt, is among the countries wnich the war has brought into
an awkward position. Germany and France are alternately her suitors.
By treaty, the Italian Government is allied with Germany and Austria,
notwithstanding that a large part of its population is filled with hatred
against the latter. Several difficulties stare the Italian Government continually in the face. but it adapts itself accordingly. It looks on, but does
not touch the cards. Surely, this attitude requires a good deal of selfrestraint, and it remains a question whether this self-possession can be maintained until the very end. if a less conservative administration were in
power, the role of onlooker, now played by Italy, would have been given up
long ago. The Italian Government's position, however, seems rather determined, which is due, no doubt, in large extent, to the disillusions resulting from the campaign in Lybia. The human lives and the billions which
were then sacrificed were not sowed in a very fertile soil. True, new territory was conquered, but no new money was brought into the Treasury,
and that, in last instance, is, of course, one of the main causes of a war,
.
especially of such a pure war of conquest as the one in Tripoli.
Italian finances are still experiencing the after-pains of this adventure.
As said, a lesson was taught and it was therefore plain from the very beginning of the present conflict that Italy would not throw itself a second
time into adventures of this kind without seriously considering the consequences. It cannot be denied that, looking at the matter superficially,
at least, the balances of the Government's household are of sufficient size
to create a good impression. Before the war in Africa, they usually exceeded $12,000,000 per annum. In 1906,they were as high as $20,400,000,
and in 1912-13, $22,200,000. However, the fact should not be lost sight
of that the lion's part of these balances, big or small, is destined to make
good the Tripoli losses, so that they are more apparent than real. This explains why, notwithstanding these favorable fiscal results, the financial
requirements of the Italian Government become increasingly more pressing.
Budget expectations are not being realized. For the year 1913-14 a
balance of$7,000,000,after setting aside $7,200,000 for Lybia, was expected.
In reality, the balance was only $3,800,000. No certain prediction can
be made about the future, as the working out of the many problems with
which the country is beset is very closely dependent upon the political developments which, after all, may involve Italy in this world-war. One
thing, however, can be stated without fear of contradiction, namely, that
Italy, no less than otner neutral countries, has suffered from this crisis and
was compelled to take measures no less forceful than those taken by other
States which were actively engaged in the conflict now raging.
A general moratorium was declared, not only for the business world,
but also for deposit and savings bank moneys. (The deposits of the banks
of issue, hereunder referred to, were not liable to this moratorium.) Trade
in general is passing through a crisis. The currency has been very seriously
depreciated. Foreign exchange quotations are partly above parity and
a gold premium of about 10% is quoted. (The average rate of exchange
during the first quarter of 1915 is reported as follows:
Paris.
London. New York.
Berlin.
Vienna.
January
103.91
26.21
5.38
117.26
92.12
February
106.75
26.89
5.58
117.96
91.51
March
109.56
27.83
5.79
118.83
88.60
The above table, when viewed in connection with the customary gold
parities, not only testifies to the absolute dislocation of the exchanges, but
also to the fact that, while Italy loses on its direct exchange transactions
with Paris, London and New York, the German and Austrian exchanges
are in its favor. As the country's international trade with France, Great
Britain and the United States is very large, the present unfavorable position of the exchanges on these countries cannot surprise us. especially if it
is taken into consideration that even in normal times Italy is compelled to
export more gold than it receives in order to cover the continuous adverse
balance of its trade account. In this respect, the following table of the
country's foreign trade in recent calendar years is interesting:
Imports.
• Exports.
Import Balance.
$577,400,000
1914
$443,600,000
$133,800,000
727,600,000
1913
500,800,000
226,800,000
720,800,000
479,200,000
1912
241,600.000
677,800,000
440,800,000
1911
237,000,000
649,200,000
416,000,000
1910
223,200,000
622,400000
373,400,000
1909
249,000,000
582,600,000
345,800,000
1908
236,800,000
576,200,000
399,800,000
1907
196,400,000
(The foreign exchange situation has been aggravated by the falling off of
the remittances by Italians residing in foreign countries to the mother
country and by a marked decrease in tourist travel. During the first two
months of the current year imports show an increase of $28,680,000 as compared with the corresponding period a year ago, while the exports increased
by only $2,300,000, making the import balance $36,280,000, as against
$8,520,000 in 1914.)
At the outbreak of the war the Italian State Treasury already was in a
difficult position, as up to that time a floating debt of about $200,000,000
had accumulated. More than once the consolidation of this large floating
debt into a long-term bond issue was advocated, but the Government did
not listen to these propositions. It was pointed out at this Juncture that
the Italian State Bank possessed a large stock of gold. In 1912. this stock
amounted to about $240,000,000. In addition, it was expected that the
Government life insurance monopoly, recently voted into existence, would
contribute large profits. The Government, therefore, did not change its
policy of providing for its financial needs through the issuance of Treasury
bills, as an outcome of whicn these issues succeeded one another at a rapid
pace and in ever continuing larger amounts. In February 1912 $10,000,000
of such issues were brought out, and in April of the same year $40,000,000.
The total amount of such issues at that time outstanding had increased from
$16,000,000, as it was before the war, to $47,200,000. A few weeks later
an issue of 4% 5-year Treasury bonds, amounting to $50,000,000, was announced. In January 1913 a group of banks under the leadership of the
Banca d'Italla took up a fresh issue of Treasury bonds, aggregating $20,000,000. Since that time the Italian Government has been covering its
financial requirements continuously through the placing of Treasury bonds
in smaller or larger amounts,so that in less than one year the Government's
floating debt increased by not less than $200,000,000. It is quite certain
that this increase in the floating debt of the country can‘be accounted for
by the aftermath of the Tripolis war. In September 1912 the credits allowed by Parliament for this war with Turkey aggregated $80,600,000.
In 1914, an additional $6,000,000 was added, and it would seem that this
will not be the end. Tripolis proves to be an actual drag, devouring mil-
1470
lions of lire, and, at least for the present, not offering any outlook of compensation. In February 1914 it was officially stated that the occupation of
Lybia had cost the Italian Government already $230,000,000, and that the
expenses were increasing at the rate of $15,000,000 annually.
WhenAtherefore, the European war broke out and Italy's finances were
again put to a severe strain, it was plain that a further increase of shortterm Government debt was undesirable. If our information is correct,
the amount of Treasury bills issued since the beginning of the war nevertheless foots up to the large total of $140,000,000. In order to consolidate at
least a part of this debt,there was issued in the latter part of December 1914,
with the aid of a powerful banking syndicate, a 4M % loan of $200,000,000.
The issue price of this loan was 97. It is stated that immediately upon the
opening of the subscription books, the larger part of this issue was taken by
the public.
The Italian Government, like so many other European governments,
was aided in the financing of-Its needs by the banks of circulation. The
measures taken can be better understood when a short outline is given of
the general condition before the crisis broke out. Two kinds of paper
money existed in Italy, Government and bank circulation. The Government had issued $105,000,000 in fiduciary paper, which,in November 1912,
was partly covered by $45,000,000 in gold. In connection, however, with
the expenditures at the time, for the LLiblan campaign, the Government
secured authorization from Parliament for the withdrawal of $25,000,000
from this stock of gold, so that this circulation at the present time is covered by only $20,000.000 in gold. In addition to this Government circulation, bank notes are issued by three banks, the Banca d'Italia, the Banca
di Napoli, the Banca di Sicilia. The limit of such issue for the first institution was $132,000,000, for the second $40,000,000 and for the third $9,600,000. Up to the total amount of this maximum, bank notes will have
to be covered by a metallic reserve to the extent of at least 40% of the
amount of notes in circulation. As such metal, the gold and silver coin of
the Latin Union is being considered, and also, within certain limitations,
the credits in foreign countries,foreign exchange and foreign Treasury bills,
payable in gold or in coin of the Latin Union. Under the regulations in
force before the outbreak of the war, any circulation outstanding in excess
of the above prescribed amounts was to be covered, if possible, by gold entirely, but if this was not so, a graduated tax increasing to 7M % was levied.
These three banks of circulation also were under obligation to advance to
the Government at a 1M % interest rate an amount of $31,000,000 upon
Government securities as collateral. Circulation issued against this advance needs a metallic cover of only one-third.
One of the first measures taken during the war consisted in the increase
of the maximum amounts against which circulation could be issued by the
three banks mentioned, provided, however, that a moderate tax, varying
from 1% to 2% should be paid on this increased circulation. This increase
has been continually enlarged, so that at the present time the banks may
issue about twice the maximum amounts of normal circulation granted at
the outbreak of the war. However, an increase of the circulation up to the
new maximum did not take place, for, as we have seen, these banks previously could issue more than the normal circulation, provided, however,
that a tax of not exceeding 73 % was paid on this surplus. By levying a
tax of only 1% to 2% on this surplus circulation, the purpose was to facilitate the requirements on which additional circulation could be taken out.
This was very necessary, as in times of crisis, when the need of circulation
at times is very large, burdensome requirements should be alleviated.
As a second measure, the Treasury (by decree of Aug. 14 1914) obliged
the three banks of circulation to advance to it $16,000,000 in cumncy,for
the purpose of advancing funds to savings banks and loan banks (monti di
pieta, public pawn offices), which in turn were loaning to the public with
Government securities and other securities (such as land mortgage credit
debentures) guaranteed by the Government,as collateral.* The additional
$60,000,000 circulation so created carries the special guaranty of the Government, and is not subject to any taxes nor does it need any metallic cover.
As a third measure, the amount of compulsory advances by the three
banks of circulation to the State Exchequer was doubled (by decree of
Sept. 19 1914), and brought from $30,000,000 to $60,000,000, the banks
at the same time being authorized to issue corresponding quantities of notes
for the purpose of advancing them to the State, these issues to be covered
by a reserve of one-third.
As a fourth measure, the Government was authorized (by decree of
Sept. 22 and Nov. 23 1914, respectively) to have the aforementioned three
banks of issue supply it with $100,000,000 in additional bank notes, of
which $50,000,000 to be used for giving advances to provinces and communties for the execution of public works (in relief to the unemployed), and
$80,000,000 to be placed on deposit with the Deposit & Loan Bank (Cassa
del Depositi e Presiti, a State bank which administers the postal savings
banks and other public credit institutions). The circulation so issued was
to be guaranteed by inscriptions on the ledgers of the national debt, and
this meastire, as well as the other measures taken, really meant the extending of accommodation by the banks of ciruclation to the public with the
guaranty of the Government, and under suspension of reserve and other
requirements hitherto in force.
Lastly, the Italian Government, in September 1914, was authorized to
issue subsidiary paper money of $1 and $2 denomination, aggregating $50,000,000, to be covered by silver. It is stated that no use has as yet been
made of this authorization.
(In connection with the above measures, a writer in the London "Economist," to whom we are indebted for many of our explanatory remarks,
calls attention to the fact that they meant an "authorized increase in the
issue of notes of various denominations of 1,863 million lire for the
banks, plus some 200 millions for the direct State issue." This writer
states further that "the effect has proved less perilous than might have been
anticipated. The State has, indeed, increased the issue of small notes of
five and ten lire from 525 to 700 millions; but the one and two-lire notes
were printed, but not issued, as the panic among small people soon subsided,
and the silver one and two-lire pieces returned to circulation. The banks
contrived to avoid realizing the authorization of the decrees. The total
note issue, 2,199 million lire at June 30 1914, including normal circulation,
covered by 40% reserve and the additional circulation covered in full by
gold, had by Dec. 31 1914 risen only to 2,936 million lire—i. e., an increase
of but 737 million lire, well below the authorized 1,863 millions. The prudence with which the directors of our three banks ofissue availed themselves
of the authorization to print new notes is highly creditable. The increase
of 737 million lire in the note issue was, in substance, made wholly for the
purpose of making advances to the State Exchequer.")
It is reported that a number of banks still own large amounts of the Government loan, and have not been successful in their efforts to place the unsold balance with the public. These efforts have been obstructing by a sagging of the quotations of Government securities. This situation is the more
unwelcome as a number of banks are not in altogether too liquid a condition.
All these, and other circumstances, will no doubt made the Italian Government hesitate to actively participate in the world-war.
(*By decree of Nov.23,it was ordered that of these $60,000,000,$10,000,000 were to be advanced to railway builders.)
[VOL. no.
THE CHRONICLE
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
As much interest attaches to the condition of the Canadian
banks, we have prepared the following, which compares the
leading items under the last two monthly statements with
the return for June 30 1914.
Gold and subsidiary coin—
In Canada
Elsewhere
ASSETS.
Mar.31 1915. Feb. 27 1915. June 30 1914.
$
39,747,860
39,379,493
28,948,841
25,923,411
26,745,533
17,160,111
Total
Dominion notes
Deposit with Minister of Finance for security of note
circulation
Deposit in central gold reserves
Due from banks
Loans and discounts
Bonds, securities, &c
Call and short loans in CanadaCall and short loans elsewhere
than in Canada
Other assets
Total
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time depos ts
Due to banks
Bills payable
Other liabilities
65,671,271
137,413,021
66,125,026
138,727,871
46,108,952
92,114,482
6,739,411
5,550,000
108,568,709
866,097,493
114,332,018
68,245,261
6,734,982
5,250,000
98,046,456
871,728,892
110,999,382
67,591,769
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
101,938,685
71,167,527
89,890,982
69,956,553
137,120,167
71,209,738
1,545,723,396 1,525,051,913 1,575,307,413
LIABILITIES.
$
$
$
188,866,666 188,866,666 192,866,666
114,422,366 114,422,066 115,434,666
113,978,472 113,976,736 114,811,775
113,227,654 113,227,654 113,368,898
96,666,544
38,086,117
437,252,284
676,875,790
32,383,054
8,565,559
11,034,212
97,789,392
36,734,856
423,507,213
671,088,613
30,959,496
9,172,718
11,827,080
99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20,096,365
12,656,085
Total, not including capital
1,300,863,560 1,281,079,368 1,330,488,683
or•reserve fund
Note.—Owing to the omission of the cents, in the official reports, the
exactly
agree with the totals given.
not
do
footings in the above
LARGE INCREASE IN BRITISH COLUMBIA WHEAT
ACREAGE—INCREASE IN LUMBER ORDERS.
That a large increase in wheat and oats acreage by farmers
in British Columbia is taking place as a result of the wide
publicity campaign conducted by the Dominion- Department of Agriculture, assisted by the similar departments of
the various provinces, we learn from the British Columbia
"Financial Times." On this subject and the improved
situation in the lumber industry in the Province the paper
in question says:
The plans of the agricultural districts throughout the Dominion call for
a very large increase in acreage of wheat and oats particularly, but since
no official report has been issued it is impossible to say what that increase
will be. Plowing is now general, and conditions of the land) and weather
will have a material bearing on the ultimate acreage. Some estimates
coming through from agricultural points estimate the increase as high as
50%. It would, however, be almost physically impossible to have a general
increase of over 30%. while 25% is apt to be nearer the total amount of
increase of acreage in crops.
With a wheat crop reaped last year of less than 150,000,000 bushels,
which under normal conditions would have been nearer 200,000,000 bushels, the increased acreage this year under average conditions should total
250,000,000 bushels, which it is fondly to be hoped will be exceeded. The
influence of this crop with the present prices obtaining, which are expected
to hold until after the next harvest, cannot be adequately described:forfear
of overstating the case.
Its importance as a factor in paying international debts is very largei
not less so is it in clearing up local debts. The proceeds ramify through al
industry and commerce. British Columbia is familiar with the effect of
crops on the lumber industry. The medium crop of 1913 and the crop
failure of 1914 is responsible in large measure for the small demand for
lumber in this Province, which has resulted in the enforced idleness for a
time of 75% of our mills. The logging industry has been similarly affected.
Since plowing started some very respectable orders have been placed
among the lumber mills of the Province, and those orders have continued
and seem likely to grow. They have been taking up stocks on hand, relieving the pressure to sell, and have resulted in a much healthier situation
in the lumber industry. The shingle industry has reasonably maintained
itself throughout the depression in trade due to tho free shingle item on
the United States customs list.
Much has been said and written about the deep-sea lumber trade and
the lumber industry, and the Government are putting forth very strong
efforts to capture and recapture its share of this trade. The war will certainly develop a demand for lumber for purposes of reconstruction, and the
share that British Columbia should receive is considerable. The trade at
present is held up by the high-charter market, but the first relaxation in
freight charters will have an important effect on the deep-sea lumber trade.
The efforts of the Government to extend this trade cannot be expected to
materialize in orders immediately. What the future has in store, however,
will have a large bearing in the activity of the lumber industry.
THE NEW RATE OF TAXATION FOR SECURED DEBTS
IN NEW YORK STATE.
In our "State and City Department" we have referred on
several occasions to the changes proposed at the recent session of the Legislature in the law passed in 1911 extending
to bonds and other forms of obligations the right of paying
a:registry or recording tax of one-half of 1% and in return
MAY 11915.]
THE CHRONICLE
getting exemption from the ordinary annual tax on personal
property. It was planned by the 1915 Legislature to secure
a larger revenue from this class of taxation by levying an
annual as well as a registration tax upon secured debts, and
preliminary to the introduction of legislation along these
lines a bill was passed suspending the operations of the old
law until May 1 1915, this suspension being intended obviously to prevent the registration of secured debts in large
amounts in anticipation of legislation increasing the tax.
The plan to levy an annual tax on secured debts was embodied in two measures before the Legislature. What was
known as the "Talmage Bill" provided for an annual tax
of two mills on secured debts and shares in corporations
outside New York State. Another measure, the "Mills
Bill," provided an annual tax on secured debts,but not shares.
Both measures were more fully described tin our issues of
April 10 and April 17, pages 1278 and 1372. Hearings on
these measures disclosed considerable opposition and they
.were finally abandoned. The next step was the introduction of a bill, also by Senator Mills,increasing the registration
fee from one-half to 'three-quarters of 1% and limiting
the period of exemption to five years. Secured debts on
which the tax has heretofore been paid will continue to
be exempted as at present. The definition of secured
debts is extended so as to include such proportion of a
bond, &c., secured by mortgage or deed of trust recorded
in the State of New York,and covering also property outside
the State, as the value of the property outside the State
bears to the value of the entire mortgaged property. The
bill referred to was passed by both houses shortly before
adjournment and sent to the Governor, who granted a
hearing on the measure for Friday (yesterday) at 11:30 a. m.
Immediately after the hearing it was signed by the Governor.
The bill is regarded as a temporary one and will be superseded, it is expected, by a general and possibly better considered secured debt law next year. In abandoning the plan
to pass an annual secured debt tax at this session, the
Legislative leaders heeded the plea of the opposition that the
subject required more study and consideration. Accordingly, a resolution was adopted providing for a legislative inquiry into the taxing system with a view of recommending
to the next session of the Legislature a taxation plan which
would provide for the growing requirements of the State.
In printing the new Act in full below, we have italicized the
parts added to the old law, while those which have been
eliminated are placed in black-faced brackets.
TO AMEND THE TAX LAW IN RELATION TO TAXATION ON
SECURED DEBTS.
The People of the State of New York, represented in Senate and Assembly.
do enact as follows:
Section 1. Section three hundred and thirty of Chapter sixty-two of the
laws of nineteen hundred and nine. entitled "An Act in relation to taxation,
constituting Chapter Sixty of the Consolidated Laws," as added by Chapter
eight hundred and two of the Laws of nineteen hundred and eleven,is hereby
amended to read as follows:
Sec. 330. Definitions. The words "secured debts," as used in this
Article, shall include:
(1) Any bond. note or debtsecured by mortgage of realproperty situated
wholly without [recorded in any State or county other thah Now York and
not recorded in] the State of New York;
(2) Such proportion of a bond, note or debt, including a bond, note or
printed obligation forming part of a series of similar bonds, notes or obligations,
secured by mortgage or deed of trust recorded in the State of New York of property or properties situated partly within and partly without the State of New
York as the value of that part of the mortgaged property or properties situated
without the State of New York shall bear to the value of the entire mortgaged
property or properties.
E(2)3 (3). any and all bonds,notes or written or printed obligations,
forming part of a series of similar bonds, notes or obligations, the payment
of which is secured by a mortgage or deed of trust of real or personal property, or both, which mortgage or deed of trust is recorded in some place
outside of the State of New York and not recorded in the State of New York;
[(3)] (4). any and all bonds, notes or written or printed obligations,
forming part of a series of similar bonds, notes or obligations, which are secured by the deposit of any valuable securities, as collateral security for
the payment of such bonds, notes or obligations, under a deed of trust or
collateral agreement held by a trustee;
E(4)3 (5). any bonds, debentures or notes,forming part of a series of
similar bonds, debentures or notes, which by their tarsus are not payable
within one year from their date of issue [and which are not issued for an
amount exceeding one thousand dollars for each such bonds, debenture of
note] and the payment of which is not secured by the deposit or pledgeof
any collateral security. The term "secured debts" as used in this article
shall not include securities held as collateral to secure the payment of bonds
taxable under this Article or under Article Eleven of this chapter.
Section 2. Section three hundred and thirty-one of such Chapter, as
added by Chapter eight hundred and two of the laws of nineteen hundred
and eleven and amended by Chapter one hundred and sixty-nine of the
laws of nineteen hundred and fifteen, is hereby amended to read as follows:
Sec. 331. Payment of tax on secured debt. After the first day of May,
nineteen hundred and fifteen, and before the first day of November, nineteen
hundred and fifteen, any person may take or send to the office of the Comptroller of this State any secured debt or a description of the same, and may
pay to the State a tax of [one-half] three-quarters of one per centtun on
the face value thereof, under such regulations as the Comptroller may prescribe, and the Comptroller shall thereupon make an indorsement upon said
secured debt or shall give a receipt for the tax thereon, describing said se-
1471
cured debt and certifying that the same is exempt from:taxation as provided
in this section, which indorsement or receipt shall be duly signed and dated
as of the date of the payment of such tax by the Comptroller or his duly authorized representative. The Comptroller shall keep a record of such indorsements and receipts with a description of such secured debt, together
with the name and address of the person presenting the same and the date
of registration. All secured debts so indorsed or described in such receipt
shall thereafter be exempt from all taxation in the State or any of the municipalities or local divisions of the State except as provided in Sections
Twenty-four, One Hundred and Eighty-seven, One Hundred and Eightyeight, One Hundred and Eighty-nine of this chapter, and in Articles Ten
and Twelve of this chapter, for the period of five years from the payment of
such tax.
Sec. 3. Article Fifteen of such Chapter, as added by Chapter eight
hundred and two of the laws of nineteen hundred and eleven, is hereby
amended by adding thereto two new sections, to be Sections three hundred
and thirty-eight and three hundred and thirty-nine, to read, respectively.
as follows:
338. Exemption where tax has been paid on secured debts before May first,
nineteen hundred and fifteen. If a tax shall have been paid upon a secured debt
pursuant to Article Fifteen of the Taw Law prior to May first, nineteen hundred and fifteen, such secured debt shall be exempt from taxation hereunder
and from all taxation in the State or any of the municipalities or local divisions
of the State, except as provided in Sections twenty-four, one hundred and eightyseven, one hundred and eighty-eight, one hundred and eighty-nine of this
Chapter, and in Articles ten and twelve of this Chapter.
339. Apportionment of value of secured debt secured by mortgage of property
situated partly within and partly without the State. If a bond, note or debt be
secured by mortgage or deed of trust recorded in the State of New York of property
or properties, situated partly within and partly without the State of New York,
and a proportion of such bond, note or debt constitutes a secured debt as provided by Section three hundred and thirty, the holder of such secured debt may
apply to the StatejTax Commission for a determination of the proportion of such
bond, note oridebt which is taxable as a secured debt under this Article, and the
State Tax Commission shall, as soon as practicable thereafter, furnish to such
applicant a determination upon which the tax imposed by this Article on such
secured debt shall be based, which determination shall be in the manner provided for in Section two hundred and sixty of this Chapter, made in respect
of the apportionment of the value of such mortgaged property in connection
with the recording within the State of New York of the mortgage or other indenture by which such secured debt may be secured.
Sec. 4. This Act shall take effect immediately.
ESTIMATED INCOME TAX RETURN.
According to reports from the Treasury Department on
April 26, the complete preliminary estimates from all the
internal revenue districts indicate that the yield from the
individual and corporation income tax will not only reach
the original estimates of 0,000,000, but will probably
exceed that sum. The estimate figures the amount to be
collected at 0,035,000. It is stated that estimates of
reffirns from corporations do not indicate so much income
from this source as was looked for, but the loss has been
more than offset on the individual side. It is understood
that the year will show more individual taxables than last
year, when about 357,000 persons paid. Secretary McAdoo
and Commissioner of Internal Revenue Osborn have made it
clear that they propose this year to pursue all persons suspected of tax dodging. The Treasury's total disbursements
for the fiscal year to date in excess of receipts for the same
period passed the $100,000,000 mark on April 26. The net
balance in the Treasury, however, is about $23,000,000.
The $80,000,000 now confidently looked for from the income
tax will become due at the end of June.
MYRON T. HERRICK OPPOSES STATE AID TO
FARMERS.
Myron T. Herrick, former Ambassador to France, was a
speaker at the opening session of the Southern Commercial
Congress at Muskogee, Okla., on April 25. Senator Duncan
U. Fletcher of Florida, as head of the organization, presided
at the meeting. Mr. Herrick, in discussing rural credits
and the question of State aid to farmers, voiced his opposition to the Hollis-Bulkley bill and the McCumber amendment, which, though they failed of passage in Congress,
contained provisions for State aid which were bound to come
up again. Mr. Herrick said:
"State aid, in ordinary times, is a great wrong and means simply the
bestowal of a benefit on one person at the expense of the public. The
farmers are not chronic borrowers. The majority have no need of special
favors; and when they realize that they must pay by increased taxes their
share of the cost and any loss, they will oppose such class legislation.
"I believe that American farmers could obtain results from co-operation
surpassing those in all other countries, if proper laws were enacted and
correct principles followed. Their self-sufficiency and absence of community life, cited as argument against its success, are the very reasons
why co-operative organizations should be introduced. Although America
has no rural villages as in Europe, the automobile of the farmer here
eliminates the questions of distance and of sparseness of population. As
soon as farmers were organized in local groups for banking and business
the headquarters would become the social centre of the locality exactly in
the German way.
"Before the farmers can do anything in co-operation worthy of its name
they must first of all rid their minds of the false notion that it is intended
mainly for the affairs of little people or persons in distress. The rural cooperative banks should not remain as isolated and detached associations for
Investing savings in loans in a neighborhood. They should be formed
with a view of serving as basic units of great systems and be authorized
by law to carry on banking operations of all kind,subject to wise regulations
and restrictions."
1472
THE CHRONICLE
UNEMPLOYMENT IN NEW YORK CITY.
The Bureau of Labor Statistics of the United States
Department of Labor has just published a' report on unemployment in New York City. The report is based on information obtained from a census of 104 city blocks, located
in various sections of the city, carefully selected, it is stated,
with the purpose of including a representative number of
families of the various nationalities and all classes of industrial workers, combined with a census of all families in 3,703
individual tenement houses and residences, covering a still
wider range of distribution. The figures obtained have
been used as a basis for estimating the number unemployed
in the city.
The enumeration was made in the first half of February
1915, and therefore shows conditions of unemployment at
that time: Information was obtained-from 54,849 families
having a total membership of 229,428 persons, of which
number 95,443 were wage earners. Of these families, 11,723
had one or more wage earners out of work, showing an aggregate of 15,417 persons, or 16.2% of all wage earners in these
families without employment of any kind. The total number of wage earners in New York City in 1915, estimated on
the basis adopted by the Bureau of the Census, is approximately 2,455,000. The percentage of unemployment found
among the members of 54,849 families visited (16.2) applied
to this number shows that the total number of unemployed
in Greater New York was about 398,000.
These figures, it is pointed out, do not fully measure the
amount of unemployment, for only those persons who had
no employment whatever, regular or irregular, full-time or
part-time, at the time of the agent's visit were recorded as
unemployed. To find the full extent of unemployment it
is necessary to secure information also in regard to the large
amount of part-time or irregular employment existing in
practically every industry. On account of the difficulty
of securing definite information in regard to irregular or
part-time workers, all such were included in the number
employed. The above estimate of 398,000 unemployed,
therefore, does not include any of the irregular or part-time
workers.
A tabulation of the unemployed by periods of unemployment shows that 11.1% of all unemployed persons had been
out of work over 180 days; 26.4% over 120 days; 39.3% over
90 days; 55.8% over 60 days; 76.4% over 30 days; 88.4%
over 13 days, and 92.8% were.out of work at least one week.
The occupations or trades having the largest number of persons unemployed out of the total of 15,417 were: Common
laborers,2,440;building trades,2,045;and the clothing trades,
1,781. The fact is noted, however, that the figures were
secured at a season of the year when work in the building
trades and in the clothing trades isInormally slack and that
the number out of work reported for these trades was affected to a large extent by the slack season.
In the report is embodied the results of two investigations
made by organizations in New York City, the Mayor's
Committee on Unemployment and the Metropolitan Life
Insurance Co. The investigation by the Mayor's Committee
on Unemployment was conducted by sending out letters of
inquiry to a large number of employers of labor in New York
City to ascertain the difference between the number employed
in the week ending Dec. 19 1914 and the number employed
in the corresponding week in 1913. Responses were received
from 602 establishments in all lines of trade and industry,
employing during the week ending Dec. 19 1914 a total of
250,723 persons. Comparing the figures obtained for the
two years, the committee reported that the increase in the
number unemployed, based on the decrease of employment,
was about 8% of the total number of workers employed in
December 1913. And it was estimated that about 200,000
more persons were unemployed in New York in December
1914 than in December 1913.
At about the same time the Metropolitan Life Insurance
Co. of New York made an investigation as to unemployment
by a canvass of the families of policy-holders of the company.
Agents of the company were supplied with blank forms
preparedlforithe purpose and secured information as to unemployment from 155,960 families holding policies in the company, and found that 45,421 persons, or 18% of all wageearners inSthose:families, were out of employment. This percentage of unemployment applied to the estimated total
number of wage-earners in 1915 gives a total of 442,000 unemployed. The greater number of unemployed reported
here is accounted for largely by the fact that this survey was
[vol.. no.
made nearly a month earlier in the season than the investigation made by the Federal Bureau, and at a time when the
extent of unemployment was probably somewhat greater.
The results of the Metropolitan Company's study are, therefore, substantially in agreement with the results of the investigation made by the Bureau of Labor Statistics.
W.C.REDFIELD ON AMERICA'SINTERNATIONAL
TRADE.
"America's International Trade as Affected by the European War," was discussed in an address delivered yesterday
in Philadelphia by William C. Redfield, Secretary of Commerce, before the American Academy of Political and Social
Science. While not ignoring the fact that other nations hold
an important place,Mr. Redfield classed Great Britain, Germany and the United States as the three great competitorsfor
the international trade of the world, measured by the respective shares of business done, prior to the outbreak of the
European war. The others, which he admitted all had their
share, were France, Belgium, Holland, Italy and the Scandinavian countries. "It would almost seem, upon the surface of things," said Mr.-Redfield,"as if,lacking the scientific
application, lacking the organization and the men prepared
by training for the work, wanting the investments abroad
and the financial institutions in the foreign field which have
been the strength of English commerce, trained in large part
to believe among ourselves that we could not compete in
the foreign markets for various domestic reasons, it would, I
say, seem almost impossible for us to enter the market of
open competition with the giants of commerce and win for
ourselves a place therein." Continuing on the subject, he
said:
The American mind is singularly quick and alert. If we lack a highly
organized commerce, we in a measure replace it with a highly individualized
commerce. We are not bound by precedent or by tradition. For the
way things have been done in the past we have as little respect as we have
patience for the slow-plodding research into final causes. We have a
singular mechanical aptitude, with great inventive capacity. To see a
thing done awakens the desire in us to do it better. This inventive skill and
mental alertness, combined with high individual initiative has carried
us far. If to them we shall ever add the scientific outlook and the financial
power which our two great competitors have had, we shall go far, indeed.
It is because in both these respects we seem to be advancing that I feel more
hopeful than ever for the building of a great structure of American commerce abroad on a substantial and permanent foundation.
There are many men who think, or of whom it would perhaps be just to
say that they talk as if they thought, that competition is solely a matter
of price. The cheapest goods, say they, get the market. Unless, as they
believe, one can sell as cheaply as, or more cheaply than,others,one cannot
compete with them. When one hears this view, which appears in many
forms in press and in talk, one is reminded of the proverb: "All generalizations are false; including this one."
There is so much of truth in the suggestion that price is the essence of
competition, so much of current custom in it, so much of trade actually
centres around it, that it is easy to overlook the grave errors which so
sweeping a generalization involves.
There are industries in America which do a good foreign business, chiefly
on the basis of other elements in competition than the price at which the
goods are sold. I have always thought it to be a weakness of the protection theory that it necessarily ran on the line of price and could not profess
or attempt to be protective of competition as regards quality, design and
many other similar elements which enter constantly and at times controllingly into the processes of trade. One need not be hopeless, therefore, about
a future for American international trade, even if it were true, which it is
not, that American cost of production per unit was equal to or greater than
that of every country to which we desire to sell.
It forms no part of my theme to-day to discuss the broad subject of the
relative cost of production in this country and in others. Let us be content
with pointing out that nobody ventures to deny that in many lines of activity we produce the desired result at a lower cost than elsewhere in the
world. A striking example is the railway. It will not be denied that railroad wages in America are higher than those in any of the great industrial
countries of Europe with which we compete, and that in some respects our
equipment is more costly. Neither will any one deny that American railway
freight rates are lower than in any of those countries. There is much loose
talk about the cost of operating vessels, but I believe it is correct to say
that in three important spheres American vessels are now operating at
the lowest cost per ton of freight carried that is known. I think there is
no such low cost of carrying bulk freight for similar distances by water,by
steam, as that upon the Great Lakes in the specialized steamers, with the
specialized loading and unloading apparatus provided for them, by which
our ore and coal and grain on the Great Lakes are now carried. A possible
exception to this may be the second instance, also an American one, namely
the carrying of coal on our Southern rivers and Gulf from Alabama to New
Orleans in specialized power barges. A third instance is the large coasting
schooner of the Atlantic, which for distances of 250 miles or over is probably
the cheapest known form of transportation of large quantities of merchandise. I have often thought'that a fleet of steel schooners with auxiliary
power constructed for transatlantic voyages would permit of our competing
on equal terms as regards cost of transportation with any one for the class
of freight to which such vessels would be suited.
The various factors described have so operated that both (Germany and
the United States in the last few decades entered largely into the foreign
field and challenged the supremacy of Great Britain therein. It remains
to be said that in our own case the change in character as well as in volume
of our international trade was striking. We long ago ceased to be chiefly
exporters of food and became exporters of manufactures. The group
of manufactures in our foreign trade before the war broke out was the
largest of all, and in this group the item of fully finished manufactures was
the largest and the growing factor. We were, as a matter of fact, in many
lands the world over competing successfully with Germany and Great
Britain in the very field in which they were thought pre-eminent, namely
the field of manufactures.
MAY 11915.]
THE CHRONICLE
Thus stood conditions when the war broke out. It came upon us with
a shock and it wrought upon us revolution. The shock was long ago absorbed. The revolution is still going on, bearing us with it.
Whatever the details, one fact remains clear. We are lending the world
money and we are selling the world goods, and both to such an extent that
our foreign financial outlook and the condition of our export trade have
taken on within ten months an entirely new significance. That which was
strange is becoming familiar. Peoples whom we did not intimately know
aro borrowing large sums from us and tendering us large orders. A new
spirit has come into our commercial life; a new sense of relationship to
others and of our power to help them and of our ability to supply them.
The change which has come over our commercial life is not unlike that
which took place when, with the close of the Spanish war, we realized that
a new vision of our own place in the world had come to us.
It is, perhaps—nay, it is doubtless—risky to foretell what the ultimate
effects of the current war shall be upon our commerce. We know where
we were before the war began—a groat and growing competitor of others
who had many advantages over us. We know where we are now while
the war goes on—the one great industrial and commercial country which is
at peace and certain to remain so. We know that there is no other land in
which a foreign buyer can place an order requiring months for its execution
with the reasonable certainty that the alarms of war will not delay it. We
know that we are passing over from the debtor to the creditor stage; that
our floating debt is paid and much of our funded debt as well, and that
we are paying more interest to ourselves and less to others. These things
we know and are glad that they are so. No one with vision to see but sees
that the United States holds a unique position and one of great dignity in
the World to-day. What shall the future be? This may not be answered
broadly, but certain things we think we see that are suggestive. One of
our great competitors has for eight months been out of the market. No
one has suffered from her competition during that period. Another and
a lesser competitor has also been excluded. A third great competitor has
been so intensely occupied in the struggle as to be unable to sustain at
highest pitch in other fields the commercial enterprises which have made
her groat; and a fourth, having much of her industrial territory occupied
by hostile troops, is in a measure crippled thereby in her foreign trade.
It seems clear to me that if we do our part we shall change our place
among tho great competitors. The world is never the economic gainer in
the last analysis by war. The losses must be absorbed and we must do our
share of absorbing, but in the process of absorption places relative to one
another may be exchanged. No one, I think, would be surprised to find
the United States second in the world's competition, nor, if the war shall
long continue, be astonished to find her first. It depends, of course, not
merely on what is destructively done yonder, but on what is constructively
done hero. If we are willing to lay aside passion and prejudice and partisanship, to look at things with an international instead of a parochial
viewpoint, to realize that effectiveness is patriotism and that inefficiency is
unpatriotic; if we are ready to give up inertia and take a step forward out
of ourselves to the help of others; if we remember that commerce is mutual
exchange to mutual benefit and not a species of industrial war; if we can
learn the lesson that the well-paid workman is the cheapest producer and
that science must be applied to industry if we are to win; if those things
can be done I see no reason why, with our resources and intelligence and
organization, we may not become the first among the world's great trading
nations. We shall have to give up a good deal if we are to reach that
goal. We must abandon mutual distrust and pull together. We must not
think that gain made in any way that greed may dictate is a thing that the
conscience and spirit of America will permit.
PAN-AMERICAN CONFERENCE AND ENTERTAINMENT OF DELEGATES IN NEW YORK.
Plans are being perfected for the entertainment in New
York of the delegates from South America to the PanAmerican Financial Conference to be held in Washington on
May 24. The movement to have New York extend greetings
to the visitors, who will pass through here on their way to
the capital, was begun at the instance of John Barrett,
Director of the Pan-American Union. In furtherance
of the movement, a meeting of representatives of the Stock
Exchange, the Clearing-House Association, the Chamber of
Commerce, the Federal Reserve Bank and the Merchants'
Association of New York was held at the Sub-Treasury on
April 20 to consider steps for the reception of the delegates.
Henry P. Fletcher, United States Ambassador to Chili, was
present at the meeting at the instance of President Wilson
and Secretary of the Treasury McAdoo. On April 23
Secretary of the Treasury McAdoo announced the appointment of the following committee to receive and welcome the
delegates on behalf of the Treasury Department:
Dudley Field Malone, Collector of the Port of New York, Chairman:
Martin Vogel, Assistant U. S. Treasurer, Vice-Chairman;
Pierre Jay of the New York Federal Reserve Bank;
E. H. Outorbridge, of the Now York Chamber of Commerce;
Cabot Ward,Park Commissioner;
A. H. Wiggin, President of the Chase National Bank;
Wm.A. Marble,President of the Merchants' Association of New York;
Willard D.Straight of J. P. Morgan & Co.;
Frank A. Vanderlip, President of the National City Bank;
James S. Alexander, President of the National Bank of Commerce;
A. Barton Hepburn, Chairman of the Board of the Chase National Bank;
Henry P. Davison of J. P. Morgan & Co.;
William Woodward,President of the Hanover National Bank;
Benjamin Strong Jr., Governor of the New York Federal Reserve Bank:
Sereno S. Pratt of the Chamber of Commerce;
Wm.C. Van Antwerp, Governor of the New York Stock Exchange;
Jacob H. Schiff of Kuhn Loeb & Co.;
Wm.F. Morgan of the Merchants' Association of New York;
Franklin Q Brown of Redmond & Co.;
Dr. H. E. Bard, Secretary of the Pan-American Society;
James A. Farrell, President of the United States Steel Corporation;
S. R.Bertron of Bertron, Griscom & Co.
A meeting of the above-named committee was held at
the Custom House on Tuesday of this week to develop plans
for the reception and entertainment of the delegates. They
will be informally feted upon their arrival here, and after
1473
their return from Washington several formal functions are
planned in their honor. All the countries invited to participate have signified their acceptance of the invitation to join
in the conference. Under orders from the War and Navy
Departments Admiral Usher, Commandant of the Brooklyn
Navy Yard, and General Wood have each detailed a special
Aide to co-operate with the Collector in meeting the delegates as they arrive.
Under date of April 16 Mr. Barrett issued a memorandum indicating the importance of the Washington conference, and the readiness with which the various LatinAmerican governments had responded to the invitation to
participate. Mr. Barrett says:
The Pan-American Financial Conference which has been called by the
Secretary of the Treasury William G. McAdoo, to meet in Washington,
May 24, bids fair to be the most representative gathering of American
financiers which has ever assembled on the Western Hemisphere. In some
respects it has possibilities of being the most important international conference which has met in the United States since the first great International
Conference of American Republics which was held in Washington in the
winter of 1889-1890 and presided over by James G. Blaine, then Secretary
of State.
At this writing (April 15) seventeen of the twenty Latin-American
governments have formally accepted the invitation to participate which
was extended to them by President Wilson through the State Department.
Mexico cannot be expected to be represented under present conditions,
although it has been suggested that some prominent Mexican financiers,
not connected with the revolutionary factions, be invited to participate.
The official call for the Conference is based upon a provision contained in
the Diplomatic and Consular Appropriation Bill passed at the last Congress, as follows:
"The President is hereby' authorized to extend to the governments o
Central and South America an invitation to be represented by their ministers of finance and leading bankers, not exceeding three in number in each
case, to attend a conference with the Secretary of the Treasury in the city
of Washington at such date as shall be determined by the President, with a
view of establishing closer and more satisfactory financial relations between
their countries and the United States of America, and authority is hereby
given to the Secretary of the Treasury to invite, in his discreation, representative bankers of the United States to participate in the said conference,
and for the purpose of meeting such actual and necessary expenses as may
be incidental to the meeting of said conference and for the entertainment
of the conferees the sum of$50.000 is hereby appropriated, out of any money
In the Treasury not otherwise appropriated, to be expended under the
direction of the Secretary of the Treasury."
The delegates from the Southern countries will be guests of the United
States Government from the time of their arrival in this country until the
Conference or the program connected with it is concluded. The sessions
will be fittingly held in the Hall of the Americas of the Pan-American
Union, the official international organization of the American republics
devoted to development of commerce, friendship and peace among them.
It is probable that this inaugural ceremony May 24 will be characterized
with speeches of welcome by President Wilson, Secretary Bryan, Secretary
McAdoo and some of the Latin-American representatives. While the plan
of entertainment has not yet been fully worked out, it is intended to give
a reception on the opening night in the Pan-American Building, which
will allow the delegates to become acquainted with each other and the
representative United States financiers and officers in attendance.
The Conference is tweeted to last through the entire last week of May
and possibly may reach through the first week of June. After its adjournment it is now intended to take the delegates for visits to some of the
principal financial and commercial centres of the United States, and there is
some possibility of their being taken in a special train to California to see
the great expositions.
Following the general plan of organization of such conferences, it is
possible that there will be official delegates appointed by the United States
Government and that their number will be supplemented by representative
bankers, financiers and commercial leaders, whose co-operation and participation will be helpful in making the Conference a practical success.
What will actually be done in this respect will, of course, be determined
by the Secretary of the Treasury.
The principal purpose of the Conference, as already announced by
Secretary McAdoo,is not only to discuss and consider carefully the financial
relations of the United States with the Latin-American republics, but to
devise practical ways and means of permanently improving these relations
along lines which will be for the good of all the countries concerned.
Closely allied to this purpose will be that of reaching conclusions as to
the improvement also of general conditions and facilities of commerce,
trade and transportation. As it is, moreover, a fact recognized by all the
American governments that entirely new conditions of financial and commercial relationship between the United States and the Latin-American
republics have been brought about by the war, it is highly important that
there shall be a new adjustment upon lines which will safeguard all the
countries concerned against the embarrassments and depression which they
have necessarily suffered from the upset of the commercial machinery caused
by the war.
WISCONSIN SUIT TO DETERMINE LEGALITY
OF SHRAPNEL SHIPMENTS.
A complaint under the so-called "discovery" statute of
Wisconsin wasfiled in Milwaukee on April 29 to obtain information to determine whether the Allis Chalmers Mfg. Co.,
Otto H.Falk,its President,and others, have entered into an
alleged conspiracy with the Bethlehem Steel Co. and others,
not yet known,to manufacture and ship shrapnel shells to
European belligerents, contrary to the Wisconsin law.
While Samuel Pearson, a General in the Boer War, appears
as the complainant, the Milwaukee Neutrality League is
reported to be back of the movement. In his complaint
General Pearson says he is a citizen of the United States,
that he has valuable property interests located within the
boundaries of the German Empire, and that he is owner of
securities issued by the German Government. General
Pearson asserts that the defendants, before the war, were engaged in the manufacture of peaceful instruments of industry
and that the manufacture of shrapnel was engaged in only
1474
THE CHRONICLE
'after the war started and is to continue only for the actual
duration of the war. He also asserts it as his belief that the
defendants have entered into an unlawful conspiracy with
the Bethlehem Steel Company and others, and that such a
conspiracy is made a criminal offense under the laws of Wisconsin, the penalties for which are defined in the Wisconsin
statutes. The action calls for the appearance of Mr. Falk
and the other defendants before the Circuit Court Commissioner in Milwaukee on May 5 for action before pleading,
as provided by the "discovery" statute. The examination of
the defendants is for the purpose of ascertaining, among other
things, the name of each person or corporation with whom
the defendants may have contracted for the manufacture of
shrapnel shells or similar munitions, the intent and nature
of such contracts, and the names of any consignees to whom
such munitions may have been shipped.
Upon the information gained in the examination, it is said,
an injunction suit will be based to prevent the dedfendants
from continuing in any such conspiracy as is alleged. The
complaint states that one type of ammunition indispensable
to the belligerents is a projectile known as the shrapnel shell,
designed but for one purpose, the destruction of human life
and property, and that the intent of the war now being
conducted by the Allies against the German Empire is so to
cripple it by the destruction of the lives of its citizens and
of its property, both public and private, as to compel the
submission of Germany to the future disposition of its
national domain or to the surrender of its sovereign life as
the Allies may dispose, if victorious. Mention of President
Wilson's neutrality proclamation is made, and certain
Federal statutes are cited, violations of which, it is contended, constitute breaches of neutrality and submit the
offender to criminal prosecution for "high crimes and misdemeanors." According to the complaint, the duration of
the war would be materially shortened and the operations
resulting in wholesale bloodshed and taking of life and vast
destruction of property would be curtailed if arms and
ammunition were withheld by the United States from either
of the belligerents. Similar complaints, it is stated, will be
filed in Pennsylvania and Illinois.
Following a Cabinet meeting at the White House, yesterday,Attorney-General Gregory stated that the case against
the Allis-Chalmers Co. to obtain information regarding the
shipment of munitions to Canada was brought under a State
law and that the Federal Government had no interest in it.
Officials of the State Department declare that trade in munitions of war with any of the belligerent Powers is not a violation of the neutrality laws, and although several complaints
have been made to the State Department by Count von Bernstorff,
, the German Ambassador,that the Bethlehem Steel Co.
was shipping parts of submarines to Canada, where they are
assembled, inquiry by representatives of the Navy Department have not resulted in the disclosure of any illegal traffic
in munitions.
President Falk of the Allis-Chalmers Co. has announced
that his company's contracts are with a domestic corporation,
and that he is not selling munitions abroad, whatever the
purchasers of his product may be doing.
GEORGE W. PERKINS ON ANTI-TRUST LAWS.
Declaring that the Clayton anti-trust law might better
be called the "Muddle" law, and that the only business it
will facilitate is that of the lawyers, George W. Perkins of
New York this week touched upon the difficulties under
which business operates as a result of the anti-trust laws.
Mr. Perkins' remarks were addressed to the Southern Commercial Congress in session at Muskogee, Okla., on April 29,
his views being presented under the caption "The New
South and the New World," in which he appealed to the
South for co-operation in adjusting the Nation's business
with politics. Asserting that "the tariff and the Sherman
anti-trust law are the greatest asset of our politicians and
the greatest liability of our merchants," Mr. Perkins spoke
In part as follows:
Can we afford to rest our business fabric on the passing fancy, opinion or
political bias of this, that or the other man representing whatever political
party may temporarily be in power?
The laws of our land are such at the moment that no man can find out
what he can legally do in business matters; no lawyer, court or President
can tell him; and while his transactions may clearly be proper, both morally
and financially, the laws are so vague that one Government official can take
one position regarding them and another Government official take exactly
the opposite position; and the courts can do and are doing precisely the same
thing.
I ask you hard-headed business men if such a situation is not unfair, unreasonable and absolutely stupid? liow can our country proceed with
business and prosper while such chaotic conditions exist? How can we
expect to embark on new and large undertakings under such conditions?
[vol.,. 100.
New enterprises, new undertakings that mean so much to any country and
to general business cannot stand and will not be started until this uncertainty is removed. We are told that the Clayton law will facilitate business.
It might better be called the Muddle law, for, in my judgment, the only
business it will facilitate is the business of the lawyers.
The drafters of the Sherman law failed to diagnose the situation correctly. They saw new evils creeping into the business world, and instead
of striking at those evils they tried by man-made laws to wipe out Godgiven economics. The law should have supplemented the common law
so as to make it criminal to issue watered stock or to issue false annual
statements; should have required Federal incorporation with the fullest
publicity and strict Governmental regulation in the case of large interests
and international industrial companies, where ownership is widespread.
Just now we are in the midst of an affair where a sad lack of business
statesmanship is bringing industrial chaos to all sections of our country. I
refer to the new tariff. In place of being made by experts on the subject,
by men capable of framing a tariff law along scientific and reciprocal lines,
it has been made, as all our other tariffs have been made, by politicians
along political lines.
Crowding the tariff hard for first place as a trump card for politicians
has been the hulabaloo kept up all over our land for twenty years over the
Sherman law. What has come of it all? Many political jobs, business
failures, innumerable lost business opportunities. For years business in
this country has been the football of politics and politicians. All of you
are responsible, because you let politics go hang.
EXCESSIVE LAWS HALT BUSINESS.
Asserting that the standards of business were never higher
than they are to-day and the returns never lower, State
Senator Warren G. Harding of Ohio pleaded for a square
deal for business in an address delivered before the Commercial Club of Cincinnati on April 20. In part Senator
Harding is quoted in the Cincinnati "Enquirer" as saying:
You men talk about reforming politics. Wouldn't it be better to reform
public sentiment? You are responsible for corrupt politics because you have
neglected politics. You are the cause of the conditions about which you
complain. What is necessary to make a strong and stable popular government is a patriotic citizenship. Heretofore we have been too selfish.
wrapped in our own affairs.
Quality of citizenship is essential, because of the tendency to appeal to
numerical strength. Law is for the weak, for sheltering the minority.
It was never intended to be excessive nor meddlesome. The basic thought
of popular government is to give the people a chance. It is meant to
avoid paternalism and government participation; it is designed to make
conditions suited to encourage the people's activities. It was not the plan
to correct every human ill nor reform every offender by specific statute.
Equal rights and equal opportunity were written in the immortal beginning, and have been sacredly maintained; yet the most frequent appeal to
the American citizen is promised on the false assumption that there has
been some abridgment, some bestowal of the right of one upon another
more fortunate. All this comes of the failure of a portion of our citizenship
to understand that equal opportunity does not mean equal reward. There
is no reward without merit, no compensation without endeavor, no fruits
of industry without planting in industry.
No popular government will greatly achieve or long survive which does
not heed the deliberate public opinion which is the crystalized thought of
an intelligent people and outrides every storm of impassioned appeal to
envy and hate. We have been passing an exceptional period of awakening
and reform. Much of it was needed, but we ran to excesses. That was
because it was popular to hamper business and hinder big undertakings, on
the assumption that it was leveling rewards.
Quite the contrary was proven. Halt the business procession and the
great mass must lag behind it. This has come to be understood very
recently, and the pendulum of popular sentiment is swinging the other
way. Let us see that it doesn't swing too far. Business is to have its
chance, as it deserves to have. There never will come a time when there is
no contention between those who toil and those who fix the wage. The
present Chicago situation is proof of that. But conditions must be maintained wherein capital and courage may go on with development, else the
American advance is ended.
Our citizenship, charged with choosing representatives who are to prescribe conditions of continued development, must be brought to a realization of our immensity, our importance and the enlarged scale of modern
endeavor. We do not measure nation to nation, but as a nation against
a continent. We are fashioned on a big scale and must do big things, and
popular government must give the same rights and same square deal to the
participants in business as it does the beneficiaries of business activities.
LEGISLATION PROPOSING ENLARGEMENT OF INTERSTATE COMMERCE COMMISSION.
The interesting disclosure that President Wilson has given
his endorsement to a bill enlarging the membership of the
Inter-State Commerce Commission and authorizing the
Commission to organize itself into sub-divisions, each subdivision to have power to conduct hearings and make decisions, was made in an address by. Ex-Congressman F. C.
Stevens of St. Paul at the annual dinner of the Traffic Club
of Minneapolis on April 15. Mr. Stevens, in addressing
the gathering, alluded to a plan for the creation of a department of transportation advocated by Howard Elliott, President of the New York New Haven & Hartford RR., and in
expressing his belief that Mr. Elliott's ideas would fail of
realization, Mr. Stevens said:
"Congress never will provide such a department. There would be one
of two things to do—abolish the Commission and give its powers to the
department, or permit it to exist independently of the department, or even
subject thereto. But to givo to a Governmental department the legislative, judicial and executive powers that exist in the Inter-State Commerce
Commission and that are essential to its successful operation, and which
powers Congress never has given except to a commission, would be to establish a precedent so dangerous that it would threaten the very institutions of our country.
"But a measure has been agreed upon, with the approval of the President, that will go before Congress in December. Every railroad knows
that the Inter-State Commerce Commission is ;overwhelmed with work
1,4AI: 1 1915.]
THE CIIRONICLE
and that much of its work is done by young men without much ;experience.
The new bill proposes to increase the size of the Commission and give the
Commission authority to organize itself into sub-divisions, each subdivision to have power to conduct hearings and make decisions. Such a
measure will greatly relieve the pressure now on the Commission."
HELP THE RAILROADS AND YOU WILL HELP
BUSINESS.
Mr. George D. Ogden, General Freight Agent of the Pennsylvania RR., in an address delivered before the Chamber
of Commerce at Titusville, Pa., on April 27, said in part:
Help the railroads and you will help business. Or, help business and it
will help the railroads. Hand in hand transportation and commercial
endeavor must move forward together. If the one halts, the other looks
around for the cause, so sympathetic is the relationship. That relationship has developed ties in recent years never again to be broken, may it
be hoped.
It seems safe to predict that the law-makers for some years to come will
desist from proposing legislation that will savor of being inimical to commerce. Some candidates have recently had the clearness of vision to see
the approaching change in public sentiment from indifference toward railroads to loyalty and support, announcing from the stump that those who
expected them to work against corporations should not vote for them, as
they could not support such a view. It is apparent that business men are
determined to take a deeper interest in public affairs than in years past.
It should be borne in mind that there must be profits if there is to be
employment, and the best security for steady employment is the increase
of profits. Legislation and regulation for the public interest should continue, but regulation—legal or otherwise—for selfish motives must cease if
the American people are to enjoy permanent prosperity.
1475
tion charges to use the 10% basis, but at the same time they announce that
they have no desire to be brought to that point, and the Southern linos
ask that they be allowed to publish an amendment to Rule 1 of Southern
Classification, which, while preventing an automatic 10% increase on all
traffic of the rates which are now applied where the transportation is under
the existing bill of lading and subject to the terms of Rule 1, would produce
an increase of 5% on only a part of the traffic, which does not now move
under rates based upon specific valuations, such as live stock and household
goods.
"Passing the proposition that if the tariff status quo is unchanged the
10% division will become immediately operative, and assuming that the
new law will produce conditions furnishing the most substantial reasons for
allowing the carriers additional revenue, the outstanding fact is the physical
excedt by the method which the Southern lines propose, of
making any publication prior to June 2 which will secure such revenues."
According to the Baltimore "Sun," "the statement adds
that the carriers' course 'is the only alternative, except the
automatic operation of the 10% provision, to the injustice
of the carriers being compelled to sustain the burdens imposed
by the new legislation without any means or to any extent
whatever recouping the losses which they will suffer.' It
also says that 'it rests with the Commission to approve or
disapprove the form of publication proposed by the Southern
carriers.' It is stated that the 5% increase proposed by the
Southern carriers will cover from 30 to 40% of their traffic,
and that it will necessarily be only a temporary makeshift,
as the increases will be open to investigation and adjudication
by the Commission."
COMMISSIONER DANIELS CRITICIZES FARMERS IN
WESTERN FREIGHT RATE CASE.
In a discussion of farm earnings at the hearing of the
Western freight-rate case in Chicago on April 20, W. J.
Thompson, of the U. S. Department of Agriculture, told of
data gathered by Federal officials in Indiana, Illinois and
Iowa. He testified that in that district one farmer out of
22 made more than $2,000 a, year, after deducting all expenses
and 5% on the actual investment. "One farmer out of every
three in 273 farms considered in the three States," said Mr.
Thompson, "paid for the privilege of working his farm."
His statisticsson rented farms gave the average earnings of a
tenant farmer as $870 a year. The figures applied to 247
"Assume, for the purpose of the question, that the carriers do nothing. tenant farms, and he testified that the owners of the farms
Here is a rate which is conditioned upon the use of the uniform bill of lading,
and a provision that if tae uniform bill of lading is not used that rate received an average net return of 3.5% on their property investment after allowing for taxes and insurance. The cost
shall be 10% higher.
"Assume that no change is made in the uniform bill of lading. A man of growing an acre of corn was placed by the witness at $20 30
lading.
bill
of
uniform
What
is
the
lawful rate?
tenders his shipment on the
By virtue of this fact, is there aay change in that rate, or is the change for an average yield of 45 bushels to the acre. "Based on
simply a change in the legal liability of the carrier in the event of loss? And the actual selling price offered after harvest," said Mr.
does the bill of lading stand as the bill of lading until it is changed with the Thompson,."the farmer received only 2 mills profit on a
provisions worked out by this law that all such provisions are void"?
The following is the answer of the Western carriers as bushel of corn. The cost of raising a bushel of oats, figured
on actual data from 577 acres, was 49.9 cents, and the averpublished in the "Sun":
"At the present time in the case of property which is transported subject age price received for oats was 38 cents, a loss of 11.9 cents
to the rules and conditions of classification, there are two lawful rates: a bushel. There is no profit in raising oats. That crop has
First, what is termed a reduce(' rate, which is applicable when the property
to be grown by the farmer to preserve the rotation of crops,"
is transported subject to all the terms and conditions of the uniform
bill of lading, and,second, a rate that is 110% of such reduced rate—this said the witness.
higher basis of rate being applicable when the property is not carried
Counsel for the railroads objected to the introduction of
subject to all the terms and conditions of the uniform bill of lading.
testimony, on the ground that it was irrelevant to the
"While there may be some question as to whether this or that stipu:ation the
contained in the uniform bill of lading is made unlawful by the Cummins question of the proposed advance in freight rates. Arguing
Act, there is no such question as to certain stipulations, such as those in for the submission of the farm earnings testimony, Clifford
regard to the presentation of claims. We have, then, this situation: One
State commissions, urged
rate if certain conditions are incorporated in the bill of lading and a different Thorne, counsel for the Western
that, as the railroads had repeatedly brought in the question
and a higher rate if they are omitted.
"In that situation Congress enacts a law which prohibits the carrier and of "what the traffic would bear" in their presentation of the
the shipper from agreeing to abide by certain of the terms of the uniform
made material.
bill of lading. The rate, therefore, which was conditioned on the shipper case, the evidence on the farm earnings was
agreeing to all the provisions of the uniform bill of lading is canceled by "We contend," he said, "that if the business of farming is
Act of Congress. The legal effect is no different than if the carriers canceled unprofitable and yields a lower return than other industries,
from their tariffs the lower rate.
"In either event the higher basis of rates remains. It was the lawful it has a bearing here."
basis before the enactment of the Cummins Act; it would have been
Commissioner Daniels, in ruling that the testimony would
a lawful basis if the carriers had of their own initiative canceled the lower be received, said:
lawful basis after the
basis of rates, and it
WESTERN AND SOUTHERN ROADS' ATTITUDE
TOWARD CUMMINS AMENDMENT.
Supplementing the hearing had in Washington on April 10
on the Cummins amendment to the Inter-State Commerce
Act, a brief has been filed on behalf of the Western roads
in which they contend in effect that the amendment permits
them to increase their freight rates 10% if they so elect.
As heretofore pointed out, the amendment was intended to
prohibit railroads from restricting their liability in the
carrying of freight. At the close of the hearing on April 10,
Commissioner Clark, in presenting the matter before the
representatives of the railroads, said, according to the
New York "Sun":
will be none the less a
Act becomes effective."
Cummins
The issue raised here is general. I will let this testimony go in. But I
am not strongly persuaded that the average farmer keeps accurate accounts
of his transactions. Such accurate bookkeeping would indicate that the
farmers referred to here are not typical farmers. And I am not impressed
with the testimony that a farmer raises five bushels of cord for 1 cent profit
and loses 12 cents on every bushel of oats.
On behalf of the Southern carriers a brief filed by R.
Walton Moore and Charles J. Rixey Jr. presents two propositions to the Inter-State Commerce Commission—one
Under cross-examination, Mr. Thompson said that his
essaying that their freight rates will be automatically indid not take into account butter, eggs.and procomputations
creased 10% or that they be increased 5% on a portion of
duce consumed on the farm. Questioned by the Commistheir traffic. The brief of the Southern carriers says:
"The statute will fix upon the carriers an increased Liability, which, while sioner, the witness said that the present value of the farm land
of course incapable of exact ascertainment in advance, will necessarily be had been considered in his computation, but he had not convery onerous, and the Southern lines, whose financial needs are now rela- sidered possible appreciation since its original entry.
serious and urgent than
those of the carriers operating in other
tively more
sections,will be able to reckon promptly and fairly with and take care of
the new situation which is created only in the event that the aethod of doing
so which they have proposed receives the Commission's approval.
The new statute does not control the carriers in the matter of constructing
or applying their rates. It leaves them free to base rate upon value, either
actual or agreed, but it places them in every instance under a rule which
renders ineffective any agreement, whether incident to the publication or
use of rates or not, designed to reduce the measure of liability below the
standard of 'full recovery.' At the same time, it places them under a
more drastic rule than now obtains with reference to the presentation and
Investigation of claims.
"The position of the carriers is that in the event of no change being
made that they would be compelled in assessing and collecting transporta-
WESTERN ROADS NOT TO SUPPLY INFORMATION ON
THORNE QUESTIONS—NEW SET PROPOSED.
The Inter-State Commerce Commission has decided not
to require from the forty-one carriers seeking the Western
freight rate advances the information on the thirty-six interrogatories proposed by Clifford Thorne, Chairman of the
Iowa Railroad Commission and Chairman of the Special
Committee representing sixteen Western State Commissions
opposing the advances. The petition of Mr. Thorne was
1476
THE CHRONICLE
[vol.. um.
referred to in these columns April 17. The ruling of the
DETAILS CONCERNING THE NEW BRITISH
Commission was announced on April 21 by Commissioner
TREASURY BILLS.
Daniels, before whom the rate hearings are being held in
official notice regarding the new Treasury Bill policy
The
Chicago. In lieu of the Thorne questions, the Commission
Great Britain,of which mention was made in our issue of
will formulate a set of questions which will be submitted to of
April
17, was published as follows in the "London Gazette"
the carriers as soon as prepared, with a view, it is stated, to
collecting information helpful alike to the carriers and Com- of April 13:
TREASURY BILLS.
mission. In so far as the Thorne questions were concerned, Issue of Treasury Bills Under the Acts 40 Vic., cap. 2, 52 Vic., cap. 6 and 5
Geo. V., cap. 33.
the Commission held that in the light of experience in the
(1) The Lords Commissioners of His Majesty's Treasury hereby give
Eastern rate case, "some of the questions should be omitted, notice,
that, as from the 14th instant, until further notice, Treasury Bills
others should be modified and certain new ones added."
will be issued under the above-mentioned Acts at fixed rates of discount,
which will be subject to variation from time to time without previous
notice.
(2) The Bills will be in amounts of £1,000, £5,000 or £10,000, and
BILL AM ENDING FULL-CREW LAW DEFEATED IN
will be drawn for three, six or nine months from date of issue.
NEW YORK AND NEW JERSEY.
(3) Particulars of the bills offered and in rate or rates of discount for
The Spring Bill vesting with the Public Service Commission the time being in force will be notified to applicants at the Bank of England.
(4) Applications must be made on printed forms, and must be lodged
of the Second or up-State District, authority on its own
the Chief Cashier's Office, Bank of England, before one o'clock (Saturmotion, or on complaint, to investigate and regulate the size at
days 12 o'clock).
of train crews, was defeated in the Assembly on April 23.
(5) The persons whose applications are accepted will be informed of
the amount due must be made to the
The bill was a compromise measure drafted to meet oppo- the same, and payment in full3of
of England not later than o'clock the same day (Saturday, 1 o'clock)
sition to a repeal bill introduced earlier in the session. The Bank
by means of cash or banker's draft on the Bank of England.
(6) The Lords Commissioners of His Majesty's Treasury reserve the
compromise bill had passed the Senate on April 20 by a vote
of rejecting any applications.
of 30 to 18; its defeat in the Assembly was effected by a vote right
(7) Forms of application may bo obtained at the Chief Cashier's Office,
of 68 to 65; 76 votes were necessary to secure its passage. Bank of England.
Treasury Chambers,
Majority Leader unman, in advocating the passage said
April 13 1915.
he regretted that it had been allowed to die. The extra
Formerly Treasury bills were always offered for tender, a
number of men required by the law, he said, had proved an
unnecessary expense to the railroads and records showed the few days' notice being always given of an impending issue.
number of railroad accidents had increased rather than Now there will be an unlimited supply of bills of three, six
and nine months' duration of the denomination of 11,000,
decreased since the law went into effect in 1913.
£5,000 and £10,000. The London "Statist" of April 17
The New Jersey Legislature also failed at its recent session prints the following concerning the new arrangements:
The Treasury has made a new departure. It was announced on
to enact legislation introduced with a view to modifying the Wednesday
morning that the Commissioners are prepared to issue Treasury
full-crew law, by conferring on the Board of Public Utility bills for three, six and nine months' date at fixed rates as follows:
months' date at £99 6s. 3%(1., equal to 2YL %.
three
at
Bills
Commissioners power to determine the number of trainmen
Bills at six months' date at £98 3s. 74d.,equal to 34%.
required to be employed by the New Jersey carriers.
Bills at nine months' date at £97 3s. 6d., equal to 33i %.
In Pennsylvania the House on April 19, by a vote of 135
to 68, passed a bill repealing the full-crew law, and lodging
with the Public Service Commission authority to determine
the manning of crews on trains. On April 28 an effort to
report the bill out of the Senate Committee on Railroads
was defeated by a vote of 6 to 5. Two members of the
committee were absent. Another meeting of the committee
will be held next Monday..
TREASURY DEPARTMENT RULES THAT' GERMAN
CURRENCY IS NOT DEPRECIATED.
A statement to the effect that the currencies of Germany
and Austria have suffered no depreciation in value is contained in a notice issued by the Treasury Department to
Collectors of Customs on April 14, instructing them to
liquidate entries covering merchandise purchased in Germany or Austria, and to convert the currency into money
of the United States at the value proclaimed for the quarter
in which the merchandise was shipped. It is stated that
recently certain importers protested to the Department and
declared that the currencies of these countries had depreciated on account of certain laws of those countries. In
order to answer this protest the Department had a special
investigation made with the result that it decides that no
depreciation exists. In its notice to collectors on the 14th
ult. the Department says:
(T. D. 35,317).
Liquidation of entries—German and Austro-Hungarian Currencies.
In the liquidation of entries covering merchandise imported from Germany
and Austria-Hungary the invoice currency should be converted into money
of the United States at the value proclaimed for the quarter in which the
merchandise was shipped. Department's instructions of March 17 1913,
modified accordingly.
TREASURY DEPARTMENT.
April 14 1915.
Sir—The Department refers to its circular letter of the 17th ult., authorizing, under certain conditions, a suspension of the liquidation of entries
covering merchandise claimed to have been purchased in depreciated
German or Austrian currency, pending further instructions.
As the reports received from American consular officers in Germany and
Austria-Hungary indicate that there is not such a depreciation of the currencies of these countries as would authorize the issuance of the consular
certificates provided for under section 2,903 of the Revised Statutes and
paragraph 692 of the consular regulations, the liquidation of entries covering
merchandise purchased in Gorman or Austrian currency need no longer
be suspended, and in the liquidation the currency should be converted into
money of the United States at the value proclaimed for the quarter in which
the merchandise was shipped.
The Department will advise you at the earliest practicable date in regard
to the status of Swedish currency, and in the meantime you will follow its
instructions of the 17th ult.
Respectfully,
ANDREW J. PETERS,
(103,512)
Assistant Secretary.
Collector of Customs, New York.
The rates are subject to alteration every morning. To-day, as a nine
months' bill will fall due on a Sunday and be payable on a Saturday, the
equivalent of the 3U % rate was raised to £97 3s. 83iti. The bills are
reported to have been given a very good reception.
Before Treasury bills were introduced the Government frequently raised
money by the sale of Exchequer Bills, upon which the rate of interest was
fixed by the Treasury from time to time. Treasury bills at a fixed price
constitute ,therefore, a new form of security for the London money market,
though such a form of borrowing is well known on the Continent. Of
course, the new departure will entirely prevent dealings in Treasury bills
for some little time, seeing that the bill brokers cannot buy them with a
view to reselling to the bankers when the bankers can go and help themselves to new bills at the bank at a better price. When the outstanding
Issues begin to run off, however, there will doubtless be free dealings in
them.
THE CASE OF THE RIGGS NATIONAL BANK
AGAINST THE COMPTROLLER.
Announcement was made on Wednesday that Samuel
Untermyer has been retained by the Department of Justice
"to assist in the defense of the suit" brought by the Riggs
National Bank of Washington against the Secretary of the
Treasury, the Comptroller of the Currency and the Treasurer
of the United States. A supplementary statement given out
on Thursday with regard to Mr. Untermyer's connection
with the proceedings said:
On account of some erroneous statements in connection with the employment of Mr. Samuel Untermyer as counsel for the defendants in the Riggs
Bank case, it was to-day made known at the Department of Justice that
Mr. Untermyer did not volunteer his services nor show any desire to be
retained by the Government; that previous professional engagements made
him reluctant to accept the employment tendered and that he did so because of his long years of friendship with Secretary McAdoo. Also that
Mr. Untermyer has not been employed in the litigation in any subordinate
capacity.
Louis D. Brandeis, who had previously been engaged by
the Department of Justice as special counsel in the case, will,
it is stated, be known as nominal head of the Government's
force of lawyers, while Mr. Untermyer will direct the preparation of the answer to the bank's complaint. Mr.Untermyer,
it will be recalled, served as counsel to the Pujo "Money
Trust" Committee. The Riggs National Bank proceedings
were referred to at length in our issue of April 17. Reports
on the 24th to the effect that President Wilson had taken
personal charge of the Government's side of the controversy
met- with a denial on that date in the form of a statement
issued by Mr. Tumulty, Secretary to the President, which
said: "There is not a thread of truth in the stories in the
morning papers that the President has personally taken over
the investigation of the Riggs Bank."
On Tuesday President Wilson, in his weekly interview
with newspaper correspondents, took occasion to state that
the controversy is not to be regarded as an Administration
affair, but rather a private issue between the Government
officials named as defendants and the bank. On the ques-
MAY 1 1915,1
THE CHRONICLE
tion as to whether the Comptroller of the Currency had exceeded his authority in his demands for information from the
Riggs National Bank, the President disclaimed any right to
pass upon the powers of the Comptroller, contending that
that matter was a question for Congress to determine. In
commenting upon the President's stand on Wednesday, the
bank made the following statement:
When the attention of one of the officers of the Riggs Bank was called to
the statement made by the President yesterday to the effect that if the power
conferred on the Comptroller of the Currency is too great the remedy lies
with Congress, the officer replied that evidently the President misapprehended the bank's contention. This contention is that the Comptroller
is attempting to exercise powers not conferred on him by law, and we are
merely asking the Court to keep the Comptroller within the statute. Of
course, we do not overlook the fact that the President can protect not
only the Riggs National Bank, but all other banks, from tho Comptroller's
arbitrary and oppressive conduct.
A complete answer to the request for information made by
Comptroller Williams on April 8 as to outstanding loans of
the Riggs National and the "family connections" of certain
participants in these loans, was submitted to the Comptroller
on April 23. This demand of the Comptroller was mentioned in the injunction bill filed by the Riggs National as
one of the bases for its allegation that the Comptroller had
entered upon a concerted effort to embarrass the bank.
JOHN D. ROCKEFELLER JR. ANSWERS CHAIRMAN
WALSH OF INDUSTRIAL RELATIONS COMMISSION.
Accusations against John D. Rockefeller Jr., made in a
statement issued at Kansas City on April 23 by Frank P.
Walsh, Chairman of the Federal Commission on Industrial
Relations, have brought forth from young Mr. Rockefeller
a'vigorous denial. Mr. Walsh, in his statement, said: "The
Commission has to-day made a part of its record a mass of
correspondence not only showing that the Rockefellers were
personally in constant touch with every phase of the Colorado
coal strike situation, but that they knew the strike was
coming and were prepared for it." Mr. Walsh was also
quoted as saying:
That John D. Rockefeller Jr., who testified before the Commission in
New York and also before the Congressional investigating committee that
he had kept his hands off the strike situation and had no knowledge of
conditions in the coal fields, was in reality the directing mind in the struggle
throughout.
That he exercised a personal influence *latch extended even to the State
House in Denver and presumed to dictate letters that went out to the
President of the United States and to the Governors of States over the
signature of the Governor of Colorado.
That he withheld from the Department of Labor in Washington information asked for when Secretary Wilson sought to avert the strike before it
began.
That he knew, on the admission of his own agents in the fields, that the
Colorado Fuel & Iron Co. controlled the prices and fixed conditions at the
mines.
That constant and full telegraphic reports and long letters of particularization covering every phase of the contest and the proposals for settlement
were sent to him from the first and throughout the period of the strike.
That he informed the mine executives that ho had refused Secretary
Wilson's offer of mediation and promised to support them in their stand
to the end.
Chairman Walsh at the same time announced that, in
view of the revelations bearing on the coal strike contained
in letters and telegrams exchanged by young Mr. Rockefeller
and officials of the Colorado Fuel & Iron Co., it had been
decided to recall Mr. Rockefeller to the stand when the
Commission resumes its public hearings in Washington on
May 4. A brief reply, made by Mr. Rockefeller on Saturday to Mr. Walsh's charges, was followed by a detailed statement on Sunday in which Mr. Rockefeller said: "If Mr.
Walsh had confined his public utterances to statements which
were true and to inferences which the evidence justified,
there would have been no occasion for protest. Instead of
doing that, he has taken the correspondence, drawn from it
certain inferences, and without ascertaining whether his inferences were correct, has made statements and announced
conclusions which are unwarranted and in some respects
has even falsified the record itself." The following is
Mr. Rockefeller's statement of the 25th in full (all except
the part already quoted):
In the newspapers of Saturday morning there appeared a statement from
Mr. Frank P. Walsh, Chairman of the United States Commission on Industrial Relations, purporting to be based upon information contained in letters
supplied to the Commission by my associates and myself.
In our desire to give to the public all of the facts in regard to the Colorado
situation,we have waived our Constitutional rights protecting private correspondence, and have placed all material asked for at the disposition of
the Commission. Had Mr. Walsh's sole desire been to bring out the truth,
he would, in cases where he found the correspondence not completely selfexplanatory, have asked for further information, which could readily have
been secured.
Mr. Walsh asserts that the correspondence shows that I "exercised a
personal influence that extended even to the State House at Denver, and
presumed to dictate letters that went out to the President of the United
States and to the Governors of the States over the signature of the Governor
of Colorado." This is every word of it false, and has been so characterized
by Governor Ammons in the morning's papers. The facts are as follows:
1477
Last May Governor Ammons sent Major E. J. Boughton, AdjutantGeneral of Colorado, to New York. I never met Major Boughton, but he
told Mr. Lee that Governor Amnions had been disturbed over the misunderstanding which prevailed in the Eastern States concerning many
phases of the Colorado strike. Major Boughton asked Mr. Lee if he had
in mind any effective way of getting the facts before the public. Mr. Lee
suggested that one method would be for the Governor to write a letter to
the President of the United States and to his fellow Governors of other
States, setting forth the situation as Governor Ammons saw it. Major
Boughton stated that he could not tell how the Governor would regard such
a suggestion, and that even Major Boughton himself would have to convey
the suggestion to Governor Ammons through General Chase, Major Boughton's superior officer. To get the matter into shape for consideration,
Major Boughton asked Mr. Lee to make his suggestion concrete by preparing a draft of the kind of letter which be had in mind. As a basis for
the preparation of this draft, Major Boughton sent Mr. Lee a memorandum of his own view of the situation. The memorandum written by me
and referred to in one of my letters as having been sent by me to Mr. Lee
was nothing more than a rough draft of a statement concerning the Colorado
situation which I had drawn up in answer to statements which had appeared
in the press, but had never used. A copy of this memorandum,which;
as I wrote to Mr. Lee on June 10 1914, was incomplete and only suggestive.
accompanies this statement. When I learned of Mr. Lee's suggestion to
Major Boughton, it occurred to me that this memorandum contained material which Mr.Lee mightfind helpful in that connection. Mr.Lee drafted
his ideas and sent them to Major Boughton, but they were never even submitted to General Chase, let alone to the Governor. From Governor
Ammons' statement in the morning papers, it is obvious that he never
knew that such a suggestion had been made.
Again, Mr. Walsh states:
"We get from this same correspondence that Mr. Rockefeller had a plan
about this time for publishing a string of daily papers."
This charge is absolutely false. I never had such a plan. Mr. Walsh's
only basis for his statement is contained in correspondence between Mr.
Lee and myself, referring to a letter which I had received from a man I had
never heard of, and which I had forwarded to Mr. Lee. That letwr began
as follows:
"This note Is from a perfect stranger to you, making a suggestion which,
the writer thinks, if carried out, would do more good generally for all time
than all the universities in existence."
and went on to say:
"The suggestion is for a string of fearless, honest newspapers across the
country."
Mr. Lee, in his letter referred to, expressed his disapproval of the suggestion and added:
"I do not believe that I will ever come to the point of thinking that you
should establish and become responsible for a string of daily papers."
I may add that propositions to purchase or establish newspapers have for
many years been made to my father and myself, but have without exception been rejected.
Mr. Walsh also states that I had a plan "offinancing the publication of the
official organ of the National Chamber of Commerce." The paper referred
to is"The Nation's Business," and is distributed without charge to members
of the Chamber of Commerce of the United States. The President of the
Chamber discussed with me on various occasions a financial plan for enlarging this publication so as to make it a more effective medium by which the
Chamber could place before the business men of the country facts of interest to them, in regard to business, commerce, national legislation, industrial
matters, &c. Although I considered the proposition entirely legitimate, it
was never favorably acted upon.
In referring to an interview between Ethelbert Stewart, a representative
Of the Department of Labor at Washington, and Mr. Murphy of our office.
Mr. Walsh falsifies the record. In his formal statement he says:
"The same day of his interview Mr. Murphy wrote a full account of it to
Mr. Bowers at Denver, and Mr. Bowers wrote back, highly praising Mr.
Murphy for his discretion in not giving the Government agent any informs,tion.''
The correspondence clearly shows that the Government agent did not
ask for information, that no information was withheld, and that Mr. Bowers
made no reference in his letter to the withholding of information.
Mr. Walsh attempts to create the impression by direct statement and by
inuendo that my associates and I were indifferent to the distressing conditions in Colorado. Commenting upon a statement in one of Mr. Bowers'
letters, written immediately after the beginning of the strike, in which Mr.
Bowers.stated:
"Several of our mines are working from one-half to two-thirds capacity,
and if we can continue undisturbed, we can keep our steel works running
and supply our railroad friends with coal to keep them going in good shape,
until the strike is over."
Mr. Walsh says:
"This was at a time when the people of Colorado were suffering for coal
and the price had been advanced until thousands of families were without
fuel."
Here again Mr. Walsh's failure to make inquiry has led him into a false
assumption. The fact is that when the strike was called, the price of coal
was not raised by the Colorado Fuel & Iron Co., and most energetic and
effective measures were taken by the company to insure that the supply
of coal for domestic use should not be curtailed.
In response to an inquiry, Mr. Welborn, President of the Colorado Fuel
& Iron Co., forwarded to me yesterday the following explicit statement
concerning that point:
"When the strike was called we discontinued shipping coal to the Santa
Fe Railroad, the C. B. & Q., the Missouri Pacific and the Colorado Southern, and continued shipping a small amount to the Denver & Rio Grande.
We also stopped shipment of coke to the smelters and other large consumers.
After furnishing fuel to the steel works, to operate on a reduced basis, we
had a small amount of coal available for domestic trade. We continued
shipping with no advance in price over the regular winter schedule. For
our Denver retail department we bought coal from Wyoming, which cost
us $1 50 per ton more than our normal supply for the Denver market. The
retail price on this coal was increased correspondingly. We had some of
our own in stock at Denver, which lasted until about Nob. 15, and was sold
at the price prevailing before the strike was called."
Mr. Walsh further states that the correspondence shows that "John D.
Rockefeller Jr., who testified before the Commission in New York and also
before the Congressional investigating committee, that he had kept his
hands off the strike situation and had no knowledge of conditions in the
coal fields, was in reality the directing mind throughout the struggle."
The correspondence and the testimony not only show that this is untrue,
but that the precise opposite is the fact. If one thing more than another
is shown by the letters exchanged, it is that I did not in any sense direct
the strike or dictate the policies of the company, but that, on the contrary,
several of the suggestions which I made in the hope of contributing to the
settlement of the strike were not followed.
The officers and directors of the Colorado Fuel & Iron Co. are earnestly
striving to improve conditions in Colorado so as to make forever impossible
the recurrence of such strife as that of 1913 and 1914. We earnestly solicit
the co-operation of the public in achieving this result. As a means of ending the industrial conflict in Colorado, the President of the United States
appointed a Commission, of which Mr. Seth Low is Chairman and of which
1478
THE CHRONICLE
[VOL. no.
Mr. Patrick Gilday, an official of the United!Mine Workers of America, the
organization which conducted the strike, is*a-member. The policy of this
Commission has been to allay the bitterness which was engendered by the
struggle and to urge that,as rapidly as possible,all concerned address themselves to improving conditions of the present and future. We are receiving cordial help from this Commission in our efforts, and the labor leaders,
too, have shown a friendly disposition.
Can it be that the only factor of importance now tending to retard the
complete restoration of industrial peace in Colorado is the Chairman of the
United States Commission on Industrial Relations?
GOV. HAMLIN AT SALT LAKE AND DENVER.—
QUESTION OF BRANCH BANKS.
Charles S. Hamlin, Governor of the Federal Reserve
Board, and John Perrin, Reserve Agent and Chairman of
the Board of the San Francisco Federal Reserve Bank, were
the guests of honor at a banquet tendered by the bankers
of Salt Lake City at the Alta Club on April 22. W. S.
McCornick, of W. S. McCornick & Co., presided as toastFormer Governor E. M. Ammons of Colorado made the master, and addresses of welcome were made by Governor
following statement in the matter on the 24th:
William Spry and Mayor Samuel C. Park. Mr. Hamlin
I never sent out a letter on any phase of the Colorado coal miners' strike
spoke in general terms of the Federal Reserve Act, while
that I did not prepare myself. I never heard of Ivy L. Lee until his name
was brought out at the Denver investigation of the Industrial Relations Mr. Perrin gave some technical details of the system.
Commission and never had any correspondence with him. I furnished
copies of all my correspondence on the strike to the Industrial Relations
Commission during the Denver hearing. The only time I ever met a
representative of Mr. Rockefeller was a few days ago, when W. L. Mackenzie King discussed with me labor conditions in Colorado.
Mr. Hamlin was also entertained at a dinner at the Brown
Palace Hotel, Denver, on April 24, by the Denver ClearingHouse Association and the Denver Chamber of Commerce.
In reply to a question as to Denver's chances for securing
J. F. Welborn, President of the Colorado Fuel & Iron a branch bank, Mr. Hamlin, according to the Denver
Co., also took occasion to say:
"News," replied that the Federal Reserve Bank of the
The alleged exposure of Mr. Walsh of these letters is a complete surprise
to me. I am unfamiliar with all the New York correspondence mentioned, district, located at Kansas City, has jurisdiction of the estabwith the exception of one letter from L. M. Bowers to Starr J. Murphy. lishment of branch banks in the district. He suggested,
All else I know regarding the letters I learned from the newspapers. Accord- however, that the location of a branch
bank in Denver might
ing to this morning's dispatches the letters between Ivy Lee and Mr.
Rockefeller were dated in June and July. As a matter of fact, Lee did not depend directly upon the amount of business done by the
come to Colorado until August. I think Governor Ammons' denial covers member banks in Denver with the Reserve Bank in Kansas
any contention regarding those letters.
City. If this business indicated the need for a branch in
Denver, he felt confident, he said, that one would be established promptly.
HEARINGS IN WASHINGTON OF COMMISSION ON
INDUSTRIAL RELATIONS.
The Federal Commission on Industrial Relations an- NEW YORK FEDERAL BANK AND OUT-OF-TOWN
CHECK COLLECTION SYSTEM.
nounces public hearings in Washington, D. C., for a period
of three weeks beginning May 4. During this hearing, as Out-of-town members of the New York Federal Reserve
noted in the preceding article, John D. Rockefeller, who Bank have received from the latter the following letter in
appeared before the Commission during its hearings in New explanation of its proposed check collection system, the
York in January, will be recalled to testify before the Com- details of which were given in our issue of Saturday last.
In order that member banks which join the collection system may not
mission. Concerning its Washington hearings, the Commisbe inconvenienced as a result of unexpectedly large charges to their acsion says:
counts, special attention will be given by this
The most important subject to be considered at the Washington hearing
apart from a further inquiry into the Colorado coal miners' strike will be
labor and the law. Lawyers, labor leaders and judges will discuss the
various legal problems that arise during labor disputes, such as free speech,
free assemblage, conspiracy cases, the use of injunctions, the boycott and
the blacklist. This part of the hearing will consume the entire week of
May 10 to 15.
Among the witnesses will be Justice Walter Clark of North Carolina, exPresident Taft, Gilbert E. Roe of New York, Henry R. Seager of Columbia'
University, Eugene II. Debs, Mrs. Mary ("Mother") Jones, Police Commissioner Woods of New York City, President Frank J. Goodnow of
John Hopkins University, Alton B. Parker of New York, James A. Emery
of the National Association of Manufacturers, Walter Drew, attorney for
the National Erectors' Association and Clarence Darrow.
REPORT OF NATIONAL CURRENCY ASSOCIATION OF
CHICAGO.
The executive committee of the National Currency Association of Chicago has published a report of its work in connection with the issue of emergency currency under the
Aldrich-Vreeland Act, beginning in August 1914 and the final
retirement of the same in February 1915. According to the
report, emergency currency to the amount of $27,169,990
was issued between Aug. 4 and Nov. 18. Of this total
$27,069,990 was issued to Chicago banks between Aug. 4
and Sept. 14 and $100,000 was issued to country banks on
Nov. 18. The first retirement of currency was on Oct. 23
and the last and final retirement on Feb. 20. The total
amount of securities received as collateral was $64,805,244,
of which $13,686,500 consisted of municipal and miscellaneous bonds and $51,118,744 of commercial paper. The total
cost of management and operation covering the entire period
was $3,081, which was apportioned among the various members on a basis of .1134 cents per each $1,000 of currency
issued to them. On Aug. 3 the membership of the Association consisted of ten national banks and by Oct. 28 three
more joined, making the total thirteen, at which figure it now
stands. In addition to Chicago,the territory embraced in
the Association included that portion of the State of Illinois
in the Chicago Federal Reserve District north of a lineforming the northern boundary of Henderson, Warren, Knox,
Stark, Marshall, Livingston and Kankakee counties.
The executive committee was composed of Ernest A. Hamill, Chairman, President Corn Exchange National Bank,
Chicago; James B. Forgan, President First National Bank,
Chicago; John A. Lynch, President National Bank of the
Republic, Chicago; George M. Reynolds, President Continental & Commercial National Bank, Chicago; and David
R. Forgan, President National City Bank, Chicago.
bank to the volume of the
items passing through their accounts. At the outset a record of
the
average reserve on deposit will be kept for each bank joining the collection
system, advice of which will be sent each week. Members may be assured
that the efforts of the officers of this bank will be to make the system both
satisfactory and economical.
Experience, it is believed, will soon determine for each bank both what
the daily volume of charges will average and the average remittances of
items which will be required to meet such charges. Where the average
volume of charges is found to exceed the average volume of items which a
member bank is able to- remit as offset,arrangements may be made for
regular transfers by reserve agents, or, if necessary, currency may be
shipped for this purpose.
This bank, at least for the present, will continue to clear, and all checks
on member banks which are members of the New York Clearing House
will be received on deposit as heretofore. Such checks will be credited
as of the day of clearing. When received too late to be sent to the clearing
house on the day of receipt they will be credited on the following business
day.
Many of the member banks of this district derive a considerable income
from exchange charges, which they are naturally reluctant to surrender.
As the plan proposed is a voluntary one, those banks which are unable or
unwilling to give up this revenue will be enabled to observe the operation
and advantages of the system with a view to determining
whether later it
may be desirable for them to join it. In order to facilitate their consideration arrangements have been concluded with competent experts to make
a careful study of the income, expenses and methods of a number of typical
member banks in this district in order to determine whether any economies
may be effected or additional sources of income developed,and by what
methods. The expense of these studies will be borne by this bank, and
their general results will be available to all member banks desiring them.
Simultaneously with the beginning of actual operations under this system,
a time allowance will be imposed upon checks drawn on other Federal
reserve banks which are deposited with this bank for collection by a member
banks. A schedule, showing the number of days for which credit will be
deferred, is in course of preparation, together with a schedule of the charges
at which the Federal Reserve Bank of New York will effect transfers by
telegraph, both of which will be announced in due course.
The directors and officers of this bank ask for the co-operation of all
member banks in the handling of this important matter. Inquiries in
person or by letter concerning the circular and rules are invited and will be
promptly and fully answered.
STATE BANKS DISCRIMINATED AGAINST UNDER
FEDERAL RESERVE ACT.
That State banks are not getting fair treatment under
the Federal Reserve Act is the contention of Breckinridge
Jones, President of the Mississippi Valley Trust Co. of St.
Louis. Mr. Jones addressed the Kansas State Bankers'
Association on the subject at its annual meeting at Wichita
on April 22, saying that "until the law is changed which
allows the Reserve Board to make rulings as it sees fit, no
State bank can consider admission as a member bank."
According to Mr. Jones, the Reserve Board views all actions
from the standpoint of national banks and discriminates
against State institutions, since the latter are asked to enter
under by-laws intended only for national banks.
MAY 11915.1
THE CHRONICLE
1479
to be put on record in the matter, as has been done in other
CONFERENCES IN NEW YORK ON ADMISSION OF
districts. The ratification of the system by the Illinois
SYSTEM.
STATE BANKS TO FEDERAL
bankers was embodied in the following resolution:
Conferences of representatives of State banking instiResolved, That this body of representatives of Illinois member banks of
Jr.,
Strong
the
Benjamin
Reserve system approve the method of check collections of the Reserve
tutions were held this week with Gov.
Bank of St. Louis now in operation, and recommend that the same be conPierre Jay and the directors of the Federal Reserve Bank in tinued,
with such changes as conditions may make necessary from time
this city to discuss plans which might operate to bring the to time.
No
system.
Without
Reserve
desiring to bind any member bank to our action, we recommend
State institutions into the Federal
that member banks adopt the system of clearing checks that is suggested
definite stand in the matter has yet been reached.
and is now in force through the St. Louis Reserve Bank.
BILL GIVING NATIONAL BANKS IN NEW YORK
TRUST POWERS FAILS.
The Marshall bill, intended to give national and State
banks power to act as executors, administrators and trustees
of estates—at present restricted to trust companies—failed
of enactment by the New York Legislature. The measure
was introduced in the Senate on March 17 by Senator Marshall and sent to the Committee on Banking, of which Mr.
Marshall was Chairman. A hearing was held on the bill
before the Senate Committee on April 8 and on April 13 the
Committee on Banking reported the bill to the Committee
of the Whole, where it was never acted upon. The bill was
introduced in the Assembly by Chairman Adler of the Banking Committee on March 18 and was never reported out of
that committee.
POSTMASTER-GENERAL HAS NEW PARCEL-POST
PLAN.
The first official intimation that Postmaster-General
Burleson contemplated a plan for accepting fourth-class
postal matter without prepayment of postage, the collection
to be made by the postmaster at the point of destination,
was conveyed to the public when it was announced on
April 14 that Judge Downey, Comptroller of the Treasury,
has given an opinion on the proposed movement, in response
to an inquiry of the Postmaster-General. Mr. Burleson
wanted to know especially whether, when the plan went into
operation, fourth-class postmasters accepting such mail
matter could credit themselves with the amount of the
postage in making up their report of receipts of the office
which is the basis for computing their compensation. In
MINNEAPOLIS FEDERAL RESERVE BANK OPPOSES questioning Judge Downey in the matter, Mr. Burleson
said in part:
PETITION OF WISCONSIN BANKS.
"This Department has under consideration the question of making pro
A brief in opposition to the petition filed by banks in East- vision
for the acceptance for mailing of ordinary fourth-class matter without
ern and Northern Wisconsin seeking detachment from the requiring prepayment of postage, the fee for the additional service to be
Minneapolis Federal Reserve District and inclusion in the Chi- collected from the addressee on delivery."
In his reply to the Postmaster-General, the Comptroller
cago Federal Reserve District was filed with the Federal Reserve Board by counsel for the Minneapolis Federal Reserve of the Treasury stated that: "The sections of the statute of
Bank on April 27. It is argued that while the rail connections 1912 quoted in your letter do not, in my opinion, authorize
with Chicago may be shorter and cheaper this is no reason the acceptance of fourth-class matter without prepayment of
why the territory should be assigned to the Reserve Bank of postage. I doubt your authority to do what you contemChicago, "for business with the Reserve banks is not trans- plate." The Comptroller referred Mr. Burleson to the
acted by personal attendance." According to the brief, the Inter-State Commerce Commission for additional informatotal discounts of the Minneapolis Reserve Bank amount tion.
to a little over $341,000, of which over $27,000 are from the
member banks in the territory affected by the petition in
MUNICIPAL BONDS ASPOPULAR INVESTMENTS.
question. The Wisconsin banks in the Chicago district, it
Howard F. Beebe of the municipal department of Harris,
was said, cannot take farm mortgages in the northern part of Forbes & Co., this city, has had reprinted from the "National
Wisconsin, but the Wisconsin banks in the Minneapolis Municipal Review," Vol. IV, No. 2, April 1915, an article
district want and can take more farm mortgages than they written by him on "Municipal Bonds as Popular Investcan get from Northern Wisconsin. In fact, it was declared, ments." In his treatise Mr. Beebe summarizes the reasons
they are the only banks in the Minneapolis district which for the growing popularity of municipal bonds with investors
take the farm mortgages from Western Minnesota, South as follows:
and North Dakota and Montana to any considerable extent.
(a) The long-standing prejudices have gradually worn away under the
better understanding of the reasons for old defaults and repudiations, and
knowledge that there will be no repetition of those unfortunate condi-
the
OREGON NATIONAL BANKS EMPOWERED TO ACT IN tions which brought them about.
(b) A realization that they can be marketed under unfavorable financial
TRUST CAPACITY.
conditions as well or better than other forms of property.
That national banks in Oregon may exercise the trust com(e) The enlightenment which has come in recent years on the fundamental
pany privileges granted them under the Federal Reserve Act weaknesses of all private or corporate securities as compared with the fundaof securities payable by the taxing power.
is the opinion given by State Attorney-General Brown to mental strength
(d) The relatively good income which may now be had from an investS. G.Sargent, Superintendent of Banks. Mr.Brown's views ment in this class of security.
(e) The obvious advantages under the Federal Income Tax Law,and the
were expressed in response to a communication from a Portthat the tax will grow heavier rather than lighter.
land national bank asking whether national banks are re- certainty
(D The growing scope of municipal functions insures a steady supply of
quired to deposit the bonds demanded of trust companies all grades of municipal bonds.
(g) The steadily improving laws governing the issuance and payment of
before they are permitted to act as fiscal or transfer agent,
executor, administrator, trustee, &c., as authorized by the public debts.
Federal Reserve Act. In his opinion the Attorney-General
pointed out that the Federal Reserve Board is empowered FORECLOSURE PROCEEDINGS AGAINST DANBURY
HATTERS ON MAY 30 IF JUDGMENT IS UNPAID.
to grant special permits to national banks along this line,
if there is no State law that conflicts, and said in part:
The defendants in the so-called Danbury hatters case have
Notwithstanding the fact that national banks are only authorized to do received from D. E. Loewe & Co. notice that unless the
a trust business by the Federal Reserve statute enacted by Congress since
is paid by May 30 foreclosure
the passage of the State Trust Company Act, they are nevertheless not pro- judgment awarded the latter
hibited by said Trust Company Act from exercising the powers conferred proceedings will be instituted against the property of the
upon them by the Federal Reserve Act, because not included in the pro- defendants. At the recent session of Congress unsuccessful
visions of said Trust Company law.
efforts were made on behalf of the United Hatters of America,
of which the defendants are members, to have Congress
ILLINOIS MEMBERS OF ST. LOUIS RESERVE BANK appropriate $290,000 to meet the judgment and costs
RATIFY CHECK-COLLECTION SYSTEM.
awarded to D. E. Loewe & Co. The petition to Congress
Approval of a system under which the checks of Illinois followed the failure of the efforts of the United Hatters to
member banks of the St. Louis Federal Reserve Bank are have the American Federation of Labor call upon its members
to be collected by the latter was recorded at a meeting of to contribute fifteen cents each to meet the costs involved.
representatives of Southern Illinois banks held in East When the original judgment was rendered the individual
St. Louis on April 21. The St. Louis Federal Reserve Bank members of the United Hatters in Connecticut were held
in furtherance of its plans for establishing a system of clear- personally responsible and their property was attached. In
ing checks upon member banks, recently issued a circular his letter to the defendants last week Mr. Loewe says :
to the 462 member banks of the district, giving them the
Our desire is and has been by delay to give the United Hatters of North
against individual homes
option of consenting to or refusing the immediate charge of America ample opportunity to avoid proceedings
it so desires, but unless that organziation at its approaching convention in
checks drawn on them. It is understood that only a if
covenant to hold you
written
its
fulfil
to
provision
May of this year make
few objections have been made to the system now in effect, harmless by payment of judgment we must reluctantly allow our attorneys
but it was felt that the banks of the St. Louis district ought to proceed.
1480
THE CHRONICLE
If the union will yet advise us]that it intends to observe its agreement
with you we will gladly co-operate in any way reasonable to avoid disturbing
your real estate.
At the outset, the United Hatters in effect substituted itself as the real
defendant, by written agreement between it and the record defendants
whereby it assumed entire responsibility for the conduct of the suit and the
payment of any judgment. Although this agreement has been observed
and acted upon for over ten years, nevertheless, no preparations have been
made by that Union for the protection of the defendants and we have not
even been requested to defer proceedings against their homes in order that
the organization might have opportunity to fulfil its pledge.
Judgment was recovered Nov. 15 1912 for $252,130 09, and, although
within ten days thereafter we were free to proceed against the attached real
estate and bank accounts on account of your failure to fibo a bond, we nevertheless refrained over two years from taking any but necessary and formal
stops to that end. It seemed more generous to defer collection until a
final decision of the United States Supremo Court, but after that decision
was rendered, we naturally expected that:the United Hatters would approach
us with some plan or request for the protection of the defendants, to whom it
Is morally and legally bound. The professed spirit of unionism as well as
the written pledges of protection and support and the early purchase by
the union of your attached bank accounts would seem to justify such
expectation.
To our amazement, although your homes are open to seizure by legal
process and three months have elapsed since the affirmance of judgment
by the United States Supreme Court, the United Hatters have taken no
steps to avert such hardship. On the contrary the United Hatters would
seem to be involving you in deeper difficulties by attempting to withdraw
from application to the judgment some $30.000 accumulated interest on
the attached savings bank accounts, which it owns subject to our claim as
attaching creditors. If this move of your organization succeeds, it will
Increase your obligation by $30,000 instead of holding you harmless as
agreed, and while we think the attempt must fail of legal support it does
not encourage belief that the union:Isidesirous of co-operating with us to
avoid hardship to you.
While the Hatters' Union may be:the only organization legally obligated
to you, the American Federation:of Labor is morally obligated, and it would
seem feasible that your counsel, who is also counsel for the Federation,
could make arrangements whereby the Federation through its numerous
branches could at least raise voluntary contributions to make full payment.
The attack on our business was tho result of the teachings and practices
ofthe Federation for over a decade and was carried out by the official organizers of the Federation through elaborate machinery and subdivisions organized and operated for such purpose. The Federation filed a petition in
the Supremo Court alleging financial interest in the suit and at its convention in 1908 pledged financial support to you. Since the summer of 1910
It has conducted the entire defense, according to its own judgment, at its
own expense and with attorneys of its own choosing, but now denies authority to relieve from the judgment it produced.
Were there no specific authority the Federation could easily raise the
money by voluntary contributions of affiliated unions in the same way
that they raised wirer $230,000 to defend the dynamiters in 1912. We want
you to realize that it is you alone who can demand support from the union
and you alone who can enforce your legal claim against the United Hatters
for indemnity. Our obligations to our creditors necessitate action, for we
are in the hands of a creditors' committee; and unless arrangements are
made at the Hatters' Convention for an adjustment we must reluctantly
proceed.
[VOL. 100.
the solution of this problem by fixing retail prices in their agency contracts
with dealers, a practice which has been expressly favored by some dealers'
associations.
In 1909 a movement was inaugurated by the organized manufacturers
to secure the co-operation of all classes of the trade in aiding retailers to
secure higher prices, by educating them to the necessity of computing all
items of expenses in fixing their prices. Cost suggestions enumerating such
Items were prepared by the manufacturers and given wide circulation among
the dealers. The fact that the dealers were urged to include in their costs
allowances for interest on investment, rent of buildings owned and used
and salary for the owner of the business clearly shows that these suggestions
were intended as a method of establishing a basis at which dealers could sell
at a profit. The success of this plan, however, requires that it be followed
by all dealers in the same locality. The organized manufacturers and dealers, therefore, undertook a campaign to promote local clubs, which should
include all dealers in each locality. The local clubs were urged to adopt
these cost suggestions but to avoid price agreements.
Such a practice would tend to raise the general level of retail prices, and
would militate against the independent action of dealers in the same locality
In making prices.
The great problem of the dealers' associations has been to find some lawful means by which the members may be notified of the name of any manufacturer who declines to confine his trade to the regular dealer. While
the organized dealers disclaim any intention of maintaining a blacklist or
of instituting a boycott against any one, it is clear that if they be permitted to disseminate information of this character, those loyal to the
principles of their associations would refuse to continue business relations
with offending manufacturers,even in the absence of an express agreement
to do so.
The adjustment of complaints against individual manufacturers who
have made direct and irregular sales has been an important part of the
work of the dealers' associations.
Members of some of the earlier dealers' associations agreed to withdraw
their trade from manufacturers who refused to settle complaints to the satisfaction of the dealers, and until within the lost few years the names of such
manufacturers appear to have been freely discussed before the entire membership of the various dealers' associations. An attempt in 1905 to install
an information bureau to furnish dealers with the names of offending manufacturers and jobbers was not carried to completion owing to some doubt
as to its legality.
Court decisions adverse to such activities of dealers' associations, and investigations by the Government, have caused the federated implement and
ehicle dealers in recent years to be cautious in handling complaints.
MASSACHUSETTS APPROPRIATION ON ACCOUNT OF
CATTLE EPIDEMIC.
Governor Walsh of Massachusetts signed a bill on April 16
appropriating $150,000 to compensate owners of cattle and
other property destroyed on account of the foot-and-mouth
disease. On Feb. 19, as previously stated in these columns,
Governor Walsh vetoed a resolve passed by the Legislature
appropriating $100,000 to reimburse owners of destroyed
cattle affected by the disease. One of the reasons for the
Governor's action was that this resolve failed to authorize
INVESTIGATION FINDS MAJORITY OF METHODS any department head or officers of the Commonwealth to
hear claims and approve the vouchers necessary to draw
PROPER IN FARM MACHINERY TRADE.
from the treasury any of the money appropriated.
The majority of the practices of nation-wide associations
of manufacturers of and dealers in farm machinery are held
INSTRUCTIONS CONCERNING INDIVIDUAL
to be proper for the protection of legitimate interests,in a
INCOMES IN EXCESS OF $3,000.
report submitted to President Wilson on April 25 by the old
A letter directing attention to the fact that where the
Bureau of Corporations. The report was drafted by the
Bureau prior to its recent merger with the new Federal income of an individual is from fixed salaries, rents, &c.,
Trade Commission. Some of the practices of the associa- and is in excess of $3,000, the normal tax is required to be
tions which are the basis of the report are, however, charac- withheld by the parties paying such income, and asking
terized as being of doubtful legality, tending to limit com- whether this has been done, has been issued as follows by
petition and increase prices. The report states that almost Joshua A. Miles, Internal Revenue Collector at Baltimore,
every important manufacturer of farm macinery is a mem- and has elicited much comment.
TREASURY DEPARTMENT.
ber of the National Implement & Vehicle Association, while
Internal Revenue Service.
Baltimore, Md.
the dealers have organized the National Federation of
Sir.—It is noted that you have placed $___ _ in Column "B" of your inImplement & Vehicle Dealers' Associations, which is com- come
income
received
from
as
salary, wages,
1914,
tax return for tho year
posed of numerous State and inter-State associations. The etc.
Your attention Is called to the fact that where any portion of your income
two organizations are national in their scope,and,according
is from fixed salaries, rents, etc., and is in excess of $3,000, the normal tax
to the report, work in close co-operation. The investi- is
required to be withheld by the parties paying such income. In order
gators review the efforts of manufacturers to reduce costs that you may not be assessed twice on this income,information is requested
of manufacture and distribution, to fix wholesale prices, as to whether or not the normal tax has been withheld from you on a
of the amount named above.
control retail prices, concentrated control of patents and the portion
Where exemption has been claimed by the use of forms 1007 or 1008, the
opposition of dealers to direct transactions between manu- amount thus claimed should be entered in Column "B," as no tax is withfacturers and consumers. The report recites that"a deter- held where exemption is claimed. The portion of the salary, wages, or
upon which the tax has been withheld should be entered in Column
mined fight has been made by the organized dealers against rents,
'A." Column "A" is only for income on which the normal tax has been
the competition of mail-order houses," and adds:
withheld at the source.
They have not only tried to prevent manifacturers from supplying implements to such concerns, but also have conducted a campaign to prevent
the establishment of a parcel post, on the theory that such facilities would
benefit the mail-order houses. Since the establishment of the parcel post
they have urged a revision of postal rates, with a view to increasing the
charges on parcels. The organized manufacturers and dealers have also
made earnest efforts to curtail the advertising facilities of mail-order houses
by persuading manufacturers who sell through dealers not to advertise in
farm papers which contain mail-order advertisements or encourage buying from mail-order houses.
The report also says:
The prevention of price cutting among retailers and the raising of retail prices have been a matter of great concern to the implement and vehicle
trade. The associations of dealers have sought from the beginning to discourage the practice of price cutting, and certain small associationsin some
instances have attempted to fix the prices at which their members should
sell. Later the principal associations gave considerable attention to the
possibility of securing greater harmony among competing dealers by the
organization of local clubs. At the meeting of these local clubs,the question
of prices was often discussed. Some implement manufacturers have sought
If your salary, or rent, etc., from any one source is in excess of $3,000,
and no tax has been withheld thereon, you will please so advise, giving the
name of the parties paying you such salary, or rent, etc.
In any event, you are requested to furnish this office with the name and
address of the firm, corporation, or individual who paid you the income in
question. If above income was received from more than one source, state
amounts received from each, source and amounts, if any, upon which tax
has been withheld.
Name ______________________________________
Address
Amount of Income, $
Tax withheld on $
Name
Address
Amount of income, $
Tax withheld on Id
Respectfully,
JOSHUA W. MILES, Collector.
The New York "Evening Post," in printing the above on
the 28th, said:
MAY 1 1915.1
THE CHRONICLE
Treasury officials said to-day that the Miles letter "differs somewhat"
from a form letter of similar intent which has been drawn up by the Treasury
Department for the purpose of getting information from persons whose
Incomes might be within the scope of the law, and who have not, in the
judgment of the Internal Revenue Collectors, made a complete reply.
Their attention being directed to the last paragraph of the Miles letter,
which stated that "in any event" persons receiving the letter are requested
to make a detailed inventory of their income, giving the source in each intance, the officials to-day said that if the recipients of such a letter replied
that in no instance was $3,000 or more received from any one source, such
a statement would "undoubtedly be satisfactory."
A number of such letters have been received by persons residing in
Washington. If the statement of the intent of the letter made by Treasury
officials to-day is not adhered to, it is probable that the right of the Internal
Revenue officials to seek detailed information of this character will be
questioned.
CONNECTICUT BANKS PROTEST TAX ON INCOME.
Resolutions in which the members of the Connecticut
Bankers' Association declare their refusal to file amended
returns of income requested by the Internal Revenue Department were adopted at a special meeting of the Association in Hartford on April 22. According to the Hartford
"Courant," the banks have been deducting the State tax
from income. The Internal Revenue Department has contended recently that they are not entitled to do so, on the
ground that the tax is a tax upon the stockholders and not
upon the corporation. If payment is made by the banks, it
is expected that it will be done under protest. The insurance
companies of the State, which have also been deducting the
tax from income, will make a similar protest if called upon to
pay the tax. The "Courant" states that while the question
has been carried into the courts in other States and the
Government has won its case, the bankers of Connecticut
believe that the State Corporation Tax Law in Connecticut
is different from that of other States. In the States in which
the Government has won its case it is said that the law gives
the banks the right of recourse to their stockholders for the
State tax; in other words, that the State tax is a tax upon
stockholders. The bankers say that in Connecticut there is
no such recourse provided for the payment of the tax, and
that it is not a tax upon stockholders but upon the bank.
They therefore contend that they have a right to deduct the
State tax from their income returns.
1481
and we can add nothing of value to Judge Dickinson's excellent discussion.
The reality of the transaction was that the corporation pledged its credit
and its property for $10,000,000,and sold its promises to pay for $9,500,000.
The sum thus received was of course not income, either gross or ne; in
effect the transaction transmuted a part of the corporation's assets from
credit or property into liquid cash, but it added nothing to its income. If
the cost of thus changing the form of its assets is an expense of the business,
it has not yet been paid, and will not be paid until 1940.
The other question is raised by an appraisement of capital assets that
was made in 1910. When the corporation was organized it took over certain real estate, manufacturing plant and securities at a valuation, and took
over also a large amount of patterns, drawings, tools and fixtures without
valuing them at all. In 1910 the assets were appraised at their actualvalue
as of Dec. 31 1909, and by this appraisement the valuation of certain shares
of stock of the Standard Steel Works Co. was increased $485.000; the value
of the patterns, drawings, &c., was fixed for the first time at $2,954,086 72,
and the valuation of its real estate was adjusted—raised in part and lowered
in part—the net result being an increase of $593,449 66. Against this
total an item not in dispute was charged off, leaving as the balance to be
added to the capital valuations on its books the sum of $3,795,461 25.
On this sum he Government collected a tax of $37,954 61, and this is the
second item in dispute.
We agree with the District Court that this increase of valuation was not
income within the meaning of the statute. Nothing whatever was added
to the corporate property, which remained exactly the same after the appraisement as before. The only thing done was to put upon the company's
books an expression of expert opinion that certain property was worth a
certain sum, and this can hardly be said to be income, or even gain, in any
proper sense. The company could not become either richer or poorer by
making a few book entries that merely recorded a new estimate of how
much it was worth.
In each case the judgment is affirmed.
BANKING INSTITUTIONS TEST WAR
REVENUE ACT.
The constitutionality of the provision in the war Revenue
Act levying a tax upon the capital of banking institutions is
brought into question in three suits filed on April 23 in the
United States District Court of Chicago. The suits, entered on behalf of the Continental & Commercial National
Bank, the Continental & Commercial Trust & Savings Bank
and the Hibernian Banking Association, seek the recovery
of $27,112 paid by these institutions, as representing onetenth of one per cent on Federal, State and municipal bonds,
and other bonds they allege were not used for banking
purposes. The payments, it is stated, were made under
protest, and an appeal to Washington for a refund having
been unsuccessful, court proceedings were instituted. The
complaint sets out the language of the Act specifically stipulating that bankers shall pay a tax of $1 for each $1,000 of
capital employed. In alleging that the portion of their
capital funds invested in Federal, State and muniCipal bonds
is free from taxation the banks base their allegation, it is
understood, upon a decision of the Supreme Court holding
CORPORATION TAX AS APPLIED TO INCREASE IN that Governmental securities, whether Federal, State or
local, are exempt from taxation. Levy Mayer, attorney for
VALUE OF ASSETS.
Under a decision affecting the corporation tax of 1909 it is the banks, in stating that this is the first attack of the kind
held that increase in the valuation of assets on the books of under the 1914 Revenue Act, says:
The cases are test suits, and upon their final decision will depend the
a corporation is not income received during the year, where right
of the Government to tax a large part of the capital and surplus of the
there was no addition to the plant, and all that was done 25,000 banks in the United States. It is estimated several hundred milcapital of the banks in the United States is invested in
was to re-value the property. This decision, handed down lions of dollars of
securities that are tax-exempt and that is not used in conducting the
States
United
Court
the
of
Third
Appeals,
by
March
in
banking business. We are going to try to bring the cases to a speedy
Circuit, affirms the judgment of the United States District adjudication.
The Continental & Commercial National Bank asks for
Court, and is published as follows in "Treasury Decisions"
the recovery of $21,657; the Continental & Commercial Trust
of April 8:
(T. D. 2,185.)
& Savings Bank, $3,284 and the Hibernian Banking AssoSPECIAL EXCISE TAX ON CORPORATIONS—DECISION OF
ciation,$2,171.
COURT.
Discount on the Sale of Bonds.
A book charge because of the sale of an issue of bonds at less than par
is not deductible from gross income as part of the expenses.
Increase in Value of Assets.
Increase in the valuation of assets on the books of the corporation
not income received during the year, where there was no addition to
the plant and all that was done was to re-value the property.
3. Judgment Affirmed.
The judgment of the United States District Court (215 Fed., 967)
was affirmed.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C. April 1 1915.
The appended decision of the United States Circuit Court of Appeals
for the Third Circuit, in the case of the Baldwin Locomotive Works vs.
McCoach, collector, is published for the information of internal revenue
officers and others concerned.
G. E. FLETCHER,
Acting Commissioner of Internal Revenue.
1.
IN THE UNITED STATES CIRCUIT COURT OF APPEALS.THIRD
CIRCUIT, MARCH TERM, 1915.
Baldwin Locomotive Works vs. William McCoach, collector (1907).
William McCoach, collector, vs. Baldwin Locomotive Works (1908)•
Error to the District Court of the United Statesfor the Eastern District of
Pennsylvania.
Before Buffington, McPherson and Woolley, Circuit Judges.
McPherson, Judge: These writs of error require us to construe section 38
of the Act of 1909 taxing the net income of corporations. The opinion of
the District Court is reported in 215 Fed., at page 967. Several questions
were raisel below, but only two are before us, one on each writ. The undisputed facts are as follows:
In 1909, 1910 and the first six months of 1911 the locomotive works was
manufacturing locomotives in Philadelphia and made the returns of income
required by the Act. During this period there were some changes of corporate form and corporate name, but they involved no real change of interest and require no special attention. The tax admitted to be due was
paid, but the collector demanded and on Oct. 23 1913 compelled the payment of a large additional sum. After repayment had been properly
sought and refused, the pending action was instituted.
The corporation did not succeed in its effort to sustain a credit of$500,000
that was claimed as an expense of the business in 1910 and 1911. What
happened was this: In 1910 the company sold certain mortgage bonds
whose par value was $10,000,000, but received therefor $500,000 less, and
of this amount $100,000 was charged against income in 1910 and $400,000
in 1911. The bonds were dated April 30 1910 and will be due April 30
1940, thus extending over parts of 31 fiscal years. The Government
allowed one thirty-first of the discount as a proper charge against income
for 1910, and half that amount against income for the first six months of
1911. The amount disallowed was $83,870 96 for 1910 and $39.935 48 for
1911, the tax thereon being $4,758 06. This is the first item in dispute,
CHICAGO
LEGISLATIVE, BANKING AND FINANCIAL NEWS.
No sales of bank stock were made at the Stock Exchange
and only 2 shares were sold at auction. Fifty shares of
Columbia Trust Co. stock were also sold at auction at 470.
The last previous public sale of the stock was made in November 1913 at 450.
Low. High. Close. Last previous sale.
Shares. BANK—New York.
May 1913— 179%
186
186
2 Chatham & Phenix Nat. Bank_ 186
TRUST COMPANY—New York.
Nov. 1913— 450
470
470
470
50 Columbia Trust Co
B. F. Buchanan of Marion, Va., has been appointed by
the Treasury Department as counsel for receivers of all insolvent national banks throughout the country. Mr.
Buchanan will have supervision over and charge of all litigation relating to the affairs of such banks. The office has
been vacant since Milton C. Elliott resigned to become
counsel to the Federal Reserve Board.
Major E. C. Norsworthy of Montreal, Senior Major of the
Royal Highlanders, was among the prominent Canadians
killed the latter part of last week in the fighting in Northern
France. Major Norsworthy was for many years the Montreal manager of the Dominion Securities Corporation and
went with the first Canadian contingent. He was one of
the leading bond men of Canada and was also well acquanited
with many American bond dealers.
State Comptroller Travis made known on April 28 the result of the investigation conducted by his office into the af-
1482
TIIE CHRONICLE
[VOL. 100.
fairs of the New York State Banking Department. The
A bill providing for the establishment of home banks,
Comptroller finds nothing to criticize in the administration proposed to assist the small borrower, was defeated in the
of the Department; the following is a summary of the report: House on the 16th ult.; it had passed the Senate on the 9th
Our examination into the affairs of the State Banking Department re- ult. While the bill aimed to eliminate the "loan sharks,"
vealed nothing which reflects discredit upon the present administration,
its opponents contended that it would further the interests
either in its financial practices or its general policy of supervision over
institutions under its control. It is true that the expenditures of the last of these money lenders, since it would enable them to borrow
completed fiscal year amounted to $226,763 70 as compared with $141,- money for use in their business at a low rate. The bill car435 33 in 1910, and that there are now 70 employees as compared with 50
encourage home
at the earlier date, but in the meantime the activities of the Department ried a provision for the loaning of money to
have increased to such an extent as to justify the growth in expense. Apart ownership.
from an increase of $500,000,000 in the resources of the institutions subject
to supervision, a greater amount of work has been imposed by amendments
to the Banking Law and by improvements in the system of examinations,
such as the credit bureau and verification bureau. Savings banks are now
examined annually, where formerly they were examined only once in two
years, and the Department now has supervision over private bankers and
over the foreign accounts of banks and trust companies. There have been
some increases in compensation of officials and employees, but none which
'
warrants criticism.
The past nine months have been a critical period in banking circles, and
extraordinary vigilance has been required to meet its emergencies and perplexities. This has imposed additional responsibility and labor upon the
Department and its response to this demand has been such as to inspire
confidence.
In addition to exercising supervision over active banks, which are part
of the State banking system, the Superintendent of. Banks has charge of
the liquidation of insolvent institutions.
The investigation was undertaken on Feb. 3 at the request
of Superintendent of Banks Eugene Lamb Richards. An
inquiry into the Excise Department was begun at the same
time; both were undertaken under the direction of Deputy
Comptroller Fred. G.Reusswig.
The New York State Banking Department announces that
the private banking business, which was placed for the first
time under the jurisdiction of the State Superintendent of
Banks last year, is gradually being adjusted so as to meet
the conditions laid down in the new banking law. The
reports of the sixty-nine private bankers in the State required to be filed in the Banking Department show that from
December 24th 1914 to March 19th last the real estate
owned by these private bankers decreased from $5,573,448
to $4,655,295, a difference of $918,153. The resources
during the same period show a loss of $4,092,951, the total
on March 19th being $14,369,141. The total deposits in
March were $7,245,269, a decrease of $2,636,942.
Jesse S. Phillips, ex-Assemblyman of Andover, N. Y., was
appointed State Superintendent of Insurance on April 23 by
Governor Whitman to succeed Frank Hasbrouck, whose
term expires July 1. The appoiqment of Mr. Phillips was
unanimously confirmed by the Senate on the 23rd and is for
a period of three years.
•
Secretary F. R. Fenton of the Investment Bankers' Association, has issued an interesting bulletin covering new and
pending legislation. In addition, the tax situation and
remedial measures are discussed quite generally by the
Committee on Taxation.
The vacancy caused by the recent death of W. W. Waine,
Associate Editor of the "Journal-Bulletin" of the American
Bankers' Association, has been filled by the appointment
of George Lewis of New York to that position. Mr. Lewis
has been engaged in various lines of newspaper and magazine
work for over eleven years. For the past six years he has
been Managing Editor of the "Financier." He assumes
his new duties May 3 at Old Point Comfort, Va., where the
Executive Council of the Association will hold its spring
meeting.
Banks organized under the laws of Texas have no legal
right to maintain a bank at more than one place, and a
bank chartered to conduct business in a city named in its
charter may not transact any part of its banking business
at a suburb outside the city limits, according to the ad
vice given to the State Commissioner of Insurance and Banking submitted by the Attorney-General's Department. The
Department has also ruled that corporations created under
the banking laws of the State must maintain reserves against
demand deposits, whether such demand deposits be evidenced by certificates of deposit or other character of receipt. The Dallas "News" reports that the opinion defines
deposit and loan and distinguishes the two, and holds that if
the contract between the bank and its customer concerning
the money placed in its vaults is that of a demand deposit,
although evidenced by a certificate, then a reserve must be
held against it, and, on the other hand, if the transaction is
in fact a loan, then it is not necessary that any reserve
should be held against the certificates.
Only such trust companies in the State of Washington
as were engaged in a general banking business prior to the
enactment of the law of 1907 allowing trust institutions to
continue in a banking capacity may avail of the provisions
of the banking law. E. W. Allen, Assistant AttorneyGeneral of the State, so decides in an opinion rendered to
State Bank Examiner E. W. Hanson, which, according
to the Seattle "Post Intelligencer" of March 28, says:
It is our opinion that "doing business" * * * means the transaction
of a general banking business as commercially understood * * * and
that a trust company which was not doing a general banking business at
the time of the passage of the Act of 1907, but was merely incidentally
doing some of the things coming within the definition of banking, was not
doing business in such a manner as to come within the proviso authorizing
such trust company thereafter to conduct a general banking business without complying with the terms of the banking Act.
Joseph H. Sulzbacher of the firm of J. H. Sulzbacher &
Co. of this city, and his brother-in-law,Jesse L. Boskowitz,
two members of the New York Stock Exchange, were suspended for sixty days on April 28 by the Board of Governors
of the Exchange, following a formal trial before the Board.
The two brokers engaged in a fistic encounter on the floor
of the Exchange on April 17; the dissensions, it is understood,
related to personal affairs.
Edward B. Smith & Co., members of the New York and
Philadelphia Stock Exchanges, to-day announce the removal
of their New York office to the ground floor of 30 Pine Street.
The bankers have been located for the past seven years at
27 Pine Street, in the old Kuhn, Loeb & Co. office, which
they have now outgrown. In the new offices at 30 Pine
Street, the firm will have 23 times the space they had at
27 Pine St. and a complete and efficient plant has been installed to handle their increasing business. The office
appointments are unusually attractive, the various departments have been conveniently grouped about on the ground
floor, mezzanine and in the basement. Particular attention
and considerable space has been given to the bond and
statistical departments for ready service to the firms' customers. Pine Street is more than holding its own with
Wall Street as a financial thoroughfare, and it has always
been a favorite location for private banking houses desiring
ground-floor entrances to their offices. Speyer & Co's.
handsome building is next door to Edward B. Smith & Co's.
new office, with Chandler Bros. on the other side and Redmond & Co's. modern banking house on the opposite side
of the street. Up and down Pine Street, the Hanover
National and Mechanics' & Metals' National banks, the
Sub-Treasury, the new Equitable Building, Harris, Forbes
& Co., Kuhn, Loeb & Co. and others have prominent locations, which assures to the street its financial character for
years to come.
A number of banking bills have recently been killed in the
Iowa Legislature; one of these, shelved in the Senate on
March 30, was intended to regulate private banks; on the
same date the Senate killed the Doran bill providing for the
State guaranty of bank deposits, adopting by a vote of 24 to
17 the Committee report for indefinite postponement of
action on the bill.
A farm mortgage bank bill which had passed the House
was defeated in the Iowa Senate on April 6, after it had been
amended by the adoption of a provision making the bonds
issued by the bank subject to taxation. The bill had originally stipulated that the bonds be exempt from tax. The
bill would have permitted the banks to make loans under
State supervision on farms in Iowa at not to exceed one-half
of their value; the banks would not have been allowed to
receive deposits. It was proposed that the mortgages be
deposited with the State Auditor and bonds be issued
The Broadway Central Bank at Broadway and 97th St.,
against them.
this city, although only one year old, has made marked
MAY 1 1915.]
THE CHRONICLE
progress for an uptown institution in a residential centre,
particularly during a twelve months period of depression
and other unfavorable business conditions. The institution's
deposits at the last bank call, March 19,were $706,800 and
aggregate resources, 43,200. Its capital is $100,000 and
surplus and profits $31,900. The company's management
has been aggressive from the start. For 1915 the officers
expect the total turnover volume of business will exceed
$17,000,000.
The Harriman National Bank of Alaska at Seward,
Alaska, which has been founded by the interests in the
Harriman National Bank of this city, was opened for business
on the 21st ult. The new bank will have a capital of
$25,000 at the start. The Government has announced
that Seward has been selected as the coast terminus for the
railroad which the Government is to build in Alaska. John
A. Noble, Vice-President of the new institution and Cashier
of the Harriman National Bank of this city, furnishes the
following statement in regard to the establishment of the
new bank:
The circumstances of the establishment of the Harriman National Bank
of Alaska at Seward arose from recognition of the public benefit that a bank
can confer upon the community, particularly when such benefit accrues at
least in part also to the benefactors, for we both know that oven charity
when conducted on a strictly sound business basis is best dispensed.
In other words, in establishing the bank the organizers saw opportunity
for safe investment of their funds in the banking field, a field with which,
of course, as their names will readily disclose, they are perfectly familiar
Beyond this, there was also offered opportunity to perform a service to
the Government which should, and it is believed will, give lustre to the
bank and the reputations of those connected therewith.
In the building of the railroad and the development of Alaska the need
of a national bank, with the powerful New York connection of this bank,
becomes imperative, and the Harriman National Bank of Alaska at Seward,
not only will transact a general banking business, but will also give thought
to the development of this great territorial possession, aiding local enterprise so far as it consistently can, and forwarding alike interests of Government and public.
The plans in mind are largo and comprehensive, and if service means
anything, it will be disclosed in due time by the kind of service that the
Harriman National Bank of Alaska expects and is willing to perform.
The resident management will be composed of earnest and intelligent
citizens of this republic, young enough to grow up with the country, so
to speak, and become a part of it.
The name of Harriman among thoughtful and intelligent people stands
for something, and in perpetuating the title of the bank it is hoped to add
honor to the name.
The officers of the Harriman National Bank of Alaska are
Joseph W. Harriman, President; John A. Noble, Gaston
Hardy and Henry B. Wesselman, Vice-Presidents; Erich
Lucas, Cashier and Sidney B. Congdon, Assistant Cashier.
The directors are Joseph W. Harriman, Gaston Hardy,
Judah H. Sears, John A. Hesse and Erich Lucas.
At the close of business last Saturday the Mechanics &
Metals National Bank of this city moved from its quarters
at 50 Wall St. to its new home at 20 Nassau St. This occupies the entire block between Pine and Cedar streets and was
formerly the home of the Fourth National Bank, which was
absorbed by the Mechanics & Metals National on May 16
1914. As previously mentioned in these columns, the Mechanics & Metals National moved on April 28 1913 to 50
Wall Street from its original home at 33 Wall Street, where
it had carried on business for 103 years, and which it sold to
J. P. Morgan & Co. Extensive alterations have been made
in the building on Nassau Street to accommodate the needs
()tithe bank. The Mechanics & Metals celebrated its 105th
anniversary on March 23.
The Equitable Life Assurance Society of this city moved
into its new building, erected on the site of its former home
at 120 Broadway, on April 26. The building is sufficiently
completed to allow the insurance society to take over its
quarters, which embrace the entire sixth and seventh floors
and the Broadway front of the eighth and ninth floors. The
old Equitable Building was destroyed by fire in January 1912,
and since that time the society's business has been carried
on in space leased in three near-by office buildings,the executive offices having been located in the City Investing building
at 165 Broadway. The new offices of the society are laid
out according to the latest ideas of efficiency for the transaction of business and the equipment includes practically all
the office appliances and mechanical devices that have been
demonstrated to be time-savers.
J. Levering Jones has been elected a trustee of the Mutual
Life Insurance Co. of New York to fill the vacancy caused
by the death of the late William U. Hensel, formerly Attorney-General of Pennsylvania. Mr. Jones is a director of
the Real Estate Trust Co. of Philadelphia and Chairman of
1483
the board and Vice-President of the Fort Wayne & Northern Indiana Traction Co.
John G.Scattergood was appointed Auditor of the National
City Bank of this city at a meeting of the directors on
April 27. Mr. Scattergood has been employed in the Auditor's department of the bank.
George L. Pegram, First Assistant Cashier of the Metropolitan Bank of this city, died on April 23.
According to an announcement of two weeks ago, eighty
members of the New York Cotton Exchange, creditors of
S. H. P. Pell & Co., have sold their claims, aggregating approximately $2,600,000, to Myers & Goldsmith for 373/b cents
on the dollar. Col. Thompson, who was a special partner in
the firm, is reported to have arranged for the purchase of all
claims at the figure named,and settlement with those desiring
to avail of the offer will be made through Myers & Goldsmith.
The free assets of S.H.P.Pell& Co.have been turned over to
the Guaranty Trust Co. as trustee. The encumbered assets,
which are still in the hands of the receivers and amount to
approximately $400,000, will eventually be turned over to
the trustee, who will make a settlement with the remaining
creditors of the firm. The suspension of the firm of
S. H. P. Pell & Co., members of both the Stock
and ,Cotton exchanges, was one of the developments of the
inception of the European war last July. Howland Haggerty
Pell, former member of the firm, and Edward T. White,
associated with it for a number of years, have formed a copartnership under the name of Pa & White to transacta
general commission business in investment securities and
bank stocks at 43 Exchange Place.
The merger of the Aetna National Bank of Hartford with
the Hartford National Bank, which we previously mentioned
in these columns as under way, was consummated on Monday, when the stockholders of the former institution voted
to consolidate with the Hartford National. The transfer of
the assets of the Aetna to the Hartford National was immediately effected, the enlarged bank beginning business on
Tuesday under the name of the Hartford National Bank.
While it is proposed to adopt the title Hartford-Aetna National, the new name has not yet been availed of. The
arrangements under which the consolidation is perfected
provide for the voluntary liquidation of the Aetna National
and the sale of its assets at approximately $307 a share. The
Aetna National had a capital of $525,000 and surplus and
profits (March 4) of $1,033,035. At a meeting on April 23
the stockholders of the Hartford National authorized the
issuance of 8,000 shares of new stock to be sold at $200 per
$100 share, increasing the capital from $1,200,000 to $2,000,000 and adding $800,000 to surplus. Alfred Spencer Jr.,
President of the Aetna National, is President of the newlycreated institution. The other officials of the consolidated
bank are: First Vice-President, Frank P. Furlong, heretofore
Vice-President and Cashier o: the Hartford National; Second Vice-President, Henry T. Holt, formerly Cashier of the
Aetna National; Cashier, A. G. Brainerd, Assistant Cashier
of the Hartford; and Assistant Cashiers,W.S. Andrews, who
held the same position in the Hartford; D. W. Hubbard and
E. M. Crampton, heretofore Assistant Cashiers in the
Aetna. The enlarged bank starts with deposits of $9,500,000 and resources of $15,000,000, making it the largest
national bank in New England outside of Boston.
Steps have been taken in Hartford, Conn., toward the
establishment of a national bank under the name of the
Colonial National Bank. A charter for the proposed institution, which is to have capital of $500,000 and surplus of
$100,000, has been approved, the applicants being E. C.
Frisbie, Silas Chapman Jr., J. N. H. Campbell, M. A. Andrews and B. White. Some of the interests back of the new
institution were formerly identified with the Charter Oak
National Bank, which was absorbed by the Phoenix National
Bank on Feb. 15. The stock of the new bank is being subscribed for at $120, the par value of each share being $100.
A new trust company has been formed in Springfield,
Mass., to be known as the Commercial Trust Company.
The new institution will have a capital stock of $3350,000 and
a paid-in surplus of $105,000. The shares will be sold at
$130, of which $100 will go to capital and $30 to surplus.
The public has been invited to subscribe to the stock and.
1484
TIIE CHRONICLE
twenty-five shares is the largest number that may be applied
for by any one person. The trust company has leased quarters at the corner of Main and Hampden streets and will open
for business as soon as alterations are completed. Arthur
J.Skinner,formerly Cashier of the Third National Bank, has
been chosen President of the new company and will be assisted in its management by John W. Wood, Treasurer, and
Raymond H. Flagg, Assistant Treasurer.
J. Tatnall Lea, who retires as President of the First
National Bank of Philadelphia to-day (May 1) has been
elected Chairman of the Board of Directors. As previously
mentioned in these columns, William A. Law, formerly
First Vice-President of the bank, succeeds Mr. Lea as President.
C. P. Lineaweaver, heretofore Secretary of the Commercial Trust Co. of Philadelphia, has been elected VicePresident of the institution to fill the vacancy caused by the
resignation of W. A. Obdyke, who has become associated
with Drexel & Co. H. W. Stehfest is promoted from
Assistant Treasurer to the position of Treasurer of the
Commercial Trust and Samuel A. Crozer from Assistant
Secretary to that of Secretary. Mark Wilcox and Henry
C. Gibson have been made respectively Assistant Treasurer
and Assistant Secretary.
Harvey L. Elkins has resigned as President of the Colonial
Trust Co. of Philadelphia, to become a member of the firm
of Edward V. Kane & Co., dealers in investment securities.
Mr. Elkins will remain as a director of the trust company.
Frank G. Kennedy Jr., a director of the company, has been
elected First Vice-President and E. J. Jones, Second VicePresident. Mr. Jones is acting as President pro tem.
According to a preliminary report of the affairs of the
banking and brokerage firm of Woelpper & Co. of Philadelphia, presented to the creditors on April 13,the concern
has assets of $76,810, liabilities of $275,369 and doubtful
assets of $172,033. The doubtful assets are said to include
some claims of the firm against its customers and a balance
of between $55,000 and $60,000 against the Lancaster and
Berwick syndicates, which pertain to certain tracts of land in
Lancaster County. The Woelpper firm has been interested
in these syndicates since the death of George B. Atlee,
founder of the firm. The suspension of Woelpper & Co.
was announced in our issue of April 3.
The Seaboard Bank of Baltimore, to whose organization we
have previously referred, opened for business on April 26 in
temporary quarters at 1222 North Charles Street. W. Bernard Duke is President of the bank and is assisted in the management by Edwin W. Adams, Vice-President, and Robert
A. Diggs, Cashier. As stated in these columns last week,
Mr. Adams resigned as Vice-President of the Title Guarantee
66 Trust Company to become identified with the Seaboard
Bank. Mr. Diggs was formerly Cashier of the Union National Bank of Maryland, having resigned in June 1912, after occupying the position for twelve years. The temporary
quarters of the Seaboard Bank are close to the location chosen
for its permanent home at Charles and Preston streets.
Thomas C. Stevens, heretofore Assistant Treasurer of the
Colonial Trust Company of Pittsburgh, has been chosen
Treasurer to succeed Homer C.Stewart, resigned.
Worcester R. Warner has been chosen a director of the
Guardian Savings & Trust Co. of Cleveland to fill the vacancy caused by the resignation on the 1st ult. of Vice-President R.W.Judd. John A.Kling,a director of the company,
has been elected a member of the executive committee, and
George F. Hart, Fifth Vice-President, has been promoted
to Fourth Vice-President. H. P. McIntosh Jr., Assistant
Treasurer, has been appointed Assistant Secretary. The
vice-presidents of the company are J. Arthur House, C. L.
Mosher, H. C. Robinson and George F. Hart.
[VOL. 100.
In 1911 the Greenebaum Sons Bank & Trust Co. was incorporated as a State bank and now has a capital of $1,500,000 and a surplus of $350,000. Its departments include
general banking, savings, trust, loan, foreign, safe-deposit
and investment. Some of the most important Chicago real
estate bond flotations in recent years have been handled by
this bank, over $100,000,000 of such securities being now
outstanding. The business is at present conducted by three
generations of the Greenebaum family, which has been
prominent in Chicago banking circles for more than half a
century. In the new location this institution has one of the
finest banking rooms of its kind in the country, all branches
being under one roof. An attractive and artistic private
entrance leads from La Salle Street to the bank floor and
also to the safe-deposit vaults in the basement. The bank
floor may also be reached from the public lobby of the building by staircase and elevators. The entire interior of the
banking room is finished in mahogany and Hauteville
marble. Every detail of arrangement has been carefully
worked out for the convenience and comfort of patrons,
including handsome meeting and rest rooms. The fittings
and fixtures are substantial and of the latest design. In its
report to the State Auditor February 18th 1915 the undivided profits were given as $51,503. Total resources,
$5,143,084 and deposits $3,208,505.
Steps are being taken looking towards the establishment
of a new State banking institution in Chicago,to be known
as the Bank of Commerce. The stock of the proposed institution, which is to be located on Michigan Boulevard, is now
being offered for sale. It is planned to start the bank with
a capital of $500,000 and a surplus of $100,000. William F.
Van Buskirk, former Vice-President of the Standard Trust
& Savings Bank, is one of the organizers of the new institution.
C. A. Worthington has resigned as Secretary and Assistant
Treasurer of the Insurance Trust Co. of Chicago to accept
the position of Assistant Bank Examiner for the Kansas City
Clearing House Association. Mr. Worthington was formerly
an Assistant National Bank Examiner at Kansas City and
other points for several years, resigning in 1911 to become
Assistant to the President and Auditor of the First National
Bank of Pittsburgh.
The Savings Bank of Minneapolis, which is now a mutual
savings association, will reorganize under the State banking
laws and begin a commercial business with a savings department, about June 1. The capital of the reorganized bank
will be $100,000 and the surplus $20,000. The name has
not yet been selected. The bank will move from its present
location to the building to be vacated by the ScandinavianAmerican National Bank. As stated in our issue of April 10,
the Scandinavian-American National has leased the quarters
in the Security Bank Building which were occupied by the
Security National prior to its recent consolidation with the
First National Bank. Adam Hannah, President of the
Savings Bank of Minneapolis, will occupy the same position in the new bank, and Vice-Presidents K. Stensrud and
B. W. Smith, Treasurer Edward Mattson, Secretary John
L. Larson and Assistant Treasurer Theodore L. Lee of the
savings institution will be identified with Mr. Hannah in
the management of the new State bank.
The forty-fifth annual report of the Royal Bank of Canada
(head office, Montreal), for the year ending November 30
1914, the details of which were given in these columns on
December 26, has been published in pamphlet form. In
addition to the annual statement showing the condition of
the bank at the end of the past year, the pamphlet contains
statistics relative to the Dominion of Canada—its area,
population, revenue and expenditure; a statement of the
public debt; the clearing-house returns and figures regarding
.Canadian chartered banks; the world's production of wheat;
the principal Western grain crops; a summary of imports and
exports, &c. The pamphlet also presents under the head of
"Canada and the European War", facts concerning the
tariff amendments, war taxes, prohibited exports, contraband of war, trading with the enemy and principal imports
from Germany and Austria-Hungary.
The Greenebaum Sons Bank & Trust Co. of Chicago, now
entering on its sixtieth year, will remove on May 3 to the
bank floor of the new Lumber Exchange Building at the
southeast corner of LaSalle and Madison Streets. The
The half-yearly statement to Dec. 31 1914 of the YokoGreenebaum institution is the oldest banking house in hama Specie Bank, Ltd. (head office, Yokohama), which
Chicago, having been founded in 1855 by Elias Greenebaum was submitted to the shareholders at the semi-annual meeting
who,at the age of ninety-three, is still active in the business. held at Yokohama on March 10, shows gross profits for the
MAY 1 1915.]
six months, including yen 1,315,406 brought forward from
the last account, of yen 22,799,667; of this, yen 19,314,418
have been deducted for interest, taxes, current expenses,
rebate on bills current, bad and doubtful debts, bonus for
officers and clerks, &c., leaving a balance of yen 3,485,248 for
appropriation. The directors proposed to add yen 350,000
to the reserve fund and recommended a dividend at the rate
of 12% per annum, calling for yen 1,800,000. The balance,
yen 1,335,248, was carried forward to the credit of the next
account. The Yokohama Specie Bank, Ltd., has a capital
(paid up) of yen 30,000,000, reserve fund of yen 19,600,000,
deposits (current, fixed, &c.,) of yen 186,027,935, on Dec. 31
1914, and assets on that date amounting to yen 378,331,175.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 15 1915:
GOLD.
The movements of gold during the week have been substantially in
favor of the Bank of England.
The following amounts were received by the Bank:
April 8_ _ £1,142,000 in bar gold.
8__
355,000 in sovereigns released from miscellaneous sources.
1O..
9,000 in bar gold.
10__
25,000 in sovereigns released from miscellaneous sources.
14__
613,000 in bar gold.
14_
616,000 in foreign gold Coin.
350,000 in sovereigns released from miscellaneous sources.
14_
Withdrawals were made as under:
£50,000 in sovereigns set aside for account of Argentina.
April 8_ _
9-- 257,000 in sovereigns set aside for account of Argentina.
500,000 in sovereigns set aside for 'miscellaneous purposes.
10__
40,000 in sovereigns set aside on account of Argentina.
12_120,000 in sovereigns set aside on account of Argentina.
13__
14_- 149,000 in sovereigns set aside on account of Argentina.
10,000 in foreign gold coin.
14-During the week the net increase was £1,984,000.
The output of the Transvaal for March 1915 was £3,202,514, as compared with £2,917,346 for March 1914 and £2.872,406 for February 1915.
SILVER.
The undertone remains good, though veryllittle animation is apparent
upon the surface.
The quotation remained at 23%d. from the 8th to the 12th instants, inclusive, but fell to 23%d. on the 13th and was fixed again at that figure
on the 14th.
To-day the price recovered to 23 9-16d.
Continental demand has been less in evidence, and inquiry from the
East very sluggish. Indeed, this week's Indian:shipments are exceptionally small.
Statistics showing the imports of silver from the United States of America
during the first three months of 1915 and also of 1914 will be found to be
of interest.
1914.
1915.
Imports8,056,225 6,679,661
January
7,936,593 4,694,175
February
5,266,737 5,311,613
March
21,259,555 16,685,449
Total
The wide discrepancy between the two series of figures is very noticeable:
the total imports during the first quarter of this year being 25% larger than
those for the same period of 1914; but it should be remembered that during
the first three months of 1914 the syndicate which took over the huge stock
of the defunct Indian Specie Bank was known to be realizing its stock, and
this fact probably deterred the United States from selling freely.
Mexican supplies, which as a rule travel via New York, and are included
in the above totals, have been much reduced owing to disturbances in that
country, and it is therefore remarkable that the total for the first quarter
of this year should nevertheless be 10% more than a quarter of the total
imports from the United States of America during 1914.
Imports from Canada during the two periods contrasted show very
little variation. The totals were 4,133,619 ozs. and 4,449,947 ozs. for
1915 and 1914 respectively.
During the first quarter of this year, the total imports into this country
from abroad were 26,105,164 ozs., as compared with 22,449,040 during the
first quarter of 1914. In spite of this, tlie price has been on an ascending
scale, even though a very great shrinkage in trade demand has taken place
as a consequence of the war, and the fact suggests that the market as a
whole stands on a sound footing.
An Indian currency return for April 7 gives the following details, in lacs
of rupees.
Notes in circulation
60,89
Reserve in silver coin
31,60
Gold coin and bullion
7,64
Gold in England
7,65
in
consists
of
stock
Bombay
6,500 bars, as compared with 7,500
The
last week.
A shipment of 345,000 ozs. has been made from San Francisco to Hongkong during the week.
Quotations for bar silver per-ounce standard:
No
cash1
5%
Bank rate
April 9_ _ __23tri
10_ __ _23%
" quotation Bar gold per oz. standard_ _775. 9d.
"
fixed
French gold coin per oz. std_Nominal
12_ ---23%
"
for
U. S. A. gold coin, per oz.
13_._23%
"
Nominal
forward
standard
14_ ---233i
delivery.
15.._ _ _23 9-16 "
Av.for wk_23.573 "
The quotation to-day for cash delivery is 1-16d. below that fixed a
week ago.
goininercial anciAitscellantonsItexus
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED APRIL 17.
The Nashwauk State Bank. Nashwauk. Minn., into "The First Ntional
Bank of Nashwauk." Capital. $25,000.
1485
THE CHRONICLE
The Athens Bank & Trust Co., Athens, Tenn., into "The Citizens Nadapital, $50,000.
tional Bank of McMinn County at Athens.
CHARTERS ISSUED APRIL 14 TO APRIL 17.
Dak. Capital,$25,000.
No.
Streeter,
of
Bank
National
First
-The
10,724
F. S. Graham, Pres.; R. J. Hoeschen. Cashier. (Conversion of
The First State Bank of Streeter, No. Dak.)
10,725-The First National Bank of Pepin, Wis. Capital, $25,000.
E. Langers, Pres.; Arthur Schilling, Cashier. (Conversion of
The State Bank of Pepin, Wis.)
10,726-The Clark National Bank of Newton, Iowa. Capital,$50,000.
D. L. Clark, Pres. (Succeeds Banking House of D. L. Clark,
Newton, Iowa.)
10,727-The First National Bank of Dormers' Ferry, Idaho. Capital.
$25,000. W. L. Kinnear, Pros,; F. A. Shultis, Cashier. (ConState Bank, Bonners
u.ria
version of The Farmers & Lbermens
Ferry, Idaho.)
10,728-The First National Bank of Hawkins, Tex. Capital, $30,000.
J. L. Hartsfield, Pres.; Milton E. Smart, Cashier. (Conversion
of The First State Bank of Hawkins, Tex.)
VOLUNTARY LIQUIDATION.
9,957-The First National Bank of Maricopa, Cal. April 15 1915.
Cal.. and W. Y.
Liquidating agents: W. E. Benz, Bakersfield,'
White, Maricopa, Cal.
4,218-The National Howard Bank of Baltimore, Md. April 15 1915.
' Md. ConsoliLiquidating agent: Waldo Newcomer, Baltimore,
dated with The National Exchange Bank of Baltimore, No. 1109.
10,448-The Warren National Bank of Bowling Geren, Ky., April 15 1915.
Liquidating agent: G. D. Sledge, Bowling Green, Ky. Absorbed
by the American National Bank of Bowling Green, No. 9365.
RESUMPTION OF BUSINESS.
9,708-The Union National Bank of Providence. Ky. which was placed
in the hands of a receiver Feb. 12 1915, resumed business April 15
1915.
New York City Banks and Trust Companies.
Trust Co's
Ask
Bid
Bank
Ask
Bid
Banks
Bid
Ask
New York
Mech & Met_ 257 265
New York
355 365
America* - 560 570 Merch Exch. 175 185 Astor
445 450
Amer Exch._ 207 210 Merchants' _ 185 190 Bankers Tr
Battery Park 120 135 Metropolis;_ 300 340 B'way Trust_ 143 148
____ Mctroporn*_ 165 175 Central Trust 975 985
Bowery* __ 400
____ Columbia ...._ t470
325
utual
Bronx Boroo_ 225 260
_ -75
.
.."few Neth• _ 210 225 Commeicial _
Bronx Nat-.160
gi 310
Bryant Park* 140 150 New York Co 725 825 Empire
Butch & Dr_ 120 130 New York- 375 385 Equitable Tr 415 425
200 210 Farm L & Tr 1100
_ _ _ Pacific*
Century* -- _
365 400 Fidelity
200 iiii
585 Park
160575
C'hese
__ Fulton
275 300
_-- People's* -_ 225
Chath &Phent186
_ 1-25 Prod Each'.. 160 1-6-5 Guaranty Tr 590 600
Chelsea Ex.._
125
175 Hudson
135
Chemical ___ 4.00 410 Public*
Citizens Cent 166 172 Seaboard__ 375 400 Law Tit & Tr 115 120
25 Lincoln Trust 100
105
385 395 Second
City
__..- - 80 Metropolitan 405 415
Coal & Iron_ 155 102 Security. --- --135 Mut'
. (W estColonials _ 450 ____ Sherman.
135
cheater)_ -- 130 135
Columbia•-__ 300 325 State'
Commerce _ 167 170 23d Ward'_ _ 100 125 N Y Life Ins
& Trust-_ 940 960
Corn Exch*. 310 315 Union Each. 133 140
__ N Y Trust_ __ 580 590
Cosmopolitn* 80 100 Unit States*. 500
Wash Hiss_ 275___ Title Ou & 1 r 385 395
90
East River__ 75
WeEtch Avo_ 160 1-75 Tr'nsatiantic 200 220
Fidelity/4_ 155 165
--_- 450 Union Trust_ 340 350
Fifth Ave•__ 4000 45C0 West Side
250 300 Yorkville *..- 540 575 U S Mtg & Tr 390 400
Fifth
United States 1040 1060
_-First
--__
Westchester. 140
- -- 195
850Garfield __
Broeklyn.
Germ-Amer' 1-30 140
German Ex*. 390 410 Coney Isi'do_ -.... 105
Brooklyn
260 270
Germania• 425 475 First
135 150
___ Flatbush
Gotham ____ 190
__Greenwich* _ 285 280 Greenpoint_ l50 Brooklyn Tr_ 470
Hanover ____ (120 635 Hillside- 1-05 120 Franklin ___ 250 260
.._ Homestead. 80 101) Hamilton ___ 270 285
Harriman... 305
Mechanics'* .. 140 150 Kings County 600 615
_Imp & Trad_ 510 515
__ 105 Manufact'rsMontauk* _
Irving
170 175
Citizens... 137 142
1-95 205
__ Nassau
liberty-_ 590
National City 270 280 People's ___ 280 288
Lincoln
300 325
_ 80
Co__
Queens
200
175
Side'.
North
320
Manhattan._ 310
Mark & Fult_ 240 250 People's ____ 145 155
Stock
at
or
• Banks marked with a (9 are State banks. t Sale at auction
Exchange this week.
Canadian Bank Clearings.-The clearings for the week
ending April 24 at Canadian cities, in comparison with the
same week in 1914, show a decrease in the aggregate of
9.07%.
Week ending April 24.
Clearings al1915.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
3
49,550,538
35,000,000
35,722,195
4,885,770
4,573,575
2,609,568
1,972,049
2,632,630
1,539,928
1,873,263
3,109,119
1,541,936
2,C94,069
1,324,493
544,374
343,908
798,350
532,922
781,652
495,960
283,245
240,683
370,140
1914.
Inc. or
Dec.
$
%
57,020,320-13.1
43,616,282 -19.8
25,248,110 +41.4
9,158,658 -46.7
4,133,C33 +10.6
2,821,813 -7.5
2,104,922 -6.3
2,928,698 -10.1
1,685,139 -8.7
1,809,238 -7.5
4,135,303 -24.8
2,818,170 -45.3
3,649,879 -42.3
1,928,722 -31.3
465,728 +17.0
446,560 -23.1
1,316,618 -39.3
657,524 -19.0
971,673 -19.5
731,529 -32.3
466,010 -39.3
432,734 -44.4
Not incl. in total.
152.250.227 168.548.663
1913.
1912.
3
52,950,891
39,613,853
26,718,961
12,623,798
3,689,559
2,927,572
1,626,786
2,988,184
1,720,237
1,561,749
4,650,823
3,445,746
4,391,472
3,286,657
.587,267
497,208
2,162,852
721,681
1,147,134
779,950
619,963
3
54,259,156
38,429,828
26,493,176
13,106,2.36
4,931,7,
2,409,4,
1,574,043
2,827,2'72
1,813,4:27
1,623,8'72
4,897,017
3,598,037
3,727,038
2,627,2iD6
495,61 9
601,51 0
2,225,2, 3
527,6: 2
1,141,1' 3
627,31 2
-9.7 168.712.343 167.936.0, 8
NICARAGUA CUSTOMS RECEIPTS.-We append a
statement showing the Nicaraguan customs receipts for the
seven months since July 1 1914,compared with 1913-14:
July
August
September
Third quarter
October
November
December
Fourth quarter
January'
1914-15.
$95,973 52
84,532 52
82,531 38
$263,037 42
$77,998 19
55,406 78
62,865 69
1913-14.
$181,629 84
140,051 16
153,623 17
Increase (-IDecrease(-)
-$85,656 32
-55,518 64
-71,091 79
$475,304 17 -$212,266 75
$125,901 40
125,492 42
130,401 09
-$47,903 21
-70,08564
-67,535 50
$196,270 56
$381,794 91 -$185,524 35
$45,064 68
$158,251 38 -$113,186 68
1486
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atcb. Topeka & Santa Fe,corn.(quar.)_ _
134 June 1 Holders of rec. April 30a
Atlantic Coast Line RR., pref
214 May 10 May 1 to May 10
Central RR. of New Jersey (quar.)
2
May 1 Holders of rec. April 16a
Cleveland& Pittsburgh, reg.guar.(quar.)_ _
134 June 1 Holders of rec. May 10a
Special guaranteed (guar.)
1
June 1 Holders of rec. May 10a
Cripple Creek Central, cont. (qu.)(No. 22)_
1
June 1 Holders of rec. May 15
Preferred (guar..) (No. 38)
1
June 1 Holders of rec. May 15
Cuba RR., common
3
May 1 Holders of rec. April 24a
Elmira & Williamsport,corn mon
2.26 May 1 April 21 to April 30
Georgia South. & Fla., 1st & 2d prof_ _
234 May 7 Holders of rec. April 23
Great Northern (quar.)
1% May 1 Holders of rec. April 70
Nashua & Lowell
434 May 1 Holders of rec. April lba
New York Central RR. (quar.)
114 May 1 April 2 to April 20
Norfolk & Western an. pref. (quar.)_ _
May 19 Holders of rec. April 300
1
Norfolk & Western, common (quar.)
134 June 19 Holders of rec. May 31a
Northern Pacific (quar.)
134 May 1 Holders of rec. April I2a
Pennsylvania (guar.)
75c. May 29 Holders of rec. May in
Reading Company, common (quar.)__. 2
May 13 Holders of rec. April 260
Reading Company, 1st prof. (quar.)._ _ _
June 10 Holders of rec. May 25a
1
Street and Electric Railways.
American Railways, preferred (quar.)__ _
134 May 15 Holders of rec. April 30a
Aurora Elgin & Chic. RR., pref. (guar.). 134 May 1 Holders of rec. Mar. 23a
Bangor Ry.& Elec., corn. (quar.)(No.5)
% May 1 Holders of rec. April 20
Boston Elevated Ry (guar.)
1
May 15 Holders of rec. May 6
Brazilian Trac., LtAP., Ltd., corn. (qu.) 134 June 1 Holders of rec. April 30
Bristol de Plainville Tramway (guar.)
2
May 1 Holders of rec. April 24
Cape Breton Electric Co., corn.(No. 11) $1.50 May 1 Holders of rec. April 22a
Preferred (No. 18)
$3 May 1 Holders of rec. April 22a
Columbus Ry., Pow. & Lt., corn. (qu.)_
134 May 1 Holders of rec. April 17
Preferred B (quar.)
114 May 1 Holders of rec. April 17
Com'wealth Pow., Ry..S: L., corn. (qu.). 1
May 1 Holders of rec. April 16a
Preferred (quar.)
134 May 1 Holders of rec. April 16a
Connecticut Ry.& Ltg., comApf.(quar.) I
May 15 May 1 to May 16
Cumberland Co. Pow.& L., pref. (quar.) 134 May 1 Holders of rec. April 17a
Detroit United Ry. (guar.)
134 June 1 Holders of rec. May 15a
Duluth-Superior Tree., common (quar.) 11
July 1 Holders of rec. June lba
Duquesne Light, pref. (qu.) (No. 1)_. _
IN May 1 April 19 to April 30
East St. Louts & Suburban Co., pref.(qu.)
X May 1 Holders of rec. April 22
Grand Rapids Ry., pref.(qu.) (No. 58)_ _
134 May 1 Holders of rec. April 20
Havana Elec. Ry., L.& P., common
214 May 15 April 25 to May 20
Preferred
3
May 15 April 25 to May 20
Jacksonville Trac., pref. (guar.)(No. 17) 134 May 1 Holders of rec. April 15a
Lehigh Valley Transit, preferred
1
May 10 Holders of rec. April 30a
Lewiston Augusta & Watery., pref. (qu.) 114 May 1 Holders of rec. April 17
Lincoln Traction, pref. (quar.)
134 May 1 April 21 to April 30
Massachusetts Consolidated Rys., pi. (qu.)_
134 May 1 Holders of rec. April 23a
Montreal Tramways (quar.)
234 May 1 Holders of rec. April lba
Ohio Traction, pref. (guar.)
134 May 1 Holders of rec.
26a
Pacific Gas & Elec., 1st pref.(qu.)(No 3). 134 May 15 Holders of rec. April
April 30a
Original preferred (guar.) (No. 37)
114 May 15 Holders of rec. April 30a
Philadelphia Co., corn. (quar.)(No. 134) 114 May 1 Holders of rec. April 17a
6% preferred (No.5)
3
May 1 Holders of rec.
la
Pub. Serv. Invest., pref.(qu.)(No. 24).... $1.50 May 1 Holders of rec. April
April lea
Rio de Janeiro Tram., LAP.,Ltd.(qu.). 134 May 1 Holders of rec. April 15
Sao Paulo Tram., Lt. & Power (quar.)._
234 May 1 Holders of rec. April 15
Tampa Electric Co.(guar.)(No.42)
234 May 15 Holders of rec. May ba
Union St. Ry. of New Bedford (quar.)
2
May 1 Holders of rec. April lba
Washington-Virginian Ry., common.._
1
May 1 April 18 to April 30
Preferred
234 May 1 April 18 to April 30
West Penn Rys., preferred (quar.)
114 May 1 April 21 to May 2
Banks.
American Exchange National (No.
5
May 1 Holders of rec. April 2Ca
(quar.)
10).Bowery
3
May 1 April 28 to April 30
Extra
3
May 1 April 28 to April 30
Chemical National (bi-monthly)
234 May 1 April 25 to April 30
City, National
5
May 1 Holders of rec. April 28
Corn Exchange (quar.)
4
May 1 Holders of rec. April 30a
Fidelity
3
May 1 Holders of rec. April 28a
Germania
10
May I Holders of rec. April 20a
Lincoln National (guar.)
234 May 1 Holders of rec. April 29a
Pacific (quar.)
2
May 1 April 15 to April 30
Trust Companies.
Astor (quar.)
2
May 1 Holders of rec. April 28a
Broadway (quar.)
134 May I April 21 to April 30
Farmers' Loan & Trust (quar.)
1234 May 1 Holders of rec. April 240
Hamilton, Brooklyn (quar.)
3 . May 1 Holders of rec. April 26a
Kings County, Brooklyn (guar.)
b
May 1 April 25 to April 30
Miscellaneous.
Amalgamated Copper Co.(quar.)
34 May 31 Holders of rec. April 243
American Brass (quar.)
1% May _I
American Chicle, common (monthly)
134 May 20 Holders of rec. May 15a
American Cigar, common (quar.)
134 May 1 Holders of rec. April 15a
Amer. Gas & Elec., pref. (qtr.)(No.33).. 134 May 1 Holders of rec. April
21
AmericanGlue, common
3
May 1 April 28 to May 34
Amer. Graphophone, pref. (qu.)(No.68) 134 May 15 Holders of tee. May
1
Amer. La France Fire Engine, Inc., corn.. 1
May 15 Holders of roe. May 100
Amer. Light de Trac., corn.(quar.)
214 May 1 April 16 to April 30
Common (payable in common stock)._
234/ May 1 April 16 to April 30
Preferred (quar.)
134 May 1 April 16 to April 30
American Malt Corp., pref.(No. 14)— —
$1 May 3 April 16 to May 2
American Malting, Preferred
62c. May 1 Holders of rec. April 15
Amer.Soda Fountain (guar.)
134 May 15 May 11 to May 16
American Utilities, preferred (quar.)___ _
134 May 10 Holders of rec. April 30a
Bellows Falls Power, preferred
214 May 1 Holders of rec. April 23
Bergner & Engle Brewing, pref
4
May 1 April 24 to May 2
Bigelow-Hartford Carpet Corp., pf. (qu.) 134 May 1 April 25 to April
30
Brill (J. G.) Co., pref. (quar.)
1
May 1 April 25 to April 30
British Colum.Packers' Assn., corn.& pf. 334 May 21 Holders of rec. May
9
Brown Shoe, Inc., preferred (quar.)
134 May 1 Holders of rec. April 24a
Buckeye Pipe Line (guar.)
$2 June 19 Holders of rec. June 3
Burns Bros., common (quar.)
134 May 15 Holders of rec. May 1
Preferred (quar.) (No. 9)
134 May 1 Holders of rec. April 16
Cambria Steel (quar.)
0131 May 15 Holders of rec. April 300
Canada Cement, Ltd., pref.(qu.) (No.21) 131 May 17 May 1 to May
10
Canadian Converters' Ltd. (quar.)
3.6 May 15 Holders of rec. April 30
Ciuott, Peabody & Co.,com.(qu.)(No.6) 1
May 1 Holders of rec. April 20a
Commonwealth Edison (quar.)
2
May 1 Holders of rec. April 15a
Consolidated Gas (guar.)
114 June 15 Holders of rec. May 12a
Extra
— June 15 Holders of rec. May 12a
De Long Hook & Eye (quar.)(No.59)_
1
May 1 Holders of rec. April 26
DominionBridge, Ltd. (quar.)
111 May 15 Holders of rec. April 30
DominionSteelCorp.,Ltd.,PL(131.)(N0.13) 134 May 1 April 16 to May 1
Eastman Kodak,common (extra)
5
June 1 Holders of rec. April 30a
Edison Elec. III. of Boston (qu.)(No. 104) 3
May 1 Holders of rec. April 20
Edison Elec. BL of Brockton (No. 55)....., $4
May 1 Holders of rec. April lba
Electrical Securities Corp., pref. (quar.)
114 May 1 Holders of rec. April 24a
Elec. Bond & Share, pref. (qu.) (No. 40) 134 May 1 Holders
of rec. April 21a
Elgin National Watch (guar.)
2
May 1 Holders of rec. April 23a
Elk Horn Fuel, preferred
n114 May 10 Holders of rec. May la
Eureka Pipe Line (quar.)
6
May 1 Holders of rec. April 15
Fall River Gas Works (quar.) (No. 82)_
3
May 1 Holders of rec. April 17a
Federal Sugar Refining, preferred (quar.) 114 May 1 Holders of rec.
Ft. Worth Pow. & Lt., pref. (qu.) (No. 15) 134 May 1 Holders of rec. April 290
April 20
Gair (Robert) Co., pref. (guar.)
134 May 1 April 24 to April 30
General Chemical, common (quar.)
134 June I Holders of rec. May 20a
General Motors, preferred
334 May 1 Holders of rec. April 14a
Harrison Bros. & Co., Inc., pref
1
May 1 Holders of rec.
Houghton Co. Elec. Light, coin.(No.20) 6234e. May 1 Holders of rec. April 27
April lba
Preferred (No. 25)
75c. May 1 Holders of rec. April 15a
Illinois Northern Utilities, pref.(quar.)
134 May 1 April 21 to Apr1130
Illuminating & Power Securities, pf. (qtr.) 134 May 15 Holders of rec. April
30a
Indiana Pipe Line (quar.)
May 15 Holders of rec. April 24
$2
Inland Steel (guar.)
1
June 1 Holders of rec. May 10
International Banking
3
May 1 April 16 to Apri130
[voL. 100.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Int. Ham of N. J., pf. (qu.) (No. 33)_
134 June 1 Holders of rec. May ba
Int. Harv. Corp., pref. (quar.) (No. 9).
134 June 1 Holders of rec. May ba
International Nickel, preferred (quar.)__
134 May 1 April 14 to May 2
Island Creek Coal, common (quar.)
50e Mar, I Holders of ree. April 23
Kansas City Stock Yards of Me., pf.(qu.) 114 May 1 Holders of rec. April 15a
Kansas City Stock Yards of Mo.(quar.)_
154 May 1 Holders of rec. April 15a
Kayser(Jullus)& Co., 1st & 2d pref.(qu.) 114 May 1 Holders of rec. April 200
Kelly-Sprinzlield Tire, eom.(quar.)
134 May 1 Holders of rec. April 15
Kerr Lake Mining (quar.) (No. 39)
25-s. June 15 Holders of rec. June la
Keystone Telephone, preferred
$1.50 May 1 Holders of rec. April 20a
Lackawanna Steel, preferred (guar.)._ _ _
134 June 1 Holders of rec. May 31
Lehigh Coal & New. (guar.) (No. 146)— — $1
May 29 Holders of rec. April 30a
Liggett & Myers Tobacco, common (qu.)
3
June 1 Holders of rec. May lba
Lone Star Gas
134 July 1
Extra
134 July 1
Stock dividend
(m)
15
Lowell Elec. Lt. Corp. (quar.) (No. 76) $2 July
May 1 Holders of rec. April 17
Manhattan Shirt, corn. (qu.)(No. 1)
36 June 1 Holders of rec. May 17a
Massachusetts Gas Cos.. corn. (quar.)_ _ $1.25
May 1 Holders of rec. AprP 15a
Massachusetts Gas Cos., preferred
2
June 1 May 16 to June 1
May Department Stores, corn. (quar.)_
June
Si
1 Holders of rec. May 15a
Miami Copper (quar.) (No. 11)
50c. May 15 Holders of rec. May la
Mobile Electric Co., pref. (guar.)
134 May 15 Holders of rec. April 30
Montreal L., H.& P.(quar.) (No. 56)_ _
234 May 15 Holders of rec. ADM 30a
Municipal Service, preferred (quar.)___ _
134 May 1 April 24 to April 30
National Carbon, pref. (guar.)
ISi May 15 May 6 to May 15
New Central Coal
1
May 1 April 28 to May 2
Newton (Geo. B.) Coal Co., 1st pref
334 May 1 April 27 to April 30
North American Co. (quar.) (No. 45)._
134 July 1 Holders of rec. June lba
Pacific Coast Co., common (guar.)
1
May 1 April 27 to May 2
First preferred (quar.)
134 May 1 April 27 to May 2
Second preferred (quar.)
1
May 1 April 27 to May 2
Pacific Pow. & Lt., pref. (qu.) (No. 19). lg May 1 Holders of rec. April
23
Penman's Limited, common (quar.)
1
May 15 Holders of rec. May ba
Preferred (quar.)
114 May 1 Holders of rec. April 2Ia
Penn Central Light & Power, pref
1
April 30 Holders of rec. April 26
People's Gas Light & Coke (quar.)
2
May 25 Holders of rec. May 30
Pitts. Term. W'house & Transf. (mthly.) 2114c. May 15'Holders of rec. May 8
Portland(Ore.)Gas&Coke,pf.(gu.)(No. 21)
134 May 1 Holders of rec. April 24
Pressed Steel Car, pref. (qu.)(No.65)
134 May 26 May _4 to May 25
Procter & Gamble, common (quar.)_ _ _ _
4
May 15 Holders of rec. April 30a
Public Serv. of Nor. Ill., corn. (guar.)... 114 May 1 Holders of rec. April 15a
Preferred (quar.)
134 May 1 Holders of rec. April lba
Pullman Company (quar.) (No. 193)....., 2
May 15 Holders of rec. April 300
Quaker Oats, preferred (quar.)
114 May 29 Holders of rec. May la
Sears. Roebuck & Co.,common (quar.)
134 May 15 Holders of rec. April 30a
Sierra Pacific Elec.Co.,pref.(qu.) (No.23) $1.50 May 1 Holders of rec. April 20a
Silversmiths Company, preferred (quar.) 134 May 15 Holders of rec. May 5
Southern California Edison, corn. (quar.) 134 May 15 Holders of rec. April 30
Southern Pipe Line (guar.)
6
Juno 1 Holders of rec. May 15a
Standard 011 of Indiana (quar.)
3
May 29 May 4 to May 31
Standard Sanitary Mfg.,corn. (guar.)
134 April 27I Holders of rec. April 22
Preferred (guar.)
134 April 2711-folders of rec. April 22
Stewart-Warner Speedometer, corn. (qu.)..
114 May 1!April 25 to April 30
Preferred (guar.)
134 May 1'April 25 to April 30
Taylor-Wharton Iron & Steel, pref. (111.) 111 May 11April 25 to April 30
Texas Power & Lt., pf. (qtr.) (No. 12).. 134 May Wielders of rec. April 26
Thompson-Starrett Co.. preferred
4
May 15 Holders of rec. May 8
Union American Cigar, pref. (guar.)
114 May 15 May 1 to May 15
11
United Cigar Mfrs., common (quar.)--- _
May 1 IIolders of rec. April 240
lnk June 1111olders of rec. May 240
Preferred (quar.)
Un. Cigar Stores of Am.com.(qu.)(1
,
70.10) 131 May 151 Apr11 30 to May 16
111 May 11April 21 to April 30
U.S. Bobbin & Shuttle, pref. (quar.)___ _
United Slates Steel Corp., pref. (guar.).
134 May 29 May 24 to May 17
3
May 15,Holders of rec. May la
Vacuum Oil
2
Extra
May 15 Holders of rec. May la
3% May 15;May 1 to May 16
Warwick Iron & Steel
1Vhile(J.G.)&Co., Inc., pf.(qu.)(No.48)334 Juno Wielders of roe. May 21
Willys-Overland, common (quar.)
134 may 1.Holders of rec. April 22a
5f
Nlay 1 Holders of rec. April 220
Common (payable in common stock)—
Woolworth(F.W.)Co.. corn.(qu.)(No.12)
134 June 11 April 29 to May 19
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. /Payable in common stock. g Payable In (redo.
it On account of accumulated dividends. 1 April dividend on common stock not to
be paid. k Also declared 134% on pref. payable Sept. 1 to holders of rec. Aug. 25.
1 Also declared 1% on common payable Aug. 2 to holders of rec. July 26. m Stock
distribution in the proportion of one share for each nine shares held. n Declared
a semi-annual dividend of 234% on pref. stock, payable one-half May 10 and
one half Aug. 2.
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent.
1 Clinton Hall Association_ _ _ _ 35
5 N. Y. Title Insurance Co__ _ 53
5 Buckeye Pipe Line Co., $50
each
$10634 per sh.
5 Northern Pipe Line Co
9314
50 Columbia Trust Co
470
25 New Yorker "Stoats Zeitung"
$600 per sh.
2 Chatham & Phenix Nat. Bk _186
300 Gold 11111 Copper Co., $10
each
$57 lot
Shares. Stocks.
Per cent.
300 Furnace Creek Copper Co.,
$1 each
$5 lot
100 Intercontinental Rubber Co.,
common
$7 per sh.
20.43 Kearney Land Co. of N. J.,
350 each
$10 per sir.
1 Advocate Realty Co., N. y_s93
2,000 Nevada Superior Cons. Cop
per, $1 each
$2 lot
Bonds.
Per cent.
$2,820 Atl. Mut.Ins. scrip of 1915..101
By Messrs. R. L. Day & Co., Boston:
Shares Stocks
$ per sh
10 Merrimack Mfg , corn
2334
32 Mass Mills In Georgia
9734
115
5 Mass Cotton Mills
60 Pacific Mills
11834-119
2 Pepperell Mfg , new stock
11634
121.4
5-9 Lyman Mills
Boston
Co-op
3
Bldg Co. $25
2634
each
$ per sh
Shares Stocks
5 Great Falls Mfg
190
1 Boston Athenaeum,$300 par__ ..32934
25 Plymouth Cordage
21534-217
7 Haverhill Electric Co
22234
Bonds
Per cent
$500 Glens Falls Gas & Elec Light
1st 58, 1919
93
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
10 Boylston Nat. Bank
2 Lancaster Mills
1 Merrimack Mfg., common
1-9 Lyman Mills
50 Nashawena Mills
9 Worcester Gas
5 Pepperell Mfg., old stock
$ per sh. Bonds.
Per cent.
12734 $1,000 Control Pennsyl, Coal 1st
58, 1935, tr. recta
6634
10
3,000
Pitts.
23
Bing. & East. RR.
Isis, certfs, of dep
1234
10
8034 1,000 Boston Wharf Co.48, 1941_ 9734
250
345
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh Shares Stocks
Shares Stocks
$ per sh
5 Broad Street Bank,$50 each_ 60
10
500 Enterprise Co
6 Corn Exchange Nat. Bank_ _300
2,010 Knickerbocker Lime Co_ .._ _ 160
27 Philadelphia Nat. Bank
10 Nat. State Bank,Camden__ _209
437
'2 Northern Trust Co
25 Finance Co. of Pa., 1st pref_ _105
501
2 Fidelity Trust Co
627
50 People's Nat. F. Ins. Co.,
50 West End Trust Co
165
15
$25 each
12 Frank.& S'wark Pass. By---350
10 Phil. & Camden Ferry, $50
each
108
8 Continental-Equit. Trust— _ 90
3 Phil. Bourse, pref.,$25 each_ 20
3 J. B. Stetson Co., prof
15314
12 Phil. Bourse, corn., $50 each,
10 J.B.Van Solver Co.,Camden..100
2 Leeds Co.,2d prof
04-634
100
25 Integrity T. I. Tr. & S. D.,
25 Philadelphia Life Ins
10
$50 each
22034
.
100 Italian Co-op. Bkg. Assoc.,
Bonds.
Per Cent.
634 313,000 Southern Gas Impt. Co.
$10 each
5 J. B.Stetson Co., corn
355
1st bs, 1943
9834
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares. Stocks.
25 De Long Hook & Eye
$ per sh.
70
1487
THE CHRONICLE
MAY 11915.]
Imports and Exports for the Week.-The following are and since Jan. 1 1915, and for the corresponding periods in
the imports at New York for the week ending April 24; also 1914 and 1913:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week
1915.
$1,750,726
18,817,808
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 16 weeks
I
$3,290,678
17,185,488
$2,452,736
15,741,475
$1,893,708
13,117,647
$20,577,534 $20,478,1E6 $18,194,211 $15,011,355
$40,956,903 $63,636,298 $50,231,461 $48,623,516
359,703,504 269,129,282 272,339,131 272,498,986
$400,660,407 $332,765,580 $322,570,592 $319,122,5u2
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 24 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1915.
1914.
1913.
Imports.
Exports.
1912.
1913.
1914.
1912.
For the week
Previously reported
$24,312,996 $18,373,203 $21,032,606 $15,443,024
308,427,497 304,393,523 292,171,632 248,096,094
Total 16 weeks
$422,740,493 $322,766,726 $313,204,238 15203,539,118
Gold.
Week.
Great Britain
France_
Germany
West Indies
Mexico
South America
All other countries
Since
Jan. 1.
141,500
2,561,050
32,000
684,350
Since
Jan. 1.
Week.
$8,025
$1,782,858
14,025
33,988
53,000
216,664
1,228,924
774,787
1,091,960
2,162,362
3,619,599
$173,500 13,245,400 $1,540,601 $9,445,591
162,530 3,605,582
39,625 18,403,104
100 47,225,779
509,947 5,733,796
TOtal 1015
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$627,682 $11,473,380
1,107,500
519
$755
2,597
284,639
3,700
41,279
4,410
1,010
15,000
100,676
53,876
63,048
316,720
075,372
415,331
60,254
3,700
Total 1915
Total 1914
Total 1913
$691,636 $12,914,908
977,250 13,075,150
1,053,214 17,617,019
$171,081 $1,773,823
407,503 3,746,731
219,913 3,294,701
Of the above importsfor the week in 1915,$1,223,755 were
The following table shows the exports and imports of
specie at the port of New York for the week ending April 24, American gold coin and $519 American silver coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on April 24:
of 1.3 million dollars. Chicago and
As compared with the figures of the previous week's statement, the cash reserves of the banks show an increase
New York, Philadelphia. and Chicago rePhiladelphia reporting the largest gains in total reserves. The increase in the gold reserves was even larger,
of other cash, offset largely by a net
porting the largest gains in the amounts of gold held. New York reports net withdrawals of 1.3 million dollars
gain in other cash of about 1.2 million dollars reported by the Chicago bank.
under this head are shown mainly by the
Loans and discounts show a gain during the week of about ono-half million dollars. Substantial gains the Eastern and Western banks shows a
by
three Southern banks, Dallas showing the largest increase for the week. The amount of acceptances held
Kansas City and Boston banks. About
the
at
gains
by
offset
partly
being
decline by about $150,000 for the week, the larger loss reported by New York
131 trust companies and slightly over 30% of paper
two-thirds of the amount of acceptances held by the Reserve banks is composed of paper accepted
as against 38.6% at the end of the prethan
less
no
banks,
43%,
the
by
held
paper
commercial
of
amount
accepted by member banks. Of the total
a week before. An increase of about
vious week, was paper maturing within 30 days, while the share of 60-day paper was 33.4%, as against 39.6%at
present about 5% of the total hold$340,000 is reported under the head of agricultural paper maturing after 90 days, this type of paper constituting
ings of the banks.
for the week, Cleveland, Boston and Chicago reporting the largest
A not gain of 1.3 million dollars in investments of municipal warrants is reported
unchanged at 6.8 million dollars. An increase of about one-half
increases. The amount of United States bonds held by six Western banks remains
due to advance payments by member banks on account of the third inminion dollars in the amount of capital paid in is shown, this increase being
dollars. New York and St. Louis reporting the largest gains under this head. Fedstallment due on May 2. Deposits show an increase of over 3 million
issued of 51.4 million dollars, secured in part by the deposit of 39.2 million dollars of gold. The
eral Reserve agents report a total amount of notes circulation.
Their net liability upon the notes outstanding is stated at $10,889,000.
banks report 44.4 million dollars as their outstanding
The figures of the consolidated statement for the system as a whole are given below and in addition we present the
results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we show also the
separate figures for each of the twelve Federal Reserve banks.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS APRIL 23 1915.
RR'SOURCES
Apr.23 1915. Apr.16 1915. ApriI9 1915. April 1.2'15. Mar. 26 1915.Mar. 19 1915.Mar. 12 1915.Mar. 5 1915. Feb. 26 1915.
Gold coin and certificates
$238,710,000 $237.206.000 $239,540,000 $239,176,000 $242,168,000 $245,018,000 $246,999,000 $247,251,000 8248.909,000
Legal-tender-notes, silver certificates and
29,085,000
23,292,000
21,603,000
21,650,000
29,360,000 30,018,000 25,627,000 23,098,000
29,184,000
subsidiary coin
$267,894,000 $266,566.000 $269,558,000 $264,803,000 $265,266,000 $266,668,000 $268,602,000 $270,543,000 $277,994.000
7,656,000
8,438,000
9,043,000
9,545,000
9,715,000
13,868,000 11,798,000 10,075,000
15,676,000
7,102,000
7.424,000
10,615,000
11,336,000
14,514,000
14,224,000 14,584,000 15,244,000
12,225,000
5,711,000
9,869,000
8,127,000
9,013,000
7,454.000
8,359,000
8,869,000
7,823,000
8,577,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
$36,478,000 335.015,000 $35,251,000 $33,678,000 331,683,000 329.894,000 $27,785,000 $25,731,000
Total
20,478,000 20,107.000
21,572,000
24,628,000
23,303,000 22,751,000 22,299,000 21,579,000
Investments
7,162,000
5,352,000
6,551,000
5,573,000
5,659,000 10,289,000
8,254,600
5,315,000
Due from Fed. Res. banks: Items in transit..
6,814,000
8,905.000
9,110,000
8.498,000
8,605,000
7,482,000
9,437,000
10,080,000
All other resources
$346,691,000 3341,179.000 $340,701,000 $339,674,000 $333,211.000 3333,181.000 $331,122,000 $330,357,000
Total resources
LIABILITIES.
$36,727,000 $36,207,000 $36,165,000 1536,123,000 $36,105,000 336,119,000 $36,087,000 $36,082,000
Capital paid in
297,210,060 294,154,000 294,042,000 293,954,000 288.217.000 288,575,000 288,031,000 287,883.000
Reserve deposits
Federal Reserve notes in circulation (net
210,889,C00 a10,767,000 a 10,449,000 a9,597,000 88,889,000 28,487,000 27,004,000 26,392,000
liability)
45,000
1,865,000
51,000
All other liabilities
$20,469,000
17,417,000
8,088,000
7,765,000
3331.733,000
$36,069,000
290.336,000
25.328.000
$346,691,000 $341,179,000 $340,701,000 $339,074,000 3333,211,000 $333,181,000 $331,122,000 3330,357,000 $331,733,000
Total liabilities
84.3%
86.6%
86.1%
85.3%
83.1%
79.6%
81.6%
79.2%
80.1%
Gold reserve against not liabillties_b
94.2%
96.7%
92.7%
91.8%
91.0%
liabilities_b
89.3%
90.3%
90.2%
net
89.0%
Cash reserve against
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
95.5%
94.0%
93.4%
97.7%
92.6%
91.2%
92.0%
92.0%
90.8%
circulation_b
Apr.23 1915. Apr.16 1916. April 0 1915. Aprill-2'15. Mar. 28 1915.Mar. 19 1915.51ar. 12 1915.Mar.5 1915. Feb.26 1915.
133,965,000 329,805,000 126.172.000
(a) Federal Reserve notes: Gross liability-- $60,074,000 $48,461,000 $44,828,000 $43,376,000 139,858,000 836,846,000
Deduct: Gold and lawful money in hands
of Federal Reserve Agents for re23,413,000
20,844,000
26,961,000
28,359,000
37,694,000 34,379,000 33,779,000
30.969,000
39,185,000
tirement of outstanding notes
Net liability of Reserve Banks upon
$6,392.000 $5,328,000
$10,889.000 $10,767,000 310,449,000 39,597,000 $8,889,000 18,487,000 $7,001,000
outstanding notes
(b) After deduction of items in transit be37.162.000 $8.088.000
15.352,000
$5,573,000
36,551.000
$5,315,000 $5,659,000 $10,289,000
38,254,000
tween Federal Reserve Banks, viz
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APR. 23 1915.
Boston.
New York.
Phila.
Cleveland. Richmond. Atlanta.
Chicago. I St. Louis. Minneap.I Kan.City. Dallas.
San Fran.
I
I
$
$
$
s
$
$
a
$
$
$
a
$
15,695,000 95,113,000 14,941,000 10,000,000 8,377,000 4,904,000 34,105,000 10,194,000 8,057,000 10,479,000 7,709,00013,046,000
RESOURCES.
Gold coin and certificates
Legal-tender notes, silver certifi1,399,000 17,324,000 4,472,000
cates and subsidiary coln
725,000
49,000
485,000 2,331,000! 1,176,000
6,0001
514,000
698,000
5,000
17,094,000 112,437,000 19,413,000 46,725,000 8,426,000 5,389,000 38,436,000 11,370,000 8,063,000 10,993,000 8,497,000 13,051,000
Total
989,000 4,675,000 2,536,000
812,000
2,175,000 6,044,000 1,967,000 1,989,000 6,947,000 5,153,000 2,483,000, 708,000
Bills discounted and loans
1,182,000
923,000 1,514,000 1,020,000
6,378,000
1,000 Investments
1,654,000 7,885,000 2,167,000 1,904,000
i
2,739,000
489,000
450,000
651,000
F.R.
11,417,000
other
bks.-net_
from
Due
701,000
617,000
346,000
205,000
117,000 2,546,000, 1,565,000
25,000
354,000
424,000
366,000 2,171,000
All other resources
Total resources
21,289,000 130,954,000 24,622,000 21,422,000 15,399,000 11,148,000 47,843,000 17,305,000 10,504,000 13,348,00013,789,000 17,470,000
I
LIABILITIES.
17,599,000 131,458,000 20,464,000 17,259,000 8,094,000 6,769,000 43,094,000 15,411,000 8,763,000 9,649,000 6,981,006 12,650,000
Reserve deposits
129,000 1,747,000 2,624,000 2,210,000
188,000
142,000
452,000
Due to other F. R. bks.-net_ _
Federal Reserve notes in circu46,000 2,209,000
3,751,000
4,883,000
lation-net amount
I
3,238,000 6,692,000 4,158,600 4,163,000 2,239,000 1,538,000 4,562,000, 1,894,000 1,702,000 1,900,000 1,975,000 2,610,000
Capital paid in
20,000
41,000
1,804,000
liabilities
All other
21,289,000 139,954.000 24.622.000 21.422.000 11.100.000 11.148.000 47.843.000 17.205.000 10.594.000 13.348.000 13.789.000 17.470.000
Total liabilities
1
I
Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending April 24. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are
also given. In order to furnish a comparison we have inserted the totals of actual condition for each of the three groups,
and also the grand aggregates, for the four preceding weeks.
THE CHRONICLE
1488
[VoL. 100.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARINGS HOUSE
Captlal.
MEMBERS.
Week Ending
April 24 1915
(OW omitted.)
Loans,
Discounts,
Investnets,
{Nat.BanksMar.4}
&C.
StateBks.Mch.19
Net
Profits.
Gold.
Legal
Tenders.
Silver.
Nat.Bast Nat.Bank Federal
Reserve
Notes
Notes
(reserve
Bank
(not
for State counted
Notes
Instiluas
[not
tions).
reserve). reserve).
Reserve Excess
due from
with
Reserve
Legal
Deposi- Depositartes.
taxies.
Net
Demand
Deposits.
National
Bank
Net
Time
CirculaDeposits. lion.
Members of Federal
Reserve Bank.
$
$
Bank of N. Y., N.B.A_ 2,000,0 4,609,3
4erchants' Nat. Bank- 2,000,0 2,114,7
Mech.& Metals Nat--- 6,000,0 9,033,2
National City Bank-- 25.000,0 35,818,9
Chemical Nat. Bank__ 3,000,0 7,902,8
8terchants' Exch. Nat_ 1,000,0
776,9
Nat. Butchers'& Drov_
300,0
73,5
Amer. Exch. Nat. Bank 5,000.0 5,123,8
National Bank of Corn_ 25,000,0 17,558,5
Chatham & Phenix Nat. 2.250,0 1,437,6
FIanover National Bank 3,000,0 15.352,6
Citizens' Central Nat_.. 2,550,0 2,489,6
Market & Fulton Nat__ 1,000,0 2.000,9
Importers'& Traders'__ 1.500,0 7.853,4
National Park Bank__ 5,000,0 15,392,8
250,0
East River Nat.Bank__
59,8
Second National Bank_ 1,000,0 3,119,9
First National Bank__ 10,000,0 22,491,3
Irving National Bank _ .. 4.000,0 3,797,4
500,0 1,418,3
N. Y. County Nat. Bk.
Chase National Bank__ 5.000,0 9,703,3
Lincoln National Bank_ 1,000,0 1,888,1
Garfield National Bank 1,000,0 1,257,3
415,3
250.0
Fifth National Bank__
Seaboard NationalBank 1,000,0 2,809,6
Liberty National Bank.. 1,000,0 2,896,0
643,4
Coal & Iron Nat. Bank_ 1,000,0
069,6
1,000,0
Union Exchange Nat__
Nassau Nat. Brooklyn 1,000,0 1.126,0
Average. Average. Average, Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
S
$
s
$
$
$
8
$
$
$
29,763,0 1,780,0
761,0
800,0
• 864,0
2(3,373,000 1,143,0
11,0
2,0 1,960,0
25,133,0 1,411,0
229,0 1,043,0
1,912,0
65,0 1,704,0
23,686,0
18,0
98,982,0 9,588,0 1,828,6 6,076,0
94,0
24,0 7,015,0
09,073,0 2,852,0 5,000,0
218,217,0 70,993,0 33,041,0 15,149,0
98,0
512,0 31,130,0
303,257,0 1,126,0 3,563,0
58,0
34,165,0 1830,0
391,0 1,959,0
2,206,0
449,0
29,672,0
175,0
24,0
10,181,0 1,071,0
319,0
140,0
792,0
10,215,0
496,0
76,0
10,0
1,980,0
38,0 • 187,0
143,0
53.0
1,805,0
50,0
195,0
131,0
24.0 6,384,0
68,902,0 5,941,0 1,122,0 2,395,0
70,051,0
943,0 3,983,0
193,0
51,0 11,467,0
161,409,0 11,226,0 2,607,0 4,434,0
146,592,0
125,0 3,887,0
122,0
41,0 2,018,0
389,0 1,033,0
26,558,0 1,427,0
26,354,0
510,0 1,199,0
37,0
68,0 7,667,0
944,0 2,617,0
95,362,0 12,277,0
99,863,0
305,0
51,0
22,0 1,852,0
306,0 1,114,0
21,151,0 1,301,0 1,647,0
24,578,0 1,062,0
129,0
623,0
6,0
854,6
980,0
820,0
8,960,0
8,735,0
134,0
349,0
6,0
1139,0
1,657,0
25,300,0
29,721,0 1,358,0
50,0
8,588,0
631,0 3,927,0
285,0
107,767,0
110,614,0 7,792,0
207,0 3,580,0
41,0
157,0
9,6
157,0
96.0
1,867,0
1,950,0,
50,0
201,0
40,0 1,001,0
458,0
94,0
13,080,0
15,591,0 1,104,0
683,0
505,0 3,133,0
119,451,0 26,793,0
7,0 9,756,0
122,657,0
74,0
5,077,0
784,0 2,802,0
49,220,0 7,070,0
63,0 4,126,0
26,0
55,459,0
91,0
740,0
632,0
9,628,0
111,0
650,0
8,0
9,444,0
426,0
151,0
200,0
132,203,0 12,562,0 4,909,0 4,082,0
112,0 10,778,0
343,0
149,342,0
775,0
450,0
941,0
16,029,0
651,0
99,0 1,111,0
16,672,0
151,0
361,0
30,0
890,0
8.458,0
726,0
231,0
765,0
9,0
8,303,0
543,0
66,0
350,0
4,373,0
155,0
111,0
334,0
4,758,0
261,0
9,0
46,0
250,0
30,265,0 2,507,0
807,0 2,441,0
35,091,0
16,0 2,674,0
55,0
405,0
31,686,0 1,215,0
32,815,0 1,563,0
41,6 2,549,0
481,0 2,488,0
31,0
500,0
7,134,0
6,889,0
437,0
518,0
160,0
1,0
185,0
40,0
400,0
9,947,0
9,243,0
137,0
101,0
858,0
252,0
400,0
6,0
619,0
53,0
8,503,0
357,0
6,0
7,700,0
267,0
531,0
97,0
377,0
36,0
-Totals,avge.for week 112,600,0 179,933,8 1,386,828,0 183,361,0 53,887,0 60,682,0
1,470,839,0 11,265,0 37,719,0
2,405,0 1,205,0 120,995,0
Totals, actual condition Apri124
Totals, actual condition April 17
Totals, actual condition April 10
Totals, actual condition April 3
Totals, actual condition Mar.27
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co.. 2,050,0
Bank of America
1,500,0
Greenwich Bank
500,0
Pacific Bank
500.0
People's Bank
200,0
Metropolitan Bank
2.000,0
Corn Exchange Bank
3,500,0
Bowery Bank
250,0
German-American Bank
750,0
Fifth Avenue Bank_ _ _ _
100.0
German Exchange Bank
200,0
Germania Bank
200,0
Bank of Metropolis_.. 1,000,0
West Side Bank
200,0
N. Y.Produce Exch.__ 1,000,0
State Bank
1,500,0
Security Bank
.1,000,0
4,882,4
6,194,1
1,162,3
995,3
453,9
1,894,2
7,225,4
765.1
691,1
2,296,2
812,9
1,012,7
2,137,0
698.8
929,4
472,4
301,3
1,385,240,0 184,027,0
1,387,409,0 175,274,0
1,386,979,0 166,198,0
1,388,061,0 166,126,0
1,382,247,0 164,406,0
53,037,0
54,555,0
51,842,0
51,648,0
49.009,0
64,212,0
57,150,0
57,911,0
61.194,0
64,722,0
7,741,0
3,199,0
911,0
273,0
150,0
899,0
7,567,0
297,0
667,0
1,648,0
480,0
601,0
1,521,0
347,0
1,780,0
1,097,0
642,0
658,0
1,806.0
194,0
753,0
105,0
413,0
2,237,0
23,0
152,0
030,0
108.0
122,0
514,0
194,0
291,0
549,0
94,0
1,123,0
1,294'0
595,0
84,0
144,0
845,0
4,014,0
57,0
89,0
897,0
169,0
147,0
1,179,0
144,0
892,0
548,0
322,0
37,450,0
30.773,0
10,332,0
4,914,0
2,147,0
12,089,0
72,229,0
3,527,0
4,844,0
15,038,0
3,594,0
5,798,0
13,132,0
4,437,0
11,125,0
17,998,0
10,254,0
Totals,avge.for week_ 16,450.0 32,024,5
259,679,0 29,820,0
Totals, actual condition April 24
Totals, actual condition April 17
Totals, actual conditio n April 10
Totals, actual condition April 3
Totals, actual conditio'n Mar.27
259,848,0
260.086,0
259,203,0
282.918,0
261,515,0
Trust Companies
Not Members of
Federal Reserve Bank.
1,500,0 3,36141
Brooklyn Trust Co
10,000,0 12,816,4
Bankers'Trust Co
U.S. Mtg & Trust Co... 2,000,0 4,265,3
1,250,0 1,107,9
Astor Trust Co
Title Guar.& Trust Co.. 5,000,0 11,605,8
10,000,0 22,727,8
Guaranty Trust Co
1,000,0 1,304,2
Fidelity Trust Co
Lawyers'Title & Trust- 4,000,0 5,067,0
Columbia Trost Co.- _ 2,000,0 7,311,1
1,000,0 1,419,5
People's Trust Co
3,000,0 11,618,1
New York Trust Co
1,000,0 1,090,9
Franklin Trust Co
1,000,0
526,6
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 6,103,4
894,6
Broadway Trost Co..,. 1,500.0
8.841,0 12,543,0
30,081,0 0,486,0 12,143,0
29,739,0 9,116,0 13,236,0
29,155,0 8,650,0 12,469,0
29.227,0 10,173,0 11,844,0
28,130,0 12,541,0 12,828,0
29,349,0 1,447,0
151,797,0 12,141,0
42,176,0 2.632,0
21,718,0 1,206,0
33,356,0 1.644,0
232,577,0 15,604,0
8,132,0
416,0
20,998,0 1,064,0
61,491,0 3,445,0
18,049,0 1,266,0
47,814,0 3,309,0
16,023,0
846,0
11,136,0
703,0
37,787,0 2,393,0
14,929,0 1,049,0
156,0
54,6
280,0
169,0
32,0
60,0
1,406,0
54,0
' 13,0
137,0
82,0
100,0
240,0
21,0
160,0
543,0
170,0
3,682,0 11'
4,0
7,233,0
3,697,0
3,675,0
3,814,0
3,241,0
3,860,0
2,0
2,0
1.0
2,0
2,0
7,496,0
6.787,0
8,728.0
6,214,0
6,112,0
3,214.0
3,067,0
3,131,0
3,106,0
2,555,0
273.879,0
273,246,0
271,161,0
274,538,0
274.977,0
3,309,0
3,275,0
3,270,0
3,254,0
3,256,0
135,0
19,0
241,0
183,0
147.0
417,0
22,0
43,0
332,0
182,0
25,0
14,0
1,090,0
6,214,0
1,501.0
852,0
1,016,0
5,700,0
330,0
676,0
2,077,0
870,0
1,637,0
633,0
507,0
1.566,0
755,0
1,333,0
9,950,0
4,263,0
1,711,0
4,252,0
15,622,0
542,0
599,0
3,106,0
1,893,0
3,073,0
944,0
649,0
2,198,0
2,847,0
21,919,0
124,277,0
30,026,0
17,039,0
20,325,0
167.924,0
6,613,0
13,517,0
41,544,0
17,417,0
32,723,0
12,667,0
10,136,0
31,313,0
15,103.0
4,836,0
20,369,0
10,448,0
4,584,0
975,0
24,485,0
205,0
492,0
17,073,0
745,0
5,806,0
3,229,0
1,014,0
3,628,0
45,0
440,0
249,0
131,0
186,0
184,0
2,009,0
121,0
175,0
332,0
228,0
245,0
290,0
264,0
689,0
504,0
6,047,0 2,436,0
5,636,0 2,337,0
7,279,0 2,554,0
5,351,0 2,619,0
5,648,0 2.389,0
5,537,0 3,499,0
747,332,0 49,165,0
3,068,0
Totals, actual condition April 24
Totals, actual conditio n AprIl 17
Totals, actual conditio n April 10
Totals, actual condition April 3
Totals, actual conditio n Mar.27
755,001,0
742,311,0
747,639,0
748,063,0
741.058,0
3,401,0
2,951,0
5,313,0
3,423,0
4,660,0
1,472,917,0 11,357,0 37,798,0
1,460,560,0 11,090,0 37.648,0
1,447,051,0 10,065,0 37,619,0
1.451,374,0 9,277.0 37,603,0
1,439,551,0 8,289,0 38,623,0
1,260.0 121,440,0
1.229,0 120,184,0
1,326,0 118,920,0
1,172.0 118,676,0
071,0 115,055.0
40,900,0
29,352,0
11,079,0
4,681,0
2,150,0
10,334,0
81,475,0
165,0
3,119,0
4,889,0
15,734,0
992,0
3,554,0
5,808,0
13,404,0
4,505,0
12,408,0
83,0
19,766,0
2,051,0
9,792,0
3,291,0 272,948,0
185,0
96,0
29,0
12,0
119,0
1,720,0
121,0
191,0
102,0
93,0
43,0
178,0
29,0
95,0
55,0
Totals,avge.for week_ 46,250,0 91,220,1
49,109,0
49,260,0
48,574,0
47,220,0
46,349,0
2,478.0
2,415,0
2,008,0
1,474,0
2,322,0
523,0
1,0
3,0
3,833,0
187,0
200,0
213,0
269,0
220,0
1,200,0
588,0
10,0
7,0
26,0
12,0
70,0
3,C
9,0
9,0
135,0
40,0
194,0
346,0
195,0 25,430,0 52,980,0
144,0
197,0
174,0
159,0
132,0
24,185,0 54,449,0
23,223,0 49,645,0
25,327,038.854,0
28,828,0 38,055,0
26,582,0 53,305,0
62,0
20,0
7,0
3,208,0
3,297,0
562,543,0 107,932,0
_
-561,740,0 109,055,0
581,904,0 108,847,6
564,751,0 105,790,0
576,433,0 98,775,0
582,585,0 07,380,0
Grand Aggregate, avge_ 175,300,0 304,078,4 2,393,839,0 262,348,0 65,798,0 79,272,0 6,118,0
+85,0
Comparison prey. week
-19,0 -379,0
+1,701,0 +115170
2,405.0
+273,0
1,401,0 153,658,0 56,271,0 2,306,330,0 122,494,0 37,719,0
-54,0 +2,851,0 +75320 +9,521,0 +2,638,0
+97,0
Grand Aggregate,actual condition April 24_ 2,400,089,0 263,217.0 65.924,0 81,991,0
Comparison prey. week
+10,283,0 +8,944,0 -698,0 +4.328,0
6,034,0
-195,0
2,478,0
+63,0
8,229,0
6,433,0
5.630.0
7,359,0
6.239,0
6,271,0
2,415,0
2,008,0
1,474,0
2,322,0
2,433,0
2.664,0
1,406,0 153,121,0 57,663,0 2,308,536,0 123,721,0
-22,0 +2,927,0 +49510 +12,826,0 +2,509,0
1,428,0 150,194,0 52,712.0 2,295,710,0 121,212,0
1,501,0 150,075,0 41,985,0 2,283,863,0 119,125.0
1,333,0 153,718,0 41,221,0 2,302,345,0 111,306,0
1,105,0 147,749,0 55,860,0 2,277,093,0 108,925,0
1,383,0 149,542,0 53,583,0 2,259,185,0 106,364,0
1,661,0 147.181.0 49.782,0 2,252,234.0 105,141,0
Grand
Grand
Grand
Grand
Grand
Grand
Aggregate actual condition
Aggregate.actual condition
Aggregate,actual condition
Aggregate,actual condition
Aggergate,actual condition
Aggregate,actual condition
April 17_ 2,389,806,0 254,273,0
April 10.. 2,393,821,0 243,927,0
April 3_ 2,399,042,0 242,573,0
Mar. 27_ 2,384,820,0 238,885,0
Mar. 20.. 2,383,420,0 223,957,0
Mar. 13- 2,369.305.0 216,215.0
66,622,0
65,805,0
65,244,0
68,210,0
65,783,0
.66,485,0
77,665,0
75.731,0
78,686,0
83,087,0
84,352.0
82,633.0
37,798,0
+152,0
37,646.0
37,619,0
37,603.0
38,623,0
39,556,0
38,784.0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages,
Cash reserve Reserve in
in vault. depositaries.
Total
reserve.
*Reserve
required.
Surplus
reserve.
Inc. or dec.
from
Cash reserve Reserve in
previous wk. in vault. depositaries.
Total
reserve.
a Reserve
required.
Surplus
reserve.
Inc. or dec.
from
previous wk.
Members Federal
$
$
$
Reserve Bank.._ 297,930,000 120,995,000 418,925,000 265,314,270 153,610,730 +11285740 301,276,000 121,440,000 422,716,000 265,692,910 157,023.090 +13315390
State Banks
54,886,000 7,233,000 62,119,000 49,130,640 12,988,360 +201,040 55,407,000 7,496,000 62,903,000 49,298,220 13,604,780 +236.060
Trust companies
60,716,000 25,430,000 86,146,000 84,381,450 1,764,550 +741,450 60,483,000 24,185,000 134,668,000 84,261,000
407,000 -574,400
Total April 24 413,532,000 153,658,000 567,190.000 398,828,360 168,363,640 +12228230 417,166,000 153,121,000 570,287,000 399,252,130 171,034,870 +12977050
Total April 17 402,328,000 150,807.000 553,135,000 396,999,590 156,135,410 +9,794.060 404,789,000 150,194,000 554,983,000 396,925,180 158,057.820 +9,842,880
Total April 10._ 389,265,000 152,317,000 541,582,000 395,240,650 146,341,350 -3,655,110 391,896.000 150,975,000 542,871,000 148,214,940 394,856,060
-43,100
Total April 3._ 394,639,000 150,314,000 544,953.000 394,956.540 149,996,460 +7,459,810 392,133,000 153,718,000 545,851.000 397,592.960 148,258,040
Total Mar. 27_, 385,768,000 149,683,000 535,441,000 392,904,350 142,536,650 +8.405,510 395.541,000 147,749,000 543,290,000 393,414,240 149,875.760 -1,617,720
Total Mar. 20 374,908,000 147,993,000 522,901,000 388,769,860 134,131,140 +2,600.090 380.331,000 149,542,000 529,873.000 390,273,480 139,599,520 +10276240
Total Mar. 13 368,778,000 146,170,000514,948,000 383,416,950 131,531,050-2.584.690 371.604,000 147,181,000 518,785,000 389,045,470 129,739,530 +9,859,990
+145,790
- -- •
* This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank
It includes also the amount of reserve required on Net Time Deposits, which was as follows; April 24..8563,250; April 17. 5528.350; April 10, 5500,950; April
3, $452,850;
March 27, 5413,750; March 20, $388,600.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal
Reserve Bank
It includes also the amount of reserve required on Net Time Deposits, which was as follows; April 24, $587,850; April 17, $554.500; April 10, 5503,250;
April 3, 5463,850;
March 27, $414,450; March 20, 5408,000.
THE CHRONICLE
MAY I 1915.]
1489
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presemts a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinSTATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
Differences from guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.)
previous week.
April 24.
York) and those for the rest of the State, as per the following:
$570,378,100 Inc. $4,782,200
Loans and investments
256,200
44,871,700 Inc.
For definitions and rules under which the various items
Gold
9,521,800 Dec.
257,300
Currency and bank notes
696,786,900 Inc. 13,024,800 are made up, see "Chronicle," V. 98, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust
companies in New York City, and exchanges
586,637,400 Inc. 6,501,100 ments of State banking institutions were published in the
Reserve on deposits
168,099,500 Inc. 7,007,400
Percentage of reserve, 30.4%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVES.
--State Banks
- tions relating to calculating the amount of deposits and what
-Trust Companies
$10,809,100 11.18%
Cash in vault
$43,584,400
9.50% deductions are permitted in the computation of the reserves
16,163,200 16.71%
98,442,800 21.44%
Deposits in banks and trust cos
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
526,972,300 27.89%
Total
$142,027,200
30.94%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past'
•
Capital as of Dec. 24__ __
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures
:
Week ended- Loans and
Investments
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
April 17
April 24
$
2,775,955,6
2,810,842,7
2,839,130,1
2,844,507,9
2,860,024.7
2.880.964,8
2,906,083,5
2,936,439,9
2,950.066,4
2,947,856,9
2,958,987,6
2,957,733,9
2,964,217,1
Demand
Deposits.
2,664,534,5
2,699,873,7
2,726,179,4
2,728,181,5
2,741,673.7
2.761,5:19,0
2,781,801,1
2,817,407,0
2,842,697,0
2,856,795,0
2,862,696,4
2,876.945,3
2,892,967,4
Other
Money.
333,163,7
338,596,1
330,982,7
336,932,2
336,325,4
339,957,2
340,782.2
346,796,5
357,716,5
366,273.7
361,957,8
374,735,5
386,489,7
$
.
89,077,3
85,552,6
84,868,8
84,242,4
83,359,6
81,487,2
81,637,1
82,055,5
81.894,4
81,932,8
81,300,6
81,987,1
81,435,8
422,241,0
424,198,7
421,851,5
421,174,6
419,685,0
421,444,4
422.419,3
428.852,0
439,610,9
448,200,5
443,258,4
456,722,6
467,925,5
660,446,2
658.143,6
653,867,9
662,375,7
655,540,7
653,529,0
653,476,3
668,754,7
685,862,5
701,154,9
699,849,2
714,227,1
736,189,5
$
24,550,000
S
67,300,000
39,269,500
151,327,000
13,749,700
11,225,000
330,786,600 1,210,284,200
+557,300 +6,961,400
133,085,000
-627,200
195,991,400
+1,014.400
Surplus as of Dec. 24_ ___
Loans and investments__
Change from last week..
Entire
Total
Money Reserve on
Holdings. Deposits.
Specie.
State Banks
Trust Cos.
Trust Cos.
State Banks
in
in
outside of
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. F.
Week ended April 24.
Gold
Change from last week_
40,393,300
+298,700
89,100,500
+174,100
Currency and bank notes_
Change from last week-
25,300,400
-501,800
15,263,300
+31,000
$
10.913,000
$
13,100,000
Deposits
Change from last week_
450,378,500 1,391,728,600
+202,900 +23,706,700
143,117,700
-92,700
206,552,300
+649,700
Reserve on deposits
Change from last week-
99,132,600 289,114,800
+365,500 +15,805,800
25,839,300
-777,700
29,351,500
-599.000
27.2%
26.1%
20.7%
21.0%
17.2%
17.7%
P. C. reserve to deposits_
Percentage last week_
28.0%
28.0%
+ Increase over last week. -Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
April 24 1915.
Net
Profits.
Loans,
Discounts,
J Nat. banks March 4). Invest'State banks Mar. 19J meals, etc.
Members of
Fed'I Reserve Bank
Battery Park Nat.._ _
First Nat., Brooklyn
National City,Bklyn
First Nat.,'Jers.City
Hudson Co. N.J.C_
First Nat.,Hoboken
Second Nat.,Ilobok
Capital.
Legal
Tenders.
Gold.
.4,1M
..0,-4M[,..-4!
369,500 2,016,000
467,200 8,354,000
767,300 7,729,000
648,900 6,499,000
184,100 1,218,000
472,700 5,190,000
268,600 3,383,000
509,600 5,363,000
792,000 16,816,000
180,400 3,113,000
OCOC©
R.RRRRR°RR
State Banks
Not Members of the
Federal Reserve Bank.
Bank of Wash.Hgts.
100,000
Century Bank
600,000
Colonial Bank
400,000
_
Columbia Bank
300,000
Fidelity Bank
200,000
Mutual Bank
200,000
200,000
New Netherland_
Yorkville Bank
100,000
Mechanics', Bklyn
1,600,000
200,000
North Side, Bklyn_
3,900,000 4,660,300 59,681,000 3,301,000
Total
•
•
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust,Bkin
500,000 1,031,900 7,033,000 475,000
81,000
269,700 13,618,000
200,000
Mechanics, Bayonne
700,000 1,301,600 10,651,000
Total
Grand aggregate_
Comparison,prey.wk
Excess reserve,
Grand aggr'te Apr 1
Grand aggr'te Apr 1
Grand aggr'te Apr 3
Grand aggr'te Mar 27
Grand aggr'te Mar 20
Reserve
Federal
Reserve
with
Bank
Legal
Notes[Not DepostReserve]. taries.
Excess
Due from
Reserve
Deposilevies.
Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
$
$
200,000
71,000
136,600 2,193,000 112,000
51,000
13,000
200,000
300,000
32,000 119,000
680,900 4,920,000 122,000
11,000
3,000 560,000
139,000
300,000
58,006 118,000
617,500 5,033,000 156,000
22,000
9,000 621,000
191,000
400,000 1,265,500 4,664,600 222,000 428,000
66,000
37,000
470,000 2,554,000
13,000
42,000
72,000
250,000
97,000
3,000 140,000 1,030,000
804,800 3,662,000
220,000
43,000
61,000, •
13,000
84,000
3,000 325,000
658,800 5,235,000
525,000
49,000
125,000
61,000
84,000
7,000
304,400 4,080,000
247,000
252,000
1,795,000 4,468,500 29,787,000
Total
Silver.
Nal.Bank Nat.Bank
Notes[Re- Notes[Not
serve for Counted
State Inas
stitutions] Reserve].
556,000
694,000
541,000
19,000
97,000
198,000
116,000
9,000
59,000
57,000
80,000
105,000
35,000
57,000
188,000
361,000
287,000
27,000
149,000
149,000
188,000
585,000
110,000
175,000
25,000
283,000
131,000
125,000
9,000
59,000
55,000
75,000
291,000
35,000
775,000 2,101,000 1,083,000
National
Net
Net
Bank
Demand
Time
CircuDeposits. Deposits. lotion.
Average. Average. Average.
$
$
$
2,103,000
13,000 194,000
4,526,000
295,000
4,987,000
119,000
3,925,000
395,000
2,584,000
195,000
1,970,000 2,671,000 217,000
1,864,000 1.816,000
99,000
18,000 2,563,000 4,691,000 21,959,000 4,500,000 1,514,000
116,000
42,000 1,611,000
427,000
769,000 7,121,000 1,666,000
488,000
420,000 8,139,000
415,000
527,000 6,924,000
66,000
127,000 1,012,000
306,000 1,161,000 5,101,000 374,000
1,000 202,C00
2C4,000 3,384,000 145,000
343,000
309,000 5,709,000
1,044,000 1,499,000 17,408,000 812,000
199,000
261,000 3,323,000
10,000
25,000
238,000
263,000
18,000
31,000
22,000
75,000
34,000
36,000
1,000
49,000
97,000
70,000
1,000
6,395,000 10,430,400 100119000 4,711,000 1,518,000 2,739,000 1,158,000 439,000
+694,000 +47,000 +135000 -121000 +48,000 -65,000
$119,510 decrease.
6,395,000 10,430.400 99,425,000 4,664,000 1,383,000 2,860,000 1,110,000 504,000
6,395,000 10,430,401)98,786,000 4,673,000 1,471,000 2,753,000 1,194,000 469,000
6,245,000 10,430,400 100614000 4.628,000 1,390,000 2,712,000 1,115.000 424,000
6,145,000 10,449,600 98,139,000 4,660,000 1,575,000 2,782,000 1,071,000 470,000
6.145.000 10.449.600 97.522.000 4.701.000 1.337.000 2.688.000 1.071.000 516.000
11,000 3,606,000 5,319,000 59,812,000 2,997,000
-
2,000
268,000 1,418,000 5,361,000 966,000
69,000
496,000 1,371,000 2,069,000
2,000
337,000 1,914,000 6,732,000 3,035,000
31,0006,506,000 11,924,000 88,503,000 10532000 1,514,000
-7,000 -63,000 +937,000 +912,000 +36,000 +3,000
38,000 6,569,000 10,987,000 87,591,000 10406000 1,511,000
46,000 6,610,000 10,558,000 87,880,000 10415000 1,511,000
36,000 6,604,000 11.172,000 87,281,000 10357000 1,510,000
31,0006,581,000 11,110,000 87,143,000 10235000 1.511.000
28.000 6.501.000 12.063 nnn 57495 nnn a 557 nnn 1 A91 nn,
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a
Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00)s in all these figures.
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus.
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
April 17
April 24
$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
Loans.
Reserve.
Deposits.
a
397,425,0
402,966,0
404,622,0
406,929,0
410,428,0
411,220,0
412,354,0
412,391,0
412,656,0
415,715,0
415,382,0
87,508,0
90,514,0
91,485,0
92,277,0
91,186,0
91,266,0
90,718,0
91,301,0
94,820,0
97,287,0
06,336,0
445,806,0
458,620,0
458,793,0
461,943,0
459,147,0
460,763,0
456,791,0
469,854,0
468,217,0
479,352,0
473,611,0
Circulalion.
Clearings
11,521,0
11,510,0
11,510,0
11,512,0
11,518,0
11,516,0
11,423,0
11,296,0
11,307,0
11,308,0
11,300,0
120,041,2
163,393,9
124,704,2
169,945,0
138,902,4
139,536,7
133,978,0
159,383,1
156,014,2
159,154,1
153,594,8
a Includes Government deposits and the item "due to other banks" (Aprli 24,
$139,625,000): also "Exchanges for Clearing House" (April 24, $13,221,000). Due
from banks April 24, 552,844.000.
Change from
Apr.24'15. previous week. Apr. 17'15. Apr. 10'15.
Circulation
Loans,disc'ts de investments_
Individual deposits,incl. U.S
Due to banks
Time deposits
Exchanges for ClearingHouse
Due from other banks
Cash reserve
Reserve in Fed. Res've Bank
Reserve with other banks_ _ _
Reserve excess in bank
Excess with reserve agents. _
Excess with Fed. Res've I3'k_
$9,369,000
No change
$9,369,000 $9,370,000
250,705,000 Inc. $5,422,000 245,283,000 239,849,000
186,029,000 Dec. 2,307,000 188,336,000 177,781,000
96,311,000 Dec. 1,055,000 97,366,000 94,996,000
13,294,000 Inc. 2,928,000 10,366,000 7,123,000
15,857,000 Dec.
155,000 16,012,000 12,538,000
27,989,000 Dec.
806,000 28,795,000 25,595,000
19,657,000 Inc.
29,000 19,628,000 19,071,000
9,624,000 Dec.
194,000 9,818,000 9,519,000
36,252,000 Dec. 4,490,000 40,742,000 37,962,000
6,465,000 Dec.
167,000 6,632,000 0,365,000
23,060,000 Dec. 4,686,000 27,746,000 25,256,000
3,028,000 Dec.
292,000 3,320,000 3,166,000
Imports and Exports for the Week.-See second page
preceding.
1490
THE CHRONICLE
Vatxtterst Gazeitt.
Wall Street, Friday Night, April30 1915.
The Money Market and Financial Situation.—Daily
operations on the floor of the Stock Exchange have attracted
more than usual attention this week. Following the steady
upward movement of prices during the month or more ending April 20, there has been a vacillating, spasmodic market
for stocks, much less active than that preceding, but with
bonds more in demand than at any time in several years
past, and generally at advancing prices. The latter feature
is interesting because unmistakable evidence of a genuine
investment demand, such as has not existed of late.
Contemporaneous with this activity, progress is also being
made in the matter of rehabilitating some of the railway systems which have been in receivers' hands. In so far as this
is accomplished will important hindrances to general railway prosperity have been removed.
The Steel Corporation's report covering the first quarter
of the year also received wide attention. While disappointing in some particulars, it showed rapidly increasing net earnings throughout the quarter, those for March being about
43/i times larger than for January and the whole $1,500,000
more than for the last three months of 1914. The fact, however that the total was insufficient to pay a dividend on the
preferred stock for the period mentioned shows to what a low
state the business has been reduced. A report that the
Corporation has recently booked large orders from abroad
is given as a reason for an advance of nearly 3 points in the
common stock this week.
A further advance in the price of copper metal reflects a
strong direct or indirect foreign demand, brings its market
quotation to the highest recent level and enhances the value
of this group of shares. From the same cause the stocks of
several manufacturing concerns have advanced sharply this
week. The foreign exchange market remains practically unchanged and the Bank of England's weekly reports showing
a percentage of reserve fractionally below 18 emphasizes the
changes in international finance incident to the war and the
urgent need of establishing a large English credit in this
country to meet the present situation.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 1% to 2.3/2%. The
rate on Friday was 1%@2%%. Commercial paper closed at
332@3%% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names
4@4%%•
Foreign Exchange.—The market for sterling exchange
has ruled quiet and irregular during the week.
To-day's (Friday's) actual rates for sterling exchange were 4 7650
4 76% for sixty days, 4 793(04 79 7-16 for checks and 4 79 9-16®
4 79% for cables. Oommercial on banks nominal, and documents for
payment nominal. Cotton for payment nominal and grain for payment
nominal.
There were no rates for sterling posted by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 323 for short. Germany bankers' marks were nominal for
long and 82 7-16 for short. Amsterdam bankers' guilders were 38%0
38 for short.
Exchange at Paris on London, 25.56 fr.; week's range, 25.55 fr. high and
25.56 fr. low. Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual—
Sixty Pays.
Cheques.
Cables.
High for the week_ _ _4 76%'
479 13-16
47934
Low for the week_ _ _ _4 7634
4 78 15-16
47934
Paris Bankers' Francs—
High for the week_ _ _
5323
532
%
Low for the week_ _ _
5323/,
53234
Germany Bankers' Marks—
High for the week__ _
825
%
82%
Low for the week _ _ _ _
8234
825-16
Amsterdam Bankers' Guilders—
High for the week ___
397-16
3934
Low for the week_ _ _ _
3934
•
3934 has 1-16
Domestic Exchange.—Chicago, 5c. per $1,000 premium. Boston, par.
St. Louis, par. San Francisco, 35c. per $1,000 premium. Montreal,
$5 6234 @459234 per $1,000 premium. Minneapolis, 35c. per $1,000
premium. Cincinnati, 10c. per $1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board this week were larger than usual and included $6,000
New York Canal 432s at 1093/2, $8,000 New York State 43s
at 109% to 1093/2, $10,000 New York Canal 43%s at 1043/i
to 1043
% and $203,000 Virginia 6s deferred trust receipts at
58 to 61%.
Sales of railway and industrial bonds have increased in
volume, while prices, as a whole, have advanced. Heavy
sales have, however, been restricted to a few special issues,
notably New York Central deb. 6s, "w. i.," in which single
orders have overreached the $1,000,000 mark.
While none of the Wabash issues was traded in, to any
extent, until the last two days of the week, they became
vehemently active on Thursday in response to the recently
announced reorganization plan; the refunding and extension
4s trust receipts advancing 6% points, with heavy sales.
The net gain of this issue for the week was, however,6 points.
Rock Island investments, on account of the receivership
noted last week, lost some ground, refunding 4s closing at
67, 2 points below the quotation given last Friday and
debenture 5s falling away 13% points.
Emulating the movement of several weeks past, caused by
the steady rise in the market value of the metal, Inspiration
Cons. Copper of 1919 and 1922 advanced. While gains
were not so large as in the past, nevertheless 1 and % points
were, respectively, added. Among.the bonds of companies
whose earnings have been recently increased by orders from
the belligerent nations of Europe, United States Steel s. f.
5s, Bethlehem Steel 1st ref. 5s and Westinghouse 1st cony.
[VOL. 100.
s. f. 5s added from less than a point to 4% points to their
closing quotations of last week.
Sales on a seller's 20-day option (s-20-f), representing,
presumably, sales on foreign account, showed a considerable
gain over those of last week, being $619,000, as against
$539,000.
United States Bonds.—Sales of Government bonds at
the Board have been limited to $1,000 3s reg. at 1013/i and
$6,000 35 coup. at 101%. For to-day's prices of all the different issues and or weekly range, see third page following.
Railroad and Miscellaneous Stocks.—The stock market has been decidedly irregular throughout the week. On
Saturday it was exceptionally strong, but the advance then
recorded was lost on Monday. At that time the war news
was not encouraging and the bear element took advantage of
the opportunity when buyers were hesitant and offered stocks
freely, with the result noted. Following this the market has
been irregular, as stated, with transactions very large in a
few issues, including U. S. Steel, Westinghouse, some other
industrial issues, and Interborough Metropolitan.
The volume of business increased as the week advanced,
and speculation became apparently more reckless, amounting
to nearly a million shares both yesterday and to-day. There
is, o course, no such amount of legitimate trading. It is reported that dealings for foreign account have fallen heavily off
and investors are more largely interested in bonds than stocks.
As a result of the week's complete operations, about as
many issues show a net decline as have advanced, but the
latter exceed in the range covered. For example, Westinghouse at 2 points below the highest, closes with a net gain of
213/i points. • Studebaker is 11 points higher, Am. Can 732,
Am. Locomotive 53/i and Maxwell Motors 4%•
For daily volume of business see page 1499.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 30.
American Express
Amer Teleg & Cable_ _ _ _
Amer Writing Paper,pref
Brown Shoe, preferred
Buffalo Roch St Pittsb
Chicago & Alton
Des Moines & Ft Dodge
Preferred
Detroit Edison _____
Detroit United
Dul So Sh & Atlan, pref_
E I du Pont Pow., pref
Havana El Ry,L&P,pf_
Internat Steam Pump
Preferred
Kings County El L az P_
Manhattan Shirt
Preferred
Morris & Essex
Nashv Chatt & St Louis
Pettibone-Mulliken
Philadelphia Co (Pittsb)
Texas Pan Land Trust
Tobacco Products, pref_
Union Pacific warrants_
United Dry Goods, prof_
U S Reduction & Refin
Preferred
Virginia Iron, Coal & C_
Wells, Fargo de Co
West Maryland, pref
Sales
for
Week.
Range for Week.
Range since Jan. 1.
Lowest.
Lowest.
Highest.
2 97 Apr 29 97 Apr 29
200 6034 Apr 27 6034 Apr 27
55 133i Apr 26 1334 Apr 28
100 82 Apr 29 82 Apr 29
2 85 Apr 8 285 Apr 28
250 834 Apr 28 9 Apr 24
230 7 Apr 28 734 Apr 30
20 35 Apr 26 35 Apr 26
10 115 Apr 26 115 Apr 26
58 64 Apr 29 64
Apr 29
100 934 Apr 30 934 Apr 30
100 DOM Apr 29 903i Apr 29
250 94 Apr 28 96
Apr 30
5,875 534 Apr 28 105
% Apr 24
350 2134 Apr 24 2234 Apr 24
209 122 Apr 27 12334 Apr 30
1,450 60 Apr 28 68 Apr 24
Apr 27
100 101 Apr 27 101
260 174 Apr 26 17634 Apr 30
100 12534 Apr 26 12534 Apr 26
430 2234 Apr 28 23 Apr 29
900 74 Apr 27 7534 Apr 29
10 10134 Apr 3010134 Apr 30
1,725 osg Apr 30 10034 Apr 24
400 3034 Apr 30 3034 Apr 28
310 62 Apr 29 62 Apr 29
1,300 1Si Apr 26 134 Apr 24
900 5 Apr 24 534 Apr 24
Apr 29 41
Apr 29
100 41
500 97 Apr 30 9834 Apr 26
200 38 Apr 29 39 Apr 30
83
58
7
82
85
834
4
2934
111 h
5234
7
90Si
04
134
5
12034
50
101
166
121
15
71
98
9934
2734
4834
134
1
3634
7734
25
Highest.
Feb 97
Mar 6034
Feb 15
Apr 82
Apr 90
Apr 934
Feb 734
Mar 37
Feb 1153j
Apr 64
Jan 10
Apr 91
Apr 96
Apr 1034
Jan 23
Mar 12334
Jan 6934
Apr 101%
Mar 17634
Apr 128
Mar 23
Apr'81
Apr 10134
Apr 10234
Feb 3134
Jan 6634
AM i34
Apr 534
Feb 45
Jan 100
Jan 40
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Outside Market.—Trading on the "curb' continued active
this week, with a firm undertone to the market, though price
movements were irregular. Arnong the active features,
Electric Boat stocks were conspicuous, the corn. advancing
53/ points to 8432, the close to-day being at 83. The pref.
scored a gain of 14 points to 109 and ends the week at 108.
Inter.-Motor corn. moved up from 153% to 17 and reacted to.
14. The pref. improved about 3 points to 35, then dropped
to 29. Kelly-Springfield Tire was quiet, the com. easing off
at first from 131 to 130, then selling up to 136. Whelan issures were generally firm, with narrow price fluctuations.
Corp.for Stock of Riker&Ilegeman advanced from 7% to8%
and fell back to 7%. United Cigar Stores corn, moved
up from 10% to 109', weakened to 103% and closed
United Profit Sharing fluctuto-day at 10%.
ated between 3 9-16 and 315-16, with the close
New issues featured the market
figure.
to-day at the low
this week,foremost of which; w,lits thc! new Interboro Consolidated Co. The corn., "w. 1., declined from 263/2 to 253g,
advanced to 27 and dropped finally to 263%. The pref.,
"w. i.," from 78 moved up to 79 and reacted finally to 76.
The new Wabash stocks appeared, the corn.,"w. i.," moving
up from 143/ to 14%, the pref. B. declining from 30 to 26,
with a recovery to 27. Oil shares were quiet for the most part
but became active and stronger as the week closed. Sharp
advances were recorded in a number of instances, among
which Prairie Oil & Gas was prominent for a rise of 46 points.
to 304,the close to-day being at 298. Standard Oil(Indiana)
advanced about 35 points to 435 and ends the week at 431,
ex-dividend. Atlantic Refining went up about 20 points to
585, finishing to-day at 580. Standard Oil of N. J. improved some 14 points to 415 and closed to-day at 413.
Among mining issues Chili Copper made its first appearance
and sold,"w.i.," up at first from 223/i to 22%,then down to
213/s, the close to-day being at 213%. The 7% bonds of this.
company were also active and rose from 114 to 1203/i and
%.
ended the week at 1183
Outside quotations will be found on page 1499.
-Stock Record, Daily, Weekly and Yearly
New York Stock ExchangeOCCUPYING
TWO PAGES.
1491
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 24
Monday
April 26
Tuesday
April 27
Wednesday
April 28
Thursday
April 29
Friday
April 30
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On basis of 100 share lots.
Lowest
Highest.
Railroads
9212 Feb 24 105 Apr 19
10358 10412 x10258 10338 26,710 Atchison Topeka & Santa Fe__
10313 104
10314 10418 10378 10433 103 104
96 Jan 5 100 Apr 21
1,212 Do pref
100 100
9934 9934 9978 99; 99; 100
*99; 10018 100 100
98 Mar 1 11312 Apr 30
113 11312 1,100 Atlantic Coast Line RR
113 113
112 112 *111 114
11134 112
11112 112
Feb 2
6
5 7978 Apr 19
23
7334
Ohio
6
&
Baltimore
17,100
78
7713
78;
78
77; 7818
7734 7878 7713 78
77; 78
Feb
7314 Jan 20
7134 7178 1,310 Do pref
72
72
7178 7218 7158 7134 7178 7178 7152 72
8412 Jan 6 93 Apr 21
9178 9034 9134 9113 9212 9114 9178 9034 9114 15,450 Brooklyn Rapid Transit
9112 91
91
Apr 19
1
Mar
£15314
174
Canadian
Pacific
21,150
169
168
16514
16734
16634 169
169 16912 16734 17014 16512 168
324 Jan 22 325 Jan 22
Central of New Jersey
*300 340 *300 330 *300 330 *300 330 *300 330 *300 330
40 Feb 23 4938Apr 19
4712 8,100 Chesapeake & Ohio
4778 47
47; 4838 4718 4838 4634 4712 4718 4712 47
1418 Apr 19
1014Jan 4
1,600 Chicago Great West
13
13
1314 *12; 1318 1212 1234 1234 1234 1258 13
13
3658 Apr 19
27 Jan 11
34
33
3312 3312 4,400 Do pref
3412 3334 3438 3212 3314 334 34
34
8314 Feb 24 9814 Apr 19
9512 9613 9614 9634 9578 96; 14,000 Chicago Milw & St Paul
96
954 9614 9534 9713 95
123 Feb 25 130 Jan 22
300 Do pref
12712 12712 12812 12812
12712 12712 *12513 128
*126 129 *12512 129
132 Apr 15
814
11
12
1,000 Chicago & North Western
13034 13034 130 130 _ 130 130
13034 13034 131 13113 130 130
1166 Feb 10 5175 Jan 30
Do pref
*165 180
*165 170 *165 170 *165 170 *165 175
MarA
1a 3
Mar
1 3832 Apr 15
"iii2 "2.6.12 2212 2514 107,150 Chic Rock Island & Pacific._
__34 -12
2118 2212 214 2212 21
211
2118 22
Chicago St Paul Minn & Om__ 1114 Apr 8 5114 Apr 8
*120 130 *120 130 *120 130 *120 132 *120 130 *120 130
Do pref
*125 150 *125 150 *130 150 *125 150 *125 150 *130 150
Cleve Cin Chic & St Louls-__ 121 Jan 18 3412 Apr 19
39
*31
39
*31
39
*31
39
*31
39
*31
39
*31
5318 Feb 17 65 Apr 1
Do pref
64
*55
64
*55
64
6514 *50
*50
65
*50
64
*50
24 Mar15 32 Apr 8
100 Colorado & Southern
31
*30
31
*30
3112 3012 3012 *30
31
3112 *30
*30
45 Jan 18 5414 Apr 5
100 Do 1st pref
54
*52
54
54
*52
54
55
*50
*51
55
55
*52
37 Jan 18 4913 Apr 3
Do 2d pref
50
*43
50
50
*40
*40
50
50
*40
*42
50
*40
142 Jan 4 153 Apr 19
240 Delaware & Hudson
4.1504 15112 15234 15234 *151 1521 *151 15212 15178 15178 *15034 152
3997a Jan 6 42934 Apr 10
320 Delaware Lack & Western
424 421 *417 425
425 425 *417 42712
*417 425 *417 425
4 Jan 12
914 Apr 20
0
,.,
700 Denver & Rio Grande
*712 812 *7
*812 10
818 9
R1_2
71_2
812 *.
8
612Jan 7 1814 Apr 19
600 Do pref
1632
1512 16
15
16
*14
1478 1478 *12
14
*13 15
1978 Feb 24 30 Apr 19
284 29
2834 29; 2812 2878 2858 2912 2878 2978 2858 2912 55,900 Erie
3214 Feb 24 4638 Apr 19
4512 4414 4514 15,400 Do lst preferred
4334 4434 4434 45'2 44
4478 44
4434 44
27 Feb 25 3714 Apr 19
3714 3,980 Do 2d preferred
37
37
*3512 36
3718 3578 3614 *36
3712 3612 37
11234Jan 2 12234 Apr 19
12078 121
12118 12258 12012 12112 121 12112 121 12112 12034 12138 12,900 Great Northern pref
2514Jan 2 4138 Apr 13
23,300
properties
Ore
Iron
38
3714 3813 3712 3858 3634 3734 3714 3778 3758 3914 37
1024 Marll 113 Apr 19
900 illinois Central
11134 11134 11112 112 *111 112
111 11112 11013 11138 *110 11112
20; 22
2012 2112 2034 2178 2218 2412 2358 2434 2234 2313 267,850 Interboro-Metropolitan v tot! 1058Jan 16 2434 Apr 29
49 Jan 19 7538 Apr 15
6912 7212 6958 71
7014 7134 7134 7434 7334 7478 7212 7312 53,150 Do pref
2052Feb 24 2712 Apr 19
10,800 Kansas City Southern
25; 26
2514 26
2538 2534 2538 2534 2512 2578 25; 21
54;Feb 24 6012 Apr 20
2,500
pref
5934
Do
4
573
8
587
584
5812
5813
59
5812
*57
60
59
59
9;Apr 21
5 Jan 5
100
Western
4
3
&
8
Erie
Lake
834
*812 912 *813 912 *858 938 *812 912 *858 9;
20 Apr 5 2314 Apr 22
600 Do pref
*2113 22
*2112 2213 *2113 22
22
22
2112 22
22
22
Apr 19
14812
24
Feb
12914
10
12,240
Lehigh
0
ley
l
d
a
n
a
145
Lo
V
14358
145
14414
14414
14212
14313
14378
14358 14378 14373 14412
30 Jan 11 39 Jan 20
37
*33
38
36
37
*32
37
*33
37
*33
37
*33
110 Mar 1 12512 Apr 20
500 Louisville & Nashville
125 12512 *124 126
12434 12434 125 125 *124 125 *12313 125
127 Mar31 129 Apr 23
400 Manhattan Elevated
*127 129
12878 12872 12812 12834 *126 129 *128 12912 *128 130
193:Feb 15
1012Jan 11
1,185 Minneapolis & St Louis
1634 1714
1634 1634 17
*16
17
1634 1634 1634 17 .16
25 Jan 18 49 Feb 15
43
Do pref
*35
42
*37
43
*35
43
*35
42
*35
43
*38
Apr 19
12212
4
Jan
108
Marie
945
Minn
S
S
&
P
12012
St
12012
11911
119
122
*120
121
;12078 12078 11834 121 *119
126 Jan 14 132 Apr 19
Do pref
*130 135 *____ 130 *125 132 *125 132 *125 132 *121 132
772 Jan 4 1514 Apr 19
1214 1134 1214 1134 1358 1312 1414 25,550 Missouri Kansas & Texas
1038 1112 11
12
11
26 Jan 4 40 Apr 5
32
3512 3511 3634 8,850 Do pref
32
31
30
28
2612 3013 274 32
638Jan 8 1814 Apr 19
1418 1434 1414 1518 64,410 Missouri Pacific
1212 1338 1314 14
1214 14
1212 14
23 Jan 5 23 Jan 5
pref..
1st
rre41
Mexico
ofp
m
Rys
0
Nat
20
*16
20
*16
20
*16
20
*16
22
*16
20
*16
7
7
7
9
478Jan 23
73
7 Apr 29
.
4
300
9
*7
9
*7
9
*7
9
*7
8812 8934 8812 9014 8812 90 26,500 N Y Central & Hudson River. 8113 Mar 1 9234 Jan 22
8978 8834 904 884 90
89
43 Feb 25 7114 Apr 21
16,300
Hartford
N
&
6814
H
N
Y
67
6818
8
675
6812
8
6812
6612
6934
675
6734
6812
674
2134 Jan 6 35 Apr 20
27,350 N Y Ontario & Western
3012 3014 3258 3114 3334 3212 3418 3258 3334 3214 33
30
20 Apr 22 25 Feb 15
100 Norfolk Southern
*1512 25
20
20
25
*20
25
*20
• __ 25 I._ _ __ 25
10618 Apr 19
105 10534 *105 10578 10518 10534 10518 10578 1,200 Norfolk & Western
*105 10512 105 106
8513 Jan 26
preferred_
adjustment
Do
_ *84
89
--- 89
89
*85
89 .85
*85
*85
89
9::
3
35
8
9
Faaennb 2
24 11258 Apr 19
74 jj
10934 11078 12,610 Northern Pacific
--10912 11012 10912 11134 109 11014 10934 11014 11014 111
24
Apr 21
11138
103;Feb
Pennsylvania
10,760
10912
x109
8
1107
11038
110 11038 11014 11034 11014 110; 11014 11013
68 Mar15 72 Jan 18
200 Pittsb Cin Chic & St Louis
70
70
70
*69
71
71
*70
*69
*69
71
*69
71
pref
d
1s
Do
*90 110
*90 110
*90 110
*90 110
*90 110
*90 110
8 15718 Apr 19
5
b 24
aa
AI :
:
2:
1
450%
18
15158 15234 151 15212 157,420 Heading
15314 15434 315134 15438 1504 15238 15052 152
86'* Jan 11
rred
87
preferred
rerft3e
pp
*85
*8058 90
85
*81
85
*81
*81
*8052 90
85
80 Feb 23 8612 Apr 19
100
86
86 .84
*83
86
*83
8512 8512 8478 8478 *82
86
118 Apr 9
34
912
34
*12
72
*52
500 Hock Island Company
88
2,
34
28
*12
28
213 Apr 9
12 Apr 21
1
58 ' 34 2,900 Do prof
78
118
78
118 *1
31
1
58
58
Apr 22
614
47
Mar22
:
47
134
4
43
Francisco
2,400
412
St
San
&
Louis
412
412
5
*412
5
5
478 5
10 Jan 25 1134 Mar31
12
*7
Do 1st preferred
12
*8
14
*8
12
*8
12
*8
12
*9
8 Mar31
3 Jan 18
600 Do 2d preferred
*512 6
534 6
6
6
534 612 *512 612 *512 6
15 Feb 15 19 Apr 23
100 St Louis Southwestern
19
*17
18
*17
1812 *1612 1812 *--- 1812 1812 1813 *17
33 Mar24 37 Jan 21
Do pref •
38
*34
38
*34
38
*34
38
*34
*3412 38
38
*35
1114 Jan4 17 Apr 21
15; 1572 1,500 Seaboard Air Line
1638 16; 16
16; 154 1534 1512 1534 *1518 16
32 Feb 25 42 Apr 10
4034 2,100 Do pref
4078 40
40
40
40; 3912 3934 40
40
4012 41
5 95 Apr 21
Feb 20
8F
1174
64
8
9234 9358 39,447 Southern Pacific Co
94
92; 9378 9312 94; 92; 9332 9212 93; 93
10614 Apr 19
Certificates (when issued)._
1938 Apr 9
24
Feb
1234
stamped
etfs
15",200
tr
v
Southern
1614
"iii4
187
-jars Isij ;lila -113-4 -i8i8 .181-2 "iii2 lif2 i8 'IA
43 Feb 25 63 Jan 26
do
preferred
1,600 Do
5818 59
58
58; 58
58
58
5914 58
5712 5812 *58
1778 Apr 19
11 Jan 11
1614 2,400 Texas & Pacific
16
1612 1612 16
16
16
16
16
16
16
16
35 Jan 2 58 Apr 15
55
5512 5434 5512 54
5412 5634 5514 5658 5412 5512 14,500 Third Avenue (N Y)
55
21 Mar31
1 Jan 8
300 Toledo St Louis & Western....
212
*2
2
2
3
*2
2
*2
3
2
*2
212
4138Jan 23
6 Jan 6
7
100 Do pref
612 612 *8
*812 7
*612 712 *612 712 *612 7
Apr 19
100
25
8Feb
955
Transit
200
Rapid
City
Twin
99
99
99
99
9912 *98 100
*9814 100
*98
*98 100
11534Jan 2 13458 Apr 19
13158 13318 116,250 Union Pacific
13014 13212 13118 1324 13214 133
131; 13278 13214 134
8134 Feb 26
1
Mar
X79
2,400
pref
8114
Do
3
80
81
803
8118
4
8012
8012
4
8114
8114
81
4
3
80
8014
8 Jan 5 21 Apr 26
1938 1934 11,100 United Railways Investment_
1958 2012 19
1978 1934 20
1812 21
1734 18
2114 Mar15 4014 Apr 26
3712 38; 3812 3912 3814 3912 8,400 Do pre
4014 3812 40
3614 3738 38
214 Apr 30
12 Mar25
214
20,500
1
1
178
Wabash
178
1
8
7
1
78
118
ti
*78
612 Apr 29
1;Feb 24
312 4
14,700 Do prof
212 61
234 278 *21p 312
3
3
318 312
4 2678 Apr 13
14 Jan 6
134
0
2612 2412 2412 2512 2513 2313 2612 1,200 Western Maryland
*24
25
2434 2478 25
334Jan 18
2
2
600 Wheeling & Lake Erie
21
212 *2
2.2 *2
*2
2
2
212
3.2
10 Mar24 16 Jan 18
12
*8
12
*8
12
*8
Do 1st preferred
12
*8
12
3.8
12
*8
6 Jan 18
278 Apr 16
4
*3
3
700 Do 2d preferred
3
3
3
318 318
*278 4
4
*3
3058Feb 24 397 Jan 21
200 Wisconsin Central
am
37
38
*36
374 *3512 38
38
38
*36
*3313 38
Range for Previous
Year 1914.
Lowest.
89¼ July
20612 Dec
59918 Dec
67 Dec
69 Dec
79 July
153 Dee
300 July
40 Dec
94July
25 July
8434 Dec
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
37; July
29 Dec
13834 Dec
388 Jan
4 July
8 July
2018 July
32 July
2614 July
111; Dec
222 July
10312 Dec
1034 July
50 Dec
204 July
4912 Dec
54 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
94 July
274 June
101 Dec
130 June
818 Dec
26 Dec
7 Dec
30 Jan
5 Dec
77 July
49;July
1834 Dec
2518 July
9612 Dec
85 Jan
9658 Dec
10212 Dec
644 July
95 June
137 July
87 July
£80 Dec
58 Dec
1 Dec
2 Apr
8 May
214 Dec
b77 July
36 July
1014 Dec
4534 Jan
81 Dec
9278 Dec
14 Dec
58 Dec
1112 Dec
33 July
2 Dec
4;Dec
9478 July
112 July
77; Dec
712 Dec
22 July
12 July
134 Dec
1034 Dec
212 July
814 July
3 Dec
2934 July
Highest.
100% Jan
10134 June
126 Jan
9838 Jan
83;Jan
9414 Mat
2204 Feb
310 Jan
68 Jan
1514 June
4112 JUDO
10718 Feb
143 Feb
13672 Feb
180 Jan
33 June
13114 July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mar
15912 Feb
40634 June
1914 Jan
31% Feb
3212 Jan
4934 Jan
4014 Jan
13434 Feb
394 Jan
115 Jan
16; J•D
6533 .1,ate
2810 J. y
62 Jan
9 .1 vo
2112 Jaa
15614 Ja
36 FeD
141; Jan
133 Feb
1614 Jan
354 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96% Jan
78 Jan
31% Jan
43 Jan
10578 July
90 Apr
1184 Feb
11512 Jan
91 Feb
101 Mar
17214 Jan
8038 Jure
93 Jan
16% Jan
25 Jan
5% Jan
174 Jan
934 Jan
263 Jan
6518 Jan
2238 Feb
58 Feb
9912 Jan
1064 June
2814 Feb
8514 Feb
1734 Apr
4534 Jan
1214 Jan
23 Jan
10812 Jan
164% Jan
86 Feb
23;Feb
4914 Mar
458 Jan
13 Jan
35 Jan
Oa Jan
21 Jan
11 Jan
48 Feb
Industrial & Miscellaneous
$4012 Apr 22 $up* July $2878 May
25,100 dAlaska Gold Mining_Par $10 $2618Jan
3814 3878 3818 39; 3838 39
39
3934 38
6 July 1414 Feb
734Jan 12 1912 Apr 30
1578 16; 1678 1712 1712 1312 32,875 Allis-Chalmers Mfg v t c
16
1631 15
802 Apr 19
32': July 49 Jan
10
Feb
33
c
t
v
preferred
54
8,710
52
Do
53;
5212
5218
51
5212
5012
5134
7818 Feb
Dec
48;
22
Apr
7912
24
Feb
Copper
Amalgamated
5038
7612 7778 158,520
7938 7614 7858 7718 78; 7712 787s *3712
594 Mar
4734 Jan
3812 3,000 American Agricultural Chem_
48 Jan 4 59 Apr 26
*5712 5812
5812 5713 58
58
59
974 Jan
Dee
16
9014
Feb
93
Mar27
90
pref
93
*91
95
Do
*90
94
*90
95
*91
93
3314 Jan 6 5013 Apr 29
19 July 334 Dec
50
4978 5012 4912 5012 41,300 American Beet Sugar
4858 5014 49
50
66 May 80 Dec
8634 M ar22
83 Feb 1
100 Do pref
87
87
*86
86
86
87
Apr
9712 Feb
Apr 30
8714
80
Feb
C102'2
25
Foundry.
&
Shoe
c97
Brake
Amer
c10018
c100
3.131
c10212
97
c97
c97
13212 Mar25 c155 Apr 29 12912 Jan 14678 Feb
1,860 Do pref
143 c145 145 c146 c14812 c150 c155 c153 c153
1912 July 3618 Jan
25 Feb 24 44; Apr 30
40
3778 3978 3834 4134 4112 4278 4012 4438 245,180 American Can
80 July 96 Jan
9112Jan 5 10C18 Apr 29
0912 9972 10012 9978 1004 6,710 Do pref
9938 99
9912 99
5312 Feb
424 Dec
21,900 American Car & Foundry..._ 40 Feb 23 5914 Apr 16
5438 5858 58
5678 5634 53
5512 5418 56
112 Feb 23 116 Apr 30 112 July 11878 Jul
250 Do pref
116 116
115 115 *115 116 *115 116
116
68 Jan
July
5912
12
Jan
60
4614
7
Apr
pref
Cities
100
American
4818 4818
82 Jan 20 102 Apr 12 182 Jan 1861: Mar
-6i" ;5K lig35 American Coal Products
io8is
95
§95
98
*95
195
05
107 July
1105 Jan 7 110958 Apr 6 ;102 Jan
Do pref
*107 109 *107 109 *107 109 *107 109 *107 109 *107 109
32 July 4012 Feb
39 Jan 4 5418 Apr 26
5338 52
5212 11,500 American Cotton Oil
5312 5212 5418 5134 5258 5234 5314 53
52
9358 June 9738 Mar
9518 Apr 29 98 Apr 22
9518 9518 *95 100
100 Do pref
*95 100
*95 100
*9513 100
*95 100
54 Feb
314 July
438Feb 19
8 Apr 19
: 7
: 71
71
714
634 678 3,000 American Hide & Leather
658 658
612 872
634 7
17 July 2534 Feb
1934Jan 5 4213 Apr 19
3738 3612 3712 8,970 Do pref
3512 37
3534 3638 53512 3512 36
36
35
1972 July 3234 Feb
2058Jan 4 35 Apr 30
20,700 American Ice Securities
3414 3312 3412 3334 35
3378 33
3312 3378 3.312 3312 33
713 July 1158 Jan
' 714Jan 2 14 Apr 19
2,800 American Linseed
12
1134 12
*1113 12
1218 1113 1178 12
1178 1238 12
31; Jan
24 Dec
24 Jan 5 3414 Apr 16
900 Do pref
31
31
3114 3112 *2913 3178 3078 31
31
31
2014 July 3714 Jan
19 Mar 2 68 Apr 16
16" 5734 61 105,700 American Locomotive
5858 5334 5638 5514 59
5414 5812 55
Jan 1024 Mar
98
16
Apr
1004
6
Mar
75
pref
Do
600
9718
9878
8
97
987
98
97
974
98
97
97
97
*94
638 Apr 23
414 Dec
914 Jan
378 Apr 14
600 American Malt Corporation
534 534
*534 7
6
6
512 .6
6% 638
63s 63s
5018 Jan
30 Dec
25 Apr 19 3212 Mar31
30
*28
30
*27
2834 29
28
2818 1,500 Do pref
2912 2912 2918 30
85 Jan
7914 July
28
Apr
83
19
Jan
78
Sec
Smelters
pref
100
Amer
84
*82
84
84
*82
83
83
*8012
84
*82
84
*82
50' July 7118 Feb
56 Jan 2 76 Apr 26
7313 7419 32,575 Amer Smelting & Refining
7234 7434 7318 7438 7418 75
73; 7472 744 76
974 Apr 105 Jan
100 Jan 4 10778 Apr 29
10812 10612 101 10778 10712 10713 1,550 Do pref
1064 10812 106 107
10534 106
Dec 172 Jan
148
22
Apr
165
16
Jan
144
Snuff
American
400
152
152
161
160
*15012
*150
160
160
161 161 *160 165
99% Jan 10634 July
103 Jan 19 10613 Apr 26
200 Do pre: (new)
106 10612 *104 108 *105 108 *105 108 *105 108
*105 107
2713 July 3V2 Feb
Mar 5 40 Apr 30
2418
Foundry
Steel
(new)
Amer
5,500
40
3814
36
37
4
364
363
4
3618
363
8
367
36
*3312 34
97 Mar 10978 Jan
111 11278 11118 11234 13,210 American Sugar Refining.... 3312 Feb 24 11414 Apr 23
112 11312 110; 11272 1104 11134 11034 111
109 Feb 8 1141:Jan 29 10778 Mar 116 Dec
975 Do pref
*11312 11412 114.4 11414 11438 11438 11312 11312 11412 11412 *114 115
Apr 19 114 July 1244 Jan
12378
4
Jan
118
&
Telephone
Telegraph
Amer
8,050
12112
122
12218
12214
12278
8
1227
14
34
12212
1
13
2
12212
1215: 122
12134
220 Jan 4 25212 Apr 22 215 Apr 256 Mar
5,810 American Tobacco
238 23978 238 239
24013 235 238
240 243
24214 245
10134 Jan 109 Jun
10314 Jan 4 108 Mar
1,100 Preferred, new
10712 10712 *10612 10712 10772 10778 108 108
106.2 10612 107 107
12 July 20% Jan
1534 Mare 32 Apr 30
Woolen
4,000
32
American
31
4
28
313
2914
30
2
28;
297
30
2912 2934
30
7219 ki r 83 Ian
22
Ppla
774
Aur
27
2
895
nref
Do
1.150
8914 894 8918 8872 8919 8918 8952
*8812 8934 8912 8912 89
d Qulted dollars
de,osit.
of
Certificates
c
• Bid and asked prices; no sales on this day. 8 Ex-rights. ; Less than 100 shares. a Ex-div. and rights. b New stock.
Per share. e First installment paid. z Ex-dividend. s Full paid.
3918 3934 3834
1614 1678 *1612
51
5134 *51
77
7812 784
5718
5638 57
93
*91
*91
*48
4812 4813
*86
*86
87
c95 c9558 95
c14012c141 c143
3534 3832 38
99
5534 54
53
•11312 116
*11412
-6-*85
- 6
-6a
1492
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second
page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
April 21
tionday
April 20
Tuesday
April 27
Wodnesday
April 28
Thursday
April 29
Friday
April 30
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
Industrial & Miss (Con)
3814 39
3718 3818 37
3778 374 384 3653 3714 57,950 dAnaconda Copper Par $25 82434 Feb 24 $39 Apr 26 $2414 Dec
$3814 Feb
52
5434 51
5212 5113 5414 5312 5478 55
6034 61,900 Baldwin Locomotive
2653 Mar 3 6034 Apr 30
3812Jan
524 Mob
10112 10112 *100 10112 *100 102
10134 102
102 102
1,000
Do prof
92 Mar 9 10312Jan 15 10212 Jan 110 June
--112 --1-5-8
138
134
112
112
138
158
14 112
114 133 2,900 dBatoplias Mining_ -Par $20
$'3 Feb 5 52 Apr 17
$13 Apr
$114 Feb
144 145
14418 150
142 146
144 148
145 147
14312 147
Bethlehem
13,000
Steel
4614
Jan
155
2
Apr
13
294
Jan
4653 Dec
11014 11114 11012 11012 *110 112
11114 11112 *11112 113
112 11218 1,174
Do prof
91 Jan 2 113 Apr 8
68 Jan
9133 Dec
*127 130 *127 130
129 129 *128 130
130 132
132 13212 1,300 Brooklyn Union Gas
118 Jan 5 1324 Apr 30 118 Dec 130 Jan
7
7
613 612 *5
7
*5
7
*5
7
*5
7
200
Brunswick
Mar12
57
Term
7
It
Apr
&
8
414
22
July
853 Feb
*28
30
*28
32
*28
31
*28
31
*28
31
*28
31
Butterick
27 Feb 4 324 Apr 15
26 Jan
2913 June
1712 1853 1813 1914 1714 1814 1813 1958 184 1914 18
1812 12,100 California Petroleum v t et's_ _
1234 Apr 1 2138 Feb 8
1518 Deo
3052 Feb
*44
47
45
46
*4313 4512 4512 4534 4412 4512 *1412 4612 1,600
pref
Do
Feb
4
543
8
38 Apr 6
50 July 68 Mob
*80
87
*80
87
*80
87
*80
87
*80
87
Case (J 1) Thresh M pf tr otfs_
77 Mar 1 8314 Apr 16 177 Deo
9518 Jan
-.
1078 11-78
- 4034 4212 3914 4112 39
3958 39
404 3918 3978 45,256 Central Leather
3258Feb 20 4458 Apr 19
2578 Jan
3814 Dec
10314 10314 10312 10378 *10312 10378 103 10314 103 10314 10314
pref
1,210
Do
1037
8
10033Jan 7 104 Jan 27
9478Jan 104 July
4634 4734 4778 4934 4612 4912 4734 4834 48
4878 47
4834 70,845 dChino Copper
Par $5 3234 Jan 6 4934 Apr 26 8314 Dec 844 Feb
*50
60
*50
60
*50
60
§55
55
Cluett. Peabody & Co. Inc___ §55 Apr 25 §55 Apr 28
*50
25
00
*50
•
60
6812
Feb
70 Feb
*9912 101
9912 9912 *99 101
9912 100
100 101
1,050
Do pref
100 100
99 July 10413Feb
98 Jan 20 102 Mar15
3112 3212 3112 34
3112 3234 32
3212 3213 3434 3212 3334 25,120 Colorado Fuel dc Iron
3612 Apr 16
1213
1334
2012July 3418Feb
12712 12712 12712 128
126 126
126 12612 127 131
13134 25,200 Consolidated Gas (N Y
4
1293
11213
1313
Apr
30
4
4
4j
J:
Deo
n
6
13912Jan
61
61
6238 6314 6212 63
62
63
63
6334 6353 6353 3,400 Continental Can
4014 Jan 4 6512 Apr 5
3712 June 4514 July
*9412 96
9534 9614 §9612 9612 96
96
97
9634 97
97
1,118 Do pref
8812 Jan 5 97 Apr 6
84 July 9134 July
14
1434 14
1434 1334 1414 1334 1414 14
1438 1418 1453 14,015 Corn Produota Refining
1573
Apr
Jan
2
19
8
7 July 134 Jan
78
78
78
79
77
77
*77
7834 79
79
78
78
800 Do pref
65 Jan 5 81 Apr 19
5818 July 72 Jan
62
62
*5/
62
*57
62
60
60
*60
60
62
60
500 Cuban-American Sugar
38 Jan 25 70 Apr 5
*92
95
*94
95
95
9512 96
96
96
96
98
98
1,000
Do
prof
Apr
Mar17
98
93
30
90 Dec
90 Dec
*85 . 90
*8578 90
*8712 90
90
90
9013 9012
200 Deere &Co pref
9134 Jan
86 Apr 8 9012 Apr 30
9934 Feb
1012 1112 1112 1234 1134 1213 1233 1378 -11 -1118 1518 1534 35,060 Distillers' Securities Corp.512 Mar 2 1534 Apr 30
11 July 204 Mob
13
13
*11
13
*11
13
1212 1212 1212 1212 13
12
13
600
Federal
Mining
Mar24
15
Apr
Smelting
&
19
8
714 May 15 Jan
32
3314 34
34 *__ 344 *30
3412 3113 34
3373 34
2,100 Do pref
20 Mar13 31 Apr 20
2853 Dec
43 Jan
*210 21212 21213 21212 §215 215
215 215 §215 215 *210 215
275 General Chemical
165 Jan 26 215 Apr 28 160 Apr 180 Jan
*10712 10912 *10712 10912 10878 109 §10834 109 *108 10912 *108 109
235 Do pref
106 Mar 1 109 Apr 27 10713 Feb 110 June
15212 15278 153 15414 152 153
15312 1564 15658 158
158 16112 20,870 General Electric
138 Mar 3 16112 Apr 30 13713 Dec 15058Feb
144 14412 14434 146
141 14334 14334 144
14314 144
143 144
3,900 General Motors vot tr °Hs
3738Jan
82 Jan 2 150 Apr 10
99 May
*100 10112 10114 10114 10112 10112 10112 10112 10153 10153 *10012 1013
8
800
Do Prof voting trust otfs- 9058Jan 4 10534 Apr 13
70 July 95 Feb
474 4758 48 . 5038 48
5038 49
4934 49
5178 5012 5134 44,000 Goodrich Co (13 F)
Apr
4
533
9
2878 Apr
7
241p
Jan
191,8 Jan
*101 102 *101 102 *101 102
102 102 *101 103 *10112 103
Do
450
pref
7978Jan
95 Deo
95 Jan 14 10234 Apr 8
6134 6313 6353 6412 6214 6414 6234 6312 6314 64
62
6312 47,600 dOuggenheim Explor_Par $25 $4518 Jan .7 56112 Apr 26 84012 July $5712 Apr
*116 118 *116 120 *116 120 *117 120 117 §11714 *11612 118
120 Homestake Mining
1114 Jan 8 §118 Jan 19 10934 July 11221z Mob
3412 35
3378 3538 3313 3414 34
3458 34
35
5
dInspiration Con Cop_Par $20 81653Jan 2 $3533 Apr 26 $1414 July 81914 July
5
_ 10434 10434 10312 10312 ---- -___ *10012 10314 -----------050
200 International Harvester of N J 9013 Mar 6 10634 Apr 21
82 July 11312Jan
*114 116 *111 11558 ____ ___- *111 116
____ _ _ _ _
Do pref
Mar24 117 Jan 20 11312Jan 11873July
-ia- -ii- .71
*7112 75
__ ____ *7112 75
75
_ _ _ ____
"i155 International Harvester Corp- 112
55 Feb 20 80 Apr 10
82 Deo 11184 Jan
*102 11212 *103 11212
_ *103 11212 -_- -__
Do pref
9012 Mar 6 114 Jan 14 11414 May 118 July
-loi4 163-4 1014 1014
1012 1034 -1013 1078
- 11
1112 1 112 1178 - -3-,&55 International Paper
8 Jan 6 12 Apr 19
634July 107* Feb
40
4012 *39
40
41
41
40
4178 4112 4134 4138 4153 3,600 Do pref
33 Feb 24 43 Apr 10
41 Jan
30 Dec
8734 8778 8712 88
*87
88
*87
88
88
88
*87
88
600 Kayser &Co (Julius
7712 Feb 20 88 Apr 26
94 June
•106 109 *10612 109 *10612 110 *10612 110 *10612 110 *10612 109
80 Jan
Do 1st pref
107 Jan 13 109 Apr 19 106 Mob 10834 May
*122 127
12318 1234 124 124 *123 127
1254 12712 *125 127
900
Kresge Co (3 8)
99 Jan 18 12712 Apr 29
*109 1094 *109 1094 109 109 *109 10912 *109 10912 *109 10912
81 Jan 105 Feb
100 Do pref
1054 Feb 15 10912 Apr 22
1)3912 3912 3912 3912 3912 3912 3918 3934
99 Jan 105 Mob
40
4112 42
4512 5,160 Lackawanna Steel
28 Jan 7 4512 Apr 30
104 1044 *104 105
2612 July 40 Jan
10212 10212 *10212 10412 10312 10434 1044 10134 1,800 Laclede
9J7 Jail 15 106 Apr 13
Gal (St Louis
227 227 *225 231
85 July 101 Feb
- 224 224 *220 227 *220 228
200 Liggett & Myers Tobacco
207 Jan 9 231 Apr 22 20713 Dec 231 Mob
*11714 119 *11714 119
iii 111
*118 119 *118 120 *118 120
100
Do
met
11334Jan 5 11912 Jan 21 11138Jan
*22
24
22
11812 July
2212 21
21
*21
2238 *21
300 Loose-Wiles Biscuit tr co otfs_
2233 *21
2212
16 Feb 17 31 Jan 11
38 Jan
26 Dec
9512 9512 95
95 *---- 9734 *93
9734 *__-- 0734 *-- -- 9734
Do 1st preferred
200
86 Feb 20 10518 Jan 13 101 Apr 105 Mob
*60
68
*60 ____ *60
68
*60
68
*6013 68
*60
68
Do
2d
preferred
6013 Apr 8 65 Marl I
89 Jan
175 175
June
9514
175 175 *172 180
180 181 *172 182 *172 182
400 Lorillard Co (P)
16512 Jan 6 184 Mar 8 160 July 190 Apr
*115 118 1118 118 *113 118 *113 118 *113 118 *115
118
30 Do pref
11214Jan 6 118 Jan 19 110 Jan 11773July
*80
81
81
82
*80
83 *80
83
*80
82
83
82
Mackay
300
Companies
7258 Jan 11 8234 Apr 26
4
31,8
33
an
la
un
ly 7. Feb
*6712 8
6778 684 68
68
68
68
*6712 69
*6712 6812
400 Do pref
49
65 Feb 25 09 JA
471s 48
4814 5314 4913 52
50
51
6
5014 53
5134 5514 22,500 Maxwell Motor Inc tr Ws- 154 Jan 8 SS
pr 14
1412 Deo
1514 DecDe
§82
82
82
84
82
83
8212 8314 83
84
8312 86
7,920
Do
1st pref stk tr etre_ _- 434 Jan 2 873.1 Apr 14
4113 Deo
37
38
44 Dec
3812 4018 3814 3914 3834 3914 3834 4014 3958 42
13,600
Do 2d prof elk tr ctfs_- 18 Jan 6 4373 Apr 14
17
.
Deo
40
Dec
174
45
*40
45
4412 4412 *4073 4412 *40
45
*4012 4412
100 May Department Stores40 Apr 21 56 Mar 2
5113 June 6914 Jan
*93 . 95
*93
95
9473 9478 *93
95
95
95
*95
08
200
Do pref
9478 Apr 27 29812Mar15
9712
June
1013
4
Feb
9112 9614 8912 97
8712 91
89
91
8878 9133 89
904 110,350 Mexican Petroleum
51 Jan 9 97 Apr 26
4612Jan
7318 Feb
90
93
93
94
*90
93
*88
93
*88
93
*88
93
1,400 Do prof
67 May 87 Feb
87 Jan 15 91 Apr 26
2612 2812 2814 2912 27
2834 2814 2913 2838 2378 x27
2814 58,520 dMlamt Copper
Par $5 81714 Jan 6 $2913 Apr 26 31612 Dec 82433 Feb
54
5434 5334 5458 5312 54
*5312 5412 54
54
5312 53,2 2,400 Montana Power
41 Dec
42 Jan 4 5534 Apr 23
5273 June
*100 102 *101 102
10112 10112 *102 ____ 102 102 *102 104
300 Do pref
99 Jan 29 103 Apr 15 101 Apr 10373 June
*121 123
12112 122
121 121 *120 122
121 121
____ ____
600 National Biscuit
116 Apr 3 132 Jan 22 120 July 139 Feb
*12012 122 *12012 122
12012 12012 12012 12012 121 121
____
_
300 Do pref
12018Feb 19 126 Feb 3 11914Jan 128 June
701g 704 72
7212 7273 73
*71
7312 *73
75
*7358 -751-2
700 National Cloak & Suit
68 Mar25 8018 Mar31
10578 106 *10512 106 *10512 106 *10513 106
106 106
106 106
400 Do pref
10012 Mar25 10613 Apr 16
*1412 16
1514 15
15
1534 1512 16
16
1612 1653 1712 6,000 Nat Enameling & Stamping_
1712 Apr 30
912Jan 4
9 July
14 Feb
*81
90
*81
90
*80
90
*81
88
*81
87 *82
87
Do pref
80 June 8678 Mob
79 Apr 1 85 Apr 22
64
6478 64
6512 63
6412 6434 6514 6512 68
6634 70 43,470 National Lead
40 July 52 Jan
44 Jan 4 70 Apr 30
10914 1094 *10914 110 §10934 10934 *10914 110
110 110 *109 112
250
Do pref
10434Jan 4 110 Apr 21 105 Jan 109 Feb
15
1514 1512 1638 1614 1678 1614 1658 1614 1653 1534* 1612 34,085
dNevada Cons Cop---Par 35 $1134 Feb 24 81678 Apr 27 $1014 July 31612Jan
88
89
85
84
87
85
86
8934 89
92
8912 100
24,600 New York Air Brake
58 July 69 Jan
5612 Feb 26 100 Apr 30
76
7714 76
7512 7512 7514 7538 7612 784 77
77
7712 2,700 North American Co (new)
644 July 7914 Mob
64 Jan 19 81 Apr 21
1938 1018 203s 2212 22
2318 2212 2312 2212 2238 2278 23
6,300 Pacific Mall
1714 July 29 Jan
18 Mar17 2334 Apr 13
*32
35
3314 3312 *32
35
3434 35
*34 . 36
*3214 36
500 Pacific Telephone & Telegraph 2613 Feb 11 394 Apr 16
20 July
120 12014 12014 12014 11912 120 *119 120
11934 12112 12053 12134 3.400 People's Gas Lt & C (Chia).- 1174 Feb 24 12312 Apr 3 108 July 31 Jan
125 Jan
23
234 23
2414 2318 2414 2318 2378 2338 24
2312 2312 9,900 Pittsburgh Coal
15 Dec
1514 Jan 4 2134 Apr 19
2312 Feb
94
9434 9314 9614 93
94
*93
95
*934 95
*9314 95
4,100 Do pref
8153Jan 4 93 Feb 10
79 Dec
9318 Feb
*70
*70
*70
80
80
80
*72
80
*70
80
*70
80
§80
Pittsburgh Steel pref
Apr
1
21
Feb
175
82 Apr
93 Feb
4814 49
51
49
49
504 4814 5238 53
5778 5713 5934 61,450 Pressed Steel Car
25 Mar 6 5934 Apr 30
2614 Jan
46 Feb
*97
*98 100
99
*97
99
97
98
100 100
10013 1004
400 Do prof
80 Mar10 10214Jan 25
9734Jan 10514 Mob
11012 11012 110 110 *10934 11012 *10934 11012 10912 11014 10934 10934
900 Public Service Corp of N J..- 104 Apr 13 11034 Apr 22 107 Jan 114 Apr
15834 15834 159 159
160 161
16214 16334 *160 163 216112 16112
925 Pullman Company
15013 Mar12 1634 Apr 28 150 Dec 159 Jan
53
*12
53
*12
58
58
53
58
12
58
38
r15
38 1,835 Quicksilver MiningMa14
178 Jan 12
%June
273 Jan
•
*112
124
112
112 *112 134
112 112
112
112
114
114
500
21 Jan 22
Do pref
34 Mar26
112 June
4 Jan
3212 3212 3212 3212 3133 34
3212 3213 3234 334 32
3534 10,450 Railway Steel Spring
3612 Apr 10
Mar
6
19
1934
July
343
3 Feb
*93
97
96
*93
96
*93
*93
95
§9314 9314 944 9413
115 Do pref
88 Dec 101 Feb
87 Mar 3 95 Apr 19
2434 25
2434 2613 2312 2538 2413 254 2412 2514 24
2434 77,600 dRay Cons Copper_Par $10 $15'4 Jan 2 $2613 Apr 26 815 Dec $224 Apr
2812 2914 2812 2934 2812 2958 29
2912 2912 32
3038 3113 21,100 Republic Iron & Steel
18 Dec
27 Jan
19 Feb 1 3412 Apr 16
8512 8553 8512 8534 8512 86
8513 8512 8612 88
8778 8838 3,292
Do pref
75 Dec
9114 Mob
72 Jan 30 8838 Apr 30
*338 4
*312 4
358 4
334 334
34 334
312 312 1,600 Rumely Co (M)
514 Apr 9
73Jan 22
378 Dec
18 Jan
912 10
912 10
9
9
*9
11
*9
1012
912 012 1,650
Do pref
212 Jan 20 16 Jan 5
2034 Apr
41 Jan
13853 139
139 139
139 139
139 139
139 13918 *137 13812
800 Sears, Roebuck & Co
313134 Mar17 20912 Feb 1 17014 July 19713 July
•12313 12412 12412 12412 *12412 12512 *12412 12512 12414 12434 *12413 12512
500 Do pref
12138Jan 4 12512 Feb 19 120 Deo 12434 June
3718 3718 *37
38
37
3778 38
38
38
40
38
39
4,550 Sloss-Sheffield Steel & Iron
1913 July 85 Jan
24 Jan 6 42 Apr 16
*5013 521 .50
54
*5012 5212 *51
53
*51
54
52
5312
200 Standard Milling
4312Feb 23 5533 Apr 6
32 Jan
45 Dec
*68
*68
71
*68
70
*69
70
7012 *68
7034 *68
70
Do pref
Feb 17 73 Mer22
5912
66
Dec
6713 Dec
6633
6573
6612 68
6712 6034 073 71
7073 74
7334 7734 61,550 Studebaker Corporation (The) 3534Jan 2 773.1 Apr 30
20 Jan
364 Mob
*9912 ____ *100 101
9958 100
10012 101
101 10113 102 102
1,400 Do pref
10233
Apr
8
2
Jan
70 Jan
91
92 May
3358 34
344 3513 3418 35
3414 3434 3434 3512 3434 3558 13,100 dTennessee Copper_
-Par $25 $2512 Feb 24 33553 Apr 30 82434 July 33634 Feb
*136 142
138 138
139 139
139 140
140 140 *136 140
800 Texas Company (The)
12334 Feb 24 14412 Apr 19 112 July 14978 Mob
72
*66
*66
74
*66
72
*66
72
*66
72
*66
72
Underwood Typewriter
6953
Feb
IS
Apr
20
55
7314 June 88 Jan
*100 103
100 100
*9814 106
*9812 106
*9814 106
*984 106
100 Do pref
100 Mar10 103 Apr 20 103 Dec 113 Apr
6
634
6
612
64 614
*64 638
612 034 *614 634 2,800 Union Bag & Paper
438Jan 4
714 Apr 6
353 June
884 Feb
31
*28
30
30
30
30
*27
31
27
27
*27
30
300 Do pref
Mar27
3073 Apr 6
2514
184 July 3212 Feb
*45
*4512 49
50
*45
49
*4512 4912 *4573 4813 4712 4712
100 United Cigar Mfrs
42 Jan 25 5112 Apr 19
39 Dec
5014Feb
*103 10412 *103 10434 *103 10134 *103 10434 *10314 10434 *10314 10434
Do pref
105
1
Feb
Feb
10214
ii
99 June 10378 Feb
*12
1312 *12
1412 1458 *14
1312 1314 14
1512 *14
16
1,000 US Cast Iron Pipe & Fdy
8 Jan 2 1614 Apr 19
734 June 131k Jan
45
.40
*40
45
*40
45
*40
45
*40
45
*40
45
Do prof
322
1 Mar 3 4613 Apr 19
30 July 49 Feb
•6612 68
6734 6834 6834 6834 6814 6814 67
67
68
68
900 U S Express
Feb
18
734
165
Mar
9
46 Jan
87 Mob
3914 40
39
38
39
45
40
40
4578 46
4534 3,700 U S Industrial Alcohol
15 Jan 27 46 Apr 29
15 Dec
20 Apr
8412 8412 8514 8514 87
87
88
88
8934 8934
800 Do pref
70 Jan 26 8934 Apr
75 Dec
8518 Jan
*38
43
*41
*38
44
45 iiiii43
4014 4014 *41
45- 100 U 8 Realty & Improvement- 36 Feb 11 50 Jan 29
12
5112 Dec
6334 Mob
6873 6978 69
6853 694 6912 71
70
6978 7233 7014 7133 36,100 United States Rubber
5173Jan 2 7434 Apr 14
4412July 63 Mob
•107 108
107 1074 107 10712 *10714 108
103 1084 108 1084 1,697
Do 1st preferred
10138Feb 24 110 Apr 0
9513July 1045a Jan
5658 594 5738 5914 57
5878 5778 5914 5878 6053 5812 5978 602,500 United States Steel
38 Feb 1 6078 Apr 19
48 Dec
674 Jan
109 10912 10834 10912 10878 109
10938 10953 10934 1103i 10912 10934 7,390 Do pref
x102 Feb 1 11034 Apr 29 10314 Dec 11234 Jan
6934 72
7113 73
6913 7134 7038 7138 70
7178 6833 7073 130,433 dUtab Copper
Par $10 $4812Jan 6 573
26 84538 Dec $5938 June
*27
29
2812 2912 2634 2734 2714 2734 28
2812 2812 3114 5,100 Virginia-Carolina Chemical- 15 Jan 4 3114 Apr
3478 Mob
Apr 30
17 Dec
*93
96
*93
95
96
*94
*94
96
93
9412 96
96
700 Do pref
80 Jan 6 96 Apr 19
96 Ma 10712 Mob
68
68
6834 6914 68
6858 6812 7078 6912 7012 69
7014 21,705 Western Union Telegraph.
57 Jan 2 7078 Apr 28
6673 Feb
5333 Jul
85
87
8518 8734 85
8712 8634 9534 9318 9814 98 108 541,950 Westinghouse Elea & Mfg ... 64
Feb 24 108 Apr 30
79'a July
64 Jan
•120 125 *120 130 *120 130
_ *124 130
_
_
Do let preferred
117 Mar12 119 Mar10 11578 Jan 12412 June
11878 11878 119 119 •11312 119 *115- 1-1-9
11614 11714 117- ifi"
875 Willys•Overland (The)
87 Feb 23 135 Apr 8
10014 10014 *10014 102 *101 102 *101 103
102 102
101 101
300 Do prof
96 Feb 13 103 Apr 8
10718 10718 107 10712 10712 10812 210414 10612 10412 105 *10414 106
3,000 Woolworth (F W)
9014Jan 6 11112 Apr 14
89 Jul
10314 Feb
*118 120 *119 120
120 120
120 120 *118 120 *119 120
620 Do pref
115 Jan 8 12018 Apr 14 11234Jan 11878 Mob
'Bid and asked prices: no sales on thLs day. f Less than 100 shares. 2 Ex-rights.
a Ex-div. and rights. b New stock. d Quoted dollars per share. a Ex-stock
dividend. z Ex-dividend.
3734 3812
52
5412
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1493
bonds.
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all-"and intercst"-except for income and defaulted
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
'd3
Price
Friday
April 30
tcp.
U. S. Government.
U S 29 consol registered...41930 Q
d1930 @
U S 2e consol coupon
k1918 Q - F
U S 35 registered
k1918 Q F
U S 38 coupon
1925 Q- F
U S 48 registered
1925 Q- F
U E3 4s coupon
U IS Pan Canal 10-30-yr 2s.k1930 Q - F
U S P. n Canal 10-30-yr 2s_1938 Q - N
1961 Q -M
U 5 Panama Canal 38 g
U S Philippine Island 4s_1914-34 Q F
it sic
Bid
9814 99
9314
10112
-10112
10912 110
11012 ---08 ---2
Rif1-
16f7-2
100
Foreign Government
92
Argentine-Internal Os of 1909_ M- S
7934
Chinese(Hukuang Ry)-58 of '11 J -D
S 9678 97%
Cuba-External debt 5s of 1904_
93
Exter dt 53 of '14 ser A_ 1949 F - A
..
3
324
1919 F- A --- 9:
External loan 44s
Japanese Govt-£ loan 434s 1925 F - A
1925 Second series 4349
S
7
70
'1431
13le
4
7
-.
;
5
67
1
0-7
Do do "German stamp"_
1931 J----.1
Sterling loan 4s
82
Mexico-Exter loan £ 5s ot 1899 - J
85
1954 J -ø
Gold debt 4s of 1904
96
Prov of Alberta-deb 4%9_ _ 1924 F - A
78
M- S
Tokyo Clty-5,9 loan of 1912_ _
:These are prices on the basis of $5to£
Range
Since
Jan. 1.
Week's
Range or
Last Sale
High No. Low High
Low
9814 9914
9814 Apr '15
98
99
082 Feb '15
1 10112 10158
10112
10112
101% 102
101%
10133
10912 110
10912 Apr '15
11034 11112
111 Apr '15
- --9512 July'13
97 May'14
10034 102
1015 Apr '15
100 Feb '15
100 100
94 Mar'15
88 J uly'14
9612
97
9334 Apr '15
8512 M ar'15
77,3
771s
77
77,2
7614
7534
7834 June'14
7914 Apr '14
65 July'14
9512 Jan '15
82 Jan '15
93
23 931s
9014
8512
12 77
3 77
72 7378
9914
-97
04
8512
8412
82
7934
9812 9512
82 82
State and City Securities.
10012 37 99 10012
R Y City-434s
1900 IN- S 10012 Sale 100%
43 99 10012
10012 Sale 10014
1001
4 gs Corporate stock
1964 M2 10334 10534
10538 10534 10534
10534
434s Corporate stock
1903
it 95
9714
9714
4% Corporate stock
1959 51-N 9714 Sale 9612
3 95
Sale 97
97
97
4% Corporate stock
1958 M- N 97
2 95
97
9614
0614
4% Corporate stock
1957 M-N 06%
95
96
96 Feb '15
1956 M-N 9614 4% Corporate stock
3 1037s 10534
10534
New 434s
1057 M- N 10514 106 105%
10034 10114
New 43.0
1917 M- N 10118 101% 10114 Feb '15
104 10518
434% Corporate stock_ 1957 M-N 10514 105% 10513 Apr '15
10012 101
434% Assessment bonds_ 1917 M - N 10118 10131 10034 Mar'15
8618
8712 Apr '15
84
87 -_
% Corporate stock_1954
9978 10012
N Y State-4s (Pal Pk) _ _1961 M- S .1001,3 -- 10012 Apr '15
9978 10112
Canal Improvement 48_1061 .1 - J 10112 -- 10112 Apr '15
100 10012
- - 10018 Apr '15
Canal Improvement 48 _ _ 1902 .1 - J 10158
09% 10012
10018 Apr '15
Canal Improvement 413_1960 J 7s 10814 110
- 116- 10912
10934
Canal Improvement 4lis.1964 J - J 1(19-38
10412 10' 10418 10112
Canal Improvement 4%9_1965 J - J 10112 77- 10433
7' 10814 10912
10912
1095s 1094 109%
Highway Improv't 4;418-1903 M- S *_
_ _ 10434 1043 Apr '15
1043 10.133
Highway Improv't 44s_ _1965 M- S
8414 July'14
Virginia funded debt 2-3s... A991 J - J
6112
59
6012 58
6112 104 52
Cis deferred Brown Bros etre-
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
Price
Friday
April 30
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No Low High
Ask Low
Bid
Chic Burl & Q (Con.)3 9512 97
9634
Nebraska Extension 411_-A927 M11- N 065s 991s 9634
_ 965s Sep '12
Registered
1927 51- N 95
Southwestern Div 4s
1921 M- S 991s --- 995s July'14
76 89
9214
9134 92
9112
92
General 4s
1958 Psi 2 2012 29
2634 2634
2634
Chic & E III ref & imp 48
J - J 25
6 91 103
98
100
9978 9978
1st consol gold 6s
1934 A 30 511s 75
Sale 68
70
72
General consol let 5s
1937 M- N
5212 68
Registered
1937 51- N ....-- 70 68 Apr '15
Pur money 1st coal 5s
- 00
9734 Feb '13
1942 F - A
Chic & Ind C Ry let 5s_1930 J - J if.
33
2712 J ul y'14
31 -63;
;
1 -53
Chic Great West 1st Is
72
1959 M- S 71% Sale 7118
Chic Ind & Louisv-Ref 0_1947 J - J 114 117 11312 Apr '15
113 117
Refunding gold 5s
1947 J - .1 97 101 1035s Mar'14
Refunding 4s Series C__ _1917 J
9558 Apr '11
Ind & Louisv 1st gu 4s
--80 July'12
1956 J - J
Chic Ind & Sou 50-year 45_1956 J - .1
_
____
9014 Aug '12
Chic L S & East 1st 4Hs1969 J -D
104 Dec '11
Chicago Milwaukee & St Paul92
7 88
Gen'l gold Is Series A_ _ _ _el9S9 J - J 9134 93
91
9034
8912 8912
Registered
e1989 Q - J
3 8818 92
Gen & ref Ser A 4%s
a2014 A 482
(1
9
07-.0
2
909
.
.
17
1Gen ref cony ser 13 1s_ _ _a2014 F - A :199
35 484 10018 10412
10
7
989
:913711832 AP:09'
4
11112
1 7834 8014
Gen'l gold 3348 Ser B
80
e1989 J - J
79
2 99% 10112
07,1488 56
109
090
General 4;0 Ser C
e
ee 198
1122
e1989 J - J
25-year deben 4s
8712 9014
42 9312 9912
Sale
Convertible 434s
193
934
23
1 -- D
3
_ 10212 Feb '15 -- 10212 10212
Chic & L Sup Div g 5s
1921 J - J 10212
4 103% 10434
10434
Chic & Mo Riv DIv 5s
1926 J - J 10438__ 10434
20 10134 10332
103
Chic & P W 1st g be
1921 .1 - J 10234 10314 10278
89 Apr '15
90
88
C M & Puget Sd 1st gu 48_1949 J - J 8912 90
10014 10038
Dak & Grt Sou gold 5s
1916 J - J
06
9318
2
199
073 1:• eb'
1
15
5 - 107 10738
Dubuque Div 1st s f 6s
1920 J - J 119
_ 110 June'13 -Fargo & Sou assum g 6s 1924 J - J 11018
La Crosse & D 1st 56
1919 J - J 10158 10218 10218 Jan '14 -1015
Wis & Minn Div g 5s
19213 - J 10278 10314 10158 Jan '15 -Wis Vail Div let 68
1920 J J 10658 10834 107 Feb '15 ---- 107 107
16018 100%
Mil & No 1st ext 4He
1934 J -D 100 10034 100-34 NIa4'15 10038 10012
Cons extended 4;Se__ _..1934 .1 -D 100 ___ 10038 Mar'15
Chic& Nor West Ext 4s1888-1926 F - A 95 ___ 9212 Jan '15 ---- 9212 9212
9438 July'14 ----Registered
1886-1926 F - A
8214 8078 Apr '15 ---- 785g 81
General gold 334
1987 M- N 81
812 Jan '14
_6i. 974
Registered
p1987 Q - F
8914 -9134
94
G
General 45
1987 M- N 92
94
94
Stamped 4s
15 89
1987 NI- N
2 109 11412
193
14:
8
2
Salt
1141:
1914412
General 53 stamped
1987 M10934 ___ 10912 Apr '15
Sinking fund 6s----1879-1929 A 109 10912
10812 ___ 10512 Dec '13
Registered
1879-1929 A 10358 ____ 10338 Mar'15
Sinking fund 5s
1879-1929 A ioia-2
101 ____ 102 Oct '13
Registered
1879-1929 A 101 ____ 10058 Mar'15
D
Debenture 5s
1921 A i665-8 10112
Registered
101 Dec '12 -1921 A - 0
Sinking fund deb 5s
8 ---- 102 Feb '15
1933 PA- N 1013
09-i6Z - 103
Registered
99 Mar'15
1933 MI - N
99
99
Frem Elk & Mo V 1st 6s1933 A 1l7_
!
-3-•Hi
:
.19
10
73
18
4s
M
ep
ar:0
19
5
11734 11914
Man GB&NW 1st 3;0_1941 J - J
5411w & S L 1st gu 3;0_1941 J -J
Mil L S & West 1st g 6s
1921 111- S
108 105 Apr '15
105 1081k
Ext & imps f gold 55_1929 F - A 10512 ____ 10138 Mar'15
10412 10458
116i1:
4
8
11318 Feb '14
Ashland Div 1st g 613_1925 RAMich Div let gold 613_1924 J - J 1107s 1117
; 11112 Apr '15
11112 1111;
90% Apr '15
MII Spar& N W 1st gu 48_1947 M- S 9118 92
89% 92
10458 ---- 10738 May'14
Northw Union 1st 7e g
1917 M4 i66St L Pen & N W let go 5s_1918 J - .1 10512 - - - - 106 Apr '15 -- i6Z310014 July'14
Winona & St P let ext 76_1916 J - D 10334
10134 29 i6f3-2 10213
Chica
RgeogiR
ste
ocred
kIsl & Pao 6s 1917 J - J 10134 1017-8 10138
10134 10 10P4 tom
1917 J - J 10134 103 10134
8312 44 8134 85
Ry general gold 48
1988 J - J 8312 Sale 8238
2
148
3 80
8212
1e2 6
549
012 250
87
0
6
8
Registered
1988 J - J 867018
Sale
6414 7178
Refunding gold 4s
1934 A-0
5014 67
20-year debenture 5s
1932 J - J 5212 Sale 5014
9434 June'll --Coll trust Series P 4s
1918 M-N
R I Ark & Louis 181 4;58_1934 MJuly,',1138
993 101
991,
1 99
Bur C'R & N-lst g 5s
989518
1934 A -__- 10078 May'14 CRIF&NIVIstgu 58_1921 A-0
M & St L let gu g 78
Choc Okla & G gen g 58_0192
J -- .) 96
919
73D
19
1:
7:
58 -9
6
;
97
;
12 A
M-ir-i
Consol gold 5s
'15
39712 9712
Keok & Des Moines let 58 19
83 Feb '15 ____ 83 84
A -O
-N
92
53
2M
St Paul & K C Sh L 1st 4;is'41 F - A
89
65 Apr '15 ---- 65 65
Chic St P 51 & 0 con (is_ _1930 J -D 11'114 118 11714 Apr '15
11518 11734
Cons Os reduced to 3 is....1930 J -D 116,8
16
012 Jan :1
15
4
10
90 90
Debenture Os
1930 51- S i66- i6i3-2 10138 Apr '15
100 102
Ch St P & Minn 1st g 0E1_1918 51-N
-North Wisconsin let 6s_1930 J - J 11618 __ 12958 May'09
St P & S City 1st g 6s
1919 A -0 1055 12
.
6
._ 10512 Mar'15
1E1; .
15E4
Superior Short L let 5s g_g1930 M1960 J -0 -7,- ---la-nChic T 11 & So-east let 5s
Chic & West Ind gen g 613_41932 Q -M 107 ___ 10638 Apr '15 ---- 105 10612
1952 J - .1 7812 7918 78 Apr 15---- 7'7
Consol 1-045
80
1937 J - J 60 -___ 96 Mar'14
Cin H & D 2d gold 4;is
1959 J - J -- - 88
let & refunding 4s
._
8614 J-n-e-;ii
1959 J 1st guaranteed Is
10012 Mar'14
CInD&Ilstgug5s
88 Mar'll
I-N
C Find & Ft W 1st gu 4s g_ 192
1 INVI-N
1943
_
65 J'ly '14
Cin I & W 1st gu g 4s_ _ _ _1953 J - J
943 Dec '14
Day & Mich 1st cons 4%s_1931 - J
65 J'ly '14
Ind Dec & W 1st g 58
1935 J - J
02
114
2 DecDec'2
17
07
1st guar gold .5s
1935 J - J
10 69
Cleve Cin C & St L gen 4s_ _ _1993 J -D 72
82
1 June:114
5
20-yr deb 43-4s
- 8514 8
1931 J - J
Feb
81
81
Cairo Div 1st gold 4s
1939 J - J 82
Cln W & M Div 1st g 4s_1991 J - J 74
78
83 Feb '14
1 80
80
St L Div 1st coll tr g 4s_ _ _1990 M- N 78 83 80
80
Mar'14
Registered
1990 NI- N
Mar'14
Spr & Col Div 1st g 4s___ _1940 M- S
73
9
8852
114 Apr '12
W W Val Div 1st g 4s_ __ _1940 J - J
10534 Apr '14
C I St L & C consol Os__ _1920 P4-N - - - 90 ____ 90 Feb '15
1st gold 4s
11936 Q-F
90 -66'88
_ 87 Mar'15
Registered
11936 Q-F
87 87
101
Chi S & CI con 1st g 5s._ _1923 J - J 101 la-1-12 101
9 101 1C11
CCC&Igencong 6s___1934 .1 - J 10834 ____ 10534 J'ly '14 ____
_
Registered
1934 J - J
-647 J'iy
Ind B & W 1st pref. 4s__ _1940 A -0
0 Ind & W 1st prof 5s_d1938 Q-J
-63- -641-2 15 6212 65
Peo & East 1st con 4s_ _ 1940 A -0 -6i4 21
Income 4s
25
28
28
28
_1990 Apr
28
Cleve Short L 1st gu 434s__.1961 A -0 9214 9312 9312
9312
3 91
9334
18
16
16
10 15
17
Col Midland 1st g 45
1947 J -J
15
Trust Co certfs of deposit _____
20
1412 Mar'15 -_-_ 1412 15
Colorado & Sou 1st g 4s
92
45 8518 92
1929
Refund & Ext 4548
8414
2 8112 85
:
:
10
81
62
40a 1:_2 10
1:
178 .1:
0
S8
102
23 100 10234
Ft W & Den C 1st g Cs
5
19
92
31
8941%
74
Conn & Pas Rivs 1st g 4s_ _1943 A -0
Cuba RR 1st 50 yr 5s g_ _ _ _1952 J - J
____ __ _
i66
Del Lack & WesternNforrls & Es 1st con gu 78_1915 -D 1003s - - - _ 100%
10038
1 10038 101
Registered
103 Nov'13
1915 J -D
-g458
- 88 8512
5 84
8512
1st ref gu g
8512
10714 109
- D 10812 109 10814 Apr '15
N Y Lack & W 1st 6s_ _ 2
199
9293
1 .1 -J
Construction 5s
1923 F - A 10214 104 10412 Feb '14
9512 Mar 15
2
Term & Improve 4s__ _1923 M-N
9514 -155192
5 --51
8 2 10218 Feb '03
__Warren 1st ref gu g 348_2000 F - A 8
Del esc IIud 1st Pa Div 7s
1917 51- S 105% 106 10838 Mar'14 ____
_
Registered
_ - 149 Aug '01
1917 51- S
9978 20
8 -Sale 9934
10-yr cony deb Is
1916 J -D -9177 99 ;0
10078
60
1;7
1
1st lien equip g 43s4s
1922 J - J 10078 Sale 10012
9412
1943 M-N 9412 Sale 94
1st & ref 4s
113
4 8
93
212 8
86
96
8
86
Alb er Sus cony 334s
1946 A -0
11338 11338
12 188
1418 1133 Jan '15
Rens & Saratoga let 7s_ _ _1921 M-N 18514
-.
Railroad.
h 1995 Q- J
Ann Arbor 1st g 4s
Atch Top & S Fe gen g 4s_ _ _ 1995 A 1993 A - 0
Registered
51995 Nov
Adjustment gold 48
Registered
51995 Nov
Stamped
51995 M-N
Cony gold 4s
19553 -D
Cony 4sissueof 1909
1955 J -D
Cony Is issue of 1910
MO J -D
10-year Os
19173 -D
East Okla Div 1st g 4s_ _ _ _1928 NI- S
Trans Con Short L 1st 45_ 1958 J - J
Cal-Arts let& ref 43.6s"A"1962 M- S
S Fe Pres & Ph let g 5s
1942 M- S
AU Coast L 1st gold 4s____51952 M50-year unified 4s
1059 J - D
Ala Mid let gu gold 5s
1928 M- N
Bruns & W let gu gold 48_1938 J - J
Charles & Say 1st gold 78-1936 3 L & N coll gold 48
01952 M-N
Say F & W let gold 6s__1934 A 1st gold 5s
1934 A -0
Sil Sp Oca & G gu g 4s
1918 J -3
Belt & Ohio prior 3349
1925 J - .1
Registered
51925 Q - J
1st 50-year gold 48
h1948 A -0
Registered
51948 Q J
20-yr cony 434s
1933
1922
Pitts Juno 1st gold 6s
P June & M Div lat g 3%s 1925 MPLE& W Va Sys ref 4s_ _1941 M- N
Southw Div 1st gold 330_1925 J - J
Cent Ohio It 1st o g 434s 1930 M- S
CI Lor & W COD let g 5s_ _1933 A Monon River 1st gu g 58.._1919 F - A
Ohio River RR let g 58_1930 J -D
General gold Os
1937 A - 0
Pitts Clev & Tol 1st g Cis 1922 A - 0
Pitts & West ist g 45
1917 J - J
Stat Is! Ry 1st gu g 4%8_1943 J -D
1927 J - J
Bolivia Ry let Os
1937 M- S
Buffalo R & P gen g 5s
1957 M-N
Consol 4)4e
1098 A All & West 1st g 4s gu
Clear & Mah let gu g 5(1_1943 J - J
Roth & l'itts 1st gold 65..1921 F - A
1922 J - D
Consol 1st g 68
Canada Sou cons gu A 511..- _1962 A1962 A -0
Registered
Car Clinch & Ohlo 1st 30-yr 5s'38 J -D
Central of Gs 1st gold 58-V1945 F - A
Consol gold 5s
1945 M- N
Chatt DIv pur money g 45 1951 J -D
Mao & Nor Div 1st g 5s_1946 3-3
Mid Ga & Atl Div 5s
1947 J - J
Mobilo Div 1st g 5s
1940 J - J
Cen RR & 13 of Ga col g 5s...1937 hl-N
Cent of NJ gen'i gold be__ _1987 J - ./
Registered
51987 Q - J
Am Dock & Imp gu oa1921 Leh de Ilud Riv gen gu g 551920 J - J
N Y dr Long Br gen g 4s1941 M- S
Cent Vermont 1st gu g 4s e1920 Q - F
Chen & 0 fund & impt 5E1_1929 .1 - J
let consol gold 5s
1939 M-N
Registered
1939 M -N
General gold 434s1992 51- 18
Registered
1992 NIConvertible 434s
1930 F - A
Big Sandy 1st 48
1944 3 -D
Coal River Ry let gu 4(1_1945 J -D
1940 J - J
Craig Valley 1st g 5s
1940 J - J
Potts Creek Br 1st 4s
R dc A Div ist con g 45_1989 J - J
1989 J - J
2d consol gold 4s
Greenbrier Ry let gu g 48_1940 M- N
Warm Springs V 1st g Os_ _1911 NI- S
1949 A Chic & Alton RR ref g 3s
1950 J - .1
Railway 1st lien 3348
Chic 13 & Q Denver Div 48_1922 F - A
1949 J - .1
Illinois Div 334e
1949 J - .1
Registered
1949 J - .1
Illinois Div 48
1949 J - J
Registered
1919 A Iowa Div sink fund 5s
1919 A Sinking fund 48
Joint bonds. See Great North
10, 59
6612
60
60
9414 212 91
9534
94 •
0212
9212 Apr '15
91
0 81 8634
85
8518
86 Mar'13
---8 8134 87
85
8512
25 9238 104
103
10212
99Is May'13
10234 Sale 10212
.41-4
103% -252 -62.3 10
12 10014 10134
101 10114 101
101
02 94
9218
93 Ma r'15
881 4 8878 8778 Apr '15
86% 89
9534 Apr '15
9512 96
9534 98
103 103
9912 - -- 103 Feb '15
9112 9134 9112
9218 25 88 93
85
9318 9214 July'14
10418 106 10512 June'14
-61- -631-2
93 9312 93 Apr '15
12412
_
14 84
871
Sale 8618
87
87
11814 122 115 Dec '14
10478
11058 Nlay'll
0713 9713
9738 - - 9712 NI a r'15
5 8918 9212
91%
91%
91% 92
8812 8914
89
90 8914 Mar'15
9112
9012 Sale 9014
9034 44 88
2 8712 90
90
9012 89
278 8212 88
88
88 Sale 8718
10413 _- 112 Jan '12
8634 - - 87 Apr '15
14 78
8212 Sale 8218
84
8.3
18 8712 91
90
91
9012 90
- 100 Apr '13
103.12 .1.
10312 i641-2
05
.
12 10312
10412
10214 June'12
10534 June'14
99
10438 May'14
- -- 11312 Feb '12
9634 M a r'14
65
91 June'12
5934
9414
9112
82
61
Sale
9378
8538
-- - 85
8538
102% Sale
i(1j;
1
101
10612 NI ar 15
101 Apr '15
8912 9414 948 Feb '15
10314
112 Apr '14
10718 Jan '15
11158 July'14
10312 22
10312
10678 Apr '14
_ 9812 9638 Feb '15
i1: 6
- 10618 10112 Mar'15
10118 44
101 18 10112 101
80 - _ 86 Feb '15
2
102
10218
102
101
10014 Ma r'11
10334 105 10934 May'll
9212 20
9212 Sale 0214
2
115%
11511
115%
1
11412 Sale 11412
11412
9
10378
10334 10114 10324
10018 -- 160 June'13
9134
10012 Jan '13
6712
_ 68 Feb '15
91
92 Mar'15
2
10378
1034 10114 10378
102 - _ 10512 June'14
88
8814 34
8812 8778
9312 Feb '14
- -- 87
22
76
7512 76
7512
____ 8712 831, Jan '15
83 July'14
- - 81
964 Dec'13
_ 8434 Jan '13
8412 _ _ 8412
5
81,2
77 Apr '15 -90 Apr '14
11314 Feb '05
57 58
5714 Apr '15
4712 4712 Arp '15
47
99
5
9912 99
99
8334 8414 8334
19
8414
82
8614 Aug '12
94
4
9412 94
9412
94
93 June'13
10258 10318 10212 Mar'15 --9878 10018 99
99
5
10758 108
10814 111
10311 - -
10212 10612
100 103
9438 9438
1.15718 1611;
101l 10313
-9.64 -9038
10312 10413
101 10212
88
86
102 102
10014 10014
9112 92%
11212 11538
112 11412
10234 104
_
68 68
92 90
10214 10434
-E34 01 -id - -7634
837,8 8378
- -84 8412
77
77
--38
4712
9838 9912
8114 8412
9312 9458
10112 10212
9634 99
le.
• No price Friday; latest this week. d Due April. e Due May. g Due June. 11 Due July. 1 Due Aug. o Due Oct. p Due Nov. q Deu Dec. a Option sale.
1494
-dt3
BONDSt,..
N. Y. STOCK EXCHANGE ''• t
....a.
Week Ending April 30.
New York Bond Record-Continued-Page 2
Price
Friday
April 30
Week's
Range or
Last Sale
i:V.
.,:.
''''
Range
Since
Jan.1
Bid
Ask Low
High No. Low High
Deny & R Or 1st con g 48_ -1936 J - J 7538 7618 76
7638 18 734 78
Consol gold 4%8
2 8114 83
1936 J - J 8234 Sale 8234
8234
Improvement gold 5s
1928 J -D 79
7712 80
8212 79 Apr '15 -_
22 38 49
1955 F - A 474 Sale 4714
48
1st dr refunding 53
Rio Or June 1st gu g 5s_1939 .1 -0 - - - - 95 109 Dec '12 __-__ _- _ _
Rio Or So 1st gold 48
1940 J - J
6112 Apr '11 - -- -__ _
Guaranteed
1940 J - J
40 85 Mar'08 ------'----7312
01:712
Rio Or West 1st g 4s
1939 J - .1 73 Sale 73
59
Mtge & col trust 4s A_ _1949 A -0
9 ___ _ 58 Mar'15 ---- 58
_
Utah Cent 1st gu g 4s-a1917 A -0 --------90 Apr '14 _--- _ _- _
Des Mol Un Ry 1st g 5s
1917 M- N ---- ----100 Mar'15 ---- 100 100
Det de Mac.. 1st lien g 4s__ _1995 J -D 8014 -- - - 80 Jan '15 ---- 80
8()
Gold 48
82 J'iy '14 ---- ____ ___ _
1995 J -D 78 80
Det Riv Tun-Ter Tun 410_1961 M-N 90
9058 9334 J'ly '14 --2 10414 1045-8
10414
Dul Missabe & Nor gen 5s 1941 J - J - _ _- 101 10414
4 9812 101
9912
Dul & Iron Range 1st 5s
1937 A -0 9912 10012 9912
10612 Mar'08 ---- ____ _ _ _ _
Registered
1937 A -0
104 Feb '11 --2d 6s
1916 J - J
i iiki fad
100
Du So Shore & At g 5s
100 100
1937 .1 - J *
15 103 105
1034
Elgin Jol dc East 1st g 5s_ __ _1941 M-N 10334 _ __ 10378
10914
5 1064 11012
Erie 1st consol gold 75
1920 M- S 10914 Sale 10914
NY & Erie 1st ext g 45.._ _1947 M-N 9112 __ __ 9712 June'14
10138 Apr '15 ---- 100 10214
1919 M S 10158
2d ext gold 5s
9834 Apr '15 ---- 9814 9914
1923 M 5 9912 109
3d ext gold 4%9
1920 A 0 10112 10212 10134 Apr '15 ---- 10014 10214
4th ext gold 55
1928 J D 9C1 __ _ _ 9358 May'14 ---_ ____ _ _ _ _
5th ext gold 4s
__
_ 11012 June'14 --__ ___
N Y L E & NV 1st g fd 7s 1920 M S _ _ _4 804 8412
82
1996 .1 - J 82 83 82
Erie 1st con g 4s prior_
83 Jan '14
80
1996 J - J - _
Registered
_- Sale 694
70
24 (36 '71
1st consol gen lien g 4s__ _1996 .11 - J 697
1996 J - J ---- ----77 Apr '12 ---- __ _ _ ___ _
Registered
1951 F - A 86
8714 874 Apr '15 -Penn coil tr g 45
8714 8814
1953 A -0 647s Sale 645s
65
50-yr cony 4s A
19 60 66
64 6312 70
1953 A -0 6912 Sale 6912
Series B
70
do
1916 J -D 10118 __ __ 10258 Apr '15 --. 10212 103
Buff N Y & Erie 1st 7s
10414
Chic & Erie 1st gold 55_1082 M-N 10414 ____ 10414
2 10112 10412
Clev dr Mahon Val g 55-..1938 1 - J 9918 ...... 101 Feb '15 ---- 101 101
Long Dock consol g Os _1935 A -0 12012 _ ___ 12212 May'14 ---- ____ _ _
Coal & RR 1st cur gu 6s.._1922 M-N - - - - 103 106 Dec '12 ---1943 J - J 103 _ ___ 103 Apr '15 ---- 10212 103
Dock dr Imp 1st ext 5s
1946 M-N 98 ...._ _ 10312 Aug '12 ---N Y & Green L gu g 5s
_
N Y Sus & W 1st ref 55_1937 J - J 92 93
93 Apr '15 ---- 90 93
1937 F - A *
2d gold 410
85 10014 Dec '06
1940 F - A 6778 ___ 70 Mar'15 ---- '7() '75
General gold Is
1943 M-N 98 __ 102 Jan '14 ---- _--- - Terminal 1st gold 5s
1940 A -0 103 _ __ 11112 May'12 ---Mid of N J 1st ext 5s
Wilk & Ea 1st gu g 5s
1942 .1 -D
86 Apr '15 ---- 86 86
71
Ev dc Ind 1st con gu g 63....- -1926 3- J ---- ----106
__
May'12 ---- __ _-_ - Evans & T H 1st cons 6s
1921 J - J 8734 8814 8814
884
9'7
1 85
1st general gold 5s
1942 A -0 48 _. 9958 Dec '13.-- --- - - - Mt Vernon 1st gold 6s_ _ 1923 A -0
108 Nov'll ---- - - --- Sun Co Branch 1st g 5s__ _1930 A -0 ---_
__ 95 June'12 ---------Florida E Coast 1st 414s.._ _1959 J -D 85 89 8812 Apr '15 ---- 8812 9078
Fort St U D Co 1st g 410._1941 3- J --------92 Aug '10 ---- ..---.:
1928 j _ j
t
Ft W & Rio Or 1st g 4s
34 62 Apr '14 ---- - - - - -Great Northern1921 J - J 9678 Sale 9638
9678 199 9478 9678
C B & Q coil trust 4s
9614
1921 Q - J
9612
Registered h
5 9458 9612
1st & refunding 4 Xs ser A 19613 - J
9
24 9658 101
9878
3
09
Registered
1961 J - J ---- - --_--96 June'13 ---- _
_
St Paul M ac Man 4s
1933 J - .1 05795 Apr '15 ---, 9434 95
8 06
1st consol gold 6s
1933 J - J 120 1204 12014
12014
2 11712 12014
118
Registered
1933 J - J
1134
4 118 11814
Reduced to gold 4%8_1933 J - J 10114 10218 10038 Aug '15 ---- 10014 1011;
10834 Apr '15 ---Registered
1933 J - J
- _ _.
Mont ext 1st gold 4s...._1037 J -D 9414 __ __ 9378 June'09 ---- 92 94
9412 Apr '14 ---- ____ ___.
Registered
1937 J -D
92521
Mar'll --Pacific ext guar0E._ 1940 J - J -------E Minn Nor Div 1st g 4s 1948 A -0 8918 ...._ _ 95 May'14 ---- ____ ___.
1922 J - J 10758 _ _ 11012 Jan '14 ---Minn Union 1st g 6s
1937 J - J 12112 12212 120 Mar'15 ---- 120 1201;
Mont C Ist gu g 6s
1384 May'06 ---,
1937 J - J
Registered
1054
1937 J - J 10614
10512
1 11)514 1(151;
1st guar gold 5s
--- 1937 J - J - - - - -Registered
WM & S Fist gold 5s _1938 J -D 107 _ _ 10412 June'13 --- _ _ .
72
16 ic; i
72 80
72
Or B & W deb Ws"A"($100 par) Feb
13 Sale. 13
13 260 1912 1311
Deben ars "B"($100 par).- Feb
Gulf dc S I 1st ref & t g 5s_ _b1952 J - J
1 • 1 83 M' ---- 8212 88
b1952 J - J ------------------...
......
Registered
94 Apr '15 ---- 91
Hocking Val 1st cons g 410_1999 J -3 9314 __
95
1999 J - J --.... ......_ 9734 Jan '14 ---- _ _ _ _.....
Registered
';
1
6 - 8512 Jan '15 ---Col & H V 1st ext g 4s......1948 A -0
1955 F - A -----902
_ _ _1 June'14 ----------Col & Tol 1st ext 4s
Houston Belt & Term 1st 55_1937 J - .1 ---- 90
9312 Feb '15 ---- 93 931;
Illinois Central 1st gold 45....1951 .1 - J 93 100
9718 J'ly '14 --- __ _ _ _.
100 Sep '11 ---Registered
1951 J - J
1st gold 310
1951 J - J 82 8212 1834 Jan '15 ---- '7834 783,
Registered
1051 J - J _
_
8812 Feb '13 ---- - -__ - - -.
Extended 1st gold 31is_ _3951 A -0 81 .. _ _ _ 7814 Dec '14 ---- -_-Registered
1951 M- S ----- ---- 80i J'ly .65 ---1st gold 3s sterling
1951 M- S _ --_Registered
-- - - ---- - - - - - -871,
20 85
1952 A -0
86
Coll trust gold 4s
5
-86
1952 A -0 -------- 9514 Sep '12 ---- - - - - - - -.
Registered
1955 M- N
1st refunding 4s
8734
884 69 8538 88ii
1952 J - J ---Purchased lines 3%s
- - ---- 82 Feb '14 ---- - - --- -2
1953 M- N 84
8412 84 Apr '15 -- 8112 86
L N 0& Tex gold 43
9512 84 May'14 1953 M- N
Registered
1950 J - D 8614 __ 86 Apr '15 ---Cairo Bridge gold 4s
89
Litchfield Div 1st g 3s_ _ _1951 J - J ___ _ ___ 74 Feb '14 --------Louisv Div & Term g 3%1.1053 J - J 78 81
7712 Mar'15 ---- 77
771;
1953 J - .1 -- Registered
83 Aug '12 -1921 F - A 100 - _ ___ 123 May'99 ---Middle Div reg 55
Omaha Div 1st gold 3s_ _ _1951 F - A
73 Mar'15 ---- 68 '73
St Louis Div & Term g 3s..1051 J -3 -------- 7512 Mar'12 ---- __- - - -.
1951 J - J '7734 _ __ 80 Apr '15 ---- 78 80
Gold 3%s
Registered
1951 J - .1 ---10118 Oct '99 ---- - - - - - - -.
Springf Div 1st g 310_ _ _ _1951 J - J 77 ____ 7858 Mar'14 --Western lines 1st g 45___ _1951 F - A 81; - - - - 88 Apr '15 ---- 88
88
Registered
----1951 F - A
Bellev & Car 1st 65
1923 J -D 114 ____ 11712 may.19 _
_
Carb &Shaw 1st gold 4s.._1932 M- S --------942
1 J'ly '12 --_.
Chic St L& NO gold 5s_1951 1
- - 10914 10914 Apr '15 ---- 108 1091.
114 Feb '11 Registered
-D
1951 J -D-Gold 31is
1951 J -D __ _ _ ____ 90 Oct
ct '09--_.
Registered
1951 J -D
-- Joint 1st ref 5s series A_1963 J - D 1003s Sale 1004
10058
'1 9812 1005
Memph Div 1st g 0_1951 J -0 8612 8834 8812 Mar'15 ---- 8612 86'2
Registered
1951 J - D
St Louis Sou 1st gu g 4s 1931 M- S -- 9512 8 J'ly '08 ---854 Feb '15 ---- 8312 851
Ind Ill & Iowa 1st g 4s
1950 3 - .1 ii
Int & Great Nor 1st g 6s__ _1919 M- N 9912 100
3 98 100
9912
9912
James Fran & Clear 1st 4s_ _1959 J -D 00
93 0012 Apr '15 ---- 8812 901
Kansas City Sou 1st gold 3s..1950 A -0
6734
684
1 (
9 6738 69
_ -63 Oct '00 ---Registered
1950 A -0 ---- --9114
Ref & impt 5s
Apr 1950 J - J 9113 Sale 9114
1 8814 92
;Kansas City Term 1st 48_1960 J - J _._ - 91
91
9012
3 90 93
93
Lake Erie & West 1st g 5s__1937 J - J 92 94
3 9212 9812
93
_
2d gold 55
1941 J - J __ 9078 9434 May'14 --- __
North Ohio 1st guar g 5s 1945 A -0 - 10018 98 Mar'14 --- _
Leh Vail NY 1st gu g 4s...1940 J - J 1003
101
-4 10134 101
i 9934 idf!2
Registered
1940.5 - J 9918 10014 997
9973
1 99 100
'
Lehigh Vail (Pa) cons g 4s 2003 M-N 87 __ _ _ 87 Apr '15 ---- 87 87
General cons 4%s
2003 M-N 9912 -_ 9812 Apr '15 --- 9714 9812
Leh V Term Ry 1st gu g 5s 1941 A - 0 10914 ____ 10618 Feb '15 ---- 10534 1061
Registered
11118 Dec 'II ---1941 A -0
Leh Val Coal Co 1st gu g 58_1933 .1 - J 1024 _ __ _ 10414 Feb '15 ---_ 10114 10414
Registered
1933 J - J 11)1) -_ 103 Oct '13 --- - 1st int reduced to 4s
1933 J - J
- -- - -- _ _ - - _ _ _
•No price Friday; latest bid and asked this week. a Due Jan. Is Due Feb. d
p Due Nov. s Option sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
iv
t
zt
i•-. 3,
[Vol, 100.
Price
Friday
April 31)
TVeek's
'
II!
Range or
o v4
Last Sale '
14
Range
Since
Jan.1
Bid
Ask Low
High No. Low High
Leh & NY 1st guar g 4s____1945 M- S 8612 - - - - 8818 Feb '14 ---_
_ __ _
_
__ _ _ ____
1945 M- S _ _ _ _ __ ____
Registered
Long laid 1st cons gold 5s__h1932 Q - J 10378
-. 105 104 Mar'15 __-_ 1.6i34 ieli12
_ ;
1st consol gold 45
51931 Q - J 89 - - _ 9614 Mar'126 85
' Sale 8534
87
General gold 4s
87
if5
1038 J -D
Ferry gold 43s
1922 M- 5 ---------9514 May'14 _____ _-_9914 Oct '06 --Gold 45
- - -- 1932 J -D -------5- ig
85
Unified gold 4s
i
1949 M- S 85 89 85
Debenture gold 58
9518 Jan '15 ---- 954 9518
1934 .1 -D -_- 101
Guar refunding gold 4s
41
5 8438 Apr '15 --- 8312 8612
1949 M- S
Registered
-- ----95 Jan '11 -- ____ .„.,..
1949M- S ---N Y B & M B 1st con 4 53_1935 A -0 - -100 Feb '15 ---- 100 10018
NY & R B 1st gold 5s
1027 M- S - - - - --10212 Jan '14 ____ _ _-- - Nor Sh B 1st con g gu 55_01932 Q - J
11 102 J'iy '14 __-_ _ _--Louisiana & Ark 1st g 5s__ _ _1927 M- S ---- - - ----911
2 Feb '14 -_ - - - - - - Louisv & Nashv gen 6s
1930 J -D 1111-2 113 113 Apr '15 ____ 110 115 Gold Is
1037 M N 10678 -- -- 10678 Apr '15 __-- 10814 107
Unified gold 4s
1940 J - J
941
9413 9412 94
9412
Registered
1940 J - J ______ 94 June'14 ------------2Collateral trust gold 5s_ _ _1931 M- N 10118 - 10314 Jan '15 ---_ 1C1314 10314
E H & Nash 1st g 6s
19193 -D 10478 _ __ 10838 May'14 -- - - -L Chi de Lex gold 4__
10
1931 M- N 9958 _ _ .. 10258 J'ly '14 ------------- 1930 J - J 11434 11512 11338 Jan '15 ---- 11338 1134
NO & M 1st gold Os
1930 .1 - J 1(17 10912 108 Feb '15 -___ 108 108
2d gold 6s
Paducah & Mem Div 4s.._1916 F - A
84 Dec '14
,„,.
St Lowe Div 1st gold 13s_1921 M- S 10634 - - - - 107 Apr '15 __-- 10614 10712
1980 M- S 60 62 61 Mar'15 __ _ 60 65
2d gold 3s
All Knox dr Cin Div 4s_ 1955 M-N 8712 88
8714
8714 -1 854 8812
Atl Knox & Nor 1st g 5s 1946 J -0 103 _ __ _ ill Jan .13 __
Hender Bdge 1st s f g 6s_ _1931 M- S 105 - - - - 105 Mar'15 -_-_-_ i(ii- iii Kentucky Central gold 45_1937 J - .1 87 00 8712 Apr '15 ---- 86 8734
L&N&M&M lstg 410 1915 M- S 9912 101 101 May'14
- - - - 80 Apr '15 ____ -ii- ''g(fjL & N-South M joint 4s._1952 J -.5 7
51952 Q - J --------95
Feb '05 -__ _ _
Registered
- - -- -N Fla & S 1st gu g 5s_ _ _ _1937 F - A 10258 - - - - 106 J'ly '14
N & C Bdge gen gu g 4%6_1945 J -3 9634 - - - - 97 Dec '14
110
108 Mar'15 ---- 1074 10858
Pens & Ati 1st gu g 6s___1921 F - A 109
S & N Ala cons gu g 5s_ _1936 F - A 10312 _ _- - 10518 Feb '15 ---- 10518 10518
10214 21) 9912 1024
Gen cons gu 50-year 5s_1963 A -0 102 10212 10214
L & Jeff Bdge Co gu g 4s__1945 al- S - - - - 83 8312 Mar'14 -___ __ _ _
_ _ __ ____ _ _ _ _ _ _ _
- - - - - -- - - - Manila RR-Sou lines 4s___1936 M-N
Mex Internal 1st cons g 4s__1977 M- S --------77 Mar'10 --__ ___ _ _ _ _
1977 M- S --------79 Nov'10 -___ __ _ _ _ _
Stamped guaranteed
Midland Term-lst s f 5s g_1925 J - D ---- ----101 Oct '09 ---Minn de St L 1st gold 7s_ _ - _1927 J -D --------11112 Mar'15 ---- 11112 11112
Pacific Ext 1st gold 68..._1921 A -0 100 - - - 11018 Aug '11 --_
4 185 Mar'15 ---- 85 924
1934 M- N 8814 8831st consol gold'55
5634
5 40 60
1st & refunding gold 4s.._ _1949 M- 5 5434 5634 5634
Des M & Ft D 1st gu 4s_ _1935 J - J ._ _ _ _ 62 60 Feb '15 ---- 60 60
8512
8512
4 84
9014
Iowa Central 1st gold 5s._1938 J -D 8518 88
53
54
5414
7 35
60
1051 M- S 53
Refunding gold 4s
9134 Apr '15 ---- 90 93
M StPdc4SM con g 42int gu _1938 3 -3 92 95
- ----0714 Juno'12 -____ _ _ _
1st Chic Term s f 4s_ _. _ _1941 M- N ---M S S & A 1st g 48 int gu_1926 J - J 95 - - - - 96 Nov'13 -___ _ _ _ _ _._ _
1949 J - J 8712 - - - - 91 J'ly '14 -_
Mississippi Central 1st rs
75
7712 io ii if
Mo Kan & Tex 1st gold 4s.._1990 3 -D 774 79
6212 40 53 63
91990 F - A 6212 Sale 57
2d gold 4s
89
1944 NI- N -_-_ 87 88 Apr '15 ---- 89
1st ext gold 58
55
15 40
2004 M- S 53 Sale 52
1st & refund 4s
563s
6812 67
6712 23 67
74
Gen sinking fund 430._ _ _1936 7 - j 67
601 63 6018 Feb '15 ---_ 6018 mg
St Louis Div 1st ref g 4s _2001 A&0 --------993
4
Dec
Dal & Waco 1st gu g 5s.... _1940 M- N
'
13 ---- - - - - - - - 78 J'ly '14
1990 F -A -- - - 80
Kan C & Pac 1st g 4s
9612 Mar'15 --__ 9612 9612
96
Mo K & E 1st gu g 5s- 1942 A -0 91
M K dr Ok 1st guar 58_ 1942 M -N -_- - -.- 8512 Mar'15-....- 8512 88
8778 89
M K & T of T 1st gu g 5s_ _1942 M- S -- 86 88 Mar'15....-_
_
Sher Sh & So 1st gu g 5s....1942 J -D --------06 May'13 ---_ _
9912 Jan '14
90
Texas & Okla 1st gu g 58-1943 M- S
10034 32 9938 10112
10058 10112 10012
Missouri Pao 1st cons g 6s._ _1920 M- N -30 8934 9658
95
Trust gold 5s stamped_ _ _0:1917 M- 5 9212 Sale 92
01917 M- S -.... --_- 97 May'12 ---_ ____ ____
Registered
921 911 Apr '15 __-- 8812 924
1920 F - A 9
1st collateral gold 53
_, „,
1920 F - A --------------------------Registered
48
42 3734
1945 M- S 4712 Sale 46
234
40 year gold loan 4s
4458 22 38
4978
1959 M- S 441 Sale 44
1st& ref cony 5s
I938 M N ---- ----78 Jan '15 ---- 78 '78
3d 7s extended at 4%_
Boonv St L& S 1st 5s gu-1951 F - A --------100 Feb '13 --__ _ ._ _ _ _ _
Cent Br Ry 1st gu g 4s...1919 F - A -_- - 924 85 Feb '15 ---- 85 85
_
7712 Dec '13 -___ _ _ _
19483 -D _ ___ 75
Cent Br U P 1st g 4s
____
Leroy & C V A L 1st g 5s._1926 J - J --------110 Mar'05 --__
874
3 86
8634
Pac R. of Mo 1st ext g 4s_ _1938 F - A 8634 877s 8634
_ __ _
1938 J - J 97 - - - - 9712 J'ly '14 --__ _
2d extended gold 5s.
4 10112
St L Ir M & S gen con g-5s 1931 A -0 9812 sale 98
9812 65 973__
Gen con stem gu g 5s--_ _1931 A -0 ___- 9812 102 J'ly '14 ---_ _
Unified & ref gold 45._1929 J - J 67 68 67 Apr '15 ---- 637g 71
Registered
1929 J - J ---- -- - - 804 Oct '12 --6 _66.1i -66.1933 M-N 6512 Sale 6512
Riv &0 Div 1st g 4s
66
Verdi V I& NV 1st g 5s
1926 M- 8 -__ 89
9212 Dec '13 --- _
--Mob & Ohio new gold 6s_-1927 J -D 112 114 112 Apr '15 ---- 11012 1143-4
1st extension gold 6s_ _ _ _h1927 Q - J
14 Apr '15 --- 114 114
- - - - - - - - 72 Mar'15 -_ 72
1938 M- S --------General gold 4s
75
1947 F - A 10112 - - - - 10112 Apr '15 ---- 10112 10112
Montgom Div 1st g 5s
19273 - D - - - - - - - - 95 Dec '13
St Louis Div 5.3
St L & Cairo guar g 4s...._ _1931 .1 - J 8633 - - - - 87 Jan '15 --__ 87 87
Nashville Ch & St L 1st 5s_ _1928 A -0 106 - - - - 10612
10612
1 10112 1065s
1923 J - J 10812 - - - - 111 Jan '13 ---_ __ _ __ _ _
Jasper Branch 1st g 8s_
McM M W & Al 1st 6s_ _1917 J - J 101 --- 10334 Jan '14 --_ ___ _1917 J - .1 101 --- 113 J'ly '04 -__ _ _ _ _ _ _
T & P Branch 1st Os
Nat Rye of Mex pr lien 4%8_1957 J - J - - - - 60 58 June'14 -- _ _ _ _
Guaranteed general 45.... _ _1977 A -0 _ - - - ---- 17 Feb '13 --__ _ _ _-_.
967s Fob '13 --__ _ _ _ _ _ _
Nat of Mex prior lien 430_1926 J - J -_ - - 84
1951 A-0 ---------50 Apr '14
1st consol 4s
i ii:14 4-1
38
NO Mob & Chic 1st ref 5s_ _1980 J - J *- - - - 4112 38
N 0 dr N E prior lien g 6s_ _01915 A -0 101 104 101 June'14 ____ _ _ _ _ _
New Orleans Term 1st 4s__ _1953 J - .1 - -:- - - -- 7912 May'13
104 14411 1004 104
NY Cen RR deb 63 wh las_ _1935 M-N 1034 Sale 10118
894 369 8714 894
2013 A -0 89 Sale 88
Ref & imp 410"A"
8012 19 79 8154
N Y Central & II Hg 33,0_1997 J - .1 8012 Sale 80
Registered
1997 J - J *7812 7934 7512 Feb '15 ---- 7512 7814
87
Debenture gold 45
29 84
1934 M- N 87 Sale 86
88
Registered
1934 M- N -- - - - - 8078 June'14 ___ _ _73
Lake Shore coil g 3Ms__ _ _1998 F - A 7258 - - - - 7212
4 -7214 '75
12
7
8
2
:
7
67
61
1
..
2
2
7_12
June'14
:
'
43 11164
4.
-. .... ..."- .
Registered
1998 F - A _
.. .
.:
;
6.-.....
2
J P M dr Co ctfs of dep
72
71 Apr '15 ____ 68f4 7138
Mich Cent coll gold 310-.1998 F - A 71
Registered
6012
-4- - _A -6..92! -7
F:D
99
8J
Battle Cr & Stir 1st gu 3s_1198
-9i4T
Beech Creek 1st gu g 4s_ _ _1936 J - J 93 - - - - 11318
4, 934 04
Registered
1936.5 - J 8812 - - - - 99 May'll ___ - - - - - - - - 2d guar gold 5s
1936 J -3
Registered
____ _ _ _
Beech Cr Ext 1st g 310-b1951 A-0 ig.
-------- -88 Oci-ii ___ _ - - - --Cart & Ad 1st gu g 4s
1981 J -D .
_
Gouv & Oswe 1st gu g 5s._1942 J -D 100 Mob & Mal 1st gu g 0-1991 M- S 85 ___ 661-2 Jun
-'
e- -14
- -_-_-_-_ -_-_ -- - -.. -- ---63 -- 86 Jan '15 ---- 86 - 86
N J June R guar 1st 4s.._ _1986 F - A
- - ---N Y & Harlem g 310_
- 8712 Dec '12
2000 M-N --- --- --N Y & Northern 1st g 5s....1927 A -0 10212 -..„... 10112 Mar'15 -___ 11'1112 1017;
N Y & Pu 1st cons gu g 4s_1993 A -0 82 89
92 Oct '13 ----- - - --___ __-- ---- --Nor& Mont 1st gug 5s
1916 A -0 ---- ---- __
Pine Creek reg guar 6s_ _ _ _1932 J -D 11214 -- - - 116 Feb '14 -__ - - - 2 10134 1033-4
11W dr 0con 1st ext 5s....51922 A -0 103 Sale 103
10334
Oswe dc It 2d gu g 58.......e1915 F - A - - --- - - 10018 Mar'15 --__ 10018 1001(
R NV &0T R Ist gu g 58_1918 M-N 101 -- 104 June'10 ---- - - - - - -Rutland 1st con g 41,0.-1941 J - J *8212 - - - - 90 Apr '13 -_
Og & L Cham 1st gu 4s g1048 J -.5 --- 71
70 Feb '15 ---- 70 70
Rut-Canada 1st gu g 48_1949 J - J - - - - - - - - 02 June'00 ---_ - _ - _ _ •
St Lawr & Adir 1st g 5.3-1998 J -3 10 11 101 Mar'15 ____ 11)1 101
2d [mid Os
10911 A - 0 --------11912
_
Mar'12 -- - - - - - -_
Due April. e Due May. g Due June. h Due Jo y. k Due Aug. 0 Due Oct.
MAY 11915.)
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
1495
New York Bond Record-Contintpd- Page 3
Price
Friday
April 30
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
E
zt
.4.
Price
Friday
April 33
Week's
Range or
Last Sale
CQ
a:1
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Pere Marquette (Con.)
90
90
Flint & PM gold 6s__ _1920 A -0 95 ____ 90 Mar'15
6512 69
Mar'15
68
____
7118
1939 1111-N
1st consol gold 58
65
65
Pt Huron Div 1st g 58_ _1939 A -0 66 --__ 65 Mar'15
Sag Tus & H 1st gu g 4s_ _1931 F - A
--- - Philippine Ry 1st 30-yr s f 481937 J - J _ _ _ _ 66 -65- -10312 - - - - 10812 May'14 Pitts Sh & L E lst g 58
11314 Nov'll -- - - - - 43 J
1940A
1st consol gold 55
951s 53 911s 9518
Reading Co gen gold 4s__._1997 .1 J 9418 9434 9412
9012 93
92 Apr '15 --94
1997.3 - 3
Registered
9312
91
9312
9312 9312
Jersey Central coil g 4s__ _1951 A - 0 93
- -7- -Atlantic City guar 48 g_ _.19515 - .1
73
64
-ji 63
-6.04 05
St JOS & Gr Isl 1st g 48
31 J - J IOC/_ 10812 Apr '15 --_ 10612 10812
St Louis & San Fran gen 6s_1
1947j-3
99 101
lows i6Z12 10078 Apr '15
General gold 5s
75 J'iy '14
- - - -- J
St L & S F RR eons g 4s 19
5:j
13
36
99
5112
2 35
481.
47711 50 47
General 15-20-year 5s 1927 M-N
4812 49 Apr '15 ---- 3212 51
Trust Co cent's of deposit__ -- -- 47
10 3212 49
45
do
- 47 4712 45
Stamped
Southw Div 1st g 58_1947 A---0 - - - - - - - 93 Dec '13
"ell; "fii
6912 Apr '15
71
Refunding gold 45
1951 J - .1 66
_
8034 Al sr'11
Registered
6112 7112
7112 Apr' 15
66
71
92
Trust Co ctis of deposiit5
10 6014 88
64 _ - 63
do
Stamped_
1 107 110
10638
KC Ft S& M cons g 68._1928 M-N 10714 10812 108
7 69
7112
7312
7112 Sale 71
K C Ft S & M Ry ref g 48.1936 A KC&MR&BIstgu 58_1929 A-0 - - - - - - - - 95 M a r'1420 75 80
79
7812 7912 7812
St L S W 1st g 48 bond ctfs_.1989 M- N
55
55
55 Feb '15 --- - - 63
2d g 45 income bond ctfs_p1989 J - J
6218 20 56
7 .1 -D 62 Sale 6112
32
6234
94
19
g 86_1
Consol gold 4s
_
J -D
- - - - - - 9812 Jan '14
Gray's Pt Ter 1st gu
5 73 80
7412
S A & A Pass 1st gu g 4s_ _ _ _1943 J - J 7518 7534 7412
100 Apr '15 -- 9934 10014
1919 J - J 10038 - SF&NP1stskfdg5s
75 Dec '14
--- _ -1950 A-0 7812 82
Seaboard Air Line g 4s
8038 81
78
8014
8014
8312
Gold 45 stamped
O
1950 A D
Registered
595 7134
6912
26
A
Sale -661-2
-691-2
01949 F Adjustment 5s
6938 70 6914 Apr '15
- 66
70
Refunding 4s
A - CI 8134 8312 82 Jan '15 -- 81
3M-S
82
59
93
Atl Biqa 30 yr 1st g 4s_ _e119
8412 8514
Car Cent 1st con g 48_ _1949 J - J
85 -_-_-_-_ 10
10038
5 -----_-_ - - - 83
ar:13
ln
Na
5'144 J
Fla Cent & Pen 1st g 58_1918 J 1930 - J 10034 -_ 104 Nov'12 - Ist land gr ext g 5s
1943 J - J 10078 ___ 10078 Apr '15 -- -- 1007s 101
Consol gold 5s
10258 Mar'15 --- 10012 10258
Ga & Ala Ry 1st con 5s_o1945 J - J 102 __
1 10012 10214
102
./ 102 Sale 102
_j
J6 .4
929
Ga Car & No lst gu g 58_ _1192
- 10112 Mar'15 ---- 10112 10112
10112
Scab & Roa 1st 58
Southern Pacific Co8518 17 8138 8614
Gold 48 (Cent Pan coil)..k1049 J -0 85 Sale 8434
_- 90 Feb '14
8 -0
k1949 JmRegistered
8312
Sale
8
827
8312
-ii5 8015 8358
20 year cony 4s
0 9514 10112
10112 321
1 114 Sale 101
20 year cony 55
8958 332 86 90
A 8938 Sale 887s
-D
394 F
99
199
432
Cent Pan 1st ref gu g 4s g1
- - - - - - - 8612 Mar'15 -- -- 8612 8612
Registered
42 8712 89
812
85
DA 8
F:
949 J
192
Mort guar gold 3;isk1
2 85
87
Sale 88
5'2
8859
Through St L 1st gu 48_1954 A-0
102 10212
G 1-1 Jr 8 A M P 1st 5s1931 M-N 100 - ___ 102 Mar'15
- - - - -- 10234 Apr '14 ---N
Gila V G & N 1st gu g 58..1924
Hous E & W T 1st g 58. _ _ 1933 111-N - - -- 102 103 Jan '15 -- 103 103
9858 101 10412 J'iy '14 -1st guar 5s red
6 106 107
107
J 10612 10978 10634
M- N
7 .1933
H & T C 1st g 5s int gu_ _ _1193
93
94
94
951
Can gold 45 int guar_ _1921 A -0 94 96
Waco & N W div 1st g 6s 1930 Al- N 108 ___- 108 Mar'14
100 103 10212 Apr '15 ---- 100 10212
A & N W 1st gu g 5s
J i 1061s ___ 109 June'14 -941 :
192
Louisiana West 1st 6s_ _ _1
_ _ 10712 J'iy '14 -i 10514
8 JA O
180
932
110
Morgan's La & T 1st 75 19
10214 ___ 10614 J'iy '14 ----1st gold 68
0
A
112 Feb '07
No of Cal guar g 58
112
105
11.04
0113 24 144 1011V2 N01v.
2
Ore & Cal 1st guar g 5s_ -1927 J So Pan of Cal-Go g 58_1937 M- N
_ _ 9112 Sep '12 --So Pan Coast 1st gu 48 g 1937 J -.3 8934
773
8258
8134 4
,
'
Sall Fran Terml 1st 4s- _ _1950 A -0 8114 Sale 8114
Apr '14
Tex & N 0 con gold 5s _1943 J - J
38 §i.1-e- 898618
88 4 438 8358 89
1955 J - J -81So Pan RR 1st ref 48
10018 56 9812 101
Southern-lst cons g 5s_ ....1994 J - .4 10018 Sale 9978
- - 99 100 Aug '13 Registered
6758 73 623 -ji
3 67 Sale 67
A -0
4j
96
95
Develop & gen 45 Ser A 19
2 7112 76
7112
Mob & Ohio colt tr g 48_ _1938 M- S - - - 7078 7112
9914
'15 Apr
.s
1003
9834 9978
997
4
g4
1st
Div
J
Mem
5s__1996
8314 12 8014 8312
8214
1951J St Louis city 1st g 4s
10434 June'14 1918 J - .1
--- Ala Cen 1st g
Ala Gt Sou 1st cons A 58_ _1943 J - D 95
-947;
88 JJJ
444
904
Atl & Char A L 1st A 4;01119
Y:111554
par'
AMp
64411284 A
963
3%
85
9
8-1-2 8
9-5
2 -8
8318 351$
Atl&Danv 1st g 48
8214 Feb '12
2d 4s
3 -- - - 7534 Dec '14 -A 0
6J
19
94
19
Atl dt Yad 1st g guar
J1058
Col & Greenv 1st 6s
julnYe:1144
E T Va & Ga Div g 5s_1930 J -.3 lass-_ 10378
10378
10313 10458
193
6 M- N
58
Con 1st gold 58
_- 10012 10312 J'iy '14
E Ten reor lien g 5s
_ - 65 6412 M ay'13 -- Ga Midland 1st 3s
107 ___ 10634 Apr '15 --- 106" 106Sf
2J
23
04
19
5s_1
Ga Pan Ry 1st g 68
-1 106 __ 11018 May'14
MA 0S
6J
45
192
Knox & Ohio 1st g 6s_ _ _ _1
_
10512 N o v'12 --b B
Mo & ir prior lien g
82
79 M ar'13 --10234 Apr '15 --- 1023 10258
_
3
0
-A
3
7
25
94
42stmpd -19
Dag
rtg
olbd58
lo&
ge
ed
an
Rich
73 Sep '12 --- N
19 - N
Rich & Meek 1st g 4s_ _ _ _11,948
10038 _ ___ 101 Apr '15 --- 100 101
Pd
So Car & Ga 1st g 5s
10014
1916 M- S 10114 ____ 10014 Mar'15 ---Virginia Mid set C 6s_
---- - - - 10334 N o v'12 --Series D 4-58
_ 102 Dec '13:1926
M1 61
Series E 55
- S 10112
•
1931 61- S 10234 _ _ _ _ 104 M84'13
Series F 55
10312 _ 10312 10312
102 10312
General 5s
J -J 100 11038 101 Mar'15 --- um 101
936 41-N
1003
Va So'w'n 1st gu 58_ _2
_- 1st cons 50-year 58_ _1958 A -0 83 89 8612 Dec '14 ---NV 0& W Ist cy gu 4s_ _ 1924 F - A ----- 92 June'13
- 98
9612 June'14 - - - - - - Spokane Internat 1st g 58: 1955 J - J
Ter A of St L 1st g 4%8- --1939 A 0 9618 9912 9912 Mar'15 -- 9912 9912
10314 104 101 Mar'15 - -- 10034 102
_
J1st con gold 58___1894-1944 F
86 8334 M ar'15 -83 8334
84
1953
Gen refund 8 f g 4s
95 100 100 Mar'15
- 100 100
St L M Bridge Ter gu g 55 1930 A 12 9312 96
9414
-D 9414 Sale 9312
Tex AL Pan 1st gold 58
30 40 51 Nov'12
ra
- -- -q22"1900031
2d gold Inc 58
_9_0
._ 95 May'14
J -J
-- La Div B L 1st g 58
1062 Nov'04
W Min W & N W 1st gu 58 1930 F- A
10212
101 103
1935 J - J 10213 -__ 10212
Tot & 0 C 1st g 5.
O - - - - - - - 101 Aug '13 -D
_
:
A
5i
1935
Western Div 1st g 58
- - - 10112 10112 Apr '14 General gold 55
- i- 861
85 -_ 86 Mar'15
1990 A s g 48
Iu
Myelt g
206&
2n
Ka
_
9534 Apr '15 ---- 0512 06
.1 .i1 95
17 5
192
,
63 65
63
63
63 68
Tol P & W 1st gold 4s
78
80
76
76 Apr '15
Tol St L & W pr lien g 3%8_1925 J - J 76
6 4212 5314
5314
, O 5212 Sale 5212
A
7}A
,10
195
50-year gold 48
43 June'14 -- - - 40
Coll tr 48 g Ser A
8211 10
85
8212 Mar'15 - - 821s 8712
1
Tor Ham & Buff 1st g 48„h1946 J - D 100
3 100 101
100
100
Ulster & Del 1st con g 5s 1928 .1 -D
74
74 _ _ _ - 74 Mar'15
74
1952 A 1st refund g 48
9612 154 9438 9718
9612 Sale 9618
Union Pacific 1st g 48
93 95
9412 Apr '15 --1947 J - J 93 95
Registered
91
91
9034
9114 27 8812 9114
20-year cony 4s
4 8814 9112
9112
9
1100
0
77
1st & ref 45
9248
S 9114 9214 9112
j
9118 28 88
9112
9114 91
Ore RR & Nay con g 4s _1946 J -D 91
27
10912
Sale
10712 10912
10912
10812
A
F
Ore Short Line 1st g 6s___1922
1946 J - J 10412 Sale 104
10412 11 103 105
1st consol g 5s
9158 Sale 91
9158 35 8778 917
Guar refund 4s
- --- -- 108 May'll
3 10212
0
J:
6 .3
929
192
Utah & Nor gold 5s
-19335 - J 881s - - 1st extended 4s
-- - - Vandalia cons g 4s Ser A.... 1955 F - A
9214 May'14
_ - -- Consol 45 Series B
_ 97 94 Oct '12 ---.1
9 J -N
Vera Cruz & P 1st gu 43s..1934
21 9512 9915
96
96114 9038 9558
Virginian 1st 5s Series A_ _ _ _ 1962 M-N
Due De
p Due Nov.
• No price Friday; latest bid and asked. a Due Jan. 0 Due Feb. e Due May. g Due June. la Due July. k Due Aug. o Due Oct.
Option sale.
High No. Low High
Ask Low
Bid
N Y Cen & H RR (Con.)
97
96
Utica & Blk Riv gu g 48._ _1922 J - J 9558 --- 97 Feb '15 13 8112 8414
82
8212
Sale
8212
-D
J
1997
3s
gold
Shore
Lake
82
82
82
82
_
_
_
_
82
1997 J -D
Registered
9312
9312 17 90
1928 M- S 9318 0312 9234
Debenture gold 45
9278 69 8934 9278
1931 M-N 9278 Sale 92
25-year gold 4s
June'14
8
917
1931 ID-N --Registered
Ka A az G R 1st gu c 58_1938 J -.3
10714 Apr '14
1934 J -J
Mahon C'l RR 1st 58
103 103
103 Jan '15
Pitts & L Erie 2d g 5s_ _ _a1928 A -0 103 --Jan '09
Pitts McK & Y 1st gu 6s_ _1932 J - .1 11114 --- 13018
Mar'12
12314
11014
J
.1
1934
6s
2d guaranteed
McKees & B V 1st g 65.1918.3 - .1 100 --- 10514 June'14
1931 M- S 10218 --Michigan Central 55
1931 Q-M 10118 - - - - 10312 May'14
Registered
_
1940 .1 - J 85 - - - 98 Apt '12
4s
87 Feb '14
1940 J - J
Registered
_
_
90
June'08
S
M3Sis-1951
gold
1st
J L&S
"797-2 81
81
81
7978 _
1952 al-N
1st gold 3s
20-year debenture 4s_ _ _1929 A -0 83 if 82 Apr '15 12 7814 82
92 9334
9234
4
Sale
923
9312
A
48-1937
N Y Chic & St L 1st g
9234 J'iy '14
1937 A - 0
Registered
1931 M-N "ff" "ii 82 Dec '14
Debenture 45
;-4/2-12
9212 20 -893
West Shore 1st 4s guar_ _ _2361 J - J 92 Sale 92
5 8714 8934
89
2361 J - J 8814 89 8814
Registered
100
100
100
Mar'15
N
M10018
53_1915-22
tr
eq
Lines
C
Y
N
- - - - - 98 J'iy '14
Equip trust 4s_ _1916-1925 J - J
9412 9413
N Y Connect 1st gu 4Sis A 1953 F - A 9412 _ _ _ 9412 Feb '15
NYNH& Hartford77 J'iy '14
1947 ID- S
Non cony deben 48
63 63
63 Feb '15
S
Non-cony deben
2 64 65
65
Non-cony deben 3Sis1954 A -0 65 _ _ 65
7634
7634 Sale 76
7634 12 71
Non-cony deben 4s
1955.3 - J
2 70
76
80
76
76
76
Non-cony deben 4s
1956 M - N
1 6112 6912
6913
6912
Cony debenture 3Sis
1956 .1 - J 6812 69
24
101 111
11034
Cony debenture Os
1948 J - J 110 11034 110
- - -1930 F - A 73 - - Cons Ry non-cony 4s
- - --- - - - - - -911-2 Jan '12
1954 J - J
Non-cony deben 48
- -- - ------1955 J - J - 7512
Non-cony deben 4s
--- -- -----Non-cony deben 48_.._1955 A -0 - - - - - - -- - -1956 J - J
Non-cony deben 48
0014 Nov'12
--- ---Harlem R-Pt Ches 1st 4s-1954 M-N 89 9912 June'12
& N Y Alr Line 1st 4s_ _1955 F - A
Mar'14
81
Cent New Eng 1st gu 4s 1961 J - J
Hartford St Ity 1st 4s_ _ _ _ 1930 M- S 10E1-2
105 1051a
i(715-14
Housatonic It cons g 58.-1937 M-N
- - - - - - - 87 J'ly '14
Naugatuck RR 1st 4s__1954 M-N
'13
88
Aug
-0
A
1942
4s
Boston
&
Prov
Y
N
7 66'2
7678 7812 78
f161-2
7812
NYW'ches&B 1st ser I 430'46 J - J
_
N H & Derby cons cy 58._1918 MI-N 100 - - 107 Aug '09
------Boston Terminal 1st 4s__ -1939 A -0 1945 J - J
New England cons 58
1945 J-J - - - - - - - -661-2
Consol 4s
6012 513 Apr '15
55 5812
Providence Secur deb 4s 1957 M-N 57
- - 9978 Dec '14
- ---Prov dr Springfield 1st 58-1922 J - J ---- 8358 Feb '14
- -- --Providence Term 1st 48._ 1956 M- S
w & Con East 1st 4Sis_ _ _1943 J - J
81
81 -85
8112 11 783 8 5s
NYO&W ref 1st g 4s_ _ __g1992 M0212 June'12
Registered $5,000 only. g1992 M- S
7513 80
General 48
1955 J -D 757s - - - 80 Apr '15
04 June'14
_ 80
Norfolk Sou 1st & ref A 5s_ _1961 F - A
101 102
101 101 Apr '15
Norf & Sou 1st gold 5s
1941 M-N
3 11714 11738
11738
118 11738
Norf & West gen gold 6s_ _ _1931 M- A
119 Feb '15 ---- 110 119
Improvement & ext g 68_ _1934 F - A 11858
119 119
iia - 119 Apr '15 ---New River 1st gold 6s___ -1932 A -0
9338 42 9112 94
9318 9434 93
N & W Ry 1st cons g 4s_ _ 1996 A -- -94 May'14
1996 A Registered
-g61-2 8812 Apr '15
8712 8812
DWI 1st lien & gen g 48-1944 J - J
9873 10434
1932 .1 -D 103 106 10434 Apr '15
10-25-year cony 48
103 106 1021.3 Apr '15
9934 1021s
1932 M10-20-year cony 4s
10512 35 101 10512
10-25-3ear cony 4 Sis_ _ _ 1938 M- S 105 10512 10412
11 8734 9014
89
Pocah C & C joint 4s_ _ _1941 J -D 89 Sale 8814
-- --_
C C & T Ist guar gold 5s_ _ 1922 J - J 10258 10312 10534 Jan '13
90 91
91
Seto V & N E 1st gu g 4s 1939 M- N 91 Sale 91
9318 362 8834 9318
Nor Pacific prior lien g 4s. _.i997 Q - .1 9212 Sale 9238
8834 92
1997 Q - .1 -- - - 9134 92 Apr '15
Registered
62 6518
6518
a2047 Q - F 65 Sale 6478
General lien gold 3s
6112 63
a2047 Q - F - - - 64 63 Mar'15
Registered
90 Jan '14
St Paul-Duluth Div g 4s....1996 J - D - 10012 Sep '13
Dui Short Line 1st gu 58._1916 M- S
10913 111l
St P & N P gen gold 68._1923 F - A 110 113 11012 Apr '15
11538 Aug '11
Registered certificates__1923 Q - A
102 102
102 Feb '15
St Paul & Duluth 1st 58_1931 F - F idi10014 100l4
10014 Jan '15
1917 A 2d 5s
1968 J -D 89 --_ 87 Feb '14
1st consol gold 4s
8112 Dec '13
Wash Cent 1st gold 4s.....1948 Q -M
111 11114
111
Nor Pan Term Co 1st g 68_1933 - J iii" Sale 111
861,2 86 Apr '15
8312 88
Oregon-Wash 1st & ref 4s_ _1961 J - J 86
0518
9512
94
9814
Pacific Coast Co 1st g 5s._1946 .1 -D 9512 98
-- 9612 97
Pennsylvania RR 1st g 4s_..1923 M-N 97 - - 9612 M ar'15 -- - - - - 102 May'14 _
1919 M- S
Consol gold 58
7
9714
9712
Feb '15
-9- 1-2 -9812
1943 M-N
Consol gold 4s
66 9938 10018
100
Convertible gold 33s.. o1915 J -D 100 l001 100
9978 Apr '15
9978 9978
o1915 J -D
Registered
Sale
9734
97
9814
0834
1948 M-N 9814
Consol gold 4s
10378
10412 577 10314 10478
Consol 43is when issued_ _1960 F - A 10378 Sale
9358 94
Alleg Val gen guar g 48._ _1942 M- S 94 _ _ _ 9358 Apr '15
- - 01 Mar'14
D R RR &B 'ge 1st gu 48g 1936 F - A 9212
2918 J'iy '13
Phila Bait & W 1st g 4(3_1943 M- N 0614
- -- --- 102 Jan '03 Sodus Bay & Sou 1st g 5s2924.3 Sunbury & Lewis 1st g 48_1936 J - J 9014 - - - 4
Feb
4 -9837
,
.
3
-1583-6i
S
M48._1944
U N J RIt & Can gen
Pennsylvania Co100 10238
1921 J - .1 1007s 10238 10112 Apr '15
Guar 1st gold 45s
100 100
1921 J - .1 10018 - - - - 100 Apr '15
Registered
- -- 8412 Apr '14
Guar 330 coil trust reg A_1937 M- S 84
-8•11;
8412 Mar'15
Guar 3%8 coil trust ser 11.1941 F - A 8412 86
99
99
3 99
Trust Co ctfs gu g 33is_ _ _1916 M- N 9918 9812 09
83 Feb '15
83 83
Guar 3s trus• ntfs C__ _142 J - D 8314
--84 J'IY '14
Guar3 Sis trust ctfs D_
1944 J - D 83 85
9212 9412
Guar 15-25-year gold 4s_ _1931 A -0 933s 9434 9212 Feb '15
- 9238 May'14
- -- 40 year guar 48 ctfs Ser E.1.952 111-N
9312 Apr '14
--Cin Leb & Nor gu 48 g__ _1942 M- N 89 Cl & Mar 1st gu g 43is
-- - - 1935 M-N 98 - - - 98 May'14
CI & Pgengug 4Sisser A.1942 J - J 10118 - - - - 10138 Nov'13
--- - - Series B
1942 A -0 1011s --- 10034 J'iy '09
-- - - - - 9114 Feb '12
Int reduced to 3Sis 1942 A -0 8412
-- - - -1948 M- N 8358
9018 Oct '12
Series C 330
- - - --1950 F - A 835s 8418 Dec '13
Series D 33i8
85
_
8614 May'14
Erie & Pitts gu g 3Sis B 1940 J -.3
- - - -- - 1940 J - J 85
0018 J'iy '12
Series C
Gr R & I ex istgug 4%8_1941 J -.3 9712 9858 9738 Apr '15
_ 93 May'14
Ohio Connect 1st gu 48._ _1943 M- S 86
Pitts Y & Ash 1st cons 5s 1927 M- N 10134 _ _ _ 109 May'10
Tol W V & 0 go 4Sis A1931 J - .1 9712 --- 99 J'iy '14
_ 0812 June'14
1933 J - J 9712
Series B 4Sis
1942 M- S 88
9312 J'iy '14
Series C 48
10012 102 101 Feb '15
90 10112
& St L gu 4Sis A 1940 A p
9912 10112
1942 A -0 10012 102 10012 Apr '15
Series B guar
1942 M- N 10012 -_ 10112 Feb '15
10112 10112
Series C guar
_
9378
N
M1945
9358 9358
'15
Apr
8
935
Series D 48 guar
9118
90
9118 Apr '15
Series E 33is guar gold_1949 F - A 91 _ _ _
Qeries F guar 48 gold-1953 J - D 9378 _ _ _ 0514 Jan '14
1957 M- N 9378 - - 9712 Jan '13
Series G 45 guar
1033s - 10612 May'14
C St I,& p isz eons g 58_1932 A - 10114 May'14
Peoria & Pekin Un 1st g 6s- _1921 Q- F 10138
-- - 89 Feb '14
b1921 M-N
28 gold 44s
25 May'14
Pere Marquette-Ref 4s_ _ _1955 J - J - 20
1012 19
1955.3 - J
40 Dec '13
Refunding guar 48
_
73 May'14
1931 J -0 68
Chic & West Mich 55
1496
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
Wabash 1st gold 55
1939 M-N
2d gold 53
1939 F - A
Debenture Series B
1939 J .J
1st lien equip s fd g bs
1921 M- S
1st lien 50-yr g term 4s__ _ 1954 J -J
1st ref and ext g 43
1956 J - J
Cent Trust Co ctfs
Do stamped
Equit Trust Co ctfs
Do stamped
Det& Ch Ext 1st g 5s- — 1941 J -J
Des Moin Div 1st g 4s___1939 J - J
Om Div 1st g 3;4s
1941 A To!& Ch Div 1st g 4s__ _ _1941 M- S
Wab Pitts Term 1st g 4s___ A954 J -D
Cent and Old Col Tr Co certs_ _
Columbia Tr Co certfs
Col Tr ctfs for Cent Tr ctfs
2d gold 4s
1954
Trust Ce certfs
Wash Term! 1st gu 3;4s____1945 F - A
1st 40-yr guar 4s
1945 F - A
West Maryland 1st g 4s
1952 A West N Y & Pa 1st g 5s
1937 J - J
Gen gold 4s
1943 A -0
Income 5s
d1943 Nov
Wheeling & L E 1st g 53—.1926 A -0
Wheel Div 1st gold
1928 J - J
Exten & Impt gold 5s__ _ _ 1930 F - A
RR 1st consol 4s
1949 M- S
20-year equip a f 5s
1922 J -J
Winston-Salem S B 1st 4s
1960 J - J
Wis Cent 50-yr 1st gen 45.__ 1949 - J
Sup & Dul div & term 1st 4s'36 M-N
New York Bond Record—Concluded—Page 4
Price
Friday
April 30
Week's
Range or
Last Sa!s3
Bid
Ask
10112 Sale
031a Sale
- - ---- 90
65
_
30 Sale
30
27 Sale
Low
High
9958
10112
9012
9318
90 June'12
8978 Mar'15
Apr
75
'14
25311s
22 Mar'15
27
27
2412 Mar'15
22
30
100 Apr '15
80 Aug '12
55
55
6612 Mar'15
834
913
9
J'ly '14
8
8
1 Feb '15
2734 Sale
100 101
- --- — 57
6612 - - - 8
914
9 Sale
- - 8
8 Sale
58
78
34 Sale
*82 _ _ _ _
9112
68
0858
10238 103
7658 7678
- - - - 35
- - - 100
- -
84
Range
Since
Jan, 1
34
8134 Mar'15
65 Mar'15
681
6912
10212
10234
7614
7612
34 Feb '07
100 Apr '15
9512 Nov'13
92 Apr '15
65
_ _ 65 Apr '15
_
90 Apr '14
84 Apr '15
82 _ _ _
8612 Sale 8612
8634
85 - - 8512
8512
No. Low High
49 97 10112
46 86
9438
-897s
652 2234 34
22 22
31 2012 27
2412
23
794 19
30
99 100
2 -5E" -(1014
7234
66
2 6
912
357 6
912
15
--f-
58
1
42
72
8134 8134
65 65
7 54
7112
3 101 10278
9 75
791s
2
100 - 100 ____
92 92
65 6534
84 84
4 8434 87
1 8412 8512
Street Railway
Brooklyn Rapid Tran g 56_1945 A -0 10234 1033a 10212
10212
3 10014 10252
let refund cony gold 4s_2002 J - J 85 Sale 83
85
6 80 8512
6-year secured notes 58 _1918 J -J 10018 Sale 9934
10018 47 9878 10012
Bk City let con 56_1916-1941 J -J 10034 101 10012 Apr '15
10014 101
Bk Q Co & S con gu g 56_1041 M-N
98 Apr '14
Bklyn Q Co & S 1st 5s
1941 J -J
101 May'13
Bklyn Un El 1st g 4-58_1950 F - A fad- 10014 1004
10038
9 100 10113
Stamped guar 4-55
1950 F - A no 10012 1004
10012
7 9912 10012
Kings County El 1st g 4a_1949 F - A 8234 8313 8278
8272 22 8212 8312
Stamped guar 4s
1949 F- A 821z
_ 8213 Jan '15 --- 8212 8212
Nassau Elec guar gold 46_1051 J - J 73 75
75 Apr '15 --- 75
78
Chicago Rys 1st ba
1927 F -A 9512 96
0534 Apr '15
9438 9715
Conn Ry & L 1st & ref g 4iis 1951 J -J
10178 JUne'12
Stamped guar 4;48
1951 J - J *0213
9614 June'14
Det United 1st cons g 4)4s1932 J - J 75 Lie 7412
12 6534 79
75
Ft Smith Lt & Tr 1st g
M84 Jan '14
Grand Rapids Ry 1st g 513.- _1916 J -D 9934 — 100 June'14
Havana Else consol g 5s
1952 F -A _
92 Apr '14
Hud 46 Manhat 56 Ser A
1957 F -A 7612 Sale 7614
7678 79 74
79
Adjust income ba
1957
2712 Sale 2712
58 2614 291s
28
N y Jersey lat bs
0914
1932 F - A
Interboro-Metrop coil 41956 A -0 79 -Sale 7734
690
7912
7314 7912
Interboro Rapid Transit1st & refunding Os
1966 J -J 0814 Sale 98
9814 97 97 9838
Manhat Ry(N Y)cons g 46_1990 A -0 90 9012 89 Apr '15
88 91
Stamped tax-exempt
ells
0112 10 885s 9118
1990 A -0 0118
Metropolitan Street Ry—
Bway & 7th Av 1st o g 53_1943 J -D *-100
100
100
3 9978 101
Col & 9th Av let gu g bs 1993 M- S 983
-4 10034 99 Apr '15
09
98
Lox Av & P F let gu g 56_1993 M- S 9834 99$4 101 Apr '14
Met W S El (Chic) 1st g 4s_ _1038 F - A
80 Mar'14
--- Milw Elea Ry & Lt cons g ba 1928 F - A
1001s Dee '14
Refunding & exten 446_1931 J - J 9118 94
9258 Feb '15
921 925
Gen 46 refund 5s ser A__ _ _1951 J -D 804 90
Minneap St 1st cons g bs___ A919 J - J 9934 --- 102 NOi
;
f2
Montreal Tramways let & ref
30-year 56 Ser A
1941 J - J .92 95
9414 Feb '15
9415 944
New Or! Ry & Lt gen 434s._1935 J - J
- 80
78 Feb 'lb
78
78
N Y Rys 1st R E & ref 43_ _1942 J - J 7314 Sale 7214
7314 97 7078 7314
30-year adj Inc 5s
a1942 A 5312 Sale 53
5312 264 50
5558
NY State Rys 1st cons 40_1962 M- N 84
86 86 Apr '15
84 86
Portland Ry 1st & ref 5s_ _ _ .1930 M- N 0612 — - 991s Feb '15
9918 9918
Portland Ry Lt & Pow 1st &
ref cony s f 58
1942 F - A 84
8878 92 Mar'14
Portland Gen Elec 1st 55_1935 J -J 9914 100
St Jos Ry,L,H & P 1st g 58_1937 M- N 97 _ _ -di" No-aii
St Paul City Cab cons g 53._1937 J - J
10313 Feb '13 —
Third Ave 1st ref 4s
-82 Sale 8158
1060 J 8218 93
825s
Ad] Inc 5s
134 7538 82
a1060 A -0 785s Sale 7814
79
Third Ave Ry 1st g bs
1937 J -j 106 10934 106
2 10512 107
106
Tr -City Thy & Lt 1st s f 5s 1923 A -0 90t 963s 9618
9618
1 95
9714
Undergr of London 4
_ _ _1933 J - J
9612 J.IY'
14
Income Os
1948
-65- -66 8712 J'ly '14
Union Elev (Chic) 1st g bs 1949
84 Oct '08
United Rya Inv 58 Pitts 133_1926 M - N
71 June'13
--United Rys St L 1st g 45_ ___ 1934 J - J - - - - 65 6934 Dec '14
St Louis Transit gu 5s.._ _1924 A -0 5913 65
5933 Mar'15
3
-b6;
United RRs San Fr s f 48__ _1927 A -0 4814 Sale 4712
5558
5058 254 40
Vs fly & Pow 1st & ref bs_ _ 1934 J -J
891s 8912 Mar'15 ---- 8912 8012
795
Gas and Electric Light
Atlanta 0 L Co 1st g 5s.. _ 1947 J -D
Bklyn Tin Gas 1st cons g 58_1945 M-N
Buffalo City Gas 1st g bs. _1947 A -0
Columbus Gas 1st gold bs_ _ _1932 J -.8
Consol Gas cony deb (is __MO Q - F
Detroit City Gas gold 5s_ _ _ _1923 J - J
Detroit Gas Co cons 1st g 58.1918 F - A
Detroit Edison 1st coil tr 53_1933 J - J
Eq GLNY 1st cons g 5s___1932 M- 5
Gas & Elec Berg Co c g 5a__1949 J -D
Hudson Co Gas 1st g 5s____1949 M-N
Kan City(Mo) Gas 1st g 58_1922 A -0
Kings Co El L & P g 5s
1937 A- 0
Purchase money 6s
1907 A -0
Convertible deb (is
1922 IN- 5
Convertible deb 6s
1925 M- S
Ed El In Bkn 1st con g 48_1939 .1 - J
Lac Gas L of St L 1st g 5s_ _e1919 Q- F
Ref and ext 1st g bs
1934 A Milwaukee Gas L 1st 4a
1027 M-N
Newark Con Gas g 5s
1948 J -D
NYGELH&Pg5s
1948 J -D
Purchase money g 451
1049 F - A
Ed El Ill 1st cons g 53-- —1995 J - J
NY&Q El L& P 1st con g 58_1930 F - A
N Y & Rich Gas 1st g 5s_ _ _ _1921 M-N
Pacific G & El Co Cal G & E
Corp unifying & ref 5s_ _ _ _1037 M- N
Pac Pow & Lt 1st & ref 20-yr
55 Internat Series
1930 F - A
Pat & Passaic G & El 5s_ ..._1949 M- S
Peop Gas & C 1st cons g 63_1943 A -0
Refunding gold 58
1947 M- S
Registered
1947 M- S
Ch
& Cke 1st gu g 5s.1937 J - J
Con 0 Coot Chl 1st gu e 581936 J- D
Ind Nat Gas & Oil 30-yr 531936 M- N
Mu Fuel Gas 1st gu g 50_1947 M- N
Philadelphia Co cony 5s_
1910 F - A
Cony debm gold 5s
1922 M- N
Stand Gas & El cony s f63_ _1926 J Syracuse Light!.2 1st g bs_ _1951 J -D
102 _ _ 10112 May'14
104 Sale 10334
104
54 June'13
97 Feb '15
118 gt-de 11558
11812 473
99 100 100 M sr'lb ---9558 Sep '08
_
10234 Sale 1021s
10234 13
10012
_ 10612 Oct '12
98 - _ _ 100 Feb '13
10112 — 103 M ar'15
- di 92 Mar'14
104 _ _ _ 104 Apr '15
112 11313 113 Apr '15 ---113
12212 Dec '12
117
_ 115 Feb '15
8778 88 88
88
101 10114 1014
10112 13
1
100 - - - _ 100
100
6
9134 Sale 9134
9134 11
10112 - - - 10134 Jan '14
1024 1021- 102
10258 18
84 8438 84
84
24
1057
8- 109 J'iy '14 _
9958 i66 9958 Apr '15
-- 9212 J'ly '09
1.6E - 104l2
-df -df
10958 11812
9912 100
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 30.
Price
Friday
April 30
[Vol.. 100.
Week's
Range or
Last Sale
-2—
css
Range
Since
Jan,!
Bid
High No. Low High
Ask Low
Syracuse Light & Power 53_1954 J -.8 82 _ _ _ 8512 June'12
Trenton G & El 1st g Os- —1949 IN- 5 0914 _
_ 101i June'14
Un on Eke Lt & P 1st g 5s....1032 M- S 99 10012 99 Mar'15
99 101
Refunding 41r extension 53-1033 1W-N 88
90 89 Mar'15
90
89
Utica Elec Lt & P 1st g 5s-_1950 J - J
96 10214
10214 Mar'15
Utica Gas 46 Elec ref 5s---1057 J - J
10014 Dec '11
Westchester Ltg gold 5s____1950 J - D idi- idi 103 Apr
1021-2 lid"
'15
Miscellaneous
Adams Ex coil tr g 45
m1948
s 73 Sale 73
1 70
73
73
Alaska Gold M deb Os A
1925
147 _ _ _ _ 150
16 118 150
150
Armour & Co 1st real est 4)-is '39 1-55 9214 Sale 92l
9214 36 9012 93
Bush Terminal 1st 4s
1952 A -0 8512 87 8514
8513 29 85 8534
Consol 55
1955 J - J ---- 8612 86 Apr '15
90
86
1960 A -0 8534 86 86
Bldgs 55 guar tax ex
2 83 87
87
GranbyConsMS&P com 6s A '28 M-N 106 Sale 10234
153 98 111
111
Inspir Cons Cop 1st cony 6s_1922 M- S 130 Sale 134
14014 776
1919 J - J 136 Sale 13413 14014 258 97 14014
5-year cony deb 6s
9434 14014
Int Mercan Marine 4hs_ —1922 A -0 44 Sale 4214
59 3014 45
45
45 Sale 40
Certificates of deposit
42 332 4514
45
Int Navigation 1st s 1 5s____1929 F - A 4012 4413 44 Apr '15
36
57
Montana Power 1st 5s A-1943 J - J 0134 Sale 9112
921, 38 8834 9212
Morris Fe Co 1st s I 4s____1930 J - J
— 90 8812 Jan '14
-—
0
A
—1966
ser
Y)
2_
4s
Mtge Bond(N
- — 83 Apr '14
—
1932 J - J 94 _ _ _ 100 J'iy '14
10-20-yr 5s series 3
- - -7712 75 Apr '15
NY Dock 50-yr 1st g 4s_ ......1951 F - A 71
75
75
100
J
1932
-J
10114 10078 Apr '15
Niag Falls Pow 1st 55
10078 101
104
a1932 A Ref & gen 6s
Niag Lock & 0 Pow 1st 55..1954 M-N 90 94
8912 Mar'18
19-1; la;
Ontario Power N F 1st 5s___1943 F - A 9312 94
9312
94
5 9312 9558
— 88
Ontario Transmission 5s_ ...._1945 M - N
90 Feb '15
90
90
8834 8814
Pub Serv Corp NJ gen 5s _1059 A -0 88
8834
8 8658 8914
Ray Cons Cop let cony 13s_1921 J - J 12312 Sale 12312
130
136 103 130
--. 92
924 Feb '14
Sierra & S F Power 1st 5s _1949 F - A
——
Wash Water Pow 1st 5s____1939 J - J 9812 — - 10312 Jan '14
Manufacturing & Industrial
Sale
10112
A
0
10112
1928
Am Ag Chem 1st c 5s
10112
4 0978 10258
9334
1024 F - A 9334 Sale 9258
Cony deben 55
02 9334
10038 17
p1915 Q - F 1003s Sale 1003s
Am Cot Oil ext 43-4s
7 9978 10038
933
s 9334 933s
9338 12 0212 94
1931 M - N
Debenture 55
Am Hide & L lat s g 6s.-1919 M- S 102,8 10234 10214
10214
8 10012 10314
8912 11 80
1925 A -0 8912 Sale 88
Amer Ice Secur deb g 6s_
89
10514 21 19
Am Smelt Securities s I Os_ 1926 F - A 105 - - - - 105
02
5114
02
358
2
12 19
1915 M- S 93 — - _ 9212 Apr '15
Am Spirits Mfg g Os
- - 94 June'14
1919 J - J 04
Am Thread 1st coll tr 4s
12012 10 120 1211
1944 A -0 ..— 122 12012
Am Tobacco 40-year g (3s
12134 May'14
1944 A-0
Registered
97 Apr '15
1951 F - A
--- 98
Gold 4s
97
98lg
- - - - 98 June'14
1951 F - A
Registered
- J 70 Sale 70
70
4 59 -i6Am Writ Paper 1st s f
10212
10214
1W-N
1
10214
1940
Baldw Loco Works 1st 5s
— -10034 10234
10012 66 8
Beth Steel let ext a f 55
1926 J - J 10012 Sale 10032
98
51:
1 101
9134
9134 599
9113 Sale 8932
1942
1st & ref 53 ruar A
Sale
9932
9834
83 9678 9912
Cent Leath 20-year g 5s
1925 A -0 9938
9734 Jan '15
Consol Tobacco g 4s
1951 F - A 90 98
96
8 94
Corn Prod Ref s g ba
1931 M-N 96 Sale 05
7'34
4 97
7314
4
4 92 9514
1st 25-year a f 58
1934 111-N 9514 Sale 9514
9514
98
9
Cuban-Am Sugar coil tr (is 1018 A -0 98 9912 98
5012 413 05
Distil Sec Con cony 1st g 5s..1027 A -0 5512 Sale 52
40
56l
0
8
81s
9058 74 84 905
E I du Pont Powder 434s._ -1936 J -D 9058 Sale 89
General Baking 1st 25-yr 68_1936 J -D
- - - 8712 J'ly '14
'15
Apr
79
79
Gen Electric deb g 334s
743
4
73
1942 F - A
79
104
11 102 100
Debenture 5s
1952 M- S 104 Sale 1031a
1100
5
111
:
Gen'l Motors 1st lien 6s
1015 A-0 10114 --- 10114 Apr '15
1900934
84
Ill Steel deb 4J413
84
1940 A -0 8414 85
827a 87
6
Indiana Steel 1st ba
9958
995s
1952 M-N 997s 100
Ingersoll-Rand let bs
q1935 J - J 100 - - - 100 Oct '13
3 100 10113
Int Paper Co 1st con g 66.-1918 F - A 100 101 10034 10034
12 7834 82
Consol cony af g 55
79
1935 J - J 79 Sale 79
3 38
Int St Pump 1st s f 55
50
50
1929 M- S 50 58
50
9312 10
Lackaw Steel 1st g 55
1923 A-0 934 Sale 92
57 6
73
1st con5s Series A
89
5 9
1950 IN- 5 7218 Sale 72
75
313
Liggett 46 Myers Tobac 7s 1944 A -0 1231 124 123 Apr '15
190
225
213 19
2
103
411:
51
10034 3C 0978 102
1951 F - A 10012 101 1003s
12212
3 12134 124
Lorillard Co (P) 73
1944 A-0 12212 123 12212
53
10014 18 9912 102
1951 F - A 100 Sale 100
65
Mexican etrol Ltd con (3s A 1921 A-0 108 110 10512 110
let lien & ref 6s series C__ -1921 A -0 108 Sale 10512
110
5 05 110
Nat Enem & Stpg 1st bs
1920 .5 -D 8934 934 934 Apr '15
Nat Starch 20-yr deb 53
1930 J - J 8313 — -- 85 Apr '15 28 8
88
5
90
4 9
1952 M-N 9812 99
National Tube 1st Os
9812
9 95 997s
9812
N Y Air Brake 1st cony 6s 1028 M-N 98 Sale 97
98
Railway Steel Spring—
Latrobe Plant 1st a f 55_ -1921 J - J 965s 977s 96 Mar'15.— 954 9612
Interocean P 1st e f bs —1931 A -0 9014 9112 9112
9113
Repub I & S 10-30-yr 536f-1940 A -0 9314 Sale 03
2 90
912 93
934 12
334
1930 M- N 92 __ _ - 9112
Standard Milling 1st 58
92
8812 9112
The Texas Co cony deb as 1931 J - J 100 Sale 9978
10018 733 9712 10014
Union Bag & Paper 1st bs 1930 J - J 77
75 Mar'15 ---- 75
80
75
1930 J - J 76
Stamped
0114 Jan '13
_
US Realty& I cony deb g bs 1924 J - J 70
7378 74
74
76
US Red & Refg 1st g 60.-1931 J - J - - - 28
30
30
11 6
20
6 30
US Rubber 10-yr coil tr 6s 1018 J -D 10318 Sale 10212
10318 53 10118 1031a
U Steel Corp--lcoup —..d1963 M-N 10214 Sale 1017s
10213 335 9978 10258
d1963 M-N 10218 Sale 10134
S f 10-60-yr 5s1.reg
10212
3 0934 10212
Va-Car Chem 1st 15-yr 58_11)23 J -D 05 Salo 95
95
West Electric 1st 55 Dec__ _ _1922 J - J 101 Sale 10038 101
34
0 10
80
913 10
95
1314
'
Westinghouse E & M s 156_1931 J - J 985s Sale 9413
99
955 897s 99
A
10018
-0
Sale
_1917
10012
10-year coil tr notes 5s_ _
997a
27 9814 1004
Coal & Iron
- — 02
'14 __
1932 .1 -D 89
Buff & Susq Iron a f 58
a1926 M- S 7212 80 80 J'ly '14 -Debenture 55
MK,103
Col F & I Co gen a f g bs__1943 F -A 90 9178 9014
9014
1 if 92
7212
Col Indus 1st & coil Os gu--1934 - A 7212 74
73
4 70
7412
- - 73 Mar'14
Cons Ind Coal Me 1st 5s_ __1935 J -D
_ - -- — _
— 90 8814 Apr '15
Cons Coal of Md ist&ref 58.1950 J -D
8814 8815
Continental Coal 1st g 5s_ _ _ 1952 F -A 89 - - - 091s Feb '14,__
- Or Rh/ Coal & C 1st g fis...111919 A -0 90 95 10258 Apr '06 -_
113 113
Kan & H C46 C lsts f g 53_1951 J -.8 9014 — - 93 Mar'14
Pocab Con Collier 1st a f 5s_1957 J - J 8612 8712 88 Apr '15 .87 - 88
115 iii" St L Rock Mt& P 1st 5s_ _
455 J - J
82 Apr '15
75 82
8212 83 8212 Apr '15 ___
Trust Co ctfs of deposit-----8212
75
18
9978 - - _ _ 101 Apr '15 _- 100
070714
1951
8 18
08
1,4 Tenn Coal gen 55
10114
97 101
Birm Div 1st consol 65_1917 J - J 10138 10158 10134 Apr '15 _.. 10014 1013
4
A
10114
0
901s 9134
a1017
Tenn Div 1st g 6s
10134 10112 Apr '15 ---- 10014 1017s
Cah C M Co 1st gu Os_ _1922 J -D 104 - _ _ 101 Dec '14
- - - --idf14 10312 Victor Fuel 1st a f 5s
1953 J - J - - - 7734 73 Apr '14 __
8212 855s Va Iron Coal&Coke 1st g 58.1049 IN82 85 85 Apr '15 __
4 86
Telegraph & Telephone
; Am Telep 4.6 Tel coil tr 4s_ —1929 J - J 89 Sale 89
4 -665
-96"18914 4 87 8914
M1936
5 944 _ 9512
Convertible 4s
0512
2 9134 96
20-yr convertible 4 As_ _ _ _ 1033 IVI- S 10134 Sale 10014
100 96 10314
102
94 Sale 9312
94
21 91 04
Cent Dist Tel 1st 30-yr 5s 1943 J -D
MI 9912 9834 Apr '15,..
9838 99
Commercial Cable 1st g 4s_ _2397 Q 75 ._ _ _ 8814 June'14
8812 _ _ _ 01 Feb '15
— -8812 91
2397 Q Registered
75 84
79 Apr '14 _
0912 _ _ _ 100 Jan '14
Cumb T & T 1st & gen bs_ _ _1037 J - J 961s 9658 00 Apr '15
5 -Eiji
11434 _ 11434 Apr '15 31 110 1144 Keystone Telephone 1st 53_ _1935 J - J 92
95
891s Dec '14 _
10058 tide 1005a
10058
5 10018 10112 Metropol Tel as Tel 1st s f 5s 1918 M-N 10014 _ _ _ _ 10012 Mar'15
100 1564
09 Sep '13
Mich State Telep 1st 5s_
1924 F - A
9858 10014 9858 Apr '15
9714 99
idi- idi 10212 Apr '15
idi1"4 16E - NY&NJ Telephone 58g..1020 111-N
'14
Dec
101
9934 10014 100
100
1 9978 loo38 N Y Telep 1st & gen 314;0.1939 M- N 9738 9713 9714
9712 43 4541-2 9711
93 Mar'12
Pac Tel & Tel 1st bs
J
J 98 Sale 0714
1937
37 9434 98
98
liars :100 Jan '15
idd 100
South Bell Tel &'1' 1st a f 56_1941 .1 -J 977/1 Sale 9712
9778 26 9614 00
05 Feb '15
95 95
West Union coil tr cur 5s
1038 J - J 06 9678 07 Apr '15
96
974
_88 0634 June'14
Fd and real est g 4iis
1950
93 9414 03
93
1 881a 9338
di 100
882 Jan '15
Mut Un Tel gu ext 5g......1941 IVI- N - — _ 104 June'll
9912 10014 100 Mar'14
- —Northwest Tel gu 434s g 1934 J - J 92 __
90/2 Mar'15
90l 9O'
• No price Friday: latest bid and asked. a Due Jan. d Due Aprl . e Due May, g Due June. ls Due July.
k Due Aug. o Due Oct. V Due Nov. g Due Dec. a Option sale'
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
April 24
Monday
April 26
Tuesday
April 27
Wednesday
April 28
Thursday
April 29
Friday
April 30
10334 10414 10414 10338 10312
Last Sale 9913 Apr'15
100
18112 181 181
7612 7612
8114 7514 79
12612 12612
126 126
126
34
32
3334 34
33
Last Sale 231 Mar'15
Last Sale 10 Mar'15
10
Last Sale 56 Mar'15
Last Sale 612 Nov'13
4612 4612 4612
*4513
4612
*44 -go.- *44
462 161-2
-.
50
igiii Last Sale 158 Mar'15
15812 *_--- 15812
_ 15812
*105 110 *105 110
*ioi 110 10512 10512 *105 110
Last Sale 154 Apr'15
- *155 165 *155 166 *155 157
•155
67
67
67
69
67
69
67
69
*68 -66
Last Sale 114 Apr'15
*114 117 *114 118 *11314 117 *113 117
Last Sale 8714 Apr'15
*8612 88
88
*8634 87
*87
*8612 89
99
99
*96 101
•96 101
*96 101
*96 101
7
7
7
7
7
712
7
7
712
714 714
*7
4213
42
43
43
43
43
43
4314 4314 42
43
43
6758 68
6718 6938 6612 6812 6734 6812 6712 68
69
67
98
98
95
95
ia- 152 152 152 152 152
*151
*151
Last Sole 2512--A'it'll')
24
24
*20
*20
26
*20
*20 30
134 134 *13034 13114 13112 13112 133 133
*13258 133
Last Sale 80 Mar'15
*iii- 131 *124 fif *iii- 131 *al 131 - Last Sale 125 Apr'15
65 65 65 65 8524 6514 (3514 65,4 65 6514 65 65
__ 85
_ 85
84
85
8512
84
85
10414 10414 *10334
*9934
*9913 100
181 181 *182
82
8312 84
*124 126 *124
34
3412 3314
*231
_
*231
16' ---
rY..x- - age
..-N
SeeB
1497
Range Since Jan. 1.
Rangefor Previous
Year 1914.
BOSTON STOCK EXCHANGE-Stock Record
MAY 11915.1
10414 10334
10014 *9912
18112
183
8412 82
125
126
32
35
_ _ -- *231
10 *___-
10334
100
182
8214
126
34
__-10
-
10334
*9958
181
70
126
32
*231
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
405 Atoh Topeka & Santa Fe. 100
100
Do pref
100
88 Boston dr Albany
100
1,058 Boston Elevated
100
24 Boston & Lowell
100
1,201 Boston dr Maine
_ _ 100
Boston & Providence
Boston Suburban Eiec Cos__
Do prat_
Boston & Wore Electric Cos
140 Do pref
Chia June Ry &U Y__ _100
5
100
Connecticut River
100
162 Fitchburg pref
Georgia Sty & Elea strnpd_100
100
Do pref
100
10 Maine Central
100
475 Mass Electric Cos
100
292 Do pref stamped
100
1,723 NYNH& Hartford
33 Northern New Hampshire-100
100
19 Old Colony
100
Rutland, pref
100
150 Union Pacific
100
Do pref
Vermont & Massachusetts_100
50
731 West End Street
50
6 Do pref
Lowest.
Highest.
Lowest.
Highest.
9234 Feb 23
97 Jan 15
170 Mar 5
7514 Apr 29
109 Feb 26
20 Feb 13
225 Jan 5
10 Mar23
50 Jan 8
10438 Apr 21
9912 Apr 16
198 Jan 12
96 Jan 5
12612 Apr 30
3614 Apr 3
231 Mar 27
10 M ar24
56 Mar23
8814 Nov
9738 Jan
175 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
50 July
100 July
10138 Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
7% Feb
60 Jan
39 Jan 20
157 Feb 13
103 Jan 12
140 Feb 25
51 Feb 9
114 Apr 20
8534 Apr 9
92 Mar 4
7 Jan 22
42 Apr 17
43 Feb 25
90 Mar 9
14313 Jan 2
15 Mar17
11812 Jan 4
7934 Marll
105 Feb 9
6412 Apr 12
84 Apr 2d
35 July
4612 Apr 27
158 Mar 9 160 Mar
110 Apr 21 103 Dec
165 Jan 12 162 Nov
75 Jan 5
75 July
120 Feb 6 11513 Dec
83 Jan
88 Mar 3
9074 Jan
99 Apr 29
813 Jan 7
9 Apr
54 Dec
56 Jan 6
497g July
71 Apr 21
98 Apr 29 100 May
157 Apr 9 140 July
2012 Apr 20
19 May
134 Apr 26 11034 Nov
8078 Feb 11
82 Apr
125 Apr 20 115 Jan
7213 Jan 25
65 Nov
93% Feb 4
82 Dec
40 Jan
183 Jan
107 June
200 Jan
93 Jan
124 May
887s Apr
99 Mar
14 Jan
6612 Jan
7778 Jan
112 Feb
165 Jan
30 Jan
18334 Jan
85 Jan
130 Feb
75 Jan
95 Mar
Miscellaneous
8914 Mar
26
4714 Jan
474 Amer Agricul Chemical...100 48 Jan 5 59 Apr
58
57
5712 5712 *5712 5812 88
59
57
57
98 Juno
89 Dec
100 8711 Mar25 9312 Apr 16
pref
Do
482
92
4
913
92
*91
93
9214 93
92
9278 92
14
4 Jan
Apr
Dec
3
2
Mar17
134
50
Service
Pneumatic
510 Amer
278 278
278 3
258 3
*212 314
278 278
Jan
22 Jan
9
Jan
17
19'8
50 1612 Mar23
230 Do pref
1734 1734 1734 1712 1713 1712 1713
1712 1734 4.17
9714 Mar 11014 Jan
114 Apr 23
24
Feb
100
100
Refining
Sugar
Amer
575
11212
11214
11114 11234
111 112
11014 11114 11034 111
100 109 Feb 5 11513 Apr 26 108 Mar 115 Dec
149 Do pref
114 114
11412 115
114 118
115 11512 115 118
100 116 Jan 4 12334 Apr 17 112 Nov 124 Jan
12113 12234 122 12212 12214 12258 2,917 Amer Telep & Teleg
12112 12214 121 122
14 Mar 15 Mar
100 1612 Apr 6 21 Apr 16
Woolen
American
Apr'15
Last Sale 21
30
*28
29
*28
*29
30
7234 Mar 83 Jan
100 77 Feb 5 90 Apr 23
668 Do pref
8912
89
89
8912 89
8912 89
90
89
89
67 Feb
591 Jan 20 67 Apr 23
5712 Dec
185
Amoskeag
Manufacturing
67
67'
67
*65
67
67
67
67
*67
9734 June 10012 June
98 Jan 19 101 Feb 6
5 Do pref
- -10012 10013 10012 10012 *___ 101
9 Jan
30
Apr
Feb
5
13
24
Feb
4
878 Atl Gulf & W 288Lines_100
13
978 10
7
7
7
634
512 512 *614 16
1312 May 1634 Jan
97811.1ar12 23 Apr 30
100
4,628 Do pref
23
1714 1634 2012 21
16
*1512
1512 16
Feb
1412
5
Apr
Dec
1314
914
Feb
24
10
East
Land
Boston
912
770
1113 1113 1114 1112 1112 1113 1112 1134 11,4 11,4
100 233 Apr 3 260 Jan 22 234 Nov 285 Mar
368 Edison Electric 111UM
24312 244
244 245
246 24612 244 245
13814 Feb 26 16114 Apr 30 137 Dec 15012 Feb
100
Electric
General
976
159
16114
1563
1573
4
4
11E12
la"
153
154 15412 152
9812 Nov 102 Jan
90 McElwain(W H) 1st pref-100 100 Apr 23 104 Mar29
10134 10134 10112 10112
102 102
102 102
102 102
7614 Nov 9438 Feb
905 Massachusetts Gas Cos_ _ _ 100 78 Apr 8 8718 Apr 22
83
8314 8312
8412 83
84
84
8334 88
84
921k Jan 28
85 Nov 96 Mar
9
Apr
100
8513
pref
Do
86
89
*88
8812
88
90
88
87
87
4
Jan
200
Dec 21634 Feb
8
Feb
200
.100
154
Linotype..
Mergenthaler
15
191 191 *190 - - *191 192
192
3 Jan
14 Apr 20
214 May
10
14 Apr 20
Mexican Telephone
*112 3
Apr'15
*1
Last Sale 14
38 Feb
1214 Feb 8
18
15
Jan
July
.100
12
Power,
River
Mississippi
Mar'15
13
Last
Sale
12
•1112
*1112 -11*1112 13
Jan
Jan
26
46'z
70
55
June
23
Feb
35
100
pref
Do
*3713 40
Last Sale 35 Feb.15
*3712 40 .3712 40
30 Jan
20 Apr
New Eng Cotton Yarn_ _100 20 Apr 15 20 Apr 15
Last Sale 20 Apr'15
__ 20 *___ 20
20
Jan
15
35
Apr
69
Dec
38
17
Apr
100
30
pref
Do
25
Apr'15
Sale
34
Last
25
114 New England Telephone_.100 12713 Apr 27 143 Jan 29 128 Nov 141 Feb
130 130
28
12
512 129 129
12812 12812
100 150 Feb 24 16314 Apr 29 148 Dec 159 Jan
508 Pullman Company
15934 16014 160 16012 16214 16314 2331-)11 1161-2
159 160
20% July
16 Jan
10 1612 Feb 25 18'4 Jan 2
50 Reece Button-Hole
17
17
17
17
1634 1834
*1612 1714 *1614 17
100 10434 Jan 4 11012 Apr 8 10112 Nov 10734 Mar
162 Swift & Co
10878 10912 10878 10914 10834 10912 109 10912 110 110
31 May
27 Feb
25 28 Mar 8 32 Apr 29
562 Torrington
32
31
31
31
31
31
31
31
27 Mar 2912 Jan
25 26 Mar25 2812 Apr 22
55 Do pref
28
2818 2814 28
- _ -*2712 2812 2818 281
134 Apr 21 .95 Dec
2 Feb
.95 Jan 18
25
100 Union Copper L & M
158
158
112 113
100 110 Feb 25 19014 Apr 29 2113 Dec 173 Feb
Fruit
4 13912 140 139 140 13934 140 2,886 United
13712 139
139 140
13834 fi614 June
6111
13
6453
Apr
Dec
5214
25
Feb
53
25
Corp
Mach
Shoe
6212 6312 6212 6312 4,084 United
6212 63
6234 63
63
6314 6258 63
301s July
28 Jan
25 28 Mar27 29)3 Jan
747 Do pref
2812 2858 2858 2878
29
29
2812 2878 2878 2878 2812 29
6058 Apr 29
6714 Jan
Dec
48
1
Feb
38
-100
Corporation_
Steel
S
U
13,889
3
597
5812
8
605
59
59
5634 5678 5718 5934 57
5878 58
100 10214Jan 27 10934 Apr 28 10314 Dec 11231 Jan
198 Do pref
109 10934 10912 10912
10913 10913 109 109
10834 109
Mining
2 Jan
478 Apr 22
1 Apr
1 Jan 22
25
338 358
3,4 334 2,260 Adventure Con
312 378
314 334
412
4
418 434
25 240 Jan 25 390 Apr 28 23934 Apr 300 Mar
247 Ahrneek
380 390
385 390 *370 380
370 380
370 375
359 360
July 2834 May
4034 Apr 22
19
6
Jan
2614
10
Geld
Alaska
11,317
1
39
3812
38123 3878 3814 39 4
39
3958 38
3918 3978 38
134 Jan
434 Apr 22
13 Dec
.45 Feb 10
25
312 358 3,850 Algomah Mining
312
3
314 4
358 4
314 324
314 4
4334 Feb
3412 Jan
25 3512Jan 5 5814 Apr 26
5718 2,347 Allouez
5714 56
5712 55
5612 58
56
5814 5512 5714 56
Feb
22
Apr
Dec
7814
7912
49
24
Feb
100
5034
Copper
Amalgamated
3,763
7812 7818 7938 7634 7853 7718 78112 7712 7878 7658 78
77
1214 Nov 2138 Jan
4 4478 Apr 30
4312 4278 4478 53,610 Amer Zinc, Lead & Smelt_ 25 1634Jan
3934 3938 4012 41
3934 4014 3913 4034 39
2 A pr 22
314 Jan 4
14
48
9
213 Nov 6% Mar
5
Commercial
Arizona
9,588
4
3
8
8
834
812
813
838
814 858
813 9
838 858
418 Feb
1 Nov
2 Jan 16
'400 Butte-Balaklava Copper__ 10
414
414 414
334 334 *312 334
4
*334 4
24 Nov 4034 May
4 72 Apr 30
16- W - 91,780 Butte & Sup Cop (Ltd)-__ 10 3534Jan
6912 6914 7134 -7
6612 66
6413 6412 6622 64
63
7018 Mar
53 Dec
10 5112 Feb 23 7834 Apr 26
Arizona
&
Calumet
13,816
7513
7412
7413
7058
7612
7812 75
7212 77
76
7834 74
25 350 Jan 4 630 Apr 22 350 Dec 460 Feb
342 Calumet & Heels
600 605
600 605
600 610
609 615
605 611
605 613
19 Feb
14 Jan
25 15 Jan 12 25 Apr 22
1,261 Centennial
22
22
23
23
*2312 24
2312 2414 24
25
4312 Feb
3014 Dec
6 3278 Jan 6 4934 Apr 26
Copper
Chino
2,213
47
4734
4812
4812 4778 49
4934 48
4634 4712 48
4914
Feb
26
6314
Apr
4034
Dec
29
13
Jan
30
100
Co
Cons
6012 6112 5812 6012 14,814 Copper Range
5912 61
61
6314 5912 62
5912 61
3 Feb
113 Nov
534 Apr 22
178 Jan 21
20
360 Daly-West.
4
4
414 438
4
4
434
5
5
334 334
13 Jan
1533 Apr 23
Dec
8
5
812Jan
10
Min
Copper
Butte
East
14
10,772
14
1414
1312
1412
1378 1412 14
1458 1518 1414 1514
774 Apr
2 Nov
412 Feb 5 1414 Apr 22
25
12
5,609 Franklin
1214 1134 1214 11
1212 12
12
1134 1212 1214 13
91 Feb
60 Dec
100 58 Jan 7 9412 Apr 27
10,317 Granby Consolidated
9212 9014 9112 8512 90
9412 91
90
94
89
8414 88
Feb
Apr 22
4234
Apr
3512
2114
1
Feb
2314
100
Greene-Cananea
33
2,312
34
3214
34
3314
3314
3414 35121 3378 35
3478 35
22 Feb
11 Dec
2412 23
2412 6,664 Hancock Consolidated.... 25 11 Jan 18 2413 Apr 29
2414 24
2313 23
1913 2112 21
1812 20
2934Jan 19
28 July 30 Mar
9
Apr
8
265
10
_
_
Gold
Hedley
_
25
8
*2658
____
*265
*2658
___
•26521
2658 2658 *2653 -- -.95 Mar29
.25 June
12 Jan
.25 Mar 2
25
920 Helvetia Copper
.90 .90
.80 .90
.90 .90 *.85 .95
.90 .91
.80 .90
64 Feb
3 Apr
1013 Apr 22
214 Jan 21
25
912
9
913 5,270 Indiana Mining
9
912 1012
834 914
814 9
834 914
5014 June
Jan 16
4412 Dec
47l
Mar18
41
1
Creek
Coal
Island
966
47
47
45
4012
47
47
4
4413
453
*4412 4512 *4512 47
81 June 8912 June
1 8513Jan 5 9118 Apr 27
172 Do prat
90
*9012 91
90
9014 9014 9012 9118 9012 91
*90
24 Feb
16 Dec
25 1712Jan 11 34 Apr 26
1,972 Isle Royale Copper
31
31
3212 31
3112 30
33
32
3312 3234 34
32
814 July
518 Apr 20
378 Mar
414
Jan
8
Kerr
Lake
1,485
5
8
478
5
4%
5
5
5
478 5
518
5
Feb
4%
26
Apr
May
218
412
2
Mar17
25
Copper
Keweenaw
338 358 2,916
334 378
334 331
334 414
4
438
334 412
1012 Jan
434 Nov
51 Jan 27 18 Apr 22
25
5,480 Lake Copper Co
17
1513 17
1514 15
16
1612 1614 1612 1434 1614 15
513 Feb
Apr 23
Dec
9
4
/
31
Jan
7
3l
25
Copper
Salle
La
2,274
4
73
7
712
8
758 734
778 814
8
838
814 812
4 Jan
412 Apr 27
114 Dec
1 Marti
5
4
414
414 412
414 438 3,290 Mason Valley Mines
412
4
cps May
3,4 414
17 Apr 22
2 Mar
3 Jan 11
25
Massachusetts Consol_
-1454 1514 1412 1512 13 1412 1312 1412 13 14 1212 13,2 6,352
Apr 22
9 Jan
June
8
Marl!
4
4
25
3
3
Mayflower
1,015
712 734
712 734
614 634
634 678
738
7
7
7
24% Feb
1634 Dec
163j Jan 2 29 Apr 26
719 Miami Copper
2678 2712 2858 20
2834 4.28118 2878 2813 2813 22718 2714
28
114 Feb
3 Apr 22
.50 July
.60 Mar 1
25
214 238
214 212
900 Michigan
214 212
213 212
212 258
214 234
49% Dec
26
82
Apr
Apr
39
15
4614
Jan
25
Mohawk
7812
3,594
77
4
7812
793
77
77
79
80
7713 81
8012 82
8 Dec
17
Apr
165
27
Dec
24
10
1158Feb
5
1,761 Nevada Consolidated
16
15
1614 1634 16
1614 16
1514
1618 17
1512 1014
173 Jan
712 Jan
1314 Apr 28
412 Feb 24
1158 1314 1178 13
1114 1212 33,206 New Arcadian Copper-. 25
10
1014 1012 13
1034 1278
843 Feb
Mar29
July
8
67
5
3
538Feb
5
Mines
Nipissing
6
6
618
6
618 1,450
6
6
6
6
6
6
614
3054 Feb
1934 Dec
'5 2214Jan 25 3878 Apr 26
3814 3614 3718 37,239 North Butte
3612 3814 37
3614 3714 3634 3873 3534 371
258 Jan
418 Apr 23
.95 Apr
25
1 Jan 26
323 334
312 334
314 334 *3
313 4
334 2,870 North Lake
314
3
2 Jan
Apr
29
Apr
312
25
.50
4
4
3
Mar
Mining
Ojibway
312
*234 3
312 3,960
3
3
234 3
212 278
212 234
",fq Feb
5
22
Apr
Nov
718
258
25
358Jan
1,243 Old Colony
6
612
6
6
61
614 612
612 7
6
634 634
54 Feb
44 Dec
25 3812 Mar 8 5812 Apr 21
1,690 Old Dominion Co
57
5612 574 5513 5612 5612 57
58
56
56
5612 57
Feb
84
22
Apr
Dec
9313
64
64
Jan
25
28
890 Osceola
9034
89
90
9112 90
90
91
90
90
89
91
2078 Jan
1234 Dec
10 12 Jan 7 17 Apr 22
1612 2,561 Pond Creek Coal
1658 16
1613 1612 16
1614 1614 1614 16
1614 16
88 Feb
Apr 22
Dec
95
5174
25
16
50
Jan
Quincy
931
1,330
94
9313
91
89
92
89
88
93
90
90
88
2212 Apr
15 Dec
2,936 Ray Consolidated Copper_ 10 1534Jan 7 2614 Apr 26
25
2478 2513 2573 26,4 2414 251
24723 2513 2434 2514 24
40 Feb
28 Dec
25 28 Jan 4 65 Apr 23
3,836 St Mary's Mineral Land
65
64
6212 65
6313 64
0312 65
63
6112 641
61
214 Jan
17
278
Apr
Jan
1
10
Mar17
Copper
&
Gold
Fe
Santa
1,715
2
212
6
/
21
*212
214
21
213
213 212
214 212
214 2 4
712 Feb
4 Nov
4 Jan 15 1114 Apr 26
10
912 10
4,794 Shannon
1013
11
10
1013 10
1034 1034 1034 1114 10
2934 Feb
18 Dec
10 1S34 Jan 5 33 Apr 26
7,158 Shattuck-Arizona
31
33
32
31
3112 22934 31
31
2934 3014 33
29
.23 Feb
.10 June
.35 Mar31
.10 Feb 4
.30 .35
.35 .35 6,000 South Utah M & S
.25 .30
.30 .34
.30 .30
.30 .
22 Nov 32 Feb
25 2213Jan 6 411? Apr 26
3913 38
3913 4112 38
3712 3812 3512 3712 9,955
39
40
37
412 Apr 29
114 Nov 2% Jan
Mar 3
1
10
Copper_
Boston
&
r
o
l
i
r
e
p
u
S
21,406
334
413
312
4
413
378
3
3%
3%
323
358 Vs
43 Feb
2412 Dec
25 25 Jan 4 4512 Apr 23
1,826 Tamarack
43
43
41
4413 43
45
44
4414 43
44
44
43
513 Jan
758 Apr 30
234 Nov
238Feb 11
25
612 712
513 6
634 758 7,022 Trinity
514 538
534 6
534 6
.85 Mar
.23 Dec
.63 Apr 14
2
.20
Jan
1
Copper
Tuolumne
2,900
.50
.50
.53
.53
.52
.58
.52
.53
.53
.53
.50 .84
Feb
4312
Dec
30
4034
2414
Apr
25
Feb
20
50
Min_
&
Smelt,
Refln
S
32,427
U
40
3814 38
4034
3913 3912 50
3714 37
3512 35
35
4874 Feb
4013 Apr
50 38 Jan 15 4712 Apr 30
4634 4712 1,611 Do pref
4634 4613 47
4634 4614 4614 46
46
46
46
238 Feb
114 Nov
Apr 26
4
2
33
Jan
2
Mining
Utah-Apex
3,650
313
8
33
23
3
3
312
8
3
3
314
312
314
314 334
313 3523
14 Feb
834 Jan
914 Feb 26 15 Apr 20
1312 1334 4,980 Utah Consolidated
1313 14
1334 14
1414 1312 14
14
1314 14
59 June
4518 Nov
10 4884 Jan 6 73 Apr 26
6934 7134 7012 7113 7012 7134 6834 7012 4,002 Utah Copper Co
6934 7158 7178 73
412 Apr 22
1 Mar a% May
26
Feb
1
25
Victoria
1
1,770
312
4
3
4
312
314
353 378
314 312
3 4 312
474 Feb
178 Dec
434 Apr 30
134 Jan 18
25
312 4
414 434 4,310 W
4
412
312 4
418 412
4
4
4734 Feb
80 Dee
25 32 Jan 6 70 Apr 26
6918 65
65
6812 6412 6834 6334 6512 2,077 Wolverine
6812 70
67
68
114 Jan
June
23
.30
Apr
214
3
Mar
50
25
Wyandott
2,955
2
2
2
2
134 2
134 178
2
2
243 214
2d paid. to Half paid.
Unstamped.
•Bid and asked prices. e Assessment paid. b Ex-stock dividend. h Ex-r ghts. a Ex-dividend and rights. s
5412 56
93
93
*253 3
1712 1713
113 113
11413 115
12134 12212
*29
31
8912 90
67
67
10012
623 612
1514 1512
1113 1113
245 246
15278 153
•100 _
842
84
.87
*185 --*12 •1013 13
*3713 40
20
25
128 128
15812 159
1634 1634
10878 100
31
31
*27
2812
1498
THE CHRONICLE
Outside Exchanges-Record Transactions
Boston Bond Record.-Complete record of transactions
in bonds at Boston Stock Exchange Apr. 24 to Apr. 30, incl.
Week's
Salesfor
Friday
Range.
Wee/c.
Sales. Low. High. Shares.
Bonds.
Am Agile Chem 5s_ _ ..1924
9235 9214
Amer Tel & Tel 4s_ _ A929 89% 89% 89%
20-year cony 4%s..1933
101 101%
At1G&WISSL 53_1959 69% 66
71
Chic & No Mich 1st 5s '31
44
44
Cumberland Tel & T 5s '37
96% 96%
Gt Nor-C B dr Q 48_1921 96% 96% 96%
Kan City Ft S & Mem4s_ _ I 713
4 71% 71%
Mass Gas 4%8
1931
92
92
N Eng Cot Yarn 5s. _1929 72
70
72
N England Teleph 5s_1932 101% 101% 101%
Pond Creek Coal 6s_ _1923 97
97
98%
Ray Cons Copper 6.9_1921
130 130
West End St fly 4s_ _1915
100 100
Western Tel & Tel 58_1932
96% 9634
Range since Jan. 1.
Low.
$2,000 91 April
11,000 86% Jan
7,700 95% Jan
Jan
95,800 60
1,000 44 April
1,000 95% Jan
13,000 95
Jan
5,000 71% Apr
2,000 91% April
7,000 70 April
9,000 9934 Jan
5,000 95
Jan
1,000 106% Feb
2,000 99% Feb
3,000 94% Mar
High.
9234 April
89% April
103 April
71 April
47
Feb
Jan
97
96% Jan
71% Apr
94
Jan
76
Jan
101% Feb
98% April
130 April
100 April
Jan
97
Chicago Stock Exchange.-Complete record of transac
tions at Chicago Stock Exchange from Apr. 24 to Apr. 30
both incl., compiled from the official sales lists, is as follows
Stocks. '
Salesfor
Week's
Friday
Range.
Week.
Par. Sales. Low. High. Shares.
American Can
100
American Radiator_ _.100
Preferred
100
Amer Shipbuilding_ _ _ _100
Preferred
100
Baldwin Loco Works_ _100
Booth Fisheries, com_ _100
Preferred
100
Cal & Chic Canal & D _ 100
Chic City & C Ry pt sh com
Preferred
Chic Pneumatic Tool_ _100
Chic Rys part etf "1"
Chic Rys part etf "2"
Chic Rys part ctt "3"
Chic Rys part ctf "4"
Chicago Title & Trust-100
Commonwealth-Edison 100
Diamond Match
100
Goodrich (13 F) corn.. _100
Illinois Brick
100
Kansas City fly & Lt_ _100
Preferred
100
Lindsay Light
Maxwell Motors, lat pref__
National Carbon
100
Preferred
100
People's Gas Lt & Coke 100
Pub Ser of No Ill, com_100
Preferred
100
Quaker Oats Co
100
Preferred.
100
Sears-Roebuck com_ _ _100
Preferred
100
Stew Warn Speed corn _100
Preferred
100
Streets W Stable Car I...100
Swift & Co
100
Union Carbide Co
100
U S Steel common
100
Ward, Montg & Co, prat__
BondsArmour & Co 414s._ _1939
Chicago City Ry 58_ _ _1927
Chicago Rys 58
1927
Chic Rys 54 series"A"_ _
Chic Rys 45 series "B"__
Commonw-Edison 58_1943
Dia Match con deb 68_1920
Ogden Gas 58
1945
Peo GasI.& C ref g 58_1947
Pub Ser Co lst ref g 55 1956
South Side Elev 4%8_1924
Swift & Co 1st g 5s-- _1944
Weatern Elec Co 5s_ _ _1922
38% 41
375 380
135 135
34
34%
71
70% 71
55
55
55
39
40
78% 7914
50
50%
7
7
30
31
59
57
59%
87% 8734 88
24% 24% 25
4% 4%
1% 1%
209% 209%.209%
135% 135% 136%
95% 95
9534
50
50%
65% 65
65%
24% 23
24%
41
41
4% 4%
84% 84% 84%
138
135 138%
120 120%
121
119% 121%
84
84
96% 96%
260 265
105% 105%
138
137% 139%
124 124%
70% 68% x71%
x103 103
2
2
109% 109 109%
162% 158% 164
58% 58%
112
111% 112
Range since Jan. 1.
Low.
535 26%
29 373
40 x130%
52 26
60 67%
100 51
20 30
114 esg
117 50
6
5
250 20
1,487 45%
167 87%
565 2310
4
68
1
55 205
283 135%
318 90
50 24%
292 60
119 2034
46 41
25
3%
65 60
35 119%
45 118%
828 116%
4 75
42 95
57 230
11 103
662 a131%
300 121
4,649 48%
10 x103
38
2
442 104%
2,105 144%
100 38%
199 110%
Jan
Apr
Feb
Apr
Apr
Apr
Feb
Mar
Apr
Mar
Feb
Feb
Apr
Apr
Apr
Feb
Jan
Apr
Mar
Jan
Feb
Feb
Apr
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Apr
Apr
Jan
Jan
Feb
Jan
High.
41
390
135
34%
71
55
41
80
50%
8
32
5934
93
31%
5%
3
213
140%
98
51%
65%
30
52
4%
84%
140%
124
123%
87
100
265
106
215
126
x7114
103
2%
110%
165
60
114
[VoL. 100.
Sales/Or
Week's
Range.
Friday
Week.
Sales. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Par.
Tono-Belmont Devel _ _ _ _1
41%
17,648
3% Feb
434 5
53-4 Mar
Tonopah Mining
734
1
714 7% 3,952
7% Jan
6'% Feb
Union Traction
50 3534 35% 3534
1,023 34
Mar 3934 Jan
United Cos of NJ
100
222% 22334
9 220
Mar 225
Feb
United Gas Impt
50 84% 84% 85
1,315 80% Jan 8734 Mar
United Rys Invest_ _ _ _100
19% 19%
25 13
Jan 19% April
U S Steel Corp
100 58% 56% 60% 32,770 38
Feb 60% April
Preferred
100
109 10934
50 103
Jan 109% AprIl
Warwick Iron & S
10
145
93.4. 9%
Jan
934 Feb
6
West Jersey & Sea Sh_ _50
4934 4914
Jan
13 48
Mar 50
Wm Cramp & Sons_ _ _ _ 100 30
20
30
854 1834 Jan 30 April
York Railways
50
25
8
Mar
7
8
834 April
ScripCambria Steel scrip_ _ _1916
97% 98
374 95
Feb 98% April
do
do
1917 97% 96
5,902 95
9736
Feb 9734 April
Philadel Co scrip
1916
431 90
96
96
Mar
Feb 97
do
do
1918
92% 93
879 80
Feb 93 April
Bond,- '
Amer Gas & Elee 58._2007
soi 86% $13,000 85
Jan 86% April
do small_ _2007
do
8534 86
1,500 85
Jan 86 April
Baldwin Locom 1st 53 1940 103% 102% 10334 3,000 100% Mar 103% April
Bethlehem Steel pm 68'98 11614 11634 116% 16,000 115% Jan 117
Jan
1st & refund 55
_1942
90
90
3,000 87% Feb 90 April
Elee & Peop tr etfs 48_1945
76
7634 19,000 76 April 79
Feb
do
do small_ _1945 81
79
81
900 79 April 82 April
Frank Tacony & H 55
72
72
500 65 April 73 April
Gen Asphalt 58 small_1916
100 100
500 100 April 100 API'll
Harwood Electric 6s_ _1942
97% 98
5,000 95 April 99
Feb
Inter-State Rys coil 4s 1943
59% 60
6,000 5714 Jan 60 April
Keystone Telep 1st 58 1935
94% 9534 4,000 90
Jan 9534 April
Lake Superior Corp 55 1924
30
31
8,000 30 April 45
Jan
Lehigh Coal Sr NavConsol 416s
9934 100
79,000 97% Jan 100 April
1954 100
Lehigh ValleyGen consol 45
89%
2003
2,000 87
89
Feb 8914 April
5 100
Gen consol 414s_ _ _ _2003 100
99%
17,000 97
Jan 100 April
Lehigh Val Coal 1st 58 1933 104% 104% 104%
5,000 103
Jan 10434 Jan
Leh Val Trans 1st 5s..1935
102% 102% 9,000 102
Jan 102% April
Market St El 1st 48_..1955
9234 92% 5,000 92 April 9314 Jan
Pennsylvania RRConsol 48
1948 98
5,000 9734 Jan 98% Feb
98
98
Convertible 3145_ _ _1915
Feb
3,500 9934 Jan 100
100 100
Temporary ars 4348_ -- 104
Feb
104 104% 177,000 103% Feb 105
Philadel Co 1st 58_ _ _ _1949
Mar 100 April
22,000 95
98 100
Cons dr cola tr 5s_ _ _1951 82
Mar 8214 And!
81
82% 22,000 70
Phila Elea tr cas 58.._ _1948
101% 101% 26,000 100% Jan 102% Jan
do
do small_ _1948 101% 10134 101%
Jan 1023-4 Jan
400 101
Trust ctfs 4s
1950
799-4 79% 8,000 7734 Jan 80 Atoll
do
do small_ _1950
80
80
700 79
Jan 80% Jan
Reading gen 48
1Q97 94% 94% 95
Feb
16,000 9134 Feb 95
Spanish-Am Iron 6s..1927
101 101
5,000 100% Jan 10114 Mar
Standard G & E 13.9_ _ _1926
92% 9234
1,000 88% April 92% Anril
Unite I Rye g tr Ws4s 1949
7434 7434
1,000 73
Jan 7434 April
United Rys Invest 58_1926 69
6611 69
54,000 55
Mar 69 April
Welsbach Co 5s
91% 91%
1930
1,000 89
Jan 9134 Mar
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Mar
Apr
Jan
Apr
Apr
Feb
z Ex-divIdend.
Feb
Apr
Pittsburgh Stock Exchange.-The complete record of
Apr
Apr transactions at the Pittsburgh Stock Exchange from April 24
Jan to April 30, both inclusive, compiled from
the official sales
Apr
Apr lists, is given below. Prices for stocks are all dollars per
Mar share, not per cent. For bonds the quotations are
per cent
Apr
Apr of par value.
Jan
Mar
Apr
Salesibi
Week's
Range since Jan. 1.
Apr
Range.
Week.
Friday
Apr
Low. High. Shares.
Low.
Sales.
High.
Mar
Jan
StocksPar.
Apr American Sewer Pipe_ _100 20% 20
"Sc 1734 Jan 24 April
21
Mar Amer Window Glass, p1100 114
114 114
25 108% Mar 123
Jan
Citizens' Traction
50
Mar 52
40 48
51% 51%
Jan
9234 9234 53,000 91
Jan 92% Feb Columbia GAS& Elea __IN)
2,380
10%
8%
Jan
12%
10%
Feb
11%
98% 98% 10,000 9734 Mar 99
Feb Consoldat ed Ice
50
Mar
40
5
6
Mar
6
6
9534 95% 12,000 94% Mar 97
Feb Crucible Steel
100 20
17
20% 11,495 12% Feb 23 April
90
90
90
5,000 89% Jan 90
Feb
Preferred
892
75
Jan
100
84%
83%
AprIl
85%
87%
75% 7534 .7,000 74
Feb 77% Mar Elk Natural Gas
490 102% April 109% April
109
10634 109%
100% 100% 100% 6,000 100
Jan 102
Jan Independent Brewing_ _50
2% Feb
295
4% 4%
6 April
102 102
33,100 101% Feb 102
Jan
Preferred
20
50
20
175 15% Mar 2234 Jan
20%
95
95
95
5,000 92
Jan 9434 Mar
31
31
100 27
Jan 31
31
Apr
100% 100% 100% 18,000 99% Jan 101% Mar La Belle Iron Works
Lone Star Gas
100
10834
50 91
Mar 108% April
91
91
1,000 87% Jan 91
Apr Manufacturers'Lt & 111_50 47% • 4734 108%
437 4734 April 49% Jan
48
88% 8834 88% 31,000 88
Jan 90
Apr
National
Fireproofing.
_50
514
533
4% Feb
400
5%
6% April
96
96
24,500 94% Jan 96% Feb
Preferred
17% 20%
50 1714
720 16
Feb 22% Jan
100% 100% 5.000 10034 Apr 10114 Jan Ohio
Fuel 011
13% 13%
1
65 13% Mar
Ohio
Fuel Supply
25 4134 40
4136
378 39% April 4
13
5% F
ja
en
b
a Ex 50% stock dividend. z Ex dividend.
Oklahoma Natural Gas 100
61
61%
80 57
Feb 62
Mar
Osage dr Oklahoma Co_100
68
68
10 6734 Feb 70
Feb
Philadelphia Stock Exchange.-Record of transac- Pittsburgh
Brewing_ _ _ _50
6
7%
665
63-4
3
Feb
April
Preferred
2034 21
50
210 15
Feb
tions at the Philadelphia Stock Exchange from April 24 to Pittsburgh
3,4 Jan
(
Coal
1,190 16% Jan 24% April
100 2334 23% 2434
April 30, both inclusive, compiled from the official sales lists. Pittsburgh Oil
dr Gas_ _100
6
140
6%
6
5% Mar
7% Jan
Pittsburgh Plate Glass _100
104 105
40 104 April mg Feb
Pittsburgh Sliver Peak_ 1
15ets. 15cts.
100 lOcts. Jan
15cts. Apr
Week's
Salesfor
Range since Jan. 1
1
Pitts. Stk. Ex. membership
2450 2450
Friday
Range.
Week.
2,100
14
Pure Oil,common
Feb 15% Mar
14% 15
15
Sales. Low. High. Shares.
Low.
High.
Sets. bets. 5,700 Sets. April 14cts. Jan
San Toy Mining
1
Union Natural Gas_ _ _ -100 131
170 131
Jan 133
131 131
Mar
StocksPar.
1,086 92% April 107 April
Union Switch & Signal...50 106% 105% 107
American Gas of N J_ _100
10334 103%
27 100
Jan 104
Feb Westinghouse Air Brake 50 133% 131 135
1,676 11634 Mar 135 AprIl
American Railways_ _ _50 3214 3214 3214
15 30
Mar 36
Jan Westinghouse El & Mfg_50 52% 42
53% 15,786 32% Feb 53% April
Preferred
100
100 100%
05 100
Feb 101
Jan
269 58
Feb 62% April
Preferred
50 6214 62% 62%
Baldwin Locomotive_ _100 58
52% 58
5,420 30
Feb 58 April Westinghouse Machine_50
60 11% Jan
1435 15
15 April
Preferred
100
101% 102
54 90
Mar 103% Jan
BondsCambria Iron
50 44
43
44
17 41% Mar 44 AprIl Columbia Gas& El 58_1927
Mar 71% Mar
71% 71% 31,000 71
Cambria Steel
' 50 z53
49% 5034 3,243 41
Feb 50% April Philadephla Co 54
2,000
99% Apr 99% Apr
9914 99% 99%
Elee Storage Battery_ _100 53
53
52
527 47% Jan 54 April Pitts Brewing 6s
59% 7,000 50% April 65
59
1949
Jan
General Asphalt
100
27
2734
306 24
Mar 32
5,500 90
Jan Pittsburgh Coal deb 581931 95% 9514 97
Jan 97 April
Preferred
100
67
67
305 60
Mar 69 April
Insurance Co of N A._ _ _10 21% 21
21%
175 21
Jan 22
Jan
Keystone Telephone_ _50 1534 14% 16
3,797 13% Jan
Baltimore Stock Exchange.-Complete record of the
16 And'
Preferred
50 68% 6634 6
48 61
Jan 69 April transactions at the Baltimore Stock Exchange
from April 24
Voting trust ctfs
50
15% 15%
200 13% Jan
15% April
Lake Superior Corp_..100
6% 7% 6,135
5 AprIl 10% April to April 30, both inclusive.
Lehigh Navigation
50 z74% x74% 76
922 7314 April 77 April
Lehigh valley
50 72
72
72%
125 65
Jan 73 April
Week's
Sales/or
Range since Jan. 1.
Lehigh Vail Transit_ _ _ _50 15%
15
1,114 13% Jan
15%
16% Mar
Range.
Friday
Week.
Preferred
50 x30,34 x30% 31%
285 2634 Mar 31% April
Low. High. Shares.
Sales.
Lit Brothers
Low.
High.
10 19%
100 19% Feb 19% Feb
19% 19%
Little Schuylkill
50
53% 53%
42 53
Jan 54% Jan
Stocks.
Par
Minehill & S H
50
56% 56%
6 55
Jan 56% April Consol Gas E L dr Pow_100 106% 10614 106%
133 102% Jan 107% Jan
Northern Central
50
84% 8434
19 84 April 86
Feb
Preferred
113 11334
100
58 106%Jan 115
North Pennsylvania_ _ _ _50 91
Mar
90% 91
3 90
Feb 9234 Feb Consolidation Coal_ _ _ _100 9334 9314 93%
10 92 ' Jan 9514 Jan
Penn Salt Mfg
50 91
91
172 80
94
Mar 94 April
6
dr Co
6% 3,460
63',
5
Jan
638 Apr
Pennsylvania
50 54% 54% 55%
1,484 51% Feb 55% April Cosden
Preferred
514
6%
6% 634
10
Mar
6% Apr
Penn Traffic
134
1%
79
1% Apr
1% Apr Elkhorn Fuel
19
19
160
10 17
Apr 203.4 Apr
Pennsyl Steel, pref. _ _100
58% 59%
54 50
Mar 63
Jan Fairmont Gas
29
26
50 29
172 23% Apr 29
Philadelphia Co (Pitts).50
Apr
38
38
478 29% Mar 40 April
Preferred
45
43
50 45
275 42
Apr 46
Pref (cum 6%)
Feb
50
40
112 32
40
Mar 40%
Houston Oil trust ctfs_ _100 15%
15
15% 3,995 10
Mar 1634 Apr
Philadelphia Electric_2234 24% 24% 24% 2,129 23% Jan 24% April
Feb
Preferred trust Ws_ _100 6034 60% 61
949 54
Jan 61
Phila Rap Transit
Apr
50
9% 10%
94
9% AprIl 1134 Mar Northern Central
50
84% 85
128 83
Jan 8514 Jan
Voting trust recta_ _50
2,154
9% 10
934 April 10% Mar Pennsylv Wat & Pow_ _100 8434 68
68
68
65
Feb
68% Apr
Iniladelphia Traction_ _50 7734 7734 78
127 76
Mar 79% Jan United Ry & Elec
24%
50
24%
24%
1,067
24
Feb 27
Reading
Mar
50
z75% 77
335 70% Feb 7834 April Wash B dr Annan pref_
_50
3134 3134
15 31% Jan 32
Reading Traction
Apr
50 28
28
28
28
Apr 28
Apr Wftvtand Oil & Gas
5
3
334
630
2% Apr
4% Jan
375
Range since Jan. 1.
Salesfor
Week's
Week.
Range.
Friday
Sales. Low. High. Shares.
BondsBalt Electric stpd 5s__1947
Central Ry cons 5s___1932
1932
Extension Es
Charles& W Car Ist5s_ 1946
Chicago Ry 1st 5s_ ___1927
City & Sub'n 1st 5s_ __1922
Consol Gas gen 4%8_1954
ConsGasEL&P4%s.1935
Notes
Notes, small
Consol Coal ref 58-.1950
1923
Convertible 6s
Small 6s
C &P Tel of Va 5s, small
Davison Chemical 6s_1932
Small 6s
1918 95%
Elkhorn Fuel 5s
Fair & Clarks Trac 5s_1938
G & A Terminal 5s
Ga Car & Nor 1st 5s__1929 102%
Houst Oil div ctts_1923-25
Jamison C&C-GC5s_1930 83
Macon Dub & Say 5s_1947 93
Md Electric Ry 1st 58_1931 97%
Maryland Steel 5s
MinnSt&StPCJoInt5s1928
Mt V-Wood C Duck ct dep 37)i
1955
N 0 Gt North 5s
N 0 Mobile Sr C 1st 581960
Small 5s
Nod & Ports Trac 58_1936 82%
Portland Ry ref 5s_ _ A930 97%
Seaboard & Roan 5s1926 102%
United Ry & E 4s......1949 81%
Income 4s
1949 61%
Funding 5s, small 1936 83%
Notes, 5$, small.....1916
Vs Mid 3d ser 6s____1916 101%
1941
Wash B & A 5s
Wash Ae Vandpmere. 444s_ _
98% 99
104 104
104 104
102 102
95% 953
%
102% 102%
93% 93%
88% 88%
100 100
99% 100
88% 88%
100% 100%
101 101
95
95
98% 98%
98% 98%
95% 95%
100 100
101 101
102% 102%
77
76
83
83
93
93
97% 98
94% 94%
101% 101%
35% 37%
52% 52%
41% 41%
41% 41%
81% 82%
97% 97%
102% 102%
81% 81%
61%
61
83% 84
100 100
101% 101%
80%
80
92
92
$2,000
3,000
1,000
1,000
3,000
4,000
3,000
13,000
22,200
1,460
1,000
5,500
500
200
1,000
500
6,000
1,000
1,000
3,000
5,000
2,000
3,000
5,000
2,000
1,000
120,000
5,000
35,000
200
10,000
2,000
1,000
25,000
64,000
2,200
400
2,200
4,000
5,000
High.
Low.
96%
104
103%
101%
94%
101%
93
87
98%
98%
86%
99%
100
94
97
98
92%
98%
101
101
72%
81%
93
96%
94%
100%
35
52%
33
41%
81
97%
101%
81
59%
8334
99%
101%
79%
91%
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Apr
Mar
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Apr
Feb
Apr
Mar
Apr
Mar
Apr
Jan
Mar
Apr
Mar
99% Feb
Apr
104
104% Feb
Mar
102
Jan
97
103% Feb
Jan
94
Apr
89
100
Alm
Apr
100
Jan
91
100% Feb
Feb
101
Apr
95
Mar
99
98% Apr
05% Mar
Jan
100
Apr
101
102% Apr
Apr
77
Jan
86
Apr
93
98% Jan
95% Apr
Jan
102
Feb
40
52% Apr
41% Apr
41% Apr
84%1 Jan
3
Jan
99%
102% Apr
Jan
82
Jan
63
87% Jan
Feb
100
101% Mar
81% Feb
Apr
92
CURRENT NOTICE.
-Redmond & Co., 33 Pine St., New York, are offering by advertisement
on another page an attractive list of legal investments for savings banks and
trust funds, yielding from 4.15% to 4.80%. They will be pleased to give
prices and detailed description upon request.
-N. W.IIalsey & Co.,49 Wall Street, N. Y., are distributing among investors a pamphlet listing Government, State, municipal and railroad
bonds, which are considered legal investments in the States of New York,
Massachusetts, Connecticut and Vermont.
-Kissel, Kinnicutt & Co. and Colgate,Parker & Co.are offering at the
market price, to net about 5%, a limited amount of Liggett & Myers Tobacco Co. and P. Lorillard & Co. gold bonds, due Aug. 11951.
-Louis Lubin & Co., accountants and auditors, announce that they
have removed their office to 80 Wall Street. Room 416.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
April 30 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Par Value.
Shares.
Railroad,
dec.,
Bonds.
State, Mun.
U.S.
ForelYn
Bonds.
Bonds.
$2,639,500
4,351,000
6,609,000
9,665,000
6,293,500
5,832,000
$20,600
146,000
101,000
44,500
84,000
51,000
4,725,93e $383,919,355 $35,390,000
$416,500
443,400 $34,113,350
775,129 60,779,225
686,287 54,655,450
888,782 72,873,100
955,042 81,625,950
977,290 79,872,280
Week ending April 30.
1915.
1914.
$1,000
6,000
Jan. 1 to April 30.
1914.
1915.
$35,843,500 $10,390,000
$277,480,000
$274,525,500
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales,
81,404
116,109
81,745
92,177
112,094
88,790
$24,090
12,000
8,000
17,100
51,600
52,800
18,002
19,520
18,784
18,177
23,699
21,788
$103,900
127,564
88,320
82,019
135,319
50,382
1,821
2,807
1,285
1,758
2,348
1,313
$25,400
58,600
72,700
1'17,700
55,700
88,100
552,319
$185,500
117,970
$593,484
11,310
$426.200
Inactive and Unlisted Securities
All bond prices are "and interest" except where marked "f"
Standard 011 Stocks-Pe'Share
Par Bid. Ask
*1814 1812
Anglo-Amer Oil new
100 577 582
Atlantic Refining
100 270 280
Borne-Scrymser Co
Buckeye Pipe Line Co_ 50 *106 108
Chesebrougb Mfg Cons 100 730 750
100 145 155
Colonial 011
100 233 238
Continental 011
Crescent Pipe Line Co..._ 50 *39 42
Cumberland Pipe Line.__100 47 51
Eureka Pipe Line Co..,.10 225 230
Galena-Signal 011 corn...100 137 141
100 158 100
Preferred
133 135
Illinois Pipe Line
Indiana Pipe Line Co____ 50 100 102
Internet Petroleum
*934 10
25 *33 34
National Transit Co
100 210 213
New York Transit Co
Northern Pipe Line Co 10095 98
25*143 145
Ohio 011 Co
25 *1234 1314
Pierce Oft (new)
Tobacco Stocks-Per She re
Par Bid Ask.
American Cigar common_100 114 118
99 101
1
Preferred
Amer Machine & Fdry 100 74 78
1712
British-Amer Tobac ord. El 017
El *18 19
Ordinary. bearer
310 325
1
Conley Foil
Johnson Tin Foil & Met_100 130 160
hfacAndrews & Forbes _100 195 205
Porto Rican-Amer Tob 100 195 205
Reynolds(R J) Tobacco..100 315 325
118 120
Preferred
Tobacco Products corn...100 56 58
Preferred-See Stock Ex. list.
United Cigar Stares com_100 103 108
100 110 120
Preferred
United Cigar Stores(new) 1 *In 1012
lii 160 170
Young (.1 8) Co
Bid. Ask.
;
.
Eiec, Gas 8. Power Cop
6 *9012 92
Am Gas &Elec corn
6 *47 49
Preferred
Am Lt & Trac common 100 332 334
Preferred100z107 109
100 61 63
Amer Power & Lt com
100 81 82
Preferred
Amer Public Utilities com100 29 33
100 65 70
Preferred
51 53
1
Cities Service Co com
60 62
10
Preferred
12
100 11
Columbia Gas de Elec
1st 55, 1927
73
71
"
(Minn)
Power
Consumers
90 91
1st de ref 5s 1929 _M&
Rim Bond & Share pref.._100 9812100
Great West Pow 55 1946 J&J 7912 81
1I I 39
Indiana Lighting Co
F-A 69 71
45, 1958 optional
nStatesPowercoml• i 29 30
Northern
Short Term Notes-Per Cent.
100 84 85
Preferred
100 50 51
0 2 Pap
0012
flfceG
cire
as &Et com
rred
Amer Lccomotive 5s,'15..J-J 10012 10
J-J 100
58, July 1916
5
96
4 7
74
99 z9
100
J-J 100 10
112 Sop
00
5s, July 1917
alif Edison eom_1
rred
feC
b
re
ut
8912 01,2
1
Am Tob 6% scrip, Sep 1 '15.. 1004
712
*7
Am T & T Sub Cos 55, 1916_ 10052 10078 Standard Gas & El (Del). 5
6 *23 24
Anaconda Copper 55'17_111- 100 10014
Preferred
09
2 Unliste
0;4
Balt & Ohio 444 , 1915_ _J-D 100 19
dredElec Corp_100 20 21
feirr
Ga
t d,re
2
23
1 6
20
00 6
100
9914
4%s 1917
9834 99
4445 1918
20 preferred
17 18
BethSteel5s,J'nel 1'15 J-D 11 10012 1003s Utah Securities Corp_ __ _1
: 6% notes-See Short-Term Notes
2:
60
Ches & Ohio 55 1919 ___J-D 9134 10
efrenrrP
eerte
Wp
edower common..10( 14 16
Chic Elev Ry 58, 1916-J-J 96
19712
59 61
Chic & W Ind 5s, 1915__M-S 10914 10012
Consum Pow 6s, 1917.M&N 9712 99
Industrial
Erie RR Es, Oct 1 1915-A-0 10032
99 9914
and Miscellaneous
5s Apri 11 1916
5%s, April 1 1017-___A-0 0872 9914 Adams Exp col tr ii4e'47J-D 170i: 71
100 75 85
General Rubber 4%s,'15.J-J 10012 1003s Alliance Realty
101 10114 Amer Bank Note com____50 *32 35
Hocking Valley 6s,'15.M50 .48 50
Int Harv 5s, Feb15 '18_F-A 0032 9934
Preferred
100 165
Lake Sh & M Sio,5s Sept 1915 10012 10034 American Book
iid"
10034 101
American Brass
5s Dec 1915
1 163
55
American Chicle com
100 16
Minn Gen El 6s, 1917_J&D 100 101
91 93
10
Preferred
New Eng Nay 613, 1917-M-N 97 9712
67 69
AmPreGferarredh°phone corn...1
NYC&HRiv100as 1007s
55, Sept 15 1915
2
19
19
19
58,. Oct 1 1915
„
A-0 10058 10078 American Hardware..
NY N II & 55.May 11918 9934 100 Amer Malting 85 1914
.I-D 961 99
Pac G E 5s, Dec 151915.... 10014 1003s
Ext to 1917
Pub Ser Corp N J 5s,'16 WS 10018 10038 American Surety120 140
eferyred
pefounders com_1(11 37 39
s AmperrT
Schwarz dr Sulzb 6s,'18..J-D 99% 110909118
88 92
1
Senboard A L 50, 1916 M-9 99%
1
100
112
Southern Ry 5s. 1916 F-A 99% 10014 Amer Writing Paper
300
295
50
Bliss
corn
Co
9914
W)
4
(E
983
2
Mar
1917
5s,
0
50
19
5 2
40
18
50 2
100
Preferred
SulzdeSonsCo 65,rnel'18M-S 9934 100
UnTypew 55,JanI5 '18 J-J15 961 9812 Bond de Mtge Guar
1011
2
9
9
10
110
com_100
11112
p
Boriket
Milk
rCond
s
red
e
'
n
United Fruit8e,Mayl'17M-N
102 126,i 107
Gold notes Os 1918....M-N 98%
838
8
A-0 981 100 Braden Copper Mines
Utah Co 61, 1917
100 67 69
UtahSecurCorp 6s,'22M-S15 831 8412 Burns Bros, corn
100 101 10212
Preferred
Casualty Co of America-100 100
New York City Notesiig"
Celluloid Co
1007.3 10118 City Inv
100 15 20
Investing Co
65, Sept 1 1915
10258 102%
Preferred
6s, Sent 1 1918
00 61 61
199
10438 104% Consol Car Heating
Os, 9ept 1 1917
141218 138
_ 10 .
Pere,. Basis Davis-Daly Copper Co 100
edrteredr(E.. I) de Nemours
ofn
Pew
Act. duppro
RR. Equipmen tsBid. Ask.
100 394 398
5
19
00 8
Baltimore & Ohio 444s
9209
4.50 4.40 Emerson-Brantingham 1
Buff Koch & Pittsburgh 4%
4.50 4.40
Preferred
Equipment 45
1%
5.1 4.90 Goldfield Consol 1%
112 55
45
0'
99
_1
1
Caro Clinchf & Ohio Os
112 3
4.90 4.70 Havana Tobacco Clion_es
Central of Georgia Os
5 10
4.90 4.70
1
Preferred
Equipment 4445
_
8
1st g Os June 1 1922._i-nI /54
Chicago & Alton 45
812 --71;
Intercontlnenel Rub corn 1
Chicago & Eastern Illinois Os -- 6
.. 8 Internet Banking Co.....10 99 105
Equipment 434s
144 145
5.05
5 Inte
70
4.75 4.5
ional Nickel-- _ -1
ertred
prrenfa
Chic Ind &
10i 10512 107
Chic St L & N 05s
21 24
4.45 4.30 International Salt
10
Chicago & N W 444s
A-0 /63 664
6.00
let g 55 1951
Chicago R I de Pac 4445_
4.70 International Sliver pref.].
110 115
Colorado de Southern Ss-.
.J-7 106 108
4.95 4.80
1st 89 1948
Erie Os
4.95 4.80
Deb 6s 1933
Equipment 4445
9
3712
712 19
35
4 91 4.80 Kelly Springfield Tire...100
4, 19
Equipment 4s
4.85 4.60
1st preferred
Hocking Valley 4s
0
5
45
5 111472 19
W
100
4.85 4.60
20 preferred
Equip 5s
4.60 4.40 Kerr Lake Mining
Illinois Central Os
1001 64 70
4.55 4.45 Lanston Monotype
440
5,
58
*Is
Kanawha & Michigan 440... 5.00 4.75 La Rose Consol Mines
100 185 190
4.55 4.35 Lawyers' Mtge Co
Louisville & Nashville
Minn St PdeSSM 4%s..... 4.75 4.55 Lehigh Val Coal Sares_.....501 165 175
*7s Ws
20
/Almond Kansas & Texas 55. 5.70 5.20 Manhattan Transit
8.50 5.35 Marconi Wireless of Am.....5 *23s 234
Missouri Pacific Os
4.95 4.75 Mortgage Bond Co
100 110 115
Mobile & Ohio 58
4.95 4.75 National Surety
100, 167 172
Equipment 4 gs
712
37
53 15
4.90, 4.75 N Y Mtge de Security
01 130
00
10
New York Central Lines 55.
4.90
Y
N
Title
Ins
5.001
Co
Equipment 444s
5 *6
614
N Y Ontario & West 4%5_ 4.80 4 60 NIpissing Mines
es
*14
10
4.40 4.30 Ohio Copper Co
Norfolk & Western 4
100 71 73
4.40 4.30 Otis Elevator corn
Equipment 41
312
112 95
95
00 .
15
Preferred
4.35 4.20
Pennsylvania RR 4%5
4.35 4.20 Pittsburgh Brewing
Equipment 45
50 51912
Preferred
6
Pere Mamuette 5.1
100
Producers Oil
6
Equipment 414s
St Louts Iron Mt & Sou 58_. 5.30 4.90 Realty Assoc (Pklyn).._ 100 100 104
8
Remington Typewriter- I
St Louis & San Francisco 51
0 m
10
0i 6
00
10
4.75
--15"
Com on
4
Seaboard Air Line 55
1st preferred
4.95 4.75
Equipment 4441
100 35 45
2d preferred
4.50 4.40
Southern Pacific Co 4%s__
4.80 4.130 Riker & Ilege'n (Corp for stk) *734 8
Southern Railway 444s
150 160
ak Powd corn...
rred
5.06 4.75 RopyraeiB
Toledo & Ohio Central 45_
Preferred
1001 10114 102
100 103 106
Safety Car Heat & Lt
Railroads0
65
5 23
50
Singer Mfg Co
22
36 Standard Coupler corn_ _ 1100
West Pao 1st 58, 1933___M-S 135
Preferred
100 100 __,...
5 *3 34
Sterling Gum
Street RailwaysPar Bid. Ask. Stewart-Warner Speedo'r 100 6934 70
100 1011210312
Preferred
Com'w'Ith Pow Ry & L__100 55 57
1'I 83 84 Sulzberger de Sons prof..100 91 93
Preferred
534 6
Federal Lieht & Traction 100 16 19 Texas Company "rights" __
Preferred
100 60 65 Texas & Pacific Coal_ ......10 175
2012 2112 Tonopah Extension Min___ 1 *35$ 33.1
10
Republic Ry & Light
*3!ft, 35$
Preferred
100 68 70 United Profit Sharing
100 190 210
81, 9 U S Casualty
Tennessee Ry L & P com.100
100 135 145
corn
Preferred
100 34 38 U S Envelope co
100 103 105
Preferred
United Lt & Rya corn...lI i 48 51
7 12
100
71 73 U ii Finishing
1
1st preferred
100 30 35
Preferred
2d preferred
100 70 73
J-J 90 ---let g 55 1919
9012
1
Wash Ry & El Co
J-J 68 75
Con g 5s 1929
86 87
1
Preferred
100 30 50
3-1) 8234 83 LT S Tit Gu & Indern
4s, 1951
Westchester de Bronx Title
West Penn Tr& Wat Pow 100 10 15
& Mtge Guar
165 180
100 20 25
Preferred
Willys Overland see Stock
99
Exchange List
Worthington (H R) Corn.
100 50 60
5 *27s 3
Gold
Yukon
PanY Pref
12
ao
$7,000
29,782,122
Stocks-No.shares_ __
4,725,930
2,178,019
38,344,897
Par value
$383,919.355 $191,432,400 $3,296,475,335 $2,621,666,949
$244,700
$7,100
$90,700
Bank shares, par
Bonds.
$7,000
$389,000
$31,000
$424,000
Government bonds_
446,500
566,000
24,063,500
7,157,500
State, mun,&c., bds
35,390,000
9,793,000
253,047,500
266,944,000
RR. and misc. bonds_
Week ending
April 30 1915.
1499
THE CHRONICLE
MAY 1 1915.]
Stand Oil Stks (Cond)-Per sh are
Ask.
Pa
Prairie Oil de Gas
10 295 298
138 140
Prairie Pipe Line
Solar Refining
10 237 242
Southern Pipe Line Co 100 215 218
South Penn 011
100 277 280
Southwest Pa Pipe Lines..10 112 115
Standard Oil (California) 10 299 301
Standard 011 (Indiana)_ _100z430 435
Standard Oil (Kansas)..1''360 365
Standard 011of Kentucky101 250 255
9tandard Oil of Nebraska100 320 330
Standard Oil of New Jer.1II 412 415
193 195
Standard 01101 New Y'rkl
430 435
1
Standard Oil of Obio
Swan & Finch
lii 120 125
82 84
Union Tank Line Co.....1
1''z215 220
Vacuum Oil
1 *35 38
Washington 011
Bonds.
Pierce Oil Corp cony Os 1924 79 81
Al
*Per share. a And accrued dividend.
s Sale price. z Ex-dividend. y Ex-rights.
b Basis. !Flat price. n Nom na.
1500
THE CHRONICLE
[Vol,. 100.
inaestuunt an Sailimatt Intelligente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
i
$
$
•
N 0 & Nor East_ March _--- 310,344 319,912 2,684,507 3,080.719
Ala & Vicksburg_ March ____ 122,639 144,940 1,152,175 1,436,905
Vicks Shrev & P_ March ____ 108,860 155,713 1,060.192 1,408,959
Ann Arbor
45,136
3d wk Apr
39,634 1,866,025 1,878,056
Atch Top & San Fe.. March.. _ __ 9,596,607 9,346,466 88,476,378 83,679.202
Atlanta Birm & Atl March__.... 245,089 304,538 2,030,920 2,697,578
Atlanta & West Pt_ March........ 102,476 109,276
895,940
998,526
Atlantic Coast Line February _ 2,681.611 3,235,247 20,332,310 23,894,671
Charlest & W Car February _ 131.513 157,415 1,166,605 1,408.061
Lou Hend & St L February.... 107,415 101,180
947,597
922,800
pBaltimore & Ohio.. March..__ 7,352.832 8.098,399 67,466,586 75,594,244
B &0 Oh Ter RR February.... 116,289 103,435 1,055.205 1,150,728
Bangor & Aroostook February - 341,951 248,868 2,381.740 2,346,833
Bessemer & L Erie.. March_.... 318,128 351,134 5,978,213 6,258,377
Birmingham South.. March ___
55,078
94,362
629,168
901.836
Boston & Maine
March- _ 3,760,264 3.784,380 34,946,536 36,173,179
Buff Roch & Pittsb- 3d wk Apr 163,971 153,124 7.661,637 9.116.880
Buffalo & Susq RR..
_ 108,859 152.583 1,107,040 1,374,964
Canadian Northern. 3d
wk Apr 321,000 366,200 14,400,500 18,898,300
March__Canadian Pacific
3d wk Apr 1,623,000 2,100,000 81,572,831 106665551
Central of Georgia_ March....__ 1,110.235 1,334,777 9,410,874 11,342,066
Cent of New Jersey February.... 2,048,224 2,219,819 21,177,023 22,362,450
Cent New England., February__ 288,723 247,272 2,515,051 2,488,347
Central Vermont February__ 272,568 248,503 2,532,188 2,708,340
Ches & Ohio Lines_ 3d wk Apr 832,404 739,508 30,988,861 30,152,927
Chicago & Alton_ _ 2d wk Apr 256,678 237,912 11,327,192 11,570,993
Chic Burl & Quincy February- 6,504,847 6,484,474 63,361,685 65,055,257
(Chicago & East Ill_ February__ 1,092,446 1,235,216 9,896,305 11,046,182
p Chic Great West.. 3d wk Apr 264,053 300,453 11,394,728 11,817,084
Chic Ind & Louisv_ 3d wk Apr 139,547 123.307 5,279,025 5.625,967
Chic Milw & St P_ I February _ 6,472,696 6,246,913 61,958,881 63,659,624
ChicMil & Pug S r
vChic & North West March---- 6,222,792 6,994,674 63,900.592 66,769.353
Chicago Peo & St L March ____ 130,015 151,408 1,249,897„
vChic St P M & Om March_ _ __ 1,500,461 1,533,971 14,097,688 14,312,992
Chic Terre H & S E February _ 169,608 182,021 1,531,468 1,508.954
Cin Ham & Dayton February.... 651,364 632,952 6,494,293 6,756.062
Colorado Midland_ February- 103,832 106,016 1,271,883 1,253.709
b Colorado & South 3d wk Apr 227.278 207,784 11,743,541 11,033,725
Cornwall
February-9,988
13,104
86,870
123.588
Cornwall& Lebanon March........
22,850
25,947
222,164
232,280
Cuba Railroad
March....__ 588,629 585,739 3,662,565 3,725,614
Delaware & Hudson February__ 1,435,522 1,437,758 14,941.806 15,688,145
Del Lack & Western March_
March...... 3,149,484 3,039,751 31,735,272 32,266,878
Deny & Rio Grande 3d wk 367,700 392,000 17,694,181 19,469,865
Western Pacific.... February__ 334,626 398,725 3,734,053 4,371,983
Denver & Salt Lake 3d wk Apr
22,200
18.845 1,348,116
948,329
Detroit Tol & Iront February.... 109,749
60,051 1,279,140 1,010,953
Detroit & Mackinac 3d wk Apr
21,199
24,559
877,396
983,497
Det & Tol Shore L.. February.._ 128,479 126,380 1,008,950 1,092,338
Dul & Iron Range.._ March ..-_ ..
98,778 128,266 3,029,245 5,156,788
Duluth So Sh & Atl 3d wk Apr
54,739
54,169 2,344,155 2,841,135
Elgin Joliet & East.. February - 594,926 751.082 5,403.049 7.824,341
El Paso & Sou West March........ 685,757 787,784 5,681,798 6,688,783
Erie
March........ 6,022,503 4,982,209 45,199,196 45,953,268
Florida East Coast. February - 598,498 627,737 3,220,626 3,220,946
Fonda Johns & Glov March ___
69,656
77.030
648,494
730,388
Georgia Railroad.... February__ 206,708 255,231 1,942,143 2,303.982
Grand Trunk Pac 1st wk Apr
74,321 .415,448 4,038,588 5,553,325
Grand Trunk Syst_ 3d wk Apr 869.772 993,502 40,004,911 44,214,580
Grand Trunk Ry. 1st wk Apr 822,443 851,160 30,901,744 34,909,028
Grand Trk West_ 1st wk Apr 141,003 143,125 5,553,642 5,515,747
Dot Gr H & Milw 1st wk Apr
44,850
47,049 1.991,796 1,942,082
Great North System March..___ 4,642,189 5,415,042 52,583,111 59,520,130
Gulf & Ship Island_ March.._.... 146,294 165,944 1,221,465 1,545,766
Hocking Valley....... February__ 362,569 372,149 4,303,129 5,109,878
Illinois Central_
March_ _ _ _ 5,103,745 5,928,408 47,736,098 51,044,698
Internat & Grt ICTor February__ 728,627 687.646 6,403,721 7,194,640
Kanawha & Mich February__ 200,256 192,483 1.987,105 2,159.983
Kansas City South- 812,326 978,667 7,625,730 8,170.448
Lehigh & New Eng.. March-February _ 135.426 125,830 1,660,166 1,266,947
Lehigh Valley
March........ 3,232,529 3,149,870 31,263,574 31,076,512
Louisiana & Arkan_ February__ 130,921 137,886 1,138,337 1,163,168
Louisiana Ry & Nav February.... 160,474 137.866 1,322,167 1,344,881
sLouisville & Nashv 3d wk Apr 949,140 1.084.39541,934,691 49,524,696
Macon & Birm'ham February....
8.040
13,087
95,721
107.190
Maine Central
March........ 974,216 1,052,429 8,576,632 8,928,875
Maryland & Penna. February _
32,981
31,492
345,782
354,756
Midland Valley......_ March ___
90,318 119,534 1,078,634 1,262.158
Mineral Range....... 3d wk Apr
17,862
12.352
656,159
354,263
Minn & St Louis__1 3d wk Apr 187,995 182,922 8,400,155 7,962,691
Iowa Central__ f
Minn St P & S S M_ 3d wk Apr 454,118 499,346 22,940,950 24,347,947
Mississippi Central_ February__
56.370
80,588
578,966
699,573
vs Mo Kan & Texas.. 3d wk Apr 575,909 551,175 27,295,081 26,687,796
z Missouri Pacific 3d wk Apr 1,030,000 1,058,000 47,772,070 49,289.788
Nashv Chatt & St L March_...... 923,237 1,092,925 8,284,652 9,728,912
Nevada-Calif-Oreg.. 3d wk Apr
6,200
6,636
302,130
300,145
New Or! Great Nor.. February.... 118,731 141,165 1.058,742 1,276,631
e-New York Central March ___ 12577 544 12756 108 113819 225 121715167
Boston & Albany March ___ 1,333,929 1,342,901 12,135,603 13,011,835
n Lake Erie & W,March ...... 472,821 503,562 4,270,718 4,373,629
Michigan Central March --- 2,763,909 2,890,207 24,964,218 26,487.191
Clev Of C & St LI
Peoria & East.._ March -__ 2,916,739 3,054,060 27,098,476 28,049,371
Cincinnati Nort March ___ 115,640 115,643 1,167,689 1,135,965
Pitts & Lake Erie March ___ 1,103,627 1,605,426 10,533,797 13,639,116
N Y Chic & St L.. March ___ 953,559 1,025,920 8,481,602 9,126,508
Tol & Ohio Cent.. March ___ 297,115 514,890 3,849,304 4,531,116
Tot all lines above March _ _ _ 19687611 19421061 183785747 198261177
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
N 0 Mobile & Chic_ February__ 13I,077 163,335 1,194,458 1,51)5,124
NY N H & Hartf__ February: 4,590.966 4,567,770 42,408,061 45,064,758
NY Ont & West-.... March_...... 629,020 679,467 6,748,898 6,912,868
NY Susq & West__ March........ 334,007 350,273 2,876,796 2,947,750
.... 358,711 360,809 2,910,029 3,151,181
Norfolk Southern__
March..- _ 2,934,664 3,030,010 27,414,833 29.948.811
Norfolk & Western.. February
Northern Pacific_ _ _ March._ __ 4,771,441 5,064,255 48,502,928 54,165,306
177.855 208,342 2,428,128 2,503.993
Northwestern Pac_ February__
Pacific Coast Co.. __ February.... 408,706 468.832 4,265,532 5.032.412
zPennsylvania RR__ March .. __ _ 14624857 16390049 136442611 149922637
Bait Chas & Atl_ _ March ____
78,448
72,822
946,501
946,499
Cumberland Vail. March __ __ 240,718 263,682 2,174,472 2,617,269
Long Island
March__ 931,456 891,600 9,782,050 9,497,000
Maryl'd Del & Va March .. __ _
60,979
64,664
721,461
733.137
NY Phila & Norf March ...._ _ 296,202 271,317 2,743,182 2,799,544
Phil Bait & Wash March-- 1,588,993 1,567,962 14,945,823 15,378,773
W Jersey & Seash March ____ 442,634 388,293 4,919,598 4,914,218
Pennsylvania Co_
March_...... 4,025,641 4,423,701 39,386,177 47,397,160
Grand Rap & Ind March__
442,486 453,359 4,055,316 4,240,930
Pitts C C & St L.. March........
-- 3,117,130 3,430,820 28,738,818 32,670,822
Vandalia
March...._.. 914,836 1,011,624 8,394,303 8,866,286
Total linesEast Pitts & Erie March____ 18501 614 20148557 176419694 192055695
West Pitts & Erie March.._.... 8,630,478 9.462,757 81663,462 94,387,106
All East & West.. March-....- 27132092 29611 314 258083158'286442805
Pere Marquette
February__ 1,326,870 1.135,677 12,085,670 11,510.585
Reading CoPhila & Reading. March...._.. 4,016,206 4,075,384 35,050,49238,109,547
Coal & Iron Co.._ March.. ___ 1,952,876 2,076,643 22,219,93923,474,774
Total both
_ March.. __ 5,969,082 6,152,027 57,270,43161,584,321
Rich Fred & Potom
cos_- February.... 230,343 241,466 1,797,763 1,857,594
February....
Rio Grande June_
56,498
726,243
728,092
59,125
Rio Grande South 3d wk Apr
10,136
10,903
533,037
446,729
Rock Island Lines.... February__ 5,377.289 4,749,323 49,321,296 46,854,454
February _ 225,039 234,604 2,313,706 2,544.875
- Rutland
95,140 113,109 1,048,283 1,107.121
St Jos & Grand Isl.. February__
St L Brownsv & M.. February__ 181,825 236,267 1,497.252 1.733,303
St L Iron Mt & Sou February__ 2,321,844 2,507,095 20,540,208 22,851,495
St L Rocky Mt & P March........ 224,314 200,271. ,
1,865,426
St Louis & San Fran February _ 3,292,604 3,273,353 29,212,063 31,251,593
St Louis Southwest.. 3d wk Apr 183,000 210,000 8,785,344 10,792,782
February..
658.2'26
San Ped LA & S L..
757,036 6,018.525 7,042,343
Seaboard Air Line March_ ___ 2,072,233 2,485,471 15,918,218 19,173,185
Southern Pacific.. _ _ March
- 10909808 11361536 97,145.743 105031 753
1,190,477
-1,310,744 50,876,454 58,183,491
Southern Railway.... 3d wk Apr
Mobile & Ohio...... 3d wk Apr 218,793 262,452 8,801,701 10,457,479
Cin NO & Tex P.. 3d wk Apr 177,822 191,844 7,556,011 8,831,276
Ala Great South._ 3d wk Apr
86,644
88,693 3,804,664 4.417,059
39,491
45,164 1,822,203 2,133,398
GeorgiaSou & Fla 3d wk Apr
Book Port & Seattle February.... 274,726 311,478 3,095,449 3,413,835
2,017
Tenn Ala & Georgia 2d wk Apr
1,605
55,465
74,262
Tennessee Central.. February.... 107.964 122,485
985,568 1.142,364
Texas & Pacific........ 3d wk Apr 312,904 308,692 14,856,750 15,706,119
5,836
8,087
Tidewater & West_ March_ _-_
59,462
64,317
18,562
19,038
968,593 1,065,827
Toledo Poor & West 3d wk Apr
Toledo St L & West 3d wk Apr
97,234
87.804 3,764,446 3,764,771
75,502 183,919
764,137 1,782.381
Trinity & Brazos V.. February....
Union Pacific Syst_ March__ 6,259,936 6,893,466 66,752,825 71,188,262
Virginia & Sou West March........ 137,818 157,096 1,385,985 1,465,507
Virginian
February.... 439,625 388,999 4,005,087 4,536,718
Wabash
March........ 2,347,476 2,477,586 22,038.22623,244,384
Western Maryland. 3d wk Apr 178,234 158,273 6,711,169 6,677,250
Wheel & Lake Erie.. March....-- 410,862 719,060 3,929,065 6,244,991
Wrightsv & Tennille March..
March..........
220,066
_ _26,365
40,256
291,808
Yazoo & Miss Vail..
998,059 1,047,921 9,022,097 9,986,749
Various Fiscal Years.
Current
Year.
Period.
Buffalo & Susquehanna RR........ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central e
Jan
Jan
Boston & Albany
Jan
Lake Erie & Western n
Michigan Central
Jan
Cleve Cinc Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
N Y Susquehanna & Western Jan
zPennsylvania Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw & Virginia Jan
N Y Philadelphia & Norfolk_ Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana_ _ _ Jan
Pitts Cinc Chic & St Louis Jan
Vandalia
Jan
Total lines-East Pitts & Erie Jan
-WestPitts & Erie Jan
-All Lines E & W.. Jan
Dec
Rio Grande Junction
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
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
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Previous
Year.
31
336,667
445,287
28 3,021.162 3,216.521
31 13,982,487 13,404,309
31 35,309,732 35,271,886
31 3,702,610 3,738,873
31 1,353,209 1,315,242
31 7,761,539 7,818,420
31 8,316,631 8,227,639
31
333,817
314,287
31 2,932,009 3,965,332
31 2,749,533 2,880,042
31
974,629 1,235,133
31 63,433,709 64,766,855
31
970,768
968,020
31 40,930,410 44,741,141
31
201,598
197,908
31
655,880
800,269
31 2,516,968 2,426,789
31
164,551
162,902
31
792,973
779,781
31 4,407,187 4,540,710
31 1,163,330 1,060,770
3110.949,469 12,260,790
31 1,206,101 1,226,757
31 8,766,399 9,587,467
31 2,578,416 2,741,758
31 51,530,179 55,370,837
31 23,844,787 26,200,119
31 75,374,966 81,570,952
28
186,574
198,574
28
467.661
497.021
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.
$
$
$
Mileage. Cur. Yr. Prev. Yr.
2nd week Feb (36 roads)__.... 10,871.529 11,168,648
-297,119 2.66
June
222,001 219,691 230,711,850 241,107,727 -10,355,877 4.30
3d week Feb 36 roads)......._ 10.825,811 11,400,202
-574,391 5,04
July
235.407 231.639 252,231.248 261,803,011 -9,571.763 3.67
4th week Feb 37 roads)___ 11,119,689 11,894,841
-775.152 6.51
August
240,831 237.159 269,593.446 280,919,858 -11,326.412 4.03
1st week Mar 34 roads)____ 10.301,377 11,375.997 -1,074.620 9.44
September....242,386 238,698 272,992.901 285,850,745 -12,857,844 4.50
2d week Mar 35 roads)......_ 10,730,658 12.306,444 -1.575,786 12.80
October__ -244.917 241,093 269.325,262 298,066,118 -28,740.856 9.64
3d week Mar( 6 roads)........ 10.682,708 12,351.434 -1,668.726 13.51
November 246.497 242,849 240,235,841 272,882.181 -32,646.340 11.96
4th week Mar (36 roads)..__.. 16,453.891 17,280.336
-826,445 4.13
December 246,807 243,242 232.598.369 258,285,270 -25.686,901 9.94
1st week April r5 roads)_...... 10,926,188 11,915,768
-989.580 8.31
January...._246.959 243.559 220.282.196 236,880,747 --16,598,551 7.01
2d week April 36 roads)____ 10,677,695 11,787,026 -1,109,331 9.42
February
246,186 242,837 210,860,681 212,163,967 -1,303,286 0.61
3d week April 35 roads)____ 10.686.520 11.601.518
-914.998 7.89
March
88,283 87,420 61,939,361 69,020,631 -7,081,270 10.27
b Does not include earnings of Colorado Springs & Cripple Creek District Ry. 6 Includes the Lake Shore & Mich. So.. the Chicago Ind. & So.,
the Dunkirk Allegheny Valley & Pitts., the New York & Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce
Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes Cleveland Lorain & Wheeling Ry. in both years. Commission.
n Includes the Northern Ohio RR. p Includes earnings of Mason
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville
&
Atlantic
Frankfort & Cincinnati. u Includes the Texas
and
the
Central and the Wichita Falls Lines. v Includes not only operating revenues, but also all other receipts.
z Includes St. Louis Iron Mountain &
Southern. s Includes the Northern Central beginning July 1 1914. * We no longer
include the Mexican roads in any of our totals.
MAY 1 1.915.1
THE CHRONICLE
1501
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$11
S
$
$
97,246
114,611
679,467
Mar 629,020
N Y Ont & West a
6,748,898 6,912,868 1,584,016 1.482.564
July 1 to Mar 31
103,012
94,394
350,273
N Y Susq & West a__ -_Mar 334,007
236,468
269,796
968,020
970,768
Jan 1 to Mar 31
Increase. Decrease.
1914.
1915.
Third Week of April.
1,826,538
2,079,056
Mar 4,771,441 5,064,255
Northern Pacific b
48,502,928 54.165,306 20,232,564 20,898.581
$
July 1 to Mar 31
3
/049 Pennsylvania Railroad a Mar14.624,857 16,390,049 2,161,232 2,493,668
88,693
81,644
Alabama Great Southern
5,502
39,634
45,136
40,930,410 44,741,141 4,341,650 4,620,726
Jan 1 to Mar 31
Ann Arbor
153,124
10,847
163,971
Buffalo Rochester & Pittsb_ _ _ _
1,709
3,156
72,822
78,448
Bait Ches & Atl a__ --Mar
45,200
366,200
321,000
Canadian Northern
197,908 def13,680 def11,440
201,598
Jan 1 to Mar 31
477,000
1,623,000 2,100,000
Canadian Pacific
63,022
80,117
263,682
a
739,508
92,896
Mar
Valley
Cumberland
240,718
832,404
Chesapeake & Ohio
197,678
36,400
197,939
300,453
800,269
Jan 1 to Mar 31
264,053
655,880
Chicago Great Western
16,240
123,307
139,547
Chicago Ind & Louisville
67,869
97,751
Mar 931,456
Long Island a
891,600
14,022
191,844
177,822
Pac
Tex
&
Orl
Oinc New
36,981
102,894
Jan 1 to Mar 31
2,516,968 2,426,789
19,494
207,784
227,278
Colorado & Southern
732
5,961
60.979
Mary Del & Va a____Mar
64,664
24,300
392,000
367,700
Denver & Rio Grande
def12,244
def3,494
31
to
1
Mar
162,902
Jan
164,551
3,355
22,200
18,845
Lake
Denver & Salt
3,360
24.559
29,055
21,199
44,088
271.317
NY Phil & Norfolk a_Mar 296,202
Detroit & Mackinac
570
54.169
39,471
54,739
67,189
779,781
Jan 1 to Mar 31
792,973
Duluth South Shore & Atl
5,673
45,164
39,491
Georgia Southern & Florida_ _ _ _
127,846
170,144
&
Wash
Bait
1,567,962
a_Mar
Phila
1,588,993
1
Grand Trunk of Canada
218,179
275,689
Mar
31
to
1
Jan
4,540,710
4,407,187
123,730
993,502
869,772
I
Grand Trunk Western
388,293 def38,836 def57,078
W Jersey & Sea Sh a_ _Mar 442,634
Detroit Gr Hay & Milw_
1,163,330 1,060,770 def163,152"def248,019
Jan 1 to Mar 31
Canada Atlantic
135,255
1,084,395
949.140
641,555
Nashville
658,789
&
4.423,701
a__
Louisville
-Mar 4,025,641
Penna Company
5,510
12,352
17,862
Mineral Range
10,949,469 12,260,793 1,002,268 1,181,561
Jan 1 to Mar 31
5,073
182,922
}
187,995
Minneapolis & St Louis
59,933
67,659
453,359
Grand Rapids & Ind a Mar 442,486
Iowa Central
50,239
110.625
1,206,101 1,226,757
Jan 1 to Mar 31
45,228
499,346
454,118
Minneapolis St Paul & S S M.._
558,690
597,782
24,734
Pitts C C & St L a.. __Mar 3,117,130 3,430,820
551,175
575,909
Missouri Kansas & Texas
1,357,439
1,274,953
9,587,467
8.766,399
28,000
31
Mar
to
1
Jan
1,030,000 1,058,000
Missouri Pacific
43,659
262,452
143,964
218,793
Mobile & Ohio
172,720
Mar 914,836 1,011,624
Vandalia a
436
6,636
6,200
369,425
Nevada-Cal-Oregon
340,985
2,578,416 2,741,758
Jan 1 to Mar 31
767
10,903
10,136
Rio Grande Southern
2,824,745
2,610,345
20,148,557
a
E
Mar18,501,614
&
P
of
East
Total
27,000
210,000
183,000
St Louis Southwestern
51,530,179 55,370,837 5,104,020 5,057,028
Jan 1 to Mar 31
120,267
1,190,477 1,310,744
Southern Railway
4,212
308,692
312,904
Total West P & E a__Mar 8,630,478 9,462,757 1,518,538 1,427,235
Texas & Pacific
476
19,038
23,844,787 26,200,114 2,761,608 3,005,566
Jan 1 to Mar 31
18,562
Toledo Peoria & Western
9,430
87,804
97,234
Toledo St Louis & Western_ _ _ _
Mar27,132,092 29,611.314 4,128,884 4,251,981
Total all Lines a
19,961
158,273
178,234
Western Maryland
75,374,966 81,570,952 7,865.627 8,062.593
Jan 1 to Mar 31
1,132,822
Reading
Company217,824
11,601,518
10,686,520
Total (35 roads)
OOR
GIA
_
&
b_
_Mar
Reading
Phila
4,016,206 4,075,384 1,293,248 1,086,615
%
/'7 011 01
PO,. A
•
July 1 to Mar 31
35,050,492 38,109,547 10,614,039 11,870,016
17,825
32,482
&
Coal Iron Co_ b_ _ _ _Mar 1,952,876 2.076,643
Net Earnings Monthly to Latest Dates.-The table
459,081
July 1 to Mar.31
437,752
22,219,939 23,474,774
STEAM
of
earnings
net
and
gross
the
shows
following
Total both Cos_ b_ ___Mar 5,969,082 6,152,027 1,325,730 1,104,440
July 1 to Mar 31
57,270.431 61.584,321 11,051.791 12,329.097
railroads and industrial companies reported this week:
549,078
548,781
Reading Company b_Mar
-Gross Earnings--Net Earnings
5,007,630 4,955,923
Previous
July 1 to Mar 31
Current
Previous
Current
Year.
Year.
Year.
Year.
Mar
1,874,511 1.653,518
Total all cos b
Roads.
$
$
$
16.059,421 17.285,020
$
July 1 to Mar 31
59,125
u16,949
u17,737
56,498
Atch Top & S Fe_b_ _ __Mar 9,596.607 9,346,466 /3.249,494 /3,472,092 Rio Grande Junction__Feb
,444528.115,168
83,679,202531,512
u55,972
u59,572
88,476,378
186,574
198,574
Dec 1 to Feb 28
July 1 to Mar 31
387,700
592,294
3,784,380
3,760,264
74,277
68,634
Mar
200,271
_Mar
a_
224,314
Pac
Boston & Maine_a
St L Rocky M &
760,706
2,163,502 1,865,426
625,866
34,946,536 36,173,179 6,226,145 5,241,913
July 1 to Mar 31
July 1 to Mar 31
177,462
214,056 Seaboard Air Line_a_ _ _Mar 2,072,232 2,485,471
903,265
623,134
765,726
Buffalo Roch & Pitts b..Mar 722,325
15,918,218 19,173.185 3.804,242 5.188,287
7,110,103 8,587,110 1,864,262 2,432,692
July 1 to Mar 31
July 1 to Mar 31
23,090 Southern Railway b __Mar 5,290,249 6.064,598 1,472,252 1,543,675
3,532
152,583
Mar 108,859
Buffalo & Susq a
72,184
24,017
445,287
Jan 1 to Mar 31
47,326,234 54,095.612 11,575,121 15,366,737
336,667
July 1 to Mar 31
360,400
423,000
34.368
29,225
219,316
Canadina Northern_ _ _ _Mar 1,379,000 1,533.400
Georgia Sou & Fla b_ _Mar 190,316
4,992,600
273,530
271,191
3,681,500
July 1 to Mar 31
13,401,400 17,793,800
1.716,284 1,998,886
July 1 to Mar 31
870
def 825
8,087
5,836
Canadian Pacifica _ ___Mar 7,852,990 9,447,461 2,973,015 3,099,239 Tidewater & Western b_Mar
260
3,646
64,317
76,635,821 100244,012 25,765,839 32,782,426
59,462
July 1 to Mar 31
July 1 to Mar 31
c398,510
c375,043
2,049,263
Mar 6,259,936 6,893,466 1,765,437
Union Pacific a
Central of Georgia b_ __Mar 1,110,235 1,334,777
9,410,874 11,342,066 c2,517,595 c3,155,130
66,752,825 71,188,262 23,817,416 24,991.591
Jan 1 to Mar 31
July 1 to Mar 31
988,202 Virginia & S W b
997,558
42,882
r17,999
157.096
Mar 137,818
Chesapeake & Ohio_ b_..Mar 3,270,841 3,217,375
435,047
357,211
28,779,468 27,968,515 8,455,121 8,367.003
1,385,985 1,465,507
July 1 to Mar 31
July 1 to Mar 31
s44,913 Western Maryland b_ __Mar 756,209
222,095
660,624
Mar 1,159,552 1,106,792 s163,135
25,396
Chicago & Alton_a
502,202
10,831,133 11,095,677 s2,006,467 81,248,700
6,207,467 6,202,432 1,582.770
July 1 to Mar 31
July 1 to Mar 31
18,100
7,896
40,256
26,365
Chicago Great West_ b _ _Mar 1,098,574 1,238,247 1293,822 1335,329 Wrightsville & Ten'le b_Mar
112,010
10,629,978 10,971,156 12,740,684 12,740,875
50,157
291,808
220,066
July 1 to Mar 31
July 1 to Mar 31
140,356 Yazoo & Miss Valley a- _Mar 998.059 1.047,920
197,102
592,293
250,234
230,225
Chic Ind & Louisv_ b__ _Mar 556,721
4,874,333 5,257,650 1,345,081 1,353,937
July 1 to Mar 31
July 1 to Mar 31
9,021,097 9,986,748 2,227,129 2,887,503
Mar 6,222,792 6,994,674 1,534,905 2,007,363
Chicago & N W a
INDUSTRIAL COMPANIES.
63,900,592 66,769,353 17,377,644 18,837,445
July 1 to Mar 31
394,263 Abington & Rockland Elec
442,814
Chicago StP M &0_a_ _Mar 1,500,462 1,533,973
1,429
1,360
10,239.
11,215
Light & Power_a____Mar
14,097,688 14,312,992 3,994,761 3,997,665
July 1 to Mar 31
8,204
6,981
37,104
35,488
Jan 1 to Mar 31
244,348 Atlantic Gulf & West Indies SS Lines282,259
995,028
Colorado & Southern b_Mar 1,090,317
11,064,897 10,385,698 3,417,285 2,771,753
July 1 to Mar 31
130,823
Feb 1,437,100 1,513,254
266,896
(Subsidiary cos)
Mar 588,629
319,676
346,441
585,739
369,068
602,975
2,965,184 3,083,932
Jan 1 to Feb 28
Cuba RR
3,662,565 3,725,614 1,818,614 1,788,060 BlackstoneVal G & Ea Mar 114,941
July 1 to Mar 31
33.641
41,453
105,475
675,444
128,085
997.557
358,979
344,249
142,564
Del Lack & West_ b_ _ _ _Mar 3,149,484 3,039,751
Jan 1 to Mar 31
31,735,272 32,266,878 11,400,789 11,063,116
July 1 to Mar 31
179,937
201,660
384,984
Cleveland Elect Ill_a__ _Mar 394,284
98,292
118,545
34,303
641,024
44,056
600,893
1,205,006 1,207,357
Detroit & Mackinac b__Mar
'Jan 1 to Mar 31
813,861
906,749
221,904
276.181 Edison El Ill(Brockton)aMar
July 1 to Mar 31
15,972
37,503
11,281
44,560
685,757
787,784
322,676
266,820
58,590
124,570
44,155
142,024
El Paso & Southwest_ b-Mar
Jan 1 to Mar 31
5,681,798 6,688,783 2,200,590 2,409,610
July 1 to Mar 31
36,125
3,361
11.631
39,847
Fall River Gas Works.a.Mar
940,839
39,660
124,824
24,042
Mat 5,022,503 4,982,209 1,123,811
124,069
Jan 1 to Mar 31
Erie a
13,404,309
1,575,821
2,735,451
13,982,487
31
Mar
to
1
Jan
42,829
35,909
68,165
72,874
Ft Worth Power & Lt _a-Mar
4,028
2,293
1,453
4,087
499,113
425,661
728,785
Mar
908,584
Apr 1 to Mar 31
Fairchild & NE b
4,011
27,798
6,892
31,630
July 1 to Mar 31
164,237
143,310
218,898
Gt Western Pow Syst_a_Mar 231,648
960,829 1,330,463
489,134
417,375
661,915
Mar 5,103,745 5,928,407
692,132
Jan 1 to Mar 31
Illinois Central a
47,736,098 51,044,698 9,181.914 9,583,425 Haverhill Gas Light_a_Mar
July 1 to Mar 31
2,922
4,223
18,335
19,982
723,275
59,722
def6,880
704,097
17,011
17,535
64,715
64,728
Internat & Gt Nor_b_.._Mar
Jan 1 to Mar 31
7,107,819 7.917,916 1,036,726 1,729,504 Houghton Co El Lt_a__Mar
July 1 to Mar 31
10,319
11,760
25,174
25,723
351,872
298,973
42,832
37,455
Mar 974,216 1,052.429
85,574
86,361
Maine Central- b
Jan 1 to Mar 31
8,576,632 8,928,875 2,406,090 2,330,909 Lowell El Lt Corp_a_ _ _Mar
July 1 to Mar 31
12,445
13,274
36,118
37,505
845,987 h222,709 h222.450
46,531
45,735
120,028
122,163
Minneap & St Louis_a_ -Mar 891,515
Jan 1 to Mar 31
7,825,868 7,408,530 h2,083,662 h1,899,568 Mississippi River Pow a Mar 131,869
July 1 to Mar 31
104,794
107,206
131,037
519,217
894,276
317.392
311.377
383,497
400,704
Missouri Kan & T b_ _ _Mar 2,784,387 2,405,999
Jan 1 to Mar 31
25,633,076 25,097,821 8,176,691 6,751,267
July 1 to Mar 31
Montana Power Co incl subsidiary cos-a
871,701 1,265,012
Mar 4,600,584 4,908,301
717,262
Missouri Pacifica
652,047
997,549
933,775
Jan 1 to Mar 31
44,652,650 46,172,220 10,297,183 11,113,675 Montreal L Ht & Pow.a.Mar 561,165
July 1 to Mar 31
299,413
281,886
540,996
246,218
136,536
31
3,404,030
3,211,675
Nashv Chatt & St L_ b_ _Mar 923,237 1,092,925
5,816,363
Mar
6.095,642
May to
July 1 to Mar 31
8,284,652 9,728,912 1,354,461 1,988,567 Nevada-Cal-Power (and affiliated cos)-a
61,462
43,637
108,161
New York Central b____Mar12,577,544 12,756,108 3,449,675 2,948,834
124,406
March
Jan 1 to Mar 31
134,337
35,309,732 35,271,886 8,334,849 6,093,659
181,935
327,230
376,879
Jan 1 to Mar 31
255,488 Sierra Pacific Elec_a___Mar
371,776
31,214
19,769
Boston & Albany b_ _Mar 1,333,929 1,342,901
54,426
36,324
486,914
883,067
99,745
Jan 1 to Mar 31
3,702,610 3,738,873
67,538
166,216
117,930
Jan 1 to Mar 31
110,018 Southwestern Pow & Lt(subsidiary cos)-a
111,554
503,562
Lake Erie St West b_ _Mar 472,821
290,261
1,353,209 1,315,242
184.346
86,088
112,556
Jan 1 to Mar 31
207,894
233,776
March
2,868,575 2,403,079 1.375,486 1,089,135
Apr 1 to Mar 31
694,470
616,351
Michigan Central b_ _Mar 2,763,909 2,890,207
7.761,539 7,818,420 1,366,186 1,205,800 Southern Cal Edison___Mar 358,287
184,183
150,839
361.535
Jan 1 to Mar 31
597,633
518,819
1.128,814 1,146,647
Jan 1 to Mar 31
670,013
332,865
Clay Cinc Ch & St L bMar 2,916,739 3,054,060
8,316,631 8,227,639 1,557,667
157,123 Southern Utilities Co_a_Mar
13,711
22,705
80,275
83,149
Jan 1 to Mar 31
290,499
230,835
938,719
1,068,531
Apr 1 to Mar 31
5,412
20,055
115,643
Cincin Northern b_- _Mar 115,640
333,817
34,125
49,082
314,287
46,265 def46,362 Texas Power & Light_a_Mar 130,571
116,012
Jan 1 to Mar 31
460,121
614,059
1,648,207 1,293,029
Apr 1 to Mar 31
424,633
652,987
Pitts & Lake Erie b.. _Mar 1,103,627 1,605,426
2,932,009 3,965,332
871,873 1,303,785
Jan1 to Mar 31
a Net earnings here given are after deducting taxes.
131,893
161,402
NY Chic & St L b__ _Mar 953,559 1,025,920
b Net earnings here given are before deducting taxes.
2,749,533 2,880,042
338,563
237,247
Jan 1 to Mar 31
c After allowing for uncollectible revenue and taxes, operating income
514,890
125,519 for Mar. 1915 was $323,615, against $346,145; and from July 1 to Mar. 31
def5,541
Toledo & Ohio Cent b Mar 297,115
974,629 1,235,133
153,817 was $2,090,031 in 1915, against $2,680,613 last year.
33,705
Jan 1 to Mar 31
f For Mar. 1915 net income,after charges, was $68,337,against $119 A82
Total all lines b____Mar22,534,883 23,808,717 5,819,918 5,257,486
63,433,709 64,766,855 13,722,436 9,776,329 121914,and from July 1 to Mar.31 was $778,995 in 1915,against $835.997.
Jan 1 to Mar 31
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of April. The table covers 35 roads and shows 7.89%
decrease in the aggregate under the same week last year.
1502
THE CHRONICLE
[Vol,. 100.
h After allowing for other income for the month of March 1915, total
Latest Gross Earnings.
Jan. 1 to latest date.
net earnings were $166.069. against $194,002 last year, and for period from
Name of
July 1 to Mar. 31 were $1,784,048 this year, against $1,648,351.
Week or Current Previous Current
Road.
Previous
j For Mar.taxes and uncollectible railway revenue amounted to $468,114,
Month.
Year.
Year.
Year.
Year.
against $444,400 in 1914; after deducting which, net for Mar. 1915 was
$2,781,378, against $3,027,692 last year. From July 1 to Mar. 31 taxes,
&c., were $4,090,442 in 1915. against $4,127,794 in 1914.
Key West Electric_ _ _ March _ _
9,370 10,351
28,724
33,247
u These figures represent 30% of gross earnings.
Lake Shore Elec Ry_ February _ 89.201
187.837
195,510
s After allowing for miscellaneous charges to income for the month of Lehigh Valley Transit March ...._ _ 152.072 90,021
443.731
402,417
Mar. 1915, total net earnings were $103,983, against def. $27,422 last year, Lewist Aug & Watery February _ 45,960 136,537
39.554
95.487
84,853
and for period from July 1 to Mar. 31 were $1,463,410 this year, against Long Island Electric.. February _
14,180 13,603
29,909
29,206
$690,875 last year.
Louisville Railway.... March _
240,293 261,657
706,451
756,944
Milw El Ry & Lt Co.. March
506,958 508,469 1,530,045 1,538,391
Interest Charges and Surplus.
Milw Lt, Ht & Tr Co March
109,671 111,427
341,276
330,438
371,037
366,728
-Int., Rentals, &c.- -Bal. of Net Earns.- Nashville Ry & Light February _ 169,450 173.144
N Y City Interboro__ February _ 51,255 44,337
97,515
108,427
Previous
Current
Previous
Current
N
Y
&
Long
Island__ February _ 27,694 23,291
Year.
Roads.
51,183
Year.
Year.
Year.
57,739
N Y & North Shore__ February.. 10,361
20,657
22,147
9,163
Boston & Maine
953,945xdef191,738zdef269,341 N Y & Queens Co_ _ _ February.. 91,226 87,422
Mar 849,409
188,923
191,521
July 1 to Mar 31
7,757,046 8,461.797xdef703,114xdf1750,662 New York Railways.. February_ _ 982,481 951,832 2,076,184 2,117,690
N
Y
&
Stamford
Rys
February
_
42.319
44.200
19.731
21,129
Buffalo Roch & Pitts___Mar 195,701
182,538
x32,012 x101,915
55.014
67.701
July 1 to Mar 31
1,777,735 1,652,976 z629,138 x1,399,108 N Y Westchest & Bos February _ 32,206 25,708
Northampton
Trac__
March....
_
_
39,432
38,142
13,172
13,597
Buffalo & Susquehanna_Mar
25,884
27,658
x8,339
x26,362 Nor Ohio Trac & Lt_IMarch _ _
793,165
280,779 274,198
822,069
83,343
Jan 1 to Mar 31
78.649
x39,538
x76,656 North Texas Electric March _ _ _ _ 128,701 177,955
507,023
394,673
Chesapeake & Ohio_ __Mar 788,382
802,649 x191,996 x242,638 Northw Pennsylv Ry February _ 24.516 23,610
48.776
49,975
July 1 to Mar 31
7,088.607 6,748,515 x1,699,287 x2,459,331 Ocean Electric (L I).. February _
10,427
10,029
_
Co_IMarch
_
Tr
&
Paducah
Lt
_
23,307 25,237
77,151
73,366
Chicago & Nor Western_Mar 847,543
862,345
687,362 1,145,019 Pensacola Electric Co March _ _
69,039
59,404
July 1 to Mar 31
8,424,003 8,347,005 8,953,641 10,490,440 Phila Rap Transit...._ March ..___ 19,183 23,051
2027.9101949.518 5.860,083 5.735,055
Chic St Paul Minn & O_Mar 262,358
241,757
180,456
152,506 Port(Ore)Ry.L&PCo.January _- 480.713 582.610
582,610
489.713
July 1 to Mar 31
2,177,651 2,068,625 1,817,110 1,929,040 Portland (Me) RR__ February _ 67,673 64,123
136,282
141,043
Cuba RR
Mar
72,308
248,101 Puget Sound Tr Lt&P February _ 591,692 601.464 1,262.577 1,445,499
274,132
71,575
July 1 to Mar 31
753,821
762.393
636,930
605,908 1,181,683 1,183,152 Rhode Island Co__ _ February - 358.756 358,331
Richmond Lt & RR.. February _ 24,169 22,030
47.632
50,638
Missouri Kans & Texas_Mar a715,604 0727,759
178,672 def208,541 8tJoseph(Mo)Ry,Lt.
July 1 to Mar 31
a6,231,286 a6,154,075 1,945,405
597,191
Heat & Power Co..,March
106,233 106,168
329,860
323,635
N Y Ontario & Western_Mar 130,832
122,088 def16,221 def24,842 Santiago El Lt & Tr_1February _ 36,073 35,638
76,253
73.139
July I to Mar 31
438,902
1,145,114 1,063,325
419,239 Savannah Electric Co March..... 64,394 68,923
199,979 • 280,038
121,225
129,923
Reading (all companies)Mar 1,240,667
633,845
1,247,333
406,184 Second Ave (Rec)___ February _ 55,795 54,652
15,574 14,565
32,807
31,793
July 1 to Mar 31
4,893,421 6.108,020 Southern Boulevard_ February _
11,166,000 11.177,000
Staten Isi Midland__ February _
17,677 15,651
37,017
34,321
Rio Grande Junction.._ _Feb
8,333
8,333
8,616
9,404 Tampa Electric Co__ March..
79,143
82,268
250,518
239,658
Dec 1 to Feb 28
25,000
25.000
30,972
34,572 Third Avenue
609,942
February - 284,787 280,259
624,965
St L Rocky Mt & Pac_ _Mar
31,447
48,666
25,611
911.539
37,188 Toronto Street Ry
February - 440,313 471.273
973,116
July 1 to Mar 31
378,447
387.691
382,258
238,176 Twin City Rap Tran_ 3d wk Apr 176,105 168,771 2,786,801 2,673,726
401,906
Union Ry Co of NY C February _ 190,276 178,676
387,759
INDUSTRIAL COMPANIES.
Virginia Ry & Power_1March --- 399.491 415,399 1.228.076 1,244.389
Abington & Rockland Elec
107,447
Wash Bait & Annap_!February_ _ 51,506 53,076
110,766
Mar
Light & Power
82,550
669
78,952
443
691
986 Westchester Electric.. February _ 39,616 36,379
Jan 1 to Mar 31
33.474
32.422
2,182
1,353
4,799
6,851 Westchester St RR.._1February ... 16,080 14,909
Western Rys & Light December 245.807 237.170 2,694,234 2.570,746
Atlantic Gulf & West Indies SS Lines107,934
102,862
Railroad.. _ _,February _ 51,942 47,296
(Subsidiary cos)_ _ _Feb 165,579
145,393
101,317 def14,570 Yonkers
191.600
63,502 64.716
195,509
York Railways
I March
Jan 1 to ieb 28
328,536
295,128
274,439
73,940 Youngstown
44.939
40,917
& Ohio.. February - 22,409 19.256
Blackstone Val G & E_Mar
19,182
17,551
22,271
16,090 Youngstown & South February _
24.017
11,441 11.832
24.386
Jan 1 to Mar 31
57,604
52,808
84,960
75,275
figures
These
are
for
consolic
sources.
b Represents income from all
Cleveland Elect Ill
Mar
35,431
37,285
166,229
142,651 dated company. f Earnings now given in milreis. g Includes constituent
Jan 1 to Mar 31
106,285
110,131
534,738
490,761 companies.
Edison El (Brockton)_ _Mar
2,855
2,479
13,117
8,802
Jan I to Mar 31
Electric Railway Net Earnings.-The following table
9,062
7,918
49,528
36,237
Fall River Gas Works....Mar
2,592
516
9,039
2,845 gives the returns of ELECTRIC railway gross and net
Jan 1 to Mar 31
9,629
3,173
30,031
20,869 earnings reported this week:
Ft Worth Pow & Lt.._ _ _Mar
9,556
9,795
33,273
26,114
-Gross Earnings--Net Earnings
Apr I to Mar 31
110,734
90,153
Current
388,379
335,508
Previous
Previous
Current
Year.
Year.
Year.
Gt West'n Pow Co Syst_Mar 104,136
Year.
Roads.
x62,871
98,540
x77,976
$
Jan 1 to Mar 31
$
311,003
$
295,582 x223,294 • z175,380
5,825
4,289
14,227
Rouge Elec a...._Mar
14,854
Haverhill Gas Light.. _ _ _Mar
4
1,304 Baton
4,219
1,618
16,398
13,314
Jan
42,995
1
to
Mar
31
44,394
Jan I to Mar 31
540
4,712
12,299
16,995
Bay
State
St
Ry_bHoughton Co Elec Lt.. Mar
3,442
3,442
6,877
8,318
506,586
589,683
Jan 1 to Mar 31
2,055,180 2,029,027
Jan 1 to Mar 31
27,129
10,333
10,326
32,499
July 1 to Mar 31
7,245,156 7,196.463 2,249,161 2,377,584
Lowell Elec Lt Corp___Mar
2
13,272
232
12,213 Brock & Plymouth a..__Mar
def 669
153
6,879
7,006
Jan 1 to Mar 31
3
692
46,528
45,043
def1,988
def 854
19,997
20,694
Jan 1 to Mar 31
Mississippi River Power.Mar 107,971
86,349
def3,177
20,857 Cape Breton Elec a _ _ _ _Mar
10,193
7,830
26,551
23,496
246,913
323,984
Jan 1 to Mar 31
def6,592
64,464
27,481
81,634
31,015
75,989
Jan 1 to Mar 31
•
Montana Pow Co (incl subsidiary cos)28,763
29,397
53,465
(Ga)
Columbus
Elec
55,583
a_
_Mar
262,432
Mar
285,226
31
to
Jan 1
389,616
432,036
92,101
91,767
162,960
172,127
Jan I to Mar 31
38,073
Montreal Lt Ht & Pow_Mar
33,707
261,340
248,179
55,396
70,510
188,287
Mar 144,815
399,129
390,167 3,004,901 2,821,508 Dallas Elect Co a
May 1 to Mar 31
196,818
212,429
572,424
Jan 1 to Mar 31
473,565
7,547
7,627
Sierra Pacific Electric_ _Mar
x12,518
x24,043 Duluth-Superior Trac_a
29,436
39,660
106,788
Mar
98,491
Jan I to Mar 31
23,197
22,550
x45,469
z78,323
96,813
80,147
Jan 1 to Mar 31
301,201
288,186
Southern Calif Edison_ _Mar
81,394
75,638 x117,817
x78,579
Texas Elec a- _ _Mar
18,664
20,206
52,189
51,191
Jan 1 to Mar 31
245,316
222,319 x377,436 x304,699 Eastern
Jan 1 to Mar 31
53,712
154,124
61,539
156,243
Southern Utilities Co...._Mar
8,435
14,270
6,934
6,777
Elect a
Mar
78,329
38,524
33,140
88,469
Apr 1 to Mar 31
99,488
191,011
72,430
158,405 El Paso
Jan 1 to Mar 31
249,971
270,846
123,625
118,522
Texas Power & Light__ _Mar
24,827
26,042
24,255
8,083 Federal Light & Trac_a_Mar 205,134
206,818
72,118
69,562
to
Mar 31
Apr 1
231,514
251,659
208,462
382,545
July 1 to Mar 31
1,847,249 1,800,627
702,476
632,220
Galv-Houston Elec a__ _Mar 160,200
a These figures are after deducting other income.
195,536
58,870
81,796
471,140
Jan 1 to Mar 31
z After allowing for other income received.
567,864
173,462
227,476
21,699
Houghton Co Tract a......Mar
24,039
8,642
10,087
ELECTRIC RAILWAY AND TRACTION COMPANIES.
67,122
60,480
Jan 1 to Mar 31
17,479
22,695
Interborough Rap Tr_a_Mar 3,055,709 3,129,766 1,713,739 1,814,871
24,912,836 24,831,587 13,625,337 13,604,636
July 1 to Mar 31
Latest Gross Earnings.
Jan. 1 to latest date
Name of
64.342
16,071
Jacksonville Tract a_ _ _Mar
53,498
25,377
Week or Current Previous Current
Road.
183,665
47,317
156,780
69,870
Jan 1 to Mar 31
Previous
Month.
Year.
Year.
Year.
Year.
5,063
18,551
6,259
17,599
Keokuk Elect a
Mar
17,256
58,501
21,629
56,332
Jan 1 to Mar 31
$
$
$
$
1,724
10,351
3,431
9,370
Mar
408,879 415,528 1,231,183 1,227,794 Key West Elect a
American Rys Co___ March
6,694
33,247
11,870
28,724
Jan 1 to Mar 31
Atlantic Shore Ry__ March:::: 24,780 23,196
67,641
64,028
cAur Elgin & Chic Ry February - 130,652 133,794
110,182
274.797
123,520
286.555 Louisville Railway_b___Mar 240,293
261.657
Bangor Ry & Electric February _ 60.380 57,347
756,944
125,710
337,269
121.034
706,451
345,662
Jan 1 to Mar 31
_
14,854 14,227
Baton Rouge Elm Co March
44,394
42,995
951,832
250,365
York Railways_a_Feb 982,481
210,450
BeltLRyCorp(NYC) February - 55,275 46,835
118,819
111,621 NewJuly 1 to
9,292,845 2,510,104 2,699,525
Feb
8,887,645
28
Berkshire Street Ry_ February _ 62,068 67.870
132,431
143,438
13,597
5,510
13,172
Brazilian Trac, L & P February - 15797500 15785027(11,793690111979.254 Northampton Tract _a_ _Mar
4,998
39,432
15,791
6,879
Jan 1 to Mar 31
Brock & Plym St Ry_ March ____
7,006
38,142
20,694
14,824
19,997
Bldyn Rap Tran Syst February _ 1916,898 1863,192 4,004,119 3,956,804 Nor Ohio Trac & Lt_ _ _ _Mar 280,779
274,198
101,831
105,387
Cape Breton. Elec Co March _ .... _ 23,496 26,551
75,989
81,634
793,165
296,156
822,069
Jan 1 to Mar 31
298,185
Chattanooga Ry & Lt February _ 77.848 88.664
159,178
187.897 Northern Texas Elec a_ _Mar 128,701
177,955
43,374
76,293
Cleve Painesv & East February _ 25,260 24,813
52.972
53.627
507,023
394,673
Jan 1 to Mar 31
146,799
204,246
Cleve Southw & Col.. February - 83,791 82,929
177,105
176,981
25,237
Columbus(Ga) El Co March... __ 55,583 53,465
Paducah
Trac
&
Lt
23,307
172,127
a....
_Mar
8,141
162,960
9,001
77,151
Coltun (0) Ry,P & L February _ 248,596 246,540
73,366
Jan 1 to Mar 31
523,348
25,608
27,256
518,566
gComwthPow.Ry&Lt March ___ 1138,211 1133,415 3,520,945 3,495,871 Pensacola Elect a
23.051
19,183
Mar
7843
8,515
Connecticut Co
February - 556 153 535,364 1.160.616 1,127.188
69,039
59,404
Jan 1 to Mar 31
23,216
25,264
Consum Pow (Mich). February _ 310,811 293.677
639,731
611,744
Cumb Co(Me)P & L February _ 182,301 168,062
376,513
352,571 Philadelphia Company950,017
602,597
Nat Gas & Oil depts_ _Mar 819,676
555,135
Dallas Electric Co_ _ _ March...... 144,815 188,287
473,565
572,424
7,288,753 7,657,644 3,881,869 4,232,957
April 1 to Mar 31
Detroit United Lines February - 892.495 841.584 1.848,769 1,791,886
DDEB& Bat(Rec) February - 35,720 35,981
75,915
16,040
ConsolGasCoofPitts_Mar
82,820
12,873
def 259
def 500
Duluth-Superior Trac March _ _ _ .. 98,491 106,788
288,186
188,552 def11,513 def30,364
301,201
Apr 1 to Mar 31
150,235
East St Louis & Sub.. February _ 187,792 204,411
393,954
436,355
154,766
Duquesne Light
424,709
Mar 436,810
208,565
Eastern Texas Elec March....... 52,189 51,191
154,124
156,243
4,941,465 4,846,676 2,201,282 1,889,439
Apr 1 to Mar 31
El Paso Electric Co.._ March ____ 78,329 88,469
249,971
270,846
4,566
18,516
Pennsylv Lt & Pow....Mar
16,265
4,470
42d St M & St N Ave February _ 142,402 108,621
306,9134
275,078
73,038
Galv-Hous Elec Co March..__ 160,200 195,536
217,273
202,156
Apr 1 to Mar 31
67,404
471,140
567,864
Grand Rapids Ry Co February _ 94.889 96.747
199,617
199,332
258,469
Pittsburgh Rallways_Mar 950,135
339,076
958,000
Harrisburg Railways_ March --- 79,016 77,106
230,789
228,127
Apr 1 to Mar 31
11,816,591 11,925,899 3,663,324 3,484,676
Havana El Ry,L & P
8,356
5,307
Beaver Valley Tract _ _Mar
27,648
26,965
(Railway Dept)
Wk Apr 25 48,715 52,502
844,654
905,620
109,139
93,126
Apr
1
to
Mar
343,144
31
342,576
Honolulu It T & Land February _ 49,836 54,888
96,556
104,888
22,155
Houghton Co Tr Co.. March.._ 21,699 24,039 . 60,480
23,760
Mar
64,394
68,923
67,122 Savannah Elect a
bHudson & Manhat_ February _ 444,422 451,276
69,999.
Jan 1 to Mar 31
917,614
69,171
208,038
199,979
938,331
February _ 875,405 847,184 1,842.600 1,787,724 Tampa Elec Co a
Illinois Traction
40,261
35,183
Mar
79,143
82,268
Interboro Rap Tran_ March.._.... 3055,709 3129,766 8,642,131 8,832,133
128,019
109,825
to Mar 31
239,658
Jan
1
250,518
Jacksonville Trac Co March.._ _ _ 53,498 64,342
156,780
183,665 Third Ave System_a_ ....Mar 860.491
210,046
791,461
129,938
Keokuk Electric........ March...... 17,599 18,551
56,332
'58,501
8,104,805 8,013,377 2,379,431 2,234,568
July 1 to Mar 31
MAY 11915.]
1503
THE CHRONICLE
----Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
205,934
203,158
748,576
Twin City Rap Trans_a_Mar 785,582
577,169
561,332
2,269,752 2,173,420
Jan 1 to Mar 31
17,362
16,310
53,076
51,506
Wash Bait & Annap_b_ _Feb
39,174
35,161
110,766
107,447
Jan 1 to Feb 28
a Net earnings here given-are after deducting taxes.
b Net earnings here given are before deducting taxes.
Roads.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
s
3
$
2,201
3,737
2,088
2,088
Mar
6,973
10,047
6,341
6,351
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.
Pennsylvania Company.
(Forty-third Annual Report-Year ending Dec. 31 1914.)
Pres. Samuel Rea, March 24, wrote in substance:
General Results.-The industrial and financial conditions throughout the
territory traversed were probably more disturbed than in any other part
of the country, due to the fact that upon these lines or served by them,are
industries producing more than three-fourths of the iron and steel products
Baton Rouge Elec
of the country. The shipments of iron ore from the upper Lake region,
Jan 1 to Mar 31
which may be taken as a barometer, show a decrease of 30%,while receipts
Bay State St Ry105,449 at Lake Erie ports, most of which are directly reached by your lines, show
def1,139
484,234
507,725
Jan 1 to Mar 31
895,145 a decrease of 36%. The depression in general business became more pro707,653
1,541,508 1,482,439
July 1 to Mar 31
in the last half of the year; the unsettling influence of the European
def1,743 nounced
def 984
1,074
1,137
Mar
Brock & Plymouth
was was of course a serious factor in the general situation, especially in its
def5,192 effects
def4,263
3,204
3,409
Jan 1 to Mar 31
on finance and foreign trade, but the underlying causes of the unsatis3,753 factory railroad situation, which are quite independent of European politi1,287
6,440
6,543
Mar
Cape Breton Elect
11,736 cal conditions, unfortunately continued to operate as they had before the
7,659
19,279
19,822
Jan 1 to Mar 31
war was threatened, and so far as your lines are concerned it is to these
3,949
606
24,814
28,791
Columbus(Ga) Elect___Mar
16,834 causes rather than to the war that the poor results may be attributed. the
5,727
74,933
86,374
Jan 1 to Mar 31
There wascomplete suspension of mining operations for 9 months in
43,643 southeastern coal fields
21,967
26,867
33,429
Mar
Dallas Elect Co
of Ohio,reached by the Cleveland & Pittsburgh
132,131 Division, and during 4 months in the
96,547
80,298
100,271
Jan 1 to Mar 31
Cambridge coal fields tributary to the
z25,835 Marietta Division. These suspensions were due to new mining legislation
z15,705
15,148
15,029
Duluth-Superior Trac_ _Mar
z55,655 in Ohio,changing the basis of payment to miners, which created differences
z40,353
44,491
43,632
Jan 1 to Mar 31
between the operators and the miners which have not yet been adjusted in
10,414 the
11,434
8,250
8,772
Eastern Texas Elect_ __ _Mar
Number Eight District of Southeastern Ohio. The iron and steel
28,976 industry
35,089
24,736
26,450
Jan 1 to Mar 31
was very greatly depressed, and consequently the traffic offerings
33,855 from these sources, which constitute in normal years over 70% of your
28,911
4,669
Mar
4,229
El Paso Elect
110,328 freight tonnage, were fully 25% below the average. To meet these reduc105,910
13,297
12,612
Jan 1 to Mar 31 .___
18,418 tions in revenues, expenditures were curtailed in every direction consistent
18,608
51,144
53,510
Federal Light & Tract_ _Mar
182,937 with the preservation of efficient and safe operations, and the necessity for
210,674
449,283
491,802
July 1 to Mar 31
complying with wage arbitration awards and wasteful legislation.
42,866
23,461
38,930
Mar
35,409
Galv-Houston El
The total operating revenues were $54,698,327,a decrease of $11,535.268,
113,099 or 17.42%, of which $10,420,740 was in freight ,all other items showing
65,625
114,377
107,827
Jan 1 to Mar 31
4,452 decreases except mail. The latter increased $36,384 due partly to the ad3,186
5,635
5,456
Houghton Co Tract_ __ _Mar
5,856 justment of pay for handling the parcel post, which did not take effect until
819
16,839
16,660
Jan 1 to Mar 31
1 1913,and only yielded increased pay in 6 months of 1913 as compared
912,522 x857,142 z952,607 July
Interborough Rap Tran_Mar 912,877
with the full year 1914. This increase was more than offset by the decrease
8,184,311 8,392,463 z5,878,138 x5,676,406 of
July 1 to Mar 31
$278,198 in express revenue, due to the operation of the parcel post and
12,476 to reduction in express rates ordered by the I.-S. Commerce Commission.
427
12,901
Mar
15,644
Jacksonville Tract
31,241
4,709
38,628
42,608
Jan 1 to Mar 31
The total operating expenses were $41,624,557, a decrease of $9,279,325,
4,074 or 18.23%, of which $2,805,035 was in maintenance of way and structures,
3,164
2,185
1,899
Mar
Keokuk Elect
15,074 partly due to the abnormal expenditures of the previous year in replacing
11,554
6,555
5,702
Jan 1 to Mar 31
by the floods in the latter part of March
876 and repairing property damaged
def 840
2,555
2,564
Mar
Key West Elect
98, p. 1357); $2,351.766 in maintenance of equipment, chiefly in de4,359 (V.
def 832
7,511
7,526
Jan 1 to Mar 31
creased charges for repairs and retirements of locomotives, passenger and
z65,571 freight cars, $131,671 in traffic expenses, $4,258,186 in transportation exz48,225
70,167
73,250
Mar
Louisville Railway
210,500 z150,782 z169,557 penses, due to decreases in charges for station and yard forces and supplies,
219,750
Jan 1 to Mar 31
and in items affected by the reduction in passenger and freight-train mileage.
zdef35,389
z9,201
276,553
285,395
__Feb
New York
2,287,660 2,213,865 z547,007 z742,700 while there was an increase of $364 in miscellaneous operations and $266,971
to Feb 28
July 1 Railways_in general expenses, mostly in providing liability insurance for personal
1,273
1,785
3,725
3,725
Northampton Traction_Mar
The railway tax accruals, which absorbed nearly 6% of operating
3,649 injuries.
4,616
11,175
11,175
Jan 1 to Mar 31
revenues, were $3,208,303. an increase of $90,248.
55 057
The railway operating income was $9,864,668, a decrease of $2,346,992.
49,930
50,331
51,901
Nor Ohio Trac & Lt_ _ _ _Mar
148,361 The total non-operating income was $11,028,161, a decrease of $2,022.804,
143,142
149,824
153,014
Jan 1 to Mar 31
50,410 due principally to the inability of the Pittsburgh Cincinnati Chicago & St.
16,120
25,883
27,254
Northern Texas Elec_ _Mar
128,796 Louis Ry., the Vandal's', RR, and the Cleveland Akron & Cincinnati Ry.
65,076
75,450
81,723
Jan 1 to Mar 31
to pay the usual dividends.
1,324
345
7,679
7,796
Paducah Trac & Lt_ __Mar
The net income was $4,728,072, a decrease of $5,065,029, from which
4,259 was appropriated $1,911,619 for sinking funds and $2,400,000 for dividends,
2,358
22,997
Jan 1 to Mar 31
23,250
to 3% upon the outstanding stock, leaving a balance of $416,453,
1,277
equal
576
Mar
7,238
Pensacola Elect
7,267
3,590 which was transferred to the credit of the profit and loss account; $800,000
1,318
21,674
Jan 1 to Mar 31
21,898
therefrom for dividends, making the total dividends paid
appropriated
was
745
def1,254
23,015
Mar
23,409
Savannah Elect
as compared with 77a in 1913. The amount to the
1,357 at the rate of 4%.
def 603
68,642
69,774
Jan 1 to Mar 31
credit of the profit and loss account at the close of 1914 was $7,224,332.
30,669
35,885
4,514
4,376
Mar
Tampa Elect Co
5% Rate Case.-The revenues of the railroads in the territory served being
95,176 inadequate to meet the rising costs of the sem ice furnished, the continual
114,790
14,649
13,229
Jan 1 to Mar 31
x4,220 zdef86,494 heavy increases in taxes and the additional burdens necessary to comply
219,422
Mar 212,369
Third Ave System
with Estate and Federal Governmental requirements, an application was
x361,651
x522,331
1,919,026
1,918,187
July 1 to Mar 31
made to the I.-S. Commerce Commission to allow an increase of 5% on all
83,932 z120,775 z124,601 inter84,924
Twin City Rap Transit_Mar
State
rates. In the latter part of the year an increase was
243,634 z324,394 z337,142 granted andfreight
245,104
Jan 1 to Mar 31
became effective upon a portion of the freight traffic, but was
23,824 zdef5,791 zdef4,147 denied as to coal and other heavy commodities, which constitute about 62%,
24,399
Wash Bait & Annap_ __Feb
48,216 xdef8,904 xdef4,534 of the tonnage transported. While It was thus possible to increase the inter48,897
Jan 1 to Feb 28
State rates on a portion of the tonnage, very many of the increases could
x After allowing for other income received.
not be made without interference with intra-State rates, permission to
increase which has not yet been granted.
New York Street Railways.
Traffic.-The aggregate tonnage moved upon your entire system during
Earnings
-Gross Earnings--Net
the year was 140,349,429 tons, a decrease of 34,448,191 tons, or 19.71%.
Previous
Current
Current
Previous
The aggregate ton mileage decreased 2,956,731.646 ton miles, or 18.99%•
Year.
Year.
Roads.
Year.
Year.
The decrease in freight train mileage on all lines was 21.25%.
$
$
The number of passengers carried on all lines was 33,078,666, a decrease
c161,802
Hudson & Manhattan_a_Feb 294,932
301,931
c155,021
615.418
344,410 of 2,514,982, or 7.07%. Aggregate passenger mileage, 1,155,165,342, a
636,590
Jan 1 to Feb 28
327,135
of 72,604,438, or 5.91%.
Interboro R T (Sub)_a_ _Feb 1,489,635 1,509,753
982,152 decrease
945,390
Equipment Trusts.-Payments were made on account of principal of car
3,035,578 3,120,829 1,907,636 2,009,984 trust
Jan 1 to Feb 28
contracts amounting to $1,698,305,leaving a balance of $7,829,983.
Gold
572,469
548,386
Interboro R T (Elev)_a_Feb 1,218,055 1,258,745
Gold Loan of 1901.-Under the provisions of the $20,000,000 3
2,550,843 2,581,539 1,137,436 1,165,823 Loan of 1901,$1,334,000 were drawn ,leaving outstanding $2,658,000.
Jan 1 to Feb 28
investin
of
increase
-The
$244,697
Expenditures.
Equipment
and
Road
Total Interbor R T_a_Feb 2.707,690 2,768,498 1,493.776 1,554,621 ment in road,shown in the general balance sheet, Is due principally to book
5,586,422 5,702,368 3,045,071 3,175,807
Jan 1 to Feb 28
value of shop machinery and tools transferred from the equipment account,
553,906
515,685 and the decrease of $126,771 in the investment in equipment is largely due
Brooklyn Rap Trans_a_ _Feb 1,916.898 1,863,192
4,004,119 3,956,804 1,187,792 1,156,866 to the same transfer of charges. The expenditures for additions and betJan 1 to Feb 28
250,366
951,832
193,033 terments upon the leased properties, not chargeable to the betterment
New York Railways_ a_ _Feb 982,481
543,300
595,883 accounts, amcunted to $650,280 for road and $423,677 for equipment,
2,076,184 2,117,690
Jan 1 to Feb 28
1Vayne &
8,261
def1,311 and were principally for improvements upon the Pittsb. Fort
46,835
55,275
Feb
Belt Linea
charges for
15,899 Chicago lty. and Cleveland & Pittsburgh RR., consisting ofwork,
20,620
111,621
118,819
Jan 1 to Feb 28
assessseparation
grade
used,
of
cost
materials
heavier
track
excess
3,561
def6,887 ments for street improvements, industrial sidings, bridge improvements,
54,652
55,795
Feb
Second Avenue_a
3,598 and to the replacement of locomotives and passenger cars.
11,328
129,923
121,225
Jan 1 to Feb 28
91,545
87,443
Third Avenue_a
280,259
Feb 284,787
On the Pittsburgh Fort Wayne & Chicago Ry. the track-elevation work in
220,592 the Chicago district south of Archer Ave. was practically completed, the
206,038
Jan 1 to Feb 28
624,965
609,942
D D E Bway & Datt_a_ _Feb
1,939 def8,395 3d track from Mansfield to Toledo Junction, Ohio, was completed and put
35,981
35,720
Jan 1 to Feb 28
7,961
def9,634 into service, the construction of an industrial track about 2 miles long to
82,820
75.915
was commenced.
6.944 reach a new steel and enameling plant in South Massillon
51,682
42d St M & St N Ave_a_Feb 142,402
108,621
with necessary equipment and two steel tanks were
Jan 1 to Feb 28
79,581 a large pump house
119,923
275,078
306,964
erected at Berner to supply water to the shops, yards and stations in AlleN y City Interboro_a_ _Feb
4,894 gheny,
17,276
44,337
51,255
the new passenger station at Fort Wayne was opened for use in
Jan 1 to Fob 28
10,771 March and a new passenger station at Plymouth was placed in service in
33,296
97,515
108,427
Southern Boulevard_ a_ _Feb
def1,484 December,
5,246
14,565
• an under-grade crossing was completed at the Palestine Road,
15,574
Jan 1 to Feb 28
3,335 west of Warsaw, Ind. and in connection with the car-repair plant at In9,902
31,793
32,807
Harbor,
Ind., a'
diana
100,000-gallon capacity steel water tank was erected
Union Ry of NY City.a.Feb 190,276
13,254
43,686
178,676
Jan 1 to Feb 28
23,136 and 14 buildings were constructed, including a machine shop, blacksmith
80,988
401,906
387,759
house,
power
planing
mill, tool house,&c.
shop,
Westchester Electric_a_Feb
def1,343
7,642
39,616
36,379
On the Cleveland & PiUsburgh RR. the track-elevation work in the Euclid
def2 Ave.
Jan 1 to Feb 28
82,550
7,835
78,952
district, Cleveland, including the remodeling of the Euclid Ave. pas-Feb
-Railroad_a92 senger station, was completed, and the coal machine on Dock No. 24 at
51,942
Yonkers
10,119
47,296
107,934
3,589 Cleveland was replaced by a new 100-ton car-dumper, involving the con18,634
102.862
Jan 1 to Feb 28
14,180
def5,950 struction of a new concrete foundation, extension of boat slip, construction
13,603 def3,249
Long Island Electric_a_Feb
29,909
def6,695 def10,696 of 450 lineal feet of new dock, necessary tracks, &c.
29,206
Jan 1 to Feb 28
On the Pittsburgh Youngstonw & Ashtabula Ry. the additional main
27,694
2,876
23,291
def4,692
N Y & Long Isl Trac_a-Feb
57,739
def6,219 tracks from Youngstown to Brier Hill were completed, and on the Erie &
5,850
51,183
Jan 1 to Feb 28
Pittsburgh
RR. a new freight station was built at Erie, Pa.
10,361
9,163
def1,357
1,064
N Y & North Shore_a_ _Feb
On the Toledo Columbus & Ohio River RR.. the new bridge over the Mau22,147
351 mee
20,657
4,135
Jan 1 to Feb 28
River at Toledo was completed ,a number of passing sidings were ex91,226
87,422 def9,420 def3,741 tended, additional yard facilities provided at Bay Junction, Sandusky,
N Y & Queens Co_ a----Feb
191,521
188,923 def23,869 def3,218 and an additional coal-handling machine and dock facilities were constructed
Jan 1 to Feb 28
Feb
4,800
def830 def1,037 at Sandusky.
4,752
Ocean Elec (L I)..a
Union Passenger Station at Chicago, Ill.-Considerable progress was made
10,029
def1,617
defl,757
10,427
Jan 1 to Feb 28
the proposed new union passenger station in Chicago,
24,169
998 def12,712 in connection with
22,030
Richmond Lt & RR_ a--Feb
to in the last annual report(V.98_,p. 1388),the necessary ordinance
referred
160
50,638
def19,953
47,632
28
Feb
to
Jan 1
having been granted by the city on Mar.23 1914, and accepted by the
rights
21
def3,926 Union Station Co. on Sept. 23, under which it is required that the work
17,67715651
Staten Island Midland a Feb
1,340 def5,209 shall
37,017
34,321
Jan 1 to Feb 28
be commenced within 6 months of the latter date and arrangements,
are
given
after
taxes.
are being made for the financing and starting of the project. The new
deducting
here
earnings
a Net
passenger terminal will absorb the present freight station facilities of the
c Other inc. amounted to $87.938 in Feb. 1915,against $88,079 in 1914.
Roads.
1504
Pittsburgh Fort Wayne & Chicago Ry. and a modern freight station of
much greater capacity will be provided to replace the old one.
Securities Owned.-The securities owned by your company at Dec. 31
1914 were held at a valuation of $206,405,987 and produced an income of
$9,505,843.
An opportunity having offered, your company acquired by purchase in
the latter part of the year all of the outstanding stock of the Dayton Lebanon & Cincinnati RR. & Terminal Co., which owns a line 23.27 miles
long, connecting with the Cincinnati Lebanon & Northern By. at Dodds,
Ohio, and extending into Dayton, Ohio, in which city it owns an extensive
and valuable terminal property (V. 99, p. 1832; V. 100, p. 139).
Your company also increased its holdings of securities by purchasing
additional preferred stock of the Pittsburgh Cincinnati Chicago & St. Louis
Ry., and also the holding of the latter company in stocks of the Cincinnati
Lebanon & Northern By., Little Miami RR., Vandalia RR. and the Chicago St. Louis & Pittsburgh RR., which latter was converted into common
stock of the Pittsburgh Cincinnati Chicago & St. Louis Ry.; also by the
receipt of special betterment stock from the leased lines in settlement of
betterment accounts. It exchanged its holdings of notes of the Pennsylvania Steel Co. for 30-year 5% collateral trust bonds of that company;
received from the Pittsburgh Youngstown & Ashtabula Ry.in settlement of
betterment account $510,000 of that company's First General M.4% bonds,
which were subsequently sold, and acquired the entire issue of $3,494,000
of the Pittsburgh Cincinnati Chicago & St. Louis Ry. Consol. M. bonds,
series "J," of which $600,000 were sold. Your company also sold its entire
holdings of bonds of the Cincinnati Lebanon & Northern Ry.Co ,the Wheeling Terminal By. and the Norfolk & Western By., and disposed of a portion of its holdings of Southern Pacific Co. stock.
Statement as to $11,030,991 Expended During 1914 for Construction, Equipment, &c.-Lines West of Pittsburgh.
[Incl. in Road and Equip. accounts in bal. sheets of the several cos.]
Penn. Co. Lines ($5,159,696)All Other Companies ($5,871,295)Pennsylvania Company
$118,437 P.C. C.& St. Louis Lines__ _ $4,100,208
Pitts. Ft. Wayne & Chic. Ry_ 2,601,560 Vandalla RR. Lines
376,573
Cleveland & Pittsburgh RR
1,005,760 Grand Rap.& Indiana Lines
Cr.35,864
Pittsb. Youngst.& Asht. By... 354,567 Independent companies
1,413,081
Tol. Col.& Ohio River RR
919,248 Sundry branch roads
17,299
Cleve. Akron & Mein. RR
89,398
Other companies
70,726
STOCK HOLDINGS OF THE PENNSYLVANIA COMPANY DEC. 31
1914, AGGREGATING (AT PAR) $237,053,706.
Belt By. of Chicago
$240,000 Pennsylvania Steel Co., pref__$9,158,300
Cambria Steel Co
22,504,100
Cambria Steel Co. scrip ctfs
281,301
Central Indiana By
60,000
Clev.& Pitts. RR.guar. spec_ 4,435,900
Cleve. Akron & Mein. Ry
7,498,487
Cincin. Lebanon & North.Ry. 1,500,000
Cincin. Richm. & Ft. Wayne_ 1,277,000
Chicago Ind. & Eastern By... 1,000,000
Cornwall & Lebanon RR
300,000
Dayton Lebanon & Cincinnati
RR.& Term. Co
1,000,000
Englewood Connecting Ry
250,000
Erie & Pitts. RR., guar.spec_
855,600
Grand Rapids & Indiana By
2,965,900
Lake Erie & Pittsburgh By....
_ _ 2,150,000
Little Miami RR.,spec. bett't 2,882,850
Louisville Bridge Co
•
902,900
Norfolk & Western By., pref. 5,000,000
Norfolk & Western By.. com_ 3,190,500
Ohio Connecting By
2,000,000
Ohio River & Western Ry
652,600
Pennsylvania Ont. Tran. Co
125,000
Pennsylvania Steel Co.,com__ 7,388,900
Pennsylvania Terminal Ry___. 759,600
Penn. Tunnel & Term. Ry_..10,000,000
Pitts. Cin. Ch.& St. L., pref._24,886,700
Pitts. Cin. Ch.& St. L.,corn_ _24,169,600
Pitts. Ft. Wayne & Chicago
By. Co., guar. special
48,505,200
Pitts. Youngstown & Ashtabula By. Co., preferred
5,775,000
Pitts. Youngstown & Ashtabula By. Co., common
2,100,000
Pitts. Joint Stock Yards Co
500,000
South Chic. & Southern RR
842,500
Southern Pacific Co
14,201,200
Terre Haute& Peo. RR., pref. 1,132,700
Terre Haute & Peo. RR.,corn. 211,300
Toledo Peoria & Western Ry
2,011,200
Tol. Colum.& Ohio Riv.By.. 8,000,000
Vandalia RR
12,175,000
Youngstown dr Ravenna RR
320,000
Wheeling Terminal RY
2,000,000
Miscellaneous
1,844,368
BONDS OWNED BY THE PENNSYLVANIA COMPANY DEC. 31 1914,
AGGREGATING(AT PAR)$30,027,801.
Chic.Ind.& East. 1st M.5%. $500,000
Cent.Ind. Ry.1st M.4% gold 750,000
Erie & Pitts. RR.,deb.33,5%- 439,801
Or. Rap.& Ind. Ry. 2d M.4% 3,487,000
L. E.& Pitts. Ry.lst M.4)4% 2,150,000
Long Island RR. equip. trust_ 1,100,000
Ohio River & West. 1st M.4% 600,000
Penn.Steel rolling stk. tr.4%_
300,000
Penn. St. fr car tr. 4% gold.. 1,300,000
Penn. St. equip. impt. tr. 4%. 2,000,000
Penn. gen.frt. equip. tr.4%__ 4,400,000
Penn. RR. water sup. tr. ctf- - 3,000,000
Pitts. Cln. Chic. & St. L. By.
cons. M. 436s
2,894,000
Penn.Steel 30-yr. coll. tr. bds_ 5,309,000
Tol. Peo.& West. 1st M.4%. 1,248,000
Miscellaneous
550,000
Total par value of stocks, $237,053.706; par value of bonds,$30,027,801;
total, $267,081,507; ledger value as per general balance sheet, exclusive of
"securities issued or assumed" (unpledged $48,000). $206,405,987. Of the
foregoing securities there are deposited as collateral with the various
mortgages and trust obligations stocks of a par value of $125,419.000.
INCOME ACCOUNT.
Operating Revenues1914.
1913.
1912.
1911.
Freight
$39,164,509 $49,585,250*$47,526,730*$39,738,230
Passenger
9,799,878 10,137,110
9,545,608
9,254,578
Mail
1,170,824
1,134,440
1,100,351
1,113,451
Ex press
1,351,976
1,630,174
1,573,032
1,417,981
Other transport. revenue 1,883,110 • 2,027,850 *2,085,326 *1,834,714
Miscellaneous
1,328,030
1,718,772 *1,119,378
*314,348
Total operating rev..854,698,327 $66,233,596*362,950,425*353,673,302
ExpensesMaint. of way & struc__ $7,808,155 $10,613,189 $9,440,847 $6,666,532
Maint. of equipment_ _ _ 10,217,897 12,569,663 11,161,332
9,511,530
946,797
1,078,469
Traffic
982,746
944,468
20,616,216 24,874,403 21,906,260 18,730,151
Transportation
1,768,158 *1,152,227 *1,106,551
General & miscellaneous 2,035,492
$41,624,557 $50,903,882*344,643,412*336,959,232
Total
Net operating revenue_ _813,073,770 $15,329,714*$18,307,013*$16.714,070
Outside oper., deficit..
*32,205
*35,825
3,208,302
3,118,055 *2,738,020 *2,429,060
Taxes
800
Uncollectibles
Operating Income....- $9,864,668 $12,211,659*$15,536,788*$14,249,185
Other IncomeDivs. & int. received..- $9,491,343 $11,814,743 $12,754,723*$12,206,516
327,700
Jointfacilities, rents _
323,222
338,492
311,109
_
Miscellaneous rents
210,488
201,972
*280,984
*375,093
Hire of equip., bal
178,006 def.20,185
Sundry other income__ 998,630
711,029
*423,549
*645,603
Gross income
$20,892,829 $25,262,625*$29,512,542*$27,767,321
DeductInterest on bonds
$5,287,882 $5,355,437 $5,298,188 $5,090,634
interest
810,078
Other
389,556
267,127
248,026
8,848,433 *10,423,441 *10,258,566
Lease of other roads.... 9,117,129
625,810
Joint facilities, rents
613,375
681,941
414,472
162,466
balance
64,844
Hire of equip.,
161,392
197,878
Miscellaneous
*139,205
*111,145
(4%)3,200,000 (7)5,600,000(7)5,600,000 (7)5,600,000
Dividends
2,200,000
Add'ns & betterments..
3,000,000 2,500,000
Approp. sink., &c., fds_ 1,911,619
1,896,803
3,286,139
3,132,446
84,133
168,265
Car trust-principal...
Total deductions..._821,276,376 325,166,326*328,780,174*827,523,554
def$383,547 sur396,299 sur$732,368 sur$243,767
Balance
The company deducts 1% of the 4% dividends shown in 1914 from
profit and loss; but the full amount of dividends is deducted by us for the
sake of simplicity (see remarks above).
* The items marked (*) having been changed in 1913 for purposes of
comparison with 1914 figures, the comparison of those items with previous
years are slightly inaccurate; the results, however, remain unchanged.
Note.-The lines "operated directly by the Pennsylvania Company,"
aggregating 1,683.92 miles Dec. 31 1914, gross and net earnings of which
are shown above, include:
Miles.
Operated under LeasePittsb. Ft. Wayne & Chicago..._470.53
12.23
Massillon ez Cleveland
82.97
Erie & Pittsburgh
204.73
Cleveland & Pittsburgh
Plttsb. Youngstown & Ashtab.Ry_ 137.56
Toledo Columbus & Ohio River_ _ _345.31
Cleveland Akron & Cincinnati-- -335.21
[voL. 100.
THE CHRONICLE
Controlled by stock or Otherwise-Miles.
Pitts. Ohio Valley & Cincinnati_ _ _ 15.09
South Chicago & Southern
23.05
Branches W. N. Y.& Penn. By.. 51.52
Youngstown dc Ravenna, &c
5.72
Used Jointly with other companies_ 73.55
GENERAL BALANCE SHEET DEC.31.
1914.
1913.
1914.
1913.
$
Road & equip.,&c.29,167,677 27,975,282 Common stock__ _80,000,000 80,000,000
in
Invest, affll.cos.:
Funded debt_ _ _ _126,246,548 127924,548
Assets-
Stocks
153,489,759
Bonds, &c.... 27,827,005
Notes
2,652,958
Advances
23,257,460
Other Invest'te
25,120,620
Misc. phys. prop. 3,050,520
Cash
3,772,325
Time drafts& dep. 128,554
Special deposits
1,031,931
Loans & bills rec..
42,456
Traffic, &c., bals_ 4,055,708
Agents, &c
748,227
Material & supp 4,648,898
Miscellaneous_
3,073,195
Work.fd.adv ,&c _
332,504
Insur.,&c.,funds_ 4,674,808
acc'ts,
1,327,538
Total
147074,716
26,999,955
3,198,280
21,926,133
27,261,777
3,383,879
5,184,198
711,262
719,155
951,488
1,227,872
4,610,541
9,084,457
338,365
4,614,899
2,135,922
289,002,143 287398,181
Equip. trusts_ _ _ _ 7,829,983 9,528,288
Loans & bills pay_12,800,000 13,200,000
Traffic balances__ 4,160,629 1,757,805
Vouch. & wages__ 2,498,260 3,415,312
711,262
Matured int., &c_ 1,031,231
Misc. accounts... 3,372,332 3,061,038
914,217
Unmat. int., &c__ 934,690
Taxes accrued__ 2,169,211 1,939,083
Oper. reserves,&e. 1,964,503 1,776,105
Provident funds__ 2,053,160 2,052,909
Deprec.(equip).- 6,837,559 4,974,348
101,520
0th. def. or. Items 105,587
Add'ns to prop.x_12,173,833 10,683,919
Fund. dt. retired x10,297,915 8,651,258
Sundry reserves__ 6,627,037 6,376,429
Approp'd surplus_ 1,074,633 2,564,547
Profit and loss_ _ _ _y7,224,332 7,764,713
Total
289,002,143 287398,181
x Through income and surplus. y After deducting sundry net debits
during the year, amounting to $156,835.-V. 100,P•
399.
Rutland Railroad.
(48th Annual Report-Year ending Dec. 31 1914.)
President Alfred H. Smith says in substance:
New Classification.-New classifications of operating revenues and expenses, &c., promulgated by the I.-S. Commerce Commission, became
effective July 1 1914. The accounts have been kept in accordance with
these classifications since the effective date, and for purposes of uniformity
and comparison figures in the report for the first 6 months of 1914 and the
entire calendar year 1913 have been revised.
General Results.-Total operating revenues were $3,526,095, a decrease
of $233,503. Freight revenue decreased $85,298 and passenger revenue
$131,241, directly attributable to the general depression in business; mall
revenue decreased $1,099, notwithstanding the extension of parcel post,
which increased the volume of mail carried, due to the discontinuance by
the Post Office Department of two full car lines effective July 1 and Sept. 26;
milk rev. (on pass. trains) decreased $6,524; net revenue from railway operations was 3799,119, decrease $69,685, and net income from hire of freight
cars, $57,416. The expenditures charged to income for additions and
betterments aggregated $35,283. From the net income for the year, also,
after the deduction for additions and betterments, the sum of $168,725 was
appropriated for improvements, consisting of ballast, rail, extending sidings,
track scales, elimination of grade crossings, drain tile, tie plates and engine
terminal at Burlington. In addition to the foregoing there was similarly
expended $334,975 from the sums appropriated for improvements from the
surplus of previous years, of which, however,$100,000 was paid by one-year
notes, leaving unexpended of the same on Dec. 31 1914 3230,184.
Equipment Account.-To provide for equipment purchased (costing
$297,352) an effort was made to dispose of equipment trust certificates
authorized in 1913, but, owing to adverse financial conditions, they could
not be sold at the price authorized by the N. Y.P. S. Commission. Therefore about $197,000 of the cost of the equipment was paid from treasury
funds and the balance, $100,000, by two 1-year 5%% notes of $50,000.
Stations, &c.-Two notes for $50,000 each, dated July 25 1911, to the
N. Y. Central & Hudson River RR. and the N. Y. N. H.& Hartford RR.,
covering money borrowed for acquiring site for new station at Burlington,
Vt., were paid during the year.
In Oct. 1914 the company and the Central Vermont By. executed Et
contract with the W.Shelton Swallow Co. to construct a new union passenger station at Burlington, Vt., to cost about $142,000, of which each company will bear 50%• It is expected the work will be completed in 1915.
of the N. Y. State Workmen's ComTo comply with the requirements
pensation Commission, it was necessary to purchase and deposit with the
Commission bonds of N. Y. City to the roar value of $30,000, bearing interest at the rate of 434%, also cash to the amount of 82,991.
OPERATING STATISTICS.
1913.
1912.
1914.
1911.
Operations468
468
468
468
Miles operated
1,799,457
1,753,782
1,710,685
1,688,377
Passengers carried
53,753,095 56.882,997 53,540,188 51,743,334
Pass. carried one mile
2.20 cts.
2.20 cts.
2.08 cts.
2.25 cts.
Rate per pass. per mile_
2,466,554
2,383,964
2,047,325
Tons rev, freight carried 2,295,470
Tons rev.fr't car. 1 mile 256,741,734 252,581,298 261,143,405 235,894,818
0.82 cts.
0.77 cts.
Rate per ton per mile_ _ _
•
INCOME ACCOUNT.
1913.
1912.
1914.
Earnings1911.
$1,980,805 $2,066,203 *81,981,676 *81,859,097
Freight
1,250,716 *1,176,718
1,119,475
Passenger
1,165,204
381,224
358.784
*393,150
Mail, express & miscell_
*346,251
61,455
67,031
*60,977
Other than transporta'n
*46,161
Total oper. revenue__ $3,526,095 $3,759,598 *$3,612,521 *$3,416,713
Expenses$459,091 $*425,014 *3402,280
$440,994
Maint. of way & struc__
766,706
621,309
*692,904
*622.876
Maint. of equipment_ _ _
109,459
*93,482
98,485
Traffic expenses
1,477,679 *1,434,559 *1,3
1,481,302
*Elil
Transporta'n expenses
77,859
*79,601
84,886
*83.288
General, &c., expenses_
$2,726,976 82,890,794 *32,725,559 *82,568,117
Total expenses
(76.89)
*(75.45)
(77.34)
*(75.16)
P.c. oper. exp. to earns_
$868,804
$886,962
$848,596
Not operating revenue 8799,119
204,715
149,064
206,673
124,937
Taxes accrued
8664.089
$592,446
$737,898 *3723,659
Operating income_
160,452
99,881
165,702
*165,510
Divs., int., rents, &c_ _ _
$824,541
$837,779 *$829,169
Gross corp. income.. $758,148
Deduct-
Rentals leased lines_ _
Joint facil., rents, &c
Interest on bonds
Other interest, &c
Improv'ts & equipm't
$19,000
10,804
499,824
24,512
204,008
$19,000
11,218
500,454
23,462
270,407
$19,000
15,773
491,285
20,775
290,946
$19,000
*8,959
478,535
23,060
277,158
$824,541
Total deductions....$758,148
$837.779 *3806,713
None
None
Balance, surplus
None
$22,456
Note.-The items marked * having been changed in 1913 for purposes of
the
comparisons
figures,
of
comparison with 1914
those items with previous
years are inaccurate; the results, however, remain unchanged.
BALANCE SHEET DEC. 31.
1913.
1914.
1914.
1913.
$
Assets$
$
$
Road & equipm't_22,198,085 21,616,525 Common stock _ _
129,400
199,400
Preferred stock - _ - 9,057,600 9,057,600
Inv. In affil. cos.:
Bonds (see "Ry.&
Stocks
848,951
100,000 1,814,498
Ind." Section).11,676,000 11,814,000
Bonds
365,000
Loans & bills pay_
Notes
403,000
403,000
Other investm'ts
Vouchers & wages 350,743
28,997
169,638
Traffic bal., pay__
Scour. Iss'd or ass'd
77,998
89,491
631,945
Int., &c., accr'd_ _
unpledged
08,634
96,557
411,702
Cash on hand,&c. 395,834
Deprec'n (equip't) 351,696
402,934 Matured int.&divs
Material dr supp
359,858
16,522
189,280
275,000 Miscellaneous.... 157,846
Loans & bills me_
47,788
8,621 Approp. surplus__ 1,961,265 1,757,257
Items In suspense.
65,794 Profit and loss.... 1,187,335 1,162,987
59,932
Agents & conduc's
304,879
Sundry coll. accts. 267,247
87,051
Miscellaneous__ 262,190
Total
25,518,039 24,987,004
-V. 100, p. 1438.475.
Total
25,518,039 24,987,004
MAY 1 1915.1
THE CHRONICLE
Grand Rapids & Indiana Railway.
19th Annual Report-Year ended Dec. 31 1914.)
President Hughart, March 24, said in substance:
the long
Rates and Taxes.-The continuance of adverse conditions and
I. S. Comdelay in securing even a partially favorable decision from the
merce Commission in connection with freight rate increases, compelled the
adoption of a policy of severest restriction of expenditures.
ComThe partial increase in freight rates granted by the I. S. Commerce
of the I. S.
mission and Michigan RR. Commission and the permission
on
mile
per
cents
234
of
maximum
a
Commerce Commission to maintain
Efforts were
inter-State passenger fares, will help but is not sufficient.
rates,
unsuccessful in Indiana to obtain a reasonable increase in passenger
but in Michigan the matter is still before the Legislature, and it is hoped
In
that its action will be favorable to the contention of the railroads.
Michigan, as a result of what has so far been done, the valuation of general
The
year.
last
the
in
17.9%,
or
property has been increased $420,080,416,
average rate on general property, which, applied to the valuation of the
railroads, determines the amount of taxes paid the State, has been reduced
from $21.5585 to 318.3739 per $1,000. The taxes paid by the Or. Rap. &
Ind. By. will be reduced $31,209 by the Muskegon Grand Rapids & Indiana
RR.,$1,433; and by the Traverse City RR.,$796 15, compared with 1914.
Results.-The total rail revenues of all lines operated decreased $210,157,
and
or 3.75%, due principally to a decrease of $131,689, or 4% in freightmail,
of $73,745, or 3.94% in passenger revenues. Other transportation,
express and incidental revenues decreased $4,722, or 1.09%. Operating
expenses decreased $348,761, or 7.66%,of which $184,678 was in maintenance of way.and structures; $64,782 in maintenance of equipment; $14,510
In traffic expenses; $74,838 in transportation expenses. General expenses
decreased $9,176 and railway tax accruals increased $4,904, or 1.72%, due
principally to an increase in the average rate in the State of Michigan.
The net income was $123,588, an increase of $66,298, from which was
appropriated $36,467 for additions and betterments expenditures and $75.000 to provide for the purchase of locomotives and passenger cars and for
the improvement of passenger facilities, leaving $12,121. The amount
to the credit of the profit and loss account Dec. 31 1913 was $468,621.
To this was added $12.121, the balance of income for the year, and $17.595
was deducted for sundry items,leaving credit of $463,147 at close of year.
Traffic.-Our ton mileage was 359,618,754, a decrease of 25,830,262,
or 6.7%, and of all lines operated 447,622,128, a decrease of 17,723,319,
or 3.81%. The average revenue per ton per mile on all lines operated was
of the
7.05 mills, a decrease of .01 of a mill, or 0.14%. Passenger mileage
and
Or. Rap. & Ind. By., 73,318,914, a decrease of 3,294,861, or 4.3%,
average
or
4.38%;
4,189,148,
decrease
91,485,681,
of all lines operated
revenue per passenger per mile upon all lines, 1.963 cents, an increase of
.09 of a mill.
leaving $918,000.
Bonds.-Of the 1st M.334% bonds,$2,000 were paid off,
Additions.-The expenditures amounted to $49,279,of which $36,467 was
charged to the income account.
INCOME ACCOUNT OF SYSTEM FOR YEARS ENDING DEC. 31.
1911.
1912.
1913.
1914.
586.35
577.73
575.86
575.03
Mileage operated
Operating Revenue$3,164,497 $3,296,186
Freight
1,869,904
1,796,159
Passenger
242,926 $5,447,678 $5,044,504
240,671
Mail and express
112,519
115,728
Other transportation
70,830
76,506
Miscellaneous
1505
Allis-Chalmers Manufacturing Co., Milwaukee, Wis.
(Report for Fiscal Year ending Dec. 31 1914.).
The report, including the remarks of President Otto H.
Falk and the consolidated profit and loss account and balance
sheet, is given on subsequent pages. Below are the usual
comparative tables.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DECEMBER 31 1914.
Year end'g Apr. 16 to
entro Apr. 16 to
Year.
Dec.31 '14, Dec.31 '13.
Dec.31 '14. Dec.31 '13.
3
$
$
$
1,354,617 1,772,678
Sales billed
10,323,150 11,127,621 Net profits
Cost, deprec ,&c.. 9,221,174 9.503,472 Selling, publicity,
administ'n, &c.,
1,379,685 1,017,553
Factory's profit 1,101,976 1,624,149
expenses
Other income__ 252,641
148.529
Balance, surplus
def$25,068sur$755„125
Net profit
or deficit
1,354,617 1,772,678
BALA NCE SHEEET DEC. 31.
Tor detas see a subsequent page.[
1913.
1914.
1914
1913.
$
LiabilitiesAssets-Real est..blgs..&e_ 11,008,481 12,281,575 Preferred stock..__16,500,000 16,500,000
Pat's, good-will,&c19,615,805 19,761,731 Common stock ___26,000,000 26,000,000
Capital stockVoting trust cert.&
1,170,600
Bull.ELMfg.Co.
406,135
held in trust__ 406,135
319,003
Accounts payable.. 210,508
1st M.6% bonds,
Reserve for conBulLELMfg.Co. 849,015
tracts billed____ 248,834
776,734 1,274,424
407.137
Cash
316.361
Marketable secure. 3,607,301 1,862,038 Accrued accounts.. 299,023
241,491
157,644
240,050 Reserves
*274,550
Other securities
755,125
Notes & accts. rec. 3,445,625 4,972,468 Profit and loss--- 730.056
4,149,244 4,889,171
Inventories
22,125
13,175
Unexp. insur., &c.
44,146,065 45,709,717
44,146,065 45,709,717 Total
*Includes in 1914 and 1913 Winona Interurban By. 1st W 20-yr. 5% gold bonds
(Par value, 3217.000), cost, $141,050; Canadian Allis-Chalmers 1st M. 20-yr. 5%
bonds, unissued guaranteed by Canadian-Bullock Ltd. in liquidation (par $94,293).
$91.500, and Maverick MIIIP, 102,000 shares, common stock shares (par, 310,200),
$7,500, and in 1914 in addition to the previously mentioned, the Laurel Lt.& By.
1st M.6% bonds (par $21,000), $18,000, and Pacific Gas & Elec. (200 shares) 181
pref. stock (par $20,(.00). 316,500.-V. 100, p. 644.
Total
United States Steel Corporation.
(Earnings for the Quarter ending March 31 1915.)
The following financial statement of the Corporation and
its subsidiaries for the quarter ending March 31 was given out
on Tuesday after the regular monthly meeting of the directors. The "net earnings" as here shown "were arrived at
after deducting each month the cost of ordinary repairs and
maintenance of plants and interest on bonds of sub. cos.
For unfilled orders on hand see "Trade and Traffic Movements," April 17 1915 (page 1322).
$5,387,885 35,598,041 35,447,678 $5,044,504
Total
Operating Expenses$825,4511
Maint. of way & struct_ $640,773
INCOME ACCOUNT FOR QUARTERS ENDING MARCH 31.
952,4311
887,649
Maint. of equipment _ _
1912.
1913.
1914.
1915. .
147,752i $4,252,032 $3,869,675
Net Earnings133,243
Traffic
*31,687,150 *34,941,337*311,342,533 35,243,406
2,419.864
January
2,345,026
Transportation
5,427,320
*10,830,051
*5,655,611
*3,638,578
210,374
February
200,420
General & miscellaneous
7.156,247
*7,132,081 *7,397,433 *12,254,217
March
$4,207,111 $4,555,872 $4,252,032 $3,869,675
Total
$1,174,829
$1,195,646
Total net earnings___312,457,809 $17,994,381 $34,426,801 $17,826,973
$1,180,774 $1,042,169
Net revenue
*278,716
*281,915
Deduct285,762
290,668
Taxes
For sinking fund
2,277
1 35.773,236 $5.798,023 38,730.292 $5,718,558
Uncollectibles
Deprec. & res've funds1
5,668.209 5,741,849
*3913,7-31 *3896,113 Interest
5,600,279
5,524.379
$756,407
Operating income---- $887,829
53,868 Prem. on bds. redeem
53,228
227,023
245,136
51,834
52,211
Other income
$808,241 *3966,959 *3949,981
Total deductions____$11,542,751 $11.625,325 $14,398,501 $11,460,407
$940,040
Gross income
$915,058 $6,369,056 $20,028,300 $6,366,566
Balance
Deductions$442,308 Div. on pref.(1%%)- - $6,304,919 $6,304,919 $6,304,919 $6,304,919
$439,082
$442,829
$443,523
Bond interest
148,223 Div.on common(1%%)
6,353,781
185,946
6,353,781
6.353,781
150.507
181,046
Lease of other roads_ _ _ *173,704
*130,859
157,614
191.883
Miscellaneous
22,966
18,100
2,206
Balance,sur. or def..D.$5,389,861D.$6,289.644 S.167,369,600D.$6,292.134
Portion of equip. trust.._1 111,4671
35,984
50,525
* After deducting interest on subsidiary companies' bonds outstanding;
55,085
Additions & betterments
$880,026. $872,480 and $872,055 in Jan., Feb. and March 1915, against.
Tol $824,512 $823,185
respectively, $819,372. $819,129 and $818,106 in 1914, and $838,497.
Total deductions_ __ _ $927,919
$126,796 $847,132 and $842,298 in 1913. Similar deductions were made in 1912.
$142,447
$12,121
Balance,surplus
For statement of earnings by quarters for the years 1911* Comparisons of items marked (*) are inaccurate, the figures having
1914, see V 100, p 394 1442, 1354.
been changed in later years; the results, however, remain unchanged.
BALANCE SHEET DECEMBER 31.
Anaconda (Mont.) Copper Mining Co., New York.
1913.
1914.
1014.
1913.
(Report for Fiscal Year ending Dec. 31 1914.)
.$
Liabilities3
AssetsRoad & equip't.-16,918,281 16,964,114 Common stock- 5.791,700 5,791,700
Pres. B. B. Thayer, N. Y., May 1, wrote in substance:
Bonds
10,373,000 10,375,000
Invest. in atilt. cosPurchase of International Co.-In the early part of 1914 negotiations were
121,190
55,820 Equipment trusts..
60,595
55,820
Stocks
of the property, business and assets of the
150,000 started relative to the purchase
49,400 MM,funded debt. 150,000
49,400
Bonds
International Smelting ez Refining Co. The properties of the International
418,457
Traffic
327,983
61,583
balances.87,583
Notes
smeltery at Tooele, Utah, the Tooele
copper
and
lead
the
of
consisting
Co..
467,491
24,000 Vouchers & wages. 327,926
16,000
Advances
Chicago, Ind., operated by the Inter117,990 Valley RR.,the lead refinery at East
25,000 Matured int., &c.. 118,880
25,000
Other investments.
the copper refinery at Perth Amboy, N. J.,
Co.,
Refining
Lead
national
52,500
52,500
int.,&c.
Unmatured
210,114
Misc.physical prop. 222,292
smeltery in process of
82,762 operated by the Raritan Copper Works, and the new
383,653 Miscell. accounts.. 176,193
524,848
Cash
examined and appraised
168,963 construction near Globe, Ariz., were thoroughly
116,993 Deprec'n (equipt.) 207,623
116,813
Special deposits
of directors was held April 20. at
meeting
A
engineers.
by
independent
28,287
9,878
items,&c.
cred.
Def.
264,468
157,243
Agents, &c
as a going concern and
581,209 which the purchase of the property was authorized
282,522 Add'ns to property 617,676
305,380
Material & supp
offering shareholders of the International the privilege of exchanging their
75,000
300,865 Approp. surplus...
Miscell. accounts_ 185,730
the basis of 3.3 shares
upon
stock,
Co.
Copper
Mining
for
Anaconda
shares
468,621
a463,147
_
67,229 Profit and loss__
Unadi. accts., &c_ 106,121
of Anaconda Copper Alining Co. stock for each share of International
Co.stock. All of the shareholders of the International
18,770,511 18,805,761 Smelting & Refining
Total
Total
18.770,511 18,805,761
Co. accepted the basis of exchange of their stock for Anaconda Copper stock.
a After deducting $17,595 sundry net debits.-V. 99, p. 1832.
As a result,330,000 shares of Anaconda Co. stock were exchanged for the
100,000 shares of outstanding International Co. stock. This action was
Electric Storage Battery Co., Philadelphia.
approved by your stockholders on May 26 1914. Thereafter the International
Co. was dissolved. (Compare V. 98 p. 1319)
(Statement for Fiscal Year ending Dec. 31 1914.)
In May 1914 the International Smelting Co. was incorporated under the
1911.
laws of Montana, with $15.000,000 authorized stock (par $100), of which
1912.
1913.
1914.
Sales,less mfg. cost,&c_ 31,395,793 $1,558,123 $1,536,191 $1,479,454 amount $9,500,000 were issued to the Anaconda Co. for the properties,
452,707 business and assets of the smeltery located near Tooele, Utah,known as the
512,355
Oper. expenses,&c
522,206
547,165
Tooele Plant, and the new smeltery located near Globe, Ariz.. and the
31.026.747
remaining $5.500,000 are in the treasury.
Net earnings
$848,628 $1,035,917 $1,023,836
236,861
The Tooele Valley RR., the lead refinery at East Chicago, and the
101,444
254,610
172,838
Other income
Raritan copper refinery were operated as separate corporations.
Operations at the smeltery at Tooeie were carried on at the normal rate
Total net income..___ $1,103,238 $1,208,755 $1,125,280 $1,263.608
649,964 throughout the year; likewise at the lead refinery at East Chicago; but
649,964
649,964
649,964
Dividends (4%)
the Raritan copper refinery was operated below normal capacity during the
$613,644 last 6 months, on account of the curtailed operations of the producing com3453,274
$475,316
$558,791
Balance,surplus
panies, all of whom were seriously affected by the conditions brought about
CONDENSED BALANCE SHEET DECEMBER 31.
by the European war.
It is expected that the new smeltery near Globe, Ariz.. will begin opera1913.
1914.
1913.
1914.
tions about June 1 1915, treating,in addition to the concentrates produced
$
Assets155,000
the Inspiration and Miami companies,custom ores from that district.
by
1,885,921
1,963,738
__
137,500
stock
Preferred
Plant investment..
Curtailment.-The mines and reduction works in Montana were operated
Treasury stock__ _ 1,750,575 1,750,575 Common stock__ -17,862,500 17,895,000
157,574
any interruption for the first 5 months of 1914, but on June 12 a
without
1,378,722
1,777,131
170,853
payable..
Accounts
bds.owned.
Stks..St
7,184 labor disturbance, which had given no warning of its approach, arose, and
7,366
Sundry liabilitiesPatents, agreem'ts
while the company was in no way a party thereto or in any way responsible,
and franchises.._13,877,547 13,877,547 Reserved for deits operations were most seriously affected. The disturbance was created
417,835
659,088
predation, bad
Cash
by a factional warfare between the different elements of the Butte Miners'
debts and unfinAccts. receivable_ 1,000,532 1,350,611
672,710 Union, wherein a certain faction claiming grievances against the officials
6,267 ished contracts.. 843,198
16,996
Notes receivable
the Union seceded and established a union of their own, and the feeling
of
83,925
60,504
1,566,438
1,726,382
rentals_
Advanced
Inventory accts.*3,690,068 3,312,523 between the two became most bitter. On June 23 the Miners' Union Hall
Surplus
was destroyed by dynamite, and on Aug.30 the employment office of your
22,771,989 22,233,916 company was wrecked by the same means. The local authorities were
Total
22,771,989 22,233,916
Total
unable to cope with the situation, and on Sept. I the State militia was
city was placed_under martial law. The troops
* After deducting adjustments and all items not incident to the current ordered to Butte and the
were withdrawn Nov. 12 1914.
year, aggregating $75,729.-V. 100. p. 983.
1506
THE CHRONICLE
On account of the declaration of war, which affected vitally so many
foreign nations, the officials deemed it good business policy to curtail operations very materially, and on Aug. 1 the smeltery at Great Falls was closed
and the output from the Washoe smeltery at Anaconda was lessened to such
an extent that for the remainder of the year only about 50% of the normal
production of your company was maintained. In consequence of this,
many of the mines at Butte were closed.
The output of refined copper was much less than that of previous years,
but notwithstanding this fact and the unfavorable conditions under which
Operations were carried on, cost per lb. of copper was less than last year.
Development.-There was done in the mines in drifts, crosscuts, upraises,
winzes and shafts, 33.15 miles of development work, and a tonnage of ore
slightly in excess of the amount extracted was added to the ore reserves.
The shafts of the different properties were sunk to additional depths aggregating 3,460 ft.
Extensive repairs were made in the shafts of the Mountain Consolidated,
Diamond, Steward and Mountain View properties, and all of the mines are
in first-class conditions for operating. The Never Sweat Mine was not
operated. All work on the Nettie and Tropic mines was stopped early in
August. No underground fires of any importance occurred; but on Aug.20
the entire surface plant of the Mountain View air-shaft was destroyed by
fire. Immediate steps were taken to re-build the plant. The Southern
Cross Mine produced steadily throughout the year. .All of the ore produced
was treated at the Washoe Reduction Works. The result of development
work generally in the mines was satisfactory, and especially so in the
Leonard,WestColusa,Steward,Original,Tramway,Anaconda,Badger State
and West Gray Rock mines.
Electric Service-The excavation for the new pump station on the 1,200-ft.
level of the Leonard Mine was completed, and four new Anaconda-type
electrically driven pumps were installed. Eleven main hoisting engines and
9 auxiliary hoisting engines were operated by compressed air. Many
underground electric locomotives were installed during the year and were
quite a factor in reducing the cost of production.
Tonnage.-Our mines produced during the year 3,898,100.15 tons of ore
and 6,782.43 tons of precipitates, or a total of 3,904,882.58 tons.
Total Annual Production at Anaconda and Great Falls.
1913.
1914.
1912.
1911.
223,720,292 270,301,644 294,474,161 259,407,093
Fine copper, lbs
20,835,558 10,321,296 11.014,737 9,731,561
Silver, oz
99,651
64,898
61,314
Gold, oz
48,950
Of the foregoing output in 1914,205,298,531 lbs. of fine copper,7,221,815
gold
oz.
of
were
produced by your company.
oz. of silver and 99,650.986
Improvements in Washoe Smeltery.-The round table plant was completed
early in the year and operated most successfully during the entire year; the
results exceeded all expectations, not only as to percentage of recovery but
also as to the copper content of the concentrate. Work upon the 2,000-ton
leaching plant was carried on without cessation, and is expected to be in
full operation about May 1915, treating the sand tailings which have
accumulated from the operations of previous years, amounting to many
millions of tons. This plant, when operating, will produce about 700,000
lbs. of copper per month at a very low cost. The 100-ton acid plant, upon
which work was carried on continuously, will be ready for operation about
May 1915; the greater portion of its product will be used in the 2,000-ton
leaching plant. One reverberatory furnace was equipped with coal-dust
firing apparatus and tests were made, using different grades of coal, with
such good results that the entire reverberatory plant will be remodeled
and operated with pulverized coal as fuel. The remodeled furnaces will
have a hearth area 144 ft. long and 25 ft. wide. The benefits derived from
this change of practice will very materially affect the cost of production, as
a much heavier tonnage of charge per furnace will be treated with a much
decrased coal ratio than heretofore. It is planned to maintain the blast
furnace dept. in its present excellent condition, but not to operate the
same, using it only in case of emergency, or as an element to lend greater
elasticity to the copper-producing power of the smeltery. A new roaster
plant will be installed consisting of 40 furnaces, each 25 ft. in diameter.
The entire Converter Dept. will be equipped with converters of the Great
Falls type, cylindrical in shape and 20 ft. in diameter. In connection with
this department and under the same roof, a reverberatory furnace will be
built 175 ft. long and 25 ft. wide, to be used for cleaning the converter slag.
Exhaustive tests on a large scale were made during the past year on
different methods of flotation, with success, and during 1915 the entire plan
of the concentrator will be changed. The crushing capacity will be increased, and a method of flotation will be installed whereby all first and
second-class ores will be concentrated and the tonnage of the concentrator
increased from its present capacity of 12,500 tons to that of 15,000 tons
per day. It is expected that these improvements, when completed, will
effect a saving of over 90% of the copper contents of the ores sent to
Anaconda, compared with a 78% saving as at present made. The increased saving will have a collateral advantage in that it will make available
a large tonnage of low-grade ore which, under present conditions, cannot be
mined and graded at a profit. It is estimated that the improvements contemplated will cost about $4,000,000.
Considerable attention has been given to the possibility of making acid
phosphate at Anaconda. Some development work has been done on phosphate beds located in Montana, but no definite results have as yet been
obtained. Sulphuric acid will be available from the new acid plant.
Great Falls Smeltery.-Construction at Great Falls was retarded during
the latter part of the year by the shutdown, but is now under full headway.
There has been in operation at Great Falls for many years an electrolytic
refinery with a capacity of 5,000,000 lbs. of copper per month, which has
become antiquated and no longer economical to operate, and it is proposed
to build upon an adjoining site an electrolytic refinery having a capacity of
10.000.000 lbs. of copper per month. A commission of engineers from the
staff of your company especially expert in the refining of copper has completed an inspection of all of the most modern copper refineries in the U. S.,
and plans are being perfected for the building of the refinery, which will be
pushed to completion as rapidly as possible. It is planned here as at the
Washoe plant to abandon blast furnace practice and to treat in coal dust
fired reverberatories the concentrates shipped from Anaconda. The new
reverberatory furnaces will be completed during 1915. It is estimated that
the improvements at Great Falls, including the new refinery, will cost
about $2,000,000.
Coal Dep.-Mines at Diamondville, Washoe and Sand Coulee show:
1914.
In Tons1913.
1912.
1911.
Coal produced
619,209 736,233 837,815 800.073
Shipped to other departments
420,363 478,238 514,208 508.913
140,830 194,474 244,685 316,647
Sold
58.016 63,521
Used at coal mines
78,922 74,513
Lumber.-There was no improvement in the lumber business during the
year and in August several mills were closed on account of the lessened
demand for commercial lumber, and also the closing of many of the Butte
mines, which diminished the requirements for mine timber. All of the
saw-mills are in excellent condition. The saw-mills of the lumber department at Hamilton, Hope,Bonner and St. Regis cut during the year 84,411,461 ft. of lumber and 23,373,493 ft. were purchased, of which 50,701,581.
ft. were shipped to the mines of your company,46,118,118 ft. sold commercially, 60,083 ft. used at the mills for repairs and construction, 3,284,217 ft.
supplied to the factory, or a total disposition of 100,163,999 ft., increasing
the stock of finished lumber on hand 7,620,955 ft.
Butte Anaconda & Pacific Ry.-The electrification of the railway was a
pronounced success, as no troubles whatsoever were experienced during
the year of continuous operation.
Net
Interest, DiviGross
Traffic-Balance,
Tons. Passenger Income. Income. Taxes
dends. Surplus.
1914.5,380,045 306,065 51,381,565 $460,017 $192,195x$112,500 $155,322
1913.5,842,944 304,138 1,442,409 334,997 102,576
232,421
1912.5,715,540 265,829 1,281,306 190,603 86,170 30,000
74,433
1911.4,659,696 191,794 1,058,003 192,708 85.764 60,000 46,944
Also a stock dividend of $1,500,000 (150%) paid in 1912.
x43% paid in 1914.
PROFIT AND LOSS ACCOUNT OF ANACONDA COPPER CO. FOR
YEARS ENDING DECEMBER 31.
1913.
1914.
1912.
Receipts1911.
Sales cop.,silver & gold-$36.745,559 $44,003,473 $51,723,032 $38,918,637
430,383
384,991
107,075
Royalties, &c
52,486
66,974
72,138
69,829
Rental of properties,&c..
64,986
6,483
Miscellaneous receipts
319,438
158,375
Income from invest'ts_l 2.843,491j
248,425
1 *264,699
*308,346
Net prof.,sub.cos.&depf
*256,302
Copper,silver & gold on
hand (copper at cost,
silver and gold at net
14,330,972 16,173,789 14,895,384 14,343,155
selling price)
Total receipts
$54,377,151 $61,258,756 567,262,041 553,890,474
[VOL. 100.
1913.
Disbursements1914.
1912.
1911.
Copper,silver and gold
on hand Jan. 1
516,173,789 $14,895,384 $14,343,155 $14,736,503
Cop.,silv. & gold taken
over with pur. prop_
Mining exp.,incl. devel_ 15,298,517 18,457,559 16,905,772 14.493,824
Ore purch. (incl. trans.) 1,695,809
1,979,059 4,836,823
3,626,897
1,381,810
1,242,287
Trans. of ore to red.wks. 1,032,172
1,463,662
Reduc. exp.,incl. depr__ 6,862,307 8.709,580 8,863,801
7,744,570
Trans. of metals to East,
3,730,455
3,422,660
refining & selling exp_ 2,998,098 3,503,771
394,063
307,670
Administrat'n exp., &c..
239,155
272,412
Depreciation of plants,
Sce., written off
1,009,453
727,359
845,628
Total disbursements..$45,178,732 $49,975,529 $51,465,332 $45,574,411
Balance
$9,198,419 $11,283,227 $15,796,709 $8,316,063
Add interest
40,272
59,626
Total net income__ $9,198,419 $11,323,499 $15,856,335 $8,316,063
Interest
$272,344
$408,831
Dividends
(8%)9,077.500(12)12997,500(10)10831,250(8)8,608,750
Balance for year _ _ _def.$287,912 df$1,674,001 sr$5,025,085 def.$565,031
*After depreciation.
BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
Assets$
$
Liabilitiess
$
Mines, mining
Cap.stk.Issued.116,562,500 108,312,500
claims, land,
Accts. & wages
&c
71,786,262 68,689,661
payable and
Bldgs.,sawmills,
taxes accrued 15,974,835 5,966,223
31,896,252 16,965,561 Div'd warrants
dte
not presented
Timber lands_ _ _ 5,689,942 5,860,996
16,779
9,905
Inv.In sund.cos. 5,211,727 7,084,202 Dividend pay'le
304,422 January
Prepaid ins.,&c_
460,451
1,165,625 3,249,375
Mater. & supp_ 3,947,112 3,413,392 Surplus
a7,681,059 7,021,171
Mdse. for sale
1,510,576 1,206,230
Cop.,silver&gold 17.5E4,757 16,173,788
Accts.ree.ds cash 3,443,719 4,860,922
Total
141,400,798 124,559,174
Total
141,400,798 124,559,174
a After adding balance carried forward of sub. cos,. $947,801.-V. 100,
p. 1260, 735.
Associated Oil Co., San Francisco and New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Wm. Sproule, April 5, wrote in substance:
Results.-The combined annual report of the Associated Oil Co. and its
proprietary and affiliated companies for the year 1914 shows a balance
after taxes, bond int. and depreciation reserve ($2,052,774) of $1,264,753.
Finances.-The balance sheet shows that the company is in sound financial condition, having a cash balance of $1,950,279. Current assets exceed
current liabilities $5,887,828. During 1914 dividends were paid amounting
to $1,200,000. A dividend of 134% ($1 50) will be paid April 15 1915.
Although outstanding funded debt shows an apparent increase of $496,000
there is an increase of bonds held in treasury of $600,000, resulting in an
actual decrease of bonds in hands of public of $104,000. On Jan. 15 1915
trustee purchased and canceled from sinking fund $1,113,000 1st Ref. bds.
Oil Production.-011 in storage at close of year was 7,157,932 barrels, a
decrease of 1,437,213 barrels. Because producers in California were extracting a total volume of oil greatly in excess of demand for it, we deemed
it wise to curtail extraction and retain, as far as practicable, your oil resources underground. Production was only 4.454,064 barrels, a decrease
of 1,998,231 barrels. In 1914 the demand for fuel oil greatly declined,
owing to Ageneral industrial depression, and termination of deliveries to
Southern Pacific and Santa Fe railroads, who developed their own supplies.
Development.-DurIng 1914 we completed but 14 wells-Midway, 8;
Lost Hills. 6-principally boundary drilling to protect your oil resources.
We did not operate any of the wells in the TiCern River field that were suspended during 1913 or any of fhe wells in Lost Hills field drilled during
1914, because of general overproduction in California. In Midway field
we leased to the Southern California Gas Co. portions of the McMurtry
property for development of gas on satisfactory terms.
Marine Equipment.-The tank steamer Frank H. Buck was completed
and put in service during April 1914. The only other change in this department was the sale of the tug Milton.
Distribution Stations.-During 1914 we expended $211,542 on stations
under construction and not completed at the end of 1913 and on new stations.
Avon Refinery.-The refinery at Avon operated the entire year. The
net earnings were $339,718, notwithstanding declines in price of gasoline.
Increase in our refined oil business makes it necessary to increase our manufacturing capacity. Construction of additional facilities at Avon will be
commenced in the immediate future.
Amortization.-There was paid to mort.grustees to retire bonds$992,262.
INCOME ACCOUNT OF ASSOCIATED OIL CO.FOR CALENDAR YEARS.
1913.
1912.
1911.
1914.
Sales and other revenue_$14,743,274 $17,122,828 $16,170,967 $20,192,995
Divs. from other than
748,865
601,651
801,401
144,689
proprietary cos
$15,544,675 $17,871,693 $16,772,618 $20,337,684
Total receipts
DeductionsProdue. transp. admin.,
99
8 $12,7
13
13
5
47
7i38
3 10
36:7
893
6
2 $15,9
184
114
10
3i9
0 9632
18
18
3 $13,0
135
1
purchase ofoil, &c_....$11,148,9
28,652
56,127
Int. on notes & def. pay's
167,
Taxes
784,254
775,265
764,402
687,754
Interest on bonds
91,367
90,518
Discount on bonds sold_
1,924,071
1,828,527
1,718,215
Dievpirdec
ends
iatio
(
3%iserve_- 2,052,774
nre
1,200,000
1,200,000
Total deductions..__ _$15,479.922 $17,249,281 $15,542,174 $18,571,438
$622,412 $1,230,444 $1,766,246
$64.753
Surplus for year
ASSOCIATED OIL CO. BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
Liabilities$
$
Assets$
stock
39,758,462 40,000,000
011 lands & leases_29,547,950 29,386,631 capital
Bonds
15,212,000 15,685,000
Personal property
&c
Vouchers,
20,445,893
230,330
191,428
& improvem'ts_20,892,014
Stocks and bonds_ 8,856,335 9,397,786 Accounts payable- 315,337
394,368
802,412 Freight
890,379
39,206
106,857
Sinking fund
Interest
286,140
accrued....
Material & supp
123,136
344,567
355,190
227,446 Pan.Pac.Int.Exp.
15,635
Drilling tools, &c_
883,637 stock subscrip'n
1,950,279
5,000
15,000
Cash
Pay'ts
on
real
1,608,351
est,
husk accts.recle 1,250,310
3,478,723 3,012,856 purch. not due.. 1,042,180 1,226,053
Mdse. on hand
53,885 Construe. steamer
62,724
Deferred assets_
Bond discount,&c_ 1,482,996 1,559,805 F. H. Buck not
due
467,500
Due from affiliated
companies
1,940,386 2,094,177 Oth.def.deb.items_
7,365
92,411
Miscellaneous_ _
46,990
97,621
Other contingent
717,347 Deprec'n reserve 8,296,051 6,388,142
assets
al,079,966
Surplus
6,273,345 6,356,796
Total
71,570,833 71,370,3661
Total
71,570,833 71,376,366
a "Other contingent assets" In 1914 Include Los Angeles investment, $259,824:
Panama-Pacific International Exposition stock, $50,000; due from proprietary companies, $721,434; and prepaid premiums on marine insurance, $48.07.
INCOME ACCOUNTS OF AFFILIATED COMPANIES.
Sterling
- -West Coast Oil- -Calif. Coast on1913.
1914.
1914.
1913.
1913.
1914.
$130,987 $131,545 S570,010 $592,996 $82,398 $105,038
Grose revenue
Oper.expenses,&c.. $82,239 $77,704 $247,413 $178,972 $15,970 $14,770
29,393
38,128 102,521 102,241
30,075
38,304
Deprec'n reserve..
75,000 187,344 161,324
87,707
71,100
50,000
Dividends
Total deduct'ns_$170,543 $190.832 $537,278 $442,537 $133,070 $115,945
def$39,556 def$59,287sur$32,732 sr$150,459 def$50,672def$10,906
B alance
MAY 11915.]
THE CHRONICLE
1507
Judgment.-The judgment obtained against the company is the unfortuAmalgamated Oil and Proprietray Co's Pioneer Midway Oil.
Calendar Years- nate conclusion of a litigation which grew out of a breach of contract alleged
Years ending Dec. 31to have been committed in 1904. In April 1904, under the then manage1913.
1914.
1912.
1914.
1913.
of casein from South
$1,857,467 $3,732,628 $5,268,612 $45,367 $71,989 ment, a contract was entered into for the shipment
Gross revenue
America. The quality of the early shipments did not measure up to our
Deductthe position that we were entitled to inOperating expenses, &c._$1,043,162 $2,649,263 $4,234,714 $23,928 $28,530 standards and the company took
spect the shipments at New York before being called upon to make pay34,299
36,125
38,034
Taxes
247,204 118,382 119,425 ments. This right was denied by the shipper. An offer on our part to
251,071
Depreciation reserve_ _ _ 249,672
arbitrate the question was refused. In March 1906 the shippers began
600,1.00
675,000
750,000
Dividends
Y. Supreme Court for $394,824 damages. In 1909 a veraction in the
N.was obtained. The trial made it clear that a large part of
$2,080,868 83,611,459 $5,116,217 $142,310 $147,955 dict of $145,655
Total deductions
the
was purely speculative. i. e., not for money actually
def$75,966
claimed
,943
damage
sur$152,395
def$96
121,169
sur$
def$223,401
Balance
lost but for a profit that the shippers alleged they would have made out of
Among the assets of the Amalgamated Oil Co. and its proprietary companies are their contract if it had been continued. The correctness of such a legal
sub-companfes
show
the
of
sheets
balance
The
$5,085,396.
stecks owned valued at
principle was doubted by the company and we also felt that the verdict was
capitalization (all stocks, no bonds) as follows: (1) Proprietary companies (total), far in excess of what the shippers were entitled to. The Appellate Division
$654,350; and (2) affiliated companies, $9,494,880.-V. 100, p. 1351.
sustained our contention that the Court lacked jurisdiction and dismissed
the complaint. On appeal by the shippers to the Court of Appeals this
Judgment was reversed and the case was remitted to the Appellate Division
Bush Terminal Co., South Brooklyn, New York City. for
re-consideration. On re-consideration the Appellate Division sustained
the verdict and on appeal by us the Court of Appeals re-affirmed the verdict.
[Including Bush Terminal Buildings Co.]
The company has not changed its view with regard to the injustice of the
(Report for Fiscal Year ending Dec. 31 1914.)
claim, but there is nothing left for us now but to pay the judgment as affirmed by the Court of Final Resort. This necessity, involving payment
Pres. Irving T.Bush, N. Y., April 1 1914, says in subst.:
of a large sum of money,is a matter of serious concern. The directors, after
General Results.-The income statement is substantially better than for very careful thought, have submitted a plan which will recommend itself to
1913, as predicted in the last annual report. The increase occurred largely the stockholders as equitable because it does not discriminate between the
in the last half of 1914, due to certain improvements which had been under preferred and common shares, but treats them alike, being fair to both. It
construction and which then began to produce income,and also to certain is wise because it aims to pay the judgment with new funds, i. e., without
increased business due to the opening of the Panama Canal, and other encroaching on the company's working capital. That it is practicable is
factors and was not caused to any extent by war conditions. Operating evident from the fact that the largest stockholders have approved it and
expenses were $29,973 less than in 1913. This was a real reduction, as a offered their support. (See plan under items on another page.)
Dividends.-I have been asked many times in regard to resumption of
larger sum was expended for the maintenance and upkeep of the plant than
in the previous year. The plant and equipment have been maintained at dividends. That, of course, is a matter within the control of the directors.
a high standard and no attempt to economize in this direction has been made. The company has a fair cash balance and is only moderately indebted to the
Bush Terminal RR.-In Feb. 1914 when the railroads were endeavoring banks for current account. The company will grasp any improvement in
to curtail expenses at the instigation of the I. S. Commerce Commission, general trade and dividend payments will naturally follow. Just now the
we were served with notice that certain allowances to the Bush Terminal most pressing matter before us is to meet the judgment. With this out of
RR. would be discontinued on March 12 1914. The application of the rail- the way the company will be in a very strong position.
roads to the commission for permission to increase freight rates was then OPERATIONS OF ALL COMPANIES (SUB. COS. AND CASEIN CO.
OF AMERICA).
pending and it was not deemed a fortunate time to carry our rights into the
Federal Courts or before the Commission. We,therefore, agreed to accept
1914.
1913.
1912.
1911.
payment for a temporary period upon the reduced basis suggested by the Gross sales sub. cos.._..- $1,274,941 $1,492,727 $1.450,341 $1,366,710
agreeoperating
roads, but reserved all our legal rights under the former
earnings,
Net
sub.
$171,942
$98,024
cos-$106,527
$122,764
ment. This reduction in revenue resulted in an operating loss to the Bush Divs. and royalties rec'd
Terminal RR. of about $70,000 for the year. Counsel is now preparing
20,000
by Casein Co.ofAmer.
10,042
36,356(Not stated)
action, which, it is believed, will result in recovering this sum. Pending
the recovery the stockholders should know of the loss.
Total net income__
$142,883
$108,024
$181,984
$122,764
net
a
shows
Co.
Buildings
Terminal
Bush
.-The
Bush Terminal Buildings
Adjustm'ts,deprec'n and
profit, above fixed charges and taxes, of $183,551; $166,082 of this sum
accounts written off__
38,280
36,306
42,309
40,753
was carried to the income of the Bush Terminal Co. through dividends
declared upon the stock owned by the Bush Terminal Co. The balance of
$80,455
Balance
$143,704
$106,577
$67,271
$17,469 was left in the hands of the Buildings Co. and is not shown in the
INCOME ACCOUNT OF CASEIN CO. OF AMERICA FOR CAL. YEARS.
surplus earnings of the Bush Terminal Co. for the year.
1911.
1912.
1913.
1914.
Outlook.-The business outlook for 1915 is encouraging and I again prediet that the net returns for the year will be better than last. A sinking Royalties,&c.,rec'd (see
$122,764
$36,356
$38,912
above) from sub. cos_
$10,126
fund, which will accumulate at the rate of about$75,000 a year, became oper$42,309
$36,306
*$1,448
$21,835
ative Nov. 1 1914, upon the bonds of the Bush Terminal Buildings Co. General expenses, &c_ _ _
(4%)40,000 (8%)80,000
Notwithstanding this added charge, the additional leases which have been Dividends on pref. stock
confident
to
buildings
belonging
the
the
warrant
Co.
Buildings
of
made
sur.$455
Balance
sur.38,678 sur.$17.077 def.$39,950
prediction that the net income for that company, after all charges, including
sinking fund, will be substantially greater for 1915. The earnings for the
* Includes general expenses only in 1914 and in previous years; also
first 3 months of 1915 have been better than the corresponding quarter of
1914 and it is the belief of the officers from the present outlook that the accounts written off.
BALANCE SHEET DEC. 31.
net income will be progressively better.
1913.
1914.
1913.
1914.
1911.
1912.
1913.
1914.
Liabilities$
$
$
Assets$
Gross earns,from storage
1,000,000 1,000,000
Patents & good-v/111_4,555,168 4,555,168 Preferred stock
&c., and net income
5,487,000 5,487,000
Common stock
from RR. department $1,350,161 $1,192,375 $1,166,822 $1,213,982 Invest. in stock of
140,000 140,000
subsidiary cos_ _2,185,186 2,199,620 Notes payable
364,394
362,597
371,370
Operating expense
341,397
960
6,013 Accts. payable
5,790
Notes receivable__ __
4,737
4,938
13,707 Res've for accts. sec_
$849,588 Accounts receivable_ 10,646
$821,005
$804.225
Net earnings
$1.008,764
243,357
263,140
cos
subsid.
to
Due
145,616
143,441
Cash
170,723
226,416
200,516
196,673
Other income
a22,277
47,431
15,909
4,576 Surplus
Open accounts •
Total net income_ _ _ $1,205,437 $1,047,421 $1,004,741 $1,020,311
6,918,315 6,922,525
Total
Total
6,918,315 6,922,525
Deduct$459.842
$457,160
$458,491
$455.823
Interest on bonds
stock
of
of subsidiary
in
reduction
investment
deducting
$15,000
After
a
228,912
224,050
235,277
234,413
Taxes
companies and accounts written off, $19,197, and crediting adjustments
$331,557 during the year $365.-V. 100, p. 1440.
$322,200
$354,984
Surplus for the year... $515,201
$81,667
$133,000
Preferred dividends_(6%) $138,000
$138,000
200,000 The United Gas Improvement Compay, Philadelphia.
Common dividends..(4%) 200,000
200,000
200,000
Balance,sur. or def.*sur.$177,201 sur.$16,984 def.$10,800 sur.$49,890
Note.-The dividends as above are charged directly against the earnings
of the several years for the sake of simplicity, instead of against profit and
loss surplus, as in the pamphlet reports.
* The surolus for 1914, as above, was $177,200; adding the accumulated
surplus Dec.31 1913,$1,000,907,and deducting miscellaneous adjustments,
$15,823; sinking fund, $31,035; depreciation and extraordinary repairs,
$50,000; bad debts and claims, $10,000; leaves total surplus Dec. 31 1914,•
as per balance sheet, $1,000,907.
GENERAL BALANCE SHEET DECEMBER 31.
1913.
1914.
1914.
1913.
Liabilities$
Assetsa9,736,331 9,178,150 Preferred stock___ 2,31.0,000 2,360,000
Property
317,524 Common stock__ 5,060,000 5,000,000
Construction exp_ 312,658
First mortgage 4s.. 3,086,000 3,121,000
Stocks of subsid'y
cos.& good-will. 7,422,550 7,322,550 Consol. mtge. 5s__ 6,629,000 6,629,000
578,252
300,000 Accounts payable.. 336,856
Adv.to B.T. RR_ 366,045
332,000
472,100
100,000 Bills payable
do B.T.B.Co
71,254
422,160 Fgt. agents' drafts
270,000
Bonds owned
100,000
301,603 Com.div.(pd.Jan.) 100,01:0
170,800
Cash
69,000
69,000
458,850 Pt. dlv.(paid Jan.)
Trust fund
198,910
299,626 Bond int. accrued_ 199,270
Accounts receitele. 354,539
81,954
51,860
815,479 Miscellaneous.. _ _
Duo from sub. cos. 637,825
243,895
87,131 Sink, fund reserve 274,930
113,643
Inventory
930,563
Accr. stor. & labor
62,316 Profit and loss__ _ 1,000,90/
93,166
29,255
33,520
Miscellaneous19,451,077 19,694,674
Total
19,451,077 11,694,174
•
a Property includes real estate, $1,805,401; improvements, $7,237,257;
equipment, $678,225; furniture and fixtures, N. Y. and Brooklyn. $15,448.
EARNINGS OF BUSH TERM.BUILDINGS CO.FOR CALENDAR YEARS
Rentals
Calendar
Balance,
Int. on
Other
Net
Taxes
Received. Earnings.
YearIncome. Bonds. Surplus.
Paid.
$903,523 $648,556 $120,617 $2,871 $347,259 $1g3,551
1914
830,017
156,210
4,774
1913
312,794
567,882
103,652
680,419
127,640
445,627
255,376
9.160
1912
71,771
435,496
23,039
171,797
239,662
1911
51,017 • 6,191
-v. 100, p. 1260. 1170.
Total
Casein Company of America, New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Isaac L. Rice, N. Y., March 12, wrote in substance:
(33d Annual Report-Year ended Dec. 31 1914.)
President Samuel T. Bodine says in substance:
Results.-The net profits were $7,896,400, of which $2,172,812 was derived from the sale of securities referred to in last year's report, so that the
net profits from regular sources exceeded sinking fund requirements and
the regular 8% dividend by $482,052. The falling off in net profits, from
regular sources, was due to the continued shrinkage of returns from our
investments in natural gas pipe lines and distributing companies in the State,-;
of Missouri and Kansas, and to the high prices for gas oil which prevailed
until late in the autumn. The comparison of sales during 1914 with sales
during 1913 shows increases as follows: (a) City of Philadelphia, 1.90%;
(b) properties outside of Phila., manufactured gas, 6.93%; electric, 670:
natural gas, 8.38%.
Extensions, &c., in 1915.-The estimated expenditures for 1915 for extensions and improvements by the various leased works and companies
in which we own a majority of the stock aggregate $4,467,406, of which
$1,253,841 will be expended on the Philadelphia gas works. Provision
has been made to meet these requirements.
INCOME ACCOUNT CALENDAR YEARS.
1911.
1912.
1.913.
1914.
EarningsfromLeased works & invest's- $6,633,823 $7,314,968 $8,347,310 $7,945,047
1,060,806
2,172.812
Sales of securities
255,049
206,207
225,129
177,999
Interest received (net)
57,963
18,252
Construction contracts..
16,291
6,693
13,382
7,570
Sales of store-room mat'l
2.700
2.524
1,600
1,600
Rental of offices
Rentals of bldg., Broad
& Arch ate. to cos. in
31,298
44,439
33,207
44,487
which co.isstockholder
Total earnings
$9,084,544 $8,613,194 $8,615,070 $8.308,348
Deduct expenses$383,776
State and Federal taxes.. $423,983
$378.760
$408.895
496,366
495,818
478,102
489.030
Salaries & traveling exp.
Cost oper. bldg. Broad
47,263
56,029
56,058
63,426
and Arch streets
18,888
22,608
21,143
32,560
Cost of litigation
135.391
140,307
General & miscellaneous
155,573
201,490
••••
Total expenses
$1,188,144 $1,142,087 $1,090,379 $1.084,856
$7,896,400 $7,471,107 $7,524,691 $7,223,492
Net earnings
Dividends paid (8%)_ _ _ 4,440.236
4,440,236
4,440,236
4,440,236
Sink. fds. to retire Phila.
740.500
801,300
790,500
774,500
Gas Wks. investment
Bal. to undiv. protacct$2,654,864 $2,240,371 $2,309,955 $2,042,756
BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
191.3.
Results.-The gross sales of the subsidiary companies amounted to $1,$
LiabilitiesAssets274,941, the total manufacturing profits to $207,100, expenses to $109,076,
Leaving gross earnings of $98,024. The gross earnings of the subsidiary lnvestat cost price71,114,444 71,241,454 Capital stock... _ _55,502,950 55,502,950
374,091
accrued_....
dividends
350,387
and
Taxes
203,536
contract
50,280
royalties
Construe.
sources,
the
outside
received
From
plus
companies,
aggregated $108,024. After making deductions for adjustments, deprecia- Real est.,Phlia.,&c. 1,097,161 1,129,758 Due companies in
which we are
8,054,220 5,626,773
Cash
tions and accounts written off, net earnings of all cos. was $67,271.
289,042
shareholders ___ 287,201
822,813
That tho company should be able to show net earnings of $6'7,270 is Et Accts. & bills rec. 621,719
166,929
32,851
Sundry creditors__
result that cannot be regarded as unfavorable, in view of the unusual com- Coupons & guar.
814,644 Undivided profits_29,826,965 27,172,100
div. accrued _ 606,038
ditions that business all over the country had to contend with. No income
subsidiary
143,134
168,692
Supplies
companies,
earnings
net
being
the
their
added
was derived from
to their surplus account. Following the practice of previous years the Sink, fund securs_ 4,287,800 3,523,000
surplus balance was depreciated $15,000; this with adjustments and ac86,000,354 83,505,112
Total
86,000.354 83,505,112
Total
counts written off, explains the shrinkage in surplus. While the surplus
-V. 100, p. 906,647.
of thejcompany decreased, the surplus of the subsidiary cos. increased.
THE CHRONICLE
1508
[VOL. 100.
BALANCE SHEET.
Dec. 31 '14. June 30'14.
Dec. 31 '14. June 30'14.
LiabilitiesS
$
Assets
-$
Prop. & equip't_x1,139,093 2,600,424 Capital stock_ _ _ _10,000,000 10,000,000
156,769
2,049
Physical property
758,678 Traf. bais. oth.cos.
4,673,225 4,431,920 Money orders,travGeneral Results.-After deducting all maintenance and operating expenses, Bonds
36,914
101,206
267,861
267,861
eler's checks,&c.
insurance charges, taxes, interest paid on bonds of the Interntaional Salt Stocks
369,029
145,290 Aud.vouch.&wages 27,245
Co.and the Retsof Mining Co.,interest on notes and all other fixed charges, Other investments 196,000
84,767
557,761 Express privileges 378,756 1,335,798
the administration expenses and the proportion of earnings applicable to Cash
53,065
39,725
stock of subsidiaries held by outside interests, the net profits were $358,740. Adv.to syst. corp_ 2,572,591 2,600,228 Accrued taxes_ _ _ _
As of Feb.28 1915 the net quick assets of the company and its subsidiaries Time deposits_ _ _ _ 1,100,000
Int. or disc't re283
-consisting of cash, bills and accounts receivable and inventories- Individuals & cos_
29,809
556,598
ceived In adv765,347
308,300
amounted to $514,741, after deduction of all current and floating obliga- Due from cos
12,668
165,000 Reserves
91,508
tions other than bonded debt.
Materials & supp_
7,268
50,123 Other def'd Items_
607,157
Dividend.-The directors on Feb.26 1915 declared a dividend of % of 1%, Accr. inc. not due_ 161,656
127,005 Prof.& loss surp_
payable April 1 1915 to holders of record on Mar. 15 1915. This action is Rate case reserve_ 106,750
106,750
considered to have been conservative and fully justified by the earnings Adv.pay.on contr_ 316,667
316,667
Miscellaneous.. _ _ _ 215,326
and the present financial condition of the company.
338,810
Improvements.-Expenses for betterments and improvements made dur- Prof. & loss def__ 380,891
ing the year were charged out of earnings. The plants have been mainTotal
tained in first-class physical condition, and further progress has been made
11,257,304 13,023,115
11,257,304 13,023,115
Total
In developing greater efficiency and improving the quality of production.
x Property and equipment consists of, on Dec. 31 1914, real estate and
Elimination of Fractional Shares.-It is extremely desirable that the frac- buildings, $1,015,129; equipment, $118,031; buildings and leased roads,
tional shares of stock now outstanding be eliminated, and to that end your $2,456, and buildings on railroad property, 33,477.
officers have made arrangements whereby the holders of such fractional
Note.-The company has a contingent liability as guarantor of a mortshares may either purchase at the price of $8 for one-third share sufficient gage of the U. S. Express Realty Co., $1,000,000,
held by U. S. Mtge. &
additional stock to make up a full share or dispose of their fractional hold- Tr. Co.-V.98, p. 1055.
ings at the same price. It is obviously impossible, under existing circumstances, to forecast results for the coming year, but the officers anticipate
no unfavorable developments and hope for a continuation of present satisfactory conditions.
FINANCIAL OPERATIONS FOR FISCAL YEARS ENDING FEB. 28.
RAILROADS, INCLUDING ELECTRIC ROADS.
1912.
1913.
1914.
1915.
Net earns, of substd. cos. after deduc.
Atlantic Coast Line RR.-Bonds Sold.-J.P. Morgan
exp. of oper. and produc., admin., Not
taxes,insurance, selling cost, &c__ stated $665,478 $666,647 $519,134 & Co., First National Bank and National City Bank this
Deductionsweek offered at 893 and int. $5,000,000 General Unified M.
Int. on Int. Salt Co. bds., on Retsof
M.Co.bds.&on 3-yr.coll.tr.notes_
{3351,745 50-year gold 432% bonds, "series A", dated June 1 1914 and
Not
Misc.exp.of Int.SaltCo., incl. office
rents, legal exp.. State tax, &c__ stated
372,188 369,588
31,035 due June 1 1964. Interest payable June 1 and Dec. 1 at
Divs. paid on stock of subsidiaries,
United States Trust Co. in N. Y., trustee. Denom. c*&r*.
owned by outside interests
28,320 The bonds have been all sold, but the advertisement is in-
International Salt Co., Scranton, Pa., and New York.
(Report for Fiscal Year ending Feb. 28 1915.)
Pres. Mortimer B. Fuller, Scranton, April 19, wrote:
GENERAL INVESTMENT NEWS
$372,188 $369.588 $411,101
$358,740 $293,290 $297,059 $108.033
Gain in cash assets
-V. 100, p. 1441.
United States Express Co., New York.
(Progress of the Liquidation for Six Months Ended Dec. 31 1914
-Financial Condition on That Date.)
Pres. D.I. Roberts, April 26,says in substance:
Liquidation.-The conduct of an express business by the company terminated on June 30 1914 and the liquidation of its affairs was begun. The
problem of liquidating the company included, among other things, the adustment of accounts of over 4,300 offices, the disposition of the property
n 28 States and in a number of foreign countries, and the disposal of a great
number of unexpired leases, with an annual liability for rent of over $500,000.
It was necessary to arrange with other express companies to complete the
transportation of about 100,000 shipments in the custody of the company;
to dispose of about 15,000 shipments in foreign countries; to arrange for
meeting the obligations of the company upon outstanding travelers' checks,
money orders and other financial paper In all parts of the world; to liquidate
and settle all outstanding accounts, payable and receivable; and to dispose
of or conserve its assets, including securities held for investment.
Never before has a transportation company with such diversified interests and so wide a field of operation been dissolved. Consequently, no
precedents existed to which the administration might look for guidance in
solving many of the problems confronting it. Moreover, the difficulties
encountered at every step were enhanced by the unusual business conditions existing throughout the world. The amount of detail involved in the
work of liquidation can scarecely be comprehended.
Disposition of Personal Property.-As other express companies continued
express service after June 30 1914 on the various transportation lines relinquished by this company on that date,it was possible to dispose of a large
portion of its equipment to these companies. Much of the remainder has,
from time to time, been disposed of at public or private sale. Of the equipment on hand Dec. 31 1914, shown on the balance sheet at a value of $118,031. by far the larger part has since been disposed of and there now remains
unsold a relatively small amount.
Disposition of Real Estate.-Since June 30 1914 real estate of the book
value of $570,933 has been sold for $829.081. There remains unsold real
estate of the book value of $1,015,129. Efforts to dispose of this property
have been continued, but since the beginning of the war there has been practically no market except at prices involving serious sacrifice.
United States Express Realty Co.-The company owns all of the stock, par
value $100,000, of the United States Express Realty Co., owning and operating the office building at No. 2 Rector St., N. Y. City. Prior to Dec. 31
1914 the United States Express Co. had advanced to the United States
Express Realty Co. for the purchase of land and the construction of this
building the sum of $2,572,591, and since that date has made a further advanee of $1,000,000, with which the realty company has paid off a mortgage
on the property for that amount, payment of which was guaranteed by the
United States Express Co., making a total of $3,572,591 now loaned to
the realty company. This property is now free from encumbrances.
Securities.-These have a book value of $5,137,086. No attempt
has as yet been made to dispose of them, for the reason that the condition
of the security market has not justified such action.
The report includes schedules giving in detail the properties owned as
follows (book value): Real estate and buildings, $1,015,129; stocks, $367,861 (face value $382,500); funded debt, $4,673,225 (face value $4,598,300);
mortgages, $96,000 (also face value). These are all shown in the balance
sheet of Dec. 31 1914.1
INCOME ACCOUNT.
Revenues1913-14.
1912-13.
1911-12.
1910-11.
Express
$19,342,493 $21,292,190 $20,808,974 $20,035,765
Other sources
297,450
328,519
322,534
328,309
Gross oper. revenue_ _319,639,943 $21,620,709 $21,131,508 $20,364,074
Express privileges
$9,716,447 $10,446,376 $9,927,777 $9,717,523
Maintenance
432,782
494,033
404,335
366,776
Transporta'n & traffic
9,377,946 10,062,131 10,131,505
9,262,024
General and taxes
788,933
740,532
728,904
637,097
Operating income_ _ _def.$689,015def.$109,512 def.361,013sur .$380,654
Other income
356,760
389,911
340,615
415,638
Gross income
Income charges
Dividends (6%)
def.$299.104
$81,506
$247,248
$24,280
$279,602
$46,373
600,000
$796,292
$45.471
600,000
Total deductions_ ___
$24,280
$646,373
$81,506
$645,471
Balance
def.3380,610sur.3222,968def.3366,771sur.3150,821
serted as a matter of record on another page.
Summary of Facts from Letter of Chairman Walters, dated Apr.22'15.
The general unified M. covers a total of 4,298.07 miles of road, subject
to underlying mortgages. The average mortgage debt per mile in the
hands of the public prior to the general unified M. on the 4,298.07 miles
covered is about $18,395 per mile. The amount of general unified M.
bonds in the hands of the public is approximately $3,200 per mile, making
a combined debt of about $21,595 per mile, including this issue.
The equipment owned by the company free from the lien of any equipment trust represents a value of $6,716 per mile.
The authorized amount of the mortgage Is $200,000,000, of which $88,921,685 are reserved to retire underlying bonds and other obligations. No
further bonds may be issued under any of the underlying mortgages. The
balance of the general unified M. bonds may be issued from time to time
for future construction, improvements, &c., to a face amount not exceeding the actual cost thereof. Up to the present time there have been issued
$29,951,000 general unified M. bonds, of which $13,771,000, including the
present issue, are in the hands of the public. The proceeds of the bonds
purchased will reimburse the company for part of the expenditures for
additions and betterments and for refunding underlying debt which had
matured and been paid off. The improvements made include the purchase
and construction of 171.67 miles of road, the construction of 213.69 miles
of second track, the installation of steel and concrete bridges In place of
wooden ones, building new stations and shops and purchase of equipment.
During the ten years from 1905 to 1914 the company's grass earnings
have increased from $22,222,000 to $36,832,000 and the operated mileage
has Increased from 4,306 to 4,646. Comparing 1914 with 1905, income
after taxes increased $2,796,000, or about 27%, while interest charges
increased only 2X
Net Receipts
na
u
n.
d Interest Charges for Five Years.
1912.
1914.1910.
1913.
$
Tot. net receipts_13,105,935 13,757,971 12,727,884 13,061,767 12,934,307
Interest charges.. 5,558,419 5,514.158 5,618,660 5,470,158 5,845,383
The company now has $68,558,000 common stock outstanding. During
the ten years ended June 30th 1914 cash dividends were paid on the common stock averaging over 534 %. During these years the equity behind
the company's bonds, represented by stock subscribed for by stockholders
and stock issued in exchange for convertible bonds increased approximately $24,578,000. while the interest-bearing debt in the hands of the public
Increased $4,839,668. Since July 11902, the surplus earnings above dividends devoted to the acquisition of property have aggregated $22,367,711.
-V. 100, p. 1436, 738.
Baltimore & Ohio RR.-Notes Sold.-Kuhn, Loeb & Co.
and Speyer & Co. have purchased, and on Wednesday sold
within a few hours, an issue of $40,000,000 432% secured
gold notes, dated June 1, one-half each maturing in 2 and 3
years. The notes will provide for the retirement of the
$35,000,000 one-year 43'% notes due June 1 and for general
purposes.
The price at which the notes were offered was 9934 less X for the 3-year
and 99 less 34 for the 2-year notes.
The $20,000,000 Series "A" are duo June 1 1917 and the Series "B"
are duo June 1 1918. Denom. $1,000 and $5,000 each. The notes are
part of an issue of $50,000,000. of which $40,000,000 are now offered.
All the notes of either or both series (but not part of a series) may be
redeemed at the option of the railroad company on any interest date on six
weeks' notice, at a premium equal to 34 of 1% of the principal amount
thereof for each 6 months between the date of redemption and the date
of maturity, together with accrued interest.
The notes are secured by the following collateral, which is pledged with
the trustee: $32,000,000 Baltimore & Ohio Chicago Terminal RR. Co. 1st
M. bonds Series "A" guar., prin. & int., by the Baltimore & Ohio RR.;
$6,000,000 Reading Co. 1st pref. stock; $7,500,000 Reading Co. 2d pref.,
and $7500,000 Reading Co.corn.stock, with privilege of substitution under
limitations to be stated in the trust indenture. Payment for notes purchased may be made at the purchaser's option between May 25 and June 1
on giving one day's previous notice.
Arrangement with Consolidation Coal Co.-See that company under "Industrials."-V. 100, p. 1256, 307.
Bangor & Aroostook RR.-Notes Sold.-Bond &-Goodwin have purchased,and this week offered at 99 and int.,an
issue of $1,500,000 one-year 5% coupon notes dated May 1,
the proceeds to be used to take up the floating debt, including
$1,250,000 notes due May 15.
Notes will be ready for delivery on or about May 3. Denomination
PROFIT AND LOSS ACCOUNT FOR 6 MOS.ENDING DEC. 31 1914.
$1.000. Principal and interest payable at Old Colony Trust Co., Boston.
-V. 100, p. 138.
Total p.& I. surplus July 1 '14 $607,157
Deductions-Continued-Prof. on sales of real estate__ _ 258,148 Bal, misc. acc'ts closed
Cr.$10,005
Baton Rouge (La.) Electric Co.-Notes.Liquidation expenses
548,000
The company has issuei $150,000 3-year 6% gold coupon notes due'Apr.-1
Total
$865,305 Reserves
469,129 1918. The proceeds, together with those from the sale of $100,000 1st M.
Other income
199,576
bonds, will be used to purchase land for the construction of a 2,000-h. p.
Total deductions
$1,445,773 steam power station.-"V. 89, p. 720.
Total
$1,064,881
Net losses on sales
$438,648 Total deficit Dec. 31 1914_ _ _ _ $380,891
Bay State Street Railway Co., Boston.-Bonds.- Psi
The company will receive bids at office of the American Trust Co., BosNet losses on sales as above include net loss on sale of buildings on railroad companies' property, $7,435; of buildings on leased land, $63,696, and ton, until noon to-day for $35,000 1st M. bonds of the Lowell Lawrence &
on equipment, $367,517. Liquidation expenses includes expenses of or- Haverhill Street Ry.
ganization, rents paid on unexpired leases and considerations paid for the
Application.-The company has applied to the P. S. Comcancellation of leases, for offices, stables, &c..and liabilities accrued prior
to June 30, 1914 for which no reserves were provided.
mission for authority to issue $1,500,000 pref. stock for con-
MAY 1 1915.]
THE CHRONICLE
struction and improvements. The stock will be offered to
stockholders at $112 a share.—V. 100, P. 53.
Birmingham (Ala.) Ry. Light & Power Co.—Notes Sold.
—E. H. Rollins & Sons have purchased $1,150,000 two-year
6% notes dated May 1, due May 1 1917 but optional at 101
and interest to May 1 1916 and 100M and int. thereafter.
These notes are issued to provide a part of the funds required to retire at
maturity $1,500,000 notes due July 1 1915. It is understood that the
greater part of the notes have been privately placed and that the unsold
balance will shortly be offered for public subscription at 99% and interest,
to yield 6.25%•
1509
much of the order appointing H. U. Mudge as co-receiver as
applied to any suits instituted against the officers or directors
of the company for alleged maladministration, and any
claims of similar character.
In respect to the same, the Court appointed Jacob M. Dickinson sole
receiver, with authority to proceed at once to investigate all such suits and
claims and to take such steps, by any intervention suit or otherwise, as the
interests of stockholders and creditors demand.
Request.—The Amster minority stockholders' committee
on April 25 sent out a request for proxies.
The purpose of the committee, it is stated, is to rehabilitate the road,
take it out of receivership and oust the present management. No deposit
Bonds Sold.—The company has also sold to Bertron, Gris- ,take
is called for. Mr. Amster claims that his following is larger than
corn & Co. $640,000 refunding and extension 6% bonds on stock
April 12, when he was elected a director and voted 161,000 of the 750,000
shares against the Sheldon proxy committee. The circular says: "If the
due May 1 1957.—V. 100, p. 1078, 395.
stockholders act
the committee feels sure of succeeding in its
Boston Elevated Ry.—Dividend Reduced.—The directors plans for bringingpromptly,
back this great property to its former high rank without
levying any burdensome assessments upon the stockholders, and without
have declared a quarterly dividend of 1% on the $23,950,000 taking
away from them any part of their valuable stock. We are convinced
capital stock, payable May 15 to holders of record May 6. that the
property has greater intrinsic merits and larger earning power
This compares with 1 U% quarterly in Aug. and Nov. 1914 than when the stock sold above $200 a share."
Samuel Unternayer,
, counsel for the Amster stockholders'
and Feb. 1915, making a total of 53'% disbursed during the
current fiscalfyear, against 5% during the previous year. committee, is quoted in the "New York Times":
I have not a dollar of financial interest in the property, but my study of
Compare V. 98, p. 385.
the situation has satisfied me that this is one of the great properties of the
A director is quoted:
country and that it has a bright future. As evidence of my faith in the
Stockholders should be fairly well satisfied to get 1%. They are lucky property, I am willing to join with the stockholders in immediately taking
to have this much. I doubt if there is another street railway in the country the property out of receivership either (1) by borrowing $6,000,000 on the
which could stand the constant, unreasonable burden of expense which has collateral now in the hands of the company; or (2) through an issue of 7%
been saddled upon Boston Elevated for the last dozen years or so. People cumulative preferred stock sufficient in amount for all possible future needs
forget that the Cambridge subway as an operating proposition is costing of the company. If the loan plan is thought the more advisable, I will join
$450,000 per annum at least. The Boylston Street subway is costing not a with the stockholders to the extent of underwriting one-third of the cash
cent less than $100,000. And now the Legislature is showing its irrever- requirements, on condition that the notes are offered for subsctiption to the
ence for contract obligations by forcing an Arlington St. entrance at an stockholders. If a preferred stock issue is determined upon, I will join
additional cost both in capital and running expense. No one will ever with the stockholders in underwriting that issue to the extent of $2,000.000.
know what the Washington St. tunnel loses, but it runs into hundreds of There is no reason why this road should ever have been driven into receiverthousands of dollars. The tubes, tunnels and other rapid transit facilities ship or why it should remain there.
are all fine in themselves, but if the public insists upon having them, why
Important interests are opposed to the proposals of the
should they not pay a rate of fare that allows capital to live?
The "Boston News Bureau" says that current earnings are poor and that minority stockholders on the ground that there has been
April gross receipts will show a small decrease due to poor department store too much temporary financing in the past and that their plan
business and dozens of manufacturing plants operating on part time. The
Easter storm was also an expense. Wages are said to be nearly $12,000 would merely postpone the evil day without adding anything
per week higher than two years ago, when the wage arbitration award to the value of the property.
went into effect. The third installment of the award goes into operation
The management desires to be rid permanently of the necessity of conafter May 1 and will add about $100,000 more to the wage bill, so that the
total effect of higher wages during the 12 months to May 1 1916 will be, stantly recurring principal and interest payments, which, it is stated, can
only be accomplished by a thorough overhauling of the physcial property
it is stated, about $650,000.—V. 99, p. 1447.
and its finances. This would, of course, require an amount a number of
times larger than the $6,000,000 referred to by the minority stockholders.—
Buffalo (N. Y.) General Electric Co.—Merger.—
The company has filed with the P. S. Commission an application of the V. 100, p. 1436. 1348.
company and the Cataract Power & Conduit Co. to merge under the proCincinnati Northern RR.—Earnings.—
visions of the agreement ratified by the Common Council. A hearing may Calendar
Operating
Net (after
Fixed
Balance,
Other
be given either at Buffalo or Albany within 2 weeks.—V. 100, p. 814, 644.
Year—
Revenues.
Taxes).
Income. Charges. Sur. or D
$1,471,472 sur.$185,945 $7,213 $164,486 sur.$28,672
Canadian Northern Ry.—No Payments in 1915 on Income 1914
1913
1,436,709 op.def.50,297 15,100
121,052 def. 156,249
Charge Convertible Debenture Stock—Time to Convert into —V.
100, p. 811.
Ordinary Shares Extended.—As recently announced, the direcCleveland & Eastern Traction Co.—Amendment of
tors state that the net earnings for the half-year ended Dec.31
1914 were insufficient to pay a dividend on May 2 on the Charter.—The stockholders will vote on May 3 on amending
charter as follows:
£5,136,979 5% income charge convertible debenture stock. the
To provide that the company may engage in the business of generating,
They also point out that the earnings for the first 9 months of the current
financial year have been so reduced by the war that it is unlikely that any
Interest will be payable on Nov. 2 next. For the first time for many mos.,
however, the returns show a net increase, instead of a decrease, the net
increase for March being $42,800. The directors hope that a large crop
will so improve business conditions throughout the Dominion that the
payment of interest may be resumed in 1916.
It has been represented to the directors that an effect of the war has
been to postpone the rapid development of business on the railway, and.
consequently the value of the option to holders of the income charge convertible debenture stock to convert their holdings into ordinary shares, which
expires on Jan. 1 1919. The directors have, therefore, resolved to extend
the period of the option for 3 years to Jan. 1 1922. The holders will have
the option on any Jan. 1 or July 1, on 60 days' notice, of converting their
debenture stock into fully paid shares at the fixed rate of $100, or .€20 us.
6d., debenture stock for each $100 of shares.—V. 100, P. 1347, 1167.
selling and distributing electric-light and power to persons,firms and public
and private corporations in the counties, townships and municipalities in
which the lines are located.
At the meeting there will also be considered the purchase, lease or building of pole lines; securing rights of way therefor; securing equipment and
purchasing property necessary to engage in the electric-light business and
entering into agreements with reference to furnishing electric light and
power to 'persons and corporations, private and municipal, and especially
the entering into an agreement or agreements with the Cleveland Youngstown & Eastern Ry., covering the various matters above set forth.—V. 96
p. 1296.
Columbus (0.) Railway, Power & Light Co.—Application.—The company has applied to the Ohio P. U. Commission for authority to issue $1,900,000 1st Ref. and Extension
5% bonds, to retire notes, create an extension and imChicago Rock Island &`Pacific Ry.—Protective Commit- M.
and obtain additional working capital.
tee for Choc. Okl. & Gulf Bonds.—The bondholders' com- provement fund
It is proposed to sell $1,250,000 at 80, principally to retire notes or to
mittee named last week in an adv. dated Apr.26,directed pledge
them at 66 2-3% of their face value, to sell $300,000 at 80 to bring
to holders of the $5,500,000 Choctaw Oklahoma & Gulf RR. Ole working capital up to $750,000, and $250,000 at 80 for additions to an
fund. The matter will be heard by the Utilities Conmission on
Co.general(now 1st) M.5s, 1919,and $5,411,000 Consol. M. extension
May 3.—V. 100, p. 1256.
5s, 1952, and $3,525,000 Choctaw & Memphis RR. Co.
Delaware Lack. & Western RR.—Suit Over Lease.—
1st M.5s, 1949, says:
Since the appointment of receivers for the Chic. Rock Island & Pac. Ry.
Co. holders of a large amount of the above bonds deem it important to
organize for mutual protection, as it has heretofore been the experience
of holders of underlying liens on subsidiary lines of large systems that their
interests often need careful guarding to conserve their rights in a general
system.s, A the request of holders
nonosfen
itrag
detanmaonitna
r
oofo a
nnaitantvio
an
.i
t.:
fu; undersigned
sgl
above-mentioned
a committee for the protection, if necessary, of these issues; they advise all
holders thereof to communicate with either Edward B. Smith & Co., Broad
& Chestnut streets, Philadelphia, and 27 Pine St., N. Y. or Girard Trust
committee is not
Co., Philadelphia. Actual deposit of the bonds with the'
needed at present. When, and if required in the future, deposits will be
made with the Girard Trust Co., trustee, under the above mortgages, as
depositary for the committee.
[Signed by E. B. Morris, C. S. W.Packard, Charles E. Ingersoll, Thomas
S. Gates and Edward B. Smith.
See Morris & Essex RR. below.—V. 100. D. 726, 397.
Evansville & Terre Haute RR.—Bondholders' Committee.
—Frederick H. Shipman, Treasurer of the New York Life
Insurance Co., who resigned from the Platten Committee,
was yesterday elected a member of the Lisman protective
committee for the First Gen. M.5% bonds. See advertisement on another page.—V. 100, p. 1437.
Hampden RR. Corp.—Extension.—Gov. Walsh has allowed to become law without his signature the bill passed by
the Mass. Legislature extending to July 1 1918 the time within
which the co. shall locate and complete its proposed lines to
Holyoke and Chicopee Falls and open them for use.—
Debenture Protective Committee.—The following committee V. 100, p. 397.
has been appointed to protect the interests of the 20-year
Idaho Railway Light & Power Co.—Foreclosure Sale.—
debenture as of 1912. (See advertisement):
Judge Dietrich on Apri119,in the suit brought by the GuarSeward Prosser, President Bankers' Trust Co., N. Y. (Chairman);
E. K. Boisot, Chicago; A. Barton Hepburn, Chairman Chase National anty Trust Co. of N. Y. as trustee,signed a decree of foreBank: Edwin G. Merrill, President Union Trust Co., and James Speyer.
closure of all of the properties operated by the company,
Holders are not asked at this time to deposit their debentures, but are
ted
wuligge
fltditn
ec
ornenttrnyf gn
d W.as
Joa
nn
es
d,asm
egcsommittee, with the possible exception of the lines formerly operated by
t
New
B.,
11
.?Mesa Street,
their addresses
the Boise RR. The properties will be sold some time in June.
Payments Authorized, &c.—Receivers' Certificates.—Judge
The decision was made subject to a decree in the cross-complaint of E.11.
has urged a claim of $180.000 against the property formerly
Jennings,
Landis in the Federal Court on Thursday authorized the owned by who
the Boise RR., consisting of the lines in the city from the Natareceivers:
torium to 13th and Eastman streets, and the Natatorium building, grounds
(1) To pay the interest maturing on May 1 on all obligations, including
equipment trust notes and the $1,494,000 4% serial bonds secured by Choctaw Oklahoma & Gulf RR. stock. Installments of principal on equipment
notes falling due May 1 are to be postponed during the period of grace allowed under the equipment trust agreement, and are to be paid May 31 with
interest through the month of May at 45 %,
(2) To issue $1,494,000 one-year 5%receivers' certificates to be sold at
par to take up the $1,494,000 series"M gold bonds of 1902 (Choctaw serial
Issue) maturing May 1.
(3) To postpone the question of continuing the interest payment on the
purchase price of the Trinity & Brazos Valley Ry. (owned jointly with the
Colorado & Southern) until the serveral classes ofsecurity-holders and others
interested in the property have had opportunity to discuss it and reach some
conclusion. This does not involve default, as a 90-day period of grace is
allowed by the contracts covering the arrangements.
Sole Receivership in Certain Matters.—Judge Carpenter in
the U. S. District Court at Chicago on April 25 rescinded so
and equipment. The Court in the previous week issued a decision recognizing the Jennings claim, but reserving,decision as to whether it should be
given preference over that of the trust company.
The trust company has also given notice that it would,under the trust
agreement of the National Securities Corporation to it, as trustee. dated
July 1 1914, offer for sale at public auction through C. T. Atkinson, on the
, on April 29, certificate
floor of the Chicago Stock Exchange. Chicago,
Ill. May 7 1913,purporting
of deposit issued by State Bank of Chicago, dated
to represent the following securities: (1) $24,000 1st and Ref. 6% bonds
with April 1913 and subsequent coupons attached; and $2,000 1st and Ref.
5% bonds with April 1913 and subsequent coupons attached issued under
the mortgage of the Idaho-Oregon Light & Power Co. to State Bank of
Chicago, trustee, dated April 1 1907; and (2) 334 shares Idaho-Oregon
Light & Power Co. common stock. Upon the acceptance of any bid, the
full purchase price shall at once be paid to the auctioneer, either in cash or
by certified check, or both.—V. 100. p. 1168.
Interborough-Consolidated Corp., N. Y.—Merger Co.
See Interborough-Metropolitan Co. below.
1510
THE CHRONICLE
Interborough-Metropolitan Co.—To Vote on Plan
June 1.—The stockholders will vote on June 1 on approving
the agreement, adopted by the board and executed by the
directors and the officers of the company on April 23 1915,
to consolidate the Interborough-Metropolitan Co. with the
Finance & Holding Corporation into a corporation to be
known as Interborough Consolidated Corporation. See
plan in "Chronicle" last week, page 1437 and advertisement on other pages of to-day's issue.
Preferred Stockholders' Committee.—Committees• of pref.
and common stockholders and the voting trustees for tho
common stock recommend the approval of the plan.
Substance of Preferred Stockholders' Committee Circular of Apr. 26.
From information furnished to the committee, the financial prospects of
the Interborough-Metropolitan Co. are apparently most satisfactory. The
earnings of subsidiary companies, whose capital stock in largo part is owned
by the Interborough-Metropolitan Co., are seemingly sufficient to justify
an expectation that the Interborough-Metropolitan Co. would continue in
the receipt of current income ample to pay the full dividend accruing annually upon the preferred stock, which could be paid but for the legal question
arising from the large disparity existing between the actual value and the
book value of the securities owned, due to original investments in securities
of the Metropolitan Street Ry. and the Metropolitan Securities Companies,
which companies have recently passal through receiverships.
While the opinion has been expressed, upon the authority of certain
precedents in other jurisdictions, that this shrinkage in the value of the
original investments held might not prevent a distribution of current net
earnings in the form of dividends, this opinion is not unreservedly accepted,
and the directors have not felt justified in declaring dividends upon either
the preferred or common stock without a determination of the question by
the courts of this State. A litigation of this question might run a protracted course, and if the ultimate decision were adverse to the right to
declare dividends out of current profits until the actual value of the net
assets had been brought up to its share capital, no dividends could be
declared for many years to come.
If, however, the plan is approved by the shreholders of the InterboroughMetropolitan Co. and the Finance and Holding Corporation, the share
capital of the consolidated company, according to our information, will be
within the fair value of its net assets, and any surplus assets or earnings in
excess of such capital may be distributed as dividends.
The number of shares of the consolidated co. will be the same as at present.
The Finance and Holding Corporation, however, is authorized under the
New York Stock Corporation Law (Sec.19) to issue common stock without
par value, and tho consolidation plan provides for the issue to the present
common stockholders of the Interborough-Metropolitan Co. of certificates
of that character.
The holders of Interborough pref. shares are asked to surrender all
accumulations of unpaid dividends, and the interest thereon, and to forego
the cumulative features incident to their present stock, in consideration of
which they will receive an equal number of 6% non-cumulative pref. shares
in the consolidated company, preferred as to assets, in lieu of the present
5% cum. pref. stock. The income of the consolidated company will, from.
nformation furnished the committee, be sufficient to fully justify the payment from the outset of the full 6% upon the new pref. stock. The increase in dividend rate is, however, only a small part of the advantage whieh
will accrue to the preferred shareholders by the adoption of the plan; inasmuch as dividends, apparently at the present time impracticable, although
earned, may then be distributed forthwith upon the preferred stock.
A form proxy to be voted by the committee at the meeting on June 1 has
been sent to the pref. shareholders, who are requested to execute and
return the same to the committee as promptly as possible. It is recognized
that a very general consent should be obtained before the plan is formally
approved, and the conunittee will not vote the proxies entrusted to it for
anwtri;
ii
endosreupthn
approval
fsthe
o
nmubnelress
o
t
ofactualte lnau
of tchoensheo
nitdset;s
n of substantially
excess
the committee will act being entirely within the discretion of the committee)
of the preferred stock shall express their approval thereof.
It is intended that the plan shall be carried out without the Intervention
of any banker or syndicate, and without the payment of commissions.
[The committee consists of Alexander J. Hemphill(Chairman of Board of
Guaranty Trust Co.), James S. Alexander (Pres. National Bank of Commerce), Vernon C. Brown (Vernon C. Brown & Co.), J. Horace Harding
(Charles D. Bqrney & Co.), A. Barton IIepburn (Chairman of Board of
Chase National Bank), D. B. Van Emburgh (Van Emburgh & Atterbury).
Secretary, W. C. Cox, 140 Broadway.—V. 100, P. 1437, 1348.
Extract from Circular of Common Stock Voting Trustees.
If the plan should become effective, the voting trustees are of the opinion
that the common stock, being thus relieved from the burden of the accumulations upon the preferred stock and the danger of any similar accumulations with respect to the future, would not only have for the first time in
many years a substantial value, but would be placed in a situation to participate in a distribution of earnings of the consolidated company, provided
that, as seems assured upon the basis of the present prospects, the net surplus income of that company for any year shall exceed the sum necessary to
pay the 6% non-cumulative dividend upon the preferred stock.
(The proxy enclosed by the trustees, August Belmont, Edward J. Berwind, Andrew Freedman, Theodore Shonts and Cornelius Vanderbilt, authorizes them to vote in favor of the consolidation and also upon the agreement to consolidate being approved by the stockholders, to surrender the
common stock of the Interborough-Metropolitan Co. represented by the
voting trust certificates, and to receive and hold in lieu thereof stock of the
consolidated company, without par value, equal in number of shares to the
said shares of common stock of the Interborough Co.; the voting trust
agreement of Feb. 6 1911, to be effective with respect to such stock of the
consolidated company as with respect to the present common stock.
Extract from Circular of Committee Representing Common Stock
Voting Trust Certificates.
If the consolidation agreement should be adopted, the position of the
common stockholders would be as follows: Existing accumulations in favor
of the preferred stock and interest thereon would be surrendered by the
holders of the preferred stock. At the same time the danger of future similar accumulations and interest would be avoided. As compensation to the
preferred stock, its dividend rate would be increased from 5% to 6%; but,
as already stated, the earnings would seem to be sufficient to justify the
expectation that under the new arrangement this dividend would be fully
met, and that a surplus of earnings would be left over for the benefit of the
common stockholders. Another very important advantage would be obtained. The present nominal capital is approximately $140,000,000, but
this is in large part represented by investments in the Metropolitan Street
Ry. and the Metropolitan Securities Co., which companies have recently
gone through receiverships. Under these circumstances, before the company could pay out any dividends at all, it might be forced to resort to litigation to determine to what extent these losses and the consequent impairment of capital would have to be made up by an accumulation of earnings.
If the courts should decide adversely upon this question, the company could
not declare any dividends, notwithstanding its large earnings, for a long
period of time. Under the new arrangement, however, the declared capital
of the company will be fixed at approximately $50,000,000, which is believed
to be well within the net value of the assets of the consolidated company;
and the current surplus income of the consolidated company, now in sight,
could be distributed without delay.
[The committee representing common stock voting trust certificates consists of Willard V. King, Pres. Columbia Trust Co.; Harry Bronner, of Hallgarten & Co.; Daniel E. Pomeroy, Vice-Pros. Bankers' Trust Co., and
Henry Rogers Winthrop (of Harris, Winthrop & Co.).—V. 100, p. 1437.
[voL. no.
$77,000 per year, it is estimated, may be saved by removing the Seller yards
to Houston, whereas the removal would cost about $98,339.—V.100, p.636.
Kansas City Railway & Light Co.—Receivers' Certificates
of Metropolitan Co.—The receivers of the Metropolitan Street
Ry. on Apr. 23 petitioned the U. S. District Court for funds
with which to meet necessary maintenance and construction
in 1915. The amount required will be $2,427,865. As this
cannot be met out of surplus earnings, the work,if done, must
either be paid for in part by receivers' certificates or the interest defaulted.
The petition states that the estimated earnings for the year ended Dec. 31
1915 are $6,447,000. Expenses prior to interest will be $3,420,100, leaving
$3,026,900. The interest paid in 1914 was $1,459,000. After excluding
that amount, there would be left $1,567,900, which is insufficient by $859,965 to meet the amounts necessary for maintenance and reconstruction.
—V. 100, p. 1257. 982.
Lexington & Eastern Ry.—Engraved Bonds Ready.—
T. P. Morgan & Co. announce that the engraved bonds of the Lexington
& Eastern Ry. Co. are ready for delivery in exchange for the interim certificates for 1st M.5% bonds recently sold by them, upon presentation of the
certificates at the company's office, 71 Broadway.—V. 100, p. 1438, 901.
Little Rock (Ark.) Ry. & Electric Co.—Officers.—
W.L. Hemingway, Vice-Prest. of the Mercantile Trust Co., Little Rock,
has been elected Vice-President. to succeed D. H. Cantrell, who has been
chosen President to succeed W.M. Kavanaugh. Mr. Hemingway has also
been made Treasurer.—V. 97, p. 1898.
Michigan Central RR.—Engraved Bonds Sold.—
J. P. Morgan & Co. announce that they are prepared to deliver engraved
334% 1st M. bonds in exchange for interim certificates for the bonds
recently sold upon presentation of said certificates at their office, 23 Wall
Street.
New Vice-President Elected.—
Henry Russel of Detroit, general counsel for a number of years, has been
made Vice-President, succeeding Albert H. Harris of Now York, who
resigned.—V. 100, p. 1257, 1168.
Midland Counties Public Service Corp.—Notes.—
The company has applied to the Cal. RR. Commission for authority to
renew promissory notes aggregating 3136,844.—V. 98, p. 1849.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Bonds
Sold.—Wm. A. Read & Co. announce that the $2,637,000
1st consol. M.5s recently offered by them have all been sold.
See V. 100, p. 812, 642.
Missouri Kansas & Texas Ry.—Plan Effective.—The
company,in an advertisement on another page, announcing
that the board has declared effective the extension agreement dated April 14, says in substance:
Holders of receipts for notes deposited with May 1 coupon attached
should present the same to the Central Trust Co. of N. Y. for payment
of the interest then due. Coupons for said installment of interest not
deposited under the extension agreement should be presented for payment
at the same time and place.
Holders of receipts will be entitled to receive notes duly extended as in
the extension agreement provided, to the face amount mentioned in the
receipts, with the additional interest coupons annexed. The time for
further deposits has been extended to and including May 4 . Noteholders
who have not already done so should, in their own interest, deposit their
notes at once with the Central Trust Co. of New York. the depositary
named in the extension agreement, in order to secure the benefits thereof.
The prompt co-operation of all noteholders will facilitate the plans now
being considered loy the directors which contemplate the payment of all
extended notes at or before maturity. (Over 85% of the notes had been
deposited on Apr. 29.1—V. 100, p. 1438, 1348.
Morris & Essex RR.—Stockholders' Protective Committee—
Suit for Accounting Under Lease.—A stockholders' protective
committee has been formed, consisting of—
George C. Van Tuyl Jr. (Chairman), Pres. Metropolitan Trust Co.'
N. Y.; Philemon L. Hoadley, Pres. Amer. Insur. Co., Newark, N. J.
Edward Milligan, Pres. Phoenix Insur. Co., Hartford. and A. N. Williams.
Vice-Pros. Aetna Insur. Co., Hartford, with Pitney Hardin & Skinner.
Newark, and Mine, Larkin & Rathbone, N. Y., counsel, and James F.
McNamara,49 Wall St.. Secretary, and the Metropolitang rust Co., N.Y..
depositary, with agents in various cities.
Stockholders are asked to deposit their stock and also to forward to the
committee proxies for use at the annual meeting of the company to be held
on June 30 next,in order to make an effort to secure the election of directors
favorable to the company's interests as opposed to those of the Delaware
Lackawanna & Western RR., the lessee.
A suit was begun April 24 in the Chancery Court of New Jersey before
Chancellor Walker in the name of American Insur. Co. of N. Y., Charles
B. Savage and Anna B. Savage, holders of 5,148 shares, for an accounting
by the lessee and the payment of a large amount in dividends claimed to
be due on the $15.000,000 stock over the 7% rate heretofore paid.
The committee in a long circular point out the provision of the lease of
1868, under which 1% additional to the 7% rate is to be paid if 30% of the
gross earnings of the road is sufficient to pay interest and 10% on all of
the capital stock issued,and claims that the extra 1% should have been paid
for the last 10 years. The D. L. & W., it is also stated, has caused $10,000,000 of the $20,000,000 increase in the funded debt since 1874 to have
been issued to reimburse the Lackawanna for expenditures improperly
charged to construction account of the Morris & Essex, similar items expended by the Lackawanna on its own road having been charged by it to
operating expenses. The company has not prepared annual statements
showing the earnings and interest chf rges on the Morris & Essex, but the
committee claims that the company has filed with the Comptroller of the
State of N. J. annual reports purporting to show the amount of the gross
earnings, from which it appears that in each of the 10 years from 1905 to
1914 there was an apparent excess of interest charge plus 10% on the capital stock over 30% of the gross earnings, entitling the stockholders to a
payment of 1% over the regular guaranteed 7% rate.
President Truesdale of the D. L. & W. says: "The complainants in
the suit, we believe, will be unable to show that the conditions in the lease
have not been fulfilled. There has been no attempt to hide the real earnings of the Morris & Essex. The fact is that we have a number of leased
lines in the State of New Jersey, and 30% of the gross earnings of all of these
lines put together have been insufficient to meet the requirements of the
8% clause in the Morris & Essex lease. It is plain, therefore, that the
Morris & Essex is far from the goal."—V. 100, P. 556, 398.
New York Central RR.—Subscriptions.--The right of
stockholders to subscribe for the $100,000,000 20-year 6%
debentures expired on Tuesday, and the small balance (understood to be less than $5,000,000) not taken by them or
their assigns has been sold by J. P. Morgan & Co. as syndicate managers to William A. Read & Co. The latter state
that no public offering will be made at present.
International & Great Northern RR.—Application.—
The New York P. S. Commission on Thursday approved the issue overThe receivers on April 24 applied to the U. S. District Court ruling the objections made by C. H. Venner.—V. 100, p. 1438. 1349.
at Houston, Tex., for authority to issue $700,000 6% reNew York New Haven & Hartford RR.—Authorized.-ceivers' certificates.
The stockholders on April 24 authorized:
Of the certificates, the proceeds of $350,000 are to be used to pay the
interest on the 1st M. bonds due May 1 and $350,000 for improvements
to road and equipment, including $100,000 as a 10% cash payment on
passenger and freight cars (mostly freight), $150,000 for ballasting on various parts of the road, and the remainder on account of the removal of the
Seller yards to Houston and of the switching yards at San Antonio to a
point outside of the city. By purchasing the cars, 40 cts. per day per car,
or a total of about 3164,250 per year, will,it is stated,be saved,and about
A reduction in the capital stock by cancelling the stock held in the
treasury and the acceptance of amendments to the charter approved by the
General Assemblies of Connecticut and Rhode Island. The propositions to
authorize the issue of bonds by the company as successor to the N. Y.
Providence & Boston RR. Co. and the New Haven & Northampton Co.
were withdrawn, as the company recently placed the $27,000,000 notes
without the use of such bonds as collateral. Compare V. 100, p. 1168.—
V. 100, p. 1438, 1349.
MAY 1 1915.1
THE CHRONICLE
Oakland Antioch & Eastern Ry.—Plan Effective.—
Over 75% of the bondholders having deposited with the Union Trust Co.
of Calif. their coupons for a period of 3 years, in accordance with the
recommendation recently made by a special committee of stockholders, the
agreement,it is stated, has been ratified by the necessary amount to make it
effective.—V. 100, p. 143$, 1079.
Orange County Traction Co.—Favorable Decision.—
See Prepayment Car Sales Co. under "Industrials" above.—V.92, p.1566
Pacific Gas & Electric Co.—Proposed Stock Dividend.—
The company on April 19 filed an application with the Calif.
RR. Commission for authority to distribute a common stock
dividend among holders of the $32,109,300 outstanding common stock. The Commission announced:
151,1
Extension M. bonds and the joint reorganization committee
have prepared and adopted a plan of reorganization dated
April 28 1915. The joint committee (Equitable Trust Co.,
depositary) will carry out the plan, which has been approved.
by Kuhn., Loeb & Co., who will act as reorganization managers and are forming a syndicate to underwrite the cash
requirements and provide for payment to non-assenting
bondholders of their distributive share of the proceeds of
the foreclosure sale. The syndicate will receive the new
securities and other benefits distributable under the plan
to the non-participating.stockholders had they participated.
The syndicate, reorganization and syndicate managers will
receive compensation for their services.
Digest of Reorganization Plan Dated April 28 1915.
Between Jan. 1 1914 and April 1 1915 the company has retired $849,500
bonds through payments into sinking funds. During the remainder of
1915 the company will be further required to retire 31,461,000 bonds. All
The committees for the First and Ref. M. bondholders and stockholderg
of the above payments have been made,or will be made,out of net earnings (and their depositaries,
&c.) above referred to are as follows:
or surplus profits, and the company wishes to capitalize these payments by
Bondholders Committees.—(a) Winslow S. Pierce (Chairman), Robert
the issuance of a common stock dividend. This dividend, it is proposed, Goelet, Bernard
M. Baruch, Thomas H. Hubbard, Alvin W. Krech,
shall consist of as many shares of its unissued common capital stock as Robert Fleming and Johannes
Luden. Murray, Prentice & Howland and
shall be equal to the amount of net earnings or surplus profits, which the Pierce & Greer, counsel. Equitable
Trust Co., N. Y., depositary.
board of directors shall determine to permanently capitalize, but not
(b James N. Wallace
Henry R. Carse, Willard .V King,
exceeding 6% of the common capital stock now in the hands of the public. John J. Mitchell, Robert (Chairman),
L.
Montgomery,
Wm. A. Read,
Vice-Pres. Hockenbeamer is quoted as saying that it is intended to pay J. Herndon Smith, Alexander M. White, H. K. Pomroy,
H. Wiggin. Spooner &
3% in stock at once and 3% later in the year, the two dividends to be con- Cotton, counsel. Central Trust Co. of N.Albert
Y., depositary.
sidered as covering 1914 and the first quarter of 1915, and that it would be
Stockholders'
Horace Harding (Chairman), Franklin Q.
the policy of the company to pay dividends in stock this year and retain Brown, Arthur Committee.—J.
Coppell, Charles H. Keep,
B. Keech, Philip Lehits cash until 1916, when cash dividends will be paid. To pay the 6% will man, Frank K. Sturgis. Carter, Ledyard &Franklin
Milburn, Counsel. Columbia
require $1,960,000 common stock, and this amount of stock is now availa- Trust
Co., N. Y. depositary.
ble for the purpose,or will be by the close of the year.
Joint Reorganization Committee.—Winslow S. Pierce (Chairman), Robert
Subscriptions.—The company announces that up to Goelet, J. Horace Harding, Alvin W. Krech, H. K. Pomroy, Albert H.
Wiggin. H. R. Winthrop, Secretary. Kuhn, Loeb & Co., reorganizaApril 5 $9,585,600 of the $12,500,000 6% first preferred tion
managers. Cravath & Henderson, counsel. Equitable Trust Co.
stock offered at 823/ in June 1914 has been sold, and that of New
York. depositary.
The
plan will be binding on security holders who have deposited with the
as over 80% of the authorized issue has been subscribed for,
respective committees unless they surrender their certificates and withdraw
none of the stock will hereafter he sold by the company the deposited securities or dissent from the plan under the terms ofthe
reorganization committee may
except to investors residing within and contiguous to the respective deposit agreements. The jointholders
who hold certificates of
if desired or convenient require security
territory in California served.—V. 100, p. 1438, 1350.
deposit with the respective committees to present the same to the depositary
of the joint reorganization committee in order that there may be noted
Phila. Rapid Transit Co.—Subway Loan Approved.—
thereon the assent of the holder of such certificates of deposit. Holders of
See "Philadelphia' in "State and City Department."—V. 100, p.813,141. First Ref. and Ext. M. bond's who have not already deposited their bonds
either of the bondholders' committees must, to participate in the
Portland (Ore.) Ry., Light & Power Co.—Increase of with
plan, deposit their
(Jan. 1912 and later coupons attached) with
Stock—Readjustment.—The stockholders will vote on May 14 the Equitable Trustbonds
Co. as depositary for the joint reorganization committee on or before June 1. Pref. and common stockholders must likewise
on the following propositions:
(1) An offer by the company to all of the shareholders, giving them the deposit their stock with the Columbia Trust Co. on or before Juno 1.
Capitalization May 1 1915.
privilege of surrendering 20% of their present (75% paid) stock (1. e., $5,000,000 of the $25,000,000 of stock now outstanding), paying at the time
Underlying Bonds—
Eguipt. Obligationsof surrender $25 in cash for each share of stock surrendered (i. e., an aggre- 1st M. 5s, 1939
$33,900,000 Receiver's equip. notes__ $1,545,000
gate of $1,250,000 in cash). Stockholders will receive in exchange for the 2d M.5s, 1939
14,000,000 Gold sink, fund bonds... 1,575,000
present part paid stock surrendered full-paid preference shares, share for 1)eb. M. bds. (unexch'd) 1,256,000
Gkl Equipt. Obligation
share, one-half of the preferred shares, $2,500,000, to be 6% cum. 1st pref. 1st lien term. 4s, 1954_ _ 3.555,000
Fixed by Court Decree—.
and $2,500,000 6% non-cum. 2d pref. stock, preferences described below. Tol. & Ch. Div. 4s, 1941 3,000,000 Compton judgment
950,377
Thus a stockholder owning 100 shares of the present stock (75% paid) may Det. & Ch. ext. 5s, 1941 2,831,000
1st Ptef.
.&Ext. M.Bds.same
time
paying
at
the
into
the
said
shares,
treasury
surrender 20 of
$500 0m. Div. 33s. 1941_ _ _ 3,173,000 Principal
40,600,000
cash, and will receive in exchange 10 shares of full-apid cum. 6% 1st pref. Des M. Div. 4s, 1939_ 1,600.000 Coupons in default
5.684,000
stock and 10 shares of full paid non-cum.6% 2d pref. stock. The directors Kansas City Excels. Sp.
Receiver's certificates_
15,950,000
have approved the plan and recommend its acceptance.
100,000 Pi eferred stock
& Nor. 4s, 1928
39,200,000
(2) An increase of $10,000,000 in the authorized stock, the additional Columbus & St. L. is,'42
200,000 Common stock
53,200,000
stock to consist of $5,000,000 each of6% 1st pref. stock, bearing cumulative
dividends from Jan. 11916, preferred as to assets as well as dividends and
callable at par and accumulated dividends on any dividend date, and 6%
Total present fixed capitalization
$222,319,377
non-cumulative 2d pref. stock, subject to the preferences of the 1st pref. Annual interest charge (inclusive of interest on outstanding
stock, preferred as to assets as well as dividends, and callable at par. Of the
receiver's certificates and on $5,000,000 of 1st Ref. and Ext.
preferred stocks, $5,000,000 of each class will be issued under the foregoing
M. bonds sold under 4 3-,6% note trust agreement but excluplan, and the remaining $2,500,000 of each class wil be available for any
sive of interest on .06% notes)
$5,795,278
other corporate purpose.
In addition to the foregoing there are unsecured claims, arising from
(3) If the stockholders approve the plan and increase in capital stock, and guaranties, endorsements and otherwise, against the company, the amount
stock
shall
be
provided
acquired as
$5,000,000 of the present outstanding
of which cannot be immediately and accurately ascertained or stated.
in the plan, the diminishing of the capital stock by the cancellation and reNote.—The 85,000.000 Extended 4A % gold notes due May 1 1913 are
tirement of $5,000,000 of the present outstanding stock.—V. 100, p.1438 not included in the foregoing statement of present capitalization, for the
the collateral securing the same has been sold under proceedings
reason
Corporation
of
New
Jersey.—Listed.— for thethat
Public Service
foreclosure of the note trust agreement (as hereafter stated), but the
The New York Stock Exchange has listed $261,000 addi- $5,000,000 1st Ref. and Ext. M. bonds embraced in that collateral are
tional General M.5% s-f 50-year bona, due 1959, making included in the said statement of present capitalization.
Outstanding Obligations to Remain Undisturbed.
the total amount listed to date $37,261,000.
Underlying bonds (being the present amount of underlying
The bonds covered have been sold and the proceeds used to pay in part
excl. of debenture M. bonds and about $57,000 Detroit
bonds
for plant extensions and betterments, additional mains, meters, &c., for
& Chicago Ext. bonds to be retired by sk. fd. in 1915)—$62,302,000
Public Service Gas Co.; track extensions and betterments, new bridges, Debenture M. bonds (excl. $941,000 thereof controlled by the
additional feeders, additional equipment, real estate, car barns, &c., for
joint committee and to be held by the new company until
Public Service Ry.; new generating stations and substations, extensions to
the entire issue shall have been retired)
315,000
and additional apparatus for existing stations and substations, additional Present equipment obligations maturing after Dec. 31 1915_ _ 2,541,000
lines,
distribution
motors,
services,
and
transmission
transformers, &c., for
Public Service Electric Co.—V. 100, p. 1259, 1000.
Total undisturbed obligations
$65.158,000
Puget Sound Traction Light & Power Co.—Decision.—
Cash Requirements of Plan (Total $27,720,000).
have
received
Boston
advices
Webster
of
from Seattle that the Estimated amount required to carry out the plan
Stone &
$27,720,000
Washington Supreme Court has sustained the validity of the emergency
To be applied by the joint committee, or, in its discretion as to any part,
clause of the "Jitney" Act passed by the Legislature on Mar. 11. The law, turned over to the new company, to be applied to the following and to such
not
was
enforced pending the decision further or substituted requirements and uses as may be determined by the
which went into effect April 10, but
of the Court, provides that every "jitney" operator must deposit with the joint committee or the new company:
Secretary of State a bond for $2,500 for the protection of passengers and Receiver's certificates and interest to Aug. 1 1915
$16,428,500
public.—V. 100, p. 557, 475.
Advances for reorganization purposes, incl. acquisition of deb.
bonds, provision of coal reserve for new company, &c
2,000,000
San Joaquin Light 86 Power Corp.—Notes.-Interest due Jan. 1 1912 on 1st Ref. and Ext. M. bonds, parThe company has applied to the Cal. RR. Commission for authority to
ticipating in the plan. payable in cash
812,000
renew promissory notes aggregating $317,260.—V. 100, p. 738, 479.
To provide for discharge of Compton judgment and for equipt.
trust obligations matured or maturing prior to Dec. 31 1915.. 1,530,000
Southern Railway.—New Vice-President.—Henry W. Working
capital for new company
3,500,000
Miller, heretofore Assistant to the President, has been pro- Expenses of reorganization and foreclosure,incl. compensations.
allowances, counsel fees, court costs, syndicate and bankers'
moted and elected Vice-President resident at Atlanta, Ga.
compensation, services of engineering, accounting and other
Mr. Miller will perform such duties as may be assigned to him from time
experts, taxes on creation and issue of new securities, and
to time by the President. The office of First Vice-President has been
other incorporation and organization disbursements and misabolished as a mark of respect to the late Col. A.B. Andrews, the only inrequirements, any balance to be paid to the new
cellaneous
cumbent since the organization of the company.—V. 100, p. 982, 902.
company as additional working capital
3,449,500
Tennessee & North Carolina RR.—New President.These cash requirements are to be met, as hereinafter stated, by payMiller of Now York has been elected President to succeed R. F. ments of $30 per share by the pref. and common stockholders (amount
11.
Whitmer of Philadelphia. The main office will be moved from Phila- outstanding $92,400.000), which payments so far as not made by them
delphia to New York.—V. 93, p. 408.
are to be made by holders of First Ref. and Ext. M. bonds, and are further
a syndicate.
Toledo St. Louis & Western RR.—Application Renewed. to be underwritten by Extended
434% Gold Notes.
—Receiver Ross has renewed his request to the U.S. District
The committee (hereinafter called the "noteholders' committee"), repreto
permission
sell
$600,000
principal
of Extended 4 % gold notes, due May 1
$5,000,000
receiver's
certificates
senting
the
for
Court
has reduced to possession all of the collateral by which said notes
to purchase new rolling stock, improve the right of way, 1913,
were secured, excepting the Pacific Express Co. stock, leaving the company
change division terminals, and make other improvements.— liable upon said notes for a large deficiency. The company is also liable as
endorser of $5,000,000 notes of the Wabash-Pittsburgh 'Terminal Ry. which
V. 100, p. 1350, 1259.
constituted part of the collateral acquired by the noteholders' committee.
In connection with the reorganization plan, an agreement has been made
Toronto Hamilton & Buffalo Ry.—Earnings.—
Charges,
Net (after Other
Preferred
Gross
Balance, with the noteholders' committee providing, among other things, as follows:
Calendar
Income.
Taxes).
&c.
Dividends.
Surplus.
1. The new company is to acquire from the'noteholders' committee the
Year. Revenue.
1914—$1,313.565 $351,215 $154,131 $284,054 (3%)$105,000 $115,292 2,400 shares of stock of Belt Ry. of Chicago and the 1,217 shares of the
96,576 425,146 _(6%) 210,000
29,265 American Refrigerator Transit Co. constituting part of the collateral ac1913_ - -- 1,745,918 567,835
quired by the noteholders' committee.
Total p. & 1. surplus Dec. 311914, $948,920.—V. 100, p. 982, 310.
2. The noteholders' committee is to transfer to the new company said
Tri-State Railway & Electric Co.—Foreclosure Sale.—
% notes of the existing company (therby disposing of the liability of the
existing company in respect thereof and transferring to the new company
The road will be sold at foreclosure sale at the County Court said
Pacific Express Co. stock) and is to cancel the liability of the existing
House, Cleveland, on May 27.
Wabash Co. as endorser of said $5.000,000 principal of The WabashThe sale will take place under supplementary decree entered April 17 in
Terminal Ry. notes.
Pittsburgh
the U. S. District Court for Northern District of Ohio, in the suit brought
3. The $5,000,000 First Ref. and Extensions M. bonds of the existing
by the Bankers Trust Co. of N. Y., as trustee. Compare V. 100, p. 982.
company have been deposited by the noteholders' committee with The
Trust Co. of New York, subject to the deposit agreement, dated
Wabash RR.—Reorganization Plan Dated April 28 1915.— Equitable
Dec. 18 1911, and the certificates of deposit therefor are to be distributed
The bondholders' committees for the First Refunding and among the noteholders.
1512
;THE CHRONICLE
4. For the foregoing property and benefits the new company is to issue
telthe noteholders' committee $1,500,000 principal amount 434% notes,
bearing interest from May 1 1915, payable on or before May 1 1920, and
secured by the pledge of the said Belt Ry. of Chicago and American Refrigerator Transit Co. stocks.
New Securities To Be Issued by Reorganized Company.
The reorganization is to be effective by the formation of a new company
or companies under the laws of such State or States as the joint committee
may deem desirable or by the use of any existing company or companies,
which shall acquire, through foreclosure sale, or otherwise, in such forms of
ownership or control by stockholding or otherwise as the Joint Reorganization Committee in its exclusive discretion may determine, the property
now covered by the First Ref. and Ext. M., with such exceptions or additions, however, as the Joint Committee shall determine to be advisable.
(1) Five Per Cent Profit-Sharing Preferred Stock A. to be entitled
to receive preferential non-cumulative dividends in each fiscal
year up to 5% before any dividends shall be paid upon any
other stock of the new company, and after paying or setting
apart in any fiscal year of 5% dividends on the convertible)
pref. stock B and common stock, to receive additional dividends at the same rate as any further or additional dividends
, declared in that year upon .common stock. To be redeemable, a§ an entirety, ar any time after 5 years from date of
Issue, on 12 weeks' notice, at 110% of par value. In case of
liquidation, dissolution or winding up (voluntary or involun• tary), the holders to be entitled to be paid in full out of the
assets at par and all dividends thereon declared and unpaid,
before any amount shall be paid to holders of any other stock;
but after payment to holders of convertible pref. and corn.
stock of the par of their stock and all dividends declared and
unpaid, stockholders of all classes to be entitled to participate
pro rata in the remaining assets. Total
$46,200,000
Of which payable with an amount of common stock to holders of old pref. stock on payment of 30% cash per share
$19,600,000
Of which payable with an amount of common stock to old common stockholders on like
payment
26,600,000
(2)
Per Cent Convertible Preferred Stock B, to be entitled to
preferential non-cumulative dividends in each fiscal year up
to 5% after paying the full 5% dividend on the profit-sharing
pref. stock A, but before any dividend on the common stock
and not to be entitled to any other or further dividends in
any fiscal year (for further rights see below)
46,720,000
All to be distributed to holders of First Ref. and Ext. M.
bonds assenting to the plan and assuming the obligations of
underwriting payments not made by stockholders.
(3) Common Stock
43,540,000
Of which payable with an amount of pref.
stock A to holders of old pref., on payment of
$30 cash per share
$19,600,000
Of which payable with an amount of pref.
stock A to holders of old common on payment
of $30 cash per share
23,940,000
(4) Four Per Cent Secured Gold Notes above described, bearing
Interest from May 11915, and maturing not later than May 1
1920
1,500,000
The holders of convertible preferred stock may at any time after Aug. 1
1918,and up to 30 days prior to any date fixed for the redemption of the
entire issue of Profit-Sharing Preferred Stock A, convert the same intoand
exchange the same for profit-sharing preferred stock and common stock at
the rate of $50 of profit-sharing preferred stock and $50 of common stock
for each $100, par value, of convertible preferred stock, with a proper
adjustment of declared and unpaid dividends. The Convertible Preferred
Stock B shall, at the option of the new company, be redeemable, as an
entirety, at any time after 5 years from date of issue, upon 12 weeks' notice,
at 110% of its par value. In the event of any liquidation, dissolution or
winding up, whether voluntary or involuntary, of the new company, the
holders of the convertible preferred stock shall be entitled to be paid in full,
out of the assets of the new company, the par amount of their shares, and
all dividends declared and unpaid, before any amount shall be paid out of
the said assets to the holders of the common stock; but after payment in
full to the holders of the common stock of the par of their stock and all
dividends thereon declared and unpaid, holders of all classes of stock.
without priority or distinction as between the different classes thereof, shall
be entitled to participate pro rata in the remaining assets.
In addition to the foregoing securities, there will be issued such additiona
amounts of stock (now impracticable to be accurately stated, but in no
event expected to exceed $5,000,000 par value in the aggregate) as may be
required for the sole purpose of making itrovision, as hereinafter provided
for holders of unsecured claims as the same shall from time to time be
ascertained. The statements of new capitalization and comparisons with
former capitalizations herein made omit consideration of such stock as may
be authorized and ultimately issued by the new company on this account,
as they also omit enumeration of guaranties, endorsements and other
unsecured liabilities of the existing company.
It is left to the directors and stockholders of the new company after
reorganization to make such provisions as to them may seem best, by the
creation of a First and Refunding M. or other mortgages or otherwise, for
meeting underlying bonds as they mature and for future corporate requirements for which provision is not made under the present plan.
Terms of Exchange of Old Securities for New Stocks.
Existing
Present
New Securities in Exchange Therefor
Securities—
Amount. Prof.Sh.Pref.A Cony. Pref. B.
Common.
$
First Ref.&Ext.
M.(see below)40,600,000
(120%)48,720,000
Prof. stock (paying $30 per sh)39,200,000 (50%)19,600,000
(50%)19,600,000
Com. Stk. (paying $30 per sh)53,200,000 (50%)26,600,000
(45%)23,940,000
In addition to the new stocks, holders of First Ref. and-Ext. M. bonds
who assent to the plan and discharge the underwriting obligations below
referred to, will be entitled to receive in cash, if not heretofore advanced.
the face amount of the coupon due Jan. 1 1912, together with interest
thereon at the rate of 6% per annum; and holders of such bonds as have
heretofore received the face amount of said coupon will be released from all
the obligation to re-pay the amounts so advanced.
Underwriting by First Refunding and Extensions Mtge. Bondholders.
Holders of First Ref. and Extensions M. bonds, by assenting to the plan,
underwrite and agree to make (pro rata in such proportions as their respective holdings of bonds beat to the total amount thereof outstanding) the
payments of $30 per share of existing pref. and common stock to the extent
that such payments are not made by stockholders, and for such payments
the participating bondholders will receive all the Profit-Sharing Pref. Stock
A and common stock which would have been received by the stockholders
had they made such payments, and in addition thereto, as above stated,
120% of the principal of their bonds in Convertible Prof. Stock B.
The maximum elongation of a bondholder, therefore, in case no shareholder, either preferred or common, should make any payment, would
amount to $682 76 per $1,000 bond, for which payment and the surrender
of a $1,000 bond accompanied by the defaulted coupons thereon (aggregating -16% as of July 1 1915), the bondholder would receive: $20 (with
Interest) in cash for coupon due Jan. 1 1912, if not already advanced; $1,137 93, in Profit-Sharing Preferred Stock A; $1,200 in Convertible Preferred Stock B and $1,072 41 in common stock.
As and to the extent that payments are made by holders of pref. and common stock, under terms of plan, the underwriting payments of holders of
First Ref. and Extensions M. bonds and the amount of Profit-Sharing
Pref. Stock A and common stock to be received by them will be correspondingly reduced or eliminated.
Holders of First Ref. and Extensions M. bonds who do not assent to the
plan and discharge the underwriting obligation therein provided for will not
be entitled to participate in the plan to any extent, and will receive only
their pro rata distributive share of any balance of the proceeds derived
from the sale of the property which may remain after the discharge of obligations and liabilities entitled to prior payment under the terms of the foreclosure decrees and orders of court._
Terms and Conditions of Payment by Assenting Stockholders and Bondholders.
Upon the plan being declared operative 30 days' notice will be given to
assenting stockholders of the date by which the payments required of them
shall be made. So soon as practicable after that date 30 days' notice will
be given to assenting Joondholders_of the_amount;,of payments,lif any, re-
[VOL. 100.
quired of them as hereinbefore provided, and of the date by which such payments or the first installment shall be made. Bondholders may either make
such payments in full or, at their option, pay 10% thereof by the date
specified in said notice and the remaining 90% three months thereafter,
such deferred payments to carry interest at 6% per annum and to be secured by the shares of stock of the new company and any other benefits
to which bondholders would be entitled on making their payments in full.
Any assenting stockholder or bondholder defaulting in any payment required by the plan will, unless the joint committee shall otherwise determine, forfeit any shares of stock of the new company and other benefits
to which he would otherwise be entitled and any payments which he may
have already made. The joint committee in its discretion may, in general
or particular instances, enlarge or extend the time for making any deposits
or payments required by the plan and impose conditions in respect of any
such deposits or payments.
Total Capitalization and Fixed Charges.
1. Prior to reorganization, incl. outstanding receiver's ctfs_ _ _$222,319,377
2. After reorganization: (a) Undisturbed obligations, $65,158,000; (b) new securities, $139,960,000; total
205,118,000
Decrease after reorganization
$17,201,377
Fixed Charges.
Total fixed annual interest charges prior to reorganization
$5,795,278
(including interest on outstanding receiver's ctfs. and on
$5,000,000 First Ref. and Extensions M. bonds sold under
foreclosure of the agreement securing the 434% notes but
exclusive of interest on such notes.)
Total annual interest charges after reorganization
3,183,915
Reduction by reorganization
$2,611,363
The reorganization accomplishes a reduction in fixed interest-bearing
obligations of $56,636,377, or 46%. It also provides for the retirement
through stock of many millions of existing guaranties, endorsements and
other unsecured obligations.
Unsecured Creditors.
Unsecured creditors will be entitled to receive, in settlement of their
claims,duly presented and established, 25% in convertible preferred stock B,
at par.and 75% in common stock, at par, of the new company.—Vol. 100.
p. 1139, 1350.
Wages.—Award to Western Engineers and Firemen.—We
learn as we go to press that the arbitration board appointed
tinder the Newlands Act to pass upon the demands of the
locomotive engineers and firemen, in their award made
yesterday granted the men in many instances, but not in
all, a large part of their demands for increased pay. The
men, however, professed to be dissatisfied because they did
not receive all they asked for. The "surprise test" feature
to which they strenuously objected was sustained by the
board as a proper precautionary measure in the interest of
safety:—V. 99, p.1750.
Western Maryland Ry.—Spurs to Cons. Coal Co. Mines.—
See that company under "Indistrials."—V. 100, p. 1259, 56.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Mfg. Co.—See "Annual Reports."
Purchase of Stock.—The voting trustees have issued a,
circular dated April 24 to the holders of voting trust certificates, saying in substance :
Under date of Oct. 1 1913, the reorganization committee of the AllisChalmers Co. (predecessor co.) entered into a contract with Otto H. Falk
of Milwaukee, Wis., giving Mr. Falk and associate members of the executive committee of the Allis-Chalmers Mfg. Co. (reorganized company) an
option to purchase on or before Oct. 1 1915 6,505 shares of pref. and 2,292
shares of common stock of the Mfg. Co.(par of shares $100) for $406,136.
plus interest at 5% per annum from Oct. 1 1913, until date of payment.
Under the terms of the contract between the reorganization committee
and Mr. Falk approval thereof by a majority of the holders of the voting
trust certificates both for preferred stock and common stock is necessary
before the stock can be delivered. The contract is, therefore, submitted
to the holders of the voting trust certificates of the prof. and common stock
of the Allis-Chalmers Mfg. Co. for approval.
The voting trustees unhesitatingly recommend approval of the contract
and ask the holders of the voting trust certificates to signify their approval
on the form enclosed for that purpose by signing and mailing the same in
the enclosed envelope to J. II. McClement, Chairman, 165 Broadway,
New York.—V. 100, p. 644.
American Agricultural Chemical Co.—Listed.—
The New York Stock Exchange has authorized the application dated
Feb. 1 1915 to be so modified as to apply to $7,000,000 5% convertible
Nos. M 1 to M 6700. inclusive, for 31,000 each,
debenture bonds, due
1924' for $500 each, and Nos. 0 1 to 0 500, incAuNos. D 1 to D 500, inclusive,
sive, for $100 each, and such coupon bonds of the denominations referred
to as may be issued in lieu of or in exchange for those of other denomina• tions, with authority to add on or before Jan. 1 1916 $8,000,000 of said
debenture bonds on official notice that they have been sold and passed
beyond the control of the company, making the total amount authorized
to be listed 315,000.000.—V. 100, P. 557.
American Chicle Co.—Dividend Increased.—
A dividend of 134% has been declared on the $8,000,000 common stock,
payable May 20 to holders of record May 15. From May 1906 to Mar. 1915
1% extra was paid bi-monthly in Jan., Mar., May, July, Sept. and Nov.,
and in Oct. and Dec. 1914 1% extra was also paid. Compare V. 99, p. 896.
Previous Dividend Record of Common Stock (Per Cent).
1899. 1900. 1901. 1902. April 1902-April 1915.
Jan., 2 12 yearly (1 modthly),
8
9
Regular
134
___
*May '06 to Mar. 1915
-Extra, 1% hi-mo_ _ _
* Also in Oct. and Dec. 1914 1% extra.—V. 100. p. 311.
American Gas Co., Philadelphia.—Purchase.----
The company has, it is reported, purchased the property of the Cedar
Valley Power Co., operating In Hampton, Clarksville, Parkersburg, Nashua
and Charles City, Ia., together with a hydro-electric power site on the
Cedar River.
The Cedar Valley Power Co. proposed to develop the power site and erect
a generating station and transmission system, and it is said that the new
company, the Cedar Valley Electric Co., a subsidiary of American Gas Co.,
will go ahead with the development.—V. 100, P. 978, 476.
American Malt Corporation.—Broker Convicted.—
Adolph Keitel, a malt broker who has been attacking the financial standing of the company, was found guilty in General Sessions Court this cit3r,
last week of criminal libel against the American Malt Co. He was convicted
in the Federal Court in 1911 on a similar charge.—V. 100, p. 1169.
American Shipbuilding Co., Cleveland.—Outlook.—
Chairman H. A. Christy is quoted: "All of tho shipyards are busy with
repair work and earnings are holding up satisfactorily. We wont through
the worst of the depression since last July with monthly earnings at no time
falling more than $18,000 behind last year. Now earnings are increasing.
Preparation is being made for a big volume of business. We are spending
$350,000 for a new concrete dry dock at South Chicago and $150.000 for a
new office building,foundry and machine shops in Cleveland, where five departments are to be consolidated. The company is paying cash for everything and has more than $2.000,000 working capital in money and marketable securities on hand, and is therefore in an easy financial position, and a
few months of the right kind of business and prospects will place our stocks
In the ranks of dividend-payers again."
There is said to be only one new ship under construction, a 10,000-ton
steamer to cost $459,000. The contract is for cash and new construction
work will not be taken on other terms. The largest profit is in repair
work.—V. 99, p. 1295.
American Woolen Co.--War Orders.—
We learn from authoritative sources that the company has received a
considerable amount of emergency war business, fully up to the figures
THE CHRONICLE
MAY 11915.]
1513
mentioned last week (page 1439),from foreign governments, and expects to
receive more,in both uniform fabrics and blankets-V.100,p.1439,807.822.
the dividend rate was reduced to 4%. In December 1910 it was increased
to 6% per annum. If, as many recent decisions indicate, the rate of 8%,
per annum on capital invested in public utilities is deemed fair and reasonaAtlantic Gas & Electric Co.-Plan.
ble, then the stockholders are entitled to recover the difference between
A plan has been issued providing for the acquisition by W. S. Barstow & that rate and the rates actually paid since June 1906, inclusive, which difCo., Inc., of the securities and assets of the company. The $1,666,000 ference amounts in the aggregate to 27%, against which would be credited
Series A and $806,500 Series 13 bonds are to be foreclosed. The General the extra dividend of 3.1 of 1% about to be paid.
The value placed upon the assets by the U. S. Court in the 80 ct. gas case
Gas & Electric Co. will issue,for the purpose of acquiring theabove securities and the $2,058,700 6% pref. and 33,877,400 corn. stock of the Atlantic exceeded the value at which they were carried on the company's books to
Co., $1,666,000 5% 10-year gold bonds secured by substantially the same the extent of over $15,000,000: obviously, therefore, the company is undercollateral as the Series A bonds, $265,000 5-year 6% notes and $265,000 capitalized and therefore a 7% dividend on its outstanding stock amounts
convertible pref. stock. Holders of pref. stock are offered the rights of par- to a much lower rate of return than 7% upon the actual value of properties.
ticipation on payment of certain amounts. Further facts will be given an- It will probably be a surprise to many to know that more than three-quarters of the dividend of the company is derived from its investments in other
other week.-V. 100, p. 1351, 1169.
gas companies and in electric companies, and that less than one-quarter of
Atlas Powder Co., Wilmington, Del.-Authorized.it is derived from its own gas business.-V.100. p. 1252, 1170.
The stockholders on April 24 authorized an issue of $5,500,000 6% cum.
Consolidation Coal Co.-Development.-Referring to
pref. stock. The directors expect to offer stockholders the right to subscribe to an issue of a part of the pref. stocic, taking in payment on account the agreement with the
Baltimore & Ohio for the use of its
of such subscription the income bonds. As soon as definite decision as to
the terms upon which stock will be offered is made, and details of bond ex- tracks to reach the Western Maryland main line
. and the.
change determined,the stockholders will be advised -V.100,9. 1439, 1260. building of several short lines by the latter to the company's
Bishop-Babcock-Becker Co., Cleveland.-Plan Effective. mines (V. 100, p. 1259), President Wheelwright is quoted in
The committee appointed by the stockholders' readjustment agreement part in the Baltimore "Sun" of
April 27:
dated Jan. 2 1915(V. 100, p. 312) give notice that more than 95% of the
I want to make it quite clear that in the deal the coal company has made
total outstanding capital stock of the company having been deposited with
The First Trust & Savings Co. of Cleveland, 0., the depositary under said for the development of its unworked properties and for the further expanagreement, the plan has been declared operative. Further deposits of sion of its business the Baltimore & Ohio will not lose a single ton of the
preferred and common stock will be allowed up to and including to-day. traffic it has been getting from the company. I know the impression has
gotten abroad that this deal will cause serious loss to the B. & 0., even to
-V. 100, p. 312, 231.
the extent, in the opinion of some, of unfavorably affecting the price of its
Butte & Superior Copper Co.-Listed.-shares in the open market.
The N. Y. Stock Exchange has authorized to be listed $2,720,990 capita
It has been impossible for us to talk freely about our affairs in this constock (par $10) on notice of issuance of permanent engraved interchangeable nection for obvious reasons, but now I am ready to tell frankly what it
certificates in exchango for present outstanding certificates, with authority means and to show conclusively that instead of being hurt the B.& 0., as
to add $773,910 stock on notice of issuance and payment in full; and well as ourselves, the Western Maryland and the city of Baltimore, will
$5,100 stock on notice of issuance upon conversion of $5,1006% convertible be benefited. In the beginning the B. & 0. shows in its last statement all
Refunding and Improvement Coupon bonds; making the total amount that we have taken or ever will take from it. It will only require a study of
authorized to be listed $3,500,000 in permanent engraved interchangeable these figures to show that any diversion of the traffic of our mines from
certificates. Said stock to be dealt in dollars per share.
that road to the Western Maryland is practically nothing at all.
As a matter of fact, every ton of coal we will deliver to the Western
Earnings.-For calendar years:
Maryland will be wholly new traffic. The Western Maryland connections
Calendar
Zinc,(Fec.,
Net
Other Dividends. Balance, may have enabled us to obtain this money, in which the B. & 0. nor any
YearProfit.
Income. (22 M %). Surplus. other road has ever participated because it has remained undeveloped up
Sales.
1914
$3,238,414 $1,392,913 $24,215 $611,909 $805,219 to this time. It could ,not go to the B. & 0. direct because the mines from
1913
942,988 which it will come are away off its lines. It needed some new railroad
2,676,652
937,794
5,194
Zinc, &c., sales as above are stated after deducting freight, $797,260 in construction to get this coal to market and financial help to enable us to
1914, against freight and ore penalties,$850,008 in 1913. The net earnings go ahead on a large scale. I venture to assert that it will not be long
for the first quarter of 1915 are estimated at $1,163,156.-V. 100, p. 1439. before the output of these new openings will supply more coal than the Western Maryland can conveniently take care of. The surplus is bound to
Cambria Steel Co.-Dividend.go to the B. & 0.
A quarterly scrip dividend of 1 3 % on the $45,000,000 stock is payable
At the new mine opening in the Hellens Run field, in West Virginia, we
May 15 to holders of record April 30.-V. 100, p. 1439, 552.
have prepared to build two new towns of approximately 5,000 population
In this and in the work of opening the mines our expenditure will
Casein Co. of America.-Reorganization Plan.-A circu- each.
be almost immediately 31,500,000.-V. 100, p. 1261, 1076.
says in substance:I
lar dated March 12
Covington & Cincinnati Bridge Co.-Bonds.-The
Circular of President Isaac L. Rice,,Dated March 12 1915.
In the report (see a previous page) reference is made to the judgment stockholders on Apr. 28 authorized a new issue of $600,000
obtained against the company on June 28 1909 for $145,645.
To provide the necessary bond on appeal to the Court of Appeals, the 5% mortgage bonds. See V. 100, p. 1351.
company borrowed $140,000 and gave the surety companies a certificate
Dayton (0.) Gas Co.-Common Dividend Omitted.of deposit for that amount, and was also obliged to secure the surety comThe company will, it is reported, suspend dividends on the $800,000
panies in $60,000 additional. To do this all of the patents and shares of outstanding
common stock on which payments at the rate of 4% yearly
subsidiary companies were pledged.
have been made semi-annually, as it will be under about $200,000 expense
• To safeguard the company's properties and preserve tho assets,an under- in
changing
its lines to supply all its customers with natural gas. The
writing syndicate was arranged to guarantee the bank which made the loan regular dividends
be continued on the $1,772,500 5% pref. stock.
the said $140,000. I gave my personal guaranty to the surety companies While the companywill
in the past has supplied a large number of consumers
for the other $60,000.
with
artificial
gas,
hereafter
it will depend exclusively upon natural gas
The Court of Appeals has just handed down its decision affirming the
judgment in the case (Wester et al vs. Casein Co. of America-Feb. 26 from the West Virginia fields and will close its artificial plant.
1915) and it becomes imperative, therefore, for the company to take action
du Pont International Powder Co.-Liquidation.-immediately to meet the situation. Even if the certificate of deposit be
The stockholders on Apr.23 voted unanimously to liquidate the company.
used to pay the judgment, the loan of $140,000 will have to be paid. If the about 90% of the stock of the company being represented. The pref. stock
company does not pay the loan, the underwriters will have to do so, who,in will receive 120. The common stock is practically all owned by the E. I.
default of action by the shareholders, will be obliged, for their own protec- du Pont de Nemours Powder Co.-V. 100, p. 904, 558.
tion, to either operate the property in their own interest or offer it for sale
Dominion.Coal Co., Ltd.-First Mortgage Bonds Called.to reimburse themselves for paying the loan. It is obvious that the situation is one in which the property might become dissipated. [The bank loan
One hundred and five 1st M.5% sinking fund gold bonds dated May 1
fell due March 29 and has been extended to enable the plan to 130 carried out.] 1905. of $1,000 each, and 43 of $500 each, were called and paid off on May 1
The directors are strongly of the opinion that steps should be taken now at 105 and interest at Royal Trust Co., Montreal.-V.98, p. 1395.
by the shareholders solely in their own interests to relieve the underwriters
Elk Horn Fuel Co.-Fourth Dividend on Preferred.and place the company in a position to finance itself. The amount of the
The company has declared its fourth semi-annual dividend on the $7,000,judgment, including interest and costs, is $196,595. The contribution of
this amount by stockholders makes opportune a reorganization equitable 000 5% cum. pref. stock, payable one-half May 10 and one-half Aug. 2
as between pref. and common stockholders and saving in reduced taxes. 1915 to holders of record May 1. The previous payments were 2%%,of
which one-half paid Nov. 15 1914 and one-half Jan. 15 1915,and semi-annual
Proposed Plan.
A new company is to be formed to take over the property, with stock (all payments of 23. % each in May 1914 and Nov. 1913.-V. 100, p.1347, 1081.
of one class) fixed at $2,500,000, issuable as follows:
Ford Motor Car Co., Detroit.-Profit-Sharing Plan.Total authorized issue to be
$2,500,000
President Henry Ford on April 27 stated that the plan of profit-sharing
Issuable to pref. stockholders of present co. on payment of 10%
last August contingent upon thes ales exceeding 300,000 cars for
announced
assessment (see below)
1,340,000 the year ending
Aug. 1 1915, would be carried out. Mr. Ford is quoted:
Issuable to common stockholders of present company on pay"You
may
say that we shall pay back to each purchaser of a Ford car be1.82%
assessment
of
ment of
786,500
1914
and Aug. 1 1915, barring the unforeseen,the sum of $50.
Aug.
1
tween
To remain in the treasury
373.500
Terms of Exchange of Old Stock for Stock of New Company (All of One Class). You may say that I authorized this statement."-V. 100. p. 401.
Present
Amount.
New
Stock.
Existing StocksGeneral Gas & Electric Co.-Acquisition-Plan.$1,000,000
stock (principal)
(100 p)$1,000,000
87 cum. preferred dividends,
See Atlantic Gas & Electric Co. above.-V. 100, p. 233, 143.
ç24%240,000
3 years' accrued
(24%)
t10%)100,000
Giant Powder Co., Cons. San Fran.-Sale of Stock.10% assessment
An Eastern syndicate, whose identity has not been announced, has, it is
$1,340.000 reported, agreed to take over the entire $3,000,000 outstanding stock at
Total
$5,492,000
$686,500 $110 per share. Pres. George A. Moore and the directors, who carried on
Common stock (principal)
(1.82%)100,000 the negotiations with the syndicate, have, it is stated, insisted that all of
Assessment, 1.82%
the 365 stockholders should be assured the right to disposing of their
Total--------------------------------------3786,500 holdings at the same price.-V. 78, p. 770.
now amount ,we are informed,
Deposits of stock and ii-romfses---Granby Consolidated Mining, Smelting & Power Co.
stock.
-V.
100,
outstanding
p.
1440.
to over 80% of the
Central Leather Co.-Earnings for Quarter.-
1915.
1914.
Results for 3 mos. end. Mar. 311913.
Total net earnings, all properties_ _ _ _32,321,162 $2,806,710 $2,525,656
895,214
outstanding oblig's (except bonds)__
874,053
748,149
Add income from investments
$1,425,948 $1,932,657 $1,777,501
754
5,277
3,412
$1,426,702 $1,937,934 $1,780,913
Total
$459,552
Deduct-Interest on bonds
$459,552
$494,802
582,732
Preferred dividend payable April 1_ _
582,732
582,732
Surplus for quarter
$384,418
$895,650
$703,379
Total surplus March 311915, 38,177,211.
Total net earnings are stated after deducting expenses, including those
for repairs and maintenance, approximately $285,469 for the quarter ending
March 311915.-V. 99, P. 1913.
Citizens' Gas Co. of Indianapolis.-Bonds of Lessor Co.
See Indianapolis Gas Co. below.-V. 100, P. 1170.
Colonial Paper Co.-Foreclosure Sale.-
-Bonds Sold-Option.-The company has sold to White,
Weld & Co. $2,000,000 of the 6% convertible bonds due
May 1 1928, authorized by the stockholders in 1913, subject
to the offer to the stockholders of /word May 15 of the
right to subscribe for the same at par to the extent of 13 1-3%
of their holdings.
Through the sale the company will fund its entire floating debt and take
up $850,000 non-convertible debentures maturing May 15, and make a
substantial addition to working capital, which will pave the way for resumption of dividends. In Feb. 1913 31,500,000 of the bonds were sold. With
$3,500,000 bonds outstanding,the big expenditures made in connection with
the Hidden Creek property will not be fully capitalized, as considerably
more than that amount has been spent in taking over the mining properties
and building and equipping the smelter. The directors were authorized in
May 1914 to borrow up to $3,000,000 otherwise than by the issue of stock
or 1st M. bonds. It is understood, however, that it was not found necessary to borrow up to the limit.-V.99, p. 1907.
Great Lakes Dredge 86 Dock Co., Chicago.-
The directors, it is stated, will meet next week to vote on declaring an
The property, will be sold at foreclosure sale on May 11 at Portsmouth, extra
dividend of 10%. The company, it is reported, earned over $1,000,N. II.. by order of the U. S. District Court for District of Maine, entered 000
net last year on the $4,900,000 stock outstanding. The directors will
Feb. 20. Upset price, $100,000.-V. 99, p. 1369.
also consider the proposition of listing the shares on the Chicago Exchange
Consolidated Gas Co., New York.-Extra Dividend.- and of accepting a contract for harbor construction in South America,
of 1% has been declared on the $99,- amounting,it is reported, to about $4,500,000.-V. 100, p. 1441, 736.
An extra dividend
of
816,500 stock in addition to the usual quarterly distribution
of 1M%,both payable June 15 to holders of record May 12.
Harrison Bros. & Co., Inc., Phila.-Pref. Div. Resumed.
The directors have declared a quarterly dividend of 1% on the $1,500,000
7% non-cum. pref. stock. payable May 1 to holders of record April 27.
In Feb. 1915 and Nov. 1914 payments were omitted.
Previous Dividend Record (Per Cent) Since 1903.
1910. '11 to '14. 1915.
'07-'09.
1905.
1906.
1904.
Previous Preferred Dividend Record (Per Cent.)
6 y'ly. Mar., 13.
43.1
5
4
8X .
83'
1915.
May'08 to May '01. '02 to '08. 1909. '10. '11. '12. '13. '14.
5 4 3 May, 1
1 (Oct.) 4 4
0
--President Cortelyou says:
7 yearly.
Payments in 1914 include 1% extra. On common stock 93. % was paid
Dividends at 8% and 10% per annum were paid before the price of gas
was reduced in 1906 to 80 cts. per 1,009 c . t. Immediately thereafter in 1899.-V. 100, p. 144, 137.
1514
THE CHRONICLE
Hercules Powder Co.-For Three Mos. ending Mar. 31.Balance.
Bond Int. c%
Net(after
Three Mos. ending Gross
Surplus.
Pref. Div.
Deprec'n, ctc.)
Receipts.
March 31$360,151
$106,002
$466,153
$1,90,917
1915
223,887
97.500
321,387
1,928,348
1914
The percentage available for dividends on common stock was equivalent
to annual rate on capital stock of 20.15% in 1915, against 13.78% in 1914
(dividend paid in 1915 was 2% against 13i% in 1914). The net earnings
from all sources are equivalent to annual rate on total investment of 10.23%
In 1915, against 8.27% in the previous quarter.
The balance sheet of March 31 1915 shows bills payable, $670,220.
against $756,972 on March 31 1914; profit and loss, surplus, $2,109,964,
against $948,734; cash, $2,226,042, against $845,410; accounts receivable,
$1,128,932, against $1,191,257; collateral loans, $650,000, against $100,000;
Investment securities, $107,703, against $350,231; and materials and supplies and finished 'products. $1,797,739 and $597,652, respectively, against
$1,868.516 and $623,212.-V. 100, p. 815. 636.
Idaho-Oregon Light & Power Co.-Sale of Securities.See Idaho Railway Light & Power Co.under "Railroads" above.-V.100,
p. 1171. 983.
Indianapolis Gas Co.-Bonds Offered.-Blodget & Co.,
Boston and New York, offer by advertisement on another
page, at 96 and int., a block of 1st M. gold 5s dated Oct. 1
1902, due Oct. 1 1952. Interest and refunding of bonds at
maturity guaranteed by Citizens' Gas Co. of Indianapolis,
which operates the property under lease. Principal and int.
(A. & 0. 1) payable at the Equitable Trust Co., New York,
trustee. Authorized issue, $7,500,000; outstanding,$5,073,000. Denomination $1,000 c*.
[VOL. 10g.
Lake Superior Corporation.-Officer.-
Alexander Taylor has been elected Secretary of the company and also of
the Algoma Steel Corporation and subsidiary companies, succeeding
Thomas Gibson, who recently became President of the Lake Superior Corp,
Mr.Taylor also becomes a director of the various companies.-V.100,p.737.
Long Acre Electric Light & Power Co., N. Y.-Favorable Decision.See Inter-City Power Co. above.-V.98, p. 1770.
Luckenbach Co.,Inc., New York.-Marine Equip. Bonds
Offered.-Jerome J. Danzig & Co. and C. E. Mitchell & Co.
of New York offer at par and interest, by advertisement on
another page,$500,000 1st M.6% Marine Equipment bonds,
guaranteed principal and interest by Edgar F. Luckenbach,
individually, dated May 1 1915 and due semi-annually in
series of $50,000 each from June 1 1916 to Dee. 1 1920, incl.
Interest June 1 and Dec. 1. Callable at 102 and int. in
reverse of numerical numbers, bonds being numbered commencing with first maturity. Denomination $1,000 c*.
Principal and interest, free of normal Federal income tax, at
Equitable Trust Co. of New York, trustee.
Extracts from Bankers' Circular.
The bonds are the obligation of the Luckenbach Co., Inc. a Delaware
corporation having a paid-in and unimpaired capital of $800,000, and are
secured by an absolute first mortgage on three steel freight vessels of 24,600
tons carrying capacity and of a value in excess of $1,300,000. the mortgage
covering as well a lease of the vessels to the Luckenbach Steamship Co.,
Inc., long established and prosperous coastwise carriers, for the term of
the bond issue at $130,000 net per annum,for use in the New York,Panama
Data from Letter of J. D. Forrest, Sec. 8c Gen. Man.!of Citizens' Gas Canal, San Francisco trade. The provisions of the lease are guaranteed
by Edgar F. Luckenbach individually, who also guarantees the prompt
Co., Lessee, Dated April 1 1915.
Security.-The bonds are secured by a first mortgage on all the property payment of principal and interest of the bond issue by endorsement on each
owned, which was appraised by Stone & Webster in July 1913, during the bond. Mr. Luckenbach presents a personal statement showing net worth
lease negotiations, at $6,395,158 (Including $1,200,000 for good-will), since in excess of $3,000,000 and advises that for may years his personal earnings
which time $846,126 has been expended for imw coke oven plant and various and those of the lessee company which he owns in its entirety have annually
improvements covered by the mortgage, making the present total valua- been several times the maximum principal and interest due yearly under
tion $7,241,284. Additional bonds may be Issued up to 90% of cost of the bond issue. The vessels carry the highest rating and will be insured
to their full value in favor of the trustee for bondholders.
betterments actually made.
The bond issue is made for the partial financing of the cost of the new
Guaranty.-Interest on the bonds and the refunding at maturity and
by Newport
6% dividends on the $2,000,000 stock of the company are guaranteed by steamship Edgar F. Luckenbach, which is being constructed
for delivery April 1
the Citizens' Gas Co., which has, with the approval of the Public Service News Shipbuilding & Dry Dock Co. under contract
Commission, operated the company since 1913 under a 99-year lease. The 1916. at a cash cost of $700,000 plus extras ordered and to be ordered,
Citizens' Gas Co.of Indianapolis now controls the entire business of the city which will increase the cost by several thousand dollars, payments to be
and its suburbs, comprising a population of 275,000, and operates the prop- made as the work progresses. The owners will pay to the builders the
erties of the two companies as a unit. Under the terms of the lease the first $200,000 called for under the contract, together with the cost of extras
Citizens' Gas Co. agrees to sell gas at 55 cts. per 1.000 cu. ft. the lowest ordered. The balance of $500,000, being the amount to be paid into the
price for manufactured gas in the United States. In the event that the hands of the trustee upon certification of the bond issue, will be disbursed
maximum price for gas is reduced to 50 cts. per 1,000 cu ft.,the dividend by them to the builders as construction proceeds, but only after payments
is to be increased to 6%%, and if the maximum price of gas is reduced by the owners as above noted have been completed and the trustee has been
to 45 cts., the dividend is to be increased to 6,1%, but no increase shall be satisfied that upon payment of the said $500,000 so held, the steamship
will be delivered as provided in the contract.-V. 100, p. 1441.
made beyond the latter rate.
Earnings.-The Citizens' Gas Co. after paying the guaranteed interest
Manchester (N. H.) Trac., Light & Power Co.-Bonds.
on the $5,073,000 Indianapolis Gas Co. bonds and 6% dividends on the
The company has applied to the New Hampshire P. S. Commission for
$2,000,000 stock earned in 1914 over twice the interest charges on its own
additions, and to
bonds and paid 7% dividends on its own stock (amount outstanding authority to issue $1,000,000 bonds for extensions and
pay floating debt.-V. 99, p. 1673.
Dec. 311914, $1,250,000).
Franchise.-The Indianapolis Gas Co. has surrendered its franchise and
Dividend.Common
-First
Co.
Shirt
Manhattan
operates under an indeterminate permit granted by the Public Service ComAn initial quarterly dividend of 3 of 1% has been declared on the $5,
mission which is similar to those granted by the P. S. Commission of Massa- 000,000 common stock, payable June
1 to holders of record May 17.chusetts under which the Commission has control of all rates and will not V. 100, p. 405, 402.
con..
franchise,
its
Gas
retains
Co. still
allow competition. The Citizens'
Manhattan Transit Co.-Favorable Decision.taming some special franchises, which runs until 1930, but it may be sur_
rendered at any time in exchange for an indeterminate permit.-V.99,p.897.
See Inter-City Power Co. above.-V.99, p. 273.
Inter-City Power Co., New York.-Favorable Decision.-
Justice Guy in the U. S. Supreme Court on Monday,in the suit brought
by minority stockholders of the Manhattan Transit Co., sustained the
action of the directors in disposing of the entire stock of the Long Acre Electric Light & Power Co. to the Inter-City Power Co. The Court held that
the charges that the contract was unfair to the Manhattan Transit Co.
were unfounded and also exonerated the defendants, Pliny Fisk, A. B.Leach
& Co. and others, from charges of bad faith that had been brought against
them. The decision, unless reversed by a higher cm*, will establish the
status of the enterprise undertaken by Harvey Fisk & Sons and A. B.Leach
& Co.,and removes the last legal obstacle in the way of the development and
financing of the Long Acre Electric Light & Power Co., as an operating
electric light and power company in the city.-V.98, p. 1770.
International Mercantile Marine Co.-Foreclosure.The Fidelity Trust Co. of Philadelphia, trustee of the International
Navigation Co. 1st M. of 1902, has filed suit in tho U. S. District Court
in this city to foreclose the same.-V.100, p. 1261. 1171.
International Steam Pump Co.-Listed.The New York Stock Exchange has listed $7,928,500 Guaranty Trust Co.
of N.Y.certificates of deposit for First Lien 20-year 5% sinking fund bonds.
due 1929, with authority to add $1,392,000 certificates of deposit on official
notice of issuance in exchange for outstanding bonds or for deposited bonds
for which no certificates of deposit have yet been issued, making the total
amount of said certificates of deposit authorized to be listed $9,320,500;
also $11,350,000 Columbia Trust Co. certificates of deposit for preferred
stock and $17,762,500 of said certificates of deposit for common stock on
notice of issuance in exchange for outstanding temporary certificates of
deposit for preferred or common stock, or for outstanding preferred or common stock.
Vice-Chancellor Stevenson at Jersey City, N. J., on April 26 signed an
order providing for the dissolution of the company. This is said to be
done to avoid payment of franchise taxes in that State, the equity of stockholders and bondholders not being affected. The new company to be
formed under the reorganization will, it is reported, be entirely an operating
instead of partly a holding and partly an operating company.-V.100,p.144.
Ithaca (N. Y.) Gas & Electric Co.-Consolidation.The P. S. Commission early last month authorized the consolidation of
the Ithaca Gas Light Co. and the Ithaca Electric Light & Power Co. under
the name of the Ithaca Gas & Electric Co., with $350,000 capital stock.
The stock will be exchanged at par for the stock of the two cos. which
are as follows: Gas co., $200,000 and electric co., $200,000 common and
$100,000 pref. Of the old companies'stocks. $150,000 will be canceled upon
the consolidation. The new company is also authorized to issue $434,000
5% 40-year 1st M. bonds, of which $319,000 are to be used to exchange,
par for par,for $254,000 outstanding bonds of the gas company and $65,000
bonds of the electric company; $115.000 are to be sold at not less than 90
to net $103,500 to fund $74,800 bills and accounts payable of the gas company and $28,556 of the electric company.
Ithaca (N. Y.) Gas Light Co.-Merger.-
Mexican Petroleum Co.-Foreign Contract.-The following is stated to be substantially correct:
President E. L. Doheny, who returned from England on Saturday last,
said that ho did not care to give the terms of the agreements closed in that
country, stating that he was not at liberty to disclose the full arrangement.
The British interests involved embrace "virtually all" of the large steamship properties (including trans-Atlantic) and contemplates "the revolutionization of the marine fuel question." being the first comprehensive step for
the supplanting of coal by oil by foreign merchant marine. The deal involves the formation of two English companies, the building of tanking
stations, distributing stations and refineries in several foreign countries
and the building of a large fleet of tank steamers to transport the Mexican
Petroleum Co.'s production from Tampico, Mex. The Mexican company
will have a one-half interest in one company, which will attend to the transportation and selling end, and a third interest in the other, which will be
the distributing and refining concern, two other interests being involved
in latter case. The capitalization of these companies is not disclosed.
Mr. Doheny says: "The contract will extend over a period of more than
25 years. It is not direct with the British Government and is in Mexican
crude output entirely. By the terms of the contract the company supplies
certain proportion of its Mexican production and minimum amount is
stipulated. The company has a potential production in Mexicao of 200.000
bbls. per day, or 30,000 tons, and an annual output of 10,000,000 tons, or
approximately 70.000,000 bbls. The new companies will build tank steamers and establish distributing stations in various foreign countries. At first
this will be confined to one country, but will be expanded 1V9 rapidly as
possible. Refineries will be built where the various grades of fuel oil will
be made. It is essentially a power prpposition and only involves fuel oil.
"I am not a t lit erty to tell who the British people interested are, but they
are comprehended in the largest steamship interests. The large feature of
the plan is that of putting shipping on a fuel oil basis instead of coal as at
present, and is of great general importance in this respect. The contract
wont into effect immediately upon the signing of the agreement. The
company's production is now about 30,000 bbls. a day. It has been curtailed, but some wells cannot be shut in,and there has been no difficulty in
marketing the present supply. The arrangement that now goes into effect
Is to supply all the oil to certain large consumers.' Compare V. 100.
p. 1441, 1352.
Midwest Oil Co., California.-Re-hearing Denied.-
The U. S. Supreme Court on April 19 declined to grant a rehearing in
the case in which a decision was handed down Feb. 23 (V. 100, p. 737)
holding the order of President Taft in 1909 withdrawing mineral lands
Constitutional.
Judge Dooling on April 23 appointed a receiver for oil lands operated
by about 20 companies in California pending a settlement of the question
as to a part of their lands claimed by the Government to have been entered
upon after the withdrawal order. These include Consolidated Midway
Oil Co.. American Oil Fields Co., Midway Northern Oil Co., Consolidated Oil Co., Eldora 011 Co., Standard 011 Co., Maricopa Consolidated,
California Amalgamated Oil Co., National Pacific Oil Co., Midway Oil
Field Co.. &c. The Government's claims cover about 1,000 acres in three
suits, involving 23 claimants.-V. 100, p. 1352, 737.
Minneapolis General Electric Co.-Underwritten.-The
purIthaca (N. Y.) Electric Light & Power Co.-Merger.- company has arranged with bankers to underwrite the Couchase on Dec. 2 1915 of the remaining $1,000,000 6%
See Ithaca Gas & Electric Co. below.-V.98, p. 1697.
pon Notes, due June 1917 ($3,000,000 auth. issue), which,
Lackawanna Steel Co.-Large Order.It is officially announced that the Lackawanna Steel Co. has eceived an under the terms of the agreement, cannot be issued until after
order from a foreign firm for tuluol, used in the manufacture of explosives, Dec. 1 1915.-V. 99, p. 1601.
which will take the entire output of the company for the remainder of this
year. The company also closed a contract to supply 1.600 tons of steel for
Montana Power Co.-Listed.construction work at Sheepshead Bay.-V. 100, p. 1352.
The New York Stock Exchange has listed $6.000,000 additional First
Refunding M. 5% sinking fund bonds, series A, due 1943, recently
and
La Belle Iron Works Co.-New President.offered (V.
984), making the total listed to date $16,000,000.See Ithaca Gas & Electric Co. above.
11. C. Kirk, who has been Secretary and Treasurer, has been elected
President to succeed W.D. Crawford, who resigned.-V.100, p. 1255,904.
Laclede Gas Light 00.-Earnings.-
Net (after Deprecia- Interest Pre .Divs. Balance,
3 Mos. end. -Gross
Paid.
Mar.31- Earnings.
Surplus.
lion.
Taxes.)
$1,152,251 $608.572 $70.331 $281.076 $31,250 $225.915
1915
271,062
1,229,809
1914
31,250
214,310
591,249.1 74,628
-V.100, p. 551.
%).
100, p.
V. 100. p. 1262, 984.
National Fireproofing Co.-Dividend Omitted.
The directors on Aoril 29 voted not to pay the usual dividend disbursed
this month on the $7,900,700 7% non-cum. pref. stock, owing to poor
business. The present outlook ,it is stated, is better. From Jan. 1910 to
Jan. 1915 1% was disbursed Quarterly.-V. 100. o. 1262. 1082.
For Other investment News, see page 17,16. ,
THE CHRONICLE
MAY 11915.1
Aria orts
1515
and XjCitUXJis.
ALLIS-CHALMERS MANUFACTURING COMPANY
DEC. 31 1914.
SECOND ANNUAL REPORT-FOR THE FISCAL YEAR ENDED
Milwaukee, Wis., April 9 1915.
Trust Certificates of
To the Stockholders and Holders of Voting
Company:
ring
Manufactu
mers
Allis-Chal
the Profit and
The Board of Directors submits herewithring
Company
Manufactu
mers
Allis-Chal
of
Account
Loss
Balance
the
and
1914
31
December
ending
year
fiscal
the
for
1914.
31
December
of
as
Sheet
PROFIT AND LOSS ACCOUNT
R 31 1914.
FOR THE FISCAL YEAR ENDING DECEMBE
$10,323,150 47
Sales Billed
s 9,221,174 12
Cost,including Depreciation and Development Expenditure
$1,101,976 35
Factory Profit
55
Selling, Publicity, Administrative and General Expensek_ _ _ 1,379,685
$277,709 20
Manufacturing Loss
Other IncomeInterest on Investments and Bank Balances, Discounts,
252,640 80
&c. (net)
$25,068 40
Net Loss for the Year
ALLIS-CHALMERS MANUFACTURING COMPANY
BALANCE SHEET DECEMBER 31 1914.
ASSETS.
Property AccountMachinery,
Real FIstate, Buildings, Plant,
Tools and Furniture and Fixtures (less $9,627,621 14
Depreciation)
Real Estate, Buildings, Plant, Machinery,
of The
Tools and Furniture and Fixtures
Bullock Electric Mfg. Company (less De$1,514,407 41
preciation)
Deduct-First Mortgage 6%
Gold Bonds of that Com- 936,000 00
pany
578,407 41
not required for
Real Estate and Property the
802,452 57
Company_
operations, as valued by
Patents, Patterns, Drawings, Franchises, Dee 19,615,804 58
v lopment and Good-Will
$30,624,285 70
'
Allis-Chalmers Mfg. Co. Voting Trust Certificatesand 2,292
Certificates representing 6,505 shares Preferred
Trust
shares Common Stock held in escrow by Central
for sale
Company of New York under Option Agreement
approval of
to Otto H. Falk and associates (subject to the
for
a majority of the holders of Voting Trust Certificates
Capital Stock of Allis-Chalmers Mfg. Company and of its
406,135 50
stockholders) at option price
First Mortgage 6% Gold Bonds of The Bullock Electric Mfg.
Companyissue of these
3893,700 par value of the $936,000 authorized
Company at
bonds purchased by Allis-Chalmers Mfg. Company
has
cost of 95 and held in its Treasury. (The
agreed to purchase remaining bonds at the same price on
849,015 00
demand prior to February 1 1915)
Current Assetsd
Manufacture
Process,
in
Work
of
Inventories
Stock, Raw Materials and Supplies (less
advance payments on contracts in process)_ $4,149,243 63
3,445,624 67
Notes and A.ccounts Receivable (less Reserve)
Sundry Marketable and other Securities at
3,881,851 00
cost (as listed below)
776,734 04
Cash
12,253,45334
Deferred Charges13,175 11
Premiums
Insurance
Unexpired
$44,146,064 65
dition thereto the sum of $381,380 59 for general depreciation of the property has been charged to the operating
expenses of the year.
The expenditure of $222,597 21 for standard development,
and charged to cost of manufacture, was partly to improve
and enlarge the present lines of manufacture and partly to
complete the development of new lines which are now about
ready to be put upon the market.
The Bullock Electric ManufacturingCompany issued its6%
bonds, aggregating $936,000, secured by mortgage upon its
property, in exchange for its entire issue of prederred stock.
On April 30th 1914 its plant and property were conveyed to
the Allis-Chalmers Manufacturing Company. Since then
and up to December 31st 1914 the Allis-Chalmers Manufacturing Company, in accordance with its agreement, purchased 93,700 par value of the total issue of $936,000
at 96 per cent and accrued interest.
During the fiscal period the sum of $1,745,262 93 was invested in marketable securities, making the total investment
in marketable securities on December 31st 1914 $3,607,301 00, the details of which are shown in the schedule attached to this report. The market value of these securities
on December 31st 1914, being within one per cent of their
cost price, the Board of Directors decided to make no change
in their valuation.
The unfilled orders on hand December 31st 1914 amounted
to $2,503,936 59.
The annual meeting of the Allis-Chamers Manufacturing
Company will be held at its principal office at Wilmington,
Delaware, on May 6th, 1915.
The books and accounts of the Company have been audited
by Messrs. Price, Waterhouse & Company, Chartered Accountants, and their certificate is appended.
By order of the Board of Directors.
OTTO H. FALK, President.
LIABILITIES.
Capital Stock Issued$16,500,000 00
Preferred Stock
26,000,000 00
Common Stock
42,500.000 00
sad
Current Liabilities
$210,508 37
Accounts Payable
ConReserve for Erection and Completion of
248,833 67
tracts Billed
177,513 49
Pay-Roll Accrued
121,509 23
Taxes Accrued
758,364 76
Reservesassumed on
For Possible Losses on Contracts
purchase of Allis-Chalmers Company Properties
assumed as at
For Losses on Receivables
April 16 1913, and other contingencies_ _ _ _
For Liability under Employees' Compensation Act
Profit and Loss AccountBalance at January 1 1914
Deduct-Loss for the year ending December 31 1914
$19,806 48
91,565 26
46,271 82
157,643 56
$755,124 73
25,068 40
730,056 33
$44,146,064 65
The decline in volume of business which, as noted in our
report of last year, began in August 1913, continued during
the early part of 1914 and became more pronounced upon the
breaking out.of the European war. This contraction of
business particularly affected the larger products of our
company and rendered necessary general reductions in our
. operating force. Most rigid economy has been exercised in
all departments. and great savings have been effected, until
our manufacturing costs to-day are lower than ever before;
but the decreased amount.o! business and the lower prices,
due to very keen competition, more than offset all gains
realized by these efforts.
Notwithstanding the decreased operations during the year,
the full charges for reserves and depreciation have been maintained and included in operating expenses. The expenditure
of $477,495 25 for maintenance, repairs and up-keep has
kept all the plants and equipment in good condition. In ad_
MARKETABLE SECURITIES OWNED BY ALLISCHALMERS MANUFACTURING COMPANY
DECEMBER 31 1914.
Par Value.
$100,099 00 Brooklyn Rapid Transit Co.6-year Notes, due
July 1 1918, 5%
Southern Railway Company:
1st Cons. Mtge. Gold Bonds, due July 1
125,000 00
1994, 5%
Equipment Trust Series "E," due April 1
100,000 00
1918 and April 1 1923, 5%
Southern Pacific Railway:
90,000 00 Equipment Trust Series "A," due March 1
1915, to March 1 1923. incl., 43491
100,000 00 Convertible Gold Bonds due June 1 1929,4%
100,000 00 Inter. & Gt. Northern By. Equipment Trust
Notes, Series "A," due February 1 1916 to
February 1 1922. inc. 5%
Temp. Certifs.
100,000 00 Wabash RR. Co. Receiver's
Extended 1 year to August 1 1915, 6%--100,000100 Milwaukee & Northern%RR. Co. 1st Mtge.,
due June 1 1934, 4%
Baltimore & Ohio RR. Co.:
100.000 00 20-year Convertible Gold Bonds due March 1
1933, 4%
90,000 00 Equipment Trust Series "B" to "J," inc.
due April 1 1915 to April 1 1923 inc.,43i%
148,000 00 United States Steel Corp., 10-60 year Sinking
Fund Gold Bonds, due April 1 1963,
100,000 00 Pennsylvania RR. Co. 10-year Convertible
Bonds, due October 1 1915, 334
100,000 00 N. Y. Central & Hudson River RR. Refunding
& Imp. Mtge. Series "A," due October 1
2013, 4%%
100,000 00 N. Y. Central Lines Equipment Trust due
January 1 1916 to January 1 1925,Inc.,434%
150,000 00 St. Louis Peoria & Northwestern Ry. Co. 1st
Mtge. Gold Bonds, due July 11948, 5%......
Erie RR. Co.:
70,000 00 Equipment Trust Series "AA," due March 1
1917 to September 1 1923,
_____ 191b.
10,000 00 Gold Notes, Series "V, due June
5%
100,000 00 N. Y. Connecting RR. Co. 1st Mtge. Series
"A," due August 1 1953,434%
Co. Gen102,000 00 Southern & Northern Alabama RB.due
Octoeral Cons. 50-year Mtge. Bonds
5%
ber 1 1963,
Equip.
100,000 00 Minn. St. Paul & Sault Ste. Marie By.1918
to
Trust Series "F," due December 1
June 11923, inc., 5%
100,000 00 N. Y. & Westchester Ltg. Co. General Mtge.
Bonds due July 1 2004, 4%
100,000 00 Republic of Cuba Ext. Gold Bonds,Series"A,"
due February 1 1949, 591
50,000 00 Southern Bell Tel. & Tel. Co. 1st Mtge. Sinking Fund Bonds, due January 1 1941, 5%....
100,000 00 Canadian Northern Railway Co. Equipments,
due various dates from March 1 1915 to
March 1 1923, inc. 43i%
50,000 00 Louisville & Nashville RR. Co.-(A. K.& C.
Div.) Gold Bonds, due May 11955, 4_%
100,000 00 Northern Pacific Ry. Co. Ref. & Imp. mtge.
%
Series "A," due July 1 2047.
Sulzberger & Sons Co.:
Note dated July 23 1914, due January 23
100,000 00
1915, 4X %
Armour & Co.:
Note dated July 28 1914, due Jan. 28
100,000 00
1915, 5%
Notes dated Oct.51914,due Apr.7 1915.7%
100,000 00
Notes dated Oct. 14 1914, due Apr. 13
50,000 00
1915, 7%
Note dated Nov. 13 1914, due May 14
100,000 00
1915, 6%
Notes dated Nov. 30 1914. due June 2
100,000 00
1915, 5%
Note dated Dec. 18 1914, due June 18
100,000 00
1915, 5%
Cost.
$96,181 26
129,687 50
101.357 40
87.808 52
87,305 00
94,650 54
99,187 59
99,875 00
93,125 00
87,640 29
148,185 00
97,125 00
95,500 00
97,065 57
154,125 00
69,047 22
9,959 40
94,625 00
106,845 00
99,036 37
80,000 00
98,500 00
49,500 00
98,111 09
45,375 00
97,000 00
97,572 22
97,444 44
96,422 22
48,240 28
96,966 67
97,472 22
97,472 22
1516
THE CHRONICLE
Par Value,
100,000 00
25,000 00
50,000 00
100.000 00
100,000 00
100.000 00
100,000 00
Swift & Co.:
Note dated July 28 1914, due Jan. 28
1915, 5%
Note dated Oct.61914. due Apr.6 1915, to
Notes dated Oct. 15 1914, due Apr.75
1915, 7%
Note dated Dec. 12 1914, due June 12
1915 536V
Note dated Dec. 26 1914, due June 26
1915, 53i%
Note dated Dec. 28 1914, duo June 28
1915, 5M %
Morris & Co.:
Note dated July 30 1914, due Jan. 30
1915, 5%
$3,710,000 00
Total
Cost;
97,444 44
24,115 29
48,230 50
97,219 44
97,219 44
97,219 44
97,444 44
$3,607,301 00
(Of a Market Value December 31 1914 of $3,571,987 00)
National Securities Corporation.-Sale of Securities.
See Idaho Ry. Light & Power Co. under "Railroads" above.
-V. 100
p. 1168.
Northern Colorado Power Co.-New Securities
(Vox,. 100.
paid April 15, making a total of $3,570,000. On April 1 1915 the compariy
had an undivided surplus of $2,433,372, besides the right of participation
in a large amount of undistributed profits of several subsidiaries.
All of
the plants are being operated day and night to their full limit and
the
capacity of the principal works is being increased. A large part
of
output into 1916 has been contracted for at a reasonable profit. In the
the
absence of unanticipated circumstances net earnings
for 1915 will be substantially greater than in 1914. The business in principal
and various byproducts is showing a healthy growth."-V.
100, p. 907, 560.
U. S. Reduction & Refining Co.-Receivership.
Judge Lewis in the U. S. District Court, on April 23,
on application of
the New York Trust Co., mortgage
appointed J. A. Connell,
President of the Colorado Title & Trusttrustee,
Co., receiver.
Robert E. McDonnell, the new President,
in a statement says that it
has been ascertained that the request
the appointment of a receiver
was made to the trustee by Spencer for
Penrose,
Treasurer, and a bondholder of the company, in formerly Secretary and
retaliation for the defeat
of the former management at the election April
23, and suggests that the
trustee, the New York Trust Co., was imposed
upon by Penrose, the
defaults complained of having occurred through
the fault of himself and
associates. The new management says that the
company's plant to the Golden Cycle Mining Co. is so-called lease of the
not a lease at all, but
merely an agreement to suppress competition.
The sale by the company of 48,000 shares of Utah Copper stock
is criticized. Steps are, it is stated, being taken to
the interests of the
security holders and to obtain restitution fromprotect
the former officers.
Horace M. Kilborn, Vice-President of the National
City Bank, denies
the report that he has been elected a director of the company
and states that
he is not directly or indirectly associated with the co.-V.100,
p. 1442, 1173.
Ready.Holders of certificates of deposit representing preferred and
common
stock and 1st M.5% bonds of the above company issued
by
the
Trust Co. of N. Y. under the plan of readjustment dated July Equitable
22 1913. are
notified to present the same on or after May 1 to the trust company
to receive in exchange the stock of the new company,the Western in order
Washington-Oregon Corporation.-Plan.Ry.& Lt.
Co. and the cash for the Nov. 1913 coupon,to which they are entitled
The First and Consol. M. bondholders' committee (Clarence M.
under
Brown,
the plan (V. 97, p. 370).-V. 99, p. 346.
Phila., Chairman) gives notice that they have prepared
and lodged with
the Fidelity Trust Co. of Philadelphia a plan of
Onomea Sugar Co., Honolulu.-Extra Dividend.reorganization. The
reorganization
which
plan,
it
is
reported,
does
not levy an assessAn extra dividend of 30 cts. per share (13,
6%) has been
payable ment, provides for the organization of a new company, that
April 20, in addition to the regular dividend of 20 cts.declared,
will acquire
per share (1%). the assets of the company and issue $200,000 20-year prior
lien 6% bonds
Compare V. 99, p. 1601.-V. 100, p. 906.
(total authorized issue to be limited to $350,000), $675,000 25
-year
general
$1,200,000 pref. and $550,000 corn., stock, which,
Penn Central Light 85 Power Co.-Dividends Resumed. lien 6% bonds,
with
outstanding Twin City Light & Traction 1st 6s (a total
A dividend of 1% has been declared on the $1,378,000 6% non-cum. $342,000
of $2,967,000) will constitute the entire capitalization of the new
company.
pref. stock, payable April 30 to holders of record April 26. No 'payments Holders of the present 1st and consol. M. bonds
will receive a proportionate
were made inJan. 1915 or Oct. 1914. On July 27 1914 1% was disbursed for amount of the new securities
in exchange for their present bonds. Second
the quarter ending June 30; also 1% each in April and Jan. 1914;
in 1913 mtge. bondholders and other creditors will be allowed to participate by
5% (2°
/ in Jan.and July and 1% in April); in 1912,4% (in March); in 1911 purchasing pref. stock of the new company. Gross
earnings from Aug. 1
4%.-V. 99, p. 1303.
1914 to March 1 1915 were $168,537, and net earnings, $61,990; interest
charges the first year after reorganization are estimated at $32,280,
Pennsylvania Steel Co.-Bonds Given for Notes.the
See Pennsylvania Co. under Annual Reports above.-V. 100, p. 1083. second year at $72,300, and sinking fund payments $8,000 annually.V. 99, p. 469.
Prepayment Car Sales Co.-Denied.-
Wayland Oil & Gas Co.-Pref. Stock Increase.The U. S. Supreme Court on April 26 denied the
for a writ of
The stockholders
April 24 authorized the issuance of $300,000 new
certiorari to review the decision rendered by the application
U. S. Circuit Court of 6% pref. stock. Seeon
V. 100, p. 1263.
Appeals in favor of the Orange County Traction Co.-V.95, p. 684.
Stockholders of record Apr. 24 have the right until noon May 1 to subRice Belt Milling Co., New Orleans, La.-Bonds Called. scribe for the now prof. stock to the extent of 20% of their holdings at 34 50
Twenty-seven 1st M.6s of $1,000 each and 30 of $100 each were paid on a share, and also to further amounts subject to allotment. No fractional
shares will be issued, but persons entitled to subscribe for a fraction of a
May 1 at Whitney-Central Trust & Savings Bank, trustee,
Now Orleans, share
will be allowed to subscribe for a full share. Subscriptions should be
La.-v. 98, P. 1396.
by an installment of 20% of the price. The remainder will
Shawinigan Water 85 Power Co.-Increase of Stock.- accompanied
be payable as required by the directors.-V. 100, p. 1263.
The company, it is reported, is planning to issue a new block of stock,
Willys-Overland Co., Toledo, 0.-Listed.the proceedsto be used to reimburse the treasury for additions made in the
last year or so, and for additional working capital. The company now has
The New York Stock Exchange has listed the $1,000,000 additional
$12,375,000 stock outstanding, and it is said that the new stock
common
stock, recently declared as a 5% stock dividend, payable to-day,
be
announced early in June will be offered at par to stockholders in theto
ratio making total amount listed $21,000,000.-V. 100, p. 1354, 1254.
of one share of the new issue to each 3 shares now held. The new issue
is
expected to be announced early in June.-V. 100, p. 898, 646.
CURRENT NOTICE.
Spring Valley Water Co.,San Fr.-Purchase Disapproved.
See "San Francisco" in "State and City" Dept.-V. 100, p. 985, 559.
-From
and
after
May
1 the Chicago office of the "Commercial and
Standard Oil Co. of New York.-Earnings,
Financial Chronicle" will be located in Suite 320, New York Life Building,
1914.
1913.
1914.
1913.
No.
39
South
La Salle Street, Telephone Randolph 7396.
$
$
$
Prey. surplus _14,965,672 59,652,687 Stk. div
(400%) 60,000,000
Joseph Wood Rutter and Norman P. Ream have organized the banking
Earns. aft. deCash div_ _z(8)6,000.0001/(6)900,000
firm of Rutter & Roam. 60 Broadway, to deal in bonds and to transact a
ducting exp.,
•
dep'n & res__ 7,735,919 16,212,985 Total deducgeneral business in high-grade investment securities. Mr. Rutter was
tions
6.000,000 60,900,000 formerly associated with Harris, Forbes & Co., but for the past throe
Total
years
22,701,591 75,865,672 Tot.sur.Dec31 16,701,591 14,965,672
has been manager of the bond department of H. N. Whitney & Sons.
z On $75,000,000 stock. y On $15 000,000 stock.
Mr. Ream is the eldest son of the late Norman B. Ream. Young Mr.
Balance Sheet Dec. 31.
1914.
1913.
Ream was associated in business with his father for a number of years, and
1914.
1913.
AssetsLiabilities$
$
$
has recently been elected a trustee of the Now York Trust Co., succeeding
$
Realest.,mach.
Capital stock _75,000,000 75,000,000 his father.
The new firm will have offices in the Columbia Trust Co.
and vessels..*44,406.018 40,314,371 Accounts payInv, of mdso_44,460,404 46,901,566 able
8,968,189 12,623,706 Building located at 60 Broadway, Now York City.
Accts. receiv_ 9,619,853 15.164,976 Taxes accrued
26,894
183,217
-Jerome J. Danzig & Co., 100 Broadway, and C. E. Mitchell
Cash
1,294,959
987,857 Res. for insur.
N.Y.City bds. 2,140,879
& bad debts_ 1,327,869
652,570 & Co.,37 Wall St., this city, are jointly advertising and offering for private
Unexp.ins.,&c. 102,430
56,395 Surplus
16,701,591 14,965,672 investment in this issue of the "Chronicle" $500,000 first
mortgage 6%
Marino Equipment bonds of the Luckenbach Company, Inc., of Now
Total _ _ _ _102,024,543103,425,165
Total _ _ _ _102,024,543103,4
York.
* After deducting depreciation. $14,664,306.-V. 9 p. 1303. 25,165 These bonds are guaranteed, principal and interest, by Edgar P. LuckenStudebaker Corporation, South Bend, Ind.-Payment bach, individually. Price par and accrued interest. Descriptive circular
of $2,600,000 Notes Anticipated.-Of the original issue of upon request. See the advertisement for the security features.
-At 96 and interest, to yield 5g %, Blodget & Co. of 60 State St.,
$8,000,000 5% serial gold notes of 1912, semi-annual payments of $400,000 have matured and been paid, leaving a Boston, and 30 Pine St., New York, aro offering to investors an issue of
balance not due of $5,600,000, of which all but $3,000,000 Indianapolis Gas Co. first mortgage gold 5% bonds, due Oct. 1 1952 and
guaranteed, principal and interest, by the Citizens' Gas Co. of Indianapolis.
has been anticipated.
About $2,500,000 of the company's cash assets were, it is stated, recently For the full investment particulars regarding the Indianapolis Gas Co.,see
to-day's advertisement on another page and the news item in our "General
so applied.-V. 100, p. 728, 739.
Investment News" Department.
Syndicate
Film Corporation.-Dividend.-
The company has declared a cash dividend of 30% on tho pref. and corn.
stocks, payable May 10 to holders of record May 6.-See V. 100, p.906,480.
Union Oil Co. of California.-Sale of Stock.-
-Charles D. Barney & Cci. announce the removal of their New York
offices to 15 Broad Street, this city. Those offices were temporarily
occupied by J. P. Morgan & Co. during the construction of their new
building. Extensive alterations have since been made, giving the effect
of larger space and greater light. Charles D. Barney & Co. will have
double the space of the former offices of the firm. New telephone number,
Hanover 7600.
-To yield 5%%, A. B. Leach & Co., E. H. Rollins &
Sons and the
Equitable Trust Co. aro jointly offering for investment in our advertising
columns to-day the three-year 5% gold debentures of the Province of Saskatchewan, Dominion of Canada. To-day's advertisement contains much
information of value to the investor. A descriptive circular with additional
information may be had on request.
United States Express Co.-Progress of Liquidation.-
-Spencer Trask & Co. are now settled in their elegant new banking
room on the second floor front of the Broad Exchange Building, 25 Broad
Street, this city. In the new location this well-known investment firm
has co-ordinated all of its departments on one floor, to produce perfect
working efficiency. The firm also have additional quarters on the thirteenth floor of the same building.
Texas Power & Light Co.-Bonds Offered.-
Harris, Forbes & Co., who recently purchased about $640,000 of the 1st
gold 5s due June 11937, this week offered the small remaining amount
at
9334 and int. Capitalization Apr. 26 1915: 1st M. 5s, $6,130,000 (including $140,000 presently to be issued); common stock, $10,000,000; pref. 7%
cum., $1,925,000; 2d pref.6% cum., $1,075,000.
Earnings for Year Ending March 31.
Mar.31 Year.: Gross Earns. Net (aft. Tax.). Ann.Int. Chg. Bal. Sum.
1914-15
$1,648.207
$614,059
$306,500
$S07,559
1913-14
1,293,029
460,121
* On $6,130,000 bonds, incl. $306,500 to be presently issued.-V. 99,
p. 1915.
The Cal. State Corporation Department on April 23 issued a permit
to the company to sell about 33,000.000 stock to Andrew Weir and R. Tilden Smith for the British Union 011 Co., Ltd., of London, to net the company $85 a share, in return for the payment made on account of the purchase of $15,000,000 treasury stock, which was abandoned on account
of the European war. Compare V. 100, p. 1353, 1173.
See "Annual Reports" on a preceding page.-V.98, p. 1005.
United States Gypsum Co., Chicago.-Preferred Div.-
A majority of the preferred stockholders have, it is reported, agreed to
accept the proposition to pay the $43 accrued dividends with common
at par. A special issue of $500,000 has only about $10,000 a sharestock
due.
This will require about $1,950,000 shares of new common stock.-V.100,
p.
906.
U. S. Industrial Alcohol Co.-Circular.-
Chairman Julius Kessler, in a circular to stockholders issued on Wednesday says in substance: "The management,in reply to many inquiries,
says
that since it began business Jan. 11907, it has regularly paid out of earnings 13(% quarterly on its 36,000,000 pref. stock; the 34th having been
-Otto F. Hauelson & Co., investment bankers, Indianapolis, are now
occupying handsome offices in the New Fletcher Savings & Trust Building
in that city. The firm, which is one of the oldest in the city, having been
established since 1902, specializes in local bank and trust company stocks,
and other high-grade Indianapolis and Indiana securities.
-Raymond,Pynchon & Co., members of the New York Stock Exchange,
are to-day opening a branch office in the ground floor of The Rookery
Building, Chicago. This office will be under the management of Henry
D. Sturtevant, resident partner in the firm. Raymond, Pynchon & Co.
are already operating branch offices in London and in Paris.
YN he
Tonnutrcial
WinteS.
COMMERCIAL EPITOME
Friday Night, April 30th 1915.
Trade continues to improve, though rather slowly.
Recent warmer weather has helped sales. Collections are
rather better and failures less numerous. Labor is more
actively employed. Shipbuilding shows greater activity.
In the South the recent advance in cotton caused greater
confidence. In stocks and bonds the trading has been
active. Money is easy and seems to be more readily available for readjustments of the finances of railroads where
necessary. The increased confidence noticeable in Wall
Street reacts favorably upon the rest of the country. Foreign
exchange still favors the United States,as the exports are
enormous and the balance of trade in favor of this country
is still accumulating. The exports of wheat during March
were the largest in a single month ever known. The condition of the textile trades is still favorable, though there is
some anxiety as to future supplies of dyestuffs. Railroads
are buying supplies rather more freely. Copper is still advancing. The outlook for the winter-wheat crop isin the main
favorable, though rain is needed east of the Mississippi
River. The acreage sown to spring wheat has been largely
augmented. War orders continue important in many
different branches. Large sales of meats are reported at
Chicago to the Allies. Also various industries are doing
a better home trade than recently. This is certainly a very
desirable improvement, perhaps in some respects, rather
more significant than the abnormal European demand for
various war materials in this country. It is true that the
domestic demand for steel and iron is well below the capacity
of the works. But some of the larger concerns are said to
be operating to about 70% of their capacity. There is still
plenty of room for improvement in the country's business,
but it seems to be facing towards better things and the
general feeling is increasingly cheerful.
LARD has been quiet; prime Western 10.450.; refined for
the Continent 10.80c.; South America 11e.; Brazil 120.
Lard futures have been rather easier, though at times
stronger prices for hogs have had a steadying effect. To-day
prices declined. May liquidation was very noticeable.
But the Allies have just bought 5,000,000 lbs. of fat backs
and 1,000,000 lbs. of bellies.
DAILY CLOSING PRICES
Sat.
May delivery
cts_10.15
July delivery
10.45
September delivery__ --10.70
OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
10.12
10.05
10.15
10.12
10.05
10.35
10.40
10.40
10.40
10.35
10.65
10.60
10.65
10.67
10.60
PORK quiet but steady; mess $20@$21; clear $20@$22;
family $21@$23. Beef, mess, $18 50@$19;'packet $19@
$20 20;family $19@$20;extra India mess $31 50@$33. Cut
meats unchanged; pickled hams, 10 to 20 lbs., 10M @l2c.;
pickled bellies, 6 to 12 lbs., 12M@13Me. Butter, creanrery
extras, 30M@31c. Cheese, State whole milk, held colored
specials, 173c. Eggs, fresh gathered extras, 223'c.
COFFEE has been quiet; No. 7 Rio 79c.; No. 4 Santos
10 ©10 Mc.; fair to good Cucuta 103/2©11c. Coffee futures
declined on light trading, later rallying somewhat. A large
decrease in the visible supply during April is expected to be
shown in the next monthly statement. Also May notices
for something like 60,000 bags were promptly stopped. Cost
and freight quotations from Brazil have generally been firm.
Some drawbacks, however, are the dulness in the spot trade,
some decrease in warehouse deliveries and the increasing
stock. To-day futures closed unchanged to 7 points higher.
Closing quotations were as follows:
May
June
July
August
1517
THE CHRONICLE
MAY 1 1915.1
6.0906.10 September _7.4707.48!January_7.677.68
7.5207.53 February _ _ _7.73(a7.74
6.196.20 October
7.79 7.80
7.3707.38 November _ _7.57 7.58 March
7.42 7.43 December_ _7.61 7.63
grees, 22@24c.; 67 to 70-degrees, 22c. Crude prices were
unchanged. Shreveport, La., reports that there will be a
return of activity in the not distant future to the Caddo field,
which has practically been deserted for the past six months
or so. Prices were as follows:
Pennsylvania dark $1 35
1 35
Second sand
1 35
Tiona
97
Cabell
97
Mercer black
New Castle
97
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
83c.
$1 05
86c.
83c.
78c.
84c.
Somerset, 32 deg.._
Ragland
Illinois, above 3()
_
degrees
Kansas and Oklahoma
80c.
62c.
84c.
40c.
TOBACCO has remained quiet on most grades. The decreased consumption of cigars makes itself plainly felt. The
better grades of binder and filler have met with a moderate
sale at steady prices, but there is no real snap in the trade.
Some business is being done in fancy light Sumatra, but other
grades are dull. At the last inscription, however,firm prices
were obtained. Larger American manufacturers took 4,000
bales of the higher grades. Cuban tobacco sells slowly at
steady prices.
COPPER has risen to 191/0.for Lake and 18Uc. for electrolytic, with excited trading. London prices have been
strong and rising. The demand here has been active, though
latterly less so. Tin has been at 42c. on the spot here, the
tone being rather steadier, but later fell to 393/2c. London
has been stronger for Straits tin. Tin for prompt shipment
has been rather scarce and has commanded a premium. .Supplies are evidently increasing, however, and later in the week
both London and Singapore quotations were declining London falling in one day £4 on spot Straits tin. Spelter has
risen to i43o.on a brisk demand and excited business. Also
London prices have been rising. Lead has been firmer at
4.20c.; now 4.15c. Pig iron sales in the Central West have
shown a tendency to increase. Pittsburgh advjces say that
during the past week upward of 100,000 tons of basic and
foundry iron have been sold in that district, the consumers
being mainly steel-makers. Sales of roll steel for export
to Europe and South America were made the other day of
20,000 tons. Basic iron has been sold at $12 50 at Valley
Furnace. Freights have been easier at about 30 shillings to
Liverpool. Bar iron has been quiet. Southern railroads
have been buying rails to some extent, one road taking 16,000
tons. The Central West has bought T and girder rails on a
small scale. Some of the American roads have bought from
Canadian mills. In some departments of the iron and steel
trade a pretty good business is being done, but in others
sales are rather light, though the feeling is not unhopeful.
COTTON
Friday Night, April 30, 1915.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
131,675 bales, against 152,756 bales last week and 181,379
bales the previous week, making the total receipts since
Aug. 1 1914 9,694,855 bales, against 9,972,874 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 278,019 bales.
Sat.
Galveston
Texas City
Port Asrtiaussr_,_ic.
New Orleans_..
ort
VolLialo
Pensacola
Jacksonville,&c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newp't News,&c
New York
Boston
Baltimore
Philadelphia_
Mon.
I
Tues.
Wed. Thurs.
Fri.
Total.
7,107 34,167
171 2,374
,
i
,
3f4p,
.817
---------------------3
2-,S.ii 3-.565 7-,5'7i 2-.§§6 4-,(5N
*
7,642 29,053
5,322 5,322
36
--:i6
76 1.214
-4-§"I
353
188
,
1 -iii
-,--_ -_
-55,
3,204 3,652 4,511 2-,50'7 2,269 3.162 19.405
6,000 6,000
597
2'72
503
505 2.828
441
510
5,126
-
4,760
___ _1
5,737
2,203
5.3'78
__ --
6,059
__- -
1,144
2,1(11
_-_
3,622
1,412
884
__- __5'76
____
334
1,535
-_ - 280
933
____
814
2,2(11
I
557,
____:
_!
'
2,096 5,800
1.807 12,150
,624
3
---------- - ---- 1,017
229 1,320 3,427
1,632 1,632
____
14
5
9
180
SUGAR has been firmer on the basis of 4.83c. for centrifu369
gal, 96-degrees test, and 4.06c. for molasses sugar,89-degrees
has
The
United
Kingdom
advanced.
has
test. Refined
resumed purchases of Cuban sugar. It took some 25,000 Totals this week_ 15.598 17.129 23.627 14.605 16.595 44.121 131.675
tons at 3Me. f.o.b. at Cuba, with sales latterly at 3Mc. for
June clearance and 3 13-16c. for May. Also there have
The following shows the week's total receipts, the total
been reports of heavy rains in parts of Cuba and scattered since Aug. 1 1914 and the stocks to-night, compared with
showers in other parts of the island. Rains have, naturally, last year:
interfered with grinding. Withdrawals of granulated have
increased, owing to the recent hot weather. Granulated has
Stock.
1913-14.
1914-15.
Receipts to
been 6c. France and England have bought granulated.
Aug
Since
This
Aug
Since
This
30.
Apra
Sugar futures have been firmer. Foreign demand for re1914.
1915.
Week. 1 1914. Week. 1 1913.
fined sugar has been reported here. London reports a good
219,571
402,468
3,382,810
18,805
3,768,186
34,167
Galveston
demand. To-day sugar futures ended unchanged to 3 Texas City
7,400
70,414
574 467,317
2,374 493,521
points lower. Closing quotations follow:
40,711
466
48,499
340
Port Arthur
May
June
July
3.80 3.851August
4.0104.92 December _3.86(4)3.87
3.89 3.90 September ....4.085j4.10 January _ _ _ _3.7003.71
3.95593.96 October
4.0604.07 February _ _ _3.6503.67
November _..3.9703.98
OILS.-Linseed stronger; city raw, American seed, 64c.;
boiled 65c., Calcutta 75c. Cocoanut oil easier; Cochin
8@13c., Ceylon 10 @,10 Yic., Olive 92@95c. Castor
/
113
steady at 10c. Palm 11 @120. for Lagos. Cod, domestic,
41@42c. Cotton-seed oil steady at 7@7.50c. for winter
and 6.75@7.50c. for summer white. Corn in good demand
at 6.26@6.31c. Spirits of turpentine 483'c. Common to
good strained rosin $3 65.
PETROLEUM steady. There is a good domestic demand.
Refined,in barrels, 7.50@8.50c., bulk 4@5c., cases 10@l1c.
Naphtha, 73 to 76 degrees, in 100-gallon drums, 233'c.;
50 extra. Gasoline, 86-degrees, 26c.; 74 to 76-dedrums
851
145,368
55,708
Aransas Pa.ss, &c_ 3,074
New Orleans_ .. _ _ 29,053 1,677,287 27,512 1,724,050 337,553
178
5,322
Gulfport
5,322
18,831
Mobile
1,214 160,868 6,076 404,706
300 148,092
65,194
Pensacola
316
29,211
____
31,326
234
Jacksonville, &c_
19,405 1,672,755 9,906 1,751.602 117.952
Savannah
16,000
750 294,042
6,000 208,808
Brunswick
64,716
345 417,464
2,828 393,101
Charleston
1,652
Georgetown
48 934
5,800 259,142 2,385 397,322
Wilmington
69,681
12 150 544,975 3,956 535,764
Norfolk
N'port News,&c_ 3,624 142,065 3,540 120,167
6,141 202,995
____
19,543
1,017
New York
13,331
16,164
100
69,324
3,427
Boston
5,481
90,139
650
75,478
1,632
Baltimore
4,725
1,804
63
14
2.101
Philadelphia
Totals
1R I .(17A 0.(104.RMI 75.42R 0.072.R74 I .:174.4211
141,927
24,821
181
73.233
6.550
6.152
18,877
33,804
123,890
10,921
3,532
1,919
A79 77R
Note.-7.986 bales added at New Orleans and 6,125 bales at Mobile. as
correction of receipts since Aug. 1.
1518
THE CHRONICLE
[VOL. 100.
In order that comparison may be made with other years, estimated, of about 30,000 bales were issued and for a time
we give below the totals at leading ports for six seasons:
they bore somewhat heavily on the market. Some have
- - taken, the ground, too, that the
long interest has reached
Receipts at-I 1915.
1914.
1913. I 1912.
1910.
1911.
rather formidable proportions,partly on pyramids; that Wall
Street
trading
has been very heavy. Then some do not like
Galveston __ _
34,167
18.805
18,517, 20,286
13,114
13,950
Texas City,&c
5,788
1,040
9,656
860
300 the largeness of the supply, especially at a time when Eng4,414
New Orleans_
29,053
27,512
21,175 .17,115 land is doing its
14.218
13,808
utmost to curtail American exports of cotMobile
1,214
6,076
3,153
3.864
472
1,475
Savannah _ _ _
19,405
9,906
11,423
9,851
16,207
6,450 ton. Roughly speaking, the visible supply is about 5,500,000
Brunswick _ _ _
6,000
750
967
650 bales, and counting the crop this season as, say, 16,750,000
Charleston,&c
2,828
345
2,197
3,733
1,619
228
Wilmington.._
5,800
2,585
2,236
5,561
554
754 bales, and allowing for the quantity already brought into
Norfolk
12,150
3,956
10,478
4,094
6,200
4,271 sight, some 3,000,000 bales may yet come forward. So
N'port N.,&c
3,624
3,540
1,984
693
814
All others_ __ _
11,646
1,113
3.792
4,521
1,407
6,800 that the cotton trade, it is contended, has to face a supply
of 8,000,000 bales at least. And how to handle this vast
Total this wk. 131,675
75,423
71,230
74,737
65,926
50,963 quantity?
Belivers in lower prices think that it cannot be
Since Aug. 1_ 9.691,855 9,972.874 9,230,547 11443 184,8,265,977.6,875,970 done without a material
lowering of prices. It is insisted,
moreover,
that
the premiums -on the distant months are exThe exports for the week ending this evening reach a total
cessive.
Exports
are
something over a million bales behind
of 144,176 bales, of which 78,193 were to Great Britain,
25,541 to France and 40,442 to the rest of the Continent. those of the same time last year. On the other hand, howGovernment
the
ever,
report of Wednesday pointed out that
Exports for the week and since Aug. 1 1914 are as folthe drought in Georgia was becoming serious. Other
lows:
parts of the Eastern belt also need rain. Some reports
insist that the decrease in the acreage, both east and west
Week ending April 30 1915. From Aug. 1 1914 to April 30 1915.
Exported toExported toof the Mississippi River,will run any where from 10 to 40%,
Exports
and that the curtailment of fertilizers will be from 40 to 50%.
fromGreat
Conti
Great
Conti
neni.
Total.
Brttain.I France. nent. Total. Britain. France.
Fertilizers, it is also asserted, will be poorer in quality because
Galveston. _ 8,953 5,053 9,900 23,906 1,119,457 260,402 1,227,696 2,607,555 of the scarcity of potash salts. Besides, it has often happened
Texas City_
370,771
37,962 408,733 in the past that a big crop has been followed by a sharp
Port Arthur
42,872
400 43,272 reduction. kLatterly, too, the spot
sales in Liverpool
Ar.Pass,&e.
618
618
NewOrleam 24,775 6,501 4,30 35,576 701,557 127,101 455,761 1,284,419 have increased. To-day they were 10,000 bales. After all,
Gulfport__ _ 5,322
--_- 5,322
5,322
5,322 the market rallied last Tuesday in spite of the
notices.
Mobile _ _ _ _
81,258
837
82,095
Pensacola_ _
39,138
25,500
400 65,038 There is a big absorption of cotton going on for war purSavannah_ _ 22,161
&Ai 28,169 384,042
72,387 724,656 1,181,085 poses. Recent rumors were to the effect that Russia was
Brunswick _ 5,114
---- 5,114 150,322
11,247
13,103 174,672
Charleston.
79,844
174,575 254,419 in the market for large quantities. Some estimates of the
Wilmington 3-A6 10,652
49,974
13;1385
30,646
92,528 171,148 world's consumption of American cotton whatever may be
Norfolk... _
17,887
46,348
64,235
New York_ 1,021 3,334 8;56
.6 13,324 53,168 18,043 290,745 361,956 said to the contrary, run as high as 15,000,000 bales. And
Boston
4,44
4,538
72,540
4,398
76,938 there are persistent reports that Italy will join the Allies.
Baltimore.. 3,399
45,741
3,399
6,550
1,600
53,891
planting in Texas,owing.to recent heavy
Phlladera_ _
28,805
4,291
33,096 There is a delay in
Portrd, Me.
1,167
1,167 rains and floods. Sales of cotton goods are large. The
San Fran_ _
-500 -856
133,121 133,121
country is gradually increasing. On.
Pt.Towns'd
10,675 10,67
191,366 191,366 general trade of this
Pembina_
1,614
1,614 declines; the market has struck buying orders in such volrallies. Very many have been
Total_ _ _ _ 78,193 25,541 40,442 144,176 3,241,865 551,876 3,402,0197,195,760 ume as to cause numerous
waiting for a good set back in order to take hold again on the
Tot. '13-'14 22,633
718 37,856 61,2073,154,281 1,018,3834,019,592 8.192,256 bull side. Spot markets, on the whole, have been
pretty
Note.-New York exports since Aug. 1 Include 8,341 bales Peruvian and 25 bales
steady, even if less active. To-day prices advanced moderWest Indian to Liverpool, 50 bales Egyptian to Mexico.
and
Texas
dry
in
rains
weather
east of the
In addition to above exports, our telegrams to-night also ately, on renewed
was only partially maingive us the following amounts of cotton on shipboard, not Mississippi. But the advance
spinners
from
Forwardings
to
tained.
Liverpool
made a
cleared, at the ports named. We add similar figures for good
showing. It is largely a weather market. Spot cotton
New York.
closed at 10.50c. for middling uplands showing a decline
for the week of 10 points.
On Shipboard, Not Cleared forThe official quotation for middling upland cotton in the
Great
Ger- I Other CoastLeaving
New York market each day for the past week has been:
Apr. 30 at- Britain. France. many. Foreign wise. Total.
Stock.
i
New Orleans__ 17,017 14,929
____ 16,885 3,741 52,572 284,981
Galveston -___ 78,507 15,630 ..__- 28,553 5,000 127,690 274,778
Savannah ____ 7,000 8,000
_--_--- 2,000 17,000 100,952
Charleston_
5,000
-__- 5.000
59.716
Mobile
2,596
---100
---_-_- 2,696
16,135
Norfolk
-_----8,200
25,300 33,500
36,181
New York_ _ _ _
6,000
---- 6,000, 196,995
Other ports_ _ _ 4,000
-------- 10,000
_--- 14,000i 146,230
Total 1915_ 117.320 38,559
100 66,438 36,041258,4581 1,115,968
Tota11914
28,499 12,053 63,492 31,717 23,435 159,1961 513,582
Total 1913_ _ 37.965 5.963 28.283 25.272 25.642 123.1251 431.880
Speculation in cotton for future delivery has been moderately active at lower prices. Liverpool, for one thing, has
been more or less depressed, partly owing to Continental
liquidation. It looked early in the week, too, as though the
Liverpool market was more or less adversely affected by war
news and rumors, and spot sales there fell off to 7,000 and
8,000 bales a day. Liverpool has been a good seller here,
at times, and so have some of the large spot interests. Latterly, too, the weather has been more favorable, especially
in the Southwest, where excessive rains and overflowing
rivers had been very generally reported, especially in Texas.
Also, there has been some rain in the Eastern belt, not excepting Georgia, where drought was complained of. Then
the exports have been light and the stock at New York has
been steadily increasing. It is the largest for many years
past. Some advices from Alabama have reported the spot
demand light, with a loss of about $3 a bale on export purchases staring the buyer in the face. That was due to high
freights, big war risks, &c. Moreover, of late it has been
reported, curiously enough, that England has prohibited exports to Europe, except to France, Russia, Spain and Portugal. It is believed that a great deal of cotton has reached
Germany by way of Italy. The exports to Genoa, Italy, in.
fact, have been so large that there is notoriously a great congestion at that port. Stocks of cotton there are enormous,
and the movement to the "mills" has been greatly delayed.
At times, too, a reaction in the stock market has not been
without some effect here. Then reports from some parts of
the eastern, southern and southeastern portions of Texas are
to the effect that the cotton acreage will be reduced very little, if at all. In fact, in some cases, in parts of the South,
it is hinted that there may even be some slight increase.
Certainly the impression is deep-seated and widespread
that the recent advance of something like $10 a bale has
to some extent, at least, frustrated the movement to
seriously curtail the Southern acreage. It is even intimated
that in parts of the Eastern belt the reduction In the use
of fertilizers may not be quite so heavy as was at one time
expected. Last Tuesday May notibes to the amount, it was
April 24 to April 30Middling uplands
Sat. Mon. Tues. Wed.Thurs. Fri.
10.60 10.60 10.50 10.50 10.50 10.50
NEW YORK QUOTATIONS FOR 32 YEARS.
1915_c
1014
1913
1912
1911
1910
1909
1908
10.50
13.00
11.80
11.70
15.45
15.25
10.90
10.30
1907-c
1906
1905
1904
1903
1902
1901
1900
11.45 1899_c
11.75 1898
7.85 1897
13.85 1896
10.75 1895
9.81 1894
8.31 1893
9.81 1892
6.19 1891 _c
6.38 1890
7.75 1889
8.12 1888
6.94 1887
7.38 1886
7.75 1885
7.25 1884
8.88
11.94
11.06
9.88
10.75
9.31
10.62
11.75
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures.
Market
Closed.
Steady
Saturday_ _ _ Steady
Steady
Monday __- Quiet
Tuesday _ _ _ Quiet,10 pts. dec__.: Steady
Steady
Wednesday_ Quiet
Steady
Thursday _ _ Quiet
Steady
Friday
Quiet
Total
SALES.
Spot. Contr'ci1 Total.
400
100
400
"1E6
100
4001
500
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturd,ay Monday. Tuesday, IVed'day, Thursd'y, Friday,
April 24. April 26. April 27. April 28. April 29. April 30. '1Veek.
Slay-
0..16
_ 10
0:0
.0
10
1.
10.
1-1
23 10.03-.09 10.07-.12 10.00-.30
10.21-.30 10.18-.26 1:
Range
Closing._._ 10.23-.25 10.19-.21
10.02-.03 10.07-.08
July-
9-.43
_ 10:2
0.3
26
38-11
8_
10.47-.57 10.41-.55 10
Range
10.29-.38 10.29-.36 10.28-.57
Closing
10.50-.51 10.46-.47
10.28-.29 10.30-.31
AugustRange
10.42-.49
10.42-.64
68$3-S
64
0 10.48-.50 10.50-.52 10.42-A3 10.43-.45
0:5
10.62-.63 1°
Closing
SeptemberRange
Closing- 10.69-.71 10.67-.69 10.58-.60 10.60-.62 10.52-.53 10.53-.55
OctoberRange
10.76-.86 10.76-.87 10.62-.77 10.62-.75 10.61-.72 10.62-.69 10.61-.87
Closing... 10.81-.82 10.79-.80 10.68-.69 1.071-.72 10.61-.62 10.63-.64
DecemberRange
10.92-.02 10.93-.04 10.79-.93 10.78-.92 10.76-.88 10.78-.85 10.76-.04
Closing--- 10.98-.99 10.94-.95 10.84-.85 10.87-.88 10.76-.77 10.80-.81
JanuaryRange
10.93-.01 10.94-.04 10.82-.94 10.80-.92 10.79-S8 10.81-.88 10.79-.04
10.99-.00 10.95-.97 10.86-.87 10.88-.89 10.79-.80 10.82-.83
Closing
March11.14-.15 11.12-.21 11.03-.10 11.07-.09 11.00-.03 11.09 - 11.00-.21
kg Range
Closing
.i4-.i5 11.14-.16 11.06-.08 11.08-.10 10.99,00 11.01-.03
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.
April 30Stock 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
Total Continental stocks
1519
THE CHRONICLE
MAY I 19154
1913.
1912.
1914.
1915.
bales.1,524,000 1,158,000 1,168,000 1,355,000
6,000
5,000
4,000
22.000
66,000 104,000
79,000
134,000
1,680,000 1,242.000 1,239,000 1,463,000
17,000
14,000
7,000
*23,000
*482,000 534,000 507,000 690,000
312,000 380,000 324,000 306,000
3,000
4,000
17,000
4,000
35,000
35,000
26,000
23,000
36,000
511,000
28,000
53,000
47,000
26,000
13,000
*4,000
1,384,000 1,053,000
928,000 1,096,000
3,064,000 2,295,000 2,167,000 2,559,000
Total European stocks
72,000
84,000
139,000 198,000
India cotton afloat for Europe_
660,599 265,662 273,091 396,679
Amer. cotton afloat for Europe
28,000
51,000
46,000
Egypt, Brazil,&c.,afloat for Eur'pe 53,000
213,000 248,000 195,000 185,000
Stock in Alexandria. Egypt
905,000 1,094,000 887,000 694,000
Stock in Bombay. India
1,374,426 672,778 555,005 1560,502
Stock in U. S. ports
Stock in U. S. interior towns
752,927 442,480 448,059 '284,641
2,399
U.S. exports to-day
12,347
5,915
28,827
-1914-15Since
Week. Aug. 1.
16,818 597,000
7,928 288,711
4,227
3,349 141,331
99,689
4,969
2,104 166,440
19,347 373,495
-1913-14-Since
Week. Aug. 1.
5,540 499,298
8,644 380,062
45
6,327
2,677 112,915
1,396 114,394
875 137,696
1,023 348,331
Total gross overland
54,515 1,670,893
Deduct shipmentsOverland. to N. Y., Boston, &c.._ 6,090 166,446
Between interior towns
5,142 175,999
Inland, &c., from South
4,239 131,020
20,200 1,599,023
April 30ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
15,471
473,465
Leaving total net overland *
39,044 1,197,428
* Including movement by rail to Canada.
813
6,482
5,091
114,248
147,416
129,001
12,386
390,665
7,814 1,208,358
The foregoing shows the week's net overland movement
this year has been 39,044 bales, against 7,814 bales for the
week last year,and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 10,930
bales.
-----1914-15----- -1913 14
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to April 30____131,675 9,694,855
75,428 9,972,874
Net overland to April 30
39,044 1,197,428
7,814 1,208,358
Southern consumption to April 30 62,000 2,316,000 60.000 2,346,000
232,719 13,208,283 143,242 13,527,232
Total marketed
Total visible supply
7,190,779 5,274,267 4,631.070 4.916,221 Interior stocks in excess
*28,942
632,788 *30,427
299,012
Of the above, totals of Amer can and other descriptions are as follows:
American______ 112,815
Came into sight during week__203,777
Liverpool stocks
bales_1'237,000 921,000 978,000 1,242,000
13,841,071
13-A53,241
Total in sight April 30
77,000
Manchester stock
111,000
53,000
50,000
Continental stock
*1,204,000 954.000 891,000 1,066,000 Nor.spinners' takings to April 30_ 75,694 2,628,842
19,018 2,486,015
American afloat for Europe
660,599 265,662 273,091 396,679
* Decrease during week.
U. S. port stocks
1,374,426 672,778 555,005 660.502
U. S. interior stocks
752,927 442,480 448,059 284,641
Movement into sight in previous years:
2,399
5,915
28,827
12,347
U. S. exports to-day
Bales.
WeekWeekBales.
74,490
1913-May 2
111,952 1911-May 5
5,368,779 3,321,267 3,201,070 3,729,221 1912
Total American
79,267
May 4
411,853
1910
-May
6
East Indian, Brazil, &c.
287,000 237,000 190,000 113,000
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Liverpool stock
4,000
5,000
5,000
22.000
London stock
27,000 MARKETS.-Below are the closing quotations of middling
16,000
26,000
23,000
Manchester stock
30,000 cotton at Southern and other principal cotton markets for
37.000
99,000
*180,000
Continental stock
84,000 each day of the week.
72,000
139,000 198,000
India afloat for Europe
28,000
51,000
46,000
53,000
Egypt Brazil, &c., afloat
213,000 248,000 195,000 184,000
Stock in Alexandria, Egypt
905,000 1,094,000 887,000 694,000
Closing Quotations for Middling Cotton onStock in Bombay, India
Week ending
1,822,000 1,953,000 1,430,000 1,187,000
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Total East India, &c
April 30
5,368,779
3,321,267
3,201,070
3,729,221
Total American
Galveston
10.10
10.10
10.00
10.00
10.00
10.00
7,190.779 5,274,267 4,631,070 4,916,221 New Orleans... 9.68
Total visible supply
9.68
9.62
9.56
9.43
9.43
5.66d.
6.37d. Mobile
7.26d.
6.72d.
Middling Upland, Liverpool
9.38
9.25
9.38
9.25
9.25
9.25
10 50c.
11.85c.
11.30c. Savannah
Middling Upland, New York
13.00c.
9%
9%
95
9%
9%
Egypt, Good Brown, Liverpool
8.70d.
9.65d. 10.45d. 10 3-16d. Charleston
95
934
9%
"934
9%
Good,
Liverpool 9.50d.
Peruvian. Rough
9.90d.
9.25d. Wilmington....
8.75d.
9%
9%
9%
9%
9%
Broach, Fine, Liverpool
5.40d.
6
6 7-16d.
6d. Norfolk
9.75
9.75
9.75
9.75
9.75
9.75
Tinnevelly, Good, Liverpool...._ 5.52d. 6 5-16d. 6 7-16d. 5 15-16d. Baltimore
9%
9%
9%
9%
9%
9%
10.75
10.75
10.85
10.75
10.75
Philadelphia
10.85
* Estimated.
9.75
9.75
9.88
9.75
Augusta
9.88
9.88
Continental imports for past week have been 120,000 bales. Memphis
9.50
9.50
9.50
9.50
9.50
9.50
934
934
934
9%
934
934
The above figures for 1915 show a decrease from last week St. Louis
100
100
10.05
9.90
100
10.05
Houston
of 169,225 bales,a gain of 1,916,512 bales over 1914,an excess Little
9.25
9.25
9.25
9.25
9.25
Rqck
9.25
of 2,559,709 bales over 1913 and a gair of 2,274,558 bales over
1912.
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
AT THE INTERIOR TOWNS the movement-that is, New Orleans cottpn market for the past week have been as
the receipts for the week since Aug. 1, the shipments for follows:
the week and the stocks to-night,.and the same items for the
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
corresponding period of the previous year-is set out in deApril 24. April 26. April 27. April 28. April 29. April 30.
tail below.
Movement to April 30 1915.
Towns.
Ala.,Eutauia..
Montgomery.
Selma
Ark., Helena..
Little Rock
Ga.,Albany
Athens
Atlanta
Augusta
Columbus._
Macon
Rome
La.,Shrevepor
Miss.Columbus
Greenville_ _ _ _
Greenwood._ _
Meridian -Natchez
Vicksburg_-Yazoo City.
Mo„ St. Louis_
N.C.,Raleigh_
0., Cincinnati..
Oki. Hugo--- _
S.C., Greenw'd
Tenn.,Memphis
Nashville _ _ _
Tex., Brenham
Clarksville _
Dallas
Honey Grove_
Houston
Paris
11
Movement to April 30, 1914.
Ship Stocks I
Receipts.
meets. April
Week. Season.
Week. I Season. Week. 30.
109 8,832
20 22,696
131 24,813
209 158,022
1,459 199,036 3,848 58.3351
1,975
21,842
702 127,007
1,602 133,427
7,977
15 65,114
109 61,745
70 184,454
826 202,528 3-,5E1:4 25,875
160 9,956
5 28,430
134 31,994
17,974
450 114,794
720 116,969
564 223,49t
2,528 182,176 2,530 16.94
3,573 434,788 7,278114,858 2,307 367,244
49
80,011
1,535 97,664 1,700 29,704
14 44,501
380 6,479
78 37,114
391 57,062
897 8,558
919 64,694
233 190,052
1,514 153,993 1,826 39,686
124 37,763
98 4,489
398 32,176
48 85,223
227 8,500
200 73,044
698 133,521 1,499 11,151 1,182 141,248
287 32,779
154 16,053
430 48,639
1
50 4,500
19,601
21,834
47 33,603
858 6,664
156 37,858
32 40,708
788 6,341
-. 39,505
15,0.64 620,078 16,818 31,805 8,400 817,039
143 14,301
381
725
680 12,946
13,878 267,170 10,664 13,897 4,192 222,494
37,136
10,354
75 13,950
7188 25,221
212 6,984
15,760 1,014,931 28,293 146,334 6,389 1,084,417
100 10,994
475
634 1,187
7,31
125 23,171
272 18,997
241 1,213
100 46,434
40
200
49,701
184 99,730
344 120,483
842 1,932
__
75
50 24,594
75
33,202
18,866 3,290,959 26,535 122,702 16,i93
2,870,205
200 114,829
150 116,139
350 1,300
Receipts.
Ship Stocks
menu. May
Week.
1.
1,234
1,363
1,848
3,211
267
1,300
2,024
2,544
1,125
55
625
1,921
75
1,617
1,278
808
10
385
281
5,540
150
4,576
760
12,524
6,214
7,938
44,254
1,680
12,617
8,288
40,875
8,771
441
4,825
20,081
1,574
6,037
14,904
4,729
3,000
3,030
4,354
29,976
197
19,260
16,90
231
309
100
29
100
20,368
600
217
70,260
630
916
400
2,319
50
99,753
2,600
680
Total, 33 town 84.0677,903.139 113,009752.927 41,1317,144,980 71.558442.480
The above totals show that the interior stocks have decreased during the week 28,942 bales but are to-night 310,447
bales more than at the same period last year. The receipts at
all towns have been 42,936 bales more than the same week
last year.
ps OVERLAND
MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
•
AugustRange
Closing
SeptemberRange
Clog
OctoberRange
Closing
NovemberRange
DecemberRange
Closing
Januaryneg
'
6
'
tonsf
MarchRange
Closing
AprilTonenritiona-
9.88-.93 9.90-.97 9.80-.87 9.80-.85 9.83-.85 9.80-.85
9.91-.92 9.86-.90 9.79-.80 9.86-.89 9.77-.78 9.76-.82
10.14-.16 10.10-.12 10.02-.04 10.08-.10 9.96-.98 9.99-.01
10.24-.33 10.19-.34 10.10-.24 10.10-.22 10.07-.18 10.10-.19
10.26-.27 10.22-.23 10.14-.15 10.20-.21 10.08-.09 10.11-.12
10.26 10.34-.36 10.30-.32 10.22-.24 10.28-.30 10.16-.18 10.19-.21
10.41-.43 10.38-.40 10.29-.31 10.33-.35 10.23-.25 10.28-.30
10.47-.55 10.43-.58 10.35-.49 10.34-.45 10.31-.41 10.34-.43
10.50-.51 10.47-.48 10.38-.39 10.42-.43 10.32-.33 10.36-.37
10.56-.58 10.54-.56 10.44-.46 10.48-.50 10.37-.39 10.43-.45
10.66-.70 10.61-.74 10.51-.64 10.53-.61 10.47-.57 10.50-.59
10.66-.67 10.64-.65 10.54-.55 10.58-.59 10.47-.48 10.52-.53
10.75-.76 10.72-.83 10.62-.71 10.61-.69 10.63-.65 10.64-.66
10.76-.77 10.73-.75 10.64-.65 10.66-.67 10.56-.57 10.60-.62
10.69 -10.54 Steady
Steady
Quiet
Steady
Quiet
Easy
Quiet
Steady
Steady
Standv
Staariv
Sltartv
WEATHER REPORTS BY TELEGRAPH.-Our reports by telegraph from the South this evening indicate that
rain has been quite general in the Southwest and rather
heavy at some points during the week, but that elsewhere
little or no rain has fallen. Texas advices are to the effect
that recent heavy rains in Northern sections will necessitate
some replanting, but that elsewhere in the State conditions
are favorable. From portions of the Atlantic and Gulf
districts and from Memphis there are some complaints that
moisture is needed to bring up seed.
Galveston, Tex.-Recent excessive rainfall in Northern
Texas will necessitate some re-planting. Elsewhere conditions are favorable to growing crops. We have had rain on
three days during the week, the rainfall being seventy hundredths of an inch. The thermometer has ranged from 66 to
78, averaging 72.
1520
THE CHRONICLE
Abilene, Tex.-The week's rainfall has been one inch and
fourteen hundredths, on two days. Average thermometer
70, highest 84 and lowest 56.
Brenham, Tex.-We have had rain on three days the past
week, the rainfall being two inches and seventy hundredths.
The thermometer has averaged 72, the highest being 84
and the lowest 60.
Cuero, Tex.-The week's rainfall has been one inch and
twenty-four hundredths. on five days. The thermometer
has averaged 75, ranging from 65 to 84.
Dallas, Tex.-There has been rain on four days of the
week, to the extent of sixty-four hundredths of an inch. The
thermometer has averaged 74, ranging from 64 to 84.
Henrietta, Tex.-We have had rain on two days during the
week, the rainfall reaching three inches. Lowest thermometer 53, highest 85, average 69.
Huntsville, Tex.-There has been rain on three days during
the week, to the extent of one inch and four hundredths.
The thermometer has averaged 73, the highest being 84 and
the lowest 61.
Kerrville, Tex.-It has rained on three days of the week,
the rainfall reaching one inch and seventy-eight hundredths.
The thermometer has averaged 71, ranging from 59 to 83.
Lampasas, Tex.-Rain has fallen on two days during the
week, the precipitation reaching one inch and thirty-one
hundredths. The thermometer has ranged from 57 to 84,
averaging 71.
Longinew, Tex.-We have had a rainfall of two inches and
seventy-two hundredths during the week, on four days.
Mean thermometer 76, highest 90, lowest 62.
Luling, Tex.-It has rained on six days of the week, the
rainfall reaching one inch and fifty-seven hundredths. The
thermometer has averaged 73, the highest being 86 and the
lowest 60.
Nacogdoches, Tex.-There has been rain on five days of the
week, to the extent of fifty-two hundredths of an inch. The
thermometer has averaged 70, the highest being 86 and the
lowest 54.
Palestine, Tex.-We have had rain on three days of the
past week, the rainfall being three inches and fifty-five hundredths. Thermometer has averaged 73,rangingfrom 60to 86.
Paris, Tex.-There has been rain on four days during the
week, to the extent of four inches and thirty-six hundredths.
The thermometer has ranged from 61 to 90, averaging 76.
San Antonio, Tex.-It has rained on four days of the week,
the rainfall reaching two inches and fifty hundredths. Minimum thermometer 60, highest 82, average 71.
Taylor, Tex.-We have had rain on four days of the week,
the rainfall reaching four inches and twenty-nine hundredths.
Minimum thermometer 58.
Weatherford, Tex.-Rain has fallen on two days during
the week, to the extent of two inches and forty-five hundredths. Minimum thermometer 58, maximum 84, mean 71.
Ardmore, Okla.-It has rained on four days of the week,
the rainfall reaching two inches and twenty hundredths.
The thermometer has averaged 74, the highest being 89 and
the lowest 59.
Marlow, Okla.-We have had rain on two days of the past
week, the rainfall being two inches and thirty hundredths.
The thermometer has averaged 72, ranging from 56 to 88.
Eldorado, Ark.-There has been rain on one day during the
week, the rainfall being ninety hundredths of an inch. The
thermometer has ranged from 61 to 91, averaging 77.
Little Rock, Ark.-We have had rain on one day during the
week, to the extent of twenty hundredths of an inch. Average
thermometer 75, highest 89, lowest 61.
Alexandria, La.-We have had rain on three days the past
week, the rainfall being seventy-seven hundredths of an inch.
The thermometer has averaged 77, the highest being 90
and the lowest 64.
New Orleans, La.-Rain has fallen on one day during the
week, the precipitation reaching one hundredth of an inch.
The thermometer has averaged 77, ranging from 64 to 90.
Shreveport, La.-There has been rain on four days during
the week, to the extent of four inches and forty-eight hundredths. The thermometer has ranged from 62 to 82,
averaging 72.
Columbus, Miss.-It has been dry all the week. Minimum thermometer 55, maximum 91, mean 73.
Greenwood, Miss.-We have had rain on two days of the
week, the rainfall reaching fifteen hundredths of an inch.
The thermometer has averaged 76, the highest being 97
and the lowest 55.
Vicksburg, Miss.-The week's rainfall has been one hundredth of an inch, on one day. The thermometer has
averaged 73, ranging from 59 to 90.
Mobile, Ala.-A small per cent of cotton is up. Stands
are poor, however, as dry weather prevents germination.
We have had rain on one day during the week, the rainfall
being seven hundredths of an inch. The thermometer has
ranged from 62 to 89, averaging 73.
Montgomery, Ala.-It has rained on one day of the week,
the rainfall reaching one hundredth of.an inch. Minimum
thermometer 74, highest 87, ayerage 60.
Selma, Ala.-There has been rain on one day during the
week, the precipitation reaching forty-two hundredths of an
inch. The thermometer has averaged 74, the highest being
88 and the lowest 60.
Madison, Fla.-It has rained on one day of the week, the
rainfall reaching fifty hundredths of an inch. The thermometer has averaged 73, ranging from 61 to 86.
[voL. 100.
Tallahassee, Fla.-There has been rain on one day during
the week,the rainfall being sixty hundredths of an inch. The
thermometer has ranged from 58 to 90, averaging 74.
Albany, Ga.-The week's rainfall has been seventy-five
hundredths of an inch, on two days. Average thermometer
74, highest 89, lowest 59.
Millen, Ga.-We have had no rain during the week. The
thermometer has averaged 72, ranging from 54 to 91.
Savannah, Ga.-There has been no rain during the week.
The thermometer has ranged from 60 to 82, averaging 70.
Charleston, S. C.-Dry all the week. Average thermometer 70, highest 80, lowest 60.
Greenville, S. C.-It has been dry all the week. Average
thermometer 72, highest 91, lowest 52.
Charlotte, N. C.-We have had no rain the past week. The
thermometer has averaged 75, ranging from 58 to 92.
Goldsboro, N. C.-We have had no rain the past week.
Minimum thermometer 59, maximum 96, mean 77.
Memphis, Tenn.-We have had no rain the past week.
Minimum thermometer 62, highest 85, average 73.
Milan, Tenn.-We have had no rain during the week. The
thermometer has ranged from 50 to 87, averaging 69.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1914-15.
Cotton Takings.
Week and Season.
Week.
1913-14.
Week.
Season.
Season.
5,411,232
Visible supply April 23
7.360,004
3,176,816
Visible supply Aug. 1
American in sight to April 30__ 203,777 13,841,071 112,815 13,826,244
Bombay receipts to April 29_
b150,000 2,139,000 118,000 2.990,000
51,000
611,000
112,000
Other India shipm'ts to April 29
b8,000
3,000 1,004,600
807,000
Alexandria receipts to April 28..
b7,000
297,000
9,000
Other supply to April 28 *
69,000
b3,000
Total supply
DeductVisible supply April 30
7,731,781 20,144,887 5,705,047 21,310,395
7,190,779 7,190,779 5,274,267 5,274,267
Total takings to April 30_a_ _ _ _
Of which American
Of which other
541,002 12,954,108
409,002 10,152,108
132.000 2,802,000
430,780 16,036,128
212,780 11,828,528
218,000 4,207,600
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
2,316,000 bales in 1914-15 and 2,346,000 bales in 1913-14-takings not
beingiavailable-and the aggregate amounts taken by Northern and
foreign spinners, 10,638.108 bales in 1914-15 and 13,690.128 bales in
1913-14 of which 7,836,108 bales and 9,482,528 bales American.
b Estimated.
QUICK DISCHARGE OF COTTON CARGO AT ROTTERDAM.-We are informed by Messrs. F. A. Voigt &
Co., steamship and forwarding agents at Rotterdam, that
the American steamship Guantanamo, which arrived at
Rotterdam with a full cargo of cotton for account of Messrs.
Geo. H. McFadden & Bro. of Philadelphia on Friday, the
26th of March, at 6 o'clock p. m., left that port for New
York again on Monday morning, the 29th of March, at
6 o'clock a. m. In the sixty hours that the Guantanamo
was at Rotterdam 12,000 bales of cotton were discharged
and 900 tons of bunker coal and 1,000 tons of ballast were
loaded. Further proving the dispatch with which this cargo
was handled, three-quarters of the cotton was well on the
way to its final destination twenty-four hours after the sailing
of the steamer.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay and the shipments for the week
ending April 8 and for the season from Aug. 1 for three
years have been as follows:
1914-15.
April 8.
Receipts at-
1913-14.
Since
Since
Week. Aug. 1 . Week. Aug. 1.
---110,000 1,784,000 102,000 2,613,000 70,000 1,901,000
Bombay
Since August 1.
For the Week.
Exports
rom-
1912-13.
Since
Week. Aug. 1.
Great
Great Conti- Japan
Britain. nem. &China Total. Britain.
Bombay3,000 30,000 33,000
1914-15__
1913-14__ 6,000 33,000 17,000 56,00
1912-13._ - 1,000 5,00 65,000 71,000
Continent.
Japan
&China
Total.
33,000 247.000 855,000 1,135,00
32,000 698,00 763,00 1,493,0(0
9,000 249,000 659,000 917,0(0
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 7.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)-
1914-15.
1913-14.
1912-13.
68,000
5.900,322
55,000
7,440,072
26.000
7,379,687
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
4,000 168.545 2,000 183,669 2,750 182,776
To Liverpool
____ 186,608
4,800 130,220 6,500 190,313
To Manchester
312,745
To Continent and India_ 6,150 232,739 18,000 360,021 10,250
900 122,911 5,500 61,597 3,750113,399
To America
15.850 654.415 32.000 795.600 16.750 815,528
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending April 7 were 68,000 cantors and the foreign shipments
were 15,850 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the home trade
is fair, and South American demand is improving. Yarns
show a declining tendency. We give prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
THE CHRONICLE
MAY 1 1915.]
1914.
1915.
HY, lbs. Shirt- Corn
ings, common Mid.
Upl's
to finest.
Mar d.
5 7%
12 8
19 8%
26 8%
Apr.
2 8%
9 8%
16 8%
23 8%
30 8,4
4St0 02(
32s Cop
Twist.
s. d.
d. s. d.
834 5 334O6 9
8% 5 33406 9
8% 6 0 O7 6
9 6 3 07 9
934 6
934 6
9346
934 6
9316
3
3
3
3
3
07
07
07
07
07
9
9
9
9
9
d. d.
4.99 9-=
5.17 9%
5.27 9%
5.48 9%
328 Cop
Twist.
@
0
o
0
SX lbs. Shirt- Corn
lags, common Mid.
UPl's
to finest.
s. d.
d. s. d.
10FJ 6 0348811 1
1034 6 0 011 0
10% 6 0%011 1
10% 6 0%011 1
d.
6.99
7.02
7.08
7.11
1 011 2
1348811 3
13488113
2 011 234
2 011 234
7.26
7.36
7.30
7.3
7.26
5.62 931
88 1034 6
5.52 93g 0 10346
5.7593i O10 10-16 6
5.78934 0 1034 6
5.66934 0 1034 6
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 144,176 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
Mr
NEW YORK-To Liverpool-April 29-Queen Margaret, 1,021- _ 1,021
To Havre-April 28-CressIngton Court, 1.000; Lord Erne,
2,000
1,000
1,334
To Marseilles-April 23-Colbert, 1,334
200
To Gothenburg-April 28-Indrani, 200
732
To Genoa-April 29-Caserta, 732
To Venice-April 27-Tirreno, 700; April 28-Manin,4,237_ _ 4,937
To Leghorn-April 24-Italia, 3,000
3,000
To Piraeus-April 28-Themistocles, 100
100
8,953
GALVESTON-To Liverpool-April 28-Myra Fell, 8,953
To Havre-April 23-Parkwood, 5,053
5,053
To Barcelona-April 27-Balmes,2,200; Cadiz, 7,700
9,900
NEW ORLEANS-To Liverpool-April 23-Norman Monarch,
20,002
5,368; April 24-Merico, 6,867; Sylvian, 7,767
4,773
To Manchester-April 23-Norman Monarch,4,773
6,501
To Havre-April 28-Mar Rajo,6,501
4,300
To Barcelona-April 27-Valbanera, 4,300
5,322
GULFPORT-To Liverpool-April 30-Huso, 5,322
Domingo,
7,375;
27-Cayo
SAVANNAH-To Liverpool-April
16,998
Bleed Bistis, 9,623
To Manchester-April 23-Dominion, 1,813; April 27-Algol,
5,163
3,100; Cayo Domingo,250
5.808
To Barcelona-April 24-Mariteres,5,808
200
To Corunna-April 27-Cayo Domingo,200
5,114
BRUNSWICK-To Manchester-April 29-Dominion, 5,114
3,000
WILMINGTON-To Liverpool-April 24-Georgiana, 3,000
10,653
To Havre-April 29-City of Savannah, 10,653
2,813
BOSTON-To Liverpool-April 24-Devonian, 2,813
To Manchester-April 21-Iberian, 381; April 26-Mem1,635
phian, 1,254
90
To Yarmouth-April 17-Boston,50; April 24-Boston,40
3,399
BALTIMORE-To Liverpool-April 23-Swanmore, 3,399
Japan-April
24
150
-To
-Siberia,
150
FRANCISCO
SAN
200
To Vladivostock-April 24-Siberia, 200
150
To Manila-April 24-Siberia, 150
1,900
TACOMA-To Japan-April 23-Mexico Maru, 1,900
SEATTLE-To Vladivostock-April 26-Kagashima Maru, 5,211;
8,775
April 29-Tokai Maru, 3,564
144,176
Total
Note.-983 bales from New York to Barcelona last week on steamer
Wildrecht was incorrect, the vessel carried no cotton: 4,430 bales from New
Orleans should have been on Apollo to Oporto, not on Nikolas to Barcelona.
LIVERPOOL.-By cable from Liverpool we have the
following statement " of the week's sales, stocks, &c., at
that port:
April 9. April 16. April 23. April 30.
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
53,000
63,000
43,000
11,000
7,000
7,000
4,300
10,000
3,000
37,000
53,000
43,000
8,000
23.000
21,000
10.000
87,000
110,000 133,000
77,000
1,518,000 1,538.000 1,542,000 1,524,000
1,213,000 1,235.000 1,247,000 1,237,000
76,000
191,000 163,000 103,000
62,000
91.000
160,000 147,000
341,000 308,000 315,000
304,000 252,000 261,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Fair
business
doing,
Moderate
demand.
Market,(Fair
Good
business
Quiet.
12:15
doing.
demand.
P. NI.
Moderate
demand.
Mid. uprds
5.75
5.78
5.74
5.68
5.69
5.66
Sales
Sm.& exp.
5,000
1,000
12,000
4,000
10,000
2,0u0
8,000
1,000
7,000
1,000
19,000
Futures. Barely sty. Quiet
2(44
3©4
Market 1
opened f pts. dec. pts. dec.
Irregular Barely sty.
1(0
4(40
pts. dec. pts. dec.
Market, I Steady Quiet unch. Steady
4
102
to 36
3(45
P. M.
pts. dec. pts. dec. pt.. dec.
Quiet
Quiet
1©214 pts.
340i1
pt. adv.
decline.
Very sty.
Quiet Quiet unch.
1 pt. dec.to 4 yi ©6
to Si pt.
decline.
1 pt. adv. pts. dec.
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: 5 68 means 5 68-100d.
ApI. 24 Saturday. Monday. Tuesday.1 Wed'day.lThursday. Friday.
to
Apl. 30. 123112% 1234 4 12-4 4 11234 4 I1234 4 1234 4
pm. 13.7n• p.m P.m. p.m. p.m.i p.m. p.m. p.m. p.m. p.m. p.m.
-d.
d.
d. d. d. d. Id . d. d. d. d. d.
May-June __-- 5,68 68 68 64 63 15834 62 59 56 5634 5534
June-July --- 5 7554 75% 7534 7134 7034 66 70 67% 6554 65 65
5 83 83 83 79 78 17334 7754 75 73 7254 7254
July-Aug_
Oct.-No ___ 6 00 99 99% 96% 96 192 96 94 91% 92 91%
- 6 06 05 053403 02 198 023400 98 9S34 98
Jan.-Feb-11 10 103408 0754 04 0834055404 045404
Mar.-Apr. .6_
1521
to a low level, so that replenishment will sooner or later
become • imperative. On the other hand, the future of
quotations, it is generally conceded, will hinge largely on
the developments in the wheat market. It is of interest
to note that a prominent Minneapolis mill is said to have
received an order from the Dutch Government for 250,000
barrels, which has necessitated the mill running on Sundays.
Liverpool advices say that prices continue to advance, with
supplies scarce. Recently the Continent has been a large
buyer of wheat and flour in Liverpool. The total production last week at Minneapolis, Duluth and Milwaukee was
319,060 barrels, against 285,540 barrels in the previous week
and 337,030 barrels last year.
Wheat advanced early in the week and then reacted. Still
later it became firmer again. The weather and the question
of sales to Europe have been dominating factors. Sales for
export at times have reached a million to two million bushels
in a single day. This has included both new and old Manitoba. In other words, it looks as though Europe still felt
the necessity of drawing freely on American supplies. The
belief is that it will have to do so for some time to come. It
turns out that the Russian yield of 1914 was considerably
below the average. There is an abnormal demand, too,
throughout the Russian Empire for wheat, and prices
are rising steadily. Also, the belief prevails in Russia, according to private advices, that there will be only an insignificant quantity available for export,even should the Black
Sea be opened up before the next harvest. In France, offerings of native wheat are very small. In Italy, despite large
arrivals of foreign wheat at Naples, prices are firm, as the
consumption is large. At Buenos Aires the foreign demand
has been urgent. Continental Europe continues to purchase
heavily at Liverpool at every opportunity, and the point is
made, too, that while the big Continental demand is not unusual, Russia, which formerly supplied a large portion of it,
is now out of the running. Also, it is pointed out that the
world's reserves are still under the normal. Liverpool
frankly intimates that the present big demand is likely to
continue until the war ends. The quantity in Liverpool is
distinctly below the requirements of the United Kingdom,
which are unusually large, owing to the additional demands
for feeding and reduced deliveries of native wheat.
In Liverpool, the rise in the price of bread has
caused petitions to be addressed to the officials
Flour has advanced sharply there.
for relief.
In Austria food difficulties are very acute and bread riots
continue, with famine over a large area. In Hungary there
is still damage to the crops from the Russian invasion and
the acreage planted will be small. East India is offering
sparingly,even at high prices. Spain needs rain. In Germany food and fodder prices are very high except where
they are controlled by the Government. The world's wheat
supply is given as 155,150,000 bushels, or 9,000,000 bushels
less than a year ago and 27,000,000 less than at this time
in 1912. Of late Chicago and Southwestern shorts have
been large buyers in Chicago. Dry weather has been complained of in some parts of .the Eastern wheat belt. Reports of Hessian flies have been received from Nebraska. A
big Minneapolis mill is said to have received an order from
Holland for 250,000 barrels of flour. May has at times shown
noteworthy strength. On the other hand, crop advices from
the great western belt of this country have been, in the
main, favorable. And they affect sentiment more or less.
In fact, but for this prices might have been stronger than
they have been. Country offerings of old wheat have increased. The American available supply in the world last
week decreased only 2,811,000 bushels, against a decrease
in the same week last year of 11,732,000 bushels. The
weather of late has been favorable in France,and late seeding
is being done. Australia sends cheerful advices. Better
weather has prevailed in Argentine with some effect on
quotations, though Buenos Aires is also governed more or
less by Chicago quotations from day to day. In Italy the
weather has been good and the outlook for the crops is
reported promising. In fact, the indications point to a
yield in Italy above the average. Some authorities claim
that stocks in South Russia are large. In Germany the
outlook for the crops is said to be favorable. Normal yields
are expected in Rumania, Bulgaria and Greece. Prospects
for winter crop and spring sowings in Russia are reported
favorable, so far as they go, though the spring -wheat acreage
is said to be 15 to 20% smaller than the last one. To-day
prices declined on lower foreign markets and favorable crop
reports from the West, indiCating a crop ,according to one
estimate, of 706,000,000 bushels. Export sales were
1,000,000 bushels.
BREADSTUFFS
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
17034 17334 17331 173
cts_170% 172
No. 2 red
165
166
167
167
16431 166
May delivery in elevator
141
14254 143
14534 14531 143
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
162
cts_16454 16434 1613's 16234 163
May delivery in elevator
July delivery in elevator
13954 13734 13554 13734 13634 13554
September delivery in elevator___ _128% 12631 12554 12634 12654 125
Friday Night, April 30th 1915.
Flour has been steady, but rather quiet so far as most
grades are concerned. It is true that at times there has
been a rather better business, but as a rule no large actual
increase in sales has been reported. Many- of the trade,
however, expect prices to advance, partly because they
believe that buyers have allowed their stocks to get down
Indian corn has declined on favorable weather, increasing
receipts and the dulness of the cash trade. Corn planting
is proceeding rapidly. Outside trading has been small and
export sales have been light. The American avaible supply
is 24,750,000 bushels, or nearly 10,000,000 more than a year
ago, and double what it was at this time in 1913. On the
other hand, however, the decrease in the American available
1522
THE CHRONICLE
stocks last week reached nearly 4,000,000 bushels, or a million bushels more than in the same week last year. The visible supply has been reduced in the last five weeks about 17,000,000 bushels. And on the decline of late country offerings have slackened. Of late, too, the Liverpool market has
been stronger, even if not active. A noteworthy fact was
that River Plate offerings in Liverpool have latterly been
very light. Also, there have been rumors of a better cash
business, partly for export. It is said, too, that the condition of pastures at the West is not promising for a good hay
crop. To-day prices declined sharply. But the weather in
Argentina was reported bad and Buenos Aires quotations
rose sharply.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts_ 894 88% 87% 88% 88% 87(
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 781% 773
76
77% 775
77
July delivery in elevator
81% 804 783 80% 80g 80
September delivery in elevator_ - 82
80% 79% 81% 81% 81
[VOL.
no.
of all kinds is doing well. Alfalfa is reported as making good growth and
the first crop is being harvested in some southern districts. Pastures are
generally reported as good in most central sections but in the East they
continue short.
Far West.-In the far Western States the outlook for fruits of all kinds
continues promising, although some damage from frost is reported at a few
exposed points in the more northern districts. Other crops are generally
reported in good condition, although rain is needed for spring wheat.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Corn.
Barley.
Rye
Oats.
Wheat.
-------bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. On. 56134.
Chicago.. _ __
148,000
618,000
861,000 1,553,000
301,000
36,000
Minneapolis.
792,000
228,000
170,000
252,000
15,000
Duluth
340,000
81,000
14,000
2,000
Milwaukee....
30,000
41,00G
168,000
287,000
153,000
24,000
Toledo
71,000
89,000
848,000
Detroit
6,000
33,000
14,000
93,000
Cleveland
11,000
7,000
41,000
40,000
71,000
St. Louis..
323,000
399,000
20,000
2,000
444,000
39,000
Peoria
54,000
28,000
297,000
169,000
1,000
Kansas City.
753,000
394,000
144,000
Omaha
213,000
479,000
159,000
305,000 3,245,000 2,970,000 3,988,000
Tot. wk. '15
768,000
80,000
319,000 2,358,000 1,584,000 2,971,000
Same wk.'14
811,000 113,000
Same wk.'13
328,000 3,404,000 1,950,000 3,368,000 1,077,000 572,000
Since Aug. 1
1014-15._ 15,309,000 338,754,000 199,328,000 229,300,000 76,102,000 18236000
1913-14._ 15,763,000 243,725,000 179,024,000 174,934,000 75,728,000 20654000
101 9-1 2
12 884.304 301.919.777 178.544.363 189.664.462 87.028.808 1401e00e
Oats have declined. The export demand has been
smaller and crop reports have been generally favorable.
Stocks at terminal points are large and bears have become
more aggressive. The contract stock at Chicago is over
6,500,000 bushels. There has been a good deal of liquidation of May. Not a little selling has occurred on beneficial
rains at the West. Besides depression in corn has affected
oats. On the other hand, foreign advices have been rather
bullish. It is true that the Liverpool market has been
rather dull, but prices there have been at times noticeably
Total receipts of flour and grain at the seaboard ports for
firm. Liverpool also reports that France and Italy conApril 24 1915 follow:
tinue to purchase foreign oats heavily. In France • the the week ended Flour,
Corn,
Oats, Barley,
Wheat,
Rye
native offerings have been small and stocks are very low, Receipts atbush.
bush.
bush.
bush.
Ills,
bush.
686,000
with consumption large. The shipments from Chili have New York
183,000
6,000
882,000
194,000
8,000
42,000
2,000
Boston
1,000
29,000
been moderate and from Argentina light. In Argentina Portland,
47,000
1,000
26,000
3,000
Me
stocks are small. Liverpool advices add that America has Philadelphia
898,000
2,000
541,000
41,000
25,000
..
2,000
669,000
12,000
200,000 1,074,000 56,000 384,000
been contributing freely to the foreign supply and that this Baltimore
33,000
98,000
48,000
257,000
New Orleans._
must continue if the abnormal demand is to be satisfied. Newport News...._ 12,000 262,000
92,000 2,764,000
474,000
But of late here and at the West a lessened demand for export Galveston
5,1100
26,000
Mobile
has been reported, though this falling off may be only tempo- Montreal
77,000
4,000
12,000
56,000
7,000
20,000
48,000
rary,it has undoubtedly had some effect. Yet occasionally St. John
export clearances have been very large, on a single day Total week 1915__ 360,000 3,237,000 647,000 5,600,000 71,000 394,000
reaching 1,159,000 bushels. Also on Wednesday export Since Jan. 1 1915-.8,852,000 94,514,000 28,962,000 46,962,000 4895,000 5332,000
343,000 1,369,000
111,000
764,000 151,000 68,000
sales were reported of half a million bushels, and there was S1
Weekce
n J1a9n1.41 1914_6,995,000 33,966,000 8,734,000 12,859,000 4105,000 1080,000
some talk of dry weather doing damage in some parts of the
do not include grain passing through New Orleans for foreign ports on
belt. To-day prices fell, owing partly to May liquidation. .Receipts
exports
of ladIng.
bills
Exporters took 100,000 bushels. Rain is needed east of the through
from the several seaboard ports for the week
The
Mississippi River.
ending April 24 are shown in the annexed statement:
DAILY CLOSING PRICES
OF OATS IN NEW YORK.
Sat.
Mon. Tues. Wed.
Thurs.
Fri.
Standards
cts_ 63-63% 63
61
62
62
62
No. 2 white
63%-64 63% 613
62% 62M-63 62%-63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
as_ 57% 569/i 54
55% 55% 54%
July delivery in elevator
56% 559. 53% 55% 55% 54%
September delivery in elevator_ _ _ - 49% 483
47% 48% 48% 48g
The following are closing quotations:
GRAIN.
Wheat, per bushel-f. 0. b.
Corn, per bushelN. Spring. No. 1
$1 74
No. 2 mixed
f. o. b.
873
N. Spring. No. 2
No.2 yellow
c I. f.
87%
Red winter, No. 2
1 73
No. 3 yellow
87g
Hard winter, No. 2
1 74
Argentina in bags
-Oats, per bushel, newCis.
Rye, por bushelStandard
New York
62
1 26
No. 2, white
62%663
Western
No. 3. white
615.@62 Barley-Malting
83©88
FLOUR.
Winter, low grades__....$5 75 $6 15 Kansas straights,sacks-S7 35437 50
Winter patents
7 60 Kansas clears, sacks- 6 85 7 25
7 00
Winter straights
6 85
7 15 City patents
9 5
Winter clears
6 60
6 85 Rye flour
6 250 6 75
Spring patents
7 75 8 10 Buckwheat flour
Spring straights
7 25
7 50 Graham flour
6 25© 6 60
Spring clears
6 85
7 10
Corn, Flour,
Oats,
Rye, Barley,
bush.
bbls.
bush, bush, bush.
617,957 167,398 433,673
49,143
1,000 3,000
47,000
18,269
800
18,513
19,000 511,000
1,000
067,377 6,089 1,223,020
4,805 171,329
73,000 29,000
5,500
92,000 12,000 2,764,000
Wheat,
YorkfromNewExports
bush.7
000
201,724
1305101
Philadelphia ......1,043,000
540,554
Baltimore
1,682,000
New Orleans..
262,000
Newport News
655,000
Galveston
Mobile
48,000
St. John
26,000
Peas,
bush,
2,986
5,000
20,000
Total week_ -_7,302,565 1,777,334 279,756 4,989,798 171,329 68,656 2,986
1,667,573
23,597 159,494 130,429 169,792 106,853 11,570
Week 1914
The destination of these exports for the week and since
July 1 1914 is as below:
1Vheal------ ------ Corn
Since
Since
Since
Week.
July 1
Week.
July 1
Week
July1
Apr.24.
1914.
and
Apr. 24.
Exportsfor week
1914. Apr. 24.
1914,
bbls,
bbls,
bush.
since July 1 to-bush.
bush.
bush.
United Kingdom__ 75,761 4,431,803 971,843 103716,129 161,571 2,757,206
169,405 4,914,269 6,325,722 160015,363 1,494,154 27,177,556
Continent
Sou.& Cent. Amer.. 14,009 1,271,963
5,000 2,928,147
70,250 1,355,227
17,839 1,281,242
West Indies
41,235
50,159 1,802,684
200
66,999
Brit. No. Am. Cols_
11,436
Countrles.._....
2,542
242,782
Other
550,290
1,200
30,512
Total
279,756 12289,058 7,302,565 267251,164 1,777,334
33,134,621
159,494 9,696,035 1,667,578 156011,149
WEATHER BULLETIN FOR WEEK ENDING APRIL Total 1913-14
23,597 3,344,313
26.-The general summary of the weather bulletin issued by
The world's shipments of wheat and corn for the week
the Department of Agriculture for the week ending April 26 ending April 24 1915 and since July 1 1914 and 1913 are
is as follows:
shown in the following:
Not since Weather Bureau records began, more than 40 years ago, has
there been such a long period of deficient rainfall in the early spring as
now exists over the more eastern portions of the country. In addition to
the lack of rain, abnormally high temperatures have prevailed during the
past week, which, while tending to forward vegetation, have still further
rapidly replaced the available soil moisture. In the Mississippi Valley and
to the westward the weather was nearly everywhere favorable for field work
and crop growth, except in restricted areas where too much rain fell.
Corn and Winter Wheat.-In the central and western portions of the
districts where these crops are extensively grown,the weather was unusually
favorable; ample rains occurred in the more western portions and local
showers afforded sufficient mositure for present needs in the central sections. In the more eastern and southeastern districts, however, lack of
rain has greatly retarded growth. Winter wheat is reported as making
excellent growth in all save the last-named districts. In the corn belt the
week was unusually favorable for preparation of soil, also for planting, which
is now under way except in the more northern portions. The early planted
Is coming up, but later planted over the southern districts to eastward of
the Mississippi has not germinated well on account of drought.
Spring Wheat.-In the spring wheat States the weather was favorable
both for sowing and for growth. In North Dakota timely rains put the
soil in excellent condition and sowing is proceeding rapidly, while in the
more southern portions the early sown is up and the soil is in good condition
to promote rapid growth. In Montana and the States to the westward
the weather was favorable for sowing, but rain is needed to start growth.
Cotton Region.-In Texas and Oklahoma excessive rains greatly hindered
farm work. Fields were badly washed, bottom lands were flooded, and
much land already planted to cotton and corn will have to be re-planted,
while the wet soil will still further delay cotton planting, which is generally
considered asseveral weekslate. In the Central States of the belt planting
progressed and local showers greatly benefited that already planted in
many sections. In the Eastern States of the belt the crop has been largely
planted, but little growth is possible on account of drought,and germination
of late planted will be delayed until rain occurs.
Truck.-In the principal trucking districts to eastward of the Mississippi
most crops are suffering for rain, especially in Florida and the South Atlantic
coast districts.
Cattle Districts.-In the great cattle-raising districts of the West the soil is
generally well supplied with moisture,the range is in fine condition and stock
Wheat.
1914-15.
Corn.
1913-14.
1914-15.
1 1913-14.
Since
Since
Week.
Week.
Since
Since
July 1. .4 pal 24. July 1.
April 24. July 1.
July 1.
-Bushels. Bushels.
Bushels. Bushels, Bushels.
Bushels.
North Amer. 10360000 376,336,000 228,230,000 1,592,000 33,482,000 1,783,000
12,074,000 131,514,000
Russia
4,811,000 12,631,000
2,347,000 49,770,000
Danube....- 9,431,000 25,774,000
5,136,000 56,651,000 36,414,000 519,000 123,080,000 141,498,000
Argentina
8,996,000 54,482,000
Australia...
104,000 18,536,000 26,368,000
India
64,000 5,833,000 6,846,000
0th.countr's
Etp0a3.
Total
15664000 480,773,000 533,624,000 2,111,000 170,804,000 181,686,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom.' Continent] Total.
Bushels.
Corn.
United
Kingdom. Continent.
Total.
Bushels, Bushels. Bushels. Bushels.
15,827,000
AprI124 1915..
62,520,000
16,660,000
57,048,000
April 17 1915._
April 25 1014._ 22,096,000 18,904,000 41,000,000 4,344,000 7,285,000 11,029,000
April 26 1913.... 25,016,000 37,528,000 62,544,000 3,715,000 7,990,000 11,705,000
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 24 1915 was as follows:
Ai AY 1
1915.]
In Thousands-
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
afloat
Detroit
Chicago
afloat
"
Milwaukee
Duluth
Minneapolis
St. Louiq
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
Newport News
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush, bush, bush. bush. bush. bush.
447
11
245
292
429
378 1,483
2,003
1
110
5
4
64
36
56
__
39
31
624
389
790
26
187
436
922
505
1,127
344
112
1,489
---1,475
734 --28 --5
2,158
1,164
2
246
175
390
659
iL
208
35
167
19
8,295 10,953
1,448
293
488
4
209
391
13
55
291
20
6
196 1,409 1,787
6,342
85
349
883 1,662
7,091
1
846
127
38
554
24
365
1,029
1,752
44
2
205
276
599
137
25
576
35
133
1,569
2,028 1,745
444
4,526
4
14
186
602
568
18
707 21,965 24,752
954 2,764
337
Total April 24 1915_30,152
59
421 *672 2,970
Total April 17 1915-_33,790 1,684 26,099 25,704
382
Total April 25 1914-A6,699 2,468 12,623 14,893 3,540 1,217 2,655
385
918
742 2,653
Total April 26 1913_ _50,823 3,549 9,445 9,483
* Including 14,000 bushels bonded.
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Bailey. Barley.
Thousandsbush, bush. bush, bush. bush. bush, bush. bush.
Montreal
372646
15
147'
___Ft.William & Pt.Arthur11,100 _--- ---- 3,674
____
_
Other Canadian
850 ____
1,124
____
Total April 24 1915_ A2,322
Total April 17 1915__14,542
Total April 25 1914__18,647
Total April 26 1913-17,915
In Thousands.
American
Canadian
101 3,444
108 5,493
15
15
8 12,151
___
16 9,993
SUMMARY.
14
____
----
147
173
725
87
Bonded
Rye. Barley. Barley.
bush. bush. bush.
18
954 2,764
15
147 -- __
---18
969 2,911
337
707 22,066 30,196
421 *687 3,143
59
1,684 28,207 31,197
382
2,488 12,631 27,044 3,540 1,231 3,380
742 2,740
385
918
3,549 9,461 19,476
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush, bush.
337
30,152
707 21,965 24,752
____
12,322
____
101 5,444
Total April 24 1915_42,474
Total April 17 1915-48,332
Total April 25 1914_65,346
Total April 26 1913-68,738
•Including 14,000 bushels bonded at New York.
THE DRY GOODS TRADE
New York, Friday Night, April 30 1915.
Business in dry goods, particularly cotton goods, continues
to expand, regardless of the recent advances in values.
Buyers of staple cottons are becoming more reconciled to the
higher prices and are covering their requirements well through
the latter part of the year, when satisfactory deliveries can
be secured. They are not finding this easy,as manufacturers
are very conservative in accepting business more than two
or three months ahead, not being willing to quote definite
prices beyond that time. The firmness of the cotton goods
market is based almost entirely upon the improved distribution and steadily increasing cost of raw material. Manufacturers are no more than keeping abreast and there is no
accumulation of stocks in any quarter. The result is that
buyers are compelled to meet sellers' conditions in order to
secure goods when needed. When discussing prices, mill
agents call attention to the rising yarn market and the scarcity of dye-stuffs, and state that present prices are low compared to what they will be in the future. Jobbers and large
distributers are rapidly arriving at the same opinion and do
not look for lower prices on staple domestics for some time
to come. Local jobbers report a good demand from retailers
and better orders from salesmen on the road with fall lines.
In most cases orders contain instructions for quick shipment, and as jobbers' stocks are light, there is often difficulty in filling them. Weather conditions have been very
favorable for retail distribution, with the result that retailers
are showing greater disposition to cover their fall requirements. The scarcity of, and high prices ruling on, linen
goods is causing considerable inquiry for high-grade cottons
to replace them. Many handlers of linens are now taking
up cotton goods to make up for the lack of business in linens.
In fact, cotton goods mills are being urged to take up the
manufacture of coarse cotton toweling and similar goods to
take the place of coarse German linen goods which can no
longer be secured. Woolens and worsteds are quiet, with
fall trade backward. War orders are the topic of interest in
the local market, and numerous reports are heard of largesized contracts for army blankets and uniform cloths. Export business continues quiet, although several hundred
bales of 4.70 sheetings have been sold for Red Sea account.
The prices are not given but are believed to have been in the
neighborhood of 43c. No inquiries are received from China
and mail advices indicate that Japanese manufacturers are
making steady progress in that market to the exclusion of
American goods. It is thought that a better business could
be done with Mediterranean ports if shipping facilities and
lower rates were available, as the war has shut off practically
all Austrian and Italian goods from those markets.
WOOLEN GOODS.-Fall buying of woolens and worsteds is improving slowly, although cutters-up and manufacturers of ready-to-wear garments are still backward in
covering their requirements. Orders received from road
salesmen handling lines of men's wear are reported to be
improving, and as there is much territory still to be covered, the outlook is encouraging. In men's wear, woolens
have so far been given the preference over worsteds for
the fall season as the designs and values of the former
are more attractive. In dress goods buyers are
1523
THE CHRONICLE
inclined to hold back and are still hoping for lower prices on
fall lines. Agents,while waiting for business to improve,are
working on sample lines for the spring of 1916. Road sa.lesmen handling ready-made dress garments are late in starting,
and this is reacting against business in piece goods. Business
in dress goods which is being put through is about equally
distributed over whipcords, poplins, serges and broadcloths,
with the former slightly the more popular. A good business
is still being transacted in the better grades of covert cloths.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending April 24 were 3,865
packages, valued at $268,149, their destinations being to the
points specified in the table below:
New York to April 24Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1915
Since
Jan. 1.
23,416
7,494
2,523
9,589
18,698
5,286
1,469
15,963
215
367
5,874
566
12,778
140
18,492
Week.
1,226
157
- -----
3,865
120,328
300
561
3
505
545
407
Since
Jan. 1.
1,281
1,179
29,776
4,741
4,565
3,804
18,259
243
7,581
19,254
22,905
6,438
113,588
Week.
569
72
3,476
The value of these New York exports since Jan. 1 has
been $7,440,362 in 1915, against ,308,782 in 1914.
Staple cotton goods are active and firm, with demand
broadening, this being particularly true as regards fine
cloths. Fine nainsooks, cambrics and long cloths have
sold freely and the distribution of fine bleached goods is increasing. Supplies are not plentiful and prices will be higher,
despite the recent advances, if the present active demand
keeps up. The main question with manufacturers and jobbers at present is not so'much the naming of prices upon advance business in staple lines as guaranteeing prompt deliveries. They are having difficulty now in meeting their obligations on old orders, and mills are being taxed to keep
abreast of orders. Buyers coming into the market are willing
enough to meet the advances named in prices, but often cannot make suitable delivery agreements. Print cloths with
first hands are very firm and buyers are showing some hesitancy in meeting the advances. The market is pretty well
cleaned of spot supplies, but buyers are still getting some
concessions from second hands. Manufacturers are well
booked for two or three months ahead and are not accepting
forward business unless full asking prices are obtained.
Gray goods, 38-inch standard, are quoted 48Ac.
FOREIGN DRY GOODS.-Trade in imported lines rules
dull and islimited almost entirely to such goods as are on hand
in this country. Adviees from French manufacturers state
that no woolen or worsted goods can be shipped to this counfry before the summer of 1916, even should the war terminate
in the near future. Agents handling French lines do not
expect to do much in this market before the spring of 1917.
Importers are receiving small amounts of German goods
through neutral channels, but not in sufficient quantity to
affect the market for domestic goods. It is believed that
German mills will be taxed to their fullest capacity in meeting
home requirements. Linen markets are displaying more
activity, with late orders for dress linens showing marked improvement. The change in styles is helping dress linens into
favor again, and it looks as though these goods will be extremely popular if for no other reason than their high price
and scarcity. Household goods are quiet, buying being confined largely to union goods and other substitutes,upon which
prices are more attractive. It is stated that supplies of fine
Irish and Scotch linens in this market are almost exhausted,
with little prospect of improvement in shipments. Business
in burlaps is hampered by the scarcity of supplies. As their
are more buyers then sellers, however, the undertone is very
firm, with the tendency of prices upward. Light-weights
are quoted 5.500. to 5.60c. and heavy-weights 6.85c. to 7c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Weekland Since Jan. 1.
Week Ending
Since Jan. 1 1915.
April 24 1915.
Value.
Pkgs.
Value.
Pkgs.
Manufactures of3,152,465
11,695
108,175
442
Wool
9,957,544
36,362
374,775
1,483
Cotton
9,384,040
18,228
593,173
1,059
Silk
4,212,134
13,950
178,895
733
Flax
4,520,640
47,658
130,379
2,543
Miscellaneous
6,260 1,385,397 127,893 31,226,823
Total 1915
9,721 2,340,540 220,479 50,399,457
Total 1914
Warehouse WithdrawalsjiThrown Upon the Market.
Manufactures of2,201,540
6,787
162,938
506
Wool
2,963,014
9,784
152,014
535
Cotton
2,449,708
6,281
283
144,824
Silk
2,016,350
7,172
106,339
405
Flax
2,310,111
31,603
130,519
Miscellaneous
996
Total withdrawals
Entered for consumption
2,725
6,260
696,634
1,385,397
61,627 11,940,723
127,893 31,226,823
Total marketed 1915
8,985 2,082,031 189,520 43,167,546
Total marketed 1914
12,788 3,027,012 294,691 64,036,197
Imports Entered for Warehouse During Same Period.
Manufactures of1,901,893
4,706
36,501
87
Wool
2,472,839
8,629
87,936
311
Cotton
1,807,550
4,428
122,611
220
Silk
1,815,528
5,868
81,562
276
Flax
1,732,270
45,719
24.987
Miscellaneous
1,501
Total
Entered for consumption
Total imports 1915
Total imports 1914
2,395
6,260
374,329
1,385,397
8,655 1,759,726
15,705 3,290,678
9,730,080
48,618
127,893 31,226,823
176,511
279,861
40,956,903
63,636,298
THE CHRONICLE
1524
3ThTA1113
CITY Driiiirivrtivi.
News Items.
Arizona.—Special Session of Legislature.—The State
Legislature convened April 23 in special session, having been
summoned to provide for maintenance of the State Government and to fix the tax rate. The regular session of thp
Legislature ended March 11.
Beaufort, Beaufort County, So. Caro.—Commission
Form of Government Adopted.—Reports state that the question of establishing the commission form of government
carried at an election held April 14 (V. 100, p. 1185).
Colorado.—Public Utilities Bill Vetoed.—Governor Carlson
on April 17 vetoed Senate bill No.229, extending to the State
Public Utilities Commission the power to approve or disapprove the construction of utility plants by municipalities
in Colorado. The bill sought to restore provisions contained in Section 35 of the original public utilities measure
passed by the Legislature in 1913. Governor Carlson, in
vetoing the measure, issued the following statement:
This bill attempts to add Section 70 to the Public Utilities Act of 1913
and is the same in substance and almost the same in words, as original
Section 35 of that Act. This Section was referred to the voters and defeated at the election in November 1914. Thus we see that the General
Assembly enacted this Section in 1913, the people voted on and defeated it
in 1914, and now the General Assembly again enacts it in 1915.
The Public Utilities Act has been in course of administration only a few
months and I do not find that it has been found so defective in respect to
the matter covered by Senate Bill No. 229 as to require amendment and
when the people of the State have just expressed their disapproval of this
matter. I deem it best to wait for the result of experience in administering
the law as it now stands.
Davidson County, No. Caro.—Road Bond Act Upheld.—
On April 14 the Supreme Court of North Carolina,in an opinion written by Chief Justice Clark, sustained the validity of
the Act of the last Legislature creating a special road district
for Davidson County and authorizing the issuance of $300,000
bonds for the construction and maintenance of public roads.
According to the Raleigh "News and Observer," Chief Justice Clark
states: "The questions presented in this case are almost•identical with those
considered in Commissioners vs. Commissioners. 165 N. C. 632,in which a
similar Act was upheld. In that case, and also in Trustees vs. Webo, 155
N. C. 379; Pritchard vs. Commissioners. 159 N. C. 636, affirmed on rehearing 160 N. C. 476; Tate vs. Commissioners, 122 N.C.812; Herring vs.
Dixon, 10-420, and in other cases, this Court has held that the construction and maintenance of public roads are a necessary public expense and
that the General Assembly may rrovide for construction and working the
same and may create a board to do this distinct from the County Commissioners, and fix and authorize the levy of taxes for that purpose as in this
Act, without a vote of the people. We know of no reason to question the
correctness of these decisions.
"It is objected by the plaintiffs: (1) That the Act takes the entire management of the public roads from the County Commissioners; (2) That it
abolishes the existing road township boards and turns the property of such
boards over to county boards created by this Act; (3) That it provides for
the election of successors at expiration of term of office of the board named
by the Act, by the surviving members;(4) That there is no limit of time for
continuance of the Act;(5) That nobody is given authority to supervise the
Acts of the board; (6) That the provision of the Act for condemning lands
are not sufficieat and are illegal.'
Chief Justice Clark states: "All the propositions thus relied upon have
been held insufficient to invalidate the action of the General Asesmbly, In
the cases above cited. The plaintiffs, in their brief, concede that the working and construction of roads are a necessary expense and that issuance of
bonds therefor does not have to be submitted to a vote of the people.
Highway Commission vs. Malone, 166 N. C. 1."
Chief Justice Clark then states: "The plaintiffs, however, contend that
the Act now before us does not sufficiently safeguard the rignts of the
citizen as to the assessment of damages for land taken by the road commission in improving the roads. That question can not be raised in this
case, but objection should be made by the party in interest, the landowner,
when the occasion occurs, and should the objection be sustained, it would in
nowise affect the validity of the statute as a whole, nor would it justify
this injunction sought against the issuance of the oonds or to restrain the
road commission from discharging the other duties imposed on them by
the Act of the General Assembly.
"The plaintiffs further contend that the statute by authorizing the board
to fill vacancies in their own body from time to time makes itself a selfperpetuating body, because though two of them are elected for 2 years,
two for 4 years and two for 6 years, the terms of the expiring members
are filled by their associates. They further object that the existence of
the board is unlimited in duration and that it is not made responsible for its
acts to the people nor to any constitutional authority, that the Act contains
no provision for the removal of any member of the board except upon
indictment for a misfeasance, and then only where the neglect or refusal
to perform a duty is wilful or corrupt, and in short, that the Legislature has
given the board too much power.
"All these matters are within the control of the legislative department of
the government and it is not in the power of this Court to correct them nor
to review and criticize the action of the General Assembly within the scope
of its powers. The Act is within the constitutional power of the Legislature, and if there are any defects found therein of the nature complained of,
they can be corrected by the General Assembly, should it so wish, at its
next session.
"After full and careful review of the reasons presented by the able counsel
for the plaintiffs, and with duo regard to the amount involved and the importance of the Act to the people of Davidson County, we do not find that
we have any power to issue any writ to interfere with the execution of the
Act which has been duly passed and within the constitutional authority
and power of the General Assembly."
Chief Justice Clark points out the remedy,if this Act is against the wishes
of the people of Davidson County. by stating: "The remedy is to be found
in the power of public opinion,either in controlling the conduct of such members, or in electing successors who will cause the objectionable legislation
to be repealed or modified." The judgment of the Court below is affirmed.
Brown J. dissents.
[Vol,. 100.
pany organized under the laws of the State and owning and operating
railroad in this State." (Approved March 23 1915.)
CHAPTER 239.
An Act to amend Subdivision F of Division sixth of Section 23 of Chapter 48 of the Revised Statutes with reference to the investment of deposits of savings banks and institutions for savings.
Subdivision F of Division sixth of Section 23 of Chapter 48 of the Revised Statutes is amended by adding thereto the following: "and any savings bank or institution for savings, owning stock of any such corporation
that has earned and paid regular dividends of 5%,or more, for five years,
may, if any such corporation, by a vote of its stockholders, sells and conveys all its property and assets (franchise excepted) to trustees of a voluntary association to hold and carry on the same business, for the members
of such association, legally hold and own the certificates of shares of such
association, issued in exchange for stock of such corporation; provided,
however, that the deed of trust creating such voluntary association shall in
express terms exempt the owner or owners of such certificates from individual liability thereon on account of debts or obligations contracted by
such association," so that said subdivision of said section as amended shall
read as follows:
"F. In the stock of any corporation, other than railroad and water companies, incorporated under authority of this State which earns and is paying a regular dividend of not less than 6% a year; and any savings bank or
Institution for savings owning stock of any such corporation that has
earned and paid regular dividends of 5% or more for five years may, if
any such corporation, by a vote of its stockholders, sells and conveys all
its property and assets (franchise excepted) to trustees of a voluntary
association, to hold and carry on the same business, for the members of
such association, legally hold and own the certificates of shares of such
association, issued in exchange for stock of such corporation; provided,
however, that the deed of trust creating such voluntary association shall,
In express terms, exempt the owner or owners of such certificates from
Individual liability thereon on account of debts or obligations contracted
by such association." (Approved March 31 1915.)
Massachusetts.—Supreme Court Decides Against Proposed Tax Reforms.—The State Supreme Court on April 12
decided against four bills pending in the Legislature to secure
some sort of tax reform. According to the Springfield
"Republican," the bills on which the Court's opinion is
based are summarized as follows:
(1) Certain forms of property to be assessed at their market value, and
other forms at certain multiples of their market value, the total assessment
thus reached to be taxed at a rate uniform throughout the commonwealth,
for the purpose ofsecuring greater equality of contribution to the tax burden;
(2) A tax upon the income from all forms of personal property: also a
tax at a rate uniform throughout the Commonwealth upon incomes from
trades, professions and employments;
(3) Exemption from taxation of intangible property proved to be secured
by or to derive its value from tangible property which is taxable where it is
located, and permitting holders of such property to establish such facts by
registering such property with the Tax Commissioner, upon payment of a
reasonable excise or duty;
(4) Providing that intangible property shall have no situs in the Commonwealth, and that the income therefrom shall be taxed by the Commonwealth at a uniform rate.
After explaining in some detail the provisions of the constitution with
respect to taxation, and setting forth that the power to tax is restricted to
the extent that it must be "reasonable and proportional," the Court states
that the significant word in the pDresent connection is the word "proportional," and numerous citations of former decisions bearing upon the interpretation of this word are given. Taking up, then, the bills in their order,
the justices say that while the first bill expressly declares that its purpose
is to avoid discrimination and inequalities in taxation, nevertheless "an
express declaration of legislative purpose to conform to the provisions of
the constitution inserted in a statute does not obviate the necessity of an
inquiry into its meaning and effect, and to ascertain whether in truth its
operative features are contrary to the constitution."
"The tax proposed confessedly is a property tax and not an excise. Manifestly, all property is not assessed on the same basis. It is not all assessed
on market value. Only property excluded from the bill is assessed on that
footing. The special kinds of property referred to in the bill are not
assessed on market value nor yet on income value, but at an arbitrary
determination of its income value."
Numerous cases are then cited, from which the Court concludes that
'Any scheme of taxation which aims at equality through means which are
not proportional is not valid under the constitution. The principles are
well established. . . . It is obvious that the basic theory of this bill is not
In harmony with them...It would permit manifold classifications of
diverse kinds of real as well as personal estate. If extended to its logical
conclusions, it would be difficult to trace any remaining constitutional
protection to the taxpayer."
In answer to the contention, made in a brief submitted to the Court with
the bills, that a more or less similar taxation principle was in effect during
the colonial and provincial periods, the Court states that this practice was
followed before the adoption of the present constitution, and therefore
furnishes no guide as to what is permitted by the constitution.
As to the first part of the second bill, the Court says: "These provisions . . . constitute a selection of specific articles of property to be
assessed by themselves at an unvarying rate, differing from the rate which
Is assessed upon other property. It is the arbitrary designation of a certain
class of property without reference to any rule of proportion and without
regard to the relative share of public charges which it should bear as compared with that borne by other property and without regard to any special
benefit accruing to the selected property. Manifestly it is not and does
not purport to be a proportional tax. It cannot be sustained as a tax on
property, which must be proportional. Plainly it is laid as an excise. Such
an imposition cannot be sustained under the clause of the constitution
relating to excises. . . . A tax upon the income of property is also property. Property by income produces its kind, that is, it produces property and not something different. It does not matter what name is employed. The character of the tax cannot be changed by calling it an excise
and not a property tax. In its essence a tax upon income derived from
property is a tax upon the property.'
As to the second Dart of the second question, the Court points out that
Massachusetts now has an income tax levied upon incomes from professions,
trades and employments, and states that the Legislature has always
avoided any doubt as to its constitutionality by specifically exempting,from
its provisions "incomes derived from property subject to taxation,' and
the constitutionality of such a tax, when levied proportionally and reasonably never has been questioned. The Court, however, finds itself compelled to answer the second branch of the question in connection with the
provisions of the first branch, and therefore decide that the entire bill is
unconstitutional.
Likewise, in dealing with the third bill, the Court finds it unnecessary
to consider the first part, because the second clearly is unconstitutional.
"The scheme outlined," the Court says,"is indistinguishable in its essential
features from the three-mill tax law, which the justices in 195 Massachusetts
607, advised would be unconstitutional."
As to the fourth bill, the Court says that it is open to the same objection
as the second, namely that in imposing a tax upon the income from property it in reality would tax the property itself. "It is obvious, from the
tenor of the question and the phraseology of the bill, that the tax proposed
is to be levied as an excise and ncl as a property tax. It does not purport
to be in any sense proportional.' It follows, therefore, the Court says,
that it would be unconstitutional.
Hawaii (Territory of).—Bond Sale.—The Territorial
Treasurer recently announced the sale of $180,000 4% bonds,
8100,000 to Bishop & Co. of Honolulu and $80,000 to the
Bank of Hawaii at Honolulu.
Maine.—Amendments to Savings Bank Investment Law.—
Governor Walsh on April 20 sent a message to the LegislaThe last Legislature passed two amendments to the law
governing savings bank investments. These amendments, ture, recommending, in view of the Supreme Court opinion
which are known as Chapters 165 and 239, Laws of 1915, referred to above, the adoption of the amendment to the Constitution similar to that agreed to by the Legislature of 1914,
are printed in full below:
granting adequate power to tax classes of property with reCHAPTER 165.
An Act to amend Subdivision "Third" of Section 23 of Chapter 48 of the spect to the income they produce at uniform rates throughout
Revised Statutes permitting savings banks and institutions for sav- the State. The Governor recommends that the Legislature
ings to invest their deposits in the first mortgage bonds of certain
this year enact laws,same to become operative after the adopbridge companies.
Subdivision "Third," Section 23 of Chapter 48 of the Revised Statutes, tion by the people of the constitutional amendment, to acis hereby amended by adding thereto, under the designation of clause "h,"
complish the following:
the following:
"h. In the first mortgage bonds of any bridge company owning a railroad
bridge, located wholly or partly in the State of Maine, provided payment
of said bonds as to principal and interest is guaranteed by a railroad corn-
1. A law giving additional power and authority to the Tax Commissioner.
2. A law making compulsory returns of taxable property by the owners
thereof.
MAY 1 1915.]
THE CHRONICLE
3. A law which will retain in the Treasury of the Commonwealth certain
of the corporate franchise taxes and bank taxes which are now distributed
to cities and towns on the basis of the residence of the shareholders of the
corporations.
4. A law similar to a bill which is now before the Legislature (Senate No.
451), requiring banks and corporations to give to the Tax Commissioner
such information as they have as to the holders of bonds now taxable.
Minnesota.—Legislature Adjourns.—The 1914 session of
the Minnesota Legislature ended April 21.
New Hampshire.—Legislature Adjourns.—The Legislature of this State adjourned April 21.
New Jersey.—Governor Approves Referendum on Bond
Issue for Wharton Water Supply Tract.—Governor Fielder
on April 23 signed the bill providing for a vote on the question of issuing $1,000,000 bonds for the purchase of the
Wharton tract in South Jersey for a water supply. It
will be remembered that the State planned to issue these
bonds in the name of the State Water Supply Commission
without a vote of the people, but this plan was declared
unconstitutional. V. 100, p. 829.
Special Session of Legislature.—Governor Fielder on April
29 called a special session of the Legislature to convene
Monday (May 3) to take up the law for a special election
to vote on woman's suffrage and other proposed constitutional amendments.
At the regular session which adjourned recently provision was made for such an election to be held October 19.
It was the opinion of the Attorney-General, however, that
grave doubt existed as to whether a valid election would be
held under the Act passed on the women's suffrage question.
New York State.—Legislature Adjourns.--The Legislature adjourned early last Sunday morning (April 25). The
last day of the session was devoted chiefly to financial bills
and the measures passed carried appropriations amounting,
it is said, to $64,000,000. The direct tax bill levies one and
seven-tenths mills on each dollar of assessed valuation and
will raise about $19,556,000. A referendum bill providing
for a $27,000,000 bond issue to complete the work on the
barge canal was passed by both houses shortly before
adjournment.
Secured Debt Tax Law Amended.—A bill passed by the
Legislature increases the tax for recording secured debts
from 5 to 73' mills and fixes the exemption at five years
instead of for the life of the bond. The Act is given in full in
our editorial pages this week.
Special Tax Commission.—The Legislature adopted a joint
resolution providing for a joint Legislative Committee of
three Senators and five members of the Assembly to examine
the laws of this State and of other States and countries
relating to taxation; to investigate generally in respect to
systems and methods of taxation, particularly with regard
to the best methods of equitably and effectually reaching all
property which should be subjected to taxation and avoiding
conflicts and duplication of taxation on the same property;
and to prepare the needed legislation to carry such methods
into effect in this State.
Such committee, on or before February 1 1916, will report the results of its investigation to the Legislature, together with such proposed legislative measures as it deems
advisable to carry its recommendations into effect.
Savings Banks Authorized to Invest in Certain Judgments
Incident to Barge Canal Construction.—Goveror Whitman
on April 13 signed the bill authorizing savings banks
to invest deposits and guaranty funds in certain judgments against the State and in contracts entered into
by the special examiner and appraiser of canal lands.
The bill adds a new section to the banking law, to be known
as Section 239a and reads as follows:
1525
instruments affecting such title be filed forthwith in the office of the
Comptroller. The filing thereof shall thereupon authorize the Comptroller
to make payment as hereinabove provided.
In determining the value of the assets or property held by a savings bank
or of said judgments or contracts,the superintendent of banks shall value
such judgments and contracts at the face value thereof with accrued
interest.
A savings bank shall not purchase any such judgments or contract and
take an assignment thereof unless such assignment shall be indorsed with
the approval of the Attorney-General, and, upon said approval being so
indorsed, the judgment or contract assigned shall thereby become and
remain until paid a valid obligation of the State to the assignee thereof, or
to its successor or assigns, for the amount therein specified.
The word "judgment" as used in this section includes and is intended to
be synonymous with the words "determination" and "award".
Perris Irrigation District, Riverside County, Cal.—
Compromise Negotiations with Bondholders.—The property
owners in this district were asked recently to pay 44% of the
assessed valuation of their holdings in order that a compromise might be effected with the bondholders. See V. 95,
p. 1759. The Attorney for the district, C. Hughes Jordan,
of Los Angeles, addressed the following letter to the property
owners under date of March 30.
To the Property Owners of the Perris Irrigation District:
As the .Attorney for the Perris Irrigation District in charge of the compromise negotiations with the bondholders, I am very much pleased to
advise you that the litigation between the bondholders and the district,
covering a period of approximately seventeen years, is now suspended,and
an offer of compromise is made to the property owners which I feel is quite
reasonable and should be taken advantage of at once.
The total amount of judgments now outstanding against the district
aggregates $418,322 57; the amount involved in suits now pending against
the district aggregates $148,777 66, making a total of $567,300 23.
The bondholders, who are parties to this compromise, have agreed to
accept by or before May 1 1915, in full settlement of all their claims, the
sum of $229,149 36. Of this last-mentioned sum, the Atchison Topeka &
Santa Fe Ry. Co., a property owner within the district, has agreed to pay
$40,000, although it contends it is not legally liable to any assessment
whatsoever. By the payment of this sum by the railway company the
property owners will have only to pay $189,149 36.
In addition to the assessment now amounting to $59,792 37 levied by
the Board of Supervisors of Riverside County on Oct. 21 1914 for the purpose of payment of three of the above-mentioned judgments, an additional
levy was made by said Board on March 17 1915 amounting to $400,651 10,
making the total levy against the district $460,443 47.
After deducting the Santa Fe By. Co.'s assessment, the remaining
assessed valuation of real property in the district is $448,215; or, in other
words, the amount for which the district may be held liable on account of
the bonds and interest is greater than the assessed valuation of the property in the district. It will therefore be seen that by the property owners
paying their pro rata of the said $229,149 36, together with expenses, &c.
(which pro rata is 44% of the assessed valuation of their property), before
May 1 1915, this prolonged litigation will be ended, and the lands cleared
of the lien of the above assessments.
As a property owner, you will naturally want to know if, by the payment
of this 44% of the assessed valuation of your property, it will be cleared
of any further lien or assessment on account of the bonded indebtedness of
the district. My answer is that it is generally conceded that it will.
The attorneys on both sides to this litigation agree that all bonds and
coupons which had not been sued upon by Jan. 1 1915 are barred by the
statute of limitations; or, in other words, "outlawed.' I am informed
by certain opposing counsel in these cases that they have been requested
by bondholders other than the ones they now represent to institute suits
on these bonds, and that they have refused on account of the bonds now
being barred by the statute of limitations.
This compromise is intended to cover all of the suits now pending against
the district, except three small suits filed on Dec. 28 and 31 1914 and Jan. 2
1915. The amount involved in these three suits is about $12,000, but we
do not see, from our contention and the way the Courts have already held,
how the plaintiffs can get judgment for more than about $900; and out of
this assessment of 44% of the assessed valuation of the property in the district there will probably be a small surplus with which we hope to settle
these suits.
I wish particularly to impress upon you that this compromise settlement
must be effected by May 1 1915, so if you will pay to the Riverside Abstract Co. of Riverside, Cal., before May 1 1915 44% of the assessed
valuation of your property that company is instructed that in case all
of the property owners settle up their assessments, to satisfy on May 1 1915
all assessments in full with the County Assessor. This arrangement has
already been made and the necessary papers placed in escrow by both
sides to this compromise. In case the property owners fail or decline to
accept this proposition by May 1 1915, the full assessment will stand and
the property assessed sold to pay the assessment and penalties.
The property owner who has already paid his first assessment to the
County Tax Collector, in remitting to the Riverside Abstract Co., should
deduct from the 44% of the assessed valuation of his property the amount
of his assessment already paid to the County Tax Collector.
The property owner who has not already paid his former assessment
will not be required to pay any penalty other than the cost of advertising
the delinquency, which cost is small and included in the 44% of the assessed
valuation of the property.
Many irrigation districts of California have settled their obligations,
some of them as high as from 75% to 95% of the amount due. The three
largest districts coming to an agreement with the bondholders are the Alta,
Section 239a. A savings bank may also invest moneys deposited therein, Modesto and Turlock irrigation districts. The assessed valuation of the
the sums credited to the guaranty fund thereof and the income derived property in the Modesto district in 1904 was $2,292,549 and in 1914 it was
therefrom in:
$10,165,890. After the settlement of the litigation purchasers and settlers
1. Judgments heretofore or hereafter obtained against the State for came into these districts, and they are in a thriving condition to-day.
or on account of any liability or obligation heretofore created or incurred
Please take either the statement you have already received or the stateby the State.
ment for the second assessment which you will receive, and figure out 44%
2. Contracts entered into by the special examiner and appraiser of of the assessed valuation of your property (ignoring the amount of your
canal lands and the owner of lands, structures and waters or property assessment) and make remittance before May 1 1915 to the Riverside
rights pertaining thereto or connected therewith, heretofore appropriated Abstract Co. Riverside, Cal., using the enclosed form. In the event you
or damaged by the State in the construction of the improved canals, as are not a property owner in the district, will you send this letter to your
provided for by Chapter one hundred and ninety-five of the laws of nineteen successor in interest.
hundred and eight and Acts amendatory thereof.
If you desire any further information, write either to me or the Riverside
And it is hereby authorized to purchase, take an assignment of, hold, Abstract Co., Riverside, Cal.
Yours truly.
sell and assign said judgments and contracts, and to liquidate and settle
C. HUGHES JORDAN.
the same with the State as hereinafter provided.
Mr. Jordan advised under date of April 23 that approxiOn obtaining a judgment or entering into a contract, and on the approval
by the Attorney-General of the title to lands, structures and waters ap- mately $100,000 has been paid in under the escrow arrangepropriated or damaged, as herein provided, the Attorney-General may
certify such approval to the person or persons entitled to payment by reason ment, and that additional assessments were being paid quite
of such appropriation or damage, in duplicate.
rapidly, and that there is every reason to believe that the
Every such assignment and every subsequent assignment thereof by the
bank shall be in duplicate and set forth the postoffIce address of the as- compromise will be effected.
signee; and one copy thereof must be forthwith filed by the assignee with
Providence, R. I.—Water Act Signed by Governor.—What
the Comptroller.
On the assignment of such judgment or contract to a savings bank, the is referred to as the "Providence Water Act" was signed by
assignor shall thereupon deliver to such savings bank the duplicate certificates of the Attorney-General, one of which shall thereupon be filed by Gov. Beeckman on April 21. Under the Act Providence is
such savings bank with the State Comptroller.
authorized to secure a supply of water from a definite area
The Comptroller is hereby authorized and it shall be his duty to pay to
such savings bank immediately upon the effecting of any such assignment in Scituate. The cost is not limited in the Act, but it has
and the filing thereof with him, the interest, if any, accrued on such judg- been estimated at between $10,000,000 and $15,000,000.
ment or contrnct debt to the time of the effecting of the assignment, and
he shall on the first day of January of each year, until the judgment or The city may condemn certain areas, build a reservoir and
contract debt is paid in full, pay to such bank or its assigns the interest dam at Kent and incur as much expense as is necessary for
which has accrued thereon since the time of effecting the assignment,
It is a work which, according to statements of
provided, however, that the Comptroller may at any time serve upon such the project.
bank or its assignee, either personally or by mailing the same to the post- engineers at the public hearings, will require from five to
office address given in the assignment, a notice to the effect that funds are eight years to complete.
available for the payment of the same and that he is authorized and ready
to issue his warrant to pay the same, whereupon it shall be the duty of
Rhode Island.—Legislature Adjourns.—The session of the
every such assignee to accept such payment. Interest shall be allowed
and paid by the State on each such judgment or contract so assigned until General Assembly for 1915 came to an end at 11:40 p. m.
service
by
the Comptroller of the aforemen- April 23.
the twentieth day after the
tioned notice or until payment, if payment be sooner made. At any time
after such assignment and certificate lay the Attorney-General shall be filed
Rochester, N. Y.—Charlotte Annexation Bill Signed.—A
with the Comptroller, the Comptroller may demand of the AttorneyGeneral that the abstract of title and certificate of search as to incumbrances Rochester newspaper states that Governor Whitman has
and all releases, waivers, contract settlements, conveyances and other signed the bill providing for the annexation of the village of
1526
THE CHRONICLE
Charlotte to Rochester and creating the Twenty-third Ward
of the city. This law will go into effect on Jan. 1, with the
exception of the section that forbids the village authorities
from issuing bonds or incurring debts without the consent
of the city, which is now in effect.
San Francisco, Cal.-Proposition to Purchase Spring
Valley Water Co. Defeated.-The question of purchasing certain properties of the Spring Valley Water Co.for $34,500,000
was defeated at the election held April 20. The vote was
39,955 "for" to 33,467 "against," a two-thirds vote in favor
of the proposal being necessary.
San Jose, Santa Clara County, Cal.-New Charter
Adopted.-By a vote of 3,528 to 2,717, a new charter providing for the city manager plan was adopted, it is stated, at
an election held April 19.
Wyoming.-Result of Vote on Constitutional !Amendments.
-The vote cast for and against the four proposed constitutional amendments submitted at the last general election was
as follows:
Amendment No. 1.-(For the amendment of Sec. 4 of Art. 10 of the
Constitution, providinF for Workmen's Compensation Acts.) 24,258
"for," 3,915 "against.'
Amendment No. 2.-(For the amendment of Sec. 6 of Art. 3, relating to
sessions of the Legislature and compensation of the members thereof.)
16,996 "for," 8,479 "against."
Amendment No. 3.-(For the addition of Sec. 15 to Art. 15, providing
for levying a special tax on live stock to aid in the destruction of predatory
wild animals.) 20,419 "for," 8,331 "against."
Amendment No. 4.-(For the amendment of Sec. 6 of Art. 16, relating
to donations and internal improvements.) 16,882 "for," 7,507 "against.
In order to carry,it was necessary for an amendment to
receive 22,439 affirmative votes.
a
Bond Proposals and Negotiations this week
have been as follows:
ALABAMA.-TEMPORARY LOAN.-Reports state that a temporary
oan of $1,000,000 has been negotiated with the National City Bank, N. Y.
ALEXANDER COUNTY (P.' 0. Taylorsville), No. Caro.-BIDS
REJECTED.-All bids received for the $150,000 5% 35-year (average)
road-improvement bonds offered on April 26(V. 100, p. 1373), were rejected
AMITY, Yamhill County, Ore.-BOND OFFERING.-Proposals will
be received until 6:30 p. m. May 17 by E. W.Rea, City Treas., for $15,000
6% 5-20-year (opt.) gold coupon water-works-system construction bonds.
Denom. $500. Date July 1 1915. Int. J. & J. at the fiscal agency of
Oregon, New York City. Cert. check for 10% of the amount bid, payable
to the City Treas., required. The city has no bonded debt. Floating
debt $500. Assess. val. 1914, $178,380.
ANTWERP SCHOOL DISTRICT NO.8 (P. 0. Lawton), Van Buren
County, Mich.-BOND OFFERING.-Bids will be received until 1 p. m.
May 5 by Katherine Cornish, Sec. of board, for $30,000 5% school bonds.
Auth. election held Apr. 19. Int. semi-ann. Due $1,000 yearly on Jan. 15
from 1916 to 1929 incl. and $16,000 Jan. 15 1929. The right is reserved
to issue all or part of $16,000, payable Jan. 15 1930, but amount will be
approximately $16,000.
ARANSAS PASS, San Patricio County, Tex.-BOND SALE.-The
two issues of 57o 20-40-year (opt.) street and water-impt. bonds aggregating $13,000 offered without success on Sept. 15 (Nr. 99, p. 913) were
awarded to Powell, Garard & Co. of Chicago about Mar. 29 at 91.
ARCADIA, Los Angeles County, Calif.-BOND OFFERING,-Geo.
E. Grimes, City Clerk, will sell at pirvate sale an issue of $150,000
%
coupon tax-free street-impt. bonds. Auth. Act of Feb. 25 1901. Denom.
(280) $500,(40) $250. Date Dec. 11914. Int. J. & D.at the City Treas.
or Kountze Bros., N. Y. Due $3,750 yearly Dec. 1 from 1915 to 1954 incl.
These bonds, together with an issue of $131,500 53i7
° water bonds were
offered without success on Nov. 19 1914 (V. 100, p. 1185). The city has
no indebtedness. Assess. val. $2,865,710.
ARDSLEY, Westchester County, N. Y.-NO ACTION YET TAKEN.
-We are advised that no action has yet been taken looking towards the
issuance of the $6,000 automobile-fire-apparatus-purchase bonds at not
° int., voted March 16 (V. 100, p. 1186). Due in 12 ann. inexceeding 57
stallments, the first installment payable within 5 years after date..
ARENAC COUNTY(P.O. Standish), Mich.-BONDSDEFEATED
The voters on April 5 defeated the question of issuing the $10,000 2-year
jail and sheriff's residence construction bonds(V. 100, p.749),it is stated.
ARLINGTON, Middlesex County, Mass.-BOND SALE.-On April 29
the $70,000 .”•6 7school bonds (V. 100, p. 1451) were awarded, reports
state, to Geo. A. Fernald & Co. of Boston at 105.076.
ARLINGTON, Hancock County, Ohio.-BONDS PROPOSED.-It is
stated that this city is contemplating the issuance of $16,139 Main Street
improvement bonds.
ARMSTRONG SCHOOL DISTRICT (P. 0. Armstrong), Emmet
County, Iowa.-BONDS VOTED.-By a vote of 207 to 39 the question
of issuing the building bonds (V. 100, p. 1278) carried at the election
held April 26.
ARVON TOWNSHIP (P. 0. L'Anse), Baraga'County, Mich.BONDS VOTED.-At an election held Apr. 5 the question of issuing $5,000
town-hall-constr. bonds carried, it is stated.
ATLANTIC CITY, Atlantic County, N. J.-BOND OFFERING.
Proposals will be received until 12 m. May 19 by (Miss) B. M.Townsend,
City Compt.,for the following 4M % gold coup, tax-free bonds:
$101,000 paving bonds. Date July 1 1914. Due July 1 1933.
32.000 paving bonds. Date Jan. 1 1915. Due Jan. 1 1934.
71,000 city-park bonds. Date July 1 1914. Duo July 1 1944.
13,000 city-park bonds. Date July 1 1908. Due July 1 1943.
10,000 lighting standard bonds. Date July 1 1914. Due July 1 1934.
16,000 conduit bonds. Date Jan. 1 1915. Due July 1 1935.
45,000 Ventnor Ave. bonds. Date Jan. 1 1914. Due Jan. 1 1944.
125,000 water bonds. Date July 1 1914. Due July 1 1944.
100,000 drainage bonds. Date Jan. 1 1915. Due Jan. 1 1945.
150,000 school bonds. Date Jan. 1 1915. Duo Jan. 1 1945.
Denom. $1,000. Int. J. & J. at Hanover Nat. Bank, N. Y. A cert.
check (or cash) for $10,000, payable to "City of Atlantic City," required
with bids for all the issues and a deposit of 2% of bid is required with bids
for part of the bonds. Delivery of bonds to be made on or about June 1.
Bids must- be made on forms furnished by the City Compt. These bonds
will ho certified as to genuineness by the Columbia Trust Co. and their
legality approved by Dillon, Thompson & Clay of N.Ir., whose opinion will
accompany the bonds when delivered, without charge to the purchaser.
Official circular states that there is no litigation affecting these bonds or the
statutes under which they are issued and that this city has never defaulted
in interest or principal on its bonds.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
AURORA Kane County, Ill.-RESULT OF BOND ELECTION.-At
the election held April 20 the question of issuing the $75,000 water-mainsextension bonds (V. 100, p. 1186) carried, it is stated, while the proposition
to issue $30,000 water bonds was defeated.
BELLEVILLE, Huron County Ohio.-BONDS NOT SOLD.According to reports,no bids wore received on April 15 for the $25,000 4i %
143 -year (aver.) water-works-construction bonds offered on that day.
(V. 100,1). 1108).
100.
BEL TRAMI COUNTY (P. 0. Bemidii), Minn.-BOND SALE.-The
six issues of 547
° coupon ditch bonds, aggregating $379,000, were awarded
on Mar. 17 to John Nuveen & Co. of Chicago at par and int. Purchaser to
pay attorney's fees and furnish printed bonds.
BEMIDJI, Beltrami County, Minn.-BONDS VOTED.-The election
held Apr. 20 resulted in favor of the question of issuing to the State of
Minnesota $55,000 general fund and $5,000 permanent-improvement fund
4% bonds(V. 100,p. 1373)•
BETHESDA, Belmont County, Ohio.-BONDS VOTED.-At the
election held April 27 the question of issuing $56,000 street-paving bonds
carried, it is reported.
BIGELOW CONSOLIDATED SCHOOL DISTRICT NO. 2 (P. 0.
Bigelow), Holt County, Mo.-BONDS OFFERED BY BANKERS.
An issue of $12,000 53 % 10-20-year (opt.) high-school-bldg. and equipment bonds is being offered to investors by Little & Hays Investment Co.
of St. Louis. Denom.$500. Date Feb. 11915. Int. F.& A. at the Third
Nat. Bank, St. Louis. Total bonded debt, this issue only, $12,000. Assess. val. 1912, $244,570. Real val. (est.), $800,000.
BLAINE COUNTY (P.O. Hailey), Idaho.-NO BONDS OFFERED.
The Clerk of Board of County Commissioners advises us that the sale of
the $20,000 coupon refunding bonds which was to have been held on April 15
(V. 100, p. 571) did not take place. He further states that no action will
be taken towards the refunding until after May.
BLUE SPRINGS, Jackson County, Mo.-BONDS DEFEATED.
The question of issuing $10,000 street-improvement bonds failed to carry
at the election held April 14 (V. 100, p. 1187). The vote was 67 "for"
and 69 "against."
BRIDGEWATER SCHOOL DISTRICT (P. 0. West Bridgewater),
Beaver County, Pa.-BOND OFFERING.-Bids will be received until
% tax-free school
8 p. m. May 3 by James A. Shively, Sec., for $30,000
bonds. Denom. $1,000. Date June 1 1915. Int. J. & D. Duo $1,000
yearly on June 1 from 1925 to 1934 incl. and $2,000 yearly on June 1 from
1935 to 1944 incl. Cert. check for $500 required.
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.-BOND OFFERING.-Bids will be received until 7 p. m. May 5 by Wm.P. Surgenor,
Town Clerk, for $20,000 reg. bonds at not exceeding 5% int. Denom'
$500. Date "as of Dec. 1 1914." Int. J. & D. at some banking house in
Rochester in N. Y. exchange. Due $1,000 yearly on June 1 from 1916 to
1935 incl. Cert. check for $500, payable to Town Clerk, required.
BRISTOL COUNTY (P. 0. Taunton), Mass.-TEMPORARY LOAN.
On Apr. 27 the loan of $150,000 dated Apr. 28 1915, maturing Oct. 27
1915, and issued in anticipation of taxes, (V. 100, p. 1451), was awarded
to Estabrook & Co.of Boston at 3.11% discount plus $3 prem.
Other bidders were:
Discount.
Discount.
Bond & Goodwin, Boston_ _ _..3.15% Parkinson & Burr, Boston 3.275%
First National Bank
3.215' Loring, Tolman & Tupper,
3.28%
Farmers' Loan & Tr. Co.,N.Y.3.255
Boston
BROCKTON,Plymouth County, Mass.-TEMPORARY LOAN.-On
Apr. 27 a loan of $200,000. maturing Nov. 29 1915 and issued in anticipation of taxes, was negotiated with Blake Bros. & Co. of Boston at 3.18%
discount, it is stated.
BRONXVILLE, Westchester County, N. Y.-BOND SALE.-On
April 28 the $6,000 73's-year (aver.) reg. road-improvement bonds (V. 100,
p. 1451) were awarded to Geo. B. Gibbons & Co. of N. Y. at 100.10 for
4.90s. 'H. A. Kahler & Co. of N. Y. bid $6,005 for 5s.
BRUCE SCHOOL DISTRICT (P. 0. Bruce), Brookings County,
So. Dak.-BOND ELECTION.-An election will be held May 3,it is stated',
to vote on the question of issuing school building bonds. These bonds, if
authorized, will take the place of the issue recently voted and subsequently
.
declared illegal.
BUCYRUS, Crawford County, Ohio.-BOND OFFERING.-Further
details are at hand relative to the offering on May 4 of the $13,500 5% coup.
South End sewer (assess.) bonds (V. 100, p. 1279). BM for these bonds
will be received until 12 m.on that day by Otto Feiring, City Aud. Denom.
$500. Date Apr. 20 1915. Int. M. & S. at office of City Treas. Due
$1,500 Mar. 20 and $2,000 Sept. 20 in 1916 and 1917, $1,500 Mar. 20 and
Sept. 20 in 1918 and 1919,and $2,000 Mar.20 1920. Cert, check for $100,
payable to John McGuire, City Treas., required. Bonds to be delivered
and paid for within 10 days from date of award. Purchaser is required to
furnish bonds to be executed by the city.
BUFFALO, N. Y.-BONDS AUTHORIZED.-Reports state that the
City Council passed an ordinance on Aprll 28 providing for the issuance
of $102,000 South Park high-school bon
CAMBRIDGE Middlesex County, Mass.-TEMPORARY LOAN.-On
Apr. 24 a loan of $50,000, maturing Oct. 12 1915, was negotiated, reports
tate, with Estabrook & Co. of Boston at 3% discount plus $2 65 premium.
CAMBRIDGE, Guernsey County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. May 25 by M. W. Stiles, City Auditor, for
Secs. 1259
$250,000 5% coup. water-works-improvement bonds. Auth.
and 3939, Gen. Code. Denom.$1,000. Date May 1 1915. Int. M.& N.
follows:
1918,
$1,000
as
1
May
on
yearly
Due
Treasurer.
at office of City
$11,000 from
$2,000 1919 to 1935 incl. $10,000 1936 to 1940 incl. and
1941 to 1955 incl. Certified check on a solvent bank for 2M % of bonds
bid for, payable to City Treasurer, required. Bonds to be delivered and
paid for within 10 days from time of award.
CAMDEN COUNTY (P. 0. Camden), N. J.-BOND OFFERING.
It is stated that Geo. H. Gommersall, Chairman of Finance Committee,
will receive bids for $13,000 20-year bridge and $8,000 15-year poorhouse
% semi-ann. bonds until 11 a. m.May 12. Cert. check for 55 required.
CANISTEO, Steuben County, N. Y.-BOND SALE.-The following
bids wore received on April 5 for an issue of $6,000 coupon bonds offered
on that day:
Ra•e.
Price.
100.083 4.75%
Isaac W.Sherrill Co., Poughkeepsie
4.907
100.07
Geo. B. Gibbons & Co., New York
100.136 5.00
IL A. Kohler & Co., New York
100.000
First State Bank, Canisteo
Denom.$500. Date April 1 1915. Interest at First State Bank, danistee. Due $2,000 on July 1 1919, 1920 and 1921.
CANTON TOWNSHIP (P. 0. Canton), Stark County, Ohio.'BOND OFFERING.-Bids will be received until 12 m. May 12 by F. C.
Witmer, Clerk of Twp. Trustees, for the following 5% road-improvement
bonds:
$9,000 Canton-Massillon road-improvement bonds. Due $500 yearly
from 1 to 18 years. inclusive.
2,000 Canton-Louisville road-improvement bonds. Duo $500 yearly
'from 1 to 4 years.
5,000 Canton-Waynesburg-Mapleton road-improvement bonds. Due
$500 yearly from 1 to 10 years incl.
Auth. Secs. 3295 and 3939 Gen. Code. Denom. $500. Data May 12
1915. Int. M.& N. at City Nat. Bank, Canton. Cert. check for not less
than $100, payable to Twp. Trustees, required.
CARBON COUNTY (P. 0. Price), Utah.-BOND OFFERING.
Proposals will be received until 6 p. m. May 15 by A. Ballinger, County
Treasurer, for $31,000 5% 10-20-year (opt.) public-highway-impt: bonds
authorized by vote of 435 to 214 at an election held April 12. Denom.
$1,000. Int. semi-annually at the Co. Treas. office. Bonds to be paid
for within 30 days after the acceptance of bid. Cert. check for 5% of
bonds bid for, payable to the Co. Treas., required.
CARROLL COUNTY SCHOOL DISTRICT NO.71(P.O. Savannah),
Ills.-BOND OFFERING.-Bids will be received until 4 p. m. May 10 by
Dr..T. B. Schrerter, Secretary Bd. of Ed.,for $45,000 5% school bonds.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
CEDARHURST, Nassau County, N. Y.-BOND SALE.-On Apr. 22
the $36,000 93i-year (aver.) gold reg. street-impt. bonds (V. 100, p. 1374)
wore awarded to Farson, Son & Co. of N. Y. at 100.147 and int. for 43isa basis of about 4.481%. Other bidders were:
Price.
Rate
100.071
4.45s
Parkinson & Burr, New York
101.05
4.50s
New
Magoffin,
York
R.
James
100.07
4.50s
Rhoades & Co., New York
100.013
4.55s
H.A. Kahler & Co.. New York
4.60s
100.259
&
ICuhno,
York
Nachod
New
Knauth,
100.23
4.60s
Geo. B. Gibbons & Co., New York
4.60s
100.201
Harris, Forbes & Co., New York
`,)
MAY 1 1915.1
THE CHRONICLE
CENTRAL CITY, Merrick County, Neb.-BONDS DEFEATED.
The o ection held April 6 resulted in the defeat of the question of issuing
$21,000 water bonds. The vote was 229 to 179, a three-fifths majority
being necessary to carry.
CHAMPAIGN, Champaign County, Ill.-BONDS VOTED.-The
question of issuing the $20,000 fire-apparatus-purchase bonds (V. 100, p.
1279) carried, reports state, by a vote of 1,119 to 1,026 at the election
held April 20.
CHEATHAM COUNTY (P. 0. Ashland City), Tenn.-BOND SALE.
-On April 21 an issue of $25,000 20-year funding and improvement bonds
were awarded, reports state, to Geo. Frazer of Nashville at 102.10.
CHERRYVILLE, Gaston County, No. Care.-BOND OFFERING.
Proposals will be received until 8 p. m. May 12 by J. W.Allran, Town Clerk,
it is stated, for $20,000 30-year school bonds. Bids are requested at 5,
5% and 6% int. Certified check for $500 required.
CHEYBOYGAN COUNTY (P. 0. Cheyboygan), Mich.-BOND
SALE.-Reports state that on Apr. 19 an issue of $25,000 trunk-line sewer
bonds was awarded to J. F. McLean & Co. of Detroit at 101.
CHULA SCHOOL DISTRICT (P. 0. Chula), Livingston County,
MO.-BONDS OFFERED BY BANKERS.-Little & hays Investment
Co. of St. Louis is offering to investors $5,500 of an issue of $11,000 5%
building bonds. Denom. $500. Date Apr. 11915. Int. A. & 0. at the
Mississippi Valley Trust Co. of St. Louis. Due on Apr. 1 as follows:
$500 1916, 1917, 1919, 1923 and 1925 and $1,000 1927. 1929 and 1930.
Total bonded debt (this issue only), $11,000. Assess. val. 1913, $255,000;
est. actual value, $650,000.
CINCINNATI, Ohio.-BONDS PROPOSED -A local newspaper states
that the Board of Park Commissioners have decided to ask the City Council
to issue $1,250,000 bonds for the improvement of parks and playgrounds.
• CLEVELAND, Ohio.-BOND SALE-During the month of March the
Sinking Fund purchased at par an issue of $200,000 4%% Clark Ave.
bridge bonds. Date Oct. 1 1914. Duo $19,000 yrly. on Oct. 1 from
1915 to 1924 incl., and $10,000 0c9, 1, 1925.
CLEVELAND, Bradley County Tenn.-BONDS AUTHORIZED.Reports state that the City Council recently authorized the issuance of
$75,000 sewerage-system, $60,000 street-paving and $15,000 city-hall-erection bonds.
CLINTON TOWNSHIP (P. 0. Tiffin), Seneca County, Ohio.BOND 'SALE.-On April 23 the $20,000 5% 54-yr. (aver.) road bonds
(V. 100, p. 1187) were awarded, reports state, to the Commercial Nat.
Bank of Tiffin at 100.53-a basis of about 4.89%.
COCHISE COUNTY SCHOOL DISTRICT NO. 27, Ariz.-BOND
OFFERING.-Proposals will be received until 2 p. m. May 3 by A. 0.
Karger, Clerk Bd. of iSupers.(P. 0. Tombstone), it is stated, for $90,000
5%% school bonds. Int. semi-annual.
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND OFFERING.
Proposals will be received until 12 m. May 6 by J. L. Franklin, County
(V.
bonds.
good-roads
(opt.)
-40-year
following
5%
20
for
the
Auditor,
100, p. 1374).
$375,000 Dist. No. 4 bonds voted Dec. 16 1913 (V. 97, p. 1920). Date
Feb. 2 1914. Assess. val. 1914 equalized, $5,531,900. Est.
vlue, $20,000,000.
200,000 Dist. No.8 bonds voted Feb. 21 1914(V.98, p. 706). Date May 1
1914. Assess. val. 1914, equalized, $2,444,600. Est. value,
$8.250,000.
90,000 Dist. No. 9 bonds (voted Feb. 21 1914. Date May 1 1914.
Assess. val. 1914, equalized, $764965. Est. value, $2,125,000.
Denom. $1,000. Interest semi-annually in New York City or Austin.
Certified check for 2%, required.
COLUMBIA, Maury County, Tenn.-BOND OFFERING.-Bids will
be received until 12 m. May 7 by E. E. Erwin, City Recorder, it is stated,
for $30,000 5% 10-year funding bonds. Int. semi-annual.
COLONIE(TOWN)COMMON SCHOOL DISTRICT NO. 15, Albany
County, N. Y.-BOND SALE.-On Apr. 26 the 816,500 5% 83 year
(aver.) school bonds(V. 100, p. 1452) were awarded to Geo. B. Gibbons &
• Co. of N.Y.at 103.06 and Int.-a basis of about 4.562%. Other bids were:
Home Says. Bank, Albany...._103.001I. W.Sherrill Co., Poughk_ _ _102.42
II. A. Kehler & Co., N. Y........102.60 Nat. City Bank, Troy
100.606
COLOME SCHOOL DISTRICT (P. 0. Colome), Tripp County, So.
Dak.-BONDS VOTED.-The proposition to issue $13,400 building bonds
received a favorable vote, it is stated, at a recent election.
COLUMBUS GROVE, Putnam County, Ohio.-BONDS AUTHORIZED.-According to reports, the Village Council has authorized the issuance of $2,500 water and electric-light-plant-impt. bonds.
COOK COUNTY SCHOOL DISTRICT NO. 36, Ill.-BOND OFFERING.-The Board of Education at its office in Winnetka will receive bids
until 8 p. m. May 10 for an issue of $27,000 4%% school bonds. Auth.
vote of 234 to 3 at an election held April 3. Due yearly on April 1 as
follows: $1,000 1916 to 1930, inclusive, $2,000 1931, 1932 and 1933, and
$3,000 in 1934 and 1935.
COOKEVILLE, Putnam County, Tenn.-BONDS VOTED.-The
election held April 23 resulted, it is stated, in favor of the question of issuing
$25,000 State Polytechnic Institute improvement bonds.
COOL SPRING TOWNSHIP,La Porte County, Ind.-BOND SALE.
-Oa April 24 the $5,000 5% 5%-year (aver.) coupon school bonds (V. 100,
p. 1109) were awarded to the Citizens' Bank of Michigan City at 101.90a basis of about 4.895%.
Other bidders were:
J. F. Wild & Co., Indianapolis
*35,125 00 and int.
E. M. Campbell, Sons & Co., Indianapolis
5,094 00 and int.
Fletcher American National Bank, Indianapolis
5,032 50 and int.
* The Township Trustee advises us that this bid was rejected, though
that
of
the
purchasers.
it appears higher than
COTTON BELT LEVEE DISTRICT NO. 1 (P. 0. Helena), Ark.BOND OFFERING.-Proposals will be received until 11 a. m. May 5 by
the Secretary of Board of Directors, for $350,000 6% 24-year (serial) levee
bonds. Interest semi-annual. Certified check for $1,000, payable to
S. Traub, Treasurer, required.
CROOKSTON, Polk County, Minn.-BOND OFFERING.-Reports
state that bids will be received until May 4 by the City Clerk for $10,000
refunding bonds.
DES MOINES, Iowa.-BONDS TO BE OFFERED SHORTLY.-Local
papers state that this city will shortly offer for sale an issue of $313,000
refunding bonds.
DEWEY COUNTY (P. 0. Timber Lake), So. Dak.-BOND ELECTION.-An election will be held May 4, it is stated, to vote on the proposition to issue $65,000 funding bonds.
DEWITT COUNTY(P.O. Cuero), Tex.-BONDS VOTED.-The proposition to issue $50,000 5% 20-40-year (opt.) road-constr. bonds (V. 100,
p. 1280) carried by a vote of 141 to 64 at the election hold in Road Dist.
No. 2 on April 17.
The election held in Cuero, Edgar and Concrete on April 22 resulted,
in a vote of 201 to 39 in favor of the proposition to issue the $35,000 5%
20-40-yr. (opt,) road bonds (V. 100, p. 1280)•
DIMMIT COUNTY (Carrizo Springs), Tex.-BONDS VOTED.-The
proposition to issue the $10,000 5% road bonds (V. 100, p. 1109) carried, it
is stated, at the election held in Road Dist. No. 1 by a vote of 43 to 6.
DUNDEE (P. 0. Omaha), Neb.-BONDS VOTED.-By a vote of 207
to 1 the proposition to issue the $35,000 6% 20-year electric-light-systeminstallation bonds (V. 100, p. 1280) carried, it is stated, at the election
held April 17.
EAST PEORIA SCHOOL DISTRICT (P. 0. East Peoria), Tazewell
County, Ill.-BONDS VOTED.-The question of issuing $20,000 high
school-construction bonds carried, reports state, by a vote of 108 to 73,
at the election held April 17.
EAST ST. LOUIS SCHOOL DISTRICT (P. 0. East St. Louis), St.
Clair County, Ill.-BONDS VOTED.-At the election hold April 17 the
question of issuing the $300,000 building bonds (V. 100, p. 1280) carried,
it is stated.
EDEN TOWNSHIP (P. 0. Melmore), Seneca County, Ohio.-BOND
SALE.-On Apr. 27 the $20,000 5% coup, road impt. bonds (V. 100, p.
1280) were awarded to the Tiffin Nat. Bank of Tiffin, it is stated, at 100.655,
,
thn ef
ELGIN, Kane County, Ill.-BONDS DEFEATED.-The our
issuing the $125,000 light-plant bonds (V. 100, p. 1373) vav 3 a:X.:ated at
the election held April 20, it is stated.
1527
ERIE COUNTY (P. 0. Sandusky), Ohio.-BOND SALE.-On Apr. 26.
the 851,000 5% 5%-year (aver.) inter-county highway-impt. No. 3 bonds
(V. 100, p. 1452) were awarded to Seasongood & Mayer of Cincinnati for
$51.866 60 (101.699) and int.-a basis of about 4.685%. Other bidders:
Sidney Spitzer & Co.,Tol$51.821 751Terrys, Briggs & Slayton,
$51,618 00
Toledo
Ohio Nat. Bk., Columbus 51,784 02
Spitzer, Rorick & Co.,Tol. 51,598 50
Hoehler, Cummings &
51,777 75 Otis & Co., Cleveland_ _ _ _ 51,575 00
Prudden, Toledo
Brighton-Germ.'Bk., Cin_ 51,775 00 First Nat. Bank, Cleve.._ 51,559 80
Tillotson & Wolcott Co.,
Provident Savings Bank &
51,530 40
Cleveland
51,668 10
Trust Co., Cincinnati
ESCHSCHOLTZIA SCHOOL DISTRICT, Merced County, Calif.BONDS VOTED.-According to reports,this district has voted in favor of'
the issuance of $3,600 building bonds.
FLANDREAU, Moody County, So. Dak.-BONDS VOTED.-By a
vote of 287 to 143 the question of issuing $4,000 6% 10-year storm-sewer
bonds carried at an election held April 20.
FORT THOMAS, Campbell County, Ky.-BOND ELECTION.-An
election will be held to-day (Mai 1), it is stated, to vote on the question of
issuing $22,000 school-bldg. fire-fighting-apparatus bonds.
FRANKLIN COUNTY (P.O. Columbus), Ohio.-BOND SALE.-On,
April 24 the $80,000 5% 64,-year (aver.) bridge bonds (V. 100, p. 1281)
were awarded to Hoehler, Cummings & Prudden of Toledo for $82,502
(103.127) and int.-a basis of about 4.421%.
FULTON COUNTY (P. 0. Wauseon), Ohio.-BOND OFFERING.
Proposals will be received until 10 a. m. May 18 by W. W. Ackerman,
County Auditor, for the following 5% road-improvement bonds:
$26,000 Road No. 66 impt. bonds. Due $2,000 Jan. 1 and $1,500 July 1
1916 and $1,500 on Jan. 1 and $1,000 on July 1 from Jan. 1 1917
to July 1 1925, inclusive.
10,000 Road No. 65 impt. bonds. Due $1,000 each six months from
Jan. 1 1916 to July 1 1920, inclusive.
7,500 Road No. 45 impt. bonds. Due 81,000 on Jan. 1 and $500 on
July 1 from Jan. 1 1916 to July 1 1920, inclusive.
Denom. $500. Date "to be,of issue of July 1 1915." Int. J. & J. at
office of County Treasurer. Certified check for $1,000 required with Road
No. 66 issue, and certified checks for 8500 required with other issues.
Bonds to be delivered and paid for within 15 days from time of award.
GALT SCHOOL DISTRICT, Sacramento County, Calif.-BONDS
VOTED.-At a recent election the question of issuing $17,000 building
bonds received a favorable vote, according to reports.
GEORGETOWN, Brown County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. May 15 by Henry J. Pobst, Vii. Clerk,for $1,200
5% fire-engine-purchase bonds. Auth. Sec. 3939, Gen. Code. Denom.
$200. Date Mar. 1 1915. Int. M.& S. Due $200 each six months from
Mar. 1 1923 to Sept. 1 1925 incl. Cert. check 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. Purchaser to pay accrued hit.
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND SALE.-On
April 26 the eight issues of 4%% highway-improvement bonds, aggregating
$73,100 (V. 100, p 1453) were awarded to the Peoples Amer. Nat. Bank
of Princeton for $73,115-equal to 100.020. Other bids were:
J.F.Wild & Co.,Indp'1's_ _$73,110 95 Meyer-Kiser Bank, Indp'1's_$73,100
Clarence Gennett, Richm. 73,110 00 Security Trust Co
73,100'
Farmers National Bank.. 73,102 00
All bids provided for payment
of accrued interest.
GLENCOE, McLeod County, Minn.-BOND SALE.-On April 23
$6,500 5% water-works bonds were awarded to the First Nat. Bank and
the Bank of Glencoe at par. Denom. $500. Int. annually. Due Jan. 1
1917.
GOLDEN WEST SCHOOL DISTRICT, San Joaquin County, Calif.
-BONDS VOTED.-Reports state that the question of issuing $5,000 building bonds carried at a recent election.
GOSHEN TOWNSHIP, Mahoning County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 15 by W. A. Kirtlan,
Township Clerk (P. 0. Salem, R. F. D. No. 5), for $36,000 5% coup. roadimprovement bonds. Auth. Sec. 6976, Gen. Code. Denom. $500. Date
June 1 1915. Int. A. & 0. at First Nat. Bank of Salem. Due $1,500
each six months from April 1 1916 to Oct. 1 1927 incl. Certified check for
$500, payable to Township Treasurer, required. Bonds to be delivered
and paid for before June 4. Bonded debt (not including this issue), $42,500; no floating debt. Assessed value, 1914, $2,908,270.
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City), Salt Lake
County, Utah.-BOND OFFERING.-Proposals will be received until
7 p. m. May 10 by the Secretary of Board of Education for the $100,000
20-year building bonds authorized by vote of 302 to 203 at the election held
April 20 (V. 100, p. 1375). Int. rate not to exceed 5%•
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
GREENVILLE, Greenville County, So. Caro.-BONDS VOTED.
The election held April 20 resulted, it is stated, in favor of the questions of
issuing the $100,000 street-extension, $45,000 city hospital enlargement
and $25,000 sower-extension bonds (V. 100,.p. 1281). The vote was 169
to 6, 161 to 11 and 165 to 7, respectively.
HADDONFIELD, Camden County, N. J.-BOND SALE.-On Apr. 27
the $17,000 5% 30-year street-paving bonds(V. 100, p. 1453) were awarded.
zieggr. gtaastis
e: to M. M. Freeman & Co. of Philadelphia, at 103.1685 a
HAMMOND, Tangipahoa Parish, La.-BOND ELECTION-An election will be held May 20, it is stated, to vote on the question of issuing
$40,000 sewerage-system-installation bonds.
HANCOCK COUNTY (P. 0. Greenfield), Ind.-BOND SALE.-On
% 6-year (aver.) highway-impt. bonds (V. 100,
April 20 the $8,200
p. 1375) were awarded to the Merchants' Nat. Bank of Muncie for $8.basis of about 4.495%.
Int.-a
and
(100.069)
20570
HANCOCK AND HARDIN COUNTIES, Ohio.-BOND OFFERING.
until
11 a. m. May 7 by the Commissioners of
-Bids will be received
Hancock Co.(P. 0. Findlay), for $6,500 5% Zeigler road bonds in Hardin
and Hancock Counties. Denom.(3) $1,000,(7) $500. Date July 1 1915.
Int. J. & J. at office of Treas. of Hancock Co. Due $1,000 July 1 1916,
1917 and 1918 and $500 yearly on July 1 from 1919 to 1925 incl. Cert.
check or cash for $100 required.
HANKAMER DRAINAGE DISTRICT NO. 2 (P. 0. Hankamer),
Chambers County, Tex.-BOND SALE.-An issue of $8,000 drainage
bonds has been awarded, it is stated, to C. S. Patterson of Stowell.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.Proposals will be received until 12 m. May 10 by Ulrich J. Pfeiffer, Co. Aud..
for $30,000 5% road impt. bonds. Auth. Secs. 7419, 7433 and 7434, Gen.
Code. Denom. $1,000. Date May 10 1915. Int. M. & N. at office of
Co. Treas. Due $3,000 yearly on May 10 from 1916 to 1925 incl. Cert.
check on a Kenton bank for $500 required. Bonds to be delivered and
paid for within 15 days from date of sale.
HEMPHILL COUNTY (P. 0. Canadian), Tex.-BONDS VOTED.
The proposition to issue $74,000 Canadian River bridge bonds carried, it is
stated, at an election held April 20.
HENDERSON SCHOOL DISTRICT (P. 0. Henderson), Sibley
County, Minn.-BOND ELECTION.-The question of issuing to the
State of Minnesota $12,000 4% refunding bonds will be submitted to a ifote.
it is stated, on May 4.
HENRY COUNTY (P. 0. New Castle), Ind.-BOND OFFERING.
Bids will be received until 10 a. m. May 8 by J. B. Wallace, Co. Treas., for
$4,640 4 % Lewis H. Acker, at al, highway-improvement bonds in Stony
Creek Twp. Denom. $232. Date Feb. 15 1915. Int. M. & N. Due
$232 each six months from May 15 1916 to Nov. 15 1925 incl.
HERKIMER COUNTY (P. 0. Herkimer), N. Y.-BOND SALE.-On
April 20 an issue of $102,000 highway-improvement bonds was awarded to
IL A. Kahler & Co. of N. Y. for $102,280-equal to 100.274 for 43s.
Denom. $1,000. Date April 1 1915. Int. A. & 0. Due $12,000 yearly
beginning 1926.
HORTON, Brown County, Kan.-BOND OFFERING.-Proposals
will be received until 8 p. m. May 18 by W. W. Wood, City Clerk, for
$95,950 5% 20-30-year (opt.) refunding bonds. Denom. $1,000. Date
June 11915. Int. Feb. 1 and Aug. 1. Certified check for $1,000 required.
HULL, Plymouth County, Mass.-DESCRIPTION OF BONDS.-We
are advised that the $45,000 4% bonds awarded to Millett, Roe & Hagen
1528
THE CHRONICLE
of N. Y. on March 16 at 100.57 (not 100.547 as first reported) (V. 100, p•
1019), consisted of $17,000 school, $17,000 street, $5,000 land and $6,000
electric-light bonds. Denom. $1,000 and $2,000. Date Mar. 15 1915.
Int. M. & S. Due serially.
HUMBOLDT COUNTY (P. 0. Eureka), Calif.-BIDS REJECTED.
NEW OFFERING.-The following bids received for the $150,000 4% State
highway bonds offered on April 13 were rejected:
$143,325 00
Perrin, Drake & Riley, Los Angeles
143,280 00
Humboldt National Bank, Eureka
Anglo & London Paris National Bank, San Francisco
143,212 50
142,995 00
Byrne & McDonnell, San Francisco
142,965 00
Blyth, Witter & Co., San Francisco
All bids provided for payment of accrued interest.
New bids will be received by Fred. M. Kay, County Clerk. These are
bonds that were issued by the State and purchased by the county from the
State of California.
INDIANAPOLIS, Ind.-BONDS AUTHORIZED.-The City Council
passed an ordinance on April 19 providing for the issuance of $100,000
drainage and track-elevation bonds, it is stated.
JOHNSTOWN, Providence County, R. I.-BOND ELECTION.-An
election will be held May 13, it is stated, to submit to the voters the questions of issuing $85,000 funding and $30,000 school bonds.
KEEWATIN, Itasca County, Minn.-BOND OFFERING.-Proposals
will be received until 7 p. m. May 5 by C. W. Extrum, Village Clerk, for
$80,000 5% funding and refunding bonds. Int. F. & A. Due $8,000 a
year beginning Aug. 29 1915. Certified check for 10% of bid, payable to
'Village Treasurer, required. These bonds were reported sold on March 27
to G. A. Elder of Duluth (V. 100, p. 1189)•
KING COUNTY SCHOOL DISTRICT NO. 185, Wash.-BOND
SALE.-On March 20 the $40,000 1-20-year (opt.) coupon construction
and equipment bonds dated April 15 1915 (V. 100, p. 921) were awarded
to the State of Washington at par for 5s.
KIRON SCHOOL DISTRICT (P. 0. Kiron), Crawford County,
Iowa.-BONDS VOTED.-By a vote of 66 to 47, the question of issuing
$7,000 site-purchase, building and equipment bonds carried, it is stated,
at an election held April 21.
KITTITAS COUNTY SCHOOL DISTRICT NO. 24, Wash.-SALE.
-On April 15 Geo. L. & J. A. McPherson of Portland purchased $15,000
5%% building bonds at 100.10 and $7,500 warrants at par. Int. semi-ann.
KNOX COUNTY (P. 0. Mt. Vernon), Ohio.-BOND OFFERING.
It is stated that bids will be received until 1 p. m. May 10 by Walter M.
Reiley, County Auditor, for $17,500 5% 534-year (aver.) road bonds.
Certified check for $500 required.
LAFAYETTE, Lafayette Parish, La.-BOND OFFERING.-Proposals
will be received until 10 a. m. May 29 by A. A. McBride, City Secretary,
it is stated, for $75,000 5% 153 -year (average) road bonds. Interest
semi-annual. Certified check for $1,875 required.
LAKE CITY, Columbia
Fla.-BONDS NOT SOLD.-No sale
was made on April 12 of the County,
$79,0005% 30-year coupon validated redemption and public-improvement bonds offered on that day.(V. 100, p. 1019).
LAKE COUNTY (P. 0. Crown Point), Ind.-BONDS NOT SOLD.
No bids were received on April 6 for the various issues of bonds aggregating
$127,600 offered on that day. The offering of five of these issues was reported in V. 100, p. 1189.
LAKEWOOD, Cuyahoga County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. May 17 by B. M. Cook, Director of Finance,
for the following 5% bonds:
$100,000 public-improvement bonds. Denom. $1,000. Due $5,000
yearly on Oct. 1 from 1921 to 1940 incl.
8,700 Park Row paving (assess.) bonds. Denom. $870. Due yearly
on Oct. 1 from 1916 to 1925 incl.
12,600 Mathews Ave. paving (assess.) bonds. Denom. $1,260. Due
$1,260 yearly on Oct. 1 from 1916 to 1925 incl.
7,470 West Forest road-paving (assess.) bonds. Denom. $747. Due
$747 yearly on Oct. 1 from 1916 to 1925 incl.
33,500 Clifton road paving (assess.) bonds. Denom. $3,350. Due
$3,350 yearly on Oct. 1 from 1916 to 1925 incl.
12,050 Forest road paving (assess.) bonds. Denom. (9) $1,200, (1)
$1,250. Due $1,250 on Oct. 1 1916 and $1,200 yearly on Oct. 1
from 1917 to 1925 incl.
Date "day of sale". Int. A. & 0. at Cleveland Trust Co., Cleveland.
Cert. check for 5% of bid, required. Official circular states that there is
no litigation pending or threatened and that the city has never defaulted.
-Tx=
LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
dad), Colo.-BOND ELECTION.-An election- will be held May 3 to docide whether or not this district shall issue $40,000 refunding bonds.
LAVACA COUNTY (P. 0. Hallettsville), Tex.-BOND ELECTION.
-An election will be held in Road Dist. No. 1 on May 5, reports state, to
vote on the question of issuing $50,000 road-impt. bonds.
LINCOLN COUNTY (P. 0. Ivanhoe), Minn.-BONDS AUTHORIZED.-The Board of County Commrs. has authorized, reports state, the
issuance of $30,000 State rural highway No. 54 construction bonds.
LITTLE RIVER DRAINAGE DISTRICT, Cane Girardeau, Dunklin, New Madrid, Pemiscot, Scott and Stoddard Counties, Mo.BONDS OFFERED BY BANKERS.-A syndicate composed of P. W.
Chapman & Co., Chicago; Bolger, Mosser & Willaman Co., Chicago and
Estabrook & Co. of Boston, are offering to investors $4,260,000 of an issue
of $4,750,000 53% gold bonds of this district, at prices to net 6%accrued interest to be added. Date Oct. 1 1913. Denom. $500 and
$1,000. Int. A. & 0. at First Trust & Savings Bank, Chicago. The
bonds mature on Oct. 1 as follows:
1924 $353,000
1919 $220,500
1929
$148,000
1925 373,000
1930
1920 234,500
178,000
1926 394,000
1931
1921 259,500
189,000
1927 417,000
1932
1922 312,500
200,000
1928 436,000
1933
1923 333,000
212.000
Total debt, $4,750,000. Est. value of property taxed within district,
$17,585,179. Population of district (estimated), 10,858.
LIVE OAK COUNTY (P. 0. Oakville), Texas.-BONDS VOTED.
Reports state that the question of issuing $40,000 road bonds carried at
an election held in Road Dist. No. 4 on April 19.
LOVELAND, Larimer County, Colo.-VOTE.---The vote cast at the
election held April 6, which resulted in favor of the question of issuing the
$79.000 municipal-electric-light-plant-erection bonds (V. 100, p. 1377),
was 311 "for" and 220 "against." The City Treasurer advises us that although $79,000 was the amount voted on, the city can only issue legally
about $24,500, as the basis of the bond issue is the assessed valuation of
1913. The larger amount was voted on in anticipation of a change in the
law, which failed to materialize. The city has some funds on hand at the
present time and It is not at all likely that the bonds will be issued for at
east six months.
Sul
LOVELAND SCHOOL DISTRICT (P. 0. Loveland), Lorimer
County, Colo.-BOND ELECTION.-The question of issuing $6,090 sitepurchase and $75,000 high-school-building bonds will besubmitted to a vote,
it is stated, on May 3.
MADISON TOWNSHIP SCHOOL DISTRICT (P. 0. Mansfield),
Richland County, Ohio.-BOND OFFERING.-Bids will received until
12 m. May 20 by F. A. Miller, Clerk of Board of Education, for $6,000 5%
school bonds. Auth. Secs. 7625 and 7629, Gen. Code. Denom. $500.
Date June 1 1915. Int. M.& S. at office of above Clerk. Due $1,500 on
March 1 and Sept. 1 1916 and 1917. Certified check for $300, payable to
Board of Education, required. Bids must be unconditional.
MARION CITY SCHOOL DISTRICT (P. 0. Marion), Marion
County, Ohio.-BOND SALE.-On April 26 the $165,000 of the issue of
$250,000 5% school bonds (V. 100, p. 1376) were awarded to Tillotson &
Wolcott Co. of Cleveland for $173,965 50 (105.433) and int.
MAYVILLE, Chautauqua County, N. Y.-BOND SALE.-On Apr. 26
the $9,700 power and light bonds(V. 100. p. 1376) were awarded to Geo. B.
Gibbons & Co. of N. Y. at 100.05 for 4.75s.
MEDFORD, Middlesex County, Mass.-LOAN OFFERING.-Accordlag to reports, the City Treas, will receive bids until 9 a. m. May 3 for a
loan of $50,000, maturing Feb. 15 1916 and issued in anticipation of taxes.
MEDICINE LAKE, Sheridan County, Mont.-BOND SALE.-On
April 12 the $18,000 6% 10-20-year (opt.) water-works bonds (V. 100, p.
333) were awarded to C..H. Green of Spokane at par.
[Vol.. 100.
MIDDLETOWN, Logan County, Ill.-BONDS VOTED.-At the election held April 20 the question of issuing the $4,000 municipal-lightingsystem bonds (V. 100, p. 1283) carried, reports state, by a vote of 115 to 52.
MIDLAND, Beaver County, Pa.-BOND OFFERING.-Proposals
will be received until 8:30 p. m. May 3 by M. C. Donohoe, Secy. of Town
Council, for $15,000 5% tax-free bonds. Denom. $1,000. Date May 1
1915. Int. M.& N. at Midland Says. & Tr. Co., Midland. Due from
May 1 1919 to May 1 1935 incl. Cert. check for 2% of bid, required
MIDLAND SCHOOL DISTRICT (P. 0. Midland), Beaver County,
Pa.-BOND OFFERING.-Additional information is at hand relative to the
offering on May 4 of the $20,0005% tax-free school bonds(V. 100, p. 1377).
Bids for these bonds will be received until 7:30 p. m.on that day by Calvin
N. Atkinson, Sec. Board of School Directors. Denom. $1,000. Date
Apr. 1 1915. Int. A. &'0. at Midland Savings & Trust Co., Midland.
Due from Apr. 1 1918 to Apr. 11935. Cert. check for 2% of bid required.
MITCHELL COUNTY (P. 0. Bakeraville), No. Car.-BOND OFFERING.-Proprosals will be received until 1 p. m. May 3 by D. W. Tipton,
Chairman Bd. of Road Commrs., for $30,000 6% coupon tax-free Grassy
Creek Twp. highway-construction bonds. Auth. Sepcial Act Laws of
No. Car. 1915. Denom. $100.
Date May 3 1915. Int. M. & N. at
Bakersville. Due May 3 1945, subject to call at option of Road Commrs.
Cert. check for $1,500 payable to the Chairman of Road Commrs., re'Ins no indebtedness. Assess. val. 1914 (twP.)
quired. The township
$269,901.
MONROE (Town) SCHOOL DISTRICT NO. 4 (P. 0. Harriman),
Orange County, N. Y.-BOND SALE.-On April 24 the $45,000 4 %
school bonds (V. 100, p. 1454) were awarded to Geo. B. Gibbons & Co. of
N. Y. at par.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFERING.-Blds will be received until 10 a. m. May 4 by Walter H. Aszling,
Clerk Bd. of Co. Commrs., for $15,000 5% bridge bonds. Auth. Secs.
2434 and 2435, Gen. Code. Denom. $1,000. Date May 4 1915. Int:
M.& N. at office of Co. Treas. Due $2,000 yearly on May 4 from 1916
to 1922 incl. and $1,000 May 4 1923. Cert. check on a solvent bank or
trust company for $250, payable to Co. Aud., required. Bids must be
unconditional.
MT. CLEMENS SCHOOL DISTRICT (P. 0. Mt. Clemens), Macomb
County, Mich.-BONDS VOTED.-At an election held April 17 the
Proposition to issue $30,000 school bonds carried, it is stated.
MULTNOMAH COUNTY(P.O. Portland), Ore.-BOND OFFERING.
-Proposals will be received until 11 a. m. May 12 by John B. Coffey
County Clerk, for the $1,250,000 5% coupon road-construction bonds
voted April 14(V. 100, p. 1454). Denom. $50 or multiples thereof, up to
$1,000. Date May 1 1915. Int. M. & N. at the County Treasurer's
office, or at the fiscal agency of the State of Oregon in New York City, at
the option of bidder. Duo $125,000 yearly May 1 from 1920 to 1929 incl.
Bonds to be paid for within 20 days after award. Certified check on a
responsible bank for 5% of bonds bid for, payable to the County Clerk,
required. Unconditional bids will only be considered, and bids must be
submitted on blank forms furnished by the County Clerk. The purchaser
will be furnished with the unqualified and final opinion of Storey, Thorndike, Palmer & Dodge of Boston, approving the legality of the issue.
NASH COUNTY (P. 0. Middlesex), No. Caro.-BOND OFFERING.
Proposals will be received until 12 m. May 12 by J. W. Driver, Clerk Bd.
of Road Commrs., for $10,000 6% 20-year Dry Wells Twp. Road Dist.
public-road-impt. bonds. Denom. to suit purchaser. Value of property
(twp.) $595,700.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.-BOND
OFFERING.-It is stated that bids will be received until 12 m. May 15 by
Thos. D. O'Neal, Vii. Clerk, for $12,500 5% 14k-yr. (aver.) street bonds.
Int. semi-ann. Cert. check for 2% required.
NEW ORLEANS, La.-BOND OFFERING.-Proposals will be received
until 12 m. May 26 by A. G. Ricks, Commissioner of Public Finances, for •
$500,000(part of an issue of $2,000,000)5% coupon Public Belt RR. bonds.
Auth. Act 179, General Assembly of State of La., 1908, ratified by constitutional amendment; also an ordinance of the city, being Ordinance No.
8628 N. C. S. approved May 14 1912, and Ordinance No. 2340, Commission Council Series, approved April 20 1915. Denom. (350) $1,000, (300)
$500. Int. Jan. 1 and July 1. Due $100,000 yearly July 1 from 1951 to
1955, required. Said bonds are subject to call by the City of New Orleans
on July 1 1939,or on any interest day thereafter,at par and accrued int..
on 30 days notice of its intention to so redeem. published in the official
newspaper of the City of New Orleans. They are, by the aforesaid Act
and constitutional amendment,exempt from all State, parish and municipal
taxes, and may be legally invested for the estates of minors and of interdicts, and are receivable by State, parish and municipal officers, where,
by law, deposits of bonds are allowed or required to be made. The payment
of the principal and interest of said bonds is made a preferential charge
upon the net revenues of the Public Belt RR. of the City of New Orleans,
and are and will be issued under and subject to the aforementioned statutes
and ordinances. Certified check on some chartered bank in New Orleans
for 1% of the amount of the bid, required. The proceeds of said check
shall be applied to the payment of the laonds last delivered to the successful
dpeard
t7 mtehaem
allefb
eeuneloes
teso
l
ne
h
tes
gefit
ilfs
aitt
sl
shall
bidder. Bids must be unconditional. No sale w
heicfull
ls tu
ndealueaa
ed
r
va
hol,abcieds
tlir5eg,tooof tn
o
leue
ceiva
ation shall take place for less
ioa
dtic
d ua
djadi
bidder, provided, however, that no
than par and accrued interest. All matured interest coupons shall be cut
bidder shall pay the intersuccessful
the
and
from said bonds and canceled,
est which may have accrued on said bonds up to the date of delivery. The
bonds shall be paid for in cash as fast as said bonds can be signed and delivered. All bonds will be delivered within 30 days from the opening of said
bids. The right is reserved to reject any and all bids. The final opinion
of Wood & Oakley, lawyers, Chicago, as to the legality of this issue will be
furnished to the successful bidder if so desired.
NEW SMYRNA, Volusia County, Fla.-BOND OFFERING.-ThIs
city is offering for sale $47,000 water-works, $12,000 sewer and $4,000
funding bonds. Geo. H. Crane is Secretary Board of Public Works.
NEW STRAITSVILLE, Perry County, Ohio.-BOND SALE.-On
1-10-year (ser.) street-impt. (assess) bonds
Apr. 28 the $21,699 45 534
(V. 100, p. 1284) were awarded, it is stated, to the Security Says. Bank &
95
Toledo
for $22,001 -equal to 101.394.
Tr. Co. of
NEWTONSVILLE SCHOOL DISTRICT (P. 0. Newtonsville), Clermont County, Ohio.-BOND SALE.-On April 24 the $16,000 5% 12 1-3
year (aver.) building bonds (V. 100, p. 1377) were awarded, reports state,
to the Fifth-Third Nat. Bank of Cincinnati at par and interest.
NIAGARA FALLS, Niagara County, N. Y.-BOND SALE.-On
April 29 the $75,000 434% 21-year (aver.) sewer bonds, series "C",(V. 100,
p. 1454), were awarded to Geo. B. Gibbons & Co. of N.Y. at 102.88 and
hit. Other bidders were:
.
.&NK
od
6 Inchnoaaudthes,N&acCho,
177
:0
102.81
Jas. R. Magoffin, N.Y
uh ne,N.Y.102.55
1
W.N.Coler & Co., N.Y_ _ _1833
Sidney Spitzer & Co., N.Y_ _103.03 Clark, Dodge & Co. N. Y102.51
&
Kahler
A.
'
Co.,
H.
N.
Isaac W.Sherrill Co.,Pough_102.555
Y____102.53
The bid of Jas. R. Magoffin contained the provision "said bonds to be
legally and regularly issued and papers establishing same to be furnished
bids
two
next
were
also rejected, it is
my attorney for his approval." The
presumed, because of similar provisions.
NICHOLS SCHOOL DISTRICT (P. 0. Nichols), Muscatine County,
Iowa.-BONDS VOTED.-By a vote of 99 to 14,the question of issuing
$20.000 building bonds carried, it is stated, at an election held April 15.
NORTHAMPTON TOWNSHIP (P. 0. Mt. Holly), Burlington
County, N. J.-BOND SALE.-On April 20 an issue of $35,000 43%
street-impt. bonds was awarded to Bioren & Co. of Phila. at 100.26 and int.,
It is stated. Denom. $500. Date May 1 1915. Interest annually on
May 1 at Mt. Holly Nat. Bank, Mt. Holly. Due $1,000 May 1 1917 and
1918 and $1,500 yearly on May 1 from 1919 to 1940, inclusive.
OGDENSBURG,St. Lawrence County, N. Y.-BOND OFFERING.
Proposals will be received by W.S. Hall, City Treasurer, until 3 yr. m. May
4, for $8,000 of an issue of $30,000 4 % coup. deficiency bonds. Auth.
Chap.86, Laws of 1915. Denom.$500. Date April 11915. Int. A.& 0.
at office of City Treasurer. Due $1,000 yearly on April 1 from 1917 to
1924 incl. Certified check on a national bank or trust company for 2% of
bonds bid for, required. Bonds will be ready for delivery at once. Total
bonded debt (Incl. this issue), $515,350,• water debt (Included in above),
$268.350. Assessed valuation 1914. $6,306.700.
OKMULGEE SCHOOL DISTRICT, No. 1 (P. 0. Okmulgee), Okmulgee County, Okla.-BOND SALE.-On April 20 the $115.000 5%
25-year coupon tax free, high-school and ward-school-building bonds,dated
MAY 11915.1
THE CHRONICLE
1529.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND OFFERING.
Bank
County
March 9, 1915 (V. 100, P. 1377) were awarded to the Citizens' Nat.
Proposals will be received until 2 p. m. May 4 by H. H. Runyan,bonds:
of Okmulgee at par and accrued interest.
coupon highway-improvement
454%
following
the
for
Treasurer,
proposiDenom.$718.
J. 0. Sigler et al road bonds in Clinton Township. Denom.
ORANGE CITY, Sioux City, Iowa.-BONDS VOTED.-The
received a $14,360
$268.
5,260 C. M. O'Hair et al road bonds in Monroe Twp. Denom.
tion to issue $10,500 water-works-system-improvement bonds
$230.
Twp.
election.
Jefferson
in
recent
a
bonds
at
road
al
stated,
et
is
it
4,600 J. H. Meek
favorable vote,
1916.
19
May
beginning
Date May 3 1915. Int. M. & N. Due
Washington
ORENCO SCHOOL DISTRICT (P. 0. Orenco), resulted, it is
LanCounty, Ore.-BONDS VOTED.-The election held Apr. 21
QUARRYVILLE SCHOOL DISTRICT (P. 0. Quarryville),
bonds.
20 the
ol-bldg.
high-scho
issuing
of
question
the
of
caster
County, Pa.-BONDS VOTED.-At the election held Aprilip.
stated, in favore
and
school-equ
(opt.)
- proposition to issue the $15,000 454% 3-30-year
SALE.
OTTAWA COUNTY (P. 0. Port Clinton), Ohio.-BOND
bonds (V. 100, construction bonds (V. 100, p. 1378) carried, it is stated.
On April 26 the $35,000 5% coupon highway-Improvement
County,
for $35,292
RAMONA SCHOOL DISTRICT (P. 0. Ramona), Lake
p. 1455) were awarded to Seasongood & Mayer of Cincinnati
So. Dak.-BONDS VOTED.-An election held Apr. 17 resulted,it is stated,
(100.834) and interest. Other bids were:
$35,157 50 in a vote of 100 to 81 in favor of the question of issuing $20,000 bldg. bonds.
Sidney Spitzer & Co., Toledo
35,143 50
Fifth-Third National lank, Cincinnati
RAYMOND, Pacific County, Wash.-BOND SALE.-On Apr. 20 the
35,091 00
Terry, Briggs & Slayton, Toledo
$117,000 Raymond Water Co.plant purchase bonds (V. 100, p. 923) were
borough
it is stated, to Carstens & Earies, Inc., of Seattle at 103.50 for 6s.
his
.-T
awarded,
PROPOSED
OXFORD, Chester County, Pa.-BONDS
RENDVILLE VILLAGE SCHOOL DISTRICT (P. 0. Rendville),
is contemplating the issuance of $30,000 bonds, it is reported.
Perry
Ohio.-BOND OFFERING.-Bids will be considered by
County,
OZAWKIE SCHOOL DISTRICT (P. 0. Ozawkie), Jefferson
for $1,000 6% fund4, J. C. Alwine, Clerk of Bd. of Ed., until 12m. May 15
County, Kans.-BOND ELECTION.-An election will be held May
ing
bonds.
Auth.
Secs. 5656. 5657 and 5658, Gen. Code. Denom. $125.
high
It is stated, to submit to the voters the question of issuing $10,000
Date May 1 1915. Int. M.& N. Due $125 yearly on May 1 from 1916
school-bldg. bonds.
to 1923 incl. Cert. check for 5% of bonds bid for, payable to Dist. Treas.,
days from time
PARAGOULD, Greene County, Ark.-BOND SALE.-The Para- required. Bonds to be delivered and paid for within 10
20
of award.
gould Trust Co. has just purchased, it is stated, an issue of $25,000 6%
COUNTY (P. 0. Columbia), So. Caro.-BONDS PRORICHLAND
year Waterworks Improvement Dist. No. 2 bonds at 100.50.
WARRANT SALE.-Reports state that the same company also bought POSED.-According to reports, this county proposes to issue *1,250.000
road-impt. bonds.
$36,000 street-paving and storm-sewer warrants.
RIPLEY, Tippah County, Miss.-BONDS VOTED.-The question of
PARIS, Henry Co unty, Tenn.-BOND OFFERING.-This city will
issuing the $13,000 school-building bonds (V. 100, p. 1378) carried by a
offer for sale at 2 p. m. May 17 an issue of $35,000 5% water-works bonds vote of 59 to 48 at the election held April 20, reports state.
for
dated April 11915. Due $1,000 yearly for 35 years. Certified chock
ROCHESTER, N. Y.-NOTE OFFERING.-Sealed bids will be re2% required. R. L. Dunlap is Chairman of Finance Committee.
ceived at the office of E. S. Osborne, City Comptroller, until 2 p. m. May 5
The official notice of this bond offering will be found among the advertise- for $150,000 sewage-disposal notes, payable six months from May 10 1915.
They will be payable at Union Trust Co. of N. Y., will be drawn with inments elsewhere in this Department.
terest, and will be deliverable at said Trust Co. of New York on May 10.
PEKIN SCHOOL DISTRICT (P. 0. Pekin), Tazewell County, Ill. Bidder to state rate of interest and to state whom (not bearer) notes shall
-BONDS VOTED.-The proposition to issue $21,000 school-building- be made payable to and ,denominations desired.
held
election
the
at
completion bonds carried by a vote of 788 to 172
ROME SCHOOL DISTRICT (P. 0. Rome), Oneida County, N. Y.
April 19, it Is reported.
-Propos- -BOND ELECTION.-Newspaper reports state that an election will be
PENSACOLA, Escambia County, Fla.-BOND OFFERING.
of City Commis.- held May 4 to vote on the proposition .to issue $17,500 building and equipals will be received until 2 p. m. May 17 by the Board
454% tax-free coupon gold ment bonds.
sioners. C. W.Eggart, City Clerk, for $400,0005530,
Laws Fla. 1905, and
RYE (Town) UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
Dock & Belt RR. impt. bonds. Auth. Chap.
3 1913. Denom. $1,000.
May
passed
Fla.,
Laws
6746,
Sec. 30 of Chap.
N. Y. Due Rye), Westchester County, N. Y.-BOND OFFERING.-Proposals will
Trust
&
Mtge.
S.
U.
Date Oct. 1 1913. Int. A. & 0. atPensacola bank for 2%Co.,
for,
bid
of bonds
be received until 8 p. m. May 17 by Clement D. Camp, Clerk of Board of
Oct. 11943. Certified check on a required. Bids must I3e
made on forms Education,for the following 4%% gold reg. school bonds:
payable to the Board of Commrs.,
to
genuineas
be
certified
will
bonds
furnished by the above Clerk. These
high-school-bldg. bonds. Due $4,000 yearly on May 1 from
ness by the above trust company, and their legality approved by Dillon, $120,000
1916 to 1945 incl.
Thompson & Clay of N. Y. City., whose opinion, or a duplicate thereof,
the
to
delivery
upon
will be furnished purchaser. Bonds shall be paid for
32,000 William St. school-improvement bonds. Due $1,000 yearly on
purchaser on July 1 1915, at any national bank in Pensacola which the
May 1 from 1916 to 19471 ncl.
purchaser shall designate in his proposal. These bonds were previously
Denom. $1,000. Date May 11915. Int. M.& N. at First Nat. Bank,
advertised to be sold on Aug. 4 1914, but the offering was subsequently
withdrawn (V. 99, p. 559).
Port Chester. Certified check on an incorporated bank or trust company
PERRY COUNTY(P.O. New Lexington), Ohio.-BOND OFFERING. for 3% of bonds bid for, payable to Dist. Treasurer, required. Purchaser
Aud.,
Co.
Foraker,
M.
12
by
m.
Clyde
May
24
until
received
be
-Bids will
to be in New York or Port
for $35,000 5% inter-county highway impt. bonds. Auth. Sec. 1223, Gen. to pay accrued interest. Delivery of bonds
Code. Denom. $1,000. Date May 10 1915. Int. M.& N. Duo $7,000
Chester, to suit purchaser.
bid
bonds
of
5%
for
check
Cert.
yearly on May 1 from 1920 to 1924 incl.
The official notice of this bond offering will be found among the advertisefor, payable to Co. Treas., required. Bonds to be delivered and paid for
ments elsewhere in this Department.
within 10 days from time a award.
ST. JOHNSVILLE, Montgomery County, N. Y.-ELECTION TO
PHELPS, Ontario County, N. Y.-NOTE SALE.-On April 26 the
the LEGALIZE BONDS.-Reports state that an election will be held May 6
$21,000 2U-year (aver.) notes (V. 100, p. 1455) were awarded to
paving
Phelps Nat. Bank of Phelps for $21,010 (100.047) and int. for 5s. Other to vote on the question of legalizing a bond issue of $10,000 for
Bridge St.
bids were:
'Rate.
Price.
DISTRICT (P. 0. St. Joseph), Mo.-BONDS
SCHOOL
JOSEPH
ST.
*$21,100 09 4.95 VOTED.-The election held Apr. 24 resulted in favor of the following 454%
Geo. B. Gibbons & Co., New York
*21,060 90 5.00 bonds (V. 100, p. 1378):
Union Trust Co., Rochester
21,000 00 5.00 $6504100 site-purchase, building and improvement bonds. The vote was
Lincoln National Bank, Rochester
conditional.
* These bids were
2,892 to 404. Due $200,000 10 and 15 years and $250,000 20 yrs.
25,000 library-bldg. bonds. The vote was 2,714 to 561. Due in 15 yrs.
PHILADELPHIA, Pa.-SUBWAY LOAN VOTED.-The election held
subway
Street
Broad
a
for
loan
of
the
$6,000,000
April 29 resulted in favor
ST. LAWRENCE COUNTY (P. 0. Canton), N. Y.-BOND OFFERand a Fmnkford elevated line (V. 100, p. 923). The vote is reported in ING.-Proposals will be received until 1 p. m. May 12 by Geo. M.Holmes,
Philadelphia newspapers as 85,992 to 8,772.
Co. Treas., it is reported, for $147,868 454% 20%-year (over.) road bonds
to Int. semi-ann.
PHOENIX, Lee County, Ala.-BONDS VOTED.-The proposition
an
at
state,
reports
carried,
bonds
stem-ext.
issue $16,000 water-works-sy
SALEM, Essex County, Mass.-BIDS.-The following were the other
election held April 6.
for the two issues of 4% 15%-year (average) coupon water
- bids received
PIKE COUNTY (P. 0. Petersburg), Ind.-BOND OFFERING.
aggregating $180.000, awarded*to Blodget & Co. of Boston at 100.bonds,
basis of about 3.932% (V. 100, p. 1455):
Bids will be considered until 2 p. m. May 10 by C. D. Henke, Co. Treas..
int.-a
and
798
in
for $14,000 454% W. J. Abbott et al highway-improvement bonds
Curtis & Sanger,Boston___ _100.746[ Merrill, Oldham & Co., Bos_100.339
Jefferson Twp. Denom.$350. Date April 15 1915. Int. M.& N. Due N. W. Harris & Co., Boston_100.6451Estabrook & Co., Boston_ _ _100.28
$350 each six months from May 15 1916 to Nov. 15 1935 incl.
R. L. Day & Co., Boston _ __100.419 P. M.Chandler & Co., Bos_ _100.17
PINELLAS COUNTY SPECIAL SCHOOL TAX DISTRICT (P. 0. Naumkeag Tr. Co., Salem_ _100.40
25
6
6%
April
the
-On
$25,000
-year
SALE.
-BOND
Fla.
Clearwater),
SAUGATUCK TOWNSHIP (P. 0. Douglas), Allegan County,
Tarpon Springs District No. 1 bonds (V. 100, p. 1113) were awarded, it is
OFFERING.-Wheelar Chambers, Twp. Clerk, will receive,
stated, to Bolger, Mosser & Willaman of Chicago at 105.10 and int.-a Mich.-BOND
p. m. May 15, bids for an issue of $36,000 5% pike-construction
until
5.625%.
about
basis of
Act 283, Public Acts 1909. Denom. $500. Date July 1
Auth.
bonds.
POCATELLO INDEPENDENT SCHOOLIDISTRICT NO. 1 (P. 0. 1915. Interest annual. Due $2,000 yearly on Jan. 1 from 1916 to 1933,
Pocatello), Bannock County, Idaho.-BOND SALE.-On Apr. 24 the inclusive. A deposit of $200 is required.
$70,000 5% 10-20-year (opt.) high-school-bldg. and equipment bonds
66(P.O. Elko), Minn.SCOTT COUNTY SCHOOL DISTRICT NO.
(V. 100, p. 1284) were awarded to the International Trust Co. of Denver
41 the question of issuing $18,000
for $71,132 50 (101.617) and int.-a basis of about 4.795% to optional date BONDS VOTED.-By a vote of 126 to
building bonds carried, it is reported, at an election held April 3.
and about 4.875% to full maturity.
NO. 4 (P. 0.
SALE.-On
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT
SHELBY COUNTY (P. 0. Shelby-yule), Ind.-BOND bonds
will be received until 10
aggreof 4%% 6-yr. aver.) highway-impt.
Bartow), Fla.-BOND OFFERING.-Proposalsof
for April 22 the two issues
Instruction,
Public
Bd.
Chairman
disposed of at par and int. as follows:
were
1378)
m. May 11 by J. C. Owens,
100.
(V.
$14,100
P.
gating
5.
voted Apr.
Indianapolis and $8,540 to Chas.
of
Bank
Nat.
Amer.
Fletcher
$17,500 building and $7,500 funding 5% 20-year coupon bonds
to
$5,560
Denom. $500 or $1.000. Date to be determined-probably June 1 1915. and Arthur Spiegel of Shelbyville.
Int. semi-annually at any bank in Chicago or New York. Cert. check for
SHENANDOAH, Schuylkill County, Pa.-BONDS OFFERED OVElv
$200, payable to the above Chairman, required.
acting for
County, THE COUNTER.-The Shenandoah Tr. Co. of Shenandoah, 4%
POLKTON TOWNSHIP (P. 0. Coopersville), Ottawa of
5-year
issuing F. R. Bennett, Boro. Treas., is offering over the counter $33,000
Mich.-BONDS VOTED.-According to reports, the question
bonds. Denom. $100. Date April 1
sower
Ward
Fourth
coupon
gold
election.
recent
a
at
carried
$7,000 highway bonds
Shenandoah.
at
0.
&
A.
Int.
1914.
PORT CHESTER, Westchester County, N. Y.-BOND SALE.-On
SHERIDAN COUNTY SCHOOL DISTRICT NO. 18, Mont.-BOND
April 29 the five issues of 5% gold certificates and bonds aggregating $44,OFFERING.-Proposals will be received until 2 p. m. May 15 by John G.
850 (V. 100, p. 1378) were awarded as follows:
$18,000 So. Regent St. paving (village's portion) bonds to Curits & Sanger Kramer. District Clerk (P. 0. Culbertson), for $2,000 6% site-purchaseof New York at 104.10.
building and equipment bonds voted April 3. Denom. $1,000. Date
10,000 sewer and drain (assess.) certificates to Port Chester Savings Bank May 1 1915. Int. J. & J. at the Co. Treas. office. Due May 1 1935,
fat 101.11.
optional beginning Jan. 1 1925. Cert. check (or cash) for $500, payable
11,600 paving certificates (2 issues) to Rochester Say. Bank at 101.
to the Dist. Clerk, required.
5,250 No. Regent St. paving (village's portion) bonds to Port Chester
SIBLEY, Osceola County, Iowa.-BONDS VOTED.-Reports state
Savings Bank at 101.39.
that an election held April 7 resulted in favor of the question of issuing bonds
PORTLAND, Me.-TEMPORARY LOAN.-Reports state that a loan for
the extension of the electric-light plant.
Good&
Bond
4
of $100,000, maturing Oct. 1915, has been negotiated with
SOUTH FORK SCHOOL DISTRICT (P. 0. So. Fork), Cambria
win of Boston at 3.11% discount.
Pa.-BOND OFFERING.-Bids will be received until 6 p. m.
County,
PORT OF ASTORIA (P. 0. Astoria), Clatsop County, Ore.- May 4 by John C. Penrod, Sec. of School Board, for the $15,000 454%
DESCRIPTION OF' BONDS.-The $150,000 5% bonds recently purchased coup. tax-free bldg. bonds mentioned in V. 99, p. 1616. Denom. $500.
by the Detroit Trust Co.(V. 100, P. 1190) are in the denom. of $1,000 and Date April 6 1915. Int. A. & 0. at First Nat. Bank, South Fork. Due
dated Jan. 11915. Int. J. & J. at the fiscal agency of the State of Oregon,
$500 yrly. Cert. check for 5% of bonds required. Bonded debt (not incl.
New York. Due $10,000 yrly. from 1926 to 1940 incl. The bonds will this issue), $37,000. Assess. val. 1914, $1,837,109.
be delivered May 1.
SOUTH OMAHA,Douglas County, Neb.-BOND SALE.-On Apr. 21
PORT ROYAL, Juniata County, Pa.-BOND ELECTION.-An
5% 20-year refunding bonds were awarded, it is stated, to Spitzer,
election will be held to-day (May 1), it is stated, to submit to the voters $343,000
Rorick & Co. of Toledo.
the question of issuing $3,500 Airy View Academy improvement bonds.
SPILLVILLE, Winnesheik County, Iowa.-BOND OFFERING.PORT OF SEATTLE (P. 0. Seattle), King County, Wash.-BOND
A. A. Novak, Town
SALE.-All bids received for the $510,000 5% serial East Waterway No. 2 Proposals will be received until 8 p. m. May 15 by
Denom. $200.
wore
bids
New
Clerk, for $6,000 5% coup. taxable water-works bonds.
bonds offered on Apr. 14 (V. 100, p. 1284) were rejected.
11915. Int. ann. July 1. Bids
asked for, to be opened Apr. 21. On that day the bonds were awarded, it $250, $300, $350 and $400. Date July
1917, 1918
1916,
July
$250
1
follows:
as
maturing
int.
at
bonds
Bank
and
for
Nat.
100.03
received
be
Seattle
will
the
is stated, to
1926 and 1927:
- and 1919. $250 1920, 1921, 1922 and 1923; $300 1924, 1925.
"PULASKI COUNTY (P. 0. Winamac), Ind.-BOND OFFERING.
and $400 1932, 1933 ,1934 and 1935, de1931.
and
1930
1929,
1928,
J.
J.
County
$350
by
Lowry,
3
21
May
p.
m.
until
Proposals will be received
as above stated; or $200 yearly July 1 from 1917 to 1924 incl. and
Treasurer, for $4.600 4%% Joseph Fox at al highway-improvement bonds nonts.yearly
July 1 from 1925 to 1935 incl. ,denom. $200. Cert. check for
in Salem Twp. Denom. $230. Date Dec. 8 1915. Int. M. & N. Due $400
to the Town Treas., required. The town has no indebtedness.
3%,
payable
A
incl.
similar
1925
15
Nov.
to
1916
$230 each six months from May 15
Assess. val. 1913, $166,396.
issue of bonds was offered on March 5(V. 100, p. 659)•
1530
THE CHRONICLE
SWISSVALE SCHOOL DISTRICT (P. 0. Swissvale), Allegheny
County, Pa.-BOND SALE.-According to reports the Colonial Trust
Co. has been awarded an issue of $50,000 5% school bonds. Due $10,000
yearly.
TARRANT COUNTY (P. 0. Fort Worth), Texas.-BONDS DEFEATED.-The election held April 6 resulted, it is stated, in the defeat
of the propostions to issue the $350,000 jail and $200,000 road bonds
(V. 100, p. 924).
TARRANT COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 97 (P. 0. Haslet), Tex.-BONDS DEFEATED.-The
of
issuing the $10,000 5% building bonds (V. 100, p. 1114) failed question
to carry at
the election held April 3. The vote was 29 "for" and 31 "against."
TERRIL, Dickinson County, Iowa.-BOND ELECTION.
election will be held May 7 to vote on the question of issuing $8,500-An
municipal
water-works-system bonds.
THREE RIVERS INDEPENDENT SCHOOL DISTRICT(P.O. Three
Rivers), Live Oak County, Texas.-DESCRIPTION OF BONDS.-The
$10.000 5% high-school-bldg. and equipment bonds voted Mar. 20(V. 100,
p. 1286) are coupon in form and dated Mar. 11915. Int. ann. April 10 at
the Live Oak County State Bank, Three Rivers, or at the State Treas. office. Due in 20 years, subject to call after 10 years.
TIMPSON, Shelby County, Tex.-BOND OFFERING.-B. J. Hawthorne, Mayor, will receive bids until 9 a. m. May 4, it is stated,for $17,000
water and $10,000 street 5% 10-40-yr. (opt.) bonds. Int. semi-annual.
Certified check for $500 required.
TOLEDO, Ohio.-BOND OFFERING.-Additional information is at
hand relative to the offering on May 3 of the $30,000 43 % 4-year coup.
public-library bonds (V. 100, p. 1456). Bids for these bonds will be received until 12 m.on that day by Amos McDonnall, City Auditor. Denom.
$1,000. Date April 1 1915. Int. A. & 0. at U..S. Mtge. & Trust Co.,
N. Y. City. An unconditional certified or cashier's check on a national
bank for 5% of bonds, payable to City Auditor, required.
TRAVERSE CITY, Grand Traverse County, Mich.-BONDS DEFEATED.-We learn that the question of issuing the $28,000 sewer
constructionbonds(V. 100, p.756) was:defeated at the election hied April 5
.
TRENT SCHOOL DISTRICT (P. 0. Trent), Taylor County, Tex.BONDS VOTED.-The question of issuing $3.000 bldg. bonds carried,
it is
stated, at an election hold April 10.
TURMAN SCHOOL TOWNSHIP (P. 0. Sullivan),
County,
Ind.-BOND OFFERING.-Bids will be received until 2Sullivan
m. May 21 by
H. H. Arnett, Twp. Trustee, for $35,000 454% school p.
Denom.
(20) $1,000, (30) $500. Int. F. & A. at Sullivan State bonds.
Bank, Sullivan.
Duo $2,500 yrly. for 10 yrs. and $2,000 yrly. for the next succeeding
5 yrs.
UMATILLA COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Milton),
Ore.-BOND OFFERING.-Proposals will be received until May 3 for the
$18,000 5% bldg. bonds authorized by vote of 230 to 90 at an election held
Mar.30(V. 100,p. 1115). Due May 11935; opt. beginning May 11925.
UNION COUNTY (P. 0. Jonesboro), Ills.-BONDS DEFEATED.
At the election held April 6 the question of isieing $40,000 Road Dist. No.
bonds was defeated, it is stated, by a vote of 100 "for" to 181 "against.' 8
NEW LOANS.
UNION SCHOOL TOWNSHIP, Clinton County Ind.-BOND
OFFERING -Bids will be received until 2 p. m. May 3 by John S. Wharry,
Township Trustee (P. 0. Frankfort R. R. No. 1),for $7,000 4%% building
bonds. Denom. (6) $500, (4) $1,000. Date May 3 1915. Int. J. & J.
Due $500 on July 1 1917, 1918, 1920, 1921 and 1922, and Jan. 1 1923,and
$1,000 on July 1 1919 and Jan. 1 1920, 1921 and 1922.
UNIONVILLE SCHOOL DISTRICT (P. 0. Unionville), Putnam
County, Mo.-BOND SALE.-On April 16 the $30,000 5% 10-20-yr. sitepurchase, bldg. and equipt. bonds(V. 100, p. 1286) were awarded to Francis
Tires. & Co., St. Louis, at 102.42 and int. Other bids were:
J. R. Sutherlin & Co., K.0_530,616 Harris Tr. & Say. Bk., Chic_$30,332
Kauffman, Smith, Emmett
Bolger, Mosser & Willaman,
& Co., Chicago
30,516
Chicago
30,302
Mercantile Tr. Co., St. Louis 30,459 Smith, Moore & Co., St. L
30,159
W. R. Compton Co., St. L__ 30,431 A. G.Edwards & Sons, St. L. 30,066
The Fide ty Trust Co. of Kansas City, Mo., asked commission of $337.
UTICA, Oneida County, N. Y.-CERTIFICATE SALE.-According
to reports, Salomon Bros. & Hutzler of N. Y. have been awarded
$75,000
3% short-term certificates of indebtedness.
BONDS AUTHORIZED.-Reports state that the Board of Estimate
Apportionment approved on April 22 an ordinance providing for the and
issuance of $430,000 Academy-impt. bonds.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BOND OFFERING.
Bids will be received until 10 a. m. May 4 by Thos. J. Dailey, Co. Treas..
for the following 434% highway-impt. bonds:
$8,700 Chas. B. Rigney highway bonds in Honey Creek Twp. Denom.
• $435.
11,500 J. W. Thorp et al. highway bonds in Sugar Creek Twp. Denom.
$575.
Date May 15 1916. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl.
BOND SALE.-On April 24 the two issues of 434% 534-year (aver.)
highway-improvement bonds, aggregating $24,500 (V. 100, p. 1456), were
awarded, reports state, to Breed, Elliott & Harrison of Indianapolis for
324,503-equal to 100.012.
VOL17SIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14
(P. 0. Deland), Fla.-BOND OFFERING.-Proposals will be received
until 6 p. m. May 10 by C. R. Sheppard, Supt. of the Board of Public Instruction, for $12,500 of an issue of $15,000 5% coupon tax-free building
bonds. Denom. $500. Date July 11914. Int. J. & J. at Deland. Due
$5,000 July 1 1929 and $7,500 July 1 1934. Certified check for $750,
payable to the Board of Education, required.
WADSWORTH TOWNSHIP (P. 0. Wadsworth), Medina County,
Ohio.-BOND SALE.-On April 5 the
5% 15-year (aver.) coupon
North Centre road-improvement bonds$17,000
100, p. 1115) were awarded to
Stacy & Braun of Toledo for $17,153 (V.
60 (100.903) and int.-a basis o,
about 4.91%. Hoehler, Cummings & Prudden
of Toledo bid $17,010.
WAHICIAHUM COUNTY (P. 0. Cathlemet), Wash.-BOND SALE.
-On April 20 the $75,000 highway bonds (V. 100, p. 1192) were awarded,
It is stated, to the Detroit Trust Co. at par for 5345.
NEW LOANS.
$11,781,000
NEW LOANS.
$300,000
STATE OF TENNESSEE, CITY
SERIAL BONDS
[Void. 100
OF WILMINGTON, DELAWARE,
SINKING FUND 43/2% LOAN
$663,000
ATLANTIC CITY, N. J.,
BONDS FOR SALE
Exempt from Taxation, including Federal
Sealed bids will be received until 12 O'CLOCK
Income Tax
The undersigned will receive sealed bids at the
office of the Treasurer of the State of Tennessee NOON, MAY 12, A. D. 1915, for all or any
8250,000 maturing in 2934 years; $196,000 in
at Nashville, Tenn., until noon,twelve o'clock M.. part thereof of $300,000 Wilmington, Delaware,
$45,000
years;
29
in 2834 years: $13,000 in 28
Sinking
Fund Four and One-half Per Cent
THURSDAY, MAY 6TH, 1915,
for the purchase of a sufficient amount of State of Loan. Said bonds will date from May 1, A. D. Years; $16,000 in 1934 years; $10,000 in 19 years:
Tennessee serial bonds to take up its indebtedness, 1915, and be issued in denominations of Fifty $32.000 in 1834 years; $101,000 in 18 years; all
amounting to $11,781.000 and maturing $10,- Dollars or multiples thereof, and bear interest at bearing interest at the rate of 436 per cent per
381,000 on July 1, 1915, and $1,400,000 maturing the rate of four and one-half per centum per annum.
The City Comptroller will receive bids for these
annum, payable semi-annually on October 1 and
October 1, 1915.
bonds until 12 o'clock noon of
Bonds will be dated July 1, 1915, principal and April 1, and to mature as follows:
WEDNESDAY, MAY 19, 1915,
$50,100 on April 1, A. D. 1938;
semi-annual interest (January and July), payable
reserving, however, the right to reject any or all
139,150 on Oct. 1, A. D. 1938;
at the office of the State Treasurer, or the Fiscal
bids, and subject to the approval of the Board of
110,750 on April 1, A. D. 1939.
Agency of the State in the City of New York at
These bonds are issued to provide funds for Commissioners.
the option of the holder. Denomination $1,000,
Interest and principal payable at the HANthe use of the Board of Directors of The
maturing July 1, as follows:
Street OVER
and Sower Department, for curbing,
NATIONAL BANK, NEW YORK.
guttering, Legality
$150,000 in each of the years 1917 to 1924, grading,
widening,
paving
and
improving of Thomson of bonds will be approved by Dillon,
inclusive;
streets and avenues and the building
of sewers the city. & Clay before delivery, at expense of
$200,000 in each of the years 1925 to 1930, and conduits
in the City of
The bonds will be engraved and cerand are
inclusive; z
issued under authority of anWilmington,
Act of the General tified as to genuineness by the Columbia Trust
$250,000 in each of the years 1931 to 1935, Assembly
of the State of Delaware, approved Company and the United States Mortgage Sc
inclusive;
March 4, A. D. 1907, and under authority of an Trust Company of New York.
$300,000 in each of the years 1936 to 1940, Ordinance
Circular letter containing blank form of proof The Council of Wilmington
Inclusive;
April 15, A. D. 1915, and approved bypassed
posal will be forwarded on application; said cirThe cular
8350,000 in each of the years 1941 to 1944. Mayor
April 20, A. D. 1915, and, at the option
giving full particulars as to those bonds and
inclusive;
the purchaser, may be coupon or registered the financial condition of Atlantic City.
$400,000 in each of the years 1945 to 1947, of
bonds.
No proposal will be received except on the offiinclusive;
All proposals must be accompanied by certified cial form and bids must be accompanied by cash
$500,000 each year from 1948 to 1955,when the check
payable to the order of 'The
remainder mature.
and or CERTIFIED CHECK in the sum of $10,000.
Council of Wilmington," for two perMayor
B. M. TOWNSEND, Comptroller.
of
Bids are asked on bonds bearing interest at the the amount of bonds bid for, the samecentum
to
be
forrate of 4,434 or 4%%, but no bid of less than par feited if the bidder fails to accept and
pay for
and accrued interest will be considered.
bonds awarded.
Bonds will be legally approved by Dillon,
The successful bidder or bidders will be required
Thomson & Clay of New York, whose favorable to settle for the bonds awarded,
with accrued inopinion will be furnished to the successful bidder. terest from May 1, A.
D. 1915, at or before
All* bids must be upon blank forms which, 12 o'clock, noon, May 26,
A. D. 1915.
together with other information, will be furnished
No bid of less than par will be accepted.
by the undersigned, and must be accompanied by
The right is reserved to reject any or all bids.
a certified check upon a national bank or regular
Bonds will be paid
and delivered to the
depository of the State of Tennessee in an amount purchaser at the officefor
the City Treasurer in
equal to Two Per Cent of the face value of bonds Wilmington, Delaware, of
at
the
time hereinbefore
ROAD BONDS
bid for.
mentioned.
Bonds will be delivered in Nashville, New York,
All proposals
be enclosed in sealed enPhiladelphia, Boston or Chicago, at the pur- velopes addressedmust
Bids will be received by the County Commisto James F. Price, City Treaschase'rs option, but payment must be made so urer, and marked "Proposals
for Sinking Fund stoners of Warren County until MONDAY,
as to meet the obligations of the State as they Loan."
JUNE
7TH, 1915, at 12 o'clock m., for the purmature.
Robert D. Kemp,
chase of $20,000 of Nutbush Township road bonds.
Weller E. Stover
The right to reject any and all bids is reserved. John J. McGovern,
George E. Grantland These bonds will be in denominations $1,000.
John J. Monoghan,
Rate interest 5 per cent, payable semi-annually
T. C. RYE, Governor.
James Kane,
Commissioners of The
Finance Committee at Treasurer's office, located in the town of
J. B. THOMASON, Comptroller.
Sinking Fund.
Warrenton, N. C. No bids will be considered
of The Council.
PORTER DUNLAP, Treasurer.
unless accompanied by certified check for $200,
payable to Chairman Board of County ComR. R. SNEED, Secretary of State.
missioners. The Commissioners reserve the right
Funding Board State of Tennessee.
to reject any and all bids. For further informaDated April 9. 1915.
tion address
BROKER
P. M. STALLINGS, Chairman,
Tribune Building, NEW YORK. N. Y.
Macon, N.0.
FOR SALE.-Timber, Ceal, Iron. Ranch and
other properties.
Confidential Negotiations. Investigations,
Settlements. Purchases of Property.
United States. West Indies. eanada. Mexico
$20,000
NUTBUSH TOWNSHIP,
Warren County, N. C.,
GEO. B. EDWARDS •
$152,000
$100,000
Union Free School District No. 4,
Town of Rye, Westchester Co., N. Y.,
4% BONDS
GRANITE SCHOOL DISTRICT, UTAH,
CHRONICLE VOLUMES
BUILDING BONDS
Bids will be received at the office of the SecreFOR SALE
tary of the Board
Education in Salt Lake
$152,000 00 434% Gold Bonds of Union Free
Second-hand volumes In good condition for City, Utah, for theofpurchase
of one hundred
School District No. 4, Town of Rye, County of
thousand dollars ($100,000) worth of building
Westchester, New York, will be sold on sealed years prior to 1908.
bonds of Granite School District authorized by
proposals May 17th, 1915.
vote of 302 to 203 at an election held April 20.
For full particulars please apply to
COMMERCIAL lc FINANCIAL CHRONICLE Said bonds to bear interest at the rate of not
CLEMENT D. CAMP,Clerk,
exceeding five per cent (5%) and will mature
Port Chester, New York.
138 Front St.. Now York
twenty Years (20) from date of issue.
MAY 1 1915.1
1531
THE CHRONICLE
of
to Hoehler, Cummings & Prudden
- (V. 100, p. 1287), were awarded$53,451,
equal to 100.850; $45,000 at
No. Caro.-BOND OFFERING.
$53,000 for
follows:
as
WAKE COUNTY (P. 0. Raleigh),
Toledo,
100.865.
0
at
$100,00
the
of
$35,000
3
and
May
on
100.848,
offering
the
Further details are at hand relative to
100.865; 341.000 for $41,347 75, equal to
(V. 100, p. 1380). Proposals for these
5% 30-year coupon funding bondson
The other bidders were:
335,000.
that day by John A. Mills, Chairman
$53.000. $45,000. 341,000.
bonds will be received until 12 m. Denom.
issue."
of
"date
Date
$1,000.
& Braun, Toledo _ _ _1
of the Board of Commissioners.
Stacy
to
payable
90 $35,241 50
$2,500,
for
$41,282
check
50
Cert.
$45,310
r.
purchase
70
suit
to
f$53,365
Cin_
place
at
ood & Mayer,
Int. M.& N.
. Bonded debt, including SeasongSpitzer
65 41,268 65 35,237 65
& Co., Tol_ -- 53,357 65 45,302 40
the Chairman Board of Commissioners, required
- Sidney
41,224 80 35,192 80
$27.000,000; true value (approxi
d_ 53,291 60 45,248
this issue, $515,000. Assess. val. 1913,
no contest, con- First Nat. Bank, Clevelan
is
there
that
00 41.136 00 35,119 00
states
45,153
circular
00
Official
53,170
Cle__
Hayden, Miller & Co.,
mate), $80,000,000.
has
there
that
and
bonds
41,133 50 35,113 50
these
of
50
Spitzer, Rorick & Co., Tel_.. 53,171 00 45,145 00 41,124 00 35,106 00
troversy or litigation about the validity
county's obligations.
Fifth-Third Nat. Bank, Chi_ 53,160 00 45,136 00 41,114 80
never been any default in the payment of this
the
26
April
-On
SALE.
45,126
00
Y.-BOND
Breed,Elliott&Harrison,Cin. 53,159
WALDEN, Orange County, N.fire-hous
e and town-hall-construction Farson & Co., New York__ 53,139 00 45,118 00 41,108 00 35,091 00
$35,000 5% 14 5-6 year (aver.)
$175,148
Goshen Says. Bank of Goshen Tillotson & WolcottCo.,Cle.I
bonds(V. 100, p. 1456) were awarded to the
Davies-Bertram Co., Ctn.. _ J
at 105.50.
174,960
-Chas.
NG.
d
OFFERI
Clevelan
&
Co.,
Otis
-BOND
Y.
N.
,
WATERVLIET, Albany County for sale at public auction at 12 m.
ELECTION PROPOSED
WOOSTER, Wayne County, Ohio.-BOND
F. Polk, City Chamberlain, will offer
bonds:
ction
0 water-works-puri-constru
$125,00
of
city-hail
issuing
.
question
the
semi-ann
%
to
reports,
ing
g
-Accord
May 5 the followin 43
from
1
May
on
near future.
yearly
the
in
voters
$2,750
the
to
Due
ed
fication bonds will be submitt
$55,000 bonds. Denom. $2,750.
Boone County,
1916 to 1935 incl.
WORTH SCHOOL TOWNSHIP(P.O. Whitestown),
yearly on May 1 from
is at hand relative to
10,000 bonds. Denom. $1,000. Due $1,000
Ind.-BOND OFFERING.-Additional information
school bonds (V. 100, p• 1457)•
%
4%
1916 to 1925 incl.
$16,000
of
the
8
May
on
IZED.
offering
the
AUTHOR
S
N. J.-BOND
until 1 p. m. on that day by Walter
WESTVILLE, Gloucester County, on
Apr. 27 authorized the issuance Bids for these bonds will be received
1915. Int. J. & J.
According to reports ,the Boro. Council
Schooler, Twp. Trustee. Denom. $800. Date July1 11925
incl.
1916 to July
1
Jan.
from
six
months
each
of $50,000 street-impt. bonds.
$800
Due
0.
(P.
5
NO.
CT
L
DISTRI
SCHOO
T
ENDEN
y), Ohio.-BOND
WHITE BEAR INDEP
ON.-The question of issuing to the
WYANDOT COUNTY (P. 0. Upper Sandusk
ELECTI
-BOND
Minn.
t. No. 60
Bear),
road-imp
(aver.)
White
4% site-purchase and bldg. bonds will be sub- SALE.-On April 23 the $21,600 5%to5M-yr.
the Ohio Nat. Bank of Columbus
State of Minnesota $60,000
bonds (V. 100, p. 1288) were awarded
bidders
Other
4.75%.
of
mitted to a vote on May 3.
about
basis
int.-a
and
- for 321,853-101.171
sburg), Ky.-BONDS VOTED.
WHITEBY COUNTY (P. 0. William
$21,831 50
0 road bonds (V. 100, p. 758) carried were: Spitzer & Co., Toledo
The proposition to issue the $250,00state.
Sidney
21,828 96
at the election held April 24, reports
& Wolcott Co., Cleveland
21.780 00
123, Wash.-BOND Tillotson
WHITMAN COUNTY SCHOOL DISTRICT NO.
Spitzer, Rorick & Co., Toledo Sandusky
21.625 00
H.
H.
8
by
May
m.
p.
2
until
Upper
received
be
will
Bank,
als
Citizens' Savings
OFFERING.-Propos
(opt.)
-10-year
5
for
$2,000
lle), No. Car.-BONDS DEWheeler, County Treasurer (P. 0. Colfax),
YADKIN COUNTY (P. 0. Yadkinvi
to carry
g 6% interest. Denom.
building and improvement bonds at not exceedin
question of issuing the $200,000 road bonds failed
-The
.
r
FEATED
Treasure
of
County
at
office
annually
March 25.
$500. Date June 1 1915. Interest
Certified check or draft reports state, at an election held
er
newspap
local
or at fiscal agency of the State of Washington.
-A
ED.
PROPOS
S
required. Bidders to state
YORK, York County, Pa.-BOND
$160.000 publicfor 1% of bonds, payable to County Treasurer,
y blank bonds. These bonds states that this city has under consideration the issuance of
whether or not they will furnish the necessar
page
ton,
State of Washing
ment bonds.
are issued under the 1909 Session Laws of the
No improve
to 0 at an election held March 6. As324, Secs. 1 and 2; also by vote of 8indebted
ness general fund, $341.
bonded debt at present. Warrant
success
were offered without
ssessed valuation, $139.750. These bonds
ts state that a bid o
on April 6 (V. 100, p. 1116).
BRANDON, Man.-DEBENTURE SALE.-Repor
0. Wilmington), New
(P.
CT
o
DISTRI
L
SCHOO
by the Dominion Securities Corp., Ltd.,
WILMINGTON
OFFERING.-H. J. Guthrie, Sec. Bd. of 92.30 and int., submitted for
ar sewer and $13,600 7-year
20-ye
$92,000
Castle County, Dela.-BOND
accepted
been
has
4)%
$40,000
for
stated,
is
Toronto
17, it
more
no
sell
city
the
that
agreed
also
was
It
es.
Ed., will receive bids until 8 p. m. May
boulevard 5% debentur
option of 60 days at par for
18-year (aver.) school bonds.
- debentures for three months and that an
SALE.
Bowling Green), Ohio.-BOND
WOOD COUNTY (P. 0.
ing $174,000 Gordon McKay debentures be granted.
aggregat
bonds,
road
coup.
5%
of
On April 23 the four issues
Canada, its Provinces and Municipalities.
NEW LOANS
$743,000
NEW LOANS.
NEW LOANS.
Notice oflIntention to Issue and Sell
THE CITY OF PERTH AMBOY, N.J. $8,200 Waterworks (6%) Bonds
City of Norfolk, Virginia,
of, by and for the
$150,000 432% Municipal Light, Heat
Bonds.
Plant
Power
and
Thirty-Year Four and One-Half Per
Town of Shelby of Toole County, Montana
$14,000 VA% Fire Bonds.
Cent (4M%) Bonds of $1,000 00
at Public Auction, to the bidder
4 p. m.
Sealed proposals will be received until
each.
City Treasurer. offering the highest price therefor.
MAY 3, 1915, by J. A. Rhodes,r,
Perth Amboy,
at the office of the City Treasure 4%
$243,000 00 dated May 1, 1915.
% Coupon
N. J., for the purchase of $150,000 Plant
Bonds
Heat and Power
1.
May
Light,
OFI,MONTANA
al
and
Municip
1
Nov.
e
payabl
st
Intere
to be dated STATE
Y OF TOOLE i1313.
of the denomination of $1,000 each,interest
pay- COUNTOF
1965.
1st,
April
SHELBY
April 1st. 1915.'due
TOWN
1915.
and
1,
April
of
$500,000 00 dated June
able semi-annually on the 1st days Fire Bonds
Pursuant to the authority of Ordinance No. 61,
Coupon
%
43
$14,000
,
and
October
Montana
to be dated of the town of Shelby. of Toole county.
Interest payable Dec. 1 and June 1. of the denomination of 31,000 each,interest
pay- passed and approved April 5. A. D. 1915. author-
April 1st, 1915, due April 1st, 1935. of April and Wng and directing the advertisement and sale of
on the lAc days
Sealed proposals will be received at the,office
until able semi-annually
certain bonds of said town, namely:
of
of the City Treasurer of Norfolk, Virginia
October.
Waterworks bonds of the town of Shelby.ing
MAY 6, 1915,
l and interest are payable at the office
Principa
12 O'CLOCK M., THURSDAY,
Toole county, Montana,to an amountdaggregat
%)
(4A
Amboy.
cent
per
of
Perth
City
the
one-half
of
r
and
Treasure
four
00
City
for $743,000
of the
comprise of 8 bonds
$8,200.
of
sum
principal
ion
the
the
for
supervis
the
issued
under
Bonds,
Bonds will be engraved
Thirty (30) Year Coupon
8,both numbers
ess by the numbered consecutively from 1 to$1,000
each, and
following purposes:
and certified as to their genuinen
of
Trust Company of inclusive, of the denomination
3123,000 00 of
Appropriation Bonds
United States Mortgage &legality
$100 each, all
for
10
and
9
d
numbere
by
bonds
d
2
00
75,000
approve
City, and their
Water Bonds
due and
York
ly
New
absolute
1915,
D.
A.
1,
York
January
dated
45,000 00 Messrs. Caldwell, Masslich & Reed of New
Park Place Ward Improvement Bonds
ble at
be furnished payable January 1, A. D.1935, but redeema
Refunding Bonds to pay certificates of
City, whose opinion as to legality will
time after January
any
at
town
said
of
option
the
00
500,000
1915
15th,
er
debt due Septemb
date
their
to the purchaser.
from
interest
bearing
1925.
D.
1, A.
Bonds may be registered. d to the purchaser until paid at the rate of six (6) per centum per
$743,000 00
Total
The bonds will be delivere
the 1st days of
on
ually
semi-ann
payable
Cedar
the
of
said
annum,
part
or
55
whole
No.
the
y.
for
Bids may be
at the office of said Trust Compan
J. January and July, respectively, in each year, both
bonds, and must state price and accrued interest. Street, New York City, or at Perth Amboy, N.enprincipal thereof and interest thereon payable at
$1,000 00.
in a sealed
Bonds issued in denominations of
Each proposal must be enclosed
adthe National Bank of Commerce, in the city and
Norfolk.
in
and
payable
l for Bonds,"
Bonds and interest
"Proposa
marked
velope
state of New York, U.S. A.
All bonds to be issued as Coupons Bonds, but dressed to J. A. Rhodes,City Treasurer, and must
PUBLIC NOTICE IS HEREBY GIVEN that
inunpurchasers to have privilege of having same be accompanied by a certified check on an
the bonds aforesaid will, at the office of,the
the
of
Company for 2%
Trust
or
ed
Bank
to-wit:
registered.
corporat
Bonds."
designed clerk in said town. on Monday
par value of the bonds bid for.
Bids must be marked "Proposals for
D. 1915, at the hour of
A.
of
May,
day
(1%)
10th
cent
the
accrued
per
one
carry
for
to
ed
check
All bonds shall be consider
Bidders to enclose
A. M., at public auction, be sold. to the
Immefrom date of issue of bonds to date of 10 o'clock
of the par value of the amount bid for.
t a further interest
bidder offering the highest price therefor
will
delivery of same.
diately upon notification of allotmen
of
public auction,the successful bidder
value
said
.
At
par
reserved
of
is
bids
all
(4%)
The right to reject any or
deposit of four per cent
ned Clerk
be required to deposit with the undersig
J. A. RHODES,
sum
amount shall be made.
the
in
order
his
a certified check payable to
City Treasurer.
Four and one-half per cent(4%%)interest will
by the town
of $4,000 which check shall be held
be allowed successful bidders on the five per cent
r fail to
Perth Amboy, April 18th, 1915.
and forfeited to it should the purchase
of the four
d
(5%) paid in from time of receipt to
be delivtake up and pay for said bonds when presente
per cent (4%) until bonds are ready
to
him.
ered.
of
town
the
of
Council
the
of
BY ORDER
It is proposed to deliver $243,000 00 of Bonds
Shelby, of Toole county, Montana, made this 5th
to purchasers as of the date of sale, but if for any
day of April. A. D. 1915.
reason delivery should be delayed beyond that
F. A. SULLIVAN. Mayor.
date the purchaser will be required to pay accrued
Meal]
interest to the time of delivery. The remainder
Attest:
M. BLACK. Clerk.
of the purchase money to be paid immediately
W.
after the purchasers are notified that Bonds are
5% WATER-WORK BONDS
ready for 'delivery.
The $500,000 00 Refunding Bonds to be delivCity of Paris, Tennessee, offers for sale
The
of buyer at any time
d
ered and paid for at option
MAY 17, 1915, AT 2 P. M., Thirty-Five Thousan
not later than September 1st, 1915, with accrued Dollars 5% Water-Works Bonds, dated April 1,
years.
35
for
interest, if any.
year
each
00
g
$1,000
maturin
The Bonds shall be delivered and paid for in 1915,
Certified check for 2%, required with bid.
the City of Norfolk. on some State or National
R. L. DUNLAP, Chairman)
Finance
Checks to be drawn
J. M. PORTER,
made payable to order of
Committee.
Bank, certified and
J. M. FREEMAN,
r
of
of
the
City
Treasure
City
,
Tunstall
B. Gray
Norfolk, Va.
CITY HALL BONDS
Circular containing full information will be
forwarded, upon request, by R. E. Steed, City
will be received up to 8 o'clock p. m.
bids
Clerk.
Sealed
or all bids,
by the underThe right is reserved to reject any
WEDNESDAY. MAY 5TH, 1915,
expressly stated in the
sale of 325,000 00 City-Hall Bonds
the
for
and also (unless otherwiseof
signed
the amount of bonds
Nebraska.
bid) to allot any portion
of the City of Benson, Douglas County,
$500 00
bid for.
Said bonds to be of the denomination ofafter
bonds will be approved
ten
1915, optional
1st,
July
.
Plibl'he validity of the Delafield
dated
BONDS
OL
each,
SCHO
5%
& Longfellow,
and running for and
interest,
6%
bearing
by Messrs. Hawkins, City, whose opinion
years,
will
date.
after
York
years
20
New
of
s,
Attorney
M. to become due and payable
Sealed proposals will be received until 4 P.
certified
be furnished to the purchaser by the City.
All bids must be accompanied byofathe
J. B.
bonds
MAY 10TH, 1915, at the office of Dr.
2% of the value
THE FINANCE COMMITTEE,
y Board of Education, School check in the sum of
Secretar
r,
Schrerte
d.
n,
submitte
on which the bids are
W.T. HAM,Chairma
District No.71,for 345,00000 5% bonds. Board
reserves the right to
Council
and
Mayor
The
from the Common Council;
s.
or
proposal
all
any
reject
the right to
reject any or all bids.
NATHAN METZGER, Chairman, reserves
MR. F. E. STILES, President.
DAN WESTERGARD,City Clerk.
from the Board of Aldermen.
DR. J. B. SCHRERTER, Secretary.
Teste: R. E. STEED, City Clerk.
$35,000
CITY OF PARIS, TENN.,
$25,000
CITY OF BENSON,
Douglas County, Nebraska,
$45,000
Carroll County School District No.11, III.,
1532
THE CHRONICLE
DELISLE, Sask.—DEBENTURE SALE.—Newspaper
dispatches state
that this municipality has sold an issue of $6,800
debentures.
DUNNVILLE, Ont.—DEBENTURE SALE.--It
stated
is
that Brent,
Noxon & Co. of Toronto have been awarded at 95.01
an issue of $34,473
5% 29-installment debentures.
ESTEVAN, Sask.—DEBENTURE SALE.—Martens &
Co. of Toronto
have purchased $42,350 53 % 20-installment debentur
es, it is reported.
FENELON TOWNSHIP, Ont.—DEBENTURES VOTED.
—The question of issuing $2,000 debentsgr - tried, reports state,
at an election held
April 6.
GIMLI SCHOOL
an.—DEBENTURE SALE.—Reports
state that MacNeill
04.
of Toronto have purchased $19,000 5%%
19-installment debent
KAMLOOPS, B. C.—DEBENTURE VOTED.
—At an election held
April 6 the proposition to issue $85,000 S
hydro-electric debentures carried,
it is stated.
LUMSDEN, Sask.—DEBENTURE SALE.—An issue of $4,000 debentures has been dl4posed of by this municipality, it
is stated.
MONTREAL,Que.—DEBENTURE SALE.—On Apr. 30 the $6,100,000
5% 3-year gold coup. debentures were awarded, reports state, to a syndicate composed of N. W. Harris & Co., E. C. Meredith & Co. of Montreal
and Wood, Gundy & Co. of Toronto on their bid of 98.83. Denom. $1,000.
Date May 1 1915. Int. M.& N. at office of City Treas., or at the agency
of the Bank of Montreal in N. Y. Due May 1 1918, the city reserving the
right to redeem the whole issue, but not part, at par and int., at any time,
upon giving 60 days' notice.
MORTLACH. Sask.—DEBENTURE SALE.—This municipality
has,
according to reports, disposed of an issue of $6,500 debentur
es.
NEWMARKET, Ont.—DEBENTURE SALE.—On April 17
the $15,000
6% 20-installment electric-light debentures (V. 100, p. 1381) were
awarded
to A. E. Ames & Co. of Toronto at 105.053.
NEW WESTMINSTER, B. C.—CERTIFICATE
SALES.
—Reports
state that the Columbia Bitulithic Co. has
treasury certificates in payment for work. taken $96,000 6% 3-year
This city has accepted a bid of 97.25; subject to the
approval of the
Lieutenant-Governor-in Council; from the
Portland, Ore., for $250,000 3-year treasury Lumberman's Trust Co. of
000 unsold local improvement debentures. certificates, secured by $334,ONTARIO, PROVINCE OF.—DEBENTURE
SALE.—According to
reports,this Province has sold at private
sale an issue of $1,000,000 5%
5-year debenures at 100.25.
PETERBORO, Ont.—DEBENTURES
AUTHORIZED.—The City
Council has passed a by-law authorizing the
issuance of $18,000 waterworks debentures.
PRESTON, Ont.—DEBENTU
ELECTION.—Reports state that an
election to vote on the question ofRE
issuing $25,000 and $10,000 debentures
to be granted as bonuses will be
held May 3.
[VoL. 100.
RAPID CITY, Man.—DEBENTURE ELECTION.—It
is stated that
on May 4 an election will be held to vote on the question
of issuing $4,000
refunding debentures.
ST. GEORGE, Ont.—DEBENTU
ELECTION.—An election will be
held May 3, it is reported, to vote on RE
the question of issuing $6,000 hydroelectric-power debentures.
SASKATCHEWAN (Province of).—DEBENTU
OFFEREDTBY
BANKERS.—In an advertisement on a preceding pageRES
the Equitable Trust
Co., A. B. Leach & Co. and E.
ff. Rollins & Sons of New York are offering
to investors 5% 3-year gold debentur
es of the Province of Saskatchewan.
Denom. $1,000. Date Feb.
1915. Int. F. & A. Due Feb. 1 1918.
Principal and interest payable 1
gold coin of,or equal to,present standard
of weight and fineness of the in
United States of America at the Equitable
Trust Co. of New York,
at the offices of the Union Bank of Canada at
Winnipeg, Montreal and or
Regina, Canada. Coupon bonds with privilege
of registration. Legal opinion
of Isaac Campbell, K. C., of Winnipeg, and
Messrs. Hawkins, Delaffeld & Longfell
ow of New York City.
SHAWENE GAN FALLS,Ont.—D
EBENTUREOFFERING.—According
to reports, A. J. Meunier, Secretar
y-Treasu
rer, will receive bids until 7 p.m.
May 3 for $150.000 semi-ann
ual 53 % 30-year debentures.
SWIFT CURRENT SCHOO
L
DISTRI
CT NO. 167 (P. 0. Swift
Current), Sask.—DEBENT
URE SALE.—It is stated that this district
has sold an issue of $25,000
school debentures.
TILBURY WEST TOWNS
IZED.—Reports state that the HIP, Ont.—DEBENTURES AUTHORpassed a by-law on April 11 providing for the issuance of $30,000Council
drain-construction debentures.
TORONTO, Ont.—BONDS OFFERE
tisement on a preceding page, Wood, D BY BANKERS.—In an adverGundy & Co.of Toronto are offering
to investors $2,500,000 43%
bonds, $1,000,000 Jan. 1 1955
and
$1,500,000 Jan. 1 1949. Interest (Jan.
1 and July 1) and principal payable
in gold in Toronto or New York.
opinion of J. IBI. Clarke, K.C.
Denom. $1,000. Assessed valuation Legal
for taxation, $565.132
.57P. General
debenture debt, including present issue,
$35.832,371. Value of municipality's $70,644,145. Net debenture debt,
$71,710,665. Revenue 1914
from publit utilities. $3,896,983. Areaassets,
of city, 39.57 square miles.
Population, 500,000.
VANCOUVER, B. C.—MATURITY OF
DEBEN
TURES
.—We
are
advised that of the $1,118,047 434% local-improvement
debentures purchased by Spitzer, Rorick & Co. of Toledo as reported
in V. 100, p. 1288;
$291,236 matures in 30 and 40 years.
WATERLOO, Ont.—DEBENTURE SALE.—Accordin
A. E. Ames & Co. of Toronto have purchased $81,055 5 g to reports,
% and 5 %
debentures at 102.17. Due in 15, 20 and 30 installments.
WILLMAR SCHOOL DISTRICT NO. 3476, Sask.—
DEBENTURE
SALE.—According to a local newspaper report, H. O'Hara
& Co. of
Toronto have purchased $2,400 8% 10-installment debentur
es.
YORK TOWNSHIP, Ont.—DEBENTURES
AUTHOR
IZED.—
The
Council passed a by-law on April 19 authorizing the
issuance of $12,000
school debentures.
ENGINEERS.
Securities Corporation General
1338 Chestnut St., Philadelphia
111 Broadway, New York
Authorized Capital
$10,000,000.00
Issued
$5,021,875.00
Deals and invests in public service securities
Participates in security underwritings
Finances public service enterprises
P. M. CHANDLER,President
W. H. SHARP, Vice•President
G. W ROBERTSON, Vice-President
J. C. TRIMBLE, Sec'y & Treasurer
THEIGWHITE COMPANIES
FINANCIERS
OPERATORS
MANAGERS
43 EXCHANGE PLACE, NEW YORK
CHICAGO
LONDON
SAN FRANCISCO
DIRECTORS
CALDWELL HARDY, Norfolk, Va.
ALEXANDER J. HEMPHILL, New York
HOWARD A. LOEB, Philadelphia
S. Z. MITCHELL, New York
FERGUS REID, Norfolk, Va.
CEO. W. ROBERTSON, Shamokin, Pa.
F. W. ROEBLING Jr., Trenton, N. J.
W. H. SHARP, Philadelphia
EDW. D. TOLAND, Philadelphia
J. G. WHITE, New York
P. M. CHANDLER, Philadelphia
F. T. CHANDLER, Philadelphia
PARMELY W. HERRICK, Cleveland, 0.
Alex. Cl. Ilnmphreys
Alien 8. Mines
HUMPHREYS& MILLER,Inc
ENGINEERS
Power—Light—Gaa
166 BROADWAY
IllinoisTrust&SavingsBank
Charles D. Robisos
FORSTALL AND ROBISON
CHICAGO
Capital, Surplus and Undivided Profits
Alfred E. Foretell
NEW YORK
-
$15,700,000
Pays interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
oellent Securities. Buys and sells
Aoeon.nts. Deals in Foreign ExGovernment, Municipal and
ahange. Transacts a General Trust Business.
Corporation Bonds
ENGINEERS
Investigations and Appraisa
ls
Electric Properties for Owner, of Gas and
or Financial
Institutions.
84 William St.,
NEW YORK CITY
MINING ENGINEERS
H. M. CHANCE & CO.
!dining Engineers and Geologists
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
E. B. Morris, President.
Rigutbation
The National Howard Bank of Baltimore,
located at the Banking House
of the National
Exchange Bank of Baltimore, located
Hopkins
Place, German and Liberty Streets at the
City
of Baltimore, State of Maryland, isinclosing
affairs. All note holders and other creditors its
the association are therefore hereby notified of
present the notes and other claims for payment.to
WILLIAM ILIROBERTS JR., Cashier
@FedFRASER